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A>AB028;0 13%. "01;8F0 2.6 AE>4=K5 40==K5 4;O D0:B>@=>3> 0=0;870 ?@81K;8 >B ?@>406  " 70 2008-200933., BKA.@C1. & & & & !=0G0;0 =C6=> =09B8 AC<<C ?@81K;8 ?@8 D0:B8G5A:>< >1J5<5 ?@>406 8 107>2>9 25;8G8=5 >AB0;L=KE D0:B>@>2. ;O MB>3> A;54C5B @0AAG8B0BL 8=45:A >1J5<0 @50;870F88 ?@>4C:F88, 0 70B5< 107>2CN AC<<C ?@81K;8 A:>@@5:B8@>20BL =0 53> C@>25=L. =45:A >1J5<0 ?@>406 A>AB028B: I@? = 101510 / 114706 = 0,88 A;8 1K 25;8G8=0 >AB0;L=KE D0:B>@>2 =5 87<5=8;0AL, B> AC<<0 ?@81K;8 4>;6=0 1K;0 1K C<5=LH8BAO =0 12% 8 A>AB028BL 3979 BKA.@C1. (4522 * 0,88). 0B5< A;54C5B >?@545;8BL AC<<C ?@81K;8 ?@8 D0:B8G5A:>< >1J5<5 8 AB@C:BC@5 @50;87>20==>9 ?@>4C:F88, => ?@8 107>2>< C@>2=5 A515AB>8<>AB8 8 F5=. ;O MB>3> 87 CA;>2=>9 2K@CG:8 =C6=> 2KG5ABL CA;>2=CN AC<<C 70B@0B: 101510  97508 = 4002 BKA.@C1. "@51C5BAO ?>4AG8B0BL B0:65, A:>;L:> ?@81K;8 ?@54?@8OB85 <>3;> 1K ?>;CG8BL ?@8 D0:B8G5A:>< >1J5<5 @50;870F88, AB@C:BC@5 8 F5=0E, => ?@8 107>2>< C@>2=5 A515AB>8<>AB8 ?@>4C:F88. ;O MB>3> 87 D0:B8G5A:>9 AC<<K 2K@CG:8 A;54C5B 2KG5ABL CA;>2=CN AC<<C 70B@0B: 128108  97508 = 30600 BKA.@C1. >@O4>: @0AG5B0 40==KE ?>:070B5;59 2 A8AB5<0B878@>20==>< 2845 ?@54AB02;5= 2 B01;8F5 2.7. "01;8F0 2.7 0AG5B 2;8O=8O D0:B>@>2 =0 87<5=5=85 AC<<K ?@81K;8 >B ?@>406  " & & & & & 57C;LB0BK D0:B>@=>3> 0=0;870 ?@81K;8 >B ?@>406  " 70 2008-200933. ?@54AB02;5=K 2 B01;.2.8.  3@0D8G5A:>< 2845 @57C;LB0BK D0:B>@=>3> 0=0;870 ?@81K;8 >B ?@>406  " 70 2008-200933. ?@54AB02;5=K =0 @8A.2.10. "01;8F0 2.8 ;8O=85 D0:B>@>2 =0 ?@81K;L >B ?@>406  " 70 2008-200933. & & & & 8A.2.10. ;8O=85 @07;8G=KE D0:B>@>2 =0 ?@81K;L >B ?@>406  " 70 2008-200933. 57C;LB0BK @0AG5B>2 ?>:07K20NB, GB> @>AB ?@81K;8 >B ?@>406  " 70 2008-200933. >1CA;>2;5= 2 >A=>2=>< 87<5=5=85< F5= 8 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88. 0 AG5B 87<5=5=8O F5= AC<<0 ?@81K;8 2K@>A;0 =0 26598 BKA.@C1.  A2O78 A ?>2KH5=85< A515AB>8<>AB8 ?@>4C:F88 AC<<0 ?@81K;8 C<5=LH8;0AL =0 22752 BKA.@C1.  B01;8F5 2.9 ?@54AB02;5=K 40==K5 4;O D0:B>@=>3> 0=0;870 G8AB>9 ?@81K;8  " 70 2008-200933. "01;8F0 2.9 $>@<8@>20=85 8 48=0<8:0 G8AB>9 ?@81K;8  " 70 2008-200933. & & & & & 0 >A=>25 ?>:070B5;59 >BG5B0 > ?@81K;OE  " ?>AB@>8< D0:B>@=CN <>45;L G8AB>9 ?@81K;8 ?@54?@8OB8O: ' =   !    +     - ? 345 '  G8AB0O ?@81K;L;  - 2K@CG:0 (=5BB>) >B ?@>4068 B>20@>2, @01>B, CA;C3; ! - A515AB>8<>ABL ?@>40==KE B>20@>2, @01>B, CA;C3;   - :><<5@G5A:85 @0AE>4K;   ?@>G85 4>E>4K;    ?@>G85 @0AE>4K; ?  =0;>3 =0 ?@81K;L. "0:8< >1@07><, 87<5=5=85 AC<<K G8AB>9 ?@81K;8  " 70 2008-200933. ?@>87>H;> 70 AG5B A;54CNI8E D0:B>@>2: 2K@CG:8 (=5BB>) >B @50;870F88 ?@>4C:F88: (G (() = 128108  114706 = 13402 BKA.@C1. A515AB>8<>AB8 ?@>40==KE B>20@>2: (G ((!) = - 37983 + 33341 = - 4642 BKA.@C1. :><<5@G5A:8E @0AE>4>2: & & & & & . 57C;LB0BK D0:B>@=>3> 0=0;870 G8AB>9 ?@81K;8  " 70 2008-200933. ?@54AB02;5=K 2 B01;.2.10. "01;8F0 2.10 57C;LB0BK D0:B>@=>3> 0=0;870 G8AB>9 ?@81K;8  " 70 2008-200933. & & & & .. "0:8< >1@07><, 2 @57C;LB0B5 2;8O=8O @0AA<0B@8205<KE D0:B>@>2 G8AB0O ?@81K;L  " 70 2008-200933. 2K@>A;0 =0 3295 BKA.@C1. 081>;LH5 2;8O=85 =0 87<5=5=85 G8AB>9 ?@81K;8  " >:070;> 87<5=5=85 >1J5<0 ?@>406 (+406,7%) 8 :><<5@G5A:8E @0AE>4>2 (-164,9%) 8 A515AB>8<>AB8 ?@>4C:F88 (-140,9%).  3@0D8G5A:>< 2845 @57C;LB0BK D0:B>@=>3> 0=0;870 G8AB>9 ?@81K;8  " 70 2008-200933. ?@54AB02;5=K =0 @8A.2.11. & & & .. $0:B>@=K9 0=0;87 @5=B015;L=>ABL ?@>406 70 2008-200933. ;O ?@>2545=8O D0:B>@=>3> 0=0;870 @5=B015;L=>AB8 ?@>406 1C45< 8A?>;L7>20BL A;54CNICN <>45;L: EMBED Equation.3 345 '  G8AB0O ?@81K;L;  - 2K@CG:0 >B ?@>4068 B>20@>2, ?@>4C:F88, @01>B, CA;C3; ! - A515AB>8<>ABL ?@>40==KE B>20@>2, ?@>4C:F88, @01>B, CA;C3;   - :><<5@G5A:85 @0AE>4K;   ?@>G85 4>E>4K;    ?@>G85 @0AE>4K; ?  =0;>3 =0 ?@81K;L. 'B>1K >?@545;8BL, :0: :064K9 D0:B>@ ?>2;8O; =0 @5=B015;L=>ABL ?@>406, =5>1E>48<> >ACI5AB28BL A;54CNI85 @0AG5BK. 1. ;8O=85 87<5=5=8O 2K@CG:8 >B ?@>4068: EMBED Equation.3 EMBED Equation.3 & & & & .. "0:8< >1@07><, 70 2008-200933. @5=B015;L=>ABL ?@>406 2K@>A;0 =0 2,5%, 2 B.G. 70 AG5B 2K@CG:8 (+10,4%), A515AB>8<>AB8 (-3,6%), :><<5@G5A:8E @0AE>4>2 (-4,2%), ?@>G8E @0AE>4>2 (+0,4%), =0;>30 =0 ?@81K;L (-0,5%). $0:B>@=K9 0=0;87 @5=B015;L=>ABL ?@>406 70 2007-200833. 1. ;8O=85 87<5=5=8O 2K@CG:8 >B ?@>4068: & & & . "0:8< >1@07><, 70 2007-200833. @5=B015;L=>ABL ?@>406 A=878;0AL =0 2,8%, 2 B.G. 70 AG5B 2K@CG:8 (+30,3%), A515AB>8<>AB8 (-8,8%), :><<5@G5A:8E @0AE>4>2 (-23,3%), ?@>G8E @0AE>4>2 (-1,1%), =0;>30 =0 ?@81K;L (+0,1%). $0:B>@=K9 0=0;87 @5=B015;L=>ABL 0:B82>2 70 2008-200933. ;O ?@>2545=8O D0:B>@=>3> 0=0;870 @5=B015;L=>AB8 8=25AB8F89 (0:B82>2) 1C45< 8A?>;L7>20BL A;54CNICN <>45;L: & & & & "0:8< >1@07><, 2 2008-200933. @5=B015;L=>ABL 0:B82>2  " 2K@>A;0 2 F5;>< =0 12,2%. -B> ?@>87>H;> 2 @57C;LB0B5 2>7459AB28O 42CE D0:B>@>2: 87<5=5=8O @5=B015;L=>AB8 ?@>406 8 >1>@0G8205<>AB8 0:B82>2. 0 AG5B 87<5=5=8O >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 C?0;0 =0 0,1%, 70 AG5B 87<5=5=8O @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 12,3%. $0:B>@=K9 0=0;87 @5=B015;L=>ABL 0:B82>2 70 2007-200833. 1. 7<5=5=85 @5=B015;L=>AB8 0:B82>2 70 AG5B 87<5=5=8O >1>@0G8205<>AB8 0:B82>2: & & & & . "0:8< >1@07><, 2 2007-200833. @5=B015;L=>ABL 0:B82>2  " A=878;0AL 2 F5;>< =0 9,0%. 0 AG5B 87<5=5=8O >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 3,9%, 70 AG5B 87<5=5=8O @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 A=878;0AL =0 12,9%. 2.3. $0:B>@K, 2;8ONI85 =0 ?>:070B5;8 @5=B015;L=>AB8  """ 8 8E >F5=:0 F5=8< ?>;>68B5;L=>5 8 >B@8F0B5;L=>5 2;8O=85 D0:B>@>2 =0 @5=B015;L=>ABL  ". F5=:0 2;8O=8O D0:B>@>2 =0 @5=B015;L=>ABL ?@>406 ?@54AB02;5=0 2 B01;.2.11. & & & & .. 0: ?>:07K20NB 40==K5 B01;.2.12. @5=B015;L=>ABL 0:B82>2  " 70 2007-200833. A=878;0AL =0 9,0%, 2 B>< G8A;5 70 AG5B @>AB0 >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 3,9%, 0 70 AG5B A=865=8O @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 A>:@0B8;0AL =0 12,9%. "0:8< >1@07><, 2 2007-200833. =0 @5=B015;L=>ABL 0:B82>2  " ?>;>68B5;L=> ?>2;8O; @>AB >1>@0G8205<>AB8 0:B82>2 (=0 1,1 >1>@>B0), >B@8F0B5;L=>5 2;8O=85 >:070;> A=865=85 @5=B015;L=>AB8 ?@>406 (=0 2,75%). "01;8F0 2.12 F5=:0 2;8O=8O D0:B>@>2 =0 @5=B015;L=>ABL 0:B82>2  " & & & & . 5=B015;L=>ABL 0:B82>2  " 70 2008-200933. 2K@>A;0 =0 12,2%, 2 B>< G8A;5 70 AG5B @>AB0 >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 A>:@0B8;0AL =0 0,1%, 0 70 AG5B @>AB0 @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 12,3%. "0:8< >1@07><, 2 2008-200933. =0 @5=B015;L=>ABL 0:B82>2  " ?>;>68B5;L=> ?>2;8O; @>AB @5=B015;L=>AB8 ?@>406 (=0 2,49%), >B@8F0B5;L=>5 2;8O=85 >:070;> 70<54;5=85 B5<?0 @>AB0 >1>@0G8205<>AB8 0:B82>2 ?> A@02=5=8N A ?@>H;K< ?5@8>4><  >1>@0G8205<>ABL 0:B82>2 2K@>A;0 2A53> =0 0,1 >1>@>B0 (4;O A@02=5=8O 70 ?@>H;K9 ?5@8>4 >1>@0G8205<>ABL 0:B82>2 2K@>A;0 =0 1,1 >1>@>B0).  3@0D8G5A:>< 2845 @57C;LB0BK >F5=:8 2;8O=8O D0:B>@>2 =0 @5=B015;L=>ABL 0:B82>2  " 2 2007-200833. ?@54AB02;5=K =0 @8A.2.15. & & & .. >42>4O 8B>38 2B>@>9 3;02K 48?;><=>9 @01>BK, <>65< A45;0BL A;54CNI85 2K2>4K: @54<5B>< 45OB5;L=>AB8  " O2;O5BAO: 45OB5;L=>ABL ?> ?@>872>4AB2C, 2K?CA:C, @50;870F88 8 >@30=870F88 ?>B@51;5=8O ?@>4C:F88 >1I5AB25==>3> ?8B0=8O, ?8I52>9 ?@>4C:F88 8 ?>;CD01@8:0B>2; >@30=870F8O 4>AC30 ;N459; ?@>2545=85 10=:5B>2. >:070B5;8 ?@81K;8  " 70 2007-200933. 7=0G8B5;L=> 2K@>A;8. "0:, 2 20093. 20;>20O ?@81K;L 2K@>A;0 ?> A@02=5=8N A 20073. =0 34739 BKA.@C1. 8;8 =0 62,7%, ?@81K;L >B ?@>406 2K@>A;0 =0 2474 BKA.@C1. 8;8 =0 46,0%, ?@81K;L 4> =0;>3>>1;>65=8O 2K@>A;0 =0 1829 BKA.@C1. 8;8 =0 50,0%. '8AB0O ?@81K;L A>>B25BAB25==> 2K@>A;0 =0 1394 BKA.@C1. 8;8 =0 50,5%. >:070B5;8 @5=B015;L=>AB8  " 70 2007-200933. 2 F5;>< ?>2KA8;8AL, =01;N405BAO ?>;>68B5;L=0O 48=0<8:0. "0:, @5=B015;L=>ABL 2=5>1>@>B=KE 0:B82>2 2K@>A;0 =0 19,39%, @5=B015;L=>ABL 8=25AB8F89  =0 3,15%, @5=B015;L=>ABL A>1AB25==>3> :0?8B0;0  =0 1338,91%. 57=0G8B5;L=> C<5=LH8;0AL @5=B015;L=>ABL ?@>406  =0 0,26%, 0 B0:65 @5=B015;L=>ABL B5:CI8E 0:B82>2  =0 4,67%. $0:B>@=K9 0=0;87 @5=B015;L=>AB8 ?@>406  " 70 2008-200933. ?>:070;, GB> 2 F5;>< @5=B015;L=>ABL ?@>406 2K@>A;0 =0 2,5%, 2 B.G. 70 AG5B 2K@CG:8 (+10,4%), A515AB>8<>AB8 (-3,6%), :><<5@G5A:8E @0AE>4>2 (-4,2%), ?@>G8E @0AE>4>2 (+0,4%), =0;>30 =0 ?@81K;L (-0,5%).  2008-200933. =0 @5=B015;L=>ABL ?@>406  " ?>;>68B5;L=> ?>2;8O; @>AB 2K@CG:8 >B @50;870F88 ?@>4C:F88 8 A=865=85 ?@>G8E @0AE>4>2. B@8F0B5;L=>5 2;8O=85 =0 @5=B015;L=>ABL ?@>406  " 2 2008-200933. >:070;8 @>AB A515AB>8<>AB8, @>AB :><<5@G5A:8E @0AE>4>2 8 @>AB =0;>30 =0 ?@81K;L (=0 79,3%). 0 2007-200833. @5=B015;L=>ABL ?@>406 A=878;0AL =0 2,8%, 2 B.G. 70 AG5B 2K@CG:8 (+30,3%), A515AB>8<>AB8 (-8,8%), :><<5@G5A:8E @0AE>4>2 (-23,3%), ?@>G8E @0AE>4>2 (-1,1%), =0;>30 =0 ?@81K;L (+0,1%).  2007-200833. =0 @5=B015;L=>ABL ?@>406  " ?>;>68B5;L=> ?>2;8O; @>AB 2K@CG:8 >B @50;870F88 ?@>4C:F88 8 A=865=85 =0;>30 =0 ?@81K;L. B@8F0B5;L=>5 2;8O=85 =0 @5=B015;L=>ABL ?@>406  " 2 2007-200833. >:070;8 @>AB A515AB>8<>AB8, @>AB :><<5@G5A:8E @0AE>4>2, @>AB ?@>G8E @0AE>4>2. 081>;LH5 2;8O=85 =0 87<5=5=85 @5=B015;L=>AB8 ?@>406 >:070;8 2K@CG:0 >B @50;870F88 ?@>4C:F88, :><<5@G5A:85 @0AE>4K. B@8F0B5;L=>5 2;8O=85 =0 @5=B015;L=>ABL ?@>406 2 >A=>2=>< >:070; @>AB :><<5@G5A:8E @0AE>4>2. $0:B>@=K9 0=0;87 @5=B015;L=>AB8 8=25AB8F89 (0:B82>2)  " ?>:070;, GB> 2 2008-200933. @5=B015;L=>ABL 0:B82>2  " 2K@>A;0 2 F5;>< =0 12,2%. -B> ?@>87>H;> 2 @57C;LB0B5 2>7459AB28O 42CE D0:B>@>2: 87<5=5=8O @5=B015;L=>AB8 ?@>406 8 >1>@0G8205<>AB8 0:B82>2. 0 AG5B 87<5=5=8O >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 C?0;0 =0 0,1%, 70 AG5B 87<5=5=8O @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 12,2%.  2007-200833. @5=B015;L=>ABL 0:B82>2  " A=878;0AL 2 F5;>< =0 9,0%. 0 AG5B 87<5=5=8O >1>@0G8205<>AB8 0:B82>2 @5=B015;L=>ABL 0:B82>2 2K@>A;0 =0 3,9%, 70 AG5B 87<5=5=8O @5=B015;L=>AB8 ?@>406 @5=B015;L=>ABL 0:B82>2 A=878;0AL =0 12,9%. 0 @5=B015;L=>ABL 0:B82>2  " ?>;>68B5;L=> ?>2;8O; @>AB >1>@0G8205<>AB8 0:B82>2, >B@8F0B5;L=>5 2;8O=85 >:070;> A=865=85 @5=B015;L=>AB8 ?@>406. 081>;LH5 2;8O=85 =0 @5=B015;L=>ABL 0:B82>2, :0: >:070;0 @5=B015;L=>ABL ?@>406. 3. 07@01>B:0 @5:><5=40F89 ?> ?>2KH5=8N @5=B015;L=>AB8 ?@54?@8OB8O 3.1. @54;>65=8O ?> ?>2KH5=8N @5=B015;L=>AB8 ?@54?@8OB8O A=>2=K<8 D0:B>@0<8 ?>2KH5=8O @5=B015;L=>AB8  " O2;ONBAO @>AB 2K@CG:8 >B @50;870F88 ?@>4C:F88 8 A=865=85 :><<5@G5A:8E @0AE>4>2. 1. @54;>65=8N ?> @>ABC 2K@CG:8 (B>20@>>1>@>B0)  " & & & .. !>25@H5=AB2>20=85 A1KB>2>9 ?>;8B8:8 2:;NG05B 2 A51O ?>8A: =>2KE MDD5:B82=KE :0=0;>2 A1KB0 (@50;870F88) ?@>4C:F88  ". @54;0305< A;54CNI85 =0?@02;5=8O A>25@H5=AB2>20=8O A1KB>2>9 ?>;8B8:8  ": & & & . !>25@H5=AB2>20=85 B>20@=>9 ?>;8B8:8 2:;NG05B 2 A51O @07@01>B:C =>2>3> <5=N  " 2 4>?>;=5=85 : ACI5AB2CNI8< 1;N40<. @54;0305< A;54CNI85 =0?@02;5=8O A>25@H5=AB2>20=8O B>20@=>9 ?>;8B8:8  ": & & & . ?@545;5==K5 H038 =04> ?@54?@8=OBL 8 2 A>25@H5=AB2>20=88 F5=>2>9 ?>;8B8:8. 5B>48:0 @0AG5B0 AB>8<>AB8 ?@>4C:F88 8 CA;C3, :>B>@0O ACI5AB2C5B 2  " A >4=>9 AB>@>=K >B;8G05BAO ?@>AB>B>9 (?>4AG8BK205BAO A515AB>8<>ABL :064>3> 1;N40 ?> 70B@0B0< =0 ?@>4C:BK 8 C<=>605BAO =0 :>MDD8F85=B 4>E>4=>AB8), 0 A 4@C3>9 AB>@>=K B0:0O <5B>48:0 ;8HL >@85=B8@>2>G=0O, ?>A:>;L:C =5 CG8BK205B A;54CNI8E D0:B>@>2: B8? 8 =0?@02;5==>ABL @5AB>@0=0; <5AB>@0A?>;>65=85 (@538>=, 3>@>4, @09>= 3>@>40, C;8F0); AB8;L 8 >D>@<;5=85 @5AB>@0=0; :0B53>@8N >A=>2=KE :;85=B>2, ?>A5I0NI8E @5AB>@0=; F5=K :>=:C@5=B>2; ?A8E>;>38G5A:85 0A?5:BK 2>A?@8OB8O F5=K; 4>?>;=8B5;L=K5 A5@28AK (=0;8G85 02B>AB>O=:8, E>@>H59 A8AB5<K :>=48F8>=8@>20=8O 2>74CE0, 72C:>87>;OF88 8 B.4.) & & & & . !>25@H5=AB2>20=85 ?>;8B8:8 ?@>42865=8O =0?@O<CN 2;8O5B =0 @>AB 2K@CG:8 >B @50;870F88 8 ?@81K;8 @5AB>@0=0. ;O ?@>42865=8O CA;C3 @5AB>@0=0 ?;0=8@C5BAO ?@>2>48BL 0:B82=CN @5:;0<=CN :0<?0=8N, 8A?>;L7>20BL A@54AB20 AB8<C;8@>20=8O A1KB0 8 @07@01>B0BL A8AB5<C A:84>:. >;55 ?>4@>1=> 40==K5 <5@>?@8OB8O ?@54AB02;5=K 2 B01;.3.3. 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