FNFCTAK BF CFXMIBK TKRFEMOIA, BO]TKEOHAF,

FGFMROWK _ CFRI.

Vei gk
Vei gkrc
rcii cu
cuy
y vi
viao
aoks
ksi
i bf mu
muie
ietog
togom
omir
ir fa cf
cfrm
rmib
ibk
k pi
piri
ri fg
fgfm
fmtk
tks
s bf prprky
kyfm
fmti
tirr ai
bfci
bf cieb
ebii fs iqiquf
ufaai
aai ququf
f bo
bovo
vobf
bf ia cf cfrm
rmib
ibk
k fe cf
cfrm
rmib
ibk
k pk
pktf
tfem
emoi
oia,
a, cf
cfrmrmib
ibkk
bospkeohaf, cfrmibk fgfmtovk y cfrmibk cfti. Wiroks fcprfebfbkrfs cf pobofrke quf

fsmrohi ue pkst imfrmi

quf femketrirke ek fs bf fstfprfmosi
mairi, tfci piri
prfmosi quf
oaaiakbf
y sfemoaai
sfem fetofebie cfnkr,
fetfebfr. _ ak pufs
`irï ai oegkrcimoýe
fxpaom
fxpaomiebk
iebk bf
ciefri prémtomi i trivïs bf ue fnfcpak piri ue eufvk efjkmok.

Tiri bfgoeor aks bogfrfetfs topks bf cfrmibk cfemokeibks procfrk bfhfs bfgoeor mke
mairobib fa sfjcfetk bf cfrmibk ia quf sf borojoré fa prkbumtk k sfrvomok quf vis i
kgrfmfr.

Fa fst
fstubo
ubok
k quf uto
utoaoz
aozirï
irï mkc
mkckk fnf
fnfcpa
cpak
k mkr
mkrrfs
rfspke
pkebfbf i ue rfs
rfstiu
tiurie
rietf
tf bf mkc
mkcobi
obi
vfjftiroiei, quf sf bogfrfemoiré bf aks bfcés rfstiurietfs bf mkcobi vfjftiroiei
pkr kgrfmfr ue sihkr ijribihaf y ue fxmfafetf sfrvomok ia maofetf. Jfefriacfetf aks
rfstiurietfs bf mkcobi vfjftiroiei ske mkesobfribks mkck mkcobi soe sihkr k sihkr 
ek ij
ijri
ribi
biha
haf,
f, y ququf f ai
ais
s pf
pfrs
rske
keis
is vi
vie
e i titiaf
afs
s to
topk
pkss bf rf
rfst
stiu
iuri
riet
etfs
fs pk
pkrq
rquf
uf
socpaf
soc pafcfe
cfetftf ek tof
tofefe
efe iat
iatfre
freito
itovi
vi pir
pirii kht
khtfef
fefrr mkc
mkcobi
obi sia
siaubi
ubihaf
haf<< y ibf
ibfcés
cés fa
sfrvomok fs bfgomofetf fe tiafs efjkmoks.

Fa sfjcfetk bf cfrmibk quf itfebfré fs fa sojuofetf>

 
 Jfkjrégomk> Bostrotk bf ]ieti Rfrfsi.
 
 Fbibfs> 90 ” 72 iùks. Rktia> 824,444 pfrskeis
 
 Eovfa skmokfmkeýcom
skmokfmkeýcomk> k> H y M. Fs fa 84% bf ai
a i pkhaimoýe.
 
 Fstoak bf vobi> ]f prfkmupie pkr muobir su siaub. Fs fa 64% bf ai pkhaimoýe.
 

CFXMIBK TKRFEMOIA

Bfgoeomoýe> Fs fa mkenuetk bf mkesucobkrfs ia quf pufbf aafjir eufstrk prkbumtk k

sfrv
sfrvom
omok
ok.. ]k
]ke
e iq
iquf
ufaa
aaks
ks qu
quff TKBX
TKBXÃIE
ÃIE EFMF
EFMF]ORIX
]ORIX fa pr
prkb
kbum
umtk
tk k sf
sfrv
rvom
omok
ok qu
quf
f
qufrfcks kgrfmfr.
Fsté gkrcibi pkr ais pfrskeis quf mkesucfe y ek mkesucfe fa prkbumtk jfefria quf
qufrfcks kgrfmfr.

Fnfcpak> Tiri fa misk bfa fnfcpak bfa rfstiurietf bf mkcobi vfjftiroiei, fa cfrmibk

pktfemoia ske tkbis ais pfrskeis quf vovfe fe fa bostrotk bf ]ieti Rfrfsi, quf tofefe
90-72 iùks bf fbib, pfrtfefmfe ia eovfa skmokfmkeýcomk H y M y tofefe fa fstoak bf
vobi siaubihaf.
Fe ai tih
tihai
ai soj
sojuof
uofetf
etf prfsfetk
prfsfetk fa méa
méamua
muak
k bf ai mi
mieto
etobib
bib bf pfpfrsk
rskei
eiss mk
mke
e fst
fstis
is
mirimtfrãstomis, f oemauyk ai gufetf bf bkebf sf khtuvofrke aks bitks piri sustfetir su
skaobfz.

Ais pfrskeis quf vovfe fe fa bostrotk bf ]ieti Rfrfsi, bf 90-72 iùks bf fbib quf
pfrtfefmfe i aks eovfafs skmokfmkeýcomks H y M y quf tofefe fstoak bf vobi siaubihaf
ske fe tktia> 82,444.

CFXMIBK BO]TKEOHAF
Bfgoeomoýe> Fs uei pirtf bfa cfrmibk pktfemoia y fsté gkrcibi pkr fa mkenuetk bf
mkesu
mkesucob
cobkrf
krfs
s quf tof efe ai EFMF]OBIB F]TFMÃGOMI bf mk
tofefe mkcp
cpri
rirr fa pr
prkb
kbum
umtk
tk k
sfrvomok quf kgrfmf fa eufvk efjkmok. Fstk ek quofrf bfmor quf tkbis fstis pfrskeis
mkcpririe fa prkbumtk quf kgrfmfré fa eufvk efjkmok. Bf fstf tktia, uei pirtf pkbrãi
mkcprir ia eufvk efjkmok y ktrk ek, pkr bogfrfetfs rizkefs.
Tiri
Tir i bft
bftfrc
frcoei
oeirr fa cfr
cfrmib
mibkk bos
bospk
pkeoh
eohaf
af sf uto
utoaoz
aozi
i fa muf
mufsto
stokei
keirok
rok bf fe
femuf
mufsti
sti,, f
oemauocks uei prfjueti piri faak.
Fnfcpak> Tiri fa efjkmok bf mkcobi vfjftiroiei, fe fa mufstokeirok bf femufsti sf
mkesobfri uei prfjueti quf bomf> »Mkesucf ustfb mkcobi vfjftiroiei;
Fsti prfjueti sf rfgofrf i ai mkcobi vfjftiroiei fe jfefria, ek sf rfgofrf ia topk bf
mkcobi vfjftiroiei bfa eufvk efjkmok.
Ais rfspufstis ske mkck sf cufstrie>
 

Tiri fa méamuak bfa cfrmibk bospkeohaf utoaozicks fa rfsuatibk bf ai rfspufsti ]o. Fa

cfrmibk bospkeohaf fs 3 Cfrmibk Tktfemoia x % Xfspufsti ]o 3 82,444 x =4% 3
:,844 pfrskeis.

CFXMIBK FGFMROWK
Bfgoeomoýe> Fs uei pirtf bfa cfrmibk bospkeohaf y fsté gkrcibk pkr fa mkenuetk bf
mkesucobkrfs quf ibfcés bf ai efmfsobib fspfmãgomi, tofefe ai OERFEMOÝE BF
MKCTXIX fa hofe k sfrvomok quf kgrfmf fa eufvk efjkmok. Iquã so sf rfgofrf i ai
mkcobi vfjftiroiei bf hufe sihkr y mke fxmfafetf sfrvomok quf kgrfmfré fa eufvk
rfstiurietf.
Fstf cfrmibk tichoïe fs bfgoeobk i trivïs bf uei prfjueti fe fa mufstokeirok bf
femufsti.

Fnfcpak> Tiri fa misk bfa rfstiurietf bf mkcobi vfjftiroiei mke sihkr ijribihaf y
uei fxmfafetf itfemoýe, fe fa mufstokeirok bf femufsti sf mkesobfri uei prfjueti
quf bomf>
]o tuvofri ai kpkrtueobib bf mkesucor fe ue rfstiurietf bf mkcobi vfjftiroiei fe ai
quf af kgrfzmie mkcobi sihrksi y mke ue fxmfafetf sfrvomok ia maofetf, »Vb.
Mkcprirãi iaaã;
Ais rfspufstis ske>

Tiri miamuair fa cfrmibk fgfmtovk trihinicks mke ai rfspufsti ‑Bfgoeotovicfetf ]o–,

pkrquf fs ai quf eks oebomi iqufaais pfrskeis cés oetfrfsibis k mke quofefs fxostf
uei iati prkhihoaobib quf mkesucorée fa prkbumtk bf fstf eufvk rfstiurietf.

Tkr ak tietk fa cfrmibk fgfmtovk fs> cfrmibk bospkeohaf pkr % Bfgoeotovicfetf ]o 3

:,844 x ?4% 3 7,204 pfrskeis.

Bfhk sfùiair quf fsti mietobib bf 7,204 pfrskeis (?4%) ek bfhfcks mkesobfrirak
mkck iajk ihskautk, pfrk so ue viakr quf eks bi uei obfi bf ai mietobib bf pfrskeis
quf mke mofrti sfjurobib mkcprirãie eufstrk prkbumtk k sfrvomok. Tkr faak iajueis
pfrskeis mistojie fsti mietobib mke ue %, quf pkbrãi sfr 84% k cés, prkmuriebk
mke faak sfr cés rfiaostis. Fstk quofrf bfmor quf so hofe fa ?4% rfspkebf quf ]o
 

mkcprirãi eufstrks prkbumtks, muiebk fa efjkmok fstï guemokeiebk fs cuy prkhihaf

quf uei mietobib cfekr fs ai quf rfiacfetf mkcprf eufstrks prkbumtks.

CFXMIBK CFRI K CFXMIBK KHNFROWK

Bfgoeomoýe> Fs uei pirtf bfa cfrmibk fgfmtovk quf ai fcprfsi fspfri itfebfr, fs
bfmor ai pirtf bfa cfrmibk fgfmtovk
fgfmtovk quf sf goni mkck cfti i sfr
sfr iamiezibi pkr fa
efjkmok.
Fe ktris piaihris, ia rfiaozir aks fsgufrzks y immokefs bf cirlftoej bf ai fcprfsi sf
fspfri miptir i fsti mietobib bf pfrskeis.

Fnfcpak> Ai fcprfsi bf rfstiurietf bf mkcobi vfjftiroiei sihrksi y mke ue

fxmfafetf sfrvomok mkesobfri quf itfebfré ia 94% bf ai bfciebi fgfmtovi.
Tkr ak tietk fa cfrmibk cfti fe eþcfrks sfré> Cfrmibk fgfmtovk x % Cfrmibk cfti
3 7,204 x 94% 3 720 pfrskeis.

 I mketoeuimoýe ue rfsucfe
rfsucfe jrégomk bfa méamuak
méamuak bf aks bogfrfetfs cfrmibks>
cfrmibks>

Cfrmibk Cfti> 720 pfrskeis

Risi bf mrfmocofetk pkhaimokeia 3 j 3 8.6%
Tg3Ti(9+j)e

 Iùk 93 Tg3720(9+8.6%)9 3772.8
 Iùk 83 Tg3720(9+8.6%)83 704.0
 Iùk =3 Tg3720(9+8.6%)=3 7?:.0
 Iùk 23 Tg3720(9+8.6%)23 :96.=
:96.=
 Iùk 63 Tg3720(9+8.6%)63 :==.8
:==.8
 

Ai bfciebi bfa cfrmibk piri ue hofe k ue irtãmuak rfprfsfeti ais bogfrfetfs

mietobibfs bfa cosck quf bfciebie, i prfmoks bogfrfetfs, tkbks aks mkesucobkrfs
burietf ue pfrokbk fspfmãgomk.

Bf fsti gkrci, ai bfciebi bfa cfrmibk bfpfebf bf aks coscks gimtkrfs quf oegauyfe
fe ai bfciebi oebovobuia y, ibomokeiacfetf, bfa eþcfrk bf mkcpribkrfs, ak muia
pufbf igfmtir su bospkeohoaobib.

Jfkcïtromicfetf, ai murvi bf bfciebi ijrfjibi sf pufbf khtfefr suciebk

`krozketiacfetf tkbis ais murvis bf bfciebi oebovobuiafs.
o ebovobuiafs.

Murvi bf bfciebi ijrfjibi

Murvi bf bfciebi bfa cfrmibk

Murvi quf rfaimokei ai mietobib quf mkcprirée tkbks aks mkesucobkrfs bf ue hofe fe ue
cfrmibk y fa prfmok.
Bf ai bfciebi bfa oebovobuk i ai bfciebi bfa cfrmibk.
Bftfrcoeimoýe bf ai murvi bf bfciebi bfa cfrmibk
 

9. ]f tofef ai sojuofetf fmuimoýe bf bfciebi Y b3 98 - 8T,

sustotuyfebk bovfrsks prfmoks khtfeji ai bfciebi y jrigoquf
tihuaiebk prfmoks bfa 4 ia 7.
8.-]upkeji quf ai bfciebi bf uei pfrskei pkr iutks fs Y b  3
044-844T. ]ustotuyfebk bovfrsks prfmoks bf mkm`fs, khtfeji
ai bfciebi bfa oebovobuk y jrigoquf utoaoziebk prfmoks bfa 4 ia
2.

=. Tiri uei
uei guemoýe
guemoýe bf kgfrt
kgfrti
i Yk 3 - 04 + 86T, utoaomf prfmoks bfa
= ia 0 piri jrigomir ai murvi bf kgfrti y bftfrcoeir muia fs fa
prfmok cãeock quf bfhf tfefr fstf prkbumtk fe fa cfrmibk
piri quf
quf fa prkbumtkr fstf bospufstk
bospufstk kgrfmfrak.

2. Ai fmuimoýe
fmuimoýe bf ai kgfrti
kgfrti bf
bf ue prkbumtk
prkbumtk fs Yk 3 -86+86T. ]o
fa mkstk bf aks
aks oesucks viroi
viroi y ai murvi
murvi bf kgfrti michoi
michoi i Yk
3 -64+86T »Yuï pisk mke aks prfmoks bf aks oesucks;
Jrigomir.
RFCI> TXFMOK _ MIEROBIB BF FYVOAOHXOK BFA CFXMIBK
9. Mi
Miam
amua
uaf
f fa pr
prfm
fmok
ok y ai mi
miet
etob
obib
ib bf fq
fquo
uoaoaohr
hrok
ok y jr
jrig
igoq
oquf
uf ai
aiss
sojuofetfs guemokefs>
Yb 3 984 ” ?T
Yk  3 T + 94
 

8. Tiri ue cfrmibk
cfrmibk bf migï quf fsté bfgoeobk
bfgoeobk pkr ais fmuimokefs
fmuimokefs
sojuofetfs>
Yb 3 24 ” 2T

Yk  3 0 + T
i. Khtf
Khtfeji,
eji, jrégomi
jrégomi y iajfhriomicf
iajfhriomicfetf
etf fa prfmok y ai mietobib
mietobib
bf fquoaohrok.
h. ]u
]upk
pkejeji
i qu
quff fa prfmok
prfmok fs bf 94
94.. Bf
Bfgo
goei
ei so `i
`iyy fx
fxmf
mfsk
sk bf
kgfrti k bf bfciebi y bf muietk fs.
m. »Y
»Yuï
uï sumfb
sumfbfr
fré
é fe fa cf
cfrm
rmib
ibkk bf
bfaa tï so su
suhf
hf fa pr
prfm
fmok
ok bfa
migï.

MI]K> _KJVXR GXVRIBK MKE T` IAMIAOEK

Vei ocpkrtietf fcprfsi bfa sfmtkr iaocfetks `i
Bfmobobk bovfrsogomir su mirtfri bf prkbumtks y
Fetrfjir ia cfrmibk, ykjurt mke grutis. quf mketofef ue
T` iamiaoek, piri prktfjfr i ai pkhaimoýe bf
fegfrcfbibfs
Tiri khtfefr ai bfciebi sf tkciré mkck hisf ai
prkvoemoi bf Touri mke uei pkhaimoýe bf 9 7:7 =96
@ihotietfs (Gufetf OEFO).
]f sihf ibfcés quf ai tisi bf mrfmocofetk fs 8.=%
 Ibomokeiacfetf, bibis ais mirimtfrãstomis bfa prkbumtk sf
`i bftfrcoeibk quf fa jrupk khnftovk ske> @kchrfs y
cunfrfs bf 94 i 26 iùks bf fbib (7:% bf ai pkhaimoýe),
bf aks eovfafs skmokfmkeýcomks H y M. (=6%). ]fjþe aks
rfsuatibks khtfeobks fe uei rfmofetf femufsti, fa
64,:4% bf ai pkhaimoýe mkesucf ykjurt. _ fa =4%
fstirãi oetfrfsibk fe aks ykjurt grutibk bfa prkyfmtk.
 

Tiri bftfrcoeir fa cfrmibk khnftovk sf fstihafmofrke

trfs fsmfeiroks>
Fa Kptocosti, quf mkesobfri quf itfebfré ia 84% bf ai
pkhaimoýe.

Fa Ckbfribk, quf mkesobfri quf itfebfré ia 94% bf ai

pkhaimoýe y
Fa Tfsocosti, quf mkesobfri quf itfebfré ia 94% bf ai
ai
pkhaimoýe.
Tiri ak muia sf bfhf tkcir fe mufeti ais fstritfjois bf
imtuimoýe grfetf i ai mkcpftfemoi, mipimobib bf
prkbummoýe, fetrf ktrks

Tiri ais mogris khtfeobis piri mibi fsmfeirok

prkekstoquf ai bfciebi burietf aks prýxocks 6 iùks.

Oegkrcimoýe mkcpafcfetiroi
Fstritfjois bf Imtuimoýe grfetf i ai mkcpftfemoi
 Fstritfjoi bf aãbfr. Fa aãbfr fs iqufa quf kmupi uei pksomoýe
bkcoeietf fe fa cfrmibk rfmkekmobi pkr fa rfstk bf ais
fcprfsis. Ve aãbfr sf fegrfeti i trfs rftks> fa bfsirrkaak bf ai
bfciebi jfeïromi, bfsirrkaaiebk ai tktiaobib bfa cfrmibk
miptiebk eufvks mkesucobkrfs k usuiroks bfa prkbumtk,
bfsirrkaaiebk eufvks usks bfa cosck k oemrfcfetiebk su
mkesuck< prktfjfr ai pirmopimoýe bfa cfrmibk, mke rfspfmtk
i ai muia pufbf ibkptir bovfrsis fstritfjois mkck ai
oeekvimoýe, ai bostrohumoýe oetfesovi, ai mkegrketimoýe ihofrti
mke rfspfmtk i aks prfmoks...< y icpaoir ai pirmopimoýe bfa
 

cfrmibk, iucfetiebk ai rfetihoaobib bf sus kpfrimokefs soe

oemurror fe pksomokefs ckekpkaãsmis.
Fstritfjoi bf rftibkr. Mkesostfetf fe qufrfr sustuor ia aãbfr,
yi quf ek sf bkcoei fa cfrmibk. Mke faak triti bf
oemrfcfetir su pirmopimoýe bf cfrmibk cfboietf fstritfjois
ijrfsovis. Ïstis pufbfe mkesosr>
 ” Itiquf grketia> uaoziebk ais coscis ircis quf fa aãbfr.
 ” Itiqufs aitfriafs> tfeofebk mkck khnfvk aks puetks cés
bïhoafs bfa mkcpfbkr, pubofebk ibkptir virois gkrcis mkck
fa bfshkrbicofetk, fa imfrmicofetk, ai jufrroaai, ftm.
Fstritfjoi bf sfjuobkr. Fa sfjuobkr fs iqufa mkcpfbkr quf
fef uei mukti bf cfrmibk cés rfbumobi quf fa aãbfr. ]u
fstritfjoi mkesostf fe iaoefir sus bfmosokefs mke rfspfmtk i ais
bfa aãbfr. Ek itimi, mkfxostf mke ïa piri rfpirrsf fa cfrmibk.
Rriti bf bfsirrkaair ai bfciebi jfeïromi mkemfetréebksf fe
sfjcfetks bfa cfrmibk fe aks quf pksff uei ciykr vfetini
mkcpfvi, mke uei fstritfjoi prkpoi.
Fstritfjoi bf fspfmoiaosti. Fa fspfmoiaosti fs iqufa quf husmi ue

`ufmk fe fasoe
bkcoeietf cfrmibk fe fa quf
sfr itimibk pufbi
pkr ai tfefr uei]f
mkcpftfemoi. pksomoýe
mkemfetri
fe ue sfjcfetk bfa cfrmibk, bkcoeéebkak y sorvoïebkak mke
uei jrie fspfmoiaozimoýe y khtfeofebk sumofetf pktfemoia bf
hfefmok.
MI]K> IJVI COEFXIA MKE T` IAMIAOEK
Vei ocpkrtietf fcprfsi bfa sfmtkr iaocfetks
`i
Bfmobobk bovfrsogomir su mirtfri bf prkbumtks y
 

Fetrfjir ia cfrmibk, IJVI COEFXIA. quf

mketofef ue T` iamiaoek, piri prktfjfr i ai
pkhaimoýe bf fegfrcfbibfs.

Tiri
hisf khtfefr ai bfciebi
ai MOVBIB MITORIAsf tkciré
AOCI mkemkck
uei
pkhaimoýe bf 94 644 =44 @ihotietfs (Gufetf
OEFO).
]f sihf ibfcés quf ai tisi bf mrfmocofetk
TKHAIMOKEIA fs 8.6%
 Ibomokeiacfetf, bibis ais mirimtfrãstomis
mirimtfrãstomis bfa
prkbumtk sf `i bftfrcoeibk quf fa jrupk
khnftovk ske> @kchrfs y cunfrfs bf 94 i 64
iùks bf fbib (:6% bf ai pkhaimoýe), bf aks
eovfafs skmokfmkeýcomks
skmokfmkeýcomks H y M. (26%). ]fjþe
aks rfsuatibks khtfeobks fe uei rfmofetf
femufsti, fa 74% bf ai pkhaimoýe mkesucf
 IJVI COEFXIA. Cis fa =4% fstirãi
oetfrfsibk fe fa IJVI COEFXIA mke T`
 IAMIAOEK bfa prkyfmtk.
prkyfmtk. Tiri bftfrcoeir fa
cfrmibk khnftovk sf fstihafmofrke trfs
fsmfeiroks>>
fsmfeiroks
Fa Kptocosti, quf mkesobfri quf itfebfré ia
96% bf ai pkhaimoýe.
Fa Ckbfribk, quf mkesobfri quf itfebfré ia
0% bf ai pkhaimoýe y
 

Fa Tfsocosti, quf mkesobfri quf itfebfré ia 2% bf ai

pkhaimoýe.
Tiri ak muia sf bfhf tkcir fe mufeti ais fstritfjois bf
imtuimoýe grfetf i ai mkcpftfemoi, mipimobib bf

prkbummoýe, fetrf ktrks.

Tiri ais mogris khtfeobis piri mibi fsmfeirok
prkekstoquf ai bfciebi burietf aks prýxocks 6 iùks.
Cfrmibk pktfemoia > 94 644 =44 x 4.:6 x 4.26
Cfrmibk pktfemoia > = 62=
62= 06
069.
9.86
86 3 = 62=
62= 069
0 69 `ih
`ih
Cfrmibk Bospkeo
Bospkeohaf>
haf> = 6
62=
2= 069.86P4.
069.86P4.73
738 987
987 =94.
=94.:6
:6
Cfrmibk Bospkeohaf> 8 987 =99 `ih.
Cfrmibk fgfmvk> 8 987 =94.:6 x 4.=43 7=: 0?=.886
Cfrmibk fgfmvk> 3 7=: 0?= `ih.
Cfrmibk khnfvk
Tfra Kpcosti 96%
7=: 0?=.886 x 4.963?6 70=.?0 3 ?6 702 `ih
Tfra Ckbfribk 0%

7=: 0?=.886 x 4.403 69 4=9.2603 69 4=9 `ih

Tfra Tfsocosti 2%
 
7=: 0?=.886 x 4.42386696,:8?3 86 697 `ih