Вы находитесь на странице: 1из 63

1

Research profiles of markets


: +7 (904) 039-81-19; /: +7 (4922) 31-09-70
rpmarkets@research-markets.ru
www.research-markets.ru
2012

Research profiles of markets .


, , , Research profiles of markets,
. Research profiles of markets .
, , , , ,
. , ,
.
Research profiles of markets - ,
, ,
, , . ,
, .
.

Research profiles of markets, .
Copyright 2012 Research profiles of markets

Research profiles of markets

............................................................................................................................ 5
........................................................................................... 7
1. .................................... 9
1.1. , ................................. 9
1.1.1. ........................... 9
1.1.2. ,
................................................................................................................. 10
1.1.3. ,
..................................................................................... Error! Bookmark not defined.
1.2.
- .................................................................. 11
1.3.
............................................................................ Error! Bookmark not defined.
1.3.1 ,
.......................... Error! Bookmark not defined.
1.3.2 ,
, ........ Error!
Bookmark not defined.
1.3.3 ,
, Error! Bookmark not
defined.
2. ....................... 14
2.1.
.................................................................................................................... 14
2.2. , -
......................... Error! Bookmark not defined.
2.3. -
.................................................................... Error! Bookmark not defined.
3. Error!
defined.

Bookmark

not

3.1. ........................... Error! Bookmark not defined.


Research profiles of markets

3.1.1. ....... Error!


Bookmark not defined.
3.1.2.
................................................................................ Error! Bookmark not defined.
3.1.3. ........... 15
3.2. .................. Error! Bookmark not defined.
4. .................................... Error! Bookmark not defined.
5.
............................................................................................. Error! Bookmark not defined.
6. 20082011. ................................................................................................................................. 17
6.1. 2008-2011................... 17
6.1.1.
2008-2011. .................................................................................................. 17
6.1.2. -
2008-2011., ................................................................. 22
6.1.3. -
2008-2011., .............................................................................. 23
6.1.4. ,
2008-2011...................................... 24
6.2. 2008-2011........... Error!
Bookmark not defined.
6.1.1.
2008-2011. .................................................. Error! Bookmark not defined.
6.2.2. -
2008-2011., ................. Error! Bookmark not defined.
6.2.3. -
2008-2011., .............................. Error! Bookmark not defined.
6.2.4. ,
2008-2011.Error! Bookmark not
defined.
7. - ....................... 26
7.1. "- "" .............................................. 27
Research profiles of markets

7.2. " "" . Error! Bookmark not defined.


7.3. "" ........................... Error! Bookmark not defined.
7.4. "" ........................... Error! Bookmark not defined.
7.5. "" .................................. Error! Bookmark not defined.
7.6. " " ................... Error! Bookmark not defined.
7.7. " - "Error! Bookmark not
defined.
7.8. " - "Error! Bookmark not
defined.
7.9. " " ........ Error! Bookmark not defined.
7.10. "" ................................ Error! Bookmark not defined.
7.11. " " ....... Error! Bookmark not defined.
7.12. " ""....................... Error! Bookmark not defined.
7.13. " ""Error! Bookmark not
defined.
7.14. ""............................. Error! Bookmark not defined.
7.15. ""................................. Error! Bookmark not defined.
7.16. " - "" ........... Error!
Bookmark not defined.
7.17. " ""Error!
defined.

Bookmark

not

7.18. " " ................... Error! Bookmark not defined.


7.19. "- ""Error!
not defined.

Bookmark

7.20. "- ""Error!


not defined.

Bookmark

, ............................................................................. 31
...................................................................................................................... 31
........................................................................................................................... 33
........................................................................................................................... 37

Research profiles of markets

Research profiles of markets

2012., Research profiles of markets,


,
.
, ,

, , ,
, ,
, , ,
2008., ,
.

:
- - ,
, ,
, -
, - ,
;
- , -
- ;
-
- ;
- , ,

;
-
/
/, /, -40
/ ;
- - , 20
,
, 20072010., ,

.

, ,

Research profiles of markets


.
310 .
440 , 75 , 35 .
.
, pdf.

Research profiles of markets


: +7 (904) 039-81-19; /: +7 (4922) 31-09-70
rpmarkets@research-markets.ru
www.research-markets.ru
2012
Copyright 2012 Research profiles of markets

Research profiles of markets



,
.

1) ,
:

, ,
, , 20082012.;

,
,
2008-2012.;

,
- ;
2) ,
,
;
3)
:


,
2008-1012.;


;
4) ,
,

;
5) / / ,
2008-2011 (-) . :

/ , ,
;

/ , ;

/
/.

Research profiles of markets

/ , ;
6) .



;
;
, ,
;
;
.

- , .

- ;
-
- ;
- ;
- ;
- ;
- ;
- ;
- ;
- ;
- .

Research profiles of markets

10

1.
1.1. ,
1.1.1.

1.1 - 2009-2012 (-) .,


, , .
2009.

2010.

3337,76

5380,38

,
%
161,20%

5637,47

6221,62

110,36%

6839,64

8433,76

123,31%

6480,87

7238,26

111,69%

7026,74

6772,43

96,38%

7182,98

7022,84

97,77%

7086,33

6946,06

98,02%

7230,89

8188,81

113,25%

7791,28

10023,93

128,66%

9070,27

8657,12

95,45%

9612,23

9755,11

101,49%

11768,6

12341,11

104,86%

89065,06

96981,43

108,89%

2011.

,
%

2012.

,
%

Research profiles of markets

2012

2012

2012

2011

2011

2011

2011

2011

2011

2010

2010

2010

2010

2010

2010

2009

2009

2009

2009

2009

2009

1.1 - 2009-2012 (-) .,


, , , .

11

1.1.2. ,

1.3 - 2009-2012
(-) ., , , .

748,55

2666,49

,
%
356,22%

2379,81

2228,99

93,66%

2725,25

3974,97

145,86%

2765,3

2721,78

98,43%

2932,76

2813,92

95,95%

2751,07

2980,47

108,34%

2860,49

2698,86

94,35%

2568,08

3009,23

117,18%

2902,9

4957,14

170,77%

3429,19

3459,62

100,89%

4223,56

3536,8

83,74%

4293,74

4851,9

113,00%

34580,7

39900,17

115,38%

2009.

2010.

2011.

,
%

2012.

,
%

Research profiles of markets

2012

2012

2012

2011

2011

2011

2011

2011

2011

2010

2010

2010

2010

2010

2010

2009

2009

2009

2009

2009

2009

1.2 - 20092012 (-) ., , , ,


.

12

1.2.
-
-
- .

, , 2008., 36,78 .,
2009., ,62%
,407 ..
,
, ,
"- "" " ".
2008., "- "" 12,3 .,
2009., , ,5% ,9
..

2010.,
,
- .
, ,

.

1.36 -
2008., ,
.


, ,
.
%
"- ""
12300,0
33,44%
" "
8760,0
23,81%
" "
2790,0
7,58%
" "
2690,0
7,31%
" "
2420,0
6,58%
""
1460,0
3,97%
" "
1010,0
2,75%
" - "
430,0
1,17%
400,0
1,09%
""
" - "
370,0
1,01%
""
360,0
0,98%
""
360,0
0,98%
" - "
330,0
0,90%

Research profiles of markets


""
"- "
"-"
""
""
"
"
" "
" - "
", -
"
""
"- "
" " "
" "
"
" "
" "
""
" "
" - "
" "
"- "
" "
" "
"-"
" - 2"
" "
""
"- "
""
" - "
"
"
""
""

13
320,0
300,0
240,0
230,0
160,0

0,87%
0,82%
0,65%
0,63%
0,43%

160,0

0,43%

140,0
130,0

0,38%
0,35%

120,0

0,33%

120,0
120,0

0,33%
0,33%

120,0

0,33%

110,0

0,30%

110,0

0,30%

100,0
93,0
92,0
87,0
77,0
66,0
56,0
53,0
30,0
17,0
11,0
10,0
8,0
7,0
7,0

0,27%
0,25%
0,25%
0,24%
0,21%
0,18%
0,15%
0,14%
0,08%
0,05%
0,03%
0,03%
0,02%
0,02%
0,02%

6,0

0,02%

4,0
2,0
36786,0

0,01%
0,01%
100,00%

1.37 -
2009., ,
.


, ,
.
%
"- ""
" "
" "

Research profiles of markets


" "
" "
" - "
""
""
""
"- "
"
"
" - "
"
" "
" "
" - "
"-"
""
""
" "
""
" "
"- -
" "
" - "
""
"- "
" "
""
", -
"
" "
""
" - "
"- "
" - "
" -
""
" "
"-"
" "
""
""
"-"
"
"
" - 2"
" - "
" "

Research profiles of markets

14

15

1.9 - -
- 2008.,
, %
"- "" - 33,44%
" " - 23,81%
" " - 7,58%
" " - 7,31%
" " - 6,58%
"" - 3,97%
" " - 2,75%
" - " - 1,17%
-
"" - 1,09%
" - " - 1,01%
- 11,30%

2.
2.1.

2.5 - -
2006-2009., , ,
.
2006.

2007.

14435,1

15230,6

, %
105,51%

13900,3

, %
91,27%

13433,6

, %
96,64%

II

15759,8

15205,9

96,49%

13733,3

90,32%

13074,5

95,20%

III

16218

14559,3

89,77%

13355,7

91,73%

13043,8

97,66%

IV

18554,4

15551,9

83,82%

14527,2

93,41%

13746,7

94,63%

64967,3

60547,7

93,20%

55516,5

91,69%

53298,6

96,00%

2008.

2009.

2.6 - 20102012 (I ) ., , , .
2010.

2011.

, %

2012.

Research profiles of markets

, %

16

9252,6

9580,4

103,54%

II

8635,6

8447,3

97,82%

III

8167

10115,5

123,86%

IV

12267,3

11598,8

94,55%

38322,5

39742

103,70%

10138,9

105,83%

3.1.3.

, ,
76,07% 2011.
-
2011., ,
.
2011., 13,86 ., 10,22%
, ,
2011., 8,28%.

3.19 - .
2008-2012 (-) ., , ./

208,77

220,43

, %
105,59%

236,78

, %
107,42%

251,90

, %
106,39%

290,01

, %
115,13%

210,13

224,76

106,96%

240,44

106,98%

255,34

106,20%

294,33

115,27%

211,47

212,39

227,66

107,66%

228,89

107,77%

241,87

106,24%

242,13

105,78%

257,43

106,43%

299,24

116,24%

259,14

107,03%

304,58

117,53%

213,57

231,24

108,27%

242,58

104,90%

260,85

107,53%

304,95

116,91%

216,02

231,67

107,24%

243,14

104,95%

261,95

107,74%

219,51

231,79

105,59%

243,68

105,13%

263,78

108,25%

220,64

232,11

105,20%

244,04

105,14%

264,28

108,29%

222,64

233,09

104,69%

246,90

105,92%

264,68

107,20%

224,70

233,22

103,79%

247,35

106,06%

265,94

107,52%

225,51

233,99

103,76%

248,13

106,04%

268,67

108,28%

226,40

235,97

104,23%

249,32

105,66%

279,12

111,95%

2008.

2009.

2010.

2011.

2012.

3.20 - .
2008-2012 (-) ., , ./

478,12

523,11

, %
109,41%

560,26

, %
107,10%

484,10

525,93

108,64%

565,75

485,74

530,75

109,27%

492,55

534,09

495,81

537,53

2008.

2009.

599,84

, %
107,06%

107,57%

604,51

567,91

107,00%

108,43%

570,18

108,41%

573,12

2010.

694,78

, %
115,83%

106,85%

699,73

115,75%

604,61

106,46%

703,03

116,28%

106,76%

605,07

106,12%

703,90

116,33%

106,62%

613,46

107,04%

709,61

115,67%

2011.

Research profiles of markets

2012.

17

497,65

541,47

108,81%

574,54

106,11%

622,25

108,30%

499,17

545,31

109,24%

575,52

105,54%

627,05

108,95%

504,34

548,35

108,73%

577,08

105,24%

629,33

109,05%

510,40

550,54

107,86%

578,32

105,05%

632,64

109,39%

514,07

551,45

107,27%

579,42

105,07%

634,44

109,50%

519,04

552,55

106,46%

580,76

105,11%

638,21

109,89%

523,00

556,79

106,46%

581,66

104,47%

659,13

113,32%

Research profiles of markets

18

6.
2008-2011.
6.1. 2008-2011.
6.1.1.
2008-2011.

2008-2011., .
, 2009.,
28,68%, 23,634 ..

6.1 - 2008-2011., ,
,
2008.
2009.
2010.
2011.

5037,144

7283,297

6617,102

6304,771

7181,359

6366,692

7558,758

6669,117

7971,811

8130,327

7124,873

6155,779
-
82401,030
6.2 - 2008-2011., ,
, .$

2008.
8554,074
11109,046
10416,133
9707,636
10451,537
9915,397
10547,986
11444,090
12810,146
13264,902
11189,220
9606,961
129017,128

2009.

2010.

Research profiles of markets

2011.

Research profiles of markets

19

Research profiles of markets

20

2008

Research profiles of markets

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008


21

6.1 - 2008-2011., , , ,

2008

Research profiles of markets

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2011

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2010

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008


22

6.2 2008-2011., , , , .$

23

6.1.2. -
2008-2011.,

6.3 2008
, ,

-
,
, %
.
""
23943,902
29,06%
" " "
20962,756
25,44%
"-"
16308,431
19,79%
" "
6031,808
7,32%
" ""
5660,425
6,87%
" "
1644,186
2,00%
" "
1340,974
1,63%
" "
1020,495
1,24%
""
547,358
0,66%
"-"
425,377
0,52%
""
394,644
0,48%
" "
357,500
0,43%
""
354,077
0,43%
"-- "
313,800
0,38%
"-"
290,829
0,35%
" ""
253,530
0,31%
" "
166,636
0,20%
" -"
153,367
0,19%
""
149,874
0,18%
""
147,876
0,18%
" "
146,280
0,18%
" "
145,545
0,18%
""
139,618
0,17%
""
137,452
0,17%

1364,290
1,66%

82401,030
100,00%
6.4 2008
, , .$

-
,
, %
.$
""
35846,686
27,78%
" " "
22170,326
17,18%
"-"
14891,188
11,54%
" ""
10215,068
7,92%
" "
10083,064
7,82%
" "
6924,450
5,37%

Research profiles of markets


" "
" "
""
""
""
"-"
""
" "
""
" -"
"-"
" "
""
""
"-"
""

24
5279,847
2686,986
2337,946
2159,109
1420,398
1124,206
1009,408
923,328
870,000
835,715
758,315
666,735
664,286
646,057
588,163
585,580
6330,267
129017,128

4,09%
2,08%
1,81%
1,67%
1,10%
0,87%
0,78%
0,72%
0,67%
0,65%
0,59%
0,52%
0,51%
0,50%
0,46%
0,45%
4,91%
100,00%

6.1.3. -
2008-2011.,

6.11 - - 2008 ,
,

-
,
, %
.

74017,913
89,83%

2122,854
2,58%

1586,911
1,93%

1557,139
1,89%

1207,348
1,47%
..
739,861
0,90%

614,721
0,75%

209,551
0,25%

111,905
0,14%

232,827
0,28%

82401,030
100,00%
6.12 - - 2008 ,
, .$

-
,
, %
.$

90968,544
70,51%

Research profiles of markets

..

13203,344
5610,835
5596,847
5430,291
3547,279
2489,972
1448,370
278,951
157,695
285,000
129017,128

25
10,23%
4,35%
4,34%
4,21%
2,75%
1,93%
1,12%
0,22%
0,12%
0,22%
100,00%

6.1.4. ,
2008-2011.

6.19 , 2008 ,
-, , .; $/



, , ,
.
%
, $/

25415,598
31,01%
1,069
NEMIROFF
21131,600
25,79%
1,755

16383,333
19,99%
0,912

6008,558
7,33%
1,146

2516,751
3,07%
0,960
FINLANDIA
2217,853
2,71%
5,609
ABSOLUT
1821,076
2,22%
4,535

1246,596
1,52%
1,036
BORIS JELZIN
553,121
0,67%
1,597
BLAGOFF
479,046
0,58%
0,974
RUSSIAN STANDART
435,407
0,53%
5,870

394,644
0,48%
5,471
MOROZOV
293,886
0,36%
1,626
VIRU VALGE
269,350
0,33%
2,055
STOLYPIN
238,023
0,29%
1,680

235,564
0,29%
0,783
DANZKA
214,314
0,26%
6,922

199,499
0,24%
3,970

112,636
0,14%
0,784
GREY GOOSE
93,358
0,11%
17,881
REMOFF
92,901
0,11%
1,401
KOSKENKORVA
89,778
0,11%
5,863
PHILIPP
84,580
0,10%
3,187
SMIRNOFF
82,851
0,10%
5,937

Research profiles of markets

26

JELZIN
66,681
0,08%
1,428
SAIMAA
64,035
0,08%
3,833

59,736
0,07%
3,513
BOLCHOJ
56,847
0,07%
2,564

54,298
0,07%
1,858
BLAVOD
48,211
0,06%
4,536
Koenigsberger Festung vodka
48,181
0,06%
2,816
ALBA LUPA
47,744
0,06%
3,323
BIRCH VODKA
42,992
0,05%
1,237
BLAVOD BLACK
34,122
0,04%
4,864

31,594
0,04%
3,875
KONIGSBERGER FESTUNG
28,109
0,03%
2,365

23,589
0,03%
5,817
SQ. .
23,250
0,03%
1,559
XXI
21,819
0,03%
1,737
Condor
21,444
0,03%
2,745

127,053
0,16%
3,953

81947,026 100,00%
1,564
6.20 , 2008 ,
-, , .$; $/

,

, ,
,
.$
%
$/
NEMIROFF
37089,483
28,95%
1,755

27167,928
21,20%
1,069

14946,109
11,67%
0,912
FINLANDIA
12440,155
9,71%
5,609
ABSOLUT
8259,157
6,45%
4,535

6888,200
5,38%
1,146
RUSSIAN STANDART
2555,684
1,99%
5,870

2415,792
1,89%
0,960

2159,109
1,69%
5,471
GREY GOOSE
1669,324
1,30%
17,881
DANZKA
1483,491
1,16%
6,922

1291,712
1,01%
1,036
BORIS JELZIN
883,078
0,69%
1,597

791,932
0,62%
3,970
VIRU VALGE
553,591
0,43%
2,055
KOSKENKORVA
526,329
0,41%
5,863
SMIRNOFF
491,906
0,38%
5,937
MOROZOV
477,955
0,37%
1,626
BLAGOFF
466,589
0,36%
0,974
STOLYPIN
399,831
0,31%
1,680
PHILIPP
269,559
0,21%
3,187
SAIMAA
245,458
0,19%
3,833
BLAVOD
218,683
0,17%
4,536

Research profiles of markets

BLAVOD BLACK
ALBA LUPA

BOLCHOJ

Koenigsberger Festung vodka
REMOFF

ALFRED SCHLADERER

JELZIN


FLAGMAN

209,849
184,480
165,959
158,641
146,445
145,783
137,208
135,670
130,189
122,425
115,914
103,230
100,879
95,228
94,828
88,320
82,245
502,209
128126,009

27
0,16%
0,14%
0,13%
0,12%
0,11%
0,11%
0,11%
0,11%
0,10%
0,10%
0,09%
0,08%
0,08%
0,07%
0,07%
0,07%
0,06%
0,39%
100,00%

Research profiles of markets

3,513
0,783
4,864
3,323
12,929
2,564
5,817
2,816
1,401
3,875
13,115
5,083
1,858
1,428
5,624
0,784
4,001
3,953
1,564

28

7. -
7.1. "- ""

01.04.2012 ( ),
"- "" .
, 100% ,
01.04.2012 ( ), "
".

7.1 "- ""


" "

100%

()
293381000

7.2 - "-
""
, (15.91.02),
, 28%,

, ,

, ,
, ,
, , ,
, ,

2006

2007

2008

2009

7295,9

9254,9

12300

9900

7295,9

9254,9

12300

9900

1099,3

1723,2

310

7295,9

9254,9

12300

9900

"- ""
7.3 -
( 1),

"-

"",

2007

2008

2009

2010

1110

19640

17966

16570

15749

1120

1130

1140

1150

23610

1160

11471

176268

1170

22417

80278

58776

13374

1100

563346

808123

898722

853172

I.
-

486208

II.

Research profiles of markets

493509

639711

623841

40100

55548

82908

128117

117301

29

1210

725378

293672

230053

235942

1220

113915

24610

26244

45886

1230

4692356

8481334

6324200

7565009

1240

9926

61226

1500

1250

165527

51544

61193

206513

1260

13743

272633

169977

153618

II

1200

5720845

9185019

6813167

8206968

1600

6284191

9993142

7711889

9060140

III.
( ,
, )
,

1310

293381

293381

293381

293381

1330

1340

( )

1350

1360

5154

5154

5154

5154

( )

1370

801288

83031

-940872

-35110

III

1300

1132676

414419

-609484

296279

5726147

5867224

5912366

12885

2315

9987

1320

32853

32853

32853

32853

IV.

1410

1420

1430

1450

IV

1400

11186

1510

1998403

1520

3141801

3839585

2451231

2841383

1530

125

106

603

125

1540

1550

1500

5140329

3839691

2451834

2841508

1700

6284191

9993142

7711889

9060140

11186

5739032

5869539

5922354

V.
-

7.4 - "- "",


( 2),
2007

2008

2009

2010

( , )

2110

8309543

9648330

4741844

4507828

2120

5990673

6922724

3239020

3061149

()

2100

2318870

2725606

1502824

1446679

2210

1298767

1547996

477385

533295

2220

251551

281764

280186

240455

()

2200

768552

895846

745253

672929

2310

2320

3955

9208

4819

6475

2330

127933

358980

537839

561367

2340

553892

6101387

73627

507491

Research profiles of markets

30

2350

1165929

7528815

680518

213711

()

2300

32537

-881354

-394658

411817


, ,
()

2410

32577

62313

101204

2421

23975

48428

89281

-67019

2430

668

1699

558423

-584709

2450

1461

164796

18722

10440

2460

()

2400

753

-718257

-996672

905762

7.5 - "- "",


( 4),

2007

2008

2009

2010

4953647


, :
, , ,

150

9070763

10888560

5768542

160

349504

414952

359601

170

162293

292502

476661

180

6125283

8330539

7987527

6981268

210

5010

6951

7148

2448

220

56981

20102

227232

1632

230

19890


,


,


240

1041

17

3214

250

386689

503

24000

280

290

43645

202255
1500

300

510100

20000

310

6887

24000

340

-47376

-453972

356575
-

84973
-

57839

-80893

7.6 - "- ""


(Total debt / EBIT), []
, []

2007

2008

2009

2010

12,52

-10,99

40,99

6,09

0,5

-8,8

-5,1

4,5

, []

6,7

-178,6

-61,7

66

, []

2,9

-212,6

64,8

138,9

, []

1,32

0,97

0,61

0,5

(, ) , []

0,03

0,03

0,03

0,07

( ), []

1,11

2,39

2,78

2,89

Research profiles of markets

31

, []

14,5

, []

38,9

, []

10,1

58,2

64

65,4

( ), []

0,95

2,31

2,68

2,79

, [ ]

162

172

234

287

44

15

25

28

175

272

413

519

20

-9,1

-9,6

6,9

0,4

-9,1

-8,3

9,1

17,09

19,55

7,41

7,23

9,2

9,3

15,7

14,9

, []

( ), []
, []

4,55

23,11

-13,67

29,57

18

4,1

-7,9

3,3

0,2

57,4

76,1

65,4

, []

2,01

0,51

-0,68

0,35

, []

7,34

23,28

-7,79

15,21

, []

27,9

28,2

31,7

32,1

, []

38,7

39,4

46,4

47,3

, []

10,2

10,2

18,6

17,5

149,6

149

198,4

187

1,25

-1,46

0,27

1,73

, [ ]
, [ ]
, [ ]
, []
(
), []
( ), []
, []

, []
(EBIT interest coverage), []

Research profiles of markets

3,4
-

3,6
-

3,4
-

32

1.1 - 2009.,
, % ......................................................................Error! Bookmark not defined.
1.2 - 2010.,
, % ......................................................................Error! Bookmark not defined.
1.3 - 2011.,
, % ......................................................................Error! Bookmark not defined.
1.4 - 2012
(-) ., , %........................................Error! Bookmark not defined.
1.5 - -20 2009., , %Error! Bookmark
not defined.
1.6 - -20 2010., , %Error! Bookmark
not defined.
1.7 - -20 2011., , %Error! Bookmark
not defined.
1.8 - -20 2012 (-) ., , %
......................................................................................................................Error! Bookmark not defined.
1.9 - -
- 2008.,
, % ............................................................................................................................................ 14
1.10 - -
- 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.11 - -
- 2008.,
, % .............................................................................................Error! Bookmark not defined.
1.12 - -
- 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.13 - -
- - 2008.,
, % .............................................................................................Error! Bookmark not defined.
1.14 - -
- - 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.15 - -
- 2008.,
, % .............................................................................................Error! Bookmark not defined.

Research profiles of markets

33

1.16 - -
- 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.17 - -
- 2008.,
, % .............................................................................................Error! Bookmark not defined.
1.18 - -
- 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.19 - -
- 2008., ,
% ..................................................................................................................Error! Bookmark not defined.
1.20 - -
- 2009., ,
% ..................................................................................................................Error! Bookmark not defined.
1.21 - -
- - 2008.,
, % .............................................................................................Error! Bookmark not defined.
1.22 - -
- - 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.23 - -
- 2008.,
, % .............................................................................................Error! Bookmark not defined.
1.24 - -
- 2009.,
, % .............................................................................................Error! Bookmark not defined.
1.25 - ,
2009., , % ............ Error!
Bookmark not defined.
1.26 - ,
2010., , % ............ Error!
Bookmark not defined.
1.27 - ,
2011., , % ............ Error!
Bookmark not defined.
1.28 - ,
2012 (-) ., , %
......................................................................................................................Error! Bookmark not defined.
2.1 - -
2006., , % .....Error! Bookmark not defined.
2.2 - -
2007., , % .....Error! Bookmark not defined.

Research profiles of markets

34

2.3 - -
2008., , % .....Error! Bookmark not defined.
2.4 - -
2009., , % .....Error! Bookmark not defined.
2.5 -
2010., , %.......................................................Error! Bookmark not defined.
2.6 -
2011., , %.......................................................Error! Bookmark not defined.
2.7 -
2012 (-) ., , %...............................Error! Bookmark not defined.

1.1 - 2009-2012 (-) .,


, , , . .................................................... 9
1.2 - 2009-2012
(-) ., , , , . 10
1.3 - 2009-2012
(-) ., , , , .
......................................................................................................................Error! Bookmark not defined.
1.4 - - 20092012 (-) ., , , ,
. ...........................................................................................Error! Bookmark not defined.
1.5 - 2009-2012
(-) ., , , , .
......................................................................................................................Error! Bookmark not defined.
1.6 - 2009-2012
(-) ., , , , .
......................................................................................................................Error! Bookmark not defined.
1.7 - 2009-2012
(-) ., , , , .
......................................................................................................................Error! Bookmark not defined.
1.8 - - 20092012 (-) ., , , ,
. ...........................................................................................Error! Bookmark not defined.
1.9 - 20092012 (-) ., , , ,
. ...........................................................................................Error! Bookmark not defined.
1.10 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.11 - . 2009-2012 (-) .,
, , , .Error!
Bookmark
not defined.

Research profiles of markets

35

1.12 - 2009-2012 (-) .,


, , , .Error!
Bookmark
not defined.
1.13 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.14 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.15 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.16 - . - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.17 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.18 - - 2009-2012
(-) ., , , , .
......................................................................................................................Error! Bookmark not defined.
1.19 - 2009-2012 (-) .,
, , , .Error!
Bookmark
not defined.
1.20 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.21 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.22 - 2009-2012 (-) .,
, , , .Error!
Bookmark
not defined.
1.23 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.24 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.25 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.

Research profiles of markets

36

1.26 - 2009-2012 (-) .,


, , , .Error! Bookmark
not defined.
1.27 - 2009-2012 (-)
., , , , . ............... Error!
Bookmark not defined.
1.28 - 2009-2012 () ., , , , . ...... Error!
Bookmark not defined.
1.29 - 2009-2012 (-) .,
, , , .Error! Bookmark
not defined.
1.30 - ,
2009-2012 (-) ., , , ,
. ...........................................................................................Error! Bookmark not defined.
1.31 - ,
2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.32 - ,
2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.33 - ,
- 2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.34 - ,
2009-2012 (-) ., , ,
, . ............................................Error! Bookmark not defined.
1.35 - ,
- 2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.36 - ,
- 2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.37 - ,
2009-2012 (-) ., , ,
, . ......................................................................Error! Bookmark not defined.
1.38 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.39 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.

Research profiles of markets

37

1.40 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.41 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.42 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.43 - ,
- 2009-2012 (-) ., ,
, , ..........................Error! Bookmark not defined.
1.44 - ,
2009-2012 (-) ., , ,
, . ......................................................................Error! Bookmark not defined.
1.45 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.46 - ,
. 2009-2012 (-) ., , ,
, . ......................................................................Error! Bookmark not defined.
1.47 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.48 - ,
. - 2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.49 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.50 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
1.51 - ,
2009-2012 (-) ., , ,
, . ...............................................Error! Bookmark not defined.
2.1 - - 2006-2009.,
, , . ...................Error! Bookmark not defined.
2.2 - 2010-2012 (I ) ., ,
, . ...............................................Error! Bookmark not defined.
3.1 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.

Research profiles of markets

38

3.2 -
2008-2012 (-) ., ,
./......................................................................................................Error! Bookmark not defined.
3.3 -
2008-2012 (-) ., ,
./......................................................................................................Error! Bookmark not defined.
3.4 - 2008-2012 (-) ., , ./
......................................................................................................................Error! Bookmark not defined.
3.5 -
2008-2012 (-) ., , ./
......................................................................................................................Error! Bookmark not defined.
3.6 -
2008-2012 (-) ., , ./
......................................................................................................................Error! Bookmark not defined.
3.7 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.8 - 2009-2012 (-) ., , ./
......................................................................................................................Error! Bookmark not defined.
3.9 -
2008-2012 (-) ., ,
./......................................................................................................Error! Bookmark not defined.
3.10 - 2008-2012 (-) .,
, , ./...................................Error! Bookmark not defined.
3.11 - 20082012 (-) ., , , ./Error! Bookmark not
defined.
3.12 -
2008-2012 (-) ., , , ./Error! Bookmark
not defined.
3.13 - -
2008-2012 (-) ., , , ./Error! Bookmark
not defined.
3.14 - 20082012 (-) ., , , ./Error! Bookmark not
defined.
3.15 - 20082012 (-) ., , , ./Error! Bookmark not
defined.
3.16 - 2008-2012
(-) ., , , ./Error!
Bookmark
not
defined.

Research profiles of markets

39

3.17 - -
2010-2012 (-) ., , , ./Error! Bookmark
not defined.
3.18 -
2008-2012 (-) ., , , ./Error! Bookmark
not defined.
4.1 - 2005-2012 (I
) ., , ./ .....................................Error! Bookmark not defined.
6.1 - 2008-2011., , ,
, ................................................................................................................ 20
6.2 2008-2011., , ,
, .$ ............................................................................................................... 21
6.3 - 2008-2011., , ,
, ..............................................................Error! Bookmark not defined.
6.4 - 2008-2011., , ,
, .$ .............................................................Error! Bookmark not defined.

1.1 - 2009-2012 (-) .,


, , .............................................................................. 9
1.2 - 2009-2012 (-)
., , , . ....Error! Bookmark not defined.
1.3 - 2009-2012
(-) ., , , . ........................ 10
1.4 - 2009-2012
(-) ., , , . ................. Error!
Bookmark not defined.
1.5 - - 2009-2012
(-) ., , , . ................. Error!
Bookmark not defined.
1.6 - 2009-2012 () ., , , .Error! Bookmark not
defined.
1.7 - 2009-2012 () ., , , .Error! Bookmark not
defined.
1.8 - 2009-2012 () ., , , .Error! Bookmark not
defined.
1.9 - - 2009-2012
(-) ., , , . ................. Error!
Bookmark not defined.

Research profiles of markets

40

1.10 - 2009-2012
(-) ., , , . ................. Error!
Bookmark not defined.
1.11 - 2009-2012 (-) .,
, , . ...........................Error! Bookmark not defined.
1.12 - -20 -
2009., , . ........... Error!
Bookmark not defined.
1.13 - -20 -
2010., , . ........... Error!
Bookmark not defined.
1.14 - -20 -
2011., , . ........... Error!
Bookmark not defined.
1.15 - -20 -
2012 (-) ., ,
. ...........................................................................................Error! Bookmark not defined.
1.16 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.17 - . 2009-2012 (-) .,
, , . ......................Error! Bookmark not defined.
1.18 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.19 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.20 - 2009-2012 (-) .,
, , . ......Error! Bookmark not defined.
1.21 - 2009-2012 (-)
., , , . Error! Bookmark not defined.
1.22 - . - 2009-2012 (-) .,
, , . ......Error! Bookmark not defined.
1.23 - 2009-2012 (-)
., , , . Error! Bookmark not defined.
1.24 - - 2009-2012
(-) ., , , . ................. Error!
Bookmark not defined.
1.25 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.26 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.27 - 2009-2012 (-)
., , , . Error! Bookmark not defined.
1.28 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.

Research profiles of markets

41

1.29 - 2009-2012 (-) .,


, , . .........Error! Bookmark not defined.
1.30 - 2009-2012 (-) .,
, , . ......Error! Bookmark not defined.
1.31 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.32 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.33 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.34 - 2009-2012 (-) .,
, , . ......Error! Bookmark not defined.
1.35 - 2009-2012 (-) .,
, , . .........Error! Bookmark not defined.
1.36 -
2008., , .
................................................................................................................................................. 11
1.37 -
2009., , .
................................................................................................................................................. 12
1.38 -
2008., , .
..................................................................................................Error! Bookmark not defined.
1.39 -
2009., , .
..................................................................................................Error! Bookmark not defined.
1.40 -
- 2008., , .
..................................................................................................Error! Bookmark not defined.
1.41 -
- 2009., , .
..................................................................................................Error! Bookmark not defined.
1.42 -
2008., , .
..................................................................................................Error! Bookmark not defined.
1.43 -
2009., , .
..................................................................................................Error! Bookmark not defined.
1.44 -
2008., , .
..................................................................................................Error! Bookmark not defined.
1.45 -
2009., , .
..................................................................................................Error! Bookmark not defined.

Research profiles of markets

42

1.46 -
2008., , .
..................................................................................................Error! Bookmark not defined.
1.47 -
2009., , .
..................................................................................................Error! Bookmark not defined.
1.48 -
- 2008., , .
..................................................................................................Error! Bookmark not defined.
1.49 -
- 2009., , .
..................................................................................................Error! Bookmark not defined.
1.50 -
2008., , .
..................................................................................................Error! Bookmark not defined.
1.51 -
2009., , .
..................................................................................................Error! Bookmark not defined.
1.52 - ,
2009-2012 (-) ., , , .
......................................................................................................................Error! Bookmark not defined.
1.53 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.54 - ,
2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.55 - ,
2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.56 - ,
- 2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.57 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.58 - ,
- 2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.59 - ,
2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.

Research profiles of markets

43

1.60 - ,
- 2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.61 - ,
2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.
1.62 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.63 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.64 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.65 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.66 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.67 - ,
- 2009-2012 (-) ., ,
, . ...............................................Error! Bookmark not defined.
1.68 - ,
2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.
1.69 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.70 - ,
. 2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.
1.71 - ,
2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.
1.72 - ,
. - 2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.73 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.

Research profiles of markets

44

1.74 - ,
2009-2012 (-) ., ,
, . ......................................................................Error! Bookmark not defined.
1.75 - ,
2009-2012 (-) ., , ,
. ...........................................................................................Error! Bookmark not defined.
2.1 - - 2006-2009.,
, , . ..........Error! Bookmark not defined.
2.2 - 2010-2012 (I ) .,
, , . ................................Error! Bookmark not defined.
2.3 - -
2006-2009., , , . ........ Error!
Bookmark not defined.
2.4 - 2010-2012 (I )
., , , . ....Error! Bookmark not defined.
2.5 - -
2006-2009., , ,
. .......................................................................................................................................... 14
2.6 - 2010-2012
(I ) ., , , . ......................... 14
2.7 - -
2006-2009., , ,
. ...........................................................................................Error! Bookmark not defined.
2.8 - 2010-2012
(I ) ., , , . .................. Error!
Bookmark not defined.
2.9 - -
2006-2009., , ,
. ...........................................................................................Error! Bookmark not defined.
2.10 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.11 - - -
2006-2009., , ,
. ...........................................................................................Error! Bookmark not defined.
2.12 - - 20102012 (I ) ., , , . ......... Error!
Bookmark not defined.
2.13 - -
2006-2009., , ,
. ...........................................................................................Error! Bookmark not defined.
2.14 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.

Research profiles of markets

45

2.15 - -
( 2009 - - ) 20062009., , , .Error! Bookmark not
defined.
2.16 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.17 - -
2010-2012 (I ) ., , , . Error!
Bookmark not defined.
2.18 - -
2006-2009., , ,
. ...........................................................................................Error! Bookmark not defined.
2.19 - 20102012 (I ) ., , , . ......... Error!
Bookmark not defined.
2.20 - -
2006-2009., , , .Error! Bookmark not
defined.
2.21 - 2010-2012 (-) .,
, , . .............Error! Bookmark not defined.
2.22 - - .
2006-2009., , , .Error! Bookmark
not defined.
2.23 - . 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.24 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.25 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.26 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.27 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.28 - -
2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.29 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.

Research profiles of markets

46

2.30 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.31 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.32 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.33 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.34 - - . 2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.35 - . - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.36 - -
2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.37 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.38 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.39 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.40 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.41 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.42 - -
2006-2009., , , ........ Error!
Bookmark not defined.
2.43 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.44 - -
2006-2009., , , . ............... Error!
Bookmark not defined.

Research profiles of markets

47

2.45 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.46 - -
2006-2009., , , .Error! Bookmark
not defined.
2.47 - 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.48 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.49 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.50 - -
2006-2009., , , . ............... Error!
Bookmark not defined.
2.51 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.52 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.53 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.54 - -
2006-2009., , , . ............... Error!
Bookmark not defined.
2.55 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.56 - -
2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.57 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.58 - -
2006-2009., , , .Error! Bookmark
not defined.
2.59 - 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.60 - -
2006-2009., , , . ............... Error!
Bookmark not defined.

Research profiles of markets

48

2.61 - 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.62 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.63 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.64 - - . 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.65 - -
2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.66 - 2010-2012 (I
) ., , , .Error! Bookmark
not defined.
2.67 - -
2006-2009., , , . ............... Error!
Bookmark not defined.
2.68 - 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.69 - -
2006-2009., , , . ............... Error!
Bookmark not defined.
2.70 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
2.71 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.72 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.73 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.74 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.75 - -
2006-2009., , , .
......................................................................................................................Error! Bookmark not defined.
2.76 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.

Research profiles of markets

49

2.77 - -
2006-2009., , , . ............... Error!
Bookmark not defined.
2.78 - 2010-2012 (I ) .,
, , . ......Error! Bookmark not defined.
2.79 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.80 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.81 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.82 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.83 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.84 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.85 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.86 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.86 - -
2006-2009., , , .. Error!
Bookmark not defined.
2.87 - 2010-2012 (I )
., , , .Error!
Bookmark
not
defined.
2.86 - -
2006-2009., , , ........ Error!
Bookmark not defined.
2.87 - 2010-2012 (I ) .,
, , . ...Error! Bookmark not defined.
3.1 - 2008-2012
(-) ., , ./...................................Error! Bookmark not defined.
3.2 - 2008-2012
(-) ., , ./...................................Error! Bookmark not defined.

Research profiles of markets

50

3.3 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.4 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.5 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.6 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.7 - -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.8 - -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.9 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.10 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.11 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.12 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.13 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.14 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.15 - -
2009-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.16 - -
2009-2012 (-) ., , ./ .......... Error!
Bookmark not defined.

Research profiles of markets

51

3.17 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.18 -
2008-2012 (-) ., , ./ .......... Error!
Bookmark not defined.
3.19 - . 20082012 (-) ., , ./......................................................................... 15
3.20 - . 20082012 (-) ., , ./......................................................................... 15
3.21 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.22 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.23 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.24 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.25 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.26 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.27 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.28 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.29 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.30 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.31 - . -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.32 - . -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.33 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.34 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.35 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.36 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.

Research profiles of markets

52

3.37 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.38 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.39 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.40 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.41 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.42 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.43 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.44 - 20082012 (-) ., , ./..........................Error! Bookmark not defined.
3.45 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.46 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.47 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.48 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.49 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.50 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.51 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.52 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.53 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.54 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.55 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.56 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.

Research profiles of markets

53

3.57 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.58 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.59 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.60 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.61 - -
- 2008-2012 (-) ., , ./ ..... Error!
Bookmark not defined.
3.62 - -
- 2008-2012 (-) ., , ./ ..... Error!
Bookmark not defined.
3.63 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.64 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.65 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.66 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.67 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.68 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.69 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.70 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.71 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.72 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.73 -
2008-2012 (-) ., , ./Error! Bookmark not
defined.
3.74 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.75 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.

Research profiles of markets

54

3.76 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.77 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.78 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.79 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.80 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.81 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.82 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.83 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.84 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.85 -
2008-2012 (-) ., , ./Error!
Bookmark
not
defined.
3.86 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.87 -
2008-2012 (-) ., , ./ ............Error! Bookmark not defined.
3.88 -
2008-2012 (-) ., , ./ ................Error! Bookmark not defined.
3.89 - 2008-2012 (-) .,
, ./ ...........................................................Error! Bookmark not defined.
3.90 -
2008-2012 (-) ., , ./ ....Error! Bookmark not defined.
3.91 -
2008-2012 (-) ., , ./ ....Error! Bookmark not defined.
3.92 - -
2008-2012 (-) ., , ./ ....Error! Bookmark not defined.
3.93 - 20082012 (-) ., , ./ .............Error! Bookmark not defined.
3.94 - 20082012 (-) ., , ./ .............Error! Bookmark not defined.
3.95 - 2008-2012
(-) ., , ./ ......................Error! Bookmark not defined.
3.96 - -
2010-2012 (-) ., , ./ ....Error! Bookmark not defined.

Research profiles of markets

55

3.97 -
2008-2012 (-) ., , ./ ....Error! Bookmark not defined.
4.1 - 2005-2011,
, / ..................................................................................Error! Bookmark not defined.
4.2 - 2005-2011,
, / ...............................................................................Error! Bookmark not defined.
4.3 2002-2011, ,
, . ..............................................Error! Bookmark not defined.
4.3 - -
2007-2011.,
, , / ...............................Error! Bookmark not defined.
4.4 - -
2007-2011.,
, , / ..................................................Error! Bookmark not defined.
6.1 - 2008-2011., ,
, ....................................................................................................................................... 17
6.2 - 2008-2011., ,
, .$ ...................................................................................................................................... 17
6.3 2008 ,
, ................................................................................................................ 22
6.4 2008 ,
, .$ ............................................................................................................... 22
6.5 2009 ,
, .................................................................Error! Bookmark not defined.
6.6 2009 ,
, .$ ................................................................Error! Bookmark not defined.
6.7 2010 ,
, .................................................................Error! Bookmark not defined.
6.8 2010 ,
, .$ ................................................................Error! Bookmark not defined.
6.9 2011 ,
, .................................................................Error! Bookmark not defined.
6.10 2011 ,
, .$ .............................................................Error! Bookmark not defined.
6.11 - - 2008 ,
, ................................................................................................................ 23
6.12 - - 2008 ,
, .$ ............................................................................................................... 23
6.13 - - 2009 ,
, .................................................................Error! Bookmark not defined.
6.14 - - 2009 ,
, .$ ................................................................Error! Bookmark not defined.
6.15 - - 2010 ,
, .................................................................Error! Bookmark not defined.

Research profiles of markets

56

6.16 - - 2010 ,
, .$ ................................................................Error! Bookmark not defined.
6.17 - - 2011 ,
, .................................................................Error! Bookmark not defined.
6.18 - - 2011 ,
, .$ ................................................................Error! Bookmark not defined.
6.19 , 2008 , , , .; $/ .................................................................................. 24
6.20 , 2008 , , , .$; $/ ................................................................................... 25
6.21 -40 - 2008 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.22 , 2009 , , , .; $/ ...................................Error! Bookmark not defined.
6.23 , 2009 , , , .$; $/ ....................................Error! Bookmark not defined.
6.24 -40 - 2009 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.25 , 2010 , , , .; $/ ...................................Error! Bookmark not defined.
6.26 , 2010 , , , .$; $/ ....................................Error! Bookmark not defined.
6.27 -40 - 2010 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.28 , 2011 , , , .; $/ ...................................Error! Bookmark not defined.
6.29 , 2011 , , , .$; $/ ....................................Error! Bookmark not defined.
6.30 -40 - 2011 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.31 - 2008-2011., ,
, ........................................................................................Error! Bookmark not defined.
6.32 - 2008-2011., ,
, .$ .......................................................................................Error! Bookmark not defined.
6.33 2008
, , .......................................................Error! Bookmark not defined.
6.34 2008
, , .$ .....................................................Error! Bookmark not defined.
6.35 2009
, , .......................................................Error! Bookmark not defined.
6.36 2009
, , .$ .....................................................Error! Bookmark not defined.
6.37 2010
, , .......................................................Error! Bookmark not defined.

Research profiles of markets

57

6.38 2010
, , .$ .....................................................Error! Bookmark not defined.
6.39 2011
, , .......................................................Error! Bookmark not defined.
6.40 2011
, , .$ .....................................................Error! Bookmark not defined.
6.41 - - 2008 ,
, .................................................................Error! Bookmark not defined.
6.42 - - 2008 ,
, .$ ................................................................Error! Bookmark not defined.
6.43 - - 2009 ,
, .................................................................Error! Bookmark not defined.
6.44 - - 2009 ,
, .$ ................................................................Error! Bookmark not defined.
6.45 - - 2010 ,
, .................................................................Error! Bookmark not defined.
6.46 - - 2010 ,
, .$ ................................................................Error! Bookmark not defined.
6.47 - - 2011 ,
, .................................................................Error! Bookmark not defined.
6.48 - - 2011 ,
, .$ ................................................................Error! Bookmark not defined.
6.49 , 2008 , , , .; $/ ...................................Error! Bookmark not defined.
6.50 , 2008 , , , .$; $/ ....................................Error! Bookmark not defined.
6.51 -40 - 2008 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.52 , 2009 , , , .; $/ ...................................Error! Bookmark not defined.
6.53 , 2009 , , , .$; $/ ....................................Error! Bookmark not defined.
6.54 -40 - 2009 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.55 , 2010 , , , .; $/ ...................................Error! Bookmark not defined.
6.56 , 2010 , , , .$; $/ ....................................Error! Bookmark not defined.
6.57 -40 - 2010 ,
$/ ...............................................................................................................Error! Bookmark not defined.
6.58 , 2011 , , , .; $/ ...................................Error! Bookmark not defined.
6.59 , 2011 , , , .$; $/ ....................................Error! Bookmark not defined.

Research profiles of markets

58

6.60 -40 - 2011 ,


$/ ...............................................................................................................Error! Bookmark not defined.
7.1 "- "" ............................... 27
7.2 - "-
"" ....................................................................................................................................................... 27
7.3 - "- "",
( 1), .................................................................................................................... 27
7.4 - "- "",
( 2), ................................................................................................................. 28
7.5 - "- "",
( 4), ................................................................................................ 29
7.6 - "- "" .......................... 29
7.7 " ""Error! Bookmark not
defined.
7.8 - "
"" ..................................................................................................Error! Bookmark not defined.
7.9 - " "",
( 1), .....................................................................Error! Bookmark not defined.
7.10 - " "",
( 2), ..................................................................Error! Bookmark not defined.
7.11 - " "",
( 4), .................................................Error! Bookmark not defined.
7.12 - " ""Error! Bookmark
not defined.
7.13 "" ...........Error! Bookmark not defined.
7.14 - ""......... Error!
Bookmark not defined.
7.15 - "", (
1), ...............................................................................................Error! Bookmark not defined.
7.16 - "",
( 2), .................................................................................Error! Bookmark not defined.
7.17 - "",
( 4), ...................................................................Error! Bookmark not defined.
7.18 - "" ......Error! Bookmark not defined.
7.19 "" ..........Error! Bookmark not defined.
7.20 - "" ........ Error!
Bookmark not defined.
7.21 - "", (
1), ...............................................................................................Error! Bookmark not defined.
7.22 - "",
( 2), .................................................................................Error! Bookmark not defined.
7.23 - "",
( 4), ...................................................................Error! Bookmark not defined.
7.24 - ""......Error! Bookmark not defined.

Research profiles of markets

59

7.25 "" ..................Error! Bookmark not defined.


7.26 - "" ................ Error!
Bookmark not defined.
7.27 - "", ( 1),
........................................................................................................Error! Bookmark not defined.
7.28 - "", (
2), ...............................................................................................Error! Bookmark not defined.
7.29 - "",
( 4), .................................................................................Error! Bookmark not defined.
7.30 - "" .............Error! Bookmark not defined.
7.31 " " ..Error! Bookmark not defined.
7.32 - " " Error!
Bookmark not defined.
7.33 - " ", (
1), ...............................................................................................Error! Bookmark not defined.
7.34 - " ",
( 2), .................................................................................Error! Bookmark not defined.
7.35 - " ",
( 4), ...................................................................Error! Bookmark not defined.
7.36 - " "Error!
Bookmark
not
defined.
7.37 " - " ............. Error!
Bookmark not defined.
7.38 - " - ",
( 1), ...........................................Error! Bookmark not defined.
7.39 - " - ",
( 2), .............................................Error! Bookmark not defined.
7.40 - " - ",
( 3), ............................................Error! Bookmark not defined.
7.41 - " - " ........ Error!
Bookmark not defined.
7.42 " - " ............ Error!
Bookmark not defined.
7.43 - " " .........................................................................................Error! Bookmark not defined.
7.44 - " - ",
( 1), ...........................................Error! Bookmark not defined.
7.45 - " - ",
( 2), .............................................Error! Bookmark not defined.
7.46 - " - ",
( 4), ...............................Error! Bookmark not defined.
7.47 - " - " ....... Error!
Bookmark not defined.

Research profiles of markets

60

7.48 " "Error! Bookmark not


defined.
7.49 - " "
......................................................................................................................Error! Bookmark not defined.
7.50 - " ",
( 1), .................................................................................Error! Bookmark not defined.
7.51 - " ",
( 2), ..................................................................Error! Bookmark not defined.
7.52 - " ",
( 4), .................................................Error! Bookmark not defined.
7.53 - " "Error! Bookmark not
defined.
7.54 "" .................Error! Bookmark not defined.
7.55 - "" ............... Error!
Bookmark not defined.
7.56 - "", ( 1),
........................................................................................................Error! Bookmark not defined.
7.57 - "", (
2), ...............................................................................................Error! Bookmark not defined.
7.58 - "",
( 4), .................................................................................Error! Bookmark not defined.
7.59 - "" ............Error! Bookmark not defined.
7.60 " "Error! Bookmark not
defined.
7.61 - " "
......................................................................................................................Error! Bookmark not defined.
7.62 - " ",
( 1), .................................................................................Error! Bookmark not defined.
7.63 - " ",
( 2), ..................................................................Error! Bookmark not defined.
7.64 - " ",
( 4), .................................................Error! Bookmark not defined.
7.65 - " "Error! Bookmark not
defined.
7.66 " "" ........Error! Bookmark not defined.
7.67 - " "" ...... Error!
Bookmark not defined.
7.68 - " "", (
1), ...............................................................................................Error! Bookmark not defined.
7.69 - " "",
( 2), .................................................................................Error! Bookmark not defined.
7.70 - " "",
( 4), ...................................................................Error! Bookmark not defined.
7.71 - " "" ...Error! Bookmark not defined.

Research profiles of markets

61

7.72 " "" ............. Error!


Bookmark not defined.
7.73 - "
"" ...............................................................................................Error! Bookmark not defined.
7.74 - " "",
( 1), ...........................................Error! Bookmark not defined.
7.75 - " "",
( 2), .............................................Error! Bookmark not defined.
7.76 - " "",
( 4), ...............................Error! Bookmark not defined.
7.77 - " "" ........ Error!
Bookmark not defined.
7.78 "" ..............Error! Bookmark not defined.
7.79 - "" ............ Error!
Bookmark not defined.
7.80 - "", ( 1),
........................................................................................................Error! Bookmark not defined.
7.81 - "", (
2), ...............................................................................................Error! Bookmark not defined.
7.82 - "" .........Error! Bookmark not defined.
7.83 "" ..................Error! Bookmark not defined.
7.84 - "" ................ Error!
Bookmark not defined.
7.85 - "", ( 1),
........................................................................................................Error! Bookmark not defined.
7.86 - "", (
2), ...............................................................................................Error! Bookmark not defined.
7.87 - "",
( 4), .................................................................................Error! Bookmark not defined.
7.88 - "" .............Error! Bookmark not defined.
7.89 " - ""
......................................................................................................................Error! Bookmark not defined.
7.90 - " -
"" ..................................................................................Error! Bookmark not defined.
7.91 - " - "",
( 1), ...........................................Error! Bookmark not defined.
7.92 - " - "",
( 2), ................................Error! Bookmark not defined.
7.93 - " - "",
( 4), ..................Error! Bookmark not defined.
7.94 - " - ""
......................................................................................................................Error! Bookmark not defined.
7.95 " "" ................ Error!
Bookmark not defined.

Research profiles of markets

62

7.96 - " "",


( 1), .....................................................................Error! Bookmark not defined.
7.97 - " "",
( 2), .............................................Error! Bookmark not defined.
7.98 - " "",
( 4), ...............................Error! Bookmark not defined.
7.99 - " "" ........... Error!
Bookmark not defined.
7.100 " " ..Error! Bookmark not defined.
7.101 - " " Error!
Bookmark not defined.
7.102 - " ", (
1), ...............................................................................................Error! Bookmark not defined.
7.103 - " ",
( 2), .................................................................................Error! Bookmark not defined.
7.104 - " ",
( 4), ...................................................................Error! Bookmark not defined.
7.105 - " "Error!
Bookmark
not
defined.
7.106 " - "" ..... Error!
Bookmark not defined.
7.107 - " -
"" ............................................................................................Error! Bookmark not defined.
7.108 - " - "",
( 1), ...........................................Error! Bookmark not defined.
7.109 - " - "",
( 2), .............................................Error! Bookmark not defined.
7.110 - " - "",
( 4), ...............................Error! Bookmark not defined.
7.111 - " - "" Error!
Bookmark not defined.
7.112 "- "" ....... Error!
Bookmark not defined.
7.113 - "-
"" ............................................................................................Error! Bookmark not defined.
7.114 - "- "",
( 1), ...........................................Error! Bookmark not defined.
7.115 - "- "",
( 2), .............................................Error! Bookmark not defined.
7.116 - "- "",
( 4), ...............................Error! Bookmark not defined.
7.117 - "- "" .. Error!
Bookmark not defined.

Research profiles of markets

Research profiles of markets

63