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Ȼɟɥɚɪɭɫɤɚɹ
ɉȺɉəɊɗȾɀȺɇɇȱ ȾɅə
ɇȺɋɐȿɇɇȺȽȺ ɆȺɐȺȼȺɇɇə
ɉɟɪɚɞɦɚɰɚɜɚɧɧɟɦɬɷɥɟɜɿɡɚɪɭɧɚɫɰɹɧɭɜɚɪɬɚ
ɜɵɜɭɱɵɰɶɚɞɩɚɜɟɞɧɵɹɿɧɫɬɪɭɤɰɵɿ
Ʉɚɦɩɥɟɤɬɞɥɹɦɚɰɚɜɚɧɧɹɧɚɫɰɹɧɭɡɹʆɥɹɟɰɰɚ
ɚɩɰɵɹɧɚɥɶɧɵɦ ȼɵ ɦɨɠɚɰɟɧɚɛɵɰɶɹɝɨʆ
ɦɹɫɰɨɜɚɝɚɞɵɥɟɪɚ ɤɚɥɿ ɺɧ ɧɟ ʆɜɚɯɨɞɡɿɰɶɭ
ɤɚɦɩɥɟɤɬ
ɇɟʆɫɬɚɥɺʆɜɚɣɰɟɬɷɥɟɜɿɡɚɪɧɚɫɬɨɥɿɚɛɨɫɰɹɧɟ
ɡɭɯɿɥɚɦ
ȼɵɤɚɪɵɫɬɨʆɜɚɣɰɟɚɞɦɵɫɥɨɜɵɹɲɪɭɛɵɿɿɧɲɵɹ
ɚɤɫɷɫɭɚɪɵɞɥɹɦɚɰɚɜɚɧɧɹɧɚɫɰɹɧɭ
Ⱦɥɹ ɩɪɚɞɭɯɿɥɟɧɧɹ ɩɚɞɡɟɧɧɹɬɷɥɟɜɿɡɚɪɭ
ɲɱɵɥɶɧɚɡɚɰɹɝɜɚɣɰɟɲɪɭɛɵɞɥɹɦɚɰɚɜɚɧɧɹɧɚ
ɫɰɹɧɭɇɟɡɚɰɹɝɜɚɣɰɟɲɪɭɛɵɧɚɞɬɚɲɱɵɥɶɧɚ
ɉȺɉəɊɗȾɀȺɇɇȿ
ɉɪɵɥɚɞɚɩɚɞɥɭɱɚɧɚɹɞɚɚɯɨʆɧɚɝɚɡɚɡɹɦɥɟɧɧɹ
ɛɭɞɵɧɤɚɩɪɚɡɋȿɌɄȺȼȺȿɉȺȾɅɍɑɗɇɇȿɰɿɿɧɲɵ
ɚɩɚɪɚɬɡɞɚɥɭɱɷɧɧɟɦɞɚɡɚɡɹɦɥɟɧɧɹɚɡɚɬɵɦɞɚ
ɫɿɫɬɷɦɵɬɷɥɟɜɿɡɿɣɧɚɣɪɷɬɪɚɧɫɥɹɰɵɿɡɞɚɩɚɦɨɝɚɣ
ɤɚɚɤɫɿɹɥɶɧɚɝɚ ɤɚɛɟɥɹɦɨɠɚɩɪɵɧɟɤɚɬɨɪɵɯ
ɚɛɫɬɚɜɿɧɚɯɩɪɵɜɟɫɰɿɞɚɧɟɛɹɫɩɟɤɿʆɡɝɚɪɚɧɧɹ
Ɍɚɦɭɩɚɞɤɥɸɱɷɧɧɟɞɚɫɿɫɬɷɦɵɬɷɥɟɜɿɡɿɣɧɚɣ
ɪɷɬɪɚɧɫɥɹɰɵɿɩɚɜɿɧɧɚɜɵɤɨɧɜɚɰɰɚɩɪɚɡɩɪɵɥɚɞɭ
ɹɤɚɹɡɚɛɹɫɩɟɱɜɚɟɷɥɟɤɬɪɵɱɧɭɸɿɡɚɥɹɰɵɸɧɿɠɷɣ
ɜɵɡɧɚɱɚɧɚɝɚɞɵɹɩɚɡɨɧɭ ɱɚɫɬɨɬɝɚɥɶɜɚɧɿɱɧɵ
ɿɡɚɥɹɬɚɪɝɥ(1
Ȼɟɥɚɪɭɫɤɚɹ - 5 -
ɍɥɚɫɰɿɜɚɫɰɿ
ɄɿɪɚɜɚɧɧɟɤɚɥɹɪɨɜɵɦɌȼɤɚɪɵɫɬɚɸɱɵɫɹɩɭɥɶɬɚɦ
ɞɵɫɬɚɧɰɵɣɧɚɝɚɤɿɪɚɜɚɧɧɹ
ɉɨʆɧɚɹ ɿɧɬɷɝɪɚɰɵɹ ɥɿɱɛɚɜɚɝɚɤɚɛɟɥɶɧɚɝɚ
ɫɩɚɞɚɪɨɠɧɿɤɚɜɚɝɚɌȼ'9%77&66
Ɉɩɰɵɹʆɫɬɚɥɺʆɤɿ)UDQVDW
ɍɜɚɯɨɞɵ +'0, ɩɪɵɡɧɚɱɚɧɵɹ ɞɥɹ ɩɚɞɥɭɱɷɧɧɹ
ɩɪɵɥɚɞɵɹɤɚɹɦɚɟɝɧɹɡɞɨ+'0,
86%ɭɜɚɯɨɞ
ɋɿɫɬɷɦɚɦɟɧɸ26'ɗɆɷɤɪɚɧɧɚɝɚɦɟɧɸ
6FDUWɝɧɹɡɞɨɞɥɹɡɧɟɲɧɿɯɩɪɵɥɚɞɬɚɤɿɯɹɤɜɿɞɷɚ
ɜɿɞɷɚɝɭɥɶɧɿɚʆɞɵɟɩɪɵɥɚɞɚɿɝɞ
Ƚɭɤɚɜɚɹɫɬɷɪɷɚɫɿɫɬɷɦɚ
Ɍɷɥɟɬɷɤɫɬ
Ⱦɚɥɭɱɷɧɧɟɧɚɜɭɲɧɿɤɚʆ
ɋɿɫɬɷɦɚɚʆɬɚɦɚɬɵɱɧɚɝɚɩɪɚɝɪɚɦɚɜɚɧɧɹ
Ɋɭɱɧɚɹɧɚɥɚɞɚ
Ⱥʆɬɚɦɚɬɵɱɧɚɟɚɞɤɥɸɱɷɧɧɟɫɿɥɤɚɜɚɧɧɹ ɩɚɫɥɹ
ɩɟɪɵɹɞɭɞɚɜɚɫɶɦɿɝɚɞɡɿɧ
Ɍɚɣɦɟɪɫɩɹɱɚɝɚɪɷɠɵɦɭ
Ȼɥɚɤɿɪɨʆɤɚɚɞɞɡɹɰɟɣ
Ⱥʆɬɚɦɚɬɵɱɧɚɟɚɞɤɥɸɱɷɧɧɟɝɭɤɭɩɪɵɚɞɫɭɬɧɚɫɰɿ
ɫɿɝɧɚɥɭ
176&ɩɪɚɣɝɪɚɜɚɧɧɟ
$9/ȺȺȽɚʆɬɚɦɚɬɵɱɧɚɟɚɛɦɟɠɚɜɚɧɧɟɝɭɱɧɚɫɰɿ
3//ɎȺɉɑ ɮɚɡɚɜɚɹɚʆɬɚɦɚɬɵɱɧɚɹɩɚɞɥɚɞɤɚ
ɱɚɫɬɚɬɵɩɨɲɭɤɱɚɫɬɚɬɵ
ɉɄɭɜɚɯɨɞ
Ɋɷɠɵɦɝɭɥɶɧɿɚɩɰɵɹɧɚɥɶɧɚ
Ɏɭɧɤɰɵɹɚɞɤɥɸɱɷɧɧɹɜɵɹɜɵ
Ɂɚɩɿɫɩɪɚɝɪɚɦɵ
Ɂɪɭɯɩɪɚɝɪɚɦɵɩɚɱɚɫɟ
Ɋɷɠɵɦ3L[HOOHQFH
(WKHUQHW Ʌȼɋ ɞɥɹ ɞɚɥɭɱɷɧɧɹ ɞɚ ȱɧɬɷɪɧɷɬɭ ɿ
ɚɛɫɥɭɝɨʆɜɚɧɧɹ
ɍɛɭɞɚɜɚɧɧɟDEJQɉɚɞɬɪɵɦɤɚ:L)L
ɉɚɞɬɪɵɦɤɚ :L)L DEJQ ɡɞɚɩɚɦɨɝɚɣ
ɚɩɚɪɚɬɧɚɝɚ86%ɤɥɸɱɚɧɟʆɜɚɯɨɞɡɿɰɶɭɤɚɦɩɥɟɤɬ
ɉɟɪɚɞɚɱɚɜɿɞɷɚɿɝɭɤɚ
+EE79
Ɏɭɧɤɰɵɿ ɿ ɨɩɰɵɿ ɦɨɝɭɰɶ ɚɞɪɨɡɧɿɜɚɰɰɚ ʆ
ɚɞɩɚɜɟɞɧɚɫɰɿ ɡ ɦɚɞɷɥɥɸ ɩɪɵɥɚɞɵ.
ɉɚɜɟɞɚɦɥɟɧɧɟ (ɭ ɡɚɥɟɠɧɚɫɰɿ ɚɞ ɦɚɞɷɥɿ)
ȼɵɪɚɛɥɟɧɚɩɚɥɿɰɷɧɡɿɿ ɮɿɪɦɵ'ROE\/DERUDWRULHV
'ROE\'ROE\$XGLR'ROE\9LVLRQɿɫɿɦɜɚɥɩɚɞɜɨɣɧɚɣ
ɥɿɬɚɪɵ'ɡɹʆɥɹɸɰɰɚ ɝɚɧɞɥɺɜɵɦɿɦɚɪɤɚɦɿ 'ROE\
/DERUDWRULHV
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,QWHUIDFH ɡɹʆɥɹɸɰɰɚ ɝɚɧɞɥɺɜɵɦɿɦɚɪɤɚɦɿ ɚɛɨ
ɡɚɪɷɝɿɫɬɪɚɜɚɧɵɦɿɦɚɪɤɚɦɿɤɚɦɩɚɧɿɿ+'0,/LFHQVLQJ
$GPLQLVWUDWRULQFɭɁɒȺɿɿɧɲɵɯɤɪɚɿɧɚɯ
³<RX7XEHɿɥɚɝɚɬɵɩ<RX7XEHɡ¶ɹʆɥɹɸɰɰɚɝɚɧɞɥɟɜɵɦɿ
ɦɚɪɤɚɦɿɤɚɦɩɚɧɿɿ*RRJOH,QF´
Ⱦɥɹ ɚɬɪɵɦɚɧɧɹɿɧɮɚɪɦɚɰɵɿɩɚɩɚɬɷɧɬɚɯ'76
ɜɚɪɬɚɧɚɜɟɞɚɰɶ ɜɷɛɫɚɣɬ KWWSSDWHQWVGWVFRP
ȼɵɪɚɛɥɟɧɚɩɚ ɥɿɰɷɧɡɿɿ ɚɞ '76/LFHQVLQJ /LPLWHG
'76 WKH 6\PERO ɿ '76 ɿ WKH 6\PERO ɪɚɡɚɦ
ɡɹʆɥɹɸɰɰɚɡɚɪɷɝɿɫɬɪɚɜɚɧɵɦɿɝɚɧɞɥɺɜɵɦɿɦɚɪɤɚɦɿ
ɿ'767UX6XUURXQGɡɹʆɥɹɟɰɰɚɝɚɧɞɥɺɜɚɣɦɚɪɤɚɣ
'76,QF'76,QFɍɫɟɩɪɚɜɵɚɛɚɪɨɧɟɧɵ
Ⱦɥɹ ɚɬɪɵɦɚɧɧɹɿɧɮɚɪɦɚɰɵɿɩɚɩɚɬɷɧɬɚɯ'76
ɜɚɪɬɚɧɚɜɟɞɚɰɶ ɜɷɛɫɚɣɬ KWWSSDWHQWVGWVFRP
ȼɵɪɚɛɥɟɧɚɩɚ ɥɿɰɷɧɡɿɿ ɚɞ '76/LFHQVLQJ /LPLWHG
'76 WKH 6\PERO ɿ '76 ɿ WKH 6\PERO ɪɚɡɚɦ
ɡɹʆɥɹɸɰɰɚɡɚɪɷɝɿɫɬɪɚɜɚɧɵɦɿɝɚɧɞɥɺɜɵɦɿɦɚɪɤɚɦɿ
'76,QF'76,QFɍɫɟɩɪɚɜɵɚɛɚɪɨɧɟɧɵ
Ⱦɥɹ ɚɬɪɵɦɚɧɧɹɿɧɮɚɪɦɚɰɵɿɩɚɩɚɬɷɧɬɚɯ'76
ɜɚɪɬɚɧɚɜɟɞɚɰɶ ɜɷɛɫɚɣɬ KWWSSDWHQWVGWVFRP
ȼɵɪɚɛɥɟɧɚɩɚ ɥɿɰɷɧɡɿɿ ɚɞ '76/LFHQVLQJ /LPLWHG
'76 6\PERO ɿ '76 ɿ 6\PERO ɪɚɡɚɦ ɡɹʆɥɹɸɰɰɚ
ɡɚɪɷɝɿɫɬɪɚɜɚɧɵɦɿɝɚɧɞɥɺɜɵɦɿɦɚɪɤɚɦɿ ɿ '76
'LJLWDO2XWɡɹʆɥɹɟɰɰɚɝɚɧɞɥɺɜɚɣɦɚɪɤɚɣ'76
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Ƚɷɬɵ ɜɵɪɚɛ ɡɦɹɲɱɚɟ ɬɷɯɧɚɥɨɝɿɸ ɹɤɚɹ
ɜɵɤɚɪɵɫɬɨʆɜɚɟɰɰɚ ʆ ɚɞɩɚɜɟɞɧɚɫɰɿɡɩɷʆɧɵɦɿ
ɩɪɚɜɚɦɿɧɚɿɧɬɷɥɟɤɬɭɚɥɶɧɭɸʆɥɚɫɧɚɫɰɶ0LFURVRIW
ȼɵɤɚɪɵɫɬɚɧɧɟ ɚɛɨ ɪɚɫɩɚʆɫɸɞɠɜɚɧɧɟɝɷɬɚɣ
ɬɷɯɧɚɥɨɝɿɿ ɩɚɡɚ ɝɷɬɵɦɜɵɪɚɛɚɦɡɚɛɚɪɨɧɟɧɚɛɟɡ
ɚɞɩɚɜɟɞɧɚɣɥɿɰɷɧɡɿɿɥLɰɷɧɡLɣɚɞ0LFURVRIW
ɍɥɚɞɚɥɶɧɿɤɿɡɦɟɫɰɿɜɚɜɵɤɚɪɵɫɬɨʆɜɚɸɰɶɬɷɯɧɚɥɨɝɿɸ
ɞɨɫɬɭɩɭ ɞɚ ɡɦɟɫɰɿɜɚ 0LFURVRIW 3OD\5HDG\ ɞɥɹ
ɚɛɚɪɨɧɵɫɜɚɺɣɿɧɬɷɥɟɤɬɭɚɥɶɧɚɣɭɥɚɫɧɚɫɰɿ ɭ
ɬɵɦɥɿɤɭɚɛɚɪɨɧɟɧɚɣɚʆɬɚɪɫɤɿɦɩɪɚɜɚɦ ɍ ɝɷɬɚɣ
ɩɪɵɥɚɞɡɟɜɵɤɚɪɵɫɬɨʆɜɚɟɰɰɚɬɷɯɧɚɥɨɝɿɹ3OD\5HDG\
ɞɥɹɞɨɫɬɭɩɭɞɚɡɦɟɫɰɿɜɚɚɛɚɪɨɧɟɧɚɝɚ3OD\5HDG\
ɿ ɚɛɨ ɡɦɟɫɰɿɜɚ ɚɛɚɪɨɧɟɧɚɝɚ:0'50 Ʉɚɥɿ
ɩɪɵɥɚɞɚɧɟɦɨɠɚɧɚɥɟɠɧɵɦɱɵɧɚɦɚɠɵɰɰɹʆɥɹɰɶ
ɚɛɦɟɠɚɜɚɧɧɿ ɧɚ ɜɵɤɚɪɵɫɬɚɧɧɟ ɡɦɟɫɰɿɜɚ
ɭɥɚɞɚɥɶɧɿɤɿɡɦɟɫɰɿɜɚɦɨɝɭɰɶ ɡɚɩɚɬɪɚɛɚɜɚɰɶ ɚɞ
0LFURVRIW ɚɞɤɥɿɤɚɰɶ ɡɞɨɥɶɧɚɫɰɶ ɩɪɵɥɚɞɵ ɞɚ
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