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FBGBKL?JKL<H WG?J=?

LBDB

B WE?DLJBNBD:PBB KKKJ

=E:<GBBIJH?DL BGNHJFWG?J=H

=E:<L?OMIJ:<E?GB? KPGLB HJ=JWK

WDKIJ?KKBGNHJF:PBY
K_jby WdkiemZlZpby h[hjm^h\Zgby wg_j]hkbkl_f
 

M>D 

H[f_g hiulhf

J?DHF?G>:PBB IH <U;HJM MKL:<HD ih\j_f_gbbgZijy`_gbxmkljhckl\aZsblub:<J \\h^h\jZ[hq_]hiblZgbykh[kl\_gguogm`^[ehqguo l_ieh\uowe_dljhklZgpbc


Ih^]hlh\e_gh Ki_pbZebabjh\Zgguf p_gljhf gZmqgh-l_ogbq_kdhc bgnhjfZpbb HJ=JWK Hl\_lkl\_gguc j_^Zdlhj FIJZlg_j


mq-ba^e

P_gZ  dhi  Ih^ibcZgh d i_qZlb 1,; ] JhlZijbgl KPGLB HJ=JWK

AZdZa N355/73 LbjZ`  wda

E 



Fhkd\Z@-432.2-c Dh`moh\kdbc ijh_a^,^dhji

;ukljh_ hldexq_gb_ ih\j_`^_gbc \ kbkl_f_ kh[kl\_gguo gm`^ KG  khijh\h`^Zxsboky ]em[hdbf ihgb`_gb_f gZijy`_gby y\ey_lky \Z`g_crbf f_jhijbylb_f ih\ur_gby gZ^_`ghklb jZ[hlu kbkl_fu KG we_dljhklZgpbc H^gZdh gZ g_dhlhjuo we_dljhklZgpbyo ijb \uiheg_gbb mkljhckl\ j_e_cghc aZsblu b :<J klj_fylky \ i_j\mx hq_j_^v h[_ki_qblv ihegmx Zdlb\ghklv bo ^_ckl\by bgh]^Z ^Z`_ \ ms_j[ hkgh\ghc aZ^Zq_ - [ukljhfm hldexq_gbx ih\j_`^_gbc ijb ]em[hdbo ihgb`_gbyo gZijy`_gby G_ mqblu\Zxlky mdZaZgby ijb\_^_ggu_ \  K[hjgbdZ ^bj_dlb\guo fZl_jbZeh\ We_dljbq_kdZy qZklv Wg_j]by   h kgb`_gbb klmi_gb \u^_j`db \j_f_gb ^h - k < i II  We_dljbq_kdZy qZklv K[hjgbdZ ^bj_dlb\guo fZl_jbZeh\ =hkwg_j]hba^Zl  mdZau\Z_lky qlh \u^_j`dZ \j_f_gb imkdh\h]h hj]ZgZ fbgbfZevgh]h gZijy`_gby mkljhckl\Z :<J ^he`gZ [ulv lZdhc `_ dZd b fZdkbfZevghc ]hlh\hc aZsblu hkgh\gh]h ljZgknhjfZlhjZ

KG beb j_Zdlbjh\Zgghc ebgbb :gZeba \uiheg_gguo mklZ\hd mkljhckl\ j_e_cghc aZsblu b :<J gZ jy^_ ^_ckl\mxsbo [ehqguo

-2-

l_ieh\uo we_dljhklZgpbc ihdZau\Z_l qlh hgb g_ khhl\_lkl\mxl wlbf lj_[h\Zgbyf \uihegyxlky g_hijZ\^Zggh \ukhdbfb b ^hklb]Zxl gZ \\h^Zo jZ[hq_]h iblZgby k_dpbc  d< - k :gZeba Z\Zjbc \ kbkl_f_ KG [ehqguo l_ieh\uo we_dljhklZgpbc ihdZau\Z_l qlh mki_rgu_ ^_ckl\by mkljhckl\ :<J ijb da gZ rbgZo k_dpbc  d< gZ[ex^Zebkv ij_bfms_kl\_ggh gZ l_o h[t_dlZo ]^_ \u^_j`dZ \j_f_gb fZdkbfZevghc lhdh\hc aZsblu k_dpbc g_ ij_\urZeZ  k b gZh[hjhl \ [hevr_c qZklb g_mki_rgu_ ^_ckl\by :<J [ueb ijb \u^_j`dZo \j_f_gb aZsblu ij_\urZxsbo wlm \_ebqbgm AZ\ur_ggu_ mklZ\db ih \j_f_gb ijb\h^yl d ^ebl_evghfm l_jfbq_kdhfm ^_ckl\bx ^m]b gZ baheylhju qlh \uau\Z_l kgb`_gb_ bo f_oZgbq_kdhc 9 we_dljbq_kdhc ijhqghklb Ihwlhfm ih^ZqZ gZijy`_gby hl j_a_j\gh]h bklhqgbdZ hdZau\Z_lky qZklh g_mki_rghc K ^jm]hc klhjhgu lZdb_ mklZ\db ijb\h^yl d aZ^_j`d_ jZ[hlu mkljhckl\ :<J agZqbl_evguf i_j_ju\Zf \ iblZgbb KG \ j_amevlZl_ q_]h \hafh`gu gZjmr_gby l_ogheh]bq_kdh]h j_`bfZ [ehdZ dh]^Z ^Z`_ mki_rgh_ \dexq_gb_ bklhqgbdZ j_a_j\gh]h iblZgby g_ h[_ki_qb\Z_l khojZg_gby [ehdZ \ jZ[hl_ b \hagbdZ_l hiZkghklv ih\j_`^_gby hkgh\gh]h h[hjm^h\Zgby MdZaZgby ih \u[hjm mklZ\hd g_ fh]ml [ulv \uiheg_gu ^ey g_dhlhjuo kh\j_f_gguo ko_f iblZgbb KG [ehqguo l_ieh\uo we_dljhklZgpbc LZd gZijbf_j ijb iblZgbb h[_bo k_dpbc  d< hl h^gh]h ljZgknhjfZlhjZ k g_jZks_ie_ggufb h[fhldZfb q_j_a jZa\bedm ba ^\mo \udexqZl_e_c \ kemqZ_ da gZ h^ghc k_dpbb ijboh^yl \ ^_ckl\b_ imkdh\u_ hj]Zgu fbgbfZevgh]h gZijy`_gby h[_bo k_dpbc Ijb \uiheg_gbb gZ gbo mklZ\db ih \j_f_gb jZ\ghc \j_f_gb kjZ[Zlu\Zgby fZdkbfZevghc lhdh\hc aZsblu \hafh`gh hldexq_gb_ \\h^h\ jZ[hq_]h iblZgby g_ lhevdh ih\j_`^_gghc gh b g_ih\j_`^_gghc k_dpbb Ijb\_^_ggu_ gb`_ j_dhf_g^Zpbb ih \u[hjm mklZ\hd b mkh\_jr_gkl\h\Zgbx ko_f imkdh\h]h hj]ZgZ khklZ\e_gu ijbf_gbl_evgh d gZb[he__ jZkijhkljZg_gguf ko_fZf iblZgby KG [ehqguo l_ieh\uo we_dljhklZgpbc b g_ ho\Zlu\Zxl \k_o \hafh`guo ko_f iblZgby KG hkh[_ggh ko_f iblZgby KG we_dljhklZgpbc k ihi_j_qgufb k\yayfb \ l_ieh\hc qZklb  <u[hj \u^_j`_d \j_f_gb mkljhckl\ j_e_cghc aZsblu b :<J j_dhf_g^m_lky ijhba\h^blv ih mkeh\bx hlkljhcdb lhevdh hl hkgh\guo [ukljh^_ckl\mxsbo aZsbl Mq_l \j_f_gZ jZ[hlu j_a_j\guo aZsbl
- 11 -

U kj =

U ka Kg K\ U hkl.d . a Kg

U kj =

]^_ Uka - gZbf_gvr__ gZijy`_gb_ ijb h^gh\j_f_gghf kZfhaZimkd_ we_dljh^\b]Zl_e_c  b  d< Kg  - dhwnnbpb_gl gZ^_`ghklb K\  - dhwnnbpb_gl \ha\jZlZ j_e_ Uhklda - gZbf_gvr__ hklZlhqgh_ gZijy`_gb_ ijb lj_onZaghf d a gZ k[hjguo rbgZo \ukhdh]h gZijy`_gby =JWK AZ mklZ\dm ijbgbfZ_lky f_gvr__ ba ^\mo ihemq_gguo agZq_gbc gZijy`_gbc < [hevr_c qZklb kemqZ_\ wlb ^\Z mkeh\by m^h\e_l\hjy_l gZijy`_gb_ kjZ[Zlu\Zgby Ukj = (0,25 - 0,4) Ughf K aZijhkZfb gZ ihemq_gb_ ^hihegbl_evghc bgnhjfZpbb ke_^m_l h[jZsZlvky ih Z^j_km  Ev\h\ me G_fbjh\bqZ - >Zgq_gdh ^ XH HJ=JWK 

Bg`_g_j GJFhjhah\ XH HJ=JWK

- 10 -

HdhgqZgb_lZ[ebpu

imkdh\uo hj]Zgh\ :<J k_dpbc 6  d< b ko_fu ^hihegbl_evgh]h k_dpbhgbjh\Zgby ^he`gh hij_^_eylvky ih nhjfmeZf

GZbf_gh\Zgb_ mkljhckl\Z j_e_cghc aZsblu b Z\lhfZlbdb

'' ' ' Imkdh\hc hj]Zg fbgbfZevgh]h timkd = t aZs + thlde + t\de + 0,5 1,4k gZijy`_gby :<J k_dpbc  d< '' timkd = tk_dp + 0,5 1,4k bf_xsbo iblZgb_ hl ljZgknhjfZlhjZ Lj iblZxs_]h k_dpbb '' '' timkd = t aZs + 0,5 1,4k k ^hihegbl_evguf k_dpbhgbjh\Zg_f jjjj ljlhhhljZgknhjfZlhjZ '' ' '

JZkq_lgu_ nhjfmeu b hjb_glbjh\hqgu_ agZq_gby mklZ\hd ih \j_f_gb mkljhckl\ j_e_cghc aZsblu b Z\lhfZlbdb

Ko_fZ iblZgby KG Kf jbk 

timkd = t aZs + thlde + t\de + 0,5 1,4k


'' = tk_dp + 0,5 1,9k timkd '' '' = t aZs + 0,5 1,4k timkd

Kf jbk 

<j_fy Z\lhfZlbq_kdh]h \dexq_gby j_a_j\gh]h iblZgby t\de , k_dpbb  d< mdZaZgh ^ey kemqZy mklZgh\db gZ klhjhg_  d< ljZgknhjfZlhjZ j_a_j\gh]h iblZgby \udexqZl_ey <FI- Z gZ klhjhg_ \ukhdh]h gZijy`_gby - \ha^mrguo \udexqZl_e_c.
*

j_a_j\gh]h bklhqgbdZ ijb fbgbfZevghf i_j_ju\_ iblZgby ihlj_[bl_e_c  Ijb \u[hj_ mklZ\h\ g_h[oh^bfh mqblu\Zlv qlh gZijy`_gb_ gZ k_dpbb bkq_aZ_l f]gh\_ggh lhevdh ijb da < wlhf kemqZ_ hldexq_gb_ bklhqgbdZ jZ[hq_]h iblZgby ^he`gh ijhba\h^blvky aZsblhc Ijb ij_djZs_gbb jZ[hq_]h iblZgby gZijy`_gb_ gZ k_dpbyo KG bkq_aZ_l g_ f]gh\_ggh Z \ l_q_gb_ g_dhlhjh]h \j_f_gb aZlmoZ_l ih Zfieblm^_ b qZklhl_ < wlbo kemqZyo ^he`_g q_ldh jZ[hlZlv imkdh\hc hj]Zg mkljhckl\Z :<J H^gZdh ZgZeba ihdZau\Z_l qlh \ ko_fZo KG jy^Z wg_j]h[ehdh\ imkdh\u_ hj]Zgu fbgbfZevgh]h gZijy`_gby mkljhckl\ :<J g_ hl\_qZxl ij_^ty\e_gguf d gbf lj_[h\Zgbyf Nmgdpbb dhgljhey gZijy`_gby b kha^Zgby \u^_j`db \j_f_gb imkdh\h]h hj]ZgZ fbgbfZevgh]h gZijy`_gby \ mkljhckl\_ :<J kh\f_s_gu \ h^ghf j_e_ W<- J_e_ g_ bf__l j_]mebjm_fhc mklZ\db ih gZijy`_gbx kjZ[Zlu\Zgby b \ha\jZlZ Ih ^Zgguf aZ\h^Zba]hlh\bl_ey gZijy`_gb_ ijb dhlhjhf ijhbkoh^bl gZ^_`gh_ hliZ^Zgb_ ydhjy j_e_ gZijy`_gb_ kjZ[Zlu\Zgby imkdh\h]h hj]ZgZ  dhe_[e_lky m jZaebqguo wda_fieyjh\ j_e_ hl  ^h  ghfbgZevgh]h gZijy`_gby b aZ\bkbl hl kdhjhklb b qZklhlu aZlmoZgby gZijy`_gby GZijy`_gb_ kjZ[Zlu\Zgby j_e_ gZijy`_gb_ \ha\jZlZ imkdh\h]h hj]ZgZ ^hklb]Z_l 75% ghfbgZevgh]h Ijb lZdhf gZijy`_gbb kjZ[Zlu\Zgby j_e_ W<- \hafh`gh hldexq_gb_ bklhqgbdZ jZ[hq_]h iblZgby ijb \hkklZgh\e_gbb gZijy`_gby ihke_ ebd\b^Zpbb dZ b ihke_^mxs_]h kZfhaZimkdZ we_dljh^\b]Zl_e_c LZdbf h[jZahf j_e_ W<- g_ m^h\e_l\hjy_l lj_[h\Zgbyf ij_^ty\ey_fuf d imkdh\hfm hj]Zgm fbgbfZevgh]h gZijy`_gby mkljhckl\Z :<J Ihwlhfm \f_klh h^gh]h lZdh]h j_e_ j_dhf_g^m_lky mklZgZ\eb\Zlv ^\Z hl^_evguo j_e_ ihklhyggh]h lhdZ gZijy`_gby b \j_f_gb   >jm]hc g_^hklZlhd hj]Zgh\ \u^_j`db \j_f_gb \ ko_fZo mkljhckl\ :<J b fZdkbfZevghc lhdh\hc aZsblu k_dpbc  d< \uau\Z_lky ijbf_g_gb_f \ wlbo ko_fZo j_e_ W< k ij_^_ehf rdZeu k =ZjZglbjh\Zgguc jZa[jhk \u^_j`db \j_f_gb qZkh\h]h f_oZgbafZ wlbo j_e_ - k l_ bf__l lhl `_ ihjy^hd \_ebqbg qlh b lj_[m_fZy mklZ\dZ ih \j_f_gb j_e_ Ihwlhfm mdZaZggu_ j_e_ j_dhf_g^m_lky aZf_gylv

ijb \u\h^_ ba jZ[hlu beb hldZa_ hkgh\guo aZsbl ijb\h^bl d g_h[oh^bfhklb mklZgh\db g_h[hkgh\Zggh [hevrbo \u^_j`_d \j_f_gb \ ko_fZo mkljhckl\ :<J qlh g_^himklbfh lZd dZd ijb wlhf g_ m^h\e_l\hjy_lky hkgh\gh_ lj_[h\Zgb_ d mkljhckl\Zf :<J - \dexq_gb_

-3-

j_e_ \j_f_gb k f_gvrbfb ij_^_eZfb rdZeu fh`gh aZf_gylv g_ \k_ j_e_ Z lhevdh _]h qZkh\hc f_oZgbaf   >ey \hafh`ghklb ZgZebaZ ijbqbg hldexq_gby bklhqgbdZ jZ[hq_]h iblZgby j_dhf_g^m_lky \ p_ib _]h hldexq_gby imkdh\uf hj]Zghf fbgbfZevgh]h gZijy`_gby :<J mklZgh\blv mdZaZl_evgh_ j_e_ F_lh^bdZ \u[hjZ mklZ\hd k dhgdj_lgufb ijbf_jZfb ^ey ^\mo gZb[he__ jZkijhkljZg_gguo ko_f iblZgby KG [ehqguo l_ieh\uo we_dljhklZgpbc jbk b  ijb\_^_gZ gb`_

-4-

GZbf_gh\Zgb_ mkljhckl\Z JZkq_lgu_ nhjfmeu b j_e_cghc aZsblu b hjb_glbjh\hqgu_ agZq_gby mklZ\hd Z\lhfZlbdb ih \j_f_gb mkljhckl\ j_e_cghc aZsblu b Z\lhfZlbdb FZdkbfZevgZy lhdh\Zy aZsblZ gZ \\h^Zo jZ[hq_]h ' t aZs 0,5k iblZgby k_dpbc  d< Imkdh\hc hj]Zg fbgbfZevgh]h gZijy`_gby :<J k_dpbc  d< AZsblZ gZ k_e_dlb\guo Z\lhfZlZo FZdkbfZevgZy lhdh\Zy aZsblZ ljZgknhjfZlhjh\  d< iblZxsbo h^gm k_dpbx FZdkbfZevgZy lhdh\Zy aZsblZ ljZgknhjfZlhjh\  d< iblZxsbo ^\_ k_dpbb FZdkbfZevgZy lhdh\Zy aZsblZ k_dpbc  d< iblZxsboky hl h^gh]h ljZgknhjfZlhjZ q_j_a jZa\bedm ba ^\mo \udexqZl_e_c Imkdh\hc hj]Zg ^hihegbl_evgh]h k_dpbhgbjh\Zgby Imkdh\h_ hj]Zg fbgbfZevgh]h gZijy`_gby :<J k_dpbc  d< bf_xsbo j_a_j\gh_ iblZgb_ hl ljZgknhjfZlhjZ Lj
' ' timkd = t aZs 0,5k ' timkd = t aZs + 0,5 1k

Ko_fZ iblZgby KG Kf jbk b Kf jbk jbk Kf jbk


2

tZ\l 0,4k
' tlj 1k = t Z\l + 0,5 0,9k

Jbk Ko_fZ iblZgby ^\mo k_dpbc  d< hl h^gh]h ljZgknhjfZlhjZ k jZks_ie_ggufb h[fhldZfb beb dZ`^hc k_dpbb hl hl^_evgh]h ljZgknhjfZlhjZ

' '' tlj 2 k = t aZs + 0,5 1,4k

b
Kf jbk jbk Kf jbk jbk Kf Jbk jbk

'' aZs

= tZ\l + 0,5 0,9k

' tk_dp = thlde + t\de + 0,5 0,9k ' ' tk_dp = t aZs + thld + t\de + 0,5 1,4k

'' ' ' timkd = t aZs + thld + t\de + 0,5 1,4k '' '' timkd = t aZs + 0,5 1,4k

Jbk Ko_fZ iblZgby ^\mo k_dpbc  d< hl h^gh]h ljZgknhjfZlhjZ q_j_a jZa\bedm ba ^\mo \udexqZl_e_c
-9-8-

h[fhldZfb beb dZ`^hc k_dpbb hl hl^_evgh]h ljZgknhjfZlhjZ kf jbk  Ijb iblZgbb h[_bo k_dpbc  d< hl h^gh]h ljZgknhjfZlhjZ q_j_a jZa\bedm ba ^\mo \udexqZl_e_c kfjbk mklZ\dZ ih \j_f_gb imkdh\h]h hj]ZgZ ^hihegbl_evgh]h k_dpbhgbjh\Zgby ijbgbfZ_lky gZ klmi_gv [hevr_ \j_f_gb \hafh`gh]h i_j_ju\Z iblZgby ihke_ hldexq_gby da gZ h^ghc ba k_dpbc  d< :
' ' + t fbg + 0,5 tk_dp = t aZs

<U;HJ MKL:<HD IH <J?F?GB F:DKBF:EVGUO LHDH<UO A:SBL G: <<H>:O J:;HQ?=H IBL:GBY KG

<u^_j`dZ \j_f_gb j_e_ Z\lhfZlbq_kdh]h \hkklZgh\e_gby ko_fu ihke_ ^hihegbl_evgh]h k_dpbhgbjh\Zgby ^he`gZ ijbgbfZlvky g_ f_g__ 4- k l_ g_ f_g__ \j_f_gb g_h[oh^bfh]h ^ey ijh\_jdb mklhcqb\h]h ihy\e_gby gZijy`_gby gZ ihemk_dpbb kh klhjhgu \\h^Z jZ[hq_]h iblZgby Gb`_ ijb\_^_gZ k\h^gZy lZ[ebpZ jZkq_lguo nhjfme b hjb_glbjh\hqguo agZq_gbc mklZ\hd ih \j_f_gb fZdkbfZevghc lhdh\hc aZsblu imkdh\uo hj]Zgh\ fbgbfZevgh]h gZijy`_gby :<J b ko_fu ^hihegbl_evgh]h k_dpbhgbjh\Zgby

 FZdkbfZevgZy lhdh\Zy aZsblZ gZ \\h^Zo jZ[hq_]h iblZgby k_dpbc  d< ^he`gZ hlkljZb\Zlvky ih \j_f_gb lhevdh hl ]h^h\uo hlk_q_d b ^bnn_j_gpbZevguo aZsbl ijbkh_^bg_gbc  d< MklZ\dZ ih \j_f_gb ' ^he`gZ dZd ijZ\beh khklZ\eylv fZdkbfZevghc lhdh\hc aZsblu t aZs ijbf_jgh  k 2. FZdkbfZevgZy lhdh\Zy aZsblZ ljZgknhjfZlhjZ jZ[hq_]h iblZgby k_dpbc  d< hlkljZb\Z_lky ih \j_f_gb hl fZdkbfZevghc lhdh\hc aZsblu \\h^h\ jZ[hq_]h iblZgby k_dpbb  d< Klmi_gv \u^_j`db \j_f_gb ih k_e_dlb\ghklb ^he`gZ ijbgbfZlvky jZ\ghc - k 3. FZdkbfZevgZy lhdh\Zy aZsblZ dZ`^hc ba ^\mo k_dpbc  d< iblZ_fuo hl h^gh]h ljZgknhjfZlhjZ  d< q_j_a jZa\bedm ba ^\mo \udexqZl_e_c ^he`gZ hlkljZb\Zlvky ih \j_f_gb hl jZkp_ibl_e_c f]gh\_ggh]h ^_ckl\by k_e_dlb\guo Z\lhfZlh\ gZ ijbkh_^bg_gbyo  d< <u^_j`dZ \j_f_gb aZsblu k_e_dlb\guo Z\lhfZlh\ tZ\l \ mklZgh\dZo KG ijbgbfZ_lky dZd ijZ\beh jZ\ghc g_ [he__  k LZdbf h[jZahf \u^_j`dZ \j_f_gb fZdkbfZevghc lhdh\hc aZsblu k_dpbb  d< hij_^_ey_lky ih nhjfme_
Ijb iblZgbb hl ljZgknhjfZlhjZ  d< h^ghc k_dpbb  d< fZdkbfZevgZy lhdh\Zy aZsblZ gZ \\h^_ iblZgby k_dpbb g_ mklZgZ\eb\Z_lky 4. FZdkbfZevgZy lhdh\Zy aZsblZ ljZgknhjfZlhjh\  d< iblZxsbo q_j_a jZa\bedm ^\_ k_dpbb ^he`gZ hlkljZb\Zlvky ih \j_f_gb hl fZdkbfZevghc lhdh\hc aZsblu k_dpbc  d< Z fZdkbfZevgZy lhdh\Zy aZsblZ ljZgknhjfZlhjh\  d< iblZxsbo h^gm k_dpbx ^he`gZ hlkljZb\Zlvky ih \j_f_gb lhevdh hl jZkp_ibl_e_c f]gh\_ggh]h ^_ckl\by k_e_dlb\guo Z\lhfZlh\
' tlj 1k = t Z\l + 0,5 ' '' tlj 2 k = t aZs + 0,5 '' t aZs = tZ\l + 0,5

<U;HJ MKL:<HD IH G:IJY@?GBX IMKDH<UO HJ=:GH< FBGBF:EVGH=H G:IJY@?GBY :<J B KO?FU >HIHEGBL?EVGH=H K?DPBHGBJH<:GBY
GZijy`_gb_ kjZ[Zlu\Zgby imkdh\h]h hj]ZgZ fbgbfZevgh]h gZijy`_gby :<J b imkdh\h]h hj]ZgZ ^hihegbl_evgh]h k_dpbhgbjh\Zgby ijb bkq_agh\_gbb gZijy`_gby gZ h[_bo k_dpbyo  d< \u[bjZ_lky lZdbo h[jZahf qlh[u imkdh\u_ hj]Zgu kjZ[Zlu\Zeb ijb ij_djZs_gbb iblZgby k_dpbc b g_ ijboh^beb \ ^_ckl\b_ ijb ihgb`_gbyo gZijy`_gby \ua\Zgguo d\ gZ k[hjguo rbgZo \ukhdh]h gZijy`_gby =JWK beb kZfaZimkdhf we_dljh^\b]Zl_e_c >ey \uiheg_gby wlbo mkeh\bc gZijy`_gb_ kjZ[Zlu\Zgby &kj

-5-

-6-

<U;HJ MKL:<HD IH !GB IMKDH<H=H HJ=:G:

FBGB:EVGH=H G:IJY@GBY MKLJHCKL<: :<J


<u^_j`dZ \j_f_gb j_e_ imkdh\h]h hj]ZgZ fbgbfZevgh]h gZijy`_gby :<J k_dpbb  d< ^he`gZ ijbgbfZlvky jZ\ghc mklZ\d_ j_e_ \j_f_gb fZdkbfZevghc lhdh\hc aZsblu k_dpbb ijb iblZgbb dZ`^hc ba k_dpbc hl ljZgknhjfZlhjZ k jZks_ie_ggufb h[fhldZfb beb hl hl^_evgh]h ljZgknhjfZlhjZ kf jbk   Ijb iblZgbb ^\mo k_dpbc  d< hl h^gh]h ljZgknhjfZlhjZ k g_jZks_ie_ggufb h[fhldZfb kf jbk \u^_j`dZ \j_f_gb imkdh\h]h ' ^he`gZ mklZgZ\eb\Zlvky gZ hj]ZgZ fbgbfZevgh]h gZijy`_gby :<J timkd klmi_gv [hevr_ \u^_j`db \j_f_gb fZdkbfZevghc lhdh\hc aZsblu k_dpbb


GZb[hevrZy \_ebqbgZ ihemq_ggZy ba mdZaZgguo lj_o mkeh\bc ijbgbfZ_lky aZ mklZ\dm j_e_ \j_f_gb imkdh\h]h hj]ZgZ fbgbfZevgh]h gZijy`_gby :<J k_dpbb  Z<

'' timkd tk_dp '

<U;HJ MKL:<HD IH <J?F?GB IMKDH<H=H HJ=:G: >HIHEGBL?EVGH=H K?DPBHGBJH<:GBY


IjZ\bevgZy jZ[hlZ mkljhckl\Z :<J k_dpbc  d< fh`_l [ulv h[_ki_q_gZ lhevdh \ lhf kemqZ_ _keb jZa^_e_gb_ k_dpbc gZ ihemk_dpbb ijb j_`bfZo k\yaZgguo k ihl_j_c iblZgby h[_bfb k_dpbyfb  d< ijhbahc^_l jZgvr_ beb h^gh\j_f_ggh k hldexq_gb_f Z\lhfZlh\ \\h^h\ jZ[hq_]h iblZgby k_dpbc  d< <u[hj \u^_j`db \j_f_gb imkdh\h]h hj]ZgZ ^hihegbl_evgh]h k_dpbhgbjh\Zgby j_dhf_g^m_lky ijhba\h^blv ba jZkq_lZ fbgbfZevgh]h i_j_ju\Z \ iblZgbb ijb hkh[h hl\_lkl\_gguo gZ]jmadZo Mq_l fZdkbfZevgh \hafh`gh]h i_j_ju\Z iblZgby k_dpbc  d< ijb\h^bl d g_h[oh^bfhklb mklZgh\db kebrdhf [hevrhc \u^_j`db \j_f_gb dh]^Z wnn_dlb\ghklv ^_ckl\by :<J agZqbl_evgh kgb`Z_lky b g_ ^hklb]Z_lky hkgh\gh_ mkeh\b_ ij_^mkfZljb\Z_fh_ ^hihegbl_evguf k_dpbhgbjh\Zgb_f Z bf_ggh h[_ki_q_gb_ kZfhaZimkdZ b khojZg_gb_ \ jZ[hl_ we_dljh^\b]Zl_e_c  d< hl\_lkl\_gguo f_oZgbafh\ h[_ki_qb\Zxsbo hklZgh\ [ehdZ [_a ih\j_`^_gby hkgh\gh]h h[hjm^h\Zgby \ mkeh\byo hlkmlkl\by gZijy`_gby gZ h[_bo k_dpbyo K+ 6 d< Bkoh^y ba mdZaZgguo mkeh\bc mklZ\dZ j_e_ \j_f_gb ko_fu dhgljhey bkq_agh\_gby gZijy`_gby gZ h[_bo k_dpbyo  d< imkdh\h]h hj]ZgZ ^hihegbl_evgh]h k_dpbhgbjh\Zgby ^ey \u^_e_gby hkh[h hl\_lkl\_gghc gZ]jmadb ^he`gZ ijbgbfZlvky gZ klmi_gv [hevr_ \j_f_gb fbgbfZevgh]h i_j_ju\Z iblZgby ijb :<J k_dpbc KG  d< MdZaZgghc nhjfmehc j_dhf_g^m_lky ihevah\Zlvky ijb \uiheg_gbb jZ[hq_]h iblZgby k_dpbc KG  d< hl ljZgknhjfZlhjZ k jZks_ie_ggufb
' tk_dp = t fbg + 0,5

MklZ\dm ih \j_f_gb imkdh\h]h hj]ZgZ fbgbfZevgh]h '' j_dhf_g^m_lky ijbgbfZlv gZijy`_gby :<J iblZgby k_dpbc  d< timkd bkoh^y ba ke_^mxsbo mkeh\bc Z hgZ ^he`gZ [ulv gZ klmi_gv [hevr_ \hafh`gh]h i_j_ju\Z iblZgby \ua\Zggh]h hldexq_gb_f da gZ k_dpbb  d< ^h \dexq_gby bklhqgbdZ j_a_j\gh]h iblZgby mkljhckl\hf :<J

'' ' ' timkd = t aZs + t fbg + 0,5 ' ' t fbg = thlde + t\de ' -\j_fy hldexq_gby \udexqZl_ey jZ[hq_]h iblZgby  d< ]^_ thlde t\de -\j_fy \dexq_gby \udexqZl_ey j_a_j\gh]h iblZgby dhlhjh_ ijbgbfZ_lky ih gZb[he__ f_^e_ggh ^_ckl\mxs_fm \udexqZl_ex j_a_j\gh]h ljZgknhjfZlhjZ \dexqZ_fhfm mkljhckl\hf :<J [ hgZ ^he`gZ gZ klmi_gv ij_\urZlv mklZ\dm ih \j_f_gb fZdkbfZevghc lhdh\hc aZsblu k_dpbb ijb iblZgbb ^\mo k_dpbc hl h^gh]h jZ[hq_]h ljZgknhjfZlhjZ  d<

' ' = t aZs + 0,5 timkd

\ hgZ ^he`gZ [ulv gZ klmi_gv [hevr_ b^b jZ\gZ \u^_j`d_ \j_f_gb imkdh\h]h hj]ZgZ ^hihegbl_evgh]h k_dpbhgbjh\Zgby tk_dp gZ \k_o k_dpbyo ghjfZevgh j_a_j\bjm_fuo hl lh]h `_ ljZgknhjfZlhjZ qlh b ihemk_dpbb \u^_ey_fu_ ijb ^hihegbl_evghf k_dpbhgbjh\Zgbb
-7-

'' '' timkd = t aZs + 0,5

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