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
3.6,! 2,# %(-(*." ($,!"... 21 3.7 /0... 21 3.8 (&(#... 21 3.9 (/0(... 21 3.10 )# "( 3... 21 3.11 "( %5."... 21 3.12 $%.(# '( %$0# %!(*) )'! -"2(4)#... 22 3.13 %+06(#... 22 3.14 (0# -$%.(#... 22 3.15 %,... 22 3.16 "'".%( )4-... 22 3.17 %',... 23 3.18,# 4%%()#... 23 4. (.(# (# (*" (*0# (#... 4.1 3*# %'(."... 24 4.2 )#!/0"!"... 24 4.3724 4((*(*&# (-%',#... 24 4.4724 (-%',# 4(/#... 25 4.5724 %!(*3... 25 4.6 % (*" (* 04 / (024)... 25 4.7 )%# (4& #... 26 4.8 0%4 " $&... 27 4.9 %, " $&... 27 4.10. '( %(-(* ($,... 28 4.11 ". '( %(-(* ($,... 30 4.12 "43(# -''",# (%,#... 32 4.13 (0# *%%)/ # (&(#... 32 4.14 "+) "# 1%'(*0# (&(# -$%.(#... 33 4.15 /0... 34 4.16 # *( (0# %(*0# (&(#... 34 2
4.17 (0# (&(#... 34 4.18 (* 4(/0( *( (43"... 35 4.19 $(*) *1(... 35 4.20 / (*... 36 4.21 *%%)/ # %$-%)/ # 4"(*0# -$%.(#... 37 4.22 $%.(# '( %$0# %!(*) )'! 2)4- ) " -%,... 27 4.23 % /-0# *( (0# -$%.(#... 38 4.24 (0# +%$-%)/ # -$%.(#... 38 4.25 -"44 0" 0%... 39 4.26 "4$) "# -$%.(#... 40 4.27 '") " % ", - '( 3... 41 5. - 1!",# 23 "(*." %3!" *(... 42 5.1,"*# %% '." /%&# 0#,- *( (%,# 0"%2# %()4-43 1/1/ 1/1/2004 23 "(*." *( (/"." '((*." %3!" 5.2-1!", '( 3,- 1/1/2004... 44 5.3-1!", '( 3,- 31/12/2004... 45 5.4-1!", '( 3 (%,# 1/1/2004... 46 5.5-1!", '( 3 (%,# 31/12/2004... 47 5.6-1!",!",- 31/12/2004... 48 5.7-1!",!" (%,# 31/12/2004... 49 6. (%/.(# $0 (# 4 ((/,# "4( # (*" (*0# 50 (#... 6.1 ($, *( %1%,# %()4-1/1/ 31/3/... 6.2 ($, *( %1%,# %()4-1/1/ 31/3/... 6.3 ($, *( %1%,# %()4-1/1/ 30/6/... 6.4 ($, *( %1%,# %()4-1/1/ 30/6/... 6.5 ($, *( %1%,# %()4-1/1/ 30/9/... 6.6 ($, *( %1%,# %()4-1/1/ 30/9/... 51 53 55 57 59 61 2... 1 31... 64 3
3...... 66 4...... 76 5...... 78 6... 10.3401/2004... 81 7...... 86 4
,,! "#"$%!! & (' «!») ( )* (*.! ( ( + * +* : -,,. 40, %* 151 25, : 210-61.99.080 ((. " -, +! $). & *' (+ * 5/204/14-11-2000. + + 7/372/15.2.2006.. $*+ *' ) : -!.. /, -(.. +* *). -!. " -, /! $. & (*+ (*+,,. 40, 15 125 %*, : 210-6199080. )* ( ) 0 )) *+ : - 1 +. - ( ), 2 2 + * *. - ) ( * ( ( (, + *. & *.,!,. ". (%!, 12231), Deloitte. 5
1. 31, 6
.. &(# (*" (*0# (# # %&# 3)! + )* «..» 27.3.2006 (+ ((, (*+ (+ *, *, ( +!, * +, -.,,, ( *. *' ' (. $%# (()-# %)4%# & /"!" 3 +-# - ((*(*3 - +-,- 7
1-31 ( ) 2004 2004 * 4,1 69.836.080,68 62.463.775,07 28.449.755,73 21.275.476,18 + 4,2 (37.771.970,82) (32.208.737,61) (14.999.616,32) (11.277.752,57) (*) *0%4# 32.064.109,86 30.255.037,47 13.450.139,41 9.997.723,61, ( 1.320.910,45 481.874,90 230.426,41 140.278,81 '( ( 4,3 (10.159.413,95) (7.889.739,31) (4.058.631,01) (3.242.679,25) '( (+ 4,4 (21.774.074,19) (18.606.777,59) (8.092.231,68) (5.378.487,96) 0%4 * 3!# 1.451.532,17 4.240.395,46 1.529.703,13 1.516.835,21 ( - - 1.160.583,12 1.286.083,08 ( 4,12 1.006.193,75 857.507,88 - - ( 4,12 5.122.336,78-5.441.827,01-4 (/('() 4,6 (905.059,28) (916.326,82) (527.085,73) (493.164,92) %4/(8,) % 1)%!" 6.675.003,42 4.181.576,52 7.605.027,53 2.309.753,37 / ( 4,7 (1.825.430,20) (2.103.241,19) (1.261.493,76) (664.674,09) 0%4/(8,) ) 1)%-# 4.849.573,22 2.078.335,33 6.343.533,77 1.645.079,28 : % % 5.589.818,31 1.797.558,69 6.343.533,77 1.645.079,28 %2 (740.245,09) 280.776,64 - - 4.849.573,22 2.078.335,33 6.343.533,77 1.645.079,28 0%4 ) 1)%-# " $& - +(* ( -%.) 4,8 0,3653 0,1175 0,4146 0,1075 8
# 31 ( ) 2004 2004 4,10 4.238.044,82 2.682.005,47 17.972,18 27.685,45 4,11 1.265.438,62 1.188.603,24 422.997,01 370.628,84 (* + - - 9.586.058,34 9.286.553,34 4,12 178.424,26 3.244.108,83 435.781,10 3.664.043,39, + 4,13 4.969.979,09 508.784,94 8.285.220,95 3.571.607,81 ) 4,14 3.522.417,96 3.087.775,87 1.542.555,67 1.429.403,16 3" ',!" %(-(*." ($,!" 14.174.304,75 10.711.278,35 20.290.585,25 18.349.921,99 +, 5.. 4,15 3.384.759,13 3.113.057,65 968.958,42 1.127.583,00-4,16 21.149.799,98 17.049.714,40 10.809.551,33 8.027.150,27, 4,17 10.053.674,70 5.982.545,00 7.777.238,16 3.279.165,78 (+ (* 4,18 3.308.918,97 4.382.410,49 628.504,82 2.176.635,99 3" *-*1%3"# "%'(*3 37.897.152,78 30.527.727,54 20.184.252,73 14.610.535,04 3" "%'(*3 52.071.457,53 41.239.005,89 40.474.837,98 32.960.457,03 % 4,19 4.590.000,00 4.590.000,00 4.590.000,00 4.590.000,00 4,19 2.179.016,87 2.179.016,87 2.179.016,87 2.179.016,87 + 4,20 5.859.012,14 1.055.509,28 5.517.797,77 758.871,24 (5.299.778,50) (5.091.593,94) 4.110.230,49 3.520.123,25 4( *1( 4(4) " -# )$-# # %(*&# 7.328.250,51 2.732.932,21 16.397.045,13 11.048.011,36 (*,! (61,# 1.333.373,65 2.213.353,42 - - 3" 4,!" 1,!" 8.661.624,16 4.946.285,63 16.397.045,13 11.048.011,36 %+ ( 4,21 8.700.000,00 11.100.000,00 8.700.000,00 11.100.000,00 $ '( 4,22 930.232,73 760.624,00 353.683,00 291.516,00 6 + 2.612.799,15 - - - ) 4,14 - - - - 3" *%%)/!" -$%.!" 12.243.031,88 11.860.624,00 9.053.683,00 11.391.516,00 -+ 4,23 16.620.418,54 13.537.981,00 6.607.657,45 4.907.398,68 1.511.245,85 671.800,76 910.203,89 407.727,68, )+ 4,24 3.727.561,77 3.974.128,34 2.319.488,82 1.675.803,41 3+ ( 4,21 9.307.575,33 6.248.186,16 5.186.759,69 3.529.999,90 3" +%$-%)/!" -$%.!" 31.166.801,49 24.432.096,26 15.024.109,85 10.520.929,67 3" $%.!" 43.409.833,37 36.292.720,26 24.077.792,85 21.912.445,67 3" 4,!" 1,!" *( -$%.!" 52.071.457,53 41.239.005,89 40.474.837,98 32.960.457,03 9
1-31 ( ) $(*) 1( (1% ) 0*4 $." -0% %( / (* 0 (# "0" (*(. (61,# 3" 4,!" 1,!" )( 01.01.04 4.590.000,00 2.179.016,87 900.044,05 (5.671.156,95) 2.143.889,27 4.141.793,24 %) ( ( 155.465,23 (155.465,23) - %) ( ' * 2 (144.530,46) 144.530,46 - % (918.000,00) (355.842,95) (1.273.842,95) ( / (0), 1.797.558,69 280.776,64 2.078.335,33 )( 31.12.04 4.590.000,00 2.179.016,87 1.055.509,28 (5.091.593,94) 2.213.353,42 4.946.285,63 - )( 01.01.05 4.590.000,00 2.179.016,87 1.055.509,28 (5.091.593,94) 2.213.353,42 4.946.285,63 %) ( ( 4.803.502,87 (4.803.502,87) - %) ( ' * 2 218.074,88 218.074,88 % (994.500,00) (357.809,56) (1.352.309,56) ( / (0), 5.589.818,31 (740.245,09) 4.849.573,22 )( 31.12.05 4.590.000,00 2.179.016,87 5.859.012,14 (5.299.778,50) 1.333.373,65 8.661.624,16 10
1-31 ( ) $(*) 1 ( (1% ) 0*4 $." -0% %( / (* 0 (# "0" 3" 4,!" 1,!" )( 01.01.04 4.590.000,00 2.179.016,87 658.352,65 2.893.562,56 10.320.932,08 % ) ( ( 100.518,59 (100.518,59) - % (918.000,00) (918.000,00) ( / (0), 1.645.079,28 1.645.079,28 )( 31.12.04 4.590.000,00 2.179.016,87 758.871,24 3.520.123,25 11.048.011,36 )( 01.01.05 4.590.000,00 2.179.016,87 758.871,24 3.520.123,25 11.048.011,36 % ) ( ( 4.758.926,53 (4.758.926,53) - % (994.500,00) (994.500,00) ( / (0), 6.343.533,77 6.343.533,77 )( 31.12.05 4.590.000,00 2.179.016,87 5.517.797,77 4.110.230,49 16.397.045,13 11
E 1-31 (0 0/4#) ( ) 1.1-31.12.20005 1.1-31.12.2004 1.1-31.12.20005 1.1-31.12.2004 (-%'(*0# 4%%()# 0%4 % 1)%!" 6.675.003,42 4.181.576,52 7.605.027,53 2.309.753,37 -/ : ) 639.583,03 768.051,57 177.799,90 172.008,94 -)2 664.950,69 239.731,08 466.213,00 252.097,18 -)2 865.146,03 - - - ((, '(, ( & 0) ( ( 2.541.558,77 (857.507,88) 3.228.262,29-4 & '( 1.002.253,61 1.047.801,36 726.364,13 743.806,56 0"/," %% '0# '( +0# '%(." *1,- *,"# & - $,5"( (# (-%'(*0# 4%%()# %/(*') + (220.206,05) (321.943,76) 181.254,58 (488.594,65) %/(*') (13.179.246,81) (881.766,67) (13.495.762,58) (698.107,01) %/(*') ( 0) 2.463.311,24 2.939.024,73 2.658.256,99 724.931,89,": 4 & '( )) (1.002.253,61) (1.047.801,36) (726.364,13) (743.806,56) )) (1.420.627,21) (1.940.471,94) (872.170,06) (844.858,19) 3" (%."/(*%.") ) (-%'(*0# 4%%()# (970.526,89) 4.126.693,64 (51.118,35) 1.427.231,53 "4-(*0# 4%%()# +,, ' (* (874,00) (43.352,46) (299.505,00) (5.729,56) (461.299,88) (549.266,63) (220.454,80) (263.862,20) ' - - - - + - - - - % + 1.075.000,00-1.075.000,00-3" (%."/(*%.") ) "4-(*0# 4%%()# (+) 612.826,12 (592.619,09) 555.040,20 (269.591,76) % 4(*0# 4%%()# ' *' * 218.074,88 8.000,00 - - ' (+ / + ( 659.389,17 - - - ' ( - (2.580.756,02) (743.240,21) (1.385.945,75) % + (1.593.254,80) (943.396,65) (1.308.812,81) (584.506,12) 3" (%."/(*%.") ) $% 4(*0# 4%%()# (') (715.790,75) (3.516.152,67) (2.052.053,02) (1.970.451,87) /%& 32 (,!) (* 4(/0( &(43" ()+(+)+(') (1.073.491,52) 17.921,88 (1.548.131,17) (812.812,10) (* 4(/0( *((43" 0"%2# $%&# 4.382.410,49 4.364.488,61 2.176.635,99 2.989.448,09 (* 4(/0( *((43" &2# $%&# 3.308.918,98 4.382.410,49 628.504,82 2.176.635,99 12
1. 1.1 %1%,# '( " (%, &! "#"$%!! & 7, (!., (*+ 1994 (/... 4711/1994). 8( ( 4(,,. 362. % 30/06/98 9 ( (,,. 40, 0 0 1.647.. & + 31576/06/3/94/54 ( (50). ( (!., * $ (! 91), 0 ( «8( -( + (» (.. 221.3), * ( ( ( *. 1.2 *)#, + 4 ( * 04/12/1998 9 : 1. & (, ( (, )(( *. 2. & (, (, * ))( *. 3. &,, ',, (( (,, video, + + 5. 4. & (,, * (* +*. 5. & (, * +* + ). 6. &,, ', ) 5,, ( + 5. 7. & ( 2 + (, * (, ( 2 ( (, * * +. 8. &,, 2 + (. 9. & (. 10. & + * * (* (* 5. 11. & ( ( *, * (,.! + + 3 8, 8 9 04/12/1998 (. - 34648). 13
1.3 20(2 $(*3 1,- & '' * *+ : 10.000.000 (., (* 10.000 ' 1.000 (.. % 9 15/09/1994, '+ 90.000.000 ( ( 90.000 ' 1.000 (. % 9 % 31/10/1995, % '+ 100.000.000 ( ( 100.000 ' 1.000 (. & 9 17/03/1999 ( *2 130. (.! 8 9 * 19/03/1999 20/08/1999 : % ' 1.000 ( + 100 (. *' * 52.500.000 ( ) ( 525.000 ' 100 ( + (+ 3.700 ( +.! 500.000 (+ * ( + 14 17/09/1999 25.000 (+ ( +. & ( 2 ( *2 1.890.000.000 ( + ( + 8( % 6. % 9 27/11/1999 '+ 1.147.500.000 ( ( 11.475.000, ' 100 (. & *' + ( 30 + 10. % 9 29/06/2002 + *' *, ' (, ( 99.904,62 *' 0,30 /. 8 4.590.000 (* 15.300.000, ' 0,3. 1.4 (,* (3/-" %'(." )*! 31/12/ ': 1.. / -( & +* *) 2. 9( ( 3. Fabrizio D Angelo ( 4. 6 % 5. Roberto Briglia % 6. 4 Tettamanzi % 7. Zeno Pellizzari % (' % ) 8. " %0 % (' % ) (*.. /. $*+ + ' )*, 0 -( +* *),.. /, 9 +*., +! $, ". -, +*!, 9. %, +* 8( 9 4 (, %. (* + 8( ( : (,. -(. 14
1.5 $(*& 3"/ 3 31/12/ ) * 5%) : ( MONDADORI INTERNATIONAL SA. 6.373.990 41,66% ASOKA HOLDINGS LTD 2.933.394 19,57% GLOBAL PUBLISHING SYSTEMS HOLDING SARL 2.641.510 17,26% 1.6 - +(# $%&'# )*# 4,# Madame Figaro Maison Figaro : *) SOCIETE DU FIGARO SA 31/12/2009 Madame Figaro. Playboy : *) 31/12/2007. PLAYSTATION : *) 31/03/2007. PC MAGAZINE : *) 31/12/2008. PLAYBOY ENTERPRISES INC FUTURE PUBLISHING ZIFF DAVIS MEDIA INC T3 MAGAZINE : *) FUTURE PUBLISHING 30/09/2006. 1.7 %(*) (%,# *.+%(# 1994 : &! ' (, ( (* MADAME FIGARO. *0 +%(# 1995 : ) ( (* PLAYBOY, (0 + (. 3"(# 1997 :;8( (* MAISON FIGARO *.+%(# 1997 : <( &,. & ) ( )(( * (* &,. &. 71,67%. +%-%(# 1999 : ( ( 79! ( 5%). 7% (! 5% - &, 7% 1% - 9. 79!$"&! 1%). 0 +%(# 1999 : 4. (*!"! ( 66,5%) ' (* 4= ) ) ) HEARST INTERNATIONAL ( (* HARPER S BAZAAR. *+ ( ( ",,! ( 49%). *.+%(# 1999 : *2 Playboy Enterprises * (( 7!, ( (* 50% +, (( ( PLAYBOY ( MAXIM (7). 0 +%(# 1999 : <( (,/ 7!7" 50%. "-%(# 2000 : ' ( 9. 79!$"& (( ",,$ 9! -,!$>" -!!& >#& PLAZA), 9. * (, 50%. 15
+%-%(# 2000 : ' 50% --$7! -7 - ( &, 7% ) (( )(( (. (# 2000 : <( INTERNATIONAL RADIO NETWORK HOLDINGS SA (,')*, * (, ' 4" 7&! ( INTERNATIONAL RADIO NETWORKS AE) ( + (* ( + ATHENS RADIO DEE JAY. 3(# 2000 : ' 50% %/ (( MIRROR) %. 81,25%. 3'-# 2001 : E' 50% -7!!- &, (,, VIDEO DVD + ). *0 +%(# 2001 : <( 3 ATTICA MEDIA BULGARIA 51% (( ( PLAYBOY-MAXIM GRAZIA. 3"(# 2002 : *) * ( 14.700.000 5* (, ( (* ( (*. % 31/12/ + * ) *) ( * * 3.600.000?. 0 +%(# 2002 : ' * 50% CIVICO LTD, ( ) * * PLAYBOY TV 7 3. 2004 '+ 100% ' *. 0 +%(# 2003 : 8( (* PLAYSTATION 2. 0 +%(# 2003 : 8( (* CELEBRITY. 0 +%(# 2004 : <( ) %)*o ATTICA MEDIA SERBIA 51% (( ( MAXIM- PLAYBOY-GRAZIA. "-%(# : <( ROCK FM SRL ( %, 90% + IRN SA. & ROCK FM SRL ( 2 ( + %. "-%(# : 8( (* PC MAGAZINE. 0 +%(# : 8( (* 3 MAGAZINE. *0 +%(# :- * -7!!- &.. 1.8 )(# %(# '%# )(# %1%0# ( ' (,!.! ( ) ( (. 16
1.9 & -,- & (! 31 ) ': % &,. &..! ( 71,67% % &!, &!"!..! ( 66,50% % &!, & 9 #79!. 79!$"&!..! ( 50,00% % &!, & &, 7%..! ( 50,00% % &!, & %/! &..! ( 81,25% % &!, & ATTICA MEDIA BULGARIA LTD! 3 51,00% % &!, & "!%& &,!-!$ CIVIC! LTD -7!97%%! * 100,00% % &!, & ATTICA MEDIA SERBIA LTD! ) 51,00% % &!, & INTERNATIONAL RADIO NETWORKS HOLDING S.A. 7 $%%!4#",')* 100,00% % & +!, & INTERNATIONAL RADIO 7!/#"! ( 99,70% %% & NETWORK.. ROCK FM SRL * 7!/#"! 90% %% & -7!!- &..** + "!%& % & PROOPTIKI ROMANIA SRL "&%!97/ #" ( 50,00% %% & PROOPTIKI BULGARIA LTD "#" DVD - VIDEO %% & PROOPTIKI SERBIA LTD %% &,/ 7!7"..!97/ & ( 50,00% % &.7&. & MAP MEDIA KIADO!! 50,00% % &.7&. & BALCAN PUBLICATIONS S.. + PBR PUBLISHING SRL! * 50% *& (*+ 5/1/ 180.000 % & %% & ** &! 23 ),..7&. &.7&. & 17
2. (/0!" (/"." %3!" % (*" (*&# %1)%# (...) 2.1 %-,#!! + * + - 4 -.-.4.-. (International Financial Reporting Standards IFRS ) ) 2.-.4.-.1 0.!! + * *. & *'! * 9 -(, @+ ( (, (, * ( *'!, *2 ( '( ( (. & * * (,, ', ( +. ( (. & +.-.4.-. *'! ' 31 ). & ('.-.4.-. 1 ( ' 2004. 9.-.4.-.! + * ( ( ( ' 5. 2.2 0 %)-, % ",# *( %, -1( "!" %3!" 8 (.-.4.-., (, 0 1 2006 + :,- 19 () - -* (* 1.1.2006),- 39 (), + 7 ) ( (* 1.1.2006),- 39 () * ' (* 1.1.2006),- 39-4- 4 () ) 4 * (* 1.1.2006) -4-1 () - + -* 4 - -4-6, 8 '! - (* 1.1.2006) -4-7 4 : 9,- 1, -!, 9 (* 1.1.2007). 4, -( ) ( + (* 1.1.2006) 5,.,, -) (* 1.1.2006). 6, $ * ' (* 1.12.). &! ( * ( ( +!! ((! ( *. 18
3. (*0# '((*0# %$0# 3.1 ",#! ' 31 ) ) +.. (*, µ µµ,, µ 2 µ (, µ ' 1µ.! µ + µ) µ µ µµ µ µµ *. ' +,, + ( +, * '. ' * * ', ( 0 '. + ' * ', ( +. ( 2 0 2 * '.! + * +(. +, + + (, ), '. 1 +, +, (* ( (*!., ( + ( 0 '*!µ. (!, + ' '. 3.2 - $0# -''",# (%,# 1µ ( ( * @+ +* +.! µ µ!µ µ)!µ ( 0µ, µ ) µ+( + +, µµ 1µ ( µ µµ *. 1!µ 0µ * ) 0µ ' (, ' ( µ µ( * 0µ, 1µ ) (µ *, * µ (. '*!,!. (!, ' '. 19
3.3 %& 20"!" " (!" * ) (.! ( (!µ +*,, µ ( µ. * ( (, µµ)µ ' µ * ', *, µ µ µ µ * µµ µ* ( '( µ, µ ) µ µ (. ( 0 ( * 0 ' ( ( *, *.! ( + * ' * + (. 3.4 ". '( %(-(* ($, 0 µ ', µµ µ ) )2 '.! ) )* µ µ, µ ) + µ+( ), + ( µµ µ 0.! + ': 8% - 20% %µ µ 'µ 15% - 20% % µ 15% 8 'µ 20% - 30%! ' 0 ' + *. 1 ' ) ', ( () '(., ( '* ) ' * ( 0.! * '( ( *. 3.5. '( %(-(* ($, %2, & ' (+ ) * )+, µ( µµ +, ( ) * ' + µ. & ', 0 µ (* µ+ µ 1 2004, 0 µ µ µ ( ) µ, @+, µ ) µ ( µ. & ' µ (* 0 µ ' (. & ' (* + 2 1 2004 - µµ µ) A,- -)+ µ + (. 20
3.5. '( %(-(* ($, () & *( 4(# (, ( ) @+, )2 µ '. '( (*)! ( * ).! ) (* + +( ( 0 3. 3.6,! 2,# %(-(*." ($,!". - 0, ( ) '. - ), (' ' ( + + '. & ' * ' '* * ' * '.! 0 * '( *. 3.7 /0 + 0 ' '* + '. + ' + (, +. + (0 +( FIFO ) (, +. 3.8 (&(#! * * ' ) *, * 0. 3.9 (/0(µ (+ (* ), + 2 )+ (* ' 3. 3.10 )# "( 3 (* (' ( *),. 3.11 "( %5." ( * * '. % ) *. 21
3.12 $%.(# '( %$0# %!(*) )'! -"2(4)#! '( ) + +. (( + '( (. & + * ' ( + * ' ) * ( 0 @. & ( + 0 *, ' +( Projected unit credit. 9 ' + *. ( 0 * ) (( + 10%, 0 ) ( *. @ ( ( ( '. + ) ) + +( ( *. 3.13 %+06(#! )2 (µ* 1µ µ µµ, µ +, + + + µ + '. 3.14 (0# -$%.(#! * * ' ) *. 3.15 %,µ µµ 0 9 %. 3.16 "'".%( )4- ( ) * ' + + + * +, +,, /- 0.! 5 0 1 (( 5, 5 ( * ' * '. 8( +* ((, ) 2 ( *., 0 (, + ( '. 22
3.17 %', 8'( ) ( +* ( 0 ( ). ( ( (. ( ( + (, 0, ( ( '( * '* ( * '*.! 0 * * * + *. ) ( + )+ ( (. - ( ( '* ' * ).! ) * ( ) * (, 0 *.! ) ( ( * (* +, ' ( 1 + ( ( + * ). ) + ( + +, (.! ) * * ( + +, ) 2 * + + *.! ), + + (. +,, (. ) 20 ( 2 + + '/ + ' '. 3.18,# 4%%()# * (! ( ( + (3, ), 7,!). + '* *! 4%. - 1 ( + ( * 2% *., ( +. 23
4. (.(#,!" (*" (*." *!" 4,13*# %'(."! *! * ': 2004 2004 ( 37.670.908,25 33.692.715,21 12.668.438,18 8.475.854,17 ( ( 29.767.308,07 27.456.412,55 13.981.125,91 11.610.550,13 ( 962.323,17 865.032,11 639.659,17 865.032,11, ( 1.435.541,19 449.615,21 1.160.532,47 324.039,77 3" 69.836.080,68 62.463.775,07 28.449.755,73 21.275.476,18 4,2 )#!/0"!" +! * ': 2004 2004 + 10.959.713,96 9.615.785,21 4.955.715,60 3.042.160,09 ) & '( * 5.611.898,75 4.852.818,43 2.350.597,97 1.770.294,77 ) & '( 17.011.663,22 15.076.106,85 6.469.533,26 5.253.851,44 '( 3.196.341,10 2.054.671,32 1.246.399,49 1.079.846,27 ) 78.703,18 212.807,56 - - -)2 913.650,60 396.548,25 (22.630,00) 131.600,00 3" 37.771.970,82 32.208.737,61 14.999.616,32 11.277.752,57 4,324 ((*(*&# (-%',# '( (! * ': 2004 2004 ) & '( * 2.678.545,44 2.060.262,07 777.168,81 650.594,77 ) & '( 1.137.321,08 1.147.519,99 275.722,72 452.193,09-1.995.083,91 1.698.302,26 943.206,05 737.174,58 ).. 700.843,85 702.663,56 410.185,51 406.174,74 '( 2.623.608,83 1.635.805,42 1.097.381,02 799.444,63 ) 560.879,84 555.244,01 177.799,90 172.008,94 -)2 463.131,00 89.942,00 377.167,00 25.088,50 3" 10.159.413,95 7.889.739,31 4.058.631,01 3.242.679,25 24
4,4 24 (-%',# 4(/# '( (+! * ': 2004 2004 ) & '( * 2.189.567,49 2.203.328,16 1.010.529,02 856.009,92 ) & '( 12.879.213,67 11.148.071,61 4.826.721,66 2.868.077,99 '( 6.466.573,92 4.736.858,57 2.143.305,00 1.558.991,37 -)2 238.719,12 518.519,26 111.676,00 95.408,68 3" 21.774.074,19 18.606.777,59 8.092.231,68 5.378.487,96 4,5 24 %!(*3 '( *! * ': 2004 2004 %+ 9.104.679,24 7.957.441,11 3.627.795,53 2.945.387,71 ( 1.169.931,26 1.019.186,99 402.517,37 309.516,55, 122.706,36 77.756,29 70.851,54 5.792,20 0 ( 4,22) 82.694,83 52.821,00 37.131,36 16.203,00 3" 10.480.011,69 9.107.205,40 4.138.295,80 3.276.899,46 31 ), + 0! 408 31 ), + 0 136 4,6% (*" (*) *)#! * ': 2004 2004 ( (844.037,53) (948.785,54) (647.739,59) (719.825,61), & '( (112.108,05) (79.464,79) (41.719,82) (22.823,36) 4 ( (46.801,33) (19.551,03) (36.904,72) (1.157,59) (1.002.946,91) (1.047.801,36) (726.364,13) (743.806,56) ( 47.793,29 16.516,78 172.523,12 182.262,05 - ( 16.802,53 56.092,54 1.527,74 11.633,74 ( 33.291,82 58.865,21 25.227,54 56.745,85 97.887,63 131.474,53 199.278,40 250.641,64 (905.059,28) (916.326,82) (527.085,73) (493.164,92) 25
4,7 )%# (4& # 2004 / ( ( 1.952.784,71 1.356.278,48 ) ( 4,14) (434.642,09) 607.802,13 * 307.287,59 139.160,59 1.825.430,20 2.103.241,19 0%4 % 1)%!" 6.675.003,42 4.181.576,52 / 32% (2004:35%) 2.136.001,08 1.463.551,78 % ( 436.540,42 398.650,05 / ( (* (1.486.880,19) (300.127,76) ( ( (2.451,55) (130.241,79) ) 0 348.701,10 528.623,81 ) * (78.683,45) (71.209,87) (* * + '* 164.915,19 74.834,36 * * 307.287,59 139.160,59 )%# (4& # %()4-1.825.430,20 2.103.241,19 2004 / ( ( 1.374.646,27 642.682,58 ) ( 4,14) (113.152,51) 21.991,51 * - - 1.261.493,76 664.674,09 0%4 % 1)%!" 7.605.027,53 2.309.753,37 / 32% (2004:35%) 2.433.608,81 808.413,68 % ( 329.045,59 172.382,76 / ( (* (1.267.135,06) - ( (( (371.386,60) (450.129,08) ) * 137.361,02 134.006,73 * * - - )%# (4& # %()4-1.261.493,76 664.674,09 26
4,8 0%4 " $& 2004 ( * 5.589.818,31 1.797.558,69 + +* 15.300.000 15.300.000 (* *0%4 " $& 0,3653 0,1175 2004 ( * 6.343.533,77 1.645.079,28 + +* 15.300.000 15.300.000 (* *0%4 " $& 0,4146 0,1075 4,9 %, " $& )* + * 9. (+ * ( * 1/1- - 31/12/2004, 9 ) 30/06/, 994.500 (0,0650? ). ( * 1/1-31/12/ 1.071.000 (0,0700? ) 9. 9 * ( 0. 27
4,10. # *("(&(#!! * ': &!'%1(*) %$, '( (*) (0#. # *("(&(# 3" (# 1 "-%,- 2004 ' 4.380.913,47 693.799,57 501.123,76 16.500,00 5.592.336,80 ) (1.838.418,88) (511.683,15) (304.479,89) (1.650,00) (2.656.231,92) ")+ 2, 2.542.494,59 182.116,42 196.643,87 14.850,00 2.936.104,88 $ ' 1 2.542.494,59 182.116,42 196.643,87 14.850,00 2.936.104,88 -+ 1.402,70-58.885,02-60.287,72 % - - - - - ) (149.637,86) (52.341,36) (107.457,90) (4.950,00) (314.387,12) )( (# 31 * +%,- 2004 2.394.259,43 129.775,06 148.070,98 9.900,00 2.682.005,47 (# 31 * +%,- 2004 ' 4.382.316,17 693.799,57 560.008,78 16.500,00 5.652.624,52 ) (1.988.056,74) (564.024,51) (411.937,79) (6.600,00) (2.970.619,04) ")+ 2, 2.394.259,43 129.775,06 148.070,98 9.900,00 2.682.005,47 $ ' 1 2.394.259,43 129.775,06 148.070,98 9.900,00 2.682.005,47 -+ 2.509.073,00-51.964,47-2.561.037,47 -)2 ' (865.146,03) - - - (865.146,03) ) (3.168,72) (44.579,80) (88.803,57) (3.300,00) (139.852,09) )( (# 31 * +%,- 4.035.017,68 85.195,26 111.231,88 6.600,00 4.238.044,82 (# 31 * +%,- ' 5.586.037,74 693.799,57 611.973,25 16.500,00 6.908.310,56 ) (1.551.020,06) (608.604,31) (500.741,37) (9.900,00) (2.670.265,74) ")+ 2, 4.035.017,68 85.195,26 111.231,88 6.600,00 4.238.044,82 28
4,10. # *("(&(#! * ':!'%1(*) %$, '( (*) 3" (# 1 "-%,- 2004 ' 205.429,21 60.946,41 266.375,62 ) (205.429,21) (19.401,20) (224.830,41) ")+ 2, 0,00 41.545,21 41.545,21 $ ' 1-41.545,21 41.545,21 -+ - 1.210,00 1.210,00 % - - - ) - (15.069,76) (15.069,76) )( (# 31 * +%,- 2004 0,00 27.685,45 27.685,45 (# 31 * +%,- 2004 ' 205.429,21 62.156,41 267.585,62 ) (205.429,21) (34.470,96) (239.900,17) ")+ 2, 0,00 27.685,45 27.685,45 $ ' 1-27.685,45 27.685,45 -+ - 4.000,00 4.000,00 % - - - ) - (13.713,27) (13.713,27) )( (# 31 * +%,- 0,00 17.972,18 17.972,18 (# 31 * +%,- ' 205.429,21 66.156,41 271.585,62 ) (205.429,21) (48.184,23) (253.613,44) ")+ 2, 0,00 17.972,18 17.972,18 29
4,11 ". # *("(&(#!! * ':,%( $/ 1%(* 0 ( *( ()# 2( )# 3" (# 1 "-%,- 2004 ' 503.316,30 719.856,05 150.095,19 1.966.239,74 3.339.507,29 ) (374.546,37) (419.358,92) (72.259,89) (1.319.300,73) (2.185.465,92) ")+ 2, 128.769,93 300.497,13 77.835,30 646.939,01 1.154.041,37 $ ' 1 128.769,93 300.497,13 77.835,30 646.939,01 1.154.041,37 -+ 5.786,40 21.654,00 60.195,79 401.405,40 489.041,60 % - - (300,00) (515,28) (815,28) ) (66.203,25) (53.293,47) (25.340,74) (308.826,98) (453.664,44) )( (# 31 * +%,- 2004 68.353,08 268.857,66 112.390,35 739.002,15 1.188.603,24 (# 31 * +%,- 2004 ' 509.102,70 741.510,05 208.872,27 2.242.364,17 3.701.849,18 ) (440.749,62) (472.652,39) (96.481,92) (1.503.362,01) (2.513.245,94) ")+ 2, 68.353,08 268.857,66 112.390,35 739.002,15 1.188.603,24 $ ' 1 68.353,08 268.857,66 112.390,35 739.002,15 1.188.603,24 -+ 36.633,97 28.500,00 9,98 513.985,58 579.129,53 % - - - (2.563,23) (2.563,23) ) (33.745,60) (56.875,07) (34.046,02) (375.064,24) (499.730,93) )( (# 31 * +%,- 71.241,45 240.482,59 78.354,31 875.360,26 1.265.438,61 (# 31 * +%,- ' 545.736,67 770.010,05 208.882,25 2.746.831,07 4.271.460,04 ) (474.495,22) (529.527,46) (130.527,94) (1.871.470,81) (3.006.021,42) ")+ 2, 71.241,45 240.482,59 78.354,31 875.360,26 1.265.438,62 30
4,11 ". # *("(&(#! * ':,%( 1%(* 0 ( *( ()# 2( )# 3" (# 1 "-%,- 2004 ' 370.289,10 1.596,48 644.135,16 1.016.020,74 ) (318.969,87) (997,94) (431.136,27) (751.104,08) ")+ 2, 51.319,23 598,54 212.998,89 264.916,66 $ ' 1 51.319,23 598,54 212.998,89 264.916,66 -+ 4.327,20 2.172,54 256.152,46 262.652,20 % - - (0,84) (0,84) ) (41.930,29) (429,50) (114.579,39) (156.939,18) )( (# 31 * +%,- 2004 13.716,14 2.341,58 354.571,12 370.628,84 (# 31 * +%,- 2004 ' 374.616,30 3.769,02 865.378,01 1.243.763,33 ) (360.900,16) (1.427,44) (510.806,89) (873.134,49) ")+ 2, 13.716,14 2.341,58 354.571,12 370.628,84 $ ' 1 13.716,14 2.341,58 354.571,12 370.628,84 -+ 34.029,27 0,00 182.425,53 216.454,80 % - - - - ) (11.111,78) (565,00) (152.409,85) (164.086,63) )( (# 31 * +%,- 36.633,63 1.776,58 384.586,80 422.997,01 (# 31 * +%,- ' 408.645,57 3.769,02 1.047.803,54 1.460.218,13 ) (372.011,94) (1.992,44) (663.216,74) (1.037.221,12) ")+ 2, 36.633,63 1.776,58 384.586,80 422.997,01 31
4,12 -''",# (%,# (* (+ ': )( 31 * +%,- 2003 2.898.202,05 *' 38.398,90 %( (/(0)* 857.507,88 % + (550.000,00) )( (# 31 * +%,- 2004 3.244.108,83 *' 874,00 - * '( (-) (8.670.089,10) %( (/(0)* 1.006.193,75 ( ** 5.122.336,78 % + (525.000,00) )( (# 31 * +%,- 178.424,26 * ( (/(0). ** ( -, 0, (* * * ' (. ( 0, ( +( + + '. -+ ( (( O: 3" (&!" 3" -$%.!" (# 31 * +%,- 2004 25.241.540,04 19.501.170,90 (# 31 * +%,- 5.171.469,89 5.687.159,07 4 0%4/ (8,#) (# 31 * +%,- 2004 29.838.726,24 2.005.428,78 (# 31 * +%,- 5.819.605,56 (538.924,62) + * -7!!- &.. ( ),. 4,13 (0# *%%)/ # (&(#! +! * ': 2004 2004 %+ (( / 506.562,96 383.667,95 3.891.294,98 3.513.251,46, + 4.463.416,13 125.116,99 4.393.925,97 58.356,35 4.969.979,09 508.784,94 8.285.220,95 3.571.607,81 32
4,14 "+) " 1 %', & ) / (), ': 0 0 01.01.2004 $%&# 31.12.2004 $%&# 31.12. "+) " 1%', ): (024)/04 (024)/04 ) 478.971,07 (327.865,05) 151.106,02 (64.650,39) 86.455,63 -)2 943.563,86 (80.876,90) 862.686,96 8.896,98 871.583,94 -)2 + 177.810,50 (36.032,26) 141.778,24 (31.895,21) 109.883,03 -)2 1.226.718,15 72.695,72 1.299.413,87 (176.040,70) 1.123.373,17 -)2 0 * 223.205,50 20.194,18 243.399,68 (15.882,57) 227.517,11 / 0 634.552,11 (317.750,49) 316.801,62 558.888,81 875.690,42, 10.756,81 61.832,67 72.589,48 155.325,17 227.914,66 3" 3.695.578,00 (607.802,13) 3.087.775,87 434.642,09 3.522.417,96 0 0 01.01.2004 $%&# 31.12.2004 $%&# 31.12. "+) " 1%', ): (024)/04 (024)/04 ) 130.590,38 (63.330,01) 67.260,37 (40.883,75) 26.376,62 -)2 943.563,86 (80.876,90) 862.686,96 8.896,98 871.583,94 -)2 + 24.160,50 40.041,10 64.201,60 (12.581,60) 51.620,00 -)2 269.468,15 29.372,96 298.841,11 21.628,51 320.469,62 -)2 0 * 84.468,65 8.816,47 93.285,12 (4.864,37) 88.420,75, (856,87) 43.984,87 43.128,00 140.956,75 184.084,75 3" 1.451.394,67 (21.991,51) 1.429.403,16 113.152,51 1.542.555,67! ) 0 0 ( +.! 1 2004 ( 0 *2 182 (? + * 2+* (.! 1 ( )2 ) * 1.100.000, +*, + (. 33
4,15 /0 +! * ': 2004 2004 '* 2.929.025,38 2.289.799,88 669.543,80 668.981,25 5 772.115,85 993.897,39 393.720,43 404.825,07 E* 166.700,71 363.938,62 83.694,19 254.406,68 3" 3.867.841,94 3.647.635,90 1.146.958,42 1.328.213,00 %: -)2 (483.082,82) (534.578,25) (178.000,00) (200.630,00) -"(*& */%& %-(&( 2,3.384.759,13 3.113.057,65 968.958,42 1.127.583,00 4,16 # *( (0# %(*0# (&(#!! 0 * ' * ': 2004 2004-16.508.168,88 11.620.486,45 7.657.351,93 4.847.752,72 9 1.091.526,66 1.278.656,39 297.550,44 400.347,39 8.181.071,25 8.234.700,98 4.215.203,44 3.712.928,64 3" 25.780.766,79 21.133.843,82 12.170.105,81 8.961.028,75 %: -)2 (4.630.966,81) (4.084.129,42) (1.360.554,48) (933.878,48) /%0# %(*0# (&(# 21.149.799,98 17.049.714,40 10.809.551,33 8.027.150,27 4,17 (0# (&(#!! 0 * ' * ': 2004 2004 4 ( 7.918.393,06 3.940.993,80 6.453.483,00 2.202.171,44 '( 311.827,94 239.233,85 142.966,83 98.843,24 ( 1.800.520,63 1.781.520,01 1.164.835,69 965.582,89, 22.933,07 20.797,35 15.952,64 12.568,21 /%0# (0# (&(# 10.053.674,70 5.982.545,00 7.777.238,16 3.279.165,78 34
4,18 (* 4(/0( *( (43" (+ (*! * ': 2004 2004 42.514,75 59.646,98 11.788,02 16.205,39 3+ 0 + 3.216.455,76 4.247.547,74 616.716,80 2.160.430,60, 228.304,19 228.304,19 - - 3" 3.487.274,70 4.535.498,91 628.504,82 2.176.635,99 %: -)2 (178.355,73) (153.088,42) - - /% (* 4(/0( *((43" 3.308.918,97 4.382.410,49 628.504,82 2.176.635,99 4,19$(*) *1( %(/ )# $."* ("0# $0# 0% %( 3" )( (# 31 * +%,- 2004 15.300.000 4.590.000,00 2.179.016,87 6.769.016,87 )( (# 31 * +%,- 15.300.000 4.590.000,00 2.179.016,87 6.769.016,87 *, (+ ) & ',?0,30. +, 2 (,, ' * '. 35
4,2 0 / (* +! * ': (1%0# ) "%% '& 2,# (. " %(-(*. " ($,! " *(*) / (*) (4(* / (* ( / (* 3" (# 1 "-%,- 2 0 0 4 (7 1.3 0 5,0 1 ) 8 1 4.8 0 1,79 7 5.00 0,0 0 8 1.5 4 7,2 8 9 0 0.0 4 4,0 5 %) ( ( - 1 5 5.4 6 5,22 - - 1 5 5.4 6 5,2 2 )( (# 31 * +%,- 2 0 0 4 (7 1.3 0 5,0 1 ) 9 7 0.2 6 7,01 7 5.00 0,0 0 8 1.5 4 7,2 8 1.05 5.5 0 9,2 8 %) ( ( - 4 0 7.7 8 5,11-4.3 9 5.7 1 7,7 6 4.80 3.5 0 2,8 7 )( (# 31 * +%,- 2 0 0 5 (7 1.3 0 5,0 1 ) 1.3 7 8.0 5 2,12 7 5.00 0,0 0 4.4 7 7.2 6 5,0 4 5.85 9.0 1 2,1 4 + * ': *(*) / (*) (4(* / (* ( / (* 3" (# 1 "-%,- 2 0 0 4 5 1 5.1 7 1,3 0 7 5.0 0 0,00 6 8.18 1,3 5 6 5 8.3 5 2,6 5 %) ( ( 1 0 0.5 1 8,5 9 - - 1 0 0.5 1 8,5 9 )( (# 31 * +%,- 2 0 0 4 6 1 5.6 8 9,8 9 7 5.0 0 0,00 6 8.18 1,3 5 7 5 8.8 7 1,2 4 %) ( ( 3 6 3.2 0 8,7 7-4.3 9 5.71 7,7 6 4.7 5 8.9 2 6,5 3 )( (# 31 * +%,- 2 0 0 5 9 7 8.8 9 8,6 6 7 5.0 0 0,00 4.4 6 3.89 9,1 1 5.5 1 7.7 9 7,7 7 : 3 * *.". 2 1 9 0 /1 9 2 0, * 5 % + ( +. *2 0 ( +.! * +* *, 1 /3 *. : ( + 0 9. *+ (. : + ) 4.3 9 5.7 1 7,76 + ( (-7!!- &..). * * (' ( + (. 36
4,21 "(*0# -$%.(# * (! + * ': 31.12. 31.12.2004 31.12. 31.12.2004 %+ 0 ( 8.700.000,00 11.100.000,00 8.700.000,00 11.100.000,00 3+ 0 ( 9.307.575,33 6.248.186,16 5.186.759,69 3.529.999,90 3" 4",!" 18.007.575,33 17.348.186,16 13.886.759,69 14.629.999,90! ' (! ': 1 9.307.575,33 6.248.186,16 5.186.759,69 3.529.999,90 E 2 8.700.000,00 2.400.000,00 8.700.000,00 2.400.000,00-2 - 8.700.000,00-8.700.000,00 18.007.575,33 17.348.186,16 13.886.759,69 14.629.999,90 + (*!, 0 (* 5 0, * ': %5(*)# 4"( )# (+%$-%)/ #) 4,85% %5(*)# 4"( )# ( *%%)/ #) 4,85% 4,22 $%.(# %$." %!(*3 )'! -"2(4)# & * '(,! * ': 2004 2004 %3 2, # -$%0!# 1.100.555,73 862.084,00 417.000,00 334.892,00 % 0 (170.323,00) (101.460,00) (63.317,00) (43.376,00) /%& -$%0! " '( ) 930.232,73 760.624,00 353.683,00 291.516,00 * ': 2004 2004 158.586,56 107.739,00 59.593,36 42.566,00 4 37.890,00 30.996,00 15.070,00 12.067,00 0/(() 951,00-525,00-54.876,00 36.980,00 24.110,00 11.747,00 252.303,56 175.715,00 99.298,36 66.380,00 37
4.22 $%.(# %$." %!(*3 )'! -"2(4)# () & ), ': /%& -$%0! (# 31/12/03 637.730,00 241.339,00-175.715,00 66.380,00 - + ( ( 4,5) (52.821,00) (16.203,00) /%& -$%0! (# 31/12/04 760.624,00 291.516,00-252.303,56 99.298,36 - + ( ( 4,5) (82.694,83) (37.131,36) /%& -$%0! (# 31/12/05 930.232,73 353.683,00! * ( + ': -' 4,00% 4,50% % ' + 4,00% 4,00% 4,23 % /-0# *( (0# -$%. (#! +! 0 * ' * ': 2004 2004 -+ 14.699.099,33 11.738.749,81 5.897.385,19 4.285.515,51 9 186.545,22 105.824,68 - - 1.734.773,99 1.693.406,51 710.272,26 621.883,17 3" 16.620.418,54 13.537.981,00 6.607.657,45 4.907.398,68 4,24 (0# +%$-%)/ # -$%.(#! )+! 0 * ' * ': 2004 2004 -) 151.798,03 341.044,24 51.527,82 60.648,90 $ -, ( 488.216,47 575.684,19 266.341,84 164.113,00 371.735,00 331.198,62 139.454,94 111.001,33 % 95.405,82 409.718,63 95.405,82 409.718,63 - ( 1.514.757,66 1.486.356,42 948.311,13 536.140,49 ( '( 1.105.648,79 830.126,24 818.447,27 394.181,06 3" 3.727.561,77 3.974.128,34 2.319.488,82 1.675.803,41 38
4,25 -"44 0" 0%! + ': 2004 3" "4(%(*." -,!" ) /-' %(*0# (%,# 3.507.848,56 (905.225,64) 2.602.622,92 3.538.483,34 (64.444,49) 3.474.038,85 3" "4(%(*." -,!" ) -'' ",# (%,# 918.127,02 (58.894,85) 859.232,17 784.873,64 (304.888,59) 479.985,05 "(*) 3" "4(%(*." -,!" 4.425.975,58 (964.120,49) 3.461.855,09 4.323.356,98 (369.333,08) 3.954.023,90 2004 3" "4(%(*." -"'." ) /-' %(*0# (%,# 168.752,24 912.348,43 161.679,17 301.870,92 41.923,00 188.103,33 3" "4(%(*." -"'." ) -'' ",# (%,# 123.445,50 401.621,66 65.837,69 11.674,50 322.574,74 - "(*) 3" "4(%(*." -"'." 292.197,74 1.313.970,09 227.516,86 313.545,42 364.497,74 188.103,33 '* +, +.! ( * '& ); (, + -() '( ( (* +.! 0. 2004 2004 (+0# ((*(*3 - +-,- 700.843,85 702.663,56 410.185,51 406.174,74 39
4.26 "4$) "# -$%.(# *( 4 3(# ) +. % + '? 1,9. (. ( ( ( +, ( ( ( +.! (*! ': 9 & 0 10# ) 1 0# *( "! ( ( 858.456 2.471.298 %+ ) 4 49.008 60.007 9 & 0 10# ) 1 0# *( "! ( ( 712.456 2.033.298 %+ ) 4 43.302 48.898 O! + +* + (+* (. + * *2 + ' ( ( )+* ). ( + )2.! + ( + 31/12/ ':!.. 2001 2002- &,. &.. 2003!"!.. - 2000 9 #79!. 79!$"&!.. 2003 &, 7%.. 2004 - %/! &.. - 1999 ATTICA MEDIA BULGARIA LTD 2003 2004 CIVICO LTD - 2002 ATTICA MEDIA SERBIA LTD - 2004 INTERNATIONAL RADIO NETWORK 2000 - HOLDINGS S.A. + INTERNATIONAL RADIO NETWORK.. 2001 2002 ROCK FM SRL - 40
4.27 '") # % ", 3"2# - '( 3 ) 0 (+! 31/12/! )*. *' Attica Media Serbia LTD 91%, % 2006., ( (* Shape, ( 30 % 2006., ( ( )(( (* Grazia ( 2006) + 9.* ( %B 2006., + (( 1998-1999 + (, *2. 41
5. - 1!",# 23 "(*." %3!" *(! '* -* -4-2004 ) 0 +* ': 5.1 - +.! ' ( 1/1/ 1/1/2004 '* +, -* 5.2 *! 1/1/2004 5.3 *! 31/12/2004 5.4 * 1/1/2004 5.5 * 31/12/2004 5.6! 31/12/2004 5.7 31/12/2004 42
5, 1 1 / 1 / 2 0 0 5 1 / 1 / 2 0 0 4 5. 2-5. 5 1. 1. 2 0 0 5 1. 1. 2 0 0 4 1. 1. 2 0 0 5 1. 1. 2 0 0 4 /%& /0 0"%2# %()4- ( + "(* '((* %)- ) 1 3. 4 9 3. 9 9 9, 3 6 1 1. 1 3 8. 9 3 4, 1 9 1 2. 2 3 4. 4 9 6, 7 2 1 1. 6 2 4. 7 9 9, 6 6. "!!! " %%&! "! " %*!. " ' *. " -'(. " - )2 ' (* 1 ( 2. 6 9 5. 8 9 6, 7 5 ) ( 2. 6 9 5. 8 9 6, 7 5 ) ( 2. 6 9 5. 8 9 6, 7 5 ) ( 2. 6 9 5. 8 9 6, 7 5 ) - )2 + 2 ( 1 3 5. 5 5 0, 0 0 ) ( 1 3 8. 0 3 0, 0 0 ) ( 6 9. 0 3 0, 0 0 ) ( 6 9. 0 3 0, 0 0 ) - )2 3 ( 3. 5 0 4. 9 0 9, 0 0 ) ( 3. 5 0 4. 9 0 9, 0 0 ) ( 7 6 9. 9 0 9, 0 0 ) ( 7 6 9. 9 0 9, 0 0 ) - )2 0 *, '( 4 ( 5 7 9. 7 2 5, 0 0 ) ( 6 3 7. 7 3 0, 0 0 ) ( 2 0 6. 6 1 7, 0 0 ) ( 2 4 1. 3 3 9, 0 0 ) 3" ( 6. 9 1 6. 0 8 0, 7 5 ) ( 6. 9 7 6. 5 6 5, 7 5 ) ( 3. 7 4 1. 4 5 2, 7 5 ) ( 3. 7 7 6. 1 7 4, 7 5 ). "!!! " 4(1 %. " 23 "(*. " *( (/". " ' ((*. " %3! " '( + *, - 5 ( 4 5 9. 6 1 9, 1 2 ) ( 1. 3 5 3. 1 8 7, 5 3 ) ( 2 1 0. 1 8 8, 6 4 ) ( 3 7 3. 1 1 5, 3 7 ) 2 +( 6 ( 5. 5 6 7. 1 4 6, 5 7 ) ( 3. 7 3 4. 1 3 7, 5 6 ) - - (( ) 7 3. 0 5 0. 7 8 6, 3 8 3. 6 7 3. 0 7 2, 0 7 1. 4 2 9. 4 0 3, 1 6 1. 4 5 1. 3 9 4, 6 7 % + 9 8 9 9 4. 5 0 0, 0 0 9 1 8. 0 0 0, 0 0 9 9 4. 5 0 0, 0 0 9 1 8. 0 0 0, 0 0, 9 3 4 9. 8 4 6, 3 3 4 7 5. 6 7 7, 8 3 3 4 1. 2 5 2, 8 7 4 7 6. 0 2 7, 8 7 3" ( 1. 6 3 1. 6 3 2, 9 8 ) ( 2 0. 5 7 5, 1 9 ) 2. 5 5 4. 9 6 7, 3 9 2. 4 7 2. 3 0 7, 1 7 "(*) 3" %% '. " (/"& ' ((* %)- ( +) ( 8. 5 4 7. 7 1 3, 7 3 ) ( 6. 9 9 7. 1 4 0, 9 4 ) ( 1. 1 8 6. 4 8 5, 3 6 ) ( 1. 3 0 3. 8 6 7, 5 8 ) /%& /0 0"%2# %()4- ( + (/"& '((* %)- ) 4. 9 4 6. 2 8 5, 6 3 4. 1 4 1. 7 9 3, 2 5 1 1. 0 4 8. 0 1 1, 3 6 1 0. 3 2 0. 9 3 2, 0 8 43
5, 2 1 / 1 / 2 0 0 4 ( ) 5.1... 0 1 / 0 1 / 2 0 0 4...... 5 4. 0 6 5. 8 5 3, 8 7 (1. 1 3 6. 6 6 6, 2 9 ) 6. 9 1 7, 2 6 0, 0 0 2. 9 3 6. 1 0 4, 8 7 5 2. 6 8 5. 6 4 8, 7 7 (2 1 6. 5 2 1, 2 7 ) (1. 3 1 4. 5 7 4, 8 3 ) - 1. 1 5 4. 5 5 2, 6 7 (* + 1 2. 9 7 9. 8 7 8, 9 9 (2. 6 9 5. 8 9 6, 7 5 ) (1. 6 4 8. 0 6 0, 9 9 ) 1. 3 6 4. 0 7 8, 7 5-2 9. 1 0 0, 0 0 2. 7 5 9. 0 5 0, 6 9 1 1 0. 0 5 1, 3 6 2. 8 9 8. 2 0 2, 0 5, + 8 1 7. 4 2 9, 7 3 2 3 7. 1 8 4, 7 0 (5 6 5. 3 7 4, 8 4 ) 4 8 9. 2 3 9, 5 9 ) 7-3. 6 7 3. 0 7 2, 0 7 2 2. 5 0 5, 9 3 (0, 0 0 ) 3. 6 9 5. 5 7 8, 0 0 3" '(- "%'(*3 1 0. 5 7 7. 9 1 1, 3 6 (3 7 6. 0 1 2, 2 4 ) 6 3. 0 2 2, 7 6 9 0 8. 7 5 5, 2 7 1 1. 1 7 3. 6 7 7, 1 7 +, 5.. 2 5. 3 2 0. 6 6 9, 8 9 (1 3 8. 0 3 0, 0 0 ) (1. 9 6 7. 9 8 8, 8 8 ) (4 1 6. 9 2 9, 2 6 ) 2. 7 9 7. 7 2 1, 7 5-3 2 8. 1 9 1. 0 4 8, 5 4 (3. 5 0 4. 9 0 9, 0 0 ) (6. 9 4 3. 6 9 9, 4 2 ) (2 8 4. 8 2 2, 4 0 ) 1 7. 4 5 7. 6 1 7, 7 2, 1 3. 3 2 4. 3 0 5, 8 6 (8. 2 2 7. 5 1 9, 3 9 ) (8 2 5. 4 0 1, 9 2 ) 4. 2 7 1. 3 8 4, 5 5 ( + (* 5. 0 1 8. 5 9 9, 1 8 (6 5 4. 1 1 0, 5 7 ) - 4. 3 6 4. 4 8 8, 6 1 3" *-*1 %3"# "%'(*3 5 1. 8 5 4. 6 2 3, 4 7 (3. 6 4 2. 9 3 9, 0 0 ) (1 7. 7 9 3. 3 1 8, 2 6 ) -1. 5 2 7. 1 5 3, 5 8 2 8. 8 9 1. 2 1 2, 6 3 3" "%'(*3 6 2. 4 3 2. 5 3 4, 8 3 (4. 0 1 8. 9 5 1, 2 4 ) (1 7. 7 3 0. 2 9 5, 5 0 ) (6 1 8. 3 9 8, 3 1 ) 4 0. 0 6 4. 8 8 9, 8 0 % 4. 5 9 0. 0 0 0, 0 0-4. 5 9 0. 0 0 0, 0 0 ( 2. 1 7 9. 0 1 6, 8 7-2. 1 7 9. 0 1 6, 8 7 + 9 4 5. 7 1 6, 8 9 (1 1 8. 3 2 6, 0 8 ) 7 2. 6 5 3, 2 4 9 0 0. 0 4 4, 0 5 (2. 6 4 1. 0 5 7, 3 3 ) (2. 5 3 1. 7 8 7, 3 3 ) (4 2 5. 6 5 9, 0 8 ) (7 2. 6 5 3, 2 4 ) (5. 6 7 1. 1 5 6, 9 4 ) 4( *1 ( 4(4) " -# )$-# # %(*&# 5. 0 7 3. 6 7 6, 4 3 (2. 5 3 1. 7 8 7, 3 3 ) (5 4 3. 9 8 5, 1 6 ) - 1. 9 9 7. 9 0 3, 9 8 (*,! (6 1,# 6. 0 6 5. 2 5 7, 7 3 (7 3 1. 2 1 6, 0 8 ) (3. 1 9 0. 1 5 2, 3 8 ) (0, 0 0 ) 2. 1 4 3. 8 8 9, 2 7 3" 4,! " 1,! " 1-9 1 1. 1 3 8. 9 3 4, 1 6 (3. 2 6 3. 0 0 3, 4 1 ) (3. 7 3 4. 1 3 7, 5 3 ) (0, 0 0 ) 4. 1 4 1. 7 9 3, 2 5 % + ( 1 3. 5 0 0. 0 0 0, 0 0 - - 1 3. 5 0 0. 0 0 0, 0 0 $ - - '( 4 3 8 5. 6 0 8, 0 0 6 3 7. 7 3 0, 0 0 (3 8 5. 6 0 8, 0 0 ) - 6 3 7. 7 3 0, 0 0 6 + 9 1. 0 1 3. 3 8 5, 9 7 (4 7 5. 6 7 7, 8 3 ) - (3 8 0. 9 9 3, 1 2 ) 1 5 6. 7 1 5, 0 2 ) - - - - - 3" *% %)/! " - $%.! " 1 4. 8 9 8. 9 9 3, 9 7 1 6 2. 0 5 2, 1 7 (3 8 5. 6 0 8, 0 0 ) (3 8 0. 9 9 3, 1 2 ) 1 4. 2 9 4. 4 4 5, 0 2 -+ 1 7. 3 8 4. 6 3 3, 2 4 (5. 9 9 9. 9 1 7, 4 2 ) (3. 9 4 6, 1 4 ) 1 1. 3 8 0. 7 6 9, 6 8 2. 8 8 7. 5 9 1, 5 5 (9 0 1. 4 2 6, 7 3 ) (8 6 9. 3 3 1, 1 8 ) 1. 1 1 6. 8 3 3, 6 4, ) + 8 5. 1 5 4. 1 8 2, 5 4 (9 1 8. 0 0 0, 0 0 ) (2. 4 5 0. 8 2 4, 8 8 ) 9 1 6. 7 4 8, 3 9 2. 7 0 2. 1 0 6, 0 5 3 + ( 1 0. 9 6 8. 1 9 9, 3 7 (4. 2 5 8. 3 8 0, 9 4 ) (2 8 0. 8 7 6, 2 6 ) 6. 4 2 8. 9 4 2, 1 7 3" +%$- %)/! " - $%.! " 3 6. 3 9 4. 6 0 6, 7 0 (9 1 8. 0 0 0, 0 0 ) (1 3. 6 1 0. 5 4 9, 9 7 ) (2 3 7. 4 0 5, 1 9 ) 2 1. 6 2 8. 6 5 1, 5 4 3" - $%.! " 5 1. 2 9 3. 6 0 0, 6 7 (7 5 5. 9 4 7, 8 3 ) (1 3. 9 9 6. 1 5 7, 9 7 ) (6 1 8. 3 9 8, 3 1 ) 3 5. 9 2 3. 0 9 6, 5 6 3" 4,! " 1,! " *( - $%.! " 6 2. 4 3 2. 5 3 4, 8 3 (4. 0 1 8. 9 5 1, 2 4 ) (1 7. 7 3 0. 2 9 5, 5 0 ) (6 1 8. 3 9 8, 3 1 ) 4 0. 0 6 4. 8 8 9, 8 1 44
5, 3 3 1 / 1 2 / 2 0 0 4 ( ) 3 1 / 1 2 / 2 0 0 4 5.1......... 5 3. 0 0 0. 7 9 0, 0 2 (3 2 7. 1 3 7, 3 2 ) 8. 3 5 2, 7 8 0, 0 0 2. 6 8 2. 0 0 5, 4 7 5 2. 5 1 2. 8 3 7, 2 8 (1 3 2. 4 8 1, 7 9 ) (1. 1 9 1. 7 5 2, 2 5 ) - 1. 1 8 8. 6 0 3, 2 4 (* + 1 3. 2 7 3. 6 9 1, 8 3 (2. 6 9 5. 8 9 6, 7 5 ) (2. 2 4 6. 7 5 6, 0 0 ) 1. 6 6 8. 9 6 0, 9 2-2 9. 2 5 5, 2 0 3. 0 6 6. 5 5 8, 5 7 1 4 8. 2 9 5, 0 6 3. 2 4 4. 1 0 8, 8 3, + 8 4 5. 8 2 7, 4 1 2 9 7. 2 3 4, 0 6 (6 3 4. 2 7 6, 5 3 ) 5 0 8. 7 8 4, 9 4 ) 7-3. 0 5 0. 7 8 6, 3 8 3 6. 9 8 9, 4 9 0, 0 0 3. 0 8 7. 7 7 5, 8 7 3" '(- "%'(*3 9. 6 6 2. 4 0 1, 7 4 (1 0 4. 7 2 9, 4 8 ) (2 9. 3 7 3, 3 4 ) 1. 1 8 2. 9 7 9, 4 5 1 0. 7 1 1. 2 7 8, 3 6 +, 5.. 2 5. 7 8 4. 9 7 1, 4 4 (1 3 5. 5 5 0, 0 0 ) (2. 1 6 6. 7 1 8, 7 5 ) (3 6 9. 6 4 5, 0 4 ) 3. 1 1 3. 0 5 7, 6 5-3 2 8. 7 5 7. 5 3 3, 3 4 (3. 5 0 4. 9 0 9, 0 0 ) (8. 6 1 2. 4 2 6, 9 0 ) 4 0 9. 5 1 6, 9 6 1 7. 0 4 9. 7 1 4, 4 0, 1 7. 1 0 6. 0 2 1, 7 2 (1 1. 1 4 3. 3 1 9, 6 8 ) 1 9. 8 4 2, 9 6 5. 9 8 2. 5 4 5, 0 0 (+ (* 4. 5 5 9. 9 5 9, 4 4 (1 7 7. 5 4 8, 9 5 ) 0, 0 0 4. 3 8 2. 4 1 0, 4 9 3" *-*1%3"# "%'(*3 5 6. 2 0 8. 4 8 5, 9 4 (3. 6 4 0. 4 5 9, 0 0 ) (2 2. 1 0 0. 0 1 4, 2 7 ) 5 9. 7 1 4, 8 8 3 0. 5 2 7. 7 2 7, 5 5 3" "%'(*3 6 5. 8 7 0. 8 8 7, 6 8 (3. 7 4 5. 1 8 8, 4 8 ) (2 2. 1 2 9. 3 8 7, 6 2 ) 1. 2 4 2. 6 9 4, 3 3 4 1. 2 3 9. 0 0 5, 9 1 % 4. 5 9 0. 0 0 0, 0 0 0, 0 0 4. 5 9 0. 0 0 0, 0 0 ( 2. 1 7 9. 0 1 6, 8 7-2. 1 7 9. 0 1 6, 8 7 + 1. 1 8 1. 4 1 3, 2 8 (1 9 8. 5 5 7, 2 9 ) 7 2. 6 5 3, 2 4 1. 0 5 5. 5 0 9, 2 8 (1. 7 7 6. 3 9 3, 0 7 ) (2. 2 7 2. 0 4 7, 2 2 ) (9 7 0. 5 0 0, 3 4 ) (7 2. 6 5 3, 2 4 ) (5. 0 9 1. 5 9 3, 9 4 ) 4( *1( 4(4) " -# )$-# # %(*&# 6. 1 7 4. 0 3 7, 0 8 (2. 2 7 2. 0 4 7, 2 2 ) (1. 1 6 9. 0 5 7, 6 3 ) 0, 0 0 2. 7 3 2. 9 3 2, 2 1 (*,! (61,# 7. 3 1 9. 9 6 2, 2 9 (7 0 8. 5 1 9, 9 3 ) (4. 3 9 8. 0 8 8, 9 4 ) - 2. 2 1 3. 3 5 3, 4 2 3" 4,! " 1,! " 1-9 1 3. 4 9 3. 9 9 9, 3 7 (2. 9 8 0. 5 6 7, 1 5 ) (5. 5 6 7. 1 4 6, 5 7 ) 0, 0 0 4. 9 4 6. 2 8 5, 6 3 % + ( 1 1. 1 0 0. 0 0 0, 0 0 - - 1 1. 1 0 0. 0 0 0, 0 0 $ - - '( 4 5 6 6. 5 0 7, 0 0 5 7 9. 7 2 5, 0 0 (3 8 5. 6 0 8, 0 0 ) - 7 6 0. 6 2 4, 0 0 6 + 9 7 9 5. 1 3 6, 8 9 (4 7 5. 6 7 7, 8 3 ) - (3 1 9. 4 5 9, 0 7 ) - ) - - 3" *% %)/! " -$%.! " 1 2. 4 6 1. 6 4 3, 8 9 1 0 4. 0 4 7, 1 7 (3 8 5. 6 0 8, 0 0 ) (3 1 9. 4 5 9, 0 7 ) 1 1. 8 6 0. 6 2 4, 0 0 -+ 1 9. 2 2 5. 8 1 1, 3 2 (6. 0 9 7. 3 4 7, 2 5 ) 4 0 9. 5 1 6, 9 5 1 3. 5 3 7. 9 8 1, 0 2 2. 8 4 7. 1 6 3, 0 6 (8 7 9. 3 7 8, 8 6 ) (1. 2 9 5. 9 8 3, 4 4 ) 6 7 1. 8 0 0, 7 6, )+ 8, 9 5. 6 9 9. 2 9 1, 1 0 (8 6 8. 6 6 8, 5 0 ) (3. 3 0 5. 1 1 4, 1 5 ) 2. 4 4 8. 6 1 9, 8 9 3. 9 7 4. 1 2 8, 3 4 3 + ( 1 2. 1 4 2. 9 7 8, 9 4 (5. 8 9 4. 7 9 2, 7 8 ) - 6. 2 4 8. 1 8 6, 1 6 3" +%$-%)/! " -$%.! " 3 9. 9 1 5. 2 4 4, 4 2 (8 6 8. 6 6 8, 5 0 ) (1 6. 1 7 6. 6 3 3, 0 4 ) 1. 5 6 2. 1 5 3, 4 0 2 4. 4 3 2. 0 9 6, 2 8 3" -$%.! " 5 2. 3 7 6. 8 8 8, 3 1 (7 6 4. 6 2 1, 3 3 ) (1 6. 5 6 2. 2 4 1, 0 4 ) 1. 2 4 2. 6 9 4, 3 3 3 6. 2 9 2. 7 2 0, 2 8 3" 4,! " 1,! " *( -$%.! " 6 5. 8 7 0. 8 8 7, 6 8 (3. 7 4 5. 1 8 8, 4 8 ) (2 2. 1 2 9. 3 8 7, 6 2 ) 1. 2 4 2. 6 9 4, 3 3 4 1. 2 3 9. 0 0 5, 9 0 45
5, 4 1 / 1 / 2 0 0 4 ( ) 5. 1...... 0 1 / 0 1 / 2 0 0 4... 5 1 9 8. 1 3 9, 3 1 ( 1 5 6. 5 9 4, 1 0 ) - 4 1. 5 4 5, 2 1 5 4 8 1. 4 3 7, 9 3 ( 2 1 6. 5 2 1, 2 7 ) - 2 6 4. 9 1 6, 6 6 (* + 1 1 5. 6 0 1. 4 4 4, 0 6 ( 6. 3 5 9. 1 6 4, 1 4 ) 3 9. 3 1 9, 8 6 9. 2 8 1. 5 9 9, 7 8 1-3. 6 6 3. 2 6 7, 3 9 3. 6 6 3. 2 6 7, 3 9, + 3. 1 7 3. 1 5 6, 1 7 ( 3 9. 3 1 9, 8 6 ) 3. 1 3 3. 8 3 6, 3 1 ) 7-1. 4 5 1. 3 9 4, 6 7-1. 4 5 1. 3 9 4, 6 7 3" ' (- "%' (*3 1 9. 4 5 4. 1 7 7, 4 7 ( 1. 6 1 7. 6 1 7, 4 5 ) - 1 7. 8 3 6. 5 6 0, 0 2 +, 5.. 2 8 3 9. 6 1 8, 3 5 ( 6 9. 0 3 0, 0 0 ) - 7 7 0. 5 8 8, 3 5-3 9. 4 2 7. 9 4 5, 2 4 ( 7 6 9. 9 0 9, 0 0 ) - 8. 6 5 8. 0 3 6, 2 4, 2. 8 2 0. 9 1 6, 8 2 ( 3 6 2. 6 5 3, 1 8 ) 2. 4 5 8. 2 6 3, 6 4 ( + (* 2. 9 8 9. 4 4 8, 0 9-2. 9 8 9. 4 4 8, 0 9 3" *-*1 %3"# "%' (*3 1 6. 0 7 7. 9 2 8, 5 0 ( 8 3 8. 9 3 9, 0 0 ) ( 3 6 2. 6 5 3, 1 8 ) 1 4. 8 7 6. 3 3 6, 3 2 3" "%' (*3 3 5. 5 3 2. 1 0 5, 9 7 ( 2. 4 5 6. 5 5 6, 4 5 ) ( 3 6 2. 6 5 3, 1 8 ) 3 2. 7 1 2. 8 9 6, 3 4 % 4. 5 9 0. 0 0 0, 0 0-4. 5 9 0. 0 0 0, 0 0 ( 2. 1 7 9. 0 1 6, 8 7-2. 1 7 9. 0 1 6, 8 7 + 6 5 8. 3 5 2, 6 5-6 5 8. 3 5 2, 6 5 4. 1 9 7. 4 3 0, 1 4 ( 1. 3 0 3. 8 6 7, 5 8 ) - 2. 8 9 3. 5 6 2, 5 6 3" 4,! " 1,! " 1-9 1 1. 6 2 4. 7 9 9, 6 6 ( 1. 3 0 3. 8 6 7, 5 8 ) - 1 0. 3 2 0. 9 3 2, 0 8 % + ( 1 3. 5 0 0. 0 0 0, 0 0-1 3. 5 0 0. 0 0 0, 0 0 $ - '( 4-2 4 1. 3 3 9, 0 0-2 4 1. 3 3 9, 0 0 6 + 9 6 1 1. 6 8 2, 8 3 ( 4 7 6. 0 2 7, 8 7 ) - 1 3 5. 6 5 4, 9 6 ) - 3" *% %)/! " - $%.! " 1 4. 1 1 1. 6 8 2, 8 3 ( 2 3 4. 6 8 8, 8 7 ) - 1 3. 8 7 6. 9 9 3, 9 6 - + 4. 3 5 7. 8 1 0, 2 4-4. 3 5 7. 8 1 0, 2 4 9 7 2. 5 5 6, 4 7 ( 3 6 2. 6 5 3, 1 8 ) 6 0 9. 9 0 3, 2 9, ) + 8 1. 9 4 9. 3 1 1, 1 2 ( 9 1 8. 0 0 0, 0 0 ) - 1. 0 3 1. 3 1 1, 1 2 3 + ( 2. 5 1 5. 9 4 5, 6 5-2. 5 1 5. 9 4 5, 6 5 3" + % $- %)/! " - $%.! " 9. 7 9 5. 6 2 3, 4 8 ( 9 1 8. 0 0 0, 0 0 ) ( 3 6 2. 6 5 3, 1 8 ) 8. 5 1 4. 9 7 0, 3 0 3" - $%.! " 2 3. 9 0 7. 3 0 6, 3 1 ( 1. 1 5 2. 6 8 8, 8 7 ) ( 3 6 2. 6 5 3, 1 8 ) 2 2. 3 9 1. 9 6 4, 2 6 3" 4,! " 1,! " * ( - $%.! " 3 5. 5 3 2. 1 0 5, 9 7 ( 2. 4 5 6. 5 5 6, 4 5 ) ( 3 6 2. 6 5 3, 1 8 ) 3 2. 7 1 2. 8 9 6, 3 4 46
5, 5 3 1 / 1 2 / 2 0 0 4 ( ) 5.1...... 3 1 / 1 2 / 2 0 0 4... 5 1 0 5. 3 9 2, 3 0 ( 7 7. 7 0 6, 8 5 ) - 2 7. 6 8 5, 4 5 5 5 0 3. 1 1 0, 6 3 ( 1 3 2. 4 8 1, 7 9 ) - 3 7 0. 6 2 8, 8 4 (* + 1 1 5. 6 4 6. 4 9 3, 4 8 ( 6. 3 5 9. 9 4 0, 1 4 ) - 9. 2 8 6. 5 5 3, 3 4 1-3. 6 6 4. 0 4 3, 3 9-3. 6 6 4. 0 4 3, 3 9, + 3. 5 7 1. 6 0 7, 8 1-3. 5 7 1. 6 0 7, 8 1 ) 7-1. 4 2 9. 4 0 3, 1 6-1. 4 2 9. 4 0 3, 1 6 3" ' (- "%' (*3 1 9. 8 2 6. 6 0 4, 2 2 ( 1. 4 7 6. 6 8 2, 2 3 ) - 1 8. 3 4 9. 9 2 1, 9 9 +, 5.. 2 1. 3 2 8. 2 1 3, 0 0 ( 6 9. 0 3 0, 0 0 ) ( 1 3 1. 6 0 0, 0 0 ) 1. 1 2 7. 5 8 3, 0 0-3 8. 7 9 7. 0 5 9, 2 7 ( 7 6 9. 9 0 9, 0 0 ) - 8. 0 2 7. 1 5 0, 2 7, 3. 6 2 3. 5 9 9, 0 7 ( 3 4 4. 4 3 3, 2 9 ) 3. 2 7 9. 1 6 5, 7 8 ( + (* 2. 1 7 6. 6 3 5, 9 9 - - 2. 1 7 6. 6 3 5, 9 9 3" *-*1 %3"# "%' (*3 1 5. 9 2 5. 5 0 7, 3 3 ( 8 3 8. 9 3 9, 0 0 ) ( 4 7 6. 0 3 3, 2 9 ) 1 4. 6 1 0. 5 3 5, 0 4 3" "%' (*3 3 5. 7 5 2. 1 1 1, 5 5 ( 2. 3 1 5. 6 2 1, 2 3 ) ( 4 7 6. 0 3 3, 2 9 ) 3 2. 9 6 0. 4 5 7, 0 3 % 4. 5 9 0. 0 0 0, 0 0-4. 5 9 0. 0 0 0, 0 0 ( 2. 1 7 9. 0 1 6, 8 7-2. 1 7 9. 0 1 6, 8 7 + 7 5 8. 8 7 1, 2 4-7 5 8. 8 7 1, 2 4 4. 7 0 6. 6 0 8, 6 1 ( 1. 1 8 6. 4 8 5, 3 6 ) - 3. 5 2 0. 1 2 3, 2 5 3" 4,! " 1,! " 1-9 1 2. 2 3 4. 4 9 6, 7 2 ( 1. 1 8 6. 4 8 5, 3 6 ) - 1 1. 0 4 8. 0 1 1, 3 6 % + ( 1 1. 1 0 0. 0 0 0, 0 0-1 1. 1 0 0. 0 0 0, 0 0 $ - '( 4 8 4. 8 9 9, 0 0 2 0 6. 6 1 7, 0 0-2 9 1. 5 1 6, 0 0 6 + 9 6 0 7. 6 2 7, 8 7 ( 4 7 6. 0 2 7, 8 7 ) ( 1 3 1. 6 0 0, 0 0 ) - ) - 3" *% %)/! " - $%.! " 1 1. 7 9 2. 5 2 6, 8 7 ( 2 6 9. 4 1 0, 8 7 ) ( 1 3 1. 6 0 0, 0 0 ) 1 1. 3 9 1. 5 1 6, 0 0 - + 4. 9 0 7. 3 9 8, 6 8-4. 9 0 7. 3 9 8, 6 8 9 1 6. 2 7 3, 9 7 ( 5 0 8. 5 4 6, 2 9 ) 4 0 7. 7 2 7, 6 8, ) + 8, 9 2. 3 7 1. 4 1 5, 4 1 ( 8 5 9. 7 2 5, 0 0 ) 1 6 4. 1 1 3, 0 0 1. 6 7 5. 8 0 3, 4 1 3 + ( 3. 5 2 9. 9 9 9, 9 0 - - 3. 5 2 9. 9 9 9, 9 0 3" +%$- %)/! " - $%.! " 1 1. 7 2 5. 0 8 7, 9 6 ( 8 5 9. 7 2 5, 0 0 ) ( 3 4 4. 4 3 3, 2 9 ) 1 0. 5 2 0. 9 2 9, 6 7 3" - $%.! " 2 3. 5 1 7. 6 1 4, 8 3 ( 1. 1 2 9. 1 3 5, 8 7 ) ( 4 7 6. 0 3 3, 2 9 ) 2 1. 9 1 2. 4 4 5, 6 7 3" 4,! " 1,! " *( - $%.! " 3 5. 7 5 2. 1 1 1, 5 5 ( 2. 3 1 5. 6 2 1, 2 3 ) ( 4 7 6. 0 3 3, 2 9 ) 3 2. 9 6 0. 4 5 7, 0 3 47
5,6 31/12/2004 ( ) 31/12/2004...... * 86.722.113,10 (24.930.106,83) 671.768,80 62.463.775,07 + 40.830.859,07 (462.502,65) (8.692.241,84) 532.623,03 32.208.737,61 (*) *0%4# 45.891.254,03 462.502,65 (16.237.864,98) 139.145,77 30.255.037,47, ( 1.127.642,49 (662.761,07) 16.993,48 481.874,90 '( ( 10.208.388,49 368.434,94 (2.760.418,37) 73.334,25 7.889.739,31 '( (+ 29.237.894,43 (20.497,50) (10.691.619,34) 81.000,00 18.606.777,59 0%4 * 3!# 7.572.613,60 114.565,21 (3.448.588,35) 1.805,00 4.240.395,46 - ( 2.119,36 - (2.119,36) ( / (>) 858.023,18 (515,30) 857.507,88 4 (/('() (1.120.088,53) - 202.932,05 829,66 (916.326,82) %4/(8,) % 1)%!" 6.454.644,43 114.565,21 (2.387.633,12) (0,00) 4.181.576,52 / ( 1.508.430,45 622.285,68 (27.474,94) - 2.103.241,19 0%4/(8,) ) 1)%-# 4.946.213,98 (507.720,47) (2.360.158,17) - 2.078.335,33 "0 "( : )$-# %(*&# 2.952.011,50 (412.112,96) (742.339,84) - 1.797.558,69 (*(. (61,# 1.994.202,48 (95.607,51) (1.617.818,33) - 280.776,64 4.946.213,98 (507.720,47) (2.360.158,17) 2.078.335,33 48
5,7 31/12/2004 ( )... 31/12/2004...... * 21.275.476,18 21.275.476,18 + 11.277.752,57 11.277.752,57 (*) *0%4# 9.997.723,61 9.997.723,61, ( 140.278,81 140.278,81 '( ( 2.882.017,24 360.662,01 3.242.679,25 '( (+ 5.395.848,96 (17.361,00) 5.378.487,96 0%4 * 3!# 1.860.136,22 (343.301,01) 1.516.835,21 ( 1.286.083,08 1.286.083,08 ( / (>) 4 ( /('( ) -493.164,92 (493.164,92) %4/(8,) % 1)%!" 2.653.054,38 (343.301,01) 2.309.753,37 / ( 642.682,58 21.991,51 664.674,09 0%4/(8,) ) 1)%-# 2.010.371,80 (365.292,52) 1.645.079,28 49
6. (%/.(# $0 (# 4 ((/,# "4( # (*" (*0# *(# & ) (+ ) * ), ( ( + 9 % * * +. ( ) *, 0, * ( +( + ( 8'(,. + (+ ( (, ( ) ': 6.1!%,!$ ( 1/1/ 31/3/ 6.2 7 ( 1/1/ 31/3/ 6.3!%,!$ ( 1/1/ 30/6/ 6.4 7 ( 1/1/ 30/6/ 6.5!%,!$ ( 1/1/ 30/9/ 6.6 7 ( 1/1/ 30/9/ 50
6,1 ($, *( %1%,# %()4-1.1. - 31.3. Y ( *1% 0" -%.) (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31.12.2004 31.12.2004 31.12.2004 - * 13.503.315,66 13.503.315,66-10.711.278,36 10.711.278,36 - + 3.421.123,27 3.421.123,27-3.113.057,65 3.113.057,65-17.156.450,40 17.156.450,40-17.049.714,40 17.049.714,40 -, * 13.974.054,07 13.974.054,07-10.364.955,49 10.364.955,49-48.054.943,40 48.054.943,40-41.239.005,90 41.239.005,90 - %+ 14.534.977,96 14.534.977,96-11.860.624,00 11.860.624,00-3+ 0 6.052.526,45 6.052.526,45-6.248.186,16 6.248.186,16 -, )+ 21.188.158,91 21.950.380,97 762.222,06 17.481.246,55 18.183.910,11 702.663,56 3" -$%.!" () 41.775.663,32 42.537.885,38 762.222,06 35.590.056,71 36.292.720,27 702.663,56 % 4.590.000,00 4.590.000,00-4.590.000,00 4.590.000,00 -, +. (659.375,61) (1.285.432,51) (626.056,90) (1.272.844,83) (1.857.067,79) (584.222,96) 3" /%&# 0# )$!" (%,# (+) 3.930.624,39 3.304.567,49 (626.056,90) 3.317.155,17 2.732.932,21 (584.222,96) %2 () 2.348.655,69 2.212.490,53 (136.165,16) 2.331.794,02 2.213.353,42 (118.440,60) 3" /%&# 0# (4)=(+)+(') 6.279.280,08 5.517.058,02 (762.222,06) 5.648.949,19 4.946.285,63 (702.663,56) ()=()+(4) 48.054.943,40 48.054.943,40-41.239.005,90 41.239.005,90 - ( *1% 0" -%.) (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31.03.2004 31.03.2004 31.03.2004 * * 16.354.840,44 16.354.840,44-13.207.677,22 13.207.677,22 - (* *0%4 / (5,#) 8.097.721,41 8.097.721,41-6.476.423,74 6.476.423,74-0%4 / (5,#) % 1)%!", $% 4(*." *( "4-(*."!" 899.624,11 840.065,61 (59.558,50) 991.974,13 892.764,15 (99.209,98) 0%4 / (5,#) % 1)%!", $% 4(*." *( "4-(*."!" *( - - +0!" 1.102.185,73 1.042.627,23 (59.558,50) 1.163.754,75 1.064.544,77 (99.209,98) 0%4/(8,#) % 1)%!" 3" 1.161.481,15 1.101.922,65 (59.558,50) 864.356,59 765.146,61 (99.209,98) % 570.151,42 570.151,42-347.273,85 347.273,85-0%4/(8,#) ) 1)%-# 3" 591.329,73 531.771,23 (59.558,50) 517.082,74 417.872,76 (99.209,98) : % 613.468,71 571.630,16 (41.838,55) 385.940,88 339.039,78 (46.901,10) % %2 (22.138,98) (39.858,93) (17.719,95) 131.141,86 105.500,96 (25.640,90) 0%4/(8,#) ) 1)%-# " $& - +(* ( -%.) 0,0401 0,0374 (0,0027) 0,0252 0,0222 (0,0031) 51
6,1 ($, *( %1%,# %()4-1.1. - 31.3. (-"0$() ( *1% 0" -%. ) (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31/03/2004 31/03/2004 31/03/2004 /%& /0 0"%2# %()4- (01.01.*( 01.01.2004 ",($) 5.648.949,19 4.946.285,63 (702.663,56) 4.831.701,82 4.141.793,25 (689.908,57) ( / (0) (, 591.329,73 531.771,23 (59.558,50) 517.082,74 417.872,76 (99.209,98) 6.240.278,91 5.478.056,85 (762.222,06) 5.348.784,56 4.559.666,01 (789.118,55) -+ - - (223.828,20) (223.828,20) - ' % + * 2 39.001,16 39.001,16 - - - - /%& /0 &2# %()4- - - - - (31.12.*( 31.12.2004 ",($) 6.279.280,07 5.517.058,01 (762.222,06) 5.124.956,36 4.335.837,81 (789.118,55) ( *1% 0" -%. ) 0 0/4# (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31.03.2004 31.03.2004 31.03.2004 (-%'(*0# 4%%()# 0%4 % 1)%!" 1.161.481,15 1.101.922,65 (59.558,50) 864.356,59 765.146,61 (99.209,98) -/ : ) 202.561,00 202.561,00 171.780,62 171.780,62 -)2 114.045,25 114.045,25 258.089,34 258.089,34 ((, '(, ( & 0) ( ( (470.917,74) (470.917,74) - (125.352,00) (125.352,00) - 4 & '( 224.737,00 224.737,00 236.212,00 236.212,00 0"/," %% '0# '( +0# '%(."*1,- *,"# & - $,5"( (# (-%'(*0# 4%%()# %/(*') + (362.262,63) (362.262,63) (30.085,36) (30.085,36) %/(*') (710.561,23) (710.561,23) (215.401,54) (215.401,54) %/(*') ( 0) 6.043.389,17 6.102.947,67 59.558,50 703.905,46 803.115,44 99.209,98,": 4 & '( )) (224.737,00) (224.737,00) (236.212,00) (236.212,00) )) (33.910,45) (33.910,45) 3" (%."/(*%.") ) (-%'(*0# 4%%()# 5.977.734,97 5.977.734,97 1.593.382,66 1.593.382,66 "4-(*0# 4%%()# +,, ' (* (37.312,50) (37.312,50) (2.815.255,95) (2.815.255,95) (41.210,11) (41.210,11) 3" (%."/(*%.") ) "4-(*0# 4%%()# (+) (2.815.255,95) (2.815.255,95) (78.522,61) (78.522,61) % 4(*0# 4%%()# ' *' * 39.001,16 39.001,16 - - - - ' ( (195.659,71) (195.659,71) (228.175,65) (228.175,65) % + (547,16) (547,16) (223.828,20) (223.828,20) 3" (%."/(*%.") ) $% 4(*0# 4%%()# (') (157.205,71) (157.205,71) (452.003,85) (452.003,85) /%& 32 (,!) (* 4(/0( &(43" ()+(+)+(') 3.005.273,31 3.005.273,31 1.062.856,20 1.062.856,20 (* 4(/0( *((43" 0"%2# %()4-4.382.410,49 4.382.410,49 4.364.488,61 4.364.488,61 (* 4(/0( *((43" &2# %()4-7.387.683,80 7.387.683,80 5.427.344,81 5.427.344,81 52
6,2 ($, *( %1%,# %()4-1.1. - 31.3. Y ( *1% 0" -%.) (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31.12.2004 31.12.2004 31.12.2004 - * 18.281.832,06 18.281.832,06-18.349.921,99 18.349.921,99 - + 1.571.391,94 1.571.391,94-1.127.583,00 1.127.583,00-7.994.022,41 7.994.022,41-8.027.150,27 8.027.150,27 -, * 8.056.168,07 8.056.168,07-5.455.801,77 5.455.801,77-35.903.414,48 35.903.414,48-32.960.457,03 32.960.457,03 - - - %+ 11.407.619,83 11.407.619,83-11.391.516,00 11.391.516,00-3+ 0 3.530.000,02 3.530.000,02-3.529.999,90 3.529.999,90 -, )+ 9.280.463,88 9.701.611,41 421.147,53 6.584.755,03 6.990.929,77 406.174,74 3" -$%.!" () 24.218.083,73 24.639.231,26 421.147,53 21.506.270,93 21.912.445,67 406.174,74 % 4.590.000,00 4.590.000,00-4.590.000,00 4.590.000,00 -, +. 7.095.330,75 6.674.183,22 (421.147,53) 6.864.186,10 6.458.011,36 (406.174,74) 3" /%&# 0# )$!" (%,# (+) 11.685.330,75 11.264.183,22 (421.147,53) 11.454.186,10 11.048.011,36 (406.174,74) %2 () - - - - - - 3" /%&# 0# (4)=(+)+(') 11.685.330,75 11.264.183,22 (421.147,53) 11.454.186,10 11.048.011,36 (406.174,74) ()=()+(4) 35.903.414,48 35.903.414,48-32.960.457,03 32.960.457,03 - ( *1% 0" -%.) (- 0" " %1! 0" *,(# (- 0" " %1! 0" *,(# 31.3. 31.3. 31.3. 31.03.2004 31.03.2004 31.03.2004 * * 6.596.793,80 6.596.793,80-4.638.791,09 4.638.791,09 - (* *0%4 / (5,#) 3.397.154,55 3.397.154,55-2.214.003,19 2.214.003,19-0%4 / (5,#) % 1)%!", $% 4(*." *( "4-(*."!" 652.447,25 637.474,46 (14.972,79) 386.640,57 359.972,59 (26.667,98) 0%4 / (5,#) % 1)%!", $% 4(*." *( "4-(*."!" *( - - +0!" 697.565,27 682.592,48 (14.972,79) 416.751,76 390.083,78 (26.667,98) 0%4/(8,#) % 1)%!" 3" 536.548,79 521.576,00 (14.972,79) 254.913,41 228.245,43 (26.667,98) % 305.404,14 305.404,14-88.362,82 88.362,82-0%4/(8,#) ) 1)%-# 3" 231.144,65 216.171,86 (14.972,79) 166.550,59 139.882,61 (26.667,98) : % 231.144,65 216.171,86 (14.972,79) 166.550,59 139.882,61 (26.667,98) % %2 - - - - 0%4/(8,#) ) 1)%-# " $& - +(* ( -%.) 0,0151 0,0141 (0,0010) 0,0109 0,0091 (0,0017) 53