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Анализ финансовой отчетности ОАО ‘Норильский никель’

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?inneeneay Yeiiiie/aneay Aeaaeaiey

ei.A.A.Ieaoaiiaa

Iauayeiiiie/aneee oaeoeueoao

I?aeoe/aneia caaeaiea

Aiaeec oeiainiaie io/aoiinoe

IAI «Ii?eeueneee ieeaeue»

Iineaa

2009 aiae.

«Ii?eeueneee ieeaeue» – e?oiiaeoee a ie?a i?iecaiaeeoaeue ieeaey e
iaeeaaeey, iaeei ec e?oiiaeoeo i?iecaiaeeoaeae ieaoeiu e iaaee. Iiieii
yoiai Ii?eeueneee ieeaeue i?iecaiaeeo iiai/iua iaoaeeu – eiaaeueo, o?ii,
?iaeee, na?aa?i, cieioi, e?eaeee, ?ooaiee, a oaeaea naeai, oaeeo? e
na?o.

Iniiaiuie aeaeaie aeayoaeueiinoe i?aaei?eyoee A?oiiu yaeythony iiene,
?acaaaeea, aeiau/a, iaiaauaiea e ia?a?aaioea iieaciuo eneiiaaiuo,
i?iecaiaenoai, ia?eaoeia e ?aaeecaoeey oeaaoiuo e ae?aaioeaiiuo
iaoaeeia.

I?iecaiaenoaaiiua iiae?acaeaeaiey A?oiiu iaoiaeyony ia /aou?ao
eiioeiaioao a oanoe no?aiao ie?a – ?innee, Aano?aeee, Aionaaia,
Oeieyiaeee, NOA e THA?.

A Aano?aeee Ii?eeueneee ieeaeue aeaaeaao:

· i?aaei?eyoeai ii aeiau/a e auuaea/eaaieth eaoa?eoiuo ieeaeaauo ?oae
Norilsk Nickel Cawse;

· i?aaei?eyoeyie ii aeiau/a ieeaey Black Swan, Lake Johnston, Waterloo;

· e?oiiui i?iaeoii ii aeiau/a noeueoeaeiuo ieeaeaauo ?oae Honeymoon
Well.

Ii?eeueneiio ieeaeth i?eiaaeeaaeeo 85% aeoeee i?aaei?eyoey ii aeiau/a
noeueoeaeiiai ieeaey Tati Nickel Mining Company, iaoiaeyuaainy a
Aionaaia.

Caaiae Norilsk Nickel Harjavalta, aoiaeyuee a ninoaa A?oiiu, yaeyaony
aaeeinoaaiiui ieeaea?aoeie?iai/iui caaiaeii a Oeieyiaeee.

Ii?eeueneee ieeaeue yaeyaony iaaei?eoa?iui aeoeeiia?ii eiiiaiee
Stillwater Mining – e?oiiaeoaai i?iecaiaeeoaey iaoaeeia ieaoeiiaie
a?oiiu (aeaeaa – IIA) a NOA.

Ii?eeueneiio ieeaeth i?eiaaeeaaeeo 50% aeoeee i?aaei?eyoey ii aeiau/a
ieeaey Nkomati a THA?, ?ac?aaaouaaaiiai niaianoii n eiiiaieae African
Rainbow Minerals (ARM).

Ii?eeueneee ieeaeue eiaao nianoaaiioth aeiaaeueioth naoue
i?aaenoaaeoaeueneeo e nauoiauo ioenia a ?innee, Aaeeeia?eoaiee, Eeoaa,
NOA e Oaaeoea?ee.

Ia ?uiea n 1989 aiaea.

E?aoeay oa?aeoa?enoeea i?aaiecaoeee a naaoa io?aneaaie i?eiaaeeaaeiinoe.

Iaeiaiiaaiea iieacaoaeyAi?ii-iaoaeeo?ae/aneay eiiiaiey “Ii?eeueneee
ieeaeue”, IAIEiaeu IEAYAe (n ?anoeo?iaeie)

41.00 Nai?, i/enoea e ?ani?aaeaeaiea aiaeu

40.30 I?iecaiaenoai, ia?aaea/a e ?ani?aaeaeaiea ia?a e ai?y/ae aiaeu
(oaieiaie yia?aee)

40.10 I?iecaiaenoai, ia?aaea/a e ?ani?aaeaeaiea yeaeo?iyia?aee

37.20 Ia?aaioea iaiaoaeee/aneeo iooiaeia e eiia

37.10 Ia?aaioea iaoaeee/aneeo iooiaeia e eiia

33.30 Iiioaae i?eai?ia eiio?iey e ?aaoee?iaaiey oaoiieiae/aneeo
i?ioeannia

33.20 I?iecaiaenoai eiio?ieueii-ecia?eoaeueiuo i?eai?ia

31.20 I?iecaiaenoai yeaeo?e/aneie ?ani?aaeaeeoaeueiie e ?aaoee?othuae
aiia?aoo?u

29.22 I?iecaiaenoai iiaeuaiii-o?ainii?oiiai iai?oaeiaaiey

29.21 I?iecaiaenoai ia/ae e ia/iuo ai?aeie

29.14 I?iecaiaenoai iiaeoeiieeia, coa/aouo ia?aaea/, yeaiaioia
iaoaie/aneeo ia?aaea/ e i?eaiaeia

29.13 I?iecaiaenoai o?oaii?iaiaeiie a?iaoo?u

29.12 I?iecaiaenoai ianinia, eiii?anni?ia e aeae?aaee/aneeo nenoai

28.74 I?iecaiaenoai e?aiaaeiuo ecaeaeee, oeaiae e i?oaeei

28.52 Ia?aaioea iaoaeee/aneeo ecaeaeee n eniieueciaaieai iniiaiuo
oaoiieiae/aneeo i?ioeannia iaoeiino?iaiey

28.51 Ia?aaioea iaoaeeia e iaianaiea iie?uoee ia iaoaeeu

28.30.9 I?aaeinoaaeaiea oneoa ii iiioaaeo, ?aiiioo e oaoie/aneiio
ianeoaeeaaieth ia?iauo eioeia, e?iia eioeia oeaio?aeueiiai ioiieaiey

28.12 I?iecaiaenoai no?ieoaeueiuo iaoaeee/aneeo ecaeaeee

28.11 I?iecaiaenoai no?ieoaeueiuo iaoaeee/aneeo eiino?oeoeee

27.54 I?iecaiaenoai ioeeaie ec i?i/eo oeaaoiuo iaoaeeia

27.45 I?iecaiaenoai i?i/eo oeaaoiuo iaoaeeia

27.44 I?iecaiaenoai iaaee

27.41 I?iecaiaenoai ae?aaioeaiiuo iaoaeeia

27.35 I?iecaiaenoai aeaeaciuo ii?ioeia, i?i/ae iaoaeeii?iaeoeoeee ec
noaeueiiai i?ieaoa, ia aeeth/aiiie a ae?oaea a?oiie?iaee

27.34 I?iecaiaenoai noaeueiie i?iaieiee

27.33 I?iecaiaenoai aioouo noaeueiuo i?ioeeae

27.32 I?iecaiaenoai oieiaeiieaoaiuo oceeo iiein e eaio

27.31 I?iecaiaenoai oieiaeiioyioouo i?ooeia e i?ioeeae

26.82 I?iecaiaenoai i?i/ae iaiaoaeee/aneie ieia?aeueiie i?iaeoeoeee, ia
aeeth/aiiie a ae?oaea a?oiie?iaee

26.66 I?iecaiaenoai i?i/eo ecaeaeee ec aaoiia, aeina e oeaiaioa

26.64 I?iecaiaenoai nooeo aaoiiiuo nianae

26.63 I?iecaiaenoai oiaa?iiai aaoiia

26.62 I?iecaiaenoai aeiniauo ecaeaeee aeey eniieueciaaiey a
no?ieoaeuenoaa

26.61 I?iecaiaenoai ecaeaeee ec aaoiia aeey eniieueciaaiey a
no?ieoaeuenoaa

26.52 I?iecaiaenoai ecaanoe

26.51 I?iecaiaenoai oeaiaioa

26.30 I?iecaiaenoai ea?aie/aneeo ieeoie e ieeo

26.26 I?iecaiaenoai iaiaoii?ia

26.14 I?iecaiaenoai noaeeiaieieia

24.61 I?iecaiaenoai ac?ua/aouo aauanoa

24.42 I?iecaiaenoai oa?iaoeaaoe/aneeo i?aia?aoia e iaoa?eaeia

24.41 I?iecaiaenoai iniiaiie oa?iaoeaaoe/aneie i?iaeoeoeee

24.13 I?iecaiaenoai i?i/eo iniiaiuo iai?aaie/aneeo oeie/aneeo aauanoa

22.13 Ecaeaiea aeo?iaeia e ia?eiaee/aneeo ioaeeeaoeee

20.51 I?iecaiaenoai i?i/eo ecaeaeee ec aea?aaa

20.40 I?iecaiaenoai aea?aayiiie oa?u

20.30 I?iecaiaenoai aea?aayiiuo no?ieoaeueiuo eiino?oeoeee, aeeth/ay
nai?iua aea?aayiiua no?iaiey, e noiey?iuo ecaeaeee

20.10 ?anieeiaea e no?iaaiea ae?aaaneiu; i?iieoea ae?aaaneiu

14.50 Aeiau/a i?i/eo iieaciuo eneiiaaiuo, ia aeeth/aiiuo a ae?oaea
a?oiie?iaee

14.21 ?ac?aaioea a?aaeeiuo e ian/aiuo ea?uea?ia

14.12 Aeiau/a ecaanoiyea, aeiniaiai eaiiy e iaea

14.11 Aeiau/a eaiiy aeey no?ieoaeuenoaa

13.20 Aeiau/a ?oae oeaaoiuo iaoaeeia, e?iia o?aiiaie e oi?eaaie ?oae

10.10 Aeiau/a, iaiaauaiea e aaeiia?aoeey eaiaiiiai oaey

74.20 Aeayo. a iae-oe a?oeoaeoo?u; eiae.-oaoi.i?iaeo-a; aaieia-?acaaae.
e aaioece/.?aaiou; aaiaeace/.e ea?oia?aoe/.aeayo.; aeayo.a
iae.noaiaea?o-oeee e iao?ieiaee; aeayo.a iae.aeae?iiaoai?ie. e niaaeiuo
n iae iae.; aeae aeayo.,naycaiiua n ?aoai.oaoi.caaea/, ia aee.a
ae?.a?oi.

93.04 Oeceoeueoo?ii-icaei?iaeoaeueiay aeayoaeueiinoue

90.00 Oaeaeaiea noi/iuo aiae, iooiaeia e aiaeiae/iay aeayoaeueiinoue

85.14 I?i/ay aeayoaeueiinoue ii io?aia caei?iauey

85.11.2 Aeayoaeueiinoue naiaoi?ii-eo?i?oiuo o/?aaeaeaiee

74.30 Oaoie/aneea eniuoaiey, enneaaeiaaiey e na?oeoeeaoeey

74.15.2 Aeayoaeueiinoue ii oi?aaeaieth oieaeeia-eiiiaieyie

74.14 Eiinoeueoe?iaaiea ii aii?inai eiiia?/aneie aeayoaeueiinoe e
oi?aaeaiey

74.13 Enneaaeiaaiea eiiuthieoo?u ?uiea e auyaeaiea iauanoaaiiiai iiaiey

73.10 Iao/iua enneaaeiaaiey e ?ac?aaioee a iaeanoe anoanoaaiiuo e
oaoie/aneeo iaoe

72.40 Aeayoaeueiinoue ii nicaeaieth e eniieueciaaieth aac aeaiiuo e
eioi?iaoeeiiiuo ?ano?nia

71.21 A?aiaea i?i/eo nooiiooiuo o?ainii?oiuo n?aaenoa e iai?oaeiaaiey

71.10 A?aiaea eaaeiauo aaoiiiaeeae

70.20 Naea/a aiaai nianoaaiiiai iaaeaeaeeiiai eiouanoaa

65.12 I?i/aa aeaiaaeiia iin?aaeie/anoai

64.20 Aeayoaeueiinoue a iaeanoe yeaeo?inayce

64.11.1 Aeayoaeueiinoue ii/oiaie nayce iauaai iieueciaaiey

63.40 I?aaiecaoeey ia?aaicie a?ocia

63.22 I?i/ay aniiiiaaoaeueiay aeayoaeueiinoue aiaeiiai o?ainii?oa

63.21 I?i/ay aniiiiaaoaeueiay aeayoaeueiinoue nooiiooiiai o?ainii?oa

63.12 O?aiaiea e neeaaee?iaaiea

63.11 O?ainii?oiay ia?aaioea a?ocia

61.20 Aeayoaeueiinoue aioo?aiiaai aiaeiiai o?ainii?oa

61.10 Aeayoaeueiinoue ii?neiai o?ainii?oa

60.30 O?ainii?oe?iaaiea ii o?oaii?iaiaeai

60.24 Aeayoaeueiinoue aaoiiiaeeueiiai a?ociaiai o?ainii?oa

60.21.1 Aeayoaeueiinoue aaoiiiaeeueiiai (aaoiaoniiai) iannaaee?neiai
o?ainii?oa, iiae/eiythuaainy ?anienaieth

60.10 Aeayoaeueiinoue aeaeaciiaei?iaeiiai o?ainii?oa

55.11 Aeayoaeueiinoue ainoeieoe n ?anoi?aiaie

51.57 Iioiaay oi?aiaey iooiaeaie e eiiii

51.52 Iioiaay oi?aiaey iaoaeeaie e iaoaeee/aneeie ?oaeaie

51.47 Iioiaay oi?aiaey i?i/eie iai?iaeiaieuenoaaiiuie iio?aaeoaeueneeie
oiaa?aie

51.12 Aeayoaeueiinoue aaaioia ii iioiaie oi?aiaea oiieeaii, ?oaeaie,
iaoaeeaie e oeie/aneei aauanoaaie

50.20 Oaoie/aneia ianeoaeeaaiea e ?aiiio aaoio?ainii?oiuo n?aaenoa

45.45 I?iecaiaenoai i?i/eo ioaeaei/iuo e caaa?oathueo ?aaio

45.44 I?iecaiaenoai iaey?iuo e noaeieueiuo ?aaio

45.43 Ono?ienoai iie?uoee iieia e iaeeoeiaea noai

45.42 I?iecaiaenoai noiey?iuo e ieioie/iuo ?aaio

45.41 I?iecaiaenoai oooeaoo?iuo ?aaio

45.34 Iiioaae i?i/aai eiaeaia?iiai iai?oaeiaaiey

45.33 I?iecaiaenoai naieoa?ii-oaoie/aneeo ?aaio

45.32 I?iecaiaenoai ecieyoeeiiiuo ?aaio

45.31 I?iecaiaenoai yeaeo?iiiioaaeiuo ?aaio

45.25 I?iecaiaenoai i?i/eo no?ieoaeueiuo ?aaio

45.24 No?ieoaeuenoai aiaeiuo nii?oaeaiee

45.23 No?ieoaeuenoai aei?ia, ay?iae?iiia e nii?oeaiuo nii?oaeaiee

45.22 Ono?ienoai iie?uoee caeaiee e nii?oaeaiee

45.21 I?iecaiaenoai iauano?ieoaeueiuo ?aaio

45.12 ?acaaaei/iia ao?aiea

45.11 ?acai?ea e niin caeaiee; i?iecaiaenoai caieyiuo ?aaio

No?oeoo?a aaeaina ca ia?aia iieoaiaeea 2009 aiaea a iauae noiia aeoeaia
(e eiioeo aiaeece?oaiiai ia?eiaea)

I.Aiaiai?ioiua aeoeauia?aia iieoaiaeea 2009,iei aeieea?ia
NOAAeiey(%)Iniiaiua n?aaenoaa1028653,74647Iaiaoa?eaeueiua
aeoeau2051,071167Eiaanoeoeee a caaeneiua i?aaei?eyoey8204,284669I?i/ea
oeiainiaua aeoeau7954,154039I?i/ea iaeiae e aiciauaieth2211,154771Eoiai
ii ?acaeaeo I.1232764,41112II. Iai?ioiua
aeoeauCaianu18469,645731Oi?aiaay e i?i/ay aeaaeoi?neay caaeieaeaiiinoue
8334,352597I?i/ea oeiainiaua aeoeau9925,183405Aaainiaua ieaoaaee ii
iaeiao ia i?eaueue4292,241614I?i/ea iaeiae e
aiciauaieth3882,02738Aeaiaaeiua n?aaenoaa e eo
yeaeaaeaiou232312,13815Eoiai ii ?acaeaeo II.681135,58888AAEAIN19138100%

A iauae noiia aeoeaia iaeaieueoee oaeaeueiue aan caieiatho iniiaiua
n?aaenoaa – 53,7%, /oi ninoaaeyao 10286 iei aeieea?ia NOA.

No?oeoo?a aaeaina ca ia?aia iieoaiaeea 2008 aiaea a iauae noiia aeoeaia
(e eiioeo aiaeece?oaiiai ia?eiaea)

I.Aiaiai?ioiua aeoeauia?aia iieoaiaeea 2008, iei.aeieea?ia NOAAeiey
(%)Iniiaiua n?aaenoaa1600282,64215Iaiaoa?eaeueiua
aeoeau9274,787481Eiaanoeoeee a caaeneiua i?aaei?eyoey7834,043795I?i/ea
oeiainiaua aeoeau320816,56768I?i/ea iaeiae e aiciauaieth430,222073Eoiai
ii ?acaeaeo I.20963108,2632II. Iai?ioiua
aeoeauCaianu229411,84734Oi?aiaay e i?i/ay aeaaeoi?neay caaeieaeaiiinoue
9644,978567I?i/ea oeiainiaua aeoeau271414,01642Aaainiaua ieaoaaee ii
iaeiao ia i?eaueue1951,007075I?i/ea iaeiae e
aiciauaieth6493,351753Aeaiaaeiua n?aaenoaa e eo
yeaeaaeaiou493825,50225Eoiai ii ?acaeaeo II.1175460,7034AAEAIN32717100%

A iauae noiia aeoeaia a 2008 aiaeo iaeaieueoee oaeaeueiue aan caieiatho
iniiaiua n?aaenoaa – 82,6%, /oi ninoaaeyao 16002 iei aeieea?ia NOA.

Aeeiaieea aaeaina ca ia?aia iieoaiaeea 2009 aiaea ii n?aaiaieth n ia?aui
iieoaiaeeai 2008 aiaea

Oaii ?inoa, %I.Aiaiai?ioiua aeoeauIniiaiua
n?aaenoaa-35,72053493Iaiaoa?eaeueiua aeoeau-77,88565264Eiaanoeoeee a
caaeneiua i?aaei?eyoey4,72541507I?i/ea oeiainiaua
aeoeau-75,21820449I?i/ea iaeiae e aiciauaieth413,9534884Eoiai ii
?acaeaeo I.-41,19639365II. Iai?ioiua aeoeauCaianu-19,52920663Oi?aiaay e
i?i/ay aeaaeoi?neay caaeieaeaiiinoue -13,58921162I?i/ea oeiainiaua
aeoeau-63,44878408Aaainiaua ieaoaaee ii iaeiao ia i?eaueue120I?i/ea
iaeiae e aiciauaieth-40,21571649Aeaiaaeiua n?aaenoaa e eo
yeaeaaeaiou-52,95666262Eoiai ii ?acaeaeo
II.-42,05376893AAEAIN-41,50441666

A oeaeii aaeain aeoeaia oiaiueoeeny ia 41,5 % a ia?aii iieoaiaeee 2009a.
ii n?aaiaieth n aiaeiae/iui ia?eiaeii i?aaeuaeouaai aiaea.
Iieiaeeoaeueiuo oaiaeaioeee a 2009 aiaeo ia iaaethaeaaony. (e?iia
aic?inoeo eiaanoeoeee a caaeneiua i?aaei?eyoey ia 4,7% e aaainiaua
ieaoaaee ii iaeiao ia i?eaueue ia 120%). Ionoonoaea iieiaeeoaeueiuo
oaiaeaioeee yaii naycaii n e?ecenii a yeiiiieea.

2009aiae, iei aeieea?ia NOA2008aiae, iei aeieea?ia NOAOaii
?inoa,%Aeieain?i/iua iaycaoaeuenoaa E?aaeeou e
caeiu32095572-42,40847093Iaycaoaeuenoaa ii oeiainiaie
a?aiaea38Iaycaoaeuenoaa ii aiciaa?aaeaeaieyi
?aaioieeai181080Iaycaoaeuenoaa ii ainnoaiiaeaieth ieo?aaethuae
n?aaeu583636-8,333333333Ioeiaeaiiua iaeiaiaua
iaycaoaeuenoaa6972729-74,45950898Eoiai45458947-49,20084945E?aoein?i/iua
iaycaoaeuenoaaE?aaeeou e caeiu29141332118,7687688Iaycaoaeuenoaa ii
oeiainiaie a?aiaea15Iaycaoaeuenoaa ii aiciaa?aaeaeaieyi
?aaioieeai296346-14,45086705Oi?aiaay e i?i/ay e?aaeeoi?neay
caaeieaeaiiinoue571759-24,76943347Aaainu
iieo/aiiua2766-59,09090909Iaycaoaeuenoaa ii iaeiao ia
i?eaueue1181-86,41975309I?i/ea iaeiaiaua
iaycaoaeuenoaa164241-31,95020747I?iecaiaeiua oeiainiaua
eino?oiaiou627785,7142857Eoiai4060283243,36158192Eoiai
iaycaoaeuenoaa860511779-26,94626029

Aeieain?i/iua e?aaeeou e caeiu oiaiueoeeenue a 2009 aiaeo ia 42,4%, a
e?aoein?i/iua aic?inee ia 118%.

2009 aiae2008 aiaeOai ?inoa, %Au?o/ea io ?aaeecaoeee iaoaeeia
32897210-54,38280166Au?o/ea io i?i/ae
?aaeecaoeee7891101-28,33787466Eoiai
au?o/ea40788311-50,9324991Naaanoieiinoue ?aaeeciaaiiuo
iaoaeeia-2004-2677-25,14008218Naaanoieiinoue i?i/ae
?aaeecaoeee-737-1063-30,66792098Aaeiaay i?eaueue13374571-70,75038285

Caeanue iiyoue ia i?ineaaeeaaaony iieiaeeoaeueiuo oaiaeaioeee. Eaeao
aeoaieee e ?aceee niaae au?o/ee ia 50% e aaeiaie i?eauee ia 70%.

Eiyooeoeeaio oeiainiaie caaeneiinoe :

2009aiae2008aiaeCaaiiue eaieoae860511779Nianoaaiiue
eaieoae1091421602Eiyooeoeeaio oeiainiaie caaeneiinoe0,7884370,545274

A 2009 aiaeo eiyooeoeeaio oeiainiaie caaeneiinoe aic?in, /oi aiai?eo i
oii, /oi nianoaaiiue eaieoae eiiiaiee i?aauoaao caaiiue, ii oaea a
iaiueoa ?ac, /ai a 2008aiaeo.

2009 aiae2008 aiaeAu?o/ea io ?aaeeciaaiiie i?iaeoeoeee32897210Eoia
aeoeaia ii aaeaino1913832717Eiyooeoeeaio iai?a/eaaaiinoe
aeoeaia0,1718570,220375

Eiyooeoeeaio iai?a/eaaaiinoe aeoeaia aiai?eo ia yooaeoeaiinoe, n eioi?ie
i?aaei?eyoea eniieuecoao naie ?ano?nu aeey auionea i?iaeoeoeee e eiaao
yeiiiie/aneoth eioa?i?aoaoeeth, iieacuaay, neieueei aeieea?ia au?o/ee
io ?aaeecaoeee i?eoiaeeony ia iaeei aeieea? aeiaeaiee a iniiaiua
n?aaenoaa. A oeaeii, cia/aiea eiyooeoeeaioa iai?a/eaaaiinoe aeoeaia
iaiueoa n?aaeiaio?aneaaiai, /oi aiai?eo i aieueoeo cao?aoao
iaoa?eaeueiuo aeoeaia ia aeieea? au?o/ee.

2009 aiae2008 aiae*enoay i?eaueue4392682N?aaeiyy noieiinoue
aeoeaia13619,523843,5?aioaaaeueiinoue aeoeaia0,0322331950,112483

?aioaaaeueiinoue aeoeaia oiaea oiaiueoeeanue, /oi aiai?eo i oii, /oi
eiiiaiee o?aaoaony aieueoa aeieea?ia aeiaeeoue aeey iieo/aiey iaeiiai
aeieea?a i?eauee.

2009aiae2008 aiaeAaeiaay i?eaueue13374571Iauai ?aaeeciaaiiie
i?iaeoeoeee40788311?aioaaaeueiinoue ?aaeecaoeee0,3278570,549994

?aioaaaeueiinoue ?aaeecaoeee oiaiueoeeanue ec-ca oiaiueoaiey oaeeo
iieacaoaeae, eae aaeiaay i?eaueue e iauai ?aaeeciaaiiie i?iaeoeoeee.
Oaaee/aiea ?aioaaaeueiinoe ?aaeecaoeee iiaeao auoue aeinoeaiooi
aneaaenoaea oiaiueoaiey ?anoiaeia, iiauoaiey oeai ia ?aaeecoaioth
i?iaeoeoeeth, a oaeaea i?aauoaiey oaiiia ?inoa iauaia ?aaeeciaaiiie
i?iaeoeoeee iaae oaiiaie ?inoa ?anoiaeia, eioi?ua iiaoo auoue nieaeaiu.

2009aiae2008aiae*enoay i?eaueue4392682Iauai ?aaeeciaaiiie
i?iaeoeoeee40788311?aioaaaeueiinoue ?aaeecaoeee0,1076508090,322705

?aioaaaeueiinoue ?aaeecaoeee ec ?an/aoa /enoie i?eauee oiaea, /oi
aiai?eo, /oi eaaeaeue aeieea? ?aaeeciaaiiie i?iaeoeoeee i?eian iaiueoa
/enoie i?eauee.

2009 aiae2008 aiae*enoay i?eaueue4392682N?aaeiyy noieiinoue nianoaaiiiai
eaieoaea10822,520552,5?aioaaaeueiinoue nianoaaiiiai
eaieoaea0,0405640,130495

?aioaaaeueiinoue nianoaaiiiai eaieoaea oiaiueoeeanue, /oi aiai?eo i
iayooaeoeaiinoe eniieueciaaiey eaieoaea nianoaaiieeaie.

Eiyooeoeeaio oaeouae eeeaeaeiinoe – ioiioaiea iaueo oaeoueo aeoeaia e
e?aoein?i/iui iaycaoaeuenoaai (oaeouei ianneaai). Yoio eiyooeoeeaio
eniieuecoaony aeey ii?aaeaeaiey ieaoaaeaniiniaiinoe i?aaei?eyoey.

2009 aiae2008 aiaeOaeouea aeoeau1913832717Oaeouea
iaycaoaeuenoaa860511779Eiyooeoeeaio oaeouae eeeaeaeiinoe2,2240562,77757

A ie?iaie i?aeoeea cia/aiea yoiai eiyooeoeeaioa aeieaeii iaoiaeeoueny a
aeeaiaciia 1-2. Anoanoaaiii, nouanoaotho ianoiyoaeuenoaa, i?e eioi?uo
cia/aiea yoiai iieacaoaey iiaeao auoue e aieueoa, iaeiaei, anee
eiyooeoeeaio oaeouae eeeaeaeiinoe aieaa 2-3, yoi, eae i?aaeei, aiai?eo i
ia?aoeeiiaeueiii eniieueciaaiee n?aaenoa i?aaei?eyoey.

Eiyooeoeeaio auno?ie eeeaeaeiinoe, eee eiyooeoeeaio «e?eoe/aneie
ioeaiee», iieacuaaao, ianeieueei eeeaeaeiua n?aaenoaa i?aaei?eyoey
iie?uaatho aai e?aoein?i/ioth caaeieaeaiiinoue.

A eeeaeaeiua aeoeau i?aaei?eyoey aeeth/athony ana iai?ioiua aeoeau
i?aaei?eyoey, ca eneeth/aieai oiaa?ii-iaoa?eaeueiuo caiania. Aeaiiue
iieacaoaeue ii?aaeaeyao, eaeay aeiey e?aaeeoi?neie caaeieaeaiiinoe
iiaeao auoue iiaaoaia ca n/ao iaeaieaa eeeaeaeiuo aeoeaia, o. a.
iieacuaaao, eaeay /anoue e?aoein?i/iuo iaycaoaeuenoa i?aaei?eyoey iiaeao
auoue iaiaaeeaiii iiaaoaia ca n/ao n?aaenoa ia ?acee/iuo n/aoao, a
e?aoein?i/iuo oeaiiuo aoiaaao, a oaeaea iinooieaiee ii ?an/aoai.
?aeiiaiaeoaiia cia/aiea aeaiiiai iieacaoaey io 0,7-0,8 aei 1,5.

2009aiae2008aiaeAeaiaaeiua n?aaenoaa23234938E?aoein?i/iua
eiaanoeoeee-53305Oaeouea iaycaoaeuenoaa860511779Eiyooeoeeaio auno?ie
eeeaeaeiinoe0,26380,445114

Cia/aiea iieacaoaey ieaea ?aeiiaiaeiaaiiiai.

Eiyooeoeeaio aaniethoiie eeeaeaeiinoe iieacuaaao, eaeoth /anoue
e?aaeeoi?neie caaeieaeaiiinoe i?aaei?eyoea iiaeao iiaaneoue iaiaaeeaiii.

2009 aiae2008aiaeAeaiaaeiua n?aaenoaa23234938E?aoein?i/iua
eiaanoeoeee-52305Oaeouea iaycaoaeuenoaa860511779Eiyooeoeeaio aaniethoiie
eeeaeaeiinoe0,2716010,40864

Cia/aiea aeaiiiai iieacaoaey ia aeieaeii iioneaoueny ieaea 0,2.

Auaiae

«Ii?eeueneee ieeaeue» no?aieony oe?aieoue aaaeouoth iiceoeeth a ie?iaie
ai?ii-iaoaeeo?ae/aneie io?anee e ?ieue ioaaonoaaiiiai i?iecaiaeeoaey e
iinoaaueea oeaaoiuo e ae?aaioeaiiuo iaoaeeia, iniiauaathuaai naith
aeayoaeueiinoue ia:

· ?aoeeiiaeueiii eniieueciaaiee oieeaeueiie ieia?aeueii-nu?ueaaie aacu e
onoie/eainoe iia?aoeeiiiuo cao?ao;

· ?aaeecaoeee iioaioeeaea ?inoa iooai iienea, ?acaaaeee e ?ac?aaioee
ianoi?iaeaeaiee ieia?aeueiuo ?ano?nia ie?iaiai eeanna;

· niaeaenoaee noaaeeueiiio ?acaeoeth ?aaeiiia oicyenoaiaaiey A?oiiu.

E niaeaeaieth, e?ecen einioeny yoo eiiiaieth i/aiue neeueii (au?o/ea
oiaea ia 50% a 2009 aiaeo ii n?aaiaieth n 2008aiaeii). Ana eiyooeoeeaiou
oiaea eiatho io?eoeaoaeueiua oaiaeaioeee. Ii oae eae yoa eiiiaiey eiaao
aieueoie oaeaeueiue aan a io?anee (aieaa 80%), oi a aoaeouai iia niiaeao
aua?aoueny ec e?ecena e i?iaeieaeeo ia?aueaaoue iiuiinoe.

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