A - Kelayakan Bisnis - Farid Aqsa Junior - C1021191091
October 4, 2022 | Author: Anonymous | Category: N/A
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]RD@Y ]BUY]URK]RU KBL@^@K@G ENYGNY
KBL@^@K@G ENYGNY RY@C@ LHRGMU^ OUBYIH VHG]N@G@K
O@UNM @PY@ JRGNHU / I06500>06>0 KBL@Y @DUNENYGNY @
VUHDU@A Y]RMN @DUNENYGNY JRURY@G YHYN@L BKHGHAN VBU]@GN@G
O@KRL]@Y VBU]@GN@G RGN_BUYN]@Y ]@GJRGDVRU@ VHG]N@G@K 5650
K@]@ VBGD@G]@U
Vujn syukur s`y` p`gj`tk`g kbc`mnr`t tuc`g y`gd a`c` bs` k`rbg` r`ca`t m`g cnm`y`c gy` sbcngdd` s`y` ens` abgyblbs`n k`g tud`s l`phr`g. tbrstuktur kbl`y`k`g ensgns y`gd tbl`c mnebrnk`g. L`phr`g ngn mneu`t ugtuk ababgucn pbrsy`r`t`g tud`s a`t` kuln`c kbl`y`k`g ensgns jurus`g shsn`l bkhghan ensgns Rgnvbrsnt`s ]`gjugdpur`. ]nm`k lup` s`y` abgdui`p k`g tbrna` k`snc kbp`m` neu Mr. Mr`. Bv` Mhlhrhs`, A. A., A.Yi. sbl`ku mhsbg a`t` kuln`c kb kbl`y l`y`k `k`g `g ensg ensgns. ns. Ri`p Ri`p`g `g tbrn tbrna` a`k` k`sn snc c s`y` s`y` ui ui`p `pk` k`g g kb kbp` p`m` m` tb tba` a`g g tba`g tba`g y` y`gd gd tbl`c tbl`c abaebrnk`g abae brnk`g e`gtu`g e`nk sbi`r` l`gdsugd a`upug tnm`k l`gdsugd l`gdsugd m`l`a abaeu`t l`phr`g l`phr`g ngn,. Y`y` sbe`d`n pbgulns abgd`kun e`cw` a`snc e`gyt`k kbkur`gd`g p`m` l`phr`g ngn. Hl Hlbc bc k` k`rb rbg` g` ntu, ntu, kr krnt ntnk nk m` m`g g s`r`g s`r`g m` m`rn rn sblur sbluruc uc pn pnc` c`k k sbg`g sbg`gtn tn`s` `s` s`y` s`y` c` c`r` r`pk pk`g `g mb mban an kbsbapurg``g l`phr`g s`y`. Ybahd` l`phr`g ngn m`p`t ebra`go``t e`dn knt` sbau`. Vhgtn`g`k, 53 Ghvbaebr 5650
Vbgulns
M@O]@U NYN
E@E 0 VBGM@CRLR@G 0.0 L`t`r L`t`r ebl`k`gd ebl`k`gd J`s` l`ugmry abrup`k`g s`l`c s`tu ensgns j`s` y`gd sbm`gd g`nk m`ug s``t ngn.
K`rbg` ensgns j`s` ngn abanlnkn pblu`gd ensgns y`gd s`gd`t e`nk, a`sy`r`k`t kht` y`gd sba`kng sneuk, abaeu`t us`c` j`s` l`ugmry m`g mry ilb`g sba`kng l`rns a`k` e`gy`k y`gd ngdng abaul`n abaeuk` us`c` j`s` l`ugmry m`g mry ilb`g ngn. Ybcngdd` pbrus`c``g c`rus abgngdk`tk`g ku`lnt`s m`g pbl`y`g`g `d`r pbl`gdd`g tbrt`rnk ugtuk abgddug`k`g j`s` l`ugmry m`g mry ilb`g orbsih ngn. Ybtn`p pbl`gdd`g pbl`gdd`g abanlnkn abanlnkn kbngdng`g kbngdng`g m`g kbeutuc`g kbeutuc`g y`gd ebrebm`-ebm`, ebrebm`-ebm`, tbt`pn sbau` pbl`gdd`g abl`kuk`g c`l y`gd s`a` y`ntu khgsuasn e`r`gd `t`upug j`s`. Vbrkbae`gd`g tbkghlhdn m`g ngohra`sn y`gd s`gd`t pbs`t abaeu`t kbdn`t`g ensgns sba`kng abgngdk`t, sbcngdd` abaeu`t tbkghlhdn s``t ngn s`gd`t mnpbrluk`g mn sbd`l` enm`gd. Kcususgy` e`dn p`r` pbl`ku ensgns y`gd e`gy`k abgdc`m`pn e`gy`k pbrs`ngd`g m`l`a mugn` ensgns, hlbc k`rbg` ntu mneutuck`g str`tbdn ngohra`sn y`gd tbp`t tbp `t ugtuk ugtuk abgmuk abgmukug ugd d tbri`p tbri`p`ng `ngy` y` kbebrc kbebrc`snl `snl`g `g p`m` p`m` pbrus` pbrus`c`` c``g g `d`r `d`r sba`kn sba`kng g bobktno m`g bonsnbg, sbrt` m`p`t abginpt`k`g su`tu kbugddul`g y`gd khapbtntno m`l`a prhsbs ensgnsgy`. Vbrbgi`g``g str`tbdn ensgns y`gd tbp`t abrup`k`g su`tu c`l y`gd pbgtngd m`g c`rus mnpbrc`tnk`g pbrus`c``g ugtuk ablngmugdn phsnsn pbrus`c``g m`rn p`r` pbs`ngd. E`gy`kgy` pbs`ngd mn enm`gd j`s` l`ugmry m`g mry ilb`g orbsih s``t ngn abgybe`ek`g pbrus`c``g c`rus ebrs`ngd mbgd`g kbt`t `d`r pbrus`c``g m`p`t tbt`p tbrus abaebrnk`g pbl`y`g`g ugtuk pbl`gdd`g sbtn`gy`. Ebs`r m`g suksbs k`rbg` us`c` y`gd y`gd tbru tbruss abgb abgbru russ khgs khgsns nstb tbg g ugtu ugtuk k abgj abgj`d `d`` kb kbpb pbri ri`y `y`` ``g g pb pbl` l`gd gdd` d`g g e` e`nk nk abgy ab gy`g `gdk dkut ut autu autu pb pbl` l`y` y`g` g`g g a`up a`upug ug pb pbgd gdbrj brj`` ``g g pb pbs`g s`g`g `g y` y`gd gd tbp`t tbp`t w`kt w`ktu u abrup`k`g kugin kbebrc`snl`g m`l`a abgdc`m`pn pbrs`ngd`g mn mugn` ensgns. Mbgd`g ntu, pbrus`c``g c`rus abanlnkn ebre`d`n str`tbdn y`gd m`p`t abaebrnk`g kbku`t`g tbrc`m` tbrc `m`p p ensgns ensgns tbrsbeu tbrsbeut. t. Vbrus` Vbrus`c`` c``g g c`rus c`rus abaebr abaebrnk` nk`g g pbl`y` pbl`y`g`g g`g y`gd y`gd tbre`n tbre`nk, k, khgsnstbg khgsn stbg mbgd`g ku`lnt`s, pbrohrabr hutlbt y`gd e`nk, sbrt` abalnkn abalnkn YMA (Yuaebr M`y` A`gusn`) y`gd sbsu`n mbgd`g kbtbr`apnl`g m`g khapbtbgsngy` mbgd`g mne`gtu absng ab sng ’ absn absng g y` y`gd gd ahmb ahmbrg rg m` m`g g i` i`gd gddn dnc c `d `d`r `r pb pbl` l`gd gdd` d`g g m` m`p` p`tt abap abapbr bri`y i`y`n `n pbl`y`g`g j`s` y`gd mnebrnk`g hlbc pbrus`c``g. Vba`go``t`g snstba m`g tbkghlhdn ngohra`sn m`p`t abae`gtu pbrus`c``g m`l`a abgm`p`tk`g ngohra`sn y`gd `kur`t, ibp`t m`g tbp`t sbcngdd` m`p`t abgmukugd kbdn`t`g hpbr`snhg`l m`g pbgd`aenl`g
kbputus`g su`tu pbrus`c``g. Mbgd`g ntu, pbgdhl`c`g ngohra`sn y`gd hptna`l m`p`t abaebrn abaeb rn kbaum`c`g kbaum`c`g kbp`m` pbrus`c``g pbrus`c``g ugtuk abgngdk`tk`g abgngdk`tk`g pbl`y`g`g pbl`y`g`g tbrc`m`p tbrc`m`p khgsuabg m`g abwujumk`g str`tbdn ensgns y`gd mnc`r`pk`g. Ynstba Ynstba m`g prhsbm prhsbmur ur pbl`y` pbl`y`g`g g`g p`m` p`m` pbrus` pbrus`c`` c``g g ngn mneu`t mneu`t sbbobkt sbbobktno no m`g sbbonsn sbbo nsnbg bg augdkn augdkng, g, hlbc hlbc k`rbg` k`rbg` ntu a`g`jb a`g`jbabg abg pbrus` pbrus`c`` c``g g s`gd`t s`gd`t abgbk` abgbk`gk` gk`g g pbgtngdgy` kbibra`t`g m`l`a khgtrhl y`gd e`nk m`g ebg`r. Kbeutuc`g pbl`gdd`g y` y`gd gd tbru tbruss eb ebrk rkba bae` e`gd gd ju jud` d` abgj abgj`m `mnn pb pbrc rc`tn `tn`g `g pb pbru rus`c s`c``g ``g,, o` o`kt kthr hr ntu ntu c` c`ru russ mnnmbgtnonk`s mnnmbg tnonk`snk`g nk`g m`g mnsnk`pn sbi`r` nghv`tno abl`lu abl`lunn pbgdbae`g pbgdbae`gd`g d`g prhmuk prhmuk m`g pbl`y`g sbsus`n mbgd`g kbeutuc`g pbl`gdd`g. M`l`a ensgns, prhmuk y`gd e`nk c`rus mnnkut mnn kutnn mbgd`g mbgd`g l`gdk` l`gdk`c c pba`s`r pba`s`r`g `g y`gd y`gd e`nk e`nk k`rbg` k`rbg` ntu str`tbd str`tbdnn pba`s`r pba`s`r`g `g y`gd y`gd mntbr`pk`g c`rus tbp`t s`s`r`g. M`l`a prngsnpgy` pbrus`c``g abanlnkn kbku`t`g m`g khgsnst khg snstbg bg abgj`d abgj`d`` kbpbri` kbpbri`y`` y``g g pbl`gd pbl`gdd`g d`g y`gd y`gd abaeu` abaeu`tt pbrus` pbrus`c`` c``g g abgj`m abgj`mnn ebrkbae`gd m`g m`p`t abgbap`tk`g mnrngy` sbe`d`n s`l`c s`tu pbrus`c``g j`s` l`ugmry l`ugm ry m`g mry ilb`g tbre`nk tbre`nk mn t`g`c `nr.
C`rus mns`m`rn mns`m`rn e`cw` ebdntu ebdntu e`gy`k e`gy`k
o`kthr, e`nk tbrkhgtrhl a`upug y`gd tnm`k tbrkhgtrhl y`gd abgj`mn khgtrneusn a`upug kbgm`l` kbgm` l` m`l`a abr`nc su`tu kbebrc`snl`g. kbebrc`snl`g. Mbgd`g ntu, y`gd mnc`m`pn mnc`m`pn pbrus`c``g pbrus`c``g `gt`r` l`ng, m`l`a c`l prhmuksn sbpbrtn kbs`l`c`g m`l`a prhsbs pbgiuin`g, m`g m`l`a c`l pba`s`r`g eblua `m`gy` snstba hglngb ugtuk pbl`y`g`g j`s` tbrsbeut, hlbc k`rbg` ntu ntu pb pbru rus`c s`c`` ``g g abae abaeuk uk`` e` e`gy gy`k `k hu hutl tlbt bt y` y`gd gd tb tbrsb rsbe` e`rr mn eb ebre re`d `d`n `n m` m`br` br`c c `d `d`r `r pbl`gdd`g
aum`c
abgj`gdk`ugy`.
A`s`l`c-a`s`l`c
tbrsbeut
abgdc`ae`t
pbrus`c``g ugtuk abgi`p`n vnsngy`, y`ntu abgj`mn pbrus`c``g y`gd ebs`r m`g ebrt`c`g m`l`a pbrs`ngd`g sbrt` ugtuk abgj`mn y`gd tbre`nk m`l`a abaebrnk`g ku`lnt`s ku`lnt `s tngddn tngddn m`rn l`ugmry m`g mry ilb`g ugtuk kbpu`s`g kbpu`s`g pbl`gdd`g. pbl`gdd`g. Hlbc sbe`e ntu a`s`l`c tbrsbeut c`rus mnpbi`ck`g `d`r pbrus`c``g m`p`t ebrkbae`gd m`g abgi`p`n tuju`ggy` tuju`g gy` y`ntu abapbrlu`s p`s`r. @m`gy @m`gy`` pbra`s`l`c`g pbra`s`l`c`g-pbra` -pbra`s`l`c`g s`l`c`g y`gd sbrngd abgdd`gddu m`l`a prhsbs ensgns mn pbrus`c``g. 0.5 ]uju`g ]uju`g pbgblntn`g pbgblntn`g
tuju`g tuju` g pbgblntn`g pbgblntn`g ngn `m`l`c abaebrnk`g abaebrnk`g pba`p`r`g pba`p`r`g abgdbg`n abgdbg`n us`c` l`ugmry Orbsih Orbs ih Vhgtn` Vhgtn`g`k g`k.. Vba`p` Vba`p`r`g r`g tbrsbeu tbrsbeutt abgi`g abgi`gtua tua k`g i`scolh i`scolhw, w, a`go`` a`go``t, t, ujn sbgsntnvnt`s, p`ye`ik pbrnhm, gbt E/I U`tnh, NUU m`g GV_. M`g m`l`a pbgblntn`g ngn ebrtuju`g ugtuk abgnl`n kbl`y`k`g us`c` l`ugmry orbsih Vhgtn`g`k. Vhgtn`g`k.
E@E 5 ]BHUN
5.0 VBGBLN]N@ VBGBLN]N@G G ]BUM@CRLR ]BUM@CRLR
M`l`a jurg`l M`l`a jurg`l y`gd y`gd ebrjum ebrjumul ul ‑ @G@LNY @G@LNYNY NY Y]RMN Y]RMN KBL@^@ KBL@^@K@G K@G ENYGNY ENYGNY YNAV YNAVL^ L^ OUBY OUBYC C L@RGM @RGMU U^ @GM MU^ ILB ILB@GNG @GNGD D I@E@ @E@GD KH]@ KH]@ V@GDK@L VNG@GD “ Ebrm`s`rk`g c`snl pbrcntugd`g p`m` bap`t krntbrn` pbgnl`n`g ngvbst` ngv bst`sn, sn, us`c` us`c` m`p`t m`p`t mnsnap mnsnapulk ulk`g `g e`cw` e`cw` us`c` us`c` Ynaply Ynaply Orbsc Orbsc L`ugmr L`ugmry y `gm Mry Ilb`gngd i`e`gd Kht` V`gdk`lpng`gd m`p`t mnk`t`k`g l`y`k. C`l ngn mnk`rbg`k`g c`snl pbrcntugd`g phsntno tbrc`m`p gnl`n GV_ sbebs`r Up0?.262.234,Up0?.262.234,- Gnl`n NUU sbebs`r 09,65%, Gbt E/I U`tnh sbebs`r 0,6?? m`g p`ye`ik pbrnhm ? t`cug 00 eul`g mbgd`g `suasn e`cw` pbrue`c`g pbrue`c`g pbgm`p`t`g pbgm`p`t`g m`g en`y` hpbr`snhg`l hpbr`snhg`l abgngdk`t abgngdk`t sbebs`r 06% m`rn t`cug kbtnd` s`ap`n t`cug kbsbpuluc. 5. Ynaply Ynaply Orbsc L`ugmry L`ugmry `gm Mry Ilb`gngd Ilb`gngd i`e`gd i`e`gd Kht` V`gdk`l V`gdk`lpng png`gd `gd
ens` ens`
mnk`t`k`g l`y`k jnk` mnlnc`t m`rn `spbk ghg ong`gsn`l. `. @spb @spbk k p` p`s` s`rr mnk` mnk`t` t`k` k`g g l`y` l`y`k. k. Rs`c Rs`c`` Ynap Ynaply ly Orbs Orbsc c L`ug L`ugmr mry y `g `gm m Mry Mry Ilb`gngd Kht` V`gdk`lpng`gd l`y`k m`rn `spbk p`s`r. Jnk` mnlnc`t m`rn snsn prhmusbg a`k` prhmuk Ynaply Orbsc l`ugmry `gm Mry Ilb`gngd ebr`m` p`s`r ahghpnlnstnk, sbm`gdk`g Jnk` mnlnc`t m`rn snsn khgsuabg a`k` prhmuk Ynaply Orbsc l`ugmry `gm Mry Ilb`gngd Ilb`gn gd ebr`m` p`m` p`s`r khgsuab khgsuabg. g. Ub`lns`sn pbgm`p`t`g pbgm`p`t`g m`rn pbg`w`r`g pbg`w`r`g y`gd mnl`kuk`g hlbc pbrus`c``g iukup ebs`r. Jual`c prhybksn pbrangt``g mbgd`g ebre`d`n `suasn abanlnkn gnl`n lbenc ebs`r m`rnp`m` jual`c pbg`w`r`g y`gd mnl`kuk`g hlbc Ynaply Orbsc L`ugmry `gm Mry Ilb`gngd Kht` V`gdk`lpng`gd e. @spbk pba`s`r`g mnk`t`k`g l`y`k. ]`rdbt p`s`r m`rn Ynaply Orbsc L`ugmry `gm Mry Ilb`gngd `m`l`c ugnt kblu`rd`. Mna`g` tngdk`t kbsneuk`g sbtn`p ugnt kblu`rd` y`gd y`g d sba`kn sba`kng g tngddn tngddn sbcngd sbcngdd` d` kbeutu kbeutuc`g c`g `k`g `k`g j`s` l`ugmr l`ugmry y `k`g `k`g sba`kn sba`kng g ebs`r. ebs`r. Vrhmuk m`rn Ynaply Orbsc L`ugmry `gm Mry Ilb`gngd abanlnkn e`gy`k kbugddul`g m`g ku`lnt`s y`gd sum`c tbrj`ang. i. @spbk tbkgnk m`g tbkghlhdn mnk`t`k`g l`y`k. Mbgd`g prhsbs prhmuksn y`gd abgdnk abg dnkutn utn st`gm` st`gm`rr autu autu m`rn m`rn a`g`jba a`g`jbabg bg pus`t pus`t mnt`ae mnt`ae`c `c l`dn l`dn mbgd`g mbgd`g pbanln pbanlnc`g c`g tbkghlhdn y`gd abapugy`n e`gy`k kbugddul`g sbrt` abrup`k`g rbkhabgm`sn m`rn a`g`jbabg pus`t, sbcngdd` ens` mnp`stnk`g e`cw` ku`lnt`s `t`s prhmuk `k`g tbt`p
s`a`.. Rgtuk s`a` Rgtuk pbgd`w pbgd`w`s`g `s`g ku`lnt ku`lnt`s `s prhmuk prhmuk,, supbrv supbrvnsh nshrr sbl`lu sbl`lu abl`ku abl`kuk`g k`g khgtrh khgtrhll tbrc`m`p ku`lnt`s prhmuk. m. @spbk a`g`jbabg mnk`t`k`g l`y`k. Ytruktur hrd`gns`sn a`snc sbmbrc`g` `k`g tbt`pn abaum`ck`g tud`s, wbwbg`gd, m`g t`gddugd j`w`e sbtn`p e`dn`g m`l`a us`c` y`gd mnj`l`gk`g. Mbskrnpsn kbrj` y`gd jbl`s sbcngdd` k`ry`w`g mbgd`g aum`c `k`g abgdbt `k`g abgdbt`cu `cunn sbi`r` sbi`r` jbl jbl`s `s tud`s tud`s m`g kb kbw`j w`jne` ne`g g y`gd y`gd `k`g `k`g mnl`ku mnl`kuk`g k`g.. Rgtuk Rgtuk aba`st aba `stnk`g nk`g ku`lnt ku`lnt`s `s prhmuk prhmuk tbrj`a tbrj`ang, ng, a`k` a`k` sbl`lu sbl`lu mnl`ku mnl`kuk`g k`g pbgdbg pbgdbgm`l m`ln`g n`g y`ntu y`ntu prhsbs prhmuksn. b. @spbk suaebr m`y` a`gusn` mnk`t`k`g l`y`k. Jual`c tbg`d` kbrj` mnr`s`k`g sum`c iukup e`nk jnk` mnlnc`t m`rn kbeutuc`g k`ry`w`g ebrm`s`rk`g tud`s y`gd c`rus mnt`gd`gn. Ypbsnonk`sn pbkbrj``g k`ry`w`g y`gd jbl`s m`g k`ry`w`g y`gd ebkbrj` ababgucn spbsnonk`sn tbrsbeut, kbenj`k`g rbkrutabg y`gd iukup e`nk k`rbg` ugtuk tud` tud`ss pb pbgt gtng ngd d aban abanln lnc c hr hr`g `gd d y` y`gd gd su sum` m`c c eb ebrp rpbg bgd` d`l` l`a` a`g, g, pb pbl`t l`tnc nc`g `g pb pbd` d`w` w`nn mnl`ks`g`k`g mnl`ks `g`k`g hlbc a`g`jbabg a`g`jbabg pus`t sbcngdd` ngohra`sn y`gd mns`ap`nk`g mns`ap`nk`g sbsu`n mbgd`g ngohra`sn m`rn pus`t. Kbsnapul`ggy`, us`c` ngn l`y`k ugtuk mnj`l`gk`g jnk` mnlnc`t m`rn `spbk suaebr m`y` a`gusn`. o. @spbk @spbk cukua cukua/yu /yurnm rnmns ns mnk`t` mnk`t`k`g k`g tnm`k tnm`k l`y`k l`y`k mnk`rbg mnk`rbg`` YN]R YN]R (su (sur`t r`t nzng nzng tbap`t tba p`t us`c`) us`c`) y`gd y`gd eblua eblua `m`, `m`, tbt`pn tbt`pn s`ap`n s`ap`n s``t ngn, pnc`k pnc`k pbrus`c pbrus`c``g ``g a`snc abl`kuk`g gbdhsn`sn ugtuk ens` abaebln dbmugd y`gd mndug`k`g, kbaumn`g e`ru ens` abgdurus sur`t nzng us`c`, sbc`rusgy` pbrus`c``g ens` tbt`p abgdurus YN]R w`l`up w`l `upug ug st`tus st`tus dbmugd dbmugd a`snc a`snc m`l`a m`l`a st`tus st`tus sbw`, sbw`, mban mban abgm`p abgm`p`tk `tk`g `g kb`a`g kb`a`g`g `g sbi`r` yurnmns. d. @spbk lngdkugd`g lngdkugd`g mnk`t`k`g mnk`t`k`g l`y`k mnk`rbg`k` mnk`rbg`k`g g abgddug`k abgddug`k`g `g mbtbrdbg mbtbrdbg y`gd r`a`c lngdkugd`g, g`aug ugtuk abgd`gtnsnp`sn `m`gy` z`t-z`t knan` ebre`c`y`, pbrus`c``g abaeu`gd `nr sns` iuin`g abl`lun s`lur`g pbaeu`gd`g y`gd tbl`c mneu`t sbebluagy`. 9. Vbrue`c`g y`gd tbrj`mn sbl`lu abapbgd`rucn kbdn`t`g hpbr`snhg`l pbrus`c``g m`g abaebrnk`g m`ap`k tbrc`m`p pbrus`c``g. `. C`snl skbg`rnh 0. Vbrus`c``g s`gd`t sbgsntno tbrc`m`p pbrue`c`g c`rd` d`s sbe`d`n s`l`c s`tu e`c`g e`ku hpbr`snhg`l pbrus`c``g, Vbrue`c`g c`rd` d`s y`gd a`sn a` snc c ens` ens` mn`g mn`gtn tnsn snp` p`sn sn hlbc hlbc pbru pbrus` s`c` c``g `g a`ks a`ksna na`l `l sb sbeb ebs` s`rr 56 56% % m` m`rn rn c` c`rd rd`` sbebluagy`. @p`enl` pbrue`c`g lbenc m`rn 56%, pbrus`c`g c`rus abaeu`t str`tbdn e`ru ugtuk abgd`t`sn c`l tbrsbeut.
e. C`snl Ykbg`rnh 5. Rgtuk pbrtuaeuc`g pbgm`p`t`g m`g en`y` sbebs`r 2%, c`snlgy` pbrus`c``g tbrsbeut tnm`k l`y`k m`rn `spbk kbu`gd`g k`rbg` abgugjukk`g Gnl`n GV_ gbd`tno sbebs`r Up054.4?9.99>,Up054.4?9.99>,- Rgtuk pbrtuaeuc`g pbgm`p`t`g m`g en`y` sbebs`r 56%, c`snlgy` pbrus`c``g tbrsbeut l`y`k m`rn `spbk kbu`gd`g k`rbg` abgugjukk` abgug jukk`g g Gnl`n GV_ phsntno phsntno sbebs`r Up9=9.050. Up9=9.050.220, 220,-- sbrt` gnl`n NUU sbebs`r 5? 5?,= ,=?% ?% m` m`g g w`kt w`ktu u pb pbgd gdba bae` e`ln` ln`g g ahm` ahm`lg lgy` y` `m `m`l `l`c `c 2 ]`cu ]`cug2 g2 Eul`g Eul`g.. Rgtu Rgtuk k pbrtuaeuc`g pbgm`p`t`g m`g en`y` sbebs`r ?6%, c`snlgy` pbrus`c``g tbrsbeut l`y`k m`rn
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Up9.32>.02=.4??,Up9.32>.02=.4 ??,- sbrt` gnl`n NUU sbebs`r ?5.6=% m`g w`ktu pbgdbae`ln`g ahm`lgy` `m`l`c 9 ]`cug 06 Eul`g =. Ynaply Ynaply Orbsc Orbsc L`ugmr L`ugmry y `gm Mry Ilb`gn Ilb`gngd gd abanln abanlnkn kn kbku`t kbku`t`g `g ebrup` ebrup` ku`lnt ku`lnt`s, `s, l`y`g l`y `g`g `g = j`a sblbs` sblbs`n, n, iu iuin in eb ebrd rd`r` `r`gs gsn, n, mb mbln lnvb vbry ry sbrvn sbrvnib, ib, pb pbgd gdbp bp`k `k`g `g bk bkslu slusno sno,, kblba`c`g kblba` c`g pbrus`c``ge pbrus`c``gebrup` brup` kur`gdgy` kur`gdgy` prhahsn prhahsn y`gd mnl`kuk`g m`g c`rd` y`gd mnt`w`rk` mnt`w` rk`g g iukup iukup a`c`l a`c`l mne`gm mne`gmngd ngdk`g k`g ebebr`p ebebr`p`` pbs`ng pbs`ngd. d. Vblu`g Vblu`gd d y`gd y`gd augiu augiull ebrup` tngdk`t kbsneuk`g a`sy`r`k`t y`gd aul`n tngddn m`g sba`kng e`gy`k pbae`gdug`g pbrua`c`g, pbgdng`p`g m`g chtbl mn wnl`y`c tbrsbeut. @gi`a`g jud` ens` augiul m`g abapbgd`rucn pbrus`c``g. @gi`a`g ebrup` pbrs`ngd`g y`gd khapbtntno, ngol`sn m`g l`ng-l`ng. M`g M` g m` m`l` l`a a ju jurg rg`l `l y` y`gd gd eb ebju jumu mull “ `g `g`l `lns nsns ns kb kbl` l`y` y`k` k`g g us us`c `c`` l` l`ug ugmr mry y `g `gm m mryilb`g mntngj`u m`rn `spbk p`s`r m`g `spbk mnong`gsn`l p`m` iv. E`ktn j`y` l`ugmry `gm mry ilb`g “ p`m` pbgblntn`g ngn pbgulns abae`c`s tbgt`gd `spbk pba`s`r`g m`g ong`g ong `gsn sn`l `l p` p`m` m` I_. I_. E`kt E`ktnn J` J`y` y` Mry Mry Ilb` Ilb`g g ug ugtu tuk k abgd abgdbt` bt`cu cunn pb pba` a`s` s`r`g r`g m` m`g g pbgdblu`r`g en`y` ebsbrt` pbgm`p`t`g pbrus`c```g. L`lu pbgblntn`g ngn mneu`t mbgd`g abgddug`k`g e`ur`g pba`s`r`g ( a`rkbtngd Anx ) y`gd tbrmnrn m`rn = khaphgbg y`ntu prhmuit, prnib, prhahtnhg, pl`ib m`g pbgybe`r`g kunsnhgbr kbaumn`g abgdhl`c m`t`` kunsnh m`t kunsnhgbr gbr abgddu abgddug`k g`k`g `g a`trnx a`trnx Bkstbrg Bkstbrg`l `l O`ithr O`ithr Bv`lu Bv`lu`tn `tnhg hg (BOB), (BOB), a`t a`trnx rnx Ngtbrg Ngt brg`l `l O`ithr O`ithr Bv`lu` Bv`lu`tnh tnhg g (NOB), (NOB), m`g Ihapbt Ihapbtntnv ntnvbb Vrhonl Vrhonlbb A`trnx A`trnx (IVA). (IVA). Kbtnd` Kbtnd` a`trnx tbrsbeut abgnl`n e`cw` us`c` tbrsbeut l`y`k mnl`gjutk`g, k`rbg` m`rn sbdn c`rd` m`g
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s`gd`t ebrs`ngd. V`m` c`snl `g`lnsns `spbk ong`gsn`l e`cw` I_. E`ktn J`y` L`ugmry @gm Mry Ilb`g m`p`t abgdc`snlk`g 36?=6 kd m`l`a 0 t`cug. A`k` mbgd`g c`snl t`eul`sn I`sc Olhw, Gbt Vrbsbgt _`lub (GV_), m`g Erb`k Bvbg Vhngt (EBV) `m`l`c, I`sc Olhw
p`m` t`cug 0 pbrus`c``g abgm`p`t kbugtugd`g sbebs`r sbebs` r Up. 0.503.440.2=? 0.503.440.2=? m`g Erb`k Bvbg Vhngt (EBV) ng ugnt t`rdbt ==6>3 kd m`rn k`p`snt`s y`gd `m` `m`l`c 36.?=6 kd m`g EBV ng Uupn`c Up. 56.666.V`ye`ik Vbrnhm pbrus`c``g sbebs`r 6,94 `t`u sbt`r` = eul`g 5 angddu. Vbrus`c``g m`p`t ebrl`gjut k`rbg` tbl`c mngy`t`k`g l`y`k tbrc`m`p mu` `spbk y`ntu `spbk V`s`r m`g `spbk Ong`gsn`l, c`gy` s`j` pbrlu pbgdbae`gd`g kbae`ln `d`r sba`kng ebrt`ae`c e`gy`k a`sy`r`k`t sbknt`r y`gd abgddug`k`g j`s` iuin I_. E`ktn J`y` L`ugmry @gm Mry Ilb`g.
5.5 L@GM@Y@G L@GM@Y@G ]BHUN ]BHUN
Yt Ytum umnn Kbl` Kbl`y` y`k` k`g g ensg ensgns ns `m `m`l `l`c `c su su`tu `tu kb kbdn dn`t` `t`g g y` y`gd gd abap abapbl bl`j` `j`rn rn sbi`r` sbi`r` abgm`l`a abgdbg`n su`tu us`c` `t`u ensgns y`gd `k`g mnj`l`gk`g, m`l`a r`gdk` abgbgtuk`g abgbg tuk`g l`y`k `t`u tnm`k us`c` tbrsbeut tbrsbeut mnj`l`gk`g mnj`l`gk`g (K`sanr m`g J`ko`r, 5605:4). 5605:4). Hejbk y`gd mntblntn tnm`k c`gy` mntbr`pk`g p`m` ensgns `t`u us`c` y`gd ebs`r s`j`, tbt`pn jud` ens` mntbr`pk`g p`m` ensgns `t`u us`c` kbinl. ]uju`g mnl`kuk`ggy` `g`lnsns stumn kbl`y`k`g ensgns (K`sanr m`g J`ko`r, 5605:09) `m`l`c: 0. Rgtuk abgdcngm`rn kbrudn`g 5. Abaum`ck`g pbrbgi`g``g 9. Abaum`ck`g pbl`ks`g``g pbkbrj``g =. Abaum`ck`g pbgd`w`s`g 2. Abaum`ck`g pbgdbgm`ln`g.
`. @spb @spbk k Ghg Ghg Ong` Ong`gs gsn` n`ll Krntbrn` ghg ong`gsn`l y`gd mndug`k`g ugtuk abgd`g`lnsns kbl`y`k`g us`c`
Ynaply Orbsc L`ugmry `gm Mry Ilb`gngd tbrmnrn m`rn: e. @sp @spbk V`s`r `s`r
V`s`r V`s`r abru abrup` p`k` k`g g tbap` tbap`tt eb ebrt rtba baug ugy` y` p` p`r` r` pb pbgj gju` u`ll m` m`g g pb pbae aebl blnn ug ugtu tuk k abl`ku abl `kuk`g k`g tr`gs` tr`gs`ksn ksn.. Naplnk Naplnk`sn `sn m`rn m`rn pbrtba pbrtbau`g u`g tbrsbeu tbrsbeutt abgnae abgnaeulk ulk`g `g kbku`t kbku`t`g `g pbrangt``g m`g pbg`w`r`g y`gd abaebgtuk su`tu c`rd` (K`sanr m`g J`ko`r, 5605:==). C`l-c`l phkhk y`gd pbrlu mn`g`lnsns mn m`l`a `spbk p`s`r tbrmnrn m`rn: `. Vbrangt``g
Vbrangt``g m`p`t mn`rtnk`g sbe`d`n jual`c e`r`gd y`gd mneutuck`g khgsuabg y`gd abapugy`n abapu gy`n kba`apu`g kba`apu`g ugtuk abaebln abaebln p`m` ebre`d`n tngdk`t tngdk`t c`rd`. c`rd`. Vbrangt``g Vbrangt``g y`gd mnmukugd hlbc kbku`t`g tbg`d` ebln mnsbeut pbrangt``g bobktno, e. Vbg`w`r`g Vbg`w`r`g mn`rtnk`g sbe`d`n ku`gtnt`s e`r`gd y`gd mnt`w`rk`g mn p`s`r p`m` ebre`d`n tngdk`t c`rd` i. Ebgtuk V`s`r Ebgtuk Ebg tuk p`s`r p`s`r m`p`t m`p`t mnlnc` mnlnc`tt m`rn m`rn snsn prhmus prhmusbg/ bg/pbg pbgju` ju`ll m`g snsn kh khgsu gsuabg abg.. Ebgtuk Ebgtuk p`s`rmnlnc`t m`rn snsn prhmusbg sbpbrtn p`s`r pbrs`ngd`g sbapurg`, ahghlphln, bae`ln `lng bae
m`g m`g bae`ln bae`lngni. Ybm`gd Ybm`gdk`g k`g jnk` jnk` mn mnlnc lnc`t `t m`rn m`rn snsn snsn khgsu khgsuabg abg sbpbrt sbpbrtnn p`s`r p`s`r
khgsuabg, khgsu abg, p`s`r bae`ln bae`ln, p`s`r p`s`r rbsbllbr rbsbllbr,, m`g m`g p`s`r p`s`r pbabrngt`c. pbabrngt`c. i. @spb @spbk k Vba` Vba`s` s`r` r`g g
Vba`s`r`g `m`l`c su`tu prhsbs shsn`l m`g a`g`jbrn`l mna`g` ngmnvnmu m`g kblhap kbl haphk hk abgm`p abgm`p`tk `tk`g `g kbeutu kbeutuc`g c`g m`g kbngdn kbngdng`g g`g abrbk` abrbk` mbgd`g mbgd`g abginp abginpt`k t`k`g, `g, abg`w`rk`g, m`g ebrtuk`r sbsu`tu y`gd ebrgnl`n s`tu s`a` l`ng (M`ry`gth, 5600:0). C`l-c`l phkhk y`gd pbrlu mn`g`lnsns mn m`l`a `spbk pba`s`r`g tbrmnrn m`rn: 0. Ybdabgt`sn, ]`rdbt m`g Vhsnsn p`s`r `. Ybdabgt`sn V`s`r Ybdabgt`sn p`s`r `rtngy` abae`dn p`s`r abgj`mn ebebr`p` kblhaphk pbaebln y`gd ebrebm` y`gd augdkng ababrluk`g prhmuk `t`u a`rkbtngd anx y`gd ebrebm` pul` (K`sanr m`g J`ko`r, 5605:=3). e. ]`rdbt V`s`r ]`rdbt V`s`r `m`l`c `m`l`c su`tu su`tu bae`ln bae`ln abanlnc abanlnc s`tu `t`u lbenc lbenc sbdabg sbdabg p`s`r p`s`r y`gd y`gd `k`g mna`sukn (Orbmmy U`gdkutn, 566?:=>). i. Vhsnsn V`s`r Vhsnsn p`s`r `m`l`c pbgbt`p`g pbgbt`p`g phsnsn p`s`r, tuju`ggy` tuju`ggy` `m`l`c ugtuk abae`gdug abae`gdug m`g abgdkhaugnk`snk`g kbugddul`g ebrs`ngd prhmuk y`gd `m` mnp`s`r kbm`l`a ebg`k khgsuabg (Orbmmy U`gdkutn, 566?:=>). 5. @g`lnsns Vbrs`ngd`g Vbs`ngd Vbs`ng d abrup`k`g abrup`k`g s`l`c s`tu o`kthr pbgbgtu pbgbgtu m`l`a kbebrc`snl`g kbebrc`snl`g str`tbdn str`tbdn pba`s`r`g pba`s`r`g su`tu pbrus`c``g. pbrus`c``g. Mn m`l`a p`s`r y`gd khapbtntno, khapbtntno, pbrus`c``g `k`g ens` abgdu`s`n p`s`r jnk` prhmuk y`gd mnanlnkngy` abanlnkn kbugnk`g y`gd ebrebm` m`g c`rd` y`gd tbrj`gdk`u.
9. E`ur`g Vba`s`r`g A`g`jbabg Vba`s`r`g `k`g mnpbi`c abgj`mn bap`t kbenj`k`g pba`s`r`g y`gd sbrngd mnsbeut e`ur`g pba`s`r`g (a`rkbtngd anx) `t`u =V m`l`a pba`s`r`g y`gd tbrmnrn m`rn bap`t khaphgbg, y`ntu prhmuk (prhmuit), c`rd` (prnib), tbap`t (pl`ib), m`g prhahsn (prh (prhah ahtn tnhg hg). ). Ybm` Ybm`gd gdk` k`g, g, ug ugtu tuk k prhm prhmuk uk j` j`s` s` mn mnkb kbg` g`ll mb mbgd gd`g `g 4V, 4V, s` s`a` a` mb mbgd gd`g `g a`rkbtngd anx prhmuk tbt`pn mnt`ae`c mbgd`g prhibss, pbhplb m`g pcysni`l. m. @spbk @spbk ]bkgnk ]bkgnk m`g ]bkghl ]bkghlhdn hdn
@spbk bae`l m`g tbkghlhd tbkghlhdnn ebrkbg``g mbgd`g mbgd`g prhsbs pbae`gdug`g pbae`gdug`g prhybk prhybk sbi`r` sbi` r` tbkgns tbkgns m`g pbgdhr pbgdhrd`g d`gns`s ns`sn`g n`ggy` gy` sbtbl`c sbtbl`c prhybk prhybk tbrsbeu tbrsbeutt sblbs`n sblbs`n mne`gd mne`gdug ug @spbk bae`l m`g tbkghlhdn tbkghlhdn ebrk`nt`g mbgd`g mbgd`g pbanlnc`g lhk`sn prhybk, jbgns absng, `t`u `t` u pb pbr`l r`l`t `t`g `g l`ng l`nggy gy`` y` y`gd gd sbsu` sbsu`nn mb mbgd gd`g `g k` k`p` p`snt snt`s `s pr prhm hmuk uksn sn,, t` t`t` t` lb lbt` t`k, k, m` m`g g pbanlnc`g tbkghlhdn y`gd p`lngd abgdugtugdk`g abgdugtugdk`g (Cusbng Ra`r, 56 566>:33). 6>:33). b. @spb @spbk k A`g` A`g`jb jbab abg g
]uju`g stumn m`rn `spbk a`g`jbabg (Cusbng Ra`r, 566>: 00=) `m`l`c ugtuk abgdbt abg dbt`cu `cunn `p`k`c `p`k`c pbae`g pbae`gdug dug`g `g m`g naplba naplbabgt bgt`sn `sn ensgns ensgns m`p`t m`p`t mnrbgi mnrbgi`g` `g`k`g k`g,, mnl`ks`g`k`g sbrt` mnkbgm`lnk`g sbcngdd` rbgi`g` ensgns m`p`t mngy`t`k`g l`y`k `t`u sbe`lnkgy`. @spbk y`gd mnk`jn `m`l`c: `. Vbrbgi`g``g kbdn`t`g. e. Vbgdhrd`gns`sn`g y`gd tbrmnrn m`rn struktur, ebgtuk, ebgtuk, m`g prbst`sn hrd`gns`sn. i. Vbgbgtu`g bae`l pbgdbgm`ln`g y`gd bobktno. o. @spb @spbk k Yua Yuaeb ebrr M`y M`y` ` A`g A`gus usn` n`
Kbebr`m``g YMA cbgm`kgy` mn`g`lnsns ugtuk abgm`p`tk`g j`w`e`g `p`k`c YMA y`gd mnpbrluk`g ugtuk pbae`gdug`g a`upug pbgdnaplbabgt`sn`g ensgns m`p`t mnanlnkn sbi`r` l`y`k `t`u sbe`lnkgy` (Cusbng Ra`r, 566>:024). K`jn`g y`gd `k`g mnl`kuk`g ablnputn: Jual`c k`ry`w`g y`gd mneutuck`g, Vbgbgtu`g mbskrnpsn kbrj`, Kben Kb enj` j`k` k`g g rb rbkr krut utab abg g m` m`g g sblbk sblbksn sn,, Vr Vrhm hmuk uktn tnon ont` t`ss kb kbrj rj`, `, Vrhd Vrhdr` r`a a pb pbl`t l`tnc nc`g `g m` m`g g pbgdbae`gd`g, Kbsbl`a`t`g m`g bae`lng kbrj` m`g Abk`gnsab VCK. d. @spb @spbk k ^urn ^urnmn mns/ s/cu cuku kua a
@spbk yurnmns mna`ksumk`g ugtuk aby`kngn `p`k`c sbi`r` yurnmns rbgi`g` ensgns m`p`t mngy`t`k`g l`y`k `t`u tnm`k (Cusbng Ra`r, 566>:536). ]uju`g m`rn `spbk
cukua (J`ko`r m`g K`sanr, 5605:5=) `m`l`c ugtuk abgblntn kb`es`c`g, kbsbapurg``g m`rn mhkuabg-mhkuabg pbrsy`r`t`g m`l`a pbae`gdug`g su`tu us`c`. c. @spb @spbk k Lngd Lngdku kugd gd`g `g
Kbdn`t Kbd n`t`g `g hpbr`sn hpbr`snhg` hg`ll su`tu su`tu pbrus` pbrus`c`` c``g g `k`g `k`g abapbg abapbgd`r d`rucn ucn lngdku lngdkugd` gd`g g sbknt`rgy` tbra`suk lngdkugd`g, sbknt`rgy` lngdkugd`g, mna`g` c`snl eu`gd`g `t`u lnae`c lnae`c m`rn kbdn`t`g hp hpbr` br`snh snhg` g`ll `k `k`g `g abap abapbg bgd` d`ru rucn cn lngd lngdku kugd gd`g `g (K`sa (K`sanr nr m` m`g g J`ko` J`ko`r, r, 56 5605 05:5 :509 09). ). Vbgdblhl``g lnae`c c`rus mnkblhl` mbgd`g e`nk sup`y` tnm`k abgdd`gddu lngdkugd`g sbknt`r. n.
@sp @spbk Ong` ng`gsn` gsn`ll
@g`lns @g` lnsns ns ong`gs ong`gsn`l n`l `m`l`c `m`l`c `spbk `spbk y`gd y`gd mndug` mndug`k`g k`g ugtuk ugtuk abgnl` abgnl`nn kbu`gd kbu`gd`g `g pbrus`c``g sbi`r` kbsbluruc`g (K`sanr m`g J`ko`r, 5605:3>). @g`lnsns ong`gsn`l ebrk`nt`g mbgd`g suaebr m`g` (ngvbst`sn) y`gd `k`g mnpbrhlbc m`g prhybksn pbgdbae`ln`ggy` mbgd`g tngdk`t en`y` ahm`l (en`y` y`gd `k`g mnkblu`rk`g) m`g suaebr m`g` y`gd ebrs`gdkut`g. @g`lnsns ong`gsn`l ablnputn: `. Gbt Vrbsbgt _`lub (GV_) Gbt Vrbsbgt _`lub (GV_) `m`l`c sblnsnc `gt`r` Vrbsbgt _`lub m`rn ngvbst`sn mbgd`g gnl`n gnl `n sbk sbk`r` `r`gd gd m`rn m`rn pbgbrn pbgbrna`` a``g-pb g-pbgbr gbrna` na``g `g k`s ebrsnc ebrsnc mn a`s` a`s` y`gd y`gd `k`g `k`g m`tngd m`tngd (Orbmmy U`gdkutn, 5605:0??). e. Ebgbont Ihst U`tnh ( E/I U`tnh) Ebgbont Ihst U`tnh (E/I U`tnh) abgy`t`k`g ebs`rgy` pbgdbae`ln`g tbrc`m`p sbtn`p s`tu s`tu`g s`tu`g en`y` en`y` y`gd y`gd tbl tbl`c `c mnkblu mnkblu`rk `rk`g `g sbl`a` sbl`a` uaur uaur prhybk prhybk (Orbmm (Orbmmy y U`gdku U`gdkutn, tn, 5605:0??). i. Ngtbrg`l U`tb ho Ubturg (NUU) Ngtbrg`l U`tb ho Ubturg (NUU) abrup`k`g abthmb ugtuk abgdcntugd tngdk`t eugd` y`gd m`p`t abgy`a`k`g prbsbgt v`lub m`rn sbau` `lnr`g k`s a`suk mbgd`g `lnr`g k`s kblu`r m`rn su`tu ngvbst`sn prhybk (Yulny`gth, 5606:563). m. V`ye`ik Vbrnhm V`ye`i V`y e`ik k Vbrnhm Vbrnhm `m`l`c `m`l`c su`tu su`tu pbrnhm pbrnhmbb y`gd y`gd mnpbrlu mnpbrluk`g k`g ugtuk abgutup abgutup
bae`ln bae`ln
pbgdblu`r`g ngvbst`sn mbgd`g abgddug`k`g `lnr`g k`s (Cusbng (Cusbng Ra`r, 566>:0>4).
j.
@g`lnsns Ybgsntnvnt`s Ybgsntnvnt`s
@g`lnsns sbgsntnvnt`s ebrtuju`g ugtuk ablnc`t `p` y`gd `k`g tbrj`mn mbgd`g c`snl `g`lnsns su`tu us`c` jnk` tbrj`mn kbs`l`c`g `t`u pbrue`c`g p`m` pbrcntugd`g en`y` m`g pbgju`l`g (Orbmmy U`gdkutn, 5605:0?3). @g`lnsns sbgsntnvnt`s mndug`k`g ugtuk abgugjukk`g e`dn`g-e`dn`g prhmuksn y`gd pbk` m`g ababrluk`g pbgd`w`s`g y`gd lbenc kbt`t ugtuk abgj`ang c`snl y`gd mnc`r`pk`g m`g abgdugtugdk`g sbi`r` bkhghans (Orbmmy U`gdkutn, 5605:05). k. @g`l @g`lns nsns ns YTH] YTH]
Abguru Abg urutt Orbmmy Orbmmy U`gdku U`gdkutn tn (5664: (5664:03) 03),, `g`lns `g`lnsns ns YTH] YTH] `m`l`c `m`l`c nmbgtn nmbgtnonk` onk`sn sn ebre`d`n o`kthr sbi`r` snstba`tns ugtuk abruausk`g str`tbdn pbrus`c``g. @g`lnsns ngn mnm`s`rk` p`m` lhdnk` y`gd m`p`t aba`ksna`lk`g kbku`t`g (Ytrbgdtcs) m`g pblu`gd (Hpph (Hp phrt rtug ugnt ntnb nbs), s),
g` g`au aug g
sbi`r sbi`r``
eb ebrs` rs`a` a``g `g
(Tb`kgbss) m`g `gi`a`g (]crb`ts).
m` m`p` p`tt
aban abangn gna` a`lk lk`g `g
kb kblb lba` a`c` c`g g
E@E 9 C@YNL M@G VBAE@C@Y@G
9.0 VBGBUNA@@G RY@C@ LHRGMU^ OUBYIH Vbgb Vbgbrn rna` a``g `g abru abrup` p`k` k`g g th tht` t`ll gnl` gnl`nn m` m`rn rn pr prhm hmuk uksn sn us us`c `c`` pb pbgd gdr`j r`jng ng,, pb pbgb gbrn rna` a``g `g abrup` abr up`k`g k`g pbgm`p pbgm`p`t` `t`g g khthr. khthr. Vbgbrna Vbgbrna``g ``g us`c` us`c` l`ugmr l`ugmry y orbsih orbsih `m`l`c `m`l`c c`snl c`snl prhmuk prhmuksn sn mnk`ln mnk `lnk`g k`g mbgd`g mbgd`g c`rd` c`rd` ju`l ju`l y`gd y`gd mntbrn mntbrna` a` hlbc hlbc pbl`ku pbl`ku us`c`. us`c`. Ebrnku Ebrnkutt @m`l`c @m`l`c pbrknr pbrknr``g ``g pbgbrna``g y`gd mnpbrhlbc neu ebrg`mbt` m`rn us`c` gy` : ]`ebl 0. 0 pbgbrna``g l`ugmry orbsih Jbgns tr`gs`ksn ngolhw Vbgbrna``g m`rn j`s` l`ugmry Vbgbrna``g sbl`ng l`ugmry
]`cug 0
]`cug 5
]`cug 9
Up35.=26.666 Up2.2?2.666
Up>0.566.666 Up4.6?2.666
Up.>6.026.666 Up?.222.666
( pbgju`l`g pbw`gdn ]ht`l pbgbrna``g
Up33.602.666
Up>?.52?.666
Up>?.462.666
Ebrm`s`rk`g p`m` t`ebl 0.0 mnkbt`cun e`cw` tht`l pbgbrna``g y`gd mnpbrhlbc neu ebrmbgbm`t` p`m` t`cug pbrt`a` `m`l`c Up33.602.666, tht`l tbrsbeut tbrs beut ebr`s`l m`rn pbgbrna``g j`s` l`ugmry m`g pbgju`l`g pbw`gdn. Vbgbrna``g r`t` r`t` sbebluagy` `m`l`c Up4.99=.239 m`g t`cug kb5 Up.3.650.999 m`g t`cug kb9 `m`l`c 3.623.426 sbcngdd` tht`l pbgbrna``g y`gd mntbrna` neu ebgbmbt` `m`l`c sbebs`r Up536.>?4.666. pbr 9 t`cug 9.5 @G@LNYNY @G@LNYNY EN@^@ J@Y@ J@Y@ L@RGMU^ L@RGMU^ En`y` prhmuksn abrup`k`g en`y` y`gd mnkblu`rk`g hlbc pbl`ku us`c` ( jnk` anlnk prne`mn ) m`l`a abl`kuk`g us`c` l`ugsry orbsih Vhgtn`g`k `m` 5 en`y` y`ntu en`y` ngvbst`sn m`g en`y` hpr`snhg`l. n.
En En`y `y`` ngvb ngvbst` st`sn sn ensg ensgns ns l`ugm l`ugmry ry orbsih orbsih Vhgt Vhgtn`g n`g`k `k
Ngvbst`sn `m`l`c pbg`g`a`g ahm`l ugtuk s`tu `t`u lbenc `kv` y`gd mnanlnkn m`g en`s` gy` ebrj`gdk` w`ktu l`a` mbgd`g c`r`p`g abgm`p`tk`g kbgutugd`g mna`s` y`gd `k`g abgm`t`gd. Ihgthc en`y` ngvbst`sn `m`l`c u`gd pbaeu`t`g rukh, abaebln absng iuin,
ae`gd`g ae` gd`g,, sbtrnk`` sbtrnk``g, g, mll p`m` en`y` en`y` ngvbst`s ngvbst`snn tbrm`p`t tbrm`p`t ebebr`p` ebebr`p` bsa`sn bsa`sn y`ntu y`ntu sbe`d`n sbe`d`n ebrnkut ngn.
]`ebl 0.5 i`scolhw en`y` ngvbst`sn ensgns l`ugmry orbsih Vhgtn`g`k
3
Ngvbst`sn
> 0 6 0 0 0 5 0 9 0 = 5 6
Uukh
0 eu`c
Up. 04.666.666
Up. 04.666.666
Absng Iuin
= eu`c
Up. 9.666.666
Ybtrnk``g
9 eu`c
Up. 266.666
Up. 05.666.666 Up. 0.266.666
0 eu`c 05 pis d`gtugd`g m`g 5 jbaur`g
Up. 0?2.666
]nae`gd`g D`gtugd`g m`g Jbaur`g
Up. 0?2.666 Up. 0.026.666 Up. 06.666
Kbr`gj`gd Absng K`snr
0 eu`c
En`y` l`ng - l`ng
Up. 9.556.666 Up. >.?3=.666
]ht`l
Up. 005.=>>.666
Ybtbl`c sbau` en`y` ngvbst`sn mnjual`ck`g y`gd abgi`p`n tht`l kbsbluruc`g gy` y`ntu Up==.45>.666 pbr 9 t`cug gy`. K`rbg` en`y` ngvbst`sn ngn tnm`k sbau` mnd`gtn m`l`a pbr 9 t`cugy` c`gy` s`j` `m` ebebr`p` `l`t y`gd mnd`gtn pbr 9 t`cug gy` sbpbrtn d`gtugd`g m`g jbaur`g, kbr`gj`gd, m`g tnae`gd`g sbm`gdk`g absng iuin, rukh, sbtrnk``g, tnae`gd`g m`g absng k`snr tnm`k mnd`gtn m`l`a j`gdk` 9 t`cug nn.
En`y` hpr`snhg`l
En`y` hpr`snhg`l `m`l`c en`y` y`gd ebrkbl`gjut`g ugtuk abgdc`snl k`g su`tu prhmuk a`upug abl`ks`g`k`g kbdn`t`g ensgns `t`u systba kbrj` ]`ebl 0.9 i`scolhw en`y` hpr`snhg`l l`hugmry
Vbw`gdn Mbtbrjbg Hpbr`snhg`l Lnstrnk m`g @nr
5= lntbr 55 kd 05 eul`g
Vl`stnk L`ugmry
2 p`ik
D`jn D` jn K`ry K`ry`w `w`g `g
9 k` k`ry ry`w `w`g `g
Up. 55.666
Up. 5=6.666 Up. 556.666 Up. 5=.666.666 Up. 006.666
Up. Up. 0. 0.56 566. 6.66 666/ 6/eu eul` l`g g
Up. =9.566.666 ( 0 t`cug )
Up. 06.666 Up. 06.666 Up. 5.666.666/eul`g
Ybtbl`c Ybtbl` c mnjua mnjual`c l`ck`g k`g sbi`r` sbi`r` kbsblur kbsbluruc` uc`g g tht`l tht`l en`y` en`y` hpr`sn hpr`snhg` hg`ll `m`l`c `m`l`c Up.53. Up.53.046 046.66 .666. 6. k`ry`w`g mnlhugmry `m` 9 hr`gd mbgd`g up`c pbrhr`gd Up0.566.666 pbreul`g a`k` y`gd
c`rus mnkblu`rk`g sbtn`p eul`g sbebs`r Up9.?66.666. ebrebm` mbgd`g lnstrnk m`g en`y` `nr y`gd mnkblu`rk`g mnsbtn`p t`cug gy` sbebs`r Up5.666.666 j`mn y`gd mnkblu`rk`g sbtn`p t`cug gy` `m`l`c Up. 5=.666.666 `m` jud` ebebr`p` e`r`gd y`gd tnm`k tbgtu pbgdblu`r`g sbtn`p t`cug gy` m`e tn`p eul`g gy` y`gd mnkblu`rk`g m`g mng`a` k`g hutolhw. 9.9 I@YCOLHT I@YCOLHT LHRGMU^ LHRGMU^ OUBYIH I`scolh I`sc olhw w `m`l`c `m`l`c g`a` g`a` l`ng m`rn l`phr` l`phr`g g `rus `rus k`s. k`s. L`phr` L`phr`g g `rus `rus k`g abrup`k` abrup`k`g g l`phr`g kbu`gd`g ugtuk abl`i`k sbtn`p pba`suk`g m`g pbgdblu`r`g sbcngdd` abgdc`snlk`g @g`lns` kbu`gd`g `p`k`c abgd`l`an pbgurug`g `t`u kbg`nk`g. Yu`tu y`gd tbrpbgtngd m`rn i`scolhw `m`l`c u`gd y`gd a`suk m`g kblu`r. R`gd y`gd a`suk mnsbeut sbe`d`n i`scolhw m`g u`gd y`gd kblu`r mnsbeut i`sc hutolhw. ]`ebl 0.= i`scolhw l`ugmry orbsih
Rs`c` L`ugmry " OUBYIH " Rr`n`g
]`cug
6
Ngolhw
Vbgbrna``g ]ug`n
0
5
9
J`s` L`ugmry
35.=26.666
>0.566.666
>6.026.666
pbgju`l`g l`ng-l`ng
2.266.666
4.666.666
?.266.666
34.>26.666
>3.566.666
>?.?26.666
]ht`l Vbgbrna``g ]ug`n
-
pbgbrna``g tnm`k tug`n
gnl`n sns` l`c`g gnl`n sns` e`gdug`g gnl`n sns` pbr`l`t`g gnl`n sns` pbrlbgdk`p`g ]ht`l pbgbrna``g tnm`k tug`n
-
-
-
-
]H]@L VBGBUNA@@G
-
34.>26.666
>3.566.666
>?.?26.666
Hutolhw/ en`y`
En`y` ngvbst`sn Uukh Absng Iuin ( = eu`c ) eu`c )
04.666.666
535.366.666
D`gtugd`g m`g Jbaur`g
05.666.666 0.266.666 0.026.666
Kbr`gj`gd
03.666
Ybtrnk``g ( 9 eu`c ) eu`c )
Absng K`snr ( 0 eu`c ) eu`c ) ]nae`gd`g ( 0 eu`c ) Vbrlbgdk`p`g K`gthr ( pbr eu`c ) ]ht`l En`y` Ngvbst`sn
9.556.666 0?2.666 >.?3=.666 ==.494.666
EN@^@ HVBU@YNHG@L ]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
5.?=6.666
5.6=6.666
5.?=6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
0 00 06.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
49.626.666
45.346.666
4 45 5.396.666
]H]@L EN@^@
==.494.666
49.626.666
45.346.666
45.396.666
503.426.666
]H]@L VBGM@V@]@G/gbt ebgbont
(==.494.666)
0=.>66.666
52.996.666
59.356.666
?=.626.666
kuaul`tno pbgm`p`t`g
(==.494.666)
(5>.394.666 )
(22.0?4.666)
(43.>34.666)
MO02%
0,66
6,34
6,4?
6,??
4?.=43.5?0
4=.529.963
?9.2=3.>==
50=.536.209
V_ en`y`
==.494.666
?9.250.49>
22.066.03>
=4.33?.>64
0??.263.392
V_ pbgm`p`t`g
(==.494.666)
05.>2?.255
0>.029.00>
02.??5.694
=4.440.?44
GV_
9.69=.?44
Gbt E/I
0,5>
V_ pbgbrna``g
NUU V`ye`ik pbrnhm
0>,63% 6,?
Ebrm Eb rm`s `s`r `rk` k`g g t`eb t`ebll 0.= 0.= mnkb mnkbt` t`cu cunn ng ngol olhw hw sb sbl` l`a` a` 9 t` t`cu cug g eb ebrt rtur urut ut tu turu rutt y` y`nt ntu u Up34.>26.666, Up >3.566.666 m`g Up. >?.?26.666. pbgbrna``g tbrsbeut mnpbrhlbc m`rn c`snl j`s` l`ugmry l` ugmry m`g pbgju`l`g sbl`ng lhuermy ( pbw`gdn p`k`n`g ) sbl`a` s bl`a` 9 t`cug ebrturut turut. Huto Hu tolh lhw w sbl`a sbl`a`` 9 t`cu t`cug g eb ebrt rtut utut ut tu turu rutt `m `m`l` `l`c c Up49 Up49.6 .626 26.6 .666 66,, Up 45 45.3 .346 46.6 .666 66 m` m`g g Up 45.396.666 gnl`n hutolhw tbrsbeut mnpbrhlbc m`rn jual`c sbluruc en`y` ngvbst`sn m`g en`y` hpr`snhg`l. Hutolhw ( u`gd kblu`r ) m`p`t mnlnc`t m`rn t`ebl mne`w`c ngn y`gd abgugjuk`g e`cw` hutolhw p`m` us`c` l`ugmry orbsih Vhgtn`g`k ebrup` en`y` hpr`snghg`l m`g en`y` ngvbst`sn ]`ebl 0.2 I`scolhw en`y` ngvbst`sn m`g hpr`snhg`l ensgns l`ugmry orbsih phgtn`g`k Hutolhw/ en`y`
En`y` ngvbst`sn Uukh
04.666.666
]nae`gd`g ( 0 eu`c )
05.666.666 0.266.666 0.026.666 03.666 9.556.666 0?2.666
Vbrlbgdk`p`g K`gthr ( pbr eu`c )
>.?3=.666
]ht`l En`y` Ngvbst`sn
==.494.666
Absng Iuin ( = eu`c ) eu`c ) Ybtrnk``g ( 9 eu`c ) eu`c ) D`gtugd`g m`g Jbaur`g Kbr`gj`gd Absng K`snr ( 0 eu`c ) eu`c )
EN@^@ HVBU@YNHG@L ]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
5.?=6.666
5.6=6.666
5.?=6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
49.626.666
45.346.666
45.396.666
@G@LNYNY GV_ ( gbt prbsbgt v`lub ) v`lub )
Mnkbt`cun e`cw` gnl`n GV_ ( gbt prbsbgt v`lub ) m`rn ensgns l`ugmry orbsih Vhgtn`g`k anln neu ebgbmbt` `m`l`c sbebs`r Up.9.69=.?44 y`gd ebr`rtn gnl`n tbrsbeut lbenc ebs`r m`rn ghl. C`snl tbrsbeut abaeuktnk`g e`cw` us`c` lhgmry orbsih anlnk neu ebgbmbt` l`y`k ugtuk mnj`l`gk`g. Ebrm`s`rk`g `g`lnsns GV_ us`c` tbrsbeut 7 6 9.= @G@LNYNY gbt E/I
Gnl`n gbt E/I m`rn us`c` l`ugmry orbsih anlnk neu ebgbmbt` sbebs`c 0,5> y`gd ebr`rtn gnl`n tbrsbeut lbenc ebs`r m`rn 0. A`k` mbgd`g c`snl mbankn`g ensgns us`c` l`ugmry orbsih l`y`k ugtuk mnj`l`gk`g ebrm`s`r k`g c`snl `g`lnsns E/I r`tnh 7 0 9.2 @G@LNYNY NUU
Gnl`n NUU m`rn ensgns l`ugmry orbsih anlnk neu ebgbmbt` `m`l`c sbebs`r 0>,63% y`gd ebr`rtn gnl`n tbrsbeut lbenc ebs`r m`rn p`m` gnl`n tngdk`t suku eugd` pbrknr``g y`ntu 04%. J`mn us`c` ngn l`y`l mnj`l`g k`g ebrm`s`r k`g pbrknr``g gy` ablbencn ntu. 9.? @G@LNYNY p`y e`ik pbrnhm
Ebrm`s`rk`g c`snl pbrcntugd`g p`ye`ik pbrnhm ensgns l`ugmry anlnk neu ebgbmbt` 6,?% c`snl ngn abgugjuk`g ec`w` w`ktu pbgd`aenl`g ensgns l`ugmry orbsih anlnk neu ebgbmbt` `m`l`c ? eul`g. 9.4 @G@LNYNY YBGYN]N_N]@Y
@g`lnsns @g`ln sns sbgsntnvnt`s sbgsntnvnt`s abrup`k`g su`tu `g`lnsns `g`lnsns ugtuk m`p`t ablnc`t pbgd`ruc pbgd`ruc pbgd`ruc y`gd `k`g tbrj`mn `kne`t kb`m``g y`gd ebrue`c ebrue`c ue`c. Ensgns Ensgns sbgd`t sbgshntnvb sbgshntnvb `t`u pbk` tbrc`m`p ebebr`p` c`l sbpbrtn c`rd` hutput prhmuksn ( e`nk kbg`nk`g kbg`nk`g c`rd` a`upug pbgurug`g` c`rd` c`rd` ), kbtbrl`ae`t`g pbl`ks`g``g prhmuksn, kbg`nk`g en`y` ( hvbrrug ) m`g kbtnm`k tbp`t`g m`g phbrknr``g c`snl prhmuksn. Rgtuk ablnc`t `p`k`c us`c` y`gd mnj`l`gk`g hlbc neu ebgbmbt` l`y`k `t`u tnm`k gy` ugtuk mnus`c`k`g `p`enl` tbrj`mn a`s`l`c sbpbrtn kbg`nk`g c`rd` m`g pbgurug`g c`rd` ju`l, a`k` mnl`kuk`g mnl`kuk`g `g`lnsns sbgsnthont`s mbgd`g ebebr`p` sibg`rnh
L@AVNU@G L`apnr`g 0. Ebrnsn tbgt`gd m`t` en`y` hpbr`snhg`l m`g ngvbst`sn p`m` ensgns us`c` l`ugmry orbsih Vhgtn`g`k anlnk neu ebgbmbt`. Hutolhw/ en`y`
En`y` ngvbst`sn Uukh Absng Iuin ( = eu`c ) eu`c ) Ybtrnk``g ( 9 eu`c ) eu`c )
04.666.666 05.666.666 0.266.666
]nae`gd`g ( 0 eu`c )
0.026.666 03.666 9.556.666 0?2.666
Vbrlbgdk`p`g K`gthr ( pbr eu`c )
>.?3=.666
]ht`l En`y` Ngvbst`sn
==.494.666
D`gtugd`g m`g Jbaur`g Kbr`gj`gd Absng K`snr ( 0 eu`c ) eu`c )
EN@^@ HVBU@YNHG@L ]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
5.?=6.666
5 5..6=6.666
5.?=6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
49.626.666
45.346.666
45.396.666
L`apnr`g 5. Ebrnsns m`t` a`go```t p`m` ensgns l`ugmry orbsih anlnk neu ebgbmbt`
Kd/c`rn
Kd/elg
C`rd`
96,2
362
Up. 4.266
Jual`c (Up/Elg) Up. ?.346.399
Vrhmuksn
Jual`c (Up/]cg) Up. 35.=26.666
L`apnr`g 9. Ebrnsns tbgt`gd m`t` i`scolhw us`c` l`ugmry orbsih anlnk neu ebgbmbt`.
Rs`c` L`ugmry " OUBYIH " Rr`n`g
]`cug
6
Ngolhw
Vbgbrna``g ]ug`n
0
5
9
J`s` L`ugmry
35.=26.666
>0.566.666
>6.026.666
pbgju`l`g l`ng-l`ng
2.266.666
4.666.666
?.266.666
34.>26.666
>3.566.666
>?.?26.666
]ht`l Vbgbrna``g ]ug`n
-
pbgbrna``g tnm`k tug`n
gnl`n sns` l`c`g gnl`n sns` e`gdug`g gnl`n sns` pbr`l`t`g gnl`n sns` pbrlbgdk`p`g ]ht`l pbgbrna``g tnm`k tug`n
-
-
-
-
]H]@L VBGBUNA@@G
-
34.>26.666
>3.566.666
>?.?26.666
Hutolhw/ en`y`
En`y` ngvbst`sn Uukh
04.666.666
Absng Iuin ( = eu`c ) eu`c )
05.666.666
Ybtrnk``g ( 9 eu`c ) eu`c )
535.366.666
Kbr`gj`gd
0.266.666 0.026.666 03.666
Absng K`snr ( 0 eu`c ) eu`c )
9.556.666
D`gtugd`g m`g Jbaur`g
]nae`gd`g ( 0 eu`c )
0?2.666
Vbrlbgdk`p`g K`gthr ( pbr eu`c )
>.?3=.666 ==.494.666
]ht`l En`y` Ngvbst`sn EN@^@ HVBU@YNHG@L ]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
5.?=6.666
5.6=6.666
5.?=6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
49.626.666
45.346.666
45.396.666
]H]@L EN@^@
==.494.666
49.626.666
45.346.666
45.396.666
503.426.666
]H]@L VBGM@V@]@G/gbt ebgbont
(==.494.666)
0=.>66.666
52.996.666
59.356.666
?=.626.666
(5>.394.666 )
(22.0?4.666 )
(43.>34.666)
6,34
6,4?
6,??
4?.=43.5?0
4=.529.963
?9.2=3.>==
50=.536.209
V_ en`y`
==.494.666
?9.250.49>
22.066.03>
=4.33?.>64
0??.263.392
V_ pbgm`p`t`g
(==.494.666)
05.>2?.255
0>.029.00>
02.??5.694
=4.440.?44
kuaul`tno pbgm`p`t`g MO02%
(==.494.666) 0,66
V_ pbgbrna``g
GV_ Gbt E/I
9.69=.?44 0,5>
NUU V`ye`ik pbrnhm
0>,63% 6,?
L`apnr`a =. Ebrnsn m`t` i`scolhw sbtbl`d mnskbg`rnhk`g kbe`nk`g en`y` l`ugmry orbsih anlnk neu ebgbmbt`
Rs`c` L`ugmry " OUBYIH " Rr`n`g
]`cug
6
Ngolhw
Vbgbrna``g ]ug`n
0
5
9
J`s` L`ugmry
35.=26.666
>0.566.666
>6.026.666
Vbgju`l`g Vbw`gdn L`ugmry
2.2?2.666
4. 4.6?2.666
?.222.666
33.602.666
>3.5?2.666
>?.462.666
]ht`l Vbgbrna``g ]ug`n
-
pbgbrna``g tnm`k tug`n
gnl`n sns` l`c`g gnl`n sns` e`gdug`g gnl`n sns` pbr`l`t`g gnl`n sns` pbrlbgdk`p`g ]ht`l pbgbrna``g tnm`k tug`n
-
-
-
-
]H]@L VBGBUNA@@G
-
33.602.666
>3.5?2.666
>?.462.666
Hutolhw/ en`y`
En`y` ngvbst`sn Uukh Absng Iuin ( = eu`c ) eu`c ) Ybtrnk``g ( 9 eu`c ) eu`c )
04.666.666 05.666.666 0.266.666
Absng K`snr ( 0 eu`c ) eu`c )
0.026.666 03.666 9.556.666
]nae`gd`g ( 0 eu`c ) eu`c )
0?2.666
Vbrlbgdk`p`g K`gthr ( pbr ( pbr eu`c eu`c )
>.?3=.666
D`gtugd`g m`g Jbaur`g Kbr`gj`gd
]ht`l En`y` Ngvbst`sn
==.494.666
535.>32.666
EN@^@ HVBU@YNHG@L ]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
9.>?6.666
9.>?6.666
9.>?6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
4=.946.666
4=.4>6.666
4=.026.666
]H]@L EN@^@
==.494.666
4=.946.666
4=.4>6.666
4=.026.666
559.906.666
]H]@L VBGM@V@]@G/gbt ebgbont
(==.494.666)
09.?=2.666
59.=42.666
55.222.666
2>.?42.666
(==.494.666) 0,66
(90.6>5.666)
(2=.2?4.666)
(44.055.666)
6,34
6,4?
6,??
4?.29=.439
4=.965.=24
?9.232.064
50=.=55.9=4
V_ en`y`
==.494.666
?=.??>.2?2
2?.220.>32
=3.42=.35>
0?>.>4?.94>
V_ pbgm`p`t`g
(==.494.666)
00.3?2.504
04.426.=49
0=.396.54>
==.==2.>?>
kuaul`tno pbgm`p`t`g MO02% V_ pbgbrna``g
(5>0.690) 0,54
GV_ Gbt E/I NUU
0=,23% 6,?
V`ye`ik pbrnhm
L`apnr`g 2. I`scolhw Ybtbl`c Mnskbg`rnh Vbgurug`g C`rd` Ju`l Ensgns L`ugmry Orbsih Anlnk Neu Ebgbmbt`
Rs`c` L`ugmry " OUBYIH " Rr`n`g
]`cug
6
Ngolhw
Vbgbrna``g ]ug`n
J`s` L`ugmry
0
46.2?6.666
5
4>.906.666
9
43.5?6.666
pbgju`l`g l`ng-l`ng ]ht`l Vbgbrna``g ]ug`n
-
pbgbrna``g tnm`k tug`n
2.0>=.666
?.2>=.666
?.003.666
42.42=.666
32.>6=.666
3=.943.666
-
-
-
gnl`n sns` l`c`g gnl`n sns` e`gdug`g gnl`n sns` pbr`l`t`g gnl`n sns` pbrlbgdk`p`g ]ht`l pbgbrna``g tnm`k tug`n
-
]H]@L VBGBUNA@@G
-
Hutolhw/ en`y`
42.42=.666
32.>6=.666
3=.943.666
]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
5.?=6.666
5.6=6.666
5.?=6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
49.626.666
4 45 5.346.666
45.396.666
En`y` ngvbst`sn Uukh
04.666.666
Absng Iuin ( = eu`c ) eu`c )
05.666.666
Kbr`gj`gd
0.266.666 0.026.666 03.666
Absng K`snr ( 0 eu`c ) eu`c )
9.556.666
]nae`gd`g ( 0 eu`c ) eu`c )
0?2.666
Ybtrnk``g ( 9 eu`c ) eu`c ) D`gtugd`g m`g Jbaur`g
Vbrlbgdk`p`g K`gthr ( pbr ( pbr eu`c eu`c ) ]ht`l En`y` Ngvbst`sn
>.?3=.666 ==.494.666
EN@^@ HVBU@YNHG@L
5=?.69?.66 6
]H]@L EN@^@
==.494.666
49.626.666
45.346.666
45.396.666
503.426.66 6
]H]@L VBGM@V@]@G/gbt ebgbont
(==.494.666 )
5.46=.666
09.69=.666
00.2=3.666
54.53?.666
(22.6?4.666
(=5.699.666)
)
(??.?02.666)
6,34
6,4?
6,??
?2.349.6=9
?=.>22.4??
22.=4>.>62
03?.963.40 =
V_ en`y`
==.494.666
?9.250.49>
22.066.03>
=4.33?.>64
0??.263.39 2
V_ pbgm`p`t`g
(==.494.666 )
5.920.96=
>.322.244
4.2>5.>>4
0>.4>>.343
(==.494.666 kuaul`tno pbgm`p`t`g MO02%
) 0,66
V_ pbgbrna``g
(5=.>94.055 GV_
) 0,05
Gbt E/I NUU
-23,49%
V`ye`ik pbrnhm
6,?
L`apnr`g ? Ebrnsn M`t` I`scolhw Kbg`nk`g En`y` M`g Vbgurug`g C`rd` Ju`l Esgns L`ugmry Orbsih Anlnk Neu Ebgbmbt`
Rs`c` L`ugmry " OUBYIH " Rr`n`g
]`cug
6
Ngolhw
Vbgbrna``g ]ug`n
0
5
9
J`s` L`ugmry
46.2?6.666
4>.906.666
43.5?6.666
pbgju`l`g l`ng-l`ng
2.0>=.666
?.2=>.666
?.003.666
42.42=.666
32.32>.666
3=.943.666
]ht`l Vbgbrna``g ]ug`n
pbgbrna``g tnm`k tug`n gnl`n sns` l`c`g
-
gnl`n sns` e`gdug`g gnl`n sns` pbr`l`t`g gnl`n sns` pbrlbgdk`p`g ]ht`l pbgbrna``g tnm`k tug`n
-
-
-
-
]H]@L VBGBUNA@@G
-
42.42=.666
32.32>.666
3=.943.666
Hutolhw/ en`y`
]bg`d` kbrj` ( 9 k`ry`w`g k`ry`w`g )
=9.566.666
=9.566.666
=9.566.666
Vbw`gdn ( pbr ( pbr lntbr )
5.336.666
9.056.666
5.336.666
Mbtbrjbg ( pbr ( pbr kd )
9.>?6.666
9.>?6.666
9.>?6.666
Vl`stnk L`ugmry ( pbr ( pbr eugdkus eugdkus )
996.666
206.666
006.666
Lnstrnk m`g @nr
5=.666.666
5=.666.666
5=.666.666
]ht`l En`y` Hpbr`snhg`l
4=.946.666
4=.4>6.666
4=.026.666
==.494.666
4=.946.666
4=.4>6.666
4=.026.666
559.906.66 6
(==.494.666
00.6?>.666
06.553.666
55.?30.666
5=2.>>0.66 6
En`y` ngvbst`sn
Absng Iuin ( 9 eu`c ) eu`c )
04.666.666 05.666.666
Ybtrnk``g ( 9 ( 9 eu`c ) eu`c )
0.266.666
Uukh
D`gtugd`g m`g Jbaur`g
Kbr`gj`gd Absng K`snr ( 0 eu`c ) eu`c ) ]nae`gd`g ( 0 eu`c ) eu`c ) Vbrlbgdk`p`g K`gthr ( pbr ( pbr eu`c eu`c ) ]ht`l En`y` Ngvbst`sn
0.026.666 03.666 9.556.666 0?2.666 >.?3=.666 ==.494.666
EN@^@ HVBU@YNHG@L
]H]@L EN@^@
]H]@L VBGM@V@]@G/gbt ebgbont kuaul`tno pbgm`p`t`g
)
0.93=.666
MO02%
(==.494.666 ) 0,66
V_ pbgbrna``g
(=9.929.666 )
(2=.=55.666 )
(?=.?26.666)
6,34
6,4?
6,??
?2.349.6=9
?=.>50.49>
22.=4>.>62
03?.54=.?3 4
V_ en`y`
==.494.666
?=.??>.2?2
2?.220.>32
=3.42=.35>
0?>.>4?.94 >
V_ pbgm`p`t`g
(==.494.666 )
0.569.=43
3.9?>.42=
?.452.64?
0?.5>3.96>
GV_
(53.=93.?>0 )
Gbt E/I
0,06
NUU V`ye`ik pbrnhm
-3=,63% 6,?
M@O]@U VRY]@K@
G`mn` Rt`rnl, Bgm`gd Icua`nmny`c, Icua`nmny`c, @gthg @emule`s`c. (560> (560>). ). @g`lnsns Kbl`y`k`g Vbgdbae`gd`g Ensgns Yt`rt Rp Ay Orbsc L`ugmry mn Kht` Yhlhk Ybi`r` Hglngb m`g Hoolngb. Jurg`l b-Vrhibbmngd ho Bgdngbbrngd., _hl. ?, Gh.5, c`l 2>?3 ’ 2>43 A`rc`e`g, Cumn. (560>). @g`lnsns Kbl`y`k`g Rs`c` L`ugmry (Ytumn K`sus : Icntr` L`ugmry mn D`d`k Ynp`t, Gdbaplhk, Ehyhl`ln). Jurg`l O`kult`s ]bkgnk Auc`aa`mny`c Yur`k`rt`, c`l 00? U`tg` Austnk` @rua m`g ]y`s Gur –@ngn. (560>). Vbgdbae`gd`g Bnoobl L`ugmry Mntngj`u m`rn @spbk V`s`r M`g pba`s`r`g Ybrt` @spbk ]bkgns (Ytumn Lntbr`tur m`g Vbr`gi`gd`g Ensgns Bnoobl L`ugmry). Jurg`l Bkhghan m`g Vbrkbae`gd`g Ensgns, _hl.9, Gh.5, c`l 96-=2 Onrg` Z`gn` U`a`mc`gty, Mr.Nr. G`g`gd Yury`g`, A.]., Nr. Yngt` @ry`gn, A@NY. (5656). @g`lnsns Kbl`y`k`g Vbgdbae`gd`g Rs`c` Vurg`a` L`ugmry mn Kht` K`r`w`gd K`r` w`gd Mntngj`u M`rn @spbk V`s`r, @spbk tbkgns m`g @spbk Ong`gsn`l. Ong`gsn`l. Jurg`l b-Vrhibbmngd b-Vrhibbmngd ho Bgdngbbrng Bgdngbbrngd, d, _hl.4, _hl.4, Gh.5, c`l 2049-203> Gn T`y`g @rn Yumn`rtngn, @g`k @dugd Blnk @st`rn, Gn Vutu @gmngn mbsny`gtn L`ksan m`g Gn Luc Vutu M`a`y`gtn. (5650). Ytumn Kbl`y`k`g Ensgns V`m` Rs`c` Y`rn Abrt` L`ugmry Mn Mbs` Duw`gd Kbi`a`t`g Yuk`w`tn. Jurg`l pbgblntn`g Bkhghan m`g @kugt`gsn, _hl.?, Gh.5, c`l 00?-0=5
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