,

: ,

2005

 , :

,
:
.
..: 253

,
,

17/10/2005

 , :

, ,
.
.

 , :

. , ,
,
,
.

 , :

. ,
Banker, Chang, Majumdar (Analyzing the underlying dimensions
of firm profitability, Managerial and Decision Economics 1993;14:25-36),
.

,
(). ,
()

. ,
() ,
-
,
.

:
: , , ,
,

 , :

ABSTRACT
In this Master thesis, we investigate the dynamics of the different components that
affects the profitability of a telecommunications operator. For this reason we adopt the
methodology developed by Banker, Chang, Majumdar (Analyzing the underlying
dimensions of firm profitability, Managerial and Decision Economics 1993;14:25-36) in
order these component to be discernible and comparable. We analyze the changes that
have been happened in European telecommunication industry after liberalisation and
the available ways of regulation that National Regulatory Authorities should apply. We
focus on Hellenic telecommunication industry, we valuate the role of Hellenic
Telecommunications & Post Commission for the last period of liberalisation and we
analyze the major changes that have been happened after the introduction of many
operators in the market. We also apply the method for the Hellenic Telecommunications
Organization, we calculate the performance components, we evaluate the results and
finally we find out practically the value of this method for planning of companys strategy
in the difficult and competitive telecommunication industry.

SUBJECT AREA: Fixed Telephone Market

KEYWORDS: regulation, competition, profitability, multidimensional performance,
incumbent

 , :

1:

1.1

1.2

11

2: , ,
,

13

2.1

13

2.2

14

2.3

16

3:

18

3.1

18

3.2

()

20

3.2.1

19

3.3

23

3.4

24

4:

26

4.1

26

4.2

27

4.3

28

(Standard Quantities)
4.4

(Capacity Utilization)

30

4.5

32

4.6

-Productivity Ratio (PRDTVT)

34

4.7

-Price Recovery Ratio (PRCREC)

35

4.8

-Product Mix (PRDMIX)

36

-Variations in capacity utilization

4.9

(CAPUTL)

37

4.10

-Profitability Ratio (PFTBLT)

38

4.11

38

5:

41

5.1

41

5.2

(inputs) (outputs)

42

5.2.1

(Outputs)

42

5.2.2

(Inputs)

45

 , :

()
5.2.2.1

(Fixed inputs)

45

5.2.2.2

(Variable inputs)

46

5.3

48

5.4

51

5.4.1

(PRDTVT) 2000-2004

54

5.4.2

(PRCREC) 2000-2004

65

5.4.3

(PRDMIX) 2000-2004

71

(CAPUTL) 2000-2004
5.4.4

73

5.4.5

(PFTBLT) 2000-2004

75

5.5

87

5.6

89

92

93

 , :

1.1

80,
.
,
, -

- .
, , ,
.
80,
AT&T
,
. , ,

.

,

.
:
. .

 , :

. .
. .
. .
,

,

.

,
, .
, ,
,
.
, ,
,
,
,
.

31%

, ,
20%.
, ,
, 6,47%

.

.
.

10

 , :

, ,

.
, ,
internet
,

.

1.2

Banker, Chang, Majumdar (Analyzing the underlying dimensions of firm
profitability. Managerial and Decision Economics 1993;14:25-36),
(,
, ,
) .

, ,
,

.
2
, , .
3 (),
,
()
.
4
.
.

11

 , :

, 5
2000-2004.
,

.

12

 , :

2
, , ,

2.1

,
..,
.
,
,
.
,

.

,
,

. , ,
..
<<>>

,
,
-
.

13

 , :

,

,


.
,
, .

2

.
2004 24% , 13%
2003.


.
,
.

2.2

,

.

,
.
,
:
.

14

 , :

-Rate of return

, .
,
,

.
,

.
rate of return,
. ,

, .

-Price caps

.
,
(. ). ,
.
:

, ,

.
price cap
rate of return.

15

 , :

,
.

2.3

,
.

,

.
(. Kridel, Sappington,
Weisman, 1996. The effects of incentive regulation in the telecommunication industry:a
survey. Journal of Regulatory Economics 9, 269-306)
,


,

, ,

.
, ,
,
(,
,
),
.

16

 , :

,
,

.
,
,

.

17

 , :

3.1

.2190/20,
, .
, ,
2867/2000 -
.
,
, ,
.
(. , Forthnet),
,
,
,
5/204/2000
.3016/2002,
( ).
, ,
1998 ,
...

18

 , :

3.2

().

(),
, :

,
.
1992 .2075,
().
.
1995.
, .2668/98
,

&
().
, (.2867/2000) ,
, ,
:

.
.

19

 , :

, ,
.

3.2.1

, ,
,
2867/2000, ,
& .

, ,
.
, :

(,

, , , , ),
( )
.

,
.

20

 , :

(domain names)
.

,
,

, ,
,
.

21

 , :

, ,
.
, ,

,
.
, 2004
,
, ,
,
.
,
,
. 3.1
2004.

3.1:
2004
/

302/11/2003

, 1 . 2801/2000

303/4/2004

"
.. ( ..)"
, VI,2 VII,2
.: 301/30/15-12-2003 ( 1925//2003)

22

 , :

308/37/2004

308/37/2004 ( 601/'/23-4-2004)

334/45/2004

.. ( ..) 2004 (
2002)
.

337/73/2004

, . 11, . '
334/45/10.11.2004
..
( ..) 2004 ( 2002)
, ( 1730/'/23.11.2004).

339/31/2004

.
334/45/2004
.

341/103/2005 "" "
PLUS"

, 351/75 (
717//27-05-2005)

3.3

351/75/2005

,
,
,
, .
1 2001,
.


.

23

 , :

,

, ,
.
,

.
1/3
,
2/3 (.
26 2843/2000).
, ,
, , .


.
, ,
(.2
2 .2257/1994 . 2 17 ).
,

(. 4 .2257/1994, 47 .2963/2001)
, (. 6 255/83/2995
). , ,
.

3.4

(incumbent),
(

24

 , :

) , ,
, ..
.
,
, ,
.
, ,

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

25

 , :

4.1

,
,
, , ,
, .


, ROI (Return On Investments),
:

ROI =

(1)

(1)

ROS (Return On Sales),

,

.
O (ROS)

26

 , :

ROS = 1 -

-
= 1 - -1

(2)

(2)

(- ).
=

(2)

,
-
- -.
(inputs) (outputs),
.

, APC
(American Productivity Center),
:

H .

H .

,

(APC method).

4.2

,
:

-productivity, (PRDTVT).

27

 , :

-price recovery ratio, (PRCREC).

-capacity utilization, (CAPUTL).

-product mix, (PRDMIX).

(2) ,
,

,
.

:

4.3

(4.1), -
(unscaled)

.
ROS (2)
:
ROS=

= 1 - -1

28

 , :

, - (uncalled)
t :

Y p
=
( X w + X w
t

t
v

t
v

t
i

t
f

t
f

(3)

:
Yit , (output) i t,
i=1, , n
p it , i t, i=1, , n
X tv , v
t, v=1, , m
w tv , v t,
v=1, , m
X tf , f t,
f=1, , g
w tf , f t,
f=1, , g
,

.
, (PFTBLT) :

PFTBLT t =

t
0

(4)

29

 , :

0 - (uncalled)
(benchmark) (3).
-benchmark
( t=0) ,

.

,
,
.
,

t

.
, (PRDTVT,
PRCREC, PRDMIX, CAPUTL) ,

.

4.4

(Standard Quantities)

(Capacity Utilization)

(benchmarks)
(Standard Quantities) :

t ( Q tv ) vi
i t. :

30

 , :

Q tv = i vi Yit

(5)

v=1, , m t,

vi 0 .
v=1 m
i=1 n, (5)
Q tv = i vi Yit Q tv = vi Yit .
vi
i .
,
vi (regressing)
X tv (
)
Yit .
,
(
), (regressing)
vi
Data Fit 7.1
.

Q tf

,
f >0
t t
t. :
Q tf = f t (6)
f=1,g t.

31

 , :

f ,
, (regressing)
X tf t t.
,
Data Fit 7.1, .

G tf f

0 , :

G tf = f i Yit 0

(7)

f=1, , g t.
0 = i Yi0 0 ,

Y
i

,
.

4.5

T /

,
.
,
,

.

32

 , :

:
p i0 = t p it Yit / t Yit

(8)

i=1, , n t.

w 0v = t w tv X tv / t X tv (9)
v=1, , m t.

w 0f = t w tf X tf / t X tf

(10)

f=1, , g t.
,
:
0 = t t t

(11)

Yi0 = t Yit t

(12)

t.

i=1, , n t.

,
:

X 0v = Q tv = i vi Yi0

(13)

v=1, , m t
X 0f = Q 0f = G 0f = i f Yi0 / 0

(14)

f=1, , g

t.

,

.

33

 , :

-Productivity Ratio (PRDTVT)

4.6

t, ( Q tv Q tf )
( X tv X tf )
.



.
(PRDTVT)
.


.
,

,

.
(PRDTVT)
t,
:

(w Q
v

PRDTVT =

t
v

(w Q
v

0
v

t
v

0
v

)
(w
+ w Q )
(w
+ f w tf Q tf

0
f

t
v

X tv + f w tf X tf

0
v

X 0v + f w 0f X 0f

0
f

(15)

)
34

 , :

(13) (14),
(15)
(15) :

PRDTVT

(w Q
=
(w X

t
v

t
v

t
v

t
v

)
+ w X )
+ f w tf Q tf
t
f

(16)

t
f

-Price Recovery Ratio (PRCREC)

4.7

(PRCREC)
,

.
,
()
().
, ,
marketing ,
.
,
(scaled economies),
, ,

(PRCREC) .
(PRCREC) :

p Y
i

PRCREC =

(w Q
v

t
v

t
v

t
i

+ f w tf Q tf

p
i

Yit

)
(w Q
v

0
i

0
v

(17)
t
v

+ f w 0f Q tf

)
35

 , :

-Product Mix (PRDMIX)

4.8

(PRDMIX),
,
.


.
- (uncalled)
,

.
.
, PRDMIX
(allocative efficiency)
.
(PRDMIX) :

p
i

PRDMIX =

(w Q
v

0
v

t
v

0
i

Yit

+ f w 0f G tf

p
i

Yi0

)
(w Q
v

0
i

0
v

(18)
0
v

+ f w 0f G 0f

36

 , :

4.9

-Variations

in

Capacity Utilization (CAPUTL)

CAPUTL ,
,
,
.
CAPUTL


.
, CAPUTL

.

.
,
,
.
X (CAPUTL) :

(w Q
v

CAPUTL =

0
v

(w Q
v

0
v

t
v

0
v

)
(w Q
+ w G )
(w Q
+ f w 0f G tf

0
f

0
v

t
v

+ f w 0f Q tf

0
v

0
v

+ f w 0f G 0f

t
f

(19)

(14) :

37

 , :

CAPUTL

CAPUTL

w
=
w
v

0
v

0
v

Q tv + f w 0f G tf

( w

=
( w

)
+ w / )

vi + f w f f / 0

v vi

(20)

Q tv + f w 0f Q tf

(21)

, CAPULT

.

4.10

-Profitability Ratio (PFTBLT)

PRDTVT, PRCREC, PRDMIX CAPUTL,
PFTBLT :
PFTBLT t = PRDTVT t PRCREC t PRDMIX t CAPUTLt =

Y p

t
i

Y p

t
i

( v X tv w tv + f X tf w tf )

(X w
v

4.11

0
v

0
v

+ f X 0f w 0f

(22)

,
,
.
1

( )

38

 , :

( )
.

2

,

.


.
3
.
,
.
5

,
.
,

PRDTVT t , PRCREC t , PRDMIX t CAPUTLt

, .

Q tv = i vi Yit
Q tf = f t ,
(regressing)
,
vi , f .
.

39

 , :

.
( )
,

.

,
(
),
APC .

40

 , :

5.1

,
, (PFTBLT,
PRDTVT, PRCREC, PRDMIX, CAPUTL) Banker, Chang,
Majumdar (Analyzing the underlying dimensions of firm profitability. Managerial and
Decision Economics 1993;14:25-36).

4.
.


,

.
, Banker, Chang, Majumdar
. ,
(inputs) (outputs)
( ,
, , )
( , , )
.
,
,

41

 , :

.
,
(inputs) (outputs)
,
.

(inputs)
,
.
, ,


( 4), ,
,
,
.

5.2

(inputs) (outputs)

5.2.1

(Outputs)

(outputs)
, ,

.
5.1 , ,
,
2000-2004.
(outputs) :

42

 , :

, ,
(,
) .

5.1: (Inputs), (Outputs)

(Quantities)

43

 , :

,
,
( )
.

:
.

Radio .
Audiotex

:
.
ISDN, .
.
Internet.
ATM

44

 , :

.
.
.

,

( internet,
, .) ,
.

5.2.2

(Inputs)

, (inputs) :

(outputs)

(outputs).

5.2.2.1

(Fixed Inputs)

,
( )
.

,
.

45

 , :

5.2.2.2

(Variable Inputs)

,
,
. :

.

,

.

.

,

.
2002


. ,

.

46

 , :

.
-

.
1 2003,
,
,
( ) .
,
Adjusted Operating Revenues
.

,
.

,

.

,
.

, .

47

 , :

, ,

audiotex, .

, ,

.

5.3

,
.
, ,
(PFTBLT, PRDTVT, PRCREC, PRDMIX,
CAPUTL) , ,
(. , ,
, ),
.
(PFTBLT)

PFTBLT

48

 , :

,

,



.
(PRDTVT)

PRDTVT

.



.

PRDTVT.

.

PRDTVT
,
.

, PRDTVT,
,
,
.

, PRDTVT output growth

, (

49

 , :

.)
.
(PRCREC)

PRCREC

.
,
, marketing
, .

,
.

deregulation

PRCREC.

.
,
regulated (. rate-of return
).

PRCREC
(CAPUTL) .
(PRDMIX)

50

 , :

, PRDMIX

PRCREC.
,

PRDMIX ,
PFTBLT
.
(CAPUTL)

.

CAPUTL .

deregulation CAPUTL

,
.
PRDMIX,
,
CAPUTL .

5.4

5.2
, (2000-2004),

.

51

 , :

5.2: (
)
2000

2001

2002

2003

2004

1955

2130

2100

291

362

319,15

960,06

871,84

1831,2 1640,9
257,87

952,92 1066,32

217,9
988

3206,06 3363,84 3372,07 3155,39 2846,8

215

200

180,1

145,52

133,3

720

680

592,4

451,43

395

621,63

740

769,3

820,82

863,5

520

410

526,82

567,38

688,8

410

496,51

484,59

557,76

567,8

2486,63 2526,51 2553,21 2542,91 2648,4

:OTE,

(PFTBLT, PRDTVT, PRCREC, PRDMIX, CAPUTL)

4,

5.3, 5.1
5.4.

52

 , :

PRDTVT
PRCREC
PRDMIX
CAPTUL

1,15

PFTBLT

1,10
1,05
1,00
0,95
0,90
0,85
0,80
2000

2001

2002

2003

2004

5.1: (PFTBLT, PRDTVT, PRCREC, PRDMIX, CAPUTL)

(2000-2004)

(2000-2004).
,
.

53

 , :

5.3:
(2000-2004)

5.4:

2000 2001 2002 2003 2004

PRDTVT 0,984 1,006 1,019 1,002 0,988
PRCREC 1,106 1,119 1,035 0,941 0,821
PRDMIX 0,950 0,950 1,000 1,046 1,062
CAPUTL 0,997 0,995 1,002 1,007 0,999
PFTBLT 1,031 1,065 1,057 0,993 0,860

2001 2002 2003 2004

PRDTVT

PRCREC

PRDMIX

CAPUTL

PFTBLT

(scaled) ,

,
.

5.4.1

(PRDTVT) 2000-2004

(PRDTVT),
5.2, 2,85% 2001
1% 2002, 2003 2004 1,6%
1,4% .
,
PRDTVT,
:

PRDTVT output growth

, (
.) .
,
.
.

54

 , :

,
( 5.3).

1,15
1,10
1,05
1,00
0,95
0,90
0,85
0,80
2000

2001

2002

2003

2004

5.2: (PRDTVT)
2000-2004

, ,
( dial-up ) 2004 23,6%
11,3% 2003 0,1% 2002,
60%
( ) .

55

 , :

0,0

100%

0,0
0,0

0,6

0,1

2,6

0,5

0,1

90%

4,5
6,9

7,7

9,0

11,8

14,5

80,5

76,4

80%
70%
60%
50%

100,0

99,9

99,3

96,8

40%

88,7

30%
20%
10%
0%
H1 2001 H2 2001 H1 2002 H2 2002 H1 2003 H2 2003 H1 2004

:,

5.3:
, Dial-up

5.4 , ,

),
.
2001
(99%-100% ) , 2004
100% Dial-up , 79%
, 71% , 69% 61%
.

56

 , :

Dial-up,
-,
2002 (
) ,
2004
79%
71%
69%
61% .

100

80

100

100

61

71
69

79

76
74
69

H2 2002

40

83

100
98
94
94
91

H1 2002

84
82
77

100
100
98
98
96

H2 2001

100

100
100
100
100
99

H1 2001

91

100
100
100
100
99

60

20

0
Dial-up

H1 2003

H2 2003

H1 2004

:EETT,

5.4:

.

57

 , :

( )

5.5 5.6 ,
, , dial-up
5.6.
5.5
2002,
2001,

6,57%
2001 2004.

14000
5

12000

75

12

1250

344

2056

2677

10000
8000
6000

12153

11390

11276

10368

9787

4000

8492

8682

H2 2003

H1 2004

2000
0
H1 2001

H2 2001

H1 2002

H2 2002

H1 2003

( )

:EETT,

5.5: ,
Dial-up
.

58

 , :

20000

16000

75

2689

2069

1255

18000

344

12

14000
12000
10000
8000

15984

16452

15495

16496

16010

15831

15383

6000
4000
2000
0
H1 2001

H2 2001

H1 2002

H2 2002

H1 2003

H2 2003

H1 2004

( )

:EETT,

5.6: ,
Dial-up

, PRDTVT
2003 2004
.

(PRDTVT)

.



.

59

 , :

, ,

.
5.7,
, 2000
6,5%, 2004
4,15% 2003. :

2001

T 2001 4,7%
2000, (4,6%)
5,4%.

2002

2002.
5,7% 2001,
:
3,3%,
35,3%
Audiotex
.

60

 , :

2800
2750

2700
2650
2600
2550
2500
2450
2400
2000

2001

2002

2003

2004

5.7: (2000-2004)

2003

2003
,
0,4%, :
4,9% .

19,5%.

18,1%
.
.

61

 , :

14,8%

7%
, , , Audiotex,
,
..

2004

2004
4,15% (2003).
:
4,8% ,
1-1-2004 2004

.

12,5% .

6,6% .
2,7%
.
20,4% ,
,
.

,

,
.

62

 , :

PRDTVT.

.
, 5.8 ,
2002 4,5%,
2003 3% 2004 5%.

20000

18545
17710

17169

18000

16000
16302

14000
12000
10000
8000
6000
4000

2000
0
2001

2002

2003

2004

5.8:

4,5%,
.
.

63

 , :

2000, 2232 1952

2001, 1216 1071

2002, 856 699

2003, 944 776

2004, 908

706 , 41 .

2005
, .


.
, 2005
( 38% )


(
).
( )

,
,
10% 2001

64

 , :

2004 12.861 16.302

2004.

5.4.2

(PRCREC) 2000-2004

2001
, 5.9
(PRCREC)
29,1% 2004,
.

1,150
1,100
1,050
1,000
0,950
0,900
0,850
0,800
2000

2001

2002

2003

2004

5.9: (PRCREC) 2000-2004

.
.

65

 , :

,
PRCREC
, ,
.

PRCREC

. ,
, marketing
,
.

, .
(
) ,
PRDTVT.

() . ,
,

(PRCREC).
,
,
, 2002
2001, 2003 2004 ( 5.10),
.

66

 , :

3400

3300
3200

3100
3000
2900
2800
2700
2600
2500
2400
2000

2001

2002

2003

2004

5.10: (20002004)

, marketing
, ()
,
,
( , ,
.).

deregulation

PRCREC.

.
,
.

67

 , :

-
regulated (. rate-of return ).

PRCREC 2004,
(
2004 ),

- .

45
40

38,5

35

38,7

38,1

38,4
37,2

36,4
30,7

30

31,5

30,7

30,7

12,8

12,5

9,2

9,2

25
20
15
12,4

10

12,9

12,5

10,9
9,3

9,2

5
0

. 2000

. 2001

. 2002

. 2003

. 2004

3-, ()

3-, .

10-, ()

10-, .

:EETT 10

5.11: 3- 10- .

68

 , :

,
(,
). ,

.
.


.
.
5.11 5.12
() (
)
3- 10-
.
3- 10-
15,65% 2001
3- 10-
24,4% 25,5% .
2000,
.

69

 , :

160
140
131,6

120

133,4
115,3

106,0

104,1

100
98,2

90,3

80
76,7

73,2

76,7

60
40

36,7

41,3

33,9

33,3
29,4

41,9
29,1

20
0

. 2000

. 2001

24,5

24,5

. 2002

. 2003

22,0

. 2004

3-, ()

3-, .

10-, ()

10-, .

:EETT 10

5.12: 3- 10-

,
27,6% (
) 2001
( 5.13).

70

 , :

18
16
13,3

14,0

14,3

15,3

14
11,7

12,2

12,5
12,4

12
11,8
11,8

10
9,7

8
7,1

8,0

8,3

4
2
0

. 1998 . 1999 . 2000 . 2001 . 2002 . 2003 . 2004

()

:EETT 10

5.13:

5.4.3

(PRDMIX) 2000-2004

2001 (PRDMIX)
2003, 2004
( 5.14).
PRDMIX

.
.

71

 , :

1,15
1,10
1,05
1,00
0,95
0,90
0,85
0,80
2000

2001

2002

2003

2004

5.14: (PRDMIX) 2000-2005

, PRDMIX

PRCREC.
,

PRDMIX ,
PFTBLT
.
, , PRDMIX

PRCREC.

72

 , :

2002 2003 PRDMIX

6,37% 5,2% , 2004
, 2,18%

.

.
(ISDN ,

Internet,

) 10% 2002
2003,

.
,


,
PRDMIX .

5.4.4

(CAPTUL) 2000-

2004
5.15 CAPTUL
.

73

 , :

1,15
1,10
1,05
1,00
0,95
0,90
0,85
0,80
2000

2001

2002

2003

2004

5.15: (CAPUTL)
2000-2004

deregulation CAPUTL

,
.
PRDMIX,

CAPUTL .
, ,
CAPTUL ,


.

74

 , :

, 2002 2003 CAPTUL

1,21% 0,9% .

.

CAPUTL .
CAPTUL
(2001, 2002, 2003)
, 2004
0,4%.
, ,
CAPTUL,

5.4.5

(PFTBLT) 2000-2004

5.16 (PFTBLT)
(2001), 2002
2004,
.

75

 , :

1,150
1,100
1,050
1,000
0,950
0,900
0,850
0,800
2000

2001

2002

2003

2004

5.16: (PFTBLT) 2000-2004

PFTBLT

.


,



.
2001, ,
10%
20% .

76

 , :

5.5 5.17
2004,
5.18 .

70
61
57

56

48

50

38

30

11

10

6
5

0
-1

-3

-10

-7

1999

2000

2001

2002

2003

2004

5.17:

( )
, ,
.

77

 , :

300
266
251

250

247
235

215

200

150

100

50

0
2000

2001

2002

2003

2004

5.18:

,
( 5.5),
.
, ,
2005,
.

78

 , :

5.5:
, 31-12-2004

12

13

11

TETRA

W-LAN

:.

, (, )
.
5.19

.

, dial-up (
2004
2003).

79

 , :

10
8

6,7

7,4

6
4

4,3

5,5

2,9
3,4

-0,1

-0,1

-0,1

-0,1

0
-0,1

-2

-1,5

-4

-3,7

-6

-5,1

-5,7

-8
-10
H1 2002/H1 2001

H2 2002/H2 2001
%

H1 2003/H1 2002

H2 2003/H2 2002

H1 2004/H1 2003

% Dial-up

:EETT,

5.19:
.

5.6 5.20.
85% (dial-up, ).

80

 , :

10000

9725
8725

9000

8914
8351
7998

8000

8313

7639

7161

7000
6903

6714

6000
5641

5000

5062

4000
3831

4220

2910

3000
2000

3045

2686
2563

2551

2714

2432

1000
0
H1 2001

H2 2001

H1 2002

H2 2002

Dial-up

H1 2003

H2 2003

H1 2004

:EETT,

5.20: ,

( 5.21 5.7)
64Kb/s,
.

81

 , :

5.6:
, ( . )

H1
2001

H2
2001

H1
2002

H2
2002

H1
2003

H2
2003

H1
2004

9,725

8,725

8,914

7,998

8,351

7,639

8,313

Dial-up

3,831

4,220

5,062

5,641

6,714

6,903

7,161

1,152

1,188

1,178

1,218

1,237

1,312

1,375

337

381

388

422

417

459

478

943

994

985

1,074

1,032

1,138

1,193

Dial12,158 11,288 11,465 10,712 11,037 10,548 11,359

up

15,988 15,507 16,527 16,353 17,751 17,452 18,520

:EETT,

5.7: (
)
1998
PSTN

1999

2000

2001

2002

2003

2004

5.535.521 5.610.931 5.659.274 5.607.726 5.412.842 5.200.368 5.157.503

ISDN BRA

3.258

27.542

96.972

199.033

349.751

448.542

486.508

ISDN PRA

448

1.478

3.946

5.385

6.048

6.766

7.126

52.8%

52.3%

54.5%

56.1%

57.1%

57.0%

57.3%

:EETT,

2004,
(57,3%) (57%
57,1%), 99%.
.

82

 , :

100,0
90,0
80,0

70,0
60,0

52,8

52,3

1998

1999

56,1

57,1

2001

2002

54,5

57,0

57,3

51,7

50,0
40,0
30,0
20,0
10,0
0,0
1997

2000

2003

2004

5.21: PSTN ISDN

, 1997-2004

.
, 5.22 ,

,
.

83

 , :

8,00

0,51
0,15

( . )

7,00

0,35

0,11

6,00
0,07

5,00

3,10

0,03
0,02

4,00

3,60

4,20

3,12

2,86

2003

2004

2,35
2,08

1,62

1,14

3,00
2,00
2,83

3,14

3,25

3,45

1999

2000

2001

3,45

1,00
0,00
1998

2002

:,

5.22:

(
) 5.22

.
,
( ) 36% 2004
41% 2003 55% 2001 ( 5.23).
,
, 6% 2004 2% 2001.
, 52% 48%
2003 38% 2001, 50%.
.

84

 , :

2003,
, 10
.

100

4
1

28
33

80

37

38
43

48

52

60

40
70

64

58

55
48
41

20

36

0
1998

1999

2000

2001

2002

2003

2004

:,

5.23: ( )

85

 , :

5.8 ,
.

5.8:


(. )

1998 1999 2000 2001 2002 2003 2004

2,83

3,13

3,25

3,45

3,45

3,12

2,86

(*)

0,02

0,04

0,07

0,11

0,16

0,35

0,51

1,14

1,62

2,08

2,35

3,10

3,60

4,20

(**)

0,06

0,12

0,19

0,32

0,45

0,45

0,45

4,05

4,91

5,59

6,23

7,16

7,52

8,02

*
**
.
:EETT,

, PRDMIX CAPTUL

.

(PRDMIX,
CAPTUL)


.
PRDMIX CAPTUL

.
.

86

 , :

, , (PRDTVT)
(PRCREC), ,
,
,
.

5.5

2001

2004 10%,

. 2004
12.861 16.302.

(outputs), ,

,

2001-2004.

(
)
.

10% (
),

.


.

87

 , :

, ,

2004.
5.24 (PFTBLT)

.
PFTBLT
2004 16,58% 2000,
4,84%.

1,150
1,100
1,050
1,000
0,950
0,900
0,850
0,800
2000

2001

2002

2003

2004

5.24. (PFTBLT)
10% 2001 2004.

88

 , :

5.25

PFTBLT
2000

PFTBLT 2000.

20
15
10

8,0
5,6

3,3

5,9
2,5

0
-5

-3,7

-4,8

-10
-15
-16,6

-20
2001/2000

2002/2000

2003/2000

2004/2000

5.25. ( )
(PFTBLT) 2000.

5.6

1990,
. ,

.
,

89

 , :

,
.

, .
,
,
,

.
,
2004 (
),
,
.

,
, :

.
2005 .
100%
.
2006, 20%
, 1.000
.

, ,
.

90

 , :

,

.

.
,
,
.

91

 , :

ROI
ROS
PFTBLT
PRDTVT
PRCREC
PRDMIX
CAPUTL

Return on Investments
Return on Sales
Profitability Ratio
Productivity Ratio
Price Recovery Ratio
Product Mix Ratio
Capacity Utilization Ratio

92

 , :

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93