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Бизнес-план Организация кафе быстрого обслуживания

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?aaeiiaeueiue iaaeio?aneaaie oeaio? ia?aiiaeaioiaee eaae?ia

Ia?ineiai ainoaea?noaaiiiai oaoie/aneiai oieaa?neoaoa

Oaeoeueoao aaeieieno?aoeaiiai iaiaaeaeiaioa e aeciana

AECIAN-IEAI

Iacaaiea i?iaeoa:

I?aaiecaoeey eaoa aunoiai ianeoaeeaaiey

Aaoi? i?iaeoa:

Iaeueoeaaa Ethaiaue Ieeieaaaia

1997 aiae

Niaea?aeaiea

TOC \o “1-3″ ?acthia GOTOBUTTON _Toc412895471 PAGEREF
_Toc412895471 2

Oeaeue i?iaeoa GOTOBUTTON _Toc412895472 PAGEREF _Toc412895472 2

Iienaiea i?aaei?eyoey GOTOBUTTON _Toc412895473 PAGEREF
_Toc412895473 2

Iieacaoaee yooaeoeaiinoe i?iaeoa GOTOBUTTON _Toc412895474 PAGEREF
_Toc412895474 2

Ieai nauoa GOTOBUTTON _Toc412895475 PAGEREF _Toc412895475 3

Iienaiea ?uiea GOTOBUTTON _Toc412895476 PAGEREF _Toc412895476 3

Iienaiea i?iaeoeoa GOTOBUTTON _Toc412895477 PAGEREF _Toc412895477
4

Eiaanoeoeeiiiue ieai GOTOBUTTON _Toc412895478 PAGEREF _Toc412895478
7

I?iecaiaenoai GOTOBUTTON _Toc412895479 PAGEREF _Toc412895479 9

I?yiua ecaea?aeee GOTOBUTTON _Toc412895480 PAGEREF _Toc412895480 9

Iauea ecaea?aeee GOTOBUTTON _Toc412895481 PAGEREF _Toc412895481 10

Ieai ia?niiaea GOTOBUTTON _Toc412895482 PAGEREF _Toc412895482 11

Oeiainiaue ieai GOTOBUTTON _Toc412895483 PAGEREF _Toc412895483 12

Eaieoae GOTOBUTTON _Toc412895484 PAGEREF _Toc412895484 13

Io/ao i i?eaueyo e oauoeao GOTOBUTTON _Toc412895485 PAGEREF
_Toc412895485 14

Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa GOTOBUTTON _Toc412895486
PAGEREF _Toc412895486 18

Aaeain GOTOBUTTON _Toc412895487 PAGEREF _Toc412895487 22

Ia/eneaiiua iaeiae GOTOBUTTON _Toc412895488 PAGEREF _Toc412895488
26

Oeiainiaua ?acoeueoaou GOTOBUTTON _Toc412895489 PAGEREF
_Toc412895489 27

Caeeth/aiea GOTOBUTTON _Toc412895490 PAGEREF _Toc412895490 28

Aeaeeia?aoey GOTOBUTTON _Toc412895491 PAGEREF _Toc412895491 29

?acthia

Oeaeue i?iaeoa

Oeaeueth i?iaeoa yaeyaony nicaeaiea eaoa auno?iai ianeoaeeaaiey a
Oeaio?aeueiie /anoe ai?iaea Ia?ie (Eaieineee ?aeii, iaaeaeaei io OeOIa e
Ia?ineiai oaoie/aneiai oieaa?neoaoa) aeey ianeoaeeaaiey aeeoaeae e
ainoae ai?iaea.

Aeayoaeueiinoue nicaeaaaaiiai i?aaei?eyoey iai?aaeaia ia ieacaiea oneoa
a noa?a iauanoaaiiiai ieoaiey aeey ethaeae ni n?aaeiei o?iaiai aeioiaea.

Iienaiea i?aaei?eyoey

Aeaiiue i?iaeo ieaie?oaony ?aaeeciaaoue aac ia?aciaaiey th?eaee/aneiai
eeoea aeey oiaiueoaiey iaeiaiiaeiaeaiey e oi?iuaiey oeiainiaie
io/aoiinoe.

Aeey oeiaine?iaaiey i?iaeoa ieaie?oaony acyoue eueaioiue e?aaeeo a noiia
150 iei. ?oaeae n?ieii ia 1 aiae iiae 20 % aiaeiauo a “O?aeueneii oiiaea
iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa” i?e Aaeieieno?aoeee Ia?ineie
iaeanoe a ?aieao i?ia?aiiu iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa,
aaea iauanoaaiiia ieoaiea yaeyaony iaeiie ec i?ei?eoaoiuo io?aneae.

Aeey i?aaiecaoeee i?iecaiaenoaa o?aaoaony i?eia?anoe:

oaoiieiae/aneia iai?oaeiaaiea (eioa-aaoiiao, iee?iaieiiaua ia/e,
oieiaeeeueiua eaia?u, ?acaeaei/iue eino?oiaio, iinoaeo;

iaaaeue;

i?iecaanoe iaaieueoie ?aiiio iiiauaiey iai?aaeaiiue ia oeo/oaiea
eioa?uea?a. Iiiauaiea ieaie?oaony acyoue ia i?aaao aeieain?i/iie
a?aiaeu.

Iniiaiua o?aaiaaiey e ia?niiaeo – iaee/ea iaiaoiaeeiie i?ioanneiiaeueiie
eaaeeoeeaoeee. Iauaa eiee/anoai nicaeaaaaiuo ?aai/eo iano, aeeth/ay
?oeiaiaeeoaey – aeaaeaeueoea naeaeaoaeuenoaa ia /anoioth
i?aaei?eieiaoaeueneoth aeayoaeueiinoue – 12 /aeiaae.

Iieacaoaee yooaeoeaiinoe i?iaeoa

?ann/eoaii aeey ia?eiaea: 1 … 24 ian.

Noaaea aeeneiioe?iaaiey: 18 %

N?ie ieoiaaiinoe: PBP = 3 ian.

Eiaeaen i?eaueueiinoe: PI = 1,39

*enoue i?eaaaeaiiue aeioiae: NPV = 240382 $ US

Aioo?aiiyy ii?ia ?aioaaaeueiinoe: IRR = 9999,0 %

Ieai nauoa

Iienaiea ?uiea

Ia naaiaeiyoiee aeaiue i?iaeaia iauanoaaiiiai ieoaiey a oeaio?aeueiuo
?aeiiao ai?iaea aeinoaoi/ii aeooaeueia. Iniaaiii ino?i yoi iuouaaony a
Eaieineii ?aeiia, eioi?ue yaeyaony aaeieieno?aoeaiui, aeaeiaui e
eoeueoo?iui oeaio?ii ai?iaea (iniaaiii a ?aeiia i?ana/aiey oeeoeu Eaieia
e Eiiniiieueneiai i?iniaeoa, a oaeaea Ieoya?ueneie ieiuaaee – ianoa
i?aaeiieaaaaiiai ?aciauaiey eaoa). A iai ?aniieiaeaii aieueoeinoai
ainoaea?noaaiiuo o/?aaeaeaiee, aaieia, ioenia e?oiiuo e n?aaeieo oe?i,
e?oiiuo i?aaei?eyoee oi?aiaee, aunoea o/aaiua caaaaeaiey, ainoeieoeu,
iauaeou eoeueoo?iiai iacia/aiey (oaao?u, ia?ee, neaa?u e ae?oaea ianoa
ioaeuoa ai?iaeai e ainoae ai?iaea).

Nouanoaothuea ia naaiaeiyoiee aeaiue a yoii ?aeiia i?aaei?eyoey
iauanoaaiiiai ieoaiey iiaeii oneiaii ?acaeaeeoue ia aeaa oeia: e?oiiua e
iaeeea i?aaei?eyoey auno?iai ianeoaeeaaiey.

E ia?aui iiaeii ioianoe ?anoi?aiu e eaoa. Eo ioee/eoaeueiie
iniaaiiinoueth yaeyaony aunieee na?aen e ea/anoai ianeoaeeaaiey i?e
aeinoaoi/ii aunieie oeaia (n?aaeiee iaaae iaoiaeeony i?eia?ii a 30 000
?oaeae e auoa), oi anoue iie i?eaioe?iaaiu ia ethaeae n aunieei o?iaiai
aeioiaea.

Ei aoi?ui ioiinyony iaaieueoea caeoni/iua e aa?u. Eo oneiaii iiaeii
?acaeaeeoue aua ia aeaa oeia:

1. aei?iaea oe?iaiiua caeoni/iua e aa?u (iai?eia? naoue Aeiea-ieoea),
eioi?ua ioee/athony aunieei ea/anoaii ianeoaeeaaiey e aeinoaoi/ii
aunieeie aeeceeie e e?oiiui i?aaei?eyoeyi iauanoaaiiiai ieoaiey
oeaiaie.

2. iaaieueoea caeoni/iua oeia ie?iaeeiauo, eioi?ua i?aaeeaaatho oioy e
aeaoaaoth, ii ia anaaaea ea/anoaaiioth i?iaeoeoeeth.

Iauae ioee/eoaeueiie /a?oie yaeyaony ia?aie/aiiue anni?oeiaio
auioneaaiie i?iaeoeoeee, /oi aucaaii iaaieueoeie ?acia?aie caieiaaiuo ei
iiiauaiee.

Enoiaey ec yoiai iiaeii naeaeaoue auaiae, /oi aeaenoaothuea a oeaio?a
ai?iaea i?aaei?eyoey iauanoaaiiiai ieoaiey ia iiaoo a iieiie ia?a
oaeiaeaoai?eoue nouanoaothuee ia aeaiiii ?uiea ni?in e nouanoaoao
?aaeueiay iio?aaiinoue a eaoa auno?iai ianeoaeeaaiey n oe?ieei
anni?oeiaioii i?aaeeaaaaiie i?iaeoeoeee, aunieei na?aenii e ea/anoaii
ianeoaeeaaiey e n?aaieoaeueii ia aunieeie oeaiaie.

Aeaiiue i?iaeo i?aaeoniao?eaaao nicaeaiea i?aaei?eyoey, eioi?ia aeieaeii
caiyoue ionoothuoth ia naaiaeiyoiee aeaiue ieoo ia ?uiea iauanoaaiiiai
ieoaiey a aeaiiii ?aeiia (?aeii ia?ana/aiey oeeoeu Eaieia e
Eiiniiieueneiai i?iniaeoa, a oaeaea Ieoya?ueneie ieiuaaee).

Cia/eoaeueiuo naciiiuo eieaaaiee ni?ina ia i?aaeiieaaaaony, oae eae a
?aai/ea aeie iniiaiuie iio?aaeoaeyie aoaeoo ethaee ?aaioathuea a
aeeceaaeaueo caeaieyo e nooaeaiou, a a aa/a?iaa a?aiy e auoiaeiua aeie –
ethaee i?eacaeathuea ec ae?oaeo ?aeiiia aeey eoeueoo?iiai ioaeuoa e
ainoe ai?iaea.

Oeaiiaay iieeoeea i?eaioe?iaaia ia iio?aaeoaeae ni n?aaeiei o?iaiai
aeioiaea (niaeanii noaoenoe/aneeo aeaiiuo n?aaeiyy ca?aaioiay ieaoa ii
ai?iaeo Ia?ie ninoaaeyao 1,2 iei. ?oaeae).

A neeo oiai, /oi i?aaei?eyoee iauanoaaiiiai ieoaiey iiaeiaiiai o?iaiy a
aeaiiii ?aeiia iao e ieoa ia eioi?oth aoaeao i?eaioe?iaaii eaoa
i?aeoe/anee naiaiaeia, na?ueaciie eiieo?aioiie ai?ueau ia
i?aaeiieaaaaony.

Iienaiea i?iaeoeoa

Aeey oi?iuaiey ?an/aoia i?aaeiieaaaaiue anni?oeiaio noi?ie?iaai a a?oiiu
ii oeio i?iaeoeoia, oeaiu e naaanoieiinoue in?aaeiaiu. Oi?iuaiiue nienie
i?iaeoeoia i?eaaaeai a oaaeeoea 1. Iiiaieeaoo?a i?iaeoeoia ii eaaeaeiio
oeio ninoaaeyao io 5 aei 15 iaeiaiiaaiee. Iauaiu nauoa i?iaeoeoeee a
eiee/anoaaiiii au?aaeaiee i?eaaaeaiu a oaaeeoea 2. N?ie auoiaea ia
i?iaeoioth iiuiinoue 2 ianyoea.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 1 . Nienie i?iaeoeoia

Iaeiaiiaaiea i?iaeoeoa Aae. eci. Oeaia, oun. ? Oeaia, $ US Yenii?o, %

Eioa /aoea 6,00 0,00 0

Ii?iaeaiiia ii?oeey 3,00 0,00 0

Eieoaeee 250a 3,00 0,00 0

Ie?iaeiia oo. 1,50 0,00 0

Aooa?a?iaeu oo. 3,00 0,00 0

Ai?y/ea aethaea ii?oeey 8,00 0,00 0

Aeana?oiua aethaea ii?oeey 4,00 0,00 0

Nie?oiua iaieoee aooueea 50,00 0,00 0

Ieai aooueea 5,00 0,00 0

Iei?i/ea a?eeue ii?oeey 9,00 0,00 0

Naeaou ii?oeey 7,00 0,00 0

Oaiiaineia aooueea 25,00 0,00 0

Oaaeeoea SEQ Oaaeeoea \* ARABIC 2 . Oece/aneee iauai nauoa

Iaeiaiiaaiea noaouee 11/1997 12/1997 01/1998 02/1998 03/1998 04/1998
05/1998 06/1998 07/1998 08/1998 09/1998 10/1998

Eioa 0 3734 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000

Ii?iaeaiiia 0 2800 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000

Eieoaeee 0 1867 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000

Ie?iaeiia 0 7467 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000

Aooa?a?iaeu 0 6534 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000

Ai?y/ea aethaea 0 2800 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000

Aeana?oiua aethaea 0 1400 1500 1500 1500 1500 1500 1500 1500 1500 1500
1500

Nie?oiua iaieoee 0 140 150 150 150 150 150 150 150 150 150 150

Ieai 0 4667 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000

Iei?i/ea a?eeue 0 2800 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000

Naeaou 0 7467 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000

Oaiiaineia 0 187 200 200 200 200 200 200 200 200 200 200

Oaaeeoea 2. Oece/aneee iauai nauoa (i?iaeieaeaiea)

Iaeiaiiaaiea noaouee 11/1998 12/1998 01/1999 02/1999 03/1999 04/1999
05/1999 06/1999 07/1999 08/1999 09/1999 10/1999

Eioa 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000

Ii?iaeaiiia 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000

Eieoaeee 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000

Ie?iaeiia 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000

Aooa?a?iaeu 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000

Ai?y/ea aethaea 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000
3000

Aeana?oiua aethaea 1500 1500 1500 1500 1500 1500 1500 1500 1500 1500
1500 1500

Nie?oiua iaieoee 150 150 150 150 150 150 150 150 150 150 150 150

Ieai 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000

Iei?i/ea a?eeue 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000
3000

Naeaou 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000 8000

Oaiiaineia 200 200 200 200 200 200 200 200 200 200 200 200

Eiaanoeoeeiiiue ieai

A iiaeaioiaeoaeueiue ia?eiae iaiaoiaeeii auiieieoue neaaeothuee iauai
?aaio:

iieo/eoue e?aaeeo a “O?aeueneii oiiaea iiaeaea?aeee iaeiai
i?aaei?eieiaoaeuenoaa”;

caeeth/eoue aeiaiai? ia a?aiaeo iiiauaiey;

caeoieoue iaiaoiaeeiia aeey i?aaiecaoeee i?iecaiaenoaaiiiai i?ioeanna
iai?oaeiaaiea;

i?iecaanoe aeiaeaeeo e aeiiai?oaeiaaiiea iiiauaiey;

caeoieoue iaaaeue;

i?iecaanoe iiaeai? ia?niiaea;

caeeth/eoue aeiaiai?a ia iinoaaeo nu?uey e ?anoiaeiuo iaoa?eaeia;

iieo/eoue ?ac?aoaiey ia i?iaeaaeo i?iaeoeoia ieoaiey, nie?oiuo iaieoeia
e ieacaiea oneoa a noa?a iauanoaaiiiai ieoaiey.

Ii?yaeie, aeeeoaeueiinoue e noieiinoue yoaiia io?aaeaiu a eaeaiaea?iii
ieaia.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 3 Eaeaiaea?iue ieai

? Iaeiaiiaaiea yoaia Aeeeoaeueiinoue

(aeiae) Aeaoa ia/aea Aeaoa ieii/aiey Noieiinoue yoaia

(oun. ?oa.) Noieiinoue yoaia

($ US)

1. Ioi?ieaiea e?aaeeoa 15 03.11.97 17.11.97

2. Caeeth/aiea aeiaiai?a a?aiaeu 5 18.11.97 22.11.97

3. Iieoiea eioa-aaoiiaoa 120 18.11.97 01.12.97 29 732 5 057

4. Iieoiea iai?oaeiaaiey 7 18.11.97 24.11.97 25 000 4 252

5. Iieoiea iaaaee 7 18.11.97 24.11.97 25 000 4 252

6. Ioaeaeea iiiauaiey 15 18.11.97 02.12.97 15 000 2 551

7. Caeeth/aiea aeiaiai?ia ia iinoaaeo nu?uey 7 26.11.97 02.12.97

8. Iieo/aiea ?ac?aoaiee 7 26.11.97 02.12.97

9. I?iecaiaenoai

03.12.97

Aeeeoaeueiinoue 3-ai yoaia “Iieoiea eioa-aaoiiaoa” ninoaaeyao 120 aeiae
aaeaeo oiai, /oi Eioa-aaoiiao iieoiaaony n ?ann?i/eie ieaoaaea ii
neaaeothuae noaia:

aaainiaue ieaoaae a ?acia?a 1 500 $ US

iinoaaea eioa-aaoiiaoa a 14-oe aeiaaiue n?ie iinea iinooieaiey aaaina ia
?an/aoiue n/ao iinoaaueea

auieaoa inoaeueiie noiiu a oa/aiee 4-o ianyoeaa iinea iinoaaee ?aaiuie
aaeaiany/iuie ieaoaaeaie.

Iinea ieii/aiey iiaeaioiaeoaeueiiai ia?eiaea caioneaaony i?iecaiaenoai.
N?ie auoiaea ia i?iaeoioth iiuiinoue ii?aaeaeai a aeaa ianyoea. Aaeaeo
auaiaeiiai ianoi?aniieiaeaiey i?iaaaeaiea e?oiiie ?aeeaiiie eaiiaiee ia
ieaie?oaony. Ia ia?aiia/aeueiii yoaia aiciiaeii i?iaaaeaiea iaaieueoeo
?aeeaiiuo ia?ii?eyoee iai?aaeaiiuo ia eioi?ie?iaaiea iioaioeeaeueiuo
eeeaioia ia ioe?uoee iiaiai eaoa auno?iai ianeoaeeaaiey a yoii ?aeiia.
Iniiaiia o?aaiaaiea e yoei ia?ii?eyoeyi – oeaeaaia iai?aaeaiea ?aeeaiu
i?e ieieioia cao?ao. Yoiai iiaeii aeinoe/ue iooai ?aciauaiey ?aeeaiiuo
iauyaeaiee a oieeao ioeniuo e aaeieieno?aoeaiuo caeaiee, ?aniieiaeaiiuo
a yoii ?aeiia, i?iaaaeaieai i?acaioaoeee n i?eaeaoaieai i?aaenoaaeoaeae
i?aaiecaoeee i?aaei?eyoee e e?oiiuo oe?i, iaoiaeyueony a yoii ?aeiia,
ioi?ieaieai auaanee ia oanaaea caeaiey a eioi?ii aoaeao ?aciauaoueny
eaoa e oae aeaeaa. Oaeiai ?iaea ia?ii?eyoey iaania/ao
oeaeaiai?aaeaiiinoue e ia o?aaotho cia/eoaeueiuo oeiainiauo aeiaeaiee.
?aciauaiea iiaeiaiie ?aeeaiu a aacaoao, eae iieacuaaao iiuo,
iaeiyooaeoeaii, oae eae oaeay ?aeeaia ia iai?aaeaia ia eiia/iiai
iio?aaeoaey e iiaeao ieacaoueny ia caia/aiiie n?aaee ae?oaeo ?aeeaiiuo
iauyaeaiee, a aeey i?iaaaeaiey ?aeeaiiie eiiiaiee a ae?oaeo n?aaenoaao
ianniaie eioi?iaoeee (?aaeei, oaeaaeaeaiea) o?aaoao aieueoeo oeiainiauo
aeiaeaiee e cia/eoaeueii oaaee/eo noieiinoue i?iaeoa e n?ie aai
ieoiaaiinoe, e oiio aea aiciiaeiinoue oeiaine?iaaiey e?oiiie ?aeeaiiie
eiiiaiee ca n/ao e?aaeeoiuo n?aaenoa iaeiaa?iyoii e iiaeao nicaeaoue
iaaaoeaiia aia/aoeaiea i i?iaeoa o eiaanoi?a.

I?iecaiaenoai

I?yiua ecaea?aeee

Aeey oi?iuaiey oeiainiauo ?an/aoia i?yiua cao?aou oeacaiu a iauae noiia
ia aaeeieoeo eaaeaeiai aeaea i?iaeoeoeee.

Noaia ?an/aoa i?yiuo cao?ao ia aaeeieoeo eaaeaeiai aeaea i?iaeoeoeee
i?eiyoa neaaeothuay:

iaeiaiiaaiea iaoa?eaea;

aaeeieoeu ecia?aiey;

?anoiae iaoa?eaea ia aaeeieoeo i?iaeoeoeee a oece/aneii ecia?aiee;

oeaia ca aaeeieoeo ecia?aiey;

% iioa?ue iaoa?eaea i?e i?iecaiaenoaa.

?acoeueoaou ?an/aoia i?yiuo cao?ao i?eaaaeaiu a oaaeeoeao

Oaaeeoea SEQ Oaaeeoea \* ARABIC 4 . I?yiua ecaea?aeee. I?iaeoeo: Eioa

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 2,00 0,00

Anaai: 2,00 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 5 . I?yiua ecaea?aeee. I?iaeoeo:
Ii?iaeaiiia

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 0,40 0,00

Anaai: 0,40 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 6 . I?yiua ecaea?aeee. I?iaeoeo:
Eieoaeee

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 0,90 0,00

Anaai: 0,90 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 7 . I?yiua ecaea?aeee. I?iaeoeo:
Ie?iaeiia

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 0,80 0,00

Anaai: 0,80 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 8 . I?yiua ecaea?aeee. I?iaeoeo:
Aooa?a?iaeu

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 1,20 0,00

Anaai: 1,20 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 9 . I?yiua ecaea?aeee. I?iaeoeo:
Ai?y/ea aethaea

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 3,20 0,00

Anaai: 3,20 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 10 . I?yiua ecaea?aeee. I?iaeoeo:
Aeana?oiua aethaea

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 2,30 0,00

Anaai: 2,30 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 11 . I?yiua ecaea?aeee. I?iaeoeo:
Nie?oiua iaieoee

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

Nie?oiua iaieoee 23,00 0,00

Anaai: 23,00 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 12 . I?yiua ecaea?aeee. I?iaeoeo:
Ieai

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

Ieai 3,20 0,00

Anaai: 3,20 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 13 . I?yiua ecaea?aeee. I?iaeoeo:
Iei?i/ea a?eeue

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

Iei?i/ea 3,00 0,00

Anaai: 3,00 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 14 . I?yiua ecaea?aeee. I?iaeoeo:
Naeaou

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

?anoiaeiua iaoa?eaeu 3,50 0,00

Anaai: 3,50 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 15 . I?yiua ecaea?aeee. I?iaeoeo:
Oaiiaineia

Iaeiaiiaaiea Noiia, oun. ?oa. Noiia, $ US

Oaiiaineia 18,00 0,00

Anaai: 18,00 oun. ?oa.

Iauea ecaea?aeee

A i?ioeanna i?iecaiaenoaa caieaie?iaaiu neaaeothuea aaeaiany/iua
iinoiyiiua ecaea?aeee.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 16 . I?iecaiaenoai

Iaeiaiiaaiea oun. ?oa. $ US Auieaou A oa/aiea…

Iaeiaiaua ieaoaaee ii oi?iuai. ne… 3000 0 aaeaian. anaai i?iaeoa

A?aiaea iiiauaiey 29000 0 aaeaian. anaai i?iaeoa

O?ainii?oiua ?anoiaeu 3500 0 aaeaian. n 2 ii 24 ian.

Io?aia 3000 0 aaeaian. n 2 ii 24 ian.

I?i/ea ?anoiaeu 7000 0 aaeaian. n 2 ii 24 ian.

Ieai ia?niiaea

Aeey iaania/aiey i?iecaiaenoaaiiiai i?ioeanna i?aaeoniio?aii neaaeothuaa
ooaoiia ?anienaiea.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 17 . I?iecaiaenoai

Aeieaeiinoue Eie.(/ae) oun. ?oa. $ US Auieaou Ia?eiae

I?iaeaaaoe 6 700 0 aaeaian. 2…24 ian.

Iiaa? 2 700 0 aaeaian. 2…24 ian.

Oai?ueoea 1 300 0 aaeaian. 2…24 ian.

Iinoaeiiieea 2 300 0 aaeaian. 2…24 ian.

Iiaeai? ia?niiaea ieaie?oaony inouanoaeyoue ia?aae ioneii i?iecaiaenoaa
n o/aoii neaaeothueo o?aaiaaiee:

iaee/ea i?ioanneiiaeueiie iiaeaioiaee e eaaeeoeeaoeee ii aeaiiie
niaoeeaeueiinoe;

iaee/ea iiuoa ?aaiou ia aiaeiae/iuo i?aaei?eyoeyo iauanoaaiiiai ieoaiey;

eiiioieeaaaeueiinoue, oiaiea ?aaioaoue n eeeaioaie;

ciaiea ii?iaoeaiuo aeieoiaioia, ?aaeaiaioe?othueo ?aaioo a noa?a
oi?aiaee e iauanoaaiiiai ieoaiey.

Oeiainiaue ieai

Aeey oeiainiauo ?an/aoia auee i?eiyou neaaeothuea enoiaeiua aeaiiua:

Aeaoa ia/aea i?iaeoa: 01.11.1997

I?iaeieaeeoaeueiinoue: 2 aiaea

Ia?eiae a?aiaie io aeaou, ia eioi?oth aeooaeueiu enoiaeiua aeaiiua, aei
aeaou ia/aea i?iaeoa 4 ian.

Iniiaiay aaethoa i?iaeoa: oun. ?oa.

Aaethoa aeey ?an/aoia ia aiaoiai ?uiea: $ US

Eo?n ia iiiaio ia/aea i?iaeoa: 1 $ US = 5,8800 oun. ?oa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 18 . Noaaee iaeiaia (ii
aiaeai), %

Iaeiaiiaaiea 1-e 2-e

Auieaou a iaineiiiue oiiae 28,0 28,0

Auieaou a oiiae iaae. no?aoiaaiey 3,6 3,6

Inoaeueiua iaeiae ieaie?oaony ieaoeoue ii oi?iuaiiie nenoaia aaainiauie
aaeaiany/iuie ieaoaaeaie, /oi iicaieeo oiaiueoeoue iaeiaiiaeiaeaiea.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 19 . Eioeyoeey (ii aiaeai), %
– oun. ?oa.

Iauaeo eioeyoeee 1-e 2-e

Nauo 12 11

I?yiua ecaea?aeee 12 11

Iauea ecaea?aeee 12 11

Ca?aaioiay ieaoa 12 11

Iaaeaeaeeiinoue 12 11

Yia?aiiineoaee 12 11

Oaaeeoea SEQ Oaaeeoea \* ARABIC 20 . Eioeyoeey (ii aiaeai), %
– $ US

Iauaeo eioeyoeee 1-e 2-e

Nauo 3 3

I?yiua ecaea?aeee 3 3

Iauea ecaea?aeee 3 3

Ca?aaioiay ieaoa 3 3

Iaaeaeaeeiinoue 3 3

Yia?aiiineoaee 3 3

Eaieoae

Aeey oeiaine?iaaiey i?iaeoa ieaie?oaony acyoue eueaioiue e?aaeeo a noiia
150 000 oun. ?oaeae n?ieii ia 12 ianyoeaa iiae 20% aiaeiauo a
“O?aeueneii oiiaea iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa” i?e
Aaeieieno?aoeee Ia?ineie iaeanoe. Auieaou i?ioeaioia ii e?aaeeoo
ieaie?oaony inouanoaeyoue aaeaiany/ii. Iiaaoaiea e?aaeeoa iaeiie noiiie,
/a?ac 12 ianyoeaa n iiiaioa aeaenoaey e?aaeeoiiai aeiaiai?a.

E?aaeeoiua n?aaenoaa ieaie?oaony ec?anoiaeiaaoue ia iieoieo
iai?oaeiaaiey, ?aiiio iiiauaiey e caione i?iecaiaenoaa.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 21 . E?aaeeou

Iaeiaiiaaiea oun. ?oa. $ US Aeaoa N?ie I?ioeaio

E?aaeeo OOIII 150000 0 17.11.1997 12 20

Io/ao i i?eaueyo e oauoeao

Oaaeeoea SEQ Oaaeeoea \* ARABIC 22 . Io/ao i i?eaueyo e oauoeao (oun.
?oa.)

Iaeiaiiaaiea noaouee 11/1997 12/1997 01/1998 02/1998 03/1998 04/1998

Aaeiaie iauai i?iaeaae 0 217724 235466 237703 239954
242233

Iioa?e e iaeiae n i?iaeaae 0 0 0 0 0 0

*enoue iauai i?iaeaae 0 217724 235466 237703 239954
242233

Nu?uea e iaoa?eaeu 0 96781 104666 105659 106662
107674

Eiiieaeoothuea ecaeaeey 0 0 0 0 0 0

Naeaeueiay ca?aaioiay ieaoa 0 0 0 0 0 0

Ae?oaea i?yiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua i?yiua ecaea?aeee 0 96781 104666 105659 106662
107674

AAEIAAss I?EAUEUe 0 120943 130800 132044 133292
134559

Iaeiae n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iia?aoeaiua ecaea?aeee 33232 56668 57205 57748 58296
58849

Oi?aiaua ecaea?aeee 0 0 0 0 0 0

Aaeieieno?aoeaiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua iinoiyiiua ecaea?aeee 33232 56668 57205 57748 58296
58849

Aii?oecaoeey 0 0 0 0 0 0

I?ioeaiou ii e?aaeeoai 1167 2500 2500 2500 2500 2500

Noiia?iua eaeueeoeyoeeiiiua ecaea?aeee 1167 2500 2500 2500 2500
2500

Ae?oaea aeioiaeu 0 0 0 0 0 0

Ae?oaea cao?aou 0 15000 0 0 0 0

I?EAUEUe AeI AUIEAOU IAEIAA -34399 46775 71095 71796
72496 73210

Iaeia ia i?eaueue 0 0 0 0 0 0

*ENOAss I?EAUEUe -34399 46775 71095 71796
72496 73210

Oaaeeoea 22. Io/ao i i?eaueyo e oauoeao (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1998 06/1998 07/1998 08/1998 09/1998 10/1998

Aaeiaie iauai i?iaeaae 244533 246851 249188 251559
253946 256356

Iioa?e e iaeiae n i?iaeaae 0 0 0 0 0 0

*enoue iauai i?iaeaae 244533 246851 249188 251559
253946 256356

Nu?uea e iaoa?eaeu 108695 109727 110768 111819
112880 113951

Eiiieaeoothuea ecaeaeey 0 0 0 0 0 0

Naeaeueiay ca?aaioiay ieaoa 0 0 0 0 0 0

Ae?oaea i?yiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua i?yiua ecaea?aeee 108695 109727 110768 111819
112880 113951

AAEIAAss I?EAUEUe 135838 137124 138420 139740
141066 142405

Iaeiae n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iia?aoeaiua ecaea?aeee 59408 59971 60540 61115 61695
62280

Oi?aiaua ecaea?aeee 0 0 0 0 0 0

Aaeieieno?aoeaiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua iinoiyiiua ecaea?aeee 59408 59971 60540 61115 61695
62280

Aii?oecaoeey 0 0 0 0 0 0

I?ioeaiou ii e?aaeeoai 2500 2500 2500 2500 2500 2500

Noiia?iua eaeueeoeyoeeiiiua ecaea?aeee 2500 2500 2500 2500 2500
2500

Ae?oaea aeioiaeu 0 0 0 0 0 0

Ae?oaea cao?aou 0 0 0 0 0 0

I?EAUEUe AeI AUIEAOU IAEIAA 73930 74653 75380 76125 76871
77625

Iaeia ia i?eaueue 0 0 0 0 0 0

*ENOAss I?EAUEUe 73930 74653 75380 76125 76871
77625

Oaaeeoea 22. Io/ao i i?eaueyo e oauoeao (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1998 12/1998 01/1999 02/1999 03/1999 04/1999

Aaeiaie iauai i?iaeaae 258787 261047 263330 265629
267950 270290

Iioa?e e iaeiae n i?iaeaae 0 0 0 0 0 0

*enoue iauai i?iaeaae 258787 261047 263330 265629
267950 270290

Nu?uea e iaoa?eaeu 115032 116037 117051 118073
119104 120145

Eiiieaeoothuea ecaeaeey 0 0 0 0 0 0

Naeaeueiay ca?aaioiay ieaoa 0 0 0 0 0 0

Ae?oaea i?yiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua i?yiua ecaea?aeee 115032 116037 117051 118073
119104 120145

AAEIAAss I?EAUEUe 143755 145010 146279 147556
148846 150145

Iaeiae n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iia?aoeaiua ecaea?aeee 62871 63420 63974 64533 65097
65665

Oi?aiaua ecaea?aeee 0 0 0 0 0 0

Aaeieieno?aoeaiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua iinoiyiiua ecaea?aeee 62871 63420 63974 64533 65097
65665

Aii?oecaoeey 0 0 0 0 0 0

I?ioeaiou ii e?aaeeoai 1333 0 0 0 0 0

Noiia?iua eaeueeoeyoeeiiiua ecaea?aeee 1333 0 0 0 0 0

Ae?oaea aeioiaeu 0 0 0 0 0 0

Ae?oaea cao?aou 0 0 0 0 0 0

I?EAUEUe AeI AUIEAOU IAEIAA 79551 81590 82305 83023 83749
84480

Iaeia ia i?eaueue 0 0 0 0 0 0

*ENOAss I?EAUEUe 79551 81590 82305 83023 83749
84480

Oaaeeoea 22. Io/ao i i?eaueyo e oauoeao (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1999 06/1999 07/1999 08/1999 09/1999 10/1999

Aaeiaie iauai i?iaeaae 272651 275033 277435 279857
282303 284769

Iioa?e e iaeiae n i?iaeaae 0 0 0 0 0 0

*enoue iauai i?iaeaae 272651 275033 277435 279857
282303 284769

Nu?uea e iaoa?eaeu 121194 122253 123321 124398
125484 126580

Eiiieaeoothuea ecaeaeey 0 0 0 0 0 0

Naeaeueiay ca?aaioiay ieaoa 0 0 0 0 0 0

Ae?oaea i?yiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua i?yiua ecaea?aeee 121194 122253 123321 124398
125484 126580

AAEIAAss I?EAUEUe 151457 152780 154114 155459
156819 158189

Iaeiae n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iia?aoeaiua ecaea?aeee 66239 66818 67401 67990 68584
69183

Oi?aiaua ecaea?aeee 0 0 0 0 0 0

Aaeieieno?aoeaiua ecaea?aeee 0 0 0 0 0 0

Noiia?iua iinoiyiiua ecaea?aeee 66239 66818 67401 67990 68584
69183

Aii?oecaoeey 0 0 0 0 0 0

I?ioeaiou ii e?aaeeoai 0 0 0 0 0 0

Noiia?iua eaeueeoeyoeeiiiua ecaea?aeee 0 0 0 0 0 0

Ae?oaea aeioiaeu 0 0 0 0 0 0

Ae?oaea cao?aou 0 0 0 0 0 0

I?EAUEUe AeI AUIEAOU IAEIAA 85218 85962 86713 87469 88235
89006

Iaeia ia i?eaueue 0 0 0 0 0 0

*ENOAss I?EAUEUe 85218 85962 86713 87469 88235
89006

Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa

Oaaeeoea SEQ Oaaeeoea \* ARABIC 23 . Io/ao i aeaeaeaiee aeaiaaeiuo
n?aaenoa (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1997 12/1997 01/1998 02/1998 03/1998 04/1998

Iinooieaiey io nauoa i?iaeoeoeee/oneoa 0 217724 235466 237703 239954
242233

I?yiua i?iecaiaenoaaiiua ecaea?aeee 0 96776 104664 105660 106663
107672

Cao?aou ia naeaeueioth ca?aaioioth ieaoo 0 0 0 0 0 0

Iinooieaiey io ae?oaeo aeaeia aeayoaeueiinoe 0 0 0 0 0 0

Auieaou ia ae?oaea aeaeu aeayoaeueiinoe 0 0 0 0 0 0

Iauea (iinoiyiiua) ecaea?aeee 33232 54514 55032 55554 56081
56613

Iaeiae 0 0 2153 2174 2194 2215

Eyo-oei io iia?aoeaiie aeayoaeueiinoe -33232 66434 73617 74315
75016 75733

Cao?aou ia i?eia?aoaiea aeoeaia 58820 5210 5221 5233 5245 0

Ae?oaea ecaea?aeee iiaeaioiaeoaeueiiai ia?. 0 15000 0 0 0 0

Iinooieaiey io ?aaeecaoeee aeoeaia 0 0 0 0 0 0

Eyo-oei io eiaanoeoeeiiiie aeayoaeueiinoe -58820 -20210 -5221 -5233
-5245 0

Nianoaaiiue (aeoeeiia?iue) eaieoae 0 0 0 0 0 0

Caeiu 150000 0 0 0 0 0

Auieaou a iiaaoaiea caeiia 0 0 0 0 0 0

Auieaou % ii caeiai 1167 2500 2500 2500 2500 2500

Aaieianeea aeeaaeu 0 0 0 0 0 0

Aeioiaeu ii aaieianeei aeeaaeai 0 0 0 0 0 0

Auieaou aeeaeaeaiaeia 0 0 0 0 0 0

Eyo-oei io oeiainiaie aeayoaeueiinoe 148833 -2500 -2500 -2500
-2500 -2500

Aaeain iaee/iinoe ia ia/aei ia?eiaea 0 56781 100505 166401 232983
300254

Aaeain iaee/iinoe ia eiiaoe ia?eiaea 56781 100505 166401 232983
300254 373487

Oaaeeoea 23. Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1998 06/1998 07/1998 08/1998 09/1998 10/1998

Iinooieaiey io nauoa i?iaeoeoeee/oneoa 244533 246851 249188 251559
253946 256356

I?yiua i?iecaiaenoaaiiua ecaea?aeee 108697 109725 110768 111818
112883 113950

Cao?aou ia naeaeueioth ca?aaioioth ieaoo 0 0 0 0 0 0

Iinooieaiey io ae?oaeo aeaeia aeayoaeueiinoe 0 0 0 0 0 0

Auieaou ia ae?oaea aeaeu aeayoaeueiinoe 0 0 0 0 0 0

Iauea (iinoiyiiua) ecaea?aeee 57150 57693 58240 58793 59350
59914

Iaeiae 2236 2257 2279 2300 2322 2344

Eyo-oei io iia?aoeaiie aeayoaeueiinoe 76450 77176 77901 78648 79391
80148

Cao?aou ia i?eia?aoaiea aeoeaia 0 0 0 0 0 0

Ae?oaea ecaea?aeee iiaeaioiaeoaeueiiai ia?. 0 0 0 0 0 0

Iinooieaiey io ?aaeecaoeee aeoeaia 0 0 0 0 0 0

Eyo-oei io eiaanoeoeeiiiie aeayoaeueiinoe 0 0 0 0 0 0

Nianoaaiiue (aeoeeiia?iue) eaieoae 0 0 0 0 0 0

Caeiu 0 0 0 0 0 0

Auieaou a iiaaoaiea caeiia 0 0 0 0 0 0

Auieaou % ii caeiai 2500 2500 2500 2500 2500 2500

Aaieianeea aeeaaeu 0 0 0 0 0 0

Aeioiaeu ii aaieianeei aeeaaeai 0 0 0 0 0 0

Auieaou aeeaeaeaiaeia 0 0 0 0 0 0

Eyo-oei io oeiainiaie aeayoaeueiinoe -2500 -2500 -2500 -2500 -2500
-2500

Aaeain iaee/iinoe ia ia/aei ia?eiaea 373487 447437 522113 597514
673662 750553

Aaeain iaee/iinoe ia eiiaoe ia?eiaea 447437 522113 597514 673662
750553 828201

Oaaeeoea 23. Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1998 12/1998 01/1999 02/1999 03/1999 04/1999

Iinooieaiey io nauoa i?iaeoeoeee/oneoa 258787 261047 263330 265629
267950 270290

I?yiua i?iecaiaenoaaiiua ecaea?aeee 115031 116039 117050 118073
119104 120145

Cao?aou ia naeaeueioth ca?aaioioth ieaoo 0 0 0 0 0 0

Iinooieaiey io ae?oaeo aeaeia aeayoaeueiinoe 0 0 0 0 0 0

Auieaou ia ae?oaea aeaeu aeayoaeueiinoe 0 0 0 0 0 0

Iauea (iinoiyiiua) ecaea?aeee 60482 61010 61543 62081 62623
63170

Iaeiae 2367 2389 2410 2431 2452 2474

Eyo-oei io iia?aoeaiie aeayoaeueiinoe 80907 81609 82327 83044 83771
84501

Cao?aou ia i?eia?aoaiea aeoeaia 0 0 0 0 0 0

Ae?oaea ecaea?aeee iiaeaioiaeoaeueiiai ia?. 0 0 0 0 0 0

Iinooieaiey io ?aaeecaoeee aeoeaia 0 0 0 0 0 0

Eyo-oei io eiaanoeoeeiiiie aeayoaeueiinoe 0 0 0 0 0 0

Nianoaaiiue (aeoeeiia?iue) eaieoae 0 0 0 0 0 0

Caeiu 0 0 0 0 0 0

Auieaou a iiaaoaiea caeiia 150000 0 0 0 0 0

Auieaou % ii caeiai 1333 0 0 0 0 0

Aaieianeea aeeaaeu 0 0 0 0 0 0

Aeioiaeu ii aaieianeei aeeaaeai 0 0 0 0 0 0

Auieaou aeeaeaeaiaeia 0 0 0 0 0 0

Eyo-oei io oeiainiaie aeayoaeueiinoe -151333 0 0 0 0 0

Aaeain iaee/iinoe ia ia/aei ia?eiaea 828201 757775 839384 921711
1004755 1088526

Aaeain iaee/iinoe ia eiiaoe ia?eiaea 757775 839384 921711 1004755
1088526 1173027

Oaaeeoea 23. Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1999 06/1999 07/1999 08/1999 09/1999 10/1999

Iinooieaiey io nauoa i?iaeoeoeee/oneoa 272651 275033 277435 279857
282303 284769

I?yiua i?iecaiaenoaaiiua ecaea?aeee 121195 122251 123322 124397
125485 126582

Cao?aou ia naeaeueioth ca?aaioioth ieaoo 0 0 0 0 0 0

Iinooieaiey io ae?oaeo aeaeia aeayoaeueiinoe 0 0 0 0 0 0

Auieaou ia ae?oaea aeaeu aeayoaeueiinoe 0 0 0 0 0 0

Iauea (iinoiyiiua) ecaea?aeee 63722 64279 64840 65406 65978
66554

Iaeiae 2495 2517 2539 2561 2584 2606

Eyo-oei io iia?aoeaiie aeayoaeueiinoe 85239 85986 86734 87493 88256
89027

Cao?aou ia i?eia?aoaiea aeoeaia 0 0 0 0 0 0

Ae?oaea ecaea?aeee iiaeaioiaeoaeueiiai ia?. 0 0 0 0 0 0

Iinooieaiey io ?aaeecaoeee aeoeaia 0 0 0 0 0 0

Eyo-oei io eiaanoeoeeiiiie aeayoaeueiinoe 0 0 0 0 0 0

Nianoaaiiue (aeoeeiia?iue) eaieoae 0 0 0 0 0 0

Caeiu 0 0 0 0 0 0

Auieaou a iiaaoaiea caeiia 0 0 0 0 0 0

Auieaou % ii caeiai 0 0 0 0 0 0

Aaieianeea aeeaaeu 0 0 0 0 0 0

Aeioiaeu ii aaieianeei aeeaaeai 0 0 0 0 0 0

Auieaou aeeaeaeaiaeia 0 0 0 0 0 0

Eyo-oei io oeiainiaie aeayoaeueiinoe 0 0 0 0 0 0

Aaeain iaee/iinoe ia ia/aei ia?eiaea 1173027 1258266 1344252
1430986 1518479 1606735

Aaeain iaee/iinoe ia eiiaoe ia?eiaea 1258266 1344252 1430986
1518479 1606735 1695762

Aaeain

Oaaeeoea SEQ Oaaeeoea \* ARABIC 24 . Aaeain (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1997 12/1997 01/1998 02/1998 03/1998 04/1998

N?aaenoaa ia n/aoa 56781 100505 166401 232983
300254 373487

N/aoa e iieo/aieth 0 0 0 0 0 0

Oiaa?ii-iaoa?eaeueiua caianu 0 0 0 0 0 0

I?aaeiiea/aiiua ?anoiaeu 0 0 0 0 0 0

Oeaiiua aoiaae 0 0 0 0 0 0

Noiia?iua oaeouea aeoeau 56781 100505 166401 232983
300254 373487

Caiey 0 0 0 0 0 0

Caeaiey e nii?oaeaiey 0 0 0 0 0 0

Iai?oaeiaaiea 50000 50000 50000 50000 50000
79729

Ae?oaea aeoeau 0 0 0 0 0 0

Iacaaa?oaiiia i?-ai (eiaanoeoeee) 8820 14030 19251 24484 29729 0

NOIIA?IUE AEOEA 115601 164535 235652 307467
379983 453216

Ion?i/aiiua iaeiaiaua ieaoaaee 0 2153 2174 2194 2215 2236

N/aoa e iieaoa 0 0 0 0 0 0

E?aoein?i/iua e?aaeeou 150000 150000 150000 150000
150000 150000

Iieo/aiiua aaainu 0 0 0 0 0 0

Noiia?iua e?aoein?i/iua iaycaoaeuenoaa 150000 152153 152174 152194
152215 152236

Aeieain?i/iua caeiu 0 0 0 0 0 0

Aeoeeiia?iue eaieoae 0 0 0 0 0 0

Ia?ani?aaeaeaiiay i?eaueue -34399 12376 83471 155267
227763 300973

Noiia?iue nianoaaiiue eaieoae -34399 12376 83471 155267
227763 300973

NOIIA?IUE IANNEA 115601 164535 235652 307467
379983 453216

Oaaeeoea 24. Aaeain (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1998 06/1998 07/1998 08/1998 09/1998 10/1998

N?aaenoaa ia n/aoa 447437 522113 597514 673662
750553 828201

N/aoa e iieo/aieth 0 0 0 0 0 0

Oiaa?ii-iaoa?eaeueiua caianu 0 0 0 0 0 0

I?aaeiiea/aiiua ?anoiaeu 0 0 0 0 0 0

Oeaiiua aoiaae 0 0 0 0 0 0

Noiia?iua oaeouea aeoeau 447437 522113 597514 673662
750553 828201

Caiey 0 0 0 0 0 0

Caeaiey e nii?oaeaiey 0 0 0 0 0 0

Iai?oaeiaaiea 79729 79729 79729 79729 79729
79729

Ae?oaea aeoeau 0 0 0 0 0 0

Iacaaa?oaiiia i?-ai (eiaanoeoeee) 0 0 0 0 0 0

NOIIA?IUE AEOEA 527166 601842 677243 753391
830282 907930

Ion?i/aiiua iaeiaiaua ieaoaaee 2257 2279 2300 2322 2344 2367

N/aoa e iieaoa 0 0 0 0 0 0

E?aoein?i/iua e?aaeeou 150000 150000 150000 150000
150000 150000

Iieo/aiiua aaainu 0 0 0 0 0 0

Noiia?iua e?aoein?i/iua iaycaoaeuenoaa 152257 152279 152300 152322
152344 152367

Aeieain?i/iua caeiu 0 0 0 0 0 0

Aeoeeiia?iue eaieoae 0 0 0 0 0 0

Ia?ani?aaeaeaiiay i?eaueue 374903 449556 524936 601061
677932 755557

Noiia?iue nianoaaiiue eaieoae 374903 449556 524936 601061
677932 755557

NOIIA?IUE IANNEA 527166 601842 677243 753391
830282 907930

Oaaeeoea 24. Aaeain (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1998 12/1998 01/1999 02/1999 03/1999 04/1999

N?aaenoaa ia n/aoa 757775 839384 921711 1004755
1088526 1173027

N/aoa e iieo/aieth 0 0 0 0 0 0

Oiaa?ii-iaoa?eaeueiua caianu 0 0 0 0 0 0

I?aaeiiea/aiiua ?anoiaeu 0 0 0 0 0 0

Oeaiiua aoiaae 0 0 0 0 0 0

Noiia?iua oaeouea aeoeau 757775 839384 921711 1004755
1088526 1173027

Caiey 0 0 0 0 0 0

Caeaiey e nii?oaeaiey 0 0 0 0 0 0

Iai?oaeiaaiea 79729 79729 79729 79729 79729
79729

Ae?oaea aeoeau 0 0 0 0 0 0

Iacaaa?oaiiia i?-ai (eiaanoeoeee) 0 0 0 0 0 0

NOIIA?IUE AEOEA 837504 919113 1001440 1084484
1168255 1252756

Ion?i/aiiua iaeiaiaua ieaoaaee 2389 2410 2431 2452 2474 2495

N/aoa e iieaoa 0 0 0 0 0 0

E?aoein?i/iua e?aaeeou 0 0 0 0 0 0

Iieo/aiiua aaainu 0 0 0 0 0 0

Noiia?iua e?aoein?i/iua iaycaoaeuenoaa 2389 2410 2431 2452 2474 2495

Aeieain?i/iua caeiu 0 0 0 0 0 0

Aeoeeiia?iue eaieoae 0 0 0 0 0 0

Ia?ani?aaeaeaiiay i?eaueue 835108 916698 999003 1082026
1165775 1250255

Noiia?iue nianoaaiiue eaieoae 835108 916698 999003 1082026
1165775 1250255

NOIIA?IUE IANNEA 837504 919113 1001440 1084484
1168255 1252756

Oaaeeoea 24. Aaeain (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1999 06/1999 07/1999 08/1999 09/1999 10/1999

N?aaenoaa ia n/aoa 1258266 1344252 1430986
1518479 1606735 1695762

N/aoa e iieo/aieth 0 0 0 0 0 0

Oiaa?ii-iaoa?eaeueiua caianu 0 0 0 0 0 0

I?aaeiiea/aiiua ?anoiaeu 0 0 0 0 0 0

Oeaiiua aoiaae 0 0 0 0 0 0

Noiia?iua oaeouea aeoeau 1258266 1344252 1430986 1518479
1606735 1695762

Caiey 0 0 0 0 0 0

Caeaiey e nii?oaeaiey 0 0 0 0 0 0

Iai?oaeiaaiea 79729 79729 79729 79729 79729
79729

Ae?oaea aeoeau 0 0 0 0 0 0

Iacaaa?oaiiia i?-ai (eiaanoeoeee) 0 0 0 0 0 0

NOIIA?IUE AEOEA 1337995 1423981 1510715 1598208
1686464 1775491

Ion?i/aiiua iaeiaiaua ieaoaaee 2517 2539 2561 2584 2606 2629

N/aoa e iieaoa 0 0 0 0 0 0

E?aoein?i/iua e?aaeeou 0 0 0 0 0 0

Iieo/aiiua aaainu 0 0 0 0 0 0

Noiia?iua e?aoein?i/iua iaycaoaeuenoaa 2517 2539 2561 2584 2606 2629

Aeieain?i/iua caeiu 0 0 0 0 0 0

Aeoeeiia?iue eaieoae 0 0 0 0 0 0

Ia?ani?aaeaeaiiay i?eaueue 1335473 1421435 1508148
1595617 1683852 1772858

Noiia?iue nianoaaiiue eaieoae 1335473 1421435 1508148 1595617
1683852 1772858

NOIIA?IUE IANNEA 1337995 1423981 1510715 1598208
1686464 1775491

Ia/eneaiiua iaeiae

A i?ioeanna ?aaiou eaoa ieaie?othony neaaeothuea iaeiaiaua ieaoaaee (ca
eneeth/aieai iaeiaia oiea/eaaaiuo ii oi?iuaiiie nenoaia, eioi?ua
io?aaeaiu a ?acaeaea iinoiyiiuo cao?ao).

Oaaeeoea SEQ Oaaeeoea \* ARABIC 25 . Ia/eneaiiua iaeiae (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1997 12/1997 01/1998 02/1998 03/1998 04/1998

Iaeia ia i?eaueue 0 0 0 0 0 0

Iaeia n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iaeia n iai?ioa 0 0 0 0 0 0

IAeN 0 0 0 0 0 0

Iaeiae ia ca?ieaoo e ae?. 0 2153 2174 2194 2215 2236

ANAAI 0 2153 2174 2194 2215 2236

Oaaeeoea 24. Ia/eneaiiua iaeiae (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1998 06/1998 07/1998 08/1998 09/1998 10/1998

Iaeia ia i?eaueue 0 0 0 0 0 0

Iaeia n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iaeia n iai?ioa 0 0 0 0 0 0

IAeN 0 0 0 0 0 0

Iaeiae ia ca?ieaoo e ae?. 2257 2279 2300 2322 2344 2367

ANAAI 2257 2279 2300 2322 2344 2367

Oaaeeoea 24. Ia/eneaiiua iaeiae (oun. ?oa.)

Iaeiaiiaaiea noaouee 11/1998 12/1998 01/1999 02/1999 03/1999 04/1999

Iaeia ia i?eaueue 0 0 0 0 0 0

Iaeia n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iaeia n iai?ioa 0 0 0 0 0 0

IAeN 0 0 0 0 0 0

Iaeiae ia ca?ieaoo e ae?. 2389 2410 2431 2452 2474 2495

ANAAI 2389 2410 2431 2452 2474 2495

Oaaeeoea 24. Ia/eneaiiua iaeiae (oun. ?oa.)

Iaeiaiiaaiea noaouee 05/1999 06/1999 07/1999 08/1999 09/1999 10/1999

Iaeia ia i?eaueue 0 0 0 0 0 0

Iaeia n aeioiaea e ia aeoeau 0 0 0 0 0 0

Iaeia n iai?ioa 0 0 0 0 0 0

IAeN 0 0 0 0 0 0

Iaeiae ia ca?ieaoo e ae?. 2517 2539 2561 2584 2606 2629

ANAAI 2517 2539 2561 2584 2606 2629

Oeiainiaua ?acoeueoaou

Ieaiiaua iieacaoaee iicaieythuea ioeaieoue yooaeoeaiinoue i?iaeoa
i?eaaaeaiu a oaaeeoea 26.

Oaaeeoea SEQ Oaaeeoea \* ARABIC 26 . Oeiainiaua ?acoeueoaou

Iaeiaiiaaiea noaouee 11/1997-10/1998 11/1998-10/1999

I?eaueueiinoue 0,00 0,00

?aioaaaeueiinoue aeoeaia (ROA), % 86,37 57,37

?aioaaaeueiinoue nianoa. eaieoaea (ROE), % 100,00 57,38

?aioaaaeueiinoue eiaanoeoeee (ROI), % 103,79 57,46

?aioaaaeuei. eiaano. eaieoaea (ROIC), % 86,60 57,46

?aioaaaeueiinoue i?iaeaae (ROS), % 28,24 31,21

Eiyooeoeeaio iai?a/eaaaiinoe caiania (IT) 0,00 0,00

I?e?ino nianoaaiiiai eaieoaea, oun. ?oa. 755557,00 1017301,00

Aaeiaay i?eaueue / i?iaeaaee (GPM), % 55,55 55,55

Iia?aoeeiiiay i?eaueue / i?iaeaaee, % 29,87 31,26

Oeiainiaia ninoiyiea 0,00 0,00

Noii. caaeieae. / noii. aeoea (DR1), % 16,78 0,15

Aeieain?. caeiu / noii. eaieoae (DR2), % 0,00 0,00

Eiaeaen iie?uoey % ii e?aaeeoai (TIE) 27,88 764,17

Oaeouay eeeaeaeiinoue (Current ratio) 5,44 645,02

Eiyoo.”e?eoe/aneie” ioeaiee (Quick ratio) 5,44 645,02

*enoue iai?ioiue eaieoae (NWC), oun. ?oa. 675834,00 1693133,00

*enoue iai?ioiue eaieoae (NWC), $ US 114938,00 287947,00

Eiyo. iai?a/eaaaiinoe iinooieaiee (RT) 0,00 0,00

Ia?eiae iieaou ca i?iaeoeoeeth (CP), aei. 0,00 0,00

Z-n/ao (iieac. aa?iyoiinoe aaie?ionoaa) 10,89 410,88

Caeeth/aiea

I?iaaaeaiiue oeiainiai-yeiiiie/aneee aiaeec i?iaeoa iicaieyao aiai?eoue
i oii, /oi i?aaenoaaeaiiue i?iaeo iiaeao auoue ?aaeeciaai n aunieie
yooaeoeaiinoueth.

Oae ?aioaaaeueiinoue i?iaeaae ninoaaeyao 28,24% a ia?aue aiae e 31,21%
ai aoi?ie aiae i?iecaiaenoaa. Aunieee o?iaaiue i?e?inoa nianoaaiiiai
eaieoaea aiai?eo i aunieie iai?a/eaaaiinoe n?aaenoa.

A ?acoeueoaoa ?an/aoia iieo/aiu neaaeothuea eioaa?aeueiua iieacaoaee
yooaeoeaiinoe i?iaeoa:

N?ie ieoiaaiinoe: PBP = 3 ian.

Eiaeaen i?eaueueiinoe: PI = 1,39

*enoue i?eaaaeaiiue aeioiae: NPV = 240382 $ US

Aioo?aiiyy ii?ia ?aioaaaeueiinoe: IRR = 9999,0 %

I?iaaaeaiiue aiaeec ?uiea aiai?eo i oii, /oi naaiaio ia eioi?ue
i?eaioe?iaaia aeayoaeueiinoue nicaeaaaaiiai eaoa, ia naaiaeiyoiee
aeaiue, a aeaiiii ?aeiia ai?iaea i?aeoe/anee naiaiaeai, /oi iicaieyao
?ann/eouaaoue ia oi, /oi i?iaeoeoeey nicaeaaaaiiai i?aaei?eyoey aoaeao
iieueciaaoueny onoie/eaui ni?inii, n oaiaeaioeeae ?inoa ii ia?a ?acaeoey
aeayoaeueiinoe e ?anoe?aiey iiiaieeaoo?u ieacuaaaiuo oneoa.

Aeaeeia?aoey

Aecian-ieai. Ia?iue 1990 a.

Aecian-ieai. EEE “Aeaea” 1990 a.

Eae ia/aoue e aanoe nianoaaiiia aeaei. ?AII e NA. 1994 a.

E. A. Eeineoe “Aecian-ieai – iniiaa oniaoa”. I. Iaoeiino?iaiea

O. A. Neoea “Yioeeeeiiaaeey iaeiai aeciana, eee eae aanoe naia aeaei”.
Iineaa 1994 a.

Eae ?ac?aaioaoue aecian-ieai. Ecae. Aa?iiaeneie eiiennee, 1996 a.

Eae ia/aoue nianoaaiiue aecian e iieo/eoue oeiainiaoth iacaaeneiinoue.
Iineaa , 1996 a.

I. A. Eaionoa, TH. E. Noa?inoei “Iaeia i?aaei?eieiaoaeuenoai”, I.
Eio?a-I, 1997 a.

A. Aeaeioin “Oi?aiaue aecian; eae i?aaieciaaoue e oi?aaeyoue”, I.
Eio?a-I, 1996 a.

Eae ninoaaeoue aecian-ieai na?aeniie eiiiaiee. I. Aeaei, 1997 a.

Eae ninoaaeoue aecain-ieai oi?aiaie eiiiaiee. I. Aeaei, 1997 a.

Aecian-ieai. I. Aeaea, 1997 a.

Nicaeaiea ieie-iaea?iae. Oiineee iiuo. Ecaeaiea Aa?iiaeneie eiiennee.
1995 a.

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