-

. - -

, 2013


1. .............................................................................................................. 2
2. ........................................................................ 3
3. A ( ) ........... 4
4. ( ) ......... 7
5. A ......................................... 12
6. ................................................... 14
7. ( ) .......... 15
8. ................................ 16
9. ..................................................................................................... 18
10. ............................................ ........................................................ 19

1.

,
.
, ,
, ,

.

.


:
1) ( ) ;
2) ;
3) ;
4) ( );
5) .
:
.

2.

()
,
.
,
:
- ;
- .
9 () :
- ;
- ;
- ;
- ;
- ;
- ;
- ;
- ;
- .
2011 2010
1.123.
. .15.

,
:
-

;
,
;
;
.

9 ()

.
2011 2010
2.154.
. .8.

3. A ( )


,
() .

(EBIT)
=

:
2010 = 17.230 / 3.268.842 = 0,0052 x 100 = 0,52 %
2011 = 32.526 / 3.004.648 = 0,0118 x 100 = 1,08 %
2012 = 52.315 / 3.213.324 = 0,0162 x 100 = 1,62 %
:
2010 = -7.722 / 8.884.690 = 0,087 %
2011 = 398.145 / 8.841.702 = 0,0450 x 100 = 4,50 %
2012 = 432.194 / 8.642.313 = 0,0500 x 100 = 5,00 %

100 .
2010 0,52 100
, 2011 1,08
100 , 2012
1,62 100 .
2010
0,087 100 ,

: 4,5 100 2011 ,
5 100 2012 .

6
5
4
3

1
0
2010

2011

2012

1.
2010 2012

:
2010 = 30.976 / 3.268.842 = 0,00947 x 100 = 0,95 %
2011 = 35.384 / 3.004.648 = 0,01177 x 100 = 1,18 %
2012 = 52.315 / 3.213.324 = 0,01628 x 100 = 1,63 %
:
2010 = 22.862 / 8.884.690 = 0,00257 x 100 = 0,26 %
2011 = 397.511 / 8.841.702 = 0,0449 x 100 = 4,49 %
2012 = 291.238 / 8.642.313 = 0,0336 x 100 = 3,36 %

2010
0,95 %
, 0,95
100 ; 1,18 100
2011, 1,63 100
2012 .
2010
0,26 %

, 0,26 100
,
4,49 100 2011,
3,36 100 2012 .
5

5
4
3

1
0
2010

2011

2012

2.
2010 2012

:
2010 = 30.976 / (1.897.480 + 1.867.240) / 2 = 30.976 / 1.882.360 = 1,65 %
2011 = 35.384 / (1.910.473 + 1.897.480) / 2 = 35.384 / 1903976,5 = 1,86%
2012 = 52.315 / (1.953.809 + 1.910.473) / 2 = 52.315 / 1932141 = 1,06%

:
2010 = 22.862 / (4.015.033 + 3.083.934) / 2 = 22.862 / 3549483,5 = 0,64%
2011 = 397.511 / (3.924.244 + 4.015.033) / 2 = 397.511 / 3969638,5 = 10,02%
2012 = 291.238 / (4.112.387 + 3.924.244) / 2 = 291.238 / 4018315,5 = 7,25%

.
2010
1,65 % 2010
1,65 100
, 1,86 100
2011 , 1,06 100
2012 .
6

 2010
0,64 % 2010
0,64 100
, 10,02 100
2011 , 7,25 100
2012 .
12
10
8
6
4
2
0

2010

2011

2012

3.
2010 2012

4. ( )
(
),
, ,
.

( )

:
2010 = 2.050.078 / 3.268.842 = 0,6271 x 100 = 62,71%
2011 = 2.410.388 / 3.004.648 = 0,8022 x 100 = 80,22%
2012 = 2.557.244 / 3.213.324 = 0,7958 x 100 = 79,58%
:
2010 = 5.433.722 / 8.884.690 = 0,6115 x 100 = 61,15%
2011 = 7.181.747 / 8.841.702 = 0,8123 x 100 = 81,23%
2012 = 5.389.075 / 8.642.313 = 0,6236 x 100 = 62,36%
7


.
, 2010 62,71
100 , 80,22
100
2011 , 79,58
100 2012 .
2010 61,15
100 , 81,23
100
2011 , 62,36
100 2012 .
90.00%
80.00%
70.00%
60.00%
50.00%

40.00%

30.00%
20.00%
10.00%
0.00%
2010

2011

2012

4:
2010 2012

()

:
2010 = (2.605+438.019+378.861+57.774+927.823) / (300.554 + 228.707) / 2 = 6,8
2011 = (584.881 + 370.265 + 62.672 + 1.124.085) / (262.801 + 300.554) / 2 = 7,6
2012 = (394.829 + 376.006 + 71.429 + 116.088) / (272.743 + 262.801) / 2 = 3,58
8

:
2010 = (71.758 + 2.114.205 + 922.475 + 402.089 + 1.800.605) / (1.325.401 +
964.429) / 2 = 4,64
2011 = (33.972 + 2.610.349 + 1.025.312 + 358.461 + 1.978.762) / (1.048.443 +
1.325.401) / 2 = 5,06
2012 = (42.101 + 1.911.760 + 753.528 + 311.549 + 1.521.061) / (972.966 +
1.048.443) / 2 = 4,49
,

.
.
2010
6,8 ,
, ,
, 6,5 2010 ; 7,6 2011
, 3,58 2012 .
2010
4,64 ,
, ,
, 4,64 2010 ; 5,06
2011 , 4,49 2012 .
8
7
6
5
4
3
2
1
0

2010

2011

2012

5:
2010 2012

365

9

:
2010 = 365 / 6,8 = 53,68
2011 = 365 / 7,6 = 48,03
2012 = 365 / 3,58 = 101,96
:
2010 = 365 / 4,64 = 78,66
2011 = 365 / 5,06 = 72,13
2012 = 365 / 4,49 = 81,29

53,68 2010 ;
48,03 2011 , 101,96 2012 .

78,66 2010 ;
72,13 2011 , 81,29 2012 .

()
=

()

:
2010 = 2.050.078 / (1.431.358 + 1.489.305) / 2 = 2.050.078 / 1460331,5 = 1,40
2011 = 2.410.388 / (942.741 + 1.431.368) / 2 = 2.410.388 / 1187054,5 = 2,03
2012 = 2.557.244 / (1.544.903 + 942.741) / 2 = 2.557.244 / 1243822 = 2,06
:
2010 = 5.433.722 / (3.280.361 + 1.449.636) / 2 = 5.433.722 / 2364998,5 = 2,29
2011 = 7.181.747 / (3.952.027 + 3.280.361) / 2 = 7.181.747 / 3616194 = 1,99
2012 = 5.389.075 / (4.062.696 + 3.952.027) / 2 = 5.389.075 / 4007361,5 = 1,34


.

10



1,40 2010 ; 2,03
2011 , 2,06 2012 .

2,29 2010
; 1,99 2011 , 1,34
2012 .
365
=

:
2010 = 365 / 1,40 = 260,71
2011 = 365 / 2,03 = 179,80
2012 = 365 / 2,06 = 177,18
:
2010 = 365 / 2,29 = 159,39
2011 = 365 / 1,99 = 183,42
2012 = 365 / 1,34 = 272,39

.
2010 260,71
260
; 180 2011
, 177 2012 .
2010 159,39
159
; 183 2011
, 272 2012 .

11

( )
()

:
2010 = 2.050.078 / (754.489 + 746.262) / 2 = 2.050.078 / 750375,5 = 2,73
2011 = 2.410.388 / (809.862 + 754.489) / 2 = 2.410.388 / 782175,5 = 3,08
2012 = 2.557.244 / (874.483 + 809.862) / 2 = 2.557.244 / 842172,5 = 3,04
:
2010 = 5.433.722 / (3.985.267 + 2.837.438) / 2 = 5.433.722 / 3411352,5 = 1,59
2011 = 7.181.747 / (3.381.669 + 3.985.267) / 2 = 7.181.747 / 3683468 = 1,95
2012 = 5.389.075 / (3.187.276 + 3.381.669) / 2 = 5.389.075 / 3284472,5 = 1,64

2010 2,73
; 3,08
2011 , 3,04
2012 .
2010 1,59
; 1,95
2011 ,
1,64
2012 .

5. A
A
.

.

:
2010 = 30.976 / 2.050.078 = 0,01510 x 100 = 1,51 %

12

2011 = 35.384 / 2.410. 388 = 0,01468 x 100 = 1,47 %

2012 = 43.172 / 2.557.244 = 0,01688 x 100 = 1,69 %
:
2010 = 22.862 / 5.433.722 = 0,0042 x 100 = 0,42 %
2011 =397.511 / 7.181.747 = 0,05535 x 100 = 5,53%
2012 =291. 238 / 5.389.075 = 0,05404 x 100 = 5,40%

.
2010 1,51 %

1,51 100 ; 2011
1,47 100
, 1,69 100
2012 .
2010 0,42 %

0,42 100 ; 2011
5,53 100
, 5,4 100
2012 .
6.00%
5.00%
4.00%
3.00%

2.00%

1.00%
0.00%
2010

2011

2012

6:
2010 2012

13

6.

,
, .. .

:
2010 = 2.514.353 / 1.371.362 = 1,83
2011 = 2.194.786 / 1094.175 = 2,00
2012 = 2.338.841 / 1.242.728 = 1,88
:
2010 = 4.899.423 / 4.240.873 = 1,15
2011 = 5.460.033 / 4.676.146 = 1,17
2012 = 5.455.036 / 4.303.316 = 1,27

2010
1,83. , 1,83

2010 ; 2
2011
, 1,88
2012.

2010-2012

,
1. , 1,15

2010 ; 1,17
2011 , 1,27

2012.
14

 -
=

:
2010 = (2.514.353 300.544) / 1.371.362 = 1,61
2011 = (2.194.786 262.801) / 1094.175 = 1,76
2012 = (2.338.841 272.743) / 1.242.728 = 1,66
:
2010 = (4.899.423 1.325.401) / 4.240.873 = 0,84
2011 = (5.460.033 1.048.443) / 4.676.146 = 0,94
2012 = (5.455.036 972.966) / 4.303.316 = 1,04

2010 2012 ,

1.

.
2010 2011
1,
2012 1.

7. ( )

:
2010 = 1.371.362 / 3.268.842 = 0,4195 x 100 = 41,95 %
2011 = 1.094.175 / 3.004.648 = 0,3641 x 100 = 36,41 %
2012 = 1.259.515 / 3.213.324 = 0,3919 x 100 = 39,19 %
15

:
2010 = 4.869.657 / 8.884.690 = 0,5481 x 100 = 54,81 %
2011 = 4.917.458 / 8.841.702 = 0,5562 x 100 = 55,62%
2012 = 4.529.926 / 8.642.313 = 0,5242 x 100 = 52,42 %

2010
41,95 %
( ).
2011 36,41 %. 2012
39,19.
2010
54,81 %
( ).
2011 55,62 %. 2012
52,42%.
60.00%
50.00%
40.00%

30.00%

20.00%
10.00%
0.00%
2010

2011

2012

6:
2010 2012

8.

(EPS) =

16

:
2010 = 30.976 / 52,004 = 595
2011 = 35.384 / 52,004 = 680
2012 = 43.172 / 51,811 = 834

:
2010 = 22.862 / 2.946,340 = 8
2011 =397.511 / 2.946,340 = 135
2012 =291. 238 / 2.946,340 = 99

,
, 2010
595 , 2011 680
, 834
2012 .
2010
8
, 2011

135 , 2012

99 2012 .

17

9.



.

18

10.

19

20

21

22

23

24

25

26