ɋɉȿɐɂȺɅɖɇɈȿ ɂɋɉɈɅɇȿɇɂȿ
Ʉɢɫɥɨɪɨɞ ɒȺɊɈȼɕȿ ɄɊȺɇɕ ȾɅə ɊȺȻɈɌɕ ɋ ɄɂɋɅɈɊɈȾɈɆ
ɋɟɪɢɹ Ɉ ȼɜɟɞɟɧɢɟ
ɒɚɪɨɜɵɟ ɤɪɚɧɵ ɤɨɦɩɚɧɢɢ +DERQLP ɫɟɪɢɢ Ɉ ɩɪɢɦɟɧɹɸɬɫɹ ɜ ɤɚɱɟɫɬɜɟ ɡɚɩɨɪɧɨɝɨ ɭɫɬɪɨɣɫɬɜɚ ɧɚ ɬɪɭɛɨɩɪɨɜɨɞɚɯ ɩɨ ɬɪɚɧɫɩɨɪɬɢɪɨɜɤɟ ɫɠɢɠɟɧɧɨɝɨ ɢ ɝɚɡɨɨɛɪɚɡɧɨɝɨ ɤɢɫɥɨɪɨɞɚ Ⱦɚɧɧɵɟ ɤɪɚɧɵ ɪɚɡɪɚɛɨɬɚɧɵ ɢ ɩɪɨɢɡɜɟɞɟɧɵ ɫ ɭɱɟɬɨɦ ɜɫɟɯ ɬɟɯɧɢɱɟɫɤɢɯ ɢ ɫɚɧɢɬɚɪɧɵɯ ɧɨɪɦ ɩɪɟɞɴɹɜɥɹɟɦɵɯ ɤ ɨɛɨɪɭɞɨɜɚɧɢɸ ɫɜɹɡɚɧɧɨɦɭ ɫ ɩɟɪɟɪɚɛɨɬɤɨɣ ɢ ɬɪɚɧɫɩɨɪɬɢɪɨɜɚɧɢɟɦ ɞɚɧɧɨɝɨ ɜɢɞɚ ɫɵɪɶɹ
Ʉɢɫɥɨɪɨɞ
Ʉɢɫɥɨɪɨɞ ɫɚɦɵɣ ɪɚɫɩɪɨɫɬɪɚɧɟɧɧɵɣ ɧɚ Ɂɟɦɥɟ ɷɥɟɦɟɧɬ ɧɚ ɟɝɨ ɞɨɥɸ ɩɪɢɯɨɞɢɬɫɹ ɨɤɨɥɨ ɦɚɫɫɵ ɬɜɟɪɞɨɣ ɤɨɪɵ ȼ ɚɬɦɨɫɮɟɪɟ ɫɨɞɟɪɠɚɧɢɟ ɤɢɫɥɨɪɨɞɚ ɫɨɫɬɚɜɥɹɟɬ Ʉɢɫɥɨɪɨɞ ɜɯɨɞɢɬ ɜ ɫɨɫɬɚɜ ɦɧɨɝɢɯ ɨɪɝɚɧɢɱɟɫɤɢɯ ɜɟɳɟɫɬɜ ɢ ɩɪɢɫɭɬɫɬɜɭɟɬ ɜɨ ɜɫɟɯ ɠɢɜɵɯ ɤɥɟɬɤɚɯ Ȼɥɚɝɨɞɚɪɹ ɧɚɥɢɱɢɸ ɫɜɨɛɨɞɧɨɝɨ ɤɢɫɥɨɪɨɞɚ ɜ ɚɬɦɨɫɮɟɪɟ ɧɚɢɛɨɥɟɟ ɷɮɮɟɤɬɢɜɧɵɦ ɦɟɬɨɞɨɦ ɟɝɨ ɩɪɨɢɡɜɨɞɫɬɜɚ ɹɜɥɹɟɬɫɹ ɫɠɢɠɟɧɢɟ ɜɨɡɞɭɯɚ ɢɡ ɤɨɬɨɪɨɝɨ ɯɢɦɢɱɟɫɤɢɦɢ ɢ ɮɢɡɢɱɟɫɤɢɦɢ ɦɟɬɨɞɚɦɢ ɭɞɚɥɹɸɬ ɪɚɡɥɢɱɧɵɟ ɩɪɢɦɟɫɢ ɬɚɤɢɟ ɤɚɤ &2 ɩɵɥɶ ɢ ɬ ɞ Ɍɪɚɧɫɩɨɪɬɢɪɨɜɚɧɢɟ ɤɢɫɥɨɪɨɞɚ ɨɫɭɳɟɫɬɜɥɹɟɬɫɹ ɜ ɫɠɚɬɨɦ ɝɚɡɨɨɛɪɚɡɧɨɦ ɫɨɫɬɨɹɧɢɢ ɢɥɢ ɜ ɠɢɞɤɨɦ ɫɨɫɬɨɹɧɢɢ ɩɪɢ ɨɯɥɚɠɞɟɧɢɢ ɞɨ ɤɪɢɨɝɟɧɧɵɯ ɬɟɦɩɟɪɚɬɭɪ ɋ ɢ ɧɢɠɟ
ɉɪɢɦɟɧɟɧɢɟ ɤɢɫɥɨɪɨɞɚ
Ʉɢɫɥɨɪɨɞ ɲɢɪɨɤɨ ɩɪɢɦɟɧɹɟɬɫɹ ɜ ɦɟɞɢɰɢɧɟ ɜ ɦɟɬɚɥɥɭɪɝɢɢ ɢɫɩɨɥɶɡɭɟɬɫɹ ɞɥɹ ɝɚɡɨɩɥɚɦɟɧɧɨɣ ɪɟɡɤɢ ɢ ɫɜɚɪɤɢ ɦɟɬɚɥɥɨɜ ɉɪɢɦɟɧɹɟɬɫɹ ɤɚɤ ɨɤɢɫɥɢɬɟɥɶ ɞɥɹ ɪɚɤɟɬɧɨɝɨ ɬɨɩɥɢɜɚ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧ ɤɚɤ ɩɢɳɟɜɚɹ ɞɨɛɚɜɤɚ ɜ ɩɢɳɟɜɨɣ ɩɪɨɦɵɲɥɟɧɧɨɫɬɢ ɇɚɯɨɞɢɬ ɩɪɢɦɟɧɟɧɢɟ ɩɪɢ ɩɪɨɢɡɜɨɞɫɬɜɟ ɦɟɬɚɧɨɥɚ ɢ ɚɦɦɢɚɤɚ Ʉɢɫɥɨɪɨɞ ɢɫɩɨɥɶɡɭɟɬɫɹ ɬɚɤɠɟ ɜ ɩɪɨɢɡɜɨɞɫɬɜɟ ɚɡɨɬɧɨɣ ɤɢɫɥɨɬɵ ɷɬɢɥɟɧɚ ɢ ɞɪɭɝɢɯ ɩɨɯɨɠɢɯ ɫɨɟɞɢɧɟɧɢɣ
ɂɫɩɨɥɶɡɭɟɦɵɟ ɦɚɬɟɪɢɚɥɵ
Ƚɚɡɨɨɛɪɚɡɧɵɣ ɤɢɫɥɨɪɨɞ ɹɜɥɹɟɬɫɹ ɯɢɦɢɱɟɫɤɢ ɧɟɚɝɪɟɫɫɢɜɧɨɣ ɫɪɟɞɨɣ ɩɨɷɬɨɦɭ ɤɪɚɧɵ ɫɟɪɢɢ Ɉ Ʉɢɫɥɨɪɨɞ ɢɡɝɨɬɚɜɥɢɜɚɸɬɫɹ ɢɡ ɨɛɵɱɧɵɯ ɦɟɬɚɥɥɨɜ ɬɚɤɢɯ ɤɚɤ ɧɟɪɠɚɜɟɸɳɚɹ ɫɬɚɥɶ ɛɪɨɧɡɚ ɥɚɬɭɧɶ ɦɨɧɟɥɶ ɉɪɢ ɬɪɚɧɫɩɨɪɬɢɪɨɜɚɧɢɢ ɠɢɞɤɨɝɨ ɤɢɫɥɨɪɨɞɚ ɨɯɥɚɠɞɟɧɧɨɝɨ ɞɨ ɤɪɢɨɝɟɧɧɵɯ ɬɟɦɩɟɪɚɬɭɪ ɨɛɵɱɧɵɟ ɭɝɥɟɪɨɞɢɫɬɵɟ ɫɬɚɥɢ ɧɟ ɩɪɢɦɟɧɹɸɬɫɹ ɢɡ ɡɚ ɩɨɬɟɪɢ ɩɥɚɫɬɢɱɧɨɫɬɢ ɢ ɜɨɡɧɢɤɧɨɜɟɧɢɹ ɩɨɜɵɲɟɧɧɨɣ ɯɪɭɩɤɨɫɬɢ ȼ ɞɚɧɧɨɦ ɫɥɭɱɚɟ ɧɟɨɛɯɨɞɢɦɨ ɨɛɪɚɬɢɬɶɫɹ ɡɚ ɬɟɯɧɢɱɟɫɤɨɣ ɤɨɧɫɭɥɶɬɚɰɢɟɣ ɤ ɩɪɟɞɫɬɚɜɢɬɟɥɸ ɧɚɲɟɣ ɮɢɪɦɵ
Ɇɟɪɵ ɩɪɟɞɨɫɬɨɪɨɠɧɨɫɬɢ
ɇɟ ɞɨɩɭɫɤɚɣɬɟ ɤɨɧɬɚɤɬɚ ɥɟɝɤɨɜɨɫɩɥɚɦɟɧɹɸɳɢɯɫɹ ɢ ɝɨɪɸɱɢɯ ɜɟɳɟɫɬɜ ɫ ɤɨɪɩɭɫɨɦ ɤɪɚɧɚ ɭɫɬɚɧɨɜɥɟɧɧɨɝɨ ɧɚ ɥɢɧɢɢ ɩɨ ɬɪɚɧɫɩɨɪɬɢɪɨɜɤɟ ɤɢɫɥɨɪɨɞɚ Ʉɨɧɬɚɤɬ ɤɢɫɥɨɪɨɞɚ ɫ ɩɨɞɨɛɧɵɦɢ ɜɟɳɟɫɬɜɚɦɢ ɦɨɠɟɬ ɩɪɢɜɟɫɬɢ ɤ ɜɡɪɵɜɭ
Ʉɨɧɫɬɪɭɤɰɢɹ
Ʉɪɚɧɵ ɫɟɪɢɢ Ɉ Ʉɢɫɥɨɪɨɞ ɢɦɟɸɬ ɪɚɡɥɢɱɧɵɟ ɜɚɪɢɚɧɬɵ ɫɨɟɞɢɧɟɧɢɣ ɫ ɬɪɭɛɨɩɪɨɜɨɞɨɦ ɪɟɡɶɛɨɜɨɟ ɫɨɟɞɢɧɟɧɢɟ ɫɨɟɞɢɧɟɧɢɟ ɩɨɞ ɫɜɚɪɤɭ ɜɫɬɵɤ ɢɥɢ ɜɧɚɯɥɟɫɬ ɮɥɚɧɰɟɜɨɟ ɫɨɟɞɢɧɟɧɢɟ ɩɨ ɫɬɚɧɞɚɪɬɭ $16, ɤɥɚɫɫ ɢɥɢ ɮɥɚɧɰɟɜɨɟ ɫɨɟɞɢɧɟɧɢɟ ɩɨ ɫɬɚɧɞɚɪɬɭ ',1 31 ɢɥɢ 31 Ɏɥɚɧɰɟɜɵɟ ɤɪɚɧɵ ɞɚɧɧɨɣ ɫɟɪɢɢ ɢɡɝɨɬɨɜɥɹɸɬɫɹ ɜ ɞɢɚɩɚɡɨɧɟ ɭɫɥɨɜɧɨɝɨ ɩɪɨɯɨɞɚ ɨɬ » ɞɸɣɦɚ ɞɨ ɞɸɣɦɨɜ Ʉɪɚɧɵ ɫ ɪɚɡɛɨɪɧɵɦ ɤɨɪɩɭɫɨɦ ɬɪɟɯɫɨɫɬɚɜɧɵɟ ɢɡɝɨɬɨɜɥɹɸɬɫɹ ɜ ɞɢɚɩɚɡɨɧɟ ɭɫɥɨɜɧɨɝɨ ɩɪɨɯɨɞɚ ɨɬ » ɞɸɣɦɚ ɞɨ ɞɸɣɦɨɜ ɋɬɚɧɞɚɪɬɧɵɟ ɲɚɪ ɢ ɲɬɨɤ ɢɡɝɨɬɚɜɥɢɜɚɸɬɫɹ ɢɡ ɧɟɪɠɚɜɟɸɳɟɣ ɫɬɚɥɢ ɦɚɪɤɢ ɋɟɞɥɚ ɢ ɭɩɥɨɬɧɢɬɟɥɢ ɢɡɝɨɬɚɜɥɢɜɚɸɬɫɹ ɢɡ ɯɢɦɢɱɟɫɤɢ ɢɧɟɪɬɧɵɯ ɩɨ ɨɬɧɨɲɟɧɢɸ ɤ ɤɢɫɥɨɪɨɞɭ ɦɚɬɟɪɢɚɥɨɜ 7)0 37)( ɢ ɚɪɦɢɪɨɜɚɧɧɵɣ ɫɬɟɤɥɨɜɨɥɨɤɧɨɦ 37)( ȼɧɢɦɚɧɢɟ ɫɟɞɥɚ ɢɡɝɨɬɨɜɥɟɧɧɵɟ ɢɡ '(5/,1 ɢ ɭɩɥɨɬɧɢɬɟɥɢ ɲɬɨɤɚ ɢɡɝɨɬɨɜɥɟɧɧɵɟ ɢɡ 1</$7521 ɞɥɹ ɤɪɚɧɨɜ ɫɟɪɢɢ Ɉ Ʉɢɫɥɨɪɨɞ ɇȿ ɉɊɂɆȿɇəɘɌɋə Ʉɪɚɧɵ ɞɚɧɧɨɣ Ɉ ɫɟɪɢɢ ɭɫɬɚɧɚɜɥɢɜɚɸɬɫɹ ɧɚ ɬɪɭɛɨɩɪɨɜɨɞɚɯ ɩɨ ɬɪɚɧɫɩɨɪɬɢɪɨɜɤɟ ɤɚɤ ɝɚɡɨɨɛɪɚɡɧɨɝɨ ɬɚɤ ɢ ɫɠɢɠɟɧɧɨɝɨ ɤɢɫɥɨɪɨɞɚ ɉɪɢ ɪɚɛɨɱɢɯ ɬɟɦɩɟɪɚɬɭɪɚɯ ɧɢɠɟ ɋ ɪɟɤɨɦɟɧɞɭɟɬɫɹ ɢɫɩɨɥɶɡɨɜɚɬɶ ɲɚɪɨɜɵɟ ɤɪɚɧɵ ɮɢɪɦɵ +$%21,0 ɫɩɟɰɢɚɥɶɧɨɣ ɤɪɢɨɝɟɧɧɨɣ ɫɟɪɢɢ
ȃǮǯǼǻǶǺ ɉɪɨɦɵɲɥɟɧɧɵɟ ɤɪɚɧɵ ɢ ɩɪɢɜɨɞɵ
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