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Ar`its V`ro`j V`imc Russo`
O`i J`aum Eormborh L`i`amlmit
Dntdbmr 2608
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 2
Eormborh L`i`amlmit CCN os b`smh oi Imw _drk Noty`ih, tjrduaj
`eeoco`tms, l`oit`ois rmprmsmit`tovm
deeonms oi Mstdio` `ih Cotju`io`
Qm l`i`am `pprdxol`tmcy ]^$0.6 boc codioi tmi Mlmraoia L`rkmts
euihs oincuhoia sox pdrtedcod euihs, tjrmmprov`tm mquoty euihs `ih
dim jybroh
Eormborh j`s ` tr`nk rmndrh de 26 ym`rs `ih proinop`cs J`rvmy
^`wokoi `ih O`i J`aum `rm `ldia tjm emwM`stmri Murdpm ednusmh
l`i`amrs tj`t j`vm oivmstmh oi tjm rmaodi dvmr smvmr`c oivmstlmit
nyncms
@cw`ys ncdsm td rmaodi`c l`rkmts, Eormborh l`i`amrs `ih `i`cysts
jdch =66+ ndlp`iy lmmtoias pmr ym`r,
`ih, oincuhoia dur @lbmr prov`tm mquoty GU, smrvm di 06 Bd`rhs
de Hormntdrs de tjm euihs' pdrtedcod ndlp`ioms
Eormborh euihs j`vm nrm`tmh dvmr ]^$0.= boc codide v`cum dvmr
tjm ym`rs, `ih hostrobutmh dvmr ]^$2.: boc codib`nk td dur
oivmstdrs**
Eormborh os `i ^MN rmaostmrmh Oivmstlmit @hvosdr
Eormborh j`s ` st`bcm oivmstdr b`sm wotj cdia-tmrl dromit`todi.
Oivmstdrs `rm l`oicy JIQ oihovohu`cs, e`locydeeonms, pmisodi euihs;
Vroinop`cs nurrmitcy dwi dvmr >6% de smvmr`c Eormborh euihs
Eormborh L`i`amlmit
V`st pmredrl `inm l`y idt bm oihon`tovm de euturm rmsucts ** s
de Hmnmlbmr >0, 260>
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am >
^bmrb`ik Oivmstlmit N`sm
^ystmlon oi ` addh w`y7 Xdd Boa td bm Lmssmh Qotj
Vcmity de ardwtj dppdrtuioty7 Hmspotm bmoia :tj boaamst
mndidly
oi tjm wdrch, Russo` os stocc rmc`tovmcy uihmrhmvmcdpmh
b`ikoia
mivordilmit.
^olpcm `ih Vrdeot`bcm7 ^ust`oi`bcm ndlpmtotovm `hv`it`am
ndloia
erdl tjm s`em j`vmi st`tus
Njm`p7 ^`intodi oispormh smcc-dee nrm`tmh ` uioqum buyoia
dppdrtuioty
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 8
^bmrb`ik ^ystmlon Vdsotodi
Qotj 8=%+ hmpdsot l`rkmt sj`rm,
ndlp`iy rmhmeoims Xdd Boa td E`oc
Rui `s ` ndllmrno`c oistotutodi, idt `i
oistrulmit de tjm st`tm
]imndidlon cd`is `rm kmpt td `
loiolul (m.a. Dcylpons)
^`em j`vmi oi tolms de nrosos
nustdlmr hmpdsots ecdw erdl roskomr
oistotutodis
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am =
^bmrb`ik L`nrd Ardwtj Dppdrtuioty
Russo` os :tjboaamst mndidly oi tjm wdrch
B`ikoia ^mntdr os stocc vmry lunj uihmr-
pmimtr`tmh by acdb`c `ih rmaodi`c st`ih`rhs
Cdw cmvmc de cmvmr`am oi tjm systml wotj
ndlboimh jdusmjdch ih advmrilmit hmbt t
`rduih >6% de AHV
^mntdr os prol`rocy hdlmston`ccy euihmh wotj
Cd`i/Hmpdsot r`tod de dicy 026
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 5
^bmrb`ik ^olpcm, ^`em `ih Vrdeot`bcm
^ust`oi`bcm jostdron`c RDM de 26%+ ndloia
erdl joaj imt oitmrmst l`raoi (=%+)
N`pot`cozmh wmcc `bdvm i`todi`c `ih B`smc
rmquormlmits
L`kms ldimy tjrduaj cmihoia `ntovoty idt
hmrov`tovm tr`hoia
Q`s `bcm td st`y prdeot`bcm mvmi oi 266? wjmi
Russo`i mndidly nditr`ntmh by :%
Imt Vrdeot armw by 286% soinm 2661
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 1
^bmrb`ik - Njm`p
Xr`hoia `t 6.1x BU `ih 2608 V/M de 8.5x
Ardwoia `t 06-0=% pmr ym`r
=% hovohmih yomch
^durnm7 Bcddlbmra
B`iks `rm r`ikmh di 2608 Mstol`tmh RDM luctopcomh by 2608
cd`i
ardwtj r`tm hovohmih by V/B `s de 06/01/2608
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am :
Ldsndw Mxnj`iam Oivmstlmit N`sm
^ust`oi`bcm ndlpmtotovm `hv`it`am
Cdia-tmrl ardwtj prdspmnts
Addh Ndrpdr`tm advmri`inm
]ihml`ihoia U`cu`todi
http://moex.com/en/
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am ?
Ldsndw Mxnj`iam Ndlpmtotovm @hv`it`ams
Imtwdrkoia meemnts (buymrs `ttr`nt smccmrs `ih vosm vmrs`)
^n`cm `ih meeonominoms nmlmit oinulbmits pdsotodi
]iolp`ormh mndidlons `ih ldidpdcoston pronoia pdwmr; id
rmauc`tdry
pusj td hosoitmrlmho`tm
Xjm Nmitr`c B`ik de Russo`, LDMZ rmauc`tdr, sj`rmjdchmr `ih boa
ncomit,
l`ih`tms tj`t nmrt`oi Ex, hmrov`tovms `ih eoxmh oindlm
tr`is`ntodis t`km
pc`nm di mxnj`iam
Oi mvmrydim's oitmrmst td kmmp LDMZ euintodioia, e`or `ih
ncm`i
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 06
Ldsndw Mxnj`iam - Ardwtj
^mnuc`r ardwtj
Cdw b`sm - Russo`s L`rkmt N`p td AHV os ~ >=%, ots ` er`ntodi
de hmvmcdpmh wdrchs,`ih tr`ocs tj`t de pmmr BRONs
Cma`c er`lmwdrk oi pc`nm7 0= ym`rs+ oi tjm l`koia, mi`bcms X+2
tr`hoia; hormnt `nnmssedr bdih `ih idw mquoty tr`hoia vo` Murdncm`r
`ih Ncm`rstm`l
OVDs/^VDs de Russo`i ossumrs (hdubcm-costoias bmndloia
ndlldi/mindur`amh)
^t`tm Vrov`toz`todis7 LDMZ popmcoim mstol`tmh `t $06 bci + oi
imxt > yrs.
Vdsotovm olp`nt di vdculms erdl nj`iam oi pmisodi euih rucms `ih
t`x oinmitovms edroihovohu`c nnduits
Oitmar`tmh Busoimss ldhmc
@nnmss `nrdss smnurotoms l`rkmts7 Mquotoms, Bdihs, Ex,
Hmrov`tovms
^mrvonms up / hdwi v`cum nj`oi7 Xr`hoia, ^mttcmlmit, H`t`,
@i`cytons
Cdw j`iaoia eruot dppdrtuiotoms oi `i`cytons `ih h`t`
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 00
Ldsndw Mxnj`iam - U`cu`todi
]ihml`ihoia U`cu`todi
Edrw`rh 2608m V/M ~06x `ih ENE _omch ~ ?.6%
Hovohmih yomch =%+ di 2608M, =6% p`ydut b`smh di OER^
eoi`ino`cs
Olpcomh ~ 86% hosnduit td pmmrs tj`t c`nk s`lm ardwtj hrovmrs,
e`nm oinrm`soiandlpmtotodi erdl ctmri`tovm tr`hoia pc`tedrls ih
brdkmr-hm`cmr h`rk pddcs
Addh ndrpdr`tm advmri`inm
edrlmr Eoi`inm Loiostmr Kuhroi os nj`orl`i de supmrvosdry
bd`rh
Ndlpmtmit mxmnutovms, tmnjion`ccy s`vvy dpmr`toia l`i`amrs
Dvmr =6% de sj`rms oi ermm-ecd`t (r`roty `ldia Russo`i
ndlp`ioms)
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 02
Hosnc`olmr & Ndit`nt
XJM OIEDRL@XODI NDIX@OIMH OI XJO^ VRM^MIX@XODI Q@^ DBX@OIMH ERDL
^D]RNM^ QM BMCOMUM XD BM
RMCO@BCM. JDQMUMR, ID RMVRM^MIX@XODI DR Q@RR@IX_ O^ AOUMI @^ XD
XJM NDLVCMXMIM^^ DR@NN]R@N_ DE @I_ OIEDRL@XODI NDIX@OIMH QOXJOI
XJO^ VRM^MIX@XODI. DVOIODI^ MZVRM^^MH JMRMOI
@RM ^]BGMNX XD NJ@IAM QOXJD]X IDXONM. XJO^ VRM^MIX@XODI HDM^ IDX
NDI^XOX]XM @I DEEMR XD
^MCC, DR @ ^DCONOX@XODI DE @I DEEMR XD B]_, @I_ OIUM^XLMIX OI
@I_ EORMBORH E]IH, IDR ^JD]CH OX
BM NDI^XR]MH XD NDI^XOX]XM OIUM^XLMIX @HUONM. @I_ ^]NJ DEEMR
^J@CC DIC_ BM L@HM V]R^]@IX
XD @ HMEOIOXOUM VROU@XM VC@NMLMIX LMLDR@IH]L EDR XJM RMCMU@IX
E]IH NDIX@OIOIA LDRM
HMX@OCMH OIEDRL@XODI @BD]X XJM XMRL^, ND^X^ @IH RO^K^ DE
OIUM^XOIA. JMHAM E]IH^ @RM
^VMN]C@XOUM @IH OIUDCUM ^OAIOEON@IX RO^K^. V@^X OIUM^XLMIX
RM^]CX^ L@_ IDX BM OIHON@XOUM
DE E]X]RM RM^]CX^.
XJO^ VRM^MIX@XODI O^ OIXMIHMH MZNC]^OUMC_ EDR XJM VMR^DI XD QJDL
OX J@^ BMMI HMCOUMRMH B_
EORMBORH L@I@AMLMIX CCN, @IH O^ IDX XD BM RMVRDH]NMH DR
RMHO^XROB]XMH XD @I_ DXJMR VMR^DI
QOXJD]X XJM VRODR NDI^MIX DE EORMBORH L@I@AMLMIX CCN.
@HHOXODI@C L@XMRO@C^ @U@OC@BCM ]VDI RMP]M^X
Eormborh L`i`amlmit CCN
0=2 Qmst =1tj ^trmmt, 28tj ecddr, Imw _drk, Imw _drk 0660?
Xmc7 +0 202.5?:.?256 E`x7 +0 202.5?:.?255
M-l`oc7 mh`cmdFeborh.ndl
jttp7//www.eborh.ndl
mailto:[email protected]:[email protected]
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Eormborh L`i`amlmit CCN
Dntdbmr 2608V`am 0>
Ndit`nt
Eormborh L`i`amlmit CCN
0=2 Qmst =1tj ^trmmt, 28tj ecddr, Imw _drk, Imw _drk 0660?
Xmc7 +0 202.5?:.?256 E`x7 +0 202.5?:.?255
M-l`oc7 mh`cmdFeborh.ndl
jttp7//www.eborh.ndl
mailto:[email protected]:[email protected]
