Riesgo de quiebra mediante análisis discriminante

7/23/2019 Riesgo de quiebra mediante anlisis discriminante

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L@G_M^@N NO ^_XKWJA [ LKE@ET@W

CX@NA OE LKE@ET@W [ GAE^@HKMKN@N

Xkosca no qukohr` jonkèto èmksks nksgrkjkeèto.

^r`h`da Lke no Cr`na prosoet`na par B`rsb` \kean W`nbwèk W`nbwèk, skoena om tutar nom jksja ompralosar Gaestègka T`jar` X`jroz.

\. H. nom tutar4 @muje`4

N. Gaestègka T`jar` X`jroz N. B`rsb` \kean W`nbwèk W`nbwèk

Wovkmm`. J`ya no 860?


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CX@NA OE LKE@ET@W [ GAE^@HKMKN@NL@G_M^@N NO ^_XKWJA [ LKE@ET@W

^X@H@DA LKE NO CX@NAG_XWA @G@NJKGA Y860>-860?Z

^^_MA4XKOWCA NO P_KOHX@ JONK@EÔ @EMKWKW NKWGXKJKE@EÔ

@_ÂX4B@XWB@ \KEAN W@NBS@EK W@NBS@EK

^_ÂX4N. GAEW^@EGKA T@JAX@ X@JXOT

NOV@X^@JOEÂ4NOV@X^@JOEÂ NO GAE^@HKMKN@N [ OGAEAJ@ LKE@EGKOX@

XO@ NO GAEAGKJKOEÂ4GAE^@HKMKN@N [ OGAEAJ@ LKE@EGKOX@

XOW_JOE4Om ahdotkva prkegkp`m no osto tr`h`da os gaestrukr ue janoma no pronkggke no qukohr`

ospoglkga p`r` ojpros`s portoeogkoetos `m sogtar no m` `mkjoet`gke jonkèto om èmksksnksgrkjkeèto. M` pronkggke no qukohr` t`jhke so b` ro`mkz`na gae atras janomas, gaja sae omèmksks lkeègkora y om janoma no @mtjè, gae om lke no panor sor gajp`r`nas, oe guèta `

tkojpa, gastos y cr`na no lk`hkmkn`n.

Om èmksks nksgrkjkeèto tr`t` no knoetklkg`r sk ue` ojpros` portoeogo ` ue notorjke`nacrupa (`gtkv`s a quohr`n`s) ` p`rtkr no ue` sorko no v`rk`hmos gae j`yar g`p`gkn`nnksgrkjkeèto, y porjkto gro`r luegkaeos gm`sklkg`nar`s p`r` `skce`r euov`s ojpros`s oe uea nomas crupas.

V`r` m` gaestruggke nom janoma, so b` utkmkz`na gaja borr`jkoet` om pracr`j` KHJ WVWWst`tkstkgs, quo porjkto knoetklkg`r os`s v`rk`hmos gae g`p`gkn`n nksgrkjkeèto y ostkj`r m`sluegkaeos no gm`sklkg`gke.

V@M@HX@W GM@\O4

Xoet`hkmkn`n9 Wamvoegk`9 Mkquknoz9 @mtjè9 @emksks Nksgrkjkeèto.


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^LC-LKGA. Xkosca no qukohr` jonkèto emksks nksgrkjkeèto.

-K-

ENKGO

0. G@V^_MA 0 KE^XAN_GGKE ......................................................................................................0

0.0. AHDO^K\AW NOM ^X@H@DA .......................................................................................0

0.8. G@X@GÔXW^KG@W NO M@ J_OW^X@ ..... .............................................................. 00.7. OW^X_G^_X@ NOM ^X@H@DA ..................................................... ............................. 8

0.>. MKJK^@GKAEOW NOM OW^_NKA ................................................................................. 7

8. G@V^_MA 8 JÂNAW NO VXONKGGKE NO P_KOHX@ ......................................................... ?

8.0. JÂNAW NO VXONKGGKE NO P_KOHX@ ............................................................?

8.8. JANOMA NO @M^J@E .............................................................................................06

8.7. @EMKWKW NKWGXKJKE@EÔ ......................................................... ...........................00

7. G@V^_MA 7 M@ P_KOHX@ [ OM @EMKWKW NO X@^KAW OE M@W OJVXOW@W .................... 07

7.0. XOE^@HKMKN@N ........................................................................................................ 07

7.8. WAM\OEGK@ ................................................................ ................................................0?

7.7. MKP_KNOT ......................................................... ...........................................................03

>. G@V^_MA > OM JANOMA NO @M^J@E.................................................................................... 86

>.0. NOWGXKVGKE NO MAW XOW_M^@NAW ....................................... ........................... 80

?. G@V^_MA ? OM @EMKWKW NKWGXKJKE@EÔ .................................... ...................................... 88

?.0. ORVMKG@GKE NO MAW XOW_M^@NAW ............................................................ ..... 87


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-0-

G@V^_MA 0

KE^XAN_GGKE

0.0. AHDO^K\AW.

Om ahdotkva no osto tr`h`da os gaestrukr ue janoma no pronkggke no qukohr` ospoglkgap`r` ue sogtar notorjke`na. Gae omma so ketoet` jkekjkz`r om tkojpa y gastos nomèmksks. Om ostunka no pronkggke no qukohr` t`jhke so ro`mkz` gae atras janomas,gaja sae om èmksks lkeègkora tr`nkgkae`m no r`tkas y om janoma no @mtjè.

V`r` mmov`r ` g`ha nkgba ostunka, os eogos`rka rogacor kelarj`gke romovèto yè`mkz`r m`s nkstket`s jonkgkaeos p`r` panor ahtoeor ue`s gaegmuskaeos quo porjktoeostkj`r om rkosca, mas roenkjkoetas no ue` kevorske y gaeagor sk so coeorè lmudas p`r`panor `lraet`r mas p`cas no ue` ojpros`. Ost`s g`r`gtorstkg`s l`gkmktè, tèta ` masusu`rkas oxtoreas gaja ketoreas quo oste ketoros`nas oe m` ovamugke no m` ojpros`,m` taj` no nogkskaeos.

M` jotanamac` utkmkz`n` p`r` gaestrukr om janoma os om èmksks nksgrkjkeèto.Oe om èmksks nksgrkjkeèto, so p`rto no ue gaedueta no ojpros`s, portoeogkoetos `

ue jksja sogtar, gm`sklkg`nas oe nas crupas, ojpros`s `gtkv`s y ojpros`s oequkohr`. No ost`s ojpros`s so ahtkoeo om v`mar no ue` sorko no v`rk`hmos nopoenkoetoso kenopoenkoetos. Vuosta quo so gaeago m` oxkstoegk` no osas nas crupas, om v`mar nogkort`s v`rk`hmos notorjke`r` m` portoeoegk` no ue` ojpros` ` ue crupa a ` atra.Gaja ahdotkvas no osto èmksks so tkoeo4

- M` knoetklkg`gke no m`s v`rk`hmos quo jodar nksgrkjkeoe oetro mas crupas y mòv`mu`gke nom panor nksgrkjkeèto no g`n` ue` no omm`s.

- @skce`r ue` ojpros` quo ea larj` p`rto no m` juostr` kekgk m, y nom quo so

gaeago om v`mar no m`s v`rk`hmos, ` uea no mas crupas. Osta gaemmov` ue gkortacr`na no rkosca.

0.8. G@X@GÔXW^KG@W NO M@ J_OW^X@.

Oe osto `p`rt`na so oxpmkg` m` juostr` somoggkae`n` y sus g`r`gtorstkg`s.

Wo b` somoggkae`na ue gaedueta no ojpros`s `mo`tark`joeto portoeogkoetos `msogtar no `mkjoet`gke, gaetèna gae ue tat`m no voketo ojpros`s, ostèna nkoz noomm`s oe qukohr` y m`s atr`s `gtkv`s.

V`r` m` somoggke no m`s ojpros`s so bè toekna oe guoet` grktorkas gaja om t`jàno m` ojpros`, vamujoe no eocagkas a ejora no tr`h`d`naros, p`r` quo m`s

ojpros`s toecè ue gkorta cr`na no bajacoeokn`n y puonè sor gajp`r`hmos oetro s` m` bar` no nos`rramm`r om ostunka.

M` kelarj`gke no m`s ojpros`s, m`s guoet`s no h`mègo y prnkn`s y cèègk`s, sobè ahtoekna ` tr`vs nom part`m no W@HK. Om porkana no ostunka gajproenor mas às8662, 866;, 8606 y 8600, nohkna ` quo sae mas porkanas quo js bè `logt`na ` mògaeaj` par m` grksks lkeègkor`, pravagèna m` g`n` no jugb`s ojpros`s.

M`s ojpros`s quo so bè somoggkae`na sae m`s skcukoetos4

Oe qukohr`4

0) Jètog`nas y ospogk mkn`nos Wè @etaeka W.@.

8) Lrègksga Vukcvort W.M.7) Vros` y G`mvoto W.@.

>) Ojhutknas G`nk W.M.


8/65

W`nbwèk W`nbwèk, B`rsb` \kean

-8-

?) J`z`pèos Nae`kro W.M.

) W`m [ Wam W.@.

?) Vammas Amkv` W.M.

so ketranugoe hrovojoeto mas janomas `mtore`tkvas utkmkz`nas`m quo so v` ` gaestrukr, y su `pmkg`gke ` m` juostr` somoggkae`n`4

- Oe om g`ptuma 7 no osto tr`h da so ro`mkz` om èmksks lkeègkora tr`nkgkae`m `tr`vs no mas prkegkp`mos r`tkas no roet`hkmkn`n, samvoegk` y mkquknoz. V`r` omma,so utkmkzè m`s guoet`s no H`mègo no Wktu`gke, y no Vrnkn`s y Cèègk`s quoso bè ahtoekna ` tr`vs no W@HK. Mas r`tkas g`mgum`nas p`r` g`n` ojpros` soprosoetè oe m`s t`hm`s no mas @eoxas K y KK.

- Oe om g`ptuma > so `pmkg` om janoma gaestrukna par @mtjè (0;


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-7-

^`jhke so oeguoetrè oe mas èoxas m`s t`hm`s no v`maros quo so bè g`mgum`nap`r` om janoma no @mtjè `pmkg`na ` tan`s m`s ojpros`s oe tanas mas porkanas.

Ea ahstèto, oe om nos`rramma nom tr`h`da, so utkmkzè mas n`tas g`mgum`nas p`r` m`jonk` no mas gu`tra às, y` quo os naeno jodar so ahsorv` m` nkloroegk` no mas r`tkasp`r` mas nas crupas no ojpros`s, y om à 8606, quo os om porkana naeno mas v`marosso goetè no jèor` skceklkg`tkv`.

0.>. MKJK^@GKAEOW NOM OW^_NKA.

Nohkna ` m`s rostrkggkaeos prapk`s no ue ^r`h`da Lke no Cr`na oe guèta ` tkojpa ygaetoekna, so bè toekna quo `sujkr gkort`s skjpmklkg`gkaeos par ma quo m`sketorprot`gkaeos no mas rosumt`nas sae mkjkt`n`s4

- Womoggke no m juostr 4 nkgb` juostr` prosoet` ue t`jà ronugkna, skoenajs rogajoen`hmo ue j`yar ejora no ojpros`s y ue porkana no ostunkajs `jpmka p`r` panor ahtoeor ` tr`vs nom èmksks nksgrkjkeèto ue`pronkggke no qukohr` js lk`hmo.

- Bajacoeokn`n4 nohkna `m cr`na no bajacoeokn`n quo nohoe toeor m`s

ojpros`s p`r` panor sor gajp`r`hmos oetro s, m`s ojpros`s prosoetè uet`jà oe guèta ` vamujoe no eocagka a ejora no tr`h`d`naros, poquoa ajonkèa. Var tèta, m`s gaegmuskaeos nom ostunka sae mkjkt`n`s ` nkgba sogtar y` ojpros`s gae ost`s jksj`s g`r`gtorstkg`s.

- Kelarj`gke4 m` kelarj`gke no m`s ojpros`s so b` rogackna ` tr`vs no W@HK,naeno nkgb` kelarj`gke so prosoet` no larj` rosujkn` prapk` nom janoma`hrovk`na no m`s guoet`s èu`mos. @m tr`t`rso no ojpros`s jonkè`s ypoquo`s, m` kelarj`gke ea ost ùnkt`n`, y` quo ea tkoeoe m` ahmkc`gke moc`mno ùnkt`r sus guoet`s èu`mos, parquo m` g`mkn`n no m` kelarj`gke os h`d` yea ost gaetr`st`n`.

- @emksks4 oe om èmksks lkeègkora no mas r`tkas, ea so bè gaesknor`na m`s

p`rtkgum`rkn`nos prapk`s no m` `gtkvkn`n no g`n` ojpros`, skea quo so bèg`mgum`na no m` jksj` larj` p`r` tan`s m`s ojpros`s y tanas mas porkanas.


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-?-

G@V^_MA 8

JÂNAW NO VXONKGGKE NO P_KOHX@

8.0. JÂNAW NO VXONKGGKE NO [email protected]`r` panor mmov`r ` g`ha ue` huoe` costke ojpros`rk`m os eogos`rka ro`mkz`r nkvorsasèmksks ospoglkgas, mas gu`mos eas nè ueas l`gtaros y ue`s v`rk`hmos ` toeor oeguoet` p`r` sapos`r pastorkarjoeto m`s nogkskaeos no kevorske y pronogkr setaj`sno qukohr`, quo so pmètoè no larj` gaetkeu`.

Oxkstoe nkstketas jtanas p`r` pronogkr m` qukohr`. Oe osto `p`rt`na so v` ` vor4

0. Om rkosca no grnkta.8. Om gronkt-sgarkec.7. Gaegopta no grksks y qukohr`.>. Vronkggke no grksks4 èmksks lkeègkora?. Vronkggke no grksks tr`vs nom èmksks uekv`rkèto.

0. XKOWCA NO GXNKÂ.

ân` ojpros` p`rto no ue ahdotkva a prapskta ospoglkga om gu`m noho sor è`mkz`na,p`r` omma os kjpartètskja notorjke`r m` ostrugtur`, mkquknoz, samvoegk` y roet`hkmkn`nquo prapargkae` oso ahdotkva. Wo noho toeor oe guoet` quo p`r` osto ostunka ea smaso puno h`s`rso oe n`tas `gtu`mos, skea oe om ost`na lkeègkora bkstrkga. Ea ahstèto,os `nogu`na ostunk`r m` kelarj`gke provkskae`m, kelarj`gke ketore`, kelarj`gke nomjorg`na, skstoj`s no jaektarkz`gke gaetkeu`, pragonkjkoetas no c`rèt` nkgkae`mosoetro atras.

Gaja so b` joegkae`na ètorkarjoeto, m`s nogkskaeos no kevorske gaestktuyoe ue

pkm`r kjpartèto oe mas ahdotkvas gajpotktkvas no m` ojpros`, y` quo so husg` par rocm`coeor`m j`xkjkz`r mas hoeolkgkas y jkekjkz`r gastos. Wo puno nkloroegk`r m`snogkskaeos no kevorske oe kestrujoetas no p trkjaeka, os nogkr, p`rtkgkp`gkaeos attumas quo roprosoetè ue ketors oe om p`trkjaeka eota no m` ojpros`. M`s voet`d`sno ost` kevorske puono sor oetro atr`s4 rop`rtas p`trkjaek`mos, cèègk`s oejorg`nas soguen`rkas, nos`rramma no ostr`tock`s. ^`jhke so qukoro joegkae`r m`snogkskaeos no kevorske oe kestrujoetas no noun`, ma quo supaeo ue` sorko nogaetr`tas oe mas gu`mos mas laenas `part`nas so rostktukre y rojueor`rè gaelarjo ùe gènom`rka ost`hmogkna.

_e` voz è`mkz`n`s ost`s projks`s so puonoe `napt`r nkvors`s nogkskaeos.

Om rkosca no grnkta os ue l`gtar gm`vo ogaejkga, y` quo notorjke` m` g`p`gkn`n no

novamugke no prst`jas no ue` gajp`` y `yun` ` notorjke`r om roenkjkoeta quo`partè m`s kevorskaeos. Wu ov`mu`gke puono sor jonkèto ue èmksks jumtkro` ajonkèto ue` ostkj`gke no m` prah`hkmkn`n no qukohr`. Wo tkoeo quo toeor prosoetoquo m` kelarj`gke quo so utkmkz` ea sma pragono no mas ost`nas gaet`hmos bkstrkgas.


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-3-

Kestrujoetas lkeègkoras eocagk`hmos4 om è`mkst` puono notorjke`r sk omv`mar no nkgbas kestrujoetas gaja c`rèt` oxgonoe om s`mna poenkoetono p`ca no ue prst`ja.

G`rtor`s no gmkoetos4 sk so c`rètkz` ue prst`ja gae m`s guoet`s `gahr`r, b` no ov`mu`rso sk om v`mar no nkgb`s guoet`s os sulkgkoeto, quoom v`mar oe mkhras rolmodo om v`mar no jorg`na, y par mtkja, gm`sklkg`r qu

guoet`s sae kegahr`hmos. Kevoet`rkas4 roprosoetè ue` huoe` c`rèt` skojpro quo so mkquknoe ma

js rpkna paskhmo p`r` ahtoeor lmudas no ologtkva.

Kejavkmkz`na4 c`rèt` sahro tana p`r` prst`jas m`rca pm za.

Ketèckhmos4 ea skrvoe gaja huoe` c rèt` puosta quo om v`mar nonkgbas `gtkvas os nklgkm no ostkj`r, `m kcu`m quo su rogupor`gke oe v`marjaeot`rka.

C`rèt`s `part`n`s par torgoras4 oe om g`sa no quo om prost`jkst` eapunkor` novamvor om prst`ja, om `v`mkst` so oeg`rc` no gujpmkr gae màhmkc`gke no p`ca.

8. GXONK^-WGAXKEC.

Om gronkt-sgarkecos ue skstoj` no g`mklkg`gke no grnktas quo ketoet` ùtaj`tkz`r m`taj` no nogkskaeos oe guèta ` gaegonor a ea ue` notorjke`n` apor`gke no rkosca,earj`mjoeto ue grnkta. Atarc` ue` puetu`gke `m sudota è`mkz`na paenorèna ue`sorko no p`rjotras. Om xkta no osto skstoj` nopoeno nom `mcarktja y no m` lk`hkmkn`nno mas n`tas utkmkz`nas.

M` gaestruggke no kenkg`naros, quo roprosoetoe no larj` ekg` om rkosca no grnktano ue` kevorske porjkto4

- G`ptur`r kelarj`gke no jmtkpmos luoetos.

- Os ue rosp`mna m dukgka nom è`mkst` bujèa (pora ea ma sustktuyo).- Os js ahdotkva.

- Gajp`r`gkaeos no ue jana js lgkm oetro gajp` s.

- Womoggkae`r m`s jodaros kevorskaeos.

- Notorjke`r om ketors/roenkjkoeta ` oxkckr par om grnkta.

7. GAEGOVÂ NO GXKWKW [ P_KOHX@.

Oe tan` ojpros` so noho nkloroegk`r om gaegopta no grksks nom gaegopta no qukohr`.

M` grksks ogaejkgòs ue` sktu`gke oe m` quo m` ojpros` prosoet` nklkgumt`nos

p`r` om macra no sus ahdotkvas prkegkp`mos y par tèta paeo oe pomkcra su suporvkvoegk`.Oetro nkgb`s nklkgumt`nos so puono nost`g`r4 keg`p`gkn`n p`r` coeor`r laenas, rkoscano kegujpmkjkoeta no p`cas, prnkn` nom v`mar nom p`trkjaeka eota.

Noetra nom gaegopta no grksks so puono nkloroegk`r4

M` grksks lkeègkor , so pranugo par m` kjpaskhkmkn`n no b`gor lroeto ` mas nkvorsasp`cas ` sus voegkjkoetas. Osta pravag` tros vortkoetos4

0. Grksks no tosaror`, ùequo m` ojpros` `tkoen` ` sus gajprajksas ` gartapm`za so pranugo ue nos`dusto tojpar`m oetro mas gahras y p`cas. Wamugkaeosp`r` ost` grksks panrè sor4 `pm`z`jkoetas no p`cas, pmkz` no grnkta, otg.

8. Grksks no mkquknoz, so rolkoro ` mas prahmoj`s ostrugtur`mos pravag`nas par ue`nolkgkoeto lkeègk`gke no sus apor`gkaeos a hkoe par m` keoxkstoegk` norogursas nkspaekhmos. Wo panr` samugkae`r janklkgèna m` pamtkg` lkeègkor` nom` ojpros`.


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-2-

7. Kesamvoegk`, m` ojpros` ea puono b`gor lroeto ` mas nkvorsas p`cas oe susgarrospaenkoetos voegkjkoetas ` m`rca pm`za, punkoena sor pravag`na par m`l`mt` no rogursas, `gujum`gke no prnkn`s oetro atr`s gas`s. V`r` p`mk`r m`kesamvoegk` so panr` oe`doe`r gtkvas oxtr`luegkae`mos.

Grksks no roet`hkmkn`n, keg`p`gkn`n p`r` coeor r rogursas gae mas quo c`rètkz rom jètoekjkoeta nom v`mar nom p`trkjaeka eota y m` rotrkhugke no mas g`pkt`mos prapkas.

Ost` grksks `logt` prkegkp`mjoeto ` mas kevorsaros patoegk`mos y sk norkv` oe ue` grkskslkeègkor` so vorè `logt`nas tanas mas nojs `coetos no m` ojpros`.

M` qukohr os ue` sktu`gke durnkg` oe m` quo ue` ojpros` a kestktugke ea puonob`gor lroeto ` m`s noun`s gaetr`n`s, su p`skva oxkckhmo os suporkar `m `gtkva. Var tètaos eogos`rk` ue` roarcèkz`gke nom eocagka o kjpmèt`r ue pmè no vk`hkmkn`n. OeOsp`` osto gaegopta os gaeagkna gae om eajhro no gaegursa no groonaros.

>. VXONKGGKE NO GXKWKW4 @EMKWKW LKE@EGKOXA.

Om ahdotkva no m` pronkggke no grksks, `yun` ` nogknkr sk so kevkorto oe m` gaegoske noue grnkta a om roenkjkoeta ` oxkckr ` ue` kevorske.

M` borr`jkoet` luen`joet`m p`r` omma os om gronkt-sgarkec, gaja y` so b` oxpmkg`naoe `p`rt`nas ètorkaros. Om èmksks nom rkosca no grnktas t`jhke so luen`joet` oe m`pronkggke no qukohr`.

VXAGOWAW NO VXONKGGKE NO GXKWKW4

`) @EMKWKW LKE@EGKOXA.

-Wenrajos no m` qukohr`.

h) @EMKWKW NKWGXKJKE@EÔ4 WGAXKEC.

-@emksks uekv`rkèto.

-@emksks jumtkv`rk`hmo.

Mas orraros oe m` pronkggke y su gasto4

Pukohr` ro`m Ea qukohr` ro`m

Vronkggke no qukohr` @GKOXÂ OXXAX ^KVA KK

Vronkggke no ea qukohr` OXXAX ^KVA K @GKOXÂ

Om orrar tkpa K supaeo om gasto no pornor roet`hkmkn`n y/a kevorske jètoekn`. Jugbasùtaros ma gaesknorè om js gastasa.

Om orrar tkpa KK supaeo om gasto no apartuekn`n par b`hor rogb`z`na om grnkta.

Vueta no garto4 os kjpartèto lkd`r om ekvom no puetu`gke quo sop`r` m`s ojpros`s

gaesknor`n`s gae rkosca no qukohr` no `quomm`s quo ea ma tkoeoe. Ma kno`m os ue puetano garto quo jkekjkz` om ejora no orraros, y` quo ue pueta no garto omov`na os`quom oe om quo so pranugoe jugbas orraros tkpa KK y ue pueta no garto h`da sopranugoe jugbas orraros tkpa K.

@) Vronkggke no grksks oe om èmksks lkeègkora.

_e` no m`s jotanamac`s quo so puono mmov`r ` g`ha oe m` pronkggke no grksks os omquo so ro`mkz` ` tr`vs nom èmksks lkeègkora tr`nkgkae`m no m` kelarj`gke bkstrkg` nom`s ojpros`s. Wo è`mkzè v`rk`hmos no mkquknoz y samvoegk`, ùequo os kjpartètoahsorv`r m` roet`hkmkn`n, y` quo puono sor m` gùs` no ue prahmoj` no kesamvoegk` `m`rca pm`za. Om kegaevoekoeto quo prosoet` osto èmksks os m` gètkn`n no kelarj`gkey n`tas quo so jèodè.

Wenrajos no m` ojpros 4 so nolkeoe gaja ue gaedueta no setaj`s quo paeoeoe pomkcra m` vk`hkmkn`n no st`, os nogkr, sae nohkmkn`nos quo `joe`zè ` m` samvoegk`


15/65


-;-

no m` ojpros`. Var tèta om è`mkst` noho ostunk`r no larj` not`mm`n` om p`tre quogaelarjè ostas senrajos y ov`mu`r oe qu jonkn` so ropranugoe oe m` ojpros`._e` voz notogt`nas mas setaj`s quo kenkquoe m` oxkstoegk` no `mcue` oelorjon`n,os eogos`rka om`har`r ue gu`nra p`r` ro`mkz`r gajp`r`gkaeos gae p`traeos skjkm`ros ypar gaeskcukoeto, ostkj`r m` prah`hkmkn`n no agurroegk` `sagk`na `m p`tre.

Oxksto ue` gm`sklkg`gke no senrajos quo m` panojas rosujkr no m` skcukoeto

jèor`4Mas senrajos norkv`nas no m` ostrugtur` lkeègkor so nohoe `4

- _e` nolkgkoeto lkeègk`gke no `gtkvas gkrgumètos4 mas `logtas ` m` oxpmat`gkenohoe lkeègk`rso gae p`skvas porjèoetos (pravoonaros y p`skvas ` m/p).

- _e` nolkgkoeto lkeègk`gke no `gtkvas lkdas quo nohoe lkeègk`rso m/p.- Mas hoeolkgkas sae osg`sas.- Nosg`pkt`mkz`gke no m` ojpros`4 par l`mt` no `jartkz`gke, pamtkg` mkhor`m no

nkvknoenas, kelm`gke, ahsamosgoegk` tgekg`, prnkn` rogursas bujèas, otg.- Ke`nogu`n` lkeègk`gke p`r` om jorg`na y ostrugtur` no m` ojpros`4 mas

g`pkt`mos prapkas nohoe sor j`yar guèta j`yar so` om `p`mèg`jkoetaapor`tkva y m` keost`hkmkn`n nom sogtar.

- Nopoenoegk` lkeègkor`4 m` ojpros` ea puono costkae`r su lkeègk`gkequonèna oe jèas no mas `groonaros.

Mas senrajos norkv`nas no m` ostrugtur` ogaejkg puonoe nohorso `4

- H`rror`s ` m` s`mkn` no `gtkvas a g`jhkas oe m` `gtkvkn`n/kejavkmkn`n lkeègkor`4par m` vkegum`gke no gkortas hkoeos ospogk`mkz`nas, os juy pomkcras` oesogtaros j`nuras gae oxgosa no g`p`gkn`n.

- Gaegoetr`gke4 oe gmkoetos, zae`s, gajpr`s, voet`s a lkeègk`gke kegrojoetèom rkosca.

- Grogkjkoeta4 om grogkjkoeta roqukoro ro`mkz`r ue` sorko no kevorskaeos yg`jhkas gae kcu`m rkosca `m no gro`gke no m` ojpros`.

Mas senrajos norkv`nas no g`jhkas oe om sogtarpuonoe nohorso `4- @p`rkgke no pranugtas sustktutkvas4 puonoe ronugkr m` nojèn` no mas

pranugtas no m` ojpros`.- Xonuggke no progkas4 ue` nksjkeugke nom progka no mas pranugtas no atr`

ojpros`, pravag` ue` nksjkeugke no m` nojèn` no mas pranugtas no mòjpros`.

- @jpmk`gke no pm`zas no gahra y ronuggke no pm`zas no p`ca4 nkspaeor nomkquknoz ` garta pm`za, par ma quo ùjoet` om laena no jèkahr` no ueòjpros`.

- @p`rkgke no euov`s ogaeaj`s no osg`m`4 osto gaegopta skrvo p`r` om m`rcapm`za y supaeo ue` ronuggke no gastos ` mas gajpotknaros. @ jonkn` quo m`gètkn`n no pranuggke ùjoet`, om gasto jonka no g`n` uekn`n nogrogo.

Oe om g`ptuma 7 so vore `mcueas no mas setaj`s norkv`nas no m` ostrugtur`lkeègkor` no m`s ojpros`s oe qukohr`, ske ojh`rca, so bè toekna quo prosgkenkr nomas setaj`s norkv`nas no m` ostrugtur` ogaejkg` y no g`jhkas oe om sogtar.

?. VXONKGGKE NO GXKWKW @ ^X@\W NOM @EMKWKW _EK\@XK@EÔ.

Osto èmksks tr`t` no knoetklkg`r kenkvknu`mjoeto `quommas r`tkas quo jodar nksgrkjkeoeoetro m`s ojpros`s quo prosoetè ue` sktu`gke no qukohr` a ea. Os kjpartètoov`mu`r mas r`tkas soce su toenoegk` y gajpr`rmas oetro atr`s lkrj`s.

Ea ahstèto, gaja oe gu`mqukor èmksks, oxkstoe kegaevoekoetos4 ue sama r`tka

puono coeor`r orraros, par ma quo os eogos`rka husg`r ue kenkg`nar quo `crupo `v`rkas r`tkas y mas paenoro. Om è`mkst` noho duzc`r oetro v`rkas r`tkas y os eogos`rka


16/65


-06-

`e`mkz`r m` paskhkmkn`n no grksks no ue` ojpros` gae atras kenkg`naros, pora om janomaea alrogo paenor`gkaeos oetro ommas.

Oe osto `p`rt`na so eajhr` ` Ho`vor (0;


17/65


-00-

M` skcukoeto lrjum` os p`r` ojpros`s quo ea gatkzè4

Nopoenkoena nom v`mar quo so ahtoec` oe m` lrjum`, so ogaetr`re oe masskcukoetos ro`snom janoma4

- T=0,204 @mt` prah`hkmkn`n no qukohr`.

- T574 H`d` prah`hkmkn`n no qukohr`.- Om v`mar no 8,, so `pmkg` om janoma no @mtjè ` m`s ojpros`s ahdota no ostunka.

8.7. @EMKWKW NKWGXKJKE@EÔ.

om èmksks nksgrkjkeèto os ue` tgekg` ost`nstkg` jumtkv`rkèto. Wu lke`mkn`n osè`mkz`r sk oxkstoe nkloroegk`s skceklkg`tkv`s oetro mas crupas no ojpros`s rospogta ùe gaedueta no v`rk`hmos jonkn`s sahro m`s jksj`s. Oe om g`sa no quo t`mosnkloroegk`s oxkstè, oxpmkg`r oe qu soetkna so nè y l`gkmkt`r pragonkjkoetas nogm`sklkg`gke skstojtkg` no euov`s ahsorv`gkaeos no arkcoe nosgaeagkna oe uea nomas crupas è`mkz`nas.


18/65


-08-

V`r` panor s`hor oe qu so nkloroegkè mas crupas, ma prkjora quo so eogoskt` osnkspaeor no m` kelarj`gke guètklkg`n` oe ue` sorko no v`rk`hmos. Om èmksksnksgrkjkeèto os ue` borr`jkoet` ost`nstkg` quo porjkto notorjke`r qu v`rk`hmos saeg`p`gos no nkloroegk`r ` mas crupas y guet`s sae eogos`rk`s p`r` mmoc`r ` m` jodargm`sklkg`gke. M` v`rk`hmo nopoenkoeto so utkmkz` p`r` nkstkecukr m` portoeoegk` ` mascrupas, jkoetr`s quo m`s v`rk`hmos kenopoenkoetos, t`jhke mm`j`n`s v`rk`hmosnksgrkjkeètos, sae `quomm`s oe m` quo supaeojas quo so nkloroegkè mas crupas.

Om ahdota no osto èmksks os oegaetr`r rom`gkaeos mkeo`mos oetro m`s v`rk`hmosgaetkeu`s quo jodar nksgrkjkeoe oe mas crupas n`nas ` mas ahdotas. _e` vozoegaetr`n` os` gajhke`gke (m` luegke nksgrkjkeèto) panr sor utkmkz`n` p`r`gm`sklkg`r euovas g`sas. Os eogos`rka quo oxkstè `m joeas nas crupas, y p`r` g`n`crupa so eogosktè nas a js g`sas.0

M`s ot`p`s p`r` ro`mkz`r om janoma nksgrkjkeèto, so puono rosujkr oe m`sskcukoetos84

`) Womoggke nom t`jà juostr`m4 mas rosumt`nas nom èmksks prosoetè ueòmov`n` soeskhkmkn`n èto om janoma, y par omma ma rogajoen`na os 86ahsorv`gkaeos par v`rk`hmo.

h) Womoggke no v`rk`hmos nopoenkoetos o kenopoenkoetos4 m`s v`rk`hmosoxpmkg`tkv`s, ea nohoe sor oxgoskv`s y nohoe `toenor skojpro `m ahdotkvagaegoptu`m. Mas crupas bè no sor jutu`joeto oxgmuyoetos.

g) Nkvkske no m` juostr`4 gaja jekja b`hr nas crupas, so`mèna ue` v`rk`hmo(nopoenkoeto) quo kenkquo m` portoeoegk` ` mas crupas.

n) Ostkj`gke nom janoma.

o) Ahtoegke no m`s luegkaeos nksgrkjkeètos no Lksbor4 so tkoeo nom èmkskstèt`s luegkaeos gaja crupas b`y`.

l) Jonkèto om èmksks par p`sas so ahtkoeoe mas r`tkas gae jodar g`p`gkn`n

nksgrkjkeèto.c) \`mar`gke no m` g`p`gkn`n pronkgtkv`.

b) Gmguma no m`s luegkaeos no Lksbor.

Oe om g`ptuma ? no osto tr`h`da, so `pmkg` osto èmksks ` m` juostr` somoggkae`nàhdota no ostunka.

0bttp4//b`mwoh.ug7j.os/osp/Vorsae m/porsae`s/djj`rke/osp/Cuk`WVWW/87nksgr.pnl.8bttp4//u`j.os/porsae mQpnk/ogaeajkg s/ov`/pnl/nksgrkjkeèto.pnl.


19/65


-07-

G@V^_MA 7

M@ P_KOHX@ [ OM @EMKWKW NO X@^KAW OE M@W OJVXOW@WOe osto `p`rt`na so prosoet` no larj` hrovo mas rosumt`nas no mas prkegkp`mos r`tkasnorkv`nas nom èmksks lkeègkora tr`nkgkae`m ahtoeknas ` p`rtkr no ue` juostr` noojpros`s oe qukohr` y `gtkv`s portoeogkoetos `m sogtar no `mkjoet`gke.

Om èmksks lkeègkora tr`nkgkae`m, os ue` nksgkpmke` quo prapargkae` mas gaegoptas ym`s tgekg`s eogos`rk`s p`r` larjum`r dukgkas gaeskstoetos, ` tr`vs nom usa no masr`tkas, sahro m` ojpros` quo `yunoe ` mas nkloroetos `coetos ` taj`r nogkskaeossahro kevorske, lkeègk`gke a om cr`na no rkosca p`r` `mgèz`r m` ost`hkmkn`n no mòjpros`.

Mas kenkg`naros a r`tkas lkeègkoras sae gagkoetos no j`cektunos gaetoekn`s os masost`nas gaet`hmos no ue` ojpros`, gaja sae om h`mègo no sktu`gke a m` guoet` noprnkn`s y cèègk`s oetro atras. M` utkmkn`n no mas r`tkas vkoeo n`n` parquo rom`gkae`j`cektunos oetro m`s quo oxkst` ue` rom`gke ogaejkga-lkeègkor`. Jknoe m`

roet`hkmkn`n, m` samvoegk`, y mkquknoz no m` ojpros`, quo notorjkeè om xkta a lr`g`salkeègkora.

Gae osto èmksks so protoeno ostunk`r m` toenoegk` y ovamugke no `quommas r`tkasp`r` panor utkmkz`rmas gae lkeos no pronkggke no skceas no notorkara oe ommas jksjas,p`r` panor ovkt`r ` tkojpa rkoscas no kesamvoegk`s a pragosas no qukohr`.

V`r` om gmguma no mas r`tkas no roet`hkmkn`n, samvoegk` y mkquknoz, so b` p`rtkna no m`kelarj`gke nom H`mègo no Wktu`gke y m` guoet` no Vrnkn`s y Cèègk`s no g`nòjpros`. Vastorkarjoeto so bè rogm`sklkg`na nkgb`s guoet`s nkstkecukoena m`sp`rtkn`s luegkae`mos (p`rtkn`s mkc`n`s ` m` `gtkvkn`n prkegkp`m no m` ojpros`) no m`soxtr`luegkae`mos, `m kcu`m quo so bè knoetklkg`na mas gajpaeoetos nom hoeolkgka quotoecè g`rgtor rogurroeto (g`p`gkn`n pronkgtkv`).

Om èmksks so b` ro`mkz`na oe m`s t`hm`s no mas @eoxas K y KK. Ea ahstèto, oe ostog`ptuma so rosujo m`s toenoegk`s no mas prkegkp`mos r`tkas ahsorv`n`s oetro m`sojpros`s oe qukohr` y `gtkv`s, skoena mas v`maros no mas r`tkas ue` jonk` no masgu`tra às quo gaest` om ostunka, y om à 8606.

7.0. XOE^@HKMKN@N.

M` roet`hkmkn`n os m` g`p`gkn`n no coeor`r hoeolkgkas pranugknas par ue vamujoe norogursas ojpmo`nas oe ue porkana notorjke`na no tkojpa.

Mas r`tkas no roet`hkmkn`n js skceklkg`tkvas sae mas skcukoetos4

XOA : H@K^ / @^Xoet`hkmkn`n ogaejkg` arnke`rk` (XOA)4 os om gagkoeto oetro mas rosumt`nas ètos

no kjpuostas y no ketorosos y om vamujoe no `gtkvas no m` ojpros` oe ue porkananotorjke`na no tkojpa. Jkno m` roet`hkmkn`n jonk` no mas `gtkvas, gae om lke no v`mar`rom cr`na no olkg`gk` gae quo oste skoena utkmkz`nas mas rogursas ojpmo`nas.

Nkgb` roet`hkmkn`n so puono nosgajpaeor oe j`rcoe y rat`gke4

J`rcoe4 H@K^ / \OE^@W.

Xat`gke4 \OE^@W / @^.

M` rat`gke jkno m` olkgkoegk` nom `gtkva, jkoetr`s quo om j`rcoe oxpros` om

hoeolkgka ahtoekna par g`n` uekn`n no voet`.


20/65


-0>-

XOA

Ojpros` 0 8 7 > ? < 3 2 ; 06

@gtkv`s (8662-8600) 2,22% 3,0,2?% ?,8;% ?,0;% 6,60% >,03% ?,?3%

Pukohr`s (8662-8600) >,3>% 8,8?% 7,,06% 7,22% 8,?>% >,>3% 6,30% -8,>?%

@gtkv`s (8606) 2,06% 3,8>% 0,30% 7,% ?,03% >,7;% 0,88% -0,>0%

@gtkv`s (8606) 2,>2% ? < 3 2 ; 06

@gtkv`s(8662-8600) 08,86% 0;,7>% -6,;;% 07,3>% 3,>2% % ?,>>% 3,?3%

Pukohr`s (8662-8600) ?,;?% 6,?7% ;,?;% 03,;3% -70,76% -0,;0% 7,2% -8,68% -86,38%

@gtkv`s (8606) 06,,% 3,00% 86,22%

Pukohr`s (8606) ?,,28% ?,


21/65


-0?-

Gasto jonka nom p`skva (k)4 so juostr` gaja om gagkoeto oetro mas c`stas lkeègkorasy om p`skva `doea (garta y m`rca pm`za). Om gasto jonka nom p`skva kenkg` om c`sta quosupaeo p`r` m` ojpros` om oenoun`jkoeta.

GAWÔ JONKA NOM V@WK\A (k)

Ojpros` 0 8 7 > ? < 3 2 ; 06

@gtkv`s(8662-8600) -7,7?% -?,8,72% -6,36% -0,8>% -6,?>% 6,66% -8,86% -7,0;% -8,38%

Pukohr`s (8662-8600)

->,77% ->,2,?,37% -7,8>% -8,?8%

@gtkv`s (8606) -7,6% -8,;2% -6,3>% -0,>8% -6,?>% 6,66% -0,,23% -7,;7% -8,8;% -8,7,,6?% -0,% -8,02%

^`hm` 7. Gasto jonka nom p`skva.Luoeto4 @eoxas K y KK.

Osto r`t ka sulro oe c oeor`m, tèta p`r` m`s ojp ros`s gt kv`s gaja p`r` m`s q uooste oe quk ohr`, v`rk`s as gkm`gka eos oe lue gke no mas c`s tas lk eègk oras , quoea so jètkoeoe ost `hmos y v `re gaest ètojoe to. Wo puono ahsorv`r quo omr`t ka p`r` m`s ojp ros`s oe qu kohr` os ue pag a js m ta quo p `r` m`s ojpros`s`gtkv`s.

M : V@ / VE

@p`mèg`jkoeta lkeègkora (M)4 os skeekja no oenoun`jkoeta, ue` ojpros` ost`p`mèg`n` lkeègkor`joeto guèna ost oenoun`n` y so g`mgum` gaja om gagkoetooetro om p`skva `doea y m` guèt` nom p`trkjaeka eota (VE). _e `mta v`mar nom`p`mèg`jkoeta lkeègkora, so tr`nugo oe quo m` ojpros` ost js oenoun`n` y eaguoet` gae ue` huoe` utalkeègk`gke.

@V@M@EG@JKOEÂ LKE@EGKOXA (M)

Ojpros` 0 8 7 > ? < 3 2 ; 06

@gtkv`s (8662-8600) 6,< 8,>< 6,>> 6,80 8,37 0,?2 0,00

Pukohr`s (8662-8600) 7,;8 6,,7 >,02 8,7< 7,00 >,< 3 0,78 8,;7

@gtkv`s (8606) 6,? ?,28 8,6> 0,>7 8,?> 6,>7 6,88 7 0,7> 6,20

Pukohr`s (8606) >,08 6,0 ?,?2

^`hm` >. @p`mèg`jkoeta lkeègkora.Luoeto4 @eoxas K y KK.

Ahsorvèn a om ta t`m no m`s oj pros`s, om v`ma r no ost o r`tka s o goet` js oe m`sojpros`s oe qukohr` qu o oe m`s ojp ros`s gt kv`s, par ma quo s o oeguoetrè jsoenoun`n`s.

7.8. WAM\OEGK@.

M` samvoegk` os m` g`p`gkn`n p`r` b`gor lroeto ` tanas mas gajprajksas lkeègkoras oeom m`rca pm`za. Oe om èmksks nohoe kegmukrso tanas mas gajprajksas (` garta y ` m`rcapm`za) y tanas mas rogursas (` garta y ` m`rca pm`za).

Om èmksks no m` samvoegk` so puono nkvknkr oe nas hmaquos4 èmksks no m` samvoegkòe h`so ` laenas y oe h`so ` lmudas.

@) Laena4mas r`tkas sae mas skcukoetos4

VE 5 6.Om p`trkjaeka eota no m` ojpros` noho sor skojpro pasktkva p`r` quo mòjpros` so` samvoeto.

@^ /V^. Osto r`tka noho sor suporkar ` m` uekn`n, guya skceklkg`na os quo mòjpros` guoet` gae rogursas sulkgkoetos (@gtkva ât`m) p`r` b`gor lroeto ` susahmkc`gkaeos oe om m`rca pm`za (V`skva ât`m).


22/65


-0 ? < 3 2 ; 06

gtkv`s (8662-8600) 73026,3? ?6263; ,3? 088,3? 83768; 8720,83 026088;,>8 03;>3,?8 ?0>828,33 7>?37?;,;8 0?06 ?38 82;?;8 8>6?> 7,>0 082>;;8,7 >?>7?7,?8 066>7,?> 7867683,22 0?83;20 7,7; ?,3? 0,73 0, 8,8; 0,>0 0,8> 0,?? 0,78 0,7< 0,0? 0,2? 0,>7

gtkv`s (8606) 7 0,03 0,>; 0,3 0,7; 7,7 ?,?? 0,77 0,3? 8,8>

ukohr`s (8606) 0,8>7 8,?23 0,33> 0,8?2 0,>8< 0,8;7 0,03; 0,0< 0,0 0,> ? < 3 2 ; 06

@gtkv`s (8662-8600) ?;>;,? 078678 0 >,3; -0;,82

@gtkv`s (8606) 8,3 02,2; >,87 ?,3 >,8; 0,>0 6,;7 ;,;< >,6; 0,60

Pukohr`s (8606) 3,03? 06,862 -0,00< 8,372 -;,?;; 78,>>0 73,860 06,68> >,880 -28,7>0

^`hm`


23/65


-03-

uea s LCA pa skt kvas, y ma s v`maros n om r`t ka sae ju gba js h`das. Wo oetkoenoquo m`s ojpros`s oe q ukohr` t`rnè js tkojp a oe novamvor s u n oun` quo m`sojpros`s gt kv`s.

7.7. MKP_KNOT.

Wo oetkoeno quo m` mkquknoz os uea no mas cr`nas no m` samvoegk`, parquo os m`g`p`gkn`n quo tkoeo m` ojpros` p`r` b`gor lroeto ` sus gajprajksas pora oe om gartapm`za. Wo nkgo quo tan` ojpros` mqukn` os samvoeto, pora ea tan` ojpros` samvoetob` no sor mqukn`.

V`r` om èmksks no m` mkquknoz, so pragono prkjora ` ahsorv`r om oqukmkhrka lkeègkorano m`s ojpros`s, quo so notorjke` gae om laena no jèkahr` (@gtkva garrkoeto p`skva garrkoeto) y om g`pkt`m garrkoeto tpkga (@gtkva garrkoeto luegkae`m V`skvagarrkoeto rogurroeto). V`r` quo oxkst` oqukmkhrka lkeègkora, om laena no jèkahr` nohosor j`yar `m g`pkt`m garrkoeto tpkga, par ma quo m` ojpros` ea toenr` eogoskn`nos nog`pkt`m garrkoeto.

Oe om gaedueta no m`s ojpros`s, om 36% no om m`s prosoetè oquk m khr ka

lkeè gkora, par ma oe prke gkp ka so puono nogkr quo sae mquk n`s. @eoxas K y KK.Oe osto `p`rt`na, t`jhke so nkloroegk` om èmksks oe mas nas jksjas hmaquos quo

m` samvoegk`. Mas r`tkas rospogta ` g`n` hmaquo sae4

@) Laena4

X`tka gkrgumèto (@G / VG)4Osto r`tka jkno m` g`p`gkn`n no m` ojpros` p`r`b`gor lroeto gae su `gtkva garrkoeto ` m`s ahmkc`gkaeos rogaeagkn`s oe sup`skva garrkoeto. Os om gagkoeto oetro m` suj` no tan`s m`s p`rtkn`s nom `gtkvagarrkoeto (oxkstoegk`s, guoet`s ` gahr`r, kevorskaeos lkeègkor`s tojpar`mos ytosaror`) y tan`s m`s p`rtkn`s nom p`skva garrkoeto (`groonaros gajorgk`mos yatr`s noun`s ` garta pm`za). Om oxgosa no @G sahro VG os c`rèt` no mkquknoz,

par ma quo om v`mar `gaesod`hmo noho sor suporkar ` m` uekn`n. X`tka qukgi (@GOxkstoegk`s / VG)4Osto r`tka os juy skjkm`r `m r`tka ètorkar,

sma quo oe om `gtkva garrkoeto ea gaesknor` m`s oxkstoegk`s. Nkgba r`tka nohosktu`rso oetro 6.2 y 0.

X`tka no nkspaekhkmkn`n (ôsaror` + @gtkvas mquknas / VG)4 so tr`t` no m`jonkn` js oxkcoeto no mkquknoz. V`r` quo so` skceklkgèto, os gaevoekoetoquo om v`mar so` suporkar ` 6.7 `praxkj`n`joeto.


24/65


-02-

Ojpros` X@^KAW 0 8 7 > ? < 3 2 ; 06

@gtkv`s (8662-8600)

X`tkagkrgumèto

8, 6,22 6,23 8,0 2,2; 0,6< 8,38 0,> 6,6? 6,67 6,>7 6,8> 6,;< >,0; 6,63 6,6> 6,60

Pukohr`s (8662-8600)

X`tkagkrgumèto 6,38 8,2

X`tkatosaror`

6,62 6,6> 6,08 6,00 6,6? 6,68 8,62 6,6? 6,00 6,67

Ojpros` X`tkas 0 8 7 > ? < 3 2 ; 06

@gtkv`s (8606)

X`tkagkrgumèto 7,8? 0,60 6,;0 0,62 0,,


25/65


-0;-

GAEGM_WKAEOW.

Gaja so nkda oe m` ketranuggke, mas r`tkas bè skna g`mgum`nas no m` jksj` larj` p`r`tan`s m`s ojpros`s ske toeor oe guoet` m`s p`rtkgum`rkn`nos prapk`s no m` `gtkvkn`n nog`n` ue`.

B`y quo gaesknor`r quo om èmksks lkeègkora no mas r`tkas, gaemmovè om gajpaeoetosuhdotkva nom è`mkst`. Oe gaesoguoegk`, nas è`mkst`s èto mas jksjas rosumt`nas

panrè mgèz`r gaegmuskaeos mkcor`joeto nkloroetos.

Var atra m`na, om èmksks lkeègkora roqukoro h`stèto tkojpa y osluorza par p`rtonom è`mkst`, ma quo so tr`nugo oe j`yaros gastos.

Om ahdotkva nom èmksks os notorjke`r qu r`tkas sae mas quo tkoeo j`yar g`p`gkn`npronkgtkv` sahro om rkosca no qukohr`.

Om à oe om quo so ahsorvè j`yaros nkloroegk`s oetro mas nas crupas noojpros`s os om 8606.

Mas r`tkas ahtoeknas quo jodar nksgrkjkeè sae4 XOA, @^/V^ y M.

Gaja so puono ahsorv`r, mas v`maros no ostas tros r`tkas so nkloroegkè h`stèto

oetro m`s ojpros`s oe qukohr` no m`s ojpros`s `gtkv`s._e` ojpros` `gtkv` prosoet` ue` huoe` y `mt` roet`hkmkn`n ogaejkg`, toekoena

`gtkvas sulkgkoetos p`r` b`gor lroeto ` sus ahmkc`gkaeos no p`skva. Nkgb` ojpros`guoet` gae ue` huoe` ùtalkeègk`gke y par omma ea ost eogoskt`n` no j`yarlkeègk`gke `doe`, gae ma quo su oenoun`jkoeta a `p`mèg`jkoeta os h`da.

Oe g`jhka, ue` ojpros` oe qukohr`, tkoeo ue` roet`hkmkn`n ogaejkg` jsronugkn`. Wo oeguoetr` oe ue` sktu`gke no kesamvoegk`, parquo ea tkoeo rogursassulkgkoetos p`r` b`gor lroeto ` sus gajprajksas, y no `b quo husquo lkeègk`gke`doe`, y ost juy oenoun`n`.

No mas setaj`s no qukohr` norkv`nas no m` ostrugtur` lkeègkor` notogt`nas oe m`s

ojpros`s panojas nost`g`r mas skcukoetos4- Oxksto ue` nolkgkoeto lkeègk`gke no mas `gtkvas gkrgum etos, quo nohoe sor

lkeègk`nas gae p`skvas porjèoetos. Nurèto om èmksks, so b` vksta quo m`j`yar p`rto no m`s ojpros`s quohr`n`s ea pasooe oqukmkhrka lkeègkora.

- Mas hoeolkgkas no m`s ojpros`s oe qukohr` sae osg`sas, oe `mcue`s no omm`ssae kegmusa eoc`tkvas.

- Gaja y` so b` vksta ètos, m`s ojpros`s oe sktu`gke no qukohr`, ea guoetègae ue` huoe` ùtalkeègk`gke par ma quo so oeguoetrè juy oenoun`n`s, om`p`mèg`jkoeta os juy mta.


26/65


-86-

G@V^_MA >

OM JANOMA NO @M^J@EGaja so b` gajoet`na oe om g`ptuma nas, so bè nos`rramm`na v`rkas janomas noqukohr` quo no larj` skettkg` pronkgoe m` prah`hkmkn`n nom rkosca no qukohr`.

Os eogos`rka duzc`r m` pronkggke no grksks no ue` ojpros` utkmkzèna atraskenkg`naros `p`rto nom èmksks lkeègkora tr`nkgkae`m. No `b ` quo so utkmkgo om janomano @mtjè, p`r` panor gajp`r`rma gae mas rosumt`nas ahtoeknas oe om èmksks no r`tkas.

Gaja y` so b` oxpmkg`na oe om g`ptuma nas nom tr`h`da, om janoma porjkto gaestrukrue gronkt-sgaro, os nogkr, ue kenkg`nar quo oecmaho nkvorsas kenkg`naros ogaejkgaslkeègkoras, paenorenamas nohkn`joeto. Wo tr`t` no ue èmksks jumtknksgrkjkeètoquo `skce` ue puet`do (T-sgaro) oe luegke nom v`mar quo `mgègoe notorjke`nasr`tkas.

V`r` m`s ojpros`s quo ea gatkzè, quo os om g`sa no osto ostunka, m` lrjumùtkmkz`n` os m` skcukoeto4

Gaja t`jhke so gajoet, om T-sgaro no @mtjè gaest` no gkega rom`gkaeosgajhke`n`s oe ue` sam` v`mar`gke, ma quo porjkto gm`sklkg`r ` m`s ojpros`s oesamvoetos o kesamvoetos, `skceenamo ` ue` ojpros` ue` gkort` puetu`gke soce m`sg`r`gtorstkg`s lkeègkor`s quo prosoeto.

Gaja so b` vksta ètos, m`s v`rk`hmos kegmukn`s suckoroe quo om rkosca no qukohr`nopoeno no4

- Mkquknoz.

- Xoet`hkmkn`n `gujum`n`.

- Xoet`hkmkn`n.- Ostrugtur` lkeègkor`.

- Xat`gke no `gtkvas.

M` ketorprot`gke no m` puetu`gke nom T-sgaro, vkoeo n`n` par ost`s ro`s nomjanoma4

T=0,204 @mt` prah`hkmkn`n no qukohr`. Gòr oe ue pragosa no qukohr` oskejkeoeto.

T574 H`d` prah`hkmkn`n no qukohr`. M` ojpros` so oeguoetr` oe huoe`sktu`gke, gaesknorenam` gaja samvoeto.

Wk T so oeguoetr` oetro osas nas v`maros, m` ojpros` so oegaetr`r` oe ue`sktu`gke ea hkoe nolkekn`, par ma quo nkgb` ojpros` noho `gtu`r gae gùtom` p`r` eakegurrkr oe ue pragosa no qukohr` oe mas prxkjas às.


27/65


-80-

Osto janoma so b` ro`mkz`na oe m`s t`hm`s no mas @eoxas K y KK. Oe om skcukoeto`p`rt`na so rosujo m` toenoegk` ahsorv`na nom T-sgaro no @mtjè oe mas nas crupasno ojpros`s.

>.0. NOWGXKVGKE NO MAW XOW_M^@NAW.

^`hm` ;. T-sgaro no @mtjè.Luoeto4 @eoxas K y KK.

Wo puono ahsorv`r q uo p`r` m`s ojpros`s oe qu kohr`, om ;6% prosoetè ue v`markelorkar m 0,20 jkoetr`s qu o om 06% rostèto so oegu oetr` oe ue ` sktu`gke eahkoe n olkekn`, uequ o oe tan`s omm`s, g`n` a nkg ba s ga ro v` nksj keu yoena.

Oe g`jh ka, om 76% no m`s ojp ros`s gt kv`s t koeoe ue v`mar nom T-sgaro p aroegkj` no 7, ma qu o qukoro nogkr quo ea tkoeoe ue rkosca n o qukohr`, jkoetr`squo om 36% rostèto prosoetè uea s v`maros oetro mas nas ujhr`mos, gae ma gu`mnkgb`s ojpros`s n ohore pra pae or jonkn`s y samug kaeos t kojpa p `r` ea gòroe ue pra gosa no qukohr`.

B`y quo gaesknor`r quo om janoma no @mtjè os ue janoma no crè kegortknujhro,y` quo oe jugb`s ag`skaeos mas rosumt`nas ea sae notorjkeètos. M` j`yar` no m`s

vogos, gaja so b` ahsorv`na, m` pronkggke no nkgba janoma skt` ` m`s ojpros`s oem` zae` crks.

Ojpros` 0 8 7 > ?

8606 866; 8662 8606 866; 8662 8606 866; 8662 8606 866; 8662 8606 866; 8662

@gtkv`s T-sgaro 8,77 0,;2; 0,>;8 0,323 8,8>2 8,728 8,82; 8,>6< 0,20< 0,7,8?2 >,2>8 0,287 7,787 6,3? 0,70? 0,08? 6,387 0,8?7 0,6


28/65


-88-

G@V^_MA ?

OM @EMKWKW NKWGXKJKE@EÔGaja y` so b` vksta oe om g`ptuma 8 no jèor` js nos`rramm`n`, om èmksksnksgrkjkeèto os ue` tgekg` ost`nstkg` jumtkv`rkèto. Wu lke`mkn`n os è`mkz`r skoxkstoe nkloroegk`s skceklkg`tkv`s oetro mas crupas no ojpros`s rospogta ` ue gaeduetano v`rk`hmos jonkn`s sahro m`s jksj`s. Oe om g`sa no quo t`mos nkloroegk`s oxkstè,oxpmkg`r oe qu soetkna so nè y l`gkmkt`r pragonkjkoetas no gm`sklkg`gke skstojtkg` noeuov`s ahsorv`gkaeos no arkcoe nosgaeagkna oe uea no mas crupas è`mkz`nas.

V`r` m` gaestruggke nom janoma so b` somoggkae`na ue` juostr` no voketoojpros`s nkloroegk`nas oe nas crupas4 `gtkv`s y oe qukohr`.

V`r` ro`mkz`r om èmksks, so b` utkmkz`na gaja v`rk`hmos kenopoenkoetos mas r`tkasg`mgum`nas oe om g`ptuma 7 no osto tr`h`da, y gaja v`rk`hmo nopoenkoeto m` portoeoegk`` mas crupas `gtkv` y oe qukohr`, skoena 6 y 0 rospogtkv`joeto, oe trjkeasguètkt`tkvas.

Om porkana no ostunka no osto tr`h`da, gaja y` so b` gkt`na ètos, os nom 8662 `m8600.

Jonkèto om pracr`j` KHJ WVWW st`tkstkgs, so bè coeor`na mas rosumt`nas p`r`g`n` uea no mas às, y ue rosumt`na no m` jonk` no mas gu`tra às, quo so `nduet`gaja @eoxa KKK.

Oe osto `p`rt`na, so oxpmkg` mas rosumt`nas nom à 8606, y` quo os om à oe omquo jodar so ahsorv` om panor nksgrkjkeèto no m`s v`rk`hmos.

Mas ost`nstkgas utkmkz`nas sae74

L no Weonogar4so gajp`r` p`r` g`n` v`rk`hmo m`s nosvk`gkaeos no m`s jonk`sno g`n` uea no mas crupas ` m` jonk` tat`m, oetro m`s nosvk`gkaeos ` m` jonk`noetra no g`n` crupa. Wk L os crèno p`r` g`n` v`rk`hmo, earj`mjoeto j`yarquo 7, qukoro nogkr quo m`s jonk s no g`n` crupa oste juy sop`r`n`s y m`v`rk`hmo nksgrkjke` hkoe. Var om gaetr`rka sk L os joear quo 7, m` v`rk`hmonksgrkjke`r paga, y` quo b`hr pag` bajacoeokn`n oe mas crupas y ostasost`re juy prxkjas.

J no hax4so agup` no m` kcu`mn`n oetro m`s j`trkgos no gav`rkèz`s no mascrupas, quo tkoeo gaja bkptosks eum` quo m`s j`trkgos no gav`rkèz`s saekcu`mos, ma quo kjpmkg`r` quo luoso js `gaesod`hmo ue` luegke gu`nrtkg`quo mkeo`m. Om v`mar ahtoekna so `praxkj` par ue` L no Weonogar. Wk pQv`mar =6,6? so rogb`z` m` kcu`mn`n oetro m`s j`trkgos no gav`rkèz`s gae ue ekvom nogaelkèz` nom ;?%.

M`jhn` no Skmis ()4gaestktuyo ue` jonkn` no m`s nkloroegk`s oetro crupasnohkn`s ` m`s luegkaeos nksgrkjkeètos. Os nogkr, oqukv`mo ` m`s nosvk`gkaeos `m` jonk` noetra no g`n` crupa rospogta no m`s nosvk`gkaeos ` m` jonk` tat`m skenkstkecukr crupas. Ma kno`m os ahtoeor ue v`mar prxkja ` gora, ma quoskceklkg`r` ue` huoe` nksgrkjke`gke oetro mas crupas.

M`s luegkaeos no Lksbor4sae `quomm`s luegkaeos quo porjktoe g`tocarkz`r ùe` euov` ojpros` noetra no uea no mas crupas. Wo gaestruyoe tèt`sluegkaeos gaja crupas b`y`, oe euostra g`sa nas. Nkgb`s luegkaeos sog`mgum`rè p`r` ue` euov` ojpros` y naeno so n ue v`mar js `mta sogarrospaenor gae om crupa no portoeoegk` (`gtkv` a quohr`n`).

7bttp4//b`mwoh.ug7j.os/osp/Vorsae`m/porsae`s/djj`rke/osp/@Jumt/toj`


29/65


-87-

?.0. ORVMKG@GKAE NO MAW XOW_M^@NAW.

@emksks no mas rosumt`nas ahtoeknas p`r` om à 8606.

L no Weonogar4

Wo puono ahsorv`r, quo om ?6% no mas r`t kas, prosoetè ue ` L j`yar qu o 7, par maquo m` jonk` no mas n as c rupa s ost h`stèto sop`r`n` y s ae ma s qu o jodarnksgrkjkeè.

J no Hax4

Oe osto g`sa, so puono nogkr qu o so rogb`z` m` bkptosks eu m` gae u e ekv om nogae lkèz` nom 066%, y` quo pQv`mar : 6,66. Mas n as c rupa s, oe j`trkgos nogav`rkèz`s, sae nkloroetos.


30/65


-8>-

M`jhn` no Skmis y v`rk`hmos ketranugkn`s4

^r`s b`hor prag os`na mas n`tas, om pracr `j` b` ketranugkna sma quom mas r`t kasquo j kekjkgo m` m`jhn` no Skmis cmah `m.

Oe euostra g`sa mas quo tkoeoe j`yar skceklkg`gke sae4

- XOKL4 rosumt`na ogaejkga no kecrosas lkeègkoras.

- XOO4 rosumt`na ogaejkga no oxpmat`gke.

M` luegke no Lksbor4

Gaja so b` nkgba ètos, so bè gro`na nas luegkaeos nksgrkjkeètos, uea p`r` g`n`

crupa no ojpros`s (`gtkv`s y oe qukohr`s), y g`n` ahsorv`gke so `skce` ` `quomcrupa guya j`yar v`mar no gm`sklkg`gke ahtkoeo.

M` luegke p`r` om crupa no m`s ojpros`s `gtkv`s os4

R : 8?,8>2 x XOO + 0


31/65


-8?-

Wo puono gajprah `r quo om pargoet`do no gm`sk l kg`gke ga rrogt` oe m` juostr` osnom 2?%. H`senaso oe osta s rosumt`na s, so puono gae gmu kr quo, sk so utk m kz`gu`mqukor` no m`s nas lu egkae os ahtoekn`s p`r` gm`sk l kg`r euovas g `sas, sopuono ospor`r quo om pargoe t`do no gm`sklkg `gke garr ogt` so` nom 2?%.

@ gaetkeu`gke, so vore nas odojpmas no `pmkg`gke no nkgba janoma.

Wo osgacoe nas ojpros`s `m `z`r, ue` `gtkv` y atr` oe qukohr`, portoeogkoeto `m

jksja sogtar no `mkjoet`gke.

Wo g`mgumè p`r` g`n` ojpros` m` roet`hkmkn`n ogaejkg` no oxpmat`gke (XOO) y m`roet`hkmkn`n ogaejkg` no kecrosas lkeègkoras (XOKL), p`r` om à 8606.

Gae ostas n`tas, so pragono ` m` `pmkg`gke no m`s luegkaeos ahtoekn`s par omjanoma no èmksks nksgrkjkeèto.

Odojpma 04ojpros` `gtkv`.

XOO : 07,36%

XOKL : 8,62%

Wo g`mgum` om v`mar p`r` m` luegke nom crupa no ojpros`s `gtkv`s4

R : 8?,8>2 x XOO + 02 x 6,073 + 0?; + 7,737;8,320 : >,6?0;

Vastorkarjoeto, so g`mgum` om v`mar no m` luegke nom crupa no m`s ojpros`s oequkohr`4

R : 8,?3; x XOO + 00,2 x XOO + 02 x 6,6802 + 0 + 6,7>6


32/65


-8


33/65


-83-

Hkhmkacr`l`

Voejè, W. B., & Voejè, W. B. (8663). Lkeègk`m st`tojoet è`mysks èn sogurkty v`mu`tkae. Eow [ari4JgCr`w-Bkmm.

Wtkgieoy, G. V.9 Hrawe, V. X., & S`bmoe, D. J. (866>). Lkeègk`m ropartkec èn st`tojoet è`mysks4 @str`tockg porspogtkvo. Wautb-Sostore Vuh.

G`rr`sga C`mmoca, @j`mk`4Nagujoet`gke no m` `skce`tur` @emksks no Ost`nas lkeègkoras K (8607-860>).

T`jar` X`jroz, Gaestègka4@emksks no qukohr`. Nagujoeta no tr`h`da 860?.


34/65


35/65


-8;-

@eoxas

Oe osto tr`h`da so `nduetè tros èoxas4

@eoxa K4 oe osto èoxa so prosoetè mas r`tkas lkeègkoras no roet`hkmkn`n, mkquknoz ysamvoegk`, y mas v`maros nom janoma no @mtjè p`r` m`s ojpros`s `gtkv`s.

@eoxa KK4 oe osto èoxa so prosoetè mas r`tkas lkeègkoras no roet`hkmkn`n, mkquknoz ysamvoegk`, y mas v`maros nom janoma no @mtjè p`r` m`s ojpros`s oe qukohr`.

@eoxa KKK4 so juostrè oe nkgba èoxa mas rosumt`nas no mas às 8662, 866;, 8600, ym` jonk` no mas gu`tra às ahtoeknas ` p`rtkr nom pracr`j` KHJ WVWW st`tkstkgs.


36/65

@EORA K. OJVXOW@W @G^K\@W

^`hm` 0. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mosea garrkoetos 8?72666 8>;86;8 8?7 0>?7 8863

KK. Kejavkmkz`na j`tork`m 8?73 8>;6 87>0?>3 80KK. Oxkstoegk s 86800 0>2

KKK. Nounaros gajorgk mos y atr`s guoet`s gahr`r 06>8>0;

Wuhvoegkaeos, nae`gkaeos y moc`nas rogkhknas 6 6 6 6

^`hm` 8. G_OE^@W VXNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae 687>;07 ->>?3 >;;?0 ;?7

Nkloroegk s no g`jhka -;68> 0?;06? ?>26?8C`stas lkeègkoras -73782 -?3286 -;0>?6 -062607>3 >7?;?? >7;72?H@^ (guoet` rna) >;6276 >607>3 >7?;?? >>0672

Kjpuosta -077>?6 -00% 2,06% ;,73% ;,?0% 2,22% 2,78%J`rcoe (H@K^ / \OE^@W) 2,>6% 2,>2% 06,?7% 06,0>% ;,7;% 2,>>%

Xat`gkaeos (\OE^@W/@^) 0,68 6,;< 6,2; 6,;> 6,;? 6,;;

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO ;,?>% ;,03% ;,7?%J`rcoe (X^NA ORVMA^ / \OE^@W) 2,?6% 2,7;% ;,;0% 2,?%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 0,08 0,6; 0,66 0,63 0,63 0,00

Xoet`hkmkn`n ogaejkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,>7% 8,>7% ;,06% 7,06% 6,>>%

Xoet`hkmkn`n lkeègkor` arnke`rk (H@^ AXNKE@XKA/VE) XLA 00,23% 06,2% 07,20% 08,86% 00,8?%Gasto jonka nom p`skva (Cta lra/ V@) k -0,28% -7,6,8;% ->,80% -7,7?% -8,>>%(XOA-k) 06,73% 00,0>?0,66 8877?22,66 -8776,66 -;77,8? 0>020>0,66@G^K\AW OR^X@L_EGKAE@MOW ?3;3


37/65

^`hm` 6,0;70?;300

6,2>3*(\`rk gkae no Xosorv`s / @gtkvas) 6,6>8?;7??; 6,6> 6,

6,;;2*(Gklr` no eocagkas / @gtkvas) 6,;?72738>60 6,;70;

Hoeolkgka Eota - \`rk gkae no rosorv`s -8 6 0

^`hm` 3. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mosea garrkoetos 8>6782>K. Kejavkmkz`na ket`eckhmo ;2 >06< ;07>

KK. Kejavkmkz`na j`tork`m 87372>3 7;>0?6

K\. Kevorskaeos oe ojpros`s nom crupa y sagk n`s m rca pm za 6 6 6 6

\K. @gtkvas par kjpuosta nklorkna 6 6 6 6

Luegkae`mosgarrkoetos 836?336 88

K. Vrkvkskaeos ` garta pm za 6 6 6 6

KKK. Noun`s ` garta pm za 8>7?< 0?02720 07?2??>

K\. Noun`s gae ojpros`s nom crupa y `sagk n`s ` garta pm`za 6 6 6 6

V`trkjaeka eota 8600 8606 866; 8662VE 06 >8

G`pkt`m 0770?>28 >>207>3 ?7>77 83?> 7;26 063>7

0. atras K 82>7 83?> 7;26 063>78. ^r`h`das ro`mkz`nas par m ojp 6 6 6 6

7. \`rk gkae oxkstoegk s 6 6 6 6

C`stas no oxpmat`gke ->2760>2 -7;03>66< -?668>?Kecrosas lke`egkoras 7300 >?3;

Nkloroegk s no g`jhka -7336 ->0?3; % 0,62% 0,,>3% -?,3>% -?,6 ?,28 ?,


38/65

^`hm` 00. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 06,66 >;,66@gtkva/V`skva 0,08 0,03 0,02 0,03 0,0< 0,0>VE/V`skva 6,08 6,03 6,02 6,03 6,0< 6,0>

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA 0?2;>678 8>,66(LEX Â^@M - @G^. OR^X) / LCA 8>,87 07,83 ;,?3 ?,;; 07,8< 02,3?

^`hm` 08. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no jèkahr` / @gtkvas) 6,66;77

7,063*(H@K^ / @gtkvas) 6,88>2302;3 6,80 0,>700886;88>6838 0,323076?3226367Vrah`hkmkn`n no qukohr` 70,07% 80,?07?3> 80>320

^`hm` 0>. G_OE^@W VXNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae >>70;;6 >63723; 7820 >>2370>Gklr` no eocagkas >>70;;6 >637>?; 7820 >>2370>

\oet`s

Vrost`gkae no sorvkgkas

Atras K oxpmat`gkae 6 >86 6 6

0. atras K 6 >86 6 6

8. ^r`h`das ro`mkz`nas par m ojp 6 6 6 6

7. \`rk gkae oxkstoegk s 6 6 6 6

C`stas no oxpmat`gke ->80>;38 -7237 -00;20 -08;07H@^ (guoet` rna) 837> 288< 38;>

Kjpuosta -07662 >8< -88?6 -8602

Hoeolkgka eota -3 -0>870 -0>;70

^`hm` 0?. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk 8662-8600 Jonk 8606-8600Xoet`hkmkn`n ogaejkg` arnke`rk (H@K^ / @^) XOA 8,?>% 0,30% 8,;6% 7,70% 8,8% ;,07% 76,% -?,,72% -7,0;%

(XOA-k) ?,;7% >,% ;,60% 0,;6 8,8> 8,66 0,;7Xoet`hkmkn`n lkeègkor` (H@^/ VE) XL >,82% 8,73% 0,70% 0,0>% 8,82% 7,78%Xoet`hkmkn`n lkeègkor` eot` (HE/ VE) XLE -0,07% -6,20% -8,83% -8,7>% -0,% -6,;3%

8. Ajoc` Wpkgo W.M.

8. Ajoc` Wpkgo W.M.

7. Eucos` W.M.

7. Eucos` W.M.

7. Eucos` W.M.

7


39/65

^`hm` 0 6,;0 6,;3 6,2? 6,;8 6,;8

X`tka qukgi : (@G - Oxks) / VG 6,?3 6,?< 6,?; 6,>? 6,?> 6,?3

X`tka tosaror` : (ôsar + @. mquknas)/ VG 6,67 6,6? 6,67 6,60 6,67 6,6>

@EMKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA 0?>7 8,0

T-sgaro 8,728>;0 8,>6?202Vrah`hkmkn`n no qukohr` 2,7>% ;,23% 3,;;%

Hoeolkgka Eota 0?077622 0726?>7K. Kejavkmkz`na ketèckhmo 6 6 72? 08 ;222>0 0>78>;7 073;636

K\. Kevorskaeos oe ojpros`s nom crupa y sagk n`s m rca pm za 806 806 806 806


Luegkae`mosgarrkoetos 086722> 000?;;?KK. Oxkstoegk s >2>3 72366?

KKK. Nounaros gajorgk mos y atr`s guoet`s gahr`r 30;002 33;;0> 330?08 0682;;6

K\. Kevorskaeos oe ojpros`s nom crupa y sagk n`s garta pm za 6 6 6 6

\K. Vorkanklkg`gkaeos ` garta pm za 6 6 6 6

Oxtr`luegkae`mosea garrkoetos >20>28 >20>28 0?3?278 0?6? ?

K. Vravkskaeos ` m rca pm za 6 6 6 6

KK. Noun`s ` m rca pm za 83?37> 7>2878 ?26 ?

KKK. Noun`s gae ojpros`s nom crupa y sagk`n`s m rca pm za 6 6 6 6

Ea rogurroeto garrkoeto 07322>0 ;8;;0> 0?8>8>; 070 ;8;;0> 0?8>8>; 07?>76 07?02;6

G`pkt`m 0>00?> ; 3 36?>;

Nkloroegk s no g`jhka -7 -08?6< -80>0> ?600

\`rk`gkae no v`mar r`zae`hmo oe kestrujoetas lkeègkoras ->062 0 27?>0 06. W`m [ Wam W.@.

>. W`m [ Wam W.@.

>


40/65

^`hm` 80. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk 8662-8600 Jonk 8606-8600Xoet`hkmkn`n ogaejkg` arnke`rk (H@K^ / @^) XOA 8,;6% 7,% 7,70% 7,22% 7,>7% 7,83%J`rcoe (H@K^ / \OE^@W) 8,0?% 8,?3% 7,8>% 7,0;% 8,3;% 8,70 0,68 0,88 0,8? 0,72

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO 7,3?% ?,8;% ?,?3% 7,>7% >,?0% >,?8%J`rcoe (X^NA ORVMA^ / \OE^@W) 0,;?% 8,78%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 0,;0 0,;3 0,

Xoet`hkmkn`n ogaejkg` no Kecrosas lke`egkoras (KL/@G^. LXAW) 0,76% 6,;6% 0,00% >,,72% >,00% >,28676,66 07?02;6,66 088,3? 0030< 0,?< 0,?3?,66 08320>;67,66 0;8>;;8,66 03>6,66 0>,66 2>2 >;82>?KK. Oxkstoegk s >787;26 800076 >2?

KKK. Nounaros gajorgk mos y atr`s guoet`s gahr`r 8

G`pkt`m 766?0 766?0 766?0 766?0

Vrkj` no ojkskae 6 6 6 6

Xosorv`s . W`m [ Wam W.@.

>. W`m [ Wam W.@.

?. Vammas Amkv` W.M.

?


41/65

^`hm` 8680 -8?6677? -8?0?82; -822;;0>

Gaesuja jorg`nor`s

Gaesuja jp

C`stas no porsae`m ->2>;?? ->?307? -720308 -72?0?0

Atras c`stas no oxpmat`gke -7070>6 -8788882C`stas lkeègkoras -082?3 -06>?6 -??;2 -?8?80 8;03; >28?80 8;03; >2 -067?2 -0886?

Hoeolkgka eota 86603 02280 767

^`hm` 83. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk 8662-8600 Jonk 8606-8600Xoet`hkmkn`n ogaejkg` arnke`rk (H@K^ / @^) XOA 7,>;% ?,0,80% ,2?% >,77%J`rcoe (H@K^ / \OE^@W) 0,60% 0,;% 0,76% 0,78%

Xat`gkaeos (\OE^@W/@^) 7,>> 7,03 7,2; >,>0 7,37 7,70

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO >,72% ,36% 3,,0; >,7> ?,0< >,?6 >,8?

Xoet`hkmkn`n ogaejkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,66% 6,66% 6,66% 6,66% 6,66% 6,66%

Xoet`hkmkn`n lkeègkor` arnke`rk (H@^ AXNKE@XKA/VE) XLA 2,78% 0>,8% 86,?7% 07,3>% 00,?6%Gasto jonka nom p`skva (Cta lra/ V@) k -0,8% -6,;2% -6,;?% -0,8>% -0,?8%(XOA-k) ?,00% 8,87 8,?6 8,>< 8,?,8% 86,?7% 07,3>% 00,?6%Xoet`hkmkn`n lkeègkor` eot` (HE/ VE) XLE 6,23 6,28 6,6; 6,0< 6,8> 6,702? 0,?2 0,70

X.Gahortut` LEX g/p:(LEX g/p - @gt. Oxtol)/LCA -7,0< -7,6

Laena no jèkahr` (@G-VG) 8;0,66 2?888,66 0;66;0,3? 76?7?8,66

G`pkt`m garrkoeto tkpkga (@G luegkae`m-VG rogurroeto) 0,66 83768;,66 8;;2;7,?6@gtkva/V`skva 0,7; 0,7; 0,>? 0,>6 0,>0 0,7;VE/V`skva 6,7; 6,7; 6,>? 6,>6 6,>0 6,7;

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA >02


42/65

^`hm` 70. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mosea garrkoetos 083?66< 07>?683 0>6?728 07303?683 0>6?728 0730332 078322> 076780> 0208766KK. Oxkstoegk s ?862>< ?0?7;;6 8>6?>38 03??;>2

Xosumt`na no odorgkgkas ètorkaros 6 6 6 6

Xosumt`na nom odorgkgka 072?82 0623;> 00?666; 7?? 8?? 8?80

Nkloroegk s no g`jhka -88>0 -?388 7?>3 7;;6

\`rk gkae no v`mar r`zae`hmo oe kestrujoetas lkeègkoras

H@K^ rogurroeto 027>86 0;78;0 002273 87?266C`stas lkeègkoras -< 87?8%J`rcoe (H@K^ / \OE^@W) >,;,2?% 7,72% >,>,>0% >,;0%

Xat`gkaeos (\OE^@W/@^) 0,06 0,0? 0,6; 0,>7 0,86 0,07

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO 3,80% 3,>6% >,88% 3,00% 2% 3,76%J`rcoe (X^NA ORVMA^ / \OE^@W) >,2;% >,;,82% >,7>% >,;7%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 0,>3 0,>; 0,76 0,2 0,>2

Xoet`hkmkn`n ogaejkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,?;% 6,0% -6,20% -6,6>% -6,?>% -6, 6,72Xoet`hkmkn`n lkeègkor` (H@^/ VE) XL 2% 3,72%Xoet`hkmkn`n lkeègkor` eot` (HE/ VE) XLE ?,>?% >,?8% ?,60% 3,88% ?,??% >,;2%

^`hm` 7>. X@^KAW NO MKP_KNOTX@^KAW @E@MKWKW LAENA MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

X`tka gkrgumèto : @G / VG 7,27 8,2; 7,68 0,30 8,2< 7,76?>


43/65

^`hm` 7< 73>7;< 737?;6 72800;6

\oet`s


Atras K oxpmat`gkae 6 27>8>?8 -787?8?Kecrosas lkeègkoras ;;077 3;20377 26003C`stas lkeègkoras 6 6 6 6

Notorkara lkeègkora 6 6 6 6

H@^ arnke`rka 307>0377 26003H@^ (guoet` rna) 8830?7 7;>2

Hoeolkgka eota 7>3?7 0;738? 8;888> 7;6;7

^`hm` 7;. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk 8662-8600 Jonk 8606-8600Xoet`hkmkn`n ogaejkg` arnke`rk (H@K^ / @^) XOA 0,?6% ,6?%J`rcoe (H@K^ / \OE^@W) 8,66% 2,83% 00,23% 8,06% % 06,;>% 862860,66 7702838,66 770;>?;,66 82;2


44/65

^`hm` >0. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 7;2227>,66 7277823,66 7>?78;8,66 70>0;67,66 778;,66 7;006,3? >,22

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA 877>0,66 828308,3? 8>;20?,66LEX Â^@M 02030,66 0,66 83?230 6,783>3337 7,280>82832 7,??68>Vrah`hkmkn`n no qukohr` 6,% 6,?>%

Hoeolkgka Eota 83; 7>>7 2>08> 00720>2

K\. Kevorskaeos oe ojpros`s nom crupa y sagk n`s garta pm za 6 6 6 6

\K. Vorkanklkg`gkaeos ` garta pm za 6 6 6 6Oxtr`luegkae`mosea garrkoetos 7038 7038 7038 6KKK. Kevoskaeos kejahkmk`rk s 6 6 6 6

\. Kevorskaeos lkeègkor`s ` m rca pm za 7038 7038 7038 6

Oxtr`luegkae`mosgarrkoetos ?376? 32;;; ;2;70 0637>\. Kevorskaeos lkeègkor`s ` garta pm za >670 >670 8>7726


KKK. Noun`s ` garta pm za 8?20;8 872>;8 0;2;?> 8>7726


V`trkjaeka eota 8600 8606 866; 8662VE 7?36;2 778 7?7;

Xosumt`na nom odorgkgka 0>62> 07;>8 07;3< 06>22

Atr`s `part`gkaeos no sagkas 6 6 73

Notorkara ea lkeègkora 6 6 6 ?


45/65

^`hm` > 0,8? 0,03 0,06

X`tka qukgi : (@G - Oxks) / VG 6,;8 6,;7 0,0< 0,87 0,6< 6,;8

X`tka tosaror` : (ôsar + @. mquknas)/ VG 6,6? 6,62 6,08 6,66 6,63 6,63

@EMKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA 783,66 772,66 06;6>8,66 02

X.Gahortut` LEX g/p:(LEX g/p - @gt. Oxtol)/LCA ,3> 6,;8 0,>7 7,76 ?,>>

Laena no jèkahr` (@G-VG) 0033?3,66 ,66 870;2,66

G`pkt`m garrkoeto tkpkga (@G luegkae`m-VG rogurroeto) 702>,66 882378,66 8287>?,66 787?28,66 837;7,66 066687,66 8788,66 0>3,66 762 8,06 ,3< 3,;?

^`hm` >2. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no jèkahr` / @gtkvas) 6,673*(\`rk gkae no Xosorv`s / @gtkvas) 6,6623776;< 6,668*(VE/V`skva) 6,07;;0620 6,0;6>738?; 6,0?82< ?7; 837 0;???

KK. Kejavkmkz`na j`tork`m 0


KKK. Noun`s ` garta pm za 6 >3?0 30


V`trkjaeka eota 8600 8606 866; 8662VE 08?3;60 08667?< 007?36? ;802

G`pkt`m 00?330; 00?3> 8

Gaesuja jorg`nor`s

Gaesuja jp

C`stas no porsae`m ->6;>;2 -7> 0 80? 0

Nkloroegk s no g`jhka 6 6 6 6

\`rk`gkae no v`mar r`zae`hmo oe kestrujoetas lkeègkoras -833>2 6 6 6

H@K^ rogurroeto 0880;6 00;2>?>? ;>>3? -;868;

Notorkara lkeègkora -8>>


46/65

^`hm` ?0. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk 8662-8600 Jonk 8606-8600Xoet`hkmkn`n ogaejkg` arnke`rk (H@K^ / @^) XOA 7,>2% >,83% ?,02% 7,3>% >,03% 7,22%J`rcoe (H@K^ / \OE^@W) 7,60% 7,02% >,>6% 7,06% 7,>8% 7,06%

Xat`gkaeos (\OE^@W/@^) 0,0< 0,7> 0,02 0,80 0,88 0,8?

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO >,76% >,7% 7,2>% >,>7% >,77%J`rcoe (X^NA ORVMA^ / \OE^@W) 7,,7;% 7,06% 7,?;% 7,>>%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 0,03 0,73 0,0; 0,8> 0,8> 0,83

Xoet`hkmkn`n ogaejkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,??% 6,66% 6,>% 8%Gasto jonka nom p`skva (Cta lra/ V@) k -8,08% -8,62% -8,20% -?,37% -7,0;% -8,06%(XOA-k) ?,< 0,3> 0,?2 0,?>% 8%Xoet`hkmkn`n lkeègkor` eot` (HE/ VE) XLE >,?3% ?,7;% ,20% >,;2%

^`hm` ?8. X@^KAW NO MKP_KNOTX@^KAW @E@MKWKW LAENA MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

X`tka gkrgumèto : @G / VG >,8? >,. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no jèkahr` / @gtkvas) 6,>72 6 6

7,063*(H@K^ / @gtkvas) 6,0782687>8 6,07828?3 6,8228>?20; 6,8>0630737

6,;;2*(Gklr` no eocagkas / @gtkvas) 0,7>07>866< 0,03>37?37

T-sgaro 8,88?6,2 0267

KKK. Nounaros gajorgk mos y atr`s guoet`s gahr`r 23 0 07>;327 0

K\. Kevorskaeos oe ojpros`s nom crupa y sagk n`s garta pm za 6 6 6 733??

\K. Vorkanklkg`gkaeos ` garta pm za 6 6 6 6

Oxtr`luegkae`mosea garrkoetos 7308;2 7308;2 777677 7306>?KKK. Kevoskaeos kejahkmk`rk s 6 6 6 6

\. Kevorskaeos lkeègkor`s m rca pm za 7308;2 7308;2 777677 7306>?

Oxtr`luegkae`mosgarrkoetos 220; 0 0>808

V`skvas 8600 8606 866; 8662Xogurroetoea garrkoeto 80>;2 8?>>0 8;>?2 77?>6K\. V`skva par kjpuosta nklorkna 80>;2 8?>>0 8;>?2 77?>6

Xogurroetogarrkoeto 7;686< 0?7;268 006>8?6 0>83;\. @groonaros gajorgk mos y atr`s guoet`s p`c`r 7;686< 0?7;268 006>8?6 0>83;

Ea rogurroeto ea garrkoeto ;60767 ?;


47/65

^`hm` ?2 82;367; 82060% 2,82% 00,>8%

@p`mèg`jkoeta lkeègkora (V@/VE) M 6,7; 6,20 0,>> 0,32 0,00 6,2% 8,>0% 7,73% 2,8;% 07,,88% 0?,37% 0,82% 0,?2% ?,36% ;,;2%

^`hm` ?2. X@^KAW NO MKP_KNOTX@^KAW @E@MKWKW LAENA MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

X`tka gkrgumèto : @G / VG 3,3> 8,8? 8,;< 8,?? 7,22 ?,66

X`tka qukgi : (@G - Oxks) / VG 8,88 0,06 0,8> 0,8; 0,>< 0,,66 88;66>,3? -2?08,66

^`hm` ?;. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 77282,66 0;0?228,66 8>,66 08876>8,?6 7272?7,?6LEX tat`m / LCA 8,;> 0,60 ;,7< ;,;0 ?,26 0,;2(LEX Â^@M - @G^. OR^X) / LCA 0,36 6,77 3,7> ,6; 0,60

^`hm` < 6,78;?2?>3*(\`rk gkae no Xosorv`s / @gtkvas) 6,032;>?8;> 6,66


48/65

@EORA KK. OJVXOW@W OE P_KOHX@

^`hm` 0. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 0>;;2?> 0362267 0>8;2>?

K. Kejavkmkz`na ketèckhmo 0;;? 0;;? 0>68> 8630??

KK. Kejavkmkz`na j`tork`m 0>>27 0>;32?; 033; 00;08

K\. Kevorskaeos oe ojpros`s nom crupa y sagk`n`s m`rca pm`za 6 6 6 70>8307 >?>238 723>; >>>3

\. Kevorskaeos lkeègkor`s ` garta pm`za 008;6> 082602 6 6

\KK. Ologtkva y atras gtkvas mkquknas oqukv`moetos ; >>>3

V`skvas 8600 8606 866; 8662Xogurroeto ea garrkoeto 6 6 6 6

K\. V`skva par kjpuosta nklorkna 6 6 6 6

Xogurroeto garrkoeto 8>800> 862>2> 877707 6

\. @groonaros gajorgk`mos y atr`s guoet`s p`c`r 8>800> 862>2> 877707 6

Ea rogurroeto ea garrkoeto ?7627> >;>3086 8?68?

Wuhvoegkaeos, nae`gkaeos y moc`nas rogkhknas 6 086;6 6 6

^`hm` 8. G_OE^@W V XNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae 77> 76280 6 -?6 6

OHK^N@ 03>068 8;6>< 037?; -0>202> -;8?80 -?;2 0>883; 06;28? 06>Kecrosas lkeègkoras


49/65

^`hm` >. X@^KAW NO M KP_KNOTX@^KAW @E@MKWKW LAENA MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

X`tka gkrgumèto : @G / VG 6,26 6,30 6,?0 6,2; 6,38 6,3?

X`tka qukgi : (@G - Oxks) / VG 6,8; 6,?7 6,0; 6,?0 6,72 6,>0

X`tka tosaror ` : (ôsar + @. m quknas)/ VG 6,6> 6,8> 6,6> 6,60 6,62 6,0>

@E MKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA 87? ?7627> >;>3087 0,8?0 0,8;2 0,8< 0,8>VE/V`skva 6,873 6,8>7 6,8?0 6,8;2 6,8< 6,8>

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA 87?0>7?> 6,08?82;72?

6,;;2*(Gklr` no eocagkas / @gtkvas) 0,076?>28 6,;0202;?;< 0,836?2?730

T-sgaro 0,8;6,; 8?68>,?

Hoeolkgka Eota - \`rk`gkae no rosorv`s -?33,> 6,; -73>3;,?

^`hm` 3. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 80>3827 866,2?

K. Kejavkmkz`na ketèckhmo 6 6 6 6

KK. Kejavkmkz`na j`tork`m 8638,33 6 6


Luegkae`mos garrkoetos >672>28,8< 720?727,> 7?7>>3;,6;

KK. Oxkstoegk`s 8>23026,?3 883,>< 83>686;,?> 8;628,8

KKK. Nounaros gajorgk`mos y atr`s guoet`s gahr`r 0??0760,037,2< 22?7;,7? 0;


50/65

^`hm` 2. G_OE^@W V XNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae ?6088;,0> ?3>2>822,>? >>>6;?;,;< ?,88 6

C`stas no oxpmat gk e ->302>80>866,2 ->780306,7 -??67>82,3@pravkskae`jkoetas -702,88 -86?7,0>

Gaesuja jorg`nor `s 6 6 6 6aesuja jp 6 6 6 6`stas o porsae` -?2 8,7> 788;,7> 82?7,33 ;>,3% -7,;7% -% ?,


51/65

^`hm` 07. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 8>00338,7? 032,20 22

K. Kejavkmkz`na ketèckhmo >08?>,6> ;;;60>,8< ?3866,?0 >322,;?

KK. Kejavkmkz`na j`tork`m 8736?02,70 323226,?? 208766>0;,?7

K\. Kevorskaeos oe ojpros`s nom crupa y sagk`n`s m`rca pm`za 6 6 6 6


Luegkae`mos garrkoetos 008,;; >66>,;; >66,3< 3280>8,0< 2002??,07 38?67?,3,3< 3280>8,0< 2002??,07 38?67?,38,;8 866?3;,88 076808,8,;8 866?3;,88 076808,2 ,2> 82?;280?0,02 ->0202;,88 -?8;;?7?7?,< 772,8 >;8,?> -72603730,0?

Notorkara lkeègkora 6,6 6,6 6,6 6,6

H@^ arnke`rka >8272,6 >;888;,8272,6> >;888;,??

Kjpuosta >?2?,7; 0%

J`rcoe (H@K^ / \OE^@W) 8,??% 7,6?% >,02% 8,88% 7,66% 8,26%

Xat`gkaeos (\OE^@W/@^) 6,27 6,;3 0,83 0,26 0,88 6,;6

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO 7,03% 7,02% ?,?3% ,,00% 7,6?% 7,>2% 7,73%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 6,2< 0,6> 0,7< 8,88 0,73 6,;?

Xoet`hkmkn`n ogae jkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,>8% 6,66% 0,?3% 6,6% 7,27% 80,7%

@p`mèg`jkoeta lkeègkora (V@/VE) M 0,3? 0,8; 3,7< ,76 0,?8

Xoet`hkmkn`n lkeègkor` (H@^/ VE) XL 7,8>% 7,27% 80, 6,0> 6,62 6,8> 6,08 6,6;

@E MKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA -?>62;6,>> -3>;;80


52/65

^`hm` 03. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 07878>>,;? 082>;;8,7 8?8,?8 880803 0,>0 0, 6,07< 6,0>3 6,>0 6,62;6,>> -3>;;808,,00 33;,;? ;7;287 08236;,62 78>8,3>? 8,>; -0,73

^`hm` 02. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no j`ekahr` / @gtkvas) -6,60>2 -6,688233*(\`rk`gkae no Xosorv`s / @gtkvas) 6,666;700< 6 6

7,063*(H@K / @gtkvas) 6,6;86?7 0,;?233Vrah`hkmkn`n no qukohr` 73,?0% 7?,;>% 08;,??

Hoeolkgka Eota - \`rk`gkae no rosorv`s 8;070,66 7>,0 80>8;,??

^`hm` 0;. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 0787266,0? 0>86202 0860062,78

K. Kejavkmkz`na ket`eckhmo 7>6323,3< 002>;< ?2;2,?7 ? 23262,82

K\. Kevorskaeos oe ojpros`s nom crupa y sagk`n`s garta pm`za 6 6 6 6

\K. Vorkanklkg`gkaeos garta pm`za 0808,>2 6,0< 88;73;,6< 0>36>7,7>

V`skvas 8600 8606 866; 8662Xogurroeto ea garrkoeto 6 2;

G`pkt`m 0?68?0,28 0?68?0,28 0?68?0,28 0?68?0,28

Vrkj` no ojkskae

Xosorv`s 7083;2,73 8,3333,6> >03;0,03 078267,?>;

Wuhvoegkaeos, nae`gkaeos y moc`nas rogkhknas 6 6 6 6

^`hm` 86. G_OE @W V XNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae 8>,37 ,38 -73,;

0. atras K 87?3,?< 7>7>,00 ?;?3,63

8. r`h`das ro`mkz`nas par m` ojp 6 6 6 6

7. \`rk`gkae oxkstoegk`s 8?72272>,28@pravkskae`jkoetas ->87>37607732,78 ->0> ->036?,;

Gaesuja jorg`nor `saesuja jp

`stas o porsae` -0826>03,6< -0077703,>7 -;27>,60 -20;67;,>?tras c`stas o oxpat`g e -?20?7;,8> - ??380,?< 0>278>,73H@^ (guoet` rna) >66?0,>7 ?6? ??380,?< 0>278>,73

Kjpuosta 0>333,6> >03;0,03 078267,??

7. Vros` y G`mvoto W.@.

7. Vros` y G`mvoto W.@.

>. Ojhutknas G`nk W.M.

>. Ojhutknas G`nk W.M.

?


53/65

^`hm` 80. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600Xoet`hkmkn`n ogae jkg` arnke`rk` (H@K / @^) XOA 7,36% >,0 8,72 8,;3 8,37 8,3;

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO >,62% >,??% >,62% 06,7,78%

J`rcoe (X^NA ORVMA^ / \OE^@W) 0,76% 0,?6% 0,>% 0,>6%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 7,0? 7,67 8,26 7,77 7,62 7,6;

Xoet`hkmkn`n ogae jkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,83% 6,72% 0,8;% 8,27?7,?8 >0;7?6?>,83 >307;6@gtkva/V`skva 0,820 0,8?2 0,0;; 0,87? 0,8> 0,83VE/V`skva 6,820 6,8?2 6,0;; 6,87? 6,8> 6,83

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA 0;;?60,?0 8>>326,8 8,?23,?3 -6,022 -6,6;38>678>

6,2>3*(\`rk`gkae no Xosorv`s / @gtkvas) 6,60?> 6,8;6770 8,>87>;;7;2 7,788;>67>8Vrah`hkmkn`n no qukohr` 7,8;% 3,37% 0,60%

Hoeolkgka Eota 7>333,6> >03;0,03 078267,??Hoeolkgka Eota - \`rk`gkae no rosorv`s -2620,>8 887;;;2,3> 86>800;,7; 0>83602,02

K. Kejavkmkz`na ketèckhmo 7>>0>,88 >7622,2> 7>67 82636?,>8 7?;638,80


\K. Vorkanklkg`gkaeos ` garta pm`za 6 6 6 6

Oxtr`luegkae`mos ea garrkoetos 066787,?; 6 6 6

KKK. Kevoskaeos kejahkmk`rk`s 6 6 6 6

\. Kevorskaeos lkeègkor`s ` m`rca pm`za 066787,?; 6 6 6

Oxtr`luegkae`mos garrkoetos 0;>6077,38 0;0?3,27,32 700,>2 0?227,32 700,>2 0?2?003,78 0082;30, ?> ?282?;,3>

K. Vravkskaeos m`rca pm`za

KK. Noun`s m`rca pm`za 00>?003,78 0082;30, ?> ?282?;,3>

KKK. Noun`s gae ojpros`s nom crupa y sagk`n`s m`rca pm`za 6 6 6 6

Ea rogurroeto garrkoeto 7>>6;28,2 87;336


54/65

^`hm` 83?>700,>2 >?77;73, >23; ?87>?2 -06380>,27

0. atras K 007?,27 8;;;,8> 3833,;2 7;23,27


7. \`rk`gkae oxkstoegk`s -0807;7,3; -7>?27;,08 2;8833,? -000868,,77 -?633807,77 -?38237>,67 -?2868>6,67@pravkskae`jkoetas -8;703>;,88 -8>66,>0 -0886?>? -0867>3?,;otorara ea eègora 6 -20072,?> -8?3,< 8>>28,7; 283>0,88 6

OHK^N@ ->?83>8,2? -?>783?,38 >6?722,?> 772;>8,0Kecrosas lkeègkoras 8;3;,67 >2,23 00>?6,0> 38827,78

Nkloroegk`s no g`jhka 6 6 6 6

H@K^ rogurroeto -8C`stas lkeègkoras -0;?>20,03 -00803; -028?3,7< 28300,60H@^ (guoet` rna) -3;76>8,;0 -282;0?,>; 760;,80 28300,60

Kjpuosta 0;26;2,02 86 -0008,62 -8?6>?,>;

Hoeolkgka eota -06622?7,6> -0600?,87 -0;7> ?3?,63 83>;7,;2

^`hm` 8;. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 063

T-sgaro 6,


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^`hm` 70. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 700262;,8; 7872 777082;,67 78>8;3276,32 >7>30,76?,;; ?>6>7>30,2,;>

Xosumt`na no odorgkgkas ètorkaros 6 6 6 6

Xosumt`na nom odorgkgka 0?22?,80 86?3>,;< 708228,8;

Wuhvoegkaeos, nae`gkaeos y moc`nas rogkhknas 8802?6,>? 83>7?7,6? 7??72>,72 >6220?2,08 ->,23 -?26662,?< -63;27,>> ->??83;3,8< 6 -83;;,8tras rosut` as 0;?>8,80 ?3;;,< -083763,;3 ?>8?,77

OHK^N@ 72>382,2> >3>8,2? -0

Kjpuosta -?00>,23 -2 -?>

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO 7,77% 8,2,6;% ?,78% 2 6,?; 6,>; 6,>>

Xoet`hkmkn`n ogae jkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 6,68% 6,6%

Xoet`hkmkn`n lkeègkor` arnke`rk` (H@^ AXNKE@XKA/VE) XLA -8,;;% -7,06% -0,77% -6,88% -0,;0% -7,6>%

Gasto jonka nom p`skva (Cta lra/ V@) k -?,?>% ->,?>27,;; 83>8233,7> 0;>>622,7? 08>7;;


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^`hm` 7?. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 06?,;? 08;;66,??LEX ^A^@M 7;?3,>3 08>>>7 08?

KKK. Nounaros gajorgk`mos y atr`s guoet`s gahr`r 006?2;?,8; 0>30?7,2;; 277;;,73 8;0070,6;


\K. Vorkanklkg`gkaeos ` garta pm`za 6 6 6 6

Oxtr`luegkae`mos ea garrkoetos 8668? 0006083,0,8,7> -0,;; -;,?3 -023803,; -0>,07 ;860?,3? 08>007,>> 0>0688;;,32 -238,;

Xosumt`na oxpmat`gk e 28>83,33 7


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^`hm` 7;. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600Xoet`hkmkn`n ogae jkg` arnke`rk` (H@K / @^) XOA 0,;2% 0,0,% 0,?3%

J`rcoe (H@K^ / \OE^@W) ;,63% 7,3>% >,00% >,;3% 6%

Xat`gkaeos (\OE^@W/@^) 6,88 6,70 6,?3 6,;? 6,?0 6,83

Xoet`hkmkn`n ogaeajkg` no oxpmat`gkae (X^NA ORVMA^/@^ ORVMA^) XOO 0,,20% 8,;2% 0,2;%

J`rcoe (X^NA ORVMA^ / \OE^@W) 3,67% 7,7;% 7,38% >,;,33% ?,80%

Xat`gkaeos (\OE^@W/@^ ORVMA^) 6,87 6, 6,2; 6,;3 6,>

Xoet`hkmkn`n ogae jkg` no Kecrosas lkeègkoras (KL/@G^. LXAW) 00,0>% 6,80% 6,,;?% 7,2,33% 8,3;%

@p`mèg`jkoeta lkeègkora (V@/VE) M ;,68 ?,?2 8,>< 0,77 >,,28% 7,02% >,;?% 7,2 8,62 8,>8

@E MKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA ?6;36,> 3>>672>,?8 8033>6,>2 333?;,7< ?83772,07 23;6> 0,628;?668< 0,?3627?,32 0?7336?,07 0?7838>,??

K. Kejavkmkz`na ketèckhmo 80;66>7,?> >;6268,> >3? 0?88;7,> 0>>8>6 0>>8>6

Vrkj` no ojkskae 02?6?,> 02?6?,> 6 6

Xosorv`s 7>,3> 7>


58/65

^`hm` >>. G_OE @W V XNKN@W [ C@E@EGK@W XOGM@WKLKG@NAGuoet` no rosumt`na rogm`sklkg`n` 8600 8606 866; 8662Kecrosas no oxpmat`gkae ?>6>;3?,8? >7;6686,3Gklr` no eocagkas ?>6>;3?,8? >7;6686,3

\oet`s


Atras K oxpmat`gkae 6 6 6 6

0. atras K 6 6 6 6


7. \`rk`gkae oxkstoegk`s 6 6 6 6

C`stas no oxpmat gk e -?6?6677>8>?,6< 8366>7,?> >;6268,> >3?828,33 ?>?7>3, ;,3?(LEX ^A^@M - @G^. OR^X) / LCA 2,70; ;,73? ;,8>; 00,266 ;,2. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no j`ekahr` / @gtkvas) 6,0?0


59/65

^`hm` >;. H@M@EGO XOGM@WKLKG@NA@gtkvas 8600 8606 866; 8662Luegkae`mos ea garrkoetos 78?2,>2?,82 ,2?,82 >6263,7? -87?7323,37 -?2027@pravkskae`jkoetas -8?326>8,8;3,27 -38;>> -0>28

Notorkara lke`egkora 6 6 6 6

H@^ arnke`rka -08?8?,>> -;7;;0,6? -;;>3?,?> -33>23 8?803,7 ;886;

Kjpuosta -0?202,3% -6,0?% 0,63% 6,>>% 6,30% 6,0 6,>6

X`tka tosaror ` : (^osar + @. m quknas)/ VG 6,68 6,6< 6,8> 6,00 6,00 6,6>

@E MKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA >3>072,? >?6>76,3 >2;


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^`hm` ?7. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE 702 0;>3>7;,08?,;> 0;>63;8 88>,32 8?6 8 >0?0?2,(LEX ^A^@M - @G^. OR^X) / LCA < 7,30< 7,;8; 7,00? >,8? >,;2

^`hm` ?>. JANOMA NO @M^J@E8600 8606 866; 8662

6,303*(Laena no j`ekahr` / @gtkvas) 6,6?6;7>;0; 6,0?7?78>6; 6,6>873*(\`rk`gkae no Xosorv`s / @gtkvas) 6,6687;;3>; 6,668;3887 837;0 822< 02378 8>7;>06

KK. Oxkstoegk`s 372020 >??06 07 ;8; -03>73 062380 78228

0. atras K >


7. \`rk`gkae oxkstoegk`s 06032< -228?3

Gaesuja jorg`nor `saesuja jp

`stas o porsae` -868>;37 -888>280 -883>20< -88670?2tras c`stas o oxpat`g e -0?7>8?7 -0


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^`hm` ?3. X@^KAW NO XOE^@HKMKN@NX`tkas roet`hkmkn`n 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600Xoet`hkmkn`n ogae jkg` arnke`rk` (H@K / @^) XOA -,32% -0,00% 8,08% -8,>?% -?,>0%

J`rcoe (H@K^ / \OE^@W) -7,% -8, 6,>2 6,>0

X`tka tosaror ` : (ôsar + @. m quknas)/ VG 6,68 6,68 6,6> 6,6> 6,67 6,68

@E MKWKW LM_DA NO MKP_KNOT 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600LCA -03?60; -0>;7; 07;3;3;,66

X. Gahortur` LEX g/p: LEX g/p/ LCA ->, -0?,8< -73

X.Gahortut` LEX g/p:(LEX g/p - @gt. Oxtol)/LCA ->,0? -3 -77,2;

Laena no jèkahr` (@G-VG) -087,66 -06>2628,66 -27?667,66 -;820327,66 0688006,66 236688,66 2;8>>3,8? 272282,?6

^`hm` ?;. X@^KAW NO WAM\OEGK@@E@MKWKW LAENA WAM\OEGK@ 8600 8606 866; 8662 Jonk` 8662-8600 Jonk` 8606-8600

VE ?? 0?83;2< 0;? 863;66; 0?7 0,78VE/V`skva 6,030 6,>7 6,78

@E@MKWKW LM_DA WAM\OEGK@ 866; 8606 8600 8608 Jonk` 8662-8600 Jonk` 8606-8600LCA -03?60; -0>;7; 07;3;3;,66LEX Â^@M 0>72; 076;3;7,?6 0>0?223,?6@G^K\AW OR^X@L_EGKAE@MOW 2>0>7 37; 86780? 0;06,?6 3;6?7,?6LEX tat`m / LCA -;,0?8 -28,7>0 06,77? >,68; -0;,82 ->?,3?(LEX Â^@M - @G^. OR^X) / LCA -2,>2 -02,>7 ->7,67

^`hm`


62/65

0

@EORA KKK. XOW_M^@NAW WVWW.

@A 8662

L no Weonogar4 J no Hax4


M` luegke no Lksbor4 Xosumt`nas no m` gm`sklkg`gke4


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8

@A 866;





64/65

7

@A 8600





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JONK@ NO MAW > @AW




Riesgo de quiebra mediante análisis discriminante

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Transcript of Riesgo de quiebra mediante análisis discriminante