phân tích tình hình tiêu thụ và lợi nhuận tại công ty TNHH hương trinh









 !"#$%&'
()!"#$*+,$-
.)*+,$/,01
!"23 */1*14516112$2
!"23 */1*1516112$2

$1+*+*728291

:);19<=#>
:);19<?%>
::85=#>
:(:28@A,17B%$=#>C>
:.:9"=4DA,17B$#EF+(G
:G:28@2H#17B(-
:I:28@*+%17B%$*7.
:J:*+%17B2H#K1+D#"9<4L,4M
=#>.
:-:28@&N13=#>C>.I
:>:*+%17B$#E;+11,O>C
>
::28@P&N13Q7A,I>
::28@P&N13Q7;1
::28@P&N13&N137R9D?

:(:28@16SAB;1I(
:.:28@T8NI.
:G:28@P&N137R9D?/,242$2
U2,IG
::32N212@V@162*1516112$2
::@16%112$2I
:12@,112$2

W<W<!1XA1YA,17B%$=#>C>
W<W<PA,&N1A,
W<)P&N13Q7);1
W<()P&N137Z9D?
W<.W<T8N.
W<GW<P&N13Q7R9D?/,U[\]^)
4

!"#$%&'($)*(%+, (/)
16_R`17B2H#&;#91%8#;Q#a1A,
162:7Ob$A,162c21O,,##"4M117_5
%+<_5<$16#R`*+%*1A,#
)$^16#?Od)^e4)1&;#"A,1624
84N;&32R;,=#-JJf*0R4&7R`#a1#E_
4L711+#E;_8,&4N2H#XR?7<
4L)17162H#17BD<4L"1<
E221#"9*b*= "2Q&;A,<4L"1<*4N%
8#R;Q4g#\Q*$&;A,4gaM1<R<0
&,O12H#70<4L*$X324N1`#&5#Z
R3_f$##"9*$;R;,91O:7O
b 2191#ERM1?+ *h# , *8 #*/1_SAB
1//X1+2<i4"1i%&'_&,"$249W1`;f

&;#1#$*XR`A,17B2H#R;&N13A,162_
)4M?*b*=R;T1j1*k*/<4L!8A,162Q
b?!162$2?16XH#OA,17B2H#0bb2
2Q8,&N13Z;X4?!162$2?16Q
2128@#"$@$R`17BR;&N13
^34N1`;R;2$05+)^
4)1!8/#fa`;1l$0#("%$(1#$$1#$()23($456#'$789/
:;)#$3<#(=)>#?(@AB#?C)#$m&;#*,$&39162#
D!4%-"%$#?$)2#%E3
)%R16516`;1#!8#9#1XR;&;#$j
17B2H#,!n$28@R;$1$
17B2H#R;&N13O12$16?O1Q*k2B
0b`?!162$2n#H#O,O"17B2H#_8,&N1
3,
F!G)(A;#?9/'$=89)#?$)2#%E3
 W914N
5
C )17B)^4)1
C )&N13)^4)1
 \O#R117
W`;11717BR;&N13O1)^4
)1A57!891*+,$R;!!$,$,*+%,O"*1A,
E*$A,L11532bOR;5O+1R`5+
*1A,,;1<4L4+;,@RR3_!;1R1+1
*18R;,28@11+_*28@$89#;o$1$
#"989%a4D+17B2H#R;&N13
A5R;,?9&16324N0R;?1&17%
+&pR5K)0b_4?!162$2n#H#O17B
R;&N13
9&1628@4N32017B_&N13

)^4)111,O>C>
H!$AB#?'$I'#?$)2#%E3
• \42$2329&16$&,O1A?&16!,#$!$,$,;1@d!
!$,$,*+%,O"*1A,!891*+,$eX28@
17B2H#R;&N13
$A?&16*$!,#!$,O2@q//R;$1&17%+
&pR5Kr
• \42$2S&'9&16)09&16324N_As242$2,$_
242$2U2,_242$2&,O10rX$1$17BR;&N1
3%0=#_As242$2A1YA<X43h_
As<!1XXS&'9&16
J!KL)*##$M#?-N#??N'%+, (/)
W`;128@#"$*$1%$R`17B$#E;+R;
%b28@&N13O4N%#"9o17%$
=#_0R1628@?o177_bX$1$#"$*$1%$R`
,O"_L14#"9*1+<n#b22QH
#O17BR;8,&N13,=#>(R;?
=#1+2/,
O!P*(%&3 (/)
6
^,;12Q#DQ_*+&3_R;#"92Q*$"1A`;1#
b4
4D&'&3R`17B2H#R;&N13,$
A,162
4\8@17B2H#R;&N13O1
)^4)1
4 "9112$2n#H#O17BR;&N13
O1)^4)1
)17_A,!4MQ&;#%/RM1R1617_RR3*b&3/#
*,$*j1?O+_*@#,34N5b2'*1+%'Q

1$,X!;1R1+bX,;16
t#1#)Opu7)<;f1g2/#,;;9*b&3;
Bnh Đnh ngy tháng năm 2014
1R17516
Z=)<)+
7
Q
RSTUVWS
XYYZ[\
! !P$I)#)]8^#?$_,#$)]894%+,()23($4'$0#("%$(1#$$1#$()23($49/:;)
#$3<#(C`#?a`,#$#?$)]'56#b3&(
! ! !P$I)#)]8^#?$_,#$)]894%+,()23($4(C`#?a`,#$#?$)]'
v$116#17B
)17B2H#&;%$5161$<R;1$<SAB2H#
;bw._-x
b1$*$17B2H#&;,O"A1Y*1f
2H#n#X1,%`D?;b%`SABA<RB,
4L1#R;1`R`
 $M#?-c%-)d8%+,$`=(-e#?()23($456#'$78
:kQ*1f4N&;#
v+g*12H#f4N4L1#,$
u17%M1$%+<R`<1$!$28291R;g1+!$#;
*&17%+$%+<R`1+*+S12H#
 e)a3#?%+,$`=(-e#?()23($456#'$78!
 u5a<4L#B17
)<4L#B17&;#"R;1*g<4L#;A,162&5aR;
%+<32K&5#*/1R;,bn#O4N#B17*1A,
#
)4M*1%+<32K&5R;,#"*g<4LBXA,
162Q$1$EcR`$*g<4Lb117Q/#hb

&;
+ "2Ay$*g<4L
C #R;52$1X$*g<4L
C #16O19&4N4L1#16O111716O1!%8,
2H#
8
C )9"=4D9&4N4L1#R;117!%8,2H#,
4&1
C v=1&L1R;1,2B"R;,9&4NR;E1X#$91O
16O1$2H#+1`#=R;?4L132;1`#=
+ )@2sN2RM1#B17R;&5A,162
C \BRB*g<4LbbL1#B17*1A,!QA,162
*z
C \BRB*g<4LbbT1j1?*{=R;&5E!16R4N%$
*=A,162*z
"*g<4L2Ay&;,O#;b1`;R17#117!
%8#";R17&Mb1XRa=4D#OR`9&4N;R17
R;117@91O@2H#+R;@$A,162/A,O
32;R;2sN2RM1?&5R;&N1+A,162
 W<1$!$,2H#
5;R;R3"1$<5$"1`89*$
g!,#89!7,R;!7,;1A,162ZR3*14
%+<1$T1j121/#hR;11%+1`R`1g2,4L1&;#
1$a4N#1$!$N2&'R;bXSAB1$4#"Bk!h
16b1242$2<1$<1$4M12@R;<1$4M
<4L),$242$2<1$12@4N,1&;%aX
<1$!$U,162$<12@1"7##"#&N13#,
N1X41$!$b#"9242$2BX
C \42$2<1$/,12@!%8"2B1$
C \42$2<1$/,12@!17"2B1$

C \42$2<1$/,17H16%Q4#,N1
),$242$2<1$4M<4L91OR;*$;
4N,1&;%aX<1$!$b$242$2<1$BX

C \42$2<1$/,1$<#3
C \42$2<1$/,1$16;
C \42$2<1$4M1$<
C \42$2<1$/,!n1$
 \82912H#
Xác định mục êu của kênh phân phối
Lựa chọn kiểu kênh phân phốiXác định cường độ phân phối
Xây dựng chính sách hợp tác với nhà trung gian và lực lượng bán hàng
9
\8291&;;"4;,$A<RB0;M14L1S
AB)75+*1A,1+#*1#";o!$51+22H#
#,*$;)$1&O1X42H#M14L1SAB;
4L%#"9;1#*/1b!&,O1;1b&;
1;!1O1&@R;1KN
|$"1A,28291
C )1+*+*728291
C <$;R17,*7
C \8291R3
)1+*+*728291
^?A,16245bXb?*728291*$ "
A,162#9*728291#*o$2?Q
*$;#;T/#&O1&N1+O "9A,162fO,75*$
!16R`6928291a"*k2,Ea&aR;b2,$E!16
WX1+*+$*728291,#f*$;R;1;k&N1,O
Qb#"$1+23#@69A4M18,!9!4M
1,R16516*728291

1#$ ! !f3I(C1#$($)*(L*L2#$'$0#'$G)
C <$;R17,*7
WX%<$;R17,#"*728291A,162Q21b
?@$gk4XABs&,R;"R17;,O,11%+
"$1$R;&,O1!j
C \8291R3
\8291R3&;?,O"n#O,75A<XAT
2H#7Q0A,162+$<1X#7Q4)8#28291
$&,O1;*,r
 Vg1+!$2H#
10
Vg1+!$2H#&;#";2QKN2#*/1n#1_
+2BR;kD<4LR`2H#,E4L1!$2H#b_RM1
Ra4D+$1"R;;R14L131
)1+1+*+#"4g1+!$Ta1&;#"4
`#*/1_!,#$!4M
C V$<*$1#B17
C V$<$#B17`
C )1+*+162
C u5a*7`
C V$<8$`
C V$<`#*/1
C W,&4L$*+%`#*/1
• \8!161?l,O"17BmR;lv+%17Bm
,O"17Bb?E1X#47T*+%17B&;*+%b
4N0?&5,;A,162_*21&;*+%
,O"17B
• \8!161?l,O"17BmR;l,O" */1m
,O"17Bo&;#"*8,O"#*/1,A,162
,O"17B!kQ*1f4N&;#R;*+g*12H#

f4N4L1#,$
,O"#*/14N1+;4M*1_,%$_
,11,O17BR;11,O!$
}p17B
)17B&;11,O91s%$*1A,%
17B1$<;,$4N516R;1$<SAB;,$4N0
3b17B2H##M1bR9X1+;$1=9"&8
XR98,16%R16SABR9
17B@?@2H##M14N$<#"$,;
,;#M1j=&5*1A,A,162X16*+%17
<4LRRr
E*$%17BA,162*?14N?12@
R3,%$*1A,#;T5164N&N138&;
11
%aX@&iR;,8$R;,$%{A,162n##D
"%#R;8,L19$!"8R17
^16#RB
• )=<2QA,1621?R?R;#D"<4Ld=2Q<
4Le&;#",?7Q;Q%&'A,162
• W#!,=A,R;&N13A,162
• :,#R;8,16%17BX$17B2H#$
A,162Q1+;9$,O"%$,#*/11,3
2416R3X24,$
• )=;1RA,162b@&;=@A,162L
=1`1@54L117As91RM12H#A,162
• \BRB*$;b22QR;,R16,#f$Q2$1X*1+Cf"1
4M~7Q;X16#"*@O=f"1A,162
R;*•<R<@A,1624#"+!;,69*1+%9A8
! !D!P$I)#)]8^#?$_,#$)]894%+,'$0#("%$(1#$$1#$()23($49/:;)#$3<#
(C`#?a`,#$#?$)]'56#b3&(

v$116#
v$116#R`28@
\8@,O"*1A,#1`@*$R;2B"
R;,914Ni4$112$2%&'#;$2ABb1`&,O128
@*1+4g`b#"DR;2B"R;,914N28
@
Z328@,O"*1A,&;z
“Phân tích hoạt động kinh doanh l quá trnh nghiên cứu để đánh giá ton bộ
quá trnh v kết quả hoạt động kinh doanh ở doanh nghiệp, nhằm lm rõ chất lượng
hoạt động kinh doanh v các nguồn tiềm năng cần được khai thác, trên cơ sở đó đề ra
các phương án v giải pháp nâng cao hiệu quả hoạt động sản xuất kinh doanh ở
doanh nghiệpmw_x
^4R3_28@17BR;&N13&;%$/#h*1X#_
911+_,$9&16R`17BR;&N1316;RM1%$**+,O
`)%R16_SAB$1$1$1`#=_16%*1
12
A,,L111+2+_R;&;1%'1$91RM1$;%<
A,162_i41%8#+A,162
}p28@17BR;&N13
\8@17BR;&N13,A,1621g2,$
A,162!1+4N&;2H#;,$b!$+*zb!,#
5162H#R`9&4N_&4N&,O1n#$2
Q4L1#7<4L17BzZ;&N13A,162,R16
*1A,4+;,zb!sk212@f!jR;O&N134
#,#9*z
WX#!,*1A,4N&17B2$1XT1j1$A,16221
4L728@17B_&N13#?41X#X2$
R;O+?O11g2,$17B;;,;16R;1+!"

^16#RB28@17BR;&N13

W$1$gk17B2H#;,$R`#E9&4N_
&4N#E;_b#;R;@*<2L1R1617BR;$1$g&N1
30&,O12H#_0,O"*1A,A,162_L1
28@#E;17B_Pa$#E_&4N2H#*,Q
1+X<4L_28@R`<@&y<&4N21€;_
X#78R;$<$894D+*+%17BR;&N1
3
)7D28@$1$`$112$2n#H9"17
B2H#v+N2RM1?1`*165+_*1$91$1`#=•
bn#=*91&4N2H#R;17BR`#E9&4N&y
&4NX8,&N13A,162WL1%bA5!$,#"$
@$R`17BR;&N13A,162_&32$*+,O17
B_&N13@$
!D!$AB#?'$I''$0#("%$
b1`242$228@*$R;#K1242$2`b+#OR;
O+b_T1j121b"R3AB;O,#M1O4N?#B
13
@fE8&;$242$2@,$*{34LAs,28
@,O"17B
!D! !$AB#?'$I'5`5I#$-B#?)6#!
\42$2,$&;242$2SAB2!1+,28@*1
A,X$1$*+%_$<R<@R;4M!1+"$o1728
@
v1R3AB242$2;T1j121k#4N?R`
C)17H,$17H,$&;o1794N&5a&;#=
X,$ K1&,O1o179b$AB17*128@$9,$
bX&;
‚);1&16=#4Mn#$1$#"!1+"_*4M,O"
o1728@%1`*ƒ
‚$#B17fA5*1+n#$1$5<7#B17f`

‚$o17!;n#$1$*+%A,162,RM1#
!17@7$A,162b%#,s;
CW1`*16,$$o174NSAB21
‚Z`#EL11&;$o174N@,s*,L11O
,$219#E
\1s2$"1A*1+
\1s#"242$2@,$
\1s#"R<,&4L
‚Z`#E*1$o17214N%1R`s%#R;1`
*16*1A,454
Cv{3,$
‚,$!n9691&;1691?<928@R;<9*ƒ9
o17*1+*+%,$!1X16#"O4NR`9&4N%#
o1728@
‚,$!n9491
‚,$!n9!%8
‚,$/,1`Aa
‚,$/,1`
14
!D!D!$AB#?'$I':`=)(Cg@*3(G6#$$Ah#?
\42$2&,O104N$2AB"f1X$<4MR;#"
4D089+o1728@*1&,O104D$8
9T&O1\42$2;X16%242$2+&17,;R;7
&6
|\42$2+&17,;&;242$2$<#"4D
089+5!1+"o1728@:,#(!4M4
Ai% jV$<*91&4N28@&;#7&6o1728@RM1*ƒ9
^+a1„&;o17*ƒ28@R;
>
&;o17*ƒ9W914N28@4N$

<&;∆„…„

†„
>
Ai%Dj)1+&32#91%6$89RM1o1728@R;k2+2$
89/,5<0899&4N4M89&4N‡1
Sb(89!A`b%6@9RM1o17„)1+&32#91%6
1?$894
vƒ28@„

…

!



A

vƒ9„
,
…
>
!
>

>
A
>
Ai%FuQ&4N+$89*ƒ28@R;,*ƒ9/,5k2+2D!4M
)+&Q„de…


!
>

>
A
>
)+&Q„d!e…

!


>
A
>
)+&Q„de…

!



A
>
)+&Q„dAe…

!



A


Ai%Hj$<#"4D089+914N28@&*+
%+&Q,RM1*+%+&Q4M4N#4D8
9#M1R;O19$894N$<!n914N28@&;∆„
V$<#"4D
ˆ4D89∆„de…

!
>

>
A
>
C
>
!
>

>
A
>
ˆ4D89!∆„d!e…

!


>
A
>
C


!
>

>
A
>
ˆ4D89∆„de…

!



A
>
C

!


>
A
>
ˆ4D89A∆„dAe…

!



A


C

!



A
>
)N2$89∆„de‚∆„d!e‚∆„de‚∆„dAe…„

†„
>
15
|\42$27&6&;AOE!16242$2+&17
,;n#28@$8934D+5!1+"$o17
*1+ZR3242$27&6i516Q$"1A$!4M
1+;4242$2+&17,;go*$D&;*1$<
$894D1
^,;1$242$27Tb$242$2*$4242$2
<242$21%4%r
1.3. Nội dung phân tích tình hình tiêu thụ và lợi nhuận trong
doanh nghiệp sản xuất
!F! !$0#("%$(1#$$1#$()23($4
W$1$*$1%$17B
\8@5!1+"*+%17B2H#gSAB242$2
,$
C ,$$1$<516=#*+%17B2H#RM1$1$<
516=#4MX!1+4N17B2H#A,162=#
b,=#4M*z

C ,$$1$<516=#*+%17B2H#RM1*+,O=#
X!1+A,162b516bR4N*+,O`*z
C ,$$1$<516=#*+%17B2H#RM1$1$<
517=#!;X!1+4NA,162#D
#";,,RM1!;z
C ,$$1$<416=#*+%17B2H#RM1$1$<
516=#91AyQ91O51+2X!1+4N
2H#A,162#1+#<2Q!,177<4L
)0bbXRO4N?@$,O"2sN2R;@$,
%$,O"R;2$1XA,172n##&O116%,
\8@,;;*+,O17B
k:]
$`/#($/#$
P()23($4
l
mnP$G):A;#?()23($4($K%(*bB#?)I%G-o#$pPqr
b ss
mnP$G):A;#?()23($4PbB#?)I%G-o#$pPqr
\42$228@$2AB242$2,$
16
,$A,5+@/,1$!$*+,Od,E9<eRM1A,
*+,O@/,1$!$*+,Od,E9<eR`9691&y94
91
,$*91&4N2H#17B5+RM1*+,Od,E=#4Me
0&,O12H#L1,$P&6,;;*+,O17BRM1P&6
,;;*+,O
,O"17BA,162<$"!D11`89,b
89R`*=_*=R;7QA5?A,162 91%
61?17BRM1R;A5?X16%
G:A;#?56#

'$78()23($4
l
G:A;#?56#'$78
(t#L$`-u3Lv
w
G:A;#?56#'$78
56#b3&((C`#?Lv
x
G:A;#?56#'$78
(t#%3G)Lv
\8@,;;*+,O17B#E;+
\8@17B2H#*oA0&O1DR16$1$
17BR`2H##;211+2B28@17B?#E;
+

Phân tích tnh hnh hon thnh kế hoạch tiêu thụ các mặt hng chủ yếu với
nguyên tắc l :
v1*+%17BX16!n4M,16R3_,$95+RM19*+
,O0#E;+_+#"#E;*,;;*+,O
A,162*,;;*+,O17B#E;+
v1*+%17BX16!n4M,1$</,7k&;*
&1$<#E;17BR4N#*+,O!s,1$<#E;B#*+
,O17B
o1728@
k:]$`/#($/#$P()23($4
%I%8c($/#?%$+@*3pyq
l
`,#$($3($K%(*(C`#??)i)$=#P
b ss
`,#$($3L*$`=%$

)‰…>>‰U,162,;;*+,O17B$#E;+
)‰Š>>‰U,162*,;;*+,O17B$#E;
+

Phân tích cơ cấu tiêu thụ của doanh nghiệp :
17
\8@17B0#E;A<RB;;^"1A28
@;c,#E;;,A<RB;,bR<@%a,,;!"
A,A,162‹1+1XR`17B#E;,L11%
4+;,R;1XRa,4&1
^,;1TbX28@17B/,$Rs/,$R<
2B"/,b#*$;+,E/,*728291b4R3
A,162#M14N?78aX*k2BR;#!,
1?@91RM1*$;R;*&;#4D+#B17*+,O!O
;

Những nguyên nhân ảnh hưởng đến tnh hnh không hon thnh kế hoạch tiêu thụ
l:
CU,*,;;*+,O,E#7*b2H#X
17B
CU,b2H#X17B4&4N;,$*#!,7
*X17B4N
CU,*8A5?*h#,E#*g/,N2f`
83#Y,R161,;
CU,$78"R`$89*$%dR@AB4L1#e4
Q17Asb1%/D@#32$+9"R`171L1
1+81$,O,*8;
(\8@11+*+%17B
Z1628@11+*+%17BbX4N1+;,o1716
R3d9&4N2H#17BeR;1$<dA,QR`17Be!n$1

1+71`24A164117/,<4L17B0&,O1
2H#11+/,L1117Br
.\8@?894D+17B

Các nhân tố thuộc về bản thân doanh nghiệp :
)516*+,OR`#E9&4NR;&4N2H#_
A5?_1+23<4L_<1$!$N2&'_1?@91RM1*$
;69$S_1$D$#1`_RsRR@*<2L1;
,$2_n#g_Q$&,O1#E;,4L117
18
A_RM11$N2&'RM1324L1A8 "89%a
4D+*91&4N2H#17Bb&;1$!$_1$!$2H#&;89
4D+*91&4N2H#17BR`#E1$<&y16R34D
+&N13A,162
ZM11<*91&4N2H#!$*11$!$=&7c&;#
A,=)177#"b"1$!$R;Qb#91%6
P&6<‡1$!$=*?&;#,*91&4N2H#17B1#A,
Q1##"*1324L117As*=_#"=1#
*91&4N2H#17AsT2B"R;,#$2Q17As
;,$_1$<SAB;,$,L194L117As‡1$!$
2H#T84D+8#&'4L117A_#"*11$1
2H#f4N4L117As$1$*$1d,O10*$;%/"e

Phân tích những nhân tố thuộc về khách hng:
v$;bX$"+17BD?b"Q
517_Q#,#9_#32_<1+_D@517r,b
78R`#324D&M+Q_A,b&;#4D
&M+Q_4D+R1617B2H#A,162^"1A
28@?78"R`4L1#&;/#h#91%61?
QR;32Db"_Q=&7*132=&7)17

1`;Tƒ"R;,0&,O1Q_Q!1+_Q491Q
1+_Q;o
^,;1_T1`78$"+4L117As*1#k#;
,$&;&O#2$_&f18;_1$4L117A_<R<f"1_8#&'
4L117As91RM1#"9#E;4@$+9R`R=,$_2,
B32%$04L1A8_<24ib?$"+17As
;,$#"$$*X


Các nhân tố thuộc về Nh nước:
$@$*+*@,EO+17As4+/#;
b@$*7a1Q44M,;1@$OOR;$@$
*$
G\8@1X#TR9,17B
19
WX$<4N1X#,;R9$A,16221SAB#"9o17
8
a. Sản lượng ho vốn
&4N,;R9&;&4N#;A,162X*1!$7<
4LRM11$A5*1+bX!sk24N12@*1A,
^+a1
Z
u;&4N,;R9
‡
1
u;1$!$R<2H#
:
1
u;!1+2@R<2H#
Œ


u;<2@
)O11X#,;R9&f1T…>*1b&f1"2!n<2@R;&f1"2
R<2H#i!n<2@R<2H##;&f1"2R<2H#
4N$<4
uf1"2R<2H# …‡
1
 – :
1

)0b

Z
…
Œ

‡
1
C:
1
74N$2AB,?A,162oR;17B
#"&,O12H#7<4L
b. Doanh thu ho vốn.
U,,;R9&;A,9#;A,1624No!sk212@
*1A,
C)4LN2A,162oR;17B#"&,O12H#A,
,;R94N$<4
U,,;R9 …
Z
‡

1
C)4LN2A,162R;17B1`&,O12H#A,
,;R94N$<!n$
U,TR9 …
Œ

 –
)!1+2@
)A,!$;
c. Thời gian ho vốn
20
)L11,;R9&;L11Q1+XA,162R;17B
#"*91&4N2H#7<4LbA,!n12@A,
162*b&f1R;i*!<&K
v1 A,
162R;17B#"*91&4N2H#&M1X#,;R9A,
162#M155b&f1_T+A,162R;17B#"*91&4N
2H#n#,1X#,;R9kkA,162c!<&KZR3X=
*91&4N2H#R;17B,A,162_7Db#;4N
#&N13#,#9bX$<%
&4NR;17B
XO#&f1#,#9
…
Œ

‚ &f1#,#9
‡
1
 – :
1


,E
U,!$;QOX
4N#&f1#,#9
…
Œ

‚ &f1#,#9
C
)!1+2@
)A,!$;
)0R1628@1X#,;R9#;A,162b?%+<g
k,R16R;17B2H#XO4N16%*1+,
!F!D!$0#("%$:;)#$3<#%+,a`,#$#?$)]'
uN13&;*+%;1@91s$,O"*1
A,,O";1@,O"*$4&O1&;o17&4NX$1$
16%*1+$,O"A,162
uN13&;R9!%aX$1#D"A,
162R;`*1+
uN13&;T!H*1+%a*+*@A,162R;4L1
&,"=4L8,16%*1A,
$!"23;&N13A,162
,!;)#$3<#(g$`=(-e#?L)#$a`,#$
CuN13Q0,O"17Bu;*,7&61?A,Q
!$;R;2A<RB011$;,;!"2H#;bA<RBf
17B,*ƒ
)L11,;R9 …
U,,;R9$
U,!$;=#
21

U,Q!$;R;2A<RB&;,;!"1`!$2H#;
bA<RB*10$*,1+*4#O11#1$;!$;!$
&O1+*H+17BE!16
‡1$;,;!"2H#;bA<RBf17B!,#
C ‡1$;2H#A<RB
C 12@!$;
C 12@%&'
CuN130,O";1@u;*,1`7&61?A,,O
";1@R;12@,O";1@R;+1$21"2/,%1
<2$2&3,*ƒ
z!;)#$3<#%+,%I%$`=(-e#?L$I%u;*,1`7&61?*,R;
*,1R`,O"*$A,162
C v,R`,O"*$!,#4N!$_&';19<_
R`N*bT1_R`$*,N21*$<RRr
C v,1R`,O"*$!,#1R`&'_4N!$)W_1R`1`
2OA,R12O#N2RRr
!F!D! !$0#("%$%$3#?(1#$$1#$:;)#$3<#
\8@&N13&;$1$5!1+",;
0!"23_&N131?5+RM1*+,O_1?*ƒ;RM1*ƒ4Mn#
4N*$1%$&N13R;?78!Q4D+1
7v128@_Q@R;,$#R;P&6!1+"*ƒ28
@,RM1*ƒ970o17WL1,$!1+"0
o17RM1A,
\8@&N130,O"17B,A,162
uN13Q17B2H#4N$<4
l($3u#{)I9G#$/#?zI#{$)'$" – $)'$"f
l|#? – %I%L$`6#?)68(Cg{{$)'$"x$)'$"f
$o17A,_12@4N$<&;7A,_
&N131`#E;
CA}#?$;' 4LN29&1628@4N$<17,0&,O1

2H#&N1317B2H#4N$<4
22
l|#?{%I%L$`6#?)68(Cg{{%$)'$"{%$)'$"f
u^… 
1
|
1
{ 
1
|
1
{ 
1
|•
1
{ 
1
|!
1
{ 
1
|%
1

l f
)
~p?
)
{C
)

{•
)
{z
)
{€
)
q
),b9&,O12H#1
• u^&N130,O"17B2H#;b
• 
1
*91&4N2H#117B,*ƒ
• 
1
1$!$2H#1
• 
1
*,1#1$R<2H#1
• •
1
1$;d1$R9eR<2H#1
• !
1
12@!$;R<2H#1
• %
1
12@%&'A,162R<2H#1
CA}#?$;'Dj#"9+9,&17%+1`2H#R`
#EO,$*X$17,0&,O12H#9&16+9b
4N2$AO9kO412@!$;@2@%&'A,

162$*,1#1$*O,$,02H##;o,DAO
9o17&N134N$</,
l|#?{%I%L$`6#?)68(Cg{{%$)'$"x%$)'$"f
u^… 
1
|
1
{)Ž{ 
1
|•
1
†)
!
{)
%
23
l f
)
~p?
)
{•
)
q{X{
z
{
€
),b
• 
1
*91&4N2H#117B,*ƒ

• 
1
1$!$2H#1
• )Ž1$<$*,1#1$;!$
• •11$;d1$R9eR<2H#1
• )
!
12@!$;
• )
%
)12@%&'A,162
CA}#?$;'Fj12@4N28;!1+2@R;<2@&N134N@
4
l|#?`,#$($3x|#?z)*#'$"x|#?-o#$'$"
u^… 
1
|
1
C 
1
|Z
1
C)Œ
l f
)
~p?
)
x
)
qx•

),b
• 
1
*91&4N2H#117B,*ƒ
• 
1
1$!$2H#1
• Z
1
!1+2@R<R;17B2H#1
• )Œ)<2@,*ƒ
24
$AB#?'$I''$0#("%$As242$2+&17,;97
&6)4L4L,$&N135+=#,RM1=#4M
,EbX,$&N13*ƒ5+,RM1&N13*ƒ*+,OX$<"
7&6&N13
G)(A;#?'$0#("%$•u^…u^

Cu^
>
),b
• u^

uN1317B*ƒ5+d*ƒ28@e
• u^
>
uN1317B*ƒ*+,Od*ƒ9e
V$<$894D+&N1317B2H#;b
CA}#?$;' j
u^… 

1
|d
1
C
1
C•
1
C!
1
C%
1
e
#$$Ah#?%+,#$0#(G5G:A;#?56#'$78()23($4
WX/#h4D899&4N2H#17B,*189
*+2H#17B*1211<P&6,;;*+,O
17B0&,O12H#`!nR;!nP&6,;;*+,O
,;A,162
^+a1
‘

 &;*91&4N2H#17B5+,1`*16*+
*1b

‘
1
>> …

1

>1

>> … v

>1

>1

>1
25
dv&;P&6,;;*+,O17BA,162e
…’
‘
1
…v
>1
uN13*ƒ5+u^

… v
>1
d
>1
†
>1
†•
>1
†!
>1
†%
>1
e
Z34D899&4N2H#17B&;

•u^

…u^

†u^
>
… 
>1
d
>1
†
>1
†•
>1
†!
>1
†%
>1
evC 
>1
d
>1
†
>1
†•
>1
†!
>1
†%
>1

e
lpP{ q
s
#$$Ah#?%+,#$0#(GL*(%&356#'$78()23($4
v+2H#10*ƒ9*ƒ28@1S$89*$
*1&N1317B2H#D*ƒ5+&;
u^

… 
1
d
>1
†
>1
†•
>1
†!
>1
†%
>1
e
Z34D899&4N2H#17B&;
•u^
v
…u^

†u^
>


l f
)
p?
s)
{C
s)
{•
s)
{z
s)
{€
s)
q{ P!f
s)
p?
s)
{C
s)
{•
s)
{z
s)
{€
s)
q
#$$Ah#?%+,#$0#(G?)IzI#56#'$78()23($4