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http://www.dist-cons.ru/modules/innova/img/f2.gif" \* MERGEFORMATINET  8A:>=B8@>20==K5 :0?8B0;L=K5 70B@0BK:  INCLUDEPICTURE "http://www.dist-cons.ru/modules/innova/img/f3.gif" \* MERGEFORMATINET  '8AB0O ?@82545==0O AB>8<>ABL: NPV = PVR - PVK 345 NPV = PVR - PVK - 45=56=K5 ?>B>:8 ?>:064><C @0AG5B=><C 3>4C, t-?>@O4:>2K9 =><5@ @0AG5B=>3> 3>40. @8G5< 48A:>=B8@>20==K9 4>E>4 848A:>=B8@>20==K5 :0?8B0;L=K5 70B@0BK A:;04K20NBAO 872A5E 4>E>4>2 8@0AE>4>2 A>>B25BAB25==>, A2O70==KE A@50;870F859 ?@>5:B0. >MDD8F85=B 48A:>=B8@>20=8O CG8BK205B @07;8G=K5 284K 8=D;OF88, 87<5=5=8O ?@>F5=B=>9 AB02:8, =>@<K 4>E>4=>AB8 8B.4. =>?@545;O5BAO =0:064K9 @0AG5B=K9 3>4 :0:  INCLUDEPICTURE "http://www.dist-cons.ru/modules/innova/img/f6.gif" \* MERGEFORMATINET , 345 - =>@<0 48A:>=B0 @02=0O AC<<5 10=:>2A:>9 AB02:8 (2@0AG5B ?@54?>GB8B5;L=55 1@0BL =081>;55 =0456=K5 10=:8, =0?@8<5@ !15@10=:), C@>2=O 8=D;OF88 8@8A:0 ?@>5:B0. @>5:B MDD5:B825= ?@8 ;N1>< ?>;>68B5;L=>< 7=0G5=88 NPV. '5< MB> 7=0G5=85 1>;LH5, B5< MDD5:B82=55 ?@>5:B. '8ABCN B5:CICN AB>8<>ABL =07K20NB B0:65: 8=B53@0;L=K9 MDD5:B, G8ABK9 48A:>=B8@>20==K9 4>E>4, G8ABK9 ?@82545==K9 MDD5:B. 5B>4 8=45:A0 @5=B015;L=>AB8 (PI) 0==K9 <5B>4 ?>72>;O5B ?@>2>48BL @0=68@>20=85 @07;8G=KE ?@>5:B>2 2?>@O4:5 C1K20NI59 @5=B015;L=>AB8. =45:A @5=B015;L=>AB8 (PI) ?@54AB02;O5B A>1>9 >B=>H5=85 48A:>=B8@>20==>3> 4>E>40 (PVR) :?@82545==K< 8==>20F8>==K< @0AE>40< (PVK)- B565 25;8G8=K, GB> <K8A?>;L7>20;8 4;O ?>;CG5=8O G8AB>9 B5:CI59 AB>8<>AB8 (NPV). @C38<8 A;>20<8, 745AL A@02=820NBAO 425 G0AB8 ?>B>:0 ?;0B5659: 4>E>4=0O 88=25AB8F8>==0O. >ACB8, 8=45:A @5=B015;L=>AB8 ?>:07K205B 25;8G8=C ?>;CG0      V X Z \ l n p ׾wrhr]hrhj0h>.Ujh>.U h>.'jhoEh>.>*B*Uphh>.hoEh>.0JjhoEh>.0JUh>.0JB*phjh>.0JB*Uph0hvh>.0J5B*CJOJQJ^JaJph*hI0J5B*CJOJQJ^JaJph h@ hIhIhICJaJ" ~ | t\RZ<gd>.$Sdh-DM `Sa$gd>.$a$gdIFfv$If : < > r t v x z | ~ ^ ` b 6 8 : n p ŻŰŻŻőŻ}Żrjh>.U'jhoEh>.>*B*Uphj$h>.U'jhoEh>.>*B*Uphj*h>.Ujh>.U h>.'jhoEh>.>*B*Uphh>.hoEh>.0JjhoEh>.0JUh>.CJaJ,p r v x z | ~ .02fhjnprtvx,>@BDxz|ӻӜӖw'j hoEh>.>*B*Uphj h>.U hy0J'jhoEh>.>*B*Uphjh>.U'jhoEh>.>*B*Uphh>.hoEh>.0Jh>.CJaJjhoEh>.0JU h>.jh>.U.NPRVXZ\^` DFHLNPRTVLNPTVXZ\^ǯǐj h>.U'j hoEh>.>*B*Uphj h>.U'j hoEh>.>*B*Uphh>.hoEh>.0Jh>.CJaJjhoEh>.0JUj h>.Ujh>.U h>.-2468LNP.0268:<л޳կ՛А޳կ|q޳jh>.U'jqhoEh>.>*B*Uphj h>.U'jw hoEh>.>*B*Uphh>.h>.CJaJj h>.Ujh>.U h>.hoEh>.0JjhoEh>.0JU'j} hoEh>.>*B*Uph,<>~xLjd> @ "8"n""""yi^Q^Q^Q^@@@ hsh>.B*CJ]aJphhsh>.CJNHaJhsh>.CJaJh>.@B*CJ\aJph$hsh>.@B*CJ\aJph$hsh>.@B*CJ\aJph!hsh>.@B*CJaJph!hsh>.@B*CJaJphhsh>.B*CJaJph-h h>.0JB*CJOJQJ^JaJphh>.0JB*phjh>.0JB*Uph<@BDFHJLNPRTVXZ\^`bdfhjlnprtvxgd>.xz|~f h *$'(()**+,,.,0,2,4,6,8,:,<,$Sdh`Sa$gd>.$Sdh`Sa$gd>.gd>.">#l###*$''''((()))) * ****+F++++,,8,J,,,,hTh'h>.0JB*CJOJQJ^JaJph-hwh>.0JB*CJOJQJ^JaJph#h>.B*CJOJQJ^JaJphh>.0JB*phhyCJaJh.h>.CJaJh>.CJaJhsh>.CJaJhsh>.CJ\aJ#hsh>.B*CJ\]aJph hsh>.B*CJ]aJphhsh>.B*CJaJph <,>,@,B,D,F,H,J,,4- //@00P37<$Sdh`Sa$gd>.#$ & F Sdh-DM ^`Sa$gd>.$Sdh-DM `Sa$gd>.$Sdh`Sa$gd>.$Sdh`Sa$gd>.gd>.,4-. //// ///>0@000021N33344b5d555x6z6 7 7777<<,=Ѽѕѕѕ{l{^{^{^{^{^{^{^{ѕlhsh>.CJNHaJhhsh>.B*CJaJphhsh>.CJaJhhsh>.CJ]aJh(hsh>.5B*CJOJQJaJph"h>.5B*CJOJQJaJph(hyh>.5B*CJOJQJaJph,hsh>.5B*CJOJQJ^JaJph-hf8h>.0JB*CJOJQJ^JaJph",=.=@=B=BB6B*C,C:CVC\CzCCCLDNDDDrEEEEEE*G,GHH"HJHHHHHHHHHH~II J JJJJJKKHKJKKK6Lʾʾʾ侰 j-hsh>.CJaJhh>.CJaJhhsh>.6CJaJhhsh>.CJNHaJhhsh>.CJaJhhsh>.6CJ]aJhhsh>.CJaJhsh>.B*CJaJphh>.B*CJaJph6<B=>@@B:C>EHJPL`LNN,Q$RT\WpWZ$Sdh`Sa$gd>.$ & FSdh-DM `Sa$gd>.$ & F 2Sdh-DM `Sa$gd>.$Sdh-DM `Sa$gd>.6L8L:L>LFLJLLLPL^L`LLLLLLMMLNNNNNNOOPP,QTQVQXQTUUUtUvU\WnWpWWWW X XXXTYVYYYZϸϩϛϛύϩϛϛϸϩϸϩϛρϸϩϛϛϛϛhg96CJ]aJhhsh>.>*CJaJhhsh>.CJNHaJh j-hsh>.CJaJhhsh>.6CJ]aJhhg9CJaJhsh>.CJaJhh>.B*CJaJphhsh>.B*CJaJphh>.CJaJh2ZZZZN[P[\\<^`bbb b bbbbb b"b,b8b:bbbbcc cc䠸䯋vdvdv"h>.5B*CJOJQJaJph(he,Xh>.5B*CJOJQJaJphhg9CJaJhh>.B*CJaJphhe,Xh>.B*CJaJphh>.CJaJhhsh>.B*CJaJphhsh>.CJNHaJh j-hsh>.CJaJhhsh>.CJaJhhsh>.6CJ]aJhZx\<^`"b.b0bbcctddte"fzzzzz#$ & F Sdh-DM ^`Sa$gd>.$Sdh-DM `Sa$gd>. $dha$gd>.$a$gd>.$Sdh`Sa$gdg9$Sdh-DM `Sa$gd>.$Sdh`Sa$gd>. c~ccrdtdddrete f"f*f,ffg^hthjjk$k2k6k~kkoopppp̵xl]]N]jkhsh>.CJUaJjhsh>.CJUaJhsh>.6CJaJhsh>.6CJ]aJh>.CJaJhsh>.B*CJaJphhsh>.CJaJhsh>.0JCJaJ-hh>.0JB*CJOJQJ^JaJphh8h>.(hsh>.5B*CJOJQJaJph,hsh>.5B*CJOJQJ^JaJph"f,ffgzh:ijrj6kkooq^q~rrrt,x$Sdh`Sa$gd>.$Sdh[$\$`Sa$gd>.$ & F Sdt^`Sa$gd>.$Sdt`Sa$gd>.$Sdh`Sa$gd>.pq^q`qrrrr|rrrrrrrrrrrrrrrrrrrss&v(vvvvvy4z6z{{{|øëëøëëސvjjhsh>.CJH*aJhsh>.6CJaJhsh>.6CJ]aJj`hsh>.CJUaJh j\h>.CJH*aJh>.CJH*aJmH sH h j\h>.CJaJh>.CJaJmH sH jhsh>.CJUaJjhsh>.CJUaJhsh>.CJaJh>.CJaJ),xyy6zR.2Pr¹ʽjdl$Sdh`Sa$gd>.$Sdh`Sa$gd>.$Sdh`Sa$gd>.$Sdh`Sa$gd>.5<>3> 4>E>40 =0:064K9 @C1;L 8=25AB8F89. @>5:B 1C45B MDD5:B82=K< ?@8 7=0G5=88 8=45:A0 @5=B015;L=>AB8, ?@52KH0NI5< 1. & & & & & & & & . 5B>4 2=CB@5==59 =>@<K 4>E>4=>AB8 (IRR) =CB@5==OO =>@<0 4>E>4=>AB8 (IRR) ?@54AB02;O5B A>1>9 BC=>@<C 48A:>=B0 (), ?@8 :>B>@>9 AC<<0@=>5 7=0G5=85 48A:>=B8@>20==KE 4>E>4>2 (PVR) @02=> AC<<0@=><C 7=0G5=8N 48A:>=B8@>20==KE :0?8B0;L=KE 2;>65=89 (PVK). & & & & & & & . =0G5=85 2=CB@5==59 =>@<K 4>E>4=>AB8 (IRR) ;CGH5 2A53> >?@545;OBL ?>3@0D8:C 7028A8<>AB8 G8AB>9 B5:CI59 AB>8<>AB8 (NPV) >B25;8G8=K =>@<K 48A:>=B0 (). ;O MB>3> 4>AB0B>G=> @0AAG8B0BL 420 7=0G5=8O NPV ?@8 42CE ;N1KE 7=0G5=8OE 8?>AB@>8BL B0:>9 3@0D8: (@8A.4) [16, A.150]:  8A.4. 028A8<>ABL NPV >B AB02:8 48A:>=B0 A:><>5 7=0G5=85 IRR ?>;CG05< 2B>G:5 ?5@5A5G5=8O 3@0D8:0 A>ALN 01AF8AA, B.5. 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ix'!$&'''''''''$((((44 laXpdT$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$,, 55555555 5 9 /  / /  / / / / /  / / / / / / /  /  /  / / aXpdT>kd$$IfTl [ ix'!$&'''''''''$((((44 laXpdT$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$,, 55555555 5 9 /  / /  / / / / /  / / / / / / /  /  /  / / aXpdT>kd$$IfTl [ ix'!$&'''''''''$((((44 laXpdT$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$,, 55555555 5 9 /  / /  / / / / /  / / / / / / /  /  /  / / aXpdT>kd$$IfTl [ ix'!$&'''''''''$((((44 laXpdT$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$,, 55555555 5 9 /  / /  / / / / /  / / / / / / /  /  /  / / aXpdT>kdX$$IfTl [ ix'!$&'''''''''$((((44 laXpdT$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$,, 55555555 5 9 /  / / / / / / / /  / / / / / /  / /  / / /  / aXpdT>kd $$IfTl [ ix'!$&'''''''''$((((44 laXpdT$$IfX!vh55 5 5 #v#v #v :V l$,55 5 9/  / / / / / / aXp(Td$$IfX!v h555555555 5 #v#v#v#v#v#v#v#v #v :V l$, 55555555 5 9 /  / /  / / /  / /  / / / /  / /  / / / aXpdT>kd$$IfTl [ ix'!$&&&&&&&&&&$((((44 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