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"0:65 4;O ?@>872>4AB20 ?>B@51CNBAO ?;0AB8:>2K5 AB0:0=G8:8 >1J5<>< 300 <;. 5>1E>48<>5 :>;8G5AB2> AB0:0=G8:>2 A>AB028B: 14481 * 1000 / 300 = 48270 BKA.HB. &5=0 >4=>3> AB0:0=G8:0 A>AB02;O5B 20 :>?., A;54>20B5;L=>, >1I0O AB>8<>ABL C?0:>2:8 A>AB028B: 48270 * 0,2 = 9654 BKA.@C1. 0;55 @0AAG8B05< >1I5F5E>2K5 @0AE>4K, >=8 2:;NG0NB 2 A51O A;54CNI85 70B@0BK: 0<>@B870F8>==K5 >BG8A;5=8O ?@>872>4AB25==>3> >1>@C4>20=8O; 70B@0BK =0 ?;0=>2K9 @5<>=B >1>@C4>20=8O; 70B@0BK =0 M;5:B@>M=5@38N. <>@B870F8>==K5 >BG8A;5=8O. !>3;0A=> ?.1 AB.256 0;>3>2>3> :>45:A0 $ 0<>@B878@C5<K< 8<CI5AB2>< ?@87=0NBAO 8<CI5AB2>, @57C;LB0BK 8 8=K5 >1J5:BK 8=B5;;5:BC0;L=>9 A>1AB25==>AB8, :>B>@K5: - =0E>4OBAO C =0;>3>?;0B5;LI8:0 =0 ?@025 A>1AB25==>AB8; - 8A?>;L7CNBAO 8< 4;O 872;5G5=8O 4>E>40; - 8<5NB A@>: ?>;57=>3> 8A?>;L7>20=8O 1>;55 12 <5AOF52. @><5 B>3>, ?5@2>=0G0;L=0O AB>8<>ABL C:070==>3> 8<CI5AB20 1>;LH5 10 000 @C1. 8 >=0 ?>30H05BAO ?CB5< =0G8A;5=8O 0<>@B870F88.  >@30=870F88 ?@8<5=O5BAO ;8=59=K9 <5B>4 0<>@B870F88. 0AG5B 0<>@B870F8>==KE >BG8A;5=89 ?@54AB02;5= 2 B01;8F5 12. "01;8F0 12 0AG5B 0<>@B870F8>==KE >BG8A;5=89  !B>8<>ABL 0<>@B878@C5<>3> 8<CI5AB20 @02=0 AB>8<>AB8 ?@8>1@5B5=8O >1>@C4>20=8O 70 2KG5B>< !. ;0=>2K9 @5<>=B >1>@C4>20=8O. 5@8>48G=>ABL @5<>=B0 A>AB02;O5B >48= @07 2 3>4. !B>8<>ABL @5<>=B0 ?@8<5< @02=>9 25% >B @K=>G=>9 AB>8<>AB8 548=8FK >1>@C4>20=8O. 0AG5B 70B@0B =0 @5<>=B ?@54AB02;5= 2 B01;.13. "01;8F0 13 0AG5B 70B@0B =0 @5<>=B >1>@C4>20=8O  0B@0BK =0 M;5:B@>M=5@38N. >@<K @0AE>4K M;5:B@>M=5@388 ?> >?KBC @01>BK  G0:>2A:89 <>;>G=K9 702>4 A>AB02;ONB 4 B G0A0 =0 1 B>==C ?@>4C:F88. 0AG5B 70B@0B =0 M;5:B@>M=5@38N ?@54AB02;5= 2 B01;. 14. "01;8F0 14 0AG5B 70B@0B =0 M;5:B@>M=5@38N   >1>1I5==>< 2845 @0AG5B >1I5?@>872>4AB25==KE @0AE>4>2 ?@54AB02;5= 2 B01;.15. "01;8F0 15 1I5?@>872>4AB25==K5 @0AE>4K  0 >A=>25 ?@>2545==KE @0AG5B>2 <>65< A45;0BL @0AG5B A515AB>8<>AB8 ?@>872>4AB20 2A53> >1J5<0 2K?CA:0 8 548=8FK ?@>4C:F88 (B01;.16). "01;8F0 16 0AG5B A515AB>8<>AB8 ?@>872>4AB20 2A53> >1J5<0 2K?CA:0 8 548=8FK ?@>4C:F88  "0:8< >1@07><, A515AB>8<>ABL ?@>872>4AB20 1 AB0:0=G8:0 9>3C@B0 >1J5<>< 300 <;. A>AB02;O5B 5,74 @C1. &5=0 @50;870F88 >?@545;O5BAO 8AE>4O 87 A515AB>8<>AB8 ?@>872>4AB20 8 =>@<K ?@81K;8 =0 548=8FC ?@>4C:F88, @02=>9 40%. "0:8< >1@07><, F5=0 1 AB0:0=G8:0 9>3C@B0 >1J5<>< 300 <;. A>AB028B: & = 5,74 @C1. * 1,4 * 1,18 = 8,04 @C1. ! CG5B>< ! F5=0 @50;870F88 A>AB028B: & = 8,04 * 1,18 = 9,50 @C1. & & & .. 2.7 $8=0=A>2K9 ?;0= @54AB028< >A=>2=K5 D8=0=A>2K5 ?>B>:8 8 D8=0=A>2K9 @57C;LB0B ?@>5:B0 2 ?5@2K9 3>4 @01>BK (B01;.17). "01;8F0 17 708<>459AB285 >A=>2=KE D8=0=A>2KE ?>B>:>2 ?@>5:B0   3@0D8G5A:>< 2845 >A=>2=K5 D8=0=A>2K5 ?>:070B5;8 ?@>5:B0 ?@54AB02;5=K =0 @8A.9. & & & .. 8A.9. A=>2=K5 D8=0=A>2K5 ?>:070B5;8 ?@>5:B0, @C1. 0: ?>:07K20NB @0AG5BK, 2 ?5@2K9 3>4 @50;870F88 ?@>5:B0  G0:>2A:89 <>;>G=K9 702>4 ?>;CG8B G8ABCN ?@81K;L 2 @07<5@5 84376 BKA.@C1. 5=B015;L=>ABL ?@>406 A>AB028B: ? = 84 375567 / 388090800 * 100% = 21,7%. 0B@0BK =0 1 @C1;L B>20@=>9 ?@>4C:F88 A>AB02OB:  = 277070317 / 388090800 = 0,71 @C1. >OA=8< =5:>B>@K5 @0AG5BK. 0;>3 =0 8<CI5AB2>. 0;>3>20O 1070 ?> =0;>3C =0 8<CI5AB2> >?@545;O5BAO :0: A@54=53>4>20O AB>8<>ABL 8<CI5AB20, ?@87=0205<>3> >1J5:B>< =0;>3>>1;>65=8O. !@54=53>4>20O AB>8<>ABL 8<CI5AB20, ?@87=0205<>3> >1J5:B>< =0;>3>>1;>65=8O, 70 =0;>3>2K9 (>BG5B=K9) ?5@8>4 >?@545;O5BAO B0:. !=0G0;0 A:;04K20NB 25;8G8=C >AB0B>G=>9 AB>8<>AB8 8<CI5AB20 =0 1-5 G8A;> :064>3> <5AOF0 =0;>3>2>3> (>BG5B=>3>) ?5@8>40 8 =0 1-5 G8A;> A;54CNI53> 70 =0;>3>2K< (>BG5B=K<) ?5@8>4><. >;CG5==K9 @57C;LB0B 45;OB =0 :>;8G5AB2> <5AOF52 2 =0;>3>2>< (>BG5B=><) ?5@8>45, C25;8G5==>5 =0 548=8FC. $>@<C;0 @0AG5B0 =0;>3>>1;0305<>9 107K (A@54=53>4>20O AB>8<>ABL 8<CI5AB20) 70 3>4 <>65B 1KBL ?@54AB02;5=0 A;54CNI8< >1@07><: 1/13 E (!1 + !2 + !3 + !4 + !5 + !6 + !7 + !8 + !9 + !10 + !11 + !12 + !13), 345 ! - >AB0B>G=0O AB>8<>ABL 8<CI5AB20, >1;0305<>3> =0;>3><, ?> A>AB>O=8N =0 1-5 G8A;> :064>3> :0;5=40@=>3> <5AOF0 >BG5B=>3> ?5@8>40. ;O @0AG5B0 =0;>30 >?@545;8< >AB0B>G=CN AB>8<>ABL >1>@C4>20=8O 70 :064K9 <5AOF ?5@2>3> 3>40 M:A?;C0B0F88 (B01;.18). "01;8F0 18 AB0B>G=0O AB>8<>ABL 8<CI5AB20  0AAG8B05< A@54=53>4>2CN AB>8<>ABL 8<CI5AB20, ?>4;560ICN =0;>3>>1;>65=8N: 1/13 E (861525 + 847166 + 832807 + 818448 + 804089 + 789730 + 775371 + 761012 + 746653 + 732294 + 717935 + 703576 + 689217) = 775371 @C1. !C<<0 =0;>30 8AG8A;O5BAO ?> 8B>30< =0;>3>2>3> ?5@8>40 :0: ?@>872545=85 A>>B25BAB2CNI59 =0;>3>2>9 AB02:8 8 =0;>3>2>9 107K, >?@545;5==>9 70 =0;>3>2K9 ?5@8>4:  !B02:0 =0;>30 - 2,2%. !C<<0 =0;>30, 8AG8A;5==0O ?> 8B>30< 3>40, A>AB028B: 8 = 775371 @C1. * 2,2% = 17058 @C1. 2.8 ;0= ?> @8A:0< >4 @8A:>< ?>=8<05BAO >?0A=>ABL B>3>, GB> F5;8, ?>AB02;5==K5 2 ?@>5:B5, <>3CB 1KBL =54>ABC?=K ?>;=>ABLN 8;8 G0AB8G=>. ;O >F5=:8 25@>OB=>AB8 @8A:>2 8A?>;L7>20;8AL <=5=8O B@5E M:A?5@B>2: 5=5@0;L=K9 48@5:B>@ ?@54?@8OB8O (1), $8=0=A>2K9 48@5:B>@ ?@54?@8OB8O (2), #?@02;ONI89 ?@>872>4AB2>< (3). 07@01>BG8:0<8 ?@>5:B0 1K; A>AB02;5= ?5@5G5=L @8A:>2 ?> 2A5< AB048O< ?@>5:B0. 064><C M:A?5@BC, @01>B0NI5<C >B45;L=>, ?@54>AB02;O;AO ?5@5G5=L @8A:>2, 8 8< ?@54;030;>AL >F5=8BL 25@>OB=>ABL 8E =0ABC?;5=8O, @C:>2>4AB2COAL A;54CNI59 A8AB5<>9 >F5=>:: 0  @8A: @0AA<0B@8205BAO :0: =5ACI5AB25==K9; 25  @8A:, A:>@55 2A53>, =5 @50;87C5BAO; 50  > =0ABC?;5=88 A>1KB8O =8G53> >?@545;5==>3> A:070BL =5;L7O; 75  @8A:, A:>@55 2A53>, ?@>O28BAO; 100  >G5=L 1>;LH0O 25@>OB=>ABL @50;870F88 @8A:0. >A;5 >?@545;5=8O 25@>OB=>AB59 ?> @8A:0< 1K;0 ?@>2545=0 8=B53@0;L=0O >F5=:0 @8A:0 2 420 ?>A;54>20B5;L=KE MB0?0: A=0G0;0 >?@545;O;0AL >F5=:0 @8A:0 4;O :064>9 87 AB0489, ?@5420@8B5;L=> @0AAG8B02 @8A:8 4;O ?>4AB0489, AB0488 DC=:F8>=8@>20=8O  D8=0=A>2>-M:>=><8G5A:>9, B5E=>;>38G5A:>9 8 A>F80;L=>9. >A;5 MB>3> <>6=> 40BL >F5=:C @8A:0 2A53> ?@>5:B0 =0 >A=>25 >F5=>: @8A:0 >B45;L=KE AB0489. ;O ?>;CG5=8O >F5=:8 @8A:>2 >1J548=5==KE AB0489 8A?>;L7>20;0AL ?@>F54C@0 2725H820=8O. @>F54C@0 >?@545;5=8O 25A0, A :>B>@K<8 :064K9 ?@>AB>9 @8A: 2E>48B 2 >1I89 @8A: ?@>5:B0, ?@>2>48;0AL A>3;0A=> A;54CNI8< ?@028;0<: 2A5 @8A:8 <>3CB 1KBL @0=68@>20=K ?> AB5?5=8 206=>AB8 (@0AAB02;5=K ?> ?@8>@8B5B0<). 8A:8 ?5@2>3> ?@8>@8B5B0 8<5NB 1>;LH89 25A, G5< @8A:8 2B>@>3>, 8 B.4.; 2A5 @8A:8 A >4=8< 8 B5< 65 ?@8>@8B5B>< 8<5NB @02=K5 25A0; AC<<0 25A>2 @02=0 548=8F5, 25A0 O2;ONBAO G8A;0<8 ?>;>68B5;L=K<8, 2 480?07>=5 >B 1 4> 0. A5 @8A:8, A2O70==K5 A A8AB5<>9 @0AG5B>2, 8<5;8 ?5@2K9 ?@8>@8B5B. B>@>9 ?@8>@8B5B 1K; >B40= A>F80;L=K< D0:B>@0<.  B5E=8G5A:8<  B@5B89. =0;87 @8A:>2 =0AB>OI53> ?@>5:B0 ?@82545= 2 B01;8F5 19. 0: ?>:07K205B B01;8F0, AC<<0@=K9 @8A: ?@>5:B0 A>AB02;O5B 45,83 10;;0 8 <>65B 1KBL >E0@0:B5@87>20= :0: A@54=89. 8A: ?>43>B>28B5;L=>9 AB0488 A2O70=, ?@5645 2A53>, A 2>7<>6=K< 20;NB=K< @8A:>< 8 =5?@542845==K<8 70B@0B0<8. A>1CN >?0A=>ABL ?@54AB02;ONB =5?@542845==K5 70B@0BK, 87-70 :>B>@KE <>65B A=878BAO >1I0O @5=B015;L=>ABL ?@>5:B0. "01;8F0 19 & & & & & 081>;55 2KA>:8< C@>2=5< @8A:0 >1;040NB D8=0=A>2>-M:>=><8G5A:85 D0:B>@K DC=:F8>=8@>20=8O. 7 @57C;LB0B>2 @0AG5B0 D8=0=A>2>-M:>=><8G5A:8E @8A:>2 A;54C5B, GB> @8A: A>AB02;O5B ?@8<5@=> 63% >B >1I53> ?>:070B5;O @8A:0 ?@>5:B0, ?@8G5<, 4><8=8@CNI8<8 ?@8G8=0<8 MB>3> O2;O5BAO 2>7<>6=>5 A=865=85 A?@>A0, =5?@542845==>5 A=865=85 F5= :>=:C@5=B0<8, 0 B0:65 @>AB F5= =0 ?5@52>7:8. #@>25=L A>F80;L=KE @8A:>2 A>AB02;O5B 5,33 (11,9 %), ?@8G5< 8E ?>402;ONI0O G0ABL >1CA;>2;5=0 2>7<>6=K<8 B@C4=>ABO<8 A =01>@>< ?5@A>=0;0 8 53> :20;8D8:0F859. 0AA<0B@8205<K9 ?@>5:B =5 A2O70= A> 7=0G8B5;L=K<8 B5E=8G5A:8<8 8 A>F80;L=K<8 @8A:0<8.  :0G5AB25 CA;>289 ?@54>B2@0I5=8O @8A:>2 <>3CB 1KBL @5:><5=4>20=K A;54CNI85 <5@>?@8OB8O: 70:;NG5=85 4>3>2>@>2 A D8:A8@>20==K<8 AC<<0<8, 45B0;L=0O ?@>@01>B:0 ?>43>B>28B5;L=>9 AB0488 ?@>5:B0 A F5;LN A=865=8O @8A:0 =5?@542845==KE 70B@0B, 70:;NG5=85 4>;3>A@>G=KE :>=B@0:B>2 A ?>AB02I8:0<8 A G5B:8<8 CA;>28O<8 8 HB@0D=K<8 A0=:F8O<8, 8A?>;L7>20=85 <5E0=87<>2 AB@0E>20=8O 20;NB=KE @8A:>2. 2.9 ">G:0 157C1KB>G=>AB8 8 >:C?05<>ABL ?@>5:B0 >4 B>G:>9 157C1KB>G=>AB8 ?>=8<05BAO B0:0O 2K@CG:0 8 B0:>9 >1J5< ?@>872>4AB20 ?@54?@8OB8O, :>B>@K5 >15A?5G820NB ?>:@KB85 2A5E 53> 70B@0B 8 =C;52CN ?@81K;L, B.5. MB> B>B >1J5< ?@>406, ?@8 :>B>@>< ?@54?@8OB85 =5 8<55B =8 ?@81K;8, =8 C1KB:0. -BC B>G:C B0:65 =07K20NB :@8B8G5A:>9, 8;8 <5@B2>9, 8;8 B>G:>9 @02=>25A8O.  ;8B5@0BC@5 G0AB> <>6=> 2AB@5B8BL >1>7=0G5=85 MB>9 B>G:8 :0:   (011@5280BC@0 break-even point), B.5. B>G:0 8;8 ?>@>3 @5=B015;L=>AB8. ;O 2KG8A;5=8O B>G:8 157C1KB>G=>AB8 (?>@>30 @5=B015;L=>AB8) 8A?>;L7CNBAO B@8 <5B>40: 3@0D8G5A:89, C@02=5=89 8 <0@68=0;L=>3> 4>E>40 [11, A.84]. @0D8G5A:89 <5B>4 @0D8G5A:89 <5B>4 =0E>645=8O B>G:8 157C1KB>G=>AB8 (?>@>30 @5=B015;L=>AB8) A2>48BAO : ?>AB@>5=8N :><?;5:A=>3> 3@0D8:0 70B@0BK->1J5< ?@81K;L (@8A.10).  8A.10. @0D8G5A:89 <5B>4 2KG8A;5=8O B>G:8 157C1KB>G=>AB8 >A;54>20B5;L=>ABL ?>AB@>5=8O 3@0D8:0 70:;NG05BAO 2 A;54CNI5<: =0=>A8< =0 3@0D8: ;8=8N ?>AB>O==KE 70B@0B, 4;O G53> ?@>2>48< ?@O<CN, ?0@0;;5;L=CN >A8 01AF8AA; 2K18@05< :0:CN-;81> B>G:C =0 >A8 01AF8AA, B.5. :0:CN-;81> 25;8G8=C >1J5<0. ;O =0E>645=8O B>G:8 157C1KB>G=>AB8 @0AAG8BK205< 25;8G8=C A>2>:C?=KE 70B@0B (?>AB>O==KE 8 ?5@5<5==KE). !B@>8< ?@O<CN =0 3@0D8:5, >B25G0NICN MB><C 7=0G5=8N; 2=>2L 2K18@05< ;N1CN B>G:C =0 >A8 01AF8AA 8 4;O =55 =0E>48< AC<<C 2K@CG:8 >B @50;870F88. !B@>8< ?@O<CN, >B25G0NICN MB><C 7=0G5=8N. ">G:0 157C1KB>G=>AB8 =0 3@0D8:5-MB> B>G:0 ?5@5A5G5=8O ?@O<KE, ?>AB@>5==KE ?> 7=0G5=8N 70B@0B 8 2K@CG:8. A;8 ?@54?@8OB85 ?@>405B ?@>4C:F88 <5=LH5 ?>@>3>2>3> >1J5<0 ?@>406, B> >=> B5@?8B C1KB:8, 5A;8 1>;LH5-?>;CG05B ?@81K;L. 2) 5B>4 C@02=5=89  =  - VC - FC = &*X - AVC*X  FC = 0 X = N?>@ = FC/(& - AVC) 5B>4 C@02=5=89, :@><5 B>3>, <>6=> 8A?>;L7>20BL ?@8 0=0;875 2;8O=8O AB@C:BC@=KE 87<5=5=89 2 0AA>@B8<5=B5 ?@>4C:F88.  MB>< A;CG05 @50;870F8O @0AA<0B@8205BAO :0: =01>@ >B=>A8B5;L=KE 4>;59 ?@>4C:F88 2 >1I59 AC<<5 2K@CG:8 >B @50;870F88. A;8 AB@C:BC@0 @50;870F88 <5=O5BAO, B> >1J5< 2K@CG:8 <>65B 4>AB830BL 7040==>9 25;8G8=K, 0 ?@81K;L 1C45B 1>;LH5 8;8 <5=LH5. ;8O=85 =0 ?@81K;L 1C45B 7028A5BL >B B>3>, :0: ?@>87>H;> 87<5=5=85 0AA>@B8<5=B0 2 AB>@>=C =87:> @5=B015;L=>3> 8;8 2KA>:> @5=B015;L=>3> 2840 ?@>4C:F88. 3) 5B>4 =>@<K  ?>@ = FC / >@<0  N?>@ = B?>@/& &?>@=?>@/ND0:B @8B8G5A:89 >1J5< ?@>872>4AB20 9>3C@B>2 (V:p) >?@545;8< ?> <5B>4>< C@02=5=89 D>@<C;5: V:p = # / (&  #), 45 # - AC<<0 CA;>2=>-?>AB>O==KE 70B@0B, @C1.; & - F5=0 548=8FK ?@>4C:F88, @C1.; # - AC<<0 CA;>2=>-?5@5<5==KE 70B@0B =0 548=8FC ?@>4C:F88, @C1. 'B>1K @0AAG8B0BL B>G:C 157C1KB>G=>AB8 =5>1E>48<> 2A5 70B@0BK @0745;8BL =0 ?>AB>O==K5 8 ?5@5<5==K5 (B01;.20). "01;8F0 20 !>AB02 70B@0B 2 @07@575 ?>AB>O==KE 8 ?5@5<5==KE  V:p = 2077643 / (8,04  5,70) = 887882 HB.  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