2012 Yılı Faaliyet Raporu (Uzun)
Transkript
2012 Yılı Faaliyet Raporu (Uzun)
352)ú/ .RQ\DdLPHQWR6DQD\LL$ûWDULKLQGH.RQ\DO×LüDGDP×Q×Q|QFOùQGH.RQ\D·GD NXUXOPXüWXU*QP]GH)UDQV×]RUWDNO×\DS×V×\ODKDONDDo×NYHKLVVHVHQHWOHULúVWDQEXO0HQNXO .×\PHWOHU%RUVDV×·QGDLüOHPJ|UHQ7UNL\H·QLQHQE\NVDQD\LNXUXOXüXQGDQELULGLU oDO×üDQ×LOHoLPHQWRKD]×UEHWRQYHDJUHJDVHNW|UQGHIDDOL\HWJ|VWHUPHNWHGLU6DW×üIDDOL\ HWOHULDù×UO×NO×RODUDNúo$QDGROXYH$NGHQL]E|OJHOHULQLNDSVDPDNWDG×U d(95(.2580$0ú6<218 )DEULNDP×]JHOHFHNQHVLOOHUHGDKDWHPL]YH\DüDQDELOLUELUoHYUHE×UDNPDQ×QHQWHPHOJ|UHY ROGXùXELOLQFL\OH\×O×QGDGDoHYUHNRUXPDIDDOL\HWOHULQH|QHPOL|OoGHK×]ND]DQG×UP×üW×U <,/,)$$/ú<(75$3258.21<$dú0(172 1 %$û.$1,1 0(6$-, 7$# #%()** .(6 #()*( .,6 #$ #$#&7 $ # 4*1+ # % #& ! " # $# ### # %& #'% #& ()**+,./ #$! ()*(+,01 ## 2! ()*,+# 3) ## 2! " $### $'+ 4./5 .6 & 7$# #%()** /3( #()*( /,6 ## #&()** #3) "6)) 2 " # *.&))) ## #2 %$# $# #%% & ()*( 284. 4( $#$# #%()*,+#4*1 28#& 2 ()** $#2 " #**(#2 " # (3 #&()*( 60#(1# $#&%" # # 2 " ## 40+ % #& 9 #" # # : + 8 #$## ; + #2 " #*<, # : + #8 # #=8 + > 2 ? # 8 #% # &()*, 4( # %%$#2 " # ; @#" # $ $%"# 2 #& $ %## # # #& ()*,+# " $ # # 2 # ># %? $ ( #8 #$%$## 2# " A A 2 ## # 2 $# #% % # " #&" 8 ### 8 $# # %$ ## " #& ' .21<$dú0(172<,/,)$$/ú<(75$3258 $# #%$ ###2#$$ " >': B #? "# # " 2 " %#& > 9= := + $# #%% 8 $## # # #A ## # #8 # # $#%# # " & # A #$# $# #% " # C#CD@! #A 8 # # 2 # #$% # "#& ()*,$ # # #$# #%$ # 2 $$ " #& Mehmet DÜLGER = '#9 &E F%#= *(1(/0h'h5h1 0(6$-, # 8 # 2# # # # %A# 2 ##&:$ $# %$ #A # #& D"()% # %A% # #% # $#2# " %$ ## 28#& ()*( $ $# ##$ 4*1+ #% #.,6 # #&7+ $###03. 2 #&'#2 " ## %" 40 & = '#+4( ()*( #$ # #2 2 8 #&7 $# #% 4,+#&E#*&03,&)))#< #$$# # $ #2 " #& = '# $ 2 ()*( # #&H# # # 8 % #& B"# # # # #2 # ## ###&I ()*( $## # #8 # 8 ()** 4.0+ #&D #" $ 2 A $ # $ 2 #&#%#$ # $%# 8 #% $ 2 #& 9 $$ $ 2$ ()*( # ##& @# # % #= '#D9 # 9J +% %" # & E# ()*( 7+ .)) $# % G"# "# 2 $ "#&F #8 # 2 ## # ##& “ I ()*( $## # #8 # 8 ()** 4.0+ #& “ $#()*( 7 #& # #%# #G 2 2 # A8 # # #&F# % $## # # ## #& H#"2# #$ # $ # $#$ & Davut ULUS = '#9 &E& DB <,/,)$$/ú<(75$3258.21<$dú0(172 3 7$5ú+d( ûLUNHWLPL]LQNXUXOXüoDO×üPDODU×\×O×QGD.RQ \DO×LüDGDP×Q×Q|QFOùQGHEDüODP×üW×U VLLOHELUOLNWHWRQ\×ONOLQNHUUHWLPNDSDVLWHVLQH XODüP×üW×U6×UDV×\ODYH\×OODU×QGD ·QFLIDULQGHùLUPHQL·QFoLPHQWRGHùLUPHQL·QFL 6HUPD\H\HWHUVL]OLùLQHGHQL\OH\DW×U×PIDDOL\HWOHULQH ELUVUHDUDYHUHQüLUNHWLPL]H7UNL\HdLPHQWR6DQD \LL7$ûYH7UNL\Húü%DQNDV×RUWDNROPXü\×O×Q GD7/VHUPD\HYH\DüVLVWHPWHNQRORMLVLLOHNXUX ODQWRQ\×OoLPHQWRUHWLPNDSDVLWHOLIDEULND P×]IDDOL\HWHJHoPLüWLU G|QHUI×U×QYH·QFoLPHQWRGHùLUPHQLIDDOL\HWHJHoPLü E|\OHFH\×OO×NNOLQNHUUHWLPNDSDVLWHPL]WRQ·D oLPHQWR|ùWPHNDSDVLWHPL]LVHWRQ·D\NVHO PLüWLU 7UNL\H¶GHJQJHoWLNoHKD]×UEHWRQNXOODQ×P×\D\J×QODü PDNWDG×UûLUNHWLPL]\×O×QGDQLWLEDUHQúo$QDGROXYH \×O×DüN×QELUVUHQLQDUG×QGDQSL\DVDGDNLDUWDQoL PHQWRWDOHELQLNDUü×ODPDNLoLQ·QFLELUIDEULNDQ×QNX UXOPDV×JQGHPHDO×QP×üW×U\×O×QGDNXUXVLVWHP WHNQRORMLVLQHVDKLSWHVLVLPL]UHWLPHEDüODP×üYHoL PHQWRUHWLPNDSDVLWHPL]WRQ\×O·Do×NP×üW×U \×O×QGDPHYFXWNXUXVLVWHPG|QHUI×U×Q×QNDSDVL WHVLDUWW×U×OP×üYHUHWLPPDOL\HWL\NVHNRODQ\DüVLVWHP G|QHUI×U×QWDPDPHQGHYUHG×ü×E×UDN×OP×üW×U $NGHQL]E|OJHOHULQGHDGHWEHWRQVDQWUDOLLOHKD]×UEH WRQKL]PHWLYHUPHNWHYHNRQNDV|UWHVLVOHULLOHKDPPDGGH LKWL\DF×Q×NDUü×ODPDNWDG×U \×O×QGD|]HOOHüWLUPHNDSVDP×QDDO×QDQ.RQ \DdLPHQWR6DQD\LL$û·QGH7UNL\HdLPHQWR6DQD\LL 7$û·QLQRUDQ×QGDNLKLVVHOHUL|QFH.DPX2UWDNO× ù×úGDUHVL·QHGHYUHGLOPLüYHGDKDVRQUDKDONDDo×OP×üW×U \×O×QGD7UNL\Húü%DQNDV×VDKLSROGXùX.RQ\DdL *HoPLüWHQJQP]HNDGDUVUHNOLE\\HQüLUNHWL PL]\×O×QGDYDURODQ)/6oLPHQWRGHùLUPHQL PHQWR6DQD\LL$ûKLVVHOHULQLEORNVDW×ü\|QWHPL\OHGQ \DQ×QVD\×O×oLPHQWRUHWLFLOHULQGHQRODQ)UDQV×]9,&$7 QHHNOHQHQ5ROOHU3UHVVLOHWRQ\×OoLPHQ WR\×O×QGDLVHYDURODQG|QHUI×U×Q×Q\HQLOHQPH *UXEX·QDGHYUHWPLüWLU9,&$7*UXEXKDOHQüLUNHWLPL]GH SD\DVDKLSWLU 4 .21<$dú0(172<,/,)$$/ú<(75$3258 <,/,)$$/ú<(75$3258.21<$dú0(172 5 dú0(172 dú0(172 dú0(1726(.7g5h1(%$.,û hONHHNRQRPLVLQLQEQ\HVHOVRUXQODU×LoLQGH|QHPOH\HUDODQFDULDo×NNRQXVXQDo|]PEXOPDN YHPDNURHNRQRPL\LVRùXWPDN\|QQGH\×O×QGDX\JXODQDQHNRQRPLNSROLWLNDODUVRQXFXQ GDE\PHRUDQ×|QFHNL\×OODUDN×\DVODK×]NHVPLüWLU h5(7ú0<g17(0ú</(6(.7g5(/*(/úûú0+,=/$5,*6<+ %36 %HWRQ %64 2010 <×O6RQX dLPHQWR 2011 <×O6RQX 2012 <×O6RQX7DKPLQ úNWLVDGL)DOL\HW.RQXODU× úPDODW6DQD\L 7RSWDQYH3HUDNHQGH7LFDUHW úQüDDW 7DU×PDYF×O×NYHRUPDQ .RQXWVDKLSOLùL 0DOLDUDF×NXUXOXüODU×IDDOL\HWOHUL 8ODüW×UPDGHSRODPDYHKDEHUOHüPH *D\ULVDIL\XUWLoLKDV×OD$O×F×IL\DWODU×\OD %XEDùODPGDLQüDDWVHNW|UGHJHQHOHNRQRPLNSROLWLNDGDQHWNLOHQPLüYHE\PHRUDQ×VRQ\×O ODU×QHQGüNVHYL\HVLQGHJHUoHNOHüPLüWLU h5(7ú0<g17(0ú</(ú1û$$76(.7g5h*(/úûú0+,=/$5, ú1û$$7 2002 2003 2010 2011 <6218 7$+0ú1 01 25,0 18,50 20,0 15,0 13,90 11,30 9,30 7,80 10,0 17,10 14,10 5,70 5,0 0,0 1,20 2002 2003 2004 2005 2006 2007 2008 2009 Ͳ5,0 2010 2011 2012 TAHM7N Ͳ8,10 8 10 Ͳ10,0 Ͳ15,0 Ͳ16,10 Ͳ20,0 7NbAAT YH\×OODU×QGDJOREDOILQDQVDONUL]LQHWNLOHULVRQXFXLQüDDWVHNW|UJHOLüLPK×]×WHUVL QHG|QPüYHGüüOHNDSDWP×üW×UYH\×OODU×QGDJHQHOHNRQRPLQLQ]HULQGHE\PH RUDQ×\DNDOD\DQLQüDDWVHNW|U\×O×QGDX\JXODQDQPDNURHNRQRPLNSROLWLNDODUVRQXFX\×O× GüNELUE\PHRUDQ×\ODNDSDWP×üW×U 6 .21<$dú0(172<,/,)$$/ú<(75$3258 <,/62189(5ú/(1<$3,58+6$7/$5,.8//$1,0 $0$d/$5,1$*g5('$ø,/,0,P2 <×O6RQX <×O6RQX <×O×6RQX 2012-2011 +DONDDo×NLNDPHW\HUOHUL 2WHOYEELQDODU úQüDDW7U %LQDODU 2ILVWRSWDQYHSHUDNHQGH WLFDUHWELQDODU× 6DQD\LELQDODU×YHGHSRODU .DPX(ùLWLP+DVWDQH 6SRUYEELQDODU 723/$0 176.254 124.250 151.968 22% úQüDDWVHNW|UQGHGüNHùLOLPOLE\PHRUDQ×QDNDUü×Q|]HOOLNOH\×O×Q×QLNLQFL\DU×V×QGD\HQLLQüDDWUXKVDWODU×QGDDUW×üODUJ| UOPüWU<HQLLQüDDWUXKVDWODU×QGDELQDODU×Q\DQ×V×UDRILV$90YHVDQD\L\DS×ODU×|QSODQDo×NPDNWDG×U 6$%ú7)ú<$7/$5/$ú1û$$76(.7g5h1h1*6<+údú1'(.ú3$<, ú1û$$76(.7g5h1h1*6<+údú1'(.ú3$<, 2008 2009 2010 2011 2012 7$+0ú1 5.9% 5.2% 5.6% 5.7% 5.6% <XUWLoLJD\ULVDILPLOOLKDV×ODLoLQGHNLLQüDDWVHNW|USD\×VHNW|UQE\PHRUDQ×QGDNLGüNOùHUDùPHQ\×O×QGD|QFHNLVRQ LNL\×ODSDUDOHOELUVH\LUL]OHPLüWLU 2012 Y.SONU d,D7E <,/,)$$/ú<(75$3258.21<$dú0(172 7 hONHHNRQRPLVLQGHKHU]DPDQGLQDPLNELUVHNW|UGXUXPXQGDRODQLQüDDWVHNW|UJHQHOHNRQRPLQLQE\PHG|QHPOHULQGHGDKD SR]LWLIELUJHOLüPHND\GHWPHNWHDQFDNGüNE\PHYHQHJDWLIVRQXoODUGDVHNW|UQGüüVRQXoODU×GDKDHWNLOLROPDNWDG×U U 7h5.ú<(dú0(172h5(7ú09(7h.(7ú0ú%LQ7RQ 2008 2009 2010 2011 2012 h5(7ú0 51.432 53.973 62.737 64.215 63.879 úd7h.(7ú0 40.574 39.986 47.720 52.961 53.930 dLPHQWRHQGVWULVLQGHWNHWLPLQoRN]HULQGHNOLQNHUUHWLPNDSDVLWHVLEXOXQPDNWDG×U%XEDùODPGD\XUWLoLWNHWLPLQLQ]HULQGH NLUHWLPSRWDQVL\HOL\XUWG×ü×SD]DUODUGDGDUDOPD\ODELUOLNWHLKUDFDW\DS×OPDNVXUHWL\OHGHùHUOHQGLULOPHNWHGLU U dú0(1729(./ú1.(5ú+5$&$7, 7h5.ú<(dú0(1727h.(7ú0%ú1721 %|OJHOHU 0$50$5$ 2011 2012 'HùLüLP .$5$'(1ú= úd$1$'2/8 '2ø8$1$'2/8 *'2ø8$1$'2/8 52.961 53.930 1,83% hONHPL]GHQ \DS×ODQ oLPHQWR YH NOLQNHU LKUDFDW× \×O× VRQXQGDHQ\NVHNG]H\HXODüP×üW×U$QFDNONHQLQDQD LKUDFDWSD]DUODU×LoLQGH\HUDODQ2UWDGRùXYH$IULNDONH OHULQGH\DüDQDQHNRQRPLNYHVRV\DOSUREOHPOHUQHGHQLLOH \×O×QGDQLWLEDUHQLKUDFDWGüüJ|VWHUPH\HEDüODP×ü W×U\×O×QGDGDEXGüüGHYDPHWPLüWLU 7h5.ú<(dú0(1729(./ú1.(5ú+5$&$7, <×O 0LNWDU7RQ 2002 2003 úo$QDGROX%|OJHVLQGHoLPHQWRWNHWLPLQGHNLDUW×ü|QFHNL\×OOD U×QED]HWNLVLQHGHQL\OHV×Q×UO×G]H\GHDUW×üJ|VWHUPLüWLU \×O×QGDFRùUDILE|OJHOHULWLEDU×\OHGHùLüNHQOLNJ|VWHUPHN OHELUOLNWH7UNL\H·GHoLPHQWRWNHWLPLELU|QFHNL\×ODN×\DVOD WRQYHRUDQ×QGDDUW×üJ|VWHUPLüWLU 2010 2011 2012 723/$0 hONHJHQHOLQGH<DS×'HQHWLP<|QHWPHOLùL·QLQX\JXODQPD V× YH \HQL ELQDODUGD NXOODQ×ODQ EHWRQ NDOLWHOHULQLQ DUWPD V×QHGHQOHUL\OHNLüLEDü×oLPHQWRWNHWLPL\×O×QGDQEX \DQD FLGGL DUW×ü ND\GHWPLü ROXS \×O× VRQX LWLEDU×\OD NJNLüLG]H\LQH\NVHOPLüWLU 8 .21<$dú0(172<,/,)$$/ú<(75$3258 <,//$5ú7ú%$5ú</(7h5.ú<(·'(.úûú%$û,1$'hû(1dú0(1727h.(7ú00ú.7$5/$5,.* *(1(/'(ø(5/(1'ú50( hONHJHQHOLQGHoLPHQWRIDEULNDV×YHDGHW|ùWPHWHVLVLLOHIDDOL\HWJ|VWHUHQoLPHQWRVHNW|UWRSODPNOLQNHUUHWLPSRWDQ VL\HOLPLO\RQWRQFLYDU×QGDROXSEXPLNWDUNDSDVLWHONHLoLoLPHQWRWDOHSYHWNHWLPLKWL\DF×Q×QoRN]HULQGHGLU%HOLUWLOHQPLN WDUNDSDVLWHQLQNXOODQ×PRUDQ×Q×QDUWW×U×OPDV×YHDW×ONDSDVLWHOHULQ|QQHJHoLOPHVLDPDF×\OD\XUWLoLQGHDVIDOW\ROODUDN×\DVODGDKD HNRQRPLNRODQEHWRQ\RO\DS×P×QD|QHPYHULOPH\HEDüODQPDV×YHLKUDFDWLPNDQ×RODQoLPHQWRIDEULNDODU×Q×QLKUDFDWODU×Q×DUWW×UD UDNVUGUPHOHULEHNOHQPHNWHGLU <$7,5,0/$5 ûLUNHWLPL]\×O×QGD\DW×U×PIDDOL\HWOHULQHNHVLQWLVL]GHYDP HWPLüWLUdLPHQWRYHKD]×UEHWRQDODQODU×QGDUHWLPNDSDVLWH VLQLYHLVWLKGDP×DUWW×UPD\D\|QHOLNoDO×üPDODUK×]ND]DQP×üW×U <DS×OPDNWDRODQ\DW×U×PODU7/DNWLIOHüWLULOPLüYH 7/²GLUHNWDO×PROPDN]HUHWRSODP 7/ WXWDU×QD XODüP×üW×U dHYUH\L NRUXPD\D YH UHWLPGH PRGHU QL]DV\RQXVDùODPD\D\|QHOLNRODQWDPDPODQDUDNDNWLIOHüWLULO PLü\×O×\DW×U×PODU×P×]DüDù×GD\HUDOPDNWDG×U $UVD\ROYHoHYUHG]HQOHPHVL7/ ').|PU%HVOHPH%XQNHUL7/ )OHQGHU5HGNW|U\HQLOHPHVL7/ $W×N<DN×W+D]×UODPD6LVWHPL7/ %HWRQDUPH.XOHVLNXYYHWOHQGLUPHVL7/ .RQ\D+D]×U%HWRQ6WRN6DKDNDSDW×OPDV×7/ 0HND0RELO%HWRQ6DQWUDOL7/ 7UDQVPLNVHU3RPSDYHGLùHUWDü×WODU 7/ 'LùHU PDNLQD WHoKL]DW YH GHPLUEDü LoLQ \DS×ODQ \DW×U×PODU 7/ gQFHNLG|QHPOHUGH7/\×O×QGDLVH 7/\DW×U×PKDUFDPDV×\DS×OP×üWRSODP7/WXWDU×Q GDNLGHYDPHGHQ\DW×U×PODU×P×]×QGHWD\ODU×üXüHNLOGHGLU )/62WRPDV\RQ\HQLOHPHVL7/ .OLQNHU6WRNKRO7/ .DUD|PHUOHU.×U×F×7/ )/6dLPHQWR'HùLUPHQLL\LOHüWLUPHVL7/ 7UDQVPLNVHU3RPSDYHGLùHUWDü×WODU7/ 'LùHU7/ .RQ\D dLPHQWR 6DQD\LL $û YH .RQ\D dLPHQWR 7LFDUHW /WG ûWL·QLQ \×O× LoLQGH \DS×ODQ WRSODP \DW×U×P KDUFDPDV× 7/RODUDNJHUoHNOHüPLüWLU 7ú&$5ú)$$/ú<(7/(5 h5(7ú00ú.7$5,721 dLPHQWR6DW×ü 7RQ 2011 2012 'HùLüLP .DONHU úo6DW×ü úKUDo 7RSODP hUHWLP&LQVL .OLQNHU6DW×ü %LQ7RQ 2011 2012 'HùLüLP úo6DW×ü 2011 2012 'HùLüLP )DULQ .OLQNHU Çimento .LO <,/,)$$/ú<(75$3258.21<$dú0(172 9 %(721 %(721 +$=,5%(721 +$=,5%(7217(6ú6ú 0ú/<210(75(.h36$7,û 6(.7g5h1*(/úûú0ú +$=,5%(7213ú<$6$6, hUHWLP%LQP +D]×U%HWRQ7HVLVL +D]×U%HWRQ)LUPDV× 2011 2012 1.000 1000 \×O×QGDKD]×UEHWRQSD]DU×ELU|QFH NL\×ODJ|UH\DNODü×NE\PüWUDQ FDNKD]×UEHWRQVDQWUDOOHULYHILUPDVD\×V× Q×QDUWPDV×QHGHQL\OHSD]DUGDUHNDEHWGH DUWP×üW×U 7ú&$5ú)$$/ú<(7/(5ú0ú= 2011 2012 'HùLüLP +D]×U%HWRQ 6DW×ü×P3 7HVLV6D\×V× 22 0.0% 22 \×O×QGD\HQLWHVLV\DW×U×P×P×]ROPD PDNODELUOLNWH%DW×$NGHQL]E|OJHVLQGH $ODQ\D6LGH0DQDYJDWYH%HOHNPHY NLOHULQGH\×O×QGD\DS×P×QDEDüOD QDQRWHO\DW×U×PODU×YH\DEDQF×ODU×QWDOHEL QLNDUü×ODPDN]HUH\DS×ODQNRQXWSURMH OHULLoLQEHWRQWHGDULNLVDùODQP×üW×U.RQ\D PHUNH]GHLVHKHPVLWHüHNOLQGHRODQNRQXW SURMHOHULKHPGHN|SUNDUD\ROXYH|]HO ILUPDODU×QSURMHOHULQGH8QLOHYHU$OJLGD GRQGXUPDIDEULNDV×.RQ\DdLPHQWR+D]×U %HWRQRODUDNIDDOL\HWJ|VWHULOPLüWLU +$=,5%(7216$7,û/$5, <$7,5,0/$5 úQüDDWVHNW|UQQNUL]G|QHPOHULQGHHNR QRPLQLQJHQHOLQHJ|UHGDKDFLGGLRUDQGD NoOHQE\PHG|QHPOHULQGHLVHHNR QRPLQLQLWLFLJFRODQELU\DS×\DVDKLS ROGXùXELOLQPHNWHGLU\×O×QGDK×]NH VHQHNRQRPLNE\PH\HSDUDOHORODUDN LQüDDWVHNW|UQGHNLE\PHGHVRQ\×OODU GDNLHQ\DYDüVHYL\HGHJHUoHNOHüPLüWLU \×O×LoLQGH\DS×ODQ\DW×U×PWXWDU× 7/ \×O×QGD\DS×ODQSRPSD\DW×U×PWXWDU× 7/G×U .HQWVHO'|QüP7DVDU×V×·Q×QRQD\ODQPD V×LOHSURMHoDO×üPDODU×Q×QK×]ND]DQDFDN ROPDV×KD]×UEHWRQVHNW|UQQ·WH GDKDFDQODQDFDù×Q×QVLQ\DOLQLYHUPHNWH GLU7UNL\H·GHPLO\RQ\DS×Q×Q\]GH ·O×NE|OP\DQL\DNODü×NPLO\RQ\DS× GHSUHPHGD\DQ×NV×]GXUXPGDROGXùXQ GDQEHü\×OO×NVUHoLoLQGH7UNL\H·GH\DN ODü×NPLO\RQNRQXWXQ\HQLOHQHFHùLWDK PLQHGLOPHNWHGLU %DUD]LOHULQLQVDW×ü×\ODLVHRUPDQYDVI× Q×\LWLUPLüDUD]LOHUHLQüDHGLOHFHN\HQL\D S×ODUGDNDOLWHOLYH\NVHNGD\DQ×PO×EHWRQ ODUNXOODQ×OPDV×KHGHIOHQL\RU%XGHYG| QüPYH\HQLOHPHSURMHOHULQLQKD\DWDJH oLULOPHVL\OHVHNW|UQE\PHLYPHVLQLQGH YDPHWPHVLEHNOHQPHNWHGLU 10 .RQ\DdLPHQWR6DQD\LL$û²+D]×U%H WRQ\×O×QGDEWoHOHGLùLVDW×üKDFPLQL KDVVDVL\HWOHJHUoHNOHüWLUHUHN PLOHWDPDPODP×üW×U*YHQFLGGL\HWYH PüWHULRGDNO×oDO×üPDSUHQVLELLOHELU\×O GDKDWDKVLODWODUGDFLGGLELUSUREOHP\D üDQPDGDQYHPüWHULYDGHOHULEDüDU×LOH \|QHWLOHUHNWDPDPODQP×üW×U .21<$dú0(172<,/,)$$/ú<(75$3258 d(95( 6UHNOL\HQLOHQHQNDQXQODUYH\|QHWPHOLN OHULOHLüLPL]JHUHùLLKWL\DoODUGRùUXOWXVXQ GDLüVDùO×ù×YHJYHQOLùLNDOLWHoHYUHYH HùLWLPoDO×üPDODU×P×]EDüDU×LOHWDPDP ODQP×üW×U 7d0%².DOLWHdHYUH.XUXPX.d.WD UDI×QGDQYHULOHQ´*µEHOJHPL]PHYFXWWXU $\U×FD.DOLWH*YHQOLN6LVWHPL.*6GRù UXOWXVXQGDDNUHGLWHHGLOPLüYHRQD\ODQP×ü UQOHUOHKL]PHWYHULOPHNWHGLU +HU\×OdDO×üPDYH6RV\DO*YHQOLN%D NDQO×ù×úO0GUOùYH.RQ\D9DOLOL ùLNRRUGLQDV\RQXLOHG]HQOHGLùLPL]HùL WLPSURJUDPODU×JHUoHNOHüWLULOPHNWHGLU%X QXQG×ü×QGDüLUNHWLoLYHG×ü×QGDLGDULSHU VRQHOLQHùLWLPLLoLQNRQJUHYHVHPLQHUOHU G]HQOHQPLüLOJLOLIXDUODUDNDW×O×PJHUoHN OHüWLULOPLüWLU <,/,)$$/ú<(75$3258.21<$dú0(172 11 6ú*0$%(721/$%25$78$5+ú=0(7/(5ú7ú&$5(7/7'û7ú 6ú*0$ %36 $JUHJD $QDOL]L 6(.7g5(/%$.,û %9 'LùHU %LU\DS×Q×QWDVDUODQPDV×YHUHWLOPHVLLoLQ GHELUoRNGLVLSOLQOHULEXOXQGXUDQX]XQVR OXNOXELUVUHoWLU%XVUHFLQDüDPDODU×Q GD\DS×ODQNDOLWHNRQWUROIDDOL\HWOHULR\DS× Q×QVHUYLV|PU\OHYHVHUYLVNDOLWHVL\OHGRù UXRUDQW×O×G×U<DüDG×ù×P×]VRQGHSUHPIHOD NHWOHULQGHQVRQUDJYHQLOLUVDùO×NO×GD\D Q×NO×YHL\LLüOH\HQNHQWOHULQ\DUDW×ODELOPHVL LoLQ\DS×UHWLPLQGHNLVUHoOHULQYHDNW|UOH ULQ\DVDOELUG]HQOHPHLOHGHQHWLPLQLQYH NDOLWHNRQWUROQQ\DS×OPDV×JHUHNOLOLùLRU WD\Do×NP×üW×U %XYL]\RQOD\RODo×NDQ6LJPD%HWRQ/DER UDWXDU+L]PHWOHULYH7LFDUHW/LPLWHGûLUNHWL %DüWDü%DüNHQWdLPHQWR6DQD\LYH7LFDUHW $ûYH.RQ\DdLPHQWR6DQD\L$ûWDUDI×Q GDQ0DUWWDULKLQGHNXUXOPXüWXU %55 %HWRQ$QDOL]L 12 6LJPD%HWRQ/DERUDWXDU+L]PHWOHUL|]HO OLNOHEHWRQYHEHWRQELOHüHQOHULQH\|QH OLNGHQH\YHDQDOL]KL]PHWOHULYHUPHN]H UHPHUNH]L6LWHOHUGHRODQODERUDWXYDU×Q GDYHGLùHUüXEHODERUDWXYDUODU×QGDIDD OL\HWJ|VWHUPHNWHGLU6HNW|UGHNDOLWHOLJ YHQLOLUKL]PHWDQOD\×ü×Q×7UN6WDQGDUW ODU×(QVWLWVYH7h5.$.·WDQDOP×üROGX ùX/DERUDWXDU<HWHUOLOLN%HOJHVLYH76(1 ,62$NUHGLWDV\RQ6HUWLILNDOD U×\ODLVSDWOD\DQILUPDP×]JHQoYHGLQDPLN NDGURVX\OD|]HOOLNOHúo$QDGROXYH$NGHQL] %|OJHVL·QGHIDDOL\HWOHULQLDUW×UPD\DGHQH\ NDSVDP×Q×JHQLüOHWPH\HGHYDPHWPHNWHGLU .21<$dú0(172<,/,)$$/ú<(75$3258 /DERUDWXDU×P×]GDoDQDJUXSDOW×QGDGH QH\IDDOL\HWOHULJHUoHNOHüWLULOPHNWHGLU%XQ ODUEHWRQDJUHJD.×UPDWDü.×UPDNXP YHoLPHQWRGHQH\OHULQGHQROXüPDNWDG×U g]HOOLNOHKD]×UEHWRQNXOODQDQWP\DS×VD KLSOHULPWHDKKLWILUPDODUYHSURMHILUPD ODU×EHWRQNDOLWHNRQWUROJUXEXPX]XQ|QFH OLNOLPüWHULSRUWI|\GU$JUHJDODERUDWX DU×QGDDJUHJDODU×QGDWPIL]LNVHOYHNLP \DVDOGHQH\OHUL\DS×ODUDNEHWRQVWDQGDUWOD U×QGDEHOLUWLOHQNDOLWHNULWHUOHULQHX\JXQOXN ODU×NRQWUROHGLOPHNWHGLU$JUHJDUHWHQILU PDODUEXDJUHJDODU×NXOODQDQWPKD]×U EHWRQUHWLFLOHUL\DS×ILUPDODU×VDKLSOHULYH PWHDKKLWOHUL\LQHDJUHJDODERUDWXDU×P× ]×Q|QFHOLNOLKHGHINLWOHVLGLUdLPHQWRODER UDWXDU×QGDLVH\LQHEHWRQUHWLPLQGHDQD KDPPDGGHRODUDNNXOODQ×ODQEDùOD\×F×oL PHQWRQXQYHEHWRQNDUPDVXODU×Q×QVWDQ GDUWWDEHOLUWLOHQIL]LNVHOYHNLP\DVDOGHQH\ OHULJHUoHNOHüWLULOPHNWHGLU 6LJPD%HWRQ/DERUDWXDU+L]PHWOHULP KHQGLVYHWHNQLV\HQOHUGHQROXüDQX]PDQ HùLWLPOLNDGURVX\ODPRELOYH\HUOHüLNODER UDWXDUODU×\OD\DS×VHNW|UQGHDG×QGDQV|] HWWLUPH\HGHYDPHGHFHNWLU %LQ7/ 2011 2012 'HùLüLP 6DW×üODU <,/,)$$/ú<(75$3258.21<$dú0(172 13 .21<$dú0(172 .21<$dú0(1726$1$û.21<$dú0(1727ú&/7'û7ú 72526dú0(1726$17ú&$û ú16$1.$<1$./$5, ú67$7ú67ú./(5ú <×O×6RQX3HUVRQHO6D\×V× <×O×6RQX3HUVRQHO6D\×V× 2011 2012 21 <HQLúüH$O×QDQ 2UWDODPD<Dü úVWLID6|]OHüPH%LWLPLgOP (PHNOLOLNYE 2UWDODPD.×GHP &LQVL\HW 2UDQ 2UDQ %D\DQ (UNHN úü6DùO×ù×YH*YHQOLùL 2011 2012 13 .D\×S*Q6D\×V× .D]D6×NO×N2UDQ× .D]D$ù×UO×N2UDQ× .D\×S*QO.D]D6D\×V× 14 .21<$dú0(172<,/,)$$/ú<(75$3258 <,/,)$$/ú<(75$3258.21<$dú0(172 15 ûú5.(7ú10ú6<21YH9ú=<218ú/(675$7(-ú.+('()/(5ú 0ú6<21808= 9ú=<21808= 675$7(-ú.+('()ú0ú= 9HULPOLYHHWNLQUHWLPPHWRWODU×LOHNDOLWHYH HWLNGHùHUOHUGHQWDYL]YHUPHNVL]LQoHYUH\H WRSOXPVDOKD\DWDYHPLOOLHNRQRPL\HNDWN×OD U×Q×DUWW×UDUDNGHYDPHWWLUPHN 0üWHULKLVVHGDUYHoDO×üDQODU×QDDUW×GHùHU NDWDQWRSOXPVDOVRUXPOXOXùXSDUDOHOLQGH JYHQLOLUOLNYHPüWHULRGDNO×\|QHWLPLWHPHO LONHOHULRODUDNEHQLPVH\HQYHIDDOL\HWJ|VWHU GLùLWPE|OJHOHUGHLONDNODJHOHQYHWHUFLK HGLOHQüLUNHWROPDN 6WUDWHMLNKHGHIOHULPL]<|QHWLP.XUXOXWDUD I×QGDQEHOLUOHQPHNWHGLU%XKHGHIOHUGRùUXO WXVXQGDEWoHOHULPL]\×OO×NRODUDNKD]×UODQ PDNWDLOJLOLJHOLüPHOHUD\O×NRODUDNGHùHU OHQGLULOPHNWHGLU 626<$/62580/8/8. 6HNW|UQYHE|OJHQLQ|QFNXUXOXüODU×QGDQ ELULRODQ.RQ\DdLPHQWRVWOHQGLùLVRV\DOVR UXPOXOXNSURMHOHULLOHNDWPDGHùHU\DUDWPDN WDG×U'|QHPLoLQGHONHPL]LQ|QGHJHOHQ QLYHUVLWHOHULLOHLüELUOLùL\DSDUDNHùLWLPSURJ UDPODU×VHPLQHUYHWRSODQW×ODUG]HQOHPLüWLU 6LYLOWRSOXPNXUXOXüODU×|]HOVHNW|UWHPVLOFLOH ULNDPXJ|UHYOLOHULDNDGHPLV\HQOHU|ùUHQFL OHUPLPDUYHPKHQGLVOHULQüDDWXVWDYHNDO IDODU×YENDW×O×PF×ODUODJHUoHNOHüWLULOHQEXRU JDQL]DV\RQODUGDVHNW|UQGHùHUOHQGLUPHVL\D S×OP×üWRSOXPYHoHYUH\OHRODQLOLüNLVLLQFH OHQPLüWLU ûLUNHWLPL]oDO×üDQODU×P×]D\|QHOLNELUH\VHOYH PHVOHNLHùLWLPSURJUDPODU×VRV\DOYHNOWUHO HWNLQOLNOHUG]HQOHPHNWHGLU <D]YHVRQEDKDUG|QHPLQGHQLYHUVLWHOHULQ PDNLQDHOHNWULN²HOHNWURQLNNLP\DYHPDGHQ PKHQGLVOLùLLüOHWPHLNWLVDWYHPDOL\HE|OP OHULQGHNL|ùUHQFLOHUHVWDMYHo×UDNO×N\DSPD 0HVOHNL(ùLWLP.DQXQXNDSVDP×QGDNLRUWD |ùUHWLP|ùUHQFLOHULQHLVHX\JXODPDO×HùLWLP RODQDù×VDùODQPDNWDG×U .RQ\DdLPHQWRRODUDNIDDOL\HWOHULPL]LQoHYUH VHOHWNLVLQLHQD]DLQGLUJHPHNLoLQ\DVDOPHY ]XDWoHUoHYHVLQGHUHWLP\DS×OPDNWD\×]7HVLV OHULPL]GHNXOODQ×ODQHOHNWURYHMHWSOXVWLSLWRU EDO×ILOWUHOHUVD\HVLQGHIDEULNDP×]×QNDUERQ HPLV\RQGHùHULQLQ$%QRUPODU×QGDQDOW×QGD ROGXùXJ|]OHPOHQPLüWLU$\U×FDWHVLVOHULPL]GH GRùDOJD]NXOODQ×P×QDEDüODQP×üW×U)RVLO\DN×W NXOODQ×P×Q×QoHYUHYHONHHNRQRPLVLQHROXP VX]HWNLVLDW×NODU×Q\HQLGHQGHùHUOHQGLULOGLùL ELUVLVWHPLQNXUXOPDV×Q×EHUDEHULQGHJHWLUPLü WLU*HUHNOL\DW×U×PODU×QWDPDPODQPDV×\ODdHY UHYHûHKLUFLOLN%DNDQO×ù×WDUDI×QGDQYHULOHQOL VDQVNDSVDP×QGDDW×N\DùODUJHPLOHUGHQDO× QDQVLQWLQH\DùVORSYHVODoODUNXOODQ×P|P UQWDPDPODP×üODVWLNOHU\DùVROYHQWER\D YHNLUOHWLFLOHUOHNRQWDPLQHROPXüWHNVWLOUQ OHULNDUWRQNDù×WSODVWLNYEDW×NODURWRPRWLY YHGD\DQ×NO×WNHWLPHQGVWULVLQGHQND\QDN ODQDQER\DYHYHUQLNoDPXUXDNDU\DN×WGH SRODPDWDQNODU×Q×QGLSOHULQGHROXüDQDUW×NODU ELWNLVHO\HPHNOLN\DùHQGVWULVLQGHQDUWDND ODQDùDUWPDWRSUDNODU×WRSODQ×S\DN×OPDNWDYH JHULG|QüPHND]DQG×U×OPDNWDG×U(NRQRPLN GHùHULQL\LWLUPLüDQFDNNDORULILNGHùHUHVD KLSEXDW×NODU´DOWHUQDWLI\DN×WµRODUDNDGODQ G×U×OPDNWDG×U$OWHUQDWLI\DN×WNXOODQ×P×Q×QONH HNRQRPLVLQHROXPOXNDWN×V×PHYFXWWXUGR ùDOND\QDNODU×QNRUXQPDV×QDNDUERQHPLV\R QXYHGROD\×V×\DoHYUHNLUOLOLùLQLQD]DOW×OPDV×QD \DUG×PF×ROPDNWDG×U )DEULNDP×]HWUDI×QGDELQOHUFHDNoDDùDoED GHPoDPo×QDUGLüEXGDNLùGHPHüHYHVH GLUDùDF×\HWLüHQoHYUH\HGX\DUO×|UQHNELU WHVLVNRQXPXQGDG×U5HKDELOLWHHGLOHQVWRN DODQODU×J|OHWYH\HüLODODQDG|QüWUOPHN WHGLU%HQ]HUoDO×üPDODUKD]×UEHWRQWHVLVOHUL PL]GHGHJHUoHNOHüWLULOPHNWHGLU$ùDoODQG×U PDIDDOL\HWOHULPL].RQ\DLOLV×Q×UODU×LoHULVLQGH \HUDODQ7DNNHOL'DùYH6LOOH\|UHVLQGHDUDO×N V×]VUPHNWHGLU ú16$1.$<1$./$5,32/ú7ú.$6, 7UNL\H·QLQHQE\NVDQD\LNXUXOXüXQGDQELULRODQ.RQ\DdLPHQWREDüDU×\DXODüPDGDNLHQ|QHPOLXQVXUXQLQVDQND\QDù×ROGXùXQXQEL OLQFLQGHGLUûLUNHWLPL]LQVDQND\QDNODU×SROLWLNDV×QDEXGRùUXOWXGD\|QYHUPHNWHGLU0RWLYDV\RQYHELOJLG]H\L\NVHNYHULPOLoDO×üDQYHVUHNOLOL ùLRODQQLWHOLNOLELULüJF\DUDWPDNLoLQDGLOFUHWYHSHUIRUPDQV\|QHWLPLELUH\VHOYHPHVOHNLHùLWLPNDOLWHLüVDùO×ù×YHJYHQOLùLHùLWLPLNRQX ODU×QGDJHOLüPHND\GHWPH\LVUGUPüWU\×O×QGDWRSODPVDDWOLNHùLWLPSURJUDP×G]HQOHQPLüYHLOJLOLSHUVRQHOLPL]LQNDW×O×P×VDùODQ P×üW×U .21<$dú0(172<,/,(øú7ú0/(5ú ú6*(ùLWLPOHUL.DW×O×PF×3URILOL .DW×O×PF×6D\×V× (ùLWLP6DDWOHUL ûLUNHW3HUVRQHOLQH<|QHOLN .LüL 6DDW 7DüHURQ(OHPDQODU×QD<|QHOLN .LüL 6DDW .LüL 6DDW .LüL 6DDW 6WDM\HUOHUH<|QHOLN 7RSODP 16 .21<$dú0(172<,/,)$$/ú<(75$3258 7RSODPú6*(ùLWLPOHUL6DDWOHUL 7HNQLNYH0HVOHNL(ùLWLP6DDWOHUL 7RSODP(ùLWLP6DDWL ']HQOHQHQ7RSODP(ùLWLP3URJUDP× (ùLWLP$ODQdDO×üDQ6D\×V× .LüL%Dü×QD(ùLWLP6DDW NLüL VDDW úû6$ø/,ø,9(*h9(1/úøú32/ú7ú.$6, .RQ\DdLPHQWRIDEULNDVDKDV×LoLQGH IDDOL\HWJ|VWHUGLùLWPUQKL]PHWYH IDDOL\HWOHULQLLoHUHFHNüHNLOGH2+6$6 VWDQGDUG×QDYH\DVDOüDUWODUD X\JXQRODUDNúü6DùO×ù×YH*YHQOLùL <|QHWLPLQLNXUPXüWXU %XVLVWHPOHoDO×üDQODU×\ODJYHQOLELUüHNLOGH UHWLP\DSPD\×WHKOLNHOHULSODQODPD DüDPDV×QGDQLWLEDUHQHOHDODUDN RUWDGDQNDOG×UPDNLoLQULVNOHUL GHùHUOHQGLUPH\LNRQWURODOW×QGDWXWPD\×Lü ND]DODU×YHPHVOHNKDVWDO×NODU×Q× HQJHOOHPH\LoDO×üDQODU×QVDùO×ù×Q× NRUXQPDV×Q×KHGHIOHPLüWLU)DEULNDLoLQGH ú6*XQVXUODU×Q×QGHYDPO×O×ù×Q×QWDNLEL LKWL\DoGX\XOGXùXQGDLQüDV×JLELLüOHPOHUGH ROXüWXUXODQ|]HOELUHNLSoDO×üPDNWDG×U 6HQDU\ROXDFLOGXUXPWDWELNDWODU× X\JXODQPDV×NDSVDP×QGD\DQJ×QWDKOL\H LüND]DV×WDWELNDWODU×\DS×OP×üW×U '×üNXUXOXüODUGDQ\NVHNWHoDO×üPDHùLWL PLLVNHOHPIHWWLüOLùLHùLWLPOHULDFLONXUWDU PDHùLWLPOHULJHUoHNOHüWLULOPLüWLU +DVWDO×NODUGDQNRUXQPDoDO×üPDODU× GDKLOLQGHSHUVRQHOHJULSDü×V×\DSW×U×OP×üW×U ú6*XQVXUODU×Q×QWDPDPODQPDV× oDO×üPDODU×QGDVDKDGDEXOXQDQNRUNXOXN SODWIRUPPXKDID]DHNVLNOLOHULWDPDPODQ P×üYH\HQLHNOHQHQQLWHOHUGHNRUNXOXN SODWIRUPPXKDID]D\DS×OP×üW×U6LOREDV \DQDüPDSODWIRUPXSURMHVLWDPDPODQP×üW×U VWDQGDUWODUDX\JXQDUDEDODUWHPLQ HGLOPLüWLU.RQWUROVLVWHPDWLùL ROXüWXUXOPXüWXU7R]VX]ODüW×UPDSURMHVL NDSVDP×QGDVLVWHPOHULQGHNLWPILOWUHOHULQ L\LOHüWLULOPHVLYHEDN×P×oDO×üPDODU× VUGUOPüWU (OHNWULNVHOULVNOHULQD]DOW×OPDV×LoLQoRNOX NLOLWOHPHVLVWHPLSURMHVLNDSVDP×QGD VLVWHPLQDOW\DS×V×WDPDPODQP×üW×U .|PUGHùLUPHQOHULQGH\DQJ×QULVNOHULQLQ D]DOW×OPDV×LoLQHUNHQX\DU×VLVWHPL NDUERQGLRNVLWVLVWHPLUHYL]HHGLOGLNDo×ü \ROODU×YHVXOXVRùXWPDVLVWHPLJ|]GHQ JHoLULOPLüWLU )DEULNDP×]QLWHOHULQHJD]WSOHULLoLQ *(1(/(.2120ú9(dú0(1726(.7g5hú/(ú/*ú/ú%(./(17ú/(5 ·GHERUoNUL]OHULYHE\PHLOHXùUDüDQ GQ\DHNRQRPLVLQLQ\×O×QGDE\PH RGDNO×KDUHNHWHWPHVLRUWDV×QGDQVRQ UDE\PHQLQK×]ND]DQPDV×EHNOHQPHNWHGLU *HOLüPLüONHHNRQRPLOHULQGH\DYDüELUWRSDU ODQPDJHOLüHQONHOHUGHLVHoRNGDKDJoO ELUE\PHGLQDPLùLEHNOHQPHNWHGLU ´$%'0DOL8oXUXPYH%RUo7DYDQ× 8\JXODPDV×µQ×QGHYUH\HJLUPHVLYDURODQYHU JLLQGLULPOHULQLQYHKDUFDPDDUW×üODU×Q×QNH VLOPHVLDQODP×QDJHOPHNWHGLU%XGXUXP $%'·QLQE\PHVLDo×V×QGDQROGXNoDE\N ELUULVNWLU$%'·GHPDOLXoXUXPXQN×VPHQGHY UH\HJLUPHVLYHERUoWDYDQ×Q×Q\NVHOWLOHUHN KDUFDPDODU×QGHYDPHWPHVLEHNOHQPHNWHGLU $YUXSD·GDERUoNUL]L|]HOOLNOHúVSDQ\D|QGHU OLùLQGHGHYDPHWPHNWHGLU$YUXSDKHQ]NUL ]LDüDPDG×ù×QGDQ\×O×QGDGDV×N×QW×ODU×Q GHYDPHWPHVLEHNOHQPHNWHGLU \×O×QGDQEX\DQDNUHVHOWRSDUODQPD \D|QFONHGHQdLQHNRQRPLVLGH\DYDüOD PDJ|VWHUPLüWLUdLQ·LQoH\UHNWH\]GH E\PHRUDQ×Q×Q\×OO×NED]GD\]GHRO PDV×EHNOHQPHNWHGLUdLQHNRQRPLVLQLQ|QFH NL\×OODUGDNLoLIWKDQHOLUDNDPODUGDQWHNKD QHOLE\PH\HJHoHUHN\DU×\DU×\DNoOGù YHLKUDFDWSD]DUODU×Q×QGDUDOG×ù×J|UOPHNWH YH·WHE\PHVLQH\DN×QELUE\ PHJ|VWHUHFHùLEHNOHQPHNWHGLU*OREDOUHWL PLQ·LQLQVDGHFHdLQND\QDNO×ROGXùXG üQOUVHEXE|OJHGHNLHNRQRPLN\DYDüODPD GQ\DHNRQRPLVLQLEHOLUJLQHWNLOHPHNWHGLU ,0)YH2(&'UDSRUODU×QDJ|UH$YUXSD%LUOLùL $%ONHOHULQGHE\PHQLQ·GHHNVL\] GH·WHQ·WHHNVL\]GH·H\NVHO PHVLEHNOHQL\RU*HOLüPLüONHOHUGHQ$%'·GH LVHJHOHFHN\×OLoLQ\]GH-DSRQ\D·GD\]GH E\PHWDKPLQL\DS×OPDNWDYHHNRQRPL OHULQLQ·\HJ|UHELUD]NoOPHVLEHNOHQ PHNWHGLU7UNL\H·QLQGHLoLQGHROGXùX2(&' ONHOHULQLQWDPDP×QGDLVH·WH\]GH ·OLNE\PH|QJ|UOPHNWHGLU +DOHQ$%'YH$YUXSDONHOHULQGHLüVL]OLN RUDQODU×NUL]L|QFHVLQLQROGXNoD]H ULQGHVH\UHWPHNWHGLU$%'·GHVRQXQGD \]GHROPDV×EHNOHQHQLüVL]OLùLQ·WH KDILIJHULOHPHVL|QJ|UOPHNWHGLU(XUR %|OJHVL·QGHEX\×O\]GHRODQLüVL]OLùLQ LVH\×O×QDNDGDU\]GH·\HXODüPDV× EHNOHQPHNWHGLU 'Q\DGD\×O×QGDNUHVHOHNRQRPLQLQ \]GHLOH·GHQGDKDK×]O×E\\HFH ùLYHNUHVHOWLFDUHWKDFPLQLQ\]GHDUW×ü J|VWHUHFHùLWDKPLQHGLOPHNWHGLU 7UNL\H&XPKXUL\HWL0HUNH]%DQNDV×·Q×Q 7&0%Do×NODG×ù×\×O×QLNLQFLILQDQVDOLVWLN UDUUDSRUXQGDGQ\DHNRQRPLVLQGHWHPNLQOL ELUL\LOHüPH|QJ|UOUNHQRODV×OLNLGLWHDUW×ü×\ ODE\PHSRWDQVL\HOLL\LRODQJHOLüHQONHOHUH VHUPD\HJLULüLQLQK×]ODQDFDù×EHOLUWLOL\RU 7UNL\H·GHLVH0HUNH]%DQNDV×·Q×QLoWDOHEL GHQJHOH\LFLDG×PODU×QDNDUü×Q·GH\DN ODü×NE\PHDUDO×ù×QGDHQIODV\RQ EHNOHQPHNWHGLU,0)·QLQ7UNL\HHNRQRPLVL QHLOLüNLQE\PHWDKPLQLEX\×OLoLQ\]GH LoLQLVH\]GH·WLU <×O×\DNODü×N\]GHE\PH\OHNDSDWDQoL PHQWRVHNW|UQGHE\PHWDKPLQL \]GH·JHoPHPHNWHGLU7UNL\HHNRQRPL VLQGHE\PHGHIUHQHEDV×OPDV×JOREDONUL] GHELUVRQDJHOLQPHPHVLYH6XUL\HLOHRODQ JHULOLPWHPNLQOLELU\DNODü×PROXüWXUPDNWDG×U 'LùHU\DQGDQNHQWVHOG|QüP%DUD]LOHUL QLQLPDUDDo×OPDV×GüNIDL]RUWDP×QGDNUH GLPDOL\HWOHULQLQGüPHVLWDVDUUXIODU×QNRQXW DO×P×QD\|QHOPHVLYHPWHNDELOL\HW\DVDODU× QDEDùO×RODUDNLoWDOHELQGHE\PH QLQGHYDPHWPHVLEHNOHQPHNWHGLU6RQ\×OGD WRSODPoLPHQWRWNHWLPLQGHNLSD\×VHYL \HVLQGHQVHYL\HOHULQHo×NP×üRODQDOW\D S×SURMHOHUL|QP]GHNL\×OODUGDNL\RùXQVH oLPWDNYLPLQHGHQL\OHWDOHELROXPOXHWNLOHPH \HGHYDPHGHFHNWLU6HoLPOHULQKDYDOLPDQ× HQHUMLVDQWUDOLN|SUYHPHWURJLELNDPX\DW× U×PODU×Q×DUWW×UDFDù×Q×EHNOHQPHNWHGLU$OW\DS× \DW×U×PODU×QDHNRODUDNNHQWVHOG|QüPNDS VDP×QGDGHSUHPHGD\DQ×NO×ROPD\DQNRQXWODU \HQLOHQHFHNWLU *<2'(5·LQWDKPLQOHULQHJ|UH\×OO×NELQ FLYDU×QGDNRQXWLQüDHGLOHFHNWLU.DPXYH|]HO JLULüLPLQoLPHQWRLoVDW×üODU×Q×ROXPOXHWNLOH PHVLEHNOHQPHNWHGLU\×O×QGDoLPHQWRLo VDW×üODU×Q×QDUWDUDNPLO\RQWRQDXODV PDV×EHNOHQPHNWHGLU úUDQ·GDGHYUH\HJLUHQoLPHQWRWHVLVOHULQLQ ,UDN·D\DS×ODQoLPHQWRLKUDFDWKDFPLQLROXP VX]HWNLOHPHVLQHGHQL\OH7UNL\H·QLQoLPHQWR LKUDFDW×Q×Q,UDNYH6XUL\H\HULQH5XV\D·\D\| QHOHFHùLGüQOPHNWHGLU7RSODPLKUDFDWVD W×üKDFPLQLQ·GHNLGüüQVRQUDV×QGD \HQLGHQVHYL\HVLRODQPQWRQVHYL\H OHULQGHJHUoHNOHüHFHùLWDKPLQHGLOPHNWHGLU 6RQRODUDN\×O×QGD\XUWLoLoLPHQWRVD W×üIL\DWDUW×ü×Q×QHQIODV\RQLOHX\XPOXKDUHNHW HWPHVL\×OO×NED]GDDUWDQHOHNWULNPDOL\HWOHULQH NDUü×QGüPHVLEHNOHQHQSHWURNRNPDOL\HWOH ULLOHüLUNHWOHULQJHQHORODUDNNDUO×O×NODU×Q×NRUX PDV×EHNOHQPHNWHGLU <,/,)$$/ú<(75$3258.21<$dú0(172 17 .21<$dú0(1726$1$<úú$û <,/,d(95(<g1(7ú0ú)$$/ú<(7/(5ú d(95(<g1(7ú0ú dHYUH<|QHWLP%LULPLQLQoDO×üPDODU×LOHIDEULNDP×]×QoHYUHVHOHWNLOHULQLQHQD]DLQGLULOPHVLKHGHIOHQPLüWLU +$9$.$/ú7(6ú<g1(7ú0)$$/ú<(7/(5ú (PLV\RQNRQWUROVHEHEL\OHIDEULNDP×]WRU EDO×ILOWUHOHULOHGRQDW×OP×üW×U.RQ\DdLPHQ WR7R]VX]ODüW×UPD3URMHVLNDSVDP×QGD \×O×QGD7UNL\H·GHELULONHLP]DDWD UDNG|QHUI×U×QHOHNWURILOWUHVLVWHPLQLWRU EDO×ILOWUHVLVWHPLQHG|QüWUPüWU%|\OH FHUHWLPWDPDPHQNDSDO×ELUVLVWHPLoHUL VLQGH\DS×OPD\DROXüDELOHFHNWR]HPLV\RQ ODU×EDFDODUGDNLILOWUHOHUOHEHUWDUDIHGLOPH \HEDüODQP×üW×U7R]ND\QDù×RODUDNV×Q×IODQ G×U×ODELOHFHNEXQNHUHOHYDW|UG|NOüYH EDQW\ROXJLELEHOLUOLQRNWDODUGDWRUEDO×ILOW UHOHUEXOXQPDNWDG×U)LOWUHOHULQDU×WPDYHULPL ·GXU$YUXSD%LUOLùLVWDQGDUWODU×Q×X\ JXQRODQEXILOWUHOHUVD\HVLQGHHPLV\RQGH ùHUOHUL\DVDOV×Q×U×DüPDPDNWDG×U dHYUHYHûHKLUFLOLN%DNDQO×ù×WDUDI×QGDQ oHYUHNLUOLOLùLQL|QOHPHNYHNRQWURODOW×QGD WXWPDNLoLQYHULOPHNWHRODQL]LQYHOLVDQV ODUHPLV\RQGHüDUMDW×NLüOHWPHYEJLEL ´dHYUHú]LQYH/LVDQV%HOJHVLµDG×DOW×QGD ELUOHüWLULOPLüWLU<DVDOPHY]XDWJHUHùL.RQ\D dLPHQWR6DQD\LL$ûoDW×V×DOW×QGDIDDOL\HW J|VWHUHQNOLQNHUYHoLPHQWRIDEULNDV×KD]×U EHWRQWHVLVOHULNLO²NDONHURFDNODU×dHYUH <|QHWLP%LULPLPL]WDUDI×QGDQNRQWUROHGLO PHNWHGLU6|]NRQXVXL]LQYHOLVDQVEHOJH VLQLWHPLQHWPHNLoLQ´(QWHJUHdHYUHú]QLµ dHYUHYHûHKLUFLOLN%DNDQO×ù×·Q×QHOHNWURQLN RUWDPGDNLdHYULPLoLdHYUHú]LQOHUL<D]×O×P 3RUWDO·×]HULQGHJHUHNOLELOJLYHEHOJHOHU VXQXODUDN´(QWHJUHdLPHQWR7HVLVLµoLPHQ WRIDEULNDV×PHUNH]KD]×UEHWRQNLO²NDONHU RFDNODU×DG×QDEDüYXUX\DS×OP×üW×U(QWHJUH oLPHQWRWHVLVLPL]PHUNH]KD]×UEHWRQWHVLVL YHNLO²NDONHURFDNODU×LOH6H\GLüHKLU$NüH KLU%H\üHKLU0HUDP.XOX&LKDQEH\OL<X QDN<HQLFHRED/DGLNKD]×UEHWRQWHVLVOHUL PL]LNDSVDPDNWDG×U $NUHGLWHNXUXOXüODUWDUDI×QGDQ\×OLoLQGH KHUWHVLVLPL]LoLQEHOLUOLG|QHPOHUGHHPLV \RQ|OoP\DS×OPDNWDLOJLOLUDSRUODUdHY UHYHûHKLUFLOLN%DNDQO×ù×YH\HUHO\|QHWLP OHUHVXQXOPDNWDG×U)DEULNDP×]GDNLEDFD ODUGDDW×N\DNPDQHGHQLLOHROXüDQJD]YH WR]HPLV\RQODU×\×OGDG|UWNH]GLRNVLQYHIX UDQGHùHUOHULLVH\×OGDELUNH]|OoOPHNWH GLU7RSODPWR]NDUERQPRQRNVLWD]RWRN VLWRNVLMHQEDV×QoYHV×FDNO×NSDUDPHWUHOH ULQLQ|OoPQ\DSDQG|QHUI×U×QKDWODU× Q×QDQDEDFDODU×QGDNXUXOPXüRODQFLKD] ODUPHYFXWWXU\×O×QGDEXSDUDPHWUH OHUHKLGURMHQIORUUKLGURMHQNORUUYHWRS ODPRUJDQLNNDUERQ|OoPOHPHOHULGHHNOH QHFHNWLU%XFLKD]ODU×QGDQVDùODQDQYHULOHU JHoPLüWH\DVDO]RUXQOXOXNROPDPDV×QDUDù PHQ\×O×QGDQLWLEDUHQdHYUHYHûH KLUFLOLNúO0GUOùQHRQOLQHRODUDNLOHWLO PHNWHIDEULNDYHULOHULPL]GHLOJLOLNXUXPWD UDI×QGDQDQO×NWDNLSHGLOHELOPHNWHGLU<HWNL OLPHUFLOHULQWDOHELGRùUXOWXVXQGDoHYUHVHO JUOW|OoPOHULD\U×FD\DS×OPDNWDG×U3UR VHV\DQJ×QYHVXODPDVX\XNX\XODU×Q×Q\D VDORODUDNEHOJHOHQGLULOPHVLVDùODQPDNWD G×UúoPHYHNXOODQPDVX\XDQDOL]OHULSHUL \RGLNRODUDN\DS×OPDNWDDQDOL]VRQXoODU× \DVDOGHùHUOHULQDOW×QGD\HUDOPDNWDG×U $7,.<g1(7ú0)$$/ú<(7/(5ú )DEULNDP×]GDNLDW×N\|QHWLPSODQ×GDKLOLQGHoDO×üDQODU×P×]DVUHNOLHùLWLPYHULOPHNWHGLU$PEDODMDW×NODU×HOHNWURQLNDW×NODUDW×N\DùODU YEPDGGHOHUROXüWXUXODQDW×NWRSODPDQRNWDODU×QGDELUDUD\DJHWLULOPHNWHYHGDKDVRQUDOLVDQVO×DW×NEHUWDUDIWHVLVOHULQHJ|QGHULOPHNWH GLU2OXüDQHYVHODW×NVXODU×EL\RORMLNDU×WPDVLVWHPLQGHDU×WPDLüOHPLQHWDELWXWXOGXNWDQVRQUDNDQDOL]DV\RQDDNWDU×OPDNWDG×U.DQDOL]DV\RQ EDùODQW×L]QLPL]\×O×LoLQGH\HQLOHQPLüWLU $7,./$5,1$/7(51$7ú)<$.,72/$5$..8//$1,/0$6,)$$/ú<(7/(5ú hONHPL]YHLOLPL]LQHQ|QHPOLVRUXQODU×Q GDQELULRODQYHNRQWUROQVDùODQDPDPD V×GXUXPXQGDoHYUHVHOIHODNHWOHUH\RODoD ELOHFHNRODQWHKOLNHOLDW×NODUIDEULNDP×]GD DOWHUQDWLI\DN×WRODUDNGHùHUOHQGLULOPHNWH GLU%|\OHFHIRVLO\DN×WODU×QoHYUHYHHNRQR PL\HRODQROXPVX]HWNLOHULHQD]DLQGLUJHQ PHNWHGLUûLUNHWLPL]\×O×QGDdHYUHYH 2UPDQ%DNDQO×ù×·QGDQDO×QDQOLVDQVoHUoH YHVLQGHWHKOLNHOLDW×NNDEXOYHEHUWDUDI×QD EDüODP×üW×UgQFHOLNOH.RQ\DLOLYHoHYUHVLQ GHJQP]GHLVHONHJHQHOLQGHKL]PHW YHULOPHNWHGLU)DEULNDP×]DW×NLüOHWPHOLVDQ V×Q×QNDSVDP×JHQLüOHWLOHUHNDW×N\DùER\D oDPXUXNXOODQ×P|PUQWDPDPODP×üODV WLNSHWUROWUHYLYHNRQWDPLQHDW×NROPDN ]HUH·QLQ]HULQGHDW×NDOWHUQDWLI\DN×W YHKDPPDGGHRODUDNNDEXOHGLOPLüWLU$W×N ODU×QVWRNODQPDV×YHLüOHQPHVLDPDF×\OD\D S×ODQVWRNVDKDV×QGDYHRWRPDWLNEHVOHPH VLVWHPL]HULQGHPRGHUQL]HHGLOPLüELU\DQ J×QV|QGUPHVLVWHPLNXUXOPXüWXU.XOODQ×P |PUQWDPDPODP×üODVWLNOHULQG|QHUI×U× Q×Q|Q×V×W×F×ELQDV×QDDUDoODUODQDNOLYHVWRN VDKDV×QGDQRWRPDWLNEHVOHPHEDQG×Q×QEX OXQGXùX|Q×V×W×F×NDW×QDNDGDUODVWLNVHYN VLVWHPLLOHXODüW×U×ODUDNDOWHUQDWLI\DN×WRODUDN NXOODQ×P×JHUoHNOHüPHNWHGLU $W×NODU×QNDEXOHGLOPHVLLOHLOJLOLG]HQOHQ PLü8OXVDO$W×N7Dü×PD)RUPODU×PHYFXWWXU .WOH'HQNOLùL%DODQV×ELOGLULPOHULdHY UHYHûHKLUFLOLN%DNDQO×ù×.WOH'HQNOLùL%LO JL6LVWHPL·QGHNDEXOHGLOHQNXOODQ×ODQYH VWRNODQDQPLNWDUWHKOLNHOLYH\DWHKOLNHVL] DW×NNRGXYHUHWLFLVLNDEXOWDULKLEDüO×NODU× DOW×QGDND\GHGLOPHNWHGLU$UDoODU×P×]×QWHK OLNHOLDW×NWDü×PDOLVDQVEHOJHOHUL\HQLOHQPLü WLU)DEULNDP×]ONHPL]LQDW×N\|QHWLPLNR QXVXQGDNLo|]PRUWDNODU×QGDQELULKDOL QHJHOPLüWLU )DEULNDVDKDP×]LoHULVLQGHEXOXQDQNLO² NDONHURFDNODU×Q×QKHUKDQJLELU\DVDO]R UXQOXOXùXQEXOXQPDPDV×QDNDUü×Q \×O×QGDQLWLEDUHQGRùD\D\HQLGHQND]DQG×U×O PDV×QDoDO×ü×OPDNWDG×U%XNDSVDPGDRFDN VDKDV×Q×QPDO]HPHWHPLQLQVRQDHUGLùLE| OPOHULQGHYHRFDNoHYUHVLQGHDùDoODQG×U PD\DS×ODUDN\HüLONXüDNROXüWXUXOPDNWDG×U *|O\|UHOHULQGHEDO×NODQG×UPDoDO×üPDV×\D S×OP×üJ|OGH|WURILNDV\RQROXüPDPDV×YH HNRVLVWHPLQGHYDPHWPHVLLoLQKDYDODQG×U PDVLVWHPLNXUXOPXüWXU*|OoHYUHVLQGH NLGRùDOELWNL|UWVNRUXQDUDNWPFDQO×ODU LoLQX\JXQELU\DüDPRUWDP×ROXüWXUXOPXü WXU6|]NRQXVXoDO×üPDODUJQP]GHGH GHYDPHWPHNWHGLU '2ø$.2580$)$$/ú<(7/(5ú +DYDNDOLWHVLQLNRUXPDNDG×QD\×O×Q GDPHYFXWoLPDODQ×P×]P¶\H o×NDU×OP×üW×U)DEULNDVDKDP×]LOH7DNNHOL GDù6LOOHYH.DUD|PHUOHURFDù×oHYUHVLQ GHNLDùDoODQG×UPDoDO×üPDODU×VD\HVLQGH DGHWoDPGLüEXGDNDNoDDùDo DNDV\DLùGHPHüHYHEDGHPDùDF×\HWLü WLULOPLüWLU7PKD]×UEHWRQVDQWUDOOHULPL]GH GHEHQ]HUIDDOL\HWOHUG]HQOLRODUDNVUG UOPüWU 18 .21<$dú0(172<,/,)$$/ú<(75$3258 <,/,)$$/ú<(75$3258.21<$dú0(172 19 <g1(7ú09('(1(7ú0 .858//$5, <g1(7ú0.858/8 ûú5.(7ú0ú=ú1 h67<g1(7ú0ú 0HKPHW'h/*(5 'DYXW8/86 <|QHWLP.XUXOX%DüNDQ× *HQHO0GU 3KLOLSSH'DQLHO/$72851$5,( <|QHWLP.XUXOX%DüNDQ<DUG×PF×V×YH0XUDKKDV$]D .DGLU%h<h..$5$ *HQHO0GU<DUG×PF×V×6DW×üYH3D]DUODPD $KPHW*g=(1 -DFTXHV0(5&(5219,&$7 *HQHO0GU<DUG×PF×V×+D]×U%HWRQ <|QHWLP.XUXOXh\HVL 9HGDW.$10$= *X\6,'26 )DEULND0GU <|QHWLP.XUXOXh\HVL +DOLOúEUDKLP%$<6$/ /RXLV0(5&(5219,&$7 <|QHWLP.XUXOXh\HVL *LOEHUW1RHO&ODXGH1$77$ <DN×WYH$OWHUQDWLI<DN×WODU0GU +VH\LQ/HYHQWú=%8'$. <|QHWLP.XUXOXh\HVL 'RPLQLTXH)UDQoRLV5(1,( <|QHWLP.XUXOXh\HVL 3KLOLSSH&+,255$ <|QHWLP.XUXOXh\HVL %LOJLúüOHP0GU úVD0HWLQ*h'(1 úQVDQ.D\QDNODU×0GU 6HGDWg=7h5. 6DW×üYH3D]DUODPD0GU (PLQHh67h1'$ø 0XKDVHEH0GU %H\D]LGL%HVWDPLú1$1 <|QHWLP.XUXOXh\HVL <DK\D25+$1 +VH\LQ(5.$1 úEUDKLP'ú.0(1 <|QHWLP.XUXOXh\HVL $OWHUQDWLI<DN×WODU7HNQLN0GU (OHNWULN(OHNWURQLN%DN×P0GU 6DOLK6h1*(5 '(1(7ú0.858/8 %HQMDPLQ7$&+2,5(6 +DVDQ*g.0(1 +VQ%2=.857 <|QHWLP.XUXOXYH'HQHWOHPH.XUXOX\HOHULELU\×OVUH0DUW²0DUW LoLQVHoLOPHNWHGLU(VDV0XNDYHOHQDPH0DGGH <|QHWLP.XUXOXüLUNHWLLGDUHYHKLVVHVDKLSOHULLOHoQFüDK×VODUDNDUü×PDKNH PHOHU|QQGHWHPVLOHGHU <|QHWLP.XUXOXüLUNHWLQLGDULYHLFUDLLüOHULQL\UWPHN]HUHJHQHOPGUWD\LQ HGHELOLU(VDV0XNDYHOHQDPH0DGGH 20 .21<$dú0(172<,/,)$$/ú<(75$3258 0DNLQH%DN×P0GU (JHPHQd(d(1 3HUIRUPDQV0GU 6XDW%2=7$û +DPPDGGH0GU 2VPDQ2.7$< 6DW×QDOPD0GU )(PHO'ú.0(12ø/8 .UHGL0GU 0XUDWd$//, /DERUDWXYDUYH.DO×WH6LVWHP0GU %$ø/,257$./,./$5 .21<$dú0(172 7ú&$5(7/7'û7ú $KPHW*g=(1 ûLUNHW 0GU $OL8085 ûLUNHW0GU<UG²6DW×üYH3D]DUODPD (UFDQ.$5$7$û ûLUNHW0GU<UG²7HNQLN 72526dú0(172 6$1$<ú7ú&$5(7$û 6XDW%2=7$û <|QHWLP.XUXOXh\HVL %DUEDURV218/$< <|QHWLP.XUXOXh\HVL 6ú*0$%(721 /$%25$789$5+ú=0(7/(5ú 9(7ú&/7'û7ú 6HOLP<h&(/ ûLUNHW0GU <,/,)$$/ú<(75$3258.21<$dú0(172 21 0(1.8/.,<0(7/(5 3$<6$+ú3/(5ú 3$<6$+ú3/(5ú 7(0(77h %LUDGHGL7/GHùHULQGHNLWRSODP DGHWKLVVHVHQHGLRODQ üLUNHWLQ$UDO×NLWLEDUL\OHKLVVH YHRUWDNO×N\DS×V×DüDù×GD J|VWHULOPHNWHGLU ûLUNHW\|QHWLPL\×O×VRQXoODU×QDGD\DQDUDN|]ND\QDN\HWHUOLOLùLQLQ VUGUOHELOLUOLùLQLVDùODPDNDPDF×\OD\×O×QDLOLüNLQJHQHONXUXOGD SD\VDKLSOHULQHKLVVHEDü×QDEUWRUDQ×QGDWHPHWWYHULOPHVLQLWHNOLIHWPLüWLU %81.88 3DUILFLP6$ 9,&$76$)UDQVD*UXEX +LVVH%Dü×QD.DU 7/ 2010 2011 2012 %1.46 Konya Çimento 7LF/WGûWL +LVVH%Dü×QD7HPHWW 7/ 2010 2011 2012 %16.66 'LùHU 3D\6DKLSOHUL ú0.%8/86$/(1'(.6ú1'(.21<$+ú66(6(1('ú1ú16(<5ú 22 .21<$dú0(172<,/,)$$/ú<(75$3258 ú/(7úûú0 3D\6DKLSOHULLOHúOLüNLOHU%LULPL $GUHV+RUR]OXKDQ0DKDOOHVL$QNDUD&DGGHVL1R6HOoXNOX.21<$7h5.ú<( 7HO)DNV KONYA (SRVWDNRQ\DFLPHQWR#YLFDWFRPWU :HEVLWHVLZZZNRQ\DFLPHQWRFRPWU 6HUPD\HVL7/ ,6,1.RGX75$.21<$) 9HUJL.LPOLN1R6HOoXN9' 7LFDUHW6LFLO1R 6DQD\L6LFLO1R <,/,)$$/ú<(75$3258.21<$dú0(172 23 7(5ú0/(56g=/høh $JUHJD %HWRQXQLoLQGHNLNDW×SDUWLNO%R \XWODU×QDJ|UHDGODQG×U×ODQGRùDO YH\DN×U×OP×üPLQHUDOSDUoDF×NOD U×$QPDER\XWXD\U×üW×UPDGDNXO ODQ×ODQNDUHJ|]HQHNOLHOHNOHULQJ| ]HQHNOHULQLQER\XWODU×LOHWDQ×PODQ×U *HQHOOLNOHPPDUDV× $W×NWDQ(QHUML +HUWUOUHWLPVUHFLQGH\DQUQ YH\DDW×NRODUDNROXüDQYHEDüNDELU \HUGHNXOODQ×ODPD\DQUQOHULQoL PHQWRUHWLPVUHFLQGH×V×UHWPHN LoLQNXOODQ×OPDV×YHEXQXQLoLQ|]HO WHNQLNOHULQJHOLüWLULOPHVL%XUQ OHU×V×JHULND]DQ×P×LoLQNXOODQ×OD UDNELULQFLO\DN×WODU×N|PUIXHORLO JD]YEN×VPHQYH\DWDPDPHQLND PHHGHELOLUOHU %DJ+RXVH 7RUEDO×ILOWUHOHPHWHVLVLdRNE\N ER\XWODUGDYHLoLQGHQJHoHFHNV× FDNJD]ODU×QYHUHFHùL]DUDUODUDNDUü× NRUXPD|QOHPOHULDO×QP×üW×U7R]OD U×ILOWUHWRUEDODU×QGDWXWDUWRUEDODU×Q WHPL]OHQPHVLQLPHNDQLNVLONHOHPH YH\DMHWKDYDGDUEHOHUL\OHJHUoHN OHüWLUHUHNWHNUDUVUHFHND]DQG×U×U dLPHQWR 6X\ODNDU×üW×U×OG×ù×]DPDQROXüDQUH DNVL\RQVRQXFXSDVW|]KDOLQHJHOHQ VHUWOHüPH\HEDüOD\DQYHHWUDI×QGDNL NDW×SDUWLNOOHUH\DS×üDQLQFHWR]KD OLQGHKLGUROLNEDùOD\×F× 'HùLUPHQ 0DO]HPH\LoRNNoNER\XWODUDKDW WDWR]DG|QüWUHQ|ùWFPDNL QHOHUdLPHQWRWHVLVOHULQGHJHQHOOLN OHELO\DO×\DWD\GHùLUPHQOHUGLNYH\D \DWD\PHUGDQHOLGHùLUPHQOHUNXOOD Q×O×U 24 (OHNWURILOWUH *HQHOOLNOHoLPHQWRIDEULNDODU×QGD NXOODQ×ODQI×U×QYHVRùXWPDGDQo× NDQWR]OXJD]ODU×QLoLQGHNLWR]ODU× HOHNWURVWDWLNo|NHOWPH\|QWHPL\OHWX WDUDNILOWUHOHPH\DSDQVLVWHPOHU )DULQ +DPPDGGHOHULQRUDQVDORODUDNND U×üW×U×OPDV×\ODKD]×UODQP×üYHI×U×QD EHVOHQHELOHFHNIL]LNVHOüDUWODUDX\ JXQKDOHJHWLULOPLüPDO]HPH +DUo dLPHQWRNXPYHVXNDU×ü×P×%H WRQGDQIDUN×LoLQGHE\NWDQHER \XWOXSDUoDF×NODU×QROPDPDV×G×U +D]×U%HWRQ %LUWHVLVWHYH\DüDQWL\HGHNXUXOX WDUWPDYHGR]DMODPDWHVLVLQGHUHWL OHQWD]HYHNXOODQ×F×WDUDI×QGDQG| NOPH\HKD]×UEHWRQ .×U×F× *HQHOOLNOHWDüRFDNODU×QGDNXOODQ× ODQRFDNWDQo×NDQE\NER\XWOX SDUoDODU×QER\XWODU×Q×NoOWHQPD NLQHOHU .LP\DVDO.DWN× %HWRQDYH\DKDUFDoRND]RUDQGD LODYHHGLOHUHNNDU×ü×P×QEHOOL|]HO OLNOHULQLGHùLüWLUHQNLP\DVDOUQOHU .DWN×ODUJHQHOOLNOHoLPHQWRPLNWDU× Q×Q·LNDGDUNXOODQ×O×UYHNDU×üW×U PDV×UDV×QGDYH\DVRQVDIKDGDHN OHQLU .OLQNHU dLPHQWRQXQHVDVELOHüHQLGLU'|UW DQDKDPPDGGHQLQNDU×üW×U×ODUDNoRN \NVHNV×FDNO×NWDSLüLULOPHVL\OHHOGH HGLOLU.LUHoWDü×VLOLV\XPDOXPLQDYH GHPLURNVLW .21<$dú0(172<,/,)$$/ú<(75$3258 gQ.DU×üW×UPD +DPPDGGHOHULQI×U×QGDSLüLULOPHVLQ GHQ|QFH\DS×ODQKDUPDQODPDND U×üW×UPDLüOHPL 3DNHWOHPH7RUEDODPD+DWW× dLPHQWRQXQWRUEDODUDGROGXUXOPD V×Q×RWRPDWLNHOGHùPHGHQRODUDN \DSDQVLVWHPOHU6DDWWHDGHW WRUEDODPD\DS×ODELOLU 3UHNDOVLQDW|U gQ×V×W×F×GDNLVRùXWPDGDQJHOHQ V×FDNJD]ODEHUDEHUKHUWUO\DN× W×Q\DN×OG×ù×\DQPDRGDV×0RGHUQ I×U×QODUGDSUHNDOVLQDW|UOHUI×U×QLoLQ JHUHNOL×V×OHQHUMLQLQ·HNDGDU×Q× VDùOD\DELOLUOHU 6×YD+DUF× dLPHQWRüHUEHWLYH\DEDüNDELUKLG UROLNEDùOD\×F×LOH\DS×OP×ü\]H\ NDSODPDKDUF×<]H\OHULQG]HOWLO PHVLQGHYHVXJHoLULPVL]OLùLVDùOD PDN]HUHV×NoDNXOODQ×O×U 6RùXWPD .OLQNHUG|QHUI×U×QODU×Q×Qo×N×ü×QD \HUOHüWLULOHQYH&GHSLüPLü NOLQNHULRUWDPV×FDNO×ù×QDNDGDUVR ùXWDQVLVWHP 6RùXWPD.XOHVL gQ×V×W×F×VRQUDV×JD]ODU×QVRùXWX ODUDNYHQHPLQLQDUWW×U×ODUDNHOHNW URILOWUHOHULQGDKDYHULPOLoDO×üPDV×Q× VDùOD\DQVLVWHPOHU úû7ú5$.û(0$6, .21<$dú0(1726$1$<úú$û KONYA dú0(172 7ú&/7'û7ú 72526 dú0(172 6$17ú&$û 6ú*0$%(721 <,/,)$$/ú<(75$3258.21<$dú0(172 25 )ú1$16$/ $5$d/$5'$1 .$<1$./$1$1 5ú6./(5ú11ú7(/úøú 9('h=(<ú .RQ\DdLPHQWR6DQD\LL$ûLoLQWDKVLODWULVNLHVDVRODUDNWLFDULDOD FDNODU×QGDQ ND\QDNODQPDNWDG×U 7LFDUL DODFDNODU üLUNHW \|QHWLFLOHUL PL] WDUDI×QGDQ JHoPLüWHNL WHFUEHOHU YH FDUL HNRQRPLN GXUXP J|] |QQH DO×QDUDN GHùHUOHQGLULOPHNWH JHUHN J|UOGùQGH X\JXQ RUDQGD üSKHOL DODFDN NDUü×O×ù× D\U×OPDNWD YH ELODQoRGD QHW RODUDN Do×NODQPDNWDG×U /LNLGLWH5LVNL /LNLGLWHULVNLüLUNHWLPL]LQQHWIRQODPDLKWL\DoODU×Q×NDUü×OD\DPDPDULV NLGLU/LNLGLWHULVNLQDNLWJLULüYHo×N×üODU×Q×QGHQJHOHQPHVL\OHGüUO PHNWHGLU )DL]5LVNL $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODüLUNHWLPL]LQGH ùLüNHQIDL]OLILQDQVDOHQVWUPDQ×ROPDG×ù×LoLQIDL]RUDQ×ULVNLGX\DUO× O×NDQDOL]LKHVDSODQPDP×üW×U <DEDQF×3DUD5LVNL $UDO×NYH$UDO×NWDULKOHULLWLEDUL\OHüLUNHWLPL]LQG| YL]FLQVLQGHQVDKLSROGXùXYDUO×NYH\NPOONOHUDüDù×GDNLJLELGLU $%''RODU×7/NDUü×O×ù×.DVD%DQNDKH VDSODU×GDKLOWXWDU×QGD3DUDVDO)LQDQVDO9DUO×NODU $9527/NDUü×O×ù×WXWDU×QGD3DUDVDO2OPD\DQ)L QDQVDO9DUO×NODU $%' 'RODU× $952 7RSODP 7/ NDUü×O×ù× WXWDU×QGD7LFDUL%RUoODU $%''RODU×$9527RSODP7/NDUü×O×ù× WXWDU×QGD3DUDVDO2ODQ'LùHU<NPOONOHU $%''RODU×7/NDUü×O×ù×WXWDU×QGDúKUDFDW $9527/NDUü×O×ù×WXWDU×QGDúWKDODW 26 .21<$dú0(172<,/,)$$/ú<(75$3258 <,/,)$$/ú<(75$3258.21<$dú0(172 27 <,/,.21<$dú0(1726$1$<úú $121ú0ûú5.(7ú·1ú1.85806$/ <g1(7ú0ú/.(/(5ú8<805$3258 .XUXPVDO<|QHWLPúONHOHULQH8\XP%H\DQ× .RQ\DdLPHQWR6DQD\LL$û´ûLUNHWµ2FDN²$UDO×N G|QHPLQGH6HUPD\H3L\DVDV×.XUXOXWDUDI×QGDQ\D\×PODQDQ.XUXPVDO <|QHWLPúONHOHULQH8\XP5DSRUXQGD\HUDODQSUHQVLSOHULQX\JXODQPDV× NRQXVXQGDD]DPLJD\UHWVDUIHWPLüWLU ûLUNHWLPL] IDDOL\HWOHULQLQ KHU DüDPDV×QGD GUVW üHIIDI DGLO SD\ VD KLSOHULQHNDUü×VRUXPOXYHKHVDSYHUHELOLUROPD\×WDDKKWHWPLüWLUûLUNHW EQ\HVLQGH.XUXPVDO<|QHWLP6LVWHPLROXüWXUXOPXüVWG]H\\|QHWLFL OHUGDKLOWPoDO×üDQODU×P×]WDUDI×QGDQEHQLPVHQPHVLVDùODQP×üW×U +D]LUDQWDULKLQGH\DS×ODQ2ODùDQVW*HQHO.XUXOWRSODQW×V×QGD üLUNHWHVDVV|]OHüPHVLQGH\HUDODQ.XUXPVDO<|QHWLPúONHOHULNDSVDP×Q GDGHùLüLNOLNOHU\DS×OP×ü<|QHWLP.XUXOXEDù×PV×]\HOLùL<|QHWLP.X UXOXWRSODQW×G]HQLPHYFXWNRPLWHOHULQLüOH\LüLYH*HQHO.XUXONRQXOD U×QGD 6HUPD\H 3L\DVDV× .XUXOX·QFD |QJ|UOHQ G]HQOHPHOHU HVDV DO×Q P×üW×U%XEDùODPGDüLUNHWHVDVV|]OHüPHVLQH\HQLKNPOHUHNOHQPLüYH .XUXPVDO<|QHWLP6LVWHPLQLQVUGUOHELOLUROPDV×KHGHIOHQPLüWLU<|QH WLP.XUXOXQGDYHEQ\HVLQGHNXUXOPXüRODQNRPLWHOHUGHNLEDù×PV×]\H VD\×V× DUWW×U×OP×ü <|QHWLP .XUXOX WRSODQW×ODU×Q×Q EHOLUOL ELU G]HQ oHUoH YHVLQGH\DS×ODUDNDO×QDQNDUDUODU×QJHUHNWLùLGXUXPODUGDNDPX\DGX \XUXOPDV× DUüLYOHQHUHN PXKDID]D HGLOPHVL WDOHS HGHQ <|QHWLP .XUX OX\HOHULYHVWG]H\\|QHWLFLOHULQEXELOJLOHUHHULüLPLVDùODQP×üW×U<| QHWLP .XUXOX \HOHULQGHQ PH\GDQD JHOHQ .XUXPVDO <|QHWLP .RPLWH VL$GD\*|VWHUPH.RPLWHVL5LVNLQ(UNHQ6DSWDQPDV×.RPLWHVLYHhFUHW .RPLWHVLQLQLüOH\LüHVDVODU×EHOLUOHQPLüWLUûLUNHWLPL]SD\VDKLSOHULQL.D PX\X$\G×QODWPD3ODWIRUPX0HUNH]L.D\×W.XUXOXüX·QXQHOHNWURQLNRU WDPGDKL]PHWYHUHQSODWIRUPXYHZZZNRQ\DFLPHQWRFRPWUDUDF×O×ù×\OD K×]O×YHGRùUXELUELoLPGHELOJLOHQGLUPH\LLONHHGLQPLüWLU %g/h0,3$<6$+ú3/(5ú 3D\6DKLSOHULúOHúOLüNLOHU%LULPL ûLUNHWLPL] EQ\HVLQGH WDULKOL YH VD\×O× 5HV PL *D]HWH·GH \D\×PODQDQ 6HUL ,9 QXPDUDO× 6HUPD\H 3L\DVD V× .XUXOX¶QXQ ´6HUPD\H 3L\DVDV× .DQXQX·QD WDEL RODQ $QRQLP 2U WDNO×NODU×Q8\DFDNODU×(VDVODU+DNN×QGDNL7HEOLùLµQLQ%|OP QQPDGGHVLKNPJHUHùLSD\ODU×ERUVDGDLüOHPJ|UHQRUWDNO×N ODUGDSD\VDKLSOLùLKDNODU×Q×QNXOODQ×OPDV×NRQXVXQGDIDDOL\HWJ|VWH UHQ<|QHWLP.XUXOXQDUDSRUODPD\DSDQYH<|QHWLP.XUXOXLOHSD\ VDKLSOHULDUDV×QGDNLLOHWLüLPLVDùOD\DQ´3D\6DKLSOHULLOHúOLüNLOHU%LUL PLµROXüWXUXOPXüWXU1LVDQWDULKLQGH<|QHWLP.XUXOXNDUD U×\ODROXüWXUXODQEXELULPDüDù×GDEHOLUWLOHQJ|UHYOHUGDKLOLQGHIDDOL \HWLQLVUGUPHNWHGLU D3D\VDKLSOHULQHLOLüNLQELOJLOHULQVDùO×NO×JYHQOLYHJQFHOELUEL oLPGHND\GHWPHNYHPXKDID]DHWPHN EûLUNHWLOHLOJLOLNDPX\DDo×NODQPDP×üJL]OLYHWLFDULV×UQLWHOLùLQGH NLELOJLOHUKDULoROPDN]HUHSD\VDKLSOHULQLQüLUNHWLOHLOJLOL\D]×O×ELO JLWDOHELQH\DQ×WYHUPHN F*HQHO.XUXOWRSODQW×V×Q×Q\UUONWHNLPHY]XDWDHVDVV|]OHüPH\H YHGLùHUüLUNHWLoLG]HQOHPHOHUHX\JXQRODUDN\DS×OPDV×Q×VDùODPDN G*HQHO.XUXOWRSODQW×V×QGDSD\VDKLSOHULQLQ\DUDUODQDELOHFHùLGR NPDQODU×KD]×UODPDN H2\ODPDVRQXoODU×Q×QND\GHGLOPHVLYHEXQODUODLOJLOLUDSRUODU×QSD\ VDKLSOHULQHLOHWLOPHN I0HY]XDWYHüLUNHWELOJLOHQGLUPHSROLWLNDV×GDKLONDPX\XD\G×QODWPD LOHLOJLOLKHUWUOKXVXVXJ|]HWPHN 3D\6DKLSOHULúOHúOLüNLOHU%LULPLLOHWLüLPELOJLOHUL $G×6R\DG×7ROJD&(5$1 WDULKLQGHJ|UHYLQGHQLVWLIDHQD\U×OP×üW×U 7HOHIRQ )DNV (SRVWD WFHUDQ#YLFDWFRPWU 28 .21<$dú0(172<,/,)$$/ú<(75$3258 $\Q× WHEOLùLQ PDGGHVLQGH EHOLUWLOHQ RUWDNO×NWDNL 6HUPD\H 3L\DVD V× 0HY]XDW×QGDQ ND\QDNODQDQ \NPOONOHULQ \HULQH JHWLULOPHVL YH .XUXPVDO <|QHWLP X\JXODPDODU×QGDNL NRRUGLQDV\RQXQ VDùODQPD V× DPDF×\OD 0HKPHW +DNDQ .$5$%8/87 VRUXPOX SHUVRQHO RODUDN DWDQP×üW×U .XUXPVDO <|QHWLP 8\JXODPDODU× .RRUGLQDV\RQ 6RUXPOXVX LOHWLüLP ELOJLOHUL $G×6R\DG×0HKPHW+DNDQ.$5$%8/87 WDULKLQGHJ|UHYLQGHQLVWLIDHQD\U×OP×üW×U 7HOHIRQ )DNV (SRVWD KNDUDEXOXW#YLFDWFRPWU $G×6R\DG×(PLQHh67h1'$ø WDULKLQGHVRUXPOXSHUVRQHORODUDNDWDQP×üW×U 7HOHIRQ )DNV (SRVWD HXVWXQGDJ#YLFDWFRPWU 3D\6DKLSOHULQLQ%LOJL(GLQPH+DNODU×Q×Q.XOODQ×P× '|QHP LoLQGH SD\ VDKLSOHUL WDUDI×QGDQ ELOJL WDOHELQGH EXOXQXOPXü JHQHORODUDNKLVVHVHQHGLGHùLüLPLND\GLOHüWLULOPHVLEHGHOOLYH\DEH GHOVL]SD\KDNODU×Q×QNXOODQ×P×WHPHWW|GHPHOHULYHGHYDPHGHQ\D W×U×PIDDOL\HWOHULLOHNDPX\DDo×NODQDQPDOLWDEORODU×QDQDOL]OHULQH\| QHOLNVRUXODUVRUXOPXüWXU .DPX\D Do×NODQDQ GXUXP YH PDOL WDEORODU HOHNWURQLN LP]DO× RODUDN ú0.% .DPX\X $\G×QODWPD 3ODWIRUPX DUDF×O×ù×\OD GX\XUXOPDNWDG×U $\U×FDZZZNRQ\DFLPHQWRFRPWUDGUHVLQGHNL´<DW×U×PF×.|üHVL².X UXPVDO 8\XPµ EDüO×NO× OLQNWH \DW×U×PF×ODU×Q ELOJLOHQGLULOPHVL DPDF×\ ODWLFDUHWYHVDQD\LVLFLOELOJLOHULRUWDNO×N\DS×V×<|QHWLP.XUXOXELO JLOHULHVDVV|]OHüPH\×OO×NIDDOL\HWUDSRUODU×|]HOGXUXPDo×NODPDOD U×QDLOLüNLQHULüLPOHUNXUXPVDO\|QHWLPLONHOHULQHX\XPUDSRUODU×*H QHO.XUXOKD]LUXQFHWYHOOHULYHWRSODQW×WXWDQDNODU×*HQHO.XUXOYHND OHWQDPH|UQHNOHULDo×NODQP×üG|QHPVHOPDOLWDEORODUYHHNOHULNDU GDù×W×PWDEORODU×YEGRNPDQ\HUDOPDNWDG×UûLUNHWHVDVV|]OHüPH VLQGHD\U×FD|]HOGHQHWoLDWDQPDV×WDOHELELUH\VHOELUKDNRODUDNG ]HQOHQPHPLüROXSüLUNHWLPL]7UN7LFDUHW.DQXQX9HUJLNDQXQODU×YH 6HUPD\H3L\DVDV×.DQXQXüLUNHWGHQHWoLOHULQLQEDù×PV×]GHQHWLPüLU NHWLQLQYHNDQXQODUoHUoHYHVLQGH\HWNLOHQGLULOPLüNDPXNXUXPYHNX UXOXüODU×Q×QGHQHWLPLQHDo×NW×U *HQHO.XUXO%LOJLOHUL \×O×QGD2ODùDQYH2ODùDQVWROPDN]HUHLNL*HQHO.XUXO WRSODQW×V× \DS×OP×üW×U \×O×QD LOLüNLQ \×OO×N 2ODùDQ *HQHO .XUXO WRSODQW×V× üLUNHW PHUNH]L RODQ ´+RUR]OXKDQ 0DKDOOHVL $QNDUD &DG GHVL 1R 6HOoXNOX.21<$µ DGUHVLQGH 0DUW WDULKLQGH \DS×OP×üW×U <LQH D\Q× DGUHVWH HVDV V|]OHüPHPL]GHNL LOJLOL PDGGHOHULQ6HUPD\H3L\DVDV×.XUXOX·QXQ\D\×PODG×ù×´.XUXPVDO<| QHWLP úONHOHULQLQ %HOLUOHQPHVL YH 8\JXODQPDV×QD úOLüNLQ ']HQOHPH OHU´NDSVDP×QGDX\XPOXKDOHJHWLULOPHVLLoLQ+D]LUDQWDUL KLQGH2ODùDQVW*HQHO.XUXOWRSODQW×V×JHUoHNOHüPLüWLU7RSODQW×OD UDGDYHWHVDVV|]OHüPHYHPHY]XDWKNPOHULQHX\JXQRODUDN\DS×O P×üW×U'DYHWKHP\D]×O×PHG\DKHPGHHOHNWURQLNRUWDPDUDF×O×ù×\OD \DS×OP×üW×U*HQHO.XUXOODUGDJHUHNOLWRSODQW×QLVDE×VDùODQP×üWRS ODQW×ODUGDLODQHGLOHQJQGHPG×ü×QGDJ|UüOPHVLWDOHSHGLOHQKHU KDQJL ELU NRQX ROPDP×üW×U *HQHO .XUXOODUD DLW KHU WUO GRNPDQ YH IDDOL\HW UDSRUX \D]×O× RODUDN YH HOHNWURQLN RUWDPGD SD\ VDKLS OHULQLQHULüLPYHNXOODQ×P×QDDo×NWXWXOPXüWXU3D\VDKLSOHULQLQ*H QHO .XUXOODUD NDW×O×POD LOJLOL VRUXODU× FHYDSODQG×U×OP×ü 0HUNH]L .D\×W .XUXOXüX·QGDQ EORNDM \D]×V× DOPD\DQODU×Q GDKL QLVDED GDKLO ROPD PDNYHR\NXOODQPDPDNND\G×\OD*HQHO.XUXOWRSODQW×ODU×QDNDW×OD ELOPHVLVDùODQP×üW×U$\U×FDGLOH\HQKHUNHV*HQHO.XUXOODUDJ|]OHPFL RODUDNNDW×ODELOPHNWHGLU2\NXOODQPDKDNN×PHY]XDWKNPOHULGRù UXOWXVXQGDüLUNHWLPL]KLVVHGDU×ROGXùXQX\DW×U×PKHVDE×Q×QEXOXQGX ùXEDQNDYH\DDUDF×NXUXPDEHOLUWLOHQVUHLoLQGHEDüYXUDUDN0HUNH ]L.D\×W.XUXOXüX·QXQYHUHFHùLEORNDM\D]×V×Q×QDVO×Q×üLUNHWLPL]HLEUD] HWPHNVXUHWL\OHLVSDWOD\DQYHKD]LUXQFHWYHOLQH]DPDQ×QGDND\×W\DSW× UDQSD\VDKLSOHULQHYHULOPHNWHGLU*HQHO.XUXOWRSODQW×ODU×QGDSD\VD KLSOHULGLOHGLNOHULDQVRUXVRUPDKDNODU×Q×NXOODQP×üODUJ|UüYH|QH ULOHULQLN×V×WODPDROPDNV×]×QVXQPXüODUG×U'LYDQ+H\HWLYHLOJLOLE|OP \|QHWLFLOHULQFHVRUXODUFHYDSODQP×üW×U ûLUNHWHVDVV|]OHüPHVLQLQPDGGHVLJHUHùLE|OQPH|QHPOLWX WDUGDPDOYDUO×ù×VDW×P×DO×P×NLUDODQPDV×JLEL|QHPOLQLWHOLNWHNLND UDUODU×Q DO×QPDV× NRQXVXQGD <|QHWLP .XUXOX \HWNLOHQGLULOPLüWLU *H QHO.XUXOWXWDQDNODU×WRSODQW×ODUDNDW×O×PLoLQJHUHNOLYHNDOHWQDPHYH JQGHP ELOJLOHULQH \D]×O× RODUDN üLUNHW PHUNH]LQGHQ ZZZNRQ\DFL PHQWRFRPWUDGUHVLQGHQYH.DPX\X$\G×QODWPD3ODWIRUPX·QGDQHUL üLOHELOPHNWHGLU*HQHO.XUXOODUODLOJLOLRODUDNSD\VDKLSOHULLOHLOLüNLOHU ELULPLQGHQELOJLDO×QDELOPHNWHGLU 2\+DNODU×YH$]×QO×N+DNODU× +HUKLVVHQLQELUR\KDNN×YDUG×U3D\VDKLSOHULLoLQLPWL\D]O×R\KDNN× \RNWXU.DUü×O×NO×LüWLUDNLOLüNLVLLoLQGHROGXùXPX].RQ\DdLPHQWR7LFD UHW/LPLWHGûLUNHWL·QLQWHPVLOFLVL*HQHO.XUXOWRSODQW×ODU×QGDR\NXOODQ PDNWDROXSüLUNHWLPL]GHR\KDNLPL\HWL9,&$76$JUXSüLUNHWOHULQGHQ ´3DUWLFLSDWLRQV)LQDQFLHUHVHW,PPRELOLHUHV²3$5),&,06$µ\DDLW WLU%LULNLPOLR\NXOODQPD\|QWHPLNXOODQ×OPDPDNWDROXSHVDVV|]OHü PHPL]GHEXNRQX\DLOLüNLQELUG]HQOHPH\HUDOPDPDNWDG×U<|QH WLPKDNLPL\HWLQLHOLQGHEXOXQGXUDQSD\VDKLSOHULQLQ<|QHWLP.XUX OX\HOHULQLQVWG]H\\|QHWLFLOHULQYHEXQODU×QHüYHLNLQFLGHUHFH\H NDGDUNDQYHVLKUL\DN×QODU×Q×QüLUNHWYH\DEDùO×RUWDNO×NODU×LOHo×NDU oDW×üPDV×QDQHGHQRODELOHFHNQLWHOLNWHLüOHP\DSDELOPHVLYHUHNDEHW HGHELOPHVLKXVXVX0DUWWDULKOL\×OO×N2ODùDQ*HQHO.XUXO GDRQD\DVXQXOPXüYHV|]NRQXVXLüOHPOHUKDNN×QGDELOJLYHULOPLüWLU .DU'Dù×W×P3ROLWLNDV×YH.DU'Dù×W×P=DPDQ× ûLUNHWNDU×QDNDW×O×PNRQXVXQGDLPWL\D]YHN×V×WODPD\RNWXU.DUGD ù×W×PSROLWLNDP×]\×O×2ODùDQ*HQHO.XUXOWRSODQW×V×QGDQVRQUD NDPX\DGX\XUXOPXüWXU'X\XUXPHWQLüXüHNLOGHGLU ´ûLUNHWLPL]LQNDUGDù×W×PSROLWLNDV×0DUWWDULKLQGH*HQHO.X UXOXPX] WDUDI×QGDQ DüDù×GDNL üHNLOGH RQD\ODQDUDN \UUON ND]DQ P×üW×U .kU GDù×W×P SROLWLNDV× YH 6HUPD\H 3L\DVDV× .XUXOX .XUXPVDO <|QHWLPúONHOHULQGH|QJ|UOHQGHWD\ODU×LoHUHQ\×OO×NNkUGDù×W×P|QH ULVLIDDOL\HWUDSRUXQGD\HUDOPDNWD*HQHO.XUXO·GDSD\VDKLSOHULPL ]LQELOJLVLQHVXQXOPDNWDD\U×FDNkUGDù×W×PWDULKoHVLYHVHUPD\HDU W×U×PODU×QD LOLüNLQ GHWD\O× ELOJLOHU LOH ELUOLNWH ûLUNHWLPL]LQ LQWHUQHW VLWH VLQGHNDPX\DGX\XUXOPDNWDG×UûLUNHWLPL]7UN7LFDUHW.DQXQX77. 6HUPD\H3L\DVDV×.DQXQX63.YH6HUPD\H3L\DVDV×.XUXOX·QXQ\D \×PODG×ù×PHY]XDWG]HQOHPHYHNDUDUODU×9HUJL8VXO.DQXQX98. .XUXPODU9HUJLVL.DQXQX.9.*HOLU9HUJLVL.DQXQX*9.YHLOJL OLGLùHU\DVDOPHY]XDWLOH(VDV6|]OHüPHPL]LQLOJLOLKNPOHULQLGLN NDWH DODUDN NDU GDù×W×P NDUDUODU×Q× EHOLUOHPHNWHGLU ûLUNHWLPL] (VDV 6|]OHüPHVL·QGH NDU SD\ODU× YH\D NDU GDù×W×P×QD LOLüNLQ KHUKDQJL ELU LPWL\D]\RNWXU.DUSD\ODU×LOJLOLKHVDSG|QHPLLWLEDUL\OHPHYFXWSD\OD U×QWDPDP×QDEXQODU×QLKUDoYHLNWLVDSWDULKLQHEDN×OPDNV×]×QHüLWROD UDNGDù×W×O×U.DUGDù×W×PNDUDUODU×QGDSD\VDKLSOHULPL]LQPHQIDDWOHUL LOHüLUNHWPHQIDDWLDUDV×QGDGHQJHOLELUSROLWLNDL]OHQPHVLHVDVW×UûLU NHWLPL]NDUGDù×W×P×QDLOLüNLQNDUDUODUGDûLUNHWLPL]X]XQYDGHOLWRSOX OXNYHüLUNHWVWUDWHMLOHULûLUNHWLPL]LüWLUDNYHEDùO×RUWDNO×NODU×Q×QVHU PD\HJHUHNVLQLPOHUL\DW×U×PYHILQDQVPDQSODQODU×LüOHWPHVHUPD\H VLLKWL\DoODU×LOHNDUO×O×NYHQDNLWGXUXPXYHXOXVDOYHXOXVODUDUDV×HNR QRPLNNRüXOODUELUOLNWHGHùHUOHQGLULOPHNWHGLU %XVXUHWWH<|QHWLP.XUXOXPX]WDUDI×QGDQ\DS×ODQWHNOLI]HULQH*H QHO.XUXOWDUDI×QGDQYHULOHFHNNDUDUGRùUXOWXVXQGDLOJLOL\DVDOPHY ]XDWDX\JXQVXUHWWHKHVDSODQDQGDù×W×ODELOLUNDUGDQ6HUPD\H3L\D VDV×.XUXOXWDUDI×QGDQEHOLUOHQHQDVJDULNDUGDù×W×PRUDQ×QGDQD]RO PDPDN]HUHELURUDQGDWHPHWW\QDNLWYH\DEHGHOVL]SD\YHUPHN YH\DN×VPHQQDNLWYHN×VPHQEHGHOVL]SD\YHUPHNVXUHWL\OHGDù×WDELOLU ûLUNHWLPL]*HQHO.XUXOWDUDI×QGDQYHULOHFHNNDUDUGRùUXOWXVXQGDNDU SD\ODU×Q×Q|GHQPHVLQH\|QHOLNRODUDNLOJLOL\DVDOVUHOHUHX\JXQKD UHNHWHGHU=DPDQLoLQGHLOJLOL\DVDOPHY]XDWYH\DûLUNHWLPL]LQX]XQ G|QHPOLVWUDWHMLOHULYH\DW×U×PLKWL\DoODU×QGDPH\GDQDJHOHFHNGHùL üLNOLNOHUGRùUXOWXVXQGDEXSROLWLNDUHYL]HHGLOHELOHFHNWLU%|\OHELUEX GXUXPGDGHùLüLNOLNOHULOJLOL\DVDOPHY]XDWX\DU×QFD*HQHO.XUXOXPX] RQD\×QDVXQXODFDNYHIDDOL\HWUDSRUXPX]LOHûLUNHWLPL]LQWHUQHWVLWH VLQGHNDPX\DDo×NODQDFDNW×Uµ *QP]HNDGDUNDUGDù×W×PVUHoOHUL\DVDLOH|QJ|UOHQVUHLoLQ GH JHUoHNOHüPLü NDUü×ODü×ODQ KHUKDQJL ELU KXNXNL GXUXP ROPDP×ü W×U\×O×QDDLWQDNLWNDUSD\×GDù×W×P×LoLQWRSODPGD|GHQPLüVHU PD\HPL]LQ·VLRODQ7/·QLQRUWDNODU×P×]DEUWNDU SD\×RODUDNGDù×W×OPDV×QDYHGDù×W×PDWDULKLQGHQLWLED UHQEDüODQ×OPDV×QDGDù×W×PGDQDUWDNDODQG|QHPNDU×Q×QGDüLUNHW EQ\HVLQGHLKWL\DWRODUDNE×UDN×OPDV×QDNDUDUYHULOPLüWLU\×O×QD LOLüNLQND\GLSD\ODUDDLWNDUGDù×W×PLüOHPOHULPL]VRUXQVX]üHNLOGHWD PDPODQP×üW×U.D\GLOHüPH\HQSD\ODUDDLWIL]LNLKLVVHVHQHWOHULQHJHo PLü\×OODUDLOLüNLQNDUSD\ODU×Q×QüLUNHWLPL]FHQDNLWRODUDNHOGHQ|GH QHELOPHVL LoLQ KLVVHGDUODU×P×]×Q |QFHOLNOH ND\GLOHüWLUPH VUHFLQL WD PDPODP×üYHEXQXQD\U×FDüLUNHWLPL]FHWHVSLWHGLOPLüROPDV×]RUXQ OXOXùXPHYFXWWXU 3D\ODU×Q'HYUL (VDVV|]OHüPHPL]GHSD\GHYULQLN×V×WOD\DQKHUKDQJLELUKNPEXOXQ PDPDNWDG×UûLUNHWLPL]KLVVHVHQHWOHULQLQKDONDDo×NVWDWVQGHEXOX QDQODU×Q×QWDPDP×úVWDQEXO0HQNXO.×\PHWOHU%RUVDV×·QGDLüOHPJ| UHELOPHNWHGLU6HUPD\H3L\DVDV×.XUXOXYH0HUNH]L.D\×W.XUXOXüXWD UDI×QGDQ\DS×ODQG]HQOHPHOHULOHKLVVHVHQHWOHULQGHIL]LNLVLVWHPGHQ <,/,)$$/ú<(75$3258.21<$dú0(172 29 ND\GLVLVWHPHJHoLOPLüROXSWPSD\KDUHNHWOHULLOHWHPHWW|GHPHOH UL0HUNH]L.D\×W.XUXOXüXVLVWHPLQGHND\GLOHüPHPLüIL]LNLELOLQHQKLV VHGDUODU×P×]×QSD\KDUHNHWOHULGHKLVVHGDUODU×QEH\DQ×QDJ|UHüLUNH WLPL]LQSD\VDKLSOHULLOHLOLüNLOHUELULPLWDUDI×QGDQKLVVHGDUODUSURJUD P×QGDWDNLSHGLOPHNWHE|\OHFHILLOLSD\ODU×WHPVLOHWPH\HQSD\GHIWH ULQLQDNVLQHJHUoHNGXUXPEH\DQHVDV×QDX\JXQRODUDNJQFHOL]OH QHELOPHNWHGLU6HUPD\H3L\DVDV×.XUXOX·QXQ´.D\GLOHüWLULOHQVHUPD\H SL\DVDV×DUDoODU×QDLOLüNLQND\×WODU×QWXWXOPDV×Q×QXVXOYHHVDVODU×KDN N×QGD7HEOLùLQLQ6HUL,91R*HoLFLPDGGHVLKNPX\DU×Q FDüLUNHWLPL]VHUPD\HVLQLWHPVLOHGHQYHIL]LNLRODUDNEDVW×U×ODQKLVVH VHQHWOHULQLQüLUNHWLPL]LQ7DNDVEDQN·DWHVOLPNRQXVXQGD\HWNLOLN×OG×ù× DUDF×NXUXOXüDWHVOLPHGLOPHVL]RUXQOXGXU3D\VDKLSOHULQFHüLUNHWLPL]H EDüYXUX\DS×OPDNVXUHWL\OHJQFHOOHüWLULOPHPLüYHND\GLOHüWLULOPHPLü KLVVHVHQHWOHULQLQPDOLNOHULDQFDNND\GLOHüWLUPHVUHFLQLQWDPDPODQ PDV×KDOLQGHJHQHONXUXOODUDLüWLUDNHGHELOHFHNOHUGLU <XNDU×GD \HU DODQ \DVDO G]HQOHPHOHU oHUoHYHVLQGH KLVVHGDUODU×P× ]×QHOOHULQGHEXOXQDQ·QF×WHUWLSKLVVHVHQHWOHULQLüLUNHWLPL]LQKLV VHVHQHWOHULQL7DNDVEDQN·DIL]LNLWHVOLPNRQXVXQGD\HWNLOHQGLUGLùL$N <DW×U×P0HQNXO'HùHUOHU$ûYH\D7UNL\HoDS×QGD$N<DW×U×P0HQ NXO'HùHUOHU$û·QLQDFHQWDV×NRQXPXQGDRODQKHUKDQJLELU$NEDQN 7$ûüXEHVLQHWHVOLPHWPHNVXUHWL\OHND\GLOHüWLUPHLüOHPLQLJHUoHN OHüWLUHELOHFHNWLU 7HVOLP HGLOHFHN KLVVH VHQHWOHULQLQ ]HULQGH ·GDQ ·HNDGDUDGHW\HQLSD\DOPDNXSRQXEXOXQPDV×JHUHNPHNWH GLU+LVVHVHQHWOHUL]HULQGHGDKLOGDKDHVNL\×OODUDDLWNDUSD\× NXSRQODU×Q×QEXOXQPDPDV×NHVLOHUHND\U×FDVDNODQPDV×JHUHNPHNWH GLU(VNL\×OODUDDLWNDUSD\×NXSRQODU×ND\GLOHüWLUPHVUHFLWDPDPODQ G×NWDQVRQUDüLUNHWHWHVOLPHGLOHUHNNRQWUROHGLOGLNWHQVRQUDQDNLWNDU SD\ODU×DO×QDELOPHNWHGLU·QF×WHUWLSKLVVHVHQHWOHULQLüLUNHWLPL]GHQKH Q]DOPDP×üRODQRUWDNODU×P×]HOOHULQGHNLKLVVHVHQHWOHULLOH|QFHOLNOH üLUNHWLPL]HPUDFDDWHGHUHNWHUWLSKLVVHVHQHWOHULQLHVNLWHUWLSYH JHoHUVL]RODQKLVVHVHQHWOHULLOHGHùLüWLUPHOLYHEXGHùLüLPVRQUDV×JH UHNOLLüOHPOHUHEDüODPDO×G×U(VNLWHUWLSKLVVHVHQHWOHULQLQGHùLüLPLNX SRQDEDùO×NDUSD\×|GHPHOHULND\GLOHüPHVUHFLLOHLOJLOLRODUDNSD\ VDKLSOHULLOHLOLüNLOHUELULPLQGHQELOJLDO×QDELOPHNWHGLU+LVVHGDUODU×P× ]×Q$UDO×NWDULKLQHNDGDUNHQGLOHULQHDLWIL]LNLKLVVHVHQHWOHUL QLND\GLOHüWLUPLüROPDODU×JHUHNPHNWHGLU%XNRQXGDDo×NODPDYHGX \XUX\DUDSRUXPX]XQHQVRQN×VP×QGD\HUYHULOPLüWLU %g/h0,,.$08<8$<',1/$70$9(û())$)/,. ûLUNHW%LOJLOHQGLUPH3ROLWLNDV× ûLUNHWLPL]LQ 6HUPD\H 3L\DVDV× .XUXOX·QXQ LOJLOL NDUDU LOH GX\XUGXùX .XUXPVDO<|QHWLPúONHOHUL·QLQ,,%|OPPDGGH·GHEHOLUWLOGLùL üHNLOGHELUELOJLOHQGLUPHSROLWLNDV×ROXüWXUXOPXüWXU%LOJLOHQGLUPHSR OLWLNDP×]g]HO'XUXP$o×NODPDV×LOH.$3·DELOGLULOPLüROXSüLUNHWLPL] LQWHUQHWVLWHVLQGH\HUDOPDNWDG×U EHOLUWLOGLùL]HUHLQWHUQHWVLWHPL]GHGRùUXGDQXODü×ODELOHQSD\VDKLS OHULYHNDPXR\XQXQIDDOL\HWOHULPL]NRQXVXQGDELOJLOHQPHVLQLVDùOD \DQD\U×ELUOLQN\HUDOPDNWDG×U *HUoHN.LüL1LKDL+kNLP3D\6DKLEL6DKLSOHULQLQ $o×NODQPDV× ûLUNHWLPL]GHJHUoHNNLüLQLKDLSD\VDKLELEXOXQPDPDNWDG×U g]HO'XUXP$o×NODPDODU× 2FDN²$UDO×NG|QHPLLoLQGHüLUNHWLPL]FH63.G ]HQOHPHOHULX\DU×QFD|]HOGXUXPDo×NODPDODU×\DS×OP×üW×UúQWHUQHW\R OX\OD\DS×ODQ|]HOGXUXPDo×NODPDODU×ú0.%EQ\HVLQGH\HUDODQ.D PX\X$\G×QODWPD3ODWIRUPX.$3VLVWHPLQHHOHNWURQLNLP]DO×RODUDN J|QGHULOPLüWLU<DS×ODQ|]HOGXUXPDo×NODPDODU×LoLQú0.%WDUDI×QGDQ HNELUDo×NODPDLVWHQPHPHNOHELUOLNWH63.WDUDI×QGDQGDX\JXODQDQ KHUKDQJLELU\DSW×U×PROPDP×üW×U+LVVHVHQHWOHULPL]\XUWG×ü×QGDKHU KDQJLELUERUVD\DNRWHROPDG×ù×LoLQú0.%G×ü×QGDEDüNDELUERUVD\D Do×NODPDJ|QGHULOPHPLüWLU ûLUNHWúQWHUQHW6LWHVLYHúoHULùL úoHULGHQgùUHQHELOHFHN'XUXPGD2ODQ.LüLOHULQ .DPX\D'X\XUXOPDV× ûLUNHWLPL]LWHPVLOYHLO]DPD\HWNLOLN×O×QDQNLüLOHUOHLOJLOLELOJLOHU<|QH WLP .XUXOXPX]XQ \×OO×N IDDOL\HW UDSRUXQGD <|QHWLP .XUXOX EDüNDQ \HOHULYHGLùHULP]D\D\HWNLOLPGUYH\|QHWLFLOHU\HUDOPDNWDVW G]H\\|QHWLFLOHUHDLWELOJLOHUJ|UHYHDWDQPDD\U×OPDYEKXVXVODU PHY]XDWD X\JXQ RODUDN NDPX\D GX\XUXOPDNWDG×U %DüWD LGDUL SHU VRQHO ROPDN ]HUH WP oDO×üDQODU×P×] ´.DPX\D Do×N ROPD YH WDEL ROXQDQ PHY]XDWµWDQ ND\QDNODQDQ VRUXPOXOXNODU×P×]× ELOPHNWHGLUOHU 0HY]XDW oHUoHYHVLQGH 0HUNH]L .D\×W .XUXOXüX VLVWHPLQH LoVHO ELOJL OHUHHULüLPOLVWHVLJQFHORODUDNELOGLULOPHNWHGLU%XNRQXGDüLUNHWLPL] *HQHO0GUOùQFHWPSHUVRQHO\D]×O×RODUDNELOJLOHQGLULOPLüWLU ûLUNHWLPL]LQ LQWHUQHW VLWHVL ZZZNRQ\DFLPHQWRFRPWU GLU %|OP 0DGGH´3D\6DKLSOHULQLQ%LOJL(GLQPH+DNODU×Q×Q.XOODQ×P×µQGD %g/h0,,,0(1)$$76$+ú3/(5ú 0HQIDDW6DKLSOHULQLQ%LOJLOHQGLULOPHVL 0HQIDDW6DKLSOHULQLQ<|QHWLPH.DW×O×P× +LVVHGDUODU×P×]G×ü×QGDüLUNHWLPL]OHLüYHPHQIDDWLOLüNLVLLoLQGHRODQ NLüLYHNXUXOXüODULOJLOLKXVXVODUGDELOJLOHQGLULOPHNWHGLU)DDOL\HWJ|V WHUGLùLPL]VHNW|UGHoLPHQWRYHKD]×UEHWRQWHGDULNoLVLYHPüWHULPL] RODQILUPD\HWNLOLOHULQLQüLUNHWLPL]LQVDW×üYHSD]DUODPDSROLWLNDV×LOH N×VD YH X]XQ YDGHOL KHGHIOHUL KDNN×QGD ELOJLOHQGLUPH WRSODQW×ODU×QD NDW×OPDODU×VDùODQPDNWDG×U$\U×FDWLFDULLüLOLüNLVLLoLQGHROGXùXPX] EDQNDYHILQDQVNXUXPODU×Q×QLOJLOL\|QHWLFLOHULLOHEHOLUOLG|QHPOHUGH ELOJLOHQGLUPHDPDoO×WRSODQW×ODU\DS×OPDNWDG×U 0HQIDDWVDKLSOHULQLQ\|QHWLPHNDW×O×P×NRQXVXQGD\DS×OP×üKHUKDQ JLELUoDO×üPDP×]\RNWXU 30 .21<$dú0(172<,/,)$$/ú<(75$3258 úQVDQ.D\QDNODU×3ROLWLNDV× (QVRQUHWLPWHNQRORMLOHULLOHGRQDW×ODQWHVLVOHULPL]GHoDO×üDQODU×P× ]×QELOJLYHPHPQXQL\HWG]H\LQLQ\NVHNROPDV×JHUHNWLùLQHLQDQ×\RU YHLQVDQND\QDNODU×SROLWLNDODU×P×]×EXGRùUXOWXGDJHOLüWLUL\RUX]3HU VRQHOLPL]LQELUH\VHOYHPHVOHNLJHOLüLPOHULGHVWHNOHQPHNWHNDOLWHLü VDùO×ù×YHJYHQOLùLNRQXODU×QGD\×OER\XQFDHùLWLPSURJUDPODU×G ]HQOHQPHNWHGLU7UNL\H·QLQHQE\NVDQD\LNXUXOXüXDUDV×QGD \HUDODQüLUNHWLPL]LQKHGHILIDDOL\HWOHULQGHKHSGDKDEDüDU×O×VRQXoODU HOGH HWPHNWLU %X KHGHILPL]H SDUDOHO RODUDN SHUVRQHOLPL]LQ \HWNLQOLN G]H\LQLQGHDUWW×U×OPDV×DPDoODQPDNWDG×U%LUH\LQGRùUXLüWHGHùHU OHQGLULOGLùL\NVHNSHUIRUPDQV×QWHüYLNHGLOGLùLoDO×üDQODU×Q×QPHP QXQL\HWYHPRWLYDV\RQX\NVHNYHHNLSUXKXLoHULVLQGHJ|UHY\DSW×ù× QLWHOLNOLLüJFSL\DVDV×LoLQWHUFLKHGLOHQELUNXUXPROPDNKHGHIL\OH oDO×üPDODU×P×]×VUGUPHNWH\L] 0üWHULYH7HGDULNoLOHUOHúOLüNLOHU+DNN×QGD%LOJLOHU .DOLWH<|QHWLPúü6DùO×ù×YH*YHQOLùLVLVWHPOHULJHUHùLWHGDULNoLOHU GHùHUOHQGLULOHUHNV×Q×IODQG×U×O×UYHVLVWHPHNDW×O×PODU×VDùODQ×U 6RV\DO6RUXPOXOXN 'HSUHP NXüDù×QGD EXOXQDQ ONHPL]GH LQüDDW VHNW|UQGH IDDOL\HW J|VWHUHQKHUNHVLQ\DS×NDOLWHVLQH|QHPYHUPH]RUXQOXOXùXYDUG×U%X KXVXVWD.RQ\DdLPHQWR·QXQVWOHQPLüROGXùXVRV\DOVRUXPOXOXNJH UHùLQLYHUVLWH²VDQD\LLüELUOLùLQHWLFHVLQGHNRQXVXQGDX]PDQ|ù UHWLPJ|UHYOLOHULQLQELOJLOHULQLSD\ODüW×NODU×HùLWLPSURJUDPODU×VHPL QHU YH WRSODQW×ODU G]HQOHQPHNWHGLU %X RUJDQL]DV\RQODUD ILUPD VD KLSOHULQGHQPLPDUYHPKHQGLVOHUHNDPXJ|UHYOLOHULQGHQDNDGHPLV \HQYHQLYHUVLWH|ùUHQFLOHULQHLQüDDWXVWDYHNDOIDODU×QGDQWNHWLFL OHUHNDGDUKHUNHVLPGHQNDW×O×PVDùODQPDNWDG×U)DDOL\HWOHULQLPü WHULYHNDOLWHRGDNO×PRGHUQSD]DUODPDWHNQLNOHULoHUoHYHVLQGHJH OLüWLUHUHNVUGUHQ.RQ\DdLPHQWRHWNLOL\|QWHPOHUJHOLüWLUPHNELUH\ VHOYHPHVOHNLJHOLüLPOHULQHNDWN×GDEXOXQPDNDPDF×\ODoDO×üDQODU×QD \|QHOLNVRV\DOYHNOWUHOHWNLQOLNOHULOHG]HQOHPHNWHGLU<D]YHJ] G|QHPOHULQGH|]HOOLNOHPDNLQHHOHNWULNNLP\DYHPDGHQPKHQGLV OLùLQLQ\DQ×V×UDLüOHWPHLNWLVDWYHPDOL\HE|OPOHULQGH|ùUHQLPJ|U PHNWHRODQQLYHUVLWH|ùUHQFLOHULQHVWDMo×UDNO×NYHPHVOHNLHùLWLPND QXQXNDSVDP×QGDRUWD|ùUHQLP|ùUHQFLOHULQHGHX\JXODPDO×HùLWLP LPNDQ×VDùODQPDNWDG×U (PLV\RQ NRQWURO LoLQ oLPHQWR IDEULNDP×] HOHNWURILOWUHOHU YH MHW SOXV WLSLWRUEDO×ILOWUHOHULOHGRQDW×OP×üW×UûXDQGDWHVLVOHULPL]GHHPLV\RQ|O oPOHULQHJ|UHWR]\RùXQOXùXGHùHUL$%QRUPODU×Q×QYH\DVDOV×Q×UOD U×QROGXNoDDOW×QGDG×U7HVLVOHULPL]GHGRùDOJD]NXOODQ×P×QDEDüODQ P×üW×U )RVLO \DN×WODU×Q oHYUH YH PLOOL HNRQRPL\H ROXPVX] HWNLOHUL oL PHQWR UHWLPLQGH DW×N \DN×WODU×Q GHùHUOHQGLULOGLùL VLVWHPOHULQ NXUXO PDV×Q×JHUHNWLUPLüWLU*HUHNOLWP\DW×U×PODUWDPDPODP×üROXSdHYUH YH2UPDQ%DNDQO×ù×·QGDQDO×QDQDOWHUQDWLI\DN×WNXOODQ×POLVDQV×NDS VDP×QGDDW×N\DùNXOODQ×P|PUQWDPDPODP×üODVWLN\DùYHVRO YHQWOHUOHEXODü×NKDOLQHJHOPLüWHNVWLOUQOHULNDUWRQNDù×WSODVWLN JLELNRQWDPLQHDW×NODURWRPRELOYHEH\D]Hü\DHQGVWULOHULQHDLWER\D oDPXUODU×DU×WPDWHVLVOHULQGHQWHPLQHGLOHQoDPXUEHUWDUDIHGLOPHN WH HNRQRPLN GHùHUL ROPD\DQ YH EHOLUOL NDORULILN GHùHUH VDKLS DW×N ODUDQD\DN×WODELUOLNWHDOWHUQDWLI\DN×WRODUDNNXOODQ×OPDNWDG×U%XX\ JXODPDP×]×QGRùDOND\QDNODU×QNRUXQPDV×oHYUH\H\D\×ODQNDUERQ GLRNVLWPLNWDU×Q×QD]DOW×OPDV×YH\]ELQOHUFHWRQDW×ù×Q\RNHGLOPHVL QLQ\DQ×QGDPLOOLHNRQRPLPL]HGHE\NNDWN×ODU×ROGXùXPXKDNNDN W×U)DEULNDVDKDP×]HWUDI×QGDKDOHQGHYDPHWPHNWHRODQDùDoODQG×U PDoDO×üPDODU×P×]ODELQOHUFHoDPGLüEXGDNo×QDUVHGLUDNoDDùDo LùGHPHüHYHEDGHPDùDF×\HWLüWLULOPLüIDEULNDP×]ELUNRUXLoHULVLQ GHIDDOL\HWJ|VWHUHQ|UQHNELUoLPHQWRWHVLVLKDOLQHJHOPLüWLU)DEULND VDKDV×QGDEXOXQDQWDüRFDNODU×P×]GDPDO]HPHWHPLQLQLQVRQEXOGX ùXE|OPOHUGHUHKDELOLWDV\RQSURMHVL\UWOPHNWHROXSPHYFXWGR ùDOJ|OHWOHULQHWUDI×QGD\HüLODODQODUROXüWXUXOPDNWDG×U7PKD]×UEH WRQ VDQWUDOOHULPL]GH GH EHQ]HU IDDOL\HWOHULPL] G]HQOL RODUDN VUG UOPHNWHGLU$\U×FD.RQ\D·GD7DNNHOL'DùYH6LOOHE|OJHVLQGHDùDo ODQG×UPD SURMHOHULPL]OH GH ELQOHUFH oDP ILGDQ× YH PXKWHOLI WLSWH IL GDQ WRSUDNOD EXOXüWXUXOPXü ROXS ILGDQ GLNLPLQH DUD YHUPHGHQ GH YDPHGLOPHNWHGLU %g/h0,9<g1(7ú0.858/8 <|QHWLP.XUXOXQXQ<DS×V×2OXüXPXYH%Dù×PV×]h\HOHU %DüNDQ0HKPHW'h/*(5 %DüNDQ<DUG×PF×V×YH0XUDKKDV$]D3KLOLSSH'DQLHO/$72851$5,( h\H-DFTXHV0(5&(5219,&$7 h\H*X\6,'26 h\H/RXLV0(5&(5219,&$7 h\H*LOEHUW1RHO&ODXGH1$77$ h\H'RPLQLTXH)UDQoRLV5(1,( h\H3KLOLSSH&+,255$ h\H%H\D]LGL%HVWDPLú1$1 h\H+VH\LQ(5.$1 <|QHWLP.XUXOX\HOHULELU\×OVUHLoLQ0DUW²0DUWVH oLOPLüWLU<|QHWLP.XUXOXEDù×PV×]\HOHUL0HKPHW'h/*(5YH+ VH\LQ(5.$1·G×U<|QHWLP.XUXOX\HOHULQLQüLUNHWG×ü×QGDJ|UHY\DS×S \DSPDODU×KXVXVXQGD\D]×O×KHUKDQJLELUV×Q×UODPDEXOXQPDPDNWDG×U ûLUNHWLQ0LV\RQYH9L]\RQXLOH6WUDWHMLN+HGHIOHUL ûLUNHWLPL]LQYL]\RQYHPLV\RQXEHOLUOHQHUHNNDPXR\XQDGX\XUXOPXü WXU 0LV\RQXPX]9HULPOLYHHWNLQUHWLPPHWRWODU×LOHNDOLWHYHHWLN GHùHUOHUGHQWDYL]YHUPHNVL]LQoHYUH\HWRSOXPVDOKD\DWDYHPLOOL HNRQRPL\HNDWN×ODU×Q×DUWW×UDUDNGHYDPHWWLUPHN 9L]\RQXPX]0üWHULKLVVHGDUYHoDO×üDQODU×QDDUW×GHùHUND WDQWRSOXPVDOVRUXPOXOXùXSDUDOHOLQGHJYHQLOLUOLNYHPüWHULRGDN O×\|QHWLPLWHPHOLONHOHULRODUDNEHQLPVH\HQYHIDDOL\HWJ|VWHUGLùL WPE|OJHOHUGHLONDNODJHOHQYHWHUFLKHGLOHQüLUNHWROPDN 6WUDWHMLNKHGHIOHULPL]<|QHWLP.XUXOXWDUDI×QGDQEHOLUOHQPHNWHROXS EWoHOHULPL] \×OO×N RODUDN ROXüWXUXOPDNWD EWoH KHGHIOHULQH \|QHOLN JHOLüPHOHULVHD\O×NRODUDNGHùHUOHQGLULOPHNWHGLU 5LVN<|QHWLPYHúo.RQWURO0HNDQL]PDV× <|QHWLP.XUXOXh\HOHULQLQ1LWHOLNOHUL <|QHWLP.XUXOX\HOHULLüWLJDONRQXVXQXG]HQOH\HQPHY]XDWKDNN×Q GDWHPHOELOJLYHEHFHULVDKLELQLYHUVLWHPH]XQXüLUNHW\|QHWLPLQGH GHQH\LPOLPDOLWDEORYHUDSRUODU×\RUXPOD\DELOHFHNNLPVHOHUGLU%R üDODQ\HOLNOHUHGHD\Q×QLWHOLNWHNLNLüLOHUDGD\J|VWHULOLSVHoLOPHNWHGLU <|QHWLP.XUXOX\HOHULDUDV×QGDQVHoLOHQ\HOHULQROXüWXUGXùX'HQH WLPGHQ6RUXPOX.RPLWHJ|UHY\DSPDNWDG×U%XNRPLWHG]HQOLROD UDNELUDUD\DJHOHUHNüLUNHWLQEDù×PV×]GHQHWLPHWDELRODQYHROPD \DQ PDOL WDEOR YH UDSRUODU×Q× NRQWURO HWPHNWH ELODQoR YH NDU]DUDU KHVDSODU×Q×LQFHOHPHNWH63.WDUDI×QGDQEHOLUOHQHQPXKDVHEHLONHYH VWDQGDUWODU×QDX\JXQOXùXQXGHQHWOHPHNWHYH<|QHWLP.XUXOXRQD\× QDVXQPDNWDG×U <,/,)$$/ú<(75$3258.21<$dú0(172 31 <|QHWLP.XUXOXh\HOHULLOH<|QHWLFLOHULQ<HWNLYH 6RUXPOXOXNODU× ûLUNHWLPL]HVDVV|]OHüPHVLQLQYHPDGGHOHULQGH<|QHWLP.X UXOX\HOHULPL]LQ\HWNLYHVRUXPOXOXNODU×QD\HUYHULOPLüWLUûLUNHW\|QH WLPLLOHLOJLOLPDGGHOHULQRULMLQDOPHWLQOHULüXüHNLOGHGLU 0DGGH ´ûLUNHWLQ G×üDU×\D NDUü× WHPVLOL <|QHWLP .XUXOXQD DLWWLU <|QHWLPNXUXOXWHPVLOKXVXVXQGDELUNDUDUDOPDG×ù×WDNGLUGHüLUNHW WDUDI×QGDQ YHULOHFHN EWQ EHOJHOHULQ YHYH\D DNGROXQDFDN EWQ V|]OHüPHOHULQPXWHEHURODELOPHVLLoLQEXQODU×Q<|QHWLP.XUXOX\H OHULQGHQLNLVLQLQLP]DV×Q×WDü×PDV×YH\D<|QHWLP.XUXOXNDUDU×\ODEL ULQFLYH\DLNLQFLGHUHFHGHLP]D\HWNLVLYHULOPLüRODQODUGDQHQD]LNL LP]D\×WDü×PDV×JHUHNOLGLU$QFDNEXVRQGXUXPGDLP]DODUGDQELULEL ULQFLGHUHFHGHROPDO×G×UûLUNHWLQWPLGDULYHLFUDLLüOHULQL\HULQHJHWLU PHN]HUH<|QHWLP.XUXOX\HVLROPD\DQELU*HQHO0GUWD\LQHGL OLU *HQHO 0GUQ YD]LIH PGGHWL <|QHWLP .XUXOXQXQ VUHVL\OH V× Q×UO×GHùLOGLUµ 'HùHUOHULPL] *YHQLOLUOLN DGLO \DNODü×P PüWHUL YH NDOLWH RGDNO× O×N UHNDEHWoLOLN oHYUH\H YH LQVDQD VD\J× VRUXPOXOXN ELOLQFL üHIIDI O×NYHNDW×O×PF×O×NW×U <|QHWLP.XUXOXQGD2OXüWXUXODQ.RPLWHOHULQ 6D\×<DS×YH%Dù×PV×]O×ù× 6HUPD\H3L\DVDV×.XUXOX·QXQ6HUL,91RVD\×O×.XUXPVDO<|QHWLP úONHOHULQLQ%HOLUOHQPHVLQHYH8\JXODQPDV×QDúOLüNLQ7HEOLùKNPOHUL LOHEXWHEOLùLQX\JXODQPDV×QDLOLüNLQGLùHUPHY]XDWYHNDUDUODU×JHUH ùLEDù×PV×]<|QHWLP.XUXOX\HOHULWHVSLWHGLOHUHN'HQHWLPGHQ6R UXPOX.RPLWH.XUXPVDO<|QHWLP.RPLWHVL$GD\*|VWHUPH.RPLWHVL 5LVNLQ(UNHQ6DSWDQPDV×.RPLWHVLYHhFUHW.RPLWHVLROXüWXUXOPXüWXU 0HKPHW 'h/*(5 YH +VH\LQ (5.$1·×Q EDù×PV×] <|QHWLP .XUXOX \HOHULROGXùXWHVSLWHGLOHUHN.DPX\X$\G×QODWPD3ODWIRUPX·QGDGX \XUXOPXüWXU 0DGGH´<|QHWLP.XUXOX7UN7LFDUHWNDQXQXLüEXDQDPXNDYH OHQDPHYHEXKXVXVODUGDüLUNHWLQ*HQHO.XUXOWDUDI×QGDQLWWLKD]HGL OHQNDUDUODUODNHQGLVLQHWDKPLOHGLOHQYD]LIHOHULLIDYHLFUDHGHUOHUûLU NHWLQPDNVDWYHPHY]XXLOHLOJLOLJD\ULPHQNXOOHULQDO×PVDW×P×NLUD ODQPDV×LSRWHNHGLOPHVLGHGDKLOüLUNHWDG×QDLüOHP\DSPDNüLUNHWL WHPVLOYHLO]DPHWPHN<|QHWLP.XUXOXNDUDU×\ODROXUûLUNHWDG×QD\D ]×ODQYHYHULOHQEWQEHOJHYHNDù×WODU×QYHüLUNHWDG×QD\DS×ODQELO FPOHEDùODQW×YHV|]OHüPHQLQPXWHEHUROPDV×YHüLUNHWLLO]DPHGH ELOPHVLLoLQEXQODU×Q<|QHWLP.XUXOXQFDGHUHFH\HUYHüHNLOOHULWD\LQ HGLOHUHNLP]D\HWNLVLYHULOHQYHQHVXUHWOHLP]DHGHFHNOHULXVXOQHX\ JXQVXUHWWHWHVFLOYHLODQROXQDQNLüLYH\DNLüLOHUWDUDI×QGDQüLUNHWQ YDQ×DOW×QGDLP]DODQP×üROPDV×OD]×PG×Uµ 'HQHWLPGHQ 6RUXPOX .RPLWH \HOLNOHULQH 0HKPHW 'h/*(5 YH + VH\LQ (5.$1 'HQHWLPGHQ 6RUXPOX .RPLWH %DüNDQO×ù×QD 0HKPHW 'h/*(5.XUXPVDO<|QHWLP.RPLWHVL\HOLNOHULQH0HKPHW'h/*(5 3KLOLSSH&+,255$YH'RPLQLTXH)UDQoRLV5(1,(.XUXPVDO<|QH WLP .RPLWHVL %DüNDQO×ù×QD 0HKPHW 'h/*(5 $GD\ *|VWHUPH .R PLWHVL \HOLNOHULQH 0HKPHW 'h/*(5 *X\ 6,'26 YH *LOEHUW 1$7 7 7$ $GD\ *|VWHUPH .RPLWHVL %DüNDQO×ù×QD 0HKPHW 'h/*(55LV NLQ(UNHQ6DSWDQPDV×.RPLWHVL\HOLNOHULQH0HKPHW'h/*(53KLOLS SH&+,255$YH'RPLQLTXH)UDQoRLV5(1,(5LVNLQ(UNHQ6DSWDQPD V×.RPLWHVL%DüNDQO×ù×QD0HKPHW'h/*(5hFUHW.RPLWHVL\HOLNOHUL QH0HKPHW'h/*(5*X\6,'26YH3KLOLSSH&+,255$hFUHW.R PLWHVL%DüNDQO×ù×QD0HKPHW'h/*(5VHoLOPLüWLU <|QHWLP.XUXOXQXQ)DDOL\HW(VDVODU× <|QHWLP.XUXOXQD6DùODQDQ0DOL+DNODU <|QHWLP.XUXOXWRSODQW×ODU×QGDJQGHPLROXüWXUDFDNNRQXODUKDNN×Q GD\HOHUGHQYHüLUNHW\|QHWLFLOHULQGHQJHOHQWDOHSYHELOJLOHUGHùHU OHQGLULOPHNWHGLU<|QHWLP.XUXOXPX]NDUDUDO×QPDV×JHUHNHQGXUXP ODUGDGDRODùDQVWWRSODQW×ODU\DSPDNWDG×U7RSODQW×ODUDoDùU×WH OHIRQYHYH\D<|QHWLP.XUXOX%DüNDQ×WDUDI×QGDQ\D]×O×RODUDN\DS×O PDNWDG×U <|QHWLP .XUXOX \HOHULQLQ ELOJLOHQGLULOPHVL YH LOHWLüLP NX UXOPDV×üLUNHWúQVDQ.D\QDNODU×0GUOùWDUDI×QGDQ\DS×OPDNWDG×U <|QHWLP.XUXOXWRSODQW×ODU×QGDEXJQHNDGDUKHUKDQJLELUNDUü×R\ GXUXPXLOHNDUü×ODü×OPDP×üW×U.DUü×R\ROPDV×GXUXPXQGDNDUDU]DS W×QDJHoLOPHNWHYHüLUNHWGHQHWoLOHULQH\D]×O×RODUDNLOHWLOPHNWHGLU7P <|QHWLP.XUXOXWRSODQW×ODU×QDPPNQRODQHQID]ODNDW×O×P×QVDù ODQPDV×QDoDO×ü×OPDNWDG×U ûLUNHWLPL]LQ6HUPD\H3L\DVDV×.XUXOX7DUDI×QGDQ<D\×QODQDQ´.XUXP VDO<|QHWLPúONHOHULQH8\XPµDPDF×\ODROXüWXUXODQ\×O×QDLOLü NLQ\×OO×N2ODùDQ*HQHO.XUXOWRSODQW×V×JQGHPLQGHJ|UüOHUHNND EXOHGLOHQ´<|QHWLP.XUXOXh\HOHUL9HhVW']H\<|QHWLFLOHULQhFUHW OHQGLUPH(VDVODU×QDúOLüNLQ3ROLWLNDV×µüXüHNLOGHGLU ûLUNHWOH0XDPHOH<DSPDYH5HNDEHW<DVDù× <|QHWLP .XUXOX \HOHULPL]H KHU \×O JHQHO NXUXOGD 7UN 7LFDUHW .DQXQX·QXQüLUNHWOHPXDPHOH\DSPDN\DVDù×Q×G]HQOH\HQYH UHNDEHW\DVDù×Q×G]HQOH\HQPDGGHOHULQGHEHOLUWLOHQL]LQOHUYH ULOPHNWHGLU 6|] NRQXVX L]LQOHULQ YHULOPHVL LOH LOJLOL NDUDUODU WRSODQW× |QFHVLJQGHPPDGGHOHULLoLQGH\HUDOPDNWDG×U'ROD\×V×\ODüLUNHWL PL]<|QHWLP.XUXOX\HOHULLoLQG|QHPLoLQGHüLUNHWOHLüOHP\DSPDYH UHNDEHW\DVDù×X\JXODQPDPDNWDG×U$QFDN<|QHWLP.XUXOX\HOHUL PL]LQüLUNHWOHGRùUXGDQYH\DGROD\O×RODUDNLüOHP\DSPDODU×YHUHND EHWHWPHOHULV|]NRQXVXROPDPDNWDG×UNLEXQGDQGROD\×ROXüDQKHU KDQJLELUo×NDUoDW×üPDV×EXJQHNDGDU\DüDQPDP×üW×U (WLN.XUDOODU ûLUNHWLPL] IDDOL\HWOHULQL HVDV V|]OHüPH KHU WUO \DVDO PHY]XDW YH WRSOXPVDOGHùHUHX\JXQRODUDNVUGUPH\LNDOLWHSROLWLNDV×LOHWDDK KWHWPLüWLU 32 .21<$dú0(172<,/,)$$/ú<(75$3258 ´ûLUNHWLPL]GH X\JXODQDQ FUHW VLVWHPLQLQ PLV\RQ YH YL]\RQXPX]D GHùHUOHULPL]HYHKHGHIOHULPL]HKL]PHWHGHFHNüHNLOGH\DS×ODQG×U×OPD V×DPDoODQP×üW×U<|QHWLP.XUXOXh\HOHULPL]*HQHO.XUXOWDUDI×QGDQ WDNGLUHGLOHQKX]XUKDNN×QGDQID\GDODQ×UODU+X]XUKDNN×PLNWDU×\DN ODü×NRODUDNüLUNHWLPL]GHLVWLKGDPHGLOHQELUX]PDQSHUVRQHOLQD\O×N FUHWLWXWDU×QGDROXSKHUVHQHHQIODV\RQYHoDO×üDQPDDüODU×QD\DS× ODQFUHWDUW×üRUDQODU×JLELSDUDPHWUHOHUGLNNDWHDO×QDUDN*HQHO.X UXORQD\×QDVXQXOPDNWDG×U*HQHO0GUYH*HQHO0GU<DUG×PF× ODU×QGDQROXüDQVWG]H\\|QHWLFLOHULPL]HVHNW|URUWDODPDODU×YHSD ]DUNRüXOODU×QDX\JXQRODUDNEHOLUOHQPLüED]PDDüODU×Q\DQ×V×UDSR ]LV\RQODU×QDJ|UHEHOLUOHQPLü|]HOOLNOHUGHüLUNHWDUDF×PRELOLOHWLüLP DUDoODU×|]HOVDùO×NVLJRUWDV×ORMPDQJLELXQVXUODUGDQROXüDQSDNHW OHUG×ü×QGDüLUNHWKHGHIOHULQLQJHUoHNOHüPHRUDQODU×YHYHUJL|QFHVLID DOL\HWNDU×LOHEDùODQW×O×RODUDNWDNGLUHGLOHQ\×OVRQXSULPLJLELLPNDQ ODUVXQXOPDNWDG×U\×O×0DUWD\×QGDJHUoHNOHüWLULOHQ2ODùDQ*H QHO.XUXO·GDELU\×OVUH\OH<|QHWLP.XUXOX\HOHULLOHGHQHWoLOHULoLQ QHW7/$\KX]XUKDNN×|GHQPHVLNDEXOHGLOPLüWLU$\U×FD<| QHWLP.XUXOX%DüNDQ×0HKPHW'h/*(5·HD\Q×VUHLoLQKX]XUKDN N×G×ü×QGDD\U×FDQHW7/$\<|QHWLP.XUXOXh\HVL'RPLQLTXH )UDQoRLV5(1,(·\HGHQHW7/$\]RUXQOXKDUFDPD|GHPHVL \DS×OPDV×NDUDUDEDùODQP×üW×Uµ <|QHWLP.XUXOX\HOHULPL]HEXJQHNDGDUYHULOPLüKHUKDQJLELUERUo YHNXOODQG×U×ODQNUHGLEXOXQPDPDNWDG×UûLUNHWLPL]RODUDNNXOODQ×ODQ NUHGL\HNHIDOHWYHUPHJLELELUX\JXODPDP×]PHYFXWGHùLOGLU .21<$dú0(172 6$1$<úú$û 9(%$ø/, 257$./,./$5, .RQVROLGH)LQDQVDO7DEORODU+DNN×QGD %Dù×PV×]'HQHWLP5DSRUX %Dù×PV×]'HQHWLP5DSRUX .RQVROLGH)LQDQVDO'XUXP7DEORVX .RQVROLGH.DSVDPO×*HOLU7DEORVX .RQVROLGHg]ND\QDN'HùLüLP7DEORVX .RQVROLGH1DNLW$N×üODU×7DEORVX .RQVROLGH)LQDQVDO7DEORODU×7DPDPOD\×F×1RWODU <,/,)$$/ú<(75$3258.21<$dú0(172 33 %$ø,06,='(1(7ú05$3258 .30*7h5.ú<( .RQ\DdLPHQWR6DQD\LL$û <|QHWLP.XUXOX·QD *LULü .RQ\DdLPHQWR6DQD\LL$QRQLPûLUNHWL´ûLUNHWµYH%DùO×2UWDNO×NODU×·Q×QELUOLNWH´*UXSµ$UDO×NWDULKLLWLEDU×\ ODKD]×UODQDQYHHNWH\HUDODQNRQVROLGHILQDQVDOGXUXPWDEORVXQXYHD\Q×WDULKWHVRQDHUHQ\×ODDLWNRQVROLGHNDSVDPO×JH OLUWDEORVXQXNRQVROLGH|]ND\QDNGHùLüLPWDEORVXQXYHNRQVROLGHQDNLWDN×üODU×WDEORVXQX|QHPOLPXKDVHEHSROLWLNDODU×Q×Q |]HWLQLYHGLSQRWODU×GHQHWOHPLüEXOXQX\RUX] )LQDQVDO7DEORODUODúOJLOL2ODUDNúüOHWPH<|QHWLPLQLQ6RUXPOXOXùX úüOHWPH\|QHWLPLNRQVROLGHILQDQVDOWDEORODU×Q6HUPD\H3L\DVDV×.XUXOX·QFD\D\×PODQDQILQDQVDOUDSRUODPDVWDQGDUWODU×QD J|UHKD]×UODQPDV×YHGUVWELUüHNLOGHVXQXPXQGDQVRUXPOXGXU%XVRUXPOXOXNNRQVROLGHILQDQVDOWDEORODU×QKDWD YHYH\DKLOHYHXVXOV]ONWHQND\QDNODQDQ|QHPOL\DQO×üO×NODULoHUPH\HFHNELoLPGHKD]×UODQDUDNJHUoHùLGUVWELUüHNLOGH \DQV×WPDV×Q×VDùODPDNDPDF×\ODJHUHNOLLoNRQWUROVLVWHPLQLQWDVDUODQPDV×Q×X\JXODQPDV×Q×YHGHYDPHWWLULOPHVLQL NRüXOODU×QJHUHNWLUGLùLPXKDVHEHWDKPLQOHULQLQ\DS×OPDV×Q×YHX\JXQPXKDVHEHSROLWLNDODU×Q×QVHoLOPHVLQLLoHUPHNWHGLU %Dù×PV×]'HQHWLP.XUXOXüXQXQ6RUXPOXOXùX 6RUXPOXOXùXPX]\DSW×ù×P×]EDù×PV×]GHQHWLPHGD\DQDUDNEXNRQVROLGHILQDQVDOWDEORODUKDNN×QGDJ|UüELOGLUPHNWLU %Dù×PV×]GHQHWLPLPL]6HUPD\H3L\DVDV×.XUXOX·QFD\D\×PODQDQEDù×PV×]GHQHWLPVWDQGDUWODU×QDX\JXQRODUDN JHUoHNOHüWLULOPLüWLU%XVWDQGDUWODUHWLNLONHOHUHX\XOPDV×Q×YHEDù×PV×]GHQHWLPLQNRQVROLGHILQDQVDOWDEORODU×QJHUoHùL GRùUXYHGUVWELUELoLPGH\DQV×W×S\DQV×WPDG×ù×NRQXVXQGDPDNXOELUJYHQFH\LVDùODPDN]HUHSODQODQDUDN \UWOPHVLQLJHUHNWLUPHNWHGLU %Dù×PV×]GHQHWLPLPL]NRQVROLGHILQDQVDOWDEORODUGDNLWXWDUODUYHGLSQRWODULOHLOJLOLEDù×PV×]GHQHWLPNDQ×W×WRSODPDN DPDF×\ODEDù×PV×]GHQHWLPWHNQLNOHULQLQNXOODQ×OPDV×Q×LoHUPHNWHGLU%Dù×PV×]GHQHWLPWHNQLNOHULQLQVHoLPLNRQVROLGH ILQDQVDOWDEORODU×QKDWDYHYH\DKLOHGHQYHXVXOV]ONWHQND\QDNODQ×SND\QDNODQPDG×ù×KXVXVXGDGDKLOROPDN]HUH |QHPOL\DQO×üO×NLoHULSLoHUPHGLùLQHGDLUULVNGHùHUOHQGLUPHVLQLGHNDSVD\DFDNüHNLOGHPHVOHNLNDQDDWLPL]HJ|UH \DS×OP×üW×U%XULVNGHùHUOHQGLUPHVLQGHLüOHWPHQLQLoNRQWUROVLVWHPLJ|]|QQGHEXOXQGXUXOPXüWXU$QFDNDPDF×P×]Lo NRQWUROVLVWHPLQLQHWNLQOLùLKDNN×QGDJ|UüYHUPHNGHùLOEDù×PV×]GHQHWLPWHNQLNOHULQLNRüXOODUDX\JXQRODUDNWDVDUODPDN DPDF×\ODLüOHWPH\|QHWLPLWDUDI×QGDQKD]×UODQDQNRQVROLGHILQDQVDOWDEORODULOHLoNRQWUROVLVWHPLDUDV×QGDNLLOLüNL\LRUWD\D NR\PDNW×U%Dù×PV×]GHQHWLPLPL]D\U×FDLüOHWPH\|QHWLPLWDUDI×QGDQEHQLPVHQHQPXKDVHEHSROLWLNDODU×LOH\DS×ODQ |QHPOLPXKDVHEHWDKPLQOHULQLQYHNRQVROLGHILQDQVDOWDEORODU×QELUEWQRODUDNVXQXPXQXQX\JXQOXùXQXQ GHùHUOHQGLULOPHVLQLLoHUPHNWHGLU %Dù×PV×]GHQHWLPV×UDV×QGDWHPLQHWWLùLPL]EDù×PV×]GHQHWLPNDQ×WODU×Q×QJ|UüP]QROXüWXUXOPDV×QD\HWHUOLYHX\JXQELU GD\DQDNROXüWXUGXùXQDLQDQ×\RUX] *|Uü *|UüP]HJ|UHLOLüLNWHNLNRQVROLGHILQDQVDOWDEORODU*UXS·XQ$UDO×NWDULKLLWLEDU×\ODNRQVROLGHILQDQVDOGXUX PXQXYHD\Q×WDULKWHVRQDHUHQ\×ODDLWNRQVROLGHILQDQVDOSHUIRUPDQV×Q×YHNRQVROLGHQDNLWDN×üODU×Q×6HUPD\H3L\DVDV× .XUXOX·QFD\D\×PODQDQILQDQVDOUDSRUODPDVWDQGDUWODU×1RWoHUoHYHVLQGHGRùUXYHGUVWELUELoLPGH\DQV×WPDNWDG×U úVWDQEXO ûXEDW $NLV%Dù×PV×]'HQHWLPYH6HUEHVW 0XKDVHEHFL0DOL0üDYLUOLN $QRQLPûLUNHWL +DWLFH1HVULQ7XQFHU 6RUXPOX2UWDN%DüGHQHWoL 34 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+úú7ú%$5,</$.2162/ú'()ú1$16$/'85807$%/268 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 'LSQRW 5HIHUDQV %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N 9DUO×NODU 230.584.538 264.226.314 1DNLWYH1DNLW%HQ]HUOHUL )LQDQVDO<DW×U×PODU '|QHQ9DUO×NODU 7LFDUL$ODFDNODU úOLüNLOL7DUDIODUGDQ$ODFDNODU 'LùHU7LFDUL$ODFDNODU 'LùHU$ODFDNODU 6WRNODU 'LùHU'|QHQ9DUO×NODU 179.942.656 185.327.142 'LùHU$ODFDNODU g]ND\QDN<|QWHPLQH*|UH'HùHUOHQHQ<DW×U×PODU 10 0DGGL'XUDQ9DUO×NODU 11 0DGGL2OPD\DQ'XUDQ9DUO×NODU 12 (UWHOHQPLü9HUJL9DUO×ù× 410.527.194 449.553.456 'XUDQ9DUO×NODU 'LùHU'XUDQ9DUO×NODU 723/$09$5/,./$5 úOLüLNWHNLQRWODUEXNRQVROLGHILQDQVDOWDEORODU×QWDPDPOD\×F×SDUoDV×G×U <,/,)$$/ú<(75$3258.21<$dú0(172 35 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+úú7ú%$5,</$.2162/ú'()ú1$16$/'85807$%/268 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 'LSQRW 5HIHUDQV %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N .D\QDNODU 40.583.578 .×VD9DGHOL<NPOONOHU )LQDQVDO%RUoODU 7LFDUL%RUoODU úOLüNLOL7DUDIODUD%RUoODU 'LùHU7LFDUL%RUoODU 'LùHU%RUoODU úOLüNLOL7DUDIODUD%RUoODU 'LùHU%RUoODU '|QHP.DU×9HUJL<NPOOù %RUo.DUü×O×NODU× 13 14.707.393 18.056.666 'LùHU.×VD9DGHOL<NPOONOHU 8]XQ9DGHOL<NPOONOHU 13 %RUo.DUü×O×NODU× dDO×üDQODUD6DùODQDQ)D\GDODUDúOLüNLQ.DUü×O×NODU (UWHOHQPLü9HUJL<NPOOù 'LùHU%RUoODU g]ND\QDNODU 17 355.236.223 387.807.454 $QD2UWDNO×ùD$LWg]ND\QDNODU gGHQPLü6HUPD\H 6HUPD\H']HOWPHVL)DUNODU× .DUü×O×NO×úüWLUDN6HUPD\H']HOWPHVL +LVVH6HQHWOHULúKUDo3ULPOHUL .DUGDQ$\U×ODQ.×V×WODQP×ü<HGHNOHU <DVDO<HGHNOHU 6WDW<HGHNOHUL *HoPLü<×OODU.DU× '|QHP.DU× .RQWURO*F2OPD\DQ3D\ODU 355.184.876 387.772.680 51.347 34.774 723/$0.$<1$./$5 410.527.194 449.553.456 úOLüLNWHNLQRWODUEXNRQVROLGHILQDQVDOWDEORODU×QWDPDPOD\×F×SDUoDV×G×U 36 43.689.336 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+úú7ú%$5,</$621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'(.$36$0/,*(/ú57$%/268 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 'LSQRW 5HIHUDQV %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N 6DW×ü*HOLUOHUL 6DW×üODU×Q0DOL\HWL %UW.DU *HQHO<|QHWLP*LGHUOHUL 54.397.317 53.140.344 3D]DUODPD6DW×üYH'Dù×W×P*LGHUOHUL 'LùHU)DDOL\HW*HOLUOHUL 21.1 'LùHU)DDOL\HW*LGHUOHUL 21.2 32.821.940 33.258.849 )DDOL\HW.DU× g]ND\QDN<|QWHPLQH*|UH'HùHUOHQHQ <DW×U×PODU×Q.DUODU×QGDNL3D\ODU )LQDQVDO*HOLUOHU )LQDQVDO*LGHUOHU 9HUJLgQFHVL.DU 9HUJL*LGHUL '|QHP9HUJL*LGHUL (UWHOHQPLü9HUJL*HOLUL '|QHP.DU× 'LùHU.DSVDPO×*HOLU 7RSODP.DSVDPO×*HOLU 7RSODP.DSVDPO×*HOLULQ'Dù×O×P× .RQWURO*F2OPD\DQ3D\ODU $QD2UWDNO×N3D\ODU× 22 23 7RSODP.DSVDPO×*HOLU $GLYH6H\UHOWLOPLü+LVVH%Dü×QD.D]DQo %Dù×PV×] 'HQHWLPGHQ*HoPLü $UDO×N 46.752.474 48.571.190 37.061.857 -37.061.857 30.427.200 -30.427.200 1.200 37.061.857 30.427.200 7,602 6,243 úOLüLNWHNLQRWODUEXNRQVROLGHILQDQVDOWDEORODU×QWDPDPOD\×F×SDUoDV×G×U <,/,)$$/ú<(75$3258.21<$dú0(172 37 38 .21<$dú0(172<,/,)$$/ú<(75$3258 4.873.440 61.484.151 úOLüLNWHNLQRWODUEXNRQVROLGHILQDQVDOWDEORODU×QWDPDPOD\×F×SDUoDV×G×U $UDO×NWDULKLLWLEDU×\ODEDNL\HOHU 2UWDNODUOD\DS×ODQWRSODPLüOHPOHU <HGHNOHUHWUDQVIHU gGHQHQWHPHWW *HoPLü\×ONDUODU×QDWUDQVIHU g]ND\QDNGDND\GHGLOHQ RUWDNODULOH\DS×ODQLüOHPOHU 67.473.888 424.820.568 30.426.000 387.772.680 '|QHP .DU× 37.047.888 355.184.876 7.052.748 36.911 20.122.720 231.690.986 36.911 13.069.972 277.953.426 4.873.440 61.484.151 .DSVDPO×JHOLUWRSODP× 36.911 13.069.972 277.953.426 *HoPLü<×O .DUODU× '|QHPNDU× 4.873.440 61.484.151 .DUGDQ $\U×ODQ .×V×WODQP×ü <HGHNOHU 7RSODPNDSVDPO×JHOLU 2FDNWDULKLLWLEDU×\ODEDNL\HOHU gGHQPLü 6HUPD\H 51.347 355.236.223 2.604 48.743 424.869.311 34.774 387.807.454 7RSODP g]ND\QDNODU 34.774 387.807.454 Ana .RQWURO 2UWDNO×ùD *F $LW7RSODP 2OPD\DQ g]ND\QDNODU 3D\ODU 30.426.000 387.772.680 30.427.200 19.691.375 1.200 30.426.000 1.515.556 1.200 37.348 372.098.031 7RSODP g]ND\QDNODU 30.426.000 35.920.934 372.060.683 '|QHP .DU× Ana .RQWURO 2UWDNO×ùD *F $LW7RSODP 2OPD\DQ g]ND\QDNODU 3D\ODU -- 36.911 13.069.972 277.953.426 .DUü×O×NO× +LVVH 6HUPD\H úüWLUDN 6HQHWOHUL 6HUPD\H úKUDo ']HOWPHVL )DUNODU× ']HOWPHVL 3ULPOHUL 2UWDNODUOD\DS×ODQWRSODPLüOHPOHU 4.873.440 61.484.151 <HGHNOHUHWUDQVIHU $UDO×NWDULKLLWLEDU×\ODEDNL\HOHU gGHQHQWHPHWW *HoPLü\×ONDUODU×QDWUDQVIHU -- -- -- -- -- .DSVDPO×JHOLUWRSODP× 'LùHUNDSVDPO×JHOLU g]ND\QDNGDND\GHGLOHQ RUWDNODULOH\DS×ODQLüOHPOHU *HoPLü<×O .DUODU× 36.911 11.554.416 258.262.051 4.873.440 61.484.151 .DUGDQ $\U×ODQ .×V×WODQP×ü <HGHNOHU '|QHPNDU× 7RSODPNDSVDPO×JHOLU 2FDNWDULKLLWLEDU×\ODEDNL\HOHU gGHQPLü 6HUPD\H .DUü×O×NO× +LVVH 6HUPD\H úüWLUDN 6HQHWOHUL ']HOWPHVL 6HUPD\H úKUDo )DUNODU× ']HOWPHVL 3ULPOHUL .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+úú7ú%$5,</$621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'(g=.$<1$.'(øúûú07$%/268 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+úú7ú%$5,</$621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'(1$.ú7$.,û7$%/268 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU %Dù×PV×] 'HQHWLPGHQ *HoPLü $UDO×N %Dù×PV×] 'HQHWLPGHQ *HoPLü $UDO×N 37.061.857 30.427.200 21.1 'LSQRW 5HIHUDQV× (VDVIDDOL\HWOHULQGHQVDùODQDQQDNLWDN×üODU× '|QHPNDU× '|QHPNDU×LOHLüOHWPHIDDOL\HWOHULQGHQVDùODQDQQDNLW DUDV×QGDNLPXWDEDNDW $PRUWLVPDQJLGHUOHULYHLWIDSD\ODU× 6DELWN×\PHWVDW×üNDU×QHW Vergi gideri Faiz gelirleri 22 Faiz giderleri 23 g]ND\QDN\|QWHPLQHJ|UHGHùHUOHQHQ\DW×U×PODUGDQND]DQoODU 7UHYÀQDQVDODUDoODUGHùHUOHPHIDUNODU× .×GHPWD]PLQDW×\NPOOùNDUü×O×ù× .XOODQ×OPDP×üL]LQNDUü×O×ù× .×GHPOLLüoLOLùLWHüYLNSULPLLSWDOLNDUü×O×ù× $ODFDNYHERUoUHHVNRQWODU×QGDNLGHùLüLPQHW 'DYDNDUü×O×NODU× 13 0DOL\HWJLGHUNDUü×O×NODU× 13 ûSKHOLDODFDNNDUü×O×ù× 55.288.858 52.073.568 úüOHWPHVHUPD\HVLQGHNLGHùLüLNOLNOHUGHQ|QFHNLIDDOL\HWNDU× úüOHWPHVHUPD\HVLQGHNLGHùLüLNOLNOHU 7LFDULYHGLùHUDODFDNODUGDNLGHùLüLP 6WRNODUGDNLGHùLüLP 'LùHUG|QHQYDUO×NODUGDNLGHùLüLP 'LùHUGXUDQYDUO×NODUGDNLGHùLüLP 7LFDULYHGLùHUERUoODUGDNLGHùLüLP 'LùHUN×VDYHX]XQYDGHOL\NPOONOHUGHNLGHùLüLP 6DW×üDPDF×\ODHOGHWXWXODQYDUO×NODUGDNLGHùLüLP Ödenen faizler gGHQHQN×GHPWD]PLQDWODU× 26.613.772 50.253.317 ûSKHOLDODFDNWDKVLODWODU× Ödenen vergiler (VDVIDDOL\HWOHULQGHQVDùODQDQQHWQDNLW <DW×U×PIDDOL\HWOHULQGHNXOODQ×ODQQDNLWDN×üODU× $O×QDQIDL]OHU 0DGGLYHPDGGLROPD\DQGXUDQYDUO×NVDW×QDO×PODU× 0DGGLYHPDGGLROPD\DQGXUDQYDUO×NVDW×üODU× g]ND\QDN\|QWHPLQHJ|UHPXKDVHEHOHüWLULOHQ\DW×U×PODUGDNLGHùLüLP <DW×U×PIDDOL\HWOHULQGHNXOODQ×ODQQHWQDNLW )LQDQVPDQIDDOL\HWOHULQGHNXOODQ×ODQQDNLWDN×üODU× )LQDQVDOERUoODUGDNLQHWGHùLüLP Ödenen temettü )LQDQVPDQIDDOL\HWOHULQGHNXOODQ×ODQQHWQDNLW 1DNLWYHQDNLWEHQ]HUOHULQGHNLQHWDUW×ü 3.152.638 '|QHPEDü×QDNLWYHQDNLWEHQ]HUOHUL '|QHPVRQXQDNLWYHQDNLWEHQ]HUOHUL 131.340.773 172.063.093 <,/,)$$/ú<(75$3258.21<$dú0(172 39 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 1. ûú5.(7·ú125*$1ú=$6<2189( )$$/ú<(7.21868 .RQ\D dLPHQWR 6DQD\LL $QRQLP ûLUNHWL ´ûLUNHWµ oHüLW OLWLSOHUGHoLPHQWRNOLQNHUKD]×UEHWRQYHDJUHJDUHWLPL \DSPDNYHVDWPDNDPDF×\OD\×O×QGD.RQ\D·GDNX UXOPXüYHWHVFLOHGLOPLüELUVHUPD\HüLUNHWLGLUûLUNHWLQ%Dù O×2UWDNO×NODU×GD.RQ\D·GDYH$QNDUD·GDNXUXOPXüYHWHV FLOHGLOPLüELUHUVHUPD\HüLUNHWLROXSHVDVIDDOL\HWNRQXOD U×LVHoLPHQWRYHVDLU\DS×PDO]HPHOHULDO×P×VDW×P×QDN OL\HVLYH\DS×PDO]HPHOHULQLQNDOLWHYHVWDQGDUWODUDX\JXQ OXùXQXQDUDüW×U×OPDV×YHLQFHOHQPHVLGLU .DWHJRULOHULWLEDU×\OD$UDO×NYH$UDO×N WDULKOHULLWLEDU×\ODoDO×üDQSHUVRQHOLQRUWDODPDVD\×V×DüD ù×GDNLJLELGLU $UDO×N $UDO×N 6HQGLNDV×]3HUVRQHO 6HQGLNDO×3HUVRQHO 113 7RSODPdDO×üDQ6D\×V× 314 327 $UDO×NLWLEDUL\OHEH\D]\DNDO×SHUVRQHOVD\×V× PDYL\DNDO×SHUVRQHOVD\×V×·G×U$UDO×NLWLED UL\OHEH\D]\DNDO×SHUVRQHOVD\×V×PDYL\DNDO×SHUVR QHOVD\×V×·WU ûLUNHW·LQ ND\×WO× DGUHVL +RUR]OXKDQ 0DKDOOHVL $QNDUD &DGGHVL 1R 6HOoXNOX.RQ\D·G×U ûLUNHW YH EDùO×RUWDNO×NODU×LoLQEXUDSRUGD´*UXSµLEDUHVLNXOODQ× 2.1.2. ODFDNW×U 2. )ú1$16$/7$%/2/$5,1 6818081$ú/úû.ú1(6$6/$5 9(8<*8/$1$108+$6(%( 32/ú7ú.$/$5, 2.1. 6XQXPDúOLüNLQ7HPHO(VDVODU .DV×P WDULKLQGH UHVPL JD]HWHGH \D\×PODQDQ YH \UUOùHJLUHQVD\×O×.DQXQ+NPQGH.DUDUQDPH LOH706.NXUXOXüPDGGHVLRODQVD\×O×NDQXQXQHN PDGGHVL LSWDO HGLOPLü YH .DPX *|]HWLPL 0XKDVHEH YH'HQHWLP6WDQGDUWODU×.XUXPX·QXQ´.XUXPµNXUXOPD V×%DNDQODU.XUXOX·QFDNDUDUODüW×U×OP×üW×U%X.DQXQ+N PQGH .DUDUQDPH·QLQ JHoLFL PDGGHVL X\DU×QFD .X UXP WDUDI×QGDQ \D\×PODQDFDN VWDQGDUW YH G]HQOHPHOHU \UUOùHJLULQFH\HNDGDUEXKXVXVODUDLOLüNLQPHYFXWG ]HQOHPHOHULQ X\JXODQPDV×QD GHYDP HGLOHFHNWLU %X GX UXP UDSRUODPD G|QHPL LWLEDUL\OH 6XQXPD úOLüNLQ 7HPHO (VDVODU·GD KHUKDQJL ELU GHùLüLNOLùH \RO DoPDPDNWDG×U 63. 0DUW WDULKLQGH DOP×ü ROGXùX ELU NDUDUOD 7UNL\H·GHIDDOL\HWWHEXOXQDQYH63.WDUDI×QGDQNDEXOHGL OHQPXKDVHEHYHUDSRUODPDLONHOHULQH´63.)LQDQVDO5D SRUODPD6WDQGDUWODU×µX\JXQILQDQVDOWDEORKD]×UOD\DQüLU NHWOHULoLQ2FDNWDULKLQGHQLWLEDUHQJHoHUOLROPDN ]HUHHQIODV\RQPXKDVHEHVLX\JXODPDV×Q×QJHoHUOLROPD G×ù×Q×LODQHWPLüWLU'ROD\×V×\ODLOLüLNWHNL\×OVRQXNRQVROLGH ILQDQVDOWDEORGD2FDNWDULKLQGHQLWLEDUHQ806. WDUDI×QGDQ \D\×PODQP×ü 1R·OX ´<NVHN (QIODV\RQ OX (NRQRPLOHUGH )LQDQVDO 5DSRUODPDµ X\JXODQPDP×üW×U )LQDQVDOWDEORODU×QKD]×UODQ×üüHNOL $UDO×N WDULKL LWLEDU×\OD NRQVROLGH ILQDQVDO WDEOR YHGLSQRWODU×QKD]×UODQPDV×QGD63.·Q×Q1LVDQ WDULK YH VD\×O× NDUDU LOH Do×NODQDQ ´63. 6HUL ;, 1R 6HUPD\H 3L\DVDV×QGD )LQDQVDO 5DSRUODPD\D úOLü NLQ(VDVODU7HEOLùL8\DU×QFD']HQOHQHFHN)LQDQVDO7DEOR YH'LSQRW)RUPDWODU×+DNN×QGD'X\XUXµGDEHOLUWLOHQHVDV ODUNXOODQ×OP×üW×U .RQVROLGHILQDQVDOWDEORODU×QRQD\ODQPDV× 2.1.1. 8\JXQOXNEH\DQ× *UXS·XQEWQüLUNHWOHULPXKDVHEHND\×WODU×Q×7HN']HQ +HVDS 3ODQ× 7UN 7LFDUHW .DQXQX ´77.µ YH 7UN 9HUJL .DQXQODU×·QDX\JXQRODUDNWXWPDNWDYH\DVDOILQDQVDOWDE ORODU×Q×GDEXQDX\JXQRODUDN7/ED]×QGDKD]×UODPDNWDG×U *UXS·XQ LOLüLNWHNL NRQVROLGH ILQDQVDO WDEORODU× 6HU PD\H 3L\DVDV× .XUXOX·QXQ ´63.µ 1LVDQ WD 2.1.3. ULK YH VD\×O× 5HVPL *D]HWH·GH \D\×PODQDQ 6HUL ;, 1R·OX ´6HUPD\H 3L\DVDV×QGD )LQDQVDO 5DSRUOD PD\D úOLüNLQ (VDVODU 7HEOLùLµ ´7HEOLùµ KNPOHULQH X\ JXQ RODUDN KD]×UODQP×üW×U 63. PHY]XDW×QD J|UH UDSRU ODPD \DSDQ üLUNHWOHU 7HEOLùLQ 0DGGHVLQH J|UH $YUX 2.1.4. SD %LUOLùL WDUDI×QGDQ NDEXO HGLOHQ KDOL\OH 8OXVODUDUD V× 0XKDVHEH 6WDQGDUWODU×·Q× 8OXVODUDUDV× )LQDQVDO 5D SRUODPD 6WDQGDUWODU×·Q× ´8068)56µ X\JXODUODU $QFDN 7HEOLù·GH \HU DODQ *HoLFL 0DGGH ·\H J|UH 40 7HEOLù·LQ PDGGHVLQLQ X\JXODQPDV×QGD $YUXSD %LUOLùL WDUDI×QGDQNDEXOHGLOHQ8068)56·QLQ8OXVODUDUDV×0X KDVHEH 6WDQGDUWODU× .XUXOX ´806.µ WDUDI×QGDQ \D\×P ODQDQ 8068)56·GHQ IDUNODU× 7UNL\H 0XKDVHEH 6WDQ GDUWODU× .XUXOX ´706.µ WDUDI×QGDQ LODQ HGLOLQFH\H ND GDU 8068)56·OHU X\JXODQ×U %X NDSVDPGD *UXS $UDO×N WDULKL LWLEDUL\OH G]HQOHQPLü ILQDQVDO WDE ORODU×Q× 806 8)56·OHUH X\JXQ RODUDN KD]×UODP×üW×U .21<$dú0(172<,/,)$$/ú<(75$3258 *UXS·XQ $UDO×N WDULKL LWLEDUL\OH G]HQOHQPLü IL QDQVDOGXUXPWDEORVXEXWDULKWHVRQDHUHQ\×ODDLWNDS VDPO×JHOLUWDEORVXûXEDWWDULKLQGH<|QHWLP.X UXOX WDUDI×QGDQ RQD\ODQP×üW×U *HQHO .XUXO ILQDQVDO WDE ORODU×Q\D\×P×VRQUDV×ILQDQVDOWDEORODU×GHùLüWLUPHJF QHVDKLSWLU gOoP(VDVODU× .RQVROLGHILQDQVDOWDEORODUWDULKLPDOL\HWOHU]HULQGHQKD ]×UODQP×üW×U *HoHUOLYHUDSRUODPDSDUDELULPL *UXS·XQNRQVROLGHILQDQVDOWDEORODU×IDDOL\HWWHEXOXQGX ùXWHPHOHNRQRPLNoHYUHGHJHoHUOLSDUDELULPLRODQYHIL QDQVDOWDEORODULoLQUDSRUODPDSDUDELULPLRODQ7UN/LUD V×´7/µFLQVLQGHQLIDGHHGLOPLüWLU .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 2.1.5. 0XKDVHEH7DKPLQOHUL LL )LQDQVDO WDEORODU×Q 63. )LQDQVDO 5DSRUODPD 6WDQGDUWODU×·QD X\JXQ RODUDN KD]×UODQPDV× \|QHWLPLQ SROLWLNDODU×QX\JXODQPDV×YHUDSRUODQDQYDUO×N\NPO ONJHOLUYHJLGHUWXWDUODU×Q×HWNLOH\HQNDUDUODUWDKPLQOHU YH YDUVD\×PODU \DSPDV×Q× JHUHNWLUPHNWHGLU *HUoHNOHüHQ VRQXoODUEXWDKPLQOHUGHQIDUNO×O×NJ|VWHUHELOLU 0üWHUHN \|QHWLPH WDEL RUWDNO×NODU ELU SURMH\L JHOLüWLU PHNLoLQV|]OHüPHLOHNXUXODQYH*UXS·XQLüOHPOHUL]HULQ GHPüWHUHNNRQWURO\HWNLVLQHVDKLSROGXùXLüOHWPHOHUGLU 0üWHUHNHQNRQWUROHGLOHQRUWDNO×NODU|]ND\QDN\|QWHPL QHJ|UHPXKDVHEHOHüWLULOPHNWHGLU $üDù×GDNLWDEOR$UDO×NYH$UDO×NWDULK OHULLWLEDUL\OH*UXS·XQPüWHUHNHQNRQWUROHGLOHQRUWDNO×N ODUGDNLSD\RUDQODU×Q×J|VWHUPHNWHGLU 7DKPLQOHUYHWDKPLQOHULQWHPHOLQLWHüNLOHGHQYDUVD\×PODU VUHNOLRODUDNJ|]GHQJHoLULOPHNWHGLU0XKDVHEHWDKPLQ OHULQGHNLJQFHOOHPHOHUJQFHOOHPHQLQ\DS×OG×ù×G|QHP GH YH EX JQFHOOHPHOHUGHQ HWNLOHQHQ PWHDNLS G|QHP OHUGHND\×WODUDDO×Q×U7DKPLQOHULQNXOODQ×OG×ù×EDüO×FDQRW ODUDüDù×GDNLJLELGLU 1RW²0DGGLGXUDQYDUO×NODU×QID\GDO×|PUOHUL 1RW²0DGGLROPD\DQGXUDQYDUO×NODU×QID\GDO×|PUOHUL 1RW².DUü×O×NODUNRüXOOXYDUO×NYH\NPOONOHU 1RW²dDO×üDQODUDVDùODQDQID\GDODUDLOLüNLQNDUü×O×NODU 1RW²9HUJLYDUO×NYH\NPOONOHUL $UDO×N $UDO×N 6LJPD%HWRQ/DERUDWXDU +L]7LF/WGûWL6LJPD LLL 2.1.6. .RQVROLGDV\RQHVDVODU× .RQVROLGH ILQDQVDO WDEORODU DQD RUWDO×N RODQ ûLUNHW YH NRQWUROQ EDüODPDV×QGDQ VRQD HUHQH GHN EDùO× RUWDN O×NODU×QKHVDSODU×Q×LoHUPHNWHGLU.RQVROLGDV\RQNDSVDP× QD JLUHQ üLUNHWOHULQ ILQDQVDO WDEORODU× NRQVROLGH ILQDQVDO WDEOR WDULKL LWLEDU×\OD YH \HNQHVDN PXKDVHEH SROLWLNDODU× HVDVDO×QDUDN63.)LQDQVDO5DSRUODPD6WDQGDUWODU×·QDX\ 2.1.7. JXQRODUDNKD]×UODQP×üYHNRQVROLGDV\RQDGDKLOHGLOPLüWLU L %DùO×RUWDNO×NODU %DùO× RUWDNO×NODU ûLUNHW·LQ GRùUXGDQ YH\D GROD\O× RODUDN LüOHPOHUL ]HULQGH NRQWURO \HWNLVLQH VDKLS ROGXùX üLUNHW OHUGLUûLUNHWEDùO×RUWDNO×NNRQXPXQGDNLüLUNHWOHULQILQDQ VDOYHRSHUDV\RQHOSROLWLNDODU×Q×\UWPHJFQHVDKLSRO PDV×QDEDùO×RODUDNEDùO×RUWDNO×ù×QIDDOL\HWVRQXoODU×Q GDQSD\DO×U .RQWUROJFQQEHOLUOHQPHVLQGHPHYFXWYHG|QüWU OHELOLUR\KDNODU×J|]|QQGHEXOXQGXUXOXU%DùO×RUWDNO×N ODU×Q ILQDQVDO WDEORODU× NRQWURO JFQQ ROXüWXùX WDULK WHQVRQDHUGLùLWDULKHNDGDUNRQVROLGHILQDQVDOWDEORODU GDJ|VWHULOPHNWHGLU $üDù×GDNLWDEOR$UDO×NYH$UDO×NWD ULKOHULLWLEDUL\OH*UXS·XQVDKLSROGXùXSD\RUDQLOHELUOLN WHEDùO×RUWDNO×ù×Q×J|VWHUPHNWHGLU $UDO×N $UDO×N .RQ\DdLPHQWR7LF/WGûWL 7RURVdLPHQWR$û 0üWHUHNHQNRQWUROHGLOHQRUWDNO×NODU .RQVROLGDV\RQGDHOLPLQDV\RQLüOHPOHUL .RQVROLGHILQDQVDOWDEORODU×QKD]×UODQPDV×QGDJUXSLoLLü OHPOHUGHQGROD\×ROXüDQWPEDNL\HYHLüOHPOHULOHJHUoHN OHüPHPLüKHUWUOJHOLUHOLPLQHHGLOPLüWLUúüWLUDNOHUOH\DS× ODQLüOHPOHUGHQGRùDQJHUoHNOHüPHPLüJHOLUOHU*UXS·XQ V|] NRQXVX PüWHUHNHQ NRQWURO HGLOHQ RUWDNO×NWDNL HWNLQ RUDQ×NDGDUDU×QG×U×OP×üW×U*UXSLoLLüOHPOHUGHQND\QDNOD QDQJHUoHNOHüPHPLü]DUDUODUGDGHùHUGüNOùLOHLOJL OLNDQ×WROPDG×ù×KDOOHUGHJHUoHNOHüPHPLüNDUODU×QDU×QG× U×OPDV×QGDNXOODQ×ODQ\|QWHPOHDU×QG×U×OP×üW×U .DUü×ODüW×UPDO×ELOJLOHUYH|QFHNLG|QHP WDULKOLILQDQVDOWDEORODU×Q×QG]HOWLOPHVL úOLüLNWHNLNRQVROLGHILQDQVDOWDEORODU*UXS·XQILQDQVDOGX UXPXSHUIRUPDQV×YHQDNLWDN×ü×QGDNLHùLOLPOHULEHOLUOH\H ELOPHNDPDF×\OD|QFHNLG|QHPOHNDUü×ODüW×UPDO×KD]×UODQ PDNWDG×U)LQDQVDOWDEORODU×QNDOHPOHULQLQJ|VWHULPLYH\D V×Q×IODQG×U×OPDV× GHùLüWLùLQGH NDUü×ODüW×U×ODELOLUOLùL VDùOD PDNDPDF×\OD|QFHNLG|QHPILQDQVDOWDEORODU×GDEXQD X\JXQRODUDN\HQLGHQV×Q×IODQG×U×OPDNWDYHEXKXVXVODUD LOLüNLQRODUDNDo×NODPD\DS×OPDNWDG×U $UDO×NWDULKLQGHVRQDHUHQ\×OGD7/ WXWDU×QGDNLDO×QDQDYDQVUDNDP×DO×QDQoHNOHUKHVDE×QD 7/WXWDU×QGDNLN×VDYDGHOLoDO×üDQODUDVDùODQDQ ID\GDODUDLOLüNLQNDUü×O×NODUUDNDP×N×VDYDGHOLERUoNDUü× O×NODU×KHVDE×QDX]XQYDGHOLoDO×üDQODUDVDùODQDQID\GD ODUDLOLüNLQNDUü×O×NODUUDNDP×LoHULVLQGH\HUDODQ 7/WXWDU×QGDNLN×GHPLüoLOLùLWHüYLNSULPLNDUü×Où×LVHX]XQ YDGHOLERUoNDUü×O×NODU×KHVDE×QDV×Q×IODQP×üW×U$\U×FD $UDO×N WDULKOL ILQDQVDO WDEORODUGD SD]DUODPD VDW×ü YH GDù×W×P JLGHUOHUL LoHULVLQGH \HU DODQ 7/ WXWDU×QGDNLUDNDPEXKHVDSWDQGüOHUHN\XUWLoLVDW×üODU NDOHPLQGH QHWOHüWLULOPLü ILQDQVDO JHOLUOHU YH ILQDQVDO JL GHUOHUVDW×UODU×DUDV×QGDGD7/·OLNUHHVNRQWJHOLU YHJLGHUUDNDPODU×QGDQND\QDNODQDQQHWOHPHLüOHPL\D S×OP×üW×U <,/,)$$/ú<(75$3258.21<$dú0(172 41 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 2.3. gQHPOL0XKDVHEH3ROLWLNDODU×Q×Qg]HWL 2.3.1. +DV×ODWYH*HOLUOHU *HOLUOHU IDDOL\HWOHULQGHQ GROD\× *UXS·D HNRQRPLN ID\GD VDùODQPDV×PXKWHPHOROGXùXYHJHOLULQJYHQLOLURODUDN |OoOHELOPHVLQLQPPNQROGXùX]DPDQILQDQVDOWDEOR ODUD\DQV×W×O×UJHOLULQKHVDSODUD\DQV×W×OPDV×LoLQDüDù×GDNL NULWHUOHULQNDUü×ODQPDV×JHUHNPHNWHGLU %LQDODU \×O <HUDOW×YH<HUVW']HQOHUL \×O 0DNLQD7HVLVYH&LKD]ODU \×O 0DO6DW×üODU× 0DO VDW×ü×Q×Q VDW×ü RODUDN ND\GHGLOHELOPHVL LoLQ PDOODU×Q VDKLSOLùL\OH LOJLOL |QHPOL ULVN YH JHWLULOHULQ DO×F×\D QDNOH GLOPLüROPDV×LüOHWPHQLQVDW×ODQPDOODU×Q\|QHWLPL\OHVD KLSOLùLQJHUHNWLUGLùLüHNLOGHLOJLOLROPDPDV×YHV|]NRQXVX PDOODU]HULQGHHWNLQELUNRQWUROQQEXOXQPDPDV×KDV× ODWWXWDU×Q×QJYHQLOLUELUüHNLOGH|OoOHELOPHVLLüOHPOHLOJL OLHNRQRPLNID\GDQ×QLüOHWPHWDUDI×QGDQHOGHHGLOHFHùLQLQ PXKWHPHOROPDV×YHLüOHPOHLOJLOL\NOHQLOHQYH\NOHQLOH FHNPDOL\HWOHULQLQJYHQLOLUELUüHNLOGH|OoOHELOPHVLüDUWW×U $\Q×LüOHPYH\DROD\ODUODLOJLOLJHOLUYHJLGHUOHUHü]DPDQO× RODUDNILQDQVDOWDEORODUDDO×Q×U1HWVDW×üODUWHVOLPHGLOPLü PDOODU×QIDWXUDHGLOPLüEHGHOLQLQVDW×üLDGHYHLVNRQWRODU GDQDU×QG×U×OP×üKDOLGLU 2.3.4. 7Dü×WODU \×O '|üHPHYH'HPLUEDüODU \×O )DL] )DL] JHOLUL WDKVLODW üSKHOL ROPDG×NoD HIHNWLI IDL] RUDQ× GLNNDWHDO×QDUDNIDL]WDKDNNXNHWWLNoHND\×WODUDDO×Q×U 0DGGLROPD\DQGXUDQYDUO×NODUNXOODQ×PKDNODU×Q×YHGL ùHU WDQ×PODQDELOLU KDNODU× LoHUPHNWHGLU %XQODU 2FDN WDULKLQGHQ|QFHVDW×QDO×QDQNDOHPOHULoLQ7/·QLQ $UDO×NWDULKLQGHNLDO×PJF\OHLIDGHHGLOHQG]HO WLOPLüHOGHHWPHPDOL\HWOHUL]HULQGHQ2FDNWDUL KLQGHQVRQUDVDW×QDO×QDQNDOHPOHULoLQLVHHOGHHWPHPD OL\HWOHUL ]HULQGHQ ELULNPLü LWID SD\ODU× YH PHYFXWVD ND O×F× GHùHU GüNOùQQ LQGLULOPHVL VRQUDV×QGD ROXüDQ QHWGHùHULLOHNRQVROLGHILQDQVDOWDEORODUD\DQV×W×OPDNWD G×U0DGGLROPD\DQGXUDQYDUO×NODUGRùUXVDODPRUWLVPDQ \|QWHPLQH J|UH LOJLOL N×\PHWLQ WDKPLQL HNRQRPLN |PU ]HULQGHQ\×OGDLWIDHGLOPHNWHGLU 7HPHWWOHU 2UWDNODU×QNDUSD\×DOPDKDNN×GRùGXùXQGDJHOLUND]D Q×OP×üNDEXOHGLOLU 2.3.2. 6WRNODU 6WRNODU PDOL\HW EHGHOL YH\D QHW JHUoHNOHüHELOLU GHùH ULQ GüNRODQ× LOH GHùHUOHQLU 6WRNODU×Q PDOL\HWL WP VD W×QDOPDPDOL\HWOHULQLG|QüWUPHPDOL\HWOHULQLYHVWRNOD U×QPHYFXWGXUXPXQDYHNRQXPXQDJHWLULOPHVLLoLQNDWOD Q×ODQGLùHUPDOL\HWOHULLoHULU6WRNODU×QELULPPDOL\HWLND \DU Dù×UO×NO× RUWDODPD \|QWHPL LOH EHOLUOHQPLüWLU 1HW JHU oHNOHüHELOLUGHùHULüLQQRUPDODN×ü×LoLQGHVWRNODU×QJHU oHNOHüPHVL EHNOHQHQ VDW×ü EHGHOLQGHQ \DS×OPDV× JHUHNOL WDPDPODPDPDOL\HWLLOHVDW×üJLGHUOHULQLQLQGLULOPHVLQGHQ 2.3.5. VRQUDNDODQGHùHULLIDGHHGHU 2.3.3. 0DGGLGXUDQYDUO×NODU 0DGGLGXUDQYDUO×NODU2FDNWDULKLQGHQ|QFHVD W×Q DO×QDQ NDOHPOHU LoLQ $UDO×N WDULKL LWLEDU×\OD HQIODV\RQXQHWNLOHULQHJ|UHG]HOWLOPLüPDOL\HWGHùHUOHULQ GHQ YH 2FDN WDULKLQGHQ VRQUD DO×QDQ NDOHPOHU LoLQVDW×QDO×PPDOL\HWGHùHUOHULQGHQELULNPLüDPRUWLVPDQ YHNDO×F×GHùHUND\×SODU×GüOHUHN\DQV×W×O×U 6RQUDGDQRUWD\Do×NDQJLGHUOHU 0DGGL GXUDQ YDUO×NODU×Q KHUKDQJL ELU SDUoDV×Q× GHùLüWLU PHNWHQGRùDQJLGHUOHUEDN×PRQDU×PPDOL\HWOHULLOHELU OLNWHDNWLIOHüWLULOHELOLU6RQUDGDQRUWD\Do×NDQGLùHUKDUFD PDODUV|]NRQXVXYDUO×ù×QJHOHFHNWHNLHNRQRPLNID\GDV× Q×DUWW×U×F×QLWHOLNWHLVHDNWLIOHüWLULOHELOLU7PGLùHUJLGHUOHU ROXüWXNoDJHOLUWDEORVXQGDJLGHUNDOHPOHULLoLQGHPXKD VHEHOHüWLULOLU 42 $PRUWLVPDQ 0DGGLGXUDQYDUO×NODU×QWDKPLQLHNRQRPLN|PUOHULDüD ù×GDNLJLELGLU .21<$dú0(172<,/,)$$/ú<(75$3258 0DGGL GXUDQ YDUO×NODUD LOLüNLQ DPRUWLVPDQODU YDUO×NODU×Q ID\GDO× |PUOHULQH J|UH DNWLIH JLULü YH\D PRQWDM WDULKOH ULHVDVDO×QDUDNHüLWWXWDUO×GRùUXVDODPRUWLVPDQ\|QWHPL NXOODQ×ODUDND\U×OP×üW×U g]HO PDOL\HWOHU LoLQ QRUPDO DPRUWLVPDQ \|QWHPL LOH NL UDODPD G|QHPOHUL YH\D V|] NRQXVX |]HO PDOL\HWLQ ID\ GDO× |PUQGHQ N×VD RODQ× ]HULQGHQ DPRUWLVPDQ D\U×O×U 0DGGLROPD\DQGXUDQYDUO×NODU 0DGGL ROPD\DQ GXUDQ YDUO×NODU×Q WDü×QDQ GHùHUOHUL QLQJHUoHNOHüHPH\HFHùLQH\|QHOLNROD\YHGHùLüLNOLNOHULQ PH\GDQDJHOPHVLGXUXPXQGDKHUKDQJLELUGHùHUGüN OùQQROXSROPDG×ù×LQFHOHQPHOLGLU 9DUO×NODUGDGHùHUGüNOù *UXSHQYDQWHUYHHUWHOHQHQYHUJLYDUO×NODU×G×ü×QGDNDODQ KHUYDUO×NLoLQKHUELUUDSRUODPDG|QHPLVRQXQGDV|]NR QXVXYDUO×ùDLOLüNLQGHùHUND\E×Q×QROGXùXQDGDLUKHUKDQ JLELUJ|VWHUJHROXSROPDG×ù×Q×GHùHUOHQGLULU(ùHUE|\OH ELUJ|VWHUJHPHYFXWVDRYDUO×ù×QJHULND]DQ×ODELOLUWXWDU× WDKPLQHGLOLU.XOODQ×PDX\JXQROPD\DQPDGGLROPD\DQ YDUO×NODUGD LVH JHUL ND]DQ×ODELOLU WXWDU KHU ELU UDSRUODPD G|QHPLQGHWDKPLQHGLOLU(ùHUV|]NRQXVXYDUO×ù×QYH\DR YDUO×ùDDLWQDNLWUHWHQKHUKDQJLELUELULPLQLQND\×WO×GHùH ULNXOODQ×PYH\DVDW×ü\ROX\ODJHULND]DQ×ODFDNWXWDU×QGDQ \NVHNVHGHùHUGüNOùPH\GDQDJHOPLüWLU*HULND]D Q×ODELOLUWXWDUYDUO×ù×QQHWVDW×üIL\DW×LOHNXOODQ×PGHùHULQ GHQ\NVHNRODQ×VHoLOHUHNEXOXQXU.XOODQ×PGHùHULELU YDUO×ù×Q VUHNOL NXOODQ×P×QGDQ YH ID\GDO× |PU VRQXQGD HOGHQo×NDU×OPDV×QGDQHOGHHGLOPHVLEHNOHQHQQDNLWDN×ü ODU×Q×QWDKPLQHGLOHQEXJQNGHùHULGLU'HùHUGüNO ùND\×SODU×NDUYH\D]DUDUGDPXKDVHEHOHüWLULOLU .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU ûHUHIL\HOHUKDULoELUYDUO×NWDROXüDQGHùHUGüNOùND\ E×RYDUO×ù×QJHULND]DQ×ODELOLUWXWDU×QGDNLPWHDNLSDUW× ü×QGHùHUGüNOùQQND\×WODUDDO×QPDODU×Q×L]OH\HQG| QHPOHUGHRUWD\Do×NDQELUROD\ODLOLüNLOHQGLULOHELOPHVLGX UXPXQGDGDKD|QFHGHùHUGüNOùD\U×ODQWXWDU×JHo PH\HFHN üHNLOGH JHUL oHYULOLU ûHUHIL\HOHUGH GDKD |QFHNL G|QHPOHUGHROXüPXüGHùHUGüNOùNDUü×O×ù×JHULoHY ULOPH] 6|]OHüPH\HGD\DO×\NPOONOHULQLQ\HULQHJHWLULOGLùLLS WDO\DGDIHVKHGLOGLùLGXUXPODUGD*UXSV|]NRQXVXIL QDQVDO\NPOOùND\×WODU×QGDQo×NDU×U *UXSILQDQVDOYDUO×NYH\NPOONOHULQLVDGHFHYHVDGH FH QHWOHüWLUPH LoLQ \DVDO KDNN× ROGXùXQGD YH LüOHPL QHW ED]GD JHUoHNOHüWLUPHN \D GD YDUO×ù×Q JHUoHNOHüPHVL LOH \NPOOùQ\HULQHJHWLULOPHVLQLHü]DPDQO×\DSPDNNR QXVXQGD QL\HWLQLQ EXOXQPDV× GXUXPXQGD QHWOHüWLUPHNWH YHQHWWXWDU×ILQDQVDOWDEORODU×QGDJ|VWHUPHNWHGLU 2.3.6. )LQDQVDO$UDoODU L *UXS·XQWUHYROPD\DQILQDQVDO\NPOONOHULüXüHNLO GHGLUNUHGLYHERUoODUERUoOXFDULKHVDSODUYHWLFDULYH GLùHU\NPOONOHU 7UHY2OPD\DQ)LQDQVDO9DUO×NODU *UXSNUHGLYHDODFDNODU×LOHPHYGXDWODU×Q×ROXüWXNODU×WD ULKWH ND\×WODU×QD DOPDNWDG×U *HUoHùH X\JXQ GHùHU IDUN× NDU]DUDUD \DQV×W×ODQ ILQDQVDO YDUO×NODU GDKLO GLùHU EWQ ILQDQVDOYDUO×NODU*UXS·XQLOJLOLILQDQVDODUDF×QV|]OHüPH \HEDùO×NRüXOODU×QDWDUDIGXUXPXQDJHOGLùLLüOHPWDULKLQ GHND\×WODUDDO×Q×U %X WU ILQDQVDO \NPOONOHU LON ND\GD DO×QPDODU× HV QDV×QGD JHUoHùH X\JXQ GHùHUOHULQH GRùUXGDQ LOLüNLOHQ GLULOHQ LüOHP PDOL\HWOHULQLQ HNOHQPHVL\OH |OoOPHNWHGLU úON ND\GD DO×QPDODU×Q× PWHDNLEHQ ILQDQVDO \NPOON OHUHWNLQIDL]\|QWHPL\OHKHVDSODQDQLWIDHGLOPLüGHùHUOHUL ]HULQGHQJ|VWHULOPHNWHGLU *UXSILQDQVDOYDUO×NODUODLOJLOLV|]OHüPHX\DU×QFDPH\GD QDJHOHQQDNLWDN×üODU×LOHLOJLOLKDNODU×VRQDHUGLùLQGHYH\D LOJLOLKDNODU×Q×EXILQDQVDOYDUO×NLOHLOJLOLEWQULVNYHJH LLL WLULOHULQLQ VDKLSOLùLQL ELU DO×PVDW×P LüOHPL\OH GHYUHWWLùLQ GHV|]NRQXVXILQDQVDOYDUO×ù×ND\×WODU×QGDQo×NDU×U*UXS WDUDI×QGDQGHYUHGLOHQILQDQVDOYDUO×NODUGDQ\DUDW×ODQYH\D HOGHWXWXODQKHUWUOKDND\U×ELUYDUO×NYH\D\NPOON RODUDNND\GHGLOLU *UXS ILQDQVDO YDUO×N YH \NPOONOHULQL VDGHFH YH VD GHFHQHWOHüWLUPHLoLQ\DVDOELUKDNN×ROGXùXQGDYHLüOH PLQHWED]GDJHUoHNOHüWLUPHN\DGDYDUO×ù×QJHUoHNOHüPH VL LOH \NPOOùQ \HULQH JHWLULOPHVLQL Hü ]DPDQO× \DS PDN NRQXVXQGD QL\HWLQLQ EXOXQPDV× GXUXPXQGD QHWOHü WLUPHNWHYHQHWWXWDU×ILQDQVDOWDEORODU×QGDJ|VWHUPHNWHGLU *UXS·XQWUHYROPD\DQILQDQVDOYDUO×NODU×NUHGLOHUYHDOD FDNODUYHQDNLWYHQDNLWEHQ]HUOHULRODUDNJ|VWHULOHELOLU .UHGLOHUYHDODFDNODU .UHGLOHUYHDODFDNODUDNWLISL\DVDGDNRWHHGLOPHPLüVD ELWYH\DGHùLüNHQ|GHPHOLILQDQVDOYDUO×NODUG×U%XWUYDU O×NODUEDüODQJ×oWDJHUoHùHX\JXQGHùHUOHULLOHGRùUXGDQ LOLüNLOHQGLULOHELOHQLüOHPPDOL\HWOHULQLQHNOHQPHVL\OHPXKD VHEHOHüWLULOLU úON ND\×WODUD DO×QPDODU×Q× PWHDNLEHQ NUHGL OHUYHDODFDNODUJHOHFHNWHNLDQDSDUDYHIDL]QDNLWDN×üOD U×Q×QHWNLQIDL]RUDQODU×NXOODQ×ODUDNLWIDHGLOPLüPDOL\HWOHUL ]HULQGHQGHùHUGüNONOHULLQGLULOHUHNJ|VWHULOPHNWHGLU .UHGLOHUYHDODFDNODUWLFDULYHGLùHUDODFDNODU×LoHULU 1DNLWYH1DNLW%HQ]HUOHUL 1DNLWYHQDNLWEHQ]HUOHULQDNLWPHYFXGXYDGHVL]PHYGX DWODUYHD\GDQD]YDGH\HVDKLSYDGHOLPHYGXDWODUGDQ ROXüPDNWDG×U LL 7UHY2OPD\DQ)LQDQVDO<NPOONOHU *HUoHùH X\JXQ GHùHU IDUN× NDU]DUDUD \DQV×W×ODQ ILQDQ VDO \NPOONOHU GDKLO EWQ ILQDQVDO \NPOONOHU *UXS·XQLOJLOLILQDQVDODUDF×QV|]OHüPH\HEDùO×NRüXOODU× QDWDUDIGXUXPXQDJHOGLùLLüOHPWDULKLQGHND\×WODUDDO×Q×U 7UHY)LQDQVDO$UDoODU *UXSDO×PVDW×PDPDoO×YHKHUKDQJLELUILQDQVDOULVNWHQ NRUXQPDDPDF×\ODHOGHWXWXOPD\DQWUHYILQDQVDODUDoODU NXOODQPDNWDG×U%XWUWUHYDUDoODU×QJHUoHùHX\JXQGH ùHUOHULQGHNL GHùLüLPOHU JHUoHNOHüWLùL DQGD NDSVDPO× JH OLUWDEORVXQD\DQV×W×O×U*HUoHùHX\JXQGHùHUOHULüOHPJ| UHQSL\DVDIL\DWODU×QGDQYHJHUHNWLùLQGHLQGLUJHQPLüQD NLW DN×ü× PRGHOOHULQGHQ HOGH HGLOLU %RUVD G×ü× YDGHOL G| YL]V|]OHüPHOHULQLQJHUoHùHX\JXQGHùHUOHULLONYDGHRUD Q×Q×QV|]OHüPHQLQJHULNDODQVUHVLLoLQLOJLOLSDUDELULPL QLQSL\DVDIDL]RUDQODU×QDLOLüNLQKHVDSODQDQYDGHRUDQ×\ ODNDUü×ODüW×U×O×SILQDQVDOGXUXPWDEORVXQGDQGüOPHVL\OH EHOLUOHQLU%WQWUHYDUDoODUJHUoHùHX\JXQGHùHUSR]L WLIVHDNWLIRODUDN)LQDQVDO<DW×U×PODU·×QDOW×QGD$O×P6DW×P $PDoO×7UHY)LQDQVDO9DUO×NODU·GDJHUoHùHX\JXQGHùHU QHJDWLIVH SDVLI RODUDN )LQDQVDO <NPOONOHU·LQ DOW×QGD $O×P6DW×P$PDoO×7UHY)LQDQVDO<NPOONOHU·GHPX KDVHEHOHüWLULOLU 3L\DVDGDLüOHPJ|UPH\HQWUHYILQDQVDODUDoODU×QJHUoHùH X\JXQGHùHUOHULNDUü×WDUDI×QJYHQLOLUOLùLYHV|]OHüPHQLQ UDSRUODPD WDULKLQGH VRQD HUPHVL GXUXPXQGD *UXS·XQ DODFDù× YH\D \NPO ROGXùX PLNWDU PHYFXW SL\DVD NR üXOODU×J|]|QQGHEXOXQGXUXODUDNWDKPLQHGLOPHNWHGLU LY 6HUPD\H $GL+LVVH6HQHWOHUL $GLKLVVHVHQHWOHUL|]ND\QDNRODUDNV×Q×IODQG×U×O×U$GLKLV VHLKUDoODU×YHKLVVHVHQHGLRSVL\RQODU×Q×QLKUDF×LOHGRùUX GDQLOLüNLOLHNPDOL\HWOHUYHUJLHWNLVLGüOGNWHQVRQUD|] ND\QDNODUGDQD]DO×üRODUDNND\×WODUDDO×Q×U 2.3.7. <DEDQF×SDUDLüOHPOHU <DEDQF×SDUDFLQVLQGHQ\DS×ODQLüOHPOHULüOHPWDULKLQGHNL \DEDQF×SDUDNXUXLOH7/·\HoHYULOPHNWHGLU<DEDQF×SDUD SDUDVDOYDUO×NODUYHERUoODUUDSRUODPDG|QHPLVRQXQGD <,/,)$$/ú<(75$3258.21<$dú0(172 43 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 2.3.8. JHoHUOL NXU ]HULQGHQ G|QHP VRQXQGD 7/·\H oHYULOPHN 2.3.10. .DUü×O×NODUûDUWD%DùO×<NPOONOHUYH WHGLUOHU%XWLSLüOHPOHUGHQND\QDNODQDQNXUIDUNODU×NDU ûDUWD%DùO×9DUO×NODU YH\D ]DUDUD \DQV×W×OPDNWDG×U *HUoHùH X\JXQ GHùHUL LOH J|VWHULOHQ\DEDQF×SDUDELULPLED]×QGDNLSDUDVDOROPD\DQ ´.DUü×O×NODU .RüXOOX %RUoODU YH .RüXOOX 9DUO×NODUD úOLüNLQ YDUO×NODUYHERUoODUJHUoHùHX\JXQGHùHUOHULQLQEHOLUOHQ 8OXVODUDUDV×0XKDVHEH6WDQGDUG×µ´806µX\DU×QFD GLùLJQQNXUXQGDQ7/·\HoHYULOHUHNLIDGHHGLOPHNWHGLU KHUKDQJLELUNDUü×O×NWXWDU×Q×QNRQVROLGHILQDQVDOWDEOROD UDDO×QDELOPHVLLoLQ*UXS·XQJHoPLüROD\ODUGDQND\QDN *UXS·XQNXOODQG×ù×$UDO×NYH$UDO×NWD ODQDQPHYFXWELUKXNXNLYH\D]×PQL\NPOOùQEXOXQ ULKOLNXUELOJLOHULDüDù×GDNLJLELGLU PDV× EX \NPOOùQ \HULQH JHWLULOPHVL LoLQ HNRQRPLN ID\GDLoHUHQND\QDNODU×QLüOHWPHGHQo×NPDV×Q×QPXKWHPHO $UDO×N $UDO×N ROPDV×YHV|]NRQXVX\NPOONWXWDU×Q×QJYHQLOLUELUEL $%''RODU× oLPGHWDKPLQHGLOHELOL\RUROPDV×JHUHNPHNWHGLU6|]NR QXVXNULWHUOHUROXüPDP×üVD*UXSV|]NRQXVXKXVXVODU×LO $YUR JLOLGLSQRWODUGDDo×NODPDNWDG×U úQJLOL]6WHUOLQL (NRQRPLNID\GDQ×QLüOHWPH\HJLUHFHùLQLQPXKWHPHOKDOH JHOPHVLKDOLQGHNRüXOOXYDUO×NODLOJLOLRODUDNILQDQVDOWDE ORGLSQRWODU×QGDDo×NODPD\DS×O×U(NRQRPLNID\GDQ×QLü +LVVH%Dü×QD.D]DQo=DUDU OHWPH\HJLUHFHùLQLQNHVLQOHüPHVLGXUXPXQGD\VDV|]NR QXVXYDUO×NYHEXQXQODLOJLOLJHOLUGHùLüLNOLùLQLQROGXùXWD +LVVH%Dü×QD.D]DQFDúOLüNLQ8OXVODUDUDV×0XKDVHEH6WDQ ULKWHILQDQVDOWDEORODUDDO×Q×U GDUGײ806·HJ|UHKLVVHVHQHWOHULERUVDGDLüOHPJ|UHQ LüOHWPHOHU KLVVH EDü×QD ND]DQo Do×NODPDN ]RUXQGDG×UODU 2.3.11. úOLüNLOLWDUDIODU .RQVROLGH NDSVDPO× JHOLU WDEORVXQGD EHOLUWLOHQ KLVVH ED ü×QD ND]DQo]DUDU QHW NDU×Q \D GD ]DUDU×Q UDSRUODPD G|QHPL ER\XQFD SL\DVDGD EXOXQDQ KLVVH VHQHWOHULQLQ Dù×UO×NO× RUWDODPD DGHGLQH E|OQPHVL\OH EXOXQPDNWDG×U 2.3.9. 7UNL\H·GH üLUNHWOHU VHUPD\HOHULQL KDOL KD]×UGD EXOXQDQ KLVVHGDUODU×QDJHoPLü\×OND]DQoODU×QGDQYH\DVDOILQDQ VDOWDEORODU×QGDWDü×G×NODU×\HQLGHQGHùHUOHPHIRQODU×QGDQ GDù×WW×NODU× ´EHGHOVL] KLVVHµ \ROX LOH DUW×UDELOPHNWHGLUOHU %X WLS ´EHGHOVL] KLVVHµ GDù×W×PODU× KLVVH EDü×QD NDU]D UDUKHVDSODPDODU×QGDLKUDoHGLOPLüKLVVHJLELGHùHUOHQ GLULOLU%XQDJ|UHEXKHVDSODPDODUGDNXOODQ×ODQDù×UO×NO× 2.3.12. )LQDQVDO%LOJLOHULQ%|OPOHUH*|UH 5DSRUODPDV× RUWDODPDKLVVHVD\×V×V|]NRQXVXKLVVHVHQHGLGDù×W×POD U×Q×QJHoPLüHG|QNHWNLOHULGHGLNNDWHDO×QDUDNEXOXQXU )DDOL\HWE|OP*UXS·XQKDV×ODWHOGHHGHELOGLùLYHKDU FDPD\DSW×ù×LüOHWPHIDDOL\HWOHULQGHEXOXQDQIDDOL\HWVR QXoODU×Q×Q E|OPH WDKVLV HGLOHFHN ND\QDNODUD LOLüNLQ ND 5DSRUODPD'|QHPLQGHQ6RQUDNL2OD\ODU UDUODU×QDO×QPDV×YHE|OPQSHUIRUPDQV×Q×QGHùHUOHQGL ULOPHVL DPDF×\OD *UXS <|QHWLPL WDUDI×QGDQ G]HQOL ROD 5DSRUODPDG|QHPLVRQXLOHILQDQVDOWDEORODU×Q\D\×P×LoLQ UDNJ|]GHQJHoLULOGLùLYHKDNN×QGDD\U×ILQDQVDOELOJLOHULQ \HWNLOHQGLUPHWDULKLDUDV×QGDLüOHWPHOHKLQHYH\DDOH\KLQH PHYFXWROGXùXN×V×PG×U RUWD\Do×NDQROD\ODU×LIDGHHWPHNWHGLU5DSRUODPDG|QH PLQGHQVRQUDNLROD\ODULNL\HD\U×OPDNWDG×U *UXS·XQIDDOL\HWE|OPOHULoLPHQWRYHEHWRQ·GXU UDSRUODPDG|QHPLVRQXLWLEDU×\ODLOJLOLROD\ODU×QYDURO GXùXQD LOLüNLQ \HQL GHOLOOHU ROPDV× UDSRUODPD G|QHPLQ GHQVRQUDG]HOWPHJHUHNWLUHQROD\ODUYH LOJLOLROD\ODU×QUDSRUODPDG|QHPLQGHQVRQUDRUWD\Do×N W×ù×Q× J|VWHUHQ GHOLOOHU ROPDV× UDSRUODPD G|QHPLQGHQ VRQUDG]HOWPHJHUHNWLUPH\HQROD\ODU 5DSRUODPD G|QHPL VRQX LWLEDU×\OD V|] NRQXVX ROD\ODU×Q YDU ROGXùXQD LOLüNLQ \HQL GHOLOOHU ROPDV× YH\D LOJLOL ROD\ ODU×QUDSRUODPDG|QHPLQGHQVRQUDRUWD\Do×NPDV×GXUX PXQGD YH EX ROD\ODU×Q ILQDQVDO WDEORODU×Q G]HOWLOPHVLQL JHUHNWLUPHVLGXUXPXQGD*UXSNRQVROLGHILQDQVDOWDEOR ODU×Q×\HQLGXUXPDX\JXQüHNLOGHG]HOWPHNWHGLU6|]NR QXVX ROD\ODU NRQVROLGH ILQDQVDO WDEORODU×Q G]HOWLOPHVLQL JHUHNWLUPL\RUVD*UXSV|]NRQXVXKXVXVODU×LOJLOLGLSQRW ODU×QGDDo×NODPDNWDG×U 44 +LVVHGDUO×N V|]OHüPH\H GD\DO× KDNODU DLOH LOLüNLVL YH\D EHQ]HUL\ROODUODNDUü×WDUDI×GRùUXGDQ\DGDGROD\O×ELUüH NLOGHNRQWUROHGHELOHQYH\D|QHPOLGHUHFHGHHWNLOH\HELOHQ NXUXOXüODULOLüNLOLWDUDIRODUDNWDQ×PODQ×UODUúOLüNLOLWDUDIOD UDD\Q×]DPDQGDVHUPD\HGDUODUYHûLUNHW\|QHWLPLGHGD KLOGLUúOLüNLOLNXUXOXüLüOHPOHULND\QDNODU×QYH\NPOON OHULQLOLüNLOLNXUXOXüODUDUDV×QGDEHGHOOLYH\DEHGHOVL]ROD UDNWUDQVIHUHGLOPHVLQLLoHUPHNWHGLU .21<$dú0(172<,/,)$$/ú<(75$3258 2.3.13. .XUXP.D]DQF×h]HULQGHQ+HVDSODQDQ 9HUJLOHU '|QHPLQYHUJLNDUü×O×ù×FDULG|QHPNXUXPODUYHUJLVLYH HUWHOHQHQYHUJLQLQGHùLüLPIDUN×Q×LoHUPHNWHGLU&DULG| QHPYHUJL\NPOOùG|QHPNDU×Q×QYHUJL\HWDELRODQ N×VP× ]HULQGHQ YH UDSRUODPD G|QHPL VRQXQGD JHoHUOL RODQ YHUJL RUDQODU× LOH KHVDSODQDQ YHUJL \NPOOùQ YHJHoPLü\×OODUGDNLYHUJL\NPOOùLOHLOJLOLG]HOWPH ND\×WODU×Q×LoHUPHNWHGLU (UWHOHQHQYHUJL\NPOOùYH\DDODFDù×YDUO×NODU×QYH ERUoODU×QILQDQVDOWDEORODUGDJ|VWHULOHQGHùHUOHULLOH\DVDO YHUJLPDWUDK×KHVDE×QGDGLNNDWHDO×QDQWXWDUODU×DUDV×QGD NLJHoLFLIDUNO×O×NODU×QELODQoR\|QWHPLQHJ|UHYHUJLHWNLOH ULQLQKHVDSODQPDV×\ODEHOLUOHQPHNWHGLU .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU (UWHOHQHQ YHUJL \NPOOù YH\D DODFDù× V|] NRQX VX JHoLFL IDUNO×O×NODU×Q RUWDGDQ NDONDFDù× LOHULGHNL G| QHPOHUGH |GHQHFHN YHUJL WXWDUODU×QGD \DSDFDNODU× WDK PLQ HGLOHQ DUW×ü YH D]DO×ü RUDQODU×QGD LOLüLNWHNL ILQDQVDO WDEORODUD \DQV×W×OPDNWDG×U (UWHOHQHQ YHUJL DODFDù× JH OHFHN G|QHPOHUGH YHUJL DYDQWDM×Q×Q VDùODQPDV× ROD V×GXUXPODUGDND\GHGLOLU%XDODFDNWDQDUW×N\DUDUODQ×OD PD\DFDù× DQODü×OG×ù× RUDQGD LOJLOL DNWLIWHQ VLOLQLU (UWHOH QHQ YHUJLQLQ KHVDSODQPDV×QGD V|] NRQXVX JHoLFL IDUN O×O×NODU×Q RUWDGDQ NDONDFDù× LOHULGHNL G|QHPOHUGH JHoHU OL RODFDù× WDKPLQ HGLOHQ YHUJL RUDQODU× NXOODQ×OPDNWDG×U 2.3.14. *LGHUOHU *LGHUOHUWDKDNNXNHVDV×QDJ|UHPXKDVHEHOHüWLULOLU6DW×ü ODU×QPDOL\HWLYHIDDOL\HWJLGHUOHULLOJLOLJLGHUOHULWDKDNNXN HWWLùLDQGDND\GHGLOLU2SHUDV\RQHONLUDODPDNDSVDP×QGD \DS×ODQNLUD|GHPHOHULNLUDODPDVUHVLQFHHüLWWXWDUODUGD NRQVROLGHNDSVDPO×JHOLUWDEORVXQDJLGHURODUDN\DQV×W×O×U 2.3.15. dDO×üDQODUDVDùODQDQID\GDODU .×GHPWD]PLQDW× <UUONWHNLNDQXQODUDJ|UHûLUNHWHPHNOLOLNGROD\×V×\OD YH\D LVWLID YH úü .DQXQX·QGD EHOLUWLOHQ GDYUDQ×üODU G×ü×Q GDNLVHEHSOHUOHLVWLKGDP×VRQDHUHQoDO×üDQODUDEHOLUOLELU WRSOX|GHPH\DSPDNOD\NPOGU6|]NRQXVX|GHPH WXWDUODU×UDSRUODPDG|QHPLVRQXLWLEDU×\ODJHoHUOLRODQN× GHPWD]PLQDWWDYDQ×HVDVDO×QDUDNKHVDSODQ×U.×GHPWD] PLQDW× NDUü×O×ù× WP oDO×üDQODU×Q HPHNOLOLNOHUL GROD\×V×\OD LOHULGHGRùDFDN\NPOONWXWDUODU×EXJQNQHWGHùHUL QHJ|UHKHVDSODQDUDNLOLüLNWHNLNRQVROLGHILQDQVDOWDEOR ODUGD\DQV×W×OP×üW×U .×VDYDGHOL|]ONKDNODU× dDO×üDQODUDVDùODQDQID\GDODUGDQGRùDQN×VDYDGHOL\ NPOONOHU×VNRQWRHGLOPHNVL]LQV|]NRQXVXKL]PHWoDO× üDQODUD VDùODQG×NoD JHOLU WDEORVXQGD JLGHUOHüWLULOPHNWH GLU .×VDYDGHOLQDNLWLNUDPL\H\HLVWLQDGHQ|GHQPHVLEHNOHQHQ WXWDUoDO×üDQODUWDUDI×QGDQJHoPLüWHVDùODQP×üELUKL]PHW HGLPLGROD\×V×\ODûLUNHW·LQ\DVDOYH\DEDùOD\×F×ELU\NP OOùQQEXOXQPDV×GXUXPXQGDYHV|]NRQXVX\NP OON JYHQLOLU ELU üHNLOGH WDKPLQ HGLOHELOL\RUVD NDUü×O×N RODUDNND\×WODUDDO×Q×U (PHNOLOLNSODQ× ûLUNHW·LQSHUVRQHOHVDùODG×ù×KHUKDQJLELUHPHNOLOLNVRQUD V×ID\GDYHHPHNOLOLNSODQ×EXOXQPDPDNWDG×U 2.3.16. 1DNLWDN×üODU×WDEORVX *UXSQHWYDUO×NODU×QGDNLGHùLüLPOHULILQDQVDO\DS×V×Q×YH QDNLWDN×üODU×Q×QWXWDUYH]DPDQODPDV×Q×GHùLüHQüDUWODUD J|UH\|QOHQGLUPH\HWHQHùLKDNN×QGDILQDQVDOWDEORNXOOD Q×F×ODU×QD ELOJL YHUPHN ]HUH GLùHU ILQDQVDO WDEORODU×Q×Q D\U×OPD] ELU SDUoDV× RODUDN QDNLW DN×üODU× WDEORVXQX G ]HQOHPHNWHGLU .RQVROLGHQDNLWDN×üODU×WDEORVXQGDG|QHPHLOLüNLQNRQ VROLGHQDNLWDN×üODU×HVDV\DW×U×PYHILQDQVPDQIDDOL\HWOH ULQHGD\DO×ELUELoLPGHV×Q×IODQG×U×ODUDNUDSRUODQ×U (VDV IDDOL\HWOHUGHQ ND\QDNODQDQ NRQVROLGH QDNLW DN×üOD U×*UXS·XQIDDOL\HWOHULQGHQND\QDNODQDQNRQVROLGHQDNLW DN×üODU×Q×J|VWHULU <DW×U×P IDDOL\HWOHUL\OH LOJLOL NRQVROLGH QDNLW DN×üODU× *UXS·XQ \DW×U×P IDDOL\HWOHULQGH NXOODQG×ù× YH HOGH HWWLùL NRQVROLGHQDNLWDN×üODU×Q×J|VWHULU )LQDQVPDQIDDOL\HWOHULQHLOLüNLQQDNLWDN×üODU×*UXS·XQIL QDQVPDQ IDDOL\HWOHULQGH NXOODQG×ù× NRQVROLGH ND\QDNODU× YHEXND\QDNODU×QJHUL|GHPHOHULQLJ|VWHULU 1DNLWYHQDNLWEHQ]HULGHùHUOHUQDNLWYHEDQNDPHYGXD W×LOHWXWDU×EHOLUOLQDNGHNROD\FDoHYULOHELOHQN×VDYDGHOL \NVHNOLNLGLWH\HVDKLSYHYDGHVLD\YH\DGDKDN×VDRODQ \DW×U×PODU×LoHUPHNWHGLU 2.3.17 $UDO×NWDULKLLWLEDU×\OD\HQLYH KHQ]\UUOONWHROPD\DQVWDQGDUWODU YH\RUXPODU \×O×QGD\UUOùHJLUHQVWDQGDUWODUYH \RUXPODU ûLUNHW$UDO×NWDULKLQGHJHoHUOLYHX\JXODQPDV× ]RUXQOXRODQ806.WDUDI×QGDQo×NDU×ODQWPVWDQGDUWOD U×YH806.·Q×Q8OXVODUDUDV×)LQDQVDO5DSRUODPD<RUXP ODPD .RPLWHVL·QLQ ´8)5<.µ \D\×PODG×ù× WP \RUXPODU× X\JXODP×üW×U $UDO×NWDULKLQGHKHQ]\UUONWH ROPD\DQVWDQGDUWODUYH\RUXPODU %D]× \HQL VWDQGDUWODU VWDQGDUWODUGDNL GHùLüLNOLNOHU YH \R UXPODU $UDO×N WDULKL LWLEDUL\OH KHQ] JHoHUOL RO PD\×S EX ILQDQVDO WDEORODU×Q KD]×UODQPDV×QGD X\JXODQ PDP×üW×U%X\HQLVWDQGDUWODUGDQDüDù×GDNLOHULQûLUNHW·LQ ILQDQVDOWDEORODU×QDHWNLVLROPDV×EHNOHQPHPHNWHGLU 806 'LùHU .DSVDPO× *HOLU .DOHPOHULQLQ 6XQXPX 806VWDQGDUG×QGD\DS×ODQGHùLüLNOLNOHUGLùHUNDSVDP O× JHOLU LoLQGH \HU DODQ NDOHPOHUGHQ EHOOL NRüXOODU×Q \HUL QH JHWLULOPHVL GXUXPXQGD NDU YH\D ]DUDUD V×Q×IODQG×U×OD FDN RODQODU×Q KLoELU ]DPDQ NDU YH\D ]DUDUD V×Q×IODQG×U×O PD\DFDN RODQODUGDQ D\U× VXQXOPDV×Q× JHUHNWLUPHNWHGLU %X GHùLüLNOLNOHU 7HPPX] WDULKLQGH \D GD EX WD ULKWHQ VRQUD EDüOD\DQ \×OO×N KHVDS G|QHPOHUL LoLQ JHoHU OLRODFDNW×U 8)56 .RQVROLGH )LQDQVDO 7DEORODU 806 LOH806<RUXP.RQVROLGDV\RQg]HO$PDo O×úüOHWPHOHU·LQ\HULQLDOPDNWDG×UYH2FDNWDULKLQ GH\DGDEXWDULKWHQVRQUDEDüOD\DQ\×OO×NKHVDSG|QHP OHULLoLQJHoHUOLRODFDNW×U 8)56 úü 2UWDNO×NODU× 806 LOH 806 <RUXP .RQVROLGDV\RQg]HO $PDoO× úüOHWPHOHU·LQ \HULQL DOPDN WDG×U YH 2FDN WDULKLQGH \D GD EX WDULKWHQ VRQ UDEDüOD\DQ\×OO×NKHVDSG|QHPOHULLoLQJHoHUOLRODFDNW×U <,/,)$$/ú<(75$3258.21<$dú0(172 45 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 8)56'LùHUúüOHWPHOHUGHNL3D\ODUDúOLüNLQ$o×NODPD ODU EDùO× RUWDNO×N Lü RUWDNO×ù× LüWLUDN YHYH\D NRQVROLGH HGLOPH\HQ \DS×ODQG×U×OP×ü LüOHWPHOHUGH SD\ODU× RODQ Lü OHWPHOHU LoLQ Do×NODPD JHUHNOLOLNOHULQL LoHUPHNWHGLU YH 2FDN WDULKLQGH \D GD EX WDULKWHQ VRQUD EDüOD\DQ \×OO×NKHVDSG|QHPOHULLoLQJHoHUOLRODFDNW×U 8)56 *HUoHùH 8\JXQ 'HùHU gOoP IDUNO× 8)56·OHUGHNLJHUoHùHX\JXQGHùHU|OoPQHLOLüNLQ\|Q OHQGLUPHOHULQ \HULQH JHoHUHN JHUoHùH X\JXQ GHùHU |O oP\|QOHQGLUPHOHULQLWHNELUND\QDNWDWRSODPDNWDG×UYH 2FDNWDULKLQGH\DGDEXWDULKWHQVRQUDEDüOD\DQ \×OO×NKHVDSG|QHPOHULLoLQJHoHUOLRODFDNW×U 806 %LUH\VHO )LQDQVDO 7DEORODU 806 ·LQ\HULQLDOPDNWDG×UYH2FDNWDULKLQGH\D GDEXWDULKWHQVRQUDEDüOD\DQ\×OO×NKHVDSG|QHPOHULLoLQ JHoHUOLRODFDNW×U 806úüWLUDNYHúü2UWDNO×NODU×QGDNL<DW×U×PODU 806·LQ\HULQLDOPDNWDG×UYH2FDNWD ULKLQGH\DGDEXWDULKWHQVRQUDEDüOD\DQ\×OO×NKHVDSG| QHPOHULLoLQJHoHUOLRODFDNW×U 806 dDO×üDQODUD 6DùODQDQ )D\GDODU VWDQGDUG×QGD \DS×ODQGHùLüLNOLNLOHWDQ×PODQP×üID\GDSODQODU×YHN×GHP WD]PLQDW×LOHLOJLOLPXKDVHEHLüOHPOHULQHGHùLüLNOLNJHWLULO PLüWLU%XGHùLüLNOLNOHU2FDNWDULKLQGH\DGDEX WDULKWHQVRQUDEDüOD\DQ\×OO×NKHVDSG|QHPOHULLoLQJHoHU OLRODFDNW×U 8)56)LQDQVDO$UDoODUILQDQVDOYDUO×NODU×Q|OoPYHV× Q×IODPDODU×Q×GHùLüWLUHELOHFHNYH2FDNWDULKLQGH \DGDEXWDULKWHQVRQUDEDüOD\DQ\×OO×NKHVDSG|QHPOHUL LoLQJHoHUOLRODFDNW×U 8)5<.´<HUVW0DGHQúüOHWPHOHULQGHhUHWLP$üD PDV×QGDNL+DIUL\DW'HNDSDM0DOL\HWOHULµUHWLPDüDPD V×QGDNL KDIUL\DWODU×Q QH ]DPDQ YH KDQJL NRüXOODUGD YDU O×NRODUDNPXKDVHEHOHüHFHùLPXKDVHEHOHüHQYDUO×ù×QLON ND\GD DOPD YH VRQUDNL G|QHPOHUGH QDV×O |OoOHFHùLQH Do×NO×N JHWLUPHNWHGLU <RUXP 2FDN WDULKLQGH \D GDVRQUDV×QGDEDüOD\DQILQDQVDOG|QHPOHULoLQ\UUOùH JLUHFHNROXSHUNHQX\JXODPD\DL]LQYHULOPHNWHGLU 806´)LQDQVDO$UDoODU6XQXP)LQDQVDO9DUO×NYH %RUoODU×Q 1HWOHüWLULOPHVL 'HùLüLNOLNµ 'HùLüLNOLN ´PXKD VHEHOHüWLULOHQWXWDUODU×QHWOHüWLUPHNRQXVXQGDPHYFXW\D VDO ELU KDNN×Q×Q EXOXQPDV×µ LIDGHVLQLQ DQODP×QD Do×NO×N JHWLUPHNWHYH806QHWOHüWLUPHSUHQVLELQLQHü]DPDQO× RODUDNJHUoHNOHüPH\HQYHEUW|GHPH\DS×ODQKHVDSODü PDWDNDVEURODU×JLELVLVWHPOHULQGHNLX\JXODPDDODQ×QD Do×NO×NJHWLUPHNWHGLU'HùLüLNOLNOHU2FDNYHVRQ UDV×QGDEDüOD\DQ\×OO×NKHVDSG|QHPOHULLoLQJHUL\HG|QN RODUDNX\JXODQDFDNW×U6|]NRQXVXVWDQGDUG×QûLUNHW·LQIL QDQVDOGXUXPXYH\DSHUIRUPDQV×]HULQGH|QHPOLELUHW NLVLROPDV×EHNOHQPHPHNWHGLU 8)56´)LQDQVDO$UDoODU$o×NODPDODU²)LQDQVDO9DUO×N YH%RUoODU×Q1HWOHüWLULOPHVL'HùLüLNOLNµ *HWLULOHQ Do×NODPDODU ILQDQVDO WDEOR NXOODQ×F×ODU×QD L 46 .21<$dú0(172<,/,)$$/ú<(75$3258 1HWOHüWLULOHQLüOHPOHULQüLUNHWLQILQDQVDOGXUXPXQDHWNLOH ULQLQYHPXKWHPHOHWNLOHULQLQGHùHUOHQGLULOPHVLLoLQYHLL 8)56·\HJ|UHYHGLùHUJHQHONDEXOJ|UPüPXKDVHEHLO NHOHULQHJ|UHKD]×UODQP×üILQDQVDOWDEORODU×QNDUü×ODüW×U×O PDV×YHDQDOL]HGLOPHVLLoLQID\GDO×ELOJLOHUVXQPDNWDG×U 'HùLüLNOLNOHUJHUL\HG|QNRODUDN2FDNYHVRQ UDV×QGDEDüOD\DQ\×OO×NKHVDSG|QHPOHULYHEXKHVDSG| QHPOHULQGHNLDUDG|QHPOHULoLQJHoHUOLGLU'HùLüLNOLNVD GHFHDo×NODPDHVDVODU×Q×HWNLOHPHNWHGLUYHûLUNHW·LQILQDQ VDOGXUXPXQXYH\DSHUIRUPDQV×]HULQGHELUHWNLVLROPD \DFDNW×U 2.3.18. 1HWOHüWLUPH )LQDQVDOYDUO×NODUYH\NPOONOHU\DVDORODUDNQHWOHüWLU PHKDNN×Q×QYDUROPDV×QHWRODUDN|GHQPHVLYH\DWDKVLOL QLQPPNQROPDV×YH\DYDUO×ù×QHOGHHGLOPHVLLOH\NP OOùQ\HULQHJHWLULOPHVLQLQHü]DPDQO×RODUDNJHUoHNOH üHELOPHVLKDOLQGHILQDQVDOGXUXPWDEORVXQGDQHWGHùHU OHULLOHJ|VWHULOLU .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 3. )$$/ú<(7%g/h0/(5ú1(*g5(5$325/$0$ *UXS <|QHWLPL·QLQ SHUIRUPDQV× GHùHUOHQGLUGLùL YH ND\ QDNGDù×O×P×QDNDUDUYHUPHNLoLQNXOODQG×ù×ELOJLOHULLoH UHQ LNL IDDOL\HW E|OP EXOXQPDNWDG×U %X VWUDWHMLN E| OPOHU D\Q× VHUYLVLQ KL]PHWLQL YHUPHVLQH UDùPHQ IDUN O× HNRQRPLN GXUXPODUGDQ YH IDUNO× FRùUDIL NRQXPODU GDQHWNLOHQGLNOHULLoLQND\QDNWDKVLVLYHSHUIRUPDQVODU× QDJ|UHûLUNHW·LQIDDOL\HWOHULQHLOLüNLQNDUDUDOPD\D\HWNLOL PHUFLLWDUDI×QGDQG]HQOLRODUDNJ|]GHQJHoLULOPHNWHGLU *UXS·XQLoHUGLùLDQDIDDOL\HWE|OPOHULoLPHQWRYHKD %|OPOHULQSHUIRUPDQV×Q×QG]HQOLRODUDNGHùHUOHQGLULO PHVLQGHWHPHORODUDNEUWNDUGLNNDWHDO×QPDNWDG×UûLU NHW<|QHWLPLE|OPSHUIRUPDQVODU×Q×QGHùHUOHQGLULOPH VLQGH EUW NDU× D\Q× VHNW|UGH \HU DODQ üLUNHWOHUOH NDUü× ODüW×U×ODELOLUOLùL Do×V×QGDQ HQ X\JXQ \|QWHP RODUDN J|U PHNWHGLU %|OPOHUDUDV× G]HOWPHYH HOLPLQDV\RQODU $UDO×N .RQVROLGHWRSODP $UDO×N +D]×U%HWRQ $UDO×N dLPHQWR $UDO×N 1HWVDW×üODU 91.985.926 175.884.834 235.758.598 6DW×üODU×QPDOL\HWL 2.662.288 51.735.029 -- 54.397.317 *UXSG×ü×VDW×üODU %|OPOHUDUDV×VDW×üODU %UW.DU *UXSG×ü×VDW×üODU %|OPOHUDUDV× G]HOWPHYH HOLPLQDV\RQODU $UDO×N .RQVROLGHWRSODP $UDO×N +D]×U%HWRQ $UDO×N dLPHQWR $UDO×N %|OPOHUDUDV×VDW×üODU 1HWVDW×üODU 92.438.528 166.871.553 226.547.009 6DW×üODU×QPDOL\HWL 150.706 52.989.638 -- 53.140.344 $UDO×N $UDO×N %UW.DU 4. ]×UEHWRQ·GXU 1$.ú79(1$.ú7%(1=(5/(5ú $UDO×NYH$UDO×NWDULKOHULLWLEDUL\OHQDNLWYHQDNLWEHQ]HUOHULDüDù×GDNLJLELGLU .DVD %DQNDODU 9DGHOLPHYGXDW 9DGHVL]PHYGXDW 9DGHVLJHOHQoHNOHU 131.553.971 172.188.554 7RSODP $UDO×N WDULKL LWLEDU×\OD YDGHOL PHYGXDW×Q 7/·VL7/FLQVLQGHQ7/·VL$%''ROD U×FLQVLQGHQPHYGXDWODUGDQROXüPDNWDG×U$UDO×N 7/·VL7/FLQVLQGHQ7/·VL$%''ROD U×FLQVLQGHQ7/·VLLVH$YURFLQVLQGHQPHYGX DWODUGDQROXüPDNWDG×U$UDO×NWDULKLLWLEDU×\ODYD GHOL7/PHYGXDWODUDX\JXODQDQHWNLQIDL]RUDQODU×YH $UDO×NYHYDGHOL$%''ROD U×PHYGXDWODUDX\JXODQDQIDL]RUDQODU×LVHYH $UDO×NYHDUDV×QGDGHùLüPHNWHGLU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODEORNH PHYGXDWEXOXQPDPDNWDG×U $UDO×N WDULKL LWLEDU×\OD QDNLW DN×üODU× WDEORVX QD ED] RODQ JHOLU UHHVNRQWODU× KDULo QDNLW YH QDNLW EHQ ]HUOHUL 7/ WXWDU×QGDG×U $UDO×N 7/ *UXS·XQILQDQVDOYDUO×NODU×YH\NPOONOHULLoLQIDL]RUDQ× ULVNLYHGX\DUO×O×NDQDOL]OHUL1RW·GDEHOLUWLOPLüWLU <,/,)$$/ú<(75$3258.21<$dú0(172 47 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 5. )ú1$16$/<$7,5,0/$5 $UDO×NWDULKLLWLEDU×\ODILQDQVDO\DW×U×PODUDO×PVDW×PDPDoO×WUHYILQDQVDOYDUO×NODUGDQROXüPDNWDG×U7UHYILQDQVDODUDo ODUJHUoHùHX\JXQGHùHUOHUL\OHJ|VWHULOPHNWHROXSSR]LWLIJHUoHùHX\JXQGHùHUOHPHIDUNODU×DO×PVDW×PDPDoO×WUHYILQDQVDOYDU O×NODUKHVDE×QGDJ|VWHULOPHNWHGLU $UDO×NLWLEDUL\OHüLUNHWLQDO×PVDW×PDPDoO×WUHYILQDQVDOYDUO×ù×EXOXQPDPDNWDG×U$UDO×N7/ 6. )ú1$16$/%25d/$5 <RNWXU$UDO×N7/ 7. 7ú&$5ú$/$&$./$59(7ú&$5ú%25d/$5 7.1 'LùHUWLFDULDODFDNODUQHW $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUWLFDULDODFDNODU×QGHWD\×DüDù×GDNLJLELGLU $UDO×N $UDO×N 7LFDULDODFDNODU 9DGHOLoHNOHUYHDODFDNVHQHWOHUL (NVLûSKHOLWLFDULDODFDNNDUü×O×ù× 56.072.941 40.299.477 7DKDNNXNHWPHPLüILQDQVPDQJLGHUL 7RSODP $UDO×NWDULKLLWLEDU×\ODWLFDULDODFDNODU×QRUWDODPDYDGHVLLOHJQDUDV×QGDGHùLüPHNWHGLU$UDO×N JQ *UXS\|QHWLPLQFHJHoPLüWHFUEHOHUYHFDULHNRQRPLNGXUXPJ|]|QQHDO×QDUDNGHùHUOHQGLULOPHNWHYHJHUHNOLJ|UOGùGX UXPODUGDYHX\JXQRUDQGDüSKHOLDODFDNNDUü×O×ù×D\U×OPDNWDG×UûSKHOLWLFDULDODFDNNDUü×O×NODU×Q×Q\×OLoLQGHNLKDUHNHWOHULDüD ù×GDNLJLELGLU '|QHPEDü× '|QHPLoLQGHD\U×ODQNDUü×O×NWXWDU× $UDO×N $UDO×N '|QHPLoLQGHNLWDKVLODWODU '|QHPVRQX 3.085.911 2.967.083 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQWLFDULDODFDNODU×Q×QYDGHGDù×O×P×DüDù×GDNLJLELGLU $UDO×N $UDO×N 9DGHVL]HULQGHQJQJHoPLü 9DGHVL]HULQGHQD\JHoPLü 9DGHVL]HULQGHQD\JHoPLü 9DGHVL]HULQGHQ\×OJHoPLü 56.072.941 40.299.477 9DGHVLJHoPHPLüYHNDUü×O×ND\U×OPDP×ü 9DGHVLQL\×OGDQID]ODJHoPLü 7RSODP 48 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 7.2 'LùHUWLFDULERUoODUQHW $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODWLFDULERUoODUDüDù×GDNLJLELGLU $UDO×N $UDO×N 20.903.029 25.808.261 7LFDULERUoODU 7DKDNNXNHWPHPLüILQDQVPDQJHOLUL $UDO×NWDULKLLWLEDU×\ODWLFDULERUoODU×QRUWDODPDYDGHVLLOHJQDUDV×QGDGHùLüPHNWHGLU$UDO×NJQ 8. 'úø(5$/$&$./$59(%25d/$5 8.1 'LùHUDODFDNODU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUN×VDYHX]XQYDGHOLDODFDNODUDüDù×GDNLJLELGLU .×VDYDGHOLGLùHUDODFDNODU $UDO×N $UDO×N 'LùHU 'LùHUN×VDYDGHOLDODFDNODUWRSODP× 22.634 77.350 $UDO×N $UDO×N 8]XQYDGHOLGLùHUDODFDNODU 9HULOHQGHSR]LWRYHWHPLQDWODU 3HUVRQHOGHQDODFDNODU 8.2 523.137 401.464 'LùHUERUoODU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUERUoODUDüDù×GDNLJLELGLU .×VDYDGHOLGLùHUERUoODU $UDO×N $UDO×N gGHQHFHNYHUJLEDU×ü×ERUoODU× gGHQHFHN.'9 gGHQHFHNJHOLUYHUJLVLNHVLQWLOHUL gGHQHFHN66.SULPOHUL 3HUVRQHOHERUoODU $O×QDQGHSR]LWRYHWHPLQDWODU 'LùHU 5.160.532 5.548.068 7RSODP <,/,)$$/ú<(75$3258.21<$dú0(172 49 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 8]XQYDGHOLGLùHUERUoODU *HOHFHN\×OODUDDLWJHOLUOHU gGHQHFHNYHUJLEDU×ü×ERUoODU× 7RSODP $UDO×N $UDO×N 1.063.872 3.547.547 0DUWWDULKOL|]HOGXUXPDo×NODPDV×QGDGDEHOLUWLOGLùL]HUHûLUNHW6D\×O×.DQXQX·QXQ0DGGHVLQHJ|UH.X UXPODU9HUJLVLPDWUDKDUW×U×P×QGDEXOXQPXüWXU%XQDJ|UHEDùO×ROXQDQ.RQ\DúOL6HOoXN9HUJL'DLUHVL·QHYH \×OODU×LoLQWRSODP7/LODYH.XUXPODU9HUJLVL|GHPHVL\DS×ODFDNW×UgGHPHOHUWDNVLWOLRODUDND\YDGHOLJHU oHNOHüWLULOHFHNROXSNDWVD\×WXWDU×GDKLO|GHQHFHNWXWDUWRSODP7/·GLU$UDO×NWDULKLLWLEDU×\ODLOJLOLYHUJLERUo ODU×\ODDODNDO×RODUDNWRSODP7/7/WXWDU×QGDN×VP×YHUJLDVO×YH7/WXWDU×QGDN×VP×NDWVD\×WXWD U×ROPDN]HUHWXWDU×QGD|GHPH\DS×OP×üROXSNRQVROLGHILQDQVDOWDEORODUGDYH\×OODU×QGD|GHQHFHNWXWDUODU LoLQWRSODP7/NDUü×O×ND\U×OP×üW×U 9. 672./$5 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODVWRNODUDüDù×GDNLJLELGLU $UDO×N $UDO×N +DPPDGGHVWRNODU× <DU×PDPXOVWRNODU× 0DPXOVWRNODU× 41.780.700 46.053.397 7LFDULPDOVWRNODU× 7RSODP $UDO×NWDULKLLWLEDU×\ODKDPPDGGHVWRNODU×oLPHQWRKDPPDGGHOHUL\DN×WODUELO\DODU\DùODUYHGLùHUVWRNODUGDQROXü PDNWDG×U $UDO×NWDULKLQGHVRQDHUHQ\×OGDVDW×üODU×QPDOL\HWLQHND\GHGLOHQLONPDGGHYHPDO]HPHJLGHULLOHPDPXOYH\DU×PDPXO VWRNODU×QGDNLGHùLüLPWXWDU×7/·GLU$UDO×N7/ 10. g=.$<1$.<g17(0ú1(*g5('(ø(5/(1(1<$7,5,0/$5 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD|]ND\QDN\|QWHPLQHJ|UHGHùHUOHQHQ\DW×U×PODUDüDù×GDNLJLELGLU 6LJPD%HWRQ úüWLUDN2UDQ× $UDO×N $UDO×N $UDO×NWDULKLLWLEDU×\ODYDUO×NODUWRSODP×7/$UDO×N7/\NPOONOHUWRSODP× 7/$UDO×N7/YH|]ND\QDNWRSODP×7/$UDO×N7/·GLU$UDO×NWDULKLQGH VRQDHUHQ\×ODDLWQHWVDW×üWXWDU×7/7/ROXSQHWG|QHPNDU×7/7/NDU·GLU 50 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 11. 0$''ú'85$19$5/,./$5 $UDO×NWDULKLQGHVRQDHUHQ\×OGDPDGGLGXUDQYDUO×NODU×QKDUHNHWOHULDüDù×GDNLJLELGLU 2FDN *LULüOHU 7UDQVIHU $UD]LYHDUVDODU <HUDOW×YH\HUVWG]HQOHUL %LQDODU 400.581.421 9.560.458 -- 4.739.340 405.382.539 0DOL\HW 0DNLQHWHVLVYHFLKD]ODU 7Dü×WODU '|üHPHYHGHPLUEDüODU <DS×OPDNWDRODQ\DW×U×PODU %LULNPLü $PRUWLVPDQODU <HUDOW×YH\HUVWG]HQOHUL %LQDODU 0DNLQHWHVLVYHFLKD]ODU 7Dü×WODU '|üHPHYHGHPLUEDüODU 1HW'HIWHU'HùHUL 2FDN &DUL<×O $PRUWLVPDQ× d×N×üODU $UDO×N d×N×üODU $UDO×N 7UDQVIHU 4.739.827 175.953.584 181.665.955 $UDO×NWDULKLLWLEDU×\ODPDGGLGXUDQYDUO×NODUYHVWRNODU]HULQGHNLWRSODPVLJRUWDWXWDU×7/·GLU$UDO×N 7/ $UDO×NWDULKLLWLEDU×\ODPDGGLGXUDQYDUO×NODU]HULQGHLSRWHN\RNWXU$UDO×N<RNWXU $UDO×NWDULKLQGHVRQDHUHQ\×OGDPDGGLGXUDQYDUO×NODU×QKDUHNHWOHULDüDù×GDNLJLELGLU 2FDN *LULüOHU $UD]LYHDUVDODU <HUDOW×YH\HUVWG]HQOHUL %LQDODU 0DOL\HW 0DNLQHWHVLVYHFLKD]ODU 7Dü×WODU 7UDQVIHU d×N×üODU $UDO×N '|üHPHYHGHPLUEDüODU <DS×OPDNWDRODQ\DW×U×PODU 384.954.160 17.727.947 -- 400.581.420 2FDN &DUL<×O $PRUWLVPDQ× %LULNPLü $PRUWLVPDQODU <HUDOW×YH\HUVWG]HQOHUL %LQDODU 0DNLQHWHVLVYHFLKD]ODU 7Dü×WODU '|üHPHYHGHPLUEDüODU 1HW'HIWHU'HùHUL 7UDQVIHU d×N×üODU $UDO×N -- 1.559.366 178.909.721 181.665.955 <,/,)$$/ú<(75$3258.21<$dú0(172 51 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 12. 0$''ú2/0$<$1'85$19$5/,./$5 $UDO×NWDULKLQGHVRQDHUHQ\×OGDPDGGLROPD\DQGXUDQYDUO×NODU×QKDUHNHWOHULDüDù×GDNLJLELGLU 0DOL\HW +DNODU g]HOPDOL\HWOHU 'LùHUPDGGLROPD\DQGXUDQYDUO×NODU %LULNPLüúWID3D\ODU× +DNODU g]HOPDOL\HWOHU 'LùHUPDGGLROPD\DQGXUDQYDUO×NODU 1HW 2FDN *LULüOHU d×N×üODU $UDO×N 5.145.577 270.636 -- 5.416.213 d×N×üODU $UDO×N 2FDN *LULüOHU -- 2.260.464 2.609.069 $UDO×NWDULKLQGHVRQDHUHQ\×OGDPDGGLROPD\DQGXUDQYDUO×NODU×QKDUHNHWOHULDüDù×GDNLJLELGLU 0DOL\HW +DNODU g]HOPDOL\HWOHU 'LùHUPDGGLROPD\DQGXUDQYDUO×NODU %LULNPLüúWID3D\ODU× +DNODU g]HOPDOL\HWOHU 'LùHUPDGGLROPD\DQGXUDQYDUO×NODU 2FDN $UDO×N 200.000 4.770.145 375.432 -- 5.145.577 2FDN &DUL<×O úWID*LGHUL d×N×üODU $UDO×N -- -- 1HW d×N×üODU *LULüOHU 2.831.255 2.609.069 *UXS·XQ$UDO×NWDULKLLWLEDU×\ODLüOHWPHLoHULVLQGHROXüWXUXOPXüPDGGLROPD\DQGXUDQYDUO×ù×EXOXQPDPDNWDG×U $UDO×N<RNWXU 52 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 13. .$5û,/,./$5.2û8//89$5/,./$59(<h.h0/h/h./(5 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODN×VDYDGHOLERUoNDUü×O×NODU×DüDù×GDNLJLELGLU $UDO×N $UDO×N 'DYDNDUü×O×NODU× 3HUVRQHOú]LQNDUü×O×ù× 3.557.440 2.624.486 0DOL\HWJLGHUNDUü×O×ù× 7RSODP *UXS$UDO×NLWLEDU×\ODDOH\KLQHDo×ODQPXKWHOLILüGDYDODU×LoLQWRSODP7/WXWDU×QGDNDUü×O×ND\×UP×üW×U $UDO×N7/ 7DüRFDù×GHYOHWKDNN×EDNL\HVLQGHQROXüPDNWDG×U 8]XQ9DGHOL%RUo.DUü×O×NODU× $UDO×N $UDO×N .×GHPOLLüoLOLùLWHüYLNSULPLNDUü×O×ù× 7RSODP 725.080 479.641 7HPLQDW5HKLQYHúSRWHNOHU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQWHPLQDWUHKLQLSRWHN´75úµSR]LV\RQXQDLOLüNLQWDEORODU×DüDù× GDNLJLELGLU *UXSWDUDI×QGDQYHULOHQ75ú·OHU $.HQGL7]HO.LüLOLùL$G×QD9HUPLü2OGXùX75ú·OHULQ7RSODP7XWDU× %7DP.RQVROLGDV\RQ.DSVDP×QD'DKLO(GLOHQ 2012 2011 2UWDNO×NODU/HKLQH9HUPLü2OGXùX75ú·OHULQ7RSODP7XWDU× &2ODùDQ7LFDUL)DDOL\HWOHULQLQ<UWOPHVL$PDF×\OD'LùHU.LüLOHULQ %RUFXQX7HPLQ$PDF×\OD9HUPLü2OGXùX75ú·OHULQ7RSODP7XWDU× ''LùHU9HULOHQ75ú·OHULQ7RSODP7XWDU× L$QD2UWDN/HKLQH9HUPLü2OGXùX75ú·OHULQ7RSODP7XWDU× LL%YH&PDGGHOHUL.DSVDP×QD*LUPH\HQ'LùHU*UXSûLUNHWOHUL /HKLQH9HUPLü2OGXùX75ú·OHULQ7RSODP7XWDU× LLL&0DGGHVL.DSVDP×QD*LUPH\HQNLüLOHU/HKLQH9HUPLü 2OGXùX75ú·OHULQ7RSODP7XWDU× 7RSODP 17.389.325 12.700.596 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQNHQGLW]HONLüLOLùLDG×QDYHUPLüROGXùX75ú·OHU7/FLQVLQGHQYHUL OHQWHPLQDWPHNWXSODU×QGDQROXüPDNWDG×U 0üWHULOHUGHQDO×QDQWHPLQDWODU $UDO×NWDULKLLWLEDU×\OD*UXS·XQDODFDNODU×QDNDUü×O×NRODUDNPüWHULOHULQGHQDOP×üROGXùX7/$UDO×N 7/WXWDU×QGDWHPLQDWPHNWXEXEXOXQPDNWDG×U$UDO×NWDULKLLWLEDU×\OD*UXS·XQIRUZDUGV|]OHüPHVL EXOXQPDPDNWDG×U$UDO×N7/ <,/,)$$/ú<(75$3258.21<$dú0(172 53 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 14. d$/,û$1/$5$6$ø/$1$1)$<'$/$5$ú/úû.ú1.$5û,/,./$5 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODoDO×üDQODUDVDùODQDQID\GDODUDLOLüNLQNDUü×O×NODUDüDù×GDNLJLELGLU 8]XQ9DGHOL.DUü×O×NODU .×GHPOLWD]PLQDW×NDUü×O×ù× 7RSODP $UDO×N $UDO×N 3.018.612 2.748.429 .×GHPWD]PLQDW×NDUü×O×ù× ûLUNHWPHYFXWLüNDQXQXJHUHùLQFHHQD]ELU\×OKL]PHWYHUGLNWHQVRQUDHPHNOLOLNQHGHQLLOHLüWHQD\U×ODQYH\DLVWLIDYHN|WGDY UDQ×üG×ü×QGDNLQHGHQOHUOHLüLQHVRQYHULOHQSHUVRQHOHEHOLUOLPLNWDUGDN×GHPWD]PLQDW×|GHPHNOH\NPOGUgGHQHFHNWD]PL QDWKHUKL]PHW\×O×LoLQELUD\O×NPDDüWXWDU×NDGDUG×UYHEXPLNWDU$UDO×NWDULKLLWLEDU×\OD7/$UDO×N 7/LOHV×Q×UODQG×U×OP×üW×U6HUL;,1RVD\×O×7HEOLù806dDO×üDQODUD6DùODQDQ)D\GDODU·DX\JXQRODUDNûLUNHW·LQ \NPOONOHULQLQKHVDSODQDELOPHVLLoLQDNWHU\DOKHVDSODPD\DS×OPDV×JHUHNPHNWHGLU%XQDJ|UHûLUNHWLOLüLNWHNLNRQVROLGHIL QDQVDOWDEORODUGDN×GHPWD]PLQDW×NDUü×O×ù×Q×0HUFHU'DQ×üPDQO×N$QRQLPûLUNHWLDGO×DNWHUKHVDSODPD\DSDQELUüLUNHWWHQVDù ODP×üROGXùXKHVDSODPD\DJ|UH\DQV×WP×üW×U.×GHPWD]PLQDW×NDUü×O×ù×oDO×üDQODU×QHPHNOLOLùLKDOLQGH|GHQPHVLJHUHNHFHNPXK WHPHO\NPOOùQEXJQNGHùHULKHVDSODQDUDND\U×O×U $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD\NPOOùKHVDSODPDNLoLQNXOODQ×ODQDNWHU\DOYDUVD\×PODUDüDù×GD NLJLELGLU $UDO×N $UDO×N 1HWLVNRQWRRUDQ× 7DKPLQHGLOHQOLPLWPDDüDUW×üRUDQ× 7DKPLQHGLOHQHPHNOLOLùHKDNND]DQPDRUDQ× %10 $UDO×N $UDO×N .×GHPWD]PLQDW×NDUü×O×ù×Q×Q\×OLoHULVLQGHNLKDUHNHWOHULDüDù×GDNLJLELGLU '|QHPEDü×EDNL\HVL '|QHPLoLQGH|GHQHQ '|QHPNDUü×O×ù×IDL]YHDNWHU\DOIDUNGDKLO '|QHPVRQXEDNL\HVL 15. 'úø(59$5/,.9(<h.h0/h/h./(5 15.1 'LùHUG|QHQYDUO×NODU 3.018.612 2.748.429 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUG|QHQYDUO×NODUDüDù×GDNLJLELGLU $UDO×N $UDO×N .'9DODFDNODU× 9HULOHQVLSDULüDYDQVODU× 3HüLQ|GHQHQJLGHUOHU 3HüLQgGHQHQ9HUJLOHUYH)RQODU úüDYDQVODU× 'LùHU 7RSODP 54 .21<$dú0(172<,/,)$$/ú<(75$3258 1.089.189 3.790.775 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 15.2 'LùHUGXUDQYDUO×NODU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUGXUDQYDUO×NODUDüDù×GDNLJLELGLU $UDO×N $UDO×N $UDPDJLGHUOHUL 3HüLQ|GHQHQJLGHUOHU 882.207 361.219 9HULOHQVLSDULüDYDQVODU× 7RSODP 15.3 'LùHUN×VDYDGHOL\NPOONOHU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODGLùHUN×VDYDGHOL\NPOONOHUDüDù×GDNLJLELGLU $O×QDQVLSDULüDYDQVODU× *HOHFHND\ODUDDLWJHOLUOHU 16. $UDO×N $UDO×N 2.895.819 514.058 9(5*ú9$5/,.9(<h.h0/h/h./(5ú 7UNL\H·GH2FDNWDULKLQGHQLWLEDUHQJHoHUOLRO PDN]HUHNXUXPND]DQoODU×RUDQ×QGDNXUXPODU YHUJLVLQHWDELGLU 7UNYHUJLPHY]XDW×QDJ|UHEH\DQQDPH]HULQGHJ|VWH ULOHQPDOL]DUDUODU\×O×DüPDPDNND\G×\ODG|QHPNX UXPND]DQF×QGDQLQGLULOHELOLUOHU 7HPPX]WDULKYHVD\×O×5HVPL*D]HWH·GH \D\×PODQDQ VD\×O× %DNDQODU .XUXOX NDUD U× LOH 6D\×O× .XUXPODU 9HUJLVL .DQXQX·QXQ YH ·XQFXPDGGHOHULQGH\HUDODQED]×WHYNLIDWRUDQODU×\H QLGHQEHOLUOHQPLüWLU%XEDùODPGD7UNL\H·GHELULü\HUL\D GDGDLPLWHPVLOFLVLDUDF×O×ù×LOHJHOLUHOGHHGHQNXUXPODU LOH7UNL\H·GH\HUOHüLNNXUXPODUD\DS×ODQODUG×ü×QGDNLWH PHWW|GHPHOHUL]HULQGH\]GHRUDQ×QGDX\JXODQDQ VWRSDMRUDQ×\]GH·Ho×NDU×OP×üW×U 7UN YHUJL PHY]XDW× DQD RUWDNO×N RODQ .RQ\D dLPHQWR 6DQD\LL$û·QLQEDùO×RUWDNO×NODU×LOHNRQVROLGHHWWLùLIL QDQVDOWDEORODU×]HULQGHQYHUJLEH\DQQDPHVLYHUPHVL QHRODQDNWDQ×PDPDNWDG×U%XVHEHSOHEXNRQVROLGHIL QDQVDOWDEORODUD\DQV×W×ODQYHUJLNDUü×O×NODU×WDPNRQVR OLGDV\RQNDSVDP×QDDO×QDQWPüLUNHWOHULoLQD\U×D\U×KH VDSODQP×üW×U 7UNL\H·GH |GHQHFHN YHUJLOHU NRQXVXQGD YHUJL RWRULWH VLLOHPXWDEDNDWVDùODPDNJLELELUX\JXODPDEXOXQPD PDNWDG×U.XUXPODUYHUJLVLEH\DQQDPHOHULKHVDSG|QH PLQLQ NDSDQG×ù× D\× WDNLS HGHQ G|UGQF D\×Q LQFL JQ DNüDP×QD NDGDU EDùO× EXOXQXODQ YHUJL GDLUHVLQH YHULOLU 9HUJLLQFHOHPHVLQH\HWNLOLPDNDPODUPXKDVHEHND\×WOD U×LQFHOHPHOHULQLJHUL\HG|QNEHü\×OVUH\OH\DSDELOLUYH KDWDO×LüOHPWHVSLWHGLOLUVHRUWD\Do×NDQYHUJLWDUKL\DW×QH GHQL\OHYHUJLPLNWDUODU×Q×GHùLüWLUHELOLUOHU .XUXPODU 9HUJLVL .DQXQX·QXQ 0DGGHVLQLQ WUDQVIHU IL\DWODQG×UPDV× \ROX\OD ´|UWO ND]DQo GDù×W×P×µ EDüO× ù×DOW×QGDWUDQVIHUIL\DWODQG×UPDV×NRQXVXLüOHQPHNWHGLU .DV×PWDULKLQGH\D\×PODQDQ´WUDQVIHUIL\DWODQ G×UPDV×\ROX\OD|UWOND]DQoGDù×W×P×µKDNN×QGD*HQHO 7HEOLù·GHX\JXODPDGDNLGHWD\ODU×EHOLUOHPLüWLU (ùHUYHUJLPNHOOHIOHULLOJLOLNXUXOXüODUODNLüLOHUOHIL\DW ODQG×UPDODU×HPVDOOHUHX\JXQOXNLONHVLoHUoHYHVLQGH\D S×OPD\DQ UQ YH\D PDO DO×P YH VDW×P LüOHPOHULQH JL UL\RUODUVD R ]DPDQ LOJLOL NDUODU WUDQVIHU IL\DWODPDV× \R OX\OD |UWO ELU üHNLOGH GDù×W×OG×ù× NDQDDWLQH YDU×ODFDN W×U %X WDU] WUDQVIHU IL\DWODPDV× \ROX\OD |UWO NDU GDù× W×PODU×NXUXPODUYHUJLVLDo×V×QGDQYHUJLPDWUDK×QGDQLQ GLULOHPH\HFHNWLU <,/,)$$/ú<(75$3258.21<$dú0(172 55 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD|GHQHFHNJHOLUYHUJLVLDüDù×GD|]HWOHQPLüWLU $UDO×N gQFHNLG|QHPGHQGHYLU &DULG|QHPNXUXPODUYHUJLVL gGHQHQNXUXPODUYHUJLVL gGHQHFHNNXUXPODUYHUJLVL $UDO×N 1.255.982 1.769.729 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODYHUJLJLGHUOHULQLQJHOLUOHULQLQDQDELOHüHQOHULDüDù×GDNLJLELGLU &DULG|QHPNXUXPODUYHUJLVLJLGHUL $UDO×N $UDO×N VD\×O×NDQXQX\DU×QFDYHUJLJLGHUL (UWHOHQPLüYHUJLJHOLUL 9HUJLJLGHUL %DN×Q×]'LSQRW $üDù×GDG|NPYHULOHQPXWDEDNDW$UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODWRSODPYHUJLSURYL]\RQXLOH\DVDO YHUJLRUDQ×Q×QYHUJL|QFHVLNDUUDNDP×QDX\JXODQPDV×\ODKHVDSODQDQPLNWDUDUDV×QGDNLIDUNODU×J|VWHUPHNWHGLU % 9HUJLJLGHUL 9HUJL|QFHVLNDU 9HUJLJLGHUL VD\×O×NDQXQX\DU×QFDYHUJLJLGHUL .DQXQHQNDEXOHGLOPH\HQJLGHUOHU 9HUJLJLGHUL 56 .21<$dú0(172<,/,)$$/ú<(75$3258 2012 % 37.061.857 '|QHPNDU× 2011 30.427.200 46.752.474 48.571.190 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\ODHUWHOHQPLüYHUJL\HNRQXRODQJHoLFLIDUNODUYHHWNLQYHUJLRUDQODU×NXOODQ× ODUDNKHVDSODQDQHUWHOHQPLüYHUJLYDUO×NYH\NPOONOHULQLQGDù×O×P×DüDù×GD|]HWOHQPLüWLU $UDO×N $UDO×N (UWHOHQPLü9HUJL <NPOOù (UWHOHQPLü 9HUJL9DUO×ù× (UWHOHQPLü9HUJL <NPOOù (UWHOHQPLü 9HUJL9DUO×ù× 0DGGLYHPDGGLROPD\DQ YDUO×NODUG]HOWPHVL 7UHYILQDQVDO\DW×U×PODUPDNXO GHùHUG]HOWPHVL .×GHPWD]PLQDW×NDUü×O×ù× 'DYDYHLFUDJLGHUNDUü×O×NODU× ú]LQNDUü×O×ù× ûSKHOLWLFDULDODFDNNDUü×O×ù× %RUoODUGDNL806HWNLVL $ODFDNODUGDNL806HWNLVL .×GHPOLLüoLOLùLWHüYLNSULPNDUü×O×ù× 6WRNODU 'LùHU 257.325 220.552 7RSODPHUWHOHQPLüYHUJL YDUO×ù×\NPOOù 0DKVXS (UWHOHQPLüYHUJLYDUO×ù× \NPOOù 17. g=.$<1$./$5 ûLUNHW·LQ$UDO×NWDULKLLWLEDU×\ODKHUELUL7/QRPLQDOGHùHUGHDGHWKLVVHVLEXOXQPDNWDG×U$UDO×N DGHW6HUPD\HG]HOWPHIDUNODU×VHUPD\HQLQ$UDO×NWDULKLLWLEDU×\ODHQIODV\RQXQHWNLOHULQHJ|UHG]HOWLO PHVLQGHQND\QDNODQDQIDUNODUG×UûLUNHW·LQKLVVHOHULQLQ·LúVWDQEXO0HQNXO.×\PHWOHU%RUVDV×´ú0.%µ·GHKDONDDo×NKLV VHVHQHGLRODUDNLüOHPJ|UPHNWHGLU ûLUNHWLQSD\GHIWHULQH$UDO×NYH$UDO×NWDULKOHULLWLEDUL\OHLüOHQPHPLüVHUPD\HKDUHNHWOHULQGHQNRQVROLGHROPD \DQWDULKLGHùHUOHUHJ|UHSD\RUDQODU×DüDù×GDNLJLELROXüPDNWDG×U +LVVHGDUODU 3DUILFLP6$ 'LùHU gGHQPLüVHUPD\H 6HUPD\HG]HOWPHIDUNODU× 7RSODPVHUPD\H $UDO×N $UDO×N 7XWDU 6DKLSOLN 7XWDU 6DKLSOLN 4.873.440 100 4.873.440 100 66.357.591 66.357.591 6HUPD\HQLQ·LQGHQGDKDD]×QDVDKLSRUWDNODU×QWRSODP×Q×J|VWHUPHNWHGLU $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD3DUILFLP6$·Q×QND\×WO×KLVVHRUDQ×·GUYHJHULNDODQRUD Q×QGDNLKLVVH\LKDONDDU]HGLOPLüEXOXQDQKLVVHOHUGHQú0.%\ROXLOHDOP×üW×U$UDO×NWDULKLLWLEDU×\ODûLUNHW·LQú0.%·GHNL ILLOLGRODü×PGDNLSD\DGHGLROXSILLOLGRODü×PGDNLSD\RUDQ×·WLU$UDO×NILLOLGRODü×PGDNLSD\DGH GLILLOLGRODü×PGDNLSD\RUDQ× <,/,)$$/ú<(75$3258.21<$dú0(172 57 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 7HPHWW 63.·Q×Q2FDNWDULKYHVD\×O×NDUDU×JHUHùLQFH\×O×IDDOL\HWOHULQGHQHOGHHGLOHQNDUODU×QGDù×W×PHVDVODU× LOHLOJLOLRODUDNSD\ODU×ERUVDGDLüOHPJ|UHQDQRQLPRUWDNO×NODULoLQKHUKDQJLELUDVJDULNDUGDù×W×P]RUXQOXOXùXJHWLULOPHPH VLQHEXNDSVDPGDNDUGDù×W×P×Q×Q.XUXO·XQ6HUL,91RVD\×O×´6HUPD\H3L\DVDV×.DQXQXQD7DEL2ODQ+DOND$o×N$QRQLP 2UWDNO×NODU×Q7HPHWW$YDQV×'Dù×W×P×QGD8\DFDNODU×(VDVODU+DNN×QGD7HEOLùL·QGH\HUDODQHVDVODUGRùUXOWXVXQGDRUWDNO×NOD U×QHVDVV|]OHüPHOHULQGHEXOXQDQKNPOHUYHüLUNHWOHUWDUDI×QGDQNDPX\DDo×NODQP×üRODQNDUGDù×W×PSROLWLNDODU×oHUoHYHVLQ GHJHUoHNOHüWLULOPHVLQHNDUDUYHULOPLüWLU ûLUNHWYHEDùO×RUWDNO×ù×RODQ.RQ\DdLPHQWR7LFDUHW/LPLWHGûLUNHWL·QLQ0DUWWDULKLQGH\DS×ODQ2UWDNODU2ODùDQ*H QHO.XUXOODU×·QGDDO×QDQNDUDUODUX\DU×QFDJHoPLü\×OODUGDNLIDDOL\HWOHULQHWLFHVLQGHROXüDQGDù×W×ODELOLUNDU×QGDQNDQXQODUDJ|UH D\U×OPDV×JHUHNHQELULQFLWHUWLS\DVDO\HGHNDNoHOHULQGüOPHVLQGHQVRQUDNDODQG|QHPNDU×QGDQWRSODP7/ $UDO×N7/QDNLWNDUSD\×RUWDNODUDWHPHWWRODUDNGDù×W×OP×üW×U .DUGDQ$\U×ODQ.×V×WODQP×ü<HGHNOHU 7UN7LFDUHW.DQXQX·QDJ|UH\DVDO\HGHNDNoHOHUELULQFLYHLNLQFLWHUWLS\DVDO\HGHNDNoHOHUGHQROXüPDNWDG×U%LULQFLWHUWLS\D VDO\HGHNDNoHOHUûLUNHWVHUPD\HVLQLQ\]GH·VLQHXODü×QFD\DNDGDU\DVDOG|QHPNDU×Q×Q\]GH·LRUDQ×QGDD\U×OPDNWDG×U úNLQFLWHUWLS\DVDO\HGHNDNoHOHU63.G]HQOHPHOHULQHJ|UHNDUGDù×W×P×\DS×OG×ù×GXUXPODUGDûLUNHWVHUPD\HVLQLQ\]GH·LQL DüDQWPQDNLWNDUSD\×GDù×W×PODU×Q×Q·XRUDQ×QGD\DVDOND\×WODUDJ|UHNDUGDù×W×P×\DS×OG×ù×GXUXPODUGDLVHûLUNHWVHU PD\HVLQLQ\]GH·LQLDüDQWPQDNLWNDUSD\×GDù×W×PODU×Q×Q·LRUDQ×QGDD\U×OPDNWDG×U%LULQFLYHLNLQFL\DVDO\HGHNDNoH OHUWRSODPVHUPD\HQLQ\]GH·VLQLDüPDG×ù×VUHFHGDù×W×ODPD]ODUDQFDNLKWL\DUL\HGHNDNoHOHULQWNHQPHVLKDOLQGH]DUDU ODU×QNDUü×ODQPDV×QGDNXOODQ×ODELOLUOHU$UDO×NWDULKLLWLEDU×\ODûLUNHW·LQ\DVDO\HGHNOHUWRSODP×7/·GLU $UDO×N7/ ûXEDWWDULKVD\×O×63.NDUDU×X\DU×QFD63.·Q×QG]HQOHPHOHULQHJ|UHEXOXQDQQHWGDù×W×ODELOLUNDU]HULQGHQ 63.·Q×QDVJDULNDUGDù×W×P]RUXQOXOXùXQDLOLüNLQG]HQOHPHOHULX\DU×QFDKHVDSODQDQWXWDU×QWDPDP×Q×Q\DVDOND\×WODUGD\HUDODQ QHWGDù×W×ODELOLUNDUGDQNDUü×ODQDELOPHVLGXUXPXQGDEXWXWDU×QWDPDP×Q×QNDUü×ODQDPDPDV×GXUXPXQGDLVH\DVDOND\×WODUGD \HUDODQQHWGDù×W×ODELOLUNDU×QWDPDP×Q×QGDù×W×OPDV×63.·Q×QG]HQOHPHOHULQHJ|UHKD]×UODQDQILQDQVDOWDEORODUGDYH\D\DVDO ND\×WODU×QKHUKDQJLELULQGHG|QHP]DUDU×ROPDV×KDOLQGHNDUGDù×W×P×\DS×OPDPDV×HVDVW×U *UXSIDDOL\HWOHULQGHQHOGHHWWLùLNDUODU×QGDù×W×PHVDVODU×Q×63.PHY]XDW×QDX\JXQRODUDNEHOLUOHPHNWHGLU *HoPLü<×OODU.DU=DUDUODU× *UXS·XQ63.6HUL;,1RVD\×O×WHEOLùHJ|UHG]HQOHGLùLILQDQVDOGXUXPWDEORVXQGDJ|VWHUPLüROGXùXJHoPLü\×OODUNDU× $UDO×NWDULKLLWLEDU×\OD7/·GLU$UDO×N7/ 18. 6$7,û/$59(6$7,û/$5,10$/ú<(7ú $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWVDW×üODUDüDù×GDNLJLELGLU <XUWLoLVDW×üODU <XUWG×ü×VDW×üODU 6DW×üLVNRQWRODU× 7RSODP $UDO×N $UDO×N 235.758.598 226.547.009 $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWVDW×üODU×QPDOL\HWLDüDù×GDNLJLELGLU $UDO×N $UDO×N 6DW×ODQPDPXOOHULQPDOL\HWL 6DW×ODQWLFDULPDOODUPDOL\HWL 'LùHUVDW×üODU×QPDOL\HWL 181.361.281 173.406.665 7RSODP 58 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 19. (6$6)$$/ú<(7*ú'(5/(5ú 19.1 *HQHO<|QHWLP*LGHUOHUL $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWJHQHO\|QHWLPJLGHUOHULDüDù×GDNLJLELGLU $UDO×N $UDO×N '×üDU×GDQVDùODQDQID\GDYHKL]PHWOHU 3HUVRQHOJLGHUOHUL $PRUWLVPDQYHLWIDSD\×JLGHUOHUL <DUG×PYH%Dù×üODU <HPHN*LGHUOHUL 0DO]HPHJLGHUOHUL $QDOL]*LGHUOHUL úüoLOLN*LGHUOHUL .LUD*LGHUOHUL 6LJRUWDJLGHUOHUL dHüLWOLJLGHUOHU 7RSODP 19.2 19.291.991 17.612.264 3D]DUODPD6DW×üYH'Dù×W×PJLGHUOHUL $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWSD]DUODPDVDW×üYHGDù×W×PJLGHUOHULDüDù×GDNLJLELGLU $UDO×N $UDO×N 3HUVRQHOJLGHUOHUL $ODFDNVLJRUWDV×JLGHUOHUL '×üDU×GDQVDùODQDQID\GDYHKL]PHWOHU 2.249.679 1.752.325 7RSODP 20. 1ú7(/ú./(5ú1(*g5(*ú'(5/(5 $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWDPRUWLVPDQYHLWIDSD\×JLGHUOHULQLQGDù×O×P×DüDù×GDNLJL ELGLU 6DW×ODQPDPXOOHULQPDOL\HWL *HQHO\|QHWLPJLGHUOHUL1RW $UDO×N $UDO×N 15.872.558 15.028.007 0DGGLGXUDQYDUO×NDPRUWLVPDQJLGHUOHUL 0DGGLROPD\DQGXUDQYDUO×NLWIDSD\ODU× 15.872.558 15.028.007 6WRNODU]HULQGHDNWLIOHüWLULOHQ 7RSODP 7RSODP <,/,)$$/ú<(75$3258.21<$dú0(172 59 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWSHUVRQHOJLGHUOHULQLQGDù×O×P×DüDù×GDNLJLELGLU $UDO×N $UDO×N hUHWLPJLGHUOHUL *HQHO\|QHWLPJLGHUOHUL1RW 3D]DUODPDVDW×üYHGDù×W×PJLGHUOHUL1RW 7RSODP 16.444.425 15.420.830 3HUVRQHOHVDùODQDQERUGURG×ü×GLùHUID\GDODU .×GHPWD]PLQDW×JLGHUOHUL 16.444.425 15.420.830 hFUHWJLGHUOHUL 7RSODP 21. 'úø(5)$$/ú<(7/(5'(1*(/ú59(*ú'(5/(5 21.1 'LùHUIDDOL\HWJHOLUOHUL $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWGLùHUIDDOL\HWJHOLUOHULDüDù×GDNLJLELGLU $UDO×N $UDO×N 6DELWN×\PHWVDW×üNDU× .LUDJHOLUOHUL +XUGD6DW×üODU× .RQXVXNDOPD\DQüSKHOLDODFDN NDUü×O×NODU×1RW 6LJRUWDJHOLUOHUL 'LùHU 7RSODP 21.2 3.449.131 2.717.112 'LùHUIDDOL\HWJLGHUOHUL $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWIDDOL\HWJLGHUOHULDüDù×GDNLJLELGLU ûSKHOLDODFDNNDUü×O×NJLGHUOHUL1RW $UDO×N .×GHP7D]PLQDW×YH.×GHPOLúüoLOLùL7HüYLN.DUü×O×NJLGHUOHUL 'DYDNDUü×O×NODU×JLGHUOHUL gQFHNLG|QHPJLGHUYH]DUDUODU× 'LùHU 7RSODP 60 $UDO×N .21<$dú0(172<,/,)$$/ú<(75$3258 3.482.838 3.234.018 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 22. )ú1$16$/*(/ú5/(5 $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWILQDQVDOJHOLUOHUDüDù×GDNLJLELGLU )DL]JHOLUOHUL .XUIDUN×JHOLUOHUL 7UHYILQDQVDODUDoODUGDQVDùODQDQJHOLUOHU 7LFDULDODFDNYHERUoUHHVNRQWIDL]JHOLUOHULQHW 7RSODP 23. $UDO×N $UDO×N 17.572.912 19.949.477 )ú1$16$/*ú'(5/(5 $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQ\×OODUDDLWILQDQVDOJLGHUOHUDüDù×GDNLJLELGLU .XUIDUN×JLGHUOHUL .×VDYDGHOLERUoODQPDJLGHUOHUL 7LFDULDODFDNYHERUoUHHVNRQWIDL]JLGHUOHUL 7RSODP 24. $UDO×N $UDO×N 3.639.934 4.638.007 +ú66(%$û,1$.$=$1d $UDO×NYH$UDO×NWDULKOHULQGHVRQDHUHQKHVDSG|QHPOHULQHDLW+LVVH%Dü×QD.D]DQoWXWDUODU×7/ YH7/WXWDU×QGDNLDQDüLUNHWKLVVHGDUODU×QDDLWG|QHPNDUODU×Q×QLOJLOLG|QHPOHULoLQGHNLDù×UO×NO×RUWDODPDSD\DGHW OHULQHE|OQPHVL\OHKHVDSODQP×üW×U$QDüLUNHWLQKLVVHGDUODU×QDDLW+LVVH%Dü×QD.D]DQoKHVDSODPDV×DüDù×GDNLJLELGLU $QDRUWDNO×NSD\ODU×QDDLWQHWG|QHPNDU×7/ $UDO×N $UDO×N 7,602 6,243 $GLKLVVHVHQHWOHULQLQDù×UO×NO×RUWDODPDDGHGL .UQRPLQDOGHùHUGHNLKLVVH\HLVDEHWHGHQ +LVVHEDü×QDND]DQo7/ 25. ú/úû.ú/ú7$5$)$d,./$0$/$5, úOLüNLOL7DUDIODU úOLüNLOLWDUDIODUDERUoODUYHLOLüNLOLWDUDIODUGDQDODFDNODUPDOL\HWGHùHULQGHQEHOLUWLOPLüYHWDü×QP×üW×U*UXSRODùDQIDDOL\HWOHUL GDKLOLQGHLOLüNLOLWDUDIODUDWLFDULRODUDNoHüLWOLLüOHPOHUJHUoHNOHüWLUPLüWLU%XLüOHPOHULQHQ|QHPOLOHULDüDù×GDEHOLUWLOPLüWLU úOLüNLOLWDUDIODUODEDNL\HOHU -DPEO\&HPHQW.D]DNLVWDQ %DüWDü+D]×U%HWRQ6DQD\LYH7LFDUHW$û´%DüWDü%HWRQµ %DüWDü%DüNHQWdLPHQWR6DQD\LYH7LF$û´%DüWDüdLPHQWRµ 7RSODP $UDO×N $UDO×N 65.103 405.741 <,/,)$$/ú<(75$3258.21<$dú0(172 61 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU úOLüNLOLWDUDIODUDWLFDULERUoODU $UDO×N $UDO×N 7DPWDü<DS×0DO]HPHOHUL6DQD\LYH7LFDUHW$û´7DPWDüµ %DüNRQ<|QHWLP/LPLWHGûLUNHWL 9LFDW6$ %DüWDü%DüNHQWdLPHQWR6DQD\LYH7LFDUHW$û $NWDüúQüDDW0DO]6DQD\LYH7LFDUHW$ü d|]P(QGVWUL\HO$W×NúüOHPH6DQD\LYH7LFDUHW$û´d|]P(QGVWUL\HO$W×Nµ 6LJPD%HWRQ 7RSODP 6.690.490 6.496.163 *UXS·XQ%DüWDüdLPHQWRYH7DPWDü·DRODQWLFDULERUoODU×KDPPDGGHQDNOL\HVLYHPDODO×PODU×QGDQND\QDNODQPDNWDG×U$UD O×NWDULKLLWLEDU×\OD*UXS·XQWHPHWWGDù×W×PODU×\ODLOJLOLROXüDQRUWDNODUDERUoODU×7/·GLU$UDO×N 7/YHEXWXWDUILQDQVDOGXUXPWDEORVXQGD´'LùHU%RUoODUµKHVDE×QDND\GHGLOPLüWLU úOLüNLOLWDUDIODUODLüOHPOHU $UDO×N $UDO×N 7DPWDü<DS×0DO]HPHOHUL6DQD\LYH7LFDUHW$û %DüWDü%DüNHQWdLPHQWR6DQD\LYH7LFDUHW$û d|]P(QGVWUL\HO$W×NúüOHPH6DQYH7LF$û %DüWDü+D]×U%HWRQ6DQD\LYH7LFDUHW$û -DPEO\&HPHQW².D]DNLVWDQ 6LJPD%HWRQ/DERUDWXDU+L]PHWOHULYH7LFDUHW/WGûWL 1.933.267 2.548.613 $UDO×N $UDO×N 7DPWDü<DS×0DO]HPHOHUL6DQD\LYH7LFDUHW$û $NWDüúQüDDW0DO]6DQD\LYH7LFDUHW$ü 9LFDW6$ %DüWDü%DüNHQWdLPHQWR6DQD\LYH7LFDUHW$û 1.330 %DüNRQ<|QHWLP/WGûWL d|]P(QGVWUL\HO$W×NúüOHPH6DQYH7LF$û 6LJPD%HWRQ/DERUDWXDU+L]PHWOHULYH7LFDUHW/WGûWL 48.913.681 45.660.065 0DOYHKL]PHWVDW×üODU× $NWDüúQüDDW0DO]6DQD\LYH7LFDUHW$ü 7RSODP 0DOYHKL]PHWDO×PODU× %DüWDü+D]×U%HWRQ6DQD\LYH7LFDUHW$û 7RSODP hVW\|QHWLPNDGURVXQDDLWFUHWOHUYHPHQIDDWOHUWRSODP× $UDO×NWDULKLQGHVRQDHUHQDUDKHVDSG|QHPLQGHRUWDNODUYHVWG]H\\|QHWLFLOHUHVDùODQDQWRSODPPHQIDDWWXWDU× 7/·GLU$UDO×N7/ 62 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 26. )ú1$16$/$5$d/$5'$1.$<1$./$1$15ú6./(5,11ú7(/úøú9('h=(<ú 26.1. .UHGL5LVNL *UXSIDDOL\HWOHULQGHQGROD\×ERUoYHVHUPD\HSL\DVDV×IL\DWODU×G|YL]NXUODU×YHIDL]RUDQODU×QGDNLGHùLüLPOHULQHWNLOHULGDKLO oHüLWOLILQDQVDOULVNOHUHPDUX]NDOPDNWDG×U*UXS·XQWRSWDQULVN\|QHWLPSURJUDP×ILQDQVDOSL\DVDODU×Q|QJ|UOPH]OLùLQHRGDN ODQPDNWDROXS*UXS·XQNRQVROLGHILQDQVDOSHUIRUPDQV×]HULQGHNLSRWDQVL\HOROXPVX]HWNLOHULQHQD]DLQGLUJHQPHVLQLDPDo ODP×üW×U )LQDQVDOYDUO×NODU×QND\×WO×GHùHUOHULPDUX]NDO×QDQD]DPLNUHGLULVNLQLJ|VWHULU5DSRUODPDG|QHPLVRQXLWLEDU×\ODPDUX]NDO× QDQD]DPLNUHGLULVNLDüDù×GDNLJLELGLU $ODFDNODU 7LFDUL$ODFDNODU $UDO×N 'LùHU$ODFDNODU úOLüNLOL7DUDI 'LùHU7DUDI úOLüNLOL7DUDI 'LùHU7DUDI %DQNDODUGDNL 0HYGXDW 5DSRUODPDWDULKLLWLEDUL\OHPDUX] NDO×QDQD]DPLNUHGLULVNL $%&' -- 56.072.941 -- 545.774 128.373.878 $]DPLULVNLQWHPLQDWYVLOHJYHQFH DOW×QDDO×QP×üN×VP× $9DGHVLJHoPHPLü\DGDGHùHUGüNOùQH XùUDPDP×üILQDQVDOYDUO×NODU×QQHWGHIWHUGHùHUL %.RüXOODU×\HQLGHQJ|UüOPüEXOXQDQDNVLWDN GLUGHYDGHVLJHoPLüYH\DGHùHUGüNOùQHXùUDP×ü YDUO×NODU×QQHWGHIWHUGHùHUL 7HPLQDWYVLOHJYHQFHDOW×QDDO×QP×üN×VP× VD\×ODFDNILQDQVDOYDUO×NODU×QGHIWHUGHùHUL &9DGHVLJHoPLüDQFDNGHùHUGüNOùQHXùUDPDP×ü ''HùHUGüNOùQHXùUD\DQYDUO×NODU×QQHWGHIWHU GHùHUOHUL 9DGHVLJHoPLüEUWGHIWHUGHùHUL 'HùHUGüNOù 1HWGHùHULQWHPLQDWYVLOHJYHQFHDOW×QDDO×QP×üN×VP× (%LODQoRG×ü×NUHGLULVNLLoHUHQXQVXUODU <,/,)$$/ú<(75$3258.21<$dú0(172 63 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU $ODFDNODU 7LFDUL$ODFDNODU $UDO×N 'LùHU$ODFDNODU úOLüNLOL7DUDI 'LùHU7DUDI úOLüNLOL7DUDI 'LùHU7DUDI %DQNDODUGDNL 0HYGXDWODU 5DSRUODPDWDULKLLWLEDUL\OHPDUX] NDO×QDQD]DPLNUHGLULVNL $%&' 405.741 49.847.573 -- 478.814 168.600.292 $]DPLULVNLQWHPLQDWYVLOHJYHQFH DOW×QDDO×QP×üN×VP× $9DGHVLJHoPHPLü\DGDGHùHUGüNOùQH XùUDPDP×üILQDQVDOYDUO×NODU×QQHWGHIWHUGHùHUL %.RüXOODU×\HQLGHQJ|UüOPüEXOXQDQDNVLWDN GLUGHYDGHVLJHoPLüYH\DGHùHUGüNOùQHXùUDP×ü VD\×ODFDNILQDQVDOYDUO×NODU×QGHIWHUGHùHUL &9DGHVLJHoPLüDQFDNGHùHUGüNOùQHXùUDPDP×ü YDUO×NODU×QQHWGHIWHUGHùHUL 7HPLQDWYVLOHJYHQFHDOW×QDDO×QP×üN×VP× ''HùHUGüNOùQHXùUD\DQYDUO×NODU×QQHWGHIWHU 26.2. GHùHUOHUL 9DGHVLJHoPLüEUWGHIWHUGHùHUL 'HùHUGüNOù 1HWGHùHULQWHPLQDWYVLOHJYHQFHDOW×QDDO×QP×üN×VP× (%LODQoRG×ü×NUHGLULVNLLoHUHQXQVXUODU /LNLWLGH5LVNL /LNLGLWHULVNL*UXS·XQQHWIRQODPDLKWL\DoODU×Q×NDUü×OD\DPDPDULVNLGLU/LNLGLWHULVNLQDNLWJLULüYHo×N×üODU×Q×QGHQJHOHQPHVL\OHG üUOPHNWHGLU $UDO×NWDULKLLWLEDU×\OD*UXS·XQILQDQVDO\NPOONOHULQLQYDGHOHULQHJ|UHGDù×O×P×DüDù×GDNLJLELGLU 6|]OHüPH 'HIWHU X\DU×QFDQDNLW 'HùHUL o×N×üODUWRSODP× D\ DUDV× \×O DUDV× \×OGDQ X]XQ 27.687.631 27.687.631 -- -- -- )LQDQVDO%RUoODU 7LFDUL%RUoODU D\GDQ N×VD 7RSODPILQDQVDO \NPONOHU 27.593.519 $UDO×NWDULKLLWLEDU×\OD*UXS·XQILQDQVDO\NPOONOHULQLQYDGHOHULQHJ|UHGDù×O×P×DüDù×GDNLJLELGLU 6|]OHüPH 'HIWHU X\DU×QFDQDNLW 'HùHUL o×N×üODUWRSODP× )LQDQVDO%RUoODU 7LFDUL%RUoODU D\GDQ N×VD D\ DUDV× \×O DUDV× \×OGDQ X]XQ 33.363.213 33.363.213 -- -- -- 7RSODPILQDQVDO \NPONOHU 64 33.160.016 .21<$dú0(172<,/,)$$/ú<(75$3258 7LFDUL%RUoODU úWKDODW úKUDFDW $%$ 9DUO×N<NPOON3R]LV\RQX8)56% 3DUDVDO.DOHPOHU1HW<DEDQF×3DUD <NPOON3R]LV\RQX 3.593.774 7.719.596 7RSODP<NPOONOHU 3.593.774 7.719.596 .×VD9DGHOL<N$ 1HW<DEDQF×3DUD9DUO×N $3DUDVDO2ODQ'LùHU<NPOONOHU 5.747.741 7RSODP9DUO×NODU 3.205.352 -- 'XUDQ9DUO×NODU )LQDQVDO<NPOONOHU -- 3DUDVDO2OPD\DQ)LQDQVDO9DUO×NODU 566.042 566.042 14.407 -- 14.407 3.205.352 $YUR 5.747.741 7LFDUL$ODFDNODU '|QHQ9DUO×NODU$% %3DUDVDO2OPD\DQ)LQDQVDO9DUO×NODU .DVD%DQND+HVDSODU×'DKLO $3DUDVDO)LQDQVDO9DUO×NODU 7LFDUL$ODFDNODU $%' 'RODU× $UDO×N 270.358 13.066.418 13.066.418 -- 150.001.093 -- -- -- 163.067.511 -- 162.797.153 úQJLOL] 6WHUOLQL 7/.DUü×O×ù× )RQNVL\RQHO SDUDELULPL $YUR 110.630 711.743 711.743 473.000 61.014.671 5.996.644 5.996.644 6.469.644 61.726.414 -- 6.469.644 61.615.784 $%' 'RODU× $UDO×N -- -- -- -- -- úQJLOL] 6WHUOLQL 26.3. 7/.DUü×O×ù× )RQNVL\RQHO SDUDELULPL $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU <DEDQF×3DUD5LVNL $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQG|YL]FLQVLQGHQVDKLSROGXùXYDUO×NYH\NPOONOHUDüDù×GDNLJLELGLU <,/,)$$/ú<(75$3258.21<$dú0(172 65 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 26.3. '|YL]NXUXULVNLGX\DUO×O×NDQDOL]L $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD7/·QLQ$%''RODU×YH$YUR\DEDQF×SDUDELULPOHULNDUü×V×QGDRUD Q×QGDGHùHUND]DQPDV×YHGLùHUWPGHùLüNHQOHULQD\Q×NDOPDV×YDUVD\×P×DOW×QGD\DEDQF×SDUDELULPLQGHRODQYDUO×NYH\ NPOONOHUGHQGRùDQNXUIDUN×Q×QG|QHPNDU×QDYHUJL|QFHVLHWNLVLDüDù×GDNLWDEORGDVXQXOPXüWXU%XDQDOL]GHGLùHUEWQ GHùLüNHQOHULQ|]HOOLNOHIDL]RUDQODU×Q×QVDELWNDOG×ù×YDUVD\×OP×üW×U '|YL].XUX'X\DUO×O×N$QDOL]L7DEORVX $UDO×N .DU=DUDU <DEDQF×3DUDQ×Q 'HùHU.D]DQPDV× <DEDQF×3DUDQ×Q 'HùHU.D\EHWPHVL 69.240 $%''RODU×·Q×Q7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH $%''RODU×QHWYDUO×N\NPOOù $%''RODU×ULVNLQGHQNRUXQDQN×V×P $%''RODU×1HW(WNL $YUR·QXQ7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH $YURQHWYDUO×N\NPOOù 129.728 úQJLOL]6WHUOLQLQHWYDUO×N\NPOOù úQJLOL]6WHUOLQLULVNLQGHQNRUXQDQN×V×P $YURULVNLQGHQNRUXQDQN×V×P $YUR1HW(WNL úQJLOL]6WHUOLQL·QLQ7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH úQJLOL]6WHUOLQL1HW(WNL 723/$0 '|YL].XUX'X\DUO×O×N$QDOL]L7DEORVX $UDO×N -- -- 198.968 .DU=DUDU <DEDQF×3DUDQ×Q 'HùHU.D]DQPDV× <DEDQF×3DUDQ×Q 'HùHU.D\EHWPHVL 89.345 $%''RODU×·Q×Q7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH $%''RODU×QHWYDUO×N\NPOOù $%''RODU×ULVNLQGHQNRUXQDQN×V×P $%''RODU×1HW(WNL $YUR·QXQ7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH $YURQHWYDUO×N\NPOOù 14.910.765 úQJLOL]6WHUOLQLQHWYDUO×N\NPOOù úQJLOL]6WHUOLQLULVNLQGHQNRUXQDQN×V×P úQJLOL]6WHUOLQL1HW(WNL -- -- 15.000.110 $YURULVNLQGHQNRUXQDQN×V×P $YUR1HW(WNL úQJLOL]6WHUOLQL·QLQ7/.DUü×V×QGDGHùHUND]DQPDV×ND\EHWPHVLKDOLQGH 723/$0 66 .21<$dú0(172<,/,)$$/ú<(75$3258 .21<$dú0(1726$1$<úú$ûYH%$ø/,257$./,./$5, $5$/,.7$5ú+ú1'(621$(5(1+(6$3'g1(0ú1($ú7.2162/ú'()ú1$16$/7$%/2/$5,7$0$0/$<,&,127/$5 7XWDUODUDNVLEHOLUWLOPHGLNoH7UN/LUDV×7/RODUDNLIDGHHGLOPLüWLU 26.4. )DL]2UDQ×5LVNL $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQIDL]HGX\DUO×ILQDQVDODUDoODU×DüDù×GDNLJLELGLU .D\×WO×'HùHU 6DELW)DL]OL)LQDQVDO$UDoODU 9DGHOLPHYGXDW $UDO×N $UDO×N 126.398.860 168.519.055 $UDO×NYH$UDO×NWDULKOHULLWLEDU×\OD*UXS·XQGHùLüNHQIDL]OLILQDQVDOHQVWUPDQ×ROPDG×ù×LoLQIDL]RUDQ×ULVNL GX\DUO×O×NDQDOL]LKHVDSODQPDP×üW×U 27. %ú/$1d27$5ú+ú1'(16215$.ú2/$</$5 <RNWXU <,/,)$$/ú<(75$3258.21<$dú0(172 67 .21<$dú0(1726$1$<úú$û <g1(7ú0.858/8%$û.$1/,ø,·1'$1 2/$ø$1*(1(/.858/723/$17,6,1$'$9(7 ûLUNHWLPL]LQ\×O×QDLOLüNLQ2ODùDQ*HQHO.XUXO7RSODQW×V×DüDù×GDNLJQGHPPDGGHOHULQLJ|UüSNDUDUDEDù ODPDN]HUH0DUWdDUüDPEDJQVDDW·GD+RUR]OXKDQ0DKDOOHVL$QNDUD&DGGHVL1R6HO oXNOX.21<$DGUHVLQGHNLüLUNHWPHUNH]LPL]GH\DS×ODFDNW×U %XWRSODQW×\DSD\VDKLSOHUL0HUNH]L.D\×W.XUXOXüX$û·GHQDODFDNODU×YHWRSODQW×WDULKLQGHQ|QFHNLELUWDULKWHüLU NHW\HWNLOLOHULQHWHYVLNHGHFHNOHULEORNHHGLOHQSD\ODU×Q×J|VWHUHQEORNDMEHOJHVLLOHGRùUXGDQSD\VDKLSOHULQLQWHP VLOFLOHULGHEORNDMEHOJHVLYHDüDù×GD|UQHùL\HUDODQYHNDOHWQDPHLOHLüWLUDNHGLSR\NXOODQDELOLUOHU%ORNDMEHOJH VLROPD\DQSD\VDKLSOHULYH\DWHPVLOFLOHULJHQHONXUXOODUDWRSODQW×QLVDSODU×QDGDKLOROPDPDN]HUHLüWLUDNHGHEL OLUOHUDQFDNR\NXOODQDPD]ODUûLUNHWLPL]LQ\×O×ELODQoRNDU]DUDUKHVDSODU×LOHIDDOL\HWUDSRUODU×üLUNHWPHUNH ]LQGHRUWDNODU×P×]×QWHWNLNOHULQHKD]×UEXOXQGXUXOPDNWDG×U 68 .21<$dú0(172<,/,)$$/ú<(75$3258 *h1'(0 $o×O×üYH(VDV0XNDYHOHQDPHQLQPDGGHVLKNPOHULQHJ|UH%DüNDQO×N'LYDQ×Q×QROXüWXUXOPDV× *HQHO.XUXO7XWDQDNODU×Q×Q%DüNDQO×N'LYDQ×QFDLP]DODQPDV×KXVXVXQGDNDUDUDO×QPDV× <|QHWLP.XUXOX)DDOL\HW5DSRUXYH'HQHWoL5DSRUODU×LOH%Dù×PV×]'HQHWOHPH.XUXOXüX5DSRUODU×Q×Q RNXQPDV×\×O×ELODQoRYHNDU]DUDUKHVDSODU×Q×QP]DNHUHYHWDVGLNL <|QHWLP.XUXOX\HYH'HQHWoLOHULQ\×O×IDDOL\HWOHULQGHQGROD\×LEUDODU× ´ûLUNHWLPL].DU'Dù×W×P3ROLWLNDV×µQ×Q*HQHO.XUXORQD\×QDVXQXOPDV× \×O×NDU×Q×QGDù×W×P×NRQXVXQGD<|QHWLP.XUXOX·QFD(VDV0XNDYHOHQDPHQLQPDGGHVLQHJ|UH WHNOLIHGLOHQNDUGDù×W×P|QHULVLKDNN×QGDNDUDUDO×QPDV× <|QHWLP.XUXOX\HOHULQLQVHoLPLYHJ|UHYVUHOHULQLQWHVSLWL 'HQHWLP.XUXOX\HOHULQLQVHoLPLYHJ|UHYVUHOHULQLQWHVSLWL <|QHWLP.XUXOX\HOHULQLQYHVWG]H\\|QHWLFLOHULQ\D]×O×KDOHJHWLULOPLüRODQFUHWOHQGLUPHHVDVODU× KDNN×QGDELOJLYHULOPHVL <|QHWLP.XUXOX\HYH'HQHWoLOHULQFUHWOHULQLQWHVSLWL <|QHWLP.XUXOX\HOHULQH\×O×IDDOL\HWOHULLoLQ7UN7LFDUHW.DQXQX·QXQPDGGH OHULQGHEHOLUWLOHQL]QLQYHULOPHVL ûLUNHWLQEDù×üYH\DUG×PODUDLOLüNLQROXüWXUGXùXSROLWLNDQ×Q*HQHO.XUXO·XQRQD\×QDVXQXOPDV× '|QHPLoLQGH\DS×ODQWPEDù×üYH\DUG×PODU×QWXWDU×YH\DUDUODQ×F×ODU×LOHSROLWLNDGHùLüLNOLNOHULKDN N×QGDELOJLYHULOPHVL ûLUNHWLPL]LQNLüLOHUOHKLQHYHUPLüROGXNODU×WHPLQDWUHKLQYHLSRWHNOHUYHHOGHHWPLüROGXNODU×JHOLU YH\DPHQIDDWKXVXVXQGD*HQHO.XUXO·DELOJLYHULOPHVL <|QHWLPKDNLPL\HWLQLHOLQGHEXOXQGXUDQSD\VDKLSOHULQLQ\|QHWLPNXUXOX\HOHULQLQVWG]H\\|QH WLFLOHULQYHEXQODU×QHüYHLNLQFLGHUHFH\HNDGDUNDQYHV×KUv\DN×QODU×Q×QüLUNHWYH\DEDùO×RUWDNO×NODU×LOH o×NDUoDW×üPDV×QDQHGHQRODELOHFHNQLWHOLNWHLüOHP\DSDELOPHVLYHUHNDEHWHGHELOPHVLKXVXVXQXQ*HQHO .XUXO·XQRQD\×QDVXQXOPDV×D\U×FDV|]NRQXVXLüOHPOHUKDNN×QGD*HQHO.XUXO·GDELOJLYHULOPHVL <,/,)$$/ú<(75$3258.21<$dú0(172 69 9(.$/(71$0( .21<$dú0(1726$1$<úú$121ú0ûú5.(7ú*(1(/.858/%$û.$1/,ø,·1$ .RQ\DdLPHQWR6DQD\LL$û·QLQdDUüDPEDJQVDDW·GD+RUR]OXKDQ0DKDOOHVL$QNDUD&DG GHVLQR6HOoXNOX.21<$$GUHVLQGHNLüLUNHWPHUNH]LQGH\DS×ODFDNRODQ\×O×QDLOLüNLQ2ODùDQ*HQHO .XUXO7RSODQW×V×QGDJQGHPPDGGHOHULLoLQNHQGLJ|UüOHULGRùUXOWXVXQGDüLUNHWLPL]LüDKV×P×WHPVLOHR\YHUPH\H WHNOLIWHEXOXQPD\DYHJHUHNOLEHOJHOHULLP]DODPD\D\HWNLOLROPDN]HUH«««««««««««·LYHNLOWD\LQHGL \RUXP $7(06ú/<(7.ú6ú1ú1.$36$0, D9HNLOJQGHPPDGGHOHULLoLQNHQGLJ|UüGRùUXOWXVXQGDR\NXOODQPD\D\HWNLOLGLU E9HNLODüDù×GDNLWDOLPDWODUGRùUXOWXVXQGDJQGHPPDGGHOHULLoLQR\NXOODQPD\D\HWNLOLGLU 7DOLPDWODUg]HOWDOLPDWODU\D]×O×U F9HNLOüLUNHW\|QHWLPLQLQ|QHULOHULGRùUXOWXVXQGDR\NXOODQPD\D\HWNLOLGLU G7RSODQW×GDRUWD\Do×NDELOHFHNGLùHUNRQXODUGDYHNLODüDù×GDNLWDOLPDWODUGRùUXOWXVXQGDR\NXOODQPD\D\HWNLOLGLU 7DOLPDW\RNVDYHNLOR\XQXVHUEHVWoHNXOODQ×U7DOLPDWODUg]HOWDOLPDWODU\D]×O×U %257$ø,16$+ú32/'8ø8+ú66(6(1('ú1ú1 D7HUWLSYHVHULVL E1XPDUDV× F$GHW1RPLQDOGHùHUL G2\GDLPWL\D]O×ROXSROPDG×ù× H+DPLOLQH1DPD\D]×O×ROGXùX 2UWDù×Q$G×6R\DG×YH\DhQYDQ× úP]D $GUHVL 127$E|OPQGHDEYH\DFRODUDNEHOLUWLOHQü×NODUGDQELULVHoLOLUEYHGü×NODU×LoLQDo×NODPD\DS×O×U 70 .21<$dú0(172<,/,)$$/ú<(75$3258 127/$5 <,/,)$$/ú<(75$3258.21<$dú0(172 71 127/$5 72 .21<$dú0(172<,/,)$$/ú<(75$3258
Benzer belgeler
2012 Faaliyet Raporu
ùLQHGHQL\OHVHUPD\H|QFH\×O×QGD7/·\H
\×O×QGD7/·\H\×O×QGD7/·\HGDKDVRQ
UD\×O×QGDLVH7/·\Ho×NDUW×OP×üW×U\×O×Q
GDIRQODUGDQLODYHLOHNDWDU...
2011 Faaliyet Raporu - Olmuksan
\ÇOÇQGD'66PLWK7UNL\HRSHUDV\RQODUÇQÇQVDWÇQDOÇQPDVÇQÇWDNLEHQDUDPÇ]DNDWÇODQ\HQLWHVLVOHULQ
HQWHJUDV\RQXQXLoHUHQoDOÇéPDODU|QHPOL|OoGHWDPDPODQPÇéWÇU%DéDUÇOÇELUSHUIRUPDQVJ|V...
EMTAŞ elik - ÇEMTAŞ Çelik Makina Sanayi ve Ticaret A.Ş.
NRQXVXQGD$UDO×NWDULKLQHNDGDUVUHOHULEXOXQDQRUWDNODU×QKLVVHVHQHWOHULQLWHVOLPHWPHOHULGXUXPXQGD
YH EX VHUPD\H DUW×U×P×QGD DODFDNODU× SD\ODU×Q WDPDP× ûLUNHW WDUDI×QGDQ PQI...
HAYAT HOLDİNG`ten - Kastamonu Entegre
ODU×Q×QEL]HJ|UHGDKDXFX]ROPDV×
QHGHQL\OHoRNXFX]À\DWDODPLQDWSDU!
NHYH0')LKUDFDW×\DS×OG×\×O×Q!
GD7UNL\Hҋ\HLWKDOHGLOHQODPLQDWSDUNH
YH0')ҋQLQWRSODPPLNWDU×LNL0')WH...