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(@8A.2): 2K@>A;0 4>;O ?>AB02I8:>2 8 ?>4@O4G8:>2 (+3,35%), 4>;O 704>;65==>AB8 ?5@54 ?5@A>=0;>< >@30=870F88 (+1,15%), 4>;O 704>;65==>AB8 ?5@54 3>AC40@AB25==K<8 2=51N465B=K<8 D>=40<8 (+0,44%) 8 4>;O 704>;65==>AB8 ?> =0;>30< 8 A1>@0< (+1,94%). @8 MB>< 70<5B=> A>:@0B8;0AL 4>;O ?@>G8E :@548B>@>2 (-6,89%).  2 70:;NG5=85, @0AAG8B05< >B=>A8B5;L=K5 ?>:070B5;8 AB@C:BC@K :0?8B0;0, 0 8<5==>: :>MDD8F85=B D8=0=A>2>9 =57028A8<>AB8, AC<<0@=K5 >1O70B5;LAB20 : AC<<0@=K< 0:B820<, 4>;3>A@>G=K5 >1O70B5;LAB20 : 0:B820<, AC<<0@=K5 >1O70B5;LAB20 : A>1AB25==><C :0?8B0;C, 4>;3>A@>G=K5 >1O70B5;LAB20 : 2=5>1>@>B=K< 0:B820< (B01;.2.7). "01;8F0 2.7 - B=>A8B5;L=K5 ?>:070B5;8 AB@C:BC@K :0?8B0;0  >MDD8F85=B D8=0=A>2>9 =57028A8<>AB8 ?>:07K205B C45;L=K9 25A A>1AB25==KE A@54AB2 2 >1I59 AC<<5 8AB>G=8:>2 D8=0=A8@>20=8O. =0G5=85 :>MDD8F85=B0 3>@074> 2KH5 =>@<0B82=>3> 7=0G5=8O (0,4-0,6). @><5 B>3>, 70 2006-20073. :>MDD8F85=B D8=0=A>2>9 =57028A8<>AB8 2K@>A =0 0,02 ?C=:B0 8 A>AB028; 0,85. -B> >7=0G05B, GB> 2 20073. =0 4>;N A>1AB25==KE A@54AB2 2 AB@C:BC@5 8AB>G=8:>2 D8=0=A8@>20=8O 45OB5;L=>AB8 ?@54?@8OB8O ?@8E>48;>AL 85%. #45;L=K9 25A >1O70B5;LAB2 2 >1I59 AC<<5 8AB>G=8:>2 D8=0=A8@>20=8O A>:@0B8;AO 70 8AA;54C5<K9 ?5@8>4 =0 0,02 ?C=:B0 8 A>AB028; 2 20073. 15%. @8 MB>< 4>;O 4>;3>A@>G=KE >1O70B5;LAB2 A>AB028;0 2%.  20063. =0 >48= @C1;L 2;>65==KE 2 0:B82K A>1AB25==KE A@54AB2 >@30=870F8O ?@82;5:;0 0,20 @C1. 705<=KE A@54AB2, 2 20073. MB0 25;8G8=0 A>:@0B8;0AL 4> 0,18 @C1.  20063. =0 >48= @C1;L 2=5>1>@>B=KE 0:B82>2 >@30=870F8O ?@82;5:;0 0,04 @C1. 4>;3>A@>G=KE >1O70B5;LAB2, 2 20073. MB0 25;8G8=0 2K@>A;0 4> 0,06 @C1.  F5;>< ?>:070B5;8, E0@0:B5@87CNI85 AB@C:BC@C :0?8B0;0  78<CB 70 2006-200733. C4>2;5B2>@8B5;L=K 8 8<5NB ?>;>68B5;L=CN 48=0<8:C. F5=:0 AB>8<>AB8 :0?8B0;0 ?@54AB02;5=0 2 B01;8F5 2.8. "01;8F0 2.8 - F5=:0 AB>8<>AB8 :0?8B0;0  78<CB F5=:0 AC<<K A>1AB25==>3> :0?8B0;0 ?@54?@8OB8O 2 B5:CI59 @K=>G=>9 AB>8<>AB8 >ACI5AB2;O5BAO A;54CNI8< >1@07><: 0 ?5@2>< MB0?5 >?@545;O5BAO AB>8<>ABL G8ABKE 0:B82>2 ?@54?@8OB8O, E0@0:B5@87CNI8E BC G0ABL 53> 8<CI5AB20, :>B>@0O AD>@<8@>20=0 70 AG5B A>1AB25==>3> :0?8B0;0. 0AG5B AB>8<>AB8 G8ABKE 0:B82>2 ?@54?@8OB8O >ACI5AB2;O5BAO ?> A;54CNI59 D>@<C;5: ' =    345 '  AB>8<>ABL G8ABKE 0:B82>2 ?@54?@8OB8O;   A>2>:C?=0O AB>8<>ABL 0:B82>2 ?@54?@8OB8O;   AC<<0 8A?>;L7C5<>3> ?@54?@8OB85< 705<=>3> :0?8B0;0. ' (20063.) = 737975  123032 = 614943 BKA.@C1. ' (20073.) = 792855  118669 = 674186 BKA.@C1. 0 2B>@>< MB0?5 >?@545;O5BAO A>AB02 G8ABKE 0:B82>2 ?@54?@8OB8O. @8 MB>< 8AE>48< 87 B>3>, GB> 70 AG5B A>1AB25==>3> :0?8B0;0 ?>;=>ABLN D>@<8@CNBAO 53> 2=5>1>@>B=K5 >?5@0F8>==K5 0:B82K 8 >?@545;5==0O G0ABL <0B5@80;L=KE >1>@>B=KE 0:B82>2 (70?0A>2). -B0 ?>A;54=OO G0ABL 0:B82>2 @0AAG8BK205BAO ?> D>@<C;5: A = '  > 345 A  AC<<0 <0B5@80;L=KE >1>@>B=KE 0:B82>2 ?@54?@8OB8O, AD>@<8@>20==KE 70 AG5B A>1AB25==>3> :0?8B0;0; '  AB>8<>ABL G8ABKE 0:B82>2 ?@54?@8OB8O; >  AB>8<>ABL 2=5>1>@>B=KE >?5@0F8>==KE 0:B82>2 ?@54?@8OB8O. A (20063) = 614943 - 324019 = 290924 BKA.@C1. A (20073) = 674186 - 318925 = 355261 BKA.@C1. 0;55 >?@545;8< AB>8<>ABL DC=:F8>=8@CNI53> A>1AB25==>3> :0?8B0;0:  EMBED Equation.3  !D> (20063.) = 38898 * 100 / 595494 = 6,53 % !D> (20073.) = 59243 * 100 / 644565 = 9,19 % 5@5E>48< : >F5=:5 AB>8<>AB8 705<=>3> :0?8B0;0. !B>8<>ABL 705<=>3> :0?8B0;0 2 D>@<5 10=:>2A:>3> :@548B0 >F5=8205BAO ?> D>@<C;5:  EMBED Equation.3  45AL =5>1E>48<> >B<5B8BL, GB>  78<CB =5 =5A5B 4>?>;=8B5;L=KE 70B@0B ?> ?@82;5G5=8N 10=:>2A:>3> :@548B0, ?>MB><C ?@82545==0O D>@<C;0 >F5=:8 8A?>;L7C5BAO 157 55 7=0<5=0B5;O. ! (20063.) = 15 * (1  0,24) = 11,4 %  20073.  78<CB =5 ?@82;5:0;> 10=:>2A:8E :@548B>2. !B>8<>ABL B>20@=>3> :@548B0, ?@54>AB02;O5<>3> =0 CA;>28OE :@0B:>A@>G=>9 >BA@>G:8 ?;0B560, @0AAG8BK205BAO ?> A;54CNI59 D>@<C;5:  EMBED Equation.3  !": = (5 * 360) * (1  0,24) / 30 = 45,6 % 0;55 @0AAG8B05< A@54=52725H5==CN AB>8<>ABL :0?8B0;0: WACC = "Ci *di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