I
bullbullbullbullbullbullbull bullbull e bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
TPH ECE4EH ltIgtMHAHCOB OT4ET
3A EM OCTTA JWI-ICOIHI IIpal-ll
KbM 30 CEnTEMBPH 2012 ro HHa
CbLlaCIIO lImiddotmCI~llallmlTa Ha 1JI 1000 al ~oT3nn K II
LII 33 all 01 Hapea6a 2 Ja pOClJeKHne npH ny6JIIILlll0 npel)laraHe Il aonyc~aHe ))0 llproBIUI Ha perYJ1l1paH naJap HU lleHHH KHHJKa n 33 pa31~pItBUHeTO n3 lIullgtopMaUHSI OT
ny6J1HLIHHTe LlpylfCCTBiI H LJpynlTc ClIITCHTII lIa ueHH KElllma
bull bull bullbullbull ocn H cnKA 300920 r OHC n p
p 0
bullbullbullbullbullbull bull
IEiKLlHHEIi OK A lA JIHOCTTAKOHCOJIlIlUP3H
r Batwu cb6I1THSI H3CTbnHJlH npe] 1I1T0 TpHMeceU1e lIa 2012 ro pCJ~ n aTII re 01B flHHaHcoBHSI OTCI
1 OCIIOOHa neHHocT
11 JlIx(r)1I
diliocna 1i3 KOMrI31iJ151Ta OCT3Ba CTporo ClloKyCJ1paH3 BbPXY OCHOBH3T3
J1113 II TSIXIIOTO BJIIUllmC BbPXY
diHocr H3 qmp~laT3 Ka-IO 3KLleilThT
e BbPY P33BI1HteTO H3 npeDOCTaB5IHJ1Te ycnyrJ1 J1 nOD06p5laHe H3 eCpeKTJ1BHOcn3
87 89
2150 2872 336
4 7
2841 1527 -463
8 4
4535 5382 187
06UJo npl-1xoAI-1 34541 38552 116
npc leKyW3T3 rODJ1H3 PbCTbT H3 IlpJ1oclJ1Te 33n33B3T TeMn3 CJ1 aT p DXODH3Ta rOJlHHa K3TO PbC I T e
pHlIIO~IlPCH no pen101H1 J1 ce DbJl)KJ1 K3KTl1 aT npJ1BnJ143HeTO H3 HOBI-1 KJIIleH 11 TaKa J1 OT yBe J14eIHleTO H3
06etIITe OT CbUteCTBYB3WI1Te Cl-1nHO YBenl14eHJ1e OT H3D 30 J1ivl3 npll IIPHXOlHTe OT le)(llYHap0JIHl npal KII
J1 JIltLIC1l1 KOJ1TO npe3 npe)Jxoulll-151 nepl-1011 3aeMaxa MclJlbK 51 OT 06Wlnc rpYlxoDl-1 HO )JonpI1HaC~T 13 Ira
50deg) 01 YBenJ14eHJ1eTO H3 npHO IHe npe3 ileBene Meceua H3 Ta3H rOJIJIH3
nOIIII llano OBImiddotIHa HaMaJl5lBaT npl-1O1wre OT 1pyrJ1 YCI)II1 KoeTO e B p 3yn3 I rpaHI14aB3HcTo 11[1
onepaWllHe InSlgtH OCHOBHaTa Def1HOCT H3M3neHI-1eTO H3 Te3H npJ1XOlH H5IM3 Bnl151Hlle I3bPY HeTH3Ta nC4anOa
l-bH 1110 np jlCT3Bn5lBaT npeCI)aKTYPJ1p3HJ1 P33XODJ1 3a MaTepJ13nl1 J1 ycny H YHi-iTO palMCp e l1)JeH HLlell C
OCil 1 Bll_lC HlITe nrmxoDl-1
12 ( JX()() II
7510 12232
9971 38
2457 2290
1987 1103
618 647
-3220 9012 20 - )(~o
-7 0
--1-4 -o~)
H111it lIee~art6a 3a neplioaa 7858 6425 3220 9M5 23Yo
3lt1 II 111 fOLI J1Te1I 10 )J06pJ1 pCJYJlTaTI-1 11 pej IlbpBOTO nonyro)JJ1e Ha 2012 r e B3eTO pellJelll1e 13 l13nn LUSe Hl
J111l1lIflC~lHO OnbJlHHTenHO BblH31pa)l(CIIYle Ha nepCOH3SICI B palMep H3 3220 111 JIB (494 XJ1J IB I]
HCKOHCOJlJ1Ql1paHa 6a3a) 33 CP3BHCHI1e npel 20 I I r (onhJ1HY1Te~IHH Bb3H3 patlClcHI151 ea Ha411C1ellll
elHoKpa HO B KeMBpY Meceu (jfCl KOpl1rJ1paHe 3a c)JHoKpaTlil1lC eCI)eKTI1 OT nJlaT HHTe LlOnbJlmn 11111
Bb111lt11 pmKDeHJ151 p33XO)lHTC 13 Bb3H3rpm1CHJ151 ce YBCJIHLIaBaT C 20 B P lynTu I lIa 06 bp3aHO na lia
bullbullbullbullbullbullbullbullbullbullbull bullbull TpM~I(r( H Tt f 3ltJ AMHOC a HD CnHAH 0 2012 r KOHcon Mp H
20T
bullbullbullbullbullbullbullbullbull
ShIll I pmKJelmiddotH151Ta C peaJH13MpaHMTe I1pWXOlM M YBCnllYCI-IMTe OT 0 1 Anp~LI 2012 Ha CIlOBIiMTe
Bblllaq)(1)I(leHM51 C 10
J IcTIllulT eq)eKT e nOJlmlMTeJlCH KaTO HeTH31C1 ne4an6a ce YBeJH1 l laS3 C w3npeBapBall reMn Cnp5lMO npVtXolIHC
C 2jOo laquo(ncll KOpeKW151Ta 3a npOVI51Ha H3 nepMOQa 33 M3nnawaHe Ha nOflbnfIJrr JIHVt Bb3I-WrpmKneHVt51)
np nepVtOla 651xa npe~1npM HI MepKI1 3a OnTVtMM3aUM51 Ha reXHI1 l leCKaTa no Pb)KKCl Ha aBTOMo6~1 HM51 napK
13 PllIT~n H3 KoeTO pa3XO l-I re 3a 313TOll3CTM M nOl pb)lKa Ha aBTOMu6MnM Halan51Xa c 124 131 peKI1
YBCIWICIII1CTO Ha 6p051 aBTOM06MJH1 flPMJ-lOC MMa M W3JH13aHeTO Ha LfaCT OT aBT napKa OT rapaHUMOt-lell ~pOK
Koe I 0 II01BOn51B3 nOnnpb)J(KaTa La ce M1BbpWBa 13 OTopM3HpaHIH cepBMll1 Ha nO-HI-lCKa U Ha K[1KTO 1
33K IIYl3nHeTO Ha 4aCT OT nO-CTapMTe aBTo~06MnM OT cny)KMTCtHTe no nporpaMa BTopa ~IJlaLOCT
up) 1n npM4HHa 3a HaMaJleHMeTO Ha pa3XOlMTe ~a BbHWHM ycnyrM e npMn06MBaHeTO Ha 10 Te)KKOTOBaplllt
aBTolOOl1na C KOMTO npe3 nepMOLa ce M3BbpwBa c06cTBeH TpaHcnopr BMeCTO M1fl n BalleTO lin TpaHC6aJlhm
rpyrr t lO KaTO nonW3nbnHMTen Ta3M rrpOiI51Ha BOQ~I IO HaMa I51BaHe J-la nnawaHM5lTa KbM TpaHC6aJlKaH rp n
o )1-IO 586 X~1Jl JlB 3a JeBeTTe iVIeceU3 H8 2012 r (2427 XMJI nB 3a CMIJI151 nepVtot( Ila 2011) rpaHM4ltlBael)
Ha CbflMeCTHaT1 nei1HocT KopeCnOHilY1pa H C H3iV13neHMe Ha npVtXonY1Te OT TpallCOaJlK3H rpyn 00)] 0 508 X~11
nB (I 304 XMJl JIB 38 CbWI151 nepMon Hn 20 I I)
napa LI-1 yB JlI-1l1aBaHeTO H3 ooeMa npeBO3BaHM npaTKM npe3 Ta3M ronMHa 651xa BeJll1yeHM n IOWI1Te H3
IOIImiddotlcrWIHMTe ueHTpoBe BbB nnOBlMB BapHa ~I B J1MKO TbpHOBO flo-roneMI151T pa111er HaeTM nJlOWM 130 II 0
yB 111yeHl1e H3 pa3XonMTe 33 HaeM C 273 MJI JlB (27) 13 cpaBHellMe C CbWM51 nepl10llia npellxODHaT3 n nHIIH
13 HUlCIIII (h(ilillUf IOUlIIO cu (IClI1IIIIm C(-() ()ulJlamo Ib1-I IOfI() e CbCI(GCI1 dlllllwlcoewl o l1ll I 11 l
B middotWlIL10TO Ha HoeMBpM TCI3M rO1MH3 OCHOBHI151 IOIMCTM4eH UeHTbp 8 C lclH151 CbWO we obne lIpeMeC II B HOBn
nOICIUCHMC nOCTpoeHO cnopea Te1-l0norWIHWJ-e W3MCKBaHM51 Ha CnMllH FAQ Kmo nn lUna UJC 6b1e
yB IItLICH3 OT 12 XMJl M2 H3 38 XI1Jl 12 C TOB3 0 rOJl5IMa CTenCH we 6b e ~nITbIHeHa nporpaMara 110
YBCliiLlilB3He Ha K3n3UHTeTa Ha KOMnaHM51Ta no HMBa nOCTaTb4HM na ce no 1e Be IM4eHMCTO Ha np BOlBaHIITe
npHKM B cpeLHocpOLleH nepl10n
no MHl1ll1laTIIBa Ha OPO 5W04HaX3 nperOBopM 3a ynbmK8BaHe H3 cpOKa Ha LOrOBOpa 1a nap IlbOpCTBO C LlLUC
3 m Lbullbull10 2016 r (HaCT051WM51T QoroBop ~n rWI3 B Kpa51 H3 2013 r) TOBa IIe ane FlblMO)lJ-(OCT Ja npo b DKII
p331311 fllCTO B eJMH HOB CClMeHT CbC lHa LII1Tenel-l npMHOC 3a pbCTa Ha npMXO MTe M peI-lTa6I1J1HOCTTa
RhB (IH1HanHa q)a3a e npoeKTa no MOQemtpaHe Ha npoueCMTe B KOMn3HMflTa KOi1TO CTapTl-ipa npe 2010 f
3aBigtpUlell e npM Hai1-roneMM51 onepal11BeH OTne--l KaTO npenCTo5lT II BbTpeWHI1 0l11 n 11 B OCTaHa-IMTe OTleotll
CIILl KOCTO 13 H34amp10TO Ha cneQBaUJaTa nlDMHa we 6bQC M3BbfHueH M BbHweH 0 liT Tl Ba we OBcltlO
OIIlIT rWIMpaHe H3 npoueC~1Te M nOllLJOp51BaHe Ha eclleKTMBHOCTTa Ha f1CpCOllana
2 KopnopaTHBHH cb6lHHSI
Ha 09 -lai-l 2012 r AneKc-f EOOL M (laB40 KMpMJlOB naHfaJlceB YBenM4aBaT KamrraJla H3 minll
rp II )~ 4pe3 anopT Ha CbOTl3eTHO 368 590 11 118570 OOMKHoBelmiddot-jM nOM~leHHI1 aKIml C lip 130 Ha rlnc C
HO1111IaIHa CTOi1HOCT I (CQMH) JIB BC5lKa eHa OT KanMTana Ha CnMLI-1middotmiddot )] B pe3Y I raT Ha waa CIII1 1-1
P) II f ClaBa eDHonM4eH COOCTBeHMK Ha KanMT3na Ha bullbull nl1nM EA
Ha 101172012 r Cnl1nH rpyn All 13 K34eCTBOTO eM Ha e)JHOnVt4eH COOCTBeHIIK 1Ilt1 bullCtIVt_ M A)l B3(~13
peUICllMe la pallipeilenM KaTO QI1BI-1leHT 100 OT ne4an6aT3 Ha npY)l-(eCTBOTO B pa1~1 r Ha 5 67 -IJlH JlB
Ha (17082012 13 TbproBcKMa perMCTbp e BnMcaH3 npOM51Ha B CbBClbT Hltl )ll1peKTopll re Ira bullCfm 1-1 ALl cue
CClaHlIIle H acLpec Ha ynpaBJleHMe 13 rpan Co(m51 6yJl C3MOKOBCKO woce N2 1 C EVIK 131371780 3anlllcll C
bullbullbull bullbull bullbullbullbullbullbull H OTfe 3 HHO He en M O20 OHcon Mp H
Tp 30
eA bullbullbullbullbullbullbullbull bull bullbullbullbullbullbullbullbullbullbullbullbullbull bullbullbullbull bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
OMIIVlK PC EO0)] EViK 115542285 KaTO LlneH Ha CbBeTa H2l bull p KTOpl-ne H e BnHlaH )]aHltlHJl BaCHil~B
aH IUOB He1aBHCHM 4neH
Ha l~()82012 r B TbPIOBCKH51 perHCTbp e BnHCaH HOB YCTaB cbo6pa3ell ClC 3nnuK 11 aKTQBerC no
npKlal c)HeTO v1y
II Onuca He ua OCHOBHHTe pHCKooe II lIeCHIypHOCTII pell KOIITO e lllnpaBeRO uP eCTBOTO
CflVlDlr An ce CTpeMH ua no ~bp)Ka HHCbK pHCKOB I1poqmn llpe3 no bpiKaHeTo H HI1CKH HI1Ra Hn
qJHHltlIlCOB H onepa ~IBeH neBbpH1)K BHCOKO HHBO Ha onepaTIIBlla ecentcKTHBHOC BbBe)KlalieTO Ha CTpl1KTHII
npaB~l1a H npOL(euypH npH ynpaBneHHeTo Ha ueKHocTTa H tTpor KOliTpO 1 3lt1 T51HOTO CrIl13Ba He
uHBel H(pHUHpaHe lia KnHeHTCKaTa 6a3a H Ha aOCTaB4HUHTe
MwpnWOIO llUlleCKU pLIO
cml)lWmiddot EAD onepHpa Ha TepHTopH51Ta Ha WlJlaTa CTpaHa H o6cny)IltBa KOMnaHHH OT paMI LIHI1 efT0pll OT
HKOHOn1KaTa CboTBeTHO ueKHOCTTil HCl KOil-lnaHH51Ta CHnHO 3aBHCH OT U51nOCTHlHl PbCT Ha HKOHOIHKClra H
OOlJlOro CbCT051HHe Ha 6mHec cpellaT8 6bJlewo CBHBaHe Ha HKOHOMHKaTa 1-1 n Jpe6JlelHleTO 6H oKa3aJ10 HanlCI
BbpX) vlap)l(OBCle Ha ne Llan6a a CHnHO H npOl)bJDKHTenHO 3a6aB51He Ha 6113HeC aKTHBHocna 1O)Ke a JOBe--le 11
ltO lferan1BeH TpeHu B npHxouVlTe L(py)[(eCTBOTO ce crpeMHua MVlHVllvIH3Hpa TO3H PI1CK K3 0 no bp)](a BIIC K~1
HHBltt Ha cI1V1HaHCOBa aBTOHOMHOCT H HenpeKbCHaTO HHBeCTHpa B nOBHwaBaHe Ha elpeHBHOCTT3 KoeTO 1
IIIHU()I51B3 a pa60TH npH peHTaOHnHOCT 3H(lLIHTeJlHO nO-BHCOKa 01 Ta1H Ha KOIIKypeHnrre
Pel- IGTOpHH51T pHCK e CBbp3aH C npHlJalleTO Ha HopMaTHBHH npOMeHH KOVIT ~tl)ral na ea CBup3alHI C
J10n1rIIIlITenHH pa3xouH HnH 01 paHWleHH51 B ueKHOCTTa Ha KOMnaHHHTa KMI ~lOMeIiTa He Ct OYlt1hBa
BlBC)]li1HeTO Ha H3HCKBaHH51 KOHTO fla YTe)H51BaT I1nH ua H3I1CKBa I j~OrrbnllHTeJlHH pa3xouH 3a eKH cn a
I3CWIhH nHXBellH 3aubmKeHH51 Ha CnHlH rALl ca C nnaBaw 111BeH npoueHT FURIBOR 11 O(1)Y160P
bO I neTHO 06wo nOKa4BaHe Ha nHXBeHHTe paBHHwa 6H HMaJlO OTpHuaTeneH ecP KI 1a KOMflaHH5lTa CIIJlIIO
eKCIIltlHHiOHVlCTI14HaTa napVl4Ha nOJlHTHKa Ha BoueWHTe ueHTpanHH 63HKH )lOBe oxa )l0 nOHH)](3BaHe Ha
OCllOBllltTe nVlXBeHH npoueHTH H Bep051THO T 311 HHBa we ce 1arbp)KaT nopan~1 KOCTO B cpeuHocpoLleH nJlaH e
MaIK) Bep051THoua HMa 3HaL1HTenHO leraTHBHO H3MeHeHHe
HaJ XO 0 r npHxouHTe ce reHepHpClT 01 KJlHeHTH no uoroBop CbOTBeTHO yCJljTaT3 ce 3annawa He IIpll
H1131pUJBaHeTO H a nepHouW1HO C BnowaB3HeTO Ha HKOHOivl~IYeCKaTa cVlTyaUH51 pa3lepbT Ila I1pOCpOyelillTe
B3tIaHI151 ce YBenH4H 3Ha LIHTeJlHO PY)I(eCTBOTO e BHeupHno CTaKnHa H CTpora cHCTeMa 3 C Ie eHe Hl
)JbJI)IHfH Ie CYMH 11 cpOKOBeTe 3a noraCHBaHeTO HM H npoue ypa 1a lIeHCTBHe npH HaJlHYHe Ha 3a6aB l-D
nJl a liLa e
Tel()ell(l111 J(f fitlJl1ecuIIle (J KOlllllO CfTHI1H II r)pyJlcecln(J(fIll(f Olll lpyll(ll11fl Ollepllpall
nalaplr Ha nOLueHCKH ycnyrH e cpaBHI1TeJIIiO q)parMeHTHpaH 6P051T KOMnaHHIi perHCTpl1pallH B (PC ca lia
65 lJO no naHHH Ha KPC 3a 20 I I ro 15Te HaK-roneMH KOMnaHHH cj)OpMHpaT 93 OT npllxo ~1Te 01 nOweHCh11
) CI Ill Cml2lIol e nHnep Ha na3apa ClewaH OT EKoHT H 6b IrapCKH nOWH C OTlla--l311eT Ha MOHOnOJla HH
6111 apcKH nUlUH KOHKypeHUH51Ta ce centoKycHpa KbM yHHBepcanHaTa 110weHcKa yc 1)Ia JOhaTO HloIluaTa B
KOH(l onepHpa CnVl H (roneMHTe npaTKH H 06cny)lltBaHeTO Ha KopnOpaTHBl-lH KlI1eHTIl) IltoHKyp HLlHWfa e c IIChla161( HHTeH3I1TeT H OCTaHaflHTe KO~lnaHHVl KOI-ITO ca C H2le1l11i4eH cjJOKyC ca 11taLIHTe HO nO-ilaJIKI1 13 Cpl--lHOCpOlieH nnaH He ce 01laKB3 Bb3HHKBaIICTO Ha CepHO3Ha npOM51Ha B CcPepaT3 Ha eHllOCT lla fl1111(
1l0KOIKOTO oell BHHTe KOHKypel-lTH ca ce HacoLlli IH B upyrH naR3pHH HHWH
III IIlHllOpilaLU Ja ClleJIKU cue co6CTRetll1 HKUHH no Ha IJI 187ll ot T3
Jll )iI-CTBOTO HHMa CKlfOLleHH cuenKH CbC C()6CTBeHH aKuHH
bullbullbullbull bullbullbullbullbullbullbullbullbull MCICC4CH a IotHO TTa emtAM
cp 4 OT 6
bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
IV YlaCTlleTO Ha LJJleHOBeTe Ha CbBenl I-Ia UHpeKTOpHTe B l-prOBCIf1 pyeCTBa KaTO HeorpaHlIICHO
01 rOBopllll CbJlPYIKHHUlf npHTeKaBaHeTO ua nOBele 01 25 113 CTO OT lantlTurla lin pyro pyecTBo
la1U II Y411CTneTO liM B ynpllBJlCFlIICT(l Ha upyrll JlPYKCCTB~l II U KOOllepaUlIlI KaTO npOK pIlCTII
ynplIlllTeJJlI 1IJ111 LJJ1CHOBe Ha CbBeTII
H5IH1 H(CTbnOJlYl npOMeHVI npel nOCJlC~HOTO TpVlMece4V1e AKTyaJlHVI uaHHVI 3( yI()CHI5lT3 13 KaOlHa a Ha Clp)r~1
tp~ jlTCTB3 ca npeLlCTaBeH VI B npocneKT3 H3 tpYJ(eCTBOTO
BbTPElllHA HHltIgtOPMAlIJUl OHIOCIIO 06nOSlTeJlCTU3Ta H3CThOllmi npe3 InTt10TO TpllMcceIIIC
KbM 30092012 r HSlMa tJpyra BbTpewHa IIHltpopMaUHSJ ocoeH oe1fe oOSioeHaTa IOSITO C OT
JlaIClHle 3a aKuHoHepTe npH IneMalleTO Ha HHoeCTIIUIIOHIlO peLUeHlle ornoc1O aKlllIIlTC Hll
n)6III1I1O degJlPYIKecTBo
OOb HHTEAHAllHltIgtOPMAlIH~
I rtlJltp0p1aulISl 3a npOMeHI1Te B ClCTOBOIIHaTa nOJlIITlHa npc) OTleTIUUl nepIlOJJ
H511( I1P0ilCHI-I B C4eTOBOJ]HaTa 110J1HT11Ka Ha CmlJVI LA)] npe3 OTleTHVlH nepVloLl
2 illIltp0IH1aulln 3a HaCTbnllJlI1 npoMcHII R rpynaTa Ha Cnll II AJ]
HH ~ta IlaCl IIVIll~ npoMeH [1 B rpyn3Ta
3 1111ltpopMaUIISl 3a pe3YJlTaTIITC OT 0pnllllnaUHoHHH npOM 1111 8 CUU ll E InpeOOpUJIfWIIC
IjJO(U WOU -0 upy)ceCII1GU 0111 1II0IlUIlICCIUl1O ltPyno onOjJl1l11l1 G-OCI1I 011 Opyc CIIG0110 OwoltC ()()
1((11( 1I1lVlIfCCl1GO ()hlltOCpOItli lI(CCl11l1li npeYCI1lUl-OGfiGUIC itO c)elt-ocI
115Illtl Opr3HI-I3311VlOHHVI npOvleHVI HeynoMeH3TVI B HaCT051WI1H LloKyMeHT
4 C I aHOBHLUC Ha ynpaBHTeJlHHn oprall OTIIOCliO BblMOIKHOCTIITe Ja peaJIIlJaUIISl Ha nyorlll ynHHu
nporllom 3a peJYJlTaTrlTe OT TCKymaTu (~IlHaHCOBa rOJJlIHU
C bBelb Iia IlpeKTOpJne Ha CnVlJlI-I EAll He e ny6Jll1KyB3Jl npOrHO3V1 33 pe3YJ1TanITC npc3 2012 r
5 UIIIII 3a JHluaTa npTelKaB3UlII IIpSlKO lIenpSlKO nali-Mamo 5 lIa COOT L13coneTe B 06LUO 0
Cl6palllle KbM Kpan lIa LbOTBeTIIOTO puleCetc npoMellllTe B npll elKaB311l1H 01 IfUl3Ta rlaCOBC
33 IICplIOIta OT pan Ha npCJJXOJJHlISi TpllMCCeLJeH nepuou
51C II() fpJI
6pOH 3KllVlVl C npaBo H3 rJl3C VI TeXHVl51 Jl51Jl OT rJl3COBeTe B 06w TO cb6paHl-le Ha 3KllVlOH pHTt liD
1p~ ihCC IIIOTO
Kbi 30092012 ro - I 482200 6pOH 3Klly1l1 npeflCT3BJlHB3WI-I 100 OT aKlll1lHe c npaBo H8 rJl3C
BCL1Lpfl MeKTyn41-151H OCbll~eCTBHB3 KOHTpO1 BbpXy laquoCnI1LlVl rpyrlraquo )] H npWreK3Ba1iHTI OT Hero aKLIl1f1
6 aH1I1I 3a aKUTe npHTelKaBall1l OT LJJleliOBeTe Aa CbBC a lIa JJllpChOpUTC 113 J]PYiKCCTBOTO 11
pa1 lIa ncpHO a u npOIICJIIlTC nUCTlnUJIII 3a neplfOJJa 01 Kpast na lIpetJxo IIUSl TpUleCeLJCH n pliO
bullbullbull bullbullbull H OTf T 3 AeMHocrr3 tI CnMQM In 0092012 r KOHcomAMp H
CTp 5 OT 6
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT
bullbullbullbullbullbull bull
IEiKLlHHEIi OK A lA JIHOCTTAKOHCOJIlIlUP3H
r Batwu cb6I1THSI H3CTbnHJlH npe] 1I1T0 TpHMeceU1e lIa 2012 ro pCJ~ n aTII re 01B flHHaHcoBHSI OTCI
1 OCIIOOHa neHHocT
11 JlIx(r)1I
diliocna 1i3 KOMrI31iJ151Ta OCT3Ba CTporo ClloKyCJ1paH3 BbPXY OCHOBH3T3
J1113 II TSIXIIOTO BJIIUllmC BbPXY
diHocr H3 qmp~laT3 Ka-IO 3KLleilThT
e BbPY P33BI1HteTO H3 npeDOCTaB5IHJ1Te ycnyrJ1 J1 nOD06p5laHe H3 eCpeKTJ1BHOcn3
87 89
2150 2872 336
4 7
2841 1527 -463
8 4
4535 5382 187
06UJo npl-1xoAI-1 34541 38552 116
npc leKyW3T3 rODJ1H3 PbCTbT H3 IlpJ1oclJ1Te 33n33B3T TeMn3 CJ1 aT p DXODH3Ta rOJlHHa K3TO PbC I T e
pHlIIO~IlPCH no pen101H1 J1 ce DbJl)KJ1 K3KTl1 aT npJ1BnJ143HeTO H3 HOBI-1 KJIIleH 11 TaKa J1 OT yBe J14eIHleTO H3
06etIITe OT CbUteCTBYB3WI1Te Cl-1nHO YBenl14eHJ1e OT H3D 30 J1ivl3 npll IIPHXOlHTe OT le)(llYHap0JIHl npal KII
J1 JIltLIC1l1 KOJ1TO npe3 npe)Jxoulll-151 nepl-1011 3aeMaxa MclJlbK 51 OT 06Wlnc rpYlxoDl-1 HO )JonpI1HaC~T 13 Ira
50deg) 01 YBenJ14eHJ1eTO H3 npHO IHe npe3 ileBene Meceua H3 Ta3H rOJIJIH3
nOIIII llano OBImiddotIHa HaMaJl5lBaT npl-1O1wre OT 1pyrJ1 YCI)II1 KoeTO e B p 3yn3 I rpaHI14aB3HcTo 11[1
onepaWllHe InSlgtH OCHOBHaTa Def1HOCT H3M3neHI-1eTO H3 Te3H npJ1XOlH H5IM3 Bnl151Hlle I3bPY HeTH3Ta nC4anOa
l-bH 1110 np jlCT3Bn5lBaT npeCI)aKTYPJ1p3HJ1 P33XODJ1 3a MaTepJ13nl1 J1 ycny H YHi-iTO palMCp e l1)JeH HLlell C
OCil 1 Bll_lC HlITe nrmxoDl-1
12 ( JX()() II
7510 12232
9971 38
2457 2290
1987 1103
618 647
-3220 9012 20 - )(~o
-7 0
--1-4 -o~)
H111it lIee~art6a 3a neplioaa 7858 6425 3220 9M5 23Yo
3lt1 II 111 fOLI J1Te1I 10 )J06pJ1 pCJYJlTaTI-1 11 pej IlbpBOTO nonyro)JJ1e Ha 2012 r e B3eTO pellJelll1e 13 l13nn LUSe Hl
J111l1lIflC~lHO OnbJlHHTenHO BblH31pa)l(CIIYle Ha nepCOH3SICI B palMep H3 3220 111 JIB (494 XJ1J IB I]
HCKOHCOJlJ1Ql1paHa 6a3a) 33 CP3BHCHI1e npel 20 I I r (onhJ1HY1Te~IHH Bb3H3 patlClcHI151 ea Ha411C1ellll
elHoKpa HO B KeMBpY Meceu (jfCl KOpl1rJ1paHe 3a c)JHoKpaTlil1lC eCI)eKTI1 OT nJlaT HHTe LlOnbJlmn 11111
Bb111lt11 pmKDeHJ151 p33XO)lHTC 13 Bb3H3rpm1CHJ151 ce YBCJIHLIaBaT C 20 B P lynTu I lIa 06 bp3aHO na lia
bullbullbullbullbullbullbullbullbullbullbull bullbull TpM~I(r( H Tt f 3ltJ AMHOC a HD CnHAH 0 2012 r KOHcon Mp H
20T
bullbullbullbullbullbullbullbullbull
ShIll I pmKJelmiddotH151Ta C peaJH13MpaHMTe I1pWXOlM M YBCnllYCI-IMTe OT 0 1 Anp~LI 2012 Ha CIlOBIiMTe
Bblllaq)(1)I(leHM51 C 10
J IcTIllulT eq)eKT e nOJlmlMTeJlCH KaTO HeTH31C1 ne4an6a ce YBeJH1 l laS3 C w3npeBapBall reMn Cnp5lMO npVtXolIHC
C 2jOo laquo(ncll KOpeKW151Ta 3a npOVI51Ha H3 nepMOQa 33 M3nnawaHe Ha nOflbnfIJrr JIHVt Bb3I-WrpmKneHVt51)
np nepVtOla 651xa npe~1npM HI MepKI1 3a OnTVtMM3aUM51 Ha reXHI1 l leCKaTa no Pb)KKCl Ha aBTOMo6~1 HM51 napK
13 PllIT~n H3 KoeTO pa3XO l-I re 3a 313TOll3CTM M nOl pb)lKa Ha aBTOMu6MnM Halan51Xa c 124 131 peKI1
YBCIWICIII1CTO Ha 6p051 aBTOM06MJH1 flPMJ-lOC MMa M W3JH13aHeTO Ha LfaCT OT aBT napKa OT rapaHUMOt-lell ~pOK
Koe I 0 II01BOn51B3 nOnnpb)J(KaTa La ce M1BbpWBa 13 OTopM3HpaHIH cepBMll1 Ha nO-HI-lCKa U Ha K[1KTO 1
33K IIYl3nHeTO Ha 4aCT OT nO-CTapMTe aBTo~06MnM OT cny)KMTCtHTe no nporpaMa BTopa ~IJlaLOCT
up) 1n npM4HHa 3a HaMaJleHMeTO Ha pa3XOlMTe ~a BbHWHM ycnyrM e npMn06MBaHeTO Ha 10 Te)KKOTOBaplllt
aBTolOOl1na C KOMTO npe3 nepMOLa ce M3BbpwBa c06cTBeH TpaHcnopr BMeCTO M1fl n BalleTO lin TpaHC6aJlhm
rpyrr t lO KaTO nonW3nbnHMTen Ta3M rrpOiI51Ha BOQ~I IO HaMa I51BaHe J-la nnawaHM5lTa KbM TpaHC6aJlKaH rp n
o )1-IO 586 X~1Jl JlB 3a JeBeTTe iVIeceU3 H8 2012 r (2427 XMJI nB 3a CMIJI151 nepVtot( Ila 2011) rpaHM4ltlBael)
Ha CbflMeCTHaT1 nei1HocT KopeCnOHilY1pa H C H3iV13neHMe Ha npVtXonY1Te OT TpallCOaJlK3H rpyn 00)] 0 508 X~11
nB (I 304 XMJl JIB 38 CbWI151 nepMon Hn 20 I I)
napa LI-1 yB JlI-1l1aBaHeTO H3 ooeMa npeBO3BaHM npaTKM npe3 Ta3M ronMHa 651xa BeJll1yeHM n IOWI1Te H3
IOIImiddotlcrWIHMTe ueHTpoBe BbB nnOBlMB BapHa ~I B J1MKO TbpHOBO flo-roneMI151T pa111er HaeTM nJlOWM 130 II 0
yB 111yeHl1e H3 pa3XonMTe 33 HaeM C 273 MJI JlB (27) 13 cpaBHellMe C CbWM51 nepl10llia npellxODHaT3 n nHIIH
13 HUlCIIII (h(ilillUf IOUlIIO cu (IClI1IIIIm C(-() ()ulJlamo Ib1-I IOfI() e CbCI(GCI1 dlllllwlcoewl o l1ll I 11 l
B middotWlIL10TO Ha HoeMBpM TCI3M rO1MH3 OCHOBHI151 IOIMCTM4eH UeHTbp 8 C lclH151 CbWO we obne lIpeMeC II B HOBn
nOICIUCHMC nOCTpoeHO cnopea Te1-l0norWIHWJ-e W3MCKBaHM51 Ha CnMllH FAQ Kmo nn lUna UJC 6b1e
yB IItLICH3 OT 12 XMJl M2 H3 38 XI1Jl 12 C TOB3 0 rOJl5IMa CTenCH we 6b e ~nITbIHeHa nporpaMara 110
YBCliiLlilB3He Ha K3n3UHTeTa Ha KOMnaHM51Ta no HMBa nOCTaTb4HM na ce no 1e Be IM4eHMCTO Ha np BOlBaHIITe
npHKM B cpeLHocpOLleH nepl10n
no MHl1ll1laTIIBa Ha OPO 5W04HaX3 nperOBopM 3a ynbmK8BaHe H3 cpOKa Ha LOrOBOpa 1a nap IlbOpCTBO C LlLUC
3 m Lbullbull10 2016 r (HaCT051WM51T QoroBop ~n rWI3 B Kpa51 H3 2013 r) TOBa IIe ane FlblMO)lJ-(OCT Ja npo b DKII
p331311 fllCTO B eJMH HOB CClMeHT CbC lHa LII1Tenel-l npMHOC 3a pbCTa Ha npMXO MTe M peI-lTa6I1J1HOCTTa
RhB (IH1HanHa q)a3a e npoeKTa no MOQemtpaHe Ha npoueCMTe B KOMn3HMflTa KOi1TO CTapTl-ipa npe 2010 f
3aBigtpUlell e npM Hai1-roneMM51 onepal11BeH OTne--l KaTO npenCTo5lT II BbTpeWHI1 0l11 n 11 B OCTaHa-IMTe OTleotll
CIILl KOCTO 13 H34amp10TO Ha cneQBaUJaTa nlDMHa we 6bQC M3BbfHueH M BbHweH 0 liT Tl Ba we OBcltlO
OIIlIT rWIMpaHe H3 npoueC~1Te M nOllLJOp51BaHe Ha eclleKTMBHOCTTa Ha f1CpCOllana
2 KopnopaTHBHH cb6lHHSI
Ha 09 -lai-l 2012 r AneKc-f EOOL M (laB40 KMpMJlOB naHfaJlceB YBenM4aBaT KamrraJla H3 minll
rp II )~ 4pe3 anopT Ha CbOTl3eTHO 368 590 11 118570 OOMKHoBelmiddot-jM nOM~leHHI1 aKIml C lip 130 Ha rlnc C
HO1111IaIHa CTOi1HOCT I (CQMH) JIB BC5lKa eHa OT KanMTana Ha CnMLI-1middotmiddot )] B pe3Y I raT Ha waa CIII1 1-1
P) II f ClaBa eDHonM4eH COOCTBeHMK Ha KanMT3na Ha bullbull nl1nM EA
Ha 101172012 r Cnl1nH rpyn All 13 K34eCTBOTO eM Ha e)JHOnVt4eH COOCTBeHIIK 1Ilt1 bullCtIVt_ M A)l B3(~13
peUICllMe la pallipeilenM KaTO QI1BI-1leHT 100 OT ne4an6aT3 Ha npY)l-(eCTBOTO B pa1~1 r Ha 5 67 -IJlH JlB
Ha (17082012 13 TbproBcKMa perMCTbp e BnMcaH3 npOM51Ha B CbBClbT Hltl )ll1peKTopll re Ira bullCfm 1-1 ALl cue
CClaHlIIle H acLpec Ha ynpaBJleHMe 13 rpan Co(m51 6yJl C3MOKOBCKO woce N2 1 C EVIK 131371780 3anlllcll C
bullbullbull bullbull bullbullbullbullbullbull H OTfe 3 HHO He en M O20 OHcon Mp H
Tp 30
eA bullbullbullbullbullbullbullbull bull bullbullbullbullbullbullbullbullbullbullbullbullbull bullbullbullbull bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
OMIIVlK PC EO0)] EViK 115542285 KaTO LlneH Ha CbBeTa H2l bull p KTOpl-ne H e BnHlaH )]aHltlHJl BaCHil~B
aH IUOB He1aBHCHM 4neH
Ha l~()82012 r B TbPIOBCKH51 perHCTbp e BnHCaH HOB YCTaB cbo6pa3ell ClC 3nnuK 11 aKTQBerC no
npKlal c)HeTO v1y
II Onuca He ua OCHOBHHTe pHCKooe II lIeCHIypHOCTII pell KOIITO e lllnpaBeRO uP eCTBOTO
CflVlDlr An ce CTpeMH ua no ~bp)Ka HHCbK pHCKOB I1poqmn llpe3 no bpiKaHeTo H HI1CKH HI1Ra Hn
qJHHltlIlCOB H onepa ~IBeH neBbpH1)K BHCOKO HHBO Ha onepaTIIBlla ecentcKTHBHOC BbBe)KlalieTO Ha CTpl1KTHII
npaB~l1a H npOL(euypH npH ynpaBneHHeTo Ha ueKHocTTa H tTpor KOliTpO 1 3lt1 T51HOTO CrIl13Ba He
uHBel H(pHUHpaHe lia KnHeHTCKaTa 6a3a H Ha aOCTaB4HUHTe
MwpnWOIO llUlleCKU pLIO
cml)lWmiddot EAD onepHpa Ha TepHTopH51Ta Ha WlJlaTa CTpaHa H o6cny)IltBa KOMnaHHH OT paMI LIHI1 efT0pll OT
HKOHOn1KaTa CboTBeTHO ueKHOCTTil HCl KOil-lnaHH51Ta CHnHO 3aBHCH OT U51nOCTHlHl PbCT Ha HKOHOIHKClra H
OOlJlOro CbCT051HHe Ha 6mHec cpellaT8 6bJlewo CBHBaHe Ha HKOHOMHKaTa 1-1 n Jpe6JlelHleTO 6H oKa3aJ10 HanlCI
BbpX) vlap)l(OBCle Ha ne Llan6a a CHnHO H npOl)bJDKHTenHO 3a6aB51He Ha 6113HeC aKTHBHocna 1O)Ke a JOBe--le 11
ltO lferan1BeH TpeHu B npHxouVlTe L(py)[(eCTBOTO ce crpeMHua MVlHVllvIH3Hpa TO3H PI1CK K3 0 no bp)](a BIIC K~1
HHBltt Ha cI1V1HaHCOBa aBTOHOMHOCT H HenpeKbCHaTO HHBeCTHpa B nOBHwaBaHe Ha elpeHBHOCTT3 KoeTO 1
IIIHU()I51B3 a pa60TH npH peHTaOHnHOCT 3H(lLIHTeJlHO nO-BHCOKa 01 Ta1H Ha KOIIKypeHnrre
Pel- IGTOpHH51T pHCK e CBbp3aH C npHlJalleTO Ha HopMaTHBHH npOMeHH KOVIT ~tl)ral na ea CBup3alHI C
J10n1rIIIlITenHH pa3xouH HnH 01 paHWleHH51 B ueKHOCTTa Ha KOMnaHHHTa KMI ~lOMeIiTa He Ct OYlt1hBa
BlBC)]li1HeTO Ha H3HCKBaHH51 KOHTO fla YTe)H51BaT I1nH ua H3I1CKBa I j~OrrbnllHTeJlHH pa3xouH 3a eKH cn a
I3CWIhH nHXBellH 3aubmKeHH51 Ha CnHlH rALl ca C nnaBaw 111BeH npoueHT FURIBOR 11 O(1)Y160P
bO I neTHO 06wo nOKa4BaHe Ha nHXBeHHTe paBHHwa 6H HMaJlO OTpHuaTeneH ecP KI 1a KOMflaHH5lTa CIIJlIIO
eKCIIltlHHiOHVlCTI14HaTa napVl4Ha nOJlHTHKa Ha BoueWHTe ueHTpanHH 63HKH )lOBe oxa )l0 nOHH)](3BaHe Ha
OCllOBllltTe nVlXBeHH npoueHTH H Bep051THO T 311 HHBa we ce 1arbp)KaT nopan~1 KOCTO B cpeuHocpoLleH nJlaH e
MaIK) Bep051THoua HMa 3HaL1HTenHO leraTHBHO H3MeHeHHe
HaJ XO 0 r npHxouHTe ce reHepHpClT 01 KJlHeHTH no uoroBop CbOTBeTHO yCJljTaT3 ce 3annawa He IIpll
H1131pUJBaHeTO H a nepHouW1HO C BnowaB3HeTO Ha HKOHOivl~IYeCKaTa cVlTyaUH51 pa3lepbT Ila I1pOCpOyelillTe
B3tIaHI151 ce YBenH4H 3Ha LIHTeJlHO PY)I(eCTBOTO e BHeupHno CTaKnHa H CTpora cHCTeMa 3 C Ie eHe Hl
)JbJI)IHfH Ie CYMH 11 cpOKOBeTe 3a noraCHBaHeTO HM H npoue ypa 1a lIeHCTBHe npH HaJlHYHe Ha 3a6aB l-D
nJl a liLa e
Tel()ell(l111 J(f fitlJl1ecuIIle (J KOlllllO CfTHI1H II r)pyJlcecln(J(fIll(f Olll lpyll(ll11fl Ollepllpall
nalaplr Ha nOLueHCKH ycnyrH e cpaBHI1TeJIIiO q)parMeHTHpaH 6P051T KOMnaHHIi perHCTpl1pallH B (PC ca lia
65 lJO no naHHH Ha KPC 3a 20 I I ro 15Te HaK-roneMH KOMnaHHH cj)OpMHpaT 93 OT npllxo ~1Te 01 nOweHCh11
) CI Ill Cml2lIol e nHnep Ha na3apa ClewaH OT EKoHT H 6b IrapCKH nOWH C OTlla--l311eT Ha MOHOnOJla HH
6111 apcKH nUlUH KOHKypeHUH51Ta ce centoKycHpa KbM yHHBepcanHaTa 110weHcKa yc 1)Ia JOhaTO HloIluaTa B
KOH(l onepHpa CnVl H (roneMHTe npaTKH H 06cny)lltBaHeTO Ha KopnOpaTHBl-lH KlI1eHTIl) IltoHKyp HLlHWfa e c IIChla161( HHTeH3I1TeT H OCTaHaflHTe KO~lnaHHVl KOI-ITO ca C H2le1l11i4eH cjJOKyC ca 11taLIHTe HO nO-ilaJIKI1 13 Cpl--lHOCpOlieH nnaH He ce 01laKB3 Bb3HHKBaIICTO Ha CepHO3Ha npOM51Ha B CcPepaT3 Ha eHllOCT lla fl1111(
1l0KOIKOTO oell BHHTe KOHKypel-lTH ca ce HacoLlli IH B upyrH naR3pHH HHWH
III IIlHllOpilaLU Ja ClleJIKU cue co6CTRetll1 HKUHH no Ha IJI 187ll ot T3
Jll )iI-CTBOTO HHMa CKlfOLleHH cuenKH CbC C()6CTBeHH aKuHH
bullbullbullbull bullbullbullbullbullbullbullbullbull MCICC4CH a IotHO TTa emtAM
cp 4 OT 6
bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
IV YlaCTlleTO Ha LJJleHOBeTe Ha CbBenl I-Ia UHpeKTOpHTe B l-prOBCIf1 pyeCTBa KaTO HeorpaHlIICHO
01 rOBopllll CbJlPYIKHHUlf npHTeKaBaHeTO ua nOBele 01 25 113 CTO OT lantlTurla lin pyro pyecTBo
la1U II Y411CTneTO liM B ynpllBJlCFlIICT(l Ha upyrll JlPYKCCTB~l II U KOOllepaUlIlI KaTO npOK pIlCTII
ynplIlllTeJJlI 1IJ111 LJJ1CHOBe Ha CbBeTII
H5IH1 H(CTbnOJlYl npOMeHVI npel nOCJlC~HOTO TpVlMece4V1e AKTyaJlHVI uaHHVI 3( yI()CHI5lT3 13 KaOlHa a Ha Clp)r~1
tp~ jlTCTB3 ca npeLlCTaBeH VI B npocneKT3 H3 tpYJ(eCTBOTO
BbTPElllHA HHltIgtOPMAlIJUl OHIOCIIO 06nOSlTeJlCTU3Ta H3CThOllmi npe3 InTt10TO TpllMcceIIIC
KbM 30092012 r HSlMa tJpyra BbTpewHa IIHltpopMaUHSJ ocoeH oe1fe oOSioeHaTa IOSITO C OT
JlaIClHle 3a aKuHoHepTe npH IneMalleTO Ha HHoeCTIIUIIOHIlO peLUeHlle ornoc1O aKlllIIlTC Hll
n)6III1I1O degJlPYIKecTBo
OOb HHTEAHAllHltIgtOPMAlIH~
I rtlJltp0p1aulISl 3a npOMeHI1Te B ClCTOBOIIHaTa nOJlIITlHa npc) OTleTIUUl nepIlOJJ
H511( I1P0ilCHI-I B C4eTOBOJ]HaTa 110J1HT11Ka Ha CmlJVI LA)] npe3 OTleTHVlH nepVloLl
2 illIltp0IH1aulln 3a HaCTbnllJlI1 npoMcHII R rpynaTa Ha Cnll II AJ]
HH ~ta IlaCl IIVIll~ npoMeH [1 B rpyn3Ta
3 1111ltpopMaUIISl 3a pe3YJlTaTIITC OT 0pnllllnaUHoHHH npOM 1111 8 CUU ll E InpeOOpUJIfWIIC
IjJO(U WOU -0 upy)ceCII1GU 0111 1II0IlUIlICCIUl1O ltPyno onOjJl1l11l1 G-OCI1I 011 Opyc CIIG0110 OwoltC ()()
1((11( 1I1lVlIfCCl1GO ()hlltOCpOItli lI(CCl11l1li npeYCI1lUl-OGfiGUIC itO c)elt-ocI
115Illtl Opr3HI-I3311VlOHHVI npOvleHVI HeynoMeH3TVI B HaCT051WI1H LloKyMeHT
4 C I aHOBHLUC Ha ynpaBHTeJlHHn oprall OTIIOCliO BblMOIKHOCTIITe Ja peaJIIlJaUIISl Ha nyorlll ynHHu
nporllom 3a peJYJlTaTrlTe OT TCKymaTu (~IlHaHCOBa rOJJlIHU
C bBelb Iia IlpeKTOpJne Ha CnVlJlI-I EAll He e ny6Jll1KyB3Jl npOrHO3V1 33 pe3YJ1TanITC npc3 2012 r
5 UIIIII 3a JHluaTa npTelKaB3UlII IIpSlKO lIenpSlKO nali-Mamo 5 lIa COOT L13coneTe B 06LUO 0
Cl6palllle KbM Kpan lIa LbOTBeTIIOTO puleCetc npoMellllTe B npll elKaB311l1H 01 IfUl3Ta rlaCOBC
33 IICplIOIta OT pan Ha npCJJXOJJHlISi TpllMCCeLJeH nepuou
51C II() fpJI
6pOH 3KllVlVl C npaBo H3 rJl3C VI TeXHVl51 Jl51Jl OT rJl3COBeTe B 06w TO cb6paHl-le Ha 3KllVlOH pHTt liD
1p~ ihCC IIIOTO
Kbi 30092012 ro - I 482200 6pOH 3Klly1l1 npeflCT3BJlHB3WI-I 100 OT aKlll1lHe c npaBo H8 rJl3C
BCL1Lpfl MeKTyn41-151H OCbll~eCTBHB3 KOHTpO1 BbpXy laquoCnI1LlVl rpyrlraquo )] H npWreK3Ba1iHTI OT Hero aKLIl1f1
6 aH1I1I 3a aKUTe npHTelKaBall1l OT LJJleliOBeTe Aa CbBC a lIa JJllpChOpUTC 113 J]PYiKCCTBOTO 11
pa1 lIa ncpHO a u npOIICJIIlTC nUCTlnUJIII 3a neplfOJJa 01 Kpast na lIpetJxo IIUSl TpUleCeLJCH n pliO
bullbullbull bullbullbull H OTf T 3 AeMHocrr3 tI CnMQM In 0092012 r KOHcomAMp H
CTp 5 OT 6
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT
bullbullbullbullbullbullbullbullbull
ShIll I pmKJelmiddotH151Ta C peaJH13MpaHMTe I1pWXOlM M YBCnllYCI-IMTe OT 0 1 Anp~LI 2012 Ha CIlOBIiMTe
Bblllaq)(1)I(leHM51 C 10
J IcTIllulT eq)eKT e nOJlmlMTeJlCH KaTO HeTH31C1 ne4an6a ce YBeJH1 l laS3 C w3npeBapBall reMn Cnp5lMO npVtXolIHC
C 2jOo laquo(ncll KOpeKW151Ta 3a npOVI51Ha H3 nepMOQa 33 M3nnawaHe Ha nOflbnfIJrr JIHVt Bb3I-WrpmKneHVt51)
np nepVtOla 651xa npe~1npM HI MepKI1 3a OnTVtMM3aUM51 Ha reXHI1 l leCKaTa no Pb)KKCl Ha aBTOMo6~1 HM51 napK
13 PllIT~n H3 KoeTO pa3XO l-I re 3a 313TOll3CTM M nOl pb)lKa Ha aBTOMu6MnM Halan51Xa c 124 131 peKI1
YBCIWICIII1CTO Ha 6p051 aBTOM06MJH1 flPMJ-lOC MMa M W3JH13aHeTO Ha LfaCT OT aBT napKa OT rapaHUMOt-lell ~pOK
Koe I 0 II01BOn51B3 nOnnpb)J(KaTa La ce M1BbpWBa 13 OTopM3HpaHIH cepBMll1 Ha nO-HI-lCKa U Ha K[1KTO 1
33K IIYl3nHeTO Ha 4aCT OT nO-CTapMTe aBTo~06MnM OT cny)KMTCtHTe no nporpaMa BTopa ~IJlaLOCT
up) 1n npM4HHa 3a HaMaJleHMeTO Ha pa3XOlMTe ~a BbHWHM ycnyrM e npMn06MBaHeTO Ha 10 Te)KKOTOBaplllt
aBTolOOl1na C KOMTO npe3 nepMOLa ce M3BbpwBa c06cTBeH TpaHcnopr BMeCTO M1fl n BalleTO lin TpaHC6aJlhm
rpyrr t lO KaTO nonW3nbnHMTen Ta3M rrpOiI51Ha BOQ~I IO HaMa I51BaHe J-la nnawaHM5lTa KbM TpaHC6aJlKaH rp n
o )1-IO 586 X~1Jl JlB 3a JeBeTTe iVIeceU3 H8 2012 r (2427 XMJI nB 3a CMIJI151 nepVtot( Ila 2011) rpaHM4ltlBael)
Ha CbflMeCTHaT1 nei1HocT KopeCnOHilY1pa H C H3iV13neHMe Ha npVtXonY1Te OT TpallCOaJlK3H rpyn 00)] 0 508 X~11
nB (I 304 XMJl JIB 38 CbWI151 nepMon Hn 20 I I)
napa LI-1 yB JlI-1l1aBaHeTO H3 ooeMa npeBO3BaHM npaTKM npe3 Ta3M ronMHa 651xa BeJll1yeHM n IOWI1Te H3
IOIImiddotlcrWIHMTe ueHTpoBe BbB nnOBlMB BapHa ~I B J1MKO TbpHOBO flo-roneMI151T pa111er HaeTM nJlOWM 130 II 0
yB 111yeHl1e H3 pa3XonMTe 33 HaeM C 273 MJI JlB (27) 13 cpaBHellMe C CbWM51 nepl10llia npellxODHaT3 n nHIIH
13 HUlCIIII (h(ilillUf IOUlIIO cu (IClI1IIIIm C(-() ()ulJlamo Ib1-I IOfI() e CbCI(GCI1 dlllllwlcoewl o l1ll I 11 l
B middotWlIL10TO Ha HoeMBpM TCI3M rO1MH3 OCHOBHI151 IOIMCTM4eH UeHTbp 8 C lclH151 CbWO we obne lIpeMeC II B HOBn
nOICIUCHMC nOCTpoeHO cnopea Te1-l0norWIHWJ-e W3MCKBaHM51 Ha CnMllH FAQ Kmo nn lUna UJC 6b1e
yB IItLICH3 OT 12 XMJl M2 H3 38 XI1Jl 12 C TOB3 0 rOJl5IMa CTenCH we 6b e ~nITbIHeHa nporpaMara 110
YBCliiLlilB3He Ha K3n3UHTeTa Ha KOMnaHM51Ta no HMBa nOCTaTb4HM na ce no 1e Be IM4eHMCTO Ha np BOlBaHIITe
npHKM B cpeLHocpOLleH nepl10n
no MHl1ll1laTIIBa Ha OPO 5W04HaX3 nperOBopM 3a ynbmK8BaHe H3 cpOKa Ha LOrOBOpa 1a nap IlbOpCTBO C LlLUC
3 m Lbullbull10 2016 r (HaCT051WM51T QoroBop ~n rWI3 B Kpa51 H3 2013 r) TOBa IIe ane FlblMO)lJ-(OCT Ja npo b DKII
p331311 fllCTO B eJMH HOB CClMeHT CbC lHa LII1Tenel-l npMHOC 3a pbCTa Ha npMXO MTe M peI-lTa6I1J1HOCTTa
RhB (IH1HanHa q)a3a e npoeKTa no MOQemtpaHe Ha npoueCMTe B KOMn3HMflTa KOi1TO CTapTl-ipa npe 2010 f
3aBigtpUlell e npM Hai1-roneMM51 onepal11BeH OTne--l KaTO npenCTo5lT II BbTpeWHI1 0l11 n 11 B OCTaHa-IMTe OTleotll
CIILl KOCTO 13 H34amp10TO Ha cneQBaUJaTa nlDMHa we 6bQC M3BbfHueH M BbHweH 0 liT Tl Ba we OBcltlO
OIIlIT rWIMpaHe H3 npoueC~1Te M nOllLJOp51BaHe Ha eclleKTMBHOCTTa Ha f1CpCOllana
2 KopnopaTHBHH cb6lHHSI
Ha 09 -lai-l 2012 r AneKc-f EOOL M (laB40 KMpMJlOB naHfaJlceB YBenM4aBaT KamrraJla H3 minll
rp II )~ 4pe3 anopT Ha CbOTl3eTHO 368 590 11 118570 OOMKHoBelmiddot-jM nOM~leHHI1 aKIml C lip 130 Ha rlnc C
HO1111IaIHa CTOi1HOCT I (CQMH) JIB BC5lKa eHa OT KanMTana Ha CnMLI-1middotmiddot )] B pe3Y I raT Ha waa CIII1 1-1
P) II f ClaBa eDHonM4eH COOCTBeHMK Ha KanMT3na Ha bullbull nl1nM EA
Ha 101172012 r Cnl1nH rpyn All 13 K34eCTBOTO eM Ha e)JHOnVt4eH COOCTBeHIIK 1Ilt1 bullCtIVt_ M A)l B3(~13
peUICllMe la pallipeilenM KaTO QI1BI-1leHT 100 OT ne4an6aT3 Ha npY)l-(eCTBOTO B pa1~1 r Ha 5 67 -IJlH JlB
Ha (17082012 13 TbproBcKMa perMCTbp e BnMcaH3 npOM51Ha B CbBClbT Hltl )ll1peKTopll re Ira bullCfm 1-1 ALl cue
CClaHlIIle H acLpec Ha ynpaBJleHMe 13 rpan Co(m51 6yJl C3MOKOBCKO woce N2 1 C EVIK 131371780 3anlllcll C
bullbullbull bullbull bullbullbullbullbullbull H OTfe 3 HHO He en M O20 OHcon Mp H
Tp 30
eA bullbullbullbullbullbullbullbull bull bullbullbullbullbullbullbullbullbullbullbullbullbull bullbullbullbull bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
OMIIVlK PC EO0)] EViK 115542285 KaTO LlneH Ha CbBeTa H2l bull p KTOpl-ne H e BnHlaH )]aHltlHJl BaCHil~B
aH IUOB He1aBHCHM 4neH
Ha l~()82012 r B TbPIOBCKH51 perHCTbp e BnHCaH HOB YCTaB cbo6pa3ell ClC 3nnuK 11 aKTQBerC no
npKlal c)HeTO v1y
II Onuca He ua OCHOBHHTe pHCKooe II lIeCHIypHOCTII pell KOIITO e lllnpaBeRO uP eCTBOTO
CflVlDlr An ce CTpeMH ua no ~bp)Ka HHCbK pHCKOB I1poqmn llpe3 no bpiKaHeTo H HI1CKH HI1Ra Hn
qJHHltlIlCOB H onepa ~IBeH neBbpH1)K BHCOKO HHBO Ha onepaTIIBlla ecentcKTHBHOC BbBe)KlalieTO Ha CTpl1KTHII
npaB~l1a H npOL(euypH npH ynpaBneHHeTo Ha ueKHocTTa H tTpor KOliTpO 1 3lt1 T51HOTO CrIl13Ba He
uHBel H(pHUHpaHe lia KnHeHTCKaTa 6a3a H Ha aOCTaB4HUHTe
MwpnWOIO llUlleCKU pLIO
cml)lWmiddot EAD onepHpa Ha TepHTopH51Ta Ha WlJlaTa CTpaHa H o6cny)IltBa KOMnaHHH OT paMI LIHI1 efT0pll OT
HKOHOn1KaTa CboTBeTHO ueKHOCTTil HCl KOil-lnaHH51Ta CHnHO 3aBHCH OT U51nOCTHlHl PbCT Ha HKOHOIHKClra H
OOlJlOro CbCT051HHe Ha 6mHec cpellaT8 6bJlewo CBHBaHe Ha HKOHOMHKaTa 1-1 n Jpe6JlelHleTO 6H oKa3aJ10 HanlCI
BbpX) vlap)l(OBCle Ha ne Llan6a a CHnHO H npOl)bJDKHTenHO 3a6aB51He Ha 6113HeC aKTHBHocna 1O)Ke a JOBe--le 11
ltO lferan1BeH TpeHu B npHxouVlTe L(py)[(eCTBOTO ce crpeMHua MVlHVllvIH3Hpa TO3H PI1CK K3 0 no bp)](a BIIC K~1
HHBltt Ha cI1V1HaHCOBa aBTOHOMHOCT H HenpeKbCHaTO HHBeCTHpa B nOBHwaBaHe Ha elpeHBHOCTT3 KoeTO 1
IIIHU()I51B3 a pa60TH npH peHTaOHnHOCT 3H(lLIHTeJlHO nO-BHCOKa 01 Ta1H Ha KOIIKypeHnrre
Pel- IGTOpHH51T pHCK e CBbp3aH C npHlJalleTO Ha HopMaTHBHH npOMeHH KOVIT ~tl)ral na ea CBup3alHI C
J10n1rIIIlITenHH pa3xouH HnH 01 paHWleHH51 B ueKHOCTTa Ha KOMnaHHHTa KMI ~lOMeIiTa He Ct OYlt1hBa
BlBC)]li1HeTO Ha H3HCKBaHH51 KOHTO fla YTe)H51BaT I1nH ua H3I1CKBa I j~OrrbnllHTeJlHH pa3xouH 3a eKH cn a
I3CWIhH nHXBellH 3aubmKeHH51 Ha CnHlH rALl ca C nnaBaw 111BeH npoueHT FURIBOR 11 O(1)Y160P
bO I neTHO 06wo nOKa4BaHe Ha nHXBeHHTe paBHHwa 6H HMaJlO OTpHuaTeneH ecP KI 1a KOMflaHH5lTa CIIJlIIO
eKCIIltlHHiOHVlCTI14HaTa napVl4Ha nOJlHTHKa Ha BoueWHTe ueHTpanHH 63HKH )lOBe oxa )l0 nOHH)](3BaHe Ha
OCllOBllltTe nVlXBeHH npoueHTH H Bep051THO T 311 HHBa we ce 1arbp)KaT nopan~1 KOCTO B cpeuHocpoLleH nJlaH e
MaIK) Bep051THoua HMa 3HaL1HTenHO leraTHBHO H3MeHeHHe
HaJ XO 0 r npHxouHTe ce reHepHpClT 01 KJlHeHTH no uoroBop CbOTBeTHO yCJljTaT3 ce 3annawa He IIpll
H1131pUJBaHeTO H a nepHouW1HO C BnowaB3HeTO Ha HKOHOivl~IYeCKaTa cVlTyaUH51 pa3lepbT Ila I1pOCpOyelillTe
B3tIaHI151 ce YBenH4H 3Ha LIHTeJlHO PY)I(eCTBOTO e BHeupHno CTaKnHa H CTpora cHCTeMa 3 C Ie eHe Hl
)JbJI)IHfH Ie CYMH 11 cpOKOBeTe 3a noraCHBaHeTO HM H npoue ypa 1a lIeHCTBHe npH HaJlHYHe Ha 3a6aB l-D
nJl a liLa e
Tel()ell(l111 J(f fitlJl1ecuIIle (J KOlllllO CfTHI1H II r)pyJlcecln(J(fIll(f Olll lpyll(ll11fl Ollepllpall
nalaplr Ha nOLueHCKH ycnyrH e cpaBHI1TeJIIiO q)parMeHTHpaH 6P051T KOMnaHHIi perHCTpl1pallH B (PC ca lia
65 lJO no naHHH Ha KPC 3a 20 I I ro 15Te HaK-roneMH KOMnaHHH cj)OpMHpaT 93 OT npllxo ~1Te 01 nOweHCh11
) CI Ill Cml2lIol e nHnep Ha na3apa ClewaH OT EKoHT H 6b IrapCKH nOWH C OTlla--l311eT Ha MOHOnOJla HH
6111 apcKH nUlUH KOHKypeHUH51Ta ce centoKycHpa KbM yHHBepcanHaTa 110weHcKa yc 1)Ia JOhaTO HloIluaTa B
KOH(l onepHpa CnVl H (roneMHTe npaTKH H 06cny)lltBaHeTO Ha KopnOpaTHBl-lH KlI1eHTIl) IltoHKyp HLlHWfa e c IIChla161( HHTeH3I1TeT H OCTaHaflHTe KO~lnaHHVl KOI-ITO ca C H2le1l11i4eH cjJOKyC ca 11taLIHTe HO nO-ilaJIKI1 13 Cpl--lHOCpOlieH nnaH He ce 01laKB3 Bb3HHKBaIICTO Ha CepHO3Ha npOM51Ha B CcPepaT3 Ha eHllOCT lla fl1111(
1l0KOIKOTO oell BHHTe KOHKypel-lTH ca ce HacoLlli IH B upyrH naR3pHH HHWH
III IIlHllOpilaLU Ja ClleJIKU cue co6CTRetll1 HKUHH no Ha IJI 187ll ot T3
Jll )iI-CTBOTO HHMa CKlfOLleHH cuenKH CbC C()6CTBeHH aKuHH
bullbullbullbull bullbullbullbullbullbullbullbullbull MCICC4CH a IotHO TTa emtAM
cp 4 OT 6
bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
IV YlaCTlleTO Ha LJJleHOBeTe Ha CbBenl I-Ia UHpeKTOpHTe B l-prOBCIf1 pyeCTBa KaTO HeorpaHlIICHO
01 rOBopllll CbJlPYIKHHUlf npHTeKaBaHeTO ua nOBele 01 25 113 CTO OT lantlTurla lin pyro pyecTBo
la1U II Y411CTneTO liM B ynpllBJlCFlIICT(l Ha upyrll JlPYKCCTB~l II U KOOllepaUlIlI KaTO npOK pIlCTII
ynplIlllTeJJlI 1IJ111 LJJ1CHOBe Ha CbBeTII
H5IH1 H(CTbnOJlYl npOMeHVI npel nOCJlC~HOTO TpVlMece4V1e AKTyaJlHVI uaHHVI 3( yI()CHI5lT3 13 KaOlHa a Ha Clp)r~1
tp~ jlTCTB3 ca npeLlCTaBeH VI B npocneKT3 H3 tpYJ(eCTBOTO
BbTPElllHA HHltIgtOPMAlIJUl OHIOCIIO 06nOSlTeJlCTU3Ta H3CThOllmi npe3 InTt10TO TpllMcceIIIC
KbM 30092012 r HSlMa tJpyra BbTpewHa IIHltpopMaUHSJ ocoeH oe1fe oOSioeHaTa IOSITO C OT
JlaIClHle 3a aKuHoHepTe npH IneMalleTO Ha HHoeCTIIUIIOHIlO peLUeHlle ornoc1O aKlllIIlTC Hll
n)6III1I1O degJlPYIKecTBo
OOb HHTEAHAllHltIgtOPMAlIH~
I rtlJltp0p1aulISl 3a npOMeHI1Te B ClCTOBOIIHaTa nOJlIITlHa npc) OTleTIUUl nepIlOJJ
H511( I1P0ilCHI-I B C4eTOBOJ]HaTa 110J1HT11Ka Ha CmlJVI LA)] npe3 OTleTHVlH nepVloLl
2 illIltp0IH1aulln 3a HaCTbnllJlI1 npoMcHII R rpynaTa Ha Cnll II AJ]
HH ~ta IlaCl IIVIll~ npoMeH [1 B rpyn3Ta
3 1111ltpopMaUIISl 3a pe3YJlTaTIITC OT 0pnllllnaUHoHHH npOM 1111 8 CUU ll E InpeOOpUJIfWIIC
IjJO(U WOU -0 upy)ceCII1GU 0111 1II0IlUIlICCIUl1O ltPyno onOjJl1l11l1 G-OCI1I 011 Opyc CIIG0110 OwoltC ()()
1((11( 1I1lVlIfCCl1GO ()hlltOCpOItli lI(CCl11l1li npeYCI1lUl-OGfiGUIC itO c)elt-ocI
115Illtl Opr3HI-I3311VlOHHVI npOvleHVI HeynoMeH3TVI B HaCT051WI1H LloKyMeHT
4 C I aHOBHLUC Ha ynpaBHTeJlHHn oprall OTIIOCliO BblMOIKHOCTIITe Ja peaJIIlJaUIISl Ha nyorlll ynHHu
nporllom 3a peJYJlTaTrlTe OT TCKymaTu (~IlHaHCOBa rOJJlIHU
C bBelb Iia IlpeKTOpJne Ha CnVlJlI-I EAll He e ny6Jll1KyB3Jl npOrHO3V1 33 pe3YJ1TanITC npc3 2012 r
5 UIIIII 3a JHluaTa npTelKaB3UlII IIpSlKO lIenpSlKO nali-Mamo 5 lIa COOT L13coneTe B 06LUO 0
Cl6palllle KbM Kpan lIa LbOTBeTIIOTO puleCetc npoMellllTe B npll elKaB311l1H 01 IfUl3Ta rlaCOBC
33 IICplIOIta OT pan Ha npCJJXOJJHlISi TpllMCCeLJeH nepuou
51C II() fpJI
6pOH 3KllVlVl C npaBo H3 rJl3C VI TeXHVl51 Jl51Jl OT rJl3COBeTe B 06w TO cb6paHl-le Ha 3KllVlOH pHTt liD
1p~ ihCC IIIOTO
Kbi 30092012 ro - I 482200 6pOH 3Klly1l1 npeflCT3BJlHB3WI-I 100 OT aKlll1lHe c npaBo H8 rJl3C
BCL1Lpfl MeKTyn41-151H OCbll~eCTBHB3 KOHTpO1 BbpXy laquoCnI1LlVl rpyrlraquo )] H npWreK3Ba1iHTI OT Hero aKLIl1f1
6 aH1I1I 3a aKUTe npHTelKaBall1l OT LJJleliOBeTe Aa CbBC a lIa JJllpChOpUTC 113 J]PYiKCCTBOTO 11
pa1 lIa ncpHO a u npOIICJIIlTC nUCTlnUJIII 3a neplfOJJa 01 Kpast na lIpetJxo IIUSl TpUleCeLJCH n pliO
bullbullbull bullbullbull H OTf T 3 AeMHocrr3 tI CnMQM In 0092012 r KOHcomAMp H
CTp 5 OT 6
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT
eA bullbullbullbullbullbullbullbull bull bullbullbullbullbullbullbullbullbullbullbullbullbull bullbullbullbull bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
OMIIVlK PC EO0)] EViK 115542285 KaTO LlneH Ha CbBeTa H2l bull p KTOpl-ne H e BnHlaH )]aHltlHJl BaCHil~B
aH IUOB He1aBHCHM 4neH
Ha l~()82012 r B TbPIOBCKH51 perHCTbp e BnHCaH HOB YCTaB cbo6pa3ell ClC 3nnuK 11 aKTQBerC no
npKlal c)HeTO v1y
II Onuca He ua OCHOBHHTe pHCKooe II lIeCHIypHOCTII pell KOIITO e lllnpaBeRO uP eCTBOTO
CflVlDlr An ce CTpeMH ua no ~bp)Ka HHCbK pHCKOB I1poqmn llpe3 no bpiKaHeTo H HI1CKH HI1Ra Hn
qJHHltlIlCOB H onepa ~IBeH neBbpH1)K BHCOKO HHBO Ha onepaTIIBlla ecentcKTHBHOC BbBe)KlalieTO Ha CTpl1KTHII
npaB~l1a H npOL(euypH npH ynpaBneHHeTo Ha ueKHocTTa H tTpor KOliTpO 1 3lt1 T51HOTO CrIl13Ba He
uHBel H(pHUHpaHe lia KnHeHTCKaTa 6a3a H Ha aOCTaB4HUHTe
MwpnWOIO llUlleCKU pLIO
cml)lWmiddot EAD onepHpa Ha TepHTopH51Ta Ha WlJlaTa CTpaHa H o6cny)IltBa KOMnaHHH OT paMI LIHI1 efT0pll OT
HKOHOn1KaTa CboTBeTHO ueKHOCTTil HCl KOil-lnaHH51Ta CHnHO 3aBHCH OT U51nOCTHlHl PbCT Ha HKOHOIHKClra H
OOlJlOro CbCT051HHe Ha 6mHec cpellaT8 6bJlewo CBHBaHe Ha HKOHOMHKaTa 1-1 n Jpe6JlelHleTO 6H oKa3aJ10 HanlCI
BbpX) vlap)l(OBCle Ha ne Llan6a a CHnHO H npOl)bJDKHTenHO 3a6aB51He Ha 6113HeC aKTHBHocna 1O)Ke a JOBe--le 11
ltO lferan1BeH TpeHu B npHxouVlTe L(py)[(eCTBOTO ce crpeMHua MVlHVllvIH3Hpa TO3H PI1CK K3 0 no bp)](a BIIC K~1
HHBltt Ha cI1V1HaHCOBa aBTOHOMHOCT H HenpeKbCHaTO HHBeCTHpa B nOBHwaBaHe Ha elpeHBHOCTT3 KoeTO 1
IIIHU()I51B3 a pa60TH npH peHTaOHnHOCT 3H(lLIHTeJlHO nO-BHCOKa 01 Ta1H Ha KOIIKypeHnrre
Pel- IGTOpHH51T pHCK e CBbp3aH C npHlJalleTO Ha HopMaTHBHH npOMeHH KOVIT ~tl)ral na ea CBup3alHI C
J10n1rIIIlITenHH pa3xouH HnH 01 paHWleHH51 B ueKHOCTTa Ha KOMnaHHHTa KMI ~lOMeIiTa He Ct OYlt1hBa
BlBC)]li1HeTO Ha H3HCKBaHH51 KOHTO fla YTe)H51BaT I1nH ua H3I1CKBa I j~OrrbnllHTeJlHH pa3xouH 3a eKH cn a
I3CWIhH nHXBellH 3aubmKeHH51 Ha CnHlH rALl ca C nnaBaw 111BeH npoueHT FURIBOR 11 O(1)Y160P
bO I neTHO 06wo nOKa4BaHe Ha nHXBeHHTe paBHHwa 6H HMaJlO OTpHuaTeneH ecP KI 1a KOMflaHH5lTa CIIJlIIO
eKCIIltlHHiOHVlCTI14HaTa napVl4Ha nOJlHTHKa Ha BoueWHTe ueHTpanHH 63HKH )lOBe oxa )l0 nOHH)](3BaHe Ha
OCllOBllltTe nVlXBeHH npoueHTH H Bep051THO T 311 HHBa we ce 1arbp)KaT nopan~1 KOCTO B cpeuHocpoLleH nJlaH e
MaIK) Bep051THoua HMa 3HaL1HTenHO leraTHBHO H3MeHeHHe
HaJ XO 0 r npHxouHTe ce reHepHpClT 01 KJlHeHTH no uoroBop CbOTBeTHO yCJljTaT3 ce 3annawa He IIpll
H1131pUJBaHeTO H a nepHouW1HO C BnowaB3HeTO Ha HKOHOivl~IYeCKaTa cVlTyaUH51 pa3lepbT Ila I1pOCpOyelillTe
B3tIaHI151 ce YBenH4H 3Ha LIHTeJlHO PY)I(eCTBOTO e BHeupHno CTaKnHa H CTpora cHCTeMa 3 C Ie eHe Hl
)JbJI)IHfH Ie CYMH 11 cpOKOBeTe 3a noraCHBaHeTO HM H npoue ypa 1a lIeHCTBHe npH HaJlHYHe Ha 3a6aB l-D
nJl a liLa e
Tel()ell(l111 J(f fitlJl1ecuIIle (J KOlllllO CfTHI1H II r)pyJlcecln(J(fIll(f Olll lpyll(ll11fl Ollepllpall
nalaplr Ha nOLueHCKH ycnyrH e cpaBHI1TeJIIiO q)parMeHTHpaH 6P051T KOMnaHHIi perHCTpl1pallH B (PC ca lia
65 lJO no naHHH Ha KPC 3a 20 I I ro 15Te HaK-roneMH KOMnaHHH cj)OpMHpaT 93 OT npllxo ~1Te 01 nOweHCh11
) CI Ill Cml2lIol e nHnep Ha na3apa ClewaH OT EKoHT H 6b IrapCKH nOWH C OTlla--l311eT Ha MOHOnOJla HH
6111 apcKH nUlUH KOHKypeHUH51Ta ce centoKycHpa KbM yHHBepcanHaTa 110weHcKa yc 1)Ia JOhaTO HloIluaTa B
KOH(l onepHpa CnVl H (roneMHTe npaTKH H 06cny)lltBaHeTO Ha KopnOpaTHBl-lH KlI1eHTIl) IltoHKyp HLlHWfa e c IIChla161( HHTeH3I1TeT H OCTaHaflHTe KO~lnaHHVl KOI-ITO ca C H2le1l11i4eH cjJOKyC ca 11taLIHTe HO nO-ilaJIKI1 13 Cpl--lHOCpOlieH nnaH He ce 01laKB3 Bb3HHKBaIICTO Ha CepHO3Ha npOM51Ha B CcPepaT3 Ha eHllOCT lla fl1111(
1l0KOIKOTO oell BHHTe KOHKypel-lTH ca ce HacoLlli IH B upyrH naR3pHH HHWH
III IIlHllOpilaLU Ja ClleJIKU cue co6CTRetll1 HKUHH no Ha IJI 187ll ot T3
Jll )iI-CTBOTO HHMa CKlfOLleHH cuenKH CbC C()6CTBeHH aKuHH
bullbullbullbull bullbullbullbullbullbullbullbullbull MCICC4CH a IotHO TTa emtAM
cp 4 OT 6
bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
IV YlaCTlleTO Ha LJJleHOBeTe Ha CbBenl I-Ia UHpeKTOpHTe B l-prOBCIf1 pyeCTBa KaTO HeorpaHlIICHO
01 rOBopllll CbJlPYIKHHUlf npHTeKaBaHeTO ua nOBele 01 25 113 CTO OT lantlTurla lin pyro pyecTBo
la1U II Y411CTneTO liM B ynpllBJlCFlIICT(l Ha upyrll JlPYKCCTB~l II U KOOllepaUlIlI KaTO npOK pIlCTII
ynplIlllTeJJlI 1IJ111 LJJ1CHOBe Ha CbBeTII
H5IH1 H(CTbnOJlYl npOMeHVI npel nOCJlC~HOTO TpVlMece4V1e AKTyaJlHVI uaHHVI 3( yI()CHI5lT3 13 KaOlHa a Ha Clp)r~1
tp~ jlTCTB3 ca npeLlCTaBeH VI B npocneKT3 H3 tpYJ(eCTBOTO
BbTPElllHA HHltIgtOPMAlIJUl OHIOCIIO 06nOSlTeJlCTU3Ta H3CThOllmi npe3 InTt10TO TpllMcceIIIC
KbM 30092012 r HSlMa tJpyra BbTpewHa IIHltpopMaUHSJ ocoeH oe1fe oOSioeHaTa IOSITO C OT
JlaIClHle 3a aKuHoHepTe npH IneMalleTO Ha HHoeCTIIUIIOHIlO peLUeHlle ornoc1O aKlllIIlTC Hll
n)6III1I1O degJlPYIKecTBo
OOb HHTEAHAllHltIgtOPMAlIH~
I rtlJltp0p1aulISl 3a npOMeHI1Te B ClCTOBOIIHaTa nOJlIITlHa npc) OTleTIUUl nepIlOJJ
H511( I1P0ilCHI-I B C4eTOBOJ]HaTa 110J1HT11Ka Ha CmlJVI LA)] npe3 OTleTHVlH nepVloLl
2 illIltp0IH1aulln 3a HaCTbnllJlI1 npoMcHII R rpynaTa Ha Cnll II AJ]
HH ~ta IlaCl IIVIll~ npoMeH [1 B rpyn3Ta
3 1111ltpopMaUIISl 3a pe3YJlTaTIITC OT 0pnllllnaUHoHHH npOM 1111 8 CUU ll E InpeOOpUJIfWIIC
IjJO(U WOU -0 upy)ceCII1GU 0111 1II0IlUIlICCIUl1O ltPyno onOjJl1l11l1 G-OCI1I 011 Opyc CIIG0110 OwoltC ()()
1((11( 1I1lVlIfCCl1GO ()hlltOCpOItli lI(CCl11l1li npeYCI1lUl-OGfiGUIC itO c)elt-ocI
115Illtl Opr3HI-I3311VlOHHVI npOvleHVI HeynoMeH3TVI B HaCT051WI1H LloKyMeHT
4 C I aHOBHLUC Ha ynpaBHTeJlHHn oprall OTIIOCliO BblMOIKHOCTIITe Ja peaJIIlJaUIISl Ha nyorlll ynHHu
nporllom 3a peJYJlTaTrlTe OT TCKymaTu (~IlHaHCOBa rOJJlIHU
C bBelb Iia IlpeKTOpJne Ha CnVlJlI-I EAll He e ny6Jll1KyB3Jl npOrHO3V1 33 pe3YJ1TanITC npc3 2012 r
5 UIIIII 3a JHluaTa npTelKaB3UlII IIpSlKO lIenpSlKO nali-Mamo 5 lIa COOT L13coneTe B 06LUO 0
Cl6palllle KbM Kpan lIa LbOTBeTIIOTO puleCetc npoMellllTe B npll elKaB311l1H 01 IfUl3Ta rlaCOBC
33 IICplIOIta OT pan Ha npCJJXOJJHlISi TpllMCCeLJeH nepuou
51C II() fpJI
6pOH 3KllVlVl C npaBo H3 rJl3C VI TeXHVl51 Jl51Jl OT rJl3COBeTe B 06w TO cb6paHl-le Ha 3KllVlOH pHTt liD
1p~ ihCC IIIOTO
Kbi 30092012 ro - I 482200 6pOH 3Klly1l1 npeflCT3BJlHB3WI-I 100 OT aKlll1lHe c npaBo H8 rJl3C
BCL1Lpfl MeKTyn41-151H OCbll~eCTBHB3 KOHTpO1 BbpXy laquoCnI1LlVl rpyrlraquo )] H npWreK3Ba1iHTI OT Hero aKLIl1f1
6 aH1I1I 3a aKUTe npHTelKaBall1l OT LJJleliOBeTe Aa CbBC a lIa JJllpChOpUTC 113 J]PYiKCCTBOTO 11
pa1 lIa ncpHO a u npOIICJIIlTC nUCTlnUJIII 3a neplfOJJa 01 Kpast na lIpetJxo IIUSl TpUleCeLJCH n pliO
bullbullbull bullbullbull H OTf T 3 AeMHocrr3 tI CnMQM In 0092012 r KOHcomAMp H
CTp 5 OT 6
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT
bullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbullbull
IV YlaCTlleTO Ha LJJleHOBeTe Ha CbBenl I-Ia UHpeKTOpHTe B l-prOBCIf1 pyeCTBa KaTO HeorpaHlIICHO
01 rOBopllll CbJlPYIKHHUlf npHTeKaBaHeTO ua nOBele 01 25 113 CTO OT lantlTurla lin pyro pyecTBo
la1U II Y411CTneTO liM B ynpllBJlCFlIICT(l Ha upyrll JlPYKCCTB~l II U KOOllepaUlIlI KaTO npOK pIlCTII
ynplIlllTeJJlI 1IJ111 LJJ1CHOBe Ha CbBeTII
H5IH1 H(CTbnOJlYl npOMeHVI npel nOCJlC~HOTO TpVlMece4V1e AKTyaJlHVI uaHHVI 3( yI()CHI5lT3 13 KaOlHa a Ha Clp)r~1
tp~ jlTCTB3 ca npeLlCTaBeH VI B npocneKT3 H3 tpYJ(eCTBOTO
BbTPElllHA HHltIgtOPMAlIJUl OHIOCIIO 06nOSlTeJlCTU3Ta H3CThOllmi npe3 InTt10TO TpllMcceIIIC
KbM 30092012 r HSlMa tJpyra BbTpewHa IIHltpopMaUHSJ ocoeH oe1fe oOSioeHaTa IOSITO C OT
JlaIClHle 3a aKuHoHepTe npH IneMalleTO Ha HHoeCTIIUIIOHIlO peLUeHlle ornoc1O aKlllIIlTC Hll
n)6III1I1O degJlPYIKecTBo
OOb HHTEAHAllHltIgtOPMAlIH~
I rtlJltp0p1aulISl 3a npOMeHI1Te B ClCTOBOIIHaTa nOJlIITlHa npc) OTleTIUUl nepIlOJJ
H511( I1P0ilCHI-I B C4eTOBOJ]HaTa 110J1HT11Ka Ha CmlJVI LA)] npe3 OTleTHVlH nepVloLl
2 illIltp0IH1aulln 3a HaCTbnllJlI1 npoMcHII R rpynaTa Ha Cnll II AJ]
HH ~ta IlaCl IIVIll~ npoMeH [1 B rpyn3Ta
3 1111ltpopMaUIISl 3a pe3YJlTaTIITC OT 0pnllllnaUHoHHH npOM 1111 8 CUU ll E InpeOOpUJIfWIIC
IjJO(U WOU -0 upy)ceCII1GU 0111 1II0IlUIlICCIUl1O ltPyno onOjJl1l11l1 G-OCI1I 011 Opyc CIIG0110 OwoltC ()()
1((11( 1I1lVlIfCCl1GO ()hlltOCpOItli lI(CCl11l1li npeYCI1lUl-OGfiGUIC itO c)elt-ocI
115Illtl Opr3HI-I3311VlOHHVI npOvleHVI HeynoMeH3TVI B HaCT051WI1H LloKyMeHT
4 C I aHOBHLUC Ha ynpaBHTeJlHHn oprall OTIIOCliO BblMOIKHOCTIITe Ja peaJIIlJaUIISl Ha nyorlll ynHHu
nporllom 3a peJYJlTaTrlTe OT TCKymaTu (~IlHaHCOBa rOJJlIHU
C bBelb Iia IlpeKTOpJne Ha CnVlJlI-I EAll He e ny6Jll1KyB3Jl npOrHO3V1 33 pe3YJ1TanITC npc3 2012 r
5 UIIIII 3a JHluaTa npTelKaB3UlII IIpSlKO lIenpSlKO nali-Mamo 5 lIa COOT L13coneTe B 06LUO 0
Cl6palllle KbM Kpan lIa LbOTBeTIIOTO puleCetc npoMellllTe B npll elKaB311l1H 01 IfUl3Ta rlaCOBC
33 IICplIOIta OT pan Ha npCJJXOJJHlISi TpllMCCeLJeH nepuou
51C II() fpJI
6pOH 3KllVlVl C npaBo H3 rJl3C VI TeXHVl51 Jl51Jl OT rJl3COBeTe B 06w TO cb6paHl-le Ha 3KllVlOH pHTt liD
1p~ ihCC IIIOTO
Kbi 30092012 ro - I 482200 6pOH 3Klly1l1 npeflCT3BJlHB3WI-I 100 OT aKlll1lHe c npaBo H8 rJl3C
BCL1Lpfl MeKTyn41-151H OCbll~eCTBHB3 KOHTpO1 BbpXy laquoCnI1LlVl rpyrlraquo )] H npWreK3Ba1iHTI OT Hero aKLIl1f1
6 aH1I1I 3a aKUTe npHTelKaBall1l OT LJJleliOBeTe Aa CbBC a lIa JJllpChOpUTC 113 J]PYiKCCTBOTO 11
pa1 lIa ncpHO a u npOIICJIIlTC nUCTlnUJIII 3a neplfOJJa 01 Kpast na lIpetJxo IIUSl TpUleCeLJCH n pliO
bullbullbull bullbullbull H OTf T 3 AeMHocrr3 tI CnMQM In 0092012 r KOHcomAMp H
CTp 5 OT 6
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT
bullbullbullbull bullbullbullbull bullbullbull
KMt 30 CenTeMBpf1 2012 r
nPUJlO61fTII
3TO TpUMec
Ha 2012
II pex BbpJleHU
3ro TIHIMec
Ha2012
IipOH llKUlHl
npllTeltKaBaH
11 npsmo
Iipoll llKUlIlI
npllTeltKa Ballll
lpCJ CIHpJlllfl
mUll
06uIO npSlO
II peJ
CBbpJllltll
JlIIlIl
llslbull OT
1i3 IUlTa a
IIpSlhO II prJ
C8bp 111111 JlIlUll
---shy -B~IPI1 MeKTynlIUIH a a a I 482200 I 482 200 100
LJslel[OlleTe Ha C H5IMaT cneUf1a_1Hf1 npaBa lla npf11106f1 BaT aKl(f1f1 Ha llPY)KeCTBOTO
7 IIIIp0pMaUIIH 3a BHCSlllJH cb))e6HII a IHHHCTpaTJlBHH IHIII llp61ITP3JKHll npOJl3BO))CTBa KaC3eWII
3aLbeHHSl IJlII B3eMaHlU B paJMCp HaU-M3J1KO 10 H3 CTO 01 coocTseHIISl Kanll13J1 Ita CMUTCHTa aKO
0611HITa CTOHHOCT Ha Ja))bilJKeHIUlTa HJlH B3eMaHilSITa ua eMIITCIITa 110 BCIII 06pa3YBalui
npoll JBO CTBa l-ta))XBbpJlSl 10 Ha CTO OT C06CTBCHHSl My KanJlT3J1 CC npejlCTaBSI IIHpopMaumi 3a BCHO
npOIIJBO CTBO nOOT))eJ1HO
HSIIltl Clltl OHf1 11 pyrH npOWlBOllCll(1 Ha IHallf1TeJIII3 CTOHHOCT
8 I-11I$opMaUllSl 3a oTnycHanlTe OT eMHTeHTa lIJ1H OT HCroBO ))bllJepllO pyitCC BO JaCMI
npCllOCTaBSlHe Ha rapaHUllH IfIlll noeMaHe Ha 3aAbJlJKeHHH 061Uo bi e uo JIIIue IIIIU tiC OBO bUepno
upyecTBo B TOBa HCJ10 11 Ha CBbpJ~HIU Jlllua C nOCOllBaHe na xapatTcpa lin B]311~IO()THOWCI-tlUlTa
~leiKIY eMHTCUT3 11 JIIfueTO p33Mcpa Ha UellJnJlaTeHaTa I IaBHlIua f1I1XBCII lIpOUElIT KpaeH CpOK 113
UOnlCgn3He pa3Mep Ha noeTO 3a)lb emlE YCJlOBllSl If CpOK
npel TpeTOTO Tpf1MeCellf1e Ha 2012 f CBbp3HHwre Jlf1la ca f13nJlaTf1JlII Iia CnHnH EAn 3aeMf1 B pa3Mep H3 2 170 XHI lCB KoeTO BOllYl llO HaMaJleHf1e Ha npellOCTaBeHf1Te 3aeMf1 KbM cBbp3aHf1 JIf1ua C 386
10 060pOTeH
06UJO 3AEM~ 3445
rIOC()lI~HYlTe 1f1l(a 3aellHO CbC Cmllf1 EAJJ ce KOHTpOJlf1paT OT Ballep MeKTyn LIYl5lH 3ae~llrre -a
Hec ocmiddotmelleHf1
9 I1Il$OpM3UIl9 33 CKJlI01leHIf rOJICMII C)le IKlI MeiKUy CBbpJ3HII JI~lua
I fpel JlbpBf1Te lleseT MeCel(a Ha 20 j 2 f H5IMa CKJlfQ4el-lH CneJlKf1 CbC CB1p3aHf1 Jl~ll(a CbC -IHa4HTe H pal~lep H
1fJ111 TaKf1B3 KOHTO lla ca nOBJlf1H1H Cbl1~eCTReHO Ha CPf1H3HCOBOTO CbCT05lHf1e f1Jlf1 pe3YJlTaTf1Te OT neHHoclTa WI
uP) it CTBOTO npe3 OT4eTHf151 nepf10X
1-15I~la CK1fQlIeHf1e cueJlKf1 CbC CWbp3aHYl Jlf1l(a KOf1TO H3DlnaT f13BbH 06f1l1aMHaTa eHIlOCT H H CbLlleCTBeHO a
ce 0 11)10H5IBaT OT na3apHf1Te YCJlOBf1gt1
KpaCf1~Hlp TaXLfYleB BanepH MeKTynYf151H
lf1 pc 1-1 ~p a Bplgt3Kf1 C f1IBeCTf1TOpHTe vl3nbJIII f1Te~ eH
bullbullbullbullbullbull Ia A Hoerr H en AH K1o 00 20 2 r I(OHCOnl4
cwp OT