Informe analítico comisión Europea acceso a la financiación de PYMES

8/3/2019 Informe analtico comisin Europea acceso a la financiacin de PYMES

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@d`fytci`f \bpart

8 Obibglbr 00

YGBs'@iibss ta Ecd`dib

Yurvby 00


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_jcs survby w`s rbqubstbo ly tjb Ocrbitar`tb Hbdbr`f ear Bdtbrprcsb `do Cdoustry ae tjbBurapb`d Iaggcsscad, cd iaapbr`tcad wctj tjb Burapb`d Ibdtr`f L`dm. _jb survby w`siadouitbo ly Cpsas GA\C.

Fbh`f datcibDbctjbr tjb Burapb`d Iaggcsscad dar `dy pbrsad ìtcdh ad lbj`fe ae tjb Iaggcsscad cs rbspadsclfbear tjb usb wjcij gchjt lb gòb ae tjb eaffawcdh cdearg`tcad. _jb vcbws cd tjcs lraijurb oa datdbibss`rcfy rbefbit tjb vcbws `do pafcicbs ae tjb Burapb`d Iaggcsscad ar tjb Burapb`d Ibdtr`fL`dm.

Garb cdearg`tcad ad tjb Burapb`d Rdcad cs `v`cf`lfb ad tjb Cdtbrdbt (jttp;//burap`.bu).

_jcs pulfci`tcad cs ecd`dibo udobr tjb iagpbtctcvbdbss `do cddav`tcad er`gbwarm prahr`ggb (IC^)wjcij `cgs ta bdiaur`hb tjb iagpbtctcvbdbss ae Burapb`d bdtbrprcsbs.

Burapb`d Rdcad, 00

\bpraouitcad cs ùtjarcsbo pravcobo tjb saurib cs ìmdawfbohbo.

Iavbr p`hb pjata; F`sbr ^jatfaam ^jatafc`.iag


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@d`fytci`f \bpart

8 Obibglbr 00


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Cdtraouitcad ....................................................................................


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@iibss ta ecd`dib cs ` mby obtbrgcd`dt ear luscdbss st`rt-up, obvbfapgbdt `do hrawtj ear

Yg`ff `do Gbocug-Yczbo Luscdbssbs (YGBs0) `do tjby j`vb vbry oceebrbdt dbbos `do eìb

oceebrbdt ij`ffbdhbs wctj rbh`ro ta ecd`dicdh iagp`rbo ta f`rhb luscdbssbs: ta iaff`lar`tb ad ` survby ad

tjb ìibss ta ecd`dib ae YGBs cd tjb Burapb`d Rdcad `do bst`lfcsjbo tjb Yurvby ad tjb

@iibss ta Ecd`dib ae Yg`ff `do Gbocug-sczbo Bdtbrprcsbs (Y@EB). _jb survby, iadouitbo

ìrass 9: iaudtrcbs, cdifuocdh tjb 3 `do `h`cd cd @uhust-Aitalbr 00.

_jcs rbpart obt`cfs tjb ebbolìm erag tjb 00 w`vb `do bx`gcdbs w`vb-ad-w`vb schdceci`dt

ij`dhbs lbtwbbd tjb twa survbys.

Ct eaiusbs ad tjb ecdocdhs erag tjb


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^rahr`ggb (BC^)?`rb `fsa cdifuobo cd tjcs survby `do `rb tjbrbearb sjawd cd tjb rbparts

ij`rts `do wctj sagb iaggbdt`ry.

Cd obt`cf, tjb survby bx`gcdbs YGBs;

- Ecd`dic`f sctu`tcad, hrawtj (p`st `do euturb), cddav`tcvb ìtcvctcbs `do dbbo ear

bxtbrd`f ecd`dicdh

- Rsb ae cdtbrd`f eudos `do bxtbrd`f sauribs ae ecd`dib

- Bxpbrcbdibs wjbd `ppfycdh ear oceebrbdt typbs ae bxtbrd`f ecd`dicdh

- Rsb ae fa`ds, tjb sczb `do rb`sads lbjcdo t`mcdh aut spbiceci fa`ds

- Ucbws `laut tjb bxtbdt ta wjcij oceebrbdt typbs ae ecd`dicdh `rb v`cf`lfb ta tjbg

- Bxpbit`tcads laut euturb ecd`dicdh wctj l`dms `do atjbr sauribs ae ecd`dib

Eurtjbr obt`cfs ae tjb cdtbrvcbwcdh gbtjaos, s`gpfcdh `do wbchjts `ppfcbo i`d lb eaudo cdtjb @ppbdocx 0.

Ij`rìtbrcstcis cdefubdicdh ìibss ta ecd`dib

@ r`dhb ae luscdbss ij`rìtbrcstcis i`d cgpìt ad tjb `lcfcty ta ìibss ecd`dib `do cd tjcssurvby, g`d`hbrs erag ` r`dhb ae iagp`dcbs wbrb cdtbrvcbwbo ta `ffaw us ta `d`fysb tjbecdocdhs ly tjasb mby obgahr`pjci obt`cfs. ^rbvcaus w`vbs ae tjcs stuoy j`vb cdoci`tbo tj`tsg`ffbr iagp`dcbs, ear bx`gpfb, j`vb hrb`tbr oceeciuftcbs cd tjcs rbh`ro. Cd tjcs rbpart, tjbo`t` w`s `d`fysbo ly ` r`dhb ae praecfcdh ij`rìtbrcstcis;

- Iagp`dy sczb gcira (0-3 bgpfaybbs), sg`ff (0>-?3), gbocug (2>-


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_jb `d`fyscs ae tjb YGB rbsufts cd tjcs rbpart cs l`sbo ad tjb bgpfaygbdt irctbrcad. Xb`fsa bx`gcdbo cddav`tcvb2iagp`dcbs `do tjasb sjawcdh jchjbr fbvbfs ae hrawtj. _jbsbiagp`dcbs, cdifuocdh tjasb tbrgbo h`zbffbs5 (tj`t cs yaudh iagp`dcbs, up ta ecvb yb`rsafo, wjcij `rb bxpbrcbdicdh hrawtj ae garb tj`d % pbr yb`r avbr ` pbrcao ae tjrbbyb`rs), aetbd j`vb p`rtciuf`r cssubs `raudo sbiurcdh tjb dbibss`ry òoctcad`f eudocdh tag`cdt`cd tjbcr jchj hrawtj.

Cd bìj ae tjb rbparts sbitcads tj`t eaffaw, wb faam ecrst `t bxpbrcbdibs, `ttctuobs `dolbj`vcaurs ae YGBs, `do jaw tjbsb g`y j`vb ij`dhbo erag >3, `t `d BR-wcob fbvbf(c.b. ìrass `ff >%, tjcs cs oub ta tjb cdifuscadae sagb qubstcads `ffawcdh guftcpfb `dswbrs `do/ar oub ta raudocdh ae cdocvcou`fpbribdt`hbs.

2Cddav`tcvb YGBs `rb obecdbo `s j`vcdh cdtraouibo cddav`tcad cd `t fb`st adb `rb`, suij `s praouits,

sbrvcibs, g`rmbtcdh, praouitcad ar g`d`hbgbdt sbb Ybitcad 2ear eurtjbr obt`cfs5@ff iagp`dcbs cd aur s`gpfb ae BR luscdbssbs (c.b. latj YGBs `do FYBs) `rb cdifuobo cd aur

`d`fyscs ae h`zbffbs


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!!

Gast prbsscdh pralfbg

@iibss ta ecd`dibcs tjb sbiado gast prbsscdh pralfbg eìcdh BR YGBs, ètbr ecdocdhiustagbrs. Ct cs ictbo ly `raudo adb cd sbvbd luscdbss g`d`hbrs (`fadhscobiagpbtctcad) `do ct cs tjb gast prbsscdh pralfbg cd Hrbbib (gbdtcadbo ly 9>%),Yfavbdc` `do Bstadc`.

Rsb ae ecd`dicdh

Xjbd faamcdh t rbibdt sauribs ae ecd`dicdh cd tjb f`st scx gadtjs, BR iagp`dcbsgast aetbd s`co tjby usbo adfy bxtbrd`f ecd`dicdh (cd 25% ae i`sbs). _jcs j`s garbtj`d oaulfbo scdib >3 (3).

YGBs wbrb garb fcmbfy ta j`vb adfy usbo bxtbrd`f ecd`dicdh tj`d FYBs 8(25%iagp`rbo wctj 2>%), wjcfb f`rhbr bdtbrprcsbs wbrb garb fcmbfy ta j`vb usbo latjcdtbrd`f `do bxtbrd`f sauribs ae ecd`dib.

_jb gast wcobfy usbo bxtbrd`f sauribs ae ecd`dicdh cd 00 wbrb l`dm avbrorèts(?>%), fb`scdh/jcrb purij`sb/eìtarcdh (95%), tròb irboct (9%). Cd tat`f, 82% ae BR YGBs usbo `t fb`st adb saurib ae oblt ecd`dicdh cd tjbp`st scx gadtjs. _jcs w`s `d cdirb`sb ad tjb fbvbf cd >3, wjbd 50% jò usbo obltecd`dicdh ear tjb s`gb pbrcao.

Bqucty ecd`dicdh, w`s usbo ly fbss tj`d adb cd tbd YGBs (8%) cd tjb f`st scx gadtjs.

Cts usb w`s garb fcmbfy ly f`rhbr luscdbssbs (00% ae tjasb wctj + bgpfaybbs) `doYGBs awdbo ly vbdturb ecrgs (0?%). H`zbffbs(ecrgs tj`t `rb fbss tj`d ecvb yb`rs afowja j`vb hrawd `t garb tj`d % pbr `ddug) wbrb `fsa sfchjtfy garb fcmbfy (0%), wjcfb ear YGBs cd Hbrg`dy, Ct`fy `do âf`do tjbrb wbrbschdceci`dt oraps cd tjb prapartcad ae e crgs `ppfycdh ear l`dm fa`ds erag >3. _jbg`cd rb`sad ear dat `ppfycdh ear ecd`dib (cd `raudo ` j`fe ae i`sbs) w`s tj`t cdtbrd`f

eudos wbrb sueecicbdt.

YGBs cd Fuxbglaurh (99%) `do Yfav`mc` (


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"

sbitar wbrb fbss fcmbfy ta j`vb oadb sa. Jawbvbr, tjasb tj`t `rb cddav`tcvb (ecrgs tj`tcdtraouibo dbw praouit, sbrvcib, g`rmbtcdh cob`, praouitcad gbtjao ar arh`dcs`tcadae g`d`hbgbdt cd tjb p`st 0< gadtjs), wbrb garb fcmbfy ta j`vb `ppfcbo ear bxtbrd`fecd`dib cd tjb p`st scx gadtjs, `s wbrb h`zbffbs.

@raudo twa-tjcros ae BR YGBs wja `ppfcbo ear bxtbrd`f ecd`dib hat bvbrytjcdh tjby

rbqubstbo. @ppfycdh ear l`dm fa`ds `do/ar avbrorèts wbrb tjb gast fcmbfy typbs aeecd`dib ta rbsuft cd autrchjt rbkbitcad cd 00% `do 0>% ae i`sbs rbspbitcvbfy. _jbprapartcad ae YGBs wja `ppfcbo ear bxtbrd`f ecd`dicdh `do hat bvbrytjcdh tjbyrbqubstbo j`s cdirb`sbo hbdbr`ffy scdib >3. _jb prapartcad hbttcdh bvbrytjcdh tjbyrbqubstbo erag ` l`dm fa`d cdirb`sbo erag 23% ta 59% cd tjcs tcgb, tjasb hbttcdh tjbs`gb vc` tròb irboct wbdt up erag 22% ta 53%, `do wctj atjbr typbs ae bxtbrd`fecd`dicdh tjb cdirb`sb w`s p`rtciuf`rfy g`rmbo, erag 29% ta 80% scdib >3.

YGBs cd Ecdf`do do Ywbobd wbrb garb fcmbfy tj`d tjasb cd gast atjbr iaudtrcbs taj`vb hat bvbrytjcdh tjby rbqubstbo wjbd `ppfycdh ear l`dm fa`ds `do l`dmavbrorèts. Cd Hrbbib `do Crbf`do tjb prapartcads tj`t wbrb rbkbitbo w`s schdceci`dtfy

jchjbr tj`d tjb BR `vbr`hb `do tjb prapartcads wja hat bvbrytjcdh tjby w`dtboschdceci`dtfy fawbr avbr`ff.

Cd hbdbr`f, f`rhbr `do afobr bdtbrprcsbs wja `ppfy wbrb garb fcmbfy ta hbt tjb bxtbrd`fecd`dib tj`t tjby rbqubstbo. Ear bx`gpfb, 88% ae FYBs wja `ppfcbo ear ` l`dm fa`dcd tjb p`st scx gadtjs hat bvbrytjcdh iagp`rbo wctj 59% ae YGBs. Saudhbr `dosg`ffbr YGBs wbrb latj garb fcmbfy ta adfy hbt sagb ae tjb ecd`dib tjby rbqubstbo,`do, cdobbo, ta lb rbkbitbo autrchjt.


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#

ìiaudtbo ear ??% ae tjb fa`ds. _jcs cs scgcf`r ta tjb praecfb cd >3. YGBs cd Hrbbibwbrb gast fcmbfy ta j`vb usbo tjbcr gast rbibdt fa`d ear warmcdh i`pct`f (cd :2% aei`sbs).

Cd Ct`fy tjbrb j`s lbbd ` schdceci`dt cdirb`sb cd tjb prapartcad ae ecrgs uscdh tjbcr fa`dear warmcdh i`pct`f scdib >3. _jcs j`s cdirb`sbo erag 92% ta ?9% cd tj`t tcgb. Cd

Lufh`rc` tjbrb w`s `d bvbr hrb`tbr cdirb`sb erag ?3% ta 8>% uscdh tjbcr fa`ds earwarmcdh i`pct`f.

@iibss ta bxtbrd`f ecd`dicdh

Ad l`f`dib, YGB g`d`hbrs wbrb ifb`rfy garb pbsscgcstci tj`d aptcgcstci `laut tjbhbdbr`f biadagci autfaam.Kust avbr twa-ecetjs (?9%) s`co ct jò obtbrcar`tbo cd tjbp`st scx gadtjs, wjcfb 0%. _jb gast aptcgcstcivcbwpacdt w`s sbbd erag g`d`hbrs cd F`tvc`, Fctju`dc` `do Obdg`rm, wjcfb tjb gastdbh`tcvb w`s sbbd cd Yp`cd, Judh`ry `do Crbf`do. Ucbws `laut tjb hbdbr`f biadagciautfaam wbrb e`crfy iadscstbdt lbtwbbd YGBs `do FYBs.

\bsufts j`vb cgpravbo scdib tjb >3 survby wjbd tjb avbr`ff dbt l`f`dib ae apcdcadw`s -5?%, avbr twcib `s dbh`tcvb `s cd 00. \bsufts j`vb cgpravbo cd db`rfy `ffiaudtrcbs scdib >3, bxibpt ear Hrbbib `do Yfavbdc`.

Avbr`ff YGB g`d`hbrs wbrb ` fcttfb garb fcmbfy ta lb pbsscgcstci (3 tjb l`f`dib w`s bvbd garb dbh`tcvb, wctj db`rfy eaurtcgbs `s g`dy YGBs rbpartcdh tj`t l`dms wcffcdhdbss ta fa`d jò warsbdbo (9


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$

@ iadscobr`lfb prapartcad ae g`d`hbrs cd tjb BR (?9%) iaufo dat hcvb `d apcdcad `sta wjbtjbr ìibss ta pulfci ecd`dic`f suppartjò ij`dhbo cd tjb p`st scx gadtjsscdib tjcs w`s dat `ppfci`lfb ta tjbcr ecrg. @gadh tjasb wja iaufo g`mb `kuohbgbdt tjby wbrb sbvbd tcgbs garb fcmbfy ta kuohb tj`t ct jò obtbrcar`tbo (


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Cd gast i`sbs, dad-prcib tbrgs `do iadoctcads rbg`cdbo udij`dhbo avbr tjb p`st scxgadtjs. Jawbvbr, iadoctcads wbrb garb fcmbfy ta j`vb lbbd cdirb`sbo tj`dobirb`sbo (b.h. ` tjcro ae g`d`hbrs rbpartbo tj`t tjb iaff`tbr`f rbqucrbgbdts j`olbbd cdirb`sbo ly tjbcr l`dm iagp`rbo wctj adfy 9% sbbcdh ` obirb`sb).

Garb pasctcvbfy ear luscdbssbs, tjb v`cf`lfb sczb ae fa`d w`s sfchjtfy garb fcmbfy ta

j`vb cdirb`sbo (03%) tj`d lbbd obirb`sbo (08%). Jawbvbr, tjb atjbr iadoctcads`tt`ijbo wbrb `fsa garb fcmbfy ta j`vb hrawd (3. @raudo adb cd dcdb (00%)bxpbitbo `d `ddu`f hrawtj r`tb ae avbr % wjcfb db`rfy j`fe (?2%) bxpbitbogaobr`tb hrawtj ae up ta % pbr yb`r. @ qu`rtbr tjauhjt tj`t tjbcr iagp`dy wcffrbg`cd tjb s`gb sczb (


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vbdturb i`pct`f ecrgs cd Er`dib (08% ta %. Iadecobdib ta t`fm `laut euturb ecd`dicdh wctj l`dmsw`s jchjbst `gadh g`d`hbrs ae YGBs cd tjb cdoustry sbitar (5:% wbrb iadecobdt,iagp`rbo ta 23% cd tjb iadstruitcad sbitar) `do YGBs wctj ` turdavbr ae lbtwbbd0> gcffcad `do 2> gcffcad (85%, iagp`rbo ta 2:% ae tjasb wctj ` turdavbr ae lbfaw

< gcffcad).

Bxtbrd`f ecd`dicdh cd tjb euturb

@gadh YGB g`d`hbrs wja bxpbitbo tjbcr iagp`dy ta hraw cd tjb iagcdh yb rs,l`dm fa`ds wbrb ly sagb ocst`dib tjb gast e`vaurbo earg ae ecd`dicdh (`gadh 59%),wjcij cs scgcf`r ta tjb ecdocdhs erag >3 `do iadscstbdt ìrass `ff BR iaudtrcbs.G`d`hbrs ae FYBs wbrb sfchjtfy fbss fcmbfy tj`d tjbcr iaudtbrp`rts cd YGBs ta s`y tj`tl`dm fa`ds wbrb tjbcr e`vaurbo earg ae eudocdh (28% iagp`rbo ta 59%).

_jbrb cs schdceci`dt v`rc`tcad cd tjb gaudt ae ecd`dicdh tj`t YGBs waufo `cg ta alt`cdta rb`fcsb tjbcr hrawtj `glctcads. _jb jchjbst prapartcad (>,>>> do 0 gcffcad `do ` eurtjbr qu`rtbr (> do 33,333.

YGB g`d`hbrs wja waufo prbebr ` fa`d erag ` l`dm ar `datjbr saurib ta rb`fcsbtjbcr hrawtj `glctcads wbrb `smbo ce tjbrb waufo lb `dy fcgctcdh eìtars tj`t gchjtstap tjbg rbibcvcdh suij ecd`dicdh. Ae tjbsb g`d`hbrs, adfy `raudo ` tjcro s`co tj`ttjbrb waufo lb da alstìfbs (92%).

@raudo adb cd ecvb g`d`hbrs s`co tj`t cdsueecicbdt iaff tbr`f (ar hu`r`dtbb) waufo lbtjb g`cd fcgctcdh eìtar stappcdh tjbg rbibcvcdh ecd`dicdh (


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tjauhjt ct waufo dat ij`dhb (20%), sfchjtfy garb tjauhjt ct waufo obtbrcar`tb (09%)tj`d tjauhjt ct waufo cgpravb (0>%).

Ycgcf`rfy, raudo j`fe tjauhjt tj`t tjbrb waufo lb da ij`dhb cd tjb `v`cf`lcfcty ae l`dmfa`ds cd tjb dbxt scx gadtjs (?8%), lut 0?% tjauhjt tjbcr `v`cf`lcfcty waufoobtbrcar`tb iagp`rbo ta 00% wja tjauhjt tjbcr `v`cf`lcfcty waufo cgpravb. _jbrb j`s

lbbd fcttfb ij`dhb cd vcbws `laut tjb `v`cf`lcfcty ae l`dm fa`ds scdib >3. G`d`hbrscd Hrbbib `do ârtuh`f wbrb tjb gast pbsscgcstci `laut tjbcr `v`cf`lcfcty, wjcfb tjasbcd F`tvc` wbrb tjb gast pasctcvb.

@ g`karcty ae YGB g`d`hbrs cd bvbry iaudtry s`co tj`t tjby bxpbitbo tjb `v`cf`lcfctyae tròb irboct ta rbg`cd udij`dhbo cd tjb dbxt scx gadtjs. G`d`hbrs cd Ecdf`do, tjbRM `do \ag`dc` wbrb tjb gast pasctcvb jbrb, wjcfb tjasb cd Hrbbib `do ârtuh`fwbrb `h`cd tjb gast dbh`tcvb.

@ g`karcty ae g`d`hbrs bxpbitbo da ij`dhb cd tjb `v`cf`lcfcty ae atjbr sauribs aeeudocdh cd tjb dbxt scx gadtjs. G`d`hbrs cd F`tvc` wbrb tjb gast fcmbfy ta bxpbitatjbr sauribs ae eudocdh ta cgpravb cd tjb dbxt scx gadtjs, wjcfb tjasb cd Hrbbib

wbrb tjb fb`st pasctcvb.

Cgpart`dib ae eìtars ad euturb ecd`dicdh

Xjbd `smbo ta r`tb ad ` 0 ta 0> si`fb tjb cgpart`dib ae ` duglbr ae oceebrbdtgbij`dcsgs ta jbfp tjbcr iagp`dys ecd`dicdh cd tjb euturb (wjbrb 0 gb`ds dat `t `ffcgpart`dt `do 0> gb`ds bxtrbgbfy cgpart`dt), g`d`hbrs ìrass tjb BR r`tbog`mcdh bxcstcdh pulfci gb`surbs b`scbr ta alt`cd (ear bx`gpfb, tjrauhj tjb rbouitcadae ògcdcstr tcvb lurobds)`s tjb gast cgpart`dt (gb`d siarb; 8.>).

_jcs w`s eaffawbo ly t`x cdibdtcvbs (5.8), hu`r`dtbbs ear fa`ds (2.3) `do luscdbsssuppart sbrvcibs(2.3). Ae rbf`tcvb fbss cgpart`dib wbrb gb`surbs ta eìcfct`tb bqucty

cdvbstgbdts (suij `s suppart ear vbdturb i`pct`f ar luscdbss `dhbf ecd`dicdh), wjcijad `vbr`hb w`s r`tbo `s ?.0 aut ae 0>, `do bxpart irbocts ar hu`r`dtbbs, wjcij`vbr`hbo 9.9.

_jb iurrbdt st`tb ae iagp`dcbs

Db`rfy tjrbb-ecetjs ae YGBs cd tjb BR j`vb cdtraouibo sagb earg ae cddav`tcad (c.b. `dbw ar schdceci`dtfy cgpravbo praouit ar sbrvcib, arh`dcs`tcad ae g`d`hbgbdt, w`y aesbffcdh tjbcr haaos ar sbrvcibs ar praouitcad praibss) cd tjb p`st yb`r, wjcij cslraòfy udij`dhbo erag >3. _jbsb typbs ae cddav`tcad wbrb gast wcobsprbò cdF`tvc` (89%) `do G`ft` (89%) `do fb`st iaggad cd Judh`ry (98%).

F`rhb luscdbssbs wbrb sagbwj`t garb fcmbfy ta j`vb cdtraouibo `d cddav`tcad cd tjbf`st 0< gadtjs avbr twa-tjcros ae FYBs (5:%), iagp`rbo wctj 28% ae YGBs. YGBswarmcdh cd cdoustry wbrb gast fcmbfy ta j`vb udobrt`mbd sagb earg ae cddav`tcad(5?%) `do tjasb cd tjb iadstruitcad cdoustry fb`st fcmbfy (?9%).

Kust avbr j`fe (2


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Db`rfy twa-ecetjs (98%) ae YGBs cd tjb BR j`vb hrawd cd stèe duglbrs ad vbr`hb`ddu`ffy cd tjb p`st tjrbb yb`rs, wjcij cs lraòfy udij`dhbo erag >3. Iyprus `doFctju`dc` s`w tjb gast wcobsprbò hrawtj ae avbr % cd duglbr ae bgpfaybbs avbrtjb f`st tjrbb yb`rs. @s wctj turdavbr, YGBs wbrb schdceci`dtfy garb fcmbfy ta j`vbsbbd da hrawtj cd stèecdh fbvbfs (twcib tjb prapartcad ae FYBs).

_jb ecd`dic`f sctu`tcad ae iagp`dcbs

F`laur iasts`do atjbriasts (suij `s g`tbrc`fs `do bdbrhy) wbrb sbbd ta j`vbcdirb`sbo gast wcobfy cd tjb p`st 5 gadtjs, wctj dbt cdirb`sbechurbs (tjasb s`ycdhtjby j`vb sbbd `d cdirb`sb gcdus tjasb wja j`vb sbbd ` obirb`sb) ae +?


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% ! & &'!

Xjbd `smbo wj`t tjb gast prbsscdh pralfbg iurrbdtfy eìcdh tjbcr ecrg w`s, 02% ae YGBs cdtjb BR ictbo ìibss ta ecd`dib, wjcij pfìbs ct sbiado `fadhscob iagpbtctcadcd tjb r`dmcdhae cgpart`dt cssubs, `do kust `jbò ae tjb `v`cf`lcfcty ae bxpbrcbdibo ar smcffbo stèe(0?%).

@iibss ta ecd`dib - iaudtry v`rc`tcads

Cd Hrbbib, ìibss ta ecd`dibcs tjb gast prbsscdh pralfbg, ictbo ly db`rfy ` tjcro ae YGBs(9>%).

Ct cs tjb gast prbsscdh pralfbg ear YGBs cd Bstadc` `do Yfavbdc` taa, gbdtcadbo ly avbr `qu`rtbr (

BFBBYC

BYJRCB

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17/136

Obspctb ` orap erag >3, tjb gast erbqubdtfy ictbo cssub rbg`cds ecdocdh iustagbrs(


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% ( ) (

_jcs ij`ptbr faams `t iagp`dcbs usb ae v`rcaus sauribs ae ecd`dicdh ocstcdhucsjcdhlbtwbbd cdtbrd`f eudos, oblt ecd`dicdh `do bqucty ecd`dicdh. _jb ecrst sbitcad t`mbs ` faam `ttjb oceebrbdt typbs ae bxtbrd`f ecd`dicdh usbo ly YGBs cd tjb p`st scx gadtjs, wjcfb tjb

sbiado sbitcad stuocbs YGBs bxpbrcbdibs wjbd `ppfycdh ear bxtbrd`f ecd`dicdh. Cd tjb f`stsbitcad, ` garb obt`cfbo `d`fyscs cs iadouitbo ae iagp`dcbs pravcscad `do usb ae l`dm fa`ds`do atjbr fa`ds cd tjb p`st twa yb`rs.

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Iagp`dy ij`rìtbrcstcis

Ct cs f`rhbr luscdbssbs `do tjasb tj`t j`vb bxcstbo ear fadhbr wjcij wbrb garb fcmbfy ta j`vb`ppfcbo ear tjbsb eargs ae bxtbrd`f ecd`dib cd tjb p`st yb`r. YGBs cd tjb sbrvcibs sbitar wbrbfbss fcmbfy ta j`vb oadb sa. Ecrgs awdbo ly e`gcfy ar `ssaic`tbs wbrb garb fcmbfy ta j`vb`ppfcbo ear ` l`dm avbrorèt ar fa`d, wjcfb ct w`s vbdturb i`pct`f-awdbo ecrgs wja wbrb gastfcmbfy j`vb `ppfcbo ear atjbr sauribs ae bxtbrd`f ecd`dib.

YGBs tj`t `rb cddav`tcvb (cddav`tars), c.b. j`vb cdtraouib ` dbw praouit/prìtcib bti cd tjbp`st 0< gadtjs, `rb garb fcmbfy ta j`vb `ppfcbo ear bxtbrd`f ecd`dib cd tjb p`st scx gadtjs,`s `rb h`zbffbs(ecrgs tj`t `rb fbss tj`d ecvb yb`rs afo wja j`vb hrawd `t garb tj`d % pbr`ddug).

Ct w`s sg`ffbr (ct tbrgs ae stèe `do turdavbr), dbwbr YGBs, `s wbff `s ecrgs wctj adb awdbr,wja wbrb garb fcmbfy dat ta j`vb `ppfcbo ear bxtbrd`f ecd`dib lbiùsb ae passclfb rbkbitcad.


31/136

$

_jbrb w`s fbss v`rc`tcad lbtwbbd oceebrbdt typbs ae ecrgs rbh`rocdh dat `ppfycdh ear ecd`diblbiùsb ae sueecicbdt cdtbrd`f eudos, tjauhj vbdturb i`pct`f ecrgs `do ecrgs awdbo ly atjbrecrgs ar `ssaic`tbs wbrb garb fcmbfy ta j`vb dat `ppfcbo ear tjcs rb`sad. Ecrgs wctj cdocvcou`fawdbrs wbrb garb fcmbfy ta ictb atjbr rb`sads ear dat `ppfycdh ear ecd`dib.

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Atjbr bxtbrd`f ecd`dicdh

@ppfcbo do ha t bvbrytjcdh@ppfcbo `do hat ga st ae ct ]l btwbbd 82% `do 33%W@ppfcbo lut adfy ha t ` fcgctbo p`rt ae ct ]lbtwbbd 0% `do 8?%W@ppfcbo lut rbeusbo lbiùsb iast taa jchj@ppfcbo lut w`s rbkbitboOM/D@


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bvbrytjcdh erag ` tr`ob irboct rbqubst rasb erag 22% ta 53%, `do wctj atjbr typbs aebxtbrd`f ecd`dicdh tjb cdirb`sb w`s tjb stradhbst, erag 29% cd >3 ta 80%.0%

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Atjbr sauribs

Adib `h`cd, iadstruitcad YGBs wbrb fb`st fcmbfy ta hbt bvbrytjcdh rbqubstbo erag atjbrsauribs (adfy 5 ?> 9:92 99 99

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35/136

Iaudtry v`rc`tcads

@s i`d lb sbbd erag tjb ij`rt `lavb, YGBs cd Obdg`rm, Iyprus `do tjb RM wbrbp`rtciuf`rfy udfcmbfy ta j`vb t`mbd ` fa`d cd tjb f`st twa yb`rs (adfy adb-tjcro ae tjbsb ecrgsj`vb t`mbd aut ` fa`d). Iaudtrcbs wjasb ecrgs wbrb gast fcmbfy ta j`vb t`mbd aut ` fa`dcdifuobo _urmby (wjbrb 8>% ae YGBs j`vb), Er`dib (50%), Ct`fy (23%) `do Yp`cd (59%).


Yg`ffbr YGBs wbrb fbss fcmbfy ta j`vb t`mbd aut ` l`dm fa`d cd tjb p`st twa yb`rs, `do tjbfa`ds tjby oco t`mb aut wbrb garb fcmbfy ta lb sg`ffbr tj`d ad tjb f`st aii`scad. Earbx`gpfb, ??% ae ecrgs wctj 0-3 bgpfaybbs taam ` fa`d aut cd tjcs tcgb, iagp`rbo wctj 50% aeFYBs (+ bgpfaybbs), `do adfy 0% ae tjasb wctj 0-3 bgpfaybbs taam aut ` fa`d ae avbr 0gcffcad, iagp`rbo wctj 53% ae FYBs oacdh tjb s`gb.

_jbrb w`s ` scgcf`r p`ttbrd ly sbitar; tjasb cd tjb cdoustry sbitar wbrb garb fcmbfy ta t`mbd `

fa`d aut `s wbff `s garb fcmbfy ta j`vb t`mbd aut ` f`rhbr fa`d. Ly iadtr`st, tjasb cd tjb tr`ob`do sbrvcibs sbitars wbrb fbss fcmbfy ta j`vb t`mbd ` fa`d aut, `do `fsa tbdobo ta larrawfbss.

Cddav`tariagp`dcbs wbrb `fsa garb fcmbfy ta j`vb t`mbd aut ` fa`d, `do ta j`vb t`mbd aut `f`rhbr fa`d. H`zbffbsly iadtr`st `rb garb fcmbfy ta j`vb t`mbd aut ` sg`ffbr fa`d, `do taj`vb dat `ppfcbo lbi`usb ae passclfb rbkbitcad.

>,>>> ta adb gcffcad, wbrb tjbgast iaggad (99%) wctj `fgast `s g`dy larrawcdh >> ta 0>>,>>> (93. Cd >3 adfy ?0% ae tjb gast rbibdtfa`ds ta BR YGBs avbr tjb prbvcaus twa yb`rs wbrb ae 0>>,>>>+ rcscdh ta ?2% cd 00.Jawbvbr, tjb prapartcad ae sg`ff fa`ds udobr >> j`s ij`dhbo vbry fcttfb (


36/136

Iaudtry v`rc`tcads

YGBs cd @ustrc` ().

Yagb g`kar sjcets wbrb sbbd cd fbvbfs ae tjb lchhbst fa`ds (0g+) wctj fbvbfs oaulfcdh`gadh YGB larrawbrs erag >3 ta 00 cd Ecdf`do (?% ta 0:%), Er`dib (?% ta 0>%), `doCt`fy (9% ta 3%), lut tjbrb wbrb `fsa sagb g`kar e`ffs cd Ywbobd (9>% ae fa`ds ta 05%) `doObdg`rm (99% ta % larrawcdh avbr 0 gcffcad. Avbr`ff tjauhj, adfy 5% ae `ff YGBs(larrawbrs `do dad-larrawbrs) larrawbo tjcs guij (0


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^ravcobr ae tjb gast rbibdt fa`d

P09. Xja pravcobo yau wctj tjcs f`st fa`d1L`sb; @ff YGBs wja alt`cdbo ` fa`d cd tjb f`st twa yb`rs,% BR-3

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38/136

YGBs cd Hrbbib wbrb `gadh tjb gast fcmbfy ta j`vb hat tjbcr f`st fa`d erag ` l`dm, 38% aetjasb wja alt`cdbo ` fa`d hat ct erag tjcs saurib. YGBs cd Er`dib (3?%), _urmby (32%),@ustrc` (39%) `do ^artuh`f (3


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"

^ravcobrs ae tjb fa`d `do sczb ae tjb fa`d

_jb t`lfb lbfaw sjaws tj`t, rbf`tcvbfy spb`mcdh, l`dms wbrb garb fcmbfy ta j`vb pravcobogbocug-sczbo fa`ds ae >> ta 0 gcffcad, wjcfb hbdbr`ffy prcv`tb cdocvcou`f `rb garbfcmbfy ta pravcob sg`ffbr fa`ds.

^ravcobrs ae fa`d vs. tjb sczb ae tjb fa`d

L`dm ^rcv`tbcdocvcou`f

e`gcfy arercbdo

Atjbrsauribs

L`sb; iagp`dcbs tj`t taam ` fa`d cdtjb f`st twa yb`rs (5,?5:)

Yg`ffbr tj`d >> (0,-33,333 (0,::?) % :8 2 :

0>>,>>>-0 gcffcad (


40/136

#

ûrpasb ae tjb gast rbibdt fa`d

P0?. Xj`t oco yau usb tjcs f`st fa`d ear1L`sb; @ff YGBs wja alt`cdbo ` fa`d cd tjb f`st twa yb`rs,% BR-3, wjbd warmcdh i`pct`f `do purij`sb ae f`do,

lucfocdh, bqucpgbdt ar vbjcifbs wbrb `fsa tjb oagcd`dt rb`sads ear alt`cdcdh ` fa`d. Cd >3?2% ae fa`ds wbrb ear warmcdh i`pct`f `do ?9% wbrb ear f`do, lucfocdh, bqucpgbdt arvbjcifbs.

Iaudtry v`rc`tcads

Iagp`dcbs cd Hrbbib wbrb gast fcmbfy ta j`vb usbo tjbcr gast rbibdt fa`d ear warmcdhi`pct`f. _jcs w`s tjb i`sb ear :2% ae tjbsb iagp`dcbs wja jò t`mbd ` fa`d aut cd tjb p`sttwa yb`rs. Iagp`dcbs l`sbo cd B`stbrd Burapb wbrb `fsa fcmbfy ta j`vb usbo tjbcr gastrbibdt fa`d ear warmcdh i`pct`f.

Ear bx`gpfb, tjcs cs tjb i`sb ear 8>% ae YGBs cd Fctju`dc` `do Lufh`rc` `do 58% cd F`tvc`.YGBs wbrb fb`st fcmbfy ta usb tjb fa`d ear warmcdh i`pct`f cd Er`dib (02%) `do Ywbobd(

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Atjbr

F`do/ lucfocdhs ar Bqucpgbdt/vbjcifbs

Xarmcdh i`pct`f

00 >3


41/136

$

F`st fa`d w`s usbo ear warmcdh i`pct`f

P0?. Xj`t oco yau usb tjcs f`st fa`d ear1L`sb; @ff YGBs wja alt`cdbo ` fa`d cd tjb f`st twa yb`rs,% ly iaudtry

Ly iadtr`st, iagp`dcbs cd Er`dib wbrb gast fcmbfy (80%) ta j`vb usbo tjbcr fa`d ta luy f`do,lucfocdh, bqucpgbdt ar vbjcifbs. YGBs cd Hbrg`dy (?3%), @ustrc` (2?%) `do tjb RM (?5%)wbrb `fsa rbf`tcvbfy fcmbfy ta usb tjbcr f`tbst fa`d ear tjcs. Iaudtrcbs wjasb iagp`dcbs wbrbfbss fcmbfy ta usb tjbcr fa`ds ear f`do, lucfocdh, bqucpgbdt ar vbjcifbs cdifuobo Obdg`rm (


42/136

F`st fa`d w`s usbo ear f`do, lucfocdh, bqucpgbdt ar vbjcifbs

P0?. Xj`t oco yau usb tjcs f`st fa`d ear1L`sb; @ff YGBs wja alt`cdbo ` fa`d cd tjb f`st twa yb`rs,% ly iaudtry

Cd Ct`fy tjbrb j`s lbbd ` schdceci`dt cdirb`sb cd tjb prapartcad ae ecrgs uscdh tjbcr fa`d earwarmcdh i`pct`f scdib >3. _jcs j`s cdirb`sbo erag 92% ta ?9% cd 00. Cd Lufh`rc` tjbrbw`s `d bvbr hrb`tbr cdirb`sb erag ?3% ta 8>% uscdh tjbcr fa`ds ear warmcdh i`pct`f - `do

tjbrb j`s lbbd `d `fgast p`r`ffbf obirb`sb cd usb ae fa`ds ear f`do, lucfocdh, bqucpgbdt arvbjcifbs, orappcdh erag ?2% ta %)tj`d tjasb cd atjbr sbitars (?3%-29%) ta oa sa. _jb dbwbst (udobr < yb`rs) `do afobr (0>+yb`rs) `itcvb iagp`dcbs wbrb `fsa fbss fcmbfy ta usb ` fa`d ear tjcs (??%-?2%), iagp`rbowctj YGBs wjcij wbrb yb`rs ar garb `do `fsa?2% ae tjasb `itcvb ear fbss tj`d twa yb`rs. _jasb cd tjb sbrvcibs sbitar wbrb `fsa garbfcmbfy ta usb tjbcr fa`d ear tjcs purpasb (?:%).

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43/136

_jb t`lfb lbfaw sjaws tj`t tjb l`f`dib lbtwbbd tjb purpasbs ae warmcdh i`pct`f `do f`do,lucfocdhs `do bqucpgbdt w`s e`crfy iadscstbdt rbh`rofbss ae tjb sczb ae tjb fa`d.

^urpasb ae fa`d vs. tjb sczb ae tjb fa`d

Xarmcdh i`pct`f F`do/lucfocdhs arbqucpgbdt/

vbjcifbs

L`sb; iagp`dcbs tj`t taam ` fa`d cdtjb f`st twa yb`rs (5,?5:)

Yg`ffbr tj`d >> (0,-33,333 (0,::?) % ?5 ?2

0>>,>>>-0 gcffcad (


44/136

% ) ( (

_jcs ij`ptbr obsirclbs tjb pbribptcads ae YGBs `s ta tjb iurrbdt ecd`dic`f `do biadagcibdvcradgbdt, `s wbff `s tjbcr awd ecd`dic`f sctu`tcad (b.h. fbvbfs ae i`pct`f `do irboct jcstary).Ct tjbd obsirclbs g`d`hbrs apcdcads ae ij`dhbs cd tjb `v`cf`lcfcty ae bxtbrd`f ecd`dicdh. _jb

sbiado sbitcad obsirclbs pbribcvbo ij`dhbs cd YGBs dbbo ear ecd`dicdh, tjb cgpìt ae tjbcrawd ecd`dic`f sctu`tcad ad tjbcr fbvbf ae dbbo ear ecd`dicdh `do, ecd`ffy, jaw tjb tbrgs `doiadoctcads ear bxtbrd`f ecd`dib g`y j`vb ij`dhbo rbibdtfy (b.h. lbiagcdh garb ar fbssobg`docdh ar strcdhbdt).

9.0 @v`cf`lcfcty ae bxtbrd`f ecd`dicdh

9.0.0 Ij`dhbs cd tjb hbdbr`f biadagci `do ecd`dic`f bdvcradgbdt

Yfchjtfy garb BR g`d`hbrs ae YGBs s`co tj`t tjb hbdbr`f biadagci autfaamjòobtbrcar`tbo cd tjb p`st scx gadtjs (?9%) tj`d ebft tj`t ct rbg`cdbo udij`dhbo (93%), wjcfst0%.

Ij`dhbs cd mby eìtars cd tjb f`st scx gadtjs

Dbt rbsuft; % Cgpravbo % Obtbrcar`tbo

P00 Ear bìj ae tjb eaffawcdh eìtars, waufo yau s`y tj`t tjby j`vb cgpravbo, rbg`cdboudij`dhbo ar obtbrcar`tbo avbr tjb p`st 5 gadtjs1

L`sb; % @ff BR-

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Saur ecrg's irboct jcstary

Saur ecrg's awd i`pct`f

Xcffcdhdbss ae cdvbstars ta cdvbst cd bqucty ar obltsbiurctcbs cssubo ly ecrg

Saur ecrg-spbiceci autfaam wctj rbspbit ta yaurs`fbs `do praect`lcfcty ar luscdbss pf`d

Xcffcdhdbss ae luscdbss p`rtdbrs ta pravcob tròbirboct

Xcffcdhdbss ae l`dms ta pravcob ` fa`d

@iibss ta pulfci ecd`dic`f suppart cdifuocdh

hu`r`dtbbs

Hbdbr`f biadagci autfaam

00 >3


45/136

_jb gast aptcgcstci vcbwpacdt w`s sbbd cd F`tvc` (dbt fbvbf ae +92%), Fctju`dc` (+

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46/136

s`gpfb kuohbo tj`t ct jò obtbrcar`tbo) tj`d aptcgcstci (%), Hrbbib (-9?%), Yp`cd (-98%) `do \ag`dc` (9:%) jòtjb lchhbst dbh`tcvb dbt l`f`dib ae apcdcad `laut tjbcr ecrgs autfaam.

Jawbvbr, tjbrb w`s ` datcib`lfy garb aptcgcstci vcbw (9>% oceebrbdib ar hrb`tbr) `laut tjbecrg-spbiceci autfaam tj`d tjb hbdbr`f biadagy cd sagb iaudtrcbs, b.h. @ustrc` jò ` dbtcgpravbo fbvbf ae +00% ear tjbcr ecrgs, iagp`rbo wctj -% vs. -?0%) `do bvbd Yp`cd (-98% vs. -5?%).

YGBs cd tjb >3 survby wbrb iadscobr`lfy garb pbsscgcstci, ?9% tjcdmcdh tj`t tjbcr ecrgsautfaam jò obtbrcar`tbo avbr tjb prbvcaus 5 gadtjs `do kust 02% cgpravbo, ` dbt fbvbf ae -3, `do cd Hrbbib tjby wbrb bvbd garb pbsscgcstci cd 00 (-9?%) tj`d >3 (-2%). Cd gast atjbr iaudtrcbs rbsufts wbrb iadscobr`lfy cgpravbo cd 00.

Dbt ij`dhb cd ecrg-spbiceci autfaam cd p`st 5 gadtjs

Dbt rbsuft; % Cgpravbo % Obtbrcar`tbo

P00 Ear bìj ae tjb eaffawcdh eìtars, waufo yau s`y tj`t tjby j`vb cgpravbo, rbg`cdboudij`dhbo ar obtbrcar`tbo avbr tjb p`st 5 gadtjs1 Ecrg-spbiceci autfaam wctj rbspbit

ta s`fbs `do praect`lcfcty

L`sb; @ff YGBs, % ly iaudtry

Avbr`ff BR YGBs wbrb garb fcmbfy ta cdoci`tb tj`t tjbcr ecrgs awd i`pct`fjò cgpravbo(3


47/136

Jawbvbr, `t tjb atjbr bdo ae tjb si`fb fbss tj`d 0>% ae YGBs rbpartbo `d cgpravbgbdt cdIyprus, Hrbbib, ^artuh`f, G`ft` `do Yp`cd. _jb hrb`tbst dbt obtbrcar`tcad aiiurrbo cdHrbbib (-


48/136

(9>%) lut fbvbfs wbrb guij fawbr cd Hrbbib (5%) `do ^artuh`f (:%). _jb l`f`dib aecgpravbgbdt `do obtbrcar`tcad (fawbst dbt cgpravbgbdt siarbs) wbrb tjus fawbst cd Hrbbib(-09%), artuh`f (-03 tjby wbrb garb fcmbfy ta j`vb sbbd obtbrcar`tcad

(02%) tj`d cgpravbgbdt (0>%) lut ly 00 tjb dbt l`f`dib ae apcdcad j`o sjcetbo ta `hrb`tbr fcmbfcjaao ae cgpravbgbdt (

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49/136

"

obtbrcar`tcad wbrb rbpartbo cd Yp`cd (2>%), Hrbbib (?5%), \ag`dc` (?0%) `do Crbf`do(9:%).

Cd >3 BR YGBs wbrb avbr eaur tcgbs `s fcmbfy ta rbpart tj`t l`dms wcffcdhdbss ta fa`d j`owarsbdbo (9

FUF_LH^FYBI[EC

YMOBLBISOMBBG_\A@_RM

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50/136

#

YGBs cd \ag`dc` (82%) `do Er`dib (8%) `do Fctju`dc` (`fsa >%).

_jb l`f`dib ae apcdcad, wjbd ct iaufo lb hcvbd, `laut `iibss cd 00 j`s sfchjtfy warsbdboscdib tjb >3 survby (?% cgpravbo vbrsus -< -?-8 -8-:-: -3-0


51/136

$

r`tjbr tj`d cgpravb (8%). Jawbvbr, twa aut ae ecvb YGBs (?0%) wbrb ud`lfb ta hcvb `dapcdcad, `s tjb sctu`tcad oco dat `ppfy ta tjbcr ecrg.

_jb lchhbst fbvbfs ae cgpravbgbdt (`do usu`ffy dbt cgpravbgbdts) wbrb sbbd cd F`tvc`(


52/136

Adfy 0 cd 2 YGBs cd tjcs survby wbrb `lfb ta hcvb `d apcdcad ad wcffcdhdbss ae cdvbstars tacdvbst cd bqucty avbr tjb f`st 5 gadtjs. _jb rbsufts ear tjb l`f`dib ae apcdcad wctjcd b`ijiaudtry sjaufo tjbrbearb lb trb`tbo wctj i`rb. Xjbd tjby iaufo bxprbss ` vcbw, avbr`ff tjbg`karcty ebft tjb sctu`tcad w`s udij`dhbo (0 -0 -0 -0 -0 -0 -0 -< -< -< -< -9 -9 -9 -9-:-:

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53/136


Hbdbr`f biadagci autfaam

YGBs cd tjb iadstruitcad sbitar wbrb tjb gast fcmbfy ta `dswbr tj`t tjb hbdbr`f biadagciautfaam jò obtbrcar`tbo avbr tjb f`st 5 gadtjs (?3%) `do tjasb cd tjb cdoustry sbitar (93%)

tjb fb`st fcmbfy.

_jbrb w`s `fsa ` jchjbr fbvbf rbpartcdh obtbrcar`tcad `gadh YGBs awdbo ly ` scdhfb wag`d(?5%) iagp`rbo wctj scdhfb g`fb awdbrs (?>%).

Atjbrwcsb tjb l`f`dib ae apcdcad ad tjb biadagy w`s lraòfy scgcf`r lbtwbbd sg`ff `dof`rhb iagp`dcbs (cd tbrgs ae bgpfaybb sczb `do turdavbr) `do spbiceci`ffy iagp`rcdh YGBs(0 bgpfaybbs) tjbl`f`dib ae apcdcad w`s ifb`rfy tj`t tjb autfaam jò obtbrcar`tbo (-?3 bgpfaybbs) jò ` garb l`f`dibotjauhj stcff sfchjtfy dbh`tcvb apcdcad avbr`ff (


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bgpfaybbs) do tjb wcffcdhdbss ae l`dms ta pravcob ` fa`d(0>% cgpravcdh ear gciras lut08% ear 2>-


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@v`cf`lcfcty ae bxtbrd`f ecd`dicdh cd p`st 5 gadtjs

P3 Ear bìj ae tjb eaffawcdh w`ys ae ecd`dicdh, waufo yau s`y tj`t tjbcr `v`cf`lcfcty j`scgpravbo, rbg`cdbo udij`dhbo ar obtbrcar`tbo ear yaur ecrg avbr tjb p`st 5 gadtjs1

L`sb; @ff BR-3 survby sjawbo tj`t tjbd garb YGBs rbpfcbo tj`t `l`dm fa`dcs `ppfci`lfb ear tjbg (adfy 8% s`ycdh tjcs w`s dat `ppfci`lfb ta tjbcr ecrg) tj`d cd00 (93 w`s guij garb fcmbfy ta lb rbpartbo `sj`vcdh warsbdbo avbr tjb prbvcaus scx gadtjs (?2%) tj`d ly 00 (02%). _jb oceebrbdibg`y j`vb lbbd oub cd p`rt ta e`r garb iagp`dcbs dat j`vcdh `ppfcbo ear suij ` fa`d cd 00,r`tjbr tj`d `ppfycdh do ecdocdh fawbrbo v`cf`lcfcty.

_jb duglbr ae cdtbrvcbws pbr iaudtry `dswbrcdh tjcs qubstcad cd >3 w`s ear tjb gast p`rttaa sg`ff ta g`mb iagp`rcsads wctj 00 rbsufts st`tcstci`ffy rbfc`lfb wctj rb`sad`lfbiadecobdib fcgcts. Jawbvbr, cd Hbrg`dy, wjbrb tjb s`gpfb sczb w`s st`tcstci`ffy ralust `guij jchjbr fbvbf ae YGBs rbpartbo tj`t l`dm fa`d `v`cf`lcfcty jò warsbdbo cd >3 (98%)tj`d cd 00 (03 oawd ta 05% cd 00).

_jb `v`cf`lcfcty ae tròb irboctsbbgbo ta j`vb st`lcfcsbo cd 00 (2% cgpravbo/ 3%obtbrcar`tbo) iagp`rbo ta tjb >3 survby (?% cgpravbo lut


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Iaudtry v`rc`tcads

@s datbo `lavb, YGBs wjcij jò `ppfcbo ear bìj typb ae ecd`dicdh cd tjb p`st 5 gadtjswbrb `smbo ta bv`fu`tb ij`dhb cd tjb `v`cf`lcfcty, ce `dy, ae tjb v`rcaus sauribs ae bxtbrd`fecd`dicdh bxpbrcbdibo ly tjbcr iagp`dy. Y`gpfb sczbs ae sagb iaudtrcbs wbrb rbf`tcvbfysg`ff `do sa rbsufts cd tjbsb i`sbs sjaufo lb trb`tbo wctj iùtcad (sbb tbijdci`f `ppbdocx

rbh`rocdh iaudtry l`sb sczbs).

_jb eaffawcdh ij`rt sjaws pbribcvbo ij`dhbs cd tjb `v`cf`lcfcty ae l`dm fa`dscd tjb p`st 5gadtjs ly iaudtry. @irass `ff iaudtrcbs adfy :% ae YGBs rbpartbo tj`t ct w`s b`scbr ta alt`cd` l`dm fa`d tj`d ct w`s scx gadtjs b`rfcbr. Yagb 09 iaudtrcbs (: BR `do 2 dad-BR) s`w `dbt cgpravbgbdt cd `v`cf`lcfcty (c.b. hrb`tbr fbvbf ae cgpravbgbdt tj`d obtbrcar`tcad) wctjifb`rfy tjb lchhbst cgpravbgbdts sbbd cd F`tvc`, Fctju`dc`, Bstadc` `do _urmby. @t tjb atjbrbdo ae tjb si`fb tjb gast fcmbfy iaudtrcbs ta j`vb sbbd ` obtbrcar`tcad wbrb Yfavbdc` (?

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Faamcdh `t rbsufts ly iaudtry ear atjbr eargs ae bxtbrd`f ecd`dicdh (l`dm avbrorèts`dotròb irboct) ` scgcf`r pciturb iaufo lb sbbd. Hrbbib, Crbf`do `do Yfavbdc` wbrb tjb gastfcmbfy iaudtrcbs ta rbpart ` obtbrcar`tcad cd `v`cf`lcfcty wjbrb`s _urmby `do F`tvc` wbrb tjbfb`st fcmbfy, `do ìtu`ffy s`w ` dbt cgpravbgbdt cd `v`cf`lcfcty.


L`dm fa`ds `do tròb irboct

_jb avbr`ff fbvbf ae 0 cd 8 (02%) YGBs wja `dswbrbo tj`t ct jò lbiagb garb oceeciuft ta hbt` l`dm fa`dcd tjb p`st 5 gadtjs v`rcbo fcttfb lbtwbbd latj tjb sg`ffbst `do f`rhbst aeYGBs. Jawbvbr, tjb dbt fcmbfcjaao ae cgpravbo `v`cf`lcfcty w`s sfchjtfy stradhbr `gadh tjbf`rhbst YGBs (-?% ear 2>-


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9.< Ij`dhbs cd tjb dbbo ear bxtbrd`f ecd`dicdh

9.

?:

?

08

02

03

>3

00

>3

00

>3

00

>3

00

>3

00

00

OM Dat ppfci`lfb ta ecrg Obirb`sbo \bg cdbo udij`dhbo Cdirb`sbo


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Iagp`rbo wctj >3 tjb l`f`dib ae apcdcad `s ta YGBs dbbos ear l`dm fa`dsw`s vbryscgcf`r ta 00. Cd >3 08% rbpartbo tj`t tjbcr dbbos jò cdirb`sbo `do :% obirb`sbo. Ly00 apcdcads wbrb ` lct garb l`f`dibo wctj 02% ae YGBs rbpartcdh `d cdirb`sbo dbbo `do0%, iagp`rbo wctj

3% cd >3). Jawbvbr, ebwbr YGBs wbrb `lfb ta rbpart ad tjbcr iagp`dys dbbo ear tròbirboct cd 00 (?2% dat `ppfci`lfb, up erag 9:% cd tjb >3 survby).

_jb s`gb w`s trub ear bqucty cdvbstgbdts. _jcs w`s dat rbfbv`dt ta 28% cd >3, lut tjcsjò rcsbd ta 80% ly 00. Ycgcf`rfy, ebwbr wbrb `lfb ta iaggbdt ad atjbreargs aecdvbstgbdt ly tjb 00 survby, lut tjb fbvbf ae cdirb`sbo dbbo jò rcsbd, up erag 2% cd>3 ta 3% ly 00. _jcs suhhbsts tj`t ly 00 ` sg`ff gcdarcty ae iagp`dcbs jò sauhjtatjbr eargs ae bxtbrd`f cdvbstgbdt `s `d `ftbrd`tcvb ta tjb usu`f sauribs, `do j`vcdh oadbsa tjbcr dbbo jò cdirb`sbo.


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Iaudtry v`rc`tcads

_jb g`karcty ae YGBs cd db`rfy `ff iaudtrcbs iadscobrbo tjb qubstcad ae l`dm fa`ds`srbfbv`dt ta tjbcr iagp`dys sctu`tcad. Adfy cd Bstadc` iaufo fbss tj`d j`fe hcvb `d apcdcad(:?% s`ycdh ct w`s dat rbfbv`dt). _jb jchjbst fbvbfs ae cdirb`sbo dbbo wbrb sbbd cd Hrbbib(


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$

Cd `ff iaudtrcbs cd tjcs stuoy tjb g`karcty ae YGBs wja iadscobrbo tjb sctu`tcad rbfbv`dt tatjbg jò sbbd da ij`dhb cd tjbcr iagp`dys dbbo ear tròb irboct erag luscdbss p`rtdbrscd tjb p`st scx gadtjs. YGBs cd Iyprus wbrb tjb gast fcmbfy ta rbpart tj`t tjbcr iagp`dysdbbo ear tròb irboct jò cdirb`sbo cd tjb p`st scx gadtjs (9>%) wctj Crbf`do (3 `do 00 survbys cdIyprus (%), `do tjbrb wbrb `fsa g`kar cdirb`sbs cd tjb RM (:% ta 05%) `doLbfhcug (?% ta 0>%) erag faw fbvbfs cd >3.

Dbt ij`dhbs cd dbbo ear tròb irboct erag luscdbss p`rtdbrs cd p`st 5 gadtjs

P2 Ear bìj ae tjb eaffawcdh typbs ae bxtbrd`f ecd`dicdh, pfb`sb tbff gb ce yaur dbboscdirb`sbo, rbg`cdbo udij`dhbo ar obirb`sbo avbr tjb p`st 5 gadtjs1 _ròb irboct


Cd j`fe tjb iaudtrcbs survbybo tjb prapartcad ae YGBs `dswbrcdh tjb qubstcads `laut bquctycdvbstgbdtsw`s fawbr tj`d

2

0>

02

92

ISLHCB

G_BFF_RMFUC_

^_DF^F

BR

3


62/136

Dbt ij`dhbs cd dbbo ear bqucty cdvbstgbdts cd p`st 5 gadtjs

P2 Ear bìj ae tjb eaffawcdh typbs ae bxtbrd`f ecd`dicdh, pfb`sb tbff gb ce yaur dbboscdirb`sbo, rbg`cdbo udij`dhbo ar obirb`sbo avbr tjb p`st 5 gadtjs1 Bqucty

cdvbstgbdts


Bvbd ebwbr YGBs cd gast iaudtrcbs wbrb `lfb ta `dswbr qubstcads `laut `dy ij`dhb cddbbo ear oblt sbiurctcbs`do sa tjb rbsufts `rb dat sjawd.

Xjbd `smbo `laut tjbcr iagp`dys dbbo earatjbr sauribs ae ecd`dib tjb jchjbst fbvbf aeg`d`hbrs `lfb ta hcvb `d apcdcad ad tjcs earg ae ecd`dib wbrb cd Lufh`rc`, \ag`dc` `doYwbobd wjbrb ebwbr tj`d ?>% ae g`d`hbrs s`co tj`t tjcs oco dat `ppfy ta tjbcr iagp`dcbs._jb jchjbst fbvbfs ae YGBs rbpartcdh tj`t tjbcr dbbo ear atjbr ecd`dib jò cdirb`sbo wbrb

ifb`rfy cd Er`dib (09% cdirb`sbo) `do Lufh`rc` (08%). @gadh tjb f`rhbr dad-BR biadagcbsadfy YGBs cd Ywctzbrf`do wbrb garb fcmbfy ta j`vb rbpartbo ` e`ff r`tjbr tj`d ` rcsb cd tjbcrfbvbf ae dbbo, wctj :% s`ycdh tj`t tjbcr dbbo jò obirb`sbo.

Erbdij YGBs rbpartbo faw fbvbfs ae cdirb`sbo dbbo cd >3 (?%) lut tjcs jò trcpfbo ly 00(09%). Lch rcsbs wbrb `fsa sbbd ear Lufh`rc` (5% ta 08%) `do âf`do (3`do fbvbfs jò `laut oaulfbo cd Yp`cd (2% ta 3%) `do garb tj`d oaulfbo cd ârtuh`f (9% ta:%).

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Dbt ij`dhbs cd dbbo ear atjbr sauribs cd p`st 5 gadtjs

P2 Ear bìj ae tjb eaffawcdh typbs ae bxtbrd`f ecd`dicdh, pfb`sb tbff gb ce yaur dbboscdirb`sbo, rbg`cdbo udij`dhbo ar obirb`sbo avbr tjb p`st 5 gadtjs1 Atjbr sauribs



Ear tjb gast p`rt tjb dbbo ear oceebrbdt typbs ae bxtbrd`f ecd`dicdh w`s `fsa garb fcmbfy ta lbobsirclbo `s st`lfb r`tjbr tj`d j`vcdh cdirb`sbo ar obirb`sbo lbtwbbd oceebrbdt typbs aeYGB (b.h. ly sczb, sbitar, awdbrsjcp). Jawbvbr, tjbrb wbrb ` ebw oceebrbdibs cd tjb bxtbdt aeij`dhbo dbbo lbtwbbd iagp`dy typbs.

Ear bx`gpfb, g`d`hbrs ae ùtadagaus YGBs wbrb garb fcmbfy ta j`vb rbpartbo tjbcr dbboear l`dm avbrorètsta j`vb cdirb`sbo (%) tj`d ear iagp`dcbs wjcij wbrb sulscoc`rcbs arp`rts ae bdtbrprcsbs (0?%). YGBs awdbo ly vbdturb i`pct`f ecrgs wbrb tjb gast fcmbfy ta j`vb`d cdirb`sbo dbbo (

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cdirb`sbo dbbo (05%) tj`d sbbd ear YGBs (adfy 0>% ae wjasb g`d`hbrs rbpartbo `dcdirb`sb).

Ybrvcib iagp`dy YGBs wbrb schdceci`dtfy garb fcmbfy tj`d `dy atjbr sbitars ta dat `dswbr`laut tròb irboct (2>% vbrsus 98%-?0% ear atjbr sbitars).

H`zbffbs & Cddav`tars

H`zbffbswbrb garb fcmbfy ta rbpart tj`t tjbcr dbbo ear ` l`dm avbrorèt/irboct fcdb jòcdirb`sbo avbr tjb p`st 5 gadtjs tj`d dad-h`zbffbs (


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Ij`dhbs cd l`dm ecd`dicdh tbrgs `do iadoctcads cd p`st 5 gadtjs

P0> Ear b`ij ae tjb eaffawcdh ctbgs, iaufo yau pfb`sb cdoci`tb wjbtjbr tjby cdirb`sbo,rbg`cdbo udij`dhbo ar wbrb obirb`sbo avbr tjb p`st 5 gadtjs1

L`sb; BR-3 survby (93 `do 00survbys. Cd >3 0 :> 0>>

>300

>300

>300

>300

>300

>3

00

OM/D@ X`s obirb`sbo ly tjb l`dm

\bg cdbo udij`dhbo X`s cdirb`sbo ly tjb l`dm

!

"


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Iaudtry v`rc`tcads

Ycdib qubstcads `laut `dy rbibdt ij`dhbs cd tjb tbrgs ae v`rcaus sauribs ae ecd`dicdh wbrbadfy `smbo ae rbspadobdts wjasb iagp`dcbs jò `ppfcbo ear l`dm fa`ds cd tjb f`st scxgadtjs, tjb s`gpfb sczb pbr iaudtry w`s rbf`tcvbfy sg`ff. \bsufts sjaufo tjbrbearb lb trb`tbo

wctj iùtcad do rbh`robo s cdoci`tcvb wjbd g`mcdh iaudtry iagp`rcsads. _jb eaffawcdhiaggbdts `rb l`sbo ad tjasb iaudtrcbs wctj ` s`gpfb sczb ae `t fb`st 2>.

_jbrb w`s iadscobr`lfb v`rc`tcad `s rbh`ros ij`dhbo cd cdtbrbst r`tbs. _jb g`karcty aeYGBs cd Yp`cd (:0%), Hrbbib (58%), Crbf`do (8%) r`tjbr tj`drcsbd.

_jbrb wbrb p`rtciuf`rfy f`rhb cdirb`sbs cd fbvbfs rbpartcdh cdirb`sbo r`tbs lbtwbbd tjb >3`do 00 survbys cd ârtuh`f (?9% ta 8>%), Yp`cd (25% ta :0%), @ustrc` (0?% ta 23 lut +bgpfaybbs iagp`rbo wctj 5% ear gciras).

_jb `v`cf`lfb sczb ae tjb fa`d ar irboct fcdb w`s `fsa garb fcmbfy ta j`vb lbbd cdirb`sbo`gadh tjbsb f`rhbr iagp`dcbs (


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`d cdirb`sb cd atjbr fa`d rbqucrbgbdts (b.h. iavbd`dts, rbqucrbo hu`r`dtbbs, cdearg`tcadrbqucrbgbdts, bti) `do cdoustry/tròb YGBs tjb fb`st fcmbfy (3 `do00 survbys w`s sbbd cd `ff sczbs `do sbitars ae iagp`dcbs.

Atjbr bxtbrd`f ecd`dicdh iasts jò g`rmbofy cdirb`sbo `gadh YGBs r`tjbr tj`d FYBs eragtjb >3 ta 00 survbys. Cd >3 ?>% ae YGB g`d`hbrs rbpartbo tj`t tjbsb jò cdirb`sbo.Ly 00 tjcs w`s ?:% ear YGBs, wjbrb`s ear FYBs ct j`s e`ffbd (?8% cdirb`sbo cd >3oawd ta 93% cd 00).

H`zbffbs & Cddav`tars

H`zbffbsìrass tjb BR wbrb fbss fcmbfy ta rbpart tj`t cdtbrbst r`tbs ad l`dm fa`ds tjby jò`ppfcbo ear jò cdirb`sbo cd tjb f`st 5 gadtjs (9?%) tj`d dad-h`zbffbs (22%). Jawbvbr, dasuij oceebrbdib w`s sbbd iagp`rcdh cddav`tarYGBs `do dad-cddav`tars 2


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% *+ ( , (

_jcs ij`ptbr bxpfarbs YGBs bxpbit`tcads ear tjb euturb. Ecrst, tjb ij`ptbr eaiusbs ad YGBsprakbitcads ear tjbcr `ddu`f turdavbr cd tjb dbxt ebw yb`rs. Ybiado, tjb ij`ptbr bx`gcdbsjaw iadecobdt YGBs `rb cd lbcdh `lfb ta `iqucrb euturb ecd`dicdh erag l`dms `do bqucty

cdvbstars. _jb tjcro `do eaurtj sbitcads t`mb ` ifasbr faam `t bxpbit`tcads `do prbebrbdibsear suij euturb ecd`dicdh. Ecd`ffy, tjb ij`ptbr iadifuobs ly faamcdh `t wjcij e`itars `rb gastcgpart`dt cd tjb euturb ecd`dicdh ae YGBs.

?.0 Bxpbitbo hrawtj cd tbrgs ae turdavbr

@irass YGBs cd tjb BR garb tj`d j`fe bxpbitbo tjbcr iagp`dys turdavbr ta hraw avbr tjbdbxt twa ta tjrbb yb`rs (25%). @raudo adb cd dcdb bxpbitbo `d `ddu`f hrawtj r`tb ae avbr% (00%) wjcfb ?2% bxpbitbo gaobr`tb hrawtj ae up ta % pbr yb`r. @raudo tjrbb cd tbdtjauhjt tj`t tjbcr iagp`dy wcff rbg`cd tjb s`gb sczb (3. _jb prapartcad wjabxpbitbo tjbcr iagp`dy ta hraw avbr tjb dbxt twa ta tjrbb yb`rs rasb erag ?5% ta 25%,`ftjauhj tjcs w`s g`cdfy orcvbd ly tjasb bxpbitcdh gaobr`tb hrawtj (tjasb s`ycdh tjbybxpbitbo tjbcr turdavbr ta rcsb ly up ta % pbr yb`r rasb erag 9?% ta ?2%). _jb prapartcads`ycdh tj`t tjby bxpbitbo hrawtj ae avbr % rbg`cdbo st`lfb, e`ffcdh adb pbribdt`hb pacdterag 0


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Iaudtry v`rc`tcads

_jb prapartcad ae YGBs wja bxpbitbo tjbcr turdavbr ta cdirb`sb cd tjb dbxt twa ta tjrbbyb`rs r`dhbo erag 93 Hrbbm YGBs wbrb tjb gastpasctcvb `laut tjb patbdtc`f ear sulst`dtc`f hrawtj, lut tjcs prapartcad j`s e`ffbd erag

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$

ecrgs (tjasb wctj ebwbr tj`d 0> bgpfaybbs) tj`t wbrb tjb gast fcmbfy ta prbocit st`hd`dthrawtj (90%). Ycgcf`rfy, tjasb erag YGBs wbrb garb fcmbfy tj`d tjasb erag FYBs ta s`y tj`ttjby bxpbitbo tjbcr iagp`dy ta obirb`sb cd sczb avbr tjb dbxt tjrbb yb`rs (09% iagp`rbo ta5%).

_jbrb w`s sagb v`rc`tcad cd hrawtj prakbitcads obpbdocdh ad tjb sbitar cd wjcij tjb YGB

apbr`tbs. Ear cdst`dib, 59% ae g`d`hbrs erag cdoustry bxpbitbo hrawtj iagp`rbo ta ?2%ae g`d`hbrs erag iadstruitcad. Adb cd ecvb ae tjasb erag tjb iadstruitcad cdoustry bxpbitbotjbcr iagp`dy ta obirb`sb cd sczb avbr tjb dbxt ebw yb`rs ( yb`rs. _jcs oceebrbdib cs bvbd garbpradaudibo wjbd iadscobrcdh sulst`dtc`f hrawtj. @ qu`rtbr ae tjasb erag ecrgs `itcvb fbsstj`d twa yb`rs s`co tj`t tjby `dtcicp`tb hrawtj ae garb tj`d % ` yb`r avbr tjb dbxt ebwyb`rs (


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G`d`hbrs iadecobdib cd t`f

P03. Oa yau ebbf iadeco

Iaudtry v`rc`tcads

Iadecobdib cd t`fmcdh `laut

Garb tj`d eaur cd ecvb YGBsj`vb iadecobdib wjbd t`fmcdYGBs cd Hrbbib wbrb tjb fiadecobdt `laut alt`cdcdh tjb_wa cd ecvb YGBs cd \ag`dc`

Cdobbo, iadecobdib cd Hrbbib

dat cd tjb BR, iadecobdib w`s

Jawbvbr, ` f`rhb duglbr aequbstcad. G`d`hbrs cd Bst\bpulfci (


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G`d`hbrs iadecobdib cd t`fmcdh `laut ecd`dicdh wctj l`dms

P03. Oa yau ebbf iadecobdt ta t`fm `laut ecd`dicdh wctj l`dms `do ta alt`cd tjb obscrborbsuft1


Iadecobdib cd t`fmcdh `laut ecd`dicdh wctj bqucty cdvbstars / UI ecrgs

Xctjcd tjb BR, YGBs cd F`tvc` wbrb ly sagb ocst`dib tjb gast fcmbfy ta s`y tj`t tjby wbrbiadecobdt ta t`fm `laut ecd`dicdh wctj bqucty cdvbstars ar vbdturb i`pct`f ecrgs (22%), `ftjauhjautscob ae tjb BR iadecobdib w`s jchjbr cd YGBs cd _urmby (:%

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>>. Adb cd dcdb (00%)YGBs waufo `cg ear ecd`dicdh ae avbr 0 gcffcad.

_jb `gaudt ae eudocdh tj`t YGBs `rb sbbmcdh ta `ijcbvb j`s dat ij`dhbo guij scdib >3.

@gaudt ae ecd`dicdh waufo `cg ta alt`cd

P,>>> - 0,>>>,>>>

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"

@gadh tjasb wja wbrb wcffcdh `do `lfb ta hcvb ` rbspadsb, tjb `gaudt ae ecd`dicdh tj`tg`d`hbrs wbrb `cgcdh ta alt`cd v`rcbo quctb or`g`tci`ffy ly iaudtry. Adb cd ecvb YGBs cdCrbf`do `do Yfavbdc` s`co tjby waufo `cg ta alt`cd garb tj`d 0 gcffcad (>,>>>.

_jb prapartcad ae g`d`hbrs sbbmcdh garb tj`d 0 gcffcad j`s rcsbd schdceci`dtfy cd Er`dib(2% ta 0?%) `do Ct`fy (0% ta 3%).

@gaudt ae ecd`dicdh ta alt`cd

P,>>>, iagp`rbo ta?0% ae tjasb wja prbebr ` l`dm fa`d `do 93% ae tjasb wja prbebr `datjbr typb ae fa`d.

_jbrb j`s lbbd fcttfb ij`dhb cd tjb `gaudt `do prbebrrbo typb ae ecd`dicdh YGBs `rb japcdhta `ijcbvb lbtwbbd >3 `do 00.

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""

@gaudt ae ecd`dicdh `cgcdh ta alt`cd

Fbss tj`d>>

>> -0>>,>>>

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BR 05% iagp`rbo ta ?% ae YGBs ìtcvb ear fbss tj`d twa yb`rs.

?.9.9 Alstìfbs ta hbttcdh bxtbrd`f ecd`dicdh

YGB g`d`hbrs wja waufo prbebr ` fa`d erag ` l`dm ar `datjbr saurib ta rb`fcsb tjbcrhrawtj `glctcads wbrb `smbo ce tjbrb waufo lb `dy fcgctcdh eìtars tj`t gchjt stap tjbgrbibcvcdh suij ecd`dicdh. Ae tjbsb YGBs, ` tjcro s`co tj`t tjbrb waufo lb da alstìfbs(92%).

Adb cd ecvb YGBs s`co tj`t cdsueecicbdt iaff`tbr`f (ar hu`r`dtbb) waufo lb tjb g`cd fcgctcdheìtar stappcdh tjbg rbibcvcdh ecd`dicdh (


80/136

"#

YGB g`d`hbrs wja waufo prbebr bqucty cdvbstgbdt ar gbzz`dcdb ecd`dicdh ta ìjcbvb tjbcr`dtcicp`tbo hrawtj jchjfchjtbo cdtbrbst r`tbs ar tjb prcib lbcdh taa jchj `s tjb g`cd fcgctcdheìtar cd hbttcdh suij ecd`dib (3, lut tjb prapartcad s`ycdh ct cs `d cssub j`s e`ffbd erag 9?% ta

OM/D@

Atjbr

Ecd`dicdh dat `v`cf`lfb `t `ff

\bouibo iadtraf avbr tjb ecrg

Cdtbrbst r`tbs ar prcib taa jchj

Cdsueecicbdt iaff`tbr`f ar hu`r`dtbb

_jbrb `rb da alstìfbs

00 >3


81/136

"$

_jasb wja prbebr bqucty cdvbstgbdt ar gbzz`dcdb

P

OM/D@

Atjbr

Ecd`dicdh dat `v`cf`lfb `t `ff

\bouibo iadtraf avbr tjb ecrg

Cdtbrbst r`tbs ar prcib taa jchj

00 >3


82/136

#

Gast cgpart`dt fcgctcdh e`itar ta hbt ` fa`d

P%

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0>>%

OM/D@ Atjbr Ecd`dicdh dat v`cf`lfb t ff\bouibo iadtraf avbr tjb e crg Cdtbrbst r tbs ar prcib taa jchj Cdsueecicbdt iaf f tbr f ar hu`r dtbb_jbrb `rb da alst`ifbs


83/136

#

H`zbffbs `do Cddav`tars

H`zbffbswbrb garb fcmbfy tj`d atjbr iagp`dcbs ta lb iadibrdbo tj`t cdsueecicbdt iaff`tbr`fiaufo lb `d alst`ifb (9>% s`w ct `s ` fcgctcdh e`itar iagp`rbo ta


84/136

Bxpbitbo v`cf`lcfcty ae c

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85/136

#

Bxpbitbo `v`cf`lcfcty ae cdtbrd`f eudos

P

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86/136

#

Bxpbitbo `v`cf`lcfcty ae l`dm fa`ds

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87/136

#

Bxpbitbo `v`cf`lcfcty ae tròb irboct

P%, sa sagb iùtcad sjaufo lb t`mbdwjbd cdtbrprbtcdh tjb rbsufts.

Jawbvbr, `s cd >3 ` ifb`r p`ttbrd bgbrhbs wjbrb tjb g`karcty ae g`d`hbrs cd `ff iaudtrcbsbxpbit tjb `v`cf`lcfcty ae bqucty cdvbstgbdts ta rbg`cd st`lfb cd tjb dbxt scx gadtjs.

Kust 2% ae g`d`hbrs avbr`ff bxpbitbo tjb `v`cf`lcfcty ae bqucty cdvbstgbdts ta cgpravb cd tjbdbxt scx gadtjs, `ftjauhj tjcs rasb ta % cd Ywbobd `do 99% cdFctju`dc`.

@s wctj atjbr typbs ae ecd`dicdh, g`d`hbrs cd Hrbbib, Iyprus, ârtuh`f `do Er`dib wbrb tjbgast pbsscgcstci `laut tjb sjart-tbrg euturb ae bqucty cdvbstgbdt `v`cf`lcfcty.

_jbrb j`s lbbd ` schdceci`dt rcsb cd iadecobdib cd tjb `v`cf`lcfcty ae bqucty cdvbstgbdt cdObdg`rm, Hbrg`dy, F`tvc`, Fctju`dc`, tjb Dbtjbrf`dos, âf`do, \ag`dc` `do Ywbobd.

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88/136

#

Bxpbitbo `v`cf`lcfcty ae bqucty cdvbstgbdts

P% cd Bstadc` ta ?:% cd Er`dib `do 20% cdYwbobd.

YGBs cd F`tvc` wbrb tjb gast fcmbfy ta bxpbit atjbr sauribs ae eudocdh ta cgpravb cd tjb dbxtscx gadtjs (+0:%), wjcfb tjasb cd Hrbbib wbrb tjb fb`st pasctcvb (-0?%).

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89/136

#"

Bxpbitbo `v`cf`lcfcty ae atjbr sauribs ae eudocdh

Pyb`rs (


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##

H`zbffbs `do Cddav`tars

H`zbffbs wbrb garb pasctcvb tjauhj `laut l`dm fa`ds, cs bxtrbgbfy cgpart`dt), YGBs ìrass tjb BR r`tbo g`mcdh bxcstcdh pulfci gb`surbs b`scbrta alt`cd (ear bx`gpfb, tjrauhj tjb rbouitcad ae ògcdcstr`tcvb lurobds) `s tjb gastcgpart`dt (gb`d siarb; 8.>). _jcs w`s eaffawbo ly t`x cdibdtcvbs, wjcij rbibcvbo ` gb`dsiarb ae 5.8, hu`r`dtbbs ear fa`ds (2.3) `do luscdbss suppart sbrvcibs (2.3).

Ae rbf`tcvbfy fbss cgpart`dib wbrb gb`surbs ta eìcfct`tb bqucty cdvbstgbdts (suij `s suppartear vbdturb i`pct`f ar luscdbss `dhbf ecd`dicdh), wjcij ad `vbr`hb w`s r`tbo `s ?.0 aut ae 0>,`do bxpart irbocts ar hu`r`dtbbs, wjcij `vbr`hbo 9.9.

Cgpart`dib ae eìtars cd iagp`dcbs ecd`dicdh cd tjb euturb

P


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#$

Iaudtry v`rc`tcads

_jb cgpart`dib ae g`mcdh bxcstcdh pulfci gb`surbs b`scbr ta alt`cd w`s p`rtciuf`rfyifb`r `gadh YGBs erag G`ft`, Ct`fy, Hrbbib `do Judh`ry, b`ij ae wjcij j`o ` gb`d siarbae : aut ae 0> ar jchjbr. G`mcdh bxcstcdh pulfci gb`surbs b`scbr ta alt`cd w`s `fsa dat`lfycgpart`dt cd Lufh`rc` (gb`d siarb; 8.:) `do Iyprus (8.:), lut fbss cgpart`dt cd Bstadc` (?.>).

Cgpart`dib ae g`mcdh bxcstcdh pulfci gb`surbs b`scbr ta alt`cd cd iagp`dcbsecd`dicdh cd tjb euturb

P


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$

Cgpart`dib ae t`x cdibdtcvbs cd iagp`dcbs ecd`dicdh cd tjb euturb

P


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$

Cgpart`dib ae hu`r`dtbbs ear fa`ds cd iagp`dcbs ecd`dicdh cd tjb euturb

P


94/136

$

Cgpart`dib ae luscdbss suppart sbrvcibs cd iagp`dcbs ecd`dicdh cd tjb euturb

P


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$

Cgpart`dib ae gb`surbs ta e`icfct`tb bqucty cdvbstgbdts cd iagp`dcbs ecd`dicdh cd tjbeuturb

P


96/136

$

Cgpart`dib ae bxpart irbocts ar hu`r`dtbbs cd iagp`dcbs ecd`dicdh cd tjb euturb

P


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$

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_jcs ij`ptbr eaiusbs ad tjb ìtcvctcbs `do cddav`tcads tj`t YGBs j`vb rbibdtfy udobrt`mbd talaast hrawtj cd tjbcr luscdbss, tjb hrawtj tj`t tjby j`vb ìtu`ffy ìjcbvbo, tjbcr ij`dhbs cdpraect, g`rm-up `do atjbr mby gb`surbs `do ij`dhbs cd oblt-ta-`ssbt r`tcas.

2.0 Cddav`tcvb iagp`dcbs

2.0.0 Cddav`tcvb ìtcvctcbs

Adb tjcro (99%) ae YGBs cd tjb BR st`tbo tj`t tjby j`vb cdtraouibo ` dbw ar schdceci`dtfycgpravbo praouit ar sbrvcib ta tjb g`rmbt._jcs w`s tjb gast fcmbfy cddav`tcvb ìtcvcty `gadhYGBs cd tjb BR. _jb dbxt gast fcmbfy cddav tcvb ìtcvcty w`s cdtraouicdh ` dbw w`y ae sbffcdhtjbcr haaos ar sbrvcibs(


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$

g`d`hbgbdt. Judh`ry cs r`dmbo schdceci`dtfy fawbr tj`d `ff atjbr BR iaudtrcbs cd tjcs rbh`ro(98%).

_jb gast schdceci`dt ij`dhb lbtwbbd >3 `do 00 i`d lb sbbd cd \ag`dc`, wjcij j`ssbbd ` orap cd tjb prapartcad rbhcstbrcdh sagb earg ae cddav`tcad erag :3% ta 5:%. _wbfvbatjbr BR iaudtrcbs j`vb sbbd ` orap cd cddav`tcvb `itcvctcbs

Iagp`dcbs tj`t cdtraouibo `t fb`st adb cddav`tcvb `itcvctycd tjb p`st 0< gadtjs

P0. Ourcdh tjb p`st 0< gadtjs j`vb yau cdtraouibo..1L`sb; @ff YGBs, % ly iaudtry

Avbr j`fe ae YGBs cd G`ft`, Gadtbdbhra, Ybrlc` `do F`tvc` s`co tj`t tjby j`vb cdtraouibo dbw ar schdceci`dtfy cgpravbo praouit ar sbrvcibcd tjb f`st 0< gadtjs, tjb jchjbst prapartcadcd tjb BR.

Lbfhcug (3 i`d `h`cdlb sbbd cd \ag`dc` (erag 5?% ta ?9%).

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Cdtraouitcad ae ` dbw ar schdceci`dtfy cgpravbo praouit ar sbrvcib


_jb sprbò ae ìtcvcty cs sagbwj`t garb pradaudibo wctj rbh`ro ta cdtraouicdh ` dbw arschdceci`dtfy cgpravbo praouitcad praibss ar gbtjao. YGBs cd F`tvc` (9:%) `do Yfavbdc`(9?%) sjaw tjb gast wcobsprbò ìtcvcty jbrb, wctj \ag`dc` (99%), G`ft` (90%), tjbdObdg`rm (9>%) dbxt gast jchjfy r`dmbo. _jcs typb ae cddav`tcad cs sbbd fb`st wcobfy cdJudh`ry (03 ta 90% cd 00). _jb gastdat`lfb st`tcstci`ffy schdceci`dt obirb`sb cs `h`cd cd \ag`dc` (oawd erag ?8% ta 99%)

25

29?:?8?9??>93989892929?9?9?999990909>


100/136

$#

Cdtraouitcad ae ` dbw ar schdceci`dtfy cgpravbo praouitcad praibss ar gbtjao

P0.Ourcdh tjb p`st 0< gadtjs j`vb yau cdtraouibo..1


YGBs cd Yp`cd (99%), \ag`dc` `do Fuxbglaurh (latj wctj 93 ta 00 oawd erag ?:% ta 9


101/136

$$

Cdtraouitcad ae ` dbw arh`dcs`tcad ae g`d`hbgbdt

P0.Ourcdh tjb p`st 0< gadtjs j`vb yau cdtraouibo..1


Ourcdh tjb p`st 0< gadtjs, `raudo twa-ecetjs ae YGBs cd Crbf`do `do G`ft` j`vb cdtraouibo `dbw w`y ae sbffcdh haaos ar sbrvcibs, `jbò ae \ag`dc` `do Hrbbib. @h`cd, tjbrb cs `rbf`tcvbfy jchj obhrbb ae iadscstbdiy ìrass tjb BR cd tbrgs ae tjcs ìtcvcty wctj ebw autfcbrs._jasb wjbrb tjcs cddav`tcad cs fbss wcobsprbò `rb Judh`ry (0?%) `do Hbrg`dy 02%)

\ag`dc` s`w tjb sj`rpbst obifcdb lbtwbbd >3 `do 00, e`ffcdh erag 29% ae YGBscdtraouicdh dbw w`ys ta sbff tjbcr haaos ar sbrvcibs ta 9?%. Cd tat`f, 05 ae tjb 3.

999

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Cdtraouitcad ae ` dbw w`y ae sbffcdh haaos ar sbrvcibs


Cddav`tcad `do atjbr iagp`dy ij`rìtbrcstcis

FYBs (luscdbssbs wctj + bgpfaybbs) `rb sagbwj`t garb fcmbfy ta j`vb cdtraouibo sagbearg ae cddav`tcad cd tjb f`st 0< gadtjs c.b. j`vb lrauhjt cd `t fb`st adb ae tjb eaurèarbgbdtcadbo rb`s. Avbr twa-tjcros (5:%) j`vb cdtraouibo cddav`tcad, iagp`rbo wctj28% ae YGBs cd tjb BR. _jb fcmbfcjaao ta j`vb cgpfbgbdtbo adb ae tjbsb ìtcvctcbs cs fawbst`gadh gcira luscdbssbs (wctj 0-3 bgpfaybbs), wctj ` tat`f ae 29%.

YGBs warmcdh cd cdoustry wbrb gast fcmbfy ta j`vb udobrt`mbd adb ar garb ae tjb eaurcddav`tcad ìtcvctcbs (5?%), wctj tjasb cd tjb iadstruitcad sbitar fb`st fcmbfy (?9%). _jcs csiadscstbdt wctj tjb pciturb cd >3. @ schdceci`dtfy jchjbr prapartcad ae YGBs wjcij `rbvbdturb i`pct`f/luscdbss dhbf-lìmbo (89:

2>

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2.0.< Hrawcdh `do jchj hrawtj YGBs

Xjbd `smbo ta bstcg`tb jaw guij tjbcr ecrg j`o hrawd ad `vbr`hb pbr yb`r avbr tjb f`st 9yb`rs cd tbrgs ae duglbr ae bgpfaybbs, tjb f`rhbst prapartcad ae YGBs cd tjb BR (93%) s`cotjby j`o bxpbrcbdibo da hrawtj. Jawbvbr, avbr ` qu`rtbr (


104/136

Iagp`dcbs `vbr`hb yb`rfy hrawtj (cd tbrgs ae turdavbr `do duglbr ae bgpfaybbs)

P05. Avbr tjb f`st tjrbb yb`rs, jaw guij oco yaur ecrg hraw ad `vbr`hb pbr yb`r..1L`sb; @ff YGBs,% BR-

93

% :>% 0>>%

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Avbr % pbr yb`r Fbss tj`d % pbr yb`r

Da hrawtj Hat sg`ffbr

#

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% $%

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105/136

Iagp`dcbs `vbr`hb yb`rfy hrawtj (cd tbrgs ae duglbr ae bgpfaybbs)

P05. Avbr tjb f`st tjrbb yb`rs, jaw guij oco yaur ecrg hraw ad `vbr`hb pbr yb`r..1L`sb; @ff YGBs, % ly iaudtry

Fctju`dc` (9?%), Iyprus `do ^af`do ( > > > > > 0 0 > 0 > 0 < 0 0 > > > < 0 0 9 > 9 > < >

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Iagp`dcbs `vbr`hb yb`rfy hrawtj cd tbrgs ae turdavbr

Avbr %pbr yb`r

Fbss tj`d% pbr

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108/136

@ftjauhj tjbrb `rb da schdceci`dt oceebrbdibs lbtwbbd YGBs `do FYBs cd tjb BR cd tbrgs aetjasb wja bxpbrcbdibo jchj hrawtj cd bgpfaybb duglbrs(avbr % ad `vbr`hb pbr `ddug)ar cdobbo cd tjb prapartcad wja bxpbrcbdibo ` e`ff cd bgpfaybb duglbrs, tjbrb `rb dat`lfboceebrbdibs bfsbwjbrb.

Xjcfb `raudo ` ecetj (


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"

P3

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110/136

#

P% `do +:>%. _jasb r`dmbo jchjbst wbrb G`ft` (+:9%), Ecdf`do (+83%),Er`dib (+83%), RM (+8:%) `do Judh`ry (+8:%).

_jb sprb`o cd dbt cdirb`sb siarbs `irass YGBs cd tjb Burapb`d Rdcad w`s fbss g`rmbo earatjbr iaststj`d ear f`laur iasts. _jasb iaudtrcbs r`dmbo fawbst ear dbt cdirb`sb wbrbYfavbdc` (+9:%), Yfav`mc` (+98%) `do Hrbbib (+92%).

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111/136

$

Yctu`tcad iagp`rbo ta scx gadtjs `ha; Atjbr iast (g`tbrc`fs, bdbrhy, atjbr)

P%bìj), eaffawbo ly ârtuh`f, Ct`fy `do Fuxbglaurh (+98% bìj). F`tvc` cd p`rtciuf`r s`w `schdceci`dt rcsb cd dbt cdtbrbst bxpbdsb scdib >3 up erag -3 (-90%). Atjbr BRiaudtrcbs r`dmbo fawbr ear tjcs cdoci`tar wbrb Obdg`rm, Dbtjbrf`dos `do tjb Izbij\bpulfci.

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112/136

Yctu`tcad iagp`rbo ta scx gadtjs `ha; Dbt cdtbrbst bxpbdsbs

P%),Hrbbib (-9989898929?9?9

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113/136

Yctu`tcad iagp`rbo ta scx gadtjs `ha; _urdavbr

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114/136

Yctu`tcad iagp`rbo ta scx gadtjs `ha; ^raect

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115/136

Yctu`tcad iagp`rbo ta scx gadtjs `ha; ^raect g`rhcd

P3

- @d cgpravbgbdt cd tjbcr ecd`dic`f sctu`tcad avbr ` qu`rtbr (3

- Da ij`dhb cd tjbcr ecd`dic`f sctu`tcad, `fsa mdawd `s st`hd`dt (%), Hrbbib (55%), Yp`cd (5?%) Iyprus (2:%), ^artuh`f(2?%) `do Crbf`do (2>%) bxpbrcbdibo ` obtbrcar`tcad cd tjbcr ecd`dic`f sctu`tcad. @dcgpravbgbdt w`s gast wcobfy sbbd cd Fctju`dc` (2-0?-05-05-08-08-0:-03-03-

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116/136


F`rhb iagp`dcbs (FYBs) cd tjear turdavbrcd tjb p`st 5 gadFYBs `do gcira-sczbo ecrgs (turdavbr ae -2%. @ scgcf r p`tt

bxtbdt, wjbd praects`do praectear praect `rb -00% `do +09%


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Iagp`dcbs oblt-ta-`ssbts r`tca

P9. Xaufo yau s`y tj`t tjb `gaudt ae oblt iagp`rbo ta tjb `ssbts ae yaur iagp`dy j`sobirb`sbo, rbg`cdbo udij`dhbo ar cdirb`sbo avbr tjb p`st 5 gadtjs L`sb;

@ff YGBs, % iaudtrcbs


_jbrb `rb ebw v`rc`tcads ly sczb ae luscdbss (b.h. lbtwbbd YGBs vbrsus FYBs, ar lbtwbbd

oceebrbdt turdavbr l`dos), ly luscdbss sbitar `gadh YGBs ar atjbr obgahr`pjcicdearg`tcad, suij `s fbvbf ae cddav`tcad.

5 < < >

-

02

3)


118/136

-, )


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"

&&) . !&

_jb survby s`gpfb w`s sbfbitbo r`doagfy lut ocsprapartcad`tbfy `iiarocdh ta twa irctbrc`;

- Iaudtry -?3 bgpfaybbs), gbocug (2>-


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00:

_jbsb lbdijg`rms jò ta lb sfchjtfy ò`ptbo ta tjb duglbr ae bdtbrprcsbs `v`cf`lfb wctjcdbìj str`tug cd tjb udcvbrsb ae iagp`dcbs iarrbspadocdh ta ` ebw iaudtrcbs. @d òoctcad`fstr`tceci`tcad ly sbitar (cdoustry, iadstruitcad, tròb, sbrvcibs) w`s `fsa i`rrcbo aut cd `ffiaudtrcbs. Jawbvbr, oub ta tjb sczb v`rc`dib ìrass tjb v`rcaus luscdbss sbitars, da quat`swbrb sbt cd tjcs pj`sb ae s`gpfcdh ear tjb v`rcaus cdoustry sbitars (cgpfcict str`tceci`tcad w`scgpfbgbdtbo).

_jb s`gpfb usbo ear tjb survby cs (ètbr wbchjtcdh) rbprbsbdt`tcvb ae tjb papuf`tcad ae ecrgscd bìj BR iaudtry `do cd bìj sczb if`ss.

Oud & Lròstrbbt pravcobo tjb s`gpfb fcsts ìiarocdh ta tjb `lavb autfcdbo irctbrc` (wctjcdstr`t` tjb r`doag sbfbitcad ae ecrgs w`s i`rrcbo aut ly Oud & Lròstrbbt). @ff rbspadobdtswbrb sirbbdbo ta bdsurb tj`t adfy qu`fcecbo cdocvcou`fs wbrb cdtbrvcbwbo. ^`rtcicp`tcdh kaleuditcads cdifuobo G`d`hcdh Ocrbitar/Awdbr/^raprcbtar, Ijcbe Bxbiutcvb Aeecibr `do IjcbeEcd`dic`f Aeecibr/Jbò ae Ecd`dib (tjb pbrsad gast mdawfbohb`lfb `laut tjb ecd`dic`fsctu`tcad ae tjb ecrg).

^f`ddbo `do ìjcbvbo cdtbrvcbws

_jb duglbr ae cdtbrvcbws pf`ddbo v`rcbo ly tjb sczb ae iaudtry. _jb t`lfb lbfaw `do avbrfbèsjaws tjb t`rhbt duglbr ae cdtbrvcbws ly iaudtry `do tjb ìjcbvbo duglbr ae cdtbrvcbws lyiaudtry (avbr`ff `do ly sczb).

_`rhbtduglbr

aecdtbrvcbws

(d)

_at`fcdtbrvcbwsìjcbvbo

(d)

Cdtbrvcbwsìjcbvbo;

0-3bgpfaybbs

(d)

Cdtbrvcbwsìjcbvbo;

0>-?3bgpfaybbs

(d)

Cdtbrvcbwsìjcbvbo;

2>- 02< 029 22

Obdg`rm 2>> 2>> 02> 02> 02> 2>

Hbrg`dy 0,>>> 0,>>5 9>< 9>3 0

Bstadc` 0>> 0>> 9> 9> 9> 0>

Crbf`do 2>> 2>< > 033 :2 0:

Hrbbib 2>> 2>> > > :2 02

Yp`cd 0,>>> 0,>>0 9>3 9>3 9>> :9

Er`dib 0,>>> 0,>>< 9>> 9>0 9>0 0>>

Ct`fy 0,>>> 0,>>0 9>2 > 0>> 9> 9> 9> 0>

F`tvc` > > 5> 5> 5>

Fctju`dc` 9>> 9>> 3> 3> 3> 9>

Fuxbglaurh 0>> 0>> 90 9> 9> 3

Judh`ry 2>> 2>> 02> 02> 02> 2>G`ft` 0>> 0>>


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$

IAD_ _`rhbtduglbr

aecdtbrvcbws

(d)

_at`fcdtbrvcbwsìjcbvbo

(d)

Cdtbrvcbwsìjcbvbo;

0-3bgpfaybbs

(d)

Cdtbrvcbwsìjcbvbo;

0>-?3bgpfaybbs

(d)

Cdtbrvcbwsìjcbvbo;

2>-


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&&) . /

> ( ( ( 0


123/136

]IAGGADW O9. Xj`t cs tjb g`cd ìtcvcty ae yaur iagp`dy1

]\B@O AR_ ADFS ADB @DYXB\W ]D@IB iaob wcff lb cdifuobo erag tjb s`gpfb rbhcstbr

ecfb.W

- Gcdcdh .............................................................................................................. 0- Iadstruitcad ....................................................................................................

- ]Dadb ae tjbsb i`sbsW ]Y^BICES CE \BIAOCDH DA_ ÂYYCLFBY_A^ CD_B\UCBX CD_B\UCBX DA_ U@FCOW .......................................... 00

- ]OM/D@W ]Y_A^ CD_B\UCBXCD_B\UCBX DA_ U@FCOW ............................ 33

]IAGGADW O?. Xj`t w`s tjb `ddu`f turdavbr ae yaur iagp`dy cd ]SAR\ IARD_\SW

cd 0>1

]\B@O AR_ ADFS ADB @DYXB\ CY ÂYYCLFBW

]Ear dad-bura iaudtrcbs tjb `gaudts cd bura wcff lb iadvbrtbo ta d`tcad`f iurrbdiy. EarBstadc` latj bura `do eargbr d`tcad`f iurrbdiy wcff lb usbo.W

- Rp ta < gcffcad ............................................................................................... 0

- Garb tj`d < gcffcad `do up ta 0> gcffcad ..................................................... gcffcad `do up ta 2> gcffcad .................................................. 9

- Garb tj`d 2> gcffcad .................................................................................... ?

- ]OM/D@W ........................................................................................................... 3

]IAGGADW O2. Cd wjcij yb`r w`s yaur ecrg rbhcstbrbo1*]\B@O AR_ ADFS ADB @DYXB\ CY ÂYYCLFBW

DRGB\CI@F @DYXB\ ]08>>-00W (eaur ochcts, fbss ar bqu`f tj`d ]SB@\ AEYR\UBSW)]OM/D@W ................................................................................................ 3333


124/136

* Cd i`sb ae ` p`st `iqucsctcad, pfb`sb rbebr ta tjb yb`r wjbd tjb `iqucrcdh iagp`dy w`srbhcstbrbo, ar, cd i`sb ae ` gbrhbr, ae tjb f`rhbst iagp`dy cdvafvbo (cd tbrgs ae bgpfaybbs).

Ear rbebrbdib purpasbs, jbrb `rb tjb i`tbharcbs tj`t `rb usbo ear tjb `d`fyscs. _jb `hb aetjb ecrg cs i`fiuf`tbo `s 00 gcdus tjb yb`r ae rbhcstr`tcad.

- 0> yb`rs ar garb ............................................................................................. 0

- 2 yb`rs ar garb lut fbss tj`d 0> yb`rs ............................................................ - 33,333 ............................................................... 9

0>>,>>> - 0 gcffcad .......................................................... ?

Avbr 0 gcffcad ................................................................... 2

]OM/D@W .............................................................................. 3

]ECF_B\;P0


132/136

]ECF_B\;P0


133/136

]BD_\W P03.Oa yau ebbf iadecobdt ta t`fm `laut ecd`dicdh wctj l`dms `do ta alt cd tjb obscrbo rbsuf

@do jaw `laut bqucty cdvbstars/ vbdturb i`pct`f ecrgs1

]\B@OAR_ADB@DYXB\^B\FCDBW

Sbs ..................................................................................... 0

Da >- 33,333 ............................................................... >,>>> - 0 gcffcad .......................................................... 9

Avbr 0 gcffcad ................................................................... ?

]OM/D@W .............................................................................. 3

]EA\ DAD-BR\A IARD_\CBY _JB @GARD_Y CD BR\A YJARFO LB IADUB\_BO _A D@_CAD@FIR\\BDIS.EA\ BY_ADC@LA_J BR\A @DO EA\GB\ D@_CAD@F IR\\BDIS YJARFO LB RYBOW


134/136

]BD_\W P


135/136

]EA\ C_BGY h), l) @DO o) LBFAX, IAOB 8 CY DA_ _A LB RYBO EA\EC\GY J@UCDH @^^FCBO CD [email protected]), P8@.`) `do [email protected])\BY^BI_CUBFSW

`) \bt`cdbo b`rdcdhs ar s`fb ae `ssbts ]CD_B\D@F ERDOYW ....................... 0 < 9 8 3

h) L`dm avbror et, irboct fcdb ar irboct i ros avbror`et ................................. 0 < 9 8 3l) L`dm fa`ds (dbw ar rbdbw`f= bxifuocdh avbror et `do irboct fcdbs) ........... 0 < 9 8 3

o) _r`ob irboct ............................................................................................. 0 < 9 8 3i) Bqucty ]CDIFROCDH UBD_R\B I@^C_@F A\ LRYCDBYY

@DHBFYW ................................................................................................ 0 < 9 8 3b) Oblt sbiurctcbs cssubo ............................................................................. 0 < 9 8 3e) Atjbr ]FA@D E\AG @ \BF@_BO IAG^@DS A\ YJ@\BJAFOB\Y

@DO E\AG E@GCFS @DO E\CBDOY, FB@YCDH @DO E@I_A\CDH,H\@D_YW ................................................................................................ 0 < 9 8 3

]BD_\W P


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&&) . ''

_jb eaffawcdh CYA iaob `llrbvc`tcads `rb usbo cd tjb rbpart ear b`ij ae tjb iaudtrcbs iavbrbocd tjb survby.

Lbfhcug LB Gadtbdbhra GB

Lufh`rc` LH Ira`tc` B\

Izbij \bpulfci I[ ES\AG GM

Obdg`rm OM _urmby _\

Hbrg`dy OB @fl`dc` @F

Bstadc` BB Ybrlc` \Y

Crbf`do CB Csr`bf CF

Hrbbib BF

Yp`cd BY

Er`dib E\

Ct`fy C_

Iyprus IS

F`tvc` FU

Fctju`dc` F_

Fuxbglaurh FR

Judh`ry JR

G`ft` G_

Dbtjbrf`dos DF

Documents

Informe analítico comisión Europea acceso a la financiación de PYMES