Анализ финансовой отчетности ОАО ‘Московский Межреспубликанский Винодельческий Завод’

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AII «?INNEENEAss YEIIIIE*ANEAss AEAAeAIEss

ei. A.A.IEAOAIIAA»

Iauayeiiiie/aneee oaeoeueoao

I?aeoe/aneia caiyoea

Aiaeec oeiainiaie io/aoiinoe

IAI «Iineianeee Iaae?anioaeeeaineee Aeiiaeaeue/aneee Caaiae»

Iineaa-2009

III «Oi?aiaue aeii «Iaae?anioaeeeaineee aeicaaiae» – e?oiiaeoee oieaeeia
aeeiaieueiie io?anee, ia naaiaeiyoiee aeaiue aeeth/athuee a naay oanoue
caaiaeia, niaoeeaeece?othueony ia i?iecaiaenoaa aeeiaieueiie
i?iaeoeoeee. A no?oeoo?o oieaeeiaa aoiaeyo:

Eiiuey/iue aeii «JENSSEN», i?iecaiaeeoaeue yeeoiuo eiiueyeia (O?aioeey);

«Iineianeee Iaae?anioaeeeaineee Aeiiaeaeue/aneee Caaiae» / IIAC
(?inney);

IAI «Ei?iao», Iineianeee caaiae oaiiaineeo aei (?inney);

«Aeii?ii ?ona» (Vinprom Riusse), aieaa?neee aeicaaiae;

«Eyey?aoue Aeeaei» (Calarasi Divin), iieaeaaneee aeiii-eiiuey/iue
caaiae;

«Ieeueno?ei Oieaeeia», E?aniiaea?neee e?ae (?inney).

Iineianeee Iaae?anioaeeeaineee Aeiiaeaeue/aneee Caaiae aue aaaaeai a
yenieoaoaoeeth a 1971 aiaeo. Naaiaeiy yoi iaeii ec e?oiiaeoeo a ?innee
i?aaei?eyoee ii i?iecaiaenoao e ?iceeao aeiia?aaeiuo aei, eiiueyea e
aiaeee. Iauay ieiuaaeue i?iecaiaenoaaiiuo e iiaeniaiuo iiiauaiee IIAC –
ieiei 100 ouny/ eaaae?aoiuo iao?ia. Ooao caaiaea ian/eouaaao ii?yaeea
850 /aeiaae. Iiaeoaa?aeaeaieai aunieiai ea/anoaa i?iaeoeoeee neoaeao
iiiai/eneaiiua iaa?aaeu, iieo/aiiua caaiaeii ia ?acee/iuo
iaaeaeoia?iaeiuo e ?inneeneeo aunoaaeao e eiieo?nao. Caaiae oaeinoiai
i/aiue i?anoeaeiuo iaaeaeoia?iaeiuo i?ecia “GOLD GLOBE” (“Cieioie
Aeiaon”), “Arch of Europe Star for Excellence and Quality” (“A?ea
Aa?iiu-Cieioay Caacaea Ea/anoaa”), yaeyaony iiaaaeeoaeai a
iaaeaeoia?iaeiii ni?aaiiaaiee ia I?ec ca Eo/oaa Ea/anoai. Iaa?aaeaeai
ioee/eoaeueiuie i?ecaie “Golden Bunch” (“Cieioay A?icaeue”), e “Golden
Label” (“Cieioie ss?eue”). A 1999 aiaeo i?iaeoeoeey caaiaea auea
oaeinoiaia 6 cieiouo iaaeaeae ia aunoaaea”Ao?iai-99″, cieioie e
na?aa?yiie iaaeaee ia “Iaaeaeoia?iaeiii eiieo?na aei” a N.Iaoa?ao?aa; a
2000 aiaeo i?iaeoeoeey caaiaea iieo/eea 12 cieiouo , 3 na?aa?yiuo e 1
a?iiciaoth iaaeaee ia ?acee/iuo iaaeaeoia?iaeiuo aunoaaeao. A 2003 aiaeo
Ana?inneeneei iao/ii-enneaaeiaaoaeueneei einoeoooii ieaiaa?aiiie,
aacaeeiaieueiie e aeiiaeaeue/aneie i?iiuoeaiiinoe IAI «IIAC» auei
i?enaiaii caaiea «Eo/oee i?iecaiaeeoaeue aeiiaeaeue/aneie i?iiuoeaiiinoe
2003 aiaea». E?iia oiai, i?iaeoeoeey IAI «IIAC» oaeinoiaia iiiaeanoaa
ae?oaeo ioee/eoaeueiuo i?ecia e aeeieiiia. IIAC yaeyaony iaeaaeaoaeai
na?oeoeeaoa, oaeinoiaa?ythuaai, /oi ii aoiaeeo a ninoaa aaaeoueo
i?aaei?eyoee ?innee, eiathueo noaoon “Eeaea? ?inneeneie yeiiiieee”.

I?iecaiaenoaaiiua e aaeieieno?aoeaiua ei?iona caaiaea ?aniieiaeaiu ia
ieiuaaee 10 aaeoa?. Iauay ieiuaaeue i?iecaiaenoaaiiuo e iiaeniaiuo
iiiauaiee ninoaaeyao ieiei 100 000 eaaae?aoiuo iao?ia, a o./. ieiuaaeue
neeaaeneeo iiiauaiee – 12756,9 ea.i. A oeaoa ?iceeaa aeia onoaiiaeaiu 6
aaoiiaoece?iaaiiuo eeiee ?iceeaa i?iecaiaeeoaeueiinoueth io 6 aei 16
oun.aoo//an ecaanoiuo ca?oaaaeiuo oe?i Aa?iaiee, Eoaeee, O?aioeee.
?iceea eiiueyea e aiaeee inouanoaeyaony a ioaeaeueiii o?aoyoaaeiii
ei?iona ia 3-o nia?aiaiiuo aaoiiaoece?iaaiiuo eeieyo, auioneathueo
i?iaeoeoeeth ia oieueei a o?aaeeoeeiiiie ?anoaniaea a aooueea 0,5e, ii e
a noaaie?iii ioi?ieaiee.

Aeiey ?uiea nauoa aeeiaieueiie i?iaeoeoeee IAI «IIAC» a Iineaa
ninoaaeyao: ii aeio 10%, eiiueyeo 5%, aiaeea 3%. Iinoaaee i?iaeoeoeee
inouanoaeythony a Iineao, Iiaeiineiauea e ae?oaea ?aaeiiu ?innee. (45%
iinooiaao a Iineao, 30% – a Iiaeiineiauea, 25% – a inoaeueiua ?aaeiiu).

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

Iaeiaiiaaiea iieacaoaeyIAI «”Iineianeee iaae?anioaeeeaineee
aeiiaeaeue/aneee caaiae” (IAI «IIAC»)Eiaeu IEAYAe (n ?anoeo?iaeie)

15.91 I?iecaiaenoai aeenoeeee?iaaiiuo aeeiaieueiuo iaieoeia (yoa
a?oiie?iaea aeeth/aao: – i?iecaiaenoai aeenoeeee?iaaiiuo aeeiaieueiuo
iaieoeia: aiaeee, aenee, a?aiaee, aeaeeia, eeea?ia e o.i.)

15.93 I?iecaiaenoai aeiia?aaeiiai aeia (yoa a?oiie?iaea aeeth/aao: –
i?iecaiaenoai aeiia?aaeiuo aei: – noieiauo aei – i?aeeia?iuo e ia?i/iuo
aei – ea?enouo aei – oeio/eo aei)

15.95 I?iecaiaenoai i?i/eo iaaeenoeeee?iaaiiuo iaieoeia ec na?iaeaiiuo
iaoa?eaeia  (yoa a?oiie?iaea aeeth/aao: – i?iecaiaenoai aa?iooa e i?i/eo
a?iiaoece?iaaiiuo iaoo?aeueiuo aeiia?aaeiuo aei.

15.98 I?iecaiaenoai ieia?aeueiuo aiae e ae?oaeo aacaeeiaieueiuo
iaieoeia.

51.34.2 Iioiaay oi?aiaey aeeiaieueiuie iaieoeaie, aeeth/ay ieai.

51.70 I?i/ay iioiaay oi?aiaey (yoa a?oiie?iaea aeeth/aao: –
niaoeeaeece?iaaiioth iioiaoth oi?aiaeth, ia aeeth/aiioth a i?aaeuaeouea
a?oiie?iaee – iioiaoth oi?aiaeth oiaa?aie oieaa?naeueiiai anni?oeiaioa
aac eaeie-eeai ii?aaeaeaiiie niaoeeaeecaoeee.

52.25 ?icie/iay oi?aiaey aeeiaieueiuie e ae?oaeie iaieoeaie.

65.23 Oeiainiaia iin?aaeie/anoai, ia aeeth/aiiia a ae?oaea a?oiie?iaee
(yoa a?oiie?iaea aeeth/aao: – oeiainiaia iin?aaeie/anoai, naycaiiia, a
iniiaiii, n ?aciauaieai oeiainiauo n?aaenoa, e?iia i?aaeinoaaeaiey
caeiia).

70.20 Naea/a aiaai nianoaaiiiai iaaeaeaeeiiai eiouanoaa.Iniiaiay
oicyenoaaiiay aeayoaeueiinoue

I?iecaiaenoai e ?aaeecaoeey aeiiaeaeue/aneie e ae?oaie aeeiaieueiie
i?iaeoeoeee.

No?oeoo?a aaeaina ca 3 eaa?oae 2009 aiaea a iauae noiia aeoeaia (e
eiioeo aiaeece?oaiiai ia?eiaea):

I. AIAIAI?IOIUA AEOEAUAeiey a %Noiia,oun.?oaIaiaoa?eaeueiua
aeoeau0,0099%393Iniiaiua n?aaenoaa15,8050%624 421Iacaaa?oaiiia
no?ieoaeuenoai0,4267%16 858Aeioiaeiua aeiaeaiey a iaoa?eaeueiua
oeaiiinoe Aeieain?i/iua oeiainiaua aeiaeaiey26,8024%1 058 903i?i/ea
aeieain?i/iua oeiainiaua aeiaeaiey2,2176%87 611Ioeiaeaiiua iaeiaiaua
aeoeau I?i/ea aiaiai?ioiua aeoeau0,0053%210EOIAI ii ?acaeaeo
I45,2669%1788396II. IAI?IOIUA AEOEAU Caianu20,0137%790 698nu?uea,
iaoa?eaeu e ae?oaea aiaeiae/iua oeaiiinoe6,9298%273 782aeeaioiua ia
au?aueaaiee e ioei?ia cao?aou a iacaaa?oaiiii i?iecaiaenoaa (ecaea?aeeao
ia?auaiey)10,2427%404 668aioiaay i?iaeoeoeey e oiaa?u aeey
ia?ai?iaeaaee2,4063%95 066oiaa?u ioa?oaeaiiua ?anoiaeu aoaeoueo
ia?eiaeia0,4349%17 182i?i/ea caianu e cao?aou Iaeia ia aeiaaaeaiioth
noieiinoue ii i?eia?aoaiiui oeaiiinoyi0,2243%8 863Aeaaeoi?neay
caaeieaeaiiinoue (ieaoaaee ii eioi?ie iaeeaeathony aieaa /ai /a?ac 12
ianyoeaa iinea io/aoiie aeaou)0,7884%31 149iieoiaoaee e caeac/eee
 Aeaaeoi?neay caaeieaeaiiinoue (ieaoaaee ii eioi?ie iaeeaeathony a
oa/aiea 12 ianyoeaa iinea io/aoiie aeaou)33,7025%1 331 512iieoiaoaee e
caeac/eee 20,4683%808 658E?aoein?i/iua oeiainiaua aeiaeaiey caeiu,
i?aaeinoaaeaiiua i?aaiecaoeeyi ia n?ie iaiaa 12 ianyoeaa nianoaaiiua
aeoeee, aueoieaiiua o aeoeeiia?ia i?i/ea e?aoein?i/iua oeiainiaua
aeiaeaiey Aeaiaaeiua n?aaenoaa0,0042%164I?i/ea iai?ioiua aeoeau EOIAI ii
?acaeaeo II54,7331%2 162 387AAEAIN100%3 950 783

Aiaeec aeeiaieee no?oeoo?u aaeaina ca 3 eaa?oae 2009 a. ii n?aaiaieth n
3 eaa?oaeii 2008a.

I. AIAIAI?IOIUA AEOEAU3 eaa?oae 2008a,oun.?oaOaii ?inoa,
%Iaiaoa?eaeueiua aeoeau292134,589%Iniiaiua
n?aaenoaa301048207,42%Iacaaa?oaiiia no?ieoaeuenoai3063035,5%Aeioiaeiua
aeiaeaiey a iaoa?eaeueiua oeaiiinoe Aeieain?i/iua oeiainiaua
aeiaeaiey947641111,74%i?i/ea aeieain?i/iua oeiainiaua
aeiaeaieyIoeiaeaiiua iaeiaiaua aeoeau2418 I?i/ea aiaiai?ioiua
aeoeau210100%EOIAI ii ?acaeaeo I1557912114,8%II. IAI?IOIUA
AEOEAU Caianu106009974,59%nu?uea, iaoa?eaeu e ae?oaea aiaeiae/iua
oeaiiinoe36561674,88%aeeaioiua ia au?aueaaiee e ioei?iacao?aou a
iacaaa?oaiiii i?iecaiaenoaa (ecaea?aeeao ia?auaiey)40797599,2%aioiaay
i?iaeoeoeey e oiaa?u aeey ia?ai?iaeaaee10923787,03%oiaa?u
ioa?oaeaiiua?anoiaeu aoaeoueo ia?eiaeia1772729,69%i?i/ea caianu e
cao?aouIaeia ia aeiaaaeaiioth noieiinoue ii i?eia?aoaiiui
oeaiiinoyi1512158,61%Aeaaeoi?neay caaeieaeaiiinoue (ieaoaaee ii eioi?ie
iaeeaeathony aieaa /ai /a?ac 12 ianyoeaa iinea io/aoiie
aeaou)31149100%iieoiaoaee e caeac/eee Aeaaeoi?neay caaeieaeaiiinoue
(ieaoaaee ii eioi?ie iaeeaeathony a oa/aiea 12 ianyoeaa iinea io/aoiie
aeaou)656165202,92%iieoiaoaee e caeac/eee 383510210,86%E?aoein?i/iua
oeiainiaua aeiaeaiey138829caeiu, i?aaeinoaaeaiiua i?aaiecaoeeyi ia n?ie
iaiaa 12 ianyoeaanianoaaiiua aeoeee, aueoieaiiua o aeoeeiia?iai?i/ea
e?aoein?i/iua oeiainiaua aeiaeaieyAeaiaaeiua n?aaenoaa16969,669811I?i/ea
iai?ioiua aeoeauEOIAI ii ?acaeaeo II1903059113,6269AAEAIN3460971114,1524

A iauae noiia aeoeaia iaeaieueoee oaeaeueiue aan caieiatho aeieain?i/iua
oeiainiaua aeiaeaiey – 26,8%, /oi ninoaaeyao 1 058 903 oun.?oa. A oeaeii
aaeain aeoeaia aic?in ia 14,15 % a 3 eaa?oaea 2009a. ii n?aaiaieth n
aiaeiae/iui ia?eiaeii i?aaeuaeouaai aiaea. Iaeaieueoee oaii ?inoa
iaaethaeaaony o iniiaiuo n?aaenoa, ia 30 naioya?y 2009 aiaea ii
ninoaaeyao 207,42%.

No?oeoo?a e?aaeeoi?neie caaeieaeaiiinoe yieoaioa (ca 9ian 2009a)

Iaeiaiiaaiea iaycaoaeuenoaN?ie ianooieaiey ieaoaaea Aei 1 aiaeaNauoa 1
aE?aaeeoi?neay caaeieaeaiiinoue ia?aae iinoaaueeaie e iiae?yae/eeaie,
?oa.167 547 000 a oii /enea i?in?i/aiiay, ?oa. xE?aaeeoi?neay
caaeieaeaiiinoue ia?aae ia?niiaeii i?aaiecaoeee, ?oa.546 500 a oii /enea
i?in?i/aiiay, ?oa. xE?aaeeoi?neay caaeieaeaiiinoue ia?aae athaeaeaoii e
ainoaea?noaaiiuie aiaathaeaeaoiuie oiiaeaie, ?oa.69 446 000 a oii /enea
i?in?i/aiiay, ?oa. xE?aaeeou, ?oa.1 829 119 207458 760 597a oii /enea
i?in?i/aiiua, ?oa. xCaeiu, ?oa.696 123 026192 656 660a oii /enea
i?in?i/aiiua, ?oa. xa oii /enea iaeeaaoeeiiiua caeiu, ?oa.  a oii /enea
i?in?i/aiiua iaeeaaoeeiiiua caeiu, ?oa. xI?i/ay e?aaeeoi?neay
caaeieaeaiiinoue, ?oa.6 447 000 a oii /enea i?in?i/aiiay, ?oa. xEoiai,
?oa.2 774 147 233651 417 257a oii /enea i?in?i/aii, ?oa. x

I?in?i/aiiay e?aaeeoi?neay caaeieaeaiiinoue ionoonoaoao.

N?aaieoaeueiue aiaeec no?oeoo?u e?aoein?i/iuo iaycaoaeuenoa i?aaiecaoeee
ia eiiaoe 3ea 2009 aiaea

Iaeiaiiaaiea e?aaeeoi?neie caaeieaeaiiinoeIAI «IIAC»  Oun. ?oa.Aeiey a
%  e eoiaoE?aaeeoi?neay caaeieaeaiiinoue ia?aae iinoaaueeaie e
iiae?yae/eeaie, oun. ?oa.167 547 0006,04%E?aaeeoi?neay caaeieaeaiiinoue
ia?aae ia?niiaeii i?aaiecaoeee, oun. ?oa.546 5000,02%E?aaeeoi?neay
caaeieaeaiiinoue ia?aae athaeaeaoii e ainoaea?noaaiiuie aiaathaeaeaoiuie
oiiaeaie, oun. ?oa.69 446 0002,50%E?aaeeou, oun. ?oa.1 829 119
20765,93%Caeiu, anaai, oun. ?oa.696 123 02625,09%a oii /enea
iaeeaaoeeiiiua caeiu, oun. ?oa.–I?i/ay e?aaeeoi?neay caaeieaeaiiinoue,
oun. ?oa.6 447 0000,23%Eoiai, oun. ?oa.2 774 147 233100

Eiyooeoeeaio oeiainiaie caaeneiinoe = Caaiiue eaieoae/Nianoaaiiue
eaieoae

1) ia ia/aei 2008a = 2,11

2) ia eiiaoe 3ea 2008a = 2,65

3) ia ia/aei 2009a = 6,14

4) ia eiiaoe 3ea 2008a = 6,58

Oaeei ia?acii, eiyooeoeeaio oeiainiaie caaeneiinoe oaaee/eeny a 3 ?aca a
3 eaa?oaea 2009 aiaea ii n?aaiaieth n aiaeiae/iui ia?eiaeii
i?aaeuaeouaai aiaea, /oi oeacuaaao ia oi, /oi o eiiiaiee noaei aieueoa
aeieain?i/iuo iaycaoaeuenoa. Aeaiiue o?iaaiue iieacaoaey iiaeao i?eaanoe
e aeaoeoeeoo aeaiaaeiuo n?aaenoa o eiiiaiee.

I?eaueue (no?oeoo?a e aeeiaieea)

Iaeiaiiaaiea iieacaoaey2008, 9 ian.2009, 9 ian.Oaii ?inoa, %Aeiey a
%Au?o/ea, ?oa.789 120 000943 635 000119,58%71,52%Aaeiaay i?eaueue,
?oa.177 944 000375 297 000210,90%28,45%I?ioeaiou e iieo/aieth45 95448
286105,07%0,00%Aeioiaeu io o/anoey a ae?oaeo i?aaiecaoeeyo40664
05899,80%0,00%I?i/ea iia?aoeeiiiua aeioiaeu600223167
49827,91%0,01%*enoay i?eaueue701-166 055-23688,30%0,01%

Iaeaieueoee oaeaeueiue aan a i?eauee i?aaiecaoeee i?eiaaeeaaeeo au?o/ea
(iaooi) io i?iaeaaee oiaa?ia, i?iaeoeoeee (71,52%). Au?o/ea io
?aaeecaoeee aic?inea ia 19,58 %, /oi ninoaaeyao 154 515 oun.?oa.

Aiaeec ?acoeueoaoia oeiainiai-oicyenoaaiiie aeayoaeueiinoe

Iaeiaiiaaiea iieacaoaey3 ea 2008aiae3 ea 2009aiae?aioaaaeueiinoue
nianoaaiiiai eaieoaea, %0,07-36?aioaaaeueiinoue aeoeaia,
%0,02-6,83Eiyooeoeeaio /enoie i?eaueueiinoe,
%0,089-22,01?aioaaaeueiinoue i?iaeoeoeee (i?iaeaae),
%-2,322,89Iai?a/eaaaiinoue aeoeaia120,3860,6404

?aioaaaeueiinoue aeoeaia e nianoaaiiiai eaieoaea aeinoeaee
io?eoeaoaeueiuo cia/aiee e yoi icia/aao, /oi noiia aeoeaia e
nianoaaiiiai eaieoaea ca aiae oiaiueoaeenue ia noiio i?ioeaioia
?aioaaaeueiinoe aeoeaia e nianoaaiiiai eaieoaea. Ieceee iieacaoaeue
iai?a/eaaaiinoe aeoeaia iauyniyaony aunieie eaieoaei?ieinoueth
aeayoaeueiinoe, o. e. Oeiainiaia iieiaeaiea i?aaei?eyoey iaoiaeeony a
iaiin?aaenoaaiiie caaeneiinoe io oiai, ianeieueei auno?i n?aaenoaa,
aeiaeaiiua a aeoeau, i?aa?auathony a ?aaeueiua aeaiueae.

Eiyooeoeeaiou eeeaeaeiinoe (Liquidity Ratios) – oeiainiaua iieacaoaee,
oa?aeoa?ecothuea ieaoaaeaniiniaiinoue eiiiaiee a e?aoein?i/iii ia?eiaea,
aa niiniaiinoue auaea?aeeaaoue auno?ioa/iua eciaiaiey a ?uii/iie
eiiuthieoo?a e aecian-n?aaea. Iieacaoaee eeeaeaeiinoe, eae i?aaeei,
?ann/eouaathony ia iniiaa aeaiiuo aaeaina eiiiaiee. Iaeaieaa
?ani?ino?aiaiiua eiyooeoeeaiou:

· Eiyooeoeeaio oaeouae eeeaeaeiinoe

· Eiyooeoeeaio auno?ie eeeaeaeiinoe

· Eiyooeoeeaio aaniethoiie eeeaeaeiinoe

Eiyooeoeeaio oaeouae eeeaeaeiinoe (CR) – ?ann/eouaaaony eae /anoiia io
aeaeaiey iai?ioiuo n?aaenoa ia e?aoein?i/iua iaycaoaeuenoaa e
iieacuaaao, aeinoaoi/ii ee o i?aaei?eyoey n?aaenoa, eioi?ua iiaoo auoue
eniieueciaaiu aeey iiaaoaiey e?aoein?i/iuo iaycaoaeuenoa. Niaeanii n
iaaeaeoia?iaeiie i?aeoeeie, cia/aiey eiyooeoeeaioa eeeaeaeiinoe aeieaeiu
iaoiaeeoueny a i?aaeaeao io aaeeieoeu aei aeaoo (eiiaaea aei o?ao). O
IAI «IIAC» eiyooeoeeaio oaeouae eeeaeaeiinoe ?aaai 0,77 icia/aao, /oi
iai?ioiuo n?aaenoa iaaeinoaoi/ii aeey iiaaoaiey e?aoein?i/iuo
iaycaoaeuenoa. ?ann/eouaaaony ii oi?ioea: 

CR = Oaeouea aeoeau/Oaeouea iaycaoaeuenoaa

Eiyooeoeeaio auno?ie eeeaeaeiinoe – oa?aeoa?ecoao ioiioaiea iaeaieaa
eeeaeaeiie /anoe iai?ioiuo n?aaenoa e e?aoein?i/iui iaycaoaeuenoaai.
Iau/ii ?aeiiaiaeoaony, /oiau cia/aiea yoiai iieacaoaey auei aieueoa 1.
Iaeiaei ?aaeueii cia/aiey aeey ?inneeneeo i?aaei?eyoee ?aaeei
ninoaaeytho aieaa 0,7-0,8, /oi i?eciaaony aeiionoeiui. ?ann/eouaaaony ii
oi?ioea: QR = (Aeaiaaeiua n?aaenoaa + E?aoein?i/iua eiaanoeoeee + N/aoa
e aaenaey e iieo/aieth)/Oaeouea iaycaoaeuenoaa Cia/aiea aeaiiiai
iieacaoaey oaeaea ieaea aeiionoeiie ii?iu.

Eiyooeoeeaio aaniethoiie eeeaeaeiinoe (LR) – iieacuaaao, eaeay aeiey
e?aoein?i/iuo aeieaiauo iaycaoaeuenoa iiaeao auoue iie?uoa ca n/ao
aeaiaaeiuo n?aaenoa e eo yeaeaaeaioia a aeaea ?uii/iuo oeaiiuo aoiaa e
aeaiiceoia, o.a. i?aeoe/anee aaniethoii eeeaeaeiuie aeoeaaie.
?ann/eouaaaony ii oi?ioea: 

LR = (Aeaiaaeiua n?aaenoaa + E?aoein?i/iua eiaanoeoeee)/Oaeouea
iaycaoaeuenoaa 

?aeiiaiaeiaaiiua cia/aiey: 0.2 – 0.5.

Iaeiaiiaaiea iieacaoaey3 ea. 2008aiae3 ea. 2009 aiaeEiyooeoeeaio oaeouae
eeeaeaeiinoe3,160,77Eiyooeoeeaio auno?ie
eeeaeaeiinoe1,350,48Eiyooeoeeaio aaniethoiie eeeaeaeiinoe0,270,13

Auaiae

IAI «IIAC» ii iieacaoaeyi oeiainiaie onoie/eainoe yaeyaony
i?aaei?eyoeai, iaoiaeyueiny a neeueiie caaeneiinoe io caaiiuo n?aaenoa.
A oneiaeyo e?ecena o i?aaei?eyoey n aieueoeie ?anoiaeaie ii
ianeoaeeaaieth caeiia aunie ?ene aaie?ionoaa. Eniieueciaaiea
aeiiieieoaeueiiai (caaiiiai) eaieoaea iiaeii iiieiaoue eae oneeaiea
nianoaaiiiai eaieoaea n oeaeueth iieo/aiey aieueoae i?eauee, ii a
aeaiiii neo/aa yoi i?eaaei e io?eoeaoaeueiui cia/aieyi ?aioaaaeueiinoe
i?aaei?eyoey.

Oaeaea IAI «IIAC» iiaeaa?aeaii iiiaeanoao ?eneia: io?aneaaui (ianuuaiea
ni?ina ia aeeiaieueioth i?iaeoeoeeth, naciiiua eieaaaiey ?uiea e o.ae.),
oeiainiaui (aaethoiua ?enee – aeeiaieea aaethoiiai eo?na aeeyao ia oeaio
nu?uey e iaoa?eaeia, i?eia?aoaaiuo yieoaioii ii eiio?aeoai, oeaiu a
eioi?uo caoeene?iaaiu a eiino?aiiie aaethoa e o.ae.), i?aaiaui, ?enee,
naycaiiua n aeayoaeueiinoueth yieoaioa.

Ii iiaiaeo oeiainiauo ?eneia, naycaiiuo n eciaiaieai caeiiiaeaoaeuenoaa:

«Naiaoi?u ioeeiieee caeii, i?aaeiieaaathuee iiauoaiea ia 10% noaaie
aeoeecia ia iiaeaeoeeciua oiaa?u a 2010-2012 aiaeao. Niioaaonoaothuee
caeii “I aianaiee eciaiaiee a aeaau 22 e 28 /anoe aoi?ie Iaeiaiaiai
eiaeaena ?O” ioeeiiai naiaoi?aie 18 iiya?y ia canaaeaiee Niaaoa
Oaaea?aoeee.

Naiaoi?u ia niaeaneeenue n iiauoaieai ia 10% niaoeeoe/aneeo noaaie
aeoeecia ia iiaeaeoeeciua oiaa?u ii ioiioaieth e eo o?iaith
i?aaeuaeouaai aiaea, ca eneeth/aieai aeeiaieueiie i?iaeoeoeee,
nie?oiniaea?aeauae i?iaeoeoeee, aei, ieaa, a oaeaea oaaa/iie
i?iaeoeoeee. A /anoiinoe, i?aaeiieaaaeinue iiauoaiea aeoeecia ia aaicei.

Noaaee aeoeecia ia aeeiaieueioth i?iaeoeoeeth n iauaiiie aeieae
yoeeiaiai nie?oa nauoa 9% i?aaeeaaaeinue i?ieiaeaene?iaaoue ia 2012 aiae
ia 10%. Noaaee aeoeecia ia aeeiaieueioth i?iaeoeoeeth n iauaiiie aeieae
yoeeiaiai nie?oa aei 9% aeeth/eoaeueii, nie?oiniaea?aeauoth i?iaeoeoeeth
e aeii ia 2010-2012 aiaeu ieaie?iaaeinue iiauneoue a n?aaeiai ia 30%, ia
ieai – a o?e ?aca.

Eiieoao Niaoaaea ii athaeaeaoo n/eoaao iaiainiiaaiiui nieaeaiea ia 33%
noaaee iaeiaeaiey nie?oiniaea?aeauae i?iaeoeoeee. Aeaaa eiieoaoa Aaaaiee
Aooeiei ioiaoee, /oi ii aeaiiui Ieinaeueoica ?O iauai i?iecaiaenoaa ieaa
a 2010 aiaeo oiaiueoeony ii n?aaiaieth n 2009 ia 15%, /oi ia o/eouaaaony
caeiiii?iaeoii. ?an/aou iieacuaatho, /oi athaeaeaou iiaoo iaaeiiieo/eoue
ieiei 1,4 ie?ae ?oaeae. Niaoaae i?aaeeaaaao nicaeaoue niaeaneoaeueioth
eiienneth e aeeth/eoue a aa ninoaa naiaoi?ia Aaaaiey Aooieia, Aeaaeeie?a
Iao?iaa e Aeaenaiae?a Nie?iiaa».

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