You are on page 1of 21

& ()

()



2011

2011

-
, 2011



() ()

.
(
-) - 2011.
To
. 1

. 2 ,

. 3 .

-
, 2011


( )
- 2011


()
(),
.
, - 2011,
(
-) ( ,
, , -
).
,
( ),
- 2011,
. , ,
,
( ) 2011.
, ,
,

.
, ,
5
4 3 .
( 3, 4 5 )
, /
+21 .

,
.
,

+18. , /
( )
3

-
, 2011


.
- 2011 68%,

+27. , ,
,
,
(-11 ).
:
*
70%
60%

+21

+23

+18

-17
53%

52%

50%

+27
51%

49%

50%

-11

47%

40%

34%

32%

32%

29%

30%

25% 26%

25%

24%

21%

21%

20%

15%

13%

10%
0%

/
* 5, 4 3

: -,
( ),
,
(-27 ).
, ,
,
-18.
, ,

.
,
. ,
, -8 .
4

-
, 2011

, ,

, .
: *
**
70%
-27

-18

-8

59%

60%
52%

-19

51%

50%

47%
39%

40%
33%

30%

30%
25%

23%

20%

16%
14%

11%

10%
0%

/
*
** ( , , ..)

: -,
,

) ,
. ,

.
-
.
, ( )
,

.

,
, .
, (, )
,
.

-
, 2011


(
-) 2011

-
, 2011

.
,
( -)

.
( )
,
.
,
,
,
.
1.
( 2003=100)
180
160
140
120
100
80
60
40
20

2
-
003

2
00
3
20

03

2
-
0

04

2
004

20

04

2
-
005

2
00
5
20

05

2
-
006

2
00
6
20

06

2
-
0
07

2
00
7
20

07

2
-
008

2
00
8
20

08

2
-
009

2
00
9
20

09

2
-
010

2
01
0
20

10

2
-
011

2
011

20
11

: -,

- 2011
- 2011, ,
.
.
2010 2011
. ,

7

-
, 2011

, ,
.

.


.
5
4 3
. :
2:

70%
+31

60%

60%

+21

+7

50%

50%

+36

50%

46%
39%

40%
31%

29%

30%

24%
21%

19%

20%

16%

15%

10%
0%

5*

4*

3*

/ .

: -,
5
, /
+36 .
4 (+31 ), ,

. ,
(39%), (21%)
(15%). ,
(32%)
(26%).

-
, 2011

/
(+23),
. 5 ,
70% +52.
, , 4
+23. , 3 ,
,
. ,
.


,
. 2011,
,
5 4 , ,
+76 +52 . +23
,
.
,
,
-60 ,
.
3:

80%
68%

70%
+23

60%

+23

+52

50%

49%

46%
38%

40%
31%

30%

25%

31%

31%

26%

20%

23%
16% 16%

10%
0%

5*

4*

: -,
9

3*

-
, 2011


,
+48 .
4 , -
, 3

. ,

,
.
4: /

70%

80%
70%

+17

+15

68%

+48

60%

50%

48%

46%

46%

43%

40%

35%

34%

32%

30%
23%

23%

30%

20%

23%

20%

20%
13%

62%

0
-39

50%

46%

31%

20%

+12

50%

52%

50%
40%

-9

60%

15%

12%

8%

10%

10%

0%

0%

5*

4*

3*

5*

4*

3*

: -,
5 ,
+12 . 4 ,
,
(-39 ),

.

. 5 ,
36% 20% .
4 , ,
15% ,
, -16 .
3 (-30 ),
2 5 ,
4 .
10

-
, 2011

, 68% 77% 5
4 2011. ,
,
+56 +31
. 3 (62%),
.
5: /

60%

80%
70%

-11
+16

+27

+56
-39

68%

+31

50%

54%

54%

-30

47%

-16

44%

60%
51%

38%

40%

50%

36%

50%

32%
38%

40%

38%

31%

30%

31%

30%

25%

21%
24%

24%
20%

20%

20%

15%

19%

20%
12%

8%

10%

10%
0%

0%

5*

4*

3*

5*

4*

3*

: -,
.
,
(53%) ,
( )
. 4 3
, -23 .
5 , ,
,
, .

,
(3% )
. , 5 4
,
42% .

, (42%).

11

-
, 2011

6:

80%

-17

-23

-23

69%

70%
60%
53%

50%

47%
44%
38%

40%
32%
28%

30%
20%

28%

27%

15%

15%

10%

4%

0%

5*

4*

3*

: -,
2011
92 (),
5 (159 )

. 4 61
, (21 ).
7:

180
159

160
140
120
100

92

80

69

60
40
21

20
0

5*

: -,
12

4*

3*

-
, 2011

2011
, /
,
. ,
,
( ) 4
5 .
8: 2011

60%

-28

-25

-19

-39

54%

49%

50%
42%

43%

43%

40%

38%

38%

31%

30%
19%

20%

15%

15%
13%

10%

0%

5*

4*

3*

: -,
,
( )
, ,
-27 .
, ,
, ,

.
5 ,

,
. ,

13

-
, 2011

4 3 ,
.
9:

50%

47%

46%

46% 46%
44%

45%

-27

-16

-38

40%

-15

33%

35%

31%

30%

28% 28%

25%

23%
20%

20%
15%

8%

10%
5%
0%

5*

4*

3*

: -,
,
, .

,
-42 ,
4 .
10: /

70%

70%

-37

60%

-24

58%

58%

60%

-50

-37

62%

-46
50%

50%

45%

46%

50%

44%

-54

54%

45%

46%

46%

-20

42%

40%

40%

36%

34%

-42

33%
30%

30%

30%
20%

20%

20%

13%

10%

9%

8%

10%

9%

8%
4%

0%

0%

5*

4*

3*

: -,

14

5*

4*

3*

-
, 2011

4 ,
,
30% .

. 3
5 ,
-54 -46 .
, 4
,
, (-20 ).



-, ,
brand name.
,
. , 15%

.



. , ,
, ,

. ,

. ,
.

.
1
-
,

, .
15

-
, 2011

, -33 .

.
(-22 ),
+23. ,
,
- . ,
42% ,
8% ,
, (+34
) (+49
).

73%, .
-
,
, , .
, (58%)
17%
-41 .
(-33 ) 52%
-. ,
,
-75 . ,
2
.

36% ,
55%. ,
, -50

.
,
, -36 . ,

16

-
, 2011


36% .
11:

70%
60%

59%

60%

59%

56%
49%

50%
39%

40%
30%

36%

25%

23%

22%

20%

19%

19%

17%
12%

10%

5%

0%

5*

4*

3*

- -


&

: -,
,

,
.
, (
). , -
,

( 11).

17

-
, 2011


.1:

.2:

90%

80%

80%

72%

70%

71%

70%

60%

-69

60%

50%

-60

47%
38%

40%

-65

31%

30%

30%
21%
17%

20%
10%

+23
63%

+76

59%

-63

50%
40%

+52

76%

+49

77%

74%

16%

20%

15%

15%

12%

9%

26%

24%

11%

10%

8%

10%

8%

0%

0%

0%

5*

4*

3*

67%
59%

60%

33% 33%

-5

30%

30%

-34

29%
27%

22

27%

26%

-23

25%

-28

24%

24%

23%

23%

23%

20%

42% 42%

20%

40%

14%

15%

29%

30%

3*

33%

65%

-29

31%

.4:
35%

70%

4*

.3:

50%

5*

27%

11%

10%

20%
10%

8%

7%
4%

3%

4%

5%

8%

4%

0%

0%

0%

5*

4*

3*

5*

18

4*

3*

-
, 2011
.5:
50%

.6:

70%

48%

-40

46%

45%

43%

40%

61%

11

53%

-2

58%

-39

-36

-50

50%

33% 33%

35%

60%

60%

-4

42%

30%
25%

39%

40%
25%

24%

23%

33%

22%

21%

30%

19%

20%
15%

20%

12%
9%

9%

10%

36%

25%

8%
8%

10%

5%
0%

4%

3%

2%

0%

0%

1%

0%

0%

5*

4*

3*

5*

.7: /

4*

3*

.8: /

60%

-43
50%

60%

52%

57%

-33

50%

49%

51%

-47

50%

50%

44%

48%

-45
40%

-38

-42

40%

30%

-50

30%

25%

24%

22%

21%

25%

23%

23%

20%

20%

20%

20%

19%

20%

14%

17%
13%

11%

10%

-44

29%

6%

5%

10%

5%

13%

10%

9%

0%

0%

0%

5*

4*

3*

5*

19

4*

3*

25%

-
, 2011


DG ECFIN 1981

DG ECFIN .
()
, .
,

.
,
.
,
,
.

, .

, , . ,
, ,
( -),
() :
)
)
) .
,
/
2003. , ,
, :

= (100/2003)*[100+(A1D_ +B1D_ +C1D_)/3]

= (100/2003)*[100+(A1D_ +B1D_ +C1D_)/3]

:
A1D:
1D:
C1D:
, = ,



20

-
, 2011


. ,
()
.
,
, ,
.
,
:
, ,
.
.

: , ,
1
, ,
( - 11 )

( ) - 11. ,


.

21

You might also like