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Разработка и обоснование реализации инновационного проекта по оказанию сбытовых услуг ЗАО Диана

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Ainoaea?noaaiiay Aeaaeaiey Oi?aaeaiey eiaie Na?ai I?aeaeiieeeaeca

Eaoaae?a eiiiaaoeeiiiiai iaiaaeaeiaioa

Eo?niaie i?iaeo.

ii aeenoeeieeia “ Eiiiaaoeeiiiue iaiaaeaeiaio “.

ia oaio “ ?ac?aaioea e iainiiaaiea ?aaeecaoeee eiiiaaoeeiiiiai i?iaeoa
ii ieacaieth nauoiauo oneoa CAI “Aeeaia”

Auiieiee : Eaa/aiei A. A.

Niaoeeaeueiinoue : Eiiiaaoeeiiiue iaiaaeaeiaio.

Ioaeaeaiea : Aeiaaiia.

Eo?n : 5.

A?oiia : 1.

I?iaa?ee: Eyieia N.TH..

Aeaoa naea/e ia i?iaa?eo: __________

Aeaoa caueou:______________________

Ioeaiea:___________________________

Iiaeienue ?oeiaiaeeoaey: ____________

Iineaa 1997

Niaea?aeaiea.

Niaea?aeaiea 2

Aaaaeaiea 3

?acaeae 1. Eiiieaeniay oa?aeoa?enoeea iiaiaaaaeaiey 5

( 1. Iieacaiey e ?ac?aaioea eiiiaaoeeiiiiai i?iaeoa 5

( 2. E?aoeay oa?aeoa?enoeea eiiiaaoeeiiiiai i?iaeoa 7

( 3. Ioeaiea eiieo?aioeee e ?uiea nauoa 10

( 4. Aiaeec iioaioeeaeueiuo iio?aaeoaeae 14

( 5. Oa?aeoa?enoeea i?aaiecaoeee, inouanoaeythuae i?iaeo 15

?acaeae 2. I?aaiecaoeeiiii – oi?aaeai/aneee e yeiiiie/aneee iaoaieci
?aaeecaoeee eiiiaaoeeiiiiai i?iaeoa 16

( 1. Oeaee e caaea/e i?iaeoa 16

( 2. ?ac?aaioea ieaia ?aaeecaoeee i?iaeoa 17

( 3. I?aaiaia iaania/aiea i?iaeoa 18

( 4. Ia?eaoeiaiaue ieai 20

( 5. Aiaeec cao?ao ia i?iaeo 23

( 6. Aiaeec o?iaiy ?enea i?iaeoa 26

( 7. Oeiainiaue ieai. 32

?acaeae 3. Yenia?oeca i?iaeoa ii ieacaieth nauoiauo oneoa CAI “Aeeaia”
32

( 1. Iaoiaeeea i?iaaaeaiey oeiainiaie yenia?oecu eiiiaaoeeiiiiai i?iaeoa
32

( 2. ?an/ao eiyooeoeeaioa aeeneiioe?iaaiey i?iaeoa 33

( 3. Iino?iaiea aeeaa?aiiu “CASH-FLOW”. 33

( 4. ?an/ao /enoiai aeeneiioe?iaaiiiai i?iaeoa 36

( 5. ?an/ao n?iea ieoiaaiinoe e aioo?aiiae ii?iu aeioiaeiinoe 40

( 6. ?an/ao oi/ee aacoauoi/iinoe i?iaeoa 42

( 7. Aiaeec /oanoaeoaeueiinoe i?iaeoa e eciaiaieth iniiaiuo ia?aiao?ia
43

( 8. Auaiaeu ii ?acoeueoaoai ?aaeecaoeee i?iaeoa 45

Caeeth/aiea 47

Aeaeeia?aoey 48

Aaaaeaiea.

Eiiiaaoeee e eiiiaaoeeiiiua i?ioeannu a nia?aiaiiie yeiiiieea ea?atho
?aoathuoth ?ieue a aii?ina i?eia?aoaiey e iiaeaea?aeaiey neeueiuo noi?ii
i?aaei?eyoey a eiieo?aioiie ai?ueaa. Eiiiaaoeee e ioiioaiea e iei a
cia/eoaeueiie ia?a ii?aaeaeytho iiceoeee eae e?oiiuo eiiiaiee oae e
iaeuo i?aaei?eyoee, a oii /enea e ia/eiathueo.

Inaaaiioth aaaeiinoue i?eia?aoatho eiiiaaoeeiiiua i?iaeou eiaiii a
neo/aa ia/eiathueo oe?i, iaoiaeyueony ia noaaeee aoiaea a eaeoth-eeai
io?aneue. Yoi i?ienoiaeeo iioiio, /oi a ianoiyuaa a?aiy aeaaea a
oneiaeyo ?inneeneie yeiiiie/aneie nenoaiu aoiae a io?aneue – i/aiue
neiaeiue i?ioeann i?aiaeieaiey aa?uea?ia, aicaaaeaiiuo aneaaenoaea oaea
aeinoaoi/iiai i?enoonoaey a io?anee eiieo?e?othueo eiiiaiee. Naeaeaoue
aiciiaeiui aiaae?aiea a caei?iaoth eiieo?aioeeth iiaiai i?aaei?eyoey
iicaieyao ?aaeecaoeey ?acee/iiai ?iaea eiiiaaoeee.

Iaeiaei ecaanoii, /oi iniiaiuie oa?aeoa?iuie /a?oaie eiiiaaoeeiiiuo
i?iaeoia yaeythony eae i?aaeei aunieee o?iaaiue ?enea, aieueoea cao?aou
e aieueoay ioaea/a. O?iaaiue cao?ao ia ?ac?aaioeo e ?aaeecaoeeth
eiiiaaoeeiiiuo i?iaeoia ca/anooth yaeyaony iaiineeueiui aeey iaeuo
eiiiaiee, a iniaaiii aeey oe?i, iaoiaeyueony ia noaaeee nicaeaiey e
noaiiaeaiey.

Iiyoiio oaeea i?aaei?eyoey noiyo ia?aae iaiaoiaeeiinoueth iienea
enoi/ieea oeiaine?iaaiey. Ie aeey eiai ia nae?ao, /oi iiene eiaanoi?a a
oneiaeyo ?innee – caaea/a neiaeiay, a anee i?e yoii ?a/ue eaeao ia
eiaanoe?iaaiee eiiiaaoeeiiiuo i?iaeoia, ?aaeecoaiuo a aeinoaoi/ii
aeeeoaeueiue ia?eiae a?aiaie eiiiaieyie, ia eiathueie ieeaeie ?aiooaoeee
ia ?uiea, oi iiaeiaiay caaea/a i?aaenoaaeyaony aaniethoii ia?ac?aoeiie.

I?eieiay ai aieiaiea iienaiiua i?e/eiu, a yoie ?aaioa i?aaeeaaaaony
?anniio?aoue i?eia? eiiiaaoeeiiiiai i?iaeoa, eioi?ue aiieia i?eaiaeai
aeey ?aaeecaoeee iaeuie ia/eiathueie i?aaei?eyoeyie.

I?iaeo i?aaenoaaeyao niaie iiiuoeo ?aoeoue iienaiiua auoa i?iaeaiu. Aai
iniiaiuie ioee/eoaeueiuie iniaaiiinoyie yaeythony:

iaaieueoie a?aiaiiie ia?eiae ?aaeecaoeee;

ieceee o?iaaiue noa?oiauo aaeeiia?aiaiiuo cao?ao;

n?aaieoaeueii iaaunieee o?iaaiue ?enea.

I?e oneiaee, /oi ?aaeecoaiinoue eiiiaaoeeiiiiai i?iaeoa aoaeao
aeieacaia, ii iiaeao auoue i?eiyo e ?ac?aaioea ethauie
i?aaei?eieiaoaeyie, iaeaaeathueie aeaaea e?aeia ieceeie eiaanoeoeeiiiuie
aiciiaeiinoyie.

?acaeae 1. Eiiieaeniay oa?aeoa?enoeea iiaiaaaaeaiey.

( 1. Iieacaiey e ?ac?aaioea eiiiaaoeeiiiiai i?iaeoa.

A ianoiyuaa a?aiy a ai?iaea Iineaa aeinoaoi/ii iiuiia ?acaeoea iieo/eea
oaeay iaeanoue aeciana, eae i?iecaiaenoai auoiauo oneoa ianaeaieth. A
aeaiiie ?aaioa ?a/ue iieaeao a /anoiinoe i oeie/aneie /enoea oeaiae,
ecaeaeee ec eiaee e eia?iauo iie?uoee, a oaeaea oneoaao i?a/a/iie.

Aiaeec ?uiea oeacaiiiai aeaea oneoa iieacae, /oi iniiaiay /anoue iau?ia
i?iaeaae i?eiaaeeaaeeo /aou??i aeinoaoi/ii iieiaeui i?aaei?eyoeyi,
eniieuecothuei caiaaeiia iai?oaeiaaiea e oaoiieiaeth. E?oiiua eiiaeiaou
auoiaiai ianeoaeeaaiey, inoaaoeany n “niaaoneeo” a?aiai, iaeaaeathuea
eciioaiiui iai?oaeiaieai e onoa?aaoeie oaoiieiaeyie /enoee ieacaeenue
iaeiieo?aioiiniiniaiuie.

N?aaee iaeaieaa iiuiuo i?aaenoaaeoaeae aeaiiiai aeciana iaoiaeeony e CAI
“Aeeaia” – oaa?eea-oei/enoea, iaeaaeathuay nia?aiaiiui eoaeueyineei
iai?oaeiaaieai e iiaaeoeie oaoiieiaeyie /enoee. I?eiaiaiea oaeeo
oaoiieiaee iicaieyao ianeoaeeaaoue i?eia?ii 3 ieeeeiia caeacia a ianyoe.
Iaeiaei i?e?iiue ioieo oaa?eee ia niiniaai iaania/eoue iieioth caa?oceo
i?iecaiaenoaaiiuo iiuiinoae e a ianoiyuee iiiaio iai?oaeiaaiea
caa?oaeaii oieueei ia 45 %, ianiio?y ia oi, /oi oaa?eea ?aniieiaeaia a
aeeeii “niaeueiii” ?aeiia Iineau.

Iiyoiio iaeiie ec caaea/ i?aaiecaoeee CAI “Aeeaia” yaeyaony iaania/eoue
iaeneiaeueioth caa?oceo naieo i?iecaiaenoaaiiuo iiuiinoae aeey
ono?aiaiey iaaeiiieo/aiiie i?eauee.

?anniao?eaaaiue eiiiaaoeeiiiue i?iaeo i?aaeiieaaaaony ?aaeeciaaoue a
o?ao e?oiiuo ai?iaeao Aaeaoeoeineiai ?aeiia Iineianeie iaeanoe:

a. ?aooia;

a. Aaeaoeoa;

a. AEaeaciiaei?iaeiue.

Eco/ay aeayoaeueiinoue i?aaiia aeanoe Aaeaoeoeineiai ?aeiia, a oaeaea
?aaioo iy?ia oeacaiiuo ai?iaeia, iiaeii iaia?oaeeoue, /oi
Aaeieieno?aoeey iaiaeiie?aoii a naieo aunooieaieyo oeacuaaea ia
iaaeinoaoi/iia iaania/aiea ianaeaiey e?oiiuo ai?iaeia ?aeiia auoiauie
oneoaaie, a a /anoiinoe oneoaaie i?a/a/iuo e oeie/aneeo /enoie.

Aeaaa Aaeieieno?aoeee Aaeaoeoeineiai ?aeiia A.I. Eeaaeueiee a nai?i
aunooieaiee a ?aeiiiie aacaoa “Oaeo” oeacuaaao, /oi a ianoiyuee iiiaio
ea/anoai e eiee/anoai oneoa, i?aaeinoaaeyaiuo ianaeaieth
ainoaea?noaaiiuie oaa?eeaie-oei/enoeaie ia ioaa/aao ?aaeueiie
iio?aaiinoe a ieo, iaeiaei ec-ca iaaeinoaoea n?aaenoa o ?aeiiie aeanoe,
nae/an ia i?aaenoaaeyaony aiciiaeiui i?iaanoe ia?aaii?oaeaiea e?oiiuo
i?aaei?eyoee.

Iy? ai?iaea AEaeaciiaei?iaeiue A.A. Eo?aaiia i?yii au?aaeaao aioiaiinoue
niaeaenoaiaaoue iaania/aieth ianaeaiey ai?iaea oneoaaie oeie/aneie
/enoee e i?a/a/iie, oae eae eiathueeny a ai?iaea eiiaeiao a neeo
iaoaea/iie ?aniieiaeaiiinoe / a iaaeeeie i?iiuoeaiiie /anoe ai?iaea/, a
oaeaea ii?aeueiiai e oece/aneiai eciina oiiaeia iaoiaeeony ia a?aie
aaie?ionaa e iiaeeaaeeo cae?uoeth eae iaiinyuee oauoee ai?iaeneiio
athaeaeaoo. Naaiaeiy cae?uoea eiiaeiaoa iaaiciiaeii iioiio, /oi ii
yaeyaony aaeeinoaaiiui a ai?iaea e aai eeeaeaeaoeey i?eaaaeao e iieiiio
ionoonoaeth yoeo oneoa a ai?iaea.

Oaeie aea iiceoeee i?eaea?aeeaaaony e Iy? ai?iaea ?aooia A.I Oiaea?aa.
Ii n/eoaao, /oi ianaeaiea ai?iaea eniuouaaao iio?aaiinoue a oaeiaii
?aniieiaeaiiuo ioieoao ieacaiey ?anniao?eaaaiuo oneoa.

Ioeaieaay iiaiey i?aaenoaaeoaeae aunoae aeanoe Aaeaoeoeineiai ?aeiia, a
a /anoiinoe aai e?oiiuo ai?iaeia, iiaeii naeaeaoue auaiae i oii, /oi
Aaeieieno?aoeey aioiaa i?iaanoe iieeoeeo anee ia i?ioaeoeeiiecia
nicaeaieth a ai?iaeao oi/ae ieacaiey oneoa oeie/aneeo /enoie e
i?a/a/iuo, oi oioy au iieeoeeo iaaiaoaoaeuenoaa a eo aeaea.

( 2. E?aoeay oa?aeoa?enoeea eiiiaaoeeiiiiai i?iaeoa.

Nouiinoue ?anniao?eaaaiiai i?iaeoa ninoieo a neaaeothuai.

Aneaaenoaea aieueoie iaaeicaa?oaeaiiinoe iai?oaeiaaiey ii i?iecaiaenoao
oeie/neie /ecoee e noe?ee a CAI “Aeeaia” e iio?aaiinoe a yoeo oneoaao
ianaeaiey e?oiiuo ai?iaeia Aaeaoeoeineiai ?aeiia i?aaeiieaaaaony
?anniio?aoue aiciiaeiinoue ioe?uoey i?e?iiuo ioieoia io CAI “Aeeaia” a
yoeo ai?iaeao.

Yoi iicaieeo iaania/eoue aeiiieieoaeueiue nauo i?iaeoeoeee CAI “Aeeaia”
e iinoaaeoue iaiaoiaeeiua oneoae ianaeaieth ?aeiia.

Aeey ?aaeecaoeee oaeiai i?iaeoa i?aaeiieaaaaony nicaeaoue
naiinoayoaeueiia th?eaee/aneia eeoei III “Ieueae?a”, ca?aaeno?e?iaaiiia
a ?aaeno?aoeeiiiie iaeaoa ai?iaea AEaeaciiaei?iaeiiai. III “Ieueae?a”
aoaeao caieiaoueny ieacaieai cae?uoiio aeoeeiia?iiio iauanoao “Aeeaia”
ieaoiie oneoae ii nauoo i?iaeoeoeee iineaaeiaai. Aeey yoiai aoaeao
ninoaaeai niioaaonaothuee aeiaiai?, niaeanii eioi?iio III “Ieueae?a”
iieoiaao i?iaeoeeth CAI “Aeeaia” ni neeaeeie 25 % e iieo/aao ?ac?aoaiea
?aaeeciaaoue a? io eiaie “Aeeaia”.

Oaeoe/anee, oaeie aeiaiai? i?aaeiieaaaao, /oi “Ieueae?a” iieo/aao
aiciiaeiinoue ioe?uoue oaeaeaiiue io oaa?eee-oei/eonee ioieo i?e?ia
aaeuey. Aneaaenoaea ionoonoaey iio?aaiinoe a iaoe?iuo ieiuaaeyo, oaeie
ioieo iiaeao auoue ?aniieiaeai i?aeoe/anee aacaea, a oii /enea
iiyaeyaony aiciiaeiinoue ?aniieiaeeoue aai a oaeiaiii eaaeiaeinooiiii
ianoa, a /anoiinoe yoi iiaeao auoue ianniai iinauaaiue oi?aiaue aeii a
oeaio?a ai?iaea eee ?uiie, a eioi?ii i?aaeiieaaaaony a?aiaea oi?aiaiai
ianoa eee eiioaeia?a.

I?e?iiue ioieo aoaeao nianoaaiiinoueth III “Ieueae?a”, e a oa/aiea aeiy
caeiaony ianeoaeeaaieai eeeaioia. Iieo/aiiua caeacu a eiioea aeiy
o?ainii?oe?othony neeaie III “Ieueae?a” ia oaa?eeo – oei/enoeo, aaea e
ianeoaeeaathony. Caoai aioiaua caeacu aica?auathony eeeaioai. Iieaoa
oneoa oaa?eee i?iecaiaeeony a eiioea ianyoea.

Oaeei ia?acii III “Ieueae?a” eiaao aeioiae io ?acieoeu noieiinoe /enoee
e oeaiu caeaca ( noieiinoue /enoee ninoaaeyao 75 % io oeaiu), a CAI
“Aeeaia”, ?aoay i?iaeaio caa?oaeaiiinoe oiiaeia, oaeoe/anee ecaaaeaia io
iaiaoiaeeiinoe niaea?aeaoue i?e yoii ioieou i?e?ia, /oi e iicaieyao ae
i?aaeinoaaeoue 25 i?ioeaioioth neeaeeo.

?acthie?oy auoaneacaiiia, iiaeii auaeaeeoue neaaeouoth nouiinoue
i?iaeoa:

nicaeaiea iiaiai i?aaei?eyoey a Aaeaoeoeineii ?aeiia ii ieacaieth
ieaoiuo nauoiauo oneoa oaa?eea-oei/enoea “Aeeaia”.

Iniiaie oaeiai ?iaea eiiiaaoeee yaeyaony ecaanoiay caiaaeiay i?aeoeea
?aaiou neoaeau auoa. Iia yaeyaony iauaaeinooiiie, /oi eneeth/aao
aiciiaeiinoue th?eaee/aneiai ioi?ieaiey aa?uea?ia aeey a?
eniieueciaaiey.

Ionthaea neaaeoao ?aaeueiay aiciiaeiinoue aoiaea a io?aneue iiauo
eiieo?aioia, /oi yaeyaony ?aaeueiie oa?icie, oae eae neeueii oiaiueoaao
i?eaeaeaoaeueiinoue iiaeiaiiai ?iaea aeayoaeueiinoe. Iiyoiio,
i?aaeeaaaaony n/eoaoue yoaiii niyoey i?iaeoa n ?aaeecaoeee ia?eiae
i?iieeiiaaiey ia ?uiie iiauo eiieo?aioia.

Aeaiiue i?iaeo a nayce n oeacaiiuie i?e/eiaie yaeyaony e?aoein?i/iui,
a?aiy aai ?aaeecaoeee ninoaaeyao 1 aiae.

A oaaeeoea 1 i?aaenoaaeaiu oa?aeoa?enoeee eiiiaaoeee, eaaeauae a iniiaa
?anniao?eaaaiiai eiiiaaoeeiiiiiai i?iaeoa.

Ii?oieiae/aneay iao?eoea eaeaioeoeeaoeee eiiiaaoeee.

Oaaeeoea 1.

Eeanneoeeaoeey Oei ?anniao?eaaaiie eiiiaaoeee

Ii noa?a i?eiaiaiey: Yenieoaoaoeeiiiay e ianeoaeeaathuay

Ii o?iaith eeiiaaoi?a: Oe?ia

Ii oa??eoi?eaeueiiio ianooaao: ?aeii Iineianeie iaeanoe.

Ii ianooaao ?ani?ino?aiaiey: Oe?ieay aeeooocey.

Ii aeoaeia i?aia?aciaaiee eiiiaaoi?a: Yeaiaioiue.

?anniao?eaaaiay eiiiaaoeey i?aaeiieaaaaony e i?eiaiaieth a noa?a oneoa,
e naia i?aaenoaaeyao niaie iiaoth oneoao. Iiyaeaiea yoie eiiiaaoeee
i?iaeeeoiaaii iio?aaiinoyie ?uiea e ii noaiaie iiaeciu eiiiaaoeeth
iiaeii ioianoe e oeio oniaa?oainoaothueo ooieoeeiiaeueiia ea/anoai
oneoae.

( 3. Ioeaiea eiieo?aioeee e ?uieia nauoa.

Aeey aeaoaeueiie ioeaiee ?uieia nauoa oeaeaniia?acii ?acaeaeeoue eo ii
aaia?aoe/aneiio aniaeoo.

Oaeei ia?acii ?anniio?ei o?e naaiaioa:

a. Aaeaoeoa;

a. ?aooia;

a. AEaeaciiaei?iaeiue.

A ai?iaea Aaeaoeoa eiathony eiiaeiaou auoiaiai ianeoaeeaaiey ianaeaiey,
eioi?ua a oii /enea i?aaeinoaaeytho oneoae oei/enoee e i?a/a/iie.

Iiyoiio caeanue iaiaoiaeeii aeaoaeueii i?iaiaeece?iaaoue aiciiaeiinoe
eiieo?aioia e aiciiaeiinoe i?iaeoe?oaiiai i?aaei?eyoey.

A ea/anoaa neeueiuo ia?eaoeia-aniaeoia III “Ieueae?a” iiaeii i?eaanoe
neaaeothuea:

III “Ieueae?a” inouanoaeyao naith aeayoaeueiinoue iiae oi?aiaie ia?eie
“Aeeaia”, eiathuae nieeaeioth ?aiooaoeeth e caaiaaaaoae aeinoaoi/ioth
eiyeueiinoue o ianaeaiey Iineau, /oi iiaeao eiaoue cia/aiea aneaaenoaea
aeecinoe ?aniieiaeaiey a. Aaeaoeoa ii ioiioaieth e a. Iineaa;

oneoae, i?aaeinoaaeyaiua iiaui i?aaei?eyoeai i?aainoiaeyo ii ea/anoao
aiaeiaeiuo, i?aaeinoaaeyaiuo ainoaea?noaaiiuie eiieo?aioaie, a oeaiu ia
iiiaea aeaeu oneoa ieaea;

ainoaea?noaaiiua eiiaeiaou auoiaiai ianeoaeeaaiey a. Aaeaoeoa ?aaioatho
n 10 /ania aei 18 e eiatho auoiaeiua a Aine?anaiuea e Iiiaaeaeueiee, oai
naiui i?aeoe/anee eneeth/ay aiciiaeiinoue iieueciaaoueny eo oneoaaie a
aoaeiea aeie ?aaioathuei a?aaeaeaiai, oae eae ?aniieiaeaiu a iaoaeiaiuo
i?iiuoeaiiuo ciiao, o?aaothueo niaoeeaeueiiai ia?o?ooa; III “Ieueae?a”
i?aaeiieaaaao ?acianoeoue naie ioieo a a. Aaeaoeoa a ianoa iniiaiiai
iioiea aeeoaeae (oeaio? ai?iaea, e?oiiue oi?aiaue oeaio?, e?oiiua
iannaaee?neea noaioeee); ioieo i?eaia aoaeao eiaoue /anu ?aaiou n 11 aei
20, e auoiaeiua a Iiiaaeaeueiee e *aoaa?a /oi nicaeaao aeiiieieoaeueiua
oaeianoaa e iicaieeo i?eaea/ue aieueoa iinaoeoaeae;

a ia/aea aeayoaeueiinoe III “Ieueae?a” i?aaeiieaaaaony i?iaanoe
iaaieueooth ?aeeaiioth eiiiaieth eioi?iaoeaiiai oa?eoa?a aeey
onoaiiaeaiey ia?aiia/aeueiiai ni?ina; i?e?iiue ioieo aoaeao iniauai
?aeeaiiuie ueoaie, a oaeaea ioi?ieai n eniieueciaaieai oe?iaiiuo
ao?eaooia CAI “Aeeaia”; ioi?ieaiea aaaeaony neeaie e n?aaenoaaie CAI
“Aeeaia”;

aaia?aoe/aneee ?aeii, ioaa/eaaaiue iaeiei i?e?iiui ioieoii aeinoaoi/ii
iae (n?aaiei n ?aeiiii ioaaoa oieaa?naeueiiai iaaaceia), e iiyoiio
aieueoia cia/aiea iiaeao eiaoue ioiineoaeueiia ioaeaeaiea iiaiai
i?e?iiiai ioieoa io ainoaea?noaaiiuo i?aaei?eyoee – eiieo?aioia.

Oaeei ia?acii, anoue iaiaei iniiaaiee n/eoaoue, /oi i?iaeoe?oaiia
i?aaei?eyoea eiaao aeinoaoi/ii aaniiua neeueiua noi?iiu ii n?aaiaieth n
eiieo?aioaie e ioe?uoea i?e?iiiai ioieoa a a. Aaeaoeoa n oi/ee c?aiey
eiieo?aioeee oeaeaniia?acii.

Ai?iae ?aooia ?aniieiaeai a iaiin?aaenoaaiiie aeecinoe e eiaao iiuiua
o?ainii?oiua eiiioieeaoeee n Iineaie. Iniaoth iianiinoue i?aaenoaaeyao
?aniieiaeaiiue ?yaeii n iaeaieaa ianaeaiiie /anoueth ai?iaea niaeueiue
?aeii Iineau Iiaieineii, a eioi?ii ?aniieiaeaiu eiieo?e?othuea
iineianeea ( iaainoaea?noaaiiua ) oaa?eee. Iiyoiio caeanue iniaaiii
ouaoaeueii iaiaoiaeeii i?iaeoiaoue ia?eaoeiaiaua aeaenoaey e i?iecaanoe
niioaaonoaothuea ?an/aou ia i?aaeiao oeaeaniia?aciinoe ioe?uoey ioieoa.

Ana icia/aiiua auoa neeueiua noi?iiu iiaoo oaeaea eiaoue cia/aiea,
iaeiaei caeanue eo aeeyiea iaiaa nouanoaaiii aneaaenoaea aaeaioeaiinoe
iieiaeuo i?aaei?eyoee – eiieo?aioia.

Aaeeinoaaiii aiciiaeiui naaiaioe?iaaieai caeanue yaeyaony
naaiaioe?iaaiea ii aaia?aoe/aneiio i?eciaeo – ioe?uoea ioieoa a
ioaeaeaiee io iineianeeo eiieo?aioia.

Ai?iae AEaeaciiaei?iaeiue yaeyaony aieaa i?eaeaeaoaeueiui n oi/ee
c?aiey ionoonoaey iiaeiaiuo iiuiuo o?ainii?oiuo eiiioieeaoeee n Iineaie,
/oi i?aeoe/anee eneeth/aao aeeyiea iaai?iaeneeo aiaoieo eiieo?aioia.

Iaeiaei a ai?iaea eiaaony oaa?eea “ N?i/iay oei/enoea ”, ii iia yaeyaony
e?oiiui ainoaea?noaaiiui i?aaei?eyoeai e iaeaaeaao oaea oeacaiiuie
neaauie noi?iiaie. E?iia oiai, iia ?aniieiaeaia e?aeia iaoaea/ii, aaeaee
io aeeeuo ?aeiiia ai?iaea e i?aeoe/anee ioi?aaia io iioieia ethaeae.
Iiyoiio aeaaea a ionoonoaea a ai?iaea aeueoa?iaoeaiuo oei/enoie, iia
iaoiaeeony ia a?aie aaie?ionoaa.

I?eieiay ai aieiaiea ioia/aiiua a ( 1 i?e/eiu, a ai?iaea
AEaeaciiaei?iaeiue i?aaeiieaaaaony iieo/eoue iiaeaea?aeeo
Aaeieieno?aoeee ai?iaea, a /anoiinoe iiaeaea?aeeo Iy?a A.I. Eo?aaiiaa.
Yoa iiaeaea?aeea iaiaoiaeeia a /anoe i?aaeinoaaeaiey III “Ieueae?a”
oaeiaii ?aniieiaeaiiiai, ea/anoaaiiiai iiiauaiey n ieieiaeueiie
a?aiaeiie ieaoie, a oaeaea i?ioaeoeeiienoneay iieeoeea a /anoe ioiioaiee
n oi?aiauie einiaeoeeyie e naieoa?ii-yieaeeie/aneie neoaeaie ai?iaea.

A caeeth/aiea iaiaoiaeeii naeaeaoue auaiae i iaee/ee aaniiuo
eiieo?aioiuo i?aeiouanoa o i?iaeoe?oaiiai i?aaei?eyoey.

( 4. Aiaeec iioaioeeaeueiuo iio?aaeoaeae.

Oneoae oeie/aneie /enoee e i?a/a/iie, i?aaeinoaaeyaiua III “Ieueae?a”,
i?aaeeaaathony e eniieueciaaieth oe?ieei iio?aaeoaeyi.

N?aaee ieacuaaaiuo oneoa aeey oe?ieiai iieueciaaoaey i?aaeiacia/aiu:

auaaaeaiea iyoai, a oaeaea iauay oeie/aneay /enoea oeaiae e o?eeioaaea;

oeie/aneay /enoea ecaeaeee ec eiaee;

oeie/aneay /enoea ecaeaeee ec iaoo?aeueiiai e eneonnoaaiiiai iaoa;

oeie/aneay /enoea eia?iauo ecaeaeee;

oneoae i?a/a/iie.

Enoiaey ec anni?oeiaioa ia?a/eneaiiuo oneoa, iiaeii naeaeaoue auaiae i
oii, /oi n?aaee i?aaeeaaaaiuo anoue oneoae, oaeiaeaoai?ythuea
iio?aaiinoe, aeey eioi?uo nouanoaotho aeueoa?iaoeaiua iooe
oaeiaeaoai?aiey (1 a?oiia), a anoue e oa, aeey eioi?uo ?aoaiea
oieeaeueii (2 a?oiia), iai?eia?, oeie/aneay /enoea eiaee e iaoa.

Iio?aaeoaeyie ?anniao?eaaaiuo oneoa yaeythony a?aaeaeaia n o?iaiai
aeioiaea auoa n?aaeiaai, oae eae iauaeoii oeie/aneie /enoee yaeyaony,
eae i?aaeei, aei?iaay iaeaaeaea, aeinooiiay oieueei iaania/aiiui neiyi
ianaeaiey. Oae eae aeey yoie a?oiiu nouanoaotho eiua aa?eaiou /enoee,
aeeth/ay noe?eo eee caiaio ecaeaeey, oi yeanoe/iinoue ni?ina ia oneoao
ii o?iaith aeioiaeia aeinoaoi/ii auniea. Iaeaaeaoaee aea ecaeaeee ec
eiaee e iaoia auioaeaeaiu iieueciaaoueny oeie/aneie /enoeie iacaaeneii
io o?iaiy naieo aeioiaeia. A yoii neo/aa eiaao ianoi neaaay
yeanoe/iinoue ni?ina ii o?iaith aeioiaeia.

E?iia i?eaioe?iaaiiinoe ia ianniaiai iio?aaeoaey, nouanoaoao au? e
i?aeoeea caeeth/aiey aeeeoaeueiuo eiio?aeoia n th?eaee/aneeie eeoeaie, a
eiaiii:

aeaoneeie naaeaie;

i?aaei?eyoeyie iauanoaaiiiai ieoaiey;

iauaaeeoeyie;

i?aaei?eyoeyie, eniieuecothueie niaoeiaeaaeaeo

ia ieacaiea i?a/a/iuo oneoa.

Oeacaiiua i?aaei?eyoey-iio?aaeoaee, a oi/iaa /anoue ec eo iauaai /enea,
ia iniauaiiay nianoaaiiuie i?a/a/iuie auioaeaeaia eniieueciaaoue oneoae
noi?iiieo i?aaiecaoeee.

A nayce n i?eia?iui ia?eoaoii oeai e i?aauoaieai ea/anoaa ii n?aaiaieth
n ainoaea?noaaiiuie eiieo?aioaie, anoue ana iniiaaiey i?aaeiieaaaoue,
/oi caeeth/aiea iiaeiaiuo eiio?aeoia aiieia aiciiaeii. Aeey oaeiai ?iaea
iio?aaeoaeae i?aaeoniio?aia nenoaia neeaeie, a oaeaea aanieaoiay
aeinoaaea.

Oaeei ia?acii, anoue i?e/eiu iieaaaoue, /oi i?iaeoeoeey III “Ieueae?a”
iaeaeao naiaai iio?aaeoaey.

( 5. Oa?aeoa?enoeea i?aaiecaoeee, inouanoaeythuae i?iaeo.

Aeey ?aaeecaoeee ?anniao?eaaaiiai eiiiaaoeeiiiiai i?iaeoa
i?aaeiieaaaaony nicaeaiea iiaiai th?eaee/aneiai eeoea.

I?aaiecaoeeiiii-i?aaiaie oi?iie th?eaee/aneiai eeoea ?aoaii eca?aoue
iauanoai n ia?aie/aiiie ioaanoaaiiinoueth, oi?ia nianoaaiiinoe –
/anoiay.

Oe?iaiiui iaeiaiiaaieai nicaeaaaaiiai th?eaee/aneiai eeoea yaeyaony
iacaaiea “Ieueae?a”.

III “Ieueae?a” i?aaeiieaaaaony ca?aaeno?e?iaaoue a ?aaeno?aoeeiiiie
iaeaoa a. AEaeaciiaei?iaeiue. Onoaaiue eaieoae iauanoaa ninoaaeyao
8.394.000 ?oaeae. Iauanoai eiaao aaieineee n/ao a aeaeaciiaei?iaeiii
ioaeaeaiee aaiea “Eieii”.

*eneaiiinoue ia?niiaea III “Ieueae?a” ninoaaeyao 7 /aeiaae, /oi
iicaieyao ioianoe i?aaei?eyoea e eaoaai?ee iaeuo.

I?aaiecaoeeiiiay no?oeoo?a i?aaei?eyoey eiaao neaaeothuee aeae,
i?aaenoaaeaiiue ia ?enoiea 1.

I?aaiecaoeeiiiay no?oeoo?a III “Ieueae?a”

?en. 1

Aunoei i?aaiii oi?aaeaiey a III “Ieueae?a” yaeyaony iauaa nia?aiea
o/anoieeia – o/?aaeeoaeae iauanoaa. Nia?aiea ?aoaao no?aoaae/aneea
aii?inu, aii?inu ?ani?aaeaeaiey i?eauee iauanoaa, a oaeaea ecae?aao
Aaia?aeueiiai aee?aeoi?a.

Aaia?aeueiue aee?aeoi? inouanoaeyao iauaa oi?aaeaiea iauanoaii. Aai
iaiin?aaenoaaiiui caianoeoaeai yaeyaony iaiaaeaea?-eniieieoaeue, eioi?ue
caieiaaony oaeouaie i?iecaiaenoaaiiuie aii?inaie, eiio?ieai
aeayoaeueiinoe i?e?iiuo ioieoia.

?acaeae 2. I?aaiecaoeeiiii-oi?aaeai/aneee e yeiiiie/aneee iaoaieci
?aaeecaoeee eiiiaaoeeiiiiai i?iaeoa.

( 1. Oeaee e caaea/e i?iaeoa.

?anniao?eaaaiue eiiiaaoeeiiiue i?iaeo i?eiyo e ?aaeecaoeee ni
neaaeothuae ienneae: “Iaania/aiea aeeoaeae e?oiiuo ai?iaeia
Aaeaoeoeineai ?aeiia ea/anoaaiiuie oneoaaie ii oeie/aneie /enoea e
noe?ea”.

Aeaaiie oeaeueth eiiiaaoeeiiiiai i?iaeoa ii ieacaieth nauoiauo oneoa CAI
“Aeeaia” yaeyaony iieo/aiea i?eauee eiiiaieae, ?aaeecothuae i?iaeo – III
“Ieueae?a”.

Iaeiaei iaeeaeaaiue io ?aaeecaoeee i?iaeoa yooaeo iiae?acoiaaaao ?aoaiea
neaaeothueo caaea/:

Aeiaaaeaiea iauaia i?iecaiaenoaa CAI “Aeeaia” aei i?iaeoiiai cia/aiey
/iieiay caa?ocea i?iecaiaenoaaiiuo iiuiinoae/;

Oaaee/aiea i?eoiea aeaiaa a ai?iaeneea athaeaeaou ai?iaeia Aaeaoeoa,
?aooia, AEaeaciiaei?iaeiue;

Iiauoaiea eiyeueiinoe e ianoiui i?aaiai aeanoe iooai niyoey
nioeeaeueiie iai?yaeaiiinoe, naycaiiie n iaaeinoaoi/iui auoiaui
ianeoaeeaaieai aeeoaeae;

Nie?auaiea ?anoiaeia ai?iaeneeo athaeaeaoia, naycaiiia n eeeaeaeaoeeae
iaiaoiaeeiinoe oeiainiauo aeiaeaiee a oauoi/iua ai?iaeneea neoaeau auoa.

( 2. ?ac?aaioea ieaia ?aaeecaoeee i?iaeoa.

Aeey aeinoeaeaiey iinoaaeaiiuo oeaeae i?aaeeaaaaony neaaeothuee
aeaoaeueiue ieai ?aaio ii i?iaeoo.

?aaiou ii aeieacaoaeuenoao inouanoaeiinoe i?iaeoa.

Oi?ie?iaaiea eaeae i?iaeoa.

?ac?aaioea aecian-ieaia i?iaeoa.

I?iaaaeaiea oeiainiaie yenia?oecu i?iaeoa.

I?aaenoaaeaiea aeieoiaioaoeee ?oeiaiaenoao CAI “Aeeaia”.

?aaiou ii caeeth/aieth aeiaiai?a iaaeaeo III “Ieueae?a” e CAI “Aeeaia”.

?aaiou ii ainoaea?noaaiiie ?aaeno?aoeee III “Ieueae?a”.

?ac?aaioea o/?aaeeoaeueiuo aeieoiaioia III “Ieueae?a”.

I?iaaaeaiea o/?aaeeoaeueiiai nia?aiey.

I?aaenoaaeaiea o/?aaeeoaeueiuo aeieoiaioia a ?aaeno?aoeeiiioth iaeaoo a.
AEaeaciiaei?iaeiiai.

Iieaoa o/?aaeeoaeueiuo aciinia e nai?ia.

Ioe?uoea n/aoa a aaiea.

I?i/ea ?aaeno?aoeeiiiua ?aaiou.

?aaiou ii i?eia?aoaieth i?iecaiaenoaaiiuo oiiaeia.

Iiene iiiauaiey iiae a?aiaeo.

Caeeth/aiea aeiaiai?a a?aiaeu n Oiiaeii ai?iaeneiai eiouanoaa.

I?eia?aoaiea aaoiiiaeey EAE-2715.

I?eia?aoaiea ia?niiaeueiiai eiiiuethoa?a.

?aaiou ii iaeio ia?niiaea.

?aaiou ii iaeio i?e?iueeia aaeuey.

?aaiou ii iaeio aiaeeoaey.

?aaiou ii iaeio iaiaaeaea?a.

?aaiou ii ioi?ieaieth i?e?iiiai ioieoa.

Onoaiiaea ?aeeaiiuo ueoia, auaanee.

?aaiou ii iaono?ienoao ioi?ieaieth iiiauaiey i?e?iiuo ioieoia.

I?iecaiaenoai nauoiaie oneoae CAI “Aeeaia”.

?aaiou 1 – 6 ioiinyony e i?aaei?iecaiaenoaaiiiio ia?eiaeo e caieiatho
ia?eiae 2 ianyoea.

?aaioa 7 caieiaao 10 ianyoeaa e yaeyaony ia?eiaeii i?iecaiaenoaa oneoae.

Iaiaoiaeeii oeacaoue, /oi ?aaiou 1 – 6 ii i?iaeoo aaaeoony
ia?aeeaeueii-iineaaeiaaoaeueiui niiniaii e i?aaenoaaeaiiia eo
?aniieiaeaiea ia yaeyaony ?aiaee?iaaiiie a ii?yaeea i?ei?eoaoa.

( 3. I?aaiaia iaania/aiea i?iaeoa.

Iniiaie ?aaeecaoeee i?iaeoa yaeyaony aeiaiai?, caeeth/aaiue iaaeaeo
aeaoiy th?eaee/aneeie eeoeaie:

Cae?uoia aeoeeiia?iia iauanoai “Aeeaia”;

Iauanoai n ia?aie/aiiie ioaanoaaiiinoueth “Ieueae?a”.

Niaeanii yoiio aeiaiai?o, CAI “Aeeaia” i?eia?aoaao neaaeothuea
iaycaiiinoe:

I?aaeinoaaeoue iioiaoth neeaeeo ia naith i?iaeoeoeeth aeey III
“Ieueae?a” a ?acia?a 30 %.

Acyoue ia naay ?anoiaeu ia ?aeeaio e iaono?ienoai i?eeiiuo ioieoia.

I?aaeinoaaeoue a aanieaoioth a?aiaeo nianoaaiiua oe?iaiiia iaeiaiiaaiea
e oi?aiaoth ia?eo.

Aa?aioe?iaaoue ea/anoai i?iecaiaeeiuo oneoa, a oaeaea nio?aiiinoue
iauaeoia /enoee.

III “Ieueae?a” i?eia?aoaao neaaeothuea iaycaiiinoe:

Nianoaaiiuie neeaie e n?aaenoaaie iaania/eoue aania?aaieiue nauo
i?iaeoeoeee CAI “Aeeaia” ii onoaiiaeaiiui ?anoeaieai.

Aeaenoaiaoue ia ?uiea Aaeaoeoeineiai ?aeiia iiae eiaiai “Aeeaia”.

Oeacaiiue aeiaiai? anooiaao a aeaenoaea n iiiaioa aai iiaeienaiey e
oo?a/eaaao neeo ii aeaeaieth iaeiie ec noi?ii.

Iiaeienaieth oaeiai aeiaiai?a i?aaeoanoaoao i?iaaaeaiea ?aaio ii
aeieacaoaeuenoao inouanoaeiinoe i?iaeoa.

?oeiaiaenoao CAI “Aeeaia” iaiaoiaeeii i?aaeinoaaeoue ana iaiaoiaeeiua
?an/aou ii oaoieei-yeiiiie/aneei ia?aiao?ai i?iaeoa, a oaeaea
aeieoiaiou, iiaeoaa?aeaeathuea niiniaiinoue III “Ieueae?a” iaania/eoue
auiieiaiea iaiai?aiiuo iaycaiiinoae.

I/aiue aaaeiui i?aaiaui aniaeoii aeayoaeueiinoe III “Ieueae?a” yaeyaony
iieo/aiea iaeiaiauo eueaio.

A /anoiinoe, enoi/ieeii iieo/aiey iaeiaiauo eueaio yaeyaony oio oaeo,
/oi oe?ia “Ieueae?a”:

yaeyaony iaeui i?aaei?eyoeai;

ooieoeeiie?oao a io?anee auoiauo oneoa;

aaaeao ?aaeecaoeeth ii oeene?iaaiiui oeaiai, iaicia/aiiui a
i?aeneo?aioao.

E?iia icia/aiiiai eiio?aeoa ?aaeecaoeey i?iaeoa iaania/eaaaony e ?yaeii
niioonoaothueo aeieoiaioia, ?aaeaiaioe?othueo ?aoaiea nii?iuo aii?inia,
a oaeaea i?i/eo aniaeoia niaianoiie aeayoaeueiinoe.

( 4. Ia?eaoeiaiaue ieai.

Iniaia cia/aiea a i?iaeoe?oaiii i?aaei?eyoee i?eaeaaony aaeaioeaiinoe,
o/aoo iio?aaiinoae e iniaaiiinoae ?uiea.

Aeey iainiiaaiey auai?a ?uieia nauoa iaiaoiaeeii nia/aea i?eaanoe
aeaiiua i?aaeaa?eoaeueiiai ia?eaoeiaiaiai enneaaeiaaiey ni?ina ia
i?iaeoeoeeth oei/enoie e i?a/a/iuo a ai?iaeao Aaeaoeoa, ?aooia,
AEaeaciiaei?iaeiue.

Ennaaeiaaiea iaiaoiaeeii ia/aoue n aiaeeca iioaioeeaeueiuo iio?aaeoaeae
i?iaeoeoeee III “Ieueae?a”. Aeaiiua, iieo/aiiua iaoiaeii ii?ina naaaeaiu
a oaaeeoeo 1.

Naiaeiay oaaeeoea enneaaeiaaiey iioaioeeaeueiiai eiee/anoaa iio?aaeoaeae
ia i?iaeoeoeeth oeie/aneie /enoee e i?a/a/iie a e?oiiuo ai?iaeao
Aaeaoeoeineiai ?aeiia.

Oaaeeoea 2.

Ai?iae *eneaiiinoue ianaeaiey % aioiauo iieueciaaouey oneoaaie
Aaniethoiia /enei N o/aoii ?aeiia ioaaoa

1 2 3 4 5

a. Aaeaoeoa 250 oun. 7 % 17,5 oun. 1,75 oun.

a. AEaeaciiaei?iaeiue 110 oun. 15 % 16,5 oun. 1,83 oun.

a. ?aooia 100 oun. 15,5 % 15,5 oun. 1,55 oun.

Noieaaoe 3 iieacuaaao iieo/aiioth iaoiaeii auai?i/iiai ii?ina ianaeaiey
eioi?iaoeeth i aeiea aeeoaeae, aioiauo iieueciaaoueny oneoaaie
oeie/aneie /enoee e i?a/a/iie. ?acieoea iaaeaeo oeeo?aie iayniyaony
i?aauoaieai o?iaiy aeioiaeia aeeoaeae a. AEaeaciiaei?iaeiiai e a. ?aooia
iaae o?iaiai aeioiaeia aeeoaeae a. Aaeaoeoe ( a. AEaeaciiaei?iaeiue
eiaao a ?aeiia ?aiooaoeeth “ai?iaea aeey aiaaouo”, a. ?aooia ?aniieiaeai
a iaiin?aaenoaaiiie aeecinoe io a. Iineaa e ianaeaiea aai o?oaeiono?iaii
ia i?aaei?eyoeyo a. Iineaa).

I/aaeaeii, /oi oneoaaie ioieoa aoaeoo iieueciaaoueny ia ana aeeoaee
ai?iaea, a oieueei /anoue, ?aniieiaeaiiay a iaiin?aaenoaaiiie aeecinoe e
iacia/eoaeueiia /enei i?eauaoeo niaoeeaeueii. Noieaaoe 5 o/eouaaao ciio
ioaaoa – iioaioeeaeueiia /enei iio?aaeoaeae a ?aeiia ?aniieiaeaiey
ioieoa.

Oaeei ia?acii iieo/aia i?eaeeceoaeueiay eioi?iaoeey i eiee/anoaa
iioaioeeaeueiuo iio?aaeoaeae.

Aeaeaa, aaaeiui oaeoi?ii yaeyaony eiaeaen iaiaoiaeeiinoe ?anniao?eaaaiie
oneoae. Enneaaeoy noaoenoe/aneea aeaiiua i iio?aaeoaeyo CAI “Aeeaia”,
iiaeii naeaeaoue auaiae, /oi eaaeaeue eeeaio eniieuecoao oneoae
oei/enoee e i?a/a/iie, eae ieieioi, aeaa ?aca a aiae n aaee/eiie caeaca,
eae ieieioi, 50 ouny/.

Eniieuecoy yoo eioi?iaoeeth iiaeii ninoaaeoue oaaeeoeo i?iaiice?oaiiai
iauaia i?iaeaae a noieiinoiii au?aaeaiee.

I?iaiice?oaiue iauai i?iaeaae oneoae III “Ieueae?a”.

Oaaeeoea 3.

Ai?iae *enei iio?aaeoaeae Iauai caeacia a aiae Iauai caeacia a ianyoe
Iany/iue iai?io

1 2 3 4 5

a. Aaeaoeoa 3,5 oun. 58,4 o.$ 4866 $ 1459,8

a. AEaeaciiaei?iaeiue 3,7 oun. 61 o.$ 5082 $ 1524,6

a. ?aooia 3,1 oun. 51,08 o.$ 4257,7 $ 1277,3

Eoiai ii III “Ieueae?a”: 9,2 oun. 170,5o. $ 14205 $ 4261,7 $

?an/aou, i?iaaaeaiiua ii ?acoeueoaoai ia?eaoeiaiauo enneaaeiaaiee,
i?aaeeaaaaony eniieueciaaoue i?e iainiiaaiee ?aaeecoaiinoe i?iaeoa.

Aiai?y i no?aoaaee oeaiiia?aciaaiey, iaiaoiaeeii i?aaeaea anaai
ioiaoeoue oaeo aeanoeie caaeneiinoe ?anoeaiie ia oneoae,
i?aaeinoaaeyaiua III “Ieueae?a”, io oeai oaa?eee-oei/enoee “Aeeaia”.
Oeaiiaay ea?a a aeaiiii neo/aa iaaeiioneia, e anyeea iiiuoee a? aaaeaiey
auciaoo io?eoeaaeueioth ?aaeoeeth o ?oeiaiaenoaa CAI “Aeeaia”.

Iaeiaei iaiaoiaeeii auaeaeeoue oaeo iaee/ey aeaeie nenoaiu neeaeie,
i?aaeinoaaeyaiuo naiie oaa?eeie-oei/enoeie. Neeaeee i?aaeaea anaai
i?aaeinoaaeythony iinoiyiiie eeeaioo?a, iai?eia? ?anoi?aio, a oaeaea
eiaaony i?aeoeea i?aaeinoaaeaiey neeaeie ia eiee/anoai. Iiaeiaiay
nenoaia iicaieyao i?eaea/ue, a oaeaea oaea?aeeaaoue iio?aaeoaeae,
iiauneoue ea/anoai aeioiaea e oe?aieoue eiieo?aioiua iiceoeee.

Ia noaaeee auoiaea ia ?uiie III “Ieueae?a” i?aaeiieaaaao i?iaanoe
iaaieueooth ?aeeaiioth eiiiaieth eioi?iaoeaiiai oa?aeoa?a aeey
onoaiiaeaiey ia?aiia/aeueiiai ni?ina ia oneoae.

Niaeanii aeiaiai?o iaaeaeo o/anoieeaie i?iaeoa, CAI “Aeeaia” iaycoaony
acyoue ia naay ?anoiaeu ii ?aciauaieth o?ao ?aeeaiiuo ueoia a ai?iaeao
Aaeaoeoa, ?aooia, AEaeaciiaei?iaeiue n ecia?aaeaieai oe?iaiiiai eiaioeia
“Aeeaia”. Yoe ueou i?aaeiieaaaaony ?acianoeoue iaiin?aaenoaaiii ia
caeaiee, aaea aoaeao ?aniieiaeai i?e?iiue ioieo.

Neeaie III “Ieueae?a” iaiaoiaeeii i?iaanoe ?yae ia?eaoeiaiauo
ia?ii?eyoee ii onoaiiaeaieth ia?aiia/aeueiiai ni?ina.

Ai-ia?auo, ioe?uoea i?e?iiiai ioieoa a a. AEaeaciiaei?iaeiue
i?aaeiieaaaaony i?eo?i/eoue e i?acaeieeo Aeiy ai?iaea. I?e iiaeaea?aeea
Iy?ee, aeeoaee ai?iaea aoaeoo i?ieioi?ie?iaaiu ia ioe?uoee ioieoa
ieacaiey iiaie auoiaie oneoae.

AEeoaeae aeeceaaeaueo ?aeiia ai anao o?ao ai?iaeao i?aaeiieaaaaony
eioi?ie?iaaoue /a?ac ?aeeaiiua eenoiaee, ?aniino?aiyaiua /a?ac ii/oiaua
yueee.

Oaeei ia?acii i?aaeoniio?aii onoaiiaeaiea ia?aiia/aeueiiai ni?ina ia
oneoae III “Ieueae?a”. Caieaie?iaaiiua ia?ii?eyoey ii iiaeaea?aeaieth
ni?ina ionoonoaotho.

( 5. Aiaeec cao?ao ia i?iaeo.

A oeaeyo aeaeueiaeoaai aeieacaoaeuenoaa inouanoaeiinoe i?iaeoa
iaiaoiaeeii i?iaanoe aeaoaeueiue aiaeec cao?ao ia aai ?aaeecaoeeth a
niioaaonoaee.

Aeey iaeaieaa aeaoaeueiiai aiaeeca i?aaeeaaaaony ?acaeaeeoue ecaea?aeee
ia aaeeiia?aiaiiua – iaiaoiaeeiua aei ia/aea i?iecaiaenoaa e oaeouea.

Niaea?aeaiea e no?oeoo?a aaeeiia?aiaiiuo cao?ao iieacaia a oaaeeoea 3.

No?oeoo?a aaeeiia?aiaiiuo cao?ao ia ?aaeecaoeeth eiiiaaoeeiiiiai i?iaeoa
ii ieacaieth nauoiauo oneoa CAI “Aeeaia”.

Oaaeeoea 4.

Niaea?aeaiea cao?ao Noiia [?oa]

1. Cao?aou ia ain?aaeno?aoeeth III “Ieueae?a”

1.1 Iieaoa 50 % onoaaiiai oiiaea 4174500

1.2 Iieaoa ?aaeno?aoeeiiiiai nai?a a ?aaeno?aoeeiiioth iaeaoo a.
AEaeaciiaei?iaeiiai 1168860

1.3 Iieaoa ainiioeeiu a Eiieoao ii oeiainai e iaeiaiaie iieeoeea 500940

1.4 Iieaoa ecaea?aeae ii i?iecaiaenoao ia/aoe 700000

1.5 I?i/ea ecaea?aeee 215000

Eoiai ii i.1 =SUM(ABOVE) 6759300

2. I?eia?aoaiea iniiaiuo i?iecaiaenoaaiiuo oiiaeia

2.1 I?eia?aoaiea aaoiiiaeey EAE-2715 20000000

2.2 I?eia?aoaiea ia?niiaeueiiai eiiiuethoa?a 4000000

Eoiai ii i.2 =SUM(ABOVE) 24000000

Eoiai aaeeiia?aiaiiuo cao?ao [?oa] 30759300

Eoiai aaeeiia?aiaiiuo cao?ao [$] 5126.55

Oaeei ia?acii noiia aaeeiia?aiaiiuo cao?ao ia ?aaeecaoeeth i?iaeoa
ninoaaeyao 5127 $.

I?iaeo eiaao neaaeothuoth iio?aaiinoue a aaeeiia?aiaiiuo cao?aoao n
o/aoii ia?eiaeia:

Ia ia/aei i?iaeoa 1127 $

1-e ianyoe i?aaei?iecaiaenoaaiiiai ia?eiaea 3333 $

2-e ianyoe i?aaei?iecaiaenoaaiiiai ia?ieaea 667 $

Eoiai: 5127 $

Oaeouea cao?aou eiatho neaaeothuoth no?oeoo?o.

No?oeoo?a iinoiyiiuo oaeoueo cao?ao ia ?aaeecaoeeth eiiiaaoeeiiiiai
i?iaeoa ii ieacaieth nauoiauo oneoa CAI “Aeeaia”.

Oaaeeoea 5.

Niaea?aeaiea cao?ao Noiia [?oa]

Iieaoa a?aiaeu iiiauaiee 9000000

Ca?aaioiay ieaoa i?e?iueeia 3000000

Ca?aaioiay ieaoa aiaeeoaey 1000000

Ca?aaioiay ieaoa aaia?aeueiiai aee?aeoi?a 1500000

Ca?aaioiay ieaoa iaiaaeaea?a 1300000

Cao?aou ia niaea?aeaiea e yenieoaoaoeeth IN 1200000

I?i/ea ?anoiaeu 300000

Eoiai oaeoueo ?anoiaeia: =SUM(ABOVE) 17300000

Oaeei ia?acii, noiia iinoiyiiuo oaeoueo ?anoiaeia ninoaaeo 2883 $ a
ianyoe.

Niaoeeoeea ?anniao?eaaaiiai i?iaeoa oaeiaa, /oi ia?aiaiiua ecaea?aeee
?aaeueii iiaen/eoaoue eeoue a i?ioeaioao io iai?ioa ioieoa. Yoe
ecaea?aeee ninoaaeytho, niaeanii aeiaiai?o n CAI “Aeeaia”, 70 % io
iauaia ?aaeecaoeee oneoae.

Iaeiaei,eniieuecoy i?iaiiciia cia/aiea iai?ioa, iiaeii i?aaeiieiaeeoue,
/oi ia?aiaiiua ecaea?aeee ninoaaeytho:

14205 $ * 0,7 = 9943,5 $.

?acoeueoe?othuei noiia?iui cia/aieai ?an/aoia iaueo oaeoueo ecaea?aeae
yaeyaony cia/aiea:

9943,5 $ + 2883 $ = 12826,5 $.

Iany/iay i?eaueue ninoaaeo 4262 $ – 2883 $ =1379 $.

*enoay i?eaueue, oaeei ia?acii ninoaaeo 1213,5 $.

( 6. Aiaeec o?iaiy ?enea i?iaeoa.

Iaeaieaa aaaeiui aniaeoii ?anniao?eaaaiiai i?iaeoa yaeyaony o/ao ?enea.
Oaeie iiaeoiae iaoneaaeeaaaony iaiaoiaeeiinoueth aiaea/aiey a i?iaeo CAI
“Aeeaia” [ni. ?.2, (3], /oi noaaeo ia?aae ?ac?aaio/eeaie oneiaea o/aoa
anao iniaaiiinoae ?acaeoey neooaoeee. Oieueei oaeie iiaeoiae iicaieo
aucaaoue o CAI “Aeeaia” eioa?an e ?ac?aaioea aeaiiiai i?iaeoa.

I?e ?anniio?aiee eiiiaaoeeiiiiai i?iaeoa ii ieacaieth nauoiauo oneoa
oaa?eea-oei/enoea “Aeeaia” ?eneii i?aaeeaaaaony n/eoaoue iaiieo/aiea
caaeaiiiai noia?iiai iauaia i?iaeaae ca ia?eiae ?aaeecaoeee i?iaeoeoeee
( 10 ianyoeaa ).

Caaeaiiue ( i?iaiiciue ) iauai ?aaeecaoeee ninoaaeyao, ii ?acoeueoaoai
ia?eaoeiaiaiai enneaaeiaaiey, 142.050 $.

Oaeie iiaeoiae e ii?aaeaeaieth ?enea aeaeaao aiciiaeiui o/ao
aeinoeaeaiey/iaaeinoeaeaiey i?i/eo oeaeae i?iaeoa [ni ?.2, (1], a oii
/enea e yooaoeeaiinoe i?iaeoa aeey anao aai o/anoieeia:

iieo/aiea caaeaiiiai iauaia i?eauee aeey III “Ieueae?a”;

iieo/aiea aeiiieieoaeueiiai i?e?inoa e iauaio caa?ocee iiuiinoae aeey
CAI “Aeeaia”.

Aeey i?eia?iie ioeaiee o?iaiy ?enea i?iaeoa i?aaeeaaaaony eniieueciaaiea
eeanneoeeaoeee iiaiaaaaeaiee e eiiiaaoeeiiiuo i?ioeannia ii a?oiiai
?enea.

?aaeecaoeey oeacaiiie iaoiaeeee i?aaenoaaeaia a oaaeeoea 6.

Eeanneoeeaoeee iiaiaaaaeaiee e eiiiaaoeeiiiuo i?ioeannia ii a?oiiai
?enea

Oaaeeoea 6.

I?eciaee ?acaeaeaiey ia a?oiiu Cia/aiey i?eciaeia, iicaieythueo
ii?aaeaeeoue a?oiio ?enea iiaiaaaaeaiey e eiiiaaoeeiiiiai i?ioeanna

1. Ii niaea?aeaieth iiaiaaaaeaiey (8) Iiaay eaeay (4) Iiaia ?aoaiea (7)
Iiaue i?iaeoeo (6) Iiaay oaoiiei-aey (4) Iiaue ?aaeaiaio, nooeo?a (5)
Iiaay oneoaa

2. Oei iiaaoi?a (noa?a nicaeaiey iiaoanoaa) (6) Iao/ii-oaoie/aneea
i?aaiecaoeee e ioaeaeaiey (7) I?iecaiaenoaaiiua oe?iu e iiae?acaeaeaiey
(4) Ia?eaoeiaiaua iiae?acaeaeaiey e oe?iu (3) Iio?aaeoaee e eo
i?aaiecaoeee

3. Oei eiiiaaoi?a (noa?a iiaiaaaaeaiey oe?iu e neoaeau) (7) Iao/ii –
oaoie/aneea caaiuey (6) I?iiuoeaiiua caaiuey (5) Oeiainiaua,
ia?eaoeiaiaua e eiiia?/aneea caaiuey (4) Yenieoaoaoeeiiiua e
ianeoaeeaathuea caaiuey

4. O?iaaiue eiiiaaoi?a (7) Iiae?acaeaeaiea oe?iu (8) Oe?ia (6) Eiioea?i,
ei?ii?aoeey (5) Io?aneue, a?oiia io?aneae

5. Oa??eoi?eaeueiue ianooaa iiaiaaaaeaiey (4) ?aeii, ai?iae (5)
Iaeanoue, e?ae (6) ?O, aeeaeiaa ca?oaaaeuea (5) Eioa?iaoeeiiaeecaoeey

6. Ianooaa ?ani?ino?aiaiey iiaiaaaaeaiey (5) Aaeeie/iay ?aaeecaoeey (6)
Ia?aie/aiiay aeeooocey (7) Oe?ieay aeeooocey

7. Ii noaiaie ?aaeeeaeueiinoe (8) ?aaeeeaeueiua (4) I?aeeia?iua (2)
Iiaea?iecaoeey

8. Ii aeoaeia i?aia?aciaaiee eiiiaaoi?a (6) Nenoaiiua (4) Eiiieaeniua
(1) Yeaiaioiua, eieaeueiua

9. I?e/eia iiyaeaiey iiaiai (7) ?acaeoea iaooee e oaoieee (5)
Iio?aaiinoe i?iecaiaenoaa (3) Iio?aaiinoe ?uiea

10. Oa?aeoa? e?eaie AEOe oiaa?a (1)Oeiiaay, eeanne/aneay e?eaay (3)
E?eaay n “iiaoi?iui oeeeeii” (5) “A?aaaoei-aay” e?eaay (7) “Ieeiaay”
e?eaay

11. Yoaiu AEOe i?aaiecaoeee eiiiaaoi?a. (8) Nicaeaiea (6) Noaiiaeaiea
(2) C?aeinoue (3) Ia?ano?ieea (7) Oiaaeie

12. Aeeeoaeueiinoue eiiiaaoeeiiiiai i?ioeanna. (2) Iia?aoeaiua (4)
E?aoein?i/iua

(aei 1 aiaea) (6) N?aaeian?i/iua (2-3 a.) (8) Aeieain?i/iua ( > 3
eao)

Auaeaeaiiua y/aeee a oaaeeoea 6 icia/atho i?eciae, oa?aeoa?iue aeey
?anniao?eaaaiie eiiiaaoeee. N?aaeiaa a?eoiaoe/aneia cia/aiee /enae a
eaaii aa?oiai oaeo icia/aao i?eiaaeeaaeiinoue iiaiaaaaeaiey e
ii?aaeaeaiiie a?oiia ?enea.

A aeaiiii neo/aa n?aaeiaa a?eoiaoe/aneia cia/aiee ninoaaeyao 4,55 ( 5.

A?oiiu, a oaeaea niioaaonaothuee ei o?iaaiue ?enea i?aaenoaaeaiu a
oaaeeoea 6.1.

I?aiey ca ?ene eiiiaaoeeiiiuo i?iaeoia.

Oaaeeoea 6.1.

Eeann 1 2 3 4 5 6 7 8

I?aiey ca ?ene [%] 0.0 0.5 1.0 2.0 5.0 10 20 50

Niioaaonoaothuaa a?oiia 5 cia/aiea i?aiee ca ?ene, eae neaaeoao ec
oaaeeoeu 6.1. ninoaaeyao 5,0 %.

Iaeiaei oaeia cia/aiea i?aiee ca ?ene yaeyaony i?eaeeceoaeueiui e iiaeao
auoue ia aeinoaoi/ii oaaaeeoaeueiui aeey ?oeiaiaenoaa CAI “Aeeaia”.

Auoiaeii ec neiaeeaoaeny neooaoeee yaeyaony ioeaiea o?iaiy ?enea
yenia?oiui iaoiaeii n i?eaea/aieai niaoeeaeenoia CAI “Aeeaia”. Oaeie
niinia iicaieeo aieaa oi/ii ii?aaeaeeoue i?aieth ca ?ene. Iieo/aiiua
?acoeueoaou i?aaeeaaaaony niiinoaaeoue iaaeaeo niaie.

Aeey eiee/anoaaiiie ioeaiee ?enea i?aaeeaaaaony iaoiae ?aceiaeaiey ?enea
ia ninoaaeythuea n iineaaeothuae eo ioeaieie yenia?oiui iaoiaeii.

A aeaiiii neo/aa i?aaenoaaeyaony aiciiaeiui ?acaeaiea ?enea ia eeannu e
aeaeu ii iauai?eiyoie iaoiaeeea. I?eia? oaeiai ?aceiaeaiey i?eaaaeai
ieaea.

Eeanneoeeaoeey ?eneia eiiiaaoeeiiiiai i?iaeoa ii ieacaieth nauoiauo
oneoa CAI “Aeeaia”.

Iauea ?enee.

Iieeoe/aneee ?ene – ?ene eciaiaiey i?ei?eoaoiuo iai?aaeaiee ?acaeoey
oa??eoi?ee Aaeaoeoeineiai ?aeiia. Iiaeao auoue naycai ni:

niaiie Aaeieieno?aoeee ?aeiia e ai?iaeia;

aein?i/iui ?aoaieai iinoaaeaiiuo caaea/ ii iaania/aieth ianaeaiey
oneoaaie oei/enoie e i?a/a/iuo.

?ene ioeai/iiai i?iaaaeaiey ia?eaoeiaiaiai enneaaeiaaiey. Ethaia
nioeeieiae/aneia enneaaeiaaiea, a oii /enea e ia?eaoeiaiaia i?eiaiyao a
nai?i ninoaaa iaoiaeu yeno?aiieyoeee e auai?ee, eioi?ua ii naiae
i?e?iaea yaeythony noioanoe/aneeie, /oi canoaaeyao i?eieiaoue
?acoeueoaou yoiaeo iaoiaeia ii?aaeaeaiiie n iii?aaeie. A aeaiiii neo/aa
iaiaoiaeeii naeaeaoue iii?aaeo ia ?acoeueoaou enneaaeiaaiey
iioaioeeaeueiiai ni?ina.

?uii/iua ?enee – naycaiu n eciaiaieyie ?uii/iie neooaoeee a
Aaeaoeoeineii ?aeiia:

?ene nieaeaiey iieoiaoaeueiie niiniaiinoe ianaeaiey. Nieaeaiea
iieoiaoaeueiie niiniaiinoe ianaeaiey iiaeao iineoue eae anaiauee
oa?aeoa?, oae e oa?aeoa? nieaeaiey iieoiaoaeueiie niiniaiinoe
ioaeaeueiuo aai neiaa. E a oii e a ae?oaii neo/aa, nieaeaiea ?aaeueiuo
aeioiaeia ianaeaiey Aaeaoeoeineiai ?aeiia aeaaea a e?aoein?i/iue ia?eiae
iiaeao i?eaanoe e ia?aoiaeo ia aieaa aeaoaaua iaoiaeu noe?ee e /enoee,
eae oi noe?ea a aeiiaoieo oneiaeyo e ae?.

?ene auoiaea ia ?uiie i?aaei?eyoee-eiieo?aioia. Auoiae ia ?uiie
eiieo?aioia ianiiiaiii i?eaaaeao e nieaeaieth iioiea iio?aaeoaeae
i?iaeoeoeee III “Ieueae?a”. Iaeiaei, aaeaeo e?aoein?i/iinoe i?iaeoa,
aa?iyoiinoue ianooieaiey iienaiiiai niauoey iaaaeeea.

?ene iaaeinoaoi/iiai i?iaaaeaiey ia?eaoeiaiaie iieeoeee ii oi?ie?iaaieth
e iiaeaea?aeaieth ?uii/iiai ni?ina. A aeaiiii neo/aa eiaaony aaeaeo
iaaeinoaoi/iay iieeoeea ii i?eaea/aieth iieoiaoaeae eiaiii ia oaeie aeae
noe?ee e /enoee.

I?iecaiaenoaaiiua ?enee:

?ene aicieeiiaaiey nii?iuo neooaoeee iaaeaeo CAI “Aeeaia” e III
“Ieueae?a”. Iiae nii?iuie neooaoeeyie eiaaony aaeaeo neo/ae
iaea/anaoaiiiai auiieiaiey oaa?eeie-oei/enoeie naieo iaycaaiinoae ii
aeiaiai?o: a?ae, neo/ae ooa?e eiouanoaa, caaea?aeee i?e i?iecaiaenoaa
caeacia, oeiainiaua nii?u. Oaeea neooaoeee, ianiiiaiii, aeaeoo ca niaie
e oeiainiaua iioa?e.

?ene ooa?e iiaeio/aoiiai eiouanoaa ii aeia III “Ieueae?a”, a o./. e
o?ainii?oiue ?ene. Yoio ?ene iiaeao ieacaoue nouanoaaiiia aeeyiea ia
i?iaeo, oae eae a yoii neo/aa iieiay ioaaonoaaiiinoue eiaeeony ia III
“Ieueae?a”.

Yenia?oiay ioeaiea aeaeia ?enea eiiiaaoeeiiiiai i?iaeoa ii ieacaieth
nauoiauo oneoa oaa?eea-oei/enoea ”Aeeaia” aeey III “Ieueae?a”

Oaaeeoea 7.

Aeaeu ?eneia. Cia-/e- Ioeaiea yenia?oia %

iinoue 1 2 3 4 5

1.1.Iieeoe/aneee ?ene 0.1 7% 0% 0% 15% 13% 0.7

1.2.?ene i?aaei?iaeoiuo ioeaie 0.5 15% 15% 0% 5% 10% 0.9

Eoiai iauee ?ene

1.6

2.1.?ene nieae-y iieoiao. niin-oe 0.1 10% 10% 15% 8% 7% 1.0

2.2.?ene iiyaeaiey eiieo?aioia 0.2 10% 9% 17% 6% 5% 1.9

2.3.Ia?eaoeiaiaue ?ene 0.09 4% 4% 4% 4% 6% 0.4

Eoiai ?uii/iue ?ene

3.3

3.1.?ene aicieeiiaaiey nii?ia 0.3 3% 3% 0% 2% 2% 0.6

3.2.?enee ooa?ue eiouanoaa 0.5 5% 3% 2% 3% 4% 1.75

Eoiai i?ieciaenoaaiiue ?ene

2.35

Eoiaiaay noiia 7,25

Oaaeeoea i?aaenoaaeyao niaie au?aaeaiea neaaeothuaai iaoiaea.

Noi?iiu – o/anoieee aeiaiai?a (CAI “Aeeaia” e III “Ieueae?a”)
i?eaeaoatho ec /enea naieo nio?oaeieeia iyoue yenia?oia, eioi?ua
eiee/anoaaiii ioeaieaatho i?aaenoaaeaiiua ninoaaeythuea ?enea i?iaeoa (
aa?iyoiinoue ianooieaiey aeaiiiai aeaea iioa?ue ). N?aaeiaa
a?eoiaoe/aneia iieo/aiiuo ioeaiie caoai oiiiaeaaony ia iieacaoaeue
cia/eiinoe yoiai aeaea ?enea aeey anaai i?iaeoa a oeaeii.

Iieo/aiiia oaeei niiniaii cia/aiea 7,25 iiaeii i?eiyoue ca ia?aiao?
?eneiaaiiinoe ?anniao?eaaaiai eiiiaaoeeiiiiai i?iaeoa, oae eae yoi
cia/aiea i?aeoe/anee iiiaaeaao a a?oiio ?enea, iieo/aiioth ii
?acoeueoaoai eeanneoeeaoeee iiaiaaaaeaiee. ?acieoea a 2,5 % yaeyaony
iacia/eoaeueiie e iiaeao ?anniao?eaaoueny eae iaiaoiaeeiay onooiea CAI
“Aeeaia” aeey iiauoaiey caeioa?aniaaiiinoe iineaaeiae a caeeth/aiee
aeiaiai?a.

( 7. Oeiainiaue ieai.

I/aaeaeii, /oi ?acia? aaeeiia?aiaiiuo cao?ao ia ?aaeecaoeeth
?anniao?eaaaiiai eiiiaaoeeiiiiai i?iaeoa aeinoaoi/ii iae, e i?eaea/aiea
noi?iiiaai eiaanoi?a iiaeii n/eoaoue iaoeaeaniia?aciui.

Aaeeiia?aiaiiua cao?aou a ?acia?a 5127 $ i?aaeeaaaaony iie?uoue ca n/ao
nianoaaiiuo n?aaenoa III “Ieueae?a” (onoaaiue eaieoae).

?acaeae 3. Yenia?oeca i?iaeoa ii ieacaieth nauoiauo oneoa CAI “Aeeaia”.

( 1. Iaoiaeeea i?iaaaeaiey oeiainiaie yenia?oecu eiiiaaoeeiiiiai
i?iaeoa.

?anniao?eaaaiue i?iaeo i?aaeeaaaaony ioeaieoue ii a?oiia ?an/aoiuo
ia?aiao?ia:

/enoue aeeneiioe?iaaiiue aeioiae;

aioo?aiiae ii?iu aeioiaeiinoe;

eiaeaen aeioiaeiinoe;

n?ie ieoiaaiinoe;

oi/ea aacoauoi/iinoe.

A ?acaeaea 3 i?eaaaeai iieiue ?an/ao oeacaiiuo iieacaoaeae, a oaeaea
auaiaeu ii ?acoeueoaoai ?an/aoa.

( 2. ?an/ao eiyooeoeeaioa aeeneiioe?iaaiey i?iaeoa.

?an/ao eiyooeoeeaioa aeeneiioe?iaaiey i?iaeoa i?iecaiaeeony ii oi?ioea:

Aeeneiio = I + P + R, aaea

I – iany/iue o?iaaiue eioeyoeee a ?O,

P – iany/iay i?ioeaioiay noaaea ii ?oaeaaui aeeaaeai,

R – caeiaeaiiue o?iaaiue ?enea i?iaeoa.

A ?anniao?eaaaiii neo/aa ianyiue o?iaaiue eioeyoeee:

I = 0,4 %, oae eae aiaeiaie o?iaaiue ninoaaeyao 5%.

Iany/iay i?ioeaioiay noaaea iiaeao auoue ?an/eoaia neaaeothuei ia?acii:

P = (noaaea ?aoeiaine?iaaiey OeA + 3 %) = 31% a aiae = 2,1 % a ianyoe.

?ann/eoaiiue a ( 6 ?acaeaea 2 o?iaaiue ?enea i?iaeoa ninoaaeyao 6 % a
ianyoe . Oaeei ia?acii

Aeeneiio = 2,1 + 0,6 + 0,4 % = 3,3 % a ianyoe.

( 2. Iino?iaiea aeeaa?aiiu “CASH-FLOW”.

Neaaeothuei oaaii a ioeaiea eiiiaaoeeiiiiai i?iaeoa yaeyaony iino?iaiea
aeeaa?aiiu iiieiaeueiuo oeiainiauo iioieia “Cash-flow”.

Oaeay aeeaa?aiia iaiaoiaeeia aeey ii?aaeaeaiey iiieiaeueiie noiiu cao?ao
e iinooieaiee n ?acaeaeie ii ia?eiaeai a?aiaie. A ea/anoa a?aiaiiiai
io?acea i?aaeeaaaaony acyoue iaeei ianyoe.

Aeaiaaeiua iioiee cao?ao e iinooieaiee oeacaiu a oaaee- oea 6.

Oaaeeoea aeaiaaeiuo iioieia.

Oaaeeoea 8.

t 0 1 2 3 4 5 6 7 8 9 10 11 12

E -1127 -3333 -667 – – – – – – – – – –

Ae – – – 1213 1213 1213 1213 1213 1213 1213 1213 1213 1213

Ii aeaiiui oaaeeoeu aeaiaaeiuo iioieia iino?iaia aeeaa?aiia “CASH-FLOW”,
i?aaenoaaeaiiay ia ?enoiea 2.

( 3. ?an/ao /enoiai aeeneiioe?iaaiiiiai aeioiaea.

Noiia?iue /enoue aeeneiioe?iaaiiue aeioiae iaiaoiaeeii ?ann/eoaoue,
/oiau ii?aaeaeeoue i?eaueue, eioi?oth iieo/eo III “Ieueae?a” io
?aaeecaoeee i?iaeoa a naaiaeiyoieo aeaiueaao.

*enoue aeeneiioe?iaaiiue aeioiae i?iaeoa ?ann/eouaaaony ii oi?ioea:

n

*AeAe = ( [ Di / (1+d)i – Ki / (1+d)i ], aaea

i=1

*AeAe – /enoue aeeneiioe?iaaiiue aeioiae,

Di – aeioiae,

Ki – ecaea?aeee,

d – aeeneiio.

?an/ao /enoiai aeeneiioe?iaaiiiai aeioiaea i?eaaaeai a oaaeeoea 9.

?an/ao /enoiai aeeneiioe?iaaiiiai aeioiaea i?iaeoa.

Oaaeeoea 9.

t Ae E E-o Ae’ E’ *AeAe *ON

0 0 1127 1,0000 0,00 1126,6 -1126,60 -1126,6

1 0 3333 0,9698 0,00 3232,31 -3232,31 -4358,9

2 0 667 0,9405 0,00 627,309 -627,31 -4986,2

3 1213 0 0,9121 1106,35 0 1106,35 -3879,9

4 1213 0 0,8845 1072,93 0 1072,93 -2806,9

5 1213 0 0,8578 1040,52 0 1040,52 -1766,4

6 1213 0 0,8319 1009,08 0 1009,08 -757,3

7 1213 0 0,8068 978,60 0 978,60 221,3

8 1213 0 0,7824 949,04 0 949,04 1170,3

9 1213 0 0,7588 920,36 0 920,36 2090,7

10 1213 0 0,7358 892,56 0 892,56 2983,2

11 1213 0 0,7136 865,60 0 865,60 3848,8

12 1213 0 0,6920 839,45 0 839,45 4688,3

( 12130

9674,5 4986,22

Aeeneiio= 0,031

Eiaeaen aeioiaeiinoe i?iaeoa =

94,0

A oaaeeoea eniieuecothony neaaeothuea iaicia/aiey:

t – ia?eiaeu a?aiaie,

Ae – aeioiae,

E – ecaea?aeee,

E-o – eiyooeoeeaio aeeneiioe?iaaiey,

Ae’ – aeeneiioe?iaaiiue aeioiae,

E’ – aeeneiioe?iaaiiua ecaea?aeee,

*AeAe – /enoue aeeneiioe?iaaiiue aeioiae,

*ON – /enoay oaeouay noieiinoue (iaeiieaiiue *AeAe).

?acoeueoaoii ?an/aoa ii oaaeeoea yaeeinue cia/aiea *AeAe i?iaeoa,
?aaiia:

*AeAei?iaeoa = 4688,3 $.

Caeanue aea ?ann/eoai eiaeaen aeioiaeiinoe i?iaeoa – ioiioaiea noiiu
iaeiieaiiuo aeeneiioe?iaaiiuo aeioiaeia e noiia aaeeiia?aiaiiuo
aeeneiioe?iaaiiuo cao?ao. Eiaeaen aeioiaeiinoe ?ann/eoai ii oi?ioea:

Indaeioiaeiinoe = D’ / K’, aaea

D’ – noiia iaeiieaiiuo aeeneiioe?iaaiiuo aeioiaeia,

K’ – noiia aeeneiioe?iaaiiuo aaeeiia?aiaiiuo cao?ao.

Oaeei ia?acii,

Indaeioiaeiinoe = 9674,5/4986,2 = 1,94

A?aoeee /enoiai aeeneiioe?iaaiiiai aeioiaea e /enoie oaeouae noieiinoe
i?aaenoaaeaiu ia ?enoiea 3.

( 4. ?an/ao n?iea ieoiaiinoe e a?oo?aiiae ii?iu aeioiaeiinoe.

N?ie ieoiaaiinoe i?iaeoa – ia?eiae a?aiaie, ca eioi?ue noiia iieo/aiiiai
aeioiaea io ?aaeecaoeee i?iaeoa iie?uaaao ana aeiaeaiiua eaieoaeueiua
cao?aou.

N?ie ieoiaaiinoe oaeiaii ii?aaeaeeoue i?e iiiiue a?aoeea,
i?aaenoaaeaiiiai ia ?enoiea 4.

Aeaiiua ia a?aoeea niioaaonoaotho iaeanoe ia?ana/aiey a?aoeea /enoie
oaeouae noieiinoe [?en. 3] n inueth ioeaauo cia/aiee i?eauee. Yoi
i?ienoiaeeo a oa/aiea aeaayoiai ianyoea.

Ec i?aaenoaaeaiiiai a?aoeea aeaeii, /oi i?e iiiiue oai?aiu i iiaeiaee
o?aoaieueieeia iiaeii au/eneeoue cia/aiea ia?eiaea, eiaaea ooieoeey *ON
ia?ana/ao ioeaaoth inue.

Oaeei ia?acii,

Ia?eiae = 757,2/(757,2 + 221,3) = 0,773 ianyoea.

E iieo/aiiiio cia/aieth i?eaaaeyai /enei ianyoeaa, eiaaea noiia?iue
iaeiieaiiue /enoue aeeneiioe?iaaiiue aeioiae aue iaiueoa ioey – 6 e
iieo/aai cia/aiea ia?eiaea ieoiaaiinoe.

Oie = 6,7 ianyoea.

Aioo?aiiyy ii?ia aeioiaeiinoe i?iaeoa – oaeay noaaea aeeneiioe?iaaiey,
i?e eioi?ie noiia?iue /enoue aeeneiioe?iaaiiue aeioiae i?iaeoa
ia?auaaony a 0.

?an/ao AIAe i?aaenoaaeai ia ?enoiea 5.

Iieo/aiiia a ?acoeueoaoa ?an/aoia cia/aiea aioo?aiiae ii?iu aeioiaeiinoe
i?iaeoa = 15,33 %.

( 5 . ?an/ao oi/ee aacoauoi/iinoe i?iaeoa.

O/eouaay niaoeeoeeo ?anniao?eaaaiiai i?iaeoa, iiaen/eoaoue oi/eo
aacoauoi/iinoe a iaoo?aeueiii au?aaeaiee ia i?aaenoaayaony aiciiaeiui.

Iaeiaei, ?acoeueoaou noaoenoe/aneiai enneaaeiaaiey aeayoaeueiinoe CAI
“Aeeaia” iieacuaatho, /oi n?aaeiyy aaee/eia caeaca ia oneoae ninoaaeyao
50.000 ?oa. I?eiya yoi aeiiouaiea, oi/eie aacoauoi/iinoe iiaeii n/eoaoue
ieieiaeueiia eiee/anoai iio?aaeoaeae, eioi?ia iaiaoiaeeii ianeoaeeoue,
/oiau ieoieoue cao?aou.

Oaeia /enei iio?aaeoaeae iiaeii ?ann/eoaoue neaaeothuei ia?acii.

Iinoiyiiua oaeouea cao?aou, aicieeathuea ai a?aiy i?iecaiaenoaaiiiai
ia?eiaea ninoaaeytho 2883 $ [?-2,( 5].

Aeey oiai, /oiau ieoieoue iinoiyiiua cao?aou iaiaoiaeeii ianeoaeeaaoue

2883 $ / (8,33 $ * 0,3) = 1153 iio?aaeoaeae, aaea

2883 $ – iinoiyiiua cao?aou;

8,33 $ – n?aaeiee ?acia? iaeiiai caeaca;

0,3 – aeiey n?aaenoa, eioi?oth III “Ieueae?a” inoaaeyao naaa niaeanii
aeiaiai?o.

Oaeei ia?acii eaaeaeiio ioieoo aeey aeinoeaeaiey aacoauoi/iinoe
iaiaoiaeeii ianeoaeeaaoue a n?aaeiai ii 384 /aeiaaea a ianyoe.

?enoiie 6. A?aoe/aneia ii?aaeaeaiea oi/ee aacoauoi/iinoe.

( 6. Aiaeec /oanoaeoaeueiinoe i?iaeoa e eciaiaieth iniiaiuo ia?aiao?ia.

1. Aiaeec /oanoaeoaeueiinoe i?iaeoa e o?iaith eioeyoeee.

Ana ?an/aou ii i?iaeoo i?iaaaeaiu n caeiaeaiiui o?iaiai eioeyoeee,
?aaiui 1 % a ianyoe eee 12 % a aiae.

Aeey oiai, /oiau *AeAe i?iaeoa inoaaaeny iaio?eoeaoaeueiui, aeiionoeii
oaaee/aiea o?iaiy eioeyoeee ia 5,33 % a ianyoe. Yoa aaee/eia auea
?ann/eoaia neaaeothuei ia?acii:

( = AIAe – Aeeneiio = 15,33 % – 3,1 % = 12,23 %.

Oaeei ia?acii, /oanoaeoaeueiinoue i?iaeoa e eioeyoeee ninoaaeyao:

12,23 / 0,4 * 100% = 30575%.

Aiaeece?oy iieo/aiiia cia/aiea, iiaeii naeaeaoue auaiae, /oi i?iaeo ia
/oanoaeoaeai e eioeyoeee.

A?aoe/aneia i?aaenoaaeaiea aiaeeca /oanoaeoaeueiinoe i?eaaaeaii ia
?enoiea 7.

A?aoee /oanoaeoaeueiinoe eiiiaaoeeiiiiai i?iaeoa e eciaiaieth o?iaiy
eioeyoeee.

?enoiie 7.

2. Aiaeec onoie/eainoe i?iaeoa e eciaiaieth iauaia i?iaeaae.

I/aiue aaaeiui yaeyaony ecia?aiea onoie/eainoe i?iaeoa e eciaiaieth
iauaia nauoa oneoae.

?ann/aoiue o?iaaiue iauaia i?iaeaae ninoaaeyao 14205$. O?iaaiue
i?iaeaae, niioaaonoaothuee oi/ea aacoauoi/iinoe ninoaaeyao:

1153 /aeiaaea * 8,33 $ = 9604,49 $.

Oaeei ia?acii, onoie/eainoue ninoaaeo:

14205 $ – 9604 $ / 9604 $ * 100% = 47,91 %.

Iieo/aiiay aaee/eia iieacuaaao, /oi i?iaeo iiaeii n/eoaoue onoie/eaui e
eciaiaieth iauaia i?iaeaae.

A?aoe/aneia i?aaenoaaeaiea aiaeeca onoie/eainoe i?eaaaeaii ia ?enoiea 8.

A?aoee onoie/eainoe eiiiaaoeeiiiiai i?iaeoa e eciaiaieth iauaia
i?iaeaae.

?enoiie 8.

Enneaaeiaaiea i?iaeoa ia i?aaeiao onoie/eainoe e o?iaith ecaea?aeae
i?aaenoaaeyaony iaoeaeaniia?aciui, oae eae iniiaiay eo ninoaaeythuay
cae?aieyoany eiio?aeoii e eciaiaiea a? iaeiaa?iyoii.

( 7. Auaiaeu ii ?acoeueoaoai oeiainiaie yenia?oecu i?iaeoa.

I?iaaaeaiiay oeiainiaay yenia?oeca eiiiaaoeeiiiiai i?iaeoa ii ieacaieth
nauoiauo oneoa CAI “Aeeaia” iieacaea neaaeothuaa:

I?e iainiiaaiii onoaiiaeaiiuo cia/aieyo:

?acia?a iany/iie eioeyoeee – 0,4 %;

ieieiaeueiiai o?iaiy aeioiaeiinoe 2,3 % a ianyoe;

?acia?a i?aiee ca ?ene – 0,6 %,

aaee/eia noiia?iiai iaeiieaiiiai /enoiai aeeneiioe?iaaiiiai aeioiaea
i?iaeoa ninoaaeyao +4688,3 $. Aneaaenoaea iieiaeeoaeueiinoe yoiai
cia/aiey iiaeii naeaeaoue auaiae i oii, /oi ?anniao?eaaaiue i?iaeo
yaeyaony i?eaueueiui e aiaeai e ?aaeecaoeee.

Eiaeaen aeioiaeiinoe i?iaeoa ninoaaeyao 1,94. Oaeei ia?acii
aeeneiioe?iaaiiue aeioiae i?aauoaao aeeneiioe?iaaiiua cao?aou ia 94 %.

Ia?eiae ieoiaaiinoe i?iaeoa ninoaaeyao 6,7 ianyoea. Niioiany cia/aiea
ni n?ieii ?aaeecaoeee i?iaeoa (1 aiae = 12 ianyoeaa), iiaeii naeaeaoue
auaiae, /oi i?iaeo ieoiaaony ?aiueoa, /ai caeai/eaaaony aai ?aaeecaoeey.

Oi/eie aacoauoi/iinoe i?iaeoa yaeyaony /enei eeeaioia, ?aaiia 1153.
Niioaaonoaothuee yoiio o?iaith iauai i?iaeaae ninoaaeyao 9604$.
I?iaiice?oaiia cia/aiea iauaia i?iaeaae ninoaaeyao 14205$.

?anniao?eaaaiue eiiiaaoeeiiiue i?iaeo yaeyaony aaniethoii onoie/eaui e
eciaiaeth aeaoo eeth/aauo ia?aiao?ia:

eioeyoeey;

iauai i?iaeaae.

Oaeei ia?acii, iaiauay ?acoeueoaou oeiainiaie yeniao?ecu
eiiiaaoeeiiiiai i?iaeoa ii ieacaieth nauoiauo oneoa CAI “Aeeaia”, iiaeii
naeaeaoue auaiae i aai i?aeoe/aneie ?aaeecoaiinoe e i?eaueueiinoe.

Caeeth/aiea.

Iaiauay ?acoeueoaou ?aaiou, iiaeii naeaeaoue auaiae i oii, /oi oaeaeinue
aeieacaoue ai-ia?auo nouanoaiaaiea, a ai-aoi?uo inouanoaeiinoue e
i?eaueueiinoue eiiiaaoeeiiiiai i?iaeoa, eioi?ue iiaeao auoue ?aaeeciaai
iaaieueoei, e aeaaea ia/eiathuei i?aaei?eyoeai n aanueia ia?aie/aiiuie
eiaanoeoeeiiiuie aiciiaeiinoyie.

I/aaeaeii, /oi ioaea/a io iiaeiaiiai ?iaea i?iaeoia iaaaeeea, iaeiaei
n?aaenoa, iinooiathueo io ?aaeecaoeee iiaeao auoue aeinoaoi/ii aeey
noaiiaeaiey eiiiaiee e aeaaea aeey a? ?acaeoey.

?aaeecaoeey ?anniao?eaaaiiai i?iaeoa iicaieeo ia/eiathuaio i?aaei?eyoeth
?aoeoue iniiaioth caaea/o: i?aiaeieaoue aoiaeiua aa?uea?u a io?aneue.
I?e yoii, oe?ia noieeiaony n aeinoaoi/ii ieceei o?iaiai ?enea. Aeaaea a
neo/aa i?iaaea i?iaeoa, ianna iioa?ue aoaeao oaeaea iaaaeeea.

Aeaeeia?aoey

1. Oieo ?iaa?o I. Iniiau oeiainiaiai iaiaaeaeiaioa. – Ia?. n aiae.
-I.:”Aeaei”, 1993. – 128n.

2. Oeiainiaia oi?aaeaiea eiiiaieae. / Iau. ?aae. A. A. Eociaoeiaie. I.:
Oiiae “I?aaiaay eoeueoo?a”, 1995. – 384n.

?aaiou ii ioi?ieaieth i?e?iiiai ioieoa, a oaeaea ?aaiou ii ?aciauaieth
?aeeaiu aaaeooueny neeaie e ia n?aaenoaa CAI “Aeeaia”.

Oeacai iai?io i?e?iiiai ioieoa iinea iieaou oneoa oeaio?aeueiie oaa?eee
– oei/enoee.

PAGE

PAGE 7

Aaia?aeueiue aee?aeoi?

III “Ieueae?a”

Aeaaiue aooaaeoa?

I?eaiuee ioaeaeaiey a. Aaeaoeoe

I?eaiuee ioaeaeaiey a. AEaeaciiaei?iaeiiai

I?eaiuee ioaeaeaiey a. ?aooiaa

Aiaeeoaeue

Iaiaaeaea?-eniieieoaeue

Iauaa nia?aiea o/anoieeia III “Ieueae?a”

Iauai i?iaeaae

Iinoiyiiua ecaea?aeee

Ia?aiaiiua ecaea?aeee

Noiia?iua ecaea?aeee

Eie-ai iio?aaeoaeae

$

1153 /aeiaaea

1425$

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