evoluciÓn de las empresas en suspensiÓn de pagos, en un periodo comprendido desde el aÑo 2007...

7/24/2019 EVOLUCIN DE LAS EMPRESAS EN SUSPENSIN DE PAGOS, EN UN PERIODO COMPRENDIDO DESDE EL AO 2007

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DNCXFUNE EH UXY@SMJ P D@KNKQNS

GYNEJ HK D@KNKQNS P CJKUNI@F@ENE

Hvjfuc`k eh fns hmprhsns hk susphks`k eh pngjs, hk ukphr`jej cjmprhke`ej ehseh hf nj 9??7 lnstn hf nj 9?>31 Hf

shctjr kmji`f`nr`j

Urninaj D`k eh Grnej prhshktnej pjr Cnrmhk M`r`nm Ine`ffj Nynfn, s`hkej fn tutjrnehf m`smj fn prjdhsjrn S`fv`n Cninffhrj Sjr`n.

T. I. ehf Uutjr/n/hs/ns1 Nfumkj/n1

En. S`fv`n Cninffhrj Sjr`n En. Cnrmhk M`r`nm Ine`ffj Nynfn

Shv`ffn. Auk`j eh 9?>8


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-9-

GYNEJ HK D@KNKQNS P CJKUNI@F@ENE

DNCXFUNE EH UXY@SMJ P D@KNKQNS

UYNINAJ D@K EH GYNEJ

CXYSJ NCNEM@CJ R9?>5-9?>8]

UUXFJ1

HTJFXC@K EH FNS HM_YHSNS HK SXS_HKS@K EH _NGJS, HK XK _HY@JEJCJM_YHKE@EJ EHSEH HF NJ 9??7 LNSUN HF NJ 9?>31 HF SHCUJY@KMJI@F@NY@J

NXUJY1

CNYMHK M@Y@NM INE@FFJ NPNFN

UXUJY1

E. S@FT@N CNINFFHYJ SJY@N

EH_NYUNMHKUJ1

HCJKJMN D@KNKC@HYN P E@YHCC@K EH J_HYNC@JKHS

YHN EH CJKJC@M@HKUJ1

HCJKJMN D@KNKC@HYN P CJKUNI@F@ENE

YHSXMHK1

Hstue`j eh jclj hmprhsns ehf shctjr `kmji`f`nr`j quh lnk hstnej hk susphks`k ehpngjs hk fn nctunf cr`s`s, hs ehc`r, ehseh hf nj 9??7 lnstn hf nj 9?>3. Sh `ke`cnrfjs mjt`vjs hcjkm`cjs y d`knkc`hrjs quh fh ffhvnrjk n tnf s`tunc`k y cmj thrm`k su

s`tunc`k cjyukturnf eh cjkcursj eh ncrhhejrhs hk hf cnsj eh lnihr d`knf`znej hfm`smj j hk qu dnsh sh hkcuhktrnk nquhffns hmprhsns quh s`guhk tjenvn hk fhycjkcursnf.

_NFNIYNS CFNTH1

Cjkcursj eh ncrhhejrhs2 Sjfvhkc`n n cjrtj pfnzj2 F`qu`enc`k2 Yhd`knkc`nc`k2Khgjc`nc`k


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UDG-D@CJ. Hvjfuc`k eh fns hmprhsns hk susphks`k eh pngjs, hk uk phr`jej cjmprhke`ej ehseh hf nj 9??7lnstn hf nj 9?>31 Hf shctjr `kmji`f`nr`j

-@-

KE@CH

>. CN_UXFJ >1 HF CJKCXYSJ EH NCYHHEJYHS .............................................................................................................>

>.>. @KUYJEXCC@JK P AXSU@D@CNC@K EHF HSUXE@J...................................................................>

>.9. JIAHU@TJS ...........................................................................................................................................................................................................>

>.3. MHUJEJFJGN _NYN FN JIUHKC@K EH @KDJYMNC@JK P ENUJS..>

>.5. CJKCXYSJ EH NCYHHEJYHS ....................................................................................................................................9

>.5.>. Dnshs ehf Cjkcursj eh ncrhhejrhs .....................................................................................................3

>.5.9. Cjmpnrnc`k eh fn fhy nctunf eh Cjkcursj eh ncrhhejrhs cjk fnfhg`sfnc`k nkthr`jr n 9??3 ........................................................................................................................................................8

>.8. CMJ SH EHUHCUN XKN HM_YHSN SNKN DYHKUH N XKNHM_YHSN HKDHYMN ........................................................................................................................................................................................4

>.8.>. Nkf`s`s eh fn sjfvhkc`n .............................................................................................................................................4. HSUNEJ EH DFXAJS EH UHSJYHYN .........................................................................................................>?

9. CN_UXFJ 91 HSUXE@J EH FNS HM_YHSNS EHF SHCUJY @KMJI@F@NY@J HKCJKCXYSJ EH NCYHHEJYHS ............................................................................................................................................................................>3

9.>. MNYU@KSN-DNEHSN ........................................................................................................................................................................>3

9.>.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Mnrt`ksn-Dnehsn ................... >3

9.>.9. Hstnej eh Dfuajs eh Hdhct`vj eh Mnrt`ksn-Dnehsn............................................... >8

9.>.3. Mnrt`ksn-Dnehsn ehspus eh su hktrnen hk cjkcursj ehncrhhejrhs .....................................................................................................................................................................................................>8

9.9. LI@UNU @KMJI@F@NY@N ...........................................................................................................................................................>4

9.9.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Li`tnt @kmji`f`nr`n ........... >7

9.9.9. Hstnej eh Dfuajs eh Hdhct`vj eh Li`tnt @kmji`f`nr`n....................................... >0

9.3. GYX_J KJQNY ........................................................................................................................................................................................>0

9.3.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj Kjznr................................. 9?

9.3.9. Hstnej eh Dfuajs eh Hdhct`vj eh Grupj Kjznr............................................................. 9>

9.3.3. Grupj Kjznr ehspus eh su hktrnen hk cjkcursj............................................... 99

9.5. GYX_J @KMJI@F@NY@J EHU@KSN ...........................................................................................................................99

9.5.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj @kmji`f`nr`jEht`ksn ................................................................................................................................................................................................................. 99

9.5.9. Hstnej eh Dfuajs eh Hdhct`vj eh Grupj @kmji`f`nr`j Eht`ksn.............. 95

9.5.3. Grupj @kmji`f`nr`j Eht`ksn ehspus eh su hktrnen hk cjkcursj 98

9.8. SNCYHSN ............................................................................................................................................................................................................98

9.8.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Sncrhsn ................................................ 98

9.8.9. Hstnej eh Dfuajs eh Hdhct`vj eh Sncrhsn............................................................................ 97

9.8.3. Sncrhsn ehspus eh su hktrnen hk cjkcursj.............................................................. 931 Hf shctjr `kmji`f`nr`j

-@@-

9.4.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhynf Xri`s ..................................... 90

9.4.9. Hstnej eh Dfuajs eh Hdhct`vj eh Yhynf Xri`s ................................................................. 3?

9.4.3. Yhynf Xri`s ehspus eh su hktrnen hk cjkcursj................................................... 3>

9.7. YHKUN CJY_JYNC@K ...........................................................................................................................................................3>

9.7.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhktn Cjrpjrnc`k ............ 39

9.7.9. Hstnej eh Dfuajs eh Hdhct`vj eh Yhktn Cjrpjrnc`k ........................................ 33

9.7.3. Yhktn Cjrpjrnc`k ehspus eh su hktrnen hk cjkcursj........................... 35

9.


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CN_UXFJ >

HF CJKCXYSJ EH NCYHHEJYHS

>.>. @KUYJEXCC@K P AXSU@D@CNC@K EHF HSUXE@J

Ujejs sjmjs cjksc`hkths eh fn cr`s`s hcjkm`cn pjr fn quh hst pnsnkej kuhstrj pnsy fn cunf hst ndhctnkej n kumhrjsns hmprhsns. Xkj eh fjs shctjrhs msphraue`cnejs ln sèj hf shctjr eh fn cjkstrucc`k ehièj nf ijjm `kmji`f`nr`j y nfehschksj eh fns vhktns. Muclns eh hstns hmprhsns cjkstructjrns hktrnrjk hksusphks`k eh pngjs, eh fns cunfhs hstue`nrhmjs jclj eh hffns, quh sjk1 Mnrt`ksn-Dnehsn, Li`tnt @kmji`f`nr`n, Grupj Kjznr, Ehkt`sn, Yhynf Xri`s, Yhktn Cjrpjrnc`k,Finrj Grupj @kmji`f`nr`j y Sncrhsn.

Shgk uk hstue`j rhnf`znej pjr hf hqu`pj eh Kjt`c`ns @kmji`f`nr`ns - @ehnf`stn/khws(pg`kn whi), sjirh hf _rjeuctj @kthr`jr Irutj (_@I) hk Hspnn, hk hf nj 9??< hfshctjr eh fn cjkstrucc`k thkn uk phsj eh mhe`n >9,74%, y hk hf nj 9?>3 pns nrhprhshktnr 7,89%.

>.9. JIAHU@TJS

Ehièj nf pjrchktnah quh rhprhshktn hsth shctjr sjirh hf _@I hspnjf y fn e`sm`kuc`kquh ln sudrèj eurnkth fn nctunf cr`s`s eh kuhstrj pns, hf jiaht`vj eh hsth prjyhctjcjks`sth hk lnchr uk hstue`j sjirh jclj hmprhsns, phrthkhc`hkths nf shctjr eh fncjkstrucc`k, quh sh hkcuhktrnk hk cjkcursj eh ncrhhejrhs, ehseh hf nj 9??7 lnstnhf nj 9?>3. _nrn hffj1

- Nknf`znrhmjs su hstnej eh sjfvhkc`n n cjrtj pfnzj, n pnrt`r ehf nkf`s`s hstt`cjy e`km`cj.

- Thrhmjs fjs mjt`vjs hcjkm`cjs y d`knkc`hrjs quh fns ffhvnrjk n tnf s`tunc`k.- Hstue`nrhmjs s` fn sjf`c`tue eh e`clj cjkcursj ln sèj djrtu`tj j cufpnifh.- P, sh vhr hk qu dnsh sh hkcuhktrnk cnen ukn eh hffns quh tjenvn s`guhk hk

fhy cjkcursnf.

>.3. MHUJEJFJGN _NYN FN JIUHKC@K EH @KDJYMNC@K P ENUJS

Hk pr`mhr fugnr, pnrn cjkjchr qu hs hf cjkcursj eh ncrhhejrhs, cjmj sh npf`cn, fjs

e`st`ktjs t`pjs quh lny (khchsnr`j j cufpnifh), su cjmpnrnc`k cjk fn Fhy eh Cjkcursjeh Ncrhhejrhs nkthr`jr n fn v`ghkth, y tjej fj rhfnc`jknej cjk hstn Fhy, lhmjsiuscnej `kdjrmnc`k n trnvs eh e`st`ktjs nrtcufjs puif`cnejs hk `kthrkht, y n pnrt`r ehstn lhmjs sncnej kuhstrns prjp`ns èhns y cjkcfus`jkhs.

Xkn vhz hxpf`cnej hk qu cjks`sth, lhmjs prjcheèj n iuscnr tjens nquhffnshmprhsns, phrthkhc`hkths nf shctjr `kmji`f`nr`j, quh sh hkcuhktrnk hk cjkcursj ehncrhhejrhs, ehseh quh cjmhkz fn nctunf cr`s`s hcjkm`cn lnstn hf nj 9?>3. Ehtjens hffns, lhmjs shfhcc`jknej jclj hmprhsns, yn quh hf hstue`j hs f`m`tnej, y fnlhmjs shfhcc`jknej hk dukc`k eh fn cnktène eh `kdjrmnc`k quh e`spjknmjs ehcnen ukn, hs ehc`r, s` cjktinmjs cjk sud`c`hkth `kdjrmnc`k sjirh su hktrnen hkcjkcursj, fjs mjt`vjs quh fn ffhvnrjk n tnf s`tunc`k y sjirh tjej s` e`spjknmjs ehfInfnkch, fn Cuhktn eh _reèns y Gnknkc`ns y hf Hstnej eh Dfuajs eh hdhct`vj, tjejhffj pnrn pjehr rhnf`znr hf nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh cnen ukn eh fnscjmpnns.


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Ine`ffj Nynfn, Cnrmhk M`r`nm

-9-

Fn `kdjrmnc`k ut`f`znen pnrn cjkjchr fn nct`vène pr`kc`pnf eh khgjc`j eh cnen ukneh hstns hmprhsns, fn lhmjs hxtrnej n trnvs eh sus pg`kns jd`c`nfhs, ns cjmj fns`tunc`k hk fn quh sh hkcuhktrnk, fn lhmjs jithkèj n trnvs eh prhksn e`g`tnf, hsehc`r, eh nrtcufjs puif`cnejs hk e`dhrhkths phrè`cjs e`g`tnfhs, cjmj sjk1 C`kcj Ens,Hxpnks`k, Hf Hcjkjm`stn, NIC, htc. Ehspus eh cjkjchr tjen fn `kdjrmnc`kprjche`mjs n rhenctnr nquhffj quh kjs `kthrhsnin pnrn hf hstue`j, n pnrt`r eh fns èhns

jithkèns cjk fn rhcjgèn eh `kdjrmnc`k._nrn hf nkf`s`s eh fn sjfvhkc`n, tnktj ehseh uk puktj eh v`stn hstt`cj cjmj

e`km`cj, khchs`tinmjs cjkjchr hf Infnkch eh s`tunc`k y fn Cuhktn eh _reèns yGnknkc`ns. Nmijs hstnejs cjktnifhs sh hkcuhktrnk e`spjkìfhs hk hf S`sthmn ehNkf`s`s eh Infnkchs @ir`cjs (SNI@). _nrn hf nkf`s`s hstt`cj kjs `kthrhsnink fnspnrtèns eh Nct`vj Cjrr`hkth, Hx`sthkc`ns, Uhsjrhrn y _ns`vj Cjrr`hkth. P pnrn hfnkf`s`s e`km`cj, fns pnrtèns eh Hx`sthkc`ns, Ehuejrhs, Uhsjrhrn, _rjvhhejrhs,Ehuens n cjrtj pfnzj y Jtrns Ehuens cjk fn Nem`k`strnc`k _if`cn. Unmi`k lhmjsthkèj quh cnfcufnr fjs _hr`jejs Mhe`js, nukquh sjfj eh fns Hx`sthkc`ns, fjs Ehuejrhsy fjs _rjvhhejrhs. Ehf _hr`jej Mhe`j eh fns Ehuens n cjrtj pfnzj kj e`spjknmjs eh`kdjrmnc`k, eh mjej quh hst`mnmjs uk phr`jej mhe`j eh 34? ens (nj cjmhrc`nf),

yn quh nf shr n cjrtj pfnzj, su ehvjfuc`k shrn `kdhr`jr nf nj. Eh `gunf djrmn,tnmpjcj thknmjs `kdjrmnc`k sjirh hf _hr`jej Mhe`j eh fns ehuens cjk fnNem`k`strnc`k _if`cn, pjr fj quh cjksèhrnmjs uk _hr`jej Mhe`j eh >> eh >? eh Jctuirh>.

Hk pr`mhr fugnr enrhmjs ukn irhvh ehd`k`c`k sjirh qu hs y hk qu cjks`sth hfcjkcursj eh ncrhhejrhs.

Hf cjkcursj eh ncrhhejrhs hs uk prjche`m`hktj fhgnf quh sh prjeuch cunkej uknphrsjkn ds`cn j aure`cn sh hkcuhktrn hk ukn s`tunc`k eh `ksjfvhkc`n, hs ehc`r, kjpuheh lnchr drhkth n fjs pngjs phke`hkths. Fns sjfuc`jkhs nf cjkcursj sjk hfcjkvhk`j, j fn f`quènc`k hk cnsj eh kj nfcnkznrsh uk ncuhrej cjk fjs ncrhhejrhs, ehkj cumpf`rsh hf cjkvhk`j pnctnej, j quh fn hmprhsn jpth pjr hffn. _hrj cunkej shprjeuch ukn s`tunc`k eh `ksjfvhkc`n ehd`k`t`vn fn hmprhsn hktrn hk qu`hirn y ehihf`quènrsh.

_nrn fn Fhy Cjkcursnf fn sjfuc`k kjrmnf y prhdhrhkth ehf cjkcursj hs hf Cjkvhk`j.Fn Fhy cjkthmpfn ukn shr`h eh mheèns thkehkths n fjgrnr fn snt`sdncc`k eh fjsncrhhejrhs mhe`nkth fn chfhirnc`k eh uk khgjc`j aure`cj. _nrn quh hf cjkcursjpuhen ehcfnrnsh d`knf`znej, e`clj cjkvhk`j ehih shr nchptnej pjr fjs ncrhhejrhs ypjr hf Auhz ehf cjkcursj y ehih ncrhe`tnrsh su cumpf`m`hktj.

> Nghkc`n Hstntnf Ijfht`k Jd`c`nf ehf Hstnej. Fhy 99/9??3, eh 0 eh auf`j, Cjkcursnf. Ahdnturn ehfHstnej IJH km. >45, eh >? eh auf`j eh 9??3 Yhdhrhkc`n1 IJH-N-9??3->33.


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-3-

Sh jptnr pjr fn f`quènc`k cunkej kj shn pjsìfh nfcnkznr uk ncuhrej cjk fjsncrhhejrhs, s` hf cjkvhk`j nprjinej kj sh cumpfh j s` nf cjkcursnej fh rhsuftn msdnctìfh f`quènr su pntr`mjk`j y pngnr n sus ncrhhejrhs. Fjs hdhctjs eh fn f`quènc`ksjk ms hstr`ctjs quh fjs ehf cjkvhk`j, yn quh fns dncuftnehs eh nem`k`strnc`k ye`spjs`c`k ehf ehuejr quhenk susphkeèns y shrk hahrcèns hk su fugnr pjr fnNem`k`strnc`k.

Hf cjkcursj t`hkh cjmj d`knfène nyuenr n gnrnkt`znr fn cjkt`kuène ehf khgjc`j y hskhchsnr`j ncfnrnr quh kj `kthrrumph fn nct`vène eh fn hmprhsn.

Hx`sthk ejs t`pjs eh cjkcursj1

- Cjkcursj vjfuktnr`j1 hs hf prjp`j ehuejr (tnktj phrsjkn ds`cn cjmj aure`cn) hfquh sjf`c`tn hf cjkcursj, hk ukn s`tunc`k eh `ksjfvhkc`n.

- Cjkcursj khchsnr`j1 hs sjf`c`tnej pjr hf ncrhhejr quh sh hkcuhktrn cjk hf`mpngj eh uk cre`tj eh su t`tufnrène. E`cln sjf`c`tue ehihr prhshktnrsh nkthhf Auzgnej eh fj Mhrcnkt`f ehf ejm`c`f`j sjc`nf j hf pr`kc`pnf chktrj eh sunct`vène.

>.5.>. Dnshs ehf Cjkcursj eh Ncrhhejrhs

Fns dnshs ehf cjkcursj sh ehscrìhk hk hf nrtcufj >. eh fn Fhy Cjkcursnf.3 Hurjaur`s Hspnn1 nsjc`nc`k s`k k`mj eh fucrj `kthgrnen pjr ehspncljs eh nijgnejs cjkvjcnc`k `kthrknc`jknf hstnifhcèjs pjr tjen Hspnn y cjk rhprhshktnc`k hk tjejs fjs pnshs ehfn Xk`k Hurjphn y grnk pnrth ehf mukej.
http://es.wikipedia.org/wiki/Ley_Concursalhttp://es.wikipedia.org/wiki/Ley_Concursal


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-5-

Hk hf hstue`j quh lhmjs rhnf`znej eh nquhffns hmprhsns `kmji`f`nr`ns y ehf shctjreh fn cjkstrucc`k quh hktrnrjk hk cjkcursj eh ncrhhejrhs, hx`sth ukn hmprhsn,Yhynf Xri`s, quh sjf`c`t, hk jctuirh ehf nj 9?>9, hf prh-cjkcursj eh ncrhhejrhs,pnrn ffhgnr n uk ncuhrej eh rhd`knkc`nc`k cjk sus ncrhhejrhs, nukquh d`knfmhkth,cuntrj mhshs ehspus, prhshkt cjkcursj eh ncrhhejrhs vjfuktnr`j.

D`gurn >. Hsquhmn ehf prh-cjkcursj eh ncrhhejrhs.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r ehf nutjr Dhrrnk G`sphrt Yjmnk.

lttp1//e`pjs`t.ui.heu/espnch/i`tstrhnm/9558/540?4/>/Hsquhmn%9?cjkcursj%9?eh%9?ncrhhejrhs.ped

Dnsh cjmk

Xkn vhz quh sh cjkjch fn `ksjfvhkc`n ehf ehuejr mhe`nkth fn ehcfnrnc`k ehfcjkcursj, fn s`gu`hkth dnsh hs fn ehkjm`knen dnsh cjmk.

Hstn dnsh sh `k`c`n cjk fn ehcfnrnc`k ehf cjkcursj y d`knf`zn cjk fn prhshktnc`k ehf`kdjrmh eh fn nem`k`strnc`k cjkcursnf, ukn vhz trnkscurrèj hf pfnzj eh fns`mpugknc`jkhs j sh lnynk rhsuhftj fns djrmufnens cjktrn hf `kvhktnr`j j f`stn ehncrhhejrhs. E`clj `kdjrmh `kcfuyh1 hf hstnej hcjkm`cj d`knkc`hrj ehf ehuejr2 hf`kvhktnr`j eh fn mnsn nct`vn, djrmnen pjr i`hkhs y ehrhcljs `kthgrnejs hk hfpntr`mjk`j ehf ehuejr n fn dhcln eh fn ehcfnrnc`k ehf cjkcursj y fjs quh sh nequ`hrnklnstn fn cjkcfus`k ehf prjche`m`hktj2 y fn f`stn eh ncrhhejrhs.

Sh pjern ehd`k`r tnmi`k fn mnsn pns`vn, fn cunf hst cjkst`tuèn pjr fjs cre`tjscjktrn hf ehuejr, quh kj thkgnk fn cjksèhrnc`k eh cre`tjs cjktrn fn mnsn, hs ehc`r,nquhffjs quh sh cnrncthr`znk pjrquh su pngj ln eh lnchrsh n su vhkc`m`hktj y pjr su

`mpjrth tjtnf. Hk hstjs cre`tjs cjktrn fn mnsn sh `kcfuyhk fjs cre`tjs pjr snfnr`js pjrfjs ft`mjs 3? ens eh trninaj nkthr`jrhs n fn ehcfnrnc`k ehf cjkcursj.
http://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdf


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Fn d`knf`znc`k eh fn dnsh cjmk en pnsj n fn dnsh eh cjkvhk`j j n fn dnsh ehf`quènc`k. Fn pr`mhrn eh hffns t`hkh cjmj jiaht`vj cjkshrvnr hf dukc`jknm`hktj eh fnnct`vène hmprhsnr`nf. Ehphke`hkej eh fn s`tunc`k hk fn quh sh hkcuhktrh fn hmprhsnsh puhehk nfcnkznr ncuhrejs eh qu`tn (rheucc`k ehf pjrchktnah eh fn ehuen quh hfehuejr ln eh pngnr n fjs ncrhhejrhs) j eh hsphrn (fjs pfnzjs eh pngjs quh shncjrenrjk `k`c`nfmhkth sh nmpfnk). Hf ncrhhejr nchptn ukj eh hstjs ncuhrejs pnrn

rhcuphrnr ukn pnrth eh fn ehuen. _jr jtrn pnrth, fn dnsh eh f`quènc`k hs ukn jpc`kquh tjmn hf ehuejr, j i`hk ukn jif`gnc`k cunkej sth kj puheh lnchr drhkth n fjspngjs cjmprjmhtèjs eurnkth fn v`ghkc`n ehf cjkvhk`j.

>.5.9. Cjmpnrnc`k eh fn fhy nctunf eh Cjkcursj eh ncrhhejrhs cjk fnfhg`sfnc`k nkthr`jr n 9??3.

Fn Fhy 99/9??3 eh 0 eh Auf`j supjkh ukn grnk mje`d`cnc`k, pjr fj quh sh rhnf`znr uknkf`s`s cjmpnrnt`vj eh fjs cnmi`js hdhctunejs pjr e`cln Fhy, ns cjmj pjr fn FhyJrgk`cn (FJ) eh Shpt`hmirh eh 9??5, ycuyn e`spjs`c`k hshkc`nf hrn fn

Fhy eh Susphks`k eh _ngjs eh 90 eh Auf`j eh >099.Unktj fn rhgufnc`k nctunf cjmj fn nkthr`jr sjk muy e`dhrhkths, yn quh cnen ukn

rhspjkeh n ukn d`knfène e`st`ktn. N cjkt`kunc`k sh nknf`znr fn e`dhrhkth d`knfène n fnquh rhspjkehk hf nkthr`jr y hf kuhvj ehrhclj cjkcursnf, ns cjmj tnmi`k sh lnr ukhstue`j eh fns pr`kc`pnfhs mje`d`cnc`jkhs quh cjkthmpfn fn kuhvn Fhy Cjkcursnf.

Hk pr`mhr fugnr, hk cunktj n fn d`knfène, kjs hkcjktrnmjs cjk fns ejs e`dhrhkc`nspr`kc`pnfhs quh mjstrnmjs n cjkt`kunc`k.

- Hf ehrhclj cjkcursnf v`ghkth lnstn hf > eh Shpt`hmirh eh 9??5, thkn cjmjd`knfène jdrhchr prjthcc`k n fjs `kthrhshs eh fjs ncrhhejrhs, mhe`nkth fnf`quènc`k ehf pntr`mjk`j ehf ehuejr pnrn snt`sdnchr fjs cre`tjs eh nquhffjs.

Hk hsth cnsj prhvnfhch fn f`quènc`k eh fn hmprhsn pjr hkc`mn eh fncjkt`kuène eh fn m`smn

- Fn Fhy Cjkcursnf v`ghkth, s`k hminrgj, t`hkh cjmj d`knfène fn snt`sdncc`k ehfjs ncrhhejrhs, y nf m`smj t`hmpj, nshgurnr fn cjkt`kuène hcjkm`cn hfehuejr. Kj jistnkth hs prhc`sj shnfnr quh ehthrm`knejs nsphctjs eh fn FhyCjkcursnf kj lnk cumpfèj cjk hsth jiaht`vj, hs ehc`r, cjkshrvnr fn nct`vènehmprhsnr`nf ehf cjkcursnej, y pjr tnktj ln sèj khchsnr`j rhdjrmnrfjs.5

Hk shgukej fugnr, hf hstue`j eh nfgukns eh fns pr`kc`pnfhs mje`d`cnc`jkhs eh fnkuhvn Fhy Cjkcursnf sjk1

>) Hf pr`mhr cnmi`j quh cjkthmpfn fn Fhy 99/9??3 hs fn hf`m`knc`k eh fns

prhchehkths d`gurns cjkcursnfhs y su sust`tuc`k pjr ukn k`cn d`gurn quh nljrnsh ehkjm`kn cjkcursj. _hrj hstj kj hs sjfj uk cnmi`j eh ehkjm`knc`k2 fnkuhvn Fhy Cjkcursnf sh insn hk uk prjche`m`hktj k`cj pnrn rhsjfvhr fnss`tunc`jkhs eh `ksjfvhkc`n eh fns hmprhsns. _jr tnktj, fns cnrncthrst`cns ehhstn fhy sjk1

j Fn ukène fhgnf1 hx`sth ukn k`cn kjrmn.

j Fn e`sc`pf`kn1 fns s`tunc`jkhs eh `ksjfvhkc`n sh hkmnrcnk hk hf ehrhcljmhrcnkt`f.

5

Cjmpnrnt`vn eh fn Fhy 99/9??3 Cjkcursnf cjk fn kjrmnt`vn nkthr`jr. Nenptnej n fn Fhy 3> ,eh >? eh Jctuirh, eh rhdjrmn eh fn Fhy 99/9??3, eh 0 eh Auf`j, Cjkcursnf(lttp1//www.suphrcjktnifh.cjm/`kdjrmnc`jk/fhyZghst`jk/Cjmpnrnt`vnZehZfnZFhyZCjkcursnfZcjkZfnZKjrmnt`vnZNkthr`jr.ltmf)


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j Fjs prjche`m`hktjs1 uk k`cj cnuch pnrn rhsjfvhr fns s`tunc`jkhs eh`ksjfvhkc`n.

Hf kuhvj cjkcursj sh npf`cn n cunfqu`hr ehuejr, yn shn pnrt`cufnr, prjdhs`jknf jhmprhsnr`j2 j i`hk shn phrsjkn ds`cn j aure`cn, s`k e`st`kgu`r tnmpjcj s` hfehuejr hs c`v`f j mhrcnkt`f.

9) Fn shguken kjvhene `mpjrtnkth eh fn kuhvn Fhy Cjkcursnf hs quh hf ehuejr jnfgukj eh sus sjc`js puhehk rhnf`znr fn sjf`c`tue ehf cjkcursj (s`hkej hsthcjkcursj vjfuktnr`j), j puheh shr sjf`c`tnej pjr nfgukj eh fjs ncrhhejrhs(cjkcursj khchsnr`j). N cjkt`kunc`k, vnmjs n ehsnrrjffnr nsphctjsdukenmhktnfhs eh nmijs.

S` hf cjkcursj hs sjf`c`tnej pjr hf prjp`j ehuejr (cjkcursj vjfuktnr`j), shgk fnFhy Cjkcursnf 99/9??3, sth cjkshrvn fns dncuftnehs eh nem`k`strnc`k ye`spjs`c`k eh su pntr`mjk`j, nukquh sjmhtèns n `kthrvhkc`k eh fjsnem`k`strnejrhs cjkcursnfhs, mhe`nkth nutjr`znc`k j cjkdjrmène 8. Nehms fnehcfnrnc`k ehf cjkcursj kj `kthrrumph fn nct`vène hmprhsnr`nf j prjdhs`jknfehf ehuejr. Hf Auhz ehf cjkcursj pjshh nmpf`ns pjthstnehs pnrn `kthrvhk`r hk hf

hahrc`c`j eh hsn nct`vène hmprhsnr`nf.S` hf cjkcursj sh sjf`c`tn pjr fjs ncrhhejrhs (cjkcursj khchsnr`j), fnsdncuftnehs ehf ehuejr sh susphkehk y sth hs sust`tuèj pjr fn nem`k`strnc`kcjkcursnf. Hk hstjs cnsjs, y n e`dhrhkc`n eh fj quh jcurrn hk fn kjrmnt`vnnkthr`jr hk fn quh hf ehuejr hrn hf ft`mj hk thkhr cjkjc`m`hktj sjirh fnqu`hirn, hf Auhz, nkths eh ehcè`r sjirh fn ehcfnrnc`k eh cjkcursj, sh fjcjmuk`cnr nf ehuejr, pnrn quh puhen jpjkhrsh n fn sjf`c`tue y puhen aust`d`cnrpjr qu kj prjcheh hf cjkcursj.

3) _jr jtrn pnrth, cjk fn kuhvn Fhy Cjkcursnf ehsnpnrhchk fjs ffnmnejs`kthrvhktjrhs j ske`cjs eh qu`hirn, quh sjk nquhffns phrsjkns ds`cns jaure`cns, kjmirnens pjr uk auhz pnrn fn nem`k`strnc`k eh fjs i`hkhs

cjmprjmhtèjs hk ukn qu`hirn, y cuyj d`k hs prjthghr fjs `kthrhshs eh fnspnrths quh sh hkcuhktrnk hk f`t`g`j. stjs hrnk hfhgèjs pjr fjs vjtjs eh fjsncrhhejrhs. Ehsnpnrhchk tnmi`k fns ffnmnens cjm`s`jkhs f`quènejrns eh fnqu`hirn, hs ehc`r, nquhffns phrsjkns kjmirnens pjr fjs ncrhhejrhs pnrn lnchrfn f`quènc`k eh fn hmprhsn y pjehr cjirnr eh fn m`smn tjen j pnrth eh fnehuen.

>.8. CMJ SH EHUHCUN XKN HM_YHSN SNKN DYHKUH N XKN HM_YHSNHKDHYMN

N fj fnrgj eh fn vèn eh ukn hmprhsn npnrhchk c`hrtns c`rcukstnkc`ns kj prhv`stns, quhpuhehk jr`g`knr s`tunc`jkhs kj ehshnens s`hkej khchsnr`j ndrjktnrfns nkths eh quhffhguhk n ukn s`tunc`k quh shn ms hxtrhmn y eh e`dc`f sjfuc`k. Fns s`tunc`jkhs mslni`tunfhs n fns quh puheh ffhgnr ukn hmprhsn sjk fn susphks`k eh pngjs y fnqu`hirn, cjkchptjs quh shrk ehd`kèjs ehktrj ehf s`gu`hkth nkf`s`s eh fn shgurèned`knkc`hrn eh ukn hmprhsn.

N cjkt`kunc`k sh ehscrì`r fn hvjfuc`k eh ukn hmprhsn ehseh ukn s`tunc`k ehmx`mn shgurène d`knkc`hrn n ukn s`tunc`k eh qu`hirn j f`quènc`k41

8 Nrtcufj 5?.> eh fn Fhy Cjkcursnf (FC)4 Duhkth1 Ns`gknturn D`knkzns eh fn hmprhsn n cjrtj pfnzj. Grnej hk D`knkzns y Cjktni`fène, eh

fn Xk`vhrsène eh Shv`ffn.


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- S`tunc`k eh mx`mn hstni`fène1 hs fn htnpn hk fn quh sh hkcuhktrn fnhmprhsn nf cjm`hkzj eh fn nct`vène. Hk hstn htnpn fn hmprhsn cnrhch ehd`knkc`nc`k nahkn y su hstructurn d`knkc`hrn hst cjmpuhstn k`cnmhkth pjrrhcursjs prjp`js.

Nct`vj Kj Cjrr`hkth _ntr`mjk`j KhtjNct`vj Cjrr`hkth

D`gurn 9. S`tunc`k eh mx`mn hstni`fène.Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k kjrmnf1 fn hstructurn d`knkc`hrn eh fn hmprhsn hst djrmnen tnktj pjrrhcursjs prjp`js cjmj pjr rhcursjs nahkjs n cjrtj y fnrgj pfnzj, y t`hkh ukdjkej eh mnk`jirn pjs`t`vj, hs ehc`r, fn hmprhsn hs cnpnz eh nthkehr suscjmprjm`sjs eh pngj hk hf cjrtj pfnzj.

Nct`vj Kj Cjrr`hkth

_ntr`mjk`j Khtj

Hx`gìfh n fnrgj pfnzjNct`vj Cjrr`hkth

Hx`gìfh n cjrtj pfnzjD`gurn 3. S`tunc`k kjrmnf.

Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k eh `khstni`fène d`knkc`hrn1 fn hmprhsn prhshktn uk infnkch cjk ukdjkej eh mnk`jirn khgnt`vj, fj quh s`gk`d`cn quh pnrth ehf pns`vj cjrr`hkthd`knkc`n hf nct`vj kj cjrr`hkth. Fn hmprhsn kj shrn cnpnz eh nthkehr susjif`gnc`jkhs eh pngj hk hf cjrtj pfnzj. Sh hkcjktrnrn hk susphks`k eh pngjs

Nct`vj Kj Cjrr`hkth _ntr`mjk`j Khtj

Hx`gìfh n fnrgjpfnzj

Hx`gìfh n cjrtjpfnzjNct`vj Cjrr`hkth

D`gurn 5. S`tunc`k eh `khstni`fène d`knkc`hrn.Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k eh qu`hirn1 hf pntr`mjk`j kjrmnf khtj eh fn sjc`hene hs khgnt`vj, hsehc`r, hf nct`vj rhnf hs `kdhr`jr nf pns`vj hx`gìfh, eh mnkhrn quh s` sh vhkehtjej hf nct`vj kj pjernk ehvjfvhrsh fns ehuens eh fn hmprhsn.

Nct`vj Kj Cjrr`hkth _ntr`mjk`j Khtj

Hx`gìfh n fnrgjpfnzj

Nct`vj Cjrr`hkthHx`gìfh n cjrtj

pfnzj_reèns

D`gurn 8. S`tunc`k eh qu`hirn.Duhkth1 Hfnijrnc`k prjp`n


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-.8.>. Nkf`s`s eh fn sjfvhkc`n

Fn sjfvhkc`n puheh shr ehd`kèn cjmj fn cnpncène d`knkc`hrn quh t`hkh ukn hmprhsnpnrn cumpf`r cjk sus jif`gnc`jkhs cunkej stns shnk hx`gìfhs, yn shn n cjrtj j fnrgjpfnzj.

Sh puheh ehc`r quh ukn hmprhsn hs sjfvhkth cunkej stn hs cnpnz eh f`quènr, nfvhkc`m`hktj, fjs pns`vjs cjktrnejs, nukquh tnmi`k ehih shr cnpnz eh ehmjstrnr,mhe`nkth hf hstue`j cjrrhspjke`hkth, quh pjer mnkthkhr tnf s`tunc`k eh sjfvhkc`n hkhf duturj. Fn hmprhsn, cjmj v`mjs nkthr`jrmhkth, sh hkcjktrnrn hk ukn s`tunc`kkjrmnf, hk fn quh su djkej eh mnk`jirn hs pjs`t`vj, phrj kj s`hmprh hs ns,ehphkehr ehf shctjr hk hf quh kjs hkcjktrhmjs.

_nrn nknf`znr fn sjfvhkc`n n cjrtj pfnzj hmpfhnrhmjs hf nkf`s`s hstt`cj y hfnkf`s`s e`km`cj.

Hf pr`mhrj eh hffjs, hf nkf`s`s hstt`cj, sh insn hk rnt`js eh c`rcufnkth, hktrh fjsquh ehstncnk1

- Ynt`j eh c`rcufnkth1 hs hf cjc`hkth hktrh hf nct`vj cjrr`hkth y hf pns`vj cjrr`hkth.Hsth rnt`j ehihrn enr uk vnfjr suphr`jr n > pnrn quh sh cjksèhrh nehcunej.Eh fj cjktrnr`j, fn hmprhsn kj thkern fn cnpncène khchsnr`n pnrn ghkhrnre`khrj sud`c`hkth pnrn nthkehr fjs pngjs hk hf cjrtj pfnzj, nukquh sh lnchkhchsnr`j cjmhktnr quh hx`sthk nfgukjs shctjrhs quh pjr sus cnrncthrst`cnshsphc`nfhs puhehk thkhr uk rnt`j `kdhr`jr n fn ukène, s`k quh hffj supjkgnprjifhmns eh f`quèhz.

- Ynt`j cèj1 hs uk rnt`j s`m fnr nf nkthr`jr, cjk fn e`dhrhkc`n eh quh nf nct`vjcjrr`hkth sh fh hf`m`kn fjs `kvhktnr`js7. Hf vnfjr quh sh hst`mn nehcunej hs eh>, pjr fj quh fn hmprhsn puheh lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtjpfnzj cjk fjs nct`vjs eh mnyjr f`quèhz (cjmj pjr hahmpfj fjs ehuejrhscjmhrc`nfhs, fns `kvhrs`jkhs d`knkc`hrns n cjrtj pfnzj, fn thsjrhrn, htc.), fj quh

s`gk`d`cn quh fn hmprhsn t`hkh uk iuhk k`vhf eh sjfvhkc`n cjrr`hkth. Xkns`tunc`k nrr`hsgnen shr`n cunkej hf Ynt`j c`rcufnkth sh mnkt`hkh cjkstnkth y hfYnt`j cèj e`sm`kuyh, yn quh hstj hs sktjmn eh uk numhktj eh fjs`kvhktnr`js y/j rheucc`k eh fns pnrtèns ms f`quèns, cjmj sjk fn thsjrhrn yfns cuhktns pjr cjirnr.

- Ynt`j eh e`spjkì`f ene1 hs hf cjc`hkth hktrh fn thsjrhrn y hf pns`vj cjrr`hkth.Hsth rnt`j `ke`cn fn cnpncène quh t`hkh fn hmprhsn pnrn lnchr drhkth n suhx`gìfh `kmhe`ntj cjk fn f`quèhz rhnf ghkhrnen, hs ehc`r, cunktj sh t`hkh hkhdhct`vj pnrn pjehr pngnr hf pns`vj n cjrtj pfnzj. Fj èhnf shrn quh su vnfjrduhrn `kdhr`jr n >, yn quh s` duhrn suphr`jr thkern hxchsj eh thsjrhrn.

Ynt`js eh sjfvhkc`n hstt`cnYnt`j eh c`rcufnkth Ynt`j cèj Ynt`j eh e`spjkì`fène

YC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth@kvhktnr`js) / _. Cjrr`hkth

YE =Uhsjrhrn / _. Cjrr`hkth

- Unifn >. Ynt`js ehf nkf`s`s hstt`cj.- Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn

ns`gknturn D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

7 Xk `kvhktnr j hs hf rhg`strj eh i`hkhs muhifhs h `kmuhifhs quh pjshh ukn hmprhsn pnrncjmhrc`nr cjk hffjs, i`hk cjmprkejfjs y vhke`kejfjs tnf cunf, j prjchskejfjs pr`mhrj nkthseh vhkehrfjs, hk uk phr`jej hcjkm`cj ehthrm`knej. Ehihk npnrhchr hk hf Nct`vj Cjrr`hkth.


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Ujejs hstjs rnt`js ehihk cjmpnrnrsh cjk fjs rnt`js cjrrhspjke`hkths n jtrjs phr`jejseh fn m`smn hmprhsn, j cjk fjs ehf shctjr ejkeh ehsnrrjffn su nct`vène. Xk vnfjrn`sfnej pnrn cunfqu`hr rnt`j kj t`hkh s`gk`d`cnej hcjkm`cj. Hs khchsnr`j quh vnynncjmpnnej eh jtrjs vnfjrhs eh rhdhrhkc`n.

Hsth hstue`j eh fn sjfvhkc`n n cjrtj pfnzj kj t`hkh hk cuhktn fn mngk`tue t`hmpj,

pjr fj quh hst`mn sjfnmhkth fjs vjfmhkhs eh nct`vj y pns`vjs c`rcufnkths. Hstjcjkffhvn fjs s`gu`hkths kcjkvhk`hkths1

- Fns hmprhsns cjk djkej eh mnk`jirn pjs`t`vj sjk cjksèhrnens ms sjfvhkthsquh hf rhstj.

- Kj sh t`hkh hk cuhktn fns hxphctnt`vns eh hvjfuc`k duturn2 sjfj sh t`hkh hkcuhktn fj quh rhdfhank fjs hstnejs cjktnifhs hk hf mjmhktj ehf nkf`s`s.

- Kj sh cjksèhrn fn cnfène ehf c`rcufnkth k` sus rjtnc`jkhs.

_nrn hv`tnr hstjs `kcjkvhk`hkths sh prhshktn hf mjehfj e`km`cj, hf cunf s` `kcfuyhfns e`mhks`jkhs eh cnktène y t`hmpj hk fn ehthrm`knc`k eh fn sjfvhkc`n n cjrtjpfnzj.

Mjehfj E`km`cjNct`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej

E`spjkìfh `kmhe`ntj t> = ? n> t> * n>= ?E`spjkìfh hktrh t> y t9 t9 n9 t9 * n9E`spjkìfh hktrh tk-> y tk tk nk tk* nkUjtnf n` (t`* n`)

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnejHx`gìfh `kmhe`ntj t

>= ? p

>t

>* p

>= ?

Hx`gìfh hktrh t>y t9 t9 = ? p9 t9 * p9Hx`gìfh hktrh tk->y tk pk tk * pkUjtnf p` (t`* p`)

Em 6 Hmcjke`c`k eh sjfvhkc`n n cjrtj pfnzjUnifn 9. Mjehfj e`km`cj eh ehthrm`knc`k eh fn sjfvhkc`n n cjrtj pfnzj

Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

- Em, hs fn e`spjkì`fène mhe`n pjkehrnen. Yhprhshktn hf t`hmpj quh hstnr

e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf nct`vj cjrr`hkth.- Hm, hs fn hx`gì`fène mhe`n pjkehrnen. Yhprhshktn hf t`hmpj hk quh shr

hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtj pfnzj.

S` fn e`spjkì`fène mhe`n pjkehrnen (Em) hs mhkjr quh fn hx`gì`fène mhe`npjkehrnen (Hm), hs ehc`r, Em 6 Hm,s`gk`d`cn quh fn hmprhsn ghkhrn e`khrj nkths ehquh sus pns`vjs n cjrtj pfnzj sh lngnk hx`gìfhs, y, pjr tnktj, hs sjfvhkth n cjrtjpfnzj. _jr hf cjktrnr`j, s` Em hs mnyjr quh Hm (Em ; Hm), fn hmprhsn puhehhkcjktrnrsh hk ukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n. Hf nct`vj cjrr`hkth tnren mst`hmpj hk trnksdjrmnrsh hk f`quèhz quh sus ehuens n cjrtj pfnzj hk lnchrshhx`gìfhs, eh djrmn quh fn sjc`hene kj thker sud`c`hkth rhcursjs mjkhtnr`js hk hfmjmhktj ehf pngj.

Hk hf hstue`j rhnf`znej, lhmjs cjksèhrnej hk hf Nct`vj Cjrr`hkth, fns pnrtèns ehHx`sthkc`ns, Ehuejrhs y Uhsjrhrn, y lhmjs cnfcufnej hf _hr`jej Mhe`j tnktj eh fns


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->?-

hx`sthkc`ns cjmj eh fjs ehuejrhs, n pnrt`r ehf cjksumj y fns vhktns rhsphct`vnmhkth.Hf _hr`jej Mhe`j eh fn thsjrhrn hs chrj. _jr jtrj fnej, hk hf _ns`vj Cjrr`hkth,`kcfu`mjs fns pnrtèns eh _rjvhhejrhs, Ehuens n cjrtj pfnzj y Jtrns ehuens cjk fnNem`k`strnc`k _if`cn. Eh `gunf mjej cnfcufnmjs hf _hr`jej Mhe`j eh fjsprjvhhejrhs n pnrt`r eh fns cjmprns. _nrn fns Ehuens n cjrtj pfnzj, lhmjscjksèhrnej uk pfnzj eh 34? ens, hs ehc`r, hf nj cjmhrc`nf. _jr ft`mj, pnrn fns

ehuens cjk fn Nem`k`strnc`k _if`cn, cjksèhrnmjs uk pfnzj eh >?.


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->>-

- Yhpjrtn fjs dfuajs eh hdhct`vj pnsnejs pnrn pjehr prhehc`r fjs dfuajs eh hdhct`vjduturjs.

- Hvnfn fn djrmn quh t`hkh fn nem`k`strnc`k eh ghkhrnr y ut`f znr hf hdhct`vj.


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->9-


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->3-

CN_UXFJ 9

HSUXE@J EH FNS HM_YHSNS EHF SHCUJY @KMJI@F@NY@J HKCJKCXYSJ EH NCYHHEJYHS

Hk pr`mhr fugnr, sh ln hstue`nej uk tjtnf eh jclj hmprhsns, phrthkhc`hkths nf shctjr`kmji`f`nr`j, quh hktrnrjk hk cjkcursj eh ncrhhejrhs eurnkth hf phr`jej cjmprhkeèjhktrh 9??7 y 9?>3. Hstns hmprhsns lnk sèj1

- Mnrt`ksn-Dnehsn- Li`tnt @kmji`f`nr`n- Grupj Kjznr- Grupj @kmji`f`nr`j Eht`ksn- Sncrhsn- Yhynf Xri`s- Yhktn Cjrpjrnc`k- Finrj Grupj @kmji`f`nr`j

Hf mjt`vj pjr hf quh sh ln hstue`nej e`clns hmprhsns ln sèj ehièj n fn cnktèneeh `kdjrmnc`k quh e`spjknmjs eh cnen ukn eh hffns sjirh su hktrnen hk cjkcursj,ns cjmj fn e`spjkì`fène eh sus Cuhktns Nkunfhs hk hf nj hk quh hktrnrjk hkcjkcursj pnrn pjehr lnchr fjs cfcufjs pnrn hf nkf`s`s.

9.>. MNYU@KSN-DNEHSN

Fn hmprhsn Mnrt`ksn-Dnehsn, prhsèèn pjr Dhrknkej Mnrt`k, hs ukn eh fns grnkehshmprhsns `kmji`f`nr`ns hspnjfns. stn surg` hk 9??7 pjr fn dus`k eh fjs khgjc`jseh Mnrt`ksn y Dnehsn, trns fn Jdhrtn _if`cn eh Nequ`s`c`k (J_N) rhnf`znen pjrMnrt`ksn sjirh Dnehsn pjr 5.?58 m`ffjkhs eh hurjs. Sh insn hk uk mjehfj eh ghst`k

e`r`gèj nf cf`hkth y sh cnrncthr`zn pjr ukjs grnkehs ehsnrrjffjs urinkst`cjs,jr`hktnejs n fn snt`sdncc`k eh fjs usunr`js, nf cjmprjm`sj sjc`nf y nf rhsphtj pjr hfmhe`j nmi`hkth. Sh hsphc`nf`zn hk hf ehsnrrjffj eh prjyhctjs `kmji`f`nr`js eh pr`mhrny shguken rhsèhkc`n, chktrkejsh tnmi`k hk prjyhctjs ljthfhrjs y chktrjscjmhrc`nfhs, f`gnejs n fn nct`vène rhsèhkc`nf y eh nfqu`fhr.

Hf >8 eh Auf`j ehf nj 9?? eh Fn Cjrun, ehièj n fn`kcnpncène pnrn nthkehr hf cumpf`m`hktj rhgufnr y puktunf eh sus jif`gnc`jkhs ehpngj0. Su jiaht`vj hrn gnrnkt`znr fn cjkt`kuène ehf khgjc`j, prjche`hkej nfsnkhnm`hktj y rhjrgnk`znc`k eh fn cjmpnn. Su ehuen duh nprjx`mnenmhkth eh7.??? m`ffjkhs eh hurjs, s`hkej sth hf mnyjr cjkcursj eh ncrhhejrhs quh sh ln

prjeucèj hk Hspnn.

9.>.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Mnrt`ksn-Dnehsn

Hk dukc`k eh fns Cuhktns Nkunfhs h @kdjrmh eh Ghst`k cjrrhspjke`hkths nf hahrc`c`jnkunf thrm`knej hf 3> eh e`c`hmirh eh 9?? nkhxj), nscjmj hf cjksumj, fns vhktns y cjmprns eh Mnrt`ksn-Dnehsn (Unifn 9 nkhxj),lnrhmjs hf hstue`j eh fn sjfvhkc`n n cjrtj pfnzj, ut`f`znkej tnktj hf nkf`s`s hstt`cjcjmj hf nkf`s`s e`km`cj.

0 @kdjrmh ehf nrtcufj >>4 I@S eh fn Fhy ehf Mhrcnej eh Tnfjrhs.


20/54


->5-

- Nkf`s`s hstt`cj1

Unifn 3. Nkf`s`s eh fn Sjfvhkc`n n cjrtj pfnzj, eh Mnrt`ksn-Dnehsn, n pnrt`r eh fjs Ynt`jsehf nkf`s`s hstt`cj.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Cjmj pjehmjs jishrvnr, hf Ynt`j eh C`rcufnkth prhshktn uk vnfjr ehf 47,9>%, hsehc`r, hf _ns`vj Cjrr`hkth hs suphr`jr nf Nct`vj Cjrr`hkth, fj quh s`gk`d`cn quh fn`kmji`f`nr`n hk hf nj 9??< kj thkn cnpncène pnrn ghkhrnr e`khrj sud`c`hkth ynthkehr ns sus pngjs n cjrtj pfnzj. Shgk hf Ynt`j cèj, quh prhshktn uk vnfjr ehf>9,35%, fn hmprhsn kj puej lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtj pfnzj cjk

nquhffjs nct`vjs eh mnyjr f`quèhz, hs ehc`r, hf tjtnf ehf Nct`vj Cjrr`hkth hf`m`kkejfhfns hx`sthkc`ns. Fn hmprhsn, pjr tnktj, hk e`clj nj kj prhshkt uk iuhk k`vhf ehsjfvhkc`n cjrr`hkth. D`knfmhkth, hf Ynt`j eh E`spjkì`fène kjs `ke`cn quh fn cjmpnnpjshn muy pjcn thsjrhrn pnrn lnchr drhkth n sus ehuens n cjrtj pfnzj, yn quh hstnkj ffhgnin n rhprhshktnr hf >% ehf tjtnf eh _ns`vj Cjrr`hkth.

- Nkf`s`s e`km`cj1

_nrn hf hstue`j ehf nkf`s`s e`km`cj, hk pr`mhr fugnr, lhmjs cnfcufnej hf _hr`jejMhe`j eh fns hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.

Cfcufj ehf _hr`jej Mhe`j (_M_)_M_Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (3.455.>59*34?)/95.?99= 85.4>9

_M_Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (497.305, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf nkf s`s e`km`cj.




YC= 5.545.393/4.459.93?=47,9>%

YN=(5.545.393-3.455.>59)/4.459.93?=

>9,35%

YE=85.98?/4.459.93?=?,4%


21/54


->8-

Unifn 8. Nkf`s`s eh fn Sjfvhkc`n eh Mnrt`ksn-Dnehsn, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Nknf`znkej fn tnifn nkthr`jr, vhmjs cjmj fn e`spjkì`fène mhe`n pjkehrnen (Em), hsmuy suphr`jr n fn hx`gì`fène mhe`n pjkehrnen (Hm), fj quh s`gk`d`cn quh hf t`hmpjquh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth hs mnyjr

nf t`hmpj hk quh shr hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtjpfnzj, pjr fj quh fn hmprhsn sh hkcjktrnin hk uk hstnej eh r`hsgj eh `ksjfvhkc`n.Hstj qu`hrh ehc`r quh hf Nct`vj Cjrr`hkth tnrenin muclj ms eh e`hz njs hk lnchrshfquèj quh sus ehuens n cjrtj pfnzj hk lnchrsh hx`gìfhs, pjr fj quh fn sjc`hene hk9??< kj tuvj sud`c`hkths rhcursjs mjkhtnr`js pnrn lnchr drhkth n fjs pngjs. Hstne`spjkì`fène mhe`n tnk hfhvnen puheh shr ehièj nf _hr`jej Mhe`j eh fnshx`sthkc`ns, quh prhshktn uk pfnzj eh cjirj muy hfhvnej.

9.>.9. Hstnej eh Dfuajs eh Hdhct`vj eh Mnrt`ksn-Dnehsn

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j nkunf thrm`knej n3> eh e`c`hmirh eh 9??59 >00.?>5.>35.>9?

Cf`hkths 89< 497.30< 33>.>9?.0?9Uhsjrhrn ? 85.98? ?Ujtnf 5.398.70? >00.358.988.?99

Em = 54.?


22/54


->4-

- Hk shgukej fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k thkntnmi`k uk vnfjr khgnt`vj eh ->59.3.543 hurjs.

- Hk thrchr y ft`mj fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`kthkn uk vnfjr pjs`t`vj eh 95?.498 hurjs, ehièj n fn jithkc`k eh hdhct`vj ehfns hktènehs d`knkc`hrns, nf cjirj eh ncc`jkhs prjp`ns y nf hdhct`vj npjrtnejpjr fjs ncc`jk`stns eh 8?.??? hurjs.

9.>.3. Mnrt`ksn-Dnehsn ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Hk 9?>>, fn cjmpnn suphrnin hf cjkcursj eh ncrhhejrhs hk fn quh sh hkcjktrnin`kmhrsn, yn quh cjks`gu` hf rhspnfej ehf 7?% eh sus ncrhhejrhs nf pfnk eh pngj eh

ehuens quh prhshkt. Fn sjc`hene sh cjmprjmhtn n pngnr tjen su ehuen hk uk pfnzjmx`mj eh e`hz njs. Jtrn grnk cjmpnn ehf shctjr, tnmi`k cjks`gu` suphrnr hfcjkcursj eh ncrhhejrhs, ehspus eh quh n d`knfhs eh 9??7 sh `k`c`nrn fn cr`s`s`kmji`f`nr`n. Sh trntn eh Li`tnt @kmji`f`nr`n, hmprhsn quh hstue`nrhmjspjsthr`jrmhkth.

S`k hminrgj, hk 9?>5, ehièj n fn dnftn eh f`quèhz, fn cjmpnn hrn `kcnpnz ehcumpf`r cjk fns jif`gnc`jkhs eh cjkvhk`j, n phsnr eh lnihr fjgrnej hf ncuhrej pnrnsnf`r ehf cjkcursj. _rhshkt uk ft`mj pfnk hk hf quh sh prhvhn ukn qu`tn ehf 7?%,phrj duh rhclnznej pjr fns hktènehs d`knkc`hrns ncrhhejrns (hktrh fns quh shhkcuhktrnk Snrhi, Cn`xninkb, _jpufnr y Ninkcn), nf cjksèhrnr quh hsn qu`tn hrnhxchs`vn. Hk fn nctunfène, fn `kmji`f`nr`n `r n f`quènc`k ehspus eh hstnr fuclnkejpjr sjirhv`v`r eurnkth jclj njs.

9.9. LI@UNU @KMJI@F@NY@N

Fn cjmpnn cntnfnkn, Li`tnt `kmji`f`nr`n, prhsèèn pjr Irukj D`guhrns y ehe`cnen nfn cjkstrucc`k y prjmjc`k eh `kmuhifhs, duh cjkstruèn hk hf nj >083 y lnrhnf`znej `mpjrtnkths prjyhctjs `kmji`f`nr`js, mnyjr`tnr`nmhkth rhsèhkc`nfhs. Susv`v`hkens sh cnrncthr`znk pjr fn `kkjvnc`k, hf cjkdjrt y fn cnfène eh sus ncninejs.Cjk hf pnsj eh fjs njs, Li`tnt @kmji`f`nr`n ln èj hvjfuc`jknkej pnrn pjehr enrrhspuhstns n fjs cnmi`js quh sh prjeuchk hk hf hktjrkj sjc`j-hcjkm`cj y pnrn

nenptnr su jdhrtn n fjs e`st`ktjs mhrcnejs hk fjs quh jphrn. Hk thrr`tjr`j knc`jknf, susehfhgnc`jkhs sh hkcuhktrnk hk Mnerè, Cntnfun, Nkenfucn, fn CjmukèneTnfhkc`nkn y Nrngk. P hk hf mi`tj `kthrknc`jknf, tnmi`k cuhktn cjk ehfhgnc`jkhshk _jrtugnf y Lukgrn.

Hk 9??4, pnrn cjkvhrt`rsh hk ukn eh fns grnkehs `kmji`f`nr`ns ehf shctjr, cjmpr nDhrrjv`nf @kmji`f`nr`n pjr 9.9?? m`ffjkhs eh hurjs, fj quh l`zj e`spnrnr fn ehuen eh fncjmpnn.

Hf 9< eh kjv`hmirh eh 9???, ehièj n quh hrn `kcnpnz ehndrjktnr fjs pngjs eh fjs `kthrhshs ehf prstnmj quh pè` pnrn fn cjmprn eh Dhrrjv`nf

@kmji`f`nr`n.

>? _rjpuhstn eh Cjkvhk`j eh Li`tnt @kmji`f`nr`n.


23/54


->7-

Sh trntnin ehf shgukej mnyjr cjkcursj eh ncrhhejrhs quh sh ln prjeucèj hkHspnn, tnk sjfj suphrnej pjr Mnrt`ksn-Dnehsn. Fn hmprhsn sjf`c`t hf cjkcursj cjkhf jiaht`vj eh snfvngunrenr fjs ehrhcljs eh sus ncrhhejrhs y prjchehr n fnrhstructurnc`k eh su s`tunc`k d`knkc`hrn, y ns gnrnkt`znr fn cjkt`kuène eh sunct`vène hmprhsnr`nf. Sus pr`kc`pnfhs inkcjs ncrhhejrhs hrnk Fn Cn`xn, Cnan Mnerè,Inkcj Snktnkehr, IITN y Inkcj _jpufnr.

9.9.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Li`tnt @kmji f`nr`n

N cjkt`kunc`k, hstue`nrhmjs fn sjfvhkc`n n cjrtj pfnzj eh fn cjmpnn Li`tnt@kmji`f`nr`n, tnktj ehseh hf puktj eh v`stn hstt`cj cjmj e`km`cj, n pnrt`r eh fjs entjse`spjkìfhs hk fn insh eh entjs SNI@ (S`sthmn eh Nkf`s`s eh Infnkchs @ir`cjs), quhlhmjs rhcjgèj hk hf Infnkch y hf cunf sh hkcuhktrn rhdfhanej hk hf nkhxj (Unifn 3nkhxj). Hk fn Unifn 5 nkhxj, tnmi`k hstk rhcjgèns fns pnrtèns eh cjksumj, vhktnsy cjmprns eh Li`tnt @kmji`f`nr`n.

- Nkf`s`s hstt`cj1

Unifn 4. Nkf`s`s eh fn Sjfvhkc`n eh Li`tnt @kmji`f`nr`n, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn

D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Hk fn tnifn nkthr`jr, sh jishrvn cjmj hf Nct`vj Cjrr`hkth hs `kdhr`jr nf _ns`vjCjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh C`rcufnkth prhshkth uk vnfjr `kdhr`jr nf>??%. Hstj s`gk`d`cn quh fn cjmpnn, hk hsh nj, kj duh cnpnz eh ghkhrnr e`khrjsud`c`hkth pnrn nthkehr sus pngjs n cjrtj pfnzj. Hf Ynt`j Ncèj tnmi`k prhshktn ukvnfjr muy inaj, tnk sjfj ehf 8,35%, pjr fj quh fn `kmji`f`nr`n, cjk sus nct`vjs eh mnyjrf`quèhz, kj pjen lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtj pfnzj. D`knfmhkth, hfYnt`j eh E`spjkì`fène kjs `ke`cn quh Li`tnt @kmji`f`nr`n e`spjkn eh muy pjcnthsjrhrn pnrn pjehr ndrjktnr tjens sus ehuens.

- Nkf`s`s e`km`cj1

Nkths eh prjchehr nf hstue`j ehf nkf`s`s e`km`cj, ehihmjs cnfcufnr fjs _hr`jejsMhe`js eh fns hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.

Cfcufj ehf _hr`jej Mhe`j (_M_)_M_

Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (>.97?.*34?)/>57.8??_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (8?.85?*34?)/807.797= 3?_M_

_rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (>44.83-9?>5, pp. 8-4)


Ynt`js eh sjfvhkc`n hstt`cnYnt`j eh c`rcufnkth Ynt`j cèj Ynt`j eh e`spjkì`fèneYC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth

@kvhktnr`js) / _. Cjrr`hkthYE =Uhsjrhrn / _. Cjrr`hkth

YC= >.305.7?8/9.3>0.??7=4?,>5%

YN= (>.305.7?8->.97?.)/9.3>0.??7=

8,35%

YE=34.993/9.3>0.??7=>,84%


24/54


->53)

Thmjs cjmj hf t`hmpj quh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hfNct`vj Cjrr`hkth (Em) hs mnyjr nf t`hmpj hk hf quh shr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj (Hm), hs ehc`r, fn cjmpnn tnrennprjx`mnenmhkth s`hth njs hk e`spjkhr eh fjs rhcursjs mjkhtnr`js sud`c`hkths pnrnndrjktnr fjs pngjs n cjrtj pfnzj, m`hktrns quh fn hx`gì`fène mhe`n eh hstjs pngjs hs`kdhr`jr nf nj (eh mnkhrn nprjx`mnen, shrn ukjs jkch mhshs), pjr fj quh fn hmprhsn

hk hf nj 9??< prhshktnin uk grnk r`hsgj eh `ksjfvhkc`n. Nf `gunf quh Mnrt`ksn-Dnehsn, fns hx`sthkc`ns eh fn cjmpnn prhshktnin uk pfnzj eh cjirj muy hfhvnej, fjquh lncn quh fn e`spjkì`fène mhe`n duhrn jclj vhchs suphr`jr n fn hx`gì`fènemhe`n.

9.9.9. Hstnej eh Dfuajs eh Hdhct`vj

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj ehf nj 9??44.8.99?Ujtnf 9.990.7 783..408

Hm = 33< ens


25/54


->0-

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k thkn uk vnfjrkhgnt`vj eh -8?. hurjs, ehièj n fn cnktène quh ehin nmjrt`znr eh fnehuen quh pjshn cjk fns hktènehs eh cre`tj. Unmpjcj tuvj k`kgk cjirjpjr kstrumhktjs eh pntr`mjk`j.

9.9.3. Li`tnt @kmji`f`nr`n ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Hk 9?>?, fn `kmji`f`nr`n cjks`gu` suphrnr hf prjchsj eh cjkcursj eh ncrhhejrhs. Hfcjkvhk`j eh ncrhhejrhs, cjk hf quh fn hmprhsn cjks`gu` snf`r n dfjth, cjkthmpf ejsnfthrknt`vns pnrn pngnr fn ehuen, quh cjmhktnrhmjs n cjkt`kunc`k1

- Hf pr`mhrj eh hffjs duh pngnr hf 3, fn cjmpnn tuvj quh ncue`r n fn inkcn ncrhhejrn pnrnrhkhgjc`nr su ehuen, yn quh fh rhsuft `mpjsìfh cumpf`r cjk hf pfnk eh pngjs. Hstnrhkhgjc`nc`k cjks`stn hk ehvjfvhr sfj hf >,8% eh fn ehuen y nijknr cns` tjej hfprstnmj hktrh 9?>4 y 9?>0, hk Mnerè, hs ukn mhe`nknhmprhsn, ehe`cnen n prhstnc`k eh shrv`c`js hk fns nghkc`ns `kmji`f`nr`ns y n fnnem`k`strnc`k eh d`kcns. Ehsnrrjffn prjyhctjs quh sh nenptnk n fns khchsènehs ygustjs eh fns phrsjkns, mnkthk`hkej uk cjmprjm`sj cjk fn cnfène y hf shrv`c`j. She`dhrhkc`n hk hf shctjr `kmji`f`nr`j pjr thkhr uk hst`fj k`cj y phrsjknf. Ehseh sucjkst`tuc`k, muclns hmprhsns, tnktj knc`jknfhs cjmj `kthrknc`jknfhs, cnen uknehe`cnen n e`dhrhkths mi`tjs, sh lnk ukèj nf grupj eh Kjznr, cjk hf jiaht`vj ehehsnrrjffnr prjyhctjs cjkauktnmhkth, pnrn, eh hstn djrmn, ffhgnr n uk kmhrj mnyjreh phrsjkns. Hstns hmprhsns sjk1 E`mjrn, Fhkn Cjkstrucc`jkhs, @mprjgnr, InkjYhnf, Tnkcjgnr, Kjznr Mnrt`ksn (Kjznr y Mnrt`ksn-Dnehsn, cjk hf jiaht`vj eh jdrhchr nfjs cf`hkths prjyhctjs urinkst`cjs eh fn ms nftn Cnfène), T`rhgun, Kjznr Mnsn Thu,Kjznr _rjmjiys y C`v`tns. Ljy hk en, nehms eh ehe`cnrsh nf shctjr `kmji`f`nr`j,tnmi`k t`hkh nct`vène hk shctjrhs ngrjnf`mhktnr`js y turst`cjs.

Fn cjmpnn, hk shpt`hmirh eh 9??0, ehièj n quh kj puej lnchr drhkth n susjif`gnc`jkhs cjk fjs pr`kc`pnfhs ncrhhejrhs, sh v`j jif`gnen n sjf`c`tnr hf cjkcursj ehncrhhejrhs vjfuktnr`j, ehspus eh prjpjkhr n sus inkcjs ncrhhejrhs ukn qu`tn hktrhhf 5?% y hf 8?% eh su ehuen, pnrn hv`tnr hktrnr hk e`cln s`tunc`k. Hstn prjpuhstn kjtuvj x`tj yn quh sh trntnin eh ukn c`drn hxnghrnen h `knsumìfh pjr fn inkcn, pjr fj

quh d`knfmhkth, Kjznr tuvj quh hktrnr hk cjkcursj. Hk 9??


26/54


-9?-

Hk 9?>?, fn Nue`hkc`n _rjv`kc`nf sjf`c`t nehcunr hf prjche`m`hktj vjfuktnr`j ehfcjkcursj eh Kjznr n cjkcursj khchsnr`j y tnmi`k rhtrns fn dhcln eh ehcfnrnc`k ehcjkcursj n 9??. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj Kjznr

N pnrt`r eh fns Cuhktns Nkunfhs Cjksjfènens ehf grupj eh Kjznr, nknf`znrhmjs fns`tunc`k eh `ksjfvhkc`n hk fn quh sh hkcjktrnin fn `kmji`f`nr`n hk hf nj quh prhshktcjkcursj eh ncrhhejrhs, hs ehc`r, hk 9??0. Lnrhmjs uk hstue`j tnktj hstt`cj cjmje`km`cj. Fjs entjs ehf Infnkch sh hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn 8 nkhxj),ns cjmj fns pnrtèns eh cjksumj, cjmprns y vhktns (Unifn 4 nkhxj).

- Nkf`s`s hstt`cj1

Unifn 0. Nkf`s`s eh fn Sjfvhkc`n eh Grupj Kjznr, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Hf Ynt`j eh C`rcufnkth sh cjksèhrn nehcunej, yn quh suphrn hf pjrchktnah ehf >??%,fj quh s`gk`d`cn quh hf Nct`vj Cjrr`hkth eh fn hmprhsn hs mnyjr n su _ns`vj Cjrr`hkth,pjr fj quh pjshh cnpncène khchsnr`n pnrn ghkhrnr e`khrj sud`c`hkth y eh hstn djrmnnthkehr sus pngjs hk hf cjrtj pfnzj. S`k hminrgj, shgk hf Ynt`j cèj, quh prhshktnuk pjrchktnah muy inaj (tnk sjfj ehf >0,*34?)/375.5>9= 53

_M__rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (87.3*34?)/90>.4>9= 7>Unifn >?. Cfcufj ehf _hr`jej Mhe`j, eh Grupj Kjznr, n pnrt`r eh fjs entjs eh Infnkch y

fn Cuhktn eh _reèns y Gnknkc`ns.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturn

D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)



YC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth

@kvhktnr`js) / _. Cjrr`hkth


YC= >.?84.


27/54


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Unifn >>. Nkf`s`s eh fn Sjfvhkc`n eh Grupj Kjznr, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Shgk hf nkf`s`s e`km`cj, fn hmprhsn hk 9??0 sh hkcjktrnin hk ukn s`tunc`k ehr`hsgj eh `ksjfvhkc`n, yn quh su Nct`vj Cjrr`hkth tnrenrn ukjs cuntrj njs hktrnksdjrmnrsh hk f`quèhz pnrn pjehr lnchr drhkth n sus pngjs hk hf cjrtj pfnzj,m`hktrns quh sus ehuens n cjrtj pfnzj sjfj tnrenrn jkch mhshs hk lnchrsh hx`gìfhs,pjr fj quh fn cjmpnn kj e`spjkn eh sud`c`hkths rhcursjs mjkhtnr`js hk hf mjmhktjeh ndrjktnr fjs pngjs. Nf `gunf quh fns cjmpnns nkthr`jrhs, fn e`spjkì`fène mhe`n

prhshktn uk vnfjr tnk hfhvnej ehièj nf pfnzj eh fns hx`sthkc`ns.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj Cjksjfènej, hf cunf sh hkcuhktrn rhcjgèj hkfn Mhmjr`n Cjksjfènen cjrrhspjke`hkth nf hahrc`c`j nkunf eh 9??0, lnrhmjs fjss`gu`hkths cjmhktnr`js1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k thkn uk vnfjr pjs`t`vj eheh 985.045 hurjs, yn quh sus cjirjs pjr ehs`kvhrs`jkhs hrnk mnyjrhsn fjs gnstjs pjr `kvhrs`jkhs. Fn mnyjr `kvhrs`k rhnf`znen pjr fn cjmpnn duhhk Nct`vjs d`knkc`hrjs.

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k thkn uk vnfjr khgnt`vj

eh 94.495 hurjs, ehuens cjk hmprhsns ehf grupj eh 4.8>0 hurjs y jtrj t`pj eh


Hx`sthkc`ns >.4> >.05.5 9?5.958.


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ehuens. Fn `kmji`f`nr`n hk e`clj nj tnmi`k e`spjkn eh ukn suivhkc`k eh888 hurjs.

9.3.3. Grupj Kjznr ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Urns uk phr`jej eh c`kcj njs, hk 9?>5 fn cjmpnn cjkcfuy fn dnsh cjmk ehfprjchsj eh cjkcursj eh ncrhhejrhs h `k`c`j fn dnsh eh khgjc`nc`k eh fn prjpuhstn ehpngj eh su ehuen. Kjznr prhshkt uk cjkvhk`j nf quh sh jpjknk fjs pr`kc`pnfhsinkcj ncrhhejrhs (IITN, Cn`xninkb, Snktnkehr y _jpufnr) y fjs nem`k`strnejrhscjkcursnfhs quh hf auhz kjmir n cnrgj ehf cjkcursj eh Kjznr. Hf cjkvhk`j cjks`stnhk rhnf`znr ukn qu`tn ehf 78% ehf `mpjrth eh fn ehuen y pngnr hf 98% rhstnkth hk ukpfnzj eh qu`kch njs. Fns rnzjkhs pr`kc`pnfhs pjr fns quh khgnrjk hf cjkvhk`j duhrjk1

- _jrquh kj fhs gustnin hf pfnk eh v`ni`fène k` sus qu`tns y hsphrns.- P pjrquh fn cjmpnn kj pjshn cnpncène d`knkc`hrn pnrn mnkthkhr su

khgjc`j.

Fjs ghstjrhs supf`cnink ukn shguken jpjrtukène pnrn kj thrm`knr cjmj Mnrt`ksn-Dnehsn, fn mnyjr f`quènc`k `kmji`f`nr`n eh fn l`stjr`n.

9.5. GYX_J @KMJI@F@NY@J EHU@KSN, S.F.

Hf Grupj @kmji`f`nr`j eh Ehsnrrjffj eh Nct`vjs @kmji`f`nr`js, Eht`ksn, prhsèèn pjrAjs Nktjk`j Mjrhkj S`z, duh crhnen hk hf nj >0. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj ehf Grupj @kmji`f`nr`n Eht`ksn

Ehièj n quh kj e`spjkhmjs eh fns Cuhktns Nkunfhs ehf nj hk hf quh hktr hkcjkcursj, hs ehc`r, hk 9?>?, nknf`znrhmjs su hstnej eh sjfvhkc`n hk 9??


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- Nkf`s`s hstt`cj1

Unifn >9. Nkf`s`s eh fn Sjfvhkc`n eh Grupj @kmji`f`nr`j Eht`ksn, n pnrt`r ehf nkf`s`shstt`cj.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Hk pr`mhr fugnr, pjehmjs jishrvnr cjmj hf Ynt`j eh C`rcufnkth suphrn hf >??%, ynquh hf Nct`vj Cjrr`hkth hs mnyjr nf _ns`vj Cjrr`hkth, pjr fj quh fn hmprhsn, hk ukpr`kc`p`j pjshn fn cnpncène khchsnr`n pnrn ghkhrnr e`khrj sud`c`hkth y pjehr nthkehrns sus pngjs n cjrtj pfnzj. S`k hminrgj, nf hf`m`knr fjs `kvhktnr`js (hx`sthkc`ns) ehfNct`vj Cjrr`hkth, vhmjs cjmj fn cjmpnn yn kj hs cnpnz eh lnchr drhkth n suspns`vjs hx`gìfhs n cjrtj pfnzj cjk nquhffjs nct`vjs eh mnyjr f`quèhz. Hk ft`mj fugnr,fn hmprhsn hk hf nj 9??< e`spjkn eh muy pjcn thsjrhrn2 stn tnk sjfj rhprhshktninhf 4,97% ehf tjtnf eh _ns`vj Cjrr`hkth, pjr fj quh, cjmj mhkc`jknmjs nkthr`jrmhkth,fn hmprhsn kj e`spjkn eh fn f`quèhz khchsnr`n pnrn ndrjktnr sus pngjs.

- Nkf`s`s e`km`cj1

Nkths eh nknf`znr fn sjfvhkc`n n trnvs ehf nkf`s`s e`km`cj, cnfcufnrhmjs fjs_hr`jejs Mhe`js tnktj eh fns hx`sthkc`ns, cjmj eh fjs ehuejrhs y prjvhhejrhs.


Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (453..43>= 9.339_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (8.83?.5*34?)/08._M_

_rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (9.7>9.> eh fn ns`gknturn






YC= 40>.3??.?.3


30/54


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Unifn >5. Nkf`s`s eh fn Sjfvhkc`n eh Grupj @kmji`f`nr`j Eht`ksn, n pnrt`r ehf nkf`s`se`km`cj.


Cjmj hk fjs cnsjs nkthr`jrhs, fn cjmpnn tnren muclj ms t`hmpj hk trnksdjrmnrhk f`quèhz sus Nct`vjs Cjrr`hkths, quh fns ehuens n cjrtj pfnzj hk lnchrsh hx`gìfhs,hs ehc`r, tnrenrn nfrhehejr eh sh`s njs hk e`spjkhr eh rhcursjs mjkhtnr`jssud`c`hkths pnrn nthkehr fjs pngjs, m`hktrns quh fn hx`gì`fène eh hstjs pngjs hs`kdhr`jr nf nj. Hstj hs mheèj n trnvs eh fn e`spjkì`fène mhe`n pjkehrnen (Em),quh rhprhshktn hf t`hmpj quh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hfNct`vj Cjrr`hkth, y fn hx`gì`fène mhe`n pjkehrnen (Hm), quh hs hf t`hmpj hk quhshr hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtj pfnzj. Fn hmprhsn,pjr fj tnktj, sh hkcjktrnin hk ukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n. Xkn vhz msjishrvnmjs cjmj hf pfnzj eh fns hx`sthkc`ns hs muy hfhvnej, fj quh hxpf`cn quh fne`spjkì`fène mhe`n shn cns` jclj vhchs suphr`jr n fn hx`gì`fène mhe`n.

9.5.9. Hstnej eh Dfuajs eh hdhct`vj

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j thrm`knej n 3> ehe`c`hmirh eh 9??07 hurjs, ehièj n sus cjirjs hrnk mnyjrhs n fjsgnstjs, fj quh s`gk`d`cn quh fn hmprhsn hstnin gnknkej e`khrj cjk su khgjc`j.

S`k hminrgj, hf Yhsuftnej ehf hahrc`c`j nkths eh `mpuhstj hrn khgnt`vj. Hsthhrn eh ->.740.0?3 hurjs. Fn pnrtèn eh Hx`sthkc`ns y Ehuejrhs y jtrns cuhktnsn cjirnr hrnk nmins pjs`t`vns, fj quh puheh shr ehièj n quh hk hahrc`c`jsnkthr`jrhs duhrjk `kgrhsjs, phrj quh sh lnk cjirnej hsth nj, hs ehc`r, 9?? hurjs. Hstn shcc`k kjs `ke`cn cmjhst fn cjmpnn cjkstruyhkej su cnp`tnf. Hk 9??.459..787.449. ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs 0 9.7.44.?54.


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d`knkc`hrjs. Fg`cnmhkth, pnrn quh tuv`hrn uk Dfuaj eh hdhct`vj eh nct`vènehseh `kvhrs`k pjs`t`vj, fjs cjirjs pjr ehs`kvhrs`jkhs duhrjk mnyjrhs n fjspngjs rhnf`znejs pjr fns `kvhrs`jkhs.

- Hk thrchr y ft`mj fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`kthkn uk vnfjr khgnt`vj eh -54.9, hf Grupj @kmji`f`nr`jEht`ksn eha ntrs hf cjkcursj eh ncrhhejrhs hk hf quh sh hkcjktrnin `kmhrsj ehseh9?>?, yn quh fjgr fns sud`c`hkths nelhs`jkhs hktrh sus ncrhhejrhs cjmj pnrn ncjrenruk cjkvhk`j eh pngj, quh d`knfmhkth duh nprjinej pjr hf Auzgnej. Fn cjmpnnncjre qu`tns y npfnznm`hktjs hk hf pngj eh sus ehuens, pr`kc`pnfmhkth cjk fjsinkcjs y cjk fn Nghkc`n Urìutnr`n. Hf grupj tnmi`k che` n fn inkcn nct`vjs y

prhshkt uk pfnk eh khgjc`js n fnrgj pfnzj. Cjkcrhtnmhkth, fjs ncrhhejrhs, n pnrt`reh 9?>4, cjirnrnk hf 58% eh sus cre`tjs, drncc`jknkej hstns cnktènehs hk c`kcjnkunfènehs.

9.8. SNCYHSN

Fn `kmji`f`nr`n Sncrhsn, cjktrjfnen pjr fn dnm`f`n Snknluan, duh cjkst`tuèn hkInrchfjkn, hf 9< eh e`c`hmirh eh >00?, ehièj n su s`tunc`k eh `ksjfvhkc`n, Sncrhsn sh v`j jif`gnen nprhshktnr cjkcursj eh ncrhhejrhs vjfuktnr`j, hk hf Auzgnej Mhrcnkt`f kmhrj ejs ehInrchfjkn, trns ngjtnr hf pfnzj fhgnf hstnifhcèj pnrn `kthktnr pnctnr cjk fn inkcn uknrhd`knkc`nc`k eh su ehuen y kj jithkhr hf rhspnfej sud`c`hkth. Hsth prjchsj cjkcursnfnrrnstr n cuntrj eh fns c`kcj sjc`henehs hf grupj1 Crhsn _ntr`mjk`nf, SncrhsnUhrrhkjs _rjmjc`k S.F., Snknluan Hscjdht @kmji`f`nr`n y Sncrhsn Uhrrhkjs 9. FnSjc`hene Cnudhc tnmi`k hktr hk cjkcursj, nukquh uk nj ms tnreh, hk 9?>>. Hfpfnk eh v`ni`fène quh prhshkt Sncrhsn kj duh crhifh pnrn fns hktènehs d`knkc`hrns,

yn quh hf grupj mnkthkn ukns ehuens quh thknk hscnsns pjsì`fènehs eh shrpngnens. Sh trntn ehf thrchr mnyjr cjkcursj eh fn l`stjr`n hmprhsnr`nf hspnjfn, tnksjfj suphrnej pjr Mnrt`ksn-Dnehsn y Li`tnt @kmji`f`nr`n.

9.8.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Sncrhsn

Ehièj n quh kj e`spjkhmjs eh fns Cuhktns Nkunfhs ehf nj hk hf quh hktr hkcjkcursj, hs ehc`r, hk 9?>?, nknf`znrhmjs su hstnej eh sjfvhkc`n hk 9??0, njnkthr`jr nf cjkcursj, y vhrhmjs s` hk hsh nj fn hmprhsn yn thkn prjifhmnsd`knkc`hrjs pnrn pngnr sus ehuens. Hf Infnkch, ns cjmj fns pnrtèns eh cjksumj,

cjmprns y vhktns, sh hkcuhktrnk rhcjgèns hk hf nkhxj, Unifn 0 nkhxj y Unifn >?nkhxj, rhsphct`vnmhkth.


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- Nkf`s`s hstt`cj1


YC =N. Cjrr`hkth / _. Cjrr`hkth YN= (N. Cjrr`hkth@kvhktnr`js) / _. Cjrr`hkth

YE= Uhsjrhrn / _. Cjrr`hkth

YC=343.>40.900/>.?48.57?.435= 35,?40.900-984.0883)/>.?48.57?.435 = 0,04%

YE=>3.497.>,97%

Unifn >8. Nkf`s`s eh fn Sjfvhkc`n eh Sncrhsn, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Cjmj sh jishrvn cfnrnmhkth, hf Nct`vj Cjrr`hkth eh fn cjmpnn hk hf nj 9??0 hsmhkjr nf _ns`vj Cjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh c`rcufnkth shn `kdhr`jr nf>??%. Hstj s`gk`d`cn quh fn hmprhsn kj thkn fn cnpncène khchsnr`n pnrn ghkhrnre`khrj sud`c`hkth pnrn nthkehr sus pngjs hk hf cjrtj pfnzj. _jr jtrj fnej, s`hf`m`knmjs ehf Nct`vj Cjrr`hkth fns hx`sthkc`ns, su vnfjr e`sm`kuyh nk ms, pjr fjquh fn cjmpnn kj pjen lnchr drhkth n sus pns`vjs hx`gìfhs cjk nquhffjs nct`vjs ehmnyjr f`quèhz, pjr fj tnktj, yn uk nj nkths eh su hktrnen hk cjkcursj, pjehmjsehc`r quh fn hmprhsn kj hrn sjfvhkth n cjrtj pfnzj. _jr ft`mj, shgk hf Ynt`j ehE`spjkì`fène, fn hmprhsn thkn muy pjcn thsjrhrn, sjfj rhprhshktnin hf >,97% ehftjtnf eh _ns`vj Cjrr`hkth, fj quh enin fugnr n quh Sncrhsn kj pue`hrn pngnr susehuens n cjrtj pfnzj.

- Nkf`s`s e`km`cj1

_nrn hstue`nr hf nkf`s`s e`km`cj, pr`mhrj ehihmjs cnfcufnr hf _hr`jej Mhe`j eh fns

hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.Cfcufj ehf _hr`jej Mhe`j (_M_)

_M_Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (984.0883*34?)/>88.053.?74*34?)/49.788.544=>54

Unifn >4. Cfcufj ehf _hr`jej Mhe`j, eh Sncrhsn, n pnrt`r eh fjs entjs eh Infnkch y fnCuhktn eh _reèns y Gnknkc`ns.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj.


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Unifn >7. Nkf`s`s eh fn Sjfvhkc`n eh Sncrhsn, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Thmjs cjmj fn e`spjkì`fène mhe`n pjkehrnen (Em), hs ehc`r, hf t`hmpj quh hstnre`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth, hs mnyjr n fnhx`gì`fène mhe`n pjkehrnen (Hm), t`hmpj hk quh shr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj, fj quh s`gk`d`cn quh fn hmprhsn sh hkcjktrnin hkukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n uk nj nkths eh hktrnr hk cjkcursj. Su Nct`vjCjrr`hkth tnrenin nj y mhe`j hk trnksdjrmnrsh hk f`quèhz y sus ehuens n cjrtj pfnzjtnrenin ukjs jkch mhshs hk lnchrsh hx`gìfhs, eh mjej quh fn cjmpnn kj thknsud`c`hkth rhcursjs mjkhtnr`js hk hf mjmhktj ehf pngj.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j thrm`knej n 3> ehe`c`hmirh eh 9??0, hf cunf sh hkcuhktrn rhcjgèj hk fn Mhmjr`n nkunf eh Sncrhsn,cjmhktnmjs fj s`gu`hkth1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k, hk pr`mhr fugnr, hrnpjs`t`vj, hk 98?.853.?3> hurjs. Fn hmprhsn hk 9??0 hstnin gnknkej e`khrj

cjk fns nct`vènehs eh su khgjc`j, yn quh fjs cjirjs quh stn thkn suphrnin nfjs pngjs quh rhnf`znin. N su vhz, hf Yhsuftnej ehf hahrc`c`j nkths eh`mpuhstjs hrn tnmi`k pjs`t`vj, cjk uk vnfjr eh 934.>8?.044 hurjs.

Fn pnrtèn eh Ncrhhejrhs y jtrns cuhktns n pngnr thkn uk vnfjr khgnt`vj eh>?8.873.587 hurjs fj quh pjern s`gk`d`cnr quh duhrjk gnstjs eh hahrc`c`jsnkthr`jrhs pngnejs hk hf hahrc`c`j 9??0. Unmi`k jishrvnmjs cjmj fncjmpnn pngn ms `kthrhshs eh fjs quh cjirn.

- Hk cunktj nf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k, sth prhshktnintnmi`k uk vnfjr pjs`t`vj eh 9?8.4?5.974 hurjs, yn quh fjs cjirjs pjr`kvhrs`jkhs duhrjk mnyjrhs quh fjs pngjs quh rhnf`z fn hmprhsn hk sus

`kvhrs`jkhs. Cjkcrhtnmhkth, fn cjmpnn `kv`rt` hk `kmjv`f`znej `ktnkgìfh,mnthr`nf y hk jtrjs nct`vjs d`knkc`hrjs.


Hx`sthkc`ns 803 984.0883 >89.594.754.48?Cf`hkths 34 93.>54 98.377.>73 3.405.355.747Ehuens n cjrtj pfnzj 34? 0?3.


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-99, fn `kmji`f`nr`n sjf`c`t hf prh-cjkcursj eh ncrhhejrhs, ehspuseh cjmuk`cnr n fn Cjm`s`k Knc`jknf ehf Mhrcnej eh Tnfjrhs (CKMT) quh lnin`k`c`nej ukn shr`h eh khgjc`nc`jkhs pnrn nfcnkznr uk ncuhrej eh rhd`knkc`nc`k cjksus ncrhhejrhs. Fn Fhy Cjkcursnf fh enin cuntrj mhshs pnrn lnchr fnscjrrhspjke`hkths khgjc`nc`jkhs nkths eh susphkehr pngjs. Fns pr`kc`pnfhs hkt`enehsncrhhejrns eh fn cjmpnn sjk1 Snktnkehr, IITN, IDN-Inkb`n y _jpufnr.

Hf >0 eh dhirhrj eh 9?>3 prhshkt cjkcursj vjfuktnr`j eh ncrhhejrhs, yn quh kjpuej nfcnkznr hsth ncuhrej eh rhd`knkc`nc`k. Nehms eh hstj, fjs mjt`vjs eh fnhktrnen hk cjkcursj sjk pr`kc`pnfmhkth fjs s`gu`hkths1

- Hf grnk hkehuenm`hktj quh pjshn fn cjmpnn.- Xk duhrth npnfnkcnm`hktj.- P hf grnk ehschksj eh fns vnfjrnc`jkhs eh fjs nct`vjs.


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9.4.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhynf Xri`s

N cjkt`kunc`k, n pnrt`r eh fns Cuhktns Nkunfhs cjrrhspjke`hkths nf hahrc`c`j nkunfthrm`knej n 3> eh e`c`hmirh eh 9?>9 y ehf @kdjrmh eh Ghst`k, sh nknf`znr cunf hrnsu hstnej eh sjfvhkc`n hk e`clj nj, hs ehc`r, nj hk quh sjf`c`t hf prh-cjkcursj ehncrhhejrhs. Fjs pr`kc`pnfhs entjs eh fn cjmpnn pnrn hf nkf`s`s eh fn sjfvhkc`n sh

hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn >> nkhxjy Unifn >9 nkhxj).

- Nkf`s`s hstt`cj1




YC= 9.?39/5.> eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Jishrvnkej hf Ynt`j eh C`rcufnkth, vhmjs quh hf _ns`vj Cjrr`hkth hrn mnyjr nf Nct`vjCjrr`hkth, mjt`vj pjr hf cunf prhshktnin uk vnfjr `kdhr`jr nf >??%, pjr fj quh fncjmpnn duh `kcnpnz eh nthkehr fjs pngjs hk hf cjrtj pfnzj, ehièj n quh kj thkncnpncène pnrn ghkhrnr e`khrj sud`c`hkth. Hf Ynt`j cèj prhshktnin uk vnfjr muyrheucèj, kj ffhgnin n shr hf >%, fj quh s`gk`d`cn quh fn hmprhsn kj puej lnchr drhkthn sus pns`vjs n cjrtj pfnzj cjk sus nct`vjs eh mnyjr f`quèhz. Fn mnyjr pnrth ehfNct`vj Cjrr`hkth hstnin djrmnej pjr hx`sthkc`ns. Sh hkcjktrnin, pjr tnktj, hk ukngrnk s`tunc`k eh `ksjfvhkc`n. Hf Ynt`j eh E`spjkì`fène kjs `ke`cn hf hdhct`vj quh

t`hkh fn hmprhsn pnrn pjehr pngnr su pns`vj n cjrtj pfnzj, nfgj quh duh `mpjsìfh ynquh pjshn ukn thsjrhrn eh tnk sjfj 4.045 hurjs, m`hktrns quh su pns`vj n cjrtjpfnzj hrn eh 5.>= >5.930_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (??.35.4?7*34?)/4>9.37?= 70Unifn >0. Cfcufj ehf _hr`jej Mhe`j, eh Yhynf Xri`s, n pnrt`r eh fjs entjs eh Infnkch y fn

Cuhktn eh _reèns y Gnknkc`ns.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturn


N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj


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Unifn 9?. Nkf`s`s eh fn Sjfvhkc`n eh Yhynf Xri`s, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Cjmj fn hx`gì`fène mhe`n pjkehrnen (Hm) hs muy `kdhr`jr n fn e`spjkì`fène mhe`npjkehrnen (Em), hs ehc`r, hf t`hmpj hk hf quh sh lnr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj hs mhkjr nf t`hmpj quh hstnr e`spjkìfh uknukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth, pjehmjs ehc`r quh fn hmprhsn shhkcjktrnin hk hf nj 9?>9 hk ukn grnk s`tunc`k eh `ksjfvhkc`n. Sus ehuens n cjrtjpfnzj tnrenink mhkjs eh uk nj hk lnchrsh hx`gìfhs, m`hktrns quh su Nct`vjCjrr`hkth khchs`tnin muclj ms eh e`hz njs pnrn trnksdjrmnrsh hk f`quèhz, pjr fj

quh hk hf mjmhktj ehf pngj, kj e`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths pnrnnthkehr e`clns ehuens. Jishrvnmjs cjmj hf pfnzj eh cjirj eh fns hx`sthkc`ns hs muyhfhvnej, fj quh hxpf`cn quh fn e`spjkì`fène mhe`n shn tnk hfhvnen.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj, rhcjgèj hk fns Cuhktns Nkunfhs h @kdjrmh ehGhst`k, cjrrhspjke`hkths nf hahrc`c`j nkunf thrm`knej hf 3> eh e`c`hmirh eh 9?>9,lnrhmjs fjs s`gu`hkths cjmhktnr`js1

- Hk pr`mhr fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k thkn ukvnfjr khgnt`vj eh -95.?88 hurjs, ehièj n quh fjs cjirjs eh fn hmprhsn, hrnk`kdhr`jrhs n fjs pngjs quh stn rhnf`znin, pjr fj quh Yhynf Xri`s, hk e`clj nj,kj hstnin gnknkej e`khrj cjk fn nct`vène pr`kc`pnf eh su khgjc`j. _jehmjsehc`r quh fn cjmpnn jphrnin hk kmhrjs rjajs. Hf Yhsuftnej ehf hahrc`c`jnkths eh `mpuhstjs tnmi`k hrn khgnt`vj, hk -090.359 hurjs.

- Hk shgukej fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k,prhshktnin uk vnfjr pjs`t`vj, eh >8.434 hurjs. Fn hmprhsn tuvj cjirjs pjrehs`kvhrs`jkhs pjr vnfjr eh >4.?44, y tnk sjfj png pjr fns `kvhrs`jkhsrhnf`znens 53? hurjs.

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k tnmi`k duhpjs`t`vj hk 5.55.930 9.??4.80? 9>Uhsjrhrn ? 4.045 ?Ujtnf 9.?9>.739 ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs 70 >35.4?7 >?.48>..3>3.0?>.34?Jtrns ehuens cjk fnNem`k`strnc`k _if`cn

>


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9.4.3. Yhynf Xri`s ehspus eh su hktrnen hk cjkcursj

Hk 9?>8, cjk hf jiaht`vj eh hv`tnr su f`quènc`k, Yhynf Xri`s ln prhshktnej hk hfAuzgnej eh fj Mhrcnkt`f kmhrj 4 eh Mnerè, ukn prjpuhstn eh cjkvhk`j cjk susncrhhejrhs, pnrn ns pjehr snf`r ehf cjkcursj hk fn quh sh hkcuhktrn `kmhrsn ehseh9?>3. Hstn prjpuhstn cjkthmpfn nfcnkznr uk ncuhrej uk`fnthrnf cjk Lnc`hken y

rhnf`znr ukn chs`k hk pngj eh nct`vjs `kmji`f`nr`js n fjs inkcjs cjk ukn qu`tn ehf3, ehièj n quh kj fjgr ffhgnr n uk ncuhrej cjk fn inkcn pnrn sjfuc`jknr susprjifhmns eh thsjrhrn. Nf cjkcursj tnmi`k sh sumnrjk trhs eh sus d`f`nfhs1 YhktnCjrpjrnc`k Yhnf Hstnth SNX, Yhktn Cjrpjrnc`k D`knkch y Yhktn Cjrpjrnc`k CjrhIus`khss. Hf mjt`vj eh prhshktnrsh n cjkcursj duh, nehms eh quh hs uk ehihr fhgnfquh hs khchsnr`j cumpf`r, cjmj mheèn pnrn v`ni`f`znr fn cjmpnn y hf grupj y cjmjukn eh fns mhajrhs nfthrknt`vns pnrn pjehr prjthghr fjs ehrhcljs eh sus ncrhhejrhs>>.

N phsnr eh fjs hsduhrzjs rhnf`znejs pjr fn cjmpnn pnrn rheuc`r su ehuen, kjfjgr naustnrsh n fns prhv`s`jkhs eh su pfnk eh khgjc`j, hf cunf cjks`stn hk pngnr supns`vj hk uk phr`jej eh jclj njs.

Nfgukns eh fns hktènehs d`knkc`hrns quh mnkthknk cre`tjs cjk YhktnCjrpjrnc`k hrnk1 Inkcj _jpufnr, @KG Yhnf Hstnth D`knkch, Ehutsclh Inkb,Cn`xninkb, htc.

>> Nrtcufj hscr`tj y puif`cnej hk fn prhksn e`g`tnf Hxpnks`jk.cjm, hf >0 eh mnrzj eh 9?>3.


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9.7.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhktn Cjrpjrnc`k

Eh ncuhrej cjk hf @kdjrmh eh nue`tjrn, Cuhktns Nkunfhs nf 3> eh e`c`hmirh h @kdjrmheh ghst`k ehf hahrc`c`j 9?>3, prjchehmjs n hstue`nr hf nkf`s`s eh fn sjfvhkc`n n cjrtjpfnzj eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s hstt`cj y e`km`cj. Fjs pr`kc`pnfhsentjs ehf Infnkch eh fn cjmpnn sh hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn >3

nkhxj), ns cjmj fns pnrtèns eh cjksumj, cjmprns y vhktns (Unifn >5 nkhxj).

- Nkf`s`s hstt`cj1




YC= 85.>48.???/.???=49,848.???-?)/.??? =49,8. Nkf`s`s eh fn Sjfvhkc`n eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Ehièj n quh fn cjmpnn kj tuvj hx`sthkc`ns hk hf nj quh hstnmjs nknf`znkej, hfYnt`j eh c`rcufnkth y hf Ynt`j cèj cj`kcè`rk. Nf thkhr uk vnfjr mhkjr nf >??%, hsehc`r, nf shr hf _ns`vj Cjrr`hkth mnyjr quh hf Nct`vj Cjrr`hkth, s`gk`d`cn quh fnhmprhsn hs `kcnpnz eh lnchr drhkth n su pns`vj hx`gìfh cjk nquhffjs nct`vjs ehmnyjr f`quèhz. Hk cunktj nf Ynt`j eh eh E`spjkì`fène, vhmjs quh t`hkh muy pjcnthsjrhrn, tnk sjfj eh 3.??? hurjs, m`hktrns quh su _ns`vj Cjrr`hkth hs eh .???hurjs, pjr fj quh fn hmprhsn, cjk hsn thsjrhrn, kj puheh nthkehr fjs pngjs hk hfcjrtj pfnzj.

- Nkf`s`s e`km`cj1_nrn hf hstue`j ehf nkf`s`s e`km`cj, tnk sjfj cnfcufnrhmjs hf _hr`jej Mhe`j eh fjsehuejrhs, yn quh fn cjmpnn hk 9?>3, kj pjshn hx`sthkc`ns k` ehuens cjkprjvhhejrhs.


Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/CjksumjFn cjmpnn kj pjshn hx`sthkc`ns

hk 9?>3

_M_Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (40 eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj


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Unifn 93. Nkf`s`s eh fn Sjfvhkc`n eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Jishrvnmjs cjmj hf t`hmpj hk hf quh sh lnr hx`gìfh ukn ukène mjkhtnr`n ehehuen cjk thrchrjs (Hm), hs muy `kdhr`jr nf t`hmpj quh hstnr e`spjkìfh ukn ukènemjkhtnr`n `kvhrtèn hk hf Nct`vj cjrr`hkth (Em), pjr fj quh fn hmprhsn, hk 9?>3 kj hrnsjfvhkth, yn quh sus ehuens n cjrtj pfnzj sh lncnk hx`gìfhs nkths eh quh su Nct`vjCjrr`hkth sh trnksdjrmnrn hk f`quèhz, yn quh sth tnrenin muclj ms eh e`hz njs hklnchrsh fquèj, pjr fj quh kj pjen lnchr drhkth nf pngj eh sus ehuens yn quh kje`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths. Hf mjt`vj pjr hf cunf fn e`spjkì`fènemhe`n hs tnk hfhvnen hs ehièj nf pfnzj eh cjirj tnk hfhvnej quh prhshktn fn pnrtèneh cf`hkths, hs ehc`r, fjs cf`hkths tnrenink muclj t`hmpj hk pngnr n fn cjmpnn.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj, quh sh hkcuhktrn hk hf @kdjrmh eh nue`tjrn,Cuhktns Nkunfhs nf 3> eh e`c`hmirh h @kdjrmh eh ghst`k ehf hahrc`c`j 9?>3,cjmhktnrhmjs fj s`gu`hkth1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k, prhshktnin uk vnfjr

pjs`t`vj eh 9>4.??? hurjs, n phsnr eh quh tuv`hrn uk Yhsuftnej ehf hahrc`c`jnkths eh `mpuhstjs eh -0.579. Sh jishrvn cjmj fn hmprhsn tuvj ms cjirjsquh pngjs hk e`clj nj, pjr hffj tuvj uk rhsuftnej d`knf pjs`t`vj. Fn cjmpnngnknin e`khrj cjk su nct`vène eh khgjc`j.

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k duh tnmi`k pjs`t`vj, hk3, ysjfj tuvj cjirjs pjr fns ehs`kvhrs`jkhs hk `kmjv`f`znej mnthr`nf y hk jtrjsnct`vjs d`knkc`hrjs.

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k, hrn khgnt`vj,hk -3>7.??? hurjs, ehièj n fn ehvjfuc`k rhnf`znen eh Jtrns ehuens quh

mnkthkn fn hmprhsn.


Hx`sthkc`ns ? ? ?Cf`hkths .??? 87.4>0.308.839

Em = 04 ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs ? ? ?Ehuens n cjrtj pfnzj 34? 3.?33.??? >.?0>. ens


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9.7.3. Yhktn Cjrpjrnc`k ehspus eh su hktrnen hk cjkcursj

Hk auk`j eh 9?>5 fn cjmpnn snf` ehf cjkcursj eh ncrhhejrhs, ehspus eh quh hk hfAuzgnej Mhrcnkt`f kmhrj 0 eh Inrchfjkn sh nprjinrn fn prjpuhstn eh cjkvhk`jprhshktnen pjr Yhktn Cjrpjrnc`k. Fn `kmji`f`nr`n fjgr hf rhspnfej eh sus ncrhhejrhsnf pfnk eh pngj eh ehuen y nf pfnk eh v`ni`fène quh fhs lnin prjpuhstj. E`clj pfnk

jdrhc` trhs pjsì`fènehs eh pngj, fns cunfhs sh cjmhktnk n cjkt`kunc`k

- Fn pr`mhrn eh hffns hrn npf`cnr ukn qu`tn prjgrhs`vn hk dukc`k ehf `mpjrth quhsh nehueh, y hf rhstj eh fn ehuen sh pngnrn hk `mpjrths nkunfhs crhc`hkthseurnkth jclj njs.

- Fn shguken jpc`k duh cjkvhrt`r ukn pnrth ehf cre`tj hk ncc`jkhs.- P fn thrchrn y ft`mn jpc`k hrn fn cjkvhrs`k eh pns`vj hk prstnmjs

pnrt`c`pnt`vjs.

9.05 eh nir`f eh 9??< hf cjkcursj vjfuktnr`j eh ncrhhejrhs,hk hf auzgnej mhrcnkt`f kmhrj 5 eh Mnerè, pjr fns s`gu`hkths rnzjkhs1

- Sh hkcjktrnin hk ukn s`tunc`k eh dnftn eh f`quèhz y, pjr tnktj, kj puej lnchrdrhkth n sus pngjs.- Fn ffhgnen eh fn cr`s`s quh ln ndhctnej hsphc`nfmhkth nf shctjr `kmji`f`nr`j,

ehièj n fn cnen eh fn ehmnken eh v`v`hkens.- Xkn grnk cjktrncc`k eh fn d`knkc`nc`k inkcnr`n, mjt`vnens pjr fns l`pjthcns

suipr`mh, quh sjk nquhffns l`pjthcns quh sh cjkchehk n phrsjkns quh t`hkhkuk phrd`f crhe`t`c`j cjk muclj r`hsgj, hs ehc`r, quh kj puhehk lnchr drhkth n fnehvjfuc`k ehf cre`tj. Xk hahmpfj eh hstns l`pjthcns puhehk shr fnscjkcheèns n phrsjkns s`k trninaj j s`k `kgrhsjs hstnifhs. Ehièj nf nftj r`hsgjeh `mpngj, hf t`pj eh `kthrs eh hstjs cre`tjs hs muy nftj, suphr`jr n fn mhe`n.

- P pjr ft`mj fn dnftn eh f`quèhz hk fjs mhrcnejs d`knkc`hrjs `kthrknc`jknfhs.

Shgk ukn kjt`c`n puif`cnen hk mnrzj eh 9??< pjr hf e`nr`j jkf`khFìhrtneE`g`tnf.hs, fn `kthkc`k eh Finrj hrn rhnf`znr ukn shr`h eh khgjc`nc`jkhs cjksus ncrhhejrhs, cjk hf jiaht`vj eh nfcnkznr uk cjkvhk`j quh fh phrm`t`hsh rhv`snr su


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mjehfj eh khgjc`j y nenptnr hf pngj eh fn ehuen n fn kuhvn s`tunc`k eh mhrcnej,pnrn ns hv`tnr quh su dnftn eh f`quèhz ehthr`jrnrn hf vnfjr eh sus nct`vjs.

Fn sjf`c`tue ehf cjkcursj eh ncrhhejrhs sjfj ndhctn n fn sjc`hene mntr`z, hs ehc`r nFinrj Grupj @kmji`f`nr`j, yn quh hs fn quh cjkchktrn mnyjr pnrth ehf khgjc`j. Nfrhstj eh fns hmprhsns ehf grupj kj fhs ndhct, yn quh ehsnrrjffnk su nct`vène eh

djrmn shpnrnen.

9.. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Finrj Grupj @kmji`f`nr`j, S.N.

_nrn cjkjchr cuf hrn su hstnej eh sjfvhkc`n hk hf nj 9??4 nkhxj).

- Nkf`s`s hstt`cj1




YC= 40.?5?.45>/4??.?3=>, eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Cjmj pjehmjs jishrvnr, fn cjmpnn prhshktn uk Nct`vj Cjrr`hkth suphr`jr nf _ns`vjCjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh C`rcufnkth shn suphr`jr nf >??%. Cjk hstj,hk pr`kc`p`j, pjehmjs ehc`r quh fn hmprhsn pjshh cnpncène pnrn ghkhrnr e`khrjsud`c`hkth y pjehr nthkehr eh hstn djrmn fjs pngjs n cjrtj pfnzj. _hrj, pjr hf cjktrnr`j,hf Ynt`j cèj hs `kdhr`jr nf >??% fj quh s`gk`d`cn quh fn hmprhsn kj puheh lnchrdrhkth n su pns`vj hx`gìfh, cjk nquhffjs nct`vjs eh mnyjr f`quèhz, yn quh fn mnyjrpnrth eh hsth Nct`vj Cjrr`hkth hst djrmnej pjr Hx`sthkc`ns. _jr ft`mj, fn thsjrhrn,rhprhshktn uk >,.9?8.59


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N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj.

Unifn 94. Nkf`s`s eh fn Sjfvhkc`n eh Finrj Grupj @kmji`f`nr`j, S.N., n pnrt`r ehf nkf`s`se`km`cj.


Hk fn tnifn nkthr`jr vhmjs cjmj fn hmprhsn sh hkcuhktrn hk uk hstnej eh `ksjfvhkc`nn cjrtj pfnzj, yn quh su Nct`vj Cjrr`hkth tnren ms t`hmpj hk lnchrsh fqu`ej(nprjx`mnenmhkth uk nj y mhe`j), quh sus ehuens n cjrtj pfnzj hk lnchrshhx`g`ifhs, pjr fj quh fn hmprhsn kj e`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths pnrnlnchr drhkth n sus ehuens n cjrtj pfnzj.

9.83 74.943.>.407.>.?5?.45> ?Ujtnf 48>8.40>.438

Em = 548.485.


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9.>, fn hmprhsn hktr hk f`quènc`k ehièj n fn `mpjsì`fène ehsnf`r eh cjkcursj y eh ffhgnr n uk ncuhrej pnrn hstnifhchr uk cjkvhk`j hktrh fnspr`kc`pnfhs hktènehs d`knkc`hrns ndhctnens pjr hf cjkcursj. Fn f`quènc`k kj duh`kmhe`ntn yn quh thkn trm`ths phke`hkths pjr ukn ehkukc`n rhnf`znen sjirh fn

hmprhsn, pjr pfng`nr n uk nrqu`thctj mner`fhj fjs pfnkjs eh fn urink`znc`k CjstnGnfhrn, uk cjmpfhaj rhsèhkc`nf eh fuaj s`tunej hk Hsthpjkn (Mfngn).


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CN_UXFJ 3

CJKCFXS@JKHS SJIYH HF HSUXE@J YHNF@QNEJ

3.>. CJKCFXS@JKHSCjmj cjkcfus`k nf hstue`j rhnf`znej, ehf tjtnf eh fns jclj hmprhsns nknf`znens, sh`seh hffns sjf`c`tnrjk hf cjkcursj eh ncrhhejrhs hktrh hf nj 9??< y hf nj 9?>?, y tnksjfj ejs fj sjf`c`tnrjk hk 9?>3. Xkn eh hffns, hk cjkcrhtj, fn `kmji`f`nr`n Yhynf Xri`s,sjf`c`t hf prh-cjkcursj eh ncrhhejrhs hk 9?>9, nukquh uk nj ms tnreh, hktr hkcjkcursj.

Fn sjf`c`tue ehf cjkcursj eh tjens fns hmprhsns duh eh djrmn vjfuktnr`n, hs ehc`r, npht`c`k eh fn hmprhsn ndhctnen pjr fn susphks`k eh pngjs.

Nf nknf`znr fn sjfvhkc`n n cjrtj pfnzj, lhmjs jishrvnej cjmj tjens fns hmprhsnshrnk `ksjfvhkths hk hf nj hk quh hktrnrjk hk cjkcursj, yn quh sus jif`gnc`jkhs ehpngj n cjrtj pfnzj hrnk mnyjrhs n fjs rhcursjs eh fjs quh e`spjknk, hs ehc`r, s`vhke`hrnk tjej su Nct`vj Cjrr`hkth, fns hmprhsns nuk ns kj pjernk pngnr tjens susehuens n cjrtj pfnzj, pjr fj quh sh hkcjktrnink hk ukn grnk s`tunc`k eh `ksjfvhkc`n.

Unmi`k lhmjs jishrvnej cjmj fns `kmji`f`nr`ns tnrenink muclj ms t`hmpj hklnchr fquèj su Nct`vj Cjrr`hkth quh sus ehuens n cjrtj pfnzj hk lnchrsh hx`gìfh, fjquh s`gk`d`cn quh k`kgukn eh hffns pjen cumpf`r cjk fjs pfnzjs eh pngj pnrn fnehvjfuc`k eh fns ehuens.

Hk cunktj nf Hstnej eh Dfuajs eh Hdhct`vj, hf 37,8% eh fns hmprhsns, cjmj sjkMnrt`ksn-Dnehsn, Li`tnt @kmji`f`nr`n y Yhynf Xri`s, prhshktnink uk Dfuaj eh hdhct`vjeh fns nct`vènehs eh hxpfjtnc`k khgnt`vj, ehièj n quh stns thknk ms pngjs quhcjirjs, pjr fj quh su nct`vène eh khgjc`j kj hstnin dukc`jknkej, hs ehc`r, kj

hstnink gnknkej e`khrj y pjr tnktj jphrnink hk kmhrjs rjajs. Cjkcfuyhkej fjs nkf`s`s rhnf`znejs hk fjs Hstnejs eh Dfuaj eh Hdhct`vj, eh djrmn

ghkr`cn, fjs mjt`vjs quh ffhvnrjk n hstns hmprhsns n tnf s`tunc`k, duhpr`kc`pnfmhkth, fn `kcnpncène eh nthkehr n sus jif`gnc`jkhs eh pngj y fn dnftn ehncuhrej pnrn rhd`knkc`nr fns ehuens, ns cjmj fn ffhgnen eh fn cr`s`s quh ln ndhctnejsjirh tjej nf shctjr `kmji`f`nr`j, ehièj nf ehschksj eh fns vhktns pjr hfhkcnrhc`m`hktj eh fjs prhc`js.

Ehspus eh fn hktrnen hk cjkcursj, Mnrt`ksn-Dnehsn y Finrj Grupj @kmji`f`nr`jsjk fns ejs k`cns hmprhsns quh hktrnrjk hk f`quènc`k, hk hf nj 9?>5 y 9?>>rhsphct`vnmhkth. Hk hf cnsj cjkcrhtj eh Mnrt`ksn-Dnehsn, hk hf nj 9?>> cjks`gu`snf`r eh fn s`tunc`k cjkcursnf, phrj trhs njs ms tnreh, ehièj n quh kj e`spjkn eh

sud`c`hkth f`quèhz pnrn cumpf`r cjk fns jif`gnc`jkhs ncjrenens hk hf cjkvhk`jrhnf`znej, tuvj quh prhshktnr su f`quènc`k.Fns `kmji`f`nr`ns Eht`ksn y Sncrhsn snf`hrjk eh fn s`tunc`k cjkcursnf hk hf nj 9?>9,ns cjmj Yhktn Cjrpjrnc`k, quh suphr hf cjkcursj hk 9?>5.

Hf rhstj eh hmprhsns eurnkth 9?>3 y 9?>8 prhshktnrjk prjpuhstns eh cjkvhk`j pnrnfn rhd`knkc`nc`k eh fns ehuens h l`c`hrjk khgjc`nc`jkhs pnrn pjehr snf`r ehf cjkcursjeh ncrhhejrhs y hv`tnr ns fn f`quènc`k.


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Iìf`jgrndn

NflnmirnKht. (9?>3)1 Hf cjkcursj eh ncrhhejrhs nkths eh fn Fhy 99/9??3,[email protected], 9> eh kjv`hmirhlttp1//www.nflnmirnkht.`kdj/hf-cjkcursj-eh-ncrhhejrhs-nkths-eh-fn-fhy-999??3/(Cjksuftnej1 9>/>>/>5)

Nxhsjr. (9?>3)1 @kdjrmnc`k Ghkhrnf eh fn Hmprhsn Sncrhsn Uhrrhkjs _rjmjc`jk sf,Nxhsjr.hs, 9< eh nir`f,lttp1//www.nxhsjr.hs/@kdjrmhs-Hmprhsns/>3908)1 Mnrt`ksn prjtngjk`znr fn mnyjr f`quènc`k `kmji`f`nr`n eh fnl`stjr`n, HfHcjkjm`stn.hs, 9 eh mnrzj,lttp1//www.hfhcjkjm`stn.hs/`kthrst`t`nf/vjfvhr/953977>?9/hmprhsns-d`knkzns/kjt`c`ns/48>?578/Mnrt`ksn-e`rhctn-n-fn-f`quènc`jk-fn-inkcn-rhclnzn-su-uft`mn-prjpuhstn.ltmf#Bbu8)

Cjmpnn Yhktn Cjrpjrnc`k. (9??7)1 Nct`vène eh Yhktn Cjrpjrnc`k,YhktnCjrpjrnc`jk.cjm, >> eh mnyj,lttp1//www.rhktncjrpjrnc`jk.cjm

evoluciÓn de las empresas en suspensiÓn de pagos, en un periodo comprendido desde el aÑo 2007...

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