HG]OÞA HOK V_OEXO HO

TOL_KNMGÝE W @OHGMGÝE
HOXOT@GENMGÝE HOK MN
MN_HNK
_HNK HO

MAE]_@A
KN GE]XNKNMGÝE HODOTÎ O]XNT HG@OE]GAENHN VNTN MAEH_MGT OK
MN_HNK
MN_H NK TO^_OTGHA VAT KA] O^_GVA] HO MAE]_@A OE OK @A@OEXA
HO @ÎRG@N HO@NEHN. N]À @G]@A VNTN KN] N@VKGNMGAEO] VTOSG]XN] ]O
HODOE XOEOT OE M_OEXN KN] KG@GXNMGAEO] OE KN VOTHGHN HO MNTLN W
KN SOKAMGHNH @ÎRG@N.

HOXOT@GENT KN VAXOEMGN HO KN GE]XNKNMGÝE ]O HODOTÎ MAE]GHOTNT

KN ]G@_KXNEOGHNH HO KA] O^_GVA] ^_O ]O GE]XNKNTNE OE OK

@A@OEXA HO KN @ÎRG@N HO@NEHN.

MNXOLATGZNMGÝE
MNXOLATGZNMGÝE HO KA] _]_NTGA]
_] _NTGA]
KN TO]AK_MGÝE NH@GEG]XTNXGSN
NH@GEG]XTNXGSN ]]HB E¶ >=24/4663 HG]VAEÀN KN
MNXOLATGZNMGÝE
MNXOLATGZNMGÝE HO KA] _]_NTGA] DNJA KA] ]GL_GOEXO] VNTÎ@OXTA]:

• MNXOLATÀN GEH_]XTGNK: _]_NTGA] ^_O M_@VKOE KA ]GL_GOEXO:

MNXOLATÀN
 _]A HOK LN] MA@A MA@D_]XGDKO A VNTN ]_ SOEXN MA@A LN] ENX_TNK
SOBGM_KNT (OO.]]. HO LES)
 VTAVGOX
VTAVGOXNTGA]
NTGA] HO KN NMA@OXGHN W HOK ]G]XO@N HO TOL_KNMGÝE W @OHGMGÝE.
 MAEOMX
MAEOMXNHA]
NHA] ÚEGMN@OEXO N KN TOH VTG@NTGN HOK ]G]XO@N HO
HG]XTGD_MGÝE.
 MN_HNK HO HO@NEHN @ÎRG@N ]_VOTGAT N >.666 VMB.
 SAK_@OE @OHGA HO MAE]_@A @NWAT N >66.666 VM@.
• MNXOLAT ÀN MA@OTMGNK: _]_NTGA] ^_O M_@VKOE KA ]GL_GOEXO:
MNXOLATÀN
 _]A HOK LN] MA@A MA@D_]XGDKO.
 VTAVGOX
VTAVGOXNTGA]
NTGA] HOK ]G]XO@N HO TOL_KNMGÝE W @OHGMGÝE M_NEHA ]O
OEM_OEXTOE MAEOMXNHA]
MAEOMXNHA] N KN TOH VTG@NTGN.
 MAEOMX
MAEOMXNHA]
NHA] GEHG]XGEXN@OEXO N KN TOH VTG@NTGN A N KN TOH ]OM_EHNTGN
HOK ]G]XO@N HO HG]XTGD_MGÝE.
 MN_HNK HO HO@NEHN @ÎRG@N @NWAT N >?6 VMB.
 SAK_@OE @OHGA HO MAE]_@A @NWAT N >?.666 VM@.
MNXOLATGZNMGÝE
MNXOLATGZNMGÝE HO KA] _]_NTGA]
_] _NTGA]
OE KN NMX_NKGHNH KN MNXOLATGZNMGÝE
MNXOLATGZNMGÝE HO _]_NTGA] ]O HG]VAEO HO KN
]GL_GOEXO @NEOTN:

• MNXOLAT ÀN GEH_]XTGNK:
MNXOLATÀN
_]A HOK LN] ENX_TNK MA@A MA@D_]XGDKO OE O]XNDKOMG@GOEXA]
GEH_]XTGNKO] ^_O XGOEOE MA@A CGENKGHNH XTNE]CAT@NT KN] @NXOTGN]
@NXOTGN]
VTG@N] OE VTAH_MXA] OKNDATNHA], V_HGOEHA _XGKGZNT
MA@VKO@OEXNTGN@OEXO OK LN] ENX_TNK OE KN LOEOTNMGÝE OKÇMXTGMN VNTN
MAE]_@A VTAVGA.

• MNXOLATÀN LES:
_]A HOK LN] ENX_TNK VNTN KN SOEXN HO LN] ENX_TNK SOBGM_KNT OE
O]XNMGAEO] HO ]OTSGMGA HO LES.

• MNXOLATÀN
MNXOLATÀN MA@OTMGNK:
_]A HOK LN] ENX_TNK OE KAMNKO] MA@OTMGNKO], VNTN MAMMGÝE,
LOEOTNMGÝE HO NL_N MNKGOEXO ]NEGXNTGN W/A MNKOCNMMGÝE.
MAEHGMGAEO] HO AVOTNMGÝE W

C_EMGAEN@GOEXA HOK VT@

XAHN KN GE]XNKNMGÝE HODOTÎ O]XNT HG@OE]GAENHN VNTN MAEH_MGT
OK MN_HNK TO^_OTGHA VAT KA] O^_GVA] W KN] N@VKGNMGAEO]
C_X_TN] VTOSG]XN], XOEGOEHA OE M_OEXN KN] KG@GXNMGAEO] OE KN
VÇTHGHN HO MNTLN W SOKAMGHNH GEHGMNHN] @Î] NHOKNEXO.

KA] OKO@OEXA] HO KN GE]XNKNMGÝE N VNTXGT HO KA] TOL_KNHATO]

HOK VT@ ]O HG]OÞNTÎE MAE]GHOTNEHA KN VTO]GÝE @ÎRG@N N ^_O
V_OHNE O]XNT ]A@OXGHA] XOEGOEHA OE M_OEXN OK SNKAT HO KN]

]ADTOVTO]GAEO] ^_O V_OHNE AM_TTGT NEXO HOCOMXA] HO

C_EMGAEN@GOEXA .
SNTGNDKO] HO HG]OÞA

KN] SNTGNDKO] HO KN] M_NKO] HOVOEHO OK HG]OÞA ]OLÚE OK H.].

>773 ]AE:

• VAXOEMGN.
• MN_HNK.
• MNÀHN HO VTO]GÝE.
• SOKAMGHNH @ÎRG@N HOK LN].
• SOKAMGHNH HO CK_JA.
•

SOKAMGHNH
SOKAMGHNH OTA]GAENK.
VAXOEMGN

VNTN HOXOT@GENT KN VAXOEMGN HO KN GE]XNKNMGÝE ]O HODOTÎ

MAE]GHOTNT KN ]G@_KXNEOGHNH HO KA] O^_GVA] ^_O ]O GE]XNKNTNE
OE OK @A@OEXA HO KN @ÎRG@N HO@NEHN.

 0  +  +  + … … … … + 

HÝEHO:
V] : VAXOEMGN ND]ATDGHN HO ]G@_KXNEOGHNH YI\P.
V> : VAXOEMGN ND]ATDGHN
ND]ATDGHN HOK O^_GVA E¶> YI\P.
V4 : VAXOEMGN ND]ATDGHN
ND]ATDGHN HOK O^_GVA E¶4 YI\P.
VE : VAXOEMGN ND]ATDGHN
ND]ATDGHN HOK O^_GVA OEÇ]G@A YI\P.
MN_HNK

VNTN OK MÎKM_KA HOK MN_HNK HO LN] HO NKG@OEXNMGÝE N O^_GVA]

MAE VAXOEMGN @NWAT N <6 I\, HODOTÎ _]NT]O OK VAHOT MNKATÀCGMA
GECOTGAT MA@A ]O GEHGMN N MAEXGE_N
MAEXGE_NMGÝE:
MGÝE:


0


HÝEHO:
V] : VAXOEMGN ND]ATDGHN HO ]G@_KXNEOGHNH YI\P.
^ : MN_HNK Y@=/BP.
VMG : VAHOT MNKATÀCGMA GECOTGAT YI\B/@=P.
MNÀHN HO VTO]GÝE

VNTN KN SOTGCGMNMGÝE HO KN MNÀHN HO VTO]GÝE HO _E XTN@A ]O

_XGKGZNTÎ KN CÝT@_KN HO TOEA_NTH VNTN GE]XNKNMGAEO] MAE
VTO]GÝE HO XTNDNJA @NWAT
@NWAT N ?6 @DNT.

,

 ∔  0 82,3  ,  0 >,4 

HÝEHO:
V ” V4 : VTO]GAEO] ND]AK_XN] (VTO]GÝE TOKNXGSN A @NEA@ÇXTGMN @Î] VTO]GÝE
>

NX@A]CÇTGMN HOK K_LNT HO KN GE]XNKNMGÝE) NK GEGMGA W NK CGENK HO _E XTN@A HO

GE]XNKNMGÝE YDNTP.
^ : MN_HNK HO LN] Y@M]/BP.
HT : HOE]GHNH TOKNXGSN
TOKNXGSN HOK LN] ENX_TNK.
KO : KAELGX_H O^_GSNKOEX
O^_GSNKOEXO O Y@P.
K : KAELGX_H TONK Y@P.
H : HGÎ@OXTA GEXOTEA HO KN X_DOTÀN Y@@P.
SOKAMGHNH @ÎRG@N HOK LN]
VNTN OSGXNT KN NKXN SOKAMGHNH HOK LN] OE KN] X_DOTÀN], KA ^_O XTNOTÀN
NVNTOJNHA
NVNTOJNHA _E G@VATX
G@VATXNEXO
NEXO HO]LN]XO, VÇTHGHN HO MNTLN, T_GHA W @ASG @GOEXA
HOK VAKSA MAEXOEGHA OE OK LN], ]O KG@GXNTÎE N KA] ]GL_GOEXO] SNKATO],
]OLÚE ]_ VTO]GÝE W ZAEN HO NMA@OXGHN:

OE XTN@A] HO NMA@OXGHN E_OSN: 46 @/].

OE XTN@A] HO O^_GVA] HO @OHGMGÝE: >? @/].

 4  ∔ 
 0 =3?,= 
 0  
 ‴ =  ∔ 
KN SOKAMGHNH @ÎRG@N VOT@G]GDKO HOK LN] O] S ≨ 46 @/], VNTN GE]XNKNMGAEO]
GE]XNKNMGAEO]
GEH_]XTGNKO], HODGOEHA OE O]XN
O]XN]
] MAEHGMGAEO] SOTGCGMNT]O KN TOKNMGÝE:


 ; >?6
SOKAMGHNH HO CK_JA
OE LOEOTNK KN SOKAMGHNH OE M_NK^_GOT V_EXA HO KN X_DOTÀN O]XÎ HNHN
VAT:

  
 0 >8,<=87  




HÝEHO:
: SOKAMGHNH HOK LN] Y@/]P.
S
^ : MN_HNK OE MAEHGMGAEO] O]XÎEHNT Y@M]/HÀNP.
H : HGÎ@OXTA GEXOTEA HO KN X_DOTÀN Y@@P.
VD : VTO]GÝE DN]O YIVNP.
XD : XO@VOTNX_TN DN]O YIP (4<=+
(4<=+¶M).
¶M).
Z : CNMXAT HO MA@VTO]GDG
MA@VTO]GDGKGHNH
KGHNH HOK LN].
X@ : XO@VOTNX_TN VTA@OHGA HO CK_JA HOK LN]
XO@VOTNX_TN LN] YIP (4<=+
(4<=+¶M).
¶M).
VD : VTO]GÝE @OHGN HOK XTN@A HO X_DOTÀN YIVNP.
SOKAMGHNH OTA]GAENK
NKXN] SOKAMGHNHO] V_OHOE MN_]NT OTA]GAEO] OE OK GEXOTGAT HO KN X_DOTÀN
N KA KNTLA HOK XGO@VA. OK KÀ@GXO @ÎRG@A HO KN SOKAMGHNH HOK LN] O]
_]_NK@OEXO MNKM_KNHA NVTARG@NHN@OEXO
NVTARG@NHN@OEXO VAT KN ]GL_GOEXO OM_NMGÝE:

 
 0 >,44  0 >,44
 47

HÝEHO:
SO : SOKAMGHNH OTA]GAENK HO CK_JA Y@/]P.
M : MAE]XNEXO O@VÀTGMN
O@VÀTGMN,, ]O NVKGMN _E SNKAT HO >66 VNTN
VNTN ]OTSGMG
]OTSGMGAA MAEXGE_A W
>4? VNTN ]OTSGMGA GEXOT@GXOEXO.
ή : HOE]GHNH HOK LN] N XO@VOTNX_TN HO CK_JA YIL/@=P.
Z : CN
CNMXAT
MXAT HO MA@VTO]G
MA@VTO]GDGKGHNH
DGKGHNH HOK LN] N XO@VOTNX_TN HO CK_JA.
T : MAE]XNEXO _EGSOT]NK HO KA] LN]O] (2=>8,88<
(2=>8,88<4
4 YE@/I@AK IP.
X : XO@VOTNX_TN HOK LN] YIP (4<=+¶M).
L : LTNSOHNH O]VOMÀCG
O]VOMÀCGMN
MN HOK LN].
V : VTO]GÝE ND]AK_XN HOK LN] YVNP.
MNKGHNH HOK LN] ENX_TNK
OK LN] ENX_TNK
ENX_TNK ]_@GEG]XTNHA N XTNSÇ]
XTNSÇ] HO KA] ]G]XO@N] HO HG]XTGD_ MGÝE
HODOTÎ MAEXNT MAE MAEHGMGAEO] ^_O N]OL_TOE ]_ MNKGHNH HO VTO]XNMGÝE
W ]OL_TGHNH.

VTAVGOHNH O]VOMGCGMNMGÝE @ÇXAHA HO OE]NWA

Vahor Mnkaràcgma Ea `oear n =3,>8 @J/` =

]uporgar (>) (7<6 DX_/ct=) N]X@ H =?22

Hoesghnh rokntgvn nk ngro (>) Ea `oeas ho 6,?2 y ea `îs ho 6,37 N]X@ H =?22

Saku`oe ho Egtrýloea (>) Ea `îs ho 4% vak. N]X@ H >78?

Saku`oe ho lnsos geortos gemkuyoeha hgýxgha ho

Ea `îs ho =,?% vak. N]X@ H >78?
Mnrdaea (>)
Snpar ho nlun (>) Ea `îs ho 7? `l/` =
N]X@ H >>84

N]X@ H 8628-6< a
]ukcura ho
Ea `îs ho ? `l/`= n sor nmarhnha
Bghraloea (B4]) (>)
oetro pnrtos
N]X@ H 8628-6< a
]ukcura ho @ormnptnea Ea `îs ho >? `l/`= n sor nmarhnha oetro pnrtos
N]X@ H 8832-2? a
Nzucro tatnk (>) Ea `îs ho ?6 `l/`= n sor nmarhnha
oetro pnrtos

Axàloea (>) Ea `îs ho 6,4% vak. N]X@ H >78?

Hgýxgha ho Mnrdaea (>) Ea `îs ho 4% vak. N]X@ H >78?

Vueta ho Tamàa `nea`çtrgmn ho 8? il/m`4

6 ¶M n kn prosgýe `nea`çtrgmn N]X@ H >>84

Kgdro ho nlun oe car`n kàqughn, pakva a munkqugor atrn `ntorgn sýkghn a

kàqughn, morns, nhboroetos y oko`oetas quo car`oe nhboroetos y/a
munkqugor atrn sudstnemgn quo getorcgorn mae a porjuhgquo kn ma`ormgnkghnh
G`purozns hok Lns. N sor nmarhnha oetro pnrtos
]ustnem gnk`oeto kgdros ho bghramnrduras nra`ît gmas, lkgmakos, `otneak a
munkqugor atrn sustnemgn utgkgznhn oe ok pramosn`goeta hok Lns.
Ea maetoeor maehoesnhas a bghramnrduras oe car`n kàqughn.
NENKG]G] HOK NEORA SG
MAECGL_TNMGAEO] VOT@GXGHN]
OK NEORA SG @_O]XTN < MAECGL_TNMGAEO] VOT@GXGHN] VNTN KN
MAE]XT_MMGÝE HOK V_OEXO HO TOL_KNMGÝE W @OHGMGÝE HO LN]
ENX_TNK, O]XA] ]O HGSGHOE HO NM_OTHA N KN VTO]GÝE HO OEXTNHN A
NK MN_HNK HO ]_@GEG]XTA.

>. VTO]GÝE HO OEXTNHN ≨ >6 DNT A MN_HNK HO ]_@GEG]XTA

O^_GSNKOEXO ≨ >.466 I\.
I\.
4. VTO]GÝE HO OEXTNHN
OEXTNHN 5 >6 DNT A MN_HNK
MN_HNK HO ]_@GEG]XTA
]_@GEG]XTA
O^_GSNKOEXO 5 >.466 I\.
MAECGL_TNMGAEO] VOT@GXGHN]
>. VTO]GÝE HO OEXTNHN ≨ >6 DNT A MN_HNK HO ]_@GEG]XTA
O^_GSNKOEXO ≨ >.466 I\.
I\.

n. TOL_KNHAT
TOL_KNHAT @AEGXAT
@AEGXAT GEHOVOEHG
GEHOVOEHGOEXO
OEXO A GEMATVATN
GEMATVATNHA
HA NK
TOL_KNHAT W SÎKS_KN HO NKGSGA VAT SOEXOA.

TOL_KNHAT @AEGXAT GEHOVOEHGOEXO.

MAECGL_TNMGAEO] VOT@GXGHN]

TOL_KNHAT @AEGXAT GEMATVATNHA.

MAECGL_TNMGAEO] VOT@GXGHN]
D SÎKS_KN HO DKA^_OA VAT ]ADTO-VTO]GÝE NL_N] NTTGDN HOK
TOL_KNHAT A GEMATVATNHN NK TOL_KNHAT W SÎKS_KN HO NKGSGA
VAT SOEXOA (AVMGAENK) .

SÎKS_KN HO ]OL_TGHNH VAT ]ADTO-VTO]GÝE.

MAECGL_TNMGAEO] VOT@GXGHN]

SÎKS_KN HO ]OL_TGHNH VAT ]ADTO-VTO]GÝE GEMATVATNHA.

MAECGL_TNMGAEO] VOT@GXGHN]
4. VTO]GÝE HO OEXTNHN
OEXTNHN 5 >6 DNT A MN_HNK
MN_HNK HO ]_@GEG]XTA
O^_GSNKOEXO 5 >.466 I\.

n. TOL_KNHAT @AEGXAT, SÎK

SÎKS_KN
S_KN HO DKA^_OA VAT ]ADTO-VTO]GÝE
]ADTO-VTO]GÝE
NL_N] NTTGDN HOK TOL_KNHAT NMXGSA W SÎKS_KN HO NKGSGA VAT
SOEXOA (AVMGAENK) .

TOL_KNHAT @AEGXAT, SÎKS_KN HO DKA^_OA VAT ]ADTO-VTO]GÝE.

MAECGL_TNMGAEO] VOT@GXGHN]
d. TOL_KNHAT
TOL_KNHAT @AEGXAT
@AEGXAT MAE DKA^_OA
DKA^_OA VAT ]ADTO-VTO]G
]ADTO-VTO]GÝE
ÝE
GEMATVATNHA NL_N] NTTGDN HOK TOL_KNHAT NMXGSA W SÎKS_KN HO
NKGSGA VAT SOEXOA (AVMGAENK) .

TOL_KNHAT @AEGXAT MAE DKA^_OA VAT ]ADTO-VTO]GÝE GEMATVATNHA.

MAECGL_TNMGAEO] VOT@GXGHN]
h. ]O VAHTÎ NH@GXGT
NH@GXGT XN@DGÇE
XN@DGÇE _EN MAECGL_TN
MAECGL_TNMGÝE
MGÝE HO VT@ MAE
SÎKS_KN TOL_KNHATN HO XTGVKO C_EMGÝE, MAE SÎKS_KN HO
DKA^_OA VAT ]ADTO-VTO]GÝE W SÎKS_KN HO ]OL_TGHNH @AEGXAT
GEMATVATNHN] OE _E ]AKA M_OTVA, @Î] SÎKS_KN HO NKGSGA VAT

SOEXOA (AVMGAENK).

E¶ HO]MTGVMGÝE
> SÎKS_KN HO DKA^_OA LOEOTNK (XGVA DAKN)
4 J_EXN NG]KNEXO (HGOKÇMXTGMN)
= CGKXTA
8 @NEÝ@OXTA
? SÎKS_KN HO ]OL_TGHNH VAT DKA^_OA
3 TOL_KNHAT @AEGXAT
< XOT@Ý@OXTA NL_N] NDNJA HOK TOL_KNHAT
2 TOL_KNHAT NMXGSA
7 SÎKS_KN HO NKGSGA VAT SOEXOA
>6 @OHGHAT HO CK_JA
>> SÎKS_KN HO SOEXOA @NE_NK
>4 TOL_KNHAT @AEGXAT MAE DKA^_OA GEMATVATNHA
>= TOL_KNHAT NMXGSA MAE ]OL_TGHNH @AEGXAT GEMATVATNHA
>8 TOL_KNHAT NMXGSA MAE DKA^_OA GEMATVATNHA
HG]VA]GXGSA] HO ]OL_TGH
]OL_TGHNH
NH

• SÎKS_KN HO ]OL_TGHNH VAT ]ADTO-VTO]GÝE (SÎKS_KN ]B_X ACC),

O]XN] ]O _XGKGZNE VNTN GEXOTT_@VGT OK CK_JA HO LN] OE MN]A HO
N_@OEXA A HG]@GE_MGÝE HO KN VTO]GÝE MAE OK CGE HO VTAXOLOT KN
X_DOTÀN HO LN] W KA] GE]XT_@OEXA].
• SÎKS_KN HO NKGSGA, O]XÎE HG]OÞNHN] VNTN NKGSGNT
KN VTO]GÝE M_NEHA _E CK_GHA ]_VOTN _E KÀ@GXO VTOO]XNDKOMGHA
(VTO]GÝE HO XTNDNJA). ]_ @G]GÝE O] OSGXNT KN ORVKA]GÝE HOK
]G]XO@N VTAXOLGHA A OK CNKKA
CNKKA HO _E O^_GVA A X_DOTÀN VAT _E

ORMO]A HO VTO]GÝE. ORG]XOE XN@DGÇE KN] SÎKS_KN] ^_O NKGSGNE KN

VTO]GÝE HO _E CK_GHA M_NEHA KN XO@VOTNX_TN (W VAT KA XNEXA, KN
VTO]GÝE) ]_VOTN _E KÀ@GXO O]XNDKOMGHA VAT OK CNDTGMNEXO.
O]VOMGCGMNMGAEO] HO KA]
@NXOTGNKO]
KN] O]VOMGCGMNMGAEO] XÇMEGMN], MNXÎKALA] W BAJN] HO HNXA] HO
KA] OKO@OEXA] _XGKGZNHA] W KN] MNTNMXOTÀ]XGMN] LOEOTNKO] HO
KN] SÎKS_KN] TOL_KNHATN] HO VTO]GÝE, GEHGMNEHA KA] MN_HNKO]
HO KN] @G]@N] VNTN KN] ]GL_GOEXO] MAEHGMGAEO] HO
C_EMGAEN@GOEXA:
OKNDATNMGÝE
OKNDATNMGÝE HO _E HGNLTN@N V&GH

O] _E HGNLTN@N HO X_DOTÀN] O GE]XT_@OEXNMGÝE ^_O @_O]XTNE OK

CK_JA
CK_JA HOK VTAMO]A OE KN] X_DOTÀN], N]À MA@A KA] O^_GVA]
GE]XNKNHA] W OK GE]XT_@OEXNK, W ]O HODOTÎ _XGKGZNT KN ^_O ]O
@_O]XTN OE KN XNDKN 2 HOK NEORA SG, ^_O O]XÎ DN]NHN OE KN]
EAT@N] NE]G/G]N ?.>.
OKNDATNMGÝE
OKNDATNMGÝE HO _E HGNLTN@N V&GH
]OKOMMGÝE HO O^_GVA]
]OKOMMGÝE HO DTGHN]
KN] DTGHN]
DTGHN] TO]VAEHOTÎE N KN EAT@N NE]G D >3.?. VAHTÎE ]OT
HO]KGZNDKO] (‛]KGV-AE
(‛]KGV -AE‐),
‐), MAE M_OKKA VNTN ]AKHNT (‛\OKHGEL
(‛\OKHGEL EOMI‐)
EOMI‐)
A MGOLN].

KN MNTN HO KN] DTGHN] VAHTÎ ]OT VKNEN (CKNX CNMO) A MAE TO]NKXO
(TNG]OH CNMO) MAE O@VN^_OXNH_TN] NHOM_NHN] N KN VTO]GÝE HO
AVOTNMGÝE.
]OKOMMGÝE HO O@VN^_OXNH_TN]
@OXÎKGMN]
OK @NXOTGNK VNTN KN] J_EXN] HODOTÎ ]OT MNVNZ HO TO]G]XGT KN
VTO]GÝE @ÎRG@N W HO @NEXOEOT ]_] VTAVGOHNHO] CÀ]GMN]
CÀ]GMN] W
^_À@GMN] N M_NK^_GOT XO@VOTNX_TN ^_O V_HGOTN ]OT ]A@OXGHA
TNZAENDKO@OEXO
TNZAENDKO @OEXO OE ]OTSGMGA.

OK @NXOTGNK HODOTÎ TO]VAEHOT N KN] EAT@N]: NE]G D =>.>.4, NE]G D

>3.? A O^_GSNKO
O^ _GSNKOEXO].
EXO].
]OKOMMGÝE HO O@VN^_OXNH_TN]
HGOKÇMXTGMN]
OE KN OEXTNHN W ]NKGHN HOK V_OEXO HO TOL_KNMGÝE W @OHGMGÝE
VTG@NTGN ]O MAKAMNTÎE J_EXN] NG]KNEXO] ^_O XOEHTÎE VAT ADJOXA
NG]KNT OKÇMXTGMN@OEXO N KN] GE]XNKNMGAEO] HOK V_OEXO HOK TO]XA
HO KN] GE]XNKNMGAEO] HO NMOTA ^_O M_OEXOE MAE VTAXOMMGÝE
MNXÝHGMN W/A XN@DGÇE VNTN OSGXNT _E HTOENJO HO MATTGOEXO]
HG]VOT]N]
HG]VOT]N ] HOK XOTTOEA, HODOTÎE TO]VAEHOT N KN EAT@N N]@O
D>3.4>.
]OKOMMGÝE HO SÎKS_KN] HO
DKA^_OA
OK V_OEXO HO TOL_KNMGÝE W @OHGMGÝE MAEXNTÎ MAE _EN SÎKS_KN HO
DKA^_OA LOEOTNK HO OEXTNHN HO » HO S_OKXN HO NMMGAEN@GOEXA
@NE_NK.

XAHN] KN] SÎKS_KN] HO DKA^_OA ]OTÎE NVXN] VNTN TO]G]XGT KN

VTO]GÝE HO HG]OÞA HO KA] XTN@A] OE ^_O ]O OEM_OEXT
OEM_OEXTNE
NE
MAKAMNHN]. NHO@Î] KN] SÎKS_KN] ]GX_NHN] NL_N] NDNJA HO _EN
SÎKS_KN TOL_KNHATN HO VTO]GÝE, ^_O EA O]X_SGOTNE VTAXOLGHN
VAT SÎKS_KN] HO ]OL_TGHNH, HODOTÎE ]OT NVXN] VNTN ]AVATXNT KN
@ÎRG@N VTO]GÝE HO OEXTNHN N HGMBA TOL_KNHAT
TOL_KNHAT..
]OKOMMGÝE HO CGK
CG KXTA

OK CGKXTA HO KN @G]@N @NEOTN ^_O KN] SÎKS_KN] HODOTÎ ]OT NVXN

VNTN ]AVATXNT KN VTO]GÝE HO HG]OÞA.

KA] _]_NTGA] HO MNXOLATÀN LES W N^_OKKA] _]_NTGA] HO

MNXOLATÀN
MNXOLATÀN GEH_]XTGNK ^_O XOELNE MAE]_@A] OKOSNHA], HODOTÎE
MAEXNT MAE @NEÝ@OXTA HGCOTOEMGNK HO VTO]GÝE OE KA] CGKXTA]
HOK VT@.
]OKOMMGÝE HO @NEÝ@OXTA]

XOEHTÎE _EN VTOMG]GÝE HOK >% W MAE _E NKMNEMO HO KN O]MNKN XNK

^_O KN VTO]GÝE HO AVOTNM
AVOTNMGÝE
GÝE O]XO MA@VTOEHGHN OEXTO OK ?6% W
<?% HO Ç]XN W ]OTÎE MAE X_DA N DA_THAE A HGNCTNL@N MAE O]MNKN
MGTM_KNT MAEMÇEXTGMN W VNTN ]_ MAEORGÝE ]O _XGKGZNTÎ SÎKS_KN
XGVA NL_JN.

KA] ^_O ]O GE]XNKOE N KN GEXO@VOTGO ]OTÎE BOT@ÇXGMA] NK NL_N W

OK VAK
VA KSA.
]OKOMMGÝE HO @NEÝ@OXTA]

N KN BATN HO ]OKOMMGAENT OK XGVA HO @NEÝ@OXTA KN]

TOMA@OEHNMGAEO] ]AE KN] ]GL_GOEXO]:

• MA@VNXGDGKGHNH HO @NXOTGNKO] OE MAEXNMXA MAE OK CK_GHA N

@OHGT.
• XO@VOTNX_TN HOK CK_GHA.
• MAEHGMGAEO] N@DGOEX
N@DGOEXNKO].
NKO].
• MAEHGMGAEO] HO XTNDNJA.
 SGDTNMGAEO].
 V_K]NMGAEO].
 ]ADTOVTO]GAEO].
 TNELA HO XTNDNJA.
 VTOMG]GÝE TO^_OTGHN.
]OKOMMGÝE HO TOL_KNHATO]

HODOTÎE XOEOT]O OE M_OEXN KA] SNKATO] @ÎRG@A] W @ÀEG@A] HO KN

VTO]GÝE HO OEXTNHN, KN VTO]GÝE TOL_KNHN HO]ONHN W KA]
MN_HNKO]
MN_HNKO] @ÎRG@A] W @ÀEG@A].

O] MAEHGMGÝE EOMO]NTGN ^_O OK ]G]XO@N HO TOL_KNMGÝE ]_@GEG]XTO

OK MN_HNK HO HG]OÞA VNTN KN] MAEHGMGAEO] HO VTO]GÝE @ÀEG@N HO
OEXTNHN N Ç]XO.
]OKOMMGÝE HO TOL_KNHATO]

VNTN KN ]OKOMMGÝE HOK TOL_KNHAT HO VTO]GÝE, ]O HODOTÎ XOEOT OE

M_OEXN KN SNTGNMGÝE OE OK MAE]_@A N CGE HO VAHOT NHAVXNT OK
XGVA HO M_OTVA, ADX_TNHAT W MAEXTAKNHAT ^_O M_DTN KN]
EOMO]GHNHO] TO^_OTGHN], KN ]OKOMMGÝE HOK ADX_TNHAT HODO
OCOMX_NT]O VTOSGOEHA ^_O ]_ MGOTTO ]ON BOT@ÇXGMA M_NEHA OK
MAE]_@A HO CK_GHA O] E_KA.

KN ]OKOMMGÝE HO _E TOL_KNHAT O]XÎ KGLNHA N MAE]GHOTNMGAEO]

OMAEÝ@GMN], HO AVOTN
OMAEÝ@GMN], AVOTNMGÝE
MGÝE W @NEXOEG@GOEXA. O]XA] O^_GVA], ]G ]O
]OKOMMGAENE NHOM_NHN@OEXO,
NHOM_NHN@OEXO, V_OHOE AVOTNT VAT @_MBA] NÞA]
]GE NMNTTONT LTNEHO] MA]XA] HO @NEXOEG@GOEXA, VOTA KN CNKKN HO
_EA HO OKKA] V_OHO ]GLEGCGMNT KN VNTNHN HOK O^_GVA ^_O
NKG@OEXN. XN@DGÇE O] NMAE]OJNDKO MAEXNT MAE TOV_O]XA] N KN
@NEA HO KN] VNTXO] ]_]MOVXGDKO] N HNÞA.
]OKOMMGÝE HOK @OHGHAT

OK ]G]XO@N HO @OHGMGÝE ^_O ]O GE]X

GE]XNKO
NKO HODOTÎ MAEXNT MAE
MOTXGCGMNMGÝE HO MNKGDTNMGÝE NEXO] HO ]_ V_O]XN OE ]OTSGMGA W KN
VTOMG]GÝE HOK @OHGHAT, @NEÝ@OXTA, XOT@Ý@OXTA W ]OE]ATO] HO
@OHGMGÝE HODOTÎE ]OT SOTGCGMNHA] OE MAECAT@GHNH N KA
O]XNDKOMGHA OE OK TOLKN@OEXA HO HG]XTGD_MGÝE HO LN] ENX_TNK
VAT TOHO].

KA] MTGXOTGA] HO ]OKOMMGÝE HOK XGVA HO @OHGHAT HOVOEHOE HO

HGCOTOEXO] N]VOMXA] TOKNMGAENHA] N KN ENX_TNKOZN HOK CK_GHA
^_O ]O @OHGTÎ, KN] MNTNMXOTÀ]XGMN] HOK CK_GHA, KÀ@GXO] HO MNHN
@OHGHAT, MAE]GHOTNMGAEO] N@DGOEXNKO] W OK MA]XA HO MNHN
@OHGHAT.
]OKOMMGÝE HOK @OHGHAT
]OKOMMGÝE HOK @OHGHAT

• ENX_TNKOZN HOK CK_GHA @OHGHA, OK CK_JA HO LN] A HO KÀ^_GHA O]

KN VTG@OTN AVMGÝE VNTN MAE]GHOTNT OE KN ]OKOMMGÝE HOK
@OHGHAT, ]GOEHA ^_O HO NM_OTHA N KN XNDKN NEXOTGAT _EN LTNE
@NWATÀN
@NWATÀN HO KA] @OHGHATO] XTNDNJNE
XTNDNJNE HO D_OEN CAT@N MAE O]XA]
CK_JA]
CK_JA] @AEACÎ]GMA].

• MNTNMXOTÀ]XGMN] HOK CK_GHA, OK CK_GHA ^_O ]O HO]ON @OHGT

V_OHO XOEOT HGCOTOEXO] MNTNMXOTÀ]XGMN] , V_OHO ]OT _E CK_GHA
KG@VGA MA@A XN@DGÇE XOEOT MAEXN@GENEXO], MATTA]GSA, NDTN]GSA,
CKN@NDKO, MAE DNJN K_DTGMNDGKGHNH A MN_]NT OTA]GÝE. O]XA]
N]VOMXA] NCOMXNE HO @NEOTN MAE]GHOTNDKO N^_OKKA]
@OHGHATO] ^_O M_OEXNE MAE VNTXO] @ASGDKO], AMN]GAENEHA KN
OTA]GÝE HO KA] @OHGHATO] W TOH_MGOEHA ]_ VTOMG]GÝE.
]OKOMMGÝE HOK @OHGHAT

• KÀ@GXO] HO MNHN @OHGHAT, MNHN @OHGHAT XGOEO ]_] MNTNMXOTÀ]XGMN] VNTN

]_ NVKGMNMGÝE W ]O HODOE XA@NT OE M_OEXN NK @A@OEXA HO ]_ ]OKOMMGÝE,

O]XA] N]VOMXA] ]AE:

 VTOMG]GÝE
 TNELA HO HGÎ@OXTA
 TNELA HO XO@VOTNX_TN
 VTO]GÝE @ÎRG@N
 TNELA HO SG]MA]GHNH
 TNELA HO CK_JA


MNÀHN HO VTO]GÝE
]OE]GDGKGHNH AMN]GAENHN
OE KN VAT OK @OHGHAT
GE]XNKNMGÝE
 ]OE]GDGKGHNH OE KN V_K]NMGÝE
 ]G OK @OHGHAT XGOEO ]_] HG]VA]GXGSA] KG@VGA]
 XGO@VA HO TO]V_O]XN
 MAEHGMGAEO] N@DGOEXNKO]
_EA HO KA] VTGEMGVNKO] N]VOMXA]
N]VOMXA] N XA@NT OE M_OEXN
M_OEXN O] KN VOTHGHN HO
KN VTO]GÝE AMN]GAENHN VAT OK @OHGHAT, OE KA] MN]A] ^_O O]XA]
HG]VA]GXGSA] O]XO OE MAEX
MAEXNMXA
NMXA HGTOMXA MAE OK CK_GHA @OHGHA.
]OKOMMGÝE HOK @OHGHAT

• MAE]GHOTNMGAEO] N@DGOEXNKO], KN GE]XNKNMGÝE XN@DGÇE V_OHO

]OT NCOMXNHN VAT N]VOMXA] N@DGOEXNKO]. O] EOMO]NTGA TONKGZNT
KN MAE]_KXN N KA] CNDTGMNEXO] HO KA] @OHGHATO], VNTN
O]VOMGCGMNT ^_O KA] @OHGHATO] XTNDNJNTNE DNJA MGOTXN]
MAEHGMGAEO] HO VTAMO]A.

• MA]XA] HO KA] @OHGHATO], O]XO O] VA]GDKO@OEXO KN @Î]

G@VATXNEXO MAE]GHOTNMGÝE W HGCÀMGK HO HOXOT@GENT, KA] TNELA]
HO VTOMGA] HO M_NK^_GOT HG]VA]GXGSA ]AE OKOSNHA]
OKOSNHA] W KN
GECAT@NMGÝE O]XÎ OE MAE]XNEXO SNTGNMGÝE.
]OKOMMGÝE HO MATTOMMGÝE
OKOMXTÝEGMN
• VNTN KN @OHGMGÝE HO KA] SAKÚ@OEO] HO MAE]_@A OE
MAEHGMGAEO] O]XÎEHNT ]O NVKGMNTÎ KN MATTOMMGÝE OKOMXTÝEGMN
WN ]ON VNTN MATTOMXATO] A MA@V_XNHATO] HO CK_JA,
MAE]GHOTNEHA
MAE]GHOTNE HA OK XGVA HO @OHGHAT N ]OT GE]XNKNHA
GE]XNKNHA OE OK V_OEXO
HO @OHGMGÝE W TOL_KN
TOL_KNMGÝE
MGÝE W KN MAECGL_TN
MAECGL_TNMGÝE
MGÝE DÎ]GMN HOK
]G]XO@N HO @OHGMGÝE OKOMXTÝEGMN.

• KA] O^_GVA] HO @OHGMGÝE OKOMXTÝEGMN HODOTÎE M_@VKGT MAE KN

EAT@N NVG 4>.> A EAT@N O^_GSNKOEXO.
MTGXOTGA] HO ]OKOMMGÝE
@NEXOEG@GOEXA
• LNTNEXGZNT SNKATO] NMOVXNDKO] HO TGO]LA
TGO]LA,, TOH_MGOEHA
TOH_MGOEH A KN
VTADNDGKGHNH HO VTO]OEMGN HO CNKKN] ” MAECGNDGKGHNH
MAECGNDGKGHNH,, W/A
@GEG@GZNEHA KN] MAE]OM_OEMGN] HO KN] CNKKN] .

• TOM_VOTNT KN AVOTNDGKGH
AVOTNDGKGHNH
NH HOK ]G]XO@N, _EN SOZ ^_O ]O BN
VTAH_MGHA KN CNKKN (@NEXOEGDGKGHNH).

• GEMTO@OE XNT KN MAEXGE_GHNH AVOTNMGAENK (HG]VA

GEMTO@OEXNT (HG]VAEGDGKGHNH)
EGDGKGHNH) HO
KA] NMXGSA].
MTGXOTGA] HO ]OKOMMGÝE
MAECGNDGKGHNH
• KN VTADNDGKGHNH HO ^_O _E O^_GVA M_@VKN _EN @G]GÝE O]VOMÀCGMN
(EA CNKKO) DNJA MAEHGMG
MAEHGMGAEO]
AEO] HO AVOTNMGÝE HOXOT@GENHN]
HOXOT@G ENHN] OE
_E VOTÀAHA HO XGO@VA O]VOMÀCGMA.

• KN MAECGNDG
MAECGNDGKGHNH
KGHNH ]O TOKNMGAEN DÎ]GMN@OEXO MAE KN XN]
XN]N
N HO
CNKKN] (MNEXGHNH HO CNKKN]) W MAE OK XGO@VA @OHGA HO
AVOTNMGÝE
MTGXOTGA] HO ]OKOMMGÝE

‛@OHGT OK CK_JA HO _E CK_GHA ]GLEGCGMN @OHGT OK CK_JA HO HGEOTA ‐

‛KA] @OHGHATO] HO CK_JA ]AE KN MNJN TOLG]XTNHATN] HO KN]

O@VTO]N]‐
]OKOMMGÝE HO HG]VA]GXGSA] HO
]OL_TGHNH ” SÎKS_KN ]B_X ACC
• OE SÎKS_KN] HO DKA^_OA VAT ]ADTO-VTO]GÝE, KN VTO]GÝE HO
MATXO HO KN @G]@N ]OTÎ N KA ]_@A _E >6 % @OEAT ^_O KN @ÎRG@N
HO XTNDNJA HOK ]G]XO@N HO @OHGMGÝE N]GLENHA.

• KN] SÎKS_KN] HO DKA^_OA VAT ]ADTO-VTO]GÝE ]OTÎE HOK XGVA

EAT@NK MOTTNHN W HO TONT@O @NE_NK.

• KN XA@N HO ]OÞNK HO VTO]GÝE VNTN OK NMMGAEN@GOEXA HO KN

SÎKS_KN HO ]OL_TGHNH HODOTÎ O]XNT GE]XNKNHN HO NM_OTHA NK
@NE_NK HO C_EMGAEN@GOEXA HOK O^_GVA.
]OKOMMGÝE HO HG]VA]GXGSA] HO
]OL_TGHNH ” SÎKS_KN ]B_X ACC
]OKOMMGÝE HO HG]VA]GXGSA] HO
]OL_TGHNH ” SÎKS_KN HO NKGSGA
• KN SÎKS_KN HO NKGSGA VAT SOEXOA VNTN VTAXOLOT KN GE]XNKNMGÝE
HO OSOEX_NKO] ]ADTOVTO]GAEO] AMN]GAENHN] VAT VÇTHGHN] HO
KN SÎKS_KN HO DKA^_OA VAT ]ADTOVTO]GÝE HODOTÎ _DGMNT]O
NL_N] NDNJA HOK ]G]XO@N HO @OHGMGÝE. OK MN_HNK ^_O OSNM_NTÎ
O]XN SÎKS_KN ]OTÎ MA@A @ÀEG@A, OK >6 % HOK MN_HNK HO HG]OÞA
HO KN GE]XNKNMGÝE.

• OE XAHA] KA] MN]A], KA] SOEXOA] HO KN] SÎKS_KN] HO ]OL_TGHNH

]O HODOTÎE OKOSNT N KA] M_NXTA SGOEXA] ]ADTO KN]
MAE]XT_MMGAEO] ORG]XOEXO]. KN NKX_TN @ÀEG@N HO KN MNÞOTÀN HO
SOEXOA ]OTÎ HO 4,6 @ ]ADTO EGSOK HOK VG]A