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AB>G=8:8 A=>2=K5 !>1AB25==KE A@54AB20 8 A@54AB2 2;>65=8O >MDD8F85=B <0=52@5==>AB8 A>1AB25==KE A@54AB2 = -------------------------------- AB>G=8:8 A>1AB25==KE A@54AB2 0==K9 :>MDD8F85=B ?>:07K205B, :0:0O G0ABL A>1AB25==KE A@54AB2 ?@54?@8OB8O =0E>48BAO 2 <>18;L=>9 D>@<5, ?>72>;ONI59 >B=>A8B5;L=> A2>1>4=> <0=52@8@>20BL MB8<8 A@54AB20<8. 5:>B>@K5 02B>@K AG8B0NB, GB> >?B8<0;L=>5 7=0G5=85 MB>3> ?>:070B5;O - >:>;> 0,5 , 0 53> =86=55 =>@<0B82=>5 7=0G5=85 @02=> 0,1.  4>?>;=5=85 : 40==><C ?>:070B5;N <>65B @0AAG8BK20BLAO :>MDD8F85=B >15A?5G5==>AB8 70?0A>2 8 70B@0B A>1AB25==K<8 8AB>G=8:0<8 ?CB5< 45;5=8O A>1AB25==KE >1>@>B=KE A@54AB2 =0 AB>8<>ABL 70?0A>2 8 70B@0B. -B>B ?>:070B5;L ?> >1>1I5==K< AB0B8AB8G5A:8< 40==K< ?> @O4C ?@54?@8OB89 =5 4>;65= >?CA:0BLAO =865 0,6. AB>G=8:8 A=>2=K5 !>1AB25==KE + A@54AB20 8 A@54AB2 2;>65=8O >MDD8F85=B >15A?5G5==>AB8 70?0A>2 8 70B@0B = --------------------------------------- 0?0AK 8 70B@0BK >MDD8F85=B ?>:@KB8O ?;0B5659 ?> :@548B0< - ?>:070B5;L, E0@0:B5@87CNI89 A>>B=>H5=85 ?@81K;8 ?@54?@8OB8O 8 ?;0B5659 ?> :@548B0<. 0;0=A>20O ?@81K;L >MDD8F85=B ?>:@KB8O = -------------------------------------- ?;0B5659 ?> :@548B0< K?;0BK ?> :@548B0<  70@C156=>9 ?@0:B8:5 CG5B0 MB>B ?>:070B5;L 8A?>;L7C5BAO :@548B>@0<8 4;O ?@81;878B5;L=>9 >F5=:8 A?>A>1=>AB8 ?@54?@8OB8O ?>:@KBL A2>8 >1O70B5;LAB20 ?> ?;0B560<. >MDD8F85=B >15A?5G5==>AB8 4>;3>A@>G=KE 8=25AB8F89 ?>:07K205B, :0:0O 4>;O 8=25AB8@>20==>3> :0?8B0;0, A:;04K20NI53>AO 87 A>1AB25==>3> :0?8B0;0 8 4>;3>A@>G=KE >1O70B5;LAB2, 8<<>18;87>20=0 2 >A=>2=K5 A@54AB20: >MDD8F85=B >15A?5G5==>AB8 A=>2=K5 A@54AB20 8 2;>65=85 4>;3>A@>G=KE 8=25AB8F89 = ------------------------------------------ AB>G=8:8 >;3>A@>G=K5 A>1AB25==KE A@54AB2 + >1O70B5;LAB20 >MDD8F85=B 8<<>18;870F88 - >B=>H5=85 >A=>2=KE A@54AB2 : B5:CI8< 0:B820<, B.5. >1>@>B=K< A@54AB20<: A=>2=K5 A@54AB20 8 2;>65=8O >MDD8F85=B 8<<>18;870F88 = -------------------------------------- "5:CI85 0:B82K  0=0;8B8G5A:>9 ?@0:B8:5 CG5B0 ?@8<5=ONBAO 8 4@C385 ?>:070B5;8 D8=0=A>2>9 CAB>9G82>AB8, => ?@82545==KE 2KH5 ?>:070B5;59 2?>;=5 4>AB0B>G=> 4;O B>3>, GB>1K 2KO28BL ?@87=0:8 D8=0=A>2>9 =5CAB>9G82>AB8 ?@54?@8OB8O A B>G:8 7@5=8O >?0A=>AB8 2>7=8:=>25=8O 10=:@>BAB20. >MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8 ?@54AB02;O5B A>1>9 A>>B=>H5=85 A>1AB25==KE 8 705<=KE A@54AB2:  C = ---------- , + 345 C  :>MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8;   A>1AB25==K5 A@54AB20, B5=35;   705<=K5 A@54AB20, B5=35;   :@548B>@A:0O 704>;65==>ABL 8 4@C385 ?0AA82K, B5=35. @52KH5=85 A>1AB25==KE A@54AB2 =04 705<=K<8 >7=0G05B, GB> E>7O9AB25==K9 AC1J5:B >1;0405B 4>AB0B>G=K< 70?0A>< D8=0=A>2>9 CAB>9G82>AB8 8 >B=>A8B5;L=> =57028A8< >B 2=5H=8E D8=0=A>2KE 8AB>G=8:>2. <55<: 168,6 =0 =0G0;> 3>40 ----------- = 1,41; 119,8 320,2 =0 :>=5F 3>40 ----------- = 1,13; 284,3 168,6 =0 =0G0;> 3>40 ----------- = 1,41; 119,8 320,2 =0 :>=5F 3>40 ----------- = 1,13; 284,3 "0:8< >1@07><,  -<10<C=0935>D878:0 O2;O5BAO D8=0=A>2>-CAB>9G82K<. !&,/ '!", 2.  -'!% #,"" 2.1. =0;87 1CE30;B5@A:>3> 10;0=A0 CE30;B5@A:89 10;0=A A;C68B 8=48:0B>@>< 4;O >F5=:8 D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O. B>3> 10;0=A0 =>A8B =0720=85 20;NBK 10;0=A0 8 405B >@85=B8@>2>G=CN AC<<C A@54AB2, =0E>4OI8EAO 2 @0A?>@O65=88 ?@54?@8OB8O. ;O >1I59 >F5=:8 D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O A>AB02;ONB C?;>B=5==K9 10;0=A, 2 :>B>@>< >1J548=ONB 2 3@C??K >4=>@>4=K5 AB0BL8. @8 MB>< A>:@0I05BAO G8A;> AB0B59 10;0=A0, GB> ?>2KH05B 53> =03;O4=>ABL 8 ?>72>;O5B A@02=820BL A 10;0=A0<8 4@C38E ?@54?@8OB89. #?;>B=5==K9 10;0=A <>6=> 2K?>;=OBL @07;8G=K<8 A?>A>10<8. >?CAB8<> >1J548=5=85 AB0B59 @07;8G=KE @0745;>2.  B01;8F5 1 ?@54AB02;5= C?;>B=5==K9 10;0=A  -<10<C=0935>D878:0 "01;8F0 1 #?;>B=5==K9 10;0=A 08<5=>20=85 AB0B59=0 =0G. 3.=0 :>=5F 3.08<5=>20=85 AB0B59=0 =0G. 3.=0 :>=5F 3.1. =5>1>@>B=K5 0:B82K4. 0?8B0; 8 @575@2K1.1. A=>2=K5 A@54AB2036,6 151,34.1. #AB02=K9 :0?8B0;5,55,51.2. 5<0B5@80;L=K5 0:B82K004.2. >102>G=K9 8 @575@2=K9 :0?8B0;41,629,31.3. @>G85 2=5>1>@>B=K5 A@54AB201,28,64.3. !?5F. D>=4K 8 F5;52>5 D8=0=-=8500B>3> ?> @0745;C 137,8159,94.4. 5@0A?-=0O ?@81K;L >BG. 3>401,71,5B>3> ?> @0745;C 448,836,32. 1>@>B=K5 0:B82K2.1. 0?0AK32,438,95. >;3>A@>G=K5 ?0AA82K042,92.2. 518B. 704>;-BL (?;0B. G5@57 12 <5A.)95,8119,92.3. 518B. 704>;-BL (?;0B. 2 B5G.12 <5A.)1,71,36. @0B:>A@>G=K5 ?0AA82K2.4. @0B:>A@>G=K5 D8=. 2;>65=8O006.1. 05<=K5 A@54AB2006,22.5. 5=56=K5 A@-200,90,26.2. @548B>@A:0O 704>;65==>ABL118,5231,5B>3> ?> @0745;C 2130,8160,36.3. @>G85 ?0AA82K1,33,3B>3> AB>8<>ABL 8<CI5AB20168,6320,2B>3> ?> @0745;C 6119,8241,0B>3> 705<=KE A@54AB2119,8283,90;0=A168,6320,20;0=A168,6320,2 "01;8F0 1 #?;>B=5==K9 10;0=A 08<5=>20=85 AB0B59=0 =0G. 3.=0 :>=5F 3.08<5=>20=85 AB0B59=0 =0G. 3.=0 :>=5F 3.1. =5>1>@>B=K5 0:B82K4. 0?8B0; 8 @575@2K1.1. A=>2=K5 A@54AB2036,6 151,34.1. #AB02=K9 :0?8B0;5,55,51.2. 5<0B5@80;L=K5 0:B82K004.2. >102>G=K9 8 @575@2=K9 :0?8B0;41,629,31.3. @>G85 2=5>1>@>B=K5 A@54AB201,28,64.3. !?5F. D>=4K 8 F5;52>5 D8=0=-=8500B>3> ?> @0745;C 137,8159,94.4. 5@0A?-=0O ?@81K;L >BG. 3>401,71,5B>3> ?> @0745;C 448,836,32. 1>@>B=K5 0:B82K2.1. 0?0AK32,438,95. >;3>A@>G=K5 ?0AA82K042,92.2. 518B. 704>;-BL (?;0B. G5@57 12 <5A.)95,8119,92.3. 518B. 704>;-BL (?;0B. 2 B5G.12 <5A.)1,71,36. @0B:>A@>G=K5 ?0AA82K2.4. @0B:>A@>G=K5 D8=. 2;>65=8O006.1. 05<=K5 A@54AB2006,22.5. 5=56=K5 A@-200,90,26.2. @548B>@A:0O 704>;65==>ABL118,5231,5B>3> ?> @0745;C 2130,8160,36.3. @>G85 ?0AA82K1,33,3B>3> AB>8<>ABL 8<CI5AB20168,6320,2B>3> ?> @0745;C 6119,8241,0B>3> 705<=KE A@54AB2119,8283,90;0=A168,6320,20;0=A168,6320,2@5420@8B5;L=CN >F5=:C D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O <>6=> A45;0BL =0 >A=>25 2KO2;5=85 1>;L=KE AB0B59 10;0=A0. 1 >?@545;5==KE =54>AB0B:0E 2 @01>B5 ?@54?@8OB8O A2845B5;LAB2C5B =0;8G85 4518B>@A:>9 8 ?@>A@>G5==>9 :@548B>@A:>9 704>;65==>AB8, AB>8B >B<5B8BL, GB> 4518B>@A:0O 704>;65==>ABL C<5=LH8;0AL =0 10991,3 BKA.B5=35, 8 :@548B>@A:0O 704>;65==>ABL C<5=LH8;0AL =0 722,3 BKA.B5=35.; =0 :>=5F 2002 3>40 4518B>@A:0O 704>;65==>ABL 1>;LH5 :@548B>@A:>9 704>;65==>AB8 =0 (22723-9424,5) = 13298,5 BKA.B5=35, AB>8B >B<5B8BL, GB> >A=>2=K< :@548B>@>< O2;O5BAO :><?0=8O 5AB5@=-B;0A. 0;NB0 10;0=A0 2 01A>;NB=>< 2K@065=88 C<5LH8;0AL =0 -49620,7 BKA.B5=35, => A CG5B>< 8=D;OF88 A8BC0F8O 2K3;O48B A;54CNI8< >1@07><: 325471,8-375092,5*1,15= -105884,575, B.5. C<5=LH5=85 =0 -105884,575 BKA.B5=35. 0AAG8B05< :>MDD8F85=B ?@8@>AB0 20;NBK 10;0=A0 8 :>MDD8F85=B ?@8@>AB0 2K@CG:8 >B @50;870F88. >MDD8F85=B ?@8@>AB0 20;NBK 10;0=A0 1 >?@545;O5BAO A;54CNI8< >1@07><: 1 = (A@1-A@0)*100/A@0 (1.1), 345 A@1, A@0 - A@54=OO 25;8G8=0 8B>30 10;0=A0 70 >BG5B=K9 8 ?@54K4CI89 ?5@8>4K. 1 = (320,2-168,6)*100/168,6 = 89,92 1 = (162735,9-178546,25) *100/187546,25 = -13,23 >MDD8F85=B ?@8@>AB0 2K@CG:8 >B @50;870F88 v @0AAG8BK205< ?> D>@<C;5: v = (V1-V0)*100/V0 (1.2), 345 V1, V0 - 2K@CG:0 >B @50;870F88 ?@>4C:F88 70 >BG5B=K9 8 ?@54K4CI85 ?5@8>4K. v = (277,4-106)*100/106 = 161,7 v = (88966,5-128933,5)*100/128933,5 = - 31 ".5. 2  -<10<C=0935>D878:0 70 2002 3>4 C<5LH5=85 20;NBK 10;0=A0 A>AB028;> -13,23% , 8 2K@CG:0 >B @50;870F88 ?@>4C:F88 C<5=LH8;0AL =0 31 %. > <8<> C<5=LH5=8O 2K@CG:8 >B @50;870F88 ?@>4C:F88 ?@54?@8OB85 2 2002 3>4C ?>;CG8;0 C1KB>: (>B @50;870F88  1 515 BKA.B5=35, >B D8=0=A>2> E>7O9AB25==>9 45OB5;L=>AB8  2 164 BKA.B5=35). ><8<> 87CG5=8O 87<5=5=89 AC<<K 10;0=A0 =5>1E>48<> ?@>0=0;878@>20BL E0@0:B5@ 87<5=5=8O >B45;L=KE 53> AB0B59. 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"0:8< >1@07><, 0=0;87 ?@82545==KE 2KH5 D8=0=A>2KE ?>:070B5;59 405B 2>7<>6=>ABL :><?;5:A=> >F5=8BL ?@>872>4AB25==CN, :><<5@G5A:CN 8 @K=>G=CN 0:B82=>ABL ?@54?@8OB8O, 2KO28BL 53> A8;L=K5 8 A;01K5 AB>@>=K 8 A2>52@5<5==> >1=0@C68BL B@52>6=K5 A8<?B><K, @0728B85 :>B>@KE <>65B ?@825AB8 : 10=:@>BAB2C. 8=0<8:C ?>:070B5;59 45;>2>9 0:B82=>AB8 D8@<K   -<10<C=035>D878:0 =0 ?@>BO65=88 B@5E :20@B0;>2 E0@0:B5@87CNB 40==K5, ?@82545==K5 2 B01;8F5. >:070B5;8 45;>2>9 0:B82=>AB8 ?@54?@8OB8O   -<10<C=0935>D878:0 >:070B5;L1999 2000 >:070B5;8 MDD5:B82=>AB8 (>B40G8) @5AC@A>2 B40G0 (>1>@0G8205<>ABL) 2A5E 0:B82>2 B40G0 >A=>2=KE D>=4>2 1>@0G8205<>ABL >1>@>B=KE A@54AB2 1>@0G8205<>ABL 70?0A>2 1>@0G8205<>ABL 4518B>@A:>9 704>;65==>AB8  0,629 1,1 4,43 3,27 1,09 0,866 1,78 6,87 7,13 2,29 +0,237 +0,68 +2,44 +3,86 +1,2>:070B5;8 @5=B015;L=>AB8 '8AB0O @5=B015;L=>ABL 0:B82>2 '8AB0O @5=B015;L=>ABL 0:F8>=5@=>3> :0?8B0;0 1I0O @5=B015;L=>ABL 5=B015;L=>ABL ?@>4C:F88  0,629 2,17 2,32 1,63 0,866 7,65 0,78 0,55 +0,237 +5,48 -1,54 -1,08>:070B5;8 @K=>G=>9 0:B82=>AB8 '8AB0O ?@81K;L =0 >4=C 0:F8N, B5=35 82845=4=K9 2KE>4 449 224,5 395 159,5 -54 -65 7 B01;8FK 284=>, GB> =0 ?@>BO65=88 42CE ;5B =01;N40;>AL C25;8G5=85 >B40G8 >A=>2=KE D>=4>2. 4=0:> 2 40==>< A;CG05 745AL =5B ?>;>68B5;L=>3> @57C;LB0B0, B0: :0: 2K@CG:0 =0@0AB0;0 70 AG5B ?>2KH5=8O F5= =0 ?@>40205<CN ?@>4C:F8N, 0 >A=>2=K5 D>=4K ?@0:B8G5A:8 =5 <5=O;8 A2>59 AB>8<>AB8 8 =5 ?>425@30;8AL ?5@5>F5=:5.  B> 65 2@5<O ?>:070B5;8 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2, ?@>872>4AB25==KE 70?0A>2 8 4518B>@A:>9 704>;65==>AB8 >1=0@C6820;8 B5=45=F8N : A=865=8N 2 1999 3>4C 8 B>;L:> 2 2000 3>4C 8E 7=0G5=85 AB018;878@>20;8AL. @>B82>@5G82> 87<5=O;8AL ?>:070B5;8 @5=B015;L=>AB8 0:B82>2. 0 =8E ?>2;8O;0 48=0<8:0 @5=B015;L=>AB8 ?@>4C:F88, :>B>@0O 2 B5G5=85 1999 3>40 ?>445@6820;0AL ?@8<5@=> =0 >4=>< C@>2=5, 0 2 2000 3>4C @57:> A=878;0AL. '8AB0O ?@81K;L =0 0:F8N B0:65 =5 8<55B G5B:> 2K@065==>9 B5=45=F88. > 1999 3>4C >=0 ?>4=O;0AL, => ?>B>< A=878;0AL. "0:8< >1@07><, 0=0;87 ?>:070B5;59 45;>2>9 0:B82=>AB8   -<10<C=0935>D878:0 A2845B5;LAB2C5B > =5CAB>9G82>< E0@0:B5@5 53> E>7O9AB25==KE @57C;LB0B>2. >-2848<><C, ?@54?@8OB85 8A?KBK205B ACI5AB25==>5 2>7459AB285 45AB018;878@CNI8E D0:B>@>2. !'"/ '!", 3. =0;87 MDD5:B82=>AB8 45OB5;L=>AB8 ?@54?@8OB8O 3.1. 0AG5B 8 0=0;87 :>MDD8F85=B>2 45;>2>9 0:B82=>AB8 5;>20O 0:B82=>ABL ?@54?@8OB8O 2 D8=0=A>2>< 0A?5:B5 ?@>O2;O5BAO ?@5645 2A53> 2 A:>@>AB8 >1>@>B0 A@54AB2. >MDD8F85=B >1I59 >1>@0G8205<>AB8 :0?8B0;0 (@5AC@A>>B40G0). 1 = (K@CG:0 >B @50;870F88) / (A@54=89 70 ?5@8>4 8B>3 10;0=A0 - #1KB>:) B@0605B A:>@>ABL >1>@>B0 (2 :>;8G5AB25 >1>@>B>2 70 ?5@8>4) 2A53> :0?8B0;0. 12001 = 128933,5 / (187546,25-97300) = 128933,5/ 90246,25=1,429 12002 = 88966,5 / (162735,9-102639,8) = 88966,5/ 60096,1=1,480 0 2002 3>4 <K =01;N405< C25;8G5=85 :@C3>>1>@>B0 A@54AB2 . >;8G5AB2> >1>@>B>2 70 2002 3>4 C25;8G8;>AL A 1,429 4> 1,480 >1>@>B0 2 3>4 8;8 =0 0,051>1>@>B0, 8;8 =0 3,5%. >MDD8F85=B >1>@0G8205<>AB8 <>18;L=KE A@54AB2. 2 = (K@CG:0 >B @50;870F88) / 1>@>B=K5 0:B82K >MDD8F85=B ?>:07K205B A:>@>ABL >1>@>B0 2A5E >1>@>B=KE A@54AB2 ?@54?@8OB8O. 22001 = 128933,5/ 40080,7=3,217 22002 = 88966,5/ 24208,9=3,675 0 2002 3>4 <K =01;N405< C25;8G5=85 :@C3>>1>@>B0 >1>@>B=KE A@54AB2 . >;8G5AB2> >1>@>B>2 70 2002 3>4 C25;8G8;>AL A 3,217 4> 3,675 >1>@>B0 2 3>4 8;8 =0 14,2%. >MDD8F85=B >1>@0G8205<>AB8 <0B5@80;L=KE 70?0A>2 (A@54AB2). 3 = (K@CG:0 >B @50;870F88) / 70?0AK >MDD8F85=B ?>:07K205B G8A;> >1>@>B>2 70?0A>2 8 70B@0B 70 0=0;878@C5<K9 ?5@8>4. 32001 = 128933,5/ 4419,7=29,17 32002 = 88966,5/ 344=258,62 0 2000 3>4 <K =01;N405< C25;8G5=85 :@C3>>1>@>B0 <0B5@80;L=KE 70?0A>2 (A@54AB2) . >;8G5AB2> >1>@>B>2 70 2002 3>4 C25;8G8;>AL A 29,17 4> 258,62 >1>@>B0 2 3>4 8;8 2 8,87 @07. >MDD8F85=B >1>@0G8205<>AB8 45=56=KE A@54AB2. 4 = (K@CG:0 >B @50;870F88) / 5=56=K5 A@54AB20 >MDD8F85=B ?>:07K205B A:>@>ABL >1>@0G8205<>AB8 45=56=K9 A@54AB2. 42001 = 128933,5/ 1937,7=66,54 42002 = 88966,5/ 1132,9=78,53 0 2002 3>4 <K =01;N405< C25;8G5=85 A:>@>AB8 >1>@>B0 45=56=KE A@54AB2 . >;8G5AB2> >1>@>B>2 70 2002 3>4 C25;8G8;>AL A 66,54 4> 78,53 >1>@>B0 2 3>4 8;8 =018%. >MDD8F85=B >1>@0G8205<>AB8 4518B>@A:>9 704>;65==>AB8. 5 = (K@CG:0 >B @50;870F88) / (!@54=OO 70 ?5@8>4 4518B>@A:0O 704>;65==>ABL) >MDD8F85=B ?>:07K205B @0AH8@5=85 8;8 A=865=85 :><<5@G5A:>3> :@548B0, ?@54>AB02;5==>3> >@30=870F859. 52001 = 128933,5/ 33723,3=3,823 52002 = 88966,5/ 22732=3,914 0 2002 3>4 <K =01;N405< C<5=LH5=85 :><<5@G5A:>3> :@548B0, ?@54>AB02;5==>3> >@30=870F859. 0 2002 3>4 <K =01;N405< C25;8G5=85 :@C3>>1>@>B0 4518B>@A:>9 704>;65==>AB8 . >;8G5AB2> >1>@>B>2 70 2002 3>4 C25;8G8;>AL A 3,823 4> 3,914 >1>@>B0 2 3>4 8;8 =0 2,38%. !@>: >1>@0G8205<>AB8 4518B>@A:>9 704>;65==>AB8. 6 = (360 4=59) / (5) >MDD8F85=B ?>:07K205B A@54=89 A@>: ?>30H5=8O 4518B>@A:>9 704>;65==>AB8. 62001 = 360 / 3,823 = 94,2 62002 = 360 / 3,914 = 92 0 2002 3>4 <K =01;N405< C<5=LH5=85 A@54=53> A@>:0 ?>30H5=8O 4518B>@A:>9 704>;65==>AB8 ?@54?@8OB8O A 94,2 4> 92 4=59 8;8 =0 2,3%. >MDD8F85=B >1>@0G8205<>AB8 :@548B>@A:>9 704>;65==>AB8. 7 = (K@CG:0 >B @50;870F88) / (@548B>@A:0O 704>;65==>ABL) >MDD8F85=B ?>:07K205B @0AH8@5=85 8;8 A=865=85 :><<5@G5A:>3> :@548B0, ?@54>AB02;5==>3> >@30=870F88. 72001 = 128933,5/ 10146,8=12,71 72002 = 88966,5/ 9424,5=9,44 0 2002 3>4 <K =01;N405< C<5=LH5=85 A:>@>AB8 >?;0BK :@548B>@A:>9 704>;65==>AB8 A 12,71 4> 9,44 8;8 =0 26%. !@>: >1>@0G8205<>AB8 :@548B>@A:>9 704>;65==>AB8. 8 = (360 4=59) / (7) >MDD8F85=B ?>:07K205B A@54=89 A@>: ?>30H5=8O :@548B>@A:>9 704>;65==>AB8. 82001 = 360 / 12,71 = 28,3 82002 = 360 / 9,44 = 38,1 0 2002 3>4 <K =01;N405< C25;8G5=85 A@54=53> A@>:0 ?>30H5=8O :@548B>@A:>9 704>;65==>AB8  ! 28,3 4=59 4> 38,1 8;8 =0 35%.. >MDD8F85=B >1>@0G8205<>AB8 A>1AB25==>3> :0?8B0;0. 9 = (K@CG:0 >B @50;870F88) / (0?8B0; 8 @575@2K) >MDD8F85=B ?>:07K205B A:>@>ABL >1>@>B0 A>1AB25==>3> :0?8B0;0. 92001 = 128933,5/ 328465,7=0,393 92002 = 88966,5/ 309792,5=0,287 0 2002 3>4 <K =01;N405< C<5=LH5=85 A:>@>AB8 >1>@>B0 A>1AB25==>3> :0?8B0;0 A 0,393 4> 0,287 8;8 =0 27%. $>=4>>B40G8. 10 = (K@CG:0 >B @50;870F88) / (A=>2=K5 A@54AB20) $>=4>>B40G0 ?>:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O >A=>2=KE A@54AB2 ?@54?@8OB8O. 102001 = 128933,5/ 334188,5=0,386 102002 = 88966,5/ 300635,3=0,300  2002 3>4C =01;N405< C<5=LH5=85 D>=4>>B40G8 A>1AB25==>3> :0?8B0;0  A 0,386 4> 0,300 8;8 =0 22%. -DD5:B82=>ABL 8A?>;L7>20=8O >A=>2=KE D>=4>2 87<5@O5BAO ?>:070B5;O<8 D>=4>>B40G8 8 D>=4>5<:>AB8. $>=4>>B40G0 >A=>2=KE D>=4>2 >?@545;O5BAO >B=>H5=85< >1J5<0 2K@CG:8 >B @50;870F88 ?@>4C:F88 : A@54=59 AB>8<>AB8 >A=>2=KE D>=4>2 " $ = ----------- ! 345 $  D>=4>>B40G0, B5=35; "  >1J5< 2K@CG:8 >B @50;870F88 ?@>4C:F88, B5=35; !  A@54=53>4>20O AB>8<>ABL >A=>2=KE D>=4>2, B5=35. !@54=53>4>20O AB>8<>ABL >A=>2=KE D>=4>2 >?@545;O5BAO 4;O :064>9 3@C??K >A=>2=KE D>=4>2 A CG5B>< 8E 22>40 2 459AB285 8 2K1KB8O. >AB D>=4>>B40G8 A2845B5;LAB2C5B > ?>2KH5=88 MDD5:B82=>AB8 8A?>;L7>20=8O >A=>2=KE D>=4>2. $>=4>5<:>ABL ?@>4C:F88 5ABL 25;8G8=0, >1@0B=0O D>=4>>B40G5. =0 E0@0:B5@87C5B 70B@0BK >A=>2=KE A@54AB2 (2 B8K=0E), 020=A8@>20==KE =0 >48= B5=35 2K@CG:8 >B @50;870F88 ?@>4C:F88: ! $5 = ------------ * 100 " 345 $5  D>=4>5<:>ABL ?@>4C:F88, B8K=; !  A@54=53>4>20O AB>8<>ABL >A=>2=KE D>=4>2, B5=35; "  2K@CG:0 >B @50;870F88 ?@>4C:F88, B5=35; 100  ?5@52>4 B5=35 2 B8K=K. !=865=85 D>=4>5<:>AB8 ?@>4C:F88 A2845B5;LAB2C5B > ?>2KH5=88 MDD5:B82=>AB8 8A?>;L7>20=8O >A=>2=KE D>=4>2. "01;8F0 ! 6 =0;87 MDD5:B82=>AB8 8A?>;L7>20=8O >A=>2=KE D>=4>2  -<10<C=0935>D878:0 >:070B5;8@>H;K9 3>4BG5B=K9 3>47<5=5=85K@CG:0, BKA. B5=35 105 976 277 415 + 171 439 !@54=53>4>20O AB>8<>ABL >A=>2=KE D>=4>2, BKA. B5=35 97 029 155 481 + 58 452 $>=4>>B40G0 >A=>2=KE D>=4>2, BKA. B5=35 1,1 1,78 + 0,68 $>=4>5<:>ABL ?@>4C:F88, B5=35 91,56 56,05 - 35,51 7 40==KE B01;8FK !6 284=>, GB> D>=4>>B40G0  -<10<C=0935>D878:0 70 3>4 2>7@>A;0 =0 68 B8K= (A 1 B5=35 10 B8K= 4> 1 B5=35 78 B8K=), GB> 2K720;> A=865=85 D>=4>5<:>AB8 ?@>4C:F88 =0 35,51 B8K= (A 91,56 4> 56,05 B8K=). -B> ?>;>68B5;L=> E0@0:B5@87C5B D8=0=A>2>5 A>AB>O=85  -<10<C=0935>D878:0 8 C:07K205B =0 MDD5:B82=>5 8A?>;L7>20=85 >A=>2=KE D>=4>2. >A;54=55 A?>A>1AB2>20;> M:>=><88 :0?8B0;L=KE 2;>65=89 =0 AC<<C 98 510 (35,51*277 415/100). >:070B5;L D>=4>>B40G8 B5A=> A2O70=> A ?@>872>48B5;L=>ABLN B@C40 8 D>=4>2>>@C65==>ABLN B@C40, :>B>@0O E0@0:B5@87C5BAO AB>8<>ABLN >A=>2=KE D>=4>2, ?@8E>4OI8EAO =0 >4=>3> @01>B=8:0. <55<: " 105 976 277 415  = ----------- = ----------- = 972, 3;  = ----------- = 1016,2; R 109 273 ! 97 029 155 481 $2 = ----------- = ---------- = 890,2; $2 = ----------- = 569,5; R 109 273 T = BR = 972,3*109 = 105 976; " = 1016,2*273 = 277 415; C = $2R = 890,2*109 = 97 029; ! = 569,5*273 = 155 481; " BR  105 976 972,3*109 972,3 $ = --------- = -------- = -------- = ---------- = ----------------- = --------- = 1,09, ! $2R $2 97 029 890,2*109 890,2 277 415 1016,2*273 1016,2 $ = ------------- = ------------------- = ----------- = 1,78, 155 451 569,5*273 569,5 345   ?@>872>48B5;L=>ABL B@C40, B5=35; R  G8A;5==>ABL @01>B=8:>2, G5;.; $2  D>=4>2>>@C65==>ABL B@C40, B5=35; $  D>=4>>B40G0 >A=>2=KE D>=4>2, B5=35. $0:B>@=K9 0=0;87 D>=4>>B40G8 >A=>2=KE D>=4>2  -<10<C=0935>D878:0 >:070B5;8 @>H;K9 3>4 BG5B=K9 3>47<5=5=8501A>;NB=>52 %K@CG:0, BKA. B5=35 105 976 277 415 +171 439 261,8 !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2, G5;. 109 273 +164 250,4 @>872>48B5;L=>ABL B@C40 >4=>3> A@54=5A?8A>G=>3> @01>B=8:0, BKA. B5=35 972,3 1016,2 +43,9 104,5 !@54=53>4>20O AB>8<>ABL >A=>2=KE D>=4>2, BKA. B5=35 97 029 155 481 +58 452 160,2 $>=4>2>>@C65==>ABL B@C40 >4=>3> A@54=5A?8A>G=>3> @01>B=8:0, BKA. B5=35 890,2 569,5 - 320,7 64 $>=4>>B40G0 >A=>2=KE D>=4>2, B5=35 1,09 1,78 +0,69 163 "0:8< >1@07><, 3;02=K< CA;>285< @>AB0 D>=4>>B40G8 O2;O5BAO ?>2KH5=85 B5<?>2 @>AB0 ?@>872>48B5;L=>AB8 B@C40 =04 B5<?0<8 @>AB0 D>=4>2>>@C65==>AB8 B@C40. 0==0O B01;8F0 ! 6 ?>:07K205B, GB> @>AB D>=4>>B40G8 >A=>2=KE D>=4>2  -<10<C=0935>D878:0 =0 163% ?@>87>H5; 2 @57C;LB0B5 ?>2KH5=8O B5<?>2 @>AB0 ?@>872>48B5;L=>AB8 B@C40 (104,5%) =04 B5<?0<8 @>AB0 D>=4>2>>@C65==>AB8 B@C40 (64 %). !B5?5=L 2;8O=8O :064>3> 87 MB8E D0:B>@>2 =0 87<5=5=85 D>=4>>B40G8 >A=>2=KE D>=4>2 >?@545;O5BAO A ?><>ILN D0:B>@=>3> 0=0;870. $0:B>@=K9 0=0;87 ?@>2>48BAO ?@85<>< F5?=>9 ?>4AB02:8. ;O MB>3> ?@>872>48BAO A;54>20B5;L=> A;54CNI85 @0AG5BK: > 972,3 $> = --------- = ------------ = 1,09; $2> 890,2 1 1016,2 $>1 = ------- = ------------ = 1,14; $2> 890,2 1 1016,2 $1 = ---------- = ----------- = 1,78; $21 569,2 !;54>20B5;L=>, =0 C25;8G5=85 D>=4>>B40G8 >A=>2=KE D>=4>2  -<10<C=0935>D878:0 =0 0,69 B5=35 @07;8G=K5 D0:B>@K >:070;8 2;8O=85 2 B0:8E @07<5@0E: >AB ?@>872>48B5;L=>AB8 B@C40 @01>B=8:>2 C25;8G8; D>=4>>B40GC >A=>2=KE D>=4>2 =0 0,05 B5=35 ($>1-$>=1,14  1,09); >AB D>=4>2>>@C65==>AB8 B@C40 @01>B=8:>2 C25;8G8; D>=4>>B40GC >A=>2=KE D>=4>2 =0 0,64 B5=35 ($1-$>1=1,78  1,14). B>3>: 0,64 + 0,05= 0,69. 3.2. =0;87 MDD5:B82=>AB8 >1>@>B=KE A@54AB2 5;>20O 0:B82=>ABL 2 D8=0=A>2>< 0A?5:B5 ?@>O2;O5BAO ?@5645 2A53> 2 A:>@>AB8 >1>@>B0 A@54AB2. #A:>@5=85 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2 A=8605B ?>B@51=>ABL 2 =8E, ?>72>;O5B ?@54?@8OB8N 2KA2>1>640BL G0ABL >1>@>B=KE A@54AB2 ;81> 4;O =C64 =0@>4=>3> E>7O9AB20 (01A>;NB=>5 2KA2>1>645=85) ;81> 4;O 4>?>;=8B5;L=>3> 2K?CA:0 ?@>4C:F88 (>B=>A8B5;L=>5 2KA2>1>645=85). !:>@>ABL >1>@>B0 A@54AB2 - :><?;5:A=K9 ?>:070B5;L >@30=870F8>==>-B5E=8G5A:>3> C@>2=O ?@54?@8OB8O. >2KH5=85 G8A;0 >1>@>B>2 4>AB8305BAO 70 AG5B A=865=8O 2@5<5=8 ?@>872>4AB20 8 A=865=8O 2@5<5=8 >1@0I5=8O. @5<O ?@>872>4AB20 >1CA;>2;5=> B5E=>;>38G5A:8< ?@>F5AA>< 8 E0@0:B5@>< ?@8<5=O5<>9 B5E=8:8; A>:@0I5=85 2@5<5=8 >1@0I5=8O 4>AB8305BAO @0728B85< A?5F80;870F88 8 :>>?5@8@>20=8O, C;CGH5=85< ?@O<KE <56702>4A:8E A2O759, CA:>@5=85< ?5@52>7>:, 4>:C<5=B>>1>@>B0 8 @0AG5B0. 1I0O >1>@0G8205<>ABL 2A5E >1>@>B=KE A@54AB2 A:;04K205BAO 87 G0AB=>9 >1>@0G8205<>AB8 >B45;L=KE M;5<5=B>2 >1>@>B=KE A@54AB2. !:>@>ABL >1>@>B0 (:0: >1I0O B0: 8 G0AB=0O) E0@0:B5@87C5BAO A;54CNI8<8 ?>:070B5;O<8: ;8B5;L=>ABL >4=>3> >1>@>B0: LE = E * T / Np LE = E / Np / T 345 E - A@54=OO AB>8<>ABL 2A5E >1>@>B=KE A@54AB2 (A@. >AB0B>: >1. A@54AB2), T - 4;8=0 0=0;878@C5<>3> ?5@8>40, 4=., Np - 2K@CG:0 >B @50;870F88 (157 !, 0:F87>2 8 0=0;>38G=KE ?;0B5659) Np / T - >4=>4=52=0O 2K@CG:0. LE99 = 168,6 * 365 / 106 = 580,5 4=. LE2000 = 320,2 * 365 / 277,4 = 421,3 4=.  B5G5=85 2000 3>40 4;8B5;L=>ABL >4=>3> >1>@>B0 C<5=LH8;0AL 1>;55 G5< 2 0,73 @070 8;8 =0 159,2 4=O, GB> 2K720=> ?@5645 2A53> C25;8G5=85< >1J5<0 2K@CG:8 8 =51>;LH8< C<5=LH5=85< A@54=59 AB>8<>AB8 2A5E >1>@>B=KE A@54AB2. >;8G5AB2> >1>@>B>2 (?@O<>9 :>MDD8F85=B >1>@0G8205<>AB8) ? = Np / E ?99 = 106 / 168,6 = 0,63 ?2000 = 277,4 / 320,2 = 0,87  B5G5=85 2000 3>40 :>;8G5AB2> >1>@>B>2 C25;8G8;>AL 1>;55 G5< 2 1,38 @070 8;8 =0 0,24 >1>@>B0, GB> 2K720=> ?@5645 2A53> C25;8G5=85< >1J5<0 2K@CG:8 8 =51>;LH8< C<5=LH5=85< A@54=59 AB>8<>AB8 2A5E >1>@>B=KE A@54AB2. >MDD8F85=B 70:@5?;5=8O >1>@>B=KE A@54AB2 (>1@0B=K9 :>MDD8F85=B >1>@0G8205<>AB8) > = E / Np >99 = 168,6 / 106 = 1,59 >2000 = 320,2 / 277,4 = 1,15  B5G5=85 2000 3>40 :>MDD8F85=B 70:@5?;5=8O >1>@>B=KE A@54AB2 C<5=LH8;AO 1>;55 G5< 2 0,72 @070 8;8 =0 0,44, GB> 2K720=> ?@5645 2A53> C25;8G5=85< >1J5<0 2K@CG:8 8 =51>;LH8< C<5=LH5=85< A@54=59 AB>8<>AB8 2A5E >1>@>B=KE A@54AB2. > @57C;LB0B0< >1>@0G8205<>AB8 @0AAG8BK20NB AC<<C M:>=><88 >1>@>B=KE A@54AB2 8;8 AC<<C 4>?>;=8B5;L=>3> 8E ?@82;5G5=8O. ;O >?@545;5=8O AC<< M:>=><88 >1>@>B=KE A@54AB2 (E 2A;54AB285 CA:>@5=8O 8E >1>@0G8205<>AB8 CAB0=02;820NB ?>B@51=>ABL 2 >1>@>B=KE A@54AB20E 70 >BG5B=K9 ?5@8>4 8AE>4O 87 D0:B8G5A:>9 2K@CG:8 >B 2A59 @50;870F88 70 MB> 2@5<O 8 A:>@>AB8 >1>@>B0 70 ?@54K4CI89 ?5@8>4. 07=>ABL <564C MB>9 CA;>2=>9 AC<<>9 >1>@>B=KE A@54AB2 8 AC<<>9 A@54AB2, D0:B8G5A:8 CG0AB2CNI8E 2 >1>@>B5 A>AB02OB M:>=><8N A@54AB2. A;8 >1>@0G8205<>ABL 70<54;5=0 (?>;CG05BAO -), B> 2 8B>35 ?>;CG05BAO AC<<0 A@54AB2, 4>?>;=8B5;L=> 2>2;5G5==KE 2 >1>@>B.  = Np / E E = Np>BG / >BG E = Np>BG / 107 (E = E - E (E = Np>BG / 107 - Np>BG / >BG (E = 277,4 / 0,63  277,4 / 0,87 = 440  319 = 121 BKA. B5=35 -:>=><8O (?5@5@0AE>4) >1>@>B=KE A@54AB2 <>65B 1KBL >?@545;5=0 :0: ?@>872545=85 AC<<K >4=>4=52=>9 @50;870F88 8 @07=8FK 2 4=OE >1>@0G8205<>AB8 >BG5B=>3> 8 1078A=>3> ?5@8>40. (E = Np>BG / " * [E>BG * " / Np>BG - E107 * T / Np107] (E = Np>BG / " * [LE>BG - LE107] (E = 277,4 / 365 * [320,2 * 365 / 277,4 - 168,6 * 365 / 106] (E = 277,4 / 365 * [421,3  580,5] = - 121 BKA.B5=35. -:>=><8O >1>@>B=KE A@54AB2 A>AB028;0 121 BKA. B5=35, GB> 2K720=> C25;8G5=85< A:>@>AB8 >1>@>B0 8 C25;8G5=85< >1J5<0 2K@CG:8. -DD5:B82=>ABL 8A?>;L7>20=8O >1>@>B=KE A@54AB2 E0@0:B5@87C5BAO ?@5645 2A53> 8E >1>@0G8205<>ABLN. >4 >1>@0G8205<>ABLN A@54AB2 ?>=8<05BAO ?@>4>;68B5;L=>ABL ?@>E>645=8O A@54AB20<8 >B45;L=KE AB0489 ?@>872>4AB20 8 >1@0I5=8O. @5<O 2 B5G5=85 :>B>@>3> >1>@>B=K5 A@54AB20 =0E>4OBAO 2 >1>@>B5, B.5. ?>A;54>20B5;L=> ?5@5E>4OB 87 >4=>9 AB0488 2 4@C3CN, A>AB02;ONB ?5@8>4 >1>@>B0 >1>@>B=KE A@54AB2. 1>@0G8205<>ABL >1>@>B=KE A@54AB2 8AG8A;ONBAO ?@>4>;68B5;L=>ABLN >4=>3> >1>@>B0 2 4=OE 8;8 :>;8G5AB20 >1>@>B>2 70 >BG5B=K9 ?5@8>4. "01;8F0 ! 7 =0;87 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2  -<10<C=0935>D878:0 >:070B5;8@>H;K9 3>4BG5B=K9 3>47<5=5=85K@CG:0, BKA. B5=35 105 976 277 415 +171 439 >;8G5AB2> 4=59 0=0;878@C5<>3> ?5@8>40 360 360 - 4=>4=52=0O 2K@CG:0, BKA. B5=35 294,4 770,6 +476,2 !@54=89 >AB0B>: >1>@>B=KE A@54AB2, BKA. B5=35 23 949 40 359 +16 410 @>4>;68B5;L=>ABL >4=>3> >1>@>B0, 4=. 81,3 52,4 -28,9 >MDD8F85=B >1>@0G8205<>AB8 A@54AB2, >1>@>BK 4,43 6,87 +2,44 >MDD8F85=B 703@C7:8 A@54AB2 8 >1>@>B5, B8K= 22,6 14,54 -8,06 7 40==KE B01;8FK 284=> ! 7, GB> >1>@0G8205<>ABL >1>@>B=KE A@54AB2  -<10<C=0935>D878:0 CA:>@8;>AL =0 28,9 4=O (A 81,3 4> 52,4). -B> ?@825;> : C25;8G5=8N :>MDD8F85=B0 >1>@0G8205<>AB8 A@54AB2 =0 2,44 >1>@>B0 (A 4,43 4> 6,87) 8 A=865=8N :>MDD8F85=B0 703@C7:8 A@54AB2 2 >1>@>B5 =0 8,06 (A 22,6 4> 14,54). 7<5=5=85 A:>@>AB8 >1>@>B0 >1>@>B=KE A@54AB2 1K;> 4>AB83=CB> 2 @57C;LB0B5 2708<>459AB28O 2-E D0:B>@>2: C25;8G5=85 >1J5<0 2K@CG:8 =0 171 439 BKA. B5=35 (277 415  105 976) 8 A@54=53> >AB0B:0 >1>@>B=KE A@54AB2 =0 16 410 BKA. B5=35 (40 359  23 949). ;8O=85 :064>3> 87 MB8E D0:B>@>2 =0 >1I55 CA:>@5=85 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2 E0@0:B5@87C5BAO A;54CNI8< >1@07><: - @>AB >1J5<0 2K@CG:8 CA:>@8; >1>@0G8205<>AB8 >1>@>B=KE A@54AB2 =0 -50,2 4=O (23 949 / 770,6  81,3); - C25;8G5=85 A@54=53> >AB0B:0 >1>@>B=KE A@54AB2 =0 16 410 BKA.B5=35 70<54;8;> >1>@0G8205<>AB8 A@54AB2 =0 21,3 (16 410 /770,6). B>3>: -50,2 + 21,3 = -28,9 4=O #A:>@5=85 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2 =0 28,9 4=O 2KA2>1>48;> 87 >1>@>B0 45=56=KE A@54AB2 2 AC<<5 22 270 (-28,9*770,6) BKA. B5=35. 5;8G8=C M:>=><8G5A:>3> MDD5:B0, ?>;CG5==>3> >B CA:>@5=8O >1>@0G8205<>AB8 >1>@>B=KE A@54AB2, <>6=> >?@545;8BL, 8A?>;L7CO :>MDD8F85=B 703@C7:8 A@54AB2 2 >1>@>B5. "0:, 5A;8 2 ?@>H;>< 3>4C 4;O ?>;CG5=8O >4=>3> B5=35 2K@CG:8 1K;> 70B@0G5=> 22,6 B8K= >1>@>B=KE A@54AB2, B> 2 >BG5B=>< 3>4C  B>;L:> 14,54 B8K=, B.5. <5=LH5 =0 8,06 B8K= =0 :064K9 B5=35 2K@CG:8. !;54>20B5;L=>, >1I0O AC<<0 M:>=><88 >1>@>B=KE A@54AB2 A> 2A53> >1J5<0 2K@CG:8 A>AB02;O5B: -8,06*277 415 ------------------ = 22 360 BKA. B5=35 100 07=8F0 2 90 BKA. B5=35 >1JOA=O5BAO >:@C3;5=85< F8D@ ?@8 @0AG5B5. 3.3. 0AG5B 8 0=0;87 ?>:070B5;59 @5=B015;L=>AB8 5=B015;L=>ABL - MDD5:B82=>ABL, ?@81K;L=>ABL, 4>E>4=>ABL ?@54?@8OB8O 8;8 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8. >;8G5AB25==> @5=B015;L=>ABL 8AG8A;O5BAO :0: G0AB=>5 >B 45;5=8O ?@81K;8 =0 70B@0BK, =0 @0AE>4 @5AC@A>2. 5=B015;L=>ABL ?@>406 R1 = @ /  * 100% >:07K205B, A:>;L:> ?@81K;8 ?@8E>48BAO =0 548=8FC @50;87>20==>9 ?@>4C:F88. R199 = 1,723 / 106 * 100% = 1,63% R12000 = 1,515 / 277,4 * 100% = 0,55%  99 3>4C @5=B015;L=>ABL ?@>406 A>AB02;O;0 1,63%, 2 2000 3>4C 2  -<10<C=0935>D878:0 ?@81K;L ?>;CG5=0 <5=LH5, ?>MB><C R12000 3>2>@8B > B><, GB> =0 1,08% ?@81K;8 ?>;CG5=> <5=LH5, G5< 2 ?@54K4CI5< 3>4C. 1I0O @5=B015;L=>ABL R2 = 10; /  * 100% R299 = 2,462 / 106 * 100% = 2,32% R22000 = 2,164 / 277,4 * 100% = 0,78%  99 3>4C >1I0O @5=B015;L=>ABL A>AB02;O;0 2,32%, 2 2000 3>4C 2  -<10<C=0935>D878:0 ?@81K;L ?>;CG5=0 <5=LH5 =0 1,54%, G5< 2 ?@54K4CI5< 3>4C. 5=B015;L=>ABL A>1AB25==>3> :0?8B0;0 R3 = 10; / (0?8B0; 8 @575@2K) * 100% >:07K205B MDD5:B82=>ABL A>1AB25==>3> :0?8B0;0. R399 = 1,723 / 48,8 * 100% = 3,53% R32000 = 1,515 / 36,3 * 100% = 4,17% 0 2000 3>4 ?@>87>H;> C25;8G5=85 MDD5:B82=>AB8 A>1AB25==>3> :0?8B0;0 =0 0,64%. -:>=><8G5A:0O @5=B015;L=>ABL R4 = 10; / (2A53> 8<CI5AB20) * 100% >:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O 2A53> 8<CI5AB20 >@30=870F88. R499 = 1,723 / 168,6 * 100% = 1,02% R42000 = 1,515 / 320,2 * 100% = 0,47%  99 3>4C M:>=><8G5A:0O @5=B015;L=>ABL A>AB02;O;0 1,02%, 2 2000 3>4C 2  -<10<C=0935>D878:0 A>AB028;0 0,47%, GB> =0 0,55% <5=LH5. $>=4>@5=B015;L=>ABL R5 = 10; / (2=5>1>@>B=K5 0:B82K) * 100% >:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O >A=>2=KE A@54AB2 8 ?@>G8E 2=5>1>@>B=KE 0:B82>2. R599 = 1,723 / 37,763 * 100% = 4,56% R52000 = 1,515 / 159,817 * 100% = 0,95%  99 3>4C D>=4>@5=B015;L=>ABL A>AB028;0 4,56%, 2 2000 3>4C 2  -<10<C=0935>D878:0 A>AB028;> 0,95%, GB> =0 3,61% <5=LH5. 5=B015;L=>ABL >A=>2=>9 45OB5;L=>AB8 R6 = @ / (0B@0BK =0 ?@>872>4AB2> 8 @50;870F8N ?@>4C:F88($!2)) * 100% >:07K205B, A:>;L:> ?@81K;8 >B @50;870F88 ?@8E>48BAO =0 1 B5=35 70B@0B. R699 = 1,723 / (87,793+16,46) * 100% = 1,723/104,253*100% = 1,6% R62000 = 1,515 / (214,962+60,938) * 100% = 1,515/275,9*100% = 0,55%  99 3>4C @5=B015;L=>ABL >A=>2=>9 45OB5;L=>AB8 A>AB02;O;0 1,6%, 2 2000 3>4C 2  -<10<C=0935>D878:0 A>AB028;> 0,55%, GB> =0 1,05% <5=LH5. 5=B015;L=>ABL ?5@<0=5=B=>3> :0?8B0;0 R7 = 10; / (0?8B0; 8 @575@2K + >;3>A@>G=K5 ?0AA82K) * 100% >:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O :0?8B0;0, 2;>65==>3> 2 45OB5;L=>ABL >@30=870F88 =0 4;8B5;L=K9 A@>:. R799 = 1,723 / (48,8+0) * 100% = 3,53% R72000 = 1,515 / (36,3+42,9) * 100% =1,91% 0 2000 3>4 ?@>87>H;> >3@><=>5 A=865=85 MDD5:B82=>AB8 8A?>;L7>20=8O :0?8B0;0, 2;>65==>3> 2 45OB5;L=>ABL >@30=870F88 =0 4;8B5;L=K9 A@>:. 5@8>4 >:C?05<>AB8 A>1AB25==>3> :0?8B0;0 R8 = (0?8B0; 8 @575@2K) / 10; >:07K205B G8A;> ;5B, 2 B5G5=85 :>B>@KE ?>;=>ABLN >:C?OBAO 2;>65==K5 2 40==CN >@30=870F8N A@54AB20. R899 = 48,8 / 1,723 = 28,3 R82000 = 36,3 / 1,515 = 24 -DD5:B82=>ABL 8A?>;L7>20=8O :0?8B0;0 2 F5;><. 0?8B0; 2 F5;>< ?@54AB02;O5B A>1>9 AC<<C >1>@>B=KE A@54AB2, >A=>2=KE D>=4>2, =5<0B5@80;L=KE 0:B82>2. -DD5:B82=>ABL 8A?>;L7>20=8O :0?8B0;0 ;CGH5 2A53> >B@0605BAO 55 @5=B015;L=>ABLN. #@>25=L @5=B015;L=>AB8 :0?8B0;0 87<5@O5BAO 2 %->< >B=>H5=88 10;0=A>2>9 ?@81K;8 : 25;8G8=5 :0?8B0;0. "01;8F0 ! 8 =0;87 @5=B015;L=>AB8 :0?8B0;0  -<10<C=0935>D878:0 >:070B5;8@>H;K9 3>4BG5B=K9 3>47<5=5=850;0=A>20O ?@81K;L, 1723 1515 - 208 BKA.B5=35 K@CG:0, BKA. B5=35 105 976 277 415 +171 439 0;0=A>20O ?@81K;L, % : 2K@CG:5 1,63 0,55 -1,08 !@54=89 >AB0B>: >1>@>B=KE A@54AB2, BKA. B5=35 23 949 40 359 +16 410 !@54=OO 3>4>20O AB>8<>ABL >A=>2=KE D>=4>2, BKA. B5=35 97 029 155 481 +58 452 !@54=53>4>20O AB>8<>ABL =5<0B5@80;L=KE 0:B82>2, BKA. B5=35 430 470 +40 1I0O AC<<0 :0?8B0;0, BKA. B5=35 121 408 196 310 +74 902 #@>25=L @5=B015;L=>AB8 :0?8B0;0, % 1,42 0,77 -0,65 >MDD8F85=B >1>@0G8205<>AB8 >1>@>B=KE A@54AB2, >1>@>BK 4,43 6,87 +2,44 $>=4>>B40G0 >A=>2=KE D>=4>2, B5=35 1,09 1,78 +0,69 $>=4>>B40G0 =5<0B5@80;L=KE 0:B82>2, B5=35 246,5 590,2 +343,7   --'!/ '!", 3.4. 0AG5B 70@01>B=>9 ?;0BK >1@0B=K< E>4>< 5B>4 >A=>20= =0 @07@01>B:5 D>@<C; ?> =0G8A;5=8N 70@01>B=>9 ?;0BK, ?>4;560I59 2K40G5. $>@<C;K A;54C5B >B@078BL 2 M;5:B@>==>9 B01;8F5 EXCEL  0AG5B ?>4>E>4=>3> =0;>30 A D878G5A:8E ;8F.  40==CN B01;8FC <>6=> 4>1028BL A2545=8O > :>;8G5AB25 864825=F52. 0?@8<5@, 2 OG59:5 4 C:07K205< :>;8G5AB2> 2KG5B>2  .  =0H5< ?@8<5@5 C @01>B=8:0 8<55BAO >48= 864825=5F, 7=0G8B :>;8G5AB2> 2KG5B>2 1C45B @02=OBLAO 2.  OG59:C G8 70?8H5< D>@<C;C = F8*F4. 0;55 MBC D>@<C;C A;54C5B :>?8@>20BL 2=87 4> OG59:8 G19. $>@<C;0 :>?8@C5BAO ?@8 ?><>I8 C:070B5;O, ?>42545==>3> : ?@02><C =86=5<C C3;C OG59:8, 8 ?@>BO3820=85< C:070B5;O 4> =86=59 OG59:8 G19. @8 MB>< 7=0G5=8O OG55: F8 8 F4 1C4CB A>>B25BAB25==> <5=OBLAO =0 F9 8 F5, F10 8 F6 8 B0: 40;55. > =0< =C6=>, GB>1K ?@8 :>?8@>20=88 D>@<C;K 7=0G5=85 F4 >AB020;>AL =587<5==K<. ;O MB>3> 42064K I5;:=8B5 =0 OG59:5 G8.  OG59:5 >B@078BAO D>@<C;0= F4*F8. K45;8< 04@5A OG59:8 F4. ;O MB>3> 42064K I5;:=5< =0 F4 8 =06<5< :;028HC F4. >A;5 MB>3> 04@5A F4 87<5=8BAO =0 $F$4. 0==K9 04@5A =07K205BAO 01A>;NB=K< 8 >1>7=0G05B, GB> ?@8 :>?8@>20=88 D>@<C;K 40==K9 04@5A <5=OBLAO C65 =5 1C45B.  =0HC B01;8FC 4>1028< 5I5 5 AB>;1F>2. (0?:C A;54C5B >D>@<8BL ?> ?@82545==><C >1@07FC. 0?8H5< =07=0G5=85 OG55:: >;;. !( C@A 4>;;0@0 0@?;0B0, 2 B5=350@?;0B0 4;O @0AG5B00 B5:CI89 <5AOF ! =0G0;0 3>40 1I89 284 B01;8FK 1C45B 8<5BL A;54CNI89 284 ("01;. 1) 2545< 7=0G5=8O 2 OG59:8: B4  2=>A8BAO 7=0G5=85 <5AOG=>3> @0AG5B=>3> ?>:070B5;O =0 A>>B25BAB2CNI89 ?5@8>4.  2001 3>4C   ?><5AOG=> =5 87<5=O5BAO 8 A>AB02;O5B 775 B5=35. > AB@>:5 8 (O=20@L): B8=F8/0,9 C8=B8 D8=B8*10 % E8=D8 F8=G8 G8=!(V8*K8<132525;(V8-(18*K8*0,05)/K8+18)/0,95; !(V8*K8<258075;((V8*K8-132525)/0,9 +139500+18*K8)/K8; !(V8*K8<518475;(v8*k8-258075)/0,8+279000+18*K8)/K8;!(V8*K8>518475;(V8*K8-518475)/0,7+604500+18*K8)/K8 H8=$E$4*$B$4.  40==>9 D>@<C;5 405BAO 01A>;NB=0O AAK;:0 =0 OG59:8 4    (775B3. 0 20013.) 8 4  :>;8G5AB2> 2KG5B>2. 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