www.zaluu.

com
www.zaluu.com
- 2002
.
,


1.
,
156,678.2
55,773.9

156,678.2
55,773.9

151,396.8
774,505.8

75,765.2

37,248.3
40,645.5

606,971.5
2,775,784.0

329,588.3
284,894.5

1,125,204.9
3,951,595.0

375,972.5
293,528.3
,
14,245,474.6
207,572.4

145,312.1
116,444.2

546,106.7
798,605.8
,
817.3
578.0

1,082,454.1
5,424,097.6

2,364,337.3
5,424,097.6

2,513,171.4
2,653,664.4

(620,797.8)
(792,383.1)

1,892,373.6
1,861,281.3

56,325.6
56,325.6

1,948,699.3
1,917,607.0



1,948,699.3
1,917,607.0

4,313,036.6
7,341,704.6
2.

2,994.3
50,015.1

850,908.8
161,079.2

75,582.3
75,582.3

666,666.7

929,485.3
1,353,343.3

2,008,800.0

2,008,800.0

929,485.3
3,362,143.2
3.

49,525.1
49,525.1

1,367,304.4
1,367,304.4
()
48,996.3
364,304.7

1,917,725.5
2,198,427.2

3,383,551.3
3,979,561.4

4,313,036.6
7,341,704.6
- 2003 .
,


1.
,
55,773.9
119,687.4

55,773.9
119,687.4

3,875,829.9
1,725,930.2

378.5

75,765.2

3,951,595.1
1,726,308.7

293,528.3
405,897.6
,
207,572.4
327,140.3

116,444.2
175,373.8

503,050.7
625,666.1
,
578.0
1,311.3

1,121,173.6
1,535,389.2

www.zaluu.com
www.zaluu.com

295,555.1
27,583.3

5,424,097.6
3,408,968.6

2,653,664.4
2,377,169.0

(792,383.1)
(833,168.5)

1,861,281.3
11,544,000.5

56,325.7

1,917,607.0
11,544,000.4



1,917,607.0
11,544,000.4

7,341,704.6
14,952,969.1
2.

442,085.4
1,822,630.7

169,008.8
227,484.8

75,582.3
75,582.3

666,666.7
855,650.0

1,353,343.2
4,157,641.1

2,008,800.0
7,057,186.6

2,008,800.0
7,057,186.6

3,362,143.2
11,214,827.7
3.

49,525.1
49,525.1

1,367,304.4
1,367,304.4
()
(241,420.1)

2,562,731.9
2,562,731.9

3,979,561.4
3,738,141.3

7,341,704.6
14,952,969.1
- 2004
.
,


1.
,
119,687.4
223,239.1

119,687.4
223,239.1

1,725,928.3
2,843,428.8

378.5
1,600.6

1,428.8

1,726,306.8
2,846,458.2

405,897.6
523,936.6
,
327,140.3
414,222.7

175,373.8
128,508.7

625,668.1
688,434.3
,
1,311.3
30,475.1

1,535,391.1
1,785,577.3

27,583.3

3,408,968.6
4,855,274.6

12,377,169.0
16,362,310.8

833,168.5
2,013,343.2

11,544,000.4
14,348.967.6

11,544,000.4
14,348.967.6



11,544,000.4
14,348.967.6

14,952,969.1
19,204,242.2
2.

1,855,964.1
1,826,366.3

1,370,444.7
2,713,130.1

75,582.3

855,650.0
2,119,812.0

789,130.0

4,157,641.1
7,448,438.4

7,057,186.6
7,839,853.3

7,057,186.6
7,839,853.3

www.zaluu.com
www.zaluu.com

11,214,827.7
15,288,291.7
3.

49,525.1
49,525.1

1,367,304.4
1,367,304.4
()
177,809.2

2,321,311.9
2,321,311.9

3,738,141.4
3,915,950.5

14,952,969.1
19,204,242.2
, / 2004.12.31 /


1.
:
- ( + )
15,288,291.7
79.6
- ()
3,915,950.5
20.4

19,204,242.2
100.0%
:
- / /
4,855,274.6
29.2
- / / (+)
11,755,803.8
70.8

16,611,078.4
100.0%
2.

:
- (+)
3,069,697.3
13.78
:

-
4,855,274.6
21.79
-
14,348,967.6
64.43

22,273,939.5
100.0%

:
-
2,008,816.4
40.9

-
2,895,983.3
59.1
(,,,)

4,904,799.7
100.0%

:
- ( )
7,448,438.4
365.3
- ( )
(2,593,163.8)
(127.2)
- (--)
(2,816,402.9)
(138.1)

2,038,871.7
100.0%
1. / /- :
-
14,348,967.6
122.1
- ()
(2,593,163.8)
(22.1)
:
(10,399,022.9)
(-)
7,805,859.1

11,755,803.8
100.0%
:

4,855,274.6
4,855,274.6

2,593,163.8

14,348,967.6
7,839,853.3

3,915,950.5

19,204,242.2
1. , . :
2:1 .
2002 364,304.7, 2003 241,420.0 2002 33.7%-
, 2004 177,809.2 2002 51.2%-, 2003 26.3%-
. ,
.
2. ,
.
. .

www.zaluu.com
www.zaluu.com

.
0- .
- , :

223,239.1
1.2

7,448,438.4
38.8

2,846,458.2
14.8

1,785,577.3
9.3
=
( 2,593,163.8)
(13.5)

7,839,853.3
40.8

14,348,967.6
74.7

3,915,950.5
20.4

19,204,242.2
100.0
19,204,242.2
100.0
,
, ,
. ,
, , .
:
1. , ,
.
2. , , , .
- 2004

,
1.
,


( )


,

2.

2003
119,687.4
119,687.4
1,725,928.3

2004
223,239.1
223,239.1
2,843,428.8

2003
0.8
0.8
11.5

2004
1.16
1.16
14.8

.
103,551.7
103,551.7
1,117,500.5

%-
0.36
0.36
3.3

2.43
2.43
26.28

27,961.8
1,753,890.1
327,140.3
405,897.6
175,373.8

3,029.4
2,846,458.2
414,222.7
523,936.6
128,508.7

0.18
11.7
2.1
2.7
1.17

0.015
14.82
2.15
2.72
0.669

-24,932.4
1,092,568.1
87,082.4
118,039
-46,865.1

-0.165
3.12
0.05
0.02
-0.501

-0.586
25.69
2.048
2.77
-1.102

625,668.1

688,434.3

4.18

3.58

62,766.2

-0.6

1.47

1,311.3
1,535,391.1
3,408,968.6
12,377,169.
0
-833,168.6
11,544,000.
4
11,544,000.
4
11,544,000.
4
14,952,969.
1

30,475.1
1,785,577.3
4,855,274.6
16,362,310.8

0.008
10.26
22.8
82.8

0.158
9.297
25.28
85.2

29,163.8
250,186.2
1,446,306.0
3,985,141.8

0.15
-0.963
2.48
2.4

0.68
5.88
0.34
93.73

-2,013,343.2
14,348,967.6

-5.6
77.2

-10.48
74.71

1,180,174.6
2,804,967.2

4.88
-2.49

27.76
65.9

1,855,964.1
1,370,444.7
855,650.0
75,582.3
4,157,641.1

77.2

74.71

2,804,967.2

-2.49

65.9

100%

100%

4,251,273.1

100%

12.4
9.16
5.72
0.5
27.8

9.51
14.13
11.03
4.1
38.78

-29,597.8
1,342,685.4
1,264,162.0
75,582.3
789,130.0
3,290,797.3

19,204,242.2

1,826,366.3
2,713,130.1
2,119,812.0
789,130
7,448,438.4

-2.49

14,348,967.6

2,804,967.2

77.2

74.71

14,348,967.6

65.9
-

-2.89
4.97
5.31
-0.5
4.1
10.98

-0.69
31.58
29.73
1.77
18.56
77.4

www.zaluu.com
www.zaluu.com
18.41

7,057,186.6
7,839,853.3
47.1
40.8
782,666.7
-6.3

7,057,186.6
7,839,853.3
47.1
40.8
782,666.7
-6.3

11,214,827.7
15,288,291.7
75.0
79.6
4,073,464.0
4.6
3.

49,525.1
49,525.1
0.33
0.25
-0.08

2,321,311.9
2,321,311.9
15.52
12.08
-3.44

() 177,809.2
0.09
177,809.2
0.09

2,321,311.9
2,499,121.1
15.52
13.01
177,809.2
-2.51

1,367,304.4
1,367,304.4
9.14
7.11
-2.03
( )

3,738,141.3
3,915,950.5
24.9
20.39
177,809.2
-4.51

14,952,969.1
19,204,242.2
100%
100%
4,251,273.1
:
2003
/
2004
/

3,408,968.6
22.8
4,855,274.6
25.28
2.48

11,544,000.4
77.2
14,348,967.6
74.72
-2.48

14,952,969.1
100%
19,204,242.2
100%

4,157,641.1
27.8
7,448,438.4
38.78
10.98

7,057,186.6
47.2
7,839,853.3
40.8
-6.4

3,738,141.3
25.0
3,915.950.5
20.42
-4.58

14,952,969.1
100%
19,204,242.2
100%
,
/ 2004.01.01 /

119,687.4
1,753,890.1
2,284,063.6
4,157,641.1
(748,672.5)
3,408,968.6

0.8
11.7
15.3
27.8
(5.0)

11,544,000.4

77.2

77.2

14,952,969

100%

(--)

22.8

11,544,000.4

18.41
95.8
4.18
4.18
4.18
100%

4,157,641.1

27.8

7,057,186.6

47.2

(7,805,859.1)

(52.2)

3,408,968.6

22.8

1,869,070.65

12.5

(-)

9,674,929.75

64.7

11,544,000.4

77.2

14,952,969

100%

2004.01.01
:
:
/
- - (++)
4,157,641.1

121.9
- (-) (942.6) % 7,057,186.6

207.0
1042.6 % (7,805,859.1)
(228.9)
100% 3,408,968.6
100%
:
/
()- (7,805,859.1)
(208.8)
(100%)
11,544,000.4
308.8

3,738,141.3
100%
,
/ 2004.12.31 /

7,448,438.4

38.8

223,239.1
2,846,458.2
4,378,741.1
7,448,438.4
( 2,593,163.8)

1.2
14.8
22.8
38.8
(13.5)

4,855,274.6

25.3

14,348,967.6
14,348,967.6

74.7
74.7

19,204,242.2

100%

www.zaluu.com
www.zaluu.com

(--)

7,839,853.3

40.8

(10,433,017.1)

(54.3)

4,855,274.6

(-)

25.3

1,957,975.25

10.2

12,390,992.35

64.5

14,348,967.6

74.7

19,204,242.2

100%

2004.12.31
:
:
/
- - (++)
7,448,438.4
153.4
- (-) (302.3) % 7,839,853.3

161.5
402.3 % (10,433,017.1)
(214.9)
100% 4,855,274.6
100%
:
/
()- (10,433,017.1)
(266.4)
(100%)
14,348,967.6

366.4

3,915,950.5
100%
( )-
/ 2004.12.31/

.
/
.
/
.
%-
/

11,544,000.4
96.6
14,348,967.6
96.4
2,804,967.2
- 0.2
95.9
(
)

405,897.6
3.4
523,936.6
3.6
118,039
0.2
4.1

11,949,898
100
14,872,904.2
100
2,923,006.2
100

14,952,969.1
79.9
19,204,242.2
77.5
4,251,273.1
- 2.4
68.7


2 . :
1. ,
2.
:
1.
2.
3.
4.
5.
6. , , / /
:
1.
2.

(2004 )

1.

2.

(%)
-
-
-

K=:
=:
=:

25.0
75.0
72.2

20.4
79.6
61.2

(4.6)
4.6
(11.0)

=:

4.0

4.9

0.9

()
>50
<50
>50

3.
4.

()

-

=:

www.zaluu.com
www.zaluu.com
<1

3.0

3.9

0.9

0.33

0.25

(0.08)

15.5
9.14

13.0
7.12

(2.5)
(2.02)

308.8
208.8

366.4
266.4

57.6
57.6

:
:

37.1
7.63

48.7
13.9

11.6
6.27

:
:
:

62.9
30.4
6.67

51.3
31.8
16.9

(11.6)
1.4
10.23

:
:
:

62.9
7.92
61.1

51.3
18.03
54.6

(11.6)
10.11
(6.5)

(7,805,85
9.1)
7,912,836.
6
1,855,964.
1
14,952,96
9.0

(10,433,01
7.1)
9,959,665.3

(2,627,158)

2,046,828.7

1,826,366.3

(298597.8)

19,204,242.
2

4,251,273.2

>

(7,805.9)
< 1,535.4

(108433.0)
<1,785.6

<<

(108433.0)
<1,785.6<2
,156.8

<
>

(108433.0)
<1,785.6<2
,156.8

>

(7,805.9)
<
1,535.4<2,
156.8
(7,805.9)
<
1,535.4<2,
156.8
1,535.4<2,
156.8

1,785.6<2,
156.8

5.

6.

7.

8.

-
-
(%)
-
-
(%)
-
-
/ /
-
- -
:
(%)
-
-
- -

(.)
-
-

:
:

-
-
9.

(.)
-

2003 25%, 2004 20.4%-

75-79.6%- .
. 50%- .
50%- . ,
.
,
2003 72.2%, 2004 61.2%- . 50%-
. 2-3
,
. .

2 . :
-
-
3 :

www.zaluu.com
www.zaluu.com

1.
2.
3.
4.

5.
6.
7.
8.

9.
10.

11.

1. / /
2. ,
3. / , , /
5 . :
1. ,
2. ,
3.
4.
5. , , , ,
:
1.
2. / / -
3. /, /

, ,
. 3-5 .

(2004 )

()

:
0.82
0.65
(0.17)
2-3
( )
()
:
0.45
0.42
(0.03)
0.8-1.0

:
0.02
0.03
0.01
0.1-0.2
( )
(%)
.

3.5
4.6
1.1

.
50.6
58.6
8.0

.
45.0
36.8
(8.2)

(.)
-
(748,672. (2,593,16
(1,844,491.3)
5)
3.8)
(.) -
(748,672. (2,593,16
(1,844,491.3)
5)
3.8)

-
(7,805,85 (10,433,0
(2,627,158)
(.)
9.1)
17.1)

.
:
21.7
53.4
31.7
.
- -
:
1042.6
402.3
(640.3)
- -
:
(942.6)
(302.3)
640.3
-
:
10.4
4.02
(6.38)
(%)
-
:
(229.0)
(214.9)
14.1
-
:
(508.4)
(584.3)
(75.9)

.
:
0.07
0.12
0.05

(*)/12
69,430.7 167,778.
98,348.1

6
.
:
5.39
1.83
(3.56)
(%)

*/12
372,775. 811,782.
439,006.691

675
366
,
442,206. 979,560.
537,354.591
(.)
375
966
,

(2004 )

1.
2.

3.0

()

3.9

0.9

<1

3.
4.

5.
6.

-



-
- ,

www.zaluu.com
www.zaluu.com
:

47.2

40.8

(6.4)

62.9

51.3

(11.6)

70.6

65.2

(5.4)

:
:
:
(+
)
+

1.79
2.55
0.9

3.18
4.88
0.16

1.39
2.33
(0.74)

>=4-5

0.27

0.087

(0.183)

>=1

(Z)
3.3 1
1.0 2
0.6 3
1.4 4

:
0.0396
0.0132
(0.0264)
:
0.299
0.507
0.208
:
0.1998
0.1536
(0.0462)
(-)
0.0155
0.0129
(0.0026)
/
:
(0.626)
(0.651)
(0.025)

(0.0721)
0.0357
0.1078
,

1.2 5
Z

(-.)/

2003

>1

>=2.675

2004

0.065

0.045

(0.02)

4.0

4.9

0.9

/
0.3
0.5
0.2
/
0.041
0.008
(0.033)
(--
1.321
2.241
0.92
.)/
, ,
. ,
. 3 .
.

2003
2004

1.

-
=:
1.0
2.4
1.4
- / /
=360:
360.0
150.0
(210.0)
2.

-
=:
1.575
4.26
2.685
- / /
=360:
229.0
84.5
(144.5)
3.

-
=: 2.3
4.44
2.14
- / /
=360: 156.5
81.1
(75.4)
4.

+
385.5
165.6
(219.9)
5.

=
1,440.0
2,612.1
1,172.1

*360/
6.

+-
(1,054.5)
(2,446.5)
(1,392)
7.

/ . /
-
:360
12,425.9
27,059.4
14,633.5
()- :
-

www.zaluu.com
www.zaluu.com

1. 5,268,080.3 117.8%-
144.5 250,186.2
.
2. 1,44,630.6 42.43%- 210
5,682,476.6 .
75.4 5,932,662.8 4.22%
, 95.78% .
:
1.
2,195,032.5 .
1. 2,609,428.5
4,804,461 5,932,662.8
.
.

:
/ / 165.6 2.33 ,
2446.5 0.43 2.76 .
2004

2002
2003
2004

774,505.9
1,725,930.2
2,843,428.8

284,894.5

75,765.2

40,645.5
295,555.1
2,775,783.9
4,247,150.1

378,5
27,583.3
1,753,892.0

3,029.4
2,846,458.2

2002
293,528.3
207,572.4
116,444.2

2003
405,897.6
327,140.3
175,373.8

2004
523,936.6
414,222.7
128,508.7

31,815.5

126,546.0

70,288.8

471,235.2
499,120.1
618,145.5
578.0
1,311.3
30,475.0

1,121,173.6
1,535,389.2
1,785,577.3
/./

2002
2003
2004

1,822,630.7
1,826,366.3

161,079.2
1,403,777.9
2,713,130.0

75,582.3
75,582.3

789,130.0

2,675,466.7
7,912,836.6
9,959,665.3

450,015.0

3,362,143.2
11,214,827.7
15,288,291.7

2003
2004

1.
:
0.299
0.507
0.208
:
0.077
0.747
0.67
-
:
1.072
1.14
0.068
- ,
:
0.36
0.595
0.235
/ /
2.
:
1.1967
2.4876
1.2909
-
:
4.0
4.9
0.9
:
0.77
0.75
(0.02)
-
:
1.072
1.14
0.068

www.zaluu.com
www.zaluu.com

- ,
:
0.360
0.595
0.235
2.
:
0.3875
0.678
0.2905

3.
:
0.360
0.595
0.235

5.
:
0.414
0.828
0.414
6.
:
0.3988
0.637
0.2302

,
,
.
. .
, .
/2004.12.31/
2003
2004

.
/
.
/
.
/

4,473,308.1
1,852.9
9,748,598.2
5,482.6
5,275,290.1
3,629.7

3,064,420.3
1,269.3
7,369,457.9
4,155.6
4,305,037.6
2,886.3

1,408,887.8
583.6
2,379,140.3
1,338.02
970,252.2
7,544.2

715,236.1
296.3
1,850,366.6
1,040.6
1,135,130.5
744.3

693,651.7
287.3
528,773.7
297.4
(164,878.0)
10.1

20,036.4
8.29
3,671.4
2.065
(16,365.0)
(6.225)


413,578.9
171.31
256,149.2
144.06
(157,429.7)
(27.25)

300,109.2
124.31
276,295.9
155.4
(23,813.3)
31.09

58,689.2
24.31
98,486.7
55.4
39,797.5
31.09

241,420.0
100%
177,809.2
100%
(63,610.8)
0.00

:
1.
2.
3.
4.
:
1. ,
2. ,
3.
4.

//

, . :
1.
-
-
2. ,
-
-
-
3. ,
-
-
,
.

2003
2004

www.zaluu.com
www.zaluu.com

1.

2 :
1.
2.

2.

2.

-
-
-
, 2
:
1.
-
-
-
-

2.

-

- - ,
3. -

0.315

0.244

(0.071)

:
:
:

0.155
0.460
0.226

0.054
0.323
0.072

(0.101)
(0.137)
(0.154)

:
:
:

0.685
0.460
0.492

0.756
0.323
0.222

0.071
(0.137)
(0.27)

:
:
:
:
:

0.016
0.831
0.360
0.155
0.348

0.009
0.852
0.595
0.054
0.336

(0.007)
0.021
0.235
(0.101)
(0.012)

:
:
(+)
: (+)
:

0.360
0.155
0.0995

0.595
0.054
0.1864

0.235
(0.101)
0.0869

4. -
0.0646
0.0454
(0.0192)

2 .
1. 2003 0.315,
2004 0.244, 0.071 .
,
.
2. 2003
0.460, 2004 0.323, 0.137 .
/:/
. 2003 0.460, 2004 0.323, 0.137 .
/ (+) : (+) / 2003 0.0995, 2004 0.1864, 0.0869
. ,
.
/ : / 2003 0.0646, 2004 0.0454, 0.0192
. , .


. . :
1. ,
2. ,
3.
4.
5.



2003
2004

1
2,000.0
2,500.0
500.0
2
:
0.325
0.239
(0.086)
3
:
6,153.8 10,460.25
4,306.45
4
/:
5
:
6
:
0.248
0.311
0.063

- 2005 742,877 .
.

. 2-3 ,

.

www.zaluu.com
www.zaluu.com

. :
- / /
-
. :
-
-
-
. :
-
-
-
- , .
. ,
.
.
= i *(1-t ) = 47.3(1-0.2)=37.84%
i = : = 3,739,740.0:7,912,836.6*100%=47.3%
20%- .
, 2 . :
1.
2.
3.
,
. - .
:
2003 = 7,912,836.6
= 7,912,836.6 : 201,463.4 :12 = 3.27
2004 = 9,959,665.3
= 9,959,665.3 : 486,183.4 : 12 = 1.7


2003
2004
2003
2004

4,157,641.1
7,448,438.4
2,755,492.15
5,803,039.75

7,912,836.6
9,959,665.3
5,294,151.65
8,936,250.95

11,214,827.7
15,288,291.7
7,288,485.45
13,251,559.70
:
2003 = 0.27
2004 = 0.087

. ,
.

2003
2004

1.

:
15.5
5.4
(10.1)
2.

: ( -)
1.0
1.16
0.16
3.

:
15.5
6.264
(9.236)

0.155 1%- 15.5%- .

1%- 1%-, 1.16%- .
. .