EVOLUCIÓN DE LAS EMPRESAS EN SUSPENSIÓN DE PAGOS, EN UN PERIODO COMPRENDIDO DESDE EL AÑO 2007...

7/24/2019 EVOLUCIN DE LAS EMPRESAS EN SUSPENSIN DE PAGOS, EN UN PERIODO COMPRENDIDO DESDE EL AO 2007

1/54

DNCXFUNE EH UXY@SMJ P D@KNKQNS

GYNEJ HK D@KNKQNS P CJKUNI@F@ENE

Hvjfuc`k eh fns hmprhsns hk susphks`k eh pngjs, hk ukphr`jej cjmprhke`ej ehseh hf nj 9??7 lnstn hf nj 9?>31 Hf

shctjr kmji`f`nr`j

Urninaj D`k eh Grnej prhshktnej pjr Cnrmhk M`r`nm Ine`ffj Nynfn, s`hkej fn tutjrnehf m`smj fn prjdhsjrn S`fv`n Cninffhrj Sjr`n.

T. I. ehf Uutjr/n/hs/ns1 Nfumkj/n1

En. S`fv`n Cninffhrj Sjr`n En. Cnrmhk M`r`nm Ine`ffj Nynfn

Shv`ffn. Auk`j eh 9?>8


2/54


3/54

-9-

GYNEJ HK D@KNKQNS P CJKUNI@F@ENE

DNCXFUNE EH UXY@SMJ P D@KNKQNS

UYNINAJ D@K EH GYNEJ

CXYSJ NCNEM@CJ R9?>5-9?>8]

UUXFJ1

HTJFXC@K EH FNS HM_YHSNS HK SXS_HKS@K EH _NGJS, HK XK _HY@JEJCJM_YHKE@EJ EHSEH HF NJ 9??7 LNSUN HF NJ 9?>31 HF SHCUJY@KMJI@F@NY@J

NXUJY1

CNYMHK M@Y@NM INE@FFJ NPNFN

UXUJY1

E. S@FT@N CNINFFHYJ SJY@N

EH_NYUNMHKUJ1

HCJKJMN D@KNKC@HYN P E@YHCC@K EH J_HYNC@JKHS

YHN EH CJKJC@M@HKUJ1

HCJKJMN D@KNKC@HYN P CJKUNI@F@ENE

YHSXMHK1

Hstue`j eh jclj hmprhsns ehf shctjr `kmji`f`nr`j quh lnk hstnej hk susphks`k ehpngjs hk fn nctunf cr`s`s, hs ehc`r, ehseh hf nj 9??7 lnstn hf nj 9?>3. Sh `ke`cnrfjs mjt`vjs hcjkm`cjs y d`knkc`hrjs quh fh ffhvnrjk n tnf s`tunc`k y cmj thrm`k su

s`tunc`k cjyukturnf eh cjkcursj eh ncrhhejrhs hk hf cnsj eh lnihr d`knf`znej hfm`smj j hk qu dnsh sh hkcuhktrnk nquhffns hmprhsns quh s`guhk tjenvn hk fhycjkcursnf.

_NFNIYNS CFNTH1

Cjkcursj eh ncrhhejrhs2 Sjfvhkc`n n cjrtj pfnzj2 F`qu`enc`k2 Yhd`knkc`nc`k2Khgjc`nc`k


4/54


5/54

UDG-D@CJ. Hvjfuc`k eh fns hmprhsns hk susphks`k eh pngjs, hk uk phr`jej cjmprhke`ej ehseh hf nj 9??7lnstn hf nj 9?>31 Hf shctjr `kmji`f`nr`j

-@-

KE@CH

>. CN_UXFJ >1 HF CJKCXYSJ EH NCYHHEJYHS .............................................................................................................>

>.>. @KUYJEXCC@JK P AXSU@D@CNC@K EHF HSUXE@J...................................................................>

>.9. JIAHU@TJS ...........................................................................................................................................................................................................>

>.3. MHUJEJFJGN _NYN FN JIUHKC@K EH @KDJYMNC@JK P ENUJS..>

>.5. CJKCXYSJ EH NCYHHEJYHS ....................................................................................................................................9

>.5.>. Dnshs ehf Cjkcursj eh ncrhhejrhs .....................................................................................................3

>.5.9. Cjmpnrnc`k eh fn fhy nctunf eh Cjkcursj eh ncrhhejrhs cjk fnfhg`sfnc`k nkthr`jr n 9??3 ........................................................................................................................................................8

>.8. CMJ SH EHUHCUN XKN HM_YHSN SNKN DYHKUH N XKNHM_YHSN HKDHYMN ........................................................................................................................................................................................4

>.8.>. Nkf`s`s eh fn sjfvhkc`n .............................................................................................................................................4. HSUNEJ EH DFXAJS EH UHSJYHYN .........................................................................................................>?

9. CN_UXFJ 91 HSUXE@J EH FNS HM_YHSNS EHF SHCUJY @KMJI@F@NY@J HKCJKCXYSJ EH NCYHHEJYHS ............................................................................................................................................................................>3

9.>. MNYU@KSN-DNEHSN ........................................................................................................................................................................>3

9.>.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Mnrt`ksn-Dnehsn ................... >3

9.>.9. Hstnej eh Dfuajs eh Hdhct`vj eh Mnrt`ksn-Dnehsn............................................... >8

9.>.3. Mnrt`ksn-Dnehsn ehspus eh su hktrnen hk cjkcursj ehncrhhejrhs .....................................................................................................................................................................................................>8

9.9. LI@UNU @KMJI@F@NY@N ...........................................................................................................................................................>4

9.9.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Li`tnt @kmji`f`nr`n ........... >7

9.9.9. Hstnej eh Dfuajs eh Hdhct`vj eh Li`tnt @kmji`f`nr`n....................................... >0

9.3. GYX_J KJQNY ........................................................................................................................................................................................>0

9.3.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj Kjznr................................. 9?

9.3.9. Hstnej eh Dfuajs eh Hdhct`vj eh Grupj Kjznr............................................................. 9>

9.3.3. Grupj Kjznr ehspus eh su hktrnen hk cjkcursj............................................... 99

9.5. GYX_J @KMJI@F@NY@J EHU@KSN ...........................................................................................................................99

9.5.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj @kmji`f`nr`jEht`ksn ................................................................................................................................................................................................................. 99

9.5.9. Hstnej eh Dfuajs eh Hdhct`vj eh Grupj @kmji`f`nr`j Eht`ksn.............. 95

9.5.3. Grupj @kmji`f`nr`j Eht`ksn ehspus eh su hktrnen hk cjkcursj 98

9.8. SNCYHSN ............................................................................................................................................................................................................98

9.8.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Sncrhsn ................................................ 98

9.8.9. Hstnej eh Dfuajs eh Hdhct`vj eh Sncrhsn............................................................................ 97

9.8.3. Sncrhsn ehspus eh su hktrnen hk cjkcursj.............................................................. 931 Hf shctjr `kmji`f`nr`j

-@@-

9.4.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhynf Xri`s ..................................... 90

9.4.9. Hstnej eh Dfuajs eh Hdhct`vj eh Yhynf Xri`s ................................................................. 3?

9.4.3. Yhynf Xri`s ehspus eh su hktrnen hk cjkcursj................................................... 3>

9.7. YHKUN CJY_JYNC@K ...........................................................................................................................................................3>

9.7.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhktn Cjrpjrnc`k ............ 39

9.7.9. Hstnej eh Dfuajs eh Hdhct`vj eh Yhktn Cjrpjrnc`k ........................................ 33

9.7.3. Yhktn Cjrpjrnc`k ehspus eh su hktrnen hk cjkcursj........................... 35

9.


7/54


->-

CN_UXFJ >

HF CJKCXYSJ EH NCYHHEJYHS

>.>. @KUYJEXCC@K P AXSU@D@CNC@K EHF HSUXE@J

Ujejs sjmjs cjksc`hkths eh fn cr`s`s hcjkm`cn pjr fn quh hst pnsnkej kuhstrj pnsy fn cunf hst ndhctnkej n kumhrjsns hmprhsns. Xkj eh fjs shctjrhs msphraue`cnejs ln sèj hf shctjr eh fn cjkstrucc`k ehièj nf ijjm `kmji`f`nr`j y nfehschksj eh fns vhktns. Muclns eh hstns hmprhsns cjkstructjrns hktrnrjk hksusphks`k eh pngjs, eh fns cunfhs hstue`nrhmjs jclj eh hffns, quh sjk1 Mnrt`ksn-Dnehsn, Li`tnt @kmji`f`nr`n, Grupj Kjznr, Ehkt`sn, Yhynf Xri`s, Yhktn Cjrpjrnc`k,Finrj Grupj @kmji`f`nr`j y Sncrhsn.

Shgk uk hstue`j rhnf`znej pjr hf hqu`pj eh Kjt`c`ns @kmji`f`nr`ns - @ehnf`stn/khws(pg`kn whi), sjirh hf _rjeuctj @kthr`jr Irutj (_@I) hk Hspnn, hk hf nj 9??< hfshctjr eh fn cjkstrucc`k thkn uk phsj eh mhe`n >9,74%, y hk hf nj 9?>3 pns nrhprhshktnr 7,89%.

>.9. JIAHU@TJS

Ehièj nf pjrchktnah quh rhprhshktn hsth shctjr sjirh hf _@I hspnjf y fn e`sm`kuc`kquh ln sudrèj eurnkth fn nctunf cr`s`s eh kuhstrj pns, hf jiaht`vj eh hsth prjyhctjcjks`sth hk lnchr uk hstue`j sjirh jclj hmprhsns, phrthkhc`hkths nf shctjr eh fncjkstrucc`k, quh sh hkcuhktrnk hk cjkcursj eh ncrhhejrhs, ehseh hf nj 9??7 lnstnhf nj 9?>3. _nrn hffj1

- Nknf`znrhmjs su hstnej eh sjfvhkc`n n cjrtj pfnzj, n pnrt`r ehf nkf`s`s hstt`cjy e`km`cj.

- Thrhmjs fjs mjt`vjs hcjkm`cjs y d`knkc`hrjs quh fns ffhvnrjk n tnf s`tunc`k.- Hstue`nrhmjs s` fn sjf`c`tue eh e`clj cjkcursj ln sèj djrtu`tj j cufpnifh.- P, sh vhr hk qu dnsh sh hkcuhktrnk cnen ukn eh hffns quh tjenvn s`guhk hk

fhy cjkcursnf.

>.3. MHUJEJFJGN _NYN FN JIUHKC@K EH @KDJYMNC@K P ENUJS

Hk pr`mhr fugnr, pnrn cjkjchr qu hs hf cjkcursj eh ncrhhejrhs, cjmj sh npf`cn, fjs

e`st`ktjs t`pjs quh lny (khchsnr`j j cufpnifh), su cjmpnrnc`k cjk fn Fhy eh Cjkcursjeh Ncrhhejrhs nkthr`jr n fn v`ghkth, y tjej fj rhfnc`jknej cjk hstn Fhy, lhmjsiuscnej `kdjrmnc`k n trnvs eh e`st`ktjs nrtcufjs puif`cnejs hk `kthrkht, y n pnrt`r ehstn lhmjs sncnej kuhstrns prjp`ns èhns y cjkcfus`jkhs.

Xkn vhz hxpf`cnej hk qu cjks`sth, lhmjs prjcheèj n iuscnr tjens nquhffnshmprhsns, phrthkhc`hkths nf shctjr `kmji`f`nr`j, quh sh hkcuhktrnk hk cjkcursj ehncrhhejrhs, ehseh quh cjmhkz fn nctunf cr`s`s hcjkm`cn lnstn hf nj 9?>3. Ehtjens hffns, lhmjs shfhcc`jknej jclj hmprhsns, yn quh hf hstue`j hs f`m`tnej, y fnlhmjs shfhcc`jknej hk dukc`k eh fn cnktène eh `kdjrmnc`k quh e`spjknmjs ehcnen ukn, hs ehc`r, s` cjktinmjs cjk sud`c`hkth `kdjrmnc`k sjirh su hktrnen hkcjkcursj, fjs mjt`vjs quh fn ffhvnrjk n tnf s`tunc`k y sjirh tjej s` e`spjknmjs ehfInfnkch, fn Cuhktn eh _reèns y Gnknkc`ns y hf Hstnej eh Dfuajs eh hdhct`vj, tjejhffj pnrn pjehr rhnf`znr hf nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh cnen ukn eh fnscjmpnns.


8/54

Ine`ffj Nynfn, Cnrmhk M`r`nm

-9-

Fn `kdjrmnc`k ut`f`znen pnrn cjkjchr fn nct`vène pr`kc`pnf eh khgjc`j eh cnen ukneh hstns hmprhsns, fn lhmjs hxtrnej n trnvs eh sus pg`kns jd`c`nfhs, ns cjmj fns`tunc`k hk fn quh sh hkcuhktrnk, fn lhmjs jithkèj n trnvs eh prhksn e`g`tnf, hsehc`r, eh nrtcufjs puif`cnejs hk e`dhrhkths phrè`cjs e`g`tnfhs, cjmj sjk1 C`kcj Ens,Hxpnks`k, Hf Hcjkjm`stn, NIC, htc. Ehspus eh cjkjchr tjen fn `kdjrmnc`kprjche`mjs n rhenctnr nquhffj quh kjs `kthrhsnin pnrn hf hstue`j, n pnrt`r eh fns èhns

jithkèns cjk fn rhcjgèn eh `kdjrmnc`k._nrn hf nkf`s`s eh fn sjfvhkc`n, tnktj ehseh uk puktj eh v`stn hstt`cj cjmj

e`km`cj, khchs`tinmjs cjkjchr hf Infnkch eh s`tunc`k y fn Cuhktn eh _reèns yGnknkc`ns. Nmijs hstnejs cjktnifhs sh hkcuhktrnk e`spjkìfhs hk hf S`sthmn ehNkf`s`s eh Infnkchs @ir`cjs (SNI@). _nrn hf nkf`s`s hstt`cj kjs `kthrhsnink fnspnrtèns eh Nct`vj Cjrr`hkth, Hx`sthkc`ns, Uhsjrhrn y _ns`vj Cjrr`hkth. P pnrn hfnkf`s`s e`km`cj, fns pnrtèns eh Hx`sthkc`ns, Ehuejrhs, Uhsjrhrn, _rjvhhejrhs,Ehuens n cjrtj pfnzj y Jtrns Ehuens cjk fn Nem`k`strnc`k _if`cn. Unmi`k lhmjsthkèj quh cnfcufnr fjs _hr`jejs Mhe`js, nukquh sjfj eh fns Hx`sthkc`ns, fjs Ehuejrhsy fjs _rjvhhejrhs. Ehf _hr`jej Mhe`j eh fns Ehuens n cjrtj pfnzj kj e`spjknmjs eh`kdjrmnc`k, eh mjej quh hst`mnmjs uk phr`jej mhe`j eh 34? ens (nj cjmhrc`nf),

yn quh nf shr n cjrtj pfnzj, su ehvjfuc`k shrn `kdhr`jr nf nj. Eh `gunf djrmn,tnmpjcj thknmjs `kdjrmnc`k sjirh hf _hr`jej Mhe`j eh fns ehuens cjk fnNem`k`strnc`k _if`cn, pjr fj quh cjksèhrnmjs uk _hr`jej Mhe`j eh >> eh >? eh Jctuirh>.

Hk pr`mhr fugnr enrhmjs ukn irhvh ehd`k`c`k sjirh qu hs y hk qu cjks`sth hfcjkcursj eh ncrhhejrhs.

Hf cjkcursj eh ncrhhejrhs hs uk prjche`m`hktj fhgnf quh sh prjeuch cunkej uknphrsjkn ds`cn j aure`cn sh hkcuhktrn hk ukn s`tunc`k eh `ksjfvhkc`n, hs ehc`r, kjpuheh lnchr drhkth n fjs pngjs phke`hkths. Fns sjfuc`jkhs nf cjkcursj sjk hfcjkvhk`j, j fn f`quènc`k hk cnsj eh kj nfcnkznrsh uk ncuhrej cjk fjs ncrhhejrhs, ehkj cumpf`rsh hf cjkvhk`j pnctnej, j quh fn hmprhsn jpth pjr hffn. _hrj cunkej shprjeuch ukn s`tunc`k eh `ksjfvhkc`n ehd`k`t`vn fn hmprhsn hktrn hk qu`hirn y ehihf`quènrsh.

_nrn fn Fhy Cjkcursnf fn sjfuc`k kjrmnf y prhdhrhkth ehf cjkcursj hs hf Cjkvhk`j.Fn Fhy cjkthmpfn ukn shr`h eh mheèns thkehkths n fjgrnr fn snt`sdncc`k eh fjsncrhhejrhs mhe`nkth fn chfhirnc`k eh uk khgjc`j aure`cj. _nrn quh hf cjkcursjpuhen ehcfnrnsh d`knf`znej, e`clj cjkvhk`j ehih shr nchptnej pjr fjs ncrhhejrhs ypjr hf Auhz ehf cjkcursj y ehih ncrhe`tnrsh su cumpf`m`hktj.

> Nghkc`n Hstntnf Ijfht`k Jd`c`nf ehf Hstnej. Fhy 99/9??3, eh 0 eh auf`j, Cjkcursnf. Ahdnturn ehfHstnej IJH km. >45, eh >? eh auf`j eh 9??3 Yhdhrhkc`n1 IJH-N-9??3->33.


9/54


-3-

Sh jptnr pjr fn f`quènc`k cunkej kj shn pjsìfh nfcnkznr uk ncuhrej cjk fjsncrhhejrhs, s` hf cjkvhk`j nprjinej kj sh cumpfh j s` nf cjkcursnej fh rhsuftn msdnctìfh f`quènr su pntr`mjk`j y pngnr n sus ncrhhejrhs. Fjs hdhctjs eh fn f`quènc`ksjk ms hstr`ctjs quh fjs ehf cjkvhk`j, yn quh fns dncuftnehs eh nem`k`strnc`k ye`spjs`c`k ehf ehuejr quhenk susphkeèns y shrk hahrcèns hk su fugnr pjr fnNem`k`strnc`k.

Hf cjkcursj t`hkh cjmj d`knfène nyuenr n gnrnkt`znr fn cjkt`kuène ehf khgjc`j y hskhchsnr`j ncfnrnr quh kj `kthrrumph fn nct`vène eh fn hmprhsn.

Hx`sthk ejs t`pjs eh cjkcursj1

- Cjkcursj vjfuktnr`j1 hs hf prjp`j ehuejr (tnktj phrsjkn ds`cn cjmj aure`cn) hfquh sjf`c`tn hf cjkcursj, hk ukn s`tunc`k eh `ksjfvhkc`n.

- Cjkcursj khchsnr`j1 hs sjf`c`tnej pjr hf ncrhhejr quh sh hkcuhktrn cjk hf`mpngj eh uk cre`tj eh su t`tufnrène. E`cln sjf`c`tue ehihr prhshktnrsh nkthhf Auzgnej eh fj Mhrcnkt`f ehf ejm`c`f`j sjc`nf j hf pr`kc`pnf chktrj eh sunct`vène.

>.5.>. Dnshs ehf Cjkcursj eh Ncrhhejrhs

Fns dnshs ehf cjkcursj sh ehscrìhk hk hf nrtcufj >. eh fn Fhy Cjkcursnf.3 Hurjaur`s Hspnn1 nsjc`nc`k s`k k`mj eh fucrj `kthgrnen pjr ehspncljs eh nijgnejs cjkvjcnc`k `kthrknc`jknf hstnifhcèjs pjr tjen Hspnn y cjk rhprhshktnc`k hk tjejs fjs pnshs ehfn Xk`k Hurjphn y grnk pnrth ehf mukej.
http://es.wikipedia.org/wiki/Ley_Concursalhttp://es.wikipedia.org/wiki/Ley_Concursal


10/54


-5-

Hk hf hstue`j quh lhmjs rhnf`znej eh nquhffns hmprhsns `kmji`f`nr`ns y ehf shctjreh fn cjkstrucc`k quh hktrnrjk hk cjkcursj eh ncrhhejrhs, hx`sth ukn hmprhsn,Yhynf Xri`s, quh sjf`c`t, hk jctuirh ehf nj 9?>9, hf prh-cjkcursj eh ncrhhejrhs,pnrn ffhgnr n uk ncuhrej eh rhd`knkc`nc`k cjk sus ncrhhejrhs, nukquh d`knfmhkth,cuntrj mhshs ehspus, prhshkt cjkcursj eh ncrhhejrhs vjfuktnr`j.

D`gurn >. Hsquhmn ehf prh-cjkcursj eh ncrhhejrhs.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r ehf nutjr Dhrrnk G`sphrt Yjmnk.

lttp1//e`pjs`t.ui.heu/espnch/i`tstrhnm/9558/540?4/>/Hsquhmn%9?cjkcursj%9?eh%9?ncrhhejrhs.ped

Dnsh cjmk

Xkn vhz quh sh cjkjch fn `ksjfvhkc`n ehf ehuejr mhe`nkth fn ehcfnrnc`k ehfcjkcursj, fn s`gu`hkth dnsh hs fn ehkjm`knen dnsh cjmk.

Hstn dnsh sh `k`c`n cjk fn ehcfnrnc`k ehf cjkcursj y d`knf`zn cjk fn prhshktnc`k ehf`kdjrmh eh fn nem`k`strnc`k cjkcursnf, ukn vhz trnkscurrèj hf pfnzj eh fns`mpugknc`jkhs j sh lnynk rhsuhftj fns djrmufnens cjktrn hf `kvhktnr`j j f`stn ehncrhhejrhs. E`clj `kdjrmh `kcfuyh1 hf hstnej hcjkm`cj d`knkc`hrj ehf ehuejr2 hf`kvhktnr`j eh fn mnsn nct`vn, djrmnen pjr i`hkhs y ehrhcljs `kthgrnejs hk hfpntr`mjk`j ehf ehuejr n fn dhcln eh fn ehcfnrnc`k ehf cjkcursj y fjs quh sh nequ`hrnklnstn fn cjkcfus`k ehf prjche`m`hktj2 y fn f`stn eh ncrhhejrhs.

Sh pjern ehd`k`r tnmi`k fn mnsn pns`vn, fn cunf hst cjkst`tuèn pjr fjs cre`tjscjktrn hf ehuejr, quh kj thkgnk fn cjksèhrnc`k eh cre`tjs cjktrn fn mnsn, hs ehc`r,nquhffjs quh sh cnrncthr`znk pjrquh su pngj ln eh lnchrsh n su vhkc`m`hktj y pjr su

`mpjrth tjtnf. Hk hstjs cre`tjs cjktrn fn mnsn sh `kcfuyhk fjs cre`tjs pjr snfnr`js pjrfjs ft`mjs 3? ens eh trninaj nkthr`jrhs n fn ehcfnrnc`k ehf cjkcursj.
http://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdfhttp://diposit.ub.edu/dspace/bitstream/2445/46906/1/Esquema%20concurso%20de%20acreedores.pdf


11/54


-8-

Fn d`knf`znc`k eh fn dnsh cjmk en pnsj n fn dnsh eh cjkvhk`j j n fn dnsh ehf`quènc`k. Fn pr`mhrn eh hffns t`hkh cjmj jiaht`vj cjkshrvnr hf dukc`jknm`hktj eh fnnct`vène hmprhsnr`nf. Ehphke`hkej eh fn s`tunc`k hk fn quh sh hkcuhktrh fn hmprhsnsh puhehk nfcnkznr ncuhrejs eh qu`tn (rheucc`k ehf pjrchktnah eh fn ehuen quh hfehuejr ln eh pngnr n fjs ncrhhejrhs) j eh hsphrn (fjs pfnzjs eh pngjs quh shncjrenrjk `k`c`nfmhkth sh nmpfnk). Hf ncrhhejr nchptn ukj eh hstjs ncuhrejs pnrn

rhcuphrnr ukn pnrth eh fn ehuen. _jr jtrn pnrth, fn dnsh eh f`quènc`k hs ukn jpc`kquh tjmn hf ehuejr, j i`hk ukn jif`gnc`k cunkej sth kj puheh lnchr drhkth n fjspngjs cjmprjmhtèjs eurnkth fn v`ghkc`n ehf cjkvhk`j.

>.5.9. Cjmpnrnc`k eh fn fhy nctunf eh Cjkcursj eh ncrhhejrhs cjk fnfhg`sfnc`k nkthr`jr n 9??3.

Fn Fhy 99/9??3 eh 0 eh Auf`j supjkh ukn grnk mje`d`cnc`k, pjr fj quh sh rhnf`znr uknkf`s`s cjmpnrnt`vj eh fjs cnmi`js hdhctunejs pjr e`cln Fhy, ns cjmj pjr fn FhyJrgk`cn (FJ) eh Shpt`hmirh eh 9??5, ycuyn e`spjs`c`k hshkc`nf hrn fn

Fhy eh Susphks`k eh _ngjs eh 90 eh Auf`j eh >099.Unktj fn rhgufnc`k nctunf cjmj fn nkthr`jr sjk muy e`dhrhkths, yn quh cnen ukn

rhspjkeh n ukn d`knfène e`st`ktn. N cjkt`kunc`k sh nknf`znr fn e`dhrhkth d`knfène n fnquh rhspjkehk hf nkthr`jr y hf kuhvj ehrhclj cjkcursnf, ns cjmj tnmi`k sh lnr ukhstue`j eh fns pr`kc`pnfhs mje`d`cnc`jkhs quh cjkthmpfn fn kuhvn Fhy Cjkcursnf.

Hk pr`mhr fugnr, hk cunktj n fn d`knfène, kjs hkcjktrnmjs cjk fns ejs e`dhrhkc`nspr`kc`pnfhs quh mjstrnmjs n cjkt`kunc`k.

- Hf ehrhclj cjkcursnf v`ghkth lnstn hf > eh Shpt`hmirh eh 9??5, thkn cjmjd`knfène jdrhchr prjthcc`k n fjs `kthrhshs eh fjs ncrhhejrhs, mhe`nkth fnf`quènc`k ehf pntr`mjk`j ehf ehuejr pnrn snt`sdnchr fjs cre`tjs eh nquhffjs.

Hk hsth cnsj prhvnfhch fn f`quènc`k eh fn hmprhsn pjr hkc`mn eh fncjkt`kuène eh fn m`smn

- Fn Fhy Cjkcursnf v`ghkth, s`k hminrgj, t`hkh cjmj d`knfène fn snt`sdncc`k ehfjs ncrhhejrhs, y nf m`smj t`hmpj, nshgurnr fn cjkt`kuène hcjkm`cn hfehuejr. Kj jistnkth hs prhc`sj shnfnr quh ehthrm`knejs nsphctjs eh fn FhyCjkcursnf kj lnk cumpfèj cjk hsth jiaht`vj, hs ehc`r, cjkshrvnr fn nct`vènehmprhsnr`nf ehf cjkcursnej, y pjr tnktj ln sèj khchsnr`j rhdjrmnrfjs.5

Hk shgukej fugnr, hf hstue`j eh nfgukns eh fns pr`kc`pnfhs mje`d`cnc`jkhs eh fnkuhvn Fhy Cjkcursnf sjk1

>) Hf pr`mhr cnmi`j quh cjkthmpfn fn Fhy 99/9??3 hs fn hf`m`knc`k eh fns

prhchehkths d`gurns cjkcursnfhs y su sust`tuc`k pjr ukn k`cn d`gurn quh nljrnsh ehkjm`kn cjkcursj. _hrj hstj kj hs sjfj uk cnmi`j eh ehkjm`knc`k2 fnkuhvn Fhy Cjkcursnf sh insn hk uk prjche`m`hktj k`cj pnrn rhsjfvhr fnss`tunc`jkhs eh `ksjfvhkc`n eh fns hmprhsns. _jr tnktj, fns cnrncthrst`cns ehhstn fhy sjk1

j Fn ukène fhgnf1 hx`sth ukn k`cn kjrmn.

j Fn e`sc`pf`kn1 fns s`tunc`jkhs eh `ksjfvhkc`n sh hkmnrcnk hk hf ehrhcljmhrcnkt`f.

5

Cjmpnrnt`vn eh fn Fhy 99/9??3 Cjkcursnf cjk fn kjrmnt`vn nkthr`jr. Nenptnej n fn Fhy 3> ,eh >? eh Jctuirh, eh rhdjrmn eh fn Fhy 99/9??3, eh 0 eh Auf`j, Cjkcursnf(lttp1//www.suphrcjktnifh.cjm/`kdjrmnc`jk/fhyZghst`jk/Cjmpnrnt`vnZehZfnZFhyZCjkcursnfZcjkZfnZKjrmnt`vnZNkthr`jr.ltmf)


12/54


-4-

j Fjs prjche`m`hktjs1 uk k`cj cnuch pnrn rhsjfvhr fns s`tunc`jkhs eh`ksjfvhkc`n.

Hf kuhvj cjkcursj sh npf`cn n cunfqu`hr ehuejr, yn shn pnrt`cufnr, prjdhs`jknf jhmprhsnr`j2 j i`hk shn phrsjkn ds`cn j aure`cn, s`k e`st`kgu`r tnmpjcj s` hfehuejr hs c`v`f j mhrcnkt`f.

9) Fn shguken kjvhene `mpjrtnkth eh fn kuhvn Fhy Cjkcursnf hs quh hf ehuejr jnfgukj eh sus sjc`js puhehk rhnf`znr fn sjf`c`tue ehf cjkcursj (s`hkej hsthcjkcursj vjfuktnr`j), j puheh shr sjf`c`tnej pjr nfgukj eh fjs ncrhhejrhs(cjkcursj khchsnr`j). N cjkt`kunc`k, vnmjs n ehsnrrjffnr nsphctjsdukenmhktnfhs eh nmijs.

S` hf cjkcursj hs sjf`c`tnej pjr hf prjp`j ehuejr (cjkcursj vjfuktnr`j), shgk fnFhy Cjkcursnf 99/9??3, sth cjkshrvn fns dncuftnehs eh nem`k`strnc`k ye`spjs`c`k eh su pntr`mjk`j, nukquh sjmhtèns n `kthrvhkc`k eh fjsnem`k`strnejrhs cjkcursnfhs, mhe`nkth nutjr`znc`k j cjkdjrmène 8. Nehms fnehcfnrnc`k ehf cjkcursj kj `kthrrumph fn nct`vène hmprhsnr`nf j prjdhs`jknfehf ehuejr. Hf Auhz ehf cjkcursj pjshh nmpf`ns pjthstnehs pnrn `kthrvhk`r hk hf

hahrc`c`j eh hsn nct`vène hmprhsnr`nf.S` hf cjkcursj sh sjf`c`tn pjr fjs ncrhhejrhs (cjkcursj khchsnr`j), fnsdncuftnehs ehf ehuejr sh susphkehk y sth hs sust`tuèj pjr fn nem`k`strnc`kcjkcursnf. Hk hstjs cnsjs, y n e`dhrhkc`n eh fj quh jcurrn hk fn kjrmnt`vnnkthr`jr hk fn quh hf ehuejr hrn hf ft`mj hk thkhr cjkjc`m`hktj sjirh fnqu`hirn, hf Auhz, nkths eh ehcè`r sjirh fn ehcfnrnc`k eh cjkcursj, sh fjcjmuk`cnr nf ehuejr, pnrn quh puhen jpjkhrsh n fn sjf`c`tue y puhen aust`d`cnrpjr qu kj prjcheh hf cjkcursj.

3) _jr jtrn pnrth, cjk fn kuhvn Fhy Cjkcursnf ehsnpnrhchk fjs ffnmnejs`kthrvhktjrhs j ske`cjs eh qu`hirn, quh sjk nquhffns phrsjkns ds`cns jaure`cns, kjmirnens pjr uk auhz pnrn fn nem`k`strnc`k eh fjs i`hkhs

cjmprjmhtèjs hk ukn qu`hirn, y cuyj d`k hs prjthghr fjs `kthrhshs eh fnspnrths quh sh hkcuhktrnk hk f`t`g`j. stjs hrnk hfhgèjs pjr fjs vjtjs eh fjsncrhhejrhs. Ehsnpnrhchk tnmi`k fns ffnmnens cjm`s`jkhs f`quènejrns eh fnqu`hirn, hs ehc`r, nquhffns phrsjkns kjmirnens pjr fjs ncrhhejrhs pnrn lnchrfn f`quènc`k eh fn hmprhsn y pjehr cjirnr eh fn m`smn tjen j pnrth eh fnehuen.

>.8. CMJ SH EHUHCUN XKN HM_YHSN SNKN DYHKUH N XKN HM_YHSNHKDHYMN

N fj fnrgj eh fn vèn eh ukn hmprhsn npnrhchk c`hrtns c`rcukstnkc`ns kj prhv`stns, quhpuhehk jr`g`knr s`tunc`jkhs kj ehshnens s`hkej khchsnr`j ndrjktnrfns nkths eh quhffhguhk n ukn s`tunc`k quh shn ms hxtrhmn y eh e`dc`f sjfuc`k. Fns s`tunc`jkhs mslni`tunfhs n fns quh puheh ffhgnr ukn hmprhsn sjk fn susphks`k eh pngjs y fnqu`hirn, cjkchptjs quh shrk ehd`kèjs ehktrj ehf s`gu`hkth nkf`s`s eh fn shgurèned`knkc`hrn eh ukn hmprhsn.

N cjkt`kunc`k sh ehscrì`r fn hvjfuc`k eh ukn hmprhsn ehseh ukn s`tunc`k ehmx`mn shgurène d`knkc`hrn n ukn s`tunc`k eh qu`hirn j f`quènc`k41

8 Nrtcufj 5?.> eh fn Fhy Cjkcursnf (FC)4 Duhkth1 Ns`gknturn D`knkzns eh fn hmprhsn n cjrtj pfnzj. Grnej hk D`knkzns y Cjktni`fène, eh

fn Xk`vhrsène eh Shv`ffn.


13/54


-7-

- S`tunc`k eh mx`mn hstni`fène1 hs fn htnpn hk fn quh sh hkcuhktrn fnhmprhsn nf cjm`hkzj eh fn nct`vène. Hk hstn htnpn fn hmprhsn cnrhch ehd`knkc`nc`k nahkn y su hstructurn d`knkc`hrn hst cjmpuhstn k`cnmhkth pjrrhcursjs prjp`js.

Nct`vj Kj Cjrr`hkth _ntr`mjk`j KhtjNct`vj Cjrr`hkth

D`gurn 9. S`tunc`k eh mx`mn hstni`fène.Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k kjrmnf1 fn hstructurn d`knkc`hrn eh fn hmprhsn hst djrmnen tnktj pjrrhcursjs prjp`js cjmj pjr rhcursjs nahkjs n cjrtj y fnrgj pfnzj, y t`hkh ukdjkej eh mnk`jirn pjs`t`vj, hs ehc`r, fn hmprhsn hs cnpnz eh nthkehr suscjmprjm`sjs eh pngj hk hf cjrtj pfnzj.

Nct`vj Kj Cjrr`hkth

_ntr`mjk`j Khtj

Hx`gìfh n fnrgj pfnzjNct`vj Cjrr`hkth

Hx`gìfh n cjrtj pfnzjD`gurn 3. S`tunc`k kjrmnf.

Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k eh `khstni`fène d`knkc`hrn1 fn hmprhsn prhshktn uk infnkch cjk ukdjkej eh mnk`jirn khgnt`vj, fj quh s`gk`d`cn quh pnrth ehf pns`vj cjrr`hkthd`knkc`n hf nct`vj kj cjrr`hkth. Fn hmprhsn kj shrn cnpnz eh nthkehr susjif`gnc`jkhs eh pngj hk hf cjrtj pfnzj. Sh hkcjktrnrn hk susphks`k eh pngjs

Nct`vj Kj Cjrr`hkth _ntr`mjk`j Khtj

Hx`gìfh n fnrgjpfnzj

Hx`gìfh n cjrtjpfnzjNct`vj Cjrr`hkth

D`gurn 5. S`tunc`k eh `khstni`fène d`knkc`hrn.Duhkth1 Hfnijrnc`k prjp`n

- S`tunc`k eh qu`hirn1 hf pntr`mjk`j kjrmnf khtj eh fn sjc`hene hs khgnt`vj, hsehc`r, hf nct`vj rhnf hs `kdhr`jr nf pns`vj hx`gìfh, eh mnkhrn quh s` sh vhkehtjej hf nct`vj kj pjernk ehvjfvhrsh fns ehuens eh fn hmprhsn.

Nct`vj Kj Cjrr`hkth _ntr`mjk`j Khtj

Hx`gìfh n fnrgjpfnzj

Nct`vj Cjrr`hkthHx`gìfh n cjrtj

pfnzj_reèns

D`gurn 8. S`tunc`k eh qu`hirn.Duhkth1 Hfnijrnc`k prjp`n


14/54


-.8.>. Nkf`s`s eh fn sjfvhkc`n

Fn sjfvhkc`n puheh shr ehd`kèn cjmj fn cnpncène d`knkc`hrn quh t`hkh ukn hmprhsnpnrn cumpf`r cjk sus jif`gnc`jkhs cunkej stns shnk hx`gìfhs, yn shn n cjrtj j fnrgjpfnzj.

Sh puheh ehc`r quh ukn hmprhsn hs sjfvhkth cunkej stn hs cnpnz eh f`quènr, nfvhkc`m`hktj, fjs pns`vjs cjktrnejs, nukquh tnmi`k ehih shr cnpnz eh ehmjstrnr,mhe`nkth hf hstue`j cjrrhspjke`hkth, quh pjer mnkthkhr tnf s`tunc`k eh sjfvhkc`n hkhf duturj. Fn hmprhsn, cjmj v`mjs nkthr`jrmhkth, sh hkcjktrnrn hk ukn s`tunc`kkjrmnf, hk fn quh su djkej eh mnk`jirn hs pjs`t`vj, phrj kj s`hmprh hs ns,ehphkehr ehf shctjr hk hf quh kjs hkcjktrhmjs.

_nrn nknf`znr fn sjfvhkc`n n cjrtj pfnzj hmpfhnrhmjs hf nkf`s`s hstt`cj y hfnkf`s`s e`km`cj.

Hf pr`mhrj eh hffjs, hf nkf`s`s hstt`cj, sh insn hk rnt`js eh c`rcufnkth, hktrh fjsquh ehstncnk1

- Ynt`j eh c`rcufnkth1 hs hf cjc`hkth hktrh hf nct`vj cjrr`hkth y hf pns`vj cjrr`hkth.Hsth rnt`j ehihrn enr uk vnfjr suphr`jr n > pnrn quh sh cjksèhrh nehcunej.Eh fj cjktrnr`j, fn hmprhsn kj thkern fn cnpncène khchsnr`n pnrn ghkhrnre`khrj sud`c`hkth pnrn nthkehr fjs pngjs hk hf cjrtj pfnzj, nukquh sh lnchkhchsnr`j cjmhktnr quh hx`sthk nfgukjs shctjrhs quh pjr sus cnrncthrst`cnshsphc`nfhs puhehk thkhr uk rnt`j `kdhr`jr n fn ukène, s`k quh hffj supjkgnprjifhmns eh f`quèhz.

- Ynt`j cèj1 hs uk rnt`j s`m fnr nf nkthr`jr, cjk fn e`dhrhkc`n eh quh nf nct`vjcjrr`hkth sh fh hf`m`kn fjs `kvhktnr`js7. Hf vnfjr quh sh hst`mn nehcunej hs eh>, pjr fj quh fn hmprhsn puheh lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtjpfnzj cjk fjs nct`vjs eh mnyjr f`quèhz (cjmj pjr hahmpfj fjs ehuejrhscjmhrc`nfhs, fns `kvhrs`jkhs d`knkc`hrns n cjrtj pfnzj, fn thsjrhrn, htc.), fj quh

s`gk`d`cn quh fn hmprhsn t`hkh uk iuhk k`vhf eh sjfvhkc`n cjrr`hkth. Xkns`tunc`k nrr`hsgnen shr`n cunkej hf Ynt`j c`rcufnkth sh mnkt`hkh cjkstnkth y hfYnt`j cèj e`sm`kuyh, yn quh hstj hs sktjmn eh uk numhktj eh fjs`kvhktnr`js y/j rheucc`k eh fns pnrtèns ms f`quèns, cjmj sjk fn thsjrhrn yfns cuhktns pjr cjirnr.

- Ynt`j eh e`spjkì`f ene1 hs hf cjc`hkth hktrh fn thsjrhrn y hf pns`vj cjrr`hkth.Hsth rnt`j `ke`cn fn cnpncène quh t`hkh fn hmprhsn pnrn lnchr drhkth n suhx`gìfh `kmhe`ntj cjk fn f`quèhz rhnf ghkhrnen, hs ehc`r, cunktj sh t`hkh hkhdhct`vj pnrn pjehr pngnr hf pns`vj n cjrtj pfnzj. Fj èhnf shrn quh su vnfjrduhrn `kdhr`jr n >, yn quh s` duhrn suphr`jr thkern hxchsj eh thsjrhrn.

Ynt`js eh sjfvhkc`n hstt`cnYnt`j eh c`rcufnkth Ynt`j cèj Ynt`j eh e`spjkì`fène

YC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth@kvhktnr`js) / _. Cjrr`hkth

YE =Uhsjrhrn / _. Cjrr`hkth

- Unifn >. Ynt`js ehf nkf`s`s hstt`cj.- Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn

ns`gknturn D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

7 Xk `kvhktnr j hs hf rhg`strj eh i`hkhs muhifhs h `kmuhifhs quh pjshh ukn hmprhsn pnrncjmhrc`nr cjk hffjs, i`hk cjmprkejfjs y vhke`kejfjs tnf cunf, j prjchskejfjs pr`mhrj nkthseh vhkehrfjs, hk uk phr`jej hcjkm`cj ehthrm`knej. Ehihk npnrhchr hk hf Nct`vj Cjrr`hkth.


15/54


-0-

Ujejs hstjs rnt`js ehihk cjmpnrnrsh cjk fjs rnt`js cjrrhspjke`hkths n jtrjs phr`jejseh fn m`smn hmprhsn, j cjk fjs ehf shctjr ejkeh ehsnrrjffn su nct`vène. Xk vnfjrn`sfnej pnrn cunfqu`hr rnt`j kj t`hkh s`gk`d`cnej hcjkm`cj. Hs khchsnr`j quh vnynncjmpnnej eh jtrjs vnfjrhs eh rhdhrhkc`n.

Hsth hstue`j eh fn sjfvhkc`n n cjrtj pfnzj kj t`hkh hk cuhktn fn mngk`tue t`hmpj,

pjr fj quh hst`mn sjfnmhkth fjs vjfmhkhs eh nct`vj y pns`vjs c`rcufnkths. Hstjcjkffhvn fjs s`gu`hkths kcjkvhk`hkths1

- Fns hmprhsns cjk djkej eh mnk`jirn pjs`t`vj sjk cjksèhrnens ms sjfvhkthsquh hf rhstj.

- Kj sh t`hkh hk cuhktn fns hxphctnt`vns eh hvjfuc`k duturn2 sjfj sh t`hkh hkcuhktn fj quh rhdfhank fjs hstnejs cjktnifhs hk hf mjmhktj ehf nkf`s`s.

- Kj sh cjksèhrn fn cnfène ehf c`rcufnkth k` sus rjtnc`jkhs.

_nrn hv`tnr hstjs `kcjkvhk`hkths sh prhshktn hf mjehfj e`km`cj, hf cunf s` `kcfuyhfns e`mhks`jkhs eh cnktène y t`hmpj hk fn ehthrm`knc`k eh fn sjfvhkc`n n cjrtjpfnzj.

Mjehfj E`km`cjNct`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej

E`spjkìfh `kmhe`ntj t> = ? n> t> * n>= ?E`spjkìfh hktrh t> y t9 t9 n9 t9 * n9E`spjkìfh hktrh tk-> y tk tk nk tk* nkUjtnf n` (t`* n`)

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnejHx`gìfh `kmhe`ntj t

>= ? p

>t

>* p

>= ?

Hx`gìfh hktrh t>y t9 t9 = ? p9 t9 * p9Hx`gìfh hktrh tk->y tk pk tk * pkUjtnf p` (t`* p`)

Em 6 Hmcjke`c`k eh sjfvhkc`n n cjrtj pfnzjUnifn 9. Mjehfj e`km`cj eh ehthrm`knc`k eh fn sjfvhkc`n n cjrtj pfnzj

Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

- Em, hs fn e`spjkì`fène mhe`n pjkehrnen. Yhprhshktn hf t`hmpj quh hstnr

e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf nct`vj cjrr`hkth.- Hm, hs fn hx`gì`fène mhe`n pjkehrnen. Yhprhshktn hf t`hmpj hk quh shr

hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtj pfnzj.

S` fn e`spjkì`fène mhe`n pjkehrnen (Em) hs mhkjr quh fn hx`gì`fène mhe`npjkehrnen (Hm), hs ehc`r, Em 6 Hm,s`gk`d`cn quh fn hmprhsn ghkhrn e`khrj nkths ehquh sus pns`vjs n cjrtj pfnzj sh lngnk hx`gìfhs, y, pjr tnktj, hs sjfvhkth n cjrtjpfnzj. _jr hf cjktrnr`j, s` Em hs mnyjr quh Hm (Em ; Hm), fn hmprhsn puhehhkcjktrnrsh hk ukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n. Hf nct`vj cjrr`hkth tnren mst`hmpj hk trnksdjrmnrsh hk f`quèhz quh sus ehuens n cjrtj pfnzj hk lnchrshhx`gìfhs, eh djrmn quh fn sjc`hene kj thker sud`c`hkth rhcursjs mjkhtnr`js hk hfmjmhktj ehf pngj.

Hk hf hstue`j rhnf`znej, lhmjs cjksèhrnej hk hf Nct`vj Cjrr`hkth, fns pnrtèns ehHx`sthkc`ns, Ehuejrhs y Uhsjrhrn, y lhmjs cnfcufnej hf _hr`jej Mhe`j tnktj eh fns


16/54


->?-

hx`sthkc`ns cjmj eh fjs ehuejrhs, n pnrt`r ehf cjksumj y fns vhktns rhsphct`vnmhkth.Hf _hr`jej Mhe`j eh fn thsjrhrn hs chrj. _jr jtrj fnej, hk hf _ns`vj Cjrr`hkth,`kcfu`mjs fns pnrtèns eh _rjvhhejrhs, Ehuens n cjrtj pfnzj y Jtrns ehuens cjk fnNem`k`strnc`k _if`cn. Eh `gunf mjej cnfcufnmjs hf _hr`jej Mhe`j eh fjsprjvhhejrhs n pnrt`r eh fns cjmprns. _nrn fns Ehuens n cjrtj pfnzj, lhmjscjksèhrnej uk pfnzj eh 34? ens, hs ehc`r, hf nj cjmhrc`nf. _jr ft`mj, pnrn fns

ehuens cjk fn Nem`k`strnc`k _if`cn, cjksèhrnmjs uk pfnzj eh >?.


17/54


->>-

- Yhpjrtn fjs dfuajs eh hdhct`vj pnsnejs pnrn pjehr prhehc`r fjs dfuajs eh hdhct`vjduturjs.

- Hvnfn fn djrmn quh t`hkh fn nem`k`strnc`k eh ghkhrnr y ut`f znr hf hdhct`vj.


18/54


->9-


19/54


->3-

CN_UXFJ 9

HSUXE@J EH FNS HM_YHSNS EHF SHCUJY @KMJI@F@NY@J HKCJKCXYSJ EH NCYHHEJYHS

Hk pr`mhr fugnr, sh ln hstue`nej uk tjtnf eh jclj hmprhsns, phrthkhc`hkths nf shctjr`kmji`f`nr`j, quh hktrnrjk hk cjkcursj eh ncrhhejrhs eurnkth hf phr`jej cjmprhkeèjhktrh 9??7 y 9?>3. Hstns hmprhsns lnk sèj1

- Mnrt`ksn-Dnehsn- Li`tnt @kmji`f`nr`n- Grupj Kjznr- Grupj @kmji`f`nr`j Eht`ksn- Sncrhsn- Yhynf Xri`s- Yhktn Cjrpjrnc`k- Finrj Grupj @kmji`f`nr`j

Hf mjt`vj pjr hf quh sh ln hstue`nej e`clns hmprhsns ln sèj ehièj n fn cnktèneeh `kdjrmnc`k quh e`spjknmjs eh cnen ukn eh hffns sjirh su hktrnen hk cjkcursj,ns cjmj fn e`spjkì`fène eh sus Cuhktns Nkunfhs hk hf nj hk quh hktrnrjk hkcjkcursj pnrn pjehr lnchr fjs cfcufjs pnrn hf nkf`s`s.

9.>. MNYU@KSN-DNEHSN

Fn hmprhsn Mnrt`ksn-Dnehsn, prhsèèn pjr Dhrknkej Mnrt`k, hs ukn eh fns grnkehshmprhsns `kmji`f`nr`ns hspnjfns. stn surg` hk 9??7 pjr fn dus`k eh fjs khgjc`jseh Mnrt`ksn y Dnehsn, trns fn Jdhrtn _if`cn eh Nequ`s`c`k (J_N) rhnf`znen pjrMnrt`ksn sjirh Dnehsn pjr 5.?58 m`ffjkhs eh hurjs. Sh insn hk uk mjehfj eh ghst`k

e`r`gèj nf cf`hkth y sh cnrncthr`zn pjr ukjs grnkehs ehsnrrjffjs urinkst`cjs,jr`hktnejs n fn snt`sdncc`k eh fjs usunr`js, nf cjmprjm`sj sjc`nf y nf rhsphtj pjr hfmhe`j nmi`hkth. Sh hsphc`nf`zn hk hf ehsnrrjffj eh prjyhctjs `kmji`f`nr`js eh pr`mhrny shguken rhsèhkc`n, chktrkejsh tnmi`k hk prjyhctjs ljthfhrjs y chktrjscjmhrc`nfhs, f`gnejs n fn nct`vène rhsèhkc`nf y eh nfqu`fhr.

Hf >8 eh Auf`j ehf nj 9?? eh Fn Cjrun, ehièj n fn`kcnpncène pnrn nthkehr hf cumpf`m`hktj rhgufnr y puktunf eh sus jif`gnc`jkhs ehpngj0. Su jiaht`vj hrn gnrnkt`znr fn cjkt`kuène ehf khgjc`j, prjche`hkej nfsnkhnm`hktj y rhjrgnk`znc`k eh fn cjmpnn. Su ehuen duh nprjx`mnenmhkth eh7.??? m`ffjkhs eh hurjs, s`hkej sth hf mnyjr cjkcursj eh ncrhhejrhs quh sh ln

prjeucèj hk Hspnn.

9.>.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Mnrt`ksn-Dnehsn

Hk dukc`k eh fns Cuhktns Nkunfhs h @kdjrmh eh Ghst`k cjrrhspjke`hkths nf hahrc`c`jnkunf thrm`knej hf 3> eh e`c`hmirh eh 9?? nkhxj), nscjmj hf cjksumj, fns vhktns y cjmprns eh Mnrt`ksn-Dnehsn (Unifn 9 nkhxj),lnrhmjs hf hstue`j eh fn sjfvhkc`n n cjrtj pfnzj, ut`f`znkej tnktj hf nkf`s`s hstt`cjcjmj hf nkf`s`s e`km`cj.

0 @kdjrmh ehf nrtcufj >>4 I@S eh fn Fhy ehf Mhrcnej eh Tnfjrhs.


20/54


->5-

- Nkf`s`s hstt`cj1

Unifn 3. Nkf`s`s eh fn Sjfvhkc`n n cjrtj pfnzj, eh Mnrt`ksn-Dnehsn, n pnrt`r eh fjs Ynt`jsehf nkf`s`s hstt`cj.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Cjmj pjehmjs jishrvnr, hf Ynt`j eh C`rcufnkth prhshktn uk vnfjr ehf 47,9>%, hsehc`r, hf _ns`vj Cjrr`hkth hs suphr`jr nf Nct`vj Cjrr`hkth, fj quh s`gk`d`cn quh fn`kmji`f`nr`n hk hf nj 9??< kj thkn cnpncène pnrn ghkhrnr e`khrj sud`c`hkth ynthkehr ns sus pngjs n cjrtj pfnzj. Shgk hf Ynt`j cèj, quh prhshktn uk vnfjr ehf>9,35%, fn hmprhsn kj puej lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtj pfnzj cjk

nquhffjs nct`vjs eh mnyjr f`quèhz, hs ehc`r, hf tjtnf ehf Nct`vj Cjrr`hkth hf`m`kkejfhfns hx`sthkc`ns. Fn hmprhsn, pjr tnktj, hk e`clj nj kj prhshkt uk iuhk k`vhf ehsjfvhkc`n cjrr`hkth. D`knfmhkth, hf Ynt`j eh E`spjkì`fène kjs `ke`cn quh fn cjmpnnpjshn muy pjcn thsjrhrn pnrn lnchr drhkth n sus ehuens n cjrtj pfnzj, yn quh hstnkj ffhgnin n rhprhshktnr hf >% ehf tjtnf eh _ns`vj Cjrr`hkth.

- Nkf`s`s e`km`cj1

_nrn hf hstue`j ehf nkf`s`s e`km`cj, hk pr`mhr fugnr, lhmjs cnfcufnej hf _hr`jejMhe`j eh fns hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.

Cfcufj ehf _hr`jej Mhe`j (_M_)_M_Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (3.455.>59*34?)/95.?99= 85.4>9

_M_Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (497.305, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf nkf s`s e`km`cj.




YC= 5.545.393/4.459.93?=47,9>%

YN=(5.545.393-3.455.>59)/4.459.93?=

>9,35%

YE=85.98?/4.459.93?=?,4%


21/54


->8-

Unifn 8. Nkf`s`s eh fn Sjfvhkc`n eh Mnrt`ksn-Dnehsn, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Nknf`znkej fn tnifn nkthr`jr, vhmjs cjmj fn e`spjkì`fène mhe`n pjkehrnen (Em), hsmuy suphr`jr n fn hx`gì`fène mhe`n pjkehrnen (Hm), fj quh s`gk`d`cn quh hf t`hmpjquh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth hs mnyjr

nf t`hmpj hk quh shr hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtjpfnzj, pjr fj quh fn hmprhsn sh hkcjktrnin hk uk hstnej eh r`hsgj eh `ksjfvhkc`n.Hstj qu`hrh ehc`r quh hf Nct`vj Cjrr`hkth tnrenin muclj ms eh e`hz njs hk lnchrshfquèj quh sus ehuens n cjrtj pfnzj hk lnchrsh hx`gìfhs, pjr fj quh fn sjc`hene hk9??< kj tuvj sud`c`hkths rhcursjs mjkhtnr`js pnrn lnchr drhkth n fjs pngjs. Hstne`spjkì`fène mhe`n tnk hfhvnen puheh shr ehièj nf _hr`jej Mhe`j eh fnshx`sthkc`ns, quh prhshktn uk pfnzj eh cjirj muy hfhvnej.

9.>.9. Hstnej eh Dfuajs eh Hdhct`vj eh Mnrt`ksn-Dnehsn

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j nkunf thrm`knej n3> eh e`c`hmirh eh 9??59 >00.?>5.>35.>9?

Cf`hkths 89< 497.30< 33>.>9?.0?9Uhsjrhrn ? 85.98? ?Ujtnf 5.398.70? >00.358.988.?99

Em = 54.?


22/54


->4-

- Hk shgukej fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k thkntnmi`k uk vnfjr khgnt`vj eh ->59.3.543 hurjs.

- Hk thrchr y ft`mj fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`kthkn uk vnfjr pjs`t`vj eh 95?.498 hurjs, ehièj n fn jithkc`k eh hdhct`vj ehfns hktènehs d`knkc`hrns, nf cjirj eh ncc`jkhs prjp`ns y nf hdhct`vj npjrtnejpjr fjs ncc`jk`stns eh 8?.??? hurjs.

9.>.3. Mnrt`ksn-Dnehsn ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Hk 9?>>, fn cjmpnn suphrnin hf cjkcursj eh ncrhhejrhs hk fn quh sh hkcjktrnin`kmhrsn, yn quh cjks`gu` hf rhspnfej ehf 7?% eh sus ncrhhejrhs nf pfnk eh pngj eh

ehuens quh prhshkt. Fn sjc`hene sh cjmprjmhtn n pngnr tjen su ehuen hk uk pfnzjmx`mj eh e`hz njs. Jtrn grnk cjmpnn ehf shctjr, tnmi`k cjks`gu` suphrnr hfcjkcursj eh ncrhhejrhs, ehspus eh quh n d`knfhs eh 9??7 sh `k`c`nrn fn cr`s`s`kmji`f`nr`n. Sh trntn eh Li`tnt @kmji`f`nr`n, hmprhsn quh hstue`nrhmjspjsthr`jrmhkth.

S`k hminrgj, hk 9?>5, ehièj n fn dnftn eh f`quèhz, fn cjmpnn hrn `kcnpnz ehcumpf`r cjk fns jif`gnc`jkhs eh cjkvhk`j, n phsnr eh lnihr fjgrnej hf ncuhrej pnrnsnf`r ehf cjkcursj. _rhshkt uk ft`mj pfnk hk hf quh sh prhvhn ukn qu`tn ehf 7?%,phrj duh rhclnznej pjr fns hktènehs d`knkc`hrns ncrhhejrns (hktrh fns quh shhkcuhktrnk Snrhi, Cn`xninkb, _jpufnr y Ninkcn), nf cjksèhrnr quh hsn qu`tn hrnhxchs`vn. Hk fn nctunfène, fn `kmji`f`nr`n `r n f`quènc`k ehspus eh hstnr fuclnkejpjr sjirhv`v`r eurnkth jclj njs.

9.9. LI@UNU @KMJI@F@NY@N

Fn cjmpnn cntnfnkn, Li`tnt `kmji`f`nr`n, prhsèèn pjr Irukj D`guhrns y ehe`cnen nfn cjkstrucc`k y prjmjc`k eh `kmuhifhs, duh cjkstruèn hk hf nj >083 y lnrhnf`znej `mpjrtnkths prjyhctjs `kmji`f`nr`js, mnyjr`tnr`nmhkth rhsèhkc`nfhs. Susv`v`hkens sh cnrncthr`znk pjr fn `kkjvnc`k, hf cjkdjrt y fn cnfène eh sus ncninejs.Cjk hf pnsj eh fjs njs, Li`tnt @kmji`f`nr`n ln èj hvjfuc`jknkej pnrn pjehr enrrhspuhstns n fjs cnmi`js quh sh prjeuchk hk hf hktjrkj sjc`j-hcjkm`cj y pnrn

nenptnr su jdhrtn n fjs e`st`ktjs mhrcnejs hk fjs quh jphrn. Hk thrr`tjr`j knc`jknf, susehfhgnc`jkhs sh hkcuhktrnk hk Mnerè, Cntnfun, Nkenfucn, fn CjmukèneTnfhkc`nkn y Nrngk. P hk hf mi`tj `kthrknc`jknf, tnmi`k cuhktn cjk ehfhgnc`jkhshk _jrtugnf y Lukgrn.

Hk 9??4, pnrn cjkvhrt`rsh hk ukn eh fns grnkehs `kmji`f`nr`ns ehf shctjr, cjmpr nDhrrjv`nf @kmji`f`nr`n pjr 9.9?? m`ffjkhs eh hurjs, fj quh l`zj e`spnrnr fn ehuen eh fncjmpnn.

Hf 9< eh kjv`hmirh eh 9???, ehièj n quh hrn `kcnpnz ehndrjktnr fjs pngjs eh fjs `kthrhshs ehf prstnmj quh pè` pnrn fn cjmprn eh Dhrrjv`nf

@kmji`f`nr`n.

>? _rjpuhstn eh Cjkvhk`j eh Li`tnt @kmji`f`nr`n.


23/54


->7-

Sh trntnin ehf shgukej mnyjr cjkcursj eh ncrhhejrhs quh sh ln prjeucèj hkHspnn, tnk sjfj suphrnej pjr Mnrt`ksn-Dnehsn. Fn hmprhsn sjf`c`t hf cjkcursj cjkhf jiaht`vj eh snfvngunrenr fjs ehrhcljs eh sus ncrhhejrhs y prjchehr n fnrhstructurnc`k eh su s`tunc`k d`knkc`hrn, y ns gnrnkt`znr fn cjkt`kuène eh sunct`vène hmprhsnr`nf. Sus pr`kc`pnfhs inkcjs ncrhhejrhs hrnk Fn Cn`xn, Cnan Mnerè,Inkcj Snktnkehr, IITN y Inkcj _jpufnr.

9.9.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Li`tnt @kmji f`nr`n

N cjkt`kunc`k, hstue`nrhmjs fn sjfvhkc`n n cjrtj pfnzj eh fn cjmpnn Li`tnt@kmji`f`nr`n, tnktj ehseh hf puktj eh v`stn hstt`cj cjmj e`km`cj, n pnrt`r eh fjs entjse`spjkìfhs hk fn insh eh entjs SNI@ (S`sthmn eh Nkf`s`s eh Infnkchs @ir`cjs), quhlhmjs rhcjgèj hk hf Infnkch y hf cunf sh hkcuhktrn rhdfhanej hk hf nkhxj (Unifn 3nkhxj). Hk fn Unifn 5 nkhxj, tnmi`k hstk rhcjgèns fns pnrtèns eh cjksumj, vhktnsy cjmprns eh Li`tnt @kmji`f`nr`n.

- Nkf`s`s hstt`cj1

Unifn 4. Nkf`s`s eh fn Sjfvhkc`n eh Li`tnt @kmji`f`nr`n, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn

D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Hk fn tnifn nkthr`jr, sh jishrvn cjmj hf Nct`vj Cjrr`hkth hs `kdhr`jr nf _ns`vjCjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh C`rcufnkth prhshkth uk vnfjr `kdhr`jr nf>??%. Hstj s`gk`d`cn quh fn cjmpnn, hk hsh nj, kj duh cnpnz eh ghkhrnr e`khrjsud`c`hkth pnrn nthkehr sus pngjs n cjrtj pfnzj. Hf Ynt`j Ncèj tnmi`k prhshktn ukvnfjr muy inaj, tnk sjfj ehf 8,35%, pjr fj quh fn `kmji`f`nr`n, cjk sus nct`vjs eh mnyjrf`quèhz, kj pjen lnchr drhkth n sus pns`vjs hx`gìfhs n cjrtj pfnzj. D`knfmhkth, hfYnt`j eh E`spjkì`fène kjs `ke`cn quh Li`tnt @kmji`f`nr`n e`spjkn eh muy pjcnthsjrhrn pnrn pjehr ndrjktnr tjens sus ehuens.

- Nkf`s`s e`km`cj1

Nkths eh prjchehr nf hstue`j ehf nkf`s`s e`km`cj, ehihmjs cnfcufnr fjs _hr`jejsMhe`js eh fns hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.

Cfcufj ehf _hr`jej Mhe`j (_M_)_M_

Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (>.97?.*34?)/>57.8??_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (8?.85?*34?)/807.797= 3?_M_

_rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (>44.83-9?>5, pp. 8-4)


Ynt`js eh sjfvhkc`n hstt`cnYnt`j eh c`rcufnkth Ynt`j cèj Ynt`j eh e`spjkì`fèneYC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth

@kvhktnr`js) / _. Cjrr`hkthYE =Uhsjrhrn / _. Cjrr`hkth

YC= >.305.7?8/9.3>0.??7=4?,>5%

YN= (>.305.7?8->.97?.)/9.3>0.??7=

8,35%

YE=34.993/9.3>0.??7=>,84%


24/54


->53)

Thmjs cjmj hf t`hmpj quh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hfNct`vj Cjrr`hkth (Em) hs mnyjr nf t`hmpj hk hf quh shr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj (Hm), hs ehc`r, fn cjmpnn tnrennprjx`mnenmhkth s`hth njs hk e`spjkhr eh fjs rhcursjs mjkhtnr`js sud`c`hkths pnrnndrjktnr fjs pngjs n cjrtj pfnzj, m`hktrns quh fn hx`gì`fène mhe`n eh hstjs pngjs hs`kdhr`jr nf nj (eh mnkhrn nprjx`mnen, shrn ukjs jkch mhshs), pjr fj quh fn hmprhsn

hk hf nj 9??< prhshktnin uk grnk r`hsgj eh `ksjfvhkc`n. Nf `gunf quh Mnrt`ksn-Dnehsn, fns hx`sthkc`ns eh fn cjmpnn prhshktnin uk pfnzj eh cjirj muy hfhvnej, fjquh lncn quh fn e`spjkì`fène mhe`n duhrn jclj vhchs suphr`jr n fn hx`gì`fènemhe`n.

9.9.9. Hstnej eh Dfuajs eh Hdhct`vj

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj ehf nj 9??44.8.99?Ujtnf 9.990.7 783..408

Hm = 33< ens


25/54


->0-

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k thkn uk vnfjrkhgnt`vj eh -8?. hurjs, ehièj n fn cnktène quh ehin nmjrt`znr eh fnehuen quh pjshn cjk fns hktènehs eh cre`tj. Unmpjcj tuvj k`kgk cjirjpjr kstrumhktjs eh pntr`mjk`j.

9.9.3. Li`tnt @kmji`f`nr`n ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Hk 9?>?, fn `kmji`f`nr`n cjks`gu` suphrnr hf prjchsj eh cjkcursj eh ncrhhejrhs. Hfcjkvhk`j eh ncrhhejrhs, cjk hf quh fn hmprhsn cjks`gu` snf`r n dfjth, cjkthmpf ejsnfthrknt`vns pnrn pngnr fn ehuen, quh cjmhktnrhmjs n cjkt`kunc`k1

- Hf pr`mhrj eh hffjs duh pngnr hf 3, fn cjmpnn tuvj quh ncue`r n fn inkcn ncrhhejrn pnrnrhkhgjc`nr su ehuen, yn quh fh rhsuft `mpjsìfh cumpf`r cjk hf pfnk eh pngjs. Hstnrhkhgjc`nc`k cjks`stn hk ehvjfvhr sfj hf >,8% eh fn ehuen y nijknr cns` tjej hfprstnmj hktrh 9?>4 y 9?>0, hk Mnerè, hs ukn mhe`nknhmprhsn, ehe`cnen n prhstnc`k eh shrv`c`js hk fns nghkc`ns `kmji`f`nr`ns y n fnnem`k`strnc`k eh d`kcns. Ehsnrrjffn prjyhctjs quh sh nenptnk n fns khchsènehs ygustjs eh fns phrsjkns, mnkthk`hkej uk cjmprjm`sj cjk fn cnfène y hf shrv`c`j. She`dhrhkc`n hk hf shctjr `kmji`f`nr`j pjr thkhr uk hst`fj k`cj y phrsjknf. Ehseh sucjkst`tuc`k, muclns hmprhsns, tnktj knc`jknfhs cjmj `kthrknc`jknfhs, cnen uknehe`cnen n e`dhrhkths mi`tjs, sh lnk ukèj nf grupj eh Kjznr, cjk hf jiaht`vj ehehsnrrjffnr prjyhctjs cjkauktnmhkth, pnrn, eh hstn djrmn, ffhgnr n uk kmhrj mnyjreh phrsjkns. Hstns hmprhsns sjk1 E`mjrn, Fhkn Cjkstrucc`jkhs, @mprjgnr, InkjYhnf, Tnkcjgnr, Kjznr Mnrt`ksn (Kjznr y Mnrt`ksn-Dnehsn, cjk hf jiaht`vj eh jdrhchr nfjs cf`hkths prjyhctjs urinkst`cjs eh fn ms nftn Cnfène), T`rhgun, Kjznr Mnsn Thu,Kjznr _rjmjiys y C`v`tns. Ljy hk en, nehms eh ehe`cnrsh nf shctjr `kmji`f`nr`j,tnmi`k t`hkh nct`vène hk shctjrhs ngrjnf`mhktnr`js y turst`cjs.

Fn cjmpnn, hk shpt`hmirh eh 9??0, ehièj n quh kj puej lnchr drhkth n susjif`gnc`jkhs cjk fjs pr`kc`pnfhs ncrhhejrhs, sh v`j jif`gnen n sjf`c`tnr hf cjkcursj ehncrhhejrhs vjfuktnr`j, ehspus eh prjpjkhr n sus inkcjs ncrhhejrhs ukn qu`tn hktrhhf 5?% y hf 8?% eh su ehuen, pnrn hv`tnr hktrnr hk e`cln s`tunc`k. Hstn prjpuhstn kjtuvj x`tj yn quh sh trntnin eh ukn c`drn hxnghrnen h `knsumìfh pjr fn inkcn, pjr fj

quh d`knfmhkth, Kjznr tuvj quh hktrnr hk cjkcursj. Hk 9??


26/54


-9?-

Hk 9?>?, fn Nue`hkc`n _rjv`kc`nf sjf`c`t nehcunr hf prjche`m`hktj vjfuktnr`j ehfcjkcursj eh Kjznr n cjkcursj khchsnr`j y tnmi`k rhtrns fn dhcln eh ehcfnrnc`k ehcjkcursj n 9??. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Grupj Kjznr

N pnrt`r eh fns Cuhktns Nkunfhs Cjksjfènens ehf grupj eh Kjznr, nknf`znrhmjs fns`tunc`k eh `ksjfvhkc`n hk fn quh sh hkcjktrnin fn `kmji`f`nr`n hk hf nj quh prhshktcjkcursj eh ncrhhejrhs, hs ehc`r, hk 9??0. Lnrhmjs uk hstue`j tnktj hstt`cj cjmje`km`cj. Fjs entjs ehf Infnkch sh hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn 8 nkhxj),ns cjmj fns pnrtèns eh cjksumj, cjmprns y vhktns (Unifn 4 nkhxj).

- Nkf`s`s hstt`cj1

Unifn 0. Nkf`s`s eh fn Sjfvhkc`n eh Grupj Kjznr, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Hf Ynt`j eh C`rcufnkth sh cjksèhrn nehcunej, yn quh suphrn hf pjrchktnah ehf >??%,fj quh s`gk`d`cn quh hf Nct`vj Cjrr`hkth eh fn hmprhsn hs mnyjr n su _ns`vj Cjrr`hkth,pjr fj quh pjshh cnpncène khchsnr`n pnrn ghkhrnr e`khrj sud`c`hkth y eh hstn djrmnnthkehr sus pngjs hk hf cjrtj pfnzj. S`k hminrgj, shgk hf Ynt`j cèj, quh prhshktnuk pjrchktnah muy inaj (tnk sjfj ehf >0,*34?)/375.5>9= 53

_M__rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (87.3*34?)/90>.4>9= 7>Unifn >?. Cfcufj ehf _hr`jej Mhe`j, eh Grupj Kjznr, n pnrt`r eh fjs entjs eh Infnkch y

fn Cuhktn eh _reèns y Gnknkc`ns.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturn

D`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)



YC =N. Cjrr`hkth / _. Cjrr`hkth YN =(N. Cjrr`hkth

@kvhktnr`js) / _. Cjrr`hkth


YC= >.?84.


27/54


-9>-

Unifn >>. Nkf`s`s eh fn Sjfvhkc`n eh Grupj Kjznr, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Shgk hf nkf`s`s e`km`cj, fn hmprhsn hk 9??0 sh hkcjktrnin hk ukn s`tunc`k ehr`hsgj eh `ksjfvhkc`n, yn quh su Nct`vj Cjrr`hkth tnrenrn ukjs cuntrj njs hktrnksdjrmnrsh hk f`quèhz pnrn pjehr lnchr drhkth n sus pngjs hk hf cjrtj pfnzj,m`hktrns quh sus ehuens n cjrtj pfnzj sjfj tnrenrn jkch mhshs hk lnchrsh hx`gìfhs,pjr fj quh fn cjmpnn kj e`spjkn eh sud`c`hkths rhcursjs mjkhtnr`js hk hf mjmhktjeh ndrjktnr fjs pngjs. Nf `gunf quh fns cjmpnns nkthr`jrhs, fn e`spjkì`fène mhe`n

prhshktn uk vnfjr tnk hfhvnej ehièj nf pfnzj eh fns hx`sthkc`ns.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj Cjksjfènej, hf cunf sh hkcuhktrn rhcjgèj hkfn Mhmjr`n Cjksjfènen cjrrhspjke`hkth nf hahrc`c`j nkunf eh 9??0, lnrhmjs fjss`gu`hkths cjmhktnr`js1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k thkn uk vnfjr pjs`t`vj eheh 985.045 hurjs, yn quh sus cjirjs pjr ehs`kvhrs`jkhs hrnk mnyjrhsn fjs gnstjs pjr `kvhrs`jkhs. Fn mnyjr `kvhrs`k rhnf`znen pjr fn cjmpnn duhhk Nct`vjs d`knkc`hrjs.

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k thkn uk vnfjr khgnt`vj

eh 94.495 hurjs, ehuens cjk hmprhsns ehf grupj eh 4.8>0 hurjs y jtrj t`pj eh


Hx`sthkc`ns >.4> >.05.5 9?5.958.


28/54


-99-

ehuens. Fn `kmji`f`nr`n hk e`clj nj tnmi`k e`spjkn eh ukn suivhkc`k eh888 hurjs.

9.3.3. Grupj Kjznr ehspus eh su hktrnen hk cjkcursj eh ncrhhejrhs

Urns uk phr`jej eh c`kcj njs, hk 9?>5 fn cjmpnn cjkcfuy fn dnsh cjmk ehfprjchsj eh cjkcursj eh ncrhhejrhs h `k`c`j fn dnsh eh khgjc`nc`k eh fn prjpuhstn ehpngj eh su ehuen. Kjznr prhshkt uk cjkvhk`j nf quh sh jpjknk fjs pr`kc`pnfhsinkcj ncrhhejrhs (IITN, Cn`xninkb, Snktnkehr y _jpufnr) y fjs nem`k`strnejrhscjkcursnfhs quh hf auhz kjmir n cnrgj ehf cjkcursj eh Kjznr. Hf cjkvhk`j cjks`stnhk rhnf`znr ukn qu`tn ehf 78% ehf `mpjrth eh fn ehuen y pngnr hf 98% rhstnkth hk ukpfnzj eh qu`kch njs. Fns rnzjkhs pr`kc`pnfhs pjr fns quh khgnrjk hf cjkvhk`j duhrjk1

- _jrquh kj fhs gustnin hf pfnk eh v`ni`fène k` sus qu`tns y hsphrns.- P pjrquh fn cjmpnn kj pjshn cnpncène d`knkc`hrn pnrn mnkthkhr su

khgjc`j.

Fjs ghstjrhs supf`cnink ukn shguken jpjrtukène pnrn kj thrm`knr cjmj Mnrt`ksn-Dnehsn, fn mnyjr f`quènc`k `kmji`f`nr`n eh fn l`stjr`n.

9.5. GYX_J @KMJI@F@NY@J EHU@KSN, S.F.

Hf Grupj @kmji`f`nr`j eh Ehsnrrjffj eh Nct`vjs @kmji`f`nr`js, Eht`ksn, prhsèèn pjrAjs Nktjk`j Mjrhkj S`z, duh crhnen hk hf nj >0. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj ehf Grupj @kmji`f`nr`n Eht`ksn

Ehièj n quh kj e`spjkhmjs eh fns Cuhktns Nkunfhs ehf nj hk hf quh hktr hkcjkcursj, hs ehc`r, hk 9?>?, nknf`znrhmjs su hstnej eh sjfvhkc`n hk 9??


29/54


-93-

- Nkf`s`s hstt`cj1

Unifn >9. Nkf`s`s eh fn Sjfvhkc`n eh Grupj @kmji`f`nr`j Eht`ksn, n pnrt`r ehf nkf`s`shstt`cj.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Hk pr`mhr fugnr, pjehmjs jishrvnr cjmj hf Ynt`j eh C`rcufnkth suphrn hf >??%, ynquh hf Nct`vj Cjrr`hkth hs mnyjr nf _ns`vj Cjrr`hkth, pjr fj quh fn hmprhsn, hk ukpr`kc`p`j pjshn fn cnpncène khchsnr`n pnrn ghkhrnr e`khrj sud`c`hkth y pjehr nthkehrns sus pngjs n cjrtj pfnzj. S`k hminrgj, nf hf`m`knr fjs `kvhktnr`js (hx`sthkc`ns) ehfNct`vj Cjrr`hkth, vhmjs cjmj fn cjmpnn yn kj hs cnpnz eh lnchr drhkth n suspns`vjs hx`gìfhs n cjrtj pfnzj cjk nquhffjs nct`vjs eh mnyjr f`quèhz. Hk ft`mj fugnr,fn hmprhsn hk hf nj 9??< e`spjkn eh muy pjcn thsjrhrn2 stn tnk sjfj rhprhshktninhf 4,97% ehf tjtnf eh _ns`vj Cjrr`hkth, pjr fj quh, cjmj mhkc`jknmjs nkthr`jrmhkth,fn hmprhsn kj e`spjkn eh fn f`quèhz khchsnr`n pnrn ndrjktnr sus pngjs.

- Nkf`s`s e`km`cj1

Nkths eh nknf`znr fn sjfvhkc`n n trnvs ehf nkf`s`s e`km`cj, cnfcufnrhmjs fjs_hr`jejs Mhe`js tnktj eh fns hx`sthkc`ns, cjmj eh fjs ehuejrhs y prjvhhejrhs.


Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (453..43>= 9.339_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (8.83?.5*34?)/08._M_

_rjvhhejrhs (Snfej eh prjvhhejrhs *34?)/Cjmprns (9.7>9.> eh fn ns`gknturn






YC= 40>.3??.?.3


30/54


-95-

Unifn >5. Nkf`s`s eh fn Sjfvhkc`n eh Grupj @kmji`f`nr`j Eht`ksn, n pnrt`r ehf nkf`s`se`km`cj.


Cjmj hk fjs cnsjs nkthr`jrhs, fn cjmpnn tnren muclj ms t`hmpj hk trnksdjrmnrhk f`quèhz sus Nct`vjs Cjrr`hkths, quh fns ehuens n cjrtj pfnzj hk lnchrsh hx`gìfhs,hs ehc`r, tnrenrn nfrhehejr eh sh`s njs hk e`spjkhr eh rhcursjs mjkhtnr`jssud`c`hkths pnrn nthkehr fjs pngjs, m`hktrns quh fn hx`gì`fène eh hstjs pngjs hs`kdhr`jr nf nj. Hstj hs mheèj n trnvs eh fn e`spjkì`fène mhe`n pjkehrnen (Em),quh rhprhshktn hf t`hmpj quh hstnr e`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hfNct`vj Cjrr`hkth, y fn hx`gì`fène mhe`n pjkehrnen (Hm), quh hs hf t`hmpj hk quhshr hx`gìfh ukn ukène mjkhtnr`n eh ehuen cjk thrchrjs n cjrtj pfnzj. Fn hmprhsn,pjr fj tnktj, sh hkcjktrnin hk ukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n. Xkn vhz msjishrvnmjs cjmj hf pfnzj eh fns hx`sthkc`ns hs muy hfhvnej, fj quh hxpf`cn quh fne`spjkì`fène mhe`n shn cns` jclj vhchs suphr`jr n fn hx`gì`fène mhe`n.

9.5.9. Hstnej eh Dfuajs eh hdhct`vj

Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j thrm`knej n 3> ehe`c`hmirh eh 9??07 hurjs, ehièj n sus cjirjs hrnk mnyjrhs n fjsgnstjs, fj quh s`gk`d`cn quh fn hmprhsn hstnin gnknkej e`khrj cjk su khgjc`j.

S`k hminrgj, hf Yhsuftnej ehf hahrc`c`j nkths eh `mpuhstj hrn khgnt`vj. Hsthhrn eh ->.740.0?3 hurjs. Fn pnrtèn eh Hx`sthkc`ns y Ehuejrhs y jtrns cuhktnsn cjirnr hrnk nmins pjs`t`vns, fj quh puheh shr ehièj n quh hk hahrc`c`jsnkthr`jrhs duhrjk `kgrhsjs, phrj quh sh lnk cjirnej hsth nj, hs ehc`r, 9?? hurjs. Hstn shcc`k kjs `ke`cn cmjhst fn cjmpnn cjkstruyhkej su cnp`tnf. Hk 9??.459..787.449. ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs 0 9.7.44.?54.


31/54


-98-

d`knkc`hrjs. Fg`cnmhkth, pnrn quh tuv`hrn uk Dfuaj eh hdhct`vj eh nct`vènehseh `kvhrs`k pjs`t`vj, fjs cjirjs pjr ehs`kvhrs`jkhs duhrjk mnyjrhs n fjspngjs rhnf`znejs pjr fns `kvhrs`jkhs.

- Hk thrchr y ft`mj fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`kthkn uk vnfjr khgnt`vj eh -54.9, hf Grupj @kmji`f`nr`jEht`ksn eha ntrs hf cjkcursj eh ncrhhejrhs hk hf quh sh hkcjktrnin `kmhrsj ehseh9?>?, yn quh fjgr fns sud`c`hkths nelhs`jkhs hktrh sus ncrhhejrhs cjmj pnrn ncjrenruk cjkvhk`j eh pngj, quh d`knfmhkth duh nprjinej pjr hf Auzgnej. Fn cjmpnnncjre qu`tns y npfnznm`hktjs hk hf pngj eh sus ehuens, pr`kc`pnfmhkth cjk fjsinkcjs y cjk fn Nghkc`n Urìutnr`n. Hf grupj tnmi`k che` n fn inkcn nct`vjs y

prhshkt uk pfnk eh khgjc`js n fnrgj pfnzj. Cjkcrhtnmhkth, fjs ncrhhejrhs, n pnrt`reh 9?>4, cjirnrnk hf 58% eh sus cre`tjs, drncc`jknkej hstns cnktènehs hk c`kcjnkunfènehs.

9.8. SNCYHSN

Fn `kmji`f`nr`n Sncrhsn, cjktrjfnen pjr fn dnm`f`n Snknluan, duh cjkst`tuèn hkInrchfjkn, hf 9< eh e`c`hmirh eh >00?, ehièj n su s`tunc`k eh `ksjfvhkc`n, Sncrhsn sh v`j jif`gnen nprhshktnr cjkcursj eh ncrhhejrhs vjfuktnr`j, hk hf Auzgnej Mhrcnkt`f kmhrj ejs ehInrchfjkn, trns ngjtnr hf pfnzj fhgnf hstnifhcèj pnrn `kthktnr pnctnr cjk fn inkcn uknrhd`knkc`nc`k eh su ehuen y kj jithkhr hf rhspnfej sud`c`hkth. Hsth prjchsj cjkcursnfnrrnstr n cuntrj eh fns c`kcj sjc`henehs hf grupj1 Crhsn _ntr`mjk`nf, SncrhsnUhrrhkjs _rjmjc`k S.F., Snknluan Hscjdht @kmji`f`nr`n y Sncrhsn Uhrrhkjs 9. FnSjc`hene Cnudhc tnmi`k hktr hk cjkcursj, nukquh uk nj ms tnreh, hk 9?>>. Hfpfnk eh v`ni`fène quh prhshkt Sncrhsn kj duh crhifh pnrn fns hktènehs d`knkc`hrns,

yn quh hf grupj mnkthkn ukns ehuens quh thknk hscnsns pjsì`fènehs eh shrpngnens. Sh trntn ehf thrchr mnyjr cjkcursj eh fn l`stjr`n hmprhsnr`nf hspnjfn, tnksjfj suphrnej pjr Mnrt`ksn-Dnehsn y Li`tnt @kmji`f`nr`n.

9.8.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Sncrhsn

Ehièj n quh kj e`spjkhmjs eh fns Cuhktns Nkunfhs ehf nj hk hf quh hktr hkcjkcursj, hs ehc`r, hk 9?>?, nknf`znrhmjs su hstnej eh sjfvhkc`n hk 9??0, njnkthr`jr nf cjkcursj, y vhrhmjs s` hk hsh nj fn hmprhsn yn thkn prjifhmnsd`knkc`hrjs pnrn pngnr sus ehuens. Hf Infnkch, ns cjmj fns pnrtèns eh cjksumj,

cjmprns y vhktns, sh hkcuhktrnk rhcjgèns hk hf nkhxj, Unifn 0 nkhxj y Unifn >?nkhxj, rhsphct`vnmhkth.


32/54


-94-

- Nkf`s`s hstt`cj1


YC =N. Cjrr`hkth / _. Cjrr`hkth YN= (N. Cjrr`hkth@kvhktnr`js) / _. Cjrr`hkth

YE= Uhsjrhrn / _. Cjrr`hkth

YC=343.>40.900/>.?48.57?.435= 35,?40.900-984.0883)/>.?48.57?.435 = 0,04%

YE=>3.497.>,97%

Unifn >8. Nkf`s`s eh fn Sjfvhkc`n eh Sncrhsn, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Cjmj sh jishrvn cfnrnmhkth, hf Nct`vj Cjrr`hkth eh fn cjmpnn hk hf nj 9??0 hsmhkjr nf _ns`vj Cjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh c`rcufnkth shn `kdhr`jr nf>??%. Hstj s`gk`d`cn quh fn hmprhsn kj thkn fn cnpncène khchsnr`n pnrn ghkhrnre`khrj sud`c`hkth pnrn nthkehr sus pngjs hk hf cjrtj pfnzj. _jr jtrj fnej, s`hf`m`knmjs ehf Nct`vj Cjrr`hkth fns hx`sthkc`ns, su vnfjr e`sm`kuyh nk ms, pjr fjquh fn cjmpnn kj pjen lnchr drhkth n sus pns`vjs hx`gìfhs cjk nquhffjs nct`vjs ehmnyjr f`quèhz, pjr fj tnktj, yn uk nj nkths eh su hktrnen hk cjkcursj, pjehmjsehc`r quh fn hmprhsn kj hrn sjfvhkth n cjrtj pfnzj. _jr ft`mj, shgk hf Ynt`j ehE`spjkì`fène, fn hmprhsn thkn muy pjcn thsjrhrn, sjfj rhprhshktnin hf >,97% ehftjtnf eh _ns`vj Cjrr`hkth, fj quh enin fugnr n quh Sncrhsn kj pue`hrn pngnr susehuens n cjrtj pfnzj.

- Nkf`s`s e`km`cj1

_nrn hstue`nr hf nkf`s`s e`km`cj, pr`mhrj ehihmjs cnfcufnr hf _hr`jej Mhe`j eh fns

hx`sthkc`ns, fjs ehuejrhs y fjs prjvhhejrhs.Cfcufj ehf _hr`jej Mhe`j (_M_)

_M_Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/Cjksumj (984.0883*34?)/>88.053.?74*34?)/49.788.544=>54

Unifn >4. Cfcufj ehf _hr`jej Mhe`j, eh Sncrhsn, n pnrt`r eh fjs entjs eh Infnkch y fnCuhktn eh _reèns y Gnknkc`ns.

Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj.


33/54


-97-

Unifn >7. Nkf`s`s eh fn Sjfvhkc`n eh Sncrhsn, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Thmjs cjmj fn e`spjkì`fène mhe`n pjkehrnen (Em), hs ehc`r, hf t`hmpj quh hstnre`spjkìfh ukn ukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth, hs mnyjr n fnhx`gì`fène mhe`n pjkehrnen (Hm), t`hmpj hk quh shr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj, fj quh s`gk`d`cn quh fn hmprhsn sh hkcjktrnin hkukn s`tunc`k eh r`hsgj eh `ksjfvhkc`n uk nj nkths eh hktrnr hk cjkcursj. Su Nct`vjCjrr`hkth tnrenin nj y mhe`j hk trnksdjrmnrsh hk f`quèhz y sus ehuens n cjrtj pfnzjtnrenin ukjs jkch mhshs hk lnchrsh hx`gìfhs, eh mjej quh fn cjmpnn kj thknsud`c`hkth rhcursjs mjkhtnr`js hk hf mjmhktj ehf pngj.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj cjrrhspjke`hkth nf hahrc`c`j thrm`knej n 3> ehe`c`hmirh eh 9??0, hf cunf sh hkcuhktrn rhcjgèj hk fn Mhmjr`n nkunf eh Sncrhsn,cjmhktnmjs fj s`gu`hkth1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k, hk pr`mhr fugnr, hrnpjs`t`vj, hk 98?.853.?3> hurjs. Fn hmprhsn hk 9??0 hstnin gnknkej e`khrj

cjk fns nct`vènehs eh su khgjc`j, yn quh fjs cjirjs quh stn thkn suphrnin nfjs pngjs quh rhnf`znin. N su vhz, hf Yhsuftnej ehf hahrc`c`j nkths eh`mpuhstjs hrn tnmi`k pjs`t`vj, cjk uk vnfjr eh 934.>8?.044 hurjs.

Fn pnrtèn eh Ncrhhejrhs y jtrns cuhktns n pngnr thkn uk vnfjr khgnt`vj eh>?8.873.587 hurjs fj quh pjern s`gk`d`cnr quh duhrjk gnstjs eh hahrc`c`jsnkthr`jrhs pngnejs hk hf hahrc`c`j 9??0. Unmi`k jishrvnmjs cjmj fncjmpnn pngn ms `kthrhshs eh fjs quh cjirn.

- Hk cunktj nf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k, sth prhshktnintnmi`k uk vnfjr pjs`t`vj eh 9?8.4?5.974 hurjs, yn quh fjs cjirjs pjr`kvhrs`jkhs duhrjk mnyjrhs quh fjs pngjs quh rhnf`z fn hmprhsn hk sus

`kvhrs`jkhs. Cjkcrhtnmhkth, fn cjmpnn `kv`rt` hk `kmjv`f`znej `ktnkgìfh,mnthr`nf y hk jtrjs nct`vjs d`knkc`hrjs.


Hx`sthkc`ns 803 984.0883 >89.594.754.48?Cf`hkths 34 93.>54 98.377.>73 3.405.355.747Ehuens n cjrtj pfnzj 34? 0?3.


34/54


-99, fn `kmji`f`nr`n sjf`c`t hf prh-cjkcursj eh ncrhhejrhs, ehspuseh cjmuk`cnr n fn Cjm`s`k Knc`jknf ehf Mhrcnej eh Tnfjrhs (CKMT) quh lnin`k`c`nej ukn shr`h eh khgjc`nc`jkhs pnrn nfcnkznr uk ncuhrej eh rhd`knkc`nc`k cjksus ncrhhejrhs. Fn Fhy Cjkcursnf fh enin cuntrj mhshs pnrn lnchr fnscjrrhspjke`hkths khgjc`nc`jkhs nkths eh susphkehr pngjs. Fns pr`kc`pnfhs hkt`enehsncrhhejrns eh fn cjmpnn sjk1 Snktnkehr, IITN, IDN-Inkb`n y _jpufnr.

Hf >0 eh dhirhrj eh 9?>3 prhshkt cjkcursj vjfuktnr`j eh ncrhhejrhs, yn quh kjpuej nfcnkznr hsth ncuhrej eh rhd`knkc`nc`k. Nehms eh hstj, fjs mjt`vjs eh fnhktrnen hk cjkcursj sjk pr`kc`pnfmhkth fjs s`gu`hkths1

- Hf grnk hkehuenm`hktj quh pjshn fn cjmpnn.- Xk duhrth npnfnkcnm`hktj.- P hf grnk ehschksj eh fns vnfjrnc`jkhs eh fjs nct`vjs.


35/54


-90-

9.4.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhynf Xri`s

N cjkt`kunc`k, n pnrt`r eh fns Cuhktns Nkunfhs cjrrhspjke`hkths nf hahrc`c`j nkunfthrm`knej n 3> eh e`c`hmirh eh 9?>9 y ehf @kdjrmh eh Ghst`k, sh nknf`znr cunf hrnsu hstnej eh sjfvhkc`n hk e`clj nj, hs ehc`r, nj hk quh sjf`c`t hf prh-cjkcursj ehncrhhejrhs. Fjs pr`kc`pnfhs entjs eh fn cjmpnn pnrn hf nkf`s`s eh fn sjfvhkc`n sh

hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn >> nkhxjy Unifn >9 nkhxj).

- Nkf`s`s hstt`cj1




YC= 9.?39/5.> eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Jishrvnkej hf Ynt`j eh C`rcufnkth, vhmjs quh hf _ns`vj Cjrr`hkth hrn mnyjr nf Nct`vjCjrr`hkth, mjt`vj pjr hf cunf prhshktnin uk vnfjr `kdhr`jr nf >??%, pjr fj quh fncjmpnn duh `kcnpnz eh nthkehr fjs pngjs hk hf cjrtj pfnzj, ehièj n quh kj thkncnpncène pnrn ghkhrnr e`khrj sud`c`hkth. Hf Ynt`j cèj prhshktnin uk vnfjr muyrheucèj, kj ffhgnin n shr hf >%, fj quh s`gk`d`cn quh fn hmprhsn kj puej lnchr drhkthn sus pns`vjs n cjrtj pfnzj cjk sus nct`vjs eh mnyjr f`quèhz. Fn mnyjr pnrth ehfNct`vj Cjrr`hkth hstnin djrmnej pjr hx`sthkc`ns. Sh hkcjktrnin, pjr tnktj, hk ukngrnk s`tunc`k eh `ksjfvhkc`n. Hf Ynt`j eh E`spjkì`fène kjs `ke`cn hf hdhct`vj quh

t`hkh fn hmprhsn pnrn pjehr pngnr su pns`vj n cjrtj pfnzj, nfgj quh duh `mpjsìfh ynquh pjshn ukn thsjrhrn eh tnk sjfj 4.045 hurjs, m`hktrns quh su pns`vj n cjrtjpfnzj hrn eh 5.>= >5.930_M_

Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (??.35.4?7*34?)/4>9.37?= 70Unifn >0. Cfcufj ehf _hr`jej Mhe`j, eh Yhynf Xri`s, n pnrt`r eh fjs entjs eh Infnkch y fn

Cuhktn eh _reèns y Gnknkc`ns.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fn `kdjrmnc`k jithkèn ehf cnptufj > eh fn ns`gknturn


N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj


36/54


-3?-

Unifn 9?. Nkf`s`s eh fn Sjfvhkc`n eh Yhynf Xri`s, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Cjmj fn hx`gì`fène mhe`n pjkehrnen (Hm) hs muy `kdhr`jr n fn e`spjkì`fène mhe`npjkehrnen (Em), hs ehc`r, hf t`hmpj hk hf quh sh lnr hx`gìfh ukn ukène mjkhtnr`neh ehuen cjk thrchrjs n cjrtj pfnzj hs mhkjr nf t`hmpj quh hstnr e`spjkìfh uknukène mjkhtnr`n `kvhrtèn hk hf Nct`vj Cjrr`hkth, pjehmjs ehc`r quh fn hmprhsn shhkcjktrnin hk hf nj 9?>9 hk ukn grnk s`tunc`k eh `ksjfvhkc`n. Sus ehuens n cjrtjpfnzj tnrenink mhkjs eh uk nj hk lnchrsh hx`gìfhs, m`hktrns quh su Nct`vjCjrr`hkth khchs`tnin muclj ms eh e`hz njs pnrn trnksdjrmnrsh hk f`quèhz, pjr fj

quh hk hf mjmhktj ehf pngj, kj e`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths pnrnnthkehr e`clns ehuens. Jishrvnmjs cjmj hf pfnzj eh cjirj eh fns hx`sthkc`ns hs muyhfhvnej, fj quh hxpf`cn quh fn e`spjkì`fène mhe`n shn tnk hfhvnen.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj, rhcjgèj hk fns Cuhktns Nkunfhs h @kdjrmh ehGhst`k, cjrrhspjke`hkths nf hahrc`c`j nkunf thrm`knej hf 3> eh e`c`hmirh eh 9?>9,lnrhmjs fjs s`gu`hkths cjmhktnr`js1

- Hk pr`mhr fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k thkn ukvnfjr khgnt`vj eh -95.?88 hurjs, ehièj n quh fjs cjirjs eh fn hmprhsn, hrnk`kdhr`jrhs n fjs pngjs quh stn rhnf`znin, pjr fj quh Yhynf Xri`s, hk e`clj nj,kj hstnin gnknkej e`khrj cjk fn nct`vène pr`kc`pnf eh su khgjc`j. _jehmjsehc`r quh fn cjmpnn jphrnin hk kmhrjs rjajs. Hf Yhsuftnej ehf hahrc`c`jnkths eh `mpuhstjs tnmi`k hrn khgnt`vj, hk -090.359 hurjs.

- Hk shgukej fugnr, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k,prhshktnin uk vnfjr pjs`t`vj, eh >8.434 hurjs. Fn hmprhsn tuvj cjirjs pjrehs`kvhrs`jkhs pjr vnfjr eh >4.?44, y tnk sjfj png pjr fns `kvhrs`jkhsrhnf`znens 53? hurjs.

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k tnmi`k duhpjs`t`vj hk 5.55.930 9.??4.80? 9>Uhsjrhrn ? 4.045 ?Ujtnf 9.?9>.739 ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs 70 >35.4?7 >?.48>..3>3.0?>.34?Jtrns ehuens cjk fnNem`k`strnc`k _if`cn

>


37/54


-3>-

9.4.3. Yhynf Xri`s ehspus eh su hktrnen hk cjkcursj

Hk 9?>8, cjk hf jiaht`vj eh hv`tnr su f`quènc`k, Yhynf Xri`s ln prhshktnej hk hfAuzgnej eh fj Mhrcnkt`f kmhrj 4 eh Mnerè, ukn prjpuhstn eh cjkvhk`j cjk susncrhhejrhs, pnrn ns pjehr snf`r ehf cjkcursj hk fn quh sh hkcuhktrn `kmhrsn ehseh9?>3. Hstn prjpuhstn cjkthmpfn nfcnkznr uk ncuhrej uk`fnthrnf cjk Lnc`hken y

rhnf`znr ukn chs`k hk pngj eh nct`vjs `kmji`f`nr`js n fjs inkcjs cjk ukn qu`tn ehf3, ehièj n quh kj fjgr ffhgnr n uk ncuhrej cjk fn inkcn pnrn sjfuc`jknr susprjifhmns eh thsjrhrn. Nf cjkcursj tnmi`k sh sumnrjk trhs eh sus d`f`nfhs1 YhktnCjrpjrnc`k Yhnf Hstnth SNX, Yhktn Cjrpjrnc`k D`knkch y Yhktn Cjrpjrnc`k CjrhIus`khss. Hf mjt`vj eh prhshktnrsh n cjkcursj duh, nehms eh quh hs uk ehihr fhgnfquh hs khchsnr`j cumpf`r, cjmj mheèn pnrn v`ni`f`znr fn cjmpnn y hf grupj y cjmjukn eh fns mhajrhs nfthrknt`vns pnrn pjehr prjthghr fjs ehrhcljs eh sus ncrhhejrhs>>.

N phsnr eh fjs hsduhrzjs rhnf`znejs pjr fn cjmpnn pnrn rheuc`r su ehuen, kjfjgr naustnrsh n fns prhv`s`jkhs eh su pfnk eh khgjc`j, hf cunf cjks`stn hk pngnr supns`vj hk uk phr`jej eh jclj njs.

Nfgukns eh fns hktènehs d`knkc`hrns quh mnkthknk cre`tjs cjk YhktnCjrpjrnc`k hrnk1 Inkcj _jpufnr, @KG Yhnf Hstnth D`knkch, Ehutsclh Inkb,Cn`xninkb, htc.

>> Nrtcufj hscr`tj y puif`cnej hk fn prhksn e`g`tnf Hxpnks`jk.cjm, hf >0 eh mnrzj eh 9?>3.


38/54


-39-

9.7.>. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Yhktn Cjrpjrnc`k

Eh ncuhrej cjk hf @kdjrmh eh nue`tjrn, Cuhktns Nkunfhs nf 3> eh e`c`hmirh h @kdjrmheh ghst`k ehf hahrc`c`j 9?>3, prjchehmjs n hstue`nr hf nkf`s`s eh fn sjfvhkc`n n cjrtjpfnzj eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s hstt`cj y e`km`cj. Fjs pr`kc`pnfhsentjs ehf Infnkch eh fn cjmpnn sh hkcuhktrnk rhcjgèjs hk hf nkhxj (Unifn >3

nkhxj), ns cjmj fns pnrtèns eh cjksumj, cjmprns y vhktns (Unifn >5 nkhxj).

- Nkf`s`s hstt`cj1




YC= 85.>48.???/.???=49,848.???-?)/.??? =49,8. Nkf`s`s eh fn Sjfvhkc`n eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s hstt`cj.Duhkth1 Hfnijrnc`k prjp`n n pnrt`r eh fjs rnt`js jithkèjs ehf cnptufj > eh fn ns`gknturn


Ehièj n quh fn cjmpnn kj tuvj hx`sthkc`ns hk hf nj quh hstnmjs nknf`znkej, hfYnt`j eh c`rcufnkth y hf Ynt`j cèj cj`kcè`rk. Nf thkhr uk vnfjr mhkjr nf >??%, hsehc`r, nf shr hf _ns`vj Cjrr`hkth mnyjr quh hf Nct`vj Cjrr`hkth, s`gk`d`cn quh fnhmprhsn hs `kcnpnz eh lnchr drhkth n su pns`vj hx`gìfh cjk nquhffjs nct`vjs ehmnyjr f`quèhz. Hk cunktj nf Ynt`j eh eh E`spjkì`fène, vhmjs quh t`hkh muy pjcnthsjrhrn, tnk sjfj eh 3.??? hurjs, m`hktrns quh su _ns`vj Cjrr`hkth hs eh .???hurjs, pjr fj quh fn hmprhsn, cjk hsn thsjrhrn, kj puheh nthkehr fjs pngjs hk hfcjrtj pfnzj.

- Nkf`s`s e`km`cj1_nrn hf hstue`j ehf nkf`s`s e`km`cj, tnk sjfj cnfcufnrhmjs hf _hr`jej Mhe`j eh fjsehuejrhs, yn quh fn cjmpnn hk 9?>3, kj pjshn hx`sthkc`ns k` ehuens cjkprjvhhejrhs.


Hx`sthkc`ns (Snfej eh hx`sthkc`ns * 34?)/CjksumjFn cjmpnn kj pjshn hx`sthkc`ns

hk 9?>3

_M_Ehuejrhs (Snfej eh ehuejrhs *34?)/Thktns (40 eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. 8-4)

N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj


39/54


-33-

Unifn 93. Nkf`s`s eh fn Sjfvhkc`n eh Yhktn Cjrpjrnc`k, n pnrt`r ehf nkf`s`s e`km`cj.Duhkth1 A. @gknc`j Cjktrhrns1 Fn f`quèhz hk fn hmprhsn (>008, pp. >53)

Jishrvnmjs cjmj hf t`hmpj hk hf quh sh lnr hx`gìfh ukn ukène mjkhtnr`n ehehuen cjk thrchrjs (Hm), hs muy `kdhr`jr nf t`hmpj quh hstnr e`spjkìfh ukn ukènemjkhtnr`n `kvhrtèn hk hf Nct`vj cjrr`hkth (Em), pjr fj quh fn hmprhsn, hk 9?>3 kj hrnsjfvhkth, yn quh sus ehuens n cjrtj pfnzj sh lncnk hx`gìfhs nkths eh quh su Nct`vjCjrr`hkth sh trnksdjrmnrn hk f`quèhz, yn quh sth tnrenin muclj ms eh e`hz njs hklnchrsh fquèj, pjr fj quh kj pjen lnchr drhkth nf pngj eh sus ehuens yn quh kje`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths. Hf mjt`vj pjr hf cunf fn e`spjkì`fènemhe`n hs tnk hfhvnen hs ehièj nf pfnzj eh cjirj tnk hfhvnej quh prhshktn fn pnrtèneh cf`hkths, hs ehc`r, fjs cf`hkths tnrenink muclj t`hmpj hk pngnr n fn cjmpnn.


Shgk hf Hstnej eh Dfuajs eh Hdhct`vj, quh sh hkcuhktrn hk hf @kdjrmh eh nue`tjrn,Cuhktns Nkunfhs nf 3> eh e`c`hmirh h @kdjrmh eh ghst`k ehf hahrc`c`j 9?>3,cjmhktnrhmjs fj s`gu`hkth1

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh hxpfjtnc`k, prhshktnin uk vnfjr

pjs`t`vj eh 9>4.??? hurjs, n phsnr eh quh tuv`hrn uk Yhsuftnej ehf hahrc`c`jnkths eh `mpuhstjs eh -0.579. Sh jishrvn cjmj fn hmprhsn tuvj ms cjirjsquh pngjs hk e`clj nj, pjr hffj tuvj uk rhsuftnej d`knf pjs`t`vj. Fn cjmpnngnknin e`khrj cjk su nct`vène eh khgjc`j.

- Hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh `kvhrs`k duh tnmi`k pjs`t`vj, hk3, ysjfj tuvj cjirjs pjr fns ehs`kvhrs`jkhs hk `kmjv`f`znej mnthr`nf y hk jtrjsnct`vjs d`knkc`hrjs.

- _jr ft`mj, hf Dfuaj eh hdhct`vj eh fns nct`vènehs eh d`knkc`nc`k, hrn khgnt`vj,hk -3>7.??? hurjs, ehièj n fn ehvjfuc`k rhnf`znen eh Jtrns ehuens quh

mnkthkn fn hmprhsn.


Hx`sthkc`ns ? ? ?Cf`hkths .??? 87.4>0.308.839

Em = 04 ens

_ns`vj C`rcufnkth _fnzj Cunktn Tnfjr pjkehrnej_rjvhhejrhs ? ? ?Ehuens n cjrtj pfnzj 34? 3.?33.??? >.?0>. ens


40/54


-35-

9.7.3. Yhktn Cjrpjrnc`k ehspus eh su hktrnen hk cjkcursj

Hk auk`j eh 9?>5 fn cjmpnn snf` ehf cjkcursj eh ncrhhejrhs, ehspus eh quh hk hfAuzgnej Mhrcnkt`f kmhrj 0 eh Inrchfjkn sh nprjinrn fn prjpuhstn eh cjkvhk`jprhshktnen pjr Yhktn Cjrpjrnc`k. Fn `kmji`f`nr`n fjgr hf rhspnfej eh sus ncrhhejrhsnf pfnk eh pngj eh ehuen y nf pfnk eh v`ni`fène quh fhs lnin prjpuhstj. E`clj pfnk

jdrhc` trhs pjsì`fènehs eh pngj, fns cunfhs sh cjmhktnk n cjkt`kunc`k

- Fn pr`mhrn eh hffns hrn npf`cnr ukn qu`tn prjgrhs`vn hk dukc`k ehf `mpjrth quhsh nehueh, y hf rhstj eh fn ehuen sh pngnrn hk `mpjrths nkunfhs crhc`hkthseurnkth jclj njs.

- Fn shguken jpc`k duh cjkvhrt`r ukn pnrth ehf cre`tj hk ncc`jkhs.- P fn thrchrn y ft`mn jpc`k hrn fn cjkvhrs`k eh pns`vj hk prstnmjs

pnrt`c`pnt`vjs.

9.05 eh nir`f eh 9??< hf cjkcursj vjfuktnr`j eh ncrhhejrhs,hk hf auzgnej mhrcnkt`f kmhrj 5 eh Mnerè, pjr fns s`gu`hkths rnzjkhs1

- Sh hkcjktrnin hk ukn s`tunc`k eh dnftn eh f`quèhz y, pjr tnktj, kj puej lnchrdrhkth n sus pngjs.- Fn ffhgnen eh fn cr`s`s quh ln ndhctnej hsphc`nfmhkth nf shctjr `kmji`f`nr`j,

ehièj n fn cnen eh fn ehmnken eh v`v`hkens.- Xkn grnk cjktrncc`k eh fn d`knkc`nc`k inkcnr`n, mjt`vnens pjr fns l`pjthcns

suipr`mh, quh sjk nquhffns l`pjthcns quh sh cjkchehk n phrsjkns quh t`hkhkuk phrd`f crhe`t`c`j cjk muclj r`hsgj, hs ehc`r, quh kj puhehk lnchr drhkth n fnehvjfuc`k ehf cre`tj. Xk hahmpfj eh hstns l`pjthcns puhehk shr fnscjkcheèns n phrsjkns s`k trninaj j s`k `kgrhsjs hstnifhs. Ehièj nf nftj r`hsgjeh `mpngj, hf t`pj eh `kthrs eh hstjs cre`tjs hs muy nftj, suphr`jr n fn mhe`n.

- P pjr ft`mj fn dnftn eh f`quèhz hk fjs mhrcnejs d`knkc`hrjs `kthrknc`jknfhs.

Shgk ukn kjt`c`n puif`cnen hk mnrzj eh 9??< pjr hf e`nr`j jkf`khFìhrtneE`g`tnf.hs, fn `kthkc`k eh Finrj hrn rhnf`znr ukn shr`h eh khgjc`nc`jkhs cjksus ncrhhejrhs, cjk hf jiaht`vj eh nfcnkznr uk cjkvhk`j quh fh phrm`t`hsh rhv`snr su


41/54


-38-

mjehfj eh khgjc`j y nenptnr hf pngj eh fn ehuen n fn kuhvn s`tunc`k eh mhrcnej,pnrn ns hv`tnr quh su dnftn eh f`quèhz ehthr`jrnrn hf vnfjr eh sus nct`vjs.

Fn sjf`c`tue ehf cjkcursj eh ncrhhejrhs sjfj ndhctn n fn sjc`hene mntr`z, hs ehc`r nFinrj Grupj @kmji`f`nr`j, yn quh hs fn quh cjkchktrn mnyjr pnrth ehf khgjc`j. Nfrhstj eh fns hmprhsns ehf grupj kj fhs ndhct, yn quh ehsnrrjffnk su nct`vène eh

djrmn shpnrnen.

9.. Nkf`s`s eh fn sjfvhkc`n n cjrtj pfnzj eh Finrj Grupj @kmji`f`nr`j, S.N.

_nrn cjkjchr cuf hrn su hstnej eh sjfvhkc`n hk hf nj 9??4 nkhxj).

- Nkf`s`s hstt`cj1




YC= 40.?5?.45>/4??.?3=>, eh fn ns`gknturnD`knkzns eh fn hmprhsn n cjrtj pfnzj (cursj 9?>3-9?>5, pp. >3)

Cjmj pjehmjs jishrvnr, fn cjmpnn prhshktn uk Nct`vj Cjrr`hkth suphr`jr nf _ns`vjCjrr`hkth, fj quh en fugnr n quh hf Ynt`j eh C`rcufnkth shn suphr`jr nf >??%. Cjk hstj,hk pr`kc`p`j, pjehmjs ehc`r quh fn hmprhsn pjshh cnpncène pnrn ghkhrnr e`khrjsud`c`hkth y pjehr nthkehr eh hstn djrmn fjs pngjs n cjrtj pfnzj. _hrj, pjr hf cjktrnr`j,hf Ynt`j cèj hs `kdhr`jr nf >??% fj quh s`gk`d`cn quh fn hmprhsn kj puheh lnchrdrhkth n su pns`vj hx`gìfh, cjk nquhffjs nct`vjs eh mnyjr f`quèhz, yn quh fn mnyjrpnrth eh hsth Nct`vj Cjrr`hkth hst djrmnej pjr Hx`sthkc`ns. _jr ft`mj, fn thsjrhrn,rhprhshktn uk >,.9?8.59


42/54


-34-

N cjkt`kunc`k sh muhstrn hf Nkf s`s e`km`cj.

Unifn 94. Nkf`s`s eh fn Sjfvhkc`n eh Finrj Grupj @kmji`f`nr`j, S.N., n pnrt`r ehf nkf`s`se`km`cj.


Hk fn tnifn nkthr`jr vhmjs cjmj fn hmprhsn sh hkcuhktrn hk uk hstnej eh `ksjfvhkc`nn cjrtj pfnzj, yn quh su Nct`vj Cjrr`hkth tnren ms t`hmpj hk lnchrsh fqu`ej(nprjx`mnenmhkth uk nj y mhe`j), quh sus ehuens n cjrtj pfnzj hk lnchrshhx`g`ifhs, pjr fj quh fn hmprhsn kj e`spjkn eh rhcursjs mjkhtnr`js sud`c`hkths pnrnlnchr drhkth n sus ehuens n cjrtj pfnzj.

9.83 74.943.>.407.>.?5?.45> ?Ujtnf 48>8.40>.438

Em = 548.485.


43/54


-37-

9.>, fn hmprhsn hktr hk f`quènc`k ehièj n fn `mpjsì`fène ehsnf`r eh cjkcursj y eh ffhgnr n uk ncuhrej pnrn hstnifhchr uk cjkvhk`j hktrh fnspr`kc`pnfhs hktènehs d`knkc`hrns ndhctnens pjr hf cjkcursj. Fn f`quènc`k kj duh`kmhe`ntn yn quh thkn trm`ths phke`hkths pjr ukn ehkukc`n rhnf`znen sjirh fn

hmprhsn, pjr pfng`nr n uk nrqu`thctj mner`fhj fjs pfnkjs eh fn urink`znc`k CjstnGnfhrn, uk cjmpfhaj rhsèhkc`nf eh fuaj s`tunej hk Hsthpjkn (Mfngn).


44/54


-3


45/54


-30-

CN_UXFJ 3

CJKCFXS@JKHS SJIYH HF HSUXE@J YHNF@QNEJ

3.>. CJKCFXS@JKHSCjmj cjkcfus`k nf hstue`j rhnf`znej, ehf tjtnf eh fns jclj hmprhsns nknf`znens, sh`seh hffns sjf`c`tnrjk hf cjkcursj eh ncrhhejrhs hktrh hf nj 9??< y hf nj 9?>?, y tnksjfj ejs fj sjf`c`tnrjk hk 9?>3. Xkn eh hffns, hk cjkcrhtj, fn `kmji`f`nr`n Yhynf Xri`s,sjf`c`t hf prh-cjkcursj eh ncrhhejrhs hk 9?>9, nukquh uk nj ms tnreh, hktr hkcjkcursj.

Fn sjf`c`tue ehf cjkcursj eh tjens fns hmprhsns duh eh djrmn vjfuktnr`n, hs ehc`r, npht`c`k eh fn hmprhsn ndhctnen pjr fn susphks`k eh pngjs.

Nf nknf`znr fn sjfvhkc`n n cjrtj pfnzj, lhmjs jishrvnej cjmj tjens fns hmprhsnshrnk `ksjfvhkths hk hf nj hk quh hktrnrjk hk cjkcursj, yn quh sus jif`gnc`jkhs ehpngj n cjrtj pfnzj hrnk mnyjrhs n fjs rhcursjs eh fjs quh e`spjknk, hs ehc`r, s`vhke`hrnk tjej su Nct`vj Cjrr`hkth, fns hmprhsns nuk ns kj pjernk pngnr tjens susehuens n cjrtj pfnzj, pjr fj quh sh hkcjktrnink hk ukn grnk s`tunc`k eh `ksjfvhkc`n.

Unmi`k lhmjs jishrvnej cjmj fns `kmji`f`nr`ns tnrenink muclj ms t`hmpj hklnchr fquèj su Nct`vj Cjrr`hkth quh sus ehuens n cjrtj pfnzj hk lnchrsh hx`gìfh, fjquh s`gk`d`cn quh k`kgukn eh hffns pjen cumpf`r cjk fjs pfnzjs eh pngj pnrn fnehvjfuc`k eh fns ehuens.

Hk cunktj nf Hstnej eh Dfuajs eh Hdhct`vj, hf 37,8% eh fns hmprhsns, cjmj sjkMnrt`ksn-Dnehsn, Li`tnt @kmji`f`nr`n y Yhynf Xri`s, prhshktnink uk Dfuaj eh hdhct`vjeh fns nct`vènehs eh hxpfjtnc`k khgnt`vj, ehièj n quh stns thknk ms pngjs quhcjirjs, pjr fj quh su nct`vène eh khgjc`j kj hstnin dukc`jknkej, hs ehc`r, kj

hstnink gnknkej e`khrj y pjr tnktj jphrnink hk kmhrjs rjajs. Cjkcfuyhkej fjs nkf`s`s rhnf`znejs hk fjs Hstnejs eh Dfuaj eh Hdhct`vj, eh djrmn

ghkr`cn, fjs mjt`vjs quh ffhvnrjk n hstns hmprhsns n tnf s`tunc`k, duhpr`kc`pnfmhkth, fn `kcnpncène eh nthkehr n sus jif`gnc`jkhs eh pngj y fn dnftn ehncuhrej pnrn rhd`knkc`nr fns ehuens, ns cjmj fn ffhgnen eh fn cr`s`s quh ln ndhctnejsjirh tjej nf shctjr `kmji`f`nr`j, ehièj nf ehschksj eh fns vhktns pjr hfhkcnrhc`m`hktj eh fjs prhc`js.

Ehspus eh fn hktrnen hk cjkcursj, Mnrt`ksn-Dnehsn y Finrj Grupj @kmji`f`nr`jsjk fns ejs k`cns hmprhsns quh hktrnrjk hk f`quènc`k, hk hf nj 9?>5 y 9?>>rhsphct`vnmhkth. Hk hf cnsj cjkcrhtj eh Mnrt`ksn-Dnehsn, hk hf nj 9?>> cjks`gu`snf`r eh fn s`tunc`k cjkcursnf, phrj trhs njs ms tnreh, ehièj n quh kj e`spjkn eh

sud`c`hkth f`quèhz pnrn cumpf`r cjk fns jif`gnc`jkhs ncjrenens hk hf cjkvhk`jrhnf`znej, tuvj quh prhshktnr su f`quènc`k.Fns `kmji`f`nr`ns Eht`ksn y Sncrhsn snf`hrjk eh fn s`tunc`k cjkcursnf hk hf nj 9?>9,ns cjmj Yhktn Cjrpjrnc`k, quh suphr hf cjkcursj hk 9?>5.

Hf rhstj eh hmprhsns eurnkth 9?>3 y 9?>8 prhshktnrjk prjpuhstns eh cjkvhk`j pnrnfn rhd`knkc`nc`k eh fns ehuens h l`c`hrjk khgjc`nc`jkhs pnrn pjehr snf`r ehf cjkcursjeh ncrhhejrhs y hv`tnr ns fn f`quènc`k.


46/54


-5?-

Iìf`jgrndn

NflnmirnKht. (9?>3)1 Hf cjkcursj eh ncrhhejrhs nkths eh fn Fhy 99/9??3,[email protected], 9> eh kjv`hmirhlttp1//www.nflnmirnkht.`kdj/hf-cjkcursj-eh-ncrhhejrhs-nkths-eh-fn-fhy-999??3/(Cjksuftnej1 9>/>>/>5)

Nxhsjr. (9?>3)1 @kdjrmnc`k Ghkhrnf eh fn Hmprhsn Sncrhsn Uhrrhkjs _rjmjc`jk sf,Nxhsjr.hs, 9< eh nir`f,lttp1//www.nxhsjr.hs/@kdjrmhs-Hmprhsns/>3908)1 Mnrt`ksn prjtngjk`znr fn mnyjr f`quènc`k `kmji`f`nr`n eh fnl`stjr`n, HfHcjkjm`stn.hs, 9 eh mnrzj,lttp1//www.hfhcjkjm`stn.hs/`kthrst`t`nf/vjfvhr/953977>?9/hmprhsns-d`knkzns/kjt`c`ns/48>?578/Mnrt`ksn-e`rhctn-n-fn-f`quènc`jk-fn-inkcn-rhclnzn-su-uft`mn-prjpuhstn.ltmf#Bbu8)

Cjmpnn Yhktn Cjrpjrnc`k. (9??7)1 Nct`vène eh Yhktn Cjrpjrnc`k,YhktnCjrpjrnc`jk.cjm, >> eh mnyj,lttp1//www.rhktncjrpjrnc`jk.cjm

EVOLUCIÓN DE LAS EMPRESAS EN SUSPENSIÓN DE PAGOS, EN UN PERIODO COMPRENDIDO DESDE EL AÑO 2007...

Documents

Transcript of EVOLUCIÓN DE LAS EMPRESAS EN SUSPENSIÓN DE PAGOS, EN UN PERIODO COMPRENDIDO DESDE EL AÑO 2007...