test 2 financa

8/13/2019 Test 2 financa

1/25

KAP ITULL I 2

T E S T ANALIZA E PASQYRAVE FINANCIARE

SEKSIONII EVRTETOSEEGABUAR

1 Raporti v!tor

ILE"T

Raporti v!tor p#r$%a& 'at#r pa()*ra +i&a&,iar!%a-#. pa()*r#& ! t# ar/0ra2(0p!&-i$!v!3 %i4a&,i&3pa()*r#& ! +4'(!v! t# ar'#(3 /0! pa()*r#& ! +iti$itt# pa(0p#r&/ar#5

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6 Raporti v!tor

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: Raporti v!tor /0! prit!t

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< Pa()*ra ! +iti$it

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? Pa()*rat +i&a&,iar!

ILE"T

Bi4a&,i #(0t# pa()*r# +i&a&,iar! )# $atrr!/0!& ! +o&/!v! p#r8at# 'o0#( %r!&/a /0!

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@ Bi4a&,i

- 1 -


2/25

ANALIZA E PASQYRAVE FINANCIARE

ILE"T

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Bri$!t /0! p#r/ori$!t ! para(#

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Z0v4!r#(i$i9 a(0t (i; para)it!t pa()*r#& !+iti$it9 'o&(i/!ro0!t p#r/ori$ $o&!tar9 (!p(!#(0t# (0p!&-i$5

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Bri$!t /0! p#r/ori$!t ! para(#

ILE"T

N# rrit! 44o8ari a'tivi #(0t# %ri$para(09 &/#r(a rrit! 44o8ari /!t*ri$i#(0t# p#r/ori$ para(05

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D A'tiv!t o$o&!tar#

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A'tiv!t o$o&!tar# prit!t t# pro/0o parap#r8at# 'o0#(9 por (0$a ! parav! )# /o t#pro/0o $&/ t# !t# $# ! $a/0! o(! $# ! vo8#4

(!(a v4!ra $! t# ,i4#& '#ta a'tiv! para)it!& %i4a&,5

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1 F4'(!t op!rativ# t# ar'#(

I

LE"T

Ta'(at9 +o&/!t ! a$orti-i$it9 pari$!t raport!(9 (i!/0! (0it!t $! 'r!/i ! 'o(tot o$o&!tar! aar(*!t (! p(! +4'(!t op!rativ# t# ar'#( $&/ t#&/r*(0o &8a +iti$!t 'o&ta%#45

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11 Ci'4i i ar'#(

ILE"T

Ci'4i i ar'#( $&/ t# p#r(0'r0!t (i $#&*ra (ipa( (#,i4#( ! ar/0ra &!to rr!/0 %r!&/a o(! a(0t#+ir$#( =)# &'pto& +iti$ o(! 0$%!> p#r8at# p!ri/0! 'o0! t# ,a'tar5

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16 A&a4i-a p#r$!( raport!v!

- 2 -


3/25

KAP ITULL I 2

ILE"T

A&a4i-a p#r$!( raport!v! 'o&(i(to& 'ra0a(i$i& !$arr#/0#&i!v! &/#r$!t 44o8ariv! t# &/r*(0$! t#pa()*rav! +i&a&,iar!9 $#&*r# )# t# a&a4i-o0!tpo-i,io&i +i&a&,iar /0! +or,a ! +ir$#(5

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1: Raport!t ! 4i'i/it!tit

ILE"T

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1< Raport!t ! 4i'i/it!tit

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7!8it0#(! a&a4i-# ! p4ot# ! 4i'i/it!tit '#r'o&p#r/ori$i& ! %0!tit t# ar'#(9 raporti 'orr!&t /0!t!(ti a,i/ (i8ro i&(tr$!&ta t# (0p!t# /0! t#4!0t#(i(0t t# p#r/or(0#$ p#r t# $atr po-i,io&i&4i'i/ t# +ir$!5

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1? Raporti 'orr!&t

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N#(! +ir$# 'a raport t# 4art# t# 4i'i/it!tit /0!t# t!(tit a,i/9 '* +a't #(0t# 8it0 tr!8!( i$ir# )# +ir$a po ! $!&a0o& po-i,io&i& ! (a 4i'i/ $#&*r# t# '#&a)(0$!5

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1@ Raport!t ! $!&a0i$it t# a'tivit

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Raporti i )ar'44i$it t# i&v!&tarit /0! p!ri/0a$!(atar! ! ar'#ti$it a /* raport! )# $&/ t#p#r/or!& p#r t# v4!r#(ar (! (a !+!'tivi(0t +ir$a po$!&a0o& a'tiv!t ! (a 4i/0! $! &iv!4!t op!r!(a'ta4# /0! ata t# pro!'tar5

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1 Raporti i )ar'44i$it t# i&v!&tarit

- 3 -


4/25


ILE"T

N# r#&i! raporti& ! )ar'44i$it t# i&v!&tarittr!8o& )# po-i,io&i 4i'i/ i +ir$#( po p#r$ir#(o0!t5

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1 ROA

ILE"T

7!)#(! ROA $at p#r/ori$i& !+!'tiv t# a'tiv!v!t# +ir$#( =pa $arr# 'o&(i/!rat# $#&*r#& !+i&a&,i$it t# '#t*r! a'tiv!v!>9 /* +ir$a )# 'a t#ti& EBIT /0!t t# '! t# t#& ROA5

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1D Raport!t ! 4!v#(

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S0'a44a t# ,i4#& $!&a0!r#t ! +ir$# p#rpi)!&t# rri(i& 't0i$!t p#r 'apita4i& a'(io&!r p#r$!(p#r/ori$it t# 4!v#( +i&a&,iar! !p!t &8a raport!t !4!v#(5

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6 Raport!t ! r!&ta%i4it!tit

ILE"T

Raport!t ! r!&ta%i4it!tit pa()*ro !+!'t!t !

'o$%i&ar t# $!&a0i$it t# 4i'i/it!tit9 a'tiv!v!/0! %or0it $%i op!ra,io&!t5

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61 Raport!t ! tr!8t

ILE"T

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66 Raporti i $%4i$it t# i&t!r!(av!

ILE"T

Raporti i $%4i$it t# i&t!r!(av! #(0t# tr!8!( ia+t#(i(# (# +ir$#( p#r t# p#r$%(0r /!t*ri$!ta+at8at# /0! ata a+at(0'rt#r5

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6: A&a4i-a ! prir!v!

- 4 -


5/25

KAP ITULL I 2

ILE"T

P#r t# p#r,a'tar (! po-i,io&i +i&a&,iar i +ir$!po p#r$ir#(o0!t apo po p#r'!)#(o0!t /0!t t#r!a4i-o$# a&a4i-#& ! $# (0$# (! viti t#pa()*rav! +i&a&,iar!5 A&a4i-a ! prir!v! #(0t# $!to/# p#r t# $atr p!r+or$a,#& ! +ir$#( p#r8at#'o0#(5

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6< Kapita4i tota4

7ESATAR

Kapita4i i +r&i-ar &8a a'(io&!r#t ! -a'o&(0#$p#r+(0i& 'r*!(i(0t a'(io&!t ! !$!tar9 'apita4i& !'o&tri%ar /0! +iti$i& ! pa(0p#r&/ar#9 &/#r(a'apita4i tota4 p#r+(0i& 'apita4i& ! -a'o&(0#$ p4('apita4i& ! pr!+!rar5

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6? Fiti$!t ! pa(0p#r&/ar#

7ESATAR

Fiti$!t ! pa(0p#r&/ar# a para )# a 8!&!rar&8a +ir$a p#r$!( op!ra,io&!v! t# (a /0! )# &'

a pa8ar a'(io&!r#v! (i /ivi/!&t#5 Fiti$!t !pa(0p#r&/ar# $%a0!& ar'# o(! 44o8ari t# t!ra4i'i/! /0! (i rr!/0i$9 '#to 44o8ari 4i'i/!9 'r$%4i/0!& %a(0'#9 /o t# %ara-o 8it0 tota4i& !+iti$!v! t# pa(0p#r&/ar# t# +ir$#(5

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6@ Fiti$!t ! pa(0p#r&/ar#

7ESATAR

L4o8aria ! +iti$it t# pa(0p#r&/ar# %i4a&, &'p#r+a)#(o& para5 N# +a't ao p#r+a)#(o& pr!t!&/i$ &/a a'tiv!v! !'-i(t!( t# +ir$#(5 Ko /ot# t0ot# (! +iti$!t ! pa(0p#r&/ar# a +a't+iti$!t ! rii&v!(tar t# a'(io&!r#v!5

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6 i$!&(io&i 'o0or

7ESATAR

i$!&(io&i 'o0or #(0t# i r#&/#(i(0#$ a&a4i-#& !pa()*rav! +i&a&,iar!5 N/#r(a %i4a&,i /0! pa()*ra !+iti$it pa()*ro po-i,io&i& +i&a&,iar t# +ir$#( $o$!&t 'o0or9 pa()*ra ! +4'(!v! t# ar'#(raporto& &/r*(0i$!t )# a %#r# 44o8arit# !+ir$#( p#r p!ri/0# t# ,a'tar 'o0!5

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- 5 -


6/25


6 N/r*(0i$!t %i4a&,

7

ESATAR

Po-i,io&i +i&a&,iar i 'o$pa&iv!9 %i-&!(i i t# ,i4av!#(0t# (!-o&a49 $&/ t# !t# $a+t i &/r*(0#$9 var#(i 'o &8a p!ri/0a ! vitit )# -8i/0!t p#r t#&/#rtar pa()*rat +i&a&,iar!5 Ko &/!(0$#ri 'o0or!#(0t# v!;ari(0t ! v#rt!t# p#r pa()*r#& ! %i4a&,itt# +ir$#(5

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6D F4'(!t ! ar'#(

7

ESATAR

7! )#44i$ )# t# v4!r#(o0!t (a't#(i(0t +4'(i i ar'#(&8a op!ra,io&!t9 a$orti-i$i /0!t ti (0to0!t t#ar/0r#( &!to5 Ar(*!a ! '#ti v!pri$i )#&/ro& +a'ti& (! $!8it0#(! a$orti-i$i -%rit!t &8a t#ar/0rat &8a (0it!t9 ai #(0t# t# v#rt!t#

(0p!&-i$ o$o&!tar5 E v#rt!t#

: F4'(i i ar'#( /0! ! ar/0ra &!to

7

ESATAR

N# 'o&ta%i4it!t9 t0!'(i vi0!t p#r,a'ti$i& ! t#ar/0r#( &!to5 N# +i&a&,#9 t0!'(i 'r*!(or vi0!t poa(0t $%i t# ar/0r#& &!to9 (!p(! pi'#ri(0t '#t# t#ar/0r p#r/ori& i&v!(titor#t p#r t# v4!r#(ar+ir$#&5 7!8it0at#9 r#&/#(i (!'o&/ar! 'a !/0!

+4'(i i ar'#(9 (!p(! '* +4'( p#r/or!t p#r t#(i8rar !,ri =va-0/i$#(i> ! %i-&!(it5

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:1 Ci'4i i ar'#(

7ESATAR

N/r*(0i$!t ,i'4!t ! ar'#( /0! varia,io&!t $!to/at 'o&ta%#4 &/#r$!t +ir$av! $&/ t# %#t# pav4!+(0#$ ;/o 'ra0a(i$ +i&a&,iar &/#r$!t t*r!5

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:6 Ci'4i i ar'#(

7ESATAR

P#r (a 'o0# t# ar/0rat &8a (0ita t!'a4o t#8it0a 'o(tot ! p!ri/0! 'o&ta%#49 +ir$a /o t#(0$a&8# ;/o $&8!(# para(05

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:: F4'(!t ! ar/0(0#$ t# ar'#(

- 6 -


7/25

KAP ITULL I 2

7ESATAR

F4'(i a'ta4 i ar'#( 8!&!rar &8a a'tiv!t !'-i(t!(#(0t# (0$# i r#&/#(i(0#$ p#r i&v!(titori&57!8it0at#9 v4!ra ! +ir$#( var!t rra/0# t# par#&8a $&/#(it# =oport&it!t!t> ! (a t# rrit!(5 Sir!-4tat9 para(0i'i$!t ! +iti$!v! &8a '#taoport&it!t! a t# v!t$it +4'(! ar'! t# ar/0(0#$p#r t# ,i4#t (0)!t#(o0!& i&v!(titor#t5

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:< Raport!t ! 4i'i/it!tit

7E

SATAR

N#(! raporti 'orr!&t i +ir$#( A #(0t# $# i $a/0(!(a raporti 'orr!&t i +ir$#( B9 &' $&/ t# !$i t#(i8rt# (! t!(ti a,i/ i +ir$#( A #(0t# $# i $a/0 (!(aai i +ir$#( B5 7!8it0at#9 (! t!(ti a,i/ i +ir$#( At!'a4o& at# t# +ir$#( B9 $&/ t# !$i t# (i8rt# )#

raporti 'orr!&t i +ir$#( A ! t!'a4o& po a(0traporti& 'orr!&t t# +ir$#( B5

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:? Raport!t ! 4i'i/it!tit

7ESATAR

* +ir$a 'a t# ti& raport 'orr!&t9 9? /0! t#ti& vo4$ $o&!tar (0it!(05 7!8it0at#9 +ir$a A'a raport t# )ar'44i$it t# i&v!&tarit $# t# 4art#(!(a +ir$a B5 Si rr!/0i$ $&/ t# 'o&'4/o$# )#

t!(ti a,i/ i +ir$#( A /o t# !t# $# i vo8#4 (!(a ai i+ir$#( B5

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:@ Raporti i )ar'44i$it t# i&v!&tarit

7ESATAR

Raporti i )ar'44i$it t# i&v!&tarit /0! raporti'orr!&t a t# &/#r4i/0r5 Ko$%i&i$i i raporti'orr!&t t# 4art# $! raport t# 4#t t# )ar'44i$it

t# i&v!&tarit '&/r!t (ta&/artit t# i&/(tri(# $&/t# tr!8o# )# +ir$a po $%a& &iv!4 (0$# t# 4art#i&v!&tari apo )# p!(# ! i&v!&tarit #(0t# a(0t#$o/! /0!Ho(! ! /#$tar5

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: Qar'44i$i i a'tiv!v! t# )#&/r!(0#$

- 7 -


8/25


7ESATAR

7&/ t# p#r/ori$ raporti& ! )ar'44i$it t# a'tiv!v!t# )#&/r!(0#$ p#r t# 4!8iti$ar 'ra0a(i$i& !+ir$av! i&/(tri t# &/r*(0$!9 p#r (a 'o0# )#+ir$at )# 'ra0a(o0!& p#r/ori& t# ti&p#rp!(#ti$ t# a'tiv!v! +i'(# &/a tota4it t#a'tiv!v!5

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: ROA /0! ROE

7ESATAR

Spo-o$# )# /* +ir$a $! t# t#& (a(i a'tiv!(0pa8a t# t#& &or$# i&t!r!(i $%i %or0i& !t*r! /0! +ito t# t#& &or$# 't0i$i &8a a'tiv!t! t*r!5 7!8it0at#9 ra +ir$# 'a raport %or0i$# t# 4art#5 N#& '#ta '(0t!9 +ir$a $! raport $# t#4art# t# %or0it /o t# '!t# 8it0a(0t &or$# $#

t# 4art# 't0i$i &8a 'apita4i i v!t5 E v#rt!t#

:D Ko!+i,i!&ti i (0$#-i$it t# 'apita4it

7ESATAR

N#(! raporti i a'tiv!v! 8it0(! &/a 'apita4it t# v!t=$4tip4i'atori i 'apita4it> #(0t# 699 at#0!r# raportii %or0it /0!t t# !t# 9?5

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9/25

KAP ITULL I 2

7ESA

TAR

Raporti i 't0i$it &8a i&v!(ti$!t =a'tiv!t> p#rparatati$it r!+4!'to& +or,#& 8!&!r!(! t# a'tiv!v! t#+ir$#( )# p#r+(0i& !+!'ti& ! 4!v#( /0! t# tati$it5 Sirr!/0i$9 '* raport $at 't0i$i& &!to &8a a'tiv!t !+ir$#( /'! r!+4!'tar a$p4it/#& =$a/0#(i> !4!v#( (# p#r/orr5

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10/25


SEKSIONIII PYETE7EZGE"E=KONCEPTUALE>


11/25

KAP ITULL I 2

I

LE"T

Ci4i &8a po0i$!t vii$ &' /o t# &/i'o# raporti&'orr!&t9 /'! (po-ar raport 'orr!&t +i44!(tar$# t# $a/0 (! 19 /0! 'r t# 8it0# +a'tor#t ! t!r#(po-o0!& t# pa&/r*(0arJ

A'tiv!t ! )#&/r!(0#$ (0it!& $! para /or#5

E$!to0!t %or0 a+at8at# p#r t# (04*!r /!t*ri$!t 'orr!&t#5 Ar'#to0!& 44o8arit# ! ar'#t!(0$!5 Parat# ar'# p#r/or!& p#r t# (04*!r 44o8arit# ! pa8!(0$!5 P#r+ito0!t 0a %a&'ar! /0! parat# 'r!/ito0!& 44o8ari&

?6 Raporti v!tor

7ESATAR

Ci4i &8a po0i$!t vii$ #(0t# $# i (a'tiJ

Raporti v!tor p#r$%a& 'at#r pa()*ra +i&a&,iar! %a-#. pa()*+4'(!v! t# ar'#( /0! pa()*r#& ! &/r*(0i$!v! +i&a&,i$i& a

7!8it0#(! raporti v!tor p#rpi4o0!t p#r a'(io&!ri& $!(ataa&a4iti' $# t# 'o$p4!tar &8a $&/ t# $!rr!t i&+or$a,io&i +i&

R#&/#(ia '*; ! i&+or$a,io&it t# raportit v!tor )#&/ro& a'r ata +or$o prit!t ! t*r! $%i +iti$!t /0! /ivi/!&t#t !ri('& ! '#t*r! +4'(!v! $o&!tar#5

Raporti v!tor &' p#r+to& i&+or$a,io& t# r#&/#(i(0#$ p#r tapo p%4i' i&v!(t!(5

A( &8a po0i$!t ! $#(ip#r$ &' #(0t# i (a't#5

?: Pa()*rat +i&a&,iar!

7ESATAR

Ci4i &8a po0i$!t vii$ #(0t# $# i (a'tiJ F4'(!t ! ar'#( /0! +iti$i 'o&ta%#4 &' a a(pa' t# &/#r

p#r%a(0'#t &' p#r/or!t 44o8arit!& ! (!,i4it pr! t*r!5 Ko!+i,i!&ti i (0$#-i$it t# 'apita4it t# v!t $at at# p

=+i&a&,o0!t> &8a 'apita4i i -a'o&(0#$5 I&+4a,io&i i 4art# $&/ t# &/i'o# (!rio-i(0t %i4a&,i& ! +ir$#

/0! 'o(tot ! i&v!&tarit9 $&/ t# &/i'o0!& 8it0a(0t !/0! +iti A&a4i-a ! pa()*rav! +i&a&,iar! #(0t# ! r#&/#(i(0$! pri-$i

ai %#& v4!r#(i$i& ! p!r+or$a&,#( (# 'a4ar /0! para(07!8it0at#9 &8a '#&/v#(0tri$i i /r!t!(it +i&a&,iar9 a&a4i0i(tori /0! #(0t# t0!(0t /o$o(/o(0$#ri raport!(

p4a&i+i'i$i& ! v!pri$!v! t# ar/0(0#$9 (!p(! ao &' &/i0ar/0(0#$ t# ar'#(5 Kr &/#r$!rr!t v!pri$ $o$!&t 'o0! t# ;+ar#/o

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- 11 -


12/25


?< A&a4i-a ! pa()*rav! +i&a&,iar!

7

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N#(! /* +ir$a pa8a t# t#& &or$# i&t!r!(i $%i %or't0i$i &8a a'tiv!t /0! (! ROA #(0t# po-itiv!9 at#0!r#%or0it /o t# '!t# 8it0a(0t &or$#& $# t# 4art# t# 't0i$it &

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Fir$at A /0! B 'a +iti$! i/!&ti'# /0! raport! t# t# t#! rrit!( (# +ir$#( A #(0t# $# ! 4art# (!(a ao ! +ir$#( B9 att# !t# $# i 4art# (!(a raporti PHE i +ir$#( B5

A( &8a po0i$!t ! $#(ip#r$ &' #(0t# i (a't#5

?? Raport!t ! 4i'i/it!tit

7ESATAR

Raporti 'orr!&t i +ir$! #(0t# rritr $#&*r#

t# )#&/r!(0$! 8at# ? vit!v! t# (0'ar9 &8a 19Dpara p!(# v!t#(0 :9 (ot5 +ar# 'o&'4-io&i $&/t# !t# $# i (ti+i'ar '#t# ra(tJ

N/o(0ta )ar'44i$i i a'tiv!v! +i'(# #(0t# p#r$ir#(ar5 N/o(0ta po-i,io&i 4i'i/ i +ir$#( #(0t# p#r$ir#(ar5 N/o(0ta ;$i$i i a'(io&it t# +ir$#( #(0t# rritr5 S!,i4i &8a 'o&'4-io&!t ! $#(ip#r$ $&/ t# !t# i v#rt!t#5 N# a&a4i(t &' $&/ t# !t# 8!&/! t# &!rr# 'o&'4

?@ Raporti 'orr!&t

- 12 -


13/25

KAP ITULL I 2

7ESATAR

Ko0#t ! +&/it9 'o$pa&ia 77 'a patr pro%4!$!5 Sir!-4tat9 8!&/a ! (a +i&a&,iar! #(0t# p#r'!)#(ar577 ap4i'o& Ba&'#& ! Par# Ko$%#tar! p#r a ! ,i4a i &!voit!t (0$#9 por -*rtari i %a&'#(i&(i(to& )# raporti 'orr!&t =i ,i4i a'ta4i(0t #(0t#9?> /0!t p#r$ir#(ar t# pa't#& 9 )# %a&'a t#$arr# 'o&(i/!rat# /0#&i!& ! 0a(#5 Ci4i &8av!pri$!t vii$ /o t# '!t# !+!'ti& $# t# +)i(0#$ p#r$ir#(i$i& ! raportit p!ri/0#a+at(0'rt#rJ

P#r/ori$i i /i(a parav! ar'# p#r t# (04*!r /i(a /!t*ri$! 'o Ar'#ti$i i /i(a 44o8ariv! t# ar'#t!(0$!5 S04*!ra ! p!(! t# %or0it a+at8at#5 S0ita ! p!(! t# i&v!&tarit $! ;$i$ t# %ara%art# $! 'o( B4!r! $! 'r!/i ! i&v!&tarit (0t!(# =rrit! ! 44o8ariv! t# pa8

? T!(ti a,i/

7ESATAR

Ci4i &8a v!pri$!t vii$ /o t# (0'a'to# rrit!t# t!(tit a,i/ p!ri/0#& a+at(0'rt#rJ

S0ita $! 'r!/i ! i&v!&tarit $! v4!r# M159 /'! 'riar 'L4o8aria ! ar'#t!(0$! t!'a4o& i&v!&tari& $! (a(i ! +iti$i+iti$it t# pa(0p#r&/ar#5

N# +i4ia4 i vo8#49 i ,i4i i(0t! %4!r# p#r M15 p#rpara /* v$! &or$# 19 (0it!t $! para /or# p#r M15 =+ita'tiv!t a 1?>

L!trat $! v4!r# t# tr!8t!(0$! (0it!& $! 'o(to5 T# 8it0# t# $#(ip#r$it5 V!t#$ p#r8i8a ! par# /0! ! /*t#5

? S!44a ! p#r-i!r ! raportit

7ESATAR


A$orti-i$i 'o&(i/!ro0!t p#r/ori$ para(09 (!p(! ai r!/'t/0!t t# -#v!&/#(o0!&5

N#(! 'o$pa&i p#r/or p!(# t# parav! ar'# p#rat#0!r#9 /'! /itr $#&*r#& (! (i 44o8arit!t '* raport /0!'o&(ta&t#9 raporti 'orr!&t i +ir$#( pat!t#r /o t# %!r#5

Gat# r!;!(io&i #(0t# ! ar(*!(0$! t# $!&/o0!t (!)ar'44i$it t# i&v!&tarit /o t# &/r*(0o &/#r'o0# )# rapor/o t# $%!(i& pot0a(! 'o&(ta&t#5

Gat# r!;!(io&i $&/ t# !$i t# (i8rt# (! p#r (0ar'#ti$it /o t# %!r#9 $!)#(! (0it!t 'a t# &8ar# t# %i!&5

S!,i4i &8a po0i$!t ! $#(ip#r$ #(0t# i 8a%ar5

?D A&a4i-a ! raport!v!

- 13 -


14/25


7ESATAR

Si 'r!/itor a+at(0'rt#r9 i (0)!t#(ar p#ra+t#(i ! 'o$pa&i(# p#r t# p#r%a44ar /!t*ri$!t !(a +i&a&,iar! &/a (09 ,i4i& &8a 'o$%i&i$!t !raport!v! vii$ /o t# pr!+!ro&it $# t!p#rJ

Raporti 'orr!&t Raporti i $%4i$it t# i&t!r!(av!

9? 9? 19 19 19? 19? 69 19 69? 9?

@ ROE /0! raport!t ! %or0it

IVS"TIR


N#(! 'o$pa&ia A 'a raport %or0i $# t# $a/0 (!(a 'o$(i8rt# )# 'o$pa&ia A /o t# '!t# raport t# $%4i$it t# i&B5

Spo-o$# )# /* 'o$pa&i 'a op!ra,io&! i/!&ti'# t!r$a(0itr9 &or$#( (# i&t!r!(it $%i %or0i& /0! a'tiv!t5 7!8it0%or0 (!(a 'o$pa&ia B3 )# /o t# t0ot# (! 'o$pa&ia A 'a r'(0t!9 /o t# (0pr!(o$# )# +iti$i $ar0i&a4 i 'o$pa&i(#'o$pa&i(# A5

ROE ! ;/o 'o$pa&i!9 ! ,i4a po p#r!to& +iti$! po-itiv# /0!'apita4 t# -a'o&(0#$>9 /0!t t# t!'a4o# ROA ! '#(a 'o$pa

P#r8i8!t ! $#(ip#r$! a t# 8it0a t# v#rt!ta5 P#r8i8!t ! $#(ip#r$! a t# 8it0a t# 8a%ara5

SEKSIONIIII PYETE7EZGE"E=PROBLE7A>

@1 Raporti 'orr!&t

ILE"T

Raporti 'orr!&t i P!p(i Corporatio& #(0t# 9?9&/#r(a raporti 'orr!&t i Co'! Co$pa&*#(0t# 19?5 T#/*a +ir$at /a& t# $a&ip4o pa()*rat ! t*r!+i&a&,iar! t# +&/2vitit5 Si p!(# t# '#(a (trat!8i!$a&ip4i$i9 (!,i4a 'o$pa&i /o t# /*+i(0o# /!t*ri$!t! (a 'orr!&t# /'! (0tar %or0i& a+at(0'rt#r

/0! /'! i v!&/o(r +o&/!t ! (i8rar '#t#$#&*r# 44o8ari ! ar'#(5 Ci4i &8a po0i$!t vii$p#r(0'ra& $# $ir# r!-4tat!t ! $!!r(0#$ t#'#t*r! tra&(a'(io&!v!J

Tra&(a'(io&!t &' /o t# '! a( !+!'t $%i raport!t 'orr!& Raport!t 'orr!&t# t# t# /*a +ir$av! /o t# rrit!&5 Raport!t 'orr!&t# t# t# /*a +ir$av! /o t# %i!&5 V!t#$ raporti 'orr!&t i P!p(i Corporatio& /o t# rrit!t5 V!t#$ raporti 'orr!&t i Co'! Co$pa&* /o t# rrit!t5

@6 $i$i i tr!8t p#r a'(io&

- 14 -


15/25

KAP ITULL I 2

ILE"T

Ko$pa&ia C0ar4!(to& #(0t# +ir$# r!4ativi(0t !vo8#4 ! -ot#rar privati(0t5 Viti& ! 'a4ar9 +iti$i pa(tati$it p#r '#t# 'o$pa&i i(0t! M1?5 /0! )ar'44i$ i(0i& 15 a'(io&!5 A'(io&!r#t pop#rpi)!& t# p#r,a'to v4!r#& !'i4i%#r t# tr!8tp#r a'(io&i& ! +ir$#(9 p#rpara (! ta 'oto'o$pa&i $#&*r# p%4i'!5 N# +ir$# ! &8a(0$!9por )# -ot#ro0!t p%4i'i(0t9 'a raport PHE pr!?99 '! p#r/orr v!t#$ i&+or$a,io&i& ! /0#v4!r#(o&i v4!r#& ! tr!8t p#r a'(io& t# 'apita4itt# C0ar4!(to&5

M19? M?9 M9? M69?

@: $i$i i tr!8t p#r a'(io&

ILE"T

#(0t# /0# i&+or$a,io&i vii$. 'apita4ia'(io&!r M156?3 raporti PHE ?3 a'(io&! )ar'44i$ 6?3 raporti PHBV 19?5 L4o8ari(&i ;$i$i$! tr!8t p#r a'(io& t# 'apita4it t# '#(a 'o$pa&i!5

M::9:: M1::9:6 M?9 M1@@9@

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ILE"T

N#(! 'oorporata Bo*/'a (0it! pr! M6 $i4io

vit =t# 8it0a $! 'r!/i> /0! p!ri/0a $!(atar! !ar'#ti$it #(0t# :? /it#9 ,i4a #(0t# (0$a $!(atar!$! t# ,i4#& /o t# (0+a)!& %i4a&, 44o8arit# !ar'#t!(0$!J

M1D


16/25


ILE"T

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17/25


18/25


7ESATAR

S!4-!r I&,5i %#& t# 8it0a (0it!t $! 'r!/i5 Ka +iti$ $ar0i&a4 pr!


19/25

KAP ITULL I 2

7ESATAR

Po $!rr&i 'o&(i/!rat# (0ti$i& ! pro/'ti t# ri 4i& !'-i(t!(! t# pro/'tit t# +ir$#(5 Ko /ot# (0'a'to# rrit! 1? +iti$i& $ar0i&a4 =)#/o t# t0ot#. +iti$i i ri $ar0i&a4 +iti$i& ! v!t#r$ar0i&a4 191?>9 por /o t# '#r'o# 8it0a(0t rrit! ? a'tiv!t tota4# =)# /o t# t0ot#. a'tiv!t! ri& tota4# a'tiv!t ! v!t#r tota4# 19?>5S0pr!(o&i )# ta +i&a&,o&i t#r#(i(0t $! %or0 '#t#rrit! a'tiv!5 N#(! raport!t vii$ a,o8aritr p#rpara '#ti &/r*(0i$i9 (a /o t# !t# ROE! r! (! pro/'ti i ri (0to0!t /0! (0it!t $%!t!&'o&(ta&t!J

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tati$it :

6? :? :


20/25


D ROE

7ESATAR

Ko$pa&ia A$!r'a 'ara't!ri(ti'at vii$.

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21/25

KAP ITULL I 2

1 ROE /0! +i&a&,i$i

- 21 -


22/25


7ESATAR

Pa()*rat a'ta4! +i&a&,iar! t# Sav!4ot( Stor!(apara)itr $# po(0t#.

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A'tivi Pa(ivi

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23/25

KAP ITULL I 2

7ESATAR

N# +ir$# )# 'a 'o!+i,i!&t t# (0$#-i$it t#'apita4it pr!


24/25


7ESATAR

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:9


25/25

KAP ITULL I 2

D ROE

IVS"TIR

A(ti&Co$pa&* 'a raport %or0i pr! 9?9raport t# )ar'44i$it t# a'tiv!v! 8it0(! $a(#&96? /0! +iti$ $ar0i&a4 pr! 15 Bor/i ir!tor#v! #(0t# i pa'#&a)r $! raporti& 'orr!&t t#'t0i$it &8a 'apita4i i v!t =ROE> /0! $!&/o& )# ai$&/ t# /*+i(0o0!t5 Ko $&/ t# arri0!t =1> /'!rritr +iti$i& $ar0i&a4 16 /0! =6> /'! rritrp#r/ori$i& ! %or0it5 Qar'44i$i i a'tiv!v! 8it0(!

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