Ñ.À. Øåâåëåâà
English
on
Economics
Âòîðîå èçäàíèå,
ïåðåðàáîòàííîå è äîïîëíåííîå
Ìîñêâà 2012
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
ÓÄÊ [802.0:33](075.8)
ÁÁÊ 81.2Àíãë-923
Ø37
Ð å ö å í ç å í ò û:
êàíä. ýêîí. íàóê Â.À. Îâñÿííèêîâà
(Ôèíàíñîâàÿ àêàäåìèÿ ïðè Ïðàâèòåëüñòâå ÐÔ);
êàíä. ôèëîë. íàóê Ð.Â. Îëüøåâñêàÿ
(Ìîñêîâñêèé ãîñóäàðñòâåííûé ëèíãâèñòè÷åñêèé óíèâåðñèòåò);
ïðîôåññîð Â.Â. Øïðûíîâ
(Ìîñêîâñêàÿ ìåæäóíàðîäíàÿ øêîëà ïåðåâîä÷èêîâ, ÞÍÅÑÊÎ)
Øåâåëåâà Ñ.À.
Ø37 English on Economics: Ó÷åá. ïîñîáèå äëÿ âóçîâ. — 2-å èçä.,
ïåðåðàá. è äîï. — Ì.: ÞÍÈÒÈ-ÄÀÍÀ, 2012. — 415 ñ.
ISBN 978-5-238-00520-1
ÁÁÊ 81.2Àíãë-923
&RQWHQWV³ÐÆÇÒÈÂÏÊÇ
/HVVRQ<RXDUHDVWXGHQWRIHFRQRPLFV
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV $GDP6PLWK
(FRQRPLFV
(FRQRPLFVUHDGLQJURRP
$QQRWDWLRQV (FRQRPLFVRI1HWZRUNV,QGXVWULHV
(QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
*UDPPDU5HYLVLRQ 7KH3UHVHQW,QGHILQLWH7HQVH
7KH3DVW,QGHILQLWH7HQVH
7KH$FWLYHDQGWKH3DVVLYH9RLFH
:RUGIRUPDWLRQ 6XIIL[HVRIQRXQV
/HVVRQ(FRQRPLFVDQGHFRQRP\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
*'3DQG*13
$QQRWDWLRQ 7RSLFVLQPLFURHFRQRPLFV
1HZVSDSHULWHPV 8.*'3
$VLDQFRQVXPHUVXSEHDWRQHFRQRPLFSURVSHFWV
*UDPPDU5HYLVLRQ 7KH)XWXUH,QGHILQLWH7HQVH
:RUGIRUPDWLRQ 3UHIL[HVRIQRXQV
/HVVRQ6DOHVDQGSURGXFWV
1HZVSDSHULWHPV 7KH7LPHVSXOOVHYHQIXUWKHUDKHDG
*UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLGXDOSLUDF\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 5HWDLOHUVDQGZKROHVDOHUV
3URGXFWOLIHF\FOH
*UDPPDU5HYLVLRQ 7KH3UHVHQW3HUIHFW7HQVH
7KH3UHVHQW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ &RQYHUVLRQ
LLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ3HRSOHDQGHFRQRP\
'LDORJXH $VWRFNEURNHU
$QQRWDWLRQ (FRQRPLFVDQG&XOWXUH
7H[WV 7KHHFRQRP\
(FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH
(FRQRPLFPDQ
1HZVSDSHULWHP (XUR]RQHHFRQRPLFJURZWKWRVORZLQVHFRQGKDOI
*UDPPDU5HYLVLRQ 7KH3DVW3HUIHFW7HQVH
0RGDO9HUEV
7KH3DVW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ 6XIIL[HVRIDGMHFWLYHV
/HVVRQ0DUNHWVDQGSURGXFWLRQ
'LDORJXH 6HOOLQJFDUV
1HZVSDSHULWHPV 7R\RWDSURILWVERRVWHGE\ZHDN\HQDQGVWURQJVDOHV
,QWKHLQGXVWU\ELRVSKHUHRQO\WKHVWURQJHVWVXUYLYH
+ 0PDUNHWFRQGLWLRQVLPSURYLQJ
7H[W 0DUNHWVFKHPD
$QQRWDWLRQ )URP6LOLFRQ9DOOH\WR6LQJDSRUH
*UDPPDU 3DUWLFLSOH,
7KH5XOHVRIWKH6HTXHQFHRI7HQVHV
$WWULEXWHV
:RUGIRUPDWLRQ 3UHIL[HVRIDGMHFWLYHV
/HVVRQ3ULFHVDQGPRQH\
/HFWXUH 3ULFHHODVWLFLW\
7H[W 3ULFHVXSSRUW
1HZVSDSHULWHPV 1.RUHDIRUFHGWROLIWIRRGSULFHVVKDUSO\
5HQHZHGIXQGEX\LQJSXVKHVJROGKLJKHU
%XVLQHVVOHWWHU 5HJUHWWLQJSULFHLQFUHDVH
$QQRWDWLRQ %LPHWDOOLVP
*UDPPDU 7KH*HUXQG
7DJTXHVWLRQV
*HQHUDOQHJDWLYHTXHVWLRQV
LIZKHQFODXVHV
7KH3UHVHQW3HUIHFW&RQWLQXRXV7HQVH
:RUGIRUPDWLRQ 6XIIL[HVDQGSUHIL[HVRIYHUEV
LY
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ7\SHVRIHFRQRPLHV
,QWHUYLHZ (FRQRPLHVDQGPDQXIDFWXULQJ
7H[WV $OORFDWLRQRISURGXFWVDQGUHVRXUFHV
3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
1HZVSDSHULWHPV 8.PD\PRYHWRVDYH%ULWLVK(QHUJ\
%XVKYRZVWR
GRZKDWLWWDNHV
IRUHFRQRP\
$QQRWDWLRQ %HWZHHQ3ROLWLFVDQG0DUNHWV
*UDPPDU 3DUWLFLSOH,,
PDQ\²PXFKIHZDIHZ²OLWWOHDOLWWOH
(TXLYDOHQWVRIPRGDOYHUEV
:RUGIRUPDWLRQ &RPSRXQGV
/HVVRQ7KHWUDQVLWLRQDOHFRQRP\
'LDORJXH $ERXWDOHFWXUHRQ+XQJDU\
7H[W 7KH5XVVLDQ)HGHUDWLRQ
$QQRWDWLRQV 7KH9DQLVKLQJ5RXEOH
%XLOGLQJFDSLWDOLVP
7KH1HZ5XVVLD
1HZVSDSHULWHPV 3ULYDWLVDWLRQLQGRXEW
5XVVLDQVPRRW0XUPDQVNRLOH[SRUWWHUPLQDO
%UXVVHOVDLGIRU<XJRVODYLD
*UDPPDU 7KH,QILQLWLYH
7KH$GYHUE
7KHGHJUHHVRIFRPSDULVRQ
/HVVRQ3URGXFWLRQ
6SHHFK 7KHTXDOLW\RIWKHJRRGVSURGXFHG
7H[W 3URGXFWLRQIXQFWLRQ
)LJXUH /RFDWLRQRISURGXFWLRQ
%XVLQHVVOHWWHU ,QGXVWULDODQGRIILFHDFFRPPRGDWLRQ
1HZVSDSHULWHP 0,0+ROGLQJVWRERRVWFRDOSURGXFWLRQ
7H[W 3URGXFWLRQSRVVLELOLW\ERXQGDU\
*UDPPDU5HYLVLRQ 2EMHFWFODXVHV
$WWULEXWLYHFODXVHV
7KHSURQRXQRQH
Y
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ&RPSDQLHV
'LDORJXH $MRELQWHUYLHZ
%XVLQHVVOHWWHU 2IIHULQJDQDJHQF\
7H[W $Q$SSOHDGD\
1HZVSDSHULWHPV ,.($IRXQGHUHQGVXQFHUWDLQW\E\VD\LQJVRQVZLOO
WDNHRYHU
&RPSDQLHV
ELJJHUWKDQPDQ\QDWLRQV
$QQRWDWLRQ 7KH(QWUHSUHQHXUVKLS'LQDPLFV
*UDPPDU 7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
&RQGLWLRQDOV
7KHZRUGRWKHU
7KHZRUGZKLFK
/HVVRQ3HRSOHDQGODERXU
&RQYHUVDWLRQ /DERXUFRQGLWLRQV
7H[WV 7KHVRXUFHVRIHFRQRPLFKHDOWK
7KRPDV0DOWXV
/DERXUPDUNHW
$QQRWDWLRQV :RUN(PSOR\PHQWDQG6RFLHW\
7KH$PHULFDQ:RUNSODFH
*UDPPDU5HYLVLRQ ,QGHILQLWH3URQRXQVDQG$GYHUEV
7KH&RPSOH[2EMHFW
/HVVRQ'HPDQGDQGVXSSO\
/HFWXUH (TXLOLEULXPVKRUWDJHDQGH[FHVV
7H[WV 7KHGLVFRYHUHUVRIWKHODZV
'HPDQGDQGVXSSO\FXUYHV
-RKQ0D\QDUG.H\QHV
1HZVSDSHULWHPV 86WROLVWH[HPSWHGSURGXFWVQH[WZHHN
0LQLKHOSVOLIW%0:HDUQLQJV
*UDPPDU5HYLVLRQ 6XEMHFWFODXVHV
&ODXVHVRIUHDVRQ
3RVVHVVLYH&DVHRIQRXQV
/HVVRQ0RQRSROLHVPDUNHWVDQGFRPSHWLWLRQ
,QWHUYLHZ 0F'RQDOGVPD\IDFHILHUFHFRPSHWLWLRQ
7H[WV 0RQRSROLHVLQWKH8.
0RQRSROLVWLFFRPSHWLWLRQ
YL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQ 0DUNHW6WUXFWXUHDQG&RPSHWLWLRQ
3ROLF\
1HZVSDSHULWHPV :RUOG&XSJLYHV$GLGDVDNLFNVWDUW
,VUDHOGLDPRQGPDUNHWFRXQWVFRVW
RIFRQIOLFW
*UDPPDU5HYLVLRQ ,QGLUHFW6SHHFK
/HVVRQ1HZVSDSHUVSURILWVDQGSURVSHULW\
7H[WV 1HZVSDSHUKHDGOLQHV
3URILW
5DGLRUHSRUW )URPWKHVSRW
1HZVSDSHULWHPV 9ROYRHDUQLQJVULVH
+DLUFRVPHWLFVKHOSLQFUHDVH+HQNHOSURILWV
3URILWPD[LPLVDWLRQ
*UDPPDU 7KH&RPSOH[6XEMHFW
0RGDOVDQG3HUIHFW,QILQLWLYHV
/HVVRQ&DSLWDOORDQVFUHGLWV
7H[W 7KHWHUPV
'LDORJXH $V\QGLFDWHGORDQ
%XVLQHVVOHWWHU 5HTXHVWIRUDORDQZLWKRXWVHFXULW\
$QQRWDWLRQ 7KH3ROLWLFDO(FRQRP\RI&DSLWDO&RQWUROV
1HZVSDSHULWHPV )RUGVXFFHHGVLQGHIXVLQJFUHGLWXQLWWLPHERPE
&KLQD¶VUHJXODWRUVDQQRXQFHUXOHVWRWDFNOHFDSLWDO
IOLJKW
8VHRI(QJOLVK 7KHSUHVVDQGPHGLD
/HVVRQ,QYHVWPHQWV
'LDORJXH 1HJRWLDWLQJDQLQYHVWPHQW
%XVLQHVVOHWWHU 3HUVRQDOLQYHVWPHQW
7H[W ,QYHVWPHQW
1HZVSDSHULWHPV 0RELXVH[WHQGVKLVLQIOXHQFHLQ0RVFRZ
,QYHVWRUVVWLOOGUDZQWR,QGLD
*OREDOLQYHVWPHQWEDQNVHHNLQJEDQNLQJOLFHQFH
8VHRI(QJOLVK 86(QJOLVK
/HVVRQ6WRFNPDUNHW
7H[WV 8.PDUNHWVLQVHFXULWLHV
6KDUHSULFHLQGLFHV
5DGLRUHSRUW 2QWKHVWRFNPDUNHWV
YLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHPV 1LNNHLGURSVEHORZDIWHU6 3
VFUHGLWZDUQLQJ
6HOORIIOHDYHV)RRWVLHLQUHG
6ZLVVSHDNVQHHGUHFRQTXHULQJ
8VHRI(QJOLVK $EEUHYLDWLRQV
/HVVRQ&RPPRGLW\PDUNHWV
5DGLRUHSRUW 2QWKHFRPPRGLW\PDUNHW
7H[W 6SRWPDUNHWDQGTXRWDWLRQV
1HZVSDSHULWHPV *ROGLPSRUWVWR-DSDQVKRZVKDUSLQFUHDVH
&RPPHQWVIURP23(&KHOSOLIWIXWXUHVSULFHV
8VHRI(QJOLVK ,GLRPVDQGIL[HGH[SUHVVLRQV²JHQHUDO
/HVVRQ)RUHLJQH[FKDQJHPDUNHWVDQGFXUUHQFLHV
7H[W 0DUNHWDQGUDWHV
5DGLRUHSRUW )URPWKHFXUUHQF\PDUNHWV
1HZVSDSHULWHP 7KHVWURQJHUHXURWRGD\
$QQRWDWLRQ 0RQHWDU\3ROLF\LQWKH(XUR$UHD
8VHRI(QJOLVK ,GLRPVFRQQHFWHGZLWKSUREOHPDWLFVLWXDWLRQV
/HVVRQ*RYHUQPHQWDQGEXGJHW
6SHHFK 7KHUROHRIJRYHUQPHQW
7H[W 8.JRYHUQPHQWEXGJHW
1HZVSDSHULWHPV 6FHSWLFLVPRYHU%XVKYLHZRQ86GHILFLW
%DWWOHVDKHDGRYHU)UHQFKEXGJHW
8VHRI(QJOLVK 3URYHUEV
.H\WRVRPHH[HUFLVHV
5XVVLDQ(QJOLVKYRFDEXODU\RIHFRQRPLFWHUPV
YLLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
¬ÙÊÔÂÔÇÍà
³ÂÀÆÀÅÌÛÅÑÒÓÄÅÍÒÛ
Ï·nitvn wvxviqn ©(QJOLVK RQ (FRQRPLFVª wénltjotj·ntv ls¹
xzylntzvk ërvtvuq·nxrq} kyovk q {jrysznzvk Æ rtqmn
wénlxzjksnt xsnlyíqn znu ©êrvtvuqrj rjr tjyrjª
©êrvtvuqrj q ërvtvuqxzª ©ètrq q wévqokvlxzkvª
©fwévx q wénlsv ntqnª ©ètvr zéyljª ©vxyljéxzknttp
iíl nzª ©bntmq q |ntª ©Çjwqzjsvksv ntq¹ q qtknxzq
|qqª ©Òqw rvuwjtqpª ©Íéqisª ©Ëjsvmqª ©Èqé q q
étrqªqlé
Æju wénlxzvqz wvéjivzjz x éjotvviéjotuq ërvtvuq·n
xrquq znrxzjuq êzv jttvzj|qq r ojéyin tu y·nitqrju
xzjzqqoërvtvuq·nxrq}ët|qrsvwnlqpqxsvkjénpxzjzqqo
jtmsqpxrq}qjunéqrjtxrq}mjonzq yétjsvklnsvknwqx
ujlqjsvmqxvvintq¹oky·jqnkéjlqvqznsnë{qén
êzqznrxzwvuvmyzkjusy·¡nojwvutqzvxtvktnërvtv
uq·nxrqn znéuqt tjy·qzx¹ ·qzjz lnsvkyí wénxxy xsy¡jz
ërvtvuq·nxrqn tvkvxzq vixy ljz tnrvzvén wév{nxxqvtjs
tnkvwévxtjjtmsqpxrvu¹orn
Ìisnm·qz qoy·ntqn ¹orj kju wvuvmyz xsvkjétn wv¹x
tntq¹ {vtnzq·nxrqn méjuujzq·nxrqn q snrxq·nxrqn
ywéj tntq¹ ² knl vrvt·qk ¡rvsy k ·zvzv y n yxwnsq
ojiz Ënrvzvén xknlntq¹ iylyz tjknétvn ls¹ kjx
tvkuqqwvsnotuq
Êxwvsoynun k rtqmn éqxytrq x}nu lqjméjuu
¡jé qtnxrvsrvv qk¹zëzvzxsv tpy·nitpwév|nxx
nsjí kju yxwn}vk k y·nin q qtznénxtvp éjivz k iy
lynu
,ZLVKDOOWKHEHVWLQ\RXUVWXGLHVDQGYHU\LQWHUHVWLQJZRUNLQIXWXUH
/HW\RXUIXWXUHEHSURVSHURXVDQGKDSS\WRR
L[
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
³ÂÀÆÀÅÌÛÅÏÐÅÏÎÄÀÂÀÒÅËÈ
Íén ln ·nu tj·jz ojtqujzx¹ wv ëzvuy y·nitvuy wvxviqí
wévknlqzntnivs¡yíinxnlyxkj¡quqxzylntzjuqwvvltvuy
qo wnék} uvtvsvmq·nxrq} znrxzvk êzv ljxz kju kvouv
tvxzvwénlnsqzxrjrvmvyévrjsy·¡ntj·jz
Íénlwvsjmjnzx¹ ·zv tj éjivzy x rj lu znrxzvu q ywéj
tntq¹uqrtnuytnvi}vlquvvrvsvvltvmvjrjlnuq·nxrvmv·jxj
qsq ¡nxz jrjlnuq·nxrq} ·jxvk tj yévr qsq vrvsv jrjln
uq·nxrq}·jxvktjkxny·nitvnwvxviqn
èjivzj tjl rj lu zqwvu znrxzvk xzévqzx¹ wvéjotvuy
Çvtn·tj¹ |ns éjivz tjl lqjsvmvu ² yuntqn xvxzjks¹z
jtjsvmq·tp lqjsvm wéq éjivzn tjl ërvtvuq·nxrqu znr
xzvu rvtn·tj¹ |ns ² kéjivzjz yuntqn ·qzjz wnénkv
lqz q réjzrv qosjmjz xytvxz wév·qzjttvmv yxztv q
wqxunttv èjivzj tjl mjonztuq xzjz¹uq lvs tj wvxsy
qzéjokqzqítjkrjyuntq¹·qzjzkiqéjzmsjktvnlj
kjz jlnrkjztp wnénkvl vzlnst} tjqivsnn otj·qu}
wénlsv ntqp·qzjzqwvtqujzojmvsvkrqxzjznp
Íéqéjivzntjlméjuujzqrvpxsnlynzvméjtq·qzx¹{ytr
|qvtjstu wéqt|qwvu vzivéj ujznéqjsj wénlsv nttvmv
jkzvévu²knlvi~¹zkxntnkvouv tv
Ìiéjzqznktqujtqntj{vtnzq·nxrqnywéj tntq¹rlqj
svmjuquvtvsvmq·nxrquvzékrjuyxztvpén·qêzqywéj
tntq¹ ©vzéjijzkjízª tjqivsnn zéyltn okyrq qtzvtj|qí
q éqzu én·q wvstn q xvréjnttn {véu q lé zéyltv
xzq
Énrxq·nxrqnywéj tntq¹vzéjijzkjíztjqivsnnzqwq·
tnnlqtq|én·qÌiqpvi~nusnrxqrqxvxzjks¹nzvrvsv
nlqtq|vinmvqznéuqtvsvmq·nxrvmv}jéjrznéj
èn·nkn ywéj tntq¹ tjwéjksnt tj éjokqzqn tjkrvk
lqjsvmq·nxrvp q uvtvsvmq·nxrvp én·q x qxwvsovkjtqnu
yrjojtt}rvtxzéyr|qpqén·nk}viéjo|vkkwénlsjmjnu}
rvuuytqrjzqkt} xqzyj|q¹} izvkvp q wév{nxxqvtjstvp
rvuuytqrj|qq
djtquj¹x xv xzylntzjuq wv ëzvuy y·nitvuy wvxviqí
qxwvsoypznqléymqnwvxviq¹wvvinizvkvpznujzqrn
f¬nknsnkj
[
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
<RXDUHDVWXGHQW
RIHFRQRPLFV
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV $GDP6PLWK
(FRQRPLFV
(FRQRPLFVUHDGLQJURRP
$QQRWDWLRQV (FRQRPLFVRI1HWZRUNV,QGXVWULHV
(QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
*UDPPDU5HYLVLRQ 7KH3UHVHQW,QGHILQLWH7HQVH
7KH3DVW,QGHILQLWH7HQVH
7KH$FWLYHDQGWKH3DVVLYH9RLFH
:RUGIRUPDWLRQ 6XIIL[HVRIQRXQV
&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU *RRGPRUQLQJ\RXQJPHQ
6WXGHQWV *RRGPRUQLQJ
7HDFKHU ,
P\RXUWHDFKHURI(QJOLVK0\QDPHLV6YHWODQD$O
H[DQGURYQD$QGZKDWDUH\RXUQDPHVSOHDVH"
6WXGHQW 0\QDPHLV3HWHU1RYLNRY
6WXGHQW $QG,DP0LNH3LORY
7HDFKHU 9HU\ JRRG $UH \RX KDSS\ WKDW \RX DUH VWXGHQWV RI
HFRQRPLFVQRZ"
6WXGHQWV <HVZHDUH
6WXGHQW $VWRPH,
PYHU\KDSS\WREHDVWXGHQWRIWKLV8QLYHU
VLW\:KHQ,ILQLVKHGVFKRRO,ZDQWHGWRHQWHUWKLVSDU
WLFXODU8QLYHUVLW\DQGQRRWKHU
7HDFKHU %\WKHZD\GLG\RXVWXG\HFRQRPLFVDWVFKRRO"
6WXGHQW 1R,GLGQ
W,VWXGLHGRQO\WKHHFRQRP\RI5XVVLD
6WXGHQW %XWZHVWXGLHGWKHHFRQRP\RI*UHDW%ULWDLQWRR
7HDFKHU :DVLWDQRUGLQDU\RUVSHFLDOL]HGVFKRRO"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6WXGHQW ,WZDVDVSHFLDOL]HGVFKRRO:HVWXGLHGDIHZVXEMHFWV
LQ(QJOLVK
7HDFKHU 9HU\ JRRG 1RZ OHW
V VWDUW RXU ILUVW (QJOLVK OHVVRQ DW
WKH8QLYHUVLW\
'R\RXNQRZWKHVHZRUGV"
HFRQRPLFV 7<3(G1ZJKI3GO9 ërvtvuqrjtjyrj
(FRQRPLFV LV DQ êrvtvuqrj²kj tj¹tjy
LPSRUWDQWVFLHQFH rj
WRILQLVKVFKRRO vrvt·qz¡rvsy
WRHQWHUDXQLYHUVLW\ 7<FQ(J3ZR1(O3P39 wvxzywqzkqtxzq
zyzytqknéxqznz
WRJUDGXDWHIURPD 7Z2N'@FQA3P9 ojrvt·qzqtxzq
XQLYHUVLW\ zyzytqknéxqznz
XQGHUJUDGXDWH 7Z6J@1Z2N'@FQ1P9 xzjé¡nryéxtqr
SRVWJUDGXDWH 7<LKQOPZ2N'@FQ1P9 jxwqéjtz
HFRQRP\ 73ZGKJ1I39 ërvtvuqrjxzéjtuq
éj
VXEMHFW 7ZO6>@!1GP9 wénlunz
:KDW VXEMHFWV DUH Çjrqnwénlunzkqoy·j
\RXVWXG\LQJ" sq"
:RUNRQWKHZRUGV
5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVRXQGV
%5' %'
ZH ZKDW WKLV WKHHFRQRP\
ZKHQ ZDQW WKHVH WKHXQLYHUVLW\
ZD\ ZDQWV WKDW DWWKHXQLYHUVLW\
ZDV ZDQWHG WKRVH E\WKHZD\
ZK\ ZD\V WKHP RQWKHZD\
ZLOO ZHUH WKHLU WKHFRXQWU\
ZKHUH ZHHN WKH LQWKHFRXQWU\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVWUHVV
<HFRZQRPLFV HZFRQRPLVW <HFRZQRPLFDOO\
HZFRQRP\ <HFRZQRPLF WRHZFRQRPL]H
HZFRQRPLHV <HFRZQRPLFDO HZFRQRPL]HU
1RWHÏljéntqnvi·tvxzjkqzx¹wnénlyljétuxsvmvu
&KRRVHWKHFRUUHFWZRUG
,DPDVWXGHQWRIHFRQRP\HFRQRPLFVQRZ
$WVFKRRO,GLGQ
WVWXG\WKHHFRQRP\HFRQRPLFVRI*UHDW%ULWDLQ
,KRSHKH
OOPDNHDJRRGHFRQRPLVWHFRQRP\
7KHUHDUHPDQ\HFRQRPLFHFRQRPLFDOSUREOHPVLQWKHZRUOG
7KLVFDULVYHU\HFRQRPLFHFRQRPLFDO
,WU\WRVSHQGPRQH\DQGWLPHHFRQRPLFDOHFRQRPLFDOO\
7KLVFDUHFRQRPL]HHFRQRPL]HVIXHO
*UDPPDU5HYLVLRQ7KHYHUEWREH
3UHVHQW,QGHILQLWH 3DVW,QGHILQLWH
Ïzknélqznstj¹{véuj
,DP« :HDUH« ,ZDV« :HZHUH«
6KHLV« <RXDUH« +HZDV« <RXZHUH«
+HLV« 7KH\DUH« 6KHZDV« 7KH\ZHUH«
,WLV« ,WZDV«
Ævwévxqznstj¹{véuj
$P,«" $UHZH«" :DV,«" :HUHZH«"
,VKH«" $UH\RX«" :DVKH«" :HUH\RX«"
,VVKH«" $UHWKH\«" :DVVKH«" :HUHWKH\«"
,VLW«" :DVLW«"
Ìzéq|jznstj¹{véuj
,DPQRW« :HDUHQRW« ,ZDVQRW« :HZHUHQRW«
+HLVQRW« <RXDUHQRW« +HZDVQRW« <RXZHUHQRW«
6KHLVQRW« 7KH\DUHQRW« 6KHZDVQRW« 7KH\ZHUHQRW«
,WLVQRW« ,WZDVQRW«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&KRRVHWKHFRUUHFWIRUP
,DPLVDVWXGHQWQRZ
:HLVDUHDOOVWXGHQWVQRZ
+HDPLVDVWXGHQWRIPDWKHPDWLFV
,V$UHVKHDPDWKHPDWLFLDQ"
6KHZDVZHUHDVWXGHQWRIWKLVFROOHJH
+HLVDPQRW(QJOLVK
7KH\ZDVZHUHLQ/RQGRQDWWKDWWLPH
:DVZHUHKHLQ/RQGRQWRRDWWKDWWLPH"
*UDPPDU5HYLVLRQ7KH3UHVHQWDQG3DVW,QGHILQLWH
7HQVHVRIRWKHUYHUEV
3UHVHQW,QGHILQLWH 3DVW,QGHILQLWH
Ïzknélqznstj¹{véuj
,VWXG\« :HVWXG\« ,VWXGLHG« :HVWXGLHG«
<RXVWXG\« <RXVWXGLHG«
+HVWXGLHV« 7KH\VWXG\« 6KHVWXGLHG« 7KH\VWXGLHG«
6KHVWXGLHV« +HVWXGLHG«
Ævwévxqznstj¹{véuj
'R,VWXG\«" 'RZHVWXG\«" 'LG,VWXG\«" 'LGZHVWXG\«"
'R\RXVWXG\«" 'LG\RXVWXG\«"
'RHVKHVWXG\«" 'RWKH\VWXG\«" 'LGKHVWXG\«" 'LGWKH\VWXG\«"
'RHVVKHVWXG\«" 'LGVKHVWXG\«"
Ìzéq|jznstj¹{véuj
,GRQRWVWXG\« :HGRQRWVWXG\« ,GLGQRWVWXG\« :HGLGQRWVWXG\«
<RXGRQRWVWXG\« <RXGLGQRWVWXG\«
+HGRHVQRWVWXG\« 7KH\GRQRWVWXG\« +HGLGQRWVWXG\« 7KH\GLGQRWVWXG\«
6KHGRHVQRWVWXG\« 6KHGLGQRWVWXG\«
&KRRVHWKHFRUUHFWIRUP
+HOLNHOLNHV(QJOLVK
7KH\DOOOLNHOLNHV(QJOLVK
6KHGRQRWGRHVQRWVSHDN(QJOLVK
'LG\RXVWXG\VWXGLHG*HUPDQDWVFKRRO"
6KHGLGQRWVWXG\VWXGLHG)UHQFKDWWKHXQLYHUVLW\
,GLGQRWOLNHOLNHGPDWKHPDWLFV
$WVFKRRO,GLGQRWVWXG\VWXGLHGWKHHFRQRP\RI*UHDW%ULWDLQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
$QVZHUWKHVHTXHVWLRQV
:KDWLVWKHQDPHRIWKHWHDFKHU"
:KDWDUHWKHQDPHVRIWKHVWXGHQWV"
+RZPDQ\VWXGHQWVGR\RXWKLQNWKHUHDUHLQWKHJURXS"
$UHWKH\DOOKDSS\WREHVWXGHQWVRIHFRQRPLFV"
:KDWVFKRROVGLGWKH\ILQLVK"
'LGWKH\VWXG\HFRQRPLFVDWVFKRRO"
:KDWHFRQRPLHVGLGWKH\VWXG\"
*LYH(QJOLVKHTXLYDOHQWVIURPWKHFRQYHUVDWLRQ
Çvmlj ¹ vrvt·qs ¡rvsy ¹ }vzns wvxzywqz qunttv k ëzvz
ytqknéxqznzqtqkrjrvpléymvp
În lywév·qukqoy·jsqërvtvuqryk¡rvsn"
êzvisjvi·tj¹qsqxwn|¡rvsj"
Îqoy·jsqtnxrvsrvwénlunzvktjéyxxrvu¹orn
¬znwnétj·tnutj¡wnékpyévrjtmsqpxrvmv¹orj
(QDFWWKHDERYHFRQYHUVDWLRQDQGDVLPLODURQH
:ULWHKDOIDSDJHDERXW\RXUVHOI
7H[W$GDP6PLWK
$GDP6PLWKZDVDJUHDWVFLHQWLVWZKRPDGHH[WUDRUGLQDU\FRQWUL
EXWLRQVLQHFRQRPLFV
+HZDVERUQLQLQ.LUNFDOG\DVPDOOILVKLQJWRZQQHDU(G
LQEXUJK 6FRWODQG +LV IDWKHU ZDV D FXVWRPV RIILFHU +H GLHG EHIRUH
KLVVRQZDVERUQ
$WWKHDJHRI$GDP6PLWKEHFDPHD3URIHVVRURI/RJLFVDWWKH
8QLYHUVLW\ RI *ODVJRZ ,W ZDV KLV ILUVW DFDGHPLF DSSRLQWPHQW 6RPH
WLPH ODWHU KH EHFDPH D WXWRU WR D ZHDOWK\ 6FRWWLVK GXNH 7KHQ KH
UHFHLYHG D JUDQW RI
D \HDU ,W ZDV D YHU\ ELJ VXP WLPHV WKH
DYHUDJHLQFRPHDWWKDWWLPH
:LWKWKHILQDQFLDOVHFXULW\RIKLVJUDQW6PLWKGHYRWHG\HDUVWR
ZULWLQJKLVZRUNZKLFKIRXQGHGHFRQRPLFVFLHQFH,WVIXOOWLWOHZDV$Q
,QTXLU\ LQWR WKH 1DWXUH DQG &DXVHV RI WKH :HDOWK RI 1DWLRQV ,W ZDV
SXEOLVKHGZLWKJUHDWVXFFHVVLQ
$GDP6PLWKPDGHHFRQRPLFVDVFLHQFH7KLV6FRWWLVKHFRQRPLVWLVRIWHQ
UHJDUGHGDVWKHIRXQGHURISROLWLFDOHFRQRP\WRR
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WRPDNHDFRQWULEXWLRQ ktvxqzkrsjlkv·zv
WRLQVPWK sqiv
FXVWRPV 7ZG6OP1IV9 zjuv t¹
WRXQGHUJRFXVWRPV wévpzq zjuv nttp
IRUPDOLWLHV lvxuvzé
FXVWRPVRIILFHU zjuv nttqr
DSSRLQWPHQW 71ZLK3JPI1JP9 tjotj·ntqn
lnsvkj¹kxzén·j
WRPDNHDQDSSRLQWPHQW lvmvkvéqzx¹vkxzén·n
WXWRU 7ZPFQ(P19 wénwvljkjzns ² éy
rvkvlqznséjivzxv
xzylntzjuq k ytqkné
xqznzn qtxzqzyzn rvs
snl n
ZHDOWK 7SAH9 ivmjzxzkv
ZHDOWK\ 7ZSAH39 ivmjzp
V\QULFK xqtivmjzp
DQWSRRU jtzinltp
DYHUDJH 7Z'R1N3 9 xénltqp xénltn
jéq{unzq·nxrqp
LQFRPH 7Z34G6I9 lv}vl
VHFXULW\ 7O1ZGFQ1N3P39 vinxwn·ntqn
inovwjxtvxz
WRGHYRWHVPWKWRVPE wvxk¹jz ·zvsqiv
rvuysqiv
ZRUNRIDUWV wévqoknlntqn qxryx
xzkj
WRIRXQG vxtvkkjz
WLWOH tjokjtqnojmvsvkvr
wéjkvxvixzknttvxzq
lvs tvxzokjtqn
HQTXLU\ LQTXLU\RILQWR 73JZGS=31N39 qxxsnlvkjtqn ·nmv
VPWK sqiv
HQTXLU\ LQTXLU\ IRU ojwévxtj·zvsqiv
VPWK
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
FDXVH wéq·qtj
QDWLRQ tjévltj|q¹
WRSXEOLVK vwyisqrvkkjz
VXFFHVV 7O1GZOAO9 yxwn}
WRUHJDUG x·qzjz
+H LV UHJDUGHG DV WKH Ìt x·qzjnzx¹ jkzv
DXWKRURIWKLVWKHRU\ évuëzvpznvéqq
*UDPPDU5HYLVLRQ7KHWKUHHIRUPVRIVRPH
LUUHJXODUYHUEV
,QILQLWLYH 3DVW,QGHILQLWH 3DUWLFLSOH,,
WRPDNH PDGH PDGH
WREHFRPH EHFDPH EHFRPH
WRFRPH FDPH FRPH
WRZULWH ZURWH ZULWWHQ
WRUHDG UHDG UHDG
WRWHDFK WDXJKW WDXJKW
8VHWKHYHUEVLQEUDFNHWVLQWKH3DVW,QGHILQLWH7HQVH
+HWRPDNHJUHDWFRQWULEXWLRQVLQHFRQRPLFV
+HWRZULWHDQH[WUDRUGLQDU\ZRUNDQGWRSXEOLVKLWLQ
+HWREHFRPHWKHIRXQGHURISROLWLFDOHFRQRP\
,WRUHDGVRPHWKLQJDERXWWKLVVFLHQWLVWDWVFKRROLQ5XVVLDQ
*UDPPDU5HYLVLRQ7KH3DVVLYH9RLFH
7KH$FWLYH9RLFH 7KH3DVVLYH9RLFH
:HUHJDUGKLPWKHIRXQGHU +HLVUHJDUGHGDVWKHIRXQGHURISROLWLFDO
RISROLWLFDOHFRQRP\ HFRQRP\
+HSXEOLVKHGKLVZRUNLQ +LVZRUNZDVSXEOLVKHGLQ
7KHWHDFKHUDVNHGWKHVWXGHQWV 7KHVWXGHQWVZHUHDVNHGDIHZTXHVWLRQV
DIHZTXHVWLRQV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR5XVVLDQ
$IHZSUREOHPVZHUHGLVFXVVHG
7ZRGLDORJXHVZHUHHQDFWHGDWWKHOHVVRQ
\HDUVZHUHGHYRWHGWRZULWLQJWKLVZRUN
7KXVHFRQRPLFVFLHQFHZDVIRXQGHG
$ORWRITXHVWLRQVDUHDVNHGDQGDQVZHUHGDWWKHOHVVRQV
8VHWKHFRUUHFWDUWLFOHDDQWKH
$GDP6PLWKZDV«JUHDWVFLHQWLVW
+HZDVERUQLQVPDOOILVKLQJWRZQLQ6FRWODQG
6FRWODQGLVSDUWRI*UHDW%ULWDLQ
$GDP6PLWK
VIDWKHUZDVFXVWRPVRIILFHU
$WDJHRI$GDP6PLWKEHFDPH3URIHVVRURI/RJLFV
6RPHWLPHODWHUKHEHFDPHWXWRUWRZHDOWK\SHUVRQ
6RPHWLPHODWHUKHUHFHLYHGJUDQWRI
D\HDU
JUDQWKHOSHGKLPWRZULWHYHU\LPSRUWDQWZRUN
ZRUNZDVSXEOLVKHGLQ
$GDP6PLWKPDGHHFRQRPLFVVFLHQFH
+HLVULJKWO\FRQVLGHUHGIRXQGHURISROLWLFDOHFRQRP\
:RUGIRUPDWLRQ6XIIL[HVRIQRXQV
5HDGDQGWUDQVODWHWKHZRUGVKDYLQJRQHDQGWKHVDPHVWHP
XQGHUOLQHWKHVXIIL[HVRIQRXQV
VFLHQFH²VFLHQWLVW WRFRQWULEXWH²FRQWULEXWRU
DFDGHP\²DFDGHPLFLDQ WRIRXQG²IRXQGHU
ILQDQFH²ILQDQFLHU WRUHDG²UHDGHU
SK\VLFV²SK\VLFLVW WRWUDQVODWH²WUDQVODWRU
1RWHVWHP²rvént
SK\VLFLDQ²kéj·znéjwnkz
7UDQVODWHWKHZRUGVDQGZULWHWKRVHIURPZKLFKWKH\DUH
IRUPHG
HFRQRPLVW LQWHUSUHWHU IRXQGHU
PDWKHPDWLFLDQ WHDFKHU SK\VLFLDQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPELQHWKHVHSDLUVRIVHQWHQFHVZLWKWKHKHOS
RIWKHFRQMXQFWLRQZKROLNHWKLV
'DYLG5LFDUGRZDVDJUHDWVFLHQWLVW+HPDGHH[WUDRUGLQDU\FRQ
WULEXWLRQV LQ HFRQRPLFV = 'DYLG 5LFDUGR ZDV D JUHDW VFLHQWLVW
ZKRPDGHH[WUDRUGLQDU\FRQWULEXWLRQVLQHFRQRPLFV
.DUO 0DU[ ZDV D *HUPDQ SKLORVRSKHU HFRQRPLVW DQG VRFLDO
WKHRULVW+HPDGHELJFRQWULEXWLRQVLQHFRQRPLFVDQGSROLWLFV
$ULVWRWOH ZDV D *UHHN SKLORVRSKHU +H PDGH JUHDW FRQWULEX
WLRQVLQHWKLFVDQGSROLWLFV
$OEHUW (LQVWHLQ ZDV D IDPRXV $PHULFDQ SK\VLFLVW ERUQ LQ
*HUPDQ\+HIRUPXODWHGWKHWKHRU\RIUHODWLYLW\
$UFKLPHGHV ZDV D JUHDW PDWKHPDWLFLDQ +H OLYHG LQ
²%&
+DYHDQRWKHUORRNDWWKHWH[WDQG«
$QVZHUWKHVHTXHVWLRQV
:KHQDQGZKHUHZDV$GDP6PLWKERUQ"
:KRZDVKLVIDWKHU"
:KDWZDV$GDP6PLWK
VILUVWDFDGHPLFDSSRLQWPHQW"
'LGKHEHFRPHDWXWRUWKHQ"
+RZELJZDVWKHJUDQWKHUHFHLYHGVRPHWLPHODWHU"
:KDWZRUNGLG$GDP6PLWKGRZLWKWKHVXSSRUWRIWKHJUDQW"
5HSHDWZKDWWKHWH[WVDLGDERXW$GDP6PLWK
6D\ZKDW\RXNQRZDERXW5XVVLDQHFRQRPLVWV
.RQGUDWMHYDQG&KD\DQRY:ULWHKDOIDSDJH
DERXWRQHRIWKHP
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W(FRQRPLFV
(FRQRPLFVLVDVRFLDOVFLHQFHVWXG\LQJHFRQRP\/LNHWKHQDWXUDO
VFLHQFHVDQGRWKHUVRFLDOVFLHQFHVHFRQRPLFVDWWHPSWVWRILQGODZVRU
SULQFLSOHV
(FRQRPLFVWULHVWRILQGODZVRUSULQFLSOHVE\EXLOGLQJPRGHOV7KH
SUHGLFWLRQV RI WKH PRGHOV IRUP WKH EDVLV RI HFRQRPLF WKHRULHV 7KHQ
WKHSUHGLFWLRQVRIWKHPRGHOVDUHFRPSDUHGZLWKWKHIDFWVRIWKHUHDO
ZRUOG
7KH ILJXUH EHORZ VKRZV WKH LQWHUUHODWLRQV EHWZHHQ PRGHOV WKHR
ULHVDQGUHDOLW\
02'(/
0DNH
DVVXPSWLRQV 02'(/
0DNH
'HGXFH DVVXPSWLRQV
LPSOLFD
WLRQV 'HGXFH
LPSOLFDWLRQV
7+(
25<
0DNH DUHLQ
SUHGLFW 3UHGLFWLRQV IDFWV
LRQV K
FRQIOLFWZLW
7HVW DUHLQ
SUHGLFWL 3UHGLFWLRQV LWKIDFWV
Z
RQV DJUHHPHQW
5($/,7<
)DFWVREVHUYDWLRQV
RIHFRQRPLF
SKHQRPHQDWR
EHH[SODLQHG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
ILJXUH 7ZB3219 éqxytvr
|q{éj
WRDWWHPSW 71ZPAILP9 wzjzx¹
OLNH rjrwéqxéjktntqq
/LNHKLVIDWKHUKHLVD Çjr q vzn| vt y·n
VFLHQWLVW tp
WRILQGIRXQGIRXQG tj}vlqz
ODZ 7HK(9 ojrvt
SUHGLFWLRQ wénlxrjojtqn wév
mtvo
EDVLV 7Z>A3O3O9 ijoj
SOEDVHV 7Z>A3O3V9 ut·
WR FRPSDUH VPWK ZLWK xéjktqkjz ·zvsqiv
VPWK x·nusqiv
LQWHUUHODWLRQ 7<3JP1N3ZHA3J9 xvvztv¡ntqn kojq
uvxk¹o
DVVXPSWLRQ 71ZO6ILJ9 wénlwvsv ntqn
WRGHGXFH 7@1Z@FQ(O9 kkvlqz ojrsí·n
tqn xsnlxzkqn {vé
uysy
LPSOLFDWLRQ 7<3ILH3ZGA3J9 xuxsotj·ntqn
REVHUYDWLRQ tjisílntqn
SKHQRPHQRQ 7B1ZJKI3J1J9 ¹ksntqn
SOSKHQRPHQD 7B1ZJKI3J19
WRH[SODLQVPWKWRVPE vi~¹xt¹z ·zvsqiv
rvuysqiv
5HYLVH*UDPPDU
&KRRVHWKHFRUUHFWIRUPRIWKHYHUEVLQEUDFNHWV
(FRQRPLFVDWWHPSWDWWHPSWVWRILQGODZVRUSULQFLSOHV
(FRQRPLVWVEXLOGEXLOGVPRGHOV
7KHSUHGLFWLRQVRIWKHPRGHOVIRUPIRUPVWKHEDVLVRIHFRQRPLF
WKHRULHV
7KH ILJXUH VKRZ VKRZV WKH LQWHUUHODWLRQ EHWZHHQ PRGHOV WKHR
ULHVDQGUHDOLW\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPELQHWZRVHQWHQFHVE\XVLQJWKHLQJIRUPVDVLQWKHH[
DPSOH
(FRQRPLFVLVDVRFLDOVFLHQFH,WVWXGLHVHFRQRP\=
(FRQRPLFVLVDVRFLDOVFLHQFHVWXG\LQJHFRQRP\
(FRQRPLFVLVDVFLHQFH,WDWWHPSWVWRILQGHFRQRPLFODZV
(FRQRPLVWVPDNHSUHGLFWLRQV7KH\IRUPWKHEDVLVRIHFRQRPLFWKHRULHV
7KHUHLVDILJXUH,WVKRZVWKHLQWHUUHODWLRQVEHWZHHQPRGHOVWKHR
ULHVDQGUHDOLW\
,WLVDWH[W,WVSHDNVDERXWHFRQRPLFV
,WLVDERRN,WVSHDNVDERXWVRPHLQWHUHVWLQJREVHUYDWLRQV
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVXI
IL[HV
WRLPSO\²LPSOLFDWLRQ
WRH[SODLQ²H[SODQDWLRQ
WRSXEOLVK²SXEOLFDWLRQ
WRVSHFLDOL]H²VSHFLDOL]DWLRQ
WRSUHGLFW²SUHGLFWLRQ WRIRXQG²IRXQGDWLRQ
WRREVHUYH²REVHUYDWLRQ WRFRQWULEXWH²FRQWULEXWLRQ
WRDVVXPH²DVVXPSWLRQ WRGHYRWH²GHYRWLRQ
:ULWH WKH YHUEV IURP ZKLFK WKHVH QRXQV DUH IRUPHG DQG
WUDQVODWHWKHP
LPSOLFDWLRQ BBBBBBBBBBBBBBBBB LQWHUUHODWLRQ BBBBBBBBBBBBBBBB
H[SODQDWLRQ BBBBBBBBBBBBBBBB GHGXFWLRQ BBBBBBBBBBBBBBBB
SXEOLFDWLRQ BBBBBBBBBBBBBBBBB FRQYHUVDWLRQBBBBBBBBBBBBBBBB
VSHFLDOL]DWLRQBBBBBBBBBBBBBBBB FRUUHFWLRQBBBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHWH[WDQG«
7UDQVODWHWKHWH[WLQWR5XVVLDQ
$QVZHUWKHVHTXHVWLRQVRQWKHILJXUH
:KDWDUHWKHWKUHHFRPSRQHQWVRIWKHILJXUH"
+RZDUHUHDOIDFWVVWXGLHG"
:KDWLVWKHUROHRISUHGLFWLRQVLQWKHRULHV"
+RZDUHWKHRULHVDQGPRGHOVLQWHUUHODWHG"
:KDWGRWKHDUURZVxzénsrqVKRZ"
:DVLWGLIILFXOWWRDQVZHUWKHTXHVWLRQV"
:KDWTXHVWLRQZDVWKHPRVWGLIILFXOWWRDQVZHU"
7H[W(FRQRPLFVUHDGLQJURRP
9LVLW WKH ZHEVLWH RI &DPEULGJH 8QLYHUVLW\ 3UHVV DW KWWSXN
FDPEULGJHRUJHFRQRPLFVIHDWXUHVUHDGLW DQG EURZVH WKH IXOO WH[W RI
UHFHQW KLJKOLJKWV IURP WKH &DPEULGJH (FRQRPLFV OLVW $PRQJ WKH
ERRNVDUHWH[WERRNVRQHFRQRPHWULFVDQGILQDQFHKLJKOLJKWVRQEXVL
QHVVKLVWRU\PDMRUFRQWULEXWLRQVWRSXEOLFHFRQRPLFVDQGWKHZRUNV
RQ WKH WKHRU\ RI WKH ILUP H[FKDQJH UDWHV LQWHUQDWLRQDO HFRQRPLFV
SROLWLFDO HFRQRP\ HFRQRPLFV DQG SKLORVRSK\ UHJLRQDO HFRQRPLFV
SXEOLFFKRLFHWD[WUDGHDQGVRFLDOVHFXULW\
&DPEULGJH 8QLYHUVLW\ 3UHVV LV WKH SULQWLQJ DQG SXEOLVKLQJ KRXVH
RIWKH8QLYHUVLW\RI&DPEULGJHDQGLVWKHROGHVWSUHVVLQWKHZRUOG
,W LV D FKDULWDEOH HQWHUSULVH UHTXLUHG E\ 8QLYHUVLW\ 6WDWXWH WR GHYRWH
LWVHOIWRSULQWLQJDQGSXEOLVKLQJLQWKHIXUWKHUDQFHRIWKHDFTXLVLWLRQ
DGYDQFHPHQW FRQVHUYDWLRQ DQG GLVVHPLQDWLRQ RI NQRZOHGJH LQ DOO
VXEMHFWVWRWKHDGYDQFHPHQWRIHGXFDWLRQOHDUQLQJDQGUHVHDUFK
'R\RXNQRZWKHVHZRUGV"
IHDWXUH 7ZB3"19 ·nézj wéqotjr ivs¡j¹
mjonztj¹xzjz¹
DFTXLVLWLRQ 7<'GS3ZV3J9 wéqviénzntqn
GLVVHPLQDWLRQ 7@3<OAI3ZJA3J9 éjxwévxzéjtntqn éjxxnq
kjtqn
VWDWXWH 7ZOP'PFQ(P9 yxzjkxzjzyz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
7UDQVFULEHDQGWUDQVODWHWKHVHZRUGV
WD[ SXEOLF KLJKOLJKW
OLVW WRSULQW UHJLRQDO
WKHRU\ WREURZVH SKLORVRSK\
7UDQVODWH WKH ZRUGV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
GHYRWLRQ VHFXULW\ NQRZOHGJH
IXUWKHUDQFH FKRLFH DGYDQFHPHQW
DFTXLVLWLRQ HFRQRPLFV HGXFDWLRQ
FRQWULEXWLRQ SROLWLFV WUDQVODWLRQ
0DWFKWKHWHUPVDQGWKHLUGHILQLWLRQV
ILQDQFHSXEOLFHFRQRPLFVHFRQRPHWULFV
SKLORVRSK\SROLWLFDOHFRQRP\VRFLDOVHFXULW\
WKHGHVFLSOLQHZLWKLQHFRQRPLFVWKDWDWWHPSWVWRPHDVXUHDQG
HVWLPDWH VWDWLVWLFDOO\ WKH UHODWLRQVKLS EHWZHHQ WZR RU PRUH
HFRQRPLFYDULDEOHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FRQWURODQGPDQDJHPHQWRIWKHPRQH\JRRGVDQGVHUYLFHVRI
DVRFLHW\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FRQGLWLRQRIDFRXQWU\DVWRPDWHULDOSURVSHULW\RILWVSRSXOD
WLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
VFLHQFHRIWKHPDQDJHPHQWRIHVSHFLDOO\SXEOLFPRQH\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WKH VHDUFK IRU NQRZOHGJH HVSHFLDOO\ WKH QDWXUH DQG PHDQLQJ
RIH[LVWHQFHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
JRYHUQPHQW SURYLVLRQV IRU KHOSLQJ SHRSOH ZKR DUH XQHP
SOR\HGLOOGLVDEOHGHWFBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&KRRVHWKHFRUUHFWSUHSRVLWLRQDQGWUDQVODWHWKHVHQWHQFHV
RQLQRI
6WXGHQWV DUH HQFRXUDJHG WR YLVLW WKH ZHEVLWH DQG WR EURZVH WKH
WH[WV«UHFHQWSXEOLFDWLRQV«HFRQRPLFVDQGUHODWHGGLVFLSOLQHV
7KHSXEOLVKHUVRIIHUWKHOLVWRIUHFHQWZRUNV«YDULRXVVXEMHFWV
'RWKH\DOVRSXEOLVKERRNV«KXPDQLWLHV"
+HRIWHQPDNHVUHSRUWV«WKHODWHVWQHZV«WKHZRUOG
<HVWHUGD\KHVSRNH«WKHODWHVWGHYHORSPHQWV«$VLD
7KLVLVWKHDUWLFOH«WKHODWHVWHYHQWV«8UXJZD\
$ORWRIDUWLFOHV«WKLVSUREOHPDUHSXEOLVKHGUHJXODUO\«RXUSUHVV
7UDQVODWHLQWR(QJOLVK
Ìtj·jxzvwnénkvlqzéjosq·tnznrxzwvërvtvuq·nxrvpznv
éqq
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
Ìtisk·néjtjsnr|qqwvërvtvunzéqrn"
êzjsnr|q¹isjwvtjsvmju"
Ìtwénwvljnzun lytjévltyíqénmqvtjstyíërvtvuqry
êzq ujznéqjs wvxk¹nt én{véuju k xv|qjstvu vinxwn
·ntqq
Îvxrvkxrvn qoljznsxzkv ìËÊÒÊ kwyxrjnz y·nitqrq wv
ërvtvuqrnq{qtjtxjuls¹xzylntzvk
$QQRWDWLRQRIWKHERRN(FRQRPLFV
RI1HWZRUN,QGXVWULHV
2]6K\
8QLYHUVLW\RI+DLID,VUDHO
7KLV ERRN LQWURGXFHV XSSHUOHYHO XQGHU
JUDGXDWHV JUDGXDWH VWXGHQWV DQG UHVHDUFKHUV
WR WKH ODWHVW GHYHORSPHQWV LQ QHWZRUN HFR
QRPLFV RQH RI WKH IDVWHVWJURZLQJ ILHOGV LQ
DOOLQGXVWULDORUJDQL]DWLRQ1HWZRUNLQGXVWULHV
LQFOXGHWKH,QWHUQHWHPDLOWHOHSKRQ\FRP
SXWHUKDUGZDUHDQGVRIWZDUHPXVLFDQGYLGHR
SOD\HUV DQG VHUYLFH RSHUDWLRQV LQ WKH EDQN
LQJOHJDODQGDLUOLQHLQGXVWULHVDPRQJPDQ\
RWKHUV 9LUWXDOO\ QR FDOFXOXV LV XVHG LQ WKH
WH[W DQG HDFK FKDSWHU HQGV ZLWK D VHULHV RI
H[HUFLVHVDQGVHOHFWHGUHIHUHQFHV7KHWH[WPD\EHXVHGIRUERWKRQH
DQGWZRVHPLQDUFRXUVHV
N )LUVWWH[WERRNRQWKHHFRQRPLFVRIQHWZRUNLQGXVWULHV
N 7KHZULWLQJLVFOHDUWKHVFRSHLVZLGHDQGWKHH[DPSOHVZLOO
HQJDJHVWXGHQWV
&RQWHQWV ,QWURGXFWLRQ 7KH KDUGZDUH LQGXVWU\ 7KH VRIW
ZDUH LQGXVWU\ 7HFKQRORJ\ DGYDQFH DQG VWDQGDUGL]DWLRQ 7HOH
FRPPXQLFDWLRQ%URDGFDVWLQJ0DUNHWVIRULQIRUPDWLRQ%DQNV
DQG PRQH\ 7KH DLUOLQH LQGXVWU\ VRFLDO LQWHUDFWLRQ 2WKHU QHW
ZRUNV$SSHQGLFHV$1RUPDOIRUPJDPHV%([WHQVLYHIRUPJDPHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
QHWZRUN xnzx}nuj|nw
UHVHDUFKHU qxxsnlvkjzns
VFRSH ujx¡zji éjouj} kvouv
tvxzqwénlns
FDOFXOXV 7ZG'HGFQH1O9 qx·qxsntqn
UHIHUHQFH 7ZNABN1JO9 xxsrj xwéjkrj ywvuqtj
tqn
énrvuntlj|q¹
7UDQVFULEHDQGWUDQVODWHWKHVHZRUGV
LQGXVWU\ BBBBBBBBBBBBBBBBBBB DVHULHVBBBBBBBBBBBBBBBBBB
ILHOG BBBBBBBBBBBBBBBBBBBBBB FRQWHQWV BBBBBBBBBBBBBBBBBB
XQGHUJUDGXDWH BBBBBBBBBBBBBBB DSSHQGL[ BBBBBBBBBBBBBBBBB
YLUWXDOO\ BBBBBBBBBBBBBBBBBBB DSSHQGLFHV BBBBBBBBBBBBBBBB
7UDQVODWHWKHWHUPVLQWR5XVVLDQ
QHWZRUNLQGXVWULHV FRPSXWHUKDUGZDUH
QHWZRUNHFRQRPLFV FRPSXWHUVRIWZDUH
EDQNLQJLQGXVWU\ QRUPDOIRUPJDPHV
OHJDOLQGXVWU\ H[WHQVLYHIRUPJDPHV
DLUOLQHLQGXVWU\ JUDGXDWHVWXGHQWV
7UDQVODWHWKHVHQWHQFHVLQWR(QJOLVK
èjivzj otjrvuqz xzylntzvk x wvxsnltquq lvxzq ntq¹uq k
ëzvpvzéjxsqërvtvuqrq
êzvixzévéjxzyj¹vzéjxsërvtvuqrq
êzj vzéjxs wévqokvlxzkj krsí·jnz xjun éjotvviéjotn
xénlxzkjxk¹oq
Æznrxzntnqxwvsovkjttqrjrqnujznujzq·nxrqnéjx·nz
D 7UDQVODWHWKHDERYHDQQRWDWLRQLQWR5XVVLDQ
E:ULWH D VKRUW VXPPDU\ RI ZKDW \RX NQRZ DERXW WKH
HFRQRPLFVRIQHWZRUNLQGXVWULHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRNWRWUDQVODWH
(QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
$JXLGHIRUILQDQFLDODQDO\VLV
)LIWKHGLWLRQ
+DUROG/9RJHO
7KH HQWHUWDLQPHQW LQGXVWU\ LV RQH RI
WKH ODUJHVW VHFWRUV RI WKH 8QLWHG 6WDWHV
HFRQRP\ DQG IDVW EHFRPLQJ RQH RI WKH
PRVW SURPLQHQW JOREDOO\ DV ZHOO +DUROG
/9RJHO H[DPLQHV WKH EXVLQHVV HFRQRP
LFV RI WKH PDMRU HQWHUWDLQPHQW HQWHU
SULVHV PRYLHV WHOHYLVLRQ DQG FDEOH SUR
JUDPPLQJ PXVLF EURDGFDVWLQJ FDVLQR
ZDJHULQJ DQG JDPEOLQJ VSRUWV SXEOLVK
LQJ SHUIRUPLQJ DUWV WKHPH SDUNV DQG
WR\V 7KLV HGLWLRQ LQFRUSRUDWHV D IXOO
FKDSWHURQWKH,QWHUQHWFRYHULQJWKHZHE
VRSHUDWLRQDOIHDWXUHVUHYH
QXHVRXUFHVDQGWKHQHW
VUROHDVDQDJHQWRIFKDQJH2WKHUH[SDQGHG
IHDWXUHV LQFOXGH VHFWLRQV RQ LQGXVWULDO VWUXFWXUH PHWKRGV DQG FRP
SDUDWLYHSULFHWUHQGV7KHUHVXOWLVDFRPSUHKHQVLYHXSWRGDWHUHIHU
HQFH JXLGH RQ WKH HFRQRPLFV ILQDQFLQJ SURGXFWLRQ DQG PDUNHWLQJ
RI HQWHUWDLQPHQW LQ WKH 86 DQG RYHUVHDV ,QYHVWRUV EXVLQHVV H[HFX
WLYHV DFFRXQWDQWV ODZ\HUV DUWV DGPLQLVWUDWRUV DQG JHQHUDO UHDGHUV
ZLOO ILQG WKDW WKH ERRN RIIHUV DQ LQYDOXDEOH JXLGH WR KRZ HQWHUWDLQ
PHQWLQGXVWULHVRSHUDWH
D :ULWHRXWDOOWKHZRUGVDVVRFLDWHGZLWKHFRQRPLFVIURP
WKHOHVVRQ
E :ULWHDQDQQRWDWLRQRI/HVVRQ2QH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
(FRQRPLFV
DQGHFRQRP\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
*'3DQG*13
$QQRWDWLRQ 7RSLFVLQPLFURHFRQRPLFV
1HZVSDSHULWHPV 8.*'3
$VLDQFRQVXPHUVXSEHDWRQHFRQRPLF
SURVSHFWV
*UDPPDU5HYLVLRQ 7KH)XWXUH,QGHILQLWH7HQVH
:RUGIRUPDWLRQ 3UHIL[HVRIQRXQV
&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU /HW
V VWDUW RXU VHFRQG OHVVRQ %\ WKH ZD\ KRZ PDQ\
OHFWXUHVRQHFRQRPLFVGR\RXKDYHZHHNO\"
6WXGHQW 7KLVWHUPZHVKDOOKDYHWKUHHOHFWXUHVDZHHNRQHFR
QRPLFVDQGUHODWHGVXEMHFWV
7HDFKHU 9HU\ JRRG , KRSH WKHQ \RXZLOOHDVLO\XQGHUVWDQGDOO
WKHWH[WVZHVKDOOVWXG\
6WXGHQW 6KDOOZHVSHDNRQO\RQHFRQRPLFVDWRXUOHVVRQV"
7HDFKHU 2KQR(YHU\PRQWKZHVKDOOKDYHWKUHHRUIRXUOHV
VRQVRQHYHU\GD\(QJOLVK
6WXGHQW ,W LV D YHU\ JRRG WKLQJ $QG PD\ , DVN \RX DQRWKHU
TXHVWLRQ"
7HDFKHU :K\FHUWDLQO\
6WXGHQW :KDWNLQGRIWH[WVVKDOOZHVWXG\"
7HDFKHU 0RVWO\WKH\DUHH[WUDFWVIURPYDULRXVRULJLQDOVRXUFHV
,QPDQ\FDVHVWKH\DUHVOLJKWO\DGDSWHG
6WXGHQW 6KDOOZHUHDGQHZVSDSHUV"
7HDFKHU :HOO \RX VHH VRPH WH[WV ZHUH ERUURZHG IURP
WKH )LQDQFLDO 7LPHV 7KH 7LPHV DQG 7KH (FRQRPLVW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6R , KRSH LW ZLOO KHOS \RX WR UHDG (QJOLVK SUHVV ,Q
IXWXUH ZH PD\ GLVFXVV WKH QHZVSDSHU UHSRUWV RQ WKH
EXVLQHVVQHZV\RXZLOOFKRRVHIRU\RXUVHOYHV
'R\RXNQRZWKHVHZRUGV"
ZHHNO\DGY tjén· n ntnlnstv
ktnlnsí
DGM wéqsjm n ntnlns
tp
Q xy n ntnlnstqr
yétjsmjonzj
WHUP xnunxzé
xévr
yxsvkqn
8VXDOO\WKHUHDUH Æy·nitvumvlykjtm
WKUHHRUIRXUWHUPVLQ sqpxrq} ¡rvsj} q
(QJOLVKVFKRROVDQG ytqknéxqznzj} zéq
XQLYHUVLWLHVGXULQJDQ ·nzénxnunxzéj
DFDGHPLF\HDU
UHODWHG 7N3ZHA3P3@9 xk¹ojttp
évlxzknttp
YDULRXV 7ZR&1N31O9 éjosq·tp
V\QGLIIHUHQW
RULJLQDO 71ZN3 JH9 wnékvtj·jstp
wvlsqttp véqmq
tjstp
LQWKHRULJLQDO kvéqmqtjsn
VOLJKW 7OH=3P9 tnotj·qznstp
snmrqp
VRXUFH 7OK(O9 qxzv·tqr
WRERUURZ 7Z>KNKQ9 ojquxzkvkjz
UHSRUW 7N3ZLK(P9 vz·nz xvvintqn
lvrsjl
QHZV tvkvxztvkvxzq
:KDW
VWKHQHZV" Çjrqn tvkvxzq"ïzv
tvkvmv"
WRFKRRVHFKRVH 7"Q(V"KQV"KQVJ9 kiqéjz
FKRVHQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVRXQGV
7%9 WKHZD\²E\WKHZD\²WKHWH[W²DOOWKHWH[WV²WKHUHIHU
HQFH²7KH7LPHV²WKH)LQDQFLDO7LPHV²7KH(FRQRPLVW²
WKH UHSRUW ² WKH QHZVSDSHU UHSRUW ² WKH QHZV ² WKH EXVLQHVV
QHZV²WKLVWHUP²WKLVOHVVRQ²WKLVWDVN²WKLVQHZV²WKLV
UHSRUW²DQRWKHUZD\²DQRWKHUTXHVWLRQ²DQRWKHUERRN
WKUHH²WKUHHOHFWXUHV²WKUHHWH[WV²PRQWK²WKUHHPRQWKV
79 ² DQRWKHU PRQWK ² WKLV PRQWK ² WKLQJ ² DQRWKHU WKLQJ ²
WKLVWKLQJ²WKDWWKLQJ
WRKDYH²YHU\JRRG²DYHU\JRRGWKLQJ²HYHU\GD\²HYH
7R9 U\GD\(QJOLVK²YDULRXV²YDULRXVVRXUFHV²YDULRXVVXEMHFWV
²\RXUVHOI²\RXUVHOYHV
5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHZRUGVVWUHVVHG
D?YHU\?JRRG?WKLQJ WKH?OHVVRQ DWWKH?OHVVRQ
DYHU\JRRGOHVVRQ WKHVWXGHQW LQWKHQHZVSDSHU
DYHU\JRRGVWXGHQW WKHWHDFKHU LQWKHUHSRUW
DYHU\JRRGWHDFKHU WKHUHIHUHQFH GXULQJWKLVPRQWK
®
,WLVRXU?VHFRQG OHVVRQ
®
?/HW¶V?VWDUWRXU?VHFRQG OHVVRQ
®
:HVKDOO?KDYH?WKUHH?OHFWXUHVD?ZHHNRQHFR QRPLFV
®
:HVKDOO?KDYH?WZR?(QJOLVK?OHVVRQVD ZHHN
1RWH$UWLFOHVSUHSRVLWLRQVSHUVRQDODQGSRVVHVVLYHSURQRXQVDX[LOLDU\YHUEVWKH
YHUEVWREHDQGWRKDYHLQDIILUPDWLYHVHQWHQFHVDUHXVXDOO\XQVWUHVVHG
&KRRVHWKHFRUUHFWZRUG
$ORWRISHRSOHHPSOR\DUHHPSOR\HGLQWKLVLQGXVWU\
(PSOR\PHQW8QHPSOR\PHQWLVXQIRUWXQDWHO\JURZLQJLQWKHFRXQWU\
7KUHH\RXQJHPSOR\VHPSOR\HHVWRRNSDUWLQWKHH[SHULPHQW
7KHHPSOR\HPSOR\HUJDYHDQLQWHUYLHZWRDMRXUQDOLVWODVWZHHN
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ7KH)XWXUH,QGHILQLWH7HQVH
Ïzknélqznstj¹{véuj
,VKDOOEHDQHFRQRPLVW :HVKDOOEHHFRQRPLVWV
,VKDOOUHDGWKHWH[W :HVKDOOUHDGWKHWH[WQRZ
<RXZLOOEHHFRQRPLVWV
<RXZLOOUHDGWKHWH[WQRZ
+HZLOOEHDQHFRQRPLVW 7KH\ZLOOEHHFRQRPLVWV
+HZLOOUHDGWKHWH[WQRZ 7KH\ZLOOUHDGWKHWH[WQRZ
6KHZLOOEHDQHFRQRPLVW
6KHZLOOUHDGWKHWH[WQRZ
Ævwévxqznstj¹{véuj
6KDOO,EHDQHFRQRPLVW" 6KDOOZHEHHFRQRPLVWV"
6KDOO,UHDGWKHWH[WQRZ" 6KDOOZHUHDGWKHWH[WQRZ"
:LOO\RXEHHFRQRPLVWV"
:LOO\RXUHDGWKHWH[WQRZ"
:LOOKHEHDQHFRQRPLVW" :LOOWKH\EHHFRQRPLVWV"
:LOOKHUHDGWKHWH[WQRZ" :LOOWKH\UHDGWKHWH[WQRZ"
:LOOVKHEHDQHFRQRPLVW"
:LOOVKHUHDGWKHWH[WQRZ"
Ìzéq|jznstj¹{véuj
,VKDOOQRWVKDQ¶WEHDQHFRQRPLVW :HVKDOOQRWVKDQ¶WEH
HFRQRPLVWV
,VKDOOQRWVKDQ¶WUHDGWKHWH[WQRZ :HVKDOOQRWVKDQµWUHDGWKHWH[W
<RXZLOOQRWZRQ¶WEHHFRQRPLVWV
<RXZLOOQRWZRQ¶WUHDGWKHWH[WQRZ
+HZLOOQRWZRQ¶WEHDQHFRQRPLVW 7KH\ZLOOQRWZRQ¶WEH
HFRQRPLVWV
+HZLOOQRWZRQ¶WUHDGWKHWH[W 7KH\ZLOOQRWZRQ¶WUHDGWKH
QRZ WH[W
6KHZLOOQRWZRQ¶WEHDQHFRQRPLVW
6KHZLOOQRWZRQ¶WUHDGWKHWH[W
QRZ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1RWH$X[LOLDU\YHUEVLQTXHVWLRQVDQGFRQWUDFWLYHDX[LOLDU\YHUEVLQQHJDWLYHVHQ
WHQFHVDUHXVXDOO\VWUHVVHG
Z:LOO\RXEHDQH FRQRPLVW"
®
,ZVKDQ¶WEHDQH FRQRPLVW
*HQHUDOTXHVWLRQVDUHSURQRXQFHGZLWKWKHULVLQJWRQH
Z6KDOO,ZUHDGWKH WH[W"
6SHFLDOTXHVWLRQVDUHSURQRXQFHGZLWKWKHIDOOLQJWRQH
®
Z:KHQVKDOOZHZUHDGWKH WH[W"
:RUGIRUPDWLRQ3UHIL[HVRIQRXQV
5HDGDQGWUDQVODWHWKHQRXQVXQGHUOLQHWKHSUHIL[HV
WKHHPSOR\HG²WKHXQHPSOR\HG YDOXDWLRQ²GHYDOXDWLRQ
UHDOLW\²XQUHDOLW\ LQIODWLRQ²GHIODWLRQ
LPSRUWDQFH²XQLPSRUWDQFH RUJDQL]DWLRQ²GLVRUJDQL]DWLRQ
VHFXULW\²LQVHFXULW\ XQGHUVWDQGLQJ²PLVXQGHUVWDQGLQJ
7UDQVODWH WKH QRXQV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
XQHPSOR\PHQW BBBBBBBBBBBBB GHUHJXODWLRQ BBBBBBBBBBBBBBB
LQGLIIHUHQFHBBBBBBBBBBBBBBBB GLVDGYDQWDJH BBBBBBBBBBBBBBB
PLVLQIRUPDWLRQ BBBBBBBBBBBBB GLVHQJDJHPHQW BBBBBBBBBBBBB
PLVWUXVWBBBBBBBBBBBBBBBBBBB LQDELOLW\ BBBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
)RUPDVPDQ\QRXQVDV\RXFDQIURPWKHYHUEVDQGWUDQV
ODWHWKHP
WRHPSOR\²HPSOR\PHQW²XQHPSOR\PHQW²WKHHPSOR\HG²
WKHXQHPSOR\HG²HPSOR\HU²HPSOR\HH
WRUHJXODWHBBBBBBBBBBBBBBBBB WRFRQVXPH BBBBBBBBBBBBBBBB
WRDFWBBBBBBBBBBBBBBBBBBBBB WRJRYHUQBBBBBBBBBBBBBBBBBB
WRSURGXFHBBBBBBBBBBBBBBBBB WRHDUQ BBBBBBBBBBBBBBBBBBB
7UDQVODWHLQWR(QJOLVK
Æëzvuxnunxzénytjxzéqsnr|qqktnlnsíwvërvtvuqrn
Òvmljk}vév¡vwvpunznkxnjtmsqpxrqnznrxz
Î xnmvlt¹ iylnu mvkvéqz zvsrv v uqévkvp ërvtvuqrn
qsqërvtvuqrnèvxxqq"
Çj lp unx¹| y tjx iylnz zéq·nzén yévrj jtmsqpxrvmv
¹orj
²Çjrqnznrxzuiylnu·qzjz"
²Îiylnu·qzjzxzjzqwvërvtvuqrnqojtmsqpxrq}mj
onzq yétjsvk
+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
5HSHDW
WKHTXHVWLRQRIWKHWHDFKHU
DOOWKHTXHVWLRQVRIWKHVWXGHQWV
6XPXSZKDWWKHWHDFKHUVDLGDERXWWKHLUIXWXUHZRUNDWWKH
OHVVRQV
(QDFWWKHFRQYHUVDWLRQ
$QVZHUWKHVHTXHVWLRQV
:KDWZRUNGR\RXGRDWWKHOHVVRQV"
:KDWRWKHUZRUNGR\RXWKLQN\RXZLOOGRDWWKHOHVVRQV"
:KDWNLQGRIZRUNGR\RXOLNHGRLQJDWWKHOHVVRQV"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
(FRQRPLFV DVDVFLHQFHFRQVLVWV RIWZRGLVFLSOLQHVWKDW LVRIPL
FURHFRQRPLFVDQGPDFURHFRQRPLFV
0LFURHFRQRPLFV LV WKH EUDQFK RI HFRQRPLFV WKDW VWXGLHV LQGLYLGXDO
SURGXFHUV FRQVXPHUV RU PDUNHWV 0LFURHFRQRPLFV DOVR VWXGLHV KRZ
JRYHUQPHQWDFWLYLWLHVVXFKDVUHJXODWLRQVDQGWD[HVDIIHFWLQGLYLGXDOPDU
NHWV%HVLGHVPLFURHFRQRPLFVWULHVWRXQGHUVWDQGZKDWIDFWRUVDIIHFWWKH
SULFHVZDJHVDQGHDUQLQJV
0DFURHFRQRPLFVLVWKHEUDQFKRIHFRQRPLFVWKDWVWXGLHVWKHHFRQRP\
DVDZKROH,WWULHVWRXQGHUVWDQGWKHSLFWXUHDVDZKROHUDWKHUWKDQVPDOO
SDUWVRILW,QSDUWLFXODULWVWXGLHVWKHRYHUDOOYDOXHVRIRXWSXWRIXQ
HPSOR\PHQWDQGRILQIODWLRQ
'R\RXNQRZWKHVHZRUGV"
WRFRQVLVWRIVPWK xvxzv¹zqo·nmvsqiv
GLVFLSOLQH 7Z@3O3LH3J9 lqx|qwsqtj
V\QVXEMHFW
LH/DW WKDWLV zn
EUDQFK 7>N=(J"9 vzéjxs knzk vzlnsntqn
{qsqjs
SURGXFHU 7LN1Z@FQ(O19 wévqokvlqzns qomvzvkq
zns
FRQVXPHU 7G1JZOFQ(I19 wvzéniqzns
PDUNHW 7ZI=(G3P9 étvr
RQWKHPDUNHW tjétrn
JRYHUQPHQW 7Z26R1JI1JP9 wéjkqznsxzkv
UHJXODWLRQ 7<NA2FQZHA3J9 wéjkqsv
énmysqévkjtqn
WD[ tjsvm
WR OHY\ D WD[ RQ yxzjtvkqz tjsvm tj ·zv
VPWK sqiv
WRSD\DWD[ ywsjzqztjsvm
+RZ PXFK LQFRPH Çjrvpwvlv}vltptjsvmvt
WD[ GLG KH SD\ ODVW ywsjzqskwév¡svumvly"
\HDU"
WRDIIHFWVPEVPWK 71ZBAGP9 lnpxzkvkjz tj ojlnkjz
rvmv·zvsqiv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
SULFH |ntj
ZDJHV 7ZSA3 3V9 ojéjivztj¹wsjzjéjiv·q}
VDODU\ ojéjivztj¹ wsjzj xsy j
q}
WRHDUQ 71(J9 ojéjijzkjzwvsy·jz
HDUQLQJV ojéjivzvr wéqis lv
}vl wvxzywsntq¹ k
éy·rj
LQSDUWLFXODU 7L1ZP3GFQH19 k·jxztvxzqkvxvinttvxzq
RYHUDOO viqpwvstp
YDOXH 7ZR'HFQ(9 |nttvxzxzvquvxz
RXWSXW kwyxr
wévlyr|q¹
wévqokvlqznstvxz
:RUNRQWKHZRUGV
:ULWH WKH YHUEV IURP ZKLFK WKHVH QRXQV DUH IRUPHG DQG
WUDQVODWHWKHP
SURGXFHU BBBBBBBBBBBBBBBBBBB H[SRUWHU BBBBBBBBBBBBBBBBBB
FRQVXPHUBBBBBBBBBBBBBBBBBBB LPSRUWHU BBBBBBBBBBBBBBBBBB
PDQXIDFWXUHUBBBBBBBBBBBBBBBB H[SRUWV BBBBBBBBBBBBBBBBBBB
PDQDJHUBBBBBBBBBBBBBBBBBBBB LPSRUWV BBBBBBBBBBBBBBBBBBB
HPSOR\HUBBBBBBBBBBBBBBBBBBB SURGXFW BBBBBBBBBBBBBBBBBBB
5HYLVH*UDPPDU
&KRRVHWKHFRUUHFWDUWLFOHV
(FRQRPLFVDVDWKHVFLHQFHFRQVLVWVRIWZRGLVFLSOLQHV
0LFURHFRQRPLFV DV D WKH EUDQFK RI HFRQRPLFV VWXGLHV SURGX
FHUVFRQVXPHUVRUPDUNHWV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHWH[WDQG«
7UDQVODWHWKHGHILQLWLRQVRIHDFKWHUPLQWR5XVVLDQ
5HSHDWZKDWWKHWH[WVD\VDERXW
PLFURHFRQRPLFV
PDFURHFRQRPLFV
$QQRWDWLRQRIWKHERRN7RSLFVLQPLFURHFRQRPLFV
,QGXVWULDORUJDQL]DWLRQDXFWLRQVDQGLQFHQWLYHV
(OPDU:ROIVHWWHU
+XPEROGW8QLYHUVLWDW]X%HUOLQ
7KLV WH[W LQ PLFURHFRQRPLFV IRFXVHV RQ WKH VWUDWHJLF DQDO\VLV RI
PDUNHWV XQGHU LPSHUIHFW FRPSHWLWLRQ LQFRPSOHWH LQIRUPDWLRQ DQG
LQFHQWLYHV 3DUW , RI WKH ERRN FRYHUV LPSHUIHFW FRPSHWLWLRQ IURP
PRQRSRO\DQGUHJXODWLRQWRWKHVWUDWHJLFDQDO\VLVRIROLJRSROLVWLFPDU
NHWV 3DUW ,, H[SODLQV WKH DQDO\WLFV RI ULVN VXSSOHPHQWHG ZLWK D
YDULHW\ RI DSSOLFDWLRQV IURP GLIIHUHQW DUHDV LQ HFRQRPLFV 3DUW ,,,
IRFXVHV RQ PDUNHWV DQG LQFHQWLYHV XQGHU LQFRPSOHWH LQIRUPDWLRQ
LQFOXGLQJ D FRPSUHKHQVLYH LQWURGXFWLRQ WR WKH WKHRU\ RI DXFWLRQV
ZKLFKSOD\VDQLPSRUWDQWUROHLQPRGHUQHFRQRPLFV
(DFK FKDSWHU LQWURGXFHV WKH FRUH LVVXHV LQ DQ DFFHVVLEOH IDVKLRQ
DQG WKHQ LQYHVWLJDWHV VSHFLDOL]HG WKHPHV (DFK DOVR RIIHUV VHOI
FRQWDLQHGH[SODQDWLRQVDQGSURRIV7KHRQO\SUHUHTXLVLWHVDUHDEDVLF
NQRZOHGJHRIFDOFXOXVDQGIDPLOLDULW\ZLWKLQWHUPHGLDWHXQGHUJUDGX
DWHPLFURHFRQRPLFV7KHWH[WVFDQEHXVHGDVDWH[WERRNLQGLIIHUHQW
FRXUVHVIRUVHQLRUXQGHUJUDGXDWHRUILUVW\HDUJUDGXDWHVWXGHQWV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WRVXSSOHPHQW 7ZO6LH3I1JP9 wvwvst¹zlvijks¹z
DSSOLFDWLRQ wéquntntqnoj¹ksntqn
DUHD 7Z&1N319 visjxz éjpvt wsvjl
wévxzéjtxzkv
FRPSUHKHQVLYH 7<GKILN3ZDAJO3R9 qx·néwkjíqp kxnxzv
évttqp
FRUH xyzxnél|nkqtj|ntzé
LVVXH 7Z3FQ(Z3OFQ(9 kvwévxwévisnuj
kwyxrqoljtqn
DFFHVVLEOH 71GZOAO1>H9 lvxzywtp
SUHUHTXLVLWH 7<LN3(ZNAGS3V3P9 wénlwvxsrj
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHZRUGV
DXFWLRQ LQGXVWULDO IK@ANJ
LQFHQWLYH VWUDWHJLF PATP
DQDO\VLV ROLJRSROLVWLF ?KQNOA
DQDO\WLFV EDVLF KNC=JEVAN
IDPLOLDULW\ VHQLRU EJ@QOPNU
5HDG DQG WUDQVODWH WKHVH ZRUGV ZULWH WKRVH IURP ZKLFK
WKH\DUHIRUPHG
LPSHUIHFWLRQBBBBBBBBBBBBBBB XQIDPLOLDULW\ BBBBBBBBBBBBBBBB
LQFRPSOHWLRQBBBBBBBBBBBBBBB PLVLQIRUPDWLRQ BBBBBBBBBBBBBB
LQYDULHW\ BBBBBBBBBBBBBBBBBB GHUHJXODWLRQ BBBBBBBBBBBBBBBB
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
WRSLFWKHPH wénlunzlqx|qwsqtj
VXEMHFW znujwénlunzvixy lntq¹
VXEMHFWPDWWHU wénlunzknvi~nrz
REMHFW znujxvlné jtqnwénlunzvixy lntq¹
DUHD kvwévxwévisnujkwyxrqoljtqn
LVVXH visjxzotjtqpwsvjlwévxzéjtxzkv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVKXVLQJWKHFRQVWUXFWLRQDQGWKHZRUGV
VSHFLILHG
Æéjivznvxtvktvnktqujtqnylns¹nzx¹WRIRFXVjtjsqoy
étrvk
7KHZRUNIRFXVHVRQWKHDQDO\VLVRIPDUNHWV
Æwnékvp·jxzqrtqmqvxknjízx¹WRFRYHUéjosq·tn{vé
urvtryént|qq
Ævkzvévp·jxzqvi~¹xt¹nzx¹WRH[SODLQ·zvzjrvnjtjsqoéqxrvk
Æ zénznp ·jxzq ktqujtqn xvxénlvzv·qkjnzx¹ WR IRFXV tj
wévisnunétrvkqkvouv tvxz¹}q}éjokqzq¹
Æjttvzj|qqqxwvsoynzx¹WRXVHutvmvxwn|qjst}znéuqtvk
Æznrxznmvkvéqzx¹WRVSHDNviv·ntkj tvpwévisnun
Ærtqmnywvu¹tyzWRPHQWLRQéjosq·tnqxxsnlvkjznsq
D 7UDQVODWHWKHIROORZLQJSUHVHQWDWLRQ
$Q(PSHULFDOO\%DVHG0LFURHFRQRPLFV
+HUEHUW$6LPRQ
&DUQHJLH0HOORQ8QLYHUVLW\3HQQV\OYDQLD
%HVWVHOOLQJ DXWKRU DQG 1REHO /DXUHDWH 3URIHVVRU +HUEHUW 6LPRQ
WUDFHVWKHGHYHORSPHQWDQGIXWXUHRIHFRQRPLFV
E 6D\ZKDW\RXNQRZDERXW+HUEHUW$6LPRQ
F &KRRVH D WH[W LQ 5XVVLDQ(QJOLVK RQ PLFURHFRQRPLFV DQG
ZULWHLWVDQQRWDWLRQ
7H[W*'3DQG*13
*URVV'RPHVWLF3URGXFW*'3LVWKHWRWDOPRQH\YDOXHRIDOOIL
QDOJRRGVDQGVHUYLFHVSURGXFHGLQDQHFRQRP\RYHUDRQH\HDUSH
ULRG*URVVGRPHVWLFSURGXFWFDQEHPHDVXUHGLQWKUHHZD\V
DWKHVXPRIWKHYDOXHDGGHGE\HDFKLQGXVWU\LQSURGXFLQJWKH
\HDU¶VRXWSXWWKHRXWSXWPHWKRG
EWKHVXPRIIDFWRULQFRPHVUHFHLYHGIURPSURGXFLQJWKH\HDU¶V
RXWSXWWKHLQFRPHPHWKRG
FWKH VXP RI H[SHQGLWXUHV RQ WKH \HDU¶V GRPHVWLF RXWSXW RI
JRRGVDQGVHUYLFHVWKHH[SHQGLWXUHPHWKRG
*URVV1DWLRQDO3URGXFW*13LVWKHWRWDOPRQH\YDOXHRIDOOIL
QDOJRRGVDQGVHUYLFHVSURGXFHGLQDQHFRQRP\RYHUDRQH\HDUSH
ULRG SOXV QHW SURSHUW\ LQFRPH IURP DEURDG LQWHUHVW UHQW GLYLGHQGV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
DQG SURILWV *13 LV DQ LPSRUWDQW PHDVXUH RI D FRXQWU\¶V JHQHUDO
HFRQRPLFSURVSHULW\+HUHLVDFRPSDULVRQRIFRXQWULHV¶JHQHUDOHFR
QRPLFZHOOEHLQJIRURQHRIWKHUHFHQW\HDUV
'HYHORSHGFRXQWULHV *13LQ86PLOOLRQV
8.
*HUPDQ\
-DSDQ
86$
'HYHORSLQJFRXQWULHV
6RPDOLD
0R]DPELTXH
1HSDO
,QGLD
:RUNRQWKHZRUGV
D 7UDQVODWHLQWR(QJOLVK
kjsvkvptj|qvtjstpwévlyrz lv}vlxzvquvxz|nttvxz
kjsvkvpktyzénttqpwévlyrz éjx}vl
zvkjé kwyxrmvzvkvpwévlyr|qq
yxsymq wéqis
E 7UDQVODWHLQWR5XVVLDQ
WKHRXWSXWPHWKRG
WKHLQFRPHPHWKRG
WKHH[SHQGLWXUHPHWKRG
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
JURVV viqpxyuujétpwvstpénoyszqéyíqp
GRPHVWLF éjokqkjíqpx¹
ILQDO éjokqzp
WRWDO vrvt·jznstprvtn·tp
QHW ivs¡vpréywtpvi~nuqxzpxyuujétp
JHQHUDO ktyzénttqpvzn·nxzknttpunxztp
GHYHORSHG ·qxzpinok·nzvkinotjsvmvk
GHYHORSLQJ viqpkxnviqpmntnéjstpvi·tp
msjktp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:ULWHDQGUHDGWKHVHQWHQFHV
8.*13ZDVQLQHKXQGUHGVHYHQW\ILYHWKRXVDQGWZRKXQGUHGPLOOLRQ
GROODUVWKDW\HDU
-DSDQ 0R]DPELTXH
86$ ,QGLD
$QVZHUWKHVHTXHVWLRQV
:KLFKFRXQWU\KDGWKHKLJKHVW*13WKDW\HDU"
:KLFKRIWKHPUDQWKHORZHVW*13WKHQ"
:KDWZDVWKH\HDUWR\RXUPLQG"
,VWKH*13RIDFRXQWU\DOZD\VKLJKHUWKDQWKH*'3"
:KDWPDNHVWKHGLIIHUHQFH"
:KLFKRIWKHWKUHHPHWKRGVLVPRVWRIWHQDSSOLHGWRPHDVXUH
*'3DVIDUDV\RXNQRZ"
1HZVSDSHULWHP8.*'3
8. *'3 ² UHYLVHG ILJXUHV IRU WKH
VHFRQG TXDUWHU VKRZ DQQXDO JURZWK RI
SHUFHQW
2Q WKH VXUIDFH WKH *'3 GRZQ
JUDGH IURP D SUHOLPLQDU\ SHU FHQW
JURZWK UDWH WKURZV XS ZRUU\LQJ TXHV
WLRQVDERXWWKHPDQXIDFWXULQJUHFRYHU\
0RVW RI WKH GRZQJUDGH UHVXOWV IURP ORZHUWKDQH[SHFWHG LQGXVWULDO
RXWSXWLQ-XQH%XWWKDWZDVSUREDEO\FDXVHGE\WKHMXELOHHKROLGD\V
,Q-XQH8.H[SRUWVIHOOSHUFHQWSRVVLEO\UHIOHFWLQJDOXUFKGRZQ
ZDUGLQWKHJOREDOHFRQRP\$QGUHWDLOVDOHVLQ-XO\UHPDLQHGWHSLG
%XWPDQXIDFWXULQJFRQILGHQFH²ZKLOHVWLOOWLPLG²LVLPSURYLQJDQG
KDV VKRZQ WKH ILUVW SRVLWLYH TXDUWHUO\ ULVH VLQFH WKH HQG RI ,Q
WKH VOXJJLVK JOREDO FRQWH[W WKHVH DUH QRW WUHQGV WR EH GLVPLVVHG
OLJKWO\
'R\RXNQRZWKHVHZRUGV"
DQQXDO 7Z'JFQ1H9 mvlvkvp
GRZQJUDGH xtq ntqnwvtq ntqn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
0DWFKWKHDQWRQ\PVDQGWUDQVODWHWKHP
SUHOLPLQDU\ G\QDPLF
UHWDLO XSZDUG
VOXJJLVK XSJUDGH
GRZQJUDGH ILQDO
GRZQZDUG GHFOLQH
JURZWK DWWKHERWWRP
RQWKHVXUIDFH ZKROHVDOH
:ULWHRXWWKHZRUGVXQGHUWKHVHWZRFDWHJRULHV
HFRQRPLFUHFRYHU\ HFRQRPLFVORZGRZQ
JURZWK WRIDOO
WRULVH WREHWLPLG
WRLPSURYH WRUHPDLQWHSLG
« «
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
GRZQIDOO wvtq jz
GRZQWUHQG xwjllnsvkvpjrzqktvxzq
GRZQWXUQ wvtq jznstp
GRZQZDUG wjlntqn
GRZQWRZQ lnsvkj¹·jxzmvévlj
GRZQJUDGLQJ wnénkvltjuntnnrkjsq{q|qévkjttyíéjivzy
WRGRZQJUDGH zntlnt|q¹rwvtq ntqí
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HDGDQGWUDQVODWHWKHIROORZLQJ
WRVKRZDQQXDOJURZWKRI
WRVKRZDQQXDOJURZWKRIRQHSRLQWWZRSHUFHQW
DSUHOLPLQDU\JURZWKUDWH DSUHOLPLQDU\JURZWKUDWH
WRIDOOE\ WRIDOOE\
WRULVHE\ WRULVHE\
7UDQVODWHLQWR(QJOLVK
Ívxsnltqn|q{éwvrjokjízévxzÆËÍtj
Ëj wnékp koms¹l ëzj |q{éj wv xéjktntqí x v qljnuvp
|q{évpkokjnzvwénlnsnttyízénkvmy
Ævouv tvxz v qksntq¹ k x{nén wévqokvlxzkj kokjnz
xnénotnxvutntq¹
Ëvkxnzjrqwvsv ntqnkx{nénwévqokvlxzkjysy·¡jnzx¹
Ëj{vtnvinmvxtq ntq¹lnsvkvpjrzqktvxzqkmsvijstvp
ërvtvuqrnëzytnivs¡yíwvk¡jznstyízntlnt|qítnso¹tn
wéqknzxzkvkjz
:ULWH D VKRUW VXPPDU\ RI WKH QHZVSDSHU LWHP LQ WKUHH RU
IRXUVHQWHQFHV
1HZVSDSHULWHPWRWUDQVODWH$VLDQFRQVXPHUV
XSEHDWRQHFRQRPLFSURVSHFWV
&RQVXPHUV LQ &KLQD .RUHD DQG 7KDLODQG DQG DFURVV PXFK RI
$VLDUHPDLQVXUSULVLQJO\XSEHDWDERXWHFRQRPLFSURVSHFWVDFFRUGLQJ
WR D FRQVXPHU FRQILGHQFH VXUYH\ UHOHDVHG \HVWHUGD\ E\ 0DVWHU&DUG
,QWHUQDWLRQDO
7KHELDQQXDOVXUYH\RIDERXWSHRSOHDFURVV$VLDFRQGXFWHG
LQ-XQHIRXQGWKDWSHRSOHLQPDQ\$VLDQFRXQWULHV²QRWDEO\.RUHD
DQG7KDLODQGZKLFKDUHFXUUHQWO\HQMR\LQJDZLGHVSUHDGERRP²DUH
FRQILGHQW RI WKHLU HFRQRPLF SURVSHFWV LQ WKH QH[W VL[ PRQWKV 7KH
VXUYH\VXJJHVWVWKDWFRQVXPHUFRQILGHQFHDQGGRPHVWLFFRQVXPSWLRQ
LQ$VLDFRXOGSURYHPRUHUHVLOLHQWWRDVORZGRZQLQWKH86WKDQLQ
WKHSDVW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1LQHFRXQWULHVLQ$VLDVKRZHG?SRVLWLYHVHQWLPHQWVFRUHV?LQFOXG
LQJ UDWLQJV RI LQ .RUHD LQ 0DOD\VLD DQG LQ 7KDLODQG
&KLQD
VVFRUHRILVDGURSIURPLWVKLJKHVWHYHUVFRUHRIVL[
PRQWKV DJR EXW FRQVXPHU FRQILGHQFH LQ WKH SRSXORXV QDWLRQ UH
PDLQHGVWURQJ
=HURLVWKHPRVWSHVVLPLVWLFZKLOHLVQHXWUDODQGWKHPRVW
RSWLPLVWLF
7KHSLFWXUHLVJORRPLHULQ-DSDQDQG+RQJ.RQJ-DSDQ
VUDWLQJ
RIIXWXUHHFRQRPLFSURVSHFWVZDVZKLOH+RQJ.RQJVFRUHG
7KHDXWKRUVVDLGWKLVZDVDIXQFWLRQRIWKHLUPXFKKLJKHUOLYLQJVWDQ
GDUGVWKDQWKHUHVWRI$VLD
D :ULWHDQHVVD\RQRQHRIWKHIROORZLQJWRSLFVXVLQJWKH
WH[WVRIWKHOHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
5XVVLD¶VUDWLQJRIIXWXUHHFRQRPLFSURVSHFWV
:KDWLVDFRQVXPHUFRQILGHQFHVXUYH\"
/LYLQJVWDQGDUGVLQ$VLDQFRXQWULHV
E 0DNHDSUHVHQWDWLRQRI\RXUHVVD\
F :ULWHDIHZTXHVWLRQV\RXUDXGLHQFHPD\DVN\RX
G :ULWH\RXUDQVZHUVWRWKRVHTXHVWLRQV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
6DOHV
DQGSURGXFWV
1HZVSDSHULWHPV 7KH7LPHVSXOOVHYHQIXUWKHUDKHDG
*UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLG
XDOSLUDF\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 5HWDLOHUVDQGZKROHVDOHUV
3URGXFWOLIHF\FOH
*UDPPDU5HYLVLRQ 7KH3UHVHQW3HUIHFW7HQVH
7KH3UHVHQW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ &RQYHUVLRQ
1HZVSDSHULWHP7KH7LPHVSXOOVHYHQIXUWKHU
DKHDG
7KH 7LPHV LV WKH PRVW VXFFHVVIXO QDWLRQDO QHZVSDSHU LQ %ULWDLQ
$YHUDJHGDLO\VDOHVKDYHULVHQE\PRUHWKDQVLQFHWKHZHHN
GD\ SULFH ZDV UHGXFHG WR S LQ 6HSWHPEHU DQ LQFUHDVH RI SHU
FHQWLQVL[PRQWKV
6DOHV LQ -DQXDU\ ZHUH XS E\ FRPSDUHG ZLWK 'HFHPEHU
7KDW VXFFHVV FRQWLQXHG ODVW PRQWK ZKHQ VDOHV LQFUHDVHG E\ DQRWKHU
²DJDLQVWDGURSRIIRUWKH'DLO\7HOHJUDSK
7KH 7LPHV LV QRZ DKHDG RI 7KH *XDUGLDQ DQG
DKHDGRI7KH,QGHSHQGHQWZKLFKQRZVHOOVIHZHUFRSLHVWKDQ
DQ\RWKHUQDWLRQDOGDLO\DQGZDVRYHUWDNHQODVWPRQWKE\WKH)LQDQ
FLDO7LPHV
$WSRQ6DWXUGD\VSOHVVWKDQWKH'DLO\7HOHJUDSK7KH7LPHV
LVWKHEHVWYDOXHZLWKWKHEHVWZULWLQJRIDQ\TXDOLW\SDSHU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WRSXOO 7LQH9 z¹tyztjz¹mqkjz
WRSXOOGRZQ ywéjolt¹z
WRSXOORXW vzrjojzx¹vzy·jxzq¹
IXUWKHU 7ZB1(%19 ljsnn
DKHDG 71ZDA@9 kwnénlkwnénlq
DKHDGRIVPEVPWK kwnénlqrvmv·nmvsqiv
VDOHV wévlj jwévlj q
WRULVHURVHULVHQ wvltqujzx¹
WRUHGXFH 7N3Z@FQ(O9 xvréjjzyunt¡jz
S SHQQ\SHQFH wntxwntx
SHUFHQW wév|ntz
GURS wjlntqn
RYHUWDNHRYHUWRRN lvmtjz
RYHUWDNHQ
TXDOLW\ 7ZGSKH3P39 rvsq·nxzkv
*UDPPDU5HYLVLRQ7KH3UHVHQW3HUIHFW7HQVH
Ïzknélqznstj¹{véuj
,KDYHUHDGLW :HKDYHUHDGLW
<RXKDYHUHDGLW
+HKDVUHDGLW 7KH\KDYHUHDGLW
6KHKDVUHDGLW
Ævwévxqznstj¹{véuj
+DYH\RXUHDGLW"
Ìzéq|jznstj¹{véuj
,KDYHQRWUHDGLW
7UDQVODWHLQWR5XVVLDQ
:HKDYHVWXGLHGWZROHVVRQV
+DYH\RXUHDGWRGD\
VSDSHUV"
+DYH\RXHYHUUHDGWKH)LQDQFLDO7LPHV"
7KHVDOHVKDYHLQFUHDVHGVLJQLILFDQWO\WKLV\HDU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHVDOHVKDYHJRQHXSIRUWKHODVWIHZ\HDUV
$YHUDJHZHHNO\VDOHVRIWKLVPDJD]LQHKDYHGURSSHGGUDPDWLFDOO\
7KHSURGXFWLRQKDVEHHQXSVLQFHWKHYHU\EHJLQQLQJRIWKLV\HDU
0DNHWKHIROORZLQJVHQWHQFHVSDVVLYHOLNHWKLV
:HKDYHGLVFXVVHGWZRSUREOHPV
7ZRSUREOHPVKDYHEHHQGLVFXVVHG
7KH\KDYHLQFUHDVHGSURGXFWLRQVLQFHWKHEHJLQQLQJRIWKH\HDU
7KHFRPSDQ\KDVLQFUHDVHGWKHSURGXFWLRQ
7ZR(XURSHDQFRXQWULHVKDYHGHFUHDVHGWKHRXWSXW
7KLVFDUWHOKDVQRWGHFUHDVHGWKHRXWSXW
7KH\KDYHSURGXFHGWZRQHZPRGHOVWKLV\HDU
7UDQVODWHLQWR(QJOLVK
êzvwvxsnlt¹¹uvlnsÌtjéjoéjivzjtjkwév¡svumvly
Æëzvumvlywévlj qtnyknsq·qsqx
²Æwvxsnltnnkénu¹xwévxtjëzvzzvkjéotj·qznstvkévx
²¬|ntxtqoqsqx"
²gntrxv jsntqítnxtqoqsqx
ÆkqlnsqlqjméjuuyÆËÍèvxxqqojwvxsnltqnzéqmvlj"
Æ ërvtvuqrn xzéjt wévqov¡sq vwénlnsnttn wvoqzqktn
qountntq¹
$UWLFOHV
Ijk`_`f`hhvd[kmcefw7KH'HILQLWH$UWLFOH
Ïwvzénis¹nzx¹vi·tvxtjokjtq¹uqmjonzq yétjsvk
7KH7LPHV7KH7ULEXQH
Ëv k tjokjtq¹} tnrvzvé} mjonz q yétjsvk vwénlnsnttp jé
zqrsuv nzizvwynt
)LQDQFLDO7LPHV1HZVZHHN
Íéq ywvuqtjtqq n ëzq} mjonz q yétjsvk jézqrs ywvzénis¹
nzx¹tvwq¡nzx¹xujsntrvpiyrk
,KDYHQ
WUHDGWKH)LQDQFLDO7LPHVWRGD\\HW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HDGWKHIROORZLQJWLWOHVRIQHZVSDSHUVDQGPDJD]LQHV6D\
ZKLFK DUH (QJOLVK DQG ZKLFK DUH $PHULFDQ SD\LQJ DWWHQ
WLRQWRWKHDUWLFOHV
7KH7LPHV 0RUQLQJ6WDU
)LQDQFLDO7LPHV 7KH,QGHSHQGHQW
7KH(FRQRPLVW 7KH1HZ<RUN7LPHV
'DLO\7HOHJUDSK 7KH2EVHUYHU
7KH*XDUGLDQ 7KH7ULEXQH
%XVLQHVV:HHN 7KH:DVKLQJWRQ3RVW
6XQGD\0LUURU 'DLO\([SUHVV
'DLO\0LUURU 'DLO\0DLO
:RUGIRUPDWLRQ&RQYHUVLRQ
Çvtknéxq¹FRQYHUVLRQ²vlqtqoxju}éjxwévxzéjtntt}
xwvxvivkxsvkvviéjovkjtq¹kjtmsqpxrvu¹orn
WRULVH²ULVH
wvltqujzx¹²wvl~nu
WRIDOO²IDOO
wjljz²wjlntqn
:ULWHWKHFRUUHVSRQGLQJQRXQVDQGWUDQVODWHWKHZRUGVLQWR
5XVVLDQ
WRGURS BBBBBBBBBBBBBBBBBBB WRIRUP BBBBBBBBBBBBBBBBBBB
WRFDXVHBBBBBBBBBBBBBBBBBBB WRIXQFWLRQ BBBBBBBBBBBBBBBB
WRUHVXOWBBBBBBBBBBBBBBBBBBB WRILQLVKBBBBBBBBBBBBBBBBBBB
WRJXLGHBBBBBBBBBBBBBBBBBBB WRVWDUW BBBBBBBBBBBBBBBBBBB
WRUHSRUW BBBBBBBBBBBBBBBBBB WRTXHVWLRQ BBBBBBBBBBBBBBBB
7UDQVODWHLQWR(QJOLVK
v|ntrj BBBBBBBBBBBBBBBBBBB v|ntqkjz BBBBBBBBBBBBBBBBB
{qtjtx BBBBBBBBBBBBBBBBB {qtjtxqévkjz BBBBBBBBBBBBB
étvrBBBBBBBBBBBBBBBBBBBB énjsqovkkjztjétrn BBBBB
jyr|qvt BBBBBBBBBBBBBBBBBB wévljkjzxjyr|qvtjBBBBBBBB
viovéBBBBBBBBBBBBBBBBBBBBB vivoénkjz BBBBBBBBBBBBBBBB
kwyxr BBBBBBBBBBBBBBBBBBB kwyxrjz BBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
zvémvks¹BBBBBBBBBBBBBBBBBB zvémvkjzBBBBBBBBBBBBBBBBBB
qoljtqnBBBBBBBBBBBBBBBBBBB qoljkjzBBBBBBBBBBBBBBBBBBB
0DUN WKH VWUHVV LQ WKH ZRUGV LQ LWDOLFV UHDG DQG WUDQVODWH
WKHVHQWHQFHV
7KHVDOHVKDYHQRWLQFUHDVHGWKLV\HDU
7KHVDOHVDUHRQDQLQFUHDVH
7KHLQFUHDVHLVQRWYHU\ELJWKRXJK
7KHSURGXFWLRQKDVGHFUHDVHGIRUWKHODVWWZR\HDUV
0DQ\HFRQRPLFQHZVSDSHUVVSRNHDERXWWKHGHFUHDVHLQH[SRUWV
1RERG\VWDWHGWKHUHDVRQRIWKLVGUDPDWLFGHFUHDVH
&RIIHHLPSRUWVKDYHLQFUHDVHGWKLV\HDU
0DNHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHSUHSRVLWLRQV
WRULVH
WRIDOO E\«
WREHUHGXFHG WR«
DQLQFUHDVH
DMXPS
DIDOO RI«
DGURS
DGHFOLQH
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
:ULWH RXW DOO WKH VHQWHQFHV ZKLFK WHVWLI\ WR WKH VXFFHVV RI
7KH7LPHV
'LYLGH HDFK FRPSOH[ DQG FRPSRXQG VHQWHQFH LQWR VLPSOH
RQHV
7UDQVODWHWKHORQJHVWVLPSOHVHQWHQFHLQWR5XVVLDQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6D\ZKDWWKLVFDUWRRQVKRZV
&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU %\WKHZD\GR\RXVRPHWLPHVUHDG(QJOLVKQHZVSDSHUV"
6WXGHQW )UDQNO\ VSHDNLQJ , UHDG RQO\ WKH 0RVFRZ 7LPHV IRU P\
(QJOLVKOHVVRQVDWVFKRRO
6WXGHQW %XW,KDYHORRNHGWKURXJKDIHZ(QJOLVKQHZVSDSHUVP\
EURWKHU EURXJKW IURP 1HZ <RUN +H LV GRLQJ VRPH UH
VHDUFKZRUNDWRQHRIWKH$PHULFDQ8QLYHUVLWLHV
6WXGHQW ,KDYHDOVRUHDGDIHZQHZVSDSHUVLQ(QJOLVK7KH\ZHUH
(QJOLVK QHZVSDSHUV ,I ,
P QRW PLVWDNHQ WKH\ ZHUH WKH
)LQDQFLDO 7LPHV , ERXJKW WKHP DW WKH QHZVSDSHU VWDOOV
QHDUWKHFORVHVWXQGHUJURXQGVWDWLRQ
7HDFKHU $QGKDYH\RXHYHUUHDG7KH7LPHV"
6WXGHQW ,KDYHQHYHUVHHQWKLVQHZVSDSHUDWRXUVWDOOV
6WXGHQW 1HLWKHUKDYH,
7HDFKHU %XWLVLWDYHU\SRSXODUQHZVSDSHULQ(QJODQG"
6WXGHQW -XGJLQJE\WKLVLWHPLWUHDOO\LV
7HDFKHU $QGZKDWLGHDVUHODWLQJWRHFRQRPLFVGRHVLWLOOXVWUDWH
WR\RXUPLQG"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6WXGHQW ,WVHHPVWRPHLWLPSOLHVWKHLGHDWKDWLIDJRRGDQHZV
SDSHULQWKLVFDVHLVSRSXODUWKHGHPDQGIRULWLVJURZLQJ
6WXGHQW %HVLGHV WKH SULFH IRU VXFK D JRRG FDQ EH UHGXFHG WR DW
WUDFWPRUHUHDGHUVDQGPDLQWDLQWKHGHPDQG
6WXGHQW $QGWKHILJXUHVVKRZWKDWWKHVDOHVUHYHQXHRIWKH)LQDQ
FLDO7LPHVLVJURZLQJWRSXWLWLQWRVFLHQWLILFWHUPV
'R\RXNQRZWKHVHZRUGV"
UHVHDUFK 7N3ZO1("9 qxxsnlvkjtqnqoy·ntqn
WRMXGJH 7 6 9 xylqz
WRUHODWH 7N3ZHA3P9 vztvxqz
DJRRG zvkjérjrtjy·tj¹rjznmvéq¹
JRRGV zvkjé
GHPDQG xwévx
WRJURZJUHZ éjxzqyknsq·qkjzx¹
JURZQ
WRPDLQWDLQ 7I1JZPA3J9 wvllné qkjzxv}éjt¹z
UHYHQXH 7ZNAR1JFQ(9 lv}vlqxzv·tqrlv}vlj
UHYHQXHV mvxyljéxzknttn lv}vl
lv}vltnxzjzq
*UDPPDU5HYLVLRQ7KH3UHVHQW&RQWLQXRXV
7HQVH
Ïzknélqznstj¹{véuj
,DPVSHDNLQJ(QJOLVK :HDUHVSHDNLQJ(QJOLVK
<RXDUHVSHDNLQJ(QJOLVK
+HLVVSHDNLQJ(QJOLVK 7KH\DUHVSHDNLQJ(QJOLVK
6KHLVVSHDNLQJ(QJOLVK
Ævwévxqznstj¹{véuj
$UHWKHSULFHVULVLQJ"
Ìzéq|jznstj¹{véuj
7KHSULFHVDUHQRWULVLQJ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
gnttjëzvzzvkjééjxzyzkxzéjtj}ckévwnpxrvmvfvíoj"
Çjrx·qzjnzjkzvéëzvpxzjzq|ntwvxzv¹ttvxtq jízx¹
fyl¹wvëzvpqt{véuj|qqwévqokvlxzkvixzévéjxznz
Æqoy·jnznkrvssnl nërvtvuqrynkévwnpxrq}xzéjt"
Çjryíërvtvuq·nxryíznuykxnp·jxqoy·jnzn"
0DNHWKHIROORZLQJVHQWHQFHVSDVVLYHOLNHWKLV
7KH\DUHPDLQWDLQLQJWKHGHPDQG=
7KHGHPDQGLVEHLQJPDLQWDLQHG
7KH\DUHULVLQJSULFHV
:HDUHGRLQJVRPHUHVHDUFKZRUNQRZ
7KHFRPSDQ\LVVWHDGLO\LQFUHDVLQJWKHLUVDOHVUHYHQXH
7KHH[SHUWVDUHGLVFXVVLQJWKLVSUREOHPQRZ
:HDUHFRPSDULQJWKHVHWZRILJXUHV
7KHVWXGHQWVDUHSUHSDULQJUHSRUWVIRUWRPRUURZ
$UWLFOHV
:ULWHVLPLODUSKUDVHV
(QJOLVK²WKH(QJOLVKODQJXDJH²+HLVOHDUQLQJ(QJOLVK
+HLVUHDGLQJWKHVHDUWLFOHVLQ(QJOLVK
6FRWWLVK )UHQFK
:HOVK *HUPDQ
,ULVK 6SDQLVK
,WLVDQ(QJOLVKQHZVSDSHU²,WLV\HVWHUGD\
VQHZVSDSHU²
7KHQHZVSDSHUVDLGVR
(QJOLVKMRXUQDO ,WDOLDQQHZVSDSHU
(QJOLVKPDJD]LQH 3RUWXJXHVHPDJD]LQH
$VLDQQHZVSDSHU -DSDQHVHMRXUQDO
7UDQVODWHLQWR(QJOLVK
êzvojéyin tvnqoljtqn
Æ·qzjnznk·néj¡tqptvunémjonz©êrvtvuqrjq qotª"
Æ yétjsnvzun·jnzx¹·zvnmvkrsjlkërvtvuqryotj·qznsnt
¬kzvéxzjzqwq¡nz·zvnmvx·qzjízvxtvkjznsnuëzvpznvéqq
Æxzjznvi~¹xt¹ízx¹vxtvktnwéq·qtëzvmv¹ksntq¹
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6WXG\VHQWHQFHSDWWHUQV
²,KDYHQHYHUVHHQWKLVQHZVSDSHU
²1HLWKHUKDYH,
7UDQVODWHWKHIROORZLQJSDLUVRIWKHVHQWHQFHVLQWR5XVVLDQ
DQGPDNHDIHZVLPLODURQHV
,KDYHQHYHUUHDGWKLVQHZVSDSHU
²1HLWKHUKDYH,
,GLGQRWUHDGDQ\QHZVSDSHUV\HVWHUGD\
²1HLWKHUGLG,
,VKDOOQRWUHDGWKLVERRN
²1HLWKHUVKDOO,
,KDYHQ
WFRPSOHWHGWKHZRUN
²1HLWKHUKDYH,
,FDQQRWVSHDN)UHQFK
²1HLWKHUFDQ,
,VKDQ
WEHDEOHWROHDUQWKHVHWHUPV
²1HLWKHUVKDOO,
:RUNRQWKHZRUGV
WRGR²WRPDNH
0DNHVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
ZRUN SURJUHVV
UHVHDUFKZRUN DUHSRUW
WUDQVODWLRQ DPLVWDNH
WRGR WRPDNH
DQH[HUFLVH DQDO\VLV
OHVVRQV DFKDQJH
KRPHZRUN DWUDQVIHURIIXQGV
7UDQVODWHLQWR(QJOLVK
²Æy nxlnsjsqkxíéjivzy"
²Ënz¹lyují·zvkxnxlnsjízvsrvtjxsnlyínptnlnsn
²¬rjryíéjivzykkwvst¹nznxnp·jx"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
$QVZHUWKHVHTXHVWLRQV
$ERXWZKDWGLGWKHWHDFKHUDQGVWXGHQWVVSHDN"
:KDWGLGWKHVWXGHQWVVD\DERXWUHDGLQJQHZVSDSHUV"
:KDWGLGWKH\VD\DERXWWKHSRSXODULW\RI7KH7LPHV"
:LWK ZKDW HFRQRPLF QRWLRQ GLG WKH\ FRQQHFW WKH SRSXODULW\
RIWKHQHZVSDSHU"
5HDGWKHTXHVWLRQVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
'R\RXVRPHWLPHVUHDG(QJOLVK QHZVSDSHUV"
+DYH\RXHYHUUHDG7KH 7LPHV"
,VLWDYHU\SRSXODUQHZVSDSHULQ (QJODQG"
®
:KDWLGHDVGRHVLW LOOXVWUDWH"
5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQG>"@
IUDQNO\VSHDNLQJ UHODWLQJWRHFRQRPLFV
MXGJLQJE\WKLVLWHP WKHGHPDQGLVJURZLQJ
KHLVGRLQJVRPHZRUN WKHVDOHVUHYHQXHLVJURZLQJ
D 5HDGDOOWKHVHQWHQFHVWKHVWXGHQWVVDLGLQWKDWFRQYHUVDWLRQ
E (QDFWDVLPLODUFRQYHUVDWLRQ
7UDQVODWH WKH GHVFULSWLRQ RI DQ HFRQRPLF WHUP DQG JXHVV
ZKDWWKHWHUPLV
« ² LV WKH LQFRPH JHQHUDWHG IURP WKH VDOH RI JRRGV DQG VHUYLFHV ,W
GHSHQGVXSRQWKHYROXPHRIDSURGXFWVROGDQGWKHSULFHRIWKHSURGXFW
7HUPV VDOHVWD[
VDOHVUHYHQXH
VDOHVUHSUHVHQWDWLYH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W5HWDLOHUVDQGZKROHVDOHUV
$OO WKH ILUPV FDQ EH JURXSHG LQWR ZKROHVDOHUV DQG UHWDLOHUV 7KH
ILJXUHEHORZVKRZVKRZWKH\ILWLQWRWKHYDULRXVVWDJHVLQWKHSURGXF
WLRQRIFKRFRODWH
7KH ZKROHVDOHU EX\V JRRGV LQ EXON IURP SURGXFHUV DQG VHOOV WKHP LQ
VPDOOTXDQWLWLHVWRUHWDLOHUV,QGRLQJVRKHKHOSVSURGXFWLRQUHOLHYHVPDQX
IDFWXUHUVDQGUHWDLOHUVRIWKHULVNRIDIDOOLQGHPDQGHJIDVKLRQFKDQJHV
7KHKROGLQJRIVWRFNVLVLQLWVHOIDYDOXDEOHHFRQRPLFIXQFWLRQHYHQLQJRXW
SULFHVUHVXOWLQJIURPWHPSRUDU\FKDQJHVLQGHPDQGDQGVXSSO\
3URGXFHUV
0DUV 5RZQ &DGEXU\ 7HUU\
WUHH
:+2/(6$/(5
-RQHV 6PLWK %URZQ *UHHQ
5HWDLOHUV
'R\RXNQRZWKHVHZRUGV"
UHWDLOHU 7N3ZPA3H19 évotq·tpzvémvkn|
$UHWDLOHULVD èvotq·tp zvémvkn| ²
WUDGHVPDQZKRVHOOV ëzv zvémvkn| zvkjévu k
E\UHWDLO évotq|y
ZKROHVDOHU 7ZDKQH<OA3H19 vwzvkpzvémvkn|
WRILW xvvzknzxzkvkjz mvlqz
x¹
WREX\ERXJKW 7>=3>K(P9 wvrywjz
ERXJKW
WRVHOOVROGVROG wévljkjz
LQEXON myézvutjkjsvukujxxn
TXDQWLW\ 7ZGSKJP3P39 rvsq·nxzkv
WRUHOLHYHVPERI 7N3ZH3(R9 vxkviv ljz rvmvsqiv
VPWK vz·nmvsqiv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGVDQGSDWWHUQV
5HDGWKHVHJURXSVRIZRUGVDQGWUDQVODWHWKHPLQWR5XVVLDQ
WRVHOO²VHOOHU²VDOH²VDOHV²VDOHVPDQ
ZKROHVDOH ² ZKROHVDOHV ² ZKROHVDOH EXVLQHVV ² ZKROHVDOH SULFH
²ZKROHVDOHGHDOHU²ZKROHVDOHU
UHWDLOEXVLQHVV²UHWDLOSULFH²UHWDLOGHDOHU²UHWDLOHU
&RPELQHWZRVHQWHQFHVXVLQJDQGLQGRLQJVRDVLQWKHH[
DPSOH
7KHZKROHVDOHUEX\VJRRGVLQEXON,WKHOSVSURGXFWLRQ=
7KHZKROHVDOHUEX\VJRRGVLQEXONDQGLQGRLQJVRKHKHOSV
SURGXFWLRQ
7KHZKROHVDOHUEX\VJRRGVLQEXON,WUHOLHYHVWKHPDQXIDFWXUHU
RIYDULRXVULVNV
7KHZKROHVDOHUVHOOVJRRGVLQVPDOOTXDQWLWLHVWRUHWDLOHUV,WKHOSV
UHWDLOEXVLQHVV
7KHZKROHVDOHUVHOOVJRRGVLQVPDOOTXDQWLWLHVWRUHWDLOHUV,WUH
OLHYHVWKHUHWDLOHURIYDULRXVULVNV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
,QVHUWWKHFRUUHFWDUWLFOHV
7KHKROGLQJRIVWRFNVLV«YDOXDEOHIXQFWLRQ
7KLVILUPLVZKROHVDOHU
7KLVFRPSDQ\LVUHWDLOHU
7KH\VSHFLDOL]HLQUHWDLOEXVLQHVV
7KHLU UHWDLO EXVLQHVV LV DVVRFLDWHG ZLWK WKH ULVN RI IDOO LQ GH
PDQG
,WLVYDOXDEOHIXQFWLRQHYHQLQJRXWSULFHV
,WLVYDOXDEOHIXQFWLRQPLQLPL]LQJULVNV
+DYHDQRWKHUORRNDWWKHWH[WDQG«
:ULWHGRZQDIHZVKRUWVHQWHQFHVGHILQLQJWKHWHUPZKROH
VDOHUDQGWUDQVODWHWKHPLQWR5XVVLDQ
&RPSDUH\RXUGHILQLWLRQZLWKWKHIROORZLQJRQH
:KROHVDOHUV ² LQWHUPHGLDULHV EHWZHHQ SURGXFHUV DQG UHWDLOHUV
7KHPDLQIXQFWLRQVRIZKROHVDOHUVDUHEUHDNLQJEXONEX\LQJLQODUJH
SDFNDJHVDQGVHOOLQJLQVPDOOHURQHVZDUHKRXVLQJGHOLYHU\DQGWKH
SURYLVLRQRIFUHGLW
$QVZHUWKHVHTXHVWLRQVEDVHGRQWKHILJXUH
,VWKHQDPHRIWKHZKROHVDOHUJLYHQLQWKHILJXUH"
$UH0DUV&DGEXU\DQGWKHRWKHUVSURGXFLQJFRPSDQLHV"
+DYH\RXPHWWKHLUQDPHVHDUOLHU"
:KDWGR\RXNQRZDERXWWKHPLIDQ\WKLQJ"
:KRDUHWKHUHWDLOHUVRIFKRFRODWH"
$UHWKHVHWKHSURSHUQDPHVRIWKHUHWDLOHUV"
'R\RXWKLQNWKH\VHOORQO\FKRFRODWHLQWKHLUVKRSV"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W3URGXFWOLIHF\FOH
$VWKHDERYHILJXUHVKRZVSURGXFWOLIHF\FOHFRQVLVWVRIIRXUPDLQ
SKDVHV
DSURGXFW ODXQFKLQWURGXFWLRQ ZKLFK IROORZV WKH VXFFHVVIXO GH
YHORSPHQWRIDQHZSURGXFWDQGLWVQDWLRQDOODXQFK
ESURGXFWJURZWKSKDVHZKHUHWKHSURGXFWJDLQVPDUNHWDFFHS
WDQFHDQGVDOHVJURZUDSLGO\DVWKHSURGXFWUHDFKHVWKHPDVV
PDUNHW
FSURGXFW PDWXULW\VDWXUDWLRQ ZKHUH VDOHV DUH ODUJHO\ OLPLWHG WR
UHSHDWSXUFKDVHVE\H[LVWLQJFXVWRPHUV
GSURGXFW GHFOLQH ZKHUH VDOHV EHJLQ WR GHFOLQH DV FRQVXPHU
WDVWHVFKDQJHRUVXSHULRUSURGXFWVDUHODXQFKHG
0RVWFRPSDQLHVPDUNHWDQXPEHURIGLIIHUHQWSURGXFWVDQGPXVW
IRUPXODWHDSURGXFWUDQJHVWUDWHJ\SURYLGLQJIRUDUHJXODWHGSURFHVV
RI QHZ SURGXFW ODXQFKHV :KLOH ROGHU SURGXFWV OLNH $ LQ WKH ILJXUH
UHDFKPDWXULW\QHZSURGXFWVOLNH%DUHJURZLQJ
'R\RXNQRZWKHVHZRUGV"
ODXQFK 7HK(J"9 kwyxrzvkjéjtjétvr
UDSLGO\ ixzév
PDWXULW\ 7I1ZPFQ(N3P39 oénsvxzojkné¡nttvxz
SXUFKDVH 7ZL1("1O9 wvrywrj
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
WRGHFOLQH wjljzxvréjjzx¹
WRSURYLGHIRUVPWK wénlyxujzéqkjz·zvsqiv
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGV
F\FOH VDWXUDWLRQ LQWURGXFWLRQ
ILJXUH VWUDWHJ\ VXFFHVVIXOO
SKDVH VXSHULRU QDWLRQDO
SURGXFW LQIHULRU FXVWRPHU
:ULWHDQGWUDQVODWHWKHFRUUHVSRQGLQJYHUEV
ODXQFK LQWURGXFWLRQ PDWXULW\
SXUFKDVH GHYHORSPHQW PDUNHW
GHFOLQH H[LVWHQFH WUDGH
7UDQVODWHLQWR5XVVLDQ
WRJDLQPDUNHWDFFHSWDQFH DFWLYHPDUNHW
WRUHDFKWKHPDVVPDUNHW EODFNPDUNHW
WRPDUNHWSURGXFWV KRPHPDUNHW
+DYHDORRNDWWKHDERYHWH[WDQGWUDQVODWHLQWR(QJOLVK
vinxwn·qkjzénmysqéynupwév|nxx
kéjijzkjzxzéjznmqívéqntzqéy¹xtjkwyxrjnuyíwév
lyr|qí
qxwzkjz vwénlnsnttn vméjtq·ntq¹ qooj zvmv ·zv wv
rywrq lnsjízx¹ y n xsv qk¡qux¹ r zvuy uvuntzy rvtzqtmnt
zvuwvrywjznsnp
xsnlvkjzojyxwn¡tuxvoljtqnutvkvmvwévlyrzj
7UDQVODWHWKHODVWSDUDJUDSKRIWKHWH[W
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP*UHHQVKRSSHUVDUHJURZLQJ
LQQXPEHU
:KHQ3KLOLSVSURGXFHGLWVILUVWHFRIULHQGO\OLJKWEXOELWKDGKLJK
KRSHV IRU WKH SURGXFW ZKRVH WHFKQRORJ\ PHDQW LW XVHG SHU FHQW
OHVVHQHUJ\WKDQLQFDQGHVFHQWEXOEV6DOHVIDLOHGWRWDNHRIIKRZHYHU
XQWLOWKH&DOLIRUQLDQHQHUJ\FULVLVKLW
7KH FRPSDQ\ UHGHVLJQHG WKH SURGXFW ² ZLWK D VWDQGDUG VFUHZ
EDVHDQGDWUDGLWLRQDOJODVVEXOEVKDSHLQVWHDGRIXQRUWKRGR[ORRNLQJ
WXEHV,WFKDQJHGWKHQDPHIURP(DUWKOLJKWWR0DUDWKRQDQGSOD\HG
GRZQ WKH HQYLURQPHQWDOO\ IULHQGO\ DVSHFWV RI WKH EXOE VWUHVVLQJ LWV
ORQJHUOLIH6DOHVWRRNRIILPPHGLDWHO\
7KH VWRU\ VKHGV OLJKW RQ FRQVXPHU DWWLWXGHV WR HQYLURQPHQWDOO\
IULHQGO\SURGXFWV:KLOHJUHHQVKRSSHUVDUHJURZLQJLQQXPEHUWKH\
UHPDLQDQLFKHRI\RXQJHUDIIOXHQWEX\HUV0RVWDUHQRWSUHSDUHGWR
EX\JUHHQSURGXFWVXQOHVVWKH\DUHVXSHULRUDQGFKHDSHU&RQVXPHUV
DUH PRUH LQIOXHQFHG E\ WKH LPDJH WKH\ KDYH RI FRPSDQLHV WKDQ WKH
LQGLYLGXDOJRRGVWKH\EX\
$ 86 PDUNHW UHVHDUFK FRPSDQ\ IRXQG WKDW RQO\ SHU FHQW RI
SDUWLFLSDQWVKDGUHFHQWO\ERXJKWDSURGXFWEHFDXVHWKHODEHOFODLPHG
LWZDVHQYLURQPHQWDOO\VDIHRUELRGHJUDGDEOH
1RWH EXOE²sjuwv·rj
VFUHZ²kqtz
+DYHDORRNDWWKHLWHPDQGWUDQVODWHLQWR(QJOLVK
Ìi~nuwévlj tnyknsq·qsx¹
Ìi~nuwévlj xéjoyyknsq·qsx¹
èjoéjoqsx¹ëtnémnzq·nxrqpréqoqx
Çvuwjtq¹qountqsjlqojptëzvmvzvkjéj
Çvsq·nxzkv wvzéniqznsnp ërvsvmq·nxrq ·qxz} vkvnp q
{éyrzvkéjxznz
Ëj wvzéniqznsnp ivs¡n ksq¹nz tjquntvkjtqn rvuwjtqq
qomvzvkqzns¹
vztv¡ntqnwvzéniqzns¹rërvsvmq·nxrq·qxzuwévlyrzju
utvmv·qxsnttnwvrywjznsq
&KRRVHRQHSDUDJUDSKRIWKHLWHPZKLFK\RXILQGPRVWLP
SRUWDQWDQGWUDQVODWHLWLQWR(QJOLVK-XVWLI\\RXUFKRLFH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP5HFRUGLQGXVWU\WXUQVILUH
RQLQGLYLGXDOSLUDF\
7KH86UHFRUGLQJLQGXVWU\VWUXJJOLQJWRFRPEDWGHFOLQLQJPXVLF
VDOHVLVFRQVLGHULQJOHJDODFWLRQDJDLQVWLQGLYLGXDOVZKRLQWHQWLRQDOO\
DOORZPDVVFRS\LQJRIPXVLFIURPWKHLUFRPSXWHUV
8QWLO QRZ WKH 5HFRUGLQJ ,QGXVWU\ $VVRFLDWLRQ RI $PHULFD
5,$$ ZKLFK UHSUHVHQWV WKH FRPSDQLHV UHVSRQVLEOH IRU SHU FHQW
RIDOOVRXQGUHFRUGLQJVVROGLQWKH86KDVFRQFHQWUDWHGRQ
SHHUWR
SHHU
VHUYLFHV VXFK DV 1DSVWHU DQG $XGLRJDOD[\ WKDW DOORZ ILOH
VZDSSLQJ
%XWWKH5,$$LVQRZFDQYDVVLQJLWVPHPEHUVWRVHHLIWKHUHLVDQ
DSSHWLWH WR ILOH VXLWV DJDLQVW LQGLYLGXDOV ZKR RIIHU WKH ODUJHVW ERDUGV
RIVRQJVRQSHHUWRSHHUVHUYLFHV
$W WKH VDPH WLPH WKH 5,$$ LV FDPSDLJQLQJ IRU WKH 'HSDUWPHQW
RI -XVWLFH WR GR PRUH WR FUDFN GRZQ RQ WKRVH ZKR RIIHU ODUJH
DPRXQWV RI PXVLF RQ SRSXODU SHHUWRSHHU QHWZRUNV VXFK DV 0RU
SKHXVZKLFKKDYHILOOHGWKHYRLGOHIWE\WKHFORVXUHRI1DSVWHU
D 5HWHOOWKHLWHP
E $QVZHUWKHVHTXHVWLRQV
:KDW GR \RX NQRZ DERXW WKH FRPSDQLHV PHQWLRQHG LQ WKH
LWHP"
:KDWLVWKHLGHDRISHHUWRSHHUVHUYLFHV"
'RHV5XVVLDUHFRUGLQJLQGXVWU\IDFHSLUDF\SUREOHPV"
:KDWLVEHLQJGRQHWRFRPEDWWKHSUREOHP"
$UHGHFOLQLQJVDOHVDWWKHERWWRPRIWKHSUREOHP"
F /RRNWKURXJKWKHPDWHULDORIWKLVOHVVRQDQGZULWHDQHVVD\
:KDWHIIRUWVGRFRPSDQLHVPDNHWRFRPEDWGHFOLQLQJVDOHV"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
3HRSOH
DQGHFRQRP\
'LDORJXH $VWRFNEURNHU
$QQRWDWLRQ (FRQRPLFVDQG&XOWXUH
7H[WV 7KHHFRQRP\
(FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH
(FRQRPLFPDQ
1HZVSDSHULWHP (XUR]RQHHFRQRPLFJURZWKWRVORZLQ
VHFRQGKDOI
*UDPPDU5HYLVLRQ 7KH3DVW3HUIHFW7HQVH
0RGDOYHUEV
7KH3DVW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ 6XIIL[HVRIDGMHFWLYHV
'LDORJXH;VWRFNEURNHU
2QFHDWDQLQIRUPDOSDUW\WZRSRVWJUDGXDWHV$DQG%ZKRKDGQRW
PHW IRU UDWKHU D ORQJ WLPH ZHUH VSHDNLQJ DERXW WKHLU XQLYHUVLW\ PDWHV
DQGIULHQGV
$ )UHGLVUHPDUNDEOH7KHUHLVQ
WPXFKKHGRHVQ
WNQRZ
% ,WKLQNLW
VKLVQDWXUDOFXULRVLW\+HZDQWVWRNQRZHYHU\
WKLQJ +H GRHVQ
W MXVW VFUDWFK WKH VXUIDFH HLWKHU +H
UHDOO\JHWVWRWKHERWWRPRIWKLQJV
$ 'R\RXNQRZZKDWKHH[SODLQHGWRPHWRGD\"7KHLQV
DQGRXWVRIWKHVWRFNPDUNHW+HNQRZVDOODERXW:DOO
6WUHHW²DOOWKHVHVWRFNVVKDUHVVWRFNH[FKDQJHTXRWD
WLRQVDQGZKDWQRW
% ,VKHDVWRFNEURNHU"
$ ,I,
PQRWPLVWDNHQKHLV
% , KDYH WR FRQIHVV VRPHWKLQJ , GLGQ
W WKLQN PXFK RI
)UHGDWILUVW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$ ,XQGHUVWDQG+H
VYHU\TXLHW+HGRHVQ
WPDNHDJRRG
ILUVWLPSUHVVLRQ%XWKHJURZVRQ\RXDIWHUDZKLOH
% +H
V D IDU FU\ IURP KLV EURWKHU 3HWH WDONV DOO WKH WLPH
DQGGRHVQ
WVD\DQ\WKLQJHLWKHU
$ 7KHUHDUHWRRPDQ\3HWHVLQWKHZRUOG
% $QGQRWHQRXJK)UHGV
'R\RXNQRZWKHVHZRUGV"
VWRFNEURNHU 7ZOPKG<>NKQG19 {vtlvkpiévrné ·snt {vt
lvkvp iqé q ojtqujíqpx¹
vwnéj|q¹uqwvwvéy·ntqírsqnt
zvkqojrvuqxxqvttvnkvotjméj
lntqn
PDWH zvkjéqxvryéxtqr
FXULRVLW\ 7<GFQ1N3ZKO3P39 síivwzxzkv
WR VFUDWFK WKH vztvxqzx¹ r ·nuysqiv
VXUIDFH wvkné}tvxztv
ERWWRP ltvxyz
WRJHWWRWKH lvpzq lv xyzq kvwévxj
ERWWRPRI wvt¹z·zvr·nuy
WKLQJV
WKHLQVDQGRXWV kxnlnzjsqqwvlévitvxzq
VWRFNPDUNHW {vtlvkpétvr
VWRFNV jr|qvtnétprjwqzjs
VKDUHV jr|qq
H[FKDQJH 73GOZ"A3J 9 iqé j
DW WKH H[ tjiqé n
FKDQJH
VWRFNH[FKDQJH {vtlvkj¹iqé j
FRPPRGLW\ H[ zvkjétj¹iqé j
FKDQJH
TXRWDWLRQ 7GS1QZPA3J9 rvzqévkrj |nt ryéxj
xzjkrq
WRJURZRQVPE téjkqzx¹ kxn ivs¡n q
ivs¡n
D IDU FU\ IURP ivs¡j¹ éjotq|j x« ljsn
VPWKVPE rvtn«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ7KH3DVW3HUIHFW7HQVH
Ïzknélqznstj¹{véuj
,KDGUHDGLW :HKDGUHDGLW
<RXKDGUHDGLW
+HKDGUHDGLW 7KH\KDGUHDGLW
6KHKDGUHDGLW
Ævwévxqznstj¹{véuj
+DG\RXUHDGLW"
Ìzéq|jznstj¹{véuj
,KDGQRWUHDGLW
7UDQVODWHLQWR5XVVLDQ
7KHSULFHVKDGGHFUHDVHGE\WKDWWLPH
7KH\ GLG QRW LQFUHDVH VDOHV EHFDXVH WKH SURGXFWLRQ KDG GURSSHG
E\SHUFHQW
:HPDQDJHGWRPDLQWDLQWKHGHPDQGDVZHKDGVWXGLHGWKHPDU
NHWWKRURXJKO\
7KHUHYHQXHJUHZDVWKHH[SRUWVKDGLQFUHDVHGVLJQLILFDQWO\
,ZDQWHGWRUHDGWKLVMRXUQDO,KDGQHYHUUHDGDQ$PHULFDQMRXU
QDORUPDJD]LQH
,SODQQHGWRYLVLWWKLVWRZQODVW-XQH,KDGQHYHUEHHQWKHUHEHIRUH
7UDQVODWHLQWR(QJOLVK
êrxwvézëzq}zvkjévkkvoévxzjrrjrxwévxénorvyknsq·qsx¹
Ìwzvkqrq }vznsq yknsq·qz ojrywrq Æxn ojwjx r ëzvuy
kénuntqvtqy nwévljsq
Ê} évotq·tj¹ zvémvks¹ xvréjzqsjx qooj zvmv ·zv vtq oj
résqxjupivs¡vpujmjoqt
djwjxyunt¡qsqxzjrrjrkxnrvtzéjrzisqkwvstnt
Íén ln ·nu wnénkvlqz ivs¡yí xzjzí wv ërvtvuqrn vt
rywqstnxrvsrvtvk}xsvkjénpwvëzvpznujzqrn
8VHWKHULJKWYHUELQ3DVW3HUIHFW3DVVLYHDQGWUDQVODWHWKH
VHQWHQFHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KH\VROGWKLVFDUZKHQDOOWKHRWKHUFDUV«
:H GLVFXVVHG WKLV SUREOHP ZKHQ WKH SURGXFWLRQ WRVHWWOH
SUREOHP« WRRUJDQL]H
:HODXQFKHGWKHSURGXFWRQWKLVPDUNHWZKHQSURSHU WRH[SRUW
DGYHUWLVLQJ« WRVHOORXW
WRSUHSDUH
:HGLGQ
WNQRZZKDWWRGR1RERRNRQWKLVLVVXH«
WRSXEOLVK
,FRXOGQ
WEX\WKLVPDJD]LQHLW«
,KHOSHGKLPZLWKWKHGRFXPHQWV7KH\«E\WKDWWLPH
:RUNRQWKHZRUGV
zv nzjr n
WRR HLWKHU
kyzknélqznst}q kvzéq|jznst}
kvwévxqznst} wénlsv ntq¹}
wénlsv ntq¹}
8VHWRRRUHLWKHUDQGWUDQVODWHWKHVHVHQWHQFHV
,OLNHWKLVILOP«
,KDYHQ
WGRQHWKLVH[HUFLVH«
7KH\SURYLGHGIRUDUHJXODWHGSURFHVVRIQHZSURGXFWODXQFKHV«
6DOHVKDGEHJXQWRGHFOLQH«
6DOHVJUHZUDSLGO\DVWKHSURGXFWKDGUHDFKHGWKHPDVVPDUNHW«
0RVWFRQVXPHUVDUHQRWSUHSDUHGWREX\WKHVHJRRGV«
7KHODEHOGLGQRWVD\WKHSURGXFWZDVELRGHJUDGDEOH«
7UDQVODWHLQWR(QJOLVK
êzjmjonzjzv nwqxjsjvwévqokvlxzknwqéjzxrq}okyrvojwqxnp
Çvuwjtq¹ zjr n kwyxzqsj ivs¡vn rvsq·nxzkv rvuwjrz
lqxrvk
Ìtqzv nisqtnlvkvstrj·nxzkvuwvxzjksnttvmvzvkjéj
Îzv ntnxuvmsqxlnsjzëzvzwnénkvl
zv ntqrvmljtnikjsjkëzq}unxzj}
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
HQRXJK
HQRXJKWLPH FOHYHUHQRXJK
wnénlxynxzkq ZHOOHQRXJK
znstuq wvxsnwéqsjmjzns
t}qtjén·qp
7UDQVODWHLQWR5XVVLDQ
$YHUDJHGDLO\VDOHVZHUHQRWKLJKHQRXJK
7KHLQFUHDVHRISURGXFWLRQZDVQRWELJHQRXJKHLWKHU
7KHUHWDLOHUVGLGWKHLUEXVLQHVVLQWKHUHJLRQZHOOHQRXJK
:HKDGHQRXJKLQIRUPDWLRQRQWKLVUHVHDUFKZRUNRIWKHVFLHQWLVWV
7KHUHDUHHQRXJKUHDGHUVLQWHUHVWHGLQWKLVNLQGRIERRNV
7KHQHZVSDSHUKDGEHHQSRSXODUHQRXJKEHIRUHWKHEHJLQQLQJRI
WKLVFHQWXU\
7UDQVODWHLQWR(QJOLVK
Ìtqkévkt¹sq|ntlvxzjzv·tvixzév
djkvlqunslvxzjzv·tvojwjxvkxé¹qwvsy{jiéqrjzvk
bqjméjuujisjlvxzjzv·tv·nzrvpqwvt¹ztvp
Ê} xzéjznmq¹ wvknlntq¹ tj étrn isj lvxzjzv·tv vivxtv
kjtj
Çvuwjtq¹ qountqsj lqojpt xkvnmv tvkvmv wévlyrzj lvxzj
zv·tvixzév
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
VWRFNEURNHU jmntz wv vwnéj|q¹u x tnlkq quv
xzí
IRUHLJQH[FKDQJHEURNHU ujrsnétjlntn tvuétrn
JUDLQEURNHU jmntz wv wvrywrn q wévlj n qtv
xzéjttvpkjsíz
LQVXUDQFHEURNHU iévrné{vtlvkvpiqé q
PRQH\EURNHU iévrnéwvwévlj nqwvrywrnonétj
UHDOHVWDWHEURNHU ujrsnéwv{éj}zvkjtqíxylvk
VKLSSLQJEURNHU xzéj}vkvpujrsné
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHGLDORJXH
)UHGH[SODLQHGWRPHWKHRIWKHVWRFNPDUNHW
+HNQRZVDOODERXW:DOO6WUHHW²DOOWKHVHDQGZKDWQRW
,I,
PQRWPLVWDNHQKHLVD
+HLVUHPDUNDEOH7KHUHLVQ
WPXFK
+HMXVWGRHVQ
WVFUDWFK
+HZDQWVWRJHWWR
,WKLQNLW
VDOVRKLVQDWXUDO
5HDGWKHVHSKUDVHVSD\LQJDWWHQWLRQWRWKHVRXQG>U@
WKHUHLVQ
WPXFK WKHUHDUHWRRPDQ\ DIWHUDZKLOH
WKHUHLVQRZRUG WKHUHDUHDIHZ DIWHU$SULO
WKHUHLVDSUREOHP WKHUHDUHQRSHRSOH EHIRUH$SULO
WKHUHLVDJRRGLGHD WKHUHDUHQRWPDQ\SHRSOH EHIRUHH[DPV
5HDGWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
®
'R\RXNQRZZKDWKH VDLG" +RZKDGKHGRQH WKDW"
'R\RXNQRZKRZKHH[SODLQHGLW" :KRVSRNHEHIRUH$QQ"
,VKHDVWRFNEURNHUWRR" :KHQGLGWKHWZRVSHDN"
$UHWKHUHDQ\TXHVWLRQV" $ERXWZKDWGLGWKH\VSHDN"
5HSHDWZKDWFRPSOLPHQWVWKHWZRIULHQGVSDLGWR)UHG
D :ULWHRXWWKHVHQWHQFHVZKLFKWKHIULHQGVVDLGDERXW
)UHG
VZHDNSRLQWV
KLVEURWKHU
E (QDFWWKHGLDORJXHRIWKHWZRIULHQGV
F $QVZHUWKHVHTXHVWLRQV
'LG\RXOLNHWKHWDONRIWKHWZRIULHQGV"
'LGWKH\VRXQGOLNHWZRFKDWWHUER[HV"
:K\GR\RXWKLQNWKH\VSRNHVRORQJDERXW)UHG"
+DYH\RXPHWSHRSOHOLNHKLP"
'R \RX NQRZ DQ\ VWRFNEURNHUV RU SHRSOH ZRUNLQJ DW H[
FKDQJHVSHUVRQDOO\"
:KDWGR\RXWKLQNDERXWWKHLUZRUN"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRN(FRQRPLFVDQG&XOWXUH
'DYLG7KURVE\
0DFTXDULH8QLYHUVLW\6\GQH\
,Q DQ LQFUHDVLQJO\ JOREDOLVHG ZRUOG HFR
QRPLF DQG FXOWXUDO LPSHUDWLYHV FDQ EH VHHQ
DV WZR RI WKH PRVW SRZHUIXO IRUFHV VKDSLQJ
KXPDQ EHKDYLRXU 7KLV ERRN FRQVLGHUV WKH
UHODWLRQVKLS EHWZHHQ HFRQRPLFV DQG FXOWXUH
ERWKDVDUHDVRILQWHOOHFWXDOGLVFRXUVHDQGDV
V\VWHPVRIVRFLDORUJDQLVDWLRQ
$GRSWLQJDEURDGGHILQLWLRQRIFXOWXUHLW
H[SORUHVWKHHFRQRPLFGLPHQVLRQVRIFXOWXUH
DQG WKH FXOWXUDO FRQWH[W RI HFRQRPLFV 7KH
ERRNLVEXLOWRQDIRXQGDWLRQRIYDOXHWKHRU\
GHYHORSLQJWKHWZLQQRWLRQVRIHFRQRPLFDQG
FXOWXUDO YDOXH DV XQGHUO\LQJ SULQFLSOHV IRU LQWHJUDWLQJ WKH WZR ILHOGV
,GHDVRIFXOWXUDOFDSLWDODQGVXVWDLQDELOLW\DUHGLVFXVVHGHVSHFLDOO\DV
PHDQVRIDQDO\VLQJWKHSDUWLFXODUSUREOHPVRIFXOWXUDOKHULWDJHGUDZ
LQJ SDUDOOHOV ZLWK WKH WUHDWPHQW RI QDWXUDO FDSLWDO LQ HFRORJLFDO HFR
QRPLFV
7KH ERRN JRHV RQ WR GLVFXVV WKH HFRQRPLFV RI FUHDWLYLW\ LQ WKH
SURGXFWLRQ RI FXOWXUDO JRRGV DQG VHUYLFHV FXOWXUH LQ HFRQRPLF
GHYHORSPHQWWKHFXOWXUDOLQGXVWULHVDQGFXOWXUDOSROLF\
:KDWDSOHDVXUHWRUHDGDQHFRQRPLFDQDO\VLVRIFXOWXUHDQGFXO
WXUDO FULWLTXH RI HFRQRPLFV E\ D ZHOOWUDLQHG WKRURXJKO\ FXOWXUHG
HFRQRPLVW7KLVLVDERRNZHDOORXJKWWRUHDG
0DUN%ODXJ8QLYHUVLW\RI$PVWHUGDP
'R\RXNQRZWKHVHZRUGV"
EHKDYLRXU 7>3ZDA3RF19 wvknlntqn
GLVFRXUVH 7@3OZGK(O9 éjxxy lntqn snr|q¹
lvrsjlén·
GLPHQVLRQ 7@3ZIAJJ9 qounéntqn
WRVXVWDLQ 7O1ZOPA3J9 klné qkjz wvlrénw
s¹z
KHULWDJH 7ZDAN3P1 9 tjxsnlqn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ0RGDOYHUEV
FDQ uv·yunz 7KH ERRN FDQ EH ERXJKW LQ DQ\
VKRS
PD\ uv· qunz éjoén¡n 6KHPD\JRVKRSSLQJWRPRUURZ
tqnkvouv tvxz
PXVW izlvs tu ,PXVWKHOSKHU
VKDOO iz lvs tu yxzj 7KHVKRSSHUVVKDOOOHDYHSDUFHOV
tvksnttu LQWKHFHOOV
VKRXOG iz lvs tuénrv <RXVKRXOGZDLWIRUPHRXWVLGH
untlynuu
RXJKW iz lvs tu tj <RX RXJKW WR EX\ DQG UHDG WKLV
xzv¹znstv énrvunt ERRN
lynuu
5HDGDQGWUDQVODWHWKHVHQWHQFHV
7KHQHJRWLDWLRQVPD\VWDUWQH[WZHHNLQWKHFDSLWDORI6ZHGHQ
+H FDQ VSHDN D IHZ UDUH IRUHLJQ ODQJXDJHV EXW KH FDQ
W ZULWH LQ
WKHVHODQJXDJHV
:HVKRXOGEHYHU\FDUHIXOLQXVLQJLGLRPDWLFH[SUHVVLRQV
6KDOO,WUDQVODWHWKHWH[WQRZ"
0D\,FRPHLQ"
,PXVWZRUNDVKDUGDV,FDQ
7KHZHDWKHUPD\FKDQJHWRPRUURZ
7UDQVODWHWKHVHQWHQFHVXVLQJWKHYHUEPD\
Ævouv tv|ntwvkx¹zx¹nxsqnkéviylnzéjxzq
Ævouv tvxwévxtjëzqzvkjékvoéjxznzrrvt|ymvlj
Ëj iqé n uvmyz wévqovpzq xnénotn qountntq¹ iyrkjstv
ojkzéj
Çvzqévkrqëzq}jr|qpuvmyzzjr nqountqzx¹
êzvkvouv tvxrj nzx¹tj{vtlvk}étrj}kléymq}xzéjtj}
5HDGDQGFRPSOHWHWKHVHQWHQFHVWKHZD\\RXOLNH
<RXVKRXOGOHDUQWKHWHUPV« +HFDQVSHDN«
,RXJKWWRUHDG« 7KH\VKRXOGGLVFXVV«
,PXVWZRUN« 6KHRXJKWWRGR«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUGIRUPDWLRQ6XIIL[HVRIDGMHFWLYHV
FXOWXUHDO FXOWXUDO
HFRQRP\LF HFRQRPLF
SRZHUIXO SRZHUIXO
YDOXHDEOH YDOXDEOH
7UDQVODWH WKH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
UHPDUNDEOH YDULDEOH VXLWDEOH
FKDQJHDEOH SURILWDEOH FRXQWDEOH
H[FKDQJHDEOH PDUNHWDEOH IDVKLRQDEOH
XQGHUVWDQGDEOH UHDGDEOH FKDULWDEOH
)RUP DGMHFWLYHV ZLWK WKH KHOS RI WKH VXIIL[HV DQG WUDQVODWH
WKHDGMHFWLYHV
DO LYHWLYH HQWDQW
HQYLURQPHQW WRUHODWH WRGLIIHU
LQGXVWU\ WRFRPSUHKHQG WRREVHUYH
JRYHUQPHQW TXDOLW\ HVH
IRUP TXDQWLW\ &KLQD
QDWLRQ UHVXOW -DSDQ
+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
7UDQVODWHWKHVHZRUGFRPELQDWLRQVLQWR(QJOLVK
uqé k rvzvévu wév|nxx msvijsqoj|qq qlnz kxn xqstnn q
xqstnn
xjunuvtnxqs
wvknlntqn·nsvknrj
kojquvvztv¡ntq¹un lyërvtvuqrvpqryszyévp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
x{néjqtznssnrzyjstvmvu¡sntq¹
wéqt¹z¡qévrvnzvsrvkjtqnznéuqtj
wvt¹zqn|nttvxzq
7UDQVODWHWKHORQJHVWSDUDJUDSKLQWR5XVVLDQ
$QVZHUWKHTXHVWLRQV
'RHVWKLVERRNVHHPLQWHUHVWLQJWR\RX"
:KRSUDLVHGWKLVERRNKLJKO\"
:KDWGRWKHIROORZLQJWHUPVPHDQ"
N FXOWXUDOJRRGVDQGVHUYLFHV
N FXOWXUDOLQGXVWULHV
N FXOWXUDOSROLF\
7H[W7KHHFRQRP\
7KHZRUGVWKHHFRQRP\DUHZRUGVZHKHDURUUHDGDOPRVWHYHU\GD\
)RU H[DPSOH ZH PD\ EH WROG WKDW WKH ZRUOG HFRQRP\ LV
LQ WKH GRO
GUXPV
RUµWKH(XURSHDQHFRQRP\LVPDNLQJOLWWOHSURJUHVVRXWRIUHFHV
VLRQ¶ RU µWKH 8. HFRQRP\ LV EHJLQQLQJ WR UHFRYHU¶ RU µWKH 6FRWWLVK
HFRQRP\KDVKHOGXSUHODWLYHO\ZHOOGXULQJWKHUHFHQWUHFHVVLRQ¶
%XWZKDWLVPHDQWE\WKHHFRQRP\":KDWLVDQHFRQRP\":KDW
KDSSHQVLQRQH"+RZGRHVDQHFRQRP\ZRUN"
7KH HFRQRP\ LV D VRFLDO PHFKDQLVP ZKLFK DQVZHUV WKHVH WKUHH
TXHVWLRQV 7KH HFRQRP\ PHDQV D V\VWHP IRU WKH PDQDJHPHQW XVH
DQG FRQWURO RI WKH PRQH\ JRRGV DQG RWKHU UHVRXUFHV RI D FRXQWU\
FRPPXQLW\RUKRXVHKROG
'R\RXNQRZWKHVHZRUGV"
LQWKHGROGUXPV 7Z@KH@N1IV9 kywjlrnkxvxzv¹tqqojxzv¹
UHFHVVLRQ 7N3ZOAJ9 xwjl
WRUHFRYHU 7N3ZG6R19 v qks¹zx¹kolvéjksqkjz
WRKROGXSZHOO wvrjojz xni¹ x }vév¡np xzv
évtkxzv¹zxv}éjt¹zxkvq
wvoq|qq
FRQWURO 7G1JZPNKQH9 ywéjksntqn énmysqévkjtqn
rvtzévs
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ7KH3DVW&RQWLQXRXV7HQVH
Ïzknélqznstj¹{véuj
,ZDVUHDGLQJLW :HZHUHUHDGLQJLW
<RXZHUHUHDGLQJLW
+HZDVUHDGLQJLW 7KH\ZHUHUHDGLQJLW
6KHZDVUHDGLQJLW
Ævwévxqznstj¹{véuj
:HUH\RXUHDGLQJLW"
Ìzéq|jznstj¹{véuj
,ZDVQRWUHDGLQJDQ\WKLQJ
8VH WKH YHUEV LQ 3DVW &RQWLQXRXV DQG WUDQVODWH WKH VHQ
WHQFHV
,WRZULWHVRPHWKLQJZKHQKHFDPHLQ
:KLOHKHWRVWXG\WKHWDEOHWKHRWKHUVWXGHQWVWRGLVFXVVWKHJUDSK
:KDWKHWRGRZKHQ\RXUHWXUQHGKRPH"
:KDWUXOHVWKHWHDFKHUWRH[SODLQZKHQWKHEHOOUDQJ"
:KHQWKH\WREXLOGWKLVIDFWRU\WKH\IRXQGVRPHVWUDQJHUHOLFV
+H FDPH WR /RQGRQ LQ 0D\ $W WKDW WLPH KLV FROOHDJXHV WR GH
OLYHUOHFWXUHVLQ*ODVJRZ8QLYHUVLW\
0DQXIDFWXULQJ ILJXUHV WRLPSURYH DQG KDG VKRZQ WKH ILUVW SRVL
WLYHTXDUWHUO\ULVHVLQFHWKHHQGRI
7UDQVODWHLQWR(QJOLVK
Çvt{nént|q¹tj·jsjxlnrjié¹mvljÆëzvkénu¹vtq
ojrjt·qkjsqéjivzytjlv·ntkj tvpwévisnuvp
Ìtojivsnsrvmljnmvrvssnmqmvzvkqsqlvrsjlwvénoyszj
zjuqxxsnlvkjtqp
Æv kénu¹ nmv éjivz k ëzvp xzéjtn ivs¡qtxzkv xnrzvévk
ërvtvuqrqxzéjtisvtjwvl~nunWRHQMR\DZLGHVSUHDGERRP
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$UWLFOHV
5HDGWKHZRUGFRPELQDWLRQVSD\LQJDWWHQWLRQWRWKHDUWLFOHV
DQGXVHWKHPLQVHQWHQFHVRI\RXURZQ
WKH8.HFRQRP\ WREHRXWRIUHFHVVLRQ
WKH6FRWWLVKHFRQRP\ WREHLQWKHGROGUXPV
WKH(XURSHDQHFRQRP\ WR PDNH OLWWOH SURJUHVV RXW RI
WKHZRUOGHFRQRP\ UHFHVVLRQ
WKH5XVVLDQHFRQRP\ WRHQMR\DZLGHVSUHDGERRP
6WXG\VHQWHQFHSDWWHUQV
&RPELQH WZR VHQWHQFHV DV LQ WKH H[DPSOH DQG WUDQVODWH
WKHPLQWR5XVVLDQ
7KHHFRQRP\LVDVRFLDOPHFKDQLVP7KLVPHFKDQLVPDQVZHUVWKH
WKUHH TXHVWLRQV= 7KH HFRQRP\ LV D VRFLDO PHFKDQLVP DQVZHULQJ
WKHWKUHHTXHVWLRQV
7KHHFRQRP\LVDV\VWHP7KLVV\VWHPFRYHUVWKHPDQDJHPHQW
XVHDQGFRQWURORIYDULRXVUHVRXUFHV
7KHHFRQRP\PHDQVDV\VWHP7KHV\VWHPPDQDJHVDQGFRQWUROV
UHVRXUFHVRIDFRXQWU\FRPPXQLW\RUKRXVHKROGV
(FRQRPLF DQG FXOWXUDO LPSHUDWLYHV FDQ EH VHHQ DV WZR RI WKH
PRVWSRZHUIXOIRUFHV7KHVHIRUFHGVVKDSHKXPDQEHKDYLRXU
7KHHQWHUWDLQPHQWLQGXVWU\LVDYHU\ODUJHVHFWRU,WEHFRPHVRQH
RIWKHPRVWSURPLQHQWJOREDOO\DVZHOO
5HFRUG LQGXVWU\ WXUQV ILUH RQ LQGLYLGXDO SLUDF\ 7KLV SLUDF\
FDXVHVGHFOLQLQJPXVLFVDOHV
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 5HDGDQGWUDQVODWHWKHWLWOHVVSHDNLQJDERXW
WKHZRUOGHFRQRP\
WKH(XURSHDQHFRQRP\
WKH8.HFRQRP\
WKH6FRWWLVKHFRQRP\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E $QVZHUWKHVHTXHVWLRQV
:KDWLVPHDQWE\WKHHFRQRP\"
:KDWLVDQHFRQRP\"
:KDWKDSSHQVLQDQHFRQRP\"
+RZGRHVDQHFRQRP\ZRUN"
&RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHWH[W
7KHHFRQRP\LVDVRFLDOZKLFKDQVZHUVWKHVHWKUHHTXHVWLRQV
7KHHFRQRP\PHDQVDV\VWHPIRUWKHRIWKHPRQH\JRRGVDQG
RWKHUUHVRXUFHVRI
7UDQVODWHWKHGHILQLWLRQRIWKHWHUPWKHHFRQRP\JLYHQDWWKH
HQGRIWKHWH[W
1HZVSDSHULWHP(XUR]RQHHFRQRPLFJURZWK
WRVORZLQVHFRQGKDOI
(XUR]RQHHFRQRPLFJURZWKLVOLNHO\WRHDVHLQWKHVHFRQGKDOIRI
WKLV \HDU DIWHU D EHWWHU SHUIRUPDQFH LQ WKH ILUVW TXDUWHU WKDQ RIILFLDO
VWDWLVWLFV VXJJHVW DFFRUGLQJ WR D JURZWK LQGLFDWRU SURGXFHG IRU WKH
)LQDQFLDO7LPHV)7'HXWVFKODQGDQG/HV(FKRV
7KH LQGLFDWRU FRPSLOHG E\ D FRQVRUWLXP RI (XURSHDQ HFRQRPLF
UHVHDUFK LQVWLWXWHV HVWLPDWHV WKDW \HDURQ\HDU JURVV GRPHVWLF SURGXFW
*'3 JURZWK ZLOO EH SHU FHQW LQ WKH WKLUG TXDUWHU DQG SHU
FHQWLQWKHIRXUWK
2YHUDOODQQXDOJURZWKWKLV\HDULVOLNHO\WREHDERXWSHUFHQW
DWWKHXSSHUHQGRIWKH(XURSHDQ&HQWUDO%DQN
VIRUHFDVWV
7KH PDLQ VXUSULVH LQ WKH FRQVRUWLXP
V UHSRUW FDPH IURP LWV HVWL
PDWH RI *'3 JURZWK LQ WKH ILUVW TXDUWHU RI WKLV \HDU $FFRUGLQJ WR
(XURVWDW WKH (XURSHDQ 8QLRQ
V VWDWLVWLFDO DJHQF\ WKH QDWLRQ HX
UR]RQHJUHZDWDTXDUWHURQTXDUWHUUDWHRISHUFHQWIURP-DQXDU\
WR0DUFK%XWDFFRUGLQJWRWKHFRQVRUWLXP
VLQGLFDWRUJURZWKLQWKLV
SHULRGZDVVXEVWDQWLDOO\VWURQJHU
6HDVRQDOO\DGMXVWHGXQHPSOR\PHQWLQWKHHXUR]RQHURVHWRSHU
FHQWLQ-XQHIURPSHUFHQWLQ0D\(XURVWDWVDLG\HVWHUGD\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WRVXJJHVW 7O1Z AOP9 wénlsjmjz
mvkvéqzvvotj·jz
DFFRUGLQJWR xvmsjxtvkxvvzknzxzkqqx
wvxsvkjuwvutntqí
wvxvvintqí
WRHVWLPDWH 7ZAOP3IA3P9 v|ntqkjzljkjzv|ntry
WRIRUHFDVW 7ZBK(G=(OP9 wévmtvoqévkjz
UDWH éjounéznuwwév|ntzxzjkrj
DWDUDWHRI kéjounénwvwvxzjkrn
VXEVWDQWLDOO\ 7O1>ZOP'JH39 otj·qznstv
VHDVRQDOO\DG xy·nzvuxnovtt}rvsnijtqp
MXVWHG
:RUNRQWKHZRUGV
7UDQVODWH WKH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
RIILFLDO XSSHU VXEVWDQWLDO
ILQDQFLDO (XURSHDQ VHDVRQDO
DQQXDO $VLDQ VWDWLVWLFDO
5HDG DQG WUDQVODWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH
YHUEQRXQHVWLPDWH
7KH LQVWLWXWH HVWLPDWHV WKDW WKH *'3 JURZWK ZLOO EH SHU FHQW
RQHSRLQWHLJKWSHUFHQW
([SHUWVZHUHVXUSULVHGE\WKHHVWLPDWHRI*'3JURZWKLQWKHILUVW
TXDUWHU
7KHILUPHVWLPDWHGWKHFRVWRIWKHZRUNDWRQHKXQGUHG
DQGHLJKW\WKRXVDQGGROODUV
:HHVWLPDWHWKDWLWZRXOGWDNHWKUHHPRQWKVWRILQLVKWKHZRUN
7KHFRQWUDFWRUVFRXOGQRWJLYHDURXJKHVWLPDWHRIWKHFRVW
7KHEXLOGHUVGLGQRWH[FHHGWKHLUHVWLPDWH
7KH\HVWLPDWHKLVLQFRPHDWDERXW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPELQH WZR VHQWHQFHV XVLQJ WKH ZRUGV DFFRUGLQJ WR DV LQ
WKHH[DPSOHDQGWUDQVODWHWKHVHQWHQFHV
*URZWK LQ WKLV SHULRG ZDV VXEVWDQWLDOO\ VWURQJHU 7KH FRQVRU
WLXP
VLQGLFDWRUVKRZHGLW
*URZWKLQWKLVSHULRGZDVVXEVWDQWLDOO\VWURQJHUDFFRUGLQJWRWKH
FRQVRUWLXP
VLQGLFDWRU
7KH (XUR]RQH HFRQRP\ KDV JURZQ WKLV \HDU 7KH JURZWK
LQGLFDWRUVKRZHGLW
*'3JURZWKZLOOEHSHUFHQW7KH)LQDQFLDO7LPHVVDLGVR
2YHUDOO DQQXDO JURZWK ZLOO EH DERXW SHU FHQW 7KH (XUR
SHDQ&HQWUDO%DQNDXWKRULWLHVVWDWHGWKDW
7KH(XUR]RQHJUHZDWDUDWHRISHUFHQWIURP-DQXDU\WR
0DUFK(XURVWDWGHFODUHGWKDW
8QHPSOR\PHQW URVH WR SHU FHQW LQ -XQH (XURVWDW SXE
OLVKHGWKLVILJXUH
7KHQXPEHURISHRSOHRXWRIZRUNLQWKH8.LVP7KH
UHFHQWUHSRUWRI'HSDUWPHQWRI(PSOR\PHQWVWDWHGWKDW
7UDQVODWHLQWR(QJOLVK
Çjr xvvijnz uqtqxznéxzkv zéylj q ojt¹zvxzq rvsq·nxzkv
inoéjivzt}kjkmyxznyknsq·qsvxtj
Ív xvvintq¹u ckévwnpxrvmv xzjzqxzq·nxrvmv jmntzxzkj
évxzÆËÍckévovtkwév¡svurkjézjsnxvxzjkqs
Çjr oj¹kqs éyrvkvlqzns jmntzxzkj wv xéjktntqí x wénl
lyqurkjézjsvuwvrjojznsqtnqountqsqx
Çjr xvvijsvx k lvrsjln véqntzqévkv·tj¹ xyuuj wévnrzj
xvxzjks¹nzustlvssjévk
6WXG\VHQWHQFHSDWWHUQV
7UDQVODWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH VHQWHQFH
SDWWHUQ
7KHJURZWKLVOLNHO\WRHDVH
Ænév¹ztvévxztnxrvsrvyunt¡qzx¹
7KHHFRQRPLFJURZWKLVOLNHO\WRVORZGRZQ
7KHDQQXDOJURZWKLVOLNHO\WREHDERXWSHUFHQW
7KHHFRQRP\LVOLNHO\WRUHFRYHUVRRQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$FFRUGLQJ WR WKH QHZVSDSHU DQRWKHU FULVLV LV OLNHO\ WR KLW WKH
FRPPXQLW\
7KH\DUHOLNHO\WRVWDUWSURGXFLQJDQHZPRGHOQH[WTXDUWHU
6DOHV DUH OLNHO\ WR JURZ VXEVWDQWLDOO\ DFFRUGLQJ WR WKH LQGXVWU\
VSRNHVPDQ
+HLVOLNHO\WRFRPHYHU\VRRQ
Ænév¹ztvvtqvwyisqryízëzqxzjzqxzq·nxrqnljttnkxsn
lyínutvunén yétjsj
Ænév¹ztvmvlvkvpvz·nziylnzy·qzkjzxnovttnwvwéjkrq
Ænév¹ztv wéjkqznsxzkv wénlsv qz tvkn uné ls¹ xvréj
ntq¹inoéjivzq|
:ULWH WKHVH WLWOHV DV IXOO VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH
IDFWWKDWDUWLFOHVSUHSRVLWLRQVSDUWVRISUHGLFDWHVDQGRWKHU
DX[LOLDU\ZRUGVDUHRIWHQPLVVLQJLQWLWOHV
(XUR]RQH HFRQRPLF JURZWK WR VORZ LQ VHFRQG KDOI 7KH
(XUR]RQH HFRQRPLF JURZWK LV OLNHO\ WR VORZ GRZQ LQ WKH
VHFRQGKDOIRIWKH\HDU
5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLGXDOSLUDF\
*UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
6ZHGLVKHFRQRP\IORXULVKHV
6WURQJJURZWKLQVLJKWDW5HHG
-REVDQGSULFHVGDWDFKHHU86
3UHVVXUHRQ)LDWFKLHIDVMREVJR
9ROYRUHSRUWVHDUQLQJVXS
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
:KDWLV(XURVWDW"
+RZPDQ\FRXQWULHVPDGHWKH(XUR]RQHDWWKDWWLPH"
:KDWQHZVSDSHUVSURGXFHGWKHJURZWKLQGLFDWRUPHQWLRQHGLQ
WKHLWHP"
+RZPDQ\LQGLFDWRUVGLGWKHLWHPFRPSDUH"
:KDWZHUHWKHXQHPSOR\PHQWILJXUHVIRUWKH(XUR]RQH"
,QKRZPDQ\VHQWHQFHVZRXOG\RXVXPXSWKHLQIRUPDWLRQ"
E 6XPLWXS
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W(FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH
7KHEXVLQHVVF\FOHVKRZVIOXFWXDWLRQVLQWKHOHYHORIHFRQRPLFDF
WLYLW\DOWHUQDWLQJEHWZHHQSHULRGRIGHSUHVVLRQDQGERRPFRQGLWLRQV
7KHEXVLQHVVF\FOHLVFKDUDFWHULVHGE\IRXUSKDVHV
DGHSUHVVLRQ D SHULRG RI UDSLGO\ IDOOLQJ DJJUHJDWH GHPDQG DF
FRPSDQLHGE\YHU\ORZOHYHOVRIRXWSXWDQGKHDY\XQHPSOR\
PHQW
EUHFRYHU\DQXSWXUQLQDJJUHJDWHGHPDQGDFFRPSDQLHGE\ULV
LQJRXWSXWDQGDUHGXFWLRQLQXQHPSOR\PHQW
FERRPDJJUHJDWHGHPDQGUHDFKHVDQGWKHQH[FHHGVVXEVWDQWLDO
RXWSXW OHYHOV DV WKH SHDN RI WKH F\FOH DQG IXOO HPSOR\PHQW
DUHUHDFKHG
GUHFHVVLRQWKHERRPFRPHVWRDQHQGDQGLVIROORZHGE\UH
FHVVLRQ $JJUHJDWH GHPDQG IDOOV EULQJLQJ ZLWK LWIDOOVLQRXW
SXWDQGHPSOR\PHQW
'R\RXNQRZWKHVHZRUGV"
IOXFWXDWLRQ 7<BH6GPFQZA3J9 rvsnijtqn
OHYHO 7HARH9 yévknt
DJJUHJDWH 7Z'2N32A3P9 xvkvrywtp xyuujé
tp
LQWKHDJJUHJDWH kxvkvrywtvxzq
WRH[FHHG 73GZO3(@9 wénk¡jz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
8VH WKH YHUEV LQ 3UHVHQW ,QGHILQLWH $FWLYH RU 3DVVLYH DQG
WUDQVODWHWKHVHQWHQFHV
7KHGLDJUDPWRVKRZIOXFWXDWLRQVLQWKHOHYHORIHFRQRPLFDFWLYLW\
7KHEXVLQHVVF\FOHWRDOWHUQDWHEHWZHHQGHSUHVVLRQDQGERRP
,WWRFKDUDFWULVHE\IRXUVWDJHV
'HSUHVVLRQXVXDOO\WRDFFRPSDQ\E\ORZRXWSXWDQGXQHPSOR\PHQW
,QERRPFRQGLWLRQVDJJUHJDWHGHPDQGWRH[FHHGVXEVWDQWLDORXW
SXWOHYHO
'XULQJWKLVSHULRGIXOOHPSOR\PHQWWRUHDFK
7UDQVODWHLQWR(QJOLVK
èvxz xyuujétvmv xwévxj xvwévkv ljnzx¹ yknsq·ntqnu vi~n
ujwévqokvlxzkj
Ì qksntqn ërvtvuqrq xvwévkv ljnzx¹ xvréjntqnu inoéj
ivzq|
Íéqxwjlnlnsvkvpjrzqktvxzqévxzërvtvuqrqwénréjjnzx¹
djwvl~nuvuërvtvuq·nxrvpjrzqktvxzqxsnlynzxwjl
fvkvrywtpxwévxwjljnz
:RUNRQWKHZRUGV
0DNHDIHZVHQWHQFHVRI\RXURZQXVLQJWKHIROORZLQJZRUG
FRPELQDWLRQV
LQWKHDJJUHJDWH LQJHQHUDO
LQWKHRULJLQDO LQPDQ\FDVHV
LQWKHVLQJXODU LQWKLVSDUWLFXODUFDVH
LQWKHSOXUDO LQDQ\FDVH
0DWFKDQGWUDQVODWHWKHDQWRQ\PV
GHSUHVVLRQ UHFRYHU\
UHFHVVLRQ ERRP
DJJUHJDWH ULVH
XSWXUQ LQGLYLGXDO
ORZ SDUWLDO
KHDY\ IDOOLQJ
ULVLQJ LQFUHDVH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
UHGXFWLRQ GRZQWXUQ
IXOO KLJK
IDOO OLJKWVRPH
UHFRYHU\ UHFHVVLRQ
7H[WWRWUDQVODWH(FRQRPLFPDQ
7KHUH LV DQ DVVXPSWLRQ LQ HFRQRPLF WKHRU\ WKDW LQGLYLGXDOV DFW
UDWLRQDOO\LQVSHFLI\LQJWKHLUREMHFWLYHVDQGWKHQWDNHGHFLVLRQVZKLFK
DUHFRQVLVWHQWZLWKWKRVHREMHFWLYHV7KXVWKHEXVLQHVVPDQZLOOVHWD
JRDO RI SURILW PD[LPL]DWLRQ DQG ZLOO DGMXVW KLV RXWSXW DQG SULFH WR
DFKLHYH KLV JRDO 7KH FRQVXPHU ZLOO WU\ WR PD[LPL]H KLV XWLOLW\ RU
VDWLVIDFWLRQDQGZLOOGHWHUPLQHKLVSXUFKDVHVLQWKHOLJKWRIKLVWDVWHV
IRUSURGXFWVDQGWKHUHODWLYHSULFHVRIWKRVHSURGXFWV+HUHLVDQLO
OXVWUDWLRQRIUDWLRQDOFRQVXPHUFKRLFH
7KH JUDSK GHPRQVWUDWHV ZK\ D FRQVXPHU
V LQGLIIHUHQFH FXUYHV
FDQQRWFURVV,QGLIIHUHQFHFXUYHV,,DQG,,VKRZDFRQVXPHU
VSUHI
HUHQFHEHWZHHQWZRSURGXFWV;DQG<
3RLQW$RQLQGLIIHUHQFHFXUYH,,UHSUHVHQWVDKLJKHUOHYHORIVDWLV
IDFWLRQWRWKHFRQVXPHUWKDQSRLQW%RQLQGLIIHUHQFHFXUYH,,EH
FDXVHSRLQW$UHSUHVHQWVPRUHRIERWKSURGXFWVWKDQSRLQW%
<HWSRLQW&OLHVRQERWKFXUYHV7KLVVXJJHVWVWKDWWKHFRQVXPHUZLOO
SUHIHUWKHFRPELQDWLRQRIJRRGVLQGLFDWHGE\SRLQW$WRWKHFRPELQDWLRQ
UHSUHVHQWHGE\SRLQW%DQGZLOOUHJDUGWKHPDVHTXDODWSRLQW&
,IWKHFRQVXPHULVUDWLRQDOVXFKDQLQFRQVLVWHQWVHWRISUHIHUHQFHV
ZRXOGQRWDULVHWKXVLQGLIIHUHQFHFXUYHVGRQRWLQWHUVHFW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
0DUNHWV
DQGSURGXFWLRQ
'LDORJXH 6HOOLQJFDUV
1HZVSDSHULWHPV 7R\RWDSURILWVERRVWHGE\ZHDN\HQDQG
VWURQJVDOHV
,QWKHLQGXVWU\ELRVSKHUHRQO\WKH
VWURQJHVWVXUYLYH
+ 0PDUNHWFRQGLWLRQVLPSURYLQJ
7H[W 0DUNHWVFKHPD
$QQRWDWLRQ )URP6LOLFRQ9DOOH\WR6LQJDSRUH
*UDPPDU 3DUWLFLSOH,
7KH5XOHVRIWKH6HTXHQFHRI7HQVHV
$WWULEXWHV
:RUGIRUPDWLRQ 3UHIL[HVRIDGMHFWLYHV
'LDORJXH6HOOLQJFDUV
$Q(QJOLVK\RXQJODG\/KDVFRPHWRWKHSUHPLVHVRIDFDUGHDOHU
7KHVDOHVPDQ6LVFRPLQJXSWRWKHODG\
6 $UH\RXLQWHUHVWHGLQD3HXJHRW"
/ 2K\HV0\KXVEDQGVD\V,FRXOGEX\DFDUIRUP\RZQXVH,
WKLQN,OLNH3HXJHRWV0\IULHQGKDVERXJKWRQHUHFHQWO\DQG
VKHVLPSO\DGRUHVLW
6 :HKDYHDIDQWDVWLFGHDOIRU\RXRQWKH3HXJHRWUDQJH
/ 0D\,VHHRQH"
6 )ROORZPHSOHDVH«+HUHLWLV,WZDVGHOLYHUHGRQO\WKHGD\
EHIRUH\HVWHUGD\
/ 2K,OLNHLW,UHPHPEHUP\KXVEDQGPHQWLRQLQJWKHV
6 :KHQ\RXEX\D3HXJHRWIURPXVQRWRQO\ZLOO\RXJHW D
JUHDWSULFHIRU\RXUROGFDUEXW ²ZRXOG\RXEHOLHYHLW²ZH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
SUHPLVHV 7ZLNAI3O3V9 wvunntqnwvunn
tq¹xwéqsnmjíquq
y·jxzrjuqonusq
GHDO xlnsrjxvmsj¡ntqn
UDQJH x{néjvisjxzju
wsqzyljlqjwjovt
WRFUHGLWDQDPRXQW wnénknxzqxyuuyrv
WRVPEWRVPE
VDF uysqivtj·np
FRXQW sqivx·nz
GHSUHFLDWLRQ 7@3<LN3(3ZA3J9 xtq ntqnxzvquvxzq
xrqlrjtjqotvx
juvézqoj|q¹qotj
¡qkjtqn
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGV
WRGHDO²GHDO²WRPDNHDGHDO²GHDOHU²UHWDLOGHDOHU²
ZKROHVDOHGHDOHU²GHDOLQJ²GHDOLQJV²GHDOLQJURRP²GHDOLQJ
RSHUDWLRQV
5HDG DQG WUDQVODWH WKH ZRUGV VD\ KRZ WKH QRXQV DUH
IRUPHG
WRFUHGLW²FUHGLW WRGHSUHFLDWH²GHSUHFLDWLRQ
WRJXDUDQWHH²JXDUDQWHH WRDGRUH²DGRUDWLRQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
WRH[FKDQJH²H[FKDQJH WRVHOO²VDOH
WRLQWHUHVW²LQWHUHVW WRWKLQN²WKRXJKW
WRXVH>]@²XVH>V@ WREHOLHYH²EHOLHI
WRPHQWLRQ²PHQWLRQ WRVSHDN²VSHHFK
6D\ZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUH
:HKDYHDIDQWDVWLFGHDOIRU\RX
0RVWSUREDEO\WKH\GHDOLQQHZDQGVHFRQGKDQGFDUV
7KH\JXDUDQWHHWRH[FKDQJHWKHFDUZLWKLQPRQWKV
,GRQ
WNQRZZKDWJXDUDQWHHLVXVXDOO\JUDQWHGLQVLPLODUFDVHV
7KHVDOHVPDQVD\VWKH\FUHGLWWKHRULJLQDOSULFHSDLGLIWKHFDULV
H[FKDQJHG
7KHVDOHVPDQPHQWLRQVWKHWHUPVRIH[FKDQJH
5HYLVH*UDPPDU
&KDQJHWKHVHVHQWHQFHVWRPDNHWKHPVKRUWHURPLWWLQJ
WKHFRQMXQFWLRQZKLFKDVLQWKHH[DPSOH
:HVKDOOFUHGLWWKHRULJLQDOSULFHZKLFK\RXSDLG=
:HVKDOOFUHGLWWKHRULJLQDOSULFH\RXSDLG
+HVKRZHGWKHODG\WKHFDUZKLFKWKH\KDGUHFHLYHGWKHGD\EHIRUH
+H UHFRPPHQGHG KHU EX\LQJ D 3HXJHRW ZKLFK WKH\ FRXOG H[
FKDQJHZLWKLQPRQWKV
7KHODG\KDGDQROGFDUZKLFKVKHFRXOGVHOO
3HXJHRWZDVWKHPDNHZKLFKWKHODG\DGRUHG
,WZDVWKH3HXJHRWUDQJHZKLFKKHUKXVEDQGKDGPHQWLRQHG
DVIDUDVWKHODG\UHPHPEHUHG
7UDQVODWHLQWR5XVVLDQSD\LQJDWWHQWLRQWRWKH5XOHVRIWKH
6HTXHQFHRI7HQVHV
$V VRRQ DV WKH VDOHVPDQ FDPH XS WR KHU VKH VDLG VKH ZDV LQWHU
HVWHGLQD3HXJHRW
6KH VDLG KHU IULHQG KDG ERXJKW D 3HXJHRW VRPH WLPH EHIRUH DQG
DGRUHGLW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHQVKHVDLGKHUKXVEDQGUHFRPPHQGHGKHUEX\LQJD3HXJHRW
7RP\PLQGWKHODG\SUDFWLFDOO\VDLGVKHZRXOGEX\D3HXJHRW
6KHDOVRDGGHGVKHZRXOGWHOHSKRQHLIVKHKDGVRPHTXHVWLRQV
*UDPPDU5HYLVLRQ7KH5XOHVRIWKH6HTXHQFH
RI7HQVHV
'LUHFW6SHHFK ,QGLUHFW6SHHFK
wé¹uj¹én· rvxknttj¹én·
,DPDVWXGHQWKHVDLG +HVDLGKHZDVDVWXGHQW
, KDYH SDVVHG DOO WKH H[DPV KH +H VDLG KH KDG SDVVHG DOO WKH
VDLG H[DPV
,¶OOEHDQHFRQRPLVWKHDGGHG +H DGGHG KH ZRXOG EH DQ
HFRQRPLVW
:LOO\RXEHDQHFRQRPLVWWRR"KH +H DVNHG LI , ZRXOG EH DQ
DVNHG HFRQRPLVWWRR
:KHQ ZLOO \RX JUDGXDWH IURP WKH 7KHQKHLQTXLUHGZKHQ,ZRXOG
8QLYHUVLW\"KHLQTXLUHG JUDGXDWHIURPWKH8QLYHUVLW\
cxsqkmsjktvuwénlsv ntqqmsjmvsywvzénis¹nzx¹kwév¡nl
¡nukénuntqVDLGDVNHGZRQGHUHGDQVZHUHGUHSOLHGFRQILUPHG
GHQLHG « zv k lvwvstqznstvu wéqljzv·tvu wénlsv ntqq
vzkn·jínu tj kvwévx ©·zv"ª msjmvs zjr n ywvzénis¹nzx¹ k
vltvuqowév¡nl¡q}kénunt
7UDQVODWHLQWR(QJOLVK
Íénwvljkjznsxwévxqsmvzvksqurërojuntywvërvtv
uq·nxrvpznvéqq
Întnl néxrjojs·zvxrqlrjtjqotvxxvxzjks¹nz
Ìtqtnotjsqrjrvkislqjwjovt|nt
jonz xvvijsq ·zv tjrjtytn is wvlwqxjt nn vlqt
rvtzéjrzxëzvprvuwjtqnp
Æxzjznisvxrjojtv·zvkxk¹oqxëzquqxvizq¹uqxzéj
tniylnzwénlvxzjksntlvwvstqznstprénlqz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPSOHWHWKHVHVHQWHQFHV
7KHQHZVSDSHUVDLGWKHUDWHRIXQHPSOR\PHQW«
7KHDXWKRUHPSKDVL]HGWKDWRIILFLDOILJXUHVRI«
:HNQHZWKDWWKHVWRFNPDUNHW«
7KHJUDSKVKRZHGWKDWZKROHVDOHVKDG«
0HGLDH[SHUWVEHOLHYHGWKDWHOHFWURQLFV«
2QHRIWKHVWXGHQWVH[SODLQHGWKDW«
+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQGV>V@DQG
>]@
P\KXVEDQGVD\VVR IROORZPHSOHDVH
IRUP\RZQXVH KHUHLWLV
P\IULHQGKDVERXJKWRQH LWZDVGHOLYHUHG\HVWHUGD\
UHFHQWO\ LWZDVVROG\HVWHUGD\
VKHVLPSO\DGRUHVLW \RXJHWDJUHDWSULFH
5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
®
$UH\RXLQWHUHVWHGLQD3HX JHRW" :KDW
VWKHSKRQH QXPEHU"
®
0D\,VHH RQH" :KDWGR\RX WKLQNRILW"
&RXOG,WHOHSKRQH\RXLI,KDYHVRPH ®
:KHUHPD\, VHHLW"
®
TXHVWLRQV" +RZ PXFKLVLW"
®
$QGQRGHSUHFL DWLRQ" :KDWDUHWKHJXDUDQ WHHV"
D )LQGWKH(QJOLVKHTXLYDOHQWVLQWKHGLDORJXH
²lvs tjiyly·zvzvojwsjzqzwéqkvokéjznjkzvuviqs¹"
²Ënzwsjzqztq·nmvtnty tv
E 5HSHDWDOOWKHVHQWHQFHV
ZKLFKWKHODG\VDLG
ZKLFKWKHVDOHVPDQVDLG
F (QDFWWKHGLDORJXH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP7R\RWDSURILWVERRVWHGE\
ZHDN\HQDQGVWURQJVDOHV
7R\RWD0RWRUWKHZRUOG
VWKLUGODUJHVWFDUPDNHU\HVWHUGD\UHSRUWHG
WKDW LWV ILUVWTXDUWHU RSHUDWLQJ SURILWV LQFUHDVHG E\ PRUH WKDQ D WKLUG
ERRVWHGE\DZHDN\HQDQGVWURQJVDOHVRIOX[XU\YHKLFOHVLQWKH86
7KH ILUVW TXDUWHUO\ UHVXOWV LQ WKH FRPSDQ\
V \HDU KLVWRU\
VKRZHG D SHU FHQW LQFUHDVH LQ RSHUDWLQJ SURILWV WR <EQ
EQGXULQJWKHWKUHHPRQWKVWRWKHHQGRI-XQH
7KHGHFLVLRQWRPRYHWRTXDUWHUO\UHSRUWVV\VWHPUHIOHFWV7R\RWD
VGHVLUH
WR EULQJ LWV DFFRXQWLQJ LQ OLQH ZLWK 86 FRUSRUDWH SUDFWLFH FRPPHQVXUDWH
ZLWKLWVVWDWXVDVDIXOO\JOREDOLVHG-DSDQHVHLQGXVWULDOFRPSDQ\
7KH VWURQJ ILUVW TXDUWHU SHUIRUPDQFH ZDV DWWULEXWHG WR WKH
FRPELQHG HIIHFWV RI KHDOWK\ 86 VDOHV RI OX[XU\ PRGHOV VXFK DV LWV
/H[XV VDORRQ WKH EHQHILWV RI D VRIW \HQ DQG WKH FRPSDQ\
V FRVW
FXWWLQJSURJUDPPH
7R\RWD VDLG LWV PDUNHW VKDUH LQ -DSDQ IRU WKH ILUVW TXDUWHU ZDV
SHU FHQW H[FOXGLQJ PLQLYHKLFOHV D GHFUHDVH LQ WHUPV RI XQLW
VDOHVRIXQLWV
7KH FRPSDQ\
V GHFOLQLQJ SRSXODULW\ LQ WKH IDFH RI VWLII
FRPSHWLWLRQ LQ -DSDQ LV RQH RI WKH PDLQ FKDOOHQJHV LW IDFHV LQ WKH
FRPLQJPRQWKV
2YHUVHDVVDOHVLQFUHDVHGSHUFHQWWRPXQLWVPRVWRIWKHP
LQWKH86(XURSHDQVDOHVURVHE\XQLWV
7RWDO VDOHV IRU WKH SHULRG ZHUH P YHKLFOHV DQ LQFUHDVH RI
SHUFHQWFRPSDUHGZLWKHVWLPDWHVIRUWKHVDPHSHULRGODVW\HDU
'R\RXNQRZWKHVHZRUGV"
WRERRVW wvltqujzwvk¡jz
RSHUDWLQJSURILW wéqisvzwévqokvlxz
knttvpln¹znstvxzq
YHKLFOH wnénkvov·tvnxénlxzkv
jkzvuviqskjmvtwv
kvorjqzl
FRPPHQVXUDWH 7G1ZIAJ1N1P9 xvvzknzxzknttpxv
éjounénttp
WRH[FOXGH 73GZOGHQ(@9 qxrsí·jz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
VWLII xqstprénwrqpyx
zvp·qkp
FKDOOHQJH kovkxsv tj¹ojlj·j
wévisnuj
*UDPPDU3DUWLFLSOH,
Æjtmsqpxrvu¹ornlkjkqljwéq·jxzqpwéq·jxzqntjxzv¹nmv
kénuntq3DUWLFLSOH,qwéq·jxzqnwév¡nl¡nmvkénuntq3DUWLFLSOH,,
3DUWLFLSOH ,viéjoynzx¹xwvuvívrvt·jtq¹LQJlvijks¹n
uvmvrqt{qtqzqkyino·jxzq|WR
WRRSHUDWH²RSHUDWLQJ
WREHJLQ²EHJLQQLQJ
WRFRS\²FRS\LQJ
Æ wénlsv ntqq 3DUWLFLSOH , uv nz kwvst¹z xsnlyíqn
{ytr|qq
N ·jxzqxrjoynuvmv
7KHSULFHVDUHLQFUHDVLQJ
N vwénlnsntq¹
7KH\VSRNHDERXWLQFUHDVLQJSULFHV
N vixzv¹znsxzkjkénuntq·jxzvxxvíojuqZKHQZKLOH
7KH\ GLYHUVLILHG WKH SURGXFWLRQ LQFUHDVLQJ WKH SULFHV IRU
PDQ\SURGXFWV
7KHFRPSDQ\PDGHDIHZFRQWUDFWVZKHQYLVLWLQJWKLV$IULFDQ
FRXQWU\
Ëj éyxxrqp ¹or 3DUWLFLSOH,wnénkvlqzx¹rjrmsjmvswéqsj
mjznstvnlnnwéq·jxzqnxynxzkqznstvnxwénlsvmvu
5HDG WKH VHQWHQFHV DQG XQGHUOLQH 3DUWLFLSOHV , WUDQVODWH
WKHVHQWHQFHV
,WVPDUNHWVKDUHZDVSHUFHQWH[FOXGLQJPLQLYHKLFOHV
7KHFRPSDQ\
VGHFOLQLQJSRSXODULW\LVRQHRIWKHPDLQFKDOOHQJHV
7R\RWDIDFHVWKHVHFKDOOHQJHVLQWKHFRPLQJPRQWKV
7KH VWURQJ SHUIRUPDQFH ZDV DWWULEXWHG WR WKH FRPSDQ\
V FRVW
FXWWLQJSURJUDPPHDQGRWKHUIDFWRUV
,QDQLQFUHDVLQJO\JOREDOLVHGZRUOGHFRQRPLFLPSHUDWLYHVFDQEH
VHHQDVDPRVWSRZHUIXOIRUFHVKDSLQJKXPDQEHKDYLRXU
$GRSWLQJDEURDGGHILQLWLRQRIFXOWXUHWKHZRUNH[SORUHVWKHHFR
QRPLFGLPHQVLRQVRIFXOWXUH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVKXVLQJ3DUWLFLSOHV,
Íéq wvxnntqq rvuwjtqq vtq viéjzqsq ktqujtqn tj tvkn
wévqokvlxzknttnwvunntq¹
djrsí·j¹xlnsryvtqwvxzjkqsqkvwévxvmjéjtzq¹}
vkvé¹vxtq ntqqxzvquvxzqvivéylvkjtq¹vtqtntjokj
sqtqrjrq}|q{é
Íénlxzjkqznsq {qéu vzunzqsq yknsq·qkjíqpx¹ jxxvézq
untzwévlyr|qq
Înt¹íqnx¹ ërvtvuq·nxrqn yxsvkq¹ kokjsq qountntq¹
xwévxjtjétrn
$UWLFOHV
DSHUFHQWLQFUHDVH
DWKLUW\ILYHSRLQWIRXUSHUFHQWLQFUHDVH
5HDGDQGWUDQVODWHLQWR5XVVLDQ
DSHUFHQWGHFUHDVH DSHUFHQWVKDUHRIWKHPDUNHW
DSHUFHQWULVH DSHUFHQWGLVFRXQWRIIWKHSULFHV
DSHUFHQWGURS DWKLUW\GD\GHOD\LQWKHGHOLYHULHV
DSHUFHQWIDOO DWHQURRPKRXVH
8VHWKH,QGHILQLWH$UWLFOHZKHUHQHFHVVDU\
7KH ILUVW TXDUWHUO\ UHVXOWV VKRZHG « SHU FHQW LQFUHDVH LQ
RSHUDWLQJSURILWV
7KHRSHUDWLQJSURILWVLQFUHDVHGE\«SHUFHQW
7KHLQFUHDVHZDV«SHUFHQW
3ULFHVDUH«SHUFHQWXSWKLVPRQWKDFFRUGLQJWRWKH)LQDQ
FLDO7LPHV
7KHULVHRI«SHUFHQWLVDUHFRUGILJXUHWKLVPRQWK
3URGXFWLRQ WKLV PRQWK LV UXQQLQJ «SHU FHQW DERYH ODVW
PRQWK
2XWSXWRIFDUVLQWKH8.FRQWLQXHVWRULVHVWHDGLO\«LQFUHDVHRI
SHUFHQWH[FHHGVODVWPRQWKILJXUHV
2XWSXWIRUH[SRUWFRQWLQXHGWRFOLPEZLWK«SHUFHQWULVHWR
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
Ïknsq·ntqnojzéjzxvxzjkqsv
fwn|qjsqxz mvkvéqsq vi yknsq·ntqq ërxwvézj xzéjt tj
Ëj xvknjtqq isv vzun·ntv ·zv évxz wévlj tj is
énoyszjzvuivs¡vpénrsjutvprjuwjtqq
Ënvi}vlquvisvlviqzx¹xvréjntq¹éjx}vlvk}vz¹itj
3UHSRVLWLRQV
0DNH D IHZ VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH SUHSRVLWLRQV
DQGWUDQVODWHWKHPLQWR5XVVLDQ
2XWSXWURVHE\WKUHHSHUFHQWWRVHYHQW\IRXU
WKRXVDQGIRXUKXQGUHGDQGWZHQW\IRXU
H[SRUWVWRIDOOSHUFHQW
LPSRUWVWRULVHSHUFHQW
DXWRPRELOHSURGXFWLRQWRULVHSHUFHQW
FURFNHU\VDOHVWRIDOOSHUFHQW
OLQHQVDOHVWRLQFUHDVHSHUFHQW
XQHPSOR\PHQWUDWHWRIDOOSHUFHQW
+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D :ULWHRXWWKHSULQFLSDOFODXVHVIURPWKHILUVW
WKUHHVHQWHQFHVOLNHWKLV
7R\RWD0RWRU\HVWHUGD\UHSRUWHGWKDW«
F 7UDQVODWHWKHILUVWDQGWKHODVWVHQWHQFHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
G $QVZHUWKHVHTXHVWLRQV
+RZ LV WKH FRPSDQ\ RI 7R\RWD 0RWRUV FKDUDFWHULVHG LQ WKH
QHZVSDSHU"
:KDWDUHWKHRWKHUWZRODUJHVWFDUPDNHUVLQWKHZRUOG"
:KDWLVWKHVLWXDWLRQRQWKHFDUPDUNHWQRZ"
H 7UDQVODWHLQWR(QJOLVK
Æxzjznmvkvéqzx¹vxqstvprvtryént|qqtjëzvuétrn
bvs¹ ëzvp rvuwjtqq tj ktyzénttnu étrn wvtqq xvxzjk
s¹sjtnx·qzj¹uqtqjkzvuviqsnp
Íéqisvzwévqokvlxzknttvpln¹znstvxzqyknsq·qsjxiv
snn·nutjzénz
Íéqis kvoévxsj k énoyszjzn vxsjisntq¹ qnt q yxwn¡
t}wévlj jkzvuviqsnprsjxxjsírxkf¬
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W0DUNHWVFKHPD
0DUNHWVWUXFWXUH²FRQGXFW²SHUIRUPDQFHVFKHPDLVDQDQDO\WL
FDOIUDPHZRUNWRLQYHVWLJDWHWKHRSHUDWLRQRIPDUNHWSURFHVVHV
0DUNHWFRQGXFW
)LUPREMHFWLYHV
3ULFLQJSURGXFW
GLIIHUHQWLDWLRQSROLFLHV
,QWHUILUPFRRUGLQDWLRQ
0DUNHWVWUXFWXUH
'HJUHHRIVHOOHURU 0DUNHWVWUXFWXUH
EX\HUFRQFHQWUDWLRQ 3URGXFWLYHHIILFLHQF\
3URGXFWFKDUDFWHU 'LVWULEXWLYHHIILFLHQF\
KRPRJHQHRXV $OORFDWLYHHIILFLHQF\
GLIIHUHQWLDWLRQ 7HFKQRORJLFDO
&RQGLWLRQRIHQWU\ SURJUHVVLYHQHVV
9HUWLFDOLQWHJUDWLRQ 3URGXFWSHUIRUPDQFH
'LYHUVLILFDWLRQ
3XEOLFSROLF\
&RPSHWLWLRQSROLF\
,QGXVWULDOSROLF\
0DUNHWV DUH XOWLPDWHO\ MXGJHG LQ WHUPV RI WKHLU HFRQRPLF SHU
IRUPDQFHWKDWLVKRZZHOOWKH\KDYHFRQWULEXWHGWRWKHDFKLHYHPHQW
RI RSWLPDO HFRQRPLF HIILFLHQF\ 0DUNHW SHUIRUPDQFH LV GHWHUPLQHG
IXQGDPHQWDOO\E\WKHLQWHUDFWLRQRIPDUNHWVWUXFWXUHDQGPDUNHWFRQ
GXFW 7KH VFKHPD DWWHPSWV WR LGHQWLI\ WKRVH VWUXFWXUDO DQG FRQGXFW
SDUDPHWHUVZKLFKKDYHDVWUDWHJLFLQIOXHQFHRQPDUNHWSHUIRUPDQFH
7KH VFKHPD LV XVHIXO WR SXEOLFSROLF\ PDNHUV WR LPSURYH PDUNHW
SHUIRUPDQFH 6XFK PHDVXUHV FDQ RSHUDWH RQ PDUNHW VWUXFWXUH IRU
H[DPSOHWRSURKLELWPHUJHUVZKLFKLQFUHDVHPDUNHWFRQFHQWUDWLRQRU
WRHQFRXUDJHPHUJHUVLQLQGXVWULHVVXIIHULQJH[FHVVFDSDFLW\$OWHUQD
WLYHO\ VXFK PHDVXUHV PD\ RSHUDWH RQ PDUNHW FRQGXFW IRU H[DPSOH
WR HOLPLQDWH H[FHVV SURILWV LI SULFHIL[LQJ DJUHHPHQWV EHWZHHQ ILUPV
DUH SURKLELWHG $GGLWLRQDOO\ WKH DXWKRULWLHV PD\ RSHUDWH GLUHFWO\ RQ
PDUNHWSHUIRUPDQFHDQGUHJXODWHWKHSULFHVFKDUJHGE\PRQRSROLVWLF
VXSSOLHUV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
FRQGXFW 7ZGKJ@6GP9 wvknlntqn knlntqn
éyrvkvlxzkv
WRFRQGXFW 7G1JZ@6GP9 xvwévkv ljz éyrvkv
lqz
IUDPHZRUN xzéyrzyéjéjurq
WRIUDPH xvoljkjzxzévqz
HIILFLHQF\ 73ZB31JO39 ë{{nrzqktvxz wévqo
kvlqznstvxz
DOORFDWLRQ éjxwénlnsntqn jxxqmtv
kjtqn
WRSURKLELW 7LN1ZD3>3P9 ojwénjz
PHUJHU wvmsvntqnxsq¹tqn
WRHQFRXUDJH 73JZG6N3 9 wvvé¹zwvllné qkjz
WRVHHNVRXJKWVRXJKW qxrjzéjoyotjkjz
WRHOLPLQDWH 73ZH3I3JA3P9 yxzéjt¹z
5HDGDQGWUDQVODWHWKHVHZRUGVXQGHUOLQHWKHVXIIL[HV
RIQRXQVDQGDGMHFWLYHV
VWUXFWXUH DQDO\WLFDO WRLQYHVWLJDWH
VFKHPD XOWLPDWH WRMXGJH
SHUIRUPDQFH XOWLPDWHO\ WRFRQWULEXWH
RSHUDWLRQ RSWLPDO WRGHWHUPLQH
SURFHVV IXQGDPHQWDO WRLQWHUDFW
DFKLHYHPHQW IXQGDPHQWDOO\ WRLGHQWLI\
7UDQVODWH WKH DGMHFWLYHV ZULWH WKH ZRUGV IURP ZKLFK WKH\
DUHIRUPHGDQGDGGQRXQVZLWKZKLFKWKHVHDGMHFWLYHVFDQ
EHXVHG
VWUXFWXUDOBBBBBBBBBBBBBBBBBB DOWHUQDWLYH BBBBBBBBBBBBBBBBB
VWUDWHJLFBBBBBBBBBBBBBBBBBBB DGGLWLRQDO BBBBBBBBBBBBBBBBB
XVHIXO BBBBBBBBBBBBBBBBBBBB PRQRSROLVWLF BBBBBBBBBBBBBBB
H[FHVV BBBBBBBBBBBBBBBBBBBB DQDO\WLFDO BBBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU$WWULEXWHV
Æ wénlsv ntqq k {ytr|qq vwénlnsntq¹ uvmyz ywvzénis¹zx¹
xsnlyíqn·jxzqén·q
wnénlvwénlns¹nuuxynxzkqznstu
8QGHUOLQHWKHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQD
WLRQV
FDUGHDOHU WKHILUVWTXDUWHUO\UHVXOWV
RULJLQDOSULFH LQFUHDVHLQRSHUDWLQJSURILWV
WKHZRUOG
VWKLUGODUJHVWFDUPDNHU HQYLURQPHQWDOO\IULHQGO\SURGXFWV
LWVILUVWTXDUWHURSHUDWLQJSURILWV SURGXFWUDQJHVWUDWHJ\
VWURQJVDOHVRIOX[XU\YHKLFOHV FKDQJHVLQGHPDQGDQGVXSSO\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 8QGHUOLQHDWWULEXWHVDQGQRXQVWKH\UHODWHWR
WUDQVODWHWKHZRUGFRPELQDWLRQVLQWR5XVVLDQ
E 7UDQVODWHLQWR(QJOLVK
uvtvwvstnwvxzjkqrq
wvxzjkqrquvtvwvsqxz
xzéjznmq·nxrvnksq¹tqntjxvxzv¹tqnétrj
xvmsj¡ntq¹ {qrxqéyíqn tj vwénlnsnttvn kénu¹ vwénln
snttyí|nty
vzéjxsq wévu¡snttvxzq k rvzvé} tjisíljnzx¹ qoizvr
wévqokvlxzkntt}uvtvxznp
x}nuj kojquvlnpxzkq¹ xzéyrzyé wvknlntq¹ q xvxzv¹tq¹
étrj
F 7UDQVODWHWKHWH[WLQWR5XVVLDQ
1HZVSDSHULWHP,QWKHLQGXVWU\ELRVSKHUH
RQO\WKHVWURQJHVWVXUYLYH
&OXVWHUV LV D WHUP JLYHQ WR JHRJUDSKLFDO DUHDV LQ ZKLFK D ODUJH
QXPEHU RI FRPSDQLHV ZRUNLQJ LQ WKH VDPH LQGXVWU\ RU VHFWRU KDYH
FRQFHQWUDWHG 7KH\ DUH D FRPPRQ IHDWXUH RI DFWLYH DQG KHDOWK\
HFRQRPLHV
([DPSOHVLQFOXGH6LOLFRQ9DOOH\LQ&DOLIRUQLDWKHKLJKWHFKQRORJ\
DQG ELRWHFKQRORJ\ FRQFHUQV DURXQG &DPEULGJH LQ WKH 8. DQG WKH
DHURVSDFHDQGHQJLQHHULQJFRPSDQLHVDURXQG7RXORXVHLQ)UDQFH
&RPSDQLHVLQDFOXVWHUDUHORFNHGWRJHWKHULQDNLQGRILQWHUGHSHQG
HQFH OLNH RUJDQLVPV LQ D ELRVSKHUH 7KH\ FRPSHWH IRU PDUNHW VKDUH
HPSOR\HHVDQGUHVRXUFHV7KH\DOVRUHO\RQHDFKRWKHU$FWLQJWRJHWKHU
WKH\JHQHUDWHVNLOOVDQGNQRZOHGJHRIWKHLUSDUWLFXODUVHFWRUWKDWIRUPD
NLQGRIFULWLFDOPDVVRQZKLFKDOOWKHPHPEHUVFDQGUDZ
&OXVWHUVRIWHQEHJLQZLWKDVLQJOHFRPSDQ\6LOLFRQ9DOOH\
VWHFK
QRORJ\ FOXVWHUIDPRXVO\EHJDQZLWK+HZOHWW3DFNDUG7KHVHVXFFHVV
IXOFRPSDQLHVJHQHUDWHWDOHQWHGPDQDJHUVDQGHQWUHSUHQHXUVZKRLQ
WLPHOHDYHWRVHWXSQHZFRQFHUQV$VWKHVHJURZVNLOOHGHPSOR\HHV
EHJLQWRPLJUDWHEHWZHHQEXVLQHVVHVVHHNLQJWKHEHVWRSSRUWXQLWLHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHUHDUHUHDOO\RQO\WZRZD\VWRVXUYLYHLQDFOXVWHUHQYLURQPHQW
ORQJWHUPWRJURZFRQWLQXRXVO\LQWRWKHELJJHVWILVKLQWKHSRQGRU
WR GHYHORS VHOIGHSHQGHQW V\VWHPV DQGPRYHRXWUHORFDWLQJWRDUH
JLRQZKHUHFRPSHWLWLRQZLOOEHOHVVYLJRURXV7KHIRUPHUVWUDWHJ\ZDV
DGRSWHGE\/DUU\(OOLVRQDW2UDFOHZKRVDZHDUO\WKDWWKHRQO\ZD\
WR ZLQ LQ 6LOLFRQ 9DOOH\ ZDV WR EHFRPH ELJ 7KH ODWWHU SDWK ZDV
SXUVXHG E\ %LOO *DWHV DQG 3DXO $OOHQ DW 0LFURVRIW WKH\ SUHIHUUHG
LQGHSHQGHQFHDQGPRYHGWRWKH3DFLILFQRUWKZHVW
&OXVWHUVDUHRIWHQIDYRXUHGE\SROLWLFLDQVDQGHFRQRPLFSODQQHUV
ZKRVHHRSSRUWXQLWLHVIRURYHUDOOSURVSHULW\%XWZRUNLQJLQDFOXVWHU
LV QRW IRU WKH IDLQWKHDUWHG 7KH\ RIIHU OLWWOH VHFXULW\ DQG IHZ VDIHW\
QHWV$VLQDELRVSKHUHRQO\WKHVWURQJVXUYLYH
'R\RXNQRZWKHVHZRUGV"
WRVXUYLYH 7O1ZR=3R9 wnén qz klné jz
vxzjzx¹k qk}
FOXVWHU wy·vrmévolméywwj
HQWUHSUHQHXU 7<DJPN1LN1ZJ1(9 wénlwéqtqujzns
YLJRURXV 7ZR321N1O9 xqstpëtnémq·tp
IRUPHU wnékpqolky}k¡n
ywvu¹tyz}ik¡qp
ODWWHU wvxsnltqp qo lky}
k¡nywvu¹tyz}
:RUGIRUPDWLRQ3UHIL[HVRIDGMHFWLYHV
KHDOWK\²XQKHDOWK\
GHSHQGHQW²LQGHSHQGHQW
PDWXUH²LPPDWXUH
OHJDO²LOOHJDO
UHVSRQVLEOH²LUUHVSRQVLEOH
VDWLVILHG²GLVVDWLVILHG
DQQXDO²ELDQQXDO
GHSHQGHQW²LQWHUGHSHQGHQW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8QGHUOLQHSUHIL[HVDQGWUDQVODWHWKHDGMHFWLYHV
LQWHUDFWLYH LPSUREDEOH XQPDQDJHDEOH LPSHUIHFW
LUUDWLRQDO XQPLVWDNDEOH LQDFFHVVLEOH XQEHOLHYDEOH
LPPHDVXUDEOH ELOLQJXDO XQDFFHSWDEOH GLVDJUHHDEOH
)RUP DGMHFWLYHV DQG FKRRVH QRXQV ZLWK ZKLFK WKH\ FDQ EH
XVHGWUDQVODWHWKHZRUGFRPELQDWLRQV\RXZLOOJHW
XQ LQ ZD\ PHDVXUH
QDWXUDO VHFXUH FRXQWU\ LQYLWDWLRQ
FKDQJHDEOH FRQVLVWHQW ZHDWKHU FRQGXFW
ZHDOWK\ IRUPDO VPLOHV SROLF\
VNLOOHG GLUHFW ZRUNHU SURILW
UHDO GLIIHUHQW SHRSOH SODQ
5HDGDQGWUDQVODWHWKHVHQRXQVZULWHWKHZRUGVIURPZKLFK
WKH\DUHIRUPHG
VXUYLYDO FRPSHWLWLRQ HPSOR\HH
FRQFHQWUDWLRQ VXFFHVV PDQDJHU
ORFN PLJUDWLRQ SROLWLFLDQ
VKDUH GHYHORSPHQW HFRORJLVW
RUJDQLVP UHORFDWLRQ VFLHQWLVW
JHQHUDWLRQ SUHIHUHQFH DFWRU
NQRZOHGJH SURVSHULW\ DFWUHVV
:RUNRQWKHZRUGV
0DWFKWKHV\QRQ\PVDQGWUDQVODWHWKHPLQWR5XVVLDQ
IRUPHU VHFRQG SURVSHURXV ZHDN
ODWWHU WRWDO IDLQW VXFFHVVIXO
RYHUDOO ILUVW YLJRURXV VWURQJ
8VHWKHULJKWSUHSRVLWLRQVDQGWUDQVODWHWKHVHQWHQFHV
&OXVWHUVRIWHQEHJLQ«DVLQJOHFRPSDQ\ IRU
7KHQ«WKLVJHRJUDSKLFDODUHDDORWRIRWKHUFRPSDQLHV
ZRUNLQJLQWKHVDPHLQGXVWU\VWDUWFRQFHQWUDWLQJ RQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&RPSDQLHV«DFOXVWHUDUHORFNHGWRJHWKHU«DNLQGRI ZLWK
LQWHUGHSHQGHQFH
7KH\ DUH FRPSHWLQJ «PDUNHW VKDUH UHO\LQJ « HDFK EHWZHHQ
RWKHUDWWKHVDPHWLPH LQ
(YHU\ERG\NQRZVWKDW6LOLFRQ9DOOH\
VWHFKQRORJ\FOXV
WHUEHJDQ«+HZOHWW3DFNDUG WR
6RRQVNLOOHGHPSOR\HHVEHJLQWRPLJUDWH«EXVLQHVVHV RI
(QWUHSUHQHXUV UHORFDWH « D UHJLRQ ZKHUH FRPSHWLWLRQ
LQWR
ZLOOEHOHVVYLJRURXV
5HYLVH*UDPPDU
DORWRIDJUHDWGHDORI xqx·qxs¹nuuqqtn
qx·qxs¹nuuq xynxz
kqznstuq
DJUHDWODUJHQXPEHURI x qx·qxs¹nuuq xy
nxzkqznstuq
8VH RQH RI WKH DERYH H[SUHVVLRQV SD\LQJ DWWHQWLRQ WR WKH
DUWLFOHVDQGWUDQVODWHWKHVHQWHQFHVLQWR5XVVLDQ
8VXDOO\«FRPSDQLHVZRUNLQJLQWKHVDPHLQGXVWU\RUVHFWRUFRQ
FHQWUDWHLQFOXVWHUV
«H[SHUWVDUHHPSOR\HGKHUH
7KH\JHQHUDWH«WDOHQWHGPDQDJHUVDQGHQWUHSUHQHXUV
7KH\JHQHUDWHVNLOOVDQG«NQRZOHGJHRIWKHLUSDUWLFXODUVHFWRU
7KH FRPSDQ\ H[SRUWV « YHKLFOHV WR YDULRXV FRXQWULHV RI WKH
ZRUOG
«FRIIHHKDVEHHQH[SRUWHGWRWKH(XURSHDQFRXQWULHVWKLV\HDU
«SHRSOHVWDUWWREX\SURGXFWVZKLFKDUHHQYLURQPHQWDOO\VDIHRU
ELRGHJUDGDEOH
7UDQVODWHLQWR(QJOLVK
tvk}rvt|nétvk otjtqp
{qéu éjivz
sílnp yxqsqp
utvmv xzéjt utvmv xénlxzk
zvkjéj lntnm
unzjssj xknlntqp
w¡ntq| tvkvxznp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8QGHUOLQH3DUWLFLSOHV,ZULWHLQZKDWIXQFWLRQ
DWWULEXWHDGYHUELDOPRGLILHUSDUWRIDSUHGLFDWH
WKH\DUHXVHGDQGWUDQVODWHWKHVHQWHQFHV
&OXVWHUV LV D WHUP PHDQLQJ JHRJUDSKLFDO DUHDV LQ ZKLFK D ODUJH
QXPEHU RI FRPSDQLHV ZRUNLQJ LQ WKH VDPH LQGXVWU\ RU VHFWRU KDYH
FRQFHQWUDWHG
$V FOXVWHUV JURZ VNLOOHG HPSOR\HHV EHJLQ WR PLJUDWH EHWZHHQ
EXVLQHVVHVVHHNLQJWKHEHVWRSSRUWXQLWLHV
7KH\FDQGHYHORSVHOIGHSHQGHQWV\VWHPVDQGPRYHRXWUHORFDW
LQJWRDUHJLRQZKHUHFRPSHWLWLRQZLOOEHOHVVYLJRURXV
7KH86UHFRUGLQJLQGXVWU\VWUXJJOLQJWRFRPEDWGHFOLQLQJPXVLF
VDOHVLVFRQVLGHULQJOHJDODFWLRQ
$WWKHVDPHWLPHWKH5HFRUGLQJ,QGXVWU\$VVRFLDWLRQRI$PHULFD
LV FDPSDLJQLQJ IRU WKH 'HSDUWPHQW RI -XVWLFH WR GR PRUH WR FUDFN
GRZQRQWKRVHSLUDWHV
7UDQVODWHLQWR(QJOLVKREVHUYLQJWKH5XOHVRIWKH6HTXHQFH
RI7HQVHV
Ìt xrjojs ·zv ·qzjs utvmv xzjznp v tvkvu ërvtvuq·nxrvu
viéjovkjtqq
jonz wqxjsq ·zv wévqov¡sv xsq¹tqn lky} réywt} rvu
wjtqp
Ìtq vzunzqsq ·zv tvkp rvt|nét qunnz ivs¡qn kvouv
tvxzqls¹yxwn¡tvpln¹znstvxzqtjuqévkvuétrn
Íéjkqznsxzkv tjln¹svx ·zv ëzvz tvkp wévu¡snttp
éjpvtwéqksn·nzutvmq}rkjsq{q|qévkjtt}éjiv·q}
Îotjsq·zvkëzvprvtryéntztvpivéink qkyzzvsrv
xjunxqstn
+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
:KDWLVDFOXVWHU"
:KDWFOXVWHUVLQWKH86WKH8.DQG)UDQFHGLGWKHQHZVSD
SHUPHQWLRQ"
+RZGRFOXVWHUVEHJLQ"
:KDWDUHWKHWZRDOWHUQDWLYHVIRUFOXVWHUVWRGHYHORS"
'RFOXVWHUVRIIHUVHFXULW\WRDOO"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E 5HWHOOWKHLWHP
$QQRWDWLRQRIWKHERRN)URP6LOLFRQ9DOOH\
WR6LQJDSRUH
/RFDWLRQDQG&RPSHWLWLYH$GYDQWDJHLQWKH+DUG'LVN
'ULYH,QGXVWU\
'DYLG*0F.HQGULFN
8QLYHUVLW\RI&DOLIRUQLD
'HYHORSPHQWV LQ WKH JOREDO HFRQRP\ RYHU WKH ODVW WZR GHFDGHV
KDYH GUDPDWLFDOO\ LQFUHDVHG WKH DYDLODELOLW\ RI LQGXVWULDO LQYHVWPHQW
VLWHV DQG ORZHUHG WKH FRVW RI UHORFDWLQJ FRUH DFWLYLWLHV %XW KRZ
VKRXOG WKHVH GHYHORSPHQWV EH H[SORLWHG IRU FRPSHWLWLYH DGYDQWDJH"
)LUPVIDFHFRPSHWLQJSUHVVXUHVVFDOHHFRQRPLHVDQGWKHDGYDQWDJHV
RISUR[LPLW\SXVKWKHPWRFRQFHQWUDWHDFWLYLWLHVLQRQHRURQO\DIHZ
ORFDWLRQV ZKLOH ORZ ZDJHV DQG QHZ PDUNHWV LQYLWH GLVSHUVDO DFURVV
VHYHUDOFRXQWULHV
7KLV ERRN H[DPLQHV KRZ ORFDWLRQ GHFLVLRQV KDYH FRQWULEXWHG WR
WKH JOREDO GRPLQDQFH RI 86 ILUPV LQ WKH KDUG GLVN GULYH LQGXVWU\
ZLWK UHVHDUFK DQG GHYHORSPHQW ORFDWHG SULQFLSDOO\ LQ &DOLIRUQLD DQG
PDQXIDFWXULQJ EDVHG LQ 6RXWKHDVW $VLD SDUWLFXODUO\ LQ 6LQJDSRUH
7KDLODQGDQG0DOD\VLD%H\RQGWKHSDUWLFXODUVRIWKHKDUGGLVNGULYH
LQGXVWU\ WKH DXWKRUV SUHVHQW QHZ SHUVSHFWLYHV RQ WKH VRXUFHV RI
LQGXVWULDOOHDGHUVKLSWKHVWUDWHJLFEHKDYLRXURIPXOWLQDWLRQDOFRUSRUD
WLRQV WKH JHRJUDSKLF HYROXWLRQ RI LQGXVWU\ DQG WKH FUHDWLRQ DQG
HQGXUDQFHRILQGXVWULDOFOXVWHUV
0DQ\ JRYHUQPHQWV DUH DWWHPSWLQJ WR SURGXFH WKHLU RZQ 6LOLFRQ
$OOH\6LOLFRQ*OHQRU6LOLFRQ)HQ
7KH VSHFLDO FKDUDFWHU RI WKH UHJLRQ LV QRW WR EH IRXQG LQ
WHFKQRORJLFDOEUHDNWKURXJKEXWUDWKHULQWKHDELOLW\WRWXUQLGHDVLQWR
SURGXFWVWKURXJKWKHVZLIWIRUPDWLRQRIQHZILUPV8QGHUSLQQLQJWKLV
DELOLW\DUHVHYHQNH\IDFWRUVDIDYRXUDEOHUHJXODWRU\HQYLURQPHQWWKH
IUHH FLUFXODWLRQ RI LGHDV D KLJKTXDOLW\ DQG PRELOH ZRUNIRUFH DQ
RSHQEXVLQHVVHQYLURQPHQWWKHH[LVWHQFHRIUHVHDUFKXQLYHUVLWLHVDQG
LQVWLWXWLRQVDKLJKTXDOLW\RIOLIHDQGDEXVLQHVVLQIUDVWUXFWXUHZKLFK
FDQ VXSSO\ H[SHUWLVH LQ ILQDQFH ODZ DFFRXQWLQJ KHDGKXQWLQJ
PDUNHWLQJDQGHTXLSPHQWSURYLVLRQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
DGYDQWDJH 71@ZR=(JP3 9 wénquynxzkv
SUR[LPLW\ 7LN1ZGO3I3P39 isqovxz
WRSXVK 7LQ9 tj qujz wévzjsrqkjz
lkqmjz
HQGXUDQFH 73JZ@FQ1N1JO9 ktvxsqkvxzxzvprvxz
WRXQGHUSLQ wvllné qkjzwvlrénws¹z
:RUNRQWKHZRUGV
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
VFDOHHFRQRPLHV ojéjivztj¹wsjzj
ORFDWLRQ ërvtvuq¹viyxsvksnttj¹évxzvuujx¡zjij
ZDJHV wévqokvlxzkj
GLVSHUVDO mvxwvlxzkvksq¹tqnwénvisjljtqn
GRPLQDQFH éjxxnqkjtqnéjxxénlvzv·ntqn
UHVHDUFK éjokqzqnéjoéjivzrj
GHYHORSPHQW qxxsnlvkjtqn
GHYHORSPHQWV unxzvtj}v lntqn
PDQXIDFWXULQJ xvizq¹
EUHDNWKURXJK wévék¡jmkwnénl
wévqokvlxzkv viéjijzkjíj¹ wévu¡
snttvxz
8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
'HYHORSPHQWV LQ WKH JOREDO HFRQRP\ RYHU WKH ODVW ORFDWLRQ
WZR«KDYHLQFUHDVHGWKHQXPEHURILQGXVWULDOLQYHVWPHQW
VLWHV DFWLYLWLHV
$ IHZ IDFWRUV SXVK WKHP WR FRQFHQWUDWH « LQ RQH RU
GHFDGH
RQO\DIHZORFDWLRQV
7KLVERRNH[DPLQHVKRZORFDWLRQ«FRQWULEXWHWRWKH EHKDY
JOREDOGRPLQDQFHRI86ILUPVLQWKLVLQGXVWU\ LRXU
0DQXIDFWXULQJ LQ WKH KDUG GLVN GULYH « LV EDVHG LQ
LQGXVWU\
6RXWKHDVW$VLD
7KHDXWKRUVSUHVHQWQHZSHUVSHFWLYHVRQWKHVWUDWHJLF GHFLVLRQV
«RIPXOWLQDWLRQDOFRUSRUDWLRQV
DGYDQWDJH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
vxtvktj¹jrzqktvxz otj·qznstvyknsq·qzx¹
xvizq¹ wénlsjmjzvwzqotjtq¹
ëkvsí|q¹ëzvpvzéjxsq vinxwn·qkjzvivéylvkjtqn
kvotqrtvkntqnqk qkjtqn wénlxzjks¹ztvknwnéxwnrzqk
zn}tq·nxrqpwévék wzjzx¹xvoljkjz
ixzévnxvoljtqn wéqmsj¡jzwvvé¹z
ixzépévxz vinxwn·qkjzrvmvsqivvivéylv
wénquynxzkv kjtqnu
5HYLVH*UDPPDU
8QGHUOLQH3DUWLFLSOHV,DQGWUDQVODWHWKHVHQWHQFHV
7KLVWHQGHQF\ORZHUHGWKHFRVWRIUHORFDWLQJFRUHDFWLYLWLHV
7KHUHDUHVHYHQNH\IDFWRUVXQGHUSLQQLQJWKLVDELOLW\
0DQ\JRYHUQPHQWVDUHDWWHPSWLQJWRSURGXFHWKHLURZQ6LOLFRQV
)LUPVIDFHFRPSHWLQJSUHVVXUHV
7KHUHDUHDIHZILUPVFRPSHWLQJIRUWKHVHFRQWUDFWV
8VH WKH YHUEV LQ 3UHVHQW 3HUIHFW DQG WUDQVODWH WKH VHQ
WHQFHV
&KDQJHVDQGGHYHORSPHQWVLQWKHJOREDOHFRQRP\IRUWKHODVWWZR
GHFDGHVWRORZHUWKHFRVWRIUHORFDWLQJFRUHDFWLYLWLHV
7KH\WRFUHDWHDIHZLQGXVWULDOFOXVWHUVWKLVFHQWXU\
7KHSURGXFWLRQWRLQFUHDVHGUDPDWLFDOO\
7KHFRVWRIUHORFDWLQJFRUHDFWLYLWLHVWRORZHUVLJQLILFDQWO\
+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
D 8QGHUOLQHWKHVHQWHQFHZKLFKVHHPVPRVWLPSRUWDQW
WR\RXDQGWUDQVODWHLW
E 6D\ LI \RX ZRXOG UHDG WKLV ERRN RU QRW DQG JLYH \RXU
UHDVRQVIRUWKDW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHPWRWUDQVODWH+ 0PDUNHW
FRQGLWLRQVLPSURYLQJ
+HQQHV 0DXULW] WKH LQWHUQDWLRQDO IDVKLRQ UHWDLOHU \HVWHUGD\
UHSRUWHGVWURQJHUWKDQH[SHFWHGVDOHVJURZWKLQ-XO\DQGVDLGPDUNHW
FRQGLWLRQVZHUHLPSURYLQJLQLWV86VWRUHV
6DOHVLQ-XO\ZHUHSHUFHQWDERYHWKHVDPHPRQWKD\HDUHDU
OLHU DQG DOWKRXJK WKH FRPSDQ\ GLGQ
W UHOHDVH OLNHIRUOLNH ILJXUHV LW
VDLG WKDW LW KDG RQO\ LQFUHDVHG WKH QXPEHU RI VWRUHV E\ SHU FHQW
GXULQJWKHSHULRG
7KHFRPSDQ\DOVRVDLGLWGLGQRWH[SHFWDQ\PDWHULDOLPSDFWIURP
WKHIORRGVLQ(XURSH²$XVWULDDQG*HUPDQ\DFFRXQWIRUPRUHWKDQ
DWKLUGRIVDOHV²ZKLFKKDGFORVHGVRPHVWRUHV
/HLI 3HUVVRQ FKLHI ILQDQFLDO RIILFHU VDLG WKH VDOHV LQFUHDVH KDG
EHHQ EURDGO\ WKH VDPH DFURVV PRVW FRXQWULHV 7KH JURXS KDV PRUH
WKDQVWRUHVLQ(XURSHDQGWKH86
,Q WKH SDVW \HDU WKH FRPSDQ\ KDV ZRUNHG WR FXW LQYHQWRULHV WR
UHGXFHWKHQHHGIRUGLVFRXQWHGVDOHV:HKDYHSUREDEO\KDGWKHULJKW
JDUPHQWV LQ WKH VKRSV DQG ZH KDYH EHHQ DEOH WR GLVSOD\ WKHP ZHOO
:HKDYHQRWKDGDORWRIROGJDUPHQWVDURXQGDQGWKLVJLYHVWKHQHZ
LWHPDEHWWHUYLVLELOLW\0U3HUVVRQVDLG
+ 0HQWHUHGWKH86PDUNHWLQ0DUFKDQGKDVVWUXJJOHG
ZLWKFRVWVDQGORZHUWKDQH[SHFWHGVDOHV0U3HUVVRQVDLGJURZWKLQ
WKH ILUVW KDOI KDG EHHQ D OLWWOH ELW VORZHU WKDQ LQ WKH UHVW RI WKH
JURXSEXWWKDWLWZDVJHWWLQJEHWWHUDOOWKHWLPH
(DUOLHUWKLV\HDUWKHFRPSDQ\VDLGLWZDVKDOYLQJWKHSDFHRILWV
86 H[SDQVLRQ LQ RUGHU WR IRFXV RQ H[LVWLQJ VWRUHV ,W QRZ KDV LQ
WKH86DQGLVH[SHFWHGWRRSHQDQRWKHUHLJKWRUQLQHEHIRUHWKHHQG
RIWKH\HDU
6DJUD 0DFHLUD GH 5RVHQ DQDO\VW DW -3 0RUJDQ VDLG + 0
W\SLFDOO\ RXWSHUIRUPV KLJKHUSULFHG ULYDOV LQ ZHDN PDUNHW FRQGLWLRQV
DVVKRSSHUVVHHNFKHDSHUSXUFKDVHV
:ULWHDQHVVD\RQRQHRIWKHVHWRSLFVXVLQJWKHPDWHULDORI
WKHOHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
0DUNHWVFKHPDDQGFRQGLWLRQV
*URZLQJSURGXFWLRQDQGFOXVWHUV
3URGXFLQJDQGVHOOLQJFDUV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
3ULFHV
DQGPRQH\
/HFWXUH 3ULFHHODVWLFLW\
7H[W 3ULFHVXSSRUW
1HZVSDSHULWHPV 1.RUHDIRUFHGWROLIWIRRGSULFHV
VKDUSO\
5HQHZHGIXQGEX\LQJSXVKHVJROG
KLJKHU
%XVLQHVVOHWWHU 5HJUHWWLQJSULFHLQFUHDVH
$QQRWDWLRQ %LPHWDOOLVP
*UDPPDU 7KH*HUXQG
7DJTXHVWLRQV
*HQHUDOQHJDWLYHTXHVWLRQV
LIZKHQFODXVHV
7KH3UHVHQW3HUIHFW&RQWLQXRXV7HQVH
:RUGIRUPDWLRQ 6XIIL[HVDQGSUHIL[HVRIYHUEV
/HFWXUH3ULFHHODVWLFLW\
*RRGPRUQLQJHYHU\RQH7RGD\ZH
UHJRLQJWRLQYHVWLJDWHWKHSULFHHODV
WLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWV/HW
VVWDUWE\ORRNLQJDWWKHWDEOH
7KHSULFHHODVWLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWV
3ULFH 4XDQWLW\RIWLFNHWVGHPDQGHG 3ULFHHODVWLFLW\RIGH
WLFNHW WKRXVDQGVJDPH PDQG
B
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1RZKDYHDORRNDWFROXPQRQH$V\RXFDQVHHWKLVVKRZVSULFH
FXWV RI WZR SRXQGV ILIW\ %\ FRQVLGHULQJ WKH HIIHFWV WKH HIIHFWV RI
SULFHFXWVRIWZRSRXQGVILIW\ZHFDQFDOFXODWHWKHSULFHHODVWLFLW\RI
GHPDQGDWHDFKSULFH7KHSULFHLVVKRZQLQFROXPQWKUHH%XWKRZ
KDYH ZH FDOFXODWHG WKLV" /HW PH H[SODLQ /HW
V DV DQ H[DPSOH WDNH
WKH SULFH RI WHQ SRXQGV ZKLFK \RX FDQ VHH LQ WKH WDEOH $V \RX FDQ
VHHWKHUHLVDFRUUHVSRQGLQJTXDQWLW\RIWZHQW\WKRXVDQGWLFNHWVGH
PDQGHG +DYH \RX DOO JRW WKDW" *RRG /HW
V FRQVLGHU D SULFH FXW WR
VHYHQSRXQGVILIW\7KHUHLVDSULFHFKDQJHKHUHRIPLQXVWZHQW\ILYH
SHUFHQWLVQ
WWKHUH")URPWHQSRXQGVWRVHYHQSRXQGVILIW\
1RZ ORRN DW WKH FRUUHVSRQGLQJ FKDQJH LQ WKH TXDQWLW\ RI WLFNHWV
GHPDQGHG LQ WKH QH[W FROXPQ FROXPQ WZR 7KH FKDQJH LQ WKH
TXDQWLW\ GHPDQGHG LV D KXQGUHG SHU FHQW LVQ
W LW" )URP WZHQW\
WKRXVDQGWLFNHWVWRIRUW\WKRXVDQGWLFNHWV,
OOSDXVHIRUDPRPHQWVR
\RXFDQORRNDWWKDW
$OOULJKW"1RZWKHUHLVDKXQGUHGSHUFHQWFKDQJHDQGDWZHQW\
ILYHSHUFHQWFKDQJHLQSULFH2."6RZHGLYLGHDKXQGUHGE\PLQXV
WZHQW\ ILYH ZKLFK JLYHV WKH DQVZHU PLQXV IRXU 6R ZH VD\ WKH GH
PDQG HODVWLFLW\ DW WHQ SRXQGV LV PLQXV IRXU 7KLV VLJQ" +DYHQ
W \RX
FRPHDFURVVLWEHIRUH",WPHDQVGLYLGHGE\
1RZ \RX FDOFXODWH HODVWLFLWLHV LQ WKH VDPH ZD\ WKDW LV GLYLGLQJ
E\ SHUFHQWDJH FKDQJH LQ TXDQWLW\ E\ WKH FRUUHVSRQGLQJ SHUFHQWDJH
FKDQJHLQSULFH%\GLYLGLQJWKHSHUFHQWDJHFKDQJHLQTXDQWLW\E\WKH
FRUUHVSRQGLQJSHUFHQWDJHFKDQJHLQSULFH
1RWLFHRQHWKLQJKHUHLQWKHWDEOH7KDWLVWKDWZHEHJLQIURPWKH
SULFH RI WZHOYH SRXQGV ILIW\ WKH GHPDQG HODVWLFLW\ LV PLQXV LQILQLW\
:K\ LV WKLV VR" $Q\ VXJJHVWLRQV" :HOO LW
V VLPSO\ EHFDXVH WKH SHU
FHQWDJHFKDQJHORRNVOLNHWKLV'R\RXVHHQRZ"$Q\SRVLWLYHQXPEHU
GLYLGHGE\]HUR\LHOGVSOXVLQILQLW\1RZZKHQZHWKHQGLYLGHE\WKH
PLQXVWZHQW\SHUFHQWFKDQJHLQSULFHWKDW
VIURPWZHOYHSRXQGVILIW\
WRWHQSRXQGVZHREWDLQJHWPLQXVLQILQLW\DVWKHGHPDQGHODVWLFLW\
DWWKLVSULFH
'R\RXNQRZWKHVHZRUGV"
HODVWLFLW\ 7<AH1ZOP3O3P39 ësjxzq·tvxz
WRLQYHVWLJDWH 73JZRAOP32A3P9 qxxsnlvkjzqoy·jzéjxxsnlvkjz
WRFRQVLGHU 7G1JZO3@19 éjxxujzéqkjzx·qzjzy·qzkjz
WRGLYLGH 7@3ZR=3@9 lnsqz
LQILQLW\ 7EJZB3J3P39 inxrvtn·tvxz
WR\LHOG wévqokvlqzljkjz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU7KH*HUXQG
néytlqp ² {véuj }jéjrznétj¹ ls¹ jtmsqpxrvmv ¹orj tv vzxyzxz
kyíj¹kéyxxrvu¹orn
néytlqp rjr q wéq·jxzqn , viéjoynzx¹ x wvuví vrvt·jtq¹ LQJ
lvijks¹nuvmvrqt{qtqzqkyino·jxzq|WR
Ìxtvktn{ytr|qqmnéytlq¹kwénlsv ntqq
·jxzxrjoynuvmvwvxsnmsjmvsvkWRVWDUWWREHJLQWRFRQWLQXHWRJR
RQWRVWRS+HVWDUWHGUHDGLQJWKLVERRN\HVWHUGD\
vwénlnsntqnxwénlsvmjuqRIIRU6KHNQRZVWKHVHUXOHVRIUHDGLQJ
vixzv¹znsxzkvxwénlsvmjuqDIWHUEHIRUHE\$IWHUUHDGLQJDIHZ
ERRNVRQWKLVWRSLFVKHZURWHDYHU\JRRGHVVD\
wvlsn jnn:ULWLQJLVHVVHQWLDOIRUXV
lvwvstntqnwvxsnmsjmvsvkWROLNHWRHQMR\WRSUHIHUWRGLVOLNH
WRKDWHWRVXJJHVWWRDOORZ,OLNHVSHDNLQJ(QJOLVK
Ëjéyxxrqp¹ormnéytlqpuv nzwnénkvlqzx¹qt{qtqzqkvuxynxz
kqznstulnnwéq·jxzqnuwéqljzv·tuwénlsv ntqnu
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8VH WKH *HUXQGV RI WKH ULJKW YHUEV DQG WUDQVODWH WKH VHQ
WHQFHV
7KHUHDUHPDQ\ZD\VRI«*UDPPDUUXOHV WRVPRNH
,¶PJODGKHJDYHXS«FLJDUHWWHV WREX\
:HNQHZWKH\ZHUHLQWHUHVWHGLQ«WKHVHJRRGVIURP
WROHDUQ
ZKROHVDOHUV
WRVD\
,REMHFWWR\RXU«WKHUH
+HNHSWVLOHQWIRUIHDURI«FULWLFLVHG WREH
+HOHIWZLWKRXW«JRRGE\H WRJR
0DNHZRUGFRPELQDWLRQVDQGWUDQVODWHWKHPLQWR5XVVLDQ
)RUGWRH[SRUWFDUV=)RUG¶VSROLF\RIH[SRUWLQJFDUV
*HQHUDO0RWRUVWRH[SRUWFDUV
3URFWHUDQG*DPEOHWRH[SRUWFRVPHWLFV
0LFURVRIWWRVHOOFRPSXWHUVRIWZDUH
%RVxKWRVHOOKRXVHKROGJRRGV
7HIDOWRVHOOHOHFWULFDODSSOLDQFHV
7UDQVODWHLQWR(QJOLVKXVLQJ*HUXQGV
Ìtqqxrjsqwyzqysy·¡ntq¹xvzéyltq·nxzkjxëzvpxzéjtvp
Çvmljvtqtj·jsqqoy·jzërvtvuq·nxryíznvéqí"
Æotjnznunzvlwvsy·ntq¹ëzq}ljtt}"
Ìtq vwyisqrvkjsq ëzy xzjzí wvxsn zvmv rjr isq qxxsnlv
kjtkxntnvi}vlqunyxsvkq¹
Çvuwjtq¹tj·jsjkwyxrjzëzqlqxrqlnx¹zsnztjojl
7DJTXHVWLRQV
<RXNQRZWKLVGRQ¶W\RX"
<RXGRQ¶WNQRZWKLVGR\RX"
7KHUHLVDTXHVWLRQLVQ¶WWKHUH"
7KHUHDUHQRTXHVWLRQVDUHWKHUH"
<RXFDQHDVLO\PDNHWKHVHFDOFXODWLRQVFDQ¶W\RX"
7KH\KDYHQRWFRPSOHWHGWKHLQYHVWLJDWLRQKDYHWKH\"
7KHFRPSDQ\ZLOOXVHWKLVPHWKRGZRQ¶WLW"
+HKDVQ¶WZULWWHQDQHVVD\KDVKH"
6KHSDVVHGKHUH[DP\HVWHUGD\GLGQ¶WVKH"
7UDQVODWHLQWR(QJOLVK
êzvojrsí·qznstj¹·jxzsnr|qqtnzjrsq"
Énrzvé²wév{nxxvéÎvxrvkxrvmvytqknéxqznzjlj"
êzvsnr|q¹ls¹xzylntzvkqoy·jíq}ërvtvuqryzéyljknlzjr"
Æ n tn isq tj snr|qq wv ërvtvuq·nxrvuy jtjsqoy knl
ëzvzjr"
Æqlnznxnp·jxtjxnuqtjéwvërvtvuqrn{qéulj"
*HQHUDOQHJDWLYHTXHVWLRQV
+DYHQ¶W\RXFRPHDFURVVWKLVEHIRUH"
èjoknktnkxzén·jsqxéjtnnxëzqu"
7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKLVGLIIHUHQFH
+DYH\RXUHDGWKLVLWHP" Ætn·qzjsqëzyxzjzí"
+DYHQ¶W\RXUHDGWKLVLWHP" èjoknktn·qzjsqëzyxzjzí"
Ætnojwqxjsqëzq|q{é"
èjoknktnqoy·jsqëzyznuy"
Ætnwvutqzntjokjtq¹ëzvprtqmq"
Ætnuvmsqiutnwvuv·wnénknxzqëzvzznrxzwvujrév
ërvtvuqrn"
èjokn k tn otjnzn quntq ëzvmv y·ntvmv" Ìt vwyisqrvkjs
utvmvrtqmwvërvtvuqrn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6WXG\VHQWHQFHSDWWHUQV
OHWXVGRVPWK ljkjpznxlnsjnu·zvsqiv
OHWVPEGRVPWK wvokvsqzéjoén¡qzrvuysqiv
xlnsjz·zvsqiv
7UDQVODWHLQWR5XVVLDQ
/HWPHH[SODLQWKLV
/HW¶VWDNHWKHSULFHRIWHQSRXQGVDVDQH[DPSOH
/HW¶VFRQVLGHUDSULFHFXWWRVHYHQSRXQGVILIW\SHQFH
/HW PH UHSHDW WKDW DQ\ SRVLWLYH QXPEHU GLYLGHG E\ ]HUR \LHOGV
SOXVLQILQLW\
/HWPHUHPLQG\RXWKDWWKHZRUG\LHOGFDQEHXVHGERWKDVDYHUE
DQGDVDQRXQ
/HW¶VUHPHPEHUDIHZRWKHUZRUGVZKLFKFDQEHXVHGWKHVDPHZD\
6D\LQZKDWVLWXDWLRQVDSHUVRQFDQVD\WKHIROORZLQJ
/HWPHLQWURGXFHP\VHOI /HWPHUHSHDWWKLVUXOH
/HWPHDQVZHU\RXUTXHVWLRQV /HW¶VVXPLWXS
/HWPHKHOS\RX /HW¶VKDYHDORRNDWWKLVWDEOH
7UDQVODWHLQWR(QJOLVK
bjkjpznwvxuvzéqutjwnékyírvsvtryëzvpzjisq|
Ívxuvzéqu ·zv wévqx}vlqz rvmlj |ntj yunt¡jnzx¹ tj
{ytzj
bjkjpznéjxxuvzéquyunt¡ntqn|ntlv{ytzvk
èjoén¡qznutnwéqknxzqléymvpwéquné
:RUNRQWKHZRUGV
3HUFHQWSHUFHQW²SHUFHQWDJH
RQHSHUFHQW WKHSHUFHQWDJH
RQHSRLQWILYHSHUFHQW ZKDWSHUFHQWDJH
8VH WKH ULJKW ZRUG HLWKHU SHU FHQW RU WKH SHUFHQWDJH UHDG
DQGWUDQVODWHWKHVHQWHQFHV
7KHUHLVDSULFHFKDQJHKHUHRIPLQXVWZHQW\ILYH«
7KHFKDQJHLQWKHTXDQWLW\GHPDQGHGLVDKXQGUHG«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHUHLVDKXQGUHG«FKDQJH
:LOO\RXUHSHDW«SOHDVH
,DPVRUU\,GRQ¶WNQRZ«
:KDWLV«RIWKHFKDQJH"
'LYLGHWKLVQXPEHUE\WKHPLQXVWZHQW\«FKDQJHLQSULFH
:KDW«RIKLVLQFRPHLVSDLGDVLQFRPHWD["
7UDQVODWHLQWR(QJOLVK
gntjqolnsq¹yunt¡jnzx¹tj
tnotjítjxrvsrvwév|ntzvkkévxsq|nttjëzvzzv
kjékwév¡svumvly
èjoén¡qzn utn tjokjz ëzvz wév|ntz lyují k xvmsjxq
znxxvutvp
Ìtqy nvwénlnsqsqwév|ntzlv}vljtnzjrsq"
Íév|ntzuv tvéjxx·qzjzwvëzvp{véuysn
6D\LQJµ¶RKQRXJKW]HURQLOORYH
RK DIWHUDGHFLPDOSRLQW ILYHSRLQWRKWKUHH
LQWHOHSKRQHQXPEHUV VL[VHYHQRKRQHWZRHLJKW
LQKRWHOURRPQXPEHUV 5RRP URRPWZRRKVL[
LQEXVQXPEHUV 1R QXPEHUVHYHQRKRQH
LQ\HDUV QLQHWHHQRKILYH
WZRWKRXVDQGDQGWKUHH
QRXJKW EHIRUHWKHGHFLPDOSRLQW QRXJKWSRLQWILYH
]HUR IRUWKHQXPEHU WKHQXPEHU]HUR
IRUWHPSHUDWXUH G& ILYHGHJUHHVEHORZ]HUR
QLO LQIRRWEDOOVFRUHV ILYHQLO
ORYH LQWHQQLVVFRUHV ILIWHHQORYH
5HDGRXWORXGWKHIROORZLQJ
7KHSULFHHODVWLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWVLV
7KHSULFHHODVWLFLW\IRUIRRWEDOOWLFNHWVLV
7KHLQFUHDVHLQSURGXFWLRQDPRXQWHGWR
7KHGLIIHUHQFHZDV
7KHH[DFWILJXUHLV
7KH\DUHLQ5RRPQRZ
,W¶VGHJUHHVEHORZWRGD\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KDWGD\LWZDVGHJUHHVDERYH
7KHVFRUHZDVWR-XYHQWXV
6KHZRQWZHQW\ORYH
+DYHDQRWKHUORRNDWWKHWH[WRIWKH
OHFWXUHDQG«
D 5HDGWKHILUVWWZRSDUDJUDSKVSD\LQJDWWHQWLRQ
WRWKHLQWRQDWLRQ
E 8QGHUOLQHWKHSUHGLFDWHVLQWKHVHQWHQFHVRIWKHRWKHUWZR
SDUDJUDSKVDQGVD\LQZKDWWHQVHVWKHYHUEVDUHXVHG
F 7UDQVODWHWKHODVWWZRSDUDJUDSKVLQWR5XVVLDQ
7H[W3ULFHVXSSRUW
3ULFH VXSSRUW LV D PHDQV RI VXSSRUWLQJ WKH LQFRPHV RI FHUWDLQ
SURGXFHUVE\DGPLQLVWUDWLYHO\PDLQWDLQLQJWKHSULFHVRIWKHLUSURGXFWV
DERYH PDUNHW SULFH ,Q PDQ\ FRXQWULHV SULFH VXSSRUW V\VWHPV DUH
XVHG VSHFLILFDOO\ WR DVVLVW WKH DJULFXOWXUDO VHFWRU E\ HQVXULQJ DQ DGH
TXDWHOHYHORIWRWDOIDUPLQFRPHV,QWKHILJXUHEHORZWKHHTXLOLEULXP
PDUNHWSULFHLV2$
SULFH VXSSO\
&
% )
$
'
2 + * TXDQLW\
,IWKLVSULFHLVFRQVLGHUHGWRRORZWRDGHTXDWHO\UHPXQHUDWHIDUP
HUV WKH JRYHUQPHQW ZLOO VHW D VXSSRUW SULFH VD\ 2% DW ZKLFK LW LV
SUHSDUHG WR EX\ XS DQ\ XQVROG RXWSXW $W WKH VXSSRUW SULFH RI 2%
WKHJRYHUQPHQWLVWKHQFRPPLWWHGWRDFTXLULQJWKHXQVROGRXWSXWRI
&)DWDWRWDOFRVWHTXDOWRWKHVKDGHGDUHD&)*+7KHPDLQSURE
OHPV ZLWK WKH SULFH VXSSRUW PHWKRG DUH WKDW LW SHQDOL]HV FRQVXPHUV
DQGUHVXOWVLQZDVWHIXORYHUSURGXFWLRQ7KHSULFHVXSSRUWPHWKRGLV
XVHGDVWKHEDVLVRIWKHFRPPRQDJULFXOWXUDOSROLF\RIWKH(XURSHDQ
8QLRQFRXQWULHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
VXSSRUW wvllné rj
WRHQVXUH 73JZQ19 vinxwn·qkjz mjéjtzqév
kjzéy·jzx¹
WRLQVXUH$P
WRUHPXQHUDWH kvotjméj ljz vwsj·qkjz
rvuwntxqévkjz
WRFRPPLW iéjztjxni¹vi¹ojznsxzkv
WRDFTXLUH 71ZGS=319 wéqviénzjz
WRVKDGH ojznt¹z¡zéq}vkjz
ZDVWHIXO éjxzv·qznstp
*UDPPDU5HYLVLRQLIZKHQFODXVHV
,I\RXUHDGWKHWH[W\RXZLOOJHWWKHDQVZHU
:KHQ,UHDGWKHWH[W,VKDOOWDNHVRPHQRWHV
8QGHUOLQHLIDQGZKHQFODXVHVDQGWUDQVODWHWKHVHQWHQFHV
,I WKH SULFH LV FRQVLGHUHG WRR ORZ WKH JRYHUQPHQW ZLOO VHW D
VXSSRUWSULFH
,I,XQGHUVWDQGWKHOHFWXUH,ZLOOFHUWDLQO\WDNHSURSHUQRWHV
:KHQ WKH\ UHPXQHUDWH DOO WKH H[SHQVHV WKH\ ZLOO VWDUW SURGXFLQJ
DQRWKHUPRGHO
,IKHDFTXLUHVVXIILFLHQWNQRZOHGJHKHZLOOVWDUWUHVHDUFKZRUN
$V VRRQ DV KH FRPHV KH ZLOO VHQG XV DOO WKH QHFHVVDU\
LQIRUPDWLRQ
+HZLOOVWXG\WKHSUREOHPWKRURXJKO\EHIRUHKHPDNHVDUHSRUW
8VHWKHYHUEVLQ3UHVHQW,QGHILQLWHRU)XWXUH,QGHILQLWHDQG
WUDQVODWHWKHVHQWHQFHV
,IWKHSURGXFHUVWRDVNWKHJRYHUQPHQWIRUKHOSPRVWSUREDEO\
WKH\WRJHWLW
7KH\WRWXUQWRWKHJRYHUQPHQWDXWKRULWLHVLIWKH\QRWWRHQVXUH
DQDGHTXDWHOHYHORILQFRPH
%HIRUHKHWRVWDUWGRLQJWKLVH[HUFLVHKHWRUHIUHVKWKHUXOHV
,WRWHOHSKRQH\RXDVVRRQDV,WRJHWKRPH
:H WR GLVFXVV WKLV WRSLF DIWHU ZH WR FROOHFW DOO WKH QHFHVVDU\
PDWHULDOV
,I WKH VFLHQWLVW WR JHW DQ LQYLWDWLRQ KH WR SDUWLFLSDWH LQ WKH
FRQIHUHQFH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
bv}vl rvuwjtqq kvoéjxzyz nxsq tnvi}vlqun uné iylyz
wéqt¹zkzn·ntqnlky}unx¹|nk
cxsqkwvxuvzéqzntjoj¡zéq}vkjttprkjléjztjméj{qrn
ksnmrvvzknzqzntjëzvzkvwévx
Ðnéuné wvsy·jz {qtjtxvkyí wvllné ry wvxsn zvmv rjr
wéjkqznsxzkvwéqunzxvvzknzxzkyínnén¡ntqn
8QGHUOLQHWKH*HUXQGVDQGWUDQVODWHWKHVHQWHQFHV
3ULFHVXSSRUWLVDPHDQVRIVXSSRUWLQJIDUPHUV
7KHJRYHUQPHQWVXSSRUWVSURGXFHUVE\DGPLQLVWUDWLYHO\PDLQWDLQ
LQJWKHSULFHV
,QWKHVHFDVHVWKHJRYHUQPHQWLVFRPPLWWHGWRDFTXLULQJWKHXQ
VROGRXWSXW
7KHUHDUHVRPHRWKHUZD\VRIVXSSRUWLQJSURGXFHUV
7KH\DUHFHUWDLQO\LQWHUHVWHGLQJHWWLQJSULFHVXSSRUW
7KHJRYHUQPHQWVXJJHVWHGUHFRQVLGHULQJWKLVSURSRVDO
8QGHUOLQHWKHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQD
WLRQV
SULFHVXSSRUWV\VWHP SULFHHODVWLFLW\RIGHPDQG
SULFHVXSSRUWPHWKRG SULFHFXWV
DGHTXDWHOHYHORILQFRPHV DWZHQW\ILYHSHUFHQWFKDQJHLQSULFH
(XURSHDQ8QLRQFRXQWULHV FRUUHVSRQGLQJSHUFHQWDJHFKDQJH
:RUGIRUPDWLRQ6XIIL[HVDQGSUHIL[HVRIYHUEV
VXIIL[HV SUHIL[HV
SHQDO²WRSHQDOL]H WRRUGHU²WRUHRUGHU
VSHFLDO²WRVSHFLI\ WROHDG²WRPLVOHDG
PXOWLSOH²WRPXOWLSO\ WREHOLHYH²WRGLVEHOLHYH
WRORFN²WRXQORFN
WRSD\²WRRYHUSD\
WREDVH²WRGHEDVH
ODUJH²WRHQODUJH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
D 7UDQVODWH WKH YHUEV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
WRILQDOL]H WRWHVWLI\ WRSXULI\ WRSHUVRQLI\
WRFULWLFL]H WRFHUWLI\ WRVLPSOLI\ WRPRGLI\
E )RUPDQGWUDQVODWHYHUEV
UH PLV GLV XQ
WRZULWH WRLQWHUSUHW WRVDWLVI\ WRPDVN
WRUHDG WRVSHOO WRRUJDQL]H WRQHUYH
WRRSHQ WRSURQRXQFH WRTXDOLI\ WROHDVK
WRFRQVWUXFW WRXQGHUVWDQG WRUHJDUG WRGR
RYHU GH HQ
WRHVWLPDWH WRJUDGH FRXUDJH
WRFRPH WRQDWLRQDOLVH OLVW
WRFURZG WRFODVVLI\ ULFK
WRWD[ WRFRGH VXUH
:RUNRQWKHZRUGV
7UDQVODWHWKHQRXQVDQGZULWHWKHFRUUHVSRQGLQJYHUEV
PDLQWHQDQFH SHQDOW\ VSHFLILFDWLRQ
UHPXQHUDWLRQ ZDVWHV DVVLVWDQFH
FRPPLWPHQW VXSSRUW FRQVLGHUDWLRQ
DFTXLVLWLRQ SURGXFWLRQ VKDGH
0DWFKDQGWUDQVODWHWKHV\QRQ\PV
WRDFTXLUH WRKHOS WRHQVXUH WRWUDGH
WRDVVLVW WRNHHS WRFRPPLW WRORVH
WRSHQDOL]H WRREWDLQ WRZDVWH WRJXDUDQWHH
WRPDLQWDLQ WRSXQLVK WRPDUNHW WRREOLJH
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
SULFHHODVWLFLW\ wvzvsvr|nt
SULFHFHLOLQJV qtlnrx|nt
SULFHGLVFULPLQDWLRQ |ntvkj¹ësjxzq·tvxz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
SULFHIL[LQJ |ntvkj¹lqxréquqtj|q¹
SULFHIOH[LELOLW\ |ntvkvnsqlnéxzkv
SULFHLQGH[ {qrxqévkjtqn|nt
SULFHOHDGHUVKLS xzjiqstvxz|nt
SULFHOHYHO yévknt|nt
SULFHVWDELOLW\ |ntvkj¹mqirvxz
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHWH[WLQWR5XVVLDQ
E 6D\LQ\RXURZQZRUGVZKDWWKHLGHDRISULFHVXSSRUWLV
F 'HVFULEHWKHJUDSK
1HZVSDSHULWHP1.RUHDIRUFHGWROLIWIRRG
SULFHVVKDUSO\
&KURQLF VKRUWDJHV KDYH IRUFHG 1RUWK .RUHD WR LPSOHPHQW XQ
SUHFHGHQWHG LQFUHDVHV LQ IRRG SULFHV DQG ZDJHV 6RXWK .RUHD
V FHQ
WUDOEDQNVDLG\HVWHUGD\ZDUQLQJWKDWSULFHVFRXOGFOLPEHYHQKLJKHU
5HXWHUVUHSRUWVIURP6HRXO
5LFHSULFHVLQFRPPXQLVW1RUWK.RUHDMXPSHGIROGLQ-XO\DV
UDWLRQ FRXSRQV XVHG IRU GHFDGHV ZHUH VFUDSSHG DQG WKH JRYHUQPHQW
ERRVWHGSULFHVFORVHUWROHYHOVVHHQRQLWVEODFNPDUNHW
7KLVLVDILUVWVWHSWRZDUGVDGRSWLQJDPDUNHWHFRQRP\WKH%DQN
RI .RUHD VDLG LQ DUHSRUW6HRXO
VPRVWIRUPDODVVHVVPHQW\HWRIWKH
1RUWK
VHFRQRPLFUHIRUPV
,WDGGHGWKDWFKURQLFVXSSO\VKRUWDJHVKDGIRUFHGWKH3\RQJ\DQJWR
UDLVH SULFHV LQ LWV FHQWUDOO\ SODQQHG HFRQRP\ DQG WKDW WKH WUHQG ZRXOG
FRQWLQXH,I1RUWK.RUHDGLGQRWIXOO\OLEHUDOL]HSULFHVLWVHIIRUWVWRSUR
YLGHUDWLRQVWRLWVSHRSOHZRXOGPHHWZLWKIXUWKHUGLVWRUWLRQV
$81RIILFLDOZKRYLVLWHGWKH1RUWKWKLVPRQWKVDLGWKDWHIIRUWV
WR PRYH SULFHV FORVHU WR WKRVH RQ WKH EODFN PDUNHW FRXOG KHOS WKH
FRXQWU\WRZDUGVHOIVXIILFLHQF\
6WUHHW YHQGRUV KDYH DSSHDUHG IRU WKH ILUVW WLPH LQ D ORQJ ZKLOH
DQG ORFDO SHRSOH FHUWDLQO\ XQGHUVWDQG WKH YDOXH RI D GROODU HFRQR
PLVW0LNH1HZWRQZURWHDIWHUDUHFHQWWULSWR3\RQJ\DQJ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
VKRUWDJH tn}kjzrjln{q|qz
WRLPSOHPHQW 7Z3ILH3IAJP9 kwvst¹zvxynxzks¹z
WRZDUQ wénlywén ljz
UDWLRQ éj|qvtwévlvkvsxzkqn
WRVFUDS vzljkjztjxsvukiéjxkjz
DVVHVVPHQW 71ZOAOI1JP9 v|ntrj
visv ntqnxyuujvisv ntq¹
WUHQG zntlnt|q¹tjwéjksntqn
GLVWRUWLRQ qxrj ntqnqxréqksntqn
VXIILFLHQF\ 7O1ZB3JO39 lvxzjzv·tvxz
YHQGRU wévljkn|
:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
FRXSRQ WRDVVHVV
UHIRUP WROLEHUDOL]H
FKURQLF XQSUHFHGHQWHG
E 7UDQVODWHLQWR(QJOLVK
wvxzv¹ttpln{q|qz
inxwén|nlntztvnyknsq·ntqn|nt
|nttjéqxyknsq·qsqxkw¹zéjo
rywvtqxwvsovkjk¡qnx¹lnx¹zqsnzq¹uq
yknsq·qz|ntlvyévkt¹isqorvmvryévktítj·nétvuétrn
xjuj¹v{q|qjstj¹v|ntrjquníj¹x¹tjljttpuvuntz
ërvtvuq·nxrj¹xjuvxzv¹znstvxzxzéjt
0DNH\RXURZQVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
WRLQFUHDVH ILJXUHV
WRMXPS UDWLRQV
WRFOLPE LQIRUPDWLRQ
IROG WROLIWVPWK WRSURYLGH DGYLFH
WRERRVWVPWK IRRG
WRGHFUHDVH YHKLFOHV
WRGURS HTXLSPHQW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
GLIILFXOWLHV
WRPHHWZLWK KDUGVKLSV
GLVWRUWLRQV
DFFLGHQWV
WRUDLVHUDLVHGUDLVHG²WRULVHURVHULVHQ
SULFHV SULFHV DUHULVLQJ
WRUDLVH WDULIIV WKHVXQ LVULVLQJ
DVKLS WKHPRRQ KDVULVHQ
KRSHV WKHVPRNH URVH
5HYLVH*UDPPDU
D 6D\ LI WKH ZRUGV LQ LWDOLFV DUH *HUXQGV RU 3DUWLFLSOHV ,
DQGWUDQVODWHWKHVHQWHQFHV
7KH EDQN VSRNH DERXW WKH VKRUWDJHV ZDUQLQJ WKDW SULFHV FRXOG
FOLPEHYHQKLJKHU
7KLVLVWKHILUVWVWHSWRZDUGVDGRSWLQJDPDUNHWHFRQRP\
,WUDLVHGWKHSULFHVEULQJLQJWKHPWRDKLJKSRVVLEOHOHYHO
%\OLEHUDOL]LQJSULFHVWKH\LPSURYHGWKHHFRQRPLFVLWXDWLRQLQVLGH
WKHFRXQWU\
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
*LYHH[WHQVLYHDQVZHUV
:K\GLGWKHJRYHUQPHQWRI1RUWK.RUHDUDLVHIRRGSULFHV"
:KDWUDWLRQVGLGWKHLWHPPHQWLRQ"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:KDWWUHQGGLGWKLVGHFLVLRQLQLWLDWH"
'LGWKHJRYHUQPHQWSODQWROLEHUDOL]HSULFHV"
,QZKDWFRQQHFWLRQZHUHVWUHHWYHQGRUVPHQWLRQHG"
:KDWZDVWKHRSLQLRQRIWKH86RIILFLDO"
%XVLQHVVOHWWHU5HJUHWWLQJSULFHLQFUHDVH
'HDU&XVWRPHU
6WHDGLO\ ULVLQJ SULFHV RYHU WKH SDVW IHZ \HDUV KDYH EHHQ D PDWWHU
RIFRPPRQH[SHULHQFHDQGLWZLOOFRPHDVQRVXUSULVHWR\RXWKDWRXU
RZQFRVWVKDYHFRQWLQXHGWRULVHZLWKWKLVJHQHUDOWUHQG
,QFUHDVLQJZRUOGGHPDQGKDVEHHQDQLPSRUWDQWIDFWRULQUDLVLQJ
WKH SULFHV RI RXU LPSRUWHG UDZ PDWHULDOV $ UHFHQW QDWLRQDO ZDJH
DZDUGKDVDGGHGWRRXUODERXUFRVWVZKLFKKDYHEHHQLQFUHDVHGVWLOO
IXUWKHUE\FRQVWDQWO\LQFUHDVLQJRYHUKHDGV
8QWLOQRZZHKDYHEHHQDEOHWRDEVRUEULVLQJFRVWVE\HFRQRPLHV
LQRWKHUDUHDV:HQRZILQGWKDWZHFDQQRORQJHUGRVRDQGWKHUH
IRUHLQFUHDVHVLQRXUSULFHVDUHXQDYRLGDEOH7KHQHZSULFHVZLOOWDNH
HIIHFWIURP2FWREHUDQGUHYLVHGSULFHOLVWVDUHQRZEHLQJSUHSDUHG
7KHVHVKRXOGEHUHDG\ZLWKLQWKHQH[WWZRZHHNVDQGFRSLHVZLOOEH
VHQWWR\RX
:HDUHVRUU\WKDWWKHVHLQFUHDVHVKDYHEHHQPDGHQHFHVVDU\EXW
FDQDVVXUH\RXWKDWWKH\ZLOOQRWDPRXQWWRDQDYHUDJHRIPRUHWKDQ
DERXW$VJHQHUDOSULFHVKDYHULVHQE\QHDUO\VLQFHRXUSUH
YLRXVSULFHOLVWZHKRSH\RXZLOOQRWIHHOWKDWRXULQFUHDVHVDUHXQ
UHDVRQDEOH
<RXUVIDLWKIXOO\«
'R\RXNQRZWKHVHZRUGV"
FRVWV éjx}vlqolné rqojzéjz
xninxzvquvxz
UDZPDWHULDOV 7NK(9 xén
DZDUG 71ZSK(@9 tjméjljwénuq¹
klj·jojrjoj
mvxyljéxzknttpojrjo
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
ODERXUFRVWV ojzéjztjéjiv·yíxqsy
ODERUFRVWV$P
RYHUKHDGV tjrsjltnéjx}vl
WRWDNHHIIHFW kxzywjzkxqsy
WRUHYLVH 7N3ZR=3V9 wévkné¹z wnénxujzéqkjz
qxwéjks¹z
WRDVVXUH 71ZQ19 ykné¹zmjéjtzqévkjz
WRDPRXQWWR xvxzjks¹zxyuuy
:RUNRQWKHZRUGV
D 7UDQVODWHWKHVHZRUGVLQWR(QJOLVK
wvxzv¹ttvéjxzyqn|nt kj tp{jrzvé
kvoéjxzjíqp xwévx tj uqévkvu tnqoin tpréqoqx
étrn kj¡qqolné rq
tj¡qxvixzknttnojzéjz wnénxuvzénttn|nt
vij¹zntlnt|q¹ kxénltnuivsnn
quwvézqéynuvnxén tnljktqp
E 7UDQVODWH WKH ZRUGV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
XQUHDVRQDEOH HIIHFWLYH SUHSDUDWLRQ
XQDYRLGDEOH QDWLRQDO UHYLVLRQ
XQH[SHFWHG LQWHUQDWLRQDO DVVXUDQFH
F 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
FRVWV yknsq·ntqnojéwsjz
ZDJHDZDUG ojzéjztjéjiv·yíxqsy
ODERXUFRVWV yunt¡ntqn
RYHUKHDGV yknsq·ntqn
DPRXQW xninxzvquvxz
LQFUHDVH tjrsjltnéjx}vl
GHFUHDVH xyuuj
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
D 8QGHUOLQHDWWULEXWHVVWDWHZKDWSDUWVRIVSHHFKWKH\DUH
DQGWUDQVODWHWKHVHZRUGFRPELQDWLRQV
VWHDGLO\LQFUHDVLQJSULFHV ULVLQJFRVWV
LQFUHDVLQJZRUOGGHPDQG UHYLVHGSULFHOLVW
FRQVWDQWO\LQFUHDVLQJRYHUKHDGV SUHYLRXVSULFHOLVW
E 6WDWHWKHWHQVHDQGYRLFHIRUPVRIYHUEVLQLWDOLlVDQGWUDQV
ODWHWKHVHQWHQFHV
7KHVHSULFHVKDYHEHHQDPDWWHURIFRPPRQH[SHULHQFH
,WZLOOFRPHDVQRVXUSULVH
2XURZQFRVWVKDYHFRQWLQXHGWRULVHZLWKWKLVJHQHUDOWUHQG
8QWLOQRZZHKDYHEHHQDEOHWRDEVRUEULVLQJFRVWV
5HYLVHGSULFHOLVWVDUHQRZEHLQJSUHSDUHG
&RSLHVZLOOEHVHQWWR\RX
:HDUHVRUU\WKDWWKHVHLQFUHDVHVKDYHEHHQPDGHQHFHVVDU\
*HQHUDOSULFHVKDYHULVHQE\QHDUO\
F 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKH5XOHVRIWKH
6HTXHQFHRI7HQVHV
Ðqéujxvvijsj·zvx¹tkjé¹vtjwvkxqz|nt
Íévqokvlqznsqwvl·nérqkjsq·zvwvk¡ntqn|ntkokjtvé¹
lvuwéq·qt
Ìtqmvkvéqsq·zvlsqznstvnkénu¹xzjéjsqxqoinmjzëzvmv
Ívrywjznsyotjs·zvmvzvk¹zx¹xwqxrqwnénxuvzéntt}|nt
Ìtqwvtqujsq·zvkxn|ntkvoéjxzyz
Çvuwjtq¹xvviqsjxkvqulqsnéju·zvwénréjjnzkwyxr
ëzvpuvlnsq
+DYHDQRWKHUORRNDWWKHOHWWHUDQG«
D 8QGHUOLQHDQGWUDQVODWHWKHVHQWHQFHZKLFKVHHPV
WKHPRVWLPSRUWDQWWR\RX
E :ULWHRXWWKHUHDVRQVIRUWKHSULFHLQFUHDVH
F :ULWHRXWWKHZRUGVDQGVHQWHQFHVVKRZLQJWKDW
WKHZULWHUWULHGWREHYHU\WDFWIXO
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP5HQHZHGIXQGEX\LQJSXVKHV
JROGKLJKHU
*ROGZDVDWUR\RXQFHDW/RQGRQEHQFKPDUNDIWHUQRRQIL[
LQJLWVVWURQJHVWVLQFH-XO\DQGDERYH7XHVGD\
VDIWHUQRRQIL[
*ROGKDVEHHQODQJXLVKLQJLQUHFHQWZHHNV7KHPDUNHWEXLOWXSD
ORQJ SRVLWLRQ LQ WKH PHWDO ² WKH KLJKHVW VLQFH ² EXW LQ -XQH
SURILWWDNLQJVHWLQ
<HVWHUGD\WKHIXQGVVHHPHGWREHVKRZLQJPRUHLQWHUHVWLQJROG
DJDLQ
7KHUHZDVJRRGIXQGEX\LQJDQGWKH
SULFHPRYHGWKURXJKZKLFKLVLWV
GD\ PRYLQJ DYHUDJH ,Q GRLQJ VR ZH
WKLQN LW WULJJHUHG VKRUW FRYHULQJ 7KDW
FRXOG EH ZKDW WRRN LW DV KLJK DV DW
RQH SRLQW VDLG 5RVV 1RUPDQ PHWDOV
DQDO\VW
+H DGGHG WKDW EHWWHU UDLQIDOO LQ ,QGLD
PLJKWLPSURYHWKHRXWORRNIRUWKHKDUYHVW
DQGWKHUHIRUHLQFUHDVHLQFRPHDYDLODEOHWR
EX\ JROG ,QGLD LV WKH ODUJHVW JROG FRQ
VXPHU
'R\RXNQRZWKHVHZRUGV"
IXQG ojwjxénonék{vtl
IXQGV {vtl xénlxzkj rjwq
zjs
WUR\RXQFH zévpxrj¹yt|q¹m
RXQFH yt|q¹m
EHQFK ijojkxzjzqxzqrn
PDUNEHQFKPDUN
IL[LQJ yxzjtvksntqn{qrxj|q¹
WRODQJXLVK 7ZH'42S39 xsjinzyunt¡jzx¹
ORQJSRVLWLRQ iqé vi¹ojznsxz
kjwvoq|q¹wvxév·tu
xlnsrjuwéqqméntj
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
wvk¡ntqn
DQWVKRUWSRVLWLRQ vi¹ojznsxzkjwvoq|q¹
wvxév·tuxlnsrju
wéqqméntjwvtq ntqn
DYHUDJH 7Z'R1N3 9 qtlnrxryéxxénltnn
·qxsv
WRWULJJHU tj·qtjzkokjz
FRYHULQJ iqé wvrywrjls¹
wvrézq¹vi¹ojznsxzk
wvxév·tuxlnsrju
DQDO\VW 7Z'J1H3OP9 ërvtvuqxzjtjsqzqr
KDUYHVW 7ZD=(R3OP9 yév jp
:RUNRQWKHZRUGVDQGUHYLVH*UDPPDU
D 5HDGDQGWUDQVODWHLQWR5XVVLDQ
UHQHZHGIXQGEX\LQJ SURILWWDNLQJ
EHQFKPDUNDIWHUQRRQIL[LQJ JRRGIXQGEX\LQJ
DORQJSRVLWLRQLQWKHPHWDO WRVKRZLQWHUHVW
7KDWFRXOGEHZKDWWRRNLWDVKLJKDVDWRQHSRLQW
E ,QVHUWFRUUHFWSUHSRVLWLRQVUHDGDQGWUDQVODWHWKHVHQWHQFHV
DERYHDWWKURXJKWRLQ
*ROGZDV«/RQGRQEHQFKPDUNDIWHUQRRQIL[LQJ
,WZDV«7XHVGD\
VDIWHUQRRQIL[
*ROGKDVEHHQODQJXLVKLQJ«UHFHQWZHHNV
7KHPDUNHWEXLOWXSDORQJSRVLWLRQ«WKHPHWDO
<HVWHUGD\WKHIXQGVVKRZHGPRUHLQWHUHVW«JROGDJDLQ
7KHSULFHPRYHG«
7KHWUR\RXQFHLVHTXDO«JUDPPHVJUDPV
7KHRUGLQDU\RXQFHLVHTXDO«JUDPPHV
F 7UDQVODWHWKHVHQWHQFHVXVLQJWKHYHUEVLQWKH3UHVHQW3HU
IHFW&RQWLQXRXV7HQVHDVLQWKHH[DPSOH
Ívxsnltqntnxrvsrvtnlns|ntjtjovsvzvwjljnz
*ROGKDVEHHQODQJXLVKLQJLQUHFHQWZHHNV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
gntjtjovsvzvéjxznzy ntnlnsí
Ìtqwévqokvl¹zëzyuvlnsy ntnxrvsrvsnz
Ðqéujwévljnzëzquj¡qtxm
y·yjtmsqpxrqp¹orxvxntqm
frvsrvkénuntqvtwnénkvlqzëzyxzjzí"
êrvtvuqxzjtjsqzqr qxwvsoynz k xkvnu qxxsnlvkjtqq ljt
tnojwvxsnltqnlnx¹zsnz
G 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHFRQVWUXFWLRQ
WRVHHPWREHGRLQJVPWK
7KHIXQGVVHHPHGWREHVKRZLQJPRUHLQWHUHVWLQJROGDJDLQ
Çjojsvx·zv{vtlxtvkjwév¹ks¹ízqtznénxrovsvzy
7KHSULFHVVHHPWREHLQFUHDVLQJ
7KHWUHQGVHHPVWREHFKDQJLQJ
7KHZDVWHIXORYHUSURGXFWLRQVHHPHGWREHJURZLQJIXUWKHU
7KHDQDO\VWVHHPHGWREHVSHDNLQJDERXWRWKHUPDUNHWV
H 7UDQVODWHWKHGHILQLWLRQRIWKHWHUPDQGVD\ZKDWLWLVVKRUW
DJHVKRUWSRVLWLRQVKRUWFRYHULQJ
« ² 7KH SXUFKDVLQJ RI JRRGV WKDW KDYH EHHQ VROG VKRUW VR WKDW
WKHRSHQSRVLWLRQLVFORVHG$GHDOHULQFRPPRGLWLHVKRSHVWRFRYHU
VKRUWV DW EHORZ WKH VHOOLQJ SULFH LQ RUGHU WR PDNH D SURILW 'HDOHUV
FRYHUWKHLUVKRUWVZKHQWKH\H[SHFWWKHPDUNHWWRWXUQRUZKHQLWKDV
DOUHDG\VWDUWHGWRPRYHXSZDUGV
+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D 6D\ZKDWWKHGLDJUDPVKRZV
E 7UDQVODWHWKHLWHP
F $QVZHUWKHVHTXHVWLRQV
:K\GLGWKHDQDO\VWPHQWLRQ,QGLD"
:KDWZDVWKHRXWORRNIRUVHOOLQJJROGWR,QGLDQSXUFKDVHUV"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRNWRWUDQVODWH
%LPHWDOOLVP
7KLV ERRN SUHVHQWV D KLVWRU\ RI :HVWHUQ
PRQHWDU\V\VWHPVDQGH[SODLQVZK\ELPHWDO
OLVPZDVSUHIHUUHGWRDJROGVWDQGDUGEHIRUH
3URIHVVRU 5HGLVK DUJXHV WKDW WKH WHFK
QRORFLFDO DELOLW\ WR LVVXH ILGXFLDU\ PRQLHV
DQG D FRPPLWPHQW PHFKDQLVP WR SUHYHQW
RSSRUWXQLVWLF JRYHUQPHQWV FKDQJLQJ WKH
UDWLR EHWZHHQ WKH FXUUHQF\ DQG D XQLW RI
JROGZHUHIUHTXHQWO\RYHUORRNHGSUHUHTXL
VLWHVIRUWKHHPHUJHQFHRIWKH&ODVVLFDOJROG
VWDQGDUG 7KH VLPSOLFLW\ RI WKH JROG VWDQ
GDUGDPRQHWDU\V\VWHPZKHUHWKHUHLVDIL[HGUDWLREHWZHHQDZHLJKW
RIJROGDQGDXQLWRIFXUUHQF\PDNHVLWDQREYLRXVIRFXVIRUGLVFXV
VLRQ RI FRPPRGLW\ PRQH\ V\VWHP DQG IRU FRQWUDVWLQJ ZLWK WRGD\
V
ILDWPRQH\UHTXLUHV
7UDQVODWHWKHVHWH[WVLQWR(QJOLVK
D Èqunzjssqou ² zqw lntn tvp xqxznuêzjxqxznujvx
tvkjtjtjlky}unzjssj}²vi·tvovsvznqxnéniénÌijunzjs
sj¹ks¹ízx¹ojrvttuwsjzn tuxénlxzkvuOHJDOWHQGHUqvi¹
ojznst r wéqnuy k tnvméjtq·ntt} rvsq·nxzkj} fvvztv¡n
tqn un ly q} knxvkuq rvsq·nxzkjuq {qrxqéynzx¹ k lntn tvp
nlqtq|n
E Ënéjounttniyuj tnlntmqILDWPRQH\²lntmqrv
zvén mvxyljéxzkv vi~¹kqsv ojrvttu wsjzn tu xénlxzkvu
}vz¹ vtq tn quníz xvixzknttvp xzvquvxzq tn éjountt tj
ovsvzv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
7\SHV
RIHFRQRPLHV
,QWHUYLHZ (FRQRPLHVDQGPDQXIDFWXULQJ
7H[WV $OORFDWLRQRISURGXFWVDQGUHVRXUFHV
3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
1HZVSDSHULWHPV 8.PD\PRYHWRVDYH%ULWLVK(QHUJ\
%XVKYRZVWR
GRZKDWLWWDNHV
IRU
HFRQRP\
$QQRWDWLRQ %HWZHHQ3ROLWLFVDQG0DUNHWV
*UDPPDU 3DUWLFLSOH,,
PDQ\³PXFKIHZDIHZ³OLWWOHDOLWWOH
(TXLYDOHQWVRIPRGDOYHUEV
:RUGIRUPDWLRQ &RPSRXQGV
,QWHUYLHZ(FRQRPLHVDQGPDQXIDFWXULQJ
,QWHUYLHZHU 'HQLV 0LOOV GR \RX DJUHH ZLWK WKH SHRSOH ZKR VD\
WKDWPDQXIDFWXULQJLQGXVWU\ZLOOLQHYLWDEO\GHFOLQHLQ
ZKDWZHFDOOWKHLQGXVWULDOL]HGFRXQWULHV"
'HQLV0LOOV , WKLQN PDQXIDFWXULQJ ZLOO FKDQJH FRQYHUW LWVHOI
7KHUH DUH PDQ\ QHZ SURGXFWV WKDW KDYH WR EH LQ
YHQWHGWRVHUYHQHZQHHGVDQGWKH\FDQEHPDGHLQ
WKH DGYDQFHG FRXQWULHV EHFDXVH LQ IDFW WKH WHFKQRO
RJ\RISURGXFWLRQPHDQV\RXQHHGYHU\OLWWOHODERXU
LQSXW ,¶P KROGLQJ LQ P\ KDQG D VLPSOH SHQ WKDW
%ULWLVK $LUZD\V JLYHV DZD\ WR LWV SDVVHQJHUV ,W LV
PDGH LQ 6ZLW]HUODQG D SHQ D ORZWHFK SURGXFW
PDGHLQ6ZLW]HUODQGZLWKWKHKLJKHVWODERXUFRVWVLQ
WKHHQWLUHZRUOGDQG%ULWLVK$LUZD\VD%ULWLVKFRP
SDQ\ KDYLQJ WR SD\ LQ ORZ YDOXH SRXQGV LV EX\LQJ
IURP6ZLW]HUODQGDPDQXIDFWXUHGSURGXFW1RZZKDW¶V
JRLQJRQKHUH",WVHHPVWRPHWKDWWKH²DQGWKH\DOVR
PDQDJHWRGRLWZLWKWKHLUZDWFKHVWKHIDPRXV6ZDWFK
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
LQHYLWDEO\ 73JZAR3P1>H39 tnqoin tv
WRLQYHQW qoviénzjz
LQSXW kkvl kkvlqup én
xyéx
kkvlqup {jrzvé wév
qokvlxzkj
ojzéjz tj wévqokvl
xzkv k jtjsqon
un vzéjxsnkvmvijsjtxj
ODERXULQSXW ojzéjz zéylj zéylvnu
rvxz
xvzéODERXUFRVWV ojzéjztjéjiv·yíxqsy
HQWLUH 73JZP=319 wvstp
WRVWXPEOHRQVPWK ojwqtjzx¹v¡qijzx¹
JLDQW 7 =31JP9 mqmjtzxrqpmévujltp
GXELRXV 7Z@FQ(>F1O9 xvutqznstp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGV
PDQXIDFWXULQJ 6ZLW]HUODQG
PDQXIDFWXUHG $VLD
SURGXFW $VLDQ
FRPSDQ\ G\QDPLF
WKHRU\ GXELRXV
WRFRQYHUW H[WUHPHO\
DGYDQFHG SURILWDEO\
7UDQVODWHLQWR(QJOLVKSD\LQJDWWHQWLRQWRWKHVHYHUEV
WRVD\VPWK
WRWHOOVPEVPWK
WRVSHDNDERXWVPWKDODQJXDJHLQDFHUWDLQSODFH
IRUDFHUWDLQSHULRGRIWLPH
Æ xkvnu lvrsjln vt mvkvéqs vi viéjijzkjínp wévu¡
snttvxzq
tnotjímlnvtmvkvéqsvwévlyr|qqkxvrvpzn}tvsvmqq
Ìtxrjojstnxrvsrvxsvkqvwévlyr|qqxtqorquyévktnu
zn}tvsvmqp
Ìtxrjojs yétjsqxzy·zv}v·nzwéqknxzqnnvlqtwéquné
Ëjwénxxrvt{nént|qqmvkvéqsqzvsrvwvjtmsqpxrq
lyují·zvvtqmvkvéqsqvrvsvwvsy·jxj
6WDWH LI WKH ZRUG QHHG LV D YHUE RU QRXQ LQ HDFK FDVH DQG
WUDQVODWHWKHVHQWHQFHV
7KHVHSURGXFWVDUHLQYHQWHGWRVHUYHQHZQHHGV
,Q WKLV FDVH WKH WHFKQRORJ\ RI SURGXFWLRQ PHDQV \RX QHHG YHU\
OLWWOHODERXULQSXW
7KH\GRQRWQHHGWRFRS\WKLVWH[W7KH\QHHGQRWFRS\WKLVWH[W
'R\RXQHHGWRZULWHDQHVVD\"1HHG\RXZULWHDQHVVD\"
7KHUHLVQRQHHGIRU\RXWRWUDQVODWHWKLVWH[W
7KHUHLVDJUHDWQHHGIRUDJRRGERRNRQWKLVVXEMHFW
+HHDUQVHQRXJKWRVDWLVI\KLVQHHGV
ZLOOPHHWKLVLPPHGLDWHQHHGV
'RHVKHQHHGDQ\KHOS"
7KLVFKDSWHUQHHGVUHZULWLQJ
7KHUH
VQRQRWPXFKQHHGIRUDQ[LHW\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQPDQ\³PXFKIHZDIHZ³
OLWWOHDOLWWOH
qx·qxs¹nun tnqx·qxs¹nun
xynxzkqznstn xynxzkqznstn
PDQ\SURGXFWV PXFKHIILFLHQF\
IHZSURGXFWV OLWWOHHIILFLHQF\
DIHZSURGXFWV DOLWWOHHIILFLHQF\
7UDQVODWHLQWR(QJOLVK
znvéqp ojzéjz
rvuwvtntzvk ojzéjztj
utvmv qtlyxzéqjst} utvmqn éjiv·yíxqsy
ujsvtn xzéjt tnutvmqn wvzénitvxzq
xrvsrv éjokqz}xzéjt tnivs¡qn zéyltvxzq
sílnp éjx}vl
wévlyrzvk yxwn}q
tn{zq zéylvnurvxz
yms¹ ivs¡j¹ yxzjsvxz
utvmvujsv qt{véuj|qq tnivs¡j¹ xqsj
éjivz ujsj¹ xzvprvxz
(TXLYDOHQWVRIPRGDOYHUEV
FDQ WREHDEOHWR ,KDYHEHHQDEOHWRUHDGWKLVERRN
«ZDVDEOH«
«VKDOOEHDEOH«
PXVW WRKDYHWR ,KDYHWRFRPHWRWKH8QLYHUVLW\DW
«KDG«
«VKDOOKDYH«
WREHWR 7KHOHFWXUHLVWRVWDUWDW
«ZDV«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
%ULWLVK$LUZD\VKDYHWRSD\LQORZYDOXHSRXQGV
7KHUHVKRXOGEHQRPRUHPDQXIDFWXULQJWKHUH
7KH\ KRSH WKH\ ZRXOG EH DEOH WR YLVLW D IHZ DGYDQFHG LQGXVULDO
L]HGFRXQWULHV
7KHFRQIHUHQFHLVWRVWDUWQH[W0RQGD\LQ6ZLW]HUODQG
$OOWKHSDUWLFLSDQWVDUHWREHRIILFLDOO\SUHVHQWHG
7UDQVODWHLQWR(QJOLVK
Ìtqkty lntrvtxzjzqévkjzxtq ntqnwévqokvlxzkj
Ï·ntp xuv nz wévlvs qz xkvq qxxsnlvkjtq¹ nxsq iylyz
xlnsjtqtknxzq|qqkëzvzwévnrz
Êtznékílvs tvtj·jzx¹k
Êt ntné kty lnt isq wéqotjz ivs¡yí zéylvnu
rvxzëzvmvwévnrzj
Çvuwjtq¹xuv nzxvréjzqzojzéjztjéjiv·yíxqsy
*UDPPDU3DUWLFLSOH,,
3DUWLFLSOH,,wéq·jxzqn,,viéjoynzx¹xwvuvívrvt·jtq¹
HGlvijks¹nuvmvrqt{qtqzqkywéjkqst}msjmvsvkino·jxzq|WR
Ënwéjkqstnmsjmvsviéjoyíz3DUWLFLSOH,,tnwvwéjkqsju
3DUWLFLSOH,,²ëzvzénz¹{véujmsjmvsvk
WRRSHUDWH²RSHUDWHG²RSHUDWHG
WREHJLQ²EHJDQ²EHJXQ
WRVSHDN²VSRNH²VSRNHQ
Æwénlsv ntqq3DUWLFLSOH,,uv nzkwvst¹z{ytr|qq
N ·jxzqxrjoynuvmv
7KHSULFHLVFRQVLGHUHGWRRORZ
7KH\KDYHDOUHDG\VWXGLHGWKHSULFHOLVW
N vwénlnsntq¹
7KH RIIHUHG SULFH LV WRR KLJK Íénlsjmjnuj¹ wénlsv
nttj¹|ntjv·ntkxvrj
7KHSULFHRIIHUHGE\WKHYHQGRUVLVWRRKLJKgntjwénl
sjmjnuj¹wénlsv nttj¹wévljk|vuv·ntkxvrj
Ëj éyxxrqp ¹or 3DUWLFLSOH ,, wnénkvlqzx¹ msjmvsvu xzéjlj
znstu wéq·jxzqnu wéqljzv·tu wénlsv ntqnu wéqsjmj
znstuxynxzkqznstuxwénlsvmvuqzl
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
zvkjéyrjojttpkxwqxrn ojwéj¡qkjnuj¹|ntj
rvsq·nxzkvyrjojttvnkzv·rn¬ wévqoknlnttpéjx·nz
wévlyr|q¹qomvzvksnttj¹ëzvp{qéuvp rvuwíznéqoqévkjttp
uvlq{q|qévkjttpwéqivé wév|nxx
vwsj·nttj¹xyuuj ojrywsnttvn vivéylv
wnénxuvzénttj¹|ntj kjtqn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHLQWHUYLHZDQG«
5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQG>@
WRFRQYHUW WRUHWXUQ FHUWDLQ FXUYH
WRVHUYH UHWXUQV YHUWLFDO UHVHDUFK
VHUYLFHV XSWXUQ WRHDUQ PHUJHU
VLU GRZQWXUQ HDUQLQJV HQWUHSUHQHXU
5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
Ëqx}vl¹qpzvt®kéj jnzojrvt·nttvxzqsq
rjznmvéq·tvxzkxrjokjtq¹ywvzénis¹nzx¹zjr
nkviq}kvwévxj}
Ævx}vl¹qpzvtyrjokjnztjtnojrvt·nttvxz
kxrjokjtq¹qsqvzxyzxzkqnrjznmvéq·tvxzq
ywvzénis¹nzx¹zjr nkxwn|qjst}kvwévxj}
®
,WKLQNPDQXIDFWXULQJZLOO FKDQJHFRQYHUWLW®VHOI
'R\RXDJUHHZLWKWKH SHRSOHZKRVD\WKDWPDQXIDFWXULQJLQ
GXVWU\ZLOOGH FOLQH"
7KHUH DUH PDQ\ QHZ SURGXFWV WKDW KDYH WR EH LQYHQWHG WR VHUYH
QHZ QHHGV DQG WKH\ FDQ EH PDGH LQ DGYDQFHG FRXQWULHV EHFDXVH LQ
IDFW WKH WHFKQRORJ\ RI SURGXFWLRQ PHDQV \RX QHHG YHU\ OLWWOH ODERXU
LQSXW
,DPH[WUHPHO\GXELRXVRIWKHWKHRULVWVZKRVD\WKDWPDQXIDFWXU
LQJKDVQRIXWXUHLQWKHDGYDQFHGLQGXVWULDOL]HGFRXQWULHV
5HDGWKHLQWHUYLHZRXWORXG
6XPXSZKDW'HQLV0LOOVVDLGDERXWPDQXIDFWXULQJLQGXVWU\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W$OORFDWLRQRISURGXFWVDQGUHVRXUFHV
7KH SXUH PDUNHW HFRQRP\ ZLWKRXW DQ\ JRYHUQPHQW FRQWURO
ZKDWVRHYHUDOORFDWHVSURGXFWVDQGUHVRXUFHVLQWKHZD\ZKLFKLQWKH
PRVWVLPSOLILHGPDQQHUFDQEHVKRZQE\WKHILJXUHEHORZ
3URGXFWLYHUHVRXUFHV
G )$&725
6X
DQ
35,&(6
SSO\
'H P
6
),506
.(7 +286(+2/'6
$5
0
6XS
G
DQ
352'8&7
HP
SO\
35,&(6 '
*RRGVDQGVHUYLFHV
$V WR WKH FRPPDQG HFRQRP\ SUDFWLFDOO\ VSHDNLQJ LW DOORZV WKH
JRYHUQPHQWWRDFWDVDGLFWDWRU
)RUWXQDWHO\ D FRPPXQLW\ RU D FRXQWU\ GRHV QRW KDYH WR PDNH D
FRPSOHWHFKRLFHEHWZHHQWKHWZRH[WUHPHVWKHPDUNHWHFRQRP\DQG
WKHFRPPDQGHFRQRP\,QVWHDGLWFDQFRPSURPLVHDQGKDYHDPL[HG
HFRQRP\
,Q D PL[HG HFRQRP\ WKUHH TXDUWHUV RI SURGXFWLRQ LVFDUULHGRXWE\
WKHSULYDWHVHFWRUWKURXJKWKHPDUNHWWKRXJKVXEMHFWWRYDU\LQJGHJUHHV
RIJRYHUQPHQWFRQWURO)RUWKHRWKHUTXDUWHUWKHJRYHUQPHQWLVGLUHFWO\
UHVSRQVLEOH WKURXJK WKH SXEOLF VHFWRU 7KXV WKH JRYHUQPHQW LQIOXHQFHV
WKHDOORFDWLRQRIWKHJRRGVDQGVHUYLFHVSURGXFHG
(YHQ LQ WKH 86$ D VWURQJKROG RI IUHH HQWHUSULVH LW KDV EHHQ
IRXQGQHFHVVDU\WRFRQWURORUUHJXODWHQDWLRQDOLQFRPHFRQGLWLRQV
$VWR%ULWDLQWRGD\LWKDVDPL[HGHFRQRP\,QWKHSXEOLFVHFWRU
RI %ULWLVK HFRQRPLF OLIH DUH WKH QDWLRQDOL]HG LQGXVWULHV OLNH FRDO DQG
VWHHO%ULWLVK5DLODQG%2$&,QWKHSULYDWHVHFWRUDUHWKHPDMRULW\RI
WKHQDWLRQ
VLQGXVWULHVERWKODUJHDQGVPDOOIURPJLDQWVOLNH,&,DQG
%3WRVPDOOIDPLO\EXVLQHVVHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WRDOORFDWH 7Z'HKQGA3P9 klns¹zxyuujxxqmtvkjtq¹
SXUH ·qxzp
ZKDWVRHYHU rjrvpitq
WRDOORZVPEWRGR wvokvs¹z rvuysqiv lnsjz
VPWK ·zvsqiv
LQVWHDG 73JZOPA@9 kunxzv
VXEMHFWWRVPWK 7ZO6> 1GP9 wéq yxsvkqq xvisílntq¹ ·n
mvsqiv
WRYDU\ 7ZR&1N39 qount¹zx¹
WRLQIOXHQFHVPWK 7Z3JBHQ1JO9 vrjokjzksq¹tqntj·zvsqiv
VWURQJKROG vwsvz
IUHH xkvivltp
inxwsjztp
PDMRULW\ 7I1Z KN3P39 ivs¡qtxzkv
:RUGIRUPDWLRQ&RPSRXQGV
QRXQQRXQ QRXQ QHZVSDSHU QHZVSDSHU
QRXQYHUE QRXQ KRXVHWRKROG KRXVHKROG
SUHSRVLWLRQYHUE QRXQ LQWRSXW LQSXW
DGMHFWLYHQRXQ QRXQ VXSHUPDUNHW VXSHUPDUNHW
1RWH&RPSRXQGVDUHXVXDOO\SURQRXQFHGZLWKWKHILUVWSDUW
RIWKHZRUGVWUHVVHG
7UDQVODWHWKHVHZRUGVDQGZULWHWKRVHZKLFKIRUPHGWKHP
VWURQJKROG ZKDWVRHYHU WH[WERRN
RXWSXW XSWXUQ EXVLQHVVPDQ
EHQFKPDUN GRZQWXUQ XQGHUJUDGXDWH
FDUPDNHU OLIHF\FOH ZHOOEHLQJ
QHWZRUN EURDGFDVWLQJ WHOHFRPPXQLFDWLRQ
6D\KRZWKHVHZRUGVDUHIRUPHGDQGWUDQVODWHWKHP
DOORFDWLRQ UHJXODWLRQ SULYDWLVDWLRQ DLUZD\V
JRYHUQPHQW FRPPXQLW\ QDWLRQDOLW\ DLUOLQH
GLFWDWRU UHVSRQVLELOLW\ UDLOZD\ RYHUVHDV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
&ODVVLI\WKHVHZRUGVLQWRWZRFROXPQV3DUWLFLSOH,DQG3DU
WLFLSOH,,DQGWUDQVODWHWKHP
DOORFDWHG VLPSOLILHG PL[LQJ UHJXODWLQJ
VSHDNLQJ PDNLQJ YDU\LQJ QDWLRQDOL]HG
VKRZLQJ FRPSURPLVHG LQIOXHQFHG FRQWUROOHG
7UDQVODWHLQWR(QJOLVK
kwvst¹nunyxsymq wéjrzq·nxrqmvkvé¹
éqxytvrljttpkznrxzn vzrévknttvmvkvé¹
xun¡jttpzqwërvtvuqrq xsy¡j¹q}
tj|qvtjsqoqévkjttn vzéjxsq tjisílj¹ojtquq
wévu¡snttvxzq qoy·j¹ëzvzkvwévx
8QGHUOLQHWKHSUHGLFDWHVVWDWHLQZKDWIRUPVWKHYHUEVDUH
XVHGDQGWUDQVODWHWKHVHQWHQFHV
7KHZD\LQZKLFKWKHPDUNHWHFRQRP\DOORFDWHVSURGXFWVDQGUH
VRXUFHVFDQEHVKRZQLQDFHUWDLQILJXUH
$FRXQWU\GRHVQRWKDYHWRPDNHDFRPSOHWHFKRLFHEHWZHHQWKH
WZRH[WUHPHV
$FRXQWU\FDQFRPSURPLVHDQGKDYHDPL[HGHFRQRP\
,W KDV EHHQ IRXQG QHFHVVDU\ WR FRQWURO QDWLRQDO LQFRPH FRQGL
WLRQV
$VWR%ULWDLQWRGD\LWKDVDPL[HGHFRQRP\
7KH\ZHUHQRWDEOHWRDOORFDWHDELJJHUVXPWRHGXFDWLRQDQGVR
FLDOVHFXULW\
+DYHDQRWKHUORRNDWWKHWH[WDQG«
:ULWH WKH DEEUHYLDWHG QDPHV RI WKH FRPSDQLHV DQG PDWFK
WKH5XVVLDQQRWHVRQWKHP
%ULWLVK2YHUVHDV$LUZD\V Èéqzjtxrj¹ rvuwjtq¹ zéjtxvrn
&RUSRUDWLRQ jtxrq}kvoly¡t}xvvintqp
,PSHULDO&KHPLFDO,QGXVWULHV Èéqzjtxrj¹ rvuwjtq¹ nsno
t}lvévmvxtvkjtjkm
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DUNWKHULJKWVWDWHPHQWV
BB7KHLWHPVWDUWVZLWKGHVFULELQJWKHPDUNHWHFRQRP\
BB7KHPDUNHWHFRQRP\DOORFDWHVSURGXFWVDQGUHVRXUFHVWKURXJK
WKHPDUNHWZLWKRXWDQ\JRYHUQPHQWFRQWURO
BB7KHQWKHSLFWXUHUHODWLQJWRWKHPL[HGHFRQRP\LVJLYHQ
BB7KHFRPPDQGHFRQRP\LVQRWPHQWLRQHGDWDOO
BB$PL[HGHFRQRP\LVDFRPSURPLVHEHWZHHQWKHWZRH[WUHPHV
BB ,Q D PL[HG HFRQRP\ RQH KDOI RI WKH SURGXFWLRQ LV FDUULHG
WKURXJKWKHPDUNHWZLWKDFHUWDLQJRYHUQPHQWFRQWURO)RUWKHRWKHU
KDOIWKHJRYHUQPHQWLWVHOILVUHVSRQVLEOHWKURXJKWKHSXEOLFVHFWRU
)LOOLQWKHJDSVZLWKWKHZRUGVIURPWKHWH[W
7KXV WKH JRYHUQPHQW « WKH DOORFDWLRQ RI WKH JRRGV DQG VHUYLFHV
SURGXFHG
(YHQLQWKH86$D«RIIUHHHQWHUSULVHFRQWUROVRU«QDWLRQDO
LQFRPHFRQGLWLRQV
$VWR%ULWDLQWRGD\LWKDVD«HFRQRP\
,QWKHSXEOLFVHFWRURI%ULWDLQDUHWKHQDWLRQDOL]HGLQGXVWULHVOLNH«
,QWKHSULYDWHVHFWRURI%ULWDLQDUHWKH«RIWKHLQGXVWULHV
,Q WKH SULYDWH VHFWRU RI %ULWDLQ DUH ERWK ODUJH DQG VPDOO HQWHU
SULVHVIURPJLDQWVOLNH«WRVPDOO«
$QVZHUWKHVHTXHVWLRQV
+RZGRHVWKHPDUNHWHFRQRP\ZRUNMXGJLQJE\WKHILJXUH"
:KDWDUHWKHIHDWXUHVRIDPL[HGHFRQRP\"
+RZ DUH WKH 86$ DQG %ULWDLQ FKDUDFWHULVHG LQ WHUPV RI WKH
HFRQRP\"
:KDWFRXQWULHVLIDQ\KDYHDFRPPDQGHFRQRP\QRZ"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
$WWKHEHJLQQLQJRIWKHVWKHUHZHUHPDQ\SXEOLFFRUSRUDWLRQVLQWKH
8QLWHG .LQJGRP 7KH\ LQFOXGHG %ULWLVK &RDO %ULWLVK 6WHHO WKH 3RVW 2IILFH
%ULWLVK7HOHFRPWKH%ULWLVK$LUSRUWV$XWKRULWLHV%ULWLVK5DLODQGVRPHRWKHUV
7KH\ ZHUH QDWLRQDOL]HG PRVWO\ E\ /DERXU JRYHUQPHQWV IRU SROLWLFDO
UHDVRQV UHIOHFWLQJ D GHVLUH WR FRQWURO DQG SODQ WKH HFRQRP\ LQ GHWDLO DQG D
EHOLHILQWKH©ULJKWQHVVªRISXEOLFRZQHUVKLSDVDQLGHDO
6RPHFRUSRUDWLRQVEHFDPHSXEOLFWREHUHVFXHGIURPEDQNUXSWF\7KXVWKH
JRYHUQPHQWVVDYHGWKRXVDQGVRIMREVLQWKRVHILUPVVRWKHWD[SD\HUZDVVDYHG
IURPSD\LQJRXWODUJHVXPVWRXQHPSOR\HGSHRSOH
9HU\ PDQ\ SXEOLF FRUSRUDWLRQV ODWHU EHFDPH SULYDWH DJDLQ %XW VRPH
RWKHUVDUHVWLOOSXEOLFO\RZQHG
$VSHFLDOPHQWLRQVKRXOGEHPDGHRI%ULWLVK5DLO5DLOZD\WUDFNVPDNHDQDWXUDO
PRQRSRO\RIWKHVWDWH$WWKHVDPHWLPHGLIIHUHQWFRPSDQLHVDUHDOORZHGWRRSHUDWH
FRPSHWLQJ VHUYLFHV RQ WKH VDPH WUDFNV 7KXV WKHUH LV D QDWXUDO PRQRSRO\ LQ WUDFN
RZQHUVKLSEXWQRWLQRSHUDWLQJWUDLQV
+HUH LV D ILJXUH VKRZLQJ WKH LQWHUUHODWLRQ EHWZHHQ 3DUOLDPHQW DQG WKH WZR
VHFWRUVRIWKHHFRQRP\WKDWLVWKHSXEOLFDQGWKHSULYDWHVHFWRUVLQ*UHDW%ULWDLQ
38%/,& '<1$0,&
$&&2817$%,/,7< 0$1$*(0(17
*29(510(17 38%/,& 35,9$7(
'(3$570(17 &25325$7,21 (17(535,6(
)LQDQFH 6WDII
&LYLO6HUYLFH'HSDUWPHQW
0,1,67(5 0,1,67(5
75($685< DSSRLQWV %2$5'2)
',5(&7256
%2$5'
3XEOLF
UHVSRQVLEOH
$FFRXQWV IRUDOOSROLF\ GHFLGHV DSSRLQWHGE\DQG
&RPPLWWHH UHVSRQVLEOHWR
*HQHUDO
SROLF\
6+$5(+2/'(56
([SHQGLWXUH
&RPPLWWHH
4XHVWLRQV 3ROLF\ 6WDII )LQDQFH
GHEDWH 3URILWFULWHULRQ
(VWLPDWHV
µEUHDNHYHQ¶FULWHULRQ
$QQXDO5HSRUWDQG &RQVXPHU
VXEMHFWWRQDWLRQDO
3$5/,$0(17 $FFRXQWV VRYHUHLJQW\
FRQVLGHUDWLRQV
6HOHFW&RPPLWWHHRQ1DWLRQDOL]HG
,QGXVWULHV &21680(5&281&,/6
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
DXWKRULWLHV 71ZKN1P3V9 ksjxzq
WRUHIOHFW vzéj jz
WRUHVFXH 7ZNAOGFQ(9 xwjxjzvxkviv ljz
WRVDYH xwjxjz qoijks¹z ërv
tvuqzvzrsjlkjz
WRVDYHWLPHPRQH\ ërvtvuqzkénu¹lntmq
JDVHQHUJ\« mjoësnrzévëtnémqí«
WD[SD\HU tjsvmvwsjznsqr
3DUOLDPHQW wjésjuntz
SXEOLFDFFRXQWDELOLW\ 71ZG=QJP1Z>3H3P39 vz·nztvxz wnénl mvxyljé
xzkvu
WR H[HUFLVHWR KDYH vxynxzks¹z vz·nztvxz
SXEOLFDFFRXQWDELOLW\ wnénlmvxyljéxzkvu
SXEOLFFRUSRUDWLRQ mvxyljéxzknttj¹ rvuwjtq¹
vémjtqovkjttj¹wvxwn|qjstvuy
wéjkqznsxzknttvuy wvxzjtvksn
tqí
SXEOLFDFFRXQWV x·nz mvxyljéxzknttvmv
y·én lntq¹
FLYLOVHUYLFH mvxyljéxzknttj¹xsy ij
7UHDVXU\ 7ZPNA!1N39 Çjotj·npxzkv Îqtqxzné
xzkv{qtjtxvkk¬tmsqq
H[SHQGLWXUH 73GZOLAJ@3P19 éjx}vl
WREUHDNHYHQ vxzjzx¹wéqxkvq}
FULWHULRQ 7GN=3ZPE1N31J9 réqznéqp
SOFULWHULD 7GN=3ZP31N319
FRXQFLO 7ZG=QJO3H9 xvknz
VKDUHKROGHU jr|qvtné
VRYHUHLJQW\ 7ZOKRN1JP39 xyknéntqznz
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHZRUGV
SXEOLF UHDVRQ EHOLHI
SULYDWH GHVLUH GHSDUWPHQW
EDQNUXSWF\ FRQWURO RZQHUVKLS
FRUSRUDWLRQ GHWDLO LGHDO
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6D\IURPZKDWZRUGVWKHIROORZLQJRQHVDUHIRUPHG
RZQHUVKLS UHODWLRQVKLS
SURIHVVRUVKLS VFKRODUVKLS
NLQVKLS IULHQGVKLS
0DNH VHQWHQFHV XVLQJ WKH IROORZLQJ ZRUGV DQG ZRUG FRP
ELQDWLRQV
VWDWH WRSD\
ORFDO WRFROOHFW
WD[HV
LQFRPH WD[HV WROHY\
GLUHFW WROLIW
LQGLUHFW
YDOXHDGGHG
WD[SD\HU
WD[FROOHFWRU
WREHWD[IUHH
WREHWD[H[HPSW
WD[H[HPSWLRQ
D *LYHQDPHVRIYDULRXVWUDGHVDVLQWKHH[DPSOH
WRRZQVRPHODQG=7KHPDQZKRRZQVVRPHODQGLVFDOOHGDODQGRZQHU
WRRZQDVKLS WREUHHGSLJV
WRRZQDFDU WRJURZIUXLW
WRRZQDIDFWRU\ WRPDNHVKRHV
WREUHHGKRUVHV WRNHHSDVKRS
WREUHHGFDWWOH WRPLQHIRUFRDO
E 6D\KRZWKHIROORZLQJQDPHVRIWUDGHVDQGSURIHVVLRQVDUH
IRUPHG
VWHHOZRUNHU IDUPHU DFFRXQWDQW
ILVKHUPDQ HOHFWULFLDQ WUDQVODWRU
EXLOGHU WHDFKHU UHWDLOHU
EDQNHU PXVLFLDQ WUHDVXUHU
HFRQRPLVW HQJLQHHU RSHUDWRU
VWHZDUGHVV FXVWRPHU VSRNHVPDQ
PDQDJHU SK\VLRORJLVW PLQHU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
6D\ LQ ZKDWIRUPV WKH YHUEV DUH XVHG LQ WKH IROORZLQJ VHQ
WHQFHV
$ORWRISXEOLFPRQH\KDVEHHQXVHGWRVDYHWKHFRPSDQ\
0DQ\FRPSDQLHVKDYHEHHQVDYHGIURPEDQNUXSWF\
$QDORJRXVPRQRSROLHVKDYHORQJEHHQLQSXEOLFRZQHUVKLS
1DWLRQDOL]DWLRQKDVEHHQXVHGDVDIRUPRIUHJXODWLQJPRQRSROLHV
$IHZPRUHFRPSDQLHVKDYHEHHQWDNHQLQWRSXEOLFRZQHUVKLS
7KLVFRPSDQ\KDVJRQHEDQNUXSWWKLV\HDU
7KHEXVLQHVVKDVEHHQVROGRIIHDUO\WKLVPRQWK
&RPSOHWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH XVH RI WKH
3DUWLFLSOHV,
7KHLQGXVWU\ZDVQDWLRQDOL]HGUHIOHFWLQJWKHGHVLUHRIWKHJRYHUQ
PHQWWRFRQWURO«
7KHUHLVQRPRQRSRO\LQRSHUDWLQJ«
+HUHLVDILJXUHVKRZLQJ«
,OLNHWKLVSLFWXUHVKRZLQJ«
,OLNHWKLVILOPGHVFULELQJ«
+DYH\RXUHDGWKHDUWLFOHVSRWOLJKWLQJ«
7KHUHLVQRVHQVHLQOHDUQLQJE\KHDUW«
6WXG\VHQWHQFHSDWWHUQV
$VSHFLDOPHQWLRQVKRXOGEHPDGHRIWKLVIDFW
0DNHDIHZVLPLODUVHQWHQFHVZLWKWKHVHZRUGV
WKHVHILJXUHV WKLVVFDQGDORXVVWRU\
WKLVJLDQWRIDFRPSDQ\ EDQNUXSWF\
WKLVIDEXORXVVWRU\ WKHLQFUHGLEOHSURILWVRIWKHFRPSDQ\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D )LQGWKHWHUPVLQWKHWH[WFRUUHVSRQGLQJWRWKHVHGHILQL
WLRQV
WKHVHFWRUFRPSULVLQJFHQWUDOJRYHUQPHQW
ORFDO DXWKRULWLHV QDWLRQDOL]HG LQGXVWULHV DQG RWKHU SXEOLF FRUSRUD
WLRQV
WKHVHFWRUFRPSULVLQJKRXVHKROGV
XQLQFRUSRUDWHGEXVLQHVVDQGFRPSDQLHV
D FRPSDQ\ ZKLFK FDQ UDLVH SHUPDQHQW FDSLWDO E\ LVVXLQJ VKDUHV WR
WKHJHQHUDOSXEOLF
E 6XPXSZKDWWKHWH[WVDLGDERXW
%ULWLVK5DLO
SXEOLFFRPSDQLHVLQWKH8.
F 6D\ZKDWLQWHUGHSHQGHQFHDQGLQWHUUHODWLRQWKHWDEOHJLYHQ
EHORZWKHWH[WVKRZV
1HZVSDSHULWHP8.PD\PRYHWRVDYH%ULWLVK
(QHUJ\
7KH%ULWLVKJRYHUQPHQWDGPLWWHGIRUWKHILUVWWLPH\HVWHUGD\WKDW
LWLVFRQWHPSODWLQJDQRYHUKDXORIWKH8.
VZKROHVDOHHOHFWULFLW\WUDG
LQJPDUNHWLQRUGHUWRVDYHQXFOHDUSRZHUJLDQW%ULWLVK(QHUJ\IURPD
GHHSHQLQJILQDQFLDOFULVLV
,QFRPPHQWVWKDWDWWUDFWHGLPPHGLDWHFULWLFLVPIURP2IJHPWKH
HOHFWULFLW\ZDWFKGRJ%ULDQ:LOVRQWKHHQHUJ\PLQLVWHUVDLGWKH'H
SDUWPHQW RI 7UDGH DQG ,QGXVWU\ ZDV SUHSDUHG WR FRQVLGHU UHIRUPLQJ
ZKROHVDOH HOHFWULFLW\ WUDGLQJ DUUDQJHPHQWVLQWKH8.LQDIRUWKFRP
LQJSROLF\SDSHU
%ULWLVK (QHUJ\ ZKLFK ZDV IXOO\ SULYDWLVHG VL[ \HDUV DJR LV WKH
GRPLQDQW JHQHUDWRU RI HOHFWULFLW\ LQ WKH 8. IURP QXFOHDU VRXUFHV
%XWWKHFRPSDQ\IDFHVQXPHURXVILQDQFLDOSUREOHPV
,W LV ORVLQJ DURXQG
IRU HYHU\ PHJDZDWW KRXU RI HOHFWULFLW\ LW
VHOOV DQG IDFHV KDYLQJ WR FRPH XS ZLWK
P QH[W \HDU WR SD\ RII
GHEWVDQGFRYHUORVVHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
2QHUHDVRQIRU%ULWLVK(QHUJ\
VSUREOHPVLVWKDWWKHFRVWRIJHQ
HUDWLQJ HOHFWULFLW\ IURP QXFOHDU SRZHU VWDWLRQV KDV UHPDLQHG KLJK
ZKLOHWKHSULFHRIHOHFWULFLW\LQWKHZKROHVDOHPDUNHWKDVSOXQJHGE\
PRUHWKDQSHUFHQWLQWKHODVWWZR\HDUV
0U:LOVRQ\HVWHUGD\SXWVRPHEODPHIRUWKHFRPSDQ\
VZRHVRQ
WKH LQWURGXFWLRQ PRQWKV DJR RI UHIRUPV DLPHG DW RSHQLQJ XS
FRPSHWLWLRQEHWZHHQJHQHUDWRUVWKHUHE\FXWWLQJGRPHVWLFELOOV
+RZHYHU D VSRNHVPDQ IRU 2IJHP GHIHQGHG WKH SRZHU WUDGLQJ
V\VWHP DQG VDLG JHQHUDWRUV VKRXOG EH DOORZHG WR JR EXVW 7KLV LV D
FRPPHUFLDOPDUNHWDQGDVLQDOOPDUNHWVFRPSDQLHVZLOOIDLO²LW
V
DVVLPSOHDVWKDWKHVDLG
'R\RXNQRZWKHVHZRUGV"
WRPRYH 7IQ(R9 lkqmjzx¹
ktvxqzwénlsv
ntqn
PRYH wénlsv ntqn
WRDGPLW 71@ZI3P9 lvwyxrjz
kwyxrjz
WRFRQWHPSODWH 7ZGKJPAILHA3P9 éjxxujzéqkjzvi
lyukjz
RYHUKDXO 7ZKQR1DK(H9 wnénxuvzé zj
znstpvxuvzé
WUDGLQJPDUNHW k¹sp tnjrzqk
tpétvr
rvuuné·nxrqp
étvr
QXFOHDU 7ZJFQ(GH319 ¹lnétp
DUUDQJHPHQWV 71ZNA3J I1JPO9 unéunévwéq¹zq¹
WUDGLQJ DUUDQJH uné wv ysy·¡ntqí
PHQWV xvxzv¹tq¹étrj
WRSD\RIIGHEWV kwsj·qkjz wvmj
¡jzlvsmq
WRFRYHUORVVHV 7ZG6R19 wvrékjzyizrq
WRSOXQJH wvméy jzx¹
WR SXW WKH EODPH RQ vikqt¹z rvmvsqiv
VPE k·nusqiv
ZRH 7SKQ9 wvëz mvén xrvéi
tnx·jxzn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
D 7UDQVODWHWKHIROORZLQJSD\LQJDWWHQWLRQWRDUWLFOHV
DQGPDNHVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUGV
WKH%ULWLVK$PHULFDQ)UHQFK*RYHUQPHQW
%ULWLVK(QHUJ\)RUG)LDW
wéjkqznsxzkvèvxxqpxrvp ©èntvª
Ðnlnéj|qq ©Òvpvzjª
wéjkqznsxzkvÆnsqrviéqzjtqq ©Îjrbvtjslxª
wéjkqznsxzkvf¬ ©Èéqzq¡Ínzévsqyuª
wéjkqznsxzkvÊzjsqq ©Èéqzq¡èëpsª
E 8QGHUOLQHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQDWLRQV
SD\LQJDWWHQWLRQWRWKHEDVLFQRXQV
WKH8.
VZKROHVDOHHOHFWULFLW\WUDGLQJPDUNHW
ZKROHVDOHHOHFWULFLW\WUDGLQJDUUDQJHPHQWV
QXFOHDUSRZHUJLDQW%ULWLVK(QHUJ\
WKHSRZHUWUDGLQJV\VWHP
WKH8.HQHUJ\VHFWRU
F 7UDQVODWHLQWR(QJOLVKXVLQJ3DUWLFLSOHV,RU3DUWLFLSOHV,,
k¹sptnjrzqktpétvr
ymsyis¹íqpx¹{qtjtxvkpréqoqx
éjxxujzéqkjzkvwévxvén{véuj}
unéwvysy·¡ntqíxvxzv¹tq¹étrj
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
G 8QGHUOLQHWKH3DUWLFLSOHVDQGWUDQVODWHWKHVHQWHQFHV
7KH 'HSDUWPHQW RI 7UDGH DQG ,QGXVWU\ LV SUHSDUHG WR FRQVLGHU
UHIRUPLQJZKROHVDOHHOHFWULFLW\WUDGLQJDUUDQJHPHQWVLQWKH8.
%ULWLVK(QHUJ\IDFHVKDYLQJWRFRPHXSZLWK
PQH[W\HDUWR
SD\RIIGHEWVDQGFRYHUORVVHV
7KHFRVWRIJHQHUDWLQJHOHFWULFLW\IURPQXFOHDUSRZHUVWDWLRQVKDV
UHPDLQHGKLJK
+HVSRNHDERXWWKHUHIRUPVDLPHGDWRSHQLQJXSFRPSHWLWLRQEH
WZHHQJHQHUDWRUVWKHUHE\FXWWLQJGRPHVWLFELOOV
:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
FULVLV FULWLFLVP QXPHURXV
FULVHV IRUWKFRPLQJ KRZHYHU
JLDQW GRPLQDQW VSRNHVPDQ
FRPPHQW JHQHUDWRU ZDWFKGRJ
WRFRPPHQW HOHFWULFLW\ V\VWHP
E 0DWFKWKHV\QRQ\PV
WRFRQWHPSODWH WRVXJJHVW GRPHVWLF SULQFLSDO
WRSOXQJH WRVDYH GRPLQDQW H[WUHPH
WRPRYH WRVHOO QXPHURXV QDWXUDO
WRDGPLW WRLPSURYH KLJK PDQ\
WRUHVFXH WRFRQVLGHU FRPPHUFLDO LQODQG
WRUHIRUP WRGHFUHDVH VLPSOH KDUG
WRWUDGH WRDJUHH GLIILFXOW WUDGLQJ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D 7UDQVODWHWKHLWHP
E :ULWHH[WHQVLYHUHSOLHV
:KDWFULVLVZDV%ULWLVK(QHUJ\VXIIHULQJ"
:KRSODQQHGVRPHDUUDQJHPHQWVWRVDYH%ULWLVK(QHUJ\"
$QQRWDWLRQRIWKHERRN
%HWZHHQ3ROLWLFVDQG0DUNHWV
)LUPVFRPSHWLWLRQDQGLQVWLWXWLRQDOFKDQJHLQ3RVW0DR&KLQD
<LPLQ/LQ
+RQJ.RQJ8QLYHUVLW\RI6FLHQFHDQG7HFKQRORJ\
%HWZHHQ3ROLWLFVDQG0DUNHWVH[DPLQHVKRZWKHGHFOLQHRIFHQWUDO
SODQQLQJZDVUHODWHGWRWKHULVHRIWZRPDUNHWVDQHFRQRPLFPDUNHW
IRU WKH H[FKDQJH RI SURGXFWV DQG IDFWRUV DQG D SROLWLFDO PDUNHW IRU
WKH GLYHUVLRQ WR SULYDWH LQWHUHVWV RI VWDWH DVVHWV DQG DXWKRULWLHV /LQ
UHYHDOV WKHLU FRQFXUUHQW GHYHORSPHQW WKURXJK DQ DFFRXQW RI KRZ
LQGXVWULDOILUPVFRPSHWHGWKHLUZD\RXWRIWKHSODQWKURXJKH[FKDQJH
UHODWLRQVZLWKRQHDQRWKHUDQGZLWKVWDWHDJHQWV
+H DUJXHV WKDW WKH WZR PDUNHWV ZHUH PXWXDOO\ DFFRPPRGDWLQJ
WKDW WKH SROLWLFDO PDUNHW JUHZ DOVR IURP D GHFD\ RI WKH VWDWHV VHOI
PRQLWRULQJFDSDFLW\DQGWKDWHFRQRPLFIDFWRUVFRPSHWLWLRQIRUVSH
FLDO IDYRXUV IURP VWDWH DJHQWV FRQVWLWXWHG D PDMRU GULYLQJ IRUFH RI
HFRQRPLF LQVWLWXWLRQDO FKDQJH 7KH ILQGLQJV SUHVHQWHG LQ WKH ERRN
LOOXVWUDWH WKDW FRQFUHWH PDUNHWV IRU SURGXFWV DQG IDFWRUV QHHG QRW
PLPLF µWKH LQYLVLEOH KDQG¶ QRU LV WKHUH D OLQHDU FRUUHODWLRQ EHWZHHQ
WKHLUH[SDQVLRQDQGWKHULVHRIDOHJDOUDWLRQDOVWDWH
7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
GLYHUVLRQ BBBBBBBBBBBBBBBB PXWXDOO\BBBBBBBBBBBBBBBBB
DVVHWV BBBBBBBBBBBBBBBBBB WRDFFRPPRGDWHBBBBBBBBBBB
WRUHYHDOBBBBBBBBBBBBBBBB GHFD\ BBBBBBBBBBBBBBBBBBB
FRQFXUUHQW BBBBBBBBBBBBBB FDSDFLW\ BBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
D 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
ULVH ksjxzq DFFRXQW uvtvxz
GHFOLQH xvvztv¡ntqn GHFD\ x·nzvz·nz
GLYHUVLRQ évxz FDSDFLW\ éjx¡qéntqn
DVVHWV vzksn·ntqn IDYRXU éjxwjl
DXWKRULWLHV xtq ntqn ILQGLQJV kkvl
FRUUHODWLRQ jrzqk H[SDQVLRQ vlviéntqn
E :ULWH DV PDQ\ ZRUGV ZLWK WKH VDPH URRW DV \RX FDQ DQG
WUDQVODWHWKHPLQWR5XVVLDQ
WRFRPSHWH²FRPSHWLWRU²FRPSHWLWLRQ²FRPSHWLQJ
WRLQVWLWXWH WRSODQ WRH[FKDQJH WRDXWKRUL]H
WRFKDQJH WRUHODWH WRSURGXFH WRGHYHORS
WRH[DPLQH WRULVH WRGLYHUW WRDFFRPPRGDWH
WRGHFOLQH WRPDUNHW WRLQWHUHVW WRFRQVWLWXWH
l 7UDQVODWHLQWR(QJOLVK
yunt¡ntqn|ntzéjsqovkjttvmvwsjtqévkjtq¹
viuntwévlyr|qnpq{jrzvéjuqwévqokvlxzkj
qtznénx·jxztvmviqotnxj
mvxyljéxzknttnjrzqk
mvxyljéxzknttnvémjtqoj|qq
wévqx}vl¹qnqountntq¹
xzénusntqnwvsy·qzvxvinsmvz
vxtvktj¹lkq yj¹xqsj
kkvlwénlxzjksnttnkrtqmn
G 8QGHUOLQHWKHVHQWHQFHZKLFKVHHPVPRVWLPSRUWDQWWR\RX
DQGWUDQVODWHLW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP%XVKYRZVWR¶GRZKDWLWWDNHV·
IRUHFRQRP\
3UHVLGHQW *HRUJH :%XVK WRRN KLV PHVVDJH RQ WKH HFRQRP\ WR WKH
0LGZHVW \HVWHUGD\ WHOOLQJ D :LVFRQVLQ DXGLHQFH KH ZRXOG GR ZKDWHYHU LW
WRRNWRHQVXUHWKHHFRQRP\UHPDLQHGVWURQJ
0U%XVKVRXJKWWRVWULNHDSRVLWLYHQRWHDFNQRZOHGJLQJWKDWFRUSRUDWHVFDQ
GDOVDQGPDUNHWWXUEXOHQFHKDGOHGWRDOLWWOHVKDNLQJLQRXUFRQILGHQFHEXWKH
VDLGWKHIXQGDPHQWDOVWUHQJWKRIWKHHFRQRP\RXWZHLJKHGWKHFKDOOHQJHV
0U %XVK VDLG KH OHIW 7XHVGD\¶V HFRQRPLF IRUXP LQ :DFR 7H[DV
FRQILGHQW DERXW RXU HFRQRPLF IXWXUH EXW QRW FRQWHQW ZLWK WKH SURJUHVV
ZH¶UHPDNLQJ
6WUHVVLQJWKHQHHGIRUUHVSRQVLELOLW\LQ&RQJUHVVDWDWLPHZKHQWKHZDU
RQWHUURUDQGWKHUHFHVVLRQKDGOHGWRGHILFLWV0U%XVKVDLGH[FHVVLYHZRXOG
EHDGUDJRQJURZWK
+HFODLPHGKHKDGWULHGWRKHOSRQ7XHVGD\E\UHIXVLQJWRUHOHDVHEQ
ü EQ LQ HPHUJHQF\ FDVK GHPDQGHG E\ &RQJUHVV IRU KRPHODQG VHFXULW\ EH
FDXVHPRVWRILWKDGEHHQHDUPDUNHGIRURWKHUSXUSRVHV
2Q WKH GD\ WKH GHDGOLQH IRU FKLHI H[HFXWLYHV WR FHUWLI\ WKHLU ILQDQFLDO
VWDWHPHQWV 0U %XVK VDLG KH KDG EHHQ GLVDSSRLQWHG LQ WKH SHUIRUPDQFH RI
VRPH ZKRP KH GHVFULEHG DV OLDUV ZKR KDG IXGJHG WKH ERRNV DQG VKDNHQ
FRQILGHQFH LQ WKH HFRQRP\ +H VDLG FRUSRUDWH UHIRUPV VHQW D VWURQJ VLJQDO
WRSRWHQWLDOZURQJGRHUV
D :ULWHRXWDQGWUDQVODWHWKHZRUGV\RXFRQVLGHUNH\ZRUGV
E $QVZHUWKHVHTXHVWLRQV
:KHUHGLG3UHVLGHQW*HRUJH:%XVKVSHDNDFFRUGLQJWRWKH
QHZVSDSHU"
:KDWZDVWKHPDLQLGHDRIKLVVSHHFK"
:KDWQHJDWLYHIDFWVGLGKHDGPLW"
:K\GLGWKH3UHVLGHQWPHQWLRQWKHZDURQWHUURU"
:K\ ZDV &RQJUHVV GLVVDWLVILHG ZLWK WKH 3UHVLGHQW¶V GHFLVLRQ
DERXWWKHHPHUJHQF\H[SHQGLWXUHV"
:KRZDVPHDQWE\
FKLHIH[HFXWLYHV
"
:KRPGLGWKH3UHVLGHQWPHDQE\
OLDUV
DQG
ZURQJGRHUV
"
F 5HWHOOWKHQHZVSDSHULWHP
/HVVRQ
7KHWUDQVLWLRQDO
HFRQRP\
'LDORJXH $ERXWDOHFWXUHRQ+XQJDU\
7H[W 7KH5XVVLDQ)HGHUDWLRQ
$QQRWDWLRQV 7KH9DQLVKLQJ5RXEOH
%XLOGLQJFDSLWDOLVP
7KH1HZ5XVVLD
1HZVSDSHULWHPV 3ULYDWLVDWLRQLQGRXEW
5XVVLDQVPRRW0XUPDQVNRLOH[SRUW
WHUPLQDO
%UXVVHOVDLGIRU<XJRVODYLD
*UDPPDU 7KH,QILQLWLYH
7KH$GYHUE
7KHGHJUHHVRIFRPSDULVRQ
'LDORJXH$ERXWDOHFWXUHRQ+XQJDU\
7ZR $PHULFDQ VFKRODUV DUH VSHDNLQJ LQ WKH 'HDQ
V URRP DIWHU WKHLU
WXWRULDOFODVVHV
$ ,DOZD\VELWHRIIPRUHWKDQ,FDQFKHZ,DJUHHGWRVSHDN
DWWKHFOXEQH[W0RQGD\1RZ,ZRQ
WEHDEOHWRGRLW
% :K\QRW":KDWKDSSHQHG"
$ ,
PJRLQJWR'HQYHUWKDWGD\,IRUJRWDOODERXWLW,GRQ
W
KDYH WKH KHDUW WR WHOO WKH FOXE QRZ ,W
V WKH VHFRQG WLPH
,
YHGRQHWKLV
% %\ WKH ZD\ RQ ZKDW H[DFWO\ ZHUH \RX WR VSHDN DW WKH
FOXE"
$ 2K DV \RX NQRZ , UHWXUQHG IURP +XQJDU\ VRPH WLPH
DJR ZKHUH , VWXGLHG WKH ODWHVW WUHQGV RI WKHLU HFRQRPLF
GHYHORSPHQW $QG , ZDQWHG WR VKDUH P\ REVHUYDWLRQV
DQDO\VLV DQG VRPH SUHGLFWLRQV WRR 1RZ WKDW , FDQ
W
FRPH,GRQ
WNQRZKRZ,FDQVDYHIDFH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
% 'RQ
WZRUU\DERXWLW7KH\
GKDYHWRVHDUFKKLJKDQGORZ
WRILQGDEHWWHUVSHDNHU$QGWKH\NQRZLW
$ 7KDQN \RX %XW , GRXEW WKDW ,
P VXUH WKH\
G SUHIHU
VRPHRQHZKRNHHSVKLVZRUG
% )RUJHWLW7KH\NQRZ\RX
UHQRWOHDGLQJWKHPRQ7KH\
OO
DVN\RXDJDLQ,
PVXUH,W
VKDUGO\SRVVLEOHWKH\
OOEHDEOH
WRKDYHDUHSODFHPHQW,
PVXUHWKH\DUHLQWHUHVWHGLQWKH
WRSLF%XWGRQ
WIDLOWKHPDJDLQ
'R\RXNQRZWKHVHZRUGV"
WRPL[ xun¡qkjz
PL[HG xun¡jttpéjotvévl
tp
VFKRODU y·ntp
GHDQ 7@3(J9 lnrjt
WXWRULDOFODVVHV 7PFQ(ZP5(N31H9 y·nitnwéjrzq·nxrqn
ojt¹zq¹
WR ELWH RII PRUH WKDQ ko¹zx¹ojtnwvxqstvn
RQHFDQFKHZ 7"Q(9 lnsvwnénv|ntqzxkvq
xqs
QRW WR KDYH WKH KHDUW tnqunzxunsvxzq
WRGRVPWK xlnsjz·zvsqiv
QRZWKDW znwnérvmlj
WRVDYHIDFH xwjxzqénwyzj|qí
qoin jzwvovéj
WRVHDUFKKLJKDQGORZ 7O1("9 qxrjzwvkxíly
QRWWROHDGVPERQ tnyu¡snttvwvlknx
zqrvmvsqiv
LWLVKDUGO\SRVVLEOH ujsvknév¹ztv
UHSODFHPHQW ojuntj
:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVXI
IL[PHQW
WRUHSODFH²UHSODFHPHQW WRPDQDJH²PDQDJHPHQW
WRGHYHORS²GHYHORSPHQW WRVWDWH²VWDWHPHQW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
WRUHFUXLW²UHFUXLWPHQW WRIXOILO²IXOILOPHQW
WRSRVWSRQH²SRVWSRQPHQW WRVKLS²VKLSPHQW
WRUHWLUH²UHWLUHPHQW WRSD\²SD\PHQW
5HDGDQGWUDQVODWHWKHVHZRUGVKDYLQJWKHVDPHVWHP
WRVKDUH²VKDUH²VWRFNVDQGVKDUHV²VKDUHKROGHU²
VKDUHKROGHUV
PHHWLQJ
WRGRXEW²GRXEW²GRXEWIXO²GRXEWIXOO\²GRXEWOHVV
WRIDLO²IDLO²IDLOLQJ²IDLOXUH
WRSUHIHU²SUHIHUUHG²SUHIHUHQFH
0DWFKWKHVHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
QH[W OHVV
WRIRUJHW ZRUVH
H[DFWO\ LPSRVVLEOH
KLJK XQDEOH
PRUH ORZ
EHWWHU ODVW
SRVVLEOH WRUHPHPEHU
DEOH DSSUR[LPDWHO\
5HDGWKHVHZRUGVLQWKHVLQJXODUDQGLQWKHSOXUDO
DQDO\VLV²DQDO\VHV PDQ²PHQ
FULVLV²FULVHV ZRPDQ²ZRPHQ
KRXVH²KRXVHV FKLOG²FKLOGUHQ
SKHQRPHQRQ²SKHQRPHQD ZLIH²ZLYHV
FULWHULRQ²FULWHULD IRRW²IHHW
+H UHWXUQHG IURP 3RODQG ODVW ZHHN +H UHDG D IHZ OHFWXUHV
WKHUH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+HZHQWWR/RQGRQODVWPRQWK+HSDUWLFLSDWHGLQDVHPLQDU
WKHUH
:HZHQWWR1HZ<RUNODVW\HDU:HYLVLWHGWKH1HZ<RUN6WRFN
([FKDQJH
7KH SULPH PLQLVWHU YLVLWHG WKH H[KLELWLRQ LQ 3UDJXH +H VSRNH
DERXWIXUWKHUFRRSHUDWLRQEHWZHHQRXUFRXQWULHV
:H VSHQW D IHZ KRXUV DW D FRPSDQ\ :H VSRNH ZLWK (QJOLVK
OHDGLQJHFRQRPLVWV
1RWORQJDJR,DWWHQGHGDOHFWXUHRQHWKLFV,KHDUGDORWRILQWH
UHVWLQJWKLQJV
<HVWHUGD\,UHDGDQHZPDJD]LQH,IRXQGDORWRILQWHUHVWLQJLQ
IRUPDWLRQWKHUH
5HYLVH*UDPPDU
8VHWKHYHUEVLQWKH3UHVHQW3HUIHFW7HQVHDQGVD\ZK\LWLV
QHFHVVDU\WRXVHWKLVSDUWLFXODUWHQVHLQWKHVHVHQWHQFHV
,WLVWKHVHFRQGWLPH,WRGRWKLV
,WRIDLOWKHPRQFH
,EHOLHYHKHWRUHDGPDQ\OHFWXUHVRIWKLVNLQG
%XWLWVHHPVWRPHKHQRWWRUHDGDOHFWXUHRQWKHVLWXDWLRQLQ
+XQJDU\\HW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDORRNDWWKLVWLPHWDEOHIRUWKH(FRQRPLFVGHSDUWPHQW
DWD8QLYHUVLW\,PDJLQHWKDWQRZWKHWLPHLVR
FORFNRQ
WKH 7KXUVGD\ DIWHUQRRQ 6D\ ZKDW KDV DOUHDG\ KDSSHQHG
DQGZKDWKDVQRWKDSSHQHG\HW
0RQGD\ 7XHVGD\ :HGQHVGD\ 7KXUVGD\ )ULGD\
3URI-RQHV 3URI-RQHV 0U5REHUWV/ 0U5REHUWV 0U5REHUWV
/ 6 / 6
0DFURHFR
0DFUR 0DFUR QRPLFV 1RUPDWLYH 0DFUR
HFRQRPLFV HFRQRPLFV HFRQRPLFV HFRQRPLFV
0U6PLWK 3URI-RQHV 0U5REHUWV/ 3URI-RQHV 0U6PLWK
/ 7 6 7
,QIODWLRQ
3RVLWLYH 0DFUR 0DFUR 7KHRULHVRI
HFRQRPLFV HFRQRPLFV HFRQRPLFV .H\QHV
0U6PLWK 0U6PLWK 0U6PLWK 0U5REHUWV 3URI-RQHV
/ / / 6 7
7RROVRI 7KHRULHVRI ,QIODWLRQ 1RUPDWLYH 0LFUR
HFRQRPLF .H\QHV HFRQRPLFV HFRQRPLFV
DQDO\VLV
0U6PLWK 0U6PLWK 0U6PLWK
6 7 7
3RVLWLYH
HFRQRPLFV 3RVLWLYH 7RROVRI
HFRQRPLFV HFRQRPLF
DQDO\VLV
/ OHFWXUH6 VHPLQDU7 WXWRULDO
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
D $QVZHUWKHVHTXHVWLRQV
:KHUHZDVRQHRIWKHVFKRODUVWRVSHDNWKHQH[W0RQGD\"
2QZKDWWRSLFZDVKHWRVSHDN"
:K\FRXOG¶WKHJRDQGVSHDNDWWKHFOXEWKDWGD\"
:KDWZDVKLVFROOHDJXH
VUHDFWLRQ"
+RZGR\RXWKLQNWKHFOXEZRXOGUHDFW"
E :ULWH GRZQ IURP WKH GLDORJXH DOO WKH HPSKDWLF ZRUGV \RX
OLNHG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
F 5HDGWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHVWUHVV
7KHZRUGVVWUHVVHG
QRXQVYHUEVDGMHFWLYHVDGYHUEVQXPHUDOV
7KHZRUGVZKLFKDUHXVXDOO\QRWVWUHVVHG
SHUVRQDODQGSRVVHVVLYHSURQRXQVDX[LOLDU\YHUEV
DUWLFOHVSUHSRVLWLRQV
®
,DZJUHHGWRZVSHDNDWWKHZFOXEZQH[W 0RQGD\
1RZ,ZRQ
WEHDEOHWRGRLW
,
PJRLQJWR'HQYHUWKDWGD\
,IRUJRWDOODERXWLW
,W
VWKHVHFRQGWLPH,
YHGRQHWKLV
2QZKDWH[DFWO\ZHUH\RXWRVSHDNDWWKHFOXE"
:K\QRW"
:KDWKDSSHQHG"
G (QDFWWKHGLDORJXH
7H[W7KH5XVVLDQ)HGHUDWLRQ
+HUHDUHDIHZH[WUDFWVIURPWKHERRNOHWGLVWULEXWHGDPRQJWKHSDU
WLFLSDQWVRIWKHVHPLQDU7UDGH)LQDQFHLQWKH7UDQVLWLRQDO(FRQRP\RI
WKH)HGHUDWLRQRI5XVVLDKHOGLQ/RQGRQLQ'HFHPEHU
6FHQDULRLQWKHEHJLQQLQJ
+LJKLQGXVWULDOFDSDFLW\
$EVHQFHRIZRUNLQJFDSLWDO
©9LROHQWªSULYDWLVDWLRQSURFHVV
+LJKGRPHVWLFLQWHUHVWUDWHV
/RZDYDLODELOLW\RIFUHGLW
+LJKLQIODWLRQ
,QWHUFRUSRUDWHLQGHEWHGQHVV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHWRWDORIDUUHDUVLQLQGXVWU\ 5WU
WUDQVSRUWDWLRQFRQVWUXFWLRQ RI*'3
DQGDJULFXOWXUH LQ
$UUHDUVFODLPV RZHG E\ QRQ 5WU
VWDWHVHFWRU
$UUHDUVOLDELOLWLHV 5WU
7UDGHILQDQFHILUVWVWDJH
3UHH[SRUWILQDQFHDQGOLPLWHGDPRXQWVRILPSRUWILQDQFH
6KRUWWHUPEXWIDYRXUDEOHFRQGLWLRQVYLVDYLVRWKHUWUDGHGVHFXULWLHV
%DQNJXDUDQWHHV
6WDQGDUGGRFXPHQWDWLRQ
/RZFRUSRUDWHLQGHEWHGQHVV
7UDGHILQDQFHVHFRQGVWDJH
3UHH[SRUWILQDQFHRQDQDPHOHQGLQJEDVLV
,PSRUWILQDQFHDYDLODEOHIRUODUJHUDPRXQWV
([SRUWILQDQFHVWDUWVPRYLQJLQ
7HQRU LQFUHDVHV DQG PDUJLQV FRPH XQGHU SUHVVXUH IURP FDSLWDO PDUNHWV
LVVXHV
'RFXPHQWDWLRQ UHTXLUHPHQWV LQFUHDVH DV WUDQVDFWLRQV EHFRPH PRUH
FRPSOLFDWHG
&RUSRUDWHVSUHSDUHIRUHTXLW\LVVXHV
7UDGHILQDQFHEULGJLQJWKHJDSV
5XVVLDQ FRUSRUDWHV DPELWLRQV DUH H[FHHGLQJ WKH FXUUHQW OHJDO DQG
DGPLQLVWUDWLYHLQIUDVWUXFWXUH
/DFNRIWUDQVSDUHQF\DQGLQIRUPDWLRQMHRSDUGLVHVSRWHQWLDOIRUFRUSRUDWHV
WRUDLVHILQDQFHLQWKHRZQQDPH
0DQ\5HSXEOLFVDQGRWKHUDGPLQLVWUDWLYHHQWLWLHVDUHQRZVWDUWLQJWRSOD\
DQLPSRUWDQWUROHLQUDLVLQJWUDGHILQDQFLQJWRVXSSRUWWKHLURZQODUJHSURMHFWV
3UDFWLFDO LPSRVVLELOLW\ RI KDYLQJ H[WHUQDO HVFURZ DFFRXQWV DQG WKH VWULFW
UHTXLUHPHQWWRUHSDWULDWHDWOHDVWRIWKHYDOXHRIWKHJRRGVH[SRUWHG
7KH5XVVLDQFRPPHUFLDOEDQNLQJV\VWHPFDQEHWKHNH\WRLQWHUPHGLDWH
PDQ\RIWKHFROODWHUDODQGFRUSRUDWHVHFXULW\UHTXLUHPHQWV
&HQWUDO%DQNUHJXODWLRQVPXVWEHPRUHIOH[LEOH
6\QGLFDWHG WUDGH FUHGLWV DUH EHFRPLQJ WKH QRUP WR FRPSO\ ZLWK WKH
LQFUHDVLQJ QRPLQDO DPRXQW RI WKH IDFLOLWLHV DQG WR RYHUFRPH &HQWUDO %DQN
UHVWULFLWLRQV
&UHGLW GHULYDWLYHV DQG GHIDXOW RSWLRQV ILQG OLPLWHG DSSOLFDWLRQ LQ WUDGH
FUHGLWV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
DUUHDUV 71ZN31V9 ojlvs nttvxz
WREHLQDUUHDUV qunzojlvs nttvxzq
WRRZH 7KQ9 izlvs tu
7KH\ RZH XV D ELJ Ìtq lvs t tju ivs¡yí
VXP xyuuy
,RZHLWWRKLP êzqu¹vi¹ojtnuy
RZLQJWRKLP« isjmvljé¹nuy«
OLDELOLWLHV 7<H=31Z>3H3P3V9 vi¹ojznsxzkv ojlvs nt
tvxzwjxxqk wéjkj¹xzvévtj
iy}mjsznéxrvmvijsjtxj
DQWDVVHWV
IDYRXUDEOH 7ZBA3R1N1>H9 isjmvwéq¹ztp
IDYRXUDEOH EDODQFH wvsv qznstvnxjslv
RIWUDGH zvémvkvmvijsjtxj
IDYRXUDEOH EDODQFH wvsv qznstvnxjslv
RISD\PHQWV wsjzn tvmvijsjtxj
YLVDYLV{é léymwévzqkléymjtj
wévzqk
kvztv¡ntqqwvvz
tv¡ntqí
WHQRU 7ZPAJ19 kxvrqp
WUDQVDFWLRQ 7PN'JZV'GJ9 xlnsrjvwnéj|q¹
FRPSOLFDWHG 7ZGKILH3GA3P3@9 xsv tp
HTXLW\LVVXH 7ZAGS1P39 kwyxrjr|qp
HTXLWLHV RUGLQDU\ jr|qq
VKDUHV
DGPLQLVWUDWLYH 71@ZI3J3OPN1P3R9 jluqtqxzéjzqktp
LQIUDVWUXFWXUH 7Z3JBN1<OPN6GP19 qt{éjxzéyrzyéjlvévmq
xk¹ozéjtxwvézviéjovkj
tqnoléjkvv}éjtntqn
WUDQVSDUHQF\ 7PN'JOZL'N1JO39 wévoéj·tvxz¹xtvxz
WRMHRSDUGLVH 7Z AL1@=3V9 ymév jz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
,QFUHDVH\RXUYRFDEXODU\
6D\IURPZKDWZRUGVWKHIROORZLQJQRXQVDUHIRUPHG
LQGHEWHGQHVV SULYDWLVDWLRQ
OLDELOLW\ DYDLODELOLW\
WUDQVSRUWDWLRQ GRFXPHQWDWLRQ
SDUWLFLSDQW UHTXLUHPHQW
WUDQVDFWLRQ WUDQVSDUHQF\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
DUUHDUV ojlvs nttvxz
JDS vinxwn·ntqnrénlqzj
HQWLW\ |nttniyujmq
FROODWHUDO wévqokvltn
HVFURZDFFRXQW tnwsjzn
VHFXULWLHV wéjkvkivéj
GHULYDWLYHV éjounjzjr|qq
RSWLRQ qoxrqkjzxénlxzkj
WRUDLVHILQDQFH vzxzjkjtqn
WRGLVWULEXWHVWRFN íéqlq·nxrvnsq|v
WRMHRSDUGLVH ymév jz
0DWFKWKHZRUGVZKLFKDUHFORVHLQWKHLUPHDQLQJ
DUUHDUV VXP
DPRXQW OLDELOLWLHV
FUHGLW RUGLQDU\VKDUH
WUDQVDFWLRQ ORDQ
HTXLW\ GHDO
GHIDXOW UHVWULFWHG
JDS GHILFLW
OLPLWHG SUHVHQW
FXUUHQW QRQSD\PHQW
0DWFKWKHZRUGVZKLFKDUHRSSRVLWHLQWKHLUPHDQLQJ
IDYRXUDEOH WRIDFLOLWDWH
H[WHUQDO WRERUURZ
DEVHQFH VXEVWDQGDUG
SD\PHQW VLPSOH
WRMHRSDUGLVH IL[HG
HQWLW\ ORZ
KLJK LQGLYLGXDO
VWDQGDUG XQIDYRXUDEOH
FRPSOLFDWHG LQWHUQDO
IOH[LEOH SUHVHQFH
WROHQG QRQSD\PHQW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
8QGHUOLQH WKH3DUWLFLSOHV DQG WUDQVODWH WKH ZRUG FRPELQD
WLRQVLQWR(QJOLVK
ERRNOHWGLVWULEXWHGDPRQJWKHSDUWLFLSDQWV
WKHVHPLQDUKHOGLQ/RQGRQ
WKHJRRGVH[SRUWHG
DUUHDUVRZHGE\QRQVWDWHVHFWRU
WKHFRUSRUDWHERQGVLVVXHG
WUDGHILQDQFHEULGJLQJWKHJDSV
WRSOD\DQLPSRUWDQWUROHLQUDLVLQJWUDGHILQDQFLQJ
LPSRVVLELOLW\RIKDYLQJHVFURZDFFRXQWV
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHVHH[WUDFWVLQWR5XVVLDQ
E 6D\
ZKLFKSDUWZDVPRVWGLIILFXOWWRWUDQVODWH
ZKDWWHUPVZHUHGLIILFXOWWRUHPHPEHU
F 7UDQVODWHLQWR(QJOLVK
wévxznjr|qq rvéwvéjzqktj¹ojlvs nttvxz
rvéwvéjzqktnjr|qq wjxxqk
visqmj|qq wvzénitvxzq
kwyxrjr|qpqvisqmj|qp xlnsrq
wév|ntztnxzjkrq wévqokvlxzknttn uvtv
ymév jz xzq
{qtjtxqévkjtqnquwvézj wéqkjzqoj|q¹
qoxrqkjzxénlxzkj íéqlq·nxrvnsq|v
wénvlvsnkjzvméjtq·ntq¹ zvémvks¹
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRN
7KH9DQLVKLQJ5RXEOH
%DUWHUQHWZRUNVDQGQRQPRQHWDU\WUDQVDFWLRQV
LQSRVW6RYLHWVRFLHWLHV
(GLWHGE\3DXO6HDEULJKW
8QLYHUVLW\RI7RXORXVH
2QHRIWKHPRVWUHPDUNDEOHDVSHFWVRIWKH
WUDQVLWLRQSURFHVVLQWKHIRUPHU6RYLHW8QLRQ
KDVEHHQWKHH[WHQWWRZKLFKWKHHFRQRP\KDV
HIIHFWLYHO\ EHFRPH GHPRQHWDUL]HG LQ UHFHQW
\HDUV$WWKHWLPHRI5XVVLD¶VILQDQFLDOFULVLVRI
LW ZDV HVWLPDWHG WKDW XS WR RI
LQGXVWULDO RXWSXW ZDV EHLQJ H[FKDQJHG IRU
EDUWHU 7KLV ERRN SURYLGHV DQ DFFHVVLEOH DQG
DXWKRULWDWLYH DQDO\VLV RI EDUWHU LQ WKH IRUPHU
6RYLHW8QLRQDGGUHVVLQJVXFKTXHVWLRQVDV
N :KDW KDV EURXJKW DERXW WKLV GH
PRQHWDUL]DWLRQDQGZK\KDYHZHQRWVHHQWKHVDPHSKHQRPH
QRQRQDZLGHVSUHDGVFDOHLQFHQWUDODQGHDVWHUQ(XURSH"
N 'RHVWKHQDWXUHRIGHPRQHWDUL]DWLRQFDVWOLJKWRQZKDWXQGHU
SLQVPRQHWDU\WUDQVDFWLRQVLQLQGXVWULDOVRFLHWLHV"
N :KDWDUHWKHFRQVHTXHQFHVIRURXWSXWDQGJURZWK"
N 6KRXOGWKHVWDWHLQWHUIHUHDQGKRZ"
N 'RHV WKH QHWZRUN FKDUDFWHU RI PDQ\ QRQPRQHWDU\ WUDQVDF
WLRQV KDYH LPSOLFDWLRQV IRU WKH UROH DQG YDOXH RI VRFLDO QHW
ZRUNVLQFRPSOH[PRGHUQVRFLHWLHV"
'R\RXNQRZWKHVHZRUGV"
WRYDQLVK 7ZR'J39 qx·nojz
UHPDUNDEOH 7N3ZI=(G1>H9 ojun·jznstp k
ljíqpx¹
H[WHQW 73GOZPAJP9 xznwnt
WRZKDWH[WHQW lvrjrvpxznwntq
WRSURYLGH vinxwn·qkjz wén
lvxzjks¹z
VFDOH ujx¡zjiéjouné
RQDZLGHVSUHDGVFDOH k¡qévrvuujx¡zjin
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ7KH$GYHUE
DGMHFWLYHO\ DGYHUE
KLJK²KLJKO\
TXLFN²TXLFNO\
UHPDUNDEOH²UHPDUNDEO\
([FHSWLRQV
JRRG²ZHOO ORQJ²ORQJ
PXFK²PXFK HDUO\²HDUO\
OLWWOH²OLWWOH KDUG²KDUGutvmvywvétv
ODWH²ODWH KDUGO\nlkj
)RUPDQGWUDQVODWHDGYHUEV
HIIHFWLYH HFRQRPLFDO WRWDO IRUPDO
UHFHQW SRVVLEOH TXLFN QDWXUDO
DXWKRULWDWLYH SUREDEOH VORZ LQGHSHQGHQW
H[DFW KLJK HDUO\ LPPHGLDWH
JRRG ORZ PXFK ORQJ
8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
7KH HFRQRP\ HIIHFWLYHHIIHFWLYHO\ EHFRPH GHPRQHWDUL]HG IRU
VRPHWLPH
7KH DQDO\VLV ZDV TXLWH DFFHVVLEOH DQG DXWKRULWDWLYH DXWKRULWD
WLYHO\
7KHLQGXVWULDORXWSXWZDVUDWKHUKLJKKLJKO\
7KH\SUHYLRXVSUHYLRXVO\DFFHSWHGRXUVXJJHVWLRQV
7KHGHOHJDWLRQWKRURXJKWKRURXJKO\GLVFXVVHGWKHWRSLF
:K\ZHUHWKH\YHU\FDUHIXOFDUHIXOO\"
'LGWKH\FRQVLGHUWKHPDWWHUYHU\FDUHIXOFDUHIXOO\"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
otj·qznstv ¡qévrv tnwvxénlxzknttv
zv·tv }vév¡v msyivrv
wéqisqoqznstv {jrzq·nxrq rvuuné·nxrq
*UDPPDU5HYLVLRQ7KHGHJUHHVRIFRPSDULVRQ
RIDGMHFWLYHVDQGDGYHUEV
TXLFN²TXLFNHU²TXLFNHVW FRQVLGHUDEOH ² PRUH FRQVLGHUDEOH
²PRVWFRQVLGHUDEOH
TXLFNO\²TXLFNHU²TXLFNHVW FRQVLGHUDEO\ ² PRUH FRQVLGHUDEO\
²PRVWFRQVLGHUDEO\
([FHSWLRQV
JRRG²EHWWHU²EHVW PDQ\²PRUH²PRVW
PXFK²PRUH²PRVW ZHOO²EHWWHU²EHVW
OLWWOH²OHVV²OHDVW EDG²ZRUVH²ZRUVW
7UDQVODWHLQWR(QJOLVK
xjuplvévmvp ixzénnkxnmv xjupkj tp
xjupln¡nkp ixzénn ivsnnwvl}vl¹qp
ivsnnkmvltp ivsnnunlsnttv sy·¡n
xjup tjwé¹ nt ivsnnkmvltv }y n
tp ivsnnzv·tp zv·tnn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
D 5HDGDQGWUDQVODWHWKHVHZRUGV
DVSHFW SKHQRPHQRQ GHPRQHWDUL]HG
SURFHVV SKHQRPHQD ILQDQFLDO
FULVLV GHPRQLWDUL]DWLRQ DFFHVVLEOH
FULVHV VRFLHW\ DXWKRULWDWLYH
DQDO\VLV WRXQGHUSLQ IRUPHU
DQDO\VHV WRFDVWOLJKW ZLGHVSUHDG
E $QVZHUWKHVHTXHVWLRQV
:KHQGR\RXWKLQNWKLVERRNZDVSXEOLVKHG"
+DVWKHHFRQRPLFVLWXDWLRQVFKDQJHGLQ5XVVLDVLQFHWKHQ"
$UH EDUWHU WUDQVDFWLRQV SUDFWLVHG RQ D ZLGH VFDOH DQ\ZKHUH
QRZ"
:K\GR\RXWKLQNWKHDXWKRURIWKHERRNFKRRVHWKLVWLWOH"
F 7UDQVODWHWKHDQQRWDWLRQRIWKHERRN
1HZVSDSHULWHP3ULYDWLVDWLRQLQGRXEW
7KHSULYDWLVDWLRQRI8QLSHWUROWKH&]HFKSHWURFKHPLFDOVDQGUH
ILQHU\JURXSZDVWKURZQLQWRGRXEW\HVWHUGD\ZKHQ$JURIHUWLWVLQ
WHQGHG SXUFKDVHU LQVLVWHG RQ D UHQHJRWLDWLRQ RI WKH VDOH FRQWUDFW
V
FRQGLWLRQV
7KH &]HFK SULYDWHO\ KHOG DJURFKHPLFDOV JURXS ZRQ D WHQGHU IRU
WKHJRYHUQPHQW
VSHUFHQWVWDNHLQ8QLSHWUROODVW'HFHPEHUZKHQ
LWELG¼P%XWDQWLPRQRSRO\SURFHHGLQJVZHUHGHOD\HGIRUPRQWKV
DV $JURIHUW IDLOHG WR VXSSO\ UHTXHVWHG GRFXPHQWDWLRQ SURPSWLQJ
VSHFXODWLRQLWKDGORVWLQWHUHVW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1RZ $JURIHUW ZDQWV WR FRPSOHWH WKH WUDQVDFWLRQ LQ FRQFHUW ZLWK
3.12UOHQWKH3ROLVKUHILQHU\JURXSWKURXJKDMRLQWYHQWXUHHYHQ
WKRXJK$JURIHUWKDGZRQWKHRULJLQDOWHQGHURQLWVRZQ
$JURIHUW DOVR ZDQWV FKDQJHV LQ WKH VDOH FRQWUDFW
V FRQGLWLRQV EH
FDXVH RI XQVWDEOH VXSSO\ UHODWLRQV EHWZHHQ 8QLSHWURO
V SHU FHQW
RZQHG UHILQHU\ VXEVLGLDU\ &HVND 5DILQHUVND DQG LWV SHWURFKHPLFDOV
DUP &KHPRSHWURO 7KH VDOH FRQWUDFW VLJQHG DW WKH VWDUW RI WKH \HDU
EHWZHHQ $JURIHUW DQG WKH 1DWLRQDO 3URSHUW\ )XQG LQFOXGHV KHDY\
SHQDOWLHVLIVXSSOLHVDUHQRWPDLQWDLQHGIRUHLJKW\HDUV
$QGUHM %DELV $JURIHUW JHQHUDO GLUHFWRU VDLG KH ZDV XQZLOOLQJ WR
FRPSOHWH WKH GHDO XQGHU WKH FXUUHQW FRQGLWLRQV 7KH QDWXUH RI WKH
WUDQVDFWLRQKDVFKDQJHGVLQFHZHILUVWPDGHWKHELGKHVDLG
/RQJWHUP VXSSO\ DJUHHPHQW EHWZHHQ &KHVND 5DILQHUVND DQG
&KHPRSHWURO ZHUH QRW UHQHZHG DIWHU WKHLU H[SLU\ DW WKH HQG RI ODVW
\HDU6XSSOLHVDUHEHLQJPDGHRQWKHEDVLVRIPRQWKO\FRQWUDFWV
%XW D GLVSXWH RYHU SULFHV EHWZHHQ 8QLSHWURO DQG VKDUHKROGHUV
RZQLQJWKHRWKHUSHUFHQWRI&HVND5DILQHUVNDOHGWRDWHPSRUDU\
IUHH]HLQVXSSOLHVWR&KHPRSHWUROLQ0D\
$)XQGVRXUFHVDLG,WZRXOGEHDQH[WUHPHO\FRPSOLFDWHGSURF
HVV WR FKDQJH WKH FRQGLWLRQV WKH VDOH FRQWUDFW KDV DOUHDG\ EHHQ
VLJQHGDQGWKHSULYDWLVDWLRQDSSURYHGE\WKHJRYHUQPHQW
'R\RXNQRZWKHVHZRUGV"
UHILQHU\ 7N3ZB=3J1N39 v·qxzqznstpojkvl
WRLQVLVW 73JZO3OP9 tjxzjqkjz
VWDNH lvs¹·jxzy·jxzqn
xzjkrj
WRELGELGELG wénlsjmjz|nty
ELG wénlsv ntqn|ntwénl
sv nttj¹wvrywjznsnu
|ntj
SURFHHGLQJV 7LN1ZO3(@34V9 wvxzywrqlnpxzkq¹lnsj
WRGHOD\ 7@3ZHA39 ojlné qkjz
MRLQWYHQWXUH 7Z K3JPZRAJ"19 xvkunxztvnwénlwéq¹zqn
VXEVLGLDU\ 7O=>ZO3@F1N39 lv·nét¹¹rvuwjtq¹{q
sqjs
H[SLU\ vrvt·jtqnqxzn·ntqn
xévrj
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU7KH,QILQLWLYH
Æ jtmsqpxrvu ¹orn qt{qtqzqk msjmvsvk xvvzknzxzkynz tnvwénlnsnt
tvp{véunmsjmvsvkkéyxxrvu¹ornÇjrwéjkqsvqt{qtqzqkywvz
énis¹nzx¹x·jxzq|npWR
Êt{qtqzqkuv nzqunzxsnlyíqn{véu
$FWLYH,QILQLWLYHWRZULWHWRSUHSDUH
3DVVLYH,QILQLWLYHWREHZULWWHQWREHSUHSDUHG
&RQWLQXRXV,QILQLWLYHWREHZULWLQJWREHSUHSDULQJ
3HUIHFW,QILQLWLYHWRKDYHZULWWHQWRKDYHSUHSDUHG
Êt{qtqzqkkwvst¹nzkwénlsv ntqqxsnlyíqnvxtvktn{ytr|qq
·jxzqxrjoynuvmv
N wvxsnmsjmvsvkWRVWDUWWREHJLQWRFRQWLQXHuv nzzjr nywvz
énis¹zx¹mnéytlqpinoqountntq¹otj·ntqp
7KH\VWDUWHGWRQHJRWLDWHWKHFRQWUDFWODVW0RQGD\
N wvxsnmsjmvsvkWRILQLVKWRVWRS QRWHWRVWRSWRGRVPWK²vxzj
tvkqzx¹ ·zvi xlnsjz ·zvsqiv WR VWRS GRLQJ VPWK ² wnénxzjz
lnsjz·zvsqiv
+HVWRSSHGWRUHDGWKHDG
+HVWRSSHGUHDGLQJDGV
N wvxsn uvljst} msjmvsvk PXVWFDQPD\VKRXOG GR VPWK
RXJKWWRKDYHWREHWREHDEOHWRGRVPWK
<RXPXVWVHHWKLVILOPE\DOOPHDQV
wé¹uvmv lvwvstntq¹ wvxsn msjmvsvk WR ZDQW WR QHHG WR SODQ WR
GHFLGHWRRIIHUWRUHIXVHWRKRSHWRWU\WRIRUJHW QRWHWRKRSHWRGRVPWK WR
KRSHGRVPWK
,ZDQWHGWRKDYHDKROLGD\LQ-XO\
,KRSHGWRJRWR&\SUXVWKDWVXPPHU
vixzv¹znsxzkj|nsq
+HFDPHWR5XVVLDWRGHOLYHUDIHZOHFWXUHVDWWKH8QLYHUVLW\
vwénlnsntq¹
,W
VDJRRGERRNWRUHDGêzv}vév¡j¹rtqmj
rvzvéyíty tvwév·qzjz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8VHWKHSDUWLFOHWRZKHUHQHFHVVDU\WUDQVODWHWKHVHQWHQFHV
,DJUHHG«VSHDNDWWKHFOXEQH[W0RQGD\
,DOZD\VELWHRIIPRUHWKDQ,FDQ«FKHZ
1RZ,ZRQ
WEHDEOH«GRLW
,GRQ
WKDYHWKHKHDUW«WHOOWKHFOXEQRZ
2QZKDWH[DFWO\ZHUH\RX«VSHDNDWWKHFOXE"
,ZDQWHG«VKDUHP\REVHUYDWLRQV
1RZWKDW,FDQ
W«FRPH,GRQ
WNQRZKRZ,FDQ«VDYHIDFH
7KH\ZRXOGKDYH«VHDUFKKLJKDQGORZ«ILQGDEHWWHUVSHDNHU
,W
VKDUGO\SRVVLEOHWKH\
OOEHDEOH«KDYHDUHSODFHPHQW
7UDQVODWHLQWR(QJOLVK
Ìtmvkvéqsvtnvi}vlquvxzqjr|qvtqévkjzëzvwénlwéq¹zqn
Íénlxzjkqzns rvuwjtqq xvviqs v wéjkqsj} rvzvén tn
vi}vlquvxvisíljz
Íévqokvlqznstnuvmxvmsjxqzx¹qountqzyxsvkq¹wvxzjkrq
ÌtqtnxuvmsqWRIDLOwénlxzjkqzlvryuntzj|qíkvkénu¹
Îv·nt}vznsqwnénxuvzénzëzvzkvwévx
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D 8QGHUOLQH WKH EDVLF QRXQV DQG WUDQVODWH WKHVH ZRUG
FRPELQDWLRQV
WKH&]HFKSHWURFKHPLFDOVDQGUHILQHU\JURXS
WKH&]HFKSULYDWHO\KHOGDJURFKHPLFDOVJURXS
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8QLSHWURO
VSHUFHQWRZQHGUHILQHU\VXEVLGLDU\&HVND5DILQHUVND
WKHJRYHUQPHQW
VSHUFHQWVWDNH
WKHVDOHFRQWUDFW
VFRQGLWLRQV
XQVWDEOHVXSSO\UHODWLRQV
WKH1DWLRQDO3URSHUW\)XQG
E 7UDQVODWHLQWR(QJOLVK
vxynxzkqzxlnsrykunxznxwvsxrquwjéztnévu
kkqlnxvkunxztvmvwénlwéq¹zq¹
xjuvxzv¹znstvkqméjzzntlné
tnxzjiqstnwvxzjkrq
xnénotn¡zéj{tnxjtr|qq
vxynxzks¹z wvxzjkrq tj yxzjtvksnttvu yévktn k zn·ntqn
tnxrvsrq}snz
xvmsj¡ntqn tn isv kvovitvksntv wvxsn zvmv rjr xévr nmv
lnpxzkq¹qxznr
F :ULWHDVXPPDU\RIWKLVLWHPLQDIHZVHQWHQFHV
$QQRWDWLRQRIWKHERRN%XLOGLQJ&DSLWDOLVP
0DUNHWVDQGJRYHUQPHQWLQ5XVVLDDQGWUDQVLWLRQDOHFRQRPLHV
$QGHUV$VOXQG
&DUQHJLH(QGRZPHQWIRU,QWHUQDWLRQDO3HDFH
:DVKLQJWRQ'&
7KLV LV WKH PRVW FRPSUHKHQVLYH HPSLULFDO DQDO\VLV RI WKH HFR
QRPLFWUDQVIRUPDWLRQRIWKHIRUPHU6RYLHWEORFGXULQJWKHILUVWGHF
DGHDIWHUFRPPXQLVP,WGHEXQNVPDQ\P\WKVVHHLQJWUDQVLWLRQDVD
VWUXJJOHEHWZHHQUDGLFDOUHIRUPHUVDQGWKRVHWKULYLQJRQUHQWVHHNLQJ
3HRSOHKDYHJDLQHGIURPIDVWDQGFRPSUHKHQVLYHUHIRUPVEXWVHYHUDO
FRXQWULHVKDYHJRWWHQVWXFNLQFRUUXSWLRQ
(FRQRPLF GHFOLQH DQG VRFLDO KD]DUGV KDYH EHHQ JUHDWO\ H[DJJHU
DWHG VLQFH SHRSOH KDYH IRUJRWWHQ KRZ DZIXO FRPPXQLVP ZDV 6ZLIW
OLEHUDOL]DWLRQ RI SULFHV DQG IRUHLJQ WUDGH DV ZHOO DV UDSLG DQG SUR
IRXQG ILVFDO DGMXVWPHQW KDYH EHHQ YLWDO IRU JURZWK LQVWLWXWLRQDO UH
IRUPVOHJDOLW\DQGJUHDWHUHTXLW\
3ULYDWL]DWLRQ KDV EHHQ EHQHILFLDO DQG LWV HIIHFWV ZLOO JURZ RYHU
WLPH7KHPDLQSUREOHPKDVEHHQWKHFRQWLQXDWLRQRIXQUHJXODWHGDQG
XELTXLWRXVVWDWHDSSDUDWXVHVOLYLQJRQFRUUXSWLRQZKLOHQRFRXQWU\KDV
VXIIHUHGIURPWRRUDGLFDOUHIRUPV:KHUHPDOSUDFWLFHVRIWKHHOLWHFDQ
EHFKHFNHGPDUNHWUHIRUPVDQGGHPRFUDF\KDYHSURFHHGHGWRJHWKHU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
D 7UDQVODWHWKHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
HQGRZPHQW WRH[DJJHUDWH
WRWKULYH XELTXLWRXV
WRJDLQ PDOSUDFWLFH
KD]DUG WRSURFHHG
E 7UDQVODWHWKHIROORZLQJLQWR(QJOLVK
éjokn¹zuq{ xzénuqznstj¹sqinéjsqoj|q¹
éjlqrjstpén{véujzvé ixzévnqwvstvn{qtjtxvkvn
wvmé¹otyzkrvééyw|qq énmysqévkjtqn
ërvtvuq·nxrqpxwjl én{véumvxyljéxzkntt}
ivs¡j¹xwéjknlsqkvxz qtxzqzyzvk
F 0DNHVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUG
FRPELQDWLRQV
DQDO\VLV WUDQVLWLRQ
UHIRUP DTXDUUHO
DFRPSUHKHQVLYH UHYLHZ WRVHHN VKHOWHU
VFKRRO VDIHW\
GHVFULSWLRQ IRUWXQH
G 7UDQVODWHWKHDQQRWDWLRQLQWR5XVVLDQ
1HZVSDSHULWHP5XVVLDQVPRRW0XUPDQVN
RLOH[SRUWWHUPLQDO
<XNRV 5XVVLD
V VHFRQG ODUJHVW RLO FRPSDQ\ PLJKW MRLQ WRS SUR
GXFHU/XNRLOLQEXLOGLQJDPDMRUH[SRUWWHUPLQDOLQ0XUPDQVNRQWKH
%DUHQWV6HDDLPHGDWERRVWLQJVXSSO\WRWKH86
0LNKDLO.KRGRUNRYVN\KHDGRI<XNRVZKLFKPDGH5XVVLD
VILUVW
GLUHFW VKLSPHQW RI FUXGH RLO WR WKH 86 LQ -XQH VDLG /XNRLO
V SODQ
FRXOGLQFUHDVHVXSSOLHVDFURVVWKH$WODQWLFDQGKHOSHDVHWKHFURZGHG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
D )LQGWKHHTXLYDOHQWVLQWKHWH[W
vixy ljz kvwévx v xzévqznsxzkn znéuqtjsj k Îyéujtxrn
ls¹ërxwvézjtn{zq
tn{zxén|
xzévqztvknzéjtxwvéztnsqtqqls¹ërxwvézj
ktyzénttnnwvzénisntqnyknsq·qkjnzx¹v·nttnotj·qznstv
ojqzqztn{z¹tvpétvrwéqtnxzjiqst}wvxzjkrj}tn{
zqxzéjtjuqÌÍcÇ
viéjijzkjzwévwyxrjzivs¡yí·jxzërxwvézt}wvxzjkvr
wénlsv qzqlní
xzjkqzwsjtwvlxvutntqn
E 6WDWHZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUHDQGWUDQV
ODWHWKHVHQWHQFHV
<XNRV PLJKW MRLQ /XNRLO LQ EXLOGLQJ D PDMRU H[SRUW WHUPLQDO LQ
0XUPDQVNDLPHGDWERRVWLQJVXSSO\WRWKH86
/XNRLO
VSODQFRXOGKHOSHDVHWKHFURZGHG%RVSKRUXVVWUDLWVFXUUHQWO\
KDQGOLQJWKHEXONRI5XVVLD
VFUXGHH[SRUWVVKLSSHGIURPWKH%ODFN6HD
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5XVVLD
VERRPLQJRXWSXWFRXOGFXVKLRQRLOPDUNHWVDJDLQVWYRODWLOH
VXSSOLHVIURP2SHFSURGXFHUV
$QDO\VWV TXHVWLRQHG WKH SODQ VD\LQJ WKH RXWOHW ZRXOG UHTXLUH
EXLOGLQJDKXJHQHZSLSHOLQH
F ,QVHUWDUWLFOHVZKHUHQHFHVVDU\
«%DUHQWV6HD «5LYHU9ROJD
«$WODQWLF2FHDQ «5LYHU7KDPHV
«%RVSKRUXVVWUDLWV «5LYHU1HYD
«*XOI6WUHDP «/DGRJD/DNH
«%ULWLVK&KDQQHO «2QWDULR
G $QVZHUWKHVHTXHVWLRQV
:KDWWHUPLQDOGLG<XNRVDQG/XNRLOSODQWREXLOG"
:KDWZDVWKHRSLQLRQRIDQDO\VWVDERXWWKHSODQ"
:KDW LV WKH SURJUHVV RI WKH FRQVWUXFWLRQ DW SUHVHQW DV IDU DV \RX
NQRZ"
+RZGLGWKHQHZVSDSHUFKDUDFWHULVH/XNRLODQG<XNRV"
:KDW GLG WKH QHZVSDSHU VD\ DERXW RLO H[SRUWV IURP 5XVVLD
DQGLWVGRPHVWLFRLOPDUNHW"
,QZKDWFRQQHFWLRQZDV0LGGOH(DVWPHQWLRQHG"
:KDW LV WKH DFURQ\P IRU WKH 2UJDQLVDWLRQ RI 3HWUROHXP
([SRUWLQJ&RXQWULHV"
1HZVSDSHULWHPWRUHWHOO%UXVVHOVDLGIRU
<XJRVODYLD
7KH(XURSHDQ&RPPLVVLRQVDLG\HVWHUGD\LWSODQVWRJLYHDQDG
GLWLRQDO ¼P WR <XJRVODYLD DQG LVVXHG D IDYRXUDEOH DVVHVVPHQW RI
%HOJUDGH
VXVHRISULRUGRQDWLRQV
7KH SDFNDJH ¼P RI ZKLFK ZRXOG EH UHOHDVHG LQ WKH IRUP RI
JUDQWVUHTXLUHVDSSURYDOE\WKH(XURSHDQ3DUOLDPHQW
7KLV ZHHN <XJRVODYLD UHFHLYHG WKH WKLUG DQG ILQDO WUDQFKH RI D
¼P(8SDFNDJHWDUJHWLQJNH\HFRQRPLFUHIRUPV²SXEOLFH[SHQ
GLWXUH FRQWURO WD[ SROLF\ DQG DGPLQLVWUDWLYH UHIRUP EDQNLQJ VHFWRU
UHVWUXFWXULQJDQGSULYDWHVHFWRUGHYHORSPHQW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRNWRWUDQVODWH
7KH1HZ5XVVLD
7UDQVLWLRQJRQHDZU\
(GLWHGE\/DZUHQFH.OHLQ
8QLYHUVLW\RI3HQQV\OYDQLD
)RUHZRUGE\0LNKDLO*RUEDFKHY
7KLV ERRN GHOLYHUV DQ XQSRSXODU PHVVDJH WKH :HVW KDV SOD\HG D
SLYRWDO UROH LQ WKH 5XVVLDQ HFRQRPLF GLVDVWHU RI WKH V :HVWHUQ
DGYLVRUV LQFOXGLQJ WKH ,QWHUQDWLRQDO 0RQHWDU\ )XQG DQG WKH 86
7UHDVXU\ DSSOLHG D QDUURZ FRQFHSWLRQ RI HFRQRPLFV WKDW SXVKHG
5XVVLDDIWHUPRUHWKDQVHYHQW\\HDUVRIFRPPXQLVPWRZDUGDQRWKHU
IDLOHG XWRSLD 7KH WZHQW\ VL[ FRQWULEXWLRQV WR WKLV ERRN DUH GLYLGHG
LQWRWKUHHSDUWVWKHRU\HYLGHQFHDQGSROLF\3DUW2QHGLUHFWO\FKDO
OHQJHVRUWKRGR[HFRQRPLFWKHRU\IRUREVFXULQJWKHQHFHVVDU\UROHRI
JRYHUQPHQW LQ FUHDWLQJ DQG VXVWDLQLQJ D PDUNHW V\VWHP DQG IHDWXUHV
HVVD\V E\ WKUHH 1REHO ODXUHDWHV LQ HFRQRPLFV ² .HQQHWK -$UURZ
/DZUHQFH5.OHLQDQG-DPHV7RELQ3DUW7ZRGHVFULEHVWKHGLPHQ
VLRQV RI WKH HFRQRPLF FULVLV LQ 5XVVLD DQG SUHVHQWV D 5XVVLDQ SHU
VSHFWLYH RQ WKH IDLOXUH RI VKRFN WKHUDS\ 3DUW 7KUHH SUHVHQWV SROLF\
UHFRPPHQGDWLRQV ZLWK VSHFLDO DWWHQWLRQ JLYHQ WR LPSURYLQJ WKH LQ
WHJULW\DQGDGPLQLVWUDWLYHFRPSHWHQFHRIWKH5XVVLDQJRYHUQPHQW
1RZULWLQJRURUDWRU\LQKLVWRU\KDVEHHQPRUHUHSOHWHZLWKEDG
DGYLFHWKDQWKDWJLYHQ5XVVLDLQWKHODVWGHFDGH+HUHIRUDFKDQJH
LVVRPHWKLQJYHU\JRRG²WKHEHVWLQIDFWWKDWWUXO\FRPSHWHQWDQG
UHVSRQVLEOH $PHULFDQ DQG 5XVVLDQ VFKRODUV KDYH WR RIIHU , VWURQJO\
UHFRPPHQGLW
-RKQ.HQQHWK*DOEUDLWK
:ULWHDQHVVD\RQRQHRIWKHIROORZLQJWRSLFVPDNLQJXVHRI
WKH PDWHULDO RI WKLV OHVVRQ DQG RWKHU (QJOLVK5XVVLDQ
VRXUFHV
7KHFXUUHQWHFRQRPLFVLWXDWLRQLQWKHFRXQWULHVRI(DVWHUQ(XURSH
(FRQRPLF UHIRUPV LQ 5XVVLD LQ WKH VHFRQG GHFDGH RI SROLWLFDO
WUDQVIRUPDWLRQ
7KHILUVWGHFDGHRIHFRQRPLFUHIRUPVLQWKHIRUPHU6RYLHW8QLRQ
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
3URGXFWLRQ
6SHHFK 7KHTXDOLW\RIWKHJRRGVSURGXFHG
7H[WV 3URGXFWLRQIXQFWLRQ
3URGXFWLRQSRVVLELOLW\ERXQGDU\
)LJXUH /RFDWLRQRISURGXFWLRQ
%XVLQHVVOHWWHU ,QGXVWULDODQGRIILFHDFFRPPRGDWLRQ
1HZVSDSHULWHP 0,0+ROGLQJVWRERRVWFRDOSURGXF
WLRQ
*UDPPDU5HYLVLRQ 2EMHFWFODXVHV
$WWULEXWLYHFODXVHV
7KHSURQRXQRQH
6SHHFK7KHTXDOLW\RIWKHJRRGVSURGXFHG
,¶P$ODQ6HYHUQ,¶PWKH4XDOLW\0DQDJHUDW$FDPDQGP\UH
VSRQVLELOLWLHVDUHH[DFWO\WKDWIRUWKHTXDOLW\RIWKHSURGXFWWKHTXDO
LW\RIWKHVHUYLFHVDQGWKHTXDOLW\RIDOOLQWHUIDFHVZKLFKLQYROYHWKH
FXVWRPHUDQGRXUFXVWRPHUV
7KHZRUGµTXDOLW\¶LVDYHU\HDV\RQHWKDWVOLSVRIIWKHWRQJXHLW¶V
TXLWHHDV\WRVD\EXWLWPHDQVDQDZIXOORWRIWKLQJV,KDYHDGHSDUW
PHQW RI WKUHH SHRSOH EXW LQ HVVHQFH HYHU\ERG\ LQ WKH FRPSDQ\
ZRUNVIRUPHEHFDXVHHYHU\ERG\ZRUNVIRUWKHZRUGµTXDOLW\¶4XDOLW\
VWDUWV DQG PXVW VWDUW ZLWK WKH FRQFHSWLRQ RI HYHU\WKLQJ DQG JRHV
WKURXJKHYHU\GHSDUWPHQWZLWKLQWKHFRPSDQ\<RXFDQ¶WSDFNTXDO
LW\ LQWR D ER[ DW WKH HQG RI WKH OLQH <RX KDYH WR LPSODQW LW DW WKH
VWDUW RI WKH SURFHVV DQG LW NQRFNV RQ WKURXJK HYHU\ SURFHVV XQWLO LW
JRHV LQWR D ER[ LQWR \RXU KRPH LQWR \RXU OLYLQJ URRP DQG \RX
VZLWFKLWRQDQG\RX¶UHDKDSS\SHUVRQ
7KH WZR DVSHFWV RI TXDOLW\ DUH WKDW ZH PXVW UHSURGXFH PXVW
VRUU\ GHVLJQ WR UHSURGXFH H[FHOOHQW KLIL HTXLSPHQW DQG WKDW PXVW
EH D GHVLJQ ZKLFK KDV JRW TXDOLW\ EXLOW LQWR LW LQ WHUPV RI WKH SHU
IRUPDQFH RI WKH SURGXFW EXW DOVR PXVW KDYH WKH DELOLW\ WR EH SUR
GXFHG LQ YROXPH (U QRZ WKDW PHDQV WKH GHVLJQHUV KDYH WR KDYH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
UHVWUDLQWVSXWRQWKHPDQGWKDWUHVWUDLQWPHDQVWKDWWKH\PXVWZRUN
WR TXDOLW\ VWDQGDUGV WR HQVXUH WKDW WKHLU GHVLJQV DUH UHSURGXFLEOH LQ
YROXPH 7KH\ PXVW GHVLJQ IRU PDQXIDFWXUH 7KDW¶V RQH SDUW RI WKH
TXDOLW\DVSHFW
7KHQWKHGHVLJQHUVKDQGWKHLQIRUPDWLRQRQWRWKHPDQXIDFWXULQJ
GHSDUWPHQWV :H KDYH WR WKHQ LPSODQW LQWR RXU VXSSOLHUV DQG RXU
PDQXIDFWXULQJ SHRSOH WKH TXDOLW\ VWDQGDUGV ZKLFK ZLOO DFKLHYH RXU
DLPRXUJRDOV6RRXUPHVVDJHVSUHDGVWKHQIURPRXUGHVLJQHUVLQWR
RXUPDQXIDFWXUHUVDQGRXUVXEFRQWUDFWRUVZKRPDNHWKHPHWDOZRUN
ZKRPDNHWKHSULQWHGFLUFXLWERDUGVHWFHWF
4XDOLW\LVDYHU\ZHOOZRUQZRUGDQGLQWKLVEXVLQHVVFHUWDLQO\LQ
$UFDPEXVLQHVVLWLVDQRQJRLQJDFWLYLW\ZLWKLQWKHFRPSDQ\DQGLW¶V
FDOOHG7407RWDO4XDOLW\0DQDJHPHQW:HLPSURYHRXUTXDOLW\RQ
DGDLO\ZHHNO\PRQWKO\\HDUO\EDVLV6RZHQHYHUVWRSUHILQLQJWKH
SURFHVV $QG ZH GRQ¶W NQRZ ZKDW WKH XOWLPDWH TXDOLW\ LV , GRQ¶W
NQRZZKHQZH¶UHJRLQJWRDUULYHWKHUH
'R\RXNQRZWKHVHZRUGV"
WRLQYROYH 73JZRKQHR9 kvksnrjzojzéjmq
kjz
kvokvlqz k xznwnt
ujz
WRLQYROYHWKHULJKWV ojzéjmqkjz ·qsqiv
RIVPE wéjkj
LQYROYHG ojwyzjttpxsv tp
LQYROYHGLQGHEW ojwyzjk¡qpx¹klvsmj}
LQYROYHPHQW znxtnxk¹oq
ojzéyltqznstvn wv
sv ntqn lntn tvn oj
zéyltntqn
WRVOLS xrvsoqz
WRVOLSRII kxrvsotyzxv
xrvsotyz
DVOLSRIWKHWRQJXH vmvkvérj
DVOLSRIWKHSHQ vwqxrj
WRLPSODQW tjxj ljzktnlé¹z
WRVZLWFKRQ krsí·jz
WRVZLWFKRII krsí·jz
UHVWUDLQW xzévmvxzxlné jttvxz
WRDFKLHYH 71Z"3(R9 lvxzqmjz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ2EMHFWFODXVHV
'LUHFWZRUGRUGHU 7KH 5XOHV RI WKH 6HTXHQFH RI
7HQVHVGLUHFWZRUGRUGHU
,NQRZZKDWKLVQDPHLV ,NQHZZKDWKLVQDPHZDV
,GRQ
WNQRZZKDWKLVQDPHLV ,GLGQ
WNQRZZKDWKLVQDPHZDV
'R\RXNQRZZKDWKLVQDPHLV" 'LG\RXNQRZZKDWKLVQDPHZDV"
8VH WKH YHUEV LQ WKH ULJKW IRUPV DQG WUDQVODWH WKH VHQ
WHQFHV
+HLQTXLUHGZKDWUHVXOWVWRREWDLQ
7KH\GLGQRWNQRZKRZPDQ\FXVWRPHUVWRLQYROYH
7KH SDUWLFLSDQWV RI WKH FRQIHUHQFH DVNHG WKH OHFWXUHU LI WKH DLP
WRDFKLHYH
:HGLGQ
WNQRZZKHQWKHDQDO\VWVWRFRPSOHWHWKHDQDO\VLV
7KH VWXGHQW DVNHG WKH WXWRU KRZ
WR SURQRXQFH EHIRUH WKH
GHFLPDOSRLQW
1RERG\NQHZKRZWKHSULFHVWRFKDQJHE\WKDWWLPH
7UDQVODWHLQWR(QJOLVK
Ìtxwévxqstjxrvsrvwév|ntzvkqountqsqx|nt
tnotjíwv·nuytqrzvtnvzknzqstjëzvzkvwévx
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHSURQRXQRQH
,QHHGDSHQ+DYH\RXJRWRQH"DSHQ
²,VWKHUHDERRNVKRSQHDUKHUH"
²<HVWKHUH
VRQHDWWKHHQGRIWKLVVWUHHWDERRNVKRS
:KLFKERRNLV\RXUV"7KLVRQHRUWKDWRQH"ERRN
,GRQ
WOLNHWKLVWH[WEXW,OLNHWKHRQHVZHGLVFXVVHG\HVWHUGD\WH[WWH[WV
²:KLFKWRSLFKDYH\RXFKRVHQ"
²7KHODVWRQHWRSLF
,KDYHORVWP\GLFWLRQDU\,PXVWEX\DQHZRQHGLFWLRQDU\
:ULWH WKH ZRUGV VXEVWLWXWHG E\ WKH SURQRXQ RQH LQ HDFK
FDVHUHDGDQGWUDQVODWHWKHVHQWHQFHV
7KHZRUG
TXDOLW\
LVDYHU\HDV\RQH
&RPSOHWHWKLVVHQWHQFHDQGWKHRWKHURQHV
7UDQVODWHWKLVZRUGDQGWKHRQHV\RXVHHDWWKHERWWRPRIWKHSDJH
<RXPD\XVHWKLVLWHPDQGWKHRQHSXEOLVKHGE\7KH(FRQRPLVW
7KLVWH[WLVPXFKPRUHGLIILFXOWWKDQWKHRQHZHWUDQVODWHGODVWZHHN
7KLVTXHVWLRQLVFOHDUEXWWKHRQHVKHDVNHGLVQRW
²,VWKHJUDSKTXLWHXQGHUVWDQGDEOH"
²:KLFKRQHGR\RXPHDQ"
7UDQVODWHLQWR(QJOLVK
êzj xzjz¹ ls¹ wnénkvlj otj·qznstv zéyltnn ·nu zj rvzv
éyíu·qzjsqk·néj
wév·qzjsëzvzviovésqznéjzyéqzvz·zvvwyisqrvkjtkmj
onzn©êrvtvuqrjq qotª
Ìtvzknzqstjkxnkvwévxrévunwvxsnltnmv
êzvz rvuwízné v·nt xzjéntrqp j kvz zvz xjup xvkén
unttp
Æëzvpzjisq|nërvtvuq·nxrqnwvrjojznsqivsnnzv·tn·nu
kzvp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
6WXG\VHQWHQFHSDWWHUQV
WREHJRLQJWRGRVPWK
xviqéjzx¹xlnsjz·zvsqiv
5HDGWKHVHQWHQFHVDQGWUDQVODWHLQWR5XVVLDQ
:HDUHJRLQJWRGLVFXVVWKLVSUREOHPWRPRUURZ
7KH\DUHJRLQJWRDUUDQJHDFRQIHUHQFHRQWKLVWRSLFQH[WZHHN
0\IULHQGVDUHJRLQJRQDQH[SHGLWLRQWR6LEHULDQH[WVXPPHU
7KH\ DUH JRLQJ WR YLVLW D IHZ ROG 5XVVLDQ YLOODJHV ORFDWHG RQ WKH
EDQNVRIWKH5LYHU/HQD
+H LV JRLQJ WR PDNH D UHSRUW RQ WKLV VXEMHFW DW WKH V\PSRVLXP
ZKLFKZLOOEHKHOGLQ.LHY
, GRQ
W NQRZ ZKHQ ZH DUH JRLQJ WR DFKLHYH WKLV KLJKHVW OHYHO RI
TXDOLW\
7UDQVODWHLQWR5XVVLDQ
Íéjkqznsxzkvxviqéjnzx¹vixy ljzkvwévxviqtknxzq|q¹}
tjojxnljtqqkvkzvétqr
Ìtxviqéjnzx¹kxzywqztjrvt{nént|qqwvkvwévxjuwév
qokvlxzkjësnrzévëtnémqq
Ìtq xviqéjízx¹ mvkvéqz v wéqkjzqoj|qq ëzvmv rvuiqtjzj
tjxvknjtqqkuqtqxznéxzkntnzjrsq"
Îwévxqsqyotjzmlniylnzwév}vlqzëzjn nmvltj¹rvt
{nént|q¹
:RUNRQWKHZRUGV
D 8VHWKHDSSURSULDWHZRUGDQGWUDQVODWHWKHVHQWHQFHV
7KHTXDOLW\RIWKHSURGXFWDQGWKHTXDOLW\RIWKH
VHUYLFHV«WKHFXVWRPHUDQGRXUFXVWRPHUVWRR
7KHFRXQWU\ZDVGHHSO\«LQGHEW
,WGLGQ
W«WKHVRYHUHLJQULJKWVRIDQ\ERG\ LQYROYHPHQW
7KHDQDO\VWVFRQVLGHUHGWKHV\VWHPZDVYHU\«
WRLQYROYH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
-XGJLQJE\WKHWLWOHWKHLWHPVSRNHDERXWQHZ« LQYROYH
RIWKHFRPSDQ\
LQYROYHG
7KHUHZDVLQGHSWK«RIWKH)UHQFKFRPSDQ\ZLWKD
IHZ,WDOLDQRQHV
7KH H[SHUWV GLG QRW DGYLVH WKH PDQDJHU « KLP
VHOILQXQQHFHVVDU\H[SHQVHV
7KHZDU«DJUHDWLQFUHDVHLQWKHQDWLRQDOGHEW
E 0DNHVHQWHQFHVXVLQJWKHVHZRUGV
DORWRIPRQH\
ELJVXPVRIPRQH\
DORWRISHRSOH
ZDVZHUHLQYROYHG
DIHZEDQNV
DIHZFRPSDQLHV
DIHZFRXQWULHV
F 7UDQVODWHLQWR(QJOLVK
Æ wévnrzn isv ojlnpxzkvkjtv tnxrvsrv réywt} qtv
xzéjtt}{qéu
êzq tnwévlyujttn lnpxzkq¹ xvoljsq ls¹ rvuwjtqq ivs
¡qnwévisnu
Èqotnxwsjt rvuwjtqq is v·nt wévlyujttu tv xsv
tu
cmvvi~¹xtntqnisvv·ntojwyzjttu
êzvlnsvv·ntxsv tvnqojwyzjttvn
7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHZRUG
WRHQVXUH
7KH\ PXVW ZRUN WR TXDOLW\ VWDQGDUGV WR HQVXUH WKDW WKHLU GHVLJQV
DUHUHSURGXFLEOHLQYROXPH
7KHDXWKRULWLHVSURPLVHGWRHQVXUHWKHLULQGHSHQGHQFH
7KHGRFXPHQWVHQVXUHGWRWKHPWKHDXWKRULW\WKH\QHHGHG
7KH KHDG RI WKH GHSDUWPHQW FRXOGQ
W HQVXUH KLP D JRRG SRVW LQ
WKHQHDUIXWXUH
,FDQ
WHQVXUHWKDWKHZLOOEHWKHUHLQWLPH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DNH VHQWHQFHV RI \RXU RZQ XVLQJ WKHVH ZRUG FRPELQD
WLRQV
DQDLP DSURFHVV
DJRDO RLO
WRDFKLHYH DWDUJHW WRUHILQH VXJDU
DSXUSRVH DODQJXDJH
VXFFHVV VSHHFK
0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
WRUHVWUDLQ éjxwévxzéjt¹zx¹ PDQXIDFWXUHU wévljkn|
WRVOLS xlné qkjz VXEFRQWUDFWRU wvrywjzns
WRVSUHDG qx·nojz FXVWRPHU wvxzjkqr
WRPHDQ tjxj ljz VXSSOLHU qomvzvkqzns
WRLPSODQW xu¹m·jz YHQGRU xyiwvlé¹l·qr
WRYDQLVK vixy ljz SXUFKDVHU ojrjo·qrrsqntz
WRFXVKLRQ xrvsoqz VHOOHU
WRPRRW éjxwévxzéjt¹zx¹ EX\HU
+DYHDQRWKHUORRNDWWKHWH[WRIWKHVSHHFKDQG«
D :ULWHLWVVXPPDU\LQRUVHQWHQFHV
E 7UDQVODWHLQWR(QJOLVK
êzvsnr|q¹isjwvxk¹ntjkvwévxjuywéjksntq¹rj·nxzkvu
Íénwvljkjzns éjxxrjojs ·zv qln¹ ywéjksntq¹ rj·nxzkvu
kwyxrjnuvp wévlyr|qq ojévlqsjx k wvtqq Æ ëzvp xzéjtn q
xnp·jxxynxzkyízréy rqrj·nxzkj
Æ otjnzn ·zv ëzj qln¹ éjokqkjsjx k wvtqq k zn·ntqn
snzwvxsnÆzvévpuqévkvpkvpt"
tnotjs·zvk}mvlj}ëzjqln¹isjojznuojquxzkvkjtj
f¬
Æ wvtqq ëzj qln¹ tjokjnzx¹ ³wvxzv¹ttu xvkné¡ntxzkv
kjtqnu´qsq?NDLVHQ?
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W3URGXFWLRQIXQFWLRQ
3URGXFWLRQ IXQFWLRQ LV D IXQFWLRQ WKDW VKRZV IRU D JLYHQ VWDWH RI
WHFKQRORJLFDO NQRZOHGJH WKH UHODWLRQVKLS EHWZHHQ SK\VLFDO TXDQWLWLHV
RIIDFWRULQSXWVDQGWKHSK\VLFDOTXDQWLWLHVRIRXWSXWLQYROYHGLQSUR
GXFLQJDJRRGRUVHUYLFH6LQFHWKHTXDQWLW\RIRXWSXWGHSHQGVXSRQ
WKHTXDQWLWLHVRILQSXWVXVHGWKHUHODWLRQVKLSFDQEHGHSLFWHGLQWKH
IRUPRIIXQFWLRQDOQRWDWLRQ
4 I,,«,Q
ZKHUH4²RXWSXWRIDSURGXFWDQG,,HWFDUHTXDQWLWLHVRIWKH
YDULRXVIDFWRULQSXWVHWFXVHGLQSURGXFLQJWKDWRXWSXW
,WLVLPSRUWDQWWRHPSKDVL]HWKDWIDFWRULQSXWVFDQEHFRPELQHGLQD
QXPEHU RI GLIIHUHQW ZD\V WR SURGXFH WKH VDPH DPRXQW RI RXWSXW 2QH
PHWKRGZKLFKLVWHFKQLFDOO\WKHPRVWHIILFLHQWLVWKHRQHZKLFKXVHVWKH
RQO\VPDOODPRXQWVRIODERXUZKLOHDQRWKHUPHWKRGPD\HPSOR\ODUJH
TXDQWLWLHV RI ODERXU DQG RQO\ D OLWWOH FDSLWDO ,Q SK\VLFDO WHUPV WKH
PHWKRGZKLFKLVWHFKQLFDOO\WKHPRVWHIILFLHQWLVWKHRQHZKLFKXVHVWKH
IHZHVWLQSXWV(FRQRPLVWVKRZHYHUDUHPRUHFRQFHUQHGZLWKWKHFRVWV
DVSHFWVRIWKHLQSXWRXWSXWUHODWLRQVKLSVSHFLILFDOO\WKHOHDVWFRVWO\ZD\
RI SURGXFLQJ D JLYHQ RXWSXW 6XFK UHODWLRQVKLSV FDQ EH DQDO\VHG XVLQJ
LVRTXDQWFXUYHVLVRTXDQWPDSVDQGSURFHVVUD\V
'R\RXNQRZWKHVHZRUGV"
WRGHSHQGRQXSRQVPWK 7@3ZLAJ@9 ojkqxnzvz·nmvsqiv
WRGHSLFW 7@3ZL3GP9 qoviéj jzvwqxkjz
QRWDWLRQ ojwqxqoviéj ntqn
yxsvktuqotjrjuq
|q{éjuqiyrkjuq
SKRQHWLFQRWDWLRQ 7BKQZJAP3G9 zéjtxréqw|q¹
WRFRPELQH xvnlqt¹z
WHUPV kéj ntq¹¹orxwvxvi
kéj ntq¹yxsvkq¹
VSHFLILFDOO\ 7OL3ZO3B3G1H39 xwn|qjstv vxvinttv
k·jxztvxzq
LVRTXDQWFXUYH qovrkjtzj qovrkjtztj¹
réqkj¹ réqkj¹ éjkt}
rvsq·nxzk
PDS rjézj
UD\ sy·
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ$WWULEXWLYHFODXVHV
,WLVWKHIXQFWLRQWKDWZKLFKVKRZVWKLVUHODWLRQVKLS
,WLVWKHIXQFWLRQWKDWZKLFKZHGLVFXVVHG\HVWHUGD\
+HLVWKHHFRQRPLVWZKRWKDWZRUNHGDWWKLVSUREOHP
+HLVWKHHFRQRPLVWZKRWKDWZHVSRNHDERXW\HVWHUGD\
1RWH 7KHFRQMXQFWLRQVZKRWKDWZKLFKFDQEHRPLWWHGLIWKH\DUHQRW
VXEMHFWVLQDWWULEXWLYHFODXVHV
3XW WKH FRQMXQFWLRQV LQ EUDFNHWV LI LW LV FRUUHFW WR RPLW
WKHP
(YHU\WKLQJWKDWWKH\VDLGZDVFRUUHFW
'R\RXNQRZDQ\RQHZKRVSHDNV,WDOLDQ"
7KHZRPDQZKR,ZDVVLWWLQJQH[WWRWDONHGDOOWKHWLPH
6KHZRUNVIRUDFRPSDQ\ZKLFKPDNHVZDVKLQJPDFKLQHV
+DYH\RXIRXQGWKHNH\WKDW\RXORVW"
,JDYHKHUDOOWKHPRQH\WKDW,KDG
7KHSHRSOHZKRZHPHWDWWKHRIILFHZHUHYHU\IULHQGO\
,VWKLVWKHSODFHZKHUH\RXZHUHODVW\HDU"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DNHDIHZVHQWHQFHVOLNHWKLV
,WZDVWKHZRUVWILOPWKDW,KDYHHYHUVHHQ
7UDQVODWHLQWR(QJOLVK
êzvxjupxsv tpkvwévxrvzvépurvmljsqivvixy ljsq
Íévisnuj v rvzvévp u mvkvéqsq tj wév¡svp tnlnsn
v·ntqtznénxtj¹
²Òotjn¡xzylntzjrvzvépkxzywjsk·néjtjxnuqtjén"
² bj otjí êzv Ínzévk x zénznmv ryéxj ërvtvuq·nxrvmv
{jrysznzj
²Òninwvtéjkqsvxnmvkxzywsntqn"
²Çvtn·tvljÌtvisvv·ntjrzyjstuqqtznénxtu
8QGHUOLQH3DUWLFLSOHV,,,DQG*HUXQGVVWDWHZKDWSDUWVRI
VHQWHQFHVWKH\DUHDQGWUDQVODWHWKHVHQWHQFHV
,WLVWKHIXQFWLRQVKRZLQJWKHUHODWLRQVKLSEHWZHHQSK\VLFDOTXDQWLWLHV
,W VKRZV WKH UHODWLRQVKLS EHWZHHQ WKH WZR TXDQWLWLHV LQYROYHG LQ
SURGXFLQJDJRRGRUVHUYLFH
,WGHSHQGVRQWKHTXDQWLWLHVRILQSXWVXVHG
7KH\DUHTXDQWLWLHVXVHGLQSURGXFLQJWKDWRXWSXW
6XFKUHODWLRQVKLSVFDQEHDQDO\VHGXVLQJLVRTXDQWV
7KHGHVLJQHUVKDYHWRKDYHUHVWUDLQWVSXWRQWKHP
:HQHYHUVWRSUHILQLQJWKHSURFHVV
+DYHDQRWKHUORRNDWWKHWH[WRIWKHVSHHFKDQG«
D 7UDQVODWHWKHVHZRUGVLQWR(QJOLVK
rvsq·nxzkv vztv¡ntqn
rj·nxzkv éjkntxzkv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
réqkj¹éjkt}rvsq·nxzk xyuuj
wévqokvlxzknttp{jrzvé éjiv·j¹xqsj
kkvlkkvlqupénxyéx {ytr|q¹
kwyxrwévlyr|qq wévqokvlquvn
zvkjéqyxsymq wévqokvlxzknttj¹{ytr|q¹
ojt¹zvxz
E 7UDQVODWHWKHWH[W
F 7UDQVODWHWKHIROORZLQJGHILQLWLRQDQGVD\LI\RXOLNHLWEHW
WHUWKDQWKHRQHJLYHQLQWKHWH[W
7KH SURGXFWLRQ IXQFWLRQ VKRZV WKH PD[LPXP RXWSXW WKDW FDQ EH
SURGXFHGLQDJLYHQSHULRGIURPVSHFLILHGLQSXWVLQWKHH[LVWLQJVWDWH
RI WHFKQLFDO NQRZOHGJH 7KH IXQFWLRQ LV XVXDOO\ H[SUHVVHG LQ PDWKH
PDWLFDO WHUPV 7KH IXQFWLRQ PD\ H[KLELW FRQVWDQW LQFUHDVLQJ RU GL
PLQLVKLQJUHWXUQVWRVFDOH
)LJXUH/RFDWLRQRISURGXFWLRQ
7KH ILJXUH EHORZ VKRZV WKH YDULRXV IDFWRUV LQIOXHQFLQJ WKH ORFD
WLRQRISURGXFWLRQRUVLWLQJRIDEXVLQHVV
&KHDSXQVNLOOHG
*RYHUQPHQW ODERXU
:HLJKW 3HULVKDEOH
5$: IUDJLOHEXON\
ORVWLQ 0$5.(7
0$7(5,$/6 ILQLVKHG
SURGXFLQJ SURGXFW
1RQHFRQRPLF
IDFWRUVHJ
3UHIHUHQFHVRIORFDOLW\
FKDQFHLQHUWLD
1HDUQHVVWR E\GLUHFWRUVDQGNH\
VLPLODUILUPV ZRUNHUV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
ORFDWLRQ 7HKQZGA3J9 unxzvéjxwvsv ntqn
unxzvtj}v lntqn
WRVLWH éjounjzéjxwvsjmjz
VLWLQJ éjounntqn
ZHLJKW 7SA3P9 knxz¹ nxz
SHULVKDEOH ixzévwvéz¹qpx¹
IUDJLOH 7ZIN' =3H9 }éywrqpiíqpx¹svurqp
EXON\ mévuvolrqp
:RUNRQWKHZRUGV
D 5HDG DQG WUDQVODWH WKHVH ZRUGV SD\LQJ DWWHQWLRQ WRWKH
VXIIL[\DQGLWVYDULDQWV
IRUPDO²IRUPDOLW\ ORFDO²ORFDOLW\
RULJLQDO²RULJLQDOLW\ UHODWLYH²UHODWLYLW\
LQGLYLGXDO²LQGLYLGXDOLW\ SURSHU²SURSHUW\
SRVVLEOH²SRVVLELOLW\ WRFHOHEUDWH²FHOHEULW\
GLIILFXOW²GLIILFXOW\ WRFRQWLQXH²FRQWLQXLW\
E 8QGHUOLQHWKHVXIIL[HVUHDGDQGWUDQVODWHWKHVHZRUGV
SUHIHUHQFH UHIHUHQFH
LQGHSHQGHQFH H[LVWHQFH
UHVLGHQFH YLROHQFH
UHPHPEHUHQFH PDLQWHQDQFH
DFFRUGDQFH DOORZDQFH
DEXQGDQFH SUHGRPLQDQFH
F )RUP WKH ZRUGV XVLQJ WKH VXIIL[ QHVV UHDG DQG WUDQVODWH
WKHP
QHDUQHVV QHDUQHVV
QHZ GLUHFW
ULJKW EULJKW
ILW XVHIXO
ZDWFKIXO FORVH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
QHDU XQVNLOOHG
UDZPDWHULDOV H[SHQVLYH
WRORVH ILQLVKHGSURGXFWV
VLPLODU WRJDLQ
FKHDS IDUIURP
VNLOOHG GLIIHUHQW
D 0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
SURGXFLQJ JRRGV
SURGXFWV LQH[SHQVLYH
ILUP VLWLQJ
ORFDWLRQ PDQXIDFWXULQJ
FKHDS FRPSDQ\
+DYHDQRWKHUORRNDWWKHILJXUHDQG«
D $QVZHUWKHVHTXHVWLRQV
:KDWIDFWRUVGLGWKHILJXUHVKRZ"
:KLFKRIWKHVHIDFWRUVDUHPRVWLPSRUWDQWWR\RXUPLQG"
:KDWLVWKHUROHRIWKHJRYHUQPHQW"
)RUZKRPGR\RXWKLQNDOOWKHVHIDFWRUVDUHRILPSRUWDQFH"
:KHQDUHWKH\DOOYHU\DWWHQWLYHO\FRQVLGHUHG"
E 7U\WRGUDZDVLPLODUILJXUHDQGVD\
ZKDWLWVDGYDQWDJHVDUH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
%XVLQHVVOHWWHU,QGXVWULDODQGRIILFH
DFFRPPRGDWLRQ
*HQWOHPHQ
, DP SOHDVHG WR UHSRUW WKDW ZH KDYH IRXQG VXLWDEOH
EXLOGLQJV IRU ORZ FRVW LQGXVWULDO DQG RIILFH DFFRPPRGDWLRQ
7KHVLWHLV'HODZDUH&RUSRUDWH3DUNLQ7UHQWRQ1-
7UHQWRQLVWKH6WDWH&DSLWDORI1HZ-HUVH\ZLWKD
SRSXODWLRQ RI ,W LV PLGZD\ EHWZHHQ 3KLODGHO
SKLD DQG 1HZ <RUN &LW\ RQ WKH EDQNV RI WKH 'HODZDUH
5LYHUDQGDOVRZHOOVLWHGIRUFRPPXQLFDWLRQVE\WUXFNRU
DXWRPRELOHZLWKPDMRUPDUNHWVLQWKH86$DQG&DQDGD
2YHU RI WKH WRWDO SRSXODWLRQ RI ERWK WKH 86$ DQG
&DQDGD DUH ZLWKLQ PLOHV RYHU PLOOLRQ SHRSOH ³ WKH
PRVWH[WHQVLYHFRQVXPHUPDUNHWLQWKH:HVWHUQ+HPLVSKHUH
$OWKRXJKWKHFRPSHWLWLRQKHUHLVYHU\ILHUFHWKHSRWHQWLDOLV
HQRUPRXV%HVLGHVWKHVWDWHRI1HZ-HUVH\RIIHUVVRPHWD[
DGYDQWDJHV $QG JUDQWV DUH DYDLODEOH IRU VHWWLQJ XS D QHZ
SODQWDQGWUDLQLQJVWDII
$ZDLWLQJ\RXUIXUWKHULQVWUXFWLRQV
7UXO\\RXUV
«
'R\RXNQRZWKHVHZRUGV"
DFFRPPRGDWLRQ 71<GKI1Z@A3J9 éjounntqnyxzévpxzkv
VWDWH mvxyljéxzkv¡zjz
H[WHQVLYH 73GOZPAJO3R9 vi¡qétpwévxzéjttp
KHPLVSKHUH 7ZDAI3<OB319 wvsy¡jéqn
DOWKRXJK 7K(HZ%KQ9 }vz¹
V\QWKRXJK
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
D 7UDQVODWH WKHVH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP
ZKLFKWKH\DUHIRUPHG
LQGXVWULDO H[WHQVLYH DGYDQWDJHRXV
LQHUWLDO FRPSHWLWLYH YDULRXV
HVVHQWLDO SURGXFWLYH EXON\
RIILFLDO LQIRUPDWLYH GLIIHUHQW
E )RUPDGMHFWLYHVLQVWHDGRIDWWULEXWLYHFODXVHVOLNHWKLVDQG
WUDQVODWHWKHP
ZKLFKFDQVXLWXV²VXLWDEOH
ZKLFKFDQFKDQJH ZKLFKFDQEHXVHG
ZKLFKFDQYDU\ ZKLFKFDQQRWEHXVHG
ZKLFKFDQSHULVK ZKLFKFDQEHH[FXVHG
ZKLFKFDQEHPDUNHWHG ZKLFKPDNHVSURILW
ZKLFKFDQEHHDVLO\UHDG ZKLFKKDVYDOXH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
D 0DNHWZRVHQWHQFHVDVLQWKHH[DPSOHSD\LQJDWWHQWLRQ
WRWKHDUWLFOHV
FLW\PDQXIDFWXULQJ=,W
VDELJFLW\ZLWKDSRSXODWLRQ
RI7KHSRSXODWLRQLVPRVWO\HQJDJHGLQPDQXIDFWXULQJ
FLW\VWHHOLQGXVWU\ FLW\ZDWFKPDNLQJ
FLW\WH[WLOHLQGXVWU\ WRZQKDQGLFUDIW
FLW\FDUPDNLQJ UHJLRQDJULFXOWXUH
FLW\VKLSEXLOGLQJ SODFHILVKLQJ
E 7UDQVODWH WKHVH SDLUV RI VHQWHQFHV DV LQ WKH H[DPSOH 3D\
DWWHQWLRQWRWKHXVHRIDUWLFOHV
,WLVDPRVWH[WHQVLYHPDUNHW²êzvv·ntivs¡vpétvr
,W LV WKH PRVW H[WHQVLYH PDUNHW LQ WKH UHJLRQ ² êzv xjup
ivs¡vpétvrkénmqvtn
,WLVDPRVWH[WHQVLYHFRQVXPHUPDUNHW,WLVWKHPRVWH[WHQVLYH
FRQVXPHUPDUNHWLQWKH:HVWHUQ+HPLVSKHUH
7KH\YLVLWHGDPRVWKLJKO\SRSXODWHGDUHD7KH\YLVLWHGWKHPRVW
KLJKO\SRSXODWHGDUHDLQWKHUHSXEOLF
,WLVDQHDVLHVWGLDJUDP,WLVWKHHDVLHVWGLDJUDPZHKDYHKDG
,W LV D PRVW LQWHUHVWLQJ ERRN ,W LV WKH PRVW LQWHUHVWLQJ ERRN ,
KDYHHYHUUHDG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&KDQJHWKHVHVHQWHQFHVE\XVLQJ*HUXQGVOLNHWKLV
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZLVKWRVHWXSDQHZSODQW=
*UDQWVDUHDYDLODEOHIRUVHWWLQJXSDQHZSODQW
*UDQWVDUHDYDLODEOHIRUWKRVHZKRDUHSODQQLQJWRWUDLQVWDII
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZLVKWROHDUQWKLVUDUHODQJXDJH
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZDQWWRGRWKLVUHVHDUFKZRUN
*UDQWVDUHRIIHUHGWRWKRVHZKRDUHHDJHUWRPDNHWKHVHH[SHULPHQWV
8QIRUWXQDWHO\QRKHOSLVRIIHUHGWRWKRVHZKRDUHSUHSDUHGWRGR
WKLVZRUN
+DYHDQRWKHUORRNDWWKHWH[WDQG«
5HDGWKHVHZRUGV
6WDWH &DSLWDO &KLHIFLWLHVLQWKHVWDWH
'HODZDUH 'RYHU 6PHUQD:LOPLQJWRQ
1HZ-HUVH\ 7UHQWRQ 1HZDUN-HUVH\&LW\
1HZ<RUN $OEDQ\ 1HZ<RUN%XIIDOR5RFKHVWHU
3HQQV\OYDQLD +DUULVEXUJ 3KLODGHOSKLD3LWWVEXUJK
D $QVZHUWKHVHTXHVWLRQV
:KRGR\RXWKLQNZURWHWKLVOHWWHU"
:KDWDVVLJQPHQWKDGKHEHHQJLYHQ"
:KDWSODFHGLGKHUHFRPPHQG"
:KDWDGYDQWDJHVRIWKHSODFHGLGKHGHVFULEH"
E &RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHWH[W
+HIRXQGVXLWDEOHEXLOGLQJVIRUORZFRVWLQGXVWULDODQGRIILFH«
7KHVLWHZDV'HODZDUH&RUSRUDWLRQ3DUNLQ«
7UHQWRQLVWKH6WDWH&DSLWDORI1HZ-HUVH\ZLWK«
,WLVPLGZD\EHWZHHQ«DQGZHOOVLWHGIRU«
,WLVWKHPRVWH[WHQVLYHFRQVXPHUPDUNHW«
$OWKRXJKWKHFRPSHWLWLRQVHHPHGYHU\«WKHSRWHQWLDOZDV«
%HVLGHVWKHVWDWHRI1-RIIHUHGVRPH«
$QGJUDQWVZHUHDYDLODEOHIRU«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
F 6XPXSWKHDGYDQWDJHVRIWKLVORFDWLRQ
G ,PDJLQHDEXVLQHVVPDQKDVERXJKWDQRIILFHLQDQ(QJOLVK
WRZQ+HVD\VLWLVZHOOORFDWHG'HVFULEHWKHORFDWLRQ
1HZVSDSHULWHP0,0+ROGLQJVWRERRVWFRDO
SURGXFWLRQ
0,0 +ROGLQJV WKH GLYHUVLILHG $XVWUDOLDQ PLQLQJ JURXS LV WR
FDSLWDOLVH RQ WKH VWURQJ SHUIRPDQFH RI LWV FRDO EXVLQHVV E\ DOPRVW
GRXEOLQJWKHGLYLVLRQ¶VSURGXFWLRQRYHUWKHQH[WILYH\HDUV
7KH%ULVEDQHEDVHGJURXSVDLGLWDLPHGWROLIWFRDOSURGXFWLRQIURP
PODVW\HDUWRPWRQQHVE\E\LQFUHDVLQJRXWSXWIURPH[LVW
LQJRSHUDWLRQVDQGGHYHORSLQJWZRQHZPLQHV$GHFLVLRQRQZKHWKHUWR
SURFHHGZLWKWKHFRPPHUFLDOGHYHORSPHQWRID5ROOHVWRQPLQHZRXOGEH
WDNHQLQWKHVHFRQGKDOIRIWKHSUHVHQWILQDQFLDO\HDULWDGGHG
+LJKHU$XVWUDOLDQGROODUSULFHVDQGLQFUHDVHGSURGXFWLRQERRVWHG
WKHJURXS¶VFRDOGLYLVLRQ¶VRSHUDWLQJHDUQLQJVSHUFHQWWR$P
86P LQ WKH \HDU WR -XQH 7KLV KHOSHG JHQHUDWH D SHU FHQW
LQFUHDVHLQRSHUDWLQJSURILWVWR$PDKHDGRIH[SHFWDWLRQV
+RZHYHU QHW SURILWV IHOO SHU FHQW WR $P GXH WR D $P
ZULWHGRZQ DJDLQVW WZR (XURSHDQ ]LQF VPHOWHUV DQG D $P ORVV
GXHWRFXUUHQF\KHGJLQJ
'R\RXNQRZWKHVHZRUGV"
PLQLQJ 7ZI=3J349 mvétvlvikjíj¹ wévu¡
snttvxz
PLQH ¡j}zj
WRGRXEOH 7@6>H9 ylkjqkjzx¹
WRDLP xzénuqzx¹
WR DLP DW GRLQJ xzénuqzx¹xlnsjz·zvsqiv
VPWK
WR DLP WR GR
VPWK
WROLIW wvltqujz|nt
vzunt¹z xtqujz vméj
tq·ntq¹ojwénz
QHWSURILW ·qxzj¹wéqis
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
0DWFKDQGWUDQVODWHWKHV\QRQ\PV
WROLIW WRGURS RXWSXW DFKLHYHPHQW
WRGRXEOH WRJRRQ SHUIRUPDQFH PRQH\
WRDLP WRERRVW GLYLVLRQ SURGXFWLRQ
WRGHYHORS WRPDNHWZLFH HDUQLQJV ZDVWH
WRSURFHHG WRWDUJHW ORVV UHWXUQ
WRIDOO WRSURJUHVV FXUUHQF\ VHFWLRQ
7UDQVODWHLQWR(QJOLVKXVLQJWKLVSDWWHUQ
%ULVEDQHEDVHGJURXS méywwj tj}vl¹j¹x¹ k Èéqx
inptn
SULYDWHO\RZQHGHQWHUSULVH ·jxztvnwénlwéq¹zqn
·jxztpojkvl {qéujtj}vl¹j¹x¹kÎns
·jxztpv·qxzqznstpojkvl iyétn
·jxztn¡j}z vémjtqoj|q¹xv¡zji
·jxztpujmjoqt rkjézqévpkËíevérn
·jxztj¹xnzujmjoqtvk xvíowénlwéqtqujznsnpx|nt
·jxztnxjuvsnz zévukÒéntzvtn
7UDQVODWHLQWR(QJOLVKSD\LQJDWWHQWLRQWRWKHVHZRUGV
KLJKHUSULFHV wvk¡ntqn|ntivsnnkxv
rqn|nt
IXUWKHUSULFHLQFUHDVH ljstnp¡nnwvk¡ntqn|nt
wvk¡ntqn zjéq{vk tj ësnrzév ljstnp¡nnwvtq ntqn|nt
ëtnémqí otj·qznstvn wvk¡ntqn
wvtq ntqnlv}vlvktjxnsntq¹ viunttvmvryéxj
wvk¡ntqn tjsvmvk tj ërxwvéz tnotj·qznstvnwvk¡ntqn
tyíwévlyr|qí tnivs¡vnqountntqn
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HYLVH*UDPPDU
:ULWH ZKDW SDUWV RI VSHHFK WKH ZRUGV LQ LWDOLFV DUH DQG
WUDQVODWHWKHVHQWHQFHV
0,0+ROGLQJVLVJRLQJWRERRVWFRDOSURGXFWLRQ
0,0 +ROGLQJV LV WR FDSLWDOLVH RQ WKH VWURQJ SHUIRUPDQFH RI LWV
FRDOEXVLQHVV
7KH\DUHSODQQLQJWRGRVRE\DOPRVWGRXEOLQJWKHSURGXFWLRQ
7KLVKHOSHGJHQHUDWHDSHUFHQWLQFUHDVH
7KHJURXSVDLGLWDLPHGWROLIWFRDOSURGXFWLRQ
7KHVSRNHVPDQDGGHGWKDWWKH\SODQQHGWRDFKLHYHLWE\GHYHORS
LQJWZRQHZPLQHV
7UDQVODWHLQWR(QJOLVKREVHUYLQJWKH5XOHVRIWKH6HTXHQFH
RI7HQVHV
Æxzjznvzun·jsvx·zvvtqwsjtqévkjsqyknsq·qzwévqo
kvlxzkv
Æmjonznxvvijsvx·zv·qxznlv}vl}vslqtmjtnxrvsrv
xvréjzqsqx
Ælvrsjlnyrjokjsvx·zvlv}vlvzwévqokvlxzknttvpln¹
znstvxzqxvréjzqsqxtj
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
&DQ\RXVXJJHVWZKDWWKHOHWWHUV0,0VWDQGIRU"
:KDWLV0,0+ROGLQJV"
:KDWZHUHWKHLUSODQVDERXWFRDOSURGXFWLRQ"
7KDQNVWRZKDWGLGWKHKROGLQJFRPSDQ\LQFUHDVHWKHLUHDUQLQJV"
'LGWKH\HTXDOO\LQFUHDVHWKHLUQHWSURILW"
E 7UDQVODWHWKHLWHPLQWR5XVVLDQ
F 7UDQVODWHLQWR(QJOLVK
Ðqtjtxvkp mvl ² iíl nztp mvl êzv wnéqvl k unx¹
|nk tj rvzvép xvxzjks¹nzx¹ mvxyljéxzknttp iíl nz vt uv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W3URGXFWLRQSRVVLELOLW\ERXQGDU\
3URGXFWLRQSRVVLELOLW\ERXQGDU\RUWUDQVIRUPDWLRQFXUYHLOOXVWDWHV
WKH HFRQRPLF SUREOHP RI VFDUFLW\ LQ SURGXFWLRQ 7KH SURGXFWLRQ
SRVVLELOLW\ ERXQGDU\ VKRZV WKH PD[LPXP DPRXQW RI JRRGV DQG VHU
YLFHV WKDW FDQ EH SURGXFHG E\ DQ HFRQRP\ DW D JLYHQ SRLQW LQ WLPH
ZLWKDYDLODEOHUHVRXUFHVDQGWHFKQRORJ\
7KHILJXUHEHORZVKRZVDSURGXFWLRQSRVVLELOLW\ERXQGDU\IRUPR
WRUFDUVDQGKRVSLWDOVDVVXPLQJWKDWDOOUHVRXUFHVDUHIXOO\HPSOR\HG
LQWKHPRVWHIILFLHQWZD\
3RLQW $ UHSUHVHQWVWKHPD[LPXPSURGXFWLRQRIPRWRUFDUVLIQR
KRVSLWDOV DUH SURGXFHG ZKLOH SRLQW % UHSUHVHQWV WKH PD[LPXP SUR
GXFWLRQ RI KRVSLWDOV LI QR PRWRU FDUV DUH SURGXFHG $W DQ\ SRLQW
DORQJWKHERXQGDU\VXFKDV&WKHUHLVDWUDGHRIIEHWZHHQWKHWZR
JRRGV 0RWRU FDU SURGXFWLRQ FDQ EH H[SDQGHG RQO\ E\ WDNLQJ UH
VRXUFHVDZD\IURPWKHSURGXFWLRQRIKRVSLWDOV
7KH SRLQW ODEHOOHG 8 LQGLFDWHV XQHPSOR\PHQW 0RUH RI ERWK
JRRGVFDQEHSURGXFHGDVLGOHUHVRXUFHVDUHHPSOR\HGXSWRWKHOLPLW
VHW E\ WKH SURGXFWLRQ SRVVLELOLW\ ERXQGDU\ 7KH EURNHQ OLQH $%
VKRZV KRZ WKH SURGXFWLRQ SRVVLELOLW\ ERXQGDU\ WHQGV WR PRYH RXW
ZDUGVRYHUWLPHDVDUHVXOWRIORQJWHUPHFRQRPLFJURZWKZKLFKLQ
FUHDVHV SRWHQWLDO RXWSXW +RZ IDU RXWZDUG WKH ERXQGDU\ PRYHV DQG
KRZTXLFNO\GHSHQGVXSRQWKHUDWHRIHFRQRPLFJURZWK
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
D 7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
ERXQGDU\ WRODEHO XQHPSOR\PHQW
VFDUFLW\ WRLQGLFDWH SRLQW
WRDVVXPH LGOH ORQJWHUP
WUDGHRII WRWHQG KRVSLWDO
E 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
SRVVLELOLW\ rvsq·nxzkv DYDLODEOH ë{{nrzqktp
DPRXQW jsznétjzqkj DERYH réjzrvxév·tp
JURZWK méjtq|j HIILFLHQW lvsmvxév·tp
ERXQGDU\ évxz SRWHQWLDO quníqpx¹
WUDGHRII réqkj¹ ORQJWHUP k¡nyrjojttp
FXUYH kvouv tvxz VKRUWWHUP wvznt|qjstp
l 7UDQVODWHWKHWH[WLQWR5XVVLDQ
G 0DWFKWKHHTXLYDOHQWV
WUDQVIRUPDWLRQFXUYH réqkj¹wévqokvlqznstvxzq
LVRTXDQWFXUYH réqkj¹xwévxj
FRQVXPSWLRQFXUYH réqkj¹wvzénisntq¹
FRVWFXUYH réqkj¹éjxwénlnsntq¹
GHPDQGFXUYH réqkj¹éjkt}rvsq·nxzk
GLVWULEXWLRQFXUYH réqkj¹xzvquvxzqréqkj¹ojzéjz
FXUYHRIRXWSXW réqkj¹zéjtx{véuj|qq
H 7UDQVODWHLQWR(QJOLVK
méjtq|jwévqokvlxzkntt}kvouv tvxznp
ërvtvuq·nxrqnwévisnuxk¹ojttnx«
ujrxqujstvnrvsq·nxzkv
wénlwvsjmj¹lvwyxrj¹·zv«
tjqivsnnë{{nrzqktv
xkvivltnénxyéx
lvsmvxév·tpërvtvuq·nxrqpévxz
I :ULWHDVKRUWHVVD\RQRQHRIWKHWRSLFV
3URGXFWLRQDQGHFRQRPHWULFV
6RPHSUREOHPVLQSURGXFWLRQ
3URGXFWLRQDQGTXDOLW\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
&RPSDQLHV
'LDORJXH $MRELQWHUYLHZ
%XVLQHVVOHWWHU 2IIHULQJDQDJHQF\
7H[W $Q$SSOHDGD\
1HZVSDSHULWHPV ,.($IRXQGHUHQGVXQFHUWDLQW\E\VD\
LQJVRQVZLOOWDNHRYHU
&RPSDQLHV
ELJJHUWKDQPDQ\QDWLRQV
$QQRWDWLRQ 7KH(QWUHSUHQHXUVKLS'\QDPLFV
*UDPPDU &RQGLWLRQDOV
7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
7KHZRUGRWKHU
7KHZRUGZKLFK
'LDORJXH$MRELQWHUYLHZ
+HUH LV D SDUW RI DQ LQWHUYLHZ EHWZHHQ D 3HUVRQQHO 0DQDJHU 30
DQGD\RXQJJLUO$QQZKRZDQWHGWREHHPSOR\HGE\WKHFRPSDQ\
30 *RRGPRUQLQJ0LVV«
$QQ 0LVV-RKQHV
30 0LVV -RKQHV \HV ULJKW +L 8P \RX
G OLNH WR MRLQ RXU
WHDP,JDWKHU
$QQ <HV,ZRXOG
30 7KDW
V YHU\ JRRG ,
G OLNH WR NQRZ D OLWWOH ELW DERXW \RX
3HUKDSV\RXFRXOGWHOOPHDOLWWOHELWDERXW\RXUHGXFDWLRQ
$QQ 2K\HVULJKW:HOO,OHIWVFKRRODWDQGIRUWKHILUVWWZR
\HDUV,ZHQWWR*LEVRQV\RXPLJKWNQRZWKHPWKH\
UHDQ
HQJLQHHULQJILUP$QGDIWHUWKDW,ZDQWHGWRGRDFRXUVH
VR,GLGDRQH\HDUIXOOWLPH3$FRXUVHDQGZHQWEDFNWR
*LEVRQV , ZDV 3$ WR WKH ([SRUW 'LUHFWRU , VWD\HG WKHUH
IRUWZR\HDUVDQGWKHQPRYHGRQWRP\SUHVHQWFRPSDQ\
7KDW
V(XURSD0DUNHWLQJ0U$GDLUWKHPDUNHWLQJGLUHF
WRURIIHUHGPHDMREEHFDXVH*LEVRQVKDGZRUNHGTXLWHD
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
SHUVRQQHO 7<L1(O1ZJAH9 ¡zjzwnéxvtjs
V\QVWDII
WHDP rvujtlj
WRJDWKHU xviqéjz
wvtqujz
SHUKDSV 7L1ZD'LO9 kvouv tv
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
IXOOWLPH wvstpéjiv·qplnt
DQWSDUWWLPH
3$ 3HUVRQDO$VVLVWDQW xnrénzjéwvuvtqr
WRPRYHRQWR wnén}vlqzk
IOXHQW 7BHQ(1JP9 xkvivltp
UXVW\ ojwynttpojizp
REYLRXVO\ 7ZK>R31OH39 v·nkqltv
FXULRXV 7ZGFQ1N31O9 síivwztp
FKDOOHQJLQJ iévxjíqpkovk
*UDPPDU&RQGLWLRQDOV
3UHVHQW ,I,NQHZ(QJOLVK,ZRXOGJHWWKLVMRE
,I,ZHUH\RX,ZRXOGVWDUWOHDUQLQJ(QJOLVK
3DVW ,I WKH\ KDG GHFLGHG WR RIIHU WKH MRE WR PH WKH\
ZRXOGKDYHFRQWDFWHGPHORQJDJR
5HDGDQGWUDQVODWHWKHVHQWHQFHV
,I,FRXOG,ZRXOGMRLQ\RXUWHDP
,I,FRXOG,ZRXOGKDYHMRLQHG\RXUWHDPODVW\HDU
,I \RX MRLQHG XV IRU WKH WULS WR WKLV 8QLYHUVLW\ , ZRXOG EH YHU\
KDSS\
,I \RX KDG MRLQHG XV IRU WKH WULS WR WKH XQLYHUVLW\ ODVW PRQWK ,
ZRXOGKDYHEHHQYHU\KDSS\
,I,ZHUHWKHUHQRZ,ZRXOGDVNKLPYHU\PDQ\TXHVWLRQV
, ZRXOG KDYH WROG KLP DERXW P\ HGXFDWLRQ LI KH KDG DVNHG PH
WKHVHTXHVWLRQV
7KH\ZRXOGKDYHGRQHWKLVFRXUVHLIWKH\KDGKDGHQRXJKPRQH\
WRSD\IRULW
:HZRXOGEHYHU\JODGWRVHH\RXWRPRUURZ
0DNH VHQWHQFHV DV LQ WKH H[DPSOH DQG WUDQVODWH WKHP LQWR
5XVVLDQ
WRKDYHPRUHVFRSH\RXUFRPSDQ\=,ZRXOGKDYHPRUHVFRSH
LQ\RXUFRPSDQ\
WRKDYHPRUHVFRSHXQLYHUVLW\
WRKDYHPRUHRSSRUWXQLW\ILUP
WRKDYHPRUHFKDOOHQJHVLQVWLWXWH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
WRGRPRUHFKDOOHQJLQJZRUNODERUDWRU\
WRPDNHPRUHSURJUHVVSODQW
WRLPSURYHP\(QJOLVK7UDYHO&HQWUH
WRLQFUHDVHP\YRFDEXODU\6WXGHQWV
&OXE
&RPSOHWHWKHVHQWHQFHVWKHZD\\RXOLNH
,I,ZHUH\RX,ZRXOG«
,I,KDGQRWHQWHUHGWKH8QLYHUVLW\,ZRXOGKDYH«
,IKHKDGDWWHQGHGDOOWKHOHFWXUHV«
,IVKHFRXOGVSHDN)UHQFK«
,I,KDGPRUHVSDUHWLPH«
7KH\ZRXOGKDYHJRQHRQDVWXG\LQJWRXUWR«
+HZRXOGDFFHSWWKHDSSRLQWPHQW«
7UDQVODWHLQWR(QJOLVK
cxsqi¹ivs¡notjsviëzvpwévisnun¹ikjurvtn·
tvwvuvm
Î i wvxnzqsq ëzy un lytjévltyí kxzjkry nxsq i y
tjxisvwéqmsj¡ntqn
yétjsqxziojljsqëzvzkvwévxuqtqxzéy{qtjtxvknx
sqivtwéq¡nstjwénxxrvt{nént|qí
Ìtjiwnén¡sjtjëzy{qéuynxsqiotjsjtnun|rqp¹or
cxsqiutnwénlsv qsqëzyéjivzy¹ixéjoyxvmsjxqsjx
Ëvutnwénlsv qsqxvkxnutnqtznénxtyíéjivzy
*UDPPDU7KHZRUGRWKHU
DQRWKHUQRXQLQWKHVLQJXODU 0D\,DVN\RXDQRWKHUTXHVWLRQ"
nnvlqtrjrvpzvléymvp
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
, FDQQRW VD\ , OLNH *HUPDQ ,
G OLNH WR OHDUQ DQRWKHUWKH RWKHU
(XURSHDQODQJXDJH
<HVWHUGD\WKH\VKRZHGWZR(QJOLVKILOPV2QHZDVDERXWWKH6HF
RQG :RUOG :DU DQG DQRWKHUWKH RWKHU ZDV GHYRWHG WR WKH FXUUHQW
HYHQWVLQ%ULWDLQ
+DYHDQRWKHUWKHRWKHUORRNDWWKLVQHZVSDSHULWHP
7KHUH DUH D IHZ LWHPV RQ WKH WRSLF 5HDG WKH ILUVW DQG WUDQVODWH
RWKHUVWKHRWKHUV
+H KDV UHDG WKH SRHPV RI 3XVKNLQ /HUPRQWRY DQG D IHZ
RWKHURWKHUV5XVVLDQSRHWVLQWKHRULJLQDO
7UDQVODWHLQWR(QJOLVK
Ìt}vznsxtj·jsjwnénpzqtjléymyíéjivzytvwvzvuwnén
lyujs
Æ}vzqzny·qznnrjrvptqiyl¹or"
Ìtq wvxnzqsq ujérnzqtmvkyí rvtxjszqtmvkyí énrsjutyí
rvuwjtqqqtnrvzvénléymqn
Íjéztné vixylqsq xzvquvxz wévnrzj xévrq xzévqznsxzkj
qléymqnkj tnkvwévx
6D\LIWKHYHUEVDUHXVHGLQWKH$FWLYHRU3DVVLYH9RLFHDQG
WUDQVODWHWKHVHQWHQFHV
$QQZDQWHGWREHHPSOR\HGE\WKLVSDUWLFXODUFRPSDQ\
0RVWSUREDEO\WKHFRPSDQ\ZDVUDWKHUELJDQGLWHPSOR\HGPDQ\
SHRSOH
,GRQ
WWKLQNVKHZLOOJHWDMREKHUH
7KH3HUVRQQHO0DQDJHULQWHUYLHZHGKHUIRUUDWKHUDORQJWLPH
,WVHHPVWRPH$QQZDVLQWHUYLHZHGIRUDQHQGOHVVWLPH
'R\RXOLNHWREHLQWHUYLHZHG"
+DYH\RXHYHUEHHQLQWHUYLHZHG"
8VH3DUWLFLSOHV,WRPDNHWKHZRUGFRPELQDWLRQVPRUHRIIL
FLDODQGWUDQVODWHLQWR5XVVLDQ
FRPSDQLHVZKLFKRSHUDWHLQWKH86$=FRPSDQLHVRSHUDWLQJLQWKH86$
FRPSDQLHVZKLFKRSHUDWHRQWKLVPDUNHW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
FRPSDQLHVZKLFKGHDOZLWKWKH8.
FRPSDQLHVZKLFKGHDOLQJROG
WUXVWZKLFKGHDOVLQVHFXULWLHV
EUDQFKZKLFKGHDOVLQWKLVUHJLRQ
DIILOLDWHZKLFKGHDOVLQH[SRUWLQJRLO
SDUHQWFRPSDQ\ZKLFKFRQWUROVWKHPRQH\IORZ
6WXG\WKHSDWWHUQ
WRDVVLVWVRPHERG\E\GRLQJVRPHWKLQJ
0DNHVHQWHQFHVDVLQWKHH[DPSOH
WRDUUDQJHWKHVHYLVLWV=,DVVLVWWKHPE\DUUDQJLQJWKHVHYLVLWV
WRVHWXSYLVLWV WRPDNHWHOHSKRQHFDOOV
WRVHWXSSUHVHQWDWLRQV WRSUHSDUHEXVLQHVVYLVLWV
WRGHDOZLWKFRUUHVSRQGHQFH WRPDNHWUDYHODUUDQJHPHQWV
WRGUDZGLDJUDPV WRSULQWDOOWKHPDWHULDOV
+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
D 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQGV
>@DQG>"@
7KDW
VYHU\JRRG 7KH\GRFRQVXOWDQF\ZRUN
7KDW
V(XURSD0DUNHWLQJ 7KH\FRPHIURPDOORYHUWKHZRUOG
7KDW
VDOOYHU\LQWHUHVWLQJ 7KHUHSXWDWLRQLVYHU\JRRG
7KDWPLJKWEHYHU\XVHIXO 7KHZRUNZLOOEHPRUHFKDOOHQJLQJ
7KH\
UHDQHQJLQHHULQJILUP IRUPH
E 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
® ,ILUVWZRUNHGZLWKWKH
:HOO,OHIWVFKRRODWHLJK WHHQ
$QGDIWHU WKDW,ZDQWHGWRGR 0DUNHWLQJ 'L UHFWRU DQG QRZ
® ®
D FRXUVH ,
PZLWKWKH 6DOHV'LUHFWRU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
F 5HDGWKHGLDORJXH
D )LQGWKHWHUPVLQWKHGLDORJXHZKLFKPHDQWKHIROORZLQJ
DQXPEHURISHUVRQVXQLWHGIRUEXVLQHVVRUFRPPHUFH
DSHUVRQZKRGLUHFWVWKHDIIDLUVRIDEXVLQHVVFRPSDQ\
DSHUVRQZKRFRQWUROVDEXVLQHVV
E &DQ\RXH[SODLQWKHIROORZLQJ
DQHQJLQHHULQJILUP
DPDUNHWLQJFRPSDQ\
DSXEOLFUHODWLRQVFRPSDQ\
F +DYHDORRNDWWKHFDUWRRQDQGVD\ZKDW\RXVHHLQLW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
%XVLQHVVOHWWHU2IIHULQJDQDJHQF\
+HUHLVDOHWWHURIDQ(QJOLVKFRPSDQ\RIIHULQJDQDJHQF\WRD*HU
PDQFRPSDQ\
*UDVVPDQQ$*
/LQGHQZHJ
'%HUOLQ
2FWREHU
'HDU6LUV
<RXUFRPSDQ\ZDVUHFRPPHQGHGWRXVE\WKH*HUPDQ&KDPEHU
RI&RPPHUFHLQ/RQGRQZKRVDLG\RXPLJKWEHLQWHUHVWHGLQUHSUH
VHQWLQJRXUSRUFHODLQPDQXIDFWXULQJFRPSDQ\LQ\RXUFRXQWU\
:HKDYHDQXPEHURIDJHQFLHVLQRWKHU(XURSHDQFRXQWULHVZKR
UHFHLYHSURGXFWVRQDSSURYDOWKHQVHOOWKHPRQDVL[SHUFHQWFRP
PLVVLRQRQH[ZRUNVSULFHV7KHVHDUHVROHDJHQFLHVZKLFKPHDQVWKDW
RQO\ZHVXSSO\WKHPDQGWKH\UHSUHVHQWRQO\XVLQWKLVOLQH
*HQHUDOO\ WKHLU FXVWRPHUV VHWWOH DOO DFFRXQWV ZLWK XV WKHQ ZH
VXSSO\WKHPGLUHFWRQLQYRLFHVUHFHLYHGIURPWKHDJHQW
,QPRVWFDVHVZHRIIHUDWULDODJHQF\IRURQH\HDUDQGLIWKHUH
VXOWVDUHJRRGZHH[WHQGWKHDJHQF\RQDIXUWKHUWZR\HDUFRQWUDFW
:HZRXOGRIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJEURFKXUHVDQGOHDI
OHWVLQ*HUPDQWKHFRVWRIWKLVEHLQJVKDUHGEHWZHHQXV
2XU PDUNHW UHVHDUFKHUV WHOO XV WKHUH LV DQ LQFUHDVLQJ GHPDQG IRU
RXUOLQHRISURGXFWVLQ\RXUFRXQWU\VRLWZLOOQRWEHGLIILFXOWWRVHOO
RXUZDUHV
,I\RXZRXOGEHLQWHUHVWHGLQDQDJHQF\RIWKLVW\SHZHFDQVHQG
\RX D VWDQGDUG DJUHHPHQW JLYLQJ \RX PRUH GHWDLOV RI RXU WHUPV
0HDQZKLOHZHDUHHQFORVLQJRXUFXUUHQWFDWDORJXH
<RXUVVLQFHUHO\
3.LQJ
*HQHUDO0DQDJHU
'R\RXNQRZWKHVHZRUGV"
DJHQF\ 7ZA3 1JO39 jmntzxzkv wénlxzj
kqznsxzkv wvxénl
tq·nxzkv
FKDPEHURIFRPPHUFH zvémvkj¹wjsjzj
WRUHSUHVHQW wénlxzjks¹z
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
;\lifymhvdjkcr[lmhvdi\ikim
¬ixvsíztp wéq·jxztp vivévz viéjoynzx¹ x wvuví xy
nxzkqznstvmvqwéq·jxzq¹,
:HZRXOGRIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJ
WKHFRVWRIWKLVEHLQJVKDUHGEHWZHHQXV
Î uvmsq i wénlsv qz xkvn y·jxzqn k énrsjun éjolnsqk x kjuq
éjx}vltjénrsjuy
¬ixvsíztpwéq·jxztpvivévzwnénkvlqzx¹tjéyxxrqp¹or
lnnwéq·jxztuvivévzvu
wéqljzv·tuwénlsv ntqnuwéq·qtqsqkénuntq xwvuv
íxvíovkzjrrjrwvzvuy·zvwvxrvsrywvxsnzvmvrjrqlé
xjuvxzv¹znstuwénlsv ntqnu
Íéq·jxzqn , k}vl¹nn k jixvsíztp wéq·jxztp vivévz
uv nziz
wévxzu
:H ZRXOG RIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJRXUWZRFRPSDQLHV
VKDULQJWKHFRVW
Î uvmsq i wénlsv qz xkvn y·jxzqn k énrsjun q tj¡q {qéu
wvlnsqsqiun lyxvivpéjx}vltjénrsjuy
wné{nrztu
:HVXSSRUWHGWKHPWKURXJKDGYHUWLVLQJRXUFRPSDQ\KDYLQJVKDUHG
WKHFRVWVZLWKDOORIRXUDJHQWVSUHYLRXVO\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8QGHUOLQHWKH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQVUHDGDQG
WUDQVODWHWKHVHQWHQFHV
7KH &KDPEHU RI &RPPHUFH JLYLQJ WKH LQIRUPDWLRQ WKH (QJOLVK
FRPSDQ\VHQWDQRIIHUWRWKH*HUPDQFRPSDQ\
7KHFRPSDQ\DFFHSWHGWKHRIIHUZLWKWKHSULFHVIRUVLPLODUZDUHV
KDYLQJLQFUHDVHGVLJQLILFDQWO\RQWKHLUPDUNHW
:LWKWKHSULFHVEHLQJYHU\KLJKWKHFRPSDQ\PDQDJHGWRVHOOWKH
JRRGVDWDYHU\JRRGSURILW
7KHGHVLJQHUVKDYLQJFRPSOHWHGWKHZRUNWKHFRQVWUXFWRUVVWDUWHG
GHOLYHULQJVSHFLDOHTXLSPHQWWRWKHVLWH
7KH\ GLVFXVVHG WKH WHUPV RI GHOLYHU\ ZLWK WKH FRPSDQ\ KDYLQJ
DJUHHGWRUHFRQVLGHUWKHSULFH
7KH\VHQWWKHFRPSDQ\DQLQYRLFHWKHILUVWORWKDYLQJEHHQVHQW
WKHSUHYLRXVZHHN
7KHZRUGZKLFK
Ævwévxqznstn Íéqljzv·tn wénlsv Íéqljzv·tn
wénlsv ntq¹ wéq ntq¹ vztvx¹qnx¹ r wénlsv ntq¹
yxsvkqq vméjtq·nt xynxzkqznstvuy vztvx¹qnx¹ rv
tvmvkivéj kxnuy msjktvuy
wénlsv ntqí
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HDGDQGWUDQVODWHWKHVHQWHQFHV
7KHVH DUH VROH DJHQFLHV ZKLFK PHDQV WKDW RQO\ ZH VXSSO\ WKHP
$QGWKH\UHSUHVHQWRQO\XVLQWKLVOLQH
:KLFKRIWKHWZRFRPSDQLHVVHHPVPRUHUHOLDEOHWR\RX"
7KH\ FRQWDFWHG WKH FRPSDQ\ ZKLFKWKDW KDG EHHQ UHFRPPHQGHG
E\WKH*HUPDQ&KDPEHURI&RPPHUFH
7KH (QJOLVK FRPSDQ\ KDG D QXPEHU RI DJHQFLHV LQ RWKHU FRXQ
WULHVZKLFKZKRUHFHLYHGWKHLUSURGXFWVRQDSSURYDO
6RPHDJHQFLHVUHFHLYHJRRGVIURPWKHLUSULQFLSDOVRQFRPPLVVLRQ
ZKLFKLVUDWKHUSRSXODU
$ )UHQFK FRPSDQ\ RIIHUHG DQ DJHQF\ RQ D FRQVLJQPHQW EDVLV
ZKLFKGLGQRWVXLWWKHDJHQW
7UDQVODWHLQWR(QJOLVK
Î wvsy·qsq kxí lvryuntzj|qí tj éyxxrvu ¹orn ·zv
wéq¹ztvylqkqsvtjx
Ðqéuj xvmsjxqsjx éjolnsqz ëzq éjx}vl x lvknéqznsnu
SULQFLSDO·zvisvkwvstnnxznxzknttv
Ìtqwvsy·qsqwqxuvrrvzvévuyiswéqsv nttvkprj
zjsvmq}wévlyr|qq
8VHFRUUHFWDUWLFOHVZKHUHQHFHVVDU\DQGWUDQVODWHWKHVHQ
WHQFHV
7KH FRPSDQ\ ZDV UHFRPPHQGHG E\ « *HUPDQ &KDPEHU RI
&RPPHUFH
:HGRQRWNQRZ«QDPHRI«(QJOLVKFRPSDQ\
0U.LQJLV«*HQHUDO0DQDJHURI«FRPSDQ\
«(QJOLVKFRPSDQ\KDV«QXPEHURIDJHQFLHVLQ«RWKHU(XUR
SHDQFRXQWULHV
7KHVHDJHQFLHVUHFHLYHSURGXFWVRQ«DSSURYDO
7KHQ WKH\ VHOO « SURGXFWV RQ « VL[ SHU FHQW FRPPLVVLRQ RQ «
H[ZRUNVSULFHV
,Q«PRVWFDVHVWKH\RIIHUHG«WULDODJHQF\IRURQH\HDU
,I«UHVXOWVZHUHJRRGWKH\H[WHQGHG«DJHQF\RQ«IXUWKHUWZR
\HDUFRQWUDFW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:RUNRQWKHZRUGV
WRRIIHU WRVXJJHVW WRSURSRVH
wénlsjmjz·zvsqiv wénlsjmjzrjryí wénlsjmjz·zvsqiv
rvtrénztvn sqivqlní tjv{q|qjstvu
yévktn
+HRIIHUHGKLVKHOS +HVXJJHVWHGDWULSWR 7KH FRXQWU\ SURSRVHG
+HRIIHUHGWRKHOSXV WKHFRXQWU\ DYHU\JRRGSURMHFW
+H VXJJHVWHG JRLQJ WR 7KH\SURSRVHGWRPHHW
WKHFRXQWU\ QH[WPRQWK
+H VXJJHVWHG WKDW ZH
VKRXOG JR WR WKH
FRXQWU\
5HDGDQGWUDQVODWHLQWR5XVVLDQ
7KH(QJOLVKSULQFLSDOVRIIHUHGDQDJHQF\WRD*HUPDQFRPSDQ\
7KH\RIIHUHGDVROHDJHQF\
7KH\VXJJHVWHGWKDWWKHDGYHUWLVLQJH[SHQVHVVKRXOGEHVKDUHG
7KH SULQFLSDOV RIIHUHG D VL[ SHU FHQW FRPPLVVLRQ RQ H[ZRUNV
SULFHV
0RVW SUREDEO\ WKH &KDPEHU RI &RPPHUFH KDG RIIHUHGSURSRVHG
DOLVWRISURVSHFWLYHDJHQWV
7KHFRPSDQ\RIIHUHGKLPWKHKRXVHIRU
+LVZLIHVXJJHVWHGWKDWWKH\VKRXOGVHHWKHKRXVHWKHQH[WGD\
7UDQVODWHLQWR(QJOLVK
Ðqtjtxvkp untnl né wénlsv qs wvlmvzvkqz q vixylqz
wévnrzlvmvkvéjk·nzkném
Ìtwénlsv qsvixylqzëzvzkvwévxkxnukunxzn
Îtnwénlsv qsqxlnsjzviové tvkqtvrërvtvuq·nxrvpsq
znéjzyé
Ìtwénlsv qsxkvíwvuvkëzvuzéyltvulnsn
wénlsv qsnpwvuv·qvtjxéjlvxzíwéqt¹sj uvíwv
uv
&KRRVHWKHULJKWYHUEDQGXVHLWLQWKHFRUUHFWIRUP
WRVD\WRWHOOWRVSHDN
7KH RIILFLDOV RI WKH &KDPEHU RI &RPPHUFH « WKH (QJOLVK FRP
SDQ\WKDWDIHZFRPSDQLHVPLJKWEHLQWHUHVWHGLQUHSUHVHQWLQJWKHP
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KH(QJOLVKFRPSDQ\«WKH\KDGDIHZVROHDJHQFLHV
,WDOVR«WKHLUFXVWRPHUVVHWWOHGDOODFFRXQWVGLUHFWO\ZLWKWKHP
'LGWKH\«WKHSURVSHFWLYH*HUPDQDJHQWVWKH\ZRXOGVKDUHWKH
DGYHUWLVLQJH[SHQVHV"
7KHLUPDUNHWUHVHDUFKHUV«WKHPWKHUHZDVDQLQFUHDVLQJGHPDQG
IRUWKH(QJOLVKSURGXFWVRQWKH*HUPDQPDUNHW
&DQ\RX«ZKDWWKHUHSO\RIWKH*HUPDQFRPSDQ\ZLOOEH"
:HKDYHQRW«DERXWLW
+DYHDQRWKHUORRNDWWKHOHWWHUDQG«
D 6XPXSWKHRIIHUWKH(QJOLVKFRPSDQ\PDGH
E :ULWHDUHSO\LQWKHQDPHRIWKH*HUPDQFRPSDQ\
7H[W$Q$SSOHDGD\
,Q $QLWD 5RGGLFN WRRN RXW D *%3ORDQ DQG RSHQHG
WKH ILUVW %RG\ 6KRS 7ZHOYH \HDUV ODWHU VKH RSHQHG WKH QG %RG\
6KRS DQG ZDV ODXQFKLQJ LQWR WKH 8QLWHG 6WDWHV %\ WKHQ VKH KDG
VWRUHVLQPDQ\FRXQWULHVDQGUDQDQHPSLUHZLWKDQDQQXDOWXUQRYHU
RI
PLOOLRQ +HU FKDLQ RI QDWXUDO FRVPHWLFV VWRUHV KDV FUHDWHG
RYHUMREVLQWKH8QLWHG.LQJGRPDQGPDQ\PRUHRYHUVHDV
$QRWKHUVSHFWDFXODUJURZWKVWRU\LVWKDWRI$SSOH&RPSXWHU$SSOH
EHJDQLWVOLIHZLWK6WHYHQ-REVDQG6WHSKHQ:R]QLDNWZRVWXGHQWVDW
6WDQIRUG8QLYHUVLW\LQWKH8QLWHG6WDWHVZKRZRUNHGLQDJDUDJH
7KH\ERXJKWDIHZFRPSRQHQWVDQGSURGXFHGWKHZRUOG
VILUVWFRP
PHUFLDOO\ VXFFHVVIXO SHUVRQDO FRPSXWHU WKH $SSOH )URP WKDW PRGHVW
VWDUW$SSOH&RPSXWHUKDVJURZQLQWRDJLDQW7ZRWKLUGVRIDOOILUPVDUH
RSHUDWHGE\WKHLURZQHUVDV%RG\6KRSDQG$SSOHRQFHZHUH
%XW FRPSDQLHV OLNH %RG\ 6KRS DQG $SSOH WRGD\ DFFRXQW IRU
DERXWSHUFHQWRIDOOEXVLQHVVVDOHV
'R\RXNQRZWKHVHZRUGV"
ORDQ 7HKQJ9 ojnuxxyljrénlqz
ERG\ 7Z>K@39 znsv
vémjtqoj|q¹
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
,QFUHDVH\RXUYRFDEXODU\
)RUPQRXQVZLWKWKHKHOSRIWKHVXIIL[HURU
WRRZQ WRFRPSXWH
WRZRUN WREX\
WRRSHUDWH WRPDQDJH
WRLQVWUXFW WRVHOO
WRSURGXFH WRFRQWUDFW
WRUHSRUW WRLQIRUP
0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
RYHU WREX\
WRODXQFK XQGHU
WRVHOO WRZLWKGUDZ
WRFUHDWH WRNLOO
WRWDNH WRFORVH
WRRSHQ WRUHWXUQ
QDWXUDO IHZ
ILUVW PDQPDGH
PDQ\ ODVW
0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
VWRUHV SHWURODQGVHUYLFHVWDWLRQ
MRE FUHGLW
ORDQ ZRUN
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
FRPSRQHQW SURSULHWRU
RZQHU SDUW
JDUDJH VKRS
VSHFWDFXODUVWRU\ WRJHWLQWRDFRXQWU\
WRODXQFKLQWRDFRXQWU\ WRERUURZVRPHPRQH\
WRWDNHRXWDORDQ RYHUVHDV
WRUXQDQHPSLUH DVWRU\DWWUDFWLQJSXEOLFDWWHQWLRQ
LQRWKHUFRXQWULHV WRKDYHDQHPSLUH
)RUPZRUGFRPELQDWLRQVZLWKWKHDWWULEXWHFKDLQOLNHWKLV
DQGWUDQVODWHWKHPLQWR5XVVLDQ
EDQNV=DFKDLQEDQN
VWRUHV VKRHVKRSV
GHSDUWPHQWVWRUHV MHZHOOHUV
GUXJVWRUHV WUDYHODJHQWV
:ULWHDQGWUDQVODWHZRUGFRPELQDWLRQVZLWKWKHYHUEWRUXQ
0DNHDIHZVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
DQHPSLUH
DQLQGXVWU\
DFRPSDQ\
DILUP
WRUXQ DVWRUH
DVKRS
DIDFWRU\
DODXQGU\
DEDNHU\
)LQGWKHWHUPVLQWKHWH[WZKLFKGHVFULEHRUPHDQWKHIRO
ORZLQJ
N DVXPRIPRQH\OHQW
N DQXPEHURIVWRUHVRZQHGRUFRQWUROOHGE\WKHVDPHFRPSDQ\
N DWRWDOVDOHVUHYHQXH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
5HDGWKHVHZRUGVDQGZRUGFRPELQDWLRQV0DNHDIHZVHQ
WHQFHVZLWKWKHP
ORDQ²ORDQDJUHHPHQW²WRJUDQWDORDQ²WRSURYLGHDORDQ²
WRWDNHRXWDORDQ²WRJHWDORDQ²WRDSSO\IRUDORDQ
WRJURZ²JURZLQJGHPDQG²JURZWK²WRJURZE\«WR«
WRRSHUDWH²RSHUDWLRQ²RSHUDWRU²WRXURSHUDWRU
0DNHVHQWHQFHVDVLQWKHH[DPSOH
WKHVHFRPSDQLHVRIDOOVDOHV=7KHVHFRPSDQLHVDFFRXQW
IRURIDOOVDOHV
WKLVFKDLQRIVWRUHVRIDOOVDOHV
WKLVLQGXVWU\RIDOOH[SRUWVUHYHQXHV
WKLVVHFWRURIDOOH[SRUWVILJXUHV
DJULFXOWXUHRIWKHUHYHQXHV
VWHHOLQGXVWU\RIWKH\HDUILJXUHV
PLQLQJLQGXVWU\RIWKHH[SHQVHV
&KDQJHWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHZRUGVODWHU
DQGLQDVLQWKHH[DPSOH
7KHSURGXFWLRQLQFUHDVHG\HDUVODWHU=7KHSURGXFWLRQZLOO
LQFUHDVHLQ\HDUV
7KHWXUQRYHUGHFUHDVHG\HDUVODWHU
7KHRXWSXWGLPLQLVKHGD\HDUODWHU
([SRUWVZHQWXSWZR\HDUVODWHU
,PSRUWVVORZHGD\HDUODWHU
7KHPDQXIDFWXULQJLQGXVWU\JUHZ\HDUVODWHU
7KHPLQLQJLQGXVWU\ZDVSUDFWLFDOO\GHVWUR\HG\HDUVODWHU
7KHRXWSXWRIWH[WLOHVMXPSHGD\HDUODWHU
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D $QVZHUWKHVHTXHVWLRQV
:KR ZDV $QLWD 5RGGLFN DQG ZKDW ZDV KHU VXFFHVV LQ EXVL
QHVV"
+RZGLG$SSOH&RPSXWHUJURZ"
$UHWKH\JLDQWVWRGD\"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:KDWLVWKHVKDUHRIVXFKJLDQWVLQEXVLQHVVVDOHVLQWKH86$"
'R\RXWKLQNWKHVHILJXUHVDUHWKHODWHVW"
E *LYHDQRWKHUH[DPSOHRIDELJFRPSDQ\DQGVD\KRZLWKDV
JURZQLQWRDJLDQW
F $JUHHRUGLVDJUHH
7KHUH DUH PRUH JLDQW FRPSDQLHV WKDQ VPDOO EXVLQHVVHV LQ RXU
FRXQWU\
,WLVEHWWHUWRZRUNIRUDELJFRPSDQ\WKDQWRUXQ\RXURZQVPDOO
EXVLQHVV
$ SDUHQW FRPSDQ\ H[HUFLVHV FRQWURO RYHU RQH RU PRUH VXEVLGLDU\
HQWHUSULVHV
$VXEVLGLDU\LVRIWHQFDOOHGDGDXJKWHUFRPSDQ\
G +DYH D ORRN DW WKH FDULFDWXUH EHORZ DQG DQVZHU WKH TXHV
WLRQVZKLFKIROORZ
:H¶UHDSDUHQWFRPSDQ\
:ROSHU²QRWWREHFRQIXVHG
ZLWK\RXUUHDOSDUHQWV
:KRGR\RXWKLQNWKHJHQWOHPDQVLWWLQJLQWKHDUPFKDLULV"
$QGZKRLVWKHRWKHUJHQWOHPDQ"
'R\RXWKLQNWKLV\RXQJHUPDQLVDVNLQJIRUVRPHWKLQJ"
:KDWFRXOGLWEH"
:KDWLVWKHUHDFWLRQRIWKHROGHUJHQWOHPDQ"
:K\LVKHVRDQJU\DQGIXULRXV"
:KDWGR\RXNQRZDERXWSDUHQWFRPSDQLHV"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP,.($IRXQGHUHQGVXQFHUWDLQW\
E\VD\LQJVRQVZLOOWDNHRYHU
,QJYDU.DPSUDGWKH\HDUROGIRXQGHURI,.($VD\VKLVWKUHH
VRQVDUHVHWWRWDNHRYHUKLVJOREDOIXUQLWXUHUHWDLOLQJHPSLUHHQGLQJ
XQFHUWDLQW\DERXWWKHVXFFHVVLRQ
7KH\ ZLOO WDNH FKDUJH RI D JURXS RI FRPSDQLHV ZKLFK KDYH EHHQ
YDOXHG DW XS WR ¼EQ 0U .DPSUDG LV UDQNHG DV WKH ZRUOG¶V WK
ULFKHVWSHUVRQE\WKH86PDJD]LQH)RUEHVZLWKDQHVWLPDWHGSHUVRQDO
ZHDOWKRIEQ¼EQ
,QDUDUHLQWHUYLHZ0U.DPSUDGVDLGLWZDVOLNHO\WKDWKLVHOGHVW
VRQ 3HWHU ZRXOG WDNH RYHU IURP KLP DV FKDLUPDQ RI WKH 'XWFK
IRXQGDWLRQDWWKHFHQWUHRIWKH,.($HPSLUH+HGHVFULEHGWKHSRVL
WLRQZKLFKKHKDVRFFXSLHGVLQFHDVWKHPRVWSRZHUIXOLQWKH
JURXS
-RQDVKDVDJUHHGWRWDNHFKDUJHRIWKHJURXS¶VKXJHSURGXFW
UDQJHFXUUHQWO\UXQQLQJGLIIHUHQWLWHPV7KHUROHRI0DWWKLDV
LV VWLOO XQFHUWDLQ EXW 0U .DPSUDG GHVFULEHG KLP DV D SRVVLEOH
VXFFHVVRU WR $QGHUV 'DKOYLJ ,.($ SUHVLGHQW %RWK 3HWHU DQG 0DW
WKLDVZRXOGKDYHRSHUDWLRQDOUROHVZLWKLQWKHJURXSKHVWUHVVHG
$VNHG LI KH ZRXOG HYHU IXOO\ ZLWKGUDZ IURP WKH EXVLQHVV 0U
.DPSUDG UHSOLHV , GRXEW LW ,I \RX VWRS ZRUNLQJ \RX PXVW KDYH
VRPHRWKHUYHU\VWURQJLQWHUHVWVRWKHUZLVH\RXZLOOGLHZLWKLQRQHRU
WZR\HDUV
0U .DPSUDG VDLG KH H[SHFWHG ,.($ ZRXOG DW OHDVW GRXEOH LQ
VL]H LQ WKH QH[W \HDUV IURP LWV FXUUHQW VWRUHV LQ FRXQWULHV
0RVWRIWKHH[SDQVLRQZLOOWDNHSODFHLQH[LVWLQJPDUNHWVZLWK-DSDQ
DQG3RUWXJDODVWKHRQO\QHZPDUNHWV7KHUHZRXOGEHDELJIRFXVRQ
&KLQDDQG5XVVLD
0U .DPSUDG VDLG ,.($ KDG VWRRG XS WR WKH LQWHUQDWLRQDO HFR
QRPLF GRZQWXUQ EHWWHU WKDQ KH KDG H[SHFWHG %XW KH DGPLWWHG WKDW
WKH SULYDWHO\ RZQHG JURXS ZRXOG QRW DFKLHYH LWV WDUJHW RI OLIWLQJ WKH
WXUQRYHU RI LWV H[LVWLQJ VWRUHV E\ SHU FHQW LQ WKH \HDU WR $XJXVW
7KHWXUQRYHURIWKH,NHDVWRUHVLQWKH\HDUWR$XJXVWZDV
¼EQ,.($GRHVQRWGLVFORVHLWVSURILW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
WREHVHWWRGRVPWK én¡qzx¹ xlnsjz
·zvsqiv
WRWDNHRYHU wéqtqujz lvs
tvxzvzléymvmv
VXFFHVVLRQ 7O1GZOAJ9 wvxsnlvkjznstvxz
wénnuxzknttvxz
WRVXFFHHG 7O1GZO3(@9 xsnlvkjz oj xun
t¹z
WRWDNHFKDUJHRI wéqtqujz vi¹ojt
VPWK tvxzqwv
WRUDQN ojtqujz rjrvn
sqivunxzv
UDUH énlrqp
KXJH vmévutp
UDQJH lqjwjovt x{néj
visjxz
WR ZLWKGUDZ ZLWK 7S3%Z@NK( S3%Z@NQ( y}vlqz
GUHZZLWKGUDZQ S3%Z@NK(J9 qoujz
WRVWDQGXSWRVPWK xunsv kxzén·jz
iztjkxvzn
5HYLVH*UDPPDU
D 8QGHUOLQH WKH EDVLF QRXQV DQG WUDQVODWH WKHVH ZRUG
FRPELQDWLRQV
JOREDOIXUQLWXUHUHWDLOLQJHPSLUH
WKH,.($HPSLUH
DQHVWLPDWHGSHUVRQDOZHDOWKRIEQ
WKHJURXS
VKXJHSURGXFWUDQJH
WKHSULYDWHO\RZQHGJURXS
DQRWKHUVSHFWDFXODUJURZWKVWRU\
WKHZRUOG
VILUVWFRPPHUFLDOO\VXFFHVVIXOSHUVRQDOFRPSXWHU
QDWXUDOFRVPHWLFVVWRUHV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E 6WDWHWKHIRUPVRIWKHYHUEVDQGWUDQVODWHWKHVHQWHQFHV
7KH 6ZHGLVK PDJQDWH VDLG KLV VRQV ZRXOG WDNH RYHU IURP KLP LQ
WKHYHU\QHDUIXWXUH
$VNHG LI KH ZRXOG HYHU ZLWKGUDZ KH UHSOLHG KH ZRXOG QHYHU IXOO\
ZLWKGUDZ
+HKRSHGKLVEXVLQHVVZRXOGDWOHDVWGRXEOHYHU\VRRQ
1RERG\NQHZZKHQKHZRXOGPDNHDQRIILFLDODQQRXQFHPHQW
,I,NQHZVRPHRWKHUGHWDLOV,ZRXOGWHOO\RX
,IKHFRXOGUHDG(QJOLVKKHZRXOGFHUWDLQO\UHDG(QJOLVKQHZVSD
SHUV
,I WKHUH ZHUH (QJOLVK QHZVSDSHUV VROG QHDUE\ , ZRXOG EX\ VRPH
UHJXODUO\
:RUNRQWKHZRUGV
D :ULWHDVPDQ\ZRUGVKDYLQJWKHVDPHVWHPVDVSRVVLEOH
DQGWUDQVODWHWKHP
WRVXFFHHG²VXFFHVVLRQ²VXFFHVVRU²VXFFHVVLYH
WRIRXQG WRYDOXH WRVWUHVV
WRDFKLHYH WRHVWLPDWH WRZLWKGUDZ
WRFORVH WRGHVFULEH WRLQWHUHVW
WRH[SDQG WRRFFXS\ WRH[LVW
E 0DWFKDQGWUDQVODWHWKHV\QRQ\PV
KXJH ULFK SRVVLEOH FRPSOHWH
FHUWDLQ VWURQJ YDULRXV VXFFHHGLQJ
YDOXDEOH ELJ FXUUHQW SUREDEOH
ZHDOWK\ VXUH IXOO GLIIHUHQW
SRZHUIXO GHDU VXFFHVVLYH SUHVHQW
F 0DNHVKRUWVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
WKHVHILJXUHV WKHSURILW
WKHLQIRUPDWLRQ WKHIDFW
WRGRXEWLW LIKHZRXOGZLWKGUDZ WRGLVFORVH WKHQDPH
LIKHZRXOGHYHUVWRSZRUNLQJ WKHDGGUHVV
,ILWZRXOGUDLQVRRQ WKHVHFUHW
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D ,QVHUWWKHDSSURSULDWHZRUGVDQGWUDQVODWHWKHVHQWHQFHV
DWRIIURPLQDV
7KH\ZLOOWDNHFKDUJH«DIHZFRPSDQLHV
7KHVHFRPSDQLHVZHUHYDOXHG«XSWRü EQ
+HLVUDQNHG«WKHZRUOG
VWKULFKHVWSHUVRQ
+HZDQWHGKLVHOGHVWVRQWRWDNHRYHU«FKDLUPDQRIWKH'XWFK
IRXQGDWLRQ
+HGHVFULEHGKLV\RXQJHUVRQ«DSRVVLEOHVXFFHVVRUWRWKHSUHVHQW
,.($3UHVLGHQW
0RVW SUREDEO\ ERWK « HOGHU VRQV ZLOO KDYH RSHUDWLRQDO UROHV
ZLWKLQWKHJURXS
:KHQ KH ZDV DVNHG LI KH ZRXOG HYHU IXOO\ ZLWKGUDZ « WKH EXVL
QHVVKHDQVZHUHGQR
+HVDLGKHH[SHFWHG,.($WRGRXEOH«VL]HLQWKHQH[WIHZ\HDUV
E 5HDGWKHVHILJXUHV
ü EQ
EQ
ü EQ
F $QVZHUWKHVHTXHVWLRQV
:KHQGR\RXWKLQNWKLVLWHPZDVZULWWHQ"
:KDWKDVFKDQJHGVLQFHWKHQLQWKH,.($HPSLUH"
$UHWKHUHPDQ\HPSLUHVOLNH,.($"
'RWKH\SXEOLVKWKHLUILQDQFLDOILJXUHVDQ\ZKHUH"
G 5HWHOOWKHQHZVSDSHULWHP
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
$QQRWDWLRQRIWKHERRN7KH(QWUHSUHQHXUVKLS
'\QDPLFV
7KHRULJLQVRIHQWUHSUHQHXUVKLSDQGLWVUROHLQLQGXVWU\
UHYROXWLRQ
(GLWHGE\.D\H6FKRRQKRYHQ
8QLYHUVLW\RI&DOLIRUQLD,UYLQH
7KLVYROXPHXVHVWKHSHUVSHFWLYHRIRUJDQL]DWLRQVWXGLHVWRDQVZHU
WZRPDMRUTXHVWLRQVDERXWHQWUHSUHQHXUVKLS)LUVWZKDWDUHWKHFRQ
GLWLRQV WKDW SURPSW WKH IRXQGLQJ RI ODUJH QXPEHUV RI QHZ RUJDQLVD
WLRQV RU HQWLUHO\ QHZ LQGXVWULHV" 6HFRQG ZKDW DUH WKH UHDO DQG LP
SRUWDQWHIIHFWVRIVXFKHQWUHSUHQHXULDODFWLYLWLHVRQH[LVWLQJLQGXVWULHV
HFRQRPLHVDQGVRFLHWLHV"7KHFRQWULEXWRUVH[SORUHWKHPHQWDOPRGHOV
WKDW IRXQGHUV RI QHZ FRPSDQLHV EULQJ ZLWK WKHP IURP SUHYLRXV H[
SHULHQFHV WKH JHQHVLV RI WKHLU LGHDVQRWRQO\IURPWKHFRPSDQLHVLQ
ZKLFK WKH\ ZRUN EXW IURP WKH VXUURXQGLQJ RUJDQLVDWLRQDO FRPPXQL
WLHV DQG WKHLPSRUWDQFHRIORFDODQGULJLRQDOG\QDPLFVLQQXUWXULQJ
LQQRYDWLYH FRPPXQLWLHV 7KH VHFRQG SDUW RI WKH ERRN H[SORUHV WKH
UROHRIHQWUHSUQHXULDODFWLYLW\LQWKHWUDQVIRUPDWLRQFRQWH[WVDQGWKH
HYROXWLRQRILQGXVWULHVIRFXVLQJRQWKHSURFHVVHVHQWUHSUHQHXUVXVHWR
OHJLWLPDWH QHZ RUJDQLVDWLRQDO SRSXODWLRQV DQG WKH FROODWHUDO LQGXV
WULHV WKDW EXLOG XS DURXQG VXFK SRSXODWLRQV DLGLQJ WKH GHYHORSPHQW
RIQHZFRPSDQLHV
'R\RXNQRZWKHVHZRUGV"
WRSURPSW kokjz
wvlxrjokjz
xy{sqévkjz
WRH[LVW 732ZV3OP9 xynxzkvkjz
H[LVWLQJ xynxzkyíqp
WRH[SORUH 73GZOLHK(9 qxxsnlvkjz
H[SHULHQFH 73GZOL31N31JO9 vwz
H[SHULHQFHV otjtq¹
WRQXUWXUH 7ZJ1("19 kvxwqzkjz kéj
qkjzwqzjz
FROODWHUDO 7GKZH'P1N1H9 kzvévxznwnttp
WRDLG wvuvmjz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
D 5HDGDQGWUDQVODWHWKHVHZRUGV
HQWUHSUHQHXUVKLS BBBBBBBBBBBBB SHUVSHFWLYH BBBBBBBBBBBBBBBB
G\QDPLFVBBBBBBBBBBBBBBBBBBB RUJDQL]DWLRQ BBBBBBBBBBBBBBB
RULJLQ BBBBBBBBBBBBBBBBBBBBB FRQGLWLRQ BBBBBBBBBBBBBBBBBB
UROH BBBBBBBBBBBBBBBBBBBBBBB HIIHFW BBBBBBBBBBBBBBBBBBBBB
LQGXVWU\BBBBBBBBBBBBBBBBBBBB PRGHO BBBBBBBBBBBBBBBBBBBB
UHYROXWLRQ BBBBBBBBBBBBBBBBBB JHQHVLV BBBBBBBBBBBBBBBBBBBB
YROXPH BBBBBBBBBBBBBBBBBBBB LQQRYDWLYH BBBBBBBBBBBBBBBBB
E 6WDWHZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUHDQG
WUDQVODWHWKHVHQWHQFHV
:KDWDUHWKHHIIHFWVRIHQWUHSUHQHXULDODFWLYLWLHVRQH[LVWLQJLQGXVWULHV"
7KH FRQWULEXWRUV H[SORUH WKH JHQHVLV RI WKHLU LGHDV IURP WKH VXU
URXQGLQJRUJDQLVDWLRQDOFRPPXQLWLHV
7KH\DOVRH[SORUHG\QDPLFVLQQXUWXULQJLQQRYDWLYHFRPPXQLWLHV
7KH ERRN H[SORUHV WKH HYROXWLRQ RI LQGXVWULHV IRFXVLQJ RQ WKHVH
SURFHVVHV
7KH\VWXG\WKHFROODWHUDOLQGXVWULHVDLGLQJWKHGHYHORSPHQWRIQHZ
FRPSDQLHV
F 7UDQVODWHLQWR(QJOLVK
wénlwéqtqujzns ujspiqotnx
wénlwéqtqujznsxrqp jixvsíztvtvknvzéjxsq
wénlwéqtqujznsxzkv kzvévxznwnttnvzéjxsq
vxtvktvpkvwévx xynxzkyíqnvzéjxsq
ivs¡vnrvsq·nxzkv tjrvwsnttnotjtq¹
qttvkj|qvttvn wénlwéqtquj wénlwéqtqujznsxrj¹ ln¹zns
znsxzkv tvxz
G 7UDQVODWHWKHDQQRWDWLRQ
H 8QGHUOLQH WKH VHQWHQFH RI WKH RULJLQDO WH[W ZKLFK VHHPV
PRVWLPSRUWDQWWR\RX
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
1HZVSDSHULWHP&RPSDQLHV
ELJJHUWKDQPDQ\
QDWLRQV
7ZHQW\QLQHRIWKHZRUOG
VELJJHVWHFRQRPLFHQWLWLHVDUHPXO
WLQDWLRQDOFRPSDQLHVDFFRUGLQJWRWKH8QLWHG1DWLRQV&RQIHUHQFHRQ
7UDGHDQG'HYHORSPHQW81&7$'7KHILHOGLVOHGE\WKH86HQ
HUJ\JURXS([[RQZKLFKLVODUJHUWKDQDOOEXWQDWLRQDOHFRQRPLHV
7KHDFWLYLWLHVRIWKHELJJHVWFRPSDQLHVPHDVXUHGRQWKHEDVLV
RIYDOXHDGGHG²WKH\DUGVWLFNXVHGWRFDOFXODWHFRXQWULHV
JURVVGR
PHVWLFSURGXFW²DFFRXQWHGIRUSHUFHQWRIZRUOG*'3LQ
XSIURPSHUFHQWLQ81&7$'VDLG
([[RQ ZLWK HVWLPDWHG YDOXHDGGHG RI EQ ü EQ ZDV
DERXW WKH VDPH VL]H DV WKH HFRQRP\ RI 3DNLVWDQ DQG ODUJHU WKDQ
3HUX
V ZKLOH )RUG 'DLPOHU &KU\VOHU *HQHUDO (OHFWULF DQG 7R\RWD
ZHUHDOOFRPSDUDEOHLQVL]HWRWKHHFRQRP\RI1LJHULD
3KLOLS0RUULVWKHWREDFFRJURXSZDVRQDSDUZLWK7XQLVLD6OR
YDNLDDQG*XDWHPDODZKLOH%3:DO0DUW,%0DQG9RONVZDJHQDOO
UDQNHG LQ VL]H EHWZHHQ /LE\D DQG &XED *OD[R6PLWK.OLQH DQG %7
WKHVPDOOHVWRIWKHWRSPXOWLQDWLRQDOVZHUHHTXDOLQVL]HWR6\ULD
$QWLJOREDOLVDWLRQSURWHVWHUVKDYHRIWHQFRPSODLQHGWKDWPXOWLQD
WLRQDO FRPSDQLHV DUH ZHDOWKLHU DQG PRUH SRZHUIXO WKDQ WKH HFRQR
PLHVRIPDQ\FRXQWULHVLQZKLFKWKH\GREXVLQHVV
3URWHVWHUV VD\ WKH DOOHJHG LPEDODQFH SXWV VPDOO FRXQWULHV DW D
GLVDGYDQWDJH LQ LQWHUQDWLRQDO WUDGH DQG DUJXH VWULFW JOREDO UXOHV DUH
QHHGHGWRJRYHUQVXFKFRPSDQLHV
FRQGXFW
81&7$'VDLGLWVPHDVXUHVVKRZHGWKHHFRQRPLFLPSRUWDQFHRI
WKH ELJJHVW PXOWLQDWLRQDOV UHODWLYH WR QDWLRQDO HFRQRPLHV KDG
JURZQ LQ WKH SDVW GHFDGH DOWKRXJK WKH SRVLWLRQ RI WKH ODUJHVW
FRPSDQLHVKDGUHFHGHGVOLJKWO\RYHUWKHVDPHSHULRG
D 7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
WRPHDVXUH HFRQRPLFHQWLWLHV
DPHDVXUH WKH\DUGVWULFN
YDOXHDGGHG WRDOOHJH
RQDSDU VWULFW
WRFRPSODLQ WRUHFHGH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E )LQGWKH(QJOLVKHTXLYDOHQWVLQWKHWH[W
wvljttu81&7$' xéjktquwvéjounéy
lvijksnttj¹xzvquvxz éjktwvéjounéy
xvxzjks¹z tjvltvuyévktnx«
lvijksnttj¹xzvquvxzrvzv jtzqmsvijsqxz
évpxvxzjks¹nz« tnxijsjtxqévkjttvxz
F 7UDQVODWHWKHLWHP
G :ULWH DQ HVVD\ RQ RQH RI WKH WRSLFV XVLQJ WKH WH[WV RI WKH
OHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
0XOWLQDWLRQDOFRPSDQLHV
*OREDOLVDWLRQ
$QWLJOREDOLVDWLRQSURWHVWV
0RGHUQZRUOGHFRQRPLFV
D 'UDZDGLDJUDPVKRZLQJYDULRXVW\SHVRIFRPSDQLHV
ZKLFKH[LVWLQWKHZRUOG
E 0DNHDQRUDOUHSRUWXVLQJ\RXUGLDJUDPIRULOOXVWUDWLRQ
G :ULWH\RXUDQVZHUVWRWKHDERYHTXHVWLRQV
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
/HVVRQ
3HRSOH
DQGODERXU
&RQYHUVDWLRQ /DERXUFRQGLWLRQV
7H[WV 7KHVRXUFHVRIHFRQRPLFKHDOWK
7KRPDV0DOWXV
/DERXUPDUNHW
$QQRWDWLRQV :RUN(PSOR\PHQWDQG6RFLHW\
7KH$PHULFDQ:RUNSODFH
*UDPPDU5HYLVLRQ ,QGHILQLWH3URQRXQVDQG$GYHUEV
&RPSOH[2EMHFW
&RQYHUVDWLRQ/DERXUFRQGLWLRQV
$IHZRIILFHH[HFXWLYHVDUHWDONLQJLQDUDWKHULQIRUPDODWPRVSKHUH
²,W
VTXLWHFOHDUWKDWRXURIILFHLVPXFKWRRRYHUFURZGHGKHUH
LQWKHFLW\FHQWUH:HRXJKWWRPRYHVRPHRIWKHGHSDUWPHQWV
RXWRIWRZQ
²<RX NQRZ WKDW
V H[DFWO\ ZKDW , WKLQN :KDW
V PRUH ZK\
GRQ
W ZH PRYH WKH ZKROH RIILFH DQG VDYH UHQW DW WKH VDPH
WLPH"
² ,FDQVHHZKDW\RXPHDQEXWWKLQNRIWKHSUREOHPRIWUDQV
SRUW+RZZRXOGRXUVWDIIJHWWRZRUN"
² 1RZWKDW
VMXVWZKDW,ZDVWKLQNLQJ1RWHYHU\RQHKDVDFDU
\RXNQRZ
²:HOO,GRQ
WWKLQNLW
VDJRRGLGHDHLWKHU2XUFXVWRPHUVKDYH
JRWXVHGWRXVEHLQJKHUH,IZHPRYHZH
OOORVHEXVLQHVV
²:HOOP\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWPRYLQJVRPHRI
RXUVWDIIRXWRIWKHFLW\ZRXOGPHDQPRUHVSDFHIRUWKHRWK
HUV
²0PWKDW
VDJRRGSRLQWDQGZHZRXOGDOVRNHHSRXURIILFHLQ
WKHFLW\IRURXUFXVWRPHUV
²,DJUHHHQWLUHO\%XWZK\GRQ
WZHVWD\ZKHUHZHDUH"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
H[HFXWLYH 732ZVAGFQP3R9 lvs tvxztvnsq|véyrvkv
lqznsjluqtqxzéjzvé
RYHUFURZGHG wnénwvstnttp
H[DFWO\ 732ZV'GPH39 zv·tvxzévmvjrryéjztv
UHQW jéntltj¹ wsjzj rkjé
zqétj¹ wsjzj tjnu
wévrjzwsjzjojwévrjz
WRUHQW vzljkjzkjéntlytjwévrjz
WRORVHORVWORVW zné¹z
RSLQLRQ 71ZL3JF1J9 utntqn
LQP\RSLQLRQ wvuvnuywvuvnuyutntqí
V\QWRP\PLQG
IRUZKDWLW
VZRUWK nxsq vtv |nttv ls¹ kjx
éjom
VSDFH wévxzéjtxzkv unxzv wsv
jl
SRLQW zv·rj wytrz uvuntz kv
wévx
7KHUH LV QR SRLQW Ën qunnz xuxsj lnsjz
LQGRLQJWKDW ëzv
*UDPPDU,QGHILQLWH3URQRXQVDQG$GYHUEV
Ïzknélqznstvnwénlsv ntqn
VRPH VRPHWKLQJ VRPHERG\ VRPHRQH VRPHZKHUH
:HRXJKWWRPRYHVRPHRIWKHGHSDUWPHQWVRXWRIWRZQ
Ævwévxqznstvnwénlsv ntqn
DQ\ DQ\WKLQJ DQ\ERG\ DQ\RQH DQ\ZKHUH
'LGWKH\PRYHDQ\GHSDUWPHQWV"
Ìzéq|jznstvnwénlsv ntqn
QR QRWKLQJ QRERG\ QRQH QRZKHUH
7KH\PRYHGQRGHSDUWPHQWV
èjosq·tnwénlsv ntq¹
HYHU\ HYHU\WKLQJ HYHU\ERG\ HYHU\RQH HYHU\ZKHUH
7KH\PHHWHYHU\GD\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8VH WKH DSSURSULDWH ZRUG LQ VRPH FDVHV WZR YDULDQWV DUH
SRVVLEOHDQGWUDQVODWHWKHVHQWHQFHV
0RVWSUREDEO\«RIWKHLURIILFHVZHUHUHDOO\RYHUFURZGHG
6KHVDLGWKHUHZHUH«SUREOHPVRIWUDQVSRUW
+DYH\RXJRW«SUREOHPV"
7KHUHZDV«SRLQWLQGLVFXVVLQJWKLVPDWWHULQWKHDEVHQFHRIWKH
JHQHUDOPDQDJHU
«HPSOR\HHVZRUNHGSDUWWLPHDWWKLVSODQWLQVXPPHUWLPH
'R«VWXGHQWVRIKLVJURXSVSHDNIOXHQW)UHQFK"
,I,ZHUH\RX,ZRXOGDVNKLP«TXHVWLRQV
6KHKDVQRWJRW«TXHVWLRQV
7UDQVODWHLQWR(QJOLVK
Ëqrzvtnotjnz·zvlnsjzljs¡n
tqmlntnuvmtjpzqy·nitqrqoknxztvmvjtmsqpxrvmvërvtvuq
xzjb nrj®jékn¹©fvkénunttj¹ërvtvuqrjª
Ìt tq·nmv tn otjs vi ëzvu uvtvwvstvu jmntzxrvu xvmsj
¡ntqq
lyují ·zv kxn otjíz otj·ntqn ëzvmv znéuqtj Ívuvnuy
ëzv©lvijksnttj¹xzvquvxzª
Ìtqwénlsv qsqvixylqzkxnwvo n
Æxnotjsq·zvytq}tnisvvwzjkëzvpvisjxzq
Ív·nuytqrzvtnxuvmvzknzqztjëzvzsnmrqpkvwévx"
5HDGSD\LQJDWWHQWLRQWRWKHDUWLFOHVXVHGZLWKWKHZRUGVLQ
LWDOLFVDQGWUDQVODWHWKHVHQWHQFHV
7KHRIILFHLVORFDWHGLQWKHFHQWUHRIWKHWRZQ
:RXOG\RXUDWKHUOLYHLQDWRZQRULQWKHFRXQWU\"
6RPHRIWKHPZDQWHGWRPRYHWKHRIILFHVRXWRIWRZQ
6KHZHQWWRWRZQWRGRVRPHVKRSSLQJ
,
PJRLQJGRZQWRZQWKLVDIWHUQRRQ
+HLVVSHQGLQJWKHZHHNHQGLQWRZQ
0U*UHHQLVQRWLQWRZQLVRXWRIWRZQ
6KH
VLQWRZQWRGD\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHXVHRIWHQVHV
,IZHPRYHZH
OOORVHEXVLQHVV
cxsq jéntltj¹ wsjzj xzjtnz v·nt kxvrvp vtq wnénnlyz k
léymvnwvunntqn
cxsq {qéuj tn én¡qz wévisnuy x zéjtxwvézvu wvrywjzns
tnwvlwq¡nzlvmvkvé
cxsq {qéuj tn xvmsjxqzx¹ x ëzquq yxsvkq¹uq vtj uv nz
wvzné¹ztnxrvsrvlqsnévk
zjz xvzéyltqrvk iylnz yknsq·nt nxsq yknsq·qzx¹ vi~nu
éjivz
6WDWHWKHIRUPVRIWKHYHUEVDQGWUDQVODWHWKHVHQWHQFHV
+RZZRXOGRXUVWDIIJHWWRZRUNLQWKLVFDVH"
:HZRXOGNHHSRXURIILFHLQWKHFLW\IRURXUFXVWRPHUV
7KDWZRXOGPHDQPRUHVSDFHIRUWKHRWKHUV
,ZRXOGDJUHHWRPRYHRXWRIWRZQ
,ZRXOGUDWKHUVWD\DWKRPH
,
GOLNHWRVD\DIHZZRUGVDERXWWKDWMRELQWHUYLHZ
:RXOG\RXOLNHWRKDYHDFXSRIFRIIHH"
:RUNRQWKHZRUGV
5HDGWKHZRUGVSD\LQJDWWHQWLRQWRWKHGLIIHUHQFHLQVSHOO
LQJDQGWUDQVODWHWKHP
%ULWLVK(QJOLVK $PHULFDQ(QJOLVK
FHQWUH FHQWHU
WKHDWUH WKHDWHU
ODERXU ODERU
IDYRXU IDYRU
FRORXU FRORU
RUJDQLVH RUJDQL]H
VSHFLDOLVH VSHFLDOL]H
DSRORJLVH DSRORJL]H
WUDYHOOHG WUDYHOHG
FDQFHOOHG FDQFHOHG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
0DNHVHQWHQFHV
7KHRIILFHLVPXFKWRRRYHUFURZGHG 7KLVWRSLFLVPXFKWRRGLIILFXOW
EXVHV VWRU\ORQJ
WUDLQV VXPELJ
VWUHHWV FRVWVKLJK
VKRSSLQJFHQWUH FRPSHQVDWLRQVPDOO
GLVFXVVLQJ« EHLQJKHUH
UHDGLQJ« DVNLQJ«
7KHUHLVQRSRLQWLQ :HJRWXVHGWR
ZULWLQJ« DFFHSWLQJ«
VSHDNLQJ« FRPSODLQLQJ«
7UDQVODWHLQWR(QJOLVK
Ìtqwéqkrsqén¡jzkxnkvwévxkxnprvujtlvp
Ívuvnuytnisvxuxsjxwvéqzxtquq
itnxzjsxtquqxwvéqz
Æotjnzn·zvkxnlvévmqisqwnénréz"
Ìtxnp·jxtj}vlqzx¹kmvévln"
+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
D 5HDGWKHVHZRUGFRPELQDWLRQVSD\LQJDWWHQWLRQ
WRWKHOHWWHUUSURQRXQFHGDV>U@
RXUÎRIILFH>=QNZKBEO@ KHUHÎLQWKHFLW\ IRUÎRXUFXVWRPHUV
RXUÎRSLQLRQ KHUHÎLQWKHRIILFH IRUÎRXUSHRSOH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
:K\GRQ
WZHPRYHWKHZKROH RIILFHDQGVDYHUHQWDWWKHVDPH
®
WLPH"
+RZZRXOGRXUVWDIIJHWWRZRUN"
:K\GRQ
WZHVWD\ZKHUHZHDUH"
:HOOP\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWPRYLQJVRPHRIRXU
VWDIIZRXOGPHDQPRUHVSDFHIRUWKHRWKHUV
0\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWLWLVQHFHVVDU\
F 5HDGWKHFRQYHUVDWLRQ
7H[W7KHVRXUFHVRIHFRQRPLFKHDOWK
,QQHZWHFKQRORJLHVZHUHEHLQJLQYHQWHGDQGDSSOLHGWRWKH
PDQXIDFWXUHRIFRWWRQDQGZRROLURQWUDQVSRUWDWLRQDQGDJULFXOWXUH
LQZKDWFDPHWREHFDOOHGWKH,QGXVWULDO5HYROXWLRQ
$GDP6PLWKZDVNHHQO\LQWHUHVWHGLQWKHVHHYHQWV+HZDQWHGWR
XQGHUVWDQGWKHVRXUFHVRIHFRQRPLFZHDOWKDQGKHEURXJKWKLVDFXWH
SRZHUVRIREVHUYDWLRQDQGDEVWUDFWLRQWREHDURQWKLVTXHVWLRQ
+LVDQVZHUZDV
²7KHGLYLVLRQRIODERXU
²)UHHGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV
6PLWKLGHQWLILHGWKHGLYLVLRQRIODERXUDVWKHVRXUFHRIWKHJUHDW
HVWLPSURYHPHQWLQWKHSURGXFWLYHSRZHUVRIODERXU7KHGLYLVLRQRI
ODERXU EHFDPH HYHQ PRUH SURGXFWLYH ZKHQ DSSOLHG WR FUHDWLQJ QHZ
WHFKQRORJLHV
6FLHQWLVWVDQGHQJLQHHUVWUDLQHGLQH[WUHPHO\QDUURZILHOGVEHFDPH
VSHFLDOLVWV DW LQYHQWLQJ 7KHLU SRZHUIXO VNLOOV VSHHGHG WKH DGYDQFH RI
WHFKQRORJ\ 0DFKLQHV VWDUWHG SHUIRUPLQJ UHSHWLWLYH RSHUDWLRQV IDVWHU
DQGPRUHDFFXUDWHO\WKDQSHRSOH
%XWVDLG6PLWKWKHIUXLWVRIWKHGLYLVLRQRIODERXUDUHOLPLWHG
E\WKHH[WHQWRIWKHPDUNHW7RPDNHWKHPDUNHWDVODUJHDVSRVVLEOH
WKHUH PXVW EH QR LPSHGLPHQWV WR IUHH WUDGH ERWK ZLWKLQ D FRXQWU\
DQGDPRQJFRXQWULHV
6PLWKDUJXHGWKDWZKHQHDFKSHUVRQPDNHVWKHEHVWSRVVLEOHHFR
QRPLFFKRLFHEDVHGRQVHOILQWHUHVWWKDWFKRLFHOHDGVDVLIE\DQLQYLVLEOH
KDQGWRWKHEHVWRXWFRPHIRUVRFLHW\DVDZKROH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXNQRZWKHVHZRUGV"
KHDOWK 7DAH9 olvévkn
WRDSSO\ 71ZLH=39 wéqunt¹z
NHHQ vxzép énorqp ivs
¡vp
NHHQFRPSHWLWLRQ vxzéj¹rvtryént|q¹
NHHQLQWHUHVW ivs¡vp vxzép qt
znénx
HYHQW 73ZRAJP9 xvizqn
DFXWH 71ZGFQ(P9 vxzép wévtq|jzns
tp
DFXWHKHDULQJ vxzépxsy}
WRVSHHG yxrvé¹z
WRSHUIRUP 7L1ZB5(I9 kwvst¹z
IDVW ixzép
DFFXUDWHO\ 7Z'GFQN1PH39 zv·tv
LPSHGLPHQW 73IZLA@3I1JP9 wénw¹zxzkqnwvun}j
WRDUJXH 7Z=(2FQ(9 xwvéqzkvoéj jz
LQYLVLEOH 73JZR3V3>H9 tnkqlqup
LQYLVLEOHHDUQLQJV wvxzywsntq¹ vz tnkq
lqu}xzjznpërxwvézj
LQYLVLEOHH[SRUWV tnkqlqun xzjzq ërx
wvézj
LQYLVLEOHLPSRUWV tnkqlqun xzjzq qu
wvézj
LQYLVLEOHVXSSO\ tnkqlqun ojwjx ktn
rvuuné·nxrq}rjtjsvk
RXWFRPH 7Z=QPG6I9 k}vl qx}vl énoys
zjz
,QFUHDVH\RXUYRFDEXODU\
D 6D\IURPZKDWYHUEVWKHIROORZLQJDGMHFWLYHVDUHIRUPHG
SURGXFWLYHBBBBBBBBBBBBBBBBBB UHSHWLWLYHBBBBBBBBBBBBBBBBBBB
DFFXPXODWLYHBBBBBBBBBBBBBBBB SUHYHQWLYH BBBBBBBBBBBBBBBBBB
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
E )RUPDGMHFWLYHVZLWKWKHKHOSRIWKHVXIIL[IXOOLNHWKLV
SRZHUIXO SRZHUIXO
F )RUPDGYHUEVZLWKWKHKHOSRIWKHVXIIL[O\OLNHWKLV
SRZHUIXOO\ SRZHUIXOO\
PHDQLQJIXO NHHQ DFFXUDWH
DFWLYH WHFKQRORJLFDO JUHDW
VHULRXV SULPLWLYH VLPSOH
DWWHQWLYH ORFDO QHDU
HQWLUH OHJDO QDWXUDO
D 0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
NHHQ EDUULHU
DFFXWH VKDUS
ODUJH ZRUN
ODERXU ELJ
RXWFRPH GHHS
LPSHGLPHQW UHVXOW
PDQXIDFWXUH WRFUHDWH
HYHQW SURGXFWLRQ
WRLQYHQW GHYHORSPHQW
E 0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
DGYDQFH LQWHUQDWLRQDO
TXHVWLRQ DQVZHU
GRPHVWLF QRQSURGXFWLYH
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
SURGXFWLYH UHJUHVV
OLPLWHG WRILQLVK
DFXWH ZHDN
WRVWDUW WRPLVXQGHUVWDQG
WRXQGHUVWDQG XQOLPLWHG
5HYLVH*UDPPDU
&RPSOHWHWKHIROORZLQJSKUDVHVDVLQWKHWH[W3D\DWWHQWLRQ
WRWKHXVHRIWKH'HILQLWH$UWLFOH
WKHGLYLVLRQRI«=WKHGLYLVLRQRIODERXU
WKHSURGXFWLYHSRZHUVRI« WKHPDQXIDFWXUHRI«
WKHVRXUFHVRI« WKHDGYDQFHRI«
WKHH[WHQWRI« WKHSUREOHPRI«
)RUP WZR 'HJUHHV RI &RPSDULVRQ RI WKH IROORZLQJ DGMHF
WLYHVDQGDGYHUEVDVLQWKHH[DPSOH
TXLFN²TXLFNHU² LPSRUWDQW²PRUHLPSRUWDQW²
TXLFNHVW PRVWLPSRUWDQW
IDVW BBBBBBBBBBBBBBBBBBBBBBB JUHDWBBBBBBBBBBBBBBBBBBBB
VORZBBBBBBBBBBBBBBBBBBBBBBB H[SHQVLYH BBBBBBBBBBBBBBBB
SURGXFWLYHBBBBBBBBBBBBBBBBBB DFFXUDWHO\BBBBBBBBBBBBBBBB
ODUJH BBBBBBBBBBBBBBBBBBBBBB QDUURZ BBBBBBBBBBBBBBBBBB
SRZHUIXO BBBBBBBBBBBBBBBBBBB ZLGHBBBBBBBBBBBBBBBBBBBB
0DNHDQGWUDQVODWHVHQWHQFHV3D\DWWHQWLRQWRWKHXVH
RI3DVW&RQWLQXRXV3DVVLYH
ZHUHEHLQJLQYHQWHG
QHZWHFKQRORJLHV ZHUHEHLQJDSSOLHG
QHZPHWKRGV ZHUHEHLQJWUDQVODWHG
YDULRXVTXHVWLRQV ZHUHEHLQJXVHG
QXPHURXVTXHVWLRQV ZHUHEHLQJDVNHG
YHU\KLJKSULFHV ZHUHEHLQJDQVZHUHG
ZHUHEHLQJTXRWHG
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
&KDQJH WKH VHQWHQFHV DV LQ WKH H[DPSOH WR PDNH WKHP
VKRUWHU3D\DWWHQWLRQWRWKHXVHRIWKHLQJIRUPV
7KHGLYLVLRQRIODERXUEHFDPHHYHQPRUHSURGXFWLYHZKHQDSSOLHG
WRWKHFUHDWLRQRIQHZWHFKQRORJLHV=7KHGLYLVLRQRIODERXUEH
FDPH HYHQ PRUH SURGXFWLYH ZKHQ DSSOLHG WR FUHDWLQJ QHZ WHFK
QRORJLHV
7KLVPHWKRGEHFDPHPRUHSURGXFWLYHZKHQDSSOLHGWRWKHFUHD
WLRQRIQHZPDFKLQHV
7KH TXHVWLRQ EHFDPH FOHDUHU ZKHQ DSSOLHG WR WKH GLVFXVVLRQ RI
HFRQRPLFPDWWHUV
7KLV *UDPPDU UXOH EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ XVHG LQ
WKHWUDQVODWLRQRIWKLVWH[W
7KHLU GHFLVLRQ EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ PDGH IRU WKH
FKDQJHRIWKHSULFH
7KHLU GHFLVLRQ EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ PDGH IRU WKH
LQFUHDVHRIWKHSULFH
7KHLUGHFLVLRQEHFDPHOHVVXQGHUVWDQGDEOHZKHQPDGHIRUWKHGH
FUHDVHRIWKHSULFH
0DNHVHQWHQFHVDVLQWKHH[DPSOH3D\DWWHQWLRQWRWKHXVH
RIWKH3DVW3DUWLFLSOHVDQGWKHLQJIRUPV
(QJLQHHUVWUDLQHGLQH[WUHPHO\QDUURZILHOGV
EHFDPHVSHFLDOLVWVDWLQYHQWLQJ
VFLHQWLVWVWRWUDLQLQH[WUHPHO\QDUURZILHOGVWRLQYHQW
VWXGHQWVWRWUDLQLQWKLVZD\WRWUDQVODWH
VWXGHQWVWRWUDLQLQWKLVODERUDWRU\WRLQWHUSUHW
ZRUNHUVWRWUDLQDWWKH6HOOHUVSODQWWRPDQXIDFWXUH
ZRUNHUVWRWUDLQDWWKLVIDFWRU\WRSURGXFH
VHFUHWDULHVWRWUDLQDWWKLV&HQWUHWRPDNHEXVLQHVVFRQWDFWV
DFFRXQWDQWVWRWUDLQDWWKLV6FKRROWRPDNHLQWHUQDWLRQDOSD\PHQWV
&RPSOHWH WKHVH VHQWHQFHV 3D\ DWWHQWLRQ WR WKH XVH RI WKH
PRGDOYHUEPXVW
7KHUHPXVWEHQRLPSHGLPHQWV«
7KHUHPXVWEHQREDUULHUV«
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7KHUHPXVWEHQRTXHVWLRQV«
7KHUHPXVWEHQRGRXEWV«
7KHUHPXVWEHQRPLVWDNHV«
7KHUHPXVWEHQRUHDVRQV«
7KHUHPXVWEHQRKHVLWDWLRQ«
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D )LQG WKH ZRUGV LQ WKH WH[W ZKLFK GHVFULEH RU PHDQ WKH
IROORZLQJ
DPDUNHWZLWKLQDFRXQWU\
DPDUNHWDPRQJFRXQWULHV
D PDUNHW LQ ZKLFK SULFH DQG RXWSXW DUH GHWHUPLQHG E\ WKH DF
WLRQV RI EX\HUV DQG VHOOHUV ZLWKRXW DQ\ RXWVLGH UHVWULFWLRQ RU
UHJXODWLRQ
E 7UDQVODWHWKHVHVHQWHQFHV
1HZ WHFKQRORJLHV ZHUH EHLQJ LQYHQWHG DQG DSSOLHG WR LQGXVWU\
WUDQVSRUWDWLRQ DQG DJULFXOWXUH LQ ZKDW FDPH WR EH FDOOHG WKH ,Q
GXVWULDO5HYROXWLRQ
$QGKHEURXJKWKLVDFXWHSRZHUVRIREVHUYDWLRQWREHDURQWKLVTXHV
WLRQ
:KHQ HDFK SHUVRQ PDNHV WKH EHVW SRVVLEOH HFRQRPLF FKRLFH EDVHG
RQVHOILQWHUHVWWKDWFKRLFHOHDGVWRWKHEHVWRXWFRPHIRUVRFLHW\DVD
ZKROH
F :ULWH RXW DOO WKH VHQWHQFHV GHILQLQJ WKH WHUP GLYLVLRQ RI
ODERXU7UDQVODWHWKHPLQWR5XVVLDQ
G $JUHHRUGLVDJUHH
,WLVYHU\HDV\WRGHILQHPRVWHFRQRPLFWHUPV
7KHUH DUH PDQ\ VSHFLDOL]HG GLFWLRQDULHV RQ HFRQRPLFV DYDLO
DEOH
2QH DQG WKH VDPH WHUP LV LQWHUSUHWHG LQ HYHU\ GLFWLRQDU\ LQ
WKHVDPHZD\
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7H[W7KRPDV0DOWKXV
7KRPDV 0DOWXV ² ZDV DQ (QJOLVK FOHUJ\PDQ ZKRVH
SHVVLPLVWLFLGHDVRQSRSXODWLRQJURZWKZHUHSXEOLVKHGLQKLV(VVD\RQ
WKH3ULQFLSOHRI3RSXODWLRQDVLW$IIHFWVWKH)XWXUH,PSURYHPHQWRI6RFL
HW\0DOWKXVDUJXHGWKDWODQGLVILQLWHDQGWKDWLWVSURGXFWLYLW\
FDQ DW EHVW LQFUHDVH RQO\ DULWKPHWLFDOO\ HWF ZKLOH
SRSXODWLRQ LQFUHDVHV JHRPHWULFDOO\ HWF VR WKDW WKH LQ
FUHDVH LQ SRSXODWLRQ WHQGV WR RXWUXQ WKH LQFUHDVH LQ IRRG VXSSO\
&RQVHTXHQWO\PRVWSHRSOHZRXOGEHFRQGHPQHGWROLYHLQPLVHU\DQG
SRYHUW\ZLWKZDUVHSLGHPLFVDQGIDPLQHVVHUYLQJWRVORZWKHJURZWK
RISRSXODWLRQ
0DOWKXV¶V JORRP\ YLHZ RI SRSXODWLRQ JURZWK FRQWUDVWHG VKDUSO\
ZLWK WKH RSWLPLVWLF YLHZV DERXW ORQJWHUP HFRQRPLF GHYHORSPHQW
KHOG E\ KLV FRQWHPSRUDULHV DQG FRQWULEXWHG WR WKH EHOLHI WKDW HFR
QRPLFVZDVWKHµGLVPDOVFLHQFH¶7KRXJK0DOWKXVGLGQRWIRUHVHHWKH
GUDPDWLF LPSURYHPHQWV RI DJULFXOWXUDO WHFKQLTXHV ZKLFK KDYH RF
FXUUHGQRUWKHWHQGHQF\IRUSRSXODWLRQJURZWKWRVORZLQLQGXVWULDO
L]HG FRXQWULHV KLV LGHDV VWLOO FDXVH FRQFHUQ HVSHFLDOO\ LQ GHYHORSLQJ
FRXQWULHV
'R\RXNQRZWKHVHZRUGV"
WRLPSURYH 73IZLNQ(R9 ysy·¡jzx¹ xvkné
¡ntxzkvkjzx¹
ILQLWH 7ZB=3J=3P9 vméjtq·nttp quní
qpwénlns
WRRXWUXQ wnénmtjzvwnénlqz
FRQVHTXHQWO\ 7ZGKJO3GS1JPH39 xsnlvkjznstv
WRFRQGHPQ 7G1JZ@AI9 vxy ljz wéqmvkjéq
kjz
PLVHU\ 7ZI3V1N39 tqnzj
SRYHUW\ 7ZLKR1P39 inltvxz
IDPLQH 7ZB'I3J9 mvsvl
JORRP\ uéj·tp
VKDUS vxzép
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
*UDPPDU5HYLVLRQ&RPSOH[2EMHFW
7KH\H[SHFWHGWKHFRPSDQ\WRFRPHWRWKHFRQIHUHQFH
WRH[SHFW
WRZDQW
ZRXOGOLNH
VPEWRGRVPWK
WRDVN
WRIRUHVHH
WRHQDEOH
1RERG\FRXOGPDNHWKHPFRPHWRWKHFRQIHUHQFH
WRPDNH
WROHW
VPEGRVPWK
WRVHH
WRKHDU
:HVDZWKHPFRPLQJLQWRWKHURRP
WRVHH
VPEGRLQJVPWK
WRKHDU
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
7UDQVODWHLQWR(QJOLVK
Ìt }vzns ·zvi u wvt¹sq ëzy xsv tyí ërvtvuq·nxryí
rvt|nw|qí
Êxxsnlvkjtq¹ y·ntvmv wvokvsqsq wvstvxzí éjxréz xv
lné jtqnëzvmvwvt¹zq¹
Îvlq{qrj|q¹ vivéylvkjtq¹ wvokvsqsj yknsq·qz wévqokv
lqznstvxzzéyljtj
èvxz|ntojxzjkqsq}tnxrvsrvxvréjzqzwévqokvlxzkv
6WDWHZKDWFRQVWUXFWLRQVSDUWVRIVSHHFKWKHZRUGVLQLWDOLFV
DUHDQGWUDQVODWHWKHVHQWHQFHV
0RVW SHRSOH ZRXOG EH FRQGHPQHG WR OLYH LQ SRYHUW\ ZLWK ZDUV
HSLGHPLFVDQGIDPLQHVWRVORZWKHJURZWKRISRSXODWLRQ
+HDUJXHGWKDWODQG
VSURGXFWLYLW\FDQDWEHVWLQFUHDVHRQO\DULWK
PHWLFDOO\
7KH LQFUHDVH LQ SRSXODWLRQ WHQGV WR RXWUXQ WKH LQFUHDVH LQ IRRG
VXSSO\
+LV JORRP\ YLHZV FRQWUDVWHG VKDUSO\ ZLWK WKH RSWLPLVWLF YLHZV
KHOGE\KLVFRQWHPSRUDULHV
+LVLGHDVVWLOOFDXVHFRQFHUQ
7KHFRQIHUHQFHLVWREHKHOGQH[WPRQWK
<RXKDYHQRFDXVHIRUFRPSODLQW
'RHVWKLVFRQFHUQPH"
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
8QGHUOLQHWKHEDVLFQRXQVDQGWUDQVODWHWKHZRUGFRPELQD
WLRQV
SRSXODWLRQJURZWK PRQH\JURZWK
IRRGVXSSO\ MREJURZWK
0DOWKXV
VJORRP\YLHZ IDFWRUVXSSO\
ODQGSURGXFWLYLW\ ODERXUSURGXFWLYLW\
:RUNRQWKHZRUGV
:ULWH WKH ZRUGV IURP ZKLFK WKHVH FRPSRXQGVDUHIRUPHG
WUDQVODWHWKHPDQGZULWHDIHZRWKHUVLPLODUFRPSRXQGV
FOHUJ\PDQ RYHUSRSXODWLRQ WRRXWUXQ
FKDLUPDQ XQGHUHVWLPDWLRQ WRRYHUWDNH
ZKROHVDOHU RXWFRPH WRRYHUFURZG
7UDQVODWHLQWR(QJOLVK
tjévlvtjxnsntqn ojunls¹zznuwévxzj
kjéq{unzq·nxrvpwévménxxqq tjxnsntq¹
k mnvunzéq·nxrvp wévménxxqq lvsmvxév·tvn ërvtvuq·nxrvn
ysy·¡ntqn qotqvinxzkj éjokqzqn
0DWFK WKH (QJOLVK DQG 5XVVLDQ HTXLYDOHQWV DQG PDNH VHQ
WHQFHVXVLQJWKHYHUEV
WRDUJXH kokjz WRWHQG ktvxqzkrsjl
WRFDXVH wévqx}vlqz WRRXWUXQ vxy ljz
WRFRQFHUQ lvrjokjz WRFRQGHPQ wnénmtjz
WRDIIHFW rjxjzx¹ WRFRQWUDVW qunzzntlnt|qí
WRRFFXU ksq¹z WRFRQWULEXWH rvtzéjxzqévkjz
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
:ULWHDVPDQ\ZRUGFRPELQDWLRQVDV\RXFDQPDWFKLQJWKH
ULJKWZRUGV
SHVVLPLVWLF YLHZ DIIHFWLRQ
RSWLPLVWLF RSLQLRQ DIIDLU
GUDPDWLF ZRUG VWRU\
UDUH UHPDUN ILOP
VKDUS DJUHHPHQW SOD\
GLVPDO FULWLFLVP VRXQG
:ULWHDIHZVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUGV
FRQVHTXHQWO\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWEHVW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWZRUVWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LIWKHZRUVWFRPHVWRWKHZRUVW BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHWH[W
E :ULWH DQ HVVD\ &RQWULEXWLRQV RI 7KRPDV 0DOWXV DQG $GDP
6PLWKLQWRHFRQRPLFV
$QQRWDWLRQRIWKHMRXUQDO:RUN(PSOR\PHQW
DQG6RFLHW\
(GLWRU7KHR1LFKROV
&DUGLII8QLYHUVLW\
3XEOLVKHG IRU WKH %ULWLVK 6RFLRORJLFDO $VVRFLD
WLRQFHOHEUDWLQJLWVWKDQQLYHUVDU\LQ
1RZ LQ LWV ILIWHHQWK \HDU RI SXEOLFDWLRQ :RUN (PSOR\PHQW DQG
6RFLHW\KDVDQHVWDEOLVKHGLQWHUQDWLRQDOUHSXWDWLRQ$QRIILFLDOMRXUQDO
RIWKH%ULWLVK6RFLRORJLFDO$VVRFLDWLRQ:RUN(PSOR\PHQWDQG6RFLHW\
DQDO\VHVDOOIRUPVRIZRUNDQGWKHLUUHODWLRQWRZLGHUVRFLDOSURFHVVHV
DQG VWUXFWXUHV DQG WR TXDOLW\ RI OLIH ,W HPEUDFHV WKH VWXG\ RI WKH
ODERXU SURFHVV LQGXVWULDO UHODWLRQV FKDQJHV LQ ODERXU PDUNHWV DQG
WKH JHQGHU DQG GRPHVWLF GLYLVLRQV RI ODERXU ,W VXSSRUWV FRQWHPSR
UDU\ KLVWRULFDO DQG FRPSDUDWLYH VWXGLHV DQG ERWK TXDOLWDWLYH DQG
TXDQWLWDWLYH PHWKRGRORJLHV 5HFHQW LVVXHV H[HPSOLI\ LWV LQWHUQDWLRQDO
VFRSH ZLWK FRQWULEXWRUV IURP 6FDQGLQDYLD 1RUWK $PHULFD $XVWUDO
DVLD &KLQD DQG ,QGLD DV ZHOO DV )UDQFH ,WDO\ +XQJDU\ 7XUNH\
,VUDHO6RXWK$PHULFDDQGWKH8QLWHG.LQJGRP
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
'R\RXUHPHPEHUWKHVHZRUGV"
WRFHOHEUDWH 7ZOAH3>NA3P9 wéjoltvkjz
DQQLYHUVDU\ 7Z'J3ZR1(O1N39 mvlvkqtj
WRHPEUDFH 73IZ>NA3O9 v}kjzkjz krsí
·jzvitqujz
JHQGHU évlwvs
LVVXH 7Z3FQ(Z3OFQ(9 kvwévxwévisnuj
kwyxrtvuné
WRH[HPSOLI\ 732ZVAILH3B=39 wéqkvlqzwéquné
xsy qzwéqunévu
:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
VRFLHW\ UHODWLRQ QRUWK
DVVRFLDWLRQ GLYLVLRQ VRXWK
SXEOLFDWLRQ PHWKRGRORJ\ &KLQD
UHSXWDWLRQ 6FDQGLQDYLD +XQJDU\
E 7UDQVODWHWKHWZRLQWHUSUHWDWLRQVRIWKHWHUP$XVWUDODVLD
WKHWHUPLVJHQHUDOO\XVHGWRUHIHUWR$XVWUDOLD1HZ=HDODQG
1HZ*XLQHDDQGWKHDGMDFHQWLVODQGJURXSV
WKH WHUP PD\ DOVR UHIHU WR 2FHDQLD 0HODQHVLD 0LFURQHVLD
3RO\QHVLD
F 7UDQVODWHLQWR(QJOLVK
ywév·qk¡j¹x¹un lytjévltj¹énwyzj|q¹
v{q|qjstp yétjs
ivsnn¡qévrqpxv|qjstpwév|nxx
wév|nxxéjokqzq¹wévqokvlqznst}xqs
étvrzéylj
vztv¡ntq¹ un ly jluqtqxzéj|qnp q éjiv·quq k wévu¡
snttvxzq
xéjktqznstpjtjsqo
un lytjévltpujx¡zji
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
G 0DNHDIHZVHQWHQFHVZLWKWKHVHZRUGV
KLVWRULF HYHQW KLVWRULFDO HYHQW
qxzvéq·n VSHHFK qxzvéq·n QRYHOSOD\ILOPSDLQWLQJ
xrqpkj WLPHV xrqpxk¹ VWXGLHV
tp PRPHQW ojttpqsq PHWKRGRILQYHVWLJDWLRQ
GD\ vztvx¹qp
x¹rénjs
tvpqxzv
éqq
+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
D $QVZHUWKHVHTXHVWLRQV
,V :RUN (PSOR\PHQW DQG 6RFLHW\ D ERRN PDJD]LQH RU MRXU
QDO"
:KRFRQWULEXWHGWKHLUHVVD\VDUWLFOHVDQGRWKHUZRUNVWRWKLV
SXEOLFDWLRQ"
:KHQGLGWKHILUVWLVVXHFRPHRXW"
:KRLVLWVVSRQVRU"
+DYH\RXUHDGWKLVRUDQ\RWKHUVLPLODUMRXUQDO"
:KHUHGRHV\RXULQWHUHVWOLH"
,VWKHUHDVLPLODUMRXUQDOSXEOLVKHGLQ5XVVLD"
E 0DUNWKHPHDQLQJLQZKLFKWKHVHZRUGVDUHXVHG
LQLWWKHDQQRWDWLRQ
ZRUN éjivzj LVVXH kvwévxwévisnuj
wévqoknlntqn kwyxrtvuné
FRQWHPSRUDU\ xvkénunttp WRH[HPSOLI\ wéqkvlqzwéquné
xvkénunttqr xsy qzwéqunévu
F 7UDQVODWHWKHDQQRWDWLRQLQWR5XVVLDQ
G 7UDQVODWH WKH GHILQLWLRQV RI RQH DQG WKH VDPH WHUP DQG
JXHVVZKDW