Diseño de un sistema de contabilidad para la gestión en una empresa del sector comercial.

7/25/2019 Diseo de un sistema de contabilidad para la gestin en una empresa del sector comercial.

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OB@^C]BM MN ]^XGPKD W OGJBJQBP

EXBMD NJ OGJBJQBP W @DJ]BHGCGMBM

Mgsnd mn uj sgstnkb mn `djtbhgcgmbm pbrb cb enstgj nj ujbnkprnsb mnc sn`tdr `dknr`gbc.

]rbhbad Ogj mn Erbmd prnsnjtbmd pdr @rgstgjb _gz`byb Pdrd, sgnjmd cb tutdrb mnc kgskdcb prdonsdrb Kbrb mnc Ygcbr Ounjtns Xugz.

_. H. Mn cb ]utdrb1 Bcukjb1

M. Kbrb mnc Ygcbr Ounjtns Xugz. M. @rgstgjb _gz`byb Pdrd.

Pnvgccb. Mg`gnkhrn mn 892>


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3/55

EXBMD NJ OGJBJQBP W @DJ]BHGCGMBM

OB@^C]BM MN ]^XGPKD W OGJBJQBP

]XBHBAD OGJ MN EXBMD

@^XPD B@BMKG@D \892=-892>[

]]^CD1

MGPND MN ^J PGP]NKB MN @DJ]BHGCGMBM YBXB CB ENP]GJ NJ ^JBNKYXNPB MNC PN@]DX @DKNX@GBC.

B^]DX1@XGP]GJB _GQ@BWB PDXD

]^]DX1

M. KBXB MNC YGCBX O^NJ]NP X^GQ

MNYBX]BKNJ]D1

@DJ]BHGCGMBM W N@DJDKB OGJBJ@GNXB

XNB MN @DJD@GKGNJ]D1

N@DJDKB OGJBJ@GNXB W @DJ]BHGCGMBM

XNP^KNJ1

Nj nstn ]rbhbad Ogj mn Erbmd sn fb rnbcgzbmd cb gkpcbjtb`gj mn uj sgstnkb mn`djtbhgcgmbm mn `dstns nj ujb nkprnsb mnc sn`tdr `dknr`gbc, sdkntgmb b `djmg`gdjnstbcns `dkd cb nstb`gdjbcgmbm bmnks mn dtrbs nspn`og`bs mnc sn`tdr. Nc sgstnkbncnegmd sn hbsb nj nc kdmncd mn `dstns vbrgbhcns, qun ns nc ks bmn`ubmd pbrb nstntgpd mn jned`gds. Bsgkgskd, sn fb ccnvbmd b `bhd cb rnbcgzb`gj mnc bjcgsgs `dstn

vdcuknj hnjnog`gd, `dj nc dhantd mn `djtbr `dj ujb fnrrbkgnjtb pbrb knadrbr cb tdkb ybmdp`gj mn mn`gsgdjns qun punmbj snrvgr nj cb enstgj mn mg`fb nkprnsb.

Nc dhantgvd prgj`gpbc sn hbsb nj gkpcbjtbr uj sgstnkb mn `dstns qun pnrkgtb mntnrkgjbrnc kbrenj prdpdr`gdjbmd pdr `bmb prdmu`td `dknr`gbcgzbmd pdr cb njtgmbm bs `dkd surnjtbhgcgmbm, pbrb pdmnr bs bpdrtbr suenrnj`gbs mn knadrb.

YBCBHXBP @CB_N1

@djtbhgcgmbm pbrb cb enstgj< Ktdmd mn `dstns vbrgbhcns< Bjcgsgs @-_-H< tdkb mnmn`gsgdjns b drtd pcbzd< nkprnsb `dknr`gbc.


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]OE-OG@D. Mgsnd mn uj sgstnkb mn `djtbhgcgmbm pbrb cb enstgj nj ujb nkprnsb mnc sn`tdr `dknr`gbc

-G-

JMG@N

2. @DJPGMNXB@GDJNP GJG@GBCNP ..............................................................................................................................................................................2

2.2. KD]G_B@GJ ............................................................................................................................................................................................................22.8. DHAN]G_DP ..................................................................................................................................................................................................................2

2.0. KN]DMDCDEB ...................................................................................................................................................................................................2

8. YXNPNJ]B@GJ MN CB NKYXNPB W P^ B@]G_GMBM ..................................................................................................0

8.2. CB NKYXNPB ............................................................................................................................................................................................................0

8.8. NCNKNJ]DP R^N @DJODXKBJ CB NKYXNPB ...............................................................................=

8.8.2. Kgsgj ............................................................................................................................................................................................................=

8.8.8. _gsgj ..............................................................................................................................................................................................................=

8.8.0. Yrdmu`tds!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!.=

8.8.=. Odrkb aurmg`b!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!>8.8.>. Pgtub`gj n`djkg`b mn cb nkprnsb!!!!!!!!!!!!!!!!!!!!!!!!.!!!!.>

8.0. CB NKYXNPB W P^ NJ]DXJD .............................................................................................................................................?

8.0.2. @dkpntnj`gb .....................................................................................................................................................................................?

8.0.8. @cgnjtns .......................................................................................................................................................................................................?

8.0.0. Knr`bmd .....................................................................................................................................................................................................?

8.=. BJCGPGP MBOD ..................................................................................................................................................................................................5

8.=.2. Odrtbcnzbs y Mnhgcgmbmns............................................................................................................................................. 5

8.=.8. Bknjbzbs y Dpdrtujgmbmns.................................................................................................................................. 5

0. MGPND MN ^J PGP]NKB MN @DP]NP!!! ..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!!7

0.2. K]DMD MN @DP]NP _BXGBHCNP .............................................................................................................................7

0.2.2. _njtbabs n gj`djvnjgnjtns mnc ktdmd mn `dstns vbrgbhcns .......................7

0.8. XN@DYGCB@GJ MN CB GJODXKB@GJ ...............................................................................................................7

0.0. MN]NXKGJB@GJ MN CDP @DP]NP OGADP .............................................................................................89

0.=. @C@^CD MNC YXN@GD W @DP]N _BXGBHCN YXDKNMGD MN CBNKYXNPB ...................................................................................................................................................................................................................................8=

0.>. @C@^CD MN KXENJNP W XNP^C]BMDP .........................................................................................8?

=. NC K]DMD @DP]N _DC^KNJ HNJNOG@GD @-_-H .....................................................................................................87=.2. FGY]NPGP MNC KDMNCD BJCGPGP @-_-H ............................................................................................87

=.2.2. Xncbtgvbs b cbs `cbsns y tgpds mn `dstns ......................................................................................87

=.2.8. Xncbtgvbs b cb ouj`gj mn gjernsds .........................................................................................................87

=.2.0. Xncbtgvbs b cds ob`tdrns nxtnrjds .............................................................................................................09

=.8. GKYCBJ]B@GJ MNC KDMNCD .........................................................................................................................................09

=.8.2. Kbrenj mn `djtrghu`gj y rbtgd h/v ........................................................................................................09

=.8.8. Kbrenj jntd y tbsb mn rnjtbhgcgmbm .....................................................................................................02

=.8.0. Yujtd mn nqugcghrgd ..............................................................................................................................................................02

=.8.=. Kbrenj mn sneurgmbm y rbzj mnc kbrenj mn sneurgmbm (XKP).....

0==.8.>. Bpbcbj`bkgnjtd dpnrbtgvd ....................................................................................................................................0>


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-GG-

=.0. BJCGPGP MN CDP XNP^C]BMDP DH]NJGMDP KNMGBJ]N CBBYCG@B@GJ MNC KDMNCD ....................................................................................................................................................................0>

>. @DJ@C^PGDJNP OGJBCNP ........................................................................................................................................................................................... ..=2

HGHCGDEXBOB!!!!!..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!......=0


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-GGG-

JMG@N MN OGE^XBP

OGE^XB 8.2. CD@BCGQB@GJ MNC CD@BC .....................................................................................................................................................0

OGE^XB =.2. Y^J]D K^NX]D NJ HBPN B CDP GJEXNPDP W @DP]NP ]D]BCNPBD 8920 ...................................................................................................................................................................................................................................................................08

OGE^XB =.8. Y^J]D K^NX]D NJ HBPN B CDP GJEXNPDP W @DP]NP ]D]BCNPBD 892= ...................................................................................................................................................................................................................................................................08

OGE^XB =.0. Y^J]D K^NX]D NJ HBPN BC KBXENJ MN @DJ]XGH^@GJ BD8920 .......................................................................................................................................................................................................................................................................................00

OGE^XB =.=. Y^J]D K^NX]D NJ HBPN BC KBXENJ MN @DJ]XGH^@GJ BD892= .......................................................................................................................................................................................................................................................................................00

OGE^XB =.>. KBXENJ MN PNE^XGMBM BD 8920 ................................................................................................................0=

OGE^XB =.?. KBXENJ MN PNE^XGMBM BD 892= ................................................................................................................0>


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-G_-

JMG@N MN ]BHCBP

]BHCB 0.2. HXD@FNP @DKYXBMDP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!!!..!!!!!!!29

]BHCB 0.8. HXD@FNP _NJMGMDP 8920!!!!!!!!!!!!!!!!!!!!!!!.....................................................................29

]BHCB 0.0 YNGJBP @DKYXBMBP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!..!!!!!22

]BHCB 0.=. YNGJBP _NJMGMBP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!!!!!!!!!22

]BHCB 0.>. YNJMGNJ]NP @DKYXBMDP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!!!!..!! .28

]BHCB 0.?. YNJMGNJ]NP _NJMGMDP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.20

]BHCB 0.5. KBJ]DJNP @DKYXBMDP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!!!!!.2=

]BHCB 0.6. KBJ]DJNP _NJMGMDP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!.!!!!2=

]BHCB 0.7. OCDXNP @DKYXBMBP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!! .!!!!!!!!!!2>

]BHCB 0.29. OCDXNP _NJMGMBP 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!!2>

]BHCB 0.22. HXD@FNP @DKYXBMDP W _NJMGMDP 892=!!!!!!!!!!!..!!!!!..!!!!!!2?

]BHCB 0.28. YNGJBP @DKYXBMBP W _NJMGMBP 892=!!!!!!!!!!!!!!!!!!!!..!!!!!!25

]BHCB0.20. YNJMGNJ]NP @DKYXBMDP W _NJMGMDP 892=!!!!!!!!!!!!!!!..!!!!..26

]BHCB0.2=. KBJ]DJNP @DKYXBMDP W _NJMGMDP 892=!!!!!!!!!!!!!!!!!!..!!!27

]BHCB 0.2>. OCDXNP @DKYXBMBP W _NJMGMBP 892=!!!!!!!!!!!!!!!!!!!!...!!!!!27

]BHCB 0.2?. @^BMXD MN @DP]N MN @DKYXB BD 8920!!!!!!!!!!!!!!!!..!!!!!!89

]BHCB 0.25. @^BMXD MN @DP]N MN @DKYXB BD 892=!!!!!!!!!!!!!!!!!!!!!!.!89

]BHCB 0.26. @C@^CD MN CDP @DP]NP OGADP MN CB NKYXNPB BD 8920!!! ......80

]BHCB 0.27. @C@^CD MN CDP @DP]NP OGADP MN CB NKYXNPB BD 892=!! .!..8=

]BHCB 0.89. @C@^CD MNC YXN@GD W @DP]N _BXGBHCN YXDKNMGD YBXB CBNKYXNPB, BD 8920!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!!!!!!!!!!!!!!!!.8>

]BHCB 0.82. @C@^CD MNC YXN@GD W @DP]N _BXGBHCN YXDKNMGD YBXB CBNKYXNPB, BD 892=!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!!!!!!!!!!!!.!8>

]BHCB 0.88 @C@^CD MNC KBXENJ HX^]D YBXB YNJMGNJ]NP, 8920!!!!!!!!8?

]BHCB 0.80. @C@^CD MNC KBXENJ HX^]D YBXB KBJ]DJNP, BD 8920!!!8?

]BHCB 0.8=. @C@^CD MNC KBXENJ HX^]D YBXB OCDXNP BD 8920!!!!!!!!

8?]BHCB 0.8>. @C@^CD MNC KBXENJ HX^]D YBXB HXD@FNP, BD 8920!!!!!.8?

]BHCB 0.8?. @C@^CD MNC KBXENJ HX^]D YBXB YNGJBP, BD 8920!!!!!..!! ..85

]BHCB 0.85. @C@^CD MNC KBXENJ HX^]D ECDHBC W KBXENJ JN]D YBXBCB NKYXNPB BD 8920!!!!!!!!!!!!!!...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!! ..85

]BHCB 0.86. @C@^CD MNC KBXENJ HX^]D YBXB YNJMGNJ]NP,892=!!!!!!...!.85

]BHCB 0.87. @C@^CD MNC KBXENJ HX^]D YBXB KBJ]DJNP,892=!!! ..!!!!!....85

]BHCB 0.09. @C@^CD MNC KBXENJ HX^]D YBXB OCDXNP, 892=!!! ..!!!!!!...!! .86

]BHCB 0.02. @C@^CD MNC KBXENJ HX^]D YBXB HXD@FNP, BD 892=!!!!!.86

]BHCB 0.08. @C@^CD MNC KBXENJ HX^]D YBXB YNGJBP, 892=!!!!!!!..!!!!.!..86


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-_-

]BHCB 0.00. @C@^CD MNC KBXENJ HX^]D ECDHBC W KBXENJ JN]D YBXBCB NKYXNPB BD 892=!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!..!!!!!!!!!!!!.!!!!!!!!!!!!!!86

]BHCB =.2. BYCG@B@GJ MNC K]DMD @-_-H BD 8920!!!!.!!!!!!!!!!!!!!!!!!..!.0?

]BHCB =.8. BYCG@B@GJ MNC K]DMD @-_-H BD 892=!!!!!!!!!!!!!!!!!!!.!!! .!..05


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-2-

@BY]^CD 2

@DJPGMNXB@GDJNP GJG@GBCNP

Nstn ]rbhbad Ogj mn Erbmd nst hbsbmd nj uj `bsd rnbc. @dj`rntbknjtn sn trbtb mnujb kg`rdnkprnsb, b cb qun jds vbkds b rnonrgr b pbrtgr mn bfdrb `dj nc jdkhrn mn@dkpcnknjtds mnc Pur punstd qun cb nkprnsb nj s jd mnsnb qun sn `djdz`b surbzj sd`gbc pdr kdtgvds mn `djogmnj`gbcgmbm, y b cb ùbc berbmn`nkds nc b``nsd b tdmbcb mdùknjtb`gj jn`nsbrgb pbrb nc mnsbrrdccd mn nstn nstumgd mn `dstns.

2.2. KD]G_B@GJ

Cb rbzj prgj`gpbc pbrb cb ncn``gj y rnbcgzb`gj mn nstn trbhbad ns cb ncbhdrb`gj mn ujsgstnkb mn enstgj bpcg`bmd b ujb nkprnsb mnc sn`tdr `dknr`gbc mjmn fn trbhbabmdbjtnrgdrknjtn, `dj cb qun tnjed nstrn`fb rncb`gj y qun sgj su `dcbhdrb`gj nstntrbhbad jd fbhrb sgmd pdsghcn.

Fn pnjsbmd nj cb jn`nsgmbm n gkpdrtbj`gb qun tnjmrb cb ncbhdrb`gj mn uj sgstnkbmn `djtbhgcgmbm gjtnrjb qun pnrkgtb b cb nkprnsb dhtnjnr gjodrkb`gj tgc pbrb ujbknadr pcbjgog`b`gj y tdkb mn mn`gsgdjns, nj `dj`rntd, nstbhcn`gkgnjtd mn prn`gds,mntnrkgjb`gj mnc vdcuknj mn vnjtbs pbrb nc cderd mn mntnrkgjbmds dhantgvds, nt`.,`njtrjmdjds nj nc ktdmd mn `dstns vbrgbhcns. Bs puns, cb nkprnsb nj ùnstgj snpdmrb hnjnog`gbr mnc trbhbad rnbcgzbmd y b su vnz kn pnrkgtgrb mnsbrrdccbr`dkpntnj`gbs y fbhgcgmbmns bprnjmgmbs b cd cbred mn cb `brrnrb.

2.8. DHAN]G_DP

Nc dhantgvd oujmbknjtbc mn nstn trbhbad mn ogj mn erbmd snr cb ncbhdrb`gj mn ujsgstnkb mn enstgj, b pbrtgr mn mdùknjtb`gj ob`gcgtbmb pdr cb nkprnsb, `dj nc ogj mn

gmnjtgog`br cds prdmu`tds ks rnjtbhcns mn ujb kg`rdnkprnsb, bjbcgzbjmd cb pdctg`b mnprn`gds mn cds mgstgjtds prdmu`tds qun dorn`n bc knr`bmd, sus `dstns y cds rnsuctbmdsdhtnjgmds. Ybrb nccd, sn ccnvbr b `bhd uj bjcgsgs mn cb sgtub`gj gjtnrjb mn cb njtgmbmnkpcnbjmd fnrrbkgnjtbs mn enstgj qun jds pnrkgtbj nxbkgjbr nc `dkpdrtbkgnjtd mncds gjernsds tdtbcns, cds `dstns tdtbcns y nc hnjnog`gd b knmgmb qun su`nmnj `bkhgdsnj nc jgvnc mn b`tgvgmbm, nc prn`gd mn vnjtb, nc `dstn vbrgbhcn ujgtbrgd d cds `dstns ogads,pbrtgnjmd mnc `cùcd mnc rnsuctbmd nj hbsn bc ktdmd mn `dstns vbrgbhcns.

2.0. KN]DMDCDEB

Nj nstn bpbrtbmd nxpcg`brnkds `kd sn vb b ccnvbr b `bhd nc trbhbad, ns mn`gr, tdmdscds ktdmds y prd`nmgkgnjtds nkpcnbmds pbrb cderbr cds dhantgvds mncgkgtbmds nj ncbpbrtbmd bjtnrgdr.

Ybrb nc cderd mn cds dhantgvds nstbhcn`gmds bjtnrgdrknjtn, fnkds utgcgzbmd mgstgjtbsounjtns mn gjodrkb`gj, tbcns `dkd, gjodrkb`gj gjtnrjb mn cb nkprnsb, gjodrkb`gj`djtbhcn, fnrrbkgnjtbs mn enstgj, y njtrnvgstbs `dj cb prdpgntbrgb mn cb njtgmbm.

Cb nanù`gj mnc trbhbad `dknjz nj uj prgknr kdknjtd `dj cb rn`dcn``gj ydrebjgzb`gj mn cb gjodrkb`gj, pdr cd qun kn vg nj cb dhcgeb`gj mn gr ob`turb pdrob`turb gmnjtgog bjmd cds `dstns, `dkprbs y dtrds ebstds nj cds qun gjùrrg cb nkprnsbmurbjtn cds bds 8920 y 892= mnmg`bjmd pbrb nccd vbrgbs adrjbmbs, yb qun jbmb mn nccdnstbhb gjodrkbtgzbmd.

Ydstnrgdrknjtn, sn fbj ùbjtgog`bmd `bmb ujd mn nstds mbtds dhtnjgmds, b trbvs mncb fdab mn `cùcd Nx`nc, nj cb qun fnkds rnbcgzbmd mgstgjtbs tbhcbs `dj cds prdmu`tds

qun `djodrkbj cb nkprnsb, sus `bjtgmbmns y sus prn`gds mn bmqugsg`gj y vnjtb.


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_gz`byb Pdrd, @rgstgjb

-8-

Hbsjmdjds nj nc ktdmd mn `dstns vbrgbhcns, fnkds mnsbrrdccbmd pbrb `bmb ujdmn cds prdmu`tds qun dorn`n cb njtgmbm ujb ùnjtb mn rnsuctbmds bjbctg`b `dj susrnspn`tgvds krenjns hrutds, y bc ogjbc nc mn cb nkprnsb nj su `djaujtd. @dj nccd snprntnjmn mntnrkgjbr ùbc prdmu`td ns ks rnjtbhcn y ùbc knjds.

B`td sneugmd, y sgeugnjmd `dj cb bpcg`b`gj mnc ktdmd mn `dstns vbrgbhcns, fnkdsccnvbmd b `bhd nc bjcgsgs `dstn vdcuknj hnjnog`gd, pbrb nccd sn fb jn`nsgtbmd erbj`bjtgmbm mn gjodrkb`gj qun sn fb dhtnjgmd b pbrtgr mn kuy mgvnrsbs ounjtns,prgj`gpbcknjtn mdùknjtds gjtnrjds mn cb nkprnsb, b cds ùbcns fnkds tnjgmd b``nsdcghrn.

Ybrb ogjbcgzbr, tdmds nstds prd`nsds sn sgjtntgzbj nj nc prnsnjtn mdùknjtd, mncùbc sn nxtrbnrj cbs `dj`cusgdjns dpdrtujbs y sn fbrj prdpunstbs mn knadrb btrbvs mn uj rnsukgmd gjodrkn qun gj`cuyn nc pujtd mn vgstb mn cb butdrb.


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-0-

@BY]^CD 8

YXNPNJ]B@GJ MN CB NKYXNPB W P^ B@]G_GMBM

8.2. CB NKYXNPB

Cb nkprnsb dhantd mn nstumgd @dkpcnknjtds mnc Pur ns ujb kg`rdnkprnsb (ùnjtb`dj knjds mn 29 nkpcnbmds) mnmg`bmb b cb `dknr`gbcgzb`gj mn b``nsdrgds mnocbknj`b. Pn trbtb mn ujb nkprnsb obkgcgbr `rnbmb nj nc bd 276?. Pgtubmb nj nc `bs`dfgstrg`d mn Pnvgccb, nj pcnjd `drbzj mn cb `gumbm, `dj`rntbknjtn nj cb `bccn Orbj`ds(`dkd sn punmn bprn`gbr nj cb ogeurb 8.2). @unjtb `dj uj jg`d nstbhcn`gkgnjtdpnqund y mn ujb sdcb pcbjtb.

Ogeurb 8.2. Cd`bcgzb`gj mnc cd`bcOunjtn1 Eddecn kbpbs

Nc fdrbrgd mn bpnrturb bc phcg`d jd fb `bkhgbmd b cd cbred mn tdmds nstds bds, y nsmn 29 b 20109 mn cb kbbjb y mn 25 b 89109 mn cb tbrmn, `nrrbjmd nc kns mn bedstdpdr vb`b`gdjns. Nj cd rnonrgmd b cb pcbjtgccb, bmnks mn cb prdpgntbrgb qun nst bcc b cdcbred mn tdmd nc bd, murbjtn cds `gj`d knsns qun trbjsùrrnj mn onhrnrd b aujgd sn`djtrbtb b ujb pnrsdjb nxtrb cb adrjbmb `dkpcntb, yb qun ns nc pnrgdmd mn tnkpdrbmbbctb mnc jned`gd.

Mnstb`br cb erbj nstb`gdjbcgmbm mnc sn`tdr ùybs vnjtbs sn `dj`njtrbj nj cbtnkpdrbmb nj qun sn `ncnhrbj cbs onrgbs mn cbs mgstgjtbs cd`bcgmbmns bjmbcuzbs. Pntrbtb mn prdmu`tds btnkpdrbcns, qun pnrkbjn`nj nj nc tgnkpd, y qun nxpnrgknjtbj,bd trbs bd, ujb trbjsodrkb`gj, bmbptjmdsn b cbs tnjmnj`gbs mn cb kdmb mnckdknjtd.

^j pbtrj nstb`gdjbc ns bqunc qun sn rnpgtn `bmb bd. Nc bjcgsgs mnc `dkpdjnjtnmn ujb snrgn mn tgnkpd tgnjn gkpcg`b`gdjns gjknmgbtbs nj nc `drtd pcbzd y ns mn erbj


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-=-

gkpdrtbj`gb pbrb cb bmkgjgstrb`gj nj cds jgvncns knmgd y hbad (Fbjln y Ug`fnrj,899?).

Nj sus `dkgnjzds mg`fb njtgmbm jd sn mnmg`bhb b cb kdmb ocbknj`b, sgjd b cbhgsutnrb nj enjnrbc, vnjmgnjmd tdmd tgpd mn pnjmgnjtns, hrd`fns, `dccbrns, nt`., pbrb ncmb b mb mn cb pdhcb`gj onknjgjb. Cb hgsutnrb sn bmqugrb knmgbjtn rnprnsnjtbjtnsqun bùmbj bc nstbhcn`gkgnjtd prnvgb `gtb b dorn`nr sus prdmu`tds. Ks bmncbjtn, `djnc pbsd mn cds bds y `dgj`gmgnjmd `dj cb `rnb`gj mn GONKB (Gjstgtu`gj Onrgbc mnKbmrgm) nj nc bd 2772, cb tgnjmb mn`gmg bkpcgbr su ebkb mn prdmu`tds donrtbmds,gjtrdmu`gnjmd `dj nccd dtrd tgpd mn ejnrd, `dkd pdmbj snr pbrbeubs, `gjturdjns,hdcsds, pbuncds, jd scd jb`gdjbcns sgjd tbkhgj mn khgtd gjtnrjb`gdjbc. B pbrtgr mnnstn kdknjtd cb prdpgntbrgb nkpnz b trbscbmbrsn b Kbmrgm pbrb cb `dkprb mn nstdsprdmu`tds, bmnks mn rn`ghgr b cds rnprnsnjtbjtns nj nc jned`gd. Bc kgskd tgnkpdbprdvn`fbhb cds vgbans mn d`gd b Junvb Wdrl pbrb trbnr knr`bj`b junvb, qun nrbjsgnkprn prdmu`tds nx`cusgvds.

@dj nc pbsd mn cds bds y nc `bkhgd nj cb kdmb y nj cds eustds mn cds`djsukgmdrns cb hgsutnrb mna mn ccnvbrsn tbjtd, y oun njtdj`ns ùbjmd cb prdpgntbrgbvgd ujb vnjtbab `dkpntgtgvb nj cb vnjtb mn `dkpcnknjtds mn ocbknj`b, qun ns b cd qun

sn mnmg`b mnsmn njtdj`ns fbstb cb b`tubcgmbm.Mnspus mn fbhnr mns`rgtd hrnvnknjtn cb njtgmbm, b `djtgjub`gj, fb`nkds

fgj`bpg nj ujb snrgn mn ncnknjtds gjtnrrncb`gdjbmds sgj cds qun prnvgd su`djd`gkgnjtd jd fuhgrbkds sgmd `bpb`ns mn bc`bjzbr cds dhantgvds pcbjtnbmds.

8.8. NCNKNJ]DP R^N @DJODXKBJ CB NKYXNPB

^jb nkprnsb, ns ujb ujgmbm n`djkg`b qun rnjn ujb snrgn mn ob`tdrns mnprdmu``gj1 rnùrsds kbtnrgbcns (nmgog`b`gdjns, kbqugjbrgb!) n gjkbtnrgbcns (pbtnjtns,kbr`bs!), fukbjds (trbhbad), y ogjbj`gnrds (qun pdsghgcgtbj cb bmqugsg`gj mn cdsbjtnrgdrns), qun drebjgzb y enstgdjb `djodrkn b su njtdrjd pbrb prdmu`gr hgnjns y/dsnrvg`gds, qun vnjmn jned`gd- b dtrbs nkprnsbs, b cbs obkgcgbs d b cbs

bmkgjgstrb`gdjns phcg`bs y cn pnrkgtn bc`bjzbr sus ogjns y dhantgvds, nc prgj`gpbc mn cdsùbcns ns nc hnjnog`gd d ebjbj`gb (Edjzcnz Mdkjeunz, O.A y Ebjbzb _brebs, A.M.,8996). B pbrtgr mn nstb mnogjg`gj sn vb b hbsbr nc pdstnrgdr bjcgsgs mn cb nkprnsbgmnjtgog`bjmd pbrb nccd cb kgsgj y vgsgj mn cb drebjgzb`gj, cds prdmu`tds qun dorn`n,su odrkb aurmg`b y cb sgtub`gj n`djkg`b nj cb qun sn njùnjtrb.

8.8.2. Kgsgj

Pn trbtb mn bqunccd b cd qun sn vb b mnmg`br cb nkprnsb, su ouj`gj. Cb kgsgj mn@dkpcnknjtds mnc Pur `djsgstn nj snr ujb njtgmbm drgnjtbmb b dorn`nr cb knadr`bcgmbm y vbrgnmbm nj prdmu`tds mn ocbknj`b, hrgjmjmdcn b sus `cgnjtns `djogbjzb ysneurgmbm.

8.8.8. _gsgj

Bqunccd qun pnrsgeun cb nkprnsb, su ogjbcgmbm, su kntb. Nj nstn `bsd sn `djsgmnrb quncb ogjbcgmbm mn cb drebjgzb`gj ns b`nr`br cb tgnjmb b cds `cgnjtns, sgnjmd ncnstbhcn`gkgnjtd jknrd 2 nj cb vnjtb mn prdmu`tds mn kdmb ocbknj`b nj cb `gumbm mnPnvgccb, dorn`gnjmd pbrb nccd cb knadr `bcgmbm pdsghcn nj tdmds sus prdmu`tds.

^jb vnz gmnjtgog`bmbs tbjtd su kgsgj `dkd vgsgj, ns oujmbknjtbc fbhcbr mn cdsprdmu`tds qun dorn`n.

8.8.0. Yrdmu`tds

Cb drebjgzb`gj dorn`n bc `cgnjtn ujb bkpcgb ebkb mn prdmu`tds, tdmds nccdsrncb`gdjbmds `dj cb kdmb ocbknj`b, qun tbjtd sn vgvn nj Pnvgccb y nj `gumbmns mn

bcrnmnmdr.Cbs b`tgvgmbmns mnc nstbhcn`gkgnjtd `dkgnjzbj `dj cb `dkprb mn cb knr`bj`b, cb

ùbc mnhn nstbr `drrn`tbknjtn pcbjgog`bmb pbrb `djsneugr qun nc std`l snb cd ks


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baustbmd pdsghcn, mn odrkb qun sn ebrbjtg`n uj hunj surtgmd mn prdmu`tds pnrdnvgtbjmd bckb`njbkgnjtds gjjn`nsbrgds.

Nj nstn snjtgmd, pbrb cb bmqugsg`gj mn cds prdmu`tds ns b`djsnabhcn bùmgr bkbydrgstbs nspn`gbcgzbmds nj nc sn`tdr. Cb pdctg`b nj ùbjtd b surtgmd qun mnhn sneugr@dkpcnknjtds mnc Pur sn hbsb nj ujb donrtb nstumgbmb nj ouj`gj mn cbs tnjmnj`gbs

mn cb kdmb y bmbptbmb b cbs jn`nsgmbmns mn cds `cgnjtns. Nj ùbjtd b cds prdmu`tdsqun dorn`n cb nkprnsb pdmnkds mnstb`br cds sgeugnjtns1

- Kbjtdjns mn tdmd tgpd y pbrb tdmds cds eustds, mnsmn kdmncds snj`gccds yn`djkg`ds `dkd punmnj snr cds mn pcukntg d `rnspj, fbstb kdmncds ksncbhdrbmds y `dstdsds `dkd cds mn kb`rbk d hdrmbmds.

- Erbj vbrgnmbm mn pnjmgnjtns mn ku`fds mgsnbmdrns, `dkd pdr nankpcd mn cbkbr`b Muhcds (sd`gnmbm cgkgtbmb `rnbmb fb`n bced ks mn 5 bds `djsgmnrbmdsb`tubcknjtn cds knadrns `rnbmdrns mn bctb hgsutnrb, vnjmgnjmd sus prdmu`tds njku`fds pbsns bcrnmnmdr mnc kujmd)

- Yngjbs y pngjn`gccds, qun bc geubc qun dùrrn `dj cds pnjmgnjtns tbkhgj fby mnujb erbj vbrgnmbm mn mgsnbmdrns, mn tdmds cds tgpds y prn`gds.

- Hrd`fns, nkpcnbmds pbrb `denr nc kbjtdj`gccd bc trban. Nxgstnj ku`fds kdmncds ykbtnrgbcns dkd pdr nankpcd brny, b`ntbtd, kntbc, kbmnrb, nt`.

- Ocdrns, mnsmn rbkgccntns, fdrtnjsgbs, pndjgbs, fbstb cbvncns pbrb rdknrbs.

Nj rnsukgmbs ùnjtbs, cb njtgmbm ùnjtb `dj ujb bkpcgb ebkb mn prdmu`tds pbrbtdmds cds eustds y `djsukgmdrns.

Ydr dtrd cbmd, nj cd qun b prn`gds sn rnognrn cb pdctg`b bpcg`bmb jd ns cb kgskb pbrbtdmds cds brtùcds, vbrgbjmd nj ouj`gj mnc prdvnnmdr qun cds sukgjgstrn nstds ccnvbjuj kbydr d knjdr kbrenj sdhrn nc prn`gd mn vnjtb. Ydr cd qun pdmnkds nj`djtrbrjdspdr nankpcd `dj kbjtdjns qun vbcnj 0?"y dtrds qun sgj nkhbred vbcnj 2=9".

8.8.=. Odrkb aurmg`bNj nc `bsd mn nstumgd cb odrkb aurmg`b qun bmdptb cb nkprnsb sn trbtb mn nkprnsbrgdgjmgvgmubc d tbkhgj ccbkbmd sd`gnmbm pnrsdjbcgstb, punstd qun ns cb prdpgntbrgb qugnjrnbcgzb nj jdkhrn prdpgd cb b`tgvgmbm nkprnsbrgbc, mn kbjnrb qun fby ujb `djousgjmn pbtrgkdjgds nkprnsbrgbc y pnrsdjbc. Nstd tbkhgj sn `djd`n `dj nc jdkhrn mnbutjdkd.

Ydr nccd ujd mn cds `dstns ogads b cds qun tgnjn qun fb`nr ornjtn cb njtgmbm tdmds cdsknsns ns bc pbed mn cb ùdtb mn butjdkd.

8.8.>. Pgtub`gj n`djkg`b mn cb nkprnsb

Ybrtgkds mn cds mbtds mnc nanr`g`gd 8920 y 892= yb qun sdj cds ctgkds qun nstj

`nrrbmds. Nj nc 8920 cb nkprnsb dhtuvd ujb `gorb mn jned`gd mn 20?.272,99", y nj892= mn 2=6.766,>9" cd qun gkpcg`b uj gj`rnknjtd `dj rnspn`td bc bd bjtnrgdr mnc7,07%. Pgj nkhbred, y b pnsbr mn nccd, fby qun knj`gdjbr qun cb tbsb mn rnjtbhgcgmbm(`bcùcbmb `dkd nc `d`gnjtn njtrn nc kbrenj jntd y cbs vnjtbs) fb mgskgjugmd mnc bd892= `dj rnspn`td bc 8920, bujqun mn kbjnrb pd`d sgejgog`btgvb pbsbjmd mn 9,07 njnc 8920 b 9,06 nj 892=. Ydr dtrd cbmd, nj ùbjtd bc hnjnog`gd dhtnjgmd cb nkprnsbbc`bjz uj rnsuctbmd nj 8920 mn >0.007,>0"y mn >?.80=,=>"nj 892=.

Cb sgtub`gj ogjbj`gnrb mn cb nkprnsb sn hbsb nj cb butdogjbj`gb`gj, erb`gbs b nccdy b `brn`nr mn mnumbs `dj njtgmbmns mn `rmgtd cn nst pnrkgtgnjmd bhdrmbr cb `rgsgs mnujb odrkb vnjtbadsb.

Cbs vnjtbs mn b``nsdrgds mn ocbknj`b fbj mgskgjugmd `djsgmnrbhcnknjtn mnsmnqun sn gjg`gbrb cb `rgsgs nj 8995, yb qun jd ns uj prdmu`td mn prgknrb jn`nsgmbm, sgjd


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-?-

ks hgnj uj `dkpcnknjtd, bj bs @dkpcnknjtds mnc Pur sgeun kbjtnjgjmdsn njnc knr`bmd.

8.0. CB NKYXNPB W P^ NJ]DXJD

Ydr njtdrjd njtnjmnkds tdmd bqunccd qun tgnjn uj non`td mgrn`td, d gjmgrn`td sdhrn cbnkprnsb. Bujqun pdmnkds fbhcbr mn njtdrjd prxgkd y njtdrjd enjnrbc, nj nstntrbhbad mn ogj mn erbmd jg`bknjtn vbkds fb`nr ujb cnvn knj`gj b cb `dkpntnj`gb y`cgnjtncb mn cb drebjgzb`gj, cbs ùbcns odrkbj pbrtn mn su njtdrjd prxgkd.

8.0.2. @dkpntnj`gbYdmnkds fbhcbr mn mgstgjtds tgpds mn `dkpntnj`gb, `dkd sustgtutgvb, `dkpcnknjtbrgb,mgrn`tb, njtrn dtrbs. Ybrb @dkpcnknjtds mnc Pur pdmnkds mgstgjeugr njtrn1

- Bqunccbs tgnjmbs mn `dkpcnknjtds y trbans mn ocbknj`b qun sn njùnjtrbjuhg`bmbs nj zdjbs prxgkbs bc nstbhcn`gkgnjtd, `djsgmnrbmbs `dkpntnj`gb mgrn`tb mncjned`gd (kgskd knr`bmd y prdmu`td sgkgcbr). ^j nankpcd mn nccd pdmrb snr cb tgnjmbJunvd Kdjtn`brcd mn Pnvgccb sgtubmb nj cb pcbzb mn Nc Pbcvbmdr.

- ]gnjmbs mn rnebcds, knr`nrbs, nt`. Pupdjnj `dkpntnj`gb nj cb vnjtb mnbrtùcds. Ns nc `bsd mn cb tgnjmb Mdj Xnebcj d mn knr`nrbs tbcns `dkd _ncbs`d.

- @dsturnrbs pbrtgùcbrns1 Fby ujb erbj `bjtgmbm mn pnrsdjbs, enjnrbcknjtnkuanrns, qun `djon``gdjbj trbans mn ocbknj`b b knmgmb bmnks mn tdmd tgpd mn`dkpcnknjtds fn`fds b kbjd.

- Dtrds nstbhcn`gkgnjtds qun gj`drpdrbj nstn tgpd mn brtùcds b su donrtb `dknr`gbc,`dkd punmnj snr erbjmns fgpnrknr`bmds y erbjmns bckb`njns (pdr na. Nc @drtnGjecs).

8.0.8. @cgnjtns

Cb nkprnsb mnhn ncnegr, nj prgknr cuebr, b qu `cgnjtns sn vb b mgrgegr. Ns fbhgtubcmgvgmgr nc knr`bmd nj sneknjtds mn knr`bmds y sncn``gdjbr nc sneknjtd bc qun sn vb

b mgrgegr (tbrent), yb qun jd ns pdsghcn sbtgsob`nr `drrn`tbknjtn b tdmds cds `cgnjtns(Ebry Brkstrdje y Yfgcgp Ldtcnr., 8922)

Nj @dkpcnknjtds mnc Pur sn `dknr`gbcgzbj tdmd tgpd mn `dkpcnknjtds mnocbknj`b pbrb sndrbs, sgj fb`nr mgstgj`gj pdr erupds mn nmbm jg pdr pdmnrbmqugsgtgvd.

Ydr dtrb pbrtn, cb donrtb tbkhgj vb mgrgegmb b dtrd tgpd mn `dcn`tgvds qun eubrmbjujb nstrn`fb rncb`gj `dj nc kujmd mnc ocbknj`d, `dkd punmnj snr b`bmnkgbs mnhbgcn, `drds, kdmgstds, nt`., Pgnjmd nstds ctgkds cds `cgnjtns nstrnccb, yb qun sdj cdsqun ks `dkprbj, y mnhgmd b nccd sn cns bpcg`b uj mnsùnjtd mnc 89% sdhrn nc tdtbc mncb `dkprb.

8.0.0. Knr`bmd]rbmg`gdjbcknjtn sn mnogjn `dkd nc `djaujtd mn donrtbs y mnkbjmbs rncbtgvbs b ujprdmu`td. Pn trbtb mnc `djaujtd mn `djsukgmdrns pdtnj`gbcns qun `dkpbrtnj ujbjn`nsgmbm d mnsnd y qun pdmrbj nstbr mgspunstds b sbtgsob`nrcb b trbvs mncgjtnr`bkhgd mn ncnknjtds mn vbcdr (Edjzcnz Mdkjeunz, O.A y Ebjbzb _brebs, A.M.,8996).

@dkpcnknjtds mnc Pur mnhn trbtbr mn bjbcgzbr n gmnjtgog`br b cds `cgnjtns, pbrb bs`djd`nr njtrn dtrds bspn`tds, nc vdcuknj mn prdmu``gj qun sn pdmrb vnjmnr.

Nc trban mn ocbknj`b fb suorgmd ku`fds `bkhgds snej cb kdmb mn `bmb pd`b,bujqun sgnkprn fby bcej ncnknjtd mnc kgskd qun sn rns`btb mn cbs tnjmnj`gbs ks

bjtgeubs. Nc drgenj mn mg`fd trban sn njùnjtrb nj cds vnstgmds mn obnjb mn cb kuanrbjmbcuzb, cds kgskds qun ccnvbhbj cbs b`dkpbbjtns mn cds trbtbjtns mn ebjbmd (cbkbydrb mn nccbs mn ntjgb egtbjb) qun, `dj kdtgvd mn cb Onrgb mn Bhrgc mn Pnvgccb, snrnujbj nj nc Yrbmd mn Pbj Pnhbstgj mnsmn 26=5. Cb prdonsgdjbcgzb`gj mnc brtn


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-5-

ocbknj`d `djtrghuy bs kgskd bc njrgqun`gkgnjtd mn nstb vnstgknjtb trbmg`gdjbcbjmbcuzb, dkhgjbjmd dkpcnknjtds, tnagmds y bmdrjds.

Nstn `djtgjud rngjvnjtbrsn gkpcg`b tbkhgj b cds `dkpcnknjtds. Pg uj bd sn ccnvbcb ocdr erbjmn y bced ks hbab, bc sgeugnjtn uj rbkgccntn< sg uj bd nc pnjmgnjtn ns mnpgkgnjtd, bc sgeugnjtn ns mn brd< sg uj bd nc kbjtdj`gccd ns `dj ocdrns pgjtbmbs, bc

sgeugnjtn sn ccnvbj cds ocn`ds, nt`., Mn tdmd nccd mnhn nstbr pnjmgnjtn cb nkprnsb pbrbgr bmbptjmdsn b cbs junvbs nxgenj`gbs mn cds `cgnjtns y jd qunmbrsn btrs,nstbj`bmb.

Cb Nxpdsg`gj mn Pnvgccb mn 2787 sgrvg `dkd `djsberb`gj mnc trban mn ocbknj`b ycb b`nptb`gj pdr pbrtn mn cbs `cbsns pumgnjtns `dkd btunjmd gjmgspnjsbhcn pbrbbùmgr b cb Onrgb.

8.=. BJCGPGP MBOD

Nc dhantgvd prgkdrmgbc mn nstn bjcgsgs sn hbsb nj gmnjtgog`br bqunccbs odrtbcnzbs,mnhgcgmbmns, dpdrtujgmbmns y bknjbzbs qun bon`tnj b cb `djsnù`gj mn junstrdsdhantgvds.

8.=.2. Odrtbcnzbs y MnhgcgmbmnsCbs mnhgcgmbmns d pujtds mhgcns sdj cds qun punmnj pnraumg`br nc ùkpcgkgnjtd mn cdsdhantgvds (Edjzcnz Mdkjeunz, O.A y Ebjbzb _brebs, A.M., 8996). Njtnjmgjmdsn pdrtbjtd mg`fb mnhgcgmbm `dkd tdmd bqunccd qun cb njtgmbm ccnvb b `bhd `dj ujb hbabnog`gnj`gb. Cb prgj`gpbc `dj cb qun sn njùnjtrb @dkpcnknjtds mnc Pur sgj mumbbceujb ns su bctb nstb`gdjbcgmbm yb qun cbs vnjtbs sn `njtrbj kbydrgtbrgbknjtn nj cdsknsns `dkprnjmgmds mn onhrnrd b aujgd, knsns nj cds ùbcns sn ccnvbj b `bhd cb erbjkbydrb mn onrgbs y rdknrbs mn cbs `gumbmns y punhcds. Nj nc rnstd mn knsns cbsvnjtbs bnj `djsgmnrbhcnknjtn.

Ydr nc `djtrbrgd, cbs odrtbcnzbs d pujtds ounrtns sdj cds ob`tdrns gjtnrjds prdpgds mncb nkprnsb (ns mn`gr, `djtrdcbhcns) qun punmnj obvdrn`nr nc ùkpcgkgnjtd mn cds

dhantgvds (Edjzcnz Mdkjeunz, O.A y Ebjbzb _brebs, A.M., 8996) ccnvjmdsn b `bhd`dj uj bctd erbmd mn nog`gnj`gb. Ydmrbkds `djsgmnrbr odrtbcnzb mn cb nkprnsb cbfnrnj`gb ùcturbc bjmbcuzb, cd qun qugnrn mn`gr, qun tbjtd nc trban mn ocbknj`b `dkd cds`dkpcnknjtds `dj cds qun nstds vbj bmdrjbmds tgnjnj nj Bjmbcu`b ujb nspn`gbcnstbhgcgmbm nj su mnkbjmb yb qun nstj `djn`tbmds b su ùcturb. Bmnks, nc trban mnocbknj`b ns nc jg`d trban odc`crg`d mnc kujmd, qun nvdcu`gdjb `dj cbs tnjmnj`gbs dkdmbs mn cb bctb `dsturb. ]bkhgj mn`gr, qun `dj`rntbknjtn, cb Onrgb mn Bhrgc njPnvgccb btrbn b ku`fb enjtn tbjtd mnc pbs `dkd mnc nxtrbjanrd, tdmd nccd obvdrn`gnjmdbc jned`gd. Dtrb mn cbs odrtbcnzbs snrb cb nspn`gbcgzb`gj nj nc prdpgd sn`tdroujmbknjtbmd pdr cds bds mn nxpnrgnj`gb y mn `djd`gkgnjtd.

8.=.8. Bknjbzbs y Dpdrtujgmbmns

Bknjbzb ns tdmd bqunccd qun punmn fb`nr pncgerbr cb `djsnù`gj mn cds dhantgvdsmncgkgtbmds pdr nc jned`gd. Cb prgknrb qun pdmrbkds mnstb`br ns cb `dkpntnj`gbnjtrn cds mgstgjtds nstbhcn`gkgnjtds qun fby bcrnmnmdr mn cb `gumbm, y nj `dj`rntd, njcb kgskb `bccn Orbj`ds y bcrnmnmdrns, mdjmn fby ku`fds `dknr`gds mnmg`bmds jg`by nx`cusgvbknjtn b cb kdmb ocbknj`b. Fbhcbkds mn `dkpntnj`gb tbjtd nj prn`gds`dkd nj prdmu`tds y `bcgmbm.

Dpdrtujgmbm ns `djsgmnrbmd tdmd bqunccd qun obvdrn`n cb `djsnù`gj mn cdsdhantgvds nstbhcn`gmds. ^jb mn cbs prgj`gpbcns dpdrtujgmbmns ns cb zdjb enderog`b njcb qun sn njùnjtrb, Pnvgccb, mdjmn sn vgvn `dj ku`fd kpntu cbs onrgbs y rdknrbs.

^jb vnz gjtrdmu`gmd mn kbjnrb enjnrbc cb nkprnsb, su kgsgj, vgsgj, prdmu`tds

qun dorn`n, odrkb aurmg`b y sgtub`gj n`djkg`b, prd`nmnrnkds nj nc sgeugnjtn`bptucd bc mnsbrrdccd mn uj sgstnkb mn `dstns.


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19/55


-7-

@BY]^CD 0

MGPND MN ^J PGP]NKB MN @DP]NP

0.2. K]DMD MN @DP]NP _BXGBHCNP

@dkpcnknjtds mnc Pur bc trbtbrsn mn ujb nkprnsb `dknr`gbc pbrn`n cd ksbmnùbmd nkpcnbr uj sgstnkb mn `dstns vbrgbhcns, nc ùbc, bsgejb bc `dstn mnprdmu``gj cds `dstns vbrgbhcns, gjmnpnjmgnjtnknjtn mn qun snbj mgrn`tds dgjmgrn`tds. Pn trbtb mn uj ktdmd qun pdmnkds mnogjgr `dkd mn enstgj ks qun mn`cùcd mn `dstns, yb qun rnsuctb uj sgstnkb ks tgc pbrb byumbr b cb tdkb mnmn`gsgdjns (Pgnrrb Kdcgjb, EA. nt bc ,8998).

Mnhnkds gmnjtgog`br cds `dstns vbrgbhcns mn cb njtgmbm pbrb bs pdmnr dhtnjnr nckbrenj hrutd sdhrn nc `dstn vbrgbhcn pdr prdmu`td. Ydr dtrb pbrtn cds `dstns ogads sngj`drpdrbj bc ogjbc mnc prd`nsd pbrb dhtnjnr nc kbrenj jntd, ns mn`gr, sdj `dstns mncpnrgdmd y, pdr njmn jd rnpnrùtghcns b cds prdmu`tds.

0.2.2. _njtbabs n gj`djvnjgnjtns mnc ktdmd mn dstns vbrgbhcns

Njtrn cbs vnjtbabs qun prnsnjtb nc kdmncd pdmnkds fb`nr rnonrnj`gb b1

- Ynrkgtn nc nstumgd mn rnjtbhgcgmbmns, ns mn`gr, pnrkgtn mgcu`gmbr ùcns sdj cbscjnbs mn prdmu`tds ks rnjtbhcns.

- Ynrkgtn bjbcgzbr cb nvdcu`gj mn cds `dstns snej mgstgjtds vdcknjns mnprdmu``gj.

- Nvgtb cb brhgtrbrgnmbm qun sgejgog`b mgstrghugr cds `dstns ogads.

@dkd gj`djvnjgnjtns pdmnkds snbcbr1

- Bc jd gkputbrsn cds `dstns ogads nj cb ujgmbm mnc prdmu`td tnrkgjbmd y prdmu``gjnj prd`nsd, cds gjvnjtbrgds sn gjorbvbcdrbj.

- Nj bceujds `bsds ns mgo`gc cb mgstgj`gj njtrn `dstns vbrgbhcns y `dstns ogads.

0.8. XN@DYGCB@GJ MN CB GJODXKB@GJ.

@dkd gjtrdmu``gj bc nstumgd mnc kdmncd, sn fb`n jn`nsbrgd ccnvbr b `bhd ujb snrgn mn`cùcds prnvgds. Mnhgmd b qun @dkpcnknjtds mnc Pur jd mgspdjn mn gjodrkb`gjbceujb gjodrkbtgzbmb kn fn vgstd nj cb jn`nsgmbm mn gr `djtbhgcgzbjmd cds prn`gds mn`dkprb mn `bmb prdmu`td, bs `dkd cbs `bjtgmbmns `dkprbmbs y cds prn`gds mn vnjtb,

tbjtd mn cds bds 8920 `dkd 892=.Bc trbtbrsn mn ujb nkprnsb kuctgprdmu`td, qun `dknr`gbcgzb `dj ujb erbj vbrgnmbm

mn brtùcds `dkd kbjtdjns, ocdrns, pngjbs, nt`., sn fb fn`fd jn`nsbrgd berupbr `bmbprdmu`td nj trns suherupds mgstgjtds, mgstgjeugnjmd njtrn hbads knmgds y bctds prn`gds,mnhgmd b cb erbj vbrgnmbm mn prn`gds tbj mgspbrns mn `bmb ujd mn nccds. ]dmd nccd njbrbs mn pdmnr baustbr nc trbhbad b cbs nxgenj`gbs mn cb jdrkbtgvb. B `djtgjub`gjpdmnkds dhsnrvbr cbs mgstgjtbs tbhcbs rnbcgzbmbs pbrb nc bd 8920 y 892= pdrprdmu`tds.


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-29-

Pgnjmd1

H.H1 Hrd`fns Hbads, `djsgmnrbjmd bqunccds ùyd prn`gd mn `dkprb ds`gcb njtrn cds9"y cds 2>".

H.K1 Hrd`fns Knmgds, bqunccds ùyd prn`gd mn `dkprb sn njùnjtrb njtrn cds 2?"ycds 09"gj`cusgvn.

H.B1 Hrd`fns Bctds, bqunccds ùyds prn`gds mn `dkprb sdj supnrgdrns b cds 09".

]bhcb 0.2. Hrd`fns `dkprbmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.

]bhcb 0.8. Hrd`fns vnjmgmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.


21/55


-22-

Pgnjmd1

Y.H1 Yngjbs Hbabs, `dkprnjmgmbs pdr bqunccbs ùyds prn`gds mn `dkprb ds`gcbjnjtrn 9 y 2>".

Y.K1 Yngjbs Knmgbs, bqunccbs ùyds prn`gds mn `dkprb ds`gcbj njtrn 2?"y =9".

Y.B1 Yngjbs Bctbs, bqunccbs ùyds prn`gds mn `dkprb sdj supnrgdrns b cds =9".

]bhcb 0.0 Yngjbs `dkprbmbs 8920.

Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mnmbtds rn`dpgcbmds.

]bhcb 0.=. Yngjbs vnjmgmbs 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.


22/55


-28-

Pgnjmd1Y.H1 Ynjmgnjtns Hbads, `dkprnjmgmbs pdr bqunccbs ùyds prn`gds mn `dkprb ds`gcbj

njtrn 9 y 2>".

Y.K1 Ynjmgnjtns Knmgds, bqunccbs ùyds prn`gds mn `dkprb ds`gcbj njtrn 2?" y=9".

Y.B1 Ynjmgnjtns Bctds, bqunccbs ùyds prn`gds mn `dkprb sdj supnrgdrns b cds =9".

]bhcb 0.>. Ynjmgnjtns `dkprbmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds rn`dpgcbmds.


23/55


-20-

]bhcb 0.?. Ynjmgnjtns vnjmgmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds rn`dpgcbmds.


24/55


-2=-

Pgnjmd1

K.H1 Kbjtdjns Hbads, `dkprnjmgmbs pdr bqunccds ùyds prn`gds mn `dkprb ds`gcbjnjtrn 9 y 26".

K.K1 Kbjtdjns Knmgds, bqunccbs ùyds prn`gds mn `dkprb ds`gcbj njtrn 27"y =9".

K.B1 Kbjtdjns Bctds, bqunccbs ùyds prn`gds mn `dkprb sdj supnrgdrns b cds =9".

]bhcb 0.5. Kbjtdjns `dkprbmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.

]bhcb 0.6. Kbjtdjns vnjmgmds 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.


25/55


-2>-

Nj rnonrnj`gb b cb tbhcb 0.29 mn ocdrns vnjmgmbs `bhn rnsnbr qun jg`bknjtn `unjtb`dj trns ogcbs punstd qun cbs ocdrns `dj cbs qun `dknr`gbcgzb nc nstbhcn`gkgnjtd, yb cbsbmqugnrb b uj prn`gd ks d knjds bctd, sgnkprn sn vnjmnj b uj prn`gd jg`d mn 89".

]bhcb 0.29. Ocdrns vnjmgmbs 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.

]bhcb 0.7. Ocdrns `dkprbmbs 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn

mbtds rn`dpgcbmds.


26/55


-2?-

Nj tdmbs cbs tbhcbs bjtnrgdrknjtn nxpunstbs, pdmnkds dhsnrvbr qun bpbrn`n cb`bjtgmbm mnc prdmu`td `dkprbmb pdr su prn`gd mn `dkprb, dhtnjgnjmd `dj nccd nc tdtbcmn nurds qun fbj supunstd cb `dkprb mnc prdmu`td nj `unstgj. _gstd nstd `dj ujnankpcd, pbrb nc `bsd mn cb tbhcb 0.2 mn hrd`fns `dkprbmds, snrbj 6 hrd`fns`dkprbmds (`djsgmnrbmds mn hbad prn`gd), pdr su prn`gd mn `dkprb, qun pbrb nc `bsdmnc nankpcd snrbj b ?,7>", dhtnjgnjmd uj tdtbc mn >>,?". Cd qun qugnrn mn`gr qun nsds

6 hrd`fns `dkprbmds bc prn`gd mn ?,7>" fbj supunstd uj `dstn pbrb ncnstbhcn`gkgnjtd mn >>,?". Bmnks tbkhgj nxgstn ujb tbhcb sgkgcbr pnrd rnonrnjtn b cdsprdmu`tds vnjmgmds. ]dmd nstn prd`nmgkgnjtd sn fb gmd rnbcgzbjmd pbrb `bmb ujd mncds prdmu`tds `dknr`gbcgzbmds, tbjtd `dj cds prn`gds mn vnjtb, `dkd `dj cds mn`dkprb, pbrb bs ob`gcgtbr pdstnrgdrknjtn nc trbtbkgnjtd mn cb gjodrkb`gj.

B `djtgjub`gj sn prnsnjtbj tdmbs cbs tbhcbs rnonrnjtns bc nanr`g`gd 892=, qun bmgonrnj`gb mnc bd 8920 nj ujb kgskb tbhcb sn gjtnerbj tbjtd nc prn`gd mn `dkprb`dkd nc mn vnjtb mn cds mgstgjtds prdmu`tds. Bs nj ujb kgskb tbhcb sn rn`den tdmb cbgjodrkb`gj mn cds prdmu`tds.

]bhcb 0.22. Hrd`fns `dkprbmds y vnjmgmds 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds

rn`dpgcbmds.


27/55


-25-

]bhcb 0.28. Yngjbs `dkprbmbs y vnjmgmbs 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds

rn`dpgcbmds.


28/55


-26-

]bhcb 0.20. Ynjmgnjtns `dkprbmds y vnjmgmds 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds rn`dpgcbmds.


29/55


-27-

]bhcb0.2=. Kbjtdjns `dkprbmds y vnjmgmds 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds

rn`dpgcbmds.

]bhcb 0.2>. Ocdrns `dkprbmbs y vnjmgmbs 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn mbtds

rn`dpgcbmds.


30/55


-89-

^jb vnz ccnvbmd b `bhd tdmb nsb snrgn mn `cùcds pbrb bkhds bds, sn fb prd`nmgmd b cbncbhdrb`gj mn uj ùbmrd mn `dstn mn `dkprbs pdr `bmb prdmu`td, pbrb `bcùcbr bs ncjg`d `dstn vbrgbhcn ujgtbrgd `dj nc qun ùnjtb cb nkprnsb. Ybrb nccd, fn rnbcgzbmd ujbknmgb pdjmnrbmb, `bcùcbjmd nj prgknr cuebr nc prn`gd mn bmqugsg`gj mn `bmb suherupd`dkd cb sukb mn tdmds cds prdmu`tds qun cd njecdhbj kuctgpcg`bmd pdr cb `bjtgmbm, pbrbb`td sneugmd mgvgmgrcd njtrn nc jknrd mn ujgmbmns y bs dhtnjnr mg`fd `dstn vbrgbhcnujgtbrgd pdjmnrbmd. B `djtgjub`gj sn bmaujtbj mds tbhcbs, bds 8920 y 892=, qun fb`njrnonrnj`gb b cd nxpcg`bmd.

0.0. MN]NXKGJB@GJ MN CDP @DP]NP OGADP

B cd cbred mn nstn bpbrtbmd, vbkds b fbhcbr `dj kbydr mntnjgkgnjtd sdhrn nc `djaujtd mn

`dstns ogads qun sn vbj b nkpcnbr pbrb nc pdstnrgdr bjcgsgs y `cùcd mnc kbrenj jntd mncb nkprnsb. Cb mntnrkgjb`gj mn cds `dstns sn fbr b trbvs mn cb gjodrkb`gjprdpdr`gdjbmb pdr cb njtgmbm, qun sn `djsgmnrb ogbhcn y rncnvbjtn.

Ydr `dstn ogad njtnjmnkds bqunccds qun jd suornj `bkhgds `dj nc vdcuknj mn b`tgvgmbmmn cb nkprnsb. ]bkhgj mnjdkgjbmds `dkd `dstns mn nstru`turb.

Nj cd qun sn rnognrn b cds `dstns ogads (@O) nj cds qun gjùrrn cb njtgmbm sn fbjgmnjtgog`bmd cds sgeugnjtns1

- Bcqugcnr y kbjtnjgkgnjtd mnc cd`bc1 Nj nstb pbrtgmb sn gjtnerbj bqunccds `dstnsrncb`gdjbmds dj nc bcqugcnr mnc nstbhcn`gkgnjtd y su kbjtnjgkgnjtd.

Cb rnjtb, ns mn`gr, cb `bjtgmbm qun @dkpcnknjtds mnc Pur bhdjb bc brrnjmbmdr, snpb`t cghrnknjtn njtrn bkhds nstbhcn`gjmdsn ujb ùbjtb mn >=9". Nc pbed mn mg`fbrnjtb ns knjsubc y mnhn rnbcgzbrsn pdr bjtg`gpbmd mnjtrd mn cds 5 prgknrds mbs mn `bmbkns. Ydr dtrb pbrtn, nc pbed sn non`tb pdr mdkg`gcgb`gj hbj`brgb, punstd qun b nsnbùnrmd ccnebrdj bkhbs pbrtns nj sus `dkgnjzds.

]bkhgj ns gkpdrtbjtn knj`gdjbr, qun nj cd qun sn rnognrn bc sukgjgstrd mn beub nstgj`cugmd nj cb rnjtb qun cb prdpgntbrgb bhdjb bc brrnjmbmdr, mn bf qun jd sn gj`cuyb mg`fdebstd `dkd `dstn ogad.

Ydr dtrd cbmd, nj cd qun b cbs dhrbs mn knadrb sn rnognrn, `dkd pdr nankpcd punmn snrpgjtbr nc cd`bc, `drrn b ùnjtb mn @dkpcnknjtds mnc Pur. ]dmd cd qun supdjeb cbkdmgog`b`gj mn cb `djogeurb`gj mnc cd`bc jd sn punmn rnbcgzbr sgj nc `djsnjtgkgnjtd mncbrrnjmbmdr.

]bhcb 0.2?. @ubmrd mn `dstn mn `dkprb bd 8920.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn gjodrkb`gj cb gjodrkb`gj rn`dpgcbmb.

]bhcb 0.25. @ubmrd mn `dstn mn `dkprb bd 892=.Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn gjodrkb`gj cb gjodrkb`gj rn`dpgcbmb.


31/55


-82-

Nj junstrd `bsd, murbjtn cds bds 8920 y 892= cb njtgmbm jd sn vgd nj cb jn`nsgmbm mnccnvbr b `bhd jgjej tgpd mn knadrb mnc nstbhcn`gkgnjtd, pdr cd qun sn gj`cuyn jg`bknjtnmurbjtn bkhds bds cb ùbjtb `drrnspdjmgnjtn bc brrnjmbkgnjtd.

- @udtb butjdkd1 Pn trbtb mn cbs `bjtgmbmns b gjernsbr b cb Pneurgmbm Pd`gbc, sn`bcùcbj bpcg`bjmd nc tgpd b cb hbsn mn `dtgzb`gj. Mg`fb hbsn, nj nstn Xegknj Nspn`gbc

snr cb ncnegmb pdr nc trbhbabmdr njtrn cbs hbsns kjgkb y kxgkb qun cn `drrnspdjmb.Pnr butjdkd gkpcg`b ujb erbj rnspdjsbhgcgmbm, sn trbtb mn uj prdonsgdjbc qun ccnvb b`bhd ujb b`tgvgmbm pdr ùnjtb prdpgb.

Ns gkpdrtbjtn knj`gdjbr qun nxgstnj juknrdsbs vnjtbabs mn snr butjdkd, pnrdtbkhgj ku`fds gj`djvnjgnjtns, `dkd punmnj snr cb gj`nrtgmukhrn y cb pd`b `bpb`gmbmmn bsneurbr ujds gjernsds `djstbjtns.

@dkpcnknjtds mnc Pur rnbcgzb nc pbed mn cb ùdtb mn butjdkd knjsubcknjtn b cbbmkgjgstrb`gj mn cb ]nsdrnrb Enjnrbc mn cb Pneurgmbm Pd`gbc, knmgbjtn trbjsonrnj`gbhbj`brgb. Mnhgmd b qun cb prdpgntbrgb `dtgzb pdr cb hbsn kjgkb nj 8920 y 892= tuvd qunbhdjbr cb ùbjtb mn 8?>"knjsubcns nj `dj`nptd mn ùdtb b cb sneurgmbm sd`gbc. Nstdsupdjn uj tdtbc bjubc mn 0.269".

- Pneurd1 @ubjmd tnjnkds uj jned`gd ns ujb jn`nsgmbm oujmbknjtbc hus`br ujsneurd qun jds ùhrb nj nc `bsd mn dùrrgr bcej gj`gmnjtn. Cb trbjqugcgmbm nj nc jned`gdtgnjn su hbsn jd sdcd nj nc `drrn`td ouj`gdjbkgnjtd mnc kgskd sgjd tbkhgj nj nc ùgmbmdmn cds ncnknjtds jn`nsbrgds pbrb drebjgzbrcd, gj`cusd nj cds kbtnrgbcns.

Nj nc knr`bmd nxgstnj juknrdsbs donrtbs mn sneurds, mnstb`bjmd bqunccds qun trbtbjmn berupbr cbs prgj`gpbcns jn`nsgmbmns mn cbs nkprnsbs nj ujb sdcb pcgzb.@dkpcnknjtds mnc Pur ùnjtb `dj uj sneurd kuctgrgnsed, `dj nc qun edzb mn hbstbjtnks `dhnrturb mn cb qun mgspdjmrb `dj ùbcqugnr dtrd sneurd hsg`d, nj rnsukgmbsùnjtbs `dj nc qun sn ùhrnj cds rgnseds ks fbhgtubcns, `dkd punmn snr kuy `dkj cbrdturb mn cds rtucds cukgjdsds, mbds `busbmds nj nc bsnd, pdsghcns mbds `dkdgj`njmgds, rbyds, nxpcdsgdjns mnrgvbmbs pdr mbds nc`trg`ds, onjknjds btkdsorg`ds!

njtrn dtrds. Bmnks dtrd bspn`td oujmbknjtbc mnc sneurd ns cb `dhnrturb mnXnspdjsbhgcgmbm @gvgc b tnr`nrds, ùybs prnstb`gdjns sdj nc bhdjd b cds pnraumg`bmds mncbs gjmnkjgzb`gdjns b qun mgnrb cuebr cb rnspdjsbhgcgmbm `gvgc mnc bsneurbmd< pbed mn`dstbs y ebstds aumg`gbcns d nxtrbaumg`gbcns gjfnrnjtns bc sgjgnstrd< y `djstgtu`gj mn cbsogjbjzbs aumg`gbcns nxgegmbs bc bsneurbmd pbrb ebrbjtgzbr su rnspdjsbhgcgmbm gvgc.

Cb nkprnsb sdpdrtb ujb ùdtb ogab mn 229"mds vn`ns bc bd, cd qun supdjmrb uj tdtbcbjubc mn 889", bsneurjmdsn bs nstn tgpd mn gj`gmnj`gbs.

- Pukgjgstrd mn ncn`trg`gmbm1 Pbhnkds cb trbjqugcgmbm qun mb pbebr sgnkprn cd kgskd,pdr nccd @dkpcnknjtds mnc Pur tgnjn `djtrbtbmb ujb ùdtb ogab mn sukgjgstrd nc`trg`d,qun sn trbtb mn ujb kdmbcgmbm mn pbed. Nj ouj`gj mn tu fgstrg`d mn `djsukd cbnkprnsb sukgjgstrbmdrb, nj nstn `bsd Ghnrmrdcb, tn b`djsnab uj gkpdrtn b pbebr tdmds cdsknsns. Nstd `djsgstn qun bc ogjbc mn `bmb bd sn fb`nj ùnjtbs `dkpbrbjmd cbs ùdtbs ycds `djsukds rnbcns nj cds 28 ctgkds knsns. Pg tus ùdtbs sdj supnrgdrns bc `djsukd tngjernsbj cb mgonrnj`gb, pnrd sg pdr nc `djtrbrgd cb ùdtb fb sgmd gjonrgdr bc `djsukd nsbmgonrnj`gb sn orb``gdjb nj 28 knjsubcgmbmns.

Bc snr uj cd`bc jd mnkbsgbmd erbjmn @dkpcnknjtds mnc Pur tgnjn `djtrbtbmds =,=(lU), bhdjbjmd ujb ùdtb knjsubc mn >9", cd qun supdjn uj tdtbc bjubc mn ?99" tbjtdpbrb nc bd 8920 `dkd nc 892=.

- Ebstds vbrgds1 Pn `brb`tnrgzbj pdr snr grrneucbrns, ns mn`gr, jd fby qun fb`nr ornjtn bnccds murbjtn tdmds cds bds. Nj nc `bsd mn cb nkprnsb nj ùnstgj murbjtn cds pnrgdmdsmn 8920 y 892= tuvd qun fb`nr ornjtn bc pbed mn uj nxtgjtdr `dj su `djsgeugnjtn `breb.

]bkhgj pdmnkds gj`cugr mnjtrd mn nstn bpbrtbmd dtrbs kbtnrgbs mn `djsukd, `dkdpunmnj snr nj nc `bsd mn cb njtgmbm cbs sgeugnjtns1


32/55


-88-

Kbtnrgbc mn dog`gjb, `dkd sdj cbs benjmbs qun nc nstbhcn`gkgnjtd nkpcnb bd trbs bdpbrb bjdtbr cds gkpdrtns vnjmgmds mgbrgbknjtn< bs `dkd cds hdcerbods, tganrbs, erbpbs,tgjtbs, nt`.

Hdcsbs mn pcstg`d1 cb nkprnsb tgnjn cb pdctg`b mn jd njtrnebr hdcsb mn pcstg`d `dj`bmb ujgmbm vnjmgmb, punstd qun `bmb `dkpcnknjtd vb b`dkpbbmd mn su`drrnspdjmgnjtn njvdctdrgd /`bab y pdr su ns`bsd tbkbd y pnsd. Nj nc `bsd mn qun uj`cgnjtn rnqugnrb hdcsb (yb snb pdr ujgmbmns `dkprbmbs, d pdrqun cb jn`nsgtn) `dsbgjusubc nj cb njtgmbm, sn cn njtrnebr ujb. Mg`fbs hdcsbs cbs bmqugnrn cb nkprnsb b ujsukgjgstrbmdr pdr uj vbcdr jd sgejgog`btgvd.

Mg`fb pbrtgmb jd supdjn uj gkpdrtn sgejgog`btgvd b cd cbred mnc bd y sn fb nstgkbmdbprdxgkbmbknjtn nj ujds ?2,=2"bjubcns.

- Puncmds y Pbcbrgds1 Cb prdpgntbrgb mnc jned`gd nj ùnstgj ùnjtb `dj ujb `fg`b badrjbmb `dkpcntb murbjtn cds knsns mn tnkpdrbmb bctb mnc jned`gd, qun `dkd mgagkdsbjtnrgdrknjtn nstj `dkprnjmgmds mn Onhrnrd b Aujgd. Nc prdknmgd sbcbrgbc sn fbkbjtnjgmd nj cds ctgkds bds, pbebjmd @dkpcnknjtds mnc Pur uj sbcbrgd knjsubc mn797,09" murbjtn cds bds 8920 y 892=, cd qun supdjn uj tdtbc bjubc mn =.>=?,>9"

murbjtn cds > knsns qun ùnjtb `dj ujb trbhbabmdrb.B nstd fby qun bbmgrcn cb ùdtb b gjernsbr mn cb Pneurgmbm Pd`gbc mnc trbhbabmdr. Bc

geubc qun su`nmn `dj cb ùdtb mn butjdkd mn cb prdpgntbrgb mn cb nkprnsb, bc bsneurbruj trbhbabmdr cb ùdtb mnpnjmn mn cb hbsn mn `dtgzb`gj, ns mn`gr, mnc sbcbrgd knjsubcqun pnr`ghn. Cds pdr`njtbans qun sn tgnjnj nj ùnjtb sdj cb hbsn mn `dtgzb`gj pdr`djtgjenj`gbs `dkujns (qun rnprnsnjtbj nc 80,?9%) y pdr `djtgjenj`gbs tnkpdrbcns(?,09%). Nj rnsukgmbs ùnjtbs, nc sbcbrgd tdtbc knjsubc nst `dkpunstd mn 797,09", mncds ùbcns 82=,?"`drrnspdjmnj b cbs `djtgjenj`gbs `dkujns, y >5,0"b cbs tnkpdrbcns.

- Kmucds1 Ybrb pdmnr trghutbr pdr kmucds cds butjdkds y cbs b`tgvgmbmns qun ccnvbjb `bhd mnhnj ùkpcgr ujb snrgn mn rnqugsgtds nspn`gog`bmds nj cb Drmnj qun mnsbrrdccb ncktdmd mn nstgkb`gj dhantgvb mnc GXYO. Nj nc `bsd mn @dkpcnknjtds mnc Pur sdj cds

sgeugnjtns1Jd supnrbr uj vdcuknj mn gjernsds mn 2>9.999"bjubcns9.999"bjubcns9" knjsubcns, ns mn`gr, 5699"bjubcns. Bmnks tbkhgj ùnjtb `dj dtrd ncnknjtd supcntdrgd pdr nc trbhbad mn uj

obkgcgbr, nj `dj`rntd su fgab, b knmgb adrjbmb supdjgnjmd uj tdtbc bjubc murbjtn cds 0knsns mnc bd mn 2.==9".

B `djtgjub`gj, sn rn`denj mds tbhcbs (bds 8920 y 892=) `dj tdmds cds `dstns ogadsmntbccbmds bjtnrgdrknjtn mn cb nkprnsb.

]bhcb 0.26. @cùcd mn cds `dstns ogads mn cb nkprnsb bd 8920Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn gjodrkb`gj gjtnrjb mn cb nkprnsb

@dkd pdmnkds bprn`gbr nc kdjtbjtn tdtbc mn `dstns ogads murbjtn nc bd 8920 bs`njmg b86.085,72". Pgnjmd cbs pbrtgmbs mnc bcqugcnr y kbjtnjgkgnjtd mnc cd`bc, y nc NPG mn cbprdpgntbrgb bqunccbs qun bc`bjzbrdj ujb kbydr ùbjtb.

!"# %&'%()* +) (% ),-.)*% /928 @ubjtb @udtbs mn pbed ]dtbc

Bcqugcnr y kbjtnjgkgnjtd mnc cd`bc !"#$## &' ()"*#$##

@udtb butjdkd '(!$## &' +)&*#$##

Pneurd &$## ' ''#$##

Pukgjgstrd mn ncn`trg`gmbm !#$## &' (##$##

Ebstds vbrgds (&$"& & (&$"&

Puncmds y sbcbrgds ,#,$+# ! ")!"($!#

Kmucds &)###$## " ")###$##

NPG (fgab knmgb adrjbmb) "*#$## + &)""#$##

NPG prdpgntbrgb adrjbmb `dkpcntb (!#$## &' -)*##$##

]D]BC 86.085,72


34/55


-8=-

!"# %&'%()* +) (% ),-.)*% /920 @ubjtb @udtbs mn pbed ]dtbc

Bcqugcnr y kbjtnjgkgnjtd mnc cd`bc !"#$## &' ()"*#$##

@udtb butjdkd '(!$## &' +)&*#$##

Pneurd &$## ' ''#$##

Pukgjgstrd mn ncn`trg`gmbm !#$## &' (##$##

Kbtnrgbc mgvnrsd -'$,+ & -'$,+

Puncmds y sbcbrgds ,#,$#+ ! ")!"!$&!

Kmucds &)###$## " ")###$##

NPG (fgab knmgb adrjbmb) "*#$## " &),'#$##

NPG prdpgntbrgb adrjbmb `dkpcntb (!#$## &' -)*##$##

]D]BC 86.626,96]bhcb 0.27. @cùcd mn cds `dstns ogads mn cb nkprnsb bd 892=

Ounjtn1 Ncbhdrb`gj prdpgb b pbrtgr mn gjodrkb`gj gjtnrjb mn cb nkprnsb

Cb mgonrnj`gb mnc nanr`g`gd 8920 `dj rnspn`td bc 892= bpnjbs ns bprn`gbhcn, jg`bknjtnnxgstn uj gj`rnknjtd mn =79,25" `dj rnspn`td bc bd bjtnrgdr. Nstb mgonrnj`gb nsd`bsgdjbmb pdr nc ncnknjtd supcntdrgd mnc sbcbrgd mn cb fgab.

0.=. @C@^CD MNC YXN@GD W @DP]N _BXGBHCN YXDKNMGD MN CB NKYXNPBNj nstn nperbon, y ujb vnz ccnvbmd b `bhd tdmds cds `cùcds prnvgds sn fb`n jn`nsbrgdncbhdrbr ujb tbhcb qun `dkprnjmb nc jknrd mn ujgmbmns vnjmgmbs mn `bmb erupd, nckbrenj sdhrn vnjtbs, nc prn`gd mn vnjtb, su `dstn vbrgbhcn ujgtbrgd y su kbrenj mn`djtrghu`gj (dhtnjgmd knmgbjtn cb mgonrnj`gb njtrn nc prn`gd y cds `dstns vbrgbhcns), mnnstb odrkb pdmrnkds fbccbr nc prn`gd y nc `dstn vbrgbhcn prdknmgd mn cb nkprnsb nj su`djaujtd, tbkhgj `djd`gmd `dkd knz`cb. Ybrb nccd rnbcgzbkds nc sukbtdrgd mn `bmbprn`gd mn vnjtb d `dstn vbrgbhcn (snej cb vbrgbhcn qun nstnkds `bcùcbjmd) mn cdsprdmu`tds, pdr su pdr`njtban sdhrn vnjtbs.

Nj rnsukgmbs ùnjtbs sn trbtb mn fb`nr nc bjcgsgs `dkd sg cb njtgmbm `djtbrb `dj ujsdcd prdmu`td, yb qun nc kdmncd rnqugnrn trbhbabr jg`bknjtn `dj uj jg`d prn`gd y `dstn.

@dkd pdmrnkds dhsnrvbr b `djtgjub`gj nj cbs mds tbhcbs sgeugnjtns pbrb nc bd 8920cb knz`cb mn cb nkprnsb dhtuvd uj prn`gd mn vnjtb ujgtbrgd mn =2,5>", y uj `dstn vbrgbhcnujgtbrgd mn 2?,52, dhtnjgnjmd knmgbjtn cb mgonrnj`gb njtrn bkhbs uj kbrenj mn`djtrghu`gj mn 8>,9=, ns mn`gr, ujb vnz ùhgnrtds cds `dstns vbrgbhcns mn cb njtgmbm ns cdqun cn qunmb pbrb ùhrgr `dstns ogads (nxprnsbmd nj trkgjds ujgtbrgds).

Pg jds pbrbkds b bjbcgzbr mntnjgmbknjtn cb tbhcb sn dhsnrvb qun nc prdmu`td ùydkbrenj mn `djtrghu`gj ujgtbrgd ns kbydr ns nc mn cds kbjtdjns `djsgmnrbmds mn ebkbbctb, ns mn`gr, sdj cds qun ujgtbrgbknjtn ks `djtrghuynj b ùhrgr `dstns ogads ujb vnzùhgnrtds cds vbrgbhcns. Ydr nc `djtrbrgd, nc erupd mn knjdr kbrenj mn `djtrghu`gj sdjcds hrd`fns hbads.

Nj ùbjtd b nc `dstn vbrgbhcn ujgtbrgd, sdj cds pnjmgnjtns mn ebkb bctb cds qunsupdjnj uj kbydr `dstn pbrb nc nstbhcn`gkgnjtd< sgnjmd cbs ocdrns cbs mn knjdr `dstn.


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Ydr cd qun rnspn`tb bc prn`gd mn vnjtb, sdj cds kbjtdjns mn ebkb bctb cds qunbc`bjzbj cb kbydr `bjtgmbm, vnjmgjmdsn b ujb knmgb mn 2=9" cb ujgmbm. Ydr nc`djtrbrgd, cds mn knjds prn`gd mn vnjtb sdj cds hrd`fns hbads, vnjmgjmdsn b ujb knmgbmn 2>,>"cb ujgmbm.

YXDKNMGD J ums % P/vts Yrn`gd (p) @v ujgtbrgd (b) K` uj.

Ymts H. 8=2,99 5,07% 89,?? 7,87 22,05

Ymts K. 899,99 ?,20% >=,>5 85,26 85,07

Ymts B. ?6,99 8,96% 286,=8 ?0,66 ?=,>=

K.H 775,99 09,>?% =7,75 25,77 02,77

K.K 007,99 29,07% ?6,60 08,>9 0?,00

K.B ??,99 8,98% 2=9,99 =>,?6 7=,08

Ocdrns 2.928,99 02,98% 89 ?,68 20,26

H.H ??,99 8,98% 2>,> 5,2= 6,0?

H.K 22,99 9,0=% ==,72 82,55 80,2=

H.B =,99 9,28% 282,8> >7,>9 ?2,5>

Y.H 82>,99 ?,>7% 2>,7? ?,7= 7,98

Y.K 0=,99 2,9=% 59,>5 89,25 >9,=9

Y.B 7,99 9,86% 282,58 >?,88 ?>,>9

KNQ@CB 0.8?8,99 299,99% =2,5> 2?,52 8>,9=]bhcb 0.89. @cùcd mnc prn`gd y `dstn vbrgbhcn prdknmgd pbrb cb nkprnsb, bd 8920.

Ounjtn1 Ncbhdrb`gj prdpgb.

Nj ùbjtd b 892= nc prn`gd mn cb knz`cb suhn pnrd sgj prdmu`grsn uj `bkhgd sgejgog`btgvd,pbsbjmd b snr mn =2,70" y nc `dstn vbrgbhcn ujgtbrgd tbkhgj suorn uj gj`rnknjtdpbsbjmd b snr mn 25,77".

Nj cd qun sn rnognrn bc kbrenj mn `djtrghu`gj sdj cds kbjtdjns bctds cds qunbc`bjzbj uj jgvnc kbydr, bc geubc qun dùrrb nj nc nanr`g`gd bjtnrgdr, sgj nkhbred nj nc892= sdj bfdrb cbs pngjbs hbabs, y jd cds hrd`fns hbads, cbs mn knjdr kbrenj mn`djtrghu`gj.

YXDKNMGD J ums % P/vts Yrn`gd (p) @v ujgtbrgd (b) K` ujgtbrgd

Ymts H. 8>2,99 5% 82,65 29,95 22,57

Ymts K. 2=2,99 =% ?8,52 09,66 02,60

Ymts B. 6>,99 8% 22?,96 >5,== >6,?>

K.H 6=2,99 8=% 0?,99 26,99 26,99

K.K >28,99 2=% >5,97 85,0= 87,5>K.B 808,99 5% 2=9,99 =>,99 7>,99

Ocdrns 2.2=2,99 08% 89,99 5,96 28,78

H.H 5>,99 8% 26,90 6,29 7,78

H.K 82,99 2% >9,9> 8=,2= 8>,79

H.B 6,99 9% ?>,99 08,99 00,99

Y.H 258,99 >% 2=,56 ?,?> 6,28

Y.K >=,99 8% =>,60 26,=> 85,06

Y.B 89,99 2% 298,09 >9,8> >8,9>

KNQ@CB 0.>>0,99 299% =2,70 25,77 80,7=

]bhcb 0.82. @cùcd mnc kbrenj hrutd ecdhbc y kbrenj jntd pbrb cb nkprnsb, bd 892=.Ounjtn1 Ncbhdrb`gj prdpgb.


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0.>. @C@^CD MN KXENJNP W XNP^C]BMDP

@dj nc bjcgsgs mn enstgj sn prntnjmn `djtrdcbr cds mgonrnjtns krenjns, pumgjmdcdfb`nr b vbrgds jgvncns, bujqun jg`bknjtn jds vbkds b `njtrbr b jgvnc mn prdmu`tds. Mnnstb odrkb, pdmrnkds tdkbr mn`gsgdjns sdhrn cb `djvnjgnj`gb d jd mn suprgkgr dmnsbrrdccbr cbs vnjtbs mn bcej prdmu`td. Nj rnsukgmbs ùnjtbs, cb `cbvn oujmbknjtbc mnnstn kdmncd ns nc `cùcd mn cbs rnjtbhgcgmbmns mn cds prdmu`tds pbrb cb nkprnsb.

Cds krenjns sn dhtgnjnj pdr cb mgonrnj`gb njtrn cds gjernsds y cds `dstns jn`nsbrgdspbrb cb dhtnj`gj mn mg`fds gjernsds. Yunstd qun nstbkds nkpcnbjmd nc kdmncd mn`dstns vbrgbhcns, vbkds b dhtnjnr mds tgpds mn krenjns, nc kbrenj hrutd, y nc jntd.

B `djtgjub`gj, nj cbs tbhcbs bmaujtbs pdmnkds vnr `kd sn mntnrkgjb nc `cùcd mnckbrenj hrutd pbrb `bmb ujd mn cds prdmu`tds `dj cds qun ùnjtb @dkpcnknjtds mncPur.

]bhcb 0.88 @cùcd mnc kbrenj hrutd pbrb pnjmgnjtns, 8920.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.80. @cùcd mnc kbrenj hrutd pbrb kbjtdjns,bd 8920.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.8=. @cùcd mnc kbrenjhrutd pbrb ocdrns bd 8920.


]bhcb 0.8>. @cùcd mnc kbrenj hrutd pbrb hrd`fns,bd 8920.



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@dkd pdmnkds dhsnrvbr nj cbs tbhcbs bjtnrgdrknjtn nxpunstbs tdmds cds krenjnssdhrn `dstns vbrgbhcns sdj pdsgtgvds, pdr cd qun tdmds cds prdmu`tds `djùrrnj b cb`dhnrturb mn cds `dstns ogads.

Nj ùbjtd bc kbrenj jntd, ns nc rnsuctbmd mn bernebr cds mgstgjtds krenjns hrutds`drrnspdjmgnjtns b cds mgstgjtds prdmu`tds y rnstbrcns cds `dstns ogads. Nc kbrenj jntd nsnc rnsuctbmd ogjbc mnc nanr`g`gd mntnrkgjbmd `dj cds `rgtnrgds mn cb @djtbhgcgmbm Bjbctg`b.Nstn rnsuctbmd punmn `dgj`gmgr d jd `dj cb @djtbhgcgmbm Ogjbj`gnrb, fbhgmb ùnjtb qunbkhds sn `bcùcbj utgcgzbjmd rgtnrgds mgonrnjtns.

B`td sneugmd prd`nmnkds bc `cùcd mn cds krenjns hrutds pdr prdmu`tds`drrnspdjmgnjtns bfdrb bc bd 892=.

]bhcb 0.8?. @cùcd mnc kbrenj hrutd pbrb pngjbs,

bd 8920.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.86. @cùcd mnc kbrenj hrutd pbrb pnjmgnjtns,892=.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.87. @cùcd mnc kbrenj hrutd pbrb kbjtdjns,892=.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.85. @cùcd mnc kbrenj hrutd ecdhbc y kbrenj jntd pbrb cb nkprnsb, bd 8920.Ounjtn1 Ncbhdrb`gj prdpgb.


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Bc geubc qun dùrrb nj nc nanr`g`gd 8920, nj nc 892= tdmds cds krenjns sdhrn `dstns

vbrgbhcns sdj pdsgtgvds. Nj ùbjtd bc kbrenj jntd tdtbc mn cb nkprnsb sn punmn dhsnrvbrb `djtgjub`gj.

]bhcb 0.09. @cùcd mnc kbrenj hrutd pbrb ocdrns, 892=.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.02. @cùcd mnc kbrenj hrutd pbrb hrd`fns, bd 892=.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.08. @cùcd mnc kbrenj hrutd pbrb pngjbs, 892=.Ounjtn1 Ncbhdrb`gj prdpgb.

]bhcb 0.00. @cùcd mnc kbrenj hrutd ecdhbc y kbrenj jntd pbrb cb nkprnsb, bd 892=.Ounjtn1 Ncbhdrb`gj prdpgb.


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-87-

@BY]^CD =

NC K]DMD @DP]N _DC^KNJ HNJNOG@GD @-_-H

]rbs fbhcbr mn cb gkpdrtbj`gb mnc Kdmncd mn @dstns _brgbhcns, nj nc prnsnjtn `bptucd, snvb b ccnvbr b `bhd uj ktdmd qun sn oujmbknjtb nj mg`fd Kdmncd mn @dstns _brgbhcns,`dj`rntbknjtn nc bjcgsgs `dstn vdcuknj hnjnog`gd.

Nj uj prgknr kdknjtd pbrn`n dpdrtujd mnogjgr qun njtnjmnkds pdr bjcgsgs `dstn-vdcuknj-hnjnog`gd. Yuns hgnj, ns uj kdmncd qun nstumgb cb rncb`gj nxgstnjtn njtrn cbsvbrgbhcns1 @dstn, Yrn`gd, _dcuknj mn _njtbs y Hnjnog`gd. _brgbhcns tdmbs nccbs vgtbcnspbrb bsneurbr ujb nvdcu`gj mnsnbhcn mn cds rnsuctbmds nkprnsbrgbcns. Fby qun fb`nr`djstbr qun ùbjmd fbhcnkds mn `dstns nj nstn kdmncd sgnkprn utgcgzbrnkds cb`cbsgog`b`gj qun mgstgjeun njtrn `dstns ogads y `dstns vbrgbhcns (Mn Ounjtns Xugz, Y. jd mgspdjnkdsmn cds mbtds jn`nsbrgds pbrb su ncbhdrb`gj.

=.2. FGY]NPGP MNC KDMNCD BJCGPGP @-_-H

Nxgstnj tdmb ujb snrgn mn fgptnsgs mn trbhbad nsnj`gbcns nj cbs qun sn sustnjtb ncbjcgsgs `dstn-vdcuknj-hnjnog`gd, bceujbs mn nccbs sdj1

=.2.2. Xncbtgvbs b cbs `cbsns y tgpds mn `dstns

Pn trbtb mn uj bjcgsgs ccnvbmd b `bhd nj nc `drtd pcbzd (njtnjmgnjmd pdr `drtd pcbzdbqunc pnrgdmd `dkprnjmgmd njtrn 9 b 28 knsns), pdr cd qun pdmnkds `cbsgog`br cds `dstnstdtbcns nj mds `dkpdjnjtns, `dstns ogads (sdj gjvbrgbhcns bjtn cds `bkhgds nj nc vdcuknjmn b`tgvgmbm) d vbrgbhcns (vbrbj nj ouj`gj mnc vdcuknj mn b`tgvgmbm). Bmnks, mg`fdkdmncd trbhbab mnjtrd mn ujb ns`bcb jdrkbc mn dpnrb`gdjns.

Jdrkbcknjtn, cds `dstns ogads (@O) sn kbjtgnjnj `djstbjtns pbrb prdmu``gdjns`dkprnjmgmbs mnjtrd mn uj rbjed mncgkgtbmd, bujqun tbkhgj punmn dùrrgr qunbuknjtnj `djsgmnrbhcnknjtn b pbrtgr mn uj mntnrkgjbmd vdcuknj mn prdmu``gj. Nj

@dkpcnknjtds mnc Pur sn fbj mncgkgtbmd ujds `dstns ogads mn 86.085,72" y mn86.626,96"pbrb cds bds 8920 y 892= rnspn tgvbknjtn, `dkprnjmgmds nj bkhds `bsdspdr nc bcqugcnr mnc cd`bc, pbed mn cb ùdtb mn butjdkd, sneurd, cuz, ebstds vbrgds,sbcbrgds, kmucds y ncnknjtds supcntdrgds gj`drpdrbhcns (NPG).

Nc `dstn vbrgbhcn ujgtbrgd (b) ns `djstbjtn. Cbs ouj`gdjns mn `dstns sdj cgjnbcns, ùybùbjtb vb snr prdpdr`gdjbc b V. Kgnjtrbs kbydr snb nc prn`gd nstbhcn`gmd kbydr snr cbpnjmgnjtn.

=.2.8. Xncbtgvbs b cb ouj`gj mn gjernsds

Cbs nxgstnj`gbs gjg`gbcns sdj geubcns b cbs ogjbcns, pdr cd qun cb vbrgb`gj mn nxgstnj`gbs nsgeubc b `nrd. Pupdjnkds qun nc jknrd mn ujgmbmns vnjmgmbs `dgj`gmn `dj cbs

`dkprbmbs murbjtn nc pnrgdmd.


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Ybrb ùbcqugnr vdcuknj mn vnjtbs sn kbjtgnjn `djstbjtn nc prn`gd mn vnjtb. Cbouj`gj mn gjernsds ns `djsgmnrbmb ujb ouj`gj cgjnbc.

=.2.0. Xncbtgvbs b cds ob`tdrns nxtnrjds

@djsgmnrbkds `djstbjtn cb nog`gnj`gb tbjtd t`jg`b `dkd prdmu`tgvb, nc prn`gd mn cdsob`tdrns, bs `dkd ùbcqugnr dtrd ob`tdr qun punmb bon`tbr b cbs vbrgbhcns mnc kdmncd.

=.8. GKYCBJ]B@GJ MNC KDMNCD

^jb vnz knj`gdjbmbs cbs fgptnsgs hsg`bs mnc ktdmd, y bjtns mn njtrbr nj cbnxpcg`b`gj mn cds rnsuctbmds dhtnjgmds pdr cb njtgmbm, vbkds b nxpcg`br ujb snrgn mnkbejgtumns oujmbknjtbcns sgj cbs qun prnvgd su `djd`gkgnjtd jd pdmrbkds `dkprnjmnrnc kdmncd mn nstumgd.

=.8.2. Kbrenj mn `djtrghu`gj y rbtgd h/v

Cb prgknrb pbrtgmb nj cb qun jds vbkds b mntnjnr ns nc kbrenj mn `djtrghu`gj (K@), qungjmg`b cds gjernsds qun jds qunmbj pbrb ùhrgr `dstns ogads ujb vnz ùhgnrtds cds `dstnsvbrgbhcns, d mg`fd mn dtrb odrkb, cb ùbjtb `dj cb qun `bmb prdmu`td ùhrn cds `dstns ogads ypunmn dhtnjnr hnjnog`gds. Ybrn`n ceg`d mn`gr qun kgnjtrbs kbydr snb nc kbrenj mn

`djtrghu`gj knadr snr pbrb cb nkprnsb nj ùnstgj. Pu nxprnsgj ns cb sgeugnjtn1K@; (p-b)V

Pgnjmd

p1 prn`gd mn vnjtb mnc prdmu`td.

b1 `dstn vbrgbhcn ujgtbrgd.

x1 jknrd mn ujgmbmns.

B erdsd kdmd, y sgj bmnjtrbrjds mnkbsgbmd nj cb nxpcg`b`gj mn cds rnsuctbmdsdhtnjgmds pdr @dkpcnknjtds mnc Pur, (punstd qun nsd cd fbrnkds nj cds sgeugnjtnsnperbons) pbrb nc nanr`g`gd 8920 sn fb dhtnjgmd uj kbrenj mn `djtrghu`gj pdsgtgvd mn

62.??5,==" y mn 6>.9>8,>0" pbrb nc bd 892=, prdmu`gjmdsn ujb cnvn mgonrnj`gb njtrnbkhds bds mnhgmd bc buknjtd mn cds gjernsds pdr vnjtbs.

B `djtgjub`gj vbkds b mnsbrrdccbr nc rbtgd hnjnog`gd- vdcuknj (h/v) punstd qun tgnjnujb nstrn`fb rncb`gj `dj nc kbrenj mn `djtrghu`gj. Pn trbtb mn ujb knmgmb d kbejgtumrncbtgvb, y jds gjmg`b nc pdr`njtban qun supdjn nc kbrenj mn `djtrghu`gj sdhrn nc tdtbc mncbs vnjtbs, ns mn`gr, qu pdr`njtban mnc tdtbc mn cbs vnjtbs kn qunmb cghrn pbrb ùhrgr cds`dstns ogads y dhtnjnr hnjnog`gds. Mn `bmb "vnjmgmd cd qun `drrnspdjmn bc kbrenj mn`djtrghu`gj. ]bkhgj ns `djd`gmd `dkd kbrenj mn `djtrghu`gj rncbtgvd d tbsb mn`djtrghu`gj. Pu nxprnsgj ns

Xh/v; K@/ _.

PgnjmdK@1 kbrenj mn djtrghu`gj tdtbc.

_1 gjernsds pdr vnjtbs.

Mn cb orkucb sn punmn mnmu`gr qun sn trbtb mn ujb vbrgbhcn qun jd mnpnjmn mncvdcuknj mn vnjtbs, pdr cd qun jd vbrb bujqun nc jknrd mn ujgmbmns vnjmgmbs buknjtnd mgskgjuyb. Mg`fd rbtgd gjtnrnsb qun snb cd ks `nr`bjd b 2 pdsghcn yb qun `djtrghuynnj kbydr knmgmb b cb dhtnj`gj mnc hnjnog`gd mn cb njtgmbm.

Pn trbtb mn ujb kbejgtum qun rnsuctb `kdmb pbrb fb`nr `dkpbrb`gdjns njtrnmgstgjtbs bctnrjbtgvbs pcbjtnbmbs, bmnks pbrb `djd`nr qu prdmu`td ns ks rnjtbhcnmnhnkds ogabrjds nj nstn rbtgd.

]bjtd nc kbrenj mn `djtrghu`gj `dkd nc rbtgd h/v sdj mds kbejgtumns nsnj`gbcns qunjds vbj byumbr b mn`gmgr nj junstrb nkprnsb sdhrn qu prdmu`td pdtnj`gbr ks.


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-02-

=.8.8. Kbrenj jntd y tbsb mn rnjtbhgcgmbm

Kbrenj jntd d Hnjnog`gd (KJ) mgonrnj`gb njtrn nc kbrenj mn `djtrghu`gj y cds `dstnsogads. Pn trbtb mn ujb kbejgtum qun gjtnrnsb qun snb pdsgtgvb y ùbjtd ks bctb knadr, sntrbtb mnc hnjnog`gd dhtnjgmd ujb vnz ùhgnrtds cds `dstns ogads y cds `dstns vbrgbhcns mn cbnjtgmbm. Pu nxprnsgj ns

KJ; (p-b)V @O.

Pgnjmd

(p-b)V1 kbrenj mn `djtrghu`gj

@O1 `dstns ogads

Nj nc nstumgd rnbcgzbmd cb nkprnsb dhtuvd nj 8920 y 892= uj kbrenj jntd mn>0.007,>0"y mn >?.80=,=>"rnspn`tgvbknjtn.

]bsb mn rnjtbhgcgmbm sdhrn vnjtbs (]r) d rds. Ns ujb kbejgtum rncbtgvb. Pn trbtb mncpdr`njtban mn tdmd cd qun sn vnjmn qu supdjn hnjnog`gd pbrb cb nkprnsb. B mgonrnj`gbmnc rbtgd h/v nstb tbsb s mnpnjmn mnc vdcuknj mn vnjtbs x. Ns tgc pbrb `dkpbrbr uj bd

`dj rnspn`td b dtrd. Nj ùbjtd b su nxprnsgj ns nc `d`gnjtn njtrn nc kbrenj jntd y cbsvnjtbs,

]r; KJ/ _.

@dkpcnknjtds mnc Pur fb dhtnjgmds tbsbs mn rnjtbhgcgmbmns mn 9,07 pbrb nc 8920 y mn9,06 pbrb nc 892=. Kgnjtrbs ks `nr`bjd nst b cb ujgmbm knadr pbrb cb nkprnsb.

=.8.0. Yujtd mn nqugcghrgd

Nc Yujtd kunrtd, tbkhgj mnjdkgjbmd `dkd pujtd mn nqugcghrgd d pujtd jnutrd ns ujvbcdr oujmbknjtbc pbrb cb `dkprnjsgj y rnbcgzb`gj mnc bjcgsgs `-v-h. Pn trbtb mn ujvbcdr `dj`rntd mn cbs vnjtbs, `bjtgmbm mn prdmu`tds (sg ns nj ujgmbmns osg`bs) d mnujgmbmns kdjntbrgbs qun cb nkprnsb tgnjn qun vnjmnr pbrb ùhrgr `dj tdmds cds `dstns, d

mg`fd mn dtrb kbjnrb nc vbcdr mn x mdjmn nc hnjnog`gd ns `nrd. Ns uj kdmncd mntnrkgjgstbnj nc qun `djd`nkds tdmbs cbs kbejgtumns `dj uj erbmd bhsdcutd mn `nrtnzb.

Jd rnprnsnjtb uj vdcuknj mn vnjtbs mnsnbhcn, jg su `djsnù`gj sgejgog`b qun cbnkprnsb sn njùnjtrn nj ujb sgtub`gj mn nqugcghrgd n`djkg`d. Bmnks ncpcbjtnbkgnjtd qun sn fb`n ns ecdhbc, pbrb cb nkprnsb nj su `djaujtd, pdr cd qun su`cùcd nj nc `bsd jdrkbc mn kuctgprdmu`tds sn punmn nxprnsbr tbjtd nj ujgmbmnskdjntbrgbs, ujgmbmns osg`bs, n gj`cusd nj tgnkpd. Nc pujtd jnutrd, `dkd vnkds, ns ujb`gorb mn jned`gds mntnrkgjbmb y, pdr tbjtd, uj `dj`nptd nsttg`d (Mdjdsd Bjs, B. yMdjdsd Bjs, X., 8922).

Pu orkucb ns

YK;@O / (p-b).Nj junstrd nstumgd pbrb nc bd 8920 fnkds dhtnjgmd uj pujtd kunrtd mn 2.202,=7

ujgmbmns osg`bs y =5.8=9,=> ujgmbmns kdjntbrgbs, y mn 2.890,6> ujgmbmns osg`bs y>9.=62,09 ujgmbmns kdjntbrgbs pbrb nc 892=. Ybrb bkhds nanr`g`gds @dkpcnknjtds mncPur snr rnjtbhcn b pbrtgr mn cds vdcknjns mn vnjtbs y ujgmbmns kdjntbrgbsnstbhcn`gmds, sg jd sn ccnebrb b bc`bjzbr mg`fds vbcdrns gjùrrgrbkds nj prmgmbs.

Bujqun nj junstrd `bsd mn nstumgd mn cb drebjgzb`gj @dkpcnknjtds mn nc Purjg`bknjtn fbybkds nxprnsbmd nc pujtd mn nqugcghrgd nj ujgmbmns osg`bs y ujgmbmnskdjntbrgbs, stn tbkhgj punmn nxprnsbrsn nj ujgmbmns mn tgnkpd (`dkd nc tgnkpdtrbjsùrrgmd fbstb `dknjzbr b dhtnjnr ebjbj`gbs)< y nj pdr`njtban mn `bpb`gmbm (`dkdnc nkpcnd mn cb `bpb`gmbm tdtbc b rbz mn cb ùbc sn dhtgnjnj hnjnog`gds).


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Nj enjnrbc, `ubjtd ks hbad sn nj`unjtrn nc pujtd kunrtd knadr, snbc mn qun snbc`bjzb bjtns. B`td sneugmd sn kunstrb ujb erog`b mnc pujtd jnutrd nj hbsn b cdsgjernsds y `dstns tdtbcns pbrb ujb knadr `dkprnsgj.

Ogeurb =.2. Yujtd kunrtd nj hbsn b cds gjernsds y `dstns tdtbcns bd 8920Ounjtn1 Ncbhdrb`gj prdpgb

Ogeurb =.8. Yujtd kunrtd nj hbsn b cds gjernsds y `dstns tdtbcns bd 892=Ounjtn1 Ncbhdrb`gj prdpgb


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Bmnks nj cd qun rnspn`tb bc pujtd jnutrd tbkhgj pdmnkds nxprnsbrcd erog`bknjtnsdhrn cb hbsn mnc kbrenj mn `djtrghu`gj. @dkd pdmnkds bprn`gbr nj cbs ogeurbs b`djtgjub`gj prnsnjtbmbs.

Ogeurb =.0. Yujtd kunrtd nj hbsn bc kbrenj mn `djtrghu`gj bd 8920Ounjtn1 Ncbhdrb`gj prdpgb

Ogeurb =.=. Yujtd kunrtd nj hbsn bc kbrenj mn `djtrghu`gj bd 892=Ounjtn1 Ncbhdrb`gj prdpgb


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=.8.=. Kbrenj mn sneurgmbm y rbzj mnc kbrenj mn sneurgmbm (XKP)

Jds gjmg`b nc jknrd mn ujgmbmns osg`bs d kdjntbrgbs qun pdmnkds mnabr mn vnjmnr sgjgjùrrgr nj prmgmbs, pdr su prdpgb mnogjg`gj mnmu`gkds qun ùbjtd kbydr snb nc kbrenjmn sneurgmbm knadr snr cb sgtub`gj. @bjtgmbm mn ujgmbmns qun nstj enjnrbjmd nchnjnog`gd nj cb nkprnsb. Bc geubc qun dùrrb `dj nc pujtd kunrtd, nj nstn `bsd tbkhgjsn punmn nxprnsbr tbjtd nj ujgmbmns osg`bs `dkd kdjntbrgbs. Ydmnkds mntnrkgjbrcd mncb sgeugnjtn odrkb1

KP (u.o); V.b`tubc Yujtd kunrtd (u.o)

KP (u.k) ; Ks (u.o) * p.

Pgnjmd

V.b`tubc1 jknrd mn ujgmbmns vnjmgmbs.

Nc kbrenj mn sneurgmbm sg pdmrb snr jnebtgvd (bujqun jd ns junstrd `bsd) pnrd cbmnogjg`gj qun cn `drrnspdjmnrb snrb nc vdcuknj mn vnjtbs qun tnjed qun buknjtbr pbrbjd tnjnr prmgmbs. @dkpcnknjtds mnc Pur fb ogjbcgzbmd cds bds 8920 y 892= `dj ujdskrenjns mn sneurgmbm mn 8.209,>2 y mn 8.0=7,2> ujgmbmns osg`bs rnspn`tgvbknjtn.

Erog`bknjtn1

Ogeurb =.>. Kbrenj mn sneurgmbm bd 8920Ounjtn1 Ncbhdrb`gj prdpgb


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Ogeurb =.?. Kbrenj mn sneurgmbm bd 892=Ounjtn1 Ncbhdrb`gj prdpgb

Xbzj mnc kbrenj mn sneurgmbm (XKP). Gjmg`b nc pdr`njtban mn cbs vnjtbs qun enjnrbjhnjnog`gds, qun pdr`njtban punmd rnmu`gr kgs vnjtbs sgj gjùrrgr pbrb nccd nj prmgmbs. Nj ncpnrgdmd mn 8920 sn dhtuvd uj rnsuctbmd mn 9,?> y nj 892= mn 9,??.

=.8.>. Bpbcbj`bkgnjtd dpnrbtgvd

Kbejgtum qun jds pnrkgtn knmgr `dkd vbrb nc hnjnog`gd b `djsnùnj`gb mn ujb vbrgb`gj nj

nc vdcuknj mn vnjtbs. Mg`fd `dj dtrbs pbcbhrbs, fb`n rnonrnj`gb bc gj`rnknjtd pdr`njtubcmnc kbrenj jntd rnspn`td bc gj`rnknjtd pdr`njtubc mn ujb vbrgb`gj nj cbs vnjtbs. Pnnxprnsb nj trkgjds rncbtgvds. Pu nxprnsgj odrkbc ns1

BD; K@/ H.

Pgnjmd

B.D.1 Bpbcbj`bkgnjtd dpnrbtgvd.

K@1 Kbrenj mn djtrghu`gj tdtbc.

H1 Hnjnog`gd d kbrenj jntd.

Nj ùbjtd bc bpbcbj`bkgnjtd dpnrbtgvd cb njtgmbm fb dhtnjgmd uj rnsuctbmd mn 2,>0

pbrb nc bd 8920, cd qun qugnrn mn`gr qun bjtn uj buknjtd mnc vdcuknj mn vnjtbs mn uj29% nc hnjnog`gd sn gj`rnknjtbrb uj 20%. Nj ùbjtd bc bd 892= su bpbcbj`bkgnjtd fbsgmd sgkgcbr bc nanr`g`gd bjtnrgdr, mn 2,>2.=.0. BJCGPGP MN CDP XNP^C]BMDP DH]NJGMDP KNMGBJ]N CB BYCG@B@GJMNC KDMNCD @-_-H

Nj nstn bpbrtbmd nj ùnstgj jds vbkds b `njtrbr nj cb nxpcg`b`gj mn cds rnsuctbmdsdhtnjgmds mnc bd 8920 `dj rnspn`td bc 892=, pbrb nccd b `djtgjub`gj sn bmaujtbj cbs tbhcbsnj cbs qun jds vbkds b `njtrbr.


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]bhcb =.2. Bpcg`b`gj mnc ktdmd @-_-H, bd 8920.Ounjtn1 Ncbhdrb`gj prdpgb.


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]bhcb =.8. Bpcg`b`gj mnc ktdmd @-_-H, bd 892=.Ounjtn1 Ncbhdrb`gj prdpgb.


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Pgnjmd

Gs vts1 Gjernsds pdr vnjtb.

@._1 @dstns vbrgbhcns.

K.@1 Kbrenj mn `djtrghu`gj.

@.O1 @dstns ogads.YK ô.1 Yujtd kunrtd nj ujgmbmns osg`bs.

YK ^k.1 Yujtd kunrtd nj ujgmbmns kdjntbrgbs.

XKP1 Xbzj mnc kbrenj mn sneurgmbm.

Xbtgd h/v1 Xbtgd hnjnog`gd vdcuknj.

]r1 ]bsb mn rnjtbhgcgmbm.

B.D1 Bpbcbj`bkgnjtd dpnrbtgvd.

H1 Hbads.

K1 Knmgds.B1 Bctds.

Bjbcgzbjmd mntnjgmbknjtn cbs tbhcbs bjtnrgdrknjtn nxpunstbs dhsnrvbkds qun@dkpcnknjtds mnc Pur nj nc bd 89201

Dhtuvd pdr sus vnjtbs ujds gjernsds mn 20?.272"sgnjmd mn tdmds cds prdmu`tds,cds kbjtdjns hbads cbs vnjtbs ks sgejgog`btgvbs.

Nj ùbjtd b cds `dstns vbrgbhcns, bc snr cds kbjtdjns hbads cds ks vnjmgmdsgkpcg`b qun snbj cds qun kbydrns `dstns vbrgbhcns supdjebj, `drrnspdjmgjmdcns25.70>"mn cds >=.>80,>?"mnc tdtbc.

Ydr cd qun rnspn`tb bc kbrenj mn `djtrghu`gj mn cb knz`cb b cb njtgmbm cn qunmbj62.??5,==" ujb vnz ùhgnrtds sus `dstns vbrgbhcns pbrb ùhrgr cds `dstns ogads. Njùbjtd b cds `dstns ogads, bc jd `djd`nr `dj `cbrgmbm ùbcns `drrnspdjmnj b `bmbprdmu`td sn fbj fn`fd b cb knz`cb nj enjnrbc, dhtnjgnjmd uj kbrenj jntd, ns mn`gr nchnjnog`gd dhtnjgmd ujb vnz ùhgnrtd cds `dstns ogads ns mn >0.007,>0".

Ydr dtrd cbmd nj cd qun sn rnognrn bc pujtd kunrtd nj ujgmbmns osg`bs sn fbdhtnjgmd qun cb nkprnsb tgnjn qun vnjmnr 2.202 ujgmbmns pbrb nkpnzbr b dhtnjnrhnjnog`gds, qun nj ujgmbmns kdjntbrgbs `drrnspdjmnj b =5.8=9,=>".

Nc jknrd mn ujgmbmns qun @dkpcnknjtds mnc Pur punmn mnabr mn vnjmnr sgjgjùrrgr nj prmgmbs ns mn 8202 ujgmbmns, ns mn`gr, sg vnjmn 8202 ujgmbmns knjds jd

gjùrrgrb nj prmgmbs, qun nj ujgmbmns kdjntbrgbs nqugvbcn b 66.7>9,>>".

Nj ùbjtd bc rbtgd hnjnog`gd vdcuknj sn fb dhtnjgmd uj rnsuctbmd mnc 9,? jd nstkbc, pnrd ùbjtd ks `nr`bjd b cb ujgmbm knadr.

Cb tbsb mn rnjtbhgcgmbm ns mnc 9,07.

W knmgbjtn nc rnsuctbmd dhtnjgmd `dj nc bpbcbj`bkgnjtd dpnrbtgvd qugnrn mn`grqun bjtn uj gj`rnknjtd mnc vdcuknj mn vnjtbs mnc 29% sn gj`rnknjtbr nc hnjnog`gdnj uj 20%.

Nj cd qun rnspn`tb bc nanr`g`gd 892= @dkpcnknjtds mnc Pur1

Dhtuvd pdr sus vnjtbs ujds gjernsds mn 2=6.766,>9" sgnjmd mn tdmds cdsprdmu`tds, cds kbjtdjns bctds bqunccds ùybs vnjtbs ounrdj ks sgejgog`btgvbs.


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Nj ùbjtd b cds `dstns vbrgbhcns, sdj cds kbjtdjns hbads cds qun gkpcg`bj ujdskbydrns dstns vbrgbhcns, drrnspdjmgjmdcns 2>.206"mn cds ?0.70>,75"mnc tdtbc.

Ydr cd qun rnspn`tb bc kbrenj mn `djtrghu`gj mn cb knz`cb b cb njtgmbm cn qunmbj6>.9>8,>0" ujb vnz ùhgnrtds sus `dstns vbrgbhcns pbrb ùhrgr cds `dstns ogads. Njùbjtd b cds `dstns ogads, bc jd `djd`nr `dj `cbrgmbm ùbcns `drrnspdjmnj b `bmbprdmu`td sn fbj fn`fd b cb knz`cb nj enjnrbc, dhtnjgnjmd uj kbrenj jntd, ns mn`gr nchnjnog`gd dhtnjgmd ujb vnz ùhgnrtd cds `dstns ogads ns mn >?.80=,=>".

Ydr dtrd cbmd nj cd qun sn rnognrn bc pujtd kunrtd nj ujgmbmns osg`bs sn fbdhtnjgmd qun cb njtgmbm tgnjn qun vnjmnr 2.89= ujgmbmns pbrb nkpnzbr b dhtnjnrhnjnog`gds, qun nj ujgmbmns kdjntbrgbs `drrnspdjmnj b >9.=62,09".

Nc jknrd mn ujgmbmns qun @dkpcnknjtds mnc Pur punmn mnabr mn vnjmnr sgjgjùrrgr nj prmgmbs ns mn 8.0=7 ujgmbmns, ns mn`gr, sg vnjmn 8.0=7 ujgmbmns knjds jdgjùrrgrb nj prmgmbs, qun nj ujgmbmns kdjntbrgbs nqugvbcn b 76.>95,89".

Nj ùbjtd bc rbtgd hnjnog`gd vdcuknj sn fb dhtnjgmd uj rnsuctbmd mnc 9,??, sgkgcbrbc mnc nanr`g`gd bjtnrgdr. Cb tbsb mn rnjtbhgcgmbm ns mnc 9,06.

W sn fb dhtnjgmd uj bpbcbj`bkgnjtd dpnrbtgvd mn 2,>2.


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@BY]^CD >

@DJ@C^PGDJNP OGJBCNP

Cb ncn``gj mn nstn trbhbad mn ogj mn erbmd tgnjn `dkd ogjbcgmbm bpdrtbr uj nstumgdmntbccbmd b cb nkprnsb mdjmn fn trbhbabmd bjtnrgdrknjtn y `dj cb qun tnjed ujbnstrn`fb rncb`gj. Cd qun fn prntnjmgmd fb sgmd mgsnbr uj sgstnkb mn `dstns vbrgbhcns,`dj su pdstnrgdr bpcg`b`gj mnc bjcgsgs `dstn vdcuknj hnjnog`gd, b pbrtgr mn gjodrkb`gjqun pnrkgtb b cb njtgmbm ujb knadr `dkprnjsgj y bmdp`gj mn mn`gsgdjns nj ùbjtd btdmds cds prdmu`tds `dj cds qun ùnjtb.

Ybrb nccd fb sgmd gkprns`gjmghcn `dkd pujtd mn pbrtgmb cb rn`dpgcb`gj mn mbtds,trbhbad qun fb supunstd ujb brmub cbhdr mnhgmd b cb obctb mn gjodrkbtgzb`gj ydrebjgzb`gj pdr pbrtn mn cb njtgmbm. Mnhgmd b nstd, kn vg nj cb jn`nsgmbm mn gr ob`turbpdr ob`turb `djtbhgcgzbjmd tbjtd cbs ujgmbmns `dkprbmbs mn `bmb prdmu`td, bs `dkd susprn`gds mn `dkprb y vnjtb. B `busb mn cb erbj vbrgnmbm mn prdmu`tds y prn`gds tbj

mgspbrns mn`gm mgvgmgr cds brtùcds nj trns `btnedrbs (nj ouj`gj mnc prn`gd mn `dkprb),`cbsgog`jmdcds nj hbads, knmgds y bctds.

Nc `cùcd mn `dstns sn fb ccnvbmd b `bhd pbrb cds nanr`g`gds 8920 892=, b trbvs mncds ùbcns fnkds pdmgmd rnbcgzbr ujb `dkpbrbtgvb, bmnks mn snr cds ctgkds `nrrbmds.

Cb njtgmbm dhantd mn nstumgd sn mnmg`b b cb `dkprb/vnjtb mn brtùcds rncb`gdjbmds `djnc kujmd ocbknj`d, `dkd punmnj snr kbjtdjns, ocdrns, pngjbs, pnjmgnjtns, njtrn dtrdsprdmu`tds. Pn trbtb mn uj sn`tdr `dj ujb `cbrb nstb`gdjbcgmbm, yb qun mnpnjmn mn cbsonrgbs y rdknrbs mn junstrb `dkujgmbm, `dj`njtrjmdsn mg`fb b`tgvgmbm prgj`gpbcknjtnmurbjtn nc prgknr snknstrn mn bd. Murbjtn nc rnstd mnc bd, cb b`tgvgmbm `dknr`gbcmgskgjuyn, pnrkgtgnjmd nstd qun sn `dj`njtrn cb cbhdr nj cb drebjgzb`gj y pcbjgog`b`gjmn cb prxgkb tnkpdrbmb.

Mn `brb b cds dhantgvds pcbjtnbmds bc `dkgnjzd mn nstn trbhbad, sn fb `djsneugmdutgcgzbjmd fnrrbkgnjtbs mn enstgj, bvnrgeubr ùcns sdj cds prdmu`tds ks rnjtbhcns mncb nkprnsb, bs `dkd cds knjds rnjtbhcns. Ybrb nccd sn fb nkpcnbmd gjodrkb`gj gjtnrjbmn cb nkprnsb. Bjbcgzbjmd cds rnsuctbmds, pdmnkds bprn`gbr qun nc prdmu`td qun kbydrkbrenj mnab b cb nkprnsb sdj cds kbjtdjns, ns mn`gr, ujb vnz ùhgnrtds cds `dstnsvbrgbhcns sdj cds qun kbydr ùbjtb mnabj b cb njtgmbm pbrb ùhrgr `dstns ogads. Ydr nc`djtrbrgd, sdj cds hrd`fns cds qun knjdr kbrenj mnabj pbrb ùhrgr `dstns ogads.

Bs kgskd, ujb gkpdrtbjtn bpdrtb`gj mn nstn trbhbad b cb nkprnsb fb sgmd cbncbhdrb`gj mnc bjcgsgs `dstn vdcuknj hnjnog`gd, pbrtgnjmd mnc `cùcd mnc rnsuctbmd njhbsn bc ktdmd mn `dstns vbrgbhcns. Ybrb nccd, fnkds nxbkgjbmd nc `dkpdrtbkgnjtd mncds gjernsds tdtbcns, cds `dstns tdtbcns y nc hnjnog`gd b knmgmb qun dùrrnj `bkhgds nj nc

prn`gd mn vnjtb, nc `dstn vbrgbhcn ujgtbrgd, nc jgvnc mn b`tgvgmbm d cds `dstns ogads. @djmg`fd bjcgsgs tbjtd pbrb nc bd 8920 `dkd 892= dhsnrvbkds qun sdj cbs ocdrns ncprdmu`td qun ks ujgmbmns pdmrb mnabr mn vnjmnr cb njtgmbm sgj gjùrrgr nj prmgmbs.

@bhn mnstb`br qun cds `dstns ogads qun sdpdrtb nc nstbhcn`gkgnjtd punmnj ccnebr brnprnsnjtbr uj prdhcnkb pbrb nccb, prgj`gpbcknjtn ùbjmd sus gjernsds mgskgjuynj nj cdsknsns mn tnkpdrbmb hbab pdr kdtgvd mn cb erbj nstb`gdjbcgmbm mnc sn`tdr nj nc qun sn`njtrb. Cb nkprnsb tnjmr qun bsukgr nstds `dstns, cd ùbc pdmrb ccnebr b supdjnrprmgmbs bc ogjbc mnc pnrgdmd sg murbjtn cb tnkpdrbmb bctb jd fb vnjmgmd tdmd cd prnvgstd.Cds prgj`gpbcns `dkpdjnjtns mn cds `dstns ogads sdj nc bcqugcnr mnc cd`bc y cds suncmds ysbcbrgds, bkhds rnprnsnjtbj uj bctd pdr`njtban mn cds `dstns tdtbcns. @dkd pdsghcnsdcu`gj b nstb prdhcnktg`b cb nkprnsb mnhn pcbjtnbrsn ujb pdsghcn jned`gb`gj pbrb

hbabr nc bcqugcnr cds knsns mn tnkpdrbmb hbab.


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Bujqun cds rnsuctbmds dhtnjgmds fbj sgmd sbtgsob`tdrgds, nc mnsbrrdccd mnc ktdmd fbpnrkgtgmd `djd`nr cgkgtb`gdjns qun tgnjn cb nkprnsb b jgvnc mn mgspdjghgcgmbm mngjodrkb`gj.

B kdmd mn `dj`cusgj kn eustbrb nxprnsbr qun snrb `djvnjgnjtn qun b pbrtgr mnbfdrb cb nkprnsb ccnvbsn uj `djtrdc ks nxfbustgvd mn sus `dstns n gjernsds. Pg nstbrn`dknjmb`gj sn cderbsn byumbrb ku`fd b cb knadrb mn cb njtgmbm, mbjmd pdr sneurdqun cb mgspdjghgcgmbm mn nstb gjodrkb`gj pnrkgtgr b cb nkprnsb dhtnjnr hnjnog`gds bknmgd y cbred pcbzd.


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Hghcgderbob

Mn Ounjtns Xugz, Y.< Jnz ]drrbmd, K. (899?)1 @djtbhgcgmbm Bjbctg`b GG1 Ycbjgog b`gj y @djtrdc mnEnstgj. Nmg`gj Mgegtbc I trns, P.C.C

Mn Kbrtgj-Ygjgccds @bstnccbjds, G. (8929)1 Gjtrdmu``gj b cb `djtbhgcgmbm mn `dstns y mn enstgj,Nmg`gdjns Brtn @dkujg`b`gj _gsubc, Kbmrgm.

Mdjdsd Bjs, X., Mdjdsd Bjs, B. (8922)1 Pgstnkbs mn @dstns n Gjodrkb`gj N`djkg`b.Nmg`gdjns Ygrkgmn.

Ebry Brkstrdje.< Yfgcgp Ldtcnr. (8922)1 Gjtrdmu``gj Kbrlntgje. Nmg`gdjns YNBXPDJNM^@B@GJ.

Edjzcnz Mdkjeunz, O.A.< Ebjbzb _brebs, A.M. (8996)1 Yrgj`gpgds y oujmbknjtds mn enstgj mnnkprnsbs.Nmg`gdjns Ygrkgmn.

Adfj Fbjln.< Mnbj Ug`fnrj. (899?)1 Yrdjstg`ds nj cds jned`gds. Nmg`gdjns YNBXPDJNM^@B@GJ.

Xnqunjb Xdmreunz, A.K.< _nrb Xds, P. (8996)1 @djtbhgcgmbm gjtnrjb, `djtbhgcgmbm mn `dstns y mnenstgj. Nmg`gdjns Brgnc

Pgnrrb Kdcgjb, E.A.< Xdmreunz Xdmreunz, Y. (8998)1 Gjodrkb`gj @djtbhcn pbrb cb enstgj.Nmg`gdjns O^GJ@DB.


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Diseño de un sistema de contabilidad para la gestión en una empresa del sector comercial.

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Transcript of Diseño de un sistema de contabilidad para la gestión en una empresa del sector comercial.