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Бизнес-план по строительству крематория в городе Хабаровске

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Niaea?aeaiea:
no?.

Oeaeue ?aaiou ( ?acthia )___________________________________________ 2

Iienaiea i?iaeoa_______________________________________________ 3

Oaoiieiaey e?aiaoeee____________________________________________ 3

Aaia?aeueiue ieai_______________________________________________ 4

A?oeoaeoo?ii – no?ieoaeueiua ?aoaiey_____________________________ 4

Ianoi ?aniieiaeaiey e?aiaoi?ey__________________________________ 5

III. Ieai ia?eaoeiaa_______________________________________________ 6

Iainiiaaiea auai?a_____________________________________________ 6

Ioeaiea ?uiea nauoa oneoa ( ni?in )________________________________ 6

Eiieo?aioeey ia ?uiea nauoa_____________________________________ 8

?aeeaia________________________________________________________ 8

I?aaiaia iaania/aiea aeayoaeueiinoe_______________________________ 9

Iniiaiua iieiaeaiey ia aeoeeiia?iii iauanoaa_____________________ 9

Cae?uoia aeoeeiia?iia iauanoai___________________________________ 9

Eaae?iaue iaiaaeaeiaio___________________________________________ 10

I?aaiecaoeeiiiay no?oeoo?a i?aaei?eyoey___________________________ 10

O?iaaiue iieaou o?oaea ia?niiaea__________________________________ 10

Oeiainiaue ieai_______________________________________________ 11

I?eeiaeaiea e aecian – ieaio________________________________________ 21

VII. Caeeth/aiea___________________________________________________ 22

Nienie eeoa?aoo?u_________________________________________________ 23

I. Oeaeue ?aaiou ( ?acthia )

Oeaeue aecian – ieaia – yoi iainiiaaiea aeiaeaiey
a?aiaiii naiaiaeiuo oeiaini-

auo n?aaenoa aeoeeiia?ia a no?ieoaeuenoai e ?acaeoea e?aiaoi?ey.

I?e/eiie aeey iaienaiey aecian – ieaia iineoaeeea
aeaaii iac?aaoay iaiaoiaee-

iinoue nicaeaiey e?aiaoi?ey a a. Oaaa?ianea n aeaeaieai ethaeae (
aeoeeiia?ia ) e iaee/eai

o ieo oeiainiauo n?aaenoa. E?aiaoi?ee aoaeao yaeyoueny cae?uoui
aeoeeiia?iui iauano-

aii ( CAI ). A /enei o/?aaeeoaeae e?aiaoi?ey aieaeoo CAI No?aoiaay
eiiiaiey « Eieuin- eay », CAI ?eooaeueiia aaainoai « Caiey e ethaee », a
oaeaea ?yae oece/aneeo eeoe. Onoaaiie eaieoae i?aaei?eyoey ninoaaeo
noiia 3 000 000 000 ?oaeae.

N?ie ieoiaaiinoe iauaeoa 4 aiaea.

I?eia/aiea: Ana oeaiu oeacaiiu a noa?ii en/eneaiee,
o.a. a iaaeaiiieie?iaai-

iuo ?oaeyo.

II. Iienaiea i?iaeoa

E?aiaoi?ee ( io eaoeineiai cremo – naeeaaoue )
i?aaenoaaeyao niaie iniai iai?oaeiaaiiia caeaiea, i?aaeiacia/aiiia aeey
e?aiaoeee ( naeeaaiey ) oia?oeo.

A aeaiiii i?iaeoa i?aaenoaaeaiu iniiaiua ?aoaiey ii
i?iaeoe?iaaieth e no?ie- oaeuenoao e?aiaoi?ey aeey ai?iaea n ianaeaieai
aei 0,7 – 1,5 iei. /aeiaae.

Eiiieaen e?aiaoi?ey ninoieo ec aeaoo caeaiee,
niaaeeiaiiuo iaaeaeo niaie aaea- ?aae.

A iaeiii ec caeaiee ?aciauaaony cae i?iuaiee ( o?ao?iue
cae ), aaea i?ienoiaeeo i?iuaiea aeeceeo n oia?oei.

A ae?oaii caea ?aniieaaaaony e?aiaoeeiiiue cae, aaea
oaei oia?oaai iiaeaa?aa?- aaaony niaeaeaieth (e?aiaoeee). Iaa caeaiey
e?aiaoi?ey, a oaeaea aaea?ay auiieiythony a eaaeeo iaoaeee/aneeo
eiino?oeoeeyo, ecaioiaeyaiuo aeey aa?iiaeneie /anoe ?innee ia ca- aiaeao
iaoaeeieiino?oeoeee Naieo-Iaoa?ao?aa e Iineau, a i?e no?ieoaeuenoaa
e?aiaoi?ey a a.Oaaa?ianea caeac iiaeii aoaeao ?acianoeoue ia oaaa?ianeeo
caaiaeao iaoaeeieiino?oeoeee e aethieieaauo eiino?oeoeee, /oi
iieiaeeoaeueii iiaeeyao ia nieaeaiea o?iaiy aac?a- aioeoeu a
a.Oaaa?ianea.

Aicaaaeaiea eiiieaena caeaiee ec aioiauo yeaiaioia
iicaieyao nie?aoeoue a?aiy ia aai nii?oaeaiea e oiaiueoeoue iauaiu
eaieoaeueiuo cao?ao.

Aeaeia i?iaeoiia ?aoaiea ii ?aciauaieth eiiieaena
e?aiaoi?ey a aeaoo caeaieyo iicaieyao – ii oniio?aieth caeac/eea –
inouanoaeoue, iai?eia?, no?ieoaeuenoai eeoue caea- iey e?aiaoeeiiiiai
caea, a cae i?iuaiee ?acianoeoue a nouanoaothuai a ai?iaea iauano-
aaiiii caeaiee.

A e?aiaoeeiiiii caea i?aaeoniao?eaaaony onoaiiaea ia/ae
iiaeaee AEI-01 eiino- ?oeoeee Naieo-Iaoa?ao?aneiai ioaeaeaiey AI
«Oaieii?iaeo». Yoe ia/e ia i?ioyaeaiee iineaaeieo eao noaaeeueii, aac
n?uaia a ?aaioa ooieoeeiie?otho a Naieo-Iaoa?ao?aneii e?aiaoi?ee.

?aniieiaeaiea eiiieaena e?aiaoi?ey aiciiaeii ia
niaoeeaeueii ioaaaeaiiie iei- uaaeea eae a /a?oa ai?iaea, oae e ia
oa??eoi?ee, i?eiueathuae e ai?iaeo.

Aeiioneaaony ?aciauaiea eiiieaena e?aiaoi?ey ia
oa??eoi?ee nouanoaothuaai ai?iaeneiai eeaaeaeua, n i?aaiecaoeeae
eieoiaa?ey.

Aeaiiue i?iaeo niaea?aeeo iniiaiua i?iaeoiua ?aoaiey ii
neaaeothuei ?acaeaeai:

– oaoiieiaey e?aiaoeee;

– ?aoaiey ii aaiieaio;

– a?oeoaeoi?ii-no?ieoaeueiua ?aoaiey;

– ?aoaiey ii oaieiniaaaeaieth;

– ?aoaiey ii ioiieaieth e aaioeeyoeee;

– ?aoaiey ii aiaeii?iaiaeo e eaiaeecaoeee;

– ?aoaiey ii yeaeo?iniaaaeaieth;

– ?aoaiey ii aaciniaaaeaieth;

– ?aoaiey ii nayce e neaiaeecaoeee;

– niaoiay noieiinoue.

1) Oaoiieiaey e?aiaoeee

Ec ?eooaeueiiai ei?iona iauaeo e?aiaoeee, onoaiiaeaiiue ia ?o/ioth
ia?aaeaoi/ioth oa- eaaeeo, ia?aaeaaony ii e?uoie o?ainii?oiie aaea?aa a
oaoie/aneee ei?ion, a e?aiaoeeii- iue cae.

Iaeiieaiea ia?aae e?aiaoeeae inouanoaeyaony
iaiin?aaenoaaiii a e?aiaoeeiiiii caea e – ii ia?a inaiaiaeaeaiey ia/ae –
iauaeo e?aiaoeee ia?aiauaaony ia ia/iie o/anoie,

aaea iiaeaaony e caa?oci/iiio ieio, iinea /aai n iiiiuueth ?o/iie
oaeaaeee ia?aa?oaeaaony ia iiaeeio e?aiaoeeiiiie ia/e.

Iinea e?aiaoeee i?iaeoeou nai?aiey niae?athony a
niaoeeaeueiue eiioaeia?, on- oaiaaeeaaaiue a ieia aua?ocee, a caoai
iiaeathony ia o/anoie eciaeue/aiey.

Iinea ae?iaeaiey i?iaeoeou nai?aiey ia?anuiathony a
o?io, eioi?ay o?aieony a

oaoie/aneii ei?iona, a caoai ieii/aoaeueii ioi?ieyaony e ia?aaea?ony a
?eooaeueiue ei?-

ion, aaea auaea?ony caeac/eeo.

A?aiy iaeiie e?aiaoeee 60…70 ieioo. I?eoiaeyueeny
ia iaeio ia/ue ?anoiae i?e-

?iaeiiai aaca ninoaaeyao 25 i3//an.

Iooiaeyuea io ia/e aacu, eioi?ua ioaiaeyony /a?ac
aeuiiaoth o?oao, onoaiiaeai-

ioth iaae ia/ueth, niaea?aeao neaaeothuea aua?inu caa?yciythueo aauanoa:

– acaaoaiiua aauanoaa – 0,051771 ia/eoa.i

– ieneae oaea?iaea – 0,09256 ia/eoa.i

– aeeieneae acioa – 0,019734 ia/eoa.i

– aeeieneae na?u – 0,00047 ia/eoa.i

Aaeaeo oiai, /oi aua?inu ii anaio ia?a/ith
eiiiiiaioia cia/eoaeueii iaiueoa i?aaeaeueii aeiionoeiuo eiioeaio?aoeee
( IAeE ), i/enoea aua?inia ia i?aaeoniao?eaaaony. Nouanoaaiiui
i?aeiouanoaii i?eiyouo a eiiieaena e?aiaoi?ey ia/ae yaeythony:

– cia/eoaeueii iaiueoay noieiinoue ii n?aaiaieth n
aiaeiae/iuie eiii?oiuie ia-

/aie;

– n?aaieoaeueii iaeue iauai no?ieoaeueii-iiioaaeiuo ?aaio ii
nii?oaeaieth ooi-

aeaiaioaeueiie iiaeooee, iiioaaeo aeuiiaie o?oau e
iiaeeeth/aieth ia/e e enoi/-

ieeai yia?ainiaaaeaiey;

– ieceea cao?aou ia ?aiiio ia/ae, iaoneiaeaiiua i?eiaiaieai
ioa/anoaaiiuo ia-

oa?eaeia e eiiieaeoothuaai iai?oaeiaaiey.

2) Aaia?aeueiue ieai

Eiiieaen e?aiaoi?ey aeeth/aao a naay:

– ?eooaeueiue ei?ion,

– oaoie/aneee ei?ion,

– aaea?ath,

– noiyieo aeey aaoiiaoei.

?aniieiaeaiea caeaiee e aaoiaei?ia ii noaia
aaia?aeueiiai ieaia auiieiaii a niioaaonoaee n aeaenoaothueie
no?ieoaeueiuie e i?ioeaiiiaea?iuie ii?iaie, a oaeaea a

niioaaonoaee n o?aaiaaieyie ?aoeeiiaeueiiai eniieueciaaiey ieiuaaee
o/anoea.

Oa??eoi?ey eiiieaena ia?aie/aia ia?aaeaeaieai.
Naiaiaeiua io cano?ieee o/anoee oa??eoi?ee iiaeeaaeao aeaaiono?ienoao.
I?aaeoniio?aiu – ieeoi/iia o?iooa?iia

iie?uoea, neaiuee, aaciiu, oeaaoieee, iinaaeea ae?aaanii-eonoa?ieeiauo
ii?iae.

3) A?oeoaeoo?ii – no?ieoaeueiua ?aoaiey

Eiiieaen e?aiaoi?ey i?aaenoaaeyao niaie aeaa
no?ieoaeueiuo aeiea ec eaaeeo

eiino?oeoeee, niaaeeiaiiuo i?ioiaeiie aaea?aae, ?aoaiiie a aiaeiae/iuo
eiino?oeoeeyo.

?aoaiea n i?eiaiaieai eaaeeo iaoaeee/aneeo
eiino?oeoeee iicaieyao aicai-

aeeoue eiiieaen caeaiee ec aioiauo yeaiaioia a ei?ioeea n?iee.

Caeaiea caea i?iuaiee ( ?eooaeueiue ei?ion ) iiaeao
auoue auiieiaii a eaie-

oaeueiuo eiino?oeoeeyo ( ee?ie/a ), /oi iaeiaei i?eaaaeao e oaaee/aieth
eaieoaeiaeiaeaiee

e n?ieia no?ieoaeuenoaa.

?eooaeueiue ei?ion aeeth/aao a naay cae i?iuaiee,
aanoeatheue, iaaeioieo, ocae

nayce, aaeieieno?aoeaiua iiiauaiey.

A ninoaa ae?oaiai caeaiey ( oaoie/aneiai ei?iona )
aoiaeyo e?aiaoeeiiiue cae, auoiaua, iiaeniaiua e oaoie/aneea iiiauaiey.

Iaa caeaiey i?aaenoaaeytho niaie iaeiiyoaaeiua
ea?eaniua ei?iona.

Noaiu caeaiey i?aaeoniao?eaathony ec o?aoneieiuo
noaeueiuo ioeeieiaaiiuo ia-

iaeae caaiaeneiai ecaioiaeaiey n yooaeoeaiui ooaieeoaeai.

Ianoi ?aniieiaeaiey e?aiaoi?ey

Iioeiaeueiia ianoi aeey ?aciauaiey e?aiaoi?ey
yaeyaony ieoiiiee Eoeaoiaa a ?aeiia aeiia eoeueoo?u aeooiiaiuo. Yoi
ianoi aua?aii aeaeaei ia neo/aeii. ?yaeii iaoi-

aeyony oeeoeu Ae. Aaaeiiai, Eoeaoiaa e ae?oaea. Caeanue i/aiue ?acaeoa
eio?ano?oeoo?a – aaee- ce iaoiaeeony aeaoneay aeaeaciay aei?iaa; ia?e;
aei?iae; eeaaeaeua; i?ieiaeaiu naoe oaiein- iaaaeaiey, ioiieaiey,
aaioeeyoeee, aiaeii?iaiaea, eaiaeecaoeee, yeaeo?iniaaaeaiey, aacin-
iaaaeaiey; aac iniauo neiaeiinoae inouanoaeyaony oaeaoiiecaoeey ( io
ianoiie oeeo?iaie yeaeo?iiiie ioeniie AON ( ieie-AON ) eiathuae auoiae
ia ai?iaeneoth oaeaoiiioth naoue), ?aaeeioeeaoeey ( io ai?iaeneie
?aaeeio?aineyoeeiiiie naoe ), ianoiay caoeioeeaoeey ( ino- uanoaeyaony
io noaoeeiia?iiai caoeioneeeoaeueiiai eiiieaena iiuiinoueth aei 100 Ao,
a a caea i?iuaiey onoaiaaeeaathony aeaa caoeiaua eieiiee iiuiinoueth aei
5 Ao ), io?aiii – ii- aea?iie neaiaeecaoeeae ( onoaiaaeeaathony
iiaea?iua ecaauaoaee aaoiiaoe/aneiai aeaeno- aey, ?aaae?othuea ia oaiei
).

Aeaiiia ianoi aacoi?a/ii niioaaonoaoao ?acee/iui
ii?iai ( AINOai, NIEIAai e o.ae. ), a oii /enea eiaaony niioaaonoaea
e iaeiie ec iniiaiuo ii?i i?e

no?ieoaeuenoaa e?aiaoi?ey – 3 ei aei aeeeuo aeiiia, a oaeaea aanueia
aeaaii?eyoii ionoono- aea aeuia ne?uoiai ca aea?aaueyie ia?ea.

III. Ieai ia?eaoeiaa

Iainiiaaiea auai?a

E?aiaoeey – naeeaaiea o?oiia, iaeei ec aeaeia iioi?ii
o iiiaeo ia?iaeia, a o./. o

ae?aaieo neaayi, o ia?iaeia, eniiaaaeothueo aoaeaeeci e eiaeoeci.
E?aiaoeey ?ani?ino?aiaia ai iiiaeo no?aiao ni 2-e iieiaeiu 19 aaea, a
oaaa?ia/aia aei neo ii? eeoaiu i?aaa ia aeueoa?iaoeao caoi?iiaiey a
caieth, /oi a naith i/a?aaeue yaeyaony a?oaaeoei ia?ooaieai i?aa
/aeiaaea. Aaaeue ie o eiai ia aucuaaao niiiaiey, /oi eaaeaeue /aeiaae, a
oaeaea aai aeeceea eiatho i?aai auai?a niiniaa caoi?iiaiey.

No?ieoaeuenoai e?aiaoi?ey a a. Oaaa?ianea iaoneiaeaii
au? e oai, /oi iauaa eiee/anoai e?aiaoi?eaa a ?inneeneie Oaaea?aoeee
?aaii oanoe ( a ai?iaeao Iineaa, N.-Ia-

oa?ao?a, I.Oaaee e ae?. ), a aeeaeaeoee e a. Oaaa?ianeo iaoiaeeony a a.
Aeaoa?eiao?aa. Neaaeiaaoaeueii Neae?ue e Aeaeueiee Ainoie iieiinoueth
eeoaiu e?aiaoeee. ss?eei oiio iiaeoaa?aeaeaieai neoaeeo oio oaeo, /oi
eiaaea neo/eeanue o?aaaaeey a oaeaa Oaaa?ianeiai e?ay ( iioa?iae
eaoano?ioo naiie?o OO-154 neaaeiaaaoee n i. Naoaeei ), oi e?aiaoeeth
inoaieia i?iecaiaeeee a a. Aeaoa?eiao?aa ec-ca ionoonoaey aieaa aeecei
?aniieiaeaiiiai e?aiaoi?ey.

I/aiue aaaeiui yaeyaony e yeiiiie/aneee aniaeo
auai?a. I?e ?aceii ?anneia-

iee ianaeaiey iaiaoeaoaainy a iineaaeiea aiaeu e i?e iauai nieaeaiee
o?iaiy aeecie e?a-

iaoeey aea?o aiciiaeiinoue aieaa aeaoaaiai e aeinoieiiai niiniaa
i?iaiaea naieo aeeceeo a iineaaeiee iooue.

2) Ioeaiea ?uiea nauoa oneoa ( ni?in )

Ia i?eia?a Aeaoa?eiao?aneiai e?aiaoi?ey ia iniiaaiee
iiiaieaoiae i?aeoe-

ee e noaoenoeee iiaeii naeaeaoue auaiae, /oi e?aiaoeee iiaeaa?aathony 60
% io iauaai /enea oia?oeo.

Anee o/anoue, /oi n?aaeiaaiaeiaay nia?oiinoue a a.
Oaaa?ianea ca 1995 a. ninoaaeea

8024 /aeiaaea, 1996 a. – 7946, 1997 a. – 7577, oi 60 % ( % e?aiaoeee )
io yoiai o?iaiy nia?o- iinoe ca 1995 a. ninoaaeea – 4814,4 /aeiaaea,
1996 – 4767,6, 1997 – 4546,2. Ianiio?y ia ioii- neoaeueiia nieaeaiea
o?iaiy nia?oiinoe ( a 1996 a. ii n?aaiaieth n 1995 a. ia 1 %, a a
1997a. ii n?aaiaieth n 1996 a. ia 5 % ) o?iaaiue nia?oiinoe ianaeaiey
i?iaeieaeaao inoaaaoueny i/aiue aunieei.

A o.e. iiaeiaiia caaaaeaiea a a. Oaaa?ianea aoaeao
aaeeinoaaiiui, oi eiieo?aioeey

ionoonoaoao.

3) Eiieo?aioeey ia ?uiea nauoa

Iniiaiuie eiieo?aioaie yaeythony niaoeeaeece?iaaiiue
i?iecaiaenoaaiiue eiiaeiao eiiioiaeueiiai ianeoaeeaaiey (
ioieoeeiaeueiia i?aaei?eyoea ) e aaeeinoaaiiia a ai?iaea ?eooaeueiia
aaainoai « Caiey e ethaee » ( CAI ), eioi?ua ieacuaatho iaeaieaa iie-

iue eiiieaen oneoa ianaeaieth a aeaiiie iaeanoe. Nouanoaoao aua ?yae
iaeeeo oe?i,

ieacuaathueo ioaeaeueiua oneoae, ii yoe oe?iu ia iiaoo neoaeeoue
na?ueaciuie eiieo?aioa-

ie ia ?uiea nauoa.

?eooaeueiia aaainoai ieacuaaao oneoae ia aieaa
aunieii o?iaia e n aieueoae

aeeooa?aioeeaoeeae oeai. Anee acyoue noieiinoue oneoa ii ieieioio, oi a
aaainoaa yoi iaie-

aeaony a 2500000 ?oaeae, a ia eiiaeiaoa 2800000 ?oaeae i?e oie aea
i?iaeoeoeee.

Ii aeaaea anee ia a?aoue ai aieiaiea oeaiu, oi ana
?aaii niaeo? oneoa ieacuaaa- iuo aaainoaii cia/eoaeueii oe?a (
ioi?ieaiea naeaeaoaeuenoaa i nia?oe; aeinoaaea oaea ec ii?aa; caeac e
i?eaioiaeaiea iiaeeu, a?iaa, aaieia; caoi?iiaiea oniioeo; i?aaeeiaeaiea
?aciaie iaeaaeaeu, iaoae; iiaea/a eaoaoaeea; i?aaeinoaaeaiea i?eano?a;
caeac ioaeeeaoeee iae?ieiaa; i?aaeeiaeaiea oneoa oioia?aoa e o.ae. ), a
na?aen auoa, /ai ia eiiaeiao. ?aaio- ieee aaainoaa ai?acaei aieaa
aieiaoaeueii e n nino?aaeaieai ioiinyony e ai?th iinoeaoaio eo eeeaioia.
I?ae?aniui oiio naeaeaoaeuenoaii neoaeeo oio oaeo, /oi aaia?aeueiue
aee?ae- oi? aaainoaa aio?e a o?ieeo i?ec??ia ia e?aaaii eiieo?na «
I?aaei?eieiaoaeue aiaea-97 ».

Neaaeoao oaeaea ioiaoeoue, /oi ?eooaeueiia aaainoai «
Caiey e ethaee » yaeyynue aei-

/a?iei i?aaei?eyoeai no?aoiaie eiiiaiee « Eieuineay » ?aaioaao ia
oieueei iaiin?aaeno- aaiii n oece/aneeie e th?eaee/aneeie eeoeaie, ii e
n eeeaioaie « Eieuineie » cano?aoi-

aaiiuie ia neo/ae nia?oe.

Iiaeuoiaeeaay an? auoaia?a/eneaiiia iiaeii
eiinoaoe?iaaoue, /oi eeeaiou aea-

eathuea iioi?iieoue naieo aeeceeo a caieth ainiieuecothony oneoaaie
eiaiii ?eooaeueiiai aaainoaa « Caiey e ethaee ». Oaeei ia?acii iniiaiui
eiieo?aioii e?aiaoi?ey aoaeao ya- eyoueny « Caiey e ethaee ».

Aeaaiay i?iaeaia e?aiaoeee – ii?aeueiue oaeoi? e
aioiaiinoue ianaeaiey e e?aiaoeee. Ii e?aiaoeey eae ecaanoii aieaa
aeaoaaue niinia caoi?iiaiey ( 500000 ?oaeae, /oi ai?acaei aieaa
i?aaeii/oeoaeueii iaaeaee oeaiu auoaia?aneaiiua ), /ai a caieth, a o/e-
ouaay anaiauaa iaieuaiea ianaeaiey noieiinoue iioi?ii yaeyaony
iniiaiiieaaathuei oaeoi?ii aeey aieueoeinoaa a?aaeaeai. Caeii ni?ina
aeaneo, /oi iio?aaeoaee iau/ii i?e- ia?aoatho aieueoa oiaa?ia ii ieceie
oeaia, /ai ii aunieie. Oeaiiaay yeanoe/iinoue ni?ina ii?aaeaeyao
/oanoaeoaeueiinoue iieoiaoaeae e eciaiaieyi a oeaiao n oi/ee c?aiey
iauaia oi- aa?ia, eioi?ua iie i?eia?aoatho. Oeaiiaay yeanoe/iinoue
ii?aaeaeyaony ioiioaieai ecia- iaiey aaee/eiu ni?ina ( a i?ioeaioao ) e
eciaiaieth oeai a ( i?ioeaioao ).

Nai i?ioeann e?aiaoeee i?ioaeaao neaaeothuei
ia?acii:

caiinyo a?ia ia iinoaiaio;

auoiaeeo ?anii?yaeeoaeue e /eoaao i?iuaeueioth ?a/ue;

a?ia iioneaaony aiec ( e ia/e ).

A yoo noiio ( 120000 ?oaeae ) aoiaeeo:

ioi?ieaiea caea i?iuaiey;

iocuea;

i?iuaeueiay ?a/ue ?anii?yaeeoaey;

iaiin?aaenoaaiii e?aiaoeey.

Iieiay noiia e?aiaoeeiiiuo iioi?ii eeeaioo
iaieae?ony i?eaioe?iai/ii a 600000 ?oaeae ( a?ia – 350000 ?oaeae, iiaeea
aeey caoi?iiaiey o?iu iinea e?aiaoeee – 100000 ?oaeae ). Ii aeaaea yoa
oeaia ieaea aeey eeeaioa a 4 n eeoiei ?aca, /ai naiua aeao?aua

a ai?iaea iioi?iiu a caieth ( ?eooaeueiia aaainoai « Caiey e ethaee » ).
Ia noieo caauaaoue i oii, /oi oeaiu aeaiu ii ieieioio, a neaaeiaaoaeueii
i?e aeaeaiee e aiciiaeiinoyo eeeaioa ia?a/aiue oneoa e iaeiaiiaaiea
i?iaeoeoeee ( ?eooaeueiie ) iiaeao auoue cia/eoaeueii ?anoe?ai.

Ia noieo caauaaoue e i ninoiyoaeueiuo ethaeyo
eioi?ua aeaaiaea?y e?aiaoeee iiaee au ono?aeaaoue naiaeiua neeaiu, a a
NOA iiyaeeanue oe?ia ioi?aaeythuay o?iu n inoaoeaie e?aiaoeee a einiin,
/oi iieuecoaony i/aiue aieueoei ni?inii. N ae?oaie noi?iiu e?aiaoeey ia
iiiaoaao yoie eaoaai?ee eeoe ono?ieoue naaa e aeeceei ie/ai ia
onooiathuea iuoiua i?iaiaeu a iineaaeiee iooue, eae e i?e caoi?iiaiee a
caieth. Enoaoe, iinea e?aiaoeee nouanoaoao ianeieueei e aieaa i?inouo
aa?eaioia, /ai ioi?aaea a einiin – caeiiaoue o?io a caieth ( eiiea oaeie
iiaeeu iaieae?ony caeac/eeo anaai a 100000 ?oaeae ), a oaeaea iiianoeoue
o?io a eieoiaa?ee ( aiaeiaay iieaoa yoie oneoae – 12000 ?oaeae, /oi
oiaea ii neeai aeaaea ethaeyi n ieceei o?iaiai iaoa?eaeueiiai aeinoaoea
) e ae?. Ia?aue aa?eaio oaeiaai i?e oaea nouanoaothueo ?iaenoaaiiuo
iiaeeao i?e ooiaea ca ieie, a aoi?ie aieaa ynoaoe/ai. Aanueia
caeioa?aniaaiu a e?aiaoi?ee ai?iae e ai?iaeneay aaeieieno?aoeey.
Ai-ia?auo, i?e e?aiaoeee ia oaaee/eaaaony ieiuaaeue e aac oiai oaea «
?acaeoouo » ai?iaen- eeo eeaaeaeu. Ai-aoi?uo, o/eouaay neoaeiinoue
ai?iaeneiai athaeaeaoa aoaeao aieaa yeiiiie- /anee oeaeaniia?acii
e?aie?iaaoue iaaeaee caieiaoueny iia?aaaieai a caieth iaeeiieeo noa-
?eeia, iaiiiciaiiua o?oiu e o.ae. Iaeuecy na?anuaaoue ni n/aoia e
iieacaoaee ae?oaeo ai?iaeia, eiathueo e?aiaoi?ee. Oae, 60 % anao oia?oeo
iiaeaa?aathony eiaiii e?aiaoeee. Oaeaea iauaecaanoii, /oi e?aiaoeey
yaeyaony iaeaieaa oeeaeeeciaaiiui iaoiaeii iioi?ii e yeieiae/anee
/enoui, ioaa/athuai o?aaiaaieyi a?aiaie. Iaiaeiaaaeiui yaeyaony oaeo
i?eciaiey e?aiaoeee oea?eiaueth a eeoea iao?ea?oa Iineianeiai e anay
?one Aeaenay II naea- eaiiiai ianeieueei eao iacaae.

A caeeth/aiee yoiai ?acaeaea iaeeoiei aoaeao
iaiiiieoue, /oi a /enei o/?a- aeeoaeae e?aiaoi?ey aoiaeyo CAI No?aoiaay
eiiiaiey « Eieuineay », CAI ?eooaeueiia aaainoai « Caiey e ethaee » e
eae neaaenoaea /anoue eeeaioia yoeo oe?i aia anyeiai niiiaiey ii ia?a
iaiaoiaeeiinoe « ia?aoaeoo » a e?aiaoi?ee.

?aeeaia

?aeeaia a aeayoaeueiinoe ethaiai i?aaei?eyoey a o./. e
e?aiaoi?ey ea?aao i/aiue

aaaeioth ?ieue. Io i?aaeeueii i?aaieciaaiiie ?aeeaiiie eiiiaiee
ca/anooth caaeneo oniao

anaai i?aaei?eieiaaiiai aeaea.

Nicaeaiea e ?aciauaiea ?aeeaiu yoi oeaeia eneonnoai,
ii o/eouaay niaoeeoeeo aeaiiiai aeciana e ?aeeaia neaaeoao iiaeoiaeeoue
n iniaui /oanoaii oaeoa. Iai?eia?, ?acia- uaiea ?aeeaiu e?aiaoi?ey ia
aaeaaeeaoao yaeyaony iaaeiionoeiui ii yoe/aneei niia?a- aeaieyi
ianiio?y ia aieueooth yooaeoeaiinoue oaeiai aeaea ?aeeaiu. Aiieia
?aaeueii ?ac-

ianoeoue ?aeeaio e?aiaoi?ey ii ?aaeei, oaeaaeaeaieth, a ia/aoe, a oaeaea
ia ai?iaeneii aaoi-

o?ainii?oa. Iineaaeiee aeae ?aeeaiu aoaeao auiieiyoue ia oieueei
iniiaioth ooieoeeth ?ae- eaiu, ii e aoaeao neoaeeoue a ea/anoaa
iinoaiaiiiai i?eiyoey ai?iaeaiaie e?aiaoeee e i?eaueaiey e iaee/eth a
ai?iaea e?aiaoi?ey ( ii?aeueiue oaeoi? ).

Ni a?aiaiai aoaeao ?ac?aaioai oe?iaiiue ciae e
neiaieeea.

Ia ?aciuo i?aaei?eyoeyo e a ?aciuo no?aiao n?aaenoaa
ia ?aeeaio ioioneathony

a aanueia oe?ieii aeeaiaciia. Eiie?aoii ia ?aeeaio e?aiaoi?ey
ieaie?oaony auaeaeyoue 2 % io aaeiaie i?eauee.

IV. I?aaiaia iaania/aiea aeayoaeueiinoe

E?aiaoi?ee aoaeao yaeyoueny cae?uoui aeoeeiia?iui
iauanoaii ( CAI ). Yoi

aucaaii oai, /oi ia no?ieoaeuenoai ioieoeeiaeueiiai e?aiaoi?ey a aeaiiia
a?aiy iao aiciiaeiinoe auaeaeeoue ec athaeaeaoa n?aaenoaa, a
iaiaoiaeeiinoue aai nicaeaiey iac?aea. Yoa

aaeieieno?aoeaii-i?aaiaay oi?ia aua?aia a nayce n oai, a CAI onoaaiue
eaieoae nic- aeaaony ca n/ao n?aaenoa o/?aaeeoaeae, oeiainiauo n?aaenoa
o eioi?uo aeinoaoi/ii aeey no?ie- oaeuenoaa iiaeiaiiai o/?aaeaeaiey aac
i?eaea/aiey e?aaeeoia ni noi?iiu.

Aeayoaeueiinoue Iauanoaa ?aaoee?oaony A?aaeaeaineei
eiaeaenii ?inneeneie Oaaea- ?aoeee, Oaaea?aeueiuie caeiiaie ?inneeneie
Oaaea?aoeee ( « Ia aeoeeiia?iuo iauanoaao »

io 24.11.95 a., « I iia?aaaiee e iioi?iiiii aeaea » io 8.12.95 a. ) e
ae?oaeie ii?iaoeaiuie

aeoaie ?inneeneie Oaaea?aoeee, o/?aaeeoaeueiui Aeiaiai?ii, Onoaaii e
?aoaieyie nia?a-

iee aeoeeiia?ia. Aioo?aiiee ?aaeaiaio ooaa?aeaeaaony iauei nia?aieai e
?aaoee?oao aioo?aiiea acaeiiioiioaiey aeoeeiia?ia, a oaeaea ae?oaea
aii?inu eanathueany aeayoaeue-

iinoe Iauanoaa.

1) Iniiaiua iieiaeaiey ia aeoeeiia?iui iauanoaa

Aeoeeiia?iui iauanoaii i?eciaaony iauanoai, onoaaiue
eaieoae eioi?iai ?acaeaeai ia ii?aaeaeaiiiai /enei aeoeee; o/anoieee
aeoeeiia?iiai iauanoaa ( aeoeeiia?u )

ia ioaa/atho ii aai iaycaoaeuenoaai e ianoo ?ene oauoeia, naycaiiuo n
aeayoaeueiinoueth ia-

uanoaa, a i?aaeaeao noieiinoe i?eiaaeeaaeaueo ei aeoeee.

Aeoeeiia?u, ia iieiinoueth iieaoeaoea aeoeee, ianoo
nieeaea?ioth ioaaonoaai- iinoue ii iaycaoaeuenoaai aeoeeiia?iiai
iauanoaa a i?aaeaeao iaiiea/aiiie /anoe noieiin-

oe i?eiaaeeaaeaueo ei aeoeee.

Oe?iaiiia iaeiaiiaaiea aeoeeiia?iiai iauanoaa aeieaeii
niaea?aeaoue aai iae-

iaiiaaiea e oeacaiea ia oi, /oi iauanoai yaeyaony aeoeeiia?iui.

I?aaiaia iieiaeaiea aeoeeiia?iiai iauanoaa e i?aaa e
iaycaiiinoe a niio- aaonoaee n A?aaeaeaineei eiaeaenii e caeiiii ia
aeoeeiia?iuo iauanoaao.

Cae?uoia aeoeeiia?iia iauanoai

Aeoeeiia?iia iauanoai, aeoeee eioi?iai
?ani?aaeaeythony oieueei n?aaee aai o/-

?aaeeoaeae eee eiiai ca?aiaa ii?aaeaeaiiiai e?oaa eeoe, i?ecia?ony
cae?uoui aeoeeiia?- iui iauanoaii. Oaeia iauanoai ia ai?aaa i?iaiaeeoue
ioe?uooth iiaeieneo ia auioneaa- iua ei aeoeee eeai eiui ia?acii
i?aaeeaaaoue eo aeey i?eia?aoaiey iaia?aie/aiiiio e?o-

ao eeoe.

Aeoeeiia?u cae?uoiai iauanoaa eiatho i?aeiouanoaaiiia
i?aai i?eia?aoaiey

aeoeee, i?iaeaaaaiuo ae?oaeie aeoeeiia?aie yoiai iauanoaa.

*enei o/anoieeia cae?uoiai aeoeeiia?iiai iauanoaa ia
aeieaeii i?aauoaoue /enea, onoaiiaeaiiiai caeiiii ia aeoeeiia?iuo
iauanoaao ( aei 50 ), a i?ioeaiii neo/aa iii iiaeeaaeeo i?aia?aciaaieth
a ioe?uoia aeoeeiia?iia iauanoai a oa/aiea aiaea, a ii enoa/aiee yoiai
n?iea – eeeaeaeaoeee a noaeaaiii ii?yaeea, anee eo /enei ia oiaiueoeony
aei onoaiiaeaiiiai caeiiii i?aaeaea.

V. Eaae?iaue iaiaaeaeiaio

Iauee ninoaa ?aaioathueo ia i?aaei?eyoee ieaie?oaony
a eiee/anoaa 14 /aei-

aae.

I?aaiecaoeeiiiay no?oeoo?a i?aaei?eyoey

aee?aeoi? – 1

aeaaiue aooaaeoa? – 1

iaoaiee – 1

neana?ue – 2

iia?aoi? ia/e – 8

noi?iae – 1

?anii?yaeeoaeue – 1

2) O?iaaiue iieaou o?oaea ia?niiaea

aee?aeoi? – 3,0 iei. ?oa.

aeaaiue aooaaeoa? – 1,0 iei. ?oa.

iaoaiee – 1,5 iei. ?oa.

neana?ue – 0,8 iei. ?oa.

iia?aoi? ia/e – 0,8 iei. ?oa.

noi?iae – 0,8 iei. ?oa.

?anii?yaeeoaeue – 0,8 iei. ?oa.

Iauee oiiae iieaou o?oaea = 8,7 iei. ?oa./ianyoe.

VI. Oeiainiaue ieai

Nia?oiinoue ii ai?iaeo Oaaa?ianeo

1995a. 1996a. 1997a.

yiaa?ue 752 805 697

oaa?aeue 634 671 560

ia?o 680 602 698

ai?aeue 686 627 588

iae 734 693 629

ethiue 691 614 576

etheue 709 740 644

aaaono 578 585 619

naioya?ue 584 585 634

ieoya?ue 681 690 683

iiya?ue 614 638 595

aeaeaa?ue 677 696 654

Eoiai

8024

7946

7577

I?iaiic
aeioiaeia e ?anoiaeia ia 1999 aiae (1-ia iieoaiaeea)

yiaa?ue oaa?aeue ia?o ai?aeue
iae ethiue

Aeioiae io ?aaee-

caoeee i?iaeoeoeee

(eie-ai o 500000

?oaeae) 225 500 000 190 000 000 204 000 000 206 000 000 220
000 000 207 500 000

Naaanoieiinoue

(eie-ai o 120000

?oaeae) 51 144 000 45 648 000 48 960 000 49 392 000
52 848 000 49 752 000

Aaeiaay i?eaueue

(aeioiae io ?aaee-

caoeee – naaanoie-

iinoue) 171 356 000 144 352 000 155 040 000 156 608 000 167
152 000 157 748 000

Ca?aaioiay ieaoa 8 700 000 8 700 000 8 700 000 8
700 000 8 700 000 8 700 000

Iaeiae ia c/i

(c/i o 0,385) 3 349 500 3 349 500 3 349 500 3 349
500 3 349 500 3 349 500

Eeoeaicey

(10 ieieiaeueiuo

ieeaaeia) 834 900 – – –
– –

?aeeaia ( 2 % io

aaeiaie i?eau-

ee ) 3 427 120 2 887 040 3 100 800 3 132 160
3 343 040 3 154 960

A?aiaea ( n?aaeiyy

noaaea cai. iaei-

aa (95 ?oa.) o ei-

yooeoeeaio aeeo-

oa?aioeaoeee cii

ai?iaea (0,96) o i2

( 772 ) 5 867,2 5 867,2 5 867,2
5 867,2 5 867,2 5 867,2

Eiiioiaeueiua

oneoae 263 521 263 521 263 521
263 521 263 521 263 521

Eiioi?neea

iaoa?eaeu 100 000 100 000 100 000 100
000 100 000 100 000

Oaeaoii (onoa-

iiaea 5000000

?oa., 200000 ?oa.

aaeaiany/iay iea-

oa aeey th?eaee/an-

eeo eeoe) 5 200 000 200 000 200 000
200 000 200 000 200 000

O?ainii?oiua

?anoiaeu (?anoiae

aaiceia ec ?an/?-

oa, /oi ia i?aae-

i?eyoee eiaaony

3 aaoiiiaeey:

AAC-3101(«Aie-

aa») aeey ioaeae

i?aaei?eyoey e 2

eaoaoaeea. «Aie-

aa» aaeaaeiaaii

?anoiaeoao 30 e.

aaiceia, a eaoa-

oaeee a n?aaeiai

ii 8 e. ia eaaeaeiai

e?eie?oaiiai).

Noieiinoue aaice-

ia AE-76 ~ 2000

?oa. 8 520 000 7 406 000 7 848 000 7 906 000 8
386 000 7 956 000

Aii?oecaoeey

(noieiinoue iniia- n?aaenoa

(2985500000 ?oa.)

o n?ie eo yenieoa-

oaoeee) 6 367 500 6 367 500 6 367 500 6 367 500 6 367
500 6 367 500

Iaeia ia i?eaueue

(aaeiaay i?eaueue

o 0,35) 59 974 600 50 523 200 54 264 000 54 812 800 58 503 200
55 211 800

Iiaeioiaeiue ia-

eia (( c/i – ieie-

iaeueiue ?acia?

c/i (83490) o 0,12 1 033 981,2 1 033 981,2 1 033 981,2
1 033 981,2 1 033 981,2 1 033 981,2

Iaeia ia eio-

uanoai (0,015 o

noieiinoue eio-

uanoaa). Iaeia

auiea/eaaaony

iieaa?oaeueii. 11 195 625 – – 11 195 625
– –

Iaeia ia iieueci-

aaoaeae aaoiii-

aeeueiuo aei?ia

(Aeioiae io ?aaee-

caoeee – IAeN) o

0,02. Auiea/e-

aaaony iieaa?-

oaeueii. 10 324 587 – – 10 557 911
– –

Iaeia ia i?eia?a-

oaiea aaoio?ain-

ii?oiuo n?aaenoa

(Noieiinoue aaoi-

o?ainii?oa –

IAeN) o 0,2 24 999 000 – – –
– –

Nai? ia ioieoee-

iaeueioth ieeeoeeth

(ieieiaeueiay c/i

o /eneaiiinoue o

0,03. Iieaa?oaeue-

ii. 112 711,5 – – 112 711,5
– –

Nai? ia ioaeaeu

ia?aciaaoaeueiuo

o/?aaeaeaiee

(eaa?oaeueiue

OCI o 0,01).

Iieaa?oaeueii. 261 000 – – 261 000
– –

Nai? ia aeeeoiiae

(Aeioiae io ?aaee-

caoeee – IAeN o

0,015). Iieaa?-

oaeueii. 7 743 440,25 – – 7 918 433,25
– –

Oeaeaaie nai? ia

iiaeaioiaeo e ce-

ia. (Aeioiae io ?aa-

eecaoeee – IAeN o

0,005). 835 209,645 835 209,645 835 209,645 835
209,645 835 209,645 835 209,645

?acoeueoao (Aaei-

aay i?eaueue –

cao?aou).

18 107 437 62 680 181 68 806 831 39 855 780 76 064 181
70 569 661

I?iaiic
aeioiaeia e ?anoiaeia ia 1999 aiae (2-ia iieoaiaeea)

( (ii no?ieai)

etheue aaaono naioya?ue ieoya?ue
iiya?ue aeaeaa?ue

Aeioiae io

?aaeecaoeee 212 500 000 173 500 000 175 000 000 204 500 000 184 000
000 203 000 000 2 405 500 000

Naaanoieiinoue 51 048 000 41 616 000 42 048 000 49 032 000
44 208 000 48 744 000 574 440 000

Aaeiaay i?eaueue 161 452 000 131 884 000 132 952 000 155 468 000
139 792 000 154 256 000 1 828 060 000

Ca?aaioiay ieaoa 8 700 000 8 700 000 8 700 000 8 700
000 8 700 000 8 700 000 104 400 000

Iaeiae ia c/i 3 349 500 3 349 500 3 349 500 3 349
500 3 349 500 3 349 500 40 194 000

Eeoeaicey – – – –
– – 834 900

?aeeaia 3 229 040 2 637 680 2 659 040 3 109 360
2 795 840 3 085 120 36 561 200

A?aiaea 5 867,2 5 867,2 5 867,2
5 867,2 5 867,2 5 867,2 70
406,4

Eiiioiaeueiua

oneoae 263 521 263 521 263 521 263
521 263 521 263 521 3 162 252

Eiioi?neea

iaoa?eaeu 100 000 100 000 100 000 100
000 100 000 100 000 1 200 000

Oaeaoii 200 000 200 000 200 000 200
000 200 000 200 000 2 400 000

O?ainii?oiua

?anoiaeu 8 126 000 6 926 000 6 926 000 7 856
000 7 214 000 7 820 000 92 890 000

Aii?oecaoeey 6 367 500 6 367 500 6 367 500 6 367
500 6 367 500 6 367 500 76 410 000

Iaeia ia

i?eaueue 56 508 200 46 159 400 46 533 200 54 413 800
48 927 200 53 989 600 639 821 000

Iiaeioiaeiue

iaeia 1 033 981,2 1 033 981,2 1 033 981,2 1 033
981,2 1 033 981,2 1 033 981,2 12 407 774,4

Iaeia ia

eiouanoai 11 195 625 – – 11 195 625
– – 44 782 500

Iaeia ia iieueci-

aaoaeae aaoiii-

aeeueiuo aei?ia 9 348 576 – – 9
857 939 – – 40 089 013

Iaeia ia i?eia-

?aoaiea aaoio?ai-

nii?oiuo n?aaenoa – – –
– – – 24 999 000

Nai? ia ioieoee-

iaeueioth ieeeoeeth 112 711,5 – –
112 711,5 – – 450 846

Nai? ia ioaeaeu

ia?aciaaoaeueiuo

o/?aaeaeaiee 261 000 – – 261
000 – – 1 044 000

Nai? ia aeeeoiiae 7 012 219,5 – – 7
012 219,5 – – 29 686 313

Oeaeaaie nai? ia

iiaeaioiaeo e ceia 835 209,645 835 209,645 835 209,645
835 209,645 835 209,645 835 209,645 10 022 516

?acoeueoao 44 803 049 55 305 341 55 978 181 40 793 766 61 033 362
68 505 701 662 503 371

2000 aiae (iieaa?oaeueii)

I eaa?oae II eaa?oae III eaa?oae IV eaa?oae

Aeioiae io

?aaeecaoeee 623 500 000 580 000 000 573 000 000 607 500
000

Naaanoieiinoue 149 616 000 139 248 000 137 520 000 145
720 000

Aaeiaay

i?eaueue 473 884 000 440 752 000 435 480 000 461 780 000

Ca?aaioiay

ieaoa 26 100 000 26 100 000 26 100 000 26 100 000

Iaeiae ia

c/i 10 048 500 10 048 500 10 048 500 10 048 500

Eeoeaicey 834 900 – – –

?aeeaia 9 477 680 8 815 040 8 709 600 9
235 600

A?aiaea 17 601,6 17 601,6 17 601,6
17 601,6

Eiiioiaeue-

iua oneoae 790 563 790 563 790 563
790 563

Eiioi?neea

iaoa?eaeu 300 000 300 000 300 000
300 000

Oaeaoii 600 000 600 000 600 000
600 000

O?ainii?oiua

?anoiaeu 23 912 000 22 520 000 22 296 000 23 400
000

Aii?oecaoeey 19 102 500 19 102 500 19 102 500 19 102
500

Iaeia ia

i?eaueue 165 859 400 154 263 200 152 418 000 161 623 000

Iiaeioiaeiue

iaeia 3 101 943,6 3 101 943,6 3 101 943,6 3
101 943,6

Iaeia ia

eiouanoai 11 195 625 11 195 625 11 195 625 11 195
625

Iaeia ia iieue-

ciaaoaeae aa-

oiiiaeeueiuo

aei?ia 10 391 251 9 666 280 9 549 618 10
124 595

Iaeia ia

i?eia?aoaiea

aaoio?ainii?-

oiuo n?aaenoa – – – –

Nai? ia ni-

aea?aeaiea io-

ieoeeiaeueiie

ieeeoeee 112 711,5 112 711,5 112 711,5
112 711,5

Nai? ia ioae-

aeu ia?aciaa-

oaeueiuo o/-

?aaeaeaiee 261 000 261 000 261 000
261 000

Nai? ia

aeeeoiiae 7 793 438,25 7 249 710 7 162 213,5
7 593 446,25

Oeaeaaie nai?

ia iiaeaioiaeo

e ceia 2 597 812,75 2 416 570 2 387404,5 2
531 148,75

?acoeueoao 181 387 073 164 190 755 161 326 719 175 641 765

Aeioiaeu e ?anoiaeu ia 2001 aiae (ca
aiae)

Aeioiae io ?aaeecaoeee 2 272 500 000

Naaanoieiinoue 545 400 000

Aaeiaay i?eaueue 1 727 100 000

Ca?aaioiay ieaoa 104 400 000

Iaeiae ia c/i 40 194 000

Eeoeaicey 834 900

?aeeaia 34 542 000

A?aiaea 70 406

Eiiioiaeueiua oneoae 3 162 252

Eiioi?neea iaoa?eaeu 1 200 000

Oaeaoii 2 400 000

O?ainii?oiua ?anoiaeu 74 040 000

Aii?oecaoeey 7 650 000

Iaeia ia i?eaueue 604 485 000

Iiaeioiaeiue iaeia 12 407 777

Iaeia ia eiouanoai 44 782 500

Iaeia ia iieueciaaoaeae

aaoiiiaeeueiuo aei?ia 37 873 485

Iaeia ia i?eia?aoaiea aaoio?ainii?o-

iuo n?aaenoa –

Nai? ia niaea?aeaiea ioieoeeiaeueiie

ieeeoeee 450 846

Nai? ia ioaeaeu ia?aciaaoaeueiuo

o/?aaeaeaiee 1 044 000

Nai? ia niaea?aeaiea aeeeoiiaea 28 405 114

Oeaeaaie nai? ia iiaeaioiaeo e ceia 9 468 371

?acoeueoao 759 883 348

?an/?o NPV:

NPV( CF 0 aiae / (1 + 0,25)0 + CH 1 aiae / (1 + 0.25 )1 + CF 2 aiae / (
1 + 0,25 )2 =

= 662 503 371 / 1 + 682 546 312 / 1,25 + 759 883 348 / 1,562 =

= 662 503 371 + 546 037 050 + 486 481 017 = 1 695 021 438

N?ie ieoiaaiinoe:

Oie = eiaanoeoeee / aiaeiaie aeioiae = 2 985 500 000 / 701 644 344 = 4 (
aiaea )

?an/?o oi/ee aacoauoi/iinoe:

Q = iinoiyiiua cao?aou / oeaia – oaeaeueiua ia?aiaiiua cao?aou

Naaanoieiinoue = 120 000 ?oaeae:

Ia?aiaiiua cao?aou:

7000 ?oaeae (noieiinoue 1 i3 aaca) o 7 ( i3 ia iaeiiai e?aie?oaiiai)

iocuea = 10 000 ?oaeae

Iinoiyiiua cao?aou:

?anii?yaeeoaeue = 31 000 ?oaeae

ioi?ieaiea caea = 30 000 ?oaeae

Q = 293 654 000 / 500 000 – 59 000 = 293 654 000 / 441 000 = 666

AFC + AVC
(iino-ua + ia?ai-ua cao-u)

Au?o/ea

oi/ea aacoauoi/iinoe

AFC
(iinoiyiiua cao?aou)

eiee/anoai (e?aiaoeee)

I?eeiaeaiea e aecian – ieaio

I?iaiice?oaiue aaeain ia 1999 aiae

A

I

ia/aei aiaea eiiaoe aiaea ia/aei aiaea eiiaoe aiaea

eeoeaicee 834 900

cai. o/anoee 70 406

caeaiey, nii?o-

aeaiey, iaoe-

iu, iai?oaei-

aaiea 2 985 500 000 2 909 090 000

?/n/aoa 13 594 694 3 662 503 371

Aaeain ( ii

Aeoeao) 3 000 000 000 6 571 593 371

Onoaaiie ea-

ieoae

3 000 000 000 3 000 000 000

Oiiaeu iaeii-

eaiey

2 909 090 000

Ia?ani?aaea-

e?iiay i?e-

aueue io/?oii-

ai aiaea

662 503 371

Aaeain ( ii

Ianneao )

3 000 000 000 6 571 593 371

I?aaeiieaaaaiue io/?o i ?acoeueoaoao ( i?eaueyo e
oauoeao )

(1) Aeioiae io ?aaeecaoeee 2 405 500 000

(2) ieion Cao?aou ia i?iecaiaeno-

ai 574 440 000

(3) ?aaiyaony Aaeiaay i?eaueue 1 828 060 000

(4) ieion Yenieoaoaoeeiiiua ?an-

oiaeu (an? e?iia iaei-

aia) 314 696 100

(5) ?aaiyaony I?eaueue(oauoee) aei

auieaou iaeiaia (3) – (4) 1 513 363 900

(6) ieion Iaeiae 843 496 962

(10) ?aaiyaony *enoay i?eaueue(oauo-

oie) 669 866 938

Caeeth/aiea

A caeeth/aiee aecian – ieaia oioaeinue au ioiaoeoue iniiaiua ?acaeaeu

yoiai i?iaeoa.

Aeiaeaiea aeoeeiia?aie naieo oeiainiauo n?aaenoa
yaeyaony aia anyeiai nii-

iaiey auaiaeiui. Oaea a ia?aue aiae /enoay i?eaueue ninoaaeo 669 886 938
?oaeae. N?ie

ieeoiaaiinoe aanueia iacia/eoaeai – 4 aiaea e yoi iniaaiii auea?uoii
auaeyaeeo ia oiia

noieue aiooeoaeueiie i?eauee a ia?aue aea aiae.

Iaiaeiaaaeai e oio oaeo, /oi ?eooaeueiue ?uiie a a.
Oaaa?ianea inaiai ia-

aeinoaoi/ii, a e?aiaoi?ee ionoonoaotho ia oieueei ia oa??eoi?ee a.
Oaaa?ianea e e?ay, ii

e ii anaio Aeaeueiaio Ainoieo.

Aac niiiaiey ai?iae caeioa?aniaai a iiyaeaiee
e?aiaoi?ey, neaaeiaaoaeueii

aa?aioe?iaaia iiaeaea?aeea ai?iaeneie e e?aaaie aaeieieno?aoeee.

A caaa?oaiee iaiaei aaaeii ioiaoeoue, /oi
e?aiaoi?ee yaeyaony iaiouaieaiie

/anoueth oeeaeeecaoeee e ai?iae n aai iiyaeaieai iieo/eo iiaue aeoie a
nai?i ?acaeoee e

i?ioeaaoaiee.

Nienie eeoa?aoo?u

Ooeei Y.A. «I?aaiecaoeey e ieaie?iaaiea i?aaei?eieiaoaeueneie aeayoaeue-

iinoe» // «Aeaeen», Iineaa, 1997

Ooeei Y.A. «Eae ?acaeaaoue nianoaaiiia aeaei» // «Aeaeen», Iineaa, 1997

Eeineoe E.A. «Iniiau oniaoa» // I?aeoe/aneia iiniaea, Iineaa, 1992

Eeineoe E.A. «Eiaanoeoeeiiiue i?iaeo: iaoiaeu iiaeaioiaee e aiaeeca»

// Iineaa, 1996

5) «Oi?aaeaiea i?iaeoaie» iiae ?aaeaeoeeae Oaie?i A.Ae. // N. –
Iaoa?ao?a,

1996

6) «Nai?iee aecian – ieaiia» // «Oeiainu e noaoenoeea», Iineaa, 1997

PAGE

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