„საქართველოს ეროვნული ბანკის 2013 წლის წლიური ანგარიში"
📋 განხილვის ეტაპები
ინიციირებული ვარიანტი
სხდომაზე განსახილველი პროექტი
✓ 72 ✗ 0
საქართველოს პარლამენტის დადგენილება
🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2014-05-01
ბიუროს ნომერი 174
📜 ტექსტი
წერილი
bo
ju6omggotr g6ro36Xqro do63o
Nationa I Bank of Georgia
,(
o- nz
//aa)-Jy'
v J///pJ.//
tt
:9 ol 2o/?
l$Crd)o30q,(,u Jr6q,raC6OoL
ot361qm0r63L
AlO(')b C.or3oo Clr0giagoq,l,
UrCr6o,JN,oL Jtrxr3fuq,o 6r6Jol., 2013 SqrrJ6o
r6Or6oaoL ECI$bCa
b\)<n6r'r q,r3oo,,
,,Urdr6ogcq'oL c6ogbUq" brEJoU Bcbrbca" brdr6ol3Jq'aru o66r63q'o 3r6r'r6ol-t
AC-50 AUbq,oU AC-2 JC6COoUT (,J 6l-C AIbq,oU 0C-6 JSECOoL or6rMrQ, $r66rn6oQbC6o
LrCr6ogcq,cll., c6og6gq'o b$3ob llr6]oLr aoc6 Qra0.lo0cbUq' UJ#6,o3cq'ob c6m36Ueo
b.:63oU 2013 $q,otr $qogt6 s66st(rfrb 03u:br0ol, ATEJJf)AU(,CarbosE c6o)ra
q,s6s6oo: 22 2 g3d,OCq..
JJOo3oUoCdoo,,
6ooC6o jrqr6odg
IrbloU or3&lcpoOrdtg
9106
30 0f tl
2 Senapiro s!r/ Tb isi 0114/ Tel : 2406
{06' 2406 120/
I
yv{olece
nbs 8ov 8e / J'Nn: 20410{aa
g' / cod€: 204 10484
განკარგულება
204t0484
I,oJot6rn8nqrou X6rog61qo Lo63oU todlolr
0J5dJ603R0[J
2014 $q,ol, 28 racoqrt
r.to6
UrdrOorgCqml, C6ogGCen 0s6,:olt 2013 EqnU
ft'<tg(to $ti6rr&rb (NfuJoocDob adlsboD
0c.9 8pbqml, \C' if6do.,l, dCu.r6r0ourA, 1j!d!6o,3Cqxd, Cl6oECq,o DrEJol, lJcDSo
,)egCEb:
eANo t, qDAOJ(aqoU qu tn'$taoa9q'c,1, Jvr,q,q60[ F6ffir5(,l, lrrCcl6olmq'r"tr
6r6Jrl, 2013 g(nl, SqxpCt6o JED6o0o.
eJDq'o 2 gl, U6$66Jq,g0J $cdEcqq'Cb bCqe{},r,ot o!E€C.
l$lou or3fupcror3
Ad"dlao C{'JAodC
ანგარიში
b;jr6o63q,erb 36c'r35Uqo br53o
$q'o36o r65r6otso
2013 $3q,o
lrsttBg3o
tuJi6(l8l('l6o8oJa6o 0.r6c8o..,........ ...... .. ..
I
1.1 aboEqtn $o6oAoJs ....... -1.2 l]o6oAoJU6o56ar
I 3 Lraclabas6Cb(,al 9J,CM, e3q'oq'C0r......
la Lrfuq€$ogo go6s6bC6o.. ....
.
15 bra$,Jo L&toaitu Ar br8sarbrbaCqE brq'r6Lo
2
mRlAFlriJ6cQnd'r e'! U€!q?6l'l &rqo@J.t
2l tsU(,rGFlrJJ6JqDOo JcisoooJr. ..
22 tsUe,5(FUiJ6C{r,O('l Joq'oooJoL o6UOdIcACEOCao - .
2.2.1 t6JSo6r6t frJOol' IgbbXSo--- -- .2.2.2 C6os'W)6o IOLbao A'r J6orPed6o PNollo'Cbo . ...
2.2.3 grb(D6obq.J(,AJao.
2.2.4 Ao6oAbpUN6o Ltt1Jblfuo doo,bq,fro. . .
2.3 lr5O,)q*JOo Joq,oOoJ,) er LrC6o)r8o6oLa) f)rtrqCbob Ard)o'3s "
3.I bs$C('r0bccBCq,o tsr6B{qu t.'hoo)rr6J$r
3.2 A8qDoC('iiaob bor'i,3doU6d, f)ol.,Jo
3.3 LrJ6C(nOo| l5ol.,Jo
34 &aA&a(at6oaoL C,obJo
35 lrsb$r6o 6ob3o ... .3.5.1 ,,I.J(-JO, 6obJo
3.5.2 tt$6xrAf,o 6oLJ
6,"bJo r.e qn33"q,rbJ
s.d.t gxtryJ6"
"fuot&ol WJdOJt6r
3.6.2 ;;<'aidJsaP.b ttJtddsl' ......... ...
s.e S 7,*;Oat g';gr6r6LCbt
3.6.1 sg,,ao6ottir.-,l,gJtbob n',n!Doc6oo - LCR ' " '.""
3.7 lDc Xl66m 6ob3o.. ...
:.a 3sogoq,r,r.r rqXA$rrffir ......
l.s ar,ldlc$AJaC6ooUpo 6obJCao .
3.10 AcIAMlqACq;r AEq'CbCo"l, Q5o3r
a 1 sJrorb";refiaraob artrc,o ....
l.z iu3'-aoilnt;s;6r6l.s"ssrgc. "6l.,OoOUO0bo
o(6y6ob.taocbo
4.2.t
qiNxoo
t.zt xlqxryo6ryAo
''6bOoOJAo
s
;
i
;g
l0
ll
rr.rorele-uaUoat"
"""
"
a,e"""ce.ip e" D,3q"e6ere" !e6qb6r" "
......................-.- ""
"
14
14
15
"" "'
'
19
24
.
27
'.
."
...............
- - -- " 5
" """"" " 36
4s
'"''
....
46
.17
""
""" ."""
""""
'49
"
s9
' 52
53
60
""" '
60
....'. ' " ""'." ]t
74
.. . .74
"
"
.
..
"
'
75
76
...... 76
78
""' """"8t
.. 8)
.
" ' 82
' " 85
"'
86
"" 89
e4
e8
""" ... " 98
" " 1N
"" ""
;.d."aw",Ode",e",€pco.t,0$0@''r$t
ld}
"
'll0
1l3
" " " " 11{
-r"r'r"'-r'-:"
--- -o'i6''m6o0qi'o!
G;ildGr"oca;*"t';a,to"t"o"t"
" 119
"
rtLls5e.i*l-rs g6"rr{p"*a" A'ol,"dt"'S"td*rrt
lzl
Es4oar" "
"
...................125
.
-..- "" ln
r,rS"OatC"aco" t ripos.'tDo... "
'
ii
ia 6.&6o;,q" 0b6"q,c0" ..
........
....
il deh,nds&aa*..
Br6.>dtorSbo
856rd,crF N
r
8r6$onN2
tu6J6on N 3
""
"
"" "
"
r3)
" rs7
'--- "'-""""" " O
"-" ' "" """"69
A1
3
qooJA6rACbo
.
14
(t.,,)b6rAr N l I ao,q-.|)6o Ao(o! J6l,QrJiljot r6CDq-Jd,o ti9A! aLcltsq'mao .
15
..
qksblirar N 1.2 o6SE r0or Akatsq'(n8o.....
18
(x,s86rar N 1.3 &,H)'b6a.' Ar6rb,)rtRr0ob AobC(Boo,.
19
('o)36rar N 1.4 ('56!$otJ6ob (nErAoJr '
(2O0Bl$5r'bo
N
r.5
ao,qDr6o
aJ6CAJ)
0'3i61!oxtu5 A! C60iraoA$ld,Jbq'Cad
Ar
AnrA6rar
"EggrooCbo
... -
....- ...
..
"
"'
.........
2013 $('c6o)....
(|.})A6lAr N .6 oalc6o.r,CbJqo ('5 lqrao(,($dxBo UrCcl6qbl, o6Bq'tot
20
"' '21
I
amM'i6CM)
Arbb6$r N I 7 $('('Jd,o o6gq,roff U a$3C6Cag56ob O3q'oqT6,r lrBrQrbhr b560fiq{Boad
""""""" 23
.
l.rrCo6q'olrr e) aoabrbUf,cboUso6oU
24
(,ora6rar N 1.8 6rC6ox, bqJx,Oob UralQrl$b,{n
-----2\
br
A?+-0'16
q."fa"ar N t e Otgr,-., a"UXJOoL br6xrbo Ar 650r, o)r6r3,)6,Ql(
26
q""tOrA, N I to S"C6,dx, &pJXrOob Actsooooo (aq'6 qrr6o) A! AAI-0'56 or6€r6(F)ar
27
dJ-o,r6 au6aEbr (198-2013 W )
q^iooar N t 11 b.)brq,a$ogo 35q{)
.......
""
""""27
Qnrtarar x t 12 aoaqr'6v60 55Ard)o8ob JoAJarbCEOCSob Su6(m8s
28
p*tora" n t ta uq"o"ryqEao acaobgqb Sbocqio 3o$ooof)Jaou 6ro(9c6oar
.
.
0CActbAq'C6o
"
--
"
'
. "
"
dAJ-or6 ..
' -- ''"" '
""'29
q*,rtOo6" I'{ r u an6q"6)6C ,)6br6o8ob ACtsoooOoU A!So656LrC6oL VUld'oCoo
3l
2012-2013
"
tlru5Cm6q'o
lrrCdbJa'6oo
$q'Cao
q.o"o6Otat N t 5 CaLb3oq'Clh
XASEJ6o
32
2008-2013
"""'
"""
aobccBoo'
d,ctd"6caob
$q'cao
[*iooa" N r.ro 6r,:.o6i ac,ocqxqbr
aobca3o
lDlJlC(I6qE ?(aUtscaob
"" 33
!,s6Ooar N r.rz o$"U6rcrorfuoaq'o brCm6cd oAJc'd,Oo
"'
' 34
XsrEcso 2012-2013 "'
!*iora' N r ra garrb3"q,Cllo oaJc'6oor6c&Jq'o lrJDCe)6gr
' .
" 34
[*io"a' N r re .4.:"o60l, aqUqx,ar ifij6CsoL aobc(B"or 2012-2013
38
"
"'
!"iara"Nz r a"q6oqsq. JoqqSoJob br656co,o.
39
[*iota" I z z q3:.t"6csob ar Ucl,bcaob q'r'r'otr0or, 2005'2013 $S
4r
!*iost N z : y"asa6€q. br6Jc0ou aocd, 0$a3(,o l,Cl'bob"
43
""
ar
t
'
-- --.--i,riorar x z.+ 33q'"(.1$6dr lrrar6.rolfurr $6r$9o'cbo -6rao'cbou (rsJaoJ''
bcd'OrBoJlocboU
bJ('CJo$oO(''
!^ios" N z.s i"t"t .s. gi,(,r6o Deiq'(g3bd, Qr
1999-2013 Sq'JbAo...
.
...
""""'
"'.
45
" 46
qnr6arar illi as3o,rs-6olh tsuq'.r(r, Lt$*)o " ""
ll Z.Z Oxg.'OtOr,CaoU UJbbCAob aa'membr 201I $qd ar'tu''ar6 2013 Sqr,b Ar]C466'ob EroBq.('(r'
[-iO.a"
,',,,,,,............,.4?
""'." """48
(n566rar N 2.8
"' """ s0
qo"lora"xz.r
i^ia"a" N z ro zors $c('r, b:bs'bo6m 3sqxecbe'co
N z r r g"rr"'o"lre)q'qcsou acf)ll,J(,o 6rsr"ol, an6raoJr 2012-2013 $q'COBo
!-iorar
!*io,a" N z.u rr"qtsq
'
Oacq'o 5r
52
"""" " " 53
" """""'54
qnriora, u z.tl t,r3"q26",
-- - t -- "" " ""55
lr,riora. N z.u rd q",q'rt6o/q',r6ou 643q'ooro 33
o6acCLcao (ecJ
!,rio"ar N z rs q"o"l., d5"q.J6" Qs 6crao6rq,36'o ca&kJrr6o 6r33q'o<r'o 3ui{'bcaoL
"" s6
2OO9=I0O)......
......---, 57
997-2013.....
oJJ ... . -.
-
6I
.fo A$CAU(, bCl.,bCbtC $,bCbgq{, lJ)afr<\"
(bJ6JorAod'olm bbCbol, b56er) "
""""' 6l
-;
::
rE o'56rgs6(F!6r "'--"65
r tso5a.} 8JAo$JC,oqD bCl.,bJbol' reANA,,
ffio.rar N l.z tSrrgaorr Brar5cr6s a! rac{cbl
!,"io"a' N s.s ,ri,afo'ea3(-
rC6"3oao
"" " " " """' " 66
""
" """" 65
'''''' ''' '''''''''''' 67
4
"
aor0d,ra,5 N 3 14 bdrbob AoAbrbUoJao,b JoCtsooocboCbob ACsttfua@r, 0!6r$oq'Car
anra6rAr N 3 15 UJ3Mbr J$oO{ ir Ar JCOTBCA%C
g,rb6!ar N 3 16 aoaaoaoJboboU t6(nb
(,(,)A6JA5 N 3.U l$Jdn'o06oo lrwro(. Ar Arb$c a(,CaCq(,
- . -A]l]e6lclto0o,)
ts,,Coo6,3ao
.
..... .............. 7l
... ......72
.73
.. 73
............ 74
(nrA6$rN3.I8brar6Jobol$0Aob$@rlNciC.r,ro@&q4Cbr"......
(hra6rar N 3 l9 blarq,rbbo ($ J6,JblxEx' b$'q'Coo Jd'toOoCAo UitC('rabJ('alqn J$oOJq:o,56 ..........74
...... ..--.. 76
Ar,lad,rar N 3.20 bJJlqocJ6oo brlroror't, rCO.BCAoo, SrgaClJgCaCa.rr Al(g€sqs
n
(Era6rar N 3.22 q{,JBo(mH) JoC$AoC6OC0o 3J("JO0M) oobJ(8oo) .. ....... ..... ...
oBJaaC
I
asqrAChq'Ca0as'r6 78
(r,rA6rar N 3.23 q,oJ3o(oaob bCJo: I oBraqC s*yRrbol, dD6sgr6qrs!
.......
"""""""""' 78
AniA6rar N 3 24 qY)J3o(pJ6,o r'JJ.RCAob AIof('r'6r Ar l,Od'e|O3d,r
...-......
enra6ras N 3 26 r6rtt)ar6Jm ACJalbqlCAo
anrA6bA,) N 3.27 *)r6C$oAC6Oo Jq,oC600aolJ A0&rto006oL
.
" """
?9
"'
'80
AAli0bC6'o) " """" 80
"" 81
A0Jotoo0bor6 "
82
..
C,osAir,rAr N 330 aoqorEo Q565Jr60Cbol., Qo6rAoJr....
83
AoAq)f6r$J)
aorad,ra! N 3.31lr,)A?rqs A0,()0160 Ar6{d60o (A(',(](,160 qr65J5fuo C6o
.
84
aobC(Aoo '
eor0r5,)6! N 3 32 2013 Sq'ob Aoq,or6o qor6{v6b!bo Ae)Sq'Cor(r)r J\)C6o6oC6ob
84
AobC(Aoo
Ao3q'C6so,r
Ao,q'or6o
N
3
33
2Ol2
3roJ6o6,oCaob
Ar6,)Jrd,6Jbo
$q,ob
eosb6la.}
8s
'
""""
A 66rar N 3.34 J$oorq,ol, rAlB$gd,a$ob JoCeo0oC6OC&,
86
..
. ...
"'
Aorb6,)ar N 3 35 bJirb0bou 6?l 10,16 o)rblgv6qmAou orJo
Soq'o
(nr66,rar N 3.28 !5rf)CtboeC6OC6oL QJJ(,boOCaoU bOr,CdOUd,! (2013 $q'ob
qoorainlar N 3 29 Ao'q,or6o b0lrbJboL SCEJi6AC8) $,rbrb,)6Jo
(r'rai6!65 N 3 36 JoAJ60ofe Ar6JCaAo A!ts.Fitrro6C63e'o J,tr,5OC6bCAo 6'oaCq'o'r Ar6boqBr
qpsbfuq'Cagq,o.' (crrSCCad
anra6ror
""" ' "
6.,bJ(B@)
90
N 3.37 Joacd,odJq' 0:635bao qrg(rJu<fufuq'o 3d'co06'boc0o 6'oacq'or ar6boqB)
'
arb6Jq{05q'or (Sscsol, McaSoo') ..
qr'"66S" x l.t lr96,"Jd,",3oaJ$<66rtu ao{'or6o .tjOrBCAoU, 3s('(9c}Jq'CaC6ob' J'})oorq{'[ A(,6roCACAo
q" r36o&1aa,,3q-C6O"t) JefiOgC(hU J5qCC6OUq'o $oq'ob ArsraoJr Fq'Jbob AobC(Boo (20(B-2013) 94
(r'186$) N 4 2 3r}6m6ol, ffioo,)(r, Ar8306Cb('Cbo (Urgr3t'x' l,,Clx,CbbC A'J(,Cage'o Ar ao6$$C
90
- eW.+.rcCbt<. S.6"aJaCAo) 2m7-2013....
-.t l --:---%
6o6l&tC
UClroSb$C
q*,i6i"4" N l.r Ur3tJ6A,s3oiUdrC0ffm 0v6'"ACbCaoL 6rclAC6obJ $q'C0ob
Qr
qo"AorAt N I .a GJ5O6"<-J6, acJo$oOD6,Ao ACJoffi'Sfuq'o Sruorbo Cresq'ACbo $q'Coob oobJNBoo
--- -
(2008-2013)
aoraiira) N 4 5 Gr606tq-J6, AClat .,016,A0 QC'J()ffiCbUq'o AU<'J(r'
(2008-2013)
97
l''!bL6Cao $q'Caob aobC(Boo,
.
9?
('ora6$r N 4 6 ao36obrAo656bo ri60!6o'br0o0bob AoJ('f,160 rCO'AJoo, Sr('ACAUq'CbCbo' J$oo)q'o ar
'
aoA)6o)Car3o
ao,q,or6o 3rq'qC$Cq'Cbgbotr pobrOo3r rj6o330or56 ao656oCbrtso '
q.ra6)as N n.7-$a.6a.t lrgbbC0ob tl6Qou (oo6laoJr rCOosC0o56
"""
""' 9E
99
99
"" "
!,'io"a" N l.a a-q'.,r;Jo6,O$q'ob UOd,elOu6) . .... |Diara' N + r Sttst tSao brbu6,Cao[, l.,O6flCOUd,r' r6,r6CboaC6oo o68r6oSloorboAJ6 Ar Eot'oJU6o 100
" ""' "
i,,.,O.es a.t p:]e'.6dr5f,lrcbd, Qo6raoJr
I02
Js656CO6Jbn
'""
posio$s x + 10 Ao3a.br8o655lro o6br6obrooCbob Aa)&dCbos6o6ol,,
104
(2013
$5q'o)
!-iora" r.r s. r nrCs rrnbocasao a!6bc'r,0oC('c0rq'o A{'56oob3c0o
104
-'
ao (2002-2013
$3(,o)
""
!n.io"ar us.z nrcs u"t Oc65to 0r6bcld,oocq'3fuqb arQv6o0u
Ub3r
adr6cq'cbol,,
6!on
bo\JCacoob!
ar
!""iosa" N s r 6.rq"ta*,1, r,.lc6\}ooao l,)ala!\E
los
""
(2012
..
..
a"bce3.o
r,"fuwOF.,r,
S.)
b'arArb(xl ar3rq'c5ob o6ooo6cadr aobc(aoo 106
*""oalJ., i, s.l s,6Ga. a.{Dbe3aob &6r$oqcbr
.. to7
&,rios.t n s s [a.ffiqn Usb{grbao b(,,)ocbo 2008-2013 SS
c'3r6r0ocao
e0I0-2013
SS)
|,"io"a. N s.e [3s6"1., t"6s"- 3"o"'3q- o"o,oJb'!o' b56bo6ooc('ca3('o
108
cmrad,rar N 5.7 lrrb)a&n bf),)o'Cbob aooeCao
!,"iora, N s r a.,a"5xs'a" r6,bc&cqn 6,{(n AUq'o (31'12 2013).
A(1SUc'soqr')aSAo {2009-2013 $$
8.2
N 8.3
N8.4
N
" .
)
-.
""""
109
Il{
"" " """"" 115
116
Ji6oOC6OJq'rA
CboA5 A!)ECOobo
"" ', """"I17
5
(r'j0d)r6i N l0 1 Cd,og63q,o br6Jotl oDEraA/rx,Aq'C6oL d)ro{,C6ct5{5.8o q,r b,:t6obkrbt5o3o AlB3CECaq,Coo
Ob6oq'CAo
,r6oq,8o.
..17
obr6oq,o N 1 1 a(r)q'.,!6o tsoe! l6(,1Ql3doo Arl66oa6og
(J6,oOC6Oo),
aobCqBoo
aroo
obl()oq,o N 1.2 ob8(lroml, OEo) ArB&rbC0q'Jbo orE JCUqo JIiABobCbOCbol,
(Jr6cBr6OUq,o JUSCOo) .......
23
Sosr l$ffib'a,"60aqn Jrq,rd,rAo (J,t'xrcC6oo) (,r \,C6$q,CEr l.,3o-bC
s0
N I 3lrrD(gJt JbeCqE brqr6lx,U r65q{rloJ36o
..
..
...
..
Snr,AaaArEJ
0b6oqE
....
..
..............31
t'r'Aol.,
oalad\ru
SqDC6,o
OCaJCao
0b6o('o N L4 606dro6,o6Ca3qb frlbJor'i,O.tu Qr
................. . s6
0b{6oq'o N 2.1 i6Dq-J6o JtsCCOU6o a,)o3qooo JJrtbob $qxPJ6o (BqY'eCbr 2013 $Cq,lr..
(6r6Joraod,olro bcbbcaob &d)Qs)
obd,oq'o N 3 I aoq'or6o b,)J6c(r'6('t Jo6OagqD Lc0aC6oc6ob aobc(aoo
0b6oeE N 3.2 brlrCbtx, Jo6,O3C(n r6olrJ-l,Aloa'riC6ob aobC(B@ 2013 $q,ob 3l qoXlCaa6ob
ksc,ard,coaoo
.... .....---a
obr6o(loN3.3biorqnJr',arqftloooolr0r6r$oq'Cas(2012,20I3),O3Ex'q'CarC6o,Sqb!6JC6.m(Oo..........63
0bf)oq'o N 3.a tsucLu') Jo6otscq'{, Alc6or6oCbo qr ts('tr,fficarer, d,cwScao 2013 Sq'ol, 3l
.64
efl Aodlob AAa('la,frCo0o(r, ....... ...
2013
31
$q'olt
0b6oqD N 3.s lrsboopJao q€o6r6lrC0ou Dd,C Sgs6c)ibo A! Ar(r,o QrArfuoU 6t5rgo3o
""'81
qNiaa6ob Oabo6rr')Jo&,o,
(2013s).........
...
sCO.Eoar
"
' 9s
6t5oq'o N 4.1 b.$6rogr6o Joeir6oc6ob
aoq"bc
bcL(aatc
erBoCl,oqfu('()
alQcbreo ar
obi6oq'o N { 2 Jd,cblhon o6so6,a5oor lr$5}5(!
.
....
0!&Jc6Caq,CboU o(,bC(B.'o, (2012-2013 $D .....
6
0glsgoq,rt
brj.:6ogq'ob gtrxn36gq,o 6r63oU 20 I 3 $q,olr $q'o36o .>66.>6ro3o Oo09c.>qrgbgqror
br63olt a3ltbcb" (.lfurbgq'o Jt6o6ott 03 6o q-or 61-3 63bq'cbob
ACbrbrAoL{, qru 6oo6sgu tsUq,re-Ur36C(r'Om, ttJ3rq-Joo (-oJ 1j$5CQrAbC(8Cq,('l
Joq,odoJol., 0o6oboqlsLt AJ JUAoOo6CeJq, tso6JEUC6 r6Arf)oAMbJU. qo3303663o
"LJCJ6o)acq,('lb c6o36gq,o
$.:60oq636oq'os ob J6o<'r6,oOCOCq'o 0o0rt6or3q'3bgbo, 6o0q'oorrg brJb6J6oao
J3t6ocrc.otso CaCUEoU OC6Od,JqpJ6o 6s63o b3g0dq3u6gqnbq.> r66.r6oUdo JJJbUq'or
rA6CcrBC C6x'tg63q,o bJ6JoU 0CtsruCbCbo CaCgrboBo Qr AoU tsJ66q'Cbl, 6r6Co, AoAQoErd)C
o0 Jr6o0glr9bb3, t6r'r0q,gbo6 2013 $q,oU br6arSq'mbrao .>6l.tgboor 6o3q16rb rbq.og6q.o.r
lrrCrf)o3Cq,ob X3o6o0o3oU 0qg6o0r6Xob,rUr q.o,: 36rn363q'o br63oU 0o36 egrbrb3q'o
$q3r6Xbol-t ts3U6gq,3brb3.
2013 $3q,ll Uoj.r6o63q,r'rU 5rm36gq'o 6.>63o 0o63$.>6ryq'o Joq'o6o3olr ts303tsr3gboUrU
bgq,0dq3s69q,obqrr ,,l.rrjrr6o69q'olr 36o363q'o bJ63oU tsclrrbca" b.rjrfr66qoL
o66r6gq,o 3s6o6oU 33-3 0Ubq,oor 5.;6Lrl$q36rgq'o do6oorrqm .>0q3rfuboor.: qgr
gg6jgo30oo, 6o0q,ob 0ob3q6oor,:g 96o3B3q'o b.>63ob do6oorqgo r0q3r6ss gsl.r3bol.r
UOrboq-J6oAoU Utrl363cq,gogr. $Jror)6r3C, Cdx!36Uq'Ar br630r 36qr.r 5'b6€6mq'g('tL
q.or 6r0]3o63sqob,: qr bXq'o 639$goL j3Ctr6r3o
9o6161196o Uob6Caob U6sbo("Jt6<'rbr
Ae8f)iqo CB('I6(1AoJU6 gctv4grU oUX, 6o0 ltS6obg .rt6 ts6j06rlr aobo do6oorrqro 10og.;6olr
ts3b6gq,XbrU.
g6x'r369q'o b.r63o Oo6COr6Uq'o Joq'oOoJoU 6.rblrs$q3t6oU,>lr o6gq'sgoolr
o,!6bCor,6CAoU r6gXo0U gg64p6obr' 36<n365q'o 6r63ou obgqrroooU b6dCqBrQor6o
0ot6obdn3o 0rBg63bgq,o 3 J6,sBC6$b tsCD(,Af5U. oaob Aro,Srq'otr$o630oor' 6xn0 r0g>Orqr
l-r.>jrdr6xq,o $J6<'rrq.obc6l, a$r6Q ctlcr6r'laoJru q.or OttarSuo Oo'lott cJo6oaoJouo'3ol'
q.o$rbrbror3b3q,o.: o6gq,sgooU q.: 3r'16o0o336o tt6qril 3gt6o aJQJq,o OcaJo' 2014
$q,obo)aou tsCq,JQ-ttrJ6cqooo JoqoooJob do6oor':qro
0o0r6ogqtb3bob
(mJUaC6Ooo) Aob6o06o3o o6gq,r3o; 6s6l-r.:$q3dryq'or 6 Jt6(.lOC6Ooo, bc)q'(q 2015-2016
gq,3boUo3oL 5 J6o636$s0q-q 0g03o6qgbr'
obgq'rgou 0ot6o66q 0u8m63b3q't3 qgcbq'r
2013
$q'oU AJEarAq,eOrto
ErSBUEqocboQ) obgq'rgoob tsx06o63bou Oc6qoc60or 2011 $qob o36olltso c.oro$ggr' 6119
gaor"3qtr4.. Oo$oqgboL tsJC$er6Cboo ouer 0)6Jo6obCOUq'o o6gq'r3ooU 0r8396X\'ol-t
2012 $q'otr 03o165 6rb66oq$ 0o$op96ol-t
Jq,CooL OC6( C6Oor 2012 $gq'Uro 6r6dCe'q.o.:
t CAojACACOJU C6cr'nbq,op 0oorbo36oU ts366o6t30u0
Ab6oq.>6 g,>Uga$g
flr6gr'rtsoo,
2013
q,r36,om,6,.16
$3q,L4 6r6r<rd3q'qpr. 0oolbo36olr 0b6oqgr6 gcbSbtg tX$oq'ob
fi,fiUbO,t. 6o,o,oo3bqs ltbrto o6gq'r3ooU 0rB659bXq'ob qgo6r0o34' 64 $q'ol,
qg$rq, qgo63tg 6r636q93boqr'
6u60.r3q,obrtso
" 2oii
o6q9o3s$ot6o l5-2
$q,ou Jo63cq' $J6orq'6o o6gq'rgooU flJ6Ur'lBoo'o
acducalbQJ. (,ctsq,JooJb 6J6JJo6obcbQJ 6o6r'rd6 ao$oqgobob
Jr6ca966oll
3J6,0q,Cbao
0b6oq'or6 - llrbrtc, SBcCOoo)
nug drioiuqo="u autoSlr u6lr56gq'o 3ri6o65bo Oo$oqpx0ob
l-rgfiL:o$X qgr x.o0o6ou$6o6Cbrc8o qgr oaJo60o6lb0q'o
6.>5ofug3q'o g,)lrC6olr 3q,3bs
frr3.S[,if, gtfr3A"f, tsja0o6,C0i. Jr6JgCqPJ6rcg' X1r'r6o3o3gt6o rj6qobolr fu6gq1br
Lrbr6Jo
g.lrgb"], ,.r;6ctX grog.g.,-n 0o0.:6ror3q'3boo 0oj03a956a-o': aogbcQr3rqg
0'>qrq'o q'o33oQobour Qr J$oorq'our' .ts306o1(r3bgq'o ogo
ri6["o4"
"oi9u3!"
bq'qo 0oorbo36ot.r ts3Ugl$30sb g$g<nbqtr
rtg 0ogoroo4@r oAJo6OoU t6(r)tJ OCAIoL
oor, o6gq'.r3ool.t UrJ6o66oSo 0>83969b3q'o
fu365bgq'b3 qrbq'r
{6B50oc9r' 0CurbraourQ'
7
oAoU 6Jo8Jq,ob$ob0boo,, 6(,}A J6(')A6sfbCbo CgJ 'bCA(,}re$C6oq,o tsrCoo6Cao CB('l6slAoJob
090q.o6o0o LooaUq,o6cbol., U*o6(.)CbJ$C 0oSoxrorxbq.>, a(.)6Cor6uq,o Joq'oooJol.,
J('lAoOCOar i3erg ArrotuCqJ $o6r $qpb6o er$UCqJq,o 036boq,3boU Joq'oooJr. 2013
$q,ol, JooJc('o tc6l o6olr bJ6aJ3q'obJao 6cl6coJ6tcq'o Joq'oOoJoU 6r6c33oro
Co$(')66)o3re, 1.5 J6oOC6OUq,o JU6COoo, 5.25 Jd) C6OoqQJE 3.75 Jt6om66i0q,3
0309o6q9r.
2013 $q,olj ac('lobC $r6oDq,ao 3o6o0o336o r j6o3obr U.r6t6d6obq,.>qr
6r0ogo0bq,pr. ts36boq,9bgq'o amOCOJOC(}o &qq'oooJob go6tX, 3o036go'Jq'o
AJEJCoo[, 1j$6C(r,O(, rCOcB('lAJa .r63olr6ou or3oq.or6 l$3a.>oqr a.;plq'o OCAJoo) qoro$U(,
t6er, 610 br6uJJuol6cbool o6.rq,0oU430o ac<')(',bc $)6orq'tso 6.>bpr' 65bbr0oltqr,
6oorbo36olr 0b6oq9rb qggq,rgou6o 95C$oq'r tcoood)(.r' (,rQcboo)o $36p56gogbo
q.o.:gojlrorrrqr l-r,>6,>59<'r Ugj$o63o. tsUq,Jq.oo 6tr.:36oq,3bol$ QJ OU6ot oUq,o
0odLrbgt63boqr.r6 Ooqg0gq'o 630olr.r3q10oL S6(r,U Jrf)Jq'C(-J6,JQ, CCUJcId)OoU
06o636gq,o3s6 aJocbrlr 3J(')6(,5 rqr6oqro, t6sg 3o0q.oo6rd4 J66r6otsol, QcgoooooL
6rg&6ofu1-rgboLr q.o,r ts3q996s4-o 316oro\'o3o 0oorbo36ob SrrCOoU6Cbott (,rar6Cboo)
bgq,8xa$gob tsrCo(')6b $r6aorqo656qrr. aoq.o.: 0oorboS6olr ardq'oc6c0ou 6r6ots63bgq'o
ogo rlrggg oAJs)6OoU t6Qr 6clCab06-Qg30b6oU 5.r60r3q'obrao 2013 $q'ol,
boq,oltol3oU rdfuxbgq,o 0o64303boor, o63q'sgor lru3st6rgq.oo (n6)0oJoo, oar0cbQr qr
&rn66otgboU 0obXq6oor l,Jts3q'o3sqns6 Jc6ooQSo 0ot6obt6o3 0,:8356369q'orrb aolto
erJbq)(.lobJ ogo 0oUrq,oq63q'o tCl.,J0JaoLr(,, 9t6<'r36gq'o br63ou 0o636'>6Aq'o
J<')E oOoJoU J('laoOCOar $q'ob boqo o695btso Bror6cbcq' bbqmaobtc ac6)boq'cbUq'o
OoECOr6Cq,o Joq,oOoJoU 0X6.>r68365boU qgr l$Jt6ogX66o 6>6r33Xonl.t UoSqCqrA
(,rOoACboU br(,r$$Cooq,Cb) aooQ('}.
2013 $gq'lr 0orq,or6o tsopr J6x'rpgj6ott 6CJq'C6Ar b6(,r0 2012 $3q'ors6 69q.os696oor
qg>
3.27o ts3.>q96o6r. 2013 $gq,l-r c]<'16o0o336o trr6poU $XaJoU 33fuq'3br do6oorrqg'>q $o6r
JoU6 tDr68336o Jx6ooqnu 5r563333q'obolr ts5qpg6rqg r6rU36gq'o bqgobolr tso3oor
sobb6Xb.r, t6r0,>g tsoq.or 0roorbo36oU agljgU$ob,> 5r0oo$3os. tsCACblQ $q'ou Jo63Cq'o UrAo
gojlro6pSboq-or pr fldJ-U
J3r6orq,ob 6r60r3gob$o qgr6rqro 93o6<n0o336o rCoo3('lbr
trtq,ou a.)B3c63ocq'o 1 5-2.5o6-oU grd6g3b0o o5o 6r6Ufu'>3gbgq'o lrS6roro o9o Oxoorb3
$r66rgtso, 6nqg3trs6, 56rn 6bt6o3, l.,rr#Ca6o JC6'o<rACbol'' 6r36936q'obol-t
qr.rUdrgq,3b.:0, bcrq,o, 03o69 0br6o3' 66ots36gq'o36rcg ts36boq'CbUq'ar AoECOJd)CE'ar ('J
goU3rqgtrf.l JoqoOoJrA JC(fio LCCOo6oU 6JrCOoU6Cbr 0rAoo$3or' $q'ob boq'ct
6"o6rq,a. 06 r tr6qnrtr 630Jo Ur6rrrd6obq'rq.o 6>o'b>6q.or
q9'> 71olo-U 6'>3r.)oq'pr' 6119
lio$mq'9"q'xq $()6r Sq'oU ac(robc a3r60rq'6o QrtsoCuo63bgq'0r
q9>buq'a; 'b6qg>0s6
6,:0oo$3o.>.
g1o6o0o3316 t*rtqp'rL do6oor'>qgsqr l-tr6>63o
2oti $gq,L
- uplr6o tsoqr.> 0oorboS6oLr 9o6$5
aoo,b.j6-i 6tES.,O.agOqt. $q'ob 6r60r3q'obr6o UrJo6q'otrs pr 0o0lsb36rXbol.t
AJtsJ6oogbrl.tor6 36orrq.o
3jl**tlo l9lc<ror 6rotrr6q.o.: U$C J6UCbUq'o AJbf)CboU
06ots369q'o36JQ &trE)Q)
f,i*Sq.r-;t"q,n UTCCbJoF)Oo aoar6o,Uq'CbCbo, 6s0s0qPrtsoCbof)Qr
0o0Urb363oob
i.>3.fo,"rr CCbJo6Oo. r0r39 q.odmlr arQJq'o $5q.oJ
610 do6ocD4.o4.o 636o110olr UCCOr'lf)to j:6qpot-r $36q.o960ootr
dif"O6a"0,-
iiotoegEso"- tonl 6roo$3ccq'o oaJo6$ou 0563q'x6our qqr cCUJ.,d'OoL t6aob tso695c
0r0oddr':33b3qro oSo rqUr6ot6>3or'
$q'oU 0r6doq'b3 $64nll 0orgr6n
9a.sq9JcJn.o6.
-9"0t
lsjoEq'olt c.os 0<'r0ltbAt690olr
O"a
$q,Cbobr6$ br6bqrSC&'o', 2013 $gq'll
6uq$]>6
o0,:o66ou Eg0go6SboL go6tr3, 2013 $
O339-or{ 6rga1.13Uqr qs 0orq'.,s6o 8oq,,r
gfllrJodr6ol-r t6qr0 05ots3fuq'o36sqp
$J
qoctso0o0o
-i66)6o6ou
ts3rq.o6o6r' 2012 $5q'ors6
I
tsCeJ6C6oo Cb arB3g63fuq,o 5 8 JFX'IOCEOUq'o Jg6Cooorr tsCAOo6,CbCq'o. rbboqS$56
aras't Jb0q'cbrtso 2Ol3 $3q,b 0o0qn6$r3 .>66.>6o3olr qggogo6o $o6s $3q'orr6 69q.or63boor
903 aq'6 JAd q.o<nq,rt6oor 3.:3&lobXbqr.> Qr 951 aq,6 rad qPoq'r6o 3Crq.o6o6r. AoA(r,Er6C
J60r6otsol, l9Ctsooooob 6rg&6o691.r3b.>Bo A6ots36Cqn3JE trnq'l.r orra.>Bobb Oud)otAoqorb
AoRCbCq,o 3g6oll.;3q'g6ob t6(oJ. 2013 $q'ott ArbAJ3qlmbrBo 65t(ro$0oqr.r6 0oqg63q'o
090<ds3qrgbo $o6r $9q's,r6 09q.o.)E)Cbocrl 23c)6-oor 6>ots6qrr (or 143 aq'6lQ raa
$0obqgr
qxrq'rt6o 091q5o6,r.
2013 $q,ob 6rmr3q'obu0o $do6qru b.:36orJ0r'r6obrr 6CtC68C0o 246 0q'6 >3i) qmq'u6oor
0q'6 r&l
5ro'bu6pr. rqtrs6o66.>3or dmO 6rLgq, $gq'lr qqcog.rft l-rUg 353qo$o,382
6orq'or6o
qmq,rt6oU oqg36<'rboor' U$oq'<'r<'r Xratb 2013 $q'oU 6160J3q'obr3o
ltgfrr.>0ot6oUo rfuS363o g06o0369q'oqr 0gfuotrrqqr QJ 2.8 aq'6Q l?d (mq'r6o
33rqg6o6r.
br63otr Lrcj0o$o6ol.r C6ol-C6oto
$cl6r $q,Cbol, 0b6.r3ltqr, 2013 $3q'll0 C6o36Uq'o
0orr3rt6o r0q3r6t ogo 6obg$rtvrgq'o Joq'oooJol, ctscCoo)bobob bJt6qor, 6oaq'ol'
dof)ooJ(r, ACAJtsC6bCbCQo tsJCOo6o 1.,,>jlro39q'o3o g<'r6slaoJou ('Jbrq'o ('J6obJ0ooU
po69r. 2010 $q'oq.o$ aogoq'obgq'o 36o363q'o br6Jo rCOoC6rqQ AUArobt)
0obg6rt6gq,o Joq'o$o3olt Sggi6or6oboU t6polr 0ods6oryq'36oor' 2013 $q'olt
06ots3fuq'o3r6o kiq.or
6s60.:!q,obrtso (,CJer'boOCboU q'r6ob)0oob drBg63bq'oL
q,>gojlmrr49r, 32 J6ooC66o(,rb 40 Jr,oOC6OJAaC. r6rq'<,r6o36r(', 3l J6s$C6OoqQr6 38
JdxrOCSOraAC 6.>o9r.>6qr UrJ6C(r)O(, Jof)otsCq'olt q'r6o95r0oou Ac83X63A3q'o'
.>pt-riOo06l3.,u got.,35r6o Jo6Sbob lr3lrb3bob q'r6obrgooU 06o3363q'r'r3r6o dr636: $q'oL
q'J6obr0o) 11 J6o0c6ocq'o JU6COoo)
6r6or3q,clb)ao, goto3g6o Jo6Sbolr bgUbobolr
gobo3grvr Jo6Sbbx 6.>3903q'o lr3ub30ott 5590 q'rt6oot
6rotJrr4p.r. 2013 $q'ou broq'oLo6olr
ogo qrX6o0o6oftSbgq,o
q,sfio$.>gooL $6prlr 06o3363q'o36rqq ts3g$go bcq'o rttcac C6(i36uq'o 0>63o1-t 3o36
b:630>
3r'ra0drgogq,o br6pbol.rorSob 5o6.>olr brtolr 8JtsJ6o('tcbJ0 36o363q'0u
36J.ao"3iq &'l)uqo6) ao6cor6uq'o oJgdr>go30oUro6oU 6r633o46oq'o 6odr':oL bctolt
litOqgr. 33fAoq, ACAUUagC<SI 6r6JC0ot AoC6 Arr6r<nll l,rboo' br0clg63bspo 36n36pq'o
3.qg6"- q.og6o0o6o63b0q'o Ur3Sorrt6o lr':U3Ubo ui6og0oL 36ooc6oca00o
ar6tq,n.tp, ts30gol6qrs 6o6rotso ooUrqXbo UrUSl$o ri6qoU 33r6jron'; 5':obr6q9'>
Uglrbob gdt6i3o jo6g6otr qor6gagq'CorboJ6 tsCtsr6QCbolr q'oao$o; aoobUEJ bo6rotso
0oL>q3bo Jofrggq,olr 6o6o0;q'5rrn tp3rt(ro- >0p0>q.o Ugl$oU 5'blrrg635q'gogob
brbgoa300o 8Xq,ob Urj.:6o6Xq'otr 3dx363q'o b'>63o1 q.or ltjrdxrB0q'olr 0orrS6crboU 0oC6
6r0oagbgq,o qgu Jo6qrJo6 Qr UJo6('lao(.o bJ6J6oo6cbUq'o Bruor6o CrQrq'Qo'
l-rrgt6orr0ot6ol-ro l)Jbl63o 6rtvrr66oc cgr 3o035gogq'o brEJoU l,lJUCIjb('l JCOoACbo
rdq'cau Joac60ouq' bJ63cbb
36m3fuq,o 3Jq,UOclo- cl., $qoqcbcoo UT&JDQCbTL
03r0gotrn6 q,.>t6ol.r q,oSoqoboU 6,oLJo, 610, orr3olr 0b6m3' 3r6o36gqro 3JqlSOo(,'
bXubg0ob 6r0C0rb U$gobL, bCq'U
our'r
OBq)Jq.o
0o6JoU bJ$ol, 6Jtsr6omCbr 6.>6trs3golfuboor 06o0363q'<r3r6o
g3q'>qn
b56r33coloo)
l$Jdx"oc66r'r 6s6r339or3boor lr3Ubgbolr $.>b>q'oU96ob 3Solboor'
0o0Ml63\'gboLto6olr
b'$5bU
Ugbfu0ol li3ooxcrgbrd Ur0g;qlbr Oobg.) 3o0Cf)gcPJq'
3!gorr3rt36o6,>o U3Ub36o qQrbrq'o b$6sBc6o(r 6'>6r333orgboor' 6JQ0r6 Jlrco)o OoJoU
bjtrqoo 3.a$r,g"ge b$3U Jrrtj6o3Sq'rqr 6gq'i0q.ox g03ot63bl-r bJ6og366o 5'>6s.,3o,.,U
&6oqrJCOo' oJoorglg6o q.or
$q,oq,Cbibo,$ (,rJ,)3Ao6Cfuq'o 6oL3XbU. rq6ots6gq'o
bJrroooo UClrboU A()o!q'(')b$rr Qr
Ub3robr (o6Aq, HancuI)
1
l,Cl.,bob brbs00Arq, bo6s()ao aobrqCbo sCOo3oL eor6JbUq'CbJlJ 3o6']oL
9
trb3s 66d3q5rqgos6o UglrbgSob $cq'rtc arS6ocq3bgq'o brbSr'rbu 0bogq'oott
lrbgreJJb3J CaCg6oL lrrbr6Jo UoljOCaJ8o. 03q'.)(,o 6r6.)JgCoot l.rXl.rbol-r JoJggr6o'brgorlt
er er6cd)63rtc cd)s!360q,ar brbJAr aUtsrobJ 2010 $Cq'U aro$Uo. 6Jrro35q'ob$obCbCE'oJ,
6(')a q'J6ol, ogq'J(,() aJbJJBco)oU Uclrt'ob rd)Ucaobobo6oU r56oq109q'oJ bra33o63Jq'c
6o6o63
A6 lrJ6A. o6qggfllro, lvrrtrSo oibCbr qorAoso(,C6Uq'o Us3trx436$o 3.r6r33Xon
UJbrbJo UoUOCAJU, sb3gg Ab3bb30q'9bb 56qgs Jjo6q93or Lr30ct6olro 6'$aJbCAr' d'cla
qrs3r3tso6Xbgq'o 0333ortro t6g363bo,
ofdCqtrqQor6 J06ooqg0o s6 0obq60r r0 obqrSjlnrb
J(,q,oOoJU6o oU &]('l6oAoJ56o 09ri53ob96olr q6oU 619 aooor 6(x'Ibr
bgq'ol-rSgq,Xbobr q.or g36$dr.rqgl6o br63oU Joqo6o3olr Aqo06)JQoAot 0o016or' 0oor
6i3q,35oc b,*r6ogg66m Ard{Cbo Qr 0ClrsbrAobrqo 66dCqBrQoJ6o UrJ6t.rOC6Ocl
JJco o6q-o5ibl' 0r63ostso5ou
6,>rrggo,xao. 6s63oorl63bgq'o bstrr6g6otr 390otr353Jao,
b.:t6olr obqgo3.r6o6o 3 $ ,,q'obor6o" $rr60orQ0c6L, 6)r$co, orr3ob 0b6q' o9666rq-J6o
brbJCOo Acr6C6n6l,3q'o Joq'oOoJoU 6r6r333oxror rbcg3635 6s3q16>l-t brJq'CbJ(o
o6q.ogjUrqg Jo6qQrJo6
arfuoor6cboq'o go6rblrU6o 6s$rfu6olr 6jo63 i6g69btso 3o
0o636ir+ryq'o Jcrq,oooSou 6rbr33Co)o braoqCbCbJ. brCJd)o'3Cq'o0o, o8q'rqPo O56J$Cool'
F)CRo6rEUo6'CboU Ai6rSSCooU
Ql-rbo 63go6s6l-rodr3aol., ArEJJSCotCr ofu3jl-ror65bgq'o
r6oU 630q996' b:$;6b
CgclOtrl* $oj03q66,> 2010 $q'oU 6J95rtsb!q'oQJ6 6obqqr'
qora6ogcbr' 6Jo)J
cg.rln6,q9, ato$caq'o 496r'r q-or ol.r6o6ogq'o 0o6r6303bolr
0C3ts)lrC6o6ro SJ6rJ3Coolt mq,oq'CbCbob troB jr63, ts3brdq'o )0Jq'oOCQo ('r
a"a"ooruq,cb36". u$orr{qg, s6 Jdx'rocuou b3q,tsg$Sobouc qrr q.orBjrt6xbol.tor3ol-t,
"6oll>q3bo 6o6rcrU"
cf,.a6cqd b,>636r 6rugs6ox'rgs 0o6x6c6ryq'o c336t>gogbolror3ol't
l.t$rtl0ogbLu qJ
tsotoJgf)
i,>r:r, Urqrg qgrtsgbgqro oj6.: 03ottr3 qor LTBCJgcI toOolr
rQ6ots6lq'o
bsbJcbar
Jo6cbtc 6!0ca3q'o q'J6oU b(ftcqBr(r'J6o Ucubcbo Joac6oouq'a!
oou6drya966ou 6r0o9963br 2013 $q'oU rJ6oq'oqrr6 qrro$3(t) ts56p6oa o6x6b0o o3gJqoo
6oCAb36-q330b3t(r6o Jo3b
6.;S.:-339"or ftXlrbgaol.r 6rgX0olr J6oOCL,o 6rJCOoU6q.or C.os
q''>6oU 66rd3q'3rqgo>6
dn"q-$';. a3(,glr(,a333o6rqg 0X0go6q: l-r$6q396$r'r 6$r33orgbo
Ooq'o$ lr3t6gqo6o
lr1LbCbt C, iJoS)drAr q'u6oor q.o36o0o6o6rgbgrq'o trglrbS0oU $oq'o
Jo66g5q,0o qgr od,ror q'r6o$r0mb ar8p63a3q'0r'
a",o56rfuq'" Joq'oOoJoU 3g3i6or6'>qg $r60st6o3ol.r 0o'b6oor' ltjrt6o63q'olr
0136o33o6o0o336o
Xo.3Ol-q" OuS3" 6r6l-rr3Sofrgbgq' 3U6r('qCbrU Sol0obq.os
io-ir.t"qo"r.,i qgr axltbsaolro 6ofu6r6gq'o Joq'o$o3olr r6rq'o'bol.ror3ou 0oq'ogq16ol.r
obtt6o633n96ro qt'>
Ir6,Uq,gogJur q.> 6ifuoorr6gb.>l-r' lr,> jodrr3gq'olr C6c136uq'o 6u63ol.t
-g"ot6Luon tl936.ontl
6.>63oorr6xbrlror6 96orq.o' 3r36m93r'r6ef o3gdr
abr6q'o 6oq'tr orr0r0<'rbl.t
ffigq,nog;brtg arggd63bgq'o Jt6o66obgbo 396o Qr Ug6tq
.r.q'"OnJ"l, pbUs$qg6$o q-o> 0olr ulbcr5':q-oo3brUorc6 .3o&36o3lgortso'
qgr 0ol-r
,reO.iOUi.= tgq1, gfg"ab 0o6g6r6rgq,o J.,q,o.oJob Ugc'r6s4-o go66o69b,>lr
0o6u$oq'5orr 93r'r6o0o3gCr 0oq'r'rq'oofubbg qr
5t-Ojgni'3iq',rOrlr, 6ri rou,:bgb,: brirdrolr
E.orJ Xg36".rO.aolr r0rqq'3orbg s0 0b6r6 >qlrs6o66s3oo' -a$6r'r&llr6claoJU6o
.lo.6s,it'iijo"r" q.or 0o636rt6gq'o Joq'oooJol' r6)q'oi5ou bouocal (FPAS)' cnOsq'l$o
br63o 2011$q'oqr6 r63oor'>63blr qgr abotsq'ool' o116
rr"3Ji-ggq,-lu g6r.36gq'o
-4.:6j9ootr
lr,:3gcr,3t er J6rd6oSob tsXbbr0oUor' 2013- $3q'lr
6"O6Otg!o"
3rr6rq'3q-Jd,rce 0trq4g3a<.r('r OoUo JQA$Cf)o QcBUAC6-OrooJ'
s3JqgcaoS6o- $643bouo6ol.r q.os
&,r0r3rq,0o
r_,w""iiq; 6"a.fu3jsq,56J
- U.)bq,(,3u
r0 0"0rr6ogq'cboo Urac06oc6o 0gtsrobol-r 6r63oo'r6cbou
fuli.i,
a.ffiqg"
iZr*r.**
qr
"iil.O.=;"rrp.i-ioU-
06ofu63q'o3$o g3drrqrqO> SimrTq'oJ t'')topQx'cbrbor6
3o0g6o34ooU r6UXbgqo
rl6bgbolr 6'r63oorrt63brlrs qgr rb>q'o
10
l.rrtsglq,oOobolr qr.l6366lb. obgq,rgoolt oJ6bCoo6Cbob 639o0oll Jo6ob3btso
3o0g6o34or brELrJUolc,CoUq' d6o336Xq'r'rbrlr odg6U, 3o6roq.oob A6oa36Jq'argr6oJ
l-r.rbo6sqm5bt6o3o 0roq'oqn636oU bF !6re BJaourq,oacbr er $r6ar6o3r. 36m3fuq'o
6s63ol.r q{6ogq,o q-o,> gggi6os6o JoaUEoJJooJ aouo aoi56c6ott' UO6)OJaoottJ QJ
93o6o0o3g16o 0qg5o0.:63mbolr r6rq,ol5ou ACUTbCA $6)(rlL 0o63$.>6ryq,o J11(,oOoJoU
6ret$$C6oq,CboL J6o66oto6gbsq.oobrLr. s6t6o6sq.o, 3o0g6o3r6ooU $trXbob qgrbg$.> qr.r
gr06rgrq,SC6o36COJ UrCJ6ogCq'si, Cfx,lgboq,o 0.>63olro6ou Cd)o Cf)o, J6oo6,oOCOCq,
tr.>3oolblr $rt60o,:qr696U. 2013 $q,otr Ar6ar3qnbJtu Ja Juorboot 06o0363q,o3c6o 6.:6o130o
Ar(oJo(gbJ. oCbC6Bq,oqQJE 6.:6s\,q.or o6gq'4oolr Oo0oboq3olr tsr'r(ffir6o, 6o03q,og
ac}6Cdrf.,Uq,o Jcrq,oooJou 3o0g6o3rgoolt do6roorrq o6U6t63AC6OtJ S56)a(9rQbC6lr.
6r6,:bq,gbgq'o o6gq,.>gool.r aoaoboqp tsoJ0l.,o6CbUq,or A('tArgrq) Jf)ob6o$CAUr Qr
.:6,rq,otrt3. o6o g96r.1 03r5rqr sfroL <'l6oC6oo6caUq,o 0oltq'oq69q'o 33r'16o0o336o
0ogq,36g6ob .>q$36.>'b3.
a(')EcOD6)Cq,o Joq,oOoJoU J(')ooOCOoU 0o361 0oqX09q'o 6raJ$$cooq'CbCbolrr ar
6roro aoqXboU Jr6oggtr0o .:tvi)3bgq,o Jtlo66ot3bolr tsCl.,rbCb ACOrq'U6o o6go66r6oolj
JtrtS'b366.:3o.raobr$ocQcbqre qgro6Str6r J6rq,oooJobcbor6
6Sb3gq6gboU J6rCOoJr' 2013 $q'ou br60rSq'crbr6o ts3B33r3ps 3r6o36gq'o br63ott
6cbggr6cq'o
oo6xaJ.:rrryqro Joq,oOoJoU 141111636oolr lr.>artrro qm330366o, 6o03q'og xdm363q'o
b)EJol, Bca-b3Cd,atg 2014 $q'olr ar6oao 0r6or3l.,Qr .rq6ots6gq'o q9o330966o
l.r.:to6.>qxrgb.:lr JO6r'rbU ArnECOrfoUq,o Joqio$oJob do6oorsqg Jt6o6goJgbU q.r 6roro
jgg,>6rtso. o0o rlDbi3u, olg 61 0obrbt63bgbtt 30grd4br
6.>63oors6Xbolr 0oAr6o3q'Cbru
aoq3bgqro oclbcor6flq'o Joq'oooJol, 6rq9)$$c0oq'cbcbo q9r 6) o6l,O6flac6ocbou
braUrE cboo bpg6,r qgrttbgq'o 0o'b6x6ou 0oq$6r' 5r6qgr .:Ool-tr, o6go66r6oob
a6oa36cq'o3s6or
6.>3d6gq'9bob qrs b$o6o a<'rq'o(rficaou BraogJq'oocbot, J3oboc',
g6o363q,o br63ol.r 0o96 lt0gg6o36r'r-s6rq,o6o336o g366lq'oU ,,33o6o0o3r qqJ UJbJ6So
Itjd3" 6r0o60oU 6.:6,>bq,3br' sq6ots63q'o 5g66rq'o lt333o3Uo U,rts3,>q'Cbrr C6o36uq'o
brbJou, oC Aoq,or64g i6g6olr S3o6o0olro0bouo3ob braeloCar6 o)13(,16o)c, ambr9sf)CbCbo
j3gg.r6r0o qru 0ol-t g.>166q,30U 6.>t63or 0o0qrrbr6r3 33o6o0o336r J6o6tt3borr6
sb6X olr bgq'b A3g$gobb rb)q'bJ$6qgJ 06q'X6r63bLs q.os 0366o9630U,
eJJ)gao6Cbool,
6,t'r0q,Cao3 JerbJF,COgq, 6o6o0o336r oU tso6r6u36 oCAr$o3rtg O3tsro036.
2013 $q'ob 6!6argq,obr0o bujit6o63q,oL gtrx'r36gq'o br63o Urbr63o UJCO('I6oU
0q.o66rqpoboU 0o6ogcr6o66oUo6oU pr 6r6U$63o66q'4g o5563bq.or droU6btrX
o6oc6oo6,cocq' ljJt3q.o.>0b3q63q,o Jdx'B3li) q.o.; .>b996q; lttr3q.o.r0b3q63q'o BrfrBoU
090q.o6o0 qg,>b33$rU. )or3C (,160lr, 06o63fuqT n3.>6o UU6J(,qcbJ 3j6oq.or lt>bs63o
UCCOo6ob CtsCCOoJEobob qpr 0o0b6rt6XbCqor Utsq,CbCbou Qr63oU Lr3oorbgbtt.
2013 $3q'U ltb,$3r.r Ugjgot6U 36roro br63o 0330u6r qr $q,ou belq,ouo3ot bJ63Cbol.,
6.:oqgg6obr0 21 06sp6o6t. Jebr6otsEJ3oJ, 6ro0 lrsjrC,(/)3cq'ott Urbrbj(') l.,CCO(')E)o $q'J3
1.D36;oqp dq,o3t6o JCOoo6CF)Cboo,Jr $.:t60oq.o636oq'o' 0ror 0ot6oll' 0l-tb3oq'o
l)J36ors3<'rt6olro qrs 6g6rx'r6gq'o o63cuocl6caoo. $q'oU 6.:60r3q'obs3o, l.t0b-o
U.:jrr6o69q'otso $rf)aclebCbogo ll36orrSottroUo UrbrbJo XACtsCboU OdobXq' jpg63btso
Ar63oolr6Cbgq,o JfngSl-rgboU o6$36bgt6 0o6o$r'rdro65lr r$r60oCbqor' Urbr6Jo
t3qgu0bgp35q,r'rbol.r l.1936<'16o ll:3t6or.>to6ol-to or$u&)6o0q'oboU 0b6o3 66ots363q'o3u6o
ogo ol-r grj6o, 6o0 Ugb-o 6Jber brC6oJa(,6ol.to l.r$163o a6Sgolt lt'b3prab3q3cq'o
3oq'g9XoL 0o6rfuq,g.
2013 $gq,U Oo8trqrqg,> 33br6$obo 6o6ar0oUqro br95r arbcq' lvlll-ob
o0Jq,36g6gugootro6ou 2ol4 $q'o{pJ6 rOoCACQqPcbr ,,Joq'r6 1"-ob UOJEqPJ6OUq'o
0oqp6o0r qgr ,,Joq,#r 2", 6o09q,og b.r63otr aogdr 6o6odoJ06o 3JJoorq'ob QroSq')U QJ
11
aoU bt0qrrab3qr3gq,o 6.:6boq3.rb aoooJ3l.,. J$oorq'ob rq.og3.r63t<robob 09Ur03
6rgoq,ol-r, ,,Joq,rt6 lll" b raoCaC(,C0r, 6r,raCq'oo 3ralo63rq'o0olr 6r30aobgL3b.:U ollbr3l.r
ao956re, 2015 $q,oqor6 oaCAACbJ.
6oU35bbg qr.rggd6Cbuq,o 95CerAbC(BCq'obott tsr6Aq,C0tso, 36o369q,0r br636r
6.rtrgq'o gq,ol-r 6r60r3q,obr3o ACoAUtr3r Ar 2014 $Cq,tr qps6366s 6olt33bob 0Sgsltg6olr
UrC6cr)('l J6o66Jar (GRAPE) aouo 6oi:r6or 3o03t63ouq'o br639bolr 6ob33bir9
od)oc6oo6)cbUq,o tcc9robc(Bcq('lbou J6o6lnb 996o 3ggi6o$o ot(r6.>6otxbr
b0o0u3q,crq.o, U3b-oU trstgqpr6bgq63q'o 8168o0o Juo,lro6lro6Aol.,'] 6mq'oll 6sttt4rr
ogCbACb!. bJ6C .rgpogo6g0ors6 orrbs006x'r0q'<'rbob 6.>t6qnL 0ob6oor 6XQJoC90r
3o63t63$5q,o 6r6oXibo
UrJE)C{rlOr'r Jcrd)OtsCq,oU ttrqntr 0.:0<ndt6s390Cq}o ogm brAoAb6J63bq'o, oJoorx]p6o
lrCt,bCbo c9r 0o0366rqpt6o 8rfurQCbCbo rquJ6ots6r3oJ, 6m0 0o6966rqpt6o
br68recbcbol, Jor66gxq,o 2013 Sxq'U 5.:o60u6c.os. ljJ6rq'<r J<'6$g3q'olr 6rol.r35bol.r
Ao6ooo6obal, U3b-o 6rJo0t6quqr .:dq,q630tr q.os 2014 $Cq'Ir a.:tt q.ooq.o 93t6rqrq3brlt
qp.>lp6crblr, aro Ar'16rll.,, ,,Joq'.r6 2" Jd,<'roCuol., q6oU. r0 0ob6oor' 6o0q.oo6l63oblr
LJcoorE otcbuq,o lrrorq'o UrJf)ccgooo 6oU39bolr 6$gogoq'3botr 63lr36tl-t3bol-t b6qrr.
2013 $gq,U, Oogbgpr3rqg g3o6n0o3gt9o b6q-ool,0363q,C5obr, LrJf)CQoOo Jo66tsCq'tso
uqo6ots69&'rq.or l-r3LbgboL br6oUbol.r 5r30aob3lr3br, 619 6r0c.og6o03 grC6rn6Ar
bJ6JJo6clbr. 06o0363q,o3r6ou, 6C)a UrbJEJet o6Q3l.,O6,orao rqo6oa6Cbr 6oU bou
0rrrro6olr 6rg&lobgU3br, 6o0qroLr g6or-Xt+)(,)o 3gq.q6o J6x4o3q'C6o UCCO('lf)Cbolt $oqiou
06o3369q,o36.>qr ts30go69br qor EcurbraoLrcg, g3o6o0o396o $6q9olt 0363q'xbolry.o0o
6.>3q,3bo 06rrd6obor6srbr ogrr. JTCAC, rA UCCOoSC0ob 0U3ltb3bq,gbolt 06o636Xq'o3r6o
6rgoq,o gig3 ogs) rq(,J6clJQo ga.Cace.cs 2009 $q'olj t6631-tool-t ts30q936. ri33
a6oa36Cqx')3r6or, 16o0 $o6r $q,Cbao 16 JQoEoAbCboQJ JCOrACool, b$6rgo t6QJ Qr
UrJd)CeoOo lrOr6QJ6OCboU q,o0C6)q'otCbr QraroCboo,, JpLtu6ots6>3ou, 6o0 2012 $gqrlr
Jot6gg3q,olr br6ol.rbo 6rCJ6CLCbgq,o oU<'l grq,JCflq'o oqoolro636rc6gq'o3 0<T 3q'g6gbolt
6.>0o qp.: ts3qgg6uqr' 2013 $oq'U q9,>gojuod{9r Jo6OtsCq'oL 30oj63qgcr U3ltbXboU
A9q,rf,C5oor, 6,:3&1oA3l-130r. Jo6$tsCq,ol, 83qrrtfuOoor tro6o3l60r' ory63r 0>o66
qrrqg3bool0r bt6q.or0, 6.l63qnon 33r5UoU U$cboq.36obrUr q.oJ 1.,$6trOC6Or'r 6rbr$Co,Cbou
ACaoof)CbruoJb C6@rqo Jerto6o36o 6crq,rl ACTUfTUE'I Qr bCa6 abSbbSbgq'l-t lt3Ubol-t
aerAUrbU6,Cbr tsCg0llgbUCJ.
JQo brJ6Cqoo6o b0,)bq.or6,0Cbob
9o6161196o Lroq60olr b6qg.>l.rorr6 C6orq.o Xr6t
6olrgboU O,rt<ur3oU, rU363
AJA33o(,6Cbr UJed)JLJq.o 06o3363qx'r3r6o bqg30r 6m6ot63
0o0b6rt6gbgq,orr qgogSolr 3golboor. r0 UrJoobtc U06r('qcbol' 0Jarb8oq'cbou aot6oo'
U6&-oU o66r6o9:gboor Bl$r6q9r brC6ortscr6ourl 3o6396X63oc,,U86)CQoOo
bOJ6qor6OCboU" ACLJbCb.
2013 $3q,1-r, UrbJEJo UoltoCAroo fiUACbrA J$oOJq'SC 14.6 J6(.)OC6Oo 33cqq5o6>' t6rg
rq30sg36r $obs $q,oU fultb$ol-r 6.>B3559bqiCbl.,. &')A6Cbor6oboL 63q'oqlbr $o6r $3q'or$
ogqgrtfuboor 6raeC6o0c BrC6(')6o(,, o3o 6ubJol6obgbgq'o g6doq.o, U3l$0bob $q'ogt6o
udslrot6, 06o6363q'o36.>qg tsca6o6qoJ bgLtbgboU tsoh>dq'o
brrrqnlr gg0Jo
bro'br6er.
q,s6r3.)dtCbou frgt366o, 0ror 6erdnU, 8c0o$36oq'o bSUb3bob >0oq3bolr 610o' >U333
.>qlD6o36r3or, 6o0 ltsUbgbol-r b>r6oUbob 2012 $q'ol, 65UrF)CUCbr (Brao$gltrJ) QJ ACoQAe)a
bcq'$lrt3 oqc966.> 06ots363q'o3r6$oq'rqr o(r'ouo6J6roUq'o tsrCor'l6ool ou<r
I
sgolFr6bo66o 6gqbuMalbb Joa$6.r,b AoCS brJfo,r6o boSECb Jf)ooCl,,ob !6 &r"$CbC6ob
blsufuq'$$ acuJac abrd'c 0oarl56o! 16 gotoJUr'o ryx') 0{16lr
a.rl6cg, a",f.to"r,, o"aq'"t
(,6&6osroool''
ar8%654
o.a a+>bd'cqol, 653oUd'o s"6Coor 56I'5Caorffi! (M$corl JclaJrsd'u
iN&cix$su.
Y.i.-r"i]ooOCe"
lJol'OClJd' bst,oJortu gr]3ot'tlt
6'50 rr'
"eo"aa'At
o6('qoNl!Jq-Jifl''
$rd'aor(rdc6l''
t2
ArAoF3CUE
o, 6JO 20l?l3 $q,gbtso 0o0696os6obol-t Sg6gsobott 6r$oq,lr t[6oU.
Oog30gq,oll 6ror3.:q'otr$o63boor, Urar6Jo bouocaob 0od63bos6o6olr arBgc6cbcq'o ar.rq,el
$qr3bto 996o 03go boJboq,U6oboo bJUoJoeCb('leJ. 0orq,os6ob.rtso, g6qpJ rR()6ots6(1L,
6c-}a J$oorq,o[, aourRcb UJubcbruorb tscerf,cbo(rr' o('labcbor6(')aou arEgc6c0q'cbo aro6o
UE6o aoJf)dJq'CaUq,or, 6obo dodroor>qro Oo'bg$o ttsbr63o t olroCaJao .r6lt96gqm
3m63g635gor,r. Ucggr6rq-oq3&rs, 6o0 $o6r $q,gbtso q.o.r$gbgq,o llcJt6q3966o
0JEi$C(,rCboU 036got63boL OC6qoC6OooU 2013 $Jq'b &66dCq'CAr 06o6363q,o36.>qg
616$o6r'16.> 3o63g6g6gooU 3oq.og3 ggt6o 6s0d.rgtrtgb$.
UCb-. o)r6aooem6gqrcQ r3ooru6gbU lrO6CUOCbOCboU agomqgoqm6oru.
bOd,Cl.rOCUOCAob Br6Berlr 6gdqg6o0o p,rfu3$oUrogolt, oBFxrlrOE,JUOCIrOCoo,rE C6oJ(,,
Ugb--o s3notr6Sblr Ao3dx'rlgfr3l6gl6gbolr 8r168<d.t. 45o06gq,o ao(,6oal 33t6r'r a.>plq,o
UrJf,CCQoOo 6oUJoU
trotUu$oll 0oq$6oL l-t.:03.rq,9bslr odq,33r, oor3rq'ol.t$o63bb
6r
rAbrhCq JclCtsoOoC6OCA[,. UO6,CbOCL$30oU ts9q,30C6ob o6OC6UoU6,o 0rAogCECai
acrbecbr brbCq' ll{ll-ou l.,rt c(}Jabc(Bcq,<') 0r6boqtsol., J6oocUoU g.:t56qpb6o.
2013 ggq,l-r )6)6Ctlo(,C6O ertsobrbUCArbC ].rt6bo q.or0o3oq.ogbgq'Xbob JfrX666oolt
6ot6oo, lrCb-ar err$Cljr (,rAroCboor q'o3Sopobolr doo)bo36x6o udrrdrXtoqpX66
qggJoso63bb3. rel.,r6ots6Jgor, 6x'r6 2013 $q'olr 6r60r3q'mbstso 0crbqrs r6sr63toq93663boL
3.>qrr$o AcJ<nSoOC0ol., 6.>$oq,oU ArQrOrEr 5.r0<'rgo[o3.rqg UrqQCJcttogr,l
UC6ootsoJroobtso, 6.>9 U$rboq,gCmbol-r 0b6q UJCoCb Qrtsobrbl.,Cbol, $Ur6(1L
$J60o496961-t.
2013 gq,ob grffir3q,o6,r3o 0o0qn6.:6Xobqgr 6.r$xq, III-oU q'o33oqx'rbolt 3o3gogo366ol.t
qQrt0boCor Qr oouo
Jrq'obf,o6Cbou J6('lOCUo. 2014 $Cq,U Aobqggbs LCR-oU Urboq'ooQ
qrsfu663r Urbc63o UoUOCATAo, 6J0 AoJE C0J(9oi6o (30 q,q3Aq) q'o33oqrobol.r 0r6o6olt
aoAJ6,o,"Jq,Cboo o)r6raC(,6(')3C AJ CtsCCOg6 0oq6o0rlr $#fosq.o6g6U pr odq,6r .:0
goSol-r 6nU6bou Uts6(') b60q,U(.)tsoq,o oq.oX6$ogo3,>6oolr, 8gBrLXboL, Ao6ooo6o68ou,5
qgr 3o66dmq'olr lr,rtsg,>q,3b.>lt.
l.rj.:t6orggqrolr brbr6J(1 b"UOCa" 2013 Vq"U b<'rq'ouor3olr oEJ6BU6CaQr
J$oOJq,o$JOooU Arqq' qm6Xb. Jo63CqJeo JrJoOJq,oU J(')CSoOoCbOAr br(.orrlrd)br 13
Jd)ooc6OU (brtgq, I-U 0gooqgrnq,<'r6ooor 18 29lo), br'rqler LrsC(,rabcqo3cq'o JrJo6rq'ob
3o3gogq6$6r17.2 J6oOC6OU Aore$or (brtCq' I-U 03oxrqgmq'o6ooor 25 22 Jtrto056$o)'
d)Jo Uc&-L J$oOJq,oU rq.ocBJouf)oaob do6o0qgfr 0oo,bo369bb3, ts31.t.>6.>0oUrq.o, 5 qp.r
5.2 Jfx'696ggq,o Jg6igoor 0g$o.>. r0qrg6.rq.o, 0tqrq,or ar6ooSo q'6g6o1ob
3o3gogog6Q6 QiJoODq,o/rCOoSCbo,rb), C)('|oq,ou 06o0363q'obr 16 8 Jd)('l0C6Ob rq$J8lr'
tx'rq'r'r 6.>q.rq,o q,o33oqgg6oboU 6Jao, $0o6(,J l.,cl.,bcaob 3$oOJE o,J6 or6Jts)6(mbr
3.35-U 16 rlr6ACbU.
LC6-o COTJoAE)%X.o r8oo,l6)Cbt aJJ6oJ63q66gogq'o q.r LoLOCAC6o arl6ooo6o60ob
o6\)druAg6gCbl.,, gg6rqgp3boor J$o6(,Cbr Ur36C(r,O('l go3q'ob qQr$ggbou qr
r6JAe86reo (pJJ6)Cqo636otr c.or qgrgobrflrCaou LbSr(,ruhr o6QoJrOo6CAb.
ljrbrbJ(.) U&lo(')6tso 33o6ots66boq.or QrqPCbooo OCEQC6OoCbo 0o0b6.rt63bgq'oru
o6oc60bcbob eJ(BoU otJq'UJ956ob.'o. .:Ug c, ao0b0J6cbxq'orr go6:6ltgl6o or6ro)q'coou
qm6ol.r .r0.rqq'3boL 3porbro 6.>6bo6gogq'3&3q'o qo6olrdo3b36o 3o6963o5q'o
b.:63gbol.to6olr JoEJCd)cEOUq,o JcrboSom6o6Sbob C6o-c6@ bcr)Jcorqg oiSr'
JeUJ6oA6J3oJ, 6o0 AoAMJd)Cbq'CboU 0bl6oq.ou6 Ooq30gqro o6gcr60uSooq.orb
go6l6tr36m brtt6oU 0o6r$oq'X Lb3r
6.r0o0qn6st6g, 3o03dr6ogq' br63Cbo,r6 Xfrrrqr,
Urgo6r6lrer o6UOoOUOCbob aoaMr6CbCqor 3gq'3b36oU qg>o3olr 3Sorboor
636gq,ocr3boU urlo6ocbro oJ3cocbr.
l3
2013 $q,ob 6r60r3q'obstso, 3m63d4o3q,0s bJ6JCbAr ci6ogtirqr q.oro$6lt
06gdr,>36r6.:3g3ons6o Glocr,llJu6o J6,CA"OC6"U 6.19501. t-t.>J6m336o('t 6olrJor6
er.tr3ao60boo, JoaC6ooUq, 6rEJcbo,J6 JrJoU6rqQ aoaQo6JtrtSnbqg.r 030rob.r a3lr$raobo
t6oL33bolr brArqrgC6CAoU Qr JrbgboUAACbq'or6o lrs363qgo6o ll6r6(,r6)O50ot,
q-osA$oq,6,Cbob aoi56oor. tsg3g8s3q.> 3oASOgcryqn as63XboU 0o36 lr6gqrr0o 0.rlr.rql6olr
&ra$JACAob d.,6oor(,o Lrs633r'r0361-orgoo J6o6SoJgbo q-or 3<'r636gogq, brbJC0olrb
oJ6Jffi6(.laq,elaoo, Ur0o0b0,>trr3\'o Jf)Cq.ooOC0oJ6 qrJJgEo6CaCq,o Lur63q'r0o
AJUJq,CAo do6oo,Jq),>q.o ar'r3oqr.> tsgl.rsbr0ol-rob$o
tX&'rblt35503q' J6o6goJXbotr6.
14
t
ar$0ergoSoao3e6o6,r66ao
1.1 Otrogq,ooX3o6o0o3r
2013 g1q,o 6Uogq,oo OJLa6rboo 06ots363q,<'r3s6o cJet6<laoJc6o J6rtaq,Cac0ol
qg.:dqp3oor b,:Uolo4gX0oqg.:. r096o3ob 3336opauq,Ar AO')OCbaJ 0orb5t6br orr3oq-or6
rSgoqSbo6r 0$grgg goU3sggdro 3trntolro, oUaOJ, Ja Jdx'rOCUlr ors6.>bq,qpc qgoqrr br61o
odJ-oU 630go63bgq,o $6q-oou.) ar 0i3r6cl.,cbgq'o 0ot69U pr Ur0o0b0.:69\o
6r6$groAotr brboo. AoUbCqDSrqg r0oU.>, 6.>lrgq'o $qoU &'rqx'rp.r6, tscq93t6.>q560r
Ird4tg6go UoUOCara qgro$g(, 0r'r636pt+ryq'o l-trJoaUq'ob 0309ot636r. 336o'bo6r0 orr3o
errq$or br66(fiq'o3 (,r q6Ar 6COCborU, 5rtC0 bo$63b go3q'ob obqooJroo6Cao
qg3gq'rgool.r
orq,UJbre aogoroo4bg6 6rUgq'o $q'ob 63otfu 6ubg36oq.or6 br666dq'o3o
tsCaeactA, 2013 $Cq,l, orJo6orao gruCoob !56rAJ qgrgojlrot6gs, 6116 $r66<'tq.o6X6b
0orcat6oboL 0o96 6rgr63Bgq,o Joq'o$o3ol.t (5 $ ".rb36o0o3oU") 96o-35or pao'r3trt3U
tscecou er a6o036cq,sr3r6o $.:0rbryoU3b3q'o tslCo('l6,()r bot69l.t sj6o3obobo6oU t6r6
tsggb3br 0trr6qg qor 6r6gocrrr6Cbrqq *CS6C0U, rEt-tso Acl6COr6,Cq,o l$o03qot6XboU
Jtio6t6u0ob 6X$g0ob tC(.36rCP 6rA(')$3COE o J$oODq'ob brqK,6C0oo a6r3rq'o A1o)616.)
6rUrg 4g5oq,<'rb6o3 Srqtoca$c 6sgg,:lrg696olt b0$oq'r 0oJ6'r'
eJtr6J{x(,r,
ltS6orr8o6oltcr l.t3.>qpgo gobqgoL 639rl-130oor, 2013 $3q'U 6q'obrq'56o 33obcr0o3g6o
$r6qgr 3.096-1, 09se6CEU, bcrq'<'r 2014 qQr 2015 $q'3b0o 3o 0.>8356303q'o 3 79o-b pr 3 996-L
0o.:q$6tt, 0gl.t.>br6ob,rq.o.
(r,J6d,rAr N 1 I 0orq'o.>6o tsoqr J6oq,Ui$olr 63rq'56o $6{gu al.rogq'omtso
lcrt
8r
6%
1%
fr
-x
1%
-6%
2@5 2@6 207 2@8 2@9 2010 mll 2012 ml3 2011 2015
_mrr!1,b-Sr
-8rtgc*'
_o.rif,qn qa 0!qrDsd,c6rq. &AoClo
Sgs6al: bJC6(,rrBal6ol,cl UJ3Jq'COo gcr6q.oo, World Econo rc Outlook Update,
o16.
20r4
0Ucrgq,rx'r aJbB6rboo, o6gq,.>go.> do6ootpq.o $o0o36 qm63t3 6l6B36qggbr.
.>q6o66gq,oU 0ot3$o O.>q.:q,o UaUBC06obr' tsobJrq'U6o 3n6lroq'oq.or3or, tsoEJ6UCd)o
(nUbJq'rBUCbob .>q0ogQr6oU b$6t6dq,qo J6sBCbo AJ $flbo Ao$o(,Cbrr.
b.)E3oor6,Cb3q,o fuXg630ob 306r.r3q,9lro0rtso oEgq,rgor 15-2olo-oU gJ68q'CbAo
0gr693obqrs. r0uuoru6, o.rJcr6or0 09dq,o q.o qPJdq,or tsiJCboU 3q'30oU O3qraogrq
J6oQX6rgg6o OCEq.oC6Oo'>. 2013 $3q'b 6.:63oot63b4.o bXg6903o o6gq'r6ooU
drB396903q,o do6oot.>qgq.o lF/o-lt S30oor Sojkrt6q$6oqos.
15
(r,rbd)JAr N 1.2 o6tsq'J0or ab('ltsq'o(.)to
1096
896
6t6
2X
016
.2%
2@4 2@5 2@6 2@7 2@8 2@9 2010 2011 2012 2013 2014 2015
_A&t\_)6r
-d*,gq*,
_rE
6'b5tia. eJ DB.oJriCDlQ. Catg6i6.
os6
$g.rt6o: UrS6orr6ot6obo l-rt3sq'36o go6po, World Economic Outlook Updare'
2014
rtil-8o brbcq,asotso 3rq'o1., tcQr $R36r)U o66q'o3 J6ucblq'ar 3(96tsdx'l6oroora ('r
arlrCqo fq'ott ctCoclobc{6ao mQC6,rqU6o 0ot36roboL l$j0or6<'$ou odgq'cbooaJ
tscBCf)CbJa 06o036gq,o3>6o (,J6OUaJ aorUcb lr.>&n0b0ut69\'o arb$S('lbu' t6:lt>3 or'>6
qtgdrx'r bo$691 br6$Uel6ob 6rg.:65bgbrg. re6o86gq,o 6r563393q'ob>'robrb36r
0oobr.lg6ou J6JbJotJbJqSo tf)(,rUr QJ 303ts66<'rboL 6Cq'o OCaJoo, ts303o63b'>0o'
aogbgqgr3,>p raour, sud-olr So6clao3ol.r tsC6araCboUdr, arBgCECbq'Cbo C0iJob6o3Jq.o
0,:o66 g&1,ofu14936r. ddJ-ou i56qoJ 6Jrgq'o $q'oU boqrolr336 0obrq'oqr65q'tg 0rq'>q'o
qsgojln6qg.> QrU.rjo6q'o 6r6r63bolr 36lr30oL bvrry$g), 6r:04 Ulg-oU 0o3t6 6Xg':U30gq'o
2013 $q,ol.r 6rB396xb3q'o l5%-q9.>6 1.9o6-0qc artUaxr'rbcuJ o6gq'r0or trmaoc6
gsrr6qpb0o eJ6Br - qg0Joaacdao grlr3aou $q'ogt(ra> i5lr4-or0 ab<'rq'oq l 57o ts3rqr6obr'
oar3qrdrcrgq,rqg, CaUqafrt]bou qm63 7%-0qp3 (oJcor, d)raro 6J$oq,(rb6n3 brbl''5tQ36r
gCeCdrqpJ6o l-1J639:363o ljoUOCAoU NAJ$$C6oqrgb.r ts350go63bo6J ao6Cor6Uq'o
rgott$o63bgq'o g.>ln.r6o j.rq.rq'p3bolr ggr3cq'o6ogdro
UOoaUq,o6CaoU J6rqb6raool
83Ugoqp3gbo. l-tUg-oL J6o56oboor, rtsa-olr go6o6o31 6ru6t(rdgq'Cbu 0JXJELrqCbrL Qr 2014
ggq,lr odJ-ob
$6qu 2.8%, boq'o 2014 $3q'tr - 3.096 oj630>'
Ar
$q'og6o
Oopbxqs3rq .>r6trgb3q'o 06o3363q'o3r6o arasr$Sca0bobr, g3t{mtc'r6'rtso Joto6o36o
0Cct6C $J6'Orq'Ao
$q,.rq,CbC0o 03o6o063b1. r63oq,g6o 0tlJ-ol-r t6q.or Adrgq'o $q'oU
t6X0guooqr':6 6':0olr3q'oU Jt6o39ljo
eJqoCbooo 6Jbq.D, 6oo116, Itgo3gq'or.>o 0ou:t6gboor,
q.o,:o$go. rarEo 6,r61$3gof4bgq'o $3q"oq,o ACoOrEJ CE6('lJoU O0666rqpt6o br63ol.t 0o36r
ts3>s.l3gbgq'6J Jo6,cgrJo6o ao6C0r6'Jq'o O6r6trCooCbob (Outright monetary
transactions) J6o66JArA, 6o0q,oU aobgqg3oorJo br6Jo ffl5JqoJJ Lrlot<nXbolj ts30obg6rtso
acod)re bJ'br6tc acodo6oU U3g6xbgq'o grlror6o CJerq'qQcbo. 0ogbgq-o.:349 oaoltr, 6n0
Jd)ob6rar Xrd)-xc6o6oor 16 r0ojfuq.o36uq'), aJ6 369 oOojO3qgc 0oq'<'rq.oo69btr9 qgr
bCOJdCFCq,o A<T bqggbou t)J6r3c.oXoo a6oa360q'sr36rq 0p03ot6r. oryagr, 6dmbo6:
6q,.:3rg 6B3br 330qqx6o 06o0363q'o3.>6o 6rdo$3c39bou $o6163: tsobJJqt6)o
q-oolrbsq':6l.t3bo 3o6l6Ugt<r
3oblroq,oqgtgor, UUttOo toQJ qr.: l-rr6.>t63o 0oo,bcr36r,
l-rgigo60o, qoctsq,!0oU6o Jdmgbgbo pr U$. bbg-oU tsSgrUgboor, 2013 $c(,u ddJ-ou
69.rq,gr6o $q,ogrvro 'br6r-o,: -0.4olo oj63br, boq,<'r 2014 q.or 2015 $q'0btso 3o 10olo q.oc 15olo-lr
0ocq$61-t.
bo0ogt6o 13o6o0o3pr6o Stiqpu q.>gojUo6q.or rqAouJgq'Co X6t6r'rJoL jgg69b0o, lrsqg4
bdoOr3qx'r Jcd,lrJCCOo3r qnqg$<rq'r4-ou q9$o3oq9363q'o x36cr'bo6oU 6sa>61.t:q36ol-t
16
J6eBCbt C Ur6rt69o 6oorbo36obr eJ Jo6eJJo6o ggbog6o o66tr6o11o3bol.t 6.>0o
ti36oo66o, !:o5o36oro 6s6o6r3q,ol.roL 6r6qrs, 39q,,>3c6 Orqrq'o.> g03033ttobc (l0olo-30o/o)
er aoa(,o6r60 J66J6o0ol, (oCtsooooo (60/o-150/o). or'3 0odqn6r63 s66r6o0ou eC8o0ooott
tsC00o60brL drqrq,o qgoq,l6olrroor Qr tsoCuo6Cbuq'o 3s63q'ooro 33t6tto 3tsq'ott b3q'b,
g6g06t6o6oLr rq0ogb36ob AC0J${6bCbCq,o g.:j$otfubo o6('gl.,O6orq,otr0oob
eJ0Jq,o eo6C, J6JJgJq,otso0o36o AUtsJbCq,o qoJ r6rbJJAr6olro ob33Ugo6ogbo.>. b$cr63p
obml$o0ocbou ogoood)Cbr 0rber ootCbo UJ6roEJAo EoQr 0oo,bo36oU 3q,0boltr, t6uttrg
or,>6 q.o.>gt<rom 3q,Cbr(r, Aclo,bcr36.l Xtvo-3t6or AoJgJ6 UJCCUJ('}6)Oo JCxrQ'CCOor$C,
goq,iqrtg, t6glrXorl.t qr.r BobSo)olt 0bdnqgr6 (6o0q$oo or3rQro 03t693 0u3t6o
6.:63&n0o oagog3borb). UJ3J6rU{-ooe, Ul)ts-olt 0o516 Jtrxn66crbo6Sbgq'o S3Crro6olr dtiJ-oL
'b6cpr (2014 Scq,b 1.5%) 0x00o6c6ob aodr6orgqlboor 5rqg.robgqg30r, 6.>tso3 .>tt69
6ro3.rq,olr$o63bgq,o oifub.> $q'oL acrq'olr 6s&3oorlrrSbgq'o Joqro$o33t6o 3t6o'bolrog.
l$ju6o63q,olr gal$goq,3b UJ3r)6(') JrF)O6oo6o, orytrrjSom, 33q,r3.rg go6,>61-t36o
qolrb.:q,r6lnu fu6r0g q.o5.rU. Jq.o6oq'o66o3o 3rq'UOoL 8rUtsJbU6cbJr, SrJooJq'olt
acaetar,E0aou a6o636gq'o3$ 336go6g0rU q.> 0o3q'x3.>qnr6o UrJ6(,ocSO('l 0r6$0co)cbou
trrq.orb 2013 $3q,U orb qps36rorn 0o09o6r6c i6ar6oaob qg3go13o$olt 06o0363q'o3r6o
6JUr6CUCbJ, o,Ua6r, 33r6otrT 613o 3o6cr3o33dn rf,lqoboL 6$rlc4trq'gbrUotr6 36orrqg,
lt3l6ugp<'I> l-r,>61613o 0oorbo36ol.r b64gl 5rbq,o3lt 0o0.;3rq'6o. $q'o56 q.om63i:3
6r6gq,ooro 356trol.r 20olo-dqrg 6rggrlryfrSbra bJ3q'CEr oC('l6or o6tsq'r0ool, tu83C6CbCq)tC,
6('lACq,Aro aooArOJ $q,ogdr 870-0q6. s6Ugbgq'o aXgsUSboor' or'3t6iXorrl.t c]o6o0o31 2013
2 Solo-Ur q.or 3 09o-U
$gqi-r 3.2%-oo potr6q.>, boq,o 2014 a.or 2015 $oq'L gl-r 0rBp6gbgq'o
AoJe,$mU, ACUrb.>Aot J(,.
1.2 33o6o0o396ot6q-o.:
2013 $3q,lr 0orq'o.r6o tsoqg.> J6oqggi6otr tvr3,rq-J66r 9:6qrr0 2012 $0q'orr6 3xc.ort635oor
Jo63xq'o ltao J3J6Orq'oU ar6argq'obrao
q9rbJq,o al(')6('laoJc6o rCo(8('lb) tsoCLo6acboQr (8J acl,ibraoLrQ ddJ-b t6q9ob
0.:8g6gbgq,o 1.5-2.5olo--ob tsr6aq,Cb3o o9o.oSoorbX JSr6orq'tso AtJ-L b6Qob OCAJo
lr,:6trd6obq,.>qr 6>ot6eJ QJ 7.196{ 6.:39<'tqpr, 613, Xfoo 0bdn3, 3crbcrOo33dto
.:j6o3o6oU 6s0ogc6\'gboor, boq'o, 0grn63 6b6q' brbrtcr gg3j$oor sttrob 6r0o$ggq'o'
$q,oU qgsb$golrtso s6qnb tsCBC6b3br UaCO0UTQ AAC6Cbq'r'r0ob lPr66tso
06ots36pq,og.>60.: t306o630,:6 6.>6oo$3or' Jot(r3gq'o ll0o m)d,Orq'ob 6.:6di3q'o0r0o
AdCECbeoboU (,rAJOCbUq,o qoCrCbUq,C0.: $o6r $q,olr ts3U$.:Oob JC6ooqoor6 AC(,D6Cboo)
13.6%--oor B30go6qru, 6rJO dodnorrqg.>qg 0orrgt6<'r6oU 0.C6 qg.>go6l6U3&3q'
o6g6iUO6UCOCdrUq,o J6roCCOCbol, Jq,CbJa 6raoo$3oJ. 396doq, oroo{aol.t 6r6rb0ts6Qr
boUXJOoqqJE qrgo6,:6l.r3bgq,o ofu6.>U$6a3rj6363q'o J6('}CCOCAoU A(,0Uq'('lbr.
$oEJU$D6o a(.)6r00aCboo) 3.2olo 6Cr(EoEr. $q'oU
AOCbCbq'rrboL q.or66ol., Jq'C0r0o A6o636Cq,o3J6o o9rr r06CsBC lribrtcl CSCCOoO, 3C6doQ,
2012 $q,otr Jot639q,o lt6o JBr6O)q,ob 6rbar3q'o0rao 5sbbr3gor6Sboor arquq'o b6qgr
gojlmd4ggboqru. Oorq'o$.>q.o $qrolr p60r3qmbu0o 0ii3fu\'obott qg.>66o 1060.6-oor
3309o6qt.
2013 gq'ol.r &](a6oaoJfl6)o t6enb erarq,o 0rBg59b3q'o ai,C6cbq,('lbiu(,D6 c6(,,r(.o
66g$39q,oboU ac(,r6cboo QraJq'ar b6Q)a 6r6rJot6obr. $oEJ $q'Cb<r,rb tsXqrrt6X0oo
erbrpo 956(,r ertsojlro6q.os q-o.r0r0gtsr3C03q,o A(,Ch5q,rrbou qg.:t66tso (8 4olo). 0oryos6lq.o
a6)r$gcq'r'l0ou qrsOrq'o $6qnU 0q3bgq9.:3rq-o, rqlr.>6ots6.;3o1, 6o0 5.:tlgq'o $q'olt
qgr663btso,
0r6AJ3q,obrtso arquq'o trt6q.or tsoClro6qQCboqor giLtJodr$r:X o6oC6oof,Cb0q,
d)o6o6)o0rr AobC6rqvJ{6o qrr grq,3oJoq,o U.>MXq,3boU $,>6Aogbu (279o), .>q'3o3oq'o.>6o
brUagq,gbol-r $.r60o9br (297o), JUmC aCorq,U60ouq'o J6oqg3fi3ooUr q.or q'ooro6oU 0S.r
t7
6.>3Sombgbol-r $.rt66oXb,r (70,6). rA6CoBC A6oA36Cq,o36rQ AooArOJ ggbott 0t63$39q,obolt
JF,(,AUCOCboU Srd,tuCbrA (23%).
aogq,o $q,oU 0r6doq,bg areJq,o t6qqr rpo6ots6s ltogq,oU 093t669o0olr qg.>66tso
(9.8%), t6sg 5s6<n$3cgq,o o3st, C6or, 0b6rq, tt<ngq,olt 03gdr63obob 6s63oorr63bolt
go6poU 0o36 6s6txnt6go3qg0gq,o arbtsOsbu6o obSCUOoOoCboo, boq,o, 03o63 0bdn3,
gb30ol$3q,o;6oboor. 2013 $gq'b O.rq.rq,o tt619.: qrlgojlrot6qr.r qr.r $q,cryt6 i:t6qrs3o
331r.>b$oltqr Joto$ogt6o S3q,oq,o ACoOJ6J olrSo)a.> qgrt66gb0r, 6o6ot6ogu 3.>]{6r'rb.>,
OE)r6UJ(')6Oo, UrbOUAd,(')Cbo aJ 6CU5o66CAo. $()6r $q,C&(,rr6 a3pv+r3boo 030got6pr,
0t6trr.>0 33q,rgrg aJQrq'or U€o6r6lj(9 bgj6ot6oL tt6qgs.
gbtrroq'o N 1 1 0oq'ou6o tsoq,: J6erypi0o (,r6aera6o3 36oq'ao
2012
2011
2013
I tuq"K*
'6?"(rd16@ | t'f,c!{n
!.l8qo', aJC66ro0r, 6.taod,!6r qtr lr{$o
for66!l-l.s. aCol6tc.l0J q'r dduc'r$
80%
UlAdF 0o&tC&E, a6'rriE(Y'ar
{5%
era!&Cas3a!0qb A6Cft Cq''d,
,qrCoryJtuht, h6$ir. J.' v6d$ q$ Bqr)
F60.lc}r a6 6r6,Sqrtr)
13.9%
&x{do6ll olAAaoavJa[! bo6saro'iqrlDCD.t
71%
{3%
98%
t3 6%
1.2.h
4r%
t4%
0.5t6
0.0i6
0.6%
-3.7%
11%
o2a
6.69t
0.2%
r3 6%
4,1%
5.6%
0.Ei
-10.6%
adoktro5
or3ftlE6r adilarnt{tc6o{t, U{rB'obo3rilu-,
6Sri8.b a$ J.6<n lrr%okr'&ir l$66ca.t
71%
56%
00%
lrr$rar-'c6o qE 6+0065!60
8.0%
0 z:lt
11.3%
67%
0_5t6
6.7%
8r%
03r
9_916
0.3t6
24 3%
069(
150%
03%
5,3%
o&
llr3ar,OooDd Cd6€o d66!6.8, qat65 qD
n aC'rrOoren or{t$AaEd)
01v,
01,/.
11!r
12:h
0-1%
03%
2.3%
75%
lrlod$t6o'$ObrUl6dsl, t!0r,gC6ra.l,,L,artoDen
29%
ot%
3l.h
l,ilxq{FRo 0!i6o,aae{sr
3,3%
0,4r
3-
0 3rl
22fi
0 2'h
01%
29%
0t%
4.6%
0 ?ch
(,r66i
3.',\%
X5[6'io!(*{*{ qaqjJ er
1.3%
01%
2.4%
0.1t4
00%
00%
X+f6l(ir6o, U.t'.sqf6o e5
1.Oyo
0.3%
6.9%
0.3%
4 6rk
00%
15-3%
00%
0.0%
4.7r,1
00%
20 5%
4.2%
10.3%
759.
t lta
0o%
{4%
0.07.
a'ar$r(S
4.6$d!!Aj$Crid ll.dol6.$r er
a69ggi66,o!d.n !rtro$r'6r, qsJrSa.nDFJen
ur,.6qyrs qJ a.flluJd{E l, SJ6aoca.lb6
l$J"a$ti. a.M!fua.rEB.r,
s.6r8,!6o oCn!3q*'Ll, a.Alblffri
!6$.6A!.)oib !ms[Ja.
s,qtt\uta,$o Jt .qdodq G)
10.2%
85%
{.1%
02%
7 zyo
SU16cl: l.,rCUOrOo
6oo*r<'rr6s
2013 $3q,lr 13o6o0o396o t6anb OCaJo[, ts353q'9bc do6oor.>q.orq 0oqr 0oorbo36ol.r
Uobglr6oo robU69br. tsoqg.> 0oolbo36olr 0303o6501 6JbbrJCoE)COoo Jottr33q,o l.t$o
$Jd,OJq,oU brMJ3(xeortso ogo o6sq'3olrcg36o 2013 $qol-t Jo63gq'o lr.r0o 3r66rq'oU
6r66r3q,obs6o ljllroo AoeJ 0oorbo36r l$boq,oo 0ob0u63bolj b.>6r15bt5 .>ou.:bl. 336d<'r
bllJo('ld)ot, aoMr6Cbi ArL,Uq'o $q,ol, JoqCq' 9 o633o qr$bq'o3ooor 2012 $q'olt po69i:9
ogo, boq,o ljJb3q,a$ogo 0ob0.>69b.: lD66d6obqrsqg 6503o6rqr'
l8
AJEbbBr3CbUq,o bu6roo og('l ACm@bC J3Jd)orq'tso, SoqggL:6, 36oo 0bt6o3, l.t.>rtiBgg6o
Jg6xx.rq6bob 6rgt6g6q,o6oU ArUfEq,CbrA, boq,o, 03o63 0b6o3, 06o3363q,o36.rq.o
ac60oq,ca3q,ar aoECOJ6'Jq,ar Joq,oooJra 396d<r ltgi$<r6oU 5$i$ogt63br 6raoo$3or,
t6r6 t3ltbr0oU4.o sol.tbr 0ob0r636ob 'bt6qgJbC J0r3C JC6or'rQtso brb6d6obq,rQ 6Jobr6QJ
U.:bgq,a$ogo 0ob6.>t6g0r, 6raJo eraJoCboo,o LOoAIq'o aol-tgr 0oxq,o.>6o 0ob0st596oU
$t6q9rU.
6ruuq,o $q,ou br6aJ3q,obrtso tsoqg.> 0oobo36oL UoUpU6S rU3g robsbr o6gL6ogo3bol.t
0600o6gbr'bc. obSCUOoOoCbo 2013 $3q'b l2%-oo, tCa0o6c9r' l)JbSq'a$ogoL 0b6roqgr6
o6ts6JUO6I'JdOC6cq, J6oCdocatc o6391$ot630ou 0303ot69br Sr6gosoorrp rol$bs
do6oorrqro JrJoO)goL got60o5gbrtX. JC6do UCCO('l6o J.>Log6o ogo Ar tsCUUlrOCbUql
0moio36rlr CJo6rOCUre a)6JACAoL 0366o63boll br6atg u3drgoSoq'3bq.or' 6JO
orrgoUor.>3rqr 'bqgq.oJger aJd,o ACAUCboU aor3r6 $3J6(,lU, tJJCobq'oL oAJ(.l6Ob.
2013 $0qrU Ugbgo ?oeJ amo,b(136olj tsm6'bC Cl('l6crAoJU6 $l6Qsl.r dot6oor.:qgrq.o lD6s6Xo
0oorbcr36r AJ6JJo6obCaQJ. $q,olr 6.:66r3q'r'rbs3o UJCc$q'ot r pr 0o0lt.:b363bolt
CCUJcr6Oo 2@/o-oo bJoSJ6q,r. 333 lt6bg&3q'o b.>tl63boU 6.>grt6ox'tC0Juo,rb C6orqo
ptrt6q9.r
6.>86qrr rbrq,o UTCCUJ(')6O(') 0o0r6oryq'3b3oo, 6c0r6 06o6363q'o36.>qr
Urjo6q,ob 3ilrJo6r6o. r0r33 qg6ob Orqrq'o td4g.: !9rtsoCbod)q.or 0o0U,rb36XboU
gjlio660og, t64 do6oorrqg>q.o $56nS0otr bCCO('l6Ao t6g,U
036r6Bg6gboo r6ob 6r0oFg6q,o.
O0bqC60oot
o6J<ndr6olr 0363q'3bolr,r qr.: CCUJ(,6OoU 956QoU ts(')6t C
ogo rqL.>6o66u3o.;,
$Aobal CCUJslf,Oo $q,ol-r 0.>6doq,9:3 tdlqrlU ad,J3J6o arAodf,JgC63q'o
6r'10 $o6r $q,3boll6r6 0r6l.,b3r3Cboo 2013 $3q'L bjobq'ollr Qr Ao0uibud)Cbob
CCUJ('lF)Oot tC49r0 $l-r<'q5$9r6 6$obr$gq'36)0o
A6o036Cq'o36rqQ 6rq,J*r6br
o0Jo6golt t6prlj.
por66,>0r N 1.3 6ilJ-l.r <bt6qr.r qr6rbr6agbolr 0ob3q.4oor
12.096
10.0%
8.0*
5.096
4.O%
4 5:,!
2.0%
0.09(
-21\
-2Otti
-2.1'"
.16'/,
-2 A:
-4 094
.5.0%
2010
20t7
I Ao5raCf6,60obC6o
. 6o,q{r6o Jr&\)Dq,oL Ao666Cbr
2013
2072
r UrbJq€Sogo arfd'3ob mr,As6(,0ao
r 03o6er duJo6,0o
t lrosoobooJf d,o A,r6bb0rSCas
$UrC,o: brCLOr0o
2009 $q'oqr$ 0ogcrq,Obgq,o r:furrl-t $36q,C50oJ rCaU aoq'oJ6o qru6'rto6g6oLr
q.o.rbrtm5lb0,r 180,6-L
ATB3CECbCE U, 616 6u66rd3q,qgi 2013 $3q,lrsg (9J Ao,E'or60r
q5ots6gq'o AJOCoT 6J$oq'ob6)o3 ,:go6r6L3blt o63Xlr6o3o3blr'
6rqpJrlJ6bJ. q.>6rto69boU
q.or6rg:o630ol-r b6pol., OC0JoU ts36rtiBg63b'r 06o0363q'o3r6or o0
3t6o369q,o
l9
o3Jq,brt6olr.,@, 6('la eD6JtctACboU J6lr0loq,c, (mbc xJdt 16 r6oL brJaf,obo
0o0qn6rdrg u66s6otsou ('CgoOoOoU a(ra6,rA (m6CA(,C ACAOo6,C0ob U$d,UhCq'UJUoAJA.
q.oor6l6$r N 1.4 qprbJSo6C0ol, qr,6)aoJ)
adJ
a66rtoLgbo/eB
-ao(b!6o
40%
ofuCbooooCboi aaJ
-
35%
30%
25%
20%
2
ls% I
70%
5%
.10fr J
-5.196
{-S$"*Ss"*
$U!6)('l. LTCUOTOo
1.3 Lodo0b0r63bq,og)UCbob$q'oq'Cb)
Irj.>6o33q,oU g6o36gq'o 6r63oU do6ocrrr(, u0<'rgs6rlr i30gt6rtso tsJUcboU
t OJboq,U6(,bou g9:6g6gq,g<'rgs $r60<'Dp636lr' 2012 $3q'U qor$UCbuqio q.o3gq'rgrr3t6o
JdrBguo 2013 $gq'lJJ6 6.r6t(rd3q,qgs. pggq'4oob 0.:8p6343q'o $q'ou Jo63Cq' J3rd)Orq'Ao
1.5-2 JF)cBC6OoU grfr6q,gb8o 05653obq-or' 630qg6od J3drooqggb0o, golt3boL U.>9t6om
qx'r6ob mq,oq,Caou o6eoJro('lffir ArOCbr qruo$go qrr $q'oL boq'c rro3ou 2.4 J6oOC6OU
0JSO('|eQJ r&d3r6rQ, $q'oU6o o6tsq')0or 06ofu63q'o364r Bra(,6Bcb) ltjrt()(,63q'etU
C6r'r8buq,o b:63o1-r 0otbqrb6ro3 0rts3g69bgq'b, 6r'r09q'og l.rr0g';qrcr34gor6o
J3t6ooqri.rw3oU 6 Jr6o66glt 00rs96c6u' r6rq'oaoU6rQ, $q'ou a3ot{rg 6rb3g.:t6tso
o6gq'rgool.l
(,JeCaocDo 6rbpr qgr txrpnu $56q666ooo bJlroJoQCb
arBoc6c0cq,o0 (l-rg6rUronlt qgr cbc68oaror60bq'cbol., aJ6)cac), t(roagq'og q5390b6oU
llbrbo
boq,obro,3ou 0.9 J6(.}0C6OU aJooclq'ar.
4
2015 $q'oer6 ao$6c'bf)o3o A)83C6CbCq,o s JdFoJSOraaC tsCooof)ACb5
20
eora6rar N 1.5 ao,q'or6o q-or l.rsbst<'r (bg6UJcrr,UJ (or C6c6aoaJor6cbq,Caott 0r6ca0)
oEgq'rgqbo (2008-2013 Sq,Cbo)
t6%
l4qo
l2o/o
10p6
$Vo
6%
2%
096
-2%
-4%
qe €,
E/EA-q €,
Ere€i i,;i/i€i
3E ts83?EE
E/89.
F5!-
E,/R B
E
,
E
o6tsq,ro(,J (Jlqru,)lrfl6l,r(rm, c6cfuoa\>6coq'caoL brr6c8c)
-606
-[rbrtr)
o6aq|Joo!
-ao,ql]r6o
$UrC)(.l: l.rJCLOroo Ar l.tCb-o1., br56AJ6oACOCAo
UJa('labar60bq'(') tsrLSboL obqXfllrol-t qgobJooJrL qgr $q'qc6,o o68q'r0oou 0o$6ob6o3o
alfuC6cbq'oc.or6 ar(,Jb6Jtt 6r6$o6obxbl.r go6o0o3s3o 6<n6r'r60 Oo$o('Caou, ottS
6oorbog6oU 0bt6oprb A('|CACQo tsDCO('l6Cbo
ol.163 6<'16o69 Ub3J QJbrq'0caoLr3q'or6 CaC66c0tso' lrrCrf)o6Cq'r'rtsoo lrS6bronb
b3gqgcrooo $oq,o lt0odb0rt6gbq)o JJq'ror0o ts3qgrt63boor 0sqrq'or q.o O3brb)aoUJqo,
drprq,or o6gq,.>3ooU 0r839fu\'oL AA6d6t'rbCq'o0J lrgt6Urorolr SrlSboU g3q'oq1bolr
AclA16ol. 2013 $qrob 5r60.>3q,r'rbs3o, o63q'rgoolt q.oo6sdo3r p.> 0ot6crbt6qo
0.:fug6g\'oqr6 a6oag6cqx'I3J6o 810o6836r qoq.o$oq'.rqp Lt26ttorbg q.orgojbot6S&gq'o
gruCbol) $q,oq,CboU 65q.o36ou Sq,oL Jo63Cq' 6rb00r6tso UrbCtC ogcl UU6LJo,bC brbrgbs)
6iArrftCgq'o tsJUCboU ts306ofrX0.:. $o6.: $q,Cb0o 6o5o63 t636oo60o, .:U63
CACCOoo
0Lrogq,oo8o 0.)6t lJco6c0oo, ocqoo aoLJgq,or6obolr 610o ltUS5llrogr J6rnq.ogi3o.>'bg
qrqojlnd4-o.: bS6rltromlr ry6o665q'o 6$3o163b,>
9.>1136ol-1 06o0363q,ogJ6o t6(lr
('6oCbooo b.>lroronlr ogo (,J SCl.,rbJAoUJCg 0ob.rgoqr63q'o ogr,l 0sluJgq'or6obol,
!:6prbor$ gdur>q-o 030q.o6o0 $q,300o .>a $695Qob Agb605gbr' o1906r, 6o6o63
g6oboq,o.r, tsrl.,Cbob Cq,rU$o36obr 3q,3boU 0o0r6or3q1boor Utsd)o ErJqlCAor, 3oQ6C
.bf4roU 0o0u6oryq,3boor. $pg6rq.o 0o$oq930ob ts3\g93oU 6s0c'r 6ri:trrqnq,o g.>L36ol.r
gq,r3 0Xdgor630r br6a6)dobJ(lc, S6ooCLor (Qr o6gq'rgortS 2013 $q'olr 6r66rgq'obraoo
rbACSA) orgq,C6Jtr. rq6ots63q,o Jfx'rylmu fuqg96rqr, 20 I 3 $q'ol-t q9.>Ur$gol-toqrrfu3
Ug6lrwr$g g.>lt36oU $qog6o Jq,Cbi goCuofu,Cboq.o,: q.oggq'.>6ooU 0.rB66309q'0i
.:J6ogol.r &rq,ollro3ou 4.1 J6,g{].16OL Aorq$or. $q'ob 03o63 6.>b33r6tso, Usbrtr'l CtsCCOoU
doq,36oU ts3pg64g, 3q,Cbou OCAJo ACAOo6qQr Qr $q'ob bclq)('lUro6oU bgd r.ronb grUSbolj
0oq,o.r6o o6qrgjlro aJOcboU aoar6o,Uq'9boor $o3opr' qQcaca06ou 0o6r3969boor
lr.r6o0b0rt6gbq,o Jrq,roJao aCar3!q, bu6ur(r,t3 g,>U3bol.t 33q'oq'3b$ 6 3 J6e196$o
6pqg6obr q.or 0olro 6.:3q,g6.> $q,o36)o o6tsq'rooob t rc6,o,o arB3c6cbcq'tc Qrrbq,ocbocr)
1.7 JrxrOCEOUq, JCbCOb 6rCOoq'Ar.
2t
Ai6(,J r0obJ, 2012-2013 $q,3b0o 6r6bcrtrr6o9q,9agq,0s 3oO36rE Ud)o AJeJbJb(,CE Cbob
3300o690$ A6o&36Jq'o3r6o 6.>3q,f6r A<'l!b(rl6.) 3or,q,o.>6o obgq'qloolr 0sfu369b3q,t3.
2013 gq'ob erUJ$UoUAo ACA0o6er Cq'ftlOE)oC6C66ooUr er 6rboL 0ob3,:t13bou 6u6ogXbo.
rqoao6ouo6o6Cbr(n gJjCbob Cf,o,x,f,J(fir 0309o690s0 A6oa360q,o3r6o 6C6r6o36o
brbrSot CtsCjOo 3CJA6J, 6('laq,ob foq,oq,o 2013 $q,ob 6oq,ob.:or3oL -0 6 JS(')OCSOCq,
JU6COI, 6ruo(''q,er.
6o$oq}3bob tsrCoo6Caoe)6, u6fr3or33, rplt6o06r3or, Urac'rabarf4bq,o 3rq,rotrBo
OCar3rE, oaJod)Ood)Xagq, b.)Cclfuq,$X (|rtsoCUo6c0uq'o ts$r3Oolr 63q'oq'30oU qn6u0o3.>.
l.r.>0odb0l63bq,o 3oq,sonb qg.>lbq,og6oor 3096 oaJoE)Oo6)CbUq,o JF,roQCCgooU6tE
ts3qr6b.>. rjgpr6 6$o0q.oo6r63 o63q,.>gooL o6&q6$o CaCArbrAo p3gq,.>goolr.r org
qoJbrq,o o6Bq,r0ool-r qo6oU 916or-36o.) 6r6abr'bQ36cq'o grCo(,6o bq,cbr. 2011 $q'oU
q6oboL o3oeJ6 aogoq,30gq'o, Sgg.>6.;ao oaJo6,Oo6c0Uq' ltrjo6Sq'tg gsL3boL td4goL
aCoF)C Jorf,Orgob
OCAJb lgrear3rq,o O6C6qoo 3C(,6q,r.5gt6o 09$og, 2012 $q'ob
Ooq,oqor6 Orngcrq,Xbgq,o LrsOo0bOld4\'o JJq,)o,JAo ACAJgrq' oaJ1n(,0o6Cb3q'
urCcl6cE tc qgcBgroor gojlrot6q.o3bgrqgr' 6oacq'o0 acaQacla Jc6omqocbtso, 3Stvdmqg 3o'
2013 gq'otr Jotfu3q'o L:ao $rd)O6q,ob 6.:66r3q,<'6.>0o dbr6rQo 696q935gooo,
bJroJor(.oc6oqJ. 03oorb3 6#r$.>q,6o oaJo6oof)caUq'o QcBq'Joor 06go)6rrq.o
3X0go6qq.).
q.oor66rdr N 1.6 o0Jo6oo6ClJq,ot (,J r(,6oq'o0t6qo tt.>jo6q'oU obgq'ooor
200f
15 0%
10.0%
l:.t',, 1
5096
oox
90099???9
,EBq C ? E,/NB
-5.09(
-10 0%
q ? rE8 ,n',i.i
c?
,,.o€ F?'
.,L
;, rBag
c)e r cii-oc
--oc
,tr a o, ,6t
- . .re6.q{ni,.Uo '....
UCq'
-.aLi1Joq6
gU!C)at: UTCUOTOo (.or
LCb-ol, A)56br6oACb36o
(mAodl0 rRo6ots6r, o6gq',:goob qrbrE, ArESCECbCq'U, 0o$oq930oLt 0b6oc.ou6 0oj63q.o
grj$o6960s9 t3g$go bgq'o.
tsJCood)Cborr6 3t6or.>q.o, 0oobo36ol, 0br69l-r .>6t4bgq'0r
or,oCaob AoC('o 2013 $q,oU arbdoqr$3 3o6o0o3stso 0oobcr36ol-t 0b.>t69lt u(tbg&3q'o
tsrC6r'rf,Cbo golrSb$3 grt<rgogocoo Ao0r6o3q,Cboor t30oJfuqrgbqr. CJr6rUS6Cq'o
q.or
$q,96olr 6$0r3q,obrtso lt36roqg 06o036xq'o3c6o tsolrJrqU6o 3o6Uoq'oqrrSou
6r'r0o6rq5dn cgcCoud)o 0Jo3q'oo., 3gt6trob 6.:0grt63b.> 3t6ombq'o3 0ooDo36l$9
Aguglggaou aodrrloryq,gooor asrCaCACbQr qrs grltSaob qm6oU ts36go63brl.r
6r6$o6obCAQJ. A$Co6J(9 3Cf)boq'C6uq'o ao6C0D6Uq'o Joq'oOoJoU Ao"JbC(or3J(.o,
, oaJo6,Oorq,JbUq,o er rAboq,mb6o3o UrCc)6('ol, ob8q,roor ooBq,Cb,) C6o36Uq,o ar6JoL AoC6,
brCbosooar6 aoqcbcq,o. l,sa)aMr6Jo(xq JJq'sonl, or('Jcc('(, SslaJo6cE)caou o6acdbc6ou aobr(Boo'.
22
cJo6craoJrtso $q,Ja (,r0Jq, (m6c95c 6Bc6{'}q,r brJf)ceooo rCOo3obJ. J6bcbUq,o
ArU6BCaqx'rOJ JbCt OJbAr Ao6COrf,"Jq,o Joq'oOoJoU ACf)boq,CAoU arerOCArL 6)CDq-JE)
bCCOo6tC, 610 oar€o arAoobror, 6a)A Joq,oOoJoU 0r6$3Coou AC0Oo6CbrU UlbrbJo
l-rgUbgb$3 0oorbrn36ou r6rUJJ0r6oUo S6q,J Ao.l$r. 2013 $gob ACt'robC a3r66rq,tso,
g3o6o0o3rtso 6oolbo36olr abr63u r6UCOCq'o gJC6od)Cboer6 grLgbt3 gr6rgogooro
ooarf)opJE Cboo, bC6ojAgqt0s tsgdgot6qlr. ArU6$Caq,obou Aoq,g3.:a qgr 0g6boqgbgq,o
0o63gutvryq,o Joq'oOoJoU gobb3 tsxd6ot53bgq,al UiJE)(')ocEOo bJ6rJgcocbar
6r6sJo6ob.> UrJ6CeoOo rj6o3o0ob 6rar'l3el3bq,Cbr. 3o0X6gogq,o br635bol.t Obdroq.orb
gyo6o0o3ol.r q,r36C(r,g3bJ0 boeo tsXg$ggr rp6oqo06o3o 0oo$o36olr S6(,Jb. JAJboJ6,
0rbgo01]q,ot6305q,o ctscC0o SCerEQr $q'ob boq'ol-lro6olr bocxroou b$ag0oL $t6qgrL,
.:pl$6ots6.>3o.:, 6od 3t6ox'r\,qo 0oo,bo36ob aroCbrtC AoUo.,o)CAqQJ brbJ6C('l UCCOsr6ol,
0rB3g690qgbo6. $q,olr boq,ol.rror3oU 0J33o6.:q.o ooJor oaJo60ar, dnaXq'og $o6r
J3CnoqOoU 6s60rgq,r'rb.>0o 06ofu63q,o36,:q.o QJArq, (m6C'bC ogo. rqr6oq'o0'l6o3o
0ootrn36ol-r $,rbsq,oLSbulr bgq,U U$gob(,r A$r6,qQo tsCq'JQo bbr36oq'Cbo $o6r $3q'or6
tsgqgrC{ooor Ur6r60('I 0(.)(,,b(')36ob oioCAJtC ACOffiCq,CbA, ol, tsrioo, dma tt6qgol-t
arerq,o OCaJcbo ertsoCLof,aj cCUJo6,0ob 036orb333$o.
oJqJsJqo ltljJjo6q'o xbt)gcbou aobc(Boo tsrttcbou $q'oq'cbolr 6r6boq3r
grl.rSboU l-l.136olo qgo6otr
63oB3Xfubb, 6o0 2013 $q,o[r &rq'r'rlto6olr, ls0odb0.>63\'o
b6qgol.r tsgq.ort6gboo areJq'o OcaJCbo qgJgodlrof)Qr ,,lrg6LrronUl qo grq'3oloq'o
Lr$03q,3bol-r" JroCto6or0o ACArgrq, J6,('l(trj$CAS3 AJ 5 6 J6C)OC6Oo ts3'>q96o6.> 3oq.o36
996o 0rq.rq,o (8. 1 J6ogX66o) ogo grl.tgbol-r 0r$Cbr ,,rgJo3oq,Ut(ro ltU03q'XboL qrr
orAorCc)t
16390o, dr.:6 o)rAbJCelU 6J$Jffi'bC )Cootrou $6)qQr0 Ar6$o6,stbr. tsJbCboU
"
l.,rCd)orr (,rr6ou Ar63br qgugojlrot6pr ,,U>6b<'r369b3q'o Uutrq'o, $g.>q'o' Cq,CCO6etCbC6Aor'
63lr$ot(63boU'
rot6o q-o.: lJJo,6o0olr lrb3J UJbCCbott" Qr ,,bJLroua6xDrbolj, 3JtsC0aob
L,r(,Jo tssucbou Q(')bc
3rg35or6ogbtso 3g0,>3rq, I,Jjo63q,tr.> ar aJ$c!q' aoaltrbU6cbrsc,
ts3lrubr0ol.r.rqr 3.9 J6xn666oor Qr 2.3 J6r'r0C6Ooo 6rots6qgr' ts5q9.>63boo 6r3q'gbo
o6gq,rgoolr 0rBg6363q'o p:gojlro6qgu ,,a.>60t6orgq'oboU qr.:63oU", "6$.>orq'50ou" qr.>
,,qrU663br, 6s6omb.>
3Uq'OU6olr" l.r.:b.>jo6q'o a6gggboU 0C6ob3CArAo (1.5
Jrtrerg6go, 0.5 J6ooc6oo qpr 02 J6ooC6Oo tsgl$br0ourq.o) grb3bnb Lrx6om qQo6ob
pr
pr
b6q.ooU go6tg rqb6ots6r3ou, 6o0 gslrgbolr 3gCbr (,rtsoClro6q,J 6,rACQC6oAC XAUgtso;
2012 $cq,(,)r6 0gps65boo 5 5 Jrx"oc6ooo, 0363ol6qrr ,,Orbljroaq'oljr c.or gSbtrgaq'oU"
1.7 J6rl0C6Ooo, oJqcl,,O6JEbJo6Oolr" UCd0c)60o 090.:3rq'o ltrjoEq'oltr
JroC0et6orBo.
qgu 0o0l-tbg630oL tsJUCbAr. brbrCt'r6(x'r X6UgAo ,,r3fio' ltopbo 6qo4bo q.or
0r'r$goboqo0gbo, l$bq,oL 3o3q,r-033oC0J" tsrUCaoU UrSlrroro pobolr 3q'3bs0 0 8
J6oOC6Oo 0grp6o6r. 3oqrX3 pgt6o qo)bJqio OCAJoo,, 0.2 &io0X66oo ts363o6qqr
;r3tsot66.rb0gq,oboU" lrgc6<'rb ltjo6gqo|rl qrr 6r$33q'o 6o0lr.:bgt63bol-t g.>l-t3bo.
l.tjo6q,oLr asrbaJf)cbou brb8d)dq,(Errbob OobXp3oor grUSboU 6q,oq,Xbolr 6r6boqi.>
qgo63
6oB3x6gaU, &ra 2013 $q,ou ArbarSq,obrao LrAc0bArf,Cbq'o g.>lr3bol-t lJJ$roo
ts906o6rpr b,:66t6dq,o3o qrs l$tsg.>q,o bs666dq,o3obolr 0<T b0,>l69bob ltujgr6Sq"trg, boq'o
tr,r60o3q,g ar,rtrdst<rXboU l.r>j<'r63q,U.r qoJ A('lAt JbU6Cbr'b3, U$66r6o3<'r JCf)o(.)(r)b
Ooq,olrror3oU, ll0r'r0bA,)5Cbq,o BJLCbo 6Jo$J6qpJ.
23
(nrb6Jar N 1.7 $q,oU6o o6tsq,r0ff U aJfuC6Cbq,gbotr o3q,oq,Cbs l.,h.rqrlrh.)
b.>66t6dq,o3obolt 0ob0.>t63boU l-t.rjobq,(,Ur q,r ooabJbU6Cbot JCDgoU
8%
690
ga
0%
-2%
*c ec
t : .- s, etiei'.9 he
i t .- sr se og a
g c sc
6 ct,r € c 8" - d.9 g
6 d .5 3 c 8,".
a ura!{D h$#ns!r,&n aq5an6ca.! lr}c.,5R"o
ahi60rU<x &ib3!6i5!$ LirC.6!(t
obJqltderi.p oaffSr
llll'6lq$
$Ur6(,: brCUOrOo
gbtrroqro N 1.2 o6gq,4ooL (Ugo) 0.>83969\,3bo g.;q,3g3q,o 3o0Jo6C6OCOoU
oobC(,Ooo) (J6oOC66o), aro)o $o6u lt0o0b0r6,Cbq,(.l JrE ro,rAo (J6eBC60o) er
'bX6,>gq,X6s ltgo-t3 (Jt(ro0c66gq,o Jg6jgo)
2012 $q'ob
A$lJA66oU
01613q,CJ 13/o561 2(,CJ l2
obaq,$or
Soc-(-
06gq'rOo!
tr3qx,c-
2 Avo
2 4o/o
0 59o
-0 5%
08%
o2%
28 0o/o
6 \a/o
l Tqo
I 89o
0 8o/o
-o 20/o
7 tok
0.lYo
00%
0 2Vo
00%
5,190
0.3%
0 0.,6
2 4d/o
o\%
0 9o/o
0 0'/o
-4 89o
0 Oqo
0 01o
Sn6160
tllr(P
100 0o/o
lra6t')c,o q,r }'q'Jolo{E lriSCqElo
T 796
J:lfF ar JY]f 'J1r,{a<rabaio
U,6no aJ bo6)oot J6oq.1lor6o
e$I3/A$12
0lqo
3Po
0l%
-0 6%
2 Oato
4 OYo
0lo/o
3 390
0lo/o
l3%
73%
0l%
2 Sob
00%
44 Oo/o
2 tr/o
2 300
0l%
Ita, :fl1eh (D .I$6obo
6ob(1bmq,o, A)eBl}ae,o, ,tr(6dogloe,ob Qr Uhr
6o@'hoar6.6ou Srtrooo
A$,t5o, XJEo, o!3q$, 3.}J.ei!., Ae\lc'q,Je.',
l,Jlla6(DoAdn 6r$vr,Ao
2 8o1o
-2 )%
-0 19o
65%
0 2o/o
.{IFo! lrhJ Jdhc{rkLoo
O 7Yo
100"
00%
-22%
00%
e.De".iolosm tsuax(-r6o
2 la/o
-0.9%
0 0o/o
-o 70k
0 00,6
5 40,',o
8 1o/o
0 40k
419'o
02%
0 I9o
!(..10L,{-.|(10 L$Mo,
ore.yjo
d}5Ar!.rA,.KYb qD Rldr)l1a,.|(rb
2 60o
-5 59o
0lo/o
,3 5%
E 89i,
3 9o/o
0 3o/o
09%
-0 1%
-0 5%
00%
-I0%
0 00/o
I 590
0lo/o
2 Toto
o 20/o
lr!ob.R(,c0cqb t$(n, fulqb, cqvdbf,.'o6c6,ao\
1060 or h.,bi{d, Lhr b,)t Y$o
ra0to, l$cr(rbo 6o3dEDo eri aoft,oaoqnD}'
lxb(d, kie'tqt{ro,,.ts
LrEE6oNq15.lJ s)i($)
9 09o
21
)27o/o
cNv.tr6$.r srrE c$o Ar J3(15O6r
lrll$r66ox6o,.ilqyFo (D 6d\ad,f6cto
lrbawlue) lDjdr63(r q! tuA$tJd,C0J
6.1qa
-t1
-o 40,1r
-o.20/o
3 3a/o
0 09b
-0 3%
0 Oqo
010/o
00%
l5a/o
'0 lolo
0 50,6
0 09o
-l.l%
0 10,6
5 20/o
2 30h
0lqo
2 8o/b
0t%
5lo;
t 2Vo
-010/o
05%
0 0o/o
$gJ6xr: ITJCIJOJOo
1.4 U.rbgq,O$ogogo$r$lrgbo
2013 $q,oU bo3xcoob (,ctsooooal 00J-l-t 2.6 Jt6o1p66o acDC96o6J. $o6r $gq,orr6
ts3qgr6)C5oo Ur6rq.oJ.trbrq-oo ts30olt3qp&r 0.2 Jtrx'roC6goo, It0orr36o6<'r brtvrlX0o 3o 2.7
J5<.rgg66oor 3306o64r (bJ6XCboU 0COgoE)CbrAo gOCq,JtC (lrlqQo $3qloE o r6rtso6i6lt36
riOqcatc aJ uiCc-l63q'o qg.> 0o0urb3dt3bJ$3 6o$36q' b.)6,xcbtx 0opou) JQl.,r6oa6J3oJ,
trma 2013 $q,oU boglxgo Ug6o ACOXg .>l6olt o6oX6$oSXbgq'o ltogorq,gtcr
U.:]o6o9b9bi:3, t6.4 ltc\]orqpJ6o brGXCAob t{6cgrto AJa('lobrOJ.
2013 $q,ob 6JC6o)o boflx,oob ts30olt3q,g00s
A6r6OCbAr 7.4 aq,6)e ql16()
ACD(,bobJ,6rc6 oroo$aob 160 0q,6 E)r6oo ErAo6BCA) 2012 $q,oU 0o64g0l-t. 2013 $3qU,
qr
Ur6r(,rurbJeo tsg0olr,:3q'9bo CA6ots36Cqx"A (0,2 Jlrtom6$oo,) tsg0got6q.o.>, brnqo
6o0o6.rq,gt6o AAJ 2.5 J6r'rOC6O.,o, 0Jotr6qoJ. tsXq66.>p l.ts6.rgrlrbJQst O3o6,srl $116r
$cq,or6 tscer60boo 0.7 J6,(')oc6ouq,o JU6JOoo acaoof)Qr (Qr 24 8 Jf,('t0c6oo Bcrc6o6r'
ls6.:qg.:1.r.>b.>qm EXaobr3q,gboU bO6gdOC6rAo r6JJo6cgrJo6o AleruJbrqC0ol, $oq,o 55
J6cBC6OU 3CJAbC6t , Jo6qoJJo6o brqprurbrqoCAob Jo ACUJbraoUrA 45 J6oOC6OU.
eoJb6rAr N 1.8 6JC6o,o boflXCOoU UJAJerUsb.>qxr tsX6oUr3q,36o
6rd6oo AoJX:Oob UTATAJ$brGn A3&rl.,r3q,Jbo (4,)6,ObC6r eJ6do)
.+AdJ-o,r6
Bn6(m8r (a$,MJEr (ct6do)
7,000
2A%
6,000
24%
5,000
200/0
4,000
16v.
3,000
120k
2,000
1,000
0
I
2004 2005 2006 2007 2008
8%
40/o
2009
2010 2011 2012 2013
o%
SgJ6cI: lrrCr6o3Cq,(.tlj tso6r6lrolJ UrA.,6o UO6c)
Ul6oq,>U,rbrqoo tsX0r'rlt.>3q,gbol-t 6q,oq,36Jtso $6(rlU Aoar6@Uq,CAo@ U3Cq,ttC eoeo
g3qroq,o U,:690o1rJ3q'(,l orerbJbre9sc a<nqrrl-t (2.5 J6ooc6oUq'o JU6COo), 6c)acq,oo
9.6010-('(,) 6robr6qor. Jq,COo[t AbF)q Jo U3Cq,rtC A6o636Cq'ogs6o $3q,oq,o qgqS U UBr3o,)
(-2 9 Jl6otlc6g3q,o JU6COo). rCcar6 2.4 J6,ooc6ocq'o J!6COo oaJo6oof)cbuq,o
Urjo6q'oU qrp6-t9 OoqgoU, t6o03q'og 21 5olo-oor ts30go6qgo
2013 $xq,tr $o6.> $3q,or6 03q9rt63boor 6106olrl bouxrt)oL brfrlXbo 223.8 0q'6 q,rt6oor
(2.7 JC)ooJ60oor) 6g06ot6qgr er 8.1 aq,6e9 q,J6o ACJebo6r. Urfuq,a$ogo boCXCOob
b.>619bo 162.6 0oqmo6o qrr6oor 0g0go6qg.r eJ 7.52 Aoq,or6eo q,J6o tsCJe6o6r, 6)10
25
$q,ob ltb<'rq'oo 6g66ob 91.9 J6svJC6Oor.2013 $0q,b 6.>gt6oro 6ogag6ob bc6lXoolr
ot6cgr6qmbr d.I-or!6 $oEJ $Cq,olrb AC(or6J0oo L5 J6sBC6Ogq'o Jg6jgoor 0g0go6qg.>
er 30.1 J6('IOC6Oo Bg.>qg6o6.r. b.:t(r26boU tsCAOo6Cbr do6oo,rq,J(r tsCCbrl J6rtso6r6t Uf)
rjoo3Cbb (556 Aq,6 q,r6o) er bJjob0q,o (,r A('lAbrb.C6CAob (286. 8 Aq,6 q'.r(r,o)
3.rg96o6ngbU. lr.r66d6obq'rp 5rots6q.os ttogorq,g6o (437.4 0q,6 q,rtrn) 6r$ggq,o
b.:62iXbo.
q.oor66r0r N L9 6JCF)oo boUXJOob br6xC6o er 0roJo or6.rgs6qm0r Od,I-or,rE
9,mo
45%
8,m0
40%
7,o(rc
35%
6,000
30%
5,000
25%
4,000
20%
3,000
15%
2,000
10%
1,m0
5%
096
d
d
d) dP ,"9
,S
"S
""s
"d
oo"Xro.rr b$'Xd. +o,r6€r6snbr
-
6rct6on
$Urd)('1: L5Cr6o3Cq,a}l, tso616Uo)) Lra.)6()l.,06('|
l).>bgq,0$ogo boJqgcoolr qgggo6o$ol.t 6c{]c(x'lbr or3cg$odEcq'JQ 74I 6 aq'6 q'r6o(,,
6r6ol$tq36r, 030q6o0ilo ltb3q'a$oBo boUXCOoU q.oCgooooou 6Cbar 0robr6Qr 755.6
0qr6 q'.>16.>0q99. grigoa6qo (,ctsooooo qr6x60oq,t3 66o63 ogo (711 0(,6 q,.rttn) qr
AdJ+ 2.7% tsCre'ao6r. t64 fugb3or 6JCf)o,o bo"JXJOob qg3gogogU, 0.>6 705.8 6q,6 q,r6o
(AdJ-L 2.6%) 0Crqo8o6r (ob. eor06Jar Nl.lo). eCtsooooob qgsgo6r6lr3b.> dor6oorrqguqg
oDgolrggrq,o UJ06UOrgo brbbd,Caou 370.9 Aqf q,.)6oq, aC0go6Cboor p.>9o6.>61.49.>.
lrs6.:169o 3uq,q.o9bgq,9b3bolt $6o69r bt6q9J0 131.6 aq,6 q,rd)o, boq,o 0oqrr 3sq,ob t6qg.:0
77.6 0q'6 q'rt6o tspq96o6.;. J6c6r6o$ugooor Jo qpcBooo0o 125.7 0q,6 q,,frlo
qu9o6,>6\o,:.
26
enrA6rAr N 1.10 6rC6tor,0<r13fi36tt qgCgogodo (4q,6 q,J6o) eJ aAJ-o,r6
oJ6JtsJ6(mbJ
-
6rC6(rr, klCXJOob ACAoo€o (a,rtr,obC6i e06do)
2005
orr6J$,)t6(obr (a$,ruJtu eCrrdo)
-AJ-{',r6
2005 2007 2008 2009
2010 2011 20!7 ZOtl
0.0%
(22s)
-13%
(4s0)
-2.5%
(57s)
,3 8%
ls00)
,5 0*
(1,12s)
-61%
(1,3s0)
-7 5%
(1,575)
,E,E%
(1,800)
-10 0%
Sg16a|r UrC160)3Cq'olt 9o6.:6ltor.: l.,rao6oU06(.t
2013 $CqlL Ucjr6o6gq,olt brbgql0$ogo6 qr L.rbgq,O$ogo ar6r66ooo JqCbUq,o
Ilr5rcr3o 3.>q'o 145.9 0q,6 Er6oo a0a0o6Qr ar 31 axlc666ob 0(16o0.>63o6oo1 785
aq,t5qr q,r6o 0Crq0o6J. 06o036gq,o36rq ts36got6q9.r l-t.>jr6opq'(,}l-t 0or.>36r'rbol.t qr.>
g6o36gq,o br63otr 3sq'o llr36or$o6obo ttJArq,UOo tso6Qo,J6, U6Cq,JQ c.orotsJ6J 2008
$gq,Lr 6:0o339bgq,o 336oo\'o6rgo3bo t6qrr 3o 339tx'r 0orr36obolr 3rq'l.r 0Uogq'oo
bs63oc6, 6t6r'rJoL U,ro633lr6ogoo br63ors6, .>boolr br63ooJ6CboL, b$3orl6, boq'o
CgCSC6"er6 63dr0r6orbors6 q.o.: o,:Jcr6oullolu6. 2013 $3q,U l-trb3q'0$ogo lt6c63o 3.>q,6r7
brjrt(rogq'oU AAJ-I 29.30,6 Eguqr6o6s, 619 1.3 J6o666gq,o JU6COoo 6r3qtgbor 2012
$q'ob dcr6rgdtrS
2013 $oq,U go6r6lrorr l,)Aobot O6ela 6u6t6d3q,r lr.:brto6o 3rq,q6b3E CbC6ol.,r (pr
<'rbq,obrooc0ob 6r0o0390s, dnOq,olr 6ot,r6bg bouxr0oU (,cEoBoOoU (,Jtsobr6ucbr,
g.>l.nr6o j,rq.:q,q.o36oU b.:t6olr 0J63oor6Cbr pr 3sgoU 0r6orgoU 6.rgdlerbglt3br
$rt60oqg696l-r. lryq, 2013 $gq'Il383 0q'6 q,.>6olt Urb.>to6o 3rq,qg3bgq,gbXbo oj6u
6rdofu3bgq,o, qg,rgr6aCMr Jo 233 0q,6 q,rt6o 63oq.o6obr. $o6,> $oq'or$ 05q.ort636oor 6oq.o.:
3rq,olr $oq,o d0J-0o 0.2 J6(,OC6OUq,o Jg6fi5oo 6cotrt6qrr qg.:7.5 J6o1jg66o 0Xuq6o6,>
0orq'o$O,> lrrbgq,0$ogo 3.>q,6r 0tlJ-l-t 36.8% ts3!q.o6o6r; .>q6ots6gq,o qm6g 3.rq,oLr
Ae66rQrnboU J6o6o33q, 0rBgg6gbXq,trX 06o3363q,<'r36rq (ddJ-U 60010) 6,r3q,C0or.
6
?
Ao,r.J6,obr ar Cd,al3$fix) Ar6Jo
lDbc(€goaar lriblf,c(, B)q'o ac'oo!3U ao)ra6c)bolrr e5 ci6oa6cq'o br63ou Ur8r6co grq,lr'
27
C.oora6,rAr N l.l1 LrbCq,a$ogo 3.:qrr qr.> frdJ-o.>6 g.fqx'rbs (1998-2013 ffi.)
arq'o (0!r6xJc6r pct{do)
10.0
-aoar
LraJ'6Jo 3r<h (ard'obCtu eC6do)
- brar6Jo grq'ob Ad}-o,rb or6Jtsr6,An6! (A)trrXSJEr e0e)
50%
9.0
54%
EO
4A%
€ zo
Et
: 6.0
42%
35%
€
t s.0
30%
!
4.0
30
24%
lE%
r2%
2.0
l-I
1.0
00
6%
o%
l99E 1999 2000 2001 2002 2003 20el 200s 2006 2007 2008 2009 2010 2011 2012 2013
$grd)('l: brC16o)3cq,all, c6clo6Uq,o b!6Jo qrr goErELorr UJar)6ot Oi6(,'
1.5 U.:5r63o l-rgj6ot6o
q-o.r
ln6rq.orbrbqr3q'o brq,56uo
2013 gxq,L, 0o0qn6rtrr3 $6>lrn0oL ecBooooo aggo)((rJ(g brc&xmocual q.o.; 0orq,o.:6o
ooq.or Jd)oeUCOol, 5.90,6 ts9sqg6o6r,2012 $3q,or>6 09qru63boo olt 0$3963b3qn 5.8
J6x'gC6OUe,o JU6COoo,Jr 036gotrrgbgq,o. rbUoqFJOU6 bra<nbrb2q,Cbr8o 2013 $3q,1l
0o0qn6rt69 JbAr6oaob CgCtsoOoOo Vo6r $Cq,o,r6 BCQr6Cboo 903 aq,6 rad qrrq,r6oor
6r30a<'rbgl49r qgr 951 6q,6 rUd qmq'.>l6o 09.>qg6o6.>
qgou66.>0.> N 1.12 0o0(oobr60 )6arf)otsol, J(.lAJCtbC6OCboU
E,)F)(,obr ffdJ-orc6
30%
20%
109(
tr/6
-10*
-20P4
,30*
4096
-lriCo6q{E,3r3l6o8r
r%rdroAo
-ACAnbRtq](,
ao€Ao6.)(,C Otc,56lrtsCi6oCao
-Ao6l})trJ6CooorSrr6oAs
-
-aoAaoSr6C
$Ur6m: UJCr6o,SCE (')b 36('1363q,o AJEJo
0o0(rlbr6C r66rt6o0olt AJ0CCr,6o &C&Xo0CItg0.> dot+rooruq.orq.o ll:jo6q,oo 3gt6oboU
bryr6boU pg&1ob9U9br0 6r6sJodm6r. 2013 $q'olt 6rffi.>3q,sr0r0o $o6,r $3q'orr6
3gq.or63boor 2l.2Vo-oor 6rotrs6q.o.> b.;jo6qoU gjbJo66o, $.rg q6mb oaJo6)OoU $6q.or
28
6gq,or.:6 ,rbq,ol-t ogo qgr 0.3olo 6grqg6o6r. AC(,C0J(,, lr.>jo6q'oor 3.>]6n6olr orq)Jbbo 2012
$5q'or.r6 03qr.rd6boor 724 0q,6 ,>8tt qooq,s6oor ArUAXmbC[i(,r (rJ -3.5 aq,6)(, rEd qooq,r6o
63rq.o6oEr.
0o0Usbgt63boor grlt(xn6o(,Jb AoeCogq,o A3acit.>3ggbo o6rt6Eg636lt 6r'rq'oqx(roo6qgqr
a95J6A OC6ACEOorU. 2013 $9q,1., &r6lr.;bgtfu0oo 3.;]t(roboqgr6 aoq0bgq,o $0o6qg.:
ts3&'rLr3qlbo $q,"g6rCS 28%-oor 6.rot.frqr eJ l.4l aq,6A .rts8 qx.rq,cdro 0Cr(,6o6r,
t6r0rg 06o336gq,o3r6o ArAq,CEr Aorbqnbr 0o0qnbrt6g rbbr6otsou eCtsogo6ob
6sas6Urq36.>tg. 6oaU.:bg69boU CCU&'l6Oo(,rE AoeCbuq'o ts30<rbr3q{6ou t6(,r
do6oorqrrqr Ou6otaoer6 AoqCb3q,o tsCAoUJ3E CboL t6qgoor .>tgol-r 5.r6Jot6obg0gq,o.
2013 $gq,U st6q9r qgogojUo6qrs 6m6ot66 l.tsj0or6o, sll6g Jo6sqro ggtrnt0oU bggtrrogbtso,
b<'q,o br96ox'r XrAAo 636offioeJ6 aoeCbuq,o $0o6qrr Qdolt3q,g0o 2013 $q,oL
6r60.>3q,ob.r6o flo6r $Cq,cDJE AC(,r6Cbool 23olo-oo 6Jo$r6qQr (,r 1.43 6q,trqr .rtsil qmq,r6o
ACDe6o6r. bODboq-J6)A ob64-o3br Usj.:6o63q,otso ggb<r3q, 3oto6o6orr 6ogb3o, 2013
$3q,1-r $ 6rBg6Xb9q,0,r 5.4 0oq,oo6lr aorq$o.:. oogbgqgr3up 3otoosl(6o)r b6Qol, OCaJot
031ry1$3boLr $o6r $3q,ot6 tsCQrf,Cboo, OU6offioQr6 aopge3q'o ts36oL.r3q1bo
6o0qn6rt63 $6rt(ro0olr got60ot63brtso bgq' gg6x'r 09gsq 06o636Xq,r'r3$o bq6br.
(r,J06rAr N l.13 l.,JCr6o63q,r'r0o ?96oUgqn ggbogq>o 3oboood)Coou 6rmcgC6o0r
900
800
700
600
500
6
400
300
200
100
-2010
-2011
-2012
-2013
0
"*-d doC "s """1u";r!.f,e$s
$g.r16o: l-rrjr6or33q'ob OUC,otAoL C6(,36Cq,o reao6()1106J0or
2013 $Cq,lj 4.4%-o@ 6rotr6qrr 0o0qgo6c6C Of)r6utsC6Cbo er 06o0963qn3.>6o
$3qoqo
tsgogoE.r lt3.>)trn qrggogogolr qg.>go6r6lrg0.;0o. $o6r $q,gborrb t3qg.>t63boo 0o0qn6.:69
66rELgX6r9boU $q,o56o t6qnl-t OCAJo ACA0o6CbUq'oJ, d,ro do6oor.:qgrqr
UJao,rg6obJ@r3o6obo Of,s6LgCf,CboU 3306od6boot rt6oL 6r6o$gggq,o. 2013 $Cq,U
$qrc6rp 7o,6-od, Arotr6(,J 39t6d<'r 6$,:36oq'gbo, 6104 g0or:3631r.:q.o 6r6rJodrobr
aoA(r,6r61 O6r6bgC6gboU lt36om i:6q.o.r.
2013 $3q'1, aro95J6eJ tsg6oUr3q'oU 0rq,.r6trb grdrymgoom $g$<'rq'o 0o0qrrbr63
J6gJ6o0olj qg0Boooog5C. s0 J36ooqg6o ts3aolrrgq'ou 6C6JOoUf)o brq'.>6lro 5sot66s6q.r qgu
-337 6q,6 .ffd qgoq'.>6ir 0orq$or, 619 6,>6Jcx+robSbggo ogo lr,ro633lt6o6oo 0g6oUl3g30oll
jpg6oq9i6 6uqn69boU U$t6rgo b6qgoo. 0ogbgqg.>3oqg boq,m fqgbtso ts30oUr3q,9bol.r
brq,r6l-rol-r tsg0oofr0bolt 696q-oc5grloll), 0ol.to $3q,oq'o 0odqn6.>t63 r66J6otsoL (,ctsoooool,
Ecr60o6CbrBo 03o63qn t6B30r.
29
2013 Sgq,b 0o6po6,>63 .r66.r6o3oU (,Ctsooooo dot6oor.>qrsqr Jo6(rJo6o g6bog6o
o633l.rgo9o96oor ertsobr6L(,r. 2013 $3q,lr Jo6prJot6o g6b<rg6o o66lr6ogogOoU lrtboor
brjrt6o63qo0o ogoo3oqrr 1,010 0q,6 rfld qroq'rt(n, t(r4 10.87o-oor rqSdrOCbJ 2012 $q'ob
0rBp69bgq,b. Jo6quJo6o Cob<'tu6o ofu3U6ogo9bob 0otoq6oU 3Sortroor 2013 g0q,b
63qt.:%g ggtrt<'r JCOoU6o q{" C6C6r6COoJob, t.r.rgo6s6l.r<'r (9r O6JEl.,Jo6OoU qor
3r30otrr6$03go0oU UCCO(.t6Cbo.
eor66r0J N L 14 AoAeoErf)C r6art6oaolj qrXgogogotr q.o.>go6l6lrgbolr $gst6o36o
25%
20%
15%
1096
5%
06
-s%
-10%
. Jo6Qrlorr,o oEAClrO.,OoCao I J.t6otscqru ofuClrooooCao
I bb3r o6SCl$o0or8o r Lid,C$CdBo )COoJ$o
Sgr6m: l.,rCr6o)BCq'oL 3tcro369q,o b.t63o
2013 $q'oL br6ar3q,ob.>Bo $0o6q.> lt.:gt5orrac 6ouo 6ctcfBcbo 246 Oqb .:6d qmq,rError
3JobJ6e5. .>qbs6ots6r3os, f,(')a 6rUUq' $3q'lr qrrogrdrr ULtg 369qn6o 382 Aq'6 rtsu
qmq'rt6olr op3Soboor. bJb(')q)(.)('l ac00o 2013 $qolr 5.:66rggobs0o a@q,oJ6o
lrr36orr3o6obo t69b363o ga6ofu6gq,srqp ACaOo6qQr qgr 2.8 0q,6q JBA e61q,D6o
0C)e0o6r.
2013 $Xq'U 36.5 0q,6 .>&i qxrq,s6oor 09A0rr{6(,r Wobe.) Jer6$tsCq,fl6o o6OCt Oo0oC6o.
330go696c do6oorlqgrq 6sbJot{x'rbgbgq,o ogo .r6r6rgboq.og6g3boU 0oX6 143.5 0q,6 ffd
qgoq,#nU pot6Xbgq,Xbott ll0ors3tiobr.r o\,o6r6o35oU AJgoc\o3ocr,. $o6.> $q,Xb8o Lb3.r
ofugltrJogoS0olt $3q,oq,o 0o0qgo6rtfu r66J6oaot (,ctsoooooL grgo6.>6lr3brtso drqrq,o
ogo, org0gr 2013 $gq,b Lb3.> o63gb6ogogbolt l>boo aotoqryq,o $aobqpu U.rbl-rt63bo
gc6gcrgnoro ogo qgr 62.2 0q,6 $B qmq,r6oor 830gor6qgr. b$,r o639lgo9o36ol-1 6X0go6X6J
$o6r $q,3bor>6 tsXqr636oor bracr$gC3q,o ogo 6o6o69 ll0ot36c.rbcr, rU339 pr6dgr
bCCOd6oU 6q6 l.t5rCr3o grq:CboU ertsr6goo. JCdirre, 2013 $gq'U 0obqr; 0o63rrr<o0olr
lrJgrq,U$o go6qnU 36gqrrgoU qortsJdBr 1,10.5 0q'6 $d qroq,r6olr crqrg6oboor, rU6g
tsg0got6q.or UJbJ6Jo bCCOod)oU l.116163o 3lq,o 130 6q,6 r&l q.or'rqrr6oll <'rq66oboor, 6olr
qr)qg 6.:$oq,br6 0rn3q13sqgo.>6o lr3bbob qg.rg.rtf3r tsCra0C6(,r. 2013 $q,oU Ar6ar3q,obrtso
129,2 0q,6 srd qroq'rr6oor ArotJ6er 6,$3X6oU 0o916 aoboqq3q,o r6r6CboeC66or
(,CJ(.ltooCbo,
t0
ob6oq,o N 1.3 UJbrerurbeCq'o bJq,rblrob r6.rq,ogo3gt6o $s60op516r
ArUJbrqC05
2010
2009
€dsr6str 16^$0€0
1,894
2,462
-4.293
-5,052
513
1,599
1,085
3,254
-6,749
-7,718
747
2,008
1,101
1,410
2,U4
2,910
-1,443
-147
-1,560
-337
340
1,314
-974
6r,r6bs.d,o ($ao6ar)
btwfi,ea
Lt*ro6o
t1rclJ6:
tl1FD6: Abxd,<nAo,.tttK\ro
)4tu 6: Lhr nt6do t)tu6bq11ro.!6.Kxt)o
.15&$l<<tu J6qr6o0o
qdrn fn r6r)6.tro
Jo6c,$oflo oE Udooorbo ($Aobar)
rtrct': Mr<ttLfio oe.ubr)oqo16o Lrb(Dm(a&,
aF.{r6-Jeh O!6Jo (SAo6ar)
UJbte,A$.lep btrj{).iio
Jc'ralgm(d, oE{\t6nor (ffia,
Ulllb.Ao (oot,1)}jt(".)
^6.}rc-rr(D.D6o
rl.ido t..rhof)o (,L'6@$orto ocl1brt.{torbob Dd4,r)
Jotl]3J({r, oeJdor,od (D&SAA)
(trlq'B{b!60
Ubr! E€o6(o (65{'eo d-fleh <!t ajJobodobo)
&iq0ts3(hu oeJrLooooJ (i0o6AA)
lrtlbxoo (&{J6nq,o)
^tuKnr<xr6o
-41
-239
968
141
317
521
183
1,367
677
659
247
386
-215
-252
1,098
174
417
534
206
980
679
814
0
3,502
-310
.395
-37',\
1,329
144
618
583
1,408
1,469
92
786
602
118
712
587
153
134
134
2,224
1,126
942
1,979
614
1,048
911
'1,010
897
1
0
503
108
106
-172
359
57
335
396
860
280
-65
-211
274
1,001
834
8
.10
-243
19
8
0
I
-34
89
212
.T
-251
171
11
213
-220
533
122
177
168
2
261
,|
38
-170
6otc6r6o ure,Jnx,
451
-29
ao,qD6o (ligoSiouCAr
Ur6cb3.Bo rCoqaoo
Eo6(oob d,rbsllroL ArAoednbr
AlA.rJl:F,6rPfl h ($g.656brAr
451
29
-616
-208
313
-147
276
-60.9%
-10 5%
ihAobrNdo,t-rd)obao(o!6 / in}3 (J^icvtl&lo)
Jo{6oi3o66 o6a.U,v!$.oo / oal (J6,qn6A.)
-3,492
4.246
-1,738
2
-23
5006(0r ald,r6Ljqr6rbo / AdJ (J6x%rbi1o)
423
-951
-4,216
319
Aa\s,Ana. ([ A5Ac[av,La$o
ffior
-1,261
-1,854
336
0
-35
35
a6.AtF.|ex'3r6o Jocg<'ooc6oc6o
dl,Jof).ln / oAJo6.F {L$oE1C"o @r &idlrrtvjit.Dr)
Ad(e6r6i J6afh?o / AdJ (J6qr.6Ao)
2013
.1,840
-3,494
-2,340
A,1aob$c'.oo (5oobrpr)
t11<r!6: eifnq &. r(a &601 D6r )o
20t2
2011
1,193
-2.590
-1,134
,39
-43
-88
133
-131
3
-91
56
659
510
245
,56
-48
45
164
2
85
t7
-24
14
235
285
-285
45
-382
-572
80
49
52
-66 20/.
-65 7%
-'t27%
-66 0%
-11 7%
7.310
-77.60/a
-10 3%
4 00/,
90%
63%
121
200
94%
58%
92%
6 20/.
89%
39%
-5.9%
88%
91%
56%
$916o: lrrjJ6o3gq'ob C6(.t363q,o 0rEJo
2013 $cq,b U.rjo6q'ob 636olrgt6o63bgq,o 3iltJo6go $q,og6re 22.4olo-oo 6.:otr6qgo
p,r 2.9 0q,6q.o Jffil qg(,q,J6u aorq$or, boq,o 6C6olrO6o6Cb?E o oaJo66o 0.40lo-oor
5rot,:6qrr 7.9 0q,6qr )fi, Q(,q,r6)6QC. 03qX6.>qr, oorq,o.:5o lt3.:]6o bdry63.r $o6r
$3q,orsb tsX9,.)6C&,o, 5.506-(,Cr, ArotJ6eJ. t635obgt6ol6gbgq,o brdo6q,oo, UrB$6)o
qrggogogo,r 5.0 aq'tv)(r rB0 qroq,r6o 09,>q.o6o6r, 6.;9 $o6.> $q,oU $rq,o6ogfr
6r8396303q'tr3 9.190-oor 6r3q,X0or. 0ogbgqgr3.>49 6CAoUO6o6)CbUq,o Lrjobq'oor
BJ}5obol, q,Ctso3o6oU 0X66ol6XboUu o6o, $o6r $q,3boU 0U6,rgUuqr, JBq,J3 aoaeo6r6C
r60J5oaob eCtsoOoOoU g0or36gL $g.r6roqr 6B9br.
3l
0b6oq,o N I .4 6C6oUOC,o6CbUq,o dl,Jo66olr qD oAJod,Oob $q'og6o t6rq9ol,
OCAJCbo
2008 12009
<orUrbrc"nbr
dltJcr6r5o
o0Jot6r\o
2L 4%
20 9v.
lr,rr,>.lt9o cotqoaorr)o
20 8%
2010 I 20ll
20t2
2013
48 0%
30 5%
86%
27 40/,
-28.6%
16 8%
34 3%
11 1%
0.4%
-30.o%
6.3%
36.Ov
-9.1.%
$Urd)('}: LJCboJOo
ooq,o $q,gboL or6argE obrao, 6CAoUO6o6CbUq,o bjoEqoor CClJ8(,f)Otso ob6eCbr
ls0o0b0.:66\,cr brjo6q,oU $oq,o, 0goq,3qry6n L>jo6q,oU fuq,oU n36go6gboU b.:f4gt3,
belq'cl Uro63Clr$o0oo Usjo6q,ol.t $oq,o g63q'3q',>q9 eJbrq,o 68Cbr. 2013 $gq,b
lr.r0o0b0r63bq,o lDjobq,oll CCL&'r6,OpU $oq,o 0oryor6 dL}j66tso $o$r $3q,o;6
ts3qgrErgboo 4 J6oOC6OUq,o J36f,1oor 6roi:r6q,r Qr Aoq,or6o CCbJod)OoU 5lqo
63sq.o6o6r, 2 J6q3g6OCq,o JC6jOoo - a3%-0q9X tsg06o6qr,: 3grq,94-og6m lt.:jobq,olt $oq,o
0orq,o.:6 3ibJo660o, b<'rq,o UroE3CLOooo(') OoJoL lrJCo6q'ott $oq,o CCbJ(')6O6o
U$q,Cq,r(. 5olo qrc6Br. brAoAbAr6C\,sr l.tjo6q,olr CCUJ(')6OoL 'bt6qrr dot6oorrp4g
6.>6Jodx'rfu0gq,o ogo aUgbgjo r3oo&$oq,C0ob t69a|-tJ<nCr6oL $6qrro, rlrXgX
06ots369q,o3,>6o og<'r pgo6olr, Ub3,r lrJo66ou6o U;b63q,66oU qor ao6Cd)rq,C6o $gqCAoU
frlrJot66ob t6q,ou 6oq,o l$0o0b0rt630q,o 6oJoU Uujo6q,oU $UJr,60ott t 6q,J3o.
j.:6orgq, gjttJc)6,66o 0rnggq'<'rboU AobC(8oo $q,J3 Jo63Cq, rqr6oqt o3,>330U
AUUbUCo r3ooA('lboq,3bob t63afirn6oo. 2013 $3q,U, $o6.> $3q,orr6 ts3q.ordr3boor,
rgocla(1boq,Cbol) 6CCClrJr)6Oo 19.9olo-oor 6rotr6pr (,r AbgbUCo J3oclaoaoqpboU $oq'a.>
0oryo.>6 gllrJr.rt6g0o 24.2olo ACre6o6J. 03ot63 gaUb3oq'gU ltrgjltJot6gcr J6oqpjgorlr
ggtrxrts36.:q96obCbo $sttraorq,63bu (0orq,or6o CdLJod,OoU 7.9olo),,>0 a63goL l-t,>jo6q,ol-t
cdlrJo66o 2013 $gq,tr $q,oUF)rqQ ll,7% oor 3306od4.or. 2013 $cq,L 0og3bgq,0,r gbg0r
0<nl.r.rgrq,0r b3q'o 0gg$go orboq,olr q.> 3r3q,olr gfrJo6oob ar(,6al caru eJ tscecbre ra
a5ggob bjobq,oL $oq'or 0oryor6o SilrJo6ool, 5.7% tsCr(,6o6r. rLCSc rebr6ots6J3or 2013
$gq,U lnabSonqr$ tsCaoor6oq'o UJoq,gbdolr 3o66g66t6r6gbol) 6CfilbJo6oou A$Co)6o
tfur,>
qgor66r0r N L l5 g0U\oq'gln bsCCuJcr6$et LrLrCclbq,o 16339bo 2012-2013 $q'30o
t00
f, :oo
i, 600
;g 5(x)
400
E 30o
: 200
E, 100
do
FgEieElslrr$cgp
r 2012 ! 2013
$grd)(.l: brCb0r0o
p0Ub3oq,3U UJCCUJm6Oo XAUtsCbA{, Jcrtogogbo 6ro0916r qgoboU er ao6C6rqg6o
$gqCbol, gCLfof,Oa.>, 6rtso6 06ofu63q,o3r6o 6r'rq,o, Orq.:q, 0ob.>3rq,orr6 C6,o,rA,
32
jrt6oryq,o Jl6oqgi6ooLso6oU r<6ll3orolt brtfnb 6.:blt6.:dr6 tscurLrt6gq,r. 2013 SCq,U, $116r
$Cq'd,r6 tscar6C6oo, q3o6oU 6p6ol.rgt6ofubgq,o 3ibJo6go arotr6q)r 97.1r%-ool, br.lq'r'r
0o696lq,c6o Sgq,Coott - 80.10,6 oor. .ror gdUb3oq,gUo lr.>lr.>jo6q,ca 26ggotr $oq'or 2013
SJqir ao,q,or6o 3ibJoogou 640,6 tsCr(,ao6r,6,10 2 J6r(,oC6OOq'o JgbCOoo) reCArOCbr
2012 $q,ob $sq,r'r5o36r 0.>B3563bgq,b.
5rg 0g9b9bu gjUJot6goU 63<'r66rgogq, o6xr3664orlr, jrdlolgq,o &lUJc6OoUoBob
UaUhoq'CLo brbt6rqg r'b966.>c4Xr6o 68gb.t, t6o0gqtC0 {6Cbolr06)o6C0Uq'o gjbJot6gotr
24.4% aoqgoL. 2013 $gq'l-t [o6.> $9q,o.>6 ts3qrrl63boor r'bC6broxJ6ao CCU&rC,Oo 13.3qo-oor
Aro'br6er q.> 710.2 0q,6 rAA eoq'J6u aorp$o.>, oryagr .;0 b.r$ttrolr $oq,o jJ(1or0q,
CCLJ('IE)OAo 2 JE)(')OC6OUq,o Jg6j$oo ts3dgo6q.>.2013 $3q,L IrrCCIrJo6Ocr br$6Cbtso
63ot63 rq-o6oq,o l.toab3o)a.> qg.>o3.>3r 0orq'or6o 0CUJ(')6OoU I 0.9026-oor. tD&llrJ('l6o(D
0.>tt63bol-t bgor3gqtso rUg39 ts3q.oou6 936.>o6r, FryUgoxr qr p.r o3t6jgon, 2013 $3q,b rd
i$g69bh am3oq.or 0oq,or6o &Irlo6OoU SCUTbDAoUJCQ 6.60lo, 6.50lo (,.r 6.30lo.
q9or6t6r0r N 1.16 3jlrJo6oob &rOUq,('lbJ 636cxn630oU aobgq3oo, 2008-2013 $q)Cbo
1,800
1,500
,t r,oo
E,I r,200
$ r,ooo
B 800
o
500
,Y 4oo
200
o
iill .ll
2008
2009
2010
2011
2072
2013
. Brrx,Jr3aod,oU hCU6CAo r qgLor-L fi3669e r a!6r5806o fCS6Cao
gU16m: l$C116rOo
2013 $gq,U bro'br6er CdLJ(,d,Oo qgl.ror-ol-t j3gg69btso,6119 qnq.o$oq'4g 6gLgonl-t
L.:3.:]dn 30br66oU 0oblr6oor ogo 6r6Jot6obgbgq,o. 2013 [3q,t q.oltor-olr brtrt6tS
jr6oryq'o 3flno6goU 55.7% 6o3oq.or, dr,>g $o6r $q,oU .)Erq\r0ou6 oiBOCbCbCq,U 3.3
J6o0c60uq,o JUECooo recarOcb.>.2013 $gq,U 72.20,6-oo1 6ro'br6q.or Crf,oluq,o
CCU.lo6Oo C06oJJ3tso6Ao, eJ Ao,q,or6<l dN<'t6,0ou 20.9i0 3CDQ6o6J, 6tg do6oor.:q.o.:qr
6.:6Jo6ob3bgq,o ogo bgq,6rt63ofo, oorqorur qg.> 6g60u6o$o jr6oryq,o CCbJcl60ob
033gofn $ttrqroor. eJEr58C6o $g963bolr $oq,o ACrr()oJ6 CCLJo6OAo 2012 $3q,or6
ACA'r6,C4.,o, 9.4 J6xnOC6OUq'o Jg6jgoor 03aoo6es qr r0 j39g63b$g (do6oorrq.orq
oryErjgon q.or rad) 6orqor6o CCbJ(')6OoU 23.4% aogoqgr.
2013 $0q,Lr acooof,ar lt.>o6gl.r6ogoo ar aorq,Ca0d)o 0ob0.:6gboU lr.>jo6q,oU
oAJod)Oo tsCLJbrAourqg 9.3 9r 6.1%-oo, l.t.>0o0bart63bq,o qrr6o06gqrSbob LJC('lbq,ob
o0Jo66o 3o 14 890-oor 6rotr6qgJ, 61010 UrC{6o(, XrAAo 6C6olro6o6C0gqro Urjo6q,ol-r
o0,)<.r6goU 0.4%-nor t6qrr 6$.>Jo6obr.
33
eorbd,Jar N l.17 t636olr6frx+4&gq,o Usjo6q,ob oAJclq5o U$.:jo6q'('l A6gtsC0oU
0obgqg3oor
4,000
3,500
€ 3,000
,e 2,500
U 2,000
E 1,500
, 1,000
500
0
2008
2009
2010
2011
2012
2013
. bJ(63Cbooo@ r BC!c]C(tC6,o I UraoAMJ6Cbq,o
Sg16o: l.,5CUorOo
2009 gq,opr6 0ogoqpbgq,o U0DboqlC6rA ot6eC0areJ 6o6oC6 lr,:o6plr6rgoo,
ib6g tsgrq,gpgCro qrr lr.>0o0b0r6g\,o a6gggboL lr.>jo6q,olr oAJr'r6Oo. 2013 $3q,U,
j359.>6.>tso ll]m6o0o3g6o qgr lt.:o63gbgogoo tj6o3obott 0363q5bob 3r6rq,3q,U64.o,
tsCAoof,qqr Lso6ggU6ogoo er AUrqCeU6o OoJoU UJC(,6E oU oAJo60o, b(,q'(,
Itl0o0b0r630q,<'r lt,>jo6q,ob oA&rf)OoJ b6q.o.> 6,>6r6t6do qrr 0olr0l $og0r aorgorb
o0Jcl6OAo 457o-l.t 6osq$os, drsg 6 J6o3C6ggq,o JUbCOocr, reCar6Cbr 2012 $q,ob
0r839fu03q'l-t
616 ts6b90.> oaJo6oo6Cbuq, LrLrjo6q,o a6gg9ab, rj Jo63gq, rq.o6oqlr 6q,u3
6l3orobo qD 6J3o(,bJ6(')eUCOC6o o3,:gbL acDq,oJ6o oAJo6Oob 12.10lo-o(r,. JA OoJob
Urjo6q,oU oAJor6Oo 2013 $3q,b $o6r $3q,or>6 3Xqu630oor o.4qo-oo, 6JoibJ6er (or 954.4
0q,6 r d q.ooq'r6o 39sqr6o6r. g6Ub3oq'gL Uro0Jod)Oo LrCo63q0o 09o63 rqg6oql.r o3r6btr
AUgaCJo r3ooAoboq,Sbo 0orqo.>6o t(r36oUg6otfu&3q'o oAJo6Oob 9.@/o-oor. abSbgjo
r3OelA(,Aoq)CboL oAJo6Oo 2013 $gq,U 7.2%-oor 6coi:u6qgr Ar 710.5 aq,6 rEA eoq,r6b
0ore$or. JR6oA6Uq,o .r3go0crboqlboU do6c,oJ(,o 6.:$oqro 6ggjUJo6gol.ror3olr rSolr
br6J0q,g6oq,o. Jqur6o06r3oJ bu03966,ry,r,r LrtsCrq,CbCbotr o0Jo6OoL txr4poL 6rqrq,o
6g0Jo, r0 l6ggoU Urjo6gq'o 2013 $3qU $o6,: $gq,or.>6 E3q9.l69boor 20.70lo-oor 6mt.:6qgr
qt 280.7 6q'6 std qmq,rfrb 0orq$o.r. r0 0,:Bg530q,oor bs03g66rq,o tr>3g,>q'gb3Mr
p0bb3oq,gU o0Jot6got6gbgq, lllljo6q,r'r l6gggbU 0o6olt 0Soorbg ,rq.o5oq,o qro3,>3r
2013 $3q'L lrsdo0b0s6Cbq,o OoJolr lrrdoEqrotr o0Jor6goU b6er U$c)6C(, r3oclo(')ooq,Cbou
qt br03gt66rq'o l.r.r6g,rq,3bXbolr o0Jo6goU bt6qnrU brtr4gtg 0obqr.r.
2013 $gq,l-t 23.27o-oor 6Xago6q) bod)bq,oL oA.lod)Oo, t6oaXq,og oaJo6oof)Cbuq)
Ilrjo6gq,0o po6Xbgq,3boU 0ob3q6oor 09bgor3 rq.o6oq,b o3r3gbll. 11169 20.4%-oor
0306ot6ps AJC6ob oaJr'r6$o. qo63bgq,3bolr 0ob3q6oor ts.:j.:6ro lr333bo Jtrnq.ogjgoob
o0Jr'lE)OAo 031.t03 .:qr6oq,lr o3,:3gblr bot66q,ob aJ bo6gJSoAUCOgOol_r ts30q.o5r.r0 U[3r
Lr$C6o J6oeUCOCboC.orE rebt6o66J3or tso3oqr,:qgolr q.or 3.:3rol.r (17.10lo-oor), po6olr
bolrrgolr (187o-oor) qrr 6rgo6gq'o oS3trol-r (5%-oor) oAJr'r6OoL 9:r+rqrr 2013 g3q,t_r
gal.tb3oq,3b .:oro Urtr.>jo6q'r'r a5ggolr $oq,o Oo|)q,or6 oOJo6O0o $(]6r gCq,or6
tsgpsdrgboor 2.9 Jt6ogC6OUq,o JUECOoo) Arob.:6qru q.or 37.690-l.1 aoJq$or.
u
eora6rar N l.l8 UaLrbgoq,Cbo oAJ('t6oot6gbgq,o brl,Jjo6q,o 2169996o 2012-2013
Iu
1,200
1,000
F,
E00
600
4
c
400
E$i{fig$s$e6EEs
r 2012 a 2013
Sg16F: U!Cl.,0rOo
orq,JCuq,o j3gg6XboQr6 lD ju6o49q,otso galtb3oq,gU oaJsI60oo6JQ $o6u $q,3bolt
0L6r3Urqp ory6rj9or, 6B3br 0orq,o.r6o t(r36oU6dro63b0q,o o0Jo6$olt 17.1%-oor. 2013 $oq,U
0olro $oq,o oaJa)6otso 011o6xpoor tscaoo6q.or (0.7 J6ooc6OUE o JU6COo), aocbcer3rqg
.>0ol[, or3ttrj3ooqgr6 oAJo6Ool., aoguq'obr 33q,.>3 06o&369q,o36Je reCorOCOr
rb36bmar63q, o0Jo66lr, trmaXq,asg 2013 $0q,U 0oq,or6o oAJo6OoU 8 l7o-o 69.rq96o6.>
q.or o0Jo6goo6 j395636tr tso{6oL a3otfu 4.o6oq,o (,JoJr3r' A[,b3oq,o oaJ('I6ooo6o
imgbcbou JodB3q' bccDccq'oo rttcoc tsc(,olj UJ6JoEJ (oaJ(9f)Oou 7 6oli'-o) 6ULcoo
(oAJo6Ool, 7.570) er Bob0oo (oAJo6Oob 7.20lo). rqUr6ots6r3or, 6o0 2013 $Cq,U, 1119r}6(')
gt6ong6orobSbol-r Jq(,6C6o1., JJ6Jq,CqpJf)r(,, 63U3onq.o.>6 oaJ('r6$o 24.4oy'o-oor
6ro$r6qg,>.
qnr6r6$r N L19 oAJ(.)6O()b aooUq'obr j656XboU aob3qQ3oo 2012-2013
1,600
1,400
1,200
E"*
tt
F 800
Pl
qt*
.2072
Q
400
U
a2013
2()0
0
t8"f
Fg ns*
t€ d c ?I
bF
nrclj6^-de-t1E, F,,E
$Urd)m: l.,rjU0JOo
2013 $gq,U $o6r $gq,orrb ts3qrrdpboor Urjo6q,oU o0h6g3o qgltor-oU jgg696oU $oq'o
6ro$,rt6q.or 2 J6(,tC6OCq,o JUEJooor, 27.5%-aqgC, rArBC JC{r,ooqotso 366o3,r3tsot6olr
3s
jpgbgbolt $ogo o0JotSoto 036go6ps 3l.09o-er6 28.8%-Aq.og, brnq,o er6J68C6o
&9g6g0ob $oq,o (dotrnorrp.:4-o otg6fuoxt, Bo6gom qr .rdtl) o0&*66tso g06otsg63qmqr
6rotrrC4.o.r q.or 43.7% ts3496o6r.
36
z
ggag,saFUrJ6cq'r8rn qgt lnstq,lccl<'r Joq,oooJr
2.1 ggq,rqrl-t.>36Xqro0oJsrq'oooJr
,,lrjsr6o6Xq,oL gr6o36gq,o ArbJoL ACbrbCb" tr.:js6o33q,oU cl66r60(,o jr6o6ott
AobCe3oo, brjJ6o69q,oU C6x'l360q,o bJbJob dotvroorq, s6o6rbru tsJbCbott
tJOJboq'C6toOoU Ut6rgbpq'gog.: $.;60orqg6g6l-t. .>O.>l-torE, g6pr .rqo6ots6<'rU, t6t'r6 3c6o6o
rgrE eCbUq,Cbb g6<'r36gq, br63u ,,gtr6U6g3q,gou Urtso6J6bo trolroCAou Uorboq,U6{'}br
er 0ral3o6arq,obr qrr b3q,o tsgg$goU $39.>6rtso 6qr664p xy'r6o0o3g6 c56eJU oc cL
adrrdq,CaCq,oJ ouc, 6o0 h>g6orbg 16 ts6i06rU 0oLo do6oorqgo $og.>6ob 63U5gq,9brL".
2013 $3q,U bj.:6or33q,olr gt6o36gq,o bo63oU 0o3t6 6cbbo{5gogq,3bgqn AoECOr6Uq,o
Joq'oOoJJ tsSUrbrooUobstso ao(r,cr(.or ttjrt6o4gq,olr Jrf,qraCboou qr.>qr6g6oq'3bJros6
,,2013-2015 $q,Cbob tsUq,re-UJJ6C(r,Oo eJ UJ3Jq'UOct Joq,oOoJoU do6oorrqn
0o0rdogq,XfuboL 0glt,>bgb". rq6ots6gq, qmpag6g8o 6e4303q'or C6m363q,o bJ6JoU
0o96 q.orq.o636oq,o obgqr,>6ooll 0ob6mbdn3o 0.rB3969bgq'o, l6<,r03q,o0, jmgrE.ttso Ooj0g(r,
o6gq,caooL oru66Xomt6xbol.r 6r3go0oL tsglr.>b$ol-t,lqg, 03rgooq9 flEqqi ogol.r
0Ja('lobrACa3q,o ltagsq,o g.>qn;6o J3t6o<'rqroUor3oU. 2013-2014 $q3aoUo3ol-t
Urj.r6r8gq,ob g6og6gq'0r 616301 0ot6obfn3 ATBACECbE Xp (,Jlqp6o6r Ur0o0b0rfiXbq,o
giU36ob $q,o56o t6q9,> 6 3t6c4x66ob, boqxr 2015 $q'ol-tro3oU - 5 J6(1oc60olj
oq.o35o6oor. oA SCoobOCarAo, org o6gq,.:goou U>J6o66oto 0>B3X63b5q,o rqCoioCbr
Ooir6r.rbtrrqlr, b.:jr6orpq,oU 56o365q,o 0163o 6rs03.>gtlSbl-t 0elbCOJ6Uq, Joq,o6oJrb,
boq,o org o6gq,rgooU LrJfngSoto Arfug6gb3q,o 0ot6<'lb6og9rg 396o 6r3q'gbor,
Xt6o36gq,o br63o 0g6bo(,CAoU J(,E oOoJrU ao0r6or3u. UrCJ6Cr)gCq,(1L C6o36gq,o brbJou
o6gq,.:6oob 5trrdgq3uq.oor6o 0o'b6ob6o3o 0r&gfuaoq,o 3 J6ooc6ob 03.rqp596U.
66dgq34.oos6 JC6ooQ0o, lrJCr6o)30q,c)l, 3el6o0o3oU 6.r63oor.r69bgq' j33g63bor.>6
q.ocrbq,oSboL J$,>q'gq56,rp, C$rJrrb6o3Jqg AgA6ofur3br o6gq,.>6ool.r r.r3go0rq,pt6o
qx'r6X q.or ts31l.>br0oltp, lr.:j$ro6gq'ob 36<'r36gq,o br63oll o6gq,.>6ool.t 6os6obt6qo
6r8g563bgq'o ts306o64.o3b.> Oob 06)dCq,Or(,or6 ectbCAAC. rCC!.orb b)0r'tAeobr6C,
Aot6('l66r,3o 0.>Bg63b3q,o 2015 $q'oqgr6 5 J6o396$r0q93 ts369o6493b.>, t6rg ru.rbgq,or
B.cq,re-brJ6C(.oo(.) Qr Ur3rq,UOo Joq,oooJob do6o@rQo 0odt6oryq,3b5btso
2013 $Cq,U bsjrt6or3cq,oL C6o36gq,o br63ol-t 0o65$r65q,o Joq'oooJr
bot66ogq'qgboqru 0r36ro6o6o0o3gt6o 6r630oU, 6Logq,oo 0s$dr30t3 0o0qpobr63
J6e43Ug6oLr q.o.) jSCg6olr tso66oor Joq,o$o33t6-g1o6o0o3gt6o 3oor6Sbolt 3m0Jqgjltg6o
r6rq,o'bol-r lDggfugq,b3. 0b3q6gq,ob,>0o aooecboqQr Urjl6urggq,oU do6oorq.o U,:3.:$dm
JJ6r66oot6 j3gg63b3o rt6lrgbgq'o grlr3boU qn6rao3l, 6ot36obotr golr3rq'36ro Joq,ogo3,>,
lrJgo6r6lro eJ t JgJq,UOo 0.>tx63bt3 r6LSbgq'o g35q666o3bo, L.>g6orr6o6olro
llbrjobq,o brtrtiXbtg g.:l.tgbolr qn6,>0o3.>, l-t,>0<n0b0.>6rgbq,o g.>U3boU 3rqr.roml.t q.o,>
acr600r6cq,o 6,rq.otg30oLt oD3oUgbg6rgbr6o, t6rg o6gq,,>gooU 0r'rq'oqgo6oU got60o63brU.>
qrr gtrr<'r36gq'o 3sqS$obJq)0o Urt'o6reoX0oU 6qx'r6oU r0rqq,XbrU 6r6,>Jo6r'rbg0q,:.
2013 $q,ob brbal3q,(lartu o6gq,rgor 6ot6ob6og arB3gfub0q,sg q.orbq,s
6rt68g6q930oq.:. obgq,.;6oolr BCaOod,CAoU OC6eC60or 2011 $q,oL o36obtso qrm$gcr,619
p0or3t63ltq.o oo$oqg3bott tsiCo(')6Cboo ogo 6.rbJo6obgbpq,o. o6gq,,:6ooL 0.rB3963bgob
3qlbolr 636pg66or 2012 $3q,ltr6 6.>66dgq,qpr. 2012 $q,oL 63ot6X 6ubg66oqr,:6 do$oqrXboU
0b6oq9$ grU3b'bg UJ6ur'ttsoo, t CAoCaCACbrU, C6orlbq,qo 0oorbo36oU ts906o63brg
qgr36rom.
2013 $q,ol-t Jo63Cq' 6JbCar6Ao, fti6.r $q'ol-t 0lt6r3L.:qr, gsLSOoU O3q'oq,Cbrl.i $q'i3
9.>69o9ooro qo6r0o3u 3jobqrr, or3ogc pggq,4ooU 0,>B3c63b3go 0gq.ou6gboor ts90go6pu.
$q,ol, Jo6A3q, J3J6Orq,Ao o6gq,.4ooU UJ6UoBocDo o6qooJro(.l6o 1.5-2 J6o0C6Oolj
37
gJ6bq,Cb0o AC6UC('t0er. (,Cggr0orl, bJ6$o6obCAqoJ t6tr6o66 ao$cqrgboL, oU3
0oo$o36oLt 0b,rt63lr ,>t(rb3bgq'o AJCO(96Cbo. $o6,r $q,oU 0U6.:31t,>qg, brb3i4 ogo lDbr'bcr
CtsCCOoo brA(')$ACUq,o tsrLCboU Jq'Cbr bg6l$of4. TUCAC, erAroCooo) 636sgogt+r lDbrto
ts('lbl) CA6o(,r reAo6ouoSof)Cbreo tsrl.,Cbob 3t6orqr6.i(r) tsX0got6gbr. UJ6U(.lBo(r,o oUo
oaJoE)Oo6CbUq'o bsjo6q,ob grl4bolr 6q,oq,C6ot qn6s0o3oU 6r3q,g6rg.3
Jr6rq3q13t6rqg, g;o6o0o3gdro .rj6qoboU ts369q'3bs gsL3boU e<rbCtC Ur6grntsoolo
0o0n6orgq'gboor Or'rj0gqgC0ec. AoUbCqoJ3Je lr,sb.r63m ttXjgo60o J6UCbCqo Arerq'o
q'o33oqmbour er JrJoorq,our, ts3Q3ot63bgq'o ouo bCLbCboU tfK,oL 0iB396gb3q,o, t6.:0
C6oobq,oao 0oo)bo36oU acucLocarb g$g{rbqc bcq,lr. sq6oq,o06ro3o 0oobo36olr
tsgago6Xbrlrg aogoroorSbpr oAJo6OoU t6q9ob OCAJoI, Jq,Cbr0. r6UCbUq,o
J6el06elt0boL 0ob5q6oor, o63q'rgool-t l.tJl6o66oto orBg60bgq,o $q'ol-t 6$0.r3qx'rbr0o
J3gJ3 0ot6obt6o3 0,>83969b9q'trg (,r\,r
6)BCboQr' 65brbr0obrqr, oaol-t
95CAcDe$C6oq,o g.rjgo696o g3o6r'r0o3ol.t
6ro)BJq,olr$obCboo, t6o0 J6o66o$gbo
636q.o6o6o booauq,o6Cbob Lrlotlxr3Art3 AoUor)o,CAAr, 0o636s6ryq,o Joq'oOoJoU
JcloooCoor JAqrrA arr66dCq,r $obr $q,Coao q.or$UCbUE)o EC6AoE Cbob Joq,oooJr. 2013
er
gq,olr Jotr63q,o 66r o4ob 6s60sgq,obstso aoEcOJ6Uq,o Joq'oOoJoU 6.>61393orr
CO$(,b6o3X.o 1.5 Jf,(.IOC6OUq,o JUbdOoo) 5.25 JFxrOC6OoQr6 3.75 J6o0C6OraQC
ts306ot6qr,>.
2013 $q'oU ac('lobc Brd)O,rq,ao slc.l6ctaoJU6o rCOoBoaJ 6r0ogog\,pr.
69t6boq,3bggo ao6Cor6/,Jq,o JoE oOoJoU tso69bC, JoaCF)0oUq,o br63gbob lrJJf)Cqoooo
rj6o3ob.>0 ,r63olg<nlr o6oqrr6 lD3aJ('lqg a.>qrq,o OCaJoo Cgro$g('l trt6qrr,6r.19
6.:6b33o6rgboor o3rq,tsolr43ao a0oobg 33rt66sq,6o 6rb(,r. tsCbrbrAoLrcg, 0oorbo36ol.r
0b6oqrr6 q99gq,roogt6o 'bg$oq,r tsg0got6q9,: (,r(,cbooro Oc6(,c6oocbo q.o.>gojl.tot6qrr
Ur6r6Co USlO('l66o. tsCq'Jeo 6t.>36oq,g6oL.> (,r O3f)oljo3q,o aoal.tbgtrt3boqgr6
0oqgbgq'o ts3Oolt3q1bob i55eou Jr5rq,CE9649, 06ots369q'o36re ADotr6{9r
gflt*,r6go, t(r.>g 0o0qn6.r63 r65r6otsoU eCgogo6ot 5sS0aob3LSbolt pr 33qr36rq
Co(rr('lbq'o3o 0r.ro,tlo36oU blJCOoU6CboU qgrAroCboo bCq'ECa$Uob B|CO(16U
$,>t60cuqr696qr. 6oqrr 6oorbo36olr 0rdq,.,Cd,Cbou 0r6o363b3q,o og<'r ulrX35 o0J<'r6goLt
t6ps 6ro30fu6ra.og3g6bt6oL 6.>66r3q'<'r6rtso. 0J6qor r6our, CqCtsq,rgog6o t3$oq,oL
tsg0got69butg aogoroor3bqgr olrog, t6o0 oo$clq,CAou 0brt63U rt6Ugbgqo tsrCOo6C6oU
q6oX0oon Urbrto 3ggj6o o$gt6gboqr.:. 2013 $qolt boq'oLrro6ol.t $[gbgq,o
0o6ugg03boor, o6gq,rooJ lrrar6Jueo eo6r0o3oor o0rggbq.o.> q.or J6r'r56otgboU 0obgqggoor
Ur6grqx'r3rqgo.>6 Jg6oop8o 0ot6<nb6q 0,>ffi309q,orrb 0obo qgr:\'o3br ogo
6olrq,oqgbgq'o. SSUrbraoLre, c6o36cq'o bJbJob a(')ECOr6Cq,o Joq,oooJob Joaoocoar
Sq,olj b(')q,o ogccatu BJ0D6CbCq, bbgraxbt3 6360oq,3bgq,o 6<'r639,:trryq,o
Jslq,oooJol.i 035rt6Bg630ob ar lr$6 c60('l 6J6JJBcoob U$q,cq'rc9 qoJocr3cbob
6rq9J$U3COoq,Cbr oooesr.
u0trro64.o,2013 $q,oU 6r60s3qx'6s6o, ltrj.>t6orpq,oL 3dto369q,Ar bu630r obgq,rgcnU
Jt6<'r56otgbobu qrs 6rJ6rlCJo6r'tAoJC6o r6rq,o$ol.t 63l.tb.>0oUJqo, Jo(,CB Uts6o 0Cr6boqr
am6cor6)Uq,o Joq,oooJr er Joq,oOoJoU L$6x"oc6om 6r6$3coo 1.5 J6(,oc6oUq,o
JU6COoo, 5.25 Jdx"OCEOoerE 3.75 J6oOC6Or0eC ACJ00o6J.
3
2013 $Jq,b o6gq'roor'bc aoCoce,(, grCoof)csob
ArLJbol, $q'oq,Jbr"
aoaoboqBr oboq,co &co,sg8o ,,1 3 b$oab05l6cbq,e)
38
QoJ66JAr N 2.1 a(,6COD6Uq,o Joq,oOoJoU 656JJ3Coo
12vo
I0o/o
L
\ I
)
L
J
J
I
\
a -L
00/o
oq
.",
$9rCro:
€
L,>
tsF?EFE?*FE?Eg3?EFf
jrt6o,3Xq,ott 3t6tr363q'o 6.>63o
oAouro,3oL, 6mA Ao6COJ6SE o Joq,oOoJoU ATEJJSCooU 63q,ogCbr 3r(8rC0CL
br63or$o6olr brt.rt< q.o Urb<'rq'crop rot rb(.|u 6CJq,U6 Clo6o0oJrtC, 06ots363q,o3u6or
rCOoU6o tsUq'reo brt6ol., J6lr0bmbJ. l$br63o Lott$xar8o }J6oo q,oJSoQobou
(,J66(')3Jbr bcq,U B3g6q'oU tsUqJao 6rbt6ol-t JCOoUd)obJU. sq6o363q'oU
1.,i$obrrq,aeCAcre g6o36gq,o 0163o 0odr6rrs3lt U0C6oq,o'bJOooU oJg6.>6orU,
6olro6ol.tg, 6o6<'rt6g $3lto, 6J0r'rogCbCbr X6t<13fuq,o b.r63oU UJQCJt'lboOr.l
IrC6OotsoJrOCbo. 6ron 3aol.ngaolr a('lOUE GIbCooU qgr6X603s bqgXbr 3cr3CgJ3r6,Oq,CF)J(,
lr.>jrt6or3Xq,olr 3t6o363q,o 0r63ol.t 0o3t6
2013 $q'ob 5.>66.r3q,obrtso c6<'la6Uq,o b$3o ri6o36.rcg o963@s 3-o13o.>6 pr 6-o13o,$
UreCJ(.ltoo('l LC6OoBoJJOCbb brbr6Jo boLOCA$o L,>ts9,>q,o3uq.oou6o q,o33oqobolr
Us6#rorr3rq.o. o4fu{c6q,oU o430o lr$163o l.,ot OCarao }J6bo q,oJSoQoboU qgr6t6opb.>
qrgojUo6qgc, 6.>6 g0oD3l6pltrq.o 0orr3t6oboU qor6rbJ6xC6ob t6q.orU (UrUogq,olr,:0g6669o br0gtsmSbob qg.rgo6.r6UXb.>, 3rbCoBo b$oCooo (.o.rtrdrrq,3U3q,orr qrrbdr6rgbr)
CJJ3Ao6eCboeJ. JArU or.>6 36o6oqru tr.rJ6Ceooo JCOoO('|boU 3q'gbc, 6r,4 bgq,l) 0$gooqqr
b.>635b8o ]160o q'o33oQo0oL Bc6r6BU6cbll-t. 03qr96,>q' fu0got6Qr aslobmS6r CFx'!36Ueo
br63oU t(rggo6.r6lro6gbolt UgUbgbtrX qrc tsXbglr6q9.: 0o63$r63q,o Joq,oOoJoU 6)(,JOCaJ
g]o6grao3rt3. rq6ots63q,ol.t bJ.rUgboqr 3dn363q,0r br630r 0r6golt or3oq.o$
Ui(,Cd(.ttoo('' lrCd,OotsoJroCbou 6rtrt(rqroq,o gaoboSbo qgsp6Au bJeCil(')'boo(')
l.,C6oogoJroCbol, Jc!6otsCq,ar 0.:jUo030L qboUoU boq,olr4oU Sorp$or (,J 850 0q,6
q,J6o 0clebobJ. ts36q.o6r'r0 gr5Jbg, oooU 6w4.>q,olr$ob0bo('r, 6,oa UJbJEJ('I lrolrocaJfu
33q,r3 6roSr6qrr 0oo,bo36r 6CgoEr6Uod)C0oL USbbgatg, l-t,>j.>6org9q,oU 36o36gq,o
b.r63oU 0ogt6 brA(,tgCb0q,o UrCgCJ('ltoO(.l UC60otso3roCbol.i 36ol.to30o g$$ob6o3rq.o
tsg66o6q.or. $q'olt bcrq,olto8olt 6o0ojg33r0o rfirCb0q,o UreCJotoor') UC60oBoJrOCbol.,
Ooggq,obr 690 0q,6 q,rt6oU qgo69$9 qgrgojUo6qt.
$o6i $q'gboU 0b5r3ltqo,2013 $3q,Uc0 3tlo363q,o br6JoL brCaorfiobou gt<ror-9t6oro
0or.>316o sdc4;rbr o5(1 AeI6COJ6Uq,o Joq,oOoJoU CgrCoor6('lboU 6r!c6q.or, 6ro0q,olr
do6oorqpo ACArgC6bCACq'o gJCO(16o Urjs6o6gqn6o Xlo6oaoJoL erbJq'o q,r6otr0oou
qx.r63r. 0rqrq,o qgoq,rt6o'brgooU Jof)obCbtso ACUCI OCbUq,oi UrJ6oOC6Oo Ar6g3CooU
6rq.rgg0oL 6fir6otfo, 6rqr6r6 X;r'r6<'t6o3oln3oU ggq'oU 0o$rnqp36oU 06oft63qx'r3r6o
6r$oq,o .16olr pBboptlo grq'U0ool, dn03q,tgo IDJ6moc6Oo or6r$cocbo
39
bJ6oLrte36CAJ bb3r fu3gbC0ob 66gt(r>q,ptlo b.r6g6ob 0o36r Aro CaCUECbto r6U3bgq,o
13r.16o0o3g6o Oo3q,CboL tCbrbrAoure er U6oq,eCbr 36o36gq,o brEJoU Jcr666oq,ol.,
lrB06<'lb. (,rbrq'o q,r6o$JO.,oU grx{r 06o6363q,ct3J6oJ bJogq,oo)o 3gt6lroL t6olt3o
Jg6UoU AC6UCmboIrAr6 (,JUO3Ceo g3o6o0o33t6o .r63663bolro6oU, 0J6UJJCo6Cboo Jo
b.:6gAob 0Ugltbgbq,gbottor3ob, 6o0gq,orr tsCaobr3q,Cbo (,C6oAo6o6CbUq,or 36og6gq,o
grq,C6o<r,, l-t3l-tbo 3o 3gbog6o BrqUOoo, JCAo rqC&Jq,o. .rL3or Sg6orbggr6o oi:t<46b.r
Jc1aC6oouq,o bJEJcaoU Jo6otscq'oL L$6ceoo('l t6ou3o, 6.:6 J6c(r,Oo6)cbol,
SrqUOCAot (r,lrbJq'J6lroo, JbU r6rJ0xotr,CbUqo LCbbCAoo r6ou brbJo6(,bCouq,o
(Currency Induced Credit fusk). tsCqgCbJe, q,)6olr 3gt6ttob 6q,oq'gbJu tsCodq,Cbr
tr36oobgq,o 6Jgq,C6J 3dc$eCl, 3o036gogq,o 6rEJC0oL l.,rJ6,C(r,Om Jo66g3q't3.
ra(oc6Je, c6clg6Uq'o bJEJoll c6oilf,cr,o raeroJ6J b$c6c(, q,J6otJooou .b6(,JJ. o,Caor
rpUr6ots6l3or, 6o0 q,r6ot.>go.> 3b rt6olt b$6t6dq,o3o J6o69bo, 3o6.:oq.or6 93o6o0o356
ra,CSOoJ CoCaoL tsC03q,r aooo)br,r3lr 6r63oorr63bgq,o go6$Upt6o 0.r$6olt qrr apSfrsqo
Clo6oaoJud)o l.,OrboE U6('lbou r6uC&'tbrtt $q,3bol-t 6r60u3q,<'rbudo. 2013 $gq,L, $o6r $q'ol-r
olra8Urqg, Cfx1g6lq,o ArbJob Joq)ooo3r aoAJd)o,Uq'o oUc) q,r6ol, ggq,Xgo brt6ot,
6.>63ooru6g0ob336 qr,> 3ttro363q,o Brq,Uooo 6rltSlrb3bol-t $.;b.:q,oU3bol-tp6. 2010 $q,oq9.:6
cdxrO6OE o ar6Jo rCOoU6,r(r aUBJr'lOb ar'r6c$56)cq,o Joq'oOoJoU ctscC6or6tnaoL $6qnb
0o0.>6orgq,gboor. AJOr6CbUq'Ar qo6oudo3b3b0r q9.>q6booro 09qp6o 6u0ooqo. 2013
$q,otr 5sbds3q,o0.>0o aCJcrtoocaou q,r6o$r0ooU 0r83963\,oU 06o83639o316o 'b6qt
q.orgojlro6qgc. )A AJBBCECbCq'ar 32 Jd)ooC6ooer6 40 J6ooC6Or0(,C oaror.
r6rq,cr5o56x.o, 31 J6mOC6Ooerb 38 Jtrq96g,:0q.o3 brotr6{.or brJ6)Ceo$o Jo6$g3q,ott
q,,:t6otsgool.r 0.r83g6gbgq,o. rqLrr6ots6r3or, gotn3g6o Jod4boU lrSl.tbSbol-t q,J6oSJoooL
A6otsB6Cq,r'rgr6o 6r6Cbr. $q,ou 6rbar3q'oar0o, gotoJ36o Jo63boll l.t3l-tbg0oL q,r6ot.:6os
11 JdngXS6gq,o JUbCOoo, 6ro'bJ6Qr. 2013 $q)ou 6(,q,(,ljcr8ou go$o30t+t Jot+t36tg
6rgg0gq,o LrglrbgboL 55 q'c6oor ogo q66o0o6o63bgq'o
qnrr66$r N 2.2 q3,)oto6gboU qr bXUbXbol-t q,J6o$rOoJ, 2005'2013 $t.'
OCbdr
qrr',o\or
-eClot
(lr6otrGor
-LJl,brao[
25Do
2$.ro
15o/o
1Oqo
@"u@-r9r2
.o60\
cccccc
$9.)6o: l.,s j16o)33q,mb C6c)A6Uq'o A!6Jo
q,r6olr.rgool.r $rb.rq,ob3OoU J6
CUAo 06o0363q,o3,>6o t(roq,o tsXrk6gqrr 36o36gq,o
br63ol.r 0qt6 boq,<n $q,3b3o 6!6b(.l60o0q,Cbuq,Au 69got60gb0r. rql$6ot6r3or
' q,y6otrooob as83CbCACq,o Arr6as6oA0a0go! 0,)03qoon JUl5lrob mq,oq,C6ol, CgCCOot, brf,CAC.
40
JclAC6OoUq,o bJ6JCboU bOJ6(,rd)OUq,o lrJeCJoboom lrC6ootsojroCbob q.oCbflq,Cbou
erAOJoOCbr er J(9AC6OoUE o br646ol-ro6oL bo6r('ll, oJbou 5rgr6omgbr, 6oACq,oO
0rAoqC6Cbr C6(,35Cq brbJ(,)rb ('lJCfiJOoCbAo.
L$r6qor663q'o ttqlgJr.r'bogo l.,C66ogoJr6Cbott ACOUSCbJ Urtsgrq,XbsU rdq,ggl-r
JclACd,OoCq, 0s63U, 6r0mg33rb l.trg.rq'o, bOrEAJd,Oo9bCbCq,o lDqr3J<.r9rogo
LC6OoBo3JOo, Fxro3q'og (,CJotloOoU goJ3oqry{' rq,OCd)Ero%r1j $,>60(')rqr66b.
LCdOoSoJrOo
!3rq)qQCbUq,CbU br63u bXq,A$6tq'30ob gcq.ooL 6clr3q,$q93
erUb6C6(,U or6br 03r6rb63l-t, 6ooDg 1663116o l$agsq:3boo aotoqrgq, LrbL636lr bqnlr
UB6r't UOrboq,U6L, 3oqg6g L6r6qgr663q'o eCJo$o6olr 6g0orb3g3.r3or. op06,r,
ggq,.rpo UsbL650oU U.>]odmgaott ts36orbg3Jao eCJoSoOrf,U cC63br ggqlbr 6rJrb3olrrou
LCd)OoBoJJOo OoUo 3;polr 6rlt3q,r0qg, br63ot o,rbbAr'rbott 6rt6gtsg. ,>O53stisqp,
bJeCJot'ooo l.,C(trOogoJroo bJEJoLroBoL rf)oL tsJCOqC6Je AttrCqBr(r)Jbo ACJo95oOo,
6,>q96rb 0gq,<'rbgq,ol.r g3q,oq,3boL 330olbg6ctsog ggq,oqgo l.rbl.tdrXbo 6Bgbr br63to.
06o336Xq,o3r6o.r, 6cta UOJ6er6OUq,o LrqggJcrbo6o bc6ootsoJJo0boo 0otnqq3q,o
UrbUrr4bo 6.>or3oUgtsq'Cbuq,oJ Uit6gtg63o qD q,o33oq<'rboU Aoobsr36CboLJ6r6'0,
6()Cr,10 brEJCAL ts9g00o6e0br o0 J6opgjgorr6 ps3rgaotrtSbgq,o l.r.>c|.]g6.>goo br6a3bo.
lrrq,Cilo9sooo UC6OotsoJJOCOol, tsr6oxrq-o 6.r36rgXq,3b.> b3q,lj ts3U$gobb b.r!rs6i:9 q,sdntr
q.or0u63booro 66d3q3,rqnr6o t63Ug6lnU 03j06,>b. o0oUro6oU, 6o0 Uuq.ogJotro6o
UCE,OotsoJrOCbo, rLCaC ooftoqBCq,o ogolr bs63oU Jq)oCbOCAoboDSott, Irrlc,6or
UJeCJotoO(, lrC6oogo3rgg0oU qro3goqgg6o 6g<*+roq.oo but6olr ct6bg0r'rb.>, Urqgug br63ol.t
Jq,oC6OCbo tsgdq,Cbg6 0ror 6.>6rqqgg6.:lr. 35cr36gq,o bs63o 0ot6rqg oltbr3b bSqn
6X6$goU.>p6odbgq,o bstrt6ob B$ogtq'ob56rlD q> 6u63oorr55bsU
q,r6ot)0oou t6qrrU 06o0369q,r'r36.>p ts39$9o bgq,o rU63 3oaStigoggo
16
brbJCboLcr6ol., Ao6Jr'rl, brbou 6Jtsrd,oxnCAJA. C6clg63q,ar 6J6J0.r Xg.rJobt6o3.rqg 0o.rbqgo6.>
0o6g6r6gq,o oJgt6rgogbolDor3ol.r bJ6JUo,g6oq,o 6o6J(')L bJtol., 6rbtrqro. p6doqg,
AgaltSAgjqgr b.:6gboU 6ogt6 6o6.>olr Usboor 6s0rng63brqgo C6x.l363q,o grq,U6oo)
qgg6o0o6orfubgq'o Ur3gorr6o LrUgUbo ri6op0oU 3t6o$36o309bo 0.:6rq'oor.>qr,
396got6q9l 6o6,>otso aol$qgoo l$bglrbo rj6o3olt 3CDd)Cr(',orr; orobrd)q,r bSbbott gd6l3o
jo6Sbou q,.,6Xbgq,gb,>l)o)rb 33gr64.oXbob q,oaooo; 0<'robb6l 5o6.:<'rtso aolr.:q0bo
Jo6OtsCqoU 0o6o0.>q,gt6o $q3rt(n. rdgr6rqg bgl-tbob gtt6g63gq,gogoU ltbg<'rbgbtso
tsgqnl-r lr$.>6o69q,ou 3trxn363q,o b,r63oU q.> brj.:t6o43q,oU 0or.>36obob 6o3t6
6.>0oa39bgq,o er Jo6!.oJJo6 qJ UJo6o6oe 0J6r6oo6c00go Bruor6o Crerq,eo,
lDgflol.rtso6olro lrrbrbJo tJ6r6$or q.or 3o0gl6gogq,o 6J6Jol., ItrtlCLbo JC6p3Cbo
gt6o36gq,o Brq'U6ool. 9U 6q,oq,gfubo b0grq,66rb rdq,6U 3o0gt63ogqr b.:639bU
03$6o6o6 qr.:6olr qro33oqmboU 6olrJo, 6J0, orr3oU 0b6q, 36r<'r36gqo AJqpJOo(,,
bSltbgbob 6,rm0.)1, g$gobL bgq,U.
6o6scrl.r br9:olr AJgJ6omCbJ &6t JJUor6Cboo, 06o336gq,o3r6o o5el gAE r(rl
U$dx'BC6Or'r 0r6r&3Cs,CAoo [t3Lb3boL $rbrq'ol-t3bolr 3gorboor. r56go6rbUo6SboU
6rErJ3CotC rbCo,o OoJob lSUbSboU 6obA.> 3od3t66ogq, 0.>63U Jt6rjgo33q,.:q.o 6gq,c0qX
pA6o66blt ltsJ6qp6go 5,r6.>33gonU g3q,oq,30sUorb qrr3r3tsot(4bgq,o 6oLgbU qs
tsxqpg5rqg, 3o0gt66ogq,o br63ollo6oll b3q,Lsgt6gq,o bq3b.> 0r.r0b0r6gfuqlr 03lro.rg.rtob
UgUbo 3gt6r'r erbJq' J6o{lC6Orq9. rR6oA6Uq,o Jf,ct(,"JCOo, oJoo,flU6o (,r bbgJ
6t6dgq3rqn.>6o UgLtbgboU ggq,.>tg 6u36g9q,gbgq,o Urb3r.r6.:r 0l.togq,or.rb Ub3rqgrlrb3,>
,0 q,(,$o('f)aob aoo,bq6olra!6 aror3ol)"J8q'Cau(,or \)"6a"d,O0q. U,,ACJc''boOo lrCd,Or,tsoJ\)o,
6l',Aeob 6r68C6o g)eor6orb 5eCAr'5Cor 6 oACl,
n
o,)lr$Jao UCtrbd, AoOUqEorlD A! bClrbdr A,rbra3ara o(xqr('lao aobreCbo rCoo3ol, eo6CeJq'Cb,* ac6ol,
UbSra'8r (o60q,. Haircut)
4I
j39g6olj brbr63o lroboCAr8o. Arcr,o or6rBJ6(,obr aoryorb b3lrb3bor.r6, bJ6gos,r6Cbuqro
J3XgEC0ol, Agao,b31gr8o b?o5rq 909o-lt slr60gbU, ory06r brj,>6crtCq,r.rBo Cb ArEBCbCbCq,o
lolo-ol.t gr66qrgb6o ogo. 93q,.>1po 6.>61393orol., l.,CLbol, Jo.l3q'J6o$r6orbr C.oJ (,J6C663r95C
g6o36gq,6.r brbJal O0arobr 2010 $Cq,b qoro$go. arbrs8sq,oU$o6gb3q,os, tio6 q'r6oU
g3q,.rqn 6r6sa33oroL lr3bbolt rtrfusboboUo3olr cggoqrgbXq,or 6rA)3oCBrgC qr,> Lrr6qm
o61g9CLo, 6.r95CO oj69b.r qrsao3oqrgbgq,o t rJd)oOCEOm 6$.>33gon. 6o6o169 lr,:b.:63o
l.,ouoCArlr, rbCAC AbCbbCbq,Cblj U6er JC(')EeCq) l.rr30r6oUo trr$0969br, 6md 66dgq34gorb
J36ooqgtso 16 0obq66r r0 o6qggjlror6 qg.:3rg6o6gbgq'o 0gXor6o 6UCaC0o, Joq,oOoJUE)o
org 93o6r'10o3glrro A36gCob0bol, q6<'rU. 6sg aCOoJ Ecg(.lar bsq,olrggq,goolrl p.r
OC6O6Jq,U6,o bJEJoU Joq,oOoJoL 0qg66rrqgobol.t 0o6rt6or, 0oo brJqCboJ UJ&tr1'|0C6O(')
0it16bo qg.r tsglr$rooltqg 6tugq34n$o UrJ6m666m ArEJ$C(,,Cbo. 6J6goo,rd)C6uq,o
bJt60bo[, ACao,b3Cartso .>b3or o6qrgjUlr 6r63orrtso6ob br'bt6oU o649o3rgot<ro 3.$. ,,q'obo6o'
$r60o.rq.o6Xbb, 6$5C0, o,r3oL Ab6,oA, OC6Of,rqEJ6o bJbJCbo 0o63gr6gq,o J('I(,oOoJoU
6r6s3g3oroor rbqg3696 6.>3q16rU. 6.>3q,X0re brbgoo,r6C&Jq,o go6u6Lgt6o brbd4ooU ajobg
&5g6Catso 3o oEqggjltuqg Jod)Q$o6, ActECOr6Jq,o Joq'oOoJoU bJbrJgCo)o 6r0oogg63b.:.
lr.:jr6o33q,otso, o3qxQo oJ6J$c(,)ol, l-txLbo 6ctso6r6Lo6cbou arbr$cobcr
o6q99ilnt6gbgq,o. 6ggo6.:6lro63boL ar6rJa0o)olj ctsciocd," rar'tjagqg3b.r 2010 $q,oU
brtrtsbuq,oqQrb 0ob49r. .>0olr tscaqo0b, b$5r61 qtlo6qr 5rt6333rgq,o qo6<r qg.;
oUoot6o3q,o oo6rggagboLr qrr6fiopbr, 6.;or.> aoggcl-tgoobuor 6JEJJ3cCr)olj $q,oq,cacbolj
lJoBj.>63, ts3ljJdq,o rAJq'oOUe) qp.r 0o0r6or3q'3030o. U$otfuqg, JA Jdx"OCUoL
fuq,ts3$goboUr er qrBCr6caou(r8ol-t, 96o36gq'0r br633r 6$gr6om3r ao6corrrJq,o
oJC6rgoCboLogoU ,,OolDq3bo 6o6;oL" br!:o, lrsqg.tg q.ortsgbgqro oj6.r Ogofr3 q.o.> lll8grq,o
$o0olr Lr$rt60ogblr.: qru goto3gdr Jotfua$3 66g0gq'o q'$oU 66d3q,3rq9or6o UCUbC6o.
3<'r03d6ogqfr br6pb0r rq6ot6pq,o oELO6C0C6OoL 6r3og96gbs 2013 $q,oU .rJtrnq,oqgs6
qrro$go. 396q.o5o0 or33300o 63q,rqn 6s6s333oroor bsUbgbol-t 6r60oU Jtic4Sbo
6.:rj6og6q.or q.o.: 6o30b36-q9gg0b36do Jo3U Oorq$or. ts3q66rqr 6333ordrrq tsX0go6qgr
l$J6('lOC6Oc! 0JEJ$Cg,CAo q,sr6ob 6t6d3q3.>q'()J6 LlCUbCo'bC, 6JotJ6qPJ q,r6oo)
qg36o0o6o69bgq'o bgl.lbgboU $oq,o Aoq,o)E bS6CeoOo Jo66ggq'tso er cl016r
q,rt6otrgoolj 0.>8p6gb3q,0r.
qnr6t6r0r N 2.3 3oaXfrgcryq,o brbgboL 0o316 6403q,o b3UbSbo
3,800
Ct6og6,fqn grq-Jo.,o, (aq6 q',r6o)
-bCLh6o COb(,IUd,o 3Jq"JOoo, grq-Jcpo, (4q,6 rAA Ax,e'v6o)
3,500
-bCbb0so
4,000
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000
ec et
b: f p * 8.8 F FFBB,
6ci cr3* ec r8..BniE
{ss
$956r'l: brCs6ogCq,r.rLt gt6o36gq,o 0s63o
42
ao6COJ6|CEo Joq,oooJol, CtsCCOoJ6TA $r66st6o5oU 0ot6oor, lrsjr6o63q,ou
g6o363q,o br63o 6.r61$3port63bgq, 93t6,>qoqgb.rlr Ucr)aober 0136ogo6r.16o396ro
Jtaro66<.rto63bol.rs pr ACUJbTAoUo 0obC0r6Uq'o Joq'oOoJoU r6.rq,o9:oUor3oU aoq.o3qtbolr
U6gq,gogrur qp.: 6.>63oorrt63b.rU Lrj.>6o4gq,r'rL 3dm36gqo brEJoL oEUOoOUOoU6o (lr
jggg6oU go6r6Ug6o t,CC6r.td)oll 0r63oor6C0rUoJb C6olJe, ArJ6r'rglr.l6crAoJg6
0oq.ogq,ot63brt3 qgrtsUd6cbcq,o J6,r'r66clt cbo Ug6rr.) er Uts6x, atr6qo 6)('Iq,l, oraJa('laL
OmbXQrtrpq,o Joq,oOoJoU 6s6lrrtqgfrrtso eJ aoL Lr9soAreoCbulrot6 3110g6o319o18o.
sp6ots6gq,o b3q'lt g$goaU a(')EcOJ6Uq'o J('lq,oooJob L$odt.>qr got60o6rgbrlr p.> 0olr
arAlgofBJq,(.lbrb, 6sg roLrbXa.> b.rtt6ol.t &'r6.>$oq,9or 6o6o0o3g6 0r'rq'oqgo69b'b3 q.o,>
AJoo CtsCCOoJboboL r0rqq,gb.>t3. .>3 0Mo3 rql.r.>6o36r3or, 6r3ti<'rX3o6o0o3g6o
JF,ob6oto6,CboUJ (,r a(')ECOc6Sq,o Joq,oooSott J6rq'oboLt UottOCOJ (FPAS), t6o03q,trug
U,rjrt6o8gqroU gdm36pq,o bs63o 20ll $q,oq.os6 .>63oor>63bl.r qg.> abogq,ornlr or$r09qg6o3g
gC6g6rqt6o 6.>63XboL l-tr3Jgorglxr J6rCOoJob ts31$br6obor. 2013 $3q,1-t Ac\gCE oU
Ufrgq,gogoL JJ6rq'Cq,U6r(, o5JeqoqoCboqor dol.to .rq,6$3t6o qgo3o0g66r6o.>, t(m03q'o13
TJJQCAoU6o $tfuXboouo3ob qr.>
Ita$oqg 6r0oj33gbp3b.: grbq,oSl-t aoa.>3rq,tso
.>6rq,ogo3cir3bobo6ob $
lr.;ggdgq,o oj69b.r.
(,r
0odr6orgq'X0oo Ur0366o3t6o Og6toboU 6.>fuoor63bol.r
$q,ob 6s66r3qxrbr0o 06o0369q,o3.>6o ggdrrqrqxOs gfuSrqrr ggSCOoJEoboL rareq,CbrU,
brboA)(,oCbrlro,J6 0o636l6gq,o Joq,oooJol, 3o036o3.>6ool.t r6UCbUq,o Jd)bCboU
6.>63oolcrX0olt qpJ Jb)q,o br0grq,3b30oL qgr63663oU UJ0UJq,Caoo. o6gq',>gooll
or66Xon63boU t6ggo0otr JodtobSb8o 3rn0g6o3tgot 6r6ls3gol6Xbgq' 06ots36Xq,oblb
od36lr, 3o6roq.o,rb 06ots369q'<'r3s6os lrto6.rqgogbt6o3o 0oq,oqgo6g0olr lr$ot6r4g
BJacrUrq,obcbJ ar grt66,>6o3r. g6x'l36gq,o 6s63ou q6<'rgqn qgr cgcCOU6o JoaU6oJrooJ
dol.ro 0o$65bou, t O6rOCAooUJ qg.: g3o6o0o3g6o 0q6o0rf4o6ol.t rbrq'obolr 0gltrtrXb
t6(r,b a(')6C&f)Uq,o Joq,oOoJoU brq.rBBCOoq,CAoL J6o66o'boft3brqmb.:lr. r06o6.rq9,
6r06s3.>q,336o363br L,rj.>6or33q,oll 3t6o36gq,o
3o036o3r6oob s6bSbob q.orb3g$.>
br63obo6ol-r 36or-3tior Jt6ogrt6o$3$3q, Lr3oorblr $.;t60o.>qgAC6U. 2013 $q,ol-t 6r60r3q,o0.>0o
.>0 3goboor 66o33639o3.>6o 6$o1gbo 6Xpcoqg6r. opbffiq'oq.o.r6 6r6.rbq,qr o63q,q3oolr
aoaoboqSotr gotrfr$o, 6o03q'og A(.l6COr65q,o Joq,oOoJoU 3o036o3r3ool-t dot6oorrqg
qt
obbiJ6,CAC6OU $r6AcIr(,6C61r. Ar6rbq,Cb3q,o o63q,r6oolt 6o0oboqjr 3o33ltott3&3q'or
0o0.r3rq, Jdro66otr36lr,r qg.: r6uq,ottg. o6o g96o aCOr(.o J6ol., o6oc60od,Cbuq'o
0o6gg.>6gqo Joq,o$o3ol, 3crOog3golt 0o36 0oq3bgq,o 6rqQJ$gOJOoq,CACboUr er
Ard,o AoqC0ob Jtrn69U0o r6LCb3qlo Jrir'tAbotCbou ACUibC0 ACO)q-J6o o69o6019oolr
0oUr$oq.ogbq,uqg pro63d6r J6rq'oooJobcbo,r6 6,cauE,r6!q,o J6c95c6or0or
AXhgq,6,CboU J6rCOoJr. 2013 $q,ol-t bJ6ar3q,obr0o 03033r3q9,> 36o363q'o b$3o[r
0o69g.>6gq,o JoE oOoJoL Uo6roc6ool,l U.rarSo qm3g0x6go, 6('l0cq,o0 3t6q6gq,o
br63olt 3cb-63t6q.obg 2014 $q,oU 0u6$0o 6r6ot3Uqr rq6o06gqro q.oo350366o
lr,:to6.>qgogbrU 506(')bb Ao6COJ6,Cq'o Joq)oOoJoL do6ooJQ J6o60oJgbl-r pr 0roro
AJbgoor63bol, 6o0,rt6orgq,9b.:Lt j39gr6stso. o5o rUrbr3b, ol3 6)J AoL,)b6CbCbU CAUrE)Cbr
a.tSug" AoECOr6Uq,o 8(,(,oOoJoL brAr$goo0oq,CbC0o Ar 6)r o6lrO6ICAC6OCbolj
U,>03rq,90oo b(,CbJ erbrboq,o Aot6Cbol, AoQ$CAr.3r6q.or rAoUJ, o6got60s6oolt
6r3{5gXq,3boU pr lr$o6o 0oq,oqnfu6oU Br0og.:qobSbolt 3gorboor 06ots36ggogr6o.>
C6(1B6Uq,o b.r63oU 0oX6r lr,>03g6ogt6o-r6.>qo6o3gt6o 9966.>q,olr ,,c|]o6o0o3J qor UrbrbJo
bj03" 6r6og30oU NEJbq,Cbr. rq6ots63q'o g366rqro lr,:g3go4ttr.r Uu0grq,3b,r X{6o36gq'o
6rEJoL, olu Ao,qior6.:qp j3Xg6ob 6o6o0olr$C6olrogob 6JarroCa,>6 ors3or6oro 0ol.rt63bg0o
j6gr6r8o qrr 6ob gr6r5q,9btr 0r6Cor aoAeoEJ6C A3o6o0o3g5 J6rr3CbCbo,r6
43
erJrg0o6C0oo, rbCaC ob bCq,lt ts39$9obU rbrql6rt6cQJ A$E C3r6Cblrr qgJ AC06oC6CbU,
t6o0q,36og 3m6353ggqr 33o6o0o3gdr orU tsobJ6bU6 oCArOoJrbC AJtsr(9bC6.
6o6ot6g 933 rqB6oEbCd,, CBCJOorbo 0o6grt6gq,o Joq,oooJol., Ur$c{60ogbq,rq.o ps
0olto 63q,oq16oU g3<'r6o6o3stg ArAJOrBol, ggg|6o.:6<rbot-t Arbrdq,oC6CAq,Je
d6o3363q,o3r6os ggq'rqgo 6,tt6ob bJ63ooJ6cbr (,J artsr6q,ocbr. $o6.r $q,oU aUbJ3bJe,
2013 Sgq,L 3oag6gogqo br6Jc0o rCOr,"J6rcQ oU06cbq60b 699o6.:6b63boU
obUO6,CAC6Ob, tSo6q'olt l-l$fqp66l'r Ar683Cor, 6s6oUs9rq369b.> Joq'o6oJo5
6u6caggonb aob3e3ool (rt6r6r3q,g0 JA Ar6rJgCoroUJ), t6.>g 6r6rJot6<.rbgbqgr )A br$6o1.)
6r6r6go6botr qg.:rbq,o3b.:L Joq,oOoJoU 6.>6rJ33oo16. Cd)o36Uq,o br63oU 3o6g6oq,oU
jpts ogo do3q'93rqgou6o l$J6e{]96g('} 5s6.>33gor3bo, 614 rpgoq,Sbgq, $obrJo6('lbJb
Sr6AcDqobCEU AoECOJ6Cq,o Joq'oooJol, 6.>p.>630olr AftD6oi50ol, CtsCCOUd,TA
996 jgoo6ot6Xbob.ro6olr.
ao6cor6rcq,o Joq'ogo3ol-t 0gj.>6ot6ol-t gU6Cooo6o6cbobcDgolr ,>ggoq,3b3q,o.r, 6o0
t rJt6cBC6Oo 0J6J$CoCbob $q,oq'CAr 6rqru65b gg6n AtuCqtrqgoJ6 llJJ6r,rOC6Oo
brbr$c(r)Cbu (Q) Urbmq,ele! xraao - bJlrclrbCboL 0J6r$CoCbb. bb3rq.orUb3.r AreoJb(')bol,
lDJSsr1;C6Or'r 6s6r33go3blt 0<'ld)ob Jr38o6,b rB$63b1-t U.>Jt6qtC66o 6r6.r333org0oL 06pq9o.
2013 $q,oU 0r6Ar3q,(,br3o 6Jor6Cfuq,o A(.lEC0D6,gq,o Joqooo3ob tsC6boq'CbJ rouJbr
U!i6 C6O<.r 6r6rJ3CoCbol., ts30got630rtso. 0g0oUr3q,osbcrbol.r 3q{br qrrSojl.h6q-or
l-rb3.>q9.>t.rQr 3JQor6o6ol., lrrb3q,0$o3o 3rbs6 $>qrq'qr30bC. tsCAOo6Cbr 03o6ots63boqpr
)lrCaC Lrbrt6(, lruJ6og966o 0r6r$CoCbtC (ob. q.oorA6ra) N 2.4). oryagc $q,oU boq,<'rU,
6r0%o0bq,c0gq,o go6o0o336o Jdoo3obob 3o6trg b.>$.:t6bg 0rB6Qr Joq'o6oJol.,
0J6J$coob 6rt6qnl-r 0crq,oqpo6o, t6rg tsglrubrool$q .>ou.>br ggqrrqro brtr6ol.l
lroJt6<'rgX66o 6r6r33gorgbb3, 396doq.o 6trrdgq14.oo.>6 6.:6.>3ggo3bb3.
qn.r66.rd.r N 2 4 ggq'r(,o 6J$6oU UrJ6(,{1366<'r 6r6s33Xopbo
18%
t6%
l49o
12%
lG6
8%
I $q,or6o
6%
$qY,$o
-2 tqY,r6o
-5 t0 sqDJ6o
-
4%
zYo
0q6
,eg
CE
@^9."raa9q?tRB9c?9Rg
c (ij
c
z l)r
E
d i
l)r
E c 6 i
t r
E
$9r6cr: brCv6oSCq,otr C6(.l36Uq,o br6Jo
$q,olr 6$0r3q,r.rbrtso UrJdmgg66o 6.r6r339or3bolr 3q,3brborr6 g6or,rq.o, .rp5oq,o 3j<'rbqrr
rLSg 6g6r'rl$3q'or6o6olr 0t6gqgolr qg.>b6oq,crbolr 0X0Oof)9b.)U, 6J0 tsUq,J(,o bJtr6ou
6.>q60spb.rb g3r30o6qgg0r. ArLCq,o Sq'CboL 6r60r3q,obr6o 3X0ob.r3q,or6oboU 06gqrlr
It3aroq.o q.ooq.oo eJb6oq,obr 3jobqrr, 3o6roqgr6 6J6Lb0rOCbJ trb3.rq,rUb3,> BX.ooJEmboL
44
b$6o3366o 6.>6l63orgbb 3<nl6oL 0sqsq'o ogo qt glt ltb3r<nbs AcrogJ3(rr, 0cr3q,93rqgor6o
U$ttng66r.r bJ6JJ3Cool., 6q,oq'g0oU 6nU3ob 6r6qc, 1., 'BC6JOosr q-or q,o33oqmbol-r
6)oLJCblr. oJfuoor6oarqgo ggq,rqn a.>tCnl-t Jot6ob3b6o L$t6o6366o 5r6.r339org0U 0o6olr
Ubgr('}br Ab(,q'(1e bJJ6oOC6Oo 6ro113lr rUrbr3U. Ucjl6o33q,o6o tsUq)reo 6J956o1,
AstsJ6qroCbJboJb 36orsq.o 396god4ps q,oSoqmboLt 6ott3o, 6"G arAclobJor
030olt3q,o,l6o0oU Otlgqntt q.o.rb6oq,obolt Xg.>Jobt6o3 3306o636stso. rqLr6oa6r8or, 6r'ra
[,rJ6<'rOC6Oo 0r6JJgC@CboU A6UqrlL Qrb6oq,obob ACAOo6CboL qn6o0o3r XXt6 3oqg3
2010 $gq'I, qrro$go, t64 o0 J3l6ooq0o racrCocacouq, rbrq, o6UO6Uac6OCbl,
Ulr38od)e3br (03q.o0o30oj0gqn t6ggo6rbl.to6gboL LSlrbXbo, 36<r36gq,o br63oll
Xdmqqo.:6o bsbbXbo q,r Ad.$oOCb" er r.A.). rarLor6, 3{5o36gq,o br63olr
3o096o3,4oo11 6rg0aob9ljgb.>6, Selq,ooo3ob bJErJ3CooU to0o360r mq,oq,CbCaAr qpr
ar'r6C6r6)Uq,o Joq,oOoJoU bJAr$$COoq,CbCbob J6ob6r'tto63bJer'tbob t6erA SCJAOof,r
aoar3cq,tso 0o3q,X3.:qn.:6o lrrJ6 C6O('l 6r6r63or3bol-t 663ox6o 63q,oq,3bgbol-t
A<nq,er(r,6o, 6JAi0 JItCCc 6r3q16r 0orbqro6r 393otrs3q,or6o6ol.r 06gpoll p.:trdnq,obolt
330god40ot9. Xlr 3o 6o636ot63q'o Joq,oOoJoL SrqgJOCAo[t 0gl.>6o'b0oU CBCCOU6o0oL
t6)ertC AoCcr,ooC0U.
6rlrgq,o $q,96oLr 6r60.r3q,obrtso Urjr6oBgqxdt y6o36gq,o b.>63oU 0oC6 brOD6CbCq,Ar
qo6olrdog0Sb0r (rbrq,o o6U6trrg096ocbou ractCacecbr, gobsbljg6o 66rbtrjgog6olr
$r(fficlCbol, ArAr6O%CbJ) A6ofu6Cq,o3r6o 0r3q16.: 0o.>\n6.r lr.>jct6o63q'olr gpq'4go qr.>
JrJooJq,olj brt6ol, brrCooU6Cbrttr Qr 0r63oor6Cbri5C. bc}q,('l $q,3bolt 5r60.>3q,obr0o
06o336gq,cr3s6o 'bt6q,r (,rgojuo6Ar lrJbr'bobo tsJUoJEo CrQrq,QCboor 3,>]6obol.r
aq3gq,ofubtrg Jol639q,:q.o 6rtr6b3. lt>65ut6otso $3q'lr' 2010 $3q'otrb 03pu65boot, 2-a95
ArotJ6er 0o0ojgg6sBo r6b30Uq,o U.>brtro6o grlnrEo jrqrq,pgbob 6u0on, 2012 $q'oU
b('lq'c)bor6 0gqrr63boor 3o 564.o.10 21 Jtrng6go ACD(,AoEJ. 3o639q,rpo b.rtt6ol.r
6rpt60r3g0,>Uot6 36iolqr, go6r6bgt(ro b.:t6ob Ar63oo,r6CaouJo3ol., 06o3369q,o3r6or
a3otrrrqn bri:6oU 6rrCOoC6CbJ, 6.>9 3oqgg3 gg6cr 6rt6qnu 0rb6ou q'oJ3oQobrlt. 2013
$q,otr 0o6.:6096oor, tsrboJ6o CJeJq,eCboU 03<'6rqgo br9:6roU a.r6g6o 0o6gqlo0.> 20ll
9:6q.or
$3q,oru6 ts3psttrSboor oroorjdoU 3-a36 6rotrl6p.>, boq,o $o6t $3q'o;6 ts9q.o.:t6gboor,
U J6X"OCEOU rqCar$Cbr.
45
q,or66rAr N 2.5 brbrtobo gslror6o jrqrq,qgbolr q.or ltqpCJo'bo6o llC61.)otsoJr$Cbol,
6rtsorg6olr qgo6,>0o3r 1999-2013 $q,gb0o
6%
1,E00
t,500
5%
1,400
1,200
f
u
,9
4%
r ooo
3%
soo
uoo
29o
t96
0%
ebztssess(ibthb
3 iPr,ilet^aet4A944PJ4
r-
I4 :39
3
i 3
U.
U4
IjJ(OJoboOo bCd'Ootso$OC8ob 6rAom (aq'6 q,rtr,o)
brbrMo 3rlrD6. Crerqt\oJbob 6JAon (4q,6 q,!6,o)
o,r6,)g$,aob! (Ar6XiC6r eCddo)
-AdJ-bs,r6
$g!d)('): U)CrC,o3Cq,oLr Xtrro363q,o b,163o
6o6ot6g 1339 .>qo6o36r, 2013 $q'oU 6s66s3q,o0r6o o6gq'u3o.r 0ob6ob6o3
AJB3C6COCqU EJao6BCAoQJ. o63q,.>gootr qo6.r0o3.>'bg 06o8369q'o3.r6o ogo t6o6rn66
6oq.or, olrg lt6r63o 0o$oqg3&tu tsJCOerd,CAo. .:0s39 pt6<dr gJ.r30t3 3.>69o9oorr t3$rq,r
ogo ts963q,gbgq,o ar'r<r,boSboL 0b6oq.or66. o6gq,rgool.t t-t$6<'r66ob<r 0rBm53a3q'o
0ot6obtvrq drBg6gbgq,s3 qru\'.r t6fuboq.ou Qr raolt aro8rq'ou$o6caoo, acl6cordPJq'o
Joq,o6o3olr Jclaoocoar $q,r3 6rra6dcq,r $o6r $q'3b0o qrr$$bgE'o 39t6boq'30olt
Joq,oOoJJ. Vq,"l, boq,cilo6olr 13o6o0o336o JCOo3oboU bJa(l0(.l0bq,Cbou
0ogb3<-or3rq.o, o6gq,rgooU s6U3bgq,o J6o66otr3bo 1t05,:qT'r3rq.oor6 JC6os4QAo
0o$6odrrr6 6rBg6gfuq,orr6 a$bq,srcbrtC 0ouoroorgbqr'> 09U$r0olrcq.o, 36ro36gq'o
oJ6Job ao6cordrJq,o JoE oooJob JoaooCCPr lt3ft)gab36-qg30696r8o BrOJ6,cUJq'
bbqm030$5 336boq'g0gq' 0rn6g$fogq'o Joq'o$o3rlr o6c6B369bq.o.:
2.2 ggq,rqrUr36xqrooo Joq'oOoJoU o6u$t6p0g6$g0o
6o63gJ6gq,o <'f36sgo3bolr 0o$.>6o.r b$3ors3o6oU 6utst6tX ,fi-t3b3q'o bibJJ3cocbo
ogoU tr6rboq56ro q-or rb<,r'rL UrCr6, Cq'clu 3fn3egq'o brbJou Ar'tbC0o643q'o
Joq,oooJol, Joaoocool, ao$6 ar6Lrt(3f,cq'o a(.}6c0r6,Oq'o 3oq'oooJou 0r683co,oJ6.
$jrdlol3SgrrL c6rq36gq'o br63olr UroJ56.:3oo 8,168o 03qr69br acaQcao aoECOr6Uq'o
o6Ugr6gfu6gXbob6r6: 63gobr6bot63bob lrXlrbSbo, X6o49qo.>6o bSUbgbo, 36orypor6o
qgCJobooCbo, UJqoCd('Itoo('l lrC6o,ogoJJ$g6o 49r 0o6o01q,36(, t rf)CbC63o aoobsr36Cbo'
trjr6ogq,ol.r 3dxn3fuq,o b$3ol.r 0o916 6ror6cbgq'o Joq'oOoJoU t3q36,>c9' 2013
gq'oU 6r604q,<'rbrtso U$6)C1oC6Oo 6.:6rg3onLr 8,)AJoCool, 03iJ6o'b0o Sobr $q'Cb(r'56
3C(gr6Cboo 3oq-q3 9916r'1 6)rCOoU{tQr. 0<'ro0.161 3o0363rryq'o bi63XboL rCOo.Jf'(,bJA
b)EJorAof)ou tsCq,J(, brtrf)$c c6xr36Uq'o 3J(PJOoo) 6>6bottr3o3q'x0gq'o
qgr 136 0q'5q.o q'r6o 03>qg6o6r'
b)6obCbCAoL 0cr6gq,obr 38,8 J6crOC6Oool 6roi:s6q.or
Itj.:t6oggq,r'rU gdm363q,o br6Job a('lbCOJdIJq'o Jmq'oooJol' 6r6r33conu COiJo06'o3o
46
6g06o63boL J.r6.>q9q'gtcnp, 2013 $q'oU 6r6aJgq,obrto Ago6eCb11er qgr ao6COrOCq'o
J('IE oOoJoU UJJ6ooC66o 6$l33goroD6 .>bq,olr 0odt6s(.}bqr b.>63or$ofrouo tr.>Jdx'rgg56o
brErJ3C@CAo.
qoora6rar N 2.6 br6JorBo6obo ts!q,r(r,6r'br6o
r0%
180
9%
160
a%
140
7%
120
6%
1oo
5%
I
v
80 €,
4%
50
3%
40
z%
!%
20
or4
0
a iiaa'i
i - -"a TE E='8Y FE8}'? ?E' ? gFF?T'
gFFFBE?
5
i i i
iaa il ai
.E'
? ?E * E
-
TIBRT Ac{}oqlflar (AJI'X3J6., e0l6do)
edeo)
bgbbo (Ar6obCEr e36do)
-rlBRl(ar60b06r
l.,rCr6d)gCq'clL C6m06!q'o AJ6Jo
-gasD(por6o
0gr6c):
-rlBRr
a('BJqlc'br (ArF)x3J6r er6)do)
ar6r$Jm (al6,0bc6r ectuo)
-Joq,oOoJoL pdo%ooo (ar60bC6! e06do)
-g6opqor6o
2.2.1 tfugo6r6Uot6X6ol, bCLbCbo
lr.>br63o LoUgXaob 0o3q'3grq.oor6o q,o33oqmboor g'bt6gfu5q,9ogolt 0ot6oor,
lrsjrdo$q,oLr g6o36gq'o b$3o 2013 $q,ob 6.>66.>3q'obr0o gogcq'J3o6cuqrq9 oUc6caer
2008 $q)oqgr6 ,>0oj6gq9bgq, 63go6r6ln63bol.t LCljboL o6LO6,UAC6OL. frggo6rbbot(rgbolr
b3Ufubotr tr.:tsg.rq'9boot ltbr63o b3jgr'6oltio6olt bgq,6oll:$3qm0o og<r 0o3q,g6oqnr6o
q,o3goq.oobolr aoqCbou UJoaC(m e) (,JbJq,6ouJor6o $U.>Cto,6r'>0ig er(,Cboor(Q
o0oj09q9r ggq,.>qp br$J6br cgr gobrbUS6 l)Orboq,C6obrtc. ttrggo6r6Uofrgbolt
o6LOF)U0C6OI(,U aot$or br63orr0oFrolr brt#rt3 6o3q,gg.rq.oor6o LrJf)(')oCEO(')
bJ6JBCoob 6rtrror3r. 3,t6o36gq'o b.>63o r6oU q,.>6ou but.>6'bg &r3q,6.rqor6o
q,o33oqmbolr S6orqrg6oro Aoa$r'rq.oCbCq'o, JAqoC6rQ ArL rCaU UJ0Uiq,CbJ
6rggo6r6Lro6gboU o6bO6UAC6Oc,o, ao.:p$ootr br63ot0otrnu bslrrfrtrS 0olrorSolr L.>U3(A3cq,
UrJ6oOC6Oo 6c6rggoir. rgjgoo6ou 0X339oboor t63go6u6lto69boU ltgbbol-t L$6o3566t'r
bJ6rJgCoo gggd6Sboqr bjr6or35q,otr 36m363q'o b56JoU Ao6!Or6Cq'o Joq'oOoJoU
6.>61395olr.
lrJ0rEJo bot OCAJAo JUOoq,CbCq'o q,oSoqxnbolr 0oorbo363bolr QJJAJUotsoq,CoobJ Q)
tgSgo6r6lro6XboU Ugl.rbol, o6ljod)UAC6oou.rqg0o So6r6Lrgtrro b,>tr6oU A(.)br$oq'Co)r 6(,obol.,
br63o rb363
Jo(,CB Uts6r.r 6.>qr66r3gboU 0ot6oor, 2013 $Cq,l, bICr6@3Cq'oU C6r'r36gq'o
o$6C0Ar 0g(,Aq0clj0gqn 6go6r6lnr690ob bXlrbol-r oEUO6,-JaC6OL, t6o03q'o3 6ro390.>
rgjgoo6oL 6rd)CEC. ageao3aoC0gq.oo 6ggo6;6l.rot93boU lrgUbob o6U6630366oo br63gbtt
3jc.r6pror q,o33oqgoboL ll:]or6ogbolr q.ortso6J6ucboU 6r6r6oot6963q'o 0$,r6otr0o. bo6390U
UIaCrq'Cbr 3C('l6(,Jo, Cur66Ca{,ror l6Sgobrblmtrrg0oU LtgltbSboor o0 03aob3caraoo 3C), Cr)g
ol-ro6o 336 0orbg6bSbqgbX6 6Sgo6rbh63bolr r3j3oo6oq.or6 UCUbob TQCbJL'
0gq.o0og6oj09po r63go6r6lro63boU bCUboU L$6raOC6Ocr 6rErJ3Coo $o6rwr6) Jd)ob
47
er(,bC6oq'o L:jrtrrr3oq,ott 96x'r36gqo bJ6JoL A(,ECOD6}Jq,o Jclq'oooJolj JoAoOCOoU
A0$6 (,r 0J6ouJte36gbu 6cr6<{cr0 AmbCOr6"Jq,o &r(,oooJot 0r6JJ3Jo,L, Jq,ogU 96oo
Jt6og966gq,o Jg6i6o. .>gi6oo6oU ar6C0C 6c8obr6lro6goob LSLbolr 3rqgo$ob.r qrs
o3urbraoUrq.o U3lrboU rqgaoUr eJ qoJgrdBob orr6oqgbo oaC6OU6oJ rgjgoo6oU $3lroor
6ggo6s6Uot+r3boU ttsLbolr or;6oqgbob.
$o6.> $gg0oU ,rbrq,o6og6cqr, 2013 $q,ott 6r60r3q,ob.>tso Arerq,o ogrr LrbrEJo
bCCo(lf,ob (,ro6OCC,CbCbJ trr3go6.;6l.ror630olr l-rgbboU o6l46gA36oob Aoar6o,, 6)10
6lAcrobi$C0creJ aro,o rJ0o36t.rbotr, 6ggo6r6lxl6g0oU USbboU .>gjgoo63bt3. 3o6roqr$
brEJCbo aoJq,CaJeo.r6 qro33oqx'rarlt do6oor.:q9.>q.o oqgbq.o636 br6Jorts(')6ob tsUq,Je
bo'br6t9 qgr l63go6rbtnt630olt LSUbXbolt rgjgrmbtg,2013 $3q'U b,r633boL 0b6oq.o.>6
AUa&AAoCACeo Cpgo6$l-to630oU UCUboU o6lr0(r30366t3 0oorbo36.r ts30go6q9r. 2013
$q'ol, or6a)Bq'clbr8o rgigooEol.r 6c6933 6r5go6rbbot6Cbob lrCbbo abr'rq,r'r(, 4-XC6 Aro0r
(2012 $3q,U 8-XC6,).
2013 $3q,U 0o6g6,>tvpq,o oJXOsgoCboL 6rl61etl., brSr8o 03qrx'rqgr tt$6o6gqx'rlt
Cd,crgb3q'" br63ott LsqSJobo6m UC6OotsoJrOC0o, U.>j.>t6or33q'ol-t 6or>3ttuc6ol.r gubor$o
j.>qrq,C.o9bo, 3o03t6gogq,o br633boU brugUbcr oi$qobo qr UrS6orrEo6oLo lr$.:63o
6r6J6OoCbo. Lrgtrbolr gtttryE3cggogob onox'r3gq'o rlr3oro l.t.>bgobolr rjgo3gbtg
96<'1369qlo bs63olt 0qdr 6$br$qgtigq,o ogo 05lrbs0ollo 36o$3{6og03bo. Itj,rt6o63q,olt
C6o36Uq, brbJor6 AoECOr6Sq,o oJSl6ugoSboU $s63<'rgbobror3oU, 6o6.;oU r0
L:b3<nbSboqgrb 3od36gogq,o br6goo 2013 $q'oU 5,>60.>3qnartso do6oor>q.orqr ogg6gbqbX6
Urjrt6o63q,<d.r gdxr363q,o b.>63oU ltqg3Jmbogm Ugtrgogo3.rg3btt qg.: ttrj.r6or3ggol.r
6o.:3t6o0olr grlnr6 jryrqleCbu.
qns6dr,:0.r N 2.7 6ggo6rbl4boU U3UbXboU O<'t3gq,erbr 201I $q,ob 0.robqrrb 2013 $q,olt
q.offiMolr 8r6q,oor
500
,to
,100
350
E]00
FJ zto
di 2@
150
100
t{,
0
-i -i -i.i a i i i a a i i i i i i a I I i i i T i -i i i i a
E'P 3 rFS r? ?E E E's" F FFS r? FE E E c
rF?3,
Sg116a): UJCt6(/,3Cq,(')L C6('t36Cq,o ArEJo
2.2.2 36oryqo$o l-rCUbCAo AJ C6,o,('((rr6o ACJoSoOCbo
tsUq)Jeo bJi56ol, 6r63oor.>6gboU bCq,6C0Uo0olr, br63orr3<n6olro UJJ6oOC6Oo
6rb)$Coou AC6gCobolr 6g0go6Cbous CQr g3q,J(n 6$5ftou JCOo3o0oU 6rtt6q.ooL 0o$6oot,
2013 $Xq,U b.>63or>0otvrolr b.r$rl6$5 0l.rcrgq,cx'rtso aoqgbgqo lrrggor3l-to J6JCOoJol,
48
ts9lt.rbs0obrq.o, L.rJ.r6o6gq'olr 35o36gq,o 6.163o .r6t6dgq,3b1os UrJ6oOC6Oo 6sEcASoroU
q6t63g6oL 6rAoUC6Cbrb, t6.>g b3q,l-t g$gobp.r bsb3ottsot<roLto br'brtroU L:J6r'4j366o
br6rJ3Co)ol.i LOiboq,C6 Br6Bog6tso 0ojg93,rb. ltJ6ogg66o gr6ca33ooL q3t<r3gs6o
bJ6oUJ$eg6J 6)(')6(')60 0('}6COJ6Uq'o Joq,oOoJoU Ar6!J3Coo(,J6 o,r6rbr6A6o336Cq'ogr6o Arerb6CAo IrrJ6r'rOC6O<'r ArEJ&CoCbob t3qr.: qr.r j3gqr 95eB6oU $r60o6,CbolrorgoU. !r3q.or $36rngC6$o bJ6rJgC<rn bJAoqCECboer UrCr6o63q,<.rb gt+m36pqo b,>63ob
C6o,(,RoJ6o trgl.tbSboLtsor3olr, boq,o jgqgr UJJ6oOC6Oo 6r6JJgCoo 6.r0oogg6g6<'rqr,:
u.>jn6o63q,oU c6og6cq,o b.>63ou 3t6orypor6o qoc<ooob)cDgou. 2013 $oq,U
LrJ6oOC6Oo 6o6.r3gorol.t q-o36Xg.>6o 03.>q-o696qQJ 3 J6oOC6OU, ArrbCODf)Uq,o Joq,oOoJoU
bi6)$Co,L 3q,oCU/Ao6UU 1.5 J6o0C60o. bJJ6sBC6Om br6JJ33omtt q.og6rgg6olr graoUc6gb.:
rAoof,Colj bJ6Jo,JAo6oU bJi5r6bC trsJtrx'4X66o arbrJ3CoCbou a333ori 036rggobrU q9,:
or3ob 0[r6q, fuqrL g$9o6b br63orlSot6oln l$J6moc6o(, 6.r6rggorob eJJbqoCbJU
Jmq'oOoJob arEJ33C(,)oJ6.
qnJOd,JAr N 2.8 AcrJq,CB{,oJ6o lr$6)t'r6C6$m 6r6rJ3CoCOoU 0C6UCobrr?
40%
l5%
30%
2-5
2.O%
1.514
r.0%
0.5%
0.0,6
ec
e e I g I g Ta'i
i ?i
i r i i i'i
i i i i
?E F3?E FF?3 FP35TB?E FSFE PT
$g.rt6o: ltsjrFror3Xq,ob C6(,36uq,o 0JbJo
brjuro3cq'oLr C6mgEUq,o 6r63oU 3t6o4gqrr.>6o bgltbSbo lrrb$3o ltgi$o6olrro6ob
l.tts3rq'3brb, or33g.>
$r50r.rsq.o6g6qgr agol.roSdn q,o33oqmboU aoqooU $Cq,JSC U$6Jg
LrbJtFl(') IrrJ6oOC6Oo 6rbrJ33oor6 SXqrJ6CAoo Uts6(,) ArRrq,o glLoo CU oJSoU ab6o3,
orEJCOb CAodAC0AJ tsgq'Je 6rts6tg Sobr6Lgt6o 69U36ltX6olt 33oorgljo g.>l-toor
0odo3boUr3g6 qr ts3Ur0)aoUr(, ra o6UO6ICfu66'fu qgoqrr 0oorbo36r 16 ogo. q'o33oqx'rbob
U,r0st6or3rqp b$3g6o do6oorsq.o.>p 63go6r6bt+rgboU USttbgbU o9563bq696' 6.rg ltb$3o
UCCO('l6obroBoU AcrJq,33sqgou6o qxr33oqx'rbob 6s6or3oU 66oq'9boor 3gt6cr 0oj6oqro qr
lrt6gq'gogoq,o lrtsgrq'36.:r. 36o49qo.r6o USUbgboUro6ob arnj03q930qql 6o6lolr o6o3g
brbr, 6)10 6Ctso6i6uo61boll l.,CubCbouro3olr'
2013 $3q,U rCooc6Jqo 6.:0r'rog636oq.> 3t6o4.oqor6o cgcBr,r'boocbob 03q96o30oj03qn
o6uodlcac6oo, 6r'r03q'og ooJa3q3bu 2010 $q'olr sJ6roq'oqrr6 36oqa3or6o
eCJobooC6ol., oblrod)UaCbooo, 3o0Xt66cryqr b,r63cbU rd3o, ts3Lrdqlbq'rnbr
U.:3or63U&'r6qpg6go r6b)6oa$C J6UC&Cq'o JJ6bo q'J6Cbo QQoU b('lq'(olj 6r6roJOU(,E
1?
336gco01 6s'b<r3oq,os 3 eeob bO56('r6OCqn 6rerb6oo
49
lr.>jst6or3gqoU gt6m36gq, 6.1633o 36orya3or6 ACJcr'boObC, 6o03q,og 096q.o6o0o Uragaro
q4pU qgrbr$goU6o33 gb6g6qg36cx.o.)o, Ur3o69LJ<q6q9366m J66r6ots$C. rq6ots6UgaJ
o6UO6CAC6OAr 2013 $oq,b rt(rlr3boon 6oqro oorr0r8r brbJo,rtscl6oU br'br6i5C
l.nJtlogg66o 6.>6r33CoCboU U6rboq'o$rgoobo6olr.
2,2.3 tsrt oJ6o CJerq,qoCbo
br@lNlobooo U!6Ootso3JOObo
2013 $gq,U UJCr6o,BCq,r'tL 96mgbgq,o br6Jo Arbr06detbe; lt>3gorr6o 9rlro.:6o
jrqrq,pXbou - UreCJcltoo('l LCoOogoJrOCboU 30olto,:1.t. q6o06gq,o 9,:lro.>6o
jlq.>q,qrg6o go6r6Uorr Ur0o6ol.t6t6rnL ll>b>to6o 3.:q,pgbUq,CACAo,r6 qrr ltb.>$o6o
grbq,o6t6q0orr6 gdrorrq.o 3o0Xt6gogq,o bs63gboq.o.>6 0.>qsq,o Soolbgr36oor Ur669\'obq.o.:.
JAJUor6, UreC&.l$oocl UC6OotsoJJO3Oo aoaoojg3mq.o,r 3 o13o16o qrr 6-o19o16o
BJeor6erbob bC6aC6Ot g, boqro aorr3ticrbou gclh.r6o j.rqrq,q-og6o - 1-Sq,or6o, 2-$q,or6o,
5-$q,or6o qr 10-gq,or6o 3rqgo$r'rbol-t UCAAC6O95C. rq6ots6gq,6.r grbo.>60r jcqrqqr3b0s
bCg., aJJ$C" 6g6r'rUr3q,o.>6<'rbob U$s6oq56o atSgq-ooL B.r0ogrq,o09brlr.
0X6olr.:gq,os6obolr A6)C(n odq'Cot(-or 66ofufuq'o3c6 o6go60.>gorb lrb3.rqgrl-tb3.>
gx.oorEorbob Lr.l6ooC6oo arErJgCCDCaoL ts3t$b3b, rbg8c go6r6Ug6o brttvroU aobr$oq,gorr
doq,oq9o6g0ob 33bsb3b. 0g6olt3q'ot6<'r6oU 0(tq.ooU 0obgq6oor, bJt63qgX0o 6t6dq13rqnr6
qgr do3q,33rqor6 UrJ6ogg6$o 6rbr$ColCbb 0r'rdnL $q'oU 5.r60.:3q'<'rbutso A0o6QC0oQr,
tlrg brt6ob Xg3C{or6clbou t6Arb1 tu JortoCbQr.
2013 $cq,U br 6<l,OSqrolt 3t6o36gq,o b.>63oU 6qdr 6.>0o03303q'o ogo 3-o6o$o qg.;6(,goJ6o gJqgor6('lbol.r l.r4g3Jotogr.r ljo6oogoJioCbo. 9l.r grl.rosEo jrqrq,q.oX6o brbs63<'r
L3jgol6oU 0o3Cr 6.>0og363&3q,o ogo t(ro6o6rg q,o33oqpo0oL 0s6o3olr g1qt.>t3
aoA$o(BCq,o Ar CtsCCOUf,o 0o3q,6rqnr6o oElrOdpJACEOo. 0glDbr0ott.>qg, brqQC&rtooo
l.,Cd,OotsoJroC6ol, Ar6o8bC6ol, JoCRoOoC60Ar, 6o03q,og rurbr3u tsrCoogd)o
6r6o.:gLgbolr tsCtsJ6CgCbJU eJbCA&,q X6olrolltorl6, 03.rqr6o6r 10, boq,o 0oorbcr36oll
3o99o6o3660r, 6oacE oo $3g63bU 3<'rorbo36oU g.>6rc.oob.:b 6.r0c4brQJbUq' CAoUoJbosE,
2.24 ACJ(,AoEr.
2013 $q,olr 3l qgggabdnu 0q6odrd4cr6oor, Oo0ojggs0o st6ltSbgq' 690 0q'6 q'rt6ol-t
l.,r(,CJotooo UC6OogoJJOCbb gq,obq.o.: 13 3r'r0366ogq'o 6rEJo. UrCgCJotoOcr
l-r36gogo3rgg0oU 03o6cqg br$r6tg 2013 $0q'b q.oroqgo 48 Ar6obc0J UJC6oreI oJ6boo)
415.2 0q,6 q'J6o (2012 $gq,b 6s6bcrdrooCq,qr 413.3 Aq,6 q,r6ou Arr0uq,trboll50
6.:6o63br).
50
(.ool8(trJal N 2.9 l.,J(gCJotooo bC6OotsoJrOCboL &')6)OtsCq,ol) acl0Uq,(,br 2010-2013
$q9b3o
- 900
;, 800
u 700
500
500
200
r00
0
999999;=====
: E E gB3? E E g!3: $ E g!$': $ E ts!f
$grC,o: Urj!6o)39q,ot, C6c'36Uq,o 0rEJo
Itbla"O$ogo o0c"oaroo!0o
2013 $q,ob 31 q.oggabtrnU 6qg6o0rtigobnor, l$jr6o69q,ob gfm363q,o b.r63o gq,obqg.r
,l0 Aq,6 gr6ou 6o0o6rq'36o qo6gbgq,SboU bJbCq,Aflogrn crbq'o6r3o3bU, 6)<'tACq'o0
$q'oU 6.:60.:3q'r'rbr0o 16 ogc.l 0.)aclgc6cbcq'o qor b.:$t6olr c8c6r0o0bouro3ou 610
tsggb0or l.r$.:63<'r Ugjgof,ao 6o0ojg6r(, brbC(ia$ogo crbq'o6rgqblt, 2013 $q'oU 3l
q9g9db6ol-r 0cg6o0r63crboo:, 87 6q'6 q,strmL 6o0o6.rq,36o $6Cauq'Cbob U,$3q'0[ogo
obq'o6rgoSbol-r atsq,obCq'Cbo .>trnc6 3 3o0366ogq,o 0J63o q-o.r 36om rtSrl-rrbo63o
ofu3lr6ot6o. 2013 $gq'U ACo6rqo brtr6,95C ra Bruor6o jrqrq,qggboor AJEb(,6OoCq'Qr 2l
6J6o0Cbr (2012 $C()lj oU(, 7 Ar6obCbr).
l-r$otro6o 3rq,to0bg<.t0!6o <or lr.:br'bo6o obq'oa,>Oolbo
q,rd)ou BUq,Jeo brt6ol.r 5$3oorrt63&rU bgq'03ffigoboLto6ol.t' d6o0363q'o3$o ogo
Irj#u63q,oU gobrbucr,r UrAo6oUO6oU ao36r lr.:br$o6<'r 3sq'q-oCbpg!0Cbol.t qgr bsbrtobo
o\'o6r6o3bolr 6rar'rAOC6oU br6(tuCq,Cbr. 2013 $3q'U b,rjr6or35q'r'rU 3o6r6l.tor.:
Urao6ouo6o rbcpg6qpr l-$q,oJ6o 3rq.oor6obolr qoouJo6o3f)o tsJUoJ6o CJQrq'Qcbob Lrbrto6o 3rq,ecb3q,cbcaoUr qr,r 2-$q'ou6o' 5-$q'or6o Qr 10-$q'ou6o 3gJo6at6o
gJnrbo jrq.>q,c-og6ou - trrbrtobr'r r'rbq'o6J3oCbou 30oUorb. rd gJUor6o CrQrq'QCboU
Caouor becboQr 96o36gq'o 3rqrgo.,o,, r6raroc6orq'o$cauq'o 3cr60oor' 3t6on
grUor6o j.>q.:q4roU 6o0o6rq-3dn eo6,ClCq'C0J r6nL 1000 q'r6ro Lrtrsiro6o
gJq,qoCOCq'CbCAoUr qrr l-r'>brbo6o o\'o64o3bolr 5rgoq6r bo63o3q'q3boq.or
tDj,r6ogq'oU c6r'r36!q'o aJ6Jot, ao06 r0Coocr6oU aca3coboo, 06r>3rq'o SJrott
a3oroqroor, ,,bq,UAbC6,6oU" br3J36o LroboCaou 6s0og3696oor' JUCOomEtso 0r'r6r$oq'3<'Oolr
aoeCbr acUdq,or U.rj.:t6o63q'ol.r 3rrx'r363qn br63oL 0o3t6 q'om6bo60bgq' 3o0363ogq'
br63gbb pr 0ron 0906,crboor 6CboUAoC6 o36o(rl'Jq' qqr 3oto33t6 Jo6U Sruor6
brt6olr ts3$'>3rq'o' t6o03q'U>3
CJqrq'eb acLJdq,<.r! 3gr3q93b 6t'r0o6rqgrrn 0gq'o0Xq'o agu,:3gorvr3 $3r6oq,o6ooro bCq'tsXl6PJq'Cboo, r6olCbu 6391r$trrflo lrsbstn6o
giq,e3bgq,cfuboU qrr obq'o6,:6ogbol.r orrSob l''rbcq'bC rq6o0b3ou Qt 0r@o 0r63J603ob'
goqg3,s1,:goq3oU qqu q.o,:6odtr33boU ggq'3butt.
5l
l-rgq, aoaojggg.rtso s6trgbggo l$b,>to6o 3sq,qggbgqrgbXbobr pr brbrtobo
obq,obr0oCbol., J(n6otscq,0r 2013 $q,oL boq,oltor3olr 33rp6o6! 737 Aq,6 q,r6)o, 610 AuUo,>6 0o0r6or3b.:6o 2.8 Jtrrog366U 03sq.o66qr.>.
2013 $q,oU b,)66rgq,oartu tsruor6o Crerq\lCaoL AC<.r6r(, 0r'bJ6tC, trrbr'bobr'r
Orq'ACbUq,CACA95C 0r6bc!6goCq,(,J 22 6rt6o696.r XJAU6o 6r.lAo6Jq'U6o eo6Cb3q,C0oo)
55 0q'6 q'urn (2012 $Cq,b 20 6rc)oaC0r, 74.5
q,rcx,), bcr(x, lr.:b.:to6o obqo5sgogObg
\'6
&6bo60oCq,eJ 57 brd)o0Car XrAU6o 6elAo6rq-J6o eod)CaUq,Cboo 248.9 Aq'6 ('rd)o
(2012 $3q,U 24 6r6opbr, 131.4 Aq,6 q,J6o).
(nJ06)rar N 2.10 2013 $Xq,b lrbstoEo 3rq)(ElCq,CoCOoLr As lbtrr'bo6o
o\,o6.:gqbolr Jo66ggq,o
650
600
550
s00
gc 400
4S0
, 3so
300
?
6 250
200
150
100
s0
o
24*,tGin-izR,:r,s
uib',€2evFx5E5u
.l,Jbrto6o3iq'erbJq,CACbo .lribrir6oo\hbrooCbo
$9r6cl: brC!6o)BCq,f)l, C6m06Uq,o A!6Jo
Ar'rbg6r6uq,o 6J(,rOCAob 03j.>6ot0olr ggSj6or6oboU 'btrtqnlr.>ot3oU 06o0363q,o3.>6or
gsbosbo j,rq.:q,qpbol.r qro33oqgg6o 09o6lqn br'b6ott rf)lrCbobJ.2013 $Cq,b ttrbr95o6o
tsJLoJEo CJqJq,qoCbotr .rgjgorr6gbtg 1t30,>oqg qrrqn 0r'rortro36r ogcr. $o6,r [q,g6o,r6
6gqru6Sboo 06o0369q,o36.:q.o 6uotr6qgr 0got6oq.oo 6ut,d)ot rCoogobr, ofloor aobo !B6sr
0JJC0oU6CboU C6cD-C6o do6ocDr(r 890l996b903q, 0J6C0oCbrb 0o0erj66l0o g,lln:6o
jiprq,qggOol.r rt6rl-rr30.>6ol-ro 0oggq,o6,r $r6Amrqo0C6qor.
52
(,(,rA6rAr N 2.11 tsrLorbo jJqJq,e0bob AC(')6J(r) bJt6oL (r,6rAoJr 2012-2013 Sq,C6Ao
40
clm
35
u t60
utfi
30
t20
25
100
20
-
06r6t 5Coo$ol, d,roArerlr (ard,XSC6r
efdo)
(Ar60b06r qtd6do)
-ArBUerooJ
$gr6,o: b,)jr6,o)33q,ob g6o36gq'o b.r63o
tsJUoJEo CJerq,eCbol, 03r'rt6.>qgo 0.>t6ob Uts6)m oCOrA ArrCOqJ6CboL b9q,tsg$gobol-tc
(,r
SCbrbraobo oJbrAC(gdx't3C aJQJq,OdEoq,oAoU6o o6ts6rUOd).JCOU6oU
Oo$gobolrsoSob, Urjr6o6gq,ob gfx'r36gq'o br63o .>66dgq'3bq9r 0ol.t 0o36r
Ar6bo60oCq,Cbgq,o a6o03bCq,ogr6o ArOC6orq,U6,o (,J oEOCq,CCOUrqpJdo
ofug\)ogo3bob br6goo,r6Cbr-UdpJq,gogru, 610 lro6oq,ooqr, Jf,rCOoJIAo ,,ltbgqf$ogo
grUor6o jqrq,qSbolt r6Ar6,oAU9<'l6,C6oU (CSD) LoUOCAoU" qgr lrb3.rqg.:l.tb3.>
!6or,C6)o,o6oc66o6CbUq'o boL$363bolt Uf3q,Sogoq'o 336j0c,('lffiC0oc,,
bJacrobJoCboer.
rarp 0ot6oo, lr.>jl6o6gq,ob 36o363q'o bJEJol, o6o0orooSoo 33oj06.> pr .>0<rj03qgq.o,:
6gJcr 6.>6ro6fuboU tsXltrbgb Brt6Bo hq,0306€q,Cbs, t6o0q,olr gr66q,Xbtso t63Jo
5,rdro5lb3bolr qrpgbol$or3ob 0r63X0U B3gdq,oror 6rA(1ogC6('l6 ,,bq,g6fut65oU" b3iltrn
lnbgg0r q.or ,,1-rsb3qr6$ogo tsruor6o Crqrq,CQCOoU .:66r6o0U$o630ob (CSD) UoUOCAr",
rq6o66gq,o bolrggagboL a)aogc6cboo 3o696gogq, 0.>65blt 6ert6olt Jo66q'o 63Jo
q9g60fu6U 6$botigqq,q.o,r. t63Jcr arJ36rgogboU brtr6otr
6.>6o69b,r 2013 $q,otr
6rprrr0r3gbr 06o0g63q,<'t3s6or i39gr6rtso go6o6lru6o bJUqoU 6J63ooJ6)Cbob)o3ob
UC)gCqogC alr odq,36.> tsrl)oJbo Crqrq,(,Coou 0Xc'rl6rqo botrt6oU brJCOoU6Cbol) J)64
l-r.;ggd3xq,U (,r aru U6(,r do36gU 6.rtl6oL q,oSoqge0oU i56Qr Qrarocbooo Sruor6o
3
Crerq,C.oCbou, 0,ror 0o6oU, 6s6L.r3gox6gboor 66dgqjrq.oor6o Srbor6o Crarq,qoCool,
6$o36bob 6boor.
2.2.4 3o6o0rq5t6o tt6gt363o 0ootuo363bo
0o6o0.:qp6o U.r69%3rr6o 0oortx'r363bol-r o6l4fryAg5$ob 03fu3o0oor bsjst6o63q'oll
ggq'ob auq'6oJq'oJroo6ol)
CFxqgBCq, br63b 3jo6q$ t r35rq,J0J 6r3q16.: 0o3\n5r
016 rtC. 0o6o0.>q,U6o ttt69t3r6o &nob<r36X0ob o6bOEPJ0C6Ooo, L.>jr6or3cq'oU
gdrogBgq,o b.:63o j36ob er6r6,Bc6o a('l6co)d,'Jq,o obu06cac60c0ou ctscCOU6"
Joq'oOoJoU
6r0og6gboL [o6.>Jo6obJr. L:jst6o63q'oU 56o363q,o br6JoL ar'r6C$l6flq'o
b3q'63$goboU'r qJ
brbJrCOoUScbE )e, q,r6ou tsUq'rQo 0rtt6oU 6,r63oorrt+rxbou
q,r6otroooL OCbqoC66ogbolr 6,>tr6qgolr 0ot6oor, 2013 $gq'U 3o096grr3q'o b:633bott 0oX6
53
Cd)o36Uq,o BrqpJoo(,, 0o9:oq13q' ltblf60t3 0o6o0sq56o L:6gt36r3o a(')ollb('I3bCbob
6<'t661 35re0C6(,r 10 J6cr1;C6Ob
$Cq$C 09go 6rt(r836o Br(,oJ6obob ErUgUbgbo
Lsbl.6gbolto3oU U.>163$gt63o 6ot(r0,: 0 Jt6c636$b tsCrqbC6b), br'rqir'r UObrrU6o Arq'UOoo)
aer'bo(,Uq' trrbt 6catC - 15 J6(!oC6Ob (6r(*c6o Br(9or6o0Cboor ggbogr6o grq,Uoocr) I
$q,oqr6 2 $q,ra(oC arc.oor6oaoU 6rlt3Ubg6o brbb6CaouJogob lr.rt69t3r63o 6or66s 5
Jtqo0C6gt , b<'rq'o 2 $gq'to 096o gsqos6oboU Erbgtrbgbo b.>bUt(rSboUro6oU lr.>t6g1:363o
6o(ffiJ 0 JF)(')OCEOb ts34rp6l-t). L.>js6o63q'oU C6,.369q b$36o 3o0Xt6gogqo bs639boL
0o96 6.>6orsglt3bgq, 0o6o0rqgt6 ogtgdr3gblt cd)crg60q,o bs63o qgut6o6b4l.r EgUubr0oU
J6(iOC6OCbU. JCtuoqp, Lrq,.>t6g Ur3ot6gbJo6q666m r66r6otstg 6,>6ors3lrgbgqr t,)JtsA.>q,oqr
0oboqryq,o lrsbLrt6gbob 5 J6rcrgX6goU 0gUr6$oU co$b.>b q9,:rt6o6b.:3U gtrro36gqro b$3ob
(l
ao6c0r6uq,o Joq,oOoJoL ar6JJocc/r,b oq66oboU J6r c6OU. .:dd qroq,r6oor q.or
g66oon go66o6gbgq, 0o6o6rq-96 Ct9tlr6au Xfx.r36gq,o b$3o psr6ogb.>3qgr
SSLrbraolro g36gdrrqlt6o 6r6Job (rfil ggqr96ry,Ut+m Uu63tCdBo l.,oUOCAob q.oi CB6cIJoU
65$6trq,Ut6o br6Jolr) Jcrq,oooJou p6rJ3soit 0o6gU 0.5 Jgbjgoor 3906o6gbgq,
J6(')OC6OU, ar66ra r6s6r3q,3b 6gq'oltr, 6u0 g.)Coobd,qrcg 2013 $0q'U 6gq'L ts9,>q656qgr.
qrr6drr6.> N 2.12 llr69tg63o 6o601 6.16896o 3rqgo$o0oU 6obgq6oor
*.1
grqpJooo, Art({trqio lDbU6CAo
-UOboU6,o
AJ(fJOoo, ao$oqlc(l(| brblrfubo
-CdxroqCq'o
0
0-l
t
SCc- r-2 $CC- 2 $Cq$c
ACoo
$e'rAAC
2
0qraac
$9.rdro: UrjrCror3Sq'ou Cd,e|360q,o Ar6Jo
2.3 UJBrq,COo Joq,oOoJJ (.oJ IDC{6cDrA(')6oUo tvr3tX633bob a;t(ror3r
2013 $gq,lr l-r.>jJ(6o6xq'oL 3r6<'r363q'o br63ob l.,r3Jq-JOo Joq'oooSob aor3J6
Jf)oo6oOCOCble r6894<'rqru 3gt6L$rt(r0oj06ob brbst6o J6o66oJ3boU bgq'tsX$ggrbr,
lrJ3rq,Coo br$6ob Ar63odrr6C0r qgr t JC6o,r3o6ouo 639:3t63g6ol.t rQCJ3J0U6 Qct6C'bC
ts96.:68g6gbs.
brCJ6(r,Bc('(')ao aojaqlcol., dggt6.:3o 643q'ooro J56l.,ol, 639o0o. sl.rSo)o lr$olr
IrrOrE UOo 6cJoao lrrCr6ogcq,olr 0l.r6s3l-ro 0got6x qo,> 33o6o0o3oU Cacgbcaourosou
qor Jbd)Uq'Cbb tso3XboU dorr6o{r3
$rr60orq9696lr $Cq'Ji5C oJOoA)q'f6 o6bOFrJaCSOl.,
tsUbCOoJU, 6rAc.oC6rei0 Ur6r63o 0o3ol.r 630olb33grtso 6r03q'ooo 336boL O3q'oq'Cbr
)lrCl.,OCbU re6o660q,o A(')JoL brSq,Cbru d)3.>q56 33o6r'r0o3ubX - Xp6et6o35t6'btrtqrUr qru
o69q,rgortr3
UrgJq,CO(.l 6r$r6trg g6o36gq,o br63olr 0o3t(r o6OCfBC60oCboL 0r6bo60oCq'C6oL
o6LO6,UAC6OU $1166o4.o66lr l.,r3rq'Uoo ,:5jgoo63boU 63j,:6o$0o l,rCrf)o8Cq'(1u
54
C6('}g60q,o bJ6JoU Lr3rqIO(, oEOC6OCSOoCAoU Aotrbo og('t aJogq,ooo JU6trob aJBCo6o
6UCaCAob cr,19rl(-016 r6oq'Cbr qor 16r Js!6J6COUq'o br3g6lro orr6.>g.r6q-oobotr
B$ogsq,obgbr. lrrrbAr6oao JCf,ooAnU Arbdoq,tC, C6('lgEUq,o brbJo Oqgoq,ob(,r
br3rq-Jo(') br'br695C 8r6CBr 066got63bo6.: eJ o6OCCBCbOoCbb Ab(')q,(,e JrJoOrqoU
qrt6oXboom, }.r6,bo 6rJJ(,CAoU 643q>oo1 3gdttrS bJeJlJ6bCbUq'o tg6,r3q,g6oU
.>q,0r'gb36nU 0otr6oor rbo66o3q,cb(D. Je,6oa6gq,ou ao3bxps3rqo, UrgJq,UOo bD${6oL
Jo6oU6COU6ob bJo,3Jq,ou$obC6oo,, l.rrs66o6o0o JXt6n<'rp6o, $obl $gq,or$ 6CqoJ6CAoo,
0r6$cuq,$oq,rcg brobJ6cgr c6sl36uq'o 0r6Job UrgJq,UO(') o6oc6ac6oocaou Uobaof,c.
(.oor66Jar N 2.13 Lrg.rq'c$o brtt6ol.t qn6rao3.> 2003-2013 $q,3b0o
l,ffi
"E.,'*
l8
l5
l4
E I200
l2
q t,000
t0
r,800
€. 800
8em
8
6
400
200
2
0
0
999999999
2 EJe El '- 19 r9
r
r
&lor('('lar, Ar6obJ6r eCtr,do
C6o3qJ(,(' ar6JoU hqrtqb, a560bJ6r eJtuo
o6octtBCboff L brao<r, oBoJd,o l6roac6ob5, ar6r$c6) ec6do
-
$g,rt6o: lrrjrt6or3gq,rrl, C6('l36!q,o bJEJo
lrJi66r6o0o Jy6ooq90o 6.:66d3q'q.or Juf)lr$rffoCA6ou Urbrb6ct J6o60oJCboL
- q,r6ob bro3qoo,o 33t6Uolr
ordq,oCd,Coob 6rq,o0ctr3 B.:0o5.>q,o030gqn OC6(,C60or
0o3q,g3rpo.>6o 0g653crbs. 0o3q,93sq.oo.:6 Jgfn<'rq0o Ar63q,ooo 3pt6l-tolt
;t6rJ6o66obo63boq9ob.: $6o640U l-tJggq',>gopdro t3$oq'oU 6oLt350l.t q.or TALgbUCCAb
brggq,oolo JU6UoU g3q,oq,gboor Ur6st63o 0o35bolr tg6s3q'96.:b 63rq56 3.p6o0o3;tg.
55
qoor06)Jar N 2.14 stst (xrq,r6o/q,!6ou bJogq,ooo JS6rboL AC6gCmbr'3
EUR/USD
008
0.07
006
Iarq,Joo
005
AJa.eCor
ruComSob
004
0.03
002
0.01
000
.-3
cgt B
r? r.E r-P,
ot
&oe 6.r
r.r, b Eb A's' rB rF t
$g16crr UrC16o3Cq,clL C6,rrgbCq,o b)6Jo
2013 $q,ol-r qgutrs$goU8o 3t6o36gq,o bs63o, 6.:6bo6go3q'cbJq,o UJgr(pJOo
o663lfu360ogboo, brt,>6'fu ggb('rg6o Brq'UOoU 6goq6gq,ob t6oq'tso 6r0oqgooqgr.
03qX6,>cg, gt(x'r36gq,0o b>630c Jo635q,o 9 or3oU 6$0r3qrrbr3o 575 0oqrx'r6o rUd
q.ooq,rt6o 03obgoq.or. .rq6o36gq,o o6g363960o900 0otbrqr oLt.>br3qrr 3g6tmlr trgp0X6o
6.>dg.>tfu0oU5r6 orr3ob rtcmq60,>U. JA JC6ooqotso o6gq,tgcrrt.t 6C6JOoU6o 0rBg6gfuq:o
BoCUo6eCboeJ. JCd)Uob 95Cq.oaCOo bJAUr63br 3oqr6 gg6rr 6c,>dq,qt6gbp.> q.o3gq,s6ogt6
bg$oq,rb. sq6ot6gq, 336ooqg0o 3gt6lnU 6.:0gs536str3 b0$oq'rb ar6JJo6mbcbQr
g6bo3ooq.oc6 6.>6bo{6gogq'gbgq,o tsUq,X.oo 695r36oq,CbobJ
O36otao(,rb
brt.r6b3 rolrb3boq.or
Aoq3buq,o 0g0olr.>3q,gboU'Uqer. Jqbr6oA6rgo.>,
J6 JE,CtoqC6OCbob a.ooJoi5ooCbob &"OCq,oboU $6q9.>6
2013 $q,ol-r ajcrolbc a.3r6orq,ao 6rdq,o36qt q,r6olr 6,>g3q,ooro Ju6bbc i5c$oq,J
6sgg.:l-rgt6gboU 0o6.r6orgq,3boor. toqgu 0oorbogSol.t 6uj6ogtfubol-t ts3q996.>qr 6.>obr6qr.:
oocrrbo36J oaJoE)O95g, 6rrlD6 orrb qgrgl6oro $q,ob 6oq,ol-t l.tbogaX6o brdrlgoou 06gort6o
6JtsJ6ooC0r qJ oEg6rbO6,"JCOU6Uq,o J6('lCC0CboU (,r8oEr6UC0oU 0)0Cb), o0oUco6oU,
6o0
eJ
Cx'r0 0.:brt6trg 16 $rd0oj06oq,ogo l-rJggq,rgogt6o 6oq,oqpo63bo, g6o36gqo br63o
rbot6gogq,g0p.> trrg)q,Uo(, o6696696go9bu 6,>goq6ob 0o0r6orgqr3boor, 6erdq'ob
0og3q,o0s6rg 6r'rg0b96-cgg0b9Cr6o 220 doq,oo6o r8t qxnq,u6o ts3.rqg6o6r. xl0Eo, 2013
$3q,tr, 36q6gq,0s brEJaJ UJBrquOo brbrtitS 335 0oq'o<'r6o sEd qx'rq,r6o tsXol-rgoq,>.
Ur3,>q56o bo'br6!r3 b$3ortso6oUo oJSt6rgoSbo $qr3obq.o1b56rq, ,,bqp0bgt66oU"
bJgr}6o UoUOCAoL o0ts3coboo bo6go3q,q9g&q9r. rq6o06gq'0.r UoLOCATA o.)go
qgmagoqgtrrr, 6o6o60 UJooCC.oo, q)rbr0CA6('lOC C()f,lof,o6Uq,oJ ljr886('t J()rog('l6rfu0,
t6o0q,oU 69ts33oboorr6 3o03l66q9go bJ6JCbo AJ6OoB)(, (,r glr,:gt6oDoqr
rbot6goXq,3fu6 bJ3rq"COm 6r6o6fu0b. 2013 $q,oU 6,r6drgq,obrtso bJ6Jorao6obo
Urgrq'C$r.r 6r6o6gbg6ott 6r.rogg6oboU 95.7 J6er66go 6ubbo6go3q,gbgq,o oj6,r
,,Aq-JAbCf)6o1" Ur3r36)o LoLOCATAo (6.>Oo5gbgAou UrC6,(rx'l aq;gq,obou 93.6 JFxrOC6Oo).
b.rjr6orgggoU gt6o36gq'o brEJoL A(')6J$oq)Cr)br Jgq,rgo6eCb06uq.o Jgt6ooq.ogq,o
lrr3cqp6o .>gjgoo6Xboor 336<'rotsr6bq,Cboqor, {tr.,eACqlo6 .rl_169 ,,bqj0bg66oU' b3r}rrm
UoUOCAoU oCogC(jboo bot6go3q,q.o3boqgr.
'r 3-Al(ob bor6a)6oaq'o orqrbd))
56
2013 $q,olr q366b3t1tso, 2012 $q,oU qrg396bgt6orr6 aCqor6Caoo 63.:q,Ut+n CWCO06o
6rggq'ooo J5d)lro 1.5 J6<'rOC6Ooo, boq,o 6o0o6sqg6o CSCCOU6o 6ug3q'ooro 3g6Uo
0.5 Jdr4g66oot 6.:Sgrbpt(4ts. sp6o36gq,o 6s6Jot6ob36gq,os o0oor, t5<n0 Ucjr6o49q,otso
ggt(ro qrrb.rq'o o6gq,rgo,> gojlnt6q60<nqr, 3oq,q U.)jvc,ogCq'ou do6os,r(, Urg$F)o
J.rt666oo6 jgg6g63o.
gbtrnqo N 2.1 6CJq,U6o CSCCOU6o 6J33q,o@o JU6boU $q,o36o 63q,oq,3b.r 2013
$cqL
NEER
REER
$q,(,"J6o
03q'oq,CAr,
$q-Ct ,"
$q'oq'5br,
%
%
$gq"q"
REER-€o
.0.5
-l 5
119
66
15
m6(''t(r6J
$2
-1.0
y'H6so6r
-1 3
,02
-03
3ga[gl6o 6,:o3qrcox, J|(6lx,
orJd,fuo,o
-32
lro0bSon
-62
,3 1
-1 5
-0 1
6,:'tbl(r)o
37
-04
00
r'bn6bro?16()
-3 1
43
44
-o1
-o7
54
erEy6EJ6o
0gr6c): brC56oACq,('|l, Cf,cl36Uq,o b!6Jo
GnrA6rar N 2.15 q,i6mL d4rqgt6o qrr 6o0o6.>q56o Sggj$3lrn 643q,ooro 3g6l-t3bolj
oEqS bX6o (q-q3. 2{}09=100)
115 l
110
]
105
r00
95
90
85
80
oooiiNNar
,?B."r',F? rFE'P rF r?E'P F8 r? 9,o-29
3
P,/
CSCdOUi',o b!$e'.,or, JU6lrol, o6ACCbo
-6oao6rq*J6o
Cts&lorJr.o Ar(}3q,oor' Jfdil.l., o6adt o
-6CrgJt6o
$g16a,: b!ds6cl)3CE,mU
C6(,SEUq,o ArbJo
br.r6ors8o6olro 6otr.r6nqbob 0s6orar
2013 $gq,b ltj.>6o63q,oU C6cr36gq,o br63oU J6oo6o6gg! [.:916orr!o6olro
d,CbCd6Cboll LrUg639q' 6o06gq'b3 tsX6r6Bg6gbr $,rtrr0o.>qg36qgr. r6oU tsgq.o35,>q,2013
$q,ol-t 31 qggS6bt6oU 0q.o5<.r0st63<'r0oor, ltjrt6or3Sq,oU C6o36uq,o br63olr l)Jgtrror.:tso6n[o
6CtC6gCbob 6oggq,r'rbr0 2,823 0q'6 rrd qnq,r6o (t69i:gtfug6ol-r 6orq'o,:6o aoggq,obr
Ooogr3b 6rt63 0363Xp6oUro6olr (0lngq,oo b.r63o) lt0rt6or.r3.rq.o br(gr3Ca?g or:6bgblr6)
tsCrq0o6r.2012 $q,oL r6Jq,o6ou6 6cr6.:gg0orb 6CeJf)Cbool, (2,873 0q'6 r0d qgoq,.:6o),
57
2013 $oq,U ltg6orstsot6olrm OgbgO3gaou 0oggq,o6.> 03611otr4-or 50 Aq,6 JAd qmq,.r6oo,
610 J6oOC6OCq' b,)0r.rtt.rbgq,gbr6o 1.76 J6,oOC6OU ACJAetbl.,.
qns56rsds N 2.15 ll3&oU [ts36ottsot6olro t63t3dBg0o 1997-2013
3,500
3,000
2,8182,8732,823
c 2,500
€
Y 2.ooo
el
q 1,soo
FJ
@ 1,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2005 2007 2008 2009 2010 20lt 2012 2013
$grd)o: brCr6o)3Cq,ml, C6m36Uq'o br6Jo
brj,>6o3cq,olj g6og6gq,o b,r63olr l)J36or$o6oUo t6g$g63gbol-t aoggq'obolr
g3qoq3bstrS 2013 $q,oU ArbAJ3qx$rtso O6x.oo0o0q,)q.o t(r$q956o03 do6oorrqro
BrCoof)o aojACACbqor: brCJ6o3Cq,('lU C6o36flq,o bu63ob lru3,rq,g6o .:gjgoo69bo,
brjr6o63q,oU a@JA6o0oU trrt6aSbo qrr ltg6orrtso6otn o66s6o'br6oXboq.or6 Ooqgbgqro
J6ccgooc6o eJ 66r6ocao. $q,oU 6s66r3q,mbJtso LrBrq,UOo sgjgoob3boor 3t+m36gqo
bc63oU $0o6qg,> tsXltgoq-ogbdr 335 0q,6 .>Ed Qoq'r6o tsCrc98o6r. alrrngq,oo br63oq.ou6
aoqgbgq,or lrxlrbas ts3,>q.o6o6r 60.7 0q,6 ,>Ud q.ooq,ul6o, 93trx'r6u36o,oJbcbou a6r6ocbar - 32
0q,6.r8tl qoq,rt6o, 36r6oJob Uro633l.t6ogocr 6.:63oU bgbtrar 35, orJ(')boou UJC6o,Jtso6olro
orr6r0d6o0q,oboU Uro66gob ttgUb0.> - 49.7 (D )toolt 5r63oorrd6bol.t 0,>63oU bgbb0,: - 3.7
0q'6 ,r8tl q.ooq,.:r6o. biuuq,o $cq,o bJbu$Uol6cboo, rqlt6o06.>3ou Ugb-ollr q.or jgg6oL
0orr3t6obolr qor3Jq,or6CbCoou abb3oq,o qr>9J6)35boo.,, 6)0 6C0rOoC6Jq.o oojo0q.ogbq.or
LrS6orrtser6obo 6g'b3r6g6oU 0oggq'obob lloqopgtg. 2013 $gq,l., L.rjr6o6q,olt
9trro36gq,0,> b$30r 64.orob.>q-or 19.6 0q,6 SDR ECF-ol-t LgUboL qg.>l$grfrrq, 16613o139 SBAob erUrBr6JqQ lrgq, 6cqgrbqnq' oj6.> 231.5 0q,6 SDR, rjgq9.>6 Urj.r6o43gott 0ot3t6ob,:0
6.>q.orobrqgr 92.1 0q,6 SDR, boq,o tDjlr)ol6gq,oU 95<'r36gq'0r 0,>630,> 139.4 0q6 SDR.
AJ6er raolrr, 2013 $3q,tt aor>3rrrb.f qortsr6r 2008 $3q,U 6.:0o63X0gq,o 5 $q,or6o
6t6obo6qgol.t qg.>t6B36oq,o 6.>$oq'o 64.75 0q,6 r&l qmq,ul6ou oq.o36mboor qu o0rg9
66obobp3bott ltJt6ogS6go tt.rt669bq,oU b.:6ao 34 4 0q'6 ,>tstl (gelgr6ou srqgC6r1boo,.
2013 $qrolt bJ6Ar3q,(')bJ6o go6r6Ugt(r brttrrgbbg 2008 $Cq,b Ar$UCbUq,o go6r6Lg6o
3tvntoboqr.r6 6.r0ol4q,olt 6oA696o 03o6o0630opr, org0gr OLrogq'oo 33o6odo3o[r $o6r
$ggboU bt6qgolt 0.rB66gbqr36oU qr$6963b,>t3 lr.rgb.rfro 1p6 3oqr6 6r,:q.o63go,>.
aogb3qgr3rqg J(nbooog6o bODOoUOoJU6o ATBBC6C\,C6obJ, raa-tr g0g066erb,: gq,r3
0rqrq, qx'r69'bg,: ts36,r6Bg69bgq,o, 6t6oJoll t636oo60o q.oggq,rgog6o 9o6o l.ryg6U q.or
bJBJE o J6o!5obob b$r'rq,oo Aoggr6CbJ .16 0o0bqr6.r, boqro Bo6gonlr g1o6o0o3.r
r06dCq,CbU 6C6CqCbrU. 2012 $q,olr AbArOb)qQ, 2013 ggq,U alrogq,ooU g10g16o
0C6O6rq,C6o br6JC6o, ArbUJJUo6Cboo Jo $36o3ol.r ggqX6rqprvn Uc6g$X63o bbgXa.>
qr,r 66oJotr 0C6O6Jq,!6o 0,:63o 6.>6.r66dobqg6g6 6o6o0o3dl lr6oAgq,od,Cbol,r
58
Joq'oOoJrU, 6,Jo eraJoCbo@o rCO%CooU tsgbgop3oo) go6odo3otr Uooa3q,o6cboL
0ot6oor, ggq,.>qn acUolr bd4g.>ao qgJ ogoGorq,U6o tlSgobr6lro6Sbolr gJ6r$CoCboU
q.o$rq, 6o36gq,b3 0c6r6Bc6cortso braoobrocboer. 2013 $3q,1 CaE)('lJoU oc6o6rq,06ai
bJ6JAJ 2-XJ6 A(,rb(r,6.: t6ggo6r6Uot6g6oU 6.r6rg3orrU q9.>$g3r 75 brbrl5ou(.I JUECOo(orb 25
l.tJbrtobo JC6COrAeg, boq'o lJJqggJotoo(, bJ6rJgCoo (ECB Deposit Facility) J3q,r3 0
J6c{JC6OSC rryo tsg6ct68g69b3q,o- t6ggo6.>6Uod4boU 6$r333onU 63q,oq,Xbr 16r
Oo0bqgrdrr ggqggt6rqS6o lt63$363o lntrg3Oob 0bt6oqt6, 6JAf,Ja gq,olr 03<'163
6rbX36np.r6, 33r6otro6ol.D qgr r80-olj go6s6Ugt6 0rt63btX, aXqg.>trrgooo ggSorSlro
UOrOoLOoJU6o 0oErOCAg6oU 6.>0oj6g6g0ol-t JSrq,oOJtC, g3q936.:q"36Ar Lrf)CbC6grr
lrob6g6.r0 aooqo AJer$UACOoq,CoJ rCOo3C6.l) orl,ogtrn ts9ugoq630ou &rro66rr0oU
0go69q.ooor ts90go6g6oLr orroorbg, 6u0ug ofuCU0(')6CbU 0r$6CbtC oJOoAotAo ACATOJ qr
6$r.ro$3os grbor6 j>qrqp3otX l)JJfmm66o 6$r63or3bob t6ps. 2013 $q,oL
6r60r3q'obrtso lrrCJ6o3cq,tru 3dn363q,o br63oU Uro633U6ogoo Joq,oOoJJ
gq,r3o6q.o3bgt6iq9 3obbg63r$ogq,o ogo q.o.r l-t.>3t93qn15o 6oUJCboL BCaoof,Cbrtc og(')
d6oc5oo65at)q,o. l)Jjrcu8Sq'oU ctt.3FJg" brbJou Urcf,o,rto6)obo 6r3$g6gao
6.>6o,rglt3bgq,o ogo rUd-U, 56cnto6oL Jscc6c0"b, r3UO6Jq,ooLr qgs 3s6.rqpolr
l1Qq,fl$ogo, bsbgq,dSogo brJACEOoCboUr p.> UgJ6rbrgoo6.>q,g6o lt.:9o6.:6lto
o6U0r,0UOCboL 6rq,rq,q'ogoqg6r gruoJ6 Crerq,(,CbAo q.or orq,rq,o b$d)Ceoosr
6CoOo66oU 0jo63 bgdol0otrrdro lrubr63<'r q-or$CbCb3q,CbCbSo. UJCdolJtsrn6our'r
6CtC6gC6ob aJ6ogoU l-tg3t6ol-t 6rUgq,o $golr lrorbq'ggboqrc6 cqlr.>6ots6r3os lr.rJfmgX6go
6,:6,:333o50olrs qgs Usbgq,a$ogo obq,o6r0o3bol, go"JfuEirgq,o Jc)6O6rCOCboo) SJJ6('lboU
er$UCbr, 610 aLogq,oo b.:63o1-t Ugg0f46grq,o o66b6o6o3boU Jr6o6oo6obou
J6o66$ol.t Br6Aq,CAtu brEbo6OoCq,qQJ. 2013 $q,oU bJ6Ar3q,obr0o ltj,$og9q,otr
96x'r36pq'o bs63olr Urg6or$ot6oln t69$gtfu36ol-r 0rt6oSoqrrb 6oqgbgq,0.: tsgaolr.r3q,gbdr
25 8 0q,6 qrr6o 3grqr6o6r.
2013 $gq,b lljr6o63q,oU gt6o36gq,o br63o 6.r6s66do0qgJ oJbrfi)6rr0q,r'lbrL
Oltogq,oo b.r63ors6 lrg66g6uq,o ofuclr0ooocaou Jr6o6oof)oboU Jr6o66$olr
g.rtr6q,gbtso, 6o0q,olt $66o9 Lga-o 2009 $Xq,b pbqrs. Jo630q)o l.,ra[q,or6o CODJol.,
erbar3q,Cbou tsgdqg6o0, rq6o06Aq, Jt<x'r6t6,r0rtso 0o6.:$oq,3ob.r 6r6t6dgqrq.or 3oq93g 2
$q,oor. J6o66.>0.> oo6.;q,oL$o6gbU llr36orr0ot6olro 6gtr9d6X0ol-r 0rr6o4ob Lgg6rr.rU
030q6o0o 6,r63oor.r636olt Aob6ocr, OCC6oJU6o 6br6qgrlgt6olr ,:q,6o8g6rU, C6-36Uq,
01630o 0gbbr0olto ofu6)dr06UC65d)ot, 09j06olr,> q.l gmqg6ol.r pr66o39bolr 3porboor.
Jt6o6t6r0r aoogrgL &r6OtsCq,oUJ qgr t6olr3Sbolr 0x6o6oU, .>6p6o0U$o63botr,
0gq.>q'6trryq'o .>qt6ogb3ol.t, U.r0ut6oq'306o3 er Urobts(')(ffir0oo OCC6oq'o6oC6oU
l.gStrnSbto abt'rtsq,oc'r 6l63oU 0o96 lr.:3go116o 6J0o3qgoqlCbol., 5,>.bo,:r1gb.:l-r X6o36ggo
b.>63ol.rro4oU. Jt6<'r66$ob gr6bq,C60o bqg3&'rqrr U.rjudu6ggolr g6o36gq,o br63olr
olr6rfld6trAq'Cbouol3ob 6u0ogqgoq,36ol.r 6r'bot636r. 6rl5q,o flq,otr 6.r60.:3q,ob.:tso
orbb('lF)OoCq,Cber JCOo3CboU UO6rOC0oUq,o Ai6r$oq)Cbou 6obooD 0Cs!6C l$3u6aotso,
t6o0q,ob ts3qg9AJ(,,)6 l{b-o 6.:qpr3oqgr ljJ36or0o6olrr.r dr3tXdr8cool_r Jo6)OtsCqol.j rbrq)
bOfrCCOUd)rtC. JC6doq.o, l.,r3rqUoo SCtgr6gbol-r Jodrggq,o C.orogcr UJa C.0.
"O6)r6tsrqo.
(l.scrJX64oo, q,o,]8oeU6('lbou qg.> l.r.ro639116o9oo 6rrr6ts9bo), boq,o oroox.rgaqro
gt6r60ott.;o6oU qgsq6obqr.> o('l0uq,('lar, 0o$6gbo qrr q.o.r6o063q'36u. 030oq3bgq' oj636,>
Jot(tggXq,gboU 63bq,r6uo6CboL 69ox'rq6bo Ar $CbCbo, 0CoOOrq,J l.,JArq-JOr'r
3o0Jotro6or qg.:6ro$r6qrr aJA(lUrgCECbCq,o go6.r6ug6o o6bO6CAC6OCboU bJCCO6o.
rqbr6ots6r3o.>, 6('10 ljo6roC6oUq,o 6$.:$oq3boU SXqgbCooL
6r6bo{6go3qr36olr ig6qrg5,
Itgb-oU fubgt66bob g096gbo 6r$oq'ou 0)6o3J 0obq.o90,: 03r6B3gq, ,,036B0.>63otr"
obqrg jbg6orr6 0o0.:t6orgbrtso.
59
3
bcb.t53o bgb<'tfx,
3.1 U.lbgqr.:0bgqpmq,o8168o116.>63oo11636.r
2013 $3q,L d.>q'rtso tX3olps 3$o!Dq,oU ,)eC.BJOU6obol, 6r6r\'Cbgqo ACbCgCbJ,
t6o0gqog ggpd6g6r lrrbr6Js) t3q.osdbgq.o3gq,obob 6Jj5Cq,ou J(')AoOCOoU bJtlCq,
(,r
II
br$cE lll-ou acl33ac6ocau. br6r\'cbuq,o 0oqg6o0r pgt6o acOJ(Q r6ob 0crtr6l0gq'o
3ooXdrgogq,o brbSboU 6oUJoL J6ogoq,tlC.
J$oo)q,ob rea$roU6oboL rbrq,o Br6B(,U Jol66qo 6r$oq,o C.$. ,,Jo('r6 1",
0o6o0uqr3t6o ltstgq.os0bgp3gq,r'r 3.>Jogoq,ob br6UJ$q36oU UOr6Qr6Ool5CbCq, ACor)(,Iett
o936XbU. 3o036gopq,o 6r63gbo 2013 $q,oU 3l qrgX0bt6oqrsb sbrq'o flgoroqprq'o6ooor
rbo66o3q,3bg6 rEbr6otsACOJL, r0JbcDr6rgC 2014 $q'oU 30 o36oUoqgr6 3o0gdr6ogq,o
b$gbo 3.>q'qrgbgq,6o bq.og0o,:6 ts3L:b$ouob,>0o &'13o9,606 3$o0Jq,ob rqgcBroc6oboL
rbsq, 0oo,bo36rlrorr6. 2013 $q,olr 03o6X 6rbg3r6ro 3er0g6gogq, bJ6JCbor6 OClrOU6
t63go06o agtsrobrL eJCo)a('), 0oAeobJ63obqrr Lrsgq3q,o lj.r.r66rt6ots33bo go603bolt
AXao$A3bs, Jo6CCOoE)Cbr, 336o33634oU 6rtor6C0r 00o6g bsbJCbb lr.rBSsq,Xbr 3dq13.ror
610oo996o6 6rArf,Oo3C0Uq,o 0op6o0r qg.> J6 AcDbQoE(,E Ur33or.>6o JCOo3CAoU
Jq,JUogoJJoor 2014 $q,olt 31 qrgg0b6,:0q6, agl$braol$qr o0 3o03t66ogq, b.r64bL'
6o0q56q 6r6$CCq, bo<ruryq'3Cab $i$gq6C6 rbrq,o Ogoxqgoq'ro5ooU eJ6C6&3o1l
Jt6q3Xtr0o, ao3gsor ts3urdq,gbq,obr CprAr0C6oo 6 o63 o030o3o6 Joq,oOoJCboUJ Qr
Jdx'rOCACd,Cbot 8gdg0.:gbolt Jgoboo. CgJ6r6BCSo br63!bo Jo 3rq,eCb,Cq,6o 16)016
l-rrjlrro6gq,ou xdro3fuq, b.>631t 2014 $q,oL 30 $6oq'r0q.og aor$oq-oo6 aga33.r3x03q'o
JoqoooJCoo, 6o0Cq'o0 Lrlo{6o.) JrJoOrq,oU JqPCJ3i0U6oboU
J6el0C(u6Cbo
,,Joq'JE) l" 6)$oq,ou erol3q'oLt 0o$6Xbol.to6ott.
Jr,io$rqoL rqg1lgr$CfxrboL Brt(r8crU 0Xo6X 6r$oq,ob 3.$. ,,Joq,.:6 2"-ol-t
0ot630ol.r.>or3ol-r 3oogt+rgoAq'o br66bo 3Jq,(g0bgq,6o rd)or6 2014 $q'ol-t 30 ttgj6g0b6Mq93
$rd)aoqg6o6o6 aopr J$oorq,ol, JqgoaSrouf,c)bou ACtsJTCbJ (ICAAP), 616 63q,oUb6oblr
3ofu6rgogq,o bJ6Job grq,e00Uq,3b.:U, E3'rg.:UoU UrJUor6o lrfugogo3g6o 6nU3X6o qrr
e)
6ol.13ol-r J6ogoq,lrC eJ36(,6('lboo As6br.b(g6ou eJAJOCbocr)o UJ3o6o JJJoOJq'o.
ICMP--cn$ q.>3r30odr3&ur 2013 $gq,l., 3o03t63ogq' brbJCbb qorCbtJS6ro o6U$t6gjgo.>,
6m0gq,o6 0ror Jt6o63lrolr $.rt60.>6ogr3o EXg$gobU b3q,U.
6g0gtsr60oU Jtrmggbtso.: J$oOJq,.,t, rQCJSrOg6cOoU Eut6Bolt 091t03 6J$oq'o C.$.
,,3oq,rt(r 3", 6x'r03q'og cgrJd,c6uq,o6cbll Joac60.xJq,o 6$3gbot aoc6, cmb3gboU tsgU.:bgb
06ots3fuq,o3$o brt6olrtrob6o3o org 6uoq.og6ob6qo o6gt'rdf.>gooL 6r0Xq.rgbXb.rlr. ,,Joq,ut6
3' -U.>0oj0gq-ogbs ?30q936o $q,oqr.>6 o63503b.:.
t6ol-rpbbg qgr33d63bgq'o trgCgrabC{83q,obob gs66g3b6o Cf)('l36'cqlal br6Jar
6rucq'o Sq,oL 6r60r3q,obrtso tsgoogtsr3r q,r 2014 $3q,U qgr6366r 6olrpboL ts0g.rl-tobob
llSdoo Jt6r'r66.>0.> (GRAPE). Ooln 0ott6ot 3o0X6rgogq,o b.>633bolt trroll60tg
ct6o06oo6coUq,o 9:9q.o,r0b3q6gqmbolr JtrnggttoU Uts6('r ctscCoorbo o6r5,>6obgbu. orUsg
qgrgtrrqgboboor lrojJ6o63q'oU C6(')B6UE o bu63o orbr0o0qg366gq,rq og63bU Eoq.or
t6gLS6UXbb 3o0g6gogq,o b.r53gbob t6olt3g0tX of)oC6oo6C&Cq,o tXg.rbgbobro6ob qg.>
a0oagtsr3cblt q,ocD('lCuq) oElrOoOUO$C 0o66503q, Lt.>t3qg.r0bgq96qto UO6JOCborU.
A('lJgACbOo Crt(.Ig6uq,o br63oU pSagq,gbslror6 C6o)Je U$gtsro qn63$3 sq$gr6U
UJbr6Jo tCQJAbC(Bgq,oAoU J6o35bb.
l-tr3t6orrtso6obo o)rbraa6e}aq,('Ibob abdrog 06otsg69q,o3r6o ou(.) oL tsrCoo,6)sf UCb
6rber lrr16olBo6ol.,cl lrrbr6Jo 16ggoU l-t.rtXq.os0bCqgCgo J<.rq'CXoU Oobr$oq,3.
0o6s$oq,goboo 6rAr6ouq,o U.>tgqru0[qg39q,o
3oqrgaolr ogarobu Jdroq.ogj6o"pq,o ogo 3o0966o9q,o b.:63olr 6o\gbott 8Xb$r3qnh: q.o.r
t b3JeJrb3r caggoou t9q.)0b3(BC(,ob
60
bJ9cceJabcqogoq,o o6tso60Jooou br%oJ6c6ot, abtrn3 Uga-o 6360.r3b ar'rdr3rqao
oJ6raa6oaq,(9aob are6aracbrb Lfur $g96oL l$i:3qr,>0b3qr33q,r'r ar$cbcbgq,cbcacDr6
3od566ogq'o br645oL 6oU60olr SSorgUo J6Jq,oboUJo3oU.
2013 g3q,l-r lrgb-o 6rqD3oqru 6.>t6X rgqgogo6goorb oEOCEUoUdlo orbrdd6roAgobol,
Jbrq CO$$C. Je6oa6Uq,ot ao'br6or ruqr)osr6Cbolrr es i:3qor0bgq6gqgbolr raogrbgb8o
o,JEDJgCg)o(.o,)b oJo(Dapobrdrg l.to63fi5ooL 6rttiqr.> qr 3o036rgrryq,o bs64boL go6s6Ugdro
0qr6o0r63obolr r65r6o06gboU ttt6obbott gglrm 0Xgrq qtb3X$ob bgq,tsg$gobr.
It6o0r3q,op Uxb-olr lr.>t3q9.>0b3q63q,o 8168o0o rporUo6Uo66ol.r 6oq,oU 6rttrr(lr
o6g603br. 6169 rflqgoor,rd)CbolJ6 orr6rfld6o0q,r,rbol.r br956er rA 0o0l6orgg3boo
&Are6&Jqro 6JboXoJ. rgorltcrttrltoB6ol-t 0olrlqSb gr66q1btso 6s0og963bot
rggoq,g\,obr Uri:3qrs0bgq6gq,o d)CbU6UCbob (9JooAobo63boor s6olr 6r6o$359q'o. r0
abtvrog, ,>pU,>6o06r3ot l!bs63t'r $3pr0b3q6gq,crb.>0o 33uq'ogo6o36o 3,lqrt63bol.t
tsg6urrBg636ob pr 11339 0rttrroqg.>6 0oi:oq6oU Lofur3q,0 go6rEUU6o UCCO(.|6oL A6('laob
brtJf,$C r6UCbUq,o 3o63gt6X66ool.t 6rA0. boq'('! $q,Cbao L$r63o UCCO(,6o C6o)-Cd)oo
Arqrq,JoEJUl6C6OUq, QrAUrCACbq,rQ BrAogDq,obQJ. 0r&'IAqoo6rt6X rj3qrr6, q.opSol.tror3olt
36xr3fuq,o br6JolrroEol., gdror-g6or 06o036Xq,o3.:6o 610oS333r.: 6rqrq,33.;q'ogogogdn
3.rqFpbob 0o$oq6olt q.oJ 336r6BgECAob Us3oo,bo.
3.2 0gq,obgq'o0ol-ttt$6UCOUd)obf)ouJo
2013 $q,oL 3l qgalcabf)ou 6q.o6o0r6g(r0oor, brCr6(,80q,ob Lrar6Jo UcCO(16o 21
3oaxfrgogq,o br63nor ogo $u60<'rqg696oq,o J6J6ctoQC5Oo 03ul33ortrt36bol-t
0m6.:$oq,3obr br63XboU rj6opb0o, tr.>boq,oo agq,ob3q,obou aobCQSoo'r, ACICQACECPT 85
J6oOC6OU, tnq'o l-l.r.>jgoo JrJoO)q'8o 83 J6,cBC6Ol.,. 20t3 $q,ol-t 6 J6SoUOoU lrrbr6Jo
bj0or6r'rboU q,o66boJ b5oor Ul., ,,go6Jr 0t63o brjrl6o63qoS9", 6x'f3q,6 b.>js6o65q,olt
br95r6bC 1998 Vq,oe.>6 oJgl6ot6XbU 6o5o69 0o36oUrgo6rbLo cl66r6otr0oJ
sql$6ots6,>3or, fma Urjrt6o4Xq,oU lrJbJEJ(') l.,CCOod)o J3q,.>3 h>3oJ(')qg dq,o36o
JC0oel6C6CbooJJ $v6Aop636oq,o, 0.>or 0o6oU' 0ltb3oq,o ltS6rorc0o6olro qrr 696o<'r63q'o
o60Cl,O('|6Cboo,. $q,olj 6r60r3q,obr3o UCb-o rCooU6iq.o rbo6ooCq,Cbcpr lrsj.:6o6Xq'o0o
$.:d)aoq966oqo l-r.r3fror,>0r*6olr<'r Usbr63er l6ggXbob adobXq, S3g6X66o 6.>fuoorrd40gq,o
Jt6ogSUgboU 6o6o6o6o66U.
3.3 br36Xqro6o t6o\o
3goboor ltbr63o lnU636ol-lro3ob Oorq'or6obrtso ll:8grq'o
rj6o3oboor 6s0oo683r'rqgr. UJJ6C('()O('| &{6OtsCq'oU a<Iogq,obua (b$3orr0mt6oUo
l-r3l-r$6ob 6r633X) Sq,oL boq'crbcr8ob 10.5 0oq,ort649o q>r6o ts3rqg6o6.> 6o0o6.rqgdt
brAelbroUq,CbJtso Jot66g3q,oU $q,o366r td49r0 20 J6c436$o, b(.tq,o gojlto6Xbgq,o
2013 $gq'o qgr36gqn6X6olr
3g<{rlnb 3ggjgob 6,ror3rq'oU$o6X0oor 17 J6t.$C6Oo tCrQ6o6J.
L
3c€g6:6(}Jqr bs63ou aCbJJUo)d)C ,.lr!boq{('' aEqnbCqnbou" AobCqogoo, )r6rd,J$oe06ore A(')orb6C6s
oa tsCaobg$raoo, op&o oao 160l, d)C'boAC6Oo 3oaJr6o5, 6f)Aq,ou 8gq,a)brcoo r6ob 56)6,C$oeC6Oo
Ao'bom6o rE ofi6oA(PJq'o .].160.
6l
qr,rb6.)Al N 3.1 Aoqlor6o UJUClrkq Jo6otsCq,ol., Qn6rAoJr
r2,0@
,l
I
ro,ooo
E)
6 Bom
i
t,
I 6.0@
q$q
999::;!!!9!:
SEE?F
FF
ge
3E
E
nt.gt.glt.94.g
b:g b h{ b ii
q&a?e
gt,
E\
[C[!C6o
(U6Jgr6lf,,)
-
bi
(lrrdj<'Sln) 12 2005 oiirDqou tsorkir,r&Cg. J!6lj@
-htbo&r
0916cl: b!C16,0)3Cq,('tt C6s'OEUq,o 0r6Jo
2013 $q,ol-r 0u6doq,bg tscoogrq,r UJJ6cqoo0('l J(')6oscq,ou 3o0Joso6or Lc0ac6oc6ob
aoboe3ool. Jdr,OgCq,oL 3cr0JotogooU o3q,oqoal 6.>6.>Jolrtobl UJoJq'o UJJ6C(nOo
Jot6gggq,ob j:dryrolr Lr30roq aierq,ar OCaJar, 6.>Urg, oru3oLt 0b6o3, 66o336gqn36rq
tsgg$go bxq,o lr$t6ooc6oo 6r6JJgco,c0ol, tscaoof)Jbra qQr urorq'o J6o(tlCocbbc aiQott
q.>6rrrdXq56,:6. 6.rugq, $q,CA6o UJJ6oOCSOo AJ6r$CoC6ol, ts30go6C0ol, OCEqC60oJ 2013
$gq,Lsg 6r6r6d9q'qgJ, 6D6 5.:0r'r$333q'o ou('l Jo6Ju6c6ooob Jopx3 33t6o 6r0drgt(r3boor.
gb6oq,o N 3. I acDq,or6o LrJ6c(r)Ocl Jc6otscq,o bC6ac6ocbou aobcqg3oo)
(6r63o.;tsr'rtrrotro l4lrb3boU 6r6pc)
tctac6oo (6r6Jotuo!.
AN20l2
qpCl20l3
112
]t3
205
1733
t0l2
3168
8112
t0,t1l0
1768
Sgrtrrcr: Urjrt6or33q,olt Xt6o363q'o D.r63o
eor06rar N 3,2 Urd6C(r,Oo Jqlf)omq,ou oSoU 0J6Ar3q,obJAo 0roCAUq, bCbbCbto
r6t cacq,o UracJq,o ts9$o6oq,o bJtirnggSoo br6r$co,o L00ac663bob 0obgq6oor
(br63o.>6ot6ol-ro UgbbSboL 5^rlrrqr)
2nr
20c6
^-^/\^
I2%
d f A rPJP "+ d f A $.]P "+dd f 6 tr.tP e+".3 f ,,r,€.?P e+
Wb3!.'
-J",aa'r.'O.'Je-
qD lnarJSE
-ld$d,6o.6C
$grt6o: Urjrdror33q,arL C6clB6Uq'o 6JEJo
D.$6!btC
ld,6CD.'
-t
'J"q'-
62
6oLJ bCCOr'rf)CboU 3golboor Lsbs63o ln\J30olr U$6CeoOr'r Jr'rF)OBCq,o
q.oq36l.togo3o63&gqire !6er Bsoo6.>qxdl. ,>qUr6o06l3or, ttro0 Jt<rc6o3q56ro
UcCO('l6cboU $oq'o Jot66gxq,3o qrrqar3.>q'o O6c6(,oo) bcl.tocorpgbr, 610 J(')6OtsCq,oU
Ae66Jeobrb LobOCAUdro 6olrJou A()016o, sg0aobXb36b.
gbfnqo N 3.2 brttgUbo Jot66ggq,o t+nU3-l)CCO(,6C0oU AobCegoor 2013 $q,olr 31
qClCab6ou aqga('lAr6C('|boo
lrebr,6o b$Jo.6rrriolb tdibcDot s!6er (&ryxF5o q,r'rb)
Jod,6€Cq3o
brffino o6Ar6o\)i0q$.
l$sr6$lh.6kr\!$rdr
2.
5
emAb$srqeo Uxubr&)
:,ir6rxo jhbt..tr ()m"gnJarq5o
:rdfrno ffir
2:16
52
117%
57
23 0or
A,FrxA,Alo
Uri0$$ch Joitrr6o0lo (r<rJ q,a0a(r.fuf,r6o)
223
l3
Lla.'ftant !<n U'h6((ri xr.l6.bj
5l
l8
UiAdbar6xa(r byh$(hu SJ6rAox0r
ltt
l8
l2l
5
150
3
300
ti
UrAdx6ll6{n A$tq',a!rr 6o&,3$s, $sd,iJoCOJ (D r!Ji6.,!o
btrtiig,ro 0.t0!t6ra.! U'6o66rdd<n J6r'AdOnn
srbuloaeb[. ol6l\fuin ql! 6ortr{nl, EJ.4erd$ q,J
l$ULA6.r$n <tr 6rnn\ao
6rll(1.1'6n6o, 316060, $s$4. Ar U$d,J3. &!6.U
cO []fa.
t2l
371
29
23t
t3
t7'7
t3
2t5
12
t90
t9
b36t rA.:bra*D U:cBitr{b[J Ql 6r6S.6dr .aJ.rrodi,Ca-
qd.a.6.{'r&rr c.q,l6{&l
r0
53
Uogrsti ffi6aoHr Uxkjodb
398
t7
Uba! (?v6or,! 6.,16r1h[ 81603@)
35r,,
36 9c6
3,871
189
t7
LraoabAr6r6qn UCLbJh.
&erqkyi6 x.frt€rlas
ldJbdo a.6.! dnffi 5.,llsa.[
276
l0
503
36
t72
llrl
r0,l{l0
$9s6o: l-rsjrtcrorgSq,olt C6('l360q,o brEJo
690
.tl
eor 6rAr N 3.3 lJlorq,(, J6oA,CCOObol, br65$oq,CAr
r UlareasitC!(s !C&46
t ai0r6orqYrr' 8JfuqEdr
r lr{rtJQr$o bt6e,Cao
! lrJ$rDo !.6.1, 6CAr6O.rsBo'r
$U16Cl: l.r!C160)30q,('lb 3t6o36pq,o br63o
lru$6r6o0o $q,oll ArEdoq,SC lrrgrq,o J<n6$tsCq,ol.t S6qgol-t 0o.1316o 0$od5r33bgq,o
ogo b0o0b0r61bq,r'l, oJoo1l96m UcUbC0o er 0o035grqpt6o &furecbcbo.
tua06orql06o 6rfurq9gb3bolr $q,o360u t6qob OCAJAT 2013 $0q,b 100 J6cry6$L
6J(,JrlJ5br.
gbr6oq,o N 3.3 brgrq,t'r Jt(xl(pJdOCAoL 6JbJ$oq,C0r (2012, 2013), g3q'oq,3br 36o$q'or6
JCd)ooeao
qoj_l2
qa]_l3
3,02t
3X7l
28 t%
\7
UJa'r&atr6qn Lttbr&'
amacqlq.Sio 6$3Nr5r
3t0
\1)
l 286
l12
D4
726
67
l
t0l
Llllb.lo HoU ltrih&t tsnot
r38
177
971
1,141
J{
zvh
2J 5%
7t7
$g,rtlo: brj16o133q,oU C6t'r36Cq'o brfiJo
goojagqgrn LgUbg6oUI5 $.q,n aorq,os6 Jot66ggq'Eo $q'ol) ooq'oltor3olt
06o6363q,r.r36,rqg ts30go6qr Qr 7 J6ooC6Oo tsJrQ'6o6J, 2012 $q'oU $rq'<'r5ogt6o
0rB3g69bgq'o 9.3 Jt6og966b fuspMfur. br35or.>tso6ol.to ts3q-os6Cbou dob656olr.>or3ol-t
AoeCACq,o 90 cge0950 aCOo Brq.oJbxgrooq,CbCaoo bJ6U)'beBE)Uq,o g6oj0gp('} ltgbtrgbolt
$oq'o 0oryo,>6 &'rt(r$g3q'3o 6q'ca ts90go6c.o,> qgr 2013 $q'oU boq'ol$o6olr 3 l J6r'6x5$o
ACJq%oEJ, 2012 $q'olj boq,ouro6ou Jq6ots6uq,o Ar83C6CbCq,o 3.7 &rn666U ts3.rq9656qgr'
g3o6o0o396o b6qoL tsg6gq'gboU go6tS UgUbgboU br6oUbolt 6i30aobgLgbr
6r0qeCSoAg ts)dootrJ 6rEJJo6obJ. d6o0363qxr3u6o.>, t6o0 l)J0r63o o6(I3UO6or0o
sqo6o663br 6olrp6ob 0s6o6oL 6rg&lob3LXbr, 6o0q,oll 36or-56on ts3qg36o
J6oOoJq,Ud)o LCCOo6Cbol, $oq,olr 06o6363q'o36rqo 3CA0o6Cbr qor tsJ[rbrAourq,
lr'r6er0oJ96o td,(r,b AC6Cq,Cbol$qr0o 6.>3q,C&o A66d6cr0or6oAJ ogo. ,rU339 r0
UCCOo6CboL abgbbo\,0bob 06o3369q'o3r6o 6r$oq,o 333X oggr rqor6X63q,o
'' ,,U6oCacq" bctJbroo' rjoom0ol, Jq',)uoaoJ)0oob aoCacao 6cacq,50ooL aobc!.o3oo Jq'irotsoJrooob
boq,c| b56o J\)Caof)ori s6sLOrbQ5f'ODq,o, lrr00So Ar SoaCQa'
u
UAoCaCer'r(Q 2009 $q'olt 6X6gboob tsg6pg6. .:ttgg 06ots36gq,o3s6or, 6ro0 go6r gq,3btso .rt6
LrJF)Cqr)O(.t UoDEArd)OCbol,
J(()6oA6CA(.)(,r rCoqCbol., b$t6,>go
i:6q,r e,r
q,o63t6rq,o9r3br. rarbor6, JeUJboAEJBor FmA 2012 $Cq'U 3ot<rgggq,olr brt6olrbolr
AJCr6CUCbCgo ogr.t Orq,JCUq'o o!9ool.,o6J6r6uq'or6 Am3q,C6CAoU ArAo er tsCeC6rqo
2013 ScqU Jcf,OBcq,olt 30oj69qxr u3bbgbob 03qutrtgboon 6rg0lobxlrgbr qrsgojln6qr.
Jot6ggXq,oL ts3qgrt63boor t<'r0q66,r, org061 Orobg q.osq.ogboof.: b{trqgrO rU33g
Jeltooou6o 6<'rq,o 33rL6ryq'.>, oU333, t6o6ot611 6r63q'ooro 3g6LoL UOlAoq,C6obrA qQr
b.>Jdrog366o 6rEJ$Co,CAoU q@go6,9bs0, 6JaJO bC06 aU3UfuA3q,b LSLbob 6odlt.:bgt6X6J
09g0ltgbgju.
qoorad)ror N 3.4 J6('BoJql3(6o l.,Cd(F6Cbolt $oq,o ar036 tt.>3trtC(r,O('l J(q6OtsCq'Ao
1,7%
1596
159{
t4?(
!3%
t2%
119(
to*
o$
ss
.+
.rP
rs
>s
.+r "er*e" fP *$* ouo J So
$gr6o: l-rsjr16or33q,oLt 3t6o363q,o 0s53o
6br6oq,o N 3.4 l-r.>lr3bbo J('l6OtsCq,oU JJOCbot6oSbo qgr got60o63&jq,o 6rgt3635bo
2013 $q,ou 31 ACBCAb6oU 0q6odr63oboo
on&r (&lsq,E e!6o)
$qc'o
a,902
1573
231
$U56rr: l.JrCr6or3Cq,r'rlr 3t6o363q,o bs63o
'6 o(rmbobJ6\)rql(, re6o6r3U o6qrBo(UDqpJd,lr, rqro 516 $r6A(1r(,6CEl, lrolrOCAJ6 bslroroolr
tsrCO(,6,b
65
eor66rAr N 3.5 bClrbCboU ACbrdq,o er6rJr60g6ol., 6C95C6gob 0oryor6 Jo66ggq,or.:6
orrbrgrt6qrobr
s €t qB F a s FE E Bq E I-e!
SE ?:? e i =;; r ? ! - - - - gE
e:
t$
r$
d
,$ E!
e$
E$
r: it
i
rl
Fl
tl
$!
t,!
rdrlo (r\k!ax,)
-6rbC.iBo
isrr'so / td,!c6. (ll{e!q!eF) 2m5 $qyra$ $aofua s.aofci%qn Uaubcs teabrhr cs3lyD
-f
SU16at: [JCr6o3Cq'ob 3{6o365q,o b163o
eorb6rAr N 3.6 0orq,or6o btlrCUbr'l Jr.l66tscq,oU qn$rflo3c $@o$qgr Br0o$36nq'o
bgbbgbolt tqqg6g6olt gggj6oot
14,m
12,0@
{,
I
ro.om
t
k
8,0@
6.000
a,m
2,0m
o
sBss$sFqq?sss???;;?ii+???
*
e
e
*
3
4
*
dl 6\
ea
e\ d\ 6\
ea
a4 4 a
0J0rqs6u,) iAda5 &$otdn(h Loubi&'lr {adc6dr cg|ddD
-UCbbcer O${tah) FitqD [)a.,8c6.(b tdlbs..'|, r(a60c.,1, cBb@ 122m5 o\rin{rn s.dxn cfu|qn,nftm
-lrdto6.
$gst6o: l-tj16o133q,olt 96o9Egqto br63o
6
enlA6rAJ N 3.7 UClrbCboU Br&r$C6r qgr ra<.teCbr
^
60
.l to
{Yo
Jm
l0
q€4 E E A q Bq SE $S?e:
0
?;;
?i
d\*gtPrItsEEpEEr6EF,,F
rlrdhD(,Ij[!&+J'$ . e0{C6.{b udllco.r, ia.{coi
$g.r6r'r: l-rsjrt6orgSq'ob 3l6o36gq,o As63o
q.oor6t6,r0r N 3.8 J6obE CAU6o rCOoBCbo
3 500
{v r,*
35%
{,.-
3096
2.d)
l,5m
'tt
l,@0
T1I
500
0
sqeBFE9SS?:.l
e{
*,t a{ tt he.-i
c I a
9ij aJ gd c,9o
EE?sEEtldE't"3
r
rodftqn lr*b*o
E
U{rirNa(d- lrJitrDn
[8.6qa t!&,f c6qb lrdrbc&,
- qC\}'Jds .eJabd.sora- 6epooriro qaoi6q'CbC6o / 0o,e-r6o tJdrBce
$gr6o: brjr6or33q,ol, Cdro363(,o ArbJo
- qdrsJr,'qDcqb joEalo
a{..6qrc}Ja. / ao<$6o J.aoa;!(n
-Eet0o"6.'
67
eorbE,rar N 3.9 (orLrJCof,C0Uq,o CelECbr
350
35%
\
t50 v
,@{
150 3
1@
50
s:( 4 49:9€5 62 SE
AE B?$Er
3 e9 2 a9??3 ?i:
e9 g =
39+::g 3C?+T
s e
glt
6 g'.1 dgA.gr.s)t-vr.c44gr4e
az aJ$JUdrt J}Je{ C.6rtr, E!6.gEr,C
,r, 'tJtfJo C$j\}rcrC6"<! J.6CnrtC, at&BeU
tr|6r0r / (0c,<rrJ6. tdbrio +qdlJrprr,c6"en J.6ctu), ar'qBb6q
-e$laJso6ca"qn
$Ur6a|: UJC)6g)3Cq,(')L 36o363q,o b.r63o
8!6$,0r, N 1 U$d,(')OC6O('l 6!6r$CorCbou UJCd(/rrAo6oU(1 AC(,r6Cb!
gFx'r36gq,o br63olr qg.>339orror, 2013 $q,ob &rq'oU b.)C6oJAo6oUo ruqnoodPJq'at
3o0J.:6o.>0 KPMG, t6tn0gq,ng brC6orJAcfiouo )UNr,Oo6oJ qnq-o oo)bggqao tsgpolr,
br6r6J $q,car, 6o0q,olr 10og.>6.r og<'l ac0qor6cbo6r ltjrt6o33qoU 3o036gogqo
br6JC0oU aoC{t) agor.>3rtXbgqr do6oorQ UJJ6rC(r,O('l J6,oA'"CdOCbtC .rt6bgbgq,<r
Urfd,c,OC66r'r A!6J$Co,CAo rq0<nb3q,Co 6dnlolt, 6q'3,r63orob, 3r33rlxnlt qt
0C6O6rq,U6o Jtoou $gg630ou tsglDOJaoU 0r83963fu0o.>5.
KPMG gq,ggol-ro6ol.r ts3.:t6Bo,: bgor jgg.>6.>: rtg{6b.>o2gr6o, Joq'o63on, Ugt605oro,
lx'r0b3oxr qpr p$rbgoro q9.> .$ $ggECboU l$Ao6r6lx'r 0rtt6oU q,oqrg<+n br6pbob ao6oag0
o6-o6o $.>t60o0uqg696gq'o. 6q,9goU 0o$6g0olto3oLt 05odr8,> lt.>jrt5o63q,otr lt6.r63o
bs$n(r$g rd)bcbgq,o b8odr4r 0!0<'lUC6C0rAo Uhrarllb3r lD36cq.oogo Jdrcr(tdOo (,!
ACq'r6,Ar tCAobbC6C&Cq &CC6C?,b q.os ls$6o43q,o0o rA J6,r't(ttC6C0ol, 6o0o6rqpt6o
qgr gggjggtrro UrJfre6966o 6.:6r33Xor3bo.
$E,soUrb U06rq'e0br oJorb3oq\gr otSor lsbr63o f,ti(,t(trCOCA$C, 6obo6C0o0r.):
gojb690gq,o qrr 06ud)Jgt!6r$coror6o oJocrrslu6o J6cEr,Oo, gur,"J6$q'gowq'o Qs
r6rU$6fl6gCq,Uo8oq,o U$o0b0.:l69bq,o 3t63qo6o, Ur363qn6o b.r6ron,
J(,6&'r6JOo"J((, JdrCqrroo - ltsb(ry6r3o l-tJAJDq,C0C6olrr Qr J$oOrqPJd)o b#,Xrbob
q9rbgo6.>6UX\'rqr, J6c(noo Aood,C q.or t,!tsU.>qxr 6o$63lnln3olt lts0dry6.>3o
brACDq'CbCboLr Ar J$o0Dq,C6o b.llt1jAoL qgrl.,rgo6r6u30q,.)(,.
L:3t6gqn6o ilrnqfsjgou 6oao6rq€d)o Cgr CtsCCOUf,o 0r6r$CoC0ob 03qrrt63boofr
33q'6.>6 1896r, tvxnO gaX6gu tsCacDhC3C0tso J6CqrlOC0tC brCrt6o6gqo$g ggdm Orq.>qn
UJ&t)oOC6Oo 6.;61395o130o.> gst.>b3or0o, r$C6bioxr68o, bc60Cq,Ui Qr lroabCoBo, 6JO
oCCbCbr S(1q,('l6Co)t rC A)BgCECoC('o UrCrf,oACq,elbC (Dorq,oJ.
6qp3oU tsgq66gMr 6brqg<.r, t6od &B606qtC6gq,o 0olttt6gbl oOol-t 0gbrbgb, 6o0
l-tju6o41qo8o ;6oL gdo-36olo g33q,r$g 0.>qrq,o ltrJt6o356$o 6r6.:33go4bo,
l-ro0.:t6orq3U v6 0CCl.,rbJaCbi. r0.>ltors6, ltsJt6ogg6oo 0J6)$Co,Coo l.DCJf) C('(,ao
q3o6o0o3.>0o .:6Ugbgq' 69rqob.>U rlt:brgU.
68
(r)r66Jar N 3.10 r6r3'b6u63Cq,g(9tsoq,o lr,>0o0b0,:t(r3bq,o 36Cqoooo C6('IA6Cq,o
3Jq'Uooo
20i6
1596
.6oAo6rtrJf)o
10%
0.)Er$Cor,
5%
. ctscCoUd)o
Ao6o$C","
ff/t
.r""
".o $
33q,mol,
,fY
"s
tsCeCACbo
ts36odq'oror
oboqroor
MCq9:C
dir effective r
brtXq, IVIII--oL o0Jq,303664ool.t JC0oU6o tsrtou $e6tC ArbLrJUo6CbCq,
06ot36gq,obrL od36lr 0,>63o1 SJJoOJq,ob 4)Ca3JOUd)oboL tsoqgr tgg,>Ugbol-t J6r53lltso
(ICAAP) tDJ6CAoOo t6ol.t33bol-t 0r6boq'3r. rd 0bt6q ,,Joq,u6 2"'oU tsJ6bq,C00o
br6brJuol6Cb0eo UU6reqC0r go,ar'$r tsoqr,r tsXg,:U0ooU UolrOCAoU br0r6)ouq,cl6ru,
3o6g366t6.:goob (trn6o66 oUb3oq,o aUXlrbXbq,gbob, rbCBC CJobclaoJu6o ltgj$od4boU),
UJ3rq,UO('l 6)oL3oo, 6r0o$3ggqr l$363q.oo6o l6olt3SboU 6rt6ot3rb Qr UrOrE ('l LJJ6CQoO(')
Jcr60tsCq,oU (trm0gq,Lr'>g -Joq,lt6 I' -oor aJQJq'o 66JEUq'J6obob aJao q.oJbJq'o
JrJoorq,o ooxo,bo3gbr) tt$t6rgo 'bd4nU 6$o p6xrxboo 16r aJo06)orqiobcbUqo
qoJ6rJr66C6ob .rq,rrrogb3olr Sr'rE oOoJJL. rA Abd)o3 rqb$o06.>3o.>, 6o0 03o6o069b,>
UrJ6CC.ooOm Lrg$qrut66gboU AJd,$CUq,o ts3au36gjgbol, $36qg6gor )LCaC
06o036xq,ogo6or, 6el0 UB6CC.oo6r'r bo36oU 0ogt(r 69lttfuq,5b3q,o q.o,:qggbooro 6oq'olr
tu"JbCer3r(,, trn6 tsX0orfug6900o J6ofu0gt6o 6r830u aUgUbg\,olr 6orq'or6o
qoJ3Jq'oJ6Cbob ryt6ogb3ob l$3oorbo. 3b J6n\,36s dotloorsqrq o0 63ot(rX $r'raol.t
gobr6l.rgdro o66$o'brgogbolr t{rrqnl.t 0Xqrg6or, 6x'rdqr3bo6 UJJ6CQoOo q8!3rq,oJ63boL
031-rrbXb obgot66r0oJj OCbo6rq'obSbgq,rqq 16 Ogq,or6. Ub3rcgrub3r OoJou
JE))6)C6Uq,o6C0J(,o UrJ6C(r,Om o66J6obr6oob brj0ou6<'rbo[, ArUaorAoU 06oa3bCq,('lgJ6o
6rgJd)ooCbr tso6r6ug6o t6oU33bolt ts30939q,o tsXttrdq,cr.: ogolt.
eJ0JOCboo g6q-os rqo6o06ob, 6cr0 Jrf)rq,Cq-J6 tcrggoddo b.r633boL 0bfnqr6
Aoaeobr6rGrbL JCOofl6o UraJAroCbo LrJ6CqloOm U06,Cb OClrOCooU 0gqgX6gboU
qrror3q,oU 3go)boor, t6oagq,oo JUCaC bro)grq'oljfu636gq,o oCbCbJ J$ooiq'ol,
reCagr$g6o0oL Aoqrr tsggrL3boU J6ogglrou qgc lt.>tgg,.t0t'9(RCq,o 6r6boq3oU q.o6c (ob.
8rb)E)o)o N 3 UrbCeraboAgCq,o U06Clr-OCU0CboU ACo(')(,(.lq,(')8or bJ6JCboUroBob).
X)btrrq() UrJd)C(r,Oo lrOJbAr6OCoob qpr06oq63br g.>qtfuUrq 06o0363q,o3$o.:,
6o6o66 trnUgbob 6r6o6oU, sL6g 0o0b0r63bgq,or.> p43olr 3goboor. aea3Agq,
69
o,CACA$C UU6rq,qC0oU AlArbBoq,CboL 0o$6oor, Ug&-oU 0q<6 olr6.r6ot3bgq, oj6.r
l,)36or$mdrolro 3o69g6969or,,UJJ6,C(r,0sr lror6q,r6,OC6ob" tsgUrb3b, t6o0q,ol-t
Esbr6oro N 2 6o.
3o6s,>6lro
81616o)c) N 2 UJC6(,)r0o6ol.ro 3r'r6g3t6366or ,,LrJ6CeoOo UOJ6(,J6OCboU" tsCbrbCbr?
Jo6tsC6C6OooU Aobr6b Vr6Aslr(QbCber CgrCOC6o LJJ6CeoOo UOrbCQr6OCboL
ts3ttbgb brt6oL Aerbr$oqCor 0gbgqggq,gbgbolti orU Aobrtt6CbCbob, lt3o6gdx'rq'o
$C60oq,CboU Lulo6og6ott 6r6boq3r-5,:.>6rq,ot3br. J6gb366rgo3bEo $rt60oq636oq,o
ogo jgg6gboU gobs6lt36o ArBBC6Cbq,CboLt tsgq,s6C6s.
6;6boq,33boUr qgr q.ooU3gLooll tsXqgg6rqp 6r6ero33got 0oUr'b6r3b3bo:
Ll36)ceooct 3o3gogq6$90oU brm6oc6orooo 6ots65q'3boU tscaoQcbr, 6o0q'ou
6r6ogg6gbrg 0obqr50r lr3ltb3bolr ?3bsdq,o QJ68J6,6CAoU 6Stgt633boU
.
go60o63bol.tr c.or JrJoOrq,oU JefllgroUd)('lboL 33$<n53ob 0ot6oor
3od)J('r6r6ogq,o, 69o65 qg,r l)Ja3rq'o pr LrOJq'ot Jof)OtsCq'bC;
r ,,3o0g6gogq,o bc639boU go6r6Ugfro 0q.o6o0r63t'rbolr 6r0]3o63.>q'obol-t $3lroU"
tsrf)6q)Cb0o, UrJ6CqpoOo J(,CBoOoC6OCbSC bJAJQr3bCbob 050rnq3br, Urqp.:13
qgrgojbotc4gXbr br6Job tsrCoob6,o3o l$tsUrqro brJ6CQoO(') 3o3go6o3669bo
J('l6J('l6rooUq,o, A0o6C qQJ broflrq,o q.or UJoJq'o aoar6oUq'CbCboo, aJoo
Ir)tsUlq'r'lqQrb brqQrb6r, arcDo cg<'r633bo ltb3cq.ouLtb3r o6cQcbo6oou' Ucubcbou
3o6gg6gt6,>gooU 0obgq6oor, 6,oUJC6ob Ao$o6r6olrs U3bbCbob 0Curdq'cr
erbrJr6blbot 6g'bgfugboU got60o69botrr pr 33o6o0o336o 3uJo$rq,ol.r 6troor,
3oggo6o3663boLr AbotsB6Cq,obr Lr,>369po$cr trroL3oLr 016o13ol.1 6orq,or6 B,>t68otso
qrr $ 3gorboor bb3J OoJoU obgo60,>13o,:, 6rl-116 orr3lqr br63o Bro6q'olr
A6oA36Cq'o36)Q;
. Aoabar6obCq,or Cgq,CbCbob pr63oL Br68ob Br6bq,Cb6o, arEJoU
Jq,oC6oCbobrs,Aol., (,raroCbooo o6go60r3ooLr oo$<'rqr3br, 6ropXlrr6 3.:q,ol.r
(,Jbiq'aCaolrr3q'or6 0Uglrbgbq'3bol-t
08cl60,rl arqJq,or. 0.:6.rq'oorsq.o,
0X0obp3,>0o 030olr.>3rq,oru6 0o016o4010o Ugtrbott 0o0U,rb363bollo3oU 5rUr$6o
b.rt6XX0otr Orqsq,o qm6g;
lrJJ6ceooo boU6srL QgJ o6gcr60rgoolr bJo3q'ob lrouocacbolr 6r63oorr63br, 0ror
0ert6oU Urartqo ot66r6o$.:goXboL,>j6og6o Bltlor3ol-t lllo6o36l.
-
.
dofnouqo tr3bbob 0n0h:Qfrgbol-r 3o39o9o56g$0 eJ 0Joo Ur36rorr0m6rolx'r
ts3q9r63b3bo $r66oqr6g6oq,o,r fi3Ooor 6o3903q' 66rrgog0b3. 56qr; rqo6ots6olr' 6o0
0obr3X63bU, Intgligolt 0bdro3, 5r6333gq,o J6obq,909bo 0Xodq,3br 6uB6qg3U, 3o6roqg.;6
AJoo aoJo3CAJ bo6oUq,CCAoJb rt(rob q.o.r3ca0o6305q,o q.or l.tbgrqpll.tb3r jggEolto3olr
lrb3,>qrrLrb3s 6gompoq'o5or ts3odq'g0r ogolt 6r6og63bgq,o.3L 6r6us33ot6gboor
br6rEo 0oAt6o,Uq,3boor lt6olr rj6g,rq,gt6o. ltjr6oSSqxoL 0o6r6305bo ts3fiB33ol-t
0gomqroor r6ob 0oJcrg3bgq,o. .>t6lr3bgq,o lro6oryq'93boLt Oogb3qr3rq.o, lr3b-o
oqQoq,obu orbb3Ce6rtso oUs r olrclBq)o(, A(')DobrgC J6rCooJrlrors6 r0 6b6o3
bJgc6Jqoecaor, 6o0 Or5rq,ootqr lrrc6oJtso6olro lrrOJq,UOo goEqgob 0o3ti jmg63boU
r, 6q,obJq,36o gobrbUgt(ro 36otoLolr
A
a
JU@bo<D, brg56ree3bo 996o ll.4rq,o
Lr 6o6tr.ltrr6rbol-r tolqroaoobrlrbtt
"3ofu36356oob Sslrsqgao bJ('Aou!$g(x'lAor bCb-ob gJAAgCr6A$C.
t' itubJob tsC60o6lCbr
70
336rnU,r3q,3boL creC6obou, UJ3rq,COs' eJ UJJ6q116Oo 6oUJCAoU Jf)oq,tso
bJbgoboq,J3o).
eor66JAr N 3.11 J6oOC6OoU ortAurbo6Celbou JoCgo0oC6Oo jg0gbCbou AobCego(r)
80
60
50
,t0
30
20
t0
00
di<'$qrD rflrooolg<D dn$r-
L"J,rt es." l'}J)6d,Jfif ooJers
-gr5:6talt{, -ad{n5.
dqlllq. (afi.rrr.E
$g!6(.l: brCr6o,BCq,e)l., C6el36Uq'o brEJo, l.trgt6or.:tsot6obo lrrADq'U0('r ts(,6qoo
(,or66)rAJ N 3 12 Debt / EBITDA JoC3o0oC60o CaCU6Sbol.t aoboqg3oo
8
J
6
5
3
2
I
0
aC6ae$ U€rr,!6CX@ l$froEo(n - UrJfrErqn B(6r6rclttQ
dq(E(6o CdcaJrr&e
oO{r!
d$sCon MOr,6o<*$
Jdr5tor66 o5fuchaoeo)
$grCr(.|: Urj.rtcror33q,ol, J6('tg6Uq,o br6Jo, brC6orEc)6ouel br3rq,U0(.l Sc)6eo
7t
QoJbd)JAr N 3 13 UrC56o)3Cq,m - tso6rbb06sqg dq,o36o 3odJ,>6o3bo
5t
I
2A
EBITDA / Inftie.
Erp..6 tden8. (ToE] Uzbilili6/
D.br / EBrIDA
$U!6al: l.,rCr6ogCq'ob 36o36gq,o 6163o, Ur36or.>tsr'rtrrobo U53rq,Co(.I S(,bQo
qrrr6t6u0r N 3.14 Lgbbou a('tALrb06Cbolj J('lCgoOoCEOCooU tsCq,r6C6ooo or6r$oq,Cbr
90x
30ra
25%
50*
l5x
aor(
109(
2ota
t0t(
5%
o*10t6 lo*tor6 2o9c30ra 309C{t,.{0*50* 50kta 60*7ora 70*30t4 aox-st6 90tt1@* 1100*
bOJ erS$,q,Cbs
- lr$ldryRrqa
UaJ
a$sfossr - JJErar
- J"A"S\drC6,o bAJ - U+rtoBJqE
\o.cd,.ual - $6la$
-Jro 0C606rE U6.} aJbJo
- Lrrjst6or33q,oLr C6('136Uq,o 6!6Jo, Jr6sQotr
$gr6o:
3.4 0o06g6or6obol.tt6ol-t3o
26 qr
14.6 Jf,('l0c6oo
2013 $3q,U ggp630r6 UraU;q'o JCOo3cbUJ QJ JrJoOJq'bC'
ts3.rqg5o6c, 610 AbotsB6Cq)crg6re reCAJOCbr $o6.> $q,oU Egl-t$$olt 0,>Bp6gbq,gbU.
0oa6CboJ6obou g3q'oq1b,> $o6r $gq'ort6 ag4grt(rSboor tvr.r0q.o36o03 BrCOc)6oo) ogcl
6.:6Jo6obxbgq,o. g6doq9, bxUbgbolt $qq36o t6q9ou g90Jo 6rotrt6p,> 12.9
JE)('l0C6OoeJ6 (2012 $q,olr q.og30fu6o) 2l Jtrro096$r6Q3 (2013 $q,oL q.og30b36o).
06ots363q'o364.o 0909o649r lt3ltbxOolt ts3Lfq'o Q)68J60cboU trr3t363o, 0w tsotrnU
8.>0o$9t(nq,o bglrbxboU r6oq3bolr 6Jac-l. brJU@6%, JCOo3Cbot, 0gbdq,o p,>6,r3r655bolt
6obC(,goo) 03j36oq,0.: tfuS3660r 2013 $3q'1, 218 0q,6 q,rt6o 09rqr6o6r 010o6, t6oq.oglr.>g
2012 $3q,b oL) 326 0q,6 qrr6o ogo. rl.r333 rqlt6o36r3or, 6o0 l.rXl.rbgbolt b.r6oUboU 2012 $qoU
bJCrd)CUCbr (8,>0o$96.>) q,u 350CQ6o0 brq,.>6ltt3 rqqp66r 06o3369q,o3.>6$og,:q.o
o(nolro6Jd)r6uq'o Srj$r'ldroo, oucl brAtr$gCgq,o, 6r.16 2012713 $q,3b3o 0r.r0696os6<'rboU
03t6gobolt 6.>$oq,b blr6ol-t. aoOCoUq,oL 6wr3.>q'ob$o69boor, Urbrbj(') LoLOCaoL
0o05X0o$obob ArfuCbCb0q,o boq,cr $q'3otso Uts6cl aCOo borboq,U6('lboo)
brboror(,C6o(,r. Ao,q)oJ6('lbJtso CECQJ Jqo6ots6ott, 6rn0 3$o6rqoL aobrqgb gg63bsUorsb
03qo6gboor, 6o0696os6o6ob Ouffi30q'Cbo 0.ro66 ggdxr Ao3turq,CbJq,or, 6obo
dot6oorrqgo ao'bgto bsbr63o tJoboCarAo s6u3bgq,o 3<'r63gfr35gor.>. rj3qgr6 6r0odqn6rd4
(,r 6oUJCbtC (,ld)o060o6CbU('o tCQrAbC(BCq,oboU J6o6OoJCboU 6.>or3sq,ol.t$o63boor,
2013 $q,olt 6r60,r3q,o0c0o ggt6o aCOo UUf,JeRcbr c(r,a(,aoer br6Jcbob agr06g6os6obolt
UrJ6<'r66otcr 0rB3g6C0q,C0ol, bJ6boq3rtt. gU6,r(xlCAJ Arb8oq,pX6oq.> oltgor l$3ootp6'bg,
6o6o6o9.>1 0ru0or6ob CtscCOo, bJt6ob Eotsou $/qrr Ub3u 3o63gtfu66gq,o
3)ot6uggtrobolt r6LCb(,br er
lt&rm56o15o UrJ6CeoOo erEJ,lrSACboU
03dq'gboUps j.>t6.>q9 tsgg.:b36r.
eorA6)iar N 3.15 UBUaCA' JrJoOrq,Lr Ar rj6630trg
20%
r596
109(
s%
t gt060ar TCOo3Jat,C
r DJrbrbr JSoOrq.bJ
o4
,5%
,10%
.15%
-2096
2006 2007 2008 2009 2010 2011 2012 2013
$grt6r.r: l.rrj,>t6 or3 3q' o U 3t6o365q,o 6.>63o
Lrbr6Jo UoUOCaoU 0o0696o.>6mb.;tg, l-t3l-tb3bob tsglts\,o QrbrJr6ACborb 6pir36p0oU
q.oo6r0o3rl-rorr6 C6o,re, rUCaC Jcrtogog6rq.o o0oj03qs rCO%CboU b6Ara eJ A$30r6ob
610o 3g3j6o,>6obou 6rg&1ob3u3br0. 3g3j6o.>6oboU $6qrri:X aogoroorgbU oU, 6o0
br6xr6o[r aCaourgq'CbcDJb orbrtsr6qmboL 3o39o9o356o 56.9 J6cBC6OoerE 52.5
J6(r0C60raeC tsgAgo6pr. &'10610o.>6o0.> 0rUoXstoCU(,J oooU 6,>0t10, fxr0 2013 $gqt
6ro$r6qr UiJFx'rOC60el LJ63qn,619 l-rrbbt6gboL qo6Cbgq,CbotJ B900o6g0ou ts9q36b
gr60o.>ql66q9r. 09o63 0bt6o3, 0<'r06gbo.>6obob 6.:g0lobXbSbrtrX 6Cbr6ou6re
d<ojagpgbqD ob, 6oA UCbbJoo,rE AC(,v(,36oo .>trrrU.>30n(nl.trqg 6Jo$J6eJ J6JU$t6oOC6Oo
ACAoUr3q,Cbo q.or 030go6)qor q,o33oqgt6o rCOqCOoL 0r'r0636os6<nbs br63orr3o6olr
r666otsgbLD q.or q.ogdotogSbt3 er6o0bUq'o brJ6oOC6O('} 0g0oLr3q16oU, 1563o69
breCJoto6r'r UC6OoBoJi$CboLr er Lrbrto6o Brq,(,Cb3q,CbCbot Sg0oUr3got6oboL
Jq'CboU 0CACbJA.
Ugbb30t3 U$t6o0966o 6.16169o19&rl.1 0g00o6Cbou Jo6oh60o t36r6896q.or .:jgo3X6ol-r
0g0r'rl-t.>3gos6o0ol-r UO,)0oq,U6o er)EC, 610 er3rgaof,CbUq,or .rjgo3XboL UO6CCOU6,o[)
63q,oq,gbrl.o$. 06ots369q,o36.>q.o 6Jo'bJ6er llrgsq,o L3bbSbolr $oq'o, t6o03q,og
0g6oUr3q'o$r'rbol.r ogrq,lrrb6oljoo, a9q,r6C6oo, AJeJq,o lrJJ6c\lC66o brbrJgCooo)
brUo.;orq60.;. o1906.> rql-D6ots6r3or, 6rrn0 l.tg.>qn bSlrbSbo ggt6o ACO [,JcBCd)Jooo
brdrgsboru6 qr rU6X 3oLrq,og6gq, Qmq,CCOoCd,o orutsJuo6gbr) U,>3t69qo6o trnu3gbob
b,:6156orr6 ,:6oU q.o,:3r30ot6g0gq'o, t6J0 bJt63qnu 6itt6qeoq, Ur60CbCq,b rA0of)361. rUgg3
06oB36gq,o3,>6o.: 6o0 lu66rt6o0<'r JC6oc4.oAo q.o.>gojln6q.o.: UgUbgbolr $oqoU $6qr.>
Ao,q,oJ6 rCO%CbAo.
73
(r,r66ral N 3.16 A(1a60o$o0olr tt6qrrb qgXpaJotogor
140%
rJf$lt'!.rBd6oaC6.r}3<i&itoCSr(Eai
720%
. rro.aria b*rrrEr, irsh(fnd{it
100%
80%
lt%
IeD$i,q?6o ido.@.d6c6ol&srrf.,6.ri
50%
4016
179{
20%
.a$!o*rt rl6lr cdor\6ri&n n6qD
$4
.Lrda., J.tolc<rrl n {'r
-20%
-40%
Sg16er: UrC16o13Cgmlt 36ogEgq,o b163o
eor8{t JAr N 3.17 U$6, C6OcI lrJ60(}o Ar ArUtC o(qCACeo tsrCo(.)6Cbo
18X
16%
74%
72%
10%
-
8%
6%
4%
sCO%Caob A86ml$3q'o56o|br
-l$bb600ol.,
2%
0%
lrr,]l6.{]C6o.) lr}60(0
?;;;;;;+ii??+??TTTT
,tE ? F? rtE -t, rf ,tt ? rB,
$grttro: Ur jr6ror3gq'olt gt6o36pq,o br63o
eo6ClCq'CAr
74
qoor6d)r6r N 3.18 LJbJEJo UobOCAob $Ao6q.or UroJSt6t6oo 0o630rre
e
>U
3
500
soo
F, oo
300
1(x)
0
an]{E
A$-09
AAI-10
Q -lr
Q$ 12
AA.,,l3
$gst<ro: lt s j.r tcrorSS q'oU 36o363q,o 6163o
3.5 tt$lbt6o 6o113o
3.5.1 UrgrqlCdr 6olrJo
l$jrdrogq,olr bJbJEJo lroUoCAoU 066d6obort6obo lrcarqp6o droLr3ol-r 0o0.:t6or
6,>qrq,or, 6rp5ub go6rbUpt6o bJt6ob 3rq,pCbgq,9bC6ot, UO6UCOU6,oU
6ror3rq,ob$o63boor, bSlrbSbolt q,lrm$6ol 6,>gaa<'rbgltgbolt 0cryb0qr.:3rq.o gfDg q.orbrq'or
(0orq,or6o UCllbCbob 38 J6<'loC6Oo). l)Jjrt(u6Xq,oU C6(')gEUq,o b.>63o .r5t(rdgq,9bl.t
AUAJ(,AJU LJgJq-JOo 6o113o11 6.>t6orgoL .:t6bgbgqo 0Somqgcrq,o6ool-t l-tt6gq,gogolr
0o0rt6ogq'g0oor. ory rt(rb303q,o 03ox'rqmq,o6ooor qrss65s6o63il3q, lt.>3rq5$o
J<'r$ogolL 6r63oboq,l3or, ol.t Ur30.>oqg q.o.>brq,.>6lr3bgq,or.
(,11166rAr N 3.19 brbrq,r6lx'r qgr J6CbUo@o UTOTE UO<'t Jotro0og6o ll.>tXqg.>0b3q69q,o
J$ooDq,o,rb
4%
4%
3%
316
734
2%
196
1t(
iri
! t$brqrr6ual Urgrq-Joo
.l(l'btu(r)
r Jr,Cblroox, lr!3tq-Joc' Jo$ooor
-l96
.196
+aaoa$Q$Qaaas
d J ,8 of f ol ,$t..d ie s$ "'Pd.s' e+
$gr6o: lr! jr6,o)33q,ott 96ro36gq,o 0.>63o
ItC6-n orr60o0q6gfrgq'.>qp rgoo.>6r30u lrOOClt oCUOCbob 03omqmq,o6o.rlr.
ot3qoJo633q,.>q 6.>6croor3qr3boqg.> lrglrb3bolr bsdroUbott 0Ad)d6oboJ6obr lrrgJq'U6o
3gt6ttoU, ddJ-b 9r6qnu OCaJoLr qgs lrrJ6egg6go 6.>6rggorgboU 63q,oqr30oU Aoar6o, rA
0o$6oot 6r&rog6Cboq.or AJJ6o B<'r$Atg 3q,,)\)oC6obC6o, 6<10116,0 lrJAflrq,o
1'
0o6gbr ps66t3rr436r0qC Ar C6o,Xf6se ACA,Urg,)q'/bf,XfArAAC
75
09$o6oq,o arfuCbCbq'Cbo bb3,> #gUEC$ol, 6obXq6oorD, UgUbgboU qmq,rt+n'b.:goolr qrr
q,CaC6oXoU bJogJqoU$o690oor.
JArrAre b)A(')qCECbJ UO6,CL OCbOCbob Ub3s 09omqx'rq'o5or, 6oACq'o0 ACoCA6r ULB0)16 Cl6orqo. rA aoi56oo ts3&gar3qrs lrj.:6o53q,ot3 Ao6AJ}Jq)o 0.>36oc]o6o6o3gt6o
UsJ6CeoOsl 6ol,t3ol-t 6oqrgq'o, 6o0gqog oqBJq,oU$obCbU brgrq'3oo JC6Uol.,, adJ-U
$tr{gott.: qgr UrJt6oOC6Ot'r 6JEr$CoCAol, 6crJCOb.
UOC)CUOCUOCboI, 8J68otr tsCa(E('lao erb33$obo6oU, or3rvxr l1)f)CU OCbOCbo)rE C6@JC.o,
lrg0-o r3oortrrgblr 0oJ6(.l bO6CL OCUOCboU agooqxrq,o6ouU (ACODqwJ6o Je$Cd,r
oboq'gor b364qogo t6olr3rr-ol.r UXfi3or8o). rR6oA6Cq,o 0oqr6o6r ggt<ror Orqrqro
LobULOoU 0oq$g3ol-r U$grq,3brU odq,33r, BoOro(,rO ocr,B)q)ob$o6C0u UrJ6CeoO<'l
t6oU3ou u0urb33q, 3r'rCgoGoCSOCoU. LO6TCIIOCUOCAoU tsCc935gbol-t o6g36lrogt6o 6r0oUC6CbJ
0obq990r brbgq' tl-lll-olr lN:gqrr0bgq.o3gqro 6,rbboq3oU J6o63l.rtso.
3.5.2 brJ6oOC6Oo Fntuo
JArrArq.o, Crf)o3q br639bU b3r]6crq.o br3go6Xbr8o r6UCACqo BJJor6o drRrq,qCbo
onojaotr ,:t6 Arr86oJo,, JooOoAJo UltCerAbC(EJCqo 0ot630oLso6ol.t br63Xbol.t
Jcr6ggxq,<bg Urb.>63o $o66obro4oU 6io3oq,oU$o63bgq,o 0oqg6o63bo 6.:0oog363br.
0ogbgq.o.rg.:q.o r0olD, lrC6-o rgJq,CPCbCq,Cblt bs63301.t, 6rn0gq,o.>6 Lr3,>]6cn $o66o 6$86oro,
63o0ptsr3ob tsJl.,rbrAoLo .:6xBgq,"J6Cbo e) r60r6o8aCbr $.rt50ctq6o6ob U3b-0o.
0r'r6ogot(ro66olr tsCeC0rqo Jm6OtsCq'oL 66oB369q,o3r6o tt6qrrb 0Xbrdq,g0q,<'rbou
6s0ogq,36obb Aob(,Cbr Ur3r]6t'r $o66oU 6ol.t3oL 0.:6o6oU.>o6ol.t 6J6JCog6oE o
dr36gq,4o3boU .>0oj0XqrXb.> (br3rlt6<r $o66ob 6369q'o696r qgr3r30otrrgbpqo.;
d6o036gq,o3rb sqrs0or6gt6 ar OcC6oJU6, trr3Ugt5U30orr6 eJ aoLo 6r6bo60ocq,3bu gtSoCds, UOC()rt C 6o3q' brb3qD0hq63q,o i0o0J6re oo)3q,COJ. raCQCEre, aoljo $o6rlt$rfm
tsCAoeCbJ r6Jaotr6tsC$r'lboq,or).
bb3r o,rEJbJ6 Jo6obCbtso, ory bs639bob b$l6<'r3C6$r'r brbosoroL ,>j6q9bLrr qr,:
glq,p303q,3b30bg 6r6r$Co,C6ol., 300 tr.>br$m JUECOoo t6(r,U UO6,CUI., er3gtsACbo,
gt6on $q'oL brbar3q,obrao UoUOCAoU ArMorooo ooqgbgq,o tu6uq'o oj6gbr 48.6
0oqroo6o q'16o, boq,o l.trtgqgr0b3q6cq,o J$oOJq,ob sq.oX33sgg6m6ob 3og9o9o366o
09d6o6q.ogbr U.2 J6r'rOCEOoqgrE 16.9 J6og96gr0q3.
rq5o06Uq'o 33q.og6o 0oogr3lr Urb.:q,r6lro 3udglt LJ>p6o0b3(') J06oq.otso. Jrcac
b.:ggt6.:q.oq3bo,: b06CUob 0rgq,C6r qyo6o0o3gdr qo6909q,30rfu, t6o0gq'og 0o69b.>t.>6q,tg Jot6qg.>Jot6 16 JourbCbr, orgOgi 6,r3q,96.rU rbq66lt bt63olt ltbrt6o
err6C0uq'CbrtC. ,f 0b6o3, brJ6cBC6Oo 6ob3olt ggticr bgllg 639rU96,:Lt 6o6o
tsJCOo6Cbo #)ogq'3bU. lru3gor6o3, Js)bJgf)C60ooL b3903$go6ol-trrgoU UX&-ob 0o96
ts36oqgagq,o U3ltboL $o60U$t(r3&.>(l (ortsJ6got lrcao0ol.tooLr 2 J6ogg6gou6o q,o0o6o,
rqr5oq'obdn3 qgc agbog6 bstdrXbtg 3droru> cg.> o0.>33 g6k'rg6o 3.rqg6oor aotopggo
Itbll6gboU qo636gq,3bol.t 6.>61.tb3.>39br q.or bXq,3&,6t3E C63b0o s6U3bgq,o 816r$36130o,
fnq.oSl-tr6 bs$t63btC U$6(')OC5O(9 6r6.rggor3bob 06o3363q'og.:6o $q'oqlboL
ts30ob3Xg,:0o b)bJCbU rCacD ggq'gbu 6rqrrb3qgob bgq,0g6gq,3bolr Oobgp3oor
q9qojUo6ge3q, lt$l6q3x6$o 6.rbsggorgolt U;J6og6$o 6nU3oL 996o lroqttfolrSgq,o
0ggJ.t3boltor3ott bgb-6r 0godg8r3r lDJt<mgCSgo 59JoU rbsq,o g<'rtfir, Ltuq.o,>g bJt6og366r'r
bJrorooL rCOo3Cbo q.or 3.>q,q93bgq,363bo pgt6o qrr$3t6oq,3boor! 8roq,oqio bJgrq,Uoo
qp 349o.:6oboLt 36oq,Ao qgJ r6t69o6g oaolj 0JogJq,ou$o6Cboo,, t<roa lr.:blrdrgbo
aotoqSq,or tsoqD org g0bog6o $gr6oCbo(,J6. JA}JraJ(, bCb-o rbo60oCq,Cbb bJ6JCboU
loCayazzo
lorge, Garcia Pascual Antonio, Guti€rrez Eva, HeyseD So.ono, "Toward an Effecrive Sup€rvreon of
PanialJy Dollrrized BankinS Systems", IMF, 2006
76
Ao96 Aogcrqrgb0q,o b$6,oOC6Oo 6gJoU r0 go60oU .>6.rq,otrl.r o6ob qo)lrie0C6Jqo, olJ 6r
6rgq,C6r ECodq,Cbr 0orbqn6oU U.>J6x'g36go 6$.rg3org5ob g3q,oql0$ b.>6gboU
33o6o0o396 qo6CbCq,C0JbC. aopgq'o aXt(r 3oqg33 3rq,o66ro69bolr Jtic4j3l.r8os q-or 6ol.ro
lrtrryq,gogr q-os3s33ot6g&3qror oUCo, bol6o,.Jq,C00orJ6, 6(.lb(r6o0rr brEJJboU rCoqCboltJ
Ar gJq,ACbUq,CbCooLr 69rqjt6o 3sqns6obs, l$t639\,os6rn6olr 66d3q3sqn.:6o 0t6gqol-r
r69b.: qrr Lb3,r. ol50gr $o6cu$r6o 03grUX6oor, q,s6oor ,100, boq,o ggboptlo grq,l6oo)
200 Urbrbo Jpbjgoor l-t.>Jt6og966t't 6JEr$CoCAoU 'b6q9ol-t tsgpg6o re6oBb3q,
UoUOCOoU 0q66rqx'rbstt ttgtrobgU .>6 gj06oL.
A.>83659b3q,b3 0rt6or3,>q.oor
UrJdmOC6OC) 6ouJol, r6rq,o'bolrrL Jo60C6O6,of)Cbr bpXbs 6s6sgXorgboL bdrqnlr
b663btg, 6s6b3goxfu0oor o0oU 60o6.>q'ott$o6Cborl,, 6x.ra 6r6r3gor3bo Ur30,><'rqg qg,>brq'
6ots6gq,gbt9 q9.>96;.
Ar
JArboJ6, JbJq,o b.:tgq, Illlll-oU JJJoODq'oU Brt(r8olr raojagqrgboor 6.r63gbo
Brq,(.CAUq'o 16o.:6 ltt3qr3b3q69q,o 6s6boq3oU>o6oU $ct6&tq.o6o6<'I6 UrJd,cBCbO(1
6ol.t3ol$or3oU o,J3or6oo 5sor3q,3bo, 6o6ot6g 0oq.o.r JJJoOrq,ol, Jq1$J0!6('lbotr
0.:t6o6oU Jt6ogglnb 6s$oq'o.
(r,J6d)JAJ N 3.20 brJ6(,OC6O(') bJl(,ror)l, r*J%C8.,o, Ar<\'CqJq'gbgbolt 6.:qrg.;dr3r
300% -
250* .]
20016
ls0%
.20t2
r 2013
100%
50%
EA
Cd,o,oBCaeC l-3 oBCA('C
3{ oBCAeC 5{2 s,JrA(,C I VC('$C ACOo
3raoo)
Sg56c': IrrC!6o,OCq,ml, 96ar36Uq,o 616Jo
3.6 q)o33oqmbol.,6oUJo
3.5.1 q,o3goq.ogt6o rCOogCboU l,06lfihu6,r
2013 Sgq'Il q,ogoq.og6o TCOqCAoU Ooggqx'rbu $q,olt 6,>60,>3q,r'rbr0o 0got63
dS6goboo b$o.:orqrg&'rq.o.: qg.> 6rq.>q, q9o63l-t o6.>t68963fur. q,ogjoq-o3t6o uj6qSbo
aoq'oJ6o rCoogcbol, 24 Jd,sBCSOb rq$Col.t, t6.4 l.t3ardnl.nr .>t6rur0r6Ja) qgcJotrooCaou 43
J6cBCSOol, (rrtrJtsr6J(o.
77
Qor66JaJ N 3.21 q'oJ3o(PJ6o rCO%CAoL (mEC
50%
50%
q%
30%
20%
10%
0%
9c sq
zRPB
g c Aq
.5 € Z
c tlE'.2R.eg
- i' E Aq
6 dj Ir e'-,
6<, 9'.
€ c 8". i's
A
g
rC0.Bc0o/ao,q,o56o lCOo3Jbo
-q4J3oqIJ6o
/Jtr,J!$6Jo AO]otqJCAo
$UJd',('l: brCrd)o3Cq'c)b 3trto363q'o b.r63o
ltgg6rqgqXbo.>, t6o0 0ogb3qr3rqr 6orq,or6o q,o33oq.oobob 3rnCtso0oC66oL
06ots363q,r'r6ob lr6rboq,3fx'lbob, 3rq,f$C0ob 0obgq6oor q,o33op<nbr 06od36Xq,o3r6o
036ggoboor b,>Lororcggboqo. 95o6xQr(.o, C6(,B6Cq," gJq'UOoU q'o33oqgoboLt
3o39ogo366o, ggbog6o 3JEtOoU r6Jq,o6.,Ctrr 0rB46gbgq,lt r]':trrbgbU, (r,>6
do6ooXQJ(, qt3r3tsofrSbgqol q'.rtrroU 3rqrq930gq,30g6ou 0o3q,C0rqor6obrlrorr6 qrr
ructsc grf)oL q'oJ3oq,U6o rCooocboL arq.rq' ts36r' r.>3q'o.>6ob.:l.tor.:6 l.tgb-o 3q'r3
r66dpqpbqpr q,ogoqgobolt 0o6o6ol6o65b SrqwJocaou 36oq'tso.
qgor66$r N 3.22 q,oSo4poboL 3o99o9o36696o 3q5$g0ott aobgp3oor
50%
55%
50%
45%
40%
35%
309(
25%
20%
i,!s$ E: t$ ; i E F i,3f E6
=:1t:|!!r!!!=9MI9IIII
y
z eE E I F
q,y6o
-
-
Job orq?on
$grt6er: brjrdror33q'ob 36o36gq'o bc63o
-
t,Jq
78
QorA6rar N 3.23 q)oJ3o(xrooL ACJo: I oACaCQC rCOo3CAoU oJ6Jgr6qoobr 1 oSCaQC
3rq,eC&Jq,CbCbo,rb
115%
110%
105%
100%
95X
90%
85%
80%
1S%
70%
o'5t'
ott
f'.,)-
of
de
e$
-q,r{6o
brEJo
1610360(,()-Uob.orc,tll}
$916cI: Urjr6or3gq'ob
QoJA6rAr N 3.24 q,o33oqgg6o $$o3gbob acrggq,ob.: qrr U66,UdOU6,i
r qr$oqlJf,o $UoJ6(,
j)elq\esL
90x
80%
. ACJ.'$oO0Do JoaCf,oo3()
70%
6$Jr6do
609(
50%
. frrt\516o $Art ,.flgbo
40%
JoaCf,OoJe' 016$0A0
30%
zo%
-Fr
l016
OY.
r auq,rsD brbt(,clo
Ld!'rEmqn[ J6rsE3q'
6$JAo
raxqn aJls{
$916o: lrrjrd)o33q'ob Cf,cl363q,o 0r6Jo
3.6.2 Orq,ACbUq'CbCbob lr06,UC0C6,r
3rq'eCbuq,Cbou UOd,CCOC6,rAo 06ots36gq,o3r6o o6obr'rb6ogo g3q,oq,gfu6o,>trr
oodbq.rdr.r, o,U 16 Br3oBq'oo 0o0qn6.>65 qoJ A(')o,b('lS6raQC QC&'ltoOCooU $oq,ob
t(q(ort . rAJboJb 61660o o6r6rBg6XbCE Orq,ACeC('CboU l-t66pjgg6roU 6nlt3gbou
03Urbr0oU q'o33opg6o JCOo3CboL rQ,Car6gt6 qm69U.
79
eor66rAr N 3.25 Brq\eCbUqC0Co"b bO6CCOUd,J
2013
20t2
. &nqi6f'C e.
6oobo36raac
.grAd6o eCJot OCao
.3rq"$" qdn $.016.
I I'bgs 3r<{EtCqCb60
. l$Ar Orq\,rDJq,ghAo
. lrd.iiqr6..tD9eb
D<.q'Ci!{EDa!o
3r<"qJ0cq*Jao
SU)6,c': t rCrf)C',OCq'(,tt 916o36gq'o bs63o
2013 $q'olr aJmr3q,obrao aCJ('lboocbo 2.03 0q'6,(,. q',>6oor (254 Jf)(90c6ooo)
6m$r5q.> qr qglp0b6ouso6oU 9.7 aq,fur q'.r6o 03rqg6o6r. QCi(qtoor6)Coott
LO6CCOU6,oU AobCq8oo, tsoboJ06o p,r ogt6oqngq,o Jo6CAoU qQCJo$oOCbolr bd4r$
tsCurbraolrrqo 24.4 qgr 28.7 Jd,sBCEOo ACJQ6oEJ.
qnr66.:0.> N 3.26 #rrlrrbr6Jo eC&r$o$Cbo
5,000
4,500
4,000
€ 3.s00
fy :,ooo
,9 ,,too
2,(x)O
1,500
1,000
\a \$ \o \s \\ r\ i i _* * _+ *_f .\1 + \a
o5J +t,,rc o$ of f o.rc oP
"r S oe "P oP f 69 o\D
Jor6rbo
-go$oJU6o
[Ur6r': brdr6o)SCq,clU C6('136Uq,o br6Jo
-o!6,o(oo!q'o3o60bo
80
(11166rAr N 3.27 J6r6)Ctoeg56o 3q,oC6OCAol, q3&nbogg6ou fuq,o
4%
7%
J"
i!
&ott
o'&t
$goCro: UrjrCror3gq'ot CC)trg6uq,o br6Jo
"d"
"8'-
.,P'
e$'
r6rSctoec6oo Jq,ocEOcSoL ac0oboocboU $oq'o 0orq'or6 .r6rttrbr6Jm QcJcli5oocb8o
2013 $q'oU br6Ar3q,obJ0o 06ots363q,o36rp rd) 6rb6Qoq'r qtr qg63006oLro6oU 15.4
CSOlr ts3,4.o66b. $r6&'r0obolt j39g69bolr 0obgq6oor 3U qgCJoboggbo Ur3OJoe
qo3xfrLogogo6SbSq,oJ, 6J0 qr,rq.o36oom ts,rCosl6oJ 6oU3or6obolr 3gorboor' rdrbotb
J6
a.>qrq,or grqgo$o qqcDobogcbob $oqo' 64 0rQo6caoL d)obJb a6oaJ6cq,o36{,
$6o63bl-r. 2013 $q,oU 6s60r3q,r'$r0o 6<'rbq.or r6r63toqgCSoCooL 3J(goJ6o q.oCJcI.boOCooU
Er$oq)ou br(gror6r 6r0ogobo3rq.o lr4ggJoi:o$o LC6OoSoJJOCAtso, 6JO LO$oq,C6o
q.orgo6r6U3&rU $gs6oU $rt60cuq6X6L. .>AoU 0o0b3q9r3rq, r0 $oJott (,rtso6)bLCbrbC h6)bo
p,:0o3oq.o3bgq'3botr Jt6gggbgoolr Sot6oor lrg&{s qrr.>$gUr 6.>t6g3gq,o 63tqgq6r.
rq6ots6gq'o 0oqr6o0,r oo8lq,ou$o6Cbb QrAroCbooo qro33oqxrbob 0ooDcr36lU o0
b'>633bollo4oU, t6o0qpb0o6 r6r6Ctro(,C6oo q.o3.tm'bo$3bou $oq,o 0orq'or6o ut6rU$$3<'r
ACrlotoOCboU 10 J6o0C6OL rlr6aCbu. r6r6CtoQC60Cbol, arq.>q,o $oq,oL 0jo63
brbJcaao e)arocboom q,ogoqx'rbol.t lrrlo6ocbr .>0go69bb s0 OoJoL, ac.lsltoocoob
.]s)6OgCq,oU As)'boQBoU \)oa3q,b, 6.>9 63lD0r0ou4g 6u0oobr6r 2013 $q,olr
br6aJgq,moiao r6J6csoac6oc6oL acJotrog3boU $oq'ott q.o,>L0rboq,U6cbrao.
eo)06)r0r N 3.28 J6J6,C$(eC6OCbol, AC&1tooCoob Lt06,gC0U6.: (2013 $q,ob
ACBCAbC6o)
1,600
1,400
1,200
1,m0
800
500
400
200
o
Alr"'Wrtr,"
$gr(ro: U.r j.: ft or3 g q' olt 3t6o36gq'o 0r63o
J6oqrJdoo
8l
3.6.3 Urboogarr(,JtsoEJbbCbJ
eoJmtooCbob trt6q-ool.r 6rqrq,o OJAJob NA(.l 2013 $q,ol-t 6r6ds3q'robr8o b3ubgbolr
(,CJ(')'boOCacr,rE o,J6JtsJ6es$ou JoCtsoOoCSOo ACaOo{6(,J (pJ I -lr 0og.rtrq'o3qrs.
ltcboorgam q.osgo6rblr3bolr br6C 9gr6oCboer6 aoeCboq,o ot6b30o bs36rop
qr6g6,boBo0od,gfuq,o 6cr6ot6g J60aoo(')d,C0ol, goJob, oltg q.ory.rt63olr 616836o
3rqoos6obol.r 0ob3q6oor. $ qq.)go6JfuCbob 6JbCar6o UJC6olrtsodmUo lrgo6.>61.x'r
o6ugoggggbtg A{'r(pou, 9 J6mOC6Oo - Adob3q,/q9.)3r30o63bUq, 3o0Jr6oXbtg, boq,o 41
Jfqp6go - lrb3.> Jc6do oELOoOUOCAtC. qg.>brq, t6ol.r34g ts3odq,3br Sggsl4gglr
blgt6or.>3<'r6ol.r<n l$go6JEUo oEbOoOUOCoob arprq'o $oq,o q.ou qrgl63oU 6dB3q34go.>6o
6619o3o. ors3oborr3uqr, 6t359q,.>t63q,.>qg 0o0qro6rd4obqs ts5tt.>bu6ol-to 3op6l6$3boL
a(t6ooo6o66o (,r Aron \Jtrr9ug3\)36ob fl]3C rbrq, BJ68otso JUrbgJ.
q.oor66rr0r N 3.29 0oq,o.>6o U3ltb3ooU tsggrfurC0r r6,rbrbJ6Jo q.oJJotoocbo,r6
20
19
18
l7
15
15
14
1.3
t.2
1l
10
i' I P I I I I
S dll O d,' \s \s \s \s.r\ \\ i i.*
f, f ""dJP p f drc olP J foauf "s f .S.f .s fod"P
$gr6o:
l-r r
j.: t6 or3 3 q' olr 3t6o363q'o 6s63o
gb6oq,o N 3.5 Ur0oorg0o c9ryo6.>6Ugbol-r 6r6c $Ur6ocbo qoJ arolo q,JtsJ63ol, 66JtsoJo
2013 $q,ob 3l qg690b6olr 0qg6er0r69o6oo
o,3l]
Xrao
<l I l-3
t-6
Gtz
t2 24
2+36 3@
47t%
1.72%
8.95%
l4 28%
r r.03%
0 99So
2 319b
.r 59.;
8 599b
8 4lob
0 599',0
o_\20r,
l TWo
2 4avo
0 009'0
3 l49o
1880o
2 67qo
3 2t%
2 620o
2 a6%
lrlC6orMollal l$go6r6Uo
o6b.io,.|nMao
A$rg3o6JbJq,o/AdoaCq,o
q66r6be6o o6b{1o{\*hao
bb3j Jri6do e€o6rELCAr
0 72%
>60
Xr6"
t2 4{J*
IfiB6
l0 52oro
49 24o/o
1940k
I t796
9 2lak
26.7 t%
O 629o
4).57o/o
41.05%
SU16aI: brCrd)o,3Cq,ol., C6cl363q,o ar6Jo
3.6.4 q'oJ3oqobolr 6rcQJBr6BoU Jelcgoooc6oo - LcR
2013 $q'ob br6Argq,obrflo Jgq,r3 AoAQoEJ6CobQr br9roq, III-olt q,o33oqgobol-t
JoCgoOoC6ooL Jrq,oMr0ff l, Jd,sBCUo. 20ta $Cq'U bqpCbr LCR--oU lsboq,ooq.o
ertUUOCbJ er AoUo (,r6CdAgJ bJbr6Jo l.,olroCaJtu, 6JO ao3q,3grpo$o (30 cgeoae0)
82
q,oJooe(')bol, 0r6o6oLr 0o0.:6o,flq,gboor ors6.>09qxrx'r3C (.J CtscCOU6 0oq6o0rtr
$r60r'r4.o66U q,r odqlgs r0 goJoU 6obpboU !B6m lr63qt<rtsoq,o opg66ogo3rgool.r,
a3grl.rgboU, ao6ogoSobaouJ (,J J(.l6o6('|q,ob l)raUrq'CbJb.
2014 $q,ob Jotr6gq' 6rb6.r6rtso o6C6ACAJ ACurbJaobo q6bgq,X6oU q-o)663og30r,
t6o0gqng g33g t CCOOabfloerE Sggs dcq,rtso. LCR-olr q-o.:69663.r 66o3363q,r'r36.rp
6)r3&Xr'rbClrCbb 36rypX6gogq, tgqrr0b3q6gq,<'rbrL, or3Ogu 6rUrorgsq,olr$o6gbgq,oo, 6ro0
olr 16 0r.rogr3l.r q,o33oqgoaol.t Cnb3ol-t f[6gq'ofubolr ol.rSor 6s6ggoggq, 6r$oqlt,
t6o6ot6o6u 0l6rq,oorrqg 3cq'qrgbgq'gbgbott 6JAJbACbol., 3o6g366t6rgor, tvrgrq,g6cqr
Or'rjOgqro qgrgo6.>6uC0ob UJ0r6bC&, 6360r qr lr\.>, 6rsU.rg q'o33oqx'rOolt t6olr3olr
339.:l-t3b3boL.>L ggt6rqqbr Sol0obu. .>0rl.tor.>6, 66dgqjuqgor6o q,oJ3oer.rbob
t636gq,ot63boU bruJu&X(lbcbcb(,re LCR-oU 0oorbog6ou .>0rnj03q99bou Bcaecb obcBacbr
$ao6er LOJAoq-J6o ertso6r6UC6ob JoCtsogo356oL (NSFR) 090p8r330.>.
3.7 lrsoJgt6rgoo 6oU3o
2013 $gq,b ltjJ(6o4xq,mU g<rxr3fuq,ar brEJaJ 0rr tucq,r 2011-2012 $q'30tso
q.o.>lrbgq,o lrro)96o9oo 6olt3gbolt b.:S3q.or0b9q.ogq,o 0ot6g6oU 6rbbot6goSqgb.:, 6,:9
6gq,ol-rb0crbb 3ofu6r0o,Jq, aJ63CAAo brsrJg64r)(, t6ol-tgbob 0st6or3ol.r Er6Bolr q,J6C6AAJj
(,r J6rCOoJrSo 6rAog6gbrb. 06o&3639og160r, 6r'lA 2014 $q'oq9r6 6w4rq,olr$o6X0gq,o.:
l.,roJC6r0oo t6oU3Xbob J$oOJq,oU 0oo,bo3630oL raoCACQCbr 3o03d6q3q,o
b.:63gbouor3olr 6.:tr3q, 2 -oU Usbr63o 1.6o64-oc663boU 33brbs6olr.rq.o.
ltcS!6rBoo t6obJ06ob rbBofntsA!0r
2013 $C(,l, q-orgojlntfubSq,o X)AC6o $q,(}cd,o aorq,o$o qrr6u3ctr6Sbott 039.>d4930.>
butrXqr 2-ol.r AobCe3oo (,Jo3q,oql Ooq,o$ 0g0r'rUr3uq,orr6 0.4 Jtqqp6ob 09rq696qrr,
oJ6bmadr8Je - 5.1 Aoq,oo6b q'rt6b.
qrrgojLot6qgr t).>ctgt6.:gcxr qoJ6J$6aoU 7,765 tsCAorhCAJ.'?' l$ts3sq,o qrr6r3rfc6ol.t
0o6gq,ob.> 667.49 q,r6oo bJ6oUrt'(86r. 2012 $3q'or.>6 tsgq.oul6gboot, bubr63o lrob$g0ol-r
ItcrJXdrgoo eJ6JJr60Cbo (0orq'o$o AJEJJ)6aCAo) QJJbq'ctCOoo 739 rorrUo q,rt6oor
rttnlr tsgdgo6gbgq,o, 619 12.5 J6sBC6OorE a3a0o6,c0.)b 6gqoub0oblr $o6.> $q,ol-t
OoErgCACbo,)b ts3qr63boo.
eoJA{6JaJ N 3.30 Aq,q'o.:6o q.o,:6,>3l669bob q.oo6$o3c
1,800,000
S 1.600,000
p r.oo.ooo
3 1,200,000
3 r,ooo,ooo
S aoo,ooo
9 600,000
f mo.ooo
0 zoo,ooo
.2013
. zo72
0
.{-"r "'ud .," "o"t.$u:-{uk*
gU!6r,l: l.rrCr6ol3Cq,crU 3dro36gqro 6.r63o
" U3a-oU ago-q-q-6.r- lry,JCf,rom Ar3qf,sr Srd'al')lq,aCflr A0('(,16 a)EB.r5bb, Itxlaq{,b o)Eb(')afxBo
orBSCECbrq,o ACOor 16 UOoq,aCa) l0 q'rr6b.
83
UroJg6lgocr q.o.r6.r3,>tr6gbo do6oorrqrrqr gojltotr4.og6.l lr4sq,r'r l-t.>b,r63cr aoaU.rtrgdrgbou
Qr rUCaC, 6rd)$CUq,$oq,JA, 3o036gogq, lr,>b.r63o 0o0Urb36r3boL bo9:63U br.bao.
lr.rgrq,o b0.r63r'r 0o0Urbgl636ott bob6Slr brto, UECrq,<'le Ur6rq,o ltbr63o
0o0Lt.rbg63b.>Uor.>6 9t6or.rqr, .>l-t963 aoooJgu UraJq.orb(x'r br6rsorSbor.>6 eJJJgtso6CbCE,
lroJSf r.;6oo qg$r3r66gbU4.
org ltoJg6rgoo 6oU3X0oU qgu6.>3669bU 0r'r3qg6ror.: 3,:g36ort6o3bolr 0obgq6oor
qgrgg('ltso, qgr6r3rtr6gbob $.oq,)tC q9oeo sreC6('lb) (AoE oJ6o qrErJr6ACOotr 3996)
JEx,OCt CSoU ar6o,3ob A(,3q)Cbr(,,r JJOC6o6oJbC &'rqgoL. l.topopoor 0X('r6g 311396o6o,:lr
(349o) 6rt63 orpq,ooob.> $r60or(,6g5b. 9rg0orq6ots6gq,o 0o6.rgg0gbo 6r6lrb3r3493b 2012
$q'ou &'l6J0cacaoL6r6, 6oqg3lr.>g bJ6c orqq,c,ot<nal o]96q9.: Jod8oq' rq6oq,U, troq'o
036q96o0 6oqrx'rq9,: Boqrr or.>qq,oorob,: ,,J6qgljXbolt 0J6oBoU" eJEJJJ6ACbot
JJOCb('l6or6o agq.oob ol.r3on 0ogqp63bo, 6xraq,Cbo0 CACOCU$oq,rA J(,r0or6Cbob,
336d<'rqg, orr6rdd6<'r0E CboU AJUeCA6xrbr/CUC6r(,eC&lbJb qg.r U.>3rq,pX0gq,o
r60J5oE0C0oL 63gLt6gq,3\,oboUr0i6 bi0r'l$3C3q, er6$rC)bCbb g.>3tsot6q.o3bs. 2013
$3q,1, boqnrqgoo 05b.>6X g6q,.>t3 aUb3oq,o 0o3q,36roru 3,:gg6r'rt6oulr Eogr o,)eq,ooc$r
(21%) $.>64<,tp66q,r. 2013 qgr 2012 $q,ou lrsoJX6sgcx't qgr6.>3rdr63boL 63q9.>t6X6.>
Orngq,Cbro,J Jr6Cbo6ogbob 0otrXq6oor dog3r6oq,or qgo.>6t6r0r N 3 30 -0o. rqb6ots6r3or,
6o0 Urjrfo3cq'olr ltcl]36r.>goo qs6r3st6556ll ox3 Lrg6or.>0o6obo 0o64g0gblr2
000r(pr6cao, aoq,or6o er6$r6bcbo, t6r0 llrjr6ol3cq,r'lao gojlnfu6br, Uacoclr$oq'Ja
or$b3gp6u8o.r b.:36orrBr'r6ousl ArB3C6Cbq,gborr6, l.trqrr6 qg.:6.>3,:660o1l g33qt.>tg 0Ub3oq,
J\)C6o6oJb rE J6e6glt30oL 0.vrsr3o t6 6rdp or.>pq,oombr $r6AoJqgAC6l.,. ory011r,
rql.r6o06u3os olrog, 6o0 UrcrJgt6rgoo qgr6s3.tft6Ool-t oJ6b(1b6o3o 0r8g53\,oor,
brg6orrtso6olro J3q,Cartso Jo63Cq' rqoboq,tC Jq,oC6OCbo, Jf)oCpOCoCbo qrs bo'bbglr
bJCAor6obot ps6r3.r66olr Jr6Cbo6or tsoCl.,o6eCbJ, fr>g l.tj.>t6or3gq'otso, eJ6JJJ6ACbol,
o6rq,lr.:trt6ol.toor. br66d6o\,r49 Uts6o 6$q,Cbor (2013 $3q,b 6c43B3q,Ar Jr6Cbo6or0
aoq,or6o qr6rJJ6acaob errbq,('lcboo 4 J6ooc6oo tsDqgaobr).
qrrr6drsau N 3 3l UrogJq,o Ao,q,oJ6o eJErJJ6bo (aoq,o$o (,rbu3r56o X6or
tu3q,96.>$9)
1,400.00
fi r,:oo.oo
,i r,ooo.oo
€r goo.oo
€? 600.00
] roo.oo
2- ,00 m
0.00
4"r
."s +"d
d od d.S:d"-.C-
$Sr6C,l: L)Cr6oACq'(.tL gt6o363q'o 0s63o
:2
aa|6s0cacaao oa3q'olrMcab Us3i5o'raotu o lrrr6ai6oabgo6cao ar6JoL (Bs) aoC6 Aor6caUq,o
$q,mCao bl{)JC6rO(r, Ar65Jrd)bCAor6 ooart6o)C6rAo 'bCAo{5o&Jq'.' JSq,CAJbo &,o0r3qor a6grq,
Joac6orcq, br6Jb aLoEe'oo aruaorboo, (oPJ60r vqr $c('ru), b,)a!o 0o6rocacbo aoq,or6o pr5,)Jr66cbol,
SCbrbCO JoACd,O.,Jq,.) 0r6JC6ol, 0oC6, oto Frd,(,SC6({,o A! 3JA(6C)A 56c)6oao'bolq,CbUq.o l.rrC6ol)rffix,lxa
lrrlEar6o8lr$o6,Cao 6r6Job ooCf,. (hnp://sw bis orglpubybcbsl60a.pdf )
84
enr66rar N 3.32 2013 $q'oll 6orqnr6o pr6r3Jf,A3bo ao3q,C6ro,r J\)CAsl6)oC6ob
Aob3(ggoo)
.J.-8.
'!f6ertr\
llqrdE 0.\'ic00
. Jqr!560!., Jt'Fqrdooadlot6ol,
. 8.,!.Jr6 $J.?CUrsUo'J &A6c0rqb
.['da.$.'!.rro.E!o.C!.n!@J(tCloqD
ll.r$O8g!.U 6{a!rE *6Y6sxq!
t%
$gr6(.): Lrd!d'o)gCq,ctb C6a|B6Cq,o A!6Jo
(,o!Af,JaJ N 3.33 2012 $q'ob ao{,or6o Qs6s3rt6630o 0<'r3q,36roJ JrOC6o6oCboU
aobCe3od)
. Jr'oB lsipo$oaJ, LSCah &!if6o
I Jq{d00... J'i.{d6c!./!.ft 6clr
.Bot J3f'o rddsJiD.rF,F[
.lDfo5"'b.rrcrarrro.d.'lr!c9!dba6.
aa kr$AJ6.l, orrArtidMNamq5
$Ur6ct: l.,rd ! 16 oB C q, all, C6clg6Uq'o b!6Jo
bot6obu g$gBCOe,Aob A16 r
b36-o gfld,JeeCbJb .>jgCal., 0ot63[, g$g3goboU 6rfr6oU g,:66qp60o Ub3rqgrUb3s
06oE369q,ogr6 3o0JobX6gU, 0ror 0ot6olr o6gd)JJO6CCOC6Uq, 6s0st6orgq,ob,:lr q.o.:
boSECl, U$$COeIbob 6960o1 69lr6o6gArur0. 3o096gogq, br63gbtso rO 0bdn3
06o&363q,o3.;6o J6o6lr6l-to 03o6ots69&nq9.>.
85
r"ro)lrc6tro6^o
rql.,r6ot6r3oJ, 6<n0 rgoix'r6lro66olt 6ob3Xbob tsg06ot(r3bolr dbdn3 06o0369q,ogc6o
6JAoXrbo 6J(,Joq,br, br6l.uJ3o6Cbc,o rlgBotr>jq'o 6oUp0olt JUo)boo. J0rUoJ6, lrr0r6Jsr
lrolroCaob UbAr UCJO(1F)Cb$C (0.>6sq,oorqg, - OCq'ClmACEoJrOor, Lro6Bo6Ar0os)
Od6('lq,m6oCao, 96X66odo6.>dr.>5gbs, g6rbl$ot66o) erA(.)Jo{.oCbuq,Cbob
6rorgrq,oufu63boor, ra bCCo('l6CboLt $r66odrqr6g6q16orsb l.tgb-oU oro6.:fld6o0q,obr
ACAJd,Cooo, 6Cq,o OgAJoo, Ao0(r,6.)l6Co0A.).
2013 $0q,b, lr.>jr6o4gq,otl 9t6o369q,0.: br6Jar arratucq,r 3o09t6oogq'o b.)63cbou
Ub34grbb3r J60rE)oAACboU get60g00o 330r3.>q,o 3o6r60gbob/o6gcrt6SrgooU bot3u6ob
636o$03br. 6r6bcrt6go3gqrr .r66.r6o66303bou 6r$oq,ol, ACOrq,U6o .r6sq,o'bog, Ocor Bo6ob
erJr3aof,Cbuq,o l$o63o6619o<'r LotOCacboU r!.oa]3J0u6('lbour q.or br6oUbot
o6rq,lr.>tdnbootg. J,>t6rq,gq1gd4.o, 9t6og6grq,o 0.>63o gpt6.4gqgbrU rjg6U 3o0366ogq,o
br633bol.r l.$o6got60)0o<1 Lol.,OCaCbol., JOO('lAJOotJOoolrr q.or 3odJq,3f,Ugt(r<'rboU qgo63b.
sql.rs6o36.>3or, t6o0 br6JCMJ rA AoAJ6opJq,C0o@ JUOoq,CbE JCQ Ubqr 6rAslgerb bror6reo
CrSbgtrrUo qgr br6rgoo)r6(,6 C$. erAbA$,C rJO(8CAo (rqgraoJ6u6o JrJoOrq'oL
ACUrbrAoUre Ar6goou6gbr) bso6got60r6om 63j6oq,o6o3bob 0o0rt6orgq'30oo.
3,8 J)Jo$rq,ol.,J(,CJgJOU61';br
l)Jj.>r6ogq,<'r brbJbJo ljouocor 2013 $q.,lr boq'<'rUror3ol.t o6r6fig6gbl.r
JrSoorq,o'bJomu arqrq' qm63b. JofSCq,rAr, J$oOJq,oU 3o99o3o366o 13 Jdx'tOC60U
rlrf)bCbu, b(lq'('l trctXpr0b3qggq'<'r JrJoOrq,oU 3o39o3o366o 17.2 J6o0C6OL re$CaL,
66 trx&{lr J$oorq'ob ral$roUd,oaot 0o6o0rqpt5 aoo,bo3fuotrg tsobaraol.trqg 5 qgr
5.2 J6oOC6Ooo, aCoor. rAeC6rA, a.:q,rq,or 0vrr6qo q,69t6oaolj 3o39o9o966o9
Q$ooreo^Co.acborr6), 6xT aq'ob 06o0369qtrbs 16.8 J6,(1oc6OU sq$33b, boq'o a.rprqo
q,o33oq.ogrrx'r6olr 610o $6o6q.> U3UbSaoU 3$oODq'orE oD65tsr6,(mbs 3 35-U s6 rlrd$Xbtt.
rl.,CAC Jo)$oOoUC)Jqq r6ou ACBJLCbCE o 3$oorq,ou $r6q.ooL rngUgdrU3bo, 6('l0('t60
rjo(x'l6C6or l-rodq'o36oU, rlrmc aoabcboJ6oooU 3gorboor. raruoJ6, 6(18ct60 scaoo)
rqo6o66.>, b.r$gq, IVIII-ob e56C6AgoU tsrf)bq,Cb0o Ugl6<n aCOo rC0C6Oo brJCo,QCbr
CJ(,6cl0 oJU6o J$loorq'ob 03grl4b.>t3.
(orA6)AJ N 3.34 3$oorq'ou r(,CBroudx"bol, J('lCEoOoCbOCoo
20%
18%
16%
14%
l2%
r0%
6%
6%
4%
2%
o%
i$+o
6!.ry".ryf
-
Jor,BJqreo J$i1opqh (.81)
l-r, q.&\)o
g6o36pq,o b.>63o
-,I
$gr16m: l.,rCr6oOCq,olt
\.9
6,C
.,*
bltCarabJ(BJq{ J$oOJq,o bl2)
qrtsooo
-J32dr
.s
e+
86
3.9 0r36e8{5gqg366ogq,o6o11396o
reur6otsErgoJ, Froo U3O-o U06iq,eCboo B3o6egAJ Uol.,OCA!6o t6ol.r350ol.r otr3or
aJBgC6Cbq'C0t', 6o0gq'olg 33odq,3Os Ar$C6orq"36,o 6.>3q16.: ojo6oo6 Uc0r63o
bobOCArtC. boUOCA!6o 6oUJCboU o(,C6ootsogo690r qgu A(')6oO(.)6oEAo dor6oorrqrrqr
orXaXaolr 0obXq6oo l$ggorq,ob3bgq, l0UgCbAo bof)OoCq'(,Cbr. oeC6ootso0o6Cbuq,o
66ots369q,o3.:6o t6oU3g0ob EXttbgb bqgO.> o0 6r53XboU Oobogotrro6ao, 6eracq,otJ
O.oCOCq" lroU6CaUSo 6oU3obrqr0o l.,oUUbOC ArrB6oro. .:ll3on t6oU39bob 6r$oq,oL
tsXllbSb o6godfrgor 0ogg0gq,os $o6r0q,CAr6,g r6brf)o8ob btlJrerub3J bCdOoJAo
(6,:6uq,ooruqg, - ttOE,cLOcUOcbo, Urorq'o UJJd)cqgoo(j 6ol-t33bo, LroJ36rgocr frol-t3gbo).
rUCaC lrrgU6J(,e0bor, 6(,A tso6r6uUdr, 6oUg0ol.t q9.> 0r36oJ6Uq,C6O.pJq'o Jc{'oOoJoU
0.)buotsoq,Cbou 0o96 bq.ogos bO6,CU OCLOCboU do6oorrqro JJ6,)ACO6C0oU tsgagtsrmb.:,
6o0q,X0og og3q,Xbs bo6,rq.orqg go6o0o3rtso qo rL63 g.>q,62q, U3J$r'rtcr6o 0o0qo6r69
Oc5ec6oocboL trogrq'oU$o630oor. 6r5oq,oorrqg' glo6o0o3ob 6.>q9.>b3636ob 330ob93.:tso
0r'ro0.>$gbtr fldJ-<,L U6t63Ugq,o 3r6Q6oU ArB3CECbCq,o. r6Jq,oboU6r(, 5d6u3o jofuaolr
brtrroL 690olt4g9$o. s0 0b6o3 lDUU6rG,ec&D, 16o0 0o0qgo6r63 COJJbC UCb-o
gUf)reeCboo s33o6qgbr 3o0gt6gogq,o gdt6sgo jo6SboU bCdOo6U, 6Cl.,rdq,o 3J6bo
ao$oq.oXboU st6l-r3bcrbotr 6r6oLrgqpbrp. tUCaC ACloArOCbU 6r63q,ooro 33t6Uol.r
AJCtsTUUd)CboU tr$t(6Ugq,o 0J835fu03q'o, og 33o6o06501 643q'ooto 336ltoL
J6JAeb6Jeo AJAUT6CAT. o,Jgoborgr(r, JAJ oC oa U$6rghL 0r$S6orq,otrgbolt
636obg3r0o, AobeCbJ Jr6rACo{6g6olr 6rq.orb3q6r UrSot6ol$otrx'r, 3306o63boU,
6o0rt6orgq,gboo.
6i3t6edfrgq9366ogq'o o6(r,Jrocl6C6ou Jud,boq,, rbCEC 5.:6o119o9o.: bl'bgq,ol.t
09onqmq,<.r5ooor 6s;66s6o33bgq'o UgUbgoo/fiF-ors6 65Jo. $ 6b6o3, U.:ggt6rqgq3bo.;
$q,ob 6u60r3qrnbr6o g3o6o0o3gt6 JC0o3marborb aJQJ6Cbocr,,2013 $q,ol-t 05oorb3
$rf,OJq,ao a$6c(r,6cbol., arerq,o 'bltqoJ' 66 Jor)36gogt6.>qp lrJJf)cQooo ooJq,ob
CgJ$UCbrU Aor6ots6Cbu. orr8obo,rgxg 06ots363q,o3r6or r0 qgr bb3.> o6qgo3r$o63bob
3rn0Jq,Xjbg6o r6rq,o$o. UCo-o o6636ltogt<rrq qu33o6qg3br Ja ab6o3 oEeoJrOo6CboL
030q6o0 qgo6s0o3rt qor l.,J3of)r'lCbob 030orb333.>tso JCOoCF)JQ rr0oCACQCbtt
613t6oJ(9q666o9q, oEU06UACSOCbU.
qnr66$.> N 3.35 trSltbSbolt fld,I-Uor6 orr6rgr6Qobob ACJo
45
40%
35%
30%
25%
20x
r5%
10%
596
0,(
L
"r*
uf' "+* "*8 "s$
"S
..f
"d
#s
J ..f "d "** no* .+o
-!Jbb30o/66J
0JEJo
$9561cl: brCr6o,3Cq'clb C6c|86!q'o
-OcEAC6o-
"+p
oss uro
87
B.>6.>t6oro N 3 lr.:$Xq.orabCe3pq,o
lr66Ct -O9l.6gbol-t Ogomqx'rqo5or
b.>63gbolrto3oU
66ots369q'<'rgs6ou o0 bOCErdrCAob! (D SobJ-tsJCOo6Cool, 6!Ao3q,36r qg.) aCtsrl,Cbr,
6<'r0gq'orrg 0gpdgo.> 6.>3q'96t Asribqrr6<'rU 6s63oU go6.>6U96 6qr66rqmbrtg.
331$br0olDq.o, 6r6JAr f,C00q,J60q,sq.o g64ps r$rd,aoctL UO6CU OCbOCbo Ar
0r6oboqr$ ACq,CMbo tgq.o$b3qgggq'orr6. re6o063q,o, .>U6g 06o3363qo3,>6 6oqrlt
ACDLf,gq'CEfr brtCq IVIII aohqBo(I) l$$CN,$fuq6gq'<n 6,:6boqgAoL qr6oL br63olj
Ao(.or JJJoOrq,ob reABrOC6('lboU ACtsrUCboLrb.
0o0C0gq,o 0Coxrc.ogt6o ltfuq,0dq3.>63q,r'r 0r6arf,Or3b J6o6OoJXbU qr.> .>q$Xt6U o0
M.mo)Je Ao6ofu{pJ6 Brd)8olt, t6o0q,oor6 g6qr obgq,odq3$gqxqtt 0r6JAr bod,Ct
oCLoCaoL Br0D6C6ot ib.
lrO6,CU OCLOo U6AJ Er0r6qo0b Aoq,or6Jqr br63oU q9o69b9 (Enterprise-level stress)
er Aelbqo3b br6Job Ao,q'or6 go6r6bgdr 0q6o0r63crb.>tg bb3.:q.o.rl-tb3s tso3ol.rs 4-os
0rourr6 5l6oro36op.>3s33o69bgq'o g35j6oL tsX6.>U96r' 0r6rq'oor.rqg, 0.>36o
&'lJCboL orOq,CEr UJJ6CQoOC) t6oU3t3, q'o$oqgobr$3, 6o0536or6obr$C. iJCaC,
6rggqooo 3gt6lroU gqoq,gbotr bgC6.vr,oL tsCtsJbCAoU qrt6crU 6ro5rq,ol.tfu630gq,rl
U6er oCErU adm gg9j6o br6Jolj 6rqr6bol, areJtsruCbrtC Q$rbt6<n t6ob3o),
rCOogCboU br6olrb9sC OrJE,CqooOo 6ol-rJo), BrEqoCbCq,CACboL J('lOCEr6OCbbC
(q,o3goq.oobol.,/tso6eol6gboU droU3o) qg.r UU3s.
UO)OolrOoJC6o o6gcrt6argoolr qrbsq,o b.fnUbol-t 5,>atr, .>bg6g, l.,Of)gb
OCll$C0obro3ob Uts6rn ACOre AelAJOrq,bC od)oCS6of,Cq3q,o bruoroou 0olDg36rqr,
LOd,Cl, OCLOCbol., do6oorrqgo 6J$oq,o, f,raAC6Jerg glr 691-t.rdq,90gq,o.r, g6qrr
BJ0D6ACU gt6u6Srj6ooU qmEgtrg (Transaction level stress). ao$Ogq,o aCo)(q(r,
6gq,ol-tMobb 33o6o0o3g6o Ji6,)ACO6,Cbob oSq,(ryCbolj ts$996{g 0t SUb3bE oU
br(,i0beCq,Ubr6or6obolr flggrbgbrU, 6ob Urggd$q,$gg g6qr.: OobpXU floqgbggo
33ag690olt r6l6g6otfu0r er o6OCA6ro6C0r 0orq'o.>6rq 0r63oU qm63tg
6;6bod6oXq,Xbgq, lro6Cl, OClrotso.
L06)CL OCLOCAo g6qrr aoogrgq.ogb Xp6o0o3pdro birorq,ol, UoU0CAU6o eJ
lrcdoof,.,JE o 06ofu6gq,o6olt tsoJcblj> qrs oqrxrlto63dr;ggq, 0o3qt6cbu, fro03q,ot
&AqlCbrg 6JbJ'bC AJOC6orq-J6oJ. g6opr6trpq,sqr Urer oj6.rlr
Sro8rq,ou$o6CbUq,o 6c}6o69 qrsq.ogboor.>qg 3odroq,oCporqrr, slrggg ob Eo3g6o,
6x.r03qot g6o4*6r'rgq,o 0obql36r 16 utrob 6rtut(ro6bgq'o. glr .>ti 6gqolrb0obU ,
6(')A b!6JA! Cf,orq,6e)0q,rc. C6(D bJUdq'('ll., gg3q,.: 3o3b. r0 tso3c0olr6oU
reCdOJOU6o JrJoOrq,oU A(')OUq,mAJ qrroo3oqgSbpq,o oj69b.> oa.:bg, org tvr,:
6oolbo363blt q.o.:i$gbgbb Ugb-o 3o6g66o3qgt6o pr 3o6l46gr0oou 0UgCd,CboUoAob,
b.r63olt 6b6x4r.r6 \)O0ttgg ljoouD0ortso ADArocAo('r, 3$ogrqoLr aotoqgolr
03brdqtgbq,o0rb3. Darbo,r6, l.,O6Cl-Eq,o lrg36rt6ob 6rf)$Cgq,o 6.>$oq'o[ro4o!
0glrsdq'or 0olr,:qgbo ogoU Urtgqg.>0bgq66go 3rJo6sq,ol-r 0o6o0.rqp6o 6.:B396gbqotr
qqgr, boq,o 0oq,or6o L0C6J6obJ oL Abcrq'oq.o 6sqr.r\nbg6rd,o)&r6r.
$gaoor, rjgq3boLr (,J 6r6CUrbJE J6llo 0ogq,36gbol_rorgoU $.>60oqr6g6ogor olr
C6o6grd)o8i6o JrOCAod)oCbo, U.>qrrg grq,Jcgq,.:q g6a.o.: 0obq6U ligrfulrSq,o
166.>t6oU'b96.>3q'36oU ACBrlrCAr. rlr6C 6<,r6g6gq,o.> 3sg36or6oottor3o!
6,Cq,Car6OU6o l636.rdrob JJ6raCO6CAo. \yer$ OClrOCboU dor6oor.>qn
J6oOCF)oUACboer6 6Jq,JbgCa.) br6JAJ C6(t 0gco.>6b0oU U3b-or$.
do6oorrqn bOdrCUUq,o lr6g6.:dro &,rog.:3lr 0CAq00 Jr6rACOf)CAU: OOJ
qr 0ol_ro
88
llDgbq,U6r'r JUE)bo, IdF)rBo j<'r6gbob gstt3bo, ItrJ6sr0C6Oo bJ6JJBCqrCbo (,r
U,:Urjo6q,o J6oq.ogigSboU gJucbo, UCCOerF)lq,o 6obJcbo (or JUCaC UbgrqQrbbgr
j69$rtso 6o6cr0o3U6o J6ruorboq,U6obr uE br3uJt6r'r b.:t6og6gbo.
eJAJOCaoo, 6c630,> g6q.or 6s6o;3q'o6r.rU aoUor3otr lrJXgogo3u6o grCOoF)C6o,
t6<'r03q,or,r Gjq,oq,Cbr 06o3363q,o3,r8 9,r3q16.>lr ojo6ogbtt gobrEUC6)
6q,5o0.>6r3obs'b3. 0,r6sq,oorrqg, l)J0r63o 3oq'qro66ou LrJ6CeoO(9 6CoOoEAoL
erC3CooCbr, 0CAcrUrAq,CboU 0bt6o3 6c6rg3pq' Jt5oqgpjg3atg 3o66369t!4ou,
tio03q,or6 L,O6cU Ocbocaob 8168(') 16 tsr6rab q.or bb3r prarggbooo tsrCoo6cbo,
dm0Xq,or 0o016o1 6s63o ar0C6)orqt6rqo 066d6obort6g.r. br6JAJ bJEbJboqBCq,Jq,
p6q.or $r60orp6obr.rl.r dot6oorrqro LO6CUUq,o Jrd)r0CO6C6ooJ (,J br63ott
UJggogo3g6o grj6o6Sbolr U663lnU 6ro6rq,olr$o69boor 0oqg63q,o 0gq9g6gbo.
l.,O6Cb OCljOol, do6ooJeo Jr6JACO6Cbo:
. 0orq,or6o 8oe.> J6r.lqUC0oL tsCA0o6Cbr;
r brb.rj<r6qo Jt6oeUCOCbtC grbXbol.t ts309ot630r (Commodity - ('tCdx'l, (Qr
uhr);
. C6oB6UE o B,)q'UOob b)Utsrb36Cbr;
e gd6r3o jofuboL tsruCboll 0C0Ood)Cbr;
. UrJ6(,oc6o(,l b)6JJg0ocboL t6er;
r qgrbjaSbgq'orrt6rclqQ06ctboUtsc0oo6cbJ;
. ArlrrCACbUE olr Ag0r'itr3qlboU 0g0got6g0r;
. bhr.
LO6CL OCUOCboU 0otr606otrorgotr brbJbJo oEbOoOUOob rCOoOCbo er
6rt(rgbiq,s6l.rg6o 6gbq,gbo g6qgr qgrogou tsCAeCb JroC6o6oCbre:
l.Jo6Jo6rOoUEo Jr.r66g3q,o (bbrq,r6Lgr, 5.rt6X[rb.rqrr6Uo)
o6qpo3oq.ogsq-36rqr tsgltgrtr3b3q,o ;
2.3r.r6Jo6r6ogq,o (,r
03o53,tur03uq,o,h6)OtsCq)o (brbrq,r6uo,
6r63ltrbrq,r6lro) - 65686oo 03l1gr!3bXq,o;
3. bJorq,o Jo6otsCq,o (lt,>b.>q,$Lto, 6r631$buq,r6lro) - tgtiBs3oor o6 lrb3.:qrrLrb3,r
0oqg3q,ob brtsprq,gboo tsXlrug.rtrgb3q,o;
4. 3ojlto63bgq,o ,:Joo3Cbo - BC6obr-6raC0sl0Jbo, 0o$r;
5. q.orltr3gor636gq,o jo69br - tsX6obr-6r6gbobg6o, ao$u
6. bbgr rjgogbo;
7. o633116ogo3bo rt<rrlDgo6$lro 3o0Jr6o3btso;
8. o639U6ogogbo Lrgo6r6Lo 3o0Jr6o3b0o;
9. q'oJ3opg6o,>j6o3g6o, 6r63orrtso5oUou EJ(,gq)oo;
10. Lb3r 5u63b,>q.:6bgfro Ogbq,gbo.
6b6roq'6o $rr60oq.oAC6oq'or bOd)CL OCUOCbolj do6oo,r(,o Jr6,JACO6Cbo
,rj6qgbobc p,> 6rt(r3uJbrq,!6uo AUbq,CboL AobC(Boo.
j330oo $.u60rnqp5g6oqroU 6r5qt, b.r630s o6qgo3opg.rqrg6.>p g6q.o.r 6oubqgo6nl_r
olrgoro rvrol.r3gboLr oeCEOotsoOo6CAr q,J AroltC lrO6CUCbob BJOr6C6J, 6r'r0Cq,oJ
0o0r6orug aouo ,rJgo3gbo (,r 0J6CUr0rq,rEUo agbq'gbo 056d6obo.r6gr ,rj6ogbob
qp.:6Bg6oqo brAo jroC6o6ooLo3oU (,,Ub3r )CO%Cbo,,, ,,q,oJ3o(86)o rCOoBCbo,
br6Jortso6ouou Bro,3q,oor", ,,1_rb3r 6,>r63b.>q,r6t.ryr6o agbq,gbo..). Lgr5gL ggtr6o g6q.o,r
8rgrt6q6U brEJoU eobJF)C6ooor q.o,r 03omq.ooq,o6ooor, 6r.:6
$o6lb$,:6r g6qr
ACo)rEbA(,CI, UCb-cDr6.
u9
&q66ggqrl 0rc6!q'r6to, 6r6C[ubiq'r6brn)
Jcl6Jel6.rOo"Jq,o
o6Ao3(rA,CDqrg6lA ACUiS$Cbcqn
0u63o 3rq,qrgbgq,or rq6o06gq,o Joboooou fucE a('ljCoo('lu ur'bcc.orabcqo8cq,el
J$oo)q'ol, lolo-$C aCOo gJqAC&Jq,CoCoob 0jo6g abgl$Xfuq,o Xb0tsCbo.
or)o,('l00q,o XbUtso U6AJ eDCfuCoACor6x"lj o6(r/3o(t3rq-J6 B3gslrXboU.
Jo6Jc{650rrJqb, ago6C A'r lrr&J6qo Jcx(,OECq|(, G!6rq,t6lJd,r 0!6Cu$Jq,rdj4r)
- Eg6EAoo, Oglrrg,irCe;q'o
l$tSquabgq6gq'o J$ooiq,ob 1%-$C 6$q'Cao gJq,ACbCe,CbCAob ACcl6C
abgbbS\pbolt 0ggsLgboltU JJCAC 6rAr.tUCECbUq,o g6qgr oj6rb oEqogoqrycq,gdn
BCtsJt COoU J6JCOoJr, org0gr ts3683golt 0gor<,r(x'rq'o6ooor.
ttsOlqrr Jc6OBCq,o (lt$sq,r8xq e$Clt$,rq,!nx,r) - dgf,88oo ,:6 UbglQ'rlrb0s
&rAN{f, b$goq,C0oo, ECblBrUChqr, - br6rqxr brJ6C(r,Oo Jo6OtsCq,oU LO6CL
OCUOCooU 0ot6gbol$o6oU tsggrtrgoobrU Aro(,gCECbCq,o 36q.or oj6.>U 336B6oU
03ox'rqxrq{r6o,> q.or B3dtB3Oq'o UglrbCoou o6qr6oql9sq36.rqr 030o$63bob 0oqp6o0s.
br630r p6qgr gt6g639qgoU Jo6OtsCq'oU BJAq,J C6ol6gJ6ogr6 Jr6C6r'tdxl5brQ
qoJ Aelrber)b('lb Jo66ggq,ol.t dotrroor{.oo 3rB3963bq'9bob (06. PII, LTv, 6UgUbg59q,or
C.orgogr tsC6ourgq,ol-r Ooggq,obX0ob 0ofuq6nor) Ar6J$oq,CAr. 6$bstq3t6oU
bof,Clrob ACAACA do6ootqn Ar83CFC0q,C0ol, q()AoOCAo, 6o0gq,o0 0J3q,C6.)U
0o.rbqr36b l-rgLrbou 3q,rbogo3rgou$X. rq6o06gq,o q,oaooCbo 56qQr 03orr6b0(El,
b.r63oli tgqg$Qq.o3xq,o,r6 Jarbor6, lDoJqx'r Jr'l6o3'c('ao 0<'rb35qr6roq,o b3ltb90o'
dxdq,Col.,r0 qortsJdBou $g.fxn 6srB6oc bot6gUopr6, UOd,Clj OCLOC0oI)
AobECboUJo,Oob r6rq,otu q.orCCaCAqgCbJ6Cbr Js6Jo6roouq'o AUCbbCbq,CboU
c6.:qn6og6.:qr. tsggrUgboU p6U$.>gbgq,o 0oqo6o6oLt 6ogbgq.o,>3,>9, 0b6.:glto
U9U\0o qt6figb.> 0Sbrbraou J\)C0of,or0o.
ohCuorcoC8o lsgo6.:6uo J(,lAJS6()c0l'(, lritso5r6l)(') 3oaJr6qato v6Lg&3qn
o639bgo6ogboU lrO6CUoU Aot6C0ouro4oU tsgg.>ltXbolrlr, 6,>or3,>qroL$o6gbgqo g6qg,>
oC6.)U tsobJbuUd,o o6lrOoOUOCbob UJCOotsoJrOor.
q,oiBo(rodx, Jd€fAC6o, Or63ort6ctOoUar B5oroqr,o,
re6ots6uq,o JrOCAo6or
Ooog.:3u 0.rqrq,q,o33oqr96 rC0ogcbt, ojbxO.> glt trutrutoEo qrr lrb3r 9.>lro16o
-
-
CrqJgACA", ory br63oD0o6ol.n 616or>91403Ao 6,CtoAC6O Ai r{t r6CboACEd
bbr63o o6lgogggSbtso.
tttBt 0.@)q,JElrU6o oubq|C&, - rq6oa6Uq,o JrOC0sr6oJ0o do6oor,:9tp
0<'rj6ggq,o,> go6r6Ugdo o6gdrg036gg0o: gqCBCd,l.,C0o, gorr4r6q.o30o, U3oJ30o,
o99oo696o, bCJUd)oOoto6C0Uq' oEUO6CaCEOCbo)JE erJJBAo6CbUq'o
Arq'qgCOUq,CbCbo qor Lbgr br6C0rq,r6uu6o AUbq,CAo, 6o0qrgbog 16 at'rb3qol
Jo6gq' lt6 3q5g5o6o.rtso.
tr06CU oCUOCoob UOC5.)6o1., 3o0JoEC6OCbo Ar Jr6r0CO6Cbo 83o63qr50,>
to6.rqrcqr g3oft'r0o3rlr.> qgr 3o63rrg6gq, Ugjgo6tso, UrUrjo6q,o 6rt6CbtC
U 0rU$r0o
3.10 Oo0b0rtvr3bgq,orr ggql0gboU qr63t
2013 $Cq,o UJo6OC6Cbo qgr 66ots36gqx,r3s6o ogo 0o0b0.:6903q,or ggqrg6g0ob qDlgotr
6odr{ruryq,3boor. Urbr6Jo bCCOel6Ao 3go6o0fu&,rqr g36<.og6goJ, 6o0 0o0b0r6g6gq,or,:
oEOCflCUCbob 6rogrq,ol_r$o63b.>b 996o 0ggo gg6r.>qrqgbr gofo0r,rqr.r. .:1.rX33,
0o6b0rt63b3q'or.> 9o6,:61196o 6.r6rorq1boU qx,r6otr .:0rqqrg6olr
3goboo,
6i6bo66qq,g&3go qo6obdoXfuOo 3o0gr6gogqo 6J6Jr6oLro4ol.,
Jobo6or.r6o6Xbotr g6or-C6o bC6JCOre oCor.
3o633re466gq,o
90
6J6eJ tCAore6oB6gq'obr, AmaMr6Cbq'CboL ab6oq,r6 0oqgbgq,0s o6gotvr0rgot0
3o09drgo3qr bJEJC6C')JE 36osp go6.r6bg6o bub6ob 0r't6.:$oqrx Lb3.: ltugo6u6lx'r
o6bOoOUOCboU 6o0b0,>636Xq,orr UtsqCbCaol, qr.43otr 3go)boor 636gq,o6Xbou
llolot6o3bsg gbrqryo.
2011 $q,ol-t o36otto - 2013 $q,ou ACJC0b6ol, Jgl6o<rq-otso Ar6JC60o UUql psgojl.h6q-o.t
3,t66 Jd)COC6$oJ, U.:oq9$4 qa.l6qgg 6r6boqPJq'or6.;6 42 Jt(qp6go b.>6660,:
lrrtsUdgq,or6rqg 6ooB6qU qgr 6odb0.>630q,olr ltl-tctrr6g\'oqr b,)q9J0ggoocL, boqx'r 58
J6<'loc60o gbrggd3q,o rq0o864-os. r0suorc6, .:gUr6o06J3or' 6rra [,JtsUd3q,oJ6o
Jd)Co06toCbol., $oq,ou ts30go6g0ot, OCEAC60oD 2012 $q'ob 0b6r3l-tuq9 2013 $3q0og
ts36.>6836q.o.>. re6ots6Uq'o 0os6o065bl.t 0efb0r63fuq,orr Jtrt3636tqboU 65p36.rqr
6o0Urbgt6xbou
3o6X6gogq,o 0i6gbolt 0q6 oq36$ogo6or63bgq:o OcC6o356o
qrtlogqt.>p
.;q,0og$t6r'b3.
b.rt6oltboU 0bt6c6 l6b3bq,o bsdBCtCooL
pr
qor6t6r0r N 3.36 3o0C60o0q, br6J0btso C9rgojl-totrtgbgq,o Jt6X$Xbi:o3bo, 6o09q,or.r
6.r6boqj.> qgJfryq,Xbgqmr (og3aoL 6otpq.o3oor)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
016
. br6Jrbob AoC6 0o86Crq, oCEr lr€Cqq'(,r6,ra r br6JCbob AoC6 AoE6CC(' oCEr UUrtsUdB('a)A
Sg,)d,(',: lrrjJd)o,gCq'('ll, C6ctAEUq'o brEJo
qnr6t6r0r N 3.37 3eragtfuogqt 6r64b0o qrgoCuod)CoUq,o J6C0C6$oCAo, 6o0Cq,oDr
6r6boq3i qgcltdtgq,gbgq'o,> ($q,0bob aobgq,3oo)
100%
E0%
60%
40%
20%
o*
2011.
20t2
2013
. Ar6JCaob AoC'9 a(a6Cu(' oC6r ULrErfuqx'l(p
.8r6JC6oU &'c(6 ao86ffq' oC6r lrr8odBe,o$rA
SUrl6ar lrrdr6ogCq,orl, C6r'rOEUqro aJbJo
91
2013 Sgq,l.r gtrxn36gq,o br63oU 0o0b0.r6303qor ggq,C0C6oU q.osg3oU 5rEgogoq,gbstso
$o6s $3q,ot6 AJ(or6C6o(,, oos,CAoU 2.5-XC5 ACOo &t COCEtor 030r'r3oqgc. Ugq,
elgoCboF)eJ 807 J6COCEboi, 6oA0q'o)rbJ6 g0t6r3q'3ttmb.> 587 (73o/o) OCq,Cts(.)bocr)
pugojlrotr4.or, lol-AJ aoObAr6CbCq'Ar (13%) Cq)CCO6oEUq,o $')booo 0o33616ror:,
AogoeCo, T6 $CO"q" (9'a), b<rq,m 43 6o0b0.r6gb9q,o (5%) Jo6JeJe A3CbOCa6r. 2013
$gq,L sLSgX 6r66rd3q,q.or 0o0b0,>t6gbgq,o,> 0og6 qgugojln6gbUq,o J6COCEtoCboU
-
8ol.|Jbroolt gobubUg6 obljooouoCbor6 AJ Cdx'lg6gq,o b$3oU Ub3r t Od,.Jd0U6,Cq,
g6o5gq,g0orr6 ACODSU6JA 6,>6boqjoll er
0o0b0r6pbgq,or$ 090q.o6o0o
3o0g6o3sgoolr JdrrjOoJJ aJo,ogou Jgrq,ogogo.gt6o 3o6Lrgq,gs6oolr 6r$X3oU 6o9:6oor.
Lrrju6o6q,olr $6o3fuq,o br63ou 0o3t6 20ll $gq'U 090oq3&gq,o tt3bboL $o6U$fu4,:q9
(,Jg)6BoU Lr,s3oaolroolr 6,>jln0rq56n, 2 J6eBC60oJ6o EoAoOo, 8r6QJ 3o655gogq,o
b.r633bol$, JUCaC brBE)gCq,eJ AoJ6oUrtso6J6Uo o66r6oi5r0oCbi5C0 tsgbsbr0ouuq.o, Orqrq'o
3o63363fuoo1 Jo6(.laCbtso, Uts6('l aCO 0o0b0rd60gq,lr 0o30,) Urtsgrq,Cb,) 6.)3q,Cbo
q.o$rbr6aoor 333g3.>q,.> aoal,Jbgfrg go6sblrg6o o6U$o$g$o q.ou gurt66gbq,r 0olr6ott
ggt6o oourq3bo brJ6C(,o6('l Jt6oqpgj6oor. tsgUsbsaoUrqQ, oAror Jd,COCEtoCboU
0X0o,b3c6b04.
0odb0rt6gbgq,ori ggq,3b3bou qr43ob 0ot6oor Ugb qg$r6gboor 0o6o6ot6o66U g$93q9.>
()J 8r6oboq,r3(,J oU3or Us3oot3blr, 6x'r03q,og qD3.>33ot(r363q,o ogo 2011 $0q,U
r0oj63qgc0gq,o ,,trbr6Jo aoabrbcf)3boU 6.>$6oUrb 0odb0.:t63bq,oUso6oU rggoq,SbXq,o
o6got66rgoolt 6o$oqggbol-r $XUoU" ttrg6gq'odrgbolr Ug3Solt 6ul63o udirgbgq, o409borr6:
Srq,cdoL 0rQJa(Bq'cq'o Jg6ioca., qg.> aJor bo$631-t J6rCOoJr; bJ$r6tc a(,CacGn
rt6.:1.r0.>63o gobrbLrgf)o Borargq,Cao, 6o0q'3bog rb$,g6gb lDbU5Sbob oo'boq.o3)U LJOrq,o
b,rtrt6b3; 06o69 ooggq'oboL L3l$3bob fu.$. payday toans) 6$.>66o33bggo $3lroo; qr
CSCC06,.BCS" rt6fu0oor aoa$oqggbgqo 3o0Jr6ogbob 0ols6gL Jt6rj6o3r qg.r bb3r.
cq6ots6gq,o 0o6o6r'rt6o56olr J6oggllo Lrtsgrq,3brL odq,33s oqp66ogogo6gbgq, oj6rL
go6rbbgt6o U&lO(')6Ao 0oAbAr6CbCq,@J Utsq,CbC&,t qg.>g3olr 8r6Br.ru 6gdqr6o0o
erboC$oltr er 0r63oo,r6Cbou AoArf)or"Jq,CbCAo.
Ab('lE(^,(x r @rtoa3ob ogq!
2013 $q,oL ctioctab0f,tso ljJCr6o8C(,(,0o UJgg 0gcrt6gqg rqo6o66.> oueltsE o(') erboo3ol.,
qoeC, 6oACq,UJO 1t36.>oqg qgoqro ol.t6otio,> rj3U qlr OlrogqooU 06r3.:q, j6gr6r6o
bbgrprU\.: et'rboldoC0oor 1925 $q,oq$ reo6ots6C0r. qo6o[doX0.;tso $q,Jg rC0oU6Je
0o6r$oq,gcrbp6X6 3r'rOgfrgopq,o b.:666o. g6o-36on o60r6ot)Oof)ol, - ts366.>b6q,o
b.>639bolr go6q-oo ll;X6orr8o6oUo o.>6,:ddt6o0qo0oUo4olr gtsgrq,o 0o6,:$oq,gcrboor
tsXoj06.r qrr66x'69bou JUe,OU6,obJ(6o 6odq36oq,o rbrq'o 3oqrgo66oq,o a[sltsq'o11
qtt<'r63oL qgqoU Jr6o:gq,o lro0boq,oU - 6t6o3o.:b 0o6r$oq,goboor, ,>Lr6g, LJggo.>qrg6o
gb-63g6qn www.grovia.com.ge , t6o0Xq,Sg6 6.>6or.:3trqgr o69o6016o,: 6el6a+rg gtsg.rq,oq.o
OUogq,oo Cgrtx'r&3ob AeCUoJb erJrgtsorr)Cboo, rbCEC t rbJ6Jo J6rreUCOCbtrC,
Oo6brbgt6Sbgbllr pr, $o6rqg.>qg, Or.r0tf u6r3b3q,or ggq'3bXbt3.
OUoggoo erto63oL qpoU gm3Xq,[q,ogr6,:qr rq6o836oU O6reo3ooL qrrO33oqfrgb.:
go6sblrgt6o Ual6r.rr6obp0o Oolt\,Xobolr 6qo0oU r0sqq,SboU qrr go6r6Ug6o
6cEroq:gboU b3q'03$gr.r6olr gdror-916oro l$0g,>q,9br.:.
O3q,rtoArEr330ooJ6o UCl.,bCAo
2013 $q,oL 6,>60,r3q,o6.rtso 3oOgfrgogqr0.> brEJCbAr JCOoU6rqg qrro$61_r
0ggt6.>36r6.:333omc6o oJ('Io,&lu6o J6,CAoOCA.iJ
6sg30.:, r6o0qrolr 6oAo6ql6ro
LrJ6,sBC60o 6c6r33goro 0o60gqlo.> UC6-oU ar'r6COD6)Cq,o Jmq,oOoJoL
6,>6s33gor$f q.or
og3q,gbr.:0 gu6,rlr36gq,ol.r 6q,oq10ct-rorr6
C6o,r(g.
92
Ogq)r(Q0rbJ3g0oor6o UCbboU BCaobgCArao br6Jo AJ AbCLbCbCq)o orbboeCoor6 Cp!
b3q,39t63q16,>0o rgojLot69b96 bro6qrgibrooo lr,>J6o6366r'r arbr$CoL (03q,reo
Br6rJ3Coo) eJ,,Ar6Jo[i 6.:6s33goit' (gojlndroo3q'o 6rbsJ3gon). rA AsbJ$CoDCbolj Xrao
tsgsq.o636l.t l.t3l.tbol.t aorq,osb l.t&rra196oc) brErJACo,b. c3cl.rors6, Ugb-oU AelbCordrJq'o
Joq'oooJot 6r6s333of:9 aob&gq'o lt3Lbg6oltor3oU J<'rq,ogo3olr 6.rbrSXomlr $q'oq,CAot
ts90ob333rtso .:36od.>6g6rsqr og3qgbr trgUboL bJJ6('lOC6Oc) 6r6rJgC(,)o0. E3lrsaraolr.rqp,
Ao6COr6-Jq,o Jmq,ooo3ob 6r6$A0o)ot 0gq,oq,Cb)Ud,rb gt6orqg l-rgl$S3 gn6qro6ogr6o
tsCEJOJ6o aoabar6Cbq'ol.tor3ol-t 6gl.r:dq,eu 6.>obrtiqxrL rE ts366ot<ry9U,
$30o.rq6ots6gq,o UJJ6oOC6Oo dnU3o 6.:6u:3gox69boor 06o3363q,m3r6or o0
0o0b0rdrgbq'XboUo6ol.r, 6r'r03qurr U3bbol-t 0o0Urbgdr30olr 3ro39o6o36[o (lrgbboU
0r.r0lttrg636oU b.>6rao,630oUs3q,3bt$ 33q9.>t63boor areJq'or. Je,6oAECq,o 3o39o6og56o
r8gg6gblr oarbg6o 6gp66g<rbolt q,I/r6 Jo6ob ACAoUr3gob 61 6r$oq,o ob.r6apbr LglrboU
0<'r0U.:bg6Xb.:t3. 0gltrbraobre, 610 UB6o 0rqrq,o.> ttgltboU 0rnAbrb36Cboll JoCtsoOoC6Oo,
door 6r3q,30o oJ6br 6,BC0r cr1.>bgt5 0Xg663obrlr p.r/s6 Jo6U go39q,qqo3t6o
Ur gog.:gbo3t63ber
lr.:]o6oSbottor3olr
ip6o061q, Jt6obq,30rUot6 e$J30o6Cbod, JelAC6Oogq, bJ6J1AoJ6 JCO(l.36lra
a30,lobq.or AoAbArd)CbCq,@r ggqrgbgboU q.org3olr 6r6gr.rgoq,3b.r tsgbrbraobo t6oL3gbolr
6ragqr3363bou q.or Jrlt3bolr063bq,or6o UJJ6C(9oOo ljO,rbQr6OCboU qgr66oqgt690oU
0oS6oo
Ur6CJsnrao Joq'oOoJJ
2013 $3q,u 6q,r3 0gbrdBg6qrs l.tg.:q,o Jo66g3q,ou qn6r0ogt6o t6qgob Ocbec6ooJ.
.:q6ots6gqoU aouie$Care, OdrgCn 3o63gt6g50ooU ArotJq'ou$o6Cboor, 3o0366ogq,o
ArbJCbo rjOoU6Je o99fufu636 l.t.:fr6q,r0m JrAJr6oC0It, t6r3, btsot'rrq.o Ub3uqgrUb3r
Usqrqglrslr$sgq,o o,J6oqcbtso rCooUfu,cboQr. lrt63q,$o (,6(')ou' 0J6urJUo6cboo
Lr63q,Cao'bo<'r er 6.rqnro b0grq1fub8o, Ito0godnlt pr 0rp.:q,o grUob 6.>do 653q,r0r3o,
6x.r6ot66 $31-ro, JC0C6Oo do6c,o,rc.oJqr &]o4ggbu 0o0bdrt(r3\,oLr6ott aboq,oq g33q,u$g
AoLieCb tsrCocr6CbtC. rArbo,r6, 2013 [q'oU br'brtsbUqtC ao036r3ogq,o bs6390ott 0ogt6
lt6o0b0.>630q,o 369qpo6X0tg 0r'r0b0,>t6gbq,96oltror3olt tgor3rt3bgq,0.r rj6og60,>
r6rl.r,>l-r3639q,o go603bo 0ooq,r'r, 6r,>9 t<l1;q,r0ob Urtsg.:q,9boor ot6.:t6ogr6o q.or
336qx'r0.>0o 0909316o o6got604ooU Ao$crqg6br8o 6JArnobr6CAoer. 0r6q,r oaouJ,6eIA
rq6ots6gq'o 06ots363q,o36rq9 rtr6ry,50U aoAbAJ6C0q,ob o6OCd,CUCbU, rUCaC
lrX6oo$gq,o 6cJu0r0ouq,o 6oU3oU ts30g3gq,o.r aoq,or6JqP l$br6Jrr ttcCoo6ot r<rEob.
rq6oB6gq,U iqgrboU6c0er cdxro6uqo b.:63oL ob3q' b,>btg 03Or'rltaq,o 3t]0rgogoq,o
Aet0bArf)CbqlCbol., Srb6o6Cbuq,o tct696o, rl.t333 0o0qro6r63 JCO6CA6L tsCLrbCb Aroo
ab6)oeJ6 6C&OoU6o 0gg.rUgfubo In6ouqp6 jugq,Cbtso. b0o0b0r63bqn UrJ6CeoOo
J6oaUCOcboU 693q'.>0r0o $.:60oqg656oq'o o69o6019ool.r rE)Ib$(,6rQ
o6OC66cOo6JboU orr3oqrr6 rgoqlaou aot6oor, gdm36pq'o bJ6Jol, o6oooJoogooJ er
l-rr6o0b0.>6g\,o t CAAC6OoL (,JJ6C(r,OCArAo rCOoC6re 6o6s$oq,3 3r.r0gt6gopq,o
brbpboU Br6ogq,oboor 6sodrt6orr ts9\9q6.>, lr.>qgrg lqo6o06u, 6o0 q.o.>3ts39b3q'o.:
6g6obaogfro ol.,Coo OoJob Ur693q,r0o J)aJr6ooU $rdraogbr, {6o0gq,U.4 tsggpoar0o
t339r3L 0<.r0b6,fpbgqo qgr trr<'rOggog Ogodq,3b.r 33o0r3q3L x6rbt<ryq, obgot<r0.>go,>Lr uE
j06oq.o3lt .:6lL$o6 Ooq'er(r,53|t .
b30o.>q6o063q,olt 6.:o6cq,ob$o636oor, 3dxr36gq,o 6r63oU d<'}ab0r69b3q'orr
Ugq,gbgbolr q.>63ol.t 5r69ogoq,C6ou AoC6, Sgagar3qgr 3oa3lvrgogq,o b.:6Jc6o1-t 6ogt6
Uct6g3q'r0o 0rUsq,36olt 0o3$.:qrgboll do6oolqro Lrfr6c,r036qg.r6ocr J6o6goJgbo, drrg
6gq,oLbdobl-t ACorgJbCaJAo J6xrpgigob tsrUoU Ar66urtqg6Cqo ASoOA6Cq,(')6oL)
6r0og3fu6olr tsgao)tl3cartso CtsCCOUFr) UrJE)(,OC6OG! br6JJ3C(r,olr, .rUog Jt6oq.ogjgoor
93
l$66gbq,obolDor3ol.r d6oB3fuq,o3.r6o q,J r6rt Or6erd)Ouqm 63tqgq6ou braJeJ36Cbrlr.
AoAbAJF)CbCq'@r Utsq,CbC&,b qgq3ob 6.:69r'rgoq,CAouJ eJ 3o0364ogqo 6r63Xbob
C6o)oaq,o3o drq,ol-tb06oor lr$oabAvfuoqxr J6C(r,OC6ob Lrx613q'J0o dsbrqpoo
do6oor4gcp tg0obttg6Xbgq, J6,o66oJC0oJ6 ACbrAraoL{$JAo Ar'rgoer.
94
4
rt6.is6o6y't
4.1 grUor6ojcq.:q,qrSboUb;'b,r6o.
2013 $q'oU Ooq,oUot3ol.r Lsjst6or3Xq,<d.t tsJbor6o C.)qJq,eCboU brt'r6t'C lrsj0os6o6rLr
lrsts(')6qo(.I 6o6gs, grbo.>6o #qrq,ACboL
OC5O6rq,U6,o qoCJ(')toor6o, 9
C$Cet(,r
3
p.r0r.rgop3b3q,o
6)C6obOE)JOo6o. 9
Urbf)oJJf)r'r 3o0J,r6o,> cgu tsDbor6o Crqrq,(oJboU
Urbtrro3X6x'r 3odJr6ooqg.:6 2 .>6 ogo l-ugo6qm bot6gob $66o. 6CboLO6iOet6CboU AoC6
I
I
o$,>60o3boqD 782 brJC0or) UrbcrbJ(,oCAoU JCOoJoJ 6CCbOd)o.6.:6 131 L:rjgoo
brtcr6reer1bocr, ACOo,> $o6r $gq,orr6 Sgqrr6gboor
2012 $3q,or6 03car6c0oo, C6CrroCr, tscaoo6gbgq'or 0oj03q9o lr.>bt6er33t6o 3odJr6ogbol.r
6roqgg6o6.>, boq,r'r gslror6o j,>q.:q,q66oU qrr0og3oq6b3q,o 6)CAoU06rOm6Cbob
6J(')eC6(jbD 0rt'6eoq'oc adron t6g6oltg6r6odno.
2013 $q,ol-r 3l qgcl]g66t6olr6oU 0r'rj03qn lt&rm3x6ro JoaJrbocbou rCoo3cbou L!c6C,,o
&'\]3q,ob.>O 30.3 0oq'oo6o q,J6o AC.)eAo6r,619 357o-oor 6.r3q,36or So6r $gol.r
Ar'rErOC0oJb AC(or6Cboo,. 65%-rlor fuO3ottgr (,J 6.1 Aq'6 q,r6o ACrQAobr
3uq,eCogq,Cbgbou Ur36om aoggq,obJo- J,$oOJq,oU Ury6on 0o39q,obr0 24.1 0q,6
qJ6o tsCJ(l6oEJ,6rsg 2012 $q,oU J6Jq'oAoCf) &n6.>330otr6 ts3qrl63boor 17olo-oor l6olr
030got63bgq,o.
2013 $q'oU 3l q.ogg0bt6otr 0qg6o0r63r'rboor l$06o3gt6o SoaJr6oCaao Jq'oC6OCbob
Jof)OgCq,oll (tsUg"eo ll$U6g6o q-o.r tsrl.,oJ6o CrQrq'QCbo) qrl6,Cbge,Cbr $o6r $q,olt
A(.)6TOCAoJE 6CeJd)Cboo, & J6('lOC6Ooo 330got6qs qgr 3.77 0q'6 q,.rdn 03rqt6o6.r.
qrrr66$r N 4.I b,rMo33t+x'r 3o0J$o3boL 0oq'o.;6o rj6ogbob, Srq,eCbUqiCbCAo[,,
JJJoo)q'oU ao6Jocacoo qQr rCoo3cotso Jq,ocSOoU Jo60gcq,oU J6ooc6ocq,o $oq,ou
qn6r0o3r $q,gbolt Oob3p3oor (2009-2013)
25%
€"50
€t oo
20%
€:o
15X
E/
10%
10
596
.t: 1.1 il
096
2010
2011
2012
rrCOoSCbo
r
SsercCfu('coCoo
-J$oo{,o Jehc6ool, J(,6ogoqd, 0oq,(,
+rdo.acaao
FUr6r): ttrCJd)o3Cq'('llt 96og6pq,o bs63o
95
ob6oq,o N 4.1 Lrb6(')Jc6(,l JmaJr6oc6ol, iCoo3clbr (2013$)
A(|3gq,c,br
brb6al.i:tt5('l.toaJr6ool., aJrrb3q)tbr
lJb,,60xo.trJoriJq,o'
oJb..a'rO.6oo boletrr,@o5'
AJb ,,ooooLo b6o.tr6o"
bb 1116160 r.6x5 mAJr6or .-rflrJ}--Ib .rJJfth<D LArero"
AJL ..1160,1"l A6,0$60'
oJL ,naAo rbft1 at6fi.At60o '
(BrL.'56()
eot5C&Jq'CAi
Serq,eC6"l.,
(q'rd'o)
57.154,086
137,933,879
64,149,754
5,031,227
788,528
3,294,0ii1
12,213,593
t,027,374
392
12.250
BJr ..UrC)lL"
AJL ..brlyr,ol11lc.ol, tJ"o6rirlnnoo r.^qqo .'
AJb .-r.}rrDtq[ orxt66Aorc" bfrmlhlr"
$gr6cr: lrrC)6o,gCq'c)U 36o36gq'o a163o
U$6r<'r39trx'r JoaJJ6oCboU 0o36 Urbol6go qor J6rUr6o6JCl 6r6oACbJoJ qot+rgbgq1bro
147.3 0q,6 q,r6o 03oq.o6o6r (134.5 0q,6 OJqo gruoJ6o CJeJq,q.oo). $gqr$ bo65oU Ur3rlt6o
lrgllogbbg qrroqm 0.7 0q,6 q,.>6oU AJ6,oAC0r (38 0q,6 6rq,o grUo.>6o jrqrq,qro), boq,o
bn6goU 6.:613o1 146.6 Aq,6 q'itr,ob Ai6,o0CbJ (96.5 0q,6 0!E o).
2013 $q'oU 3l q.ocJca66ou 0r'tbroC60bo<r,, llj.>ttrorggq,oU LJBc-t6ern ao6Job Lr3r36o
l.,ol.,OCArAo ArfuJACq,o ogo 129 30ogg6gob gJUoJ6o CJerq,(go. Lu66r6o0o JC6rlrle0o
l.r,r3c]6o U3lrog69r3 q-or botigrtS qg.rgo jljo6gbpq, 6.>t(roa1bwr,> bJC6o,c| qo60b0eCbrA 52.5
0q,6 q,rdn 63cq6o6r (252.7 0q,6 grq,o gJro.>6o juquq'qn).2012 $q,ott s6rq,o6ogt6
0o6.>g96X0or.>6 ts3qr,>tfu5oor qo6,3agq,C0s 14-13trt 6g0golrtqrr, b('lq,(') oclo!q,(')br 4.28-XC6
6rot.:6qrs. rCCAr6, bo6Job Ls3.:j6o b3ln,>'Q qoropcr 0.5 0q,6 q,.>6oL Arf)oACbJ, br'1q,r1
bo,6gstrg qrsgojLo6rCbuq,o ordro0CbCbou qo6,Cbq,CbrA 52 dq,6 q,r6ro ts3rq6o6.>.
6ofrg.>tr3 qgrgojl-rot6CbUq, 6r6o&lbJor Uugt6ox'r 0o65q,obrtso, 6C6oUO6rOo6CboU AoC6
ArtsoCt o6CAUq, bJ6oACAso)r A(.'OUqx't0rU 77%, boq'o qo6,Cbgq,36,)b 957o 3]o6r3lt
(aoggq,oboor - U4 AE E 0rq,o, Qo6C0Uq,Cboor - 49 0q,6 q,rtrro). .:aolt 6rtr4.or
6C6ol.,O6JOo6CboU 0o36 09lx6gq,3bgq,or 153 .>6.>u>bottr5<'r $6.rbtsj3or 53 25 Aq'6
Erbor6 jJerq,ebC, t6o03q,og 0oo0r3ll 8)l1ct16rl jrqrq,qg3Oott 03033oq6Xelboor
Ar(,J0CArU, BCCC0JIj eJ ljbgr.
1r
Je6o63q,o qof,cbgq,Cbob a6ot36C(s)ar6o 6r$oq,o c|}s38od,(gCbr Lrc6o)r0ct6,ol,o br%r6,!5C
0sEW,0oC($rq. a,JCt6r0oC0lr.
96
(r,J66rAr N 4.2 gJ}6('l6ott dot6oorrqn arE3CECbq'CAo OJ3rlC,('t UCboSbiT (o.rq-ogA0q,o
er bo6rrt0 ertsoCt o{a,Cbuq,o ord,oACoCbo) 2007-2013
3,500
a
c
3,000
5oo ?.
E r.sm
; ,,ooo
€
!-l l,soo
--
E
1oo FJ
300 ;
l,o@
h
rmB€
5d)
oU
r@7
-
2@A
aqr,sffi
rt i,6r5dr '.,j-'lIrtuLi
-
-e.e$a<!nr
0U!6('l: LrCr16oOCq'altt g6cr36gq'o bs63o
6b6oq,o N 4.2 3tfublloon o6go60rgou b.>3r16)o lrClroCbtC (,rqg3bgq,o q9,: bot4X.:Sg
q9ugojlnt690pq,o 0rB3g69bq,3bott Oobgq3oor (2012 2013 $$)
g$.!5o Jr(rq{,c!.t q{,6{}cq,cb
$l(o
b.r6r5irll (A9l.rlr,6x&..](m
20tl
t0rl
20 1
:012
2013
2ltl
ll9
71.t70,109
9,950,399
5t0,491
E.84?,155
lt0
5tl
5lt
51.955.217
726,?21,4E0
52.{lt5.7-r0
715.568.ti15
tlae
471
!52.679.51t
brCr6o)33q,all,
6JbJo
0gr6(.):
C6cI36Uq,o
59,052.1t6
2012
qnr6t6rar N 4.3 br3r}6,o lrCl.,oCbtC AJ Aod{JbC erWCUo6CACgo 6rr6o6gbgbolr
6.>oqgg6obr $q,3boLt Oobgqgoor
8,000
1,OO0
5,000
f
5,000
et
4,000
€
3,000
+,
t
2,000
1,000
2@1 2008 2009 2010 2011 2012
2013
$Url6m: lrrdr6o,gCq'('ll-r 3t6o36gq,o 0,:63o
2013 $gq,U OC6O6Jq,U6) egCJ('ltoor6tso pXJo6odrSbgq,o ogo 22.35 dq,6 grLorbo
j.rqsq'qgo ps 22.34 aq,6 ggq',>qgo l.rrtrlfr3bo. 6q,r3
6.r6r6d3q,qor 2Ol 0 gq,oer6
er$UCbUq,o - 0C6O6Jq-Jd) eCJ(,toor6ao tsruor6 Crqrq'q0bbg 6r6,>6t.>jgo3bob
6roqgS6oboU 630go6g0oU OC6eC6Oor, 16o9 robU63br lrbo6go
3.>)r6o6gbol_r 0e4gq,o0ol_r
ACAoof)Cboo. UJJo6oUJo6oqr, 6rot,>6qr eCJo6o6C0Uq,o
06Ufu J,
B.)uor6o
$erq,eCbol.,
97
t6rg 6.:6o$39gq,or 09o69 Eodo6rqnlt Ajo69 rJ6ogOoU ACJo6o6,C0oo OCSOd,rqpJ6o
qo0Boto0)6,o1 J66Jd)otsCbtC.
eor0f,JAr N 4.4 OC6O6,rq-Jd, ACJsr$oOJdffo q.oCJo6o6,CACq,o g.ibor6o jryq'q9g6o
$q,X5ob 0ob9q,3oo, (2008-2013)
100
l,(n0
90
?
v
,3
,L
Y
80
3
800
70
E
60
Ft
50
3
40
4
sg
rE
4-
ltp
30
,
20
€
10
a
t)
2010
J-
2011
-e 2013
ZO74
+ad}JfBr +Ol6!6tvJoo0bolr6rc)(,J6ctAr
$UJd)r'l: bJCr6ol3Cq,crlr gtcto36gq,o 0r63o
Oboq,oqg 300 000 q'rt6oor J6oL acaBo6cbUq'o Bcq,r(rl Urbt 6caoU b6963.> 6.>Ugq'
$gq,o.>6 03p.r6r3boor, 6.:6 03gbgbr O6rbtrC0oC0ou 6roqgg6ob.>lr, qrrgojl-tot6gbgq,or
$6er SoEr $q,oU 0r8g690xq,ors6 0o0s6org0'rtso. .>q,6o36gq'o ogq,oq,cal tsUq,Jen
tr.:bUf6bolt arB3g53\'X6orr6 q9rJrg8ol6C0oo 6racr$3C3q,or 996o a0o6X At't3gq,t'tboo,o
6.>6o6gfu OoL t6soq66<'$ob tfqnor.
qnrA6)AJ N 4 5 0CSOdrrq-J6, pCJ('tto0D6,Ao qggJo6o6gbgq'o gUq'r(r) l.,Jbl.,6C6o
gq'Cbo[, AobCAAoo (2008-2013)
140
900
c
720
lJ
800
3
E
700
a
V
600
e
500
;
g
,q
EJ
LE
a
It
400
P]
300
€
e
200
2@7
2008
2009
+a{6rhr
2010 2011 20t2 2013
+ 0i6s6$sCOoCAoU 6rclA06obr
$UJ6('): l.t rC r d,g)gC q'(,Ij C6(,360q,o aJ6Jo
2014
98
4.2 trb3r go6r6Ug6o oBUOoOUOCbo
2013 gq,olt 31 qrgg6odnlt.:o6oU Urgo6.>6Lo lrgCf,si, lrb3J 0o6s$oq,35ab
$r60orp636p.> 17 UJJ6CenOo 3r3tso6ro,67 aoJd)olrJtso6r6rt{'} o6ar6o'br0or, 1051
3rq'Uoob arQraogq'cq'o Jc6ioo (,., 35 tscqrQo 6$.r36oq'3bol-t ar6aJbo6oooqcbcqo
Jrx6o. .rl.rg33 .rpl-tr6o06l3or, t6o0 2013 $q,ob q6olr8o 36oo 0o3t6olt.>go6r6llo o65s6o'brgo.r
)(or6cbuq, oC6J $rq,otsooo"J6 uB6c('oo('l oEUOoOuOr(,.
4.2.1 0o36obugo6,>6bo odr6r6ot.>6ogbo
2013 $q,oU broqxrlrr6olr 0o36x.rL:gobrblx'r h60gfu0o g06i0.,o6o6CbqeJ 67
0o36oltgo6r6ln o66u6ots6or. 2012 Sq,oU 0o6.>93036o16 ACQr6C6oo,, 0oq,oJ6o
.>j6og0oU <.rq66obr 209o-ooll 6robr6qrr er 811.9 Aq,6 q,r6o tsCrq,bo6J. ATOCAJ
orr6rbl6J6er,Jot6gopq,Jqg Ar6b('60o0q\.or 3r(xACbCe,CoCbobJ Qr JrJoOJq,ob bJ{fu(tC,
6naq,3bdq; 63lD0r0oUrp 609.3 0q,6 q,.>dn qgr 202.6 0q,6 q,ot6o 094g6o6u. rCOogCooU
tfurou OrB3gbgbCq,o Oogbgqgr3rqr o0oL>, 6o0 rdtlr3boor.rq-o 8r0o683b.> $o6.> $q,3bolt
UraUJq'o ao6r0Cat (q.o,>r\,ogboor 5096), 0.>o69 0rqrq,o.>.
qgor66.>0.> N 4.6 0o3dmlr.:go6r6Uo o66r6otrgogbol.t 6orq,or6o rj6q3bo,
3rgaCacgcbc&,' J$oorq'o (or tuq'oJ6o 3rq'q,c0uq'C00bob qn6.>0o3.> rj6oggbor.r6
do0.:6o36u0o
9m
76%
€
750
f. 8oo
15%
€ zoo
74%
E
yu*
73%
500
400
72%
300
77%
200
10%
100
2010
r-
2011
7012
2013
r
2013
2013
nr
69%
2013 rV
Ao,q'or6o 5CO%CAo
Aolq,os6o 3sqrACAJq'CtCoo
ao{(|56o JJJqJDq{
$grdrer: L,>jrt6or33q'ob Cd,('136Uq,o Ar6Jo
2013 gq,ob 0obr6g0gboor, $6obqt UgU\o0r 0oq,or6o JCOo3CboU 75olo ECrcgSoEr qQr
0ol.ro oq.q6o0r 614.5 6q,6 q,J6oo Ar6ouJteg6,s. rqlr.>6o36r3o.>, 6m0 $0o6q9r USUbSbolt
doqro,>6 rjgogborJ6 or6rtsr6qlt'rbob $oq,ob6o3o 3rB653bgq,o, 6elq,o $q,Xbol-t
6r60r3q,obrtso 16 oco3q,oqr. lt3Ub36oU tt6qoU oCaJo ooojaob oec6OU6oJ 0oq,or6o
sj66gboU t6qnUr qrr 2@/o-l-t ts3oq965tt.
6slDog,:q,oLgobC89q,or ol, ArCOo, 16c)0 20I3 lqnu ACUTAC $,)r6or()ao Cd,o Cf,oar aoJ6,olrrBo6)6Lo
o6br6o$)0ora aooJr)a5 b!6rbJo q'ooc6tor, 654J0 eoao br3q{6r oCo6or rCo%cool, $d,(nl, Oc0JJobc
reEotsfue'o o6,0r6o$!odr ao6r0JaCbol, Aro,Jrqbu$obCbo(r,, $J.RC6ol, $q'('Jf)o ArOCa) al% oJECa.lAr
':a
99
(r)rA6JAr N 4.7 Fo6er l.,CbbCOoU t6gfu AnErAoJr rCooor0o,r6 aoA!6o,Cb.tBo
1,000
€
,
800
500
F
U
4ClO
200
2010
2011
20tZ
20131 20131t 2013 t
2013 tV
t Ao,q'or6o rCO.BJao r$Aoba) bClrbCao
gS!d)('': LrCJ6oACq,rlU 3t6o36gq'o 0r63o
2013 $q'oL ao6Jocac0oo, 0o3ttxclrsgo6.>6lx'r l-t3f,1ot6olr 0oq'o.>60r ttJJ6ceooo
Jo6otscq,al 620.3 6oq,oo6o q,J6o acoqgaobr. o6o do6oorsqgrqg $r66oq.o636oq,or l.t.:0o
UCCo('16(,o):
l. 3r$6o0r qr.:0o0lrrbf6C0r - 131.3 Aq,6 q'r6o (JoF)OBCq'oU 21.20.6);
2. lx'gq,oU 09gt663oal ei oco8coc(rbr - 145 9 0q'6 q'.>t6o (Jo6$tscq'oU (23 5%);
3. lr,r6o0b0u696q,o UgUb30o - 275 8 0q,6 q,,>6o (Jot6$gq,oU 44.40,6).
qrrr66s0r N 4.8 0orq,o.r6o J<'rt6633q,oL UOdPJCOUf,J
700
E
€
*6@
q
? 500
E.
f aoo
.6
300
2m
lm
24%
19%
2011
20lz
asarallrJqLt
b&At€rd,X\h ldtlalo
-si3r.i.n
+usarn66r,,c6eh
bcl$d.t B{n
-
2013
r
2011I
2013Ir
2013 lV
!.raqd Ar"66ci6! e5 &J0s!of65
-
+grJricl6s q$ ocflNb.Ci'rb.t Vcqr
+lF,gqou ryJiq6fl&'lj el ACOoST'a"i, BRSgr6o: brdJ6oSCq'(jU Cd,('l36Uq'o br6Jo
qnr66u0.> N 4.8-olt 0obgq6oor, 2013 $q'ou br6ar3q,obr8o braoabardr3bq,o l-t5l-tbSbol-t
b3gq6oom $oq'ou arocoolj go6t3, gojlto6px0r U('lSqoU 03gt66Xobol-t UcCO(16sC
AroCACq,o l-rgl.rbgboU $oq'ob 3q'Cbr, 6)10 Jot(4gsJodr 3r3tsot66or S6orXt6oro
6o3t6oUlgo6rblro o66r6otugnoU 6oX5 lrs6,r63o q'og369:ooU 0oJo33brUorr6, 6odq,olt
Jo6ogcq,o0 do6oorrqrqr $l60oq.o656oq'or ljogq'oL dXgt663ob.>lt.> Qr
3rltvnb.:/0o0b.>bg69brt3 AroCAJq'o ltgub3aoot. F,Crqgto,"<p 3o, 0o3t6rnl.tgobr6Uo
l.,CCOo6ol, AoC6 Uorgq,ol, 0OC66CetboU C.oJJf,CaoOCAoU OCEe36go.r 6rtrfigbqgb.>.
JSrrogrq.ogbol.r 0ob3qg3oo, rCOqcbob qJgo6r6USbol-t 0orr3rt6 $gr6oU (Urtsgrq,oqg 73.47Q
Aoq,oJ6o 3Jq,qoCOUq,CbCbo 0CrQ6CEU, 6o09q,og do6oot4g.>qr $.>trt0oqrp6oq,or (91.69o)
6rUgubSbo bbbtfuboor.
100
eor66)ral N 4.9 EJrCbbCbo UrbU6rC6oU U06,UCOU6J, r6rd)Cqbo()C6oo
grt66r6otrgoSboq.or6 q.or goto3g6ro Jo63boqr,>6 &'rtoqpq,o l63ltg6lr3boU q-oo6.:0o3r
- 600
@%
€t s@
s5%
€
€ ooo
50%
7 roo
45
200
100
2011
2012
2013 r
2013
[
2013 t
2013 tV
Erlrb3r
ltr,y6CboACboo Bo6JEbUr6o oELOoOUOCboArb
-bCbbCbo Eo$ Jo6J0oA)6
rbCbbCoo
+r6$5Cb.,AC6Oo Eo6. obu Aot b3[b3aob Soq,o
Sgr6cl: l.,rCr6ogCq'alU CC)cl36Uq,o 6rEJo
J3t6o<.rq60oU 0ot6q.o3oor rqo6ots63boqr .*1.>fr3toqq366o go6Jbb!6)o
o6UOoOCOCboAr6 aoqCbuq,o USUfuboU .:t6Ug0ooro b6qor, 6rUr0 ot6 Up6qrr 6rUgUbSbo
UrbLd)Cbob bo6,Udogt6stso 0olro b3gqrt6ooo $oq,ou aroCbr. $.>60oqg536oqo qgo.r66.r0r N
4.9--olr 0ob3q6oor,2013 $q,olr 0got6g 6ub6J(63o r6r6ctoq.oc6oo o6booo!0c6o!.oi6
Ootoqqgq,o llbUtrrg0o ct6Ugooorrq.o tsg00od)(,r (Ctrg Jotr4grJo6 3l3tso6t3os 3trtorl6oro
0o3t6obryo5sblx'r o(i6.>6otr6ootr 0q6 lrsbr63r'r q,og969:ooU aoJogC0Jborb, 6taAq,ou
6.rLgUbg0o Urbl-n630o do6oo,rq.or(, $#r&'rq965oq,or .>t6r63toqg366o go6r6L36o
obljooococboarb aoq3bgq,o UgtrbXboo) t63rq56rqg 3o, [t>b0i:3r ao3rSoLrsgobrbbo
U9jgo60o r6Jd)Ct oqgCboo o6ljooouoCboqorb ltbl-tt630olr ao'boqg3ol-tr qo aoUo
b39qr6ooo $oq,ou tsg5s6Bg690ob 696q050o0bo.
2009 $q,oqgr5 d<'rgoq'gbgq,o, c6rJoa6%Ja tuOuqxlbQJ rtrSgg 3oto35t6o
Jor63boqgrb aotroqpq,o 6Xbpd rgaoL oq.oc6obJ. lrrbud)cbou a6ofu63q'o3.r6o 6r$oq'o l-t3b-
ob 0o361 33rq,ogogogdr lt363qnr6o o6bOo0UOJa JqoJ6c0Uq'o 0o36oltgo6s6lt<T
ot66.:6o$4oob 3rq4.o3fu q,30p0b $r66oiq.o66U.
4.2.2 grq,ogo6og6o UrJ6cq,o0o obuooouoo
6r3q,3brqg o63ot60or6303qro bsgrq'o o63CbOo6C0oU Q)03r AC6TOTECAoU
aJRJqd)oUJoJE JCO%Catu ar3d,So06oboc6CbCq'o 0J6otJ3Uc0oU0r6 3o6r6Lgt6o
oEUOoOCOoL 6r96gq,o6rJ6ol, 3drr3t6om do6oo,r(.oo J6,6UAC6Oor. rdg.rasqg
UrCJ6o3Cq,rlAo ACJrrtoOCOob d<'rboq.oSob 3gq,3br 0boq,r'49 br63XbU 6rsB6oror qg.:
jgt o09og30o$. .>Ltg63'
qgJo$og3bolr aoqcbr 6Cudq,oro, J6rbrbr6Jo br(ocJ(,too('l er$cl)cbUq,cbcau -
tsgltbr0ol.r.>qg o6oCbljog6o J6g4-o36gogq'o b9q.oc0fuq63q'oboU
bJJf)ceooo JJ3ao6,CbUJo, aboq,oqg orl3os6oro $666bous6,r6. o0olr aogbgqr3rqr' ttroa
UJJ6,C(ooOcr Jr3ao60bob bcCo(')6o drq't3p 06odrgs' l.r3b-o 0ro66 l[orrbrqm ggdr4a3Sbrlt
t r6iq'er UCCOo6oqlJ6
3or&nblr ltgobrEl.ro bs$6olr o0 &'r6r$oq'Obb, 6o0q'Cbog l.,rbu630l,
otoqgr3Cb.
o0Aor, UrCJoogCq'ob 0rbr6i:X 0oj03qn rFtlDbr63r'r go6s6lr56o ts9.:0r3q'3bo
rbq66g6 UrbLrdrSboL 0o$oq6$ lr.4rq'r'r 6sb.r6tg, 6er63q'og 3o60q.ocbr 6o6o63
Jd)Cqgo$o rE o,Jarupjo. 0o0b0rr63\'3bb
tgbrdq'or 16 3jor6qgSor llo1164.orT obgo66r3o:,
101
6o0 3m03t66ogq,o 6r63gboll6r6 3.:6ltb3.r3g6oo .rq6oE6gq, o6lroooUocbtc 16
g60Cq\,CAr 6roaC bsbol.r 9:3qrr0b3q6gq,r'rbs.
t30ooj0gq,oqD6 6udo0po6s63, lrSsq,o ofuxlrrJot6cbol, o6oc6cucbou ero3ou
6ot6oor, ltlo6o 6rbqr.> 0ooro Urtgqr.>0bgq63q'o 8J6Br Ao aoCOCaJ. ts3lrbrOol.4p,
bJCJd)<r,gCq,t'rb 36ro36gq6.r b56JaJ rJar'tCaC(or lts'bgq.o.:0bgqr39qo Bst68o, 6o0q,olr
grt66q,3b3o0 -L.rj.>t6orpq,r'rb g6o36gq,o 0r63ott tsgltsb3b" o66r6gq, 3,16o63o 2012 $q,ou
25 0mblr 06oqgr g3q,oq,3b) g3q'oq,CboL Oobgq3oor Urgo6.>6Ucr UCCOo6oU
$st60o0sqqpbq,ou Br0o6ro6cq'U QTCAJOT ,\Brq'oBo0ou6o UJJ6C(9oOo o6LOoOUOoU"
06CAr 33rE oBo0o.Jt6o lj.>363pogo obl-6o636o rt6olr og6oqngq'o Jo6o (gs{6q.o.>
3oaXfigogq,o b.>63olD), t(md3q,og ru3orsqr 0oB633q,or odx't3B3q'o br63oL aoxdr q-os
t6o03q,og r0 Jr6o6ou 0Ct rbJaobrq.o brbL6X0b doo$oqgr3l.t o@bJU'bC ACOo gotro3gtlo
Jo6oLrr6r6 llgt(rorc 0oggq'oboor bgon 0oq,oo6o q,.>6ro qgJ ar'rSocp3q,o llblr6gboo
6rl4g0b bgl$gbL. 63q,oq,96gboor C6)og63q, b.r63l.t 0o36olr Utsq,Cbraoboq,CbJ
rq6o06gq,o o6LtOoOUOCbol., aoartlor 5,:6rbol6goCq,ob acuJbraoLo 6463q,ot6gbs, 6ro9
6oo0r3tr o6116o6900l, 6)CAoboSr0orl.rs q.ol aol-to 6g6olr6t6r6ootr 6rgj03blb,
09lrsg9t6olx'rboU 3t6og96ng0gboL, 6obJCOol, 0r69qrg636ob, 0o6o6.>q-36o JrJoOrq,oU,
q'o33oq.oobou qr qrraroc0oo,o &'lo,bo3bg6ou q9JCg6c6cU, acoo$acbrlr, tscteu(BcbouJ ar
Lr6fuo3bol-r a)$Ct COrU. 10rllo116, or3 C6,t'r3ECq,o br63o 0ooB63l-t, 6o0 33rq,ogogcryt6o
brJ6Ceooo oblrOoOUOoL UrCAorb('tbr Usg6ob3lr gj06ob lr,:go6u6lro lrCCO(')6oU
UOr6oq,C6oArL ,16 goto3gt6o Jo63boU.:6,:6 Ootopgq, UrbUt69bl.t, o6o ggq,90.>0oUoq'or
Jgrq,otsogou6 LrJ6CCgoOo oEUOoOUOL 6r'rltoDo3olr UJtbf)CboU 0oboqg3rUorr6 qg.>
bCUbCboU 6rOCaJ[,orE q.>3s33ot6gbgq'o lrJCoorbobou tsC$83COr.
oA tso6r6lru6o oolrOoOCOCAoU oAC6O"AoOo6,Cbr QJ 6)C0uq,o6Cbott gstr6q'Xb3o
0oj63.r, rrroaXqror,>g d6o3363q,t3.:6o 6r3q,g6oU &'rbqro6s tsXgdq'o.:or go6.r6bgt6o
UgJ6o6oU4g0o 0ob.:bq'3obolr 6qrrbrt3, U.rgo6r6bo bouoCool, borboq,Uf)slbrur QJ
6J0J3o68Jq,('lbrb Ub6363cq'sogU.
06otsg63q,er3u6or, t6oa go9:o3g5o Jo6C0oQJ6 a(,t'oQoq,o l-t.;bltlfuboU $tr4gol-t
gg6q.o366ogAobr p.r 0o36olrsgo6r6Uo l-t3j$odnU 8r63o@J6Cbrborb q.or3r30o6Xboor
bJEUrboqBCE
o t bgr bJJoobCbob AJoBrq,olr$o6Cboo, 2013 $q'oU 6o30bgt6tso
Urj.ldr63q,ob 3r+xn360qo bJ6Job cl6%$otCboo, EJOJ6Qr Jo6g3t(r36gor' l.tqg.>g brbrtrtS3
0oj0349o 0o3Cxrltgobr6lro ot66,:6o'b.>gog0oU bXq,0dqgr63q,90orr6 36orqg O"',FACCq,o
o$6C6 brC6o)0o6obo Urgo6.t6l-ro er(c6r6ot.:goX0oU $r60o0J(,bC6gC6o0. Jcl6ts$t)C63oot
alr3qSq,oboUslr 63.rgooqg 6.:3l.t3r bJ$o oa Js{5c6ooU6 t(roU396Lt' 6.:6 aolrolbol-t 0o36t
aojrq'rjgorr tsJ6oc) 0JUc6oeJb tDblr6Sbolr 0<'rtoq.o3rlr gg.r36ot6qg3bl >q6o363q'o
brbbrJuo6Cboo iCOUJq'U6or o0 go6'b3, t6oq6lrsg lr$163o Ugj$ot(rao ACJ(rSoOCbtC
bJJ6oOC6Or,r 0J6r$CoCbo 063ox6rqg ts300o6(,.). 0Sltrbr0ottrq, 0ror 6q3.>or
643cr036q.or6or ATCTCOoC{6Cbobro lr.:j0or6ob.> ltb3,: 3gt6<'r Abb3oq'o o6SCUOc6CboUAr6
&rtroqgoU 33orboor. 6c6q,: ttXrrux'r 63o0X5q.os3o3boUr, od
fulryfl-rgAoU
0o36oLrgo6rbLro o66J6o$rooCbu, dn0q,g0o6 0gq-o.:630oor rCOoCf)rQ otoqgr3qg636
r<r9lrgr6u3oLr 6rJq,cb.)qp o6grn60o6gbgq,o broJq'('l o63cbomf)c6oLbJ6' bJcbtJ36ro)
6rra J6bCbUq'o botbStt OoqXqroor
$C6oE r,lbooo tsg6gobo6X03bo oOol.t orro6>b3,
l.r.>j0or6obolr 6r616d3q,30s, 0gouogr6rqr 6$.rJol6ob3bq.os (,ld)bJ6o'bJ0ooU JSrq'oBo0oC6
Ur3CrSqgo6o o6bOoOUOr(9 rQor6,Cbru. rq6o663q'o qo6oldo309aoU Sror3rq'olrfuE3boor,
0olrX6oU g66r3q,9bobr0 AC$U3oOD tsoboJ!6o Jod5boqru6 lt.:bbt656ob do9:oq6olr
qQr AcG3q'r JCOo3Cbolt qp'ryo6ubb30olj
,>r6u3b3q'o J6rdOoJr' ts3qqxorQ, b.)bgbcJ 0oj.>q'.:fuol: 3J6o'(') arucboQrb ootoq.ocq'o
JUo,boo $rffoobcq,o lr.:53q,.>&'r J)oJJ6or
t02
brbb6Cbol, Jq'CbobJ qqJ ACCgJf)Cboq, ALbgoq,o J6)CqooOo6CboUbJb 6o9:oqpgq,o
Urbtr6Cboo, Aroo 8r6r0tsq,Cbott OC6eC6OoCbo.
6o3t6ottrgo6r6lrc.r bCCOo6)o Srqrq'o
a(,a&lboJ6oboo b.rbo.>orqrgbr
(arbJoEJq,ob$o6cbcq'or, 6cro J6UcbUq'o L>bgqr$fuq63q'<'r 8.168o s6 oogrq'oU$o63bU
b3b-oU 0o96 U3bbgboU 03Ucdq,o (,J6Br6bCOoU 6gbg63cboL r(oCJArOU6c)6olj
obLtJgj$o64bru). 2013 $q,ob 0r6argq,obrao brgo6r6lro brtr6tC Li.l6('lOC6O('l
AJEr$CoCAoL Jq'CboU OCbeC6Oo$, ts3br6.:0olro 6r3q16.> ojo6o.r do36ollgo6r6lxr
UOCO('l6ol) 0o6690o.>6obob Js6rdXg6Xbt3 (ROE, ROA). oryagr, .:j6q9boU tf)(r,br (or
b.>t6ol-tror3olr 0gor.>3.rSgbgq, Jt6<413j930t9 rt6lrgbgq,o AJeJq,o AJ6JC6oL, 0rAo,
0$3g65bq,gbo 0.>o66 3or.r063,]qgr3o.>.
q.oor6trrr0r N 4 10 0o36otrugo6$lfr o66r6otr1jo3bol.t dod6Sbor6obob JrE)rACOd)Coo'15
34.Or4
10.0%
32.0%
9.096
30 0%
80%
2A O%
7.O%
26 0%
5.0%
24 0%
50%
22.ffA
20 0%
2011
2012
+RoE (Ar6ob06! eJifi.,) +Roa (ArCrrcC65 eCddo)
2009
2010
40%
2013
ggJ6al: t rCr6ogCq,c)lj CC)ogEU('o Ar6Jo
p6qrr rqo6o06olr, t6o0 l-r.>ju6ogq,r'rU cd)oo6cq,o 6r6Jo UoUOCorOoU6rqo ouor(.)bl)
l,>3r6o66qgg0q'o o6o0oroqCatC, 6claCq,o6 aoS6rqg ottbr3b r0 Lt3i$mt6oU 6r63oorlrt36rU
er AoUo 0.r6369qot<r3a3q,o 6ot60s6ogq'o brtou qorbgoorb. Jo639q, 16o60o
0iqqrl$$$C6oJ o0 0o36<'rbrgo6r6lx'r o66,:6ob.4o3boU 6r0oa36ob ll3ooDo, 6e6q'3bo6
Jd)Ceooob 6rgg0olr.:U rbq93636 al-tSUbXbgq,or brqgJbQ,ouU6r{6or6o0ob r6uq,otU qgr rCt
g9rv496obor6 8b<'rq,oqg g$6g639q'Ustsru. JA Ab6oB U,>9g6upq3bor, 6o0 bcjrt+o33q,ob
do3t6ollgo6$Uo o60r6o$rgoC0ou br63ocnr6Cbour Ar AbJ6qorlC6ou rLo3oJ3cdr AoC6
$r60oqr6g6oq,o 0o6199636oor, .rUe$orgcr $66rl ot(6r6o$r6ox0olt xr0c6o UBd)cqQoot'l
Jo6ggxq,otr (6o0gq'o0 Ugi6orc,oU J<'r66gq'ol.t 6096-1, tsCrabc6L) aboq'oqg 20 7olo 16ol.r
oJoorXpor gtdry63Cq'uertsoq'o.
" (r)rAi6r8r'bC ACO56oq,or Jo6eloo6CaCao, 6c)ACq'oO AAibCar Arlr0qo $q'CaoL a(')6r0C0CbU
103
5
ln$ADbNm trrtJ6g0C0o
orr6s03qfro39 OcC6(')q,crac,.J6ro 6,r63oorrl6gbr or.r6qrcors6 6t+rr3sqg3l6o3r6b trqnb
f)(936flE brbrerb(xe troUOcaJU ar t6eob arUtso aor6r$oq,3 UUaocCOcaoL 6roqoc6obrl.)
boq,('} gq,cooL 0Jba)3q,clbr6o lr.rj.u6o65q,ob b6sqrrbq.oo Louocacb0o asrbqor
06ots369q,o3r6o G3q'oq'Cb5bo 6rn6o6g 6u63orr3o6ollo r66u6o8lt$ot636ou UoLOCaoU
dbdn3, .:b6g L4rqm 6reJb(,COoU UtsC6oAo.
2012 $gq,l.t Ooq3bgq,o ,,UJaJ(,Jb(m LoUog0olr.r qr.: Lr6rqpbqxr dodlrbg6rSbolt EgUrbgb"
lllj;tvrB3q,oU Jr6o6ob UitsUdgcq,b3 06o03fuq,rn36rq 6uotut6qg.> o0 3o0J.r6og6ol.t
t+n6Qo, 6o0q,gbog CAftrErtso lrs6rprbqx'r aoAUrbUd)CbJr 9$6os6. Ug6r'r
bouocarootcbUq'o bbg 0o39,: l$6rqrrbgo aoaLrbgt(pbob &rxr3roq-og6)96oL aog6)
gt6o36gq,o 6,r63olso3oU 0o$<'rqggbgq, obgot60s6orlr. 2013 Sq,oL aobJocagbolr Ootrgp3oor
tr6rqrr\x'r brtr6o $u60oqg636oq'or 6x't6tn60 O6WnOoUq,o, JUCAC JbJq,o Arnbr$oq,CCboUr6.r6. 356doq.o: J) Jt'rac6oqJq,o bJ6Jc0o; b) 0o3t6oll>go6r6l.m <'r6r6J6otJoocbo; d gU-
q,reo 0b)g6oq,CAoU 6r60rtro56ogq1bgq,o Jot63bo; qg) Lr6rqg.>bqgo 0m0Urbpt63boU ltb3.>
Jt6o3mqggt63bo, dmdq,36o0 br6rqgubqg<'r 0oal-t.rbgdrgbsb rbo6ooCqCbC6 lt j.rtvrogq,ol.t
3t<)(')363q, 6,r63tso d,36oU$t6rgrmb 39q.o36rq
qrr 3q,gj6t6obpq,o 3oaSfrgooU bJ6goor6CbrA bCq,o
o6OC6,6CO OCj6(,q,oao0Aot
r
tsgg$go rbrq,o, o6o313og6o Orn6llbgfrSb3boLt 6r63oott6Xbsb 2013 $q,olt 6r60rgq,obr3o
xdn36gq, b.>633o bs6rqr$qrr 0o0Urtryt69boL J6ct3ro(gcd)c0rq9 er6cbol.,O6o6)(,6c8
.5OC6,6C,5 eJ a(,aoql3f)o 5.:qpsbqoCbob J6('lgJo(,C5CAo. 6st6qrs saoUt, qoJrqiUd)o
br6roCboL CAoUor qgro$Uo o6ar 6C0oU06o6CBCq,0r J6ogroq.o36fr qor C6)o,AJ
0o36obgo6r6Lto o65.>6otrc6o,r0. Olom bu6rop0ob 0gqt'r6gqr3bo L.:t66gbq,r'rb36
jpg.>6.>0o rt6u3bgq,o Ur6rq9.>\x'r br6rocaoL o6ts6iro6t3Cou6oo. rCO.,"Jd,ra
gg6jgoo6o6gbb b$6rtso 6J(,Jbeol, 3ooltg6ol.t jl.t3q,o, 6o03q,ors l)Jtgrq,Sboor
6$tro6goXq,gbgqo lt.rgrq,<r 6rqg.:bq3bolr 6r.:oqrS6obob $oq,o Cq,CCO6mEUq,
6rerbqoC06o l-rr36u'rq.o qgoqn.>. tsoboJ36)o Jo6ob 96.>qqxr 6rqg,>bqggboU lrtgrqSbg0l-t
0o6o11 6rB6qrr Cq'CCOFmECq'o tsUqlo3. brj.r6togXq,ou g6to36gq, b.>63tso
Ar6C0oLOd)o6CbUq,oJ Cq,CCO6m6Uq,o ggqob 6,>0936o03 Jt6o3mqrg6o, 6oACq,or
0o6b6rt63bq,30Lt.rg ts3gdq,osor UbSrq,orUb3r lt6.>qo 6rqg.>bqggbolr 6.>6bot6goXq'9br
d,r3oJtu)o 3q'3j66obgq,o ggq,oL o6l4t63036oob SJa(,UCECAoo.,. ob6QCbJ Cr6o)3()o
U.>6sqr.lbqx'r b.rt6ol-t 0o0.;{6or oft)3tfub ggbr.rg6o 3o0J,r6o3bob 0bt6oqr,:6.:6.
RTGS bobitanAo pd bo6Lro0q'0bgtqo aJgq;AoCaob bO)dob5oJ)
2013 $q,oU N6Ar3q,sr6r8o q.ot6ool-t t63">qj6r t+rggodtlo .r66.r6oEU$ot63bolt (RTGS)
UoUOCA)Bo 0rbbo60oCq'(,r 12.8 0q,6 6rqqrbqnu c336.>6o.>, otrbbnb{tro3o 0ufu363\,oor
129 0oq,ort(4ro q,r6o. aJc.or6,o0bgcbol-t b6gfuoU lr8grq'o q.oqog6o O.:fuX6gb3q'o
ts9rq6g6qr 50.6 rorcu l))bgorU, or.r6bob6o3.rqg - 511 .7 0q,6 q,.;61-t. 2012 $3q,o.>6
tsgqsd46oor RTGS lroboCarao 6.rqrr6ngbggboU 6Jo(9C6obr 6JotJ6eJ 1.64 0oq'oo6oor
(14.7 J6otC6Ooo,), trcrq,o orr6bob6o3o 0rBg63b3q,o 6rot.>ttrqro 3.7 0oq,o.>t6qro q,r6oor
(3 J6o096goo).
q,trnob 6g.>q1g6o t6ggo0tlo .>66.:t6o6lt$o6,C0ot llobOCAoL [,0DOoUOoJU6o 6o6.>g663bo
oboq'gor j3gOoor $rfr0oqg6g6oq, c.oor66r0r N 5.1 qgr qmr5drs0r N 5.2-tr3.
104
qor06rar N 5.1 RTGS boUOCArBo 6r6bo66o3q,3bggo 6.>q-os6o6b39bo (2013 $gqo)
t6
r,600
l4
I,400
t2
I,200
l0
1,000
t
8
6
4
2
8m
600
4m
u
2m
0
.k'dsrd :*{:Xs:r%-k9U16al: U!C160)30q,clu Jl6m36Uq,o ArbJo
q.oo,>5trtdr N 5 2 RTGS LoUgga.>tso 6.:6bt r6go3q3bgq,o 6.>qu(rogb39bo (2002-2013 $3qo)
&,qrx"6o aBC6rOor
t4
a.,e{,rd,eo q,$,o
l.m
120
t2
100
l0
80
8
@
6
40
4
20
2
2002 2m3 2m4 2005 2006 2m7 2m8 2m9 2010 20ll 2012 2013
r or6br
-6roeC6obr
$g16('l: l.,rCr6o3Cq'ol, CC,o36Uq'o Ar6Jo
RTGS troUgg0r sUFl.3q,CbU 506ots363q,o3u6glt {6oqb 6x'r6o6g flcqrq,o orr6bob6o3o
Ooogq,<'r0ott, iUxg3 6got63 Oog3q,r'r0oU (Uuo.)E cr) 6rqosbq.oCbol.t 3gorboor. 2012 $cq,or6
ACer6C0o(/, JoAm Utstur 6.>ot.:t5pr Usj.>t6o69q,o0o 6r6bro6go3q3bgq'o
O6J6'bJCOoC6oll trsg6om b6"363,rtso (or,r6txn66rqo ltoqroq.oob) X6o36gq,o br63oLt RTGS
l-rol$gAoo qr0g6.:gbgq'o $6ro6trj3o3bob $oq,o 4-o,> 65.>qg6o6.) 75.7o/o (2012 $3q'tt o9o
72.3%). .re,6ots6Uq'o t Cq' AOo6C 4-Xr6, reCA)OCAr 96.:qqx'r 6rqg.>@3bol.t.>or3olj
l.Dju6o4gq,<'r0o 6raoUC6CbUq, 6gbott0og6 bbAJ UoljOCArUArAU.>q,9brUr6 qgu rS63urtrqg
t6
6s6pu ft6gr6r3o rr,bJbUq,o br6rA5bqn Uol.,OC0C8olrr, br6&ao Lrlo6oCaoL tsCaob3Brtso UEreAe)
L5Je)d,CLJa)6Ar6Ocr
brArbQoooboBolr/r6br6oab$ot60boLroBoL rbCaC "e$J8C6 J.,f,AsJo6
C(,ox'Cd'ox"aCaLro a,)bUrJUo,6,CAoo, Cl, JbCb Cobof6o Srq-Jooo, ArArd,oobfbl,
105
tso6r6ttUd)o t63Ugt6b3bob A3ggg6bCACq,o 0<'rd6so6olr 3l6or-3ttroro g06ots363q,o3r69l.ro
LrAUrq,Cbrr.
2013 $gq'U 66ots363q,o3.:6r4-o 6rotr6qor br6gbob 8oq-os g.:qr.rbqg30oU $oqro g6sqq-oo
brerbeCbol., br36om 6rgrqrSbobrBo pu 3Xoq6o6i 49.*/o (2012 $Cq)b 3770).
eJAUor3CbCq,o bJ(,rteCboL trrrc4.og6o66o3o ATB3CECAq,CAo[ 0b6q, rbSC,
66ofu63q,rn3.>6 6oqru or.:0rtsobg6 Ur0r6.>og 6sq.orbqgg6o (3390) p.r RTGS boboCar (17016).
Urgu6reeCboJ 0gaqgg6o 6rt630og0r: aogb3qgr3.:qr oaolD, t6o0 RTGS Lobg3as 06o6369q)o3Jb 6('lq,U orAJooblr agoCr3 ac{]gq,obob (l.tgsq,o) 6.>prbeJbol., JUo)boo, Ao[,o $oq)o
g6.rqqn 6rqrsbqgXboL lrrg6ox'r 6.:oqg36o0$o b6r0oq-J6re a3o6r(,Cbr (2011 $3q,1 o6o
tsgiq.o596q9r 3lo/o,2012 - 24qo QJ 2013 - Uolo). oAoU 6.>o6rq'olr$o636oor, 6o0 2013 $gq'b
14.7olo-oor 6,>otr6pr RTGS bob6Caoo (,J0UAJgCbUq,o 6J(,JbeCboU t6rr.rqrg6o0.>,
t30o.rq6o66gq,o Oc6q.oc60or 0o9oroo46l.r o0rtg, 6o0 i63rbr6o b$t6igrp 3oorr6qgbu
Its6rq,o 6rqosbq3bob UbBJ lrolloCAC5ofulBUrq,CbCbo.,rqbc6o66r3or, trn0 ggtroSdro
Srq,COoo) brbbo60oCq,CbUq,o g6Jqqm 5rq9.>bq93bo Urj.rl6o69q,olr OC6oOcI6oJbC
O6rQo0oUq,rQ UA6ots363q,o t6oq,L orrortsoblr.
qgol66.>0.> N 5 3 6.rqr,>bqrrU crJg6ngogbo UJbrArbgr UoUOCaCbollr qrr 0.ron
tgtr6ryq,gbob Lfur L.:tsgrq,3b9bolt 0obgqg3oor (2012 $.)
0.58%
0 ca%_-.?
0 01%
75 65%
Arqa\,r6o srcs k !6c0@
r br6JC6.! U!.ir' arq$q0&, qJ'no
. btQNlaCao Urdi6s,r ll($oaJU-
. !a6Jfh, aoaj 6lq5bqCDo q,iri(D
. AbrrJ6o &('JbrD Dq,!axl3ha6.
. ,0b 3rq?6@ r6f9t. 0l5JCodr 0raolJbJ!{D
ACffi36r: JOb 3)qtorD !6!6Ct 0,$Jr0. , AraoU!5C6.n Arqr&Shr &$o!31, 6Ctrcr60o U$}!ooU Jqhr60rttr ?o6.b
ArAJrrthiL, fnkytl atCqaoo$ LSJrnr ortrnu U$.{rE J60rffiiE itJtu D6d",i')soo<At iira{tlrQC6o ei6Jlba.
jd{Cbrq- UiJo6cl)J.6ar6oo JQirmareD
$Ur6o: brC56o)3Cq,cllt 3tcro363q,o 6163o
U6rqNm ts('ld)aoo 6.>qrsbqnU eAg6JOoC0oU Agbf).Jq,Coou.tb RTGS bouoCaob
.bc0cDeboa6Uq,o 6oq'oqgr6
qroqn 06ots363q'obJ
aoU
cEolcbr
bracfqnbr6c,
U$$cO
(2013
[,oUOCAob
d.>B96353q,o
g3bCoo('!ffiCbru.
f$$CoctboU
$q'ou 0J6Ar3q,obrao
03rq96g6qrs 9.9o,t-b)
lt;a6a;Aot6oLo br&)6 to l6N6oAob 6oda6o - IBAN
2013 $q,ol.r
I oJ636,o(orb ttjrt6or3gq,olt lrJArEJr'r IToUOCAJ lfryq,cqp 6rq.or3oq.or IBAN
E<'lffr$oLr tru0r63o s66r6ots36$3. ts3b0r0oUuq, j39g6olt 3o636gogq,o 0r633boU g39q,r
3q,oC6ool., r66r6rotso r6Ugboblr aboq"oqg IBAN tso(ffiJoao ei UrCr6og0q,ol)
6C6ooo6ortC UJorbJo arerber,lj eng6rgog6o, rbCAC Urb(BJ66J6Cooqr6 Brt(rogb3g0o
bo66o3q,q6br 0b<rq,oqo JA Eo6ArOob r60r6otsCboo.
105
dO 60 6Eq,x, br a t A r bq, 06A@ 060 g&)
2013 $q,ou Ar6Argq,(,brSo, 2012 $q,oL 0L6s3lr.:q-o, brjr6o33q,otso 0o0b0r63bq,ol.r
.,o"
erAoJo(,C0UqCArAo Cq,CCO6,<aBCq,o 6rprb('ou brA3rq,CbCbob (lr.r6.rqprbqm Ar6JoCAb,
o6OCd)6CO-br6Jo66lj er LbgJ) Aoar6(,, JAq'Jg ereo0o(r)o gg6q360or 39o6ots63br.
6o0b6.r69\'3bolr aoC6 ara(,UCECbCq,o l.t6.rqrftx'r o6LO6,CaCSOCAoArE JAq)Jg $rAUgJ6
dnq,lr o$r3o0lr Lr.>6w,rtKm 6r6rcl,CAo. 2013 $Xq,L 3oqCE UA6o 6.>ot.>6q.oc 0u6ro60oor
6i6boti6ogqp63q,o 6J(,Jbqool., oJgt6ugogbolt t6.><4.ox6o0ou $oq,o aoq,o$ 96,:pq.oo
0rAJbq,Cbtso qrr 33sq6obs 49.89o (2012 $3q'U - a7.5%). rUCAC bro$J6Qr o6g36fi3gob
09333oboo 6r6bo60oCq,Cbuq,o O6,r6tJC0oC0oL $oq,og qrr $q'oU as0g6o BXpg6gboor
iCJeAobJ 24.8% (2012 $oq,lt - 21.7%) rqlt6o06J3or, 6(,A .>0 3q$$6x'r63q,o
oblrOC,UACbOCbocD Ax.orb!.oCbol, [oq,oL 956,QJ do6oor.>qr4g Jq,oCEOoU flogttr Sfigrq,oq.o
br633o j.>q.rq,qno SJ6)Q0C6oq'., LrJ6CQoOcr Ur6rqr.rtrq.oo q.or3rq,gbgboU $oq'oU
ts30gotrrg6oU bs6xtrx aobqpr. or6b('lb6o3o 0.>B3c530q,3boor o6OC66CO-6r6Joo
o6o0o6Cb0q,o qrr3.>q'gboL Usggdgq,trg 0r6b(')60oCq,CbuE,o 6.:QrbqgCbo 36cqpo
0rqprbqnu sAC6rOoC0l., 0cr6olj CqrSo q,oqgSlrnr (aoUo $oq,o 33>Q0Cbb 61o.6-b)
qgos6t+r.>6r N 5.4 Sbupqgo 6rq.orbqg30oU 6r6i$oq,96r lrs6sqrr\m qgrgrq'3bol.t
o6ogo63bol.t 0obgqgoor
o,r6txa66o3re'
49 a%
o9%
r o6ocffco 0r6jo66o
r Ocq,!So6./0ok{.J6o 6$Jo6ao
r jlqrqs@ N t6r(n(.){r lrrarerbg., (tvir{'xar
lrrCrF)ogCE (,l-t gfio369q,o br63o
tla)arbQo b,)6Do
I tUJr Cq'dO6 L!43!q,Car
r brqnorSe (uiJqlxor
$Urf)('l:
ltra,tq,,: b<o<, A<rAubg6abolt J6og;ogft60Ao
2013 gq,oU 3t qgxp0btrrol.ro6oU Usjrt6orpq,ob 36<13fuq b6J6o 6c6ob06o6cbgq,o
o3r'r 15 br6JeJb(m 0o3brbgt63boU J6o3uoq6t6o. 0.>o 0o3t6 6.:6bot6go3q3b3qo
lrr6.>prbqm AoaLrbUf,CboL olr6br'r66ro3Ar 0rfu969b3qfr t3rqg6o6u 1.4 0oq'ou6q.oo qru6o,
tirg 3o056go3q,o brbJcaoL 0o96 6.:6knl6gogq,9}3q,o 6sq.o.:bqgSAoU 306o3363q,o 6.>$oq,L
(0.8%) tsgrq966b. d"UbCcgCgJA rAoUr, ouo6o 06o0963q,o3.r6 6rnq,b or0rtsob36 0got63
Ooggq,obotr (Us6.>q,o) 6,>qgrbq.ogbolr 6r6bot6go3q,36rtso. 3g5doqg, 6rg6oU6t6<xrrgbgq,o
J6ogroeC6CAoL 0oX6 6s6bot6go3q'Cb0q,o AlAJbeCooL t6soqgg6ob.r6 2013 $q,oU
a.r0g6o 0obsgg63boor 09.:qg6o6r 229 0oq,oo6o $t(r.>6$rjgo.:. ra ArB3C[Cbq,os, oU
orrorj0ol.r 18-aXEr rqCdrOCAJ RTCS lroUOCAoo 6rbbcr66o3q,3bgq,o 6.rqg.:bq.ogbob
6Joqgg6ob6o3 0rfuX69bq,3blr.
107
b s a,lal b @", 6 sl6sa 1A)
2013 $q,oLr 6oq'<'jo6o[r l.rsj.>6o6Xq,o3o 0oj63qo 3o63t6go3q,o brb3cbolr aogt(r
6$mfugbgq'o br6ro,C6ou 6JoeC6o0Ja aCJcgbobr 5,948,691.3l.t 0s86fu03q,o 137o-oo
ocoor 2012 $q'ou cqcJca06ob oBoU a(')bJococaor6 ts3qrr6g0oor. l0 bgq' aobsbq,gtg
eJJbq,oCboo 6lA('|ABCOCq'or I 3 6r6rom, 2 bstrrrcnoo aCOo 0rljuq,o $q,ol.r ful.rbsaob
Jg6ooqrorsb 3g4qr63boor.
bro('to3Cbuq,o bJ6roSbol-t 23%.:t6ol-t l-ts36C(,oo(,, b('lq,(I 77% - L.>q,cb3go. lD3t6gqgogo
b.>t6,:or3bolr 0J&'IABCbJ ggt6o o6qh6boU6sqp 0o0qnbs6X('rbpr 2013 $q'oU 09o69
6rbX3r63o. 2008-2013 $q,ob 6r60r3q,mb.:tso jgggs6stso 6.r0ots3963qo Ur6.:qr.>\m
b.>fr.ropboL qn6r0o3r 618g536o,> qn.:66rAr N s.s_tC.
q.oor6t6$r N 5.5 6.>0<,r03Xbgq'o l$6sqp.>\m b.x6sorSbo 2008-2013 ffi.
6,000
5,000
4,000
3,000
2,000
1,000
0
+l.,rJF)CAoOal -+lrr(oCbCoo +lr0q
Sg16l,lr b!driqo)3Cq,ml, C6('l36Uq'o A)63(]
or0<'rtsAobuq,o brcrrorgboU 6670 r6oU ,,3ot.rb" b636qolr b.t6mXbo, 20olo ,,ArbOC6Cr6,aoL', 150/0,;6ol-r q'o3rq,gdn b.:6rorg0o. 0,:63g60r rU933 !.oio$UCU JbJqo
bt(rgSq.oolr Union Pay Irremational b.:6rogboU CooboJo eJ 3j3sot6o66og.17 sqb;6o36,>3o1,
6o0 3otrr bc6ogbob $oq,o 6rAo0gCbuq, 6r6rorXb6o $o6r $Xq,or>6 39qrrt69boor
3300o6(,.) l0 J6('ro06$5q'o JUbCool,,, boq,o MC (9 J6ctOC6O.Jq,o JU6COo(D) QJ
q,o3rq36o (6 J6ogC6OUq,o J56COo<r,) bfrwrXboL fuq,o 6.>otrs6qr.
2013 $q,ou 6r60r3q,obs0o jfioryq,o l.t.>649.>bqm bl6rorgboor Ugq' ts31-t63q,q9J
69.4 0q'6 oJgt6rgo,> o,rbb(1b6o8.)(, 9.0 aq,tr4.o q'u6o. rp6ots6gq,o 6roqgg6oboU 96% qr.>
jggbolt 6.rt69or.
orrEbolr 93olo tsCu6gq,qor j6g6oU 0o66oo, boq,o qgr6r6B36o
-
tsgbfrUq,cbpq,o gtrr,r6b,:i6ogboU t6roq.q6o66o3o 0r8g63bxq'o l9olo-oor, boq,o
or,:6bobttro3o I 790-oor fu6or $obr $q,oU 3Xtt.>0r6oL 6r83553\,Cbor6 ACer6Cboo.
&klro(ffiao - Jorrrb brCaor6oa!, 6a'Ar(ho U$6,CfuC('goglr:
,L)3*6,c' (ac,aLrbJd,Caou) oaod6CaoD6 )6l,b3r Jo{r,Cao,Jb 0lAo6aCatq'o b0q,A$trr0q'Sbol, LrgUdSCq'$C
JoL-O0inAo6sq'ob braCsq'Caoo) br6rooo Bierb(r)|.,, rlrCaC 6n6rooL r$A]3o$ooCaoo, o6oC6,6Co-arArbeob
0dJ6Cq'Ca5b Ar 8Cb)orAouo r6Moau$o6,C0ol, A,$karc,0oCq'Caru Ur3rJ6o/aoaLrtrC6,C6ob oAoebCbor6;
b) 6y6r(,)oo N6bo60o0(,CbUq,o oJCf)romlr AC(oCore 6rq(r, tsCq'ol, A5sCArb.
'?7
108
Ur6rqg.:bqgo 6J6roC6oo Jcrlr-g9tr€o6rq,3b3o tsgtt6l3q,Cbgq,o 6.:qgrbpolr oJg64ogbo
63spNEL l-tgq' ts9U63q'303q'o ctJStrtcoogbob 4l9o-b t6ooqg36.bfro3rq-o
lSolo-U
o)J6bob6oBXQ. .rqUr6o06r3or, l6od ulrSoro 6(,,l()lj s,.lC6r0oCaob b6CQoL OCAJo Uts6)(,
asqsq,or, 3oqr63 6re(r, Bcq'olj 0JOD6ob oJcd,Joocoo. Jc6d(,(,, 2013 $3q'b $obr $q'oU
pr
0o6.rgg03bor$ 6Cqor6CAoo 6.rqqn ggq,ob arorbott oJC6JOoCbo Arotr6er
{6JroeC6r'rb6ogJe 7qo-oo, q'J orsbb<'Otrn3rqg 1590-o<n,010o6 t6<.rg,r 0r6roroor 6.rqr.rtrqril
oJg6r6oSbo lro3;]6erl6o0LrbgtlgboL JelU-OCf)AoErq,Cbtso Aroi5r6(rr 43o/o-oa
6JcreC6t.rb6ogr(, q.or 2906-oor oJ6bob6o3xp, oCAOJ rburrq,C6gt6 6.:0r'rtrbgq,9br0o
Jolr-6^rq.orbq.o30olr $oq'o gq,r3 36o69 t6B96r. 3XUt62q,Xbgq, Jou-6sq.o,5b(9cbtso
trrsopS6obob 647o qg.> or:6bolr 7l9o 6u6bo6tgqq,q.o,> gotro3g6r 6o$9o6oq,o03b3o, boqn
eJEr6BC6o 3ot6ggsqxpt6oor (o6OCd,6CO-brArb(,C6o). CaCUEoU 6o66oor j.>6oryqo
It6rp,rbq.oo art6rorgboor 6;6bot66oXq,3bgqto oJC6rOoCAoL (,o6JAoJJ 2010-2013 $S-tso
6r&'rbrUgq,o.: q.oor66.>0r N 5 Gt0.
-
q9o,>66i0r N 5.6 j3Xg6olr tso56oo jrt6oryq,o br6ro,C6oo, 0r6bot66oXq,363q,o
oJ364q6o (2010-2013 ffi)
0oq.m6o cnCd,r0oJ
40
30
20
t0
2010
2011
2012
2013
I
r
&erb(,Co. UrgrSfxr/aoabrEi6rMr o&,&bCbao (6,r(qqC6oar)
6reeol, b,)0r6) (6,r{'la.)
+6JeAoU A\>6s (o)$bi)
+AiqosbaCAo UrgrS6evaoaNbfi6gbot-t o&'a[3AAo (or6b,r)
SSr6m: lrrCr6o)gCq,ob C6o36gq,o ArEJo
aos,J6erbJ l-rr6rqgr\ro bJ6,Jo,C0ol, 0o0q36o &r$goboq,obCbou o6tsd)rUO6UJOU6J0.
39t6dop, 2013 $goU boq'<'rUor3ol.r bsj>t1o63q'('r0o br6JoAr0C0ol., 6roqrg6o0u0 09.>q6o6r
2,072; J('lt -Oc6)ao6rq'cbol., 6r('}q)c6obra [,r3s]t+xr-0o0ltbp6gaoL obocCocbEo - 13,565 qr.>
JoU-OC6ao6rq,CbAr br63ou tsoq,orq,CbLr qrs Lgd6oU-6666Cbtso - 2,681. $o6r $q,olt
ts3UrbcaoU Jgdnoqurr6 ACer6Cboo) bJ6Jo0.:6gbol.t t6.>rqg36obJ 6JotJ6Qg) 7%-oor, boqm
tlrgrJ6o/a('}aurb06Cbolr oboSjg3boo r6lrCbuq,o JoU-OCd)Ao6Jq,CboU 6r(,eC6('Ibr 22oh-oa.
109
eorA6,'ar N 5.7 LrorerbQm br6ro,Cbou aoaeCAo Aq$Uo6oq,('6Cbo (2009-2013 $S.)
2@9
2010
z0ll
zotz
2013
1l.119
t- ->
i a$Jc,ASOo . POS l$3{60 r,borhao
POS 0!6JoU tso(,orq,6o
Sgr6o: lrrC16o3Cq,('ltt Xl6o363q'o bs63o
br63oar6Cboo a3ltdryq,pr l.,Uq, UrCr6(,BCq,(,Ao 6.>6bot6go3q5bgqo oJgrrt.>6q0oL
54yo 6JmCgC5<'r66,oAJ(, (.oJ 76qo - o56b<'l66)o3{o, boq,o L:3r}dry'0o0lr.lbgt63boL
(,r6oCCOC0oU Jou-OCffobrq,Caoo, 42% 6)rr,4996<'$tiqrqp q.o.> 1
- or6bo6<rro3.>q..
2013 $0q,b brCJ6ogCq,('rtso rt6b3&r0q.o,> b.rbrt6ro4 oJg6r6oXboL UrJ6e\}3ljo66o 5
oC6of)o, 6oaq,oeJ6.4 6boq,oqr o6oJ J6$JbEJo SsrAJs6oolr 0.>6or3c6o rq6ots65q,o 2
3o0Jr6or (,,aot6aos6 j$qoo" q.o "5s3droror63bgq,o lrsgo6rblro 3Fl6J(.|6r0or")
lDjrdE6gq,ou g6o36gq, br6Jao e)f)cbouo6o{t49r t6o6o6g Urarqgrbqm bol.,Ocaob
(9.lC6ro('l6o.
110
0
tuSgoOA.:6rm6gl6oqrr6ogbolr6rfuooru6g0t
jrdrr3Xq'olr C6,oBeJg 0r63tso 2013 $3qrL 66dgq'qpXboqrs llo6got60.>goo
OCCEclq,clAoCAob Udryq,gogoU tt.:0g0log0o. 39t6dr'49, lr,r66rt6o3o Jg6o<.4.o6o
l-t.;
0o0qnbrt63obqg.> bJAJEJo bCCO(,6Ao Cq,CdO6(')EUq,o bgq,0o$gr6olj qs63663ol.r
9trn36gq,o 0.>63oU 6ogt6 o6ogo6gbggo J6oCCOoL brbbol60oCq'Cbr
cq,cCod)o6uq'o bgqt0o$g6ob J6JCOoJrao ara(')gc60or 6gq,ol-tb0obb brCr6o)acq,(.)l,
l$br6Jo ljCC6(,6Ao Jrq"qA$C ts3lrt6gq'3bgq'o b0q,Asr$Cfnl, BJ6rO3ECbrl.,
CqlOCO6trbUq,o fuq'Oo$gdnor AJ Cq'CCO6,<'tbUq,o qxr3gfu660(363oo ggq,.: o0
83lldq,o oJg64o.r'bg, lrm0gq,bgg Jo6J6,COUq,o 3odg6rgogq,o b,r63o 0ooqSblr
6rpr$6ggoq,3b.rb.
36o963q,0r 6s630.>, 6o6o69 UJar6Jo UcCOod)oU 6ca3q,roct6ar (,J J6ofiloou
o6ogoJ$rr6ar, E3o0g0car A3brbJAobo 8168o ltbgq,0dqgr6Cq'cl (,,Cq'CCOd,otBJq,o
bgq,0o$36ou qg.>69663o1.t lJJbxqadR0rbc(,(.|" - cq,cCo6x'rfuq,o bgq,am$cdr)u eJ6c6b3ob
63onqgoq,o6ol trCr6,o30(xrao q,o0c6MceJq,o 3oa3trrgogq,o br6pboUor3olr,
lrjr6ogq,ol-r UroJbJ(') UCCOct6tso 6J6Boo,r6C0Uq,o gq,3jg6obgq,o bgq,0o$56ob
6rA(')gCEC0oU 0ob6oo, br63oU glDg6orboCbol, Joq,oooJol., 3003ts.>33boLror3oL,
rU39 Ufur
qgr3s33ot696gq,o (xrJuac6ocbo), drrorr 33i06oq,ogo 3q'al66o63q'o bgq'acr$9dnl-t
6r6og6Xbobo6ob br6eo (gJ qgr0Uq'o 0r6)CA('l. Cq,filO6r)6CE o b3q'ao$C6,oL
qgr6Xt663olro6olr 1.,r6(Qo er qrsgSq, 6.>fr3do9 0rn8633r 9q,9Jo6m6gq,o b9q,0o$g6ol-t
ol-rgolo Omqrgq,ob ArAr'rUCECbr, 6o0Cq,o0 331l:6s0ollobctso oj690r 3q'3j6trm6gq,o
bgq,0o$36oU Ubrts6obocbol, lr.rXdo,:tsot6oltcrqr .>po,>6gbgq, Jt+ro6goJgbur qr.>
\5r6erd)000cDJ6.
JA Aob6ou aourq$Carq.o 3trn363q'o 0163o bSqfdq3u63qxrbQr UJCr6oBCq)oU
3s6cr60q3bgo6oorr ()r 66ro3r30od>oU lrqt6633o 0oj03po 6X6gq,,4og0oor.
gq'Xjg6o6gq,o b3qar'r$glrmb 6.>3og36Cbo(,u6 0obrq,oqr69q,o 33qgg6ob 06ofu6gq,oboUr
q.: 5rt(rgtsg grCOo6C0oU 6.>or3rq,olr$o63boor, 03U$.>0oU qrr 0oj6oq, oblr6o636iq.o
6<n866.; 6t6oJ.rt6grAC6oour er m6oJUe,o Urblob,,Cq,Cdo6o6ggo b3q0o$36)oU
B.>6r8o-h>bgq,0dq3r69q'oL" 03ltbxa l999/93nc qrotfui6o3oor Ar6ur$(g6Uq,o
Ourts6obcrCbob UOr6Ar6OC0oo, 0Cbd,.Jq,3ogq,o bCe,A('l$CdnU 6r0ogg63br.
0U6r3bo 0o0tlbg6Xbr 6,>0ooggbgbr p6fc6ooU, o6rq)oou, gUJubgorott, u0Xt6o3olt
ts9g6or60gq,o tsorocbou lrJbrbJo tcCO('l6Bo. Uouocaob aor3q'o rt6lro 6o0urbgt690oL
J6oggq.og6ob l-ro0#16o39, Uolr$t6,€g qgr gbgttrrbogbus. C(,CCO6o6Cq,o b3q,6o$3t6oU
er6C663J 06o3363q,o3r6or, l.,JbJEJo erigt(r.>6oXbob 6!6brn6goSq,CbourU aCOo
3o0got6golr.: qor l.,oAJE)$qoU Ut6rufuCq'U$tntsX9. bsbr63<'r qQoJUAC6OCO'bC
cqcC66r'r6cq'ra tsgu63q'3bpq'o b3q'Oo$0t+rr 3o3cq'!QQou6rQ 0ob0rdrgbgq'o
j.:qrq,qoL t6roq.og6<'rb.rU 06ots36gqx'r36cqr 0g,r06ottrXbL, 6.>9 qgsqgSboorrqg roLrbgbr
6rt6g6oi:9.
arOC6oJq-J6 q,o3gdX6$bg bgq'Am$Cd,ol, AbArSbrA, Cq)Cdo6(965q,o b3q'0<'r$36r
U6gq,q6b,: aboq,oqg 3oa5frgogq,o AJ63ol, OC6oO(96o,)tC aa3.rq,oqg 6<nab0.r63bq,ott
6o96, l$g0orqPJ6 0o$goboq'obr - bgq,0o$C6oU QJtsrtC (si8n pad). br63oU 0o3t6
6r6o66Xbgq,o Cq,CCO6,(')6Cq,o bgq,0o$96ob r6UCbCq,o ttoU630u 3$63fu3q,gogb
b3q,ao$c6oU Jx6rtt<'r6rqctrn 0o6r60gboU qrggq,obrl.t q.or 6$o6o6brgl.r Ouor
brAmU06CArU UbgJ 6C6ot AoCd, (x'rJU0C6OtC.
gq,CCg6,s'fuq,o bgq'0<'rgXdrr CJerq,qoob AmJUAC6OtC b9q,Ao$C6,oU Jq,OC66rOogJr.
Cd)('lA6Ue brbJor6 tsCCDJ6bACbUq,o 0oqgq,ol.t ltggdSgq,tg A$ AobolCb.cq)o rCaU
1ll
0J6gt6orqr3ft qm3gaC6$tf tsCbEpJq'CACq,o b9q'6o$3rnL orr6rbr6o oU6oec,.Jq'o d.)q,J
qg.> o6o br63Ur qg.: 3q,oc6oL ts('l6ot, $r6a(')a(,& oqoc6oUd) UtsE 3br-0cr3sq,5obub.
06o6363qro3$ol 0JgJq,bcboLbJE oJ3o[, cQJogoL aJeJq,o br6olrbo. Jucac
g'btrry6gq,gogoq'or Cq,CCO6mEUq,o b9q'0r'r$9t6ol.t 3flUJ3t6gotrob Bror6Cbol,
tsCbrdq,Jbq,11bJ.
2013 $gq,U bo6llqq,qrgboqgr C6CI3ECq' b,>630o ISO/IEC 27001 o6go60rgogqro
Ulrrgf,oboCboL 016o6olr Lolr636ol-t qgr6g663olr J6t'lCCOo. 6rn6m66 06oboq'or,
Itrjrt6ogSq'r.rl-t C6o36Uq'o 6r63ou, ol.tggg lv,('r6o66 0o$o6.>33 gX6$t6rqiUl6o br6pboU qQ.r
Ub3r oS6r6obrgoXbolr o6go60.>gogq'o rCO%CboU AJ$r C6o-C6o J6oOodUq, rAoOr6Jr
$rdr0o496g6lt. $r39 qxrxdj ,,1t.>jrt6orgXq,oL 36xn363q,o 6s63o", 3r6o60q66q,obolr
ts3lr$r0olr4.o, Ar6ot rbegC)r t6o6ot66 lt>jsfu6gq'clu J6oOoJUgo o6ts6rUO6CJOUf)ol,
flgq,obXq,o p,r 0,rUtr3 366q,q9gbr 3s6o6o obg<'r60r6ogq,o gbrgtrmbr.rXSob tsglrsbgb.
l.r,>3$cr60c.ogbq,o 0oorbo3630o 993d690.> qgc 153q, SgbbraoLobJtsor ISO/IEC 27001
t rC6olJ8o6ouo UOJ6(,J6Odrr6.
6r0o0qgo6.>l6g rj3qr6,
o6go60rgogqro rjoo3Cbou b3q,0oU.:$3qm0oboL,
3o6goq.oX6gorqSt6obol-r qr 0orq,or6oboL Ubdryfu0q,g<n3oU 6o'b6oor bX.oJ0SqQr
o6got60.:6o"pq,o glr.gFobo3bolr J(6lt3bgq, 6oug6'bg q.orggd630gq,o lt36orraot6olt<'rp
rqorr6SbAq,o Lor6er6oob ISO/IEC 27001:2013 erECd)&3J. J6ocJOoU ACeC6r(-o
Br6ogrq,ob00Uq,o Oylor3oU Uobgg0s qorcbar6Car UrCJ6@3Cq,ott C6.36Ug b.:63U or3olr
ttjOocbobrtso p.> 3trig6gq,gm3oq,o oj636c ao6goq66gorqStvro 0o6633oU
J(,CCaiOU6o er03r l.r.:333orXlro l$3t6ot0ot6olrcr J6lj6o3ob ts9Lrb.>0olrp.
.>q6o36pq,o AoAr6o,Uq'COool 6rUgq,o $q'ol-t boq,oU qgrlr6gq'qg.> 03Brctbr Jd)oCC$ol.,
OcC6oJU6 6oorbo36gbtx q.o.: 6r0o6bqgq.or 69Qgt6o ISo/lEc 27001 o6grnt60rgogq,o
plrryr(oboSbolr arSoBoL UobOCAoU (ISMS) prJt6o3$60JUcDJ6 er qg.:6gt663rlror$
qt3r3tso63b3q' Us3o6Ugq,6rgoo do0u.rbgtfubolt aglrgoq3ob orrobrtg. 36r'r36gq,o br63o
rq6ots6gq,o J6o3jgob grfuq,gbao 8CAATAL UOr6q.oJ6OoU o0uubraoljo o6go60rgogq,o
glr.>gt6orbo3bolr 016o6olr lrolr636oU er63dt6rb, 6rO 3.<9CA 3gt6o 6.>rg&6obXl-t30U qp.>
go60.rq,ot3bpq,b 6.rbqnlr bu63Eo 6r.161390orr qQr$ou J6r'l3gLrgbb. g.:bq,o3b 6o0r3rq'tso
eroCoAoE oJ J6ooo33q,o lr363oU3bolt S30o.:q6o363q'o L6r6q.or66oor U366ogogot6Xbr.
ff erCCOoU Jrf)rgCq-Jf,rCQ rUCaC Cgr0C6Aoqor 0tr6sg36ors 6JaJqrS6CaoU J64gX6gooU
Uol6g0ob q.o.:6966r.
0ot6Cb U$UACOoOoUr er aqo66Jqoo6ot JoqCa UB6cl Aru021obgltSboU 0o'b6oor, bot69U
Ag$CdoboL 6g60oU ts3&3ts.:pbol-t gc6r6q,96tso, Uob('lCqo 3obUgq'6.>66g0olr 0o9t6
6J$CCq'o 6Caer0CbergoXboll ts31-rrb.>0oltc-o, lT o6ts6,J.,OdPJCOUtiu 3oq.og 396o qrob3X$r
qr,r 6rg0aob3[4gr, 610 ArAoobJOCbr rtrrUgbgq, 0o6.:60olr tsCEJbSob QoUJ!6o
lr)l.,OCaC0ob rCOoO-JrUo3 t6g'go0oqs6 cj6oO-rCOcB 6CEoA$C 0rqrrlr3q,rtso XU 6gq,oLb6obl.t
0obrgX6orr 3g6,rb3olr qgoLr3gt6o ltob6SAou 3q,rUO36Eq, OCC6slqt'rAortC 6rqrU3q,rb.
rCOo3'rCOoB 3o6go6gt6.rgor AoUCDooCbU oA OCC6oq'oAoUf) tsgb.rdq,gbqobrbg, trt<'lo.>
g6or l-r3tfu9t6gq' OC6O6,Ao (lc,ljJ36o lrolroCaol, er95orECAoU 630ob3g3ctso tsgl-t$q,903q'os
bouoCoob rgo(1Arout6o qrs Sgotrogt'o 6rer{6o3J ACrD6,C lrC6rSC6,Uq, 666lvr0o .r6rlt3bgq'
As$Jooao)r ts36ub3oU qnL3g{6 LoUOCor$C. 36on L3dr39t(6q,o OC6O6o(}r6 ACo6Ct C
Arer6)(,Br beCbJ J3OrlArOU6r(,, rerAor6ou 8rd)Sob 6J6CBC, 606 3oq6 ggt6<r u0got69bb
crJ36.;go3q, 6)oUJCbl.,. raJrArQ UB3C Qrl.t6,Uq,C&Jqtos trg0er.rq6o063q,o U6U$CAoU
odJqp0966,4os qr.r 0o0q-oo6c6Cobu .)j6o3f)o $CLOoF)Cbr, UrbgoSb 0r'r0.>3rq,3o o696096r
aolm gjl$q,grgugorao 0rA3Cbr0.
l-t.>o66r6o0o Jgt6ooq6o qrrb6gq,rpu AJtsrobJ Cgr CCUJqIJDOTOoJAo 0mo!8r
JoACf,oouqo br633bopr6 $5.rt6o06Xbob AoeCAoU UoUOCar. ?gagts.>3qD lrJ3gorqgt6o
tt2
Jo66rq,o, 6rnACq,oO AJborgbCb3q,or AJbUfl3q, go6OJrq,U6 CLJCq,Ao er Aobo
bragrqlboor 3o03t6gogq, 6r6gbl-t pbgt(rorboqg ts3gdq,o,>or 103C)6o)(')6 lrlj,:tvro6Sqrou
C6c)36Uq' br6Jtso 0r6Lrqg0C6o Cq'CCOc,cl6"Jq,o r66,>t6ots6g0Cbo, 6o03q'o3 oD3oU 0b(6o3
OoB6U(,re r6ou bCq'a(,$C6oq,o. tg6o.>p6o06gq'0r Joq,Ca Uts6(, s.ra.>qq,.> 3t6o36gq'o
b.>63oL o6got60rgogq'o glDg6orbo36oL
br6oUbo.
Lru66s6o3<'r Jy<noqg6o 0o0q9o6.rtfuobqrr l-t.: jrdo6q'<oll gt6o36gq,o br63oll g6om$o
go6.>6ugt6o, 0rJ6FlAl('l6claoJ06o (,r UOJOoLOoJUf)o obtso6Aroouq,o tobOCAoU
,LCbLOJOoL" 0S0gtrpboU Jd)oCCOoU Ar6bcr6)0o3q,Cbr. 6rUgq,o $q'olt A<'rq'ou UoLOCAT
aoa'b.:qrqrr trprq,U6 6Cro&lo CCbJq/JJO.>gocao 6.;1r6330,>q9.'?3
2013 $q,oU 6$dr3qx'rbrtso, Ubgrqg.>Lb3r gg6igoo6rq,oU 6ug0aobSlrgboLt 0ot6oor,
trr.>0qgX6o0g 3gq,oqlCbr tsCaoer tsrlnrEo jrpq,ps0oLt Ar6o3ob Uolr630r0o, 6r,r0CE oO
$r60orq66U lrrb3qf$ogro qrr gt6<'r36gq,o 6163olr g.rlror6o Crerq,ACbob ACJoi5oOr6U
do6oorrqr l$br63o UobOcArSo, 6rqqn ggq,ol-t aJ6oBoL Uouocar6o, Lrg6oD0ot6oUo
0rer6o0b3Cbob boLrOCAJ ITt{S-tso, 6of)roL 6C6olr$6r3ool, J6cr66rArtso Qr reraorb36o
f4lr36l-r30ol-r 0.>r6or3ob boUOCArAo. tC0(,le6oab0q, $q,o(,CACbo ar6bo60oCqer bJ6Jtso
rt6ugbgq'o ogE oq,CbCbol., AJ6o)3ob Joq,oOoJoU bJo3Jq,oL!$o6Cboor. go3gq,qg 1016
d6o636gq'o36.rq.o 33r0got6r 6s63olr lrsoJs6tgorn 6ou3gbo, 6.r'b.>6qgr toUOCaC0oU
pUry6obo3b.>, U6Jboq"Cf,obr (oJ A('66JqmbJ. rl.1369 6rotr6q-o.r o69o60.>6oolr
broaCq-ooobr, Jo6tsoec60orq,obr, ao{'oJ6('l0r (,J bCq'aobr$3qQoaobJ.
U$6616o6r'r JSt6ooqgtso ACaCAJOQJ (.oJ Jbq,o aoar3rq'tso 3f,lrJq,gr$r6ortso 3X3s
e6('lob 6jr(pJ6 6ggoddo r60rf,otst $(')d,Cbob bobOCAJbi eJ lrsC6cr,rA(.)6olr('l Urbr6roC
blr650r VISA-b 3er6ou AcrbigCACboL r3OoArOU6o ArOSq,ot J6o66,rAUq,o
Ui56ru6acq,gcttsJ, l6crdq,olr ljrts3lq,9boor.>6 bq990.> lrJggorq'3tio go6aJool, c $ Nsl
groqroLr 9o60o636r (,J arbt'C Oo$6"Jq,o b3q,0o$96,r.
L,JJbAJ6o6o $3q'l.r 0odqgo6l6gobqpJ ECaJobr lt3rUo Ooqggq,ob 6c63oorr63bolt 03ot6g
g,rtroLror3oU Lrulortro g3fr6o3gt6 q.> bot63U 0oo)b<'r36gbob Eraogrq,obCbrbC. rq6ots6gq,o
gJbou do6oor(,o 0ob.>6or lrs3rlx'r Ooq13q,tso 6UAo'bAr6oJU6o Qr lrb3s ltt63.rq'o$.rgoo
tsJb00q)(')ACbob .rp6o6b3r qgr JA tsrbCUq,obCbcDJ6 qorJJ3So6CbUq'o oJg6ugo30oU
$.>60o30oLr 6r6bo66o3q,30oU Ssltrdq'gbq,obr (Ooqrr q.o 6.163 6odt6rmbr, t63rq:oSr3o;,
$OC6('l6oCAoL 0o6o!3br); 6rRe
gpq'o.>6 qpr3.:33ot650gq,o oJS66ogbolj
0oqngo3sgor/6.>g&SobSlrgbr rq.or0o.:6gt6o 6gUgd ol-t 3906od4bott qtr oJS6rgogbolt
B5U&gqrSboltior3olt 8i6Jgo36oe0 pfroott 3506o5$rob 0ot6oo; 3o0566rryqo 8s63sbolr
&.rhdrbgbgq,rqq AJBx'rbollror3oll 0.>orr 60loaCbq.orooC0ou 6JoBrq,ol.t$o63br q.or lrb3r'
gfm36gq,o brbJou Jq,ocbocb()u 0o0trsbgt6gbolt 6r5o1ob3U3bolr 0ot6oor' 2013 $3q'l-t
6,>6borrr6o3q,qs (rrUOJ6OoU6o ltsbr63o &'fltbgt6Xbol-t Jdxr66$oU (,J6CE)A3oUJoEoU
L>]ofx'r g3j6o3glrro Jof)obCAoU 033gtss39bs, t64 dot6rqg ol.rrtrr3b 0o0tr0rl6Xbgq,orr
aofudtgbgq,obob 6r$tiqg.rlr, l$oJ36.r1;oo bu6aXbol.r
l$oJgt6r6oo CBJCOU6obolrr
ACaooF)CbrUr er Jq'oCSOor AtrAuib36,C6ol, brt6oltboll 6.>30aob3lrgb.>U. J6o66.>0.>0 36q9.:
g$r6gfugq'gotr 3q,o366orr Urb)bJ(1 A(')At rb36)C0r qgou6$gog5rq, aurn Srqt6oL 6.srno
lr$3tsro rq.o6oq,oqg.>6 qg.>63q,o btool CqlCCO6r'rEUq'o Qr3Jq'CACboU 0oq3b.> qr,r 0ror
lr.>ggd3gq't3 dot(roor4-o Urbr63o lroU636r3o tsxlr.t6.>0oUo B.:6r$363boU 6.>6bo6go3q,3br'
pr
" eCO,:q-Jf,o "68r',f,arOor oboq'Jo,: o,rgo 12, ltDoolroomoo lr,'CAor6c'ar.
ll3
7
Soqs rgqngr qgc qCAoq15t6"Jqxl oe6rrcbAr
LrCr6oACq,oiJ 3t6o363q,o br6Job SoqoJrUqoo6ot6Sq,o Lr0UrbS6oL lr.rj0o.:6obr
Url66r6otso JJ,6ooetso 0r6oAJ6cr,Cbr'l(,J 0,:trt$0369b9q,o eJ LrJr.rEUUq,OrOor')
0r'r0brbg6Xobol-t brboor. 6oerJu(n$od)Uq,o tts0ttbgt6olt 0o3dr (,J66o3oq'
6r0ogqgoq,36ri:9 q.org6c.o6oboor, 0r6bod)0oCE CgJ J6LCbgq,o cgqgogoU g6o396lnU
AreJbC(Br (,r brCAor6oboL 66dgqg.:4-oo.>6o er6C6aBoU Ogomqgoq,o5ooU 6r6Jbq,Cbr.
g6cr36gq,o b.;63oU dot5oorrqg Urj0or6oblUor6 q.o.r3,s3do53bgq,o 6olrpboU J6ogoq'gboU
8ro3rq,ou$o6cao@, aobQr
rc(,ooou
('lboccocbob t60u33boLrq60
q9rfiC0q.o9b.t63bggoboL ts9ft'63s qgr Br0ogrgobpr toQrrgQo6rfiUq,o 0X6o$03fubolrr
qr,r aoaoboq3oboU rbrq,o 66d3qj4gor6o brrT trroX66rl;oo Qr $q,oI6o U.raojagq-oo
bCAACbo.
rU(r,OoU JcIooOCOors6 ts3ot6b03bgq'o Qr CGxrSECq'o br63olj lrblob 0oX6
eraoJoocbllq,o 20t3 $q,olt aoqgrrueooo6uq,o 690o$09bgbolJJ Qr aoaoboqBcbou
6g60otr ts9lrs6s0oUrqr, b,r.:66rt6o3o J3t6rx'retso AD6bc(i0o0q,qos 26 o130r$96o ts30o$036s
qr
0o0oboq6r, 6o0q,oL gsd6q'3b6og a<natrqrqrr 331$0r0oLto rU(,oO(,6Uq, aXg.:bofubo
grgJCUgo boS63l.r J6ogglr3bolr Oobgqg3oor, 6oU33bolr d.>trtor3ol-t, 0oQD Jr't666rnq,ou
0gjr6otrd3boU K,CJ3JOC6o6obr (,i Ar5C0q'J0C6Oo6CbCq,o br'bob A(,oboS6Cbor6
3gl-r$r6olrobolr orrobr'b3.
ot66r6o'brgooL botbgb-Jdm63lr3boU gggj$gdx'rbob qQr oJooAo<bJ0oobr396 U$6ug3olt
b3q'03ggo0ob 0ob6oor, I,)ao6lrgq,OD0()(, Ar6eroob tsJ6bq,CbAo, 0oA)ru(noc)fegq,o
UrALrbg6o, bruuq' $Cq)UrO rbc)60oCq)0A(,r a3arobslt 3o6lrgq,Or0oCbol) 6J$CAob
3goboo, oJ36r6ogq'o a363a0366otr UfuJ(prLbgr &6ocdocbolr aotr3qo3oor.
ljrr6bJ6ots('l J31ooetso, AoCQrrC(r,Oc!6,Uq,o brabrb36o .:66fuq,9Q1 AiF,SaUbCbCq,o
0o0l-rbgSgbolr Jr6ogglttso 6J$COq,o 6&toAC6Qr0oC6ol, o6Jq,30366rgooU J6o133U$3
!:Sq.or0bgqo3cq,obrLJ eJ UcrgcqJ3r66,:q,36 r66.:6o060ru, rucac' Jgt6ooqgq'
&'r6o6o6n66lr AJ6C rUqoooctdlJq'o 3o0Jo6oolr 0q6 36<o363q'o b.r63oU 3o6r6U36o
r60r6oBACboU rUQoOoL tsr6bq,C6tso br$C0q,o d)CaoaCbqorooCbol, ts3Ufrgq'Xbolr
0p6odrd6obst3.
aoerruqooor)6)Uq,o UraltbgtrnU ltrjdo.:6r'rbolr bs6oUbolt gt6ry63gq,gogoltu pr
6.;g0amfuLr3bob J6r'r66;0otr Ooorbog6loru 0glr,:6r0olr.:q.o, Ao(,JJfl(,oOo6Uq,AJ
L:0bbgt60.: AJErbo6BoC(,r ltj0o,$obolt bJ6ottbob g<'l3Cq$qou6o tso(,J J36oet(Uq,o
03g.:lr3br (or3oor8ggrlrCbJ), UJAbrbC6oU UrCAor6obob EoQr rUQo$oU J6ogglngq,o
J6JCOoJob ll"rg6orrto6oUo LOr6C.oJ6OCboUJ ql 3oro3ol.r 3oqgJlloU 0oorbo363borr6
ACbrbrAoLobol., qgrqrgSbolr 0otr6oor. lt0ltbgfroL lrrj0o.>6obol.t $s66ut6o4oU J6og3btso
6,r0og69bgq:o 0oox'rqmq,o6op6o b,rtroU qgrb33$ob 0o0l6orgq,9boor, U$66st6o3o
J3t6ooq.otso aCor6oq, oC6r o3q,oq,CbC&, AoQrrCQoO(56Sq,o ljJaurbu6ol., ,,br6olrbolr
g9:t<ry6gq,grogolt q.or 6.rgfuob3bg0oU Jt6o66r0.>tso", 6o6Xq,0rg 6<'ro93r ,390cr$09bolt
t3qrafuqg3cq,oU" gg6i0ooL g(,60rq,oi:36ou rUJcCOcao rU363, 6r6oU,rtq3ts.>
AoeJr0(r'O('Ir60q'o 030o$03boL 36ror-3trun UgCq,JtC r6ltCbooo (.ooJUAC6OoL JU(r,Ool., J6o66))AoU toqrofr6.>Eobtgo0q)o LCF)6( J6Oo.
lror66r6ots<'r JC6ooCQAo b6dCq,qoCboeJ au8robr bUerq,Ot63q,o .rq6ogb3oU
c83drrgogboU s3OrnArOo$JOooU ts96q96m0o bJb3ooJ6)Cbobr lpr L6ryq3ogoU
0oar6ouq)Cboo.
I l4
8
br3slx+tsg0olxmlts0g0ung0olrsr6grSo+D66ou
go6odo3olj 64p ggq,bg 0arorbcr36ob 6gggg6bgbq,.>qr qgr30sgogoq,g6otr 0ot6oor,
U.:jrdro63golr C6s)O6Uq,o br63o 2013 $3q,b .>bot6go3q,C6q-or lt3.:Uo-ltS0oltoo
UroUtsro3aU, 6(,ACq'oO AmoOJgQr tsCq,ob 6oAbCboU QJA$r(,CAob, 036<'16.>6o1, 335rfuoU
qg,: 30olro,:lo16 qrr3o33ot6Xbgq, lr.rj0or6ob.>U, 0o0oj63r3o rtrirgbgq,o br636o0Cbour qor
aet600Cbol., b.>6ollboU $4q,gbJJ, UJCAoUoo q,r6ou br6J6a\)Cbob/am6CdC6obr q,r
0o0oj63oqg,>6 rooqXbgqto ggq,oU 6ots6X0ob QJ(}8CEoq,o $g|Joor qrJaptsrmbrb,
CClrJCC,OoboL lr.>j6o.:6obob 6.>g01ob3L3brU, 0oOojg33ottor3ob U3r6bouo E rf,oL
6r6J6oOCboL brEJAAU6Cbrbr (,r 6o6AJOoUq'o brtou lr6gq,9ogrU.
2013 $q,olt 3l qrXp066ob 0qg6o0.>t63o6oor, 0oOojggg.>tso .r6bg0gq,o Erqqro ggq,ol.r
elqqC6obJ0 2.35 0q,t6qr q'16)c) 0Crqobobi. orq, ACl6oU AJ636oOCA0r - 2.29 aqdrqr q,r6o,
b<'rq'.'l acrECOcMJ - 63.1 0q'6 q,r6o (qns6fn6.> N 8.1).
qnu6tvr.>0.> N 8.1 0o0ojg93r0o r6bg5gq'o 6.:qq9o ggq,o (31.12.2013)
r I q,r6o
l2 q,)6o
l5 q,rl6o
. l0 q,,)6o
r 20 q,r6o
r 50 q,r6o
r 100 q,,6o
r 200 q,,)r6o
! Ao6COCbo
$SJ6('l: brCr6oBCq'ob 3t6o363q,o b163o
Lr.>65rt6oBo JS6cxrqto, 0o0ojg6$o 6rq,qoo ggq'olr 0o6gq,r'r0.: $q,olr qrJrl$goUor.l6
0gqs66boor 433.5 0q,6 q,;6oor, .:69 22.6 026-rlol brotJd)QJ ((nJAd)rAJ N 8.2).
I l5
(,oJA6rAr N 8.2 6Jqcpo tsUq,o Ao&rCOCarEo 2012-2013 $q,C6o
2,500
2,000
€ 1,500
,
1,556 1,529 1,5a3 1,535 t,5!!
P r,ooo
-2072
-2013
.-:.' .'d C s "d.Co$ultutss
SUr6m: lrrC!6o,3Cq,clU 316m363q'o bs63o
2013 $q,olr 6s60.:3q,o0ctso 0o6ojg33.rtso brEJEr'rOCSoL 6roq36obr 425.3 0q,6 qtrt6oor
6rotr6)eJ er aoAcrCAg3,>0o ,r{6bgbgq'o gSq,olt 0orq,or6 &13qr'$.>0o 0oU0l b33qrtlool0.r
$oq,or 97.3% 0grq96obu.
l$r66rl6otso Jg6ooq9tso, 0o0ojg33s6o 6rp9o 33q,oU t6Qol., Jr6rq,C()06r(,
6Jotr6eJ AcrfuCq,&Uq,o q.or ACbrbrAoLre brb)A6U6,C0tq,o br6J6oOCboU b39q.ot6oon
goq,o. 3gt6doq, g3q,olr 5.:qrr0o6q,3q,-c9$br6nLb3b3q,o r66C6JOCAoL aoC6 rgo(.)aro06
6Xgo0tlo 6r6rqg6g6q.os 22.8 0q,6 tsU60Cqo Lb3rq.o.>ltb3r 6o0o6rq'olr q'rtrnU b$36ct6o,
r<16 ltjrt6o6XqnU 36cI36Uq, brEJAo Jo63t66cryq,o 0>6Jc&pr6 tsCA(rUUq,o 6rbJ6oOCboU
15.7olo-l-r ts3rq9p6Lr. 2012 $3q'U 3U oc83g6gbgq,o l47o-l.t ts3.>qg636qru.
jpgBolr g3o6r'r0o3oUro6olr 6re(go g.JqoL 3Xggg6b9bq,.>qr 6o$oq.oX6ob
U'bf)UfuC('UrUogXQ, lr.>r66rt6o3o J3t6rxrq90o A(eC(,(,C&')qor L.>agtsso3ao 3Frt36gq,o
br63oU l.r#rXt3t63o arf)r6C0ol, q,r6ot bJEJEoOCboorr qpu 0o6g6gboo tgb3U3bqg.
pdrdoqr, 2013 $9q,1, br636(tC0oUJ ar AerECOCboU qrt0,$t,rq.qbgq,0r EXltl0$oU0r
lr$r6rtu3Mu q.> Sr6.:gb.>63b0.> Urj,>du63q,oU C6,(13BCq, br63U 0o,>$r'rq93U 5, 20 qpr 50
q,r6oU 6o0o6.:goU 0r6J6oOCbo, TUCAC, 5, l0 qgr 20 o3ox6oU 6o0o6.rq'olr Oo6gggbo.
2012 $3q,orr6 0gqg#rgboor, 6.:ob,:t6q.o.> 6rggo ggq,oU b6gfu9bo. Jc6doq9,
0g0otD3q'300r C&.)36gq 3rqlooDao 3.6 Aq,fur q,rtvro ts3rqg6o6r, t(Dg 10.49o-oor
reCaroCbr $o6J $q'ou arB3CbCbCql.,, b('lE('I 6rLr3q,3b0r - 4.1 6q,t6q9 q,rt6o, 6 58 77 .1o/o-o(,)
ie0aroCbr $obr $q,olj 6rlt.>3qpblt. UOb(')U6 3rq,UOrAo tsg0oLt.>3q,3b0.> 4.9 JoJUo rud
qmq,rt6o, 6rb3q,9b6r Jo ,100.0 rorLo m6x'r tsC.)(g6o6J. gobo3gt6o Jot6XboU
0o0bsbp63boU UJq,J6oU aoCS 6Jggq,oql ojbr 402.5 sorlro q,r6o! oqgg6obolt 6,:qqrr
Urjrt6o6gq'oU c6.g6uq bu636o ggq,oll 6o363boU 6sq-orsBq,J-qgrbJ6ol.,bcaou
Jt6o6UoU 6,:g&1o69b9bob 0ot6oor, U$66r6otso J3t6ooqg8o 6r6bo6rgogq,q.ou 030q.o35o
l-t090ro96o:
- 3o0Jr6o.: ,,Giesecke&Devrient"-b0rb BCdCSoq,o oj6r er CdLJq,UJOrgo$o 6r3ts3r
Jbrq,o ,,BPS-M7" 6oJoL br6J6(1ocbolj eD0Jbr6oUbC0Cqo r06C0roo, ,,Nota-Pacf-ou OoJoU
136o0.>696 031-r.>ggor ao$goboq,obruorD6 C6q,r(,;
l l6
- JAJSC JoAJrbool.t Srd)aoArQAC6Cq,o,rE J6g)JQ b$rb(.) OC6O6,Ao r6bCAUq, ,,BPS-1080'
OoJoL tscE ot, qorarau8rgcbcq' r6d)rar$U Brc6r6(,r Uatgcq,$q,oc6o 6caaou6o
tsCA(r$ACbr er j$oorq'U6o tsXpo46r;
- ,,BPS-1080" $oJoU rt6U30gq' tsUq,ol, (,rArbr6obbCaCq, rAf,CAJOCbbC 8ror6)qor 2013
$q'ou 3aoboolr 5 eJ 20 q,r6ob 6o0o6rq,ol.r brEJ6('tOC6oU r(,rJorooobroaott LJ}o6m
UiAutrct0bo.
Itj.>l6o6gq,olt 3l'to36gq'o bJ6Jol, llou0c0rao tsgq,ob 6oBbc5ob arqoro3q'rqs090r3gboL ggj6o3g6o lt8g.rq,3bSboU 6r0l6oryq'rq.o gg6jgoo6o6gaoU
c$6u63cq'Lruotsr(Q, c6cr3Bcq'o 0r63oU Jfutmqg3fuoU 2010 $goU 3 q6oLolr
6.:63.:trr6gqr30oo qr.rqr66oq,o Jgl6o<rq6q,oboor bJJrUet O0666tso bo60oJq,qo0bJ
br636o$3bol-r AJ(,rogq'r-(.orA'JAr3C0oU OCd6oJC6,o U.re3.>q,Cb36ou 0o3t6 ggqoU
6ots6gbolr q.orb,r6olrbSboU 6r0r6orgq,obolr tsX0o$09b.>.
UJJ66r6oAo JSdrrmqgSo 66dgq,QC0(,Qr ggq,olt 6o3636o1 3jUJgt6$otou U$0tsco3oo.
396doqg, LrjJ6,oacq,olt g6o36gq,o 6r63oU Ur3llxn oc6o6ol, brq'J6)stcboqr6'
3oagrigogq'o br6g0oq9.>6, g)gcooL l$649$g3q'9q,o lrg3t6oq9J6' l.trjrt6o)33q,olr
tso6rp6 l,)jagot UJao6oUO6oqQr6, ltcj,>6ro63q,ob tso6r6uo)r Urao6ouo6xrU l.t.>6.>0odo3bct
lri0lrbg6oq.or6 6r0o5$.r36oq,o qgs goto3gl6o Jo6r96ou aoX6 33&'r6s6oq, ojbr
10,613 Orq,o bJCSBtn tsUq,r(rl 6o816o. 2013 $gq'U 6s0<'r3q,36oq,o grq,bo q,rt6ol-t
b!6J6o$C6olr) q.or AoECOC0oL J6,eroC6OUq'o olr6rtsr6qgobJ aetC03q'oJ (,or06)rar N 8 3tr3
qns66.r0.r N 8.3 2013 Sgg8o 6$r'r3q'X5oq'o grq'bo q'r6)oU br6J6o6Cbo QJ Ao6COCbo
J6e$C6OCq,rA
r 002%r 002%
a0039389%
a 2 q,r6o
r 10 q'r6o
.20 ()y6o
u 50 q,r6o
r 100 q,)6o
! 200 q,rd,o
.50 oC(r,6,o (1993$)
933
. t q,J6or6o Ao6COr
r 2 qirf,o,'6o AobCOr
E I0 eDr6orSo Ao6ft)r
$U16c,): lrrCr6o3Cq'('ltr C6(')363q'o
br6Jo
ACq9J6Cboo)
6r0ogq,36oq,o Urq,Ao q'J6ob b$36o630o1 6.>oq9C6<.lbr 2012 $9q'or>6
2 3-1X(r 6,>otsr6qpr, gsq'bo qoq'rr63bolr 6rcrq.oX6ob> 4 996-(,(,), b('lq'(,} grq,bo Caf'(')u
br6J6o6Cbol., 6roqg36obr 11.1%-oor' lrb3r ggbourio Srq)bo 3rq'floCbou 6r('lQC6obr
r6rqro6oSt<r J3r6ooq.otso 6lotrt6qgl 45%-oo, 610 tsCCbC6r 50 olCCD6oL 6r'rAo6Jq'oU Urq'bo
0<'r63q5caob 6roqggbgrb.>1l, 2012 $3q'ors6 tsSqrrrrX0oor o6o 3x66ot6qqr 68 80'6-oor, tx'rq'cr I
q,rt6oU 6o6obuq,olr Urq,ao Oo6COCOoU 6roq936obr AC00o6CbUq'or 31 5olo-oo
(6o0o6q,96oU OobXq3oor 2012-2013 $q1btso 6rao3q'C6oq'o 3Jqi6o q'r6oU br636o$XboUr
(,r A<'TECOCboU d)Jc)(9g6obuU 6joB$634L qr,.>6dr>0r N 8 4 qgr qnr66r'r0': N 8 5)
tt7
QoJ66raJ N 8.4 lrq,bo q,st6oU br636a{X6oU 6.rr.rq36o6.>
2,500
r 2012 a 20t3
2,OOO
1,500
1,000
s00
20c43
73111
20
0
1q'Jt6o 2 q,rd,o 5 q'r6,o 10 q)16(, 20 q'$,o 50 q'vqo 100 q,56,o 200 q'v6o
$316('': brCr6(,,OC('('lt, C6('tg60q'o 0r6Jo
eoJS6A) N 8.5 UJE bo astoCOCAoU dD('teC6('lbr
,,* I
t.*
7,707
.201,2
]
7,000 l
r 2013
6.000 ]
5,000
4,000
3,000
2,000
L
''01 zzo
1,000
(1993$) I ('rr,r,16(' AobCO) 2 q'r6o$o &q6CO") l0 q,#,or6o AobCoD
50 ojro,6n
ojCo,6n (1993$)
$Urf)cI: lrrC16(,)3Cq,mU Cr6s'363eo ArEJo
Urr66r6oBo 3X6ooqltso, lrjrtrrrgq,rnl.t gdx'r36gq,o b.>63o 09omq.ooqn6og6
q.>b0u63bru g$mqq,) 3o0gd6ogq, b$3901-r.> qg.> 3rqFJOoU AreJAogq,Cq, JCECOJblr, rlrC0C
oU6)oeo!q' (,r tso95oJU6 Jof,CbU Jrqo6CAoU 33rq,ogo3.>6ooU rArqq,Cbob UJCaC6o.
JC6doQ, Qro6oC63lr3bgq, Jo6oro3ou ggq,oU 6o065bob q.or03,r3o 03j,:6ot09botr
L$r3q1oolt, q'J6,.,b bJEJb('lOcboUr er a(,6cd0bol, 3r6boborbmbob 6r6lDbqg6oUr q.or
bo6rqgrqg 6rqq.o ggq'orr6 >smboL gjrq,ogo3r6ooU $.>qq,3boL 0ot6oor, b$r3q1br
EigOrf)CQr 636 Jo6U.
2013 $gq'tr 0o0qro6,rt63o0qrr 6r.16o69 Um63gb6ogoo, obg Urrx3boq,Co ar'rECOCAot
6grq,obsgor. 3gt6doqg, UrCJ6(,,BCq,ob Cfx1g6gqo br63ob h>3ruo 0J6Od)oU aoaurbud)Cbob
Uiq'J6mCaoU (0ro tsot6olt j. $r6Cq,ao ggq,oU ogtggado r6ltgbgq,o b.>q'r6o), o6q,m6
0rqrtoob qt ofioq,olnU tu6qbr6oU 63333oboor ll.>s65.r6o6o J36ooqr0o
5gqot3bggO.r tr\.rqrsbb3r LrboU grUggq,obr6 03.>p6o6.: 27,257 36orgrgq,o, or.r6boor
118
1,042,777 qt6o,0.ror tso6olr rnC6rru A<'r6COCbo t6g.rgotgbgqo.r 958 9t6or3gqn, or.r6troor
cnJbboor - 900,514 q,r6o, gd6bq,nb A(9ECOCbo 254 36orggq,o, ors6boo - 15,271 q,r6o,
br'}q,Cl erbr6BC6o tsluCUq,c$r 26,045 c6o4gq,o, oroEboor - 126,992 q,rdn.
2012 $q,ob rbrq'o6og6 JC6oro()orb ACeJ6Cboo, 2013 $0q,ll 36m363q'o 0s63oqr$
6)Crq,o$CbUq)or 2.4-XJ6 ACOo d)Jo(pg6o6oU lrb3sqrsttb3r U*rott grUSgq,obc, 0ror 3r'16ol.r
oC6sir acl6COC6oU t63rgotgbgq,o mqg36obr 6r'bt6qroq,or 16.496-()0r,, $5obq,ou
0o69g36o ngagot6gbgq,os 22%-oor, boqx'r (,rEr6BC5o tsJrC0q,ooJ 6r$6)eoq'oJ 2.5-?(c6.
j.>6ogq,o ggq,oU ouoo6ooLr (,J LrCrd)o3cg('lu C6('lO6Uqo 0r63ob, 6o6o6g jgg6oU
g96g6rq"36n b.r63oL 6s6goor.>t6g6o[t.: qg.> aol.n do6oo,r(n Lrj0o.r6obob 6.>96o0olr
0ot6oor, 9dn363q'o br63ol.r gSq,olr 0395930o si6o36sqr Ls,r8r'bobqoJ [,r'bct0x8oCbrl)
Ur6r6arbJoq,Cbq'ct-B366fuboor JU6,LrCbU. t 116616()3<'r J3t6oop0o agt536U 31430t6.>
2,759 3oi:o6o6n (0ro 0ot6oU 1,29 rqg6oq,o0l6o3o qrs 109 ggbogq'o). 2013 $gq'b
gCE ol., oCbCgAAo Br0J6er 77 ljJ6.:60.>6roq,3\,o-0g03g69booro OU6,o (CCUJC6UoT),
cx'rO0q,og O<.rog.r3qoJ Cr6o-JE o 6g0ot0.>go3oU 0oOoboq3clt qgr g03rq,oq9
3jLrJo6.>g56olr qro3rq'o36gbrU. 3gt6llo 0ooU0o6r 1,184 Oolr$rgq,CO qQr 127 JCeJ6erbAr.
119
9
lts$o6rqmg6rlto$g6ox4t6ocr0rqol$g6orffiix"
or6sardmAq,obr
It>jl6o6Xq,ob C6,('l360q'o 6rbJo. l.rJCaorb{qaob ArdboarqpJd,o AJA3S.63rq,o6oU
3$dry5pqitryog.>q ('r lrrbr6Jo lhltoCarao aoaqrl6)6c &')<'rocbC6ob aCbrbcb
obg('l6Ab0oob lrJ$('l6!(xrCboLJo)gou e6.UqltA Ao$(,eCaob ao$6oo, oJC6JOoIET(.o
r3d,o0gCbqor J6rCt C,Cqo$Cbb! qor bO$oL0oJUt6 ao6r0Ca0Alr, 6CACq'r6.Jq,r(,
0t6,o!ger AC[,sbbAoU oCAJbbC Jt5Cl.,Jo680f)rfuo36t, 3obgX6gbgoXaL, A6ogo60CBb,
lrrffird,Cblr, Jd,Ct CSOrOoCAbr q,J A9b3C('d,Cbb. o0oU,>o6oU, d)oA [,gr.r6re Ar
racla9!6r3r(, Aobuq'qc| ltstn6rqgo3bJAQ3 (,63(''6a10(,1 3t6o36gq,o b$3oLr 0o3dr
qp.)&!60oq'o t'rgtsod)0cbou, LJarEJo bCCo('1d,oursaou aCo,r3r$Cacq'o sb.:q,o go6s6ltp6o
o6l$d,UaC6oC0ol, ACUrbC0, C6al3b0q,o orbJol., Si(ffioAiAACEq'Coo 0r6o,r3e6C6
JC6ooeUE, AChfA6C0t AClAAoo)o A! Cq,OCo6('lfuq,o aCeoob $)6A('tare&!6q'Caor6.
2013 $cq'Ij lt.rjit6o}3cq'ol, c(,osfuq'o br6Job ac)bc066|q,o JoqDOoJr do6oo,J(rxQ
brao'b6Uq,o ogo grl.,caoL g'l6o1j lrraUrq,o er a6dcqBreo!6o b056oq'U6albol,
Aoe$Caol$JC6. o(,bCorr}Jq'o &.)q,oooJr r6J v6UC0Uq,o, r6rACe aobrq,oe6C(o
obggrgoob Atd)oBJtC') sf,oJ6oo6Cbq,o. ECLrosAobrqo, CtsCC0or6o ar'l6X$,ifuq,o
Jgrq,oooJol, br6kr,ooq,CboUr(r)3ob 06o03fuq'o3r6o.r l$$o6sqmCAot 1j$(,16(,
o6aq'J0oU6o aoq'cr(rl6ob BiAaruJq'o0cbi. $ 0o$6oo1 Uscdlclt.rq l.ts336rJqRgbo ogo
ao6cor6Uq,o Joq'oooJol., bra}ao6orq,(',br er brdr6o,3cq'ou c6oo6cq,o br6Job
It,r$o6r4.oo30rlor6 3t6or)J6(r,('lAobJoq'ooo$.
06oa36cq,oar6or trr$oa)(o(,carb 3lraoqqlt xp6odo3,rtso 0o0qn6.:66 J6oocUcbo ar
aclLlq,('tebCq'o tsCeCoCao, rlr3oC 6ro)Cq,o ogoL brCr6o3Cq'(,b Ci9m350q'o br6Jou AoC{6
brord,CAfq'o Joq,oooJr er aobo bs3q'Jbr go6rn0o3rb3. rA oB{,br$6olroo,, lrttr
$rdg3,>6o fuXg6g6oU 0C60rqrq,C6o br64boU do3dr $t6o$odrXbgq,o Jd)JCOoJoU
ACbrbraoLr(o, lt.rjst5oa1q'oU J6,(I3fuq() br6Jo O(r,qloA(,r Cq,Cilodxr6Uq'o Ar
6C](Booo ArAa'OCaCbobr olJ arbob6.to o6go604oolt Ubgr UJAUTq'CbCaott oC83CoAoo)
asjbodcqp6rp bgq,EoUs$3qx'r0o 3,r3bq9s o6got604or ggq'sq qr l$3sqp6o 0.rsd4bt9
AoAqr,6Jd,g 636a.og50oCa{,b ACUJbCb, $rtroC8{,6r lrrJ0o))6o bC(Br JA UBoo)bCbo)rb
qr3.:gtso6g6oor q.o; r3bl.,6! rA! o)C oA Arqor$ggCooqloob 0oq30ob aogq3bo.
lrrCrC,o)3J()ob g6l936Iq,A,5 0r6JAr b!6rrbq,r Ur0g6oXdmrbrq,o9oJU6o gpt66ry,ob ,,go6o0o3J qr L,rar6Jcr UrCAob"
orAsBCA!, 6x')Aq,ou oor.>3rtrro 0ob$ol o6lr0o000ou tsobEoo)
qJ6t6e6gbo(,o 6oq6obr q,r o6tsorffroool, grdron
rCAoOoC)orAAC A(,016r. rArUo!6rCC, AJcl6a)Ao[,OCbot r er
So6r6LolroCbobd8ol., l.,i3loo,Cbo arbrdq'CAqmbrr b$oorjgr6
Cr)13()160)(, AoUr'b6Cb0bo CaCUlErEo
eJ Ao[, tsr6bq)CAu Ar6Cs)
aoA(oo6r6C Xlo6oaoJ3f, J6(.lOCbCAo)6 e!Jrg8.)6CAo(n.
ggdl6sq'o sb69 bplt 0gg$gobl, sb5q'br$6qr a$q,Ca!6C0Lr (or
ACO6oC6Cbl.,, 6m0q,3bog J(,EJ6COUq, cJ(,6c}3o3gt+r orp
go6$ltg6 o5a;5o3rbC ACAsoAC6. ACoCA6r J266rq'ol,
o6oc66co bq,(')ao hap://nbg gov.ge,6anlioumav, Ur(,ro oc6oo)
aJoob30q
, A3Lsdq,C6q'oos IfuIj &ac'ollCalL blJ3or6o asrbrt'6J0Cbo
ADoEO0d,ClrCfuq,
A) Aooqarl, J(''6J6,CO3q,o oCAoU arbbo(BDBo A('lbr$oq,C(jbr.
120
5
rl,CaC, Cfx.I36Uq,o 6163o go39q'or3og6rqg 6$ob336q.or ,,or3olr 0o0oboq,3sLt",
gcl35q,$r6orq,Ud,JA AlA(,b&fAAJ "o6gq,.\Joou Ao6oboqBrl.,", oJCrqrOoUq'JA
TfuCU6CAAJ bOrOoUOoJJ6 A('t6r0CACaU er AclECOs6Uq,o Ja)q,oooJol.t Jc)aoOCooL
J6cl.,6jq,o$c01, rarbo,D6, 36(,a6cq'ar br6Ja! 2013 $cq,u acDatrQr e) lrora836o $cboo)
b$atbor tscaeCbo Jcaq,oJsooCbo: ,,LrCt6oBcq'(.ll, c6c136!(,o br63olt $q'ogt6o s65.rdn3o,
20t2"i,,a(,6co!6!q,o qrr lrcbs63o lroroolrJoJou 0q0q,coc6o"' 2012 lrrCrd,oacq'ci)
CdxB6Uq'o brbJol, AlaoBCAro)r CqCCOC*,fuq,"
X6o66ggo
of Georgia
glriroSbo bge,aoljr$3qxnaor bj.>t6orgxq,ob 3crr36gq,o
ArEJot, o8ooorq-Ji6 o60C66CO mC6,A$C - w*'w.nbg ge.
a6d36Cq,ogr6o ogo 2013 $Xq,o lrrCd,o))A(')6ob(.)
or6raa6,oAq'a0ol, ffir6o,Uq'CAos,. JC6d('lA, 2013
$E ol, 31 aroUoe!6 2 o06obott 8ro3q,oo, llrCr6o3Cq,r.rb
C6'x,363q'ar 6r63dr pJ B(j616l1d)! br8o6ou06oa
ljrC6orac|6ot aI lrJgrqrJoo Sal6eolrJ er ab('l$q,ffr
bo63ou Joq,r6qrrr-bgq,b@L X8fgCbob 0m6o fu3g63boU
g<'r3Cq,Sq'r136 A3$gqx<rslt (Constiruency Meeting)
90.>l$o6dq,3U. A3hCAt6stso a6pggbou $CA6o 15 fu396ob
(bgq'6rtrpoo, olrt6rgq,o, trry0o63oro, UJ6Jo6r, 6Cq'3or,
q,CCbCAACd,ao, b('|ab3cr,o, b(,b6or qo! 3C6o('l6(,go6i,
M3roor, $oJtqci.,o, lt.;j.rt6oruq,('l, a{C(m6or,
A(''q'(oct8r, Aa'6OC6C06(.t, 6oeC6q,!6eC0o)
0C6O6rq,J6o AT6JCAoU aar6or3Cq,0Ao, g()0)6100)r qgr 3cr6cr3o3olt ao6oUOdUAo,
abo3q,o(n br6JoLr ar Ul.r"3 Lr aiqq,o cirS6ob strrapg [:,60r'rarq.o6g63q,o 6o6,:$oq,gobqgr
bcAo
rj
pn CtboSSJq,o
soE6o
"dnpoo6 bobooAojSon
oo'odA6aA<tod,t AAoJoJAoOCd' J6ei, X)A6od6o.
6oa
fur6 6s"Adab Ao6dogr0C AfupOo
1n6Soant,Cbab boJAoaP An(,nq,
paaCOCn grr 6n0 doo1,t oo, b,rdo<rJ1on. EBRO boCtbooAooo|o oOAn6o0o0oDD po dUO TACgn6Ddo nbooooee'Cdb
naoCTOCdb. bolo6oscg'ob bodo6,Jo bobOcAo oainodct a'aoobCJeoo $Cao bbSo l30g6obAo6 bopnA fuC6 ?AJAno,a. bono6no
, odo0aA Anb A060 o6tn ob 6po0o, OoAtpo1
0ttoa6Jq, 0ofuao6 61t6o Jobpo?bo AoAoApob
npAoq'odoo?o JopJAob obeoqoLtoob
brt qA N)6o006,o
121
Eilrl]q'o $e'ol, 17 o3q'oltlt, UJCr6,oBcq'aIl, c6crg6cq' br6JL
x6t6oJotr
C,CJo6lrO6.CC0.Dlrr ()J br63oo,rC,Cbol., b!6Job (EBRD) J6,Ct oACEOo, LCr6 UfAr BrJC)rbJC,Oo
CSOor. Cr)a)86fq,o br6Jou J6C$oAC5Oor6, 6(x't(i,bo CreraodCLor6 ACbACei6oU5b
q)Uar6o Cr6o3q, Urbr6Jo lr&10c|68() r6l.,cbUe aoor6c0rLr er
0oaeo6r6J
$s'6oAoJU6 dpgot6d36Lt ArCO6rr. EBRD-ob Jd,C$r,eC6OAJ ACrgrl$ Cr6r.r36Uq'rl br6Jol,
6(9q,o l.,rCr6o3Cq,ol., b6r63al bal6odmU lroi&ryJf,o aJfuoor6C0ol., &6al00l.rBo.
3gfugq6r$9 66o0oq,o 6rb.>q.or, 6(')A EBRD $o6Cbl, r(oboq,clb6o3 6r$.>6$3 6,:0ogfu.rlt
q'r6oo ec6alAo6o600uq,o Jo6Ja6r0q3q,o ('lbq)o0r0os. CU ojbo8r LJCr6oBcq'oAo
Jo6gq,o gslhs6o Crerq'(,o - brA(.,AACbUq'o Cd,clOEUq,o 3rq,Uooo, lrrCf)or3o6ol.,o
So6rEbU6o o6l.rooofo0aob 0ogFr, t64 bcq,L aor$gobl, Jrloorq'oL 6Jt6C0ol,
Ar63oo,r6Cart, er 6rlrJ0 o)r8ob abd,rB bn]16cBC6O(, &6r$Jo,CboL AJaoodtgbro aarl$Cb.)
l.:sr66s6o3o JC6G.rA3o, lrrC6o,racl6oual o)r6JAA6fjAq'(.lAoL bsJCOoU6CboLr (or
olq'JCCq, Uscd,(')cbao 30bo *CAbCaoU oC6o6,rq'r6o aJ6JcboU a!A(.'o(r)q,C0ol.,
bJtord,CAob 3otr6oor, ltjsdto6Sq,oU gd,(''363q'o br6Jo or6rat,6rlaq,c)bpr atxqq,rxrU
Ub3cp,irfu.r fuCC0C6"l, OC6Or',"qUd, 0r6JCAoJ6 br6l.,rJ0o,6C6oo a6oAOECq,cBr6o ou(r
gdmgEgq,o 0r6Job arAr'r3Aoq,CAob b)$oJ6CboU 0ot6crol 6rJ6qpCffi9 g0bog6o
UrgobJbtr(.) o6u0o0C0ob ST6AoAJAACECq'oJ 3obooo Lrdr6o3Cq'oEo. aro Ac)f,ou:
OrXoJCo)ob, Ac)(q,algru, Jb0l6brq(r6olr, a,ry'€ob, 'braaooLr er o(')ot gJ6Jl.,
0C5O6,Jq-J6o ar6$bol.t qrgql6rgowD 3obooo, rffiCq,or fa6r3q,C(''al UrCrC)oACq,('lAo
6l-rogq,rrr bs63ob t633o035q4rmor oagogaoqoi.
2013 $E ol., qq,olt8o, l-ujrdr66qx'tlt 96('l363q'1, br6Jt, Bo6co,ob bJbrq'bo ar6Job
e1gC6r6or CllOUA6i. UOCAd,Cbo 6,>gObCE o69o6010orl., brCr6olSCq,a'b BbLos6o
CJerq'eCAd ortdrou gp6j0.r'6oC,g6oLts q.or aolto bro633U6ogrxr BCUrdq,CbE a)ACboU
SCirrbCa. ffiC(/mb lrlbrq'bo brEJoU ftr,A(,al(rac6q'CMr bra{qb\3cu o6oc6,cllo aJ
A$J(EoB6r bCq'o AogSgoob A3orr6ua5orl, brdv6o)3Cq'alb Cd,ar3&Jq, 0r6Jbr qQr 8o63ootr
U)brq'bo b!6JU Acl6()l., q,r6o/o"Jr6oU brgJq-Joo hs8Coob ACUrbCb t OgA6Cbo rUCaC
d)cAUq'rooCaL qos
6rx66g6 b:j,:6orgq'oll br656Jo lr&hct6,Ao l6l.rgbgq' 3norr6gbrlr'
&qq'oooJJr.
lrr'bcarabcaBcq'o
c6x'rg6Uq'o ar6Jott
06oft6gq,cr3r6o oCa-} bllr3(, $Cq'b UO(')3(6o 3oaJr6ogbob AoC6 df,oBCq'o
LJ36o,rq,obg30olr4ol, bra3(rlq,Cbob Ar$or6Cbr' s0 0o$6oor C6o36Uq' br6Jb tsJuo!6o
Crerq,e0ool, ljrC6oJBc,6oual eCJc)boOJ6o 3oaJ$o.r ClearSueam-ou $r6aalArQACEq'CAo
ArEJob, JoACi60oUq'o br6JCbour Qr l.rb3r
3$3o3696. Lgg0tt660r l$56oBCqmU Cfxr36!q,o
tlDtso6r6bo o6ooof03aob $ro&'ra.rc6X6q'C0obroBou l.DAgtsJ(.l 6ChCQc,r br0r6)o)Clj.
Cleadrream oU $J6a(')AJ('ACE(,CbA.) AJhfQc,JtC Cstrsr3Cq tiCooJq'ol.t0C0l, ACOJq'U65Q
LJCao$oa5'
A!J06CU bsCd)ortcl6obo QCJ(1toOr6oUr Qr 0q'oarq-J6o Cruox'4.oot6Cbou
- r0 o30r$x
6curdq'cbq'oocao"
6nl-rg0o
Qs
,3Uctgq'n.u Bo6r6lrcd)o brbcrSbo:
b3durrSo6olm 03qns Qr go6r6uu6ro ao6\lC0C0oU JoaJJEoJ Thomson Reuters-ar qrr
q.oJ 3c0c63o3q'o or6JCaob! oU cl6'Qeo'6o
C6('lA6Uq,ar o56Jar Crd,o,gq'o 3o0Js6o50ct$
l-rJ0gEso 0gb35qgt6r 6s6strrorSl-t
uipo-3gq.r, $6sr36cq' br6JEo 0:3l6o3o6o0o3gt6o ac)Qcq'ol6c0ol'r Q!
,lO.i6.tgOnfi qorb35$rt3 a3tsrr'rbr Ur36o,$el6oln Lrr3o6lrgq'6rgrxr 3o0Jr6or
o116 oJ6r6d6craqxrbr,ol aoa(r6!C'3obll rA Arl$6rrol' CfmS6Uq' bl6Jll
OG
".""t.tt
r,o)3cEr) bac6"cJ O[}a: c$3or'
Bcbco,ob 006orr,Jq-J6o 0$3ol.r gogoq,o aa
.J6c')JCOo
fri3i-.4.-O""fn t ["q,IO" tso6aobr (tMF) qo! C06c'ioll br63oo'r6caoUs Q'r
6;(.) JO6CC0ool., a;6J;b iEBRD) Abrc,ar3Cf)oo' Ar6bod)0oCq'Q! ('r aobo-C6o-c6(,'o
aJr3ro. 3.aLoxs6" ac6cov(,Jq'o &"eroooJou Joac6oJr0ool' b)Uaxalocucblt'
122
j.:6tot Jq' q,)d,l1 o,)3olro UoAAoq,o CC6C8! -
CJiqcrloq,o BUq,olr Uo6b(.tq,('tb ACda6r$C
l-tsjr6o6gq,ol-t Ci6m36uq,ar A56Jar Ao0sc)br
UJOC ero$Co er l.,oAa<.)qlol, 63dgtrgCbol.,
Sot6oor go633ftbog 6.$cr.4brpr. j.rl6orgqn
BUq)ob - qlrfr,u boAA(,q,c)u ACA('leCbr bCq,l,
ACoSU('lbl., 3,x'rgbJq,o
OrqPJOob
&rl3q,r6o$r0orL dlargodro lrsjrd)o3cq,oEo,
oU3 Oolt g66q'CBb br6Col. JTCAC, lloOboq,olt
Ja,JUq,r6obr 6,1$t6qrrU 06{.rbJqoob!1.,
UJb(rAr(mCorAo (D ACbrbraoure ArACaoo)rA
,>olt.:bgos jr6o'Jq'o glq'olj oA.D($C.
123
l0 tr.r}:t0omgml, at+ng66qtrl SrEJol, rqr58or5"J6o t6gbu6lrC0ob As6olAs
2013 $q,oU b<nq,olt g6m36gq, br63tso Og0wbqgr 333 or.>6rffi6o03q,o. 0ror tso6oL
2,16 aob3q,g, 44 qQrAbAJ6C er 43 AOTOAT6CtsC 6ouraurbgt63. arnbgq'gboU UragJq,rn rbr3o
ogo - 38, q.r0b0st6g 0ol)J0Lrbg66bol-t - 43 CqJ 0OJO0r6CtsC Ao[,rAbrbU6CCAoU - 36.5 $Cq,o.
orr6r066er0gq,or.> 880/o gasqq,glro 6rBrorqlboorsr. orsbr0il6r'r03q'orr 0orqros6o
tiroqrg6oboU,l4olo-l-t j.rqSbo ts3rq.o696p696.
q9or66r$r N l0.l X&'r36gq,o brEJoU oJ6JAA\6odq,gbolr 6wqgg6o06qo qgr
br6olrbmb6o3o Ar83C6C\,Cbo
(ltgq, 333 orr6r0it6el0 gq'o)
t ArnCer (2a6)
oAtr&A!5r A,UraDbri6C (aa)
.atFoo*daC soLrar$'C(,C (,t!)
rDq4 ors)
aJsOo(185)
a a.nCqE!.ri U.l}JJ<n su{n (38)
aqNft 8$,f &Jaa$Cai,@Un Na!{B
aao$6*{aa dFrr'albrrr,lEii
L.+"}j<n JL\o (16 5)
alox<alh t$5\$.D
(29!)
$g.rtcro: brjrt6or33q'oU C6ct36!q'o 6JEJo
l.tr66rt6otso Jgt6ooql0o
9rtro36pq,o brEJoL UOd,"JCOC6,olr oJ$o0otr6oolr 0o'b6oor
6Xfirt66r6oSJgor. 3gt6doq.o:
6r6bo60oCq,!gr tro6oXfror U$fr0j$g6gq'o gdoSgq'oLt
lt0gO.>o Jt6o63l-rgboU o4oltob6o3o g3q'oq'cbCbou pOo, t3oj06.: ggq,ob 0Jo'Co'6cbobJ
qoJ UJC0orq,C6o o6l-rJ3 j$odrgbol-r QCJr6OrACEOo 6rgj0qg.) ggq'ou 5ro3o63bou
o6bJ3jgofrS6otr 6r6gogoq,30r q.or r6rrl.rrbr63o t9qg.:0bgqggq'obolr q.ogJr6$r036$olt
rrrrrbrbrb3o qgrggUXbgq'gbgbol-r o6UJXfl$ot6C0ob An69otsoq,Cbr.
2013 $q,otr 15 rJ6oq,oq-or6 rdoj03q49r lrsjrtruBgq'oU o66s63q'o 3$o6o
,,UJCJd,ogCq,rnl, 95<'r363q'o br63otr 631tb30" ltj>6o63q'r'rtr <rr6s65q' 3r6o6tso
gjq,oq,gbolr ACOr6ol, o)r(nbrtC' dx'r0q'olr aCU$raolDqg lrsqrr'bqggo ot66r6otrgo36tr3
rer6 gf,Gcgacbr 36<n363q'o b>63oU lrsbgqrrab3qg35q'o 33q1bs6oLoq'30>'
re6otsEgq'oeJ6 6$o0qn6ul63' oJCCaaJ r6JbrbJ6So t6q>6b3q63q'obolt
$C(9rabCNBCq,(.lboU
&6U(,goq'Cbr'
Ex030u3qg>
Ury3fu3q'b3
r6rq,o$oU
Qr (.ora0JooQr ,'lrjr6or3xq'mlr
UraUtsrrqcboU
C(tu36uqo b)EJoU QJaJOCbooo Ur33lq'ogo3r0oo 0<'urbrn363bo" CArqq'CU
l-rr6r60r6roryX0q'o ar$CLcbUqCacbo'r6 6r3o603bgq'o'36on36oror'>6r0d6o0q'obott
QCJJ6,OJAC6OoU ef5(BCaob
qq3l-t
tsglrb3b 0g0or6r6q930oL" 5iggd,,q'tg rgr6oq'o oj6'r 43 U6rgorn6o' t6o09q'orr6r6
6 36o36gq,o 6r63ou orr6u0?l6tn0gq'oc'
-l[r65r-dnts.
br63olt
$3q'l.r l-rr$q3,>66rdr3onU l$U$sgq'o 0c6o6Cb0o 36xr36gq'o
orbs00O<'r0C(orr 33rq,ogo3r3ool.t r0rqq'96> do6oor'>c.orqg 0o0$3c3o abldnlr
124
ertso6J6lrCboo beCbrner. bC6Ar6ooU &36pgbbr630o, 111961639oro11 0C6O6Jq,U6 6rEJ6o,
oorq,oob 0C6Of)rq,I6) brbJao, EoeCoq,r6eCbou b.>63tso, q,rg3ooU OC6OF)rq,U6 br6Jtso,
Jr.rq,o69orol.r Cd)(.)BbUq, br6Jtso, grl5rbCo,ol, 0C6Od)Jq,Ud) bt630o, 33go6r6ooL
0C6O6iq'C6 bi6JAo, BgbXonb 96r'r36gq, 6.r63tso, rU333 alI'tgq'oo br6J6o, LrC6o,,rts(')6olt(')
Uigrq,U6m tsr't6(,Ur Ar bt6r C&1g6C6ot' OC6O6rq,U6 6)6JCbtso Ugrgq'Cbr Aror6r
Cd*rABJq," br63oll 98 b33gosq,ol.r60r, boq,o l.t.rj.r6o6gq'mL Ar$J6tC r6[,Cb5q,
brU$.>3q,o qrr$3l.t3bgq,Cb30tso b$J3q,J0r broJ6r C6sr363q,o br6Job 30 UJC0orq'ol.,OAr.
2013 $q'ol-t %6ou0o, oC0oabC6lts qrr 6o300gdr0o ggb<r3q'o JJ6o6oo6cbob
0b.>6q.or]36oor, q,UCbCAbUd,Aob l.t.:9o6.>6ln OCC6(')q)oboCboL breroCaob J3q,Caoo)o
UrrAC6OoL CCIjJC6OCAo[ dogt6 bujrtrrorgq,ob C6,.36Cq brbJtso bor6)(,r 3 1150o616o,
5('lACq,tsoo 0o6.:$oq,gobr oooq0U 6o5ot6g gtrx'r36gq,o 6r6Job, )lrCaC ao096gogq,o
br6gbolr o.:6r0&6o0ggbOr.
125
11 6<ffisgrt0q,+sAr6oryC0dx8o0rtolrpfuoott0g0s
2013 $q,oU 6r66r3q,o0r0o 66o036gqo3.r6o lrs3r6o60q6\<'r g3q,oq,Xbg6o
grbtrotrrgoSq,qrs ,,U.>js6orgqx'rU 36xrg63q,o b.>63olr ts3Lrb3b' U.rjrt6o53q,ob ot66r6gq,
3s6<'r63o. 33t6doqr:
- ltj.:l6o63q,ott 36r'1369q, bs63U 3o95olr Utsq,Cbjaob(ryCAr bujit6o69q,oU
3.>6o60qg3bq,o0oor 6.>o6.:q,oU$o636gq,o ltrggd3qpbob 6rt 4rr, g.16o 6sbggbrqx.rlr Jodir
aol.to l.tgo6ubl.to UCCOrl6ot, $.>66(')0Jq.obC6q,r(, l6g6olrgdr4oou/q'o636tot636ol.r orsobr$g
rb 66ots363q,o3.>6o $oq,olr tsgd36r$9, org: ts9ofu30.> Lrg6orbg 06i06.:L brCr6,o8cq,r,ru
119o6.>6lro LCCOr'r6ob Ugrboqg6obJ.t, s6 rdrb 616oo$3oolr ll:3t6or,:tsot6olto
m66r6obr6ogbol.r ll3rq,q6bgq,rn 6rer$$C6oq,CbCbob r6/qgr 611o0X6qrgoXboor
6ior3rq,oU$o6gbgq,o 0roorbo36gbob qgu6qg6r 16/Ar tsCrJu6,"Jq'C0q'ob.r, l$jr6o3cgol.r
er OOUI jg9u6.rb tso6ob 6.>got6036gq'o 0gor$b63b3boL qu6p63.>; rE or3
ero6OC6,Cl.,CbUq,Ar Jo60r .>6 $.:6ryqr6o6.: drU ll6gq,gogoq,o oBBo6aJOoJ Ugbo3fl6ol-r
U.rj0or6r'rbob qr$r$g36rq.o brjct6o6gq'ou 3.>6o60q.o0b(,o0ocr, c9rq96g6oq,o 0o6o6.>q56o
J$o6rq,ol, 0oorbo36gboU tsgk6gq,C0ouuoAoL rE brCJf,oBCq,oL 3s6o60qX\,<'rbnor
6so4rq,ob$o636gq' ogao,b3caobtso 06o0363q'o3.>6o $oq'olt 0gd56oltr6ol-t lt.:$o6r'r
or6bCAoU $r6a(')ar3q,obob 091!b3O;
-
6Jbbcl6)0oCq,CbIq,o g3q,oqlooo lJJ jr6o43q,ol-t 3t6o36.cq,o br63ol.r
LrtCqorAbCe3Cq'o ggq'gbu0otrqp6.> rRJ6 g60Cq'q9Cbr lDq.orSq333o br'brt6$5 l.,rCQr${BCBo o60J6obr0oCbtC, NArftQ3mo(, 3oOJr6q0Sg. ts3lDbraobrqr, C6mgEUq'o
ArEJo rer6 J6oU Utsq,Cbraouoq,o 6c6rbo6go3q,<nlt rA I,UAoCCOCAoU qogg6$ot63b.:,
330o$630r, qrrar6o0CbJ eJ q'oJ3o(,r0oJ;
- JbJq,o r6gqrrjgooor BJ&rUrq,oAeJ 6ot6630o L>jr6or33q,r'tU 3obrbu36o
0o6o6rntrro66oU lD0lDbg6oU agLrbgA - 5,>6ol-rfu36r, f)clA ao6ooo6o66ob b0u.:bgt6olt
ggt6<'rl-rl-r oD6.>0q60obrtC 6oA6rOU Cgr @J6$(,Cbo6ocgr6 ro€olrUtsq'Cbt bJCr6o)OCq,oL
J6CaoC6-ao6oUO6o, b(.lq)(') Ao6ooo6o66ob ltioltrbgdnU cQCaUqCoJr roollooCbl,
tt.:js6opq,oU 6or3t6obr;
l-ru66rt6otso Jg6ooqr0o 3t6ar363q'o br63ol.r Oogdr Aoffbrq,(,J (.oJ 6rAslogJ
34 3r6obj3g0q.o3or63 sj6o. 0ror 0o6olj:
aoqgbgq' oj6r Urj.>6,(,)3Cq'('lt, C6,c)36f("o br63ol-r Jfr5top36$oL 2013 $q'oU 20 arolroU
bfdrbCbr No5O/M dSJgotso6q96o b.r3F)C(,oOo o6ll$o$C0ob jrt6o63q'ob 36n363qr
b.:630o t696oU66.:goou Ar 6CbCq,o6CboU $CUoU AJAdlogCAoU 0XU$30". 0oono4&;q'o
$gln 6r6l-t'bp36r,r3U Urjrrrlo6Sq'oL xdxt6Sq'o b.>63oU 0o36 33rq'otsooo36 bJJd)C(rl6r't
oblrOoOUOrA 0oB635q'o oS6ogr,cq'o Jot6ob 3fxn363qr 0r63tso t635ol.t6t6rgoott'
Joc)obCab,
J3rq,otsooou60 l.,r36cQooo obbooouoolj uorouuou 0060]3b':/6r3i0300b
l-r.>
Jl.,cac reao6olrod)Jood)cbor6, 303rq'o qgr b36g3o3os6 69ljs3gor66borJb
q.or3r30or6gboor $r60ollq.o696o q.oo3g096$rgool-r EStrbrL bbg6gbgq'o q9o3g0X66o r$gbXblt
go6o0o3g6 6rn60rgombtt qgr.)3turqtsC0b
2013 $q'oU 28 o36otrl.t
6iaoo6.r l$jlropq'r'rU 96o3qcq'o br6Jol, IqcboQcSOoU
Noilol ooaroSor ,,3o03[6gopq'o 6r65bob l.r'>j0os6obob bcarabc(8cq'o6ol.t ps
6c6uq,o6caob $cl.r,u ara(}loooboU 331-rrbga" :q6ots63q'o 6(')6aroo5q,o rCoo(')
arE qqt.f"d,A3q"A 6r0ogbsqags trsgo6s6lr<'r tCQJAbC(BCq'('lboU U'rs536rJ<'rb 336x'itob
0o6gboU b.>j0os6o0otrr $3q9r0b6ggq,obdt
ooo's3b.- q..'a0,J.0ca5q,o
^]oacd,go0q,o
q.o'4.op6oq'o
qgr 6ri6gq,otgbol, 93b". $rlrorc6, ':brq'o $glroor bTUCAQJ br6JobJoSol-r
6odfr6o3o 3Xdrdoq, r0oqgbgq' ojbs 6o60r oOob 33lr'>b3b'
C6rol Ctrrio ql"6,ra.,JUO"
126
6ro0 br63ot.t UJArq,J6Um s66strntsg6ott bJCd',(r,o eor UrgJq,UO('l Jm95o0oJ 16 Uber
DqCarOCb('leCU br6Jolr lr.>tgqr.>0bgq6gqxr
JrJoOrq'oU 20 J6('IOC6OU.
L.rj.rt6o69q,oU 3t6<'r36gq,o bs63olr 2013 $q'olr 17 qgolrob N75/04 6t6d$90oo
bJEb('lE)OoCq'(,J g3q,oq,gbs ,,tsJlroJbo CJeJq,eCOotJ UJo(,C6OogoJs6oo 5r'rffiolr
0rno$o36oU, 0o6o]36oL q-o; g0oUooU q.or063o60gq'o Jd)oUJCCOoU 6rg6ob6t6rgooU $glrolr
erAOJoOCboL 3gl-tob36" Urjrt6o63eou C6(.IO6CE o bs63oU &69toq666ou 2011 $q,oU
7 UgjgXAb6ol, No73/04 b6dr606oo, qgraoJooCboqi $913o. aooroorgbgq'o OgEoECboo,
$CLU erCaror 6o61090o o0 CAoOCEOoU ts9l.tcbg6, l6o0q,oU gruorbo CrqJq,eCao
AQrABCbUq,oi UJArS6oq,o gobo jOCgEoL reor6Cb0q, Urtsm6cg(.l bo6Jr95C.
Uujrdro3gq,oU bc1bxgo reao6oLo6rgogq,o 3oqrxiUou 0r'rortro36oU 09U,rbu0oltq.o,
aoq3bgq, oj6.: l-Dj.r6o63q,olr gtrm36gq,o br63ou Jl69boqg36ooL 2013 $E,ol,
25 LSj6gab6olj N89/04 66,drbCbr ,Ura.:t6o o69o6019oolr Jt6orj6ogq,.:qr 6.r0oj3gg69bob.>
q.or gqpi6trm63q,o ggrt60oor 0r'rorbo36ou $gbou qpraoJoocbob tsoUrbgb". ry6ots6aq,o
$0l)oor 6r6olr,:$q36) J6o)d0ouq're 0r0ol.,rCaCU6CbCqo .)6$(,}6A10()r,l, 60bbr,
LOr6qoJd)Oo, JC6oo(tgq,obr, rlr333, Urardx'r o63o60r3oolt CqCdO6o6Uq,JA
Aoo)b{r36ouJ (,r AroXaolr Jt6oggq9g6.>.
610<oo9r lDj.r6or39q,ol-t 36<'r363q'o 6J6Jol, JE)CtoACSOob 2013 $q,olt 30 Ugj69a66ob
N9Z& b6d$3b.: ,,3o0363o9q'o b>63X0oL 6.ft3rgqrr6otrryq'o ts36o$03bolr BJOJ6rC6ob
$gl-roU qg.>6g3o6bolr or,rob.>t3" ltjr6o6Xq,olr 3rx't363q,o 6JEJoU J6CtoQC6OoL
2010 $q,ob 22 rnjgoa&rroU Nl34/01 bt(rd$96$o OAq)oq,CAoU ACOrboU orctbJ$C".
bU36g0pq,o Ogq,oq,CAoU o,rErMJ(r, 3o056gogq,o br63olr 6r63rgq.oo$o6uq,o
636r'r$AXbob CtsgCbr 0oC6olr Jot6U, t6o09q,og "bCPJq,Of}icqo .>pt6o3b3oLr qg.>
go6s6lrgttro r66.:t6o063bob .>gpo6oU ts3lr,sb3b" 3r6o6olt 0oorbo36ro,r ECUrbrAoUrQ,
r6X5oU6t6o6363q,or U.>3,>q,qgbgq,o rU(r,OoU 8rO56,CboU 3gq,oboU 0jo69 Jo6or.r
6)CCUO6Ao.
aoqxogq, oj6r l)Jjr6o63q,olr xrx'r36ge'o br63oU Jt63boqr566olr 2013 $q'oU
28 ('lCo(')ab6otr b6d$gbr N"100/04 ,;o636gogq'o bJEJCAo[, J$oOJgoU rq.o0Brou6obob
6<'obo3696ol.r ts3LDbgb q930gq,3bob q.oraoJo00b()lj o,JoArtC", 6x'r0q'ol.r 0ot.>6o.>
3oo3lrrgogq,o oJbJCooU arJoo600ob F,obJCbol., ts90got63b: QJ acDq'orbo brbrbJo
llolg36oU gobu6Ug6 U$$oq*36o6oU 3ttig633q'gogs. rq6o363q'o ACbUq,Cboo)
q6o6q.oX0r br6JCboL JJJo$rq,oll JqgCBrOU6oAoU ao6o0cq56o 6oolbo3690o' 6oACq'or
BCt FpJq,Cor UJ3rq,(,CAUq,sD
ltJr6o63q'o0o oojogqn 69q'; 3o036gogq'o 0r63olt q9>
g6bogoloU br639bol-r goq'orq,36ol.tuo6oU
t27
12 lr6,r6ot 0oJC6o t .rdaolEatbr
2013 $Cqb lrj,rt6o4gqnb C&rA6Uq,o bs63o 0r6506dob!.or l$Caor6obJl.,
LrOJOoUOoJC6o o6tsot60ugoob brt6olrbolr .r0.rpq,9bolu ps Ombsg30ors $rt60o3boU botEglr
Jt6o6bU oJ6oao$r6oob 0o0r6oryq,96oor, tsoEJbUC6o eJ LrAr6Co UCCOer{6Cbolt
lrOrOoUooJJ$C 0o0b0r6gbgq,orr UCg UgtL ftu6qn 0ooio3696otr q.or3oryogoqpboU
0ot6oor.
onoj0ol.t l$0$q,or6o oboC6bo3d)o AU6r('lboljr pr 3r.r036gogq, br66borr6 0]oqt6o
orr6.>fldt6o0q,o0oLt tsC(,CArA, LrCJ6dBCq,ob 3t6o36gq'0r b$30r tsgdq'o 2014 $q,oU
orbgt6oqg.>6 tr4.>q36 t6ggoddo ArCA3r &lUJq'UJOJOo.>0o 0r3l6ogo6o0o3gt6o, go6s6Updn
qrr Ug.:6oU6o3gt<ro obgo66.>6ooU 0erJo3gbob, q,saJA.)AC0ob, S16sb3ob.r q.or 6r36ggqpbob
o6go66.:6q9qD uoLocor - bcauo6oo (l-r.: jrt(,g8gq,ou g6o36gq,o br6Jou uOJOobooJJ),
t6.4 o6ou3bdn34r rbJq'o 6Crq,(')b$ C6(,363q,o bu63oU \).r$ott$o336 J6rj6o3rtso.
lrCoboroo .rbq.o96lt Xdto36gq, br63tso l)OrOoUOoJg6o bot6Slt-J6oggltob
U0r6er6oo95r0oru, OC6o6rq,otr8orb !9r .>36cr0r6o9:rgo.rb, 6.>9 6.>6b,r3gort6g0oor
06ots369q'<'r3,r6or trOrOobOoJU6 o6gotl0.11ortg b$r6ogrqg 0$c6qgo aoobog6Sbolr
Jof)obCb6o. cr6rl $r60r'rrQAr6L 3t6o363q,o br63oU o6got60r3ogq, UaIUOCATU, 6o63q:og
0oryro.r6tqg qglggd6g&gq,o,l, g6oro 0b6%, cDJ6Jacq,6o3c t rc6oras)E)obo lrOrOoUOoJc6
l.,OrbqoJd,OCbtC, boq,o 09o613 0b6o3, o60C6,6CO-OCC6oq,o5o3bt3. 9o60o11 aob3qg3oo,
o6o 6rrq.oo3rq,g6re AJbLbgJoCACq'o l.,obOCAJr O6reo0oUq,o UoJOoUOoJU6o
J5r j6o3ol.$6.>6 qpJ
)6 AoooboBlr o6go60rgrnlr aC66(,0JarU U0r0ol.,0oJu6o
3oorbgst630oor (go60gbnor). g6o3fuq, 6$30o $st6ltqr'66o o69o60.13oolr C6crx'lbq,o(')ar
$ur60orqg66U 0.>B3X63b3q,or.r Aro(,C6OotsoOo6CACq'., 3.$. 6rlr>q0b0bou lrosU, t6o33q,og
6.>0r'rr6ogbr3U ao6rgSooru q'cbqlo6,cbrl), (.ocorqlcd)re r6olr Ug6pj$gt6ot63bgq,o
qg.>
OC6o6DqiotC03q,r(, Joogod)oCar r66r6o33rqtqpbgq'o go6u6tt36o o6lrOooUOCAob
aogdr 3l6o3fuq,o 6163ol-1 83b.rb.rdob lroto,aooto. ao6rr6uou 0ob3q6oor, UColjoDOo
tsXgtqgqgr3o 6rL06rbot,Jr, t6.:g 63q'oUb0obL oarLt, 6o0 orr3oln 6r66t6dobsqn
or3ob5bgt696oU 610o, s0 Jdxngj$tr CqroQCLrl ts3ltdq,3\,obr rCab UUq' Utsd,o
6$3oord4gglr go6s6lrg6o Lrgj6otvroU 6.:gr6o,oCAolr.> Qr 6JA6r3.>q'ggtrm369boU, 16169o13g
UOJOoUOoJC6 06$')616.>6oo11 3o0sl6or 0oobo36gbob i:6qgol.t 33.:q'obli:9.
l.rCOUOrOot JclbOCSOCrq,U6o r6,CoOCCOU6r 05630r3909q'o.> Cd)cl36!q,o br6Jol,
l-rlC0oJq,ol.,OCbou 0o5t6, lr.>9t6orrtsert6oUo odt6.:6ot.:Sogbol.rr QJ UbSr(,JIrbAr fu663boU
3fio36gq,o \lOoUOoJUd)o lrolr$Sagbou BgU$r3q'oU.> Q) 0rr6Jq'o$cbob ltggdgq'tro.
boboCAob J6bo ae0r'r0r6Xnbb o0r0o, 16o0 o6o:
.
CBfldECbr 3.$ 0o64X0ors lrO6,"JCOC6,ol., Ar6lrrsbe3d,olj 3o6ggg3o.>Lt' lvrug
ptfp6mq'Sr'rgl, bOJOotOo3Sdo o6tser6)0s3ool-t OoJcr35boU, qgJag0r3C0ob, AC6rb3obr Qr
6r36g9q1bob lr6sbq.o.>66o'brgosl.t;
06o0g6gq'o36.rqg ra3o66blr 0o6.>OCAo,r br6ol.,bou Jo6O6oq'oUJ Qr
qg,>0g0rg0oltor3ol-r U$odxr (,6r'ru;
' g$6tfu3q,goglr oSomqxrq'o6oolr 3l6of6ofu63q'<'r3r6 61630111 0o64X0or
0o0Soqgbq,gbol-r.> qrr 0$r60oXbq,36ol-rro6ou qrr 3gqg6.:qg - 0obs630orr 6rqrq' br6oUbl.t>
'
!.oJ UJC6oJA('|6oU('l UOJEq.ord)OCAg)JE ACbJArAoUsIbJU;
'
bJ6Jco,g6oq)or o69o60.>6oo11 aoJo3gboLro4oU $cq'J OoJoU 9o6161136o
o6lj0oo0ooe!6;
. 0r'rbg6b3bgq,os 6.raqqgoq,CAou 6rtor6CbouJ q.or Soq6olt bXgrOCAoU
o,3Jq,UJt6oLoo,.
128
lrCblr6r6ott JoeCa C5o 06o03fuqlo9.:6 UJo6rOCbobrL $J6Ar'tJ(,bCbU ob,6o0 o6o
LO)Ool.,OoJoL $#)aog6ob lrOrEArd)OUq,o 0o'b69b-Jt6oggLou 66o6369q,o3cb
r.rJ6o0otrgorl-t rbeCEU, Ao6r0Cao,s oqrX66ogo3rgoolD qrc 0.>oro 336dn35botr
Jt6cBSq|36,C6ob bgJbeJ6Oo$JOooU brdD(bC.
03omqxrqm6ogdn oSrq,lrsi:t6olroor, ttgbb6roo tr6tCq' ACbrbrao[,obJ0oJ UOTOoUOoJoL
or6raC(,6x93C lr.>3t6orrts<,rt6oLm ttOD6A#,OCbo,J6. aolto t6<'r6crd6 3o66969.>q,U6o, olrg
ggl6oq,o6ogt6o rlrJcCocbo aroRq,oeor oab3$,re, 6ro0 go6rbUgt+ro bg3tfi'rb
6.>63oor$3bolt 33cq,obrt3 UOrOoUOoJUd,o o6go(ffiJ0ooL 6rg.r6ox'r35oU r0q3r6,:
6rqrm]6rU 0o6o0.rq,g6o d.;q,ol.tM33oor, J6 UJC6ox1Q 5cl3rq,6r6ro qqr6lb.:C'ryoU 6.>t6gtsX.
o6ugogg0og6m aog3ob orgsq,l.r.>tt6ol.rnor, o6go664ooU 0oio33br 3o6gq, 3goJ9:3
beCbr Ab('lq,('le JoaCd)Oo.Jq'o 6rEJC0oeJ6, (r)UAOr bCbUOJOoU J('I6OCJOUTq'UF)o er
O0C6elq,clbou6o r6CoOCCOU6,J AUqol)ba(jAb aott q.or69563sb bb3.r go6s6Ugdr
obbOoOCOCbtsoO, 6119 drq,orb 66ots363q,o3r6o,> ra oEUOoOUOCboU o6gor6r0r6ooU,>qg6o
bJt6Qoq,o Aook't3630oU gobb0.
q.orbx663ott ltbcrq,ocr
cd,r'rB6CE o brEJoU l,OrOolrOoJU6 J6rCOoJrEo Ucblr$)$ob
Aotr6oJ act6cor6ruq,o lrorooljooJou rad)cao6)Cbuq' 0o61690orr $.>t60o3boL J6ogSlrol.r
Utrrgq,gogr l.r.r36ror.:0o6olm LOJbC.o!6OCbob aobggr3oor (lt3jg('r6r.>q,c6o lr.>brq,s6lx'r
.>66.rdn630o e) 0crbJOJ6Cqo 0o0oboq3Xbo) QJ tso6J6lru6o J68r6otsol, 6u63s6o33bolr
J6)COoJ)tso er6C60gr.
2013 $q'oU 0r6aJ3q,obr0o 06ots363q,o3r6o ltaga.>oXbo 6r6bot6go3q,qp goErEUS6o
lr6.>\'g6oboL o6(rlJr6<'r6CboU $r6,At'rCbob 0o0rt6ogq,3boor. 3o61611316o
l.,Orboq"J6obol., o6(r)Jroc)6Cbo $.>t60ouqr66U 3o6o0o336n IrOrOoUOoJob
q.oramUJoaCfuq, 0oar6,(,)g('cbru, 6x"aq,ob ar6o06ug3b.>r rdr org o0 i39g6olt
gobs6l.rg6o obljooOgoCoob, 16163o133 asorr 3o6Jcrt6.r6ogq,o Sq,oCEOCboLJ (,5
0o6$3g66Xob9boL go6r6U36o lrol.rblJJqolrJ qor l.,OJboq,C6obol, tsCbSrSq'J. rA J6cICCOol.)
jg56olr
tsr66q,catu .>0oj63qgcbgq'o lrJ36o,:q-316o 3c6-63c6'ao pqSouro6ob 339 85
go6s6lrg6o UOJAoq,Uf,(.tboU obQoJrOo{6CbU )*C86C0U Ar 0oor tsot6oL rtrroL
tr.:jr6o3Xq,o6, t(n0Xqrog ra o6oOoJOo3JU 2012 $q'oLt $lrnq'oq-or6 0rry36o49r.
UrCJ6(rRCq,('l $Cqr
0J6brteO6"JE o 12 do6oorQo (9J 28 Uutr5r8Xq,o o6CgoJrood)o(,r6
do6oorrp grc 17 lrsl.rgt(r33q, o64-oo3r6otrrlt JCAft6CbU.
2013 $q'ol.r 09o63 6rb336oqg.>6 9o61611916o \))boq,C6obolj o6(,oJroo6C0ol,
lrOrOoUOo3oU 0rb3oo,r6Cbot LrAUBrmCbo 6rEUJJUo6CAoo q,)Bjrd4.or g6o36gq'o br63oU,
utroolr 6r63oor6gbot br6Jot , LOrOot Oo3olr 3t(n363q'o lr.>0tDbg6rott.r qgr o$oq'oUolr
6o6o0o3otr l$g6or$o6oUo UJoq,ol, cd)cDobq,o3o &t)ocC0ob 3166q'gbtso 396rdop'
lr$.>boq,g6oboU oA o6(r)J)Oo6Cbt3, 6o0gq'orr
5.>66d9q,qgu agErob.r gobu6lrg6o
qqq90q6 rf) 8('tsoE'r. Cl., obqoJJOo6CAor
$.rt60o3bol.r J6rCOoJr C6('l363q' br633o
J6JtsoEr6UU6o Jo6Jo6r6oSbolr gobs6trS6o bo1J6lrJqobr QJ Ao6rACU66CobCAoU 3rq'oLr
qr 3rq,oU aoaurb3rl0bolr rairrb3Cq'o 0.:83963@3bo, J06)Co3C Ud6r3o JCtbCaoL tsrbcbol''
o6pgjL3oo. J6o5j$oU $J6rOCAoo) (,)Uf,Uq'CooU J3rq'obrtC, 1.,J3)6rUQo!, 6('lA 2014
b.:63o 03dq'3bU 6JA(,TJACUE('IU 3o6r6L36ro borboq'U6oboL
$q,oc.o,)6 Cfxr360q,o
(,iAJOCboo,o o6(r)JrO('l6C5o.
t56orq6ots6gq,o JCmgj6oU tsJdlaq'CbAo JodACq'r(, 6rbbod)0oCq'qor 3oq.o33 3trtoro
06o0363q,o3u6o qo6oMo30r, t6<n03q'og 63q'obb0obU j39gr6>tso &rja3qn q'odbrttrq6bol-t
bs63U ts3bsdq'caq'oOr aoUor aocq<'t qrt6')xbgq,o
6s0o33q,g6rU. ra arao$q'cara cfxq363q'
o6gorr)argou blrSbgbgq,o go6J6ugt6o o6bOoOCOcooU rCocacbour ('r 3rq'acbcq'ca06olj'
Jucac ouclbc0cE o,r dr.:oqr36o6ol.r.> q.o.: 64303q'o lr3l$30oU l-uJt6cr666r'r br6Jgcocbot'
(ar64boU'
-r.art j. .>a o69o6019oo11 0otr6o.>, Ub3r 333C J6UCbCq' 0<'r6r3503bor$
r29
0o36olDgo6r6l.ro od6.>6o$.rgogbolr, l)JCg,>$qg36o 3o0J.r6o36olr, rt6rltbr63o
!.oCBr'r'bo6u6o 3otrrJot6r6o3boL 6<'r6.430X6or>6) J66C6o6Cboo A.xfCbUq oj6,rL oUSoro
06o336gq,ogs6o o6qgo3r6ol6xbo, 6o6<l6g0o6ru:
l.,b3r tso6r6lrud)o3o6.l'r6.r6og6oU uigq3Oob 0o6gq,<'rbs;
.
. tso6r6uU6oJo{c,,3cr64ogboU rj6490oU aog3q'r'las;
. Ao6JACU66CobCaobArq,o;
. 6obraC066cobcaoU3rq'oU0<'l0tDbgl69br.
130
13 U6,:6d6opdn6UOrrggOo
1.
2.
3.
4.
do6o(,,r(r)AJJ6oll]obtr0o3g{6oa.>EgCECbq,CAo
br&rAb0!6Cbq,ogult3boUobqga[-tol-tq9o6.>0o3s
$qngl6o o6gq,.r6o.>
Lrdrgtgtfuo ggq,oU a.:bolr aoggq,obol.ts er bOfpJCOUf)ol.)
po6r0o3.>
5.
6.
7.
8.
9.
ggq,ol) 0rlrolr ,r6636rgXbolt po6$o3.>
3trn36gqnb,:63oU0o0t'rboq,3.>
Lb3r qg3l}{qbo636o 3o6Jo6.>gqboll Oo0mboq3s
ACJ(1boOC6o3ot6Jcr6rgogboUaoaoboqXr
A('}ECOr6Cq'oJ(9CgoooCEOCAob(X)EJAoJJ
A(,6COrE)3q'o Jmq'oOr)SoU lr$6cBC6O(, SrEr$Coo
10.
11. Joa$(,oocq,o bJ6Jcaob J6,cbuooo rfi5og16oUr q.or Srbo3cbou
(rrbJ0oJJ
12. 3o05t6gogq,o b.:63xbob trxUbgbol-r.> ar acJotroocaoL aoouq'obJ
qor UJAUTq'(, $q'oudro tsX$o6oq'o UsJ{6o0356o 6r6r6Xor3bo
13. 3o0gr66ogq,o br63gbol.r ao3tvr 6.>g9dgq,o 3.>q.oor6o l-t3Lbgboor
Pr3rq'ou63br
14. Joac60oUq'o br6g0olr Srq.oraxgJooq'c03q'o bgLbgboo
C,rOJq,oJ6Cb!
15. llJgJq,C6rr bstrt6tS sUd qmq's6oor 0r6b<'rd,ooCq'Cauq'o
c83t64o3bo
16. U4rq-36o b.:$r6,t'C Ca6oorl 0J6bo6OoCq'CbUq'o oJC6JOoCbo
17. 6J0gq,oo,o JU6rltgbo: q'rt5o/c8d qx'rq'rfrt
18. brg3q,oooJUt6Ugbo:qr.rt6o/66x't
19. Urbr(,JJrbqgCq,obrq'r6lro
20. bJg6cr,r0r'l6obrn l-rm633L6o3o<'r Jobogor
21. 0orq,o.>6o l)J6r6C(') 3JE'o
22. Ur0J6Co 3rJ6obr
23. g0bb3oq,3ln lr50r6Co br3rld,o $6$6rxrOo ftXgECbo
2a. gauhoq,gbo UrCdUJo6Oo UrbrC(,6q'('I XbURCbo
25. gdLb3oq,gljo trroaJ('l6o('lUJjrC(,)Eq'('l XAUtsCa.,
26. Urgo6.>6lrotrgloo6olto6lroooflOCbo
27. ll.>Crf,ol3Cq,r'rtso 0oj05qn 3o036rgogq'o bs6g0ob llo> 2014 $q'ob
I or636ob aQboAr6rCoaoo)
28. 3o096gogqo br656olr q.o.:lg6pggbs tsUq,rQo [ttroor
aobgqg3oor 2014 $q'oU I
b)b)Qq.oCbuqo U.:$31499bo JrJoorq'ol,
or63t6olr 0q.o6o0.>ttr3oboor
29. L.>jl6orpq'o0o 0oj03q9o 3o36ol-rr3o6:6ln ot66$ots6ogboU lro>
20la $q,ou I o.>63trrou 0q6o0.>trtgoboot
131
I Moo,rQl(, 6!J6oCJoe!6oJ"6o arfuc6caq'c[o
60&$<!60 0oq.r6o erer
al'JEset..ljldF*:dodrr
os,oJ$
u.Esxll AJr65!r[.], nr'.'qdodd
ti62ol &141
a6r5.'
2t& I
3la20 5455.3
213410 211613 26424 9
aaal 1
5616 I
5!t52 6
t1$t
30192
36527
2515.
8t]6_t
2an 7
3013
7
3363 4
109t
163
10f
2
1oa
2
103 2
Sr8.'a.p0t
6rrq'i6. 0o{\x6o &xer
Jf ,oqqholr sdN.r, Ooalo
2.otrq,sod
2
3
to35
1020
1013
970
986
070
962
1021
96?
1069
975
101t
957
,,13,0 54215
24121 5a!4 5
45-O
2t03
231 ArJ 6
ffaa 3
9
451 I
to82
66a1 5
116 7
?553
5377
6€7,1
tn2
4ltl
.2$9
-1210
-393 3
16
{a
-1.2
45
-15
2
151
11210
692 3
Ul8o&AJilli{n SJrC!.U oEA&lUo
r0€
111 2
b.641]('J aoMl.Ca.lr'!do6Cqs
r07
115
USCJqE b$O6aqrt
&'MJtrd.l, lAd.eJq.
'a.i
r@e
roa 2
tt6aidsEo artaJ6ca.l, urjoSr<n
3 l,$fr€Blas! !.'rM6o
lGgtXOd, lrarla6Jom'r{{n
ri!8.6$lr5io {dgJoad C!<nglar
6.WXrAn a.,qu6. t'!<{",
r,t+.r8.l0r\y{, / qtr oodr'(_)
gt"!A 0o<$5 &rQs I6oqrhdDS
'
,003
10.2
1mg
5925
1023
Sa
1o3l
6008 1
6514 5
293 6
a q'lh!ftDr
eJ$#rooqb Actrbq'r.iolJ
1746
r3e
rAosa6ddr q.t6C
10281
163
1664
150
!, lrnorq"#o.5ab.+llfiri,lo
a-'!$eEri.rroRa$r'tsl(,Jqn a!,,5.{i6o
qeraJ<h
atDtc?oad, oB.'Jr. g.Cq'rq.
aq6qJf,,
C.€.5J<#. U$.lten V,l<$Jh
E e{\r6o bcq,sslt'! $6qn!
0aa$
2t26
$12
@i
20t2
r3o 2
5l5t
599 3
5e7 6
636
107,3
f'liqrcrDbcqBJhutfiqr,l,dcaJo %
ur6u|r0o 6o6.ffo
0
106 !
?12 5
112 0
930
(rtrr&.[
155l
!6fl4.{:t6JdEJGoaJAr,Nt.tttrt eur.
u$.Denaoanre$s{r)sil.lr
(iJ6o
e!6n
r32 r
132 5
15/t
I
!ri,ri.i l,}jvcd'Ja<'.rj l$'O.to..in c..upc<n [Asba'o; 3.6i3s
! .tddd.:
, [{.ft.vh!<o sJvJant .taap [l\(t| scrh<i$ 9F(o<rl
250
9
263
3
250
1
2fi 2
t
oicQdolrrt
(sdriaD oicegmu,l.
€i,i{,
.qotlioo o'ic(r96tL9e
$.;oit, o,:aQrcol!,t
(lf<iixi8, licedoarrt
o9gooe.io9-6-
88r888r83883
cocoe99oooo9
88it83bEB3ti
i(oQotrro9oc
-od-(o.!oqor9
333338E38858
-i9o999B6dro
-'9orcc',6nnoq
58E855588333
(ooooqio9qoe
N;o6.i
(oroiq
132
1A
!g is"]r9o
-ts
:f Fd.!i.rJ6o9ect
ti . i.1 -d.to!.-9!
!u
b!1
qnNqr?€e@ooo
9S!::o:PE@qi
i4 ;.o99:=:99oi
1v
*8.
Ll!
s1
t?,"
FH
tfr
+Erq: +tt$EB
c9::::9o;
FX o99_o9-ocidddo
_o99cidddcid
s3333r83889
4
b
i
r6o-N969oo?
.4V
.E
if
$.:!i(, oncopqn
s
g
.t
tv."
+Ers: aa;EE$
EE:38383tt53
Ia
a:
&a
EB
IL
1e
..1 e
!
I
E
1
l
E
It
li
P
d
F,
o
g
Io
g
I
u
SJ
1
i6ts!i@-
6I']NNN
Ni6ioN
x?
3
^U
€cI{t,
atui;.
*r*2*
gribJ
133
e No6@o
.q
szE- {
-a),
B'AY
,dr.a,.agE.
;oaq
gF'U
2?qs
Eri
os
ED;
Es
rO2
bt
29
-E
+3
iJ
.a
c
E,
"8
AU
%7
a2
(oi
F/b
EJ.!
i^3
€
2
€
t,
o
6a
E-
o
o
E./
I
a
-...
134
gxEPt 5 gR53
i5
u-----
*v
ei
,-
-E
n
a
h
A
'15
a6
,E',
€q
I
o
bQ
aq
t/
qa
o
6t
9
rJ
135
6. gdp36gq'o 656Job ffioboq?r
(Jrr,oo<nu boc'oL,j Jorl,o e,r6o)
eX.l - 2012 6s6 - 2013 036 - 2013 UcC 2013 aJJ - 2013
(t58535
3802709
4Z17591
45067rE 4317613
F('6qD eb\-lrr- Jjod3c06
gob.,rtn d0.Bc6o
5121969 4903770
44604{4
0
4930104
0
tul bold lrlcoolc.Jti. JgeDoJa. (E€)
356645
354452
357v2
36€101 385345
Jobo.JfD s!q|Jo.
UbBr JoboJaio rJOo3C6o
439466
4517003
4564916
r316
4989
7706
1718747 4516936
5141 i,llg
aurc(b 3sqqc}Jq"Jooo
,951238
{2r909
{r9597
4760947
Ullaa'r.J.FJir'lr90d, e.&rycFJD!
UUJr rsbori6o
A,)q(,cD1q'CoClo
Sa.6qa ll.a.6xi $0(,3c6o
Ad!3troadr E&|6AA qt$qql$rD$
OXt665qr0r,o 6o3rrxr6ol, qDJJ{trEclr
lr$!'to6.' 3sq\'0}J(,J6r6.
U bCao 0C6O6,!qf.,' 00uJ6r'O$
O$Od,!g?d,o 0o€rrn6o! ec'lotqlCod
tvJrbroo 006Of,rq'Jfn
AdpJlq!!.'e$6
reu\!l!fr,3aotJtr.t&rr!0o6q,rqll3Jqi\6iLt
lrC$C6o sqaoqdttiB 0oyri.'6Jr
!q'0o$)Strrqo A@r3i,onob q"Jot<\)C!.
lrJ!cqtB{o5tr!r!€n5$'t! J.iiJ. tJood.taI}3J(e!6!D!
tuo' nofht hubra. foboC6.! Srqroo
Uhr id,$s8o6r0h Jol6!.f ,JooCsoU erSrqsreJDJ
0b 0.6dr lrJtDCo. gotFllf'o SJqrOrD
gotnJrdh Jo6'C0ol, q{rq{r6r0r
aD Ecr6ol, Uctrbcoo rgb(auoo OJq'JdrD
6!6JCa.r, F.6qa q'J3rS\,$iEr
L$JCDd, qsa{n56Cb,
glq\'!}CC'CoC6o 6J6JrEolr to650C
0
{626
-2312
-112573
-709784
-2789
-547393
.r084596
-1031742
-4167n
{30095
-44r266
416777
-630095
-441268
530479
522178
522*E
3
3
3
-9/,7259
-1152575
-963479
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-956612
0
0
0
0
0
0
0
0
2063
1966
't829
0
0
0
-r717E9
-507837
{49758
39r076
115206
-562865
-6230,{,3
15@16
-€39775
3rerq'c}J('3!,cco 6ctoaEqjo g.'6!ot}dro dt)o0ir}ro.|,
0
0
0
39r10
51370
97456
3255it111
2972029
1746055
3'1u262
r91€05€
1337255
1225974
1351935
UAr({,CoUqm 6ct9dt3J6o
8711354
641976
887012
A$, 6.6ot: DOb.rCdn Si(?O@
trraqlol, l$J'fdlJofudd,, r6t)ti(tq0tr
87€58
E"6.iJ
lrb3! $&!6qD rCd.tc6o
Jffiq-3\Jtr
ooalcoBJ0"
o$Jrio! a'CJotoOJoo
aro' Acfblr: UObdtJ6o 3rq*Jom
l$8, qCJ.'t"OCa"
llJaJJ.,sooo srqNd'J(racao
@J("" 3;qtO"@
:yrb.?.](n. t{yrYD
142232f
864976
8a7012
270702
3 374
u9772
70788
101125
160473
i92t95
6624
r65151
2
2
0
1910
1587
1910
1587
0
0
00
415271 -5t5957
613190 -*4220
-2081 -1737
{49908 -320730
119243 35307
419243 35307
522415 523581
33
.941660 4@277
00
00
00
00
00
00
1375 3541
00
1697 13r'2
00
{73491 -2$52',1
3501r!t 400200
.823635 -6U721
00
39755 -6{439
36s5479 3989083
2065559 2351553
1589919 1637531
917373 992621
917373 92621
550554 34E096
135189 14't 7
121993 296814
1332
1332
00
0
0
136
7. lrh.t ACJotoOC6o 3ol6Jc/6r6ogM) tuaotb(,qB.)
(Jr6ooaob boq,obi rorbo q,,)rq,o)
qB-2012 ard, 2013 .R6 2013 Uid'2013 A$-2013
-2823999 .275529{i -3061910
-2943731
goborrio arq.Jool, f,jtCifuroo
1117282
1007264
sob('rfl. sJrD&'rr$reAC66
o6olldoooC!. lrrtqr.rrdrii@'
UJUb!D., J6$'ict er6O00$C
0
0
5
0
0
10E61
11103
16671
25430
140014
118658
E&,6q$ rob.rC6o iJO.Bc6o
CoUrari.' 3i$Ehq,rliDo
ltur $&6q5 sobdrcrn $orloDo
i&,6ca l,!oo6y' rjdrB$o
00€6'!0l, 0&fus crBJ(rN6c[o
0C56f,!gf6o Ao{tr.,bd, lAotAr A{sq{NeJ0r
lr5blbei Arq{E0Cq$r4.,
ulttrlo or60f'!€6 ao!66.arr
OC60i6rq'C6o oorgtr!!.!l, qCJo5o006o
Uoubd. 5e6.s,o!dx! 0ot36o!ilr
lq0o(!,li6qpAoJ3irnDot qCJotq5CD.
oolrleo!.r Jt6.,o!5OC6"
lrltCq€fr,go ld'Jt g.Srnh JdrrdrrAoC!.,t qs3s<i!6dr
151212
150897
4032474
-1703535
-97211
-94447
61085
,1059fA7
-49313
9177708 9295372 9925926
299086 2926A2
337?43
$4435 572921
527902
526466
556213 613745
52197
55276 47290
-37910
64053 -76208
-135760
246
-136046
-54900
714€o
A'ri.[ lrClt0oo Ab.]C(n Sr,q'CcrD
570r3
lrhr r'6J$Bo6!51x, Jo6J.r6Joocdt et<r"6Ct"
5194299
E Aotr.b UCUA6o COb.'Jinl 3rq-Jom
3965455
6.10
SotoJpdn J.@,t q,€JgNSrd)
0b !d6<r, Wb!!. gob.,Cf,o 3!S-JO@
3415E52
r610215
,!!rrd.tlrdoi"rnltrl$6ia{6JS}$Ctu
3989t7
Dl6,{Dd, 6CtCdBC0o
1513674
368031
6$01010 ltrJ.,(,c!.lokc60o
r6D(!.Oc0tc
di6J8&,ll $6.,6q'r aB{n56Cer
l$6p UreCJot
tn Jot6J.6ro.EAotr A!6r<{N6CDr
874940
270702
302730
440408
gJqqC0rq$,cDo Utor q,Ohbooorio J'6J.'46{Atol,
-46144E
W-<t eDosqiN6cD.
grq'q,C!,Jq,C0C8o UCs.lr lo6rBC
Uos AUbeCL, F&,6a4
755089
,391279
-2139537
n15705
-n37fi3 -2303021
-150339
534187
788863
54096
626536
49729
.74950
-74424
-11578
-12576
-2U7$
18/428
520
-265264
.55154
0
-1E/428
-699r8
57s91
65.161
44043
53324
5370516
5882414
4067834
4022703
4399702
1957960
1954942
399707
3€5880
1836192
36669€
1793350
451927
91E943
993327
550554
606844
460010
34E096
417978
-52',18,r''l
4425261
590577
530640
945410
981982
.35059E
-400404
-21E4655
-2618843
1998088
4461170
-4616931
n5i119
-144027 -147949
-152553
-160492
-13503
-11510
uC,tcco bqD r,Ct(,crJ60n rt6rl8n58h
lrlcrOlC{.i0?q!Dc6o
.353716 -366136
623071 1004784
724340
7@772
-3940036
tn3r o.qaclCC"C0r0"
lnAr&rtqJo 35C"A9uCq'C6r6o
u30
.187139 -236664
-48634 43372
63161 59763
4A162 41399
5141229 5303760
3928452 41$202
3537819 3770034
1853325 1861314
4@01E .105420
154891r 1531099
328936 333231
E55601 664096
354374 309772
542032 866189
3E2379 3Tt81
3aa43E
1976515
1600499
tsrqNn 65ti6nt.'6|t{6JOCSOCDo
.12600 .r 1906
.186916 -236868
10197337
1784032 r 888663
4021715 -4191663
l,t4p tjo.,ED"
d.,6io6looCepr6
-3122593
139664r
-1042863 .3690307 -4126903
-r2653
}q6o(rrli.qo E6dn 6.'1, f&6qr aJ3rqn$C0s
994315
23425
221538
tso6ifllo,r l!&,6o$rFa U$brlo JC6n, D.ft6,Jk tt
D6,JrE rdEoirroU.t
1059078
'70934
-11429 -167E0
-37179E3
-3&6225 -102695s
-4295113
7253606
44A492A
2555825 2858928
3984252 4005088
3092392
3518777
4161214
441E216
6353709
Clnlro6cq,"3sqrcooo
2519132
$b.l,lt(,3s<'Jdrb
3A34577
65,{007 6864016
7936993
't37
E. e0J('ltooff,o Jcl6MJOoCDob Ao&"boqBr
(Jlr,@aou boq,oLi rorbo q,r6,o)
A'A]-2012 A16'2013 036-2013 Lfrl-2013 ('l]
Sao6s'! rsbo?fb doo}joo
$&'6q'rsoblrcir.,sCO.ErDo (l,co)
0'qJ)
$&Eqlr aob('Jrb
"JdrEd"
$ao6qs ulads rdoBtur
Uf.6F tiCubrao
aoBtu!.r, E&,Eq'r eB5qb&8J
or6OftJqt6o AolBf,oooU fao6q$ aE,q{r)E.Jtu OD)
o!6dfa<,c6o Ao'3fn&t i&6Ao atai<rN6r0o (lreJ)
rq,S.$:Uiqo aoi3d'o6olrFo6Ar qL8lqbrtCtr (lrC!)
sASo(EAfxBo Aorgtio6ob fao6ar qA3rqb$Cbr (!eJ)
arr{lEo Jancr66{ao nvJ6)
aoll!{r6o ff cbr6doo. (lreJ)
brbCq€i.,go v6$5Ao6rAF Jor6&r'r,roQ0ot qa3{n56Ca!
1303239
3A02709
a0!a535
-2823999
-275s296
-30619r0
6925030
9006128
6655E67
7199018
7390814 8641399
la13963
93922r9
94227e4 11331732
.79532t
.331009
-148546
116777
527W2
0
-630095
441264
$4A36
572921
0
0
-135760
-186916
.236868
0
-5119@
0
-4€Etlt
43372
74460
63161
59763
-30805 569793
419243 35307
72A340 7E6A63
00
-2U748 -1e4428
00
'5515,4 {994E
57591 64rc1
0
0
0
0
lr$Cq"6B,sordlr)lgrfflxr Jt'i.t('!oo$.lra{6i(bJScir
orD)
l$bcq'Etoaq n6J$go6r6uo Jo(lro6,toocodr QJ3sqn$cbJ
2013
1562967 1195220
450671€ 4317813
1r55681
421759'l
978709
,2943731 -3122593
00
57591
71160
6316r
59763
Uh! !6jlrJao6rflt, J.'ar.L650of6ou AArqDrSaL\
U!g! rr,rbgo6r6lh JIn J.f'!itoC06! A{Bi<{DEr6! OCo)
5194299
514122A
5303760
0
0
0
lrtBr Jl6)tt S.trt6th J,6Jf6iooJ0otr e,3s$!&Jor OAJ)
5194299
5141228
3539785
5303760
1375
3581
53705i6 5482414
3771663
4024401 4426603
1966
1829
3770034
40?2703 4425261
405/20
398987
-2001098
3537819
4008rE
400ErE
399707 385880
399707 385180
-215A117
.219320',|
-1469S34
-1662441
-1954238
-2431970 -2693333
-2023656 -2006490
-r71789
-507637
€6975E
-17391
0
0
0
00
-1337255
-1225974
.1351935
39110
51370
97456
{1r 164
475676
-234963
674940
865601
888096
270102
3 374
309772
866189
-2139:37
542032
-2237643
39755 -84439
-406314 -686843
918943 993327
550554 yE096
606€,{4 59052
-2NN21
-24a4$53 -2618843
7903739
7959106
8354699
4069162
397483t
31r1920
4349611
8953801 9836619
4792547 5410403
oeJ)
ts ,tofffio
J.'@t q$Orqb$Cbr
Eo$oJrdn &tr C6oI GAglqd6C0r (lrC6)
gotoJ"6o J.,f,C6oU qs35qi!600r (l('J)
Jiftr' !frbo6d, l,q! qD3rqb$clr
Jc(r&'
lvdo.,6<{, llb3r aJ3aqnr60lr (1,9!)
lt3r adsr6o, t&6q$
lt3r Aubqr6o, Eao6a! OJo)
d$.EDotJ E&6aa aE3l<hr6ca!
ir<.!o!,JqxDJ6d ct ,qJ6dp tsl$r61,c6. .6q'63000d,
!.,6rt
't
3417915
2063
3415852
390987
grq\&Cq'CoC6o Uht eCJo\.\)cf,o Jcr'i.'.troo00otr
rlb3J t&!6qr ioo3Joo
lihr 6rbqra6, B,6q$ OeJ)
l,J3rq{tioiqn 6cSdBCao
6l0orJao lrJJo6Cl,JoEeC60r1
relvio3fotC
o,$.!Xaou i&,64s q.8rsr6c65
llb3) arbqrDo, $a'6qD
orl6rj,#,Cqb i0r6Ca$o (l,(J)
A(lEJdrnrJqn rOilCA$o (MZ)
a.6roJr'Cqh r6f ,garoo (Ml )
6s6JfDb AJ.6ro, r6bCbpgn
6s<qn EUqb(Mo)
srJJat O0&, a@'tf,U5raqC 96o05?q' AigoaA.,
Orq.!6o AOJot \5160 Ct6rBECqt SrqiJo@
Qdo,bqJcao coborr,3Jq{0^r3o
382730
405420
66461
5371890 5845995
1697
1342
-2U521
-1549919 -1637531
3no1g 4307502
1550028 1417i19 1469096 159€€g 1E99625
1785920 1694801 1903/20 2071291 2407876
732214
957095 10?2433 1110901
3834577 39U252 40O5O8A 4161214 4414216
33694t
3392516
138
9. Ae666JAgq,o JsCAogoCSOCool,
Adc6o3c
(JCfxn(hb ao(sLroBob)
ll.qld{,tq5.' 3rqra€bCRTbC0oD6
2012
r415
397
4.6E
22 BO
57.49
1.31
14 07
3.04
432
2'1.43
56 93
1.32
13.69
400
4.19
22.48
58.88
13.87
5.29
4.74
23.90
56 09
r.35
137
252
12 A1
513
4-14
22.08
60.12
1.35
2.69
13.94
162
276
4.45
23 00
409
t9 65
60.30
61.23
133
261
26E
4,47
?3.7',l
61 40
1.29
594
25.87
60.73
1.23
257
2.3f
12.60
245
cj(Jo&J6o
13.9r
560
544
466
4U
23.41
6'175
127
250
6.C66C6"
13.83
2.88
5.04
21.74
62 54
1.29
2.60
('aF009i,"
13.76
426
579
23 Er
60.35
1.25
243
13.85
597
5.06
24 87
60 57
1.29
255
r3.38
788
4.40
25 66
60.12
124
2 5'l
13.23
12.93
542
5.03
23 67
60 92
134
7.93
5.50
26 36
59 56
128
268
252
13.05
6.52
4.77
24 34
59.59
2.60
12.92
451
4.85
22.29
58.35
't-32
1.37
'12.91
422
4_74
21.66
59.09
1.34
2.59
25v
57 64
1y
2.53
57 37
1.3r
245
"rsrrrr'
UdooAoc6"
13.64
14.46
7.35
383
7.t0
3.61
646
336
6.43
3.31
6.75
337
6.!7
321
5.50
3.00
4.95
2.73
2013
o3Eobo
5$dO.
12-49
7.70
5.15
lrd60€0J6.
12.65
759
506
odd,ohr,"
12 aA
564
4.68
22 S6
56 24
E cry"
r2.36
22 31
56.35
12.51
496
439
5.00
e,.r$A.f-
5.69
55.67
262
251
136
250
247
139
10. &,6C0!6Aq{
&l<{toJ.r, l,})6!loC5oo 0i5re@
!rq.l| ukn"Dli3da.r&,F,v0l*ioqr",,.<'t!nJ.stc,r$g6d,Drrsdno${el.6{rnEBEFs*dF
lao.a.Fao d'!.6or7-{$65ry}!.!ttt.!b!;t !or\r, !rs. {!er<noa*.\ilt5aeau3r+nt s t.q$o
140
I l. Jpec6oo'Jq'o br6JcDol, J6cbl6ro
rdcrBcbdr e,t $l,oac0d, e'o6r6oJ!
(Jcdmq{ r 8oqr,!; bilo q'i6o)
qrll - 2012 05tr, - 2013 dJ6 2013
6{ao 0.JqrA. ll.tnf{6o
ACq,rqo Urtl6r6o lr56r6Jo )6An6o?Cotr
ts5lhr6o (6qtqE8oqr{b6d#'ooJC65ooC6drro,3ou
Ux,i,3ct$qJm BJbl&l JseiqqJao
fa6es $nC6o
l,Cl$CL lt$cq€Soao l,elo.iiI
UCbbCoo
J0tido lrrhodt (Cr6JdN6odDlo liJ)bco.,l, Altiq'i)
0J6JoDAa6.,lh UClDCao
UCUbJCot ACUtd(h qDSrJJtr'L!0d.! 6Ct0tfu!0o C)
e!6ooblqn 0ol,{C6o Jdxao!fu06. Ar A('Jrryi6{EiD.
.66c$.'oo00o u,FJ,qEao JIJ.,O{&'
&,6{EAq,olr*JpqroCooer56!a5d}r'.N{!6ond."ra.
Uh! Fo6ar }}jr"3cao
0o,(!o!5o $O.BcDo
$qs&J&]IDC&,
A$Jrod q,cllotoo0ao
r.uDol6Jo qEJlr$.'droo
q,9J.bq)C6" &Eb(B6raqc
lryl- 2013 Gar - 2013
7@665 6a6507
65738{
73S180 9r1a11
2544320 2331009
23m450
2639661 3020401
11111
11334
1078033 1170362
0121213 8121817
2U
15901
1440763
8534647
221
0
8711798 87.3096
9r63677
21173 21216
609041 639716
115574 121021
369406 37002r
91X1273 9$A95
25393
23f@
1573196 1,19:l1og
e6646.2 9862813
515
0
9481384 10d69651
131873
s9493 95396
676749 702S34
130999 1tr1113
1002228
1t)o7521 1020992
44930
669960
353,135 35/032
380981 346783
taltaTot failooaa
i49lia13
435S67 449917
t57lilt9a 112f1ara
11964638 1159a&1
12310692
13022172 14378463
553501 454080
484631
513137 623300
388538
76a9a51 f973276
3269793 339/146
8530626
0.0 u,ao{ts6 [elo.fnl,
173040 250523
312427
359455 25e579
SraoJ6o acJotq)rD"
0 n U!AoD36d.' UIIOd*rrob
4380054 4579130
4764358
4t67585 s171666
376626A
247
241
1T2321 172830
185879
EJrrubiDo bibl6c6o
32lj6120 21671.5
2495253
l,b?t SrCpA&CC"*$"
3?2513 226110
e$xBbJ(! u'AJrlbACC". J6.'oC6006o q. q.B(,aEEqEoo
ugq, l,$Com J$.d,!qn
D6,q{pco"qb l$$drqcoo Jr).$5qn
J*+'qrr, fot,Jf4Coo
6!"6r$.q)C0fib A%CD5
23S0064 252$07
254
222291
8939853 9664597
40TZ26A 4492931
u1
350
186570 206210
301424 15f03X2
30.4368 312006
2612942
2162122 2193391
909176
950!77
1132016 1144149
11617ar
983339 1001419
1186213 1202196
u9321
1@721 171082
l,(l5a70l lal iloaa
'18032.
1493i63!
593169 66977s
trLt9a 1r21L11
141
12. JalAC6Oo?q(, btEJCDoU UClrbC6ol.,., q'r ACJcr$oOCDoU
A,rOCq,(r8t q'r lr.r8urqx'! Sq,op6o
BC$o6oqto lrli6cB05oel A,!6!$CorCSo
AXt - 2012 AJd, '2013 q6' 2013 blxl- 2013 aat 2013
(Ja6qlcxtu el{a$; s5lb e,!d,o)
lrClrb0bo C6oOFJq{ 3J{rJooo,
',cq
oJtn (r'Jq' Ar tsoboJU6 Jo6CA$C
lrCbbaSo 30bo56,o Brq"JO@
€6r,(qJe !.or tsotoJC6 Jo6CAbJ
27'13720
1094257
s(qd3(BrA<!60
1619453
lrJs
577557?
&UqBlQoi&t
925294
1814277
r057363
3)A0160 A'JJo$oOC0o A6cBECq,o
3rc"co@
a,"JqB"e.t&'
656r41
lrce
&'JipBta."6"
4075r06
191222
3)qnr6o adotooCao Usbo3r,o
3J(""06
2494!t40
1580165
2765493 2941976 3230655
1067615 1154005 't222275
1677676 1787971 20083t0
5731920 5955732 6005201
964665 1075507 1054665
1167255
4580225 49s0536
132TU3 1393027
953417 10€.017 1116574
211152 243026 276453
4151066 423fi32 4259532
1164f!69
2629422 2431252 30€910
1521?44 14045,E0 1350622
3820064
1379436
24406?7
6418710
1021060
5397650
'158,{,574
1292019
292551
4541775
327E540
1243236
L$ti."OCEOo Sr6r$ffi Do,%
LCLbClo C6qFC('o gr<*Jor)o,
oJ.'x'ar,3e' eJ gotoJ56 J('6Jbt C
UCUbCDo U0boui6o
g.tqrJooo,
.rJiircooq' ('r gotoJuf, J.,6CAtC
l)3e
21.4
217
208
20.2
190
0",N.8|q.'s5.,
25.4
260
246
?3E
233
191
1E.9
tE3
100
166
lr"s
t40
r39
134
13 3
'12 6
ik Js!A"e.t6.
154
r56
145
143
137
137
r3.5
132
131
6.4
60
124
76
7,9
9.3
82
141
141
l,ue
A,CJotqJJSo ClrngbJqs Br<'JOpo, aaJq'l]3Je(lJ6o
eftCqBrA.'J5.'
lrs
('Clot t0&, JsUrJttu SrgJOrD
9_0
80
71
9.5
6€
92
7.3
6.8
65
13,7
129
124
f2
64
5E
03
90
54
48
a7
a2
142
13. 3ef3r6go'Jq,o 6.)EJcDob ao$6 5.t69&JqD 35qrri6o lrclrbcDoo,
qs6sqns6g0c (6r63orc&'rtioln t Ct b60ot, Dt6g0C)
(Ja(rm(nl, 6oerlr; sJUo c,!6n)
IClrbCo@
(A3!qxD6Car, bf('
c@rq3.C"J6.D
$qraj.o
e3] - 2012
8489292
2713720
57755f2
.,16 - 2013
u2au8
2677276
5751272
oCA 2013
u32902
2682254
5750648
A16 -2013
8497413
2765493
5731920
r.]16 2013
85819't9
2829770
5752',148
016-2013
8702111
2869071
5833040
%6 2013
8897708
2941976
5955732
qq'
_2013
8883678
3016430
5867248
sm -2013
9053738
2220178
6833561
bcd - 2013
9235856
3230655
5005201
odo - 2013
9332789
3304948
6027841
6oC - 2013
9593165
3538376
6054790
q,cl,2013
10234774
382mel
6418710
co|:.-ar.
1,1. JoACdOoUq,o 6J6JC0ot 3rQr0rcgrgoq'g&gq,o ltglrbC[oo,
qD3rq,or6C0) (6J6J(rrrao6oln l.,Cbb0bol, br6C0C)
(JJdxFarti 6oeeu; sJJo c'56o)
&qNtlsllooq'ClJ(D
(lr3"q'""EJ6',l,Ue
3(,cs6-Jq-
uol).,.J6.
3)ErJ(rD
3Jq,iJl:TD
qB] - 2012
222790
106930
115859
0!6 ' 2013
238038
113545
124494
ojb -2013
236389
113674
122715
tu6 -20r3
245904
115161
130743
$16 -2013
256932
131545
125387
av6 -20t3
264063
123666
140396
n36-2013
265969
128787
r37181
qq' -2013
243994
! 18813
12518r
rA3 2013
250724
117480
133243
lrd ' 2013
246043
111835
134208
oCO - 2013
249463
122060
127403
6oC'2013
273156
1t9479
153677
qCJ'2013
231017
106037
125041
2
€
4El
a
,E
v
g
B
P4
ooE
,1
3
ri
€
u
b
E
11
et
q
3
c
3
g
I
v
c
E,
€
v
E,
B
,
a
s
g
e
a
!c
et'
;5;'
g-g
?
E
9€E
:6
I -l
oe
*
E
t
a
:,,8
;,,E.d
Acii'
t/
tt
E?
T
Es*
q
f
5*Q
I
t{
2
c{+
e"5
n
Y
E
gI
v
s
I
99',9S
143
S99999
g E Eg.Eg EEEEEEEEEEE
E
E
'8
E
@:
'88
88
-
r 888'8
-
E CEC
-'-
(6 o' ro N F, rr
cio o o ro NNr
oN @ or
r,- o oN N l. 6 0 F o F
FnNoo
F oooo
orDolE
ooGrooo
C
@
H
IEgE: EiEEEFE* EEeg: aaBEEF
c
E
g
E
T
c
9
E8
!q'
.!) i
u.PE
t'
F-eP^
9 A#
\d
rE
v
o
c
f{
si
q{
2
gEB
g
,.ts
\?
$'*
P?
;.4"al
€3
E
t
3
F,
€
d
c
u
Et
Yr
c
_o
c
6
c)
f
P
O
il
<i
144
*
'FEsg: aeAEEFE aEci: n?AEEF
r45
u. 65o3q,ocrn Ju6lrcbo: q,r6o/rtrd (Kr(,!6o
oBoU boqEb
Ura3.)(,(ra oBol-'
&mrgerarso
2412
orfu*,o
1.6690
oJACfBlq{t
1 6636
r 6s82
art60o
1_6600
1.6534
1.6268
I 6366
1.6258
1 6265
1 6451
1.6351
1 6592
1 6523
1.6606
1.6476
I 6593
1.5539
11COclabc6o
1 6607
I 6599
6e)CaOCr,o
1.6565
'16624
1.6567
1.6599
6574
1.6587
aroUo
"J6"U"
%qx'll.,
r33olroo
udOCa0ca"
A$CaACf-
orfurt5o
2013
I
1.6693
oCaCfBrq,"
I 6537
1.6567
Ar6Oo
.tJ6oq,o
1 6577
1 6588
1 6506
1 6536
1.6411
16416
.B6.lr"
1.6509
16q'ol-to
1 6540
I 5559
I 6549
r0SobOo
1.6615
16616
LCCOJAACtT,o
I 6644
16619
oCO(,&c'6o
1 6707
I 6652
6oCAaC6o
1 6920
1 67M
AS.r906Jttu
1.7363
'1.7129
I
146
18. Aro3q,o(,r, JfGlrCDo: q,rdrohfx'r
o6oL bmq,olr
bla$qnA oBob
2412
(,563516o
2.1906
2.1546
o,CaCqrq)o
2.2350
21932
4"6O"
2.2149
2'183f
21532
2 1558
0x ro
2-0210
2.0894
og6obo
2 0704
2.0465
ogq'olro
2 0360
2 0343
!630\)0
2 0826
2 0398
bcdocabct,"
21461
2.1250
alCOClaacd,o
2 1509
2153',1
6mCabCdro
2.1516
2.'1317
a:ruabl]C)o
21425
21719
2 2448
2.2006
o,carifu!qlo
2.1659
2.2185
0r<,0o
21245
2.1517
5J6"q(,
2.1602
2 1506
Alouo
.B6obo
2-'1297
21342
2 1566
2.1427
o3q,oto
2.1949
216/-2
183('\)o
2.1993
2 21'18
UJdOcabcf,"
2.2474
2.2169
('lCOmaac6,o
2 2985
2.2710
6('lCAadr,o
2 3020
2.2652
ASIAOC6m
2 3691
2.3457
2013
"rfurd,"
147
19. 1.,.)6.5QrlrrbaCqx,
Drq,r6lro
2005
2010
2011
6oaelo6{6C $6!6oao
-709,561 5
-1,'t92,8r7.e
-i,441,,562.4
-t,85a,otrt,6
-!150,911.,
r UrJ.6Ce"
-1,2r!,9t !.4
-2,5!Xt,07!.0
n,ag!,!r?.1
{,2i6,003.2
n,a92,loat
Jf'JeoOo
1,472,431X
-2,686,3407
2,462,2016
3,254,492 3
3,502,3194
4,246045 4
-5,052,275 5
{,748.3101
-7,710,322 5
-7,734 3tu 2
acoroo
o. Sdrt!f,C6.'
2013
43,59t.0
513,'81.9
faf ,s4.1
1,10t,r9e.7
t,'O9,11,6,7
715 013 4
1.598 771 3
2.008 157 3
2,514,004 2
2,969,5395
53r 452 4
-1 085 317 3
-1,260 692 3
-1,442,809 5
.1,560,032I
S- artu!€rqD
6t,61!.2
-211,8f2,3
122,442,4
-1r15,79t,6
-$6,e55,4
Jrr,cqr\)o
263.3270
556,596 l
756,045 8
1,077.499I
QJOJO"
-201 713 8
-771,270 5
-1,180,920 2
-1,U4.291 3
922 fi1 7
-1,259.'r57 0
qcbJoo
e. 0o8q[,6!t6, O.irar€C6d00o
J6,Jeo0"
QTi'J,
Jliqfrqdr! e$ tso6f,1c6o !8616.6()
J.!i.O\bl, Stl(ioao
Jd,re.\,
alocoo
8o6.,n8k $8&oEo
!5e,037,6 t,008,414a
413,435
,54,397
0
4
1.32E,6726 1,40?,5ela l,40l,6/rl.a
1,183,436 5
1,45€ 537
€4.962 r
-129.864
5 1.5158518 1,5475653
7 -106,260,t -118 723 5
't,6ff ,270.0
1t!,514 o
974,962 9
153,465 3
.221 1
133 945 5
1U 621 2
-431 6
-557 6
t,672,69t,9
1,143,756,0
8rO,899,3
603,231,9
1,22a,0a2.1
1,t25,94!.r
54,641.3
20t,44.2
153,241.2
61 571 4
-2.921 1
206 59.l 5
,154 3
62a,5Sa.5
r,02t,6219
1t4,063,6
542,229,6
678,6N9 5
90t,6lr,t
6r4,3!4,4
t96,818.9
l$tq316A16!0
89 477 3
-135,1'r8 0
-146,6161
,296 952 4
,112 916 4
br'bq3rr,a)ll)rox'qs6
452152 X
813,837 5
1.046.233_2
911,285 7
1,009,735 2
i33,4tO,t
!. a.rraDlo.io oqc[6oooc0o
ts,ata.l
250,493.5
JrlBrb"
13.066 0
{10 3
J,lxBio"
2114 A
251,103 8
0. J.'.6dErgol, oSgdr&Oo0oo
e so6.n'At6o 0r66oc€R$o
sCCr4rao
JJlvB38.
a. tia) oearbooooclo
rCOqc&'
iir.tri5"
133.362n
81lt,354,6 -16,475,t
,33,1486 5,961 0
-42,/136 3
Ea1 503 2
.2,1(l5.0
0,0
791',t
t,'125.0
5,rO3,5
00
00
1,750 3
10,652 3
50834
,960 2
12,1321
-r.007 1
-5,244 7
-7,518 4
,77,a50.3
219,617.5
t,2u,tt1,l
-16,251 5
419,216 6
196,625 4
313,!!5.!
-u9,4431
,178,769 6
42,U4.9
193 701 7
71A,Aa4 2
i,008.335.7
-207,9616
rtrz,ala,5
663.2794
n8,171,2
116,540 7
-fi0,570,r
$005O hqo3cto O UfoOoscSc[o
fi,an.1
.!5,2rr.3
,6t0.3
-2!,20s..
.21.031.2
$n.),fior(m&.reb c[grr6rarc8r
67,09t 9
9!,221,3
ua,l,!1.5
rro,lat 6
130,5069
$ btiotC.iBrt d046io
45,2t9.6
o
c,
A
s?
,il e
ze
q5
6"
E'
.ae
ab
d
I
E
E
€
E
6
d
;.i.i;'j
ddi
o-
o-
rjddcts
rj+ts,.r;oct;do
ddoi
Er,
'E:
F{
as+ ai€
fifcB-aif
?,
-II}EEfEiFE
E IT
3 It
148
149
21. 0orq{D6o l$A^r6fl'r gcqr,
(JCf,oo(DU 6oq'obi rorUo rad Aoq)rdn)
l,i8o)%ftrti" lrdotr6o
aoJq,Car(0r6o
6tuC(B)Aor6o
C6q6Cq'o tr6Jo
AoJq,mrqnJ60
A6drqBJ(Dr6o
tr'6JC!"
aoJq,$!(nr60
A(eJ(,Bl(,o$o
lrbSs lreb(,rio[o
aoJq,J3rqnJ6o
A(SCqt3leo16<)
tof,esJod,o o68clrooooCoo:
Jo6Jr6oarle{iollo lrdrbCio
Eorq,o$o l$b!6Co Brgb
t2/3tt?llJ6 t2aunfi
r,{a5,O7.4 3,3{I,699 0
196,804 4
64,100 4
l2mmtS
69,E55 8
96,645 5
70,1712
5 3.621,331 3 4,14a,935 0 :1,114,158 9
2a5,8{5.9 t75513.9 t15399.8 5a23m.l 338,2O1.E
1,289,073
0
l?tStmtt nEnmz
3,601,tr.0 ,1,2{',5m.5 4,r8a,3$ I
177
3,278,59E
r,396 3
r,567 3
|,247 I
795 7
245,8287 875,tt7.7 813,832.5 581,0722 337,€91
30&2€.4 1597,m.a 2"l2t,E51.a 2,+m,75a.1 2,6D,t La
454,923 4
902,0091 L0l{,8597 1,034,1150
\69,229 4
1,219,85s 3
1,455,E98.4 1,615,017.8
f39,0 0
Lt42517 3
57J,121.9 r,81952{.8 22t1,H3 X2?0,8ns 33722C7.r
909,t3t 9
t57,U2 4
574,3092 551,7054 U3,719 4
r,562,7429
4\3,n95 1,245,2156
2,427,127 9
2,463,\55 2
557356.3 2,{58,&}8: 2:n1,vv.9 2,9t2,112.7 3,099,18.1
3,210,4,fl.8 10,105,016.6 11,567,834 4
13,501,648
6
13,64i1,057 9
t-
N
ot
€
-FNN
^e€
!a^€€
9s**
TEE9
.f.)gB
-a.,(o&
R't3.3
150
I9YfY
';9Y11
r9Y9l
,;91Y1
.i}YYY
i!]919
'iq?YY
.i$99J
.;P'If
'rystT
i?YPY
.Poo-N-e."-.€NNNNNXNNNNN
a4
€
a
,
t)
ge
6
o
6
z
€
+
E
151
Zt. g&b3oqdr, lri$d,g,rl$6rJt6o,Lvt6Socfo fi90w,
(5@rlro r8'd Aoq,rd,o)
lrrsrd,Cdr lr€r3f,a)
6t'tfur
sCLJof,Oo oaJo6oo
(FoB)
a,tq,s6lro
(CrF)
2012
r392937.5
-r250160.5
1535714 4
15.0
626854 9
633stt1.8
-6666 9
1260396 7
12-3
167016 3
597099.6
-430083 3
7641r 5 9
75
142777 0
o,U6,Ccox,
!t060rq(r6o
gl6r(6s
8o6Co,o
25607.1
565950.7
-540343.7
591557.8
5.8
AC6A16(!r
365719
54r896.7
.503324 7
540468 6
57
6tbJo,o
45816_0
473796.E
-4279E0 6
519612.9
51
rdd
226110 9
213156 9
13014.0
439327.4
43
hJ(%)ticor,
l,cfbCoh
oor(Y,5
69654.7
271475 4
-201820 7
341130.1
33
260961 6
70405.5
1905761
3313E7 0
53330 1
270969.3
-2176391
324299 4
32
32
5031230.1 .3374,4-19 7 6668010.6
2377455.0 78/2108.9 -5498738.8 10219563.9
100.0
CabBoq'C[o Lror3f,(r Jrt6o6oof,CboL
1655760
trre
5
UAUbSoq'Cl.ro L53rli6o Jr6offi CU,
697
$.{.,,%
64.2
61.4
654
2013
orJ@orl
1828634
1346037.5
-1163174_1
1528900.9
.14
rtC60r.4(r6o
710214.f
638107.3
72107.4
1y8322.0
12.5
g16,1(,6r
'192767.1
602360.8
-409593 7
795127I
7.4
rtJbC"-
190242.9
569419 5
-399176 6
779662.4
72
597527
2
I
8o6cox,
33662.5
563665 3
-529E02_6
bli6ArSo)
73037 3
449266.5
-376249 2
522323.4
4.E
ljoobJoo
315697.r1
1819315
133765.9
497628
I
4.6
sm
0Uq6.rf,con
1364U 2
253900.3
-1'174161
3903€4.5
150753.E
200019.9
350773 7
36
33
6,,Jffi0oo
5065.0
323270.4
49266_1
.318'185.8
328355.6
3.0
1991008.3 5147999.4 -3156991.1 7139007 7
2909310.3 7874402 5 -5150808 1 10763712 I
100 0
UAFJoq'dJo b$r36o Js6o6oo@f,
Aob5qBoo,
lruq,
Ua,hpq'dro bJ3Jrf,o.Itr5o5(}(.'(E6ol.t
6oe"o'%
SUr(,o: l,ril6o3cq,ou
684
\>oobooJo! c6oBFJqn brabrbSrh
61 3
662
t52
24. gobhoq,Cbo b.!&IrffiO('l lrrl$Jo5<x'r X0UBJ0{,
2012
2413
rorbo rm
%'uq"a
(oq)Jf,o
X)6o16
Jr*tf,Oo,lrJe
% Cqra
XrAor6
23n455 0
100 0
29093103
1000
alCe&h r3oomoq,0a.,
5A7296 3
242
tsCt6mtsC6J(6elh8o
247
110
7$462 2
2@4n 6
229898 5
oboqb qoi bb8r J)JIqD
b&{J6dob arqs0so er Joq}r5O6,rOC6"
!'bdrijogr6o l$lrdJao
SJl6dol, 6\)0d,r(lCi+n e3o6c,Ja.'
ffiCdDqlJd,o eJ aGl6r'6o $flq,J6o
lrJo6oo Coxgr, rf,rAC6roJ6o63arq'o EO ArO. % tC
03659.5
35
1667126
79
57
53535 0
23
16i632 8
56
13f221 3
130575 5
45
59340 6
58
2?
25
E0026 9
3.4
99E65.6
34
37
73299.4
2.5
Fcq'cbo 6rbaof,br(n!6o ts.!q'ranl$6r6 - C.$. '$,ArOUf,r'
87977.3
50819 2
21
62517 0
z1
@i6r68fo Wxr(,rrlo.)
9122.8 7
384
1U62120
360
A.}o)
ffiob:
6{q'C6o Lsoooob Jo60C6O6Jo.r,o,
(.lCr5la
AlUACArOCbCq,o rb 6rb8f D(,erogtu3J}Jso
64871.4
127850 9
37
106843I
25. galt$oq'gbo lso6Jo6o('l lrrlrtJc$q,o X0UgC6o
2012
oAJ.t60p, UC('
2013
%-uqja
rorbo rm
%tq,"A
xrao,16
Ao(,rren
Xsaor)b
7842108 9
r000
7474402 5
100 0
6r3ooao A! blgooaJ6oQtrCoJbo
951041_5
12.1
95440E.3
121
AbUaU& r3of|6o8oq,Cao
062759 3
85
710,{,62 7
s_0
brgombob rod,C8o e! !o6obC5t6o 6JbffiSg)e,s{9C8o
252666 3
300908 2
38
aro Mob:
2324@.0
30
2807185
36
239S53 1
3.1
1843366
23
118433.4
't5
1521018
19
79
0.0
1r3057 0
1.4
lr%Y5,OJ8o
90564.9
95690.2
12
araoaoBq'cqo a!6Jr6J0o e$ alon dqturso
10451161
12
13
901380
11
u\]o.d,on rsod'Acl&,q'Coo
(o!6rfg$o &h,(o._rl\o!
71700 8
09
79465 4
10
51r7553.6
653
4913074.8
624
LtrJJ66.q,('t UJao,,(Bac6o
b.$rq'mo6(l r.r'f,!oCao, tsor?6(l 16 lrb3! Jl$aJ6o
jlJJ(,CaobroBol,
bJoq,JtdoU Arq'6Cbo er Jofor60i6r0Cbo
S$160, lt+(,ouCqhl, lrjJoolrSoJob rdnsE'Jqt Ural$bci6o
153
25. Urtso6r6b06o UCdOodroU o6UOoOCO0bo
(Jr6oo(nL aoq,oL)
2010
2012
2011
r6o,CJq,o
J(')aCd,OffJ(D 6r6JC&', UU('
19
J6,otCJq*,
2013
19
t9
21
18'
17'
20.
0-4
0.5
6oo1 aot'irot:
U0boUd,o JJJoo,,(,(fu aat6r$oq'3o&,o,
Cf,-OJq.
tm 000
1z'.
0.4
04
0.4
JrOtC
142
691
1M
$,q,osq'cbo
Cf-AJq.
159
119
'144
l,Cqob0cfutc,coo
Jd-tr3$
187
522
564
N6ohtAC0fln lrr$drc'cb(,' Bm6((,
ae6 g$h
296.4
805 1
9r5.6
lrrlCcm $JoODq{!
a(5 q'rdn
479_5
1787.6
2104 4
Cdo,OCq,"
555
1624
1500
122
36.6
33.6
22.9
24.3
J6o,mqh
40
18
18
18
17
@trc(.
2
49
62
tJrSoEQm 6(,6)$00
J6d,JJ(-
1
1
1
l-n(Dt(3$o Jo0$6oCbo
Cdo,OCq-
16
15
UrJC6lr.x" ITJCACAo
crDcJq'o
5
7
739
JalaC6o(}Jq(, ArEJrAob.
Arq-JOob arAra$qtq'o JU6JOC0o
100 000
909.2 1051.0
23901 2916 2
1029 't089
JJObJ
b6rbr6rSJo LreCJ('bool') Ar$Cu0brqcaCbo
AoJt xalDtso6r6Uo
o6$6ob0oCbo
' 56r6C'boQC6Oo br6&Aob Boq,orq{bob Bro,3q'oo
3
62
11
15
65
67
14
t54
27. ltj.r6orggq'o3o 6o j09qn 3o0x6go"Jq,o b,:6336ob lro.r 2014 $golr 1 os6gfnU 0q.o6o0rt63oboor
N
l'{^6trhl!
b$jJboL ArLrbrq,JAJ
ont+.{o
1 UL br6Jo '6CtBCAqx,Jr'
2 bU 'Jt6oA!O0r6Jo'
3 lrL 'ox0obo 0r6Jo'
a bb'q{,8C6,o,o br6Jo'
5 bb'0.r$oLtu6Jo'
6 lrl, 'lrrjr6oBCqol, bJ6Jo'
7 UL 'Aoox$o Ar6Jo Xc'6rxo!'
8 lrtr'6r6Jo Jrf,o,C'
u.02.1s92
I
a.CaC<pn
3o(6.{'cbob
6ioqoC6i'rb)
a.Caca"
bcqoL
el6o15Cbob
6xl(06ctbr
31
25.021992
10
20.0r r993
E5
13
47
10 02.1993
96
71
200
11.(x.1993
173
15.12.1{t94
86
1
202
07.051995
22Gr
16
1
09 01.1997
229
10
16.031998
231-1
1
10 bU 'J5oJ6,C(nO br6Jo'
13 05 1999
233
48
11 lru 'boox'Co ar6Jo'
12 lrl, 'oeJigA!6Jo'
13.03.2001
238
I
29.09.2003
241
2
07.02.2007
0110242
1a U, ' J6o0d,Cl, 6r6Jo'
31.12 2007
0110244
3
15 lrl, "Jml6 bO.t6Ar6O br6Jo'
16 lrtl "brq,oJ br6Jo UrCr6o3Cqxr"
17 lrU 'ar6Jo Jm6\]tstEJD'
25.01.2008
0110245
19
29.01.2008
0110246
03.07.2008
130
18 lrl, 'o,"JddConl.l oE MJot O.)orJ&tu ts(,ql(,rqY)'
13 07.2012
908
19 lrtr'J.fr 6r6Jo'
17.0r.2013
909
30 05.2013
320
06.08.2013
252
i
o, d,. bb "bol6rso 6!63olr' o$oqol'lob goq,osqn
3 bb 'rtCrr$.r4(r6ol.r l$Jf,ortu)oh ArEJo
-
lrrjr.5ouJ{D'
20 bb lrltJrrtu &fuoord)Jad,
b56Jo-
98
17
43
'12
lrrCJt6oACq'o'
21 blr'Bo6Js 0,)6Jo Ur$6g)30qxr'
36
155
28. 3o696gegqro b6Jcaou q'rxbggcDr utEd,a0o(t Jrt€Dq,ou udtrrudood,ol,
Sobgq6oor 2014 $q'olr I o.rfuit< r AqA('SJ6Carboo,
Jc,ocdo€qo dSJCDo re6.{xrl6oAo Ji}rC"(d, Jcl6oficlqEt' ha
lmgc€, tq,Soq'oEdqo &AoO.goU Js6oa6oqd, JOA
li, 'br6Jo Cid)orJ'
509GAA0 Cobofoo J.tioo,rqxf., 0,'6r0o(,c
"boo,
bb 'q'dJ6on 656Jo'
LU '6oor,to ar6lo'
bL 'o6ACqlAr6Jo'
bb 'ar6Jo Jo6\jrq>'
5095-$0 0C@ f0bl'€l6o &Joorqxn E('l6.t0oqf,.t&E
trl, 0r6Jo'6ClrJ0aq'oJ,r'
bl.r "36ogro656Jo'
Lb 'onaobo ArbJo'
Llb
'6rUrA$Jo'
Ub'l,)Jjl6 Cqx'rlr 6r6Jo'
l.rl,
'gtrrn b)EJo X.tt+rfor'
lrl, 'J6oJ6C(r$ br6Jo'
lir'r'bCC,65ox56ob bJCl6o,rtsolqoLo 6$Jo - lrlCrl5oB0(E'
Lb ' &6(10t6Cb 0r6Jo'
lrb 'Jol6 ltD6(,rd,O 656Jo'
Ult 'brq'oJ A!5Jo LirCr6o.Af(x"'
Ub
'Jfli 6163o'
bU'Js.J,lJr<x'b Brfuoo'f,C6rt) 0$JG b.vJs6'o6Cqrrr'
Ut '9o63.r A$3o Urjsf'oryqn'
f0b('l,C6o dfJCDd., Bo(xr.lq,cDo
o. 6 bU 'W,$o) bs6Job' o,6o<'dx,l, Aoq,oJ(,(,
lru 'olJd,C0ox,l, o0 br6Jol, blo,UEoU Aoq{Dq'o'
156
n. u+$o,a<{'!. &'tpcqn i,J'r'd$o 6Eh.riu6oG'orrc&* Uo! 20lr lkt,h r olqiot
tuf*,- *"di.;;i;h
, e .5eEdrvd7!4r.D'
tr u !furr+ll,t r*irr'
n !r'"&R&,r!.JqI6.'
r u r5&F F6 !i.+.4r'
4 b 1d., r{.o+ rro..t60,'
I u r*$Jerx*xD'
$ & fnoin ai<lfrr.rt '
o u.Bror.6Ja?68d.'
.
e iJ6m.d r.r€+'
6 u Jlrrri 6ra! J.oggr'
$ .* rd*$ de.6rqir 6'
157
LJd56o)3CR(r)t
c6(r)364R0 b55d0
to5$ti6o,t6A!6o?AAlr Rr
R5Sotdo8aa0Ro llpo0or6ot qnl,J06r
20ll [{nL ]l ,{tJJiB6m qrl,6XllUai|t{o
158
t J.,J6OACfqOU C6(Y)36ARO dJ6J0
u)66Cito
ac!6Ro
bCRAdRSrSCqOdOL JJt'ib0baAClq0)EOl, rEAJitOAO 2013 vqob 3l RJ,J0AddoO)
qJU6IRCIIRO VROlr.\0301 VJ6AOqAC6OR0 805r5lriltil0 .\5AJ6Oi,aCaOt
aoa$JRcdJtJ RJ qJaoJo(I)EJ'bil
qrao1g"qnl3qo i:)podr)6ot prUJitSs
I
2-3
A"6.5Lnino r6ar6oa6rAr 2013 t'RoL 3l ,{itJJaa6oo) q,rt6itqJ}Iqo VqoLJoroL
3o6}y$s6sqoL ,pr L[8s [6!Ro E0aoUrtq'oU o5br6o?Ac].
4-5
Ao6rGl,?60 ARboA.\i60olol, r6alioilb1lr
G7
tpJoolq?o GcqoRd0doL J56.,6ots40.n
E
"JXRrr{{ Lil,l,6aaol Aodi6rc,doU r6ar6o?bCar
9-t0
Bo5!5tli6 rsa.6otoAa!t'o!5 o.\6p!'ioitqo ?05o?t6cao
lt{l
159
t'JdJ6O3Cf(Ol, &4O36Iq0 6J6J0
bP8dR3!5AO60U JJUlbOtSAiBqCltrot t5iJ6030 z)B ?,qot 3l q&riB]fifiD eJU6iq0atqo
VROUIO8O|, ?J6m{aif,Oq0 fl)5J6l,ldto J56J6fi8aC}01, 8(l)8uC0Nl,J qJ qJAOJO(,IBJ$0
b0qaa{0s6JRoai JlUIhoMAAaCqN noSr6Ui6o $A.t6o?Aaaot adtqruCanl,0, 6oACRo(l
Lrtu6oqolEja rtltrtL Ls$6o&lR.,U n6ox51qn Is6,pt ("I.5Jol to6r6tT6 ap6r,aid0o}!L 2013
VRoU ll p0tJ0Ai6oU Ap6c,a.r6C.,6oo, &,t aoJr6 $.r6ao0alRo oJ06.\lo0dot ?JPJoJAL, n?,qi\"o
l$tLr6Alot &aJ6roArUr pr JrJodrq?o 0{qoRJ}J}I, .8nCJ or6ol(m RrL6AR0SiRo !q'olDo[oU,
SotusUiti'o r6ar6o?acloU b.06o.holx, U6i6P.r'60!lol, ("B.UU) ?ctrlraoU.R
jo5r5tX6o r56r6oa6$ob &d$sqiin'l$L t0l{adesrS q{'}! }ti[oL&dna0tqo!:
.
.
.
.
a$6oSlfq'o atqsqdd'lqo J6oscoJ0dot s6t'03str Rs aro orsAoaRla6ZR ?l[i,!q0dntt;
05A06A1000l, $rtq6n5o$3, hqsq0'6u{o Joqooo,Jol Eloarqno, 6oa[q'o0 :]$6$00,qJ(,tsU
a.\ii'o0als, l'$aleo, ?01'rRr6.L Rr arLra$ oqo6aronsl't
\..\A\d0dmo o5jo63qlooL $s6RaA5o[ f,$.6I5flRJoAr$A, oa ?0Aoba&1.\?o, oI noSr6Lt6n
s56$ro366loU Lrc6orlcxioUo Ldr5qr660doL tJJOoBoi6d A@ki350ao rro s6ot Ur;A6oto
oa.llJo ol,, 6oa aoaLar60ACqAs ansr6JR.$fl't JoSJ60drqo ADtloooa.b, LbAi ao0q'050foUJ
qr Jodrotrn&ru alilqs6r tr!5,Joti to6s6Lld, 3R0oer60ol!U! q! no5s5t'T6 30tc4a0.$0;
ls6lo[ aoA6 ,i]I5J0or,5o603sRo [.Ssd,acn, R!?J0Iot J6oSOoJol' t'.Tlqcqt0 a!?io]ot,
!5d6oU ?JBrL0lrSil
[Aed(J$0qo8r ra6to30 JlUtrboL8aaaAq'oi,
.
6r5,J?o 0aaJOni6o er a!.6o ?oRr ,Josdd)c,RoU lrol,o0aoU ?0ef?is0lr'tJ' qJ5c6a35Ui Pr
t05rd,6it6clr$0;
.
ot0oo atelRo6lqo 6r5D$J60loL 9i6ac,0}!1,3, 6oatqo0 t.'6aosqa05t, Rr Bt6oU }r6dol'
arc,oo0aclb po 50aoUao06 q6r,t 3$r635n6g3a6I drSJot to6.6Ltrlno 3q6oar61c,lou
LiJSr6obo to$!t6oo $.6qal5rt Rr to5r6[Iito !5an.6o?6cdo[ BrUlFoU aoo[r,c5![or6
?01!araotodrLi
.
.
.
tD3lqru0aiqo dlRJq06ilqo A!5n$0.60ao1 VJ6eo0ar$A l,sdr6"'Uq'ot Js5o5fuJaq'o.nl,r
q! n.l,L{L ?0t!.\a!aourqt
8.6JoU ldoomlo[ I[r86o[osaot il,.6I60aqLruoarr.o l$io6o da0p0ra8oL
Ar6ho6(Joaq0d!'tfl !..
o|{i{mo}ol$ Rn Lbar erriRscr0aou oJ3oR55 looqc}rLr q. sRaorASJ$o
io6r5L16o r56r6o?6x}r
l,id]o[
ao06
]!6Jo[
[.Jr6o3nqot 06oc5iRo
RraoJooaaiqor ara,,htc0]r,e 20la SRol, 3
2Ol3 Sq'ot 3l eJ,[3d6oo qnL6i|R[aiRo t'{ol,.oAol' Sr6aoqa0So'qo
/ ,' .' :
Bo6s5[0aol,s R6 ]E{!R0'6Apo {tloGtAot
qaJ!60i3050o! nA6oto
aoo'4ao drR!0oaa
3 rJi6ot{o 2014
od.tqoUo, l,.Ji6orrqo
!nRc,30 ttoi,oRrd0
3 iJd,oR:i 2014
ddoRoto, l,rdr6@t0R(i
160
Deloitte
?lc (c|(.hoo qri Oi]?o
eJqrid)eiBiEro J oi}fttol, {ufiEJ
lbjs6oxxqerU 06r)A5!qo A.6,Jnt' L\lioL,
prUJSEi SoSo6l,ii6o r56nto?0Jaot ?Cl,!Loa
EA05 6rJs0r60o l,idr6o00qol,
06o05iRo arSJoL (,,4.\5Jo") orsRrriolRo ao5r6t?Jd,o
s56Jro?6slo[ rlqoon, 6oAnqoo A,qr.8U "Jo5n5Ui]6o fu6oan.60ol}oU !50.6o?A0AdL 20ll SR.l,
3l acJJaI6o[ 0q6r€s6noAoo, amb0a.'1,$6DrqoLr ,..r t,bAr Li6iq,o lca,abrAqol!, JrJoorq'to
63qoqgxlotr Rr BIqrRo UrhU60.ol, Sodr6solol, s50!6otA060at 2013 $qot 3l qp;3l6no
Rst6tq,0aXRo VqoUso t e. .XRrR66Iqo lRr6oohAo[ hqoooJoU do6oosPo l6o60oJ0]oUs
ar U[[r rt'l,5Fos5ai600amo ?06oq504.1, aoJqJ &,5.rb!$1,.
boqtneSsS[qoaol, J!l,ihol,&6Aaqoa.' !o5!5Ui6 !5a.yrto?anrnt0
ds6,pb LUq3aq$;qa o JllJlbouednarRo! ra toSr5lrl6o i6ard'.n6Caol! A.'Atspda.n,i $
Usasr6oqosS $r6q6n5s$n no5r5U[6o rSAs6onbJEoU U!Ui1o,!?or6ol,o L0$,qir66i]]ol! tJUrA$obia,
,qi nL0oo lopr Jo606'aq,ou to\5c&,U l$6!5itR[c,ast'& 6f*lcRoo lcqadqa$cRei]ot aoldi
&n65flo rjoqgaq.;1" ol'0m no6n5Un6o !50rd'o"ASaol, aobiAtrR0.Rsq, 6oa0q,o(l .n6 ?0irc.tll
orsqooerloor ,{J ?SORoAo@ A|&,fA0?q r6tJa@ n$trUo',}!U
!iRooo.1ol, $l,rLow6dreors
ff8n6o Jrl,Ibob&6saqoLs fu051 A006 l,!0v60lXR snRoo$ !.r#tup6i'aoo b$oJoJsro AollJ'hdJas
nA
"JoEs6UI6 r56rr6o?6$r$n fi005 rz(.o0. 6rcJOi6Ao !n({on[ lDA6o!?.ll1ol,o LoiSqr6dcdnt
?clNlraol$q Jt q)r5R.66C4. il1@bo3U, 6c'a nuso laqt?so ?A0lban38&rua[ 0ooJot 6i,6a0aU ,ro.
!;r{oooL .aaxr6rR t"oaaafllJt'o r"o rs0Ji6J}it, f'oa aocoq(1o, xottFito 6Sa:60Er oaoL! 6oa
tto5.r5Ut6o r6an6o'iJa0ar i6 ?JoorrL l6Uc8oo t'htrll.)c,.r[
.Iqooo 8r'o0itt, ar6J3anqo &,o00r.a..' ]ob r,s0.6Aail, $otu6LX6 rfurd,o?A0aiBo f!6&,R0ck|q
o$Ldti Nr ar6ar66d0lor5 &As6o0as?o itq,o0o6lRo A0,lrc0at'{I3ol! SctUsJo3dqsq
?Jd'frax,q,o J..,oGtq?60ao pr&,;oqli1qor 5U{o(,)o6oL }6r'all,o?ri atx l,r,a.\$0, 6oal,{oo
aeroorntr 3o5$bfr rSar6oldJdr?o olqqo@aot r5 ?Jo*.,aot ?ARJa!R $rn&rJ35,'iq{ .6t0}oo,o
1$llgolo[ rto[;o[ ?CSr[Jarl' dA 6oLJ{ao[ ?0ArLiFolb[ r6l,JaiRo bd68&r8]Siob ?01!iSA6olf
,)Ieo0o6 {. Jr6oOCp?6doU S0AIftJiJAoLoAoU, 01316$ rr6s }s5;ol ?opo tJo6t)6ol{oU
itflAJd#,olrtS ,{51$5oU osJAo0aoL 3o$5@, nlRodrx6o @J.Rot$oSaat ?otl,! Jo506oq,oL
UoltAa0ab, 6-,aq'04o0 lbiotnos So5r5l,ii6o $A!6o?aJaoU al€'brRJaoUJ ,{J 6cisir6o
$v{q66oLsoxoL n?Jpnoo lUAao oo0Jqol,9o60al, rs&,Ucs$:Ro aiq'rqdd'nqo .1F,,{o0oJot.\ ,l.r
[0q'ad,.rrS0qoaoU iloa6 oJJ0o'0SIqo af{lqorilqo qr?od0lot '3Jt5a06olc,aolb R.r to5.5l'T6o
iSarr4o?alfob Sr6s,0{6ou ?J8"Lcl"U ao,qo"toA"?"
ffJa5 306 J,5o\, 6r,a A0Joo0lXR0AJ6o. 6oARAao0 &,AnJoAoo sT{nooL Sl,aR0Roaol,rL ileooot
q,.tJJ06ol,i@fl1 UrJ&)6nl, Rr ?AbfiiroU [rt]Idlnq[ Vi6&,q{.dA6L
crk .t .*r-(r..i 6ir Ee. iG+ Ntc
161
Deloitte
qst,65r
in05o .$600, $s60oq.6n5oq'o Ao5i5tn6o rEb.6o?AAa!, flCR.\ r6uCdooo rLJJildot!
6rossqoL$o6slno, Lra!6oq'o!5iq lUrLi0L loSdnL Bo5r5L?6 a,qboar60.drU 20ll SqoU 3l
Rc,ldd.6ot &aoar6co}@, aoUo l,.JAosSolob ?tip0aAll,s p5 AxRsqo LJsBt60aob aod{6ioail
&lotanqo on6oqoo qrLt6lqn|1qo $qotso;1oU go5s5lt76o r5A.6oBA0aot Ur06os?o6oLo
L6r5,{i600aoL ?ntr}o&rLrp.
lu- tlu- , ",ll*.
,.
o,aoqol,', trJi6d'ilitq0
162
rJdJd,o3cRob 06m35rRo dJ6J0
80606,!tJOJAqOU RJ lrb&) UdliRO AC8(Y)UJaROU l56J!lOi6CL\
20l:l VqOt I q0d08M00 qJkrlqc6tqo ?RoulolSou
(@ld@ pdiirt)
bJlilioO66r! IOsEL:t <o
l1J)irui56i ?ra!l'l3i<. i&rdo.i0a'.n F,ilaaiq*-
rrrhq !.,6r5h6 .J6o 4i0l
q!!!6t'h CsqlreC SRr'&lEo oStnlid{rooao
A-t.,a6O3{ l$r'1'rkr'ln !.'6$Li6o o6ll(ytroc}'[ a a$o
l!Ji's(j!56. ?a*rh.\a.!en ar.Ei6. s6taiqJlm,)l$hiR
a!lsut4\\e $rdz<o o&JJlsp{Pa&,
$,91
h,rs{6o t5kD6( #{$qe0}i
.fttEcaa.'. FlO4rr.6..
!rnnoon66! ?ceoLrarqo JMODl0a'qn F.6d!q0a.o
il$Lrc lF(!6Lll1 'r$Inrrt
Rsnr.AnU 3lqsaqi BRoL!<o o6ril0.(Ft&r
L3
acD[ii6S. .ri.{a6to t 6!6Lilr'o o6hito0!6o$ot a]f,)6o
nzn
t39
l,s}lqrfoF lre'.botlqo rlp<,!r'o q(ll.JalereD ru![i,e
ttn5.$l56 iJ6.0iJi$
srlJJ.qre,nbcaiRo o500q)o(rndo
2.ma
9,ly!
a2,35J
l!< LL{qr0[06 rOr.[!as<.
afr
rl,t,
(3!r9l
(r4.olr)
lsr.lo0n66o Ln*o lit i'itotabR. qo6iarcc&E ilsbq
l},6,6tn6 iriR,e0alq0BCatC.
3.lRqJriqaaar. l$C6o.rtuokI tia-$Ui6o o6l'64i6rrl
!roqGa6.,n dy'{rq .
l$li'o0a66r L$r. .ai66ot!r!qo q{dla8r}b rlalF
!.5.\61!iA X.tq{0irRtiral',
6!aoiroai<. lsx.qo n!ls{. iF<J<qra.
,JReclBqraae' 6JLaJ6(,, w5.6lindo o6$i6i6rd'i &'a.i4o
llE [J'r.Oa566 r.l'ID
(9.146)
(
ll,{67)
({r&,3)
u02r0)
(55$')
(6{15'
9:A'
t1toz
F.ar5 r.x.or[6. rrr6r.a.Go r.r.oatar L.antaor q.h
.J6.64\ 0. .t!a!a.l r.a.,.a!Oa.l atta?r.(ldr[..l!
lNr6oor6o- ria.,LiEc& aJo5i.J6oiaaol, asi!!L.nilr&[
Crtur.,ir}]a.t 6attttA.U $&XoU rrq r6i
t&6{6 LJaqn666 ti0iL}a.
163
l,JdsdtO80ROU 0dto36aRo dJ5J0
8(',dca.!udJqol, {J !b8J wro ufir,t Joqot JfoJd{raaoal (6)alll(rcqclJ)
2rB VqOt 3l R8.JJ€adml qJrdnRoriEo ?qOAOiXlt
('anl'oa a <,rd1o)
ND
la*qs ai'aa}r/(ir6.qn) ioLIi6o $\q,i66 6o6l.*lo.Farr*
t'iJ,!'i'h' ![!,wdi..E\]6
L'a!i.., 6Ja.io.aar455
LrJ.,&Ln iiflorblq0ro
l&*er &!a!a. 60.q{tra!A. OJlxE6. },q$<pa&q.E
fn&i .6!6rsR!ricaEr !.\ar<. tirrs&, $r(|)qRi&,i{..6 p.
t!'6eorltrqn o6t6iioA6e0? eJ6
.l4 bx.O!66. t&rt t (o
o$s?6okir\ 6i$0r<t [Jr'tra.
15lgt'l
,2_43
( J17)
3.r3
lrltirm qa {&r&'[6ii,{J.!R( L)t6!(n&t
(lar6 !tr ralilootroiD
3
tr.}q! *l66rq. Lr+$eraJaol, 0JUhol,OlE!6
(67)
(1r)
(9,2)
(bJr6)
Bdl$r.,e!e nr'[Ca]<o o6Atl,()o(Joia.b !<trU 6.53!t<+,I$6
an qirt ltP&re aiJqsLltl'J{I-1, J.'.'Ail}atr"
(lJt3)
(9Ir€)
l!. tdlqo lo&rlao"<"
rErll
!I|
s![!l:.roa$o r.4(o
$t L*.
ldo[.t!r(o
ldhir., ..hra.o lr.aari. tr,l6.n atrj!5t rrrt arrt
Ido[qs ($ai<oretd,a. Allstl,! e :atJir<n i*!Jh0qr.r].t
!o5.5tr..1,. q! alRlqO'tDRo lr{noOLCoU
Rd!66!8056o1r aB6olo
oMqdr, tiJi6-J0qo
oaoq., r, l'.\Ji6o,iti)q0
X6l AJflneJal,0 o.6R!6oitqo ?J6.?0601o Si6aorp0!6[ A,OAaiqo $o5!6L]6o !5ar6o?6Jaou dr6i)$,",Eq
uJdJ6(,ScRot 06(l)35trRo dJSJo
tu
A05J6Li6O Sea(l)OJdC(1IOli JEAJ6(I80CaJ
20t] 9ROU 3l qCJ0Ad600 qJUillRoAlqO VROLJOS0U
(enla*D p'n6*,)
xn
.rdrdilo lot-diio !.F!6.-
SAeo pi lipou Jihon,qoSota.
ik-toacJ}. Bo6.\6l,ii6o i6lgod$Jant e.e!6o
SDR-ol! i66ii,o?o I'ro,6dnai6olp
lDtiqiolr tF6Eih
!!6sr,caiqn 1lo5.5llnr,o lllniJa.
Urrri6o $!lFr6' Jrlrlqqrao
AJI!#(oC rrL0alqo o6!0qlunJio
p{p63nu llRiaEJ ORo}.qo i6ML0.Ooia{
,3
135J45
u
136
ll
l5
d66a,ao d-t6!R. t q!6@
&Dl.lx{c.n to5,sl,i6. i6l6.0n6nAol' c.er.o
.JlDI{Cre !6LClirqo o6301$.(lnCao
ArtJ6ird' it!e$!uC tqn&,qo ml$qlrCao
bill{.R.,q aiSJio3pEo adlln)eo lsqNRdrJa.
Moorqn la?irpJrJao
rrrss6cir$eii'n rJ6o|r.l'
ta23
tt2t
572)71
t6
l7
t3
arlrluoprq arao$iqo lih03ca.
2!13
yr,&r
r.0ll.r93
5,S32O
5lnt4
8JF*aafoaoo iJ u!n6JE+
,{.ti}d.oati. !sl'ra. !.<$-
a)RPca*rad. 6JaqJ66o rlnarr6cnio o6l$.0n6allu &eiio
Crqp0aFoair" n '6.51D' lAffirud6oU e{s6o
,lRqCaxoal.t| L,J6o.1?r*taln lr'rrRil!, i.*pl, *ill6o
2t
l.l]4163
12),
5A5,t3r
2, .ZJt3
rlRrdrFiari. Jaa,5.dqo t Fn66
oooml'$!?. a!?etr}<o aiqo
,i<eixJaoa. 6ili!qr6{p io6.6ht'r .6lt Oi]Ja.L &9,io
21
0!qqdr{040a. ?r6r6lsJ UJM.ll66iiU &ario
lleeJarsoarL Jeoi6d0aol, &'8n
?l28
1l
Aiill?OligD lar.iRo !nton&' Jxiq(rao
2t
ln. r!<rd*Oa!4.
,J,5rJr2
2l
l92,tdl
t4l,44l
M,At
l,ut
I,168
t;tgttt
t:t t 12
r65
tJd5603CROl, C6O35ARO dJSJO
t05J5tt60 8e0(l)8J63srdoL JSoJ.nqAACdJ (AJ06dCqCdJ)
I qCJC8d600 FJU6tqCai'q0 VqobJg'8ou
(ra.'lndoa a'.\6Vo)
2013 gROU
ll
2nt2
i(jL,il6o a.qi6oL A{JOJltCa.L 6AtJdao
Oil$tnqiq,nilrriitqo ofaCl6o(F0aol, Ai(WiUdo[ 6ri0ti'Jn
Klri5
t* ia<]lo.it 0ro xJ Jrn6JEo
212SZ,
5:rflu
,'
B6655U0aol$ R. dU\,!RO'4.4o rq6ooL0.L
olnq"n,o. u.\il,\60tJRm
oloqoLn, r$156o,!0q.o
ll{3 e106RIa$0 o!6e!d,oaqo lO6.itGAa. t!ir&,J*605L il,O atqo AoE!El,!6n j6Ar6o!0!io[ Ao6Ittltii,lq
5!$oqU
I
E
166
uJdJ60)SCqOt C6(936[RO dJ6,JO
JJJOOJP?0 oCqOC0[0TOU J6AJiiOX6CIJ
20ll VqOU 3l qC,iCA6600 RJUiltqCaE0 VeOUJo)8o!
(@La,AN p,ndb)
u[0s lnr,iqo ?J*aLiJ.rRo
.
irchoir6o pRiro(|, aie{iLCa{L
irJi ni?n hq,i0i6.\ (i$6o?05i 26)
,l Ra,!aa'(q lol,
.ut
apal
u)52
E ,ltr
2J'1
tlg
l,til UrnRo ?Jnf,Uraiqn
lLFi6o ai,{it(r.l' 6isi8n,C}al!
6ttr6J?o 6iei6|(, (7C6n?i(. 26)
!o6r6toa.b! R. Itr.q06rqo !{6ogt0oU
Rd!66r0i56olr na6oto
Lsqo06 t[o66qu3
-aoqn[o, biilr6oi]Cj<'o
oaoRoun, r,rJ.6occR0
llSl 60a6R041,0 o!6q.i,o!qo ?06ol06Clo lrrt&,iqat6L 3r6131qo tnSrSlr!'to r6brr4ota08ou Ar5?UrtUq,
7
t67
UJdJ6O30ROI, 0ito36trqo dJ6,,O
tIRJEO [JUr6Ad0U S(.)d6JOdOt JSA.vtOdAt]J
mB vrqou 3l qoJo8aitoo e$fiiRcaiRo vRouroSot
6^Loa@ pn63o)
20u
llFllo rN*.lrl{tb mdaf)a.' tlo.F.rrtqxt Lt&r6(,yn$:
\ar9s2)
&l4rriRo llrJo,htm ?a&l$l.po
?,.ertetqi lD.rae.en LlrXia.
lMsatLo.Om flruN5. ,!(JEqOa.q"6 *l(crn<i \-&'6q! ii6rq.
$o6ei tr'Gqtr UtLonin ,sqidD as6ti,qt o<aliR. laaq6r
lsztt
4
(r_lt5)
&(iriE{ ltooLr0rqo
or6.A?l1dtqiila o"lrie. [s6*ra.
lruiN
nrRnr, htrqalir anfai!<. L!61o
l,l$; I'n ri',o pi ieSoFolo6lo.ireo L\c,?iJao
!E{o tElb!&U e!5..45 l&lia.oo r.ro6-aQ.t,
t dO6IOE {6.rd.L, e. ttRtoalEtaoa.t Oa<.qOaaalki
(JJu)
,!25
!lJac
0!qo{040a. LY rildam JJooJd*E
&btq6Jan ai{,r6u!l6o o5L6.On06a.L &qi4'
SDI{L r6Or6oin !!J6o!?.r6ol la0sqi6o no6et
l$c.t6o tr'LD'' +{$R{i&,
(3,67r)
151
(IE qrr,& LrJJirrOm osqeilroRJrAric
3.&1*Jc0slo a!?ioailqo niqn
&se$Er5r5. .rr.!066. ro&slt6. i6l$.Oi!ra.U aoa!4o
CrReCliqaarao lltrGJGUor !.ro5o!66ou &9.160
liqsnllRtli& di<rA6noLU &'er6o
lFrqh lrrtl,.!ao[ [e{qs iie.Eo60ar l,*q'i5om
tnFJm tJuaiDtf Ar.r'.Srdi Lwr6t{'G|(tt ulE)lGOUXlfi
tlRlRo ls[u6Ja. do6@J(n la+D<rarlou 35t L!"uaa{eJ6
,.6miqo llJh.q0A0.nt, lolto{oj
r6.rr60,io!Rrio {1lrlaio! !iu!.,qlts
qano6a.L rrq{aqo sq[n Ro o5!rtgo(,.tr.L !5nr6 4!6
&'qoa!Ro l0&1!lAqrlo
OllartryJ* od,h8!q'd o6A!l$ooo02.L lo[t]p0n
Ails q.re Jr,haiRo oS3Ct$rll'rl,! anroerm e{Alieo
ltriai t [tar]ot l&ar6 rf,..r.6ra{!i!raa.) t!.6at[6.cG
1251,5t
(1)1)
(2t3)
t0,712
(r,rR,Bl)
115r'l
(u
rltlr)
(B!,13,)
t68
lrJdJdtoSCR0L C6O36Iq0 lJ6J0
8nqJqo UJbUTICIOU A(Y)dilJoaoU J50J60t0CdJ (oJoddCRCdJ)
20ll 9R0L 3l qcJcSd60gr RJtdlqcalqo eRouJo)cot
('anl)oAm F,n6?o)
NA
BiRJ40 lrtuilo Il mJdSrl,lt UtlE.t6Ut) LlllNEOi JC
lNrreF trbr6' $(Jqpaa.L Si&'tnoIJ
lNJ.tqfl rllxNtu $RlqRrr.L e{$rr
l,!n6or?fir.Lo UrClq:xlo lFfu'b &er6o alqqJa -Jr0r.L
lrqiqo l,ill60aol, Fo6r. O^{.5!.. !.!o5.5t- t Jh.5.,a.q.E
(]35rr)
l,lSm
l]iRus es Sirqnt' oJiroJlqJ6dJrt, i(r5oir,n rdR!6o1,
tB2n)
a50iq@ Jli6lrl (lJq0qca.[ ctniloo
l0.Eq6 rar{rclqro6ia.) !'!Et
ts tt<.t nl.,!Cr6diL
olFD rJ r8O! ollniAEiEci}y), k
(fl19)
t r.btlUL
rFo qJ O:taqill I]lInAJES60l(r. lRot aoreot
TD
(,l5rr)
r,1t 3t
lfiUl
uL,ll1
t
oloRtrUo, UrJr6oit0q{!
maoq.[tr, LJli6o00i{,!
ll{! 6ir6p!ar0 o.fuDd'oiqo SaSols6Ca' f!6Ao!Rsa5[ &ro0a!qo !o5r6L!6o n56r6ola$ob 6r5uoa0q
0
169
I,JdJ6OACR(i)L 06(935CR0 6J6J0
tOSJSUltt JSOJd(dOCdJtro)6 O|JSPJdI0SO 3lE(I0i6OdO
2013 ?qo! 3t P&JJIBTOO qJUTtRCaFO ?qObJD8oU
6@rhA@ p'&rro)
l,
P'nOJSOtJOO|
t.J!6oaJq'oL 06oc63Ro LSJo (?a0eac,?t" "3s5r") !o6Ar!\"0!51, Udj.6ocqoU
0c506rq76 loEJ[ p. brrr6oAJqo[ 0onr6o3oL ]s5;o6br q. BoUJJ,q]6 ial6ot oao
b;trosr6 trj?orSoLU rLo6Oo0RAat,,tsj|lno;pqot ai',%GXqo assJoL" ?0l,ibJd
LsJr6oanqo[ i,6as6It{o JsSoSoL t5grdt0q$0, d'oa0qo(t d!R!?n tmo(ur 2t]09 $q'oL I
[6XqrR BrrSiotqr 1995 tq'it! 24 c,J0oa]6oo
q0J0al06L (?JaRA',a?.
"JJ6(,6o ) Rr
RroJ6.R0aXqo ,J!6o5o
,Js6o5ot ac-l al[q?o ar$06oqoi ars,JoU nAAcJao aot60ao Rn slSj(locdol
.
.
.
.
.
.
.
.
.
.
.
arsJoU dod'oosr{o !3(,0!55 ArU0aot' L0!aoq'n6o}oL T.tlh6ccquo$$,
a6otS1]q8r a!6,lar i6p. it$6i5uRuot [rtso5rst'o Lo$AAoL lJ0dAoR:]6o]! qs
5rQno6srqols pr baRo ? i$flL U!dr'6o&tqo?o 3Ra6bq AJoSoaoJy,, $6q.U, ol,I,
6,1a !6 ?0A06tqal, ao[o do{5@rr..o raoonSot ?atd,iRc&i:
trJJd,oilCqr,l I\6RsA050ot iha6 Ar5til,eg6lqo Jo6no5po iha$otq0aoU
?0UJErAoLrqt t8o8iti.,t qr 0JGJto,6OoCqot' SnRiNo r.ui Ls0rRTdo ,toqoooJrr
oqmlRitt, t0o5rl'ou i|]o orSJrd,aoU a,Bo(rorqltto 1,506o,!?od,oUo 60$06i]Aao;
or.,U L.rli6osJqot' aolc6c,AoL U.\.isJo Rr BoSn6l,y6o Jo050oi
i'b6i5ccqfloU biaq{lL,po Loto0&,l, ?[enAaso +I?!oar,
arslboi)Ooaqnt bsjr6o3nqoU AnqoU 6o?50do[ 08olhs;
[50rlotr\3o6ot!r, b6d5q,s60Jaot! r..s a|ooqc'Roao0aol ?ntr$saotsq rv!63(i0t a]r
5u3r611;qoL fuAU5oL no6s6ti6o RJ l$A!600 U0iho6o[ U5$oL'ooJdt
6s6rho6(Jo0qoL Usjo6.r6to Ufigoaob $nqre[ry30qolJ;
l,rxsr6o traJ6oqol, o7I,opoiqo Jo6nU, to$aoxxq",tr $5n5Uif'o ar'5o0o6o6a"l'
UrAI!6Iltot' 30?C0oloo, o6o!5iqo Jn6o5ol, r'r8?a3ijq$0 Ai5rL.,6Oo0RoU ZJjSE6E
?xaotr3q1dot qx6qqo$xloUs R! drJ6o6otaou ro.tl,5r5l,0dot rqlJiJo'ol, Lcq?O$i,r,Int
a.\5.bo6(JocqoU JrSosoo 6s5Lo$i$6nqo Lbcr Bl5JOo08o
ll|fi6oxnqoU,pso6aq$qorotlr qs LrJs6osaqol, aorri'olot aoa6 6.\no6a0anRo
L!06or?o'6ol,o bAq?0Jd'XR0.0aot lrsj$3Jq$n ds6;o Ur&6oflqol, $i'r'sRoA5U trOLotri'lo
11x56r6rq14n 6.5JalnUs er Ulc6os3o6oLo ltoflo6sS[o qr LlJ6SPo0o q.V0L0AIRJ]0aoL
Vosi?0 l$tJot' J.l,I[oLa6A]qo]il$ Rr StSd0o0aor6 a!J.'3to60hq [r,]oo[ ]@n6
[$;o 5gqX]r*rboqo 6Nto6&,[ orSrAI6eAqdoL [nq?J;r6!R3aA]o ;11[oX6
tiJr6or0R
Lhn U![ou
ls6JL ?nnaqos Ao5.\VoqCc ! &x'qoL thS6o.MoLo o6ai5o$r0oi'ot' J:JoorRtr lsr
t
Aiqrc, t$3nqi$o qi lsdr6Jo L3ndx,ra?o m55!A?6oaqoloL aol'5oo'
"J€^s,;r"?"
170
lrJdJ60)3CqOU CdtO353R0 aJ6J0
805J5l,ldl J50J6fi8ocaJUOl5 oJ6qJ1noao El6o1fil5lB0 (DJa{tmec}J)
20ll vPOl, 3l RtU!86ilOO, qJr6ie0a80 VROITJOSOt
(@l'oeo praro)
ll
2013 qo 2012 lIll'rloL
S0Jilaa6ol! aRAoai60oaoo LrJs6o,S0qot! ilri)%6Tqo IsEJ.t' Unllo
?0,{'a04. ?ca|r,0bo $ct6caoUnbis:
t$bs<o (2012)
9r116n
Am66oill(unitftr0(J6!$oRJ66o) 6nr,6?,. lrnbo'ro(J6r$o(on6Uo)
.\i4lxlR S0ldipdro?0oqo
i6ioq, aoLdaod,o!0oqo
6.J0qot Oo66Ro.?aoqr
6.JoRo$ anSoq'Gil0oqo
Sr6tJoL LrDrr, (e,irobo AeJli6AoaU t8atp0h Aotiar6D$0: t.5sJo6c,L Jtffs 2,0114, oloqol,o,
brJ.6oS0qo 2013 qr 2012 $qxlob 3l q8Jn?lttoU apa.)3!i6aoaoo IJ6,JU an.\f,6pi 460,.
LiJlLo aoAL.ihit6clot 005060 20u qr 2012 tq0aoU 3l qt,Jaaad,ot' aq6oar6aolo@ a$J?o
qsLspXlXqo oio ?0tJraoUrq ,E |er 122 @!5nAft6oacqo
40655LD60 J56)6fi8a8.01, ?J6a06Ot l,JlridllR0
lFr,<oihRo lR6qlbtot ul8rdaA(t
So5.apna.6a Ao5s5l,X6o .56r6o?40.s Aoa$|qCdXqor BXC.q0r6!qo iR6oOtCoU
trJ6os?orloto U6i5pr6d06oU tslioU ( hl,Ul,") aoc6 RJaoJoo0aiqo to5!5!t6o
!56rr,o?MloU t'506or?o6oUo t diSelinoAaot i CtsUt ) Rr tp5!5Ut6o $a!6o?60aotr
o560c,)r6co.\(toillot [rr.1o!?m6ol!ci JciA,006oL ('Siol'tD flonr6 5r3o3331qo
05606J6C0.{lo04.t ?Jtrlraoti\D
l!6paJ5o! Jloo[6oiAot tl3.) lrs3iaale0}o
Bn6r5[I6n rS6J6otAiin aoat.,SJaiqo. nenb Aooa"q'nu[o6iAoo, d,me aJSJo T5i6ao-sal6[
BISJUomS 63a'p U"$"6ar,t ,.,n .bq',r 3,r3r3"q?o arra6,lJslaU A?a^r'ast.
Jl, Bosr6U1no $3$o?6$s tsr6&,Pai5qq"r ronUoloo qrdr?o, oi t[8r 6JB 56 56oti
trqcar
6r6Ssrtgn8trqor jS0floo aoocalli azqsq,O6
r,o6rq"[ c8fdSn]r !d6om]oU Ri hSLs[nrnn]otr LrSsolRoP 65PrLRoqo r5s1,qry61]ot
60rqnr6 so60.Xq0arL.
l$o J.r,o 3ooq08Rn sJoo0ot AnioRsoLst 15
16JRo g6s6t sloor?o i.\$6oU aoss$oRAor
0}J oTl i6i ia A5t$0 J0drNllo6
! OoJsoJot oraoiAscloo rJoolo[ rE
ocqol$I,, .s5Jo o3oqo[$o6x]U t3 rJ6o3nL
oU ao5s$oq'0ndo Js31 8r[rlmo$q3dU
trqq1};g1aot ?sgrLxlottU. 6r'ho0xob qpplt
a0otr rgR! 6n6ar600.ol' Ao$5oo, 60Jq?6o
qai6d"
A:rr:a'r raour,
n5.3o l-3q",
qn6nrtrqnlnl,
n[ ;i,r8io5n56
, a.rr,SAlol,rdJo
6c,6o3noP "aoL
I'rJlo63A'sen
qoaxhqalot
t7t
l,Jd56O30R0l, 06(')364!{0 dJ6Jo
AO6l5UAl JsdJdOdACaJlrOJG OJ6PJ6OAO ?if(r&Som GJ0ddoq0aJ)
mB gROU 3l qCJCS}I,OS' {Jl6lqiBtqo 9qot}Otlot
6anboA@ p$,trn)
.
.
.
lcqo PosoU JoiBo6O5oJdL $56aoJ(oar6U rJ0oi6 a.$l6\c oRcsd n riooadtc !5
c.qpa8Irqo.0at0Jo0o'60aXqo n![A]o (Jo60J6o60aot' 6rr6a?d, 6.,a0qor ?AoJ\l'r].'
.).d'b ?0idqo! aitmaaob p{JU
a0-2 \"nsob Jc)aJo5C5oJa[ $littunqAlSt] 6U deaJo6J500ao, 6oaq3io(J 6$tb3sn1.n]s I
nq qo6il?o SeropSnqo Jo0o6aa?qo t.tAlol6!5 pi Jo6\o$o6 sE o6nlsR
RrJA{6tA}.\po! aosn0Tqo rjgoxolt s5 srRR0}Tqa}oU&JoUi,,.J
a,l-l Rc,6ot JoAJo5AsoJa$J qrdor6raar AoO0+Jqo rdooAoL r5 rrqpJhqsaot.\@0o1,
?0XdqaaJq'oJ
drsJo ilrqPl]tqni hRsR06nqo 6!5i$060ao rfr6ac,c,U R.6?o pr Jarfl 0sri':6s?o
AorA$\|{.,1, yios!51,?ti6o !5asd,o?A0dr Ro5s6l!:t6o rsAr6otallnh llritd,o!?o6ol,o
l,6r5rod660aob t0UldssoLra
Ridio Sr6AorRbcSL LsJoU L$56!6otaclo qs g55fum5rq1t crqldnt, ro6ropsS cb rr6ou
.s6Job flJo6o3oJi6o adtAAaU osqloi l,t8o ai<'i6s?o 6r6bodrsopqnllq,o 6s6o6xlnlo
roLrh0ar 6r,bo60 !(ttoi6 A.'qI6.?o ar5[o60oAqAaiqo Ar6oa0]03o
8r5,Jo So5$6tf,6o aqa0ar60odot r50r6o?aalsL, t!6npaJ6l, qo,Jltopc)loL aob|r.Aoo
So5r5tI6o 4sooa!60rnoU r6an.6o"dcloL ornoqoqsS D a'JoL 6nSasARoa!?o (&fpo5.6J),
$ 12 oai$c a0oo (b6.,o[ bi6arARoar?o (06dxq0rrpoi5o) !q\"Ao5oU s5 "54o6"?l,9o6Aa.L
.55q,oto S.rd,&"l{aa5.qor lGo ?A5o?C6i?o.
3. 6leJr{64q0 Jsitfl}hoot, dOdlOOJqo JOEO6OJ040
bJlnog€Eoo ?AaoLlsRoaol,n Rr l6ilfa0&'t !Ro60ar
Ao5!5Li6o riloor0}ot'Ai5 aoR0dIqo l$J6',OJtdo t'r6a0}qot rqor6Jal [RJa.r oa
?0aobAC[r?o, i6oRJts(J l,n3!i6nnr..or, it,c,a LGJ0 Aoo(aAl, 0Jo5o3oJtr6 tr66Ca0qt qJ
?0aol6tqol, ?cnru0li 3at'.dq,Aa0Ror Us,Jar6oto t'o$T[doo'
tsJ6o(J050o t0aotiaiq0lol,. R. [ltlItlol, rqor6ca. LpAds R.6o0[3o], sAcn,coo Pr
$LrtcAs iB0JOA6o tiJ'6o(r066o 6s5s.J3floot sJoopot araoUJSoaoo iAaJ0n6o
l,!J6o0J5Oo ar6r$JooL 30ooq{ $s6?or,{6g6U SAoo\oU, 6oaqot Ur?Xsqs}m
arA,ooaqJii soSr6blto cj6onoU s5 3o5r5by6o AlqqaalqJaoU (!5 ?]0515l,I'60 .JO(30Iot'
p! 15 ij.,{e0hqJ}clot' f,oIRoL) iaoi,'0o$JdXqo qo6aatq0a! Ps trJ6o0050t,
?naotsSrqo rE [J6xo s!Voq,p0.! ?AU$!aoL J|6tra{$C
mCjOI6o [rJ6o0050'e AD6!J oo $,)6ao,)Rba6[ 6o5r,6noU'
6oa6qo11 rbqnsu
3ol,sq.q6nq" SIRIRo l,ibl,6Jao[ ?JAoRoSA]ob Ga 6.R![Poqo !5 ao{0anq'o
&,l,5J6JaqJaot Broiqm, 6oaq0ao0 aAAJOi6o lNJ6oOCSSo 6stu6noot 6rr6o6nlol,
Bs6atlolr q. l,bJi J6ASoIaoLr oi PotJoSooU A!6iU+,mq 5r$oql, Vn6?o.qA05L)
RobJo56o6$sl! BoEisUI6o rJ6o0ot Lralri!:tRc, Url,i6a0aqo aF,M!60Aol, J06.oqolr
Da.,tUl8ia,!0, (rE Joso0JtrooU Aob8t{8om), !B'6r, aoJq'n nq..r?o o.Cq'.loit'c0q'!q
rqnrr6lllq Sao6p L!.sq'r510 Ro60litq0a$Rc.
A5L ?ca(rA, 6!0 Ao5s5ttdn rJ6o3o 15 abarlUo Bo5r5ti.6o ri6oa0loU KaXSo 6raoo$ad'4.'
(Sr$oRod;o0 6Jaoo$c'60;s) 6sXjsLX6xloL ?6qn6ry aoqnhqo RrsrJJtta$ot -ooao'
tlJ6oOA5Oo ?caoL.Oqot .Ro560a! oa LiJ6ooASOo a.5r;I@oo Loc,(lonqP0ln' 6oa0q'o0
6"1got,xolra' qoso;"(660aou N!,PaJGol! 3ol,5oo &,t qlal(5[Eo SIqsPo bnhl'60doU
qoUJoSoo60aouro0o[ 6s0rmxx5x]s.
lrsoi!€ollp ?Aaoui eoa.l, !$Ni60as
Is5;n oqnll, !.,loaoUoo ?0aotiflrRnDU do5o6JbA500aotrox.l, UbS.RiU[cs Urhot
Aoal,rbndr1aot! 6st13ot LJAIdSAq$c. trJoaoboo tcaobr3R3do SooOrSL 5bs\o ?tllqoo
l.l
l.,JdJ6030R(rU 0it(r36IRo d56Jo
t72
8OEJEl,l6 JSAJitO?E0UtOJ6 OJ5qJ6o)!q0 Aif,Odi,68ao (oJ!,(rx RCIJ)
z)A TEOI, 3l A0J08ldOO, qJni!R3480 ?qOl,Jo3OU
(@bt'*n F,vr*,)
0!5[o6(Joaq'i]a?q' olJir(ro03U! C! 6.e!dro0bi]A]oU tiJoaoUool,, 6.0 roushildb dloAo60
Ao0Lrt:60;ol! ?Jq&r\D Aop0dtrqo ?JAo,Lr0.q'o- UsJoaoboo [i6xJdo arn(]s0t U.r,l0ilsooo
Rr r5or6oEl,Vo60dot laJoaoUoF t5'650lt. pJ Ar6C hCqAdRAsECRol$o,Aol, or("![,{o|{
So555l,ii1o 061,661006004.
Bo6r5tl6o rJdo00}oLs RS c.qpl8lqJ30}oU rUrtas 8s6Jol, Ao5r5tI6o aRAoai60araou
sEA56o?AClr?o Beodr as?o5, 6oqCUrO 060 tqA}J b {?CJ6iqC}oL Ao6r!,nq0 SClb}MiL
BoSJSLn{r' o6l,06la05do55 aoad6@aas?o Ao5s5tf6o rJaroSJaour qr a{q,ruralqaanaoU
6JOAqr6Iqo brUMnl, ?0LUrlRAota \"d ArunpAnl, .q.|tlAlr [rx60oAq\ba]J
o5a!6o?L9od'JaoL 0160(0[ aRooiL6Jo],D 6&iqJ6ltio l,stob ?ll,ropsdo 15 0ruo\ol]0ao
!6ot! Bo6sst:l6o rJ6oa0.oL otcoo E0tUoq, cao Rb arJoqaAIo, 6r)ar{0}o0 aooobocL
!d0o00aot bssnocsrt L$r$6o 4rSxnQloxlo[ r5 600]is(]oraol, aoifi \DrRaJsoR !i\DJd?o
no5l5ti|6o rJoo0c6oUr e. r.RRcalqcaJAot o\tesJo6tlqo s{or/6fl1J bp0}r 60rqldio
Ro6CAnq0.oo bn6oaalot hsraxAlo, 6oaRaao0 Jo6R.Jo6 XJrAtod'\oJa! iloS.Suytn
idoosalol,r
arRRAhqC}o}oU ?0l,|opail,! p! aiar'?AclrU (aoaclv$riiiq'?o 6Jiq'n6o
'{.\ {tor60alqo AoErSLiI6o sJooAndol$ \Dr a.rRqJdlq0d0dnl, b.\6\..)
,{o6[alqJioo
osJ|{lJo68Jqo nRoi6!3otsl, caio8ai 15 rJq(,Aan A06.\51,!60 lJoot0aot,D Ri
r.iRRiilq0loaoU 60nq:6 qo60.iq0}r[ 8o5.5[Xd'o dJoo {}nU! qs Ao5n5[f6o
r.qRAa:tqd0li'l! 6arq:rio Ao'i0aiqCarD A"Ao;"b 15 $r65qoL a$n6 ?0uJoeartor6
R.Jr[?o.6aA?q,o tlioJc6roo,l Lrdry$o q:Xxox6n]qo3 soU.[Aab aoAJai-'tr6rq?o
so5,'5tri6o rd$o11ro
oJoSr6l'n6o rdoo80lo JRr[oo.loooitq8]r ?04\oJA Js0&to6o0]ip: AoBr6LTr,o rdoo8cao
"d'J!qd6o ,{676A}f,q0aoo &,Acar?o !5 $rd'rq?o", "qrn!60ot Arqra(,a BRo}oRo
ostnt6o(Joca.', 'aJl$Jopiq !6tAa!Ro o600U0ooocrd Rs 'l,JL[0]o Rr ac,obot50]o"
d,isboAo,lroor pracr;oqo}g1or So5!5l'fito ibo0caot ucooTodrl,r rsr pr6o?5NCar$x q.r
ar6oLrtqild,0a. orCRr,)oil Aqo Wor603ol,!L
t 414rrar11rJrJo
Ao6r5t:t6o .jdo30do JRrU%oGo6RJlr &,0045€0 56 1,s6nq?o 6arq:Iio Rn60alq8aoo
rl,.hIq Ao5.\51,f,6 sddo80}|P, of, Ao6iSl,f6o iJooto 6r6olts$qnt5nls 'lobc,ito L\3rl6oR
A!5,Jloil5ol{o, 15 aoAAar?o sE $*6rq3o rtrblRoi 60rRX6o iro60dIR0loo
$o5i5lX6o iJoos0do 6s5otr$qnt6pr 6obo6o l,rarld,oP 6r53Xo35oqo oa ?Jao'LaCJJ?., o:l
.
.
.
?J[$q,:]R'o! lLRo ar$.Jsgao 6rxot{3ot ao$5oo; 15
oraRrJo6JlRo |qo!6Jtrol,rL t56ao!,qaa5t oRc56o8o0o60}iqo to6isl'fl1o
o5[O6ta05O0]oL Jo6artAqot 6r$oql,. 6oaq0]oo Jito5q oat6oAd! P.\ rd'Lc]c,E[
a.@AnE SoJRAaJpo$n Aa,AodoL aoeclol, oao0J6:6o a!6u5aanq.: .\5
A!60Jioit50ar V!6&i0}?R So5!5l,ilr o6L66lAa5d0al, o? ?x3o[;6plt a!6Pi, 6.,PAU!O
fr6andtq ?o6s5tf6 o6Ud6Ua050IlU 6nil,5oso laxo6aaol o6l66trail5doL
pJSo?SIl{Ali
yto6i6l,X6o lJOoA0do. l$Ari6oq areotS:qo So6r5l,it1. ldoo8JaoL ar6,Pn orlPsJo6SAqo
r,{o!6cao[.[ oa ?caob aS!?o ?i{dq$r rol$k!I, .iclriitt1o ,{o60dlqa}oo o?
.
raaard,o .'tr[3oo xqoSo6o6qn]', s5 a6o?t5Jqoit6rP a(t"6,e0]. a-Lrq'oP6Jqo
?JII,"AJ",I. r,losinClrlb oi ?AArUAa '?o,
173
IJdJ60)3CR(')U C6(r)364R0 dJ5J0
to5t5ta6 J60J60?aadJboJS oJ5qJdoEo fiE(ffEi|}o (6J&idR0aJ)
mB
3l lo.]madoo qJU6iR0aEO ?RolrJOSOt
"ROU prdro)
(,onloA@
.
tso5J5UX6o rJooito ?0rqaA5t Aosrstld'o rJ6o0JaoL, 16 Bo5!6Un6o altqrqAl q'0}Aant,
i5 06000 {al3ot, 6.'$oql,, 6a,€mo(} oar6oarr p! tsstp0}r 6Jnq,l!6o ,lo60aiqJ&rt
lsgndxnq$1 IsSJo[ L.et3i]3n5$oran]IRo 6ou3ob 0J6o3ob rG osaltdo60anb llod'rd0aoot
!ttrnArairbr,{, pr {rXbtrAA}.1 t0ll|La} o6Ao6a{looL S.6AoR005r ?oRi
Aohalr6Jlol,ro oL Aso U.tAIdUq$0 [o6gonqqn3Jr 15
.
%o fJit8or(.A0S[ oa ,Jm60/r'rd0ot Srfoqb, 6oenqo(] ilo.oJtt 060, r5 acO frr6olR
SrrtA.,JaIq AoSJEUI6 o51,06d0561 qr adLL 19 "3o5r5b16o o6U06ial600ao:
Daor60di ps ?c?rU0Br" IBRidrL odRJlJ 0600160 JoAAoSod,0aIqo Jo606rJ0o
(rd0.0o .5 A!q("0alqt[t 6rrRA6. !r]o60aXRAa.o noUrhoL aob ]rl,! \.r $J6nq?o
l'!11160 o,ln555L!6o iddo00do ae,o0rtt U"aia6o nrLo.rs Jr(,sqp0dt!.\ pi tlGaoaalq
3o6r6Ly6 rjgosnlL
E3tfq$6o3o UJx165p lsj&,$e*oL J66oaCato, &r5Jo ao5r$nR0o.5U .qcll, UtcrRrl,bar
$r6anx}1q 3oEs5UX6 o5U06i€050A;?o, tu@ holt AortA.\6\rJAo p. LAoJ0lo, Ls0rqioci
\os qoJ!.{odol, ttol,;$oL Otr4o3ots ,.'r l,.,cJ}6o ao$5oaotoloU nqso?5Iqo $rd'a.,aanqo
tJnSr5UIr6n o6t06i8060Jao 116 6:5oboqnls 6oao60 l8xo60ar \! J6 r,tAoUr,"JoqJaL
JJNo60IoL r\.6oo[fl,b aooLots0at fi6ar0anqo o5Ll650n5$n]ot r,..or6n8r
oriprJo6AJqrP hr"Alr 6rrqi6o Rd60arRAd- Sid,&lJaoL taq?JJ6lqJloL diq'!?o
?0LAq'oL oi6o{oLo0ot Rs ?08pAoa?o be0a! Aroo b0q,ibrRo ?AtsUC}!
'no!q'7io
{n6Jl?lq0do@ Uoctq l$s5br6o?r, osr6oRoo RAr6otr0o Ao !ol,!b0dn, 6o,bc)6o olooJij}o
6ERat,{t ai@o 6J!qtr4o qo6dlq0B. pse0}@or p! r6oan'r6(t 3rq'qAa!qd0lo, 6.ip0t,r0
b!0Ji6c, ArLo.rSo il.{sR\"0ao .troiito0[0a.\ 6J.\qi6o Ro6C3:lq0doo ?0aRbc,an ?0"Jrl,Caol!
S0lnbAo0i6o AoAJIT r5 $r6!RoL aobjSi?o !5 bdlrq?o Jq6qlbAoo.9Ao6Rr AoA0IJ 15
1,.6r,(ot, .Ror60ar armgssb Sxlo[0oy6 U.J6oO056o Us6achq[ Bo6rsUitln rJ6o0Jatc
jo6s6litrrio Sqgoas('serloL rSai6otA$!?o Sr6ao0aTqo Ao555tJf,6o iddoS0ao aoo(t501
gi6Ao0atR o5llod,Ie060clL Ao5r5tf,6o Aeaoar6tolob s5As6o??o rB o5b06T335d0loo
ao,r0alqo AoM sE $r.6sqo aoOC&Jqo. eo60a&$r6nqoUn P. tbAr klitqo
?cAoL! q'Jlo[ sSarr6o?A0ar?o
60rqz6o eo6t8:RilloU ts0$.\1J03. [ells Jo6o'6iD?i<' l,r]11,60 SsLt]t0 sE trtU]ol,
&,pnqsa'bc R!Ur,'R6oloo, do.6@5r.o oELO6naJEd$otr Is$st6$1 otiUFlqo qs trJo50r6rJ6o
tJ[0]ol! anoc,(ot$oSJ],oo t{. nl'cc{ tbar ?t5J0o6Jaot. 6oaor'r(} 0U 29-0 ?J5o?J5.\?o'
.\tt6olio
eoagaaa a.xp4ea Oryraqeo
,,&lM"
,qrAr6JoU J5RrAiro0 BRc,aoqo o50i[6o0o3]o SJ6ac'rRAA6t ol0o .6r$r6aoJaiq no5r5tf6
.'36.36a1 5oSt.tq3a"t{" r5 SoJl,o60alqo ArqrLEaami Rr i{!Y]s6Ao[ ?loJUo6J]iqo
r"exa;@, ;.aiq-.' jqoA. x.qtfuX ,ls6Jt b"5$'nr[iIq'o rilct LoJ ?cdq' r SrPnL
a.C.a(.a. .ta* qtll,os5o J,{r.'eroJSolr "Lrbxs 6qJ.J 0AcJdI6o l$ '6r\tC6do a-6",jicont
0noe4q$3 ,qojld6xdIqn lao66ot0llqo t{od,rAlq0i*' asis.tI'6iF'l' {.5.,ii64c'ot
OraoJR0}oo
os ?cAobA0U.?o, o.t d!5Jo odi|qaaiRo oj6xu r..rts6xoU 8.q$,PJ Bqoloqo osSnlloo0oJio
(^"&,5.,'e';1," [r;yjog!oJx.6n ai6fac,A6Arol! ar6p") Ps3r6coh 3rr..$qn 6.;1o1'oU 16
a".Up.5.t a"o" 6cJqJ[o3oJs(ror, rerl' a@0q ,J.0modror't0 &l5JaJ A"i]q'J6' pr triof'o
ot6o
drJJqJtqnJroo. ir"rn(ls uflntr,
a"Le . a.oo arl,":r,
"1331'g6o
6c6oM.06o
jq.t
rJ{d,tlsRJlr
Sobr6LT'nn
i.t"ity.
ar
"dooJo[
JqiUotsoJrsos pr8r
oloqo rJooaoL tnboo'
D
174
UJdJ6OSCROI, Cd,035aR0 AJ5J0
1lO5J5Ui6 JElJrrtfiiACdJlrOJ6 OJSAJ.nOIAO &EOll{6C}0 (AJOliffi C}l)
2011 vqou 31 R0JOS..iOo) qJUdliRoBiRO VtOlrJO )1,
661'aeD p,fiAo)
6rb$q\* r.rhd ao o6$t4oooth
ortrJop{Q nitbd?qo oscn[6o0o0]o [J6,lonpa06t r6rFr6eo0aiq rl6oscal,, d'oaRJaoo .\5
OJt. qsR !6nt' AraotSiRo, r5 16 Jqrt'o{lo(jo6R0}.\ 6r,006(] (i) b[t[0]o Rr aruhc,rSCao,
(A) RJA.ir'JoL A!p.\aqc sRoaoqo o6c0udooocao r5 (d to5!5l,y6o .doo0rln "t6cJqT6o
Ro6i]af,q0doo aoararto d5 $Jd'rR?o"
Ail,rUoqrR .6Lcllqo oE aboooo8ao $r6act46g6t o6caLoooocat Jrbdrq?o RD tralqr,
tJ!lro!5 J{'rqpca?o, 6oalgo. Aqolr 5sstar[Xqo aiSltr$Ra6cqo tr!o@- AiLrflrejp
i6l,0.iqo oSSCl'oooo0}o orxRsJo6aJqJR $lb[0ai 6DqXi6o qo6aalqdo@ ?SAeAoaAo
grtosSo &llrqqXloU aa8ruitli [q$r 6arqn6o Ro6JaiqAam R. A5prArb0]oU ? p[6o
.oL!B0ai Jo6(!Jo6 JrJoOrR?o, ar6ps bbIttlLf,60aot q$s;odrg$olr, !(ihotr6o J.\qtroou
arRl8rt8ioA,is 8o{Jdtrqo Aobcd$tr65,{otd R! 040d0f,6o tr,lt6ot11x56o, 6oSrgpolt
aloc,,.m \o.6o0biqo l,rJ6o()J50o ?neotDnqolt, 6oaRijao0 .)o6PrJo6 .ol,il,Aai &,40i.;
1,r6.qot. \6.) t[ . ld'trqo ?X&rtr3qo[ $6*1ot5$s?o bi[opi]oU ?Cp0orr{ J.looiq?o
rLrLIqo &,OJa! !5 'hsr6rq. ao6CL$r'6.rqoUr ,e. [[a. U6Jtqn ?CaoLrilli,ob
r5As6o?Mls?o JoLrh0Ir aru!floqrR r6LcaiRo oSsJtoo(]oAAoL 60nR36o qor'0]Aq8aolr
qrUsq6n6sq Is6;o ofl15cal, ;o0o6chq [iai'biio Brl,1al,. o? 16 r6U0Ic,]U Ao&0\"o
ar$ino o6c0Loooo0}oLotol,, a!5Jn 6ljqtrd, qo6x}lqS}Jt (oLJo50o60}i)Ro $Tq|qo
t.btd,alot,n t{! ?mrLxlotr t5;r [Jo\Esr"r, al@op0aol U.\?:pqJaoo b.6l,ikc6rat,
606r'60 J[ 29-0 tASoAtS!?os .LU6.,Ro
l'tl'bAe, Er *n knSte'
l,r;tr!6o 8n,obo05clo, [0t10]o qr JtsStA]o 0551!t{0inlRo 16 "Joduort0}tRo arRrh{0loo,
6oaqaao0 !r1 !6ot Jo0o60hqo aoJa0{ ar$rd't0 (aso ?n,ir'nL AoohoASJ}n Bo6i6b?l6o
osonotroslol! aoai6o, SDR.ob r5ar6o?o U!06or?o6oUo l,!a!R!oo ".I15,{?o Rr btiJs
R.a.atll6.' .'J6,s01.), dq.lmAooo6PAas r6o5rx60 ,,!nUb0&r r.r aoohcra60ao tJUbAln ro.
a;,olo35Cao 6iitSrbl60aoU rprsrJJ600aolt 6!&,Jq0&D .sl,nbab rao.66o$caIq'o
qnadilr{34"o J8lJ0I6n Ulld,ooc5Oc, 6r6ognmU ap-r,rq"t t'!ao[J5d'n| U.J6oOJ56r'
?iaob.fl"st..'qi,.rr,0a'1, iJcfla('J&.(d. JflJJt y6o trJ6o0C6do as6rJilcoolr biaFrUJEJaoo
.Ro560ar flA5ot35Jqo
5rrnpo o0 ?oyqnnolpsSo 3ooto353doU Jr6ergn6$olts, droAqol
oJ6cac,qr
aaabofiio Co5.\5t't6o oELOoAt aol aoa\6D
Bsflrqo Lsd8oisr,doU Jiic'OJt?o A!5tJo L
Asstba.scllRo tnRitloo A!5no.At0dL I
6,,.t.n6nrn j.siel1a. osLooo1oasot
o5l,66ra05oatru, r'ro0q36o3 o6 ,i6oL Jo6od)3
60 6wsxoqflu ao$Eoo qs #,
dr8rqendo, rS ArUrUoarR rd)L0alqo
tt1
l)r,1t6or?"'6olo LnJrs'J,o Ao,PoLJ t"Llril pn LbJr LnJt''@r&a6ol)o nn6"5LJ6o
prfll)ilPfiJAtt) f iadr
6oaori(! UJJ'6o'3Cq'oU a@o0rt,c'Ln'
(Ul{t. au(,8qor, diSJol UJ$n6o0cqol'
dr?n. 6i(t rtr$C aoi'on0U ra
t75
tJdJ6O30R0l, C6O35AR0 EJ5J0
IOSJSUitl JSoJdtOdOCdJl,Or)6 OJ6RJlno)8O ?iE(rni60l0 (6Ja6d0q&l)
20t3 $ROt 3l q0d08d600t RJt,lltqoaiRo geotlo3ot
661,"n@ p,nt4?o)
Ul06on?o6oto tr0rqioo tso6qo t.6&,rt0i6u U!06on?mt6ol,o ortbnSol,roorL, dio80qo0
?0JA6otqor a.'6lolrttqo i6ooJ6oolcaoL, a.( qooo JAi6l,oU boiloqtr|1odot|rr
dcbiqbitf,qo b\ qooo oJ0d,!Oo0iol, hijq?JtuodoL ao$soo x;rtSrrao;16o arstoold0aol,
r\ui \,rUrda0.ol, pr,EoU lar,{qJaoUr as tbtipiLbsr JcJiJS0a.L R6uitlooo ao5r6L!6o
hUq?c$Uoaotdo0ot V0a.6mlolr ,Jaoos (ti$o8'no ?ctudr6cao) Sl6a0rt{ail6U L.\J6ortr'6olo
t.crql6o toSRoU 60LX'6U0]ol! Mooq{ VU!6mL Usi|6or?o6ollla l$crq:do 8r,6!0
6ruir6l,ca[ S[36o &oU5aaoUrbr6 oRaa[ oooociRo itorSot ?0510160 oi5our$Rcd'car
JXriSot cJoSoaodl6o qoSot bio0iqotvoSaaoo Rr abCRlCRoS.?o Amq'Aar aLorCLo
JxruscaoU !05r0r5alo V0c6ol, il05rds6o illlDl]t aot UJ06or?o6o!r, l$tJqldr, BosRmJs
Bo6s6tfl6o p. r,60r5o1,i0o qo ll6oot6on,l0aoU do6oosR rLJJJdoal,
l,iJ6o!?od,oUo l!.rlrtqX6o Ar'5l{ol,no8ol, a.\$Lpoqo l$$J#6o RaSo,aoSo6di]l{oi sDR.?o
qJ orr\oJ8!L0a {ior Rr6?o bn06orto6nLo ltArqi)or, tJoSqo[ ih0'6 aollo 3o5r6tt6.
fqot' Sr,RerL (,.$ilU$nqo t.Asqi6c, arosqooo dI6boo,. JAoor qr Urdr6o3nqolJ
ito6isLor [.Ao5ol,06oL aoc6 tiJd,o\?o6oto l,s&qtoo AoSpot! ,HooDLorE ana.\i,o,i]at?o
arao?a{dtrqo grUorSo J5('s,qpx}o 16 !6oL [r6&rxa06oso to6rSl,i]6o a("0o4!6fl{laob
.i5Ar/6o?aclr?o, 6JqaJ5 ol,o5o !6 $r6aorqbJ6t lJSJoU sJoo38at. e. BrqR0.XR3.aaL,
n6racrg arSohoRAar 600060 ar63-lAa.q!6lo s5as6o?0do Rr ?0|$}JaollJp JltSoq,or
ao6.5uz6o i5ai6o?a0doU a0-ll 305ot85o?o
iarUorSrfl, [i],{'?A,JriitqxloL o$;13!R tt8rao!3o6oLo llr0rql6o Yic,6RL iirb
i"JR0aoaot.qclr ?JJASJL 6mdo qo,$oqoA. SDR A!5U.BoqJa.L S0Adio dacJs0a.LrotL
ooot Jd,r,.)r,60otq,!p $o6rqo SDR U.[L6Caol' assr$oqcaoo. $r,6qeo l$bL6Ja"t
a.Sr$oRitar dt.ibl6t}| 6CI'A6AC60L !0CL0Ao[ 66dJqA!\oor6 Sqr rqi6 ts]o6rtg]n]L
0dr,5(a3oJl6o t,O!A5s0.ol', {,0tqr(Jootr A.) oSARlOoot o,rXogs6 rooqXloU 0o$5oo
lbltos?o6oto l!r0rq?6o, fl o6AoU t0q?0J6nq'idot aCoohJ OlqoqJdo! oi55barF,
LrJ6or?o6ol,o [r8sqioo no6Ras .a6ao0C 0r6s[o6(]o0qn SDR UrLt!6ildot LJCOo!q]64
aiSivoq$J $JA6o Jc0$raotocnt q.66cBi,qo sDR l,n[Lr60aol ,iar,0!Uo.6 ad!6o0ai?o
L.0r6or?o6nt!., I,.\[.q)Oo ttoSRo oL(,oL sDR UlhL6iiol! rJoocot a[i6Ut ,rtr6o(l[tq
Jr6i.rmES[ ,{t r8sl,o!5ral, r55qr,6o?6 l,i.k6o0c6do 6.5r$001, s$cltrc}t ooooalRo f0S76ol'
SAoSps qri)6o3oq SDR LJI'L6Aa1,A Lrc6o.to6nl,o t50iql6o AoSeoU [Aq'?cJ'niq'iDi
o,l3oLo SaJ<6. iJAiH6llol$otoU !d' AsStr$cC650t' SDR L5bl,'60aot' l!$i{.'qor6o si$4o(Jblolr
)r6oSOoJdL L5,Jo s{6oOLrtL SDR Jotn(Joil, o.0oL to5.i5u?dr r6a56o?b0}5?o o'naor SDR
6r55o1oq$oilo Aosi$oR0oao@ As&,V30:tRo trSqnlslo qs lsqqJlilq0aldo, SDR
LUr603oL A.'5!V.qcloo Alaof8Jiqo UflqJa8a.l,r r"J [5qP0alq0]A]ol, frJo[,{oo'.
Vi6aor,$05U SDR ArSJoAoqJaoL $Jt6o J0JJSoL XgRdJaL! Pi ArRPJiiRclIaU $U 60
Js0llisi srq,p0hRor Rs$rr,oL ao{ralqo sDR [5[l,6010 SDR arsijosoqC]o,{s6 srAo[;qoL
.\6 SDR AiS|onoq0Aot bs!(p0aob ? aobmu.\?n
I'iiftor?o6oLo L5&q:6o o.tosqotar6 3oq,ltrq $o6oq rD! UJ lorsltt LoLt6r'U }J5 '
sq6qlboxL sjgo3oL A[.64t 60?,06(l SDR{t r5od6o?U l'rcd'o'?n6oUo Lrenqi]oo Ao5P8o
,.,i lJ"qd.Iq;l;U abn60[. 6oAm6o 0.q\o0dlqAasl' l$J6o5?o6oLo l60rR?6o AofuoL
Oo6'5bran ,rlbwnob 6n S,'Ll'rr'
CliqJast ?trn'oU.
t'l
t76
lrJdJdtOSOR0L 0d,O36IR0 AJ5J0
o)J5qJ6o)80 ?[EOX{'6CdO (6Ja6d0R06J)
mB ?ROt 3l qCJCSdlnoO, qJx'lqa8lqo 9c1OlrJ03Ol,
(rorbo&D ,g',rtao)
806l5UU'5 J66Jdt0X0ClJtOJ6
rac,66or,Jaiqi iro60alq0lrD iR6o(lLtRo Sotu5Un6o iddoraaoL ?ilao[A0Ji?o, oX
AltBltX6CaoL br6xo ?0aFAoa J it.o|{tn ?afrl{i{R. ten ill J,{itA. o}o0JOT6i(, t0o,k'0l.r
X,lr ?o6pJdos0l, Arit.,l!!r5J6ot rpr6rlnL ?03RJ0 So8bpi6 aa'A,i05rb, [\D0]r q{64
r,{inoo[!Ro asit?irttd,Jaot Lsd,NoL oslJad. flo6$s$.dtrq?o o[0, 6oa Urdrqr6Uc,
i.Do6ldtrRitlr arlarl,itriUdol b!6xot asndaiDol, ?aaR0a 16 rird,ll8,{tt i3o6do$aaitq'
t{od)Ua?qCarL 6rI,J.l,?lt106oL Jeo.itaa.b 4s6030
otoo,.,o6Aanqclod, lUrtlqo Bo5r6ui6o o5udrniao6o0aoU A!tr8sltrtil}ou 601,06[0
aisoUJ$RBt6Jai 6.,bo60 litAnodi so6r6L}6o nJoolol, [.I.Rr5l,r, c.6caIql]JlD cr
al,a.cUo tso5s5l'it6o sJOnA0ioL iDlaca.l, aofuo6rtx U$r$t6o a.5nJ0J@nq, \ootJoSooilAli]q,
?oilsSsq?o aol,sl{n}" Bltq!\ro tuJqeJaot \.qcaJfurq Ro'6AlirRtiiL ?r,(6oU JU0oo
ain8rtZ6llob 6Ar'J6ao !6 JJalaqidr6rdr,Jo,i',riho6cant.
Arfflrt:ld,ta. 6ssorooxqxL doUJoU Jt03 aJotn idoo0Alol, r6sq,ot'nl, l,.TliacRtc qr
rtsbsxt os6bst', 6r,A0Ro0 hlqadq[r50R,r]o[ s$r6oo UrJan.iotni ?tli]naoto qssihr6K0aob
1*rlJ.\ai6rp. 601,06itJao oF6il..\ 6ot,JoU ji|J? auo8o "Jo556L:]6D .\JdoitJ]ol oSRo0oP?J.riI6o
?0oJ.\t,0doL l$AtrditCq't0 AJ006o\Ri'6o sJ,oo00aot ?taobroits?o e. .6rar00tro.RJdo
uJo5.5U:6o rJdoscrob o5qo3oqDqil6o sE x0Z$tr6o ?0a.rUolo[ h?]Td00Rt0
lpqoqn.J 5sX".1sU1t6lra, roU![$r ac,b0]r?o brtrtJUX6doll d,Jt[6!ob .5bi6o?ol'
gsilosxSnloo (So6i6l,#o.Joocoao {6o0[tRo saor66o$0]nqo (o60]Xq0Ao@) .5
!?nsqr4e Bdao$t6oo (So5J6tX6o .Jon3o.o l86o0htrRo or3a5Jn6t0qo Ro60.3,q0aoo)
noSDStId,o 3,{br'3r60r'Ao[ $5rr6on?o .R6o(]Lnqo rj6qxloU qnt6xETqx]o o;g$lt
A.\trAibl60[ot' hreo tsJOo60Ao, r4o?qxl$i qrt6ASo]oor0 Es6,Jo aislls'tRrl'irlL
Artra.'l,ilr,0aib i6bAaoloL oao0d0n6o L{f,dtRoL J6ll}oarU aoo053l!: P$o6or6o! rS
o^d, io$6JU \or
tilnoJSdo[ qoJ0,l(,o]o[ ?JU^6Jd o6go6alrtoi.
U ?Ji]L.6lqdqo]ou
J6L
6.l,Jcr".
it,,5s6[I6 "J6omI$0
B"s"sl,Xn'"
0Jber6uo0}n lri
f,16px5lpxlo qr qo6cCln. 06oc63{o q,r 'rPao'
.r,,a.axa. rp" 1U"36o[",3]"t. liDs ard'r5ondit !6JdRtrd'o qri6Jaiq'ii$ xl, !o" b[J'
o5\DoanqitrRl6!\t 16 J6oJ,c Rqe$oR
' oaoCJ0Ii6 Sr6iq.L
ai&,Vilclqo
cliL Ao5r5Ui6o sJOnAot rG .Joollaou
. 16RJ .;qo5o?5o1, 6oa qi6nJl6a[]oL
Joilr Bid6or,U arma.3lt.
3ooli56xu 6o3
5s[s6X0IoL q
Jfmq?o ls
?,qildr ti,JaJ(,oUoJ /6ot',lo[
ol, oor6oq'ilo on06r
brd,\Jlo aJU$'ol, AoR6J
prsojLo6xlT,{o biIYtrLJ60as
,rt47r6o("t brlbfu Pr op6tlto
oloU tn8ot3nxs?o, Sroo r,:8o$nros bqxdr
Or5'6vqo ;'ldqa&,0 4n taol bf@
177
UJdJ60)30ROU &4(r)36trRo 6J5JO
A06JELAi J56vtftLCLll,OJ5 OJSq\4OlIqO EilSC/BlSCao (OJAdtdilsCaJ)
2013 VEOI, 3l RCJ08&'OO CJUrtle{iBFO
(n lx,&o p\vrv,)
rqol,Joilot
oRc6oaoo .€ sJao'bux!?o oI ri5Jo ooo30au AlpsoAfuq Ao5n5!X6 JJdorors
r{J,JiA?.d,CAtrR a5o?tslRoCr6 6oUddl,r qr Ln6ACaJRt, oao Jb6{lCqC}1, ao5n5Uz6o oJoo0ol!
p! AnqilaiRo ".llriipo I'rL[6Jaoo i$6i60Cqur,floqo tCt[Jlol, rRos60asti
Ao5n5tl6o JJooitol, iloRossc,Sr?o Wn!6aaoU ?0tJa06oUrL l,[itno].r dJ6o0oU t.]rRs5Lo,
tro60dlRtdJl$ lgJ AoR0.Iqo {r aobrq0ao s5!kr!d,0aol' q.\ l,[0i Uiti]q' ?n0olt6qg]ilo
Won6Catrqo q,r JrJo|rc?o RJO6o oqi &)OAa! sE trt6rqo[ X.iaU ?o6ot, sqo56Aa.t
&aAaar?o rE tr6rq'?o 0Jc0AR0ai60a..
BoGiSL,xd'o rildofloL .\qor6clot ?c$ma6oLrl,, 6st4qr aoqo$o ?n$;6ngot'r (A6rqoorp,
r6oqnt4 Br5;o o6ll66f,5aAb mR$rL' Asaonl,UoqoU ArproalJqo rdoo8nU 6i$oRn), [i6Jo
JSJSoq0aL rRor60a.t ?o$UsJ6s8,{A 1]o5s5LI6o rJoo0ol, !6L0aIq l,i}i,q$Uo
qod,$1qnhL biRD0JAoLnL n6t0diq ?c5r66i6cliqo $oIioUJ \Ds o3 SrfoqoL 63rqytr
q,odrxdlqllsll ?(,601, inoAq'ot rRo6il]r0 ?cVURr rjgo3o[ o? 5.r$oq'hn, 6r,3qoL
rqor60ar0 ?UVt\.., osRlSivoqca:R trdsiqr6h, Roni0}Sqila.Ls qo rB Es$oqoUoxoU
aogXdlq Soqo$ !5!1,{in6Aart ?rliil l,hA.n,}r, tb0t L'i6itq' i0aoudllllltn lUrhRn
50aoMoc6o Rr06otoqo &rAtaot s5 $r6!qoU a.ocrqol$o50}oo, {rordslXq 15tcJ oj5.ru
aoA0dr?o .6 l,n6iq?o qi66o oqo aobCai .6 tr6Jqo, 6oailqn0 r(oJ6!.XqoJ L[3i
l,6Jq ?la.'l!rJrq?o i68o oo,er6nSnRpot rJooAoL ?c6i66X5c;:q GrToqlb qs o3 Sr$oqt'
?o6ot, d).)aq'oU rqo!604!0 ?09U!r.., a.oo 6ArR!6o qo6aDitq0d0aoU aotJptoo
So5s5l,r6o 0.'qR0a!e0Dnro R! 6s&r5n$rqo J.rJoo^Wot 05l$6!4050010
,RnlxryoJ,Od h|hh,h 15 l,"l.,n6r,Pol' bnh@
IrSJot aol6 b.\ar,330alqo LctLol,. ,.on J.Joolqol' o6b66f,a0500}o Jq!l,oa.0o6qcdr'
6r,bo60 ro6r6l'i6o nsqqndXqglaL, nG J!.lodl5Ro Jo606rJ0oo asou.q'oLfo50d:qo
Jo6oaAloL sd'l'olh pr AoSs6ttrlto S'qP0afq06oL er J.Joorqob oEld6XACSdoU
ar6ar600ao\Dr6 braoa,qoSr6}
,rrJ[dlgol $06t rb@o
J$odrqoU o5l'Od,T3l6oo VJ6aoreaasU 50IoUAo06 Jo506rJdt' 6oalqo0 5RTUOT6A'I|
i.S;.t r36qlato Crr6f,x6 $oqL, ir0iqr sJRRJliq0dol, asaodSooaot! ?naqx6 ls6,Jo[ ao06
6.a.tx14q" J'JodJqn[ obtO6IAJ66A]o "q'o"an]rl' SlXXl\X]"414'' aosnrXq'
?.1aotJ!tRJ3@.'6 r6ora, blao?lJaob [r6tJ]ot ?'r8oJq'drD
O6r6b}t6o r"AlJaa,Raaaao
sro6c6Lr6o
Jo^.+.1",
;"e".s,slei
16o1 3rqRJhqCdClo r';]$oP$AI
?FbJ5tIfi
bo. [5Ao6nq)f,r,L ao?Jl?ro 1'r 5.'3'r?;n]xq'n $rLo"6o
r)q .,tbu! To5.6l,ifo 35qPJd.lqJI$x"
+rkQfido S&Sbrt*t' tqa|rhrryrt*,tl !4ot66ta.,tL 8o6r5tnt
rrqfrarer+,r,
-t-di;t'6i;n s,,8"14,'
p, rlseat6dt(3, tpaa'6,.{l(r,ePrJa
(o"J"c?or6id:s'n
ollnho o.,lpJ.lnr6taq'Je "ol,Jb0dr 'nA'qtrd'n t{od,Janec'm aJ6'00a"Lo'6
o5u06iac50can
i.i*.e"ri1"a,".,Eil; .r3iq'1"i .'l,it3.l, ?xas5ma su 3o6"6t'nao
lL)
178
LJdJ603CROI, Cd,035bre0 EJSJO
tO6JSUArn J66Ji10'8A0IJtOl5 OJ6RJ60)8O ?050 54d0 (6$',tdCRCdJ)
20ll VRot ll R0JoAdllloo) eJUdnR06!R0 vt{ol,Jo0ot
(ronloa@ p$ao)
!,{o6ooh0ar rao60otdnRo qo6i}!q0}oo cncj0i6o UrJ6oOa56o ar5.\,JcilonrL axoc),..ou
o!a.,Jo5Jloo
O$r6t h or.4rid@b d4arbrb
So5!5trn6o A!6i5OmL (l{l5d6rJt)6 S!ina.'.rs6A5u Jo6Od'rJ0U. r6o8oqqj @crqollosarl
?JAoLAflr?o,
pJa"0,.,6. bLttLo o5t!06XAJ5doU
brqrbq'sl, Jc,SJJGtrooL la[@,
osa8i.)o(6a0qo, s5 aoqotso(Joi60aXqo Jo'6olJAot ?Al$a$oU!p &j6 ?aJqaal, p'6olqr(.
d
oi
Bo6r5UI6o aJ6r66ml, .ro6d6.d0 ao oio{iJ"r'00q .{.r6c8rb dJJAq0ar60r. i6cren6o
,{.t60aTq0}-, bo,Em ?0fu"doa BjLR0}J a00o o!5h@ ?04!..8 osSbaal ?o6oU,
.
.
o.r6t.i, 6r,acqoo i(os60;tqo. r5rtlo1lbxLb trobo, lsUL 17 ,,J6n6o0tcdo, Joit.)aooo
asRRraiR0acao qr Jo(6o&Eo dddo0Alo"-I, ?0LrlrftLlRi Rr
.scxsJor4aaqre 5qo!6aaiqo qo6AatrR0aoo on aolDqdor ?AooLrtq,0aoL \"r66f,0oqo
$0600$!000l, AraoJR0aoo ?n&rtr3qnlo[ rqoi6!6ot JoRoooJot LTBZdAJq'ti]
dnSJo Boss6tifio rnRp0atq0.0aotJ iRo.,6AA5tJ VU0rolr Sboqoq qs a[oq'rry o0
tSA6bA00.r?o, 6r'pcl,r0 l!5doli .qpAai)qra! l(6lRrro0a!, iJap0ar, r5 arL,{oL Arqr
trRr(J !6tAanqo 3o6s6Llrro 3sqq0aXqJB., 05.OJqAar a0o.6rl oa.\04 aLr8U[A]qot'i6.i5
a6o?s6JqoJ6\r.. blsUbasccliqo Jo6ohroo,.5 r6t0aIqo S!R,..AanqSan[ Jotto]A]o
a6o?A6aqorsrR oo3q0lr, rabJJio gxqoq$r s5 esro$oJrooJ @tq0}!
^3qrJo63aqo
rrqqAanR0aoL ii{oJ6Aaot ?AVUSA0!q p! !b!Ro 0rRp0}Xq0}ol, rRor6cIJ\D ps thcrc,}s
lb}jRrSt'o (o60aIRAlcAL to6ol, $t'rhan aoalaiBo !5 $.\6nR?o
65Jr-a.'
t]otu5uitr6o rJOoAnlo qs jo5s5UX6o J.q\"rhR0aclo oJa@0rr Rr A"5.5l,xdi"
apaoai6Jolot r6ai.6o?aclr?o roUs[0as San5A,! or6s.o, oa ?03o[303r?o @n ar6dl .Ji]L
on6DqoitRo IER0ar 0i5rLc)i60o0Rc)[ sqo$ndnqo orShJdou OrJCoo[r Nr 6;6$r4.h:1qo
sjxb 0orbqo6ort sJOoiFl, Eloaq! $&,6qi Ro6[aTqAao@ !5 06oR6c,IqJR 8r,rh,{o6ob
iJOoAoL ir,0sqoti0or RJ 0bqRodlq0aol qrjs6xr &r6nds qr $i6!q'o .6 oJitoo&r aralr.Y
$$drRol! Rr LbAs Ur4f,qo ?Jeo,UrAqol, ttoGJSUIr', 15A$60TA0}!?0, oU s6 rc)L0AolU sSoL
aooLoi]sr i6 ai?JoBr h(!qO6?lqo ,\R6ocbaolt U0.5Rr600Im rE o5006J6065oooo R. ri,
r6irl Jo6J6lOlRr,.. rLrbtrqo L6;ol, [$I(.R06o JoRnooJJ]tso
&god3m.'Eo Asts1lrqo Snqo
aoaojosxr?o AJ?rcalqo Aiq.o fr6Ao.P605U a!6,JoU eoJd' JrSmSoLr Pr Oc566rqX6o
Ai6Jnl, sXEiJmb Br6dq.Jr?o arao?aC8iq' I$;5m[ndls qr
5"?3Xd1qo 8"6;6o$Xlo rg. ao6Jd0.o Bo5i5ti6. aPAoai6Cf
L6;o[ lsqr6o?o Srqqo ilqol qP05oa{D Iiaoo60aiqo
;sSJSoOFotr Rr A{aSAOJroL Pr8t!{lrou br'1x0ao !oU.Lc}i [r6xd?o asoo 6rf6o[oo5s3n
6opiLr1; Jo3066otrqo ar6Jcdo ia6l5CaJ5 ar6Jt l5535o0aaL lqxL 3@o aoaoJcsxs?o
.6uxA:lR--stiq"p. t 'bt6JAoAr6 .aoRaa. qr ald aRAoar'nJFaoei6 s6 LdJ0Il'oRr6
5.a,ia[.Son, t'qxa. a.on .5 orSrPAS6i;}!. .5 ]"5Jot, Us6J'bc63o Aosec'to ?cs'[i]i'
fGk'rJilo Slqfool, ble.t8rl,Aas
flo6s5L'r6o rSArnn?ax3. $r6ep,qba5oq'os qr6?o' 6oaiqnu JshJnU alSJ0ooSlq'f,6i
ti..r'6"rt'nt6na* 3"q'Tr1"". 5san6nlSdo x(J[t1!6 rrRtorto Dr3qrJo6acqrP sotrbc'J
q'r
LJdJitO3CRot Cit(r)3sIlqo dJSJO
179
tm5)EU!6 J56}nOIOOdJUOJG OJ6RJd(I)8O ?{EOD(806o (oJa{@iBJ)
mB VqOt ,l qilJ08&rfiD qJU6SCalAO
(erld,D
g,'n ro)
"Aflr$)3o|,
$I6d0oo5rqn6 asRzdr?o, or6o003oU oi6oroll.oAot soda0r.o Arc8qooo dld)bot
?ilU$.\aob'p !oLo?6 Jiq'tor?o \oJ5r'ao6innAat|io AnRn,en ld0omloUr sr
Jral,qnBtrriiji0aoU il6oa5trq Arqtror?o 6|ert.\l'A}r hRJAr r5b\6o?allnL on.6o{ol,&,0n1
pittnillo6Jalqo oJl6il0nos.\,ibr6o 0i,iTool, aso0qooo JI6Uoo. iOLn,Z6 trt{f,os'Bo
oUoor4o:)Ro en60.f,til]oo $JdairyArsoqo ir6stlqr,{o 06o0Tqit}oL brr{J"JrtJ0}r
bo6OoUq,RiF! o,!0,{rJi'68Jq'o Ar6oal}ol,no0ou rt6lrg}7qo 6rg;yqoon dt)6too,. :(JhoI6
rsql0J?o 6rJq?6o (o6aa?q'Cloo 9i64.'Nb05oqo i6iAIR.\po C6oatR0aot 6qprgsLXls
[o'n0o0q(u0ar d,0nqnd,o Ro6CdXqCSot brStrr,q06nU oi6oqotro0ot r.6UJiIRo a{)0q'ooo
Ji|rtlmo f,o[c,Bi rq'!6!?o aistqioo0R0atqo o]J6!Oo0]oL broaq,oo Adac,$80XRo
ih,acd\ s5 'br6\qo aoAJ}vti6sqn[i e. [bJ! t,6tRo ?nh[sSqot r6ar6nta0trn?o
.stshcar xoboirio rrqlooo A.5l'o'60ocq$iqo oJ06JooAloR55 eoR0aXR Faospr
aobJ|!?o UrJf,6Lo l,Lsrodaaso, i'oa0qoo ai6JU 6!qn!dAt lhol(6o 0sRT6oU
aiRiyti[0]x'[ r6ntnr63?o qs 6oaRoL A.aoJ06oan ?rl$Jq0a0qo. aboRorp 6.teiBr[Aaol,
?oas3rqo Sao6qr $!6JRoU ,FalA5[o603oU Ao$5o@, 1600060 |ll$A6oq'nr 2G0 ?c5o?c6.?o
Lb0N,a!,Jo506iJdoo arosrqot$o60a:t{ I0boi6 crql6!?o,sc5r)ao5o6ca'it,{o
as6o60A0a.t! aioi]Roo JX6U08UJ qs N{id?o 6.rr6o6n}ot, @.6o{oU\oaot, ir6t0aIq JI6l,0}1,
'3r'6oU doUib0ai $ao5Rr AoaJlsao i0[oT6 i].RToJtso a!5l,o6ootq0]Xqo Lra.i6o,
oJfrllonloqsS.
aloJq(mo J!6lr0ao
jS0a{ro Art03?qoi 20ljl qr 2012 $q$ot 3l qn,J0336ol, aRAoAD6Jodo@ i6t'Aa)q'o
6!(t3qooo ,Ji6uclo, 6oaqdo(i ..\5Jai 6raooia6r Bo5n6l,tr6o n5b!6oab0aoU ilnS${qillourL:
ll A0,EAa06o, ll e,.lnaaoiio,
2nl6
70t2
r1\t
,i,nr6dl sm Roqi6o
2la9l
2 t3n5
q'nno/l .0$tisqi'!.io qoq.6o
lJ,ol
I ?200
qrr6dl $!60. Ud06qo6a
2E6t4
2f65!
261\9
25 1
Arqo R.' A?Rol, 0&qoq0560L
Atrg'o Rr tIq.L SdSo8sqcS60;o &,oO.0U ntql, l$RJr',o?o, o!3oL!8!q LibL6Jat
hJr,'1J1,.)<!6ql6oc, r5bs6o?d$a, 6$;10o[ N{oq"r5 o@Booqsro ('q aR0 P.rt}.\60o1! l,ivdoln
3q9o[ 0;lo5x o0 itqtorS Rn],$o60]Lr {,r oa at,obn0sa}t BoslsUl6o o6L0odl00}ot aoArdlo
6oaqJal$0 16 bi,)E6oro tr,Jta666rd6o alqR$Xqahdo.
t(x1sit'o Roos6ao
odd,ob LJarBtot6o &,5ariio Jsor6$bt [$ 1P0]"6J4. o3@Ro60aiqc8 D q:a$ryx]oL'
spo"rniloL a.p"[Roto"6rCJ JfuAaPaaliiJdr'io
#,,
ac,irtr;$r6.'qoU" (oo bhcr [r6lq'. ?Jaoll"cq'.[ .5bo6o?ac]!?o.
aoitooseo tltX.rq0a0io
dor6oosqo lt?Xrq$nlo Sr6&,r..bA5.qG\ oUoc,i',o?qo Ro606tRA'oo \Drb6oloRo (l80oolir
Rr a.TSsUI6cloL AraoJq0}oo, rLrs'o[ .6t0]olot ?!3o[00cs?o
2t
180
LJdJ6OSCfQOL C6O35IR0 EJ5J0
llOSJEUilt J5AJ6(IdaCIJ|,OJS OJSqJ6o)EO ?iEff8il6llo (6JO'nd0qCdJ)
a)B 9qOU 3l qCJCA&I,OO) RJt,lllqCatqo VAOUJOTOU
(ronho&D Rrnt*,)
do6@|Qo tntiJq0Aoao[ oilcor a.&,oJamaa! tuoo UlaiRJSUo Rod,$iqcaopsspr
arsoouc6Jas rJdoscloL iD&,UrSJ6r,\o aroo 0dl,JRn.6!0oo[ JIRoL r8o$idr3rap0 0 0ooU
arr50r6o?Clr $r6AoCaL [ir"JoAo 40o.,\D@ ?Aap&o $Ron6o OJSnJ00oCdoU oraoua50]m:
?06oI0Io
,tFtuon60dJao,
2
LstoL0 &,Vdi1&,qoa! p. lmfln
tG20
20
20
6aao50nla rp! b.\laxc,dcLJlot [ir.ix0]o .itsbdr asga0oUor5.00 ,qs AooJioAs0ar
l,roJit6i0oo [ir6xdl, rE 0dmap0a.,in0A. J.Jo0.Ro$i(]oJl, @I .6b0AoaL raot li,&\.6o1'o
UroJ.Ji0il,{o.
do6oor,.oo br?Ilq0aiF.l' Uda.,:l.61,{a iloin0trTq0ao! b.R.h0pts L|PU}. ooooJilqo
l!!i56*)o?008c) o,J6o,.oUrotou, r4sor qry6o6q;1U Jq0a5oitar oX irtr aroo bJarqrSUo
qo6JatRcls 3ro rqq655oo, (060; l0lJt qq6nSooo qot6n6lq1ls t.6ac,J\DAilsL lqoRill!
Aruoqitol [v6x0aoo ?Jaood,Jdlq 60r,rlXd, qo6Jd1q0]rllr pr s6l,0ditR 6raofl5t].\q
Ror6x}IqnlrL ?060t,. do6nospo l!.\?:i,q'0.itant, l!!drq'!5t'o Ro60d?qtlot! licq0A5oo
eo6 }IR0IitJ arPsacoJaot ?n3o,[6xr?o, rJooi]cAo tJlJ8pJ]r60rr ?JA0o6J]rU aro
nqRarSoo Rodrtat{,0ara\o0 a.\ntrLtd,JAoo Aoq0aitqo rp!6n,Jvr,A0aot! rqor6Aas L{0}5
?;tsls?ot Ls$6rt6o?6nlo J06or,(6?o t. .rlDl'a &ro0a!-$r6!Roli q. LB0J U6Iqo
?0SoUiAqoL r5ar.6o?ACls?r, 6rlgr[X6Xloo 6*r!3XXqo q$r,Jr6603ob JUilCot ?Ca,eCA,
hRJlr .6oodr{o [i?i!qa]Caol, OJ{ooL Joi6fl0o'6C]. ?CAROi,3 JCt6or,,{04?o, oaouroroU,
6r1a aJJ56.6o?aaitqo rJdoACdoU t$rR.6Lo Ro6Ca:q0ar 5r66C6o (or6r.f,q'0dob
6rao;q$ro (oX sLcoo r'6U$odu) UoU6ca.ra)Xd'.p 0J(n6!$oq("0t e.6606oq LJUr600lqc,
ao[asr4$ou JC6@R$i
i6sa>6rt6o!R7,6o ldooaaio
.'d,$r6fl6or,{U6o iJoo3Jao &,o(}r0[ J,,eJ":Oa6:R .].6r,i]6!AJaU qi q'o005to0]l'
.qo6o0[0ar pi
o0w(]o60hRJaoo rot'rL0l. o.inpelod,ilaRo sqc,'n0aol!.,U or3q;lrx63nqo r,{or63}oL,
?xfu6r,a Jeo6o(ttcL o[@eo60hq0roo,. RiA6ocoRo r&,60o'b.Ooolli R. 0rXE.bU6iDo!
alaoJRl&D !6$tOJ6ouEX6o rJooilcroU aoba|l10aot! .h6meo sr"ilrLcalqo 6(,b(,6o
a55ln$RA6iqo, r5 br5trl$r,$6Jqo Jtr..ou AJoSJ. 0Jt{otso i6ra.\006oiq!6o rdoo8Jao
iaq6oo$Ja:Ror 5 VqoJSo l$L!660.Rc, Ac,ba!60aot Siqot! 6s6Srnqctls?o sr AJm ?0SrUAa.
6rlgrl3rtl Lor6 Aoai6o8ln?o [q$i 6in$.LI6dob rno0JdTd,o A$305S]Rot o6tnAo]ohL
siqorso |6ra\6fl',n!qT6o ridos0Io[ rao,60o$!(rool! JJ6ooeol,r ps Sxoopnlol srqrbnqns
Bor6co0qq0ai p6qo go6r6t26o Stqol loqol,
Orq',J0 ?CtUoRXqo .dr.t.\6rrr$q'i6o rddoil0ao o5qor"!f,$qX6J("
l$osalUooo@ do5oas
l,ro5rrt6o0n. *r5clJ rr{.1 ih6cai. 6r,alqo(J olacnlu0sc}J br&6JU}oU &$5oo tn&oLsxq'ol'
aol[qJ8Jp RJ\s ,JrJo6.tqot, sl$nrU0;q.'R (\t 0'6 ao$E$ol,ocou aoaPo5r60 a?050aqololr
osooclor6l}lRila.o
doS0aot tuorqoo) tso6s0Uoo0oo dosalr orSR5Jo6Si|Rlq BrhJAs
ar6;oSdot Ro6$f,q0loL nwlRoo o.3R!.]o6uRo 5l{o56AaoU ?JaPro L$5a0L6oooo Jo6c.s
Sld,A.ryalsoqon oL6o6.rJqo {od,Jafqr}oo (olA6oaoqo Ox0ool,,cn tqo!6Jalqo
61grU76$ot t!6iqoL bJhJqaam 1;,]pot 6.s56ot6o?nN [r6a0i]b S63.30 a0ooqm
lJOoSoL t JlFOoObq(, lA6 nqoU ar6*!($0
6sl$ro*$( Aiaotslqo 66J5qnrq+r6o oJfogio
adtdrqa.Ro
;r ;l,ir.
6;.pt.-1, b
RrA\
dr6a
.JO"
t5trqo oa ?aSotaJciBn
o$ler&. "eeordr
cdob ?USA6'R P' otr
181
uJdJ6o)a0R(9L 06(9364R0 tJ6J0
BO5J6U06 J66JdlOtb0IJtOJ6 OlJ6RJ60)!lqo 1ffi0?il5060 (0JO'IdCRCIJ)
2013 9qot 3l qcJcS&,roo qJU6tqc6iqo 9qotJ030l,
66Loa@ {.'r.|tzo)
rdoo0oL (i5 Ll(6aiRo$r0@ XaxAotJ) 0!dr|R3! Sabrdq06gRo! Rrtflcscdqoa aob .6t0IIq
a|.bo8|(60o}|?o. BoRadRJsS0Rcl}$ J5!g.r AJ5lbFt(loCRoU p.' R.rLittq,JliR5\" oL.t.,U
oJJoq'[J rJ6oaoL orUJJop.e oJEJXotSoqrq reo.r,,Jaot oi6oleopi5 0rlo g0lqogrpso.
6Jl$JoR.R onAo$5Xqo a6d0qt.Ror6o sJoo8clot ?0Sruolr LpSa5 l,rlrqrSlr
ao6Jdlqclnl,r Rn arUoRlot hriixm ?0fuor6d,Aq 6&qi||1 ry6aaiqrlru tod,oL
:Elo60to oJ6boo. oA ?08oLtctr?o, oi arlbuoRnR a.raot6nqo rdooajlot 60rqli6o
q'o6Ad:tRJlr arU{'r.orot Lr6{$ot blec'Jqoaoo 6!,Jq0aon tralq$lo qo60}trq!}stC,
Arn3rllil6Jaot pJSiJJtbClo sotrL0as t[A! &]dJa]r,!6!,{ol! lP! U6Jr+o ?03o1$AqoL
i5Av6o?Acar?o, 6oao6o 'br6rRo arlNdoiron\o blao$snq A6daq0!p65 .Joorca'tc.
idoo0aloL ar qlob hr'6x08ot ara,JRaaoo 60rqn6o q'o60hR0a.l, ?AsqaoAo $6l..
WoJr60.iL Adna8p0ardcas Rra6.)!oqo 6!IA!titri'0.ou plslJriado[ oJ6[oo, 6()a0qo0
ilr,l0c Jotrb. Ja JoEJr60dIq' rJdoSorS aoar6o0rJ?o.
l,!6sPsl,!h!qo E!r&j6!
L6;oI sJgoxnlo, jo6iFr e! ?0aolb8sR., .1000 6c,ac,r60 aoUi, l,rJAnsSr,Bs Rr oJJ6J(toca.
n6 0dt0aprdr608J qs36xt6r[ qr Ltxr 3oh,1tln]qn]oU 6sqrhqrL
.'E!'noob&
r6sdro0b08nl, !qN60a! bpJar ai?o5, 6opaUi(J Ir5,JU .dst AoApoSr6J oz6opo:tqn r5
Jo6oaooo arqqJAJqAaA.", 6-aR0a"(J $i'6aoo?A! $r6ttrqo &,AqJsJaoL ?0q0aip pi
6oA0,i'o.r er8!6col,ro[oU ?0Lraqar0q.r l,.iod,o arbl.ol, 0do6oaodtr.6o Lr.6A0]Rot
aJdr'60a0qo 60Uit6LCdoL ArqoGCL Es sqSo?5lqo Xoq,g0alq0aoL tggsUnlr
?0l,ndqJ8JRor lnJa56oto tJotilt'Ooo
Jo(ffi(,h sJdosaao Rr a",rRPdEdaa"
,lo6olooo rrqr"AllqAa$o i6 roUrbJEr ito6rSu:6o fuaoas6Joaob 166*6o163l|?o, 4..54$
f.6&,aAisoqos $o5r5U!6 r5Av6o?AJar?o r66i6o?t$o606olb[ UshL6,A]oU 50]o[ad06o
6qo5x3oL ?nlrdqxlqoaoL .6l,JHJaeJ. Jo6(,d.no i&loso go6sSLldro fu6r1au6xo3oL
$Ai6olan8!?o J6 notrhClr, ana6le $.64oeb05qqoi oa ?00o6000rto, o:t CJr'6c,aoJtr6o
&%nloU 8oq$ss 6s3rt6s1q6o
1,sJ05t@ R! l,t8i CsRRAaiqAa0ao os5!3?i6o0 qo.' ms6o
2013 qr 2012 fRtdot 3l R0Jda6o! AR6r,a.60oAoo dr6JU
lfi an$6qi 6soan eojeSqo
UrltStoo ataaJ, sE JJStor$C AdttRoL ?631p5cfo ;r,al16tr,:go,: 2013 Rr 2012 $qilaoU 3l
q6JnilB6oL 3q6o0s6noloo Is5,1L €6lblsSolrsp 65!66pi I'|JlSLoo bJJSot Aobaqtoo
(305o?a6i l9),610 t's(,ec,rq0J6l1 2lxx)
tiRpCazR0a0ao 4ll RJ 523.\o.\Uo qrd,oLJ op0sn,Ioo
ao[nq3m
UsJxSLoo
,)6o3j$oU
arottJ
29
6;q'st:b(nq &qqA}nR0Ai]lr
Sqo[
o.n#0aiqo
o? [rJx6lmo JrlonJgot tsr6aqJa?o as5,Jo tr,liorrnn ou5o3?6oaq'3]otr6$ oq$,{r l,rJn6boer
?05iOi5cu, Rr L 5l,o0 rtrJoL aos$0Jol ?0aRS Pra6oo'qo on6boqrs iLPoPs
or6r3?r6o0qn}L J15to.t [o5sU$s6 tIs'r5M1aIRo A6iBoJot ao[0\"3o@.
4. URAd(au50R(9mU DJ6l,?s01, bA06cl0ao RJ En]$i}}Aafi, J.uudYoifexr]Ot T ]ir'(9
arSJot Botu5bl(,'o $ar6oaa0aol, aoatrRalot J6r'oat'o amtoxb bnqSdq3r6nqoloU
t0Sil,Jd0al,. p! prqd0aU, 6r'aq0al$(J arJqJsn sdAl, r5a.6o?bd.L oJ6oqoL$anb
c" ATRqJA?q0l0doL $!6aoRa05oq os6bn3$n Ps sq66calq aal60.iLr ,r'i
t!;iqt,
"Je,.,Arr.U"JA6*p"1, loqotmso[
eiil A]oao Rr arSt'tooo ?Atst0]0]o aiqaolrP
ao3d,. bJqad{Sr60qo
aJ6"hoqi}. [i]qA,J$J63Rr'6"b
6"a.sq.q3a.t !,r a6ntsq bLtr ArJdo6U, 6oaRJao
a"r*.pOt. BrSJotJ SrJ6o?6o Bcq,fl60lo ?JodR0a\
l,tlJ,rollrhal Jo6olc}So
2l
6
182
UJdJ60)30R(jl, CdIO05ARO EJGdO
t 05J5!!it JSoUrrO&CaJt (I)J5 ot5Rlr{r8o 1{bo?iECm (AJ6dtdi}q0aJ)
mB vqot 3t aoJo8.dfiD q$.tfficltAo ?r(ol,J{r301,
(J^h,&D pal,,?,)
?mrlrAa0ao RJ ?CLJdraobo R.?Sd0lo SrUpCa. Ur$.6&aU trSuuooaot' Nd?CClnt r'665(,6Joo
;i$q06ilRn ?mrL0aldot ?Ct$od'0.. ql'or60a![ Cd00at.0].60]. oA Jr6oa\"ol$@ [,
6clrrD0Lr0 6t{Car ts0t$o6Jf5, oJ ?rlrSr'60ri ab0as aLc,qop ra JCd}oopl!, ho|{c, oa
?03o[CCA.?io oI obo 0b0a! Aoa\Do6r6C Rr &rasptq Jntto,rRn]1,, ?gLJraoUW ?nl,$erin]r
ao[qX]s anfuo6r6n qr ?sAq6o3 J0inoo,sX]?o
ls6;oL goSsSU2tto aRAoai60oaot fsdrfloq5xSoUoo3oL 35o1r050qot5!R oo'tfliDi 'Silaqaao
qs?3XAplo pr ?1gsUXlClo
ldrlqo'aiRo JoPoooJJroL S!51$tRA6ot,]ir,oo.,ERo ai6l,I!
?03\"06n UsJoobCao $r6&rsq6n6l, ,r6o0o,Jnlqo brSLXoU trAJ6t, oa ?CBrU0IClol, 0n6Rs,
6oaqJaoo [rqadqrr6Jqolsa 6s,p-r t$5,j.1, dI(rR66Xqo rq6rcb [ )oqnooJ0i.[
ar6t.tq36oL J6oOCL?o Rr 6oa0q@50 a5o?46 {m0r5o OrOq0Si ik rl'qo50b qloSnSl'i!6
s66srto36xlr?o [soarT6xSoq os6bn.$0
RrA,nnoL ;;po8*0 &4d.,po oWUOAo
hnq?dqpsnqr s0 asSo[oqr ]i5,JoU rqrgvlxoL nr,{JRn Aq,o}.,qo o53Jl!0o(r,'ij}o
JrJoonqoL ?06r66150.oh qo qo6oqo8ot aootoAs0Sot i6oR?o Rr RisA,.[dI60L', 6oa
d!6,J1! brDESoi A!5t6sLCJ Ri I6J6o, 8l{c,;PCU aro, t{r$n60oL Ar!o!AN0 (,111!6001 lrPra,{C
"JR. oqo "Jo5J6LTr6o rdoo0aaoU tndrR.Suo (o6AaARld! 4t2207 Jo.t, q.rtt t0.{it'05[
.iJoolJlol ?ctrB0d {Adrq't6o o68o6a.oo. fsahp6x6oqor 0x-15 ?n5o?n6r?n
sa
3C!.)l,JaSa.l,,)6llrs6$aiscxrlol, i&,.tatiCl,o lsnoJao
fuxaoo $or6aw6x5orqtu ao$AsqorS pr tr[3r ?y3rt$oL lr6ntin6Satr6oEdoL do6oo.t{
Ti;.i'o$o!5
iaonllri0tro rq'?3JlJao, 6oaqJAqr J0.d,lAC6 "Joo8dnLr ro.
'p.J"t?o6Jaf,qo
Urarql6tc, l{.6Jalecaot r6[AAom J0r60J6or,0]oU a5o?350q0lJ5 6otJt
ilJqqchcJA0l.l,
&.8o0rqo,Jo5r6bfl6o fqou 6sSSsnqods?o
gdrqblo ostdddsd@oh furqar
od,tlq0dooo, rE L.\qo,lCoRJOoo, aiU.R3oL. o
Ro('JaIq0L'1,-J
c.iaaferf. r6U0AolL, d't!q!6o qoinChR0ls o55As6o?d! t.dn$dlo
?roo
&,Sslisaaaoqr6.
q"X6qEn,an" r,,oRJLro ?0Anb0AoL JJ6raJ06JEo sri 6i5L Is$6ot
-s5
q.Jit{so}oo, 6lnRt6o (o6Jalq'&r
$n qsxr6qSo&r, 6oa1qo0 ?crllnlr8Aln
i}rynqb qs o66nlt' oJo6r6l,n6 oJor6o0l$t
itrtol, R.{605ot &rqiq1a. ootrqoL$o6ndb
qr ?moU0aot! Lrdnt6'a Jr6oAik)6Clt,
AliRodr, 0503q'o@o ,J:I6t06o t{r
Ao\'rtrrtl {.rj1d5n}3q'o
s(] u1
"6LdoB!
6ra066oL ?c"JrtJlot l,!T,J0otto iifl.iAaU oaol,
lm qsq6oSqndoqs }:'trtt1 n3 aoq6ctaot'
o5U66Ia050Aao, 6oaq0Aoo aooortU
olq' ao6r0xanlt q! cJllO6sJc,q{tool
51,)i1. oEL66Ia0500doU 6ciqIr6o
5r6o66}otr gsLo, ot o6t0d,tre066o
6dot LJ{tIdJJq'hc. 5ca,,Uao06o Lhrr .
txgrUXloU 6rJ5nJ!1, Cn;'p6$J J6
"ilxqo11
r83
LJdJ6O3CR0I, 36OA6AR0 [J6JO
tl06J5ti6 JSAJI{0AACaJI,OJ5 OrJSqJttOlRO ?C50005CdO (65addaR0aJ)
20t3 vRot 3l qcJc8d60q, qJwacatqo vRouolSot
(bk *D p'$a,)
rotJsbAAi Ao6A >\y6sRoLr pr LhAr U6nqo ?CAIt'l q,oL .50!.6o?6n1.ts. orCR$o6A0Ro
oJlqrJo6t0qo {o.60aoUi[ AoGJSUT60 o6t06na0560lot 6JdRI6o R060]:RAAoL
tstrJpxln qrls;lloxls rr6oL 6sdro6$ot tsrLo, oi o5[66i]ac6do RrLJ]:lord?qoo Lsa.r'h6c,
ao6r00alaons ?0q!r4$ot LrA:daJq$|.
ls6;o iloo656u, 6oa Ao5!5[X{6o oELoi?,XAasooU ?0aiUaarLoiS erd$tt.60}Xqo
;ieiqdd':qo $?AJas, oa ?0aoLtfl.r?o
Jo0o{60}iRo Lr}r$6r' ArUA}o !.6 .6oL
'roRJbn{J
[xq8otr$xperao, V.\64.'.rq6J5U ?0A.U0rn,l, .6.r1$Sdran6ooaol ao.\itr6 !J-\6o1,, 6!t{055 (l)
r6LAa,ilt RoRo .qlnool! fl"Ir" J0ild,("itqo (raRot{AanUi, 6lpAsSrO oan tJlo6oClt
[xq3,]qss6JRr,]o[ ?0nrLJ]0aL U$6.'0050r, a!tuJc0o0aor6, Oi,sq'0arqodlUod5, od( q.o
J:6U0.or5, Jo506!b05dol l$J60podo 6006056015, ?cartcaot Jo6JJt)o6caitlt Ro
bs6oi}0aoL lJi,Oonoil6 aihslm$0aq0aon6 ao3.6oc8J?o: Rr (n) ?c?JtJlot GAq'nqilaot
.,{oJ60}oU 0rJudoo to6isLld}o aRAoa.r6t(doL J6an6o?0c}r?o Vr6Aol{b0soq nJdocilallr A,5
sUflX 3o6g3sh .5 $n.1rq'$0, 6o36q'og ?grdqnL s6tXlooo rqeo66pXL
hJqAiRlrSJqr'}5I' 6.fl AiAoct0S0ao6r b[S.\
lr!.i6r,Ot60., 6.\5.UripC3on5.
'\or?CA]Jdo U.Jd,0eooo d,Jo0o6aor6 Ri
l rqxlsqo}JLo$, b.(}3q@ Jn6u0aor5, Jo6d6rac6dol,
A8a.rt'fldou Jo,6aJ6o6ca.tos5 eoasttonlsto. oa Ao5s5Ln6o o6U0r6:aa56alou ?aA.\UnloU!U,
6oatqo.ddol,|o ro s6U6lc t Jo6o6ca?qo U!ar1'6o ArUdo, ?otsL0ao[ 6000160 po,{
.1ffi0 Jg.6o G qoqclit r6U0dom 0r0qc5d ad6aloqr I!6Jol' $!d,aopA05oq' fAoS{r
3o6nEr$n
6n r$n brtae' h pn6ln nanao t' dAtttaao
.rsJo aJnArUf,r60a.L ?sflrl,nlob ao$5oo 60AtqJ6Iq.R 6r5o[oqr3[ lt,11orr6 trtbdlln r.s
rtrSLCaL aJ:|o.|.b 60doL q$rld,60loL .Ror60aob ao$5m dr6Jo l,JJtroriio tCLL0doLr ,{J
rtrsLalol, .lo6OT0R?o sRa05t UJl,t0doU all$rLlr60loL 60$0qL aisJo tr8l[aaoU
6rl3rLXr6nI"U 'n0$a6so.5 RJdrsh'0}Iq ..1,{rq66lq R.?s030aL aoo650aL ?0grt0aol,
id,rtr6$AJSoolot aoiar6 fJ!6try, 6rR0s5 (D .r6U0&"dL qoqo sqLools Ssoo
J06ooplqo O0qoq0dobr, 6sRarSrO flc,ari1"qo 5sqrlbplqotrolt ?JoJrl,0tri Rr
artrBrtI6JEI,q tJb[0ad,r5 Ar rA16b03o.5 P.JsS?nd,diq'o P.6s,J56b0lot brSUr'tqitiis
(ll) }r6Job AoC6
ErAitdSCaIRor oA Jt6oopourotou s6llrd:|q o68o6an0oitr"
'{,s
?060l!
6cao[aoc6o
a5o?35cqoJ.5n
6xsRtrli
\.n5rJr6A0.li
ArELil,qA6iR RJEid!6AaaLr RJ
L[Jsoa. Aiaoo$tJ0L ]ssJot! (,0't06AJaoU oLAo Jo6d0o60arU, 6na0qe.r(J ?0odqJdr
.\6t0amo arrq0sr o&'5@L Aot $5r51:{a isarr6o"acrr'bx ac$3rq?o
al6Jo ffi6R5od.r b0qadR8.'SAqolo[ J6rBCto."tR 6r5UXDl, 5C]oU0oA'6o 6riA,)tl6C]ol,
oA ?SAoLSSSi?o, oi abAL[8aARo 3o5.r5tf,o l6oaq0al]oI
q$s;or1a$ol
'QII,|RaCEW
rrr o,U oUOod'ol{'o 5$ollqoqnlob aoSr( 8ij}o AtArALo flt;ltt$q1lot
SoSs?J s(&,65n!
SJtsLA. a$o6o. ls6;o gtrqrqo trblficloL Aod6.\odr?o gnqoqxl$t 6rELr1,q36r3l! lfo6r
.rlx6ooqotr 6o3o11qorqxls$0 pt b qSot'nfaRoa &r5s00A0a$0 eludxe6r,doo, 6r,aqcaoo
aoioooclL TJiti,r,?t,,o (Ir*oqCa0a$0 16;j?o ?narxrqo ?ttnUb$tqot
aiprt8ouiSnriosSr,..L p. ieo6qo&no0o g;er6oao;Xao Jor6od0dol, oCrqtrtd)oU@, 6.(l
f,J.A?o6acar 8i5J,n, iJdosalol, JaoqJaol, ?JUrdq0lqoaol !6 i6tcJr'8rt
ha|{adeais0aRFdr .U05alt ar?aclaat oA lJdn8cSo[ o[0o6olq,er55Jr6bJdtc
qssrnqSoloo, d,oeCRo$ lr!J.60qooo 6oLJrloU arhrUoro0lqClo Pr AsnA!U?60]otr
oao0J6?6o arfuJS0aqdo Star Lo! t'ot hloL 3t (J0a[qo KaX3ot.o3ol,. ar6Jo ao3r6oiSU
hnqadqnrslqolo[ ,)in(,BcLoiR b!5UX!L tq! rJo6cJ6o60BL L0t60doU XaIi]ot ?01$10]
raLchR: AoEiG0e$U Aoaen5n60 056Jao0.0aol' aroasqotSos0Ano,, rioaq'ilBo0 sJtaPr i6
rLrhlqs oL'oorioXR aoSrOCACa?o
So5i5Uf6o rJOornaoL 6;1grlnt6$ot 6ctJ60. 3o5r5bi6 .Sa.6,l!O$"?. a.5ol1i1,Pa6r
;tJhq'o 0Josoa",tldio RJ Jor(oOoJTtn .lll loaaaol, a.rolrqot!$oS0aol l'!3I.lAJq't0
25
184
tJdJdtoS0qob 06(r)361R0 dJ6(,0
AOSJEUail JSoJilOdoCdJtOJS OJEqJ60)AO ?i6fit35Cto (6JA6dCR0aJ)
2013 VqOt 3l q0Jo8dd,oo, RJldlRodtRo
(rorLoAM pr,tao)
a,4@p h'rrr*tntedo
^D
vRouJo0otr
,t aiarta,(triao nbtwhb brErat4o *,U*aAob a*n
dor6omipo I's?trqJd0ao q! r6sand06o.tqi|'no .\Jdo 0Io $.\6arryaA5ot{oi oll6n'i6olRo
,.io604tr,{Jaoo prb6ofllqo Oiaool/.\ao60o$$oot, e! \e!06c'Joqo arIB.n,I60dnL
,\o!6sJ.6bllol, bsa(,Jl{0aoo dor6ooqo LstpclnlnloLr R.\ !6rar6J6o.rRil6o .\doo80.ou
L.l' lallqr, SoLarn$o[ xq{,ob q*6ntu h63or,..sn5u hJqAJ{cs60q'oaob Al,X0q'oAob
Us5sSL SLgrnU sdoo80ao!5 i'6L0anR 6.4.\rqoq0a!t0 ,.,rU.,,rp5oano .Joolit3oL UsUli,,aAlqo
&)Lan60aoL Anqot RDpaAsolaL h0RildqAiS0qrni @Jrqotvo5Jal ikrLrqrpSxq
a|aou0SJarU, 6al5oJil6 er oi6o,Poiq Ao,JcaRlarL, 3o1,o,ji6 3t1[ihdraa!l,J qn oJ0ort Rr
.\dooUo[ I'ro'.]Cr6r0oo 6.\603c,1 Jr6rald6iiL OCqoq0Lla 6.,a0qoaC J6o, Jo6o].\to 15
?0Arltdr?o ?rodRCdJ orAoof0ooL aos.Crq?o OC0ooLr q. rec)60o'hr0ooU 6.\5s,Ja0o,ol,
Jo60J00'604i
5. JbJAO {l filr?o.roaFo BO5J6[i+10 J(dflrtflX, lrJi6(,)Jl()rlt(n() l,6JSA]160]fl, GJUJ)
aoeaaJ
OARoRaido artu?o, ir'|O rol,sti Ao6!51,i6 !56.'60?6$!10 &ruA}Jq o.'5t01$n
Ede,hSt*,1 anqtr-Js<o
?0l,Sc,ita.0tro Bnt'tr 7-Xo 'Ot'66hAtao o6tlAidqtqra.E
q0arl,
oUcoo
?0l,tod'Jis $6qou a.r5a.\'.,00.{Eo l05o?05CAol, t.,R\.o;\
^r&rrddew O6s5$.\J(lolaoL.\o,0olr
6oaq'0doc "Josr6tliio iJoo0iaot aipr(]Jasl AtAa.. b.r6\b,q0aXRo l'0r5{.66oU an$.6,.
Ac6o orAir60sq'cnou ?cilA6r Ao5J5U?.6o lJoo 0aol, alrp..gaaoU ?0ilo[AJ0rto 6ol'JoU
tJAoJagp1ro[ [o,tmL?.
aoArposr6J $cqt ar6JU LLAS Jo6oUlo3nl, v4 brRrloor ot0oo BoSrBbI6o .J0osJlo,
6o3qnlo11 ?nqn6w rbsqo ?nb$orinlolt \..), ?0Lraiaoti,c ac6o ar5a.dio0aooo ?J6o?tsrloU
6rqpnitrqxSot sSoj0nqnhU as&lo!11itqi
r0l,fax60}! |itr, t-Et ,.,5,'5b]ro qr*,6rhb l.*dr6" lz iRat or6obn,' .!,A$*Jd)
aiSdo aiLU l-ol, ?ttEotl0.stJ ('Ubas t6:Ro ?0aoUsJR0lo! JmaJo5Asoitaou S.6Aa5.r)
dq{r?o ?cUcqra,\D0 eoP VRoU I osqoLL $ 3o[ ?0aRaoA eivu0af,qo Sq'o!6o Ji]i6oo,\,0]o),
[n5rL$o6 o1x5n]L ?0Lvr,60d.o &,AJa.]$r6rRotd leJ LbSi l'6aqo ?JaoUiiJq.lJ
s5br6o?bCir?o ar5ar600ioL U.\rrRp0aiq'o Lrt6o!bo 0\n$i6Rn
sa ?Jt$r'6dol, ?A..0arp, ?01$dq0.[qo [(o0ar aoa{dv$.6rRolb qr Lhcn L6Tq'o
?38oh3qxloL sS6rdrot6nir?o Sotpnt n6o3r5xoU6r6 os6LhAsS1dn P5 6r6(trqJsm}! oa
,Joalo6J5oCaoL, 6oa0R@! ?Jaqai,8o 6ilJRiLnAoOo60Ai &rgxN$sr6sq?n st6 ?otqxls qr
oA Jc,a)r,5it56illot, 6or8Rflao0 ?AAp0oAto, ?1hLaollo grllrolt ?ohq3oo, 3cr6nd$$ot6${tn
6aJqrLo8oon6taiL 0JS0aR0ls6AA!. aJbb loU s0tvo6iioL 6$ctnn5$r ao6nls$1 o5
$rr6r,ql,C. t,tr3r L6?q ?C&,|DJR0aUJ R5 t,trq t!6iq ?CAoI$SRJa$C $&tr3RJErL .6
rhlJ6L
A6U' B IAbRA&' pq,lRtlnb W'LAAT'. d$,Jan 8iLl, ll Jo6a0qrP aofuo6n60 fOli
araooil0s$. $.\LL 13 sRbit6t' 60.\qd6o (or6c}It{0.oL 5rtoSnots qs 3ol'o ?lSrLcloL 6on
n5l,0..d0oalL. B!Ll, llob eoJA0pAloL [JJJ0'ro Si6oor ,{i Aol,o 8oo[oJ50ao 60tqfl6o
{o60lXtqdoL oxrqtD$r6olmo a600qplIn ito0.,60 Ao5.5t t o5t06Xa060a8$3, r6t6no3n
s6qo6rSt'nrl n5l$d,Xal5dalt3, d'oaq1at1g Lhcr AnLlrASoL aoh1qloo, 6Aiqlc,o
('or6Jli|qC&1, 6rtmaXr pr ilgtrl,oar l,nio'6o l\r SCaner6dlqor
tsl,U 13 d,crqi6 ,..o60hqrlJt bJ6tr$R36!0U droao6o 8!t,U, 6oalqU.(t $6n Sooqclq.r
rJooJoU bruoqcotsL 15 AoplohpoRJ tJqPAalRaaot 6sqsl,r033rq 630T110160l
66.6trd0o.?o dod,@rR (n5 l,i?|J{oJln) art!61,0 ai$oacol' ,{{0U All3l{o556ij I'iait6o
lo6od0}?o A.iLl' lkL ao[0(P0oo, r60rR!6o qo6JaXq0ai r6oL O.iilqol, trlo oAoL
aoT[aeilJq, a.t$0 pr,J0oiisal. Jo6PlJod! ?nodqn8s o1 oao tmrL0]oU tb3i oCJ5oJ@
q6o6pAl. ad6re. raotr, A.Ut' L3 6r5a!6d!Iooo ?Aso?A50loL 3d'o0R 3ooLo35aat.\(J
Sooosst
26
lrJdJ6O30q0L 0d1036DRO dJ6J0
I85
A06J6lrldl J5456(}?60})IOJ5 OJSAJOOIqO ?iErrui6i}}0 (6JAdrdqSaJ)
mB VROU 3l R0J0AadOo) q$lllitqCl8o l8flrJotol,
(,onbo*D p&nh)
Ria$dooo a.\5ar66alJ3ooo ?06o?asJdorr 0r6Rs3iLU lloL iaopa(u0a5u ds6;o[ go5r5rx6
s5a.'1o?A0ar?o lRtud,Aatq o.\5tAa$A |(,'l,n}o6 $m5tqA5! *6 ilolbqxSos.
ibnRo P| 6N.)J0odlaanqo, Od&,&ft504U{r. As6.n!0 ARiio {Sil .6?AtfRo Sll,lrrao
al6Jo 16 oUc6JdL ?0aa& rbrq r"r d,cpiJ6o6cliq', 6s8c,fuxx5$.1q' 3ia.6ia dlqr?o X06
n6?!tiq BSUIFCIt:
ArU[ 9 -Ao6\5unr,'o o5t06na0560]o"
?0U$o68ao $!l,U 9-?o q! BIUL 7-?o: B!l,U 9-oU diqs?o Lrarq'qa}nq'o ?0t0qoU 0\60,r.0
qr 6sdrR\3s[!,{o S$ai6O0l0}o".u
?Jt$r,6llr drl,l, l2-?o Bo6s5Ut6o rJoox0;oLo pr Bo5.\5U to 0Jqp0atr{08c}nt,
?0t$o60a. l!1,1, 36?0:'ido.0aaoL 5rl3rl,xrix}:"1
?rt$o604! rlLU 39-?o "B.5r5tl6o o6to6itA06dJdo sqor6s}J qr txgrUcas"l
?01,!o6A.i AUI,,J 2l "a.qrl!5h\.0R0;o"'
Sitrl, 9 "AoSs6lr!6o o6to6na056Slo-. 2009 $RoU soaa8c6?o 6Jnlxal6$Xqo flrUU 9 it'!q'
8r,o'[o850at lVJLc]b so5.5[i6. .'d6occaol, JRil$tod.\lmla pi br$oa0oU o0.t{l'.$6.Uo@
2010 $qol, od0a,aal63o t.l,u?o 9 t0ao8J ?0U$o633.\, 6oaAq'o0 odi]iRoU$o6Srl
3oohcr35n3[ 3o6r5U16n AlRp0aiq0a&ot ;qstojo;r6ooL, ar$r,acoLJ Rr rqor6JAoL
brnpitaoU otnqUJ$r4olmo
TrUU 9-oU M,o@spo iloo6o060do:
. Uccqr .qo.i6ttriqo noGrEUI6o rJoo3o, 6a,3JqU5G .rUt 39-olr "Ao5n5UI6o
o6U56Za06OAlo rqob60.i q! AAAoU0}l" aooolitU, s{or6itAnU ?ual.Ao3 ?0ts$[x0].
rar,66.tJliqo s5 60rqt6o Eo6cll(0aoo. Jcr,,dop, l$0!Iqr, .5ml,0oooclo,
6oa1qcal,i(J bi$s6&, $,{o}t' otgoo Io$EAL Aoplqoo, r6ollqol 0o$$o l!!Jo5d6id0o
Sxqsqo lsh[drx]oL ?cJ'6c]$ Rr 6oaaRor Lin,50'6JJ6o "Jitq,rpo l$Uld'rao
Sboq',ae Jod,oosqo on6tour pr Aot ,ror66J5oR 6r$otEtJ prriootiR J6f,OJ56L
AooOrAt, 'Jitapf,oao t!!6htr,o3o )06oop0ioU .oqoL ?ilArU,lill, sao60o$d?]Ro
qo6x}lqn6oo U0Aqs !h3r l,rcrqo oS3rLoooo.r Rr o6ul,oo0o! JiJoosq?o ih8,{aF,ao
LrrSar6o?o, J06oo'.ob }c,q',L otoflAai .6ADqI.6o qo68anq0aoo ar6pi s8ot'i arll,
9{U ihhal.iim, Li$.\6aoL ?oiJqor ?alJCaa"r.e Si.6aorRao6oU J&to0Jq?o
osa0UoosooU (16r U.\3n!6oq 65ao$5lqo) 60.qX6o qo6JatqJaot 6Ad6otJ0J6ofRo
orRoq0asao bl,Jr L6nR ?0aobcR0.?o, aroRoR Rotop0sRou aoa0}r?o .5 rs6.qtn
.
A0aldvt!6!R?o.60!qi}6o qo'60}?RJ&D r"JSoJbd,AlXqo AoSrSLIrlo
A.)qR0aXqcl$ot' ar$raaCrtors (!dn8?o6aam, AJUU 9 @[oAU, '60A ra
Jrqp0.f,qCaoU trJ6Cpo6o 6obJol 6nqoqnlo 5$ogXXXqo r6nrq16o qo6shqilaoL
l1xqoqSdot arqnSolo Srr4eoRAASoRo oJSaL UtAr t6iq ?neotr3q'38?o, otr
XrqPnXqnlob l,U60qo0r) 'i'otJol, OJqoR0aoU t0q0b[ao[ ri{a6C.l ttt! t6Xq,
?0€otr3qn}?o LJliR.\qdr6o ?JXtb..'AoL't ?&FGoL sE Ait6eoL aoalalt.'6rRto
go5o6t16o xsqqJaiq0.oU triJ.58eooo'totJ@ alaoga0lqo 6crRX6. Ro60atrRJLt
(t8s!q0ds ?0arDaoa?o aoaaN$r6rq?o 56 6AJR.\lmt.Oo6\,JBr ait'U l9'ot aoLAp oo,
no5!5t:6o cdq,pJliR0aoU Ao0ds$r6rR?o q,5toJLo60hRo i60.\q,A6o Ro6JaTq,0Iot
o3RnqcaoL AoqosSo o\D05old 3o0Jly1,s6.\q?o .\ilnL JLsbtrqo
6r6Jo[ bJRAd{Arsrqoaol, J6o66Dt o, ac,arJrR?o Art[ Cot AnAolia6Aala ?JoJRSa!
abn?ascq,oN5o $06.[qabs oJosooU dr6,Jol,
306561)6 rJoosr]AUJ e.\ B;b.GLXc,
tnq'q0d[q'J]J]$J_ otaor, {,Jd.\q,i6o ?0&lgA0doU 0r6a?0 SrLb 9{[ mSJotrS i,!SJts6I6o
ALlitqf'.r !6laoSoA6lqo odslao,pr
' diqn?or 20_14 gqo! I 66t6ol9.\5 r5 an55ap0 RrVU0a:Ro gqozrio JJ6ooqnLroaoU,
aJ8-i05clr p!?JJhqo"
I:,er6JiR"
d.,q"?o. 2015 tqot I o!5J6n(."6 {,! assra|eJ (lr$U0,t:qo
rJ6ooe,,LroJ,,L.
rq6X1q,o 5s&tg6C.: ArtlJ]trqor
tq'otllno
185
UJdJdtO80R0l, 06O36DR0 aJ6J0
AO6J5L!.il J66Jrtff8A0aJtOJ5 OJsqJllOiqO fif,0&F84() (aJOdr$qCdJ)
3l R0Jma.iloo) qJT6HSAO ?ROlrJoXfn
2rll
"ROl, pr!4*,)
(,onla&D
lAt[o6CAAao bUtt 32-lo 'Ao5!5l,fi6o !d6oS0aol,! R. Ao5!5tn'io AsqqAal,(A]Ja.l,
ii6@JtHls% <.t-. drUl! 32{L ?cl,$o60ar as5&\60rAL Ao5r5tn6o sdooccaoUr pn Ao6iSl,n6o
ijrqqCaitq0dCAot, U6oo06o6roCRsUorS {rJrA?o6CalR ae)oLoA50}l' d[6dol{, ?Jl,Vr,6Jdr
b0ottsol!, o: dh o6lqolhaX}J B6r$Cdftl "ra+iar\r 6r$60r i6ooA6oB&,tqol,
[$r6r,q0a6oao{, rRlir'iRCanpo itsqJa! pr "06o{6otqo (4A.,{6'lDOor Rr
15606 tllvo6ras"
l:6,]rlt hsqadqssS0qoloU r$rto, lrtt l2nb Ja ?cbSo60IAAot raoJalrqcar s6 oJosocaL
a5.?C5Cqc,[rE'bX6rXqX6rU .n6Jo[ to6.6tX6 i6A.6o]d0ar$J, 6rqas6 d.\5,JU
!6ootdo,trLroltqC,io BoSsGtI6o rJ0oC06o qn Eo6J5tI6o [.qR0AIqC]0do s6 b.$6os
5. tJ,JClSOtfi'l En(n $AAm qJ DJ6?aOd0
LsJrflotoo Tgaerhr3q'nBt, Ri I'Jd,l.Jao aa!'6rrt:
20t2
2017
trJo86td, laoohsFaao:
t232
Arqlqn l,shl,{6r}ou ArNAdoo[0.
t1
l,rq trJoeltbo lr8ots,<d.
27
1219
l,il]!'&'t6 t5t6*!ao:
6i6n ai6!1qr4oUe0ot alqlhRoqo l,r,roaolon
J6brio?t$oi60ao[ oJedtooao
6rRN AUqoiS RrJ.lh0aiqo nJ0il{tolao
(650)
tr< t d.&tG trl+Xdi.
0n5D
(116)
\202)
(71)
(lll)
(8?4
?. lrb8J &EOt$AAlo
l,Las ?0&'trAqClo &fror3lr:
20ll
?oaolJs0leo aiqCaf qo S6.60oq.5
lllArbuo06E am5060r.L bruoRCop$ A.(iliRo aoAols
70!4
I,l2l
lJilsl$A.qo iri'o00a.p$
l[].
1.t02
524
6ll
l8l
332
't92
1t
[tu lA8ata RIao
1,@
E. l,JO.E6JOfi9hJ'ni080
l$oJ06$m b!'nIAa. &r.O!al,:
20u
[!qtr[04. Ns Jrioaooao
!61(.tr6C}leo ?CCa!R0}J qr iniqaSD6o
tE 66.ell1GoEdto c{AXa t!aro}6
z0a
llJ82
t0,72t
681
596
t2,169
:s
IlJtT
lrJdJrto)30R0u 06(,35IR0 aJ6,]O
187
Ao6J6UAl J6656OaACdJUOJ6 OJ6eJrnOre0 3C6ffin50IO (6JA6dCeCdJ)
2OI] 9ROU 3l qCJCSadtOO qJU6lqCdIq0 9Rol,Jq,0OU
(n^t'",&D *dao)
20ll
2012
[sxr6o ll5es6oqo[ oit6oeoleo J.ttoaoL
N{o6rGl,AastDr6 esJrAEo6oalqn Lr6xfao
1,092
lDo68o6esooo A!aLib!6Ji.
929
165
,r.}i65qiii" [!6*0ao
J6o86!8irqf, i$6!59{qtotoL Lrd?ao
l2ll
322
tE9
205
6ll
J6r,t0toiqo adlrl!6!4.
L00orei6o N5LA!60ir
l?0
6C0r)50o Rr io,J0oJl!
418
408
226
29
7t4
2A
la6ulerRol',jn eo8.Jsodt rarqqea.
l9
&lcqo60rs Rl il\los6 R.t,j.i0EodlCalreo L.6teai
l16
7l
9s6ao3,lieaC6qolooo [.61c04,
145
15
48
69
l116
72
I3
x6
t19
55t
451
ttq tioddn q6 !qft5.to.1igdr<. bqaii.
6J46
5Jtl
oiJooL [rd]n (lC5o?05J 17)
ra.,ti6ol,!ODo[ b!6xo (?!6.?a5! 18)
lJlt
1.294
l,E (Ho- d.! tr"too
596t
1:15t
Joii6oJ{Jm[ L.61(0an
2tr59
lrEJ.U ao06 r.ortoS$Ucdnq,o l,rIs6m l,rSr6oRot oi6oRotrqo Jo6illot tr6tillo aoo(rrflU
UlJi6o Cqr,L Ao5s6[:ir'o an5odc,6o5aoL UraUrbl6ors RrJrr?o60]iR hrd,XC]L
AXo lJ 48fi, 0dIXlJaiEOi)ao
!l qo.t0oAJito, 3l q0,DAa06o,
a)l!
2ol2
2fr,151
2t,14
r:03,65t
t,087,192
a.apo6i60 i56!6n?04.
@)1'
t49,45{)
btq sEo R| Snqol, o&aJiRrtaoan
IJl4.18l
6!(|10 Silr{o ioLoi6" Csrei6,o
90 RqcaNJ 0sl{or aJo50 R0.rol,oitJao Bo6.,5Ltn o5b6o6I0Ja?o
2013
1.471)72
{r 2012 gqdot 3l ,{,0110}6ot' 3,r6oar6narAoo, ?AUlarAobrp 851,737 rer 1,102,%l ros[o
qsrtro 5r5or3Und1qo ono L!06o!?o6oLo rqo.6lailq'o JJo6o0o;16o 0s68oo.\6taolr pr
o.\6!a?6c,aq'"dot r,6as5o$roooL (SAoo) c,OpiAd)o (2012, Ob6r) Jc€c{6OoXq' rpr
Oit506.\q'[6 6r5,J?o AoARoSr6A r6bs6ot0]la R.\ oo[8r,OR!ro pqoaR0 p.t.\6[ol' Crpolr
AJoSt eclm$odra'b0
20ljl Rr 2012 $qxloU 3l qn4aldnt, 0q6oar60oloo go6iSt:l6o osldod?ldraol oor,ao,Orto.io
roq0ap0 Ur$Jolm xsqot 3lo6s pc.)o$oocAtc $qo?6o llJJ6o0c56o arsn,jcrooL \Dc.lrtoso
?Alralaobsp ?Arq0C6Rr 0.0t2.42 R. 0lG3 J6oC05dU
29
r88
bJdJdtOS0R(!1, 06o36ARo aJ6do
8oGJ6UAl) )50)6fi8OClJlrOJ5 OJSlqJdo)iFo UF(}?{ECIO (oJAdd|RAaJ)
mB VPol, 3l RoJo8atloo q$daaol8o ?qouoxrru
(@Lo*b p66ro)
rc. A(l)ObOoSOaO lr05J5lra4o O6UOOOl60dOl, 8O8.)i1O)
20ll qr 20D SRrlot ll R0J0AI6oL atpa.rar6flid@ ArmL.'Jscao uJ.5!5Ut6o osLooOto0a{,t'
ao3r6o aoo(r.\Ct:
3l q0,jr8A06o 3l q O8a0i6o
20IJ
0cDD.rJ5ra6 !n5n5l,!6o o6t6o0!6oa.l, 0o0!do
20D
I d.
armlll,[604o .6ri6nIolPa6do Bo6i5LI6o o6Ldodid0aoL aoasdo
58
tlq &!oLo05oao !n5r5lln6o o6l,6o0n0oa.l, si0otlo
roto'6o aiq!6.D
&D[or5oa. !o5.5ui6. .5t{p6$dr.! 0.0q4o 06.dUEr
Ai"oLoa6Jao 60to(056n to6s6tli6f, oSlldodndiiol anar'no
6ffi n5s6tor60a.U t aUtClo
Joa06o.iR l!6dil,0 il.(r0atrqo loqo o6udsSo 'L [n[[o
l,n!q &EboCSCao !.5.!5t 10 o6t0.0!0raot &3!6!, 0.1r,?5!s{
i!<n6@
170100
lo.00o
26,6n
4fi,,2 ,
91p16
pi 2012 $q0.oU lI q,cJ03I6oL 01q6,aasr6noloo Bo5r5t:6o o6l'oodf,oJlot rDbao0\D.\no
p{J$c aAoo crqol, aJoEJ ec}'$"d0}$0 $qoli<,o l'.i}1m0050o a!5.d0oo ?iN,ga!6P. 0
2013
J6o0a60l,
20ll R.\ 2012 lqAAot !l pJJ0a66oU ApAo0r'6Jc,I@ trr6Jl, Ar.ff6Rr 6a?o6j6Lo60]ot' LJl,lDdo
6n(]g8nqo or1 JoaA60otrq ar5,Jr,0 330,179 msto qr6ot oR0SoEoo pr LJA doA060o t
lrGJ$I 5ajrc so$l,o q!6o1, oqaHd, ?al$aiAol,.p 37!4 75 po 555J gqox(to
l,rJ6o,o050., as6sJ0Jonl, (,iulr$o5@
tal,tol, r$'trSrFUo)0!'
tJtLol, f,$6X5atq'UoAol, oojo q! Jr6o006oia0.o @@c'Jiq'o !$6l5[cqJotsol! ooJntoiloU
6r5ob\36nls IsSJoL tblloL 3006 l$6rsrcRJotot@Job Ao(0IIRo ooJ0ior i)
l,sJ!6oCCRot 3o,:36rolrt,: 1"o Js6JoL eo06 aJo?alltq'o arto.so Jr{!,{q,ij}o, a)
l$ll?iollod,ol,m arSJob Ai6r60o0aq A) ,JoaA6OoXqo }rsJalol,arS UALLoI sJooSA]oL
3ooLo35s 3s6;ob AoSr0s6iRo JoqodoJol JoAooi]Oo J06@Rf,q5p arSLJ$qA6iJt
oooo nRo 0olol, !tr6i5 oqUo8ol, p.LrJ.Sr.rq os6[s[. ;1605oo ArEt!1l({36Iq
orSbrJlor6ahq ?Cao[flid?o, }JGJot l$dlo :ARJdraotloqG t$6XStAqUoAot bs6J'40
a.UOJt' Ioqo o5t6r60ml' tJ$ho. Jr6.6o[ ft5.ba.\R l$dlrr,offRotr 06ol]5trR aisJt, or.65nr
AUttLJaqol, DJoorJaoU qr$i,qJe0aot Jo'6[cR.No :|tqg.
608o6.5to'n0aou LrLb0dr,J ao{dtqo it$d'?S0AqUoAoU do6oorRo 6oJ0anr a!5Jot 3oJ6
Arao?0rlXqo Lialq'o a!U65o J.{rqRo}o, Joa06ooIqo dr6,J0dou lDt'Al,[o Jo'6OBlqo t{.
L.hcq'asot,. ltltnr5o jrqlqrcao.
d!5,lou l$alo a,,5o0o6o5ob l$aal, I$6I5A&<noAoL U!a!r 60 eo'6ca:|q0a!U, ?a[r]raolo
[ARtA,J6nR0]oL osSrLtuq ooho3U {nalo0dno f, $6l530qdo8rt q,r A$ohol{.ltL
Xt6ISSAqJoBot llJ8.t{6o {o'6AaiRAa!1, Uat[nl, orutrLl6caoL 63$i]6aol, rRflJaooT6o]ol!
An5[oqAotilr
t0
t89
UJdJlno)3oROU &4(936IRO dJ6('O
t06J5Ur6 J5A&10t6CAJUOJ5 orJSqJftOtqO ?C50?35CaO (6J06dARCaJ)
2OI3 vRol, 3l E0d08dit00 RJLrnDqiDiqo SROl,JOirru
(@tr,&tu p&ab)
ll.
EJ?OCaO UJoilolJ?(l)'no i UJSJRiO(I} l,(%qft fl,l,tl) trr8Jr'1o)
SiflotAn L.0fioi?E6oLE UJCrq:$o ill6qot ("1t3) 0oiboo aoolSrXl
3l R0.,CAa!6f,
z)'J
3l qaJ]aa to
20t?
SDR<,L !60160?0 Lrotno.ffiol$, l60.qi6o $o,6Rto
ano[oe6lao l$Clioilotuto Liaiq?6o .|to6eou M.\6o
aoe(o6s6! r5A.6ol0ao
AdlPo6n60 r5a.'6oiln N I
eo0*o6t60 15a160?0 N 2
916
25
25
91t
Ur0nortur6olm b.0.q!do l|ofuoLas5 &,(oaitqo Lrtka0io
'1o05{.ano t0on6Haar (sBA)
72,805
420:t52
291,916
7A!,791
E7,025
82,7%
[oqJr4oaol, q.Alqfi! qr 0,Jo5.!&Jn6o $6R! CRGF)
$mb.*o sDRrl, lD[LiaC].b ar6![e0ir
l,Joonlqirtu SDR-oI Lr irtoaoL AJSiVoe0ar
584.210
ttq 0lEro\qoaoao t t',o.4'l6lrh b0.q.i6o lllGqot
6!6r-tn&R!6[o 6r?o0]a
l,.0dto!Ec*aol,o l,!0!Rf6o So6qot .o06!
UoCl4olEoit ln ls0!Ri6c Ao6{.b
R!
"Booola
A"eorURo l,.btt!i.b
U.Car,ibi,to b.Arqr6- r6q.,l,ao5
itar6oiqlsr,rlie lq.ioE Sit 160 JrE{Acoao
5E5,IEI
957J85
171,445
I8Jll
(w2,
(14D.719
sDR{tr 15A!60?0 l,!06o!3(,ilol,o l,} rRroo SoSe?o
SDR{I' r5ar6o?o $d6Ac)rqal6t }s6srl, ?oapoSrtin s66r6o?L [sXt5ortuttlolio L5 "Rnoa)
oJi6l(Jo$otr qr
Bc)5,{Ao, 6r'aCqo(t a.&)nJn6aan [01[0doi5 tpsJrXtuSatlq'o
SDR_ol, .5OJ6o?o do6,D!\.rP
rSbrd)otlvo60lot.oCot
t.06@!?r,6oln, l,Jrrq'I6., nc,5por6
o,r5ita.q ao,.,0a?lR SDR
blq?nJ6aqalot
Urnsqn6o
br0rior?o6oto
?i|iRoJ6U
3er5qot6s6
lbBtr6;iot \,o6sq q! tiJ0orq?6 6r5s$oqxarl SDR{,1 r50rd)o?'t'0 ,{t6o0[iRo
J6(e0t6OoL i\5s5Ad6o?ndr [qra. l,r 6or?(e6ob() b535Rt0o AnEPob aoa6
Ar$61d$n
Uc)AJqJJn6JIqs,e qrq6n6oqo 6s5s6nooo, 6oalRo(] Atid6ali dor6oorq 31qq
.6tJa1q, at,Jqfl.\Ror6 t.\tr.\t6o ai6r;1;oJlL 2013 q: 20D lRJaoL hi6fl.\llRolr?o
L5?IrRo VRoi6ai lb.]6o(J056o 5r5s33notu ?XLsdoflotDq ?JrqAoSJ 0 t4 Pi 0l J6t,(rl66o
1,.'C66Et!6o!(, UsalRroo Aofuot 8o8RosldC !54!6olalo
tsofuou (,60 rSor6oxoL Bqfdr: aoApo6J6c
olto6oUo t.Crq1t6o to5qot r55r6"no Nt
oL aor6 LroJ06!Go0 r5?,r6o?[So,d,!aol!rotoL,
U506or?m6ouo UrcrR?loc, 8o5qoL 3ofl1
1,i06d,.)Mol,(, l,sSlq'Joo W5q.1,6.'5 &,*rdlRo lDtklC'o
l,s.6or?c,6ol,(i l$3!qT6r, OoSqobarS 3o,tu
a('"
oRld'oaor'
t.;6.o050. a.'6.;0."t ad6l .o 1,Ror6 P
('Exrended
t6.r.qXrt
a".,a",a.r.s.i.;1o
*"ac,oir,I .-g,'
tb3r
Ur3@''3'6o^o
ircfri-*'ruyi;r dr,:[d;-l'.'bti'cdl, c56.4sqi6o dJ6JcdoUJt'5
]I
190
LJdJilo3ARoL C6(,35Ufe0 dJ6d0
AOSJEUtrli J5A&i10BACEJI,OJ6 O)J5qJ6O)iqO ?ffi0?35C60 (6JAitdCACn.))
2013 9ROt 3t qcJcSditoot qJbdtqcatqo ?qouJocot
6@rlna,n p,t4th)
o$n0orRtr6o qrSALClIqCdClol,asS tJbblqodU Jonimrplq [idit6o [rJ6oOC56o
Ar6rdmom q'. OrUOCab PRGF.I,C inqJlou aJo6C JSC[5Aa'tC l,iAi6o,!?o6ouo Ur[.qXdo
?o5qotar6 Aot{0trtRo 1,6[r UrH,60loLrocot rfuasr4o d6JU6o 56 r6t0]mat, 20t0 Sqol, 7
onSlt6o{r5 Jr6oOJ50o PRCF-ECF U0l,60l\0 q6oC}@ briJAer 20ll !,q,ot, 3l enJaAa6.aqfl.
2012 SqoL 2l ,{,cJJAl06l! Lrc6or?c,6oLo Lr3lqtdo 8c,5,{o[ UJ]ioa 2014 fqol,3l
R0J0Aad,iAp0 Ar,{rr0sq! 2010 VRoL 7 or50r6t ?CAoR0dtrqo J6o0J5r1ot bindal]r PRGF
l,Cl,hl,a 2014 VRol' ao,Rol! I'iil6or?f,..,o1o biAiq'noo Ao5,{,o bq{!bnI{.0U trJ6o0t6do
ArsiJAaodt PRCF.ECF UrbUd'AaoUo3ot ps !3 0'.60110r.015 Uomqt ort tcRoFrq?o
arSouolqrtL Aro- 2014 VRol, ?cfo0a PRGF-ECF [gtb$$x aoUsqm\u50iqo $q'ol6o
trJ6oocSdo 6$rJ&po ?n*5n5U 025 .l6nm50tJ
b?lo tIqor6o p.itDd,3 t' Ai\.olir rpr o0sq0..\(bo Lrl(6ooc56o ai5.\J00omb AJc,sc SBA
l,.bLr,0ao a.00AIq odSi 0ir)oor5o Liil6o!0c6ol!o d!0tJ60Cdoh q,! o6it0t'0o60aoU 5lrolou
sq^t6n5oL aot5oo 2013 \.r 2012 VqaAoL aiSalcqoai?o Vqo:d,o tiJ6octS0o bs6i,J80oil,
atollitoSo SBA trbli6dt0 ?JlralaoUrR SasNb[5U lo]l-Bpi 105'l 15 Jr6o0050L SBA
l,0bbol, pJ3s60i q'rovuo 20ll tCs{I,.
UrJi6oi?o6oUo brS.RI6o go5pnl,a.5 Ao{0IiRo U.[L.60ao aolRonS.\R q05oao5o6aa {on
SDR-?o PRCI l,Al,bol, U6tq,iR prarilJr aotiRoR6cqor 2017 $JqL, boqc, SBA tJtLoU
2014 $0q,1,.
sDR l$bUdSa.U a!6{oqC6s
sDR bihL6rlou ar5.r$oq0ar S!6aorp6a5! t!r6or?o6oL0 tra!i{'il6o tmERoL aoJ6
f,$6n53cq${ol' aid,0?0, LrJ6oo066r, 6r6r6nooU Sjo6n SDR Urbt!60lot A.\6n$oq'0}it,
$maiqo Rr UJ0Oo5qT6o LrLU6$oU Lrlo@ l,rbU6doU t oarqo orsifoR0ds L.\a6os?o6oLo
t60nqitoo ac,6Rol' ih0il bJR?JJ6iqCdnU or6nHrR boraooaqe0a. SDR As5J.l8oq0l.U
xuqr SiBrioUsoflol ,jtFoo[ J6oJo6ootq.p 2m9 $qoL l0 rb llonoo ,pro.6o(JaXqo
I'i0r,,or?o6nl'a, UrAiqiOF tsc,5(,o[ bJq?0JtnqAanU aaoo[c O3Roqadr, 6r,Acqo0
6r6lln$snr4sxL sDR I'n[U6alo[ l,J0OoJqi6, 06oXJdrR 6.\SiVoqAa!1, nJr3?.6q0Ar
6qolsqy6o qo.6o11crloL b0R?tvUoail, q]3q'oqnloL o.r6sbasp Us[Lt6n]o[ LJ1loo1qy6o
ArSiVoRJaJ tC0l,r, LlJ6or?r,6oLo Ldil.qfldc) UoSpot VIldI0It, aro tr,6ot UrJr6o)a0q(!l!,
2009 VRoL 9 t0JdAAa06L V0t6clo ar asSt,rtqiJ67q'o 33qol1q$o :Hq1AJ&rLoqSo .6ni6
SDR trbl,6aAo ai&,ofl5o6 tr!6o!A16ol,(, LrA.qIdo Aofuo56 r,l06Joo0aoL
a!5Ur[(i6(}oa,{A}q!R. an5,Jo trbb6aaob as6rEoq,J}rL 0oo65g[ [sxtlos?txao[ti LJS.R:do
To6qot! Tosr?c ioboX.a 0.rqn6r?. r6l,aliq 0iRRaa:qcrlq
UrJd6o30qo, 6oao60 l,rld'or?o6ol,r, brAiqlot, SoS(4L Vfi6o qs l$tlll40ao[ Aoa(ra"
Js0fl)Er, srRR0IXqos L!06orao6o[o lN0rqtrOo BoSPoU $o5s?0 o3 ossLoo, f,oa0q:no
f,doqt{0ar art!$0 A.5rvoli0a?q $Ao6Nr rJXAIRo(,Aaiq tr[[6n][ qs 5A]oL3oA6 l1[3i
onShrl, 6oa0qo0 SJxcA,.DSav60li arpltle\L tm6olot ?r$mJ6oL, 16 bJ 6o!?t 60l,0
bnnJaclol, ?03o[3aAs?o. SDR llrtL6caot
"goRaaol,
qi 2012 !t{0a?o ?rtr}laots,e
a.r6J$oqcdoL ti.)6r'(]06oo ar6rJc0oot, PoilJtoSo 20ll
p!
001{
15
l6oOJ5dU.
l0].1
ll
?Jr(oAJ6R. fqonrr!
trrrRndc, "J(,spol, SDR 0r5
l,lat6o,!ffioto U.t0!q'nOo U,6q.t,nooo
l,rxit@r?c,6o[c' t"iFRltdo YtoFN{L Jl]'ao ' Sn6Aor,\Da05L UsJ.c)oautqc,U Lr$0i]'tc' E05s0n6l'
l'.'#6."i1.6"1'. t,.'1t..efl0c, AoSeto. r4r,A0q't'!O 16 J6oltb0ls trJ6cr(tJ50c, Ai6'dijo'o'
l$ rto.'Mol,o l,.'irqr6,o !o5aol, ,jsl',ool,r qs l,!06o!Moto l,!3rqtroo !o5qol'8s5
&,q0rfE. lr"tl,,6A."[ it6fSSflqlrs3( Aw Sqs,aoRo t.5l,.n5o d!(!qRA]o
yr"Un.5o .$coqeo ?JPAidr [JA6oJ?rd'nto L'JrqX0o Ar'5,{"1 J0ooot I$6I53JqL"Ji€"qr
{q-A.qi rZf,oS nolUn q'r6olN er UrCdlor?o6otF UiSsqido "Jr5r'oUa"6 aoR0'iq,n
191
tJdJ6(,SCqOL C6035Afe0 dJ5d0
t105J5ulil JSdJltOdO0aJl,OrJS OJ54J6o)tqO liE(I&6OaO (0Ja6dECer)
mB fRO! ll {&rmainoo CJU.niqoalAO !R()|rJo)3Ol,
(!61"n@ p\fiao)
Uit't60ldL Tt6nEA0qtiUoBrA Bq,oaoqio 835225 mrLo qidiotrra.S A!l'o.\6n J.r,..RRo
lJ.\Ji6oij0qol aosc6c)aoL flo06 aiar'?lJdtrq oJtu 1992 TcqL Us06on?o6nLc, l,rSrq1do
no6!ool, JiJoOrUorS aoar6oclr?o il,6it6flRuoaot Urhoo Jil!0dtrRo Arl,osSo Ji,{rqRo
Saio(J.\Jl, Us06or?.,6oUo U.CJqtdo AF)5,{ol,i}r5 trJr6oaC,qF,t Aora6odol$ R.i tr.\5JoU A006
ilo(dttqo l,run6JloU A@qor5 soao6Jq:|6 ('o6caiRcarL. tsJtorso Jrq'lq'RoL 5oAn6.qJi6.
('orrr0a?),q0a! oOARCL Uo0Jq$qoi6o 6r,\orAitJaol$L qr 3r6Jo[ aord, Ura..,os?r,6oUr'
s5bn6o?oqb5 trbUd,J}oU aoqaaoL.\l' nJto56
U.[.q:b., Uo6eoU Li0iroo
'nabi{iUilaoU
JrprqqL ls5lo aq,c,aL ?06r[aotJ ao$5oo, ?0p0arp aoto JR6oObi]i bqtd! 6i6rb!]rqr6uo
r6asridt$U qr V.\6ao'qb05oRo! 5(i&,5rql6o eo60d1qCAoo
12. 9J'18001fl0 toGJ$All() Jdoo0oao
Jo'nr'aoon,
L'rllttli61,!'
qoi60l.1q,Jan (.603ilq04.
l,rt,i(-.j6l1rr
(!,,10aJqcar
.r,)6.,A.010
(o6Jt...lRJan
trJ6o(|056o 6.tuJa!@nU
llsJlnloe6oo ai6r.|.ro$0
tlnii!6uoJ5 q.,ln0io6!airR.
rJ0oc.
92
l??.101
tsJtu,0056s As5sJ00o1,0
!oz806uos6 RrJsCso6nhqo
AsqqCaXRClJ
Va.5ei lol'.oos tof0'nl,to
(6t2.05'
(414,950)
(23)
c9
l.6SoOrrfo !.5i5tr6.
ij6r'0d"
(5)
71.339
(5)
71,889
(4r49r0)
7lJE0
fs6Serslx|qo to5.sLtlto o5t06trA050dol oiao?JclobJU als600io h?o6t\o ( ,qoi5
soRcr{o6s}U i}!{ib\EoL 0i6J?c J5 aOo6A btqDt\.oo Ut 305.5[T6n o6l,06trAij500ao L?o6t{
ar)oo.\Jl, po{ rioLJl, !.i !601, dsqos6 Snrnxgo $!6aocalqo SoErEbI6o o5[06:]AJ60ot
Jr'5d.6!d6oL UTAXdAR.\a r6LAaiRo rJoocot eor6JliRcdr?o, Lrl6ooJ66o brSrJccooLr rE
o5t."Jill,oU toar?o aoa[pliian fuo6J 16qoqx]J ?ntsdqor Poao ar8Rl6r odc6mL ar6Jol,
ao0iilr,ll r5 $56rRtJ.
bJ3)!l1() AJMJ6O ARJRqOU)
Iritrl6r, yrrUoso JsqrqR$o ao%rXL:
ll R0.,00iJ6o
20ll
lDt8sloro l,sarqo 3!ls5o }{\Rqoio,
!l qr,JraaCino
?o12
r20.5?4
125,651
l9lr6
Bs.t sEpublit DcoLlchldd
Gor.l|llMr of l[c Ndh.n!r&
l8lll
lt94l
307,0?l
l25S5l
l,iJ6!5.o@5ie!dh tDXw4m nrll$6o $q!qr(Ca.'
AfticM D.Yclopmat Blnt
't,446
tl
192
UJdJitOS0ROU &1F)36trRo 6J5,ro
aoSJSUid r56&il{IXOC6Jl,{DJ5 o)J5RJ60r!qO ?{EO?{SCU) (OJAOdFCaT)
mB ?qot ll CotlCOa;oO RJriFoaFO TRflrJO3ot,
(bleb, s',firo)
l,$OO56oU l,relAo !!lv'i5o d.e.<qOLt
rcdihskft nkr W'.d@ulD6n
92n
t6,060
t2,t2l
6 08r
s97t
ERt AbwicllungssElr
Municiprlily FiEn.. PLC
5211
3518
1,149
!a1l
cris. D.! Dcpors d CoNiEudN
J.pE Bul for lnlduoBl C@FEtioD
Ber Ncd.du& O.ltEoh
1,458
3,a17
1,0,44
F.dal Hod t $ B.nl
lJl9
tJt8
Kmwlb.rtd AS. Oslo
t.7t7
cdtdi& Rclioml Aulhdiv
F.d.El Hm L6n Mons.8.
tc.dinrrbll 6Er Wi.dmultor Fr&lfln
Ulq l$3!irto ril,on6o ,l8sREolo
t06,841
!1,rfr1
4ll915
166J00
JipSoo, sbrtoq'ao 3o00Ai'{o. l,5Uii6o 1;rlurso jsqrqqx8ol, l,sJ6r\tJ50r, b.\SiJ3Jmitio q,r
(o\tt56aot a.qcloi
ll a,1l1aaa6o 2ilLl
LiLtqatoso lr'3.'qo tllxr'6o
20,,L201E
l'!.ll6|(\,m'Rjq:|lto lsJ.'qo
l$i6066o[ l$OsRo tJil'tu6.
01(6%4 P4
201+20tE
3l ea}10ar6o 2u2
q.3olfr,I,
fRl'il4o
lsl'a.(lS06
!Nq!
ot75ve3J19,1 201!20t4
tw,
0yy/r4 tv.
2014
201!2014
2009 Vi{ol, l0 oilqoUt aJEJaJ i}$Ao6A. lip,}sbAilAJ 60Jo5t0fi1ld0nol'.\ 1} 6s53oo#1}olu
br06or?r,6ol,c) an6tJoJ5, 6oaqot &rlrxN3oo ls6Jo o60lt0oooillol a05JXC6l, 50'1618l! o.loL
.ba50i( ,{r !.\6ao8\lpaa6l{rp 35bols Jr(it{rro0d?o os0ilUood,Jdol,i \or r',0o5ilijl,On6laol,o3ol!
qs o5rrnfrtr61lt AtL O0d5oJT6o Lr,Jr,6Lit,q6r0q" Lnti3otJ}ot ao$oqxloU Ao$Ed, a.6Jo
1gR;l.&,t"q,os ,{6r,,trpiio b.5rLo63d}q'r,L oSJ;LOoOoAIot t6unpnSo}ol 6r'l,r6q'r sE
?J33o6lat oGAJIIOo1JDSSoL aJSJNJd,n[ o6?todr8o6JaoL ?dqla
r-
aJUJUoa)q JdltiBiHo O63iLO000Aa0
ll qetoaiJiro
20l1
s.tl8ne.p !6trarqo o50C$(}o0.. Jto!6o Oq$d:
l,sbrq8l6Bo UlCrqF !olh&, dd(oq8Cail
AuEllm TErsury Bonds
r,lll2l9
!l q&t08i0dlo
Nt2
t15,0ll
961!J22
180256
l09,0t?
612r0
69.183
GqruOov.lffi
AEri. Covffit Botrds
Lu.Dhoug Govmmt Bonrb
Ncfidl.dt C@.lrrtlnl B.odj
Aufil'e IEGUTy BrlLr
Bontls
tr
40,091
?t.16?
loJl8
1t,998
I9J86
24.lll
lr12t5
I93
LJdJflO30Rol, 06(l)364R0 8J6dO
$oSJEUUn JSoJitotACaJlrOJG OJ6q&nOiRO t06Olr060dO (ASddCeOU)
2013 VROL 3l qCJCSorilOOl qJl,ll'HCalqo 9RouO0OU
(@nk &- pt 4v,)
Finl.rd GovmMr Bond!
lDJ6!6so@5!Ri.io
l,!r!qo toto!5o jrqlqR0a.
t,f2!fi2
lt5039E
91,t71
Eurcp@ Srabiliry Mcchr.Fm
Et,t@
Empsn InvcsEErr BeI
4t,t19
194,8@
EwF.n Fim.'!l St bilrry F.cihiy
5 t,0E7
lnrcMrc!, Fi@c. CorFElio
17.010
22,t@
20,ll,
,,q9
15,7t9
r
An Derclophent Blnt
8,6?9
1,U9
Council oa Euop. Devclopnnt B.nl(
62]6
lnt r-Ancrim D.v.loptunl B.d
B.nt( lor hcmatiorrl Sctll.m.nlt
t,98
s4$45
547910
l,$6J56ot l,rSlqo S.l,r5o r!(.qqra.
KEdillsr,ll tuq wrdcnulh.u
5Xq.8
Komuirvd I Sv.ng. AB
l,
1t,t65
4l795
.sh.dntad B.d.!-wErndb<rgFcd.rb.nr
11176
F.&Bl HoD. Lon Mong.Sc CdFBtion
't ,021
*,'1
22,(xE
Banl N.dena.ds. Gcm.dcn
ProYinc€ ol O. En o Canld!
22nA
25,7t9
20,129
BJEI
t9,r5l
t2,l8r
t,718
O.dcft ichieh. Kdl,Dllbat AG
a7v
Fedc6l Nslodl MonSrSc Asialiotr
al,76l
t!257.
F.d.Bl Hon Lcn Morlgagc CdFhtion
Expon Dcv.loptuN C...da
8t62!
L4dvifl!.hanlich. R.nhbek
4,505
1lJ9
Qecsled T@u.Y coponrion
12,tt6
N.w Sonth Wal.s TrcBury CorFoEnor
l16,l0l
l, { O.lrounplA rlntoaieo o50r$.oo0l{, rolouro lsqrom _
2J86,t41
Uqfil
Altt ,prp !6brarqo oqal,ooooalo r6o0sne. 0Jqid@
btaqA$orl' l$0.qo Allh5o ,5(5qE0.n
I'rJv4oit0r<,rnr ahild,olnh oaRoA.\loJio
l,aR olU.Un8le !6U0lEo o6eolroogoClo C6o06!qo
orqt6m
l5
42,7!5
8,159
12"735
8,159
194
I,JdJ6O3CR0U CdtO36AR0 AJ6.J0
AOEJ5Uii, J5O$t(I86CdJlrOJ5 O56qJ6O|80 tiEmfiSoao GJAddR0IJ)
mB vrcot 3l e0.io8ad00t qJUdttRCotRo trotao3ot
(@Lo&D pr6*,)
Asl,ruop5R !6tJ hqo osAJlratrcoJaoU LrJlno(lnsoo arssJa{o0}o Rr RrAr'6aol' A!{'aao
o[oqJo' S0&,@ 0b6oq?.x
,l qrlr0ar6o 20U
!l e,1|18air'o ,oU
l,}ll6.xjr50o {!O!rirl,!J{J
lrorml{-r/lr20t6 0121-.25x
Itrxflora.lr0420L l29a4u/i
Eurco.a lnE.lMl B.nk
tuolr -rtlrmtl
21t0t/DA :24ut2tt1
E{oo.a SLbillly M.drryr
ty06/fra -wwn,6
AEts ll! GMmfr.rn Bort
ogtltgvt
^d&t.t9,,/1tt6
-25!ql0l6 olgt llra
25/0arEta
l,],ovxta 44tovm,6
E(tD.n Fh.nd.l SLtilrY F.clry
A6ti. @€nMl Bonds
rr.dh.rd.i fi5 W.drxila
F.&..r liqD lm rrdlE
2U0imr -t 09/116
ztor!2nr ,gal B
r4t*4lra
ttnvmr lgnnaY
0n tNA
G.m.n GoffMl Eod.
Y/o]l?nra-2bl)/]ot6 0,!h-12?A
t-fr4tjotr
07/lv!0x
PEvlnc. ol Onr.do Can.da
h!.n.dond Flru@ cdDor.td
Leddkrdtok S.dqr
Worn nb.E F6rldhe*
/ffildnst I Svf,h. AS
tffibor! Gov@mir Adrt
E r .d.rl6dE G3E.b.
N.rnded. Go@r Bdrrs
Govflmdt or Gdl6 Sddr
hLr-ArEiten O.hloprndt B.nl
2901/2llll {&tr20u
,t4
101w20$ -zwvDr
O6t n lchLh. Konltullb.n* AG
F.do6lN.tion libn$t.
F.dcnl Hfr LM MdlgEg.
t2fA
2110UmM O7 )4%
ojla
29!v)0r4
l6!r20n -29lrl/)016
Ais osEb9n rn S.nt
84..1 o.vlbpffirl cin d.
'&Dlnlj
17[trDta -tl/oaroL
23,o17,,l. .21MAb
fivlllt
cdnd ot ElJlw O.6bm.ra
L.ndrli&h.iucrE R.nr.nbsk
Fhl.nd @{m
nl Bdlds
!o*,ll"t
29,!y20r -a'06r2Dll
nbum'6
l5r0a/!Dl6
,tzr-537t
t81t2l1nfi 271tIt20A
195
l,JdJ60)30R(l)U 0it036AR0 IJ5,l0
?o5J5tti1 J50J60TOCL)U0J6 q)J6q)6q)D!qO ?it5(Id05Cd0 (0J66dCqCdJ)
20ljl VqOU 3l qCd08d600 qJhnlq0aaRo sqol,J00ou
(@rLoA@ xl8i,)
E qJtJ.18oU CJeJaqC tR(r6oqo o63CL,O0(JoCao
!l RAEAa0.lo 201,
l,laiqrSto
e!&6iqrito
{.,6C}mOi" {(r60i!R0lJ
er8nn0.U Clplaeo lq{no!{o
.600l$ooo!ao iotolito
LTJ6i5iooc,6rq."t(rio
ll R0,JnAaA6o II2
UldsqrSLo
6o&6tR!6o
e"lioared" q,droaie0."
Irtrt{o
n66"6oEl'[mir,i,lol, i.6,Jo
[rq q!t.60o1, n!{.Aen
tqoa.{o o5!01,6rcoC},
1t,441
loJll
lt,4,tl
t0,911
R!a!tt0.U 0!e&0 Aq{*,8{
o60nU6oo60i6 0doCSrRo
c!qrod'
l,nJi.t'd,00qol' iro,r06oaoL
131)01
522,\2t
Uiq q!B!6aol, elplapO
lqcl}oRo o5n0t0o06ra.
i6o06!qo 0rqi6@
&.91
taw
'22Il
\".g.6 o1 3qenapJ gqoloqo oSaJrdrcooloU l$J6a\]a5oo aiSrJicoclo R. t{rardsoU
lspnlo n[xrqp b{arD Obi6oq?.x
ll Pr.(r0li6n 2Ol2
!q..Jl6i
{iti6cou
ll a$rran6o 20D
l(4r1,'
c{!fut
LA.l6rS.OooSsqYno tialRo
A!6!,n o,
A!p!
066r,,0ooh
srloi5o J!,{rqPoao
lbJ$oA0qo[ ao!nr6o]n[
'1lqn6s{l.${
l,.Jt6nqi50o
!!qi
lr.J{lt \}0600
6%
.
l8%
20t,4
2025
6%
2025
l,JJid,oA0qoL 0oo36olot olqo64o3lo Ci6()S5iR Srqlor?o Sv5&,qP8{61, tdi6ollqoU
a-:fline,L'1,. p.' ao5.rt, ?,"r'ol, 2m6 fq"[ a'6d?o artsod'adlqo tSqtn,ltlxqX]ot osSs[asp
LJJr:]l'ln'do txLboL lj"xsqo 3"lros6 jsqrqqn aJr6P.PSot ?aqJai(o loJ"aonnq'o[
J[o6aanRo tJJ6oOA6do 5sSs,jxxooU 3Jo61
odqoanoo0ll, b!rD![Pr hq0ar 6.UJJo,eiP
A$o@ 40,000 lort,o tqi6ol! capC6rlaoo
l!rJ6o0 5do bJS.JnAor AdS0aPclrr60ar
, bi5J,[0oc]ol, 5.roxsqotfo6s]oo
71
r96
LJdJ6OS0qOt Cd,O36IR0 bJ6do
ao5J5LI6 J5AJ6O?a0dJ!qlJ5 OJSqJinO!RO ?050ti60d0 (oJ&ndOqAdJ)
2OB vq0t 3l qCJ08E600 eJU6lR0a80 vROl,JO,3o!
(oorloe p't1*,)
15. wn5{rljo{x.rq, (i ou
Lro6xsb$ogoct Jo53ll Soogs3l'l
20ll
20t2
o|i{aodiRr bil'iui'Rle aiao$sU<o .\il6o00.oR$ (ln5n?a6s 20)
2.6
Jl p n$OdL,
2,6t8
1
l,..5il0l0ood, J.'50dr &,oo.\tL i$i6nd':d0ot b0q?cJilitq0.oU l,!ni/it3q'bc UrhrRa$oro
[s.a050ob ao06 0raoflc5J]trq ao$sUs qr tnSolsSr6n]oa0at ler ltmo ai[|t, x06
6s51ur$(3i61qo 0i&,ilJ60dot oJISJOmo. ri6oAu dos0;oL Bqoa! bss,lor6otr{taf,qor
;s.]ogsqoL r1}s[n]oU ao$5oo Lrosaltdo0m jo6c]ol, aspeoo$r A,[cs bst.Uopr(,
Aiaot6Xqo .,J0oSAai!.t$ 2013 [RoL 3l pAJaA66ot aRaoar'6ao]o@, dr.Rar6 16 oUo
AolJ.qop60Ro iLoo r6nsqo$1os .,lftt5?qo osrioqoqs6 12 oeot ar6a.Aq'oaJ?o
17. d0600J{0 barJqS60ao
dnd)oorpo L.?!sR0a0]o aooo.Ab:
e.UL!
----e-5GL
wa,
4JA
(!a6nlr6r 20)
Lr39
(,.0x)
(64
(2J6D
(7,170
!l aOdlDlar ,E
71,0fl
6JX
lt9l
r.5t3
91J9
2.136
(?rJ5D
Jlr5l
5,43t
.llt
u,4{9
72:141
197
l,JdsdlO30R0l, 06(|]36DRo dJ6&)
8O5l5U!d, J66J60?OCIJ|,O|S OJSq!6o)EO ?iEflAi6Ca0 (A$6&lqCaJ)
mB lFqot 3l RcJcaMoo, cJlllnlqiB80 ?qouJoixtu
(ro,ho&b Frt t*t)
o,7t0)
(r.'r)
o,9)6)
(r,ta,
(r,]r)
(rtl)
(ola2)
(t6,ut)
t2,t2l)
!l riJara!. zort
,r aotlcr6o xr.r
'!,61
67,92
rr qiJrsatiro 20U
(np?l)
annl
ot,,tol)
,,fi
t
,rt1
6t3a
\@
|
42n
,7n
ll
2013 |{r 2012 l'q,ot
RiUJAlr,ot 0q6r"tur61ttloo. ,lo6ooDrruo Lrh\qilado 8,aoori]t,
?Jl,rArAobne, 2,941 iorl'o lsi E,0EO ioruo ,q.d)dL U6?ri'iE A.\OAaoo!] ,Ii6oo,J|r
l,s??rq0aJil'
It. JdIJDJOAIOJqAI'() J.l}033}O
i6sAr0a6orqit6o .rddouao aooorlL
orlqsJo60aqo Ri6rarqClool
I o!50!6a 2012
?XhgrL";;r
6,n6
218
142)
!l qaFaa06o !012
6,952
146
(185)
Jl pu0{}d06o 20ll
69rl
198
LJdJrloSCROt CrtO36[Ro 6J5,Jo
AOSJGL!6 J6aJitOiBCL)l,OJE OlJSqJ6OllqO 8C5oA05Cd0 (oJoidARCAJ)
20Ll 9q0U 3l RCJ08d6O0 qJLftisCdlqo VROI,Jo)SOL
(@h,eo poar?h)
e5o6oaoR. !8o66D\N
0,074)
( 1294)
0![0eol' !C(i6sR aqoroffildlqn
4t
I AAELJ6o 2012
@327)
(IJlD
i\JLiIeoU ?ncrAl(, iRoihS.diF:tRo
185
ll R&|ctaoino 201]
(121t)
5$0i6. LnlA!5|F (.lliOat<O\
3r qCdlfllo 20rl
t,6&
!r qA}]&06o 2al2
4523
!6!aio06ort<l6o sil6o00ao aanorat J6oa6ralq trl,itn6c6quotr[ Pr qooAs$o0aL
2oB {i 2012 $Rol, 3l qA,r06B6ol, ARaman6coam r6Jaro0.6cqf6o rJooi0ao &"ooial,
t0tsa5a.Lrq, 7l rorto q5 439 !o!l,o q!6o1, lr6iqr8 5ec'60o1,o60hq JjooSSaL
19. l,b&) J660iliB0 RJ 3Jama 0&1U)
l,[[J .JooaJao &,o(rr3l,:
3l e!.Eaa06o ll RO,J00a06o
208
2012
tta. rd6.oa. uJkrnlnl r!<.d6@
$o6.U9.ino aiesb{aEo
162
115
l,t\ t[0. {oo?!ao notcrdo 0.An6M
tt0! rdonaaao 06oc6uE 0.qn0@
LrarbUos6o oj6ot ar,5000do
1.836
4,612
or6ra?6oaq0A'b0 aloJaiq'o UCL[iFo
lN[.Jo6srtilJdi.4dRr6. 0!4i!ai3o
lJ4l
2,061
9o6![tJ6o lrq.bq0io
8rO
,ll0
7,X1
tJ70
t'hCi slooAiaol' armrl,it6Caol' 6!t06ro
(617)
(1,148)
b { 1,10. !J6na0a. 06o05nqo 0.rqn6@
6,7'0
7A22
mB pr 2012 $R0fob 3l pJJ0aa6oU aRaoa.'60o&D t'h0s Bo5s5!X6o sJoocclo ?0UilJa.tiR
?DpaCSt 2,410 rorU p! 2,633 lorL K'!dr[
l0
r99
l,JdJftOSoROt C6(j35AqO 6J5,rO
OO6JftAi1 JSoldOtACaJl,OJS OrJ5RJito,lRO ?C5Ot350aO (0J66d0q0OJ)
20]3 9qfl, 3l q0,J08BtlO(, qJ1,ll'Df(0AARO gRollo8ol,
(erld@ p,t *1)
!hi.\ i].lRqadlqila0do ili,o(rs0U
ll RJ,J0aiJ6o
20Ll
2ot2
tt0. r!<qrarsCad. Ultar!+io A!,<roiE
J-ER0aiqia06. AlaFoqoaR0aol A.A160
tlq
Uho 0!(q0aE0a0ao rg10!6. 3DA!0M
llloo S!<qorfqolOan il'osSrRo a.'E?6@:
ATRRA.IR0IJI0 aoetoqfaqia.l, eoey6o
6.$2
arp.it.lPra:lPo tdolDsqaa.
2,Ul
\,937
tJ93
l3v
4ll
7v
\27
osiq'lPadirRod! 6Jiqo$0a!q aJ6J5r,6!aLr {r
UsJJ6Loo [J!Ao[ diqRodlq0a0ro
I'l'ai JrRR0aiclalan
156
l,nq bt0! r"qcdlRoio). o&.trnq" 0"q!620ll \"i 2012 $qxloL 3t RnJnaa6ol 31q6o?.r6nnloo t![ar Bossstl6o 3qqPxhqll&o
?XusLihl^1q ?0.pa06b E,917 sosU qr 9,194 orL <1*6U
thJi sJ0o00&,U ilr:tflsUi6Clol, qrSJJsriadol, d,a$06 t ac,,l6sods aon\lr0L:
UlaJ rJooaiaoU
r 660!&,2012
\t192\
6rnAJLU6$ol' rqqiltE)
,l ea.D0ao&r r0l2
(t,148)
A.llfl rl,!dr0lol, r(piril5.
215
2X
ll R0J0Aa0'10 20lJ
(637)
[[3s rj6onipou br:]$lLiti6itaol q$o,pt66$oL r6g$ndrno $otl0oor{,5n5U mi5ta36r,3|!lij}t0
osoJa:tqo tJl,[0aot' AntrBrtld,r]oL Nr5.Js660aoL 6J$0641,
'11
200
LJdJd,o3ofqOL 0itO36AR0 [J6d0
a06J5ta1 )5AJ.i(nA0aJUOr6 O)6qJl'OnqO &f, fi8A6al0 (0)oddiF0dJ)
20I, ?Rot 3l q0J04i60o) 4Jt68cliEo vqowoxnt
(ent'oen R6a,,a)
20. oJuuouE 0)8()f,5mo Jdoo&Bo
20ll
70t2
2ll8
.
?oLtoqcJ
!,r6t)
426
60Jqrly{to0o60alRo'no6axtr'Ld'.6q[ Li?i,AOaCa.
(ta6nr05. 17)
{209)
italqtlxl!.oo6iaieo 6.rA.ql G.5UL{"0* Jo6J}r GC&'1C6"
(2618)
t6)
a|qiki0s5oR6 ffim.eo lr.?C.rR$rA.e$ (?06oq6r 17)
22ro
(2,8rD
6nbrqn
lutrLlaoU ao,aUrJ(1,!6Jqo)
(r57)
p AeCdr,3l
21. AJRqCaIRCOCdO 60tOq6OO tO$6lrD6O 05t6OOiOClOl, 8OBJ6O)
itrq,lJa:tRillJlo 6[$oNit50o noSrStTno o6L6o6td0aob aoa.iio aoo(]sitl!:
!l RA.ElBoifu Jle J0a06o
20D
2.l2
0!RRaa!(0a0io'trLp056. !o5.5hn6o o6l,0odn60iol, &l8drlo
lD,jri6JUlr'5qi66o r5ai6n!0lo
ao5.AlRilfu| [vi0$A6ao aooLooS0ao
Bt.g?
70,788
992571
87,rJ58
LB4J6I
y5,t4
l,nq 0.Rqd7<0aoi, 6Ct'CC50. tl'5iStiiL o6t0odr0Cao!
868i6o loLoIlno A!q!6m
!.eqrirRlaea6 6C$oeO50o S.6i5tn6 oSll6ndn6,t-h &a!ib
ticd6nqo o.qiarD:
U",l0r60lis,5ir'r56o JEAr6.?0ao
20?,108
0d'oqqor6o pJJir$otlUao
tE ,000
tlq 0!<R0a!(0l0ao rlCtqo5on S.6n5l,rdo o5ll0n0n60..[
&A!60 J6o05r<o A.'Rio.o
(r 2012 $q$ot 3l q,s,JX0A6o[ 3p6c,3rc,0o]oo d'0$ops60o Tn6r6l,t6o oSLdodld0aoU
3oaJ6o Ut,qpJdflqCACI?o ?lpoU 1,021538 noilnqn6ol' t\,r 925,451 .oil,o t{rd,ot oPil6m}oL
brao U aLbilD,{0Lo 601,oRC60o doAA6OoI(t,, }r5,JoL E\?o0do, 6c,aRJdo(J .l,ltai60d.\
15 )6r,(rc6dL 6c'hoRc6i)
"Josr6Ly6o .5u6odl6cdoU &'316o aoqooso 0sRp0diRcaoL
.r5J3o
I.StjCdt!
Ao0ohmAi8ro
l,Jli6-0aqot,
A.6rortLr,5
06oJ6iq
Joa060nf,q
ansoarq:I6o tr'6At8{6$o 5!?oiio 20ll $qoL 3l qnJ03}6ol apaoA!60r,aM br3rqr."0airqtr
6flt068cao $!6Aor\"a051 6Jtoec50o Aosrsuld,o o5u0o0l6aanb ao06 06,.35t,q t.Rlo.?n
RJ5o3o5o6itAflqo ar,$oRi)qo l,itt!60aot I0 J6c,o056l! q., TOLoX6 rr(rDdJto
qJ5oao5o60.Iqo Aotop?q,o UrtU60doU 15 J6oOA50l! n(]Lol6n CiRtrooL
trqp0aiqAlilloL ?JAo,hSJS.)to qi66J5oqo tr8oo l-2 $JRo ao6oalqTr6o t'i6Atafuo
Er?oAao ?Jr,pbCsL 5 J.6o( 5dtL
2013
Usxsqqxlgqur 60'h06flI'bc 2013 er 20p lqJdoU ll q,JJ0iB.6oL Aq0t,3i6sra.o $Ron6o
l!rJ6r,Oc6dc, rlsrtJt0oo qr6!o R05o0o5o6CdIR ao6oAiRI6 br6il$06J.i aooBo350a$iJ
?llrls?oUs1q iltXsq6lSL 375 ,rDr 525 l6r(r05ou, Loqo rT? t{r,Rn6?o \"n 0J6oto
eJ5oao5o6 dtrq 3o6o\,Xd Usd:1r,nr'l3o Aoo[%s0]$0 0 J6ooAsdU
201
l,5dJ6O30R0l, C6O36AR0 bJ6J0
AOSJEUIi' J5AJ60?6CdJIrO)J5 OJ5RJino)iRO ?ffi0?i,5C60 (6JA6dCqCIl)
lt q0J00&ro0 qJudlqotrIqo vqouJoSorr
(n@Lo&tu p,rlro)
2013 vRo!
,2 3JqqCliRoac}o ?o5J6to,J urao50u&rou 80ar60r
ll R0,1004fl6o
20ll
3l RJ,ln8afi6o
20t2
e|qqd6R0aCa. Bo6!51,N 1N8.6't6t,ol, &0!ao noton6o
0!qi6@,
ai,apo6r'q0 s6as6o?08o
202,610
?o\eeXqo tri,lrlho60ao .r,,6!(o6o00aol, Rrh8r'6$p
6,J98
58
l,!c AleqoaFd<aaJa. 3.'5!5le! U!&5ollo6ob &8!6,' UJ[ty io
w
0jqn6m
0lqqCluqla0io !l6!5to6 l$&&'ldlDt ao8!6o Ctlo0Siq{
0iq"a6m:
aofuD6s6a !6i\i6oi10lo
l4l.44l
tJR rlqqla'{oa0a. t"5.5to! b8o6oto'(,b &Avio
0ffilRo n!€!om
14l,44l
144.4E
8080doixlJ"o aJfiliBao lln'qo
aoa(,Jofi!?o 6s?xxlXso 31qo $srt&r465tr arSJo[ A0A6 Arao?$aIR t'odrd'@Jcq,,t,
c6r,t5lq &,c{to.[ 2013 p.20u $q,0aoL ]l RcJJa]6oo pJt6IR$ZRo $qotiotot
Aoaoftlritr?o ai'atit}nRo ntqnt' !5As6n'3$0 flod6!o.. s6ot t0apmo
el,8i.Josino a.lathqo a!6J5(6iio
sosoJoas?o oJ?,o}iqn &,6id0lo
ArioJqoa?qo, 6r(\m tlqo lDqrdolo !6oC6!Ro 0!qi6iE
ffio;l0flopi6 .\eoRaatqo I'6J5oda&
trlE,09
1.751J84
4l3l,w
L5llJ20
,,.81
lE,?91
(916)
(6t
(1,607,619)
(tJ72,906)
Aoooijcfr or..J5 rooq0hqo 405000..
169242)
(r2t6,
3l e&l$otlo
2)5t552
u,llr59
3l R0J!840.6o
ll e!.Eaallilo
0JRqCBtRCalBO,JRfiE60I0t 000Jdl0)
Jqo[56SaoL aoa 60 0nRq0]trq0]0]o Aoo(trll,:
20tl
Ls0r4drloi,oUo to5r6ti{6o o6L0odi6&
mt2
l.D5
r.t66
2
tIq 0lqqoalRoaoao d{oOt{O}oU &C!6o
I,l6t
.ll
tJdJ6(,33R(,l., C6O35trlQ0 IJEdO
202
tloSJSUlil J56Jdod60dJlr0D6 OJSqJtnOlqO ?[b(I8{60ao (6JOddCqCAJ)
mB fq0l, 3l qoJo8.a,Ool qJktlqa6lRo rROuOSft
(bl,*D p,ta*1)
25. ArA(r)?3Carq0 uJ3JRfl) AJUOJSo dJ(JReC60
5oAo5.q!6o
tNa!q.5r,o
e,trolE0}J q"6raEra.
!1 R0.D0lO6o 3l eU08aC6.
,t3
208
UwiJo$ooo
[i.loo8oJ\004o
9 oJ6Ar.6o
26 0a6.l,0
2ol4
l,t\E 6l0'rlmlrqo lrrAE€o
6!,@
!51,o!&' l.E qdoao
5E1,615
ffi,5"er,t
!$iq!5to
!R.!6.
tal6rc06oo q(,,60a8ri" C"*diRC\
oo6o,nao- lr q0,100h6. 3l p&t00406o
20u
bB
l$polotooo
[r6on'Bo,,r0oao
I 0!50!(60 23 oa&rto
2013
5Eh4Y*
Utq o{olaJl',Eo t A.R.,
570,UD
3"troto $*!tlrra
56X,U4
dJJN6JRO
JsSoSoL ?0lbdra,Lrq, d!6Jol, J..looDqo ?coor0[ 3J6Job tD$It!gc]r, J.r,lodrq'tr qr
ti6tt06Ao ".Jir5RL
l,lt0tPaao ,,!Jo6!Ro
ll R0Jj3ar6ot 3\,6oa.i6J(,l"o IJEJoU LiSALqcao JrJo6iqo Ud)iqn(6
.r6oL ?06.i6oqo qs ?pqaJSlt |5,m0 sorl! Rr6b
2013 Rs 2012 $q0}ot
l,!'iA$O6Co Aosqo
,,Lid!6@aaRot i]6o05nqo .r5,Jol, ?nlst1d" [sjrr6onxqot o6A!5!R JbSoGto 2009 fq'oL I
,{C,J0AaA'!L ?00b5oRo oCqo,qJaob (Albqo 25) oisibaw (N2lt6) 06oa6nqo }J6JoL LrJrioo
Lrir'J$06so $o5Ra5 Xqps ?c.e6o&!1, l!.60$c6ao AiRot (|$JoL aoC6 aoaod(i0ar?o
Ai?AJriqo 5r,${o gUr{o C6oSSXr{ arR:tdr?o ,pr JoA06Oo:Ro }lS,JCroL
LrJr,6ttJo5p056o r5ar6o?alo 0'6o[5i]q rdRtroJ?o) 15 )6o0$do. l6r,A5IRo ]!6Jot,
Irrai6oo L!d,A$t6A(a tESRo o#5lrs VRoU 6riRol,0alRn AoallopiS, 6r'a0qo0
Ss6aoJpa0SU Sq'oL SAoS\q, aoadiL AlqrtiL0aoo AlAoSJ0Iqo r6rr6g"'Iqn$shqo g3o5t\':
eoalroU ar&iJq1.oo t'Jaio Aaq1ara{,UoqoJ aooqot' a$R.\S 1$oq1}i tao6ps aoailaoU
ps66a5oRo osSL@ UrJ6oo b.6C$0t60o So5p6[ aooXqo]oU ?01,J]r3ol'o $o5J5tl6o S,qoL
SoRot' s6l,iFIq'o L!60tA6ao niqol' op06c,Iot ls ,lrr,00060$0 6rJq08o c,r\D05odoo
?0At08o! ?ihhta LiJ6oo U!60$C.4Co 3o5qo 6s0oo663;o Abc),{oR }n5JoL 1,r6rRol,
b.JoaJ0Slboooq JAff6oU Ao5s5Li6o toUoJeot LOTEoR:6oaoU tnSs6rrXSnlob pr a8a6rqo
&Jo5oAo,Jn6o $d,poL l3q?a$Uolol &r$5oo, lsaln iBR0.!&,LoRo! Aooqc,l'
aJq.SiSdoq0as l$i601,J60o BoERoL Ar6r$oqJdr$+ I$60ta61o Aospo[ 3cd35o[ ?Jaq,aoe,
8s5;nL r5pqo$nlXqo aoa0aotJ 5i66A5o 5!7oo irfun AiRv 6o()Iot' tlJi6o8AqoU
LJ[0q'ASoA{a }oixc6?o.
'tl
203
tJdJ6O30R0l, C6o)354R0 6J6,JO
1X,5J6l,An JSAU6fiIAC}.I|,OJE OrJSqJlnOEO 3i16(}3354m (05O6dACaJ)
mB ?eol, 31 40J08.l,0o) qJro*iBlqo VROwlTXmU
(J@l't,}-o pdAro)
i0t.!6" A"RAo"|, S!*!4.1,0.o1, 60lfi68o
Ji5o5ol, 25c altq?. ?Aolsoqo O8qoqAallot orSJLabq, AU{JE|UAIoD 5$o$nn1qo
v6v6nuqor'n}1qo SaoSRs aoAalr Ao0an6o0li ArfrnJt0do[ 30[$!aou tJ00oJqtd'
r6nts6n?o, r6o0nqo6 arik'o$50.r ablaRop aoasxrqo 6qe{rLn}oU SaoEIeJ $sd,.qo[
Us,JoaJ0Strr0oc,R
qr 2012 Vq0Io[ 3l R0Jif]ihL fu6ozsrtrnodoo a!5Jar AiPiodrsr l2lj99 soslm qr 4Jo9
sorUo Ri6ot oq,n6erdoL $ao5qr Aoa03| ?Ohotrd'o ArRXooL ArRrA.L0loPtS t0to:6o
2013
cJqIooU a\traiL0aoL it0'bc60?o
alts8ople !t6t0.fqo o500!0o0oAlol, AlRrArUSaot 60$0ilSo
!q6o?5lqo 6u$it60o V!6aoq\Da06U AslrrUoRrq rnUJriqo oSe0UooOoJAob r6iPqT6o
qo60.XIq0aot' gnqoqnlttr.
27. aJiu6000ao {J J}d0a00n 8Jq{ [!qiBa]o
Is6;o orSoLo fun1qo U;SoSoloU J6oO0L?o o$5Aal' Ao5r6tl6 o6b06lar50llt
A!60Urdrqs5to AlqP0.tRSlaa@ ..5Jo Ard,ctr}5qr6l,o SsRPcdtrRcdJdors aoar6odr?o
[AqadqrrsCqr,]U 6ot!,J0]ot aJ6o0o[ .4.,30 lc,qo6oJoo, 6(,4&qL5(J o[C6AaU L$rqJSlna
o.)A6i0oC8?o
sleRClN0aa&',i&)oollqr6 qi5!bd,X&$C
2013 qs 20t2 $qnaoL
!l qsx?lrtotr aPAoar6Jc*no lrsJL 16 4r.656 riqcaalqAado
JrJo0.qn6 pr5.br6rAar,A.
to+ n6s0@ 6i6OAo
600060 ar5aoor60+re drl,r6r,, r,rJ5'io3aqor,b.,n
s#r#Htr;f[Hl$Ti*"
rt?o6AliRo! oLco 6o[Ji]Io$, 6maR0ao(},
drtJ6tA doqo r6rAR0SoaA f q'ol,
5o?35nqoXr5o 5.\Aox0ao ArRrqAi, 65&\G
6o6oo 6safo$x. 6s5lsjio6&oo i{trso?5rcon
.rpc, r.or as6raaqo6$Cqo LoLloAAnL
AIRoBC !ar6 BaRo ?AI$Uo ei,l6(,cJo5o3oJT6
q da8Jfllb ,$ trOb0T6o o5t0LooooAaoU
5i?5?qo SrloxAao $OoriJlL lo$58tnl,
oes0qor 6cia aotslL as6JAoL oilaKotritL0}ot
clr t'lJi6oS0qoL [JosoaoJoL LsAoAbSRo
AA:Rn $0Aoohl,JSJlTle 60Bo6aJd'tJ r.r
l, t6c,i5:lqn A.sJo[ AoC6 aot{Jdll]o 8n5"5un6o
arqpar'(0a0lo l,roJC650@ qor.h$0
2013 Ri 2012 $q0rob 3l RcJ0A.6ob aRAoA!60oE@ aisJU 16 Alrr6qr '610'0@0 U!qo$o56o
3rqqnlAqxl6lo
L,l,.tas6o'Ro q6S0ao
8"5Jot
aoapo6rd'J
b0siad{'a"6JR'F^il,
t;q,.,Ai5qta:, ,';1
qs t shxacaor5 a:tued"l'- .
ar6oRo r6ruJtJ'nqrb S$aia?o'oq'o
i6 oJar5'c't '\6L0doo ip3R1srl' 6r5Jot
204
I,JdJ6OSCROL Ci|O85ARO 6JEdO
805J5UAdt JSoJitmll)iBJlrOJ6 O)EqJtiOiqO [06(}3iE0]0 (6JAitdCR0AJ)
mB rROl, 3l P030850q qvxliqAdtrqo VqOlrJoSOU
(erl't*b pirr*,)
ao5r5ui6 Atuaoar6cob't0 n5 &,to U.JaorSoAoU ?JR&cJ't0, t0qiuR8rSxqmaol nt6oo,. 56
.iirt0loit 'n.roa0 r6ttd@o RrX6qJ[J0o I'ritrRo, 6oaflqqj ?CLrdq'or aoaralq?o &1[R0U
\Di ?JU.\A.rihl,up ff5r5Ui6 r56s6o?a0ar?o s6 n6oU bno0rRoLVoSClIRo R!5.rJr6AJloU
l,!,.i,t0R.tf, R! Jo6orim arRP0ar(040r.
2013 q.r 2012 fRoloU 3l q0Jraa6oL aRA0a!60oloo tri6doU l,rJ6cqo6c, pr Jo6(,anoo
3sqq3SXqnldo qlsllaolllp EiNb0aoe! 6sao?00tr!qo r,J60po6ooitdob6r5 0 p! 659t
noitn q!6o1, oPcSoloo
Rrkrcss
.!5JU .adna* s6 ars65c prieaclio8@ JG S0opoaoo o.ao$So:rqo aoqcc}:lRclcloL
Ps$qamot, uJ0ar
2t. ald06iBiBo qJdJaS06iDF &l6ixDoJ6
,ps,J.03o60lXq A[n600aL Vr6ac,rRAnSJG id0oo6a'604o, 5Boqo60]trRo Livi6aodn, a!5Jos6
tril6oo aARd0Roaot Rn ,Jo566oRol, da03 i6l!0lfE:o llJ$!6aoAao A,. XAsRR0l,o 6r66ot
[0Raat{ !60q'oar
oooarnlqo qr;sx?o6$5qo 3br6ol f,'6ooJ6ooaot' ooJob as6boqaoUrt, [I6!\o{Ja! i]oao}!
Jit?o6ot rd'Ut qs sr6s ?boqoq on6oRoi|q no6arL L5;oL 5st6o6XlXlo qod.t?o60llq
abs608losS $!d'Bop005oRor Jaca'"ol
0obF!,-
arLdtorpr{ s6Lainqn o5DltoooJa.
Snt&qi'-
3,t59
- t$.'naprat i ,rxt4alt
EJlrnJoL Cipiapa Oqo&qo
o6srLo,Bnt.. /'oa6iq arrqi6r*'
- t\i\ra7a<a1L t ou'.1t4,d)
o.tl\\.ra.*raqJl\tJ 6,\{0r\0 lElfiar.
- d,{qrrro irJrr,.t 6rE'34't{rEn'lJ
st2)2t
.ua1
522J21
2$
a
t2
2'
3rqeJilRCalao toEi6U-!
lNlh6.ll11inu m)6o nohoiir
- h$rd@E:al aarrdarr
0iRlPAalACIJ&, $o6i5Uoi
LrAoSolgairL AoAr6o OdorSiR
- Lrlri'I,,faL e\\6rnr
h.Ja8at a. i.+i.ioo
tiC.{''!'!n!&
- L'Jnab<alr lbD,(dr
'16
205
UJdJdtOS0ROl, 0dt(r36!R0 dJ6,J0
Ao5l5lrDln JEAJ6m|aC6JUOJS OJSRJ(nOXO U)5fd360do (6Jlnd0RCdJ)
20lt VAOU 31 A0JCaa600 qJ,llllRoaiqo VAOITJO'I,OU
6@t'aa@ priih)
drq<tto a!66pt t'(oa(,!5'!.i.t
-
^t6@d*,b
*,"t<na e'
I'r,llnooa60o iCillll\0sRo
- lAbtaaMEaol' tb^,A16enr
. net,I*Alr,6r5bd' tlqal\,J6ega$
(2,I3)
(U.169)
eDl)
12270
J224
U
6aJ.l9
4lol2
ll0,9lr)
(lr.l9)
$i6.]{o lhrdiqn LrlFqtriaol'
. lL$t,'aerga' Ae\tl@r
laJi,@ er JEA.tuLOl1lCor<n
- L[A. FnptdArnqa eLidrl,
(ll,]r7)
41,@1
29
(,0,91)
ttT7]l
(rt54)
o:a)
(t23)
(rr91)
(rJ3r)
29. g[,5l6l,lito OGL.t6iEE.}0Afl, !r0JE':]rO Rfin0]iRoaJ
6rJq,trr.,o {o6a}Xl{n}! i6ol! oL "Jsb,6oAAq[5o Jo{6o aoo{0apr rJ6ocol, brUo,{3otrt, 16
6:qro[poqr nsqqcSlqa]oU 6\tbfl[J]r?o l,sosSwo $6sStrdoos?o ].\'h6oL aoss$oqcos
?c6ot aJ$r$tot qqxL oSob ao5[tqr3.rq", ?oodqaar @I r6J Ja tsrt$8 Jo6PJJodr
Ruao6il0.. .\6 aouo ariho qs ?fitrL0}ol' Uha. 00J5oJol' alaoUi6dm.
60!Rr6o $il0}nR0a@ r(6qlllqo !o5.'5tr6o o6t06i80500ro
d!5,Jot \'f,ooi|(6mo AoErELtd'n o5[0rt'?]A050oU 60rql6o (o6JhRAI.o rq6o0tSs Uoflqo
L!r6bn6o?c, J06ooqot doqerU Lq6ls. 8oAR0A5o Ob'6oRo odR0ar oSAodrArOorU o! 6obrr6
6r5o[s$q3r41dr' So5!5tb6o .\J6oCJAoh\ P.\ SiRRCdlqC]C]ol' 60rqtr6o Ror6[h1qC]l
(3n6doq ?c?sl1loL O1dsoJCro Rr 6sBou6&1qo ao6sgn0nlo)
Sr6\.6J5.t ao$5.o, d,0rqdr'o Ro6$xq0roo lR6oo[:lRo go5r5t'i6o osLd!6ilaa50$o
e.,:r"igtnq.r oil"ql|f'o qo6aI:RJroL nl.6!6Jdl, bsAo Pmsou aohcRsoo' 6n(] q.\S$6aalRoj
,nipq;r'" q,.6Jd1q6ot qoL"qaoSqe 6"o3r oL[o5x]1qo ?3is3sqo 416'OcaJ'oL
\or,t0o6U0a!pc'doI h!.6oUb$C-
.
iJooi6 a!r,r6$c Jooor6ihqo tlltoro (PosJ l) - ?o"rLcai R$Jxd6?'nsor "d6"i6
ait6JA$0 aU0"al," ldooaclotr oX r.,q|{0aIq$caot Jodo6$Xq 35trdtl], aisJoU
CArUCaot
?i.\l'08$C,
. & so,p, 6nat{ot Jccqr ?laslsR'r ao5!004o .d'ot' ao,{0hRo [ra!$6o ao5'(]0al&N'6
iiir.izr - tm.t li^ e"";;Jsxl1qo J3Jqr "a ?JaJcrq aobroga$J r."U6!q6oloo,
206
LJdJ6OSCR(lU Cd,O36ARO dJ6JO
!O5J5tXi1 J60J60tACaJUOJ6 O)J6eJ6Oiqo tCSO?C5C60 (6JA6dCRCaJ)
20Il vqou lt q0Jc8di100 qJLitIscdxq0 $R0l,Jo30t
(rqrl'odM Kniso)
.
d,oaqCloo .r6oL hCRaoUs$aqoao, Jo6qoioit J5 .6si66R!.to6, Rr A.r$n6o Llo'{rEJO
AoJo0Jaiqor erJro60id.Ro &atuOCAClo in s6ou ao65CIR. rJ0nn6Jp;
6JJ5oJJ, doaqob ?33s3rqo tu5.4saxdo r'6 c8idSJls Uiar$.6o &"5.OJA$U (Ro6c l)
?mst'XL ,erg$6JaXqos SXgqr ne tAeslJq &,6rOCA$& 6oalqo(, a5o?nSXqerX$
biaqJSit nt !p051, 605q,?r6 qo'iAaiqA.lt0 e! !6 AA 50an eiJ3o'rrtCl.iR lr.\dr1,l6o
am6r( a8aL
6o.E!ll'. q..ranrl" 6i"qii ,e"
.J6. 4"
n Rrrr3aC6. 31 qaJ.a.nr,. i,ralqolnu
20t]
mD oo'i'ltilnt
Eo6rOlo
413.916 165 50O (06a I
2,588,441 2,7'10,671 s"6n I
12,735 8.150 p",6r ,
2013 SqoU
ll
'{,J,JJA}6oo
?o6oL n6 ar)Abl{.6i
p!b6iR0}iqi VRol,J@0ot A|PJorGr I, ac'2 q,:31'1 ,{o53X}L
llbar Ldir,{ Iip(,tirrrq?o ?ob.fRo Ao,a!trr |P. tJ6!q. trJJt?o6{Jls oitruoRqq r6Lil}iq'
o58ill6o0o0lU A,r aotn s5or6o?a0ar hqxls 6slsxoq"rq s6Ucl:,qo o530ldo(to0;ot,
aiRr"(,JL0.ot 6n1l060oU olqoq0aaloU triti|d Rl,0
ilo61b r5 trs
..1.'tl;e'pxanlb
ij6.nna.t |s
"
dlRo SeoSRr
o6l,6d':40500.
di(sqqJdoL
XIqo st6rq. A.l!os5o
q1}J $rt60onl;qo gn5r5tn6o
dr!.ql6 (,oinlhq'0dr?. 2013
gRot 3l \'0Jd;r6oo \.sU6Xq0}nqo vqoLsoxol
o0
e{arpgarl!R ar"t ras.enl6o
t!8:d3Ji{$o (a!aiir8
ao6n6ti6o
6o&s}6tl- i6
6osRi6o R.'6
As6aac,6a&D
anx*)
!bo00ro 6a,80qo!'60i{n6o Ro60anR06! rOoRR[ar UsasRssl,o (oi60inqa'st
{11
207
bJdJdoSCfqOt C{qO36aR0 IJ5,J0
A06J5l,!6 J66Jrifi86ONtoJ5 olJsaJ{it(r:Ro E06(Idi50a0 (0.)6.idF0aJ)
cJd8oa8o ?qot J(I)0Ot
20Ll TRol, 3l R0J08&noO
(@rl6&tu pin*,)
A.5n5tUd,o rirooA0aobr Rr CJqR0d:tqUaCAoU [ri.Ri6uo {o6CAARJ}\ ilooqR0as 6CrRi]6
qo6JaiR0aiu, oA ?$oL00A5?o ot ADo brrnS.ro hrSooJq0 RJAT6AoU Cr\or. tl' qrBaAlr
rl!000 Jhclr aoobo[5rAR0 i\p0]o$odJ]t, Es ?0asibflq ssabito?it]1, Gr,aqJtrl,so ir6
ais6Soro trDitr60ot arRs.
aofr5gqos, rtoa o0q'dRo lb.)6m0A50o lrr60iDq'ot ado60 Bo5!5ld6o iJOn JaolD Rs
lqq0alqcAilaoL ?x3o[X6rto tra.qrSto Ro60aXqJar X6oRR06J 60rql6
,{o60aXqflarU
[s]sqd6lr,
e,irnEia"
cr t:AoU rtprlro6daao
liqo
&s[ia5ia. 65U!l6o o6LO.lli6J3oL
t
SDR.olr rEAJ6o?. l^A6orLlii.L.
IJt,t3t
]l5J.t
qi$i6roL 0i{i1R0 lqo}oFo
UbiN fli6J6l'n6o
aD{R*,
F,*irria"
t a.<!5e,
R{ararj|.,l
i,cs<r^i
el.$pdr
1.14J71
rr&253
l35Ja5
lloo&ao
39trlt,a3r
Wtlt
36,645
3r't:164
2,611
t 1,1U
t3l12C
951tr6
0J7J35
t,163
ljlTlL
$zba
vn,ua
1,613
!.6.6hli. rlqrll!<rlra-
Xrqqralq0a0ao 6t$oe056n lotu5Uii6i
JiRprli4r6i&l !06!51,i r\&&,166d1,
NRqtaiqCar& l$rd,oi?r'6.1n
lrlai{i . io6eDl, &airro
SrqeJf nRaarr. JqoI6O6a.U &$!66!*'?JJaEo lDaqE adLNE.
l,hJ $.6"51r6n olqertEo.i&,
lnrTJro
l,6l7j,
.dJ15
5t5,lU
Lrrt
6Uttt
l.t]5
6Aa6r5
tpt
951,356
0J7J3t
t,t63
30. ilfilmt &)60)3)
SAl,rAoqo
6ot;o 8s5;oL l,rJ3on6o6o[ 6rStUoAARo SiVnRor' ?1ts]5Aot!P, dro[;x]oL 0rnonr
$!6eor,{b051 h6,JoL Lrdaoi6orot \610}00,l(,aJo6350lr 6oL,Jo[ 3n6o3r ?6lraq1]rqoi
a["floao nRtSOo3nGo60]oL, S0siL0aoUJ Rs UoS0RqRo?J6D ao5o0o6o5aot 6$oo. [s5.J'l'
o,oor,11qo o!5sa&6oa0qo JstTboL06nA6qor [i,l?@rd, Lr&osSoaJtobS RsJiS?o6Jalqn
r6ot;oi ns8nqsXsn}l'bn Bs5;oL oJfi64on3otono[ (s3l[rtroioa]0qo do6oospo 6nL,l0]n!
U!J60po6o, qoJ{opoloUJ r.on ts3!t6o 6oL,Jilln .b6,Jo r6rtixosx q6slt Llo)dtiooo 6otJotr
9o5,,?r
8$,pU t$lo SsJUoarqXdr4" !6ot JlUibot4taa0qo 6oU,JJa.t o\o050o8o0o60]dlN P.r
.p666-q$x, oiSOJ .6lrJaolt 0!qJ01qo do$5x[ c,t-Ateia.' 'nl,8q0]oo l.t,I6t ia0h6
LbaDsrUbc" dro[JJaoL turtoSrt- \." Aa5o0.'6o64r,0.
brafu
IiSJot' tsdio,U 6J,5os A@qo.i5o J.tXSoLAAAlqodr 'b0piabJqa{qoar osil$ootJ 6ot',JJ}ot!
aid';0otr tO6rjOT6!t, rJo5O6.'qot do6oo.Po 6otJ0.oU alrlocr qs i\ueib0\Dot d'otJcanb
A!6ocol, JoRoooJsl,r Pr Jd,oO0PXr60at
datdt,e'L s raaob r@xr,
In6,JoL 60'!t63 aoU aJ6olot J0ao630o (A0AR6oa?o ,Joaood)o) JsU?LoUabcl0Ror 6oU,J0IoL
208
lrJdJdt0)3C(Ot ikrt(936IRO lJ5J0
406.)ftn6 Je)lrfiAAl.$OJ5 OJSqJllto)iFO fif,Ouf,0a() GJaaiIlRAlJ)
20ll ?t0l, 3l l&ffadfiD RJI1FCOAO ?qfirJ0mt
(enho*D pnth)
?0aOor6Alot'DAoU 6rShcx60o0qClEo toAJaour Rr ?XlsEsihtoloU ao5o0o6o5aot
6r6br,6oonRaa!tJ- Jo3o0c0a. railAo8J tr5Ri sooRoU 6[fu54]! oaoti, 60A aoqor6nR
dr5Jot b.rd8os5oar bRca. 6oUJdol, pipbJSoq'o Jr6nac660ro[ a!6a,i3uo- JoAooAo.b
6ccZR3.rto0o b.\d&,i6odr aooOJrU tr,JJqqnn6o rgar6o?dob eoih,toRcnt,
Jo5o6rb0560rnL LooU,..r8o!3xdsL, L06s00AnIq. Osqoq0J0&[ !!8Jc'!o Sr6,{a05rair0
Riaoga0ait $ rdooJ0aoL a.RJsJ$oqclil,on6 prJrato6cdnqo a5oI050qosr5o 65J0oJI6o
a!RiSffi fl 6oqca0IoL ao80aiLJ
doqA&,t' Sdaa|obr R$ dr66t*Wo0 6rAd,8,PArr
IrSJoU i,otJ0aou ar6oloL! ('! ,JoSodrc)qolD 6s53r,!oq0Al (?ca{bt,a?o ,,4s5$1AoR0}! )
JrtXbolAt0a0qon Lrxr6orr rttL,ploU A!6mtrtn P. F!Rb05oR J56r0Jbd,Jlor5
?It5h3oUoa.$0 6r6xogoqndrS !6pr ?J$6i60Jq3oL 6ol,J0aot rsoosolot, ?l"Jrtrlot,
aliioaobr p! $Aidio?0cAoLsotob tlior6o ticdoo J6o6gnJAanlls Rr acoi,qclnL ?cai?rccls
sr6xogoqslol dodroooq 1115j0orU $!6ac'\tbc6t Is5Jot V.5r?c atrPaoco 6oLJcloL
ilrito0|' T0LiarAoto 6ol,dol, $,{ai6oU! Rr Jr,Sd6oRot
rAo(J6c,}J, !6!qoto
'r,JR. 6otd!3ot Rc,5oh q. qoaooAloL anqaoro ao6o0c,6o60o
a0Jisotaclot RJqA0ss
5i6nq.qx;" sor68o00 ror6iiU lnSr€v6;o56lN q! b060[ dcLdU 5ssloioqnlr
Uo qo0oT.lJp r66r6oT&q\.nd1qos 6C$J6a$oU as'6oloL Jo8ooioot Vosr?&
UoAAqJao60Iqlp [0RA,h0.5Aqoaot qr i,r,tJqeqoi.',nP r5br6o?sJq\"0]Xrqor Ao6n6btr6o
artr60aoL Rc.]r60ra056oU,la6Lc,5!qnt !o5.\?c"
aqp.' ,,(iul,
?o!oi rlpooou aoJ.6 Uouq$qoi)6r\o [,PJar ln6dol, r6ot;x]"b 3o6o;pb ]'6o00uadoL riRooo
?a'{SArp ?;p. rXqooo r*,$40}b 60A060 .L6o0flq}6adol, JP0J3!oi}4oarL rUali }s6Jot
trJao!5oaot ?Jt$sSolrodrb sgSo?5lq J'no(JJr.on6Jao!6 ?oRr .?qooo
Ltq'ad{cJ6iqo}.nDr5 osSoboqiflt! ?JA.J'AanL ?JeC lrlr \on tsllol, oJ0a}\ooa'601!
$"6 pac6t aob sr{ao6J5Jrt. R" 60.JoaJ6!,r1;oAat.
aobdtAoe Aaorbd*,bn *r qoa*'at},,0
d^dw
oJ06rooJloU L'O.6iilOf,6op!5 5shaqo5san, d
6s56oiq.tx|7qo pi r6s(]35Od'rqo'tJ8Xqo
i.og"[Red" O0506!qo$diR5R. Ao'8oE 6r
$ ot6ou 0n5l6sqo't0a1q'o
.i Lo6oocqP0dr
6oUJoL as6ocJ
otJob a'6o1o[ J6o0[[o
6ot,rJiol, ard)o3r ')n6(oJJo6 bo6OoJR'PJAs lLS"P"tbAr A"5JmAoqfl.J6o[ anA6 A'6J?".
oJ06r(roJ'nl'r q' Jo506orl''tr
,Jc,AnO0OCao roi JoalLoaAn
"otgi.;[ .n'33X t.tX13o"ql6o
(r,c)ao6&os!r 60t063alnL an6o3oL Ji,ao000o' UrJ60Ro0rl
a.5b;66"sqts;L;4"!,
Joao000o, qJ r.T.
a5o?350qotr6os }!6,Jot
trObot6 3!qT0!8. 56l,clAq' rJ6oc0Ao!6 adi6o0}i?o
- 6oUJo,q0afq.
J6o(t0q n0aol,' SosiqnodflIolJJ \"s
$"q'ia.U .d,mnq"ri'0;t, , UrJr6oitaqoL 6o05zqo dts,Jot
a.6o0ot J6osonJ0lo P'\ [6(''\0i]oni"'
b66o hUot' lo6o0wrod
(}3q'oRCa0.oU 30A160
2@
LJdJdtO80R(!)ll 0dtO35XR0 dJ6J{)
a05J6LAit J56J6gdAAaJU0l6 o)J6RJllo)no ?[E(Iu5i}}0 (0J6rttrcoJ)
2013 ?ROt 31 4Aro8an{XD
(n@nL(*D Kriai)
RJl,6ACa80 TqftJO3{n,
lrdiao 6oUJoU Jo5OA566rOoot o.Cop!6 r(,oq0Aot Ao$5oo arEJoU Joqo6oJ. Rr
J6ocipi|6ilo Aooorat po006UoRo(ro6alieo Jo6ORCqoL tA&5"1N (". ta5t6ff?50.o1
l,JcooJql6 o51,06tr*to$,1
t'iJi60qo0o
'not,lo
LU60IPoOE 6ol,,Jo ri6ot R!5!,]i6bo, 6o8tRo0 ?AUnaq0daqor $st6SootxsL Jo506!a050ob
ao0r6 SsJoL6o niq\.gi1qnl03nL ?nnUrllqndqolo[ ?0aoLAJJt?o ].6Jo Ar6orat Pr
!Jo5od,,,qr8t [rJ6A1PoOr, 6otJ0al, troSS0l0ooo', rJOqSaoU tt@isneoP ?A660l]00, rari]il
rJOo0cdot l$Jd,0Ro6o [rr6oUtoo qs l$o53oltoo(too rJ6o[$c oSS0Loooool 8oo!qo]ot!
q'oaodJdot RrtJb0aoo dr6J?o ?laX?|80afllRor Lu'n0r"oor' 6ol'JoL ar6oaoL JoqoooJr RJ
J6oo0qnnicdo Jo6OAAqot! Jo5Oc5d6r(I U o5L66trJoo08o! Eso qoo 6r't063ca.b a.diocon
doaoo0oo .Lo60oaq0ati ais,JoU tsd60Po0o 6ol,JoU alsaoS aoSo0o6o6aL a.\5,JoU
l,sJ60('ooo, Jc,qooodou 0oflo6oq3s qr ssaoJooJar hq0l$ 06o35tq'o at6,Joll l,.\dloU ao06
oaoUs@rU 6oa ?Ao'bqlRf,t! laJ60qooc, r6otr,iotr 0ds6o Prtr08oqol. lboa6 a5q'!or?o,
6oLJdoL ar6o3oU 6$pr3oqn3o[ 0o 6 ts,..6it5oq oJ5. l$5\o0 Jo56rirbJ56or bon,
6oalqo|o rjAo LJ06o!?.x6oUo l,r'iaodoSao U$a06dr'0Eo[ (St:ndffd & Poo.'s, Mmdy's &d
Fitch) sono qrq6nSnqo arqrqo a6amitsaorSo Lsd6&{do 6co6o5ao .lrSotEXRo Uo"
,s.ao$alhR ojtu rnn$n63$ot ar6o3ol, ,joaoo0oob a.a6
Jo56d)iaasdoL ?0660 tit ataptnqoas?o 8ooq0.J SoLo tiJ6J,{o6o 6Jo0o56o. J $5s
Lq.o i5O6!Ac66. ,,6a!soti0N eqcl.r6ar,dL, ao[o sJooAA]oLr Rr JrJoo.qoU
Aog7q.rl., tDnr6-.a,rroLo A!$601$0 qr JD6&,6r6oIR Jqo05d0)or6 &J?s&,I,
6.ao(]q.q0a. e. &aA[tu6040qo5o3.t ?nor3r$nAlqo Aoabr[X6iaol bJ0ih6o drSJotr
,1o5grns6l5lotto3ot aosoi0dIq L556850ooi aoJ6 66Jnq0sRo5o [!J60qo0o 6ao6o50ot
;.&"fir;0."1, E0aoLaAAr?o, Jc,5O'niA06Oo Jae,eAa?q oisJa. l,ooer5. l,rJd,cPooo 6A0005A0
I5p! otoL l,TR a0o6J,
. t.rr6ilao6nd: l,r.llnilPodo 6coo.6bo ;5L.. oy:b Ulq e(JndrJ M p' i6Pr oi'rL
.
.
A,i6"i.1a:R" t'.'4.q"5 [Xrq 011odx o,oo U!,Jria\ooo.' Lr6cn6 50o [rrAJ6doU AoJdr
2,Jj6cao6"!: I'r,Ji60RtrOo 6cooo6bo ,5\'s oSot t:q a0'60 AA qs iStgJ oiml
a"i.i0lnR. L"A"(..6 UIq AOo6A J6oo LiJd'0Po0o l$6a6o5ao bo6n56oL 0oxr6, pr A
ao6ofudl,qo qJ6.6605o 06oU aoJ6
l.|J6xao6ni: llJJi6flm6., dtrr0oSao ?5Pr o$rl, [iE aOo6J A !o. f,5{P! oU'lL
a"5"tti:|R. U.a.3A LrJ6JPoOo Ln6io0o66o trnA06dob anCd''
3o0po5srn1 $6$ot6loo6 qs ,}l,83rn0o1q Ao$60aob5 Aoas6o0's3o
trJ6[Po0o 6otJn
A6dlRcqP66o
Znqiona-, ,{iaoq." (6 ?gLr}r8o[sR, SoSoArR!6o arrotoi]Sr 56ot'56,loL
ofl'L
oxr,15.56o a
laseq'0Lo Ac),Jqm'{,oi5o 63oo.5ao, 6o8cRoo €o5o}$iRo nsq'!
r,"1a.!"i t gq'{rao,'c,s r,6. U5J60RoO. lb60o6osao Uira060i't eoc6'
l$-rtr asrFsor poao6dn oSPoau\oinqTr6o Jo5o6.tAC56Jdo[ioro[, Jo506ralr'6n '4oLJnh
raitAoS1 tlc36lsf,qn qoa600'n
.n-ai*rint
".rl'-t l, i 1q.3 1"(i36",ri.Xl"t ^,i
aleaEard)Jolot r5b'f'o?A loU
qo OL6oqo
- -.
a"Jtn?nqllt' LnJnc,.DnOo 6otJo -5rfrU06llmr
a"1r'iia.qXto
oirDlqoUi Ps n$trrtr53xqxo3oL
r60-$c68.l,1J
5soxrqoU$oEnB$q;
5l
210
LMJdlo)30R(jl, &6O361R0 6J6..,o
go5JftUn !6CJ6030&Jlr{rJ6 o}54tit{DAO l{Efi&EC}0 (65D(4d8C6)
a)B ?qot 3l PiLlilSadflD qNr6iFClEO ltqfi$Oim,
(s)l'.*n @'.rao)
6ollJo
ND
20lJ
Oiqr ei !!poL ,ihoNqr66cao (6Jp(o m(au
t2si42
olmLq6Jr{ no6i6Lro,trl,O.Oioc},b &'er'r'o
SDI{i iGaii'olo lDA6{D?.rr'.1fl ls}rqi} $o6q?h
S.\6&i0.treo rFtu6Li6. ii6i?ra{
rDriai,o snrni6n iF$lRRJrr
arLrJ.qiq r6tJaiqr n6Jiuo.(roia.
p"!!6J"b r'c"ecJ rpnL,E" "6idtql"d.
lr
49
L[a. l,t .6i5Lnlio !:ld.aio
U.dr',q{Oo pr Jirror{.- ar<qaaiqCaalo
ttr
ttgrl
5j$fi5
lD,+14.6n a.t!,.
io5,p Boa.rno.'Xu do6n@lpoq n6o0C 6ol,Jot As6oroL JoqoonJilal rd,il'sdnqr6llo t6oldaaob
a"droJl ,1.'b, d,'abo{n(t Lt}rq'r5L,o t6.1,;X}"t ?Jaob3Jlr?o
6or,.oarD(t "ro6r5Lr6o .sLdr,iacsdslo
"-.-,Til"6f ,;Tff: fi:335tflJ.:f
*,
diloo?lsu l$iloiLlqop qor,,dlRJao[
r56oU oooomqo ooJotrroipt ardLotuqid,o
Sraq6n5oqo toAoo rqSo?G?q dt,5,J6C6f,sl
aot6 X(}ti,76 srRldr?o oJqa,aoqo
ot.$"0anb UrJ6Jpo0o 60o0o6aoU (rb6oRo
(th6oqo ao'rJr!! otooo t.0."orarll6ouc, t !ra060oalou u.r.*.U.
f.*;u$ "*"r.u-ru
idoo L
M.
M+
,t3
,l o^Lr0ai6t
i- !ffit
la,-'' ;_-i<ur_
n2r, arjo, .r5
ae-[olScro n 5.5U#o
A+
A
ti!!}
B
A'
uiaPo
hR
- vn g2a
171,696 llDjm 25lrtr lrJ9
_ ll0'l,9
rT'JJ
,6J.'
loTl,u llr,3l9 Dt.97J
lJx.15
7 116.113
aalr't
251tJ,6
f,,6arta:F. rtnfftitu
tq'a&len n5Jouoi0oCan
762
-
!
.etl
4b
211
LJdJdtOSoROl, 0it(!)36trRo 6J5,lO
lrc5J6l,alt J56\nO&XBJtO,J6 Ol64.!to)!qo Aif(I?45010 (0JarfiXo}))
z)B ?qol, 3l A0J38l'.ml Rur6iEaanq0 VAOllJo3Ol,
(&hr*D p,vqt)
:0D f<.U ,l eoa8.rtn[
mrm B2$0 tm. l 7n,lt t2217
'tt5
-
'
133,375
[.\t6e!ir!qo A.i\61'i'r.
lfi
t2232t
OR.'a.Ei oSCrl$qpCa.
biJ!40q.io turot'u, zo6r6l'iao rfiWAob 6dot' hb*'a@
6oaa,6(] 0il666rRI6o d$Jn, .$Jo itl,ri:lstt0quoAl JrcUSoL yto6r6bI6o Uotoilaot
LosloRIi6oarb qnJaopr,;ot J6crlqaaol, AJo50 a5sJ0aol,ro8ol, aoJRra!,(oi6o LillL0aot,
br(l0iloo Ji,Jaoo flogrsoqor Is5,pL U.J60r{o0o n0.0o5aol Uotocartc qrUd,,r,6ci}.o
?x[636nqn l,rtnLbo rJootJao[ Urd6nl{o0., b.\6.l,bo
ir&'1i6,
"40 r.cJ6.q<J"RJanq
qj 4J 6r!!rt'dOa!q.
ar.aFaip rr.a.a6.
.f,i'i'6?,p
aoobo06Cao 1to6i5U!6o
o6t'6od )0.o$ aoa.ii'o
4m,zt3
10
olLrUo,elq Jt6U0alqo
o6Colloo0o0Ao
qrfl !60ob 0!p.aRn l]q,oloqo
2J33lar
12,7',!5
LWW
524942
15
o60CUo.OoCAo
os5$!6oAqaa$J aloC+Jqo
19
U0Uboao
Utq sdo tsqrDde\roRnat<o Rd
!60 e!i!rt!6tiiq{
sJdootao
3l pxlxAaar4o 20U
.+ag tlaj6ra{llRJalRo c. ralJ
6j!!s!ti}t<.
4rrll *io
6 ^-Aa
6o5i.
6r606ao
!.l,lljaj
tir,{&
0ll,
aomhr,oSaao to5.6t!6o
.6[t).0l60ioU aoarn)o
Ar[)xoqsR rr4lJinqtr
qi3i60 [ i,sqri,qo ARoloqo
15
o,J6,9?.6oaq0at C Aso0hqo
19
sE..o rre.6"axr.<r'F c.
..s 0. "t ian" .Jap6+
5l
2t2
llJdJdOSCrqOL 06(l)354R0 6J6d0
llOSJ6UOin $0JdIOBoCdJLOJS O)J5q\lto)DRO ?[Ear8i]6CaO (6J6ll1dCqCaJ)
2013 VROIr 3l qCJCDditOo qJt,l|laqoalRo ?ROUJOSOI,
(ro,t'(*D Rr€tao)
l.5Jo[ ao06 AoUo l,Juobho sj0o00]ol, dRrl$y]o(Jo60Ar hqJdJ ?taRJ05ro6iN:
AAA 6aodo6ao JrijAo tso6r5Ul6o ilsfrXXSlSqXlnb AiloSC abCLb0|RJloLoAoU bs(rCa[q'o
laUl,nio. 6oA0Ror UCtboL be<ACJt6iRCaot Jo6mhd?o 16 ?ttf,qr OtRoq0ai]do qi
6oaCqo,s dfl6oo.rpo oiShi R. J6o0t56o ndr i6ol, iln{!6nPr0oqJdtrq'o
AA 6ao0o6Ao l,6iaoRl6o Bo6r6tlitio tu6a060aRoL aJosc atcLLcdq0aoUocoU 6u111?1go
trUbclo, 6oAJr{@! [tltot L0q,?JJl6iq0aAaoU Jo6oa0]?o n6 ?0LnRi OAq'nq'Ja0]o p.r
6oAiqor d.i4oo.r.oo dn5L. p! .)6oOJ50o n6 !6d1, oqelonql(,oqJliqn
A 60odo5oo - e.A.JA.\UoAoqAaaq. Ao5.i5l,I6o as60a50aqot ah50 atALh0dqlaoLoaot,
aio0AXqo tJLtClo, 6oanq@.\ L,0trhol bAq?0J6nq0anloU Jod'olCa?o ?CLIq,o. Gi]RoR0allo
Ps d,oaCRor do6o@5("o os5[. es ]no(]05Oo !6 .160l! tsqiArpsooq'Cdlqo
B 6A0006A0 Rra.JAsJogoR0a0qo tto5i5Ul6o a!fu0504R$ot aJogil etiltLalqilloto,ltou
0sOcBTRo l,8t'todo, 6o0xqor LxU[ot tnq?n;61q$g]oL Jo6oa0a?o ?tL,Aqor OltRoq[]0ao
qr rnoanqos dorlo@ipo osStr qr J6r(1050o Xrqr6sql;oqndlqo'
lo)qo6o,Jot ?JtrlraoLrp, lr6Jar LsJi,)0po0c' Jci6080qol! aot6JlotroaoL bro,.\5rqc,p it5q.
r$st63ooU 6ot;oL 6Jo0o6b0.n. ,{!J!Ato6Ali,tqo riotddol! 6co0o6acdol ?JB.n'Aas qt
0i6.5l{0.r bqila! 6&Xqr6 {s,{.
Alf Arl,f 6010l, ?rSltAIr
LtLhoU 6rT8rtn60dob ?JArUaaol$t ooS!qoL$o50l06 Jor6oosqo os6[oU JE )6o0[54)oL
oo[aoop.ro qrr8t0 aa6.q [r8rarRr0oq08rU,,Jl!506nAc5dot 3lqsq SsJsqdo$
(urJr3?o6cdXR J6olqAaaaL, [rJ6ao6o 6Jo0o6oot t8aoodia]ru ar hcqtcJrilRdot
o.CRrJoi6 0qo .MolAlol, p.'6t{'3fii1 ds63o 6.:1jrt5t6Xlolt ?0ts.n'0}.n, rBPJEl,
oStPo0.IeiDql6sp pn 1(Oittil6\b
o6\q'r.*t*,ti,P WbraRa rttataat
I!5tJo omoolRo LilLbotJo t o6eoSottil$qiit,iP ArStrtRiI6iSt, 6AtA6AL 6C'bfl6CoU
os6[ot' arSUJ'br{C6oUlU atXq3lqo}r?o 4..,{0ar ,Jo,5d6rA050oU dol,5lt AJAa., a.Lo XGi6o
5r1a3qr3q6l ao5r5t:6 Uo6olqJ0ll, rltnootr $rr6&r?olnL ?JaoBM!.?o, 3.\,lr,6r'!l3oL
'h1aor[3g3"?" qs6ng0oqo jSXqnlS]o, Lbar no6i6L16o U1U[ndoL s6tn8o8r, It61530q'notlol
b60rqo$!Goo qo60atrq0a! E. aoUq{olr60Ro SnqqPo 5s,Pqn}oU )A6ooPtrqoat.
6utr3rtrn6nloU ts6lRot ?0.JJL0}! LqSBs [u66rdro?6xlct osc,oRoo, of,
bst@0icl'd,So51l0qn aosq1s3lo l,[ArAA.6.R i6 &".oLo3t
?rlrgnr'|4 ,ASD hAAd<o dArr6SrL,
6ttx6J$oU ?aoltsXd,ie ?JBTUCL [qAA" oa UXtbX]"qr5
6oaqxdo(l o6qn0oRlrRi6rt 16 !6oU .6l,Aan@n' r"5 n€
o5\.o pliq?6JiR o6L0}@or, aladtra 6.,enq@w0otro
JoSo['
oloAdOn6o LrAXaJJqo. 60'tfl6sdoU ?08rtJas [P0]s L!s5ar6o?6Alt
o.6oRoo Uflfq! OiqJairio J'a66ttcqo[.oaoU.
5.jjit'$6"t
ar(rtua'{g.tn| AxraOAa W LrAo
aJ6.rnL @.'h"a?6oaq,idU i|aqrds "fuo aJSJ?o a:?J,adot J!6oi1P?o snqr6 tltlm 656Jn('''6
...S-oaAoraent A.o.i"l,iYtiiA.l' SCeohilAiDSo eitrBlr6o l'Jtbot'oitnl' oJabCd lm
rrqo(ntoor6; 6J'hJdJn. L0Lhnl, 1.'ao$C6r [A)JA.I i.t'J"l' bCeadql.S0qo'dolr
6rqr$xil00oqJloo.
213
LJdJitOSCROl, 06(j36IRo 6J5J0
lm6J6l,lil l56J6OtBcNl,OJ5 OJ6q)doiFo lif,(ra$iBo (4.)6.idlRadJ)
20ll vEOl, 3l RaJCAa600 R)UrrEiBEO ?qol,JOmU
6olhrn,o, p,i'A,)
AGJtAb 6JcAAd4o brlbs*r
oa tJaoLACCnlo, 6n JmAC6Ooiqo dJGJo Et6r,AR!,{ CJ.6 prBJ6rCU L0ttU. r'ilas6TRo
J$oEoL 64-0 af,[q'ot osGrbast{ ar6Jt Tnq0as rlxU saooqob qnt58$o @!5[s L0Ltot
t$init530Rrr"tJo[ d)l.qotn0ooprS, boqr, .6nh,JAr6oto o55t t ?04@b0 lTo dc006(]o:qo
;.i6Jot' Srao[aoiJr4o rJonaoqis
.!5Jol! tso5n6t!6o iJooccrobr
ts0aRoaor,
'{r
rqN aXRI}AaoU 6p3t6sio1qo Jr,6(J0566.Oot
tr<
Iri$aoalFr
ewL,06J&I fl,'f,)6ti6l'
r^r$"'n*-
tlE
6m
,t
l9l,,ll,
,8Jlr5
Sr6iLariqi 1lo661,i6o
2JStrao
a27X
,22J2t
ttR.rtlRo i6rJl,6oUoCao
artru
lr$
n5
t,eJ62
116,.l{
49J211
t,6t7Jvr
l3t7 254
toir6ls^\ Gen6rl66oh
l3t r3r
-
r,llJ
t,t35
63r.6n
-------!2L
13D,.'
---------:J{6,rt6
rlorJ5r --141!9
.
13a7 25r
.
gJlXl5
9tj3t
tl6
-
9tJ35
et&?51
--.:::--.g.......;g.g.'''e*.g
Ro,noqolob 'iolrdo
6oa .'6Jo 8[iq A'"Arfr''i]l' 6rJit'6 3n555LXcr
Rn$oqolou .ioUJo Sn6hneAJGl, 6oUJl, oihlN'
qq6-,i0"q"5
,
furqdr'r -r 6o1q aooo'i1l'?o 'r5'jn[ aoJ6
i"qi!frs3rx 3.e.r,
55
5&.,6t
tl63
*2y.
l',8zLml
tJdJfto3cqot 06(936IR0 IJ5J0
214
ao5J5ta6 J56J6Od6CdJtOr5 OJ6RJ60),qO t6O"it5C6O (0JA6daq0dJ)
mll VROIj 3l q0d00d6og, EJUilRlrItrRO VROUJOSOI,
(6baaD 4,r.;*,)
qoJaoA,oio! 6oL,jo[ aJ6o35 ffiid6Cas Ro,JJoqrnoU Urlo6o eo6ot, nl,6!6CaRUqA!U
Ir6J.t ao0r.6o s6lAanqo &,oboCSCaoL SCanLaoJ6 0oon60l.'?o
'pr,JArUotloqCao[
a0$600.
AsLAaoL U0rAoqi6o3.[o!6 qn lDA.rRIOo JoqodoJot Jr'506c)qor5 Rr,Jrij?or60]Tqo
JodooJqo ao$50loU aoLlq,$A8qp, al6Jo tqolt lboJl6r0or) rd6os0dU I(lhc,fl6 JJqT6r?o,
6oaqAlql S56aorq6a5U qoJcopirio rJo.Saaol' KAUAI' es
aotpdn
'6ma0Ror A.\ae,Jc50..i(]
tslotoonloL sxaohxa}to qoJ[or.o]oU r6o[,pL 3s6oxr &horAb
Ro,JSoRXi6o rJOoAASolr
Jlo66olsUs qr ao6otuqi6o Ro,JJoqoa6l, qoaodo]ot R5qA05rU nobol|6 crRtor?o
Jr6t0ltrqo .id0o0caouroaol,.
ar6Jol, 8}qr,{-LrJr60so0o pr U.\06o.!?r,6oUo 6a$A6J0}ot Ar6o0ot Joao60o0}o rp605[ oa
3!\n!,qnApo56o trbt60)ol, ao6oAnqT6o .]drr,Joit0ool ${J60}l!, 6oaq'i}o0 A$r,oUCSCdr
BXqni..o liibl,r6$oU ar\oos$ot' qrl$B\6r(. I$,p[ qo;xlqa ot sii6o8o[ roqoooJr
.
.
.
.
JorloorR 8TRXOJA?o Ailqrqo 5!J.\"0troU J6oa5o$o60|![ RoJaopx6d sJdoccaoL
posoL brolasq'ol,So50]ooi
{iBo6!5L0doU soA06l,o8o0o60}tqo SUr6otr r6lra}(i}il!;
ltUbolob Jo500506roootr pr Ji6ra[06aaoL av6o05l:
J.ino3aqot arqrq' lqnJJicn6 rJ6os$?o br6orrt,0liL, 6oaRdog .,e.]oqrR
itoood,o q$xoU 3&l.6or,ao 50aoUao0'n6 Aiqrqo
ErJ\qo[ l0$Ui[Oo[.!;
q'oJitop(,aoUr {i ArtrotlrqouSo6o}0Roqrgo6rS[n}oU acaaot r6UJ}c,arb
oJ50do!5 RoJ0oqo60alq5o,
.
Ao6ssLioo tr.'t6doL q0J.r60nal56o .qAlU o6Ao6al0orU .ot6At A6o8trq[]oa,.6
Aotu5U?6o rJ6oJaaot.\ p! SlqRAa2qaa3rol qo(J3oleoaoL i6oqto Rr L[Jr pcdrqJ]U
Jd'r,a&i\o6allqo glqryo SsJsqaaol, ?0U.bJA t0al{arle, r"ilrd,6.3056o X't6!6Jaq'UoAl,
rq0Jc$!6o .]o66scqot iloJR0srrorso RoJcoR:6o rjdoflaot r6LcdoarU, a0&goq.p
Alaotg:qt 0o;q6rqor6 Ao5n5l,X6 Sstors jiqJqpJ}?o, ].5Jnd't0 bJOCAtrq' t!01't0al!. en
tlAr A.\5,10r?060l, oJA6sOoCdSo laJas6ol,o qoJloRotrot ?!6r66l50dot aot6oo, aoq,or6o
Lolo0aot ?oa6oo.
,acqR(oi6JR qo$orpcDoU Jo$oOooL ac,5odo6o5Ao tr'60o0qqtJ! ao6r5t."|'to l.$6aaoL
q0lr60!3050o1, 0ox6 t[SsqrLLp l,OS5.6J]oL
6ma0qoo aoooJJL
"tdr6Atl' oJUooEA"-o@,
5or6ilsq56o pr UL ! XA6o aJlcr6o trlrt6o J.6oldol, 6MxrqoL$o6sBst 6o6tuq16o
ll5Art'6o Jo6olaloL aio0JqolviSaaoo SoatsqndXq'o qn(J8opodot &!htc50a0do
ff[[qJ3o6JIR5R V.\6aRao6ndn LcRtuqtis0qo]rL ]s5;o[ qo;xoqolob SrdoxnL tsLshn]
aiRiVUU0ooqSaJIL oRolb 3o5il6!6ll{o JoqoooJot Jo3o000o Nr 506A!Al, to5r6uf,6o
Srrnn0lo[ RAI\60s3056o
215
UJdJ6OSCROU CitO36If{0 6J6Jo
tl06J6lr!i5 JGUSIiT(rAOCIJUOJG o$AJttO,iFO UEfi8i[0aO (DJa{tneC}J)
20r, VROt 3l q0Jtra600) q$dnA0aAO VeOl,JOSOt
(bbeD p,rntro)
J0nikio &.O0atrqo Oh6oqo Sn..,&,re005t Aoe\6tlno .j6oiCaoUr q. CsqpCaiqCl0aou
n6!qo'tt oaou Aobale0oo, oi 6opol!.i6o[ ?"rt"qoq5Xqo Aroo Jac,(0ar 15 {rTJr6CJ
6-
lR"U
-q!!s!,L
tJt4,l3l
l'<it
316"
t.174)11
Aoor,rr6alo uu6s5ur6o
19r,4,
fJ6au$illd ?, 6i61,1l'to
2n,062
.t]9r6
1,61t576
7078v
1'eu79
l66,ld)
1,12,150
4ArJ14
BRDaoqo oSml'oqtoJio
l,hr Bo5!51!'ri rJonccio
l)11
ll{l-llo
LiR !.5r5urar,. rd6r,ril" ___!!?!4_
5.634161
t3r1251
rre(CaiRoalao rD6JSlri
5!5,lit
l.ut
r,r!,
tJI
t,,
!r{ BoirSl}io
'lFsirEdra"
i1i'iiiili--" _try_
l,aolrB !.6110l
lr,7!r
-ry_
g
g
Dl9oo
g
;,Erqoro 6'/,rt5t l",t r66Aobo arAfi,l' A'LA\o|@
SoE 6brro ,dgE:P,KaAs?,,'
3JarJOr
-W-
otdr,5(5o6c} (. gaqsqo Ss,Pqglo
r JrRoJ5r'lrt0 2013 |e! 2012 !qol! 3l R ilaa6ou
0 0JA.tAqCls60ai 5Xlob3o1r6 r..rrroU SrroherlSsb'
n Ao{CAr of,ao., arSJoU Air6Df,qoo rA
AsRpCd q0A0aol! qr"Jrr,itrL i!0*ld't!
rqd,ctqo ?0[rdq0 or6oqoo |{! Inqx6qg 13[r6oqo d6 iUsbscL ar)b.,q'al't6lq' tlq'Jq'
5r;sqXlt'
51
2t6
l,JdJ6O30R0l, C6(')05ARO IJ6dO
EO6JEULi J6dJitfila0aJl,o5S OrJSRJ6{rriqo l$(18160}0
2013 Vfqol, 3l q0J08di1ftD
6orl'rr*n p'nnAo)
eJu,t8iB8o cqouo)80l,
( n6dmCa.!)
3l ruratao ,B
JiqE0aiqJlr& Sn6i5lD.
Lrrror?<,r'oLo L!0!RnOo
5
tE *rF t,r.60.dta n
!.5.51i. ,.<edt<ird.
tfi9fl
,4199
13t1254
nsqpnllqoaoa. 1]05!6105
lDJ6o.i.6.lp U5NRi+!
tt56
,1t8,
,(E,lJ,l
tral
IlR ,.rotJ.6odt.*.
t6eJa. tq*Ol'<iri!"
6t22tt
d11aoo Bog1a1gl Sb6oRto 5.fuAsoaos .$6Jo[ U!,]60RoOo ,e! Jo6o[ooo 3s,q,!]il]ilqn]n}o
Lr[0q?0Jdrlqtlor Cst"oo6tt]oL ?ohreloo
I tR.e!5
5
tR.kr
t l,<ir
dp
tlR
,l tndiir. ,B
tr RJn&,6. ,1,
!ra!$'r,o i6ol,Jo
l,!.r$d,o 6oLJo $s6Ae,o?oas Bo555tfo o5t66dc50Aaol, qoi"0iiRAaoL olqiiRl'ot
6oaqitao0 rd, srtoU qqjtrqo $o6sqo qs
00RoRJaAaoLla!5
L
I,JdJ60)ACR0L &r,035IR0 dJSJO
217
8O5J5l,l6 J5oJitfi8aoaJUOJ6 OJEqJdOlqo 3if,mtr5odo (oJ&rx[qCdJ)
z)B 9r{fl, 3l RC,J0SadOO qJri1iR0.80 SqOLJO0OU
(norl'o&tu pr6?o)
bi,l/'o06d.' An6)tp'nl 6ol,p
1,.J6r,0050c) 6r6r3xnooL t6o[,p tn6ao,o?oln .qdrooaoo, 6oe LrJi6oo050r' ai6.J0A@1,
OxqoqnAr 6ritr{65st ao.Lpa6U ee,ArrrR 31qstg 6rJrq0ll'1 16 Bo5r5l!}no o5l'0i6:405003ot,
r6srqtr6 (o6ntr1qnlttn $oSraqnls6n (J[inoqo rRVrinL h.)6c,005do, 6r5r,J0tonL I
Jr4oon6dorSo o3qoqAaoU ArAq'A5r[, bh0.r dr5!As6 Jn6o]Ja?o, ]n5Jot L6Iqo ?0aouriJqol,
r56sttot6$r'tx
l,r,,Iqo S0aoUnaqol n5ar6o?Aiao[ Aa6d5,,A0qo]ot' !tuRoto !R$06[ l,!]6(,OA50,i
assrJccooL trci6.trpo (nqoqAAou xjnJ{rl gaofur tb]6o'O050o ?0&,lbit.\qtJ 0600 $qoU
As6antqolr?o, 6Jo ;A1dSSls Urr6bs6o?a0ao JA6ooRot AoRoU s6L0.trq Oxrq18lq
6lSdJit0oos6 .drDtia!i6., aoSr6t:6 !J6o30lL. qs jo6$L7ttr erRRclitqtdcal
,0r,
Lri'.\n6o.
,012
Ur'iooa66o
F.5e.
f&68"
3n6r.'aEEar
+a6d&rBrEols
r*
tx
r*
l%
t%
t%
rx
SDR
2,Ul
219
r.<10.
t Yrl}t56.
3J35
3,t2,
tl,l
!l
talt
2.r!
?l.6{6
0aiiJSoareols
0arr,J&,laeons
SDR
20,t,
(t,*0)
(ft)
(tx)
(lr)
(rx)
(nr)
o*)
(re,E)
1.,D.
ox)
(r5])
(r*)
(rx)
(rx)
lr.,l2)
(l'1)
ca)
tlra)
%
(n)
(2qD)
t96o
(r,u,
O,U'
(1667)
I'D
JsJoo.'qol, a06d5oa0Rrii 0$ooaRoRor 2013 Rr 2012 $qJlot ll R0J0al6oL.oJoL
aitntoprq r6t0alqo SoErSl,Td'o ldoo0AAot 6sqsjrlgloo aoRJlTqo Ui.l6ooa56o
an6n,J0lglot 0 I J6oOASOo!5o OSqoqJro[ b.\oaJRol,VoS0doo
,!<!0.
t,ieo
-----l4ss-
26
8
59
218
lrJdJ60)3CR(r1l C6(135IRO d55,JO
ao6J5l,t6 J5AJ6O3tlCa5tOJ5 OJSEJ6OiTRO fif,(rda5Al{) (o)A6dACdJ)
20Il vqOU 3l R0tJ08adOO R)lniASlAO fqOl,JOXm
(@t *D R6t t)
J5J.6JRoL
Sa6JSoarRFnr
LsJi'osC66n
6r5rJa{mb
-----l!!!r?? QoR"6r
Olln
0-L1
(1,715)
(613)
oDr
0 r%
q.'qrr6o
eoi,o
0l%
0 r%
(219,
(r0)
01L
0 t1t
JrJoorqou
fu6,r5oau{oar
(rtga)
(m)
(236)
(3)
lrrln<'toa 60l,10
Us3rqnoo .6otJo $!6aoraacsU LrtJqxdo Ji6t$oU ocqo,q0lot brAo Bo6!5ttr6o
o5!66da56ot ,{o6aatq'cdoU sxrqx}sq,o}oL 6otJt JJOoU}ot Urlnqldo t66lJdir4opi5
os&,aRoer60 arSJoU rJooncaot Ro60}IRdoLo U Rra.brUoro0;0qor do6oorqo
AiR:oAloU J:i6l,Ali'U o3Roq'Jlaao[ ltotJo
?caqeo OL'6oqo MnfuJSJaU ds6,Jo[ do6@!q ArRi6a]1,2013 R. 2012 $qJ]oU 3l Rc.J03]6ot
aq6e,3or6no6oo, &'U .6!l,r0iii6o Sosr6tn6 lJoo8iaors qr srqte$1q0hlor6 qs
lsJ6o55o'bo $nqsq 5sJsp8a65 aoArir'onlb8o $sRo'tot ?cqcAip AlAoooAqA.| Ri6o!5
aoa56o0}r?o l$0!qnoo ,lf,.6Uc3oL Rrl,.?rdo ocqoqalsaol 6!Aq05r L6IRo ?08oLr[qob
!5Arno?Adr$0, U[[r or5.ar6 Jo6o]n]?o. tror6Xmgooo 558o0]o oh6oR?o itnhr1L t6!q'o
?13oUs3qo[ 15616o?61]r?o Jo0A5(]o?6 SAoEpr JR0art, Lcitq.i q,r{0}ooo 6n?oildo il'JhsaU
Jo0t50o?6 $ao68r aro0Jrt,
.zi
C-<i
e!a.
D,..'
*T'T
!l tid$rao lal,
sDx
€U06t ,.ern
a.
<54.
lh.
65572 1622!!
,0,7119 l5l.,l3l
l.nR
oor.6tt{. !J6.6ia.:
0JaoalqJSOCro
.
,,053ro, 2l7l@
-
o6r6noi6r.nL eoar6o 40or0o
-
lDirqii'- So6aio
$<"qeOr.
;5J0io;o"ca"
55
lrl
n5
213,6m
42:tts l.11tJl3 6n94
;iir',0",l.a&,
4atil1
'Jd,,i"
----)g-
x.f",Flli.,," .'*t rra.
n5J45
-
22n919
53
.&r53
_
!31,1'11
_
48916
2JrlJ76
412m7
1 -----J- ----.1j!- -----------:zsrr!9
lg9j49
"6,rot
7o7t5t
l6llll
10?6? 5l3o5l
219
l,JdJ6OA0ROl, 06(9364Ro dJ6,J0
ao5J5U!6 J50J6On0CtrJUCrJ6 OJSQJ6o)AqO !060?360aO (6J66dCRCaJ)
208 9R0t 3l qAJCOditOo qJLllllRCaAqO ?ROttOSOl,
(rank,Ab pr6ro)
,l333lJ
.
,
-
t3a2r3
1.t]1
-
5l
_w_ y
Rl6.
3,t5t
s7t
4fl
--g!4_
...g
..ry
I,BJ
t9t1
1e25t1 l62l]t nz1J -w_
Jl e J0aJ6o 1012
J,l$6.
fi,{.,
t35.t!l
J.6"qi
l,ha!
ltlR
I'I
,,II'I
'
,
t!!,7e
9l.l,ztr
,st2)2t
529
elt@ },g4_ \Brt1
firr'!
2
6rt
220
uJdJ6o)SCqoL 0(ri(Y)364lq0 6J5J0
lo6't5ulil JSaJitocaceJb{rJ6 oJSqu.r0rRo ?iE(I8i6odo (0Ja6dE0at)
20L] fqo! 3l q0JcSunool R.rlvrFaateo ?qfldo3ol,
(8nlt &D P&ri*r)
t)t12s
tlj,r
1,163
-
1,163
2'
l,8ztJot
7t
EpL __ry- -ry
t7?,tt'l
lr,6t0
tlllgg
(J39r.o)
!17,751
t!cil6. &a!aJi0 20D lqot 3l
.
-
19.166 un
95p' .rlt2
I9t656 ItJSa
o9rrD 2e2st
'
(a,$5)
l%,,a,
(Drr$
r,e3r t2,e26t (1,62r) (l02) (loJD
9906 (x,O3) (3,112) (512) (Ull66)
(zr25t tt6,,fl ll,o21) (!rrD
r9r
(3J18)
\a7l92t
(6,n )
3,ru
512
l,5t,6.
t612!
0Eibo a1ia.ti zoE ltEt ,l eiF0al16
-E;------fr]i.............P.l.-rrilrlo
.rl,6t6 Jfu
sDn ?F!{''i'!
q4,q.
i,o
RcdE
Aoq!
tJlr
('EI)
1,t73
4o
uit
[r<
RnqJ
23
?t,a$
II,E'
ItLl46
{t,7tt)
o,r73)
{to2l46)
(.3r,
(15138)
ttua!9t)
(t7,t50)
a
(l3) tupt
(r42) (13146.)
(23' Qs,A)
ET
221
lrJdJdlOS0R0t Cdt(r36AR0 aJ6dO
aoSJSLIdt J5AJ6fl8a0N!OJ5 OJSqJ6OIRO tCSO?i6Cd0 (oJ&ldaRadJ)
z)B 9q0t 3l qCJ0aldoo q)u6tq0lfl0 ?Rol,J08ot
(oot>Laao e$ro)
lrloJaint.x,
'tot.jo
lDolil6|ooci 6oUJo V!6aoi{b05u oLAoo l,!6rRoL tlot,1b, 6e€nqoo bsao$ al,qon
UoUoaA0aoL a$$aad'oq!6 alaoL3qo, ?gj\"o$xam, orqRo@.@ o1 l,h3r 6$s
&,xqnS$rn.
Jti506a,a0ao .6.Uros5!pot. tX5JOoo5o60A[. [.oJad,rooo 6otJai
'6r'q0l,5o
?0UidRor nr6dotsmo
6s3q35r 0orbqo6ot 6A.)i0rOo.r$C, osatut0m[ ts,J.\5<,5aqa]qo
plriq8a0ido !5 toErSU:6o $r6sRo. ?[tri]R0]0Ros ]r6,Jo[ ao06 UA|R! L\oJA6rOoo 6otJo[
sRAoAL06s, o,ita0i als,Jo A!6osat na drot,Jcat Jo506oRoU l,oU003ol,, Jo0ASooB6o
An'5odo6n5ooLd (.l A.o$A 60.\A.'6A10l, a0?A0o,an6 Jo506r'qAAo aooosrL
'toUJJloL
ao,arRcodror [sor&rpoq 6s6.'$oqAasl,, SAqmaoU, !J0r'6otn0ml,n |e.\ b.qrikr$A0d,l,
J6c,ocp76cal,, osSsA?6r'A0qo! Ugltq0.oUs Rr ?aAiU0loU J.6o(rctcau, ra!to,\5!CJ ?.p.
rirroobot 0r3oJ05r}!b.