Tải bản đầy đủ (.pdf) (32 trang)

Bản cáo bạch - Công ty Cổ phần Sữa Hà Nội

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (2.6 MB, 32 trang )



!

#

"

$

%

*+

+

% ,

!

"

+

!

"

*

1/2



3

5

6 /

/ 7

:

13

?

D

,

5

-

./ 0

1

& $'

(


,#

- /

.

"
2

$3

4

)

*

0!

*

8

3

4/!

<= 6!


$A

H

*

8 /2

/
"/

9
/
$A

0!

B

C

#
7

!

!

D


% =

B

I 7 /2
)

9

$

7 /2

I

(

> = 6!

%

EF- 4G

,
# 1

)

$%


,#

0! 1! /

@7 /2

(

4/!

#

5

"

)

;

9

'

-

#

"8


B

&

7

$A
!

'

J

$K

G
!

%
'

+
0! ,#

C ,#

-

-


+
8

L

7
+

$

2

#

$3

7 8 /

/
(

46
2

$3

/

49
5


7
5

#

:

/

:

.

4;

7

:

M0 / I
M0 /

$ %

:





+

M0 / &

*

M0 /

5

2

3

5

*

I

@

%

7

/

7


/

O
I

?
?

<

+

!

I N

'

)

I
+ P P BB5

I

3 ">

I
K


#
$'

>
"> 4

/
>

R BB5

0!

"8
/8

EQ $

2
8

./ =

>

O

P BB5

+ P

!

>

4?

7

?
#

7 /
(

R

A 2
9
9

BB: L 68

F

>

7 /

9
4A





!

S

, 0 <

6

V -I @7 /

, W
7

# 8 X8/ Y
W
#
A X7

H2 4 '
,

]/

#
/[


$ %^

13

"> $ '
%
3

\

;


U

>

L
/

S

J^

8

68
A $


/ X2

-$

Z A

C

G

!

U

> ,#

-,

( ,

/

68/ _ '

68
/ X2
-$
3
( 0! ; "`
!/ 4< 4/ ,#

-,
( ,
/ 68/ _ ' !
! $% K ` "L 1A ;
!/ 4<
/
2
F U !/ 4< ,
/ 1 a3 "> *+P BB:P6_b, a_ c _
9PDP BB: )! ,#
-,
(
/ 68/ _ ' C ,#
-,
( b)! 1
a3 , W
# 8 X8/ Y
'
F N =
$G! d
# e / 68
/
X2
- \ A G '
3
A $
f d 4G! K ` "L
#
"> $ ' 4/ ,#
-,

( b)! 1 a3

#
,#

$

%

-^

&

'

(

)

,#

-,

( b)! 1 a3

,#

-,

( b)! 1 a3


1gahijik@^

$ K

7

l6,@aa^

lm X! ,

^

U ,@^

0! ,#

-,

@ /

F

U !/ 4<

,aH@@ ^

,

1HV ^


13

;

H1H,H^

H2

3

;

l1 ^

b)! '

Z

a

( b)! 1 a3
C

,

%

/
4/!


8

<
#

!




*+

+

"# $ % &

+




,#



-

./ 0


'

(

() &

'

,- '

1

2

$3

!*

(

-,

( b)! 1 a3
A
$%
- B P P BB
]/ U %
4/! "> B B+BBB5D 4/ bL @7 /2
H(
1 a3

B P P BB a - B9P+P BB = ,#
-,
( b)! 1 a3
L # EF- 4G a
- 7 X 7 ")! 1 a3 2 4 C
0! ,#
- ]/ U %
/2 3
"> D +BBBB+: 4/ bL @7 /2
H(
& _n o W
- DP+P BB
a
# "
K *B ' $N ")!P
=$
3
- # $C L _ '
a! 2 O
C
(
K BB m ;
a
- 7 X 7 ")! 1
a3 \ A lm X! a F 4F & _n o W
U %
\ (
">
?*:P,apHH

- DP5P BB
a - B*P*P BB = ,#
-,
( b)! 1 a3 \ N
7 A
X< 7 X 7 ")! ; X3
' 2 0! % /
] ! o! c J- H
EF- 4G = $
[
7 X<
2- Q
' =
- \ /
/ /2 3
BP BB*= a




% ,

-

a - 5P5P BB:= ,#
1 a3 I & _n
%
$2

7 X 7 ")! 1 a3


2

"8 $ A

BB

;
b!

!
`

7
3
N

' "8

-,
( b)! 1 a3 \
` "L
4/!
o W = bL @7 /2
H(
& _n o W \
4/! "> DB+BBB B
- 5P5P BB:

f


e
U -

>

, / 7 !-= "! 5
/2 3 = 1! / $ C 4q "8
f
0 $G
' 2 $
irri
s/ ! !
- 3
A "G
-K 0!
O K 4Z = > 3
L
/2 3 $ # L
!/ "/ C > 3
L
0! /
= e
X C
t
<
`
' 1! / $ $
3
`

'
2
/
"8
E ")! _ ' a!
/



I 7






6Y
3
6Y
4F

8 /2

/2
3

3 = ,#
4/!

] vH2

/!

N
'

]

e!

I "8 E
> 1 a3

- u
0!

^

"

/

E
x
4/!
!/ [

%

c c


I XY

"8 E
4/!
I #
# _ ' a!
/2

6Y
] I 2
N E
"
BB+ T BB5 4/ lm X! a F 4F &

A

/
_n

3

E\ 3

/2 3 "8 E
o W !/ [

]

0!


`

!

BB*w 4/ 1 '
!/ [
BB* 4/ lm X! a F
4/!




.!/!


3 12



3

!4



3

!4 $

6!*


7



!0

12

5

8 12

^

#=

^

E/

^

/

> #0 B C D / E%
$F

D


$#

B/ >

$ G<

^

^

@

^

y9* c B*z 99::5:?P:+

{!E

^

y9* c B*z 99::5:*



| !$

^

}/~ ! /




•]X" ]

^

€€€ •• /



U -

% H@@

^

b> DB+BBB B
$( (
- P P BB =
$2 $(
- 5P5P BB:=
!$(
D
- DP P BB: 4/ bL @7 /2
H(
_n o W

!

^




9 ,:

H'



;

/2

(

<=

DcH O 6
' V !
j
j = -' jK k

b8 E
X # X ^ ")! Xq= ")! %
"8
f
# "8
G
f =
$/2

$ ' = 7 X< %
"8
f
")!=

$

k/ a3 6 T @ ,#
= # U!
= E\ V !
= & _n o W

/


C

"8

f

>
7X7

e ")!‚ 7 X 7
F-‚ 6 # X
-K
G
f ‚


(
# = #
' ‚ ƒF- 4G
#
4F 4J = #
' ‚
@
4/! X
3 "8 =
"2 =
="K
<‚ @
4/!
2 (
#
' ‚@
4/! = # ; = 7 X 7
m "8 ‚ H / 2/ #
F „
% '
d
!/ t ‚
j !X E
%
8 = ; ` y e ;
8
L
C !
q
f ‚ H2 $



>

!

?0

f ; 4Z
F
!
= %
`
2 / / 4J
F
="
= % G ! / E\ 3 z‚ j =
!= 2 $ X =
Q
/
^

@A BCD AAA AAA _aH

c+c

f

8
/= !

/… 0! … ]
/[
7 X<
q =




!"

E

,&

! "
0! 1! /

2
#

"
$%
"! ^

$

D**

*7
>M *

* C

?F) ( G ?0
">

)

(

$# !H
)

]/ U -

0 =

D

1

E
!

"

,#

!
#


"

H

12

*B BBB

=DD†

*B BBB

=DD†

*B BBB

=DD†

DIA AAA

@JCIK

>^

")! ' !- 0! _ ' a! X!/ ;
"8
f
N
X3 4
4 ‡ =

"8
f ")! [
"8
f ")! ` = ")!
1! / $
' 2 $ ")! C ' Z
")!
! >
' Z
!- 1! / $ !
B 4q "8
f C
`
'
N $ ^

$
! b8
X!/ X

")! X3 =
f
0!
- 1'

B
<

O


!

PQ

-

1! /

$

/[
)

(

>

-I

"/

(

(

,#

"/

) &


/[

)

-I

8

-^

=N

)

=

> C ,#

B

-

#M ( 12

JKL

=DD†

+


,&

*I

*B BBB

2
@ /

4/!

0 B C
O

*0

L

%

N : D:

2

+
*

,&


# $

#

<=

) R#J <

9

;

O

c*c




X!/ ;
"8
9B $= irri b/ /$! •]4 ] 9B $= irri
O •]4 ] 9B $= irri
O
9B6= irri F 9B6= irri b/ /$! 9B6= irri
! 9B6= irri
irri
O
BB{= irri b/ /$! BB{= irri ` 4F BB{= irri #

O
B•= irri F
B•= irri b/ /$! B•
j3 "> "8

irri

f

B

N

/

O

s/ ! F
s/ ! ,!

f

s/ ! T 3

#

/
1! / $ \
2 63 s 7 u


f

")! '

irri 9B 4F

9B $= s/
9B6

j3 "> "8

"8

,!

N

"8
A

"8

s/c

B

!

`
'


f

\
<

F
f

irri

B 4F
f
F

b,l
9B6=

!^

s/ ! !

s/c

' irri 7 4/!
/ 2 ,J "L )
F
<
K


2

$

X!/ ;
"8
,!
9B6= s/

B•= s/

")!

irri F •
B•= irri
O
9B6=
O
BB{= irri

^

W irri BB

B•= s/

/

Z


f
!
#

!

9B

"> N
,
N '
K
f /$ O

s/c

3

`
f

q

' 0!
$ A

b8
f irri $ 4q "8
f ")! ' Z
( K 2 _ ' a!

X "
k-" ] c F$ 3
X 4 ‡
(
7 / `
0! … ] = k-" ] W …
J
4
4 ‡ =
O "
I
/ 4' I N '
$G u
I !/
1 ' !`
' irri \ A 2 ! ">
O K 4Z X 7 7
3
\
'
]
3
#
7 /
ˆ !
/ …]
b/ C
( 4
u


"8
4 ‡
I

f
/
!/

")!

= <
%

'

<
C
/

`
J
"Q 4J

H> C 4q
"8
f ")! ' Z
1! / $ = <
< /
`
' irri >

>
/ "G
L
I
$G
N
f
L )
[
^ "8
f
!
= /
8
d ")!
2 K
/ X‰ d $W = d `
c5c

'
K

0! 1! /
W

$

%
/ 4'


/
I N

'=

$G

`
' irri= 4q
"8
f
0 $G 0!
C …] e+c:
$ ^ b)! ` irri
' b8
f irri
"G
X ' "/ C
"8
4
N
x= X "
$-" ] XK 2 ")!
3
n
C
`
8
/
-7





j3
"8

/
f

)
C^

I

`


− b8

f

− b8

8

7 $ A

'


K

/ …]

4

4 ‡

^ C

2

!

"8
"8

f
f

$

d ")!

3

y ) irri
!

N

n

$ "G

X'

z

x=
#

€]4 ]= 4

K

/ …]
%& '( ) * +)
# $
!!%
* + D 99D
D :D9
: : 59?

!!"
5 :*: D
? D 9+?
9 +:: B5:

")! ' Z
")!

!
3

, *
1S

,Q ? 7

=!#!?

1S

# AAD

<=

=!#!? C

&

a
a

"8
"8

f
f

E=


T AAI

a
a

")! ' Z
")!
!

& ,Q ) R# ,H %

&

"8
"8

f
f

")! ' Z
")!
!

#
%& '( )

a

"8


f

")! '

a

"8

f

")!

<=

=!#!?

!

# $
!!%
+? :B5 B*+ *D
+* :9 :B 99D

3

?9 5B? ?* D+9

?


Z

# AAD

1S

9: :*: +9B

<=

=!#!? C

&

T AAI

+†

15%

9?†

85%

"8
"8

f
f


* ,

!!"
+: *95 D* D+9
* B B9B BBB

, *

a
a

+.

9?†

85%

1S

-

+†

15%

U

/

$-" ]


f
K
/ … ] ^ X!/ X
PQ ? 7 ,Q ) R# %
&

a
a

0! 1! /

")! ' Z
")!
!

a
a

c:c

"8
"8

f
f

")! ' Z
")!
!


-

+.




B

V4

=N

V4 =N
-

-

) &

,Q W

(

H(
F
K
- = (
> 3 5 c +B†P

/
B B
H(
f
4/!
!

EF- 4G
C
/

V4 =N

!

!*

!

<=
X

L 3
EF- 4G
7

-

>


/
B B=

C

! / # "
7 7 X!/ ;
2 (
Y
8 X8/
"8 $ A
C J K 2 95B c DBB m 4/!

!
C

E L
7 X 7 "8
f
C
"8 E
")!
! = 3 "> "8
F-= "8
f 4
4 ‡
")! [
O
Y
2

A
K
/8
BB c 5B m ; P
@7 /2
(
4G 7
BB? c BB9

WY
S

!0

b8
f
0! 1! / $
3
"8
f
G
f
K 4Z =
K
J "Q 4J "8
f 0! ,#
-$
3 !
O 4F , N

%- '
EF- 4G
`
'
3 ! q 7 "
! d
> C "G
#
0! ,#
- a %
Š '
-= /
)
C ,#
- [
d
F
/ '
`
' C
7 /2
J
"! ^
-

-

-

-


a /
s/ !
a
[

`
s/

' irri= 1! /
4
/ …]

K

$ "‹ %
Y

3 "> "8
O

f

4

4 ‡

!

`


2
/2 3
! ]
#
! 3
A
_ ' a!
[ X' $
`
4
`
' 0!
4q "8
f

!
`

'

!
$ A
/
K

`
!/=
7


8

!
!
A
V !
`
' 1! / $

Hf- 2
/2 3
! ' #
W yoMz ^ ƒF- 4G
8
irri
7 C
/2 3
0! … ]
#
! '
A /
"
/2
/
7
=
A /
/
7
`

' ,#
- 1! / $
#
! '
A / 3 ">
#=
;
-K $ ' = 4Z
`
'
> $K
(
=
`
'
C
C '
A
-I = /

C

")!

/
/

-I

=

`
8

=

`
'
3 ">
`
Œ ƒF- 4G

`
4/! = $ K 7
K
`
'

) Y ) >! ,Q ) R#

_C [
Z $ "8
f
G
f
K 4Z
3 !
K
' EF- 4G
3 ' >
q 7 "

! d
> C "G
)
C 7 /2
2 $ C
@K
F
/ :* &
@K
F

'

= ")! X3

Hf!

4 =N

-

EF- 4G
"8
f ")!

>
>

-I > ^ b8
f

= K
< O
-I
>
0! ,#
c?c

F
/2
F

0! ,#
-$
O 4F =
> 3 $C = '
8
3 !
3
4/!
0! ,#
/
> 0! 1! / $
"! ^

0! 1! / $ ' !- A X
K
J N $
I 6
6
- A G '

#
!

3

\

K

I
F

>




7
3

2
F
>
"8
f L
N! !
"8
f
aF


8 C
/
)
C ,# - 7 J 0
F
> 2
G
N! X = EF- 4G
XI ) = 7 C ' G ' (
/ $2
N! ! = e X C L 3
< O
2 $ C

V4 =N

-

(!

o

6&=
D

K
J "8 E
K

F


> $C

' >
! '

#
-= EN

7

"K
%

>

X8/ 8
F
> L

<‚

F

X
= 1! /
-7
2= ˆ AX
> 0! ,#
-


$ "‹
%

.

'

`

F
/ "8 E

L

F
>
4/! =
0! ,#
-

O

"# $ #O ,>
#

G !3

8 $ / X3
8

Y
F
!/

!

C
`

2
4/!

I $' $K
>

<=
=N

F

=
O

2

=
BB m ;
/
4G


=

- 3
(
4

-I
N

#

>

0 "L )
u

2/ "G

2

#
,Q W

!

<=

8 12

=


%& '( ) * /
# P

P

kA

%

*

kA

%

5

kA

%

:

kA

% "!

9
A


# AAD

(

+

8/1
G

7

"8

/!

e /2

3

C

2334
; =
H

>
"8

'


"

7

&= 4 % Q =N

<

L

;

>
! ' >
6i _= 1b6, Œ
7
ˆ A I >
J
J

D

3 "> K
7 % !d =

3 8 $
= ! ]
=
/ ' >

F

X
$G

-

$… K

EF- 4G
f
G 7
7
O

-

-

X
$ C

4/!

7
7

:; <;;

+


C

&

,
T AAI

B? 5*:

* ?9?

99 B?:

?? ?*+

D:+

c** B

? *

+ B:5

B B*

9 :5*

B BD:


9 :5*

, *0 - ) . 1 - 2334 5
62337
;; =
; / 0 - )
> ?@
B
C > !9 ; D ?@
?E ; F

c9c




D

H
=











Y >Q
# U&= &=

:

4

=N

O

,Q W

!

<=

/
BB5=
8
B†= [ X '
-K $ '
/
N "8 E
/

K $' (
/ 0! 1! / $
O *B† c 5B † / :
BB5 0! ,#

$K

/
1! / $
F
K ,#
- a
A 4 ' 4G
L 3 "8 E

3 "> !/
3
u $\
2/
X3 #
- 7 X 7 ")! 1 a3
K /2 3 bƒ@ •
2
‹ ,#
- 7 J (
F
= 8 2/
G
= F
# "
- $K =5 $(

1' >
8 $ 0! ,#
- • q

3 ">
/2 "8 E =
/2 3
8 $
N =
!
N
-K
' !/ ,#
! EFF
>
-K
' ‚ "G
! I ‚ '
8 $
`
-7
#
q F- ! $\
N _' (
! ;
"G A $ =
!
A -K (
/ "G
]/ 7 /2
#
! 2
/2
0!

7 X 7 ")! 1
! ]
d
7 $n
K
D= +† 4/!

4/!
K d
BB: A
a3 2
F
/
† <
= `

2
I
#
<
(
`

2

7

8 $ X
4G
A


(
>

8 12

7

/

/
0! '
2= 8 $
X3= `
(
0! ,#
-

I
=

'
=

I

e 5† c
- \$

/2

! ]
'
> = 3
; q
7 X<

<

>
X!/ 0
X
%
! %

BB: \ A H2 3 ;
#
0! 1! /
3
#
O
K
- P*P BB:= 4/!
!$ * B m ; = G
' (
L 3
"
:B ' $N P
= G
'
`

O
…]
C * †
4
$ A = C J
/
8 C =
N ! ]
4G 7 L
+9 m ;

!

7
!

$
7
-

K

7 /2
\ A H2 3 ;
#
#
!= "/ "/
C '
G
'

' (
L 3
- 7 X 7 ")!= ,#
- \ G
'
`
! ]
! ' #
W yoMz Y
< ( =
C
C J K 4/!
[ !
]/ 7 /2
I (
= '
L 3
F
# "
- "‹ /
/ "8 E
e
B P BB:= K /
!
[
8 3 "> C
K 4F-I
"8 E "> 0! a
- C
:P BB: C

/ /2 3
HI
7
/ ,#
- X< 7 J "8
f
K
J K
< O =$
/ 4/!
! 2
A
7 /2
I != /
N I ! ]
oM \
A (
G
' HF- N $
-K
F 0! ' $A
% e /2 3
4/!
0! 1! / $
#
!/ / D
(
BB: e! ! kA
%
D

(
BB: 0! ,#
- 2 K + m ; = F- $
/8
I
X!/ X ] ! o! ˆ A
N
/ /2 3
7
< #
! '
7
8
X X!/ X / 1! / $

cDc





DL

F-I
\
/ /2 3 = F
$K :B ' $N P
Z
C 7
8

' /
BB: "‹ $ I I
I
2
‹ I 4/!
$A
%
/

[O

,>

G !3

(!

;

8

`
'

>
BB?

$G "8 E
! ]
,#

-

0! 1! /
oM \
L

=!#!?

# P<
1 G ,>

Q

# AAD

=&

− 1' ">

!

/

− 1' ">

!

/

1 G ,>


S

B=D

2
!

B=

"8

B=?5

>

− 1' "> aAP
− 1' "> aAP_>
L 1 G ,>

=D5

0 "L )

?Z

=N

O


=*

− _q

!-

− _q

!-

"8 $

3

=5

− _q

!-

/8

8

5=B

− _q

!-


;

/

B 1 G ,>

Q

,!

?\!

"8

=*

− 1' "> kA

% "!

7P /!

− 1' "> kA

% "!

7P_>

− 1' "> kA


% "!

7P

− 1' "> kA

%

(

?=B†
+9=+†

0 "L )

D=?†

"8

e 1H@ P /!

*=5†

(

, *0 -

j3 ">
F
8/


F N
0! ,#
N
- A 4G!
n! 8 X8/
<
! -7 <
(
Q

$
G

-,
K
0!
^

/
$

68/ _ ' I
& ">
-7 I
N = I '
/
& Y
J N


-.1

N
/

-

9 2334

0! 1! / $ =
/
#
(
!

=& X

1' ">

!
/
2 = A N XY
"8 $
3 y "8
2 z
! / aA
2 = / X7 3 ;
A
2 0! ,#
- A 8 X8/ !

/ XL X!/
K ;
"8 $
3
@e
8 N
/
' "> !
/
2 0! 1! / $
BB5 $ B=D 1' "> !
/
! = A N XY
"8 $
3
e 1
;
/ "!
! / aA
2 = /X7 3 ;
A
2
A 8 X8/ XL X!/
K ;
"8 $
3
8
!
/8 !/ 1' "> !
/

!
0!
1! / $
BB5 $ B= ,
& K
- 0! 1! / $ $
! % "G !/= ,#
- (
N "
F
!/ & K
-

c Bc




S
1' "> AP
"> N
/

> X
"8
/2

1&

3


0! 1! /
3 "Q 4J
0! 1! /

G !3

?Z

$ XY
A /
$
=N

O

,
& K I
$G /2 3
4/! = '
8 "Q 4J
"8
;
"8 2/ ! X!/
K ;
0! 1! / $
BB5 2/ ! =*
5 $(
BB5 /
- ,#

;
/
q
!- > $
O ! "8 E = $
/= K
J
- Š /
`
"8 $
3
1&
,
#
4/!

G !3

Q

,!

& K "
$O G
- , & ">
$A
P4/!
(
BB5 2 +9†= F- $


7

B=?5
`

' "> AP >
; >

0 "L ) $
' "Q 4J

=D5 ,
q Xf-

&

X

/ X7
$ A
8 $
0! 3 #
- _q
!/!
@e
8 N
/
; 4/!
_q
!8 $ > #

;
3 E E& L
=*
=5
"8
f
u
/2 3
0! 1! / $ =
;
/

/2

3

"8 E
"8
/X7 3
/
- 3 ;
"8
/8
8
L
I X
_q
!/
BB5 /
0! ,#

-= u
7 & d $C

?\!X

8
'
8 /2 3
4/!
> Z
0! 3
% "!
7P4/!
( = $A
% e /2 3
BB5 L ?=B† *=5† & " $A
% "!
7P >
0 "L )
3 & $' "
$O
!/= 8
'
8 /2 3
0! ,#

-

DB


'

'

) &

(

3#

]/ H I $' 4/!
' = _>
5B BBB BBB BBB ;
K
,#
-,
( b)! 1 a3 C
/
O

K

) !4 J

>

8

=!#!?


I $' 0! 1! / $
#
7 7 O
+ P P BB5= "> >
& 2 $ +5 *D5 BBB BBB ;

BB:= ]/ a < -7 0! H2 3 ;
#
2
- B PB*P BB:= 1! / $ \ G
'
N
]/ '
$ +5 m ;
C
7 "! F-^

&' ( , / X
BB BBB
'
B m ;
Ž

( =
/

'

BB BBB ;


K

P

!

7

$

0!

#

d H2 3
>
I $'=
(

`

`

#
<
C

^

+ U ! /2 ^ 6

/
#
' )
]/
`
-I
! $ B^+ y
# "L ) B
( u A
! B+
(
C z=
$ BB BBB
; P
(
">
(
$ B: *95
( = `
`
B :*9 5BB BBB ; = /
#
' ) $
#
K / 4!
"
#
N
7
- B P*P BB:

O 2
2 3 I
> Z
$ + P5P BB:
+ 6
/
>
$ A
B BBB
BB BBB # P

7 $ A = ,6,a_ 0 > ]/
( = `
`
BBB BBB BBB N
(
O 2 3 I $ +BP P BB:

c

c

-7 <
]/ '

0! 1HV ">
=
X





+ U!
A

/2 ^ 6
7
/
# ,#
-=
#
' ) 0! 1! / $
-I
! ]/ & $' B^ y
# "L ) B
( u "‹ A
-I
!B
(
C= /
#
' ) $
#
K / 4! "
N
7
- B P*P BB:z= C
$ BB BBB ; P
(
(

$ ?B DDB
( = `
` ? BDD BBB BBB ; = O 2
I
> Z $
- +BP:P BB:

#
">
3

, /X
5B BBB
'
5 m ;
Ž

&'
+ 6
)

7
B

/

#

( =
/

'

'

BB BBB ;

)

">

( q $2 "!
A
">
( q $2 y 7
z "‹ A
>
7 $ A
$\
2/ ,#
/ "G
0! ,#
- ]/
!- '
/
1! / $

7

+ _>
[


+
1! /
I

$
O! ]

I

7

#

>

( ^

\
4/!

E

,&

J6
(

C


^

$
!/
-=

^

2

O! ]

I

&
7

_>
7

I $' /
- +BP P BB:

!*# ,=&

^ a!
"

^ B PBDP D5:


− V > <

^ _ ' a!

3

6

^@

− V K
− H
B 5*5 `
`
B5* 5BB BBB ;
/ 1HV E‰ 4 -' X
]/ 4! "
/
X3 0 > 0! ,#
- K ` "L
BB BBB ; P
(

O

^a

F


-I
! $ B^* y
# "L
/
#
' ) $
- B P*P BB:z= C
$ * D9B
( = `
- +BP*P BB:= 2
> Z

% Q

− a` "


^@
&

O

− H $ K $2 L `

C

+5 BBB BBB BBB ;

!&# > J 6
!3


− UC N
− a -

`

?B *D5 BBB BBB ;

$2
4/! =
]/ "> >
G

W

% Q

`

0! 1! / $ \ /
=
- B P P BB:= ,#
- 1A 4!
N
7 / _ ' a!
\
X8 E
% >
0!
- +BP P BB: $ B5 *D5 BBB BBB ; = /

^

0!
4

(

^

]/
`
( u "‹ A
-I
! B*
(
C=
#
K / 4! "
#
N
7
$ BB BBB
(
">
(
`
* D9 BBB BBB ;
O 2
C
7

- +BPDP BB:

H7
@
#

P

W

b` = a

6

^ B? F- b` = H>
!

^ B* 99::5:?

c

c

H!= 1 a3

U -

%







3



3

!

^ BP B

-K

− V

#

#

^ ,Q

F @

7T

^




D?5 T D9

^ 1d L k K ƒ#



D9 T D95

^k



D9: T BB

^o U
ƒF- 4G



BB T BB+

^b
-,



BB+ T BB5


^o
a3 ‚

9P BB5 T BP BB:



BP BB: T !-



− ,

J #

− b>

(

'
)

− 1

2

− V -I $A
U

^


F



' 2

"

U

^, 0 <

1HV =

!- ^ , 0 < 13 ;
( b)! 1 a3
^ DB BBB
$ % ^

#

C ,#

-^

7 T ,#

> a
U


U
8

( y2

(

U

,#

-

7 X 7 b)! 1

> ,#

- ,o b)! 1

> ,#
<=

-

- ,o b)! 1 a3

U

O


> ,#

-,

- B P P BB:z

52 *

^ 5PB?P D59

^ _ ' a!

3

^@

− V K

^6
&

O

'

W

/2 `




3

/



3

-K



1 a3

#

− V > <

− V

7

> =U

1HV = o

^1 6


− b>

'

^, 0 <
a3

− a` "

− H
> ƒN

- ƒF- 4G

^ a!

− a -

F

,#

$% K = lm K 1HV = o
( b)! 1 a3

Q

X


− UC N



N

H<

=U!k `

=1 6

^ a g5= $
V > 7
V ,( U -= 1 a3
!

^ B* 99::5:?
^

#

k/ = o

P

^ ,Q

F k %


#
D?: T D9

^ U / K 42c +c

' L k K ƒ# u‚

O

<

_d

=





D9+ T D9*

^



D9* T DDB

^ V 8 $ $!/ 3




DD T DDD

^ ,#
- | |b,h • /
k K ƒ# u‚



DDD T BB

^ o



BB T !-

^ ,#
U
-z

− ,

J #

− b>

(

'


2

− V -I $A
^

U

F



- ,
> =o

B /

1

C $A N

#

4<

2 2

J _2 1/! T

( ")! 1 a3 ylm K 1HV = o

U
> a
-=
U
> ,#

( y2

V 8

O

<= o

U

>

- B P P BB:z

^ a!
^ 5P BP D?+
^H

− V > <

^ _ ' a!

3


d= 1

n

^@

− V K
&

O

'

W

/2 `



3

/



3

-K

− V



4 $<
2 1 a3 ‚

`

-^ @ #

− a` "

− b>

c H2 4 '

+

"

− H
yk K ƒ# uz‚

$ % ^@ #

− a -

F

I‚


> ,
m 18
q

^ * BBB

− UC N



2-

!- ^ o , 0 < 13 ;
,#
- ,o b)! 1 a3

)

− 1

J

!

d= 1

^o

? T 65= _n


#

^

P

^

2 "n V 8 $

1;= a \

bL= H>

H!= 1 a3

7

O

h!"

/ y1/! @Rz

^

- ,/ ] ,/$! _ ' a!

UH 6


n

^ B* 99::5:?

#
,#

^H

^ B

= UH



,#

- a]" $]•^



1'

!-^ U

4/! = o
yUH

>


yU

I 6 z
l $] ]

c *c

>
U

/ 2/= U
> z

> j! ]

=




− ,

J #

− b>

'

( "L )


− 1

I

K 13

^ * BBB

2

− V -I $A

<

!- ^

F



(

!3 6

6(

>M

C $A N


#

- B P P BB:z

R

^ B?PB5P D5
^ 18 o q

− V > <

^ _ ' a!

3

^@

− V K

^ F
&

O

'

W

/2 `




3

/



3

-K

− V

/= @ 7

•= 18 o q

^ b> ?: F $% = H O
!

1

@K

= kK , F = 18 o q

^ B* 99::5:?
^


#

P

^ H1

4/!

#

'

#



e

B*P D?+ T D9+^ #



e D9* T DDB^ ,#



e




e P BB* T !-^ U
J #

− b>

(

− 1

'
)
2

− V -I $A
6(



>M

> ,#

!- ^

L

- a11
6!


^ B BBB

#

( y2

-^ @ #

^ a)
"

^

PB+P D9B
c 5c

yUH ,#
$<

"/ ,#

z^ @ #

C $A N

2 yUH ,Q!
$<

S


− UC N
− a -

`
/

$ % y 7

F

- 7‚

/

P DDB T BB+^ ,#

− ,

_

O

-^ @ #

− a` "

− b>

- ,o b)! 1 a3


!*# ,=&

"

− H
( y2

< ,#

^ a)

− a -

F

V 8

$ % ^@ #

− UC N



;

O

H(
-,


z‚
-z‚
_' _ `

( b)! 1 a3
-B P

P BB:z




− a` "

^6

− V > <

^ _ ' a!

F



3

^@

− V K


^6

− H
&

− b>

O

'

W

/2 `



3

/



3

-K

− V


!

^
#

yHkb

P
k %

K H1 V >

d

L

k % " T_
− ,

q

J #

− b>

K 1d

'


'

− 1

yk % " z= a__o T _o k % " "> :

1

!- ^

N

$ % y 7

F



6( 7

8

< T ,#

yH/

k % "

K 6!


"/

^ BBB

2

− V -I $A

q

k % " b>

( "L )

( y2

&

6

O

-,
a

#

- B P P BB:z

-^ @ #


T
^ a)

− a -

"

^ B PB9P D:5

− V > <

^ _ ' a!

3

^@

− V K

^ 13 g = V 8
&

O

W



3


/



3

-K

^ :9
^
#

a! = H aŽ

> sK o J= V F- 1;= 1 a3
P

^ H1

N

7 /

#
P D9* T B5P DD ^

O

H1


c :c

N

( ")! 1 a3 =
z

z^ @ #

C $A N

− UC N

F

! 1 a3 ‚

1 a3 z‚

BB* T !-^ o





a

#


BB T BB*^ 1d

− V

=6

= 1 a3

^ H1



− H
=k `

^ B* 99::5:?

DD9c BB ^b



H<

^ 59 H /



`


a

@7 / ‚

T

/





B:P DD T B5P DD ^ 63

N



B:P DD T B*P BBB^ ,#

- <



B5P BBB T !-^ o q

− ,

J #


− b>

(

'

2

− V -I $A

6

IL

,



k $<



C $A N

2

O

7 /


"/ ,#

-,

( y2

z^

/

O

( b)! 1 a3

-B P

P BB:z

#

#

-^

#

!&# >
C
J


U

^ B BBB



N
y1 a3 z

K 6!

$ % y 7

F

^


U!

!-^

)

− 1

@

J


'

2^
7

A

Q

^
,

J

, 0 <
K L

1HV =

J b` -7 $ $<

U

> ,#

0!

- ,o b)! 1 a3

K 1HV


52 *

'

2^

o

, 0 <

1HV = o

U

> ,#

- ,

( b)! 1 a3


k $<

7

A

K L


J b` -7 $ $<

>M

6(
UC N



a -



a` "

^ ƒ\



V > <

^ _ ' a!

F



V K




H


b>

^ a)
"

PB P D??
sK = 1 -' sK 1; = &

a!

H<

a!

H<

^@
^ ƒ\

&

O

'


W

/2 `
3

/



3

-K

V

^

3





K 1HV

>U






0!

^
!

#

* ,J

2 =o O

k/

6 K = V k/

^ B* 99::5:?
^

#

sK = 1 -' sK 1; = &

P

^ ,Q

F

7


^



DP DDD T BP BB*

^ @7 /

2 ,#

-



P BB* T !-

^ @7 /

2 ,#

-,

c ?c

$<

1 `

U!


( b)! 1 a3

6 K = 1 a3




− ,

J #

− b>

'

( "L )

− 1

^ * BBB

2

− V -I $A
@

!- ^ V -I @7 /

(! ,Q


@

L

( y2

,#

- ,o ")! 1 a3

O

- B P P BB:z

$ % ^@ #

F



8

C $A N

#

-^ @ #

=!#!?


(! ,Q

8

U
<
"8
+ P P BB5^

=!#!?

>

<

)

]/ X /

/

N

A

/

2


O

%& '( ) * ,
P

3 !&
a .b

= #c ? d 4

.!&

? :+ :D* *

* B 5 :5 * B

+ : : B* ?+

5* BD9 :B? D:

* D:? +99 :?

+ B B 5 :D

5D+ *D* 9

V =Q #9
a

E L = %


j +

o

*

`
7 X<

7

W

7 X<
'

%

8

8 $
1O

*:* D9 B:*

B+ 95: 5:D

@I CI LAC eDe


C @eA LC BIL

, *0 -

[O

@

,> #& #"

!4 U

;

8

c ?N!

+D +

D 9D

5B? 5+B 99B
:

5 *D5

DI D D C @ LCD

-.1


-

2334

=!#!?
%& '( ) * ,

3

P

!4 U

3

!&

= #c ? d
4

.!&

c ?N!

j -

•g

5


$

5=DD:=? D=5BB

=5: =B?5=55

*=*+5=:5+=D*9

j -

•g

5

$ y ] ! k! !$z

:=B

=BD5=B5:

=+ += D*=B:D

*=?B9=DBB=D9?

+

j -

•g


5 $ 1H BB+ +

?=B5*= B = B

*9D=9?5= 5B

:=5:*=+ ?=B?B

*

j -

•g

5 $ 1H BB+5+

?=D59=9B =DDB

55 =:D*=:5B

?=*B:= B9=+*B

5

j -

•g

5 $ 1H BB* 5


?= ++=??*=B+5

5B =+*5=* B

:=?+ =* 9=: 5

:

1

=DB9= ?*

+9?=* D= ?D

?+*=*99=9D5

?

6; g$"!}] kg B

=::B=:+5=: ?

D 9=??5=+B?

=?* =9:B=+ B

9

1'


=9? = : =??B

:*:= 9?=?B5

=

D

j -

6gP D BB5

5=9+9=** =*BD

5=*:D=+59=B*D

B=+:D=B9+=+:B

{ / y {g BBz

=::B=9B:=BD:

D 9=9+*= ?9

=?* =D? =D 9

:=?5 =**+= +5

=++ =?:5=*B+


=B95=5**=95

? B= 9+=D:5

'"
>

2
>

B j j Bz

ˆ g$

B

3

6gP D •]4 ]

1'

>

!

+ 1'

>


'

=

5 y •g

Z
Z

l1 ‘

g {$]E B

:=D5 = +*=99

=*BB=*

=*9B

*=* B=:??=9+
=+:5=+:B=99?
*=55B=9

, *
c 9c

5=B?5=B:5

=*B


-

+.




1'
]$
I
2z
3
/2
-

> 4F-I "8 E
N
0! ,#
- A "8 E
XL % /
! o!4 y
•H z
] / yH! j2 z= 4F-I "8 E
; X3= ' 2
A
G 3 XY
(
I
-K 4J

$
7 ' C
yN
7
O
'
0! 4q
7 X< "8 E
")! l1 K
7 C a
BB+
- C
/ /2
=
$G "8 E
$ B ' $N P
/
BB:=
- C $
[
! /
3 4F-I "8 E
")! ' Z
=
$G "8 E
$ :B ' $N P
_C
# -= 1! / $ $
- $C
I 6

I "8 $ A ")! l1 = `
`
C
- 0!
#
- $C 2
N! a!
_ ! $ 1' > 4F-I "8 E
' 2 = ; X3 / ‰ 1! / $ "8 E
!
"8
f
$ A
! XY
C
4/!
' "8 E ")! $C
K
< O

1'

!- 1! /
' >
8
d -7 z 1!
%
>
'
$2

f

o q @
/2 3
4F-I
e

$
$
'
7
'

!

!

4 -

'

>

8 $
$ A
! /
G
f 1g,,o yo F N
>
8 $

$ A
0! 1! / $
- N 0! g z
%
>
8 $
$ A
0! 1! / $

]/ K
f ibh DBB c BBB
>
"/
\ A 6_Vi y
& H<
R= 6_Vi G
8 X8/ 4 W
K

$ A

'

yV !$ - g"" ! ]z <
$ A "8
f ^ e
-K
f E
/
!$


"/

V4

=N

?7!

F

e

V4

=N

?7!

(
F

=
(

A

N
% $' (
/

#
K
< O

_>

I $' y '

/!

y '

kA

%

C

kA

% "!

,

y†z

ka "!

7 P 4/!


ka "!

7 P _>

7

8

; z
; z
7y '
7y '

; z
; z

y†z
I $' y†z

f

K

=!#!?
# AA@

P= /!
AAD
aKb


.!&

'

# /!

# AAI
# P

/
X

# AAe

P= /!
AAI
aKb

.!&

P= /!
AA@
aKb

.!&

?B *D5

DD†


?B *D5

B†

?B *D5

B†

+ B BBB



**5 BBB

+D†

55B BBB

*†

5 BBB

c 5†

D BBB

D+†

+5 BBB




5 BBB

c 5†

: BB

?*†

+ 5BB



5†

c B†

B†

5†

B†

B†

5†

c †


:†



:†





c+:†

+?†

:†

*5†



a

; ^

-

+.

X8
K = & "> $A

% "!
7P_>
I $' A N
!- 7 / & "> kA
"!
7P >
0 "L ) XL
' C N
>
0 "L ) 0! 4/!
'
/ !
7
]/ $ `
>
=
8 X8/ "G 8
W
0!
< >
) N
/
u
& "> > C 7
8
4/!
0! 4/!
' , & "> kA
"!
7P >

I $' A N
/
C
` "L
`
W
(
A
$G "
$O K >
I $'= e
)
I
0! ,#
N
%- W
# \ N
/
& K
- !N
/
& K $A
%
7P >
0 "L )

%
/2
0 "L
%

- Š
-=
"!

/

c Dc




1

WY
4 =N

?7!

F J

+
,
]/ C N
0! 63 a#
'
o
a#
# = 7
DDB $ A ")! K J X

F P OP
& 2 B=*?
BBB 2 :=5 =
BB $ ?=B =
BB+
$K 9=
BB5 $ D
a
%-= "/ C
DDB "
K J ")! 0! C !
D $(
/
BB5=
$ A ")! K J ! ")! ` `
` DBB BBB
_C > 3
7 0!
C
"G 8 '
$ A
3 ">
O 4F ' !-= C ! [ J K F
")! K 4Z X
F P (
OP
2 B
/
B B=
B BX

F 2 B P OP
E
f ! < O
C
/
) *

a

%-= C
I ` 3
B†P

> 3
1! / $ z^

K

L

0!

J

"8 E

")!

>


3

L

<

O

")! $x

-K $ ' =
")! _ ' a!
q
")! _ ' a! 4G / "‹ A 4 -

_ ' a!

)

!

"! y

L
; ^

250
200
Mio. Ltrs


C

UHT

DKY
30.4

150

22.8

100
50

35.5

30.8

11.5

16

54.8

66

2000

2001


176.2

185.1

2004

2005

140.4
94.5

0
2002

2003

) * +
- .
/0 b8
f
0 -7 0! 1! / $ ' 2 $ ")! C
' Z
")!
! >
' Z
X!/ X
]/ "> $ '
e #
] ! ! =
0 -7 X!/ X ' Z 2 _ ' a!

K 7 C
( K
J ")! C
")!
! >
' Z 2 _ ' a!
/
e! ! 4G X /
C
"! ^
1 2 3
b)! C '
b)!
! >

Z

!!4
* +
+B :

!!5
9
+5 9

!!"
5+ :
*9 B

!!%

+B +
55 :

!!6
+* 9
:? 5

%& '(* 8/ +) H
!!7
!!#
!(!
+9? 9 *+*
*?9 D
?9 9
D : B? *

, * 8 I- c Bc

8I / # .




a

%- /
/8
5 7 +B†


e!

!= < O
7 J )

"8

f

0 -7
L
K

0! ,# - $ K J
/ "> /

L
C

a !- e
C
$% = 1! / $ \ EF- 4G
7 $ A K
/
= $ %
"8 E
4/!
"8
f ")! Z A C > A
… ] e B+ 7

$ > A
K J N
0!
")! l1 y")! ' Z
")!
! > z
K I < O
K J ")! $x
]/ $ !
"! y ; 1! / $ z^

30%

BB*

7

2
d
F
0! 1! / $
y* † "8 $ A
/
< O z

20%

= F>

22%

22%

BB5

16%

18%
16%
13%

12%
10%

12%
9%

10%

12%
10%

9%
7%
5%

6%

0%

ae E‰


- # <

O

]/ 4F ">

I

<

O

0! 1! /

$

"! ^

$ %

7 2
0!
1! / $
+B† 4F "> ’ * '
#
#
!

"


#

) * 8
&
O
k!4-= a
X7
I
b)! C
K 4Z
!

- .
/0 b8
f 0! 1! / $ ' !- A X 3
\ K / :*
= K
< O
K
J N $
I 6
6
I
= > C <
I a! "8
f
< "G 2
!
0!

,#
- $C
^_ ! $ =
}//4= _ E $ ΠK < (
! !/= `
'
! A
O K 4Z
"/ C j I 6
'

Z
I

>

A

A

K 4Z
O E -K
K 4Z
0 -7
c

X7 L
, N
c


8

$ !
%- ,#

=
…] $
- ")! 1! / $

>

A
/




<

O ")! x / … ] 4
N
B $= > 0 2
!
0 -7 0! 1! / $ $
,#
1 k!
_ ! $ C
\
'
k!4-= { " = _ ! $

b ! ae
N
K
< O
/
> = 1! / $
7
< (
/8
5†c 9† < O ")!
C ' Z 4
/ …]
/8 9cD† < O ")! ' Z
=
/2
/
; < 4 C F- y ; 1! / $ z^
250 S n l
Th tr

Tri u lít/ n m

200

ng Hà N i Milk
ng tr em

T ng th tr

ng


150

100

50

0
N m 2003

9: ; ' <=

>

N m 2004

;

/

<

N m 2005

?

- 1@

A
%& '( ) * ,


D

V /

Q

13
4/!
a -K

+

*

/

[

1Z

T

: B+5 ?D 9++

BP5PB: T + P PB:

,#

- a11 _ '


`

T k / ,!

+ 559 D*: D5

B PB+PB: T + P PB:

,#

- a11 o W o

`

T b`

: + 5 + : D:5

B PB+PB: T + P PB:

: B: +99 B :

B PB+PB: T + P PB:

* +: *B* D5*

B PB+PB: T + P PB:

? : : ?55 5:


B PB+PB: T + P PB:

9 BD ::

5

B PB+PB: T + P PB:

: ??D + * D +

B PB+PB: T + P PB:

: :?* 5 + + +

B PB+PB: T + P PB:

5 ::: B*B B :

B PB+PB: T + P PB:

5: 9: :DB DBD

BPB+PB: T + P PB:

9 5:9 B+: DBB

B PB+PB: T + P PB:

* 9*B +?* +*?


B PB+PB: T + P PB:

a a _F @

5

a a _ jg g
13

?

4/!

a a

T 1/ 6
1 `

7 ,W T 18

T1

a11 j _ o `

D

,

a11 k”H _ ' _ `


k

a a , 7 k/! T 6
, ,o o
13

+

F
4/!

sK

`

,

B

F-

T_'

9

*

'


W"XW"XW; Y ZWXWAXW;

a -“ j2

*

:

<

T6

a

T 18 o q

U!
> _ ' a!

a -“ _

H2 T

T 1 a3
!

1/

a a a d 1 I c 1 a!
,


a11 j”_%

8

g

Ta
c

c

'g

+ 9 : 9?? +

5PBDPB: T + P PB:




D

V /

Q

5

a a 1 - 1Z

13

4/!

(

?

, - a11

9

, - a11
1,j

8

D

, - a11 j
H; a!

<

B

kK
' EN
,// z


'

*

/

[

W"XW"XW; Y ZWXWAXW;

T a!

:

<

H<

D5 5

<

% 1

Ta
Ta

6

6

4/!

J

: *DB

B PB+PB: T + P PB:

5 99D D?5 *DD

B PB+PB: T + P PB:

? D:+ ? : ?

B PB+PB: T + P PB:

V > 7

B59 ?

> 7 6/ X/

' 1 ƒ

> yb! /

:*+

B PB9PB: T + P PB:


* BB5 :*

B PB PB: T + P PB:

D*: 5* B:9

, - a11 ,!" ”j] / _ ' a!

DP

* 9: 9 9 *9B

PB: T + P PB:

B PB PB: T + P PB:

, *

A

&

!& 8

A

&

4 =N
!& 8


?7!

F

4 =N

?7!

F

(

@7 /2 $A
%
0! 1! / $
A EF- 4G 4G! K I
O ")! _ ' a! = F
W
< O
J K 0! ,#
-= < 7
u
7 /2
(
0! ,#
- a7
#
O
F- 8

L
7 /2 3
0! 4/!
' =
7 /2 $A
I ! / +
BB: c BB9 $
N
8
,#
- u
8 X8/
/
#
7 /2
E
N
G

2
,!

$

!

)

% E‰ K K
A

` "L #
A
#
X8/ 8
A 4G X / a % E‰ -

# 4

I $'
/
2

7

/
0! ) "> $ '
! -7 <
(
H

7 "Q!
$ % I

1&

Y =
= 4G! K

/


!

Z

Z A
< O

C k %

-

#

) !0
!

!0

#
4/!
O

J
<

0! ,#
) 4“ X7
%
,#
A m $'


/
X
- \
8

! !4 C
3
%
d $d
4G! K
< 0!
/
u
& !
N
!
8/ C

8 12
'

BB5

<

0!

/
9


?!3 %

) !4
,#

/!

+.

(

C
3 0!
= ,#
-,
( ,
/ 68/ _ ' \
%
= 7
K
F N
(
7 I
$G /2 3
0! ,#
-,
( b)! 1 a3 = < O ")! _ ' a! u
F
W <

K
,#
- C
C
!
/2 3

, W
# u
0! 3
$
-7 I
N
(

-

'

J
c +c

/! 12

"

*Q

:


4

!&


×