Informe Puerto de Santa Marta

 

[HKBDM@M QHS]T@SB@ MD [@O]@ L@S]@ DF@CHS@KBHO MD FH[ MB[DÐH[ JDHLD]SBKH[ R  D[]STK]TS@ MD Q@^BLDO]H LHMBNBK@KBHO DO]S@M@ @F QTDS]H. Z@F]DS @. Q@T]] ]HSSD[ BOJ./D[Q- DO ^B@[ R ]S@O[QHS]D

[@O]@ L@S]@, OH^BDLCSD MD 3100

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

KHO]DOBMH KHO]DOBMH. KHO]D OBMH........... .................... ................... ................... ................... ................... ................... ................... ................... ................... .................... ................... ................... .................................... .......................... 3 FB[]@ MD BFT[]S@KBHOD[...............................................................................................................................= FB[]@ MD ]@CF@[..............................................................................................................................................4 FB[]@ MD @ODUH[......... @ODUH[.................. ................... .................... ................... ................... ................... ................... ................... ................... ................... ................... ..................................... ........................... > SD[TLDO............................................................................................................................................................: BO]SHMTKKBÛO..................................................................................................................................................5 0

DF QSHRDK]H.... QSHRDK]H............. ................... .................... ................... ................... ................... ................... ................... ................... ................... ................... ........................................ .............................. 2

3

HCGD]B^H HCGD]B^H R @FK@OKD[ @FK@OKD[ MDF MB[DÐH........... MB[DÐH.................... ................... ................... ................... ................... ................... ................... ................... .....................01 ...........01 3.0

HCGD]B^H[ R @FK@OKD[ MDF MB[DÐH... MB[DÐH........... ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ..............01 .......01

3.3

@FK@OKD[. @FK@OKD[......... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ...........01 ...01

3.3.0

@ktbvbm`mds md k`lph... k`lph........... ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ...........01 ...01

3.3.3

@ktbvbm`mds md Mbsd Mbsdðh........ ðh............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ............... ............... ................ ............... ............................ .....................01 01

;

MD[KSBQKBÛO MD[KSBQKBÛO R FHK@FBW@KBÛ FHK@FBW@KBÛO........ O................. ................... ................... ................... ................... ................... .................... ................... ................... .......................03 .............03

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LD]HMHFHJ LD]HMHFHJB@....... B@................ ................... ................... ................... ................... ................... .................... ................... ................... ................... ................... ................... ........................ ............... 0; =.0

Sdkhpbf`kbûo y `oàfbsbs md f` bonhrl`kbûo... bonhrl`kbûo.......... ............... ................ ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... .................0; .........0;

Sdkhpbf`kbûo md f` bonhrl`kbûo.........................................................................................................................................0;  @oàfbsbs md f` bonhrl`kbûo..... bonhrl`kbûo............. ................ ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... ..................0; ..........0;

4

K@S@K]DSB[] K@S@K]DSB[]BK@[ BK@[ JDHLÂ]SBK@[ JDHLÂ]SBK@[.......... ................... ................... ................... ................... ................... ................... ................... ................... ......................... ............... 0= 4.0

Mbsdðh ehrbzhot`f... ehrbzhot`f........... ................ ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... .......................0= ...............0=

4.3

Mbsdðh vdrtbk`f.... vdrtbk`f............ ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ..........................0= ..................0=

4.;

Krbtdrbhs md mbsdðh jdhlâtrbkh.. jdhlâtrbkh.......... ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... ................ ..................04 ..........04

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D[QDKBNBK@KBH D[QDKBNBK@KBHOD[..... OD[............... ................... ................... ................... ................... .................... ................... ................... ................... ................... ................... ...........................0> ..................0>

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QF@OH[ QF@OH[ R [DKKBHOD[ [DKKBHOD[ ]S@O[^DS[@F ]S@O[^DS[@FD[....... D[................. ................... ................... ................... ................... ................... ................... ..........................0> ................0> :.0

Qf`ohs Qf`ot` pdrnbf...... pdrnbf.............. ............... ............... ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... ................ .................0> .........0>

5

D[]TMBH D[]TMBH MD ]S@O[B]H..... ]S@O[B]H.............. ................... ................... ................... ................... ................... ................... ................... ................... ................... .................... ...................... ............0: 0:

2

JDH]DKOB@ JDH]DKOB@ MDF [DK]HS........ [DK]HS.................. ................... ................... ................... ................... .................... ................... ................... ................... ................... ................... .............. ..... 02

01

KHOMBKBHOD[ KHOMBKBHOD[ @LCBDO]@FD[ @LCBDO]@FD[ MD F@ WHO@........... WHO@..................... .................... ................... ................... ................... ................... ................... ................... ..........31 31

00

MB[DÐH[ MB[DÐH[ MD F@ D[]STK D[]STK]TS@ ]TS@ MD Q@^BLDO] Q@^BLDO]H......... H.................. ................... ................... ................... ................... ................... ......................... ...............30 30 00.0

MB[DÐH LD]HMH MD F@ QK@ [BLQFBNBK@MH....... [BLQFBNBK@MH.............. ............... ................ ............... ............... ............... ............... ................ ............... ............... ............... ............... .........30 .30

00.0.0

Q@S@LD]SH[ M MD DM MBB[DÐH.......................................................................................................................33

3

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

00.0.3

LD]HMHFHJB@ M MD D MB MB[DÐH......................................................................................................................33

00.0 00.0.; .;

@F @F]D ]DSO SO@] @]B^ B^@[ @[ MD MB MB[D [DÐH ÐH LD LD]H ]HMH MH QK@ QK@ [ [BL BLQF QFBNB BNBK@ K@MH MH................................................................3; ................................................................3;

00.3

00 00.0 .0.; .;.0 .0

Qrbl Qrbldr dr`` @f @ftd tdro ro`t `tbv bv``................................................................................................................................3;

00 00.0 .0.; .;.3 .3

[dju [djuom om`` @f @ftd tdro ro`t `tbv bv``..............................................................................................................................3=

00 00.0 .0.; .;.; .;

]drk ]drkdr dr`` @f @ftd tdro ro`t `tbv bv``

................................................................................................................................3= MB[DÐH QHS DF LD]HMH MD DFDLDO]H[ NBOB]H[..... NBOB]H[............ ............... ............... ............... ................ ............... ............... ................ ............... ....................34 .............34

00.3 00.3.0 .0

]@ ]@L@ L@ÐH ÐH MD LH LHMD MDFH FH MD DFDL DFDLDO DO]H ]H[ [ NB NBOB OB]H ]H[ [..................................................................................3>

00.3 00.3.3 .3

^DEB ^DEBKT KTFH FH[ [D D[Q [QDK DKB@ B@FD FD[ [K KHO HO[B [BMD MDS@ S@MH MH[ [ DO DO D DF FM MB[ B[DÐ DÐH H...............................................................3>

00.3 00.3.= .=

K@ K@FK FKTF TFH H MDF MDF MB MB[D [DÐH ÐH M MD DQ Q@^ @^BLD BLDO] O]H H Q@S@ Q@S@ ‖‖CB CBJ J SD SDM“ M“ ] ]DK DK-2 -241 41F F................................................3:

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]S@O[B]H...............................................................................................................................................3:

00.3.= 00. 3.=.3 .3

K@S K@SJ@ J@ @QFBK@ @QFBK@M@ M@ QHS DF ‖CB ‖CBJ JS SDM DM““ ] ]DK DK-24 -241F 1F............................................................................3: ............................................................................3:

00.3.= 00. 3.=.; .;

K@F K@FKTF KTFH HM MDF DF N@K]HS N@K]HS MD QSH QSHUBL UBLBM@ BM@M MM MD DF FF@O F@O]@ ]@...................................................................35 ...................................................................35

00.3.= 00. 3.=.= .=

MD] MD]DSL DSLBO@ BO@KBH KBHO O MD MD F@ F@ D D[]S []STK] TK]TS@ TS@ MD Q@^BL Q@^BLDO] DO]H H................................................................32

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sdfdk sdfdkkbûo kbûo M MD D F@ @F]D @F]DSO@]B SO@]B^@ ^@ MD MB[D MB[DÐH ÐH MD MDNBOB] NBOB]B^@ B^@ Q Q@S@ @S@ F@ D[ D[]STK ]STK]TS@ ]TS@ MD Q Q@^BL @^BLDO]H.. DO]H....... .........;1 ....;1

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LHMTF@KBHO MD FH[@[.... FH[@[............ ................ ............... ............... ............... ............... ................ ............... ............... ................ ............... ............... ............... ............... .............................;0 .....................;0

00.= 00.=.0 .0

^D ^DSB SBNB NBK@ K@KB KBHO HO MD MD FH FH[ [ KS KSB] B]DS DSBH BH[ [ MD L LHM HMTF TF@K @KBH BHO O.........................................................................;0

00.=.;

MB[DÐH MD GTO]@[...................................................................................................................................;3

00 00.= .=.; .;.0 .0

GTO] GTO]@[ @[ ]S ]S@O @O[^ [^DS DS[@ [@FD FD[ [.................................................................................................................;3

00 00.= .=.; .;.3 .3

GTO] GTO]@[ @[ FH FHOJ OJB] B]TM TMBO BO@F @FD[ D[.................................................................................................................;3 .................................................................................................................;3

00 00.= .=.; .;.; .;

K@ K@FK FKTF TFH H MD L@F L@FF@ F@ S SDN DNHS HSW@ W@M@ M@....................................................................................................;= ....................................................................................................;=

00 00.= .=.; .;.= .=

GTO] GTO]@[ @[ MD DUQ@ DUQ@O[ O[BH BHO O......................................................................................................................;>

03

SDKHLDOM@KBH SDKHLDOM@KBHOD[..... OD[............... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ..........................;: ................;:

0;

@ODUH[.......... @ODUH[................... ................... ................... ................... .................... ................... ................... ................... ................... ................... ................... ................... .................................;5 ........................;5

FB[]@ MD SDNDSDOKB@[ CBCFBHJSÀNBK@...................................................................................................=2

;

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

FB[]@ MD BFT[]S@KBHOD[  Bfustr`kbûo 0. Tcbk`kbûo mdf prhydkth dotr`m` `f Qudrth md [`ot` L`rt`........... L`rt`..................... .................... ......................................2 ............................2 Bfustr`kbûo 3. Fhk`fbz`kbûo mdf ]r`lh.................. ]r`lh............................. ..................... .................... ..................... ..................... ..................... ..................... .................... ......................03 ............03 Bfustr`kbûo ;. Khlcbo`kbûo dgds `xb`fds sblâtrbkhs trbmbldosbh trbmbldosbho`fldotd, o`fldotd, nhrl`omh f` dstruktur` md  p`vbldoth ` lhmdf`r......... lhmdf`r.................... ..................... .................... ..................... ..................... ..................... ..................... ..................... ..................... .................... ..................... ........................3> .............3> Bfustr`kbûo =. Dsqudl` md fhk`fbz`kbûo md k`rj`s `ktu`otds do df "CBJ SDM" ]DK 241F...................................3:  Bfustr`kbûo 4. Dstruktur` md Q`vbldoth prhpudst` phr df ldthmh md Dfdldoths Nbobths........... Nbobths...................... ........................32 .............32 Bfustr`kbûo >. Khrtd y sdff`mh md Guot` Fhojbtumbo`f md khostrukkbûo (]bph @)................... @)............................. ..................... ......................;; ...........;;

=

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

FB[]@ MD ]@CF@[  ]`cf` 0. ]r`osbth Qrhldmbh Mb`rbh sbtu`kbûo @ktu`f (@ðh 3100)....... 3100)................. ..................... ..................... ..................... ..................... ......................0:  ............0:  ]`cf` 3. ]r`osbth Qrhldmbh Mb`rbh kho bokrdldoth mdf tràosbth mdf =% y uo` t`s` md tr`osbth @tr`ìmh mdf =%,  p`r` uo pdrbhmh md Mbsdðh md 3 31 1 `ðhs......... `ðhs.................... ..................... .................... ..................... ..................... ..................... ..................... .................... ..................... ...................05 ........05 ]`cf` ;. @oàfbsbs md dspdshrds............................................................................................................................3; ]`cf` =. K`fkufh mdf N`kthr md Qrhxblbm`m sdj÷o df dsp`kb`lbdoth dotrd ff`ot`s y f` prhnuombm`m dndkv` k`fkuf`m`.................. k`fkuf`m`....... ..................... .................... ..................... ..................... ..................... ..................... .................... ..................... ..................... ..................... ..................... ..................................35 ........................35

4

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

FB[]@ MD @ODUH[   @odxh 0. K`fkufh md f` K`tdjhrì` K`tdjhrì` md K`rj` phr dgd dgd ‛ Lâthmh m md d f` QK@ [blp [blpfbk`mh............ fbk`mh....................... ..................... ................;:  ......;:   @odxh 3. Khrrdf`kbûo Khrrdf`kbûo mdf KC KCS S (%) kho df Lhmufh md rd`k rd`kkbûo kbûo md f` [ucr`s`otd [ucr`s`otd (i)......... (i)................... ..................... ..................... .............;:  ...;:   @odxh ;. Ldghr`lbdoth Ldghr`lbdoth mdf I md [uc-r`s`otd [uc-r`s`otd [dj÷o df ]bph m md d [uc-c`sd dl dlpfd`m`........... pfd`m`..................... ..................... ...................;5 ........;5  @odxh =. [dfdkkbûo [dfdkkbûo mdf ]bph md [udfh [udfh md [uc-r` [uc-r`s`otd s`otd y ^`fhrds @p @prhx. rhx. md i. - L Lâthmh âthmh QK@ [bl [blpfbk`mh pfbk`mh -.......;5  @odxh 4. ]QMK-K ]QMK-K @mlbsbcfd ‛K ‛K`tdjhrì` `tdjhrì` ; md K`rj` phr Dgd ‛ Q`vbldoths kho guot`s kho p`s`mhr p`s`mhrds........ ds..............;2 ......;2  @odxh >. K`rt` K`rt` md Mbsdðh p`r p`r` ` dspdshr md L`tdrb`f L`tdrb`f md C`s C`sd d K5/01 Kdldot Kdldot Chuom Jr`o Jr`ouf`r uf`r Lbxturd............=1  @odxh :. @FBOD@LBDO]H[ @FBOD@LBDO]H[ DGD[ MDF QSHRDK]H... QSHRDK]H............. ..................... ..................... .................... ..................... ..................... .........................................=0 ...............................=0  @odxh 5. QDSNBFD[ QDSNBFD[ DGD M MDF DF QSHRD QSHRDK]H......... K]H................... ..................... ..................... .................... ..................... ..................... ..................... ..................... .................... ...................=3 .........=3  @odxh 2. KHHSMDO@M@[ KHHSMDO@M@[ DGD MDF Q QSHRDK]H.... SHRDK]H.............. ..................... ..................... ..................... ..................... .................... ..................... ..................... .......................=; .............=;  @odxh 01. ^HFTLDOD[ ^HFTLDOD[ M MD D KHS]D R S SDFFDOH...... DFFDOH................. ..................... .................... ..................... ..................... ..................... ........................................== .............................==  @odxh 00. ^HFTLDOD[ ^HFTLDOD[ D D[]STK]TS []STK]TS@ @ MDF Q@^BLD Q@^BLDO]H......... O]H................... ..................... ..................... .................... ..................... .................................=4 ......................=4

>

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

SD[TLDO Do df prdsdotd mhkuldoth sd prdsdot` fhs mbsdðhs md f`s hcr`s md lhmbnbk`kbûo dotr`m` `f pudrth md f` kbum`m md [`ot` L`rt`. Do dstd bonhrld sd `tbdomd f` mbskbpfbo` md Mbsdðh Jdhlâtrbkh. .

:

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

BO]SHMTKKBÛO F` [hkbdm`m Qhrtu`rb` md [`ot` L`rt` do dgdrkbkbh md `trbcukbhods y khlpdtdokb`s, `sbjoû `f Boj. Z`ftdr Z`ftdr Q`u Q`utt tt ]hrrd ]hrrdss df mbsdð mbsdðh h jdh jdhlât lâtrbk rbkh, h, p`vbld p`vbldoth othss y sdð sdð`fb `fbz`k z`kbûo bûo kho su khrrdsphombdotd pfbdjh md khombkbhods y prdsupudsth f` lhmbnbk`kbûo md f` dotr`m` `f pudrth md [`ot` L`rt`. Do dstd bonhrld sd rdf`kbho`o fhs sbjubdotds k`pìtufhs7 Do df k`pbtufh Oh. 0 Df Qrhydkth, sd mdskrbcd df hrbjdo md dsths Dstumbhs y Mbsdðhs y su ucbk`kbûo do f` kbum`m md [`ot` L`rt`, do df K`pbtufh Oh.3 sd prdsdot` fhs hcgdtbvhs y `fk`okds mdf mbsdðh, df K`pbtufh Oh. ; sd md mdsk skrb rbcd cd su md mdsk skrb rbpk pkbû bûo o y fhk` fhk`fbfbz` z`kb kbûo ûo,, do df K`pb K`pbtu tufh fh Oh. Oh. = sd pr prds dsdo dot` t` f` ldth ld thmh mhfh fhjì jì` ` p`r` p`r` rd`f rd`fbz bz`k `kbû bûo o mdf mdf dstu dstumb mbh, h, do df K`pb K`pbtu tufh fh Oh. Oh. 4 sd do doku kudo dotr tr` ` f` f`ss k`r`k k`r`ktd tdrì rìst stbk bk`s `s jdhl jdhlât âtrb rbk` k`ss md mdff prhy prhydk dkth th,, do df K`pb K`pbtu tufh fh Oh. Oh. > sd md mdsk skrb rbcd cd f` f`ss dspdkbnbk`kbhods mdf tr`lh mbsdð`mh, do df K`pbtufh Oh. : khrrdsphomd `f fhs pf`ohs pf`ot`  ‛ pdrnbf y sdkkbhods tr`osvdrs`fds. tr`osvdrs`fds. Df K`p K`pbtu btufh fh Oh. 5 khl khlprdo prdomd md df `oà `oàfbs fbsbs bs mdf dstumb dstumbh h md tr`osb tr`osbth th sulbob sulbobstr str`mh `mh phr f` [hkbdm`m Qhrtu`rb` [`ot` L`rt`, do df K`pbtufh 2 sdsulbobstr`mhs e`kd uo` crdvd md f` jdhtdkob` md f`md zho` do c`sd ` fhs dstumbhs mdOh. sudfhs phr mdskrbpkbûo f` [hkbdm`m phrtu`rb` md [`ot` L`rt`. Df K`pbtufh Oh. 01 khosbjo` fh rdndrdotd ` f`s khombkbhods `lcbdot`fds md f` zho` md bonfudokb`, c`gh df K`pbtufh Oh. [d rdjbstrh thmh fh rdf`kbho`mh kho f`s ldthmhfhjì`s dlpfd`m`s p`r` df k`fkufh md f` dstruktur` md p`vbldoth dlpf`omh mhs ldthmhfhjì`s md mbsdðh khlh `ftdro`tbv` do prbldr` bost`okb` sd tr`c`gh c`gh df lâthmh md f` QK@ [blpfbnbk`mh y phstdrbhrldotd sd dlpfdh df lâthmh md Dfdldoths Nbobths kho df Hcgdtbvh md khosbmdr`r mdotrh mdf mbsdðh fhs vdeìkufhs dspdkb`fds md K`rj` do uo `oàf `oàfbs bsbs bs mdt` mdt`ffff`m `mh. h. Nbo` Nbo`fl fldo dottd do df K`p `pbt btuf ufh h Oh. 0; khlp khlprd rdom omd d f`s rdkhldom`kbhods dxpudst`s phr df mbsdð`mhr p`r` f` dgdkukbûo y khostrukkbûo md f` lhmbnbk`kbûo ` f` dotr`m` mdf Qudrth md [`ot` L`rt`. Khlh `odxhs `f bonhrld sd tbdodo fhs sbjubdotds7 Sdphrtd mdf `fbod`lbdoth do pf`ot` y pdrnbf bokfubmh fhs dfdldoths md f`s kurv`s, rdphrtd md khhrmdo`m`s, rdphrtd md k`otbm`mds md khrtd y rdffdoh y md dstruktur` md p`vbldoth.

5

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

0 DF QSHRDK]H F` [h [hkb kbdm dm`m `m Qh Qhrt rtu` u`rb rb` ` md [` [`ot ot` ` L` L`rt rt`, `, kh khot otr` r`tû tû df mb mbsd sdðh ðh y f` kh khos ostr truk ukkb kbûo ûo md f` lhmbnbk`kbûo md f` dotr`m` `f pudrth md f` kbum`m md [`ot` L`rt`, ldghr`mh fhs `kkdsh mupfbk`omh f`s dotr`m`s y s`fbm` md f`s k`rj`s, `mdlàs sd khfhk`r`o mhs c`skuf`s uo md dotr`m` dotr`m ` y md s`fbm`, khfhk`m`s dstr`tâ dstr`tâjbk`l jbk`ldotd dotd p`r` mbslboubr mbslboubr fhs tbdlp tbdlphs hs md dspdr` y `sì bokrdldot`r f` prhmukkbûo.

Bfustr`kbûo 0. Tcbk`kbûo mdf prhydkth dotr`m` `f Qudrth md [`ot` L`rt`.

2

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

3 HCGD HCGD]B ]B^H ^H R @FK@ @FK@OK OKD[ D[ MDF MDF MB[D MB[DÐH ÐH 3. 3.00

HC HCGD GD]B ]B^H ^H[ [ R @F @FK@ K@OK OKD[ D[ M MDF DF MB MB[D [DÐH ÐH

Df prds prdsdo dotd td md bonh bonhrl rld dtr`lhs tbdo tbdod d hcgdth khlh khlh md hc hcgd gdth th,, f`mdfh fhk` k`fbfbz` z`kb kbûo ûo, , df tr`z `z`m `mh h yquddf dfdl dldo doth thss do md jdhlâtrbkhs fhs Hrmdo sdrvbkbh, md t`f tr l`odr` tdobdomh kudot` f` thphjr`nì` md f` zho` y rdspdt`omh fhs p`vbldoths y dmbnbk`kbhods dxbstdotds sd`o nuokbho`fds, y hnrdzk`o sdjurbm`m y khlhmbm`m ` fhs usu`rbhs.

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Fhs `fk`okds mdf mbsdðh jdhlâtrbkh khlprdombdrho7 

Qrhjr`l`r y thl`r bonhrl`kbûo thphjrànbk` mdf dgd y fhs chrmds md f` vì` dxbstdotd, dmbnbk`kbhods, rdjbstrhs, phstds y mdt`ffds rdfdv`otds.

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Qrhkds`r bonhrl`kbûo md k`lph.

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Sdkhfdkt`r bonhrl`kbûo khrrdsphombdotds `7

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Sd Sdmd mdss md sdrv sdrvbk bkbh bhss p p÷c ÷cfbfbkh khss dx dxbs bstd tdot otds ds

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K` K`ffffds ds p p`v `vbl bldo dot` t`m` m`ss dx dxbs bstd tdot otds ds

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Sd`fbz`r df mbsdðh md khonhrlbm`m kho f`s ohrl`s y krbtdrbh dst`cfdkbmhs do df L`ou`f md Mbsdðh Jdhlâtrbkh mdf BO^ vdrsbûo 3115. Dotrdj`r Dotrdj `r rdk rdkhld hldom` om`kbh kbhods ods shc shcrd rd dsp dspdkb dkbnbk nbk`kb `kbhod hods, s, `spdkt `spdkths hs kho khostr strukt uktbvh bvhss y l`otdoblbdoth.

0.0. 0.0.0 0 @k @ktbtbvb vbm` m`md mdss md kk`l `lph ph 

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Sd`fbz`r df fdv`ot`lbdoth thphjrànbkh rdspdt`omh df tr`z`mh dxbstdotd, k`m` 01 l, phr df dgd, chrmds ` thm` df àrd` md `kkdsh, thl`omh mdt`ffds md phstds, `omdods, rdjbst rdj bstrhs rhs md fhs mbn mbndrd drdotd otdss sdr sdrvbk vbkbhs bhs p÷c p÷cfbk fbkhs hs y fhk fhk`fb `fbz`o z`omh mh hcr`s hcr`s md mrdo`g mrdo`gd, d, kdrk`s, p`r`ldoths y md vì`s qud f` dlp`fl`o, nhrl`mh uo` oucd md puoths p`r` hctdodr df lhmdfh mbjbt`f mdf tdrrdoh. Khfhk`r rdndrdokb`s `f bobkbh mdf prhydkth pr hydkth `l`rr`mh `f sbstdl` BJ@K

Q`r` f`s f`chrds thphjrànbk`s sd utbfbzû uo dqubph md dst`kbûo tht`f. 0.0. 0.0.3 3 @k @ktbtbvb vbm` m`md mdss md Mb Mbsd sdðh ðh 

Qrhkds`r fhs m`ths md k`lph.

01

 

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BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

 @gust`r df mbsdðh do pf`ot` rdspdt`omh f` zho` `ktu`f, y do ku`oth `f pdrnbf khosdrv`r df dxbstdotd do fh phsbcfd p`r` khfhk`r f` dstruktur` md p`vbldoth prhydkt`m` p`r` dv`ku`r f`s `ju`s supdrnbkb`fds. Df`chr`r p`r` k`m` tr`lh pf`ohs md pf`ot` - pdrnbf mdcbm`ldotd rdndrdokb`mhs qud khot khotbd bdod odo o fhs fhs dgds dgds,, `o `oke kehs hs md f` zh zho` o`,, CLs, CLs, fh fhk` k`fbfbz` z`kb kbûo ûo md dmbn dmbnbk bk`k `kbh bhod ods, s, rdjbstrhs, dfdldoths jdhlâtrbkhs y dstruktur` md p`vbldoth. K`fkuf`r vhf÷ldods md lhvblbdoth md tbdrr`s.

00

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

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; MD[K MD[KSB SBQK QKBÛ BÛO O R FHK@ FHK@FB FBW@ W@KB KBÛO ÛO Df prhydkth sd dokudo dokudotr` tr` fhk`fbz` fhk`fbz`mh mh do df Mdp`rt Mdp`rt`ldot `ldoth h mdf L`jm`fdo` do f` zho` ohrtd md f` kbum`m md [`ot` L`rt`. Df sdkthr md f` lhmbnbk`kbûo md f` dotr`m` `f Qudrth md [`ot` L`rt` `c`rk` uo àrd` md >531 l3. F` fhk`fbz`kbûo jdodr`f mdf prhydkth sd `prdkb` ` khotbou`kbûo

Bfustr`kbûo 3. Fhk`fbz`kbûo mdf ]r`lh.

03

 

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SD SDKH KHQB QBF@ F@KB KBÛO ÛO R @O @OÀF ÀFB[ B[B[ B[ MD F@ BO BONH NHSL SL@K @KBÛ BÛO O

Sdkhpbf`kbûo md f` bonhrl`kbûo. Q`r` f` hctdokbûo hctdokbûo md dst` bonhrl bonhrl`kbûo `kbûo,, sd sbjubdrho v`rbh v`rbhss p`shs, dotrd htrh htrhs, s, vbsbt` vbsbt` md k`lph kho df prhpûsbth md e`kdr uo rdkhohkblbdoth md f`s khombkbhods mdf dothroh, mdf khrrdmhr vb`f u htrh `spdkths khosbmdr`mh rdfdv`otd mdf prhydkth qud bokbmd do df mbsdðh9 mdnbobkbûo md fhs krbtdrbhs md mbsdðh jdhlâtrbkh y prhjr`l`kbûo md fhs fdv`ot`lbdoths thphjrànbkhs (tr`c`gh md k`lph). ]`f khlh nudr` prhjr`l`mh df fdv`ot`lbdoth fdv`ot`lbdoth thphjràn thphjrànbkh bkh sd rd`fbzû phr df dgd y chrmds ` thmh fh f`rjh mdf khrrdmhr vb`f, mhomd `mdlàs sd thl` thl`rho rho m`ths md fhk`f fhk`fbz`kb bz`kbûo ûo md thmhs fhs mdt`ffds dxbstdotds do f` zho` `sì khlh `omdods, fìod`s md dmbnbk`kbhods, phstds, rdjbstrhs y rdmds md sdrvbkbhs p÷cfbkhs.  @oàfbsbs md f` bonhrl`kbûo. ]hm` f` bonhrl`kbûo y rdkhpbf`m` df tdrrdohfhs nudpf`ohs ffdv`m` hnbkbo`‛y pdrnbf sd utbfbzû p`r` phmdr prhkds`rhctdobm` y df`chr`r do ldmbh do l`joâtbkh md` pf`ot` y df mbsdðh mdnbobtbvh md r`s`otd do df ku`f dstà bokfubmh df dspdshr md f` dstruktur` mdf p`vbldoth. p`vbl doth. Df mbsdðh do pf`ot` md f` vì` sd rd`fb rd`fbzû zû ` p`rtbr md fhs pf`ohs md mdt`f mdt`ffd fd md f` do dotr tr`m `m` ` `f pudr pudrth th y md f` ph phfbfbjh jho` o`ff md mdff pr prhy hydk dkth th,, `s `sbs bstbtbmh mhss ph phrr fh fhss pr prhj hjr` r`l` l`ss dspdkb`fbz`mhs p`r` mbsdðh jdhlâtrbkh md vì`s. Ds md ldokbho`r qud thm` dst` f`chr sd donhkû ` qud df mbsdðh jdhlâtrbkh prhpudsth sd `gust`r` `gust `r` prbokbp`fl prbokbp`fldotd dotd ` f`s khombkbho khombkbhods ds thphjrànbk` thphjrànbk`ss md f` zho` dxbstdotd9 dxbstdotd9 pdrh sbdomh rbjurhshs kho df kulpfblbdoth md fhs p`ràldtrhs lìoblhs md mbsdðh khotdlpf`mhs do df L`ou`f md Mbsdðh Jdhlâtrbkh mdf BO^B@[, md t`f l`odr` qud sd hctuvbdr` khlh rdsuft`mh uo prhydkth jdhlâtrbkh sdjurh, dkhoûlbkh y khlp`tbcfd kho df ldmbh `lcbdotd. Fhs pf`ohs pf`ot` y pdrnbf sd prdsdot`o ` dsk`f` 07 411 kho thmhs fhs mdt`ffds md rdndrdokb` y dfdldoths t`oth vdrtbk`fds khlh ehrbzhot`fds.

0;

 

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F` lhmbnbk`kbûo md f` dotr`m` `f Qudrth md [`ot` L`rt` tbdod uo àrd` >.531 l3. Khlh pudmd vdrsd f` f` zho` prdsdot`o uo tr`z`mh uobn uobnhrld. hrld. ]dobdomh do kudot` qud mdcd `gust`rsd ` f` dmbnbk`kbhods dmbnbk`kbhods d bonr`dstruktur` bonr`dstruktur` dxbstdotd fhs fbod`lbdoths oh sd lhmbnbk`rà9 phr t`f lht lhtbvh bvh f`s kho khombk mbkbhod bhodss md hpd hpdr`k r`kbûo bûo sd fbl fblbt` bt`r`o r`o ` f`s kho khombk mbkbho bhods ds lì lìobl obl`s `s pf`oblâtrbk`s `ktu`fds. Kho rdf`kbûo ` f` sdfdkkbûo md f` vdfhkbm`m md mbsdðh p`r` df prhydkth, sd khosbmdrh df sbjubdotd krbtdrbh7 F` vdfhkbm`m md mbsdðh oh ds uo n`kthr blphrt`otd p`r` zho`s md l`ob`hcr`s. Q`r` l`otdodr f` khedrdokb` do fhs dfdldoths md mbsdðh, dst`s vdfhkbm`mds pudmdo v`rb`r  mdsmd mds md ;1 ` 41 il/ il/e, e, mdp mdpdom dombdom bdomh h md f` zho zho` ` md f` vì`, vì`, prds prdsdok dokb` b` md pd`tho pd`thods ds , df md mds` s`rrh rrhffffh h md f` zho` zho` , f`s f`s botd botdrs rsdk dkkb kbho hods ds lu luyy sd sdju jubm bm` ` phr phr fh jd jdod odr` r`ff fblb fblbt` t`o o f` f`ss vdfh vdfhkb kbm` m`mds mds md fhs fhs vdeì vdeìku kufh fhs, s, e` e`kb kbdo domh mh qu qud d df dn dndk dkth th md f` vd vdfh fhkb kbm` m`m m sd sd` ` ldoh ldohss blphrt`otd, m`mh qud f` nuokb ds prhphrkbho`rfds `kkdsh ` f`s zho`s `my`kdotds, do jdodr`f dst`s vì`s f`s vdfhkbm`mds oh mdcdo dxkdmdr fhs =1il/e. ]hm`s f`s dspdkbnbk`kbhods mdf prhydkth, qud sd mdrbvdo do `mdf`otd, sd `gust`o ` uo` vdfhkbm`m md mbsdðh làxbl` md =1 il/e. Q`r` dstd tbph md zho` y m`m`s f`s khombkbhods thphjrànbk`s dxbstdotds df chlcdh sd khfhkh mdf 1.>% mdf i1+111 `f i1+01;,11 y md 1.;4% mdf i1+01; `f i1+041, `lc`s e`kb` df f`mh mdrdkeh.

4.3

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Df pdrnbf dxbstdotd md f` vì` ds c`st` c`st`otd otd rdjuf`r, phr t`f lhtbvh lhtbvh kho f` r`s`otd prhydkt`m` prhydkt`m` sd tr` tr`z`r z`rho ho pdo pdombd mbdotd otdss fho fhojbt jbtumb umbo`fd o`fdss uob uobnhr nhrlds lds,, luy `gu `gust` st`m`s m`s ` f`s md f` c`o c`ok` k` dxbstdotd. F`s pdombdotds prhydkt`m`s hskbf`o dot dotrd rd 1.0 ` 1.>>%. Md `kudrmh `f l`ou`f md mbsdðh jdhlâtrbkh md vì`s mdf Bostbtuth O`kbho`f md ^ì`s, f` pdombdotd làxbl` kho c`sd do f` vdfhkbm`m md mbsdðh md =1 il/e y df tbph md tdrrdoh (pf`oh) sdrà md :%, dst`omh dstà phr mdc`gh md f` làxbl`. Kho rdspdkth ` f` pdombdotd lìobl` md 1.4% e`y tr`lhs qud oh kulpfdo kho dstd rdqudrblbdoth mdcbmh ` f`s fblbt`kbhods md f`s khostrukkbhods dxbstdotds.

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DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

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Fhs krbtdrbhs qud prbl`rho p`r` df mbsdðh jdhlâtrbkh sd prdsdot`o ` khotbou`kbûo7 

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F`s dspdkbnbk`kbhods md mbsdðh do dstd prhydkth, mdnbobmhs kho c`sd do f` jdhldtrì` jdhld trì` ehrbzh ehrbzhot`f ot`f dxbs dxbstdotd, tdotd, jdhldtrì` vdrtbk`f dxbst dxbstdotd, dotd, tbph md tdrrdoh, tdrrdoh, blphrt`okb` md f`ehrbzhot`f zho` y sdkkbûo tr`osvdrs`f dxbstdotd. Df `fbod`lbdoth prhydkt`mh, `gust`mh `f làxblh `f dxbstdotd, kho fh ku`f sd `prhvdke` do fh phsbcfd f` c`ok` `ktu`f [d khosdrv` do fh phsbcfd df tr`z`mh `ktu`f. [d khosdrv` df chlcdh md f` vì`, p`r` n`kbfbt`r df mrdo`gd md f`s vì`s `my`kdotds y md fhs prdmbhs, df pdr`ft`mh oh `pfbk`. Df `okeh md f`s pf`k`s prhydkt`m` md =.=. l (bokfubmh chrmbffhs) md `okeh y md 4.;1l md f`rjh. Df `fbod` `fbod`lbd lbdoth oth vdr vdrtbk tbk`f `f prh prhydk ydkt`m t`mh, h, `gust` `gust`mh mh `f làx làxblh blh ` f`s kho khombk mbkbho bhods ds dxbstdotds9 tdobdomh do kudot` f`s k`ffds qud mrdo`o e`kb` f` zho`, df`chr`omh uo pd pdrn rnbfbf qu qud d ld uo uobd bdr` r` th thmh mhss fh fhss ob obvd vdfd fdss md f` f`ss zh zho` o`ss `m `my` y`kd kdot otds ds.. F`s F`s pdombdotds prhydkt`m`s p`r` j`r`otbz`r df mrdo`gd fhojbtumbo`f9 y ffdv`rf`s ` fhs rdjbstrhs dxbstdotds.   F` vdf vdfhkb hkbm`m m`m md mbs mbsdðh dðh `gu `gust` st`m` m` do fh làx làxblh blh phsbc phsbcfd fd ` f`s khomb khombkbh kbhods ods jdhlâtrbk`s dxbstdotds.

> D[ D[QD QDKB KBNB NBK@ K@KB KBHO HOD[ D[ ]BQH MD ^B@

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04

 

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Fhs pf`ohs pf`ot` ‛ pdrnbf, rdsuft`otds mdf mbsdðh jdhlâtrbkh, qud sd bokfuydo do df `odxh, sho fhs sbjubdotds7 Mhs pf`ohs pf`ot` ‛ pdrnbf mdf I1+111 `f I1+041.

5 D[ D[]T ]TMB MBH H MD MD ]S@ ]S@O[ O[B] B]H H Fhs prbokbp`fds n`kthrds md tràosbth qud bokbmdo do df mbsdðh md uo p`vbldoth rìjbmh sho df o÷ldrh y f` l`jobtum md f`s k`rj`s phr dgd làs pds`m`s9 phr dffh, f` v`rb`cfd sd ku`otbnbk` dst`cfdkbdomh df dspdktrh md k`rj` y df o÷ldrh md rdpdtbkbhods md k`m` r`ojh md k`rj` qud sd dspdr` do df k`rrbf md mbsdðh mur`otd df pdrìhmh md mbsdðh. Df dst dstumb umbh h md trà tràosb osbth th p`r` f` mdt mdtdrl drlbo` bo`kbû kbûo o md f`s prhydkkbh prhydkkbhods ods md fhs vhf÷ldod vhf÷ldodss vdebku vde bkuf`r f`rds ds y su khr khrrds rdspho phombd mbdotd otd khl khlphs phsbkb bkbûo, ûo, ds nuo nuom`l m`ldot dot`f `f p`r p`r` ` dst`cf dst`cfdkd dkdrr fhs dsnudrzhs ` qud v` dst`r shldtbm` f` dstruktur` mdf p`vbldoth mur`otd su vbm` ÷tbf. F` bonhrl`kbûo md `nhrhs sd hctuvh ` p`rtbr md fhs khotdhs l`ou`fds rd`fbz`mhs phr  D[]DRKH KHFHLCB@ do df pdrìhmh mdf 01 md Gufbh mdf 3100, do df ku`f sd hctuvh uo ]QM md 3.123 vdeìkufhs, mbstrbcubmhs do uo ;:% p`r` Lhths, uo ;3% `uthlûvbfds, uo 0=% p`r` k`lbhods jr`omds y pdqudðhs, uo 04% k`lbhods kho sdlb-tr`bfdr y uo 3% ‖Cbj Sdm“ 0>

 

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]DK-241F Fh`mdm Khot`bodr E`omfdr. Q`r` sus prhydkkbhods sd `sulbû uo` t`s` md bokrdldoth mdf tràosbth mdf =% y uo` t`s` md tr`osbth `tr`ìmh mdf =%. Md t`f l`odr` qud df ]QM-K (]r`osbth Qrhldmbh Mb`rbh Khldrkb`f) p`r` uo pdrbhmh md mbsdðh md 31 `ðhs ds k`fkuf`mh ` p`rtbr md f` sbjubdotd dxprdsbûo7 ]QM ∓K .0.

2 JD JDH] H]DK DKOB OB@ @ MDF MDF [DK [DK] ]HS Q`r` dv`fu`kbûo jdhtâkobk` mdf sdkthr md botdrâs,kuyhs sd pr`ktbkû dxpfhr`kbûo phr p`rtd md f` f` dlprds` BOKH Ftm`, Bojdobdrhs Khosufthrds, m`ths uo` nudrho sulbobstr`mhs phr  f` [hkbdm`m Qhrtu`rb` mdf Mbstrbth ]urìstbkh md [`ot` L`rt`, do f` ku`f, df rdsuft`mh md fhs trds (;) shomdhs pr`ktbk`mhs e`st` uo` prhnuombm`m md 1,21 l., `rrhgû qud f` supdrnbkbd md `phyh dstà khostbtubm` phr uo` `rdo` fblhs` md khfhr Cdbjd, y uo p`s` 311 mdf hrmdo mdf 0;,3% `f 04,;%. Df KCS md f`chr`thrbh hctdobmh ds md 3=.5% p`r` uo` euldm`m ûptbl` md 5,;% y uo` mdosbm`m làxbl` md 03>.5 fcs/pbd;.

05

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

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01 KHOMBKBHOD[ @ @LCBDO] LCBDO]@FD[ @FD[ MD F@ WHO@ Md `kud `kudrmh rmh kho kho rd rdjb jbst strh rhss mdf mdf BMD@ BMD@L, L, f` rd rdjb jbûo ûo sd k` k`r`k r`ktd tdrb rbz` z` phr phr pr prds dsdo dot` t`rr uo` uo` tdlpdr`tur` prhldmbh md 35±K, kho tdlpdr`tur` mb`rb` lìobl` rdjbstr`m` md 30.0±K do df lds md Dodrh y uo` làxbl` rdjbstr`m` do df lds md @crbf md ;;.;±K, mbndrdokb` md tdlpdr`tur` qud sd mdcd tdodr do kudot` do df mbsdðh md fhs`s md khokrdth p`r` fhs dsnudrzhs md `f`cdh qud sd jdodr`o phr dstd jr`mbdotd târlbkh. Df kfbl` prdmhlbo`otd ds md `lcbdotd sdkh mdcbmh ` f`s crbs`s prhvdobdotds md f` [bdrr` Odv`m` md [`ot` L`rt`, kho pdrìhmhs md ffuvb`s, jdodr`fldotd do fhs ldsds md guobh,  gufbh, sdptbdlcrd y hktucrd y pdrìhmhs sdkhs qud v`o mdsmd fhs ldsds md mbkbdlcrd e`st` `crbf. F` prdkbpbt`kbûo do dst` rdjbûo v`rì` md 03 ` 2:4 ll ldosu`fds.

00 MB[DÐH[ MD F@ D[]STK]TS@ MD Q Q@ @^BLDO]H Df Q`v Q`vbld bldoth oth ds uo kho khoguo guoth th md k`p k`p`s `s sup supdrp drpuds udst`s t`s,, rdf rdf`tb `tbv`l v`ldot dotd d ehr ehrbzh bzhot` ot`fds fds,, mbsdð` mbs dð`m`s m`s y kho khostr strubm ubm`s `s tâk tâkobk obk`ld `ldotd otd kho l`t l`tdrb drb`fd `fdss `pr `prhpb hpb`mh `mhss y `md `mdku` ku`m`l m`ldot dotd d khlp khlp`k `kt` t`mh mhs, s, `phy `phy`m `m`s `s shcr shcrd d f` sucsuc-r` r`s` s`ot otd d md uo uo` ` vì vì` ` qu qud d md mdcd cdo o rd rdsb sbst stbr  br  `mdku`m`ldotd fhs dsnudrzhs qud f`s k`rj`s rdpdtbm`s mdf tràosbth fd tr`oslbtd mur`otd df pd pdrb rbhm hmh h p` p`r` r` df ku`f ku`f nu nud d mbsd mbsdð` ð`m` m` f` dstr dstruk uktu tur` r` md mdff p` p`vb vbld ldot oth h y pr prhp hphr hrkb kbho ho`r `r uo uo` ` kbrkuf`kbûo kûlhm` y sdjur` ` fhs usu`rbhs qud tbdodo `kkdsh mb`rbh ` f` [hkbdm`m Qhrtu`rb` md [`ot` L`rt` 9 phr khosbjubdotd, df cudo mbldosbho`lbdoth md k`m` uo` md f`s k`p`s qud khonhrl`o f` dstruktur` mdpdomdrà càsbk`ldotd mdf mdsdlpdðh nuokbho`f y mur`kbûo md âstd mur`otd su pudst` do sdrvbkbh. Do df mbsdðh md f` dstruktur` mdf p`vbldoth, sd khosbmdrû p`r` df prhydkth uo sbstdl` md p`vbldoth rìjbmh kho `ftdro`tbv`s md utbfbz`kbûo md uo` k`p` md suc-c`sd tr`t`m` kho kdldoth y uo pdrìhmh md mbsdðh md 31 `ðhs. Do df prhkdsh md mbsdðh, sd utbfbz`rà df Lâthmh md f` Qhrtf`om Kdldot @sshkb`tbho (QK@) sblpfbnbk`mh y sd `o`fbz`r` khlh `ftdro`tbv` md mbsdðh df lâthmh phr dfdldoths nbobths.

00.0 MB[DÐ MB[DÐH H LD] LD]HMH HMH M MD D F@ Q QK@ K@ [B [BLQFBN LQFBNBK@M BK@MH H Fhs p`vbldoths md khokrdth sho mbsdð`mhs kho c`sd do f`s dku`kbhods md Zdstdrj``rm, qud utbfbz`o df v`fhr mdf lûmufh md rd`kkbûo md f` suc-r`s`otd I, hctdobmh md f` prudc` md pf`k` h ` p`rtbr md khrrdf`kbhods kho df KCS. Df lâthmh md f` QK@ [blpfbnbk`mh sd dlpfd` do k`shs mhomd oh sd e` mbspudsth rdjbstrh mdotrh mdf `oàfbsbs md trànbkh shcrd df 02

 

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khosulh khosul h md n`tb n`tbj` j` y m`ð m`ðh h phr drhs drhsbûo bûo fhs ku`f ku`fds ds sho fhs mhs (3) krbt krbtdrb drbhs hs md mbs mbsdðh dðh prbokbp`fds md dstd lâthmh. Q`r` dstd k`sh f` QK@ e` prdp`r`mh uo`s t`cf`s md mbsdðh, c`s`m`s do mbstrbcukbhods md k`rj` phr dgd dol`rk`m`s do nuokbûo md f`s mbvdrs`s kf`sds md k`ffds y k`rrdtdr`s dxbstdotds phr ldmbh md ku`trh (=) k`tdjhrì` md k`rj` phr dgd. Mdotrh md dst`s t`cf`s md Mbsdðh prdp`r`m`s phr f` QK@ e`o sbmh bokhrphr`mhs n`kthrds md sdjurbm`m md k`rj` 0.1, 0.0 y 0.3 p`r` f`s ku`trh (=) k`tdjhrì`s rdspdktbv`ldotd. F` rdsbstdokb` mdf khoguoth [uc-r`s`otd ‛ [uc-c`sd sd mdskrbcd ` tr`vâs md fhs târlbohs c`gh, ldmbh, `fth y luy `fth, fhs ku`fd ku`fdss sd rdf`kbho`o rdf`kbho`o,, `prhxb `prhxbl`m`ld l`m`ldotd otd kho fhs v`fhrds rd`fds mdf lhmufh md rd`kkbûo md f` suc-r`s`otd.

00.0.00 Q@S@ 00.0. Q@S@LD]S LD]SH[ H[ MD MB[D MB[DÐH ÐH

0. K`r`ktdrìstbk`s md ^b`fbm`m 7 @kkdsh Qudrth ^ì` Qrbl`rb`. 3. Qdrbhmh md Mbsdðh7 31 `ðhs. ;. ]bph md Cdrl`s7 sbo Cdrl`s. =. ]bph md Guot`7 Guot`s kho p`s`mhrds. 4.

]bph md C`sd7 Dst`cbfbz`m` kho kdldoth Qhrtf`om. Dspdshr < 041 ll

>. Lhmufh md Suptur` mdf khokrdth (L rr  )<    )< =,= Lp` :. Lûmufh md rd`kkbûo md f` sucr`s`otd. Q`r` df KCS hctdobmh md 3=.5%, ldmb`otd f`

dxpf dxpfhr hr`k `kbû bûo o jd jdht htâk âkob obk` k`,, sd hctb hctbdo dod d md f` nbnbju jur` r` >. >.0 0 md mdff fbcr fbcrh h md Bo Bojd jdob obdr drì` ì` md 0 

Q`vbldoths p`r` K`rrdtdr`s uo v`fhr `prhxbl`mh md lûmufh md rd`kkbûo md f` sucr`s`otd (I) md 51 Lp`/l. Mdcbmh ` qud do df `oàfbsbs md mbsdðh sd khosbmdrh k`p`s sucy`kdotds ldghr`m`s, sd hctuvbdrho v`fhrds md I ldghr`mh md 341 Lp`/l p`r` df k`sh md utbfbz`kbûo md succ`sds dst`cbfbz`m`s kho kdldoth md 041 ll rdspdktbv`ldotd. 5. ]ràosbth. `kudrmh `kudrmh kho df dstumbh y prhydk prhydkkbhod kbhodss mdf ]QM p`r` df pdrbhmh md mbsdðh,

khlh sd ludstr` do df k`pìtufh =, sd hctbdod uo ]QM md Mbsdðh bju`f ` ;14= ^deìkufhs/mì`.

 LHO]DGH, @fnhosh. Bojdobdrì` md Q`vbldoths p`r` k`rrdtdr`. [djuom` Dmbkbûo. p. ;3;

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00.0.33 LD]H 00.0. LD]HMHFH MHFHJB@ JB@ MD M MB[DÐH B[DÐH 0. Dstbl Dstbl`r `r bobkb bobkb`fldot `fldotd d df ]QM-K (tr`o (tr`osbth sbth prh prhldmbh ldmbh mb` mb`rbh rbh md vdeìku vdeìkufhs fhs khldr khldrkb`fd kb`fds, s, do mhs mbrdkkbhods). 3. Dfd Dfdjbr jbr ff` ` K` K`tdj tdjhrì hrì` ` md K`rj K`rj` ` phr dgd dgd.. (^dr `odxhs). ;. [dfdk [dfdkkbho`r kbho`r f` K K`rt` `rt` md M Mbsdðh bsdðh md ff` ` QK@, td tdobdom obdomh h do kudot` df df tbph md K`tdjhr K`tdjhrì` ì` md K`rj` phr dgd, df ]bph md Guot`, mdotrh md f` ku`f dotr`lhs kho df tbph md [hphrtd md f` [uc-r`s`otd h suc-c`sd ldghr`m`, df lhmufh md rhtur` mdf khokrdth y df dspdshr md fhs` ` dv`fu`r md dst` l`odr` hctdomrdlhs df o÷ldrh md vdeìkufhs/mì` `mlbsbcfds phr df tbph md dstruktur` sdfdkkbho`m`. =. Khlp` Khlp`r`r r`r df v`f v`fhr hr mdf ]M ]MQ Q `mlbs `mlbsbcfd bcfd hctd hctdobmh obmh do f` f`ss k`rt` k`rt`ss md Mbs Mbsdðh dðh kho df ] ]MQ MQ md mbsdðh, do df ku`f dstd uftblh mdcd sdr ldohr qud df ]QM `mlbsbcfd p`r` kulpfbr kho df mbsdðh sdfdkkbho`mh.

00.0.; @F]DSO@]B^@[ MD M MB[DÐH B[DÐH L LD]HMH D]HMH QK@ [BLQFBNBK@MH F`s `ftdro`tbv`s md mbsdðh dlpfd`m`s mdotrh mdf `oàfbsbs nudrho f`s sbjubdotds7 0. Khos Khosbmdr`o bmdr`omh mh qud f` fhs` md p`v p`vbldot bldoth h sd `phyd mb mbrdkt` rdkt`ldotd ldotd sh shcrd crd f` sucsuc-r`s`ot r`s`otd, d, sbo oboj÷o tbph md tr`t`lbdoth prdvbh. 3. Khos Khosbmdr`o bmdr`omh mh qud f` fhs fhs` ` md p`vb p`vbldoth ldoth ssd d `phyd sh shcrd crd uo` k`p` k`p` jr`ouf`r jr`ouf`r md dsp dspdshr  dshr  041 ll., kho uo KCS l`yhr md =1% y qud kulpf` f`s Dspdkbnbk`kbhods Jdodr`fds md Khostrukkbûo mdf BO^B@[, vdrsbûo 022> y lhmbnbk`m`s mdf 3113, qud khotrbcuy` ` f` mbslboukbûo md f` drhsbûo hk`sbho`mh phr df ndoûldoh mdf chlcdh. ;. Kho Khosbm sbmdr` dr`omh omh qud f` fhs fhs` ` md p`v p`vbld bldoth oth sd `phy `phyd d shcrd uo` c`sd dst dst`cb `cbfbz fbz`m` `m` kho kdldoth md dspdshr 041 ll. Df rdsuldo md fhs p`ràldtrhs md s`fbm` p`r` k`m` uo` md f`s `ftdro`tbv`s `o`fbz`m`s ` p`rtbr md df ]QM md Mbsdðh Mbsdðh ` fhs 31 `ðhs df ku`f ds ;143 ^de/mì` ds khlh sd ludstr` ludstr` do f` ]`cf` ;. ]`cf` ;. @oàfbsbs md dspdshrds  @F]DSO@]B^@[

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Df lhtbvh phr df ku`f k`m` uo` md f`s `ftdro`tbv`s `rrhgh uo dspdshr bju`f md 331 ll. S`mbk` do qud df Lhmufh md rd`kkbûo md f` [uc-r`s`otd (I) prdsdot` uo v`fhr md shphrtd Luy @fth khlh fh mdskrbcdo do df lâthmh md f` QK@ [blpfbnbk`mh, y mdcbmh ` qud df ]QM `mlbsbcfd mdcd sdr l`yhr md ;14= ^de/mì` df dspdshr md fhs` `mdku`mh p`r` shphrt`r  mbkeh trànbkh vdebkuf`r ds df dokhotr`mh do k`m` uoh md fhs `oàfbsbs rd`fbz`mhs. Dv`fu`omh f` sbtu`kbûo prdsdot`m` phmdlhs hcsdrv`r qud ` pds`r qud do k`m` uo` md f`s trds (;) `ftdro`tbv`s prdsdoth df lbslh dspdshr md p`vbldoth md 331 ll. f` @ftdro`tbv` Oh. 0 oh ds rdkhldom`cfd mdcbmh ` qud f` fhs` md khokrdth sd dokudotr` `phy`m` mbrdkt`ldotd shcrd f` suc-r`s`otd y `uoqud dstà prdsdotd uo Lhmufh md f` rd`kkbûo sucr`s`otd (I) @fth, Dstd oh khotrhf` df ndoûldoh md Chlcdh df ku`f khosbstd do f` dxpufsbûo md uo` ldzkf` md sudfhs y `ju` kho df p`sh md fhs vdeìkufhs, qud tbdod fuj`r phr f`s  guot`s md f`s fhs`s, jrbdt`s y chrmds mdf p`vbldoth, dsth m` fuj`r `f mdspf`z`lbdoth md uo vhfuldo sbjobnbk`tbvh mdf sudfh qud hrbjbo` uo v`kbh, mbslboukbûo md f` uobnhrlbm`m md `phyh y phr khosbstdotd, qud fhs chrmds md f`s fhs`s qudmdo sbo shphrtd, prhvhk`omh nr`ktur`s do f` fhs` h dsk`fho`lbdoth do f`s guot`s. Do df k`sh md f` @ftdro`tbv` @ftdro`tbv` Oh. 3 pf`ot pf`otd`m` d`m` kho uo` suc-c` suc-c`sd sd jr`ouf`r jr`ouf`r md 041 ll. ` pds`r qud mbke` dstruktur` kulpfd kho f`s shfbkbtumds rdqudrbm`s phr df tr`nbkh prhydkt`mh, y dvbt` do uo phrkdot`gd df ndoûldoh md chlcdh do fhs p`vbldoths oh ds rdkhldom`cfd dlpfd`r do oudstrh k`sh mdcbmh ` qud p`r` dlpfd`r mbkeh l`tdrb`f khlh suc-c`sd mdcd kulpfbr kho fhs sbjubdotds rdqubsbths9 ]`l`ðh làxblh oh l`yhr qud f` tdrkdr` p`rtd mdf dspdshr md f` suc-c`sd9 p`s` ]`lbz Oh.311 mdcd sdr làxblh 04%, tdodr uo Ìombkd md Qf`stbkbm`m làxblh mdf >%, Fblbtd Fbqubmh làxblh 34%. Fhs ku`fds sho p`ràldtrhs odkds`rbhs p`r` uo cudo mdsdlpdðh md f` suc-c`sd jr`ouf`r, f` dst`cbfbm`m md dstd khoguoth md dfdldoths sd vd `ndkt`m` phr f` kdrk`oì` mdf sbtbh `f obvdf mdf l`r, fh ku`f e`kd qud df obvdf nrdàtbkh do f` zho` sd` `fth y do âphk`s md prdkbpbt`kbhods khotbou`s rd`f rd`fbk bkd d uo f`v` f`v`mh mh mdf mdf l` l`td tdrb rb`f `f md sucsuc-c` c`sd sd ph phrr khos khosbj bjub ubdo dotd td pu pudm dmd d pr prds dsdo dot` t`r  r  jr`oufhldtrì` md f` suc-c`sd brrdjuf`r pdrmbdomh f`s prhpbdm`mds mdsd`m`s. Nbo`fldotd f` @ftdro`tbv` Oh.; Do f` ku`f sd pf`otdh khlh nuom`kbûo uo` suc-c`sd dst`cbfbz`m` kho kdldoth md 041 ll. prdsdot` f` ldghr hpkbûo mdcbmh ` qud prdvbdod md l`odr` hptbl` df ndoûldoh md chlcdh y prhphrkbho` l`yhr rbjbmdz y dst`cbfbm`m ` f` dstruktur`, `yum`omh ` khotrhf`r fhs k`lcbhs vhfulâtrbkhs md f` suc-r`s`otd, rdmukd lukeh luk eh ldg ldghr hr f` dxp dxp`os `osbûo bûo mbndrdo mbndrdokb` kb`ff y prh prhphr phrkbh kbho` o` uo` pf`t`n pf`t`nhrl hrl` ` md tr`c`g tr`c`gh h làs dst`cfd mur`otd f` khostrukkbûo mdf p`vbldoth.

00.3 MB[DÐ MB[DÐH H QHS DF LD] LD]HMH HMH MD DFD DFDLDO]H LDO]H[ [ NBOB] NBOB]H[ H[ Mdcbmh ` f` zho` md prhydkth f` ku`f ds uo àrd` dspdkb`f md pudrth l`rìtblh do f` ku`f fhs nfughs nfughs vde vdebku bkuf`r f`rds ds mb` mb`rbh rbhss md k`r k`rj` j` pds pds`m` `m` sho `ft `fths hs y `md `mdlàs làs prd prdsdo sdot`o t`o vdeìku vdeìkufhs fhs dspdkb`fds md k`rj`, ds odkds`rbh rd`fbz`r uo` dv`fu`kbûo dspdkbnbk` tdobdomh do kudot` sus k`r`ktdrìstbk`s jdhlâtrbk`s, k`rj`s làxbl`s, mbldosbho`lbdoth md dgds, dotrd htr`s. 3;

 

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Qhr t`f lhtbvh nud odkds`rbh dv`fu`r mbke` l`qubo`rb` dspdkb`f ` tr`vâs md uo lâthmh `prhpb`mh df ku`f tuvbdr` do kudot` k`m` uoh md dsths dfdldoths, mbkeh lâthmh nud mds`rrhff`mh phr Geho I`optho3  , df ku`f ff`lh ‖Lhmdfh md Dfdldoths Nbobths“. Df lhmdfh md Dfdldoths Nbobths us`mh nud mds`rrhff`mh c`gh dstruktur`kbûo md uo`s k`rt`s md mbsdðh y f` k`fbcr`kb k`fbcr`kbûo ûo mdf dgdrkb dgdrkbkbh kbh bmd`fbz`m bmd`fbz`mh h do f` khlprd khlprdsbûo sbûo c`gh uo dgd sblâtrbk sblâtrbkh h do df ku`f uo sbstdl` md k`p`s kbfìomrbk`s md mbàldtrh 03l. y prhnuombm`m md > l. nud lhmdf`mh phr =51 dfdldoths nbobths kho dgd `xb`f sblâtrbkh trbmbldosbho`fds. Bfustr`kbûo ; luds lu dstr tr` ` khlh khlh fhs fhs dgds dgds sblâ sblâtr trbk bkhs hs sho sho kh khlc lcbo bo`m `mhs hs p` p`r` r` nh nhrl rl`r `r uo uo` ` ds dstr truk uktu tur` r` md p`vbldoth.

Bfustr`kbûo ;. Khlcbo`kbûo dgds `xb`fds sblâtrbkhs trbmbldosbho`fldotd, nhrl`omh f` dstruktur` md p`vbldoth ` lhmdf`r.

00.3.0 ]@L@ÐH MD LHMDFH MD DFDLDO]H[ NBOB]H NBOB]H[ [

Khl hlh h sd lu luds dsttr` do f` Bfust Bfustr`kbû r`kbûo o ;  f` dst dstruk ruktur tur` ` p`r` p`r` p`vbld p`vbldoth oth md `ft `fth h tr` tr`nbk nbkh h khlprdomd khlpr domd 3= dfdldo dfdldoths ths nbobths khokâotrb khokâotrbkhs khs nhrl`omh k`p`s md p`vbl p`vbldoth doth k`m` 03 l. md mbàldtrh. F` supdrnbkbd md p`vbldoth khlprdomd uo` (0) k`p` md fhs 3= dfdldoths nbobths, F` c`sd khlprdomd hkeh (5) k`p`s md fhs 3= dfdldoths nbobths, f` suc-c`sd khlprdomd mhs (3) k`p`s md fhs 3= dfdldoths nbobths y f` suc-r`s`otd ds lhmdf`m` phr sbdtd (:) k`p`s md fhs 3= dfdldoths nbobths c`g`omh thm` f` dstruktur` md p`vbldoth uo` prhnuombm`m md > l. k`m` uo` md dst`s k`p`s do df mds`rrhffh mdf lhmdfh khlprdomd prhpbdm`mds mbndrdotds qud mdnbodo df tbph md dstruktur` ` dlpfd`r.  Geho Io`ptho ‛ Ed`vy muty Q`vdldots7 ]ed Dstruktur`f Mdsboj hn Ed`vy muty p`vdldots nhr phrts `om htedrs bomustrbds. Dmbtbho =.

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00.3.3 ^DEBKTFH[ D[QDKB@FD D[QDKB@FD[ [ KHO[BMDS@MH[ DO DF MB MB[DÐH [DÐH  @ p`rtbr mdf dstumbh md tr`osbth sulbobstr`mh phr f` [hkbdm`m Qhrtu`rb` mdf Mbstrbth ]urìstbkh md [`ot` L`rt`, sd pumh hcsdrv`r qud c`gh f` zho` md botdrâs mdf prhydkth, shfh sd lhvbfbz` kho l`yhr nrdkudokb` uo shfh tbph md vdeìkufh dspdkb`f ff`l`mh ‖Cbj Sdm“ ]DK-  , df ku`f prdsdot` uo nfugh luy c`gh md 241F 241F Fh`m Fh`mdm dm Khot Khot`b `bod odrr E`om E`omfd fdr  r   `prhxbl`m`ld `prhxb l`m`ldotd otd df 3% mdf ]QM. @mbkb @mbkbho`fld ho`fldotd otd sd khosb khosbmdrh mdrh dv`fu`r df k`rj`mhr 221  [drbd BB-223J   df ku`f ` pds`r md oh e`cdrsd rdjbstr`mh mdotrh md dstumbh md tr`osbth ds usu`f su p`sh `f pudrth ` tr`vâs md f` zho` mdf prhydkth, phr khosbjubdotd sd bokfuyh mdotrh mdf `oàfbsbs md fhs lhmdfhs.

00.3.= K@FKTFH MDF MB[DÐH MD Q@^BLDO]H Q@S@ ‖CBJ SDM“ ]DK-241F 00.3.3.0

]S@O[B]H

Khlh sd ldokbhoh `otdrbhrldotd y ` p`rtbr mdf dstumbh md trànbkh rd`fbz`mh sd hcsdrvh qud df nfugh vdebkuf`r khrrdsphomì` ` shfh df 3% mdf ]QM. Qhr fh ku`f prhydkt`omh df tr`nbkh `f pdrbhmh md mbsdðh md 31 `ðhs sd hctbdod qud df ]QM md mbsdðh ds bju`f `7

]QM-Mbsdðh < 300 ^de/mì`

00.3 00 .3..3.3 3.3

K@ K@SJ SJ@ @@ @QF QFBBK@ K@M@ M@ QHS QHS DF DF ‖CB ‖CBJ JS SDM DM““ ] ]D DKK-24 241F 1F

Df ‖CBJ SDM“ ]DK-241F ds uo vdeìkufh md k`rj` p`r` df l`odgh md khotdbodr df ku`f phr  ldmbh md su nbke` tâkobk` sd mdtdrlboh fhs sbjubdotds p`ràldtrhs md k`rj` odkds`rbhs p`r` df mbsdðh7 

Qdsh ‖Cbj Sdm“ ]DK-241F sbo k`rj`r 3.  @ p`rtbr mdf n`kthr md prhxblbm`m dokhotr`lhs qud df dndkth md f` k`rj` dstàtbk` do f` ff`ot` ds bju`f `7 Dndkth k`rj` dstàtbk` do ff`ot` < (K`rj` @pfbk`m` do ff`ot` Nrhot`f) x  Nrhot`f) x  (N`kthr  (N`kthr md Qrhxblbm`m) Dndkth k`rj` dstàtbk` do ff`ot` < =1.;32,11 Ij 

Md dst` l`odr` hctdodlhs qud f` k`rj` dqubv`fdotd ` dgds sblpfd ( [DZF) ds bju`f `7

[DZF < 0.5 x Dndkth K`rj` Dstàtbk` do ff`ot`  < :3.42;,53 Ij

00.3 00 .3.3 .3.= .=

MD MD]D ]DSL SLBO BO@K @KBH BHO O MD F@ D[ D[]S ]STK TK]T ]TS@ S@ MD Q@ Q@^B ^BLD LDO] O]H H

Mdf dstumbh md ]r`osbth sd pumh hctdodr qud f` nrdkudokb` md p`sh mdf ‖CBJ SDM“ ]DK241F ds mdf 3% mdf ]QM, fh qud dqubv`fd ` =3 ^de/mì ^de/mì`, `, md l`odr` qud df ]r`osbth ]r`osbth nuturh p`r` df pdrbhmh md mbsdðh md 31(Ij) `ðhs ydsdfbju`f ` ;1>.>11,11 p`s`m`s mdfSDM“ ‖CBJ SDM“9 Kho` fhs m`ths k`fkuf`mhs k`fkuf`mh s md [DZF ouldrh md p`s`m` p`s`m`s s mdf ‖CBJ dotr`o dotr`omh mh f`s k`rt`s md mbsdðh `odx` `f mhkuldoth do df ku`f hctdodlhs df dspdshr md c`sd rdqudrbmh m`omh khlh rdsuft`mh sd rdqubdrd uo dspdshr md c`sd md 4:1 ll md K 5/01 KCJL (Kdldot Chuom Jr`ouf`r Lbxturd). Q`r` f` nuom`kbûo sd sdfdkkbhoh uo` suc-c`sd tr`t`m` kho kdldoth md dspdshr md 041 ll, f` ku`f ds df dspdshr lìoblh rdqudrbmh p`r` df k`sh md mbsdðh do p`vbldoths md trànbkh pds`mh y do pudrths. Md dst` l`odr` hctdodlhs qud f` `ftdro`tbv` md mbsdðh hctdobm` p`r` df lâthmh md dfdldoths nbobths sd` f` sbjubdotd7

3:

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

FH[@ MD KHOKSD]H

51 ll.

K@Q@ MD L@]DSB@F ]BQH 3 *

;1 ll.

K5/01 KCJL p`r` C[DO0=33: **

4:1 ll.

L@]DSB@F MD [TC-C@[D ]S@]@MH KHO KDLDO]H

041 ll.

Bfustr`kbûo 4. Dstruktur` md Q`vbldoth prhpudst` phr df ldthmh md Dfdldoths Nbobths. OH]@7 * OH]@7  * ^dr dspdkbnbk`kbhod dspdkbnbk`kbhodss L`tdrb`f ]bph 3 do `odxhs. ** ^dr dspdkbnbk`kbhods K5/02 KCJL dspdkbnbk`kbûo C[DO0=33:

Md bju`f l`odr` sd `o`fbzh df lhmdfh p`r` df k`sh mdf vdeìkufh K`rj`mhr 221 m`omh khlh rdsuft`mh uo` dstruktur` md p`vbldoth p`rdkbm` ` f` prdsdot`m` kho `otdrbhrbm`m mdcbmh qud prdsdot` md do dgds su khonbjur`kbûo kho df ‖CBJ SDM“ ]DK-241F, do ku`oth `` f` sdp`r`kbûo dotrd ff`ot`s ysblbfbtumds su k`rj` sd khokdotr` do su l`yhrì` shcrd df dgd nrhot`f, ldokbho`omh qud df pdsh md k`rj` shphrt`mh phr df K`rj`mhr 221 ds lukeh ldohr qud df dv`fu`mh do ‖CBJ SDM“, `mdlàs qud do df rdjbstrh md tr`nbkh dstd oh prdsdot` nrdkudokb` md p`sh do obojuoh md fhs mì`s rdjbstr`mhs, phr t`f lhtbvh oh sd rdjbst rdj bstr`o r`o fhs kàf kàfkuf kufhs hs md vdr vdrbnb bnbk`k k`kbûo bûo p`r p`r` ` dst dstd d vdeìku vdeìkufh fh dspdkb dspdkb`f, `f, mdc mdcbmh bmh ` qud oh prdsdot` tr`nbkh khotbouh y sus k`rj`s dndktbv`s shcrd dgds do ff`ot`s ds lukeh ldohr  qud df ‖CBJ SDM“ ]DK-241F.

00.;; [DF 00. [DFDKK DKKBÛO BÛO MD F@ @F]DS @F]DSO@] O@]B^@ B^@ MD MB[ MB[DÐH DÐH MDNB MDNBOB] OB]B^@ B^@ Q@S@ F@ D[]STK]TS@ MD Q@^BLDO]H. Edlhs dlpfd`mh mbstbot`s ldthmhfhjì`s md mbsdðh tr`t`omh md cusk`r `ftdro`tbv`s md mbsdðh ûptbl`s y qud kulpf`o kho fhs rdqubsbths md dsnudrzh md k`rj` rdjbstr`mhs do f` zho` phr vdeìkufhs t`oth khldrkb`fds khlh vdeìkufhs dspdkb`fds md k`rj` m`omh khlh hpkbûo mbstbot`s `ftdro`tbv`s p`r` f` dstruktur` md mbsdðh ` dlpfd`r. Do prbldr` bost`okb` sd tr`c`gh kho df lâthmh md f` QK@ dv`fu`omh fhs vdeìkufhs khldrkb`fds (K3J, K3Q, K3[3 y K3[;) rdjbstr`mhs do df dstumbh md trànbkh, m`omh khlh ldghr `ftdro`tbv` f` Oh. ; do f` ku`f sd dlpfd` uo` dstruktur` md p`vbldoth khlpudst` phr uo` fhs` md khokrdth md 331 ll y uo` [uc-c`sd tr`t`m` kho sudfh kdldoth md 041 ll.  @mbkbho`fldotd sd dlpfdh df Lhmdfh md Dfdldoths Nbobths do df ku`f sd `o`fbzh df vdeìkufh dspdkb`f md k`rj` ‖CBJ SDM“ ]DK-241F df ku`f ` p`rtbr md fhs kàfkufhs rd`fbz`mhs ohs `rrhgh uo` dstr dstruktur` uktur` md p`vbldoth khlpud khlpudst` st` phr9 51 ll. Do fhs` md khokrdth9 khokrdth9 ;1 35

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

ll. Md L`tdrb`f ]bph 3 ( ^dr dspdkbnbk`kbhods do `odxhs) 9 4:1 ll. md K5/ 5/01 01 KCJL (Khokrdt Chuom Jr`ouf`r Lbxturd) ( ^dr Dspdkbnbk`kbûo C[DO 0=33:)9 y 041 ll. md [uc ‛ C`sd tr`t`m` kho sudfh kdldoth. F`s `ftdro`tbv`s `ftdro`tbv`s dokho dokhotr`m`s tr`m`s do fhs mhs lâthmh lâthmhss mds`rr mds`rrhff`mh hff`mhss kulpfdo kulpfdo kho f`s ohrl`s rdqudrbm`s y kho df p`sh md fhs vdeìkufhs rdjbstr`mhs do df dstumbh md tr`osbth, sbo dlc`rjh df tr`nb dlc`rjh tr`nbkh kh qud prdmhl prdmhlbo` bo` ds df md vdeìk vdeìkufhs ufhs khldrk khldrkb`fds b`fds,, shcrd df md vdeìkufhs dspdkb`fds, y` qud dstd prdsdot` l`yhrds rdpdtbkbhods md vdeìkufhs/mì` phr fh t`oth mbkeh p` p`vb vbld ldot oth h n` n`ffff`r `r` ` bobk bobkb` b`fl fldo dotd td phr phr df kr krbtbtdr drbh bh md N` N`tbtbj` j` md mdcb cbmh mh `f `f `fth th o÷ld o÷ldrh rh md rdpdtbkbhods khotbou`s md vdeìkufhs khldrkb`fds phr t`f lhtbvh khosbmdr`lhs qud f` ldghr  `ftdro`tbv` p`r` f` zho` md prhydkth ds f` pf`otd`m` phr df lâthmh md f` QK@ sblpfbnbk`mh df ku`f khlh sd ldokbûo f` dstruktur` `mdku`m` dstà khlpudst` phr uo` fhs` md khokrdth md 331 ll y uo` [uc-c`sd tr`t`m` kho sudfh kdldoth md 041 ll.

]dobdomh do kudot` f` dxpdrbdokb` md fhs p`vbldoths khostrubmhs mdotrh md f` [hkbdm`m Qhrtu`rb` md [`ot` L`rt`, df Mdp`rt`ldoth ]âkobkh mdkbmbû bokrdldot`r  fhs dspdshrds md mbsdðhs `sì7 F` fhs` md khokrdth qudm`rà kho uo dspdshr md 341 ll y f` [uc-c`sd tr`t`m` kho sudfh kdldoth md 311ll.

00.== LHM 00. LHMTF@ TF@KBH KBHO O MD F FH[@ H[@[ [ F` lhmuf`kbûo md fhs`s mdnbod f` nhrl` qud tdomrào fhs t`cfdrhs md fhs`s mdf p`vbldoth. Dst` nhrl` sd m` kho c`sd do f`s mbldosbhods md t`cfdrhs, ds mdkbr, ` f` sdp`r`kbûo dotrd  guot`s t`oth tr`osvdrs`fds khlh khlh fhojbtumbo`fds. F` lhmuf`kbûo md fhs`s v` ` dst`r rdjbm` phr f` sdp`r`kbûo md f`s guot`s tr`osvdrs`fds qud ` su vdz mdpdomd mdf dspdshr mdf p`vbldoth. Dxbstd uo krbtdrbh qud ohs pdrlbtd mbldosbho`r fhs t`cfdrhs md fhs`s p`r` bomukbr df `jrbdt`lbdoth khotrhf`mh c`gh fhs khrtds md df ku`f dst`cfdkd f` sdp`r`kbûo dotrd guot`s tr`osvdrs`fds dst`r dotrd 30 `fhs`s, 34 vdkds df dspdshr mdqud f` fhs`, sbo qud dsd dsp`kb`lbdoth md guot`s mdcd oh mdc` dxkdmdr  fhs =,4 l, t`f khlh fh dstbpuf` f` ohrl` @KB ;>1, do df k`pìtufh 4-3, `ktu`fbz`omh f` `otdrbhr vdrsbûo md 0223 md mbkeh mhkuldoth h 0.34 vdkds df `okeh md k`rrbf. Htrh p`ràldtrh md blphrt`okb` p`r` mdtdrlbo`r f` fhojbtum md dsp`kb`lbdoth md guot`s ds f` rdf`kbûo md dscdftdz (F/`) f` ku`f mdcd dst`r dotrd 0   -  0.34, mhomd ` ds df `okeh md f` fhs` y F f` fhojbtum.

32

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH

00.=.0 ^DSBNBK@KBHO MD F FH[ H[ KSB]DSBH[ MD LHMTF@KBHO  @pfbk`omh fhs krbtdrbhs y p`ràldtrhs douokb`mhs `otdrbhrldotd p`r` oudstrh k`sh tdodlhs df dspdshr md fhs` `prhpb`mh sdj÷o fhs lhmdfhs mds`rrhff`mhs ds df k`fkuf`mh ` p`rtbr mdf lâthmh md f` QK@ df ku`f prdsdot` uo dspdshr md M < 331 ll. Qhr fh t`oth tdodlhs qud7 (0) F 

 

DF@CHS@KBÛO DF@CHS@KBÛ O MD FH[ MB[DÐH[ LHMBNBK@KBÛO DO]S@M@ @F QTDS]H

BOJ. Z@F]DS @. Q@T]] ]HSSD[ MB[DÐHJDHLD]SBKH



Geho Io`ptho ‛ Ed`vy muty Q`vdldots7 ]ed Dstruktur`f Mdsboj hn Ed`vy muty p`vdldots nhr phrts `om htedrs bomustrbds. Dmbtbho =Jdhldtrbk Mdsbjo hn Ebjew`ys `o [trddts 311=, @@[E]H.



LHO]DGH, @fnhosh. Bojdobdrì` md Q`vbldoths p`r` k`rrdtdr`. [djuom` Dmbkbûo

=: