2011
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- The legislation of the Great Britain






09.09.2008 N 70 " ()"

2011

<< | <<<

. 4

| .1 | .2 | .3 | .4

2                                         x   
+---+--------------------------------------+---------+----+----+---+----+------+
3                                                   
+---+--------------------------------------+---------+----+----+---+----+------+
4                                                    
+---+--------------------------------------+---------+----+----+---+----+------+
5                                               
+---+--------------------------------------+---------+----+----+---+----+------+
6                                               
+---+--------------------------------------+---------+----+----+---+----+------+
7                                                    
+---+--------------------------------------+---------+----+----+---+----+------+
8                                               
+---+--------------------------------------+---------+----+----+---+----+------+
9                                           
   (. 6 + . 7 + . 8)                                          
+---+--------------------------------------+---------+----+----+---+----+------+
10                                         x   
+---+--------------------------------------+---------+----+----+---+----+------+
11                                    
                                                              
+---+--------------------------------------+---------+----+----+---+----+------+
   II.   ,                              
                                                       
+---+--------------------------------------+---------+----+----+---+----+------+
12   ,                                     
+---+--------------------------------------+---------+----+----+---+----+------+
13                                            
+---+--------------------------------------+---------+----+----+---+----+------+
14                                    
+---+--------------------------------------+---------+----+----+---+----+------+
15                                              
+---+--------------------------------------+---------+----+----+---+----+------+
16                                    
+---+--------------------------------------+---------+----+----+---+----+------+
17                                          
   (. 15 + . 16)                                                 
+---+--------------------------------------+---------+----+----+---+----+------+
18                                             
+---+--------------------------------------+---------+----+----+---+----+------+
19                                    
                                                              
+---+--------------------------------------+---------+----+----+---+----+------+
   III.                                 
+---+--------------------------------------+---------+----+----+---+----+------+
20                                          
     ()                                  
+---+--------------------------------------+---------+----+----+---+----+------+
21                                        
   ,                                                     
   ( . 9, 17  20)                                             
+---+--------------------------------------+---------+----+----+---+----+------+
22                                        
                                                     
   (. 11 + . 19)                                                 
----+--------------------------------------+---------+----+----+---+----+-------

     .          , 
              
 .

21


()


                   ,   

( ) --------+--------------------------+---------+------+-------+------------------ N - / , , () +----+---T----+---+ 1 2 ... t +-------+--------------------------+---------+------+-------+----+---+----+---+ 1 : +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.1 +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.2 , () (. 1.2.1 - . 1.2.2) +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.2.1 (. 3 . 12) +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.2.2 +-------+--------------------------+---------+------+-------+----+---+----+---+ : 1.2.2.1 (. 8 . 13 + . 6 . 14) +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.2.2.2 - , +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.2.2.3 () , , - +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.3 () +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.4 () +-------+--------------------------+---------+------+-------+----+---+----+---+ 1.5 , , , +-------+--------------------------+---------+------+-------+----+---+----+---+ 2 (): +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.1 +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.2 +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.3 +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.4 , () +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.5 () +-------+--------------------------+---------+------+-------+----+---+----+---+ 2.6 , , , () +-------+--------------------------+---------+------+-------+----+---+----+---+ 3 : +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.1 +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.2 ( ) () +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.3 +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.4 +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.5 +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.6 , +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.7 () +-------+--------------------------+---------+------+-------+----+---+----+---+ 3.8 , , , +-------+--------------------------+---------+------+-------+----+---+----+---+ 4 , (. 1.5 + . 2.6 + . 3.8) --------+--------------------------+---------+------+-------+----+---+----+----

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            ,   , 
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      .

22


()


                          

( ) ----+----------------------------------------------+-------+------------------ N / () +---+----T----+---+ 1 2 ... t +---+----------------------------------------------+-------+---+----+----+---+ 1 (. 2 . 12) +---+----------------------------------------------+-------+---+----+----+---+ 2 , , , (. 1.5 . 21) +---+----------------------------------------------+-------+---+----+----+---+ 3 ( , ) (. 1 - . 2) +---+----------------------------------------------+-------+---+----+----+---+ 3.1: +---+----------------------------------------------+-------+---+----+----+---+ 4 - (. 2.1 . 17) +---+----------------------------------------------+-------+---+----+----+---+ 5 () (. 3 - . 4) +---+----------------------------------------------+-------+---+----+----+---+ 6 - (. 2.2 . 17) +---+----------------------------------------------+-------+---+----+----+---+ 7 () (. 3 - . 4 - . 6) +---+----------------------------------------------+-------+---+----+----+---+ 8 () +---+----------------------------------------------+-------+---+----+----+---+ 9 () +---+----------------------------------------------+-------+---+----+----+---+ 10 () (. 7 + . 8 + . 9) +---+----------------------------------------------+-------+---+----+----+---+ 11 (. 2.2 . 21) +---+----------------------------------------------+-------+---+----+----+---+ 12 (. 2.6 . 21 - . 2.2 . 21) +---+----------------------------------------------+-------+---+----+----+---+ 13 +---+----------------------------------------------+-------+---+----+----+---+ 14 (. 10 - . 11 - . 12 - . 13) +---+----------------------------------------------+-------+---+----+----+---+ 15 ( 14): ----+----------------------------------------------+-------+---+----+----+----

     .        
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23


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( )

------+------------------------------------------------+--------+-----------------
                                                                   
  N                                    
 /                                                   +----+----T---T--+
                                                              1   2  ...t 
+-----+------------------------------------------------+--------+----+----+---+--+
                    I.  ()                       
+------+-----------------------------------------------+--------+----T----+---T--+
1.1   :                                                             
+------+-----------------------------------------------+--------+----+----+---+--+
1.1.1                                         
      (. 1 . 22)                                                   
+------+-----------------------------------------------+--------+----+----+---+--+
1.1.2                                     
      (. 2.8 . 18)                                                 
+------+-----------------------------------------------+--------+----+----+---+--+
1.1.3     ()                        
       ()                                              
+------+-----------------------------------------------+--------+----+----+---+--+
1.1.4                                  
      ()                                          
      (  1.1.1 - 1.1.3)                                         
+------+-----------------------------------------------+--------+----+----+---+--+
1.2   :                                                              
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.1                            
      (  ) (. 1 . 17 -                         
      . 1.4 . 17)                                                  
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.2  (. 1.1 . 21)                                          
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.3     ,                         
       - ,                       
                                                                  
      (. 1.2.2.1 . 21 + . 1.2.2.2 . 21)                     
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.4 ,    ( )                      
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.5                               
      (. 1.3 . 21)                                                 
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.6  ,   ,                       
       (. 1.4 . 21)                                         
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.7 ,   ,                              
       () (. 2.6 . 21)                               
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.8                                       
      (. 13 . 22)                                                  
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.9    (. 1.10 . 18)                      
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.10                                  
      ()                                                           
+------+-----------------------------------------------+--------+----+----+---+--+
1.2.11                                  
      ()                                          
      (  1.2.1 - 1.2.10)                                        
+------+-----------------------------------------------+--------+----+----+---+--+
1.3                                   
      ()                                          
      (. 1.1.4 - 1.2.11)                                               
+------+-----------------------------------------------+--------+----+----+---+--+
                         II.                          
+------+-----------------------------------------------+--------+----T----+---T--+
2.1   :                                                             
+------+-----------------------------------------------+--------+----+----+---+--+
2.1.1                               
                                      
+------+-----------------------------------------------+--------+----+----+---+--+
2.1.2                             
      ()                                                           
+------+-----------------------------------------------+--------+----+----+---+--+
2.1.3                           
       (. 2.1.1 + . 2.1.2)                              
+------+-----------------------------------------------+--------+----+----+---+--+
2.2   :                                                              
+------+-----------------------------------------------+--------+----+----+---+--+
2.2.1     (. 2 . 19)                       
+------+-----------------------------------------------+--------+----+----+---+--+
2.2.2 ,                         
       (. 3 . 19)                                            
+------+-----------------------------------------------+--------+----+----+---+--+
2.2.3                                       
+------+-----------------------------------------------+--------+----+----+---+--+
2.2.4                            
      ()                                                           
+------+-----------------------------------------------+--------+----+----+---+--+
2.2.5                            
       (  2.2.1 - 2.2.4)                            
+------+-----------------------------------------------+--------+----+----+---+--+
2.3                                          
                                                
      (. 2.1.3 - 2.2.5)                                                
+------+-----------------------------------------------+--------+----+----+---+--+
                           III.                           
+------+-----------------------------------------------+--------+----T----+---T--+
3.1   :                                                             
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.1                          
      ()                                                           
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.2                                
      (. 7 . 19)                                                   
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.3                           
      ,                               
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.4  ,                                         
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.5                             
         (. 22 . 20)                         
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.6   ()                                          
+------+-----------------------------------------------+--------+----+----+---+--+
3.1.7                               
       (  3.1.1 - 3.1.6)                            
+------+-----------------------------------------------+--------+----+----+---+--+
3.2   :                                                              
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.1                                
      ,    (. 6 . 20)                       
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.2     ,                       
         (. 7 . 20)                                 
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.3                                
      ,    (. 8 . 20)                       
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.4                                
       ,                                        
      (. 15 . 20)                                                  
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.5                                  
        ,                           
      (. 16 . 20)                                                  
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.6.                             
       (. 20 . 20)                                      
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.7   ,                             
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.8                                                    
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.9                           
      ()                                                           
+------+-----------------------------------------------+--------+----+----+---+--+
3.2.10                               
       (  3.2.1 - 3.2.9)                            
+------+-----------------------------------------------+--------+----+----+---+--+
3.3                                
       (. 3.1.7 - . 3.2.10)                             
+------+-----------------------------------------------+--------+----+----+---+--+
 4                                   
       (  1.1.4, 2.1.3  3.1.7)                     
+------+-----------------------------------------------+--------+----+----+---+--+
 5                                    
                                                              
      (  1.2.11, 2.2.5  3.2.10)                                
+------+-----------------------------------------------+--------+----+----+---+--+
 6     ()                                    
      (. 4 - . 5)                                                   
+------+-----------------------------------------------+--------+----+----+---+--+
 7      ()                             
       ( . 6)                                                 
-------+-----------------------------------------------+--------+----+----+---+---

     .   ,            
               ()     
(),    .
              
        .

24


()


               -   

( ) ----+-------------------------------------+--------+--------+--------------------- N / +-----+----T-----+---+ 1 2 ... t () () +---+-------------------------------------+--------+--------+-----+----+-----+---+ +---+-------------------------------------+--------+--------+-----+----+-----+---+ I +-------------------------------------+--------+--------+-----+----+-----+---+ I +---+-------------------------------------+--------+--------+-----+----+-----+---+ II +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ , , +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ II +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +---+-------------------------------------+--------+--------+-----+----+-----+---+ III +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ () +-------------------------------------+--------+--------+-----+----+-----+---+ () ( ) +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ III +---+-------------------------------------+--------+--------+-----+----+-----+---+ IV (, ) +---+-------------------------------------+--------+--------+-----+----+-----+---+ V +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ () +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ +-------------------------------------+--------+--------+-----+----+-----+---+ V +-------------------------------------+--------+--------+-----+----+-----+---+ ----+-------------------------------------+--------+--------+-----+----+-----+----

     .         -     
            
.

25


()



--------------------------------+------------------------------------------
                       
+-------------------------------+-----------------------------------------+
              
                       (Capital Asset Pricing Model - )     
                                            
                               (Build-up Approach)                      
+-------------------------------+-----------------------------------------+
               
                               (Weighted Average Cost of Capital - WACC)
--------------------------------+------------------------------------------

26


()


                    
                  


-----------------------------------+---------------+-------------+--------------
                                                
                                                    
                                  +-----+----T----+---+----T----+----+----T---+
                                  0,15 0,3 0,7 0,9 1  1,251,5 1,75 2 
+----------------------------------+-----+----+----+---+----+----+----+----+---+
-                                    
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                       
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                          
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                               
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                            
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                            
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                        
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                           
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                   
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                         
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                     
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                        
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                         
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                          
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                 
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                 
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                 
                                                     
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                          
                                                  
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                               
+----------------------------------+-----+----+----+---+----+----+----+----+---+
  (                                      
 )                                               
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                   
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                         
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                
(  )                                         
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                             
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                                              
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                        
+----------------------------------+-----+----+----+---+----+----+----+----+---+
 -                                          
                                                             
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                       
                                                                
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                          
                                                             
+----------------------------------+-----+----+----+---+----+----+----+----+---+
                                           
                                          
-----------------------------------+-----+----+----+---+----+----+----+----+----

     .             
           
       .

27


()



-----------------------------------------+---------------------------------
   (                
               )                                                
+----------------------------------------+--------------------------------+
 75  100%                                          1                
+----------------------------------------+--------------------------------+
 50% + 1   75% - 1                      0,9               
+----------------------------------------+--------------------------------+
 25% + 1   50%                               0,8               
+----------------------------------------+--------------------------------+
 10  25%                                          0,7               
+----------------------------------------+--------------------------------+
 1   10% - 1                            0,6               
-----------------------------------------+---------------------------------

28


()


,

----+-----------------------------+----------------------------+-------------------
 N                                                                            
/                                    
                                                                              
+---+-----------------------------+----------------------------+------------------+
                                                                          
+---+-----------------------------+----------------------------+------------------+
1          ,           
                                             
                                                                       
+---+-----------------------------+----------------------------+------------------+
2                   
                                         
+---+-----------------------------+----------------------------+------------------+
3        
                                                              
+---+-----------------------------+----------------------------+------------------+
4                             = 0 - 0,12    
                                                        
                                                              
+---+-----------------------------+----------------------------+------------------+
5               = 0 - 1,00    
    ..                                                            
+---+-----------------------------+----------------------------+------------------+
                                                                       
+---+-----------------------------+----------------------------+------------------+
6                 
                                           
                                                      
                                                                  
+---+-----------------------------+----------------------------+------------------+
7                   : 0 - 0,74  
                         :         
                                                 0 - 0,72          
+---+-----------------------------+----------------------------+------------------+
8                        
                                                        
                                                                   
+---+-----------------------------+----------------------------+------------------+
9          ,     
                                                        
                                                                       
+---+-----------------------------+----------------------------+------------------+
10 -                                
                                                     
                                :                                  
                                +----------------------------+------------------+
                                     = 0,003        
                                                                             
                                +----------------------------+------------------+
                                     = 0,009        
                                                                             
                                +----------------------------+------------------+
                                          = 0,036 - 0,257
                                                                             
                                +----------------------------+------------------+
                                                   = 1,000        
                                                                             
+---+-----------------------------+----------------------------+------------------+
11                         
                                  
                                                                   
+---+-----------------------------+----------------------------+------------------+
12             = 0,020 - 0,036
                                                                        
                                +----------------------------+------------------+
                                         
                                                                   
+---+-----------------------------+----------------------------+------------------+
13                                          
                                                          
                                 :                               
                                +----------------------------+------------------+
                                     = 0,003        
                                                                             
                                +----------------------------+------------------+
                                     = 0,009        
                                                                             
                                +----------------------------+------------------+
                                         
                                        
                                          
                                                                         
+---+-----------------------------+----------------------------+------------------+
14                        
                                                    
+---+-----------------------------+----------------------------+------------------+
15  " "               
                                                        
                                                                   
+---+-----------------------------+----------------------------+------------------+
16                
                                             
                                                                   
----+-----------------------------+----------------------------+-------------------

     .            
  (  ,    ,
  ,   .).
               
(,   .).
        ,      
         ,    
     .

| .1 | .2 | .3 | .4

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