2 Ɉɝɥɚɜɥɟɧɢɟ. ǜDZdzȊǸDZ ǻǼǺDZǶǾǬ. ..........................................................................................................................3 ǝǿǾȈ ǻǼǺDZǶǾǬ ..................................................................................................................................3 ǝǾǺǴǸǺǽǾȈ ǻǼǺDZǶǾǬ .......................................................................................................................4 ǝǻǴǽǺǶ ȉǾǬǻǺǮ ǴǹǮDZǽǾǴȂǴǺǹǹǺǯǺ ǻǷǬǹǬ ..................................................................................4 ǔǹǮDZǽǾǴȂǴǺǹǹȇDZ dzǬǾǼǬǾȇ (Ǽǿǭ.)................................................................................................4 ǠǴǹǬǹǽǺǮȇDZ ǻǼǺǯǹǺdzȇ ǻǼǺDZǶǾǬ...............................................................................................9 ǛǺǽǾǿǻǷDZǹǴȋ ǺǾ ǻǼǺǰǬDz Ǵ ǭǬǷǬǹǽ ǹǬǷǴȃǹǺǽǾǴ ........................................................................9 ǛǺǽǾǿǻǷDZǹǴȋ ǺǾ ǻǼǺǰǬDz ǻǺ ǮǴǰǬǸ ǰDZȋǾDZǷȈǹǺǽǾǴ ....................................................................9 ǘǬǼǶDZǾǴǹǯǺǮȇǵ ǬǹǬǷǴdz ............................................................................................................ 12 ǞDZǹǰDZǹȂǴǴ ǼǬdzǮǴǾǴȋ ǺǾǼǬǽǷǴ.................................................................................................. 12 ǛǺǾDZǹȂǴǬǷȈǹȇǵ ǺǭȆDZǸ ǼȇǹǶǬ. ............................................................................................... 12 ǚǽǹǺǮǹȇDZ ǸDZǾǺǰȇ ǻǼǺǰǮǴDzDZǹǴȋ ........................................................................................... 13 ǜDZǵǾǴǹǯ ȉȀȀDZǶǾǴǮǹǺǽǾǴ ǼDZǶǷǬǸȇ ......................................................................................... 14 SWOT-ǬǹǬǷǴdz ǺȀǾǬǷȈǸǺǷǺǯǴȃDZǽǶǺǵ ǶǷǴǹǴǶǴ....................................................................... 15 ǎȇǮǺǰȇ ........................................................................................................................................ 17 ǛǷǬǹ ǻǼǺǰǬDz .............................................................................................................................. 18 ǔǽȁǺǰǹȇDZ ǰǬǹǹȇDZ ...................................................................................................................... 20 ǠǴǹǬǹǽǺǮȇǵ ǻǷǬǹ...................................................................................................................... 22 ǢDZǹȇ ǻǼǺǰǬDz Ǯ ǾDZȃDZǹǴDZ ǻǼǺDZǶǾǬ (Ǽǿǭ.) ................................................................................ 22 ǚǭȆDZǸ ǻǼǺǰǬDz (DZǰ.) ................................................................................................................... 23 ǛǺǽǾǿǻǷDZǹǴȋ ǺǾ ǻǼǺǰǬDz (Ǽǿǭ.).................................................................................................. 24 ǚǭȅǴDZ ǴdzǰDZǼDzǶǴ (Ǽǿǭ.)............................................................................................................ 25 ǓǬǾǼǬǾȇ ǹǬ ǻDZǼǽǺǹǬǷ (Ǽǿǭ.) ..................................................................................................... 26 ǙǬǷǺǯǺǮȇDZ ǮȇǻǷǬǾȇ (Ǽǿǭ.) ....................................................................................................... 27 ǛǼǴǭȇǷǴ ǿǭȇǾǶǴ (Ǽǿǭ.).............................................................................................................. 28 Cash flow (Ǽǿǭ.).......................................................................................................................... 30 ǞǺȃǶǬ ǭDZdzǿǭȇǾǺȃǹǺǽǾǴ .............................................................................................................. 33 ǏǼǬȀǴǶǴ ǾǺȃǶǴ ǭDZdzǿǭȇǾǺȃǹǺǽǾǴ Ǵ ǻǺǽǾǿǻǷDZǹǴǵ ǺǾ ǻǼǺǰǬDz ............................................. 34 ǓǬǻǬǽ ȀǴǹǬǹǽǺǮǺǵ ǻǼǺȃǹǺǽǾǴ ................................................................................................ 34
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