Utshintsho lwendlela yombane: baya kuthengisa

Okomzuzu ongalindelekanga kubekho utshintsho kwinkampani zombane. Ukuya kuthenga ukuya kuthengisa kwiiveki ezimbalwa. Ngokukodwa xa amanye amaxabiso ayo abamele ayekwi suka simahla imeko yezobugcisa. Oko kukuthi, ngaphandle kokuxhathisa ngaphambili, okuxele kwangaphambili ukuba amaxabiso abo aya kufikelela kumanqanaba aphezulu kakhulu kunala ngoku. Kodwa ngelishwa, le meko intle inyamalale yaphelelwa lithemba kubatyali zimali abancinci nabaphakathi abathathe izikhundla kwezinye zestokhwe.

Isizathu solu tshintsho kumbono kungenxa yokuba Ikhredithi Suisse yehlisile Ingcebiso kaNaturgy, U-Iberdrola kunye no-Endesa kulandela isindululo seKhomishini kaMakethi kaZwelonke kunye neKhomishini yoKhuphiswano (i-CNMC), ephakamisa ukusikwa okuphakathi kwe-17,8% ukuhanjiswa kunye ne-21,8% yezothutho lwegesi. Esi sisisombululo esinzima esihamba ngokuchaseneyo nomdla weenkampani kweli candelo libalulekileyo lezabelo zaseSpain. Kwaye kwenzeka ukuba ibe yenye yezona zinto zixhaphakileyo kude kube ngoku.

Kwimeko ethile ye-Iberdrola, iCredit Suisse yehlisile Ingcebiso yokungathathi hlangothi kwintengiso engentla kuba ithathela ingqalelo ukuba amandla aphezulu ezihloko zayo anqunyelwe. Ibhanki yotyalo-mali ichaza kwingxelo yayo ukuba ipotifoliyo yeshishini likaNaturgy "imele umceli mngeni" kutshintsho lwangoku lwamandla, apho iziseko zophuhliso zegesi, ezimele ama-50% ebitda yeqela ngowama-2020, ziphantsi koqwalaselo kwaye amandla ahlaziyekayo ngowona mthombo uphambili yokukhula kwecandelo.

Ukuwa kwamaxabiso ombane

Oko isindululo seKhomishini yezeMakethi kaZwelonke kunye neKhomishini yoKhuphiswano (i-CNMC) sivelile, amaxabiso ezokhuseleko ahlanganiswe neli candelo awele kwimarike yestokhwe kuphela. Ngamanye amaxesha, phantsi kokuqina okungaqhelekanga kunye nokuncinci okwaziwayo kule minyaka idlulileyo kwaye oko kukhokelele kwinxalenye enkulu yabatyali mali abancinci nabaphakathi ukuba bahlengahlengise iipotifoliyo zabo zotyalo mali. Ujongene nomngcipheko wokwenyani wokuba izabelo zabo ziyaqhubeka ukwehla kwiimarike zezabelo abemi. Ukuya kwinqanaba lokuba zonke iingeniso ezivelisiweyo ukuza kuthi ga ngoku zinokutyiwa.

Ngelixa kwelinye icala, kufanele ukuba kuchazwe ukuba oku kugcinwa kwimarike yestokhwe yaseSpain kuxhomekeke ekuphumeni okukhulu kwemali yotyalo-mali ebaluleke ngokukodwa kwilizwe liphela. Njengenye yezona ziphumo zibalulekileyo ezibangelwe sisindululo seKhomishini yoKhuphiswano kuZwelonke. Ukuza kuthi ga ngoku kwezi ntsuku uxinzelelo lokuthengisa lubekwa ngokucacileyo ekuthengeni izikhundla. Kumanqanaba angabonwanga kwiinyanga ezidlulileyo apho amaxabiso ezabelo akhokelele ekukhuleni okubonakalayo.

Kuyacetyiswa ukuba uhlehlise izikhundla

Ingcebiso yabameli abaphambili bezemali icace gca ngeli xesha, ukuphuma kwizikhundla zeenkampani zombane ezidweliswe kwimarike yemasheya. Emva kokuba kugunyazisiwe ukugcina okanye ukuthenga. Kodwa isisombululo seKhomishini kaZwelonke yeeMakethi noKhuphiswano sikhathaze yonke into. Ukuza kuthi ga ngoku andiziboni zinokubaluleka kula maxabiso. Ukuba akunjalo, ngokuchaseneyo, bathengisa ngesaphulelo ekufuneka sikhawuleziswe kwiintsuku ezizayo. Ukuba lelinye lamacandelo ukohlwaywa kakhulu ngabatyali zimali abancinci nabaphakathi, njengakwiimali zotyalo mali esele ziqalisile ukungazithembi ezi zindululo kwiimarike zezabelo.

Ixabiso lombane kuphela eliphuma kwesi sivumelwano ngokubanzi Iberdrola, kwaye ngokoluvo lwabalamli kusenendlela encinci enyukayo. Ngexabiso ekujoliswe kulo elijikeleze i-8,80 ye-euro ngesabelo ngasinye ukusuka kwi-8,50 yangoku. Ngenxa yokwahluka okukhulu kwimigca yeshishini kwaye oko kungenxa yokuzibophelela okucacileyo kumandla ahlaziyekayo. Ngale ndlela, ingcebiso evela kubarhwebi bezemali sisondlo esinokukhuthaza ezinye izinto ezithengiweyo kunabanye ukuphela konyaka. Ukuba zizinto ezithandwa kakhulu ngabahlalutyi kwiimarike ze-equity.

Amacebo okuthatha ii-elektroniki

Kuyo nayiphi na imeko, icandelo lezombane kuya kufuneka lishiywe ngabatyali zimali abancinci nabaphakathi. Ubuncinci ngalo mzuzu kwaye unikwe into enokwenzeka ngala maxabiso kwezi nyanga zilandelayo. Ngale ndlela, kukho olunye uthotho lwamacandelo esitokhwe abonakala enomtsalane ngakumbi ukuvula izikhundla ngokubonisa ukuxabisa okuphezulu. Enye yezona zinto zibalulekileyo kukubhankisha kuba iye yehla ngamandla amakhulu kwiinyanga ezidlulileyo. Kwaye bonisa amaxabiso kwikoteyishini yabo ngokungqinelana nokwenza ulondolozo lusebenze ngakumbi.

Enye yezona zinto zibalaseleyo zokubheja ezibonakalayo kwi Banco Santander, okoko nje ukwenziwa kwamaxabiso abo kuhlala kumanqanaba angaphezu kwe-4 euro ngesabelo ngasinye. Ngelixa kwelinye icala, olunye ulwazi lubonisa ukuba ixabiso leli ziko lemali lilingana nelezinye iibhanki. Oko kukuthi, inokukhulisa isimilo esingcono kunakwamanye amaxesha. Ngokujongwa kwexesha elide kwii-euro ezingama-6 kwaye inokuba kwinqanaba elifanelekileyo lokuphuma kwizikhundla zabo, nangona oku kuya kufuneka ulinde iinyanga ezininzi kwaye ayenziwa kulo nyaka. Ngayiphi na imeko, lixabiso ekufuneka lithathelwe ingqalelo kuyo nayiphi na ipotifoliyo yotyalo-mali.

Enagás yeyona imbi kunazo zonke

Ewe kunjalo, eyona datha ibaluleke kakhulu kuyo yonke into kukuba inkampani yegesi ibiyeyona iye yaphuhlisa isimilo esibi kwiimarike ze-equity emva kwesisombululo seKhomishini yeSizwe yeMarike kunye noKhuphiswano. Ngokushiya ngaphezulu kwe-20% yovavanyo lwakho ecaleni kwendlela kwimarike yemasheya kwaye usazi ukuba ingaqhubeka nokuwa kwiinyanga ezizayo emva kokuqhambuka kwendlela eqinileyo yokuthengisa. Ukuza kuthi ga kwinqanaba lokuba izabelo zalo sele zithengisile zingaphantsi kwenqanaba lama-euro angama-20 ngesabelo ngasinye. Into engacingekiyo kwiinyanga nje ezimbalwa ezidlulileyo kwaye ekumemayo ukuba ungavuli izikhundla kwesinye sezona sitokhwe sishushu ngalo mzuzu.

Ngelixa kwelinye icala, ayinakulityalwa ukuba sele kukho amazwi afanelekileyo akhomba kwi-Enagás ayizokwazi ukugcina izabelo ezikhoyo ukusukela ngowama-2021. Xa enyanisweni ukuhlawulwa kwezahlulelo zayo ngokungathandabuzekiyo yenye yezizathu eziphambili zokuthatha izikhundla kule nkampani inxulumene nokusetyenziswa kwerhasi. Nangona kuyinyani kakhulu ukuba amaxabiso abo okwangoku anokhuphiswano ngakumbi kunangaphambili kwaye banokulinga ngaphezulu kwabatyali zimali abancinci nabaphakathi ukuba bathathe izikhundla kwixabiso ukwenza ukonga kwabo kunenzuzo ngeziqinisekiso ezinkulu zempumelelo.

Ngayiphi na imeko, licandelo elingasenandiphi ukhetho lweemarike zezemali, njengoko lwenzayo xa kuqala unyaka. Ukuba akunjalo, gxeka ngokuchaseneyo, kwaye lixesha lokuba uhlalutye ukuba kuyacetyiswa ngokwenene ukuthatha umngcipheko kule misebenzi. Okanye, ngokuchaseneyo, yiya kwamanye amacandelo abonisa imeko ethe kratya kunye nethemba elikhulu lokuhlaziywa, ubuncinci kwixesha elifutshane neliphakathi. Iya kuba sisigqibo ekufuneka sithathwe ngokuzolileyo kuba imali eninzi isemngciphekweni ukusukela ngoku. Nokuba kukho utshintsho kwindlela yeemarike zezabelo ezinokuthi zibe nzima kurhwebo kwimarike yemasheya kwinxalenye yokugqibela yalo msebenzi unzima.

Ngaba lixesha lokuthengisa?

Xa kuziwa ekulinganiseni inzuzo enokubakho yenkqubo nganye yokutshintshiselana ngesitokhwe, akufuneki kuphela ukuba sijonge umahluko phakathi kwexabiso lokuthenga kunye nexabiso lokuthengisa, kodwa kufuneka songeze iirhafu zekhomishini kwintengiselwano nganye yesitokhwe, kunye ugcino kwaye, ewe, isixa esiya kwi-Ofisi kaNondyebo, nge-18%. Ukudibanisa zonke -izinto ezimele phakathi kwe-0,40% kunye ne-1,60% yemali etyalomali- kuyakwazeka ukufumana inzuzo yokwenene yotyalo mali, ethi kwiimeko apho inzuzo eyinkunzi incinci Isenokungabinakho nokuhlawula isiphumo sekhomishini kunye nerhafu. Le yinto into ekufuneka ithengiswe ngabatyali zimali.

Oku kufanele ukuba kube ngumsebenzi oza kwenziwa ngabo bonke abathengisi. Phambi kokuthatha isigqibo sokuthengisa okanye sokulinda ukuze izibonelelo zibe nkulu. Ngokuchasene noko, xa iingeniso eziyinkunzi ezivelisiweyo zikhulu, okuncinci kuya kuba yimpembelelo yezi zixa. Kwangokunjalo, aphezulu amaxabiso otyalomali- ngaphandle kokunyuka kweekhomishini- isezantsi ifuthe kwiiakhawunti zokugqibela zomsebenzi ngamnye owenziweyo. Ngesi sizathu, kuyacetyiswa ukuba ukhethe esinye sezona zinikezelo zinikezelwa ziibhanki kunye neebhanki zokonga ukuze zisebenze kwimarike yemasheya, ethi kwezinye iimeko imele ukuya kuthi ga kwi-5% okanye kwi-15% isaphulelo.


Umxholo wenqaku uyabambelela kwimigaqo yethu imigaqo yokuziphatha yokuhlela. Ukuxela impazamo cofa apha.

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