Calculo de Costo de Capital
July 5, 2022 | Author: Anonymous | Category: N/A
Short Description
Download Calculo de Costo de Capital...
Description
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
6
Kgs feprfsgs hrfgm vgkir pgrg sus ghhjimjstgs i`tfmjfmli umg rfmtg`jkjlgl egyir gk histi lfk hgpjtgk jmvfrtjli. Kis histis lf hgpjtgk pgrg hugkqujfr jmvfrsjøm, sfg pgrg umg hiepg÷åg fmtfrg i um priyfhti, sim fk åmljhf lf kg rfmtg`jkjlgl quf kis privfflirfs privfflir fs lf hgpjtgk lfsfgrågm rfhj`jr, rfhj`jr, sj su hgpjtgk hgpjtg k ki jmvjrtjfrg fm itrg gktfrmgtjvg. Fk histi lfk hgpjtgk fs fk histi lf ipirtumjlgl. Kis prjefris prjmhjpjis oumlgefmtgkfs fm mgmzgs sim4 g. Jmvfrtjr fm gqufkkis priyfhtis priyfhtis huyg huyg rfmtg`jkjlgl sfg egyir g kg tgsg eåmjeg fxjcjlg. Kg tgsg eåmjeg fxjcjlg i histi lf ipirtumjlgl lf`f sfr gktg pgrg priyfhtis rjfscisis y lf`f rffffdgr kg efzhkg quf sf utjkjzg fm kg i`tfmhjøm lf oimlis, fs lfhjr, gpirtfs lf kis ghhjimjstgs (pgtrjeimji) y lfk hgpjtgk rfhj`jli hiei prêstgei (lfulg). Kis priyfhtis lf`fm sfr fvgkuglis si`rf kg `gsf lf kis ffudis lf hgdg quf sf cfmfrfm fm um pfrjili lf tjfepi lftfrejmgli y lf`fm sfr himtg`jkjzglis kis ffudis pisjtjvis hiei mfcgtjvis lf kis priyfhtis. `. Gk eiefmti lf sfkfhhjimgr sfkfhhjimgr kg efzhkg lf hugmti hugmti lf lfulg y hugmti lf pgtrjeimji, bgy quf himsjlfrgr gqufkkg quf egxjejhf fk vgkir lf kg feprfsg y, si`rf tili, quf hgkhf him kis ghtjvis quf sfrçm mgmhjglis. h. Xj mi bu`jfrgm suhjfmtfs priyfhtis quf supfrfm supfrfm kg tgsg eåmjeg lf rftirmi, bgy quf lfvikvfr fk ffudi lf hgdg g kis jmvfrsjimjstgs. Xj kis priyfhtis sfrçm mgmhjglis g trgvês lfk gpirtf lf kis jmvfrsjimjstgs (pgtrjeimji y lfulg), fs jepirtgmtf himihfr huçk fs fk histi lf fstis oimlis, lgli quf fkkis fstgrçm ljspufstis g pripirhjimgr ljhbis oimlis, sjfeprf y hugmli kis rftirmis fspfrglis supfrfm fsf histi quf fs himihjli hiei fk histi lfk hgpjtgk.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
880 Ojmgmzgs gpkjhglgs
Fk himhfpti lf kg tgsg lf lfshufmti i histf lf hgpjtgk bg sjli, pir euhbis g÷is, trgtgli pir kg tfiråg mgmhjfrg y kj`ris lf tfxtis fm tfegs rfkghjimglis him kg fstruhturg lfk hgpjtgk y lfhjsjimfs lf jmvfrsjøm. Ki gmtfrjir sf lf`f gk trg`gdi fxtfmsi lf Eiljckjgmj y Ejkkfr (7:62, 7:?8), quf lgm jmjhji g kg tfiråg eilfrmg lfk histf lf hgpjtgk. Fkkis jmtriluhfm grcuefmtis lf gr`jtrgdf si`rf fk fofhti lf kis hge`jis fm kis mjvfkfs lf fmlfulgejfmti lf kg feprfsg fm fk histi lfk pgtrjeimji y su prieflji pimlfrgli fm fk histf lf hgpjtgk. ^istfrjirefmtf, vgrjis eilfkis himsfhutjvis bgm sjli lfsgrrikkglis, hiei hgpjtgk gssft prjhjmc eilfk (HG^E), lf Xbgrp (7:?>8). Fk prjefr eilfki fs fk lfk hrfhjejfmti lf kis ljvjlfmlis y fk sfcumli eilfki fs fk lf rjfsci y rftirmi. Fk prjefri sf `gsg fm fk eilfki lf Cirlim y Cirlim (7:33), quf gsuef quf umg feprfsg puflf jmvfrtjr fm priyfhtis huyi vgkir ghtugk mfti (_GM) sfg pisjtjvi pgrg um môefri lftfrejmgli lf g÷is. Fstf eilfki fs fqujvgkfmtf eilfkilflfCirlim, hrfhjejfmti mjti fmtrfcg lfshrjtifkpir Eiljckjgmj Ejkkgr (7:?7). Fm fkgkeilfki kg feprfsg fxhfsi lfk _GMypisjtjvi
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
888
hiei ljvjlfmlis. Cirlim, g trgvês lf su eilfki lf hrfhjejfmti mjti, fstjeg kis rftirmis fspfrglis lf kgs ghhjimfs fm umg fvgkughjøm gk eilfki lf HG^E y fmhufmtrg fvjlfmhjgs g ogvir lf ljhbi eilfki. Fk sfcumli eilfki sf rffrf gk HG^E, quf ejlf fk rjfsci fm têrejmis lf umg vgrjgmzg mi ljvfrsjhg`kf y rfkghjimg kis rftirmis fspfrglis gk rjfsci. Fk eilfki lf HG^E sf `gsg fm kis supufstis sjcujfmtfs4 quf kis jmvfrsjimjstgs tjfmfm fxpfhtgtjvgs bieicêmfgs him rfspfhti g kis rftirmis y sus vgrjgmzgs, quf fkkis puflfm gbirrgr i pfljr prfstgli g umg tgsg kj`rf lf rjfsci, quf tilis kis ghtjvis puflfm sfr mfcihjglis fm fk efrhgli, quf mi bgy histfs lf trgmsghhjimfs y quf mi bgy rfstrjhhjimfs pgrg su rçpjlg hiefrhjgkjzghjøm. HG^E pripimf quf kis jmvfrsirfs lfegmlgm umg hiepfmsghjøm sikgefmtf pir fk rjfsci sjstfeçtjhi, fs lfhjr, hugmti lf kg vikgtjkjlgl lf kg jmvfrsjøm fstç rfkghjimgli him kg lfk efrhgli. Fk rjfsci sjstfeçtjhi lf umg ghhjøm fstç fxprfsgli pir fk hifhjfmtf `ftg1 fs lfhjr, umg ghhjøm him `ftg jcugk g umi fs fk fspfdi lf kgs ffuhtughjimfs lfk efrhgli. Vmg ghhjøm him `ftg egyir g umi fxgcfrg kgs ffuhtughjimfs lfk efrhgli. _gkirfs _gkirfs him `ftg mfcgtjvi mfcgt jvi sf eufvfm fm himtrg lfk efrhgli, rfluhjfmli fk rjfsci lfk pirtgoikji, hiei fk hgsi lf umg pøkjzg lf sfcuris. Z um vgkir him `ftg jcugk g hfri ffuhtôg jmlfpfmljfmtfefmtf lfk efrhgli, tili fk rjfsci mi fs sjstfeçtjhi. Kis eilfkis lf rjfsci y rftirmis rfqujfrfm lf tgsgs kj`rfs lf rjfsci y um prfeji pir fk rjfsci, hiei fs fk hgsi lfk HG^E, Lgeilgrgm (0>>8). Histi lfk pgtrjeimji 5 A KP + (A E - A KP )ΰ A KP 5 \gsg kj`rf lf rjfsci A E 5 \gsg \gsg fspfrglg lf rftirmi lfk åmljhf lfk efrhgli @rumfr, Fglfs, Bgrrjs y Bjccjms (7::2), lf kgs fmhufstgs gpkjhglgs g um crupi lf feprfsgs, bgkkgrim quf fk 27% lf ljhbgs feprfsgs utjkjzg`gm fk HG^E pgrg fstjegr fk histf lfk pgtrjeimji. Kis oumlgefmtis lfk HG^E sf rfeimtgm g Xbgrp (7:? y himhkuyfrim quf mi bgy umg rfkghjøm fmtrf kgs lis vgrjg`kfs. Ljhbis rfsuktglis oufrim himorimtglis fm lis orfmtfs. Gejbul, Hbrjstfmsfm y Efmlfksim (7::0),quf utjkjzgmli kg såejseg jmoireghjøm, himfmitrgs pruf`gs fstglåstjhgs, fmhimtrgrim kis `ftgs fxpkjhgm kis rftirmis fsf
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
88< Ojmgmzgs gpkjhglgs
pfrjili y Hbgm y Kgagmimjsbia (7::0), utjkjzgrim utjkjzg rim jmoireghjøm lf 7:0? g 7::7 y fmhimtrgrim quf fxjståg umg rfkghjøm pisjtjvg fmtrf kis `ftgs y kis rftirmis, hjtgli pir Lgeilrgm (7::>?), hiei rfsuktgli lf umg jmvfstjcghjøm fepårjhg, utjkjzgmli jmoireghjøm lf 7:?< g 0>>7, bgkkgrim quf kis `ftgs vgrjg`gm himsjlfrg`kfefmtf fm fk tjfepi him umg orfhufmhjg lf hge`jis lf g÷i g g÷i, pfri mi ki suhjfmtf pgrg cfmfrgr um frrir lf prfhjis sjcmjhgtjvis. Fkkis gsfcurgm quf bgy euy pihg fvjlfmhjg lf kis `ftgs. Eyfrs y \urm`jkk \urm`jkk (7:33) egmjfstgm quf lfk HG^E sf puflfm lfsgrrikkgr oøreukgs cfmfrgkfs y sjepkfs lf vgkirghjøm y quf sf puflf bgkkgr um usi ljrfhti fm kis prfsupufstis lf hgpjtgk. Fkkis, fm su jmvfstjcghjøm, utjkjzgm ljhbgs oøreukgs pgrg fxgejmgr kis prihfsis lf vgkirghjøm `gsglis fm kgs oøreukgs lf ffudi lf oimlis lfshimtglis y tgsgs lf lfshufmti gdustglgs gk rjfsci. G pfsgr lf quf fkkis lfeufstrgm quf ljhbis prihfljejfmtis mi sim fxghtis, eufstrgm quf ljhbgs oøreukgs sf ghfrhgm g umg rfspufstg hgsj hirrfhtg lf ki quf sistjfmf HG^E, y quf fk priyfhti y kgs tgsgs fspfrglgs lf rftirmis lfk efrhgli sim himihjlis. Gsjejsei, Eyfrs Eyfrs y \urm`jkk (7:33) bgkkgrim quf kis lftfrejmgmtfs rfgkfs lf `ftg sim eçs hiepkjhglis lf ki quf pjfmsg. Fk `ftg lfpfmlf lf kg himfxjøm fmtrf kis frrirfs lf priyfhhjøm lfk ffudi lf hgdg y kis frrirfs lf priyfhhjøm lfk rftirmi lfk efrhgli. Fk `ftg lfpfmlfrç lf kg vjlg lfk ghtjvi, kg tfmlfmhjg lf hrfhjejfmti lfk ffudi lf hgdg y lfk pgtrøm lf kis ffudis lf hgdg fspfrglis fm fk tjfepi. Fk `ftg lfpfmlf lfk prihfljejfmti him fk hugk kis jmvfrsirfs priyfhtgm fk ffudi lf oimlis. Kis pri`kfegs sfrjis quf fkkis bgkkgrim si`rf kis `ftgs sim kis sjcujfmtfs4 7) bgy frrirfs jmfvjtg`kfs fm kgs efljlgs fstglåstjhgs lfk `ftg, 0) kgs feprfsgs utjkjzgm umg eufstrg pgrg fstjegr fk `ftg, pfri ghtugkefmtf tjfmfm fk ejsei `ftg hiei priyfhti. HG^E fs umg bfrrgejfmtg vgkjisg pgrg pg rg fvgkugr fk pgtrjeimji, sjfeprf y hugmli kis quf ki gpkjhgm fmtjfmlgm `jfm sus kjejtghjimfs. Kg prjmhjpgk lf`jkjlgl lf kis fstuljis rfgkjzglis gk HG^E, si`rf kg rfkghjøm fmtrf kis rftirmis y fk `ftg, fs kg ogktg lf umg eftilikicåg gpripjglg pgrg fvgkugr fsg rfkghjøm. Piss (7:3?) rfvjsø kis supufstis rfstrjhtjvis lfk HG^E y lfsgrrikkø su tfiråg lf gr`jtrgdf G^\ (pir sus sjckgs fm jmckês gr`jtrgcf prjhjmc tbfiry ).). Fk eilfki fepjfzg him kg prfejsg lf quf kgs ipirtumjlglfs gr`jtrgdf misupufstis lf`fm fstgr prfsfmtfs fm um efrhgli mgmhjfri fhjfmtf, sjmi quf fk lf eilfki tjfmf efmis rfstrjhtjvis
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
886
quf kis quf sf rfqujfrf pgrg fk HG^E. G^\ pgrtf gsuejfmli quê bgy ‛m― oghtirfs quf hgusgm kg vgkirghjøm lfk ghtjvi. Kg tfiråg mi fspfhjhg quf tgm crgmlf fs fk môefri lf fsis oghtirfs mj kis oghtirfs. @gsgli fm fsis supufstis, Piss pripimf quf kg rfmtg`jkjlgl lf umg ghhjøm g hhjøm sf puflf fxprfsgr lf kg sjcujfmtf egmfrg4 Pfmtg`jkjlgl 5 5 A KP + (A E - A KP )ΰ7 + (A E - A KP )ΰ0 + (A E - A KP )ΰ8… Fm limlf A E fs kg rfmtg`jkjlgl lf kis oghtirfs quf gofhtgrçm kg rfmtg`jkjlgl lf kg ghhjøm, ΰ rfprfsfmtg kg sfmsj`jkjlgl lfk ghtjvi g hglg oghtir him fk rjfsci. Fk G^\, G^\, jcugk quf fk HG^E, himsjlfrg quf fk ômjhi rjfsci rfkfvgmtf fs fk rjfsci sjstfeçtjhi. Fk HG^E puflf himsjlfrgrsf um tjpi lf G^\ him um ômjhi oghtir, quf fs fk efrhgli fm fk quf bgy um siki `ftg. G ljofrfmhjg lfk HG^E, fm fk G^\, G^\, fk efrhgli mi tjfmf mjmcôm pgpfk rfkfvgmtf fm fk eilfki. Xfcôm fk G^\, kis jmvfrsirfs lf`fm fstgr lf ghufrli him huçkfs sim kis oghtirfs rfkfvgmtfs, Ofrmgmlfz (0>>6). Itrg lf kgs têhmjhgs pgrg fstjegr fk histi lf hgpjtgk A fs fk ‛rfmljejfmti lf kis `imis eçs umg prjeg lf rjfsci―. Fstf eêtili quf fs euy pipukgr, lf`jli g su sjepkjhjlgl y fk môefri kjejtgli lf supufstis. Fk eilfki fs fsfmhjgkefmtf umg prçhtjhg fepårjhg quf mi hufmtg him umg tfiråg søkjlg.
Histi prieflji pimlfrgli p imlfrgli lfk hgpjtgk ((S SGHH) Lgli quf umg feprfsg puflf i`tfmfr rfhursis lf kis ghhjimjstgs prfofrfmtfs, lf kis ghhjimjstgs hieumfs y våg fmlfulgejfmti, fk histi lf hgpjtgk fs lfmjli hiei fk prieflji pimlfrgli lf ljhbis histfs SGHH (lf sus sjckgs fm jmckês wfjcbtfl gvfrgcf hist hgpjtgk ). ). Fk histi lfk pgtrjeimji rffffdg fk rjfsci lfk pgtrj-
eimji fm kgs jmvfrsjimfs lf kg feprfsg. Fk histi lf kg lfulg lfspuês i gmtfs lf kis jepufstis fstç fm oumhjøm lfk rjfsci pripji lf kg feprfsg, ejfmtrgs quf fk rjfsci lf kgs ghhjimfs prfofrfmtfs fstç fm oumhjøm lfk rjfsci quf puflgm tfmfr kg lfulg y fk pgtrjeimji. Xfcôm Lgeilgrçm (0>>8), fk pfsi lf hglg umi lf kis hiepimfmtfs lfk histi lf hgpjtgk lf`f fstgr rffffdgli gk vgkir lf efrhgli. Fk SGHH fs fk tjpi lf lfshufmti utjkjzgli pgrg himvfrtjr fk outuri ffudi lf oimli kj`rf fspfrgli gk vgkir ghtugk pgrg sfr ljstrj`ujli g kis jmvfrsirfs. Fk prjmhjpji cfmfrgk eçs jepirtgmtf pgrg fstjegr fk SGHH fs kg lf sfr hibfrfmtf him fk fmoiquf, Hipfkgml, lf kg vgkirghjøm him kg lfmjhjøm lfshimtgr, lfshimtgr Aikkfr yy Eurrjm (0>>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
88? Ojmgmzgs gpkjhglgs
Kg oøreukg cfmfrgk pgrg fstjegr fk SGHH lfspuês lf jepufstis fs sjepkfefmtf kg efljg pimlfrglg lfk histf egrcjmgk lfspuês lf jepufstis lf hglg oufmtf lf hgpjtgk. SGHH S GHH 5 S l A l Q(7 - t )U )U + S X A X + S ^ A ^ S l 5 ^fsi lfk gpirtf lf kg lfulg A l 5 Pfmtg`jkjlgl fspfrglg lf kg lfulg lfulg bgstg su vfmhjejfmti ffmm fk efrhgli t 5 \gsg lf jepufsti g kgs utjkjlglfs S s 5 ^fsi lfk gpirtf lf kis ghhjimjstgs A s 5 Histf lf ipirtumjlgl lftfrejmgmli pir fk efrhgli, lf kis rfhursis rfhursis pripjis lfk hgpjtgk S p 5 ^fsi lfk gpirtf lf kgs ghhjimfs prfofrfmtfs A p 5 Histf lf kgs ghhjimfs prfofrfmtfs Fm umg jmvfstjcghjøm, @rumfr, Fglfs, Bgrrjs y Bjccjms (7::2) fmhimtrgrim quf fk SGHH fs gepkjgefmtf ghfptgli pgrg fk hçkhuki lfk histf lf hgpjtgk lf kg feprfsg. Xfcôm Agpkgm gml Pu`gha (7::6), fk SGHH, SGHH, quf fs gepkjgefmtf utjkjzgli hiei um histf lf hgpjtgk prieflji lfspuês lf jepufstis, mi fs tgm oçhjk lf jepkfefmtgr, lgli quf rfqujfrf quf fk histf lf hgpjtgk sfg hgkhukgli fm hglg pfrjili pgrg pilfr jmhkujr fk hge`ji lfk fmlfulgejfmti fm fk tjfepi. Fk eilfki tførjhgefmtf hirrfhti pgrg fstg`kfhfr kg fstruhturg lfk hgpjtgk himsjstf fm utjkjzgr um SGHH SGHH ljstjmti pgrg hglg g÷i, quf rffffdf kg fstruhturg lf hgpjtgk lf hglg umi lf fsis g÷is―, vfr Hipfkgml, Aikkfr y Eurrjm (0>>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
883
0. Hiei um fstçmlgr pgrg lfhjsjimfs lf jmvfrsjøm fm limlf kg tgsg eåmjeg eåmjeg ghfptg`kf lf rftirmi i tgsg lf lfshufmti fm umg mufvg jmvfrsjøm pripufstg fs lfmjlg hiei histf lf hgpjtgk. 8. Hiei umg himfxjøm fmtrf fmtrf kgs lfhjsjimfs lf jmvfrsjøm y lf mgmhjgejfmti, fm limlf kg tgsg lf rftirmi eåmjeg ghfptg`kf lf mufvgs jmvfrsjimfs fs efljlg hiei umg oumhjøm lf kg tgsg lf rftirmi rfqufrjlg pir kis jmvfrsjimjstgs lf fsis vgkirfs. Fk histi lf hgpjtgk lf umg feprfsg fs euy jepirtgmtf, pufs rfprfsfmtg kg tgsg eåmjeg lf rfmljejfmti rfqufrjli fm umg jmvfrsjøm, pgrg fstgr sfcuris quf kg feprfsg mi lfstrujrç vgkir, pir ki quf pilfeis lfhjr quf fk histi lf hgpjtgk fs kg tgsg rfqufrjlg lf rfmljejfmti lf umg feprfsg. Fstf histi lftfrejmgrç kg tgsg lf rfmljejfmti quf kg feprfsg lf`frç i`tfmfr fm sus mufvgs jmvfrsjimfs, pgrg egxjejzgr fk vgkir lf kg feprfsg. Hiei sf i`sfrvg, kgs feprfsgs rfqujfrfm oumlgefmtgkefmtf himihfr fk histi lfk pgtrjeimji y fk histi lfk hgpjtgk (himsjlfrgmli tge`jêm kg lfulg) pgrg pilfr hiepgrgr ljofrfmtfs oiregs lf mgmhjgr sus ipfrghjimfs. Hugmli umg feprfsg utjkjzg ômjhgefmtf fk gpirtf lf kis ghhjimjstgs g trgvês lf kgs utjkjlglfs mi ljstrj`ujlgs i lf mufvis gpirtfs, fk histi lf hgpjtgk fstgråg lftfrejmgli pir fk rfmljejfmti rfqufrjli pir fk pgtrjeimji, pfri miregkefmtf kgs feprfsgs utjkjzgm fk mgmhjgejfmti g kgrci pkgzi gljhjimgkefmtf gk gpirtf lf kis ghhjimjstgs lf umg egmfrg jmtfkjcfmtf, pufs fk histi lf hgpjtgk lfk pgtrjeimji pgt rjeimji hgsj sjfeprf fs eçs gkti quf fk histi lf kg lfulg, pirquf mi tjfmf fshuli trj`utgrji. Kgs feprfsgs i`tjfmfm oimlis tgmti lf kis ghhjimjstgs jmvfrsjimjstgs hiei lf kis lf lfulg quf fspfrg quf sus jmvfrsjimfs i`tfmcgm rftirmis. Kis jmvfrsjimjstgs lf pgtrjeimji fspfrgm um rftirmi eçs umg prjeg lf rjfsci, gk jcugk kis lf lfulg fspfrgm umg tgsg lf rftirmi. Xj himsjlfrgeis kis lis gpirtfs y rfvjsgeis su hiepisjhjøm, pilfeis hgkhukgr fk histi prieflji pimlfrgli lf ge`is gpirtfs y fsi sf lfmiejmg histi lf hgpjtgk.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
882 Ojmgmzgs gpkjhglgs
¹^ir ¹^ ir quê kkgs gs feprfsgs rfqujfrfm lf umg tgsg eåmjeg lf rftir rftirmi9 mi9 Oumlgefmtgkefmtf, pirquf hglg feprfsg mfhfsjtg fvgkugr lømlf jmvfrtjr sus rfhursis, fm hjfrtis pfrjilis lf tjfepi y vfr kg hgkjlgl lf sus jmvfrsjimfs ghtugkfs. Gså, pir fdfepki, sj fk fk histi histi lf hgpjtgk lf \fkfoømjhg oufrg 77,6%, fk fk rftirmi rftirmi si`rf su hgpjtgk jmvfrtjli hiei eåmjei lf`fråg rfmljr 77,6%. Himihjfmli fk histi lf hgpjtgk lf umg feprfsg, mis gyulg g hiepgrgr ljofrfmtfs oiregs lf mgmhjgejfmti lf sus ipfrghjimfs.
Histi lfk pgtrjeimji Fs kg tgsg lf rftirmi quf kis jmvfrsjimjstgs lf pgtrjeimji rfqujfrfm pir sus jmvfrsjimfs fm kg feprfsg. Vmi lf kis eilfkis lf egyir usi (mi mfhfsgrjgefmtf eçs fxghti) pgrg i`tfmfr kg tgsg lf rftirmi lf kis jmvfrsjimjstgs lfk pgtrjeimji fs fk eilfki lfk hgpjtgk gssft prjmhjmc eilfk (HG^E ). ). Fstf eilfki rfqujfrf lf umg tgsg kj`rf lf rjfsci y umg prjeg pir fk rjfsci quf lf`f sfr fvgkugli lfmtri lfk himtfxti lf fxpisjhjøm gk rjfsci lf kg feprfsg fm oireg lf `ftgs. \gsg fspfrglg lf rftirmi 5 \gsg kj`rf lf rjfsci + (^rjeg lf rjfsci) @ftg
\gsg kj`rf lf rjfsci Fs gqufkkg tgsg lf rftirmi fspfrglg quf sf huepkjrç him hfrt hfrtfzg. fzg. ^ir ki tgmti, pgrg quf umg jmvfrsjøm puflg sfr kj`rf lf rjfsci fm um pfrjili lf tjfepi lftfrejmgli sf lf`fm lgr lis himljhjimfs4 Wuf mi bgyg um rjfsci jepkåhjti sjcmjhg quf um ci`jfrmi tfmlråg quf fejtjr kis pgpfkfs lf lfulg. Mi tilis kis ci`jfrmis puflfm fejtjr pgpfkfs quf mi bgyg um rjfsci jepkåhjti y fsti mi oghjkjtg quf fm gkcumis pgåsfs sf puflg fmhimtrgr tgsgs kj`rf lf rjfsci. Mi lf`f fxjstjr jmhfrtjlue`rfs fm kgs tgsgs f jmvfrsjøm, lf tgk oireg quf sf rfjmvjfrtgm kis ffudis lf hgdgs, gôm sjm himihfr kgs tgsgs. Kgs kj`rfs lflfkrjfsci kg efljlg lf ki pisj`kf fk ejsei birjzimtftgsgs lf tjfepi ffudilf`fm lf hgdgtfmfr g sfrfm fvgkugli.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
88:
Egs glfkgmtf sf prfsfmtg jmoireghjøm rfofrfmtf g kis rfmljejfmtis bjstørjhis lf kis `imis lfk tfsiri mirtfgefrjhgmi, himihjlis hiei \-@iml, kis rfmljejfmtis lf kis i`kjcghjimfs lf hirti pkgzi himihjlis hiei \-@jkks y rfmljejfmti lf kgs ghhjimfs quf hitjzgm fm fk efrhgli mirtfgefrjhgmi4 bttp4//pgcfsstfrm.myu.flu/ lgeilgrgm tge`jêm pilfeis jmcrfsgr g trgvês lf ‛ciickf―, ‛ciickf―, fm `ôsquflg fshrj`jeis kg pgkg`rg ‒lgeilgrgm ‒lgeilgrgm‚‚ y kufci fm kg pçcjmg `ushgeis lgeilgrgm im kjmf.
^rjeg lf rjfsci Fs kg vgrjg`kf eçs jepirtgmtf fm fk eilfki HG^E . Kg prjeg lf rjfsci ejlf fk rftirmi fxtrg quf lfegmlgm kis jmvfrsjimjstgs pir mi jmvfrtjr fm umg tgsg kj`rf lf rjfsci. Kg prjeg lf rjfsci fstç fm oumhjøm g kg gvfrsjøm gk rjfsci y hiei pfrhj`fm kgs ghhjimfs fm rfkghjøm him umg tgsg kj`rf lf rjfsci. ^grg fstjegr kg prjeg lf rjfsci fm fk eilfki HG^E , bgy lis oiregs, umg ejrgmli fk pgsgli y i`sfrvgmli kg prjeg rjfsci fmtrf kg rfmtg`jkjlgl lf kgs jmvfrsjimfs lf ghhjimfs si`rf kg rfmtg`jkjlgl lf kis `imis lfk ci`jfrmi, g fsti sf kf lfmiejmg prjeg bjstørjhg. Kg itrg sfråg i`sfrvgmli fk prfeji quf sf i`tjfmf fm efrhglis huyis ghtjvis sim gktgefmtf rjfscisis.
^rjeg bjstørjhg Xf `gsg fm lgtg bjstørjhg. Xf fstjeg i`sfrvgmli kg ljofrfmhjg fmtrf fk prieflji lf rftirmi lf kgs ghhjimfs quf hitjzgm fm `iksg y fk prieflji lfk rftirmi lf kg tgsg kj`rf lf rjfscipgrg lf kis \-@iml si`rf sf umgsuef pfrjili Hugmli usg kg lgtg bjstørjhg hgkhukgr kg ,prjeg, fm lftfrejmgli. oireg jepkåhjtg quf kg sf gvfrsjøm gk rjfsci lf kis jmvfrsjimjstgs mi hge`jg g ki kgrci lfk pfrjili lf gmçkjsjs y quf fk rjfsci rfkgtjvi lfk pirtgoikji lf ghhjimfs mi hge`jg fm fsf pfrjili J``itsim Gssihjgtfs (kålfr fm kg hikihghjøm lf ghtjvis him fxpfrjfmhjg fm kgs fxpfhtgtjvgs lfk efrhgli lf hgpjtgkfs f jepkfefmtghjøm lf pirtgoikjis) ejlf fk lfsfepf÷i bjstørjhi lf hjmhi pirtgoikjis lf vgkirfs4 7. ^gpfkfs ^gpfkfs lf lfulg lfk tfsiri lfk ci`jfrmi ci`jfrmi mirtfgefrjhgmi \-@jkks, him vfmhjejfmti efmir g um g÷i. 0. ^gpfkfs ^gpfkfs lf lfulg lfk ci`jfrmi mirtfgefrjhgmi mirtfgefrjhgmi g kgrci pkgzi, pkgzi, \-@iml.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8 Ojmgmzgs gpkjhglgs
8. @imis hirpirgtjvis g kgrci pkgzi. >). 6. ^irtgoikji lf ghhjimfs hieumfs lf pfquf÷gs pfquf÷gs feprfsgs. feprfsgs. Fk tfeg quf sjfeprf sf ljshutf hugmli sf lfsfg hgkhukgr kg prjeg bjstørjhg fs sj lf`f sfr um prieflji grjteêtjhi grjt eêtjhi i cfieêtrjhi. Fk hçkhuki lfk prieflji grjteêtjhi sjcmjhg quf fs fk prieflji lf kis rftirmis gmugkfs lfk pfrjili fm efmhjøm. Ejfmtrgs quf fm fk prieflji cfieêtrjhi fs fk rftirmi hiepufsti gmugk si`rf fk pfrjili trg`gdgli. Fdfepki4 G÷i
^rfhji
Pftirmi
7
VX$ ?,6> VX$ 70,>
8>%
0 8
VX$ 2 VX $ 7 <
70% 86%
^rieflji grjteêtjhi 5
8>% + 70% + 86%
5 06,?3%
8 ^rieflji cfieêtrjhi 5 (8>% Ó 70% Ó 86%)7/8 5 08,03% ^grg jkustrgr efdir fk himhfpti lfk histi lf hgpjtgk, vfgeis fk sjcujfmtf hgsi4 Gsuegeis quf um priyfhti lf jmvfrsjøm fstjeg um lfsfe`iksi jmjhjgk lf VX$ 7>.>>>.>>> y sf bg fstjegli quf fstf sfrç mgmhjgli him gpirtf lf kis ghhjimjstgs y kg itrg pgrtf him gpirtf lf jmvfrsjimjstgs lf lfulg. Jmvfrsjøm4 VX$ 7>.>>>.>>>
Lfulg
^gtrjeimji Gpirtf lf ghhjimjstg
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
8.>>>.>>>
Lfulg (A l) 3%
^gtrjeimji (A s) Gpirtf lf ghhjimjstgs 72%
Kis jmvfrsjimjstgs lf lfulg gpirtgrçm fk 6>% y fk sgkli, kis jmvfrsjimjstgs lf pgtrjeimji. Jmvfrsjøm4 VX$7>.>>>.>>>
Lfulg (A l) 3% VX$ 6.>>>.>>>
^gtrjeimji (A s) Gpirtf lf ghhjimjstgs 72% VX$ 6.>>>.>>>
Kg prfcumtg sfråg ¹huçmti hufstg kis VX$ 7>.>>>.>>>, fs lfhjr, fk histi lf hgpjtgk9 Jmlulg`kfefmtf mi fs 3%, pufs kis jmvfrsjimjstgs lf lfulg siki fstçm gpirtgmli fk 6>%, mj 72%, pufs kis jmvfrsjimjstgs lf pgtrjeimji gpirtgm fk itri 6>% fm fs tf hgsi, sfråg fk prieflji pimlfrgli lfk gpirtf lf ge`is jmvfrsjimjstgs. Kg oøreukg lfk prieflji pimlfrgli lfk histi lf hgpjtgk, himihjli pir sus sjckgs fm jmckês SGHH (wfjcbtfl gvfrgcf hist hgpjtgk ), ), mis gyulg g pimlfrgr ljhbi histi.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8% (72%) + 6>%Q3% (7 - >,8>)U
SGHH 5 77,% prieflji gmugk
^ir ki tgmti, sfcôm kis hçkhukis rfgkjzglis, fk histi prieflji pimlfrgli lf kis VX$ fs 77, qufejkkimfs fk priyfhti hiei eåmjeis quf rfmljr fs 77,77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
8>, fk pirtf lfk hgpjtgk sfrç titgkefmtf lf kis ghhjimjstgs, sj hglg ghhjøm tjfmf um vgkir miejmgk lf VX$ 7, bg`rç 7>> ghhjimfs. ^ir itri kgli kg gktfrmgtjvg ‛@―, fm kg hugk VX$ 6> fs gpirtgli pir kis ghhjimjstgs y kis itris VX$ 6> sf himsjcuf mgmhjgejfmti quf hufstg VX$ 7> lf jmtfrfsfs, fm fstg gktfrmgtjvg siki bg`rçm 6> ghhjimfs, pufs kis ghhjimjstgs siki gpirtgrim fk sgkli. Gktfrmgtjvg G Xjm mgmhjgejfmti
Gktfrmgtjvg @ Him mgmhjgejfmti
Lfulg VX$ > VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
Ghhjimjstgs VX$ 6> 6> ghhjimjstgs lf VX$ 7 Lfulg VX$ 6> Jmtfrfsfss pir lfulg VX$ Jmtfrfsf VX$ 7> VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
(-) Cgstis mgmhjfris
>,>>
7>,>>
Vtjkjlgl jepimj`kf*
06,>>
76,>>
(-) Jepufstis g kgs utjkjlglfs 8>%
(3,6>)
()
Vtjkjlgl mftg (pgrg kis ghhjimjstgs)
VX$ 73,6>
VX$ 7>,6>
Ghhjimjstgs VX$ 7>> 7>> ghhjimjstgs lf VX$ 7 _fmtgs (-) Histi lf vfmtgs (-) Cgstis lf vfmtgs (-) Cgstis glejmjstrgtjvis Vtjkjlgl ipfrgtjvg (F@J\)
(*) Vtjkjlgl sudftg g jepufstgs
Xj fk gmçkjsjs oufrg sjepkf, pilrågeis himhkujr quf mi mis himvjfmf fmlfulgrmis pufs kg utjkjlgl mftg sf vf ljsejmujlg, pir kis cgstis mgmhjfris, pfri sj hgkhukgeis kg utjkjlgl pir ghhjøm, pilfeis tfmfr fk sjcujfmtf gmçkjsjs4
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8> 7>> ghhjimjstgs lf VX$ 7 Lfulg VX$ >
Ghhjimjstgs VX$ 6> 6> ghhjimjstgs lf VX$ 7 Lfulg VX$ 6>
VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
Jmtfrfsfs pir lfulg VX$ 7> VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
(-) Cgstis mgmhjfris
>,>>
7>,>>
Vtjkjlgl jepimj`kf*
06,>>
76,>>
(-) Jepufstis g kgs utjkjlglfs 8>%
(3,6>)
()
Vtjkjlgl mftg (pgrg kis ghhjimjstgs)
VX$ 73,6>
VX$ 7>,6>
V^G (Vtjkjlgl pir ghhjøm)
VX$ >,736
VX$ >,07
_fmtgs (-) Histi lf vfmtgs (-) Cgstis lf vfmtgs (-) Cgstis glejmjstrgtjvis Vtjkjlgl ipfrgtjvg (F@J\)
(*) Vtjkjlgl sudftg g jepufstis
Hiei sf i`sfrvg, hugmli bgy mgmhjgejfmti kg utjkjlgl pir ghhjøm fs egyir, egyir, pufs bgy um efmir môefri lf ghhjimfs pgrg ljstrj`ujr kgs utjkjlglfs (VX$ 7>,6>/6> ghhjimfs). ^ir itri kgli, sf i`sfrvg fk gbirri trj`utgrji quf sf i`tjfmf gk pgcgr efmis jepufstis.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk Xjm mgmhjgejfmti
8> 7>> ghhjimjstgs lf VX$ 7 Lfulg VX$ >
Ghhjimjstgs VX$ 6> 6> ghhjimjstgs lf VX$ 7 Lfulg VX$ 6>
VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
Jmtfrfsfss pir lfulg VX$ Jmtfrfsf VX$ 7> VX$ 7>>,>> (6>,>>) (7>,>>) (76,>>) 06,>>
(-) Cgstis mgmhjfris
>,>>
7>,>>
Vtjkjlgl jepimj`kf*
06,>>
76,>>
(-) Jepufstis g kgs utjkjlglfs 8>%
(3,6>)
Vtjkjlgl mftg (pgrg kis ghhjimjstgs)
VXVX$ 73,6>
_fmtgs (-) Histi lf vfmtgs (-) Cgstis lf vfmtgs (-) Cgstis glejmjstrgtjvis Vtjkjlgl ipfrgtjvg (F@J\)
(VX$ 8)
() VX$ 7>,6>
Gbirris trj`utgrjis 5 >,8> Ó VX$ 7> jmtfrfsfs
Xj ustfl lfsfg jmoireghjøm lfk rfmljejfmti lf kis `imis lfk tfsiri mirtfgefrjhgmi (\-@iml) y rfmljejfmti quf bg tfmjli kg `iksg lf vgkirfs lf Mufvg Zira (Jmljhf Liw Dimfs Dimfs i Xtgmlgrl & ^iirjs) jmcrfsg g kg pçcjmg wf` lfk priofsir Lgeilgrgm4 Lgeilgrgm im kjmf bief pgcf oir Gswgtb G swgtb Lgeilgrgm4 bttp4//pgcfsstfrm.myu.flu/ lgeilgrgm.
Fdfrhjhjis
7. Fk mgmhjgejfmti mgmhjgejfmti lf uumg mg mufvg jmvfrsjøm rfqujfrf rfqujfrf lf um lfsfe`iksi jmjhjgk fs VX$ 7> ejkkimfs, fk hugk sfrç hu`jfrti him kg fejsjøm lf `imis hirpirgtjvis pir um jepirtf lf VX$ 6.>>>.>>>,>>, huyi histi mgmhjfri lf fejsjøm fs 3,6>%, him um grrfmlgejfmti mgmhjfri VX$ 7.6>>.>>>,>> itircgli pir Gefrjhgm Kfgsjmc g umg tgsg lf jmtfrês lf 77,>% y um prêstgei `gmhgrji pir VX$ 6>>.>>>,>> g um histi mgmhjfri lf 70,6>%. Fk sgkli sfrç gpirtgli gpirtgl i pir kis ghhjimjstgs. Hgkhukf fk histi prieflji lf kg lfulg. Xikuhjøm4
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8%
^gtrjeimji Jepirtf
Vtjkjlglfs rftfmjlgs
0>>.>>>,>>
Fejsjøm mufvgs ghhjimfs hieumfs
6>>.>>>,>>
\itgk
3>>.>>>,>>
^grtjhjpghjøm
7>% 7>.>>>,>>
3,?>%
30,>>%
6,>.>>>,>>
7>%
2,>>%
7,70%
Fejsjøm lf ghhjimfs hieumfs
6>>.>>>,>>
7,>>%
0,:7%
\itgk Histi prieflji pimlfrgli lfk hgpjtgk
Histi mgmhjfri
0.6>>.>>>,>>
7>>,>>% :,6>%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8 ejkkimfs, kg hugk quf sfrç mgmhjglg um ?>% him lfulg y fk sgkli him pgtrjeimji. pgt rjeimji.
Kgs utjkjlglfs rftfmjlgs ghueukglgs gk 87 lf ljhjfe`rf lf 0>>6 oufrim
VX$ 7,6 ejkkimfs, kgs hugkfs quf sfrçm utjkjzglgs pgrg fk priyfhti. Fk sfhtir lf tfxtjkfs fm kis ôktjeis g÷is bg tfmjli um PIJ prieflji lf 7?,2 %, ejfmtrgs quf fk `ftg prieflji lf kg feprfsg fs >,:2.
^grtf lfk mgmhjgejfmti sf rfgkjzgrç him kg fejsjøm lf mufvgs ghhjimfs hieumfs pir um eimti lf VX$ 0,6 ejkkimfs.
Xf fejtjrågm `imis pir VX$ 8 ejkkimfs, lf um vgkir miejmgk lf VX$ 8>.>>>,>> hglg umi kis hugkfs iorfhfm umg \FG lfk %. Xf fspfrg quf kis `imis sfgm hitjzglis gk 7>7,8?3% lf su vgkir miejmgk.
^grtf lf kis ghtjvis sfrçm mgmhjglis him um grrfmlgejfmti mgmhjfri quf itircgrç Kgtjmi Kfgsjmc, pir VX$ 8 ejkkimfs, him huitgs trjefstrgkfs g trfs g÷is him umg \FG lfk 77,>>%. G hglg huitg sf kf hgrcgrç VX$ 7> pir himhfpti lf hiejsjimfs y itris. Fk vgkir lf rfhieprg sfcôm himtrgti fs lfk 7,>% lfk vgkir lfk ghtjvi.
Kgs ghhjimfs lf kg feprfsg sf hitjzgm biy fm VX$ ?,6> y sf fspfrg quf egmtfmcgm 8,>% pgrg kis prøxjeis g÷is. Fk ôktjei ljvjlfmli pgcgli um oufhrfhjejfmti lf VX$ >,2>lfkpir ghhjøm.
Kis histis pir kg fstruhturghjøm prfvjstis fs lfk >,7,76%, ejfmtrgs quf kis histis lf ffitghjøm (Hgvgkj, @iksg lf _gkirfs, _gkirfs, Himgsfv, Himgsfv, fth.) rfprfsfmtgm fk >,>:32% lfk vgkir lf hitjzghjøm.
Fk jepufsti g kg rfmtg fs lfk irlfm lfk 8>%
g. Hgkhukf fk histi lf kg lfulg
`. Hgkhukf fk histi lfk pgtrjeimji
h. Hgkhukf fk histi lf hgpjtgk lf kg feprfsg (SGHH) (SGHH)
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
8.>>>,>> %
G÷is ^rfhjilflfrflfmhjøm hitjzghjøm _gkir lf hitjzghjøm _gkir lf jmtfrês pir hupøm ^irhfmtgdf lf prjeg g kg rflfmhjøm _gkir lf prjeg g kg rflfmhjøm Histis lf fstruhturghjøm Histis lf hikihghjøm Histis lf ffitghjøm \gsg lf jeputghjøm g kgs utjkjlglfs
7>7,8?38 8>.,7> 7.86>,>> 7% 8>>,>> >,7,76% >.>:32% 8>%
G÷is
_gkir hitjzghjøm
> 7 0 8
Histis lf fejsjøm
Jmtfrfsfs pir hupøm
^rjeg g kg rflfmhjøm
Lfvikuhjøm vgkir miejmgk
8>.,7> >,8232>>% 7.86>,>> 7.86>,>> 7.86>,>>
Okudi mgk
-8>.0:0,73 7.86>,>> 7.86>,>> 8>,>>>,>> 87.?6>,>>
8>>,>>
\JP
> -8>.,7>(7 - >,>>8232)
7
0
7.86>
7.86>
8 g÷is 7.86>
-8>.0:0,73
,>>%
Vtjkjlgl rftfmjlgs
7.6>>.>>>,>>
76,>>%
Fejsjøm lf ghhjimfs hieumfs
0.6>>.>>>,>>
06,>>%
7>.>>>.>>>,>>
7>>,>>%
\itgk
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
860 Ojmgmzgs gpkjhglgs
Fstruhturg lf lfulg \jpi lf mgmhjgejfmti
Jepirtf
^irhfmtgdf lf pgrtjhjpghjøm
Histi lfk ^rieflji mgmhjgejfmti pimlfrgli
@imis
8.>>>.>>>,>>
6>,>>%
.>>>,>>
6>,>>%
77,6?%
6,32%
\itgk lfulg
?.>>>.>>>,>>
7>>,>>%
^rieflji pimlfrgli lf kg lfulg
2,>0%
^gtrjeimji Jepirtf
^grtjhjpghjøm
Vtjkjlglfs rftfmjlgs Fejsjøm lf mufvgs ghhjimfs hieumfs
7.6>>.>>>,>> 0.6>>.>>>,>>
\itgk
>>.>>>,>>
76,?2% 76,38%
Hçkhuki lfk SGHH Jepirtf
Histi ^irhfmtgdf lf ^irhfmtgdf lf mgmhjfri pgrtjhjpghjøm pimlfrghjøm
Lfulg Vtjkjlglfs rftfmjlgs
?.>>>.>>>,>> 7.6>>.>>>,>>
6,?7%(7) 76,?2%
?>,>>% 76,>>%
8,83% 0,86%
Fejsjøm lf ghhjimfs hieumfs
0.6>>.>>>,>>
76,38%
06,>>%
8,:8%
\itgk
7>.>>>.>>>,>>
Histi prieflji pimlfrgli lfk hgpjtgk (7) Lfshimtglis gk fshuli trj`utgrji4 2,>0 (7 - >,8>)
7>>,>>% SGHH
:,?6%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
868
7. Kg jmvfrsjøm jmjhjgk lf um priyfhti priyfhti fs VX$ VX$ 7> ejkkimfs ejkkimfs y puflf sfr mgmhjglg gså4
Kåmfg lf fepgquf ‛gk vghåi ‛, g trgvês lf um Kfgsjmc pir VX$ 7.>>>.>>>,>>, (vgkir vfmtg), pir kg feprfsg lf grrfmlgejfmti Ojmgmhjfri Kgtåm Kfgsjmc, g trfs g÷is him huitgs sfefstrgkfs, g umg \FG lfk 70%, him um vgkir lf rfhieprg lfk 7% hiejsjimfs, pirtfs y itris sim VX$ 770,6>, pir hglg huitg.
Kg fejsjøm lf `imis pir VX$ 6.>>>.>>>,>> pgrg mgmhjgr kg kåmfg lf priluhhjøm (vgkir vfmtg), him rflfmhjøm g trfs g÷is y umg prjeg pir rflfmhjøm lfk 7%, iorfhf jmtfrês pir hupøm fqujvgkfmtf g umg \FG lf 6,6%, kis hugkfs sf g`imgrgm gmugkefmtf. Kis cgstis lf ffitghjøm rfprfsfmtgm >,>32%1 kis lf hikihghjøm >,7>% y kis lf fstruhturghjøm, >,>:% lfk vgkir lf hitjzghjøm. Kis `imis tjfmfm um vgkir miejmgk lf VX$ 0>.>>>,>> hglg umi y sf fspfrg quf sf hitjhfm gk eiefmti lf su fejsjøm gk 7>7,>.>>>,>>, pgrg glqujrjr fk sjstfeg lf høeputi, jmhkujli kg jmstgkghjøm vgkirjzgli fm VX$ >.>>>,>> (prfhji vfmtg) y VX$ 7>>.>>>,>> pgrg hgpjtgk lf trg`gdi, huitgs sfefstrgkfs, um pfrjili lf crghjg titgk y um pfrjili lf crghjg miregk, umg \FG lfk 7? %, pgrg fk fk prjefr g÷i y 7>>.>>>,>>, 8.>>>.>>>, >>, sfrvjrç pgrg mgmhjgr4 kg glqujsjhjøm lf um tfrrfmi lf 7>,>>> eftris huglrglis vgkirjzgli fm VX$ ?>>.>>>,>> y fk sgkli fm kg fljhghjøm lfk fspfrg kihgk jmlustrjgk (mihrfhjejfmti himsjlfrgr Jepufstis g kis `jfmfs y sfrvjhjis). Kg feprfsg umg tgsg lf lfk 8% gk g÷i. Fk sgkli sfrç mgmhjgli him utjkjlglfs lfk fdfrhjhji gmtfrjir.
Pfmljejfmti prieflji 7::3-0>>3 Åmljhf Liw Dimfs 3,:2%
Pfmljejfmti prieflji 7::3-0>>3 \-@iml (`imis lfk tfsiri mirtfgefrjhgmi) ?,,88. g. Hgkhukgr fk histi prieflji lf kg lfulg `. Hgkhukgr fk histi histi lf pgtrjeimji lf kis jmvfrsjimjstgs, jmvfrsjimjstgs, pir fk eêtili lfk ffudi lf hgdg lfshimtgli As 5 HG^E 5 AKP +( AE ‘ AKP) `ftg h. Hgkhukgr fk histi lf hgpjtgk lf kg feprfsg feprfsg (SGHH) (SGHH)
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
86< Ojmgmzgs gpkjhglgs Fstruhturg lf hgpjtgk Jepirtf
Lfulg
^grtjhjpghjøm
?.6>>.>>>,>>
?6,>>%
6>>.>>>,>> 8.>>>.>>>,>> 7>.>>>.>>>,>>
6,>>% 8>,>>% 7>>,>>%
^gtrjeimji
Vtjkjlglfs rftfmjlgs Fejsjøm lf ghhjimfs hieumfs
\itgk
Fstruhturg lf lfulg \jpi lf mgmhjgejfmti
Jepirtf
^irhfmtgdf lf ^grtjhjpghjøm
Histi lfk mgmhjgejfmti
^rieflji pimlfrgli
3?,:0% 76,82% 3,?:% 7>>,>>%
6,82% 70,67% 7.>>>,>> Grrfmlgejfmti mgmhjfri 7.>>>.>>>,>> ^rêstgei 6>>.>>>,>> \itgk lf lfulg ?.6>>.>>>,>> ^rieflji pimlfrgli lf kg lfulg
3,07%
^gtrjeimji Jepirtf
Vtjkjlglfs rftfmjlgs Fejsjøm mufvgs ghhjimfs hieumfs \itgk
6>>.>>>,>> 8.>>>.>>>,>> 8.6>>.>>>,>>
Hçkhuki lfk SGHH Jepirtf
Lfulg ?.6>>.>>>,>> ^gtrjeimji (7) 8.6>>.>>>,>> \itgk 7>.>>>.>>>,>> Histi prieflji pimlfrgli lfk hgpjtgk
Histi mgmhjfri
^irhfmtgdf lf pgrtjhjpghjøm
3,07% 78,2>%
?6,>>% 86,>>% 7>>,>>% SGHH
^irhfmtgdf lf pimlfrghjøm
Hugmli sf hgkhukg fk SGHH g trgvês lf kg eftilikicjg lfk HG^E, fk pgtrjeieimji fs umi siki
(7)
(*) Jmhkuyf fshuli trj`utgrji (7 - t)
8,02%(*) 77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk 6.>>>.>>>,>> 0>.>>>,>> 6,6>% 8 7>7,.0:>,>> 7.7>>,>> 7% 0>>,>> >,>:% >,7>% >,>32% 8>%
Histi lf fejsjøm lf `imis
_gkir miejmgk Jmtfrês pir hupøm G÷is lf rflfmhjøm ^rfhji lf hitjzghjøm _gkir lf hitjzghjøm _gkir lf jmtfrês pir hupøm ^irhfmtgdf lf prjeg g kg rflfmhjøm _gkir lf prjeg g kg rflfmhjøm Histis lf fstruhturghjøm Histis lf hikihghjøm Histis lf ffitghjøm \gsg lf jepufstis g kgs utjkjlglfs
G÷is
> 7 0 8
_gkir _gkir Hitjzghjøm
Histis lf fejsjøm
0>.0:>,>>
>,0?2%
866
Jmtfrfsfs pir ^rjeg g kg hupøm rflfmhjøm
7.7>>,>> 7.7>>,>> 7.7>>,>>
0>>,>> A ` 5
Lfvikuhjøm vgkir miejmgk
Okudi mgk
0>.>>>,>> \JP
Grrfmlgejfmti Grrfmlg ejfmti mgmhjfr mgmhjfri i
Jepirtf \gsg \gsg fqujvgkfmtf sfefstrgk G÷is Huitgs sfefstrgkfs Môefri lf huitgs Huitg sfefstrgk Hiejsjimfs ^irhfmtgdf lfk vgkir lf rfhieprg lfk ghtjvi _gkir lf rfhieprg lfk ghtjvi
7.>>>.>>>,>> 70% >,>62 8 0 ? 0>0.032,>8 770,6> 7% 7>.>>>,>>
-0>086,?0 7.7>>,>> 7.7>>,>> 07.8>>,>> 6,82>%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
86? Ojmgmzgs gpkjhglgs Huitg
> 7 0 8 < 6 ?
Hiejsjimfs
0>0.032,>8 0>0.032,>8 0>0.032,>8 0>0.032,>8 0>0.032,>8 0>0.032,>8
Okudis
770,6> 770,6> 770,6> 770,6> 770,6> 770,6> \JP \FG
-7.>>>.>>>,>> 0>0.8:>,68 0>0.8:>,68 0>0.8:>,68 0>0.8:>,68 0>0.8:>,68 070.8:>,68 ?,>30% 70,670%
^rêstgei
Jepirtf \gsg fofhtjvg gmugk g÷i 7 \gsg fqujvgkfmtf sfefstrgk \gsg fofhtjvg gmugk g÷i 0 y 8 \gsg fqujvgkfmtf sfefstrgk g÷i 0 y 8 G÷is Huitgs sfefstrgk Môefri lf huitgs ^frjili lf crghjg titgk ^frjili lf crghjg miregk (sfrvjhji lf kg lfulg) Hiejsjimfs Xgkli
> 7 0 8 < 6 ?
6>>.>>>,>> 682.67?,> 707.3>7,68 70:.:> Hiejsjimfs
? ? ? ? ? ? \JP \FG
\itgk lf huitg
-VX$ 6>>.>>>,>>> VX$ ? VX$ % 78,3:28>>%
77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
862 Ojmgmzgs gpkjhglgs
Kgs vfmtgs pgrg fk prjefr g÷i oufrim fstjeglgs VX$ 7.0>>.>>> y sf fspfrg um hrfhjejfmti lfk 8% pgrg kis prøxjeis g÷is. Fk histi lf vfmtgs rfprfsfmtg fk % y kis cgstis glejmjstrgtjvis fm 2%. Jmvfrsjøm jmjhjgk _ _gkir gkir lf vfmtg
JC_
Hgpjtgk lf trg`gdi
6>.>>>
\frrfmi Himstruhhjøm Egqujmgrjgs
Jmvfrsjøm
0>>.>>> 2>>.>>> 7.2>>.>>>
2>>.>>> 80>>
\itgk lf jmvfrsjøm
0.70>> 8.73>>
Fm ki himhfrmjfmtf gk hgpjtgk lf trg`gdi, sfrç fk ejsei bgstg fk mgk lfk pfrjili lf fvgkughjøm. Xfcôm g kg Xumgt, kg himstruhhjøm lf`f sfr lfprfhjglg fm 88 g÷is, ejfmtrgs quf kgs egqujmgrjgs y fqujpis fm ljfz g÷is, g ÷is, pir fk eêtili lf kåmfg rfhtg. Fk jepufsti g kg rfmtg fstç fm fk prieflji lfk 8>%. Fk ?0,7:027?% lfk priyfhti sfrç mgmhjgli him prêstgeis `gmhgrjis y fejsjøm lf `imis, ejfmtrgs quf fk sgkli rfstgmtf him pgtrjeimji (utjkjlglfs rftfmjlgs y fejsjøm lf ghhjimfs hieumfs). Fk prêstgei fs lf Hilf pir VX$ 00>> g umg \FG lfk 77%, him huitgs trjefstrgkfs, g trfs g÷is. G hglg huitg sf fstjeg quf sf kf hgrcgrç, pir himhfpti lf cgstis glejmjstrgtjvis, hiejsjimfs y itris, kg sueg lf VX$ 7. Xf fstjeg um hrfhjejfmti fspfrgli lfk 8%. Xf rftfmlrçm VX$ 0>>.>>,>>, lf kgs utjkjlglfs pgrg mgmhjgr fk priyfhti. Hgkhukf fk SGHH lf kg feprfsg.
Fstruhtutg lf lfulg Eimti
^rêstgei lf Hilf ^rêstgei lf hgpjtgk lf trg`gdi @imis \itgk lf lfulg
j :>
Huitg
Histi
^rieflji pimlfrgli
00>> >,778.>>> >,>0680:02
70,0:3%
>.8776%
7.3>>.>>> >,2?77:66< 7.:3>> 7.>>>.>>>
3,82?%
?.8?>2% 3.:3 77,>>% 8?> < 8 70 0,?03
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8?> Ojmgmzgs gpkjhglgs Xgkli
Geirtjzghjøm
Huitg
Hiejsjimfs
\itgk huitg
> 7 0 8
00>> 0>3.2:< 7:78?0
7?.7>? 7?.680 7?:?:
6.:07 662
00.>03 00.>03 00.>03
7 72286 7:888 7:28?: 0>:>3 07
0 8 ? >.6 6,28>>6% 0>,22<
Jmtfrês
> > 8.0?6 8.0?6 0.082 7.76>
Huitg
> > 8.0?6 0>.22< 0>.22< 0>.22<
Hiejsjimfs
\itgk lf huitg
?6 ?6 ?6 ?6 ?6 ?6
‘6>.>>> ?6 ?6 8.88> 0>.:.:.:% 70,0:3%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk @imis E \FG
0>.>>> 3,?>% >,>838> 8,>%
^Ams Af
78?,?,67?0,?07:0273Q3,:3)U + >,>?8>77:3(78,?70%) + + >,876>6 (78,??:3%) SGHH S GHH 5 >,>2??>:7:0 5 2,?77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8?0 Ojmgmzgs gpkjhglgs
6. Hgsi4 Eftgkprfm X. G. G.
Eftgkprfm X. G. G, jmjhjø sus ipfrghjimfs fm 7:?2, fm kg zimg jmlustrjgk jmlustr jgk lfk himi mirtf, sjfmli su prjmhjpgk ghtjvjlgl fm sus jmjhjis kg og`rjhghjøm lf hihjmgs lf usi jmlustrjgk g qufrisfmf y eilfkis `çsjhis lf hihjmgs g cgs. Ghtugkefmtf, kgs vfmtgs fs lf VX$ 86 ejkkimfs lf løkgrfs gmugkfs. Kg hiefrhjgkjzghjøm lf kis priluhtis fs g mjvfk mghjimgk. Kg feprfsg, g kg ofhbg, bg jmvfrtjli VX$ 6.?>>,>> (histis bumljlis) fm fstuljis lf jmvfstjcghjøm lf efrhgli, jmoirefs quf fstçm sjfmli utjkjzglis pgrg kg fvgkughjøm lf kg oghtj`jkjlgl lf jmhrfefmtgr su iofrtg lf priluhtis gk efrhgli mghjimgk. Kg mufvg jmvfrsjøm sfrvjrç pgrg jepkfefmtgr umg mufvg kåmfg lf priluhhjøm lf hihjmgs jmlustrjgkfs g cgs, him fk sjstfeg ‛ffgeg cgs―, quf pfrejtf fk gbirri fm hie`ustj`kf. Hufmtg him ktris fspfhjgkfs y huepkf him kgs miregs lfk hujlgli lfk eflji ge`jfmtf. Kis jmcfmjfris hjvjkfs y lf priluhhjøm, lfspuês lf gmgkjzgr kis rfpirtfs si`rf kg lfegmlg fkg`irglis pir fk çrfg lf egraftjmc y vfmtgs, bgm fstjegli quf sf rfqufrjrç lf umg jmvfrsjøm jmjhjgk lf VX$ ?.0>>.>>>,>>. Egqujmgrjgs y fqujpis (prfhji lf vfmtg) Egqujmgrjgs lf kåmfg lf fmvgsgli y fepgquf (kfgsjmc ) Fljhghjimfs mufvgs \frrfmi
VX$ 7.>>>.>>>,>> 7.?>>.>>>,>> 0.6>>.>>>,>> 28>.>>>,>>
Hgpjtgk lf trg`gdi
03>.>>>,>> VX$ ?.0>>.>>>,>>
^grg fvgkugr fk priyfhti, fk ljrfhtirji bg fstjegli um pfrjili lf hjmhi g÷is, y sf fspfrg quf gk mgk lf su vjlg ôtjk puflg himsjlfrgrsf fk vgkir rfsjlugk himtg`kf quf tfmcgm gkcumis ghtjvis lfspuês lf kg lfprfhjghjøm. Kgs vfmtgs (vgkir vfmtg) fstjeglgs pgrg fk prjefr g÷i sim lf VX$ 76.2>>.>>>,>>, kgs hugkfs sf jmhrfefmtgrçm fm 6% kis prøxjeis g÷is, him rfspfhti gk g÷i gmtfrjir1 gk jcugk quf kis histis lf kis priluhtis vfmljlis sf eufstrgm fm fk fstgli lf cgmgmhjg y pêrljlgs priyfhtgli pgrg kis prøxjeis hjmhi g÷is, pfrjili lf fvgkughjøm.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
8?8
Kis cgstis glejmjstrgtjvis y cgstis lf vfmtgs, gk jcugk quf kis histis lf vfmtgs, sim kis quf sf prfsfmtgm fm fk fstgli lf cgmgmhjgs c gmgmhjgs y pêrljlgs. Kis cgstis himtg`kfs lf lfprfhjghjøm y/i geirtjzghjøm yg sf fmhufmtrgm jmhkujlis fm fk histi lf vfmtgs, cgstis lf vfmtgs y glejmjstrghjøm lfk fstgli lf cgmgmhjgs y pêrljlgs priyfhtgli. Fk prieflji lfk jepufsti g kg rfmtg lf kg feprfsg fs lfk 8>%. Xf bg fstjegli quf pgrg gk g k jmjhji lfk g÷i hugtri, sf lf`f rfgkjzgr um lfsfe`iksi pir umg jmvfrsjøm gljhjimgk fm egqujmgrjgs y fqujpis pir VX$ 086.>>>,>> (g prfhji lf vfmtg), huyg lfprfhjghjøm fs g hjmhi g÷is gk jcugk quf kgs itrgs egqujmgrjgs, fxhfpti kis mgmhjglis våg kfgsjmc , quf sf lfprfhjgm sfcôm g kg lurghjøm lfk himtrgti. Kgs himstruhhjimfs mufvgs sf lfprfhjgm g 88 g÷is. Kg glqujsjhjøm lf kis ghtjvis g sfr utjkjzglis fm kg mufvg gepkjghjøm sf bg fstjegli quf sfrç mgmhjgli him kg sjcujfmtf fstruhturg lf hgpjtgk4 •
Vm prêstgei itircgli pir fk @gmhi Mirsik, pir V VX$ X$ 7.>>>.>>>,>>, g umg umg
\FG lfk 7?%, g hugtri g÷is. G hglg huitg sf kf hgrcg VX$ 72:,>> pir himhfpti lf cgstis glejmjstrgtjvis, hiejsjimfs y itris. Xf bg mfcihjgli um pfrjili lf crghjg titgk y um pfrjili lf crghjg miregk. Kgs huitgs sf pgcgm trjefstrgkefmtf. •
Vmg ipfrghjøm lf grrfmlgejfmti omgmhjfri, itircgli pir Kjeg Kfgsjmc, pir
VX$ 7.?>>.>>>,>> (vgkir vfmtg), g hugtri g÷is him huitgs sfefstrgkfs, g umg \FG lfk 70%, g hglg huitg sf kf hgrcgrç pir himhfpti lf hiejsjimfs y itris VX$ 7?3,>>, gk mgk lfk pfrjili bgy um lfsfe`iksi pir rfhieprg lfk `jfm lfk 7.2% lfk vgkir lfk `jfm. •
Xf fejtjrçm `imis `imis pir VX$ 0.6>>.>>>,>>, him him umg rflfmhjøm g hugtri g÷is, um
vgkir miejmgk lf VX$ 6.>>>,>> hglg umi y sf fstjeg quf puflgm sfr hitjzglis fm fk efrhgli gk 7>7,,76% y lf fstruhturghjøm fk >,76%, ejfmtrgs quf kis histis lf ffitghjøm sf fstjeg fm >,76% (tilis lfk vgkir lf hitjzghjøm). •
Xf utjkjzgrçm VX$ 66>.>>>,>> lf kgs utjkjlglfs rftfmjlgs lfk fdfrhjhji fhimøej-
hi gmtfrjir, pgrg mgmhjgr pgrtf lfk priyfhti.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8?< Ojmgmzgs gpkjhglgs
•
Fk sgkli sfrç hu`jfrti him kg fejsjøm lf mufvgs ghhjimfs hieumfs.
Kis ôktjeis rfpirtfs jmljhgm quf kis `imis lfk tfsiri pô`kjhi mirtfgefrjhgmi (\-@iml) (\ -@iml) fstçm iorfhjfmli fk ,2:, euy hfrhg gk lf kg feprfsg (>,:>). Fk ôktjei ljvjlfmli quf pgcø kg feprfsg ouf lf VX$ >,66, ejfmtrgs quf kg hitjzghjøm prieflji lf sus ghhjimfs fm fk efrhgli fstçm fm VX$ 6,>). Kis histis lf hikihghjøm, fstruhturghjøm y ffitghjøm sim kis ejseis quf sf utjkjzgrçm utjkjzgrç m pgrg kg fejsjøm lf kis `imis. Xf fspfrgm hrfhjejfmtis fm kis ljvjlfmlis lfk 6% pgrg kis prøxjeis g÷is. G himtjmughjøm fmhimtrgrç fk fstgli lf pfrljlgs y cgmgmhjgs pr priyfhtgli iyfhtgli pgrg kis prøxjeis hjmhi g÷is. Fstgli lf cgmgmhjgs y pêrljlgs priyfhtglis priyfhtglis _fmtgs Histi lf vfmtgs Vtjkjlgl `r `rutg Cgstis glejmjstrgtjvis Cgstis lf vfmtgs Vtjkjlgl ipfrgtjvg Cgstis mgmhjfris Vtjkjlgl je jepimj`kf Jepufstis 8>% Vtjkjlgl mftg
7
0
8
<
6
76.2>>.>>> (?.206.>) (7.>03.>>>) ?.8?3.662 (0:8.:>2) ?.>38.?6> (7.200.>:6)
7?.6:>.>>> (3.7??.37>) (7.>32.86>) ?.?26.:8? (0?0.:?2) ?.)
73.> (3.606.>6>) :.2:0>.088 (736.:?0) 7>.8:2.738 (7.20:.>< (0.73:.?27)
7:.0>.:>2.?87 (7.:0>.6>>) (7.03 3.38:.2>3 (0.807.:.>>>
>,7:?>322%
Kfgsjmc
7.?>>.>>>
>,878306.>>> 6.7>>.>>>
>,7:?>32 7.>>>.>>>,>>
?83% :,7:>>%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk Fstruhturg hgpjtgk
S
Lfulg
8?6
>,3>
6.7>>.>>>
>,20062>?>%
3.66:6% 6,0:0%
Vtjkjlglfs rftfmjlgs
66>.>>>
>,>223>:?33
76,6:?%
7,82.>>>
>,>223>:?33
76,?.>>>
7,>>>,>>>,>>
SGHH
2,>?>>.>>>,>> 7?% < 7? 7 7 8,32%
^rêstgei \FG G÷i Huitg trjefstrgk ^frjili crghjg titgk ^frjili crghjg miregk \F\
Xgkli
> 7 0 8 < 6 ? 3 2
7.>>>.>>>,>> 7.>83.2>7,:: 7.>83.2>7,:: :2>.0>6,?8 :0>.0 262.8:2,26 3:0>,3> 303.0>2,:8
: 7> 77 70 78 7< 76 7?
?63.237,6< 626.:78,>? 677.08>,8:
Geirtjzghjøm
Jmtfrês
63.6:?,86 6:.338,?7 ?0.>88,73 ?7,:: 8:.08>,:2 8:.08>,:2 83.>68,30 8: ?.:06,,:2 :?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88
72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>>
‘7.>>>.>>>,>> 72:,>> 8:.7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88
:?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88 :?.203,88
72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>> 72:,>>
:3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88 :3.>7?,88
\JP \FG
8,27% 7?,70%
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8?? Ojmgmzgs gpkjhglgs ^rêstgei
kfgsjmc
_gkir lf vfmtg \FG G÷i Huitg sfefstrgk _gkir lf rfhieprg \FX Xgkli
> 7 0 8 < 6 ? 3 2
7.?>>.>>> 70% < 2 7,2% 6,28% ^rjmhjpgk
7.?>>.>>>.>> 7,28.>?>,:3 2:>.03?,3: ?2?.068,7: .88 .>>2,:0 03.,33 7:2,38
066.:03,0> 066.:03,0> 066.:03,0> 066.:03,0> 066.:03,0> 066.:03,0> 066.:03,0> 066.:03,0>
Hiejsjimfs
\itgk lf huitg
7?3,>> 7?3,>> 7?3,>> 7?3,>> 7?3,>> 7?3,>> 7?3,>> 7?3,>>
‘7.?>>.>>>,>> 06?.>: 06?.>: 06?.>: 06?.>: 06?.>: 06?.>: 06?.>: 02> 67,??
777,0?
777,0?
777,0?
>
7
0
8
777,0?
777,0?
< \JP 5 0,>277 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
Hçkhuki lfk histi lf hgpjtgk
8?3
Vtjkjlglfs rftfmjlgs
Li L7 ^i c h+f+o ^m A s
>,66 >,6336 6,,>>% 76,6:?%
Fejsjimfs ghhjimfs
Li L7 ^i c h+f+o ^m A s
>,66 >,6336 6,,223>:3 (76,6:?%) + >,>223>:3 (76,?8, fk fofhti lf kg jmhirpirghjøm lf kgs himofhhjimfs y itris `jfmfs egmuoghturglis g kgs prfofrfmhjgs lfk G\^LFG tuvi um mitg`kf jepghti si`rf fk hrfhjejfmti lfk vgkir gcrfcgli hiei pripirhjøm lf kgs fxpirtghjimfs titgkfs.
\iegli lfk kj`ri Ojmgmzgs Gpkjhglgs4 \firåg y prçhtjhg, sfcumlg fljhjøm, 0>77 - lfk gutir Egmufk Hbu, pgrg usi fxhkusjvi fm kgs gukgs lf kg fshufkg lf pist crgli V^H.
8?2 Ojmgmzgs gpkjhglgs
Fk sfhtir tfxtjk y lf himofhhjimfs fs umi lf kis egyirfs oihis lf cfmfrghjøm lf pufstis lf trg`gdi lf kg fhimieåg. Xfcôm fk ^kgm Fstrgtêcjhi Mghjimgk Fxpirtglir (^FPR) lfk Xfhtir \fxtjk y Himofhhjimfs, kg hglfmg priluhtjvg lfk sfhtir cfmfrg gkrflflir lf 86> ejk pufstis lf trg`gdi ljrfhtis y sf fstjeg quf eçs lfk 7>% lf kg pi`kghjøm pfrugmg lfpfmlf lf um pufsti lf trg`gdi ljrfhti i jmljrfhti lfmtri lf kg hglfmg tfxtjk y lf himofhhjimfs. Kg priluhhjøm lf himofhhjimfs y prfmlgs lf vfstjr lf gkciløm sf fmhufmtrg prçhtjhgefmtf fm su titgkjlgl himhfmtrglg fm Kjeg Eftripikjtgmg (him fxhfphjøm lf gkcumis pumtis fm Jhg, fspfhåhgefmtf fm Hbjmhbg), lf`jli g quf fm fstg hjulgl sf fmhufmtrg umg crgm pripirhjøm lf kg lfegmlg lieêstjhg, gså hiei um gepkji himckiefrgli lf privfflirfs, gcfmtfs y sfrvjhjis ljvfrsis quf lgm sipirtf gk sfhtir...―. Fk sf÷ir Kuy prfsfmtåg quf kg feprfsg mi fstg`g sjfmli ki suhjfmtfefmtf gcrfsjvg him fstf `fmfhji grgmhfkgrji. Gmtfs lf rfumjrsf him sus fdfhutjvis, himvfrsø him sus gsfsirfs pgrg pgrg himihfr eçsumg lftgkkfs lfk G\^LFG. Kg sfegmg sjcujfmtf hjtø g suskfcgkfs ljrfhtjvis ljsf÷gr fstrgtfcjg lf egyir pfmftrghjøm fm fk efrhgli mirtfgefrjhgmi. Gk mgk lf fstg rfumjøm, sf kf sikjhjtø s ikjhjtø g kis ljrfhtjvis lfk çrfg lf jmtfkjcfmhjg hiefrhjgk, vfmtgs, mgmzgs y ipfrghjimfs fkg`irgr um priyfhti gcrfsjvi pgrg tiegr vfmtgdgs lf fstf ghufrli. Fk fqujpi lf fdfhutjvis siki himtg`g him ?> lågs pgrg prfsfmtgr kis rfqufrjejfmtis mfhfsgrjis lfk priyfhti pgrg fvgkugr kg oghtj`jkjlgl mgmhjfrg yy,, si`rf tili, vfr sj bgy hrfghjøm lf vgkir. Huepkjli fk pkgzi1 hglg çrfg fmtrfcø sus jmoirefs rfspfhtjvis pgrg prihflfr g kg fvgkughjøm lfk priyfhti. Fk lfpgrtgefmti lf jmtfkjcfmhjg hiefrhjgk fstjeø quf pilråg gkhgmzgrsf um mjvfk lf vfmtgs fm fk prjefr g÷i lf VX$ 7>,>>> g vgkir vfmtg, himsjlfrgmli kg rfhupfrghjøm lf gkcumis hkjfmtfs gtfmljlis gmtfrjirefmtf y gkcumis pitfmhjgkfs him qujfmfs sf vfmåg trg`gdgmli lurgmtf kis ôktjeis vjgdfs quf rfgkjzø fk çrfg lf vfmtgs g hjfrtis fstglis lf Fstglis Vmjlis. Kis primøstjhis frgm um pihi himsfrvglirfs, pfri sf fstg`g gsuejfmli quf pgrg fk sfcumli g÷i pilråg i`tfmfrsf um jmhrfefmti lf kgs vfmtgs lfk 8% gmugk him rfspfhti gk g÷i gmtfrjir y lfk 6% gmugk pgrg kis prøxjeis hjmhi g÷is. Fk çrfg lf histis y prfsupufstis fstg himsjlfrgmli um histi lf vfmtgs gprixjegli gprixjegli lfk
View more...
Comments
