" "

, ,
,
,

" "
11 .

,
, ,
,
.
2011
33.0 ,
26.0 ,
30.0 , 16.0
.

40 ,
.
" " 190
, ,
.
,

.
. .


12 , 16,2 10
. 10710 ,
19200 11 .
32,3, 30,
22,8 .

. .


- SWOT

. .

11

PR-


.

/
/

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

//















-
-

-




/ /






:



/ /

. .

2008
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

2009
2010
14%
13%
940,28%
155,1%
100%
100%
3204489%
100%
100%
217800%
161,7%
65,4%
100%
100%
100%
1900000000%
190,3%
102,9%
126,5%
135,6%
(408392026%) (917962901%)
146,5%
170,5%
1719,6%
3639,7%
101735623%
2524374686%
100%
100%
(395387%)
(790774%)
100%
100%
122,4%
136%
134,9%
130%
468,3%
170,4%
100%
100%
0%
594,5%
109,6%
17,1%
100%
100%
100%
100%
0%
0%
100%
100%
100%
1900000000%
100%
100%
100%
116170108%
142,5%
49,5%
177,2%
98,7%
147,1%
166,2%
100%
100%
100%
100%
147,1%
166,2%
154,6%
149,5%
100%
100%
100%
100%
100%
96,3%
100%
100%
100%
(6743266192%)
(37652%)
22230,6%
99,88%
143,3%
69,3%
64,9%
134,9%
130%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

//

. .

2008
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

2009
134.4%
106.2%
400217%
134,9%
120,2%
162,6%
153,4%
168,9%
107,3%
146,4%
108.4%
114.9%
130.2%
208.6%
145.1%
143.2%
111.4%
221.3%
100%
576.5%
121%
123.5%
233.2%
0%

2010
232.08%
106,9%
100%
232,9%
177,6%
336,8%
163.1%
176.8%
233.1%
155.4%
95.5%
73.3%
86.6%
244.4%
188.8%
71.4%
71.3%
140.7%
9040522%
891.6%
115.3%
0%
0%
594.6%



2008-2009

-185939669

376954490

562894159

0,97

1,04

0,07

0,18

0,26

0,08

2009-2010

376954490

43307139

(333647351)

1.04

1.01

(0.03)

0.26

0.15

(0.11)

2008-2009

. .

0,34
0,42

0,08

0,53

0,72

0,19

0,0002

(0,052)

(0.0522)


2009-2010

0,42
0.5

0.08

0,72

1.005

0.285

(0,052)

0.003

0.055

1
2
3
5
6
7

/
360/
/.*360
/
/
/

2008
0,99
3,67
0,32
0,26
1,13

2009
0,73
4,93
40
0,35
0,26
2,19

2010
2,68
1,34
25
0,55
0,47
4,05

1
2
3
4
5
6
7

1
2
3
4
5
6
7

2008
2009

/
0,77
0,88
, /
1698,43
2498,24

/
0,02
(0.65)
, /
23,1%
11,9%

(-)/
0,06
0,21

/
3,33
7,43


/
25,2
4,74

. .

(-)/
/
/
/
/
/
/

2008
2009
0.35
0.42
0.0002 (0.052)
(0.083) (0.28)
0.55
(208.19)
0.0001
0,0003 0,0526
0,001
(0.443)

2010
0,88
2823,78
0.03
11,5%
0,41
7,68

2010
0.501
0.003
(0.013)
12.33
0.01
0,0038
0.028

16,0


-
(ROI) = /
ROI2008=0,0002
ROI2009=(0.052)
ROI2010=0.0032
- (ROE) = /
ROE2008=0.0008
ROE2009=(0.44)
ROE2010=0.028

Z=3.3K1+1.0K2+0.6K3+1.4K4+1.2K5
Z2008=0.59012

K1
K2
K3
K4
K5

Z2009=0.4158

/
/
/
/
/

Z2010=0.4522
2008
(0.0216)
0.26
0.3
0
0.1845

2009
(0.0719)
0.26
0.1345
0
0.2603

2010
(0.006)
0.4664
0.1302
(0.177)
0.1461

:
Z<2.675- .


.
.

. .

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

//















-
-

-




/ /






:



/ /

. .

2008
0.44%
0.76%
0%
0%
0%
17.2%
0%
0%
18.4%
58.4%
0%
23.28%
(0.14%)
0%
0.01%
0%
0%
81.5%
100%
2.05%
0%
0.01%
0.02%
0%
0%
0.02%
0%
0%
0%
0%
17%
19.1%
57.8%
0%
0%
57.8%
76.92%
0.03%
0.03%
39.3%
0%
0%
0.02%
(16.3%)
23.1%
100%

2009
0.04%
5.3%
0%
0.01%
0%
20.7%
0%
0%
26.03%
51.3%
(1.03%)
25.3%
(1.86%)
0.03%
0.01%
(0.001%)
0%
73.96%
100%
7.1%
0%
0%
0.02%
0%
0%
0%
0%
0%
0%
0%
17.94%
25.1%
63.1%
0%
0%
63.1%
88.1%
0.03%
0.03%
39.3%
0%
0%
(5.2%)
(12.1%)
11.8%
100%

2010
0.04%
0.9%
0%
0%
0.0005%
8.68%
0%
4.98%
14.6%
54.7%
(2.4%)
30.5%
(4.07%)
6.6%
0.01%
(0.002%)
0%
85.4%
100%
2.7%
0%
0.05%
0.002%
0%
0%
0%
0%
4.98%
0%
0.3%
6.47%
14.5%
74%
0%
0%
74%
88.5%
0.03%
0.03%
29.2%
0%
(17.7%)
0.32%
(18%)
11.5%
100%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

. .

2008
100%
65,3%
9,03%
1,02%
1,18%
2,59%
0,47%
0,82%
2,27%
0,15%
9,9%
0,19%
0,27%
2,23%
7,18%
5,48,

2009
100%
58,2%
10,3%
1,28%
0,94%
2,82%
0,38%
0,7%
2,2%
0,24%
10,69%
2,08%
0,23%
3,67%
30,79%
4,93%

2010
100%
49,9%
6,35%
0,78%
1,18%
1,74%
0,19%
0,26%
0,85%
0,16%
8,06%
0,06%
0,08%
1,35%
27,59%
2,72%

:
* * - 2008-2009 , 2010 2009
2008 30%- . ,

. 2009 1,35
.

:
2008-2010 10
2008 65,3% 2009
58,2%, 2010 49,9% 34,7-50,1%
.
.
2008-2009 2,2 , 2009-2010 27,9%-
.

.
.

:
* * 2010
11,5% 2008
3,3 2010 7,68 2 ,
( 1,01-1,04) .
,
15 ,
.

40-25
.
3
.
. .

, .

.

. :

/ , , /

, - 3 , ,
.

. .