{"id":5614,"date":"2022-08-17T14:03:03","date_gmt":"2022-08-17T12:03:03","guid":{"rendered":"https:\/\/reveltio.com\/?p=5614"},"modified":"2022-11-28T10:21:54","modified_gmt":"2022-11-28T09:21:54","slug":"czym-sa-wskazniki-ebit-i-ebitda-definicje-i-przyklady","status":"publish","type":"post","link":"https:\/\/reveltio.com\/pl\/czym-sa-wskazniki-ebit-i-ebitda-definicje-i-przyklady\/","title":{"rendered":"Czym s\u0105 wska\u017aniki EBIT i EBITDA? Definicje i przyk\u0142ady"},"content":{"rendered":"<div  class=\"tatsu-h5ayy3bffa18s2a2 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-h5ayy3bfhv64ie0i\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-h5ayy3bfkj7wv8on\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-h5ayy3bfmt720mju  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-h5ayy3bfmt720mju.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;}<\/style><p><\/p>\n<p>W ocenie efektywno\u015bci przedsi\u0119biorstwa niezb\u0119dne jest operowanie zr\u00f3\u017cnicowanymi miernikami, pozwalaj\u0105cymi na zobrazowanie jego rentowno\u015bci w odniesieniu do konkretnych aspekt\u00f3w dzia\u0142alno\u015bci. Wska\u017aniki EBIT i EBITDA s\u0142u\u017c\u0105 inwestorom do obliczania warto\u015bci sp\u00f3\u0142ek. Maj\u0105c na uwadze fakt, \u017ce wynik finansowy firmy odzwierciedla r\u00f3\u017cnic\u0119 mi\u0119dzy przychodami i odpowiadaj\u0105cymi im kosztami, EBIT jest oparty na powtarzalnych przychodach przedsi\u0119biorstwa. Z kolei EBITDA prezentuje wynik finansowy przedsi\u0119biorstwa w oparciu o podstawowe przychody, ale bez uwzgl\u0119dnienia amortyzacji (w polskich przepisach uto\u017csamianej z deprecjacj\u0105).<\/p>\n<p><\/p>\n<p><\/p>\n<h2>Co to jest EBIT?<\/h2>\n<p><\/p>\n<p><\/p>\n<p>EBIT jest skr\u00f3tem od wyra\u017cenia pochodz\u0105cego z j\u0119zyka angielskiego &#8211; \u201cEarnings Before Interest and Taxes\u201d. Odnosi si\u0119 do poziomu dochod\u00f3w w danej organizacji. Wska\u017anik obrazuje zatem zysk lub strat\u0119 przed odsetkami i opodatkowaniem. Definiuje si\u0119 go jako wynik operacyjny przedsi\u0119biorstwa do momentu zap\u0142aty odsetek od zobowi\u0105za\u0144 i podatku dochodowego. Obliczanie wska\u017anika EBIT ma na celu odpowied\u017a na pytanie, jakie s\u0105 faktyczne mo\u017cliwo\u015bci przedsi\u0119biorstwa oraz jak wygl\u0105da jego rentowno\u015b\u0107 w odniesieniu do podstawowej dzia\u0142alno\u015bci. EBIT opiera si\u0119 na przychodach firmy o charakterze przewidywalnym i powtarzalnym. Wska\u017anik ten nie zale\u017cy od struktury finansowania podmiotu gospodarczego. Znajduje swoje zastosowanie g\u0142\u00f3wnie w dzia\u0142alno\u015bci sp\u00f3\u0142ek wymagaj\u0105cych inwestowania, poniewa\u017c to w\u0142a\u015bnie od tych podmiot\u00f3w oczekuje si\u0119 szybkiego zwrotu z kapita\u0142u. Dzi\u0119ki wska\u017anikowi EBIT mo\u017cliwe jest por\u00f3wnanie wynik\u00f3w sp\u00f3\u0142ek stosuj\u0105cych d\u017awigni\u0119 finansow\u0105. Warto\u015b\u0107 wska\u017anika nie powinna by\u0107 jednak uto\u017csamiana z zyskiem operacyjnym firmy, poniewa\u017c obejmuje przychody wynikaj\u0105ce z jej podstawowej dzia\u0142alno\u015bci. EBIT jest znacznie szerszym poj\u0119ciem ni\u017c zysk operacyjny.<\/p>\n<p><\/p>\n<p><\/p>\n<h2>Co to jest EBITDA?<\/h2>\n<p><\/p>\n<p><\/p>\n<p>EBIDTA (z j\u0119zyka angielskiego Earnings Before Interest, Taxes, Depreciation and Amortization) to zysk operacyjny, wypracowany przez firm\u0119 po odj\u0119ciu od niego odsetek od oprocentowanych zobowi\u0105za\u0144, podatk\u00f3w i amortyzacji. EBIDTA jest miarodajnym, a jednocze\u015bnie najbardziej rozpoznawalnym wska\u017anikiem rentowno\u015bci przedsi\u0119biorstwa, poniewa\u017c prezentuje wynik dzia\u0142alno\u015bci operacyjnej przedsi\u0119biorstwa w postaci przychod\u00f3w pomniejszonych o koszty dzia\u0142alno\u015bci. Odzwierciedla wi\u0119c zar\u00f3wno elementy powtarzalne, zwi\u0105zane z dzia\u0142alno\u015bci\u0105 firmy, jak i jednorazowe zdarzenia. U nowopowsta\u0142ych firm wska\u017anik EBITDA warto\u015bci\u0105 jest zbli\u017cony do wyniku operacyjnego. Zazwyczaj EBITDA traktowany jest jako miernik zdolno\u015bci ka\u017cdej firmy do generowania got\u00f3wki. Ponadto stanowi:<\/p>\n<p><\/p>\n<p><\/p>\n<ul>\n<li>odzwierciedlenie operacyjnych przep\u0142yw\u00f3w pieni\u0119\u017cnych firmy,<\/li>\n<li>wska\u017anik do analizy ryzyka kredytowego sp\u00f3\u0142ek,<\/li>\n<li>wyznacznik niezb\u0119dny do pomiaru rozwoju przedsi\u0119biorstw,<\/li>\n<li>element uproszczonej analizy rentowno\u015bci sp\u00f3\u0142ki bez uwzgl\u0119dnienia w niej dzia\u0142alno\u015bci operacji finansowej oraz amortyzacji.<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p>\u00a0<\/p>\n<p><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-h5ayy3bfkj7wv8on.tatsu-column{width: 100%;}.tatsu-h5ayy3bfkj7wv8on.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-h5ayy3bfkj7wv8on > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-h5ayy3bfkj7wv8on > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h5ayy3bfkj7wv8on > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-h5ayy3bfkj7wv8on > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-h5ayy3bffa18s2a2 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-h5ayy3bffa18s2a2 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h5ayy3bffa18s2a2 > .tatsu-top-divider{z-index: 9999;}.tatsu-h5ayy3bffa18s2a2 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div><div  class=\"tatsu-Bk2n1OoRc tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"0px 0px 0px 0px\"}' data-padding-top='0px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-Hkg23Jdi0c\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-H1-n3JOjCq\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-call-to-action tatsu-clearfix  tatsu-rkMnnJdjRc  \" ><div class=\"tatsu-cta-inner\"><h5 class=\"tatsu-action-content\" >Poznaj funkcjonalno\u015bci REVELTIO<\/h5><a class=\"mediumbtn tatsu-button rounded tatsu-action-button   \" href=\"https:\/\/reveltio.com\/funkcjonalnosci\/\" data-gdpr-atts={} ><span>Sprawd\u017a<\/span><\/a><style>.tatsu-rkMnnJdjRc.tatsu-call-to-action{background-color: rgba(23,255,129,1);}.tatsu-rkMnnJdjRc .tatsu-action-content{color: #ffffff ;}.tatsu-rkMnnJdjRc .tatsu-action-button{background: rgba(0,0,0,1);border-color: #ffffff; }.tatsu-rkMnnJdjRc .tatsu-action-button:hover{background: #ffffff;border-color: #ffffff; }.tatsu-rkMnnJdjRc .tatsu-action-button span{color: #ffffff ;}.tatsu-rkMnnJdjRc .tatsu-action-button:hover span{color: rgba(0,0,0,1) ;}<\/style><\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-H1-n3JOjCq.tatsu-column{width: 100%;}.tatsu-H1-n3JOjCq.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-H1-n3JOjCq > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-H1-n3JOjCq > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-H1-n3JOjCq > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-H1-n3JOjCq > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-H1-n3JOjCq.tatsu-column{width: 100%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-H1-n3JOjCq.tatsu-column{width: 100%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-H1-n3JOjCq.tatsu-column{width: 100%;}}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-Bk2n1OoRc .tatsu-section-offset-wrap{transform: translateY(-0px);}.tatsu-Bk2n1OoRc > .tatsu-bottom-divider{z-index: 9999;}.tatsu-Bk2n1OoRc > .tatsu-top-divider{z-index: 9999;}.tatsu-Bk2n1OoRc .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div><div  class=\"tatsu-Hyx9k_s05 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-BJxe51do09\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-rJbgcydjR9\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-Syzx5JOsAq  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-Syzx5JOsAq.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;}<\/style><p><\/p>\n<p><\/p>\n<p><\/p>\n<h2>Jaka jest r\u00f3\u017cnica mi\u0119dzy EBIT i EBITDA?<\/h2>\n<p><\/p>\n<p><\/p>\n<p>Wska\u017aniki EBIT i EBITDA s\u0105 istotnymi danymi dla przedsi\u0119biorstw, pozwalaj\u0105cymi na okre\u015blenie ich warto\u015bci. Pomimo tego, \u017ce s\u0105 to podobne do siebie elementy, to jednak r\u00f3\u017cnice pomi\u0119dzy nimi s\u0105 kluczowe. Pierwszy wska\u017anik, czyli EBIT, nie uwzgl\u0119dnia amortyzacji, a EBITDA ju\u017c tak. Pod poj\u0119ciem amortyzacji \u015brodk\u00f3w trwa\u0142ych kryje si\u0119 utrata warto\u015bci aktyw\u00f3w trwa\u0142ych przedsi\u0119biorstwa, czyli np. pojazd\u00f3w, wyposa\u017cenia i posiadanych grunt\u00f3w. Amortyzacja warto\u015bci niematerialnych obejmuje z kolei utrat\u0119 znak\u00f3w towarowych, praw autorskich czy patent\u00f3w. Por\u00f3wnuj\u0105c oba wska\u017aniki, mo\u017cna stwierdzi\u0107, \u017ce przewaga EBIT nad EBITDA jest znaczna pod warunkiem precyzyjnie oszacowanych koszt\u00f3w amortyzacji. Jednak nigdy nie jest mo\u017cliwe idealne oszacowanie amortyzacji, dlatego te\u017c nale\u017cy analizowa\u0107 wska\u017aniki EBIT i EBITDA jednocze\u015bnie.<\/p>\n<p><\/p>\n<p><\/p>\n<h3>Co jest wi\u0119ksze &#8211; EBIT czy EBITDA?<\/h3>\n<p><\/p>\n<p><\/p>\n<p>Rozbie\u017cno\u015b\u0107 pomi\u0119dzy wymienionymi wska\u017anikami wynika przede wszystkim z metody ich obliczania. Przy szacowaniu warto\u015bci EBIT nie uwzgl\u0119dnia si\u0119 koszt\u00f3w amortyzacji przedsi\u0119biorstwa. EBIDTA obliczane jest natomiast jako suma EBIT i koszt\u00f3w amortyzacji. W konsekwencji wska\u017anik EBITDA zawsze b\u0119dzie mia\u0142 wi\u0119ksz\u0105 warto\u015b\u0107 ni\u017c wska\u017anik EBIT.<\/p>\n<p><\/p>\n<p><\/p>\n<h2>Jak obliczy\u0107 EBIT? Przyk\u0142ad<\/h2>\n<p><\/p>\n<p><\/p>\n<p>EBIT jest warto\u015bci\u0105 o charakterze ksi\u0119gowym, jednak formalnie nie zosta\u0142 zdefiniowany spos\u00f3b jej obliczania. Wska\u017anik EBIT mo\u017cna okre\u015bli\u0107 na trzy sposoby:<\/p>\n<p><\/p>\n<p><\/p>\n<ul>\n<li>metod\u0105 og\u00f3ln\u0105:<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p class=\"has-text-align-center\"><em><strong>EBIT=mar\u017ca brutto-koszty sta\u0142e-koszty zmienne<\/strong><\/em><\/p>\n<p><\/p>\n<p><\/p>\n<ul>\n<li>metoda ksi\u0119gow\u0105, najcz\u0119\u015bciej wykorzystywan\u0105 w polskich firmach:<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p class=\"has-text-align-center\"><em><strong>EBIT=sprzeda\u017c-koszty operacyjne<\/strong><\/em><\/p>\n<p><\/p>\n<p><\/p>\n<ul>\n<li>metod\u0105 finansow\u0105:<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p class=\"has-text-align-center\"><em><strong>EBIT=zysk brutto+odsetki<\/strong><\/em><\/p>\n<p><\/p>\n<p><\/p>\n<p>W polskich realiach finansowych zysk lub strata brutto przedstawia wszystkie przychody i koszty dzia\u0142alno\u015bci firmy. Warto\u015b\u0107 ta, skorygowana o koszty finansowe (kwoty odsetek i podatk\u00f3w), b\u0119dzie prezentowa\u0107 wska\u017anik EBIT. W sytuacji, gdy rachunek zysk\u00f3w i start danego przedsi\u0119biorstwa nie zawiera w sobie zysk\u00f3w i strat nadzwyczajnych, EBIT b\u0119dzie r\u00f3wny zyskowi (stracie) z dzia\u0142alno\u015bci operacyjnej. Jednak, je\u015bli w rachunku zysk\u00f3w i strat firmy nie znajd\u0105 si\u0119 zyski oraz straty nadzwyczajne, a tak\u017ce przychody i koszty operacyjne, to warto\u015b\u0107 EBIT b\u0119dzie r\u00f3wna zyskowi (stracie) ze sprzeda\u017cy.<\/p>\n<p><\/p>\n<p><\/p>\n<h2>Jak obliczy\u0107 EBITDA? Przyk\u0142ad<\/h2>\n<p><\/p>\n<p><\/p>\n<p>EBITDA obrazuje wyniki dzia\u0142alno\u015bci firmy bez uwzgl\u0119dniania koszt\u00f3w, kt\u00f3re zwi\u0105zane s\u0105 z inwestycjami. Pomija zatem wydatki got\u00f3wkowe zwi\u0105zane z zakupem \u015brodk\u00f3w trwa\u0142ych, a tak\u017ce odpisy amortyzacyjne. Wska\u017anik EBITDA wylicza si\u0119 poprzez odj\u0119cie od przychod\u00f3w firmy koszt\u00f3w dzia\u0142alno\u015bci wraz z amortyzacj\u0105. Z matematycznego punktu widzenia warto\u015b\u0107 EBIDTA obliczana jest jako suma EBIT i DA, wed\u0142ug poni\u017cszego wzoru:<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"has-text-align-center\"><strong><em>EBITDA= EBIT+amortyzacja \u015brodk\u00f3w trwa\u0142ych (materialnych i niematerialnych)<\/em><\/strong><\/p>\n<p><\/p>\n<p><\/p>\n<p>Wzrost wska\u017anika EBITDA w badaniach tendencji zawsze wskazuje prze\u0142om w dzia\u0142alno\u015bci przedsi\u0119biorstwa oraz tzw. wyj\u015bcie na plus w wynikach netto danego podmiotu.<\/p>\n<p><\/p>\n<p><\/p>\n<h2>Pomiar wska\u017anik\u00f3w rentowno\u015bci przedsi\u0119biorstwa<\/h2>\n<p><\/p>\n<p><\/p>\n<p>Raporty, dotycz\u0105ce wydajno\u015bci finansowej przedsi\u0119biorstwa (m. in. w oparciu o analiz\u0119 wska\u017anik\u00f3w EBIT i EBITDA), musz\u0105 by\u0107 jasne i przejrzyste. Z pomoc\u0105 przychodzi Reveltio, proponuj\u0105c aplikacj\u0119 do zarz\u0105dzania finansami i obiegiem dokument\u00f3w w firmie. Korzystanie z <a href=\"https:\/\/reveltio.com\/funkcjonalnosci\/\">funkcjonalno\u015bci<\/a> tej aplikacji sprawia, \u017ce raportowanie oraz analityka staj\u0105 si\u0119 znacznie efektywniejsze. W panelu raport\u00f3w aplikacji wszystkie informacje o kosztach, sprzeda\u017cy i rentowno\u015bci projekt\u00f3w znajduj\u0105 si\u0119 w jednym miejscu. Reveltio umo\u017cliwia swoim klientom systematyczn\u0105 i sprawn\u0105 kontrol\u0119 rentowno\u015bci firmy.<\/p>\n<p><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-rJbgcydjR9.tatsu-column{width: 100%;}.tatsu-rJbgcydjR9.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-rJbgcydjR9 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-rJbgcydjR9 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-rJbgcydjR9 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-rJbgcydjR9 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-Hyx9k_s05 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-Hyx9k_s05 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-Hyx9k_s05 > .tatsu-top-divider{z-index: 9999;}.tatsu-Hyx9k_s05 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div><div  class=\"tatsu-HkxzxOsRc tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"0px 0px 0px 0px\"}' data-padding-top='0px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-H1xlMluoCq\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-S1ZlGgdjC9\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-call-to-action tatsu-clearfix  tatsu-rkGeGgOjRq  \" ><div class=\"tatsu-cta-inner\"><h5 class=\"tatsu-action-content\" >Wypr\u00f3buj REVELTIO za darmo!<\/h5><a class=\"mediumbtn tatsu-button rounded tatsu-action-button   \" href=\"https:\/\/reveltio.com\/wyprobuj-za-darmo\/\" data-gdpr-atts={} ><span>Chc\u0119 wypr\u00f3bowa\u0107<\/span><\/a><style>.tatsu-rkGeGgOjRq.tatsu-call-to-action{background-color: rgba(23,255,129,1);}.tatsu-rkGeGgOjRq .tatsu-action-content{color: #ffffff ;}.tatsu-rkGeGgOjRq .tatsu-action-button{background: rgba(0,0,0,1);border-color: #ffffff; }.tatsu-rkGeGgOjRq .tatsu-action-button:hover{background: #ffffff;border-color: #ffffff; }.tatsu-rkGeGgOjRq .tatsu-action-button span{color: #ffffff ;}.tatsu-rkGeGgOjRq .tatsu-action-button:hover span{color: rgba(0,0,0,1) ;}<\/style><\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-S1ZlGgdjC9.tatsu-column{width: 100%;}.tatsu-S1ZlGgdjC9.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-S1ZlGgdjC9 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-S1ZlGgdjC9 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-S1ZlGgdjC9 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-S1ZlGgdjC9 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-S1ZlGgdjC9.tatsu-column{width: 100%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-S1ZlGgdjC9.tatsu-column{width: 100%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-S1ZlGgdjC9.tatsu-column{width: 100%;}}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-HkxzxOsRc .tatsu-section-offset-wrap{transform: translateY(-0px);}.tatsu-HkxzxOsRc > .tatsu-bottom-divider{z-index: 9999;}.tatsu-HkxzxOsRc > .tatsu-top-divider{z-index: 9999;}.tatsu-HkxzxOsRc .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div><div  class=\"tatsu-rJbfrAz2C5 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"32px 0px 90px 0px\"}' data-padding-top='32px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-has-two-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-B1xMrRf205\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-third tatsu-column-image-none tatsu-column-effect-none  tatsu-Hy_S0z30q\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-single-image tatsu-module tatsu-image-lazyload tatsu-SJ3r0zhA9  \" ><div class=\"tatsu-single-image-inner \" style=\"width : 1478px;\" ><div class = \"tatsu-single-image-padding-wrap\" style = \"padding-bottom : 101.150202977%;\" ><\/div><img class = \"tatsu-gradient-border\" alt = \"Krzysztof Czapnik\" title = \"Krzysztof Czapnik\" data-src = \"https:\/\/reveltio.com\/app\/uploads\/2022\/08\/foto-KC.png\" src =\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=\"  \/><\/div><style>.tatsu-SJ3r0zhA9 .tatsu-single-image-inner{border-style: solid;max-width: 100%;}.tatsu-SJ3r0zhA9.tatsu-single-image{transform: translate3d(0px,0px, 0);}<\/style><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-Hy_S0z30q.tatsu-column{width: 33.33%;}.tatsu-Hy_S0z30q.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-Hy_S0z30q > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-Hy_S0z30q > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-Hy_S0z30q > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-Hy_S0z30q > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-Hy_S0z30q.tatsu-column{width: 33.33%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-Hy_S0z30q.tatsu-column{width: 33.33%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-Hy_S0z30q.tatsu-column{width: 100%;}}<\/style><\/div><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-two-third tatsu-column-image-none tatsu-column-effect-none  tatsu-H1e_BCf309\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-HkYw0f3A9  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-HkYw0f3A9.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;}<\/style><h4><strong><br \/>Krzysztof Czapnik<\/strong><\/h4>\n<h5>Reveltio General Manager<br \/>tel.\u00a0<a href=\"tel:+48533464067\">+48 533 464 067<\/a><br \/>mail:\u00a0<a href=\"mailto:krzysztof@reveltio.com\">krzysztof@reveltio.com<\/a><\/h5><\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-H1e_BCf309.tatsu-column{width: 66.67%;}.tatsu-H1e_BCf309.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-H1e_BCf309 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-H1e_BCf309 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-H1e_BCf309 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-H1e_BCf309 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-H1e_BCf309.tatsu-column{width: 66.67%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-H1e_BCf309.tatsu-column{width: 66.67%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-H1e_BCf309.tatsu-column{width: 100%;}}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background\" ><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-rJbfrAz2C5 .tatsu-section-pad{padding: 32px 0px 90px 0px;}.tatsu-rJbfrAz2C5 .tatsu-section-offset-wrap{transform: translateY(-0px);}.tatsu-rJbfrAz2C5 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-rJbfrAz2C5 > .tatsu-top-divider{z-index: 9999;}.tatsu-rJbfrAz2C5 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/reveltio.com\/pl\/czym-sa-wskazniki-ebit-i-ebitda-definicje-i-przyklady\/\" class=\"exp-read-more exp-read-more-underlined\">Czytaj wi\u0119cej<\/a><\/div>\n","protected":false},"author":3,"featured_media":5615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Czym s\u0105 wska\u017aniki EBIT i EBITDA? 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