╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓
╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓?
╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤А╤Л╤З╨░╨│╨░ ╨▒╨░╨╜╨║╨░ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╨╡╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╡ ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╨▓ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╨╡╨│╨╛ ╨┤╨╛╨╗╨│╨░ ╨╕ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╕╨╗╨╕ ╨░╨║╤В╨╕╨▓╨╛╨▓. ╨Х╨│╨╛ ╨╝╨╛╨╢╨╜╨╛ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨░ 1-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨╜╨░ ╨║╨╛╨╜╤Б╨╛╨╗╨╕╨┤╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╨│╨┤╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗ 1-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨╛╨▒╤Л╨║╨╜╨╛╨▓╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤Ж╨╕╨╕, ╤А╨╡╨╖╨╡╤А╨▓╤Л, ╨╜╨╡╤А╨░╤Б╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╤З╨╡╤В╨░ ╨┤╨╡╨╗╨╛╨▓╨╛╨╣ ╤А╨╡╨┐╤Г╤В╨░╤Ж╨╕╨╕.
╨Я╤А╨╛╤Й╨╡ ╨│╨╛╨▓╨╛╤А╤П, ╤Н╤В╨╛ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╤Г╤А╨╛╨▓╨╜╤П ╨┤╨╛╨╗╨│╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨╡╨╡ ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╨│╨░╤И╨░╤В╤М ╤Б╨▓╨╛╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░. ╨н╤В╨╛╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨░╨╡╤В ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨░, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨▒╨░╨╜╨║ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╨╡╨╝ ╤Б ╨▓╤Л╤Б╨╛╨║╨╛╨╣ ╨┤╨╛╨╗╨╡╨╣ ╨╖╨░╨╡╨╝╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓. ╨Ъ╨░╨┐╨╕╤В╨░╨╗ ╨▒╨░╨╜╨║╨░ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╡╨│╨╛ ╤З╨╕╤Б╤В╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨з╨╕╤Б╤В╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨з╨╕╤Б╤В╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╜╨░ ╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨┤╨▓╤Г╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓: ╨┐╨╡╤А╨▓╤Л╨╣ тАФ ╨▓╤Л╤З╨╡╤Б╤В╤М ╨╛╨▒╤Й╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓ ╨╕╨╖ ╨╛╨▒╤Й╨╡╨╣ ╤Б╤Г╨╝╨╝╤Л ╨░╨║╤В╨╕╨▓╨╛╨▓, ╨░ ╨▓╤В╨╛╤А╨╛╨╣ тАФ ╨┤╨╛╨▒╨░╨▓╨╕╤В╤М ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ (╨║╨░╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣, ╤В╨░╨║ ╨╕ ╨┐╤А╨╕╨▓╨╕╨╗╨╡╨│╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣), ╨░ ╤В╨░╨║╨╢╨╡ ╤А╨╡╨╖╨╡╤А╨▓╤Л ╨╕ ╨╕╨╖╨╗╨╕╤И╨╡╨║. ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (╨░╨║╤В╨╕╨▓╤Л тАУ ╨┐╨░╤Б╤Б╨╕╨▓╤Л) ╨╕ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨┤╨╡╨╗╨╕╤В╤Б╤П ╨╜╨░ ╨┤╨▓╨╡ ╨║╨░╤В╨╡╨│╨╛╤А╨╕╨╕: ╤Г╤А╨╛╨▓╨╡╨╜╤М 1 ╨╕ ╤Г╤А╨╛╨▓╨╡╨╜╤М 2.
╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡
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- ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓?
╨Ъ╨░╨┐╨╕╤В╨░╨╗ 1-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╡╨│╨╛ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝ ╨╕ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╤Н╨╗╨╡╨╝╨╡╨╜╤В╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓╤Л ╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╨╛ ╨▓╨╕╨┤╨╕╤В╨╡ ╨╜╨░ ╨▒╨░╨╗╨░╨╜╤Б╨╡ ╨▒╨░╨╜╨║╨░. ╨Ъ╨░╨┐╨╕╤В╨░╨╗ 2-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨Ъ╨░╨┐╨╕╤В╨░╨╗ 2-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨Ъ╨░╨┐╨╕╤В╨░╨╗ 2-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л╨╣ ╨║╨░╨║ ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗, ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨▓╤В╨╛╤А╤Л╨╝ ╤Г╤А╨╛╨▓╨╜╨╡╨╝ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╤Е ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г. ╨Ю╨╜ ╤Б╨╛╤Б╤В╨╛╨╕╤В ╨╕╨╖ ╨│╨╕╨▒╤А╨╕╨┤╨╜╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓, ╨╛╨▒╤Й╨╕╤Е ╤А╨╡╨╖╨╡╤А╨▓╨╛╨▓ ╨╕ ╤А╨╡╨╖╨╡╤А╨▓╨╛╨▓ ╨┐╨╡╤А╨╡╨╛╤Ж╨╡╨╜╨║╨╕. ╨Э╨╡╨╗╨╡╨│╨║╨╛ ╨╗╨╕╨║╨▓╨╕╨┤╨╕╤А╨╛╨▓╨░╤В╤М; ╨Ъ╨░╨┐╨╕╤В╨░╨╗ 2-╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╤Б╤З╨╕╤В╨░╨╡╤В╤Б╤П ╨╝╨╡╨╜╨╡╨╡ ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╤Л╨╝. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╨╝ ╤В╨╕╨┐╨╛╨╝ ╨╕ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨▓╤Б╨╡ ╨┤╤А╤Г╨│╨╕╨╡ ╤Д╨╛╤А╨╝╤Л ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨▒╨░╨╜╨║╨░, ╨▓╨║╨╗╤О╤З╨░╤П ╤Б╨║╤А╤Л╤В╤Л╨╡ ╤А╨╡╨╖╨╡╤А╨▓╤Л, ╤А╨╡╨╖╨╡╤А╨▓╤Л ╨┐╨╡╤А╨╡╨╛╤Ж╨╡╨╜╨║╨╕, ╨│╨╕╨▒╤А╨╕╨┤╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨╕ ╤Б╤Г╨▒╨╛╤А╨┤╨╕╨╜╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╤Б╤А╨╛╤З╨╜╤Л╨╣ ╨┤╨╛╨╗╨│╨б╤Г╨▒╨╛╤А╨┤╨╕╨╜╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╤Б╤А╨╛╤З╨╜╤Л╨╣ ╨┤╨╛╨╗╨│╨Т ╤Б╨╗╤Г╤З╨░╨╡ ╨╗╨╕╨║╨▓╨╕╨┤╨░╤Ж╨╕╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╤А╨╡╨╣╤В╨╕╨╜╨│╨╕ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В╤Б╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╕ ╨┤╨╗╤П ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П, ╨┐╤А╨╕ ╤Н╤В╨╛╨╝ ╨▓╨╕╨┤ ╨┤╨╛╨╗╨│╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В╤Б╤П ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Б╨╡╤Е ╤Б╤В╨░╤А╤И╨╕╤Е ╨┤╨╛╨╗╨│╨╛╨▓ ╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╤Е ╨┤╨╛╨╗╨│╨╛╨▓ ╨╕ ╨╖╨░╨╣╨╝╨╛╨▓, ╨╕╨╖╨▓╨╡╤Б╤В╨╡╨╜ ╨║╨░╨║ ╤Б╤Г╨▒╨╛╤А╨┤╨╕╨╜╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╨╗╨│, ╨░ ╨╖╨░╨╡╨╝╤Й╨╕╨║╨░╨╝╨╕ ╤В╨░╨║╨╛╨│╨╛ ╨▓╨╕╨┤╨░ ╨┤╨╛╨╗╨│╨░ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨▒╨╛╨╗╨╡╨╡ ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕ ╨╕╨╗╨╕ ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╤Г╤О╤Й╨╕╨╡ ╤Б╤Г╨▒╤К╨╡╨║╤В╤Л. . ╨Ю╨▒╤Й╨╕╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▒╨░╨╜╨║╨░ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╤Г╨╝╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨┐╨╡╤А╨▓╨╛╨│╨╛ ╨╕ ╨▓╤В╨╛╤А╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.
╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┐╨╡╤А╨▓╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╨╡╤Б╤В╨╡╤Б╤В╨▓╨╡╨╜╨╜╨╛, ╨▒╨╛╨╗╨╡╨╡ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М╨╡╨╜ ╨┤╨╗╤П ╤В╨╛╨│╨╛, ╨╝╨╛╨╢╨╡╤В ╨╗╨╕ ╨▒╨░╨╜╨║ ╨▓╤Л╨┤╨╡╤А╨╢╨░╤В╤М ╨┤╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨▒╨░╨╜╨║╤А╨╛╤В╤Б╤В╨▓╨░, ╨╕ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╝ ╤Н╨╗╨╡╨╝╨╡╨╜╤В╨╛╨╝, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╝ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░.
3 ╨╗╤Г╤З╤И╨╕╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓
# 1 — ╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╤Г╤А╨╛╨▓╨╜╤П 1
╨д╨╛╤А╨╝╤Г╨╗╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╤Г╤А╨╛╨▓╨╜╤П 1 = ╨║╨░╨┐╨╕╤В╨░╨╗ ╤Г╤А╨╛╨▓╨╜╤П 1 / ╨╛╨▒╤Й╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л
╨н╤В╨╛╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╤А╨░╨╖╨╝╨╡╤А ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨▒╨░╨╜╨║╨░ ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨╡╨│╨╛ ╨╛╨▒╤Й╨╕╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓. ╨Ю╨╜ ╨▒╤Л╨╗ ╨▓╨▓╨╡╨┤╨╡╨╜ ╨┤╨╗╤П ╨┐╤А╨╛╨▓╨╡╤А╨║╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨▒╨░╨╜╨║╨░ ╨╕ ╤Г╤Б╨╕╨╗╨╡╨╜╨╕╤П ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨╜╨░ ╨╛╤Ж╨╡╨╜╨║╨╡ ╤А╨╕╤Б╨║╨░, ╤Б ╨┐╨╛╨╝╨╛╤Й╤М╤О ╨╖╨░╤Й╨╕╤В╨╜╨╛╨╣ ╨╝╨╡╤А╤Л.
╨Х╤Б╨╗╨╕ ╨▒╨░╨╜╨║ ╤Б╤Б╤Г╨╢╨░╨╡╤В 10 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨╜╨░ ╨║╨░╨╢╨┤╤Л╨╣ ╨┤╨╛╨╗╨╗╨░╤А ╤А╨╡╨╖╨╡╤А╨▓╨╛╨▓ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨▒╤Г╨┤╨╡╤В ╤А╨░╨▓╨╡╨╜ 1/10 = 10%.
╨б╨╛╨│╨╗╨░╤Б╨╜╨╛ ╨С╨░╨╖╨╡╨╗╤О III ╨С╨░╨╖╨╡╨╗╤М III╨С╨░╨╖╨╡╨╗╤М III ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╜╨╛╤А╨╝╨░╤В╨╕╨▓╨╜╤Г╤О ╨▒╨░╨╖╤Г, ╨┐╤А╨╡╨┤╨╜╨░╨╖╨╜╨░╤З╨╡╨╜╨╜╤Г╤О ╨┤╨╗╤П ╤Г╨╢╨╡╤Б╤В╨╛╤З╨╡╨╜╨╕╤П ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣ ╨║ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г ╨┐╤А╨╕ ╨╛╨┤╨╜╨╛╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╝ ╤Б╨╜╨╕╨╢╨╡╨╜╨╕╨╕ ╤А╨╕╤Б╨║╨░. ╨н╤В╨╛ ╤А╨░╤Б╤И╨╕╤А╨╡╨╜╨╕╨╡ ╨С╨░╨╖╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Б╨╛╨│╨╗╨░╤И╨╡╨╜╨╕╨╣, ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨░╨╜╨╜╨╛╨╡ ╨╕ ╤Б╨╛╨│╨╗╨░╤Б╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤З╨╗╨╡╨╜╨░╨╝╨╕ ╨С╨░╨╖╨╡╨╗╤М╤Б╨║╨╛╨│╨╛ ╨║╨╛╨╝╨╕╤В╨╡╤В╨░ ╨┐╨╛ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨╝╤Г ╨╜╨░╨┤╨╖╨╛╤А╤Г.╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╤Л, ╤Н╤В╨╛ ╤Б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨╢╨╜╨╛ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╤В╤М ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 3%, ╤Е╨╛╤В╤П ╨┐╤А╨░╨▓╨╕╨╗╨░ ╨▓ ╤А╨░╨╖╨╜╤Л╤Е ╤Б╤В╤А╨░╨╜╨░╤Е ╨╝╨╛╨│╤Г╤В ╨╛╤В╨╗╨╕╤З╨░╤В╤М╤Б╤П.
╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨▓ ╨┤╨╡╨║╨░╨▒╤А╨╡ 2017 ╨│╨╛╨┤╨░ JP Morgan ╤Б╨╛╨╛╨▒╤Й╨╕╨╗╨░ ╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨╡ ╨┐╨╡╤А╨▓╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 184 375 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╛╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨╕ ╤А╨╕╤Б╨║╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 2 116 031 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨░ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р, ╨▓ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤З╨╡╨│╨╛ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░ ╨┐╨╡╤А╨▓╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╤Б╨╛╤Б╤В╨░╨▓╨╕╨╗ 8,7%, ╤З╤В╨╛ ╨╜╨░╨╝╨╜╨╛╨│╨╛ ╨▓╤Л╤И╨╡ ╨╝╨╕╨╜╨╕╨╝╨░╨╗╤М╨╜╨╛╨│╨╛ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П.
╨Ш╤Б╤В╨╛╤З╨╜╨╕╨║: JPMorgan.com
╨н╤В╨╛╤В ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╤П ╨▒╤Л╨╗ ╨▓╨▓╨╡╨┤╨╡╨╜ ╨┐╨╛╤Б╨╗╨╡ ╨╝╨╕╤А╨╛╨▓╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨║╤А╨╕╨╖╨╕╤Б╨░ ╨▓ 2008 ╨│╨╛╨┤╤Г ╨╕ ╤Б╨╗╤Г╨╢╨╕╨╗ ╨╜╨░╨╕╨▒╨╛╨╗╨╡╨╡ ╨▓╨░╨╢╨╜╤Л╨╝ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╡╨╝ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╤П ╨▒╨░╨╜╨║╨░.
╨Ф╤А╤Г╨│╨╕╨╝╨╕ ╤З╨░╤Б╤В╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╝╨╕ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░╨╝╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╤П╨▓╨╗╤П╤О╤В╤Б╤П:
#2 тАУ ╨б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г
╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤П ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г = ╨Ю╨▒╤Й╨╕╨╣ ╨┤╨╛╨╗╨│ / ╨Р╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗
╨н╤В╨╛╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╨╛╨▒╤К╨╡╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╖╨░ ╤Б╤З╨╡╤В ╨┤╨╛╨╗╨│╨░ ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝. ╨б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╤А╨░╨▓╨╜╨╛╨╡ 0,4, ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╨╜╨░ ╨║╨░╨╢╨┤╤Л╨╣ ╨┤╨╛╨╗╨╗╨░╤А, ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╜╤Л╨╣ ╨▓ ╨▓╨╕╨┤╨╡ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╨╡╤В 0,4 ╨┤╨╛╨╗╨╗╨░╤А╨░ ╨┤╨╛╨╗╨│╨░. ╨Э╨╡╤Б╨╝╨╛╤В╤А╤П ╨╜╨░ ╨╛╤З╨╡╨╜╤М ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В D/E, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В D/E ╨Ю╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╨┤╨╛╨╗╤О ╨▓╨╜╨╡╤И╨╜╨╕╤Е ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓ ╨▓ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╡. ╨н╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕ ╨╕ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╤А╨╕╤Б╨║╨░. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╤М╤И╨╡ ╨▓╨╛╨╛╨▒╤Й╨╡ ╨╜╨╡╨╢╨╡╨╗╨░╤В╨╡╨╗╤М╨╜╨╛. ╨С╨░╨╜╨║╨╕, ╨║╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨╕╨╝╨╡╤О╤В ╨▓╤Л╤Б╨╛╨║╨╛╨╡ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╨╛╨╜╨╕ ╨╜╨╡╤Б╤Г╤В ╨╛╨│╤А╨╛╨╝╨╜╤Л╨╡ ╤Б╤Г╨╝╨╝╤Л ╨┤╨╛╨╗╨│╨░ ╨╜╨░ ╤Б╨▓╨╛╨╡╨╝ ╨▒╨░╨╗╨░╨╜╤Б╨╡. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨╕╨╝╨╡╤О╤В ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨▓╨╕╨┤╨╡ ╤Д╨╕╨╗╨╕╨░╨╗╤М╨╜╨╛╨╣ ╤Б╨╡╤В╨╕.
тДЦ 3 тАУ ╨б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г
╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤П ╨┤╨╛╨╗╨│╨░ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г = ╨╛╨▒╤Й╨╕╨╣ ╨┤╨╛╨╗╨│ / ╨╛╨▒╤Й╨╕╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (╤Г╤А╨╛╨▓╨╡╨╜╤М 1 + ╤Г╤А╨╛╨▓╨╡╨╜╤М 2)
╨Ъ╨░╨║ ╨╕ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤Б╤Г╨╝╨╝╤Г ╨┤╨╛╨╗╨│╨░ ╨▒╨░╨╜╨║╨░ ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨╡╨│╨╛ ╨╛╨▒╤Й╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Ю╨┐╤П╤В╤М ╨╢╨╡, ╤Н╤В╨╛ ╨╛╨▒╤Л╤З╨╜╨╛ ╨▓╤Л╤И╨╡ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨░ ╨╕╨╖-╨╖╨░ ╨╡╨│╨╛ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╣, ╤З╤В╨╛ ╤Б╨╛╨╖╨┤╨░╨╡╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┐╨╛╨┤╨▓╨╡╤А╨╢╨╡╨╜╨╜╨╛╤Б╤В╤М ╨║╤А╨╡╨┤╨╕╤В╨░╨╝. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨▒╨░╨╜╨║ ╤Б ╨┤╨╛╨╗╨│╨╛╨╝ ╨▓ 1 000 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╛╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨╕ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝ ╨▓ 2 000 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╛╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨▒╤Г╨┤╨╡╤В ╨╕╨╝╨╡╤В╤М ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г 0,33x, ╨░ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г 0,5x.
╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨╝╨╛╨╝╨╡╨╜╤В╤Л, ╨╜╨░ ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤Б╨╗╨╡╨┤╤Г╨╡╤В ╨╛╨▒╤А╨░╤В╨╕╤В╤М ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡
- ╨С╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░, ╨║╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╨╡╨╡ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨░, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В, ╤З╤В╨╛ ╨▒╨░╨╜╨║ ╨╕╨╝╨╡╨╡╤В ╨▒╨╛╨╗╤М╤И╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╤З╨╡╨╝ ╨╡╨│╨╛ ╨░╨║╤В╨╕╨▓╤Л (╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨║╤А╨╡╨┤╨╕╤В╤Л). ╨н╤В╨╛ ╨╛╤Б╨╛╨▒╨╡╨╜╨╜╨╛ ╨┐╨╛╨╗╨╡╨╖╨╜╨╛, ╨║╨╛╨│╨┤╨░ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨░ ╨┤╨░╨╡╤В ╤Б╨▒╨╛╨╕, ╨░ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╜╨╡ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╤О╤В╤Б╤П. ╨н╤В╨╛ ╤Б╨▓╤П╨╖╨░╨╜╨╛ ╤Б ╤В╨╡╨╝, ╤З╤В╨╛ ╤Г ╨▒╨░╨╜╨║╨╛╨▓ ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨╝╨╡╨╜╤М╤И╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╛╤А╨╛╨▓, ╤З╨╡╨╝ ╨┤╨╡╨▒╨╕╤В╨╛╤А╨╛╨▓, ╤З╤В╨╛ ╨╖╨░╤В╤А╤Г╨┤╨╜╤П╨╡╤В ╨╕╤Е ╤Б╨┐╨╕╤Б╨░╨╜╨╕╨╡. ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╕╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л ╨▓ ╤Б╨▓╤П╨╖╨╕ ╤Б ╨╜╨╡╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╝╨╕ ╨┐╨╗╨░╤В╨╡╨╢╨░╨╝╨╕ ╨╕╨╗╨╕ ╤Г╨▒╤Л╤В╨║╨░╨╝╨╕ ╨┐╨╛ ╨░╨║╤В╨╕╨▓╨░╨╝. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕, ╤Б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨▓ ╤В╨░╨║╨╕╨╡ ╨╝╨╛╨╝╨╡╨╜╤В╤Л ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╤Е╨╛╤А╨╛╤И╨╛ ╨╛╨║╤Г╨┐╨░╤О╤В╤Б╤П.
- ╨Т╤Л╤Б╨╛╨║╨╕╨╣ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╤Г ╨▒╨░╨╜╨║╨╛╨▓ ╨▒╨╛╨╗╤М╤И╨╡ ╤А╨╡╨╖╨╡╤А╨▓╨╛╨▓ ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨а╨╡╨╖╨╡╤А╨▓╤Л ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨а╨╡╨╖╨╡╤А╨▓ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ тАФ ╤Н╤В╨╛ ╤А╨╡╨╖╨╡╤А╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╤Д╨╛╤А╨╝╨╕╤А╤Г╨╡╤В╤Б╤П ╨╕╨╖ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╨╛╨╣ ╨╛╤В ╨╡╨╡ ╨▓╨╜╨╡╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨╕ ╤Б╨╛╤Е╤А╨░╨╜╤П╨╡╤В╤Б╤П ╨┤╨╗╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╤Е ╨┐╤А╨╛╨╡╨║╤В╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╨╗╨╕ ╤Б╨┐╨╕╤Б╨░╨╜╨╕╨╡ ╤Б╨▓╨╛╨╕╤Е ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╤Е ╨╖╨░╤В╤А╨░╤В ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝. ╤З╨╕╤В╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╨╕ ╨╗╤Г╤З╤И╨╡ ╤Б╨┐╤А╨░╨▓╨╕╤В╨╡╤Б╤М ╤Б ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝ ╨║╤А╨╕╨╖╨╕╤Б╨╛╨╝. ╨Ю╨┤╨╜╨░╨║╨╛ ╤Н╤В╨╛ ╤В╨░╨║╨╢╨╡ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╨╝╨╡╨╜╤М╤И╨╡ ╨┤╨╡╨╜╨╡╨│ ╨▓╤Л╨┤╨░╨╡╤В╤Б╤П ╨▓ ╨║╤А╨╡╨┤╨╕╤В, ╤З╤В╨╛ ╤Б╨╜╨╕╨╢╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨▒╨░╨╜╨║╨░.
- ╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░ ╤Г╤А╨╛╨▓╨╜╤П 1 ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╤А╤П╨╝╤Л╨╝ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨╝ ╨║╤А╨╕╨╖╨╕╤Б╨░, ╨╕ ╨┤╨╛ ╤Б╨╕╤Е ╨┐╨╛╤А ╨╛╨╜ ╤Е╨╛╤А╨╛╤И╨╛ ╤А╨░╨▒╨╛╤В╨░╨╗ ╤Б╨╛ ╨▓╤Б╨╡╨╝╨╕ ╨┐╨╛╨┐╤А╨░╨▓╨║╨░╨╝╨╕. ╨Ю╨┤╨╜╨░╨║╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨┐╨╛-╨┐╤А╨╡╨╢╨╜╨╡╨╝╤Г ╨┐╨╛╨╗╨░╨│╨░╤О╤В╤Б╤П ╨╜╨░ ╨▒╨░╨╜╨║╨╕ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╤Н╤В╨╛╨│╨╛ ╤З╨╕╤Б╨╗╨░, ╤З╤В╨╛ ╨╝╨╛╨╢╨╡╤В ╨┤╨░╤В╤М ╨╜╨╡╤В╨╛╤З╨╜╤Г╤О ╨║╨░╤А╤В╨╕╨╜╤Г.
- ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╝╤Л ╨╜╨╡ ╤Г╨╖╨╜╨░╨╡╨╝ ╨╕╤Б╤В╨╕╨╜╨╜╨╛╨│╨╛ ╤Н╤Д╤Д╨╡╨║╤В╨░ ╨┤╨╛ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╡╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨║╤А╨╕╨╖╨╕╤Б╨░, ╤З╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М, ╤Б╨╝╨╛╨│╤Г╤В ╨╗╨╕ ╨▒╨░╨╜╨║╨╕ ╨┐╤А╨╛╤В╨╕╨▓╨╛╤Б╤В╨╛╤П╤В╤М ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝╤Г ╨║╤А╨╕╨╖╨╕╤Б╤Г.
╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░╨Ф╨╛╨╗╨│ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨┤╨╛╨╗╨│ ╨║ ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨┤╨╛╨╗╨│ ╨║ ╨░╨║╤В╨╕╨▓╨░╨╝ ╨╕ ╨┤╨╛╨╗╨│ ╨║ EBITDA ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В╤Б╤П ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤В╨╛╨│╨╛, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┤╨╛╨╗╨│╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨▓╨╖╤П╨╗╨░ ╨┐╤А╨╛╤В╨╕╨▓ ╤Б╨▓╨╛╨╕╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╕╨╗╨╕ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨╝╨╛╤Й╨╜╤Л╨╝ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨╛╨╝ ╨╛╤Ж╨╡╨╜╨║╨╕ ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╨╕ ╨▒╨░╨╜╨║╨░, ╨▓╨╡╤Б╤М ╨▒╨╕╨╖╨╜╨╡╤Б ╨║╨╛╤В╨╛╤А╨╛╨│╨╛ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨║╤А╨╡╨┤╨╕╤В╨╛╨▓╨░╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕ ╨▓╤Л╨┐╨╗╨░╤В╤Л ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨┐╨╛ ╨┤╨╡╨┐╨╛╨╖╨╕╤В╨░╨╝. ╨в╤Й╨░╤В╨╡╨╗╤М╨╜╨╛╨╡ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╤Н╤В╨╕╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨┐╨╛╨╖╨▓╨╛╨╗╨╕╤В ╨▓╤Л╤П╨▓╨╕╤В╤М ╨╜╨╡ ╤В╨╛╨╗╤М╨║╨╛ ╨┐╨╗╨░╤В╨╡╨╢╨╡╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╤М ╨▒╨░╨╜╨║╨░, ╨╜╨╛ ╨╕ ╤В╨╛, ╨║╨░╨║ ╨▒╨░╨╜╨║ ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╤В ╤Б╨▓╨╛╨╕╨╝╨╕ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░╨╝╨╕ ╨╕ ╨┐╤А╨╕╨╖╨╜╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М.
╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕
╨н╤В╨░ ╤Б╤В╨░╤В╤М╤П ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░╨╝ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓. ╨Ь╤Л ╨╛╨▒╤Б╤Г╨┤╨╕╨╝, ╤З╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨╕ 3 ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨┤╨╗╤П ╨▒╨░╨╜╨║╨╛╨▓. ╨Т╨╛╤В ╨┤╤А╤Г╨│╨╕╨╡ ╤Б╤В╨░╤В╤М╨╕ ╨┐╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝╤Г ╨░╨╜╨░╨╗╨╕╨╖╤Г, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╝╨╛╨│╤Г╤В ╨▓╨░╨╝ ╨┐╨╛╨╜╤А╨░╨▓╨╕╤В╤М╤Б╤П:
- ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤Б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤П ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░
- ╨Ъ╨╡╨╣╨┐ ╨а╨░╤В╨╕╨╛
- ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░
- ╨а╨░╤Б╤З╨╡╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░
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