Diagnóstico Financiero de La Empresa Procopal S.A.

 

BNDAOÕURNEG JNODOENLXG BL FD LC[XLUD NOZLXUNGOLU GEDC[G XGIDU FRBD

Enoby [dgfd [drbg Daunfdr 

ULXZNENG ODENGODF BL D[XLOBNYDIL  ALURNÕO EGORDHFL ^ JNODOENLXD R\OID

8;84

 

BNDAOÕURNEG JNODOENLXG BL FD LC[XLUD NOZLXUNGOLU GEDC[G FRBD

Enoby [dgfd [drbg Daunfdr 

Nostruetgr 

DFHLXRG @LXODOBLY

ULXZNENG ODENGODF BL D[XLOBNYDIL  ALURNÕO EGORDHFL ^ JNODOENLXD R\OID 8;84

8

 

XLU\CLO Lf bndaoõstneg jnodoenlrg ls uod `lrrdcnlotd qul plrcntl lvdfudr, dodfnzdr l notlrprltdr fd  pgsnenõo legoõcned y jnodoenlrd lo qul sl loeulotrd uod egcpdôãd, ls pgr lstl cgtnvg qul fd lcprlsd Novlrsngols Gedcpg Xgids FRBD blsld noegrpgrdr lstl lflclotg egcg pdrtl bl su lstrdtland bl lxelfloend gplrdengodf pdrd husedr gptncnzdr fgs rleursgs lxnstlotls l nblotnjnedr d su vlz oulvds dftlrodtnvds bl olagengs qul fl plrcntd ghtlolr uod sgstlonhnfnbdb tdotg lo fd egclrendfnzdenõo egcg lo fd rlotdhnfnbdb lsplrdbd. Cltgbgfõanedclotl, prltlobl dfedozdr lstl ghiltnvg d trdvîs bl fd utnfnzdenõo bl nobnedbgrls jnodoenlrgs d trdvîs bl fgs eudfls pgbrä nblotnjnedr fds clbnbds egrrletnvds qul blhl tgcdr pdrd suplrdr sus blhnfnbdbls y dprgvle`dr fds jgrtdflzds bltletdbds ego lf jno bl cdxncnzdr sus hloljnengs l noerlclotdr su vdfgr.

[dfdhrds Efdvl9 Lstrdtland, sgstlonhnfnbdb, rlotdhnfnbdb, nobnedbgrls, blhnfnbdbls, jgrtdflzds.

 

AFGUDXNG Lstrdtland9 ls fd hùsqulbd blfnhlrdbd pgr uo pfdo bl deenõo qul blsdrrgffl fd vlotdid egcpltntnvd egcplt ntnvd bl uo olagen olageng, g, Lstd, pulbl bdrsl bl cue`ds jgrcds, yd sld clbnd clbndotl otl fd noogvdenõo noogvdenõo lo prgelsgs, prgbuetgs, slrvnengs, tleogfgaãd, u gtrgs jdetgrls prgbuetnvgs qul alolrlo rlsuftdbgs  pgsntnvgs blotrg blf cdreg bl fd alstnõo dbcnonstrdtnvd.

Zlotdid Egcpltntnvd9 edrdetlrãstneds qul fl plrcntlo d uod lcprlsd bnjlrloendrsl bl sus egcpltnbgrls y qul fl egojnlrl fd edpdenbdb pdrd dfedozdr uogs rlobncnlotgs suplrngrls d lffgs bl cdolrd sgstlonhfl lo lf tnlcpg.

Xlobncnlotg9 ls fd adodoend qul plrcntl ghtlolr enlrtd gplrdenõo. Ul trdtd bl uo eäfeufg qul sl rldfnzd tgcdobg fd novlrsnõo rldfnzdbd y fd utnfnbdb alolrdbd fulag bl uo enlrtg plrngbg.

Jnodoendcnlotg9 ls lf egoiuotg bl rleursgs cgoltdrngs jnodoenlrgs pdrd fflvdr d edhg uod detnvnbdb legoõcned, ego fd edrdetlrãstned bl qul alolrdfclotl sl trdtd bl sucds tgcdbds d  prîstdcg qul egcpflclotdo fgs rleursgs prgpngs.

Eghlrturd9 egoiuotg bl gplrdengols legoõcneds qul snrvlo pdrd rlbuenr g doufdr lf rnlsag bl uo nostruclotg jnodoenlrg.

Dpdfdoedcnlotg9 ls fd rlfdenõo lotrl erîbntg y edpntdf prgpng novlrtnbg lo uod gplrdenõo jnodoenlrd. Df rlbuenr lf edpntdf nonendf qul ls olelsdrng dpgrtdr, sl prgbuel uo duclotg bl fd rlotdhnfnbdb ghtlonbd.

Nobuetgr bl Zdfgr9 dspletg bl fd gplrdenõo bl fd lcprlsd qul lstä dtdbg lo rlfdenõo edusdljletg d su vdfgr y pgr fg tdotg plrcntl lxpfnedr lf pgrquî bl su duclotg g bnscnouenõo egcg egosleuloend bl fds blensngols tgcdbds.

Nfnqunblz9 sntudenõo lo fd eudf uo dalotl og pgsll detnvgs jäenfclotl egovlrtnhfls lo bnolrg g detnvgs qul pulbdo slr utnfnzdbgs egcg clbng bl pdag.

 

Xnlsag9 ls lf ardbg bl vdrndhnfnbdb g egotnoaloend blf rltgrog bl uod novlrsnõo. Lo tîrcnogs alolrdfls sl pulbl lsplrdr qul, d cdygr rnlsag, cdygr rlotdhnfnbdb bl fd novlrsnõo. Lxnstlo vdrnds efdsls bl rnlsags9 bl clredbg, sgfvloend, iurãbneg, bl fnqunblz, bl tdsd bl edchng, rnlsag bl tdsd bl notlrîs.

Xlotdhnfnbdb9 clbnbd bl fd prgbuetnvnbdb bl fgs jgobgs egcprgcltnbgs lo uod lcprlsd. Julotl9

fnhrg bl Dbcnonstrdenõo Dbcnonstrdenõo Jnodoenlrd bl Gsedr Flõo Adreãd y bneengodrng jnodoenlrg jnodoenlrg bl

fd päanod bl Jnodozds [lrsgodfls bl fd rlvnstd Bnolrg.

 

4. NOR NORXGB XGB\EE \EENÕO NÕO

Fd ncpgrtdoend blf Bndaoõstneg Jnodoenlrg rdbned lo uo lstubng erãtneg bn bnrnanbg rnanbg d lvdfudr, dodfnzdr l notlrprltdr fd pgsnenõo legoõcned-jnodoenlrd bl fd lcprlsd Novlrsngols Gedcpg Xgids FRBD bl fgs plrãgbgs ogvnlchrl y bnenlchrl bl 8;8;, ego lf prgpõsntg bl prgpgrengodr d fgs bnrletnvgs fd nojgrcdenõo qul slrvnrä bl hdsl pdrd fd tgcd bl blensngols y lf cligrdcnlotg egotnoug bl fd lotnbdb. Ego lf prlslotl trdhdig sl prltlobl hrnobdr uo dpgrtl vdfngsg d fd lcprlsd ego lf prgpõsntg bl `delr egogelr pgsnhfls dftlrodtnvds bl sgfuenõo pdrd cligrdr fd alstnõo dbcnonstrdtnvd y jnodoenlrd bl fd cnscd. Lf Bndaoõstneg Jnodoenlrg jgrcd pdrtl bl uo snstlcd g prgelsg bl nojgrcdenõo euyd cnsnõo ls fd bl dpgrtdr bdtgs qul plrcntdo egogelr fd sntudenõo detudf bl fd lcprlsd y prgogstnedr su juturg, fg eudf rlsuftd bl ardo notlrîs pdrd Novlrsngols Gedcpg FRBD, yd qul pgr clbng bl lstl doäfnsns pulbl lcprloblr fds clbnbds egrrletnvds pdrd nblotnjnedr y suplrdr blhnfnbdbls y dprgvle`dr bl fd cligr cdolrd fds jgrtdflzds qul prlslotd, d jno bl fflvdr d edhg uo pfdo bl deenõo qul grnlotl fd bnrleenõo bl fd gradonzdenõo `dend lf fgarg bl sus ghiltnvgs  prgpulstgs.

 

8. JGXC JGXC\FDENÕ \FDENÕO O BLF [XGH [XGHFLCD FLCD Fgs Lstdbgs Jnodoenlrgs prgpgrengodo prgpgrengodo nojgrcdenõo nojgrcdenõo sghrl fd pgsnenõo pgsnenõo jnodoenlrd jnodoenlrd bl uod lcprlsd lo uo plrãgbg bl tnlcpg bltlrcn bltlrcnodbg, odbg, dsã egcg bl fds gplrdengols gplrdengols ljletudbds lo lf pdsdbg. Uno lchdrag, lf vdfgr rldf bl fgs Lstdbgs Jnodoenlrgs rdbned lo lf `le`g bl qul pulblo utnfnzdrsl  pdrd dyubdr d prlblenr fd pgsnenõo jnodoenlrd bl uod lcprlsd lo lf juturg, d trdvîs bl uo bndaoõstneg jnodoenlrg qul fl plrcntd egogelr su sntudenõo detudf. Lf bndaoõstneg bl Lstdbgs Jnodoenlrgs ncpfned uod nblotnjnedenõo blf blslcplôg bl fd lcprlsd ego hdsl lo fd efdsnjnedenõo nobustrndf bl fd cnscd. [gr fg alolrdf, lf doäfnsns sl utnfnzd pdrd bltlrcnodr bltlrc nodr fd pgsnen pgsnenõo õo jnodoenlrd bl fd lcprlsd ego lf ghiltg bl nblotnjnedr nblotnjnedr sus puotgs julrtls y bîhnfls detudfls y sualrnr deengols pdrd qul fd lcprlsd dprgvle`l fgs prnclrgs y egrrnid fds ärlds  prghflcätneds lo lf juturg. Edhl rlsdftdr, qul lf doäfnsns bl Lstdbgs Jnodoenlrds og sõfg ls ncpgrtdotl pdrd fgs dbcnonstrdbgrls bl fd lcprlsd, snog pdrd fgs novlrsngonstds y derllbgrls. Blsbl lf puotg bl vnstd notlrog, fgs dbcnonstrdbgrls jnodoenlrgs, utnfnzdo fd nojgrcdenõo prgpgrengodbd pgr lf doäfnsns bl tdf cgbg qul fds blensngols bl jnodoendcnlotg l novlrsnõo cdxncnelo lf vdfgr bl fd egcpdôãd. Blsbl lf puotg bl vnstd lxtlrog, fgs deengonstds y fgs derllbgrls fg lcpfldo pdrd lvdfudr qul tdo dtrdetnvd ls fd lcprlsd egcg uod novlrsnõo. Lo vnstd bl fd ncpgrtdoend bl lvdfudr lf blslcplôg jn jnodoenlrg odoenlrg l nblotnjnedr fgs prgelsgs ljnenlotls l noljnenlotls, pdrd ego hdsl lo lffgs, alolrdr pfdols bl deenõo loedcnodbgs d gptncnzdr fgs rleursgs, Novlrsngols Gedcpg Xgids FRBD `d vnstg fd olelsnbdb bl prgyletdrsl ego efdrnbdb `dend lf juturg ego fd jnodfnbdb bl fgardr fgs ghiltnvgs prgpulstgs pdrd lf blsdrrgffg bl su ghiltg sgendf. D pdrtnr bl fg dotlrngrclotl lxpulstg, ego fd lfdhgrdenõo bl lstl nojgrcl sl prltlobl bdr  rlspulstd d fd snaunlotl noqunltub ·Euäf ls fd sntudenõo jnodoenlrd bl fd lcprlsd lo eudotg d dspletgs tdfls egcg fd fnqunblz, lf loblubdcnlotg, fd rlotdhnfnbdb, fd vdfgrdenõo y fd blstnodenõo bl fgs rleursgs7

 

5. I\U I\URNJ RNJNED NEDENÕ ENÕO O Lf Bndaoõstneg Jnodoenlrg ls uod bl fds prnoenpdfls `lrrdcnlotds utnfnzdbds pgr alrlotls jnodoenlrgs, dbcnonstrdbgrls, bnrletgrls, bulôgs bl fds lcprlsds y derllbgrls lo alolrdf, pdrd lvdfudr fd alstnõo dbcnonstrdtnvd y jnodoenlrd bl fgs olagengs. Fgs rlsuftdbgs alolrdbgs pgr lstd `lrrdcnlotd jnodoenlrd fl plrcntlo d fgs notlrlsdbgs lo îf9 lvdfudr, cligrdr, gptncnzdr y cdxncnzdr cdxnc nzdr fgs rleursgs novlrtn novlrtnbgs bgs lo fd lcprlsd= tgcdr blensn blensngols gols pdrd dfedozdr dfedozdr fgs ghiltnvgs y cltds prgpulstds= blenbnr sghrl fd vndhnfnbdb bl utnfnzdr utnfnzdr u gtgradr uo erîbntg= prgyletdr fd lcprlsd `dend lf juturg y blenbnr sghrl fd rldfnzdenõo g og bl uod novlrsnõo, lotrl gtrgs.

 

2. GHI GHILRN LRNZGU ZGU 2.4. GHILR GHILRNZG NZG ALOLX ALOLXDF DF Xldfnzdr uo bndaoõstneg jnodoenlrg d fd lcprlsd Novlrsngols Gedcpg Xgids FRBD burdotl lf  plrngbg egcprlobnbg lotrl fgs clsls ogvnlchrl y bnenlchrl blf dôg 8;8;, clbndotl lf doäfnsns bl fd nojgrcdenõo egotdhfl y fd notlrprltdenõo bl nobnedbgrls jnodoenlrgs, ego lf jno bl egogelr  su sntudenõo jnodoenlrd y prgpgolr fds rlegclobdengols plrtnolotls lo drds bl ghtlolr cligrls  hloljnengs.

2.8. GHILR GHILRNZGU NZGU LU[ LU[LEÃJNE LEÃJNEGU GU



Dodfnzdr fd rldfnbdb legoõcned y jnodoenlrd bl fd lcprlsd y su edpdenbdb pdrd dsucnr fds bnjlrlotls ghfnadengols qul sl blrnvdo blf blsdrrgffg bl su ghiltg sgendf.



Zlrnjnedr fd eg`lrloend bl fgs bdtgs nojgrcdbgs lo fgs Lstdbgs Jnodoenlrgs ego fd rldfnbdb legoõcned y lstrueturdf bl fd lcprlsd. Dsã egcg dodfnzdr fd lvgfuenõo bl fds eulotds blf detnvg, pdsnvg y pdtrncgong.



Bltlrcnodr fgs nobnedbgrls g rdzgols jnodoenlrds pdrd lstdhflelr sn fd egcpdôãd ls fãqunbd y rlotdhfl, dsã egcg bltlrcnodr su edpdenbdb pdrd alolrdr rleursgs y su onvlf bl loblubdcnlotg.



[rlslotdr fgs rlsuftdbgs blf bndaoõstneg jnodoenlrg rldfnzdbg d fd egcpdôãd burdotl lf  plrngbg ghiltg bl doäfnsns. 

Xldfnzdr uo doäfnsns egcpdrdtnvg ego lf sletgr bl nojrdlstrueturd lo Egfgchnd pdrd egogelr fds jgrtdflzds y blhnfnbdbls qul prlslotd fd egcpdôãd jrlotl df cnscg.

 

Rdhfd 4. Nobnedbgrls bl Fnqunblz. Nobnedbgr

Jõrc ufd

Bljnonenõo l Notlrprltdenõo Cnbl fd edpdenbdb edpdenbdb qul tnlol fd lcprlsd  pdrd eucpfnr ego sus ghfnadengols jnodoenlrds, blubds g pdsnvgs d egrtg  pfdzg.

Xdzõo Egrrnlotl

[rul hd Äenb d

Lf nobnedbgr lstdhflel qul pgr edbd $4 qul fd lcprlsd blhl d egrtg pfdzg eulotd ego lf rlsuftdbg lo $ pdrd rlspdfbdr fd ghfnadenõo. Lf rlsuftdbg egcnlozd d slr  delptdhfl bl 4.;, fg eu eudf df nobned qul ssnn uod lcprlsd cdotnlol uo lstrnetg egotrgf bl sus cgv cgvncn ncnlot lotgs gs bl ljl ljletn etnvg vg,, fl  hdstdrä tlolr $4 lo detnvgs egrrnlotls pgr  edbd $4 bl pdsnvgs egrrnlotls. Xlvlfd fd edpdenbdb bl fd lcprlsd pdrd edoelfdr sus ghfnadengols egrrnlotls, plrg sno blploblr bl fd vlotd bl sus novlotdrngs, ls blenr, häsnedclotl ego fgs sdfbgs bl ljletnvg, lf rledubg bl sus eulotd eul otdss pgr pgr egh eghrdr rdr,, sus nov novlrs lrsngo ngols ls tlcpgrdfls y dfaùo gtrg detnvg bl jäenf fnqunbdenõo qul pulbd lxnstnr bnjlrlotl d fgs novlotdrngs.

 

Lstl nobnedbgr ogs culstrd qul pgr edbd $4 qul sl blhl d egrtg pfdzg, sl eulotd  pdrd su edoelfdenõo ego lf rlsuftdbg lo $ lo detnvgs egrrnlotls bl jäenf rldfnzdenõo, sno tlolr qul rleurrnr d fd vlotd bl novlotdrngs.

Edpntdf Oltg bl Rrdhdig

Culstrd lf vdfgr qul fl qulbdrãd d fd lcprlsd, blspuîs bl `dhlr pdadbg sus  pdsnvgs bl egrtg pfdzg, plrcntnlobg d fd Alrloend tgcdr blensngols bl novlrsnõo tlcpgrdf. Bl gtrd cdolrd, îstl eäfeufg lxprlsd lo tîrcnogs bl vdfgr fg qul fd rdzõo egrrnlotl prlslotd egcg uod rlfdenõo lo oùclrg bl vlels. Lf rlsuftdbg nobned fd pgrenõo bl detnvgs egrr egrrnl nlot otls ls jnod jnodoe oend ndbg bgss ego ego pdsn pdsnvg vgss d fdrag pfdzg. Ls egovlonlotl cdotlolr uo edpntdf bl trdhdig pgsntnvg lo uod eudotãd rdzgodhfl slaùo lf tdcdôg bl fd lcprlsd, dsã egcg uod rdzõo egrrnlotl suplrngr d 4.; pdrd qul og sl prlslotl uo bîjnent bl edpntdf bl trdhdig.  Julotl9 Lfdhgrdenõo [rgpnd ego hdsl lo Grtnz (8;;5

 

Rdhfd 8. Nobnedbgrls bl Xlotdhnfnbdb. Nobnedbgr

Jõrcu fd

Bljnonenõo l Notlrprltdenõo Ls lf pgrelotdil pgrelotdil bl utnfnbdb qqul ul fgs bulôgs adodo sghrl su novlrsnõo, d fd fuz bl fds enjrds bl fgs lstdbgs jnodoenlrgs.

Xlotdhnfnb db blf [dtrncgon g (XGL )

Xlotdhnfnbd b blf Detnvg Rgtdf ( XGD )

Xlobncnlo tg Ughrl fd Novlrsnõo (XGN)

Lf rl rlsu suft ftdb dbgg snao snaonj njne nedd lf pg pgre relo lotd tdil il bl fd utnfnbdb oltd qul egrrlspgobl sghrl lf  pdtrncgong, ls blenr, lf rlobncnlotg sghrl fd novlrsnõo qul ghtuvnlrgo fgs bulôgs g sgengs bl fd lcp lcprls rlsd. d. Lst Lstll rlo rlobn bncnl cnlotg otg blh blhll egcpdrdrsl egotrd lf egstg bl gpgrtuonbdb bl edbd novlrsngonstd, ls blenr, fg cäxncg qul pgbrãd adodr lo gtrd novlrsnõo. Lstd rdzõo culstrd fd edpdenbdb blf detnvg  pdrd prgbuenr utnfnbdbls, noblplobnlotlclot noblplobnlotlclotll bl fd jgrcd egcg `dyd snbg jnodoendbg, yd sld ego blubd g ego pdtrncgong. Lf rl rlsu suft ftdb dbgg snao snaonj njne nedd lf pg pgre relo lotd tdil il bl fd utnfnbdb gplrdtnvd blspuîs bl ncpulstgs qul egrrlspgobl sghrl lf detnvg tgtdf prgclbng, ls blenr, qul pgr edbd $4 novlrtnbg lo lf detnvg tgtdf prgclbng prgclbng,, sl alolrd uod utnfn utnfnbdb bdb gplrdtnvd blspuîs bl ncpulstgs sghrl lf rlsuftdbg lo $. Cnbl fd rlfdenõo qul lxnstl lotrl fd adodoend bl uod novlrsnõo y lf egstg bl îstd, df cgstrdr  quî pgr pgrelo elotdi tdill blf bno bnolrg lrg nov novlrt lrtnbg nbg sl `d adodbg rleuplrdbg, g sl egogelr vd d adodr rleuplrdr.g Dsã cnsg, plrcntl quî tdog  hulog `d snbg lf blslcplôg bl fd novlrsnõo. novlrsnõo.  Julotl9 Lfdhgrdenõo [rgpnd ego hdsl lo Grtnz (8;;5).

 

Rdhfd 5. Nobnedbgrls bl Loblubdcnlotg

Nobnedbgr

Onvlf bl Loblubdcnl otg (Ol)

Loblubdcnlo tg Jnodoenlrg (Lj )

Ncpdetg bl fd Edrad Jnodoenlrd

Eghlrturd bl Notlrlsls

Jufd õrc

Bljnonenõo l Notlrprltdenõo Lstdhflel lf pgrelotdil bl pdrtnenpdenõo bl fgs derllbgrls blotrg bl fd lcprlsd. Lo lstl nobnedbgr ls ncpgrtdotl lvdfudr lo quî pdsnvgs tnlol fd egcpdôãd fd cdygr pdrtnenpdenõo, lvdfudobg dsã lf onvlf bl rnlsag bl fd egcpdôãd. Lstl nobnedbgr bltlrcnod qul pgr edbd plsg qul fd lcprlsd tnlol novlrtnbg lo detnvgs, $ O l `do snbg jnodoendbgs pgr fgs derllbgrls (Hdoegs, prgvllbgrls, lcpfldbgs). Bltlrcnod lf pgrelotdil qul rlprlslotdo fds ghfnadengols jnodoenlrds bl egrtg y fdrag pfdzg ego rlspletg d fds vlotds blf plrngbg. Lstl nobnedbgr lstdhflel qul fds ghfnadengols jnodoenlrds lqunvdflo df Lj % bl fds vlotds. Nobned lf pgrelotdil qul rlprlslotdo fgs adstgs jn jnod odoe oenl nlrg rgss ego ego rl rlsp sple letg tg d fds fds vlot vlotds ds blf blf cnscg plrngbg. Lotrl cäs hdig sld lstl nobnedbgr ls cligr pdrd fd egcpdôãd. Lo onoaùo edsg ls degoslidhfl qul lf ncpdetg bl fd edrad jnodoenlrd jnodoenlrd suplrl lf 4;% bl fds vlotds. Lstdhflel uod rlfdenõo lotrl fds utnfnbdbls gplrdengodfls fd lcprlsd sus adstgs jnodoenlrgs, fgsbl eudfls lstäo ybnrletdclotl rlfdengodbgs ego su onvlf bl loblubdcnlotg. Lo gtrd gtrdss pdfdh pdfdhrds, rds, lstl nobn nobnedbgr  edbgr  lstdhflel fd noenbloend qul tnlolo fgs adstgs jnodoenlrgs sghrl

 

fds utnfnbdbls bl fd lcprlsd l nobned ssnn fd lcprlsd bnspgol bl edpdenbdb, lo tîrcnogs bl utn utnfnb fnbdb db gpl gplrde rdengo ngodf, df, suj sujnen nenlot lotll pdr pdrdd pda pdadr  dr  uogs notlrlsls suplrngrls d fgs detudfls. Lstl nobnedbgr rljflid fd alolrdenõo bl utnfnbdb gplrdengodf, bl eghlrturd bl notlrlsls lf rlsuftdbg lo vlels suplrngr d fgs notlrlsls  pdadbgs. @dy gtrds clbnbds bl eghlrturd bl notlrlsls egcg9 **Jfuig bl Edid Fnhrl9 Notlrlsls **Ljletnvg Alolrdbg pgr fd Gplrdenõo9 Notlrlsls

Egoelotrdenõ o blf Loblubdcnl otg d Egrtg [fdzg Egoelotrdenõ

Bltlrcnod quî pgrelotdil pgrelotdil blf tg tgtdf tdf bl pdsnvgs ego tlrelrgs tnlolo vloencnlotg egrrnlotl, ls blenr, nojlrngr d uo dôg.

Bltlrcnod pgrelotdil blf tgtdf bl pdsnvgs egrrlspgoblquî d blubd jnodoenlrd.

o bl fds Ghfnadengols Jnodoenlrds

 Julotl9 Lfdhgrdenõo [rgpnd ego hdsl lo Grtnz (8;;5).

Rdhfd 2. Nobnedbgrls bl Detnvnbdb

Nobnedbgr

Xgtdenõo bl Edrtlrd

[lrngbg [rgclbng bl Eghrg

Jõrc ufd

Bljnonenõo l Notlrprltdenõo Lstdhf Lst dhflel lel lf oùc oùclrg lrg bl vle vlels ls qul anrd anrd fds fds eulo eulotd tdss pgr pgr eghr eghrdr dr,, lo  prgclbng, lo uo plrãgbg bltlrcnodbg bl tnlcpg, alolrdfclotl uo dôg. Lstl nobnedbgr plrcntl dprlendr lf tnlcpg, lo oùclrg bl bãds, qul tdrbd uod lcprlsd lo rleuplrdr sus eulotds  pgr eghrdr d efnlotls, ls blenr, fds grnanodbds lo fds vlotds bl sus  prgbuetgs. Lstl nobnedbgr lstdhflel lf oùclrg bl bãds bãds qul qul lo prgc prgclb lbng ng fd lc lcpr prls lsdd tdrbd lo rleuplrdr su edrtlrd g eulotds pgr eghrdr d efnlotls, lo gtrds  pdfdhrds, lf oùclrg bl bãds qul lo

 

 prgclbng fd tgtdfnbdb bl fd edrtlrd sl egovnlrtl lo ljletnvg.

Xgtdenõo bl Novlotdrn gs Bãds bl Novlotdrn g d Cdog

Xgtdenõo bl [rgvllb

Enefg bl Ljletn vg

Nobned fds vlels qul lf novlotdrng sl egovnlrtl lo ljletnvg burdotl lf  plrngbg. Lstdhflel lf oùclrg bl bãds lo  prgclbng qul fd lcprlsd egovnlrtl sus sus novl novlot otdr drng ngss bl cl clre redo doeã eãds ds d ljletnvg g d eulotds pgr eghrdr, g fg qul ls naudf, lf oùclrg bl bãds qul lo prgclbng bnspgol fd egcpdôãd bl novlotdrngs sujnenlotls pdrd vloblr. Cnbl fd lj Cnbl ljne nenl nloe oend nd lo lf usg usg blf erîbntg bl prgvllbgrls. Fg qul uod lcp cprl rlssd blhl plbnrfl d sus  prgvllbgrls, egcg cãoncg, ls fd jnodoendenõo bl fds cdtlrnds prncds g fds clredoeãds cnlotrds og sl trdosjgrclo g sl vlobdo. Lstl nobnedbgr lxprlsd lf oùclrg bl bãds qul fds eulotds pgr pdadr   plrcdolelo pgr pdadr d fgs  prgvllbgrls.

grls  Julotl9 Lfdhgrdenõo [rgpnd ego hdsl lo Grtnz (8;;5)

 

Rdhfd %

BNE

;,>> vlels

 Julotl9 Uuplrsgenlbdbls Uuplrsgenlbdbls ― Eäfeufgs Arupg Arupg bl Lstubngs Legoõc Legoõcnegs negs y  Jnodoenlrgs.

 

Xlspletg df loblubdcnlotg g dpdfdoedcnlotg jnodoenlrg bl fds lcprlsds dodfnzdbds blotrg bl lstl rgf, sl loeulotrd qul lf nobnedbgr ls cnoncg rljflidobg fds blensngols egoslrvdbgrds bl dpdfdoedcnlotg dotl lf lselodrng bl blsdelflrdenõo legoõcned

 

:.4. DOÄF DOÄFNUNU NUNU BL NOBNEDBGXL NOBNEDBGXLU U JNODOENLXGU JNODOENLXGU :.4.4. Nobned Nobnedbgrls bgrls bl Fnq Fnqunblz unblz

Rdhfd 44. Nobnedbgrls bl Fnqunblz

Xdzõo Egrrnlotl [rulhd Äenbd Edpn Edpnttdf Oltg Oltg bl Rr Rrddhd hdiig .

OGZ 4,4

BNE

 

Rdhfd 42. Nobnedbgrls bl Detnvnbdb

Xgtdenõo bl Edrtlrd [lrãgbg [rgclbng bl Eghrg Xgtdenõo bl Novlotdrngs Bãds bl Novlotdrng d Cdog Xgtdenõo bl [rgvllbgrls [lrãgbg [rgclbng bl [dag Enefg bl Ljletnvg

OG Z