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BG8A;5=8O 2 D>=4 @0728B8O 234,8279,9   10.@>G85 @0AE>4K (50%)283,7254,6B>3>1985,322263,1B>3>2207,842562,6>2545=85 >1I8E 8745@65: >1@0I5=8O 1C45B >?@545;OBLAO ?>2545=85< 8745@65: >1@0I5=8O ?5@5<5==KE, B.:. 8745@6:8 ?>AB>O==K5 A C25;8G5=85< >1J5<>2 >1>@>B0 1C4CB AB@5<8BLAO : =C;N. %0@0:B5@ 87<5=5=8O ?5@5<5==KE 8745@65: >1@0I5=8O >B 87<5=5=8O >1J5<0 ?@>406 E0@0:B5@87C5BAO :>MDD8F85=B>< @5038@>20=8O 8745@65::  EMBED Equation.3  > E0@0:B5@C 87<5=5=8O ?5@5<5==K5 8745@6:8 <>3CB 1KBL: ?@>?>@F8>=0;L=K5 (87<5=ONBAO 2 B>9 65 ?@>?>@F88, GB> 8 >1>@>B); 453@5AA82=K5 (87<5=ONBAO 2 >B=>A8B5;L=> <5=LH59 ?@>?>@F88, G5< >1>@>B; ?@>3@5AA82=K5 (87<5=ONBAO 2 >B=>A8B5;L=> 1>;LH59 ?@>?>@F88, G5< >1>@>B). > 40==K< 8AA;54C5<>3> ?@54?@8OB8O >1>@>B B>@3>2;8 87<5=O;AO 1>;55 1KAB@K<8 B5<?0<8 (125,2 %), G5< 8745@6:8 >1@0I5=8O ?5@5<5==K5 (116%), ?>MB><C :>MDD8F85=B @5038@>20=8O 70B@0B < 1 (116 / 125,2 = 0,93), GB> A2845B5;LAB2C5B > 453@5AA82=>< E0@0:B5@5 87<5=5=8O 70B@0B. !;54C5B 70<5B8BL, GB> @0AG5B 40==>3> ?>:070B5;O 8<55B 206=>5 7=0G5=85 :0: 4;O 8B>3>2>3>, B0: 8 >?5@0B82=>3> 0=0;870 8745@65: >1@0I5=8O, 0 B0:65 <>65B A;C68BL 107>9 4;O 8E ?;0=8@>20=8O. 1A>;NB=>5 >B:;>=5=85 ?@54AB02;O5B A>1>9 @07=8FC <564C D0:B8G5A:8<8 8 1078A=K<8 8745@6:0<8 >1@0I5=8O. >  25= >=> A>AB028;> 632,6 BKA. @C1. (4825,7- 4193,1). #25;8G5=85 AC<<K 70B@0B ?@>8AE>48;> 1>;55 8=B5=A82=>, G5< C25;8G5=85 >1J5<0 >1>@>B0, GB> ?>A;C68;> ?@8G8=>9 A=865=8O C@>2=O 70B@0B =0 1,68%. B=>A8B5;L=>5 >B:;>=5=85 @0AAG8BK205BAO ?CB5< C<=>65=8O @07<5@0 87<5=5=8O C@>2=O 8745@65: >1@0I5=8O =0 D0:B8G5A:89 >1J5< >1>@>B0 B>@3>2;8.  =0H5< A;CG05 >=> A>AB028;> 422,9 BKA. @C1. ( 1,68 * 25173 / 100). 2.3 $0:B>@=K9 0=0;87 8745@65: >1@0I5=8O A=>2=K<8 D0:B>@0<8, 2;8ONI8<8 =0 8745@6:8 >1@0I5=8O, O2;ONBAO: >1J5< >1>@>B0 @>7=8G=>9 B>@3>2;8; AB@C:BC@0 >1>@>B0 @>7=8G=>9 B>@3>2;8; C@>25=L F5= =0 ?>B@518B5;LA:85 B>20@K; :0=0;K ?@>42865=8O B>20@>2 (725==>ABL B>20@>42865=8O); @07<5I5=85 >1>@>B0 ?> AB@C:BC@=K< ?>4@0745;5=8O< >@30=870F88 8 4@. 1J5< >1>@>B0 @>7=8G=>9 B>@3>2;8 >AB >1J5<0 >1>@>B0 ?@82>48B : C25;8G5=8N 01A>;NB=>9 AC<<K 8745@65: >1@0I5=8O, => A=8605B 8E C@>25=L, 8 =0>1>@>B. -B> 2K720=> @07;8G=>9 AB5?5=LN 7028A8<>AB8 8745@65: >B >1J5<0 >1>@>B0 8 45;5=85< 8E, A>>B25BAB25==>, =0 ?>AB>O==K5 8 ?5@5<5==K5. 'B>1K @0AAG8B0BL 2;8O=85 87<5=5=8O >1J5<0 >1>@>B0, =5>1E>48<> =09B8 @07=8FC <564C A:>@@5:B8@>20==K< C@>2=5< ?>AB>O==KE 8745@65: 8 1078A=K<. "0:8< >1@07><, C25;8G5=85 >1J5<0 >1>@>B0 A>740;> ?@54?>AK;:8 4;O A=865=8O 8745@65: >1@0I5=8O =0 1,98 % : >1>@>BC, 8;8 =0 AC<<C 498,4 BKA. @C1. >A;54>20B5;L=>ABL @0AG5B>2 0745;82 8745@6:8 =0 ?>AB>O==K5 8 ?5@5<5==K5, >?@545;O5< 8E C@>25=L 2 1078A=>< ?5@8>45 (?@54H5AB2CNI89 3>4): 9,87 % 8 10,98 %. "0: :0: ?>AB>O==K5 8745@6:8 <0;> 87<5=ONB A2>N AC<<C A 87<5=5=85< >1>@>B0, B> ?5@5AG8BK205BAO 1078A=0O AC<<0 8745@65: ?>AB>O==KE =0 D0:B8G5A:89 >1>@>B - ?>;CG05BAO C@>25=L ?>AB>O==KE 8745@65: A:>@@5:B8@>20==K9, 2 @07<5@5 7,89 % (1985,32 / 25173 * 100). #@>25=L ?5@5<5==KE 8745@65: >AB05BAO =587<5==K<, B0: :0: CA;>2=> AG8B05BAO, GB> 8E AC<<0 87<5=O5BAO ?@>?>@F8>=0;L=> >1>@>BC 8, 8AE>4O 87 MB>3>, >?@545;ONBAO A:>@@5:B8@>20==K5 ?5@5<5==K5 8745@6:8 >1@0I5=8O 2 AC<<5 2764,0 BKA.@C1. (25173 * 10,98 / 100). 3. ?@545;O5< >1I89 @07<5@ 8745@65: 2 ?5@5AG5B5 =0 D0:B8G5A:89 >1J5< >1>@>B0: 1985,32 + 2764 = 4749,32 BKA. @C1. 8;8 18,87 % : >1>@>BC (4749,32 / 25173 * 100). 4. 0AAG8BK205< @07<5@ 2;8O=8O >1J5<0 >1>@>B0 =0 87<5=5=85 >1I53> C@>2=O 8745@65: >1@0I5=8O: ?> ?>AB>O==K< 8745@6:0<: 7,89 - 9,87 = -1,98%; ?> >1I8< 8745@6:0<: 18,87- 20,85 = -1,98%; >B=>A8B5;L=0O AC<<0 A=865=8O A>AB028B 498,4 BKA. @C1. (- 1,98 * 25173 / 100). "01;8F0 4 0AG5B 2;8O=8O 87<5=5=8O >1J5<0 ?@>406 =0 C@>25=L 8745@65:, BKA. @C1. 745@6:8 >1@0I5=8O @54H5AB2CNI89 3>4@54H5AB2CNI89 3>4 2 ?5@5AG5B5 =0 D0:B8G5A:89 >1>@>B;8O=85 >1J5<0 >1>@>B0AC<<0C@>25=L, %AC<<0C@>25=L, %AC<<0 >B=>A8B.C@>25=L, %>AB>O==K51985,329,871985,327,89-498,4-1,985@5<5==K52207,8710,982764,0010,98-A53>4193,120,854749,3218,87-498,4-1,981>@>B B>@3>2;820111E25173E5062,0E 7<5=5=85 F5= =0 ?>B@518B5;LA:85 B>20@K 0==K9 D0:B>@ >:07K205B 2;8O=85 =0 87<5=5=85 C@>2=O 8745@65: >1@0I5=8O >?>A@54>20==>, G5@57 87<5=5=85 >1J5<0 ?@>406: =0 B5 AB0BL8, AC<<0 :>B>@KE =5 7028A8B >B AB>8<>AB=>3> 2K@065=8O >1>@>B0. ! C25;8G5=85< F5= C@>25=L 8745@65: A=8605BAO, A C<5=LH5=85< - C25;8G8205BAO. 'B>1K @0AAG8B0BL @07<5@ 2;8O=8O F5= =0 C@>25=L 8745@65: >1@0I5=8O, =5>1E>48<> 87 D0:B8G5A:>3> C@>2=O =57028A8<KE >B 87<5=5=8O F5= 8745@65: 2KG5ABL 8E A:>@@5:B8@>20==K9 C@>25=L. >A;54>20B5;L=>ABL @0AG5B>2 !C<<0 8745@65: >1@0I5=8O, =57028A8<KE >B 87<5=5=8O F5= A>AB02;O5B 2263,1 BKA. @C1., :>B>@K5 70=8<0NB 46,9% 2A5E 8745@65: >1@0I5=8O. 5@5AG8BK205< D0:B8G5A:89 >1>@>B 2 A>?>AB028<K5 A ?@>H;K< 3>4>< F5=K, 8AE>4O 87 8=45:A0 F5= - 1,2. 25173 / 1,2 = 20977,5 BKA. @C1. 3. ?@545;O5< C@>25=L 8745@65: >1@0I5=8O, =57028A8<KE >B 87<5=5=8O F5=: 0) : D0:B8G5A:><C >1>@>BC: 2263,1 / 25173 * 100 = 8,99 % 1) : A>?>AB028<><C >1>@>BC (A:>@@5:B8@>20==K9 C@>25=L): 2263,1 / 20977,5 * 100 = 10,79 % (B0:8< 1K; C@>25=L 8745@65:, 5A;8 1K F5=K =5 <5=O;8AL). 4. 0AAG8BK205< @07<5@ 2;8O=8O 87<5=5=8O F5= =0 8745@6:8 >1@0I5=8O: 2 % : >1>@>BC: 8,99 - 10,79 = - 1,80 %; 2 AC<<5: 1,80 * 25173 : 100 = - 453,1 BKA. @C1. "> 5ABL @>AB F5= 2 1,2 @070 2K720; A=865=85 C@>2=O 8745@65: >1@0I5=8O =0 1,8 % : >1>@>BC, 8;8 =0 453,1 BKA. @C1. A;8 CG5ABL, GB> >1J5< ?@>406 2>7@>A 70 AG5B @>AB0 F5=, 0 @07<5@ 2;8O=8O @>AB0 F5= =0 8745@6:8 1,8 % : >1>@>BC, B> 70 AG5B D878G5A:>3> >1J5<0 @50;870F88 8745@6:8 A=878;0AL =0 0,18 % : >1>@>BC [-1,98 - (-1,8)], 8;8 =0 45,3 BKA. @C1. !B@C:BC@0 >1>@>B0 B>@3>2;8 745@6:>5<:>ABL @50;870F88 >B45;L=KE 3@C?? B>20@>2, 87<5=5=85 AB@C:BC@K >1>@>B0 >:07K20NB ACI5AB25==>5 2;8O=85 =0 87<5=5=85 C@>2=O 8745@65: >1@0I5=8O ?> >@30=870F88. #G5B MB>3> D0:B>@0 ?>72>;O5B ?@028;L=> >F5=8BL @57C;LB0BK 45OB5;L=>AB8 >@30=870F88 ?> A=865=8N 70B@0B. 0AG5B 2;8O=8O 40==>3> D0:B>@0 >A;>6=O5BAO B5<, GB> 2 >@30=870F8OE >BACBAB2CNB ?>B>20@=K5 @07<5@K 8745@65: >1@0I5=8O. > 5ABL 2>7<>6=>ABL >?@545;8BL 8E CA;>2=K9 C@>25=L, :>B>@K9 @0AAG8BK205BAO :0: @07=8F0 <564C C@>2=5< B>@3>2>9 =04102:8 (157 !) 8 C@>2=5< @5=B015;L=>AB8 ?> >@30=870F88. ;O @0AG5B0 2;8O=8O AB@C:BC@K >1>@>B0 8A?>;L7C5BAO <5B>4 ?@>F5=B=KE G8A5; (B01;.4). "01;8F0 5 745@6:8 >1@0I5=8O ?> B>20@=K< 3@C??0< 70 >BG5B=K9 3>4, 2 % ">20@=K5 3@C??K!B@C:BC@0 >1>@>B0745@6:>5<:>ABL (CA;>2=0O)!:>@@5:B8@>20==K5 ?@>F5=B=K5 G8A;0@54H5AB2CNI89 3>4BG5B=K9 3>4@54H5AB2CNI89 3>4BG5B=K9 3>412345 = 2*35?@>4>2>;LAB25==K5 B>20@K (B>20@K 4;O A?>@B0 8 >B4KE0)85,382,119,8617,461630,5@>4>2>;LAB25==K5 B>20@K (A?>@B82=>5 ?8B0=85)14,717,926,5927,01475,96B>3>10010020,8519,172106,46 >A;54>20B5;L=>ABL @0AG5B>2: 0AAG8BK205< A:>@@5:B8@>20==K5 ?@>F5=B=K5 G8A;0 ?CB5< C<=>65=8O D0:B8G5A:>9 AB@C:BC@K >1>@>B0 =0 C@>25=L 8745@65: >1@0I5=8O (CA;>2=K9) ?> B>20@=K< 3@C??0< 2 ?@54H5AB2CNI5< 3>4C. ?@545;O5< A:>@@5:B8@>20==K9 C@>25=L 8745@65: >1@0I5=8O ?> >@30=870F88 - ?CB5< 45;5=8O AC<<K ?@>F5=B=KE G8A5; =0 100%: 2106,46 : 100 = 21,06 % - B0:8< 1K; 1K C@>25=L 8745@65: >1@0I5=8O, 5A;8 1K AB@C:BC@0 >1>@>B0 87<5=8;0AL, 0 8745@6:>5<:>ABL ?> >B45;L=K< 3@C??0< B>20@>2 >AB0;0AL =0 C@>2=5 ?@>H;>3> 3>40. 3. 0AAG8BK205< @07<5@ 2;8O=8O AB@C:BC@K >1>@>B0 8 8745@6:>5<:>AB8 ?> 3@C??0< B>20@>2 =0 87<5=5=85 C@>2=O 8745@65: >1@0I5=8O: B:;>=5=85 D0:B8G5A:>3> C@>2=O 8745@65: >1@0I5=8O >B 1078A=>3>: 19,17 - 20,85 = 1,68 %. ;8O=85 AB@C:BC@K >1>@>B0: 21,06 - 20,85 = +0,21% : >1>@>BC, 8;8 2 AC<<5 52,9 BKA. @C1. (+0,21 * 25173 : 100). ;8O=85 8745@6:>5<:>AB8 >B45;L=KE 3@C?? B>20@>2 19,17-21,06 = -1,89% : >1>@>BC, 8;8 2 AC<<5 475,8 BKA. @C1. (- 1,89 * 25173 : 100). !>2>:C?=>5 2;8O=85 D0:B>@>2 (4;O ?@>25@:8) +0,21+ (- 1,89) = - 1,68 %. "0:8< >1@07><, <>6=> A:070BL, GB> 2 @57C;LB0B5 87<5=5=89 2 AB@C:BC@5 >1>@>B0 C@>25=L 8745@65: >1@0I5=8O 2>7@>A =0 0,21% : >1>@>BC - 70 AG5B C25;8G5=8O 4>;8 ?@>4>2>;LAB25==KE B>20@>2, 1>;55 8745@6:>5<:8E. !=865=85 8745@6:>5<:>AB8 =5?@>4>2>;LAB25==KE B>20@>2 (2 1>;LH59 <5@5, G5< 55 @>AB ?> ?@>4>2>;LAB25==K< B>20@0<) ?@825;> : A=865=8N C@>2=O 70B@0B =0 1,89% : >1>@>BC. 07<5I5=85 >1>@>B0 ?> AB@C:BC@=K< ?>4@0745;5=8O< >@30=870F88 #25;8G5=85 4>;8 1>;55 8745@6:>5<:8E ?>4@0745;5=89 ?@82>48B : C25;8G5=8N 8745@65: >1@0I5=8O. @8=F8? @0AG5B0 @07<5@0 2;8O=8O 40==>3> D0:B>@0 =0 8745@6:8 >1@0I5=8O B0:>9 65, :0: 8 ?@54K4CI89 (AB@C:BC@K >1>@>B0). ">;L:> 2<5AB> C@>2=O 8745@65: >1@0I5=8O ?> B>20@=>9 3@C??5 15@CB C@>25=L 8745@65: >1@0I5=8O ?> :064><C ?>4@0745;5=8N, 2E>4OI5<C 2 A>AB02 >@30=870F88, 8 C:07K20NB 4>;N ?>4@0745;5=89 2 >1J5<5 ?@>406. 0=0;K ?@>42865=8O B>20@>2 (725==>ABL B>20@>42865=8O) '5< 1>;LH5 725=L52 ?@>945B B>20@, B5< 1>;LH5 @0AE>4>2 =5A5B >@30=870F8O. 0AG5B 2;8O=8O 40==>3> D0:B>@0 ?@>872>4OB 4;O B>@3>2>9 A8AB5<K, >ACI5AB2;ONI59 8 >?B>2CN, 8 @>7=8G=CN @50;870F8N B>20@>2, ?@8 CA;>288, GB> CG5B 8745@65: 2545BAO @0745;L=>. >A;54>20B5;L=>ABL @0AG5B>2 1. ?@545;O5< :>MDD8F85=BK >?B>2>-A:;04A:>9 725==>AB8 :0: ?@>F5=B=>5 >B=>H5=85 >?B>2>-A:;04A:>3> >1>@>B0 : @>7=8G=><C 8 8E 87<5=5=85. ;O @0AG5B>2 ?@8<5< :>MDD8F85=B >?B>2>-A:;04A:>9 725==>AB8 ?@>H;>3> 3>40 2 @07<5@5 15,182 %, >BG5B=>3> - 16,709 %. 0: 2848<, ?@>87>H;> CA;>6=5=85 725==>AB8 B>20@>42865=8O =0 1,527 % (16,709-15,182). 2. 0AAG8BK205< AC<<C 87;8H=53> 702>70 B>20@>2 2 >?B>2>5 725=> (5A;8 725==>ABL CA;>6=8;0AL) 8;8 =54>AB0NI53> 702>70 B>20@>2 (5A;8 725==>ABL A=878;0AL).  =0H5< A;CG05 AC<<0 87;8H=53> 702>70 B>20@>2 A>AB028;0 384,4 BKA. @C1.: 25173 * 1,527 / 100 3. ?@545;O5< AC<<C @0AE>4>2, A2O70==CN A 87<5=5=85< 702>70 B>20@>2 8;8 =54>22>7>< 8E 2 >?B>2>5 725=>. ;O MB>3> =5>1E>48<> 7=0BL ?> >?B>2><C 725=C C@>25=L ?5@5<5==KE @0AE>4>2 (9,8 %) 8 C<=>68BL 53> =0 AC<<C =54>AB0NI53> (87;8H=53>) 702>70 B>20@>2.  =0H5< A;CG05 87;8H=89 702>7 B>20@>2 2K7>25B 4>?>;=8B5;L=K5 @0AE>4K 2 >?B>2>< 725=5 =0 37,7 BKA. @C1.: 384,4 * 9,8 : 100. 4. KO2;O5< @07<5@ 2;8O=8O 725==>AB8 B>20@>42865=8O =0 87<5=5=85 C@>2=O 8745@65: >1@0I5=8O ?> B>@3>2>9 A8AB5<5: 37,7 / 25173 * 100 = 0,15 %. !;54>20B5;L=>, CA;>6=5=85 725==>AB8 ?@825;> : C25;8G5=8N C@>2=O 70B@0B =0 0,15 % : >1>@>BC 8;8 =0 37,7 BKA. @C1. 5B>48:0 @0AG5B0 2;8O=8O 87<5=5=8O B0@8D>2 1. ?@545;O5< B@0=A?>@B=K5 @0AE>4K =0 ?>;C3>485: I ?>;C3>485 - 157 ?>2KH5=8O B0@8D>2: 434,8 * 40% = 173,9 BKA. @C1. II ?>;C3>485 - ?>A;5 ?>2KH5=8O B0@8D>2: 434,8 * 60% = 260,9 BKA. @C1. 2. ?@545;O5< @0AE>4K =0 B@0=A?>@B8@>2:C 2> II ?>;C3>488 ?> B0@8D0< I ?>;C3>48O: 260,9 : 1,3 = 200,7 BKA. @C1. 3. ?@545;O5< @0AE>4K 70 3>4 (157 87<5=5=8O B0@8D0 - A:>@@5:B8@>20==K5): 173, 9 + 200,7 = 374,6 BKA. @C1. 4. 0AAG8BK205< @07<5@ 2;8O=8O B0@8D>2 =0 B@0=A?>@B8@>2:C B>20@>2: 0) 434,8 - 374,6 = 60,2 BKA. @C1.; 1) 60,2 : 25173 * 100 = +0,24 % : >1>@>BC. 'B>1K @0AAG8B0BL 2;8O=85 87<5=5=89 AB02>: 0@5=4=>9 ?;0BK 8 CA;C3 ?> A>45@60=8N ?><5I5=89 8 4@C38E A@54AB2 =0 87<5=5=85 C@>2=O 8745@65: >1@0I5=8O ?> AB0BL5, <>6=> 8A?>;L7>20BL A;54CNI89 20@80=B - =0 >A=>25 87<5=5=8O CA;C3 ?> 2840< @0AE>4>2. 1. ?@545;O5< @0AE>4K D0:B8G5A:85: ?> 0@5=45 439,1 * 28 : 100 = 122,95 BKA. @C1. =0 CA;C38 439,1 * 72 : 100 = 316,15 BKA. @C1. 2. ?@545;O5< @0AE>4K A:>@@5:B8@>20==K5: ?> 0@5=45 122,95 : 1,058 = 116,21 BKA. @C1. =0 CA;C38 316,15 : 1,15 = 274,91 BKA. @C1. 3. 0AAG8BK205< @07<5@ 2;8O=8O 87<5=5=8O B0@8D>2 8 AB02>:: ?> 0@5=45 122,95 - 116,21 = -6,74 BKA. @C1. =0 CA;C38 316,15-274,91 = +41,24 BKA. @C1. A53> 6,74 + 41,24 = + 47,98 BKA. @C1. ?@81;878B5;L=> + 48,0 BKA. @C1., 8;8 + 0,19% : >1>@>BC. A;8 >@30=870F8O ?>;L7C5BAO 705<=K<8 A@54AB20<8, B> =5>1E>48<> @0AAG8B0BL, :0:>5 2;8O=85 =0 87<5=5=85 @0AE>4>2 ?> AB0BL5 "0B@0BK ?> >?;0B5 ?@>F5=B>2 70 ?>;L7>20=85 709<><" >:07K205B 87<5=5=85 ?@>F5=B=KE AB02>: 70 :@548BK 8 709<K. A>15==> 206=> MB> 2 CA;>28OE =5AB018;L=>9 M:>=><8:8. 0 >BG5B=K9 3>4 ?@>F5=B=0O AB02:0 10=:0 A=878;0AL, 2 A@54=5<, =0 44% (A 32 4> 18% 3>4>2KE). 'B>1K >?@545;8BL @07<5@ 2;8O=8O MB>3> 87<5=5=8O ?> AB0BL5, ?@>2>48BAO @0AG5B: ?@545;O5< 8=45:A 87<5=5=8O ?@>F5=B=>9 AB02:8: 100  44 = 56% = 0,56. 2. 0AAG8BK205< A:>@@5:B8@>20==K9 C@>25=L @0AE>4>2 (157 CG5B0 87<5=5=89 ?> ?@>F5=B=K< AB02:0<): 0,16 : 0,56 = 0,29% (B0:8< 1K; 1K C@>25=L @0AE>4>2 ?> AB0BL5, 5A;8 1K @07<5@ AB02:8 =5 87<5=8;AO). 3. 07<5@ 2;8O=8O 87<5=5=8O ?@>F5=B=KE AB02>:: 0,16 - 0,29 = -0,13% : >1>@>BC, 8;8 - 32,7 BKA. @C1. (- 0,13 * 25173 /100). !;54>20B5;L=>, 70 AG5B A=865=8O ?@>F5=B=KE AB02>: 10=:0 C@>25=L 8745@65: >1@0I5=8O A=878;AO =0 0,13 % : >1>@>BC, 8;8 =0 32,7 BKA. @C1. 0 @07<5@ 8745@65: >1@0I5=8O >:07K205B 2;8O=85 MDD5:B82=>ABL 8A?>;L7>20=8O A@54AB2, 2;>65==KE 2 70?0AK. ! 70<54;5=85< 8E >1>@>B0 @0AE>4K C25;8G820NBAO, A CA:>@5=85< - A=860NBAO. ;O >?@545;5=8O @07<5@0 2;8O=8O =0 C@>25=L 8745@65: >1@0I5=8O A:>@>AB8 >1@0I5=8O 2;>65==KE A@54AB2 =5>1E>48<> A@02=8BL A:>@@5:B8@>20==K9 C@>25=L 70B@0B A 1078A=K<. !:>@@5:B8@>20==K9 C@>25=L 70B@0B >?@545;O5BAO ?CB5< 45;5=8O 1078A=>3> C@>2=O 8745@65: >1@0I5=8O =0 1078A=CN >1>@0G8205<>ABL A@54AB2 8 C<=>65=8O ?>;CG5==>3> @57C;LB0B0 =0 D0:B8G5A:CN >1>@0G8205<>ABL.  B01;. 6 ?>:070= @0AG5B 2;8O=8O >1>@0G8205<>AB8 A@54AB2 =0 C@>25=L 8745@65: >1@0I5=8O. "01;8F0 6 0AG5B 2;8O=8O >1>@0G8205<>AB8 A@54AB2 =0 C@>25=L 8745@65: >1@0I5=8O, 2 ?@>F5=B0E !B0BL8 @0AE>4>2#@>25=L 8745@65: >1@0I5=8O!:>@@5:B. C@>25=LB:;>=5=85 (+,-)@54H5AB2. 3>4BG5B=K9 3>4BG5B=>3> C@>2=O >B ?@54H5AB2CNI53>!:>@@5:B8@>2. C@>2=O >B ?@54H5AB2CNI53>% AC<<5% AC<<51234=2-156 = 3-17"@0=A?>@B=K5 @0AE>4K1,771,731,92-0,04-10,1+0,15+37,80B@0BK ?> >?;0B5 % 70 ?>;L7>20=85 709<><0,210,160,23-0,05-12,6+0,02+5,03 0AE>4K ?> E@0=5=8N, ?>4@01>B:5, ?>4A>@B8@>2:50,0040,020,004+0,016+4,03-->B5@8 B>20@>20,110,060,12-0,05-12,6+0,01+2,52B>3> ?> C:070==K< AB0BLO<2,041,972,27-0,124-31,2+0,18+45,31>@>B B>@3>2;82011125173EE+5062EE >A;54>20B5;L=>ABL @0AG5B>2: 1. ?@545;O5< A:>@@5:B8@>20==K9 C@>25=L 8745@65: >1@0I5=8O ?> AB0BLO<: B@0=A?>@B=K5 @0AE>4K: 1,77 * 26 / 24 = 1,92 % - B0:8< 1K; 1K C@>25=L, 5A;8 1K >1>@0G8205<>ABL A>AB028;0 2 ?@54H5AB2CNI5< 3>4C 26 4=59, 0 =5 24, 8 B. 4. ?> 2A5< AB0BLO<. 2. 0E>48< >B:;>=5=85: 0) >BG5B=>3> 3>40 >B ?@54H5AB2CNI53>: 1,73-1,77 = -0,04%. -0,04 * 25173 : 100 = -10,1 BKA. @C1.; 1) A:>@@5:B8@>20==>3> C@>2=O >B ?@54H5AB2CNI53>: 1,92-1,77 = +0,15% +0,15 * 25173 : 100 = + 37,8 BKA. @C1. !;54>20B5;L=>, 70<54;5=85 >1>@0G8205<>AB8 =0 2 4=O 2K720;> C25;8G5=85 B@0=A?>@B=KE @0AE>4>2 =0 0,15% : >1>@>BC, 8;8 =0 37,8 BKA. @C1., 8 B. 4. ?> 2A5< AB0BLO<. 3. 0E>48< >1I89 @07<5@ 2;8O=8O 87<5=5=8O >1>@0G8205<>AB8 A@54AB2 =0 8745@6:8 >1@0I5=8O: 2,27-2,094= +0,18% + 0,18 * 25173 : 100 = +45,3 BKA. @C1. 57C;LB0BK 0=0;870 ?>72>;ONB A45;0BL 2K2>4, GB> 70<54;5=85 >1>@0G8205<>AB8 A@54AB2 2K720;> C25;8G5=85 C@>2=O 8745@65: >1@0I5=8O =0 0,18%, 8;8 =0 45,3 BKA. @C1. >A;5 ?@>2545=8O D0:B>@=>3> 0=0;870 8745@65: >1@0I5=8O @5:><5=4C5BAO >?@545;8BL @07<5@ 2;8O=8O D0:B>@>2, 2K7202H8E C<5=LH5=85 8;8 C25;8G5=85 @0AE>4>2. 07<5@ 2;8O=8O D0:B>@>2, 2K7202H8E C25;8G5=85 @0AE>4>2, <>6=> @0AA<0B@820BL :0: 25@>OB=K9 @575@2 A=865=8O 8745@65:. -B> =C6=> CG8BK20BL ?@8 @0AA<>B@5=88 ?@8G8=, ?@8254H8E : C25;8G5=8N 8745@65: >1@0I5=8O. 57C;LB0BK D0:B>@=>3> 0=0;870 8745@65: >1@0I5=8O ?@54AB02;5=K 2 B01;. 6. @>G85 D0:B>@K: -1,68 - (- 1,14) = -0,54 % : >1>@>BC, 8;8 135,9 BKA. @C1. 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B0:, <0@68=0;L=K9 0=0;87 =5>1E>48< 2 ?5@2CN >G5@54L A0<><C ?@54?@8OB8N 4;O 2KO2;5=8O A8;L=KE 8 A;01KE AB>@>= A2>59 45OB5;L=>AB8, >?@545;5=8O ?@8>@8B5B=KE =0?@02;5=89 @0728B8O, 2 B>< G8A;5 B5E, @50;870F8O :>B>@KE ;81> 70B@C4=8B5;L=0, ;81> 2>2A5 =52>7<>6=0 157 3>AC40@AB25==>9 ?>445@6:8. >A@54AB2>< <0@68=0;L=>3> 0=0;870 <>6=> @5H0BL F5;K9 @O4 ?@>872>4AB25==>-D8=0=A>2KE 7040G [16, A. 187]: >?@545;5=85 B>G:8 157C1KB>G=>AB8; >?@545;5=85 >1J5<0 ?@>872>4AB20 8 @50;870F88 ?@>4C:F88, B@51C5<>3> 4;O ?>;CG5=8O 70?;0=8@>20==>9 ?@81K;8; CAB0=>2;5=85 F5=K ?@>4C:F88, ?>72>;ONI59 >15A?5G8BL A?@>A 8 ?@81K;L =0 70?;0=8@>20==>< C@>2=5; 2K1>@ =081>;55 MDD5:B82=KE B5E=>;>389 ?@>872>4AB20; ?@8=OB85 >?B8<0;L=>9 ?@>872>4AB25==>9 ?@>3@0<<K 8 @O4 4@C38E. 7 2KH5A:070==>3> 284=>, GB> <0@68=0;L=K9 0=0;87 O2;O5BAO >4=8< 87 <5B>4>2 ?>445@6:8 ?@8=OB8O AB@0B538G5A:8E @5H5=89. ;NG52K<8 M;5<5=B0<8 <0@68=0;L=>3> 0=0;870 2KABC?0NB <0@68=0;L=K9 4>E>4, ?>@>3 @5=B015;L=>AB8 (B>G:0 157C1KB>G=>AB8), ?@>872>4AB25==K9 ;525@846 8 <0@68=0;L=K9 70?0A ?@>G=>AB8. 0@68=0;L=K9 4>E>4-MB> @07=8F0 <564C 2K@CG:>9 ?@54?@8OB8O >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) 8 AC<<>9 ?5@5<5==KE 70B@0B.  = K@CG:0  1I5 ?5@5<5==K5 70B@0BK (VC) >@>3 @5=B015;L=>AB8 8;8 B>G:0 157C1KB>G=>AB8 (?>@, N?>@)-MB> ?>:070B5;L, E0@0:B5@87CNI89 >1J5< @50;870F88 ?@>4C:F88, ?@8 :>B>@>< 2K@CG:0 ?@54?@8OB8O >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) @02=0 2A5< 53> A>2>:C?=K< 70B@0B0<, B.5. MB> B>B >1J5< ?@>406, ?@8 :>B>@>< ?@54?@8OB85 =5 8<55B =8 ?@81K;8, =8 C1KB:0. 0@68=0;L=K9 70?0A ?@>G=>AB8-MB> ?@>F5=B=>5 >B:;>=5=85 D0:B8G5A:>9 2K@CG:8 >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) >B ?>@>3>2>9 2K@CG:8 (?>@>30 @5=B015;L=>AB8).  EMBED Equation.3   EMBED Equation.3 , @C1. >@<0 <0@68=0;L=>3> 4>E>40 =  /  #45;L=K9  =  / N EMBED Equation.3 = &  AVC 5;8G8=0  ?>:07K205B 2:;04 ?@54?@8OB8O 2 ?>:@KB85 ?>AB>O==KE 70B@0B 8 ?>;CG5=85 ?@81K;8. !CI5AB2C5B 2 A?>A>10 >?@545;5=8O 25;8G8=K <0@68=0;L=>3> 4>E>40:  =   VC  = FC +  FC- ?>AB>O==K5 70B@0BK - ?@81K;L 0@68=0;L=K9 0=0;87 >A=>20= =0 @0745;5=88 2A5E 70B@0B =0 CA;>2=>- ?>AB>O==K5 8 CA;>2=>- ?5@5<5==K5. A5 70B@0BK 45;OBAO =0 ?>AB>O==K5 8 ?5@5<5==K5 0B@0BK = VC + FC #A;>2=>- ?>AB>O==K5 70B@0BK AG8B0NBAO =587<5==K<8 ?@8 87<5=5=88 >1J5<0 ?@>872>4AB20, FC = const ?@8 N  Var 1I5?5@5<5==K5 70B@0BK ?@>?>@F8>=0;L=K >1J5<C ?@>872>4AB20 VC = AVC* N AVC- const ?@8 N AB@5<OI5<AO Var AFC = FC / N  38?5@1>;0 FC +  =   VC @>872>4AB25==K9 ;525@846-MB> <5E0=87< C?@02;5=8O ?@81K;LN ?@54?@8OB8O 2 7028A8<>AB8 >B 87<5=5=8O >1J5<0 @50;870F88 ?@>4C:F88 (@01>B, CA;C3). ! 53> ?><>ILN <>6=> ?@>3=>78@>20BL 87<5=5=8O ?@81K;8 ?@54?@8OB8O 2 7028A8<>AB8 >B 87<5=5=8O >1J5<0 ?@>406. @8 MB>< G5< 2KH5 C45;L=K9 25A ?>AB>O==KE 70B@0B 2 >1I59 AC<<5 70B@0B, B5< 2 1>;LH59 AB5?5=8 87<5=8BAO 25;8G8=0 ?@81K;8 ?> >B=>H5=8N : B5<?0< 87<5=5=8O 2K@CG:8.  =  /  = (+FC) /  = 1+ FC /   > 1 ?@8 > 0  < 1 ?@8 < 0 0945==>5 7=0G5=85  <>6=> 8A?>;L7>20BL 4;O ?@>3=>78@>20=8O %-3> 87<5=5=8O ?@81K;8 ?@8 ?@>3=>78@>20=88 87<5=5=89 2K@CG:8.  EMBED Equation.3  ;O 2KG8A;5=8O B>G:8 157C1KB>G=>AB8 8A?>;L7CNB B@8 <5B>40: 3@0D8G5A:89, <5B>4 C@02=5=89 8 <5B>4 =>@<K <0@68=0;L=>3> 4>E>40. @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 . >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 (@8A. 4). 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.  8A.4. @0D8G5A:89 <5B>4 2KG8A;5=8O B>G:8 157C1KB>G=>AB8 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. 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