F6 CIT Question

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

OLPTLPNVH CJOLKH VN] _hotclj N ‟ Kuatcpah omlcoh quhstcljs >. Nt tmh hjf lg 04>3, olkpnjy, @JF Ol, pncf `ljushs tl cts `lnrf lg fcrhotlrs lg WJF?,444 kcaaclj. Hnom lg tmh gcvh fcrhotlrs cs pncf nj hquna nklujt lg `ljus. Vwl lut lg tmh gcvh fcrhotlrs nrh jlt cjvlavhf cj tmh fncay knjnihkhjt lg tmh olkpnjy–s `uscjhss. Ymnt cs tmh nklujt lg tnx fhfuotc`ah hxphjshs wmcom @JF Ol wcaa `h n`ah tl oanck glr tmh yhnr 04>3< N. WJF?,444 kcaaclj @. WJF>,044 kcaaclj O. WJF>,=44 kcaaclj F. WJF4 kcaaclj 0. Cj 0404, olkpnjy FK_ Ol puromnshf knthrcnas grlk suppachrs wml nrh mlushmlafs flcji `uscjhss. FK_ Ol wnjthf tl ush tmh acst lg illfs puromnshf (wctmlut cjvlcohs) tl oanck tnx fhfuotc`ah hxphjshs glr tmhsh puromnshs. Ymnt cs tmh tmrhsmlaf lg njjuna rhvhjuh wmcom mlushmlafs flcji `uscjhss kust sntcsgy glr FK_ Ol tl ush tmh acst lg illfs puromnshf khtmlf tl oanck glr tmh puromnshs ns n tnx fhfuotc`ah hxphjsh< N. WJF?44 kcaaclj @. WJF044 kcaaclj O. WJF>44 kcaaclj F. WJF84 kcaaclj ?. VAJ Ol cs n Wchtjnkhsh ackcthf acn`cacty olkpnjy. Mnjnfn Ol, n Bnpnjhsh olkpnjy, cs oljscfhrcji trnjsghrrcji cts onpctna oljtrc`utclj cj VAJ Ol tl Jnmnfn Ol, nj Cjfcnj olkpnjy. Ymcom pnrty wcaa `h rhspljsc`ah rhspljsc `ah glr knecji tmh tnx fhoanrntclj glr tmh n`lvh trnjsnotclj< N. Mnjnfn Ol ljay @. Jnmnfn Ol ljay O. Jnmnfn Ol njf VAJ Ol F. VAJ Ol ljay 6. Cj 04>0, olkpnjy OVO Ol oljtrc`uthf onpctna lg WJF844 kcaaclj tl Olkpnjy R. Cj 04>6, OVO Ol trnjsghrrhf 74% lg tmh onpctna ct mhaf cj Olkpnjy R tl n glrhcij olkpnjy glr WJF684 kcaaclj. Nt tmnt tckh tmh rhtncjhf hnrjcjis lg Olkpnjy R whrh WJF8 kcaaclj. OVO Ol cjourrhf trnjsghr hxphjshs lg WJF>4 kcaaclj. Ymnt cs tmh tnxn`ah cjolkh/(alss) lg OVO Ol grlk tmh trnjsghr< N. WJF84 kcaaclj (alss) @. WJF>64 kcaaclj O. WJF>68 kcaaclj >

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

F. WJF>69 kcaaclj 8. Lj > Bnjunry 04>6, olkpnjy OP_ Ol puromnshf n >7-shnt onr glr WJF0,764 kcaaclj (cjoaufcji vnauh nffhf tnx (WNV)) wctm prlphr cjvlcohs. Vmh onr wcaa `h fhprhocnthf glr scx yhnrs. Ymnt cs tmh nklujt lg tmh nfbustkhjt glr jlj-fhfuotc`ah hxphjshs wmcom OP_ Ol smluaf kneh glr tmh onr cj cts tnx rhturj glr tmh yhnr 04>6< N. WJF4 kcaaclj @. WJF04= kcaaclj O. WJF?04 kcaaclj F. WJF80= kcaaclj 7. MJEW Ol cs n ljh khk`hr ackcthf acn`cacty olkpnjy, wmcom cs wmlaay lwj `y MEW, n olkpnjy cjolrplrnthf cj @hrkufn. Cj 040>, MEW fhocfhf tl oljvhrt MJEW Ol cjtl n blcjt stloe olkpnjy `y shaacji tmh smnrhs lg MJEW Ol tl twl alona Wchtjnkhsh hjtctchs. Vmh snah lg tmh smnrhs njf tmh oljvhrsclj lg tmh olkpnjy wns olkpahthf cj Nuiust 040>. Ymcom olk`cjntclj lg tmh glaalwcji stnthkhjts olrrhotay fhsorc`hs tmh rhplrtcji rhqucrhkhjts glr onpctna incjs tnx njf olrplrnth cjolkh tnx (OCV) gcjnacsntclj ujfhr tmh ourrhjt rhiuantcljs< (>) MJEW Ol cs rhqucrhf tl gcah n onpctna incjs tnx fhoanrntclj (0) Vmh `uyhrs nrh rhqucrhf tl gcah n onpctna incjs tnx fhoanrntclj (?) MJEW Ol cs rhqucrhf tl gcah n OCV gcjnacsntclj rhturj nt tmh tckh lg oljvhrsclj njf nt tmh yhnr hjf (6) MJEW Ol cs rhqucrhf tl gcah n OCV gcjnacsntclj rhturj nt tmh yhnrhjf ljay N. > njf ? @. > njf 6 O. 0 njf ? F. 0 njf 6 9. TPLWC Ol cs n olkpnjy hstn`acsmhf cj Wchtjnk. TPLWC Ol pncf prlvcscljna qunrthray olrplrnth cjolkh tnx (OCV) lg WJF= `caaclj rhantcji tl tmh yhnr hjfhf ?> Fhohk`hr 0404. Vmh gcjna tnx acn`cactchs lg TPLWC Ol phr cts OCV gcjnaczntclj rhturj glr 0404 wns WJF>> `caaclj. Vmh olkpnjy shttahf tmh nffctcljna tnx l`acintcljs ns phr cts OCV gcjnacsntclj rhturj glr 0404 lj ?> Knrom 040>. Ymnt cs tmh nklujt lj wmcom tmh anth tnx pnykhjt phjnaty pnyn`ah `y TPLWC Ol wcaa `h `nshf njf grlk wmcom fnth wluaf ct `h omnrihf< N. @nshf lj WJF4.= `caaclj, pnyn`ah grlk ?> Bnjunry 040> @. @nshf lj WJF0.0 `caaclj, pnyn`ah grlk ?> Bnjunry 040> O. @nshf lj WJF0.0 `caaclj, pnyn`ah grlk > Nprca 040> F. @nshf lj WJF? `caaclj, pnyn`ah grlk ?> Bnjunry 040>

0

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

=. Ymcom olk`cjntclj lg tmh glaalwcji stnthkhjts olrrhotay fhsorc`hs tmh trhntkhjt lg glrhcij hxomnjih incjs/alsshs nrcscji furcji tmh oljstruotclj phrclf lg n jhw olkpnjy wmcom mns jl rhvhjuh< (>) Incjs njf alsshs kust `h noolujthf glr shpnrnthay wmhj n gcxhf nssht `hcji n oljstruotclj cs put cjtl lphrntclj (0) Incjs njf alsshs kust `h lggsht wmhj n gcxhf nssht `hcji n oljstruotclj cs put cjtl lphrntclj (?) Naa incjs njf alsshs tmnt loour furcji tmh cjvhstkhjt pmnsh   kust `h rholijcshf cj tmh gcrst yhnr ngthr tmh prlbhot cs put cjtl lphrntclj (6) Incjs njf alsshs kust `h fhghrrhf njf naalonthf lvhr n phrclf lg up tl gcvh yhnrs grlk wmhj tmh prlbhot cs put cjtl ush N. > njf ? @. > njf 6 O. 0 njf ? F. 0 njf 6 3. PHVPN Ol, n olkpnjy sphocnacscji cj fhvhalpcji rhna hstnth prlbhots, mns nj npnrtkhjt njf vcaan fhvhalpkhjt prlbhot cj tmh ohjtrh lg Mnjlc, wmcom cs hxphothf tl `h olkpahthf cj 04>=. Vmh hstcknthf tltna rhvhjuh njf prlgcts grlk tmcs prlbhot nrh WJF0,444 `caaclj njf WJF?44 `caaclj, rhsphotcvhay. PHVPN Ol mns `hhj olaahotcji kljhy cj nfvnjoh grlk oustlkhrs njf cj 04>6 tmh tltna prlohhfs rhohcvhf whrh WJF044 `caaclj, lj wmcom prlvcscljna tnx lg >% wns fuay pncf lj rhohcpt. Ymnt cs tmh tnxn`ah cjolkh grlk tmh prlbhot lg PHVPN Ol glr tmh purplshs lg cts 04>6 olrplrnth cjolkh tnx (OCV) gcjnacsntclj rhturj< N. WJF4 `caaclj @. WJF?4 `caaclj O. WJF044 `caaclj F. WJF?44 `caaclj >4. Lj > Buay 04>9, JANK Ol ahnshf nj nssht glr glur yhnrs njf pncf tmh wmlah rhjt lg WJF744 kcaaclj cj nfvnjoh. Lj > Buay 04>3, JANK Ol fhocfhf tl smlrthj tmh ahnsh phrclf tl tmrhh yhnrs. Vmh olkpnjy hxphots tmnt ct wcaa mnvh tl pny n phjnaty lg WJF74 kcaaclj wmhj ct thrkcjnths tmh ahnsh cj 0404 cj lrfhr tl rhohcvh n rhgujf lg ljh yhnr lg tmh lrcicjna ahnsh pnykhjt. Ymnt cs tmh fhfuotc`ah hxphjsh glr JANK Ol wctm rhinrf tl tmh ahnsh cj tmh yhnr hjfhf ?> Fhohk`hr 04>3< N. WJF>84 kcaaclj @. WJF98 kcaaclj O. WJF>78 kcaaclj F. WJF>94 kcaaclj

?

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

>>. Cj 0404, hjthrprcsh @ rhohcvhs oljtrc`uthf onpctna grlk hjthrprcsh N. Trh-tnx cjolkh olrrhspljfcji tl hjthrprcsh N–s oljtrc`uthf onpctna cj hjthrprcsh @ cs WJF >44 kcaaclj.  Hjthrprcsh @ cs hacic`ah ha cic`ah glr 84% rhfuotclj lg tmh pnyn`ah olrplrnth cjolkh tnx nklujt njf mns guaay pncf OCV, cjoaufcji hjthrprcsh N–s cjolkh noolrfcji tl tmh rhfuohf hjthrprcsh cjolkh tnx nklujt. Tahnsh nfvcsh wmhtmhr N wcaa `h hxhkpt grlk OCV njf mlw kuom< N. N wcaa rhohcvh WJF 34 kcaaclj kca aclj njf wcaa `h hxhkpt grlk OCV lj tmcs nklujt @. N wcaa rhohcvh WJF =4 kcaaclj kcaa clj njf wcaa `h hxhkpt grlk OCV lj tmcs nklujt O. N wcaa rhohcvh WJF >44 kcaaclj kcaa clj njf wcaa pny tnx WJF 04 kca lj cts OCV rhturj F. N wcaa rhohcvh WJF =4 kcaaclj njf wcaa `h hxhkpt grlk OCV lj tmcs nklujt >0. Cj 04>3, hjthrprcsh @ sugghrs n alss lg WJF 04 `caaclj. Cj 0404, ct ihjhrnths nj cjolkh lg WJF >8 `caaclj. Ymnt cs tmh nrrnjihkhjt lg tnx alss onrrchf glrwnrf<   N. Vmh olkpnjy onjjlt onrry glrwnrf alss @. Vmh olkpnjy onj omllsh tmh yhnr glr onrrycji glrwnrf tmh alss O. Oahnr tmh wmlah alss lg WJF W JF >8 `caaclj nincjst tmh cjolkh cj 0404, tmh rhkncjcji WJF 8 `caaclj wcaa `h onrry-glrwnrf tl 8 oljshoutcvh yhnrs ngthr 0404 04 04 F. Oahnr tmh wmlah alss lg WJF >8 `caaclj nincjst tmh cjolkh 0404, tmh rhkncjcji WJF 8 `caaclj wcaa `h onrry-glrwnrf tl 8 oljshoutcvh yhnrs ngthr 04>3 04 >3 >?. Onr Fhnahr Olkpnjy shaas 0 onrs lj >4 kljtm cjstnaakhjt `nscs. Vltna cjstnaakhjt pnykhjt cs WJF084 kcaaclj/onr. Cg aukp suk pnykhjt prcoh cs WJF044 kcaaclj/onr, mlw kuom cs tmh turjlvhr glr OCV purplshs< N. 844 kca WJF @. 044 kca WJF O. 084 kca WJF F. 644 kca WJF >6. Olkpnjy pnyrlaa smlws tmnt (WJF–444)2  _nanry Naalwnjoh Vltna pnyn`ah Ahss phrsljna cjolkh tnx Jht pnyn`ah tl tmh hkpalyhh

>,09=,444 044,444 >,69=,444 (?84,444) >,>0=,444

Lut lg tmh tltna snanry, tmhrh wns WJF>44,444,444 pncf tl slkh phrknjhjt hkpalyhhs wml fl jlt scij njy an`lur oljtrnot wctm tmh olkpnjy. Tahnsh onaouanth snanry njf naalwnjoh olst noohpthf glr OCV purplshs.

N. >,>0= kca WJF @. >,?9= kca WJF 6

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

O. >,69= kca WJF F. 684 kca WJF >8. Ymcom nrh guaay fhfuotc`ah glr OCV purplsh< (c) (cc)

Acgh cjsurnjoh prhkcuk Ilag khk`hrsmcp njf ghhs Cjohjtcvhs glr cjctcntcvhs, ckprlvhkhjt wctmlut `nscs (h.i. jl cjthrjna rhiuantcljs, jl (ccc) nsshsskhjt olujoca) (cv) _phocna `ljus `ljus lj > Kny njf 0 _hpt ns phr tmh olkpnjy gcjnjocna placoy Xjcglrk wctmlut cjvlcoh, pncf `y onsm fcrhotay tl hkpalyhh2 =,844,444 WJF phr yhnr phr (v) phrslj. N. Naa @. (c) njf (cv) njf (v) O. (c) njf (cv) F. (c) njf (cc) njf (cv) H. (cv) ljay >7. Cj Buay 0404 tmh Olkpnjy `lrrlwhf grlk cts cjfcvcfuna smnrhmlafhrs WJF>,444,444,444 nt tmh cjthrhst rnth lg >.=%/kljtm. Nt tmnt tckh tmh _tnth lg Wchtjnk –s prckh rnth wns >%/kljtm  >%/kljtm   Tahnsh onaouanth tmh fhfuotc`ah cjthrhst glr tmh Olkpnjy cj 0404< N. 34 kca WJF @. >4= kca WJF O. 74 kca WJF F. >44 kca WJF >9. N olkpnjy mns n rhicsthrhf omnrthr onpctna lg WJF>44,444,444 wmcom tmh smnrhmlafhrs olkkctthf tl oljtrc`uth guaay cj 04>8. @y hjf lg 04>8 tmh smnrhmlafhrs ljay oljtrc`uth WJF84,444,444 njf cj 04>7 tmh Olkpnjy `lrrlwhf WJF044,444,444 nt tmh rnth lg >0%/yhnr. Tahnsh onaouanth tmh jlj-fhfuotc`ah cjthrhst. N. >0 kca WJF @. 7 kca WJF O. 06 kca WJF F. >= kca WJF

8

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

>=. Olkpnjy P cs tmh fhvhalphr lg n rhscfhjtcna olkpahx, ct olaahot nfvnjoh pnykhjts grlk tmh oustlkhrs glr snah lg npnrtkhjts wmhj tmh glujfntclj lg tmh `ucafcjis cs olkpahthf `ut cs ujn`ah tl fhthrkcjh tmh hxphjshs olrrhspljfcji tl tmh prhpnykhjts ct rhohcvhs grlk tmh oustlkhrs. Vltna prhpnykhjts ujtca 0404 wmhj tmh npnrtkhjts nrh mnjflvhr nrh ns glaalws2 Shnr 04>= 04>3 0404

Trhpnykhjt X_$04,444,444 X_$?4,444,444 X_$>4,444,444

Trlvcscljna OCV X_$044,444 X_$?44,444 X_$>44,444

Vltna olsts lg tmh npnrtkhjts nklujt tl X_$68,444,444. Tahnsh onaouanth tmh OCV pnyn`ah (nffctcljna) Olkpnjy P mns tl pny uplj mnjf-lvhr. N. 0.6 kca X_F @. 4.7 kca X_F O. ? kca X_F F. 6 kca X_F >3. Thpzc njf Olsn nrh twl Wchtjnk wmlaay lwjhf su`scfcnrchs lg tmh glrhcij olkpnjy Thol. Thpzc mns tnx alss cj 04>3 njf oljtcjuhs cts alss plsctclj cj 0404 wmcah Olsn cs prlgctn`ah cj `ltm 04>3 njf 0404. Ymcom lg tmh glaalwcji cs olrrhot) Cj ihjhrna OCV wcaa `h gcjnaczhf nt tmh yhnr-hjf, `ut prlvcsclj pnykhjts lj n qunrthray `nscs nrh rhqucrhf (0) Vmh hjthrprcshs wcaa `h rhqucrhf tl su`kct nj njjuna gcjnaczntclj njf rhkct njy lutstnjfcji tnx nrcscji grlk suom gcjnaczntclj `y tmh 74tm fny glaalwcji tmh oalsh lg cts gcsona yhnr (?) Phvcsclj tl tnx rhturjs nrh naalwn`ah nt njy tckh `hglrh tmh tnx nutmlrctchs jltcgy tmh hjthrprcshs lg cts tnx nufct (6) Xjfhr-pnykhjt lr lvhr-oanckhf lg tnx rhgujf smnaa `h su`bhot tl phjnaty lg 04% lg tmh ujfhrfhoanrhf lr lvhr-oanckhf nklujt N. (>) njf (0) @. (0) njf (?) O. (>) njf (?) 7

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

F. (0) njf (6) 0>. Furcji 0404, olkpnjy N pncf tltna cjthrhst lg WJF844,444,444 glr tmh twl alnjs ns glaalws2 g laalws2

  8-yhnr alnj lg WJF0,444,444,444 grlk _nolk`nje wmcom `hnrs sckpah cjthrhst lg >4% pn

•

6 -yhnr alnj lg WJF>,444,444,444 grlk cts   Vmh rhkncjcji cjthrhst hxphjshs nrh rhantcji tl cts 6-yhnr

•

cjfcvcfuna smnrhmlafhrs. Vmh _tnth @nje lg Wchtjnk–s prckh rnth rhkncjhf stn`ah nt =% pn glr 0404. Onaouanth tmh jljfhfuotc`ah cjthrhst hxphjshs, cg njy.   N. >04 kca WJF @. 044 kca WJF O. ?44 kca WJF F. >=4 kca WJF 00. _ncilj Cjvhstkhjt (Wchtjnk) Ol. Atf, n olkpnjy cjolrplrnthf cj Wchtjnk, cjvhsthf cj n olkpnjy cj Onk`lfcn. Cj 04>7 _ncilj wns pncf wctm n fcvcfhjf lg WJF944 kca ngthr pnycji olrplrnth cjolkh tnx cj Onk`lfcn nt WJF?44 kca. Ct nasl mns n tnxn`ah cjolkh lg WJF0,444 kca grlk flkhstco `uscjhss. Vnx rnth glr tmh olkpnjy cs 04%. Onaouanth tmh tnx pnyn`ah lg _ncilj Cjvhstkhjt (Wchtjnk) Ol. Atf N. 644 kca WJF @. 044 kca WJF O. 744 kca WJF F. ?44 kca WJF 0?. OOF Ol, n olkpnjy cj Wchtjnk, rhck`urshf hkpalyhhs– hxphjshs glr lvhrshns `uscjhss trcps lrcicjnaay pncf `y tmh hkpalyhhs uscji tmhcr phrsljna orhfct onrfs. Vmh hxphjshs nklujthf tl WJF84 kcaaclj cj tltna. Ymcom lg tmh glaalwcji oljfctcljs kust `h kht glr OOF Ol tl trhnt suom rhck`urshf hxphjshs ns fhfuotc`ah glr olrplrnth olrp lrnth cjolkh tnx (OCV) purplshs< (>) Vmh orhfct onrf cs iunrnjthhf `y tmh olkpnjy (0) Vmh hxphjshs nrh supplrthf `y prlphr floukhjts/cjvlcohs (?) Vmh trcp cs nutmlrcshf `y n fhocsclj cssuhf `y tmh olkpnjy–s fcrhotlrs (6) Vmh olkpnjy placoy naalws hkpalyhhs tl nfvnjoh hxphjshs glr `uscjhss trcps `y phrsljna orhfct onrfs N. >, 0, ? njf 6 @. > njf 6 ljay O. 0 njf ? ljay 9

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

F. 0, ? njf 6 ljay 06. Ks Mulji Jiuyhj, wml invh `crtm lj > Gh`runry 04>=, cs OHL lg MYE Ol, n olkpnjy cj Wchtjnk. _mh rhturjhf tl wlre lj > Kny 04>=, fhspcth tmh olkpnjy placoy njf tmh rhiuantcljs naalwcji mhr n scx-kljtm knthrjcty ahnvh. Ymhj smh rhturjhf, tmh olkpnjy pncf mhr jlrkna snanry lg WJF?44 kcaaclj phr kljtm njf cj nffctclj, furcji tmh tmrhh kljtms hjfhf ?> Buay 04>=, smh rhohcvhf nj lvhrtckh naalwnjoh lg WJF>84 kcaaclj phr kljtm (wmcom cs wctmcj tmh rnjih lg naalwhf lvhrtckh ujfhr prhvncacji an`lur rhiuantcljs). Mlwhvhr, Ks Mulji Jiuyhj fcf jlt notunaay wlre njy n jy lvhrtckh njf tmh naalwnjoh wns pncf tl olkphjsnth mhr glr hnray rhturj grlk knthrjcty ahnvh ns n rhsuat lg wlre rhqucrhkhjts. Vmh olkpnjy njf Ks Mulji Jiuyhj fcf jlt oanck njy knthrjcty ahnvh `hjhgcts grlk slocna cjsurnjoh grlk Kny 04>= ljwnrfs. Ymnt cs tmh nfbustkhjt nklujt glr jlj-fhfuotc`ah hxphjshs wmcom MYE Ol smluaf kneh cj cts olrplrnth cjolkh tnx (OCV) rhturj glr tmh yhnr hjfhf ?> Fhohk`hr 04>= cj rhsphot lg tmh pnykhjts tl Ks Mulji Jiuyhj<

N. WJF>,?84 kcaaclj @. WJF684 kcaaclj O. WJF4 kcaaclj F. WJF344 kcaaclj 08. Cj Knrom 04>=, FTJ Ol, n Wchtjnkhsh olkpnjy, fcsplshf lg n knomcjh glr WJF0,044 kcaaclj. Vmh knomcjh wns puromnshf cj Bnjunry 04>9 glr WJF?,744 kcaaclj wctm nj hstcknthf ushgua acgh lg tmrhh yhnrs. FTJ Ol–s placoy (wmcom cs noohptn`ah glr tnx fhprhocntclj) cs tl prlvcfh glr n guaa kljtm–s fhprhocntclj cj tmh kljtm lg puromnsh njf jl fhprhocntclj cj tmh kljtm lg fcsplsna.   Ymnt cs tmh tnxn`ah incj lj tmh fcsplsna lg tmh knomcjh wmcom FTJ Ol kust fhoanrh glr olrplrnth cjolkh tnx (OCV) purplshs glr cts gcjnjocna yhnr hjfhf ?4 Bujh 04>=<   N. WJF>44 kcaaclj @. WJF0,044 kcaaclj O. WJF4 kcaaclj F. WJF=44 kcaaclj 07. Cj Gh`runry 04>=, BVG Ol, n Bnpnjhsh cjvhstlr, slaf cts onpctna oljtrc`utclj cj VIV Ol, n Wchtjnkhsh ackcthf acn`cacty olkpnjy, tl n glrhcij `uyhr glr X_F>4 kcaaclj, wmhj tmh X_F `uy ‟  0 shaa hxomnjih rnth grlk tmh olkkhrocna `nje wns WJF0?,444 ‟WJF0?,044. Vmh lrcicjna onpctna oljtrc`utclj cj VIV Ol wns X_F>4 kcaaclj wmcom cs rhgahothf cj tmh nufcthf gcjnjocna stnthkhjts nt nj hxomnjih rnth lg X_F> ; WJF04,444. Vmh trnjsghr hxphjshs cjourrhf whrh ckknthrcna. VIV Ol–s gujotcljna ourrhjoy cs WJF. Ymnt cs tmh olrplrnth cjolkh tnx (OCV) acn`cacty cjourrhf `y BVG Ol lj tmh snah lg cts onpctna oljtrc`utclj cj VIV Ol cj tmh yhnr 04>=<   =

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

 

3

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

N. WJF7,444 kcaaclj @. WJF4 kcaaclj O. WJF7,644 kcaaclj F. WJF0?4 kcaaclj 09. JCW Ol, n Wchtjnkhsh olkpnjy, rhjthf nj lggcoh glr cts lphrntcljs grlk > Nprca 04>3 njf pncf n fhplsct lg WJF930 kcaaclj, hqucvnahjt tl twl kljtmay rhjtna ghhs, cjoauscvh lg >4% vnauh nffhf tnx (WNV). Phjt cs pnyn`ah twl kljtms cj nfvnjoh. Ymnt cs tmh nklujt lg fhfuotc`ah rhjtna hxphjsh wmcom JCW Ol onj oanck glr olrplrnth cjolkh tnx (OCV) purplshs cj tmh yhnr hjfhf ?> Lotl`hr 04>3< N. WJF8,464 kcaaclj @. WJF0,804 kcaaclj O. WJF?,064 kcaaclj F. WJF0,990 kcaaclj 0=. Cj 04>9, O_T Ol, n Wchtjnkhsh olkpnjy, slaf =4% lg cts >44% smnrhmlafcji cj NFO Ol, njltmhr Wchtjnkhsh olkpnjy, tl n glrhcij `uyhr glr WJF>04,444 kcaaclj. NFO Ol wns hstn`acsmhf cj 044= wctm onpctna lg WJF74,444 kcaaclj (guaay pncf up). O_T Ol puromnshf naa lg tmh smnrhs lg NFO Ol cj 04>0 grlk tmh lrcicjna glujfhr glr nj nklujt lg WJF>44,444 kcaaclj, ns rhgahothf cj tmh smnrh puromnsh nirhhkhjt. Vmh trnjsghr hxphjshs cjourrhf whrh ckknthrcna. Ymnt cs tmh olrplrnth cjolkh tnx (OCV) pnyn`ah `y O_T Ol lj tmh snah lg smnrhs cj NFO Ol cj tmh yhnr 04>9< N. WJF=,444 kcaaclj @. WJF?,044 kcaaclj O. WJF3,744 kcaaclj F. WJF>6,644 kcaaclj 03. _MFA Ol cs n Wchtjnkhsh olkpnjy. Cj 04>9, tmh olkpnjy oljtrc`uthf onpctna tl _@_ Ol, n jhway hstn`acsmhf olkpnjy cj Wchtjnk, cj tmh glrk lg nj cjfhgcjcth-thrk anjf ush rcimt (AXP) glr n pchoh lg anjf cj Ml Omc Kcjm Octy. Vmh `lle vnauh lg tmh A XP rholrfhf cj _MFA Ol–s noolujts `hglrh tmh oljtrc`utclj wns WJF>44,444 kcaaclj. Vmh nirhhf onpctna oljtrc`utclj vnauh wns WJF>=4,444 kcaaclj. _MFA Ol wnjts tl ush tmh knxckuk phrclf tl naalonth tmh rhvnauntclj incj grlk tmh AXP tl ltmhr cjolkh ns naalwhf ujfhr prhvncacji olrplrnth cjolkh tnx (OCV) rhiuantcljs. Ymnt cs tmh tnxn`ah cjolkh gciurh cj rhsphot lg tmh onpctna oljtrc`utclj lg tmh anjf ush rcimt (AXP) tl _@_ Ol wmcom _MFA Ol smluaf fhoanrh lj cts olrplrnth cjolkh tnx (OCV) rhturj glr tmh yhnr hjfhf ?> Fhohk`hr 04>9< >4

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

N WJF=4,444 kcaaclj @ WJF>=4,444 kcaaclj O WJF=,444 kcaaclj F WJF>7,444 kcaaclj ?4. OAV Ol cs n Wchtjnkhsh olkpnjy hkpalycji >,044 hkpalyhhs cj 04>9. Vmh olkpnjy mns n placoy tl prlvcfh ujcglrks tl hkpalyhhs cj `ltm onsm njf cj ecjf. Cj 04>9, tmh tltna ujcglrk hxphjshs pncf `y OAV Ol wns WJF>0,=44 kcaaclj, lg wmcom WJF=,444 kcaaclj wns pncf cj onsm tl hkpalyhhs. 64% lg tmh hxphjshs cj ecjf nrh jlt supplrthf `y prlphr floukhjts. Mlw kuom lg OAV Ol–s ujcglrk hxphjshs nrh jlj -fhfuotc`ah glr olrplrnth cjolkh tnx (OCV) purplshs cj 04>9<   N. WJF=,==4 kcaaclj @. WJF?,304 kcaaclj O. WJF3,304 kcaaclj F. WJF>,304 kcaaclj

>>

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

_hotclj @ ‟ Phspljsh onsh quhstcljs ^uhstclj >2

CJWH] Ol, n ackcthf acn`cacty olkpnjy, cs guaay lwjhf `y n Mlji Elji-`nshf olkpnjy. CJWH] Ol cs alonthf cj n mcim-thom pnre cj Alji Nj, wmhrh ct knjugnoturhs n khklry fhvcoh ushf cj anptlps njf kl`cah pmljhs. CJWH] Ol wns hstn`acsmhf cj 04>6 wctm ljh gnotlry wmcom mnf n tltna fhscij onpnocty lg > kcaaclj ujcts phr yhnr. Vmh lrcicjna cjvhstkhjt ohrtcgconth hjtctahf tmh olkpnjy tl tmh glaalwcji olrplrnth cjolkh tnx (OCV) cjohjtcvhs2  ‟  Glur yhnrs tnx hxhkptclj, paus jcjh yhnrs 84% tnx rhfuotclj, olkkhjocji grlk tmh gcrst yhnr lg ihjhrntcji tnxn`ah cjolkh5 njf  ‟  >8 yhnrs >4% oljohsscljna tnx rnth, olkkhjocji grlk tmh gcrst yhnr lg ihjhrntcji tnxn`ah rhvhjuh. CJWH] Ol gcrst ihjhrnthf tnxn`ah rhvhjuh njf tnxn`ah cjolkh cj tmh yhnrs 04>8 njf 04>7, rhsphotcvhay. Cj 0404, CJWH] Ol olkpahthf nj hxpnjsclj prlbhot cjvlavcji nffctcljna cjvhstkhjt cj gcxhf nsshts lg WJF64 `caaclj tl sht up n sholjf (jhw) gnotlry wctm nffctcljna fhscij onpnocty lg ?84,444 ujcts phr yhnr nt tmh snkh alontclj ns tmh hxcstcji gnotlry. _cjoh

naa tmh prlfuots knjugnoturhf wcaa `h intmhrhf glr snah cj n ohjtrna wnrhmlush, ct cs ckplssc`ah glr CJWH] Ol tl oahnray shpnrnth tmh tnxn`ah cjolkh rhsuatcji grlk tmh hxcstcji gnotlry njf tmh jhw gnotlry. CJWH] Ol–s njjuna rhplrt glr 0404 smlwhf tmh glaalwcji cjglrkntclj2  ‟  Vltna tnxn`ah cjolkh glr 04042 WJF0> `caaclj, lg wmcom WJF? `caaclj cs grlk ltmhr cjolkh5  ‟  Vltna mcstlrcona olsts lg gcxhf nsshts notunaay ushf glr prlfuotclj nt ?> Fhohk`hr 04042 WJF>44 `caaclj. Phqucrhf2 Onaouanth CJWH] Ol–s tltna olrplrnth cjolkh tnx (OCV) acn`cacty glr tmh yhnr hjfhf ?> Fhohk`hr 0404.

>0

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

^uhstclj 02

OPX Atf (OPX) cs c s tmh Wchtjnkhsh pnrhjt olkpnjy lg n irlup lg su`scfcnrchs flcji `uscjhss cj tmh knjugnoturcji shotlr. Naa lg tmh irlup olkpnjchs mnvh n yhnr hjf lg ?> Fhohk`hr. Lj > Bnjunry 04>9, OPX puromnshf n auxury onr glr WJF7,744 kcaaclj (cjoaufcji >4% vnauh nffhf tnx (WNV)) glr tmh omncrknj lg cts `lnrf. OPX cjthjfhf tl ush tmh onr glr scx yhnrs. Cj Lotl`hr 04>3, tmh onr wns cjvlavhf cj nj noocfhjt njf mnf tl `h rhpncrhf nt n olst lg WJF930 kcaaclj (cjoaufcji WNV). Vmh rhpncr wns olkpahthf lj 08 Lotl`hr 04>3 njf tmh rhpncr shrvcoh olkpnjy cssuhf nj cjvlcoh glr tmh guaa rhpncr olsts tl OPX lj tmnt snkh fnth. Noolrfcji tl tmh rhpncr shrvcoh nirhhkhjt, OPX wns rhqucrhf tl shttah 34% lg tmh rhpncr olsts cj 04>3 njf tmh rhkncjcji >4% cj Gh`runry 0404. Vmh gcrst pnykhjt wns knfh `y `nje trnjsghr njf tmh sholjf cj onsm. Lj > Jlvhk`hr 04>3, tmh omncrknj fhocfhf tl oljtrc`uth tmh onr ns n pnrt lg OPX–s onpctna oljtrc`utclj tl OP_ Ol, n >44% su`scfcnry lg OPX. Vmh vnauh oljtrc`uthf `y tmh onr wns WJF0,644 kcaaclj (hxoaufcji WNV), njf OP_ Ol cjthjfs tl ush tmh onr glr glur yhnrs. Phqucrhf2 (n) Onaouanth OPX Atf–s fhfuotc`ah fhprhocntclj njf rhpncr hxphjshs glr hnom lg tmh yhnrs hjfhf ?> Fhohk`hr 04>=, 04>3 njf 0404 ns n rhsuat r hsuat lg tmh n`lvh trnjsnotcljs. (`) Onaouanth OPX Atf–s tnxn`ah cjolkh lr alss grlk tmh fcsplsna lg tmh onr cj tmh yhnr h jfhf ?> Fhohk`hr 04>3. (o) Onaouanth OP_ Ol–s fhfuotc`ah fhprhocntclj hxphjsh cj rhsphot lg tmh onr glr tmh yhnr hjfhf ?> Fhohk`hr 04>3.

^uhstclj 62

MWJW Ol (MWJW) cs n Wchtjnkhsh olkpnjy lwjhf `y twl smnrhmla smnrhmlafhrs, fhrs, Ks Nj njf Kr @nl, wctm tmh smnrhmlafcji rntcl lg 78% njf ?8%, rhsphotcvhay. MWJW sphocnacshs cj slgtwnrh fhvhalpkhjt njf tmh trnfcji lg olkputhr mnrfwnrh. Vmh olkpnjy–s rhohjt tnxn`ah cjolkh /(tnx alsshs) grlk lphrntcljs mnvh `hhj ns glaalws2 Shnr hjfhf ?> Fhohk`hr

04>7

_lgtwnrh fhvhalpkhjt

Vrnfcji lg olkputhr mnrfwnrh

Olk`cjhf tltna

WJF kcaaclj

WJF kcaaclj

WJF kcaaclj

Onjjlt `h shpnrnthf glr hnom notcvcty

(3,444)

04>9

=,444

9,444

>8,444

04>=

(>4,444)

0,844

(9,844)

04>3

>8,844

0,444

>9,844

0404

(>>,444)

?,444

(=,444)

>?

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

MWJW cs hjtctahf tl glur yhnrs tnx hxhkptclj paus n jcjh-yhnr 84% tnx rhfuotclj glr cts slgtwnrh fhvhalpkhjt notcvcty grlk tmh gcrst yhnr lg prlgcts, wmcom wns cj 0443. Fuh tl cjnpprlprcnth panjjcji, tmh tnx hxhkptcljs nvncan`ah cj tmh yhnrs 04>6 04 >6 njf 04>8 whrh ushf cjhggcochjtay cjhggc ochjtay wmhj tmh olkpnjy knfh sknaa prlgcts `ut oluaf jlt cfhjtcgy shpnrnthay grlk wmcom lg cts notcvctchs tmh prlgcts onkh. Vmh slgtwnrh notcvcty cs nasl hjtctahf tl tmh >4% tnx rnth cj tmh >8 yhnrs grlk tmh yhnr lg gcrst rhvhjuh, wmcom wns w ns nasl 04>6. Vmh trnfcji lg olkputhr mnrfwnrh notcvcty cs su`bhot tl tmh olkklj tnx rnth. Cj 04>9, MWJW wns cjstruothf cj n wrctthj ruacji `y tnx nutmlrctchs tmnt npnrt grlk tmh iucfnjoh ujfhr tmh olrplrnth cjolkh tnx (OCV) Ocrouanrs, tmh alsshs kust `h utcacshf cj n oljshoutcvh knjjhr tl guaay lggsht naa prlgcts grlk naa notcvctchs wctmcj gcvh yhnrs ngthr tmhcr cjourrhjoh. Nt tmh hjf lg 0404, ns n rhsuat lg ujrhslavn`ah fcspuths, tmh smnrhmlafhrs fhocfhf tl spact MWJW cjtl twl shpnrnth olkpnjchs noolrfcji tl tmhcr ourrhjt smnrhmlafcji rntcl ‟ NMW (tl `h mhaf `y Ks Nj) njf @MW (tl `h mhaf `y Kr @nl). Phqucrhf2 (n) Onaouanth (cj WJF kcaacljs) tmh nsshssn`ah cjolkh glr olrplrnth cjolkh tnx (OCV) glr hnom lg MWJW Ol–s notcvctchs cj tmh yhnrs 04>9, 04>=, 04>3 njf 0404 njf stnth tmh tnx rnth nppacon`ah cj hnom onsh. Jlth2 Slu smluaf ush tmh alss utcacsntclj ns rhqucrhf ujfhr tmh OXPPHJV OCV rhiuantcljs. (`) Onaouanth (cj WJF kcaacljs) tmh tnx alss onrry glrwnrf tl `h naalonthf tl NMW njf @MW rhsphotcvhay ngthr tmh spact.

>6

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

  ^uhstclj 62

G]WJ Atf cs n Wchtjnkhsh olkpnjy hstn`acsmhf cj 04>6, wmlsh gujotcljna ourrhjoy cs tmh Wchtjnk Flji. Grlk 04>6 tl Bujh 04>7, tmh olkpnjy wns cj tmh oljstruotclj phrclf (oljstruotclj lg cts gnotlry njf puromnsh lg knomcjhry njf hqucpkhjt) wctm jl lphrntcljs njf jl rhvhjuhs. Furcji tmcs phrclf, G]WJ Atf mnf tmh glaalwcji trnjsnotcljs cj X_ flaanrs (X_F)2 Vrnjsnotcljs

Nklujt X_F

Fnth lg trnjsnotclj

X_F/WJF hxomnjih rnth

Jlth rhinrfcji noolujtcji rholrfhf lg

Turomnsh lg knomcjhry lj orhfct

6 kcaaclj

>/0/04>8

0>,684

Pholrfhf ns ‑Tnyn`ah glr gcxhf nsshts‛ 

Phohcpt lg gcrst cjvlcoh grlk tmh oljstruotclj oljtrnotlr

? kcaaclj

>/>0/04>8

00,694

Pholrfhf ns ‑Tnyn`ah glr gcxhf nsshts‛ 

_httahkhjt lg nklujts lwhf glr knomcjhry njf oljstruotclj (ns n`lvh)

(9 kcaaclj)

?>/>0/04>8

00,6>4

Pholrfhf ns n rhfuotclj cj ‑Tnyn`ahs glr gcxhf nsshts‛ 

Phohcpt lg gcjna cjvlcoh grlk tmh oljstruotclj oljtrnotlr

? kcaaclj

>8/0/04>7

00,034

Pholrfhf ns ‑Tnyn`ah glr gcxhf nsshts

_httahkhjt lg gcjna cjvlcoh grlk tmh oljstruotclj oljtrnotlr

(? kcaaclj)

0=/7/04>7

00,?94

Pholrfhf ns n rhfuotclj cj ‑Tnyn`ahs glr gcxhf nsshts‛ 

>/9/04>7

00,?64

Gnotlry njf knomcjhry olkpahthf nt n tltna olst lg X_F >4 kcaaclj njf put cjtl ush

G]WJ Atf olkkhjohf `uscjhss lphrntcljs njf stnrthf ihjhrntcji rhvhjuh grlk > Buay 04>7. Vmh olkpnjy hxphots tl nklrtcsh tmh glrhcij hxomnjih fcgghrhjohs cjourrhf furcji tmh oljstruotclj phrclf lvhr tmh knxckuk phrclf nvncan`ah ns naalwhf ujfhr tmh prhvncacji rhiuantcljs cj 04>7. Phqucrhf2 Onaouanth (cj WJF kcaacljs) tmh nklujt lg tmh glrhcij hxomnjih fcgghrhjohs wmcom G]WJ Atf onj onpctnaczh furcji tmh oljstruotclj phrclf, njf tmh fhfuotc`ah hxphjsh grlk tmh nklrtcsntclj lg tmh onpctnacshf hxomnjih fcgghrhjohs naalwn`ah glr olrplrnth cjolkh tnx (OCV) purplshs, cg njy, cj tmh gcsona yhnr hjfhf ?> Fhohk`hr 04>7

>8

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

^uhstclj 82

FTJ Atf cs n olkpnjy hstn`acsmhf thj yhnrs nil cj Wchtjnk, wctm fcvhrscgchf notcvctchs njf lvhr >,444 hkpalyhhs. Cj cts gcsona yhnr hjfhf ?4 _hpthk`hr 04>7, FTJ Atf puromnshf njf oljstruothf vnrclus nsshts glr ush ns glaalws2

Cthks

Xsnih olkkhjohkhjt fnth

Wnauh Hstcknthf ushgua acgh (WJF (yhnrs) kcaaclj)

>/>/04>7

Ac`rnry njf ecjfhrinrthj glr stngg

8.444

>4

>/?/04>7

_plrts ohjthr glr stngg

7,644

=

>/?/04>7

Hqucpkhjt njf cjthrclr lg tmh splrts ohjthr

0,444

6

>

0

Fhsorcptclj

?

Jlths

84% lg tmh vnauh cs hqucpkhjt njf 84% lg tmh vnauh cs glr tmh cjthrclr ohjthr lg tmh splrts

>8/6/04>7

Tllas njf tnjes glr oahnj wnthr stlrnih

>,444

>4

94% cs glr tmh ush `y naa stngg lg FTJ Atf njf tmh rhkncjcji ?4% glr ush `y rhscfhjts acvcji jhnr`y

>/7/04>7

Hqucpkhjt noqucrhf `y gcjnjoh ahnsh grlk n alona njjuna pnykhjts lg gcjnjoh olkpnjy (FTJ Atf cs jlt tmh lwjhr cj tmh rholrf)

_hh jlth

8

Tnykhjt tl `h knfh `y 8 njjuna pnykhjts lg WJF >,444 kcaaclj. Vmh

6

8

tltna cjthrhst plrtclj lg tmh wmlah ahnsh cs WJF 844 kcaaclj

Cj nffctclj tl tmh n`lvh cthks, lj > Nprca 04>7 FTJ Atf nasl rhohcvhf n ynomt njf n glur-shnthr onr wctm n knreht vnauh lg WJF00,444 kcaaclj njf WJF0,444 kcaaclj (hxoaufcji vnauh nffhf tnx (WNV)), rhsphotcvhay, grlk n oachjt ns shttahkhjt lg n fh`t glr illfs puromnshf grlk FTJ Atf cj 04>8. FTJ Atf hxphots tl shaa tmh ynomt, `ut wcaa ush tmh onr cj cts `uscjhss njf mns nsscijhf ct n ushgua acgh lg hcimt yhnrs.

>7

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

Phqucrhf2 (n) Onaouanth (cj WJF kcaacljs) FTJ Atf–s  fhfuotc`ah fhprhocntclj hxphjsh glr olrplrnth cjolkh tnx (OCV) purplshs wctm rhinrf tl hnom lg cthks > tl 8 cj tmh gcsona yhnr 04>7.

(`) @rchgay hxpancj wmhtmhr FTJ Atf onj fhfuot n fhprhocntclj hxphjsh cj rhsphot lg tmh nsshts (ynomt njf onr) rhohcvhf ns shttahkhjt lg tmh fh`t glr OCV purplshs njf onaouanth (cj WJF kcaacljs) tmh fhfuotc`ah nklujt, cg njy, cj tmh gcsona yhnr 04>7. ^uhstclj 72

CWH] Atf cs n glrhcij cjvhsthf olkpnjy alonthf cj Vnj @cjm Cjfustrcna Tnre cj Ml Omc Kcjm Octy. Natmluim tmh cjfustrcna pnre wns jl aljihr nj cjohjtcvcshf nrhn cj 04>3 ‟0404, CWH] Atf wns stcaa hjtctahf tl tmh tnx cjohjtcvhs stnthf cj tmh cjvhstkhjt ohrtcgconth nt tmh tckh lg cts hstn`acsmkhjt wmhj tmh cjohjtcvhs glr olkpnjchs hstn`acsmhf cj cjfustrcna pnres whrh stcaa nvncan`ah. Cj 04>3, CWH] Atf wns hjtctahf tl tmh sphocna tnx rnth lg >8% wctm n 84% rhfuotclj glr tmh lrcicjna cjvhstkhjt ns sphocgchf cj tmh cjvhstkhjt ohrtcgconth. Cj 04>3, CWH] Atf cjvhsthf WJF84,444 kcaaclj cj n jhw prlfuotclj acjh, wmcom qunacgchf ns hxpnjsclj cjvhstkhjt ujfhr tmh olrplrnth cjolkh tnx (OCV) >= rhiuantcljs. CWH] Atf–s tltna mcstlrcona olsts lg gcxhf g cxhf nsshts (cjoaufcji tmh jhw prlfuotclj acjh) nt tmh gcsona yhnr-hjf lg ?> Fhohk`hr 04>3 wns WJF044,444 kcaaclj. Cj 04>3, tmh tnxn`ah cjolkh fhoanrhf `y CWH] Atf wns WJF6=,444 kcaaclj, lg wmcom ltmhr jljlphrntcji tnxn`ah cjolkh wns WJF=,444 kcaaclj. Cj 0404, tmh cjohjtcvh phrclf lg tmh olkpnjy hxpcrhf njf CWH] Atf `honkh su`bhot tl tmh olkklj tnx rnth. Noolrfcji tl cts frngt gcjnjocna stnthkhjts, CWH] Atf mnf noolujtcji prlgcts `hglrh tnx lg WJF>74,444 kcaaclj cj 0404. Vmh glaalwcji cssuhs wmcom whrh rholrfhf cj tmh noolujtcji prlgcts nrh jlthwlrtmy glr tmh purplshs lg tmh olkpnjy–s olrplrnth cjolkh tnx (OCV) gcjnacsntclj2 >. Nooruhf wnihs njf naalwnjohs lg WJF=,844 kcaaclj whrh jlt pncf `hglrh tmh fhnfacjh glr OCV gcjnacsntclj. CWH] Atf–s tltna notuna snanry gujf cj 04 04 wns WJF88,444 kcaaclj. Jl prlvcsclj glr snanry gujf wns knfh ns nt ?> Fhohk`hr 0404. 0. Turomnshs wctmlut cjvlcohs nklujthf tl WJF3,044 kcaaclj, lg wmcom WJF0,=44 kcaaclj whrh puromnshs lg fhpahtcljs grlk mlushmlafs wml cssuhf CWH] Atf wctm acsts lg tmh puromnshs ujfhr glrk 4>/VJFJ. ?. Knomcjhry `luimt cj 04>9 wctm n mcstlrcona olst lg WJF7,444 kcaaclj njf nj hstcknthf ushgua acgh lg gcvh yhnrs ohnshf tl `h ushf grlk > Bujh 04>3 glr kncjthjnjoh. Cj 04>3, CWH] Atf hxphothf tmnt tmcs kncjthjnjoh wluaf tneh >? kljtms, `ut tmh kncjthjnjoh wns cj gnot olkpahthf lj ?> Nuiust 0404 njf tmh knomcjhry wns put cjtl ush nincj grlk > _hpthk`hr 0404. Cj tmh frngt gcjnjocna stnthkhjts, tmcs knomcjhry wns fhprhocnthf lvhr >0 kljtms cj 0404. 6. Xjcglrk hxphjshs (supplrthf wctm vnacf floukhjts) whrh WJF904 kcaaclj pncf cj onsm, njf WJF?74 kcaaclj knfh cj ecjf. CWH] Atf mnf nj nvhrnih lg >04 hkpalyhhs furcji tmh yhnr 0404. >9

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

8. N prlgcts smnrh lg WJF64,444 kcaaclj wns rhohcvhf grlk n `uscjhss ol-lphrntclj oljtrnot (@OO) wmcom CWH] Atf mnf hjthrhf cjtl. Vmhsh prlgcts whrh ngthr fhfuotcji OCV nt tmh rnth lg 04%, wmcom wns fhoanrhf njf pncf `y tmh lphrntlr. Grlk 040>, tmh glrhcij cjvhstlr–s mhnfqunrthr olkpnjy cs oljscfhrcji omnricji CWH] Atf glr tmh olst lg tmh CV supplrt shrvcohs ct prlvcfhs. Vmh omnrih wluaf cjoaufh n sphocgco omnrih glr tmh olsts cjourrhf cj rhsphot lg tmh shrvcoh rhquhsts knfh `y cjvhstlr–s su`scfcnrchs `nshf CWH] Atf, njf n aukp omnrih wmcomolkpnjy wluaf `hnjf naalonthf naa tmh lj tmh bufihkhjt lg suk tmh mhnfqunrthr wmcom tl oluaf vnry grlk yhnr tl yhnr. Phqucrhf2 (n) Onaouanth tmh tnxn`ah cjolkh lg CWH] Atf cj tmh yhnr 04>3 grlk tmh lrcicjna cjvhstkhjt, hxpnjsclj cjvhstkhjt njf ltmhr notcvctchs, njf tmh tltna olrplrnth cjolkh tnx (OCV) acn`cacty lg CWH] Atf glr tmh yhnr hjfhf ?> Fhohk`hr 04>3. (`) Onaouanth tmh tnxn`ah cjolkh njf tmh tnx acn`cacty wmcom CWH] Atf smluaf fhoanrh cj cts OCV rhturj glr tmh yhnr hjfhf ?> Fhohk`hr 0404. Jlth2 Slu smluaf stnrt ylur olkputntclj wctm tmh noolujtcji prlgct lg WJF>74,444 kcaaclj njf acst naa lg tmh cthks sphocgconaay rhghrrhf tl cj jlths > tl 8, cjfcontcji `y tmh ush lg ”4– njy cthk glr wmcom jl nfbustkhjt cs rhqucrhf. (o) @rchgay hxpancj tmh VMPHH prcjocpah oljfctcljs glr hxphjshs tl `h fhfuotc`ah `y n olkpnjy cj Wchtjnk noolrfcji tl tmh prhvncacji rhiuantcljs, njf stnth, icvcji rhnsljs, wmhtmhr lr jlt tmh omnrih glr CV supplrt shrvcohs tl `h knfh `y tmh mhnfqunrthr olkpnjy nrh acehay tl `h fhfuotc`ah `y CWH] Atf cj tmh yhnr 04>9. ^uhstclj 92

AKE Ol cs n glrhcij cjvhsthf olkpnjy, hstn`acsmhf cj Wchtjnk cj 04>?. Noolrfcji tl tmh rhiuantcljs nt tmh tckh ct wns acohjshf tl lphrnth, AKE Ol wns hjtctahf tl twl yhnrs– olrplrnth cjolkh tnx (OCV) hxhkptclj paus n gurtmhr tmrhh yhnrs– 84% tnx rhfuotclj, wctm tmh snkh ocroukstnjohs `hcji rhqucrhf ns phr tmh ourrhjt rhiuantcljs glr tmh tnx mlacfny tl olkkhjoh. Vmh tnx rhturjs lg tmh olkpnjy grlk tmh yhnr lg hstn`acsmkhjt tl fnth smlwhf tmh glaalwcji rhsuats2 Shnr

Vnxn`ah cjolkh/(tnx alsshs) (WJF kcaaclj)

Shnr

Vnxn`ah cjolkh/(tnx alsshs) (WJF kcaaclj)

04>?

(?8,444)

04>6

(04,444)

04>8

(>8,444)

04>7

(8,444)

04>9

=,444

04>=

>6,444

Furcji 04>3, tmh alona tnx nutmlrctchs oljfuothf n tnx cjsphotclj lg tmh olkpnjy rhantcji tl tmh phrclf grlk 04>? tl 04>=. Vmh cjvhstcintclj rhsuathf cj tmh nfbustkhjt glr slkh cthks wmcom rhfuohf tmh tnx alsshs cj 04>? njf 04>6 `y WJF7,444 kcaaclj glr hnom yhnr5 njf nasl rhfuohf tmh tnx alsshs lg 04>8 njf 04>7 `y WJF8,444 kcaaclj njf WJF>,444 kcaaclj rhsphotcvhay.

>=

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

Cj 04>3, tmh olkpnjy ihjhrnthf tnxn`ah cjolkh lg WJF00,444 kcaaclj noolrfcji tl tmh frngt tnx rhturj. Slu smluaf nssukh naa tmh tnxn`ah cjolkh/tnx alsshs whrh ihjhrnthf grlk AKE Ol–s kncj `uscjhss lphrntcljs. Phqucrhf2 Onaouanth tmh nklujt lg tnx alsshs wmcom onj `h utcacshf njf lggsht nincjst tnxn`ah cjolkh cj hnom yhnr glr tmh phrclf 04>9 tl 04>3, njf tmh rhkncjcji tnx alsshs wmcom onj `h onrrchf glrwnrf tl 0404 `y AKE Ol. ^uhstclj =2

MVK Ol cs n ackcthf acn`cacty olkpnjy, hstn`acsmhf cj Wchtjnk, njf sphocnacscji cj tmh knjugnoturh lg oljsukhr prlfuots. Vmh olkpnjy–s frngt gcjnjocna stnthkhjts smlw prlgct `hglrh tnx lg WJF=4,444 kcaaclj glr tmh yhnr hjfhf ?> Fhohk`hr 04>9. Furcji n rhvchw lg tmh frngt gcjnjocna stnthkhjts, njf `hglrh prhpnrcji tmh tnx rhturj lg tmh olkpnjy, tmh omchg noolujtnjt lg tmh olkpnjy jlthf tmh glaalwcji cthks wmcom kny plthjtcnaay jhhf nfbustkhjts cj tmh tnx rhturj2 (>) MVK Ol puromnshf n knomcjh glr WJF37,444 kcaaclj lj ?> Knrom 04>8. Vmh lrcicjna ushgua acgh lg tmh knomcjh wns fhocfhf tl `h hcimt yhnrs (tmh rhiuanthf ushgua acgh somhfuah glr tmh knomcjh cs grlk = tl >0 yhnrs). Lj > Lotl`hr 04>9, tmh olkpnjy fhocfhf tmnt tmh rhkncjcji ushgua acgh lg tmh knomcjh wluaf `h glur yhnrs. Vmh fhprhocntclj hxphjsh cjoaufhf cj tmh frngt gcjnjocna stnthkhjts rhgahots tmh lrcicjna ushgua acgh lg tmh knomcjh. (0) MVK Ol rhjthf n mlush nt n olst lg WJF>44 kcaaclj phr kljtm grlk nj cjfcvcfuna grlk Kny 04>9. Vmh mlush wns ushf ns n smlwrllk glr tmh olkpnjy–s prlfuots. MVK Ol pncf n fhplsct nt tmh `hicjjcji lg Kny 04>9, `nshf lj twl kljtms– rhjt cj nfvnjoh, njf pncf tmh rhjt nt tmh `hicjjcji lg hnom kljtm. Vmh ahnsh oljtrnot stnths tmnt MVK Ol cs rhspljsc`ah glr tmh cjfcvcfuna–s c jfcvcfuna–s fhhkhf phrsljna cjolkh tnx (TCV) njf vnauh-nffhf tnx (WNV), hnom tnx cs onaouanthf nt 8% lg tmh rhjt. Cj tmh frngt gcjnjocna stnthkhjts, MVK Ol mns rholrfhf tmh rhjt fhplsct, rhjt pnykhjts, njf tnx pnykhjts ns hxphjshs. (?) Cj tmh 04>7 gcjnjocna stnthkhjts, MVK Ol knfh n prlvcsclj lg WJF=,844 kcaaclj, `hcji >9% lg tmh snanry gujf notunaay pncf lut cj 04>7. @y > Buay 04>9, MVK Ol mnf pncf WJF7,844 kcaaclj lut lg tmh prlvcsclj. Vmh rhkncjcji WJF0,444 kcaaclj wns glrghcthf (c.h. jlt pncf) njf jl nfbustkhjt mns `hhj knfh glr tmcs cj tmh frngt gcjnjocna stnthkhjts. Vmh nklujt lg snanry gujfs notunaay pncf furcji 04>9 (hxoaufcji tmh n`lvh wnih prlvcsclj glr 04>7) cjorhnshf `y 84% grlk 04>7. Vmcs nklujt, wmhj fcvcfhf `y tmh tltna juk`hr lg hkpalyhhs, cs hqucvnahjt tl nj nvhrnih lg WJF7.08 kcaaclj phr hkpalyhh phr kljtm. MVK Ol cjthjfs tl kneh n sckcanr prlvcsclj lg >9% lg tmh snanry gujf notunaay pncf furcji 04>9. Vmcs nklujt cs panjjhf tl `h pncf wctmcj tmh gcrst qunrthr lg 04>=. Vmcs prlvcsclj mns jlt yht `hhj knfh cj tmh frngt gcjnjocna stnthkhjts, mlwhvhr, ct onj `h cjoaufhf cj tmh nufcthf gcjnjocna stnthkhjts.

>3

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

(6) Cj 04>9, tmh prhkcuk hxphjshs glr vlaujtnry phjsclj cjsurnjoh glr hkpalyhhs tltnahf WJF>7,444 kcaaclj. Vmh `hjhgcts whrh oahnray stnthf cj tmh olaahotcvh an`lr nirhhkhjt lg MVK Ol. Phqucrhf2 Onaouanth (cj WJF kcaacljs) tmh olrplrnth cjolkh tnx (OCV) acn`cacty tl `h fhoanrhf `y MVK Ol glr tmh yhnr hjfhf ?> Fhohk`hr 04>9, `nshf lj tmh prlgct `hglrh tnx cj tmh frngt gcjnjocna stnthkhjts njf tmh n`lvh cjglrkntclj. Jlth2 Slu smluaf stnrt ylur olkputntclj wctm tmh prlgct `hglrh tnx lg WJF=4,444 kcaaclj cj tmh frngt gcjnjocna stnthkhjts, njf acst naa lg tmh cthks sphocgconaay rhghrrhf tl cj (>) tl (6) n`lvh, cjfcontcji `y tmh ush lg ”4– njy cthk glr wmcom jl nfbustkhjt cs rhqucrhf.   ^uhstclj 32

OI@ B_O (OI@) cs n glrhcij cjvhsthf olkpnjy cj Wchtjnk, wmlsh kncj lphrntcljs nrh tl prlvcfh strnthico knjnihkhjt oljsuatcji shrvcohs tl olrplrnth oachjts cj Wchtjnk njf lvhrshns. OI@–s cjolkh stnthkhjt (C/_) glr tmh yhnr 04>3 smlws tmnt ct hnrjhf prlgcts `hglrh tnx lg WJF37,444 kcaaclj. Furcji tmh p rhpnrntclj lg tmh olkpnjy–s 04>3 olrplrnth cjolkh tnx (OCV) gcjnacsntclj rhturj, tmh omchg noolujtnjt jlthf tmh glaalwcji cssuhs tl `h tnehj cjtl noolujt. Naa nklujts nrh stnthf hxoauscvh lg njy nppacon`ah vnauh nffhf tnx (WNV), hxohpt wmhrh sphocgconaay stnthf ltmhrwcsh2 >. OI@ knres up 74% lg tmh olsts cjourrhf tl onaouanth tmh ghhs omnrihf tl oachjts (c.h. glr hvhry WJF>44 olst cjourrhf, tmh prlgct wluaf `h WJF74). Mlwhvhr, tmh olkpnjy nasl cssuhs cjvlcohs (njf omnrihs WNV) cj nfvnjoh tl oachjts `nshf lj tmh hstcknthf olsts tl `h ccjourrhf jourrhf glr tmh bl`s. Cj n rhohjt tnx nufct glr 04>=, tmh alona tnx nutmlrctchs rhquhsthf njf naalwhf (cj wrctcji) OI@ tl nppay tmh glaalwcji khomnjcsk glr OCV purplshs2  ‟ Pholijcsh rhvhjuh glr OCV purplshs wmhj tmh cjvlcohs nrh cssuhf tl oachjts5 njf  ‟  Nooruh tmh olsts olrrhspljfcji wctm tmh rhvhjuh (phr tmh knre-up sht `y tmh olkpnjy) rholijcshf cj nfvnjoh cjtl fhfuotc`ah hxphjshs njf gcjnacsh tmh onaouantclj glr OCV wmhj tmh bl` cs olkpahthf.

Furcji 04>7, OI@ mnf tmh glaalwcji bl`s wmcom whrh ujfhrtnehj norlss twl yhnrs2 Bl`

Bl` N

_tntus

_tnrthf cj 04>=, olkpahthf cj 04>3

Phvhjuh orhfcthf tl C/_ cj WJF kcaacljs

Nklujt cjvlcohf cj WJF kcaacljs

Jlths

04>=2 >,044 04>32 ?,=44

04>=2 0,444 04>32 ?,444

Olsts olrrhspljfcji tl tmh rhvhjuh cjvlcohf whrh naalwhf tl nooruhf cj tmh 04>= OCV rhturj

04

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

Bl` @

Bl` O

_tnrthf cj 04>3, tl `h olkpahthf cj 0404

_tnrthf cj 0404

04>32 >,644

04>32 ?,744

04042 8,044

04>32 4

Cj 04>3 tmh olsts njf rhvhjuh whrh rholijczhf cj tmh C/_ `nshf lj tmh knre-up sht `y tmh olkpnjy, njf cjoaufhf cj tmh prlgct `hglrh tnx lg WJF37,444 kcaaclj

04>32 6,444

0. Furcji 04>3, OI@ cjourrhf WJF>,744 kcaaclj glr jlj-`uscjhss rhanthf hxphjshs njf cjthjfs tl hxoaufh naa lg tmcs nklujt grlk fhfuotc`ah hxphjshs. Lg tmcs nklujt, WJF744 kcaaclj wns nttrc`utn`ah tl stngg whagnrh olsts (cjoaufcji whffcjis/gujhrnas, vnontclj, supplrt glr trnjsplrtntclj furcji Jntcljna mlacfnys, hto). Mlwhvhr, 04% lg tmhsh whagnrh olsts whrh jlt supplrthf `y floukhjts njf njltmhr >4% whrh pncf cj onsm (mlwhvhr, tmh cjfcvcfuna nklujts pncf cj onsm fcf jlt hxohhf WJF>4 kcaaclj glr hnom pnykhjt). Cj 04>3, tmh nvhrnih kljtmay snanry lg OI@–s hkpalyhhs su`stnjtcnaay hxohhfhf WJF744 kcaaclj. ?. Cj 04>3, OI@ rholvhrhf nj nklujt lg WJF>,044 kcaaclj grlk `nf fh`ts wmcom mnf `hhj wrctthj lgg cj cts 04>= C/_. Vmh wrcth lgg wns rholrfhf ns nj hxphjsh cj tmh 04>= C/_ njf tmh rholvhry rholrfhf ns cjolkh cj tmh 04>3 C/_ (c.h. cjoaufhf cj tmh prlgct `hglrh tnx lg WJF37,444 kcaaclj). Mlwhvhr, furcji tmh tnx nufct cj 04>=, tmh hxphjsh glr tmh wrcth-lgg wns rhbhothf glr fhfuotc`cacty `y tmh tnx nutmlrctchs fuh tl cjsuggcochjt hvcfhjoh. Phqucrhf2 Onaouanth OI@ B_O–s tnxn`ah cjolkh njf tnx acn`cacty (cj WJF kcaacljs) glr olrplrnth cjolkh tnx (OCV) purplshs glr tmh yhnr hjfhf ?> Fhohk`hr 04>3, cjfcontcji tmh rhqucrhf nfbustkhjts tl tmh prlgct `hglrh tnx lg WJF37,444 kcaaclj. Jlth2 Slu smluaf acst naa lg tmh cthks sphocgconaay rhghrrhf tl cj jlths > tl ?, cjfcontcji `y tmh ush lg ”4– njy cthk glr wmcom jl nfbustkhjt cs rhqucrhf.  ^uhstclj >42

CW_V Ol cs n Wchtjnkhsh olkpnjy wmcom lphrnths cj vnrclus cjfustrchs, oljtrc`uths onpctna tl vnrclus prlbhots njf cjvhsts cj tmh smnrhs lg acsthf olkpnjchs. Cj 04>=, CW_V Ol rhohcvhf tmh glaalwcji cjglrkntclj c jglrkntclj rhinrfcji cts cjvhstkhjts cj blcjtay lphrnthf prlbhots cj Wchtjnk. Hnom prlbhot shpnrnthay rholrfs njf fcstrc`uths prlgcts ngthr tnx tl cjvhstlrs `nshf lj tmhcr rhahvnjt smnrh cj tmh prlbhot2  Trlbhot

Lphrntcji prlgcts `hglrh tnx

Ltmhr cjolkh `hglrh tnx

(04>=)

(04>=) 0>

CW_V Ol–s smnrh

Vnx cjohjtcvhs (lj lphrntcji prlgcts ljay)

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

(WJF kcaaclj)

(WJF kcaaclj)

Jnk Nj

744,444

>4,444

74%

Vmh prlbhot cs hjtctahf tl 84% tnx rhfuotclj lj lphrntcji prlgcts `hglrh tnx, njf >8% tnx rnth glr tmh wmlah acgh lg tmh prlbhot

Olj Ol

=44,444

08,444

=4%

Vmh prlbhot cs hjtctahf tl tnx hxhkptclj lj lphrntcji prlgcts `hglrh tnx

Fnc Jnk

7=4,444

04,444

84%

Jljh

Cj 04>=, CW_V Ol nasl rhohcvhf tltna fcvcfhjfs nklujtcji tl WJF>04,444 kcaaclj grlk cjvhstkhjts cj acsthf olkpnjchs cj Wchtjnk. Cj nffctclj, CW_V Ol rhohcvhf WJF>=4,444 kcaaclj rhprhshjtcji cts smnrh lg prlgcts `hglrh tnx njf cts lwj hxphjshs grlk n `uscjhss ol-lphrntclj oljtrnot cj Wchtjnk wmcom ct cjvhsthf cj wctm A_V Ol, njltmhr Wchtjnkhsh olkpnjy. CW_V Ol cjourrhf lwj hxphjshs (guaay supplrthf `y floukhjts) lg WJF08,444 kcaaclj hnrjcji tmnt prlgct smnrh. Phqucrhf2 (n) @rchgay hxpancj tmh trhntkhjt lg cjolkh grlk cjvhstkhjts (rhohcvhf `ltm `hglrh njf ngthr tnx) `y n Wchtjnkhsh olkpnjy noolrfcji tl prhvncacji olrplrnth cjolkh tnx (OCV) rhiuantcljs. (`) Onaouanth tmh tltna nklujt lg tnx hxhkpt cjolkh lg CW_V Ol cj 04>=. (o) Onaouanth tmh tltna tnx acn`cacty lg CW_V Ol grlk jlj-hxhkpt cjvhstkhjt cjolkh. ^uhstclj >>2

HFK B_O, n blcjt stloe olkpnjy cj Wchtjnk lphrntcji cj tmh gchaf lg fhvhalpcji ljacjh ahnrjcji olurshs, wns hstn`acsmhf cj 04>= wctm glur glujfcji smnrhmlafhrs. _cjoh cts hstn`acsmkhjt, HFK B_O mns nomchvhf rhknren`ah irlwtm, mlwhvhr, tl hxpnjf gurtmhr nffctcljna onpctna cjvhstkhjt cs jhhfhf. Vmh glujfcji smnrhmlafhrs mnvh suoohssguaay cssuhf nffctcljna smnrhs cj tmh olkpnjy tl nj njiha cjvhstlr glr WJF>44 `caaclj. Vmh glur glujfcji smnrhmlafhrs notcvhay knjnih tmh fnytl-fny `uscjhss lg tmh olkpnjy njf tmh njiha cjvhstlr wcaa suphrvcsh `ut jlt pnrtcocpnth cj tmh knjnihkhjt lg HFK B_O–s fny-tl-fny lphrntcljs. Vmh glaalwcji cthks mnvh `hhj rhplrthf cj tmh gcjnjocna stnthkhjts lg HFK B_O glr tmh yhnr hjfhf ?> Fhohk`hr 04042 >. Tnykhjts lg WJF744 kcaaclj knfh tl cjfcvcfuna grhhanjoh ahoturhrs wml nrh rhicsthrhf ns `uscjhss cjfcvcfunas. Jl cjvlcohs whrh nvncan`ah, mlwhvhr, HFK B_O prlphray prhpnrhf tmh ”Acsts lg illfs njf shrvcohs puromnshf– ns rhqucrhf. Lg tmh n`lvh pnykhjts, 74% nrh nttrc`uthf tl ahoturhrs wml mnvh rhvhjuh cj hxohss lg WJF>44 kcaaclj cj tmh yhnr 0404. Naa tmh pnykhjts whrh cj hxohss lg WJF04 kcaaclj njf knfh cj onsm. 00

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

0. HFK B_O–s hkpalyhhs nrh naalwhf tl stufy shahothf olurshs lj n grhh-lg-omnrih `nscs. Cj 0404, ?04 grhh-lg-omnrih olurshs, wctm n tltna knreht vnauh lg WJF>=4 kcaaclj, whrh prlvcfhf tl hkpalyhhs. 94% lg tmhsh olurshs whrh wlre-rhanthf trncjcji `ut tmh rhkncjcji ?4% whrh jlt wlre rhanthf.

?. Hxphjshs lg WJF>74 kcaaclj whrh cjourrhf lj jhiltcntcji wctm tmh njiha cjvhstlr njf cssucji tmh nffctcljna smnrhs. 6. Naalwnjohs lg WJF044 kcaaclj kca aclj whrh pncf tl hnom lg tmh glujfcji smnrhmlafhrs njf lg WJF>84 kcaaclj tl tmh njiha cjvhstlr. Trlphr rhohcpt floukhjts nrh nvncan`ah. 8. Olurshs wctm n vnauh lg WJF>64 kcaaclj whrh fljnthf tl slkh jntcljna somllas, njf lg WJF=4 kcaaclj tl n jlj-acohjshf prcvnth hfuontclj gujf lphrnthf `y tmh njiha cjvhstlr. Phqucrhf2 Onaouanth tmh nfbustkhjts HFK B_O smluaf fhoanrh cj cts olrplrnth cjolkh tnx (OCV) rhturj glr tmh yhnr hjfhf ?> Fhohk`hr 0404 cj rhsphot r hsphot lg hnom lg cthks > tl 8 n`lvh. Jlth2 Slu smluaf cjfconth `y tmh ush lg ”4– njy cthk glr wmcom jl nfbustkhjt cs rhqucrhf . ^uhstclj >02

CW] Ol cs tmh pnrhjt olkpnjy lg n irlup lg olkpnjchs lphrntcji cj fcvhrscgchf cjfustrchs. CW] Ol oljtrc`uths onpctna tl olkpnjchs cj tmh irlup njf pnrtcocpnths cj tmhcr lphrntcljs knjnihkhjt, njf ujfhrtnehs gcjnjocna cjvhstkhjts `y puromnscji njf shaacji smnrhs cj tmh irlup olkpnjchs. Furcji 04>9, CW] Ol olkpahthf tmh glaalwcji trnjsnotcljs2 trnjsnotcljs2 (>) Lj ?> Knrom 04>9, CW] Ol slaf cts hjtcrh 64% onpctna oljtrc`utclj cj CW]-VOA Atf, n blcjt vhjturh ackcthf acn`cacty olkpnjy `htwhhj CW] Ol njf VOA (n glrhcij olkpnjy), tl VOA glr X_F7 kcaaclj. Vmh hxomnjih rnth lj ?> Knrom 04>9 wns WJF00,=44  ‟ 00,=>4 (c.h. tmh `nje cs `uycji njf shaacji >X_F nt WJF00,=44 njf WJF00,=>4, rhsphotcvhay). Nt tmh tckh lg tmh onpctna trnjsghr, CW]-VOA Atf wns uscji WJF ns cts gujotcljna ourrhjoy glr `lle-ehhpcji purplshs. Vmh blcjt vhjturh wns sht up wctm n tltna onpctna oljtrc`utclj lg X_F>4 kcaaclj cj Gh`runry 044= wmhj tmh hxomnjih rnth wns WJF>7,444 glr >X_F. Vmh onpctna oljtrc`utclj cj tmh blcjt vhjturh rhkncjhf ujomnjihf up tl tmh fnth lg snah, njf tmh nufcthf gcjnjocna stnthkhjts lg CW]-VOA Atf ns nt ?> Knrom 04>9 smlwhf tmh onpctna oljtrc`utclj uscji tmh hxomnjih rnth nt tmh tckh lg oljtrc`utclj. (0) Cj Lotl`hr 04>9, CW] Ol slaf 74% lg tmh tltna smnrhs lg CW_ B_O (hqucvnahjt tl =4% lg cts tltna smnrhmlafcji) tl @CM Ol, n glrhcij cjvhstlr, glr WJF>84 `caaclj. CW_ B_O wns hstn`acsmhf cj 04>8 ns n blcjt stloe olkpnjy wctm n smnrh onpctna lg WJF>44 `caaclj, `ca aclj, lg wmcom CW] Ol oljtrc`uthf 68% nt pnr vnauh. Cj Bnjunry 04>9, CW] Ol puromnshf nj nffctcljna ?4% lg tmh smnrhs cj CW_ B_O, glr WJF94 `caaclj. @CM Ol shttahf WJF84 `caaclj lg tmh puromnsh prcoh cj Lotl`hr 04>9, njf tmh rhkncjcji WJF>44 `caaclj cj Knrom 04>=, tlihtmhr wctm anth pnykhjt cjthrhst lg WJF7 `caaclj.

0?

 

_NTT Nonfhky =tm Gallr, Jnk N @nje `ucafcji, 86 Ah Vmnjm Jimc, Mnc @n Vruji fcstrcot, Mn Jlc 0Nrf Gallr, Irhhj _tnr Vlwhr, Jl. 07> Tmnk Wnj Flji, @no Vu Achk fcstrcot, Mnjlc >st Gallr, Jl. 0N Aulji Muu Emnjm, Fcstrcot >, Ml Omc Kcjm Octy

Vha 4677 943 === _npp.hfu.vj Mltacjh2 4==3 77 00 97 4==3 77 00 79

 

CW] Ol cjourrhf trnjsghr hxphjshs lg WJF044 kcaaclj njf WJF>84 kcaaclj (supplrthf `y prlphr floukhjts) glr tmh trnjsghr lg tmh onpctna cj CW]-VOA Atf njf tmh smnrhs cj CW_ B_O, rhsphotcvhay. CW] Ol l`tncjhf wrctthj oljgcrkntclj grlk tmh tnx nutmlrctchs tl nppay tmh gcrst-cj-gcrst-lut g crst-cj-gcrst-lut (GCGL) khomnjcsk glr fhthrkcjcji tmh mcstlrcona olst lg tmh CW_ B_O smnrhs.

Phqucrhf2 (n) Onaouanth (cj WJF kcaacljs) tmh OCV acn`cactchs tl `h fhoanrhf `y CW] Ol glr tmh trnjsghr lg tmh CW]-VOA Atf onpctna oljtrc`utclj cj 04>9. (`) Onaouanth (cj WJF kcaacljs) tmh OCV acn`cactchs tl `h fhoanrhf `y CW] Ol glr tmh trnjsghr lg tmh CW_ B_O smnrhs cj 04>9

06