otqet n!! ykh-iokh/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. v1torosas:i...

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Page 1: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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OT 20 HIOJIH 2015 ro.z.a

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2015 r.

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Page 2: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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Page 3: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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Page 4: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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Page 5: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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B COOTBeTCTBi.1e c ct>e,QepanbHblM 3aKOHOM «06 l-1HBeCrnl.\l-10HHblX c:j:lOH,QaX>> ynpasn5llOLl.\a51 KOMnaHl-151 ocyll.\ecrnn51eT ,Qosep1-1rnnbHOe ynpasneH1-1e naeBblM 1-1Hsecrnl.\l-10HHblM c:j:lOH.QOM nYTeM cosepweHl-151 nl06blX IOpi.1,Qi.1'-leCKl-1X 1-1 cpaKrn'-leCKl-1X ,Qei:icrn1-1i:i B OTHOWeHl-11-1 COCTaBn5llOLl.\ero ero l-1MYLl.\eCTBa, a TaK}f{e ocyll.\ecrnn51eT see npasa, y.QocrnsepeHHble L\eHHblMl-1 6yMaraM1-1, cocrnsn5l10ll.\l-1Ml-1 naesoi:i

10

Page 11: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

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Ynpa8n5llOLl.\a51 KOMnaHl-151 8npa8e npe,Qb518n51Tb 1'1CKl'1 Lil 8blCTynaTb OTBeT'-11'1KOM no LilCKaM 8 cy,Qe 8 C85131'1 c

ocyll.\ecrnneH1i1eM ,Qe51TenbHocrn no .Q08ep1i1rnnbHOMY ynpa8neH1i110 nae8blM 1'1H8ecrnl.\1'10HHblM cpOH.QOM.

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cpOH,Q, OT C80ero 1'1MeHl'1, yKa3bl8a51 npl-1 3TOM, '-ITO OHa ,Qei:icrnyeT 8 Ka'-lecrne ,Q08ep1i1T8nbHOro

ynpa8n5l10ll.\ero. 3rn ycno81i1e cL11i1TaeTC5I co6n10.QeHHblM, ecn1i1 np1i1 co8epweH1i11i1 ,Qei:icrn1i1i:i, He Tpe6y10ll.\l'1X

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ynpa8n5llOLl.\1'1M 8 3TOM Ka'-lecrne, a 8 nl'1CbMeHHblX ,QOKyMeHTaX nocne Hal'1MeH08aHl'151 ,Q08ep1i1T8nbHOro

ynpa8n5l10ll.\ero C.QenaHa noMeTKa "A. Y." 1i1 yKa3aHo Ha38aH1i1e nae8oro 1'1H8ecrnl.\1'10HHOro cpOH.Qa.

V1My111ecTeeHHb1e npaea, y•n1Tb1eaeMb1e np111 npoee,QeH111111 OL\eHKlll.

np1i1 OL\eHKe 06beKTa OL\eHKl-1 Y'-11'1Tbl8aeTC51 npa80 C06CTBeHHOCH1 Ha 06beKT OL\eHKl-1, CKl'1,QKl'1 Ha

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C'-11'1TaeTC51 C8060,QHblM OT orpaHLi1'-1eH1i1i:i (06peMeHeH1i1i:i) yKa3aHHblX npa8, a 1'1MeHHO C8060,QHblM OT

06peMeHeH1i1i:i 8 81'1.Qe 3anora, 1i1nornK1i1 1i1 ,Qonrocpo'-IHblX.QOro8opo8 apeH.Qbl.

2.3. On111caH111e KOJllll'"leCTBeHHblX 111 Ka'"leCTBeHHblX xapaKTep111cT111K o6"beKTa OL\eHKlll

CornacHo cyll.\ecrny10ll.\eMy rnpp1i1rnp1i1anbHOMY ,QeneH1i110 Pocc1i11i1, o6beKT OL\eHKl-1 pacnonmKeH 8 XaHTbl­

MaHc1i1i:icKOM a8TOHOMHOM OKpyre - IOrpa no a,Qpecy: r. CypryT, yn. V1oc1i1cpa Kapon1i1HCKoro,

,Q. 14/1. Mecrnnon0>KeH1i1e ,QOMa, 8 KOTOpOM pacnonmKeH OL\eHl'18aeMbli:i 06beKT, npe,QCTa8neHO Ha

cpparMeHrn KapTbl r. CypryT (p1i1c. 1).

39

31a

31

12

3911

23

JKHJIOH KOMIIJieKc, B

KOTopoM pacrroJiomeH

ofo.eKT ou:eHKH

P111c. 1. MecTono110>1<eH111e ,QOMa, B KOTopoM pacno110>1<eH o6beKT 01..1eH1<111

BHeWHLili:i 81'1,Q 3,QaHl-151, 8 KOTOpOM pacnonmKeH 06beKT OL\eHKl-1, a TalOKe 81'1,Q He}f{l.1nOro noMell.\eHl-151, 8

OTHOWeHl-11'1 KOTOporo onpe,Qen51eTC51 pblHO'-IHa51 CTOLilMOCTb ,QOnl-1 8 npa8e 24468/46167, npe,QCTa8neHbl Ha

cporn 1 - 8.

11

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tel. +7(495) 229-49-71

<t>oTO 1. >K111noii1 AOM, B KOTOpOM pacnonmKeH o6beKT OL\8HKll1

<t>oTO 3. 06beKT OL\8HKll1 (BlllA BHyrp111)

<t>oTO 5. 06beKT OL\8HKll1 (BlllA BHyrp111)

<t>oTO 7. 06beKT OL\8HKll1 (BlllA BHyrp111)

000 "QelITJl O~HKH HllBeCTIIQllH"

<t>oTO 2. 06beKT OL\8HKll1 (BlllA BHyrp111)

<t>oTO 4. 06beKT OL\8HKll1 (BlllA BHyrp111)

<t>oTO 6. 06beKT OL\8HKll1 (BlllA BHyrp111)

<t>oTO 8. 06beKT OL\8HKll1 (BlllA BHyrp111)

12

Page 13: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

n8p8'-18Hb OCHOBHblX ,QOKYM8HTOB Ill cnpaBO'-IHblX MaT8p111anOB, yCTaHaBnlllBalOLl.\lllX KOnlll'-18CTB8HHbl8 Ill

Ka'-18CTB8HHbl8 xapaKrnp111crnKlll 06b8KTa OL\8HKlll np8,QCTaBn8H B rn6n. 1 HaCT05lll.\8rD 0T'-18Ta.

np111 npOB8,Q8Hllllll HaCT05lll.\8i:l OL\8HKlll 6bln nplllHs:IT cn8.QYIOLl.\llli:l nops::i,QOK on111caHlll5! KOnlll'-18CTB8HHblX Ill

Ka'-18CTB8HHblX xapaKrnp111crnK 06b8KTa OL\8HKlll:

1. On111caH1118 lllH.QlllBlll.QyanbHblX xapaKrnp111crnK o6b8KTa:

Kon111L18CTB8HHbl8 xapaKrnp111crnK111:

• :na}f{ pacnonO}f{8H111s::i;

• o6Ll.\as::i nnoll.\a.Qb;

• OCHOBHas::i nnoll.\a.Qb;

• scnoMoraT8nbHas::i nnoll.\a.Qb;

• Bb1corn no BHYTP8HH8MY o6M8py;

• 06b8M.

Ka'-18CTB8HHbl8 xapaKrnp111crnK111:

• BHYTP8HHs::is::i OT.Q8nKa (Ka'-18CTB8HHbl8 xapaKrnp111crnK111 KOHCTpyKrnBHblX :rn8M8HTOB);

• lllH}f{8H8pHbl8 ClllCT8Mbl.

2. On111caH1118 xapaKT8p111crnK 3.QaH111s::i B L\8nOM.

Kon111L18CTB8HHbl8 xapaKrnp111crnK111:

• cpoK OKOH'-laHllls:I CTpOlllT8nbCTBa;

• KOnlll'-18CTBO :na}f{8i:i B ,QOM8.

Ka'-18CTB8HHbl8 xapaKrnp111crnK111:

• H8CYLl.\1118 111 orpa>t<,QalOLl.\1118 KOHCTPYKL.\111111 (Marnp111an crnH);

• BHYTP8HHs::is::i OT.Q8nKa;

• KOMMYHlllKal.\111111 (111H}f{8H8pHbl8 ClllCT8Mb1);

• npo'-11118 pa60Tbl.

0CHOBHbl8 KOnlll'-18CTB8HHbl8 Ill Ka'-18CTB8HHbl8 xapaKT8p111crnKlll OnlllCblBalOLl.\1118 H8}f{L-1n08 nOM8Ll.\8H1118, B

OTHOW8Hllllll KOTOporo onp8,Q8n518TC51 pblHO'-IHas::i CTOlllMOCTb ,QOnlll B npas8 24468/46167, np8,QCTaBn8Hbl B

rn6n. 2 - 5. AoKyM8HTbl, no.QTB8p}f{,Qa10ll.\lll8 OCHOBHbl8 KOnlll'-18CTB8HHbl8 111 Ka'-18CTB8HHbl8 xapaKrnp111crnK111,

np8,QCTaBn8Hbl B np111nO}f{8Hllllll 2 K HaCT05lll.\8MY 0T'-18Ty.

Ta6m11..1a 2. lilH,QlllBlll,QYaJlbHble KOJllll'leCTBeHHble xapaKTeplllCTlllKlll He>K11111oro noMe11.1eH111~. B OTHOWeHllllll KOTOporo

Ka,11,acTpOBblH (IUJlll ycnOBHblH)

HOMep

86: 10:0101251 :4325

onpeAen•• •o•••• CTOMMOCTb A=• B npase 24468/46167

A,n,pec

0611.1asi nno11.1a,11,b, KB.M, B T.'I:

OCHOBHaH, KB.M

BCnOMOraTeJlbHaH, KB.M

Bb1c0Ta no BHyTpeHHeMy

o6Mepy, M

r. Cypryr, yn. L\OKOJlb 938,1 607,2 H/,11, Vloci-icpa

1 366,8 162,0 H/,11, Kaponi-iHcKoro,

,II,. 14/1 2 1145,2 397,4 H/,11,

/llcmo'IHUK: 1. Attanu3 O~eHLJ.(UKOM doKyMeHmoe u cnpaeo'IHblX Mamepuanoe, nony'leHHblX om 3aKa3'1UKa (ma6n. 1).

11 • . ,. . . . .

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H/,11, C OT,11,eJlKO"

H/,11, C OT,11,eJlKO"

Ta6111111..1a 3. lilH,QlllBlll,QYaJlbHble Ka'leCTBeHHble xapaKTeplllCTlllKlll He>K11111oro noMe11.1eH111~. B OTHOWeHllllll KOTOporo

onpe,1:1e11~eTC~ pblHO'IHa~ CTOlllMOCTb ,QOillll B npase 24468/46167 lllHJKeHepHble CHCTeMbl ...........

HeJK11noe noMelljeHHe «Toproso­ocj:>HCHblH L\eHTp «B3nETHblill», H83Ha4eHHe: HeJK11noe, L\OKOnbHblH :naJK NQ-1 , 3TaJK NQ 1 , 3TalK NQ 2, o6Llja51 nnolljatib: 4616,7 KB.M, atipec (MecToHaxoJKAeHHe) o6beKTa: XaHTbl- c oT11enKoii L\eHTpanbHoe MaHCHHCKHH aBTOHOMHblH oKpyr - IOrpa, r. CypryT, yn. ll1ocHcj:la KaponHHCKoro, 11. 14/1, Toproso-ocj:>HCHblH L\eHTp «B3nETHblill», KatiaCTpOBblH (HnH ycnOBHblH) HOMep: 86:10:0101251 :4325

CKpb1T851 npOBOAKa

/llcmo'IHUK: 1. Attanu3 O~eHLJ.(UKOM doKyMeHmoe u cnpaeo'IHblX Mamepuanoe, nony'leHHblX om 3aKa3'1UKa (ma6n. 1).

npHT04HO -BblrnJKHafl

13

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ta6m11..1a 4. npo'1111e lllH,QlllBlll,QYaJlbHble Ka'leCTBeHHble xapaKTeplllCTlllKlll He>1<11111oro noMe11.1eH111~. B OTHOWeHllllll KOTOporo

onpe,1:1e11~eTC~ pblHO'IHa~ CTOlllMOCTb ,QOillll B npaBe 24468/46167

Ti-m

CTeHbl

neperopOAKl-1

nonb1

npoeMbl (OKHa)

npoeMbl (ABepi-i)

Ha111MeH0BaH111e

xapaKTep111cT111K

Ka'leCTBeHHble xapaKTep111cT111K111

3Ha'leH111e

xapaKTeplllCTlllK

Ka'leCTBeHHble xapaKTep111cT111K111 KOHCTPYKTlllBHblX 3JleMeHTOB

WJlaK06JlOKl-1

ra3oci-in1-1KaTHb1e 6noKi-i c ow-ryKaTypi-isaHi-ieM 1-1 noKpaCKO~

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nnacrnKOBble

oKpacKa cTeH, non - KepaMorpaHi-iT

/llcmo'IHUK: 1. Attanu3 O~eHLJ.(UKOM doKyMeHmoe u cnpaeo'IHblX Mamepuanoe, nony'leHHblX om 3aKa3'1UKa (ma6n. 1).

Ta6111111..1a 5.

Kon1-14ecTso :nalKe~

roA nocTpo~Ki-i

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neperopOAKl-1

nepeKpblTl-ll'l

Kposni:i (Kpb1wa)

nonb1

npoeMbl (OKHa)

npoeMbl (ABepi-i)

OrnnneHi-ie

3neKTp!-14eCTBO

BOAOnpoBOA

KaHan1-13a1..11-1i:i

ropi:i4ee BOAOCHa6lKeH1<1e

BeHrnni:i1..11-1i:i

On111caH111e xapaKTep111cT111K 3.1:1aH111~ B 1..1enoM

Ha111MeH0BaH111e

xapaKTep111cT111K

3Ha<1eH111e

xapaKTep111cT111K

Kon1111.1ecTBeHHb1e xapaKTep111cT111K111 AOMa

2012

Ka1.1ecTBeHHb1e xapaKTep111cT111K111 AOMa

HeT AaHHblX

WnaK06eTOHHb1e 6noKi-i, ra306eTOHHb1e 6noKi-i, MeTann1-14ecK1-1~ KapKac

Ki-ipn1<14Hb1e, wnaK06eTOHHb1e 6noKi-i

)Kene306eTOHHb1e nn1<1Tbl

HeT AaHHblX

6eTOHHble, KepaM1<14eCKal'l nJll-lTKa

nnacrnKosb1e

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W-ryKaTypKa, 0601-1, noKpacKa, KepaM1<14ecKai:i nni-iTKa

LjeHTpailbHOe

CKpb1Tai:i npoBOAKa

LjeHTpailbHbl~

LjeHTpanbHai:i

LjeHTpailbHOe

npi-iT04HO - BblTl'llKHal'l

/llcmo'IHUK: 1. Attanu3 O~eHLJ.(UKa doKyMeHmoe u cnpaeo'IHblX Mamepuanoe, nony'leHHblX om 3aKa3'1UKa (ma6n. 1).

no COCTOs:IHl-110 Ha ,QaTy npOB8,Q8Hlll51 0Lj8HKlll OLj8HlllBa8Mbli;j 06b8KT H8,QBlll:>KlllMOCTlll lllCnOnb3Y8TC51 KaK

lllHB8CTlllLjlllOHHbli;j 06b8KT - BnO>K8Hlll8 ,Q8H8:>KHblX cpe,QCTB naesoro lllHB8CTlllLjlllOHHOro c:j:lOH,Qa c Lj8nbl0

nony1.1eH111s::i B nepcneKT111se .QOXO.Qa OT nepenpo.Qa:>Klll 111n111 C.Qa1.1111 B apeH.QY OLjeH111saeMoro o6beKrn

H8,QBlll}l{lllMOCTlll.

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06b8KTY 0Lj8HKlll, CYL1\8CTB8HHO Bnllls:llOLl\1118 Ha ero CTOlllMOCTb, He Bbls:!Bn8Hbl.

14

Page 15: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

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pernoHe pacnonO}f{eHl-151 06beKTa OL\eHKl-1 Ha pblHOK OL\eH1-18aeMoro 06beKTa, 8 TOM '-ll-1Cne

T8H,QeHL\l-1~, HaMern8Wl-1XC51 Ha pblHKe, 8 nepi.10,Q, npe,QweCTBYIOLl.\1-1~ ,QaT8 OL\eHKl-1;

• onpe,QeneH1-1e cerMeHrn pblHKa, K KOTOpoMy np1-1Ha,Qne}f{1-1T OL\eH1-18aeMbl~ o6beKT. Ecn1-1 pblHOK

He,Q81-1}f{l-1MOCrn Hepa381-1T 1-1 ,QaHHblX, n0380n5llOLl.\l-1X COCTa81-1Tb npe,QCTa8neH1-1e 0 L\eHax C,QenoK 1-1

(1-1n1-1) npe,QnO}f{eHl-1~ c conOCTa81-1MblMl-1 06beKTaMl-1 He,Q81-1}f{l-1MOCrn, He,QOCTaTO'-IHO, ,QOnycKaeTC51

pacw1-1pi.1Tb rnpp1-1TOpi.110 1-1ccne,Q08aHl-15I 3a C'-leT rnpp1-1TOp1-1~, CXO}f{l-1X no 3KOHOMi.1'-leCKl-1M

xapaKrnp1-1crnKaM c MeCTOnonO}f{eH1-1eM OL\eH1-18aeMblX 06beKT08;

• aHanl-13 cpaKrn'-leCKl-1X ,QaHHblX 0 L\eHax C,QenoK 1-1 (1-1n1-1) npe,QnO}f{eHl-1~ c 06beKTaMl-1 He,Q81-1}f{l-1M0Crn

1-13 cerMeHT08 pblHKa, K KOTOpblM MO}f{eT 6b1Tb OTHeCeH OL\eH1-18aeMbl~ 06beKT npl-1 cpaKrn'-leCKOM, a

TaK}f{e np1-1 anbT8pHarn8HblX 8ap1-1aHTax ero 1-1cnonb308aH1-15I, c yKa3aH1-1eM l-1HT8p8ana 3HaL1eH1-1~

L\eH;

• aHanl-13 OCH08HblX cpaKTOp08, 8nl-15llOLl.\l-1X Ha cnpoc, npe,QnO}f{eH1-1e 1-1 L\eHbl conOCTa81-1MblX

06beKT08 He,Q81-1}f{l-1MOCrn, Hanp1-1Mep CTa8Kl-1 ,QOXO,QHOCrn, nepi.10,Qbl OKynaeMOCrn l-1H8eCrnl.\l-1~ Ha

pblHKe He,Q81-1}f{l-1MOCrn, c np1-18e,QeH1-1eM l-1HT8p8ano8 3Ha'-leHl-1~ 3Tl-1X cpaKTOp08;

• OCH08Hble 8bl80,Qbl OTHOCi.1TenbHO pblHKa He,Q81-1}f{l-1M0Crn 8 cerMeHTax, He06XO,Ql-1MblX ,Qn51 OL\eHKl-1

o6beKrn, Hanp1-1Mep ,Q1-1HaM1-1Ka pblHKa, cnpoc, npe.QnO}f{eH1-1e, o6beM npo,Qa}f{, eMKOCTb pblHKa,

MOrn8al.\l-11-1 noKynarnne~ 1-1 - npo,Qa8L\08, nl-1K81-1,QHOCTb, KOne6aHl-151 L\eH Ha pblHKe OL\eH1-18aeMoro

06beKTa 1-1 ,Qpyrne 8bl80,Qbl.

06beM 1-1ccne,Q08aH1-1~ onpe,Qen51eTC51 OL\eHLl.\l-1KOM l-1CXO,Q51 1-13 npl-1HL\l-1na ,QOCTaTO'-IHOCrn.

3.2. AHan1113 pblHKa He,Qe111>1<111MOCT111

3.2.1. AHan1113 en111~H111~ 06111eili non111T111'"1ecKoili 111 COL\lllallbH0-3KOHOMlll'"lecKoili o6cTaHOBKlll Ha

pblHOK

B ,QaHHOM no,Qpa3,Qene npo80.Ql-1TC51 aHan1-13 8nl-151Hl-151 o6Ll.\e~ non1-1rnL1eCKO~ 1-1 COL\1-1anbH0-3KOHOMi.1'-leCKO~ o6CTaH08Kl-1 8 CTpaHe 1-1 pernoHe pacnonO}f{eHl-151 06beKTa OL\eHKl-1 Ha pblHOK OL\eH1-18aeMoro 06beKTa, 8 TOM

'-ll-1Cne TeH,QeHL.\1-1~, HaMern8Wl-1XC51 Ha pblHKe, 8 nepi.10,Q, npe,QweCTBYIOLl.\1-1~ ,QaT8 OL\eHKl-1.

PblHOK He.Q81-1}f{l-1MOCrn 8 L\enoM HaXO.Ql-1TC51 no.Q Henocpe,QcrneHHblM 8nl-151Hi.1eM cpaKTOp08, onpe,Qen5llOLl.\l-1X

COL\l-1anbH0-3KOHOMi.1'-leCKOe pa38i.1rne KaK CTpaHbl 8 L\enoM, TaK 1-1 OT,QenbHblX pernOH08, 1-1 cpaKTOp08,

onpe,Qen5llOLl.\l-1X non1-1rnL1eCKYIO crn61-1nbHOCTb. ct>aKrn'-leCKl-1 pblHOK He,Q81-1}f{l-1M0Crn n08TOp51eT TeH,QeHL\l-11-1

pa381-1rn51 3KOHOMl-1Kl-1 CTpaHbl (pernoHa) c onpe,QeneHHblM 8peMeHHblM naroM. B o6Ll.\eM cny'-lae MO}f{HO

8bl,Qeni.1Tb TPl-1 OCH08HblX COCT051Hl-151 3KOHOMl-1Kl-1 CTpaHbl (pernoHa), a i.1MeHHO:

• 3KOHOMi.1'-leCKl-1~ pocT;

• CTarHal.\1-151;

• 3KOHOMi.1'-leCKl-1~ KPl-131-1C.

3KOHOMUl/eeKUU poem - 3TO y8en1-1L1eH1-1e 06b8Ma npOl-1380,QCTBa npO.QYKL\l-11-1 8 Hal.\l-10HanbHO~ 3KOHOMl-1Ke

3a onpe,QeneHHbl~ nep1-10.Q 8peMeH1-1 (KaK npa81-1no, 3a ro.Q). Bb1,Qen5l10T .Q8a 81-1.Qa 3KOHOMi.1'-leCKoro poem:

3KCTeHCl-18Hbl~ pOCT 1-1 l-1HT8HCl-18Hbl~ pOCT.

3KemeHeUBHbJiJ poem pean1-13yeTC5I 3a C'-18T Kon1-1L1ecrneHHOro y8en1-1L1eH1-15I pecypca, np1-1 3TOM cpe.QH5151

npo1-1380.Ql-1TenbHOCTb Tpy.Qa cyll.\ecrneHHO He l-13MeH51eTC51.

t1HmeHeUBHb/U poem pean1-13yeTC5I 3a C'-leT C08epweHCTB08aHl-151 1-1 n08blWeHl-151 Ka'-lecrna Cl-1CTeM

ynpa8neHl-151, T8XHOnorn~, 1-1cnonb308aHl-151 l-1HH08al.\l-1~, MO,QepHi.13al.\l-11-1 npOl-1380,QCTB 1-1 n08blWeHl-151

Ka'-lecrna L1eno8eL1ecKoro Kan1-1Tana.

15

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p8anbHOro 8ano8oro Hal.\L-!OHanbHOro npo.QyKm, Maeeo8bl8 6aHKPOTerna 1-1 683pa6ornl.\a, eHL-!}f{8HL-18

}f{L-13H8HHOro yp08H51 Hae8n8HL-151.

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8blW8 np8.Q8ap1-1rnnbHO~ OL\8HKL-1 M1-1H3KOHOMpa381-1rn51 Poee1-11-1.

B p83ynbmrn OL\8HKL-1 noeTyn1-18w1-1x emrnernL18eK1-1x ,QaHHblX, TOM L11-1en8 noKa3aTen8~ no 8H8WH8~

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yeKOp1-1ne51 .QO 2,7 npOL\8Hm.

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p8anbHblM yrny6n8HL-18M ena,Qa, mK 1-1 ornoe1-1rnnbHO 6on88 8b1e0Ko~ 6a3o~ npownoro ro,Qa. no

np8.Q8ap1-1rnnbHO~ OL\8HK8 M1-1H3KOHOMpa381-lrn51, 8 anp8n8 eoKpall.\8HL-18 BBn 8 ro.Q080M 8b1pa}f{8H1-11-1

eoem81-1no 4,2%, 3a 51H8apb-anp8nb 2015 r. o6b8M BBn yM8Hbw1-1ne51 Ha 2,4% K eoorn8Terny10ll.\8MY

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16

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120 000

143 000

114 000

107 000

85 500

PaHOHbl, np116n11JKeHHb1e K 1..1eHTpy

75 000

110 000

60 000

60 000

79 500

80 000

75 000

76 000

73 500

76 500

OKpa11Ha

58 000

65 000

62 300

62 300

95 500

30 000

51 000

54 000

32 000

67 000

17

Page 18: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

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Br. CypryT

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npe,QcrnsneHbl B rn6n. 6 1t1 Ha p1t1c. 2) no3som1eT BblHBltlTb .Q1t1HaM1t1Ky L\8H Ha pblHKe. XapaKrnp1t1crnKa

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XapaKTep111cT111Ka ,1:1111HaM111K111 pblHKa KOMMep'leCKOM (Toproso-ocp111cHoH) He,QBlll>KlllMOCTlll Br. CypryT

Pa HOH Ka'leCTBeHHaH

xapaKTep111cT111Ka ,11,lllHaMlllKlll

Kon111'1eCTBeHHaH xapaKTep111cT111Ka

,11,lllHaMlllKlll, % B MeCHl..I

Kone6aH111H 1..1eH Ha pblHKe, %

L\eHTp

Pa"oHbl, np1-16m1lKeHHb1e K l.\eHTPY

/llcmo'IHUK 1. AHaIIU3 O~eHLJ.(UKa

-5,61

-0,48

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7,54

6,99

15,03

B nepltl0,[1 npe,QW8CTBYIOL1\ltli:l ,QaT8 OL\8HKltl cnO}f{ltlnltlCb cne,Qyl0Ll\ltl8 T8H,[18HL\ltlltl Ha pblHK8 KOMM8pLl8CKOi:i

(rnproso - Oc:j:lltlCHOi:i) H8,[1Bltl}f{ltlMOCTltl ropo,Qa:

• L\8HTP ropo,Qa - na,Q8Hltl8 c T8MnOM 5,61 % B M8CS'IL\;

• pai:iOHbl, np1t16n1t1}f{8HHbl8 K L\8HTPY ropo,Qa - cna6oe na,Q8Hltl8 c T8MnOM 0,48% B M8CS'IL\;

• OKpa1t1Ha ropo,Qa - na,Q8Hltl8 c T8MnOM 3,72% B M8CS'IL\.

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pernoHe pacnoJ10>1<eH1o1~ o6beKTa OL\eHKi.1 Ha pblHOK OL\eH1o1eaeMoro o6beKTa

B L\8nOM T8H,[18HL\ltlltl Ha pblHK8 KOMM8pLl8CKOi:i (rnproso-ocp1t1CHOi:i) H8,[1Bltl}f{ltlMOCTltl perltlOHa B

peTpocneKrnBHOM nep1t10,Qe OTPltll.\aTenbHble 1t1 3aKn10L1a10TCs:i B na,QeH1t11t1 L\8H Ha rnprosylO 1t1 ocp1t1cHy10

H8,[1Bltl}f{ltlMOCTb. T8H,[18HL\ltlltl Ha pblHK8 H8,[1Bltl}f{lt1M0CTltl perltlOHa COOTB8TCTBYIOT 06Ll\ltlM T8H,[18HL\ltlS'IM B

3KOHOMltlK8.

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.QOCTyna pocc1t1i:icK1t1X 6aHKOB K ,QeweBblM KP8.QltlTHblM pecypcaM 1t1 1t1Hc:j:lns:iL11t10HHOro ,QasneH1t1s:i Ha pacxo.Qbl

,[IOMOX03S'li:iCTB, Bbl3BaHHOro ,[18BanbBal.\ltl8i:i Hal.\ltlOHanbHOi:i sanlOTbl.

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np1t1 npose,QeH1t11t1 HaCTOHLl\ei:l OL\8HKltl 6b1no np1t1HHTO peweH1t1e nposecrn onpe,QeneH1t1e cerMeHTa pblHKa c

yL1eTOM xapaKrnpa o6beKrn OL\8HKltl. Ans:i peweH1t1s:i ,QaHHOi:i 3a.QaL11t1 6b1n np1t1HHT no.QXO.Q, 1t13nO}f{8HHbli:i B

18

Page 19: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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• 3aCTpOeHHble 3eMenbHble yL1aCTK1t1;

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B 3as1t1C1t1Mocrn OT xapaKTepa none3HOCTlt1 He.QBltl}f{ltlMOCTltl (ee cnoco6Hocrn np1t1HOC1t1Tb .QOXO.Q)

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19

Page 20: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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20

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21

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Bb1coK0KnaccHb1e npo1<1380ACT8eHHO - CKJlaAcKi-ie o6beKTbl 14% 16% 15%

H1<13KOKnaccHb1e npo1<1380ACT8eHHO - CKJlaAcKi-ie o6beKTbl 17% 19% 18%

61<13Hec L\eHTpb1 KJlacca «A» 1-1 «B» 12% 14% 13%

Topro8ble L\eHTpbl, TOpro8ble KOMnJleKCbl, Topro8o 13% 14% 14%

pa38JleKaTeJlbHble KOMnJleKCbl

H1<13KOKnaccHb1e oqrncHo - Topro8ble o6beKTbl 13% 14% 13%

23

Page 24: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

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,Qoeep111TenbHblH lllHTepean Cpe,11,Hee 3Ha<1eH111e

06beKTbl ceJlbCKOX03l'l"CTBeHHOro Ha3Ha4eHl-1l'l 19% 21% 20%

6a3bl OT,11,blXa 16% 18% 17%

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03c{Kf!u~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 80-81.

AHam13 ,QaHHblX np8.QCTaBn8HHblX B rn6n. 11 - rn6n. 15 noKa3blBa8T, '-ITO B8nw-111Ha cpaKrnpa rnpra np11

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np8.QnO}f{8H11s:i.

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L\8HOBbl8 30Hbl:

• L\8HTp;

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• 0Kpal1Hbl.

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a TaK }1{8 pblHK8 ap8H.Qbl, B 3as11c11Mocrn OT pai:ioHa pacnonO}f{8H11s:i, no cocTos:iH1110 Ha IV Ksaprnn 2014 ro,Qa, np8.QCTaBn8Hbl B rn6n. 16.

Ta6m11..1a 16 .. ,QaHHble 0 1..1eHOBOM KOHblOHK-rype Ha pblHKe KOMMep'leCKOM He,QBl'l>Kl'IMOCTlll (Toproso - ocf>l'ICHble o6beKTbl),

a TaK >Ke pblHKe apeH,Qbl, B 3aBl1Cl1MOCTl1 OT pa.::ioHa pacno11o>KeH11~. no COCTO~Hl'llO Ha IV KBapTail 2014 ro,Qa

Ha111MeH0BaH111e noKa3aTeneH

Y,11,eJlbHal'l CTOl-lMOCTb, py6./KB. M

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Cpe,11,Hee 3Ha<1eH111e no

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76 300

1 600

19 200

/llcmo'IHUK: 1. http:lluqra-ned.rularchive/20141 2. Pac'lemb1 O~eHLJ.(UKa

3Ha<1eH111H noKa3aTeneH

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oKyna8Mocrn np8.QCTaBn8H bl B rn6n. 17.

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Ha111MeH0BaH111e noKa3aTeneH

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Tp8Tb8 aKTyan11311posaHH08 11 pacw11p8HH08», H11}f{H11i:i Hosropo.Q, 2014 ro,Q, np11B8.Q8Hbl B rn6n. 18.

24

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nonpasKa YAeJlbHO~ 1..1eHbl o6beKTa pacnonolKeHHoro s noABane K YAeJlbHO~ 1..1eHe TaKoro lKe o6beKTa pacnonolKeHHoro Ha nepsoM 3TalKe

nonpaBKa YAeJlbHO~ 1..1eHbl 06beKTa pacnonolKeHHOro B l..IOKOJle K YAeJlbHO~ 1..1eHe TaKoro lKe o6beKTa pacnonolKeHHoro Ha nepsoM 3TalKe

nonpaBKa YAeJlbHO~ 1..1eHbl 06beKTa pacnonolKeHHOro Ha BTOpOM 3TalKe 1-1 Bb1we K YAeJlbHO~ 1..1eHe TaKOro lKe o6beKTa pacnonolKeHHoro Ha nepsoM 3TalKe

nonpasKa YAeJlbHO~ 1..1eHbl o6beKTa pacnonolKeHHoro Ha nepsoM 3TalKe K YAeJlbHO~ 1..1eHe TaKoro lKe o6beKTa pacnonolKeHHoro s noABane

nonpasKa YAeJlbHO~ 1..1eHbl o6beKTa pacnonolKeHHoro Ha nepsoM 3TalKe K YAeJlbHO~ 1..1eHe TaKoro lKe o6beKTa pacnonolKeHHoro s l..IOKOJle

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Min 3Ha'leH111e

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-14%

37%

19%

16%

npoAaJKa

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43% 40%

22% 20%

17,6% 16%

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03c{Kf!u~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 111.

2. Pac'lemb1 O~eHLJ.(UKa.

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• (MlllHYC) 27% (MlllHYC) 30% ,Qns::i 06b8KTOB KOMM8pLl8CKOi:i H8,QBlll}l{lllM0Crn, pacnonO}l{8HHblX B

no,Qsane;

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L\OKOnbHblX :na}l{ax;

• (MlllHYC) 14% - (MlllHYC) 15% ,Qns::i 06b8KTOB KOMM8pLl8CKOi:i H8,QBlll}l{lllM0Crn, pacnonO}l{8HHblX Ha

:na}l{ax Bb1we nepsoro.

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B ,QaHHOM pa3,Qene CO,Q8p}l{aTC51 BblBO,Qbl OTHOClllT8nbHO pblHKa H8,QBlll}l{lllM0Crn B cerM8HTax,

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OL\8HlllBa8MOro 06b8KTa Ill ,Qpyrne BblBO,Qbl.

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pblHK8 KOMM8pLl8CKOi:i H8,QBlll}l{lllM0Crn ropo,Qa:

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• OKpa111Ha ropo,Qa - na,Q8Hlll8 c T8MnOM 3,72% B M8Cs:IL\.

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OL\8HKlll COOTHOW8HllllO cnpoca Ill npe,Qn0}1{8Hlll51:

• Ha pblHK8 KOMM8pLl8CKOi:i (rnproso-ocp111CHOi:i) H8,QBlll}l{lllMOCrn ropo,Qa 06b8M npe,Qn0}1{8Hllli:i

npesb1waeT cnpoc (cp111Kc111pyeTcs::i na,QeH111e L\8H).

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onocpe,QosaHHO (npaKrnL1ecK111 OTCyTcrnyeT nps::iMas::i ycrnHasn111saeMas::i 3KcnepTHblM 111n111 pacL1eTHblM

nyrnM).

25

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4. MoT~Ba~~~ noKynaTene~ ~ npOAaB~OB. OCHOBHO~ MOT~Ba~~e~ y~aCTH~KOB CA8nK~ Kynn~-npOAa}f{ltl

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nnarn}f{a (s pe3ynbTaT8 rnpra) OT nepsoHa~anbHO O}f{~AaeMoro npoAaB~OM.

5. n~KB~AHOCTb pblHKa. B ~enoM n~KB~AHOCTb pblHKa H8AB~}f{lt1M0Crn B pernoHe MO}f{8T 6b1Tb 0~8H8Ha KaK

cpeAHHH. CpoK 3Kcno3~~~~ o6beKTOB H8AB~}f{lt1MOcrn Ha pblHKe o~eH~saeTcs::i B 2 - 4 Mecs::i~a. 6. Kone6aH~51 ~eH Ha pblHK8. npoB8A8HHbl8 pac~eTbl noKa3blBalOT, ~TO KOne6aH~51 CP8AH~X ~eH Ha pblHK8

KOMM8p~8CKO~ H8AB~}f{lt1M0Crn ropOAa HaXOA~TCs:I B ~HT8psane OT 6,99% AO 15,03%.

26

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27

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1-1 TeXHOnorn~, np1-1MeH5llOLl.\L-IXC5I Ha .QaTY OL\eHKL-1.

YcnoauR npuMeHeHuR 3ampamHoao nooxooa (a coomaemcmauu c <PCO Ng 1). 3mpaTHbl~ no.QXOA

np1-1MeH51eTC51, KOr.Qa cyll.\ecrnyeT B03MO:>KHOCTb 3aMeHL-!Tb o6beKT OL\eHKL-1 .QpyrnM o6beKTOM, KOTOpb1~ n1-160 51Bn51eTC51 TO'-IHO~ KOn1-1e~ 06beKTa OL\eHKL-1, n1-160 L-!MeeT aHanorn'-IHble none3Hble CBO~CTBa. Ecn1-1

06beKTY OL\eHKL-1 CBO~CTBeHHO yMeHbWeHL-!e CTOL-IMOCrn B CB5131-1 C cpl-131-1'-leCKL-IM COCT051HL-!eM,

cpyHKL\L-IOHanbHblM 1-1n1-1 3KOHOML-!'-leCKL-IM ycrnpesaHL-!eM, np1-1 np1-1MeHeHL-1L-1 3aTparnoro nO,QXO,Qa

Heo6xo,Q1-1Mo Y'-11-lTblBaTb L-13HOC 1-1 see BL-1.Qbl ycrnpesaH1-1~.

B coorneTcrn1-11-1 c nonm1<eHL-15IML-1 ct>e,QepanbHOro CTaH,Qaprn OL\eHKL-1 «OL\eHKa He.QBL-!}f{l.1MOCrn (ct>CO N2 7)» np1-1 np1-1MeHeH1-11-1 3aTparnoro no.QXO.Qa OL\eHLl.\L-IK yL11-1Tb1saeT cne.QYIOLl.\1-le nonm1<eH1-15I:

a) 3aTpaTHbl~ nO,QXO,Q peKOMeH,QyeTC51 np1-1MeH5ITb ,Qn51 OL\eHKL-1 06beKTOB He,QBL-!}f{l.1M0Crn - 3eMenbHblX

y'-laCTKOB, 3aCTpOeHHblX 06beKTaML-! Kan1-1TanbHOro CTpOL-!TenbCTBa, 1-1n1-1 06beKTOB Kan1-1TanbHOro

CTpOL-!TenbCTBa, HO He I-IX '-laCTe~, Hanp1-1Mep }f{L-!nblX 1-1 He}f{L-!nblX noMell.\eH1-1~;

6) 3aTpaTHbl~ nO,QXO,Q L\enecoo6pa3HO np1-1MeH5ITb ,Qn51 OL\eHKL-1 He,QBL-!}f{L-!MOCrn, ecn1-1 OHa COOTBeTCTByeT

Ha1-16onee 3cpcpeKrnBHOMY 1-1cnonb30BaHL-!IO 3eMenbHOro y'-laCTKa KaK He3aCTpOeHHOro 1-1 eCTb B03MO}f{HOCTb

KOppeKTHO~ OL\eHKL-1 cpl-131-1'-leCKOro L-13HOCa, a TaK}f{e cpyHKL\L-IOHanbHOro 1-1 BHewHero (3KOHOML-!'-leCKOro)

ycrnpesaHL-1~ 06beKTOB Kan1-1TanbHOro CTpOL-!TenbCTBa;

B) 3aTpaTHbl~ nO,QXO,Q peKOMeH,QyeTC51 1-1cnonb30BaTb np1-1 HL-13KO~ aKrnBHOCrn pblHKa, KOr,Qa He,QOCTaTO'-IHO

,QaHHblX, He06XO,QL-!MblX ,Qn51 np1-1MeHeHL-15I cpaBHL-!TenbHOro 1-1 ,QOXO,QHOro nO,QXO,QOB K OL\eHKe, a TaK}f{e ,Qn51

OL\eHKL-1 He,QBL-!}f{l.1M0Crn cnel.\L-!anbHOro Ha3Ha'-leHL-!51 1-1 1-1cnonb30BaHL-!51 (Hanp1-1Mep, n1-1He~HblX 06beKTOB,

rL-1,QpOT8XHL-1'-1eCKL-IX coopy}f{eHL-1~, BO,QOHanopHblX 6aweH, HaCOCHblX CTaHL.\1-1~, KOT8nbHblX, L-!H}f{eHepHblX

cern~ 1-1 ,Qpyro~ He,QBL-!}f{l.1M0Crn, B OTHOWeHL-11-1 KOTOpo~ pblHO'-IHble ,QaHHble 0 C,QenKax 1-1 npe,QnO}f{eHL-!51X

OTCYTCTBYIOT);

r) B o6Ll.\eM cny'-lae CTOL-IMOCTb o6beKrn He.QBL-!}f{L-!MOcrn, onpe,Qen51eMa51 c 1-1cnonb30BaH1-1eM 3aTparnoro

nO,QXO,Qa, paCC'-IL-!TblBaeTC51 B cne.QYIOLl.\e~ nocne,QOBaTenbHOCrn:

• onpe,QeneH1-1e CTOL-IMOCrn npas Ha 3eMenbHbl~ y'-laCTOK KaK He3aCTpOeHHbl~;

• pac'-leT 3aTpaT Ha C03,QaH1-1e (socnpOL-1380,QCTBO 1-1n1-1 3aMell.\eH1-1e) 06beKTOB Kan1-1TanbHOro

CTpOL-!TenbCTBa;

• onpe,QeneH1-1e np1-16b1n1-1 npe.Qnp1-1H1-1Marnn51;

• onpe,QeneH1-1e L-13Hoca 1-1 ycTapesaH1-1~;

• onpe,QeneH1-1e CTOL-IMOCrn 06beKTOB Kan1-1TanbHOro CTpOL-!TenbCTBa nyrnM cyMML-!pOBaHL-151 3aTpaT

Ha C03,QaH1-1e 3rnX 06beKTOB 1-1 np1-16b1n1-1 npe,Qnpl-IHL-!MaT8n51 1-1 Bbl'-IL-!TaHL-151 I-IX cpl-131-1'-leCKOro L-13HOCa

1-1 ycrnpesaH1-1~;

• onpe,QeneH1-1e CTOL-IMOCrn 06beKTa He,QBL-!}f{L-!MOCrn KaK cyMMbl CTOL-IMOCrn npas Ha 3eMenbHbl~

y'-laCTOK 1-1 CTOL-IMOCrn 06beKTOB Kan1-1TanbHOro CTpOL-!TenbCTBa;

A) ,Qn51 L\ene~ onpe,QeneHL-151 pblHO'-IHO~ crn1-1Mocrn o6beKTa He.QBL-!}f{L-!MOcrn c 1-1cnonb30BaH1-1eM 3aTparnoro

nO,QXO,Qa 3eMenbHbl~ y'-laCTOK OL\eHL-!BaeTC51 KaK He3aCTpOeHHbl~ B npe,QnOnO}f{eHL-11-1 ero Ha1-16onee

3cpcpeKrnBHOro 1-1cnonb30BaH1-15I;

e) pac'-leT 3aTpaT Ha C03,QaH1-1e 06beKTOB Kan1-1TanbHOro CTpOL-!TenbCTBa npOL-!3BO,QL-ITC51 Ha OCHOBaHL-11-1:

• ,QaHHblX 0 CTpOL-!TenbHblX KOHTpaKTax (.Qorosopax) Ha B03Be,QeH1-1e aHanOrl-1'-IHblX 06beKTOB;

• ,QaHHblX 0 3aTpaTax Ha CTpOL-!TenbCTBO aHanOrl-1'-IHblX 06beKTOB 1-13 cnel.\L-1an1-131-1posaHHblX

cnpaBO'-IHL-IKOB;

28

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tel. +7(495) 229-49-71 Q§l9lj'QelITJl oqeHKH mmeCTm¢!"

• CM8THblX pac<-18TOB;

• ltlHc:j:lOpMal.\ltlltl 0 pblHO'-IHblX L\8Hax Ha CTp01t1T8nbHbl8 MaT8p1t1anb1;

• .Qpyrnx .QaHHb1x;

}f{) 3aTpaTbl Ha C03,QaHltl8 06b8KTOB Kan1t1TanbHOro CTp0ltlT8nbCTBa onpe,Qens:ilOTCS'I KaK cyMMa ltl3,[18p}f{8K,

BXO.QS'lll.\ltlX B COCTaB, CTp01t1T8nbHO-MOHTa}f{HblX pa60T, Henocpe,QCTB8HHO CBS'l3aHHblX c C03,QaHltl8M 3TltlX

06b8KTOB, ltl ltl3,[18p}f{8K, conyTCTBYIOLl.\ltlX ltlX C03,QaHltllO, HO He BKnlO'-la8MblX B COCTaB CTp01t1T8nbHO­

MOHTa}f{HblX pa6oT;

3) ,Qns:i L\8ne~ OL\8HKltl pblHO'-IHO~ CTOltlMOCTltl H8,[1Bltl}f{ltlM0CTltl sen1t1'-11t1Ha np1t16b1n1t1 npe,Qnp1t1H1t1Marnns:i

onpe,Qens:ieTCS'I Ha OCHOB8 pblHO'-IHO~ ltlHc:j:lOpMal.\ltlltl M8TO,QaMltl 3KCTpaKL\ltlltl, 3KCnepTHblX OL\8HOK ltlnltl

aHan1t1Tltl'-18CKltlX MO,Qene~ c Y'-18TOM nps:iMblX, KOCB8HHblX ltl BM8H8HHblX ltl3,[18p}f{8K, CBS'l3aHHblX c C03,QaHltl8M

06b8KTOB Kan1t1TanbHOro CTp01t1T8nbCTBa ltl np1t106peT8Hltl8M npas Ha 38M8nbHbl~ y'-laCTOK;

1t1) sen1t1'-l1t1Ha ltl3Hoca 1t1 ycTapesaH1t1~ onpe,Qens:ieTcs:i KaK nornps:i CT01t1Mocrn H8.QBltl}f{ltlMOcrn B pe3ynbTaT8

cpltl3ltl'-18CKOro ltl3HOCa, cpyHKL\ltlOHanbHOro ltl BH8WH8ro (3KOHOMltl'-18CKOro) ycrnpesaHltl~. np1t1 3TOM ltl3HOC ltl

ycrnpesaHltlS'I OTHOCS'ITCS'I K 06b8KTaM Kan1t1TanbHOro CTp01t1T8nbCTBa, OTHOCS'lll.\ltlMCS'I K OL\8Hlt1Ba8MO~ H8,[1Bltl}f{ltlMOCTltl.

OL\8HKa pblHO'-IHO~ CTOltlMOCTltl 38M8nbHOro y'-laCTKa npOBO,[lltlTCS'I Ha OCHOB8 pe3ynbTaTOB aHan1t13a

3eMenbHOro pblHKa pernoHa 1t1 aHan1t13a Ha1t1nyL1wero 1t1 Ha1t16onee 3cpcpeKT1t1BHOro 1t1cnonb30BaH1t1s:i o6beKrn

OL\8HKltl. no,QXO,[lbl (M8TO,Qbl) onpe,QeneHltlS'I CTOltlMOCTltl npas Ha 38M8nbHbl~ y'-laCTOK Bbl61t1pa10TCS'I c Y'-18TOM

Bltl.Qa npasa, crnneH1t1 aKrnBHOro 1t1 OTKpb1TOcrn 3eMenbHOro pblHKa B pernoHe, a TaK}f{e c y'-leTOM aHan1t13a

nonO}f{8Hltl~ M8CTHblX (pernoHanbHblX) HOpMarnBHblX aKTOB B o6nacrn 3eMnenonb30BaH1t1s:i. Ha1t16onee

npe,QnO'-ITltlT8nbHblM M8TO,QOM OL\8HKltl pblHO'-IHO~ CTOltlMOCTltl 38M8nbHOro y'-laCTKa s:isns:ieTCS'I M8T0,[1

cpasHeH1t1s:i npo,Qa}f{.

Pean1t13al.\ltlS'I 3aTparnoro nO,QXO,Qa K OL\8HK8, B '-lacrn paC'-18Ta CTOltlMOCTltl yny'-IW8Hltl~, B03MO}f{Ha c

ltlCnOnb30BaHltl8M cne,QylOLl.\ltlX M8TO,[IOB:

• M8T0,[1 yKpynH8HHblX o606Ll.\8HHblX noKa3arnne~ CTOltlMOCTltl (M8T0,[1 cpaBHltlT8nbHO~ 8,[lltlHltll.\bl);

• M8T0,[1 pa36ltlBKltl no KOMnOH8HTaM (M8T0,[1yKpynH8HHblX3n8M8HTHblX noKa3arnne~ CTOltlMOCrn);

• M8T0,[1 8,[lltlHltl'-IHblX paCL\8HOK.

Memoo cpaBHUmenbHOU eOUHUYbl npe,QnonaraeT paC'-18T CTOltlMOCTltl CTp01t1T8nbCTBa cpaBHltlT8nbHO~

8.QltlHltll.\bl (1 M2

, 1 M3) aHanor1t1'-IHOro 3.QaH1t1s:i. CT01t1MOCTb cpasH1t1TenbHO~ 8.QltlHltll.\bl aHanora .QOn}f{Ha 6b1Tb

CKOppeKrnposaHa Ha ltlM8IOLl.\ltl8CS'I pa3nltl'-lltls:I B cpaBHltlBa8MblX 06b8KTaX (nnaHltlpOBKa, o6opy,QOBaHltl8,

npasa co6CTB8HHOCTltl ltl T . .Q.).

Ans:i pac'-lern nonHo~ CT01t1Mocrn OL\8H1t1BaeMoro o6beKrn CKoppeKrnposaHHas:i CTOltlMOCTb 8.QltlHltll.\bl

cpasHeH1t1s:i yMHO}f{aeTcs:i Ha KOn1t1L1ecrno 8.QltlHltll.\ cpasHeH1t1s:i (nnoll.\a.Qb, o6beM). Ans:i onpe,QeneH1t1s:i

senltl'-lltlHbl 3aTpaT 06bl'-IHO ltlCnOnb3YIOTCS'I pa3nltl'-1Hbl8 cnpaBO'-IHbl8 ltl HOpMarnBHbl8 MaT8p1t1anbl (Yncc,

Ynsc 1t1 T . .Q.).

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KOHCanrnHroBO~ KOMnaHltlltl «K0-V1HBECT» «V1H,Q8KCbl L\8H B CTp01t1T8nbCTB8».

Memoo pa36UBKU no KOMnOHeHmaM 3aKnlO'-la8TCS'I B TOM, '-ITO CTOltlMOCTb 06b8KTa paCC'-lltlTblBaeTCS'I KaK

cyMMa CTOltlMOCT8~ ero OT,Q8nbHblX CTp01t1T8nbHblX 3n8M8HTOB - cpyH,QaM8HTOB, CT8H, nepeKpblTltl~ ltl T.n.

CTOltlMOCTb Ka}f{,Qoro KOMnOH8HTa nony'-lalOT ltlCX0,[151 ltl3 cyMMbl nps:iMblX ltl KOCB8HHblX 3aTpaT,

Heo6xo,Q1t1MblX ,Qns:i ycTpo~crna 8.QltlHltll.\bl o6beMa. AaHHbl~ M8TO.Q onpe,QeneH1t1s:i CT01t1Mocrn

cpopMan1t13yeTcs:i .QByMs:i cnoco6aM1t1:

• Bbl60pKO~ (cyMM1t1posaH1t18M);

• cyMM1t1posaH1t18M no '-laCrnM 3,QaHltlS'I (MO,QynbHbl~ M8TO.Q).

Memoo eOUHUl/Hb/X pacyeHOK 3aKnlO'-la8TCS'I B pa3pa60TK8 nonHO~ CM8Tbl Ha CTp01t1T8nbCTBO

OL\8Hlt1Ba8MOro 06b8KTa c np1t1M8H8Hltl8M 8,[lltlHltl'-IHblX paCL\8HOK, ltlnltl Ha aHanltl38 ltl nepepa60TK8

cyll.\ecrny10ll.\ltlX CMeT Ha ,QaHHbl~ o6beKT. Mern.Q 8.QltlHltl'-IHblX paCL\8HOK 1t1MeeT cne.QYIOL1\ltl8

pa3HOBltl,[IHOCTltl:

• pecypCHbl~ M8TO,Q;

• 6a3ltlCHO - ltlH,[18KCHbl~ M8T0,[1.

PecypcHbJiJ Memoo npe,Qcrnsns:ieT co6o~ KanbKyn1t1posaH1t1e B TeKYLl.\ltlX L\8Hax 1t1 rnp1t1cpax 3neMeHTOB

3aTpaT (pecypcos), Heo6xo,Q1t1MblX ,Qns:i pean1t13aL11t11t1 npoeKrnoro peweH1t1s:i. PecypcHbl~ M8TO.Q OL\8HKltl

OCHOBaH Ha onpe,QeneHltlltl 06b8MOB ltlnltl MaCCbl OCHOBHblX 3n8M8HTOB 3,QaHltl~ ltl coopy}f{8Hltl~, pacxo,Qa

CTp0ltlT8nbHblX MaT8p1t1anos, paC'-18Ta CTOltlMOCTltl 3TltlX MaT8p1t1anos B T8KYLl.\ltlX perltlOHanbHblX pblHO'-IHblX

L\8Hax c nocne.QYIOLl.\ltlM t:106asneH1t1eM HaKna.QHblX pacxo.QOB (3apnnarn, 3KcnnyaTal.\ltlOHHble pacxo.Qbl 1t1

np.).

5a3UCHO - ltlH,[18KCHbl~ Memoa OCHOBaH Ha ltlCnOnb30BaHltlltl CltlCT8Mbl T8KYLl.\ltlX ltl nporH03ltlpyeMblX

ltlH,[18KCOB no OTHOW8Hltll0 K CTOltlMOCTltl, onpe,Qens:ieMO~ K 6a3ltlCHOMy ypOBHIO. np1t1B8,[18Hltl8 B ypOB8Hb

T8KYLl.\ltlX L\8H npOltl3BO,[lltlTCS'I nyrnM npOltl3B8,[18HltlS'I 6a3ltlCHO~ CTOltlMOCTltl no Bltl,QaM pa60T ltlnltl

29

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

rnxHonOn.1'-18CKL-1M :rn8M8HTaM CTPYKTYPbl 3aTpaT no CTpoKaM cnmKHOi:i CM8Tbl Ha .Q8i:icrny10ll.\L-1i:l L-IH.Q8KC.

AononH1-1TenbHO K crn1-1Mocrn 3aM8Ll.\8HL-151 (socco3.QaH1-15I) yny'-IW8H1-1i:i np1-1 pac'-18T8 CTOL-!Mocrn o6b8KTa

3aTpaTHblM no.QXO.QOM H806xo,Q1-1Mo Y'-11-lTblBaTb CTOL-IMOCTb 38M8nbHOro y'-laCTKa 1-1 HOPMY np1-16b1n1-1

L-IHB8CTOpa.

Memooul/ecKue ocHOBbl onpeoeneHuR U3Hoca ynvl/weHuiJ V13HOC xapaKrnp1-13y8TC51 yM8HbW8HL-18M non83Hocrn o6b8KTa H8.QBL-!}f{l.1MOCrn, 8ro noTp861-1rnnbCKOi:i

np1-1sn8KaT8nbHOCrn c TO'-IKL-1 3p8HL-151 nOT8HL\L-lanbHOro L-IHB8CTOpa 1-1 Bblpa}f{a8TC51 B CHL-!}f{8HL-11-1 CTOL-IMOCrn

no.Q B03.Q8i:icrn1-18M pa3nl-1'-IHblX cpaKrnpos co sp8M8H8M. B 3as1-1c1-1Mocrn OT np1-1L11-1H, Bbl3b1sa10ll.\L-1X

068CL\8HL-1BaHL-18 06b8KTa H8,[IBL-!}f{l.1M0Crn, Bbl,Q8n5llOT cn8.QYIOLl.\L-18 BL-1,[lbl L-13HOCa:

• cpl-131-1'-18CKL-!i:i L-13HOC;

• cpyHKL\L-IOHanbHbli:i L-13HOC;

• BH8WHL-!i:i L-lnl-1 3KOHOML-1'-18CKL-!i:i L-13HOC.

<PU3Ul/eCKUU U3HOC - 3TO yTpaTa n8pBOHa'-lanbHblX T8XHL-IK0-3KCnnyarnl.\L-IOHHblX Ka'-18CTB 06b8KTa

H8,[IBL-!}f{L-!MOCrn B p83ynbTaT8 B03,Q8i:ICTBL-151 np1-1pO,QHO-Kn1-1Marn'-18CKL-IX cpaKTOPOB 1-1 }f{l.13H8,[1851T8nbHOCrn

'-18nOB8Ka. ¢1-131-1'-18CKL-!i:i L-13HOC 6b1Ba8T ycTpaHL-!MblM 1-1 H8YCTpaHL-!MblM.

YcTpaH1-1Mb1i:i cp1-131-1L18CK1-1i:i L-13HOC - 3TO rnKOi:i L-13HOC, 3aTpaTbl Ha ycTpaH8HL-18 Kornporo M8HbW8, '-18M

nony'-la8Mbli:i B p83ynbTaT8 8ro ycTpaH8HL-151 .QOXO.Q (ys8nl-1'-18HL-18 crn1-1Mocrn o6b8KTa).

H8ycTpaHL-1Mb1i:i cp1-13L-1'-l8CK1-1i:i L-13HOC - 3TO TaKOi:i L-13HOC, 3aTpaTbl Ha ycTpaH8HL-18 Kornporo 6onbW8, '-18M

nony'-la8Mbli:i B p83ynbTaT8 8ro ycTpaH8HL-151 .QOXO.Q (ys8nl-1'-18HL-18 crn1-1Mocrn o6b8KTa).

An51 onp8.Q8n8HL-151 cp1-13L-1'-l8CK0ro L-13Hoca MOrYT 6b1Tb 1-1cnonb30BaHbl cn8.QYIOLl.\L-18 M8TO.Qbl:

• HOpMarnBHbli:i M8T0,[1, OCHOBaHHbli:i Ha 1-1cnonb30BaHL-!L-1 pa3nl-1'-IHblX HOpMarnBHblX L-IHCTPYKL.\1-li:l

M8}f{0Tpacn8BOro 1-1 B8,[IOMCTB8HHOro ypOBH51;

• CTOL-IMOCTHOi:i M8T0,[1, OCHOBaHHbli:i Ha onp8,Q8n8HL-11-1 3aTpaT, H806XO,[IL-!MblX Ha npOB8,[18HL-18

p8MOHTHblX M8ponp1-151rni:i, 068Cn8'-IL-1Bal0Ll.\L-IX BOCCTaHOBn8HL-18 KOHCTPYKL.\1-li:l;

• M8T0,[1 cpoKa }f{L-!3HL-1, OCHOBaHHbli:i Ha Y'-18T8 3cpcp8KrnBHOro B03pacrn 1-1 cpoKa 3KOHOML-1'-18CKOi:i

}f{l.13HL-1.

<PyHKL(UOHaflbHb/U U3HOC (ycmapeaaHue) - 3TO YM8HbW8HL-18 CTOL-IMOCrn 06b8KTa H8,[IBL-!}f{l.1M0Crn B

p83ynbTaT8 8ro H8COOTB8TCTBL-151 COBp8M8HHblM Tp86osaHL-!51M pblHKa K nnaHL-!pOBK8, T8XHL-1'-18CKOMY

ocHall.\8H1-110, .QL-!3ai:iHy 1-1 AP·

An51 onp8.Q8n8HL-151 cpyHKL\L-IOHanbHOro L-13Hoca MoryT 6b1Tb 1-1cnonb30BaHbl cn8.QYIOLl.\L-18 M8TO.Qbl:

• M8T0,[1 Kan1-1rnn1-13al.\L-11-1 nornpb B ap8H,[IHOi:i nnarn, OCHOBaHHbli:i Ha paC'-18T8 T8KYLl.\8i:l CTOL-IMOCrn

H8,QOnony'-18HHblX ,[IOXO,[IOB;

• M8T0,[1 Kan1-1rnn1-13al.\L-11-1 L-!36blTO'-IHblX 3KCnnyaTal.\L-IOHHblX 3aTpaT, OCHOBaHHbli:i Ha paC'-18T8 T8KYLl.\8i:l

CTOL-IMOCrn L-!36blTO'-IHblX paCXO,[IOB.

BHeWHUU unu 3KOHOMUl/eCKUU U3HOC (ycTap8BaHL-18) Bbl3b1Ba8TC51 L-13M8H8HL-18M BH8WHL-IX no OTHOW8HL-llO K

o6b8KTY OL\8HKL-1 cpaKrnpos - L-13M8H8HL-18M c1-1Tyal.\L-1L-1 Ha pblHK8, H86naronp1-15ITH08 OKPY}f{8HL-18,

3KOnOn1'-18CKL-18 ycnOBL-151, yxy,QW8HL-18 cp1-1HaHCOBblX 1-1 3aKOHO,QaT8nbHblX ycnos1-1i:i 1-1 T.,[1.

An51 onp8.Q8n8HL-151 cpyHKL\L-IOHanbHOro (BH8WH8ro) L-13Hoca MoryT 6b1Tb 1-1cnonb30BaHbl cn8.QYIOLl.\L-18

M8TO,Qbl:

• M8TO.Q Kan1-1rnn1-13al.\L-1L-1 nornpb B ap8H.QHOi:i nnaT8;

• M8TO.Q napHblX npo,Qa}f{;

• M8T0,[1 cpoKa }f{L-!3HL-1.

CpaBHll!TeJlbHbllli nO,QXO,Q - COBOKynHOCTb M8TO,QOB OL\8HKL-1 CTOL-IMOCrn 06b8KTa OL\8HKL-1, OCHOBaHHblX Ha

cpaBH8HL-11-1 06b8KTa OL\8HKL-1 c 06b8KTaML-1-aHanoraML-1 06b8KTa OL\8HKL-1, B OTHOW8HL-11-1 KOTOpblX L-IM88TC51

L-!Hc:j:lOpMal.\L-151 0 L\8Hax.

YcnoauR npuMeHeHuR cpaaHumenbHOao nooxooa (B coomaemcmauu c <PCO Ng 1). CpasH1-1TenbHb1i:i

no.QXO.Q np1-1M8H518TC51, KOr.Qa CYLl.\8CTBY8T .QOCTOB8pHa51 1-1 .QOCTynHa51 ,Qn51 aHan1-13a 1-1HcpopMal.\L-15I o L\8Hax 1-1

xapaKrnp1-1crnKax o6b8KTOB-aHanoros.

B coorn8TCTB1-11-1 c nonO}f{8HL-151ML-1 ¢8.Q8panbHOro CTaH,Qaprn OL\8HKL-1 «0L\8HKa H8.QBL-!}f{l.1MOCrn (ct>CO N2 7)» np1-1 np1-1M8H8H1-11-1 cpasH1-1TenbHOro no.QXO.Qa K OL\8HK8 H8.QBL-!}f{L-!MOCrn OL\8Hll.\L-IK yL11-1Tb1Ba8T cn8.QYIOLl.\L-18

nonO}f{8HL-151:

a) cpaBHL-!TenbHbli:i nO,QX0,[1 npl-IM8H518TC51 ,Qn51 OL\8HKL-1 H8,[IBL-!}f{l.1M0Crn, KOr,Qa MO}f{HO no,Qo6paTb

,QOCTaTO'-IH08 ,Qn51 OL\8HKL-1 KOnl-1'-18CTBO 06b8KTOB-aHanoros c L-13B8CTHblML-1 L\8HaML-! C,Q8nOK 1-1 (1-1n1-1)

np8.QnO}f{8H1-1i:i;

6) B Ka'-18CTB8 06b8KTOB-aHanoros 1-1cnonb3YIOTC51 06b8KTbl H8,[IBL-!}f{l.1M0Crn, KOTOpbl8 OTHOC51TC51 K O,QHOMY

c OL\8HL-!Ba8MblM 06b8KTOM C8rM8HTY pblHKa 1-1 conOCTaBL-!Mbl c HL-IM no L\8H006pa3yl0Ll.\L-IM cpaKTOpaM. np1-1

3TOM ,Qn51 BC8X 06b8KTOB H8,[IBL-!}f{l.1M0Crn, BKnlO'-la51 OL\8HL-!Ba8Mbli:i, L\8H006pa30BaHL-!8 no Ka>K,QOMY 1-13

yKa3aHHblX cpaKTOPOB ,QOn}f{HO 6b1Tb 8,[IL-IH006pa3Hb1M;

30

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

B) npl-1 npOB8,Q8Hl-11-1 OL\8HKl-1 ,QOmKHbl 6b1Tb on1-1caHbl 06b8M ,QOCTynHblX OL\8Hll.\l-1KY pblHO'-IHblX ,QaHHblX 06

o6beKTax-aHanorax 1-1 npas1-1na 1-1x OT6opa ,Qm1 npose,QeHl-151 pac'-leTOs. V1cnonb30BaH1-1e B pac'-lernx n1-1wb

'-lacrn ,QOCTynHblX OL\8Hll.\l-1KY 06b8KTOB-aHanoros ,QOmKHO 6b1Tb o60CHOBaHO B OT'-18T8 06 OL\8HKe;

r) ,Qn51 BblnOnH8Hl-151 paC'-18TOB 1-1cnonb3YIOTC51 rnnl-1'-1Hbl8 ,Qn51 aHanOrl-1'-IHOro 06b8KTa cnO}f{l-1BWl-18C51 Ha

pblHK8 OL\8Hi.1Ba8MOro 06b8KTa y,QenbHbl8 noKa3aT8nl-1 CTOl-1MOCrn (8.Ql-1Hl-1L\bl cpaBH8Hl-151), B '-lacrnocrn

L\8Ha 1-1n1-1 apeH.QHa51 nnarn 3a 8.Ql-1Hl-1L\Y nnoll.\a.Q1-1 1-1n1-1 8.Ql-1Hl-1L\Y o6beMa;

A) B 3aBi.1Cl-1MOCrn OT l-1M8IOL1\8i:IC51 Ha pblHK8 l-1CXO,QHOi:i l-1Hc:j:lOpMal.\l-11-1 B npOL\8CC8 OL\8HKl-1 H8,QBl-1}f{l-1MOCrn

MOryT 1-1cnonb30BaTbC51 Ka'-18CTB8HHbl8 M8TO,Qbl OL\8HKl-1 (OTHOCl-1T8nbHbli:i cpaBHl-1T8nbHbli:i aHanl-13, M8TO,Q

3KCnepTHblX OL\8HOK 1-1 ,Qpyrne M8TO,Qbl), KOnl-1'-18CTB8HHbl8 M8TO,Qbl OL\8HKl-1 (M8TO,Q perpeCCl-10HHOro

aHan1-13a, M8TO,Q KOnl-1'-18CTB8HHblX KOppeKrnpOBOK 1-1 ,Qpyrne M8TO,Qbl), a TaK}f{8 l-1X C0'-18TaHl-151.

np1-1 npi.1M8H8Hl-11-1 Kal./eCmBeHHb/X MemOOOB OL\8HKa H8,QBl-1}f{l-1M0Crn BblnOnH518TC51 nyTeM l-13Y'-18Hl-151

B3ai.1MOCB5138i:i, Bbl51Bn518MblX Ha OCHOB8 aHan1-13a L\8H C,QenoK 1-1 (1-1n1-1) npe,Qn0}f{8Hi.1i:i c 06b8KTaMl-1-

aHanoraMl-1 1-1n1-1 COOTB8TCTBYIOL1\8i:l l-1Hc:j:lOpMal.\l-11-1, nony'-18HHOi:i OT 3KCnepTOB, 1-1 1-1cnonb30BaHl-151 3rnX

B3ai.1MOCB5138i:i ,Qn51 npOB8,Q8Hl-151 OL\8HKl-1 B COOTB8TCTBl-11-1 c T8XHOnornei:i Bbl6paHHOro ,Qn51 OL\8HKl-1 M8TO,Qa.

np1-1 npi.1M8H8Hl-11-1 Memooa KOppeKmUpOBOK Ka~bli:i 06b8KT-aHanor cpaBHl-1Ba8TC51 C 06b8KTOM OL\8HKl-1 no

L\8H006pa3yl0Ll.\l-1M cpaKTOpaM (3n8M8HTaM cpaBH8Hl-151), Bbl51Bn5llOTC51 pa3nl-1'-ll-151 06b8KTOB no 3rnM

cpaKTopaM 1-1 L\8Ha o6beKrn-aHanora 1-1n1-1 ee y.QenbHbli:i noKa3aTenb KoppeKrnpyeTC51 no Bbl51BneHHblM

pa3nl-1'-ll-151M C L\8nbl0 ,QanbHei:iwero onp8,Q8n8Hl-151 CTOl-1MOCrn 06b8KTa OL\8HKl-1. np1-1 3TOM KOppeKrnpOBKa

no Ka~OMY 3n8M8HTY cpaBH8Hl-151 OCHOBblBa8TC51 Ha npl-1HL\l-1ne BKna,Qa 3TOro 3n8M8HTa B CTOl-1MOCTb

06b8KTa.

np1-1 npi.1M8H8Hl-11-1 MemoOOB peapeCCUOHHOaD aHanu3a OL\8Hll.\l-1K, 1-1cnonb3Y51 ,QaHHbl8 cerM8HTa pblHKa

OL\8Hi.1Ba8MOro 06b8KTa, KOHCTpy1-1pyeT MO,Q8nb L\8H006pa30BaHl-151, COOTB8TCTBYIOL1\YIO pblHKY 3TOro

06b8KTa, no KOTOpoi:i onpe,Qen518T paC'-18TH08 3Ha'-18Hl-18 l-1CKOMOi:i CTOl-1MOCrn;

e) ,Qn51 cpasHeHl-151 o6beKrn OL\8HKl-1 c APYrl-1Ml-1 o6beKTaMl-1 H8.QBl-1}f{l-1MOCrn, c KOTOpblMl-1 6b1n1-1 cosepweHbl

C.QenK1-1 1-1n1-1 KOTOpb1e npe,QcrnsneHbl Ha pblHKe ,Qn51 1-1x cosepweHl-151, o6bl'-IHO 1-1cnonb3YIOTC51 cne.QYIOLl.\1-18

3n8M8HTblCpaBH8Hl-151:

• nepe,QasaeMble 1-1Myll.\ecrneHHb1e npasa, orpaH1-1L1eH1-15I (06peMeHeH1-15I) 3rnx npas;

• ycnos1-151 cp1-1HaHc1-1posaH1-15I cocrn51swei:ic51 1-1n1-1 npe,QnonaraeMoi:i C.QenK1-1 (Bl-1.Q onnaTbl, ycnos1-151

Kpe,Q1-1rnsaH1-15I, l-1Hb1e ycnos1-151);

• ycnos1-151 npo,Qa}f{l-1 (Hernn1-1L1Hb1e ,Qn51 pblHKa ycnos1-15I, C.QenKa Me~y acpcp1-1n1-1posaHHblMl-1 n1-1L\aM1-1,

l-1Hb1e ycnos1-151);

• ycnOBl-151 pblHKa (1-13M8H8Hl-151 L\8H 3a nepi.10,Q Me~y ,QaTaMl-1 C,QenKl-1 1-1 OL\8HKl-1, CKl-1,QKl-1 K L\8HaM

npe.QnO}f{8H1-1i:i, l-1Hb1e ycnos1-151);

• Bl-1.Q 1-1cnonb30BaH1-15I 1-1 (1-1n1-1) 30H1-1posaH1-1e;

• M8CTOnonO}f{8Hl-18 06b8KTa;

• cpi.131-1'-18CKl-18 xapaKrnp1-1crnKl-1 06b8KTa, B TOM '-ll-1Cne csoi:icrna 38M8nbHOro y'-laCTKa, COCT051Hl-18

06b8KTOB Kan1-1TanbHOro CTpOl-1T8nbCTBa, COOTHOW8Hl-18 nnoll.\a.Ql-1 38M8nbHOro y'-laCTKa 1-1 nnoll.\a.Ql-1

ero 3acTpoi:IK1-1, l-1Hb1e xapaKTep1-1crnK1-1;

• 3KOHOMl-1'-18CKl-18 xapaKrnp1-1crnKl-1 (ypOB8Hb onepal.\l-10HHblX paCXO,QOB, ycnOBl-151 apeH,Qbl, COCTaB

apeH,Qarnpos, l-1Hb1e xapaKrnp1-1crnK1-1);

• Hani.1'-11-18 ,QBl-1}f{l-1MOro l-1MYLl.\8CTBa, He CB513aHHOro c H8,QBl-1}f{l-1MOCTblO;

• ,Qpyrne xapaKTep1-1crnKl-1 (3n8M8HTbl), Bnl-15llOL1\l-18 Ha CTOl-1MOCTb;

}f{) nOMl-1MO CTOl-1MOCrn, cpaBHl-1T8nbHbli:i nO,QXO,Q MO}f{8T 1-1cnonb30BaTbC51 ,Qn51 onpe,QeneHl-151 ,Qpyrnx

pac'-leTHblX noKa3arnnei:i, Hanp1-1Mep apeH.QHblX crnsoK, l-13Hoca 1-1 ycrnpesaH1-1i:i, crnsoK Kan1-1rnn1-13al.\l-11-1 1-1

,Ql-1CKOHrnposaHl-151.

,lJ,OXO,QHbllli nO,QXO,Q - COBOKynHOCTb M8TO,QOB OL\8HKl-1 CTOl-1MOCrn 06b8KTa OL\8HKl-1, OCHOBaHHblX Ha

onpe,QeneHl-11-1 0}f{l-1,Qa8MblX,QOXO,QOB OT 06beKTa OL\8HKl-1.

YcnoauR npuMeHeHuR ooxooHoao nooxooa (a coomaemcmauu c <PCO Ng 1). ,[l,oxo.QHb1i:i no.QXOA

np1-1MeH518TC51, KOr.Qa cyll.\ecrnyeT .QOCTOsepHa51 1-1HcpopMal.\l-15I, no3son5llOL1\a51 nporH031-1posaTb 6YAYL1\l-18

,QOXO,Qbl, KOTOpbl8 06b8KT OL\8HKl-1 cnoco6eH npl-1HOCl-1Tb, a TaK}f{8 CB513aHHbl8 c 06b8KTOM OL\8HKl-1 paCXO,Qbl.

np1-1 npi.1M8H8Hl-11-1 ,QOXO,QHOro nO,QXO,Qa OL\8Hll.\l-1K onp8,Q8n518T B8nl-1'-ll-1HY 6y.QYL1\l-1X ,QOXO,QOB 1-1 paCXO,QOB 1-1

MOM8HTbl l-1X nony'-18Hl-151.

B coorneTcrn1-11-1 c nonO}f{8Hl-151Ml-1 ct>e,QepanbHOro CTaH,Qaprn OL\8HKl-1 «0L\8HKa H8.QBl-1}f{l-1MOCrn (ct>CO N2 7)» np1-1 np1-1MeHeH1-11-1 .QOXO.QHOro no.QXO.Qa OL\8Hll.\l-1K yL11-1Tb1saeT cne.QYIOLl.\1-18 nonO}f{8Hl-151:

a) ,QOXO,QHbli:i nO,QXO,Q npi.1M8H518TC51 ,Qn51 OL\8HKl-1 H8,QBl-1}f{l-1MOCrn, reHep1-1py10ll.\8i:l 1-1n1-1 cnoco6Hoi:i

reHep1-1posaTb nOTOKl-1 ,QOXO,QOB;

6) B paMKax ,QOXO,QHOro nO,QXO,Qa CTOl-1MOCTb H8,QBl-1}f{l-1MOCrn MO}f{8T onpe,Qen51TbC51 M8TO,QOM np51MOi:i

Kan1-1Tan1-13al.\l-11-1, M8TO,QOM ,Ql-1CKOHrnposaHl-151 ,Q8H8}f{HblX nOTOKOB 1-1n1-1 M8TO,QOM Kan1-1Tan1-13al.\l-11-1 no

paC'-18THblM MO,Q8n51M;

31

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

B) Memoa npRMOU Kanumanu3ayuu np111MeHs:ieTCS'I ,Qns:i OL\eHKlll 06beKTOB He,QBlll}f{lllMOCrn, He Tpe6yl0Ll.\lllX

3HalrnT8nbHblX Kan111TanbHblX BnO}f{eHlll~ B lllX peMOHT 111n111 peKOHCTPYKL\llllO, cpaKTW·leCKOe 111cnonb30BaH111e

KOTOpblX COOTBeTCTByeT lllX Ha1116onee 3cpcpeKrnBHOMY 111cnonb30BaHllllO. Onpe,QeneH111e CTOlllMOCrn

06beKTOB He,QBlll}f{lllMOCrn c 111cnonb30BaH111eM ,QaHHOro MeTO,Qa BblnOnHs:ieTCS'I nyTeM ,QeneHlllS'I

COOTBeTCTBYIOLl.\ero pblHKY ro,QOBOro ,QOXO,Qa OT 06beKTa Ha 06Ll.\YIO CTaBKY Kan111rnn1113al.\111111, KOTOpas:i np111

3TOM onpe,Qens:ieTCS'I Ha OCHOBe aHan1113a pblHO'-IHblX ,QaHHblX 0 COOTHOWeHlllS'IX ,QOXO,QOB Ill L\eH 06beKTOB

He,QBlll}f{lllMOCrn, aHanOrl-1'-IHblX OL\eHlllBaeMOMY 06beKTy;

r) Memoo oucKoHmupoaaHuR oeHe)l(HbJX nomoKOB np111MeHs:ieTcs:i ,Qns:i OL\eHKlll He.QBlll}f{lllMocrn,

reHep111py10ll.\e~ 111n111 cnoco6HO~ reHep111posaTb nOTOKlll ,QOXO,QOB c npOlll3BOnbHO~ ,QlllHaMlllKO~ lllX

1113MeHeHlllS'I BO speMeHlll nyrnM ,QlllCKOHrnposaHlllS'I lllX no CTaBKe, COOTBeTCTBYIOLl.\e~ ,QOXO,QHOCrn

lllHBeCrnl.\111~ B aHanOrl-1'-IHYIO He,QBlll}f{L-1MOCTb;

A) Memoo Kanumanu3ayuu no pacl/emHbJM MooenRM np111MeHs:ieTcs:i ,Qns:i OL\eHKlll He.QBlll}f{lllMOcrn,

reHep111py10ll.\e~ peryns:ipHble noTOKlll .QOXO.QOB c O}f{L-1,QaeMo~ ,Q111HaM111Ko~ 111x 1113MeHeH111s:i. Kan111rnn1113al.\lllS'I

TaKlllX ,QOXO,QOB npOBO,QlllTCS'I no 06Ll.\e~ CTaBKe Kan111Tan1113al.\111111, KOHCTpy111pyeMO~ Ha OCHOBe CTaBKlll

.QlllCKOHrnposaH111s:i, np111H111MaeMo~ B pac'-leT MO.Qen111 B03sparn Kan111rnna, cnoco6os 111 ycnos111~ cp111HaHc111posaHlllS'I, a TaK}f{e O}f{L-1,QaeMblX 1113MeHeHlll~ ,QOXO,QOB Ill CTOlllMOCrn He,QBlll}f{lllMOCrn B 6y.Qyll.\eM;

e) CTPYKTypa (y'-leT Hanoros, B03sparn Kan111rnna, TeMnos 1113MeHeH111s:i .QOXO.QOB 111 crn111Mocrn aKrnsa)

111cnonb3yeMblX CTaBOK ,QlllCKOHrnposaHlllS'I Ill (111n111) Kan111rnn1113al.\llllll ,QOn}f{Ha COOTBeTCTBOBaTb CTPYKType

.QlllCKOHrnpyeMoro (Kan111rnn1113111pyeMoro) .QOXO.Qa;

}f{) ,Qns:i He,QBlll}f{L-1M0Crn, KOTOpylO MO}f{HO C,QaBaTb B apeH,Qy, B Ka'-lecrne lllCTO'-IHlllKa ,QOXO,QOB cne,QyeT

paccMaTp111saTb apeH.QHble nnarn}f{111;

3) OL\eHKa He,QBlll}f{L-1M0Crn, npe,QHa3Ha'-leHHO~ ,Qns:i Be,QeHlllS'I onpe,QeneHHOro 8111,Qa 61113Heca (Hanp111Mep,

rocrnHlllL\bl, pecTopaHbl, aBT03anpaBO'-IHble CTaHL.\111111), MO}f{eT npOBO,QlllTbCS'I Ha OCHOBaHllllll lllHc:j:lOpMal.\111111 06

onepal.\lllOHHO~ ,Qes:iTenbHOCrn 3TOro 61113Heca nyrnM Bbl,QeneHlllS'I 1113 ero CTOlllMOCrn COCTaBnS'llOLl.\lllX, He

OTHOCS'lll.\lllXCS'I K OL\eHlllBaeMO~ He,QBlll}f{lllMOCrn.

ComacoeaH111e pe3yllbTaTOB OL\eHKlll

CornacosaH111e pe3ynbTaTOB OL\eHKlll He.QBlll}f{L-1MOcrn, nony'-leHHblX c 111cnonb30BaH111eM pa3nlll'-IHblX MeTO.QOB

Ill nO,QXO,QOB, K OL\eHKe, Ill OTpa}f{eH111e ero pe3ynbTaTOB B OT'-leTe 06 OL\eHKe OCyll.\eCTBnS'llOTCS'I B

coorneTcrn111111 c Tpe6osaH111s:iM111 ct>CO N2 1 111 ct>CO N2 3. B cny'-lae 111cnonb30BaHlllS'I B paMKax KaKOro-n11160 1113 nO,QXO,QOB K OL\eHKe He,QBlll}f{lllMOCrn HeCKOnbKlllX

MeTO.QOB OL\eHKlll Bb1nonHs:ieTcs:i npe,Qsap111TenbHOe cornacosaH111e 111x pe3ynbTaTOB c L\enblO nonyL1eH111s:i

npoMe~TO'-IHOro pe3ynbTaTa OL\eHKlll He,QBlll}f{L-1M0Crn ,QaHHblM nO,QXO,QOM.

B npol.\ecce cornacosaH111s:i npoMe~TO'-IHblX pe3ynbTaTOB OL\eHKlll He.QBlll}f{lllMOcrn, nony'-leHHblX c

np111MeHeH111eM pa3HblX nO,QXO,QOB, cne,QyeT npoaHan1113111posaTb ,QOCTOlllHCTBa Ill He,QOCTaTKlll 3rnX nO,QXO,QOB,

06bS'ICHlllTb pacxo~eH111e npoMe~TO'-IHblX pe3ynbTaTOB Ill Ha OCHOBe npose,QeHHOro aHan1113a onpe,QenlllTb

lllTOrDBbl~ pe3ynbTaT OL\eHKlll He,QBlll}f{lllMOCrn.

np111 He,QOCTaTO'-IHOCrn pblHO'-IHblX ,QaHHblX, He06XO,QlllMblX ,Qns:I pean1113al.\llllll KaKOro-n11160 1113 nO,QXO,QOB K

OL\eHKe He,QBlll}f{lllMOCrn B COOTBeTCTBllllll c Tpe6osaHlllS'IMlll HaCTOS'lll.\ero ct>e,QepanbHOro CTaH,Qaprn OL\eHKlll Ill

ct>CO N2 1, ct>CO N2 2, ct>CO N2 3, s paMKax Bb16paHHOro no.QXO.Qa Ha ocHose 111Me10ll.\111xcs:i ,QaHHblX

peKOMeH,QyeTCS'I yKa3aTb op111eHrnpOB0'-1Hble 3Ha'-leHlllS'I (3Ha'-1eH111e) OL\eHlllBaeMO~ senlll'-llllHbl, KOTOpble He

Y'-llllTblBalOTCS'I np111 lllTOrDBOM cornacosaHllllll, HO MOryT 6b1Tb 111cnonb30BaHbl B Ka'-lecrne nosepO'-IHblX K

lllTOrDBOMY pe3ynbTaTY OL\eHKlll He,QBlll}f{lllMOCrn.

nocne npose,QeHlllS'I npOL\e.Qypbl cornacosaHlllS'I OL\eHLl.\lllK, nOMlllMO yKa3aHlllS'I B OT'-leT8 06 OL\eHKe lllTOrosoro

pe3ynbTaTa OL\eHKlll CTOlllMOCrn He,QBlll}f{lllMOCrn, nplllBO,QlllT csoe cy~eH111e 0 B03MO}f{HblX rpaHlllL\aX

lllHT8psana, B KOTOpOM, no ero MHeHllllO, MO}f{eT HaXO,QlllTbCS'I 3Ta CTOlllMOCTb, ecn111 B 3a,QaHllllll Ha OL\eHKY He

yKa3aHO lllHOe.

5.3. 8b16op nO,QXO,QOB Iii MeTO,QOB OL\eHKlll

AHan1113 B03MO}f{HOCrn 111cnonb30BaH111s:i no.QXO.QOB 111 MeTO.QOB OL\eHKlll npe,QcrnsneH B rn6n. 19.

AHaJ11113 B03MO>KHOCTlll 111cno11b30BaH111~ no,1:1xo,1:1os 111 MeTO,QOB 01..1eHK111

MeT0,11,

MeTo,11, yKpynHeHHblX

o6o6L.l.jeHHblX noKa3aTene"

CTOl-lMOCTl-1 (MeT0,11,

cpaBHl-lTeJlbHO" e,11,1<1Hl-1L\bl)

MeTo,11, pa361<1BK1<1 no

01..1eHKa B03MOJKHOCTlll lllCnOJlb30BaHlllH

3aTpaTHblH no,11,xo,11,

B COOTBeTCTBl-11-1 c nonolKeHl-ll'lMl-1 <lle,11,epailbHOro

CTaH,11,apTa OL\eHKl-1 «OL\eHKa He,11,Bl-llKl-lMOCrn

(<PCO N2 7) MeT0,11,bl 3aTpaTHoro no,11,xo,11,a He

i-icnOJlb3YIOTCl'l ,11,Jll'l OL\eHKl-1 4aCTe" 3,11,aHl-ll'l - lKl-lJlblX 1-1

HelK1<1JlblX noMel.l.jeHi-i".

B COOTBeTCTBl-11-1 c nonolKeHl-ll'lMl-1 <lle,11,epailbHOro

3aKmo1.1eH111e 06 111cnonb30BaH111111

MeTo,11,a

MeTo,11, He

i-icnOJlb3yeTCl'l B

COOTBeTCTBl-11-1 C

<PCO N2 7

MeTo,11, He

Ta6m11..1a 19.

3aKJ1to1.1eH111e 06 111cnonb30BaH111111

no,11,xo,11,a

3aTpaTHbl" no,11,xo,11,

He i-icnonb3yeTci:i.

32

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tel. +7(495) 229-49-71

MeT0,11, 01.1eHKa B03MOJKHOCH1 lllCnOJlb30BaHIUI

KOMnOHeHTaM (MeT0,11, CTaH,11,apTa OL\eHKl-1 «OL\eHKa He,11,Bl-llKl-lMOCrn yKpynHeHHblX 3JleMeHTHblX (<PCO N2 7) MeT0,11,bl 3aTpaTHoro no,11,xo,11,a He noKa3aTeJleH CTOl-lMOCrn) i-icnOJlb3YIOTCl'l ,11,Jll'l OL\eHKl-1 4aCTeH 3,11,aHl-ll'l - lKl-lJlblX 1-1

HeJK1<1JlblX noMel.l.jeHi-iH.

MeTOA e,11,1-1H1<14HblX paCL\eHOK

Ka4ecTBeHHb1e MeT0,11,bl OL\eHKl-1 (OTHOCl-lTeJlbHblH

B COOTBeTCTBl-11-1 c nonoJKeHl-ll'lMl-1 <lle,11,epailbHOro CTaH,11,apTa OL\eHKl-1 «OL\eHKa He,11,Bl-llKl-lMOCrn (<PCO N2 7) MeT0,11,bl 3aTpaTHoro no,11,xo,11,a He i-icnOJlb3YIOTCl'l ,11,Jll'l OL\eHKl-1 4aCTeH 3,11,aHl-ll'l - lKl-lJlblX 1-1 HeJK1<1JlblX noMel.l.jeHi-iH.

CpaBHlllTenbHblH no,11,xo,11,

npi-i npose,11,eHl-11-1 HaCTOl'll.l.jeH OL\eHKl-1 ,11,aHHblH MeT0,11, i-icnonb3osanci:i npi-i onpe,11,eneHi-ii-i 4acrn nonpasoK,

cpaBHl-lTeJlbHblH aHaJll-13, KOJll-14eCTBeHHOe 3Ha4eHi-ie KOTOpblX onpe,11,eni:ieTCl'l B MeT0,11, 3KCnepTHblX OL\eHOK OCHOBHOM 3KCnepTHblMl-1 MeT0,11,aMl-1 (nonpaBKl-1 Ha Topr,

1-1 ,11,pyrne MeT0,11,bl) 3TaJK pacnonoJKeHi-ii:i).

MeTOA KoppeKrnposoK

B OTKpblTblX l-1CT04Hl-1Kax no pblHKY 06beKTOB KOMMep4eCKOH He,11,Bl-llKl-lMOCrn, aHaJlOrl-14HblX OL\eH1<1BaeMOMY 06beKTY, 1-lMeeTCl'l l-1H¢opMal.\l-1l'l 0 npe,11,noJKeHi-ii:ix K npo,11,aJKe 3rnx o6beKTOB. Han1-141-1e l-1H¢opMal.\l-11-1 06 06beKTax aHaJlOrl-14HblX OL\eH1<1BaeM0My, no3BOJll'leT paccMaTp1<1BaTb ,11,aHHblH MeT0,11, B Ka4eCTBe OCHOBHOro npi-i npose,11,eHl-11-l OL\eHKl-1.

Bsi-i,11,y Toro, 4TO B paMKax HaCTOl'll.l.jero OT4eTa MeT0,11, perpeCCl-lOHHOro npe,11,nonaraeTCl'l i-icnOJlb30BaTb MeT0,11, KOppeKrnpOBOK,

aHan1-13a TO MeTOA perpecci-ioHHoro aHan1-13a npi-i npose,11,eHi-ii-i

MeTOA npi:iMoH Kan1-1Tan1-13al.\1<11<1

MeTOA ,11,1-1cKOHT1<1posaH1-1i:i ,11,eHeJKHblX noTOKOB

MeTOA Kan1-1Tan1-13al.\1<11<1 no pac4eTHblM M0,11,eJll'lM

/llcmo'IHUK: 1. AHaIIU3 O~eHLJ.(UKa.

HaCTOl'll.l.jeH OL\eHKl-1 He i-icnOJlb30BaJ1Cl'l

,Qoxo,11,HblH no,11,xo,11,

B OTKpblTblX l-1CT04Hl-1Kax no pblHKY 06beKTOB KOMMep4eCKOH He,11,Bl-llKl-lMOCrn 1-lMeeTCl'l l-1H¢opMal.\l-1l'l 0 npe,11,noJKeHl-ll'lX K apeH,11,e 06beKTOB, aHaJlOrl-14HblX OL\eH1<1BaeMOMY 06beKTy. ,QaHHOe o6CTOl'lTeJlbCTBO co3,11,aeT npe,11,nocb1JlK1<1 ,11,ni:i i-icnonb30BaHi-ii:i ,11,aHHoro MeTo,11,a.

Bi-i,11,y Toro, 4TO s paMKax ,11,oxo,11,Horo no,11,xo,11,a npe,11,nonaraeTci:i i-icnonb30BaTb MeTOA Kan1<1TaJ11<13al.\1-11-1, TO ,11,aHHblH MeT0,11, ,ll,l-1CKOHTL-1pOBaHl-1l'l ,11,eHeJKHblX noTOKOB) npi-iHi:in peweHi-ie He i-icnonb30BaTb.

npl'lMOH (MeT0,11,

OL1eHL.l.j1<1K

Bi-i,11,y Toro, 4TO s paMKax ,11,oxo,11,Horo no,11,xo,11,a npe,11,nonaraeTci:i i-icnonb30BaTb MeTOA npi:iMoH Kan1<1TaJ11<13al.\1-11-1, TO ,11,aHHblH MeT0,11, (MeT0,11, Kan1-1Tan1-13al.\1<11<1 no pac4eTHblM Mo,11,eni:iM) OL1eHL.l.j1<1K npi-iHi:in peweHi-ie He i-icnonb30BaTb.

TaK1-1M o6pa30M, np1-1 npose,qeH1-11-1 Hacrns:u1-1e~ OLj8HKl-1 1-1cnonb3YIOTcs::i:

000 "QelITJl O~HKH HllBeCTIIQllH"

3aKJ1to<1eH111e 06

lllCnOJlb30BaHllllll

MeTo,11,a

i-icnOJlb3yeTCl'l B COOTBeTCTBl-11-1 C

<PCO N2 7

MeTOA He i-icnOJlb3yeTCl'l B COOTBeTCTBl-11-1 C

<PCO N2 7

Ljenecoo6pa3HO i-icnOJlb30BaTb MeT0,11, 3KCnepTHblX OL\eHOK B

4acT1-1 pac4eTa nonpasKi-i Ha Topr, Ha 3TaJK pacnonoJKe Hi-ii:i.

MeTOA i-icnonb30BaTb L\enecoo6pa3HO

MeTOA i-icnonb30BaTb He L\enecoo6pa3HO

MeTOA i-icnonb30BaTb L\enecoo6pa3HO

MeTOA i-icnonb30BaTb He L\enecoo6pa3HO

MeTOA i-icnonb30BaTb He L\enecoo6pa3HO

3aKnto<1eH111e 06

lllCnOJlb30BaHllllll

no,11,xo,11,a

CpasHi-iTeJlbHblH no,11,xo,11,

i-icnOJlb3yeTCl'l, B paMKax

cpasHi-iTeJlbHoro no,11,xo,11,a

i-icnonb3yeTci:i MeT0,11,

KOppeKrnpOBOK 1-1 MeT0,11, 3KCnepTHblX

OL\eHOK (B 4acrn pac4eTa oT,11,enbHblX

KOppeKrnpOBOK)

,Qoxo,11,HblH no,11,xo,11, i-icnOJlb3yeTCl'l, B

paMKax ,11,0XO,ll,HOro no,11,xo,11,a

i-icnonb3yeTci:i MeT0,11,

Kan1-1Tan1-13al.\1<11<1

• cpaBHl-1T8nbHbl~ no,qxo,q, B paMKax KOTOporo npl-1M8HS'l8TCS'I M8TO,Q KOppeKrnpOBOK 1-1 M8TO,Q

3KCnepTHblX 0Lj8HOK (B '-lacrn paC'-18Ta OT,Q8nbHblX KOppeKrnpOBOK);

• ,QOXO,QHbl~ no,qxo,q, B paMKax KOTOporo npl-1M8HS'l8TCS'I M8TO,Q nps:iMO~ Kan1-1rnn1-13aLjl-1l-1.

33

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

PA3,[l,EI1 VI. om1CAHlt1E nPOL..IECCA Ol...IEHKlt1 05bEKTA Ol...IEHKlt1

6.1. Pac"leT CTOlllMOCTlll o6beKTa cpaeH111TellbHblM no,QXO.QOM

6.1.1. 06111a~ nocne,QoeaTellbHOCTb pac"leTOB

CornacHo ct>CO N2 1 «06Ll.IL-18 n0Hsn1-151 OL\8HKL-1, no.QXO.Qbl 1-1 Tpe6osaH1-15I K npose,QeH1-110 OL\8HKL-1»

cpaBHL-!TenbHbli:i nO,QXO,Q - COBOKynHOCTb M8TO,QOB OL\8HKL-1 CTOL-IMOCrn 06b8KTa OL\8HKL-1, OCHOBaHHblX Ha

cpaBH8HL-11-1 06b8KTa OL\8HKL-1 c 06b8KTaML-1-aHanoraML-1 06b8KTa OL\8HKL-1, B OTHOW8HL-11-1 KOTOpblX L-IM88TC51

L-!Hc:j:lOpMal.\L-151 0 L\8Hax. 06b8KTOM - aHanoroM 06b8KTa OL\8HKL-1 ,Qn51 L\8nei:i OL\8HKL-1 npl-13Ha8TC51 06b8KT,

cxo.QHbli:i o6beKTY OL\8HKL-1 no OCHOBHblM 3KOHOMw-1ecK1-1M, Marnp1-1anbHblM, rnxHw-1ecK1-1M 1-1 .QpyrnM

xapaKrnp1-1crnKaM, onpe,Qen5llOLl.\L-1M ero CTOL-IMOCTb. CpasH1-1TenbHb1i:i no.QXO.Q np1-1MeH518TC51, KOr.Qa

cyll.\ecrnyeT .QOCTOsepHa51 1-1 .QOCTynHa51 ,Qn51 aHan1-13a 1-1HcpopMal.\L-15I o L\8Hax 1-1 xapaKrnp1-1crnKax o6beKTOB­

aHanoros.

CornacHo ct>CO N2 1, np1-1MeH5151 cpasH1-1TenbHb1i:i no.QXO.Q K OL\8HKe OL\8Hll.\L-IK .QOmKeH:

• Bb16paTb 8.QL-IHL-IL\bl cpasHeHL-151 1-1 nposecrn cpasH1-1TenbHb1i:i aHan1-13 o6beKrn OL\8HKL-1 1-1 Ka}f{,Qoro

06b8KTa-aHanora no BC8M 3n8M8HTaM cpaBH8HL-151. no Ka}f{,QOMY 06b8KTy-aHanory MO}f{8T 6b1Tb

Bb16paHo H8CKOnbKO 8.QL-IHL-IL\ cpasHeHL-151. Bb16op 8.QL-IHL-IL\ cpasHeHL-151 .QOn}f{eH 6b1Tb o6ocHosaH

OL\8Hll.\L-IKOM. OL\8Hll.\L-IK .QOn}f{eH o6ocHosaTb OTKa3 OT 1-1cnonb30BaH1-15I .Qpyrnx 8.QL-IHL-IL\ cpasHeHL-151,

npl-IH51TblX np1-1 npOB8,Q8HL-11-1 OL\8HKL-1 1-1 CB513aHHblX c cpaKTOpaML-1 cnpoca 1-1 npe,Qn0}f{8HL-151;

• CKOppeKrnposaTb 3Ha'-18HL-151 8,QL-IHL-IL\bl cpaBH8HL-151 ,Qn51 06b8KTOB-aHanoros no Ka}f{,QOMY 3n8M8HTY

cpaBH8HL-151 B 3aBL-!CL-IMOCrn OT COOTHOW8HL-151 xapaKrnp1-1crnK 06b8KTa OL\8HKL-1 1-1 06b8KTa-aHanora

no ,QaHHOMY 3n8M8HTY cpaBH8HL-151. np1-1 BH8C8HL-11-1 KOppeKrnpOBOK OL\8Hll.\L-IK ,Q0n}f{8H ssecrn 1-1

o60CHOBaTb WKany KOppeKrnpOBOK 1-1 np1-1secrn 06b51CH8HL-18 rnro, np1-1 KaKL-!X ycnOBL-151X 3Ha'-18HL-151

BB8,Q8HHblX KOppeKrnpOBOK 6y,QyT L-!HblML-1. WKana 1-1 npOL\8.Qypa KOppeKrnposaHL-151 8,QL-IHL-IL\bl

cpaBH8HL-151 He ,QOn}f{Hbl M8H51TbC51 OT O,QHOro 06b8KTa-aHanora K ,QpyroMy;

• cornacosaTb pe3ynbTaTbl KoppeKrnposaHL-151 3HaL1eH1-1i:i 8.QL-IHL-IL\ cpasHeHL-151 no Bb16paHHblM

o6beKTaM-aHanoraM. OL\8Hll.\L-IK .QOn}f{eH o6ocHosaTb cxeMy cornacosaHL-151 CKoppeKrnposaHHblX

3Ha'-18HL-!i:i 8,QL-IHL-IL\ cpaBH8HL-151 1-1 CKOppeKrnposaHHblX L\8H 06b8KTOB-aHanoros.

0TKoppeKrnposaHHa51 L\8Ha no3son51eT onpe,Qen1-1Tb Ha1-16onee sepo51THYIO L\8HY OL\8HL-!BaeMoro o6beKTa

Ha pblHK8, KaK ecn1-1 6bl OH npe,Qnaranc51 Ha npo,Qa~ Ha OTKpblTOM 1-1 KOHKypeHTHOM pblHK8.

6.1.2. Pac"leT CTOlllMOCTlll 06beKTa OL\eHKlll MeTO,QOM KOppeKTlllPOBOK

np1-1 npl-IM8H8HL-11-1 M8TO,Qa KOppeKrnpOBOK Ka}f{,Qbli:i 06b8KT-aHanor cpaBHL-!Ba8TC51 C 06b8KTOM OL\8HKL-1 no

L\8H006pa3yl0Ll.\L-IM cpaKTOpaM (3n8M8HTaM cpaBH8HL-151), Bbl51Bn5llOTC51 pa3nl-1'-IL-151 06b8KTOB no 3rnM

cpaKTopaM 1-1 L\8Ha o6beKrn-aHanora 1-1n1-1 ee y.QenbHbli:i noKa3aTenb KoppeKrnpyeTC51 no Bbl51BneHHblM

pa3nl-1'-IL-151M C L\8nbl0 ,QanbHei:iwero onp8,Q8n8HL-151 CTOL-IMOCrn 06b8KTa OL\8HKL-1. np1-1 3TOM KOppeKrnpOBKa

no Ka}f{,QOMY 3n8M8HTY cpaBH8HL-151 OCHOBblBa8TC51 Ha npl-IHL.\1-lne BKna,Qa 3TOro 3n8M8HTa B CTOL-IMOCTb

06b8KTa.

OL\8HKa pblHO'-IHOi:i CTOL-IMOCrn M8TO,QOM KOppeKrnpOBOK npe,QnonaraeT cne.QYIOLl.\YIO nocne,QOBaTenbHOCTb

,Q8i:iCTBL-!i:i:

1. Bb16op o6beKTOB-aHanoros.

2. Bb16op 8.QL-IHL-IL\ cpasHeHL-151.

3. Onpe,QeneH1-1e 3neMeHTOB, no KOTOpblM ocyll.\ecrnn51eTC51 cpasHeH1-1e o6beKrn OL\8HKL-1 c 06beKrnM1-1-

aHanoraM1-1 (.Qanee - 3neMeHTbl cpasHeHL-151).

4. Onpe,QeneHL-18 no Ka}f{,QOMY 1-13 3n8M8HTOB cpaBH8HL-151 KOppeKrnpOBOK L\8H aHanoros, COOTB8TCTBYIOLl.\L-IX

xapaKrnpy 1-1 crnneH1-1 0Tn1-1L11-1i:i Ka}f{,Qoro aHanora OT OL\8HL-!BaeMoro o6beKrn.

5. KoppeKrnposKa no Ka}f{,QOMY 1-13 3neMeHTOB cpasHeHL-151 L\8H Ka}f{,Qoro aHanora, crna}f{1-1Ba10ll.\a5I OTnl-1'-11-151

OT OL\8HL-1Ba8MOro 06b8KTa.

6. Pac'-leT crn1-1Mocrn o6beKrn nYTeM 06ocHosaH1-15I 0606Ll.\eH1-15I CKoppeKrnposaHHblX L\8H aHanoros.

Bb16op o6beKTOB-aHanoros.

np1-1 npOB8,Q8HL-11-1 HaCT051Ll.\8i:l OL\8HKL-1, B Ka'-18CTB8 06b8KTOB-aHanoros L-!CnOnb30Ban1-1Cb 06b8KTbl,

Bb16paHHb1e ,Qn51 L\8Hosoro aHan1-13a B pa3,Qene «AHan1-13 pblHKa». Yt:1enbHb1e crn1-1Mocrn npo,Qa}f{L-1

npe,Qnonaran1-1cb c BKn10L1eH1-1eM H,[l,C. On1-1caH1-1e o6beKTOB-aHanoros ,Qn51 OL\8HL-!BaeMblX o6beKTOB

npe,QcrnsneHo B rn6n. 20.

34

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ta6m11..1a 20.

Om1caH111e o6beKTOB-aHaJloroB XapaKTep1-1crnKa o6beKTa

••••••••• . . : . . . - - -... J_ ..... : J 1 .. : .. 1-J • - - : ··-- .. .. ··-- .... - : - - . . . . ..

r. CypryT,

06beKT 1 yn ll1ocHcj:la He>K11noe

c11aH KaponHHCKoro, noMelljeHHe 11. 14/2

r. CypryT,

06beKT 2 yn ll1ocHcj:la He>K11noe c11aH

KaponHHCKoro, noMelljeHHe 11. 14/2

r. CypryT,

06beKT 3 yn ll1ocHcj:la He>K11noe

KaponHHCKoro, c11aH

noMelljeHHe 11. 14/2

r. CypryT,

06beKT 4 yn ll1ocHcj:la He>K11noe c11aH

KaponHHCKoro, noMelljeHHe 11. 14

/llcmo'IHUK: AHaIIU3 O~eHLJ.(UKa

Onpe.aeneH1t1e e.a1t1H1t1yb1 cpasHeH1t1s:i

6e3 oT11enKH 129,90 npaso

7 534 200 58 000 He>K11noe L\OKOnb co6crneHHocrn

6e3 oT11enKH 126,10 npaso 7313800 58 000 He>K11noe L\OKOnb co6crneHHocrn

6e3 oT11enKH 121,60 npaso

7 052 800 58 000 He>K11noe L\OKOnb co6crneHHocrn

6e3 oT11enKH 515,40 npaso 29 893 200 58 000 He>K11noe L\OKOnb co6crneHHocrn

B KaL1ecrne 8.QltlHltll.\bl cpasHeH1t1s:i np1t1HHT 1 KB. M nnoll.\a.Qltl o6beKTOB. Bb16op ,QaHHOi:i 8.QltlHltll.\bl cpasHeH1t1s:i o6ycnosneH:

• Bbl60pOM ,QaHHOi:i 8,QltlHltll.\bl B Ka'-18CTB8 OCHOBHOi:i npltl opraH1t13al.\ltlltl rocy,QapCTB8HHOro Y'-18Ta 06b8KTOB H8,QBltl}f{ltlM0CTltl;

• B03MO}f{HOCTblO onpe,QenltlTb nnoll.\a.Qb nl06oro 06b8KTa H8,QBltl}f{ltlM0CTltl.

Onpe.aeneH1t1e :rneMeHTOB cpasHeH1t1s:i

np1t1 npOB8,Q8Hltlltl HaCTOS'lll.\8i:l OL\8HKltl 06b8KTbl-aHanorn ltl 06b8KT OL\8HKltl cpaBH1t1Ban1t1Cb no cne.QYIOLl.\ltlM xa pa KT8p1t1 crn Ka M:

• ycnOBltlS'I pblHKa (1t13M8H8Hltls:I L\8H 3a nepltlO,Q M8}1{,Qy ,QaTaMltl C,QenKltl ltl OL\8HKltl, CKltl,QKltl K L\8HaM npe.QnO}f{8H1t1i:i, 1t1Hb1e ycnos1t1s:i) (Tpe6osaH1t1e ct>CO N2 7);

• xapaKrnp aHanora - ocpeprn 1t1n1t1 C.QenKa (t:1ononH1t1TenbHas:i xapaKrnp1t1crnKa);

• nepe,QasaeMble 1t1MYLl.\8CTB8HHb1e npasa, orpaH1t1'-l8H1t1s:i (06peMeHeH1t1s:i) 3TltlX npas (Tpe6osaH1t1e ct>CO N2 7);

• CTeneHb rornsHocrn, cpoK C.QaL11t1 (t:1ononH1t1TenbHas:i xapaKrnp1t1crnKa);

• ycnos1t1s:i cp1t1HaHc1t1posaH1t1s:i cocrns:iswei:ics:i 1t1n1t1 npe,QnonaraeMoi:i C.QenKltl (Bltl.Q onnaTbl, ycnos1t1s:i Kpe.Q1t1TOBaH1t1s:i, 1t1Hb1e ycnos1t1s:i) (Tpe6osaH1t1e ct>CO N2 7);

• ycnos1t1s:i npo,Qa}f{ltl (Hernn1t1L1Hb1e ,Qns:i pblHKa ycnos1t1s:i, C.QenKa Me}f{,Qy acpcp1t1n1t1posaHHblM1t1 n1t1L1aM1t1, 1t1Hb1e ycnos1t1s:i) (Tpe6osaH1t1e ct>CO N2 7);

• Bltl.Q 1t1cnonb30BaH1t1s:i 1t1 (1t1n1t1) 30H1t1posaH1t1e (Tpe6osaH1t1e ct>CO N2 7);

• MecrnnonO}f{8H1t1e o6beKrn (Tpe6osaH1t1e ct>CO N2 7);

• cp1t131t1L1eCK1t1e xapaKrnp1t1crnK1t1 o6beKrn (Tpe6osaH1t1e ct>CO N2 7): a 1t1M8HHO: 3Ta}f{ pacnonO}f{8H1t1s:i; o6Ll.\as:i nnoll.\a.Qb; rnxH1t1L1ecKoe cocrns:iH1t1e (nepe'-leHb cp1t131t1L1eCK1t1x xapaKrnp1t1crnK onpe.QeneH OL\8Hll.\ltlKOM);

• 3KOHOMltl'-18CKltl8 xapaKTepltlCTltlKltl (ypOB8Hb onepal.\ltlOHHblX paCXO,QOB, ycnOBltlS'I apeH,Qbl, COCTaB apeH,Qarnpos, 1t1Hb1e xapaKrnp1t1crnK1t1) (Tpe6osaH1t1e ct>CO N2 7);

• Han1t1'-lltl8 ,QBltl}f{ltlMOro ltlMYLl.\8CTBa, He CBS'l3aHHOro c H8,QBltl}f{ltlMOCTblO (Tpe6osaHltl8 ct>CO N2 7);

• .Qpyrne xapaKrnp1t1crnK1t1 (3neMeHTbl), sn1t1H10ll.\1t1e Ha CTOltlMOCTb (Tpe6osaH1t1e ct>CO N2 7).

He}f{ltlnOe nOM8Ll.\8Hltl8, B OTHOW8Hltlltl KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i CTOltlMOCTb ,QOnltl B npase 24468/46167 npe,QCTaBns:ieT co6oi:i Tpltl H8}f{ltlnblX nOM8Ll.\8HltlS'I, pacnonO}f{8HHbl8 B L\OKOnbHOM, nepBOM ltl srnpoM 3Ta}f{ax. XapaKrnp1t1crnK1t1 noMell.\eH1t1i:i npe,QcrnsneHbl B Ta6n. 2 1t1 3. B ,QanbHei:iw1t1x pacL1ernx 6y.QeT paccMaTp1t1saTbCs:i Ka}f{,Qoe ltl3 noMell.\eH1t1i:i B OT.QenbHocrn. CpaBH8Hltl8 H8}f{ltlnOro nOM8Ll.\8HltlS'I, B OTHOW8Hltlltl KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i CTOltlMOCTb ,QOnltl B npase 24468/46167 1t1 o6beKTOB-aHanoros npe,QcrnsneHo B rn6n. 21 - 23.

35

Page 36: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71

3neMeHTb1CpaBHeHH~

npe11no>KeHHe YcnoBHfl pblHKa 11ma OL\eHKH aKryaflbHO Ha

11my OL\eHKH

XapaKTep aHanora npHpaBHHBaeT

ocj:leprn Cfl K c11enKe

nepe11asaeMble HMYLl\ecrneHHble npasa, npaso npaso

orpaHH4eHHfl co6crneHHocrn co6crneHHocrn (o6peMeHeHHfl arnx npas)

CTeneHb roTOBHocrn (cpoK Cl1a4H)

c11aH c11aH

nonHafl YcnoBHfl cj:>HHaHcHposaHHfl non H afl onn aTa

onnma

rnnH4Hble 11flfl rnnH4Hble 11flfl YcnoBHfl npo11a>KH

pblHKa pblHKa

BH11 Hcnonb30BaHHfl H (HnH) He>KHnoe He>KHnoe 30HHpOBaHHe noMelJ.\eHHe noMelJ.\eHHe

r. CypryT, yn. r. CypryT,

MecTonono>KeHHe ll1ocHcj:la yn ll1ocHcj:la

KaponH HCKoro, KaponHHCKoro, 11. 14/1 11. 14/2

3Ta>K pacnono>KeHHfl L\OKOflbHblH L\OKOflbHblH

06lJ.\aS'l nflOlJ.\al1b, KB. M 1 545,30 129,90

Tex. cocTOflHHe C OTl1eflKOH 6e3 oT11enKH

3KOHOMH4eCKHe xapaKrepHCTHKH

HeT 11aHHblX HeT 11aHHblX

HanH4He 11BH>KHMoro HMYLl\ecrna, He CB513aHHoro HeT HeT 11aHHblX

C He11BH>KHMOCTblO

Apyrne xapaKrepHcrnKH (aneMeHTbl) BflHS'llOlJ.\He Ha HeT 11aHHblX HeT 11aHHblX

CTOHMOCTb

/llcmo'IHUK: 1. AHaIIU3 O~eHLJ.(UKa.

c • 3neMeHTb1CpaBHeHH~

YcnoBHfl pblHKa

XapaKTep aHanora

nepe11asaeMble HMYLl\ecrneHHble npasa,

orpaHH4eHHfl (o6peMeHeHHfl arnx npas)

e>K .. 11111oro noMe11.1eH111~ •

-

npe11no>KeHHe 11ma OL\eHKH aKryaflbHO Ha

11my OL\eHKH

npHpaBHHBaeT ocj:leprn

Cfl K c11enKe

npaso npaso co6crneHHocrn co6crneHHocrn

npe11no>KeHHe aKTyanbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

c11aH

nonHafl onnaTa

rnnH4Hble 11flfl pblHKa

He>KHnoe noMelJ.\eHHe

r. CypryT, yn ll1ocHcj:la

KaponH HCKoro, 11. 14/2

L\OKOflbHblH

126,10

6e3 oT11enKH

HeT 11aHHblX

HeT 11aHHblX

HeT 11aHHblX

npe11no>KeHHe aKTyanbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

npe11no>KeHHe aKryaflbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

c11aH

nonHafl onnaTa

rnnH4Hble 11flfl pblHKa

He>KHnoe noMelJ.\eHHe

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, 11. 14/2

L\OKOflbHblH

121,60

6e3 oT11enKH

HeT 11aHHblX

HeT 11aHHblX

HeT 11aHHblX

000 "QelITJl O~HKH HllBeCTIIQllH"

npe11no>KeHHe aKryaflbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

c11aH

nonHafl onnaTa

rnnH4Hble 11flfl pblHKa

He>KHnoe noMelJ.\eHHe

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, 11. 14

L\OKOflbHblH

515,40

6e3 oT11enKH

HeT 11aHHblX

HeT 11aHHblX

HeT 11aHHblX

Ta6m11..1a 21.

Pe3yflbTaTbl cpaBHeHH~

0rnH4HS'l He cyll\ecrneHHble,

KOppeKrnpOBKa He npOB011HflaCb

0rnH4HS'l cyll\ecrneHHble,

BB011HTCS'l nonpaBKa Ha yToprosaHHe

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HS'l He cyll\ecrneHHble,

KOppeKrnpOBKa He npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HS'l cyll\ecrneHHble,

npOB011HflCS'l aHaflH3 BflHS'IHHS'l nflOlJ.\a11H Ha

CTOHMOCTb

0rnH4HS'l cyll\ecrneHHble,

BB011HTCS'l non paBKa Ha Tex. COCTOS'IHHe

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

Ta6m11..1a 22. BOM 3Ta>Ke Ill 06beKTOB-aHa11oroB

npe11no>KeHHe aKryaflbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

.. '

npe11no>KeHHe aKryaflbHO Ha 11ary Ol_\eHKH

ocj:leprn

npaso co6crneHHocrn

Pe3yflbTaTbl cpaBHeHH~

0rnH4HS'l He cyll\ecrneHHble,

KOppeKrnpOBKa He npOB011HflaCb

0rnH4HS'l cyll\ecrneHHble,

BB011HTCS'l nonpaBKa Ha yToprosaHHe

0rnH4HH HeT, KOppeKrnpOBKa He

npOB011HflaCb

36

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tel. +7(495) 229-49-71

3neMeHTb1CpaBHeHH~

CTeneHb roTOBHocrn (cpoK CAa4H)

YcnoBH51 cjmHaHcHposaHH51

YcnoBH51 npoAa>KH

BHA Hcnonb30BaHH51 H (HnH) 30HHpOBaHHe

MecTonono>KeHHe

3Ta>K pacnono>KeHH51

06Llja51 nnolljal\b, KB. M

Tex. cocT051HHe

3KOHOMH4eCKHe xapaKTepHCTHKH

HanH4He ABH>KHMoro HMylljeCTBa, He CB513aHHOro

C HeABH>Kl1MOCTblO

Apyrne xapaKTepHcrnKH (:rneMeHTbl) BnH5110lljHe Ha

CTOHMOCTb

.... , __

- - . c11aH

nonHa51 onnma

rnnH4Hble 11n51 pblHKa

He>K11noe noMelljeHHe

r. CypryT, yn. ll1ocHcj:la

KaponH HCKoro, 11. 14/1

1 528,80

C OTAenKOH

HeT 11aHHblX

HeT

HeT 11aHHblX

c11aH

non H a51 onn aTa

rnnH4Hble 11n51 pblHKa

He>K11noe noMelljeHHe

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, 11. 14/2

L\OKOnbHblH

129,90

6e3 oT11enKH

HeT 11aHHblX

HeT 11aHHblX

HeT 11aHHblX

/llcmo'IHUK: 1. AHaIIU3 O~eHLJ.(UKa.

3neMeHTb1CpaBHeHH~

npe11no>KeHHe YcnoBH51 pblHKa 11ma OL\eHKH aKTYanbHO Ha

AaTY OL\eHKH

XapaKTep aHanora npHpaBHHBaeT

ocj:leprn C51 K c11enKe

nepe11asaeMble HMylljeCTBeHHble npaBa, npaso npaso

orpaHH4eHH51 co6crneHHocrn co6crneHHocrn (o6peMeHeHH51 arnx npas)

CTeneHb roTOBHocrn (cpoK CAa4H)

c11aH c11aH

nonHa51 YcnoBH51 cj:lHHaHcHposaHH51 non H a51 onn aTa

onnma

rnnH4Hble 11n51 rnnH4Hble 11n51 YcnoBH51 npoAa>KH

pblHKa pblHKa

BHA Hcnonb30BaHH51 H (HnH) He>K11noe He>K11noe 30HHpOBaHHe noMelljeHHe noMelljeHHe

c11aH c11aH

nonHa51 onnaTa nonHa51 onnaTa

rnnH4Hble 11n51 rnnH4Hble 11n51 pblHKa pblHKa

He>K11noe He>K11noe noMelljeHHe noMelljeHHe

r. CypryT, r. CypryT, yn ll1ocHcj:la yn ll1ocHcj:la

KaponH HCKoro, KaponHHCKoro, 11. 14/2 11. 14/2

L\OKOnbHblH L\OKOnbHblH

126,10 121,60

6e3 oT11enKH 6e3 oT11enKH

HeT 11aHHblX HeT 11aHHblX

HeT 11aHHblX HeT 11aHHblX

HeT 11aHHblX HeT 11aHHblX

npe11no>KeHHe npe11no>KeHHe aKTyanbHO Ha aKTYanbHO Ha 11aTY OL\eHKH 11aTY OL\eHKH

ocj:leprn ocj:leprn

npaso npaso co6crneHHocrn co6crneHHocrn

c11aH c11aH

nonHa51 onnaTa nonHa51 onnaTa

rnnH4Hble 11n51 rnnH4Hble 11n51 pblHKa pblHKa

He>K11noe He>K11noe noMelljeHHe noMelljeHHe

000 11QelITJl O~HKH HllBeCTIIQllH11

.. '

c11aH

nonHa51 onnaTa

rnnH4Hble 11n51 pblHKa

He>K11noe noMelljeHHe

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, 11. 14

L\OKOnbHblH

515,40

6e3 oT11enKH

HeT 11aHHblX

HeT 11aHHblX

HeT 11aHHblX

npe11no>KeHHe aKryanbHO Ha 11aTY OL\eHKH

ocj:leprn

npaso co6crneHHocrn

c11aH

nonHa51 onnaTa

rnnH4Hble 11n51 pblHKa

He>K11noe noMelljeHHe

Pe3ynbTaTbl cpaBHeHH~

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4H51 He cylljecrneHHble,

KOppeKrnpOBKa He npOBOAHnacb

0TnH4H51 cylljecrneHHble,

BBOAHTC51 nonpaBKa Ha 3Ta>K

pacnono>KeHH51

0TnH4H51 cylljecrneHHble,

npOBOAHnC51 aHanH3 BnH51HH51 nnolljaAH Ha

CTOHMOCTb

0TnH4H51 cylljecrneHHble,

BBOAHTC51 nonpaBKa Ha Tex. COCT051HHe

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

Ta6m11..1a 23.

Pe3ynbTaTbl cpaBHeHH~

0TnH4H51 He cylljecrneHHble,

KOppeKrnpOBKa He npOBOAHnacb

0TnH4H51 cylljecrneHHble,

BBOAHTC51 nonpaBKa Ha yToprosaHHe

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

0TnH4HH HeT, KOppeKrnpOBKa He

npOBOAHnacb

37

Page 38: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 11QelITJl O~HKH HllBeCTIIQllH11

3neMeHTb1CpaBHeHH~ .... , __

- - . MecTonono>KeHHe

3Ta>K pacnono>KeHHfl

06LJ.\a51 nflOLJ.\a{J,b, KB. M

Tex. cocTOflHHe

3KOHOMH4eCKHe xapaKTepHCTHKH

HanH4He ABH>KHMoro HMYLJ.\ecrna, He CB513aHHoro

C He{J,BH>KHMOCTblO

Apyrne xapaKTepHcrnKH (:rneMeHTbl) BflHS'llOLJ.\He Ha

CTOHMOCTb

/llcmo'IHUK: 1. AHaIIU3 O~eHLJ.(UKa.

r. CypryT, yn. ll1ocHcj:la

KaponH HCKoro, {J,. 14/1

2

1 542,60

C OT{J,eflKOH

HeT p,aHHblX

HeT

HeT p,aHHblX

BHeceH1-1e KOQQeKrnQOBOK

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, {J,. 14/2

L\OKOflbHblH

129,90

6e3 OT{J,eflKH

HeT p,aHHblX

HeT p,aHHblX

HeT p,aHHblX

r. CypryT, yn ll1ocHcj:la

KaponH HCKoro, {J,. 14/2

L\OKOflbHblH

126,10

6e3 OT{J,eflKH

HeT p,aHHblX

HeT p,aHHblX

HeT p,aHHblX

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, {J,. 14/2

L\OKOflbHblH

121,60

6e3 OT{J,eflKH

HeT p,aHHblX

HeT p,aHHblX

HeT p,aHHblX

.. '

r. CypryT, yn ll1ocHcj:la

KaponHHCKoro, {J,. 14

L\OKOflbHblH

515,40

6e3 OT{J,eflKH

HeT p,aHHblX

HeT p,aHHblX

HeT p,aHHblX

Pe3yflbTaTbl cpaBHeHH~

0rnH4HS'l He cyll.\ecrneHHble,

KOppeKrnpOBKa He npOBO{J,HflaCb

0rnH4HS'l cyll.\ecrneHHble,

BBO{J,HTCS'l nonpaBKa Ha 3Ta>K

pacnono>KeHHfl

0rnH4HS'l cyll.\ecrneHHble,

npOBO{J,HflCS'l aHaflH3 BflHS'IHHS'l nflOLJ.\a{J,H Ha

CTOHMOCTb

0rnH4HS'l cyll.\ecrneHHble,

BBO{J,HTCS'l nonpaBKa Ha Tex. COCTOS'IHHe

0TflH4HH HeT, KOppeKrnpOBKa He

npOBO{J,HflaCb

0TflH4HH HeT, KOppeKrnpOBKa He

npOBO{J,HflaCb

0TflH4HH HeT, KOppeKrnpOBKa He

npOBO{J,HflaCb

Ha :nane BHeceH1-1s:i nonpasoK (KOppeKrnposoK) 6b1no npoaHan1-131-1posaHo 0Tnw-11-1e He}f{1-1noro noMell.\eH1-1s:i,

B OTHOWeHL-11-1 KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i CTOL-IMOCTb ,QOnl-1 B npase 24468/46167 OT 06beKTOB­

aHanoros no ps:i.Qy np1-13HaKOs, 1-1 BHeceHbl coorneTCTBYIOLl.\L-le nonpaBKL-1 (1-1n1-1 6b1n1-1 npose,QeHbl

1-1ccne,QOBaHL-1S'I Ha He06XO,QL-IMOCTb BHeCeHL-151 ,QaHHblX nonpaBOK). BL-1,Qbl BHOCL-!MblX nonpaBOK:

• Ha xapaKrnp aHanora - ocpeprn 1-1n1-1 C.QenKa (nonpasKa Ha rnpr);

• Ha cp1-131-1'-1eCK1-1e xapaKrnp1-1crnK1-1 o6beKrn B '-lacrn nnoll.\a.Q1-1 (1-1ccne,QosaH1-1s:i Ha Heo6xo,Q1-1MOCTb

BHeCeHL-151 nonpaBKL-1);

• Ha cp1-131-1'-1eCK1-1e xapaKrnp1-1crnK1-1 o6beKTa B '-lacrn :na}f{a pacnono}f{eH1-1s:i;

• Ha cpi-131-1'-leCKL-!e xapaKTep1-1crnKL-1 06beKTa B '-lacrn TeXHL-1'-leCKOro COCTOS'IHL-151.

no cne.QYIOLl.\L-IM :rneMeHTaM cpasHeH1-1s:i:

• ycnOBL-151 pblHKa (L-13MeHeHL-!S'I L\eH 3a nepl-10,Q Me~y ,QaTaML-1 C,QenKL-1 1-1 OL\eHKL-1, CKL-1,QKL-1 K L\eHaM

npe.QnO}f{eH1-1i:i, L-1Hb1e ycnos1-1s:i);

• nepe,QasaeMble L-IMYLl.\ecrneHHble npasa, orpaH1-1'-leH1-1s:i (06peMeHeH1-1s:i) 3rnx npas;

• CTeneHb roTOBHOCrn (cpoK C,Qa'-11-1);

• ycnos1-1s:i cp1-1HaHc1-1posaH1-1s:i cocrns:iswei:ics:i 1-1n1-1 npe,QnonaraeMoi:i C.QenK1-1 (BL-1.Q onnaTbl, ycnos1-1s:i

Kpe,Q1-1rnsaH1-1s:i, L-1Hb1e ycnos1-1s:i);

• ycnos1-1s:i npo,Qa}f{L-1 (Hernn1-1'-IHb1e ,Qns:i pblHKa ycnos1-1s:i, C.QenKa Me~y acpcp1-1n1-1posaHHblML-1 n1-1L\aM1-1,

L-1Hb1e ycnos1-1s:i);

• BL-1.Q 1-1cnonb30BaH1-1s:i 1-1 (1-1n1-1) 30H1-1posaH1-1e;

• MeCTOnonO}f{eH1-1e 06beKrn;

• 3KOHOML-!'-leCKL-!e xapaKrnp1-1crnKL-1 (yposeHb onepal.\L-!OHHblX paCXO,QOB, ycnOBL-151 apeH,Qbl, COCTaB

apeH,Qarnpos, L-1Hb1e xapaKrnp1-1crnK1-1);

• Hanl-1'-IL-!e ,QBL-!}f{L-1MOro L-IMYLl.\eCTBa, He CBS'l3aHHOro c He,QBL-!}f{L-1MOCTblO;

• ,Qpyrne xapaKTep1-1crnKL-1 (3neMeHTbl), Bnl-IS'llOLl.\1-le Ha CTOL-IMOCTb.

nonpaBKL-1 He BBO,QL-lnL-!Cb no npl-1'-IL-!He 1-1,QeHrn'-IHOCrn yKa3aHHblX 3neMeHTOB cpasHeHL-151 y OL\eHL-!BaeMoro

o6beKTa 1-1 o6beKTOB-aHanoros.

On1-1caH1-1e n12oseneHHblX KOQQeKrnQOBOK.

nonpaBKa Ha mope.

KaK npas1-1no, np1-1 3aKpb1rn1-1 C.QenoK no Kynne-npo,Qa}f{e He.QBL-!}f{L-!MOcrn, B03MO}f{HO, HeKornpoe CHL-1}f{eH1-1e

nnarn}f{a (s pe3ynbTaT8 rnpra).

V13 rnnec:j:lOHHOro L-IHT8pBblOL-!pOBaHL-1S'I cnel.\L-1an1-1CTOB OT,Qena npo,Qa}f{ KOMnaHL-11-1 npo,QaBL\a «AH Tai:IM

npocp1-1» r. CypryT, (rnn. +7 (3462) 51-04-02) Bb1s:icH1-1nocb, '-ITO npe,QnonaraeMbli:i rnpr np1-1 np1-106pernH1-11-1

38

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

nOMell.\eHL-!i:i, MO}f{eT eoeTaBmlTb ,QO (ML-!Hye) 3%. np1-1HL-1Ma5I BO BHL-!MaHL-!e TO o6eT051T8nbeTBO, '-ITO yKa3aHHa51 senw-11-1Ha 51Bn51eTe51 npe,QenbHOi:i ,Qn51 o6beKTOB-aHanoros, np1-1 npose,QeH1-11-1 HaeT05lll.\ei:l OL\eHKL-1 B Ka'-leerne nonpaBKL-1 Ha rnpr 1-1enonb3osanoeb epe.QHee 3HaL1eH1-1e 1-1Hrnpsana OT 0% .QO (M1-1Hye) 3%, eoernsn5llOL1\ee (M1-1Hye) 1,5%. Pe3ynbTaTbl pae'-lern y.QenbHOi:i L\eHbl npo,Qa}f{L-1 o6beKTOB-aHanoros e y'-leTOM rnpra npe,QernsneHbl B rn6n. 24.

T a6m11..1a 24. Pe3y11bTaTbl pac'leTa y,1:1e11bHOM 1..1eHbl npo,1:1a>1n1 06beKTOB-aHa11oros c y'leToM Topra

• • MecTononmKeH111e nno11.1a,11,b, KB.M. LleHa 1 KB. M, py6. Topr, %

06beKT 1 r. CypryT, yn. Vloci-icpa

129,90 58 000 -1,5 Kaponi-iHcKoro, ,11,. 14/2

r. CypryT, yn. Vloci-icpa 126,10 58 000 -1,5

Kaponi-iHcKoro, ,11,. 14/2 06beKT 2

r. CypryT, yn. Vloci-icpa 121,60 58 000 -1,5

Kaponi-iHcKoro, ,11,. 14/2 06beKT 3

r. CypryT, yn. Vloci-icpa 515,40 58 000 -1,5

Kaponi-iHcKoro, ,11,. 14 06beKT4

/llcmo'IHUK: Pac'lem O~eHLJ.(UKa.

AHanu3 He06XOOUMOCmu nonpaBKU Ha o6wyio nnowaob (pa3flUl/Ue nnowaoeiJ).

LleHa 1 KB. M c y'leToM Topra, py6 .

57130

57130

57130

57130

An51 onpe,QeneHL-151 sen1-1'-IL-1Hbl nonpaBKL-1, yL11-1Tb1sa10ll.\ei:l TaKOi:i L\eHoo6pa3ylOLl.\L-1i:l cpaKrnp, KaK nnoll.\a.Qb 06beKTa, 6b1n npose,QeH aHanl-13 3aKOHOMepHoerni:i L\eH006pa30BaHL-!51 Ha 06beKTbl, aHanOrl-1'-IHble OL\eHL-!BaeMOMY 1-1 Bbl6paHHblX B Ka'-leerne 06beKTOB-aHanoros.

3Ha'-1eH1-1e ,QaHHOi:i nonpaBKL-1 onpe,Qen51nOeb Ha oeHOBaHL-11-1 L-!Hc:j:lOpMal.\L-11-l, nony'-leHHOi:i B pe3ynbTaTe 1-1Hrnpsb101-1posaH1-15I enel.\1-1an1-1erns areHTerna He.QBL-l}f{L-!Moern AH «Tai:IM npocp1-1» r. CypryT (http://time­proffi.ru , rnn. +7 (3462) 51-04-02; 36-63-41; 62-69-99; 60-17-76; 64-51-40; 61-20-50), Ha eai:irn Kornporo ony6n1-1KosaHa 1-1HcpopMal.\L-15I 06 o6beKrnx-aHanorax, 1-1enonb3yeMblX np1-1 pae'-lernx. B pe3ynbTaT8 neperosopos yeTaHOBneHO, '-ITO y,QenbHa51 eTOL-!MOeTb He}f{L-!nblX BeTpOeHHO-np1-1eTpOeHHblX noMell.\eHL-!i:i B O,QHOM ,QOMe pa3nl-1'-IHOi:i nnOLl.\a.QblO npaKrn'-leeKL-1 He 3as1-1e1-1T OT nnoll.\a.QL-1 noMell.\eH1-1i:i, a 3as1-1e1-1T OT .Qpyrnx cpaKrnpos (Ka'-leerno OT.QenK1-1, BHYTPeHH5151 oeHall.\eHHOeTb noMell.\eH1-1i:i), a TaK}f{e OT noKynmenbeKoro enpoea Ha KOHKpernb1i:i o6beKT 1-1 n1-1L1Horo peweHL-151 eo6erneHHL-!Ka.

Bee 06beKTb1-aHanorn pa3nl-1'-IHOi:i nnoll.\a.QblO BbleTasneHbl Ha npo.Qa~ no O.QHOi:i ern1-1Moern - 58 000 py6./KB. M. TaKL-!M o6pa30M, L\eneeoo6pa3HO npe,QnonO}f{L-!Tb, '-ITO y.QenbHa51 ern1-1MoeTb npo,Qa}f{L-1 paeeMaTp1-1saeMblX He}f{L-1nb1x noMell.\eH1-1i:i He 3as1-1e1-1T OT 1-1x nnoll.\a.Q1-1 1-1 nonpasKy Ha pa3n1-1L11-1e nnoll.\a.Qei:i BBO.QL-!Tb He L\eneeoo6pa3HO. B es5131-1 e 3rnM, OL\eHLl.\L-IK np1-1H5ln peweH1-1e nonpasKy Ha nnoll.\a.Qb ,Qn51 seex 06beKTOB-aHanoros He BBO,QL-!Tb (3Ha'-1eH1-1e ,QaHHOi:i nonpaBKL-1 npl-IH51TO paBHblM 0). nonpaBKa Ha 3ma)I( pacnOflO)l(eHUR 06beKma.

B o6Ll.\eM eny'-lae 3Ta}f{ paenono}f{eHL-151 o6beKrn sn1-15leT Ha noKa3arnn1-1 y.QenbHOi:i eTOL-!Moern o6beKrn He.QBL-!}f{L-!MOern. 3Ha'-leHL-!51 sen1-1L11-1H nonpasoK Ha 3Ta}f{ paenono}f{eHL-151 npe,QernsneHbl B rn6n. 25.

LjOKOJlb

1 3TalK

2 3TalK i-1 BblWe

3Ha'leH111~ se11111'1111Hbl nonpaBKlll Ha 3Ta>K pacno110>KeH111~

3TaJK pacnonoJKeHlllH 3TaJK pacnonoJKeHlllH

LIOKOJlb

0,00% 16,90%

-12,00% 0,00%

- 29,00% -17,00%

-15,00% - 3,00%

1 3TaJK

40,00%

20,48%

0,00%

16,27%

Ta6111111..1a 25.

2 3TaJK Ill BblWe

21,10%

3,61%

-16,27%

0,00%

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03c{Kf!u~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 110. 2. Pac'lemb1 O~eHLJ.(UKa.

Bee 06beKTb1-aHanorn pacnono}f{eHbl Ha L\OKOnbHOM 3Ta}f{e. He}f{L-1noe noMell.\eH1-1e, B ornoweH1-11-1 Kornporo onpe,Qen51eTe51 pblHO'-IHa51 eTOL-!MOeTb ,QOnl-1 B npase 24468/46167, paenonO}f{eHO Ha L\OKOnbHOM, 1-0M 1-1 2-oM 3Ta}f{ax. YKa3aHHoe o6eT051Tenberno np1-1so,Q1-1T K Heo6xo,Q1-1Moern sse.QeHL-151 nonpasoK. np1-1H5ITb1e np1-1 npose,QeH1-11-1 OL\eHKL-1 3Ha'-leHL-!51 nonpasoK Ha 3Ta}f{ paenono}f{eHL-151 npe,QernsneHbl B rn6n. 26.

39

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ta6m11..1a 26. 3Ha'leH111~ nonpasoK Ha 3Ta>K pacno11o>KeH111~

06beKT Ol..leHKlll

06beKT-aHanor 1 06beKT-aHanor 2 06beKT-aHanor 3 06beKT-aHanor 4

noMel.l.leHl-le, pacnonolKeHHoe Ha 0,00% 0,00% 0,00% 0,00% L\OKOJlbHOM 3TalKe

noMel.l.leHl-le, pacnonolKeHHoe Ha 20,48% 20,48% 20,48% 20,48% nepsoM 3TalKe

noMel.l.leHl-le, pacnonolKeHHoe Ha 3,61 % 3,61 % 3,61 % 3,61 % BTOpOM 3TalKe

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03cficfiu~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 110. 2. Pac'lemb1 O~eHLJ.(UKa. 3. AHaIIU3 O~eHLJ.(UKa.

nonpaaKa Ha mexHul./ecKoe cocmoRHue. BBLil.QY rnro, lffO OL\8HL11Ba8M08 H8}f{LilnOe nOM8Ll\8HLi18, B OTHOW8Hli1Lil KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i

CTOLilMOCTb ,QOnlil B npase 24468/46167, Lil Bbl6paHHbl8 ,Qns:i paC'-18Ta 06b8KTbl-aHanorn, Li1M8IOT pa3nlil'-IH08

T8XHLi1'-18CK08 COCTOS'IHLi18 (06b8KT OL\8HKLil - c OT,Q8nKO~, a 06b8KTbl-aHanorn - 683 OT,Q8nKLil), TO

H806XO,Qli1MO ssecrn nonpaBKY Ha T8XHLi1'-18CK08 COCTOS'IHLi18.

3HaL1eH111e ,QaHHO~ nonpasK111 onpe,Qens:inocb Ha ocHose 111HcpopMaL\Li1Lil, npe.QCTasneHHO~ B cnpasKax o

CT0111Mocrn BbmonHeHHblX pa6oT 111 aKTax o np111eMKe BbmonHeHHblX pa6oT no Aorosopy 1-IO/n OT

04.04.2014 r., Aorosopy 2-IO/n OT 26.05.2014 r., Aorosopy 1-IOKH/n OT 27.03.2014 r. 111 Aorosopy 2-IOKH/n OT 26.05.2014 r. AaHHble o crn111Mocrn BbmonHeHHblX pa6oT no Bb1weyKa3aHHblM ,QorosopaM no cocrns:iH11110 Ha .QaTY

npOB8,Q8HLilS'I OL\8HKLil, npe,QCTaBn8Hbl B rn6n. 27 - 30.

,QaHHble 0 CTOlllMOCTlll BblnOilHeHHblX pa6oT no ,Qorosopy N!! 1-IOtn OT 04.04.2014 r.,

BpeMeHHOH nep1110,11,

04.04.2014 - 17.06.2014

02.06.2014 - 27.07.2014

28.07.2014 - 11.08.2014

12.08.2014 - 26.08.2014

27.08.2014 - 04.09.2014

05.09.2014 - 17.09.2014

18.09.2014 - 06.10.2014

07.10.2014 - 06.11.2014

06.11 .2014 - 28.11 .2014

06.11.2014 - 22.12.2014

23.12.2014 - 26.01.2015

LilTOro

2 076 984,43

5 921 247,20

1 143 094,00

3 008188,93

1 118 638,00

1 735 367,52

1 925 310,00

1 762 087,00

1 625172,76

1 053 000,00

256 810,35

21 625900,19

Ta6111111..1a 27.

/llcmo'IHUK: 1. CnpaeKu o cmouMocmu BblnOIIHeHHblX pa6om u aKmb1 o npueMKe BblnOIIHeHHblX pa6om no l/ocoeopy Ng 1-/0ln om 04.04.2014 a.

,QaHHble 0 CTOlllMOCTlll BblnOilHeHHblX pa6oT no ,Qorosopy N!! 2-IOtn OT 26.05.2014 r., no COCTO~HllllO Ha ,QaTy npoBe,QeHlll~ 01..1eHKlll

BpeMeHHOH nep1110,11,

26.05.2014 - 18.06.2014

18.06.2014 - 26.06.2014

26.06.2014 - 17.07.2014

17.07.2014 - 22.10.2014

CTOlllMOCTb 3aTpaT c y1.1eTOM H,QC, py6.

1 015 277,98

799 014,97

1 581 526,39

508 567,88

Ta6111111..1a 28.

40

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

BpeMeHHOH nep110,11,

lllTOro

CTOlllMOCTb 3aTpaT c y1.1eTOM H,QC, py6.

3 904 387,22

/llcmo'IHUK: 1. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 2-/0ln om 26.05.2014 a.

Ta6m11..1a 29.

,QaHHble 0 CTOlllMOCTlll BblnOilHeHHblX pa6oT no ,Qorosopy N!! 1-IOKHtn OT 27.03.2014 r,

BpeMeHHOH nep1110,11,

27.03.2014 - 17.06.2014

02.06.2014 - 27.07.2014

28.07.2014 - 11.08.2014

12.08.2014 - 26.08.2014

27.08.2014 - 04.09.2014

05.09.2014 - 17.09.2014

18.09.2014 - 06.10.2014

07.10.2014 - 06.11.2014

06.11 .2014 - 28.11 .2014

29.11.2014 - 26.01.2015

lllTOro

• CTOlllMOCTb 3aTpaT c y1.1eTOM H,QC, py6.

2168418,68

6 917 866,70

903 540,00

3 861 272,24

1 149 090,00

1 877 970,52

3 364 752,50

1 852 847,50

2 003 430,64

1 379 785,34

21 625900,19

/llcmo'IHUK: 1. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 1-/0KH!n om 27.03.2014 a.

Ta6111111..1a 30.

,QaHHble 0 CTOlllMOCTlll BblnOilHeHHblX pa6oT no N!! 2-IOKHtn OT 26.25.2014 r .. ,

no COCTO~HllllO Ha ,QaTy npoBe,QeHlll~ 01..1eHKlll

BpeMeHHOH nep1110,11,

26.05.2014 - 18.06.2014

18.06.2014 - 26.06.2014

26.06.2014 - 17.07.2014

17.07.2014 - 22.10.2014

lllTOro

CTOlllMOCTb 3aTpaT c y1.1eToM H,QC, py6.

916 898,11

449 900,31

871 538,80

492 495,13

2 730 832,35

/llcmo'IHUK: 1. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 2-/0KH!n om 26.05.2014 a.

Cso.QHb1e .QaHHb1e o crn1t1Mocn1 BbmonHeHHblX pa6oT no Aorosopy 1-IO/n OT 04.04.2014 r.,

Aorosopy 2-IO/n OT 26.05.2014 r., Aorosopy 1-IOKH/n OT 27 .03.2014 r. 1t1 Aorosopy 2-IOKH/n OT

26.05.2014 r., no COCTOs:!HltllO Ha .QaTY npOB8,Q8Hlt151 OL\8HK1t1, npe,QCTaBn8Hbl B ra6n. 31. Ta6111111..1a 31.

CBO,QHble ,QaHHble 0 CTOlllMOCTlll BblnOilHeHHblX pa6oT

N2 ,Qoroeopa

N2 1-IO!n OT 04.04.2014 r.

N2 2-IO!n OT 26.05.2014 r.

N2 1-IOKH!n OT 27.03.2014 r.

N2 2-IOKH!n OT 26.25.2014 r.

lllTOro

CTOlllMOCTb 3aTpaT c y1.1eToM H,QC, py6.

21625900,19

3 904 387,22

25 478 973,00

2 730 832,00

53 740 092,41

/llcmo'IHUK: 1. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 1-/0ln om 04.04.2014 a.

2. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 2-/0ln om 26. 05. 2014 a. 3. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 1-/0KH!n om 27. 03. 2014 a.

4. CnpaeKu o cmouMocmu BbmonHeHHblX pa6om u aKmb1 o npueMKe BbmonHeHHblX pa6om no l/oweopy Ng 2-/0KH!n om 26. 05. 2014 a.

TaKltlM o6pa30M, y,QenbHas::i CTOltlMOCTb BblnOnH8HHblX pa60T no OT,Q8nKe H8}1{1.1nOro nOM8Ll\8Hlt151, B

OTHOW8Hltllt1 KOTOporo onpe,Qens::ieTCs:I pblHO'-IHas::i CTOltlMOCTb ,QOnltl B npase 24468/46167, c Y'-18TOM

OKpyrneH1t1~ cocrasns::ieT:

41

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

CyopeMDlfl11a =53 740 092,41/4 616,7=11 640 py6.hw.M

YKa3aHH08 3Ha'-18HL-18 y,QenbHOi:i CTOL-IMOCrn 3aTpaT Ha OT,Q8nKy H8}f{L-!noro nOM8Ll.\8HL-IS'I, B OTHOW8HL-11-1

KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i CTOL-IMOCTb ,QOnl-1 B npase 24468/46167, np1-1HL-1Man1-1Cb B Ka'-18CTB8

nonpaBKL-1 Ha T8XHL-1'-18CK08 COCTOS'IHL-18 ,Qns:i COOTB8TCTBYIOL1\L-IX nOM8Ll.\8HL-!i:i.

Pe3ynbTaTbl paC'-18Ta CKOppeKrnposaHHOi:i CTOL-IMOCrn 06b8KTOB-aHanoros npe,QCTaBn8Hbl B rn6n. 32 - 34. Ta6m11..1a 32.

Pe3y11bTaTbl KoppeKT111posK111 06beKTOB-aHa11oros ,1:111~ 'laCTlll He>K11111oro noMe11.1eH111~.

Ha111MeH0BaH111e noKa3aTeneH

pacnOilO>K-eHHOro Ha 1..10-KOil:~~~ 3Ta>K- e • • • . •• • . • ••.

. . . . . . . . . . . . . . . ., nnol.l.laAb, KB. M 1 545,3 129,9 126,1 121,6 515,4

CTOl-lMOCTb, py6. 7 534 200 7 313 800 7 052 800 29 893 200

YAeJlbHai:i CT01<1MOCTb, py6./KB.M. 58 000 58 000 58 000 58 000

nonpaBKa Ha yTOproBblBaH1<1e, % -1,5 -1,5 -1,5 -1,5

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M. 57130 57130 57130 57130

nonpaBKa Ha nnol.l.laAb, % 0 0 0 0

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M. 57130 57130 57130 57130

nonpaBKa Ha 3TalK, % 0 0 0 0

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M. 57130 57130 57130 57130

nonpaBKa Ha TeX. COCTOl'lHl-le, py6. 11 640 11 640 11 640 11 640

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M. 68 770 68 770 68 770 68 770

/llcmo'IHUK: 1. Pac'lemb1 O~eHLJ.(UKa.

Ta6111111..1a 33. Pe3y11bTaTbl KoppeKT111posK111 06beKTOB-aHa11oros ,1:111~ 'laCTlll He>K11111oro noMe11.1eH111~.

nnol.l.laAb, KB. M

CTOl-lMOCTb, py6.

Ha111MeH0BaH111e noKa3aTeneH

YAeJlbHai:i CT01<1MOCTb, py6./KB.M.

nonpaBKa Ha yTOproBblBaH1<1e, %

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M.

nonpaBKa Ha nnol.l.laAb, %

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M.

nonpaBKa Ha 3TalK, %

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M.

nonpaBKa Ha TeX. COCTOl'lHl-le, py6.

CKOppeKTl-lpOBaHHal'l CTOl-lMOCTb, py6./KB.M.

/llcmo'IHUK: 1. Pac'lemb1 O~eHLJ.(UKa.

pacno110->KeHHoro Ha n-ep:~~ .3Ta>Ke-·.. •• • . • ••.

. . . . . . . . . . . . . . . ., 1 528,8 129,9 126,1 121,6 515,4

7 534 200 7 313 800 7 052 800 29 893 200

58 000 58 000 58 000 58 000

-1,5 -1,5 -1,5 -1,5

57130 57130 57130 57130

0 0 0 0

57130 57130 57130 57130

20,48 20,48 20,48 20,48

68 830 68 830 68 830 68 830

11 640 11 640 11 640 11 640

80 470 80 470 80 470 80 470

T a6111111..1a 34. Pe3y11bTaTbl KoppeKT111posK111 06beKTOB-aHa11oros ,1:111~ 'laCTlll He>K11111oro noMe11.1eH111~.

nnol.l.laAb, KB. M

CTOl-lMOCTb, py6.

Ha111MeH0BaH111e noKa3aTeneH

YAeJlbHai:i CT01<1MOCTb, py6./KB.M.

nonpaBKa Ha yTOproBblBaH1<1e, %

pacno110->KeHHoro Ha B-To~~~ .3Ta>Ke-·.. •• • . • ••.

. . . . . . . . . . . . . . . ., 1 542,6 129,9 126,1 121,6 515,4

7 534 200 7 313 800 7 052 800 29 893 200

58 000 58 000 58 000 58 000

-1,5 -1,5 -1,5 -1,5

42

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ha111MeH0BaH111e noKa3aTeneH --···•···•···•··· . . . . . . . . . . . . . . . .,

CKOppeKTlllpOBaHHal'l CTOlllMOCTb, py6./KB.M. 57130 57130 57130 57130

nonpaBKa Ha nnol.l.laAb, % 0 0 0 0

CKOppeKTlllpOBaHHal'l CTOlllMOCTb, py6./KB.M. 57130 57130 57130 57130

nonpaBKa Ha 3TalK, % 3,61 3,61 3,61 3,61

CKOppeKTlllpOBaHHal'l CTOlllMOCTb, py6./KB.M. 59192 59192 59192 59192

nonpaBKa Ha TeX. COCTOl'lHllle, py6. 11 640 11 640 11 640 11 640

CKOppeKTlllpOBaHHal'l CTOlllMOCTb, py6./KB.M. 70 832 70 832 70 832 70 832

/llcmo'IHUK: 1. Pac'lemb1 O~eHLJ.(UKa.

CornacosaH1-1e pe3ynbTaTOB KoppeKrnpoBKL-1

B o6Ll.\eM cnyL1ae cornacosaH1-1e pe3ynbTaTOB OL\8HL-1 1-1 cpopM1-1posaH1-1e 1-1rnrosoro 3HaL1eH1-1s:i crn1-1Mocrn

8.QL-IHL-IL\bl cpasHeH1-1s:i B03MO}f{HO c 1-1cnonb30BaH1-1eM .QBYX anrop1-1TMOB:

• paCL18T cpe,QH8B3B8W8HHOro 3Hal.18HL-IS'I, nyrnM BB8,Q8HL-IS'I B8COBblX K03cpcpi-1L\L-18HTOB;

• pacL1eT crn1-1Mocrn nyrnM pacL1eTa cpe.QHero 3HaL1eH1-1s:i 1-1 OL\8HKa crnrncrnL1ecKoi:i norpewHocrn.

B HaCTOS'lll.\8M 0TLl8T8 paCL18T CTOL-IMOCrn 06b8KTa OL\8HKL-1, nonyLl8HHOi:i Ha OCHOB8 1-1cnonb30BaHL-!S'I

cpaBHL-!TenbHOro nO,QXO,Qa, npOBO,QL-!ncs:i Ha OCHOB8 anropL-!TMa paCL18Ta cpe,QH8B3B8W8HHOro 3Hal.18HL-IS'I,

nyrnM BB8,Q8HL-IS'I B8COBblX K03cpcpi-1L\L-18HTOB.

Pacl/em cpeoHeB3BeweHHOiJ cmouMocmu, nymeM aaeoeHUR aecoBbJX K03cfxpuu,ueHmoa. Beca Ka~OMY 1-13 06b8KTOB-aHanoros np1-1,QalOTCS'I B 3aBL-!CL-IMOCrn OT crnneHL-1 OTKnOH8HL-IS'I

CKoppeKrnposaHHOi:i y.QenbHOi:i crn1-1Mocrn OT nepsoHaL1anbHOi:i. ct>opMyna ,Qns:i pacL1ern y.QenbHOro seca

o6beKTa-aHanora 1-1MeeT BL-1.Q:

D= Q-q *(-1 ), Q n-l

r,Qe:

D - y.QenbHbli:i sec o6beKrn-aHanora;

Q - cyMMapH08 OTKnOH8HL-18 no BC8M 06b8KTaM-aHanoraM;

q - OTKnOH8HL-18 no ,QaHHOMY 06b8KTy-aHanory;

n - KOnl-ILl8CTBO 06b8KTOB-aHanoros.

Pe3ynbTaTbl pacL1eTa cpe.QH8B3seweHHOi:i y.QenbHOi:i crn1-1Mocrn, nyrnM sse,QeH1-1s:i secosb1x

K03cpcpi-1L\L-18HTOB, npe,QCTaBn8Hbl B rn6n. 35 - 37. Ta6m11..1a 35.

Pe3yilbTaTbl paclfeTa cpe,QHeB3BeweHHOM y,QeilbHOM CTOlllMOCTlll ,Qil~ lfaCTlll He>1<11111oro noMe11.1eH111~. pacno110>1<eHHOro Ha l..IOKOilbHOM 3Ta>Ke

1wne1·1·. lll!lll:w!!l .. ,.a·111z.ne11z.n11 L\eHa npeAJlOlKeHllll'l 1 KB. M, py6. 58 000 58 000 58 000 58 000

CKOppeKTlllpOBaHHal'l l.\eHa npeAJlOlKeHllll'l 1 KB. M, py6. 68 770 68 770 68 770 68 770

0TKJlOHeH111e no 06beKTY-aHanory, py6./KB. M. 10 770 10 770 10 770 10 770

CyMMapHoe OTKJlOHeH111e, py6./KB. M 43 080

Beca 25,00% 25,00% 25,00% 25,00%

Cpe,11,HeB3BeweHHaH y,11,eJlbHaH CTOlllMOCTb, c y1.1eTOM 68 800

OKpyrneHlllH py6./KB. M /llcmo'IHUK. 1. Pac'lemb1 O~eHLJ.(UKa.

Ta6111111..1a 36. Pe3yilbTaTbl paclfeTa cpe,QHeB3BeweHHOM y,QeilbHOM CTOlllMOCTlll ,Qil~ lfaCTlll He>1<11111oro noMe11.1eH111~.

pacno110>1<eHHoro Ha nepsoM 3Ta>Ke

L\eHa npeAJlOlKeHllll'l 1 KB. M, py6.

CKOppeKTlllpOBaHHal'l l.\eHa npeAJlOlKeHllll'l 1 KB. M, py6.

0TKJlOHeH111e no 06beKTY-aHanory, py6./KB. M.

•mM11·1· ... ::"t·o·1·11•mMe1•mM1• 58 000 58 000 58 000 58 000

80 470

22 470

80 470

22 470

80 470

22 470

80 470

22 470

43

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ha111MeH0BaH111e noKa3aTem1 1wne11wn111*ne11z"Uil CyMMapHoe OTKJlOHeHi-ie, py6./KB. M

Beca

Cpe,11,HeB3BeweHHaH y,11,eJlbHaH CTOlllMOCTb, c y1.1eTOM OKpyrneHlllH py6./KB. M

/llcmo'IHUK. 1. Pac'lemb1 O~eHLJ.(UKa.

89 880

25,00%

80 500

25,00% 25,00% 25,00%

Ta6m11..1a 37. Pe3yilbT3Tbl pac'leTa cpe,QHeB3BeweHHOili y,QeilbHOili CTOlllMOCTlll ,Qil~ '13CTlll He>1<11111oro noMe11.1eH111~,

Ha111MeH0BaH111e noKa3aTensi

pacno110>1<eHHoro Ha BTopoM 3Ta>Ke•l!!ll!!!ll•

lwUfillwUfill*UMllz'Uil LjeHa npe,11,JlOlKeHl-ll'l 1 KB. M, py6. 58 000 58 000 58 000 58 000

CKOppeKTl-lpOBaHHal'l l.\eHa npe,11,JlOlKeHl-ll'l 1 KB. M, py6. 70 832 70 832 70 832 70 832

0TKJlOHeHi-ie no 06beKTY-aHanory, py6./KB. M. 12 832 12 832 12 832 12 832

CyMMapHoe OTKJlOHeHi-ie, py6./KB. M 51 328

Beca 25,00% 25,00% 25,00% 25,00%

Cpe,11,HeB3BeweHHaH y,11,eJlbHaH CTOlllMOCTb, c y1.1eTOM 70 800

OKpyrneHlllH py6./KB. M /llcmo'IHUK. 1. Pac'lemb1 O~eHLJ.(UKa.

CT0"1MOCTb Ka~oro nOM8Ll.\8H"151, BXO.QS'lll.\8rD B COCTaB H8}1{"1noro nOM8Ll.\8H"151, B OTHOW8H"1"1 KOTOporo

onpe,Qens:ieTcs:i pb1HOL1Has:i CT0"1MOCTb ,Qon1-1 B npase 24468/46167, onpe,Qens:inacb no cpopMyne:

cnOM = so6. * cnpoi!'

r,Qe:

S 06. - 06Ll.\aS'I nnOLl.\a.Qb nOM8Ll.\8H"151, KB. M;

Cnpoi! - Cp8,QH8B3B8W8HHaS'I CKOppeKrnposaHHaS'I Lj8Ha npO,Qa}l{"1, py6./KB. M.

Pe3ynbTaTbl paCL18Ta CT0"1MOCT"1 Ka~oro nOM8Ll.\8H"151, BXO.QS'lll.\8rD B COCTaB H8}1{"1nOro nOM8Ll.\8H"151, B OTHOW8H"1"1 KOTOporo onpe,Qens:ieTCS'I pblHO'"IHas:i CT0"1MOCTb ,QOn"1 B npase 24468/46167, npe,QCTaBn8Hbl B

rn6n. 38. Ta6111111..1a 38.

Pe3yilbT3Tbl pac'leTa CTOlllMOCTlll Ka>K,Qoro noMe11.1eH111~, BXOA~ll.lero B COCTaB He>1<11111oro noMell.leHlll~,

N2 o6beKTa

noMel.l.jeH1<1e, pacnonolKe HHoe Ha l.\OKOJlbHOM :nalKe

noMel.l.jeH1<1e, pacnonolKe HHoe Ha nepBoM 3TalKe

noMel.l.jeH1<1e, pacnonolKe HHoe Ha BTOpOM 3TalKe

lllTOro

l.\OKOJlbHbl"

2

/llcmo'IHUK. 1. Pac'lemb1 O~eHLJ.(UKa.

• •

0611.1asi nno11.1a,11,b, KB. M

1 545,30

1 528,80

1 542,60

4 616,70

a e 24468/46167 • Y,11,eJlbHaH CTOlllMOCTb,

py6./ KB. M

68 800

80 500

70 800

CTOlllMOCTb o6beKTa, py6. c H,QC

106 316 640

123 068 400

109 216 080

338 601 120

TaK"1M o6pa30M, CT0"1MOCTb ,Qon1-1 B npase 24468/46167 Ha H8}1{"1noe noMell.\eH1-1e «Toproso-ocp1-1cHb1.;; Lj8HTP «B3nETHblll1», Ha3HaL1eH1-1e: H8}1{"1noe, LjOKOnbHb1.;; :na}I{ N2-1, :na}I{ N2 1, :na}I{ N2 2, o6Ll.\as:i

nnoll.\a.Qb: 4616,7 KB.M, a,Qpec (MeCTOHaxo~eH1-1e) o6beKTa: XaHTb1-MaHc1-1.;;cK1-1.;; asTOHOMHbl.;; OKpyr -IOrpa, r. CypryT, yn. V1oc1-1cpa Kapon1-1HcKoro, .Q. 14/1, Toproso-ocp1-1cHb1.;; Lj8HTP «B3nETHblll1»,

Ka,QaCTpOBbl.;; ("1n"1 ycnOBHbli;j) HOMep: 86:10:0101251 :4325, nony'"l8HHas:i Ha OCHOB8 "1CnOnb30BaH"1S'I

cpasH1-1TenbHOro no.QXO.Qa, c y'"leTOM HAC, c y'"leTOM OKpyrneH1-1.;;, cocrnsns:ieT:

24 468 COORUcpOBH =338 601120* =179 455 000 py6.

. 46 167

44

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

6.2. Pac"leT CTOlllMOCTlll o6beKTa OL\eHKlll JaTpaTHblM no,QXO.QOM

np1-1 npOBe,QeHl-11-1 HaCTOSHl.\ei:l OL\eHKl-1 3aTpaTHbli:i nO,QXO,Q He np1-1MeHS'lnCS'I. 060CHOBaHi.1e OTKa3a OT

np1-1MeHeHl-1S'I 3aTparnoro nO,QXO,Qa K OL\eHKe 06beKTOB OL\eHKl-1 npe,QCTaBneHO B pa3,Qene 5.3. HaCTOS'lll.\ero

OT'-leTa.

6.3. Pac"leT CTOlllMOCTlll o6beKTa OL\eHKlll .QOXO.QHblM no,QXO.QOM

6.3.1. 06111111e nono>1<eH111~

CyTb .QOXO.QHOro no.QXO.Qa 3aKn10L1aeTcs:i s nepec'-lern2

Kon1-1L1ecrneHHblX 3HaL1eH1-1i:i .QOXO.QOB, noTeHL\l-1anbHO

cpopM1-1pyeMblX B pe3ynbTaTe 1-1cnonb30BaHi.1S'l3

06beKTa OL\eHKl-1, B 3Ha'-1eH1-1e ero CTOl-1MOCrn.

ct>aKrn'-leCKl-1 yKa3aHHas:i npOL\e.Qypa 3aKnlO'-laeTCS'I B npe,QCTaBneHl-11-1 CTOl-1MOCrn 06beKTa cyMMOi:i

l-1HBeCrnl.\l-10HHblX BKna,QOB , Ka>l<,Qbli:i 1-13 KOTOpblX 06ecneL11-1BaeT B i-OM nepi.10,Qe B03Bpall.\eH1-1e

l-1HBeCrnl.\l-10HHOro BKna,Qa 1-1 nony'-leH1-1e ,QOXO,Qa no onpe,QeneHHOi:i CTaBKe ,QOXO,QHOCrn , paCC'-ll-1TblBaeMoro

no cxeMe cno:>KHoro npol.\ecca.

6a3osas:i pac'-lernas:i 3aBi.1Cl-1MOCTb ,QOXO,QHOro nO,QXO,Qa i.1MeeT cne.QYIOLl.\l-1i:l Bl-1,Q:

n

PV = LCJ\ *(I-rY, (1) i=l

r,Qe:

PV - crn1-1MOCTb o6beKrn OL\eHKl-1 (np1-1se,QeHHas:i crn1-1MOCTb B 06Ll.\enp1-1Hs:irni:i rnpM1-1Honor1-11-1);

CFi - noTOK .QOXO.Qa i-oro nep1-10.Qa;

r - HOpMa ,QOXO,Qa Ha l-1HBecrnposaHHbli:i Kan1-1rnn;

i = l...n - HOMepa paCCMaTp1-1saeMblX nepi.10,QOB nony'-leHl-151 ,QOXO,Qa.

Ha ocHose 3as1-1c1-1Mocrn (1) Tpa.Ql-1L\l-10HHO pean1-13yeTcs:i Memoo oucKoHmupoaaHuR oeHe)l(HbJX nomoKOB. B o6Ll.\eM cny'-lae Memoa aucK0HmupoaaHH&1x aeHe)l{H&1x nomoKoa (P,P,n) ,QernneH 1-1 noJsons:ieT

OL\eHl-1Tb 06beKT B cny'-lae nony'-leHl-151 OT Hero Hecrn61-1nbHblX ,QeHe:>KHblX nOTOKOB, MO,Qen1-1pys:i

xapaKrnpHb1e L1epTb1 1-1x nocTynneH1-1s:i. np1-1MeHs:ieTcs:i MeTO.Q AAn, KOr.Qa:

• npe,QnonaraeTCS'I, '-ITO 6YAYLl.\l-1e ,QeHe:>KHble nOTOKl-1 6y,QyT Cyll.\eCTBeHHO OTnl-1'-laTbCS'I OT T8KYLl.\l-1X;

• i.1MelOTCS'I ,QaHHble, n03BOnS'llOLl.\l-1e o60CHOBaTb pa3Mep 6YAYLl.\l-1X nOTOKOB ,QeHe:>KHblX cpe,QCTB OT

He,QBl-1:>Kl-1MOCrn;

• nOTOKl-1 ,QOXO,QOB 1-1 paCXO,QOB HOCS'IT ce30HHbli:i xapaKTep;

• OL\eH1-1BaeMas:i He,QBl-1}1{1-1MOCTb - KpynHbli:i MHOroc:j:lyHKL\l-10HanbHbli:i KOMMep'-leCKl-1i:i 06beKT;

• 06beKT He,QBl-1}1{1-1M0Crn CTpOl-1TCS'I 1-1n1-1 TOnbKO '-ITO nocTpOeH 1-1 BBO,Ql-1TCS'I (1-1n1-1 BBe,QeH B ,Qei:icrn1-1e).

Ans:i pac'-lern AAn Heo6xot:11-1Mb1 .QaHHb1e:

• ,Qn1-1rnnbHOCTb nporH03HOro nep1-10.Qa;

• nporH03Hble seni.1'-ll-1Hbl ,QeHe:>KHblX nOTOKOB, BKnlO'-las:i pesepc1-110;

• CTaBKa ,Ql-1CKOHrnposaHl-1S'I.

np1-1 OL\eHKe He,QBl-1:>Kl-1MOCrn MeTO,QOM AAn paCC'-ll-1TblBaeTCS'I HeCKOnbKO Bl-1,QOB ,QOXO,Qa OT 06beKTa:

noTeHL\l-1anbHb1i:i sanosoi:i .QOXO.Q; ,Qei:icrn1-1rnnbHb1i:i sanosoi:i .QOXO.Q; '-ll-1CTbli:i onepal.\l-10HHbli:i .QOXO.Q;

,QeHe:>KHbli:i noTOK .QO ynnaTbl Hanoros; ,QeHe:>KHbli:i noTOK nocne ynnaTbl Hanoros. Ha npaKT1-1Ke pocc1-1i:icK1-1e

OL\eHLl.\l-1Kl-1 BMecrn ,QeHe:>KHblX noTOKOB .Ql-1CKOHrnpy10T .QOXO.Qbl: YOA (yKa3b1sas:i, '-ITO o6beKT

He,QBl-1:>Kl-1MOCrn npl-1Hi.1MaeTCS'I KaK He ornroll.\eHHbli:i ,QOnrOBblMl-1 o6s:i3aT8nbCTBaM1-1); '-ll-1CTbli:i nOTOK

Hanl-1'-IHOCrn 3a Bbl'-leTOM paCXO,QOB Ha 3KCnnyaTal.\l-1IO, 3eMenbHOro Hanora 1-1 peKOHCTPYKL\l-1IO; o6naraeMylO

HanoroM np1-16b1nb.

TaKl-1M o6pa30M, OeHe)l(Hb/U nomoK wm OflR HeOBU)l(UMOCmu paCC'-ll-1TblBaeTCS'I cne.QYIOLl.\l-1M o6pa30M:

• ,Qei:iCTBl-1T8nbHbli:i sanOBbli:i ,QOXO,Q (ABA) paseH cyMMe nOT8HL\l-1anbHOro sanosoro ,QOXO,Qa (nBA)

3a Bbl'-leTOM nornpb OT He3aHS'ITOCrn 06beKTa, noTepb 1-1 npl-1 c6ope apeH,QHOi:i nnaTbl 1-1 npO'-ll-1X

,QOXO,QOB;

• '-ll-1CTbli:i onepal.\l-10HHbli:i .QOXO.Q (YOA) paseH ABA 3a Bbl'-leTOM onepal.\l-10HHblX pacxo.QOB (OP) 1-1

npe,Qnpl-1Hi.1MaT8nbCKl-1X paCXO,QOB sna,Qenbl.\a He,QBl-1}1{1-1M0Crn, CBS'l3aHHblX c He,QBl-1:>Kl-1MOCTblO;

• ,QeHe:>KHbli:i noTOK (An) .QO ynnaTbl Hanoros paseH cyMMe YOA 3a Bbl'-leTOM Kan1-1rnnosno:>KeH1-1i:i 1-1

pacxo.QOB no 06cny}l{l-1BaH1-110 Kpe,Q1-1rn 1-1 np1-1pocrn Kpe,Q1-1rns;

2 npol.\eAypa nepec4eTa nony4w1a Ha3BaHi-ie Kan1-1Tan1-13al.\l-1l'l. 3 Ha1-1ny4wero 1-1 Hai-i6onee 3cpcpeKrnBHoro i-icnonb30BaHi-ii:i.

45

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

• .Q8H8}f{Hbli:i nornK (An) nocn8 ynnaTbl Hanoros pas8H .Q8H8}f{HOMY nornKy (An) .QO ynnaTbl Hanoros

3a Bbl'-18TOM nnaT8}f{8i:i no Hanory Ha .QOXO.Qbl sna,Q8nbl.\a H8.QBL-!}f{L-!MOCrn.

CTOL-!MOCTb p8s8pc1-11-1 MO}f{HO cnporH031-1posaTb c noMOLl.\blO:

• Ha3Ha'-18HL-151 L\8Hbl npo,Qa}f{L-1, L-ICXO,Q51 1-13 aHan1-13a T8KYLl.\8rD COCT051HL-151 pblHKa, 1-13 MOHL-!TOpL-!Hra

CTOL-IMOCrn aHanOrl-1'-IHblX 06b8KTOB 1-1 np8,QnOnO}f{8HL-!i:i OTHOCL-!TenbHO 6YAYLl.\8rD COCT051HL-151

06b8KTa;

• npl-IH51H151 ,QOnyll.\8HL-!i:i OTHOCL-!TenbHO L-13M8H8HL-151 CTOL-IMOCrn H8,QBL-!}f{L-!MOCH1 3a n8pi-10,Q sna,Q8HL-151;

• Kan1-1rnn1-13al.\L-1L-1 .QOXO.Qa 3a ro,Q, cn8.QY10ll.\L-1i:l 3a ro,QOM OKOH'-laHL-151 nporH03HOro n8p1-10,Qa, c

1-1cnonb30BaHL-!8M caMOCT051T8nbHO paCC'-IL-!TaHHOi:i CTaBKL-1 Kan1-1Tan1-13al.\L-11-1.

CmaaKa OUCKOHmupoaaHUR ,QOn}f{Ha OTpa}f{aTb B3al-IMOCB513b «PL-ICK - ,QOXO,Q», a TaK}f{8 pa3nl-1'-1Hbl8 BL-1,Qbl

pL-!CKa, npl-ICYLl.\1-18 :noi:i H8,QBL-!}f{L-!MOCH1 (K03cpcpi-1L\L-18HT Kan1-1rnn1-13al.\L-11-1).

nocKOnbKY Bbl,Q8nl-1Tb 683L-!Hcpn51L\L-IOHHYIO COCTaBn5llOLl.\YIO ,Qn51 H8,QBL-!}f{L-!MOCH1 ,QOBOnbHO TPYAHO,

OL\8Hll.\L-IKY Y.Q06H88 nonb30BaTbC51 HOML-!HanbHOi:i CTaBKOi:i ,QL-ICKOHrnposaHL-151, TaK KaK B 3TOM cny'-la8

nporH03bl ,Q8H8}f{HblX nOTOKOB 1-1 L-13M8H8HL-151 CTOL-IMOCrn co6CTB8HHOCH1 Y}f{8 BKnlO'-lalOT L-!Hcpn51L\L-IOHHbl8

O}f{L-1,QaHL-151.

P83ynbTaTbl paC'-18Ta T8KYL1\8i:l CTOL-IMOCrn 6YAYL1\L-IX ,Q8H8}f{HblX nOTOKOB B HOML-!HanbHOM 1-1 p8anbHOM

1-1cL11-1cn8HL-15IX O.QL-!HaKOBbl. ,QeHe)l(HbJe nomoKu u cmaaKa oucKoHmupoaaHUR OOfl)l(Hbl coomaemcmaoaamb opya opyay u OOUHaKOBO UCl./UCflRmbCR. B Tpa.QL-!L\L-IOHHOi:i npaKrnK8 ,Qn51 pac'-18Ta CTaBKL-1 .QL-1CKOHrnposaH1-15I np1-1M8H5llOTC5I cn8.QYIOL1\L-18 M8TO.Qbl:

• M8TO,Q KyMyn51H1BHOro nocTp08HL-151;

• M8TO,Q cpaBH8HL-151 anbT8pHarnBHblX L-IHB8CH1L\L-li:l;

• M8TO,Q Bbl,Q8n8HL-151;

• M8TO,Q MOHL-ITOpL-!Hra.

Memoo KYMYnRmuaHoao nocmpoeHUR ocHosaH Ha np8.QnOCblnK8, '-ITO crnsKa .QL-1CKOHrnposaH1-15I 51Bn518TC51

cpyHKL\L-18i:i pL-!CKa 1-1 paCC'-IL-!TblBa8TC51 KaK cyMMa BC8X pl-ICKOB, npl-ICYLl.\L-IX Ka~OMY KOHKP8THOMY 06b8KTY

H8,QBL-!}f{L-!MOCH1. np8ML-151 3a pl-ICK paCC'-IL-!TblBa8TC51 CyMML-!pOBaHL-!8M 3Ha'-18HL-!i:i pl-ICKOB, npl-ICYLl.\L-IX ,QaHHOMy

06b8KTY H8,QBL-!}f{L-1MOCH1.

Memoo Bb1oeneHuR - crnsKa .QL-1CKOHrnposaH1-15I, KaK crnsKa cnO}f{HOro npOL\8HTa, paccL11-1Tb1sa8TC5I Ha

OCHOB8 ,QaHHblX 0 COB8pW8HHblX C,Q8nKax c aHanOrl-1'-IHblML-1 06b8KTaML-! Ha pblHK8 H8,QBL-!}f{L-1M0Crn.

06bl'-1Hbli:i anropL-!TM paC'-18Ta CTaBKL-1 ,QL-ICKOHrnposaHL-151 no M8TO,Qy Bbl,Q8n8HL-151 cn8.QYIOL1\L-li:l:

• MO.Q8n1-1posaH1-18 ,Qn51 Ka~oro o6b8KTa-aHanora B T8'-18HL-18 onp8.Q8n8HHOro n8p1-10,Qa sp8M8HL-1 no

CL\8Hap1-110 Ha1-1ny'-lw8ro 1-1 Ha1-16on88 3cpcp8KrnBHOro 1-1cnonb30BaH1-15I noTOKOB .QOXO.QOB 1-1

paCXO,QOB;

• paC'-18T CTaBKL-1 ,QOXO,QHOCrn L-IHB8CH1L\L-li:l no 06b8KTy;

• nony'-18HHbl8 p83ynbTaTbl o6pa6oTaTb n106b1M np1-18Mn8MblM crnrncrn'-18CKL-IM 1-1n1-1 3KCn8pTHblM

cnoco60M c L\8nbl0 npl-IB8,Q8HL-151 xapaKT8pL-!CH1K aHan1-13a K OL\8HL-!Ba8MOMY 06b8KTy.

Memoo MOHumopuHaa OCHOBaH Ha p8ryn51pHOM MOHL-ITOPL-1Hr8 pblHKa, OTCn8}f{L-!BaHL-!L-1 no ,QaHHblM C,Q8nOK

OCHOBHblX 3KOHOML-1'-18CKL-IX nOKa3aT8n8i:i L-IHB8CH1L\L-li:l B H8,QBL-!}f{L-1MOCTb. no,Q06Hyl0 L-!HcpOpMal.\1-llO

H806xo,Q1-1Mo o6o6Ll.\aTb no pa3nl-1'-IHblM c8rM8HTaM pblHKa 1-1 p8ryn51pHo ny6n1-1KosaTb. TaKL-18 ,QaHHbl8

cny}f{aT Opi-18HrnpoM ,Qn51 OL\8Hll.\L-1Ka, n03BOn5llOT npOBO,QL-!Tb Ka'-18CTB8HH08 cpaBH8HL-18 nony'-18HHblX

paC'-18THblX noKa3aT8n8i:i co cp8.QH8pblHO'-IHblML-1, npos8p5151 o6ocHosaHHOCTb pa3nl-1'-IHOro po.Qa

,QOnyll.\8HL-!i:i.

88,Q8HL-18 B MO,Q8nb (1) p51,Qa ,QOnyll.\8HL-!i:i 1-1 orpaHL-1'-18HL-1i:i npl-IBO,QL-IT K np8o6pa30BaHL-!IO MO,Q8nl-1 M8TO,Qa

,QL-ICKOHrnposaHL-151 ,Q8H8}f{HblX nOTOKOB B MO,Q8nb MeTO,Qa Kam1TaJU13al.\llllil . Tpa.QL-!L\L-IOHHO MO,Q8nb M8TO,Qa

Kan1-1Tan1-13al.\L-11-1 Onl-1Cb1Ba8TC51 3aBL-!CL-IMOCTblO BL-1,Qa:

r,Q8:

v - pblHO'-IHa51 CTOL-IMOCTb 06b8KTa;

I - B8n1-1L11-1Ha .QOXO.Qa;

R-- K03cpcp1-1L\L-18HT Kan1-1rnn1-13al.\L-1L-1.

v = _!____ R'

(2)

H806xo,Q1-1Mo OTM8H1Tb, '-ITO 3as1-1c1-1MOCTb (2) 51Bn518TC51 np806pa3osaHL-18M 3as1-1c1-1Mocrn (1) c y'-18TOM

cn8.QYIOL1\L-IX Knl0'-18BblX ,QOnyll.\8HL-!i:i:

• CTal.\L-!OHapHOCTb nOTOKa ,QOXO,Qa;

• 68CKOH8'-1Hbli:i cpoK nony'-18HL-151 ,QOXO,QOB.

An51 6onbworo L11-1cna n8p1-10.QOB, 3as1-1c1-1MOCTb (1) ynpoll.\a8TC51 nocp8.QCTBOM cnO}f{8HL-151 r80M8Tp1-1L18CK1-1x

46

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

p51.QOB. Ka>t<.Qbli:i Lfn8H r80M8TPL-1Lf8CKOro p51.Qa 51Bn518TC51 .QL-ICKOHrnposaHHOi:i crn1-1MOCTbt0 .QOXO.Qa

OLf8P8.QHOro n8p1-10,Qa. A1-1cK0HrnposaHHa5I CTOL-IMOCTb O.QL-!HaKOBblX no B8nl-1Lfl-IH8 .QOXO.QOB Bb1Lfl-1Cn518TC51 no

cpopMyn8:

PV = CF * [1- 1 ] r (l+rr

(3)

1 np1-1 ,QOnyll.\8HL-11-1 0 68CKOH8LfHOM CpOK8 nonyl.f8HL-151 ,QOXO,Qa l.faCTb Bblpa}f{8HL-151 (3) - CTp8ML-!TbC51 K

(l+rr HyntO, np1-1 3TOM Bblpa}f{8HL-18 (3) npl-IM8T cn8.QYIOLl.\L-li:l BL-1,Q:

Bb1pa}f{8HL-15I (2) 1-1 (4) L-1.Q8Hrnl.fHbl.

PV=CF r

(4)

np1-1 L-!CnOnb30BaHL-!L-1 M8TO,Qa Kan1-1rnn1-13al.\L-11-1 ,QOXO,QOB B CTOL-IMOCTb H8,QBL-!}f{L-!MOCrn np806pa3y8TC51 ,QOXO,Q

3a O,QL-IH Bp8M8HHOi:i n8pl-10,Q. 0CHOBHbl8 3Tanbl npOL\8.QYPbl OL\8HKL-1 M8TO,QOM Kan1-1rnn1-13al.\L-11-1:

• onp8.Q8n8HL-18 O}f{L-1.Qa8Moro ro,Qosoro (1-1n1-1 cp8.QH8ro,Qosoro) .QOXO.Qa, B Kal.f8CTB8 .QOXO.Qa,

r8H8p1-1py8MOro 06b8KTOM H8,QBL-!}f{L-!MOCrn np1-1 8ro Ha1-1nyl.fW8M 1-1 Ha1-16on88 3cpcp8KTL-IBHOM

1-1cnonb30BaH1-11-1;

• paCLf8T CTaBKL-1 Kan1-1Tan1-13al.\L-11-1;

• onp8,Q8n8HL-18 CTOL-IMOCrn 06b8KTa H8,QBL-!}f{L-!MOCrn Ha OCHOB8 Lfl-ICTOro on8pal.\L-!OHHOro ,QOXO,Qa 1-1

K03cpcp1-1L\L-18HTa Kan1-1rnn1-13al.\L-1L-1 nyrnM .Q8n8HL-151 YOA Ha K03cpcp1-1L\L-18HT Kan1-1rnn1-13al.\L-1L-1.

B o6Ll.\8M cnyl.fa8 nop51.QOK pacl.f8Ta .Q8H8}f{HOro nornKa (An) .Qn51 M8TO.Qa Kan1-1rnn1-13al.\1-11-1 L-1.Q8Hrnl.f8H

nop51.QKY pacl.f8Ta on1-1caHHOMY ,Qn51 M8TO.Qa .QL-1CKOHrnposaH1-15I.

Cyll.\8CTBY8T H8CKOnbKO M8TO.QOB onp8.Q8n8HL-151 K03cpcp1-1L\L-18HTa Kan1-1rnn1-13al.\L-1L-1:

• c Yl.f8TOM B03M8Ll.\8HL-151 Kan1-1TanbHblX 3aTpaT (c KOpp8KrnposKOi:i Ha L-13M8H8HL-18 CTOL-IMOCrn

aKrnsa);

• M8TO,Q pblHOLfHOi:i 3KCTpaKL\L-11-1.

Memoo B03MelL(eHuR KanumanbHbJX 3ampam. Ko3cpcp1-1L\1-18HT Kan1-1rnn1-13al.\1-11-1cocrn1-1T1-13 .Qsyx Ltacrni:i:

• CTaBKL-1 ,QOXO,QHOCrn L-IHB8Crnl.\L-11-1 (Kan1-1Tana), 51Bn5llOLl.\8i:IC51 KOMn8HCal.\L-18i:i, KOTOpa51 ,QOn}f{Ha 6b1Tb

Bbmnal.f8Ha L-IHB8CTOpy 3a 1-1cnonb30BaH1-18 .Q8H8}f{HblX cp8.QCTB c yl.f8TOM p1-1cKa 1-1 .Qpyrnx

cpaKTopos, CB513aHHblX c KOHKP8THblML-1 L-1HB8Crnl.\L-15IM1-1;

• HOpMbl B03sparn Kan1-1rnna, T.8. noraw8HL-18 cyMMbl n8psoHal.fanbHblX snO}f{8H1-1i:i. np1-1Lf8M 3TOT

3n8M8HT K03cpcpl-1L\L-18HTa Kan1-1rnn1-13al.\L-11-1 npl-IM8H518TC51 TOnbKO K L-13Haw1-1sa8MOi:i l.facrn aKrnBOB.

CTaBKa ,QOXO,Qa Ha Kan1-1rnn CTpOL-!TC51 M8TO,QOM KyMyn51rnBHOro nocTp08HL-151: 683pL-!CKOBa51 CTaBKa ,QOXO,Qa;

np8ML-11-1 3a pl-ICK L-IHB8CrnposaHL-!51 B 06b8KT H8,QBL-!}f{L-!MOCrn; np8ML-11-1 3a HL-13KYIO nl-IKBL-1,QHOCTb

H8,QBL-!}f{L-!MOCrn; np8ML-11-1 3a L-IHB8Crnl.\L-IOHHbli:i M8H8,Q}f{M8HT.

Memoo pblHOl/HOiJ 3KcmpaKyuu. AaHHbli:i M8TO.Q np8.Qnonara8T pacl.f8T CTaBKL-1 Kan1-1rnn1-13al.\L-1L-1 Ha OCHOB8

OTpblTblX ,QaHHblX 0 CTOL-IMOCrn npo,Qa}f{L-1 06b8KTOB 1-1 npl-IHOCL-!MblX L-IM ,QOXO,Qax.

H806XO,QL-IMO OTM8TL-1Tb, LfTO Tpa.QL-!L\L-IOHHa51 MO,Q8nb M8TO,Qa Kan1-1rnn1-13al.\L-11-1 BL-1,Qa (2) L-IM88T orpaHL-!Lf8HL-151

,Qn51 1-1cnonb30BaH1-15I np1-1 onp8.Q8n8H1-11-1 crn1-1Mocrn o6b8KTOB H8.QBL-!}f{L-1MOCrn, KOTOpb18 o6ycnosn8Hbl

cn8.QYIOLl.\L-IM 06b8KrnBHblML-1 cpaKTOpaML-1:

• orpaHL-!Lf8HHblM cpOKOM nonyl.f8HL-151 ,QOXO,Qa, 3aBL-!C5lll.\L-IM OT OCTaTOLfHOro cpoKa }f{L-!3HL-1 06b8KTa

H8,QBL-!}f{L-!MOCrn;

• OTCYTCTBL-18M CTal.\L-IOHapHOCrn nOTOKa ,QOXO,Qa, o6ycnosn8HHOi:i L-!Hcpn51L\L-IOHHblML-1 51Bn8HL-151ML-1.

An51 KOMn8HCal.\L-1L-1 ,QaHHblX H8.QOCTaTKOB MO}f{HO 1-1cnonb30BaTb MO.Q8nb BL-1.Qa (3) np1-1 ycnos1-11-1 pacl.f8Ta

CTaBKL-1 Kan1-1rnn1-13al.\L-11-1 Ha 6a38 p8anbHOi:i (683 Yl.f8Ta L-!Hcpn51L\L-11-1) 683pL-!CKOBOi:i CTaBKL-1 1-1 BB8,Q8HL-151

,QononH1-1TenbHOi:i cocrnsn5lt0Ll.\8i:l yl.f1-1Tb1Bat0Ll.\8i:l nonH08 B03M8Ll.\8HL-18 L-IHB8crnposaHHOro Kan1-1rnna.

Cyll.\8CTBYIOT TPL-1 cnoco6a B03M8Ll.\8HL-151 L-IHB8crnposaHHOro Kan1-1Tana:

• np5IMOn1-1H8i:iHb1i:i B03spaT Kan1-1rnna (M8TO.Q P1-1Hra);

• B03BpaT Kan1-1rnna no c:j:lOH.QY B03M8Ll.\8HL-151 1-1 CTaBK8 ,QOXO,Qa Ha L-IHB8Crnl.\L-11-1 (M8TO,Q V1HBy.Qa);

• B03spaT Kan1-1rnna no c:j:lOHAY B03M8Ll.\8HL-151 1-1 683p1-1cKosoi:i CTaBK8 npOL\8HTa (M8TO.Q XocKOnb.Qa).

TaK }1{8 orpaHL-1Lf8HHb1i:i cpoK nonyl.f8HL-151 .QOXO.Qa 1-1 OTCYTCTBL-18 CTal.\L-IOHapHocrn nornKa .QOXO.Qa MO}f{HO

yl.f8CTb 1-1cnonb3yt0 ,Qn51 pacl.f8TOB 3as1-1c1-1MOCTb BL-1,Qa:

PV = CF * (l + g) * (1 - (l +gr ) , (R-g) (l+Rr

(5)

47

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

PV - ern1-1MoeTb o6beKm OL\eHKL-1 (np1-1se,QeHHa5I ern1-1MoeTb B 06Ll.\enp1-1H5ITOi:i rnpM1-1Honorn1-1);

CF - noTOK .QOXO.Qa 6a3osoro nep1-10.Qa;

R - emsKa Kan1-1mn1-13al.\L-1L-1; g - ,QonroepoL1Hb1e T8Mnb1 poem ,QeHe:>KHoro noTOKa (t:1onroepoL1Hb1e T8Mnb1 poem epe.QHero,Qosoi:i

L-!Hcpn51L\L-11-1);

n - oemTO'-IHbli:i epoK nony'-leHL-151 ,QOXO,Qa.

An51 MO.Qen1-1 (5) pae'-leT emBKL-1 Kan1-1mn1-13al.\L-1L-1 nposo,Q1-1Te5I Ha 6a3e HOML-!HanbHOi:i 6e3p1-1eKosoi:i emBKL-1 e sse,QeH1-1eM ,QononH1-1TenbHOi:i coemsn5l10ll.\ei:l yL11-1Tb1sa10ll.\ei:l nonHoe B03Mell.\eH1-1e 1-1HseernposaHHOro Kan1-1mna. np1-1 npOBe,QeHL-11-1 HaeT051Ll.\ei:l OL\eHKL-1 1-1enonb30Banaeb MO,Qenb BL-1,Qa (5).

6.3.2. Pac'"leT CTOlllMOCTlll 06beKTa OL\eHKlll MeTO,QOM Kan111TaJ11113al.\llllil ,QOXO,Qa

Paclfem cmouMocmu 06beKma ou,eHKU MemoOOM npRMOU Kanumanu3au,uu aoxoaa OeHOBHble :nanbl npOL\e.Qypbl OL\eHKL-1 np1-1 1-1enonb30BaHL-!L-1 ,QaHHOro MeTO,Qa: 1. OL\eHKa nOT8HL\L-lanbHOro sanosoro ,QOXO,Qa ,Qn51 06beKTa Ha oeHOBe aHan1-13a T8KYLl.\L-IX emBOK Ha pblHKe apeH,Qbl ,Qn51 epaBHL-!MblX 06beKTOB. noTeHL.\1-lanbHbli:i sanOBbli:i ,QOXO,Q (nBA) - BL-1,Q ,QOXO,Qa, onpe,Qen51eMbli:i KaK MaKeL-!ManbHO B03MO:>KHa51 ,QeHe:>KHa51 eyMMa, nnaH1-1pyeMa5I K nonyL1eH1-110 B Te'-leH1-1e npe.QeT051Ll.\ero ro,Qa (noene ,QaTbl OL\eHKL-1 1-1n1-1 ,QaTbl np1-1eMa o6beKm B ynpasneH1-1e) - np1-1 Ha1-16onee 3cpcpeKrnBHOM KOMMepL1eeKOM 1-1enonb30BaH1-11-1 seero noTeHL.\1-lana seex 3neMeHTOB o6beKTa. 2. OL\eHKa nornpb OT HenonHoi:i 3arpy3KL-1 (e.Qa'-11-1 B apeH.QY) 1-1 He,Qonony'-leHHblX apeH.QHblX nnarn}f{ei:i Ha oeHOBe aHan1-13a pblHKa, xapaKrnpa ero ,QL-!HaML-!KL-1 np1-1MeH1-1T8nbHO K OL\eHL-!BaeMOi:i He,QBL-!}f{L-1MOern. PaeeL11-1mHHa5I sen1-1L11-1Ha noTepb Bb1L11-1meTe5I 1-13 noTeHL.\1-lanbHOro sanosoro .QOXO.Qa 1-1 onpe,Qen51eTe51 ,Qei:iern1-1rnnbHb1i:i (3cpcpeKrnBHbli:i) sanosoi:i .QOXO.Q. Bee nepeL11-1eneHHb1e Bb1we .QOXO.Qbl, KaK npas1-1no, He MOryT 6b1Tb nony'-leHbl B nonHOM 06beMe:

• L-13-3a nornpb, es513aHHblX e He.Qo3arpy3KOi:i - sene,Qern1-1e orpaH1-1L1eHHOro enpoea 1-1n1-1 nornp1-1 speMeHL-1 Ha eMeHy apeH,QaTOpos;

• L-13-3a nornpb, eB513aHHblX e 06bl'-IHOi:i B eospeMeHHblX yenOBL-151X npaKrnKOi:i 3a,Qep}f{KL-! 1-1n1-1 npeKpall.\eHL-151 O'-lepe.QHblX nnarn}f{ei:i apeH,QarnpaM1-1 B es5131-1 e nornpei:i L-IML-1 nnarn}f{eenoeo6Hoern.

Pa3Mepbl nornpb ,Qn51 nporH031-1pyeMoro ro,Qa onpe,Qen5llOTe51 Ha oeHOBaHL-11-1 o6pa60TKL-1 eoorneTeTBylOLl.\ei:l L-!Hc:j:lOpMal.\L-11-l no MeeTHOMY pblHKY 3a npe,QweernylOLl.\1-le rD,Qbl.

3. Pae'-leT 1-13,Qep}f{eK no 3Kennyaml.\L-11-1 OL\eHL-!BaeMOi:i He,QBL-!}f{L-!MOern oeHOBblBaeTe51 Ha aHan1-13e cpaKrnL1eeK1-1x 1-13.Qep}f{eK no ee eo,Qep}f{aH1-110 1-1/1-1n1-1 rnnl-1'-IHblX 1-13.Qep}f{eK Ha ,QaHHOM pblHKe. B emTbl-1 1-13,Qep}f{eK BKnlO'-lalOTe51 TOnbKO OT'-IL-!eneHL-151, OTHOe5lll.\L-1ee51 Henoepe,QeTBeHHO K 3Kennyaml.\L-11-1 eo6erneHHOern, 1-1 He BKnlO'-lalOTe51 1-1n0Te'-1Hble nnaTe}f{L-1, npOL\eHTbl 1-1 aMoprn3al.\L-!OHHble OT'-IL-!eneHL-151. Ben1-1L11-1Ha 1-13.Qep}f{eK Bbl'-IL-!TaeTe51 1-13 ,Qei:iern1-1TenbHOro sanosoro .QOXO.Qa 1-1 L-ITOroM 51Bn51eTe51 sen1-1L11-1Ha '-11-leToro onepal.\L-!OHHOro ,QOXO,Qa.

4. nepee'-leT '-11-leTOro onepal.\L-!OHHOro ,QOXO,Qa 3a ro,Q B T8KYLl.\YIO eTOL-!MOeTb 06beKTa e nOMOLl.\blO K03cpcp1-1L\L-1eHm Kan1-1mn1-13al.\L-1L-1. AHanu3 apeHOH&IX cmaaoK. B eso1-1x 1-1eene,QosaH1-15lx pblHKa He.QBL-!}f{L-!MOern aHanorn'-IHOi:i OL\eH1-1saeMoi:i, OL\eHLl.\L-IK nonb3osane51 L-1Hc:j:lOpMal.\L-1ei:i no apeH,Qe a,QML-IHL-!eTparnBHblX (ocp1-1eHblX) noMell.\eHL-!i:i, aHanOrl-1'-IHblX OL\eHL-!BaeMOMY 1-1 HaXO.Q5lll.\L-!Xe51 B r. CypryT B Henoepe,QeTBeHHOi:i 6n1-13oern OT 06beKTa OL\eHKL-1 (MaKeL-!ManbHO np1-16n1-1}f{eHHble no MeeTy nonO}f{eHL-151), pa3Mell.\eHHblML-1 B eern V1HT8pHeT opraH1-13al.\L-15IML-1, 3aHL-1MalOLl.\L-IML-1e5I onepal.\L-15IML-1 e He,QBL-!}f{L-!MOeTblO. Pe3ynbmTbl aHan1-13a apeH.QHblX emsoK ,Qn51 o6beKTOB a,QML-IHL-!eTparnsHoro (ocp1-1eHoro) Ha3Ha'-leHL-!51, aHanOrl-1'-IHblX He}f{L-!nOMY noMell.\eHL-!IO, B OTHOWeHL-11-1 KOTOporo onpe,Qen51eTe51 pblHO'-IHa51 eTOL-!MOeTb ,QOnl-1 B npase 24468/46167, np1-1se,QeHbl B m6n. 39.

Heo6xo,Q1-1Mo OTMeTb, '-ITO ern1-1Moern npe.QnO}f{eH1-1i:i K apeH.Qe BKn10L1a10T HAC 1-1 BKn10L1a10T onnmy KOMMyHanbHblX yenyr (KY), 3a 1-1eKn10'-leHL-1eM 3neKTp03Heprn1-1. AoKyMeHmnbHOe nO,QTBep}f{,QeH1-1e eyll.\eernylOLl.\L-IX 06beKTOB npe,QemsneHO B np1-1nO}f{eHL-1L-1 2 K HaeT051Ll.\eMy 0T'-leTy. Pei:irnHr o6beKTOB-aHanoros Bb161-1pane51 3KenepTHblM nyrnM 1-1exo.Q5I 1-13 exo}f{eern (not:1061-151) o6beKm­aHanora 1-1 06beKm OL\eHKL-1. B Ka'-leerne Kp1-1rnp1-1es eXO}f{eern (nO,Q061-151) 06beKm OL\eHKL-1 1-1 06beKTOB­aHanoros 6b1n1-1 np1-1H5ITb1: - MeeTononO}f{eH1-1e;

- nnoll.\a.Qb.

48

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

BBL-1.QY rnro, lffO see 06beKTb1-aHanorn, KaK 1-1 o6beKT OL\8HKL-1, pacnonmKeHbl B O.QHOM noKanbHOM pai:ioHe, TO OCHOBHblM Kpi-1T8pi-18M CXO}f{8Crn (nO,Q061-151) 6b1na npl-IH51Ta nnoll.\a.Qb 06b8KTOB.

Ha1-16onee 6n1-13KOMY no nnoll.\a.Q1-1 o6beKTy-aHanory K o6beKTY OL\8HKL-1 np1-1csa1-1sanc51 Ha1-1sb1cw1-1i:i pei:irnHr, a Ha1-16onee OT.QaneHHOMY - HL-13WL-!i:i.

Ta6m11..1a 39.

• an•3 CTaB•• •peHAHOM nn~be<roB •AMMHM<rrpaTMBHOCO (o<l>•CHOCO) Ha3H••···· ... __ XapaKTep111cn1Ka o6beKTa

MecTononoJKeH111e 3TaJK Ha3Ha1.1eH111e

o6beKTa TexH1111.1ecKoe

COCTOHHllle

06beKT 1 r. Cypryr, yn.

25,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 9 600 Kapon111HcKoro, A- 13 (oqJlllCHOe)

06beKT 2 r. Cypryr, yn.

60,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 10 200 Kapon111HcKoro, A- 14/1 (oqJlllCHOe)

06beKT 3 r. Cypryr, yn.

20,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 15 000 Kapon111HcKoro, A- 13 (oqJlllCHOe)

06beKT 4 r. Cypryr, yn.

50,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 12 000 Kapon111HcKoro, A- 14/1 (oqJlllCHOe)

06beKT 5 r. Cypryr, yn. 3HepreTlllKOB,

900,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 9 600 A- 20 (oqJlllCHOe)

06beKT 6 r. Cypryr, yn.

1 000,0 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 10 800 Kapon111HcKoro, A- 14/1 (oqJlllCHOe)

06beKT 7 r. Cypryr, yn. 4exosa,

227,0 L\OKOJlb aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 10 800 A- 14/5 (oqJlllCHOe)

06beKT 8 r. Cypryr, yn. 4exosa,

40,5 2 aAMlllHlllCTpaTlllBHOe

C OTAeJlKO~ 10 800 A- 14/5 (oqJlllCHOe)

/llcmo'IHUK: 1. AHaIIU3 O~eHLJ.(UKa.

nonpasKa Ha ueHy npenno}f{eHL-151 1-1 ueHy peanbHOi:i cnenK1-1. KaK npas1-1no, np1-1 3aKpblrnl-1 C,QenoK no apeH,Q8 KOMM8p48CKOi:i H8,QBL-!}f{L-!MOCrn, B03MO}f{H0 H8KOTOpoe CHL-1}f{8H1-1e nnarn}f{a (s pe3ynbTaT8 rnpra).

np1-1 npose.QeH1-11-1 HaCT051Ll.\ei:l OL\8HKL-1 sen1-141-1Ha nonpasK1-1 Ha yrnprosb1saH1-1e onpe.QeneHa Ha ocHose 1-1ccne,QosaH1-1i:i, npe,QcrnsneHHblX 000 «PyccKa51 Cnywa OL\8HKL-1» (www.rusvs .ru), r. MocKsa -A.A. Map4yK, E.A. 6yrnsa, np1-1 aHan1-13e pblHKOB H8.QBL-!}f{L-!MOCrn 14 ropo.QOB Pocc1-1i:icKOi:i ct>e,Qepal.\L-11-1 c pa3nl-14HOi:i 41-1cneHHOCTb10 HaceneHL-151. 3Ha48HL-151 sen1-14L-1Hbl nonpaBKL-1 Ha yrnprosb1BaH1-1e ,Qn51 pa3nl-14HblX 06b8KTOB KOMM8p48CKOi:i H8,QBL-!}f{L-1M0Crn npe,QCTaBn8Hbl B rn6n. 40.

Ta6m11..1a 40. 3HalleHl•UI BeJU1lllllHbl nonpaBKlll Ha yToproBaH111e ,QJUI pa3IllllllHblX o6beKTOB KOMMeplleCKOM He,QBlll>KlllMOCTlll

4111cneHHOCTb HaceneHHoro nyHKTa, TblC. 1.1en.

AO 250

OT 250 AO 500

6onee 500

/llcmo'IHUK. 1. www.rusvs.ru

KOMMep1.1ecKaH HeABlllJKlllMOCTb (o<j>lllCHO - TOproBaH)

7%

5%

3%

npo1113BOACTBeHH3H Ill CKJ13ACK3H HeABlllJKlllMOCTb

9%

7%

5%

LJ1-1cneHHOCTb HaceneHL-151 ropo.Qa CypryT B 2015 ro.Qy cocrnsn51eT 340 845 4enoseK. CoorneTcrneHHO sen1-141-1Ha nonpaBKL-1 Ha YTOprosb1BaH1-1e np1-1 npose,QeH1-11-1 HaCT051Ll.\ei:l OL\8HKL-1, 1-1cxo.Q5I 1-13 41-1cneHHocrn HaceneHL-151 ropo.Qa CyprYT, ,Qn51 ocp1-1cHo - rnprosb1x o6beKTOB np1-1H5ITa pasHoi:i 3Ha4eH1-110 ML-IHYC 5%.

3Ha48HL-151 CTaBKL-1 apeH.QHOi:i nnaTbl ,Qn51 o6beKTOB-aHanoros nocne np1-1MeHeH1-15I CKL-1.QKL-1 (nonpasK1-1) Ha YTOprosb1BaH1-1e npe,QcrnsneHbl B rn6n. 41.

06beKT 1

06beKT 2

3Ha1.1eH111~ cTaBKlll apeH,QHoi-1 n11aTbl ,1:111~ 06beKToB-aHa11oros noc11e np111MeHeH111~

MecTononoJKeH111e

r. CypryT, yn. Kapon111HcKoro, 25,0 A.13 r. CypryT, yn. Kapon111HcKoro, 60,0 A- 14/1

Ha3Ha1.1eH111e o6beKTa

aAMlllHlllCTpaTlllBHOe (oqJlllCHOe)

aAMlllHlllCTpaTlllBHOe (oqJlllCHOe)

C OTAeJlKO~

C OTAeJlKO~

9 600 -5

10 200 -5

Ta6111111..1a 41.

9120

7 980

49

Page 50: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

06beKT 3

06beKT 4

06beKT 5

06beKT 6

MecTononoJKeH111e

r. CypryT, yn. Kapom1HcKoro, ,II,. 13 r. CypryT, yn. Kapom1HcKoro, ,II,. 14/1

r. CypryT, yn. 3HeprernKoB, ,11,. 20

r. CypryT, yn. Kapom1HcKoro, ,II,. 14/1

06beKT 7 r. CypryT, yn. 4exosa, ,11,. 14/5

06beKT 8 r. CypryT, yn. 4exosa, ,11,. 14/5

/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

• 20,0

50,0

900,0

1 000,0

227,0

40,5

L\OKOJlb

2

XapaKTep111cn1Ka o6beKTa

Ha3Ha1.1eH111e o6beKTa ••

•••• . . :

''

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 15 000

(oqJlllCHOe)

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 12 000

(oqJlllCHOe)

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 9 600

(oqJlllCHOe)

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 10 800

(oqJlllCHOe)

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 10 800

(oqJlllCHOe)

a,11,MlllHlllCTpaTlllBHOe C OT,11,eJlKO" 10 800

(oqJlllCHOe)

nonpaBKa Ha 3ma)I( pacnOflO)l(eHUR 06beKma.

-5

-5

-5

-5

-5

-5

CKoppeKT. CTaBKa

apeH,11,HOH nnaTbl, py6.IKB.

M/ro,11, c H,QC

9 690

14250

11 400

9120

10 260

10 260

B o6Ll.\eM cny4ae :na}f{ pacnono}f{eH111s:i o6beKrn sn111s:ieT Ha noKa3arnn111 y.QenbHOi:i CTOlllMOcrn o6beKrn H8.QBlll}f{lllMOcrn. 3Ha4eH111s:i sen111L1111H nonpasoK Ha :na}f{ pacnono}f{eH111s:i npe,QcrnsneHbl B rn6n. 42.

LjOKOJlb

1 3TalK

2 3TalK Ill BblWe

3Ha'leH111~ se11111'1111Hbl nonpaBKlll Ha 3Ta>K pacno110>KeH111~

3TaJK pacnonoJKeHlllH LIOKOJlb

0,0%

20,0%

4,0%

3TaJK pacnonoJKeHlllH

1 3TaJK

-17,0%

0,0%

-14,0%

Ta6m11..1a 42.

2 3TaJK Ill BblWe

-4,0%

16,0%

0,00%

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03c{Kf!u~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 126. 2. Pac'lemb1 O~eHLJ.(UKa.

He}f{lllnOe nOM8Ll.\8H1118, B OTHOW8Hllllll KOTOporo onpe,Qens:ieTCS'I pblH04Has:i CTOlllMOCTb ,QOnlll B npase 24468/46167, pacnono}f{eHo Ha LjOKOnbHOM, 1-oM 111 2-oM :na}f{ax. YKa3aHHOe 06crns:irnnbcrno np111so,Q111T K H806XO,QlllMOCrn BB8,Q8HlllS'I nonpaBOK. np111HS'ITbl8 np111 npOB8,Q8Hllllll Ol..j8HKlll 3Ha48HlllS'I nonpaBOK Ha :na}f{ pacnono}f{eH111s:i npe,QcrnsneHbl B Ta6n. 43.

06beKT Ol.leHKlll

noMel.l.jeHllle, pacnonolKeHHoe Ha L\OKOJlbHOM 3TalKe

noMel.l.jeHllle, pacnonolKeHHoe Ha nepsoM 3TalKe

noMel.l.jeHllle, pacnonolKeHHoe Ha BTOpOM 3TalKe

-17,0% -17,0% -17,0%

0,0% 0,0% 0,0%

-14,0% -14,0% -14,0%

Ta6111111..1a 43.

-17,0% -17,0% -17,0% 0,0% -4,0%

0,0% 0,0% 0,0% 20,0% 16,0%

-14,0% -14,0% -14,0% 4,0% 0,0%

/llcmo'IHUK. 1. «Cnpaeo'IHUK o~eHLJ.(UKa Hedeu!KuMocmu. ToM 1. KoppeKmupy10LJ.(ue K03cf!cf!u~ueHmb1 dIIH cpaeHumeflbHoco noaxoaa. /l/3dattue mpembe aKmyaI1u3upoeaHHoe u pacwupeHHOe», Hu!KHUO Hoecopoa, 2014 coa, cmp. 126. 2. Pac'lemb1 O~eHLJ.(UKa. 3. AHaIIU3 O~eHLJ.(UKa.

Pe3ynbTaTbl pac4ern 3Ha4eH111i:i CTaBKlll apeH.QHOi:i nnaTbl ,Qns:i o6beKTOB-aHanoros nocne np111MeHeH111s:i CKlll.QKlll (nonpasK111) Ha :na}f{ npe,QcrnsneHbl B rn6n. 44 - 46.

50

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tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

T a6m11..1a 44.

Pe3yilbTaTbl pac'leTa 3Ha'leHlllM CTaBKlll apeH,QHOM n11aTbl ,Qil~ 06beKTOB-aHa11oroB noc11e np111MeHeH111~ CKlll,QKlll (nonpaBKlll) Ha 3Ta>K ,1:111~ 'laCTlll He>1<11111oro noMe11.1eH111~. pacno110>1<eHHoro Ha l..IOKOilbHOM 3Ta>Ke

06beKT 1

06beKT 2

06beKT 3

06beKT 4

06beKT 5

06beKT 6

MecTononmKeH111e

r. CypryT, yn. Kapom1HcKoro, A.13 r. CypryT, yn. Kapom1HcKoro, A- 14/1 r. CypryT, yn. Kapom1HcKoro, A.13 r. CypryT, yn. Kapom1HcKoro, A- 14/1 r. CypryT, yn. 3HeprernKoB, A- 20 r. CypryT, yn. Kapom1HcKoro, A- 14/1

06beKT 7 r. CypryT, yn. 4exosa, A- 14/5

06beKT 8 r. CypryT, yn. 4exosa, A- 14/5

/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

• 25,0

60,0

20,0

50,0

900,0

1 000,0

227,0 L\OKOJlb

40,5 2

XapaKTep111cT111Ka o6beKTa

Ha3Ha'leH111e o6beKTa

aAMl-1Hl-1CTpan1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

• .

.

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

9120

7 980

9 690

14250

11 400

9120

10 260

10 260

. I -17

-17

-17

-17

-17

-17

0

-4

CKoppeKT. CTaBKa

apeH,11,HOH nnaTbl c H,QC, py6./KB. M/ro,11,

7 570

8 043

11 828

9 462

7 570

8 516

10 260

9 850

Ta6111111..1a 45.

Pe3yilbTaTbl pac'leTa 3Ha'leHlllM CTaBKlll apeH,QHOM n11aTbl ,Qil~ 06beKTOB-aHa11oroB noc11e np111MeHeH111~ CKlll,QKlll (nonpaBKlll) Ha 3Ta>K ,1:111~ 'laCTlll He>1<11111oro noMe11.1eH111~. pacno110>1<eHHoro Ha nepsoM 3Ta>Ke

06beKT 1

06beKT 2

06beKT 3

06beKT 4

06beKT 5

06beKT 6

MecTononoJKeH111e

r. CypryT, yn. Kaponi-iHcKoro, A.13 r. CypryT, yn. Kaponi-iHcKoro, A- 14/1 r. CypryT, yn. Kaponi-iHcKoro, A.13 r. CypryT, yn. Kaponi-iHcKoro, A- 14/1 r. CypryT, yn. 3HeprernKoB, A- 20 r. CypryT, yn. Kaponi-iHcKoro, A- 14/1

06beKT 7 r. CypryT, yn. 4exosa, A- 14/5

06beKT 8 r. CypryT, yn. 4exosa, A- 14/5

/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

• 25,0

60,0

20,0

50,0

900,0

1 000,0

227,0 L\OKOJlb

40,5 2

XapaKTep111cn1Ka o6beKTa

Ha3Ha<1eH111e o6beKTa

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

aAMl-1Hl-1CTpaTl-1BHOe (oqrncHoe)

• .

.

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

C OTAeJlKO"

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C OTAeJlKO"

9120

7 980

9 690

14250

11 400

9120

10 260

10 260

. I 0

0

0

0

0

0

20

16

CKoppeKT. CTaBKa

apeH,11,HOH nnaTbl c H,QC, py6./KB. M/ro,11,

9120

9 690

14250

11 400

9120

10 260

12 312

11 902

51

Page 52: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

Ta6m11..1a 46.

Pe3yilbTaTbl pac'leTa 3Ha'leHlllM CTaBKlll apeH,QHOM n11aTbl ,Qil~ 06beKTOB-aHa11oroB noc11e np111MeHeH111~ CKlll,QKlll (nonpaBKlll) Ha 3Ta>K ,1:111~ 'laCTlll He>1<11111oro noMe11.1eH111~. pacno110>1<eHHoro Ha BTopoM 3Ta>Ke

XapaKTep111cT111Ka o6beKTa

MecTononmKeH111e • Ha3Ha'leH111e

o6beKTa • .

. . I

CKoppeKT. CTaBKa

apeH,11,HOH nnaTbl c H,QC, py6./KB. M/ro,11,

r. CypryT, 06beKT 1 yn. Kapom1HcKoro,

A.13 25,0

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

9120 -14 7 843

r. CypryT, yn. 06beKT 2 Kapom1HcKoro,

A- 14/1

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

7 980 -14 8 333 60,0

r. CypryT, 06beKT 3 yn. Kapom1HcKoro,

A.13

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

9 690 -14 12 255 20,0

r. CypryT, 06beKT 4 yn. Kapom1HcKoro,

A- 14/1

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

14250 -14 9 804 50,0

06beKT 5 r. CypryT, yn. 3HeprernKoB, A- 20

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

11 400 -14 9 804 900,0

r. CypryT, 06beKT 6 yn. Kapom1HcKoro,

A- 14/1

aAMl-1Hl-1CTpaTl-1BHOe C OTAeJlKO" (oqrncHoe)

9120 -14 8 824 1 000,0

06beKT 7 r. CypryT, yn. 4exosa, A- 14/5

L\OKOJlb aAMl-1Hl-1CTpaTl-1BHOe

C OTAeJlKO" (oqrncHoe) 10 260 4 10 670 227,0

06beKT 8 r. CypryT, yn. 4exosa, A- 14/5

2 aAMl-1Hl-1CTpaTl-1BHOe

C OTAeJlKO" (oqrncHoe) 10 260 0 10 260 40,5

/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

Pac.,em cpeaHea3aeweHHOil apeHaHoil cmaaKu anR pac.,ema L1acmu noMe~eHuR,

pacnOflO)l{eHH020 Ha U,OKOfl&HOM 3ma)l{e, 6 omHOWeHUU KOmopo20 onpeaenRemcR p&IHOLIHaR cmouMocm& aonu s npaae 24468146167. Cpe.QH8B3seweHHas:i apeH.QHas:i crnsKa onpe,Qens:ieTcs:i no cpopMyne:

n

n

r,Qe:

Ci - apeH.QHas:i nnarn 3a o6beKT, py6./KB. M/ro.Q;

Ki - pei:irnHr i-ro o6beKrn.

Pe3ynbTaTbl pac<-1eTa cpe.QH8B3seweHHOi:i apeH.QHOi:i CTaBKl-1 ,Qns:i pacL1ern L1acrn noMell.\eH1-1s:i, pacnonO>K8HHOro Ha L\OKOnbHOM :na}l{e, B OTHOW8Hl-11-1 KOTOporo onpe,Qens:ieTCS'I pblHO'"IHas:i CTOlllMOCTb ,QOnl-1 B npase 24468/46167, c y'"leTOM OKpyrneH1-1i:i, npe,QcrnsneHbl B rn6n. 47.

••••• ... · .

....

06beKT 1 25,0

06beKT 2 60,0

06beKT 3 20,0

06beKT 4 50,0

06beKT 5 900,0

06beKT 6 1 000,0

06beKT 7 227,0

06beKT 8 40,5

1'1TOro

CTaBKa apeH,11,HoH nnaTbl c H,QC, py6./KB. M/ro,11,

7 570

8 043

11 828

9 462

7 570

8 516

10 260

9 850

/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

0TKJlOHeH111e nno11.1a,11,111, KB. M

1 520,30

1 485,30

1 525,30

1 495,30

645,30

545,30

1 318,30

1 504,80

2

5

4

7

8

6

3

36

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37 848

52 990

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61 560

29 550

317 259

Ta6111111..1a 47 .

Pacc1.1111TaHHaH cTaBKa apeH,11,HoH nnaTbl c H,QC, py6.!KB. M/ro,11,

8 810

52

Page 53: OTqET N!! YKH-IOKH/15-27nimbus-2013.ru/docs/funds/yukn/estimation/ocensh_2016klq.pdf2. V1Torosas:i sen111L1111Ha pblHOLIHOiil CTOlllMOCTl!l o6beKTa OL\8HK111, yKa3aHHas:l B OTLleTe

tel. +7(495) 229-49-71 000 "QelITJl O~HKH HllBeCTIIQllH"

TaK1-1M o6pa30M, cpe.QH8B3seweHHas:i apeH.QHas:i crnsKa, ,Qns:i pac<-1eTa L1acrn noMell.\eH1-1s:i, pacnonO}l{8HHOro Ha L\OKOnbHOM :na}l{e, B OTHOW8Hl-11-1 KOTOporo onpe,Qens:ieTCS'I pblHO'-IHas:i CTOl-1MOCTb ,QOnl-1 B npase 24468/46167 c HAC 1-1 y'-leTOM OKpyrneH1-1i:i, cocrns1-1T 8 810 py6./KB. M/ro.Q, BKn10L1as:i onnaTy KY (KpOM8 :rneKTp03Hepr1-11-1). Pac.,em cpeaHea3aeweHHOil apeHaHoil cmaaKu anR pac.,ema L1acmu noMe~eHuR,

pacnono)l{eHH020 Ha nepaoM 3ma)l{e, s omHoweHuu Komopo20 onpeaenRemcR p&1HOL1HaR cmouMocm& aonu s npaae 24468146167. Cpe.QH8B3seweHHas:i apeH.QHas:i crnsKa onpe,Qens:ieTcs:i no cpopMyne:

i=l

r,Qe:

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53

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54

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55

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58

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Pb1H04Hai:i cTaBKa apeH,11,Ho" nnaTbl ,11,ni:i c,11,aBaeMblX B apeH,11,y noMell.leHi-i" Ha 1 3TalKe, py6./KB. M/ro,11, (c H,QC)

C,11,aBaeMai:i nnoll.laAb noMell.leHi-i" Ha 2 3TalKe no pb1H04HO" cTaBKe apeH,11,bl, KB. M

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noTeHL\1-laJlbHbl" BaJlOBbl" ,ll,OX0,11,, py6.

Y6blTKl-1 OT BaKaHCl-1" 1-1 He,11,onnaTelKe", %

,Qe"CTBl-lTeJlbHbl" BaJlOBbl" ,ll,OX0,11,, py6.

Onepa1..11-10HHble paCX0,11,bl co6CTBeHHl-1Ka, % OT ns,q

Onepa1..11-10HHble paCX0,11,bl co6CTBeHHl-1Ka, py6. OT ns,q

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Cpe,11,Hero,11,0Bb1e TeMnb1 pocTa 1<1H¢ni:11..11-11-1, %

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/llcmo'IHUK: 1. Pac'lem O~eHLJ.(UKa.

KoMMeHmapuu K pacL1emaM

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8 810

1 528,8

10 610

1 542,6

9 520

44 520 213

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7 301 315

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cne.QYIOLl\111~ Blll.Q:

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paeeL11-1Tb18anoeb 1-1exo,Q5I 1-13 ,QaHHblX, np8,Qem8n8HHblX Ha eai:irn M1-1H1-1eT8perna 3KOHOML-1'-18eKoro

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¢8.Q8Pal.\1-11-1.

TaKL-!M o6pa30M, eTOL-!MOeTb ,QOnl-1 8 npa88 24468/46167 Ha H8}f{L-ln08 nOM8Ll.\8HL-18 «Topro80-ocp1-1eHbli:i

L\8HTP «B3nETHblLl1», Ha3Ha'-18HL-18: H8}f{L-ln08, L\OKOnbHbli:i 3m}f{ N2-1, 3m}f{ N2 1, 3m}f{ N2 2, o6Ll.\a51

nnoll.\a.Qb: 4616,7 K8.M, a,Qp8e (M8eTOHaxmt<,Q8HL-18) o6b8KTa: XaHTb1-MaHe1-1i:ieK1-1i:i a8TOHOMHbli:i OKpyr -

IOrpa, r. CypryT, yn. V1oe1-1cpa Kapon1-1HeKoro, .Q. 14/1, Topro80-ocp1-1eHb1i:i L\8HTP «B3nETHblLl1»,

Ka,QaeTp08bli:i (1-1n1-1 yen08Hbli:i) HOM8p: 86:10:0101251 :4325, nony'-18HHa51 Ha oeH088 1-1enonb308aHL-!51

.QOXO.QHOro no,QXO.Qa, e y'-18TOM HAC, e y'-18TOM 0Kpyrn8H1-1i:i, eoem8n518T:

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46 167

6.4. ComacoeaH111e pe3yllbTaTOB OL\eHKlll

B p83ynbmrn np1-1M8H8HL-15I .Q8YX no,QXO.Q08 K OL\8HK8 pblHO'-IHOi:i ern1-1Moern o6b8KTa OL\8HKL-1 nony'-18Hbl

3Ha'-18HL-151, npi-188,Q8HHbl8 8 Ta6n. 55.

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/llcmo'IHUK. 1. Pac'lem O~eHLJ.(UKa.

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M8TO.Q aHan1-13a 1-18papx1-1i:i.

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1 - pa8Ha51 8a}f{HOeTb;

60

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(1/7*1 *5*5) 114 = 1 ,37 48

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(1/7*1/5*1*1) 114 =0,4112

6,5007

Bee Kp1uep1u1

4,3035/6,5007=0,6620

1,3748/6,5007=0,2114

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2. CpasH8Hl-18 p83ynbTaTOB, nony'-18HHblX .QOXO.QHblM 1-1 cpasH1-1TenbHblM no,QXO.QaM1-1, no Ka}f{,QOMY

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(1*2) 112 = 1,4142

(1/2*1) 112 =0,7071

2, 1213

(1 *5)1 /2 = 2,2361

(1 /5*1 )1 /2 =0,4472

2,6833

(1*2)112 =1,4142

(1/2*1) 112 =O, 7071

2,1213

(1*3)1/2=1,7321

(1 /3*1 )1 /2 =0,5773

2,3094

Bee no,11,xo,11,a K 01.1eHKe

1,4142/2, 1213=0,6667

0,7071/2, 1213=0,3333

2,2361 /2,6833=0,8333

0,4472/2,6833=0, 1667

1,4142/2, 1213=0,6667

0,7071/2, 1213=0,3333

1,7321/2,3094=0,7500

0,5773/2,3094=0,2500

3. Onp8.Q8n518M 1-1rnroso8 3Ha'-18Hl-18 B8COB Ka}f{,Qoro Kp1-1rnp1-15I.

CpasHi-iT.

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l-1Toroeoe 3Ha<1eH111e eeeoe ,11,m1 KaJK,11,oro no,11,xo,11,a

0,6620*0,6667+0,2114*0,8333+0,0633*0,6667+0,0633 *0,7500 = 0,70719" 0,7

0,6620*0,3333+0,2114*0, 1667+0,0633*0,3333+0,0633 *0,2500 = 0,29281 " 0,3

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np8.QCTaBn8Hbl B rn6n. 56.

61

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Ta6m1L1a 57. Pe3YilbTaTbl pac'lern 111Torosoro 3Ha'leH111~ pblHO'IHOM CTOlllMOCTlll Ol.\eH1.rnaeMoro o6beKTa, 6e3 y'lern H,QC

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/llcmo'IHUK. 1. Pac'lem O~eHLJ.(UKa.

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62

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63

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