ReachLocal Equity Research Report
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Fqugty Xfsfor`b
H rg rgo od H mc mco od X fs fsf for`b ^ rfpo rfporfl rfl imr J o`e Kurpby mi Qg cc cco oks @ opg pgto tocc
Gdgtgotgda @mvfroaf @mkpody Mvfrvgfw odl Efy Loto Xfo`bCm`oc
Bmcl
(Dosloq: XCM@) Pborf ^rg`f:
$?1.>8
^rg`f \oraft:
$?2
68-Qffe Xodaf:
$?8.>> - $82.07
Pborfs Mutstodlgda:
82.2 kgccgmd
Koreft @opgtocgzotgmd:
$6>1 kgccgmd
Lgvglfdl Wgfcl:
DO
?0 Judf 8>??
Xfo`bCm`oc (Dosloq: XCM@) Gdvfstkfdt @md`fpt Xfo`bCm`oc bos imudl o swfft spmt hy oaarfssgvfcy armwgda gts Gdtfrdft Koreftgda @mdsuctodts lfspgtf lfspgtf tbf rf`fdt rf`fssgmd. \bfsf ifft md tbf strfft lrgvf tbf `mkpody‗s armwtb hy o`qugrgda skocc odl kflguk sgzfl husgdfss (PKH) `cgfdts odl oglgda tbfk gd olvfrtgsgda tbf `cgfdt `mkpody vgo sfor`b odl lgspcoy olvfrtgsgda. olv frtgsgda.
Xfo`bCm`oc, Gd`. gs od mdcgdf koreftgda ` mkpody tbot bfcps skocc odl kflguk sgzfl husgdfssfs, mr PKHs, o`qugrf, kogdtogd odl rftogd `ustmkfrs vgo tbf Gdtfrdft. \bf @mkpody miifrs o `mkprfbfdsgvf sugtf mi mdcgdf koreftgda odl rfpmrtgda smcutgmds, gd`culgda sfor`b fdagdf koreftgda, lgspcoy olvfrtgsgda, rfkoreftgda odl mdcgdf koreftgda odocytg`s, fo`b toraftfl tm tbf PKH koreft.
Opprmxgkotfcy mdf yfor yfor oam, G gdgtgotf gdgtgotfl l `mvfroaf md Xfo`bCm`oc Xfo`bCm`oc just o ifw loys imccmwgda tbf G^M. \bf puhcgsbfl rfpmrt `mdtogdfl ky fs fstgkotfs tgkotfs imr 8>?> & 8>??. \bgs rfpmrt cmmes ho`e mvfr tbf cost yfor odl bmw ky fstgkotfs wfrf ohcf tm bmcl up. \bfd wf toef o cmme ot tbf iuturf. \bgs rfpmrt gs mdcy o prfvgfw mi mi tbf `mkpcftf rfpmrt. Iucc flgtgmd rfpmrts orf ovogcohcf imr $17.76. Imccmw up rfpmrts imccmwgda i mccmwgda tbf fordgdas rfcfosf wgcc hf prg`fl ot $87.77 odl `od hf pur`bosfl pur`bosfl gd huce. Fkogc imr poykfdt poykfdt mptgmds. . .
Hrgod Hmcod
? 110 <?0 >826
\wgttfr: NHHmcod?
HHmcod?NAkogc.`mk
?0 Judf 8>??
LGP@CMPVXFP ODL ODOCWP\ @FX\GIG@O\GMDP OXF CM@O\FL O\ \BF FDL MI \BF XF^MX\. Gdvfstmrs sbmucl `mdsglfr Hrgod Hmcod Xfsfor`b os mdcy o sgdacf io`tmr gd koegda tbfgr gdvfstkfdt lf`gsgmd.
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Gdsglf
Gdvfstkfdt \bfsgs
0
@mkpody Ho`earmudl
0
Xfo`bPfor`b
<
Xfo`bLgspcoy \mtoc\ro`e
6 9
\mtoc@bot
9
Xfo`b@ost
9
Xfo`bLfocs
1
O`qugsgtgmds O`qugsg tgmds
2
Qbfrf tbf Armwtb @mkfs Irmk
2
Pfakfdt Hrfoelmwd
7
@mkporohcf @mkpodgfs
7
Gdlustry Lgs`ussgmd
??
Kodoafkfdt
??
Bfol`mudt Ptm`e \rolgda
?? ?8
\roiig` Odocysgs
?0
Gd`mkf Ptotfkfdt
?<
O`tgvf Olvfrtgsfrs Olvfrtgsfrs
?<
O`tgvf @okpogads @okpogads
?6
Pocfs Ptoii Armws
?6
@okpogad OP^
?9
Olvfrtgsfr Olvfrt gsfr OP OP^ ^
?9
Xfvfduf pfr GK@
?1
Lgrf`t Cm`oc vs DHOX
?2
Odocysgs mi Efy Kftrg`s Odocysgs @mst mi Pocfs tm Lf`rfosf
?2 ?7
Hocod`f Pbfft
?7
Gdvfstkfdt Xgses
8>
Xf`mkfdlotgmd
8>
Oppfdlg`fs Oppfd lg`fs
88
?0 Judf 8>??
Hrgod Hmcod Xfsfor`b | ? 110 <?0 >826 | www.s`rghl.`mk
8
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Gdvfstkfdt \bfsgs Xfo`bCm`oc bos lfkmdstrotfl o `cfor potb tm prmigtohgcgty, amml armwtb bgstmry odl amml armwtb pmtfdtgoc. O tgabt icmot odl cgttcf sfccgda sfccgda irmk Yfdturf @opgtoc bos pcoyfl o rmcf gd tbf stm`e kmvgda tm gts rf`fdt bgabs. \bf rf`fdt portdfrsbgp wgtb Ammacf bos `cforfl tbf w woy oy imr iuturf gdvfstkfdt gd fgabt imrfgad `mudtrgfs mvfr tbf dfxt tbrff yfors. Mvfr tbf cost yfor, tbf `mkpody bos ollfl o efy prmlu`t, Xfo`b@ost, tm gts sfor`b odl lgspcoy miifrgdas. miifrgdas. Xfo`b@ost gs tbf sm`goc kflgo koreftgda tmmc tbot gd`culfs Io`fhmme, \wgttfr, odl PFM sfrvg`fs sfrvg`fs imr tbf sgtf. \brmuab ?_?? tbf `mkpody bos smcl opprmxgkotfcy ?,?>> ?,?>> Xfo`b@ost‗s tm Xfo`b@ost‗s tm dfw odl fxgstgda `cgfdts. `cgfdts. Bovgda coud`bfl gd Dmvfkhfr, Dmvfkhfr, tbf rftfdtgmd rotfs imr Xfo`b@ost wgcc hf o prgkory `md`frd. Armwtb gs prflg`otfl md tbf `mdtgdufl bgrgda mi Gdtfrdft Koreftgda @mdsuctodts (GK@‗s) (GK@‗s) Os tbf `mkpody olls kmrf GK@‗s tbf lgstod`f tm prmigtohgcgty gs cgefcy tm hf sbmrtfdfl. Qf bovf usfl smkf `mdsfrvotgvf bgrgda fstgkotfs imr 8>??8 odl rfcgfl md `mkpody auglod`f imr 8>??.
@mkpody Ho`earmudl Pfor`b rfkogds tbf ho`ehmdf mi tbf gdtfrdft odl skocc husgdfssfs rfocgzf tbot tbfy dffl tm hf md tbf gdtfrdft. Kmst skocc husgdfssfs husgdfssfs rf`madgzf tbot tbfy `od hf md tbf gdtfrdft w wgtb gtb cgttcf fiimrt lgrf`tcy tbrmuab Ammacf OlQmrls, hut oll gd tbf `mkpcfxgty mi Wobmm!, Hgda, Ose.`mk odl OMC odl tbf tose hf`mkfs tmm coraf imr kody skocc husgdfssfs. husgdfssfs. \bf `mkpody afdfrotfs rfvfduf rfvfduf irmk imur sfakfdts. Qf bovf prmvglfl o hrgfi s sukkory ukkory mi fo`b hfcmw: Xfo`bPfor`b gs tbf `mkpody‗s sfor`b fdagdf koreftgda prmlu`t pco`fs `cgfdts‗
olvfrtgsfkfdts okmda tbf sfor`b rfsucts md cfolgda sfor`b fdagdfs su`b os Ammacf, Wobmm! odl Hgda, os wfcc os od fxtfdsgvf dftwmre mi cm`oc sfor`b odl lgrf`tmry sgtfs, `occfl tbf Xfo`bCm`oc Pfor`b Dftwmre. Dftwmre. Xfo`bLgspcoy gs tbf `mkpody‗s lgspcoy olvfrtgsgda prmlu`t wbg`b hrmol`osts od PKH‗s
kfssoaf tm o spf`gig` toraft mdcgdf oulgfd`f. Xfo`bCm`oc miifrs kmrf tbod 8> lgiifrfdt lgspcoy olvfrtgsgda prmlu`ts o`rmss o wglf vorgfty mi puhcgsbgda portdfrs, gd`culgda Wobmm!/Xgabt Kflgo, Ammacf, @mccf`tgvf Kflgo, Io`fhmme, Imx Gdtfro`tgvf Kflgo, odl Efccfy Hcuf Hmme. Gd ?_?? XCM@ ollfl Xfkoreftgda Xfkoreftgda tm occ Xfo`bLgspcoy `okpogads. `okpogads. Xfkoreftgda o rfkoreftgda prmlu`t occmws tbf `mkpody tm toraft `mdsukfrs wbm bovf
prfvgmuscy vgsgtfl o spf`gig` PKH‗s wfhsgtf tbrmuab o Xfo`bPfor`b mr Xfo`bLgspcoy `okpogad. \mtoc\ro`e. ^mwfrfl hy o rfvfrsf prmxy tf`bdmcmay \mtoc\ro`e occmws `cgfdts tm sff fxo`tcy
bmw ku`b mdcgdf odl miicgdf o`tgvgty, gd`culgda pbmdf `occs, gs afdfrotfl hy tbfgr mdcgdf olvfrtgsgda `okpogads. Xfo`b@ost. Os tbf Pm`goc Pm`goc Kflgo Koreftgda Koreftgda tmmc imr skocc skocc husgdfssfs, husgdfssfs, Xfo`b@ost pmsts pmsts
`mdtfdt tm Io`fhmme & \wgttfr odl occmws imr od XPP iffl tm pmst tm mtbfr hcmas mr sgtfs. \brmuab PFM ho`e cgdegda, tbf Xfo`b@ost sgtf wgcc mitfd `cgkh tbf mraodg` cgstgdas imr tbrff mr igvf lfsgrfl efywmrls. efywmrls. Xfo`bLfocs \bf rfsuct mi tbf $?>K pur`bosf mi LfocMd md 8/?6/??, Xfo`bLfocs bos yft
tm hf coud`bfl odl gs stgcc gd hfto hfto.. Gt gs fxpf`tfl tm iuccy coud`b gd 8B??. Os port mi mi tbf Hgzzy pcotimrk, Xfo`bLfocs wgcc `mkpftf wgtb Armupmd, CgvgdaPm`goc odl mtbfrs gd tbf logcy lfoc spo`f. O lftogcfl hrfoelmwd mi fo`b prmlu`t gs ovogcohcf vgo tbf iucc rfpmrt. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
0
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Xfo`bPfor`b (Lftogcfl Hrfoemut) \bf sfor`b prmlu`t gs tbf imudlotgmd mi tbf `mkpody odl
mdf woy tm lfs`rghf gt gs o kossgvf rf`mkkfdlotgmd fdagdf mi efywmrls, hgls odl fstgkotfl `cg`e tbrmuab rotfs. rotfs. Xfo`bPfor`b wgcc wgcc outmkotg`occy pmpucotf o cgst cgst mi efywmrls o`rmss dukfrmus sfor`b fdagdfs gd mrlfr tm koxgkgzf pmtfdtgoc vgfwfrsbgp imr o `ustmkfr‗s `ustmkfr‗s ol. \bf prmlu`t wgcc suaafst o hulaft imr tbf spf`gig` `cgfdts agvfd tbf prmpfr `otfamry odl tbfd suh `otfamry. \bgs hulaft wgcc wgcc tbfd hf spfdt o`rmss tbf sfor`b fdagdfs tbrmuabmut tbrmuabmut tbf `y`cf mi opprmxgkotfcy 0> loys. \bf hulaft gs arfotcy gdicufd`fl hy tbrff kogd io`tmrs. \bf dukhfr mi pfmpcf tbot wmre wmre / rfsglf gd tbf toraftfl orfo (orfo toraftfl `od rodaf irmk ?>-?>> kgcfs, mr o``fss just o ifw dfgabhmurbmmls wgtbgd o `gty), tbf bgstmrg`oc `cg`e tbrmuab rotf (@\X), odl tbf ovfroaf `mst pfr `cg`e (@^@). \bf dukhfr mi pfmpcf tbot cgvf gd tbf toraft orfo gs usfl tm lfrgvf tbf pmtfdtgoc dukhfr mi sfor`bfs tbot orf cgefcy tm hf pfrimrkfl imr occ tbf efywmrls tbot tbf systfk wgcc suaafst. \bgs kftbml bos gts lrow ho`es, gd`culgda ottro`tgda udwodtfl `cg`es irmk dmd-im`usfl efywmrls. \bf kftbml tm orrgvf ot tbf hulaft `od hf afdfroccy lfs`rghfl os Fstgkotfl Pfor`bfs pfr kmdtb * @\X * @^@ ; kmdtbcy hulaft. \bgs hrmol rodaf occmws occmws imr upsglf odl lmwdsglf surprgsfs hmtb os `msts odl `cg`e tbrmuabs tfdl tm vory tbrmuabmut ody agvfd `y`cf. Os port mi tbf fvglfd`f mi tbg tbgs s prmlu`t wmregda, tbf `mkpody bos lfvfcmpfl o tf`bdmcmay tbot toefs oiif`t wbfd o `mds `mdsukfr ukfr `cg`es md tbf ol ol.. \bgs tf`bdmcmay iud`tgmds os tbf tbf tro`egda systfk odl occmws Xfo`bCm`oc tm pco`f o YMG^ tro`egda pbmdf dukhfr gd o hor mr md tbf sgtf gd o `cmsf rfpcg`otgmd rfpcg`otgmd tm tbf mrgagdoc. \bgs occmws occmws o `cgfdt tm sff bmw kody gkprfssgmds tbf ols kolf (vgfws), \bf dukhfr mi `cg`es (vgsgts), odl bmw kody pfmpcf `occfl ot tbot tgkf (mr cotfr wgtb tbf tro`egda dukhfr prmvglfl ot ot tbf tgkf mi tbf sfor`b). \bgs occmws o `cgfdt tm lfvfcmp od XMG imr tbf kmdtbcy ol spfdl hosfl md tbf pbmdf `occs. ^rms
\bgs sfr sfrvg`f vg`f gs lfsgadfl imr pfmpcf tbot o orf rf sfor`bgda imr o husgdfss, husgdfss, tbot tbfy lm dmt edmw hy dokf. Pfor`b lgs`m lgs`mvfry vfry gs o efy rfosmd husgdfssfs husgdfssfs usf tbf sfrvg`f. sfrvg`f. ^fmpcf tbot edmw tbf dokf mi tbf husgdfss orf dmt os cgefcy tm `cg`e md tbf ol, udcfss tbf mvfrocc wfh prfsfd`f mi tbf husgdfss gs sm cgkgtfl os dmt tm hf imudl gd tbf mraodg` cgstgdas / kop sf`tgmd.
\bf tro`egda mi pbmdf `occs occmw occmws s o husgdfss tm rf`mrl odl rfvgfw rfvgfw tbf `occs ot ody ody tgkf. \bgs `od dmt mdcy hf usfl tm imrkucotf od XMG, XMG, hut `od hf o tmmc imr `bf`egda md tbf irmdt lfse tm koef k oef surf tbot `occs orf hfgda odswfrfl prmpfrcy.
\bf fxpmsurf gs wglf, odl oppfors dmt just md tbf hga tbrff sfor`b sfor`b fdagdfs, hut `cogks tm hf gd irmdt irmdt mi 72% mi wbfrf pfmpcf pfmpcf sfor`b. \bgs wglf dft `od `ot`b `ot`b kody mi tbf mppmrtudgtgfs tbot kgabt mtbfrwgsf bovf amttfd owoy.
O hulaft w wgcc gcc dmt fdl up mvfr spfdlgda, spfdlgda, odl `rflgts `rflgts orf fosgcy fosgcy `orrgfl mvfr gdtm tbf dfxt kmdtb. O rf rfpmrtgda pmrtgda tmmc occmws o``fss 8< bmurs o loy tm tbf rfsucts. rfsucts. \bf systfk `od koef oljustkfdts tm ody `okpogad ot ody tgkf, odl `od olopt tm spgefs gd troiig` mr `cg`es.
@mds
\bf ?,>>>-?,6>> efyw efywmrls mrls tbot husgdfss `od hf usfl rfs gd dukfrmus sfor`bfs sfor`bfs tbot orf dmt os bgabcy toraftfl os kmst mwdfrs mwdrfsuct frsuct wmucl prfifr. Gd tbf ohsfd`f mi cmda togc efywmrls, o coraf pfr`fdtoaf mi tbf efywmrls orf amgda tm hf cfss rfcfvodt odl wgcc uctgkotfcy cfol tm wostfl `cg`es mr hmaus `occs.
?0 Judf 8>?>
\bf rftfdtgmd rotf imr tbgs s sfrvg`f frvg`f gs o pmgdt mi `md`frd. Gt bos hffd fstgkotfl fstgkotfl tbot
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
<
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
`burd imr tbgs prmlu`t wos gd tbf cmw 9>%‗s 9>%‗s dmt tbot cmda oam. Qf fstgkotf `burd md tbf sfor`b prmlu`t tm hf ormudl 6>%.
Olvfrtgsgda oaogdst o husgdfss‗s husgdfss‗s dokf dokf koy hrgda gd o bgab dukhfr mi pbmdf `occs, hut gt‗s gt‗s udcgefcy tm hf tbf dfw husgdfss Xfo`bPfor`b Xfo`bPfor`b strgvfs imr. \bgs kftbml mi mi sfor`b hrodlgda gs kmrf gkpmrtodt tm husgdfssfs tbot bovf dokf rf`madgtgmd gd o portg`ucor orfo.
Xfo`bCm`oc lmf lmfs s dmt lgs`cmsf gts uctgkotf uctgkotf kore-up md tbf `mst mi tbf sfrvg`f. \bgs kfods tbot wbgcf kmst `cg`es `mucl `mkf gd ot rfosmdohcf prg`fs, tbfrf wgcc hf gdstod`fs mi sgadgig`odtcy bgabfr tbod fxpf`tfl `cg`es tbot orf tbf hosgs mi tbf kore up. Os o afdfroc rucf mi mi tbukh, gt `od hf fxpf`tfl fxpf`tfl tbot o sfrvg`f cgef tbgs wmucl bovf o kore-up mi hftwffd hftwffd 0>%-9>%. \bf `mkpody hugcls tbf kore up gdtm tbf prg`gda pfr `cg`e, koegda `mkporgsmds lgiig`uct.
Odocysgs
Qgtb kuctgpcf `mkpftgtmrs gd tbf koreft, tbf cgefcgbmml tbot XCM@ wgcc bovf tm cmwfr gts koreup gs o dfor `frtogdty. `frtog dty. \bf bgab `burd rotf mi tbgs prmlu`t, wbgcf udedmwd gi `mst gs tbf kojmr io`tmr mr gi gts quocgty, quocgty, gs o rfl icoa. Ptgcc tbf dukhfr mi mi `okpogads `mdtgdufs tm gd`rfosf os olvfrtgsfrs kmvf tm tbf wfh wfh imr dfw `ustmkfrs. `ustmkfrs. Os o `mrf prmlu`t imr tbf `mkpody, wf wf hfcgfvf tbot kmrf tbod 26% mi `ustmkfrs usf Xfo`bPfor`b.
Xfo`bLgspcoy (lftogcfl hrfoemut) Xfo`bLgspcoy gs tbf `mkpody‗s smcutgmd imr husgdfssfs
tbot wodt tm olvfrtgsf olvfrtgsf vgo aropbg`oc lgspcoy ols. \bfsf ols orf lfcgvfrfl o`rms o`rmss s od fdtgrf kftrm orfo odl orf lrgvfd hy o @ @^K ^K (`mst pfr tbmusodl) kftbml. Gd huygda rfkodfdt rfkodfdt gdvfdtmry irmk puhcgsbfrs, Xfo`bCm`oc gs ohcf tm prmlu`f o sgadgig`odt dukhfr mi lgspcoy gkprfssgmds imr gts `cgfdts ot rfosmdohcf `msts. Gd imccmwgda tbf wfh stodlorls imr hoddfr, tmwfr odl hcm`e ols, Xfo`bLgspcoy gs `opohcf mi sfrvgda ols md dukfrmus ol dftwmres odl `od fvfd miifr afm odl hfbovgmuroc toraftgda. Xfo`bgda tbf `mkP`mrf tmp ?>>> wfhsgtfs, tbf gdtfdtgmd mi lgspcoy olvfrtgsgda gs hosfl kmrf md tbf glfo mi hugclgda oworfdfss oworfdfss tbod o`bgfvgda o kfodgdaiuc `cg`e tbrmuab rotf. Lurgda ?_?? tbf `mkpody ollfl tbf rfkoreftgda ifoturf gdtm occ mi gts Xfo`bLgspcoy po`eoafs. Xfkoreftgda gs tbf pro`tg`f m mii sfrvgda od ol tm o `mkputfr `mkputfr usfr tbot bos hffd tm o lfsgadotfl `cgfdt sgtf (`mmegfl) gd tbf imccmwgda 8< bmurs wgtb os kody os < olvfrtgsfkfdts os o rfkgdlfr tm rfturd tm tbf `cgfdts wfhsgtf. wfhsgtf. Os o bgabcy fiif`tgvf tmmc, tbf `mst `mst `od koef tbf sfrvg`f dforcy prmbghgtgvf hy `boragda @^K‗s mi hftwffd $?> odl $?6. \bf rotfs imr tbf od oworfdfss `okpogad (dm hfbovgmuroc toraftgda) rodaf hftwffd $? odl $< @^K. Os Os tbf `mkpody‗s lgspcoy olvfrtgsgda prmlu`t wbg`b hrmol`osts od PKH‗s kf ssoaf tm o spf`gig` toraft mdcgdf oulgfd`f. Xfo`bCm`oc miifrs kmrf tbod 8> lgiifrfdt lgspcoy olvfrtgsgda prmlu`ts o`rmss o wglf vorgfty mi puhcgsbgda portdfrs, gd`culgda Wobmm!/Xgabt Kflgo, Ammacf, @mccf`tgvf @mccf`tgvf Kflgo, Io`fhmme, Imx Gdtfro`tgvf Gdtfro`tgvf Kflgo, odl Efccfy Hcuf Hmme. Gd ?_?? XCM@ ollfl Xfkoreftgda tm occ Xfo`bLgspcoy `okpogads. `okpogads. Odocysgs
Lgspcoy gs ossm`gotfl kmrf wgtb hugclgda oworfdfss mr hrodlgda tbod `ustmkfr o`qugsgtgmd. \bgs tbf prmlu`t cfss ottro`tgvf tm tbf bovf dmtorf fstohcgsbfl o hrodl gd tfrkskoefs mi sfrvg`f mr olvfrtgsgda. olvfrtgsgda. \bmsf tbot lmPKH‗s bovf bovf otbot hrodl odl orf wgccgda tm `mdtgduf tm gdvfst gd tbf hrodl wgcc `frtogdcy cmme tm cmwfr `msts oitfr sffgda wbot rfsucts o`tuoccy `mkf. Gt bos hffd wglfcy rfpmrtfl tbot PKH‗s tbot bovf usfl lgspcoy olvfrtgsgda bovf hffd cfss tbod sotgsigfl wgtb tbf rfsucts. rfsucts. Os tbf PKH‗s hf`mkf hf`mkf fvfd scgabtcy kmrf sovvy wgtb tbfgr ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
6
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
hulafts, tbfy wgcc cmme tm ol dftwmres tbot `od prmvglf tbf sokf sfrvg`f imr sgadgig`odtcy cfss. \mtoc\ro`e (lftogcfl hrfoelmwd) - \mtoc\ro`e gs tbf pbmdf rf`mrlgda systfk tbot occmws olvfrtgsfrs tm cford fxo`tcy wbfrf o pmtfdtgoc `ustmkfr bos cfordfl mi tbfgr ammls mr sfrvg`f. \bf tro`egda systfk gs o YMG^ pbmdf cgdf tbot rf`mrls tbf pbmdf `occs odl tro`es tbf usf vgo o trodsporfdt wfhsgtf. wfhsgtf. \bgs occmws tbf olvfrtgsfr tm sff tbf dukhfr odl `occfr lftogc (gd`culgda occ `occfr GL iud`tgmds) tm lftfrkgdf wbg`b olvfrtgsgda gs tbf kmst fiif`tgvf. Odocysgs
Os ior os YMG^ sfrvg`fs am, $87.77 o kmdtb gs kmrf tbod kmst sfrvg`fs, hut gts gdtfarotgmd gdtm tbf Xfo`bCm`oc pcotimrk pcotimrk kmrf tbod koefs up imr tbf ollfl ollfl `mst. Ot su`b o cmw `mst, \mtoc\ro`e gs rorfcy o kotfrgoc io`tmr wbfd cmmegda ot rfvfduf kmlfcs \mtoc@bot - tbf `bot smcutgmd imr Xfo`bCm`oc gs o cfol afdfrotmr afdfrotmr imr `ustmkfrs tbot gs hugct
gdtm tbf `cgfdts wfhsgtf wfhsgtf odl gs mpfrotfl hy hy o tbgrl porty. \bf olvfrtgsfr poys o kmdtbcy iff odl o prg`f pfr cfol. c fol. Odocysgs
@bot sfrvg`fs `od hf imudl i mudl vgo dukfrmus prmvglfrs, odl wbgcf gts `msts orf afdfroccy scgabtcy kmrf tbod tbf ovfroaf ov froaf prmvglfr, gts gdtfarotgmd gdtm tbf pcotimrk koefs sfdsf imr olvfrtgsfrs tbot orf ocrfoly ruddgda o sfor`b `okpogad. Xfo`b@ost (lftogcfl hrfoelmwd) - Xfo`b@ost gs tbf Pm`goc Kflgo Koreftgda tmmc tbot tbf
`mkpody miifrs imr olvfrtgsfrs. olvfrtgsfrs. Xfo`b@ost miifrs husgdfss husgdfss o wfhsgtf tbot iud`tgmds ku`b cgef o hcma tbot sydlg`otfs tbf `mdtfdt tbot Xfo`bCm`oc afdfrotfs mdtm sm`goc kflgo sgtfs su`b os Io`fhmme odl \wgttfr. \brmuab od XPP iffl iffl,, tbf olvfrtgsfr `od bovf tbf `mdtfdt puhcgsbfl md fxtfrdoc hcmas mr md o hcma os wfcc hut tbgs kust hf lmdf hy tbf olvfrtgsfr. \bfrf orf twm cfvfcs mi mi sfrvg`f miifrfl hy Xfo`b@ost, Xfo`b@ost, tbf ^rm odl ^rm0. Xfo`b@ost ^rm miifrs < `ustmk `mdtfdt pgf`fs tbot orf wrgttfd imr tbf husgdfss odl puhcgsbfl md tbf Xfo`b@ost poaf odl 2 ho`e cgdefl ortg`cfs tbot orf kfodt imr PFM PFM purpmsfs. \bf `mst pfr kmdtb imr Xfo`b@ost Xfo`b@ost ^rm gs $?877 o kmdtb. Xfo`b@ost ^rm0 bos 2 `ustmkfr pgf`fs mi `mdtfdt odl 8< ho`e cgdefl ortg`cfs odl `msts $?1 $?177 77 pfr kmdtb. @mdtro`t cfdatbs orf orf 9 odl ?8 kmdtbs. ^rms
Imr tbf husgdfss tbot lmfsd‗t bovf tgkf tgkf tm lfvfcmp odl pmst `mdtfdt, Xfo`b@ost miifrs o smcutgmd tbot ollrfssfs kmst mi tbf pogd pmgdts tbot husgdfssf husgdfssfs s bovf.
Xfsucts gd mra mraodg` odg` cgstgdas bovf hffd iogrcy strmda, wgtb wgtb smkf `ustmkfrs `ustmkfrs kmvgda tm tbf vfry tmp mi tbf cgst cg st md Ammacf odl Wobmm.
Gdstfol mi bgrgda o sm`goc kflgo fkpcmyff, fkpcmyff, tbf `mst `mst gs suhstodtgoccy suhstodtgoccy cfss imr o husgdfss tbot wodts o sm`goc kflgo koreftgda tmmc, hut lmfs dmt wodt tm hf tbot gdvmcvfl.
@mds
Kody mi tbf s sfrvg`fs frvg`fs tbot orf miifrfl (Io`fhmme, \wgttfr odl odl Wmu\uhf o``mudts) o``mudts) orf irff, `mdtfdt (Bmmt Pugtf) Pugtf) gs irff. Puaafstgda tbot tbf prg`gda gs fvfd hosflo smcfcy mdsydlg`otgmd `mdtfdt odlsfrvg`f ho`ecgdes.
?0 Judf 8>?>
@mdtfdt afdfr afdfrotgmd otgmd gs mutsmur`fl ot wbot wbot `mucl hf o sgadgig`odtcy cmw rotf. rotf. \bf ho`e cgdegda gs ocsm mutsmur`fl, odl tbf ho`e cgdegda `mkpody ocsm lf`glfs md tbf
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
9
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
im`usfl efywmrls. \bgs `mucl hf gd lgrf`t `mdtrolg`tgmd `mdtrolg`tgmd tm tbf `us `ustmkfrs tmkfrs stotfl amocs.
\bf ho`e-cgdegda gs lmdf imr tbf hfdfigt mi mi tbf Xfo`b@ost Xfo`b@ost sgtf, dmt tbf bmkf sgtf sgtf mi tbf olvfrtgsfr, wbg`b hf`mkfs cfss vocuohcf gi tbf sfrvg`f gs `od`fccfl (tbmuab tbf `mkpody lmfs dmtf tbot ymu aft tm effp occ tbf `mdtfdt tbot gs `rfotfl.
Odocysgs
Qgtb ?,?>> Xfo`b@osts hfgda smcl tbrmuab Kor`b 0?, 8>?? wf `od fxpf`t tbot tbf vost kojmrgty orf mi tbf $?877 $?877 vorgfty os mppms mppmsfl fl tm tbf $?177 prg`f. ^rmjf`tgda od 26% / ?6% spcgt, Xfo`b@ost Xfo`b@ost afdfrotfs $<.6K mi mi rfvfdufs pfr quortfr. Qf orf bfsgtodt tm prmjf`t sgadgig`odt armwtb gd Xfo`b@ost socfs hfymdl o ifw budlrfl os rftfdtgmd igaurfs sbmucl hf rfcfosfl md tbf 8_?? `mdifrfd`f `occ. Qf lm hfcgfvf tbot XCM@ wgcc s sff ff sgadgig`odt koragd gkprmvfkfdt luf tm Xfo`b@ost. Ot o rf`fdt gdvfstmr `mdifrfd`f ` mdifrfd`f wf cfordfl tbot tbf `mkpody afdfrotfs $?.< pfr kmdtb k mdtb gd rfvfduf, scgabtcy hfcmw mur fstgkotfs ohm ohmvf. vf. \bgs gs luf tm tbf forcy `ustmkfrs tbot bol prfifrfdtgoc prg`gda md tbf PKH: Cgvf Cgvf prmlu`t. ^rg`gda grrfaucorgtgfs grrfaucorgtgfs wgcc wgcc cgefcy `mdtgduf `mdtgduf tbrmuabmut 8>??. Mur fstgkotfs md tbf o`tuoc `msts mi hugclgda mut o sgtf, prmvglgda `mdtfdt odl ho`e-cgdegda gdlg`otfl tbot Xfo`b@ost cgefcy `orrgfs o vfry bgab dft koragd. (lftogcfl hrfoemut) \bf o`qugsgtgmd mi LfocMd hrmuabt tbf logcy lfoc tm Xfo`bCm`oc. Gts pcoddfl tm hf gd`mrpmrotfl wgtb tbf tbf Hgzzy kmhgcf opp odl wgcc wgcc miifr rf`mkkfdlfl lfocs hosfl md usfr gdput tm tbf Hgzzy opp. opp. \bf glfo mi mi o rf`mkkfdlfl miifr tbot gs pfrsmdocgzfl tm fo`b usfr gs todtocgzgda tm kody skocc husgdfssfs, os gt prmkgsfs tm hf prfsfdtfl tm `ustmkfrs tbot wgcc wodt ymur sfrvg`f os mppmsfl tm o koss fkogcfl miifr tbod bos ifw `mdtrmcs md gt. gt. \bf fxokpcf wmucl wmucl hf o rfstourodt tbot mdcy miifrs miifrs tbf lfocs os husgdfss fhhs odl icmws. i cmws. Xfo`bLfocs
^rms
@mdtrmccfl ohmut odl tgkgda mi miifrs miifrs agvfs tbf cm`oc husgdfss husgdfss `mdiglfd`f tbot gs afttgda gts miifr tm pfmpcf tbot wmucl cgefcy usf gt.
Os pur`bos pur`bosfl fl lfocs orf rflffkfl, rflffkfl, tbf husgdfs husgdfss s `od fcf`t tm rfpco`f tbf lfocs tm tbf sokf mr dfw `ustmkfrs.
@mds
\bf lfoc gs rf`m rf`mkkfdlfl, kkfdlfl, odl tbfrfimrf Hgzzy Hgzzy kust hf od o`tgvf opp md o `mdsukfrs skortpbmdf. skortpbmdf. Agvfd tbf opp bos hffd ovogcohcf imr smkf tgkf, tgkf, tbf `mkpody bos dmt agvfd ody gdimrkotgmd g dimrkotgmd os tm tbf dukhfrs mi usfrs.
@mkpftgtgmd gd tb tbgs gs igfcl gs fxtrfkf, w wgtb gtb Armupmd odl CgvgdaPm`goc CgvgdaPm`goc lm lmkgdotgda kgdotgda tbf dos`fdt igfcl. Mtbfr logcy lfoc miifrgdas irmk cm`oc \Y dfws stotgmds stotgmds tm skoccfr mdf miis kfods tbot mdf kmrf miifrgda irmk o `mkpody tbot bosd‗t olvfrtgsfl tm suppmrt gts miifrgdas
Odocysgs
Vsgda tbf sokf imrkot os tbf sfor`b rf`mkkfdlotgmd imrkot, o lfoc `mucl hf pfrsmdocgzfl tm fo`b usfr, fo`b loy hosfl md ody dukhfr mi mi sm`goc sgadocs tbot s skortpbmdfs kortpbmdfs occmw. \bgs udgquf miifrgda gs, mi mi `mursf, prflg`otfl md tbf olmptgmd olmptgmd mi tbf Hgzzy opp. Armupmd bos ocrfoly miifrfl `mdsukfrs rfhotfs mr Armupmd hu`es imr o skortpbmdf opp lmwdcmol, gd fiif`t huygda tbf codl aroh mi hfgda tbf prfifrrfl `mupmd prmvglfr. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
1
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
O`qugsgtgmds
LfocMd wos o`qugrfl imr $?>K md Ifhruory ?6, 8>??. LfocMd wgcc occmw occmw Xfo`bCm`oc Xfo`bCm`oc tm `mkpftf gd tbf logcy lfoc spo`f tbot tbot gs lmkgdotfl hy Armupm Armupmd d odl Cgvgda Pm`goc. Gd od fiimrt tm sfporotf tbf miifrgda, LfocMd wos im`usfl md –@bf`e Muts‛ os mppmsfl tm tbf pmpucor –@bf`e Gds‛ miifrfl hy ImurPquorf odl ImurPquorf odl mtbfr afm-cm`otgmdoc `mkpodgfs. Md Ifhruory 88, 8>?>, Xfo`bCm`oc o`qugrfl PKH:CGYF imr up tm opprmxgkotfcy $2.6 kgccgmd gd `osb odl stm`e. Md tbf `cmsgda lotf, tbf `mkpody pogl $8.2 kgccgmd gd `osb. \bf hocod`f mi tbf pur`bosf prg`f, mr tbf Lfifrrfl @mdsglfrotgmd, mi up tm $6.1 kgccgmd wgcc hf poyohcf hosfl upmd tbf o`bgfvfkfdt mi `frtogd ` frtogd kgcfstmdfs. kgcfstmdfs. Lf`fkhfr 8>>9, Xfo`bCm`oc fdtfrfl gts igrst koreft mutsglf mi Dmrtb Okfrg`o tbrmuab o jmgdt vfdturf gd Oustrocgo. Md Pfptfkhfr ??, 8>>7, tbfy o`qugrfl tbf rfkogdgda gdtfrfst gd tbf jmgdt vfdturf. Gd `mddf`tgmd wgtb tbf Xfo`bCm`oc Oustrocgo o`qugsgtgmd, tbf `mkpody rf`madgzfl o dmd-`osb aogd mi $?9.8 kgccgmd odl wgcc poy $9.? kgccgmd gd lfifrrfl `osb `mkpfdsotgmd upmd tbf `cmsgda mi tbgs miifrgda.
Qbfrf tbf armwtb wgcc `mkf irmk Ol lmccors sbgitgda sbgitgda irmk mtbfr smur`fs tm Mdcgdf
Olvfrtgsgda lmccors bovf sbgitfl owoy irmk trolgtgmdoc kflguks cgef tbf yfccmw poafs odl dfwspopfrs tm tbf Gdtfrdft. Gdtfrdft. \bgs trfdl gs fxpf`tfl tm `mdtgduf imr tbf dfxt sfvfroc sfvfroc yfors wbg`b wgcc `rfotf odl fxpodlgda koreft imr Xfo`bCm`oc tm s sfrvg`f. frvg`f. Qf bovf ocrfoly sffd sgadgig`odt sbgits gd husgdfss kmlfcs tbot dfwspopfrs usfl, odl wf fxpf`t tbot gd tbf `mkgda yfors tbf Wfccmw poafs mr lgrf`tmry sfakfdt wgcc sff tbf sokf prfssurfs. \bf kmrf GK@‗s tbf `mkpody bos, tbf kmrf socfs tbfy wgcc cgefc cgefcy y hf ohcf tm prmlu`f. Qf hfcgfvf tbot tbf PKH koreft gs lrokotg`occy udlfrsfrvfl odl tm o lfarff gdtgkglotfl hy tbf mvfrwbfckgda prm`fss mi hugclgda od olvfrtgsgda `okpogad. `okpogad. Xfo`bCm`oc ogks tm bfcp tbfsf tbfsf PKH‗s tm kmvf irmk o wfhsgtf tbot bmpfs tm hf imudl tm o prmifssgmdoccy lfsgadfl odl togcmrfl sgtf tbot hrgdas gd `ustmkfrs vgo sfor`b sfor`b odl lgspcoy olvfrtgsgda. Qf hfcgfvf tbot tbf sfor`b odl lgspcoy koreft wgcc `mdtgduf tm armw mvfr tbf `mkgda yfors prmlu`gda o wgd-wgd oiif`t imr Xfo`bCm`oc. @frtogd vfrtg`ocs tbot Xfo`bCm`oc toraftfl bovf sffd o bgab lfarff mi su``fss gd tbf cost yfor, wbgcf mtbfrs bovf bovf coaafl hfbgdl. Bmkf Gkprmvfkfdt `mdtgdufs `mdtgdufs tm hf tbf kmst bgabcy pfdftrotfl vfrtg`oc, wgtb wgtb kmrf tbod ? mi mi fvfry < `c `cgfdts gfdts `mkgda irmk tbot tbot sfakfdt. Dmt surprgsgdacy, tbf Bmkf Gkprmvfkfdt sfakfdt sow armwtb mi ockmst ??% mvfr tbf cost yfor. \bf tohcf hfcmw bgabcgabts tbf sfakfdts tbot bovf sffd armwtb odl tbmsf tbot bovf bov f dmt.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
2
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Pfakfdt Hrfoemut
Mvfr tbf cost yfor tbf dukhfr mi olvfrtgsfrs bos hffd tro`efl tm sbmw tbfrf bos hffd cgttcf `bodaf gd tbf sfakfdts. \bf kfssoaf mi afttgda kmrf pbmdf `occs tm sft sft oppmgdtkfdts bos rfsmdotfl gd tbf outmkmtgvf sfakfdt, rf rfoc oc fstotf odl odl pbysg`gods sfakfdts. sfakfdts. \bf hfcmw `borts sbmw tbf Hrgod Hmcod Xfsfor`b fstgkotfs mi olvfrtgsfr hrfoemuts.
@mkporohcf @mkpodgfs
@mkpftgtgmd `mkfs irmk dukfrmus smur`fs odl `mucl, gd tbf iuturf, `mkf irmk dfw `mkpodgfs odl mr lgvgsgmds mi mi mcl `mkpodgfs. Qf vgfw Ammacf os o cgefcy cgefcy fdtrodt gdtm tbf koreft lfspgtf tbf io`t tbot tbfy bovf trolgtgmdoccy im`usfl md ku`b corafr `cgfdts. Ammacf bos kolf fvfry fiimrt tm aft skoccfr husgdfssfs tm olvfrtgsf lgrf`tcy wgtb tbfk, rflu`gda mvfrocc `msts imr tbf husgdfssfs husgdfssfs odl bovf kmvfl tm occmw PKH‗s tm oppfor md Ammacf Kops wgtb dm olvfrtgsgda spfdl. Xfo`bCm`oc‗s ifft md tbf strfft agvf gt o lgrf`t olvodtoaf tm sfvfroc `mkpodgfs gd tbgs cgst.
Cm`occ.`mk (DO P LO_: Cm`o
@mrpmrotgmd mpfrotfs od Gdtfrdft sfor`b C@MK) - Cm`oc.`mk @mrpmrotgmd
fdagdf. \bf @mkpody ossgsts usfrs gd igdlgda cm`oc husgdfssfs odl sfrvg`fs.
Kor`bfx Kor`b fx (DO (D O P LO _:
K@ BR) - Kor`bfx, Gd`. prmvglfs tf`bdmcmay-hosfl sfrvg`fs tm kfr`bodts fdaoafl gd mdcgdf trodso`tgmds. \bf `mkpody's Gdtfrdft koreftgda sfrvg`fs, gd`culgda pogl gd`cusgmd, poy-pfr-`cg`e cgstgdas, `mdvfrsgmd tro`egda odl sfor`b koreftgda, bfcp kfr`bodt `ustmkfrs sfcc tbfgr prmlu`ts odl sfrvg`fs mdcgdf.
Yfrtm Yfrt m (DOP LO_:
Y\XM) ‐ Yfrtrm, Gd`. mwds o pmrtimcgm mi prmlu`ts tbot occmw usfrs tm
sfor`b tbf Gdtfrdft odl lgspcoy tbf rfsucts os tbfy wgsb. \bf prmlu`ts occmw usfrs tm sfor`b odl tbfd lgspcoy tbf rfsucts gd `ustmkgzohcf `ustmkgzohcf tmmchors, bmkfpoafs, odl lfsetmp prmlu`ts. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
7
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
@mdstodt @mdsto dt @mdt @mdto o`t (DO P LO_: @\@ \) ‐ @mdstodt @mdto`t, Gd`. prmvglfs wfh-hosfl f-kogc koreftgda tmmcs odl sfrvg`fs tm husgdfssfs, ossm`gotgmds, odl mraodgzotgmds tm bfcp tbfk `mddf`t wgtb tbfgr `ustmkfrs odl kfkhfrs.
Cgkfcga Cgkfc ga bt Dftwm Dftwmres res (DO P LO _:
CCDQ) Cgkfcgabt Dftwmres Gd`. gs o `mdtfdt lfcgvfry dftwmre imr gdtfrdft lgstrghutgmd mi vglfm, kusg`, aokfs odl lmwdcmols. \bf `mkpody's olvod`fl `mdtfdt lfcgvfry dftwmre prmvglfs tbf wmrcl's tmp kflgo `mkpodgfs bgab pfrimrkod`f lfcgvfry mi lgagtoc lgagtoc kflgo odl smit smitworf worf vgo tbf Gdtfrdft. Gdtfrdft. Yocu Yocuf@c f@cg`e g`e (DOP LO_: Y@C E) Yocuf@cg`e, Gd`. prmvglfs Gdtfrdft olvfrtgsgda smcutgmds imr puhcgsbfrs mi Qfh sgtfs odl mdcgdf olvfrtgsfrs. \bf @mkpody miifrs pfrimrkod`f-hosfl Gdtfrdft olvfrtgsgda smcutgmds gd wbg`b od olvfrtgsfr mdcy poys wbfd od Gdtfrdft usfr `cg`es md gts hoddfr olvfrtgsfkfdt. _ugdPtrff _ugdPt rfftt (DOP LO_: _DP\) _ugdPtrfft, Gd`. prmvglfs Gdtfrdft olvfrtgsgda smcutgmds imr puhcgsbfrs mi Qfh sgtfs odl mdcgdf olvfrtgsfrs. \bf `mkpody im`usfs md hugclgda cfol oaarfaotgmd wfhsgtfs imr spf`gig` gdlustry vfrtg`ocs.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?>
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Gdlustry Lgs`ussgmd Pkocc odl kflguk sgzfl husgdfssfs (PKH‗s) bovf trolgtgmdoccy rfcgfl md tbf yfccmw poafs imr `ustmkfr o`qugsgtgmd. \bf lf`cgdf gd usf mi tbf yfccmw poafs odl sgkgcor sfr sfrvg`fs vg`fs `od hf tro`fl tm tbf ropgl armwtb armwtb odl lydokg` `opohgcgty m mii tbf gdtfrdft. Pkocc husgdfssfs husgdfssfs usfl tm coud`b ormudl tbf puhcg`otgmd mi o pbmdf hmme, hut dmw gt‗s tbf gdtfrdft gs tbf kogd pmgdt mi `mdto`t imr lgs`mvfry mi dfw odl mcl husgdfssfs ocgef. \bf Wfccmw ^oafs gdlustry gs fstgkotfl tm hf o $?8 hgccgmd gdlustry wgtbgd tbf cost ifw yfors, hut wgtb kmst mi tbf husgdfss bfolfl mdcgdf, wf hfcgfvf tbgs dukhfr gs iogrcy oaarfssgvf gd tbf `urrfdt fdvgrmdkfdt. \bf Wfccmw ^oafs odl gts egd (Pupfrpoafs.`mk) (Pupfrpoafs.`mk) odl tbf scfw gdtfrdft lgrf`tmry sfrvg`fs bovf toraftfl hosg` olvfrtgsgda kmlfcs hosfl md poaf vgfws odl rfo`b. Xfo`bCm`oc bol lfvfcmpfl o kmlfc tbot strft`bfs tbrmuab tbf rfcgod`f md poaf vgfws odl hoddfr ols, hut gdstfol pusbfs PKH‗s mdtm tbf gdtfrdft odl ossgsts wgtb `cgfdt o`qugsgtgmd. PKH‗s trolgtgmdoc fxpfrgfd`f gd olvfrtgsgda bos hffd usgda o iox ko`bgdf tm pur`bosf o yfccmw poafs ol mr mr koyhf od ol gd o dfwspopfr. dfwspopfr. \bf `mkpcfxgty mi pur`bosgda sfor`b odl odl mr lgspcoy olvfrtgsgda md tbf gdtfrdft g dtfrdft bos hffd od gdtgkglotgda io`tmr imr husgdfss tbot lm dmt trolgtgmdoccy gdvfst o cmt mi tgkf gd olvfrtgsgda. olvfrtgsgda. O wfh prfsfd`f prfsfd`f tmloy gs kodlotmry hut ifw PKH‗s bovf olmptfl tbf pogl sfor `b `b mr lgspcoy typf olvfrtgsgda.
Kodoafkfdt
\bfrf gs cgttcf gd tfrks tfrks mi tro`e rf`mrl imr tbf uppfr kodoafkfdt mi rfo`b cm`oc. Ot tbgs tgkf tgkf wf lm dmt vgfw tbgs os bovgda bov gda o kotfrgoc gkpo`t md tbf stm`e.
Zmrgee A mr Zmrg mrlmd lmd gs `m-imudlfr, ^rfsglfdt odl @bgfi Fxf`utgvf Miig`fr, os wfcc os o kfkhfr mi tbf hmorl mi lgrf`tmrs, sgd`f 8>>0. Irmk ?777 tm 8>>0, Kr. Amrlmd sfrvfl os @bgfi Fxf`utgvf Miig`fr odl Yg`f ^rfsglfdt, @mrpmrotf Lfvfcmpkfdt imr QmrclQgddfr, o prmvglfr mi prgzf-hosfl tmurdokfdts gd mdcgdf aokfs. Kr. Amrlmd prfvgmuscy imudlfl Jo`epmt.`mk, wbg`b arfw tm hf`mkf tbf @mddfxus @mrpmrotgmd, od mdcgdf koreftgda `mkpody.
Kg` bofc E cgdf, gs o `m-imudlfr odl bos hffd @bgfi Mpfrotgda Miig`fr odl @bgfi ^rmlu`t Miig`fr sgd`f 8>>0. Kr. Ecgdf sfrvfl os Yg`f ^rfsglfdt, ^rmlu`t Lfvfcmpkfdt ot QmrclQgddfr irmk 8>>8 ot tm Lfcmgttf 8>>0. Irmk 8>>? tmodl 8>>8, Kr.?777 Ecgdftmsfrvfl os sfrvfl Pfdgmr os Kodoafr, Kflgo & Fdtfrtogdkfdt, @mdsuctgda, irmk 8>>>, bf Pfdgmr Yg`f ^rfsglfdt mi Ptrotfay & ^rmlu`t Lfvfcmpkfdt imr OlPtor.`mk, o prmvglfr mi olvfrtgsfkfdt kodoafkfdt smcutgmds. Kr. Ecgdf bmcls o Ho`bfcmr mi Orts lfarff gd cgtfroturf irmk Borvorl @mccfaf.
Xmss A. Codlshouk gs tbf @bgfi Igdod`goc Miig`fr. ^rgmr tm jmgdgda Xfo`bCm`oc, Kr. Codlshouk bfcl vorgmus fxf`utgvf pmsgtgmds ot Ko`Odlrfws odl Imrhfs‗ ^odovgsgmd, o sfrvg`f prmvglfr tm tbf kmtgmd pg`turf odl tfcfvgsgmd gdlustrgfs, gd`culgda @bgfi Igdod`goc Miig`fr irmk 8>>6 tm 8>>1 odl @bgfi Mpfrotgda Miig`fr gd 8>>1. Kr. Codlshouk bmcls o Kostfr mi O``mudtgda odl o Ho`bfcmr mi P`gfd`f gd O``mudtgda irmk tbf Vdgvfrsgty mi Pmutbfrd @ocgimrdgo. Bfol @mudt / Vdlfr`cosskfd odl Vppfr`cosskfd.
\bf mdamgda gdvfstkfdt gd gd`rfosgda g d`rfosgda tbf dukhfr mi Gdtfrdft Koreft @mdsuctodts (GK@s) bos hffd tbf prgd`gpoc fdagdf imr armwtb. \bf armwtb gs lrgvfd hy tbf gd`rfosf gd tbf dukhfr mi Vppfr`cosskfd, wbm orf sgadgig`odtcy kmrf prmlu`tgvf tbod Vdlfr`cosskfd. \bf gd`rfosf g d`rfosf gd tbf dukhfr mi Vppfr`cosskfd lfpfdls prgkorgcy md tbf prmlu`tgvgty mi Vdlfr`cosskfd, os tbf kojmrgty mi Vdlfr`cosskfd ottrgtgmd bos hffd gdvmcudtory odl gs hosfl md pfrimrkod`f rfcotgvf tm o stodlorl cfvfc mi rfvfduf armwtb odl mtbfr pfrimrkod`f kftrg`s lftfrkgdfl hy ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
??
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
tbf `mkpody. \bf `mkpody stotfs tbot tbot tbf udlfr`cosskfd udlfr`cosskfd ottrgtgmd rotf gs bgstmrg`occy bgstmrg`occy opprmxgkotfcy 6>%, hut fvglfd`f pmgdts tm o bgabfr cfvfc mvfr tbf cost yfor. Od Vdlfr`cosskod fords o socory odl rf`fgvfs o `mkkgssgmd mi 9% wbgcf od Vppfr`cosskod rf`fgvfs rf`fgvfs ?>%. Qbfd od udlfr`cosskod udlfr`cosskod bos `mkkgssgmdohcf `mkkgssgmdohcf socfs mi $6>,>>> odl kogdtogds tbot cfvfc, tbf `mkkgssgmd `mkkgssgmd kmvfs irmk 9% tm ?>%. Qf hfcgfvf tbot fo`b udlfr`cosskod `msts tbf `mkpody opprmxgkotfcy $11,>>> o yfor gd socory odl mtbfr fxpfdsfs, hut tbot tbf `mkpody rf`fgvfs o iucc rfturd md tbot gdvfstkfdt o cgttcf oitfr tbf fdl mi tbf sf`mdl yfor mi tbf ovfroaf uppfr`cosskfd. Qf bovf cfordfl tbot oitfr ?8 kmdtbs, tbf ovfroaf udlfr`cosskod udlfr`cosskod tbot koefs tbf trodsgtgmd tm hf`mkgda od uppfr`cosskfd uppfr`cosskfd bos opprmxgkotfcy ?2 `c `cgfdts. gfdts. Oitfr twm twm yfors tbf ovfroaf dukhfr mi `cgfdts `cgfdts fxpodls tm 0>. Oitfr tbrff yfors tbf ovfroaf uppfr`cosskod uppfr`cosskod bos opprmxgkotfcy 6> `cgfdts. `cgfdts. Agvfd tbot tbf `mkpody `mkpody lmfs dmt bovf o sgadgig`odt sgadgig`odt bgstmry wf wf cmme imrworl tm cfordgda bmw tbfsf ovfroafs trfdl mvfr tgkf.
Ptm`e \rolgda \ rolgda G^M
Vdlfrwrgtfrs prg`fl tbf Xfo`bCm`oc miifrgda hftwffd $?1 - $?7 o sborf wgtb fxpf`totgmds fx pf`totgmds tm rogsf $67.9 kgccgmd ot tbf kglpmgdt. kglpmgdt. \bf lfoc wos dmt os wo workcy rkcy rf`fgvfl hy tbf gdstgtutgmd `mkkudgty odl fdlfl up prg`gda prg`gda ot $?0, wfcc wfcc hfcmw fxpf`totgmds. fxpf`totgmds. \bf `mkpody rogsfl $<0 kgccgmd hy hfgda prg`fl ot $?0 odl gd`urrfl opprmxgkotfcy $6K gd fxpfdsfs rfcotgda tm amgda puhcg` Gt sbmucl hf dmtfl tbot gdsglfrs lgl dmt sfcc gdtm tbgs miifrgda odl wfrf cm`efl up imr o pfrgml mi ?2> loys. Pgd`f tbot tgkf, tgkf, tbfrf bo bos s hffd o dukhfr mi gdsglfr sfccgda. sfccgda. Kmst dmtohcy gs tbot @FM Zmrge Amrlmd bos smcl vfry cgttcf wbgcf tbf tmp kfkhfrs mi tbf socfs imr`f bovf hffd o`tgvf gd sfccgda tbfgr sborfs. Mvfr tbf cost yfor, trolgda trolgda gd Xfo`bCm`oc bos hffd cgabt. Mvfr tbf cost tbrff kmdtbs, kmdtbs, tbf stm`e bos ovfroafl 8>7E sborfs pfr loy, up sgadgig`odt irmk tbf 2>E ovfroaf vmcukf tbot wos wgtdfssfl gd <_?>. Kojmr Pborfbmclfrs
Yodtoaf^mgdt Yfdturf ^ortdfrs (Y^Y^) gdvfstfl gdvfstfl wos tbf cfol gdvfstmr gd o $1.16K rmudl gd Oprgc mi 8>>6 odl cmmes tm bovf kogdtogdfl gts sborfs kmrf tbod o yfor oitfr tbf G^M. Os mi Oprgc 8>??, Y^Y^ bfcl ?8.6K sborfs mr opprmxgkotfcy <0.?% mi tbf sborfs mutstodlgda. mutstodlgda.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?8
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Xbm @opgtoc ^ortdfrs, odmtbfr vfdturf `opgtoc gdvfstmr gd Xfo`bCm`oc bmcls 0.0K sborfs mr opprmxgkotfcy ??.6% mi mi tbf sborfs mutstodlgda. Xbm @opgtoc w wos os mdf mi tbrff gdvfstmrs mi $66K rmudl gd Pfptfkhfr mi 8>>1. Iglfcgty Kodoafkfdt & Xfsfor`b @mkpody bmcls 1.9% mi tbf sborfs mutstodlgda, mr ohmut 8.8K odl tbf @FM Zmrge Amrlmd rmudls mut tbf tmp igvf wgtb 6.6% mi tbf sborfs mutstodlgda wbg`b fquotfs tm ?.9K sborfs. \bf `md`fdtrotgmd mi sborfs bfcl hy miifw prfsfdts o prmhcfk imrvfdturf kody pmtfdtgoc iuturf gdvfstmrs. Qgtb 6<% tbfsborfbmclfrs `m `mkpody kpody hfgda bfcl hy twm mi gts portdfrs, gdvfstmrs koy hf wogtgda imr tbfsf `mkpodgfs tm lf`rfosf tbfgr gdicufd`f gd tbf `mkpody hfimrf koegda o sgadgig`odt sgadgig`odt gdvfstkfdt. Pgkgcorcy, o coraf socf mi stm`e stm`e hy ody mi tbfsf coraf bmclfrs `mucl hf sffd os o sgadoc tm fcgkgdotf skoccfr pmsgtgmds. \bf tmp igvf sborfbmclfrs o``mudt imr kmrf tbod 91% mi tbf sborfs mutstodlgda.
\roiig` \ro iig` O do docysgs cysgs \oegda o cmme ot tbf troiig` fstgkotfs imr Xfo`bCm`oc.`mk, wf sff smkf lgiifrgda loto pmgdts. _uodt`ost.`mk suaafs suaafsts ts tbot Xfo`bCm`oc.`mk bos sffd sffd gts rfo`b gd tfrks mi vgsgts lf`rfosf sgadgig`odtcy gd tbf post yfor.
@mkpftf.`mk bos loto tbot suaafsts od mppmsgtf kmvf gd tfrks mi udgquf usfrs mvfr tbf cost yfor.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?0
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
_uodt`ost `cforcy gdlg`otfs tbot gts loto gs o –rmuab fstgkotf‛ hut stgcc agvfs us smkf pousf wbfd cmmegda ot tbf mvfrocc armwtb mi tbf `mkpody. \m rmudl mut tbf glfo mi cmmegda ot troiig` bfrf orf tbf smur`fs mi troiig`. \bf `cg`estrfok gs tbf hosg`occy wbfrf wbfrf o vgsgtmr wos hfimrf tbf toraft sgtf odl oitfr tbf toraft sgtf. \bf loto gs prmvglfl hy Ocfxo, o lg lgvgsgmd vgsgmd mi Okozmd.
\bf `cg`estrfok `od sbmw smkf gkpmrtodt gdimrkotgmd odl agvf od glfo os tm wbfrf usfrs orf `mkgda tm Xfo`bCm`oc Xfo`bCm`oc irmk odl w wbfrf bfrf tbfy orf amgda tm. \bf upstrfok icmw irmk Ammacf gs sgadgig`odt, sgadgig`odt, odl `mucl prfsfdt o lgvfrsgig`otgmd lgvfrsgig`otgmd p prmhcfk rmhcfk imr tbf `mkpody. `mkpody. Qgtb <.1% `mkgda irmk Wobmm! Odl mdcy ?.0% `mkgda irmk Hgda! tbf gkpmrtod`f mi tbf Ammacf portdfrsbgp hf`mkfs kmrf opporfdt. Gd`mkf Ptotfkfdt
Qgtbmut bovgda bol o sgadgig`odt lgs`ussgmd wgtb kodoafkfdt md bmw tm tbgde ohmut kmlfccgda tbf `mkpody mut, wf olmptfl o usf u sf fvfrytbgda opprmo`b tm `mkf tm mur fstgkotfs Mur fstgkotfs orf hosfl md o dukhfr mi kmvfohcf ports gd tbf Xfo`bCm`oc kmlfc, gd`culgda hut dmt cgkgtfl tm: ?) dukhfr dukhfr mi `okpogads 8) dukhfr mi olvfrtgsfrs 0) dukhfr dukhfr mi socfs pfmpcf <) `okpogad OP^‗s 6) olvfrtgsfr OP^‗s odl 9) rfvfduf pfr socfs pfrsmd 1) pfrsmd 1) Lgrf`t Cm`oc socfs 2) Dotgmdoc Hrodls, Oafd`gfs odl Xfsfccfrs.
O lfto l ftogcfl gcfl hrfoelmwd mi occ occ tbf kftrg kftrg `s gs ovog ovog co cohcf hcf gd tbf iucc rfpmrt. rfpmr t. O`tgvf Olvfrtgsfrs
Lfspgtf tbf io`t tbot tbf `burd rotf mi dfw olvfrtgsfrs gs cgefcy tm hf bgabfr tbod 6>%, tbf `mkpody `mdtgdufs tm igdl dfw `ustmkfrs vgo 1>> kod socfs imr`f. Fxpodsgmd gdtm dfw `gtgfs wgcc `mdtgduf tm hf o lrgvfr mi armwtb, hut wgtb 6> miig`fs ocrfoly gdstoccfl, sgadgig`odt armwtb irmk tbgs ovfduf ovfduf sbmucl dmt hf fxpf`tfl. \bgs sbmucl, bmwfvfr, bmwfvfr, hf o sgadgig`odt pmrtgmd mi gdtfrdotgmdoc fxpodsgmd.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?<
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Mvfr tbf cost tbrff yfors tbfrf wfrf twm tgkfs wbfrf sfqufdtgoc armwtb mi o`tgvf olvfrtgsfrs wos dfaotgvf. \bf igrst gdstod`f wos hftwffd 0_>2 odl <_>2 wgtb o lf`rfosf mi opprmxgkotfcy ?>> olvfrtgsfrs. \bf sf`mdl m``urrfd`f wos wos hftwffd 0_?> odl <_?> wbfrf tbf lf`rfosf wos 8>> olvfrtgsfrs, hut mii mi o sgadgig`odtcy bgabfr hosf. O`tgvf @okpogads
Os o imudlotgmd mur kmlfc, o`tgvf pfr `okpogads gs bos o efy kftrg` wbfdodl odocysgda Xfo`bCm`oc. \bf imr dukhfr mi mi `okpogads olvfrtgsfr hffd armwgda, os tbf `mkpody olls dfw prmlu`ts odl sfrvg`fs, tbot gd`rfosf gd`rfosf sbmucl fxpodl. Armwtb gd `okpogads gs kmrf gkpmrtodt tbod armwtb mi olvfrtgsfrs, os kuctgpcf `okpogad `ustmkfrs orf ior cfss cgefcy tm rfsuct gd `burd.
\bfrf orf sfvfroc hrmol s`fdorgm‗s tbot hfdfigt tbf `md`fpt mi `mdsgstfdt armwtb imr Xfo`bCm`oc. \bf sbgitgda mi ol lmccors irmk trolgtgmdoc trolgtgmdoc kflguks tm tbf gdtfrdft wgcc `mdtgduf `mdtgduf,, odl `mucl cgefcy o``fcfrotf gd tbf dfxt dfxt sfvfroc quortfrs quortfrs.. \bf PKH koreft gs udlfr sfrvfl sfrvfl odl udlfr pfdftrotfl gd tfrks mi mdcgdf `opohgcgtgfs. Xfo`bCm`oc‗s husgdfss kmlfc mi bovgda ifft md tbf strfft edm`egda md lmmrs odl `occgda husgdfss prmvfs tm hf o hfttfr kftbml mi o`qugrgda `ustmkfrs tbod usgda usgda gdtfrdft icypopfr. icypopfr. Qf kmlfccfl <9% tmpcgdf armw armwtb tb imr tbf `mkpody gd 8>?> odl 01% gd 8>??. Xfo`bCm`oc bol armwtb armwtb mi <<% gd 8>?> 8>?>,, just sby mi ky fstgkotf. \bf uplotfl kmlfc gs `occ imr tmpcgdf tmpcgdf armwtb mi 81% gd 8>?? odl 87% gd 8>?8. Pocfs Ptoii Armws
Mvfr tbfsocfs yfors, Xfo`bCm`oc boslmfs armwddmt gts lgs`cmsf socfs stoii gts hmmt `okp mi dfw scost ocfsifw pfmpcf. \bf @mkpody gtstbrmuab aroluotgmd rotf, hut hut trogdgda sgkpcf odocysgs `od sbmw wbot bgstmrg`oc rotfs bovf hffd odl wbot wf `od fxpf`t gd tbf dfor tfrk. \bf odocysgs sbmws tbot tbf `mkpody sow o sgadgig`odt lrmp gd aroluotgmds gd 0_?>, os `mkpftgtgmd gd`rfosfl odl tbf jmh koreft cmmsfdfl sgadg sgadgig`odtcy ig`odtcy irmk irmk tbf rf`fssgmd. Mur vgfw gs tbot tbf `mkpody wgcc `mdtgduf tm wffl mut Vdlfr`cosskod ot o 1>-16% rotf, odl fvfd kmvf tm fcgkgdotf o pfr`fdtoaf mi gts Vppfr`cosskfd tm ovmgl poygda bgabfr `mkkgssgmds tbod wbot gs df`fssory. Odocysgs mi tbf Vppfr`cosskfd Vppfr`cosskfd odl Vdlfr`cosskfd dukhfrs suaafst tbot tbf aroluotgmd rotf, wbg`b tbf `mkpody dmtfl wos wos <>%-6>%, gs kmvgda sgadgig`odtcy sgadgig`odtcy cmwfr. Qbfd cmmegda ot tbf gd`rfosf mi Vppfr`cosskfd mvfr o yfor pfrgml odl lgvglgda tbot hy tbf dukhfr mi Vdlfr`cosskfd wf orrgvf orrgvf ot mur fstgkotfl aroluotgmd rotf. \bgs rotf gadmrfs tbf glfo tbot tbfrf orf afdfroccy twm hmmt `okps pfr kmdtb imr ?> kmdtbs (6>-9> dfw GK@s pfr kmdtb) odl ocsm gadmrfs od ottrgtgmd rotf imr Vppfr`cosskfd. Qbfd ovfroafl mut mvfr tbf yfors, tbf fstgkotfl aroluotgmd rotf kmvfs tm 07% imr 8>>7, 87% imr 8>?> odl gs fstgkotfl tm hf ?1% imr 8>?? odl `mucl kmvf tm sgdacf lgagts imr 8>??. \bf ovfroaf gadmrfs tbf ottrgtgmd mi uppfr`cosskfd odl tbf glfo tbot tbf tbrmuabmut tbf quortfr tbf tmtoc dukhfr mi GK@‗s gs afdfroccy ior bgabfr tbod wbot gs rfpmrtfl ot tbf fdl mi tbf quortfr. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?6
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
@okpogad OP^‗s OP^‗s
Mvfr tbf cost ifw yfors, tbf ovfroaf socfs prg`f pfr `okpogad bos sffd stfoly gd`rfosfs. \bgs kftrg` gs od fx`fccfdt prmxy md tbf ovfroaf `mst pfr `cg`e imr tbf fdtgrf sfor`b koreft, os tbf rotf mi rfvfduf wgcc cgefcy armw tm o `mrrfspmdlgda rotf mi @^@ gd`rfosfs. Md o yfor mvfr yfor hosgs, tbf `okpogad kmdtbcy OP^ bos armwd 9.2% gd 8>>2, ?8.9% gd 8>>7, odl 1.?% gd 8>?>. \bf imrf`ost `occs imr `mdtgdufl kmlfst armwtb gd OP^‗s imr 8>?? odl 8>?8. 8>?8.
Gd cmmegda ot @okpogad OP^‗s, OP^‗s, hmtb tbf sfqufdtgoc odl yfor mvfr yfor `bodafs orf `bortfl hfcmw. Qbgcf tbf sfqufdtgoc `bodafs orf `bmppy odl s suhjf`t uhjf`t tm smkf amml sgzf sw swgdas, gdas, tbf yfor mvfr yfor cmme sbmws sbmws stfoly stfoly armwtb. Agvfd tbf `mdtgdufl armwtb, tbf `boccfdaf mi gd`rfosgda tbf OP^ cmmes tm hf smcvfl vgo Xfo`b@ost odl gts pmtfdtgoc `mst gd`rfosfs.
Olvfrtgsfr OP^
Od gkpmrtodt `md`fpt tm ccmme mme ot gs armwtb gd OP^ pfr olvfrtgsfr. Qbgcf `okpogads orf tbf iud`tgmd tbot o`tuoccy spfdls tbf hulaft, wf dmtf tbot smkf `okpogads su`b os \mtoc\ro`e odl \mtoc@bot orf vfry cmw `mst odl os su`b `mucl sefw tbf `okpogad loto. \m prfvfdt tbgs irmk oiif`tgda mur odocysgs, wf ocsm s`rutgdgzf olvfrtgsfr OP^‗s.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?9
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
\bf ovfroaf kmdtbcy olvfrtgsfr OP^ bos armwd 7.2%, ?1.9% odl ?7.8% md o yfor mvfr yfor hosgs imr tbf yfors 8>>2, 8>>7 8>>7 odl 8>?> rfspf`tgvfcy. \bgs suhstodtgoc odl `mdtgdufl `mdtgdufl armwtb gs o pmsgtgvf fspf`goccy agvfd tbf bgab `burd rotfs tbot `mkpody gs kmst cgefcy fxpfrgfd`gda.
Qbfd tbf olvfrtgsfr OP^ dukhfrs orf odocysfl md o sfqufdtgoc hosgs, tbf armwtb stmry hrfoes lmwd tm rfvfoc o cukpgfr, cfss skmmtb trfdl cgdf os fxbghgtfl md tbf Kmdtbcy Olvfrtgsfr OP^ cgdf. \bf toefowoy irmk tbgs gs tbot tbf armwtb gs rfcotgvfcy `mdstodt md tbf Olvfrtgsfr OP^, hut tbf im`us sbmucl hf md tbf sfqufdtgoc. O amml sgadoc tbot tbf husgdfss gs bovgda sgadgig`odt `boccfdafs wmucl hf gi tbot cgdf kmvfs dfaotgvf mvfr `mdsf`utgvf quortfrs. Xfvfduf pfr GK@
Os o socfs im`usfl mpfrotgmd, cmmeg cmmegda da ot tbf mvfrocc mv frocc fiif`tgvfdfss mi tbf socfs imr`f `od hf bfcpiuc wbfd lftfrkgdgda lftfrkgdgda tbf prmarfss. \bfrf orf sfvfroc sfvfroc woys tm cmme ot tbf fiif`tgvfdfss fiif`tgvfdfss mi tbf GK@‗s su`b os rfvfduf pfr GK@ mr olvfrtgsfr / `okpogad pfr GK@. Qbfd cmmegda ot Xfvfduf pfr GK@, wf hrfoe lmwd tbf rfvfduf dukhfrs mutsglf mi DHOX vs. tbf Lgrf`t Cm`oc socfs. Qf lm dmt bovf `corgty md wbftbfr wbftbfr mr dmt tbf GK@ `mudt `mudt gd`culfs tbf DHOX DHOX stoii. Qf orf ossukgda tbfy orf dm dmtt gd`culfl gd tbf GK@ GK@ bfol`mudt dukhfrs.
Os wgtb kmst mi tbf mdf mii odl qug`e odocysgs ospf`ts mi Xfo`bCm`oc, tbf Xfvfduf pfr GK@ cmmes tm hf o skmmtb odl odl stfoly trfdl up. Qbfd wf cmme lffpfr gdtm tbf –fiif`t –fiif`tgvfdfss‛ gvfdfss‛ mi fo`b GK@, wf sff o scgabtcy lgiifrfdt pg`turf. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?1
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
\bf –fiif`tgvfdfss‛ mi tbf ovfroaf GK@ sbmw tbot tbf dukhfr mi olvfrtgsfrs pfr GK@ `mdtgdufs tm trfdl cmwfr, hut ot tbf sokf tgkf tbf dukhfr mi `okpogads pfr GK@ gs mdcy fxpf`tfl tm trfdl bgabfr. Gt sbmucl hf dmtfl tbot tbf GK@‗s orf tbf prgkory lrgvfr mi occ efy kftrg`s. \bf kmst prmdmud`fl prmdmud`fl `bort tbot sbmws sbmws tbf fiif`tgvfdfss fiif`tgvfdfss mi tbf GK@‗s GK@‗s gs tbf @okpogads pfr Olvfrtgsfr Olvfrtgsfr `bort hfcmw hfcmw.. \bgs sbmws tbot md`f Xfo`bCm`oc odl GK@ orf vgfwfl os trustfl portdfrs, gt gs vfry cgefcy tbot olvfrtgsfrs wgcc `mdtgduf tm spfdl wgtb tbf `mkpody gd mtbfr orfos.
Lgrf`t Cm`oc vs DHOX
\bf `mkpody hrfoes mut gts lgrf`t cm`oc socfs dukhfrs vfrsus tbf Dotgmdoc Hrodls, Oafd`gfs odl Xfsfccfrs (DHOX). \bf hosg` lgiifrfd`f gs lftfrkgdfl hy tbf dukhfr mi cm`otgmds od olvfrtgsfr bos, bos, wgtb ody du dukhfr khfr kmrf tbod 8>. \bf `md`fpt mi oafd`gfs / oiigcgotfs mr rfsfccfrs gs od fvmcvgda mdf, tbot `od odl bos `bodafl tbrmuabmut tbf bgstmry mi tbf `mkpody. Gd fo`b mi tbf `m `mkpody‗s kpody‗s quortfrcy stotfkfdts, Lgrf`t Lgrf`t Cm`oc Pocfs igaurfs orf hrmefd mut irmk tbf tmtoc socfs dukhfrs, os orf tbf DHOX odl gdtfrdotgmdoc socfs dukhfrs. Os mi ?8/0?/?>, tbfrf wfrf wfrf opprmxgkotfcy 09> oafd`gfs odl rfsfccfrs.
O Odocys docysgs gs mi efy kftrg`s kftrg `s imr X fo`bCm`oc fo`bC m`oc \bf kftrg`s pogdt o pg`turf tbot gs kmstcy pmsgtgvf, fspf`goccy agvfd tbf scmw odl stfoly armwtb fxpf`totgmds tbot orf hugct hugct gdtm tbf kmlfc. \bf armwtb gd olvfrtgsfrs olvfrtgsfrs `mdtgdufs tm hf tbf imudlotgmd mi mi tbf rfvfduf armwtb armwtb imr Xfo`bCm`oc. Lfspgtf tbf sgadgig`odt sgadgig`odt `burd mi olvfrtgsfrs, tbf armwtb `mdtgdufs tm hf tbf imudlotgmd mi `okpogads `okpogads odl rfvfduf. \bf dukhfr mi `okpogads pfr pfr olvfrtgsfr gs odmtbfr tfstokfdt tm tbf `mkpody odl gts GK@‗s tbot bovf hf`mkf tbf trustfl smcutgmd imr kody mi gts `cgfdts. ?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?2
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Md tbf dfaotgvf sglf, tbf acorgdacy cmw aroluotgmd rotf suaafsts tbot fkpcmyff `burd `mucl hf arfotfr tbod 2>% odl `mucl turd gdtm o sgadgig`odt rgse rgse imr gdvfstmrs. \bf gkpcg`otgmd mi mi bovgda tbrff mr imur kogdstoys k ogdstoys ot fo`b miig`f wgtb o vgrtuo v grtuoccy ccy rfvmcvgda lmmr mi udlfr`cosskfd gs od udfosy mdf tbot hrgdas stohgcgty mi mi tbf fdtgrf `mkpody gdtm qufstgmd. Ot tbf fdl mi tbf tbgrl quortfr, gt gs fstgkotfl tbot tbf `mkpody bol <? lmkfstg` miig`fs (<1 wmrclwglf os mi ?8/0?/?>), wgtb ot cfost mdf lmkfstg` fxpodsgmd odl twm gdtfrdotgmdoc miig`f fxpodsgmds sgd`f tbot tgkf. @mst mi Pocfs tm Lf`rfosf os o pfr`fdtoaf mi Pocfs
Dforcy occ mi tbf `mst mi rfvfduf gs imr tbf pur`bosf mi kflgo odl dforcy occ mi tbf kflgo pur`bosfl gs irmk Ammacf, Wobmm! odl Kg`rmsmit. O suhstodtgoc kojmrgty mi tbf kflgo pur`bosfl gs irmk Ammacf. Ammacf. Gd effpgda wgtb acmhoc sfor`b ovfroafs, G bovf kmlfccfl gd opprmxgkotfcy 97% mi `mst mi socfs `mkgda irmk Ammacf. @msts mi socfs orf oiif`tfl hy tbf kgx odl rfcotgvf okmudt mi kflgo pur`bosfl tm iucigc sfrvg`f rfqugrfkfdts, tbf ovogcohgcgty odl okmudt mi puhcgsbfr rfhotfs, tbf kgx mi prmlu`ts odl sfrvg`fs miifrfl, kflgo huygda fiig`gfd`y odl gd`rfosfl `msts mi suppmrt odl lfcgvfry os tbf `mkpody armws. Ammacf bos o bgab lfarff mi gdicufd`f md tbgs cgdf gtfk os gts imr`fs tbgrl portgfs tm lgs`cmsf prg`fs pogl imr sfor`b olvfrtgsgda, wbg`b gs mitfd cfss tbod wbot gs hfgda `borafl tm tbf `ustmkfr. \bfrf bos hffd smkf `mdiusgmd mvfr tbf `mst mi socfs hfgda tbf fiif`tgvf kore-up tbot Xfo`bCm`oc `borafs. \bgs gs dmt tbf `osf os os tbf `mkpody gs rfpmrtgda dft rfvfduf dmt armss rfvfduf. Gi tbf `mkpody rfpmrtfl armss armss rfvfduf, tbfd tbf `mst mi socfs dukhfr wmucl hf tbf fiif`tgvf kore-up gt `borafs gts `cgfdts. Qf hfcgfvf tbot mvfr tbf cmda tfrk, Xfo`bCm`oc wgcc `mdtgduf tm igdl woys tm gkprmvf fiig`gfd`y odl koxgkgzf gts armss prmigt. Hocod`f Pbfft
Ot tbf fdl mi ?_?? tbf `mkpody bol $19.<K gd `osb, up irmk $08.1 kgccgmd ot tbf fdl mi ?_?>. \bf `mkpody sow gts `osb `osb hocod`f lf`rfosf irmk $17.7 kgccgmd wbg`b ggtt bol ot tbf fdl mi <_?>. @urrfdt cgohgcgtgfs mi $67.0 kgccgmd gs up irmk $6<.7 kgccgmd gd tbf prfvgmus quortfr odl sgadgig`odtcy bgabfr tbod tbf $81.1 kgccgmd pmstfl ot tbf fdl mi tbf yfor gd 8>>2. Pbmrt Gdtfrfst
Ot tbf fdl mi ?_?? sbmrt gdtfrfst stmml ot kmrf tbod 8.?K sborfs, mr ohmut 1.9% mi tbf sborfs mutstodlgda. mutstodlgda. Pgd`f tbot tgkf, sbmrt sbmrt gdtfrfst gdtfrfst bos gd`rfosfl tm 8.6K sborfs sborfs mutstodlgda mr ohmut 7.?% mi tbf tmtoc. \bf rfcotgvf qug`e armw armwtb tb mi sbmrt gdtfrfst gs o rfosmd imr `md`frd wbfd ocsm toegda tbf `md`fdtrotgmd mi sborfbmclfrs gdtm pfrspf`tgvf.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
?7
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Gdvfstkfdt Xgses Gi tbf `mkpody fxpfrgfd`fs ody mr occ mi tbf imccmwgda rgse io`tmrs, os wfcc os mtbfrs, tbf `mkpody‗s stm`e prg`f koy hf oiif`tfl. oiif`tfl. Olvfrtgsfrs
kmvf lgsprmpmrtgmdotfcy tm kmhgcf gdtfrdft hulafts. Ot tbf `urrfdt tgkf, tgkf,
tbf `mkpody lmfs dmt bovf bovf o sgadgig`odt kmhgcf kmhgcf prmlu`t imr gts `cgfdts. Pbmucl tbf lfkodl imr kmhgcf armw lgsprmpmrtgmdotfcy corafr tbod trolgtgmdoc smur`fs tbfd Xfo`bCm`oc `mucl hf dfaotgvfcy gkpo`tfl. O
hfttfr olvfrtgsgda pcotimrk gs lfvfcmpfl imr gdtfrdft olvfrtgsgda. Pfor`b bos hffd
tbf lmkgdodt oppcg`otgmd oppcg`otgmd md tbf gdtfrdft imr tbf cost tfd yfors. yfors. Pbmucl odmtbfr oppcg`otgmd hf`mkf kmrf o``fptohcf tbod sfor`b, olvfrtgsfrs `mucl kmvf hulafts irmk sfor`b tm tbot pcotimrk. @mkpftgtgmd
gs gdtfdsf odl kmvfs qug`ecy. Ammacf `mucl koef o sgadgig`odt fiimrt tm `mkpftf wgtb Xfo`bCm`oc, wbg`b wmucl sfvfrfcy gkpo`t mwdfrsbgp mi Xfo`bCm`oc sborfs. Mtbfr `mkpftgtmrs bo bovf vf kmvfl tm rfpcg`otf tbf s su``fss u``fss mi tbf `mkpody odl mtbfrs koy `mdtgduf tm lm tbf sokf.
Iuturf
armwtb gs prflg`otfl md armwtb mi GK@‗s. GK@‗s. Kody mi mur ossukptgmds mi armwtb
orf hosfl md tbf iuturf su``fss GK@‗s GK@‗s..
Pbmucl odmtbfr odmtbfr `mkpody `mkpody miifr miifr o hfttfr
`mkpfdsotgmd pcod mr sbmucl pogl`mkpody hf `ut, wf hfcgfvf tbot o koss fxmlus mi trogdfl GK@‗s wmucl tbf hf o`mkkgssgmds dfaotgvf imr tbf `mkpody Cmss
mi efy kodoafkfdt. O cmss mi tbf @FM mr `m-imudlfrs wmucl hf vgfwfl os o
sgadgig`odt cmss tm tbf `mkpody. \bf kodoafkfdt tfok bos bos hffd tmaftbfr imr sfvfroc yfors, odl tbgs `mdtgdugty gs od ossft. Mdf
Os mi </8?/??, Yodtoaf ^mgdt Yfdturfs bfcl opprmxgkotfcy ?8.6K sborfs sborfs mi XCM@ mr <0.?% mi mi tbf mutstodlgda stm`e. Dfxt md tbf cgst wos Xbm @opgtoc ^ortdfrs, odmtbfr vfdturf `opgtoc ho`efr mi XCM@, wgtb 0.0K mr ??.6% mi tbf sborfs mutstodlgda. mutstodlgda. Fgtbfr mdf mi tbfsf stoef stoef bmclfrs sfccgda `mucl cfol tm o cmss mi `mdiglfd`f hy tbf arfotfr koreft odl skoccfr sborfbmclfrs. sborfbmclfrs. kojmr sborfbmclfr `mucl sfcc.
Gkpcg`otgmds mi bgabfr fkpcmyff turdmvfr / gd`rfosfs gd `mkkgssgmds. `mkkgssgmds.
Forcgfr gd tbf rfpmrt gt wos dmtfl tbot tbf aroluotgmd rotf oppfors tm hf kmvgda sgadgig`odtcy cmwfr. \bgs gkpcgfs o bgab fkpcmyff turdmvfr tbot koy `ousf tbf `mkpody tm rf-mra gts `mkkgssgmd / fxpfdsf stru`turf. stru`turf. Qf dmtf tbot kmst `mkpftgtmrs `mkpftgtmrs poy gts socfs stoii stoii sgadgig`odtcy kmrf tbod tbf 9% odl ?>% rotfs tb tbot ot Xfo`bCm`oc poys. Os gt hf`mkfs borlfr borlfr tm igdl odl bgrf quocgigfl socfspfmpcf, tbf `mkpody koy kmvf tm gd`rfosf `mkkgssgmds odl mr socorgfs. \bgs wmucl bo bovf vf o dfaotgvf gkpo`t md koragds. koragds. Xf`mkkfdlotgmd odl Yocuotgmd
O yfor oam G stortfl `mvfroaf mi Xfo`bCm`oc wgtb wgtb o Huy rotgda odl o mdf yfor prg`f toraft m mii $?2. \bf stm`e wos wos $?0 ot ot tbf tgkf, odl hffd os bgab os $82,07. $82,07. Agvfd tbf `urrfdt `urrfdt cfvfcs cfvfcs odl rgse / rfworl rotgms o huy rotgda gs dmt worrodtfl agvfd tbf gd`rfosfl `mkpftgtgmd odl gd`rfosfl vmcotgcgty. Xfo`bCm`oc bos o Bmcl rotgda odl o $?2 prg`f toraft.
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
8>
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
8?
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Oppfdlgx 8_?> Fordgdas Xfvgfw
0_?> Fordgdas Xfvgfw
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
88
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
<_?> Fordgdas Xfvgfw
?_?? Fordgdas Xfvgfw
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
80
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Xfo`bCm`oc Gd`mkf Ptotfkfdt Imrf`ost
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
8<
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
86
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
89
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Hocod`f Pbfft
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
81
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Ptotfkfdt mi @osb Icmw
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
82
Xfo`bCm`oc (Dosloq Acmhoc Korefts: XCM@)
Hrgod Hmcod Xfsfor`b Xfsfor`b
Xfo`bCm`oc (Dosloq AK: XCM@)
Bgstmrg`oc ^rg`f @bort
Pmur`f Ammacf
?0 Judf 8>?>
Hrgod Hmcod Xfsfor`b | 110 <?0 >826 | www.s` www.s`rghl.`mk rghl.`mk
87
Hrgod Hmcod Xfsfor`b Gkpmrtodt lgs`cmsurfs:
Xfo`bCm`oc (Dosloq Acmhoc Korefts XCM@)
Odocyst @frtgig`otgmd: \bf imccmwgda odocysts bfrfhy `frtgiy tbot tbfgr vgfws ohmut tbf `mkpodgfs odl sf`urgtgfs lgs`ussfl gd tbgs rfpmrt orf o``urotfcy fxprfssfl odl tbot tbfy bovf dmt rf`fgvfl odl wgcc dmt rf`fgvf lgrf`t mr gdlgrf`t `mkpfdsotgmd gd fx`bodaf imr fxprfssgda spf`gig` rf`mkkfdlotgmds mr vgfws gd tbgs rfpmrt: Hrgod Hmcod. Os mi tbf l otf mi tbgs rfp rfpmrt, mrt, tbf odocyst bos dm igdod`goc gdtfrfst gd ody `mkpodg fs kfdtgmdfl gd tbgs rfpmrt. rfp mrt.
Xotgdas: Huy: \bf stm`e‗s tmtoc rfturd gs fxpf`tfl fxpf`tfl tm fx`ffl ?6% mvfr tbf dfxt 9-?8 kmdtbs. Bmcl: \bf stm`e gs fxpf`tfl tm bovf o pmsgtgvf rfturd rfturd mi cfss tbod ?6% mvfr tbf dfxt 9-?8 kmdtbs. Pfcc: \bf stm`e gs fxpf`tfl tm bovf o dfaotgvf rfturd mvfr tbf dfxt 9-?8 kmdtbs.
Lgs`cmsurfs: Dmdf
?0 Judf 8>??
Hrgod Hmcod | 110 <?0 >826 | www.s`rghl.`mk
0>
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