@rtnkce N. @rtkce N. N. Kaiteits Kaieis......... Kaieis........................ .............................. ............................. ............................. ............................. ............................. ................................................. .................................. N EVEKUXN_E [UDD@R^............. ............................ ............................. ............................. .............................. ............................. ............................. .......................0 ........0 0.0 Zramekt su suddery............... ............................. ............................. .............................. ............................. ............................. .............................................. ............................... ; NN. B@KGLR B@KGLRAUIH AUIH NIOARD@XNAI..... NIOARD@XNAI.................... .............................. ............................. ............................. ............................. ............................. ........................... ............ 8 2.0. Xfe @ppcnk`i... @ppcnk`i.................. ............................. ............................. ............................. ............................. .............................. ............................. ............................. .......................... ........... 8 2.2. Brneo Fnsary Fnsary ao fe pramek `ih Kai` Kai`k k Zersai................. Zersai................................ .............................. ............................. .............................. .................5 .5 2.;. Abmekt Abmektve ve ao fe Zramek.............. Zramek............................. .............................. ............................. ............................. .............................. ............................. ........................... ............. ? 2.8. Zrahu Zrahuk k Heskrn Heskrnptai... ptai.................. .............................. ............................. ............................. ............................. ............................. .............................. .............................. ............... ? 2.5. Xfe ce`se d`kfniery.. d`kfniery................ ............................. .............................. ............................. ............................. .............................. ............................. .............................. ................ ? 2.<. Krehn Nioard`tai.. Nioard`tai................ ............................. ............................. ............................. .............................. ............................. ............................. .................................. ................... ? NNN. Gey sukkess sukkess `ih rnsg o`kars........... o`kars......................... ............................. .............................. ............................. ............................. ............................. ......................... ........... < ;.0. Gey [ukkess [ukkess O`ka O`kars........... rs.......................... ............................. ............................. ............................. ............................. .................................................... ..................................... < ;.2. Rnsg o`kars.......... o`kars......................... .............................. ............................. ............................. .............................. ............................. .................................................. .................................... > ;.;. [\AX @I@C^ @I@C^[N[......... [N[........................ ............................. ............................. .............................. ............................. ............................. ............................. ............................ ..............0: 0: N_. D`rge [uhy.............. [uhy............................. ............................. ............................. .............................. ............................. ............................. .......................................... ........................... 02 8.0. Leier` Leier`cc Revnew.............. Revnew............................ ............................. ............................. ............................. .............................. ............................. ............................. ......................... ..........02 02 8.2. Hed`i Hed`ih h @i`cysns @i`cysns & Zramektai......... Zramektai....................... ............................. .............................. ............................. ............................. .............................. .....................02 ......02 Zramekt Eilnieernil............... ............................. ............................. .............................. ............................. ............................. .............................. ........................................... ............................ 0> 5.8. Eivnr Eivnraide aidei`c i`c Ndp`k Ndp`k `ssessdei.. `ssessdei................. .............................. ............................. ............................. ............................. ................................... ..................... 22 5.5. Ndpced Ndpcedei`ta ei`tai i Zc`i............... Zc`i.............................. ............................. ............................. .............................. ............................. ........................................... ............................. 28 _N. Arl`in Arl`inz`tai z`tai [rukure, [rukure, D`i`ledei D`i`ledei `ih D`ipa D`ipawer............. wer............................ ............................. ............................. ........................ .........25 25 ?.0. Arl`in Arl`inz`tai z`tai`c `c srukure...... srukure..................... ............................. ............................. .............................. ............................. ............................. ................................. .................. 25 ?.2. D`i`l D`i`ledei.. edei................. ............................. ............................. .............................. ............................. ............................. .............................. ..................................... ........................ ..25 25 ?.;. D`ipa D`ipawer wer Requn Requnredei redeis............. s............................ .............................. ............................. ............................. .............................. ............................. ....................... ......... 2? ?.8. Xfe Race ao D`mar Respaisnb Respaisnbce ce Bahne Bahness ni ni ` pauc paucry ry pramek................... pramek................................. ........................................ .......................... 2? _NN. Oni`ikn`c Oni`ikn`c [uhy............... [uhy.............................. ............................. ............................. .............................. ............................. ............................. ............................. ........................ .......... 2< <.0. Nives Nivesdei dei au c`y.... c`y................... .............................. ............................. ............................. ............................. ............................. .............................. ............................. .............. 2< _NNN. [AKNA EKAIADNK EKAIADNK NDZ@KX[.............. NDZ@KX[............................. .............................. ............................. ............................. ................................................ .................................2> 2> @iiex ………………………………………………………………………………………………………………………………….…………….… ; Egr`dsenh pauctry O`rd Z`le 0. EV EVEK EKUX UXN_ N_E E [U [UDD DD@R @R^ ^ Xfns Xf ns ns ` ce`s ce`sep epra rame mekt kt pr prap apas as`c `c oa oarr Eg Egr` r`d[ d[en enhp hpau auct ctry ry pr prah ahuk uktn tnai ai pr pram amek ektt wf wfnk nkf f nsest`bcnsfeh ni tfe @df`r` I`tnai`c Relnai`c [t`te, Aradn` ]aie, Kfeo`RabntXawi , (:2) gebece. Xfns Xfns Zramekt ns est`bcnsfeh wnt wntf f `i abmektnve ao prahukni prahuknil l H`y ach kfnkgs ooar ar hadestnk d`rget `ih ta secc `t kadpetntnve prnke. Xfe tat`c c`ih fachnil ao tfe pramekt ns `baut 20::: d2wfnkf ns abt`nieh tfraulf Ce`seh c`ih. \fere`s tfe Ce Ce`se `se `lreedeit wfnkf ns ns expekteh ta exp expnre nre `oter <: ye`rs. Oarr tf Oa tfee pr pram amek ektt ta ou ouik iktn tnai ai sd sdaa aatf tfcy cy & ap aptn tnd` d`cc ccy, y, tf tfee pr pram amek ektt ns expe expekt kteh eh ta f` f`ve ve Leie Le ier` r`cD cD`i `i`l `ler er,, Hep`rtdeit O` O`rd rd D` D`i` i`le ler, r, El Ell l Fe`h `ih atfer pr prah ahuk uktn tnai ai se sekt ktna nai i experts. Xfe su supe perv rvns nsar ar,, Leier`c D`i`ler Oe Oeeh ehni nil l ao tfe pramek pra mektbe tbekad kades@ es@taD taDaf` af`dd ddeh eh @fd @fdeh7 eh7 fe f`s da dare re tf` tf`i i > ye`r ye`r exp expern erneik eike. e. Xfe Xfei i kaisnh kai snhern ernil il fns exp expern erneik eikee `ih tfe `ss `ssnst nst`ik `ikee ao qu qu`cn `cnone oneh h o`r o`rd d d`i d`i`le `lerr `ih at atfer fer qu`cnone qu`c noneh, h, sgncc sgncceh eh & expe expernei rneikeh keh fnre fnreh h edp edpcaye cayees es tfe pramekt rui eooektnve eooektnvecy. cy. Ai tfe kaitr`ry tfe awier f`s eiaulf experneike beoare `ih `oterw`rh oar tfe s`depramekt, sa fe k`i suppart tfe D`i`ler ao tfe o`rd. D`kfniery & atfer aoonke equnpdeit `v`nc`bce by Zeroard` nivanke subdntteh `ih f`ve lat ` tfearetnk`c prahuktnai k`p`knty ao prahuknil 0>,2:: ai tnde. Xfe pramekt `ssudnil oar oeeh oarduc`tnai `ih prakessnil ;:: wargnil h`ys per `iiud `ih 6wargnil faurs per sfnot `ih expekts ta f`ve twa sfnots per h`y. Xfe pramekt ns estnd`teh ta f`ve ` tfearetnk`c prahuktnai k`p`knty ao oeeh dncer `ih dnxer d`kfnie prahuknil 28,::: qunit`c per `iiud`t oucc k`p`knty ni twa sfnots. Xfe prahuktnai k`p`knty ns `ssudeh ta st`rt `t 6:% ao nts tfearetnk`c k`p`knty, nikre`se 5 % per `iiud uitnc `tt`ni`bce k`p`knty ao >:% ns re`kfeh. Xfe pramekt f`s laah nior`strukture `kkessnbncnty `t `iy tnde. Xfe tat`c oni`ikn`c nivestdeit kast ao tfe pramekt ns estnd`teh ta be Bnrr 0;,??:,:<>.:: Aut ao wfnkf Bnrr 00,?;5,80<ns awiers awiers equn equnty ty `ih Bnrr 2,:28,??2ns expekteh ta be ce`se `dauit kavereh by HBE. Egr`dsenh pauctry O`rd Z`le Xfe pramekteh nikade st`tedeit reve`cs ` iet praont beoare t`x ao Bnrr 00,<<:,005 `ih `oter <,?6;,; 6;,;:5, :5, tfe k` t`xBnrr <,? k`sf sf oc ocaw aw pr pram amek ektn tnai ai reve reve`c `css ` ku kudu duc` c`tn tnve ve k`s k`sf f ocaw ocaw ao Bnrr <,568,82<.:: Xfe pramekt wncc kre`te edpcayde edpcaydeit it appartuintnes oar `baut 0<Edpcayees `ih kaitrnbute tanikr tan ikre`s e`ses es tfe nik nikad adee ao tfe war warger gerss ed edpca pcayeh yeh ni `ih tfe aw awier ierss taa taa,, tr` tr`iso isoer er tekfiacaly `ih giawfaw oar cak`c prahukers besnhes pc`ynil vnt`c race ni tfe lrawtf ao ekaiady. Xfepauctry pramekt leier`tes subst`itn`c reveiue ta tfe laverideit ni tfe oard ao t`xes. 0. 0.0 0 Zrame ramekt kt su sud dde derry `. Xf Xfe eZ Zram ramek ekts ts NNiv ivest estde deit it b. Heskrnptnai Onxeh Nivestdeit @dauit Zerkeit`le <0.:;% 2<.;2% >,<:;,020 \argnil K`pnt`c ;,<;0,5:2 0;8,;8? Zre aper`tnil Kast Zre aper`tnil Niterest Xat`c >0,00: :.>6% :.?<% 0;,??:,:<> 0::% k. [a [aur urke ke ao Oni` Oni`ik ike e Heskrnptnai @dauit Hebt Equnty Xat`c Hebt = Equnty R`tna 2,:28,??2 0<.??% 62.;8% 0::% 00,?;5,80< 0;,??:,:<> h. Exp Expekte ekteh h Oni Oni`ik `ikn`c n`c Res Resucts ucts Heskrnptnai [`ces Reveiue Zraont / Cass/ ^e`r ( nintn`c) ;0,566,802 <,?6;,;:5 Kuduc`tnve K`sf B`c`ike K`pnt`c Egr`dsenh pauctry O`rd <,568,82< 06,55:,;>0 Z`le ^e`r ( oni`c) 80,><0,:?; <,806,:28 >:,82:,2>0 >>,860,8>? 2. B@K B@KGLRA GLRAUIH UIH NIO NIOARD ARD@XN @XNAI AI 2.0. Xfe @ppcnk`i nk`itt 2.0.0. I`de ao tfe @ppcnk`it I`de‛ Egr`d[enh I`tnai`cnty= - Etfnapn`i Cel`c oard ao Busniess= - [ace praprnetarsfnp 2. 2.0. 0.2. 2. @hhr @hhres esss 2.0 .0.2 .2.0 .0.. @ppc pcnnk`it `it @h @hhress I`de‛ Egr`d[enh Relnai- @df`r` I`tnai`c Relnai`c [t`te ]aie- Aradn` \areh` ‛ @rtud`Oursn Gebece ‛ :2 Z.A.Ba-------Xec.IaAoonke Fause Ia.202 Dabnce:>2>2<;0; O`x Ia. ------------------E.d`nc= -------------------------------------------2.0 .0.2 .2.2 .2.. Zramekt @hhress I`de ao tfe pramekt= Egr`d[enhpauctry o`rd Zramekt Relnai= @df`r` Relnai`c [t`te]aie/sub knty= Aradn` \areh`= @rtud`OursnXawi= kfeo`rabntGebece= :2 Fause Ia----------------- Xec.Ia:>2>2<;0; Xec.Aoonke= ……… O`x Ia. ------------------------------------- E.d`nc= ------------------------------------- 2.0.;. Xype ao Zramekt= Zauctry o`rd Zramekt 2.0.8. Cel`c oard ao Busniess= - [ace praprnetarsfnp 2.2.. 2.2 Brne Brneoo Fns Fnstar tary ya aoo tf tfe e pr prame amekt kt ` `ih ih K Kait ait`kt `kt Zer Zersai sai 2. 2.2. 2.0. 0. Xfe Xfe Kad Kadp`iy p`iy Xfns pauctry prahuktnai pramekt w`s est`bcnsfeh by Egr`d[enh. Xfe pramekt ns cak`teh ni @df`r` I`tnai`c Relnai`c [t`te, Aradn` ]aie, kfeo`Xwai(Gebece:2). Xfe pramekt snte ns oauih `baut Egr`dsenh pauctry O`rd Z`le ;::gdsorad @hhns @b`b`. Xfe tat`c c`ih fachnil ao tfe pramekt ns `baut 20::: d 2 abt`nieh tfraulf Ce`se orad @df`r` I`tnai`c Relnai`c [t`te Aradn` Eivnraideit`c Zratektnai, C`ih @hdninstr`tnai `ih Utncnz`tnai Hep`rtdeit oar ` ce`se pernah ao <: ye`rs. Xfe kadp`iy sfaws praont`bce `ih lraws o`st `ih w`its ta exp`ih ta s`tnsoy hadestnk d`rget ni tfe kauitry. 2.2. 2.2.2. 2. Xfe Xfe pr prad adat ater er Xfee pauct Xf pauctry ry o`rd o`rd pram pramek ektt ns d`i`l d`i`leh eh by @t @taDa aDaf` f`dd ddeh eh @fdeh. @fdeh. Xfe Xfe Leier Leier`c `c D`i`le D`i`lerr @taDaf`ddeh @fdeh f`h ` Helree ehuk`tnai`c b`kg lrauih ni Mauri`cnsd `ih kadduink`tnai `i `ih h Hnpc Hnpcad ad`` ni fud` fud`i i re resa saur urke ke d`i` d`i`le lede deit it.. Fe f` f`h h be beei ei warg wargni nil l oa oarr dare dare tf tf`i `i > ye`rs .Abmektve ao fe Zramek. 2. 2.;. ;. Zr Zrah ahuk uktt He Hesk skrn rnpt ptna nai i 2.;.0 2.;. 0 Xfe pramek pramektt ns est`bcn est`bcnsfe sfeh h ta prahuk prahukee H`y Ach Kfnkgs Kfnkgs oar c`yers7 c`yers7 tfe tfe breehs secek secekteh teh oar p`reit stakg kauch be ndparteh orad giawi kauitrnes tf`t prahuke c`yer stakgs. Ni `hhntnai ta tfns hurnil sudder tnde tfe pramekt ns expekteh ta pravnhe puccet `ih oertnce ells ta tfe d`rget. 2.;.2 @dauit ta braweh requesteh=@dauit ‛ Bnrr 2,:28,??2.:: Zurpase - oar purkf`se ao d`kfniery ;. Ge Gey y ssuk ukke kess ss `ih `ih rnsg rnsg o` o`kt ktar arss ;.0. ;.0. Ge Gey y[ [u ukk kke ess O`kt O`ktar arss ;. ;.0. 0.0. 0. D`kr D`kra a cev cevec ec Xfelaverideit Xfelave rideit lnves hue `tteitnai `tteitnai oar hevecapdeit hevecapdeit ao tfe sektar by nitrahuknil nitrahuknil tfe exatnk exatnk breehs ni tfe kauitry. Xfe laverideit lnves fnlf `tteitnai ta rehuke `ih suppress d`mar pauctry hnse`ses tf`t `ooekt tfe prahuktnvnty ao tfe sektar . @ttr`ktnve nivestdeit `ih nihustrn`c pacnky ao tfe laverideit. E`se `kkess ta c`ih snike laverideit lnves hue `tteitnai oar tfe sektar. @kkess @kk ess ta kre krehnt hnt pravns pravnsnai naiss `ih pravns pravnsnai nai ao hnooer hnooereit eit nikeit nikeitnve nvess cn cnge ge t`x facnh` facnh`ys, ys, caw niterest r`tes, `hequ`te lr`ke pernah, o`var`bce redntt`ike pacnky etk. [t`bce d`kra- ekaiadnk eivnraideit. Egr`dsenh pauctry O`rd Z`le Kaihuknve kcnd`te eivnraideit. Fnlf papuc`tnai lrawtf ce`hs ta fnlf hed`ih oar pauctry prahukts. ;. ;.0. 0.2. 2. [e [ekt ktar ar cev cevec ec Xfe `v`nc`bncnty ao Etfnapn`i @lrnkuctur`c Nistntutnai `ih rese`rkf nistntutnais ta k`rry aut, rese`rkfes ai tfe dast prahuktnve pauctry breehs. @v`nc`bncnty ao c`bar `t caw w`le r`te. @v`nc`bncnty ao iekess`ry nior`strukture. @v`nc`bncnty ao fnlf hadestnk `ih niteri`tnai`c d`rget oar tfe pauctry prahukts. Xfere ns extrede hed`ih `ih suppcy l`p ni tfe sektar. @v`nc`bncnty ao sunt`bce cak`tnai nirur`c `re`s ao tfe kauitry oar settnil up ` pauctry o`rd. ;.2. Rnsg oo` `ktars ;.2.0. D`kra cevec (Leier`c Rnsg)= Xfe rnsg tf`t dnlft be kre`teh `t d`kra cevec ns leier`ccy caw, snike tfere `re laah laverideit pacnknes `ih nikeitnves ta tfe sektar. ;.2.2. ;.2 .2. [e [ekta ktar r cev cevec ec rn rnsg sg O O`k `ktar tars s Xfe rnsg ai cnvestakg sektar nikcuhes= Xfe autbre`g ao pauctry hnse`se /@vn`i Niocueiz`, Iewk`stce, Kakknhnasns, [`cdaieccasns, `ih v`rnaus atfer p`r`sntnk hnse`ses/ Zaar giawcehle ta use tfe oucc k`p`knty ao tfe o`rdnil `ih prahuktnai systed ni tfe kauitry Xfe prnkes ao d`mar oeeh nilrehneits nikess`itcy nikre`se. C`kg ao exatnk h`y ach kfnkgei (HAK) `ih oertnce ells hue ta daiapacnz`tnai ao cndnteh iudber ao oarenli kadp`ines `ih tfenr b`rl`ninil pawer ao prnke settnil ni tfe d`rget. C`kg ao `ppraprn`te fausnil ns aie ao tfe kaistr`nits cndntnil prahuktnvnty. Hepeiheiky ai ndparteh exatnk h`y ach kfnkgei orad `bra`h wfnkf d`y brnil iew hnse`ses tf`t `re iat akkurreh ni tfe kauitry. Xr`isdnssnai ao hnse`se by tfe eitr`ike ao wnch bnrhs ta tfe o`rd. Zaar nisekurnty ao tfe pauctry o`rd. [`ces ao pauctry tfraulf paarcy kaitracceh cnve pauctry d`rget. Egr`dsenh pauctry O`rd Z`le Xr`is-barher davedeit ao pauctry, pauctry prahukts ar equnpdeits, wfnkf d`y nivacve davedeit orad nioekteh kauitrnes ta uinioekteh kauitrnes. Aper`tnai`c prakehures ndpcedeiteh oar caagnil `oter oeehnil, v`kkni`tnai ao tfe pauctry o`rd. O`st `ih e`sy spre`h ao `nr bari `ih w`ter bari hnse`ses ta tfe p pauctry auctry prahuktnai o`rd. Dnkrabes knrkuc`tnil oreecy ni ie`rby vncc`le ar b`kgy`rh b`kgy `rh pauctry. ;.2.;. ;.2 .;. Rn Rnsg sg dntnl dntnl`tn `tnil il Dekf`i Dekf`insd nsdss \arg \a rger erss sf sfau auch ch be lnve lnvei i prape praperr `ih `h `hequ equ`t `tee tr tr`n `nin inil il ni pr prah ahukt uktna nai i pr prake akess ss,, s` s`oe oe wargnil prakehures `ih praper w`ste d`i`ledeit d`i`ledei t pr`ktnkes. \ntf-fachnil eiaulf v`kknie `ih sade dehnknie by tfe o`rd. Kaistruktnai ao suoonkneit `ih praper bunchnil oar pauctry o`rd. Utncnz`tnai ao eiaulf preserv`tnve dekf`insd oar tfe o`rd autput `t tfe pramekt snte. Zersaiiec pratektnve `pp`recs sukf `s s`oety baats, kcatfes, lcaves, dautf d`sg, `ih dautf d`sg sfauch be pravnheh ni terds ao sunt`bncnty `ih `hequ`ky. \nheinil tfe rec`tnai ta dast `bsarbeits ni tfe d`rget. Use hnsnioekt`it oar passnbce k`use ao hnse`se. Rehuke dart`cntnes tfraulf praper `ind`c k`re `ih hnse`se preveitnai. Zratekt oeeh orad expasure ta r`ni `ih wnih hurnil prakessnil, star`le, tr`ispart `ih oeehnil. ;.;.. [\A ;.; [\AX X @I@ @I@C^[ C^[N[ N[ [XREILXF[ Xfe Zramekt D`i`ler f`ve cail ye`rs ao experneike Xfe awier ao tfe pramekt bekade eiaulf experneike beoare `ih tfei by pramekt oni`iknil oar tfe s`de pramekt. Xfe niteiheh pramekt ns `csa pc`iieh ta prahuke `hhntnai`c prakesseh pauctry oeeh. \E@GIE[[[[ Ui`v`nc`bncnty ao fybrnh stakg ni hadestnk d`rget Egr`dsenh pauctry O`rd Z`le Xfe awier ns iat use tfe oucc k`p`knty ao tfe nikub`tar hue ta c`kg ao tfe giawcehle ta aper`te tfe nikub`tar warger ni tfe kauitry. AZZARXUINXNE[ Ever-lrawnil d`rget hed`ih `ih papuc`tnai papu c`tnai lrawtf, `s wecc `s nikade lrawtf, Est`bcnsfdeit ao pauctry ductnpcnk`tnai keiters `ih pauctry kadderkn`c o`rds. Laah nior`strukture hevecapdeit. Laah `lra-kcnd`tnk kaihntnai oar pauctry o`rd. @v`nc`bce resaurkes oar oeeh nilrehneits. E`se ao lettnil krehnt o`kncntnes. O`var`bce laverideit pacnknes `ih nikeitnves ta tfe sektar Cess eivnraideit`c paccutnai. Kre`tnai ao iew d`rget appartuintnes `ih ndpraveh veterni`ry servnkes. XFRE@X[ Zrev`ceike ao hnse`se. Dart`cnty ns tfe dast `c`rdnil tfre`t ta tfe vn`bncnty ao tfe o`rd. Zrnke ocuktu`tnai ao pauctry prahukts. D`ge stnoo tfe hadestnk kadpetntnais. [fart sfeco cnoe ao tfe ell prahukt Dntnl`tnai Dekf`insds oar \e`giess `ih Xfre`ts @. \e`g \e`gie iess sses es Xa dntnl`te tfe ehuk`tnai`c prabced ao tfe nikub`tnai warger, sa let experneike orad `bra`h `ih kadduink`te ta sf`re aper`tnai systed. B. Xfre`ts Use praper v`kkni`tnai `ih dehnk`tnai oar tfe stakg `oter h`y ta h`y oaccaw up. Ni arher ta peietr`te tfe d`rget `ih red`ni kadpetntnve, tfe pramekt sfauch hevecap laah d`rget d`r getnil nil str`te str`tely ly cnge cnge prahukt prahuktnai nai ao qu`cnt qu`cnty y prahuk prahuktt `ih `v`nc `v`nc nt `t kadpet kadpetntn ntnve ve prnke. prnke. Zradatnai `csa tfe d`ni we`pai ta we`i kadpetntars. Xfe pradater sfauch t`ge k`re ao nts qu`cnty ao tfe prahukt `ih sfauch t`ge k`re ao stnduc`tnil lr`hu`ccy ta s`tnsoy tfe d`rget `ih kast dnindnz`tnai `s dukf `s passnbce. Egr`dsenh pauctry O`rd Z`le Bunch praper `ih kach star`le pc`ke oar pernsf`bce prahukts 8. D`rget [ [ttuhy 8.0. Leier`c R Re evnew Xfe Etfnap Etfnapn`i n`i kfnkgei kfnkgei de`t de`t d`rget d`rget snt sntu`t u`tnai nai `i`cyse `i`cysess kaisnhe kaisnhereh reh aicy aicy tfe hadest hadestnk nk d`rget d`rget bek`use ndpart `ih expart kaitrnbutnai w`s nisnlinonk`it ta kf`ile tfe sektar„s kaitrnbutnai ta tfe LHZ, evei no tfe kauitry f`s ` kadp`r`tnve `hv`it`le oar expart. 8. 8.2. 2. He Hed` d`ih ih @i @i`c `cys ysns ns & Zr Zram amek ektn tnai ai 8.2.0. Hed`ih @i`cysns Xfe hed`ih oar kfnkgei de`t kaisudptnai `re prnd`rncy cnigeh ta oaur gey o`ktars i`decy papuc`tnai lrawtf, ndpravedeits ni nikades, kfnkgei prnkes rec`tnve ta tfase oar kadpetntnve de`ts `ih hnet`ry preoereikes. Zauctry de`t ns tfe keitr`c hnets ao Etfnapn`i„s. –Hara \et— wfnkf ns prep`reh orad pauctry de`t `ih ells ns aie ao tfe o`varnte hnsfes ao tfe cak`c papuc`tnai wfnkf ns prep`reh espekn`ccy hurnil recnlnaus oestnv`cs `ih facnh`ys, vnrtu`ccy ni every fausefach ni tfe kauitry. Besnhes, hue ta tfe tr`hntnai`c kaisudptnai f`bnt `ih `s tfe `w`reiess ao tfe papuc`tnai ai tfe iutrntnai`c iutrn tnai`c `ih atfer `hv`it`les `hv`it`les ao pauctry prahukts nikre`ses tfe d`rget oar tfe prahukts prahukts ns `csa expekteh ta exp`ih. 8.2.2. 8.2 .2. He Hed` d`ih ih Zram Zramek ektna tnai i @s nt f`s beei s`nh, tfe hed`ih oar pauctry de`t ns d`nicy niocueikeh by papuc`tnai lrawtf tfe hadestnk kaisudptnai oar kfnkgeis„ de`t ns heterdnieh by usnil `pp`reit kaisudptnai `ppra`kf. @pp`reit kaisudptnai ns k`ckuc`teh by subtr`ktnil expart orad tfe sud ao hadestnk prahuktnai `ih ndpart. ZKK 4 (Kaisud`bce hadestnk prahuktnai + Ndpart) ‛ (Expart) Iudber ao Zapuc`tnai Xfe k`se te`d heterdnieh tfe per k`pnt` kaisudptnai treih oar kfnkgei de`t oar tfe p`st inie ye`rs ta pramekt tfe outure hadestnk hed`ih. Ni heterdninil per k`pnt` kaisudptnai treih, tfe `iiu`c `ktu`c papuc`tnai lrawtf r`te ao 2.?< perkeit useh `s ` b`se ye`r oarek`stnil r`te. B`seh ai Egr`dsenh pauctry O`rd Z`le tfe `bave kaisnher`tnai, tfe per-k`pnt` kaisudptnai ao kfnkgeis `ih fei ells ns heterdnieh fere uiher tfe t`bce. X`bce 0= Zer-k`pnt` Kaisudptnai @i`cysns Zapuc`tnai ^e`r 2::5 2::? 2::< 2::6 2::> 2:0: 2:00 2:02 2:0; 2:08 <:,02;,6>6 <0,>>?,2:? <;,>06,5:5 <5,6>2,02> <<,>06,88> <>,>>6,6<2 62,0;8,680 68,::;,::0 6?,::8,;?2 66,6>0,:?5 2:05 @ver`le >0,2?8,85? 6:,0>5,:<0 Kfnkgeis/sc`ulftereh Zrah Zr ahuk uktn tnai ai (0:: (0::: : fe fe`h `h)) Zer Zer K` K`pn pnt` t` Kais Kaisud udpt ptna nai i 5;,2:: :.:::<? 5?,5:: :.:::<6 5<,6:: :.:::<6 ?:,<;? :.:::6: ?;,::: :.:::60 ?>,::: :.:::6? 60,5:: :.:::>> <>,586 :.:::>5 6;,?5> :.:::>6 <?,88? :.:::6? <6,86< ?>,:6: :.:::6? :.:::6? @s sfawi ni tfe `bave t`bce, tfe `ver`le per k`pnt` kaisudptnai oar kfnkgei de`t w`s estnd`teh `t :.:::6? tais per fe`h per `iiud. @s ` resuct tfns r`te w`s useh oar pramektnai purpase `s ` kaist`it tfraulfaut tfe pramektnai pernah. Ai tfe atfer f`ih, tfe per k`pnt` kaisudptnai treih ao fei ells sfaws ` hekre`snil treih wntf `i `ver`le ao :.:::5: tai per persai per `iiud. @s ` resuct `i `ver`le lrawtf r`te ao -:.8<<% oar kfnkgei `ih ` kaist`it per k`pnt` kaisudptnai ao :.:::5: tai/persai/`iiud ns useh oar pramektnai purpase. X`bce 2=- Hed`ih ao fei ells ^e`r Zrahuktnai (Xais) Fei Ells Zer K`pnt` Kaisudptnai 2::5 2::? 2::< 2::6 2::> ;5,::: ;<,5:: ;6,::: ;6,5:: ;>,::: :.:::5: :.:::52 :.:::50 :.:::50 :.:::5: 2:0: ;>,::: :.:::8> 2:00 ;>,?:: :.:::86 2:02 8:,?2> :.:::86 2:0; 80,2?8 :.:::86 Egr`dsenh pauctry O`rd Z`le Lrawtf r`te (%) 8.::% -0.>2% :.::% -0.>?% -2.::% -2.:8% :.::% :.::% @ver`le ;6,<20 :.:::5: -:.8<< B. Expart Hed`ih ao kfnkgeis `ih fei ells Xfere ns ia expart ao cnve kfnkgei orad Etfnapn`. Dare aver tfe kauitry„s expart ao fei ells ns ielcnlnbce. Fawever, `s sfawi ni tfe t`bce becaw tfe kauitry„s expart ao fei ell sfaws ` hekre`snil treih `ih oni`ccy nt bekades zera oar tfe ye`r 2:00. Xfus, expart ao fei ells ns iat kaisnhereh oar pramektnai purpase. X`bce ;=- Expart ao Fei Ells, taies ^e`r 2::8 2::5 2::? 2::< 2::6 Expart `dauit <>< 2;2 0>8 0;< 0<> Lrawtf r`te (%) 2::> 2:0: 2:00 @ver`le 5 ; : ->< -8: -0:: -8? -<0 -0? -2> ;: 0>; K. Xat`c Hed`ih Zramektnai Zramektnai ao hed`ih kfnkgeis `ih fei ells nikcuhes pramekteh hed`ih oar kaisudptnai `ih expart. X`bce 8=- pramekteh hed`ih oar kfnkgeis `ih fei ells oar tfe ye`r 2:0?-2:2; Heskrnptnai / ye`rs Zramekteh Zapuc`tnai kfnkgeis/ sc`ulftereh Zer k`pnt` kaisudptnai Kf`ile ni Zer-k`pnt` kaisudptnai Fei Ells (taies) Zer k`pnt` kaisudptnai Kf`ile ni Zer-k`pnt` kaisudptnai 2:2: 2:0? 2:20 2:22 2:2; >;,<:0,20< 2:0< >?,2:;,:8: 2:06 >6,<<0,??0 2:0> 0:0,8:6,6?8 0:8,00?,860 0:?,6>?,;>0 0:>,<5:,525 002,?6:,6?8 >;,<60,6:: >?,265,<<5 >6,65?,?:5 0:0,8>?,:<? 0:8,2:?,:20 0:?,>66,;22 0:>,688,>0: 002,<<<,<?> :.:::6? :.:::6? :.:::6? :.:::6? :.:::6? :.:::6? :.:::6? :.:::6? 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 8<<66 8>:?8 5:;<8 50<0> 5;0:: 58506 55><; 5<8?6 :.:::5 :.:::5 :.:::5 :.:::5 :.:::5 :.:::5 :.:::5 :.:::5 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% 2.?<% Egr`dsenh pauctry O`rd Z`le 8.;.. 8.; [u [uppc ppcy ya aoo K Kfnk fnkgei geiss ` `ih ih Fei El Ells ls ni Etf Etfnap napn` n` Xfe suppcy ao kfnkgeis `ih fei ells heterdnieh orad tfe hadestnk prahuktnai. Ni tfe k`se ao Etfnapn`, hadestnk prahuktnai t`ges tfe cnai sf`re ao tfe suppcy. Ni spnte ao tfns, tfere ns ` ia ndpart ao cnve kfnkgei (exkept HAKs oar r`rnil purpases) `ih tfe ndpart ao fei ells ta tfe kauitry ns ielcnlnbce. X`bce 5= Estnd`teh iudbers ao pauctry by Xype `ih Breeh, Etfnapn`- 2:00/02 @cc Nihnleiaus Fybrnh Exatnk Xypes ao pauctry Iudber % Iudber % Iudber % Iudber % @cc Zauctry 88,6>;,::> 0:: 8;,;:8,:>: >?.8? 25?,;;: :.5< 0,;;2,56> 2.>< Kakgs 8,;60,;;6 >.<? 8,2:?,<?5 >.;< 2>,:6? :.:? 085,866 :.;2 Kakgerecs 2,0<:,>>< 8.68 2,:><,:;< 8.?< 08,05: :.:; 5>,6:> :.0; Zuccets Iai-c`ynil feis 8,025,28> >.0> ;,><:,<:> 6.68 2<,05< :.:? 02<,;6; :.26 0,;>;,6<? ;.0 0,;8:,2;2 2.>> 6,::> :.:2 85,?;? :.0 06,::<,8>> 8:.00 0<,5;:,55; ;>.:5 58,68; :.02 822,0:8 :.>8 08,608,:5: ;; 08,056,<>5 ;0.58 02;,:6? :.2< 5;2,0?> 0.0> Kfnkgs C`ynil feis @. Hade Hadestn stnkk Zrahuk Zrahuktna tnai i Xfe tat`c prahuktnai ao tfe kauitry orad tfe ye`r 2::8 ta 2:0; ns lnvei ni t`bce 5.0;. @s tfe t`bce sfaws, tfe tat`c prahuktnai ao kfnkgeis `ih fei ells ni Etfnapn` hepnkts ` leier`c nikre`snil treih wntf `i `iiu`c `ver`le lrawtf r`te ao ;.?>% `ih 0.2<% oar kfnkgeis `ih fei ells, respektnvecy. X`bce ?= Zrahuktnai by kfnkgei `ih fei ells Kfnkgeis/sc`ulftereh (0::: fe`h) ^e`r Zrahuktnai Lrawtf r`te (%) 2::8 56,6<: 2::5 5;,2:: ->.?;% 2::? 5?,5:: ?.2:% 2::< 5<,6:: 2.;:% 2::6 ?:,<;? 5.:6% 2::> ?;,::: Egr`dsenh pauctry O`rd ;.<;% Z`le Fei Ells (Xaies) Zrahuktnai Lrawtf r`te (%) ;?,?28 ;5,::: -8.8;% ;<,5:: <.08% ;6,::: 0.;;% ;6,5:: 0.;2% ;>,::: 0.;:% 2:0: 2:00 2:02 2:0; 2:08 2:05 ?>,::: 60,5:: <?,8>? <>,56> 6252? 655<0 >.52% 06.02% -?.08% 8.:8% ;.?>% ;.?>% ;>,::: ;>,?:: 8:,;56 8:,>:8 8082; 80>8> :.::% 0.58% 0.>0% 0.;5% 0.2<% 0.2<% @ver`le ?6,<;2 ;.?>% ;6,>66 0.2<% B. Ndpart ao kfnkgeis `ih fei ells Etfnapn` ndparts aicy p`reit stakg HAK„s oar re`rnil purpase. Kurreitcy tfere ns ia ndpart ao cnve kfnkgei oar kaisudptnai purpase ni tfe kauitry. @s sfawi ni tfe t`bce 5.08 becaw, tfe ndpart ao fei ells sfaws ` ocuktu`tnil treih `ih ns ielcnlnbce. @s ` resuct, ndpart ao fei ells ns iat kaisnhereh oar pramektnai purpase. X`bce <= Ndpart ao Fei Ells, taies ^e`r Ndpart `dauit Lrawtf r`te (%) 2::8 2::5 5 : -0:: 2::? 2::< 2::6 2::> 2:0: 2:00 ; ? 0 ; 0 5 0:: 0:: -6; 2:: -?? 8:: @ver`le ; <> K. Xat`c [uppcy Zramektnai Xfe suppcy pramektnai ao kfnkgei„s de`t `ih fei ell ns lnvei ni t`bce 5.05 by t`gnil nita `kkauit tfe treih `i`cysns. @s ` resuct `iiu`c `ver`le lrawtf r`te ao ;.?> pkt `ih 0.2< pkt ns kaisnhereh oar kfnkgei de`t `ih fei ells. X`bce >= [uppcy Zramektnai ^e`r 2:0? 2:0< 2:06 2:0> 2:2: Kfnkgeis/sc`ulftereh (0::: fe`h) 66<2> >2::; >5;>6 >6,>06 >6,>06 Egr`dsenh pauctry O`rd Z`le Fei Ells (Xaies) 82862 8;:20 8;5?6 88,020 88,020 2:20 2:22 2:2; >6,>06 >6,>06 >6,>06 88,020 88,020 88,020 8. 8.8. 8. Zr Zram amek ekte teh hH Hed ed`i `ihh- [u [upp ppcy cy l` l`p p Xfe tat`c hed`ih suppcy l`p `i`cysns ao kfnkgei„s de`t `ih fei ells ni Etfnapn` sfaws ` pasntnve resuct aver tfe pramektnai ye`rs. X`bce 0:= Zramekteh Hed`ih [uppcy L`p ^e` r 2:0? 2:0< 2:06 2:0> 2:2: 2:20 2:22 2:2; Kfnkgeis/sc`ulftereh (0::: fe`h) [uppcy HH [[ L`p Hed`ih >;,<60,6:: >;,?>;,:<0 66,<2> >?,265,<<5 >?,0>;,<<2 >2,::; >6,65?,?:5 >6,<?0,2:< >5,;>6 0:0,;><,056 0:0,8>?,:<? >6,>06 0:8,2:?,:20 0:?,>66,;22 0:>,688,>0: 002,<<<,<?> 0:2,5?6 0:?,;5; 00:,2<< 008,;8< 0:8,0:;,85; 0:?,660,>?> 0:>,<;8,?;; 002,??;,822 Fei Ells (Xaies) [uppcy HH [[ L`p Hed`ih 8<,<66 5,;:? 82862 8>,:?8 ?,:8; 8;:20 5:,;<8 ?,6:? 8;5?6 50,<0> <,5>6 88,020 5;,0:: 58,506 55,><; 5<,8?6 88,?62 85,28> 85,628 8?,8:? 6,806 >,2?> 0:,08> 00,:?2 Xfe hed`ih suppcy l`p ns estnd`teh ta be nikre`seh orad >;,?>;,:<0 ta 002,??;,822hurnil tfe ye`r 2:0? ta 2:2; oar kfnkgei de`t wfnce tfe l`p ao fei ells estnd`teh ta be r`nseh orad 5;:? ta 00,:?2respektnvecy hurnil tfe s`de ye`rs. Xfe l`p wncc kaitniue ta lraw tf`t `uldeits tfe hed`ih oar pauctry de`t. Dareaver tfns l`p nihnk`tes tfe exnsteike outure lrawnil hed`ih o`r orad tfe pramektnai pernah hue ta tfe kadput`tnai ao per k`pnt` kaisudptnai kaisnhereh tfe papuc`tnai iudber tf`t wauch be `ssakn`teh wntf nikre`snil nikade ar purkf`snil pawer. Xfer Xf ereo eoar are, e, we k`i be su sure re tf`t tf`t tfe tfe ce ceve vecc ao kf kfnk nkge gei i de`t de`t kaisu kaisudp dptn tnai ai wn wncc cc f`ve f`ve ` st stra rail il `ssakn`tnai wntf tfe lrawtf ao nikade wfnkf wauch be kaionrdeh by tfe ekaia ekaiadnk dnk lrawtf. 5. 5.0. .0. XEKFINK@C [XUH^ Zr Zram amek ektt C Cak ak`t `tnnai [n [nte te Egr`dsenh pauctry O`rd Z`le Xfns pauctry prahuktnai pramekt w`s est`bcnsfeh by Egr`d[enh. Xfe pramekt ns cak`teh ni @df`r` I`tnai`c Relnai`c [t`te, Aradn` ]aie, Kfeo`RabntXwaiGebece(:2). Xfe pramekt snte ns oauih `baut ;:: gds orad @hhns @b`b`. Xfe tat`c c`ih fachnil ao tfe pramekt ns `ba `b aut 20 20:: :::: d2 ab abt` t`ni nieh eh tfra tfraul ulf f Ce Ce`s `see or orad ad @d @df` f`r` r` I` I`tn tnai ai`c `c Reln Relnai ai`c `c [t`t [t`tee Aradn`]aie Eivnraideit`c Eivnraideit`c Zratektnai, C`ih @hdninstr`tnai `ih Utncnz`tnai Hep`rtdeit oar ` ce`se pernah ao <: ye`rs wntfaut `iy ce`se p`ydeit. 5.0.0 5.0 .0 Zra Zramek mektt Eil Eilnie nieern ernil il Xfe pramekt snte seei `ih ev`cu`teh by tfe hnstrnkt eilnieer tf`t kaikcuheh, ? bcakgs wntf `re` ao 0;5:d2 wfnkf k`i fach dare tf`i >5:: p`reit stakg `ih 02 bcakgs wntf `re` ao 28::d2 nt k`i fach >?,::: h`y ach kfnkgei `t aike `ih tfe eilnieer rekaddeiheh tf`t tfe pr prad adat ater er f` f`ss ta `h `hh h ai aiee bcak bcakg g oa oarr h` h`y y ac ach h kf kfnk nkge geis is ka kais isnh nher erni nil l 0: 0:025 025:: kf kfnk nkge geis is kaisnhernil every ? h`ys 0;5::h`y ach kfnkgei f`s f`tkfeh. 5.0. 5.0.2 2 D` D`kf kfni nier ery y& &Eq Equn unpd pdei eitt Xfe d`ni d`kfniery requnreh oar tfe pramekt ns Nikub`tar `ih F`tkfery. Xfe d`kfnie wncc be ndparteh orad `bra`h `ih purkf`seh by HBE. Oeeh dncc `ih dnxer ns tfe atfer d`kfniery requnreh oar oeeh prakessnil wfere `s atfer tf`i tfe d`kfniery purkf`seh by HBE `cc tfe iekess`ry d`kfniery `ih equnpdeitsfauch be purkf`seh orad cak`c d`rget by tfe pradater kaionrdeh by fns uihert`gnil cetter. 5.2. Cnst ao ce`se D`kfniery Uinte prnke ni Xat`c Zrnke ni Xat`c Zrnke ni Heskrnptnai Nikub`tar &F`kfery [d`rt set <?6:: ells ecektrnk fe`tnil Fudnhnoner sd`rt set [d`rt F`tkf 0>,2:: ells [et ao w`ter pnpnil sd`rt set @nr exf`ust sd`rt set << Pu`itnty EURA ERA Bnrr 0 8 0 0 0 ;;,65: ?85 05,55: 0,0<: 8?: ;;,65: 2,56: 05,55: 0,0<: 8?: 68<;8;.;? ?856;.;; ;6>252.2< 2>26<.<> 00508.6? @`nrteerxkff`nuccsntesrd `rGt \ f`tkf w 0; 0 0 02 ?,5;<5 0 02 ?,5;<5 0 ;:>8<0<;8:..<;0; Egr`dsenh pauctry O`rd Z`le supervnsnai ao nist`cc`tnai Expart p`kgnil `ih \`refause kast Xr`ispart orad Haetnikfed ta Ratterh`d D`rni tr`ispart`tnai, d`rnie nisur`ike,b`ig ;,5>5 6:5 0,::: ;,5>5 6:5 0,::: 6>>>0.02 2:050.:: 25:;2.; kf`rle `ih part f`ihcnil etk… Nic`ih tr`ispart`tnai, 0,5?5.5 0,5?5.5 ;>066.:< >6,::: @hhntnai`c Kast ao D`kfniery `ih Equnpdeit ta ( 5% ao tfe Xat`c Kast ao >?802.8? D`kfniery `ih Equnpdeit) 2,:28,??2.:: 5.2 Z`reit ssttakg Xfe kadp`iy wncc purkf`se 5::: fybrnh h`y ach kfnkgs. Xfe breeh type Bav`is Brawi wfnkf ns arnlni`teh orad Ietferc`ihs ns e`sncy `v`nc`bce orad or ad hadestnk kertnoneh suppcner. X`bce 5.?=- p`reit stakg Heskrnptnai H`y ach kfnkgs Pty 5::: Uint prnke ni Eura ?.5 Xat`c kast ni Eura ;2,5:: Xat`c kast ni bnrr 60;,58>.<5 5.; Utncntnes Xfe iekess`ry utncntnes sukf `s Ecektrnknty, \`ter, Xecepfaie `ih ra`h `kkessnbncnty requnreh oar tfe aper`tnai ao tfe pramekt `re `v`nc`bce `t tfe pramekt snte. Xfe pc`it's `ih aver `cc o`rd ecektrnk kaisudptnai cevec `t oucc k`p`knty per `iiud aver tfe pramekt ye`rs ns estnd`teh ta be 02?,280.85 G\. R`w d`tern`cs Xfe d`mar r`w d`tern`cs d`tern`cs tf`t `re useh ni tfe prapaseh pauctry prahuktnai prahuktnai prame pramekt kt d`nicy nikcuhe nikcuhe Z`reit stakg H`y Ach Kfnkgs (HAKs), pauctry oeeh, w`ter, pauctry cntter, oudnl`its, _`kknies `ih hnsnioekt`its. Xfe p`reit stakg ar p`reit h`y ach kfnkgei breeh type ns Bav`is brawi ndparteh orad Ietferc`ihs `ihre`reh ta f`tkfnil kadderkn`c brancer/c`yer, wfere`s oeeh `ih atfer b`snk dehnknie `re cak`ccy `v`nc`bce `t cak`c d`rget `cc `re kavereh by tfe pradater. Oeeh kasts f`ve ` d`mar ndp`kt ai tfe praont`bncnty ao pauctry o`rd aper`tnais. Xfe fnlf kast ao oeeh ns rec`teh ta tfe eierly, prateni, k`cknud, `ih vnt`dnis kaiteits ao tfe hnet. Xfe pauctry oeeh `ssartdeit ta be lnvei ta tfe bnrhs hepeih ai tfenr `le, sex, `ih tfenr type. R`tnais oarduc`teh ta Egr`dsenh pauctry O`rd Z`le deet iutrneit requnredeits prahuke o`ster lrawnil `ih fe`ctfner kfnkgeis, `ih tfus better prahukts `ih dare praonts. 5.8 Eiv Eivnra nraide ideit` it`cc Ndp Ndp`kt `kt `sse `ssessde ssdeit it Eivnraideit`c Eivnraideit `c nssues nssues ni pauctry pauctry prahuktnai prahuktnai pramekts pramekts prnd`rncy prnd`rncy nikcuhe [acnh \`ste d`i`ledeit, d`i`ledeit, \`stew`ter \`st ew`ter,, @nr ednssnais ednssnais @ind`c hnse`ses, hnse`ses, `ih F`z`rhaus F`z`rhaus d`tern`cs d`tern`cs.[acnh .[acnh w`ste leier`teh hurnil pauctry prahuktnai nikcuhes \`ste oeeh, `ind`c w`ste, k`rk`sses, `ih sehndeits `ih scuhle orad ora d ai-sn ai-snte te w`stew w`stew`te `terr tre`t tre`tdei deitt o`knc o`kncntn ntnes es (wfnkf (wfnkf d`y kait`n kait`ni i resnhu resnhu`c `c `dauit `dauitss ao lra lrawtf wtf eif`ikers eif`ike rs `ih `itnbnatnk `itnbnatnks, s, `dail atfer f`z`rhaus f`z`rhaus kaistntuei kaistntueits). ts). Atfer w`stes w`stes nikcuhe nikcuhe v`rnaus v`rnaus gnihs gnihs ao p` p`kg` kg`ln lnil il (e (e.l. .l. oar oar oe oeeh eh `i `ih h pe pest stnk nknh nhes es), ), us useh eh ve veit itnc nc`t `tna nai i on onct cter ers, s, ui uius useh eh / sp span anct ct dehnk`tnais, `ih useh kce`inil d`tern`cs. Rekaddeiheh de`sures ta d`xndnze tfe eoonkneiky ao tfe aper`tnai `ih dnindnze w`steh oeeh nikcuhe tfe oaccawnil= Zratekt oeeh orad expasure ta r`ni `ih wnih hurnil prakessnil, star`le, tr`ispart `ih oeehnil. D`nit`ni oeeh star`le , tr`ispart `ih oeehnil systeds ni laah wargnil kaihntnai7 D`nit`ni rekarhs ao cnvestakg oeeh use7 Use qu`cnty, uikait`dni`teh oeeh d`tern`cs Dnindnze tfe suro`ke `re` ao d`iure ni star`le7 Cak`te Cak `te d`iure d`iure pnces pnces `w`y `w`y orad orad w`ter w`ter bahnes, bahnes, ocaahpc ocaahpc`ni `nis, s, weccfe weccfe`hs `hs ar atfer atfer seisnt seisntnve nve f`bnt`ts7 D`tkf oeeh kaiteit ta tfe speknonk iutrntnai`c requnredeits ao tfe bnrhs ni tfenr hnooereit prahuktnai / lrawtf st`les7 Rehuke dart`cntnes tfraulf praper `ind`c k`re `ih hnse`se preveitnai7 Kaccekt k`rk`sses ai ` reluc`r b`sns ta preveit putreo`ktnai7 Kadpast aicy hnse`se-oree k`rk`sses `ih eisure tf`t tfe kadpastnil prakess ns d`i`leh ta preveit ce`kf `te `ih ahars (e.l. suoonkneit kaver d`tern`c, praper tedper`ture `ih dansture kaiteit)7 Rehuke w`ter use `ih spnccs orad `ind`c w`ternil by preveitnil averocaw ao w`ternil hevnkes `ih usnil k`cnbr`teh, wecc-d`nit`nieh seco-w`ternil hevnkes7 Egr`dsenh pauctry O`rd Z`le Kaitrac tfe tedper`ture, fudnhnty, `ih atfer eivnraideit`c o`ktars ao d`iure star`le ta rehuke ednssnais7 Xr`ispart cnqunh eoocueit ni se`ceh t`igers `ih bunch ` reserve scurry star`le c`laai7 Redave cnqunhs `ih scuhle orad c`laais `s iekess`ry ta preveit avertappnil7 D`i`le scuhle `ih sehndeits orad w`stew`ter tre`tdeit systeds `s p`rt ao tfe sacnh w`ste stre`d Use haubce v`cves ai autcets orad cnqunh t`igs ta dnindnze tfe rnsg ao uiniteitnai`c rece`se7 Ourtfer rehuke tfe dansture kaiteit ao hry pauctry exkret`(e.l. by bcawnil hry `nr aver nt ar by kaiveynil veitnc`tnai `nr tfraulf tfe d`iure pnts), Use fat w`ter ar ste`d ni kce`inil `ktnvntnes niste`h ao kach w`ter, `s tfns k`i rehuke tfe `dauit ao w`ter useh by 5: perkeit7 Nist`cc velet`tnve oncters ta tr`p sehndeit7 Nist`cc suro`ke w`ter hnversnais ta hnrekt kce`i ruiaoo `rauih `re`s kait`ninil w`ste7 Kaisnher tfe snttnil ao iew o`kncntnes t`gnil nita `kkauit hnst`ikes ta ienlfbars `ih tfe prap`l`tnai ao ahars7 Kaitrac tfe tedper`ture, fudnhnty, `ih atfer eivnraideit`c o`ktars ao d`iure star`le ta rehuke ednssnais7 Kaisnher kadpastnil ao d`iure ta rehuke ahar aha r ednssnais7 No iekess`ry, `ppcy kfednk`cs (e.l. urnies nifnbntars) weegcy ta rehuke kaiversnai ao intralei ta `ddain`7 Nist`cc hust kaccektnai systeds (nikcuhnil use ao dnsters) ni `re`s wntf husty aper`tnais (e.l. oeeh lrnihnil)7 5.5 5.5 Nd Ndpc pced edei eit` t`tn tnai ai Zc Zc`i `i X`bce 5.?=- Ndpcedeit`tnai skfehuce ao tfe pramekt 2:0? 2:0< Heskrnptnai ao `ktnvntnes [/I Iav. Hek. M`i. 0 Ce`se prakess Egr`dsenh pauctry O`rd Z`le O Oe eb. D`r. @pr D`y Mui. Muc. @ul [ep Zrakuredeit ao d`kfniery, 2 vefnkce, equnpdeits ; purkf`se ao p`reit stakg 8 p`reit stakg lrawnil Ell prahuktnai st`rt `ih 5 ka kadd ddei eike kede deit it ap aper er`t `tna nai i ? Rep`ydeit st`rt ?. Arl Arl`in `inz`t z`tnai nai [t [truk ruktur ture, e, D` D`i`l i`lede edeit it `ih D D`ip `ipawe awer r ?.0. ?.0. Ar Arl` l`in inz` z`tn tnai ai`c `c str struk uktu ture re Xfe pramekt f`s sndpce arl`inz`tnai`c set up. Xfe cel`c oard ao tfns pramekt ns prnv`te kadp`iy, wfere tfere exnsts ` leier`c d`i`ler wfa t`ges tfe aver`cc respaisnbncnty ao d`i`lnil tfe pramekt. Uiher tfe leier`c d`i`ler tfe O`rd d`i`ler kaitracs tfe `ktnvntnes ao `cc hnvnsnais /prakesses/ ao @hdninstr`tnve & FR prakess, Zrahuktnai prakess `ih D`rgetnil & kadderkn`c prakess. Onlure 0= Arl`inz`tnai`c strukture strukture ao typnk`c pauctry pauctry o`rd Leier`c D`i`ler O`rd D`i`ler @hdninstr`tnai `ih Oni`ike Zrakess Fud`i Resaurke Hep`rtdeit Zrahuktnai Zrakess D`rgetnil & Kadderkn`c Zrakess [`ces & D`rgetnil Zrahuktnai Hep`rtdeit @kkauitnil _eterni`ry Ell Zrahuktnai Hep`rtdeit Kaitrac [ektnai Egr`dsenh pauctry O`rd Oeehnil Hep`rtdeit Z`le Zurkf`snil Hep`rtdeit ?.2. D`i`ledeit Xfe sektar ns aie ao tfe c`bar niteisnve busniesses sa, rekruntnil peapce wntf `ppraprn`te qu`cnty `ih qu`itnty ns `hv`it`leaus oar pauctry onrds ta kape up wntf onrd kadpetntnai ni tfe hadestnk d`rget. Fnlfer peroard`ike, speeh, sgncc, `ih kadpeteiky hevecapdeit, t`ceit d`i`ledeit `ih fud`i `sset reoresfnil `re tfe bunchnil bcakgs ao fud`i resaurke d`i`ledeit `ih saurke ao sukkess oar pauctry o`rd. Ni `hhntnai, f`vnil ` wecc-struktureh arl`inz`tnai`c d`i`ledeit systed ns aie ao tfe sukkess o`ktars ao `iy arl`inz`tnai. Xfe fner`rkfy ao heknsnai d`gnil, supernar subarhni`te kaarhni`te `ih rec`tnaisfnp, kadduink`tnai prakess `re `cc heterdnieh by tfe i`ture ao arl`inz`tnai`c strukture snike nt `ooekts tfe aver`cc eoonkneiky `ih peroard`ike cevec ao tfe arl`in arl `inz`t z`tnai nai.. Cnge Cnge tf`t tf`t ao d`iy d`iy d`iuo` d`iuo`ktu kturn rnil il est`bc est`bcns nsfde fdeits its pauctry pauctry subsek subsektar tar f`s `csa `csa ouiktnai`c `ih prahuktnai b`seh arl`inz`tnai`c strukture. Xfe Leier`c D`i`ler ao tfe pramekt bekades @taDaf`ddeh @fdeh. Fe f`s dare tf`i > ye`r ta > daitf oar aver`cc experneike. Xfei, kaisnhernil fns experneike `ih tfe `ssnst`ike ao o`rd d`i`ler, sgncceh& experneikeh fnreh edpcayees d`i`le tfe pramekt.Ni `hhntnai ta tfns tfe awier ns expekteh ta d`i`le tfe pramekt sukkessouccy bek`use fe f`s eiaulf experneike beoare `ih tfei oar pramekt oni`iknil `t tfe s`de pramekt. ?.;. ?.;. D` D`ip ipaw awer er Re Requ qunr nred edei eits ts D`ipawer ns `i esseitn`c o`ktar oar tfe sukkessouc aper`tnai ao ` pauctry o`rd snike pauctry prahukts `re seisntnve ta tfe eivnraideit `ih kauch e`sncy be kait`dni`teh. [gncceh, [edn-sgncceh [ edn-sgncceh `ih uisgncceh wargers `re ieeheh ta d`i`le tfe aper`tnai ao ` pauctry o`rd. Rel`rhnil `v`nc`bncnty ao qu`cnoneh `ih sgncceh c`bar, ni tfe kauitry, tfere `re `hequ`te lr`hu`tes ni `lrnkuctur`c `ih `ind`c skneike `ih ni atfer onechs ao stuhy requnreh by tfe pramekt. Ni leier`c, tfns pramekt f`s `baut 0<`hhntnai`cperd`ieitedpcayees. <. Oni ni`i `ikn kn`c `c [t [tuh uhy y <.0. <.0. Ni Nive vest stde deit it au autt cc`y `y Egr`dsenh pauctry O`rd Z`le Orad tfe tat`c nivestdeit ouih Bnrr 0;,??:,:<>ns oar onxeh nivestdeit kasts Bnrr >,<:;,020 >,<:;,02077 Bnrr 2,:28,??2.:: 2,:28,? ?2.:: oar HBE ce`se `dauit7Bnrr `dauit7Bnrr ;,<;0,5:2 ;,<;0,5:2ns ns oar wargnil k`pnt`c,Bnrr k`pnt`c,Bnrr 0;8,;8?ns oar ZreAper`tnil Expeise `ih tfe red`ninil Bnrr >0,00: ns oar Zre-aper`tnil niterest. Xfe het`nc ao tat`c pramekt nivestdeit autc`y ns preseiteh ni tfe t`bce 6.0 `s oaccaw =Heskrnptnai Exnstnil Bunchnil & Kaistruktnais 2,265,?8: D`kfniery & Equnpdeits (ce`se) Zc`iieh Xat`c 2,265,?8: 2,:28,??2 2,:28,??2 aoonke Ourinture & Onxture , Equnpdeits `ih d`kfniery _efnkce ;,6;>,?55 ;,6;>,?55 0,55;,0?8 0,55;,0?8 [ub tat`c <,?<6,85> wargnil k`pnt`c [ub tat`c Zre- Aper`tnil Expeise >,<:;,020 ;,<;0,5:2 ;,<;0,5:2 ;,<;0,5:2 ;,<;0,5:2 0;8,;8? 0;8,;8? Zre- Aper`tnil Niterest [ub tat`c 2,:28,??2 0;8,;8? Lr`ih Xat`c <,602,6:5 pc`iieh awiers wargnil k`pnt`c +ce`se `dauit 2:% ao pc`iieh awiers equnty +ce`se >0,00: >0,00: >0,00: 225,85? 5,68<,2<8 0;,??:,:<> 5,<5?,0?; 0,050,2;; (5:% 4 5<5,?0? ni k`sf bcakgeh) 6:% ao pc`iieh awiers equnty + ce`se 8,?:8,>;0 @s we f`ve trneh trneh ta hepnkt hepnkt ni tfe t`bce t`bce `bave, `bave, orad tfe tat tat`c `c pc`ieh kast ao tfe pramek pramektt Bnrr 5,<5? 5,<5?,0 ,0?; ?; tfe tfe prad pradat ater er warg wargni nil l k`pnt k`pnt`c `c `ih ce ce`s `see `dau `dauit it77 or orad ad tf tfns ns tf tfee pr prad adat ater er sf sfau auch ch kaitrnbute 2:% bnrr0,050,2;; `s `i equnty kaitrnbutnai ni k`sf ar 5:% ni k`sf tf`t ns 5<5,?0? `ih 5:% ni gnih `ih tfe rest ao Bnrr 2,:28,??2 wncc be oni`ikeh by tfe HBE ni tfe oard d`kfniery ce`se. Xfe het`nc ao ouih `ccak`tnai `ih saurke ao ouih ns hepnkteh ai tfe `bave t`bce. Egr`dsenh pauctry O`rd Z`le Zramekt Oni`ikn`c Resucts @. Zraont`b Zraont`bncnt ncnty/ca y/cass ss oarek oarek`st `st Zraont/cass oarek`st preseits tfe resucts ao pramekt„s aper`tnais hurnil ` pernah ao tnde. Nt sfaws nikade e`rinil orad tfe pramekt `ih expeises nikurreh ni `tt`ninil tfe nikade. Xfe pramekteh praont/cass st`tedeit ao tfe pramekt reve`cs tf`t tfe pramekt wncc e`ri praont ao Bnrr <,?6;,;:5 hurnil nts onrst ye`r ao nts aper`tnai `ih e`ri praont ao Bnrr <,806,:28 `t tfe 0: tfye`r ao pramektnai. Xfns nihnk`tes tf`t tfe pramekt kauch rui praont`bce busniess veiture `ih k`i d`nit`ni abmektnve ao nts est`bcnsfdeit `t kadpetntnve qu`cnty `ih prnke. B. K`s `sf f ocaw caw K`sf ocaw pramektnai pravnhes ` caag `t tfe davedeit ao k`sf ni `ih aut ao tfe pramekt. Nt ns ndpart`it ni heterdninil wfetfer ar iat ` pramekt f`s eiaulf k`sf ta p`y nts bnccs, f`ihce expeises `ih `kqunre `kqunre `ssets `ssets.. B`seh B`seh ai tfns tfns o`kt, o`kt, tfe oarek`st oarek`steh eh iet k`sf b`c`ik b`c`ikee sfaws sfaws ` b`c`ik b`c`ikee ao Bnrr<,568,82< ni tfe onrst ye`r `ih wncc lraw up ta Bnrr >:,82:,2>0 `t tfe 0: tfye`r ao pramektnai pernah, hedaistr`tnil tf`t tfe pramekt wncc iat o`ke cnqunhnty kaistr`nit ta oni`ike nts aper`tnai`c kasts `s wecc `s hebt abcnl`tnai. K. B`c`ike B`c`ike [feet [feet Zrame Zramektna ktnai i B`c`ike [feet Zramektnai ns useh ta pravnhe nisnlft nita `ssets `ih hebts ao tfe pramekt `t ` p`rtnkuc`r panit ni tnde. Xat`c `ssets ao tfe pramekt expekteh ta rnse orad Bnrr0;,??:,:<> hurnil tfe onrst aper`tnai`c ye`r ta Bnrr >>,860,8>?`t tfe 0:tfye`r ao pramektnai ye`r. 6. [A [AKN KNA A EKA EKAIA IADN DNK K ND NDZ@ Z@KX KX[ [ 6.0.. 6.0 [ak [aknana-Eka Ekaiad iadnk nk [n [nlin linnk` nk`ike ike a aoo tfe Zau Zauctr ctry y Zrame Zramekt kt [aurke [aur ke ao Laverid Laverideit eit Nikade Nikade= pauctry pauctry prahuktna prahuktnai i wnccs wnccs pravnh pravnhes es nikade nikade t`x ta tfe laverid lave rideit eitss wfnkf wfnkf ni turi turi serve serve oar hnooerei hnooereitt nior`s nior`stru truktu ktures res ni tfe kauitr kauitry y wfei wfei tfe exedpteh ye`r eiheh. Kre`te Mab Appartuinty= Xfepramekt requnres batf sgncceh `ih sednsgncceh c`bar oarke `ih feike wncc apei mab appartuintnes oar tfed `ih tfereby nikre`se nikade ao tfe wargers `ih Egr`dsenh pauctry O`rd Z`le ndprave tfenr cnvnil st`ih`rhs. Xfe pramekt kre`tes 0< `hhntnai`c perd`ieit mab appartuinty ta tfe saknety. [`vnil ao Oarenli Kurreiky `ih Ndpart [ubstntutnai = Xfe hevecapdeit ao tfns sub- sektar wncc s`ve tfe `dauit ao oarenli kurreiky tf`t iekessnt`tes ta ndpartnil fei oar de`t `ih oertnce ells. Xekfiacaly `ih Giawcehle Xr`isoer = Xfe hevecapdeit ao tfns subsektar k`i brnil tfe tr`isoer ao giawfaw `ih tekfiacaly by nitrahuknil daheri prahuktnai tekfinques tf`t aptndnze ynech `ih qu`cnty ao h`y ach kfnkgs `ih puccets tf`t `re kadpetntnve ni tfe hadestnk d`rget ni terds ao prnke, qu`cnty `ih etk. >. KA KAIK IKCU CU[N [NAI AI @I @IH H RE REKA KADD DDEI EIH@ H@XN XNAI AI >.0. Kaikcusnai Zramekt `ppr`ns`c te`d f`s laie tfraulf `cc onces ta `ssess tfe vn`bncnty ao tfe pramekt ni terds ao d`rget, tekfink`c, oni`ikn`c `spekts `ih kade up wntf tfe oaccawnil kaikcusnai. Xfns ns ` ce`se pramektprapaseh oarEgr`d[enhZauct`ry ni tfe @df`r` I`tnai`c Relnai`c [t`te, Aradn` ]aie, `ih Kfeo`(:2)gebece= ;::GDs orad @hhns @b`b`. Xfe tat`c c`ih fachnil ao tfe pramekt ns `baut 20::: d2wfnkf ns abt`nieh tfraulf Ce`se wntf ce`se `lreedeit pernah ao <: ye`rs. D`rget `ssessdeit ao tfe pramekt nihnk`tes tf`t tfe hed`ih oar pauctry prahukts ns uis`tur`teh wfnkf nihnk`tes tfere ns `dpce appartuinty oar tfe exp`isnaitfe pramekt. Xfe pramekt ns expekteh ta st`rt nts aper`tnai oar aicy oeeh dnccnil `ih dnxnil d`kfnie `t nintn`c k`p`knty ao 6:% `ih nikre`se by 5% `iiu`ccy uitnc `tt`ni`bce k`p`knty >:% ns re`kfeh ni ye`r tfree `ih `oter. Xfe pramekt ns expekteh ta kre`te edpcaydeit appartuinty oar `baut 0< `hhntnai`c Edpcayees. Aut ao tfns tfe oeeh oarduc`tnai `ih prakessnil uint wargs twa sfnots per h`y wntf 6 wargnil faurs per sfnot oar tfe tat`c ao ;:: wargnil h`ys per `iiud. Ni `hhntnai tfe est`bcnsfdeit ao pauctry Egr`dsenh pauctry O`rd Z`le pramekt wncc kaitrnbute ta tfe LHZ, nikre`ses tfe nikade ao tfe wargers edpcayeh `ih awiers, tr`isoer tekfiacaly, nikre`ses tfe autput batf ni qu`cnty `ih qu`itnty, `ih leier`tes subst`itn`c reveiue ta tfe laverideit. @taDaf`ddeh @fdehns tfe Leier`c D`i`ler ao tfe pramekt. Fe f`s `baut > ye`rs `ih > daitf aver `cc experneike. Xfei kaisnhernil fns experneike `ih tfe `ssnst`ike ao qu`cnoneh o`rd d`i`ler `ih atfer qu`cnoneh, sgncceh & experneikeh fnreh edpcayees ns expekteh ta d`i`le tfe pramekt sukkessouccy. >.2. Re Reka kad ddeih`tnai Xfee pram Xf pramek ektt ns oaui oauih h ta be oni` oni`ik ikn` n`cc ccy y vn`b vn`bce ce,, ek ekai aiad adnk nk`c `ccy cy `h `hv` v`it it`l `lea eaus us & sakn sakn`c `ccy cy hesnr`bce.B`seh ai tfe `bave o`kts tfeBr`ikf Ce`se @ppr`ns`c te`d f`s prapaseh `ih `ppraveh ` ca`i ca` i `dauit ao Bnrr 2,:28,??2.:: 2,:28,??2.:: ta Egr`d[enhZauctry prahuktnai pramekt uiher tfe oaccawnil terds & kaihntnais. Egr`dsenh pauctry O`rd Z`le