ae hoao eafi @rnancog orqer kurrr 31 aekembpll i2013 r. report de... · 2018. 2. 19. · ae hoeo...
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Ae Hoao EAFI
@rnancog orqer
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Suxancoeu ilHcrpyMeHru (3flol/). Curnacno nhlleH3 Ns Pl--03-0238 or 03.ct1 .2012r- Ha KoMilcilcra 3a
6r""rior r"g.obiroH;, flpyxecraoro rMa npaBo Aa il3BbpruBa uHBecrilqt4oHHHre ycnyru u 4eilnocrn no
,an.S an.2 t.t. 1-7 or 3ll]oh, KaKTo t4 AonbnHnrenHure ycnyril no qn.5 an.3 r.r.1-6 o'i: cbl4t4e 3aKoH B
paMKure na EeponefrcKr4q cbK)3 r,,| EeponeilcKoro r4KoHoMt4LtecKo npocrpaHcreo fipyxecrBoro e BnncaHo B
Trproecrun perrcrbp KbM AreHLluF no BnncBaHhrra Ha P.Eunrapun aa 12.0'l-2012r.-cE1AR201850473'
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,[pyxecraoro e qneH na [enrpaneH Aeno3urap M, 5O6-CoSran M u Ha oon4oeara 6opCa ete
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fippxeCraOro BOAI4 TeKyqoro Ct4 CqeToBOACTBo B CborBeTCTBl4e C u3l'lcKBa{uAra na 6r'nrapcroro
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,[pyxecreoro u3rorBe I npeAcraBf, $urancoerre c1a orqeru Ha 6aga na Mex4ynapoAHl[re cTaHAapTil 3a
$uxaxcoeo orti1araHe (ntfCOO), u3AaAeHil or Ctaera no MexAyHapo.qHil cqeroBoAHl4 craHAaprfi
(CMCC) r pa3gcHeHilelra 3a rtxHoro npuflaraHe, u3AaAeHil or Konl1rrera 3a pa3scHeHile Ha MCOO
ifpfrrfC,bOlinpileru or fieponeficKilR cr'to3 ('EC') u npunoxnMr e Peny6nrara Eiunrapun'
flpea 2013r. Apytrecreoro e npueno Bcl4qKl4 HoBt4 1,1 npepa6orexra MCOO or CMCC, o4o6penu or EC',
*or- "" "
crnaia 2011],r., u Kot4ro uMar orHoLlJeHue KbM 4eilnocrra na fipyxenrBoro, K€lKro cneABa:
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Hoan crangapTlt, pa3RtlHeH[r 1,1 l,l3MeHeHIn B C]/|na or 1 nnyapr 20{3 roAuna
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reKyqnt oTqereH nepuoA:
lzleN,teHeHilc na MCOO 1 flpunaraHe 3a nbpBl4 nbr Ha MexAynapoAHl4re craHAapril Sa srnaHcoeo
orquraHe - 1a3MeHeHuf, orHocHo xunepnnsnaqun u npeMaxBaHero Ha $nxcrpanu 4arr 3a
npunaraqilTe 3a nbpBl4 nbT MCOO, B CtAna 3a roAiltuHll nepilOA]4, 3anoqBal4il Ha ut'tu cne4 1 AHyapu
Z6lS i., npr", o, EC na 1 1 4ereurepra 2012 r., ny6nuryear e OB na 29 4exeuepu 2012 r'
l4srvteHeHlaq a MCOO 1 flpunarane 3a nbpBl4 nbr Ha MexgynapoAHl4re craHAapril 3a silHaHcoBo
oTr{uTaHe" (us4a4elnra na 13 uapt 2012 rograxa) - flpaeurencrBeHil 3aeMil, B C;ilna 3a roAill'IlHl4
nepiloAt4, 3anoqBarqy Ha l na cne4 1 A1yapu 2013 r., npuer or EC Ha 4 Mapr 2013 r'' ny6nnKyBaH B
OB xa 5 ruaPr 201?l r.[4sMeHeHus Ha MCOO 7 OuHaHcoeu hHcrpyMeHril: onoeecrFBaHe - HerupaHe na {tnnancosv aKrtABt
u e[HaHcoBu nacr1Bu - B cuna 3a roAilrrHr4 nepiloAr4, 3ano-qBaqil Ha unt| cneA 1l nHyapu 2013 r''
;#i ;i EC na 13 gexerr,,epra 2012 r., ny6nrryean e OB 'a 29 4exervrapu 2012 r'
MCOO 13 OqeHneaHe Ha CnpaBeAfluBa cTOfrHOCT, B Crna 3a roAllLllHt4 nephoAl4' 3ianoqBal4u Hannv
cne4 1 qHyapn 2013 r.., npr"t or EC na 11 4ereuapu2012 r., ny6nraryeaH e oB' na 29 Aereuepu
2012 r.hgNreFteHils e MCC 1 l-lpe4craatlHe Ha $unancoeu orqern - npeAcraBqHe Ha nepa B Apyr
BceoOxBaTeH AoxoA - B cuna 3a rOAn[UHl4 nepuoAl4, 3anoqBal4u Ha ilnu c'neA 1 'f,nu 2012 r'' npuer or
EC na S rinu )nlZ r., ny6nuryean e OB na 6 onu 2012 r'
l4guenenug Ha Mc;c 12 Aarruqra Bbpxy AoXoAa - oTcpoqeHh Aa-H-b|.lt{: Bb3cTaHoBl4nir|ocT Ha aKTilBl,' B
cvnasaroAutlJHl4 nepuoAl4,3anoqBaulil ta rn,/l| cne4 1 FHyapn 2013r', np[er or E0 na 11 4exeuepu
2012 r., ny6nuryeerr e OB Ha 29 4exen'repu 2012 r'
l4snreHexnc na MCC 19 AoxoAra Ha Haeril nuqa - no4o6pexun npu orqhraHercr Ha AoxoA]4re Ha
nepcoHana np|/| HanyCKaHe, B cllna 3a roAulLuHl4 nephoAl4, 3anot'lBal4l' Ha anu cneg 1 e{yapu 2013 r''
;il;; "i
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t4sMeHeruc r" p".,nrr", craHAapril (rrrrcoo 1, MCC 1, MCC 16, MCC 3i!' Mcc 34lt' nporsrnqar4il or
l-o4ur.unu nogo6penun 2009 - iOtl r. (naga4enra na 17 uaia 2012 roAilHa)' B cilna 3a roAurrHt4
nepuoAr4,3anoqBau.l4 HavnncneAl ̂ ^v^i i i i l3r. ,npueruorECHa2'ZMapr20'13r ' 'ny6nuryeanu
e OB Ha 28 niraPr 21013 r.KPMCOo 20 PasxoAl4 3a orcrpaHeBaHe Ha noBbpxHocrnnn cnofi B npoLl3BOACrBeHara $asa xa
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"" if' a"*"" apu 2012 r., nybn'*y"aH e OB na 29 gexervrepu 2012 r'
flpueuaaero Ha re3il u3MeHeHltg KbM cbu.lecrByBaqu craHAapril He e AOBeflo Ao npoMeHil B
cqeroBo,qHara nontaTuKa na flpyxecreoro'
Grangaprr, pa3gcHeHlug ll npoMeHn B cTaHAaprll' Kollro ca el3AaAeHn oT GMCC ll ca nphern or EC'
HO BCe ol4e He ca B Chna
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i "ry"p,
2014 r., rrpuer or EC na 11 4ereuapu20tMCOO 11 Cue[rec:rHn aHraKuMeHru, B ct4fla 3a rol
io1+i., npuer or ElC xa 11 4ereuapn2012 r'' ny6r
MCOO 12 Onoaecrf,BaHe Ha AFnoBe B Apyrr npeA
Ha vnl cneA 1 Alyapn 2014 r', npraer or EC ni
$rnancoau orqern (peera:rapan .2,011 r')' B cuna 3a foAl4tuHt4 nepuoAl4'
f,Hyapu 2014 r., npner or Ei na 1 1 Aereturap u 2012 r'' n'y6nraryean e OB HaAeKeMBPYI 2012r.MCC 27 AnAueuqyannu3anoqBaqfi Haunw cneA 129 4ereuePu2012: r.
t2
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. MCC 28 lAnaec:rnquil B acoqvvpaHt Lr cbBMecrHu npeAnputlrur" (peerenpaa 2011 r.) .), B cilna 3a
roAfiLuHrr nepiloAr4, sanoqBau.l{ Ha unt cne,q 1 Alyapu 2014 r., npiler or E,C na 11 4ereuapu 2O12 r ,
ny6nrKyBaH e OB FtaL 29 4exeuepn 2012 r.. lzl3ueneHVA Ha MCC; 32 OnHaHcoeu ilHcrpyMeHr[: npeAcraBFHe - HerilpaHe Ha Sulancoar a(rvBu u
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neSunancoa u aKlABV, B cilna sa roAurlrHr4 nepnoAlr, 3anoltBal.t.1ta Ha unn cneA 1 r,tyapv 2014 r., npher
or EC ra 19 Aerervrapu2Ol3 r., nyonuxyaaH e oB na 20 4erenaepu 2013 r.
. lr l3ueneilul Ha MC;C 39 OuHaxcoeil i lHcrpyMeHril: [ ' lpusnaeane u olleHeBaHe - HoeaquA Ha
AepuBaTuBl4 il npoAbnxaBaHe Ha oTLrilTaHeTo Ha xeAxupaHe, B ct4l]a 3a roA[LJlHl4 nepiloAl'l'
3anoqBa t4uHaun4c ;nea t A+yapu2014r . , npue ro rECna lg4e reuepu2013r . , ny6nnxyeaneOBxa20 4ereuepu 2013 r.
. l4grrlenenran e MCoO 10 KonconvAVpaHV Snnancoau orqer[, MCOO 11 t3uauecrHil aHraxuMeHru 14
MCOO 12 OnoeecTcBaHe Ha AeflOBe B ApyrU npeAnp[er]4q - PuroaoAcrBo r3a npeMuHaBaHe
(rae4a4enr na 28 pnu 2012 roguaa) e cilna 3a roAl4tuH]4 nepUOAl4, 3anoqBal4Ll Ha t rtu cneA 1 nHyap]l
2014 r. npileru or E0 aa 4 anpun 2013 r., ny6nuryeanu e OB aa 5 anpun 21013 r.
. lrlsuenenrac e MCOO 10 KonconvAupaHV SuHancoeu orqeru, MCOO 12 OnoeecrfiEaHe Ha AfinoBe B
Apyril npeAnpt ArtAA - Puxoeo4crBo 3a npeMilHaBaHe ra MCC 27 Vn+naugyanHu Qumancoeu orqeril -
9THaCFT ce 3a ltHBeCTil1ll,loHHure npeAnpilf,Tl4n (us4a4enu na 31 omouepu 2012 ro4nxa) B Cuna 3a
roAuprH14 neproA1a,3anoqBaqn Ha rnu cne4 1 nHyapu 2014r. npilerr or EC Ha 20 HoeMepu 2013 r.,
ny6nilKyBaHil e OB na 21 xoeuepu 2013r.
f[oryuemr h3AaAeHr rcr CMCC/KPMCOO, Kohro ne ca oAo6peH]l3a nprnaraHe or IiC:
cne4nure HoBut ant| peBil3upaHil cTaHAapT[, HoBl4 pa3tlcHeHilf, u npolreH|/| KbML CblJ-lecrByBaq[
cTaHAapTil, KO]4TO K.bM OTqeTHaTa AaTa ca Ber{e h3AaAeHU oT cueera no lilexAyHapoAHtr cLleToBoAHl4
cranaabrr,4 (CMCC), Bce ot4e ne ca o4o6peHil 3a npilnaraHe or EC u cborBerHo He ca B3eril npeA BrA or
flpyxecreoro npu u3rorl3sHero Ha ro3l4 $rnancoe orqer'
. MCOO 9 OilHaxcoeil uHcrpyMeHrfi l43AaAeH Ha 12 HoeMepra 2009 r') n,flonunneHuf, KbM MCOO 9 u
MCOO 7 3a4unxrrenHa Aara Ha BnU3aHe B cilfla r onoBecrgBaHtAA ga npeMilHaBaHero (neAa4enn na
i6 4"*"""pn 2011 r ) , B cuna or 1 nayapra 2015 r.; Orqrrane Ha xeAxilpaHero r l43MeHeHilF Ha
MCOO 9, MCOO 7 and MCC 39 (ras4a4enr,r Ha 19 HoeMBpn2Ol3 r'), ece ou'le He e npriler or EC
o l43uenexrac e MCC 19 AoxoAra Ha Haerl4 nilqa - flnaHOee c AesilHupaHu AoxoAt4: Bxocrr or Haerure
nraqa (usAaA"r, ," 21 noerurapra 2013 r.), B ctAna or 1 nnyapra 2014. r'; Bce ol4e He Ca npuell1 or EC
o f-o4ur.unra no4o6penus2010-2012r. (ns4a4enra na l24ereuapra 2013 roAi lHa), Bcr ' , f la ot 1pnu2014
r., Bce oqe He ca npileru or EC
. f-oAruuu no4o6pexua2011 -zo13r. (ras4a4enra na l2Aexeuepra 2013 roArana), Bcuna or 1K.nu2013
r., Bce oqe He ca npuerr or EC
o KpMCO O 21 Hanosu (ras4a4exo na 20 Mail 2013), B cilna or 1 nxyapn 2014 r' ' Bce oqe He e npuero
or EC
HaCrOnulranr QUHaHCOEI oTqeT e C O6t4O npeAHa3HaqeHue vl e [3rOTBeH B C]bOTBeTCTBI'e C npilHLluna Ha
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npeABHXAaHutl l4 AOnyCKaHnf,, KOl,lTO BnnAAT Ha npilnaraHeTo Ha nOnUTuKhTe il Ha OTqeTeHnTe CyMl'l Ha
aKTUBl4 U nacuBu, npuxoAt4 u pa3xoA14.
flpeqenxure il cB] p3aHhTe c rrx npeAnonoxeHue ce ocHoBaBaT Ha ncTopl4qecKHe onur u pa3nilqHu Apyr[
eaxropu, Kor4To pbKoBoAcrBoro BFpBa, qe ca ocHoBarenHu npil o6crocrencrBara, B pe3}nrar Ha Kouro ce
eoprvrrapa 6asata 3a oLleHKilTe Ha 6anaHcoBara crofiHocr Ha aKTuBl4Te u nacnBnTe, Kolrro He ca B[A14MI4 or
Apyril u3ToqHilLlt4. OaKTuqecK[Te pe3ynraril Morar Aa ce pa3nilLlaBar or re314 oil]eHK[.
f'lpeqenrure u npeAnonoxeHilf,ra ce nperne4Aar reKyu.lo. f'lpouexure B clleroBoAHl4re npeqeHK!'l ce
npU3HaBaT B nepuoAa Ha npOMsHaTa, aKO Tf, Kacae CaMo AaAeH nepnoA, tltll4 B nep[OAa Ha npoMeHaTa u B
6t4eqr,r nepiloAl4, aKo T9 OKa3Ba BnuqHne He caMo Bbpxy TeKyu{149 nepnoA.
l4nsopuarlraFra BbB $unancoeun orr{er e npeAcraBeHa B xvn+Au neBa (x!'ln. neBa), ocBeH aKo He e
nocoqeHo Apyro.
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flpyxecreoro e ocHoBaHo u 3anoqBa 4efrnocr na 12 nnyapu2O12r. Tosu QrnarcoB orLlel' npeAcraBfi
6raxaxcoea r,1r$oprgraqrac 3a nepuoAa 01.01 .-31.12.2013r.. npeAocraBeHara cpaBHilrenHa uH+opMaLlue
o6xeaqa nepro4a ot 12eayapu Ao 31 AeKeMBpll 2012r'
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roAutuHr,t $uxancoen orl{erta B HaqmoHaflHara napilqHa eAilHt4qa na Peny6nrra Sunrarpun - 6urapcru
nee, roiro'or 1 nayapu 1999 r. e c +uKcilpaH Kypc KbM eBporo B cborHorxeHile 1 eBpo = 1,95583 neea.
2.4. Onepaq[n B t{yxAecrpaHHa Banyra
c4enrrre B qpKAecTpaHHa Banyra ce BnucBaT nbpBoHaqanHo KaTo KbM c'yMaTa Ha qyxAecTpaHHaTa
Banyra ce np[nara qeHrpanHhc Kypc Ha Stnrapcra HapoAHa 6anra (EHE) ruu Aaratra Ha cAefiKara'
Kypcoerare pa3nuKu, Bb3Hl4KBaU.ll4 npu ypexqaHeTo uflll npil oTi.l[raHeTo Ha Te3!l napil''lHu no3uLl14il npll
KypcoBe, pa3n14qHil or re3h, no Kot4To ca6unu 3aBeAeHu, ce orqilTar K?To n€qan6u vntt 3;ary6v or BanyrHil
onepaqilil 3a nep[oAa, B KofrTo Bb3Hr4KBar. flapuvnure no3[t-lt4t4 B qpKAecrpaHHa Banyra ruu 31
AeKeMBpt4 2013r. ca oqeHeHil B Hacroel4r4n Qnnancoe orqer no 3aKnK)q1,|renHue 3a FoAuHara Kypc Ha
6H5 .
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klnaornre, MaunHilTe, cbopbxeHilqra u HeMarepuaflHllre aKTulBl4 ce orqilTar no qeHa na npr4o6ueane,
o6pasyeaxa or noKynHara uu crofrnocr tr AonbflHurenHilTe pa3xoAt4, l43BbpueHh no npn4o6uBaHero ilM.
puroe'oAcreoro Ha,flpprecreoro e Bb3npneno npar Ha cbuiecrBeHocr B pa3Mep na 700 neea' noA roiro
HereKyr4ilTe aKTilB]4 Ce oTqurar Karo reKyq pa3xoA B OTqera 3a AoxoAilTe'
flocne4eaulure pa3xoAr4, cBbp3aHu c ropeue6poeHure HereKyull4 aKT!1814, ce npr6aenr ruu 6anancoBara
rru CrofinoCr, KOTaTO e BepoFrHO ,Qpyrrecreorg Aa pean1supa ilKOHoMl4qeCKil non3fi HaA Te3il OT
nbpBoHaLtanHO oLleHeHaTa cTaHAapTHa e$emuanoCr Ha CbqecTByBaqt4g aKrilB' Bcuqxu Apyrv
nocneABanil pasxoAt4 ce npuSHaBaT 3a pa3xoA 3a nepiloAa, npes roilro Ca Bb3H14KHaflu'
Aruoprusaquure ce u3qucnnBar Ha 6asa na nrxeilnue MeroA C qen pa3npeAennHe Ha pa3nilKara Mex(Ay
6anaHcoeara crofinocr u ocrarbqHara crofrxocr Bbpxy none3Hnn xuBor Ha affiilBl4Te. AuoprusaqvflTa Ha
HeTeKyu.lilTe aKTilB14 3anoqBa KOTaTO Te Ca Hanilqe Sa ynOrpe6a, T'e' KOTaTO Ca Ha MnCTOTS 14 B
"o"ror"r"rO, neo6XO4rMO 3a TRXHaTa eKcnnoaTaLl!|g no HaqnHa, npeABilAeH OT pbKOBOACTBOTO' B rpan
Ha BcgKa $unaxcoea roAuHa ce n3BbpLllBa npelneA Ha ocTaTbqH[Te cToliHocTu, none3HUC X]4BOT 14
npilnaraHilTe MeroAl4 Ha aMoprl43aqilg Ha aKruBure u aKo oqaKBaHuATa ce pa3nilqaBal'or npeAXOAHUre
npu6nrsureflHu olleHKu nocneAHure ce npoMeHFT'
,Qunrorpafrnhre Marepilan{u aKtvlBV Ce aMoprl43r4par no nuneilnus MeroA npe3 TexHug nofle3eH cpoK Ha
eK6nngaTaqilF, KaTo OTLIeTHaTa AnU npegqeHbqHaTa ilM CrOilnOCr Ce FlaManCBa AO pa3Mepa Ha
ocrarbqHara ru crofinocr ct c cneAHhre roAilutH14 aMoprl43aqnoHHt4 HOpMl,l, Kol4TO Ce nph3HaBar v 3a
AaHbqHu qenu:
CrpaAu4o/o
30Yo
@paeo Fta nonsaaxe Fla co$rvepA ^ - a r r a A r r n r r
50%25Yo
Ilovru Atnrorpafr Hil a!q4qI 1SYo
t5
HeuarepuanHure aKrulBl4 npeAcraBncBar nporpaMHil npoAyKTl4 ta nilqeH3n'
Ae Hoeo EAA
Orqer sa naprqHhre noroqx
flrpeonavanHara oLleHKa Ha HeMarepnantn aKTilBr4 npr npr4o6rBaHero HUI ce ollehFBa no qeHa Ha
npu4o6ueane, KoFTo BKnrcqBa noKynHara qexa (nnareHara nul{eHsiloHHa raKca), BKnK)qilTenHo Mura u
HeBb3craHoBt4Mu AaHbqu) ll acnvru npeKil pagxoAV 3a noAroroBKa Ha aKrilBa 3a [snon3BaHero My no
npeAHasHaqeHue.HeuarepuanHuer aKrilB ce orqilra no qeHa na npu4o6reane (ce6ecroftnocr), HaManeHa c HarpynaHara
aMopru3aLlilc il eBeHryanHu Harpynaausary6u or o6esqexra.
flpyxecraoro He onpeAenn Bb3craHoBt4Ma croftnocr. flpu nanurne Ha AocTiarbqHo HaAeXAHu ycnoBnf,
npeAnpusr4ero npepa3rne4a 6anancoBara croinocr Ha HeMarepranHure aKT!1814 t4 onpeAenf, TFXHara
Br3craHoBr4Ma crofi noct.OrnilceaHero Ha HeMarepuanHure aKTilBtd or 6ananca e npil npoAax6a unu Koraro aKTnBbr oKoHqarenHo
6r4e rasae4eH OT ynoTpe6a l,l cneA oTn]4CBaHerO My He Ce OqaKBaT HilKaKBu Ap\/ril rKOHOtul4LlecKu l{3roAu.
HeuarepuanHure aKTuBtr ce aMoprr43r4par no nilHefrHuc MeroA cbc cneAHure aMoprusaqnoHH14 HopM14:
Haqr4cnceaFtero Ha aMopTfi3aqnnTa 3anoqBa oT Meceqa, CneABaq MeCeqa, e xOfirO
aMopTl,r3l4pyeMIFT aKTilB e npu4o6ur hnil BbBeAeH B eKcnfloaTaqilR.
2.6. Tuproecxlt l,t APYrh B3eMaHrf,
Trproacrure u rqpyril B3eMaHue ce orqhrar no aMoprl43upaHa crofrsocr (Ka'ro ce u3non3Ba MeroAa Ha
e6emranun nuxBeH nporlenr), HaManeHa c eBeHTyanHa npoB143!{9 3a o6e3qeHKa. Tbfi Karo rbproBcKure 1,l
Apyril B3eMaHuA ca(parKocpor{Ht4 il He Hoctr nfixBa, HoMuHanHara uu croilnocr e npn6nr3nrenHo paBHa
Ha aMopTt43rpaHaTa un4 CtOfrnOCr. PuTOeO4CTBOTO npaBil nperneA 3a ilHl4nKaquu 3ia o6egqeHra Ha
B3eMaHuFra KbM BceKa 6anaHcoea Aara. flpoeueun ga o6eglleHra ce npaBil a cnyvail, '{e cbqecrByBa
O6eKrUeHO AOKa3aTenCTBO, r{e ,QppreCreOro HqMa 4a 6u4e B CbCTof,Hne 4a Cu6epe BcltqKu AbnxuMtl My
cyMH, cbrnacHo nbpBoHaqanHure ycnoBlrf, no orHotreHile Ha cborBerHilc pa3Ller. Cytuara Ha o6esqeF{xa e
planr*"r" Me)KAy 6ana"co"ara n Bb3craHoBilMa croinocr, Konro npeAcraBnnna Hacrof,tqara crofrnocr na
nap14qH14Te nOTOt{14, Al4CKOHTilpaHa C na3apeH nilXBeH npoqeHT, npiltloxl4M 3a CXOAHI/I KnileHTr' Pa3ueptr
Ha npoBr43t4nra ea o6eeqeHKa ce npil3HaBa B orqera 3a AoxoAl4Te'
Ktu 31 .12.2013r. fipyxecreoro He e sopurnpano npoB143t4t4 sa o6esqenra.
2.7.flapntrrl cpe4crBa h napxqHx eKBnBafleHrn
flaprvnure CpeAcTBa I napu'.{H[re eKBuBaneHTil BKflPqBaT HanilLlHt4 naph B 6;pOil u no €iaHrOeh cMerKu' B
MecrHa u qyxAecrpaHHa Baflyra.
flapnvnure CpeACTBa B neBa Ce OqeHcBaT nbpBOHaqanHO nO HOMulHanHaTa ru CrOfinoCT' a Te3il
AeHoMl4HilpaHu B Ltyx4ecrpaHHa Bany1a - no Kypca na $tnrapcKa HapoAHa 6aHxa (6H15) rcnl1 AaTara Ha
l'prnoOr"atero. CAenxilre B qy4ecrpaHHa ianyra (c usxnroveHue Ha noKynKara u npo4ax6ara Ha
Banyra) ce oqeHf,Bar no qeHrpanHtAA Kypc Ha EHE. f]apuvHure cpe,qcrBa B qyx(AecrpaHHa Banyla ce
npe6qeHqBaT exeAHeBHO nO qeHrpanHVA Kypc Ha 6H5.-xaro Bb3Hl4KBau'll4TLa pa3nuKu ce OTquTar KaTo
,i*y,4, npuxo4n/pasxoAl4 or BanyrHu onepaqilil. Ktrvr 31 AeKeMBph 2013r' re3u napvlt{H14 cpeAcrBa ca
npeoqeHeHu no 3aKnrct{LlreneH Kypc xa 6HE'
2.8. Tr'proecxll 1,1 Apyrn 3a4tnxeHllf,
Trrproecrure u Apyru 3aAbnxeHutl ca KparKocpoqHil, no rcx He ce Abnxil nuxBa' u ce oLleHfiBaT no
croinoctra, no Konro ce oqaKBa Aa 6bAar noraceHu e 6tAeule'
fltaueHs sa u3BbptuBaHe Ha 4efinocr rarq 14]-l
16
Ae Hoeo EAA
Orqer la naplqHnre noroqtlKuu 31 treKeMBDlr 2013 t.
2.9. f lpoersnrflpoeusnr ce orqltrar, Koraro Bb3H14KHe HacroFr4o cbAe6Ho, KoHcrp)rlfi]4BHo unA HopMarilBHo
3aAbnxeHile 3a ApyxecrBoro, B p$ynrar Ha MhHaflu cb6t rur', Koraro ce oqaKBa Aa Bb3l{l,lKHar u3xoAfil{14
nap]4qHm noTotll,t 3a noracsBaHe Ha 3aAbnxeHueTo u KoraTo Moxe AocTaTbllHo Tot{Ho Aa ce onpeAenil
cyMara Ha caMoro 3aAbnxeHile. Koraro flpyrrecreoro oqaKBa npoBt43l,tffTil Aa 6tAre Bb3craHoBeHa,
cyMaTa ce np[3HaBa KaTO OTAeneH aKTnB, Ho caMo ToraBa KoraTo e npalfihqecKil cilrypHo, qe Te3t4pa3xoAt4 qe 6tAar Bb3craHoBeHil. PagxoAr4Te 3a npoBt43t4u ce npeAcraBnT B ,orqera 3a AoxoAilre, HerHo
oT cyMaTa Ha Bb3cTaHoBeH14Te pa3xoAt4.
2.10. O6esqeHra
Orqernure crofiHocrt4 Ha HeQ]4HaHcoBnTe aKTuBr4 na flpyxecrBoro, pa3fl14qHm or uHBecruqiloHH14 14MoT14,
MarepuanHil 3anac[ u orcpoqeHil AaHbqH],| aKTilBl4, ce paorflexAar KbM BcFKa Aara na ciananca c qen Aace onpeAenu Aanu uMa npu3Hallu sa o6esqenra. B cnyvail, qe cbl4ecrByBar raK[Ba npil3Hallil ce npaBil
npu6nusurenHa oqeHKa Ha Bb3craHoBilMara croilnocr Ha aKTilBa.Brgcranoaruara croilxocT Ha aKTilB 14nu na o6err, reHepilpau] napilqHu noTol-114, e no-Bl4coKaTa or
HeroBara crofinocr e ynorpe6a h cnpaBeAnuBara My crofinocr HaManeHa c pa3xoAure n'o npo4ax6a. flpu
oLleHKa na crofrnocTTa B ynoTpe6a 6tAeulhTe naptaqHu noTol-ll4 ce AilcKoHrupaT Ar) cerauJHara ilM
croinocr, KaTO Ce npilnara AilcKoHThpau{ npolleHr npeAil AaHbql4, oTpa3tlBau{ reKyqilTe oL{eHKu 3a
nasapa, qeHara Ha napure BbB BpeMero u cnequSut'{Hlrn 3a aKruBa pilcK.
3ary6a or o6eeqenxa ce npil3HaBa BuF,aru a cnyvafr, qe 6anaxcoeara crofrFtocr Ha eAilH aKrhB hnu rpyna
aKTilBt4, reHepilpaqa napuqHi4 nocrbnneHils, r{acr or Kosro e rof, npeB}ll.laBa HeroBa'ra BbgcraHoBuMa
croilnocr. 3ary6n or o6eeqenra ce npr3HaBar B orqera 3a AoxoA[re.
Otqenxa Ha eb3cmaHoeuMama cmoilHocmBtgcraHoeiluara crofinocr Ha B3eMaHilqra Ha ApyxecrBoro ce olleHgBa H:aro ceraulra crofrnocr na
6uAeulrare napilr.{Hr4 noroqt4, At4cKoHTilpaHa c npilnaraHero Ha nbpBoHaqaflHilc e(lerrueex nilxBeH
npoqeHT (r.e. eQercvB{t eT nilxBeH npoqeHT, li,r3LrilCneH npu nbpBoHaqanHoTo npu3iHaBaHe Ha re3u
$nnancoeu axrueu). Kparrocpovn!l B3eMaHilF He ce AilcKoHTupar'
Brgcraxoeunaara crofrnocr Ha ApyrilTe aKTilBr4 e no-Bt4coKara or rRXHaTa cnpaBe,AnuBa crofrnocr,
HaMafleHa c pa3xoAr4Te sa npo4ax6a, il TexHara crofinocr a ynorpe6a. flpra oqenrara na crofinocrra B
ynorpe6a, 6r"Aer4rre napnqHu noroqr4 ce AucKoHTl4par .qo cerauHara nu crofixocr, Karo ce npunara
A l4cKoHT i l paqnpo l l eHTnpeA i lAaHbq t4 ,oTpa3 f lBaqTeKyq i lTeoL leHKhHana3apa ,qeHaT .aHanapuTeBbBeper,,rero u cneqn$raqHuq 3a aKrilBa pucx. 3a aKruB, r{uero il3nofl3BaHe He nopaxlla pasrpaHilqilMil
napuqHh noroLlt4, Bb3craHoBr4tuara crofixocr ce onpeAenq 3a o6eKta, reHepllpaq napul{Hl4 noroLlt4' KbM
roftro oqennBaHuqr aKTilB nptaHaAnexu.
O1pamno npof,eneHue ua o6esqeuxa3ary6ata or o6egqerKa no orHouleHile Ha B3eMaHUf, rn,|a o6parno npogBneHlle, aKo Bb3Ht'KHanoro B
pe3ynTaT Ha nOBiltUeHile BbB Bb3CTaHOBl4Uara crOfrnOCr, O6erruBHO MOXe Aa 6uAe CbOTHeCeHO KbM
cu6raTue, Bb3Hl4KHano cneA npil3HaBaHeTo aa sary6ata or o6egqeHxa. flo oTHOI'leHre Ha ocTaHanllTe
aKruBn Sary6ara Or O6eoqenKa uMa o6parxo npoeBneHile, aKO e HanuLle npOMfiHa B oqeHK[Te'
il3non3BaH14 3a onpeAenqHe Ha Bb3craHoB[MaTa cToilHocT'
3ary6ara Or o6eSqenra uvra O6parno npoeBfleHue caMo AO pa3Mepa Ha npeHocHara crofrxocr Ha aKrtaBa
CneA Haqt46nf,BaHe Ha aMopru3aLlut4, KOf,To toil 6n uMan, aKo sary6ata or o6elrqenxa ne 6e nph3Hara'
2.11.llpnsnaBaHe Ha nphxoAll 1'l pa3xogll
flprxo4rare il pa3XOAl4Te ce npilsHaBaT Ha 6aga Halll4CnsBaHe B MOMeHTa Ha TcxHoTO Bt3HlIKBaHe'
He3aBuctrMo or napilqHhre nocrbnneHuA tA nnau{aHilq. Orquranero uM ce !l3Bbpl'!Ba npu cna3BaHe Ha
l43l4CKBaHeTo 3a npl4quHHa u croilnocrna Bpb3Ka Mex(Ay TFX'
17
Ae Hoeo EAII
Orqer ea napxqHrre noroqx
flpuxo4ure oT ycnyril no AoroBoph c npoAbflxilTenHo il3nbnHeHne, BKn$quTenHo no AoroBopu 3a
crpol,trencrBo, ce onpeAenqr KbM Aarara Ha cbcraBqHe Ha 6aflaHca cnopeA erana Ha 3aBbptueHocr Ha
AOrOBOpa.
2.12. QnnancoBh nphxogl,l 1,1 pa3xoAll
oilHaHCOeUre npuxoAl4 BKflpqBaT npilxoAl4 oT nuxBl'r no [HBecTupaHil cpeAcrBal, il nprxoAt4 or onepaLlill4 c
$uHancoeu uHcrpyMeHTh u qyxAecrpaHHa Banyra' KoMl4ct4oHul u raKcu.
OuHaHcoel4re pa3xoAt4 BKnrcqBar pa3xoAr4 ga 6aHxoe[, 6opcoeu fi ffrt,|puHroBu raKcu t4 KoMvlcl4oHl4, KaKTo 1,1
pa3xoAr4 no onepaqilu c $unaxcoail ilHcrpyMeHril fi qp(AecrpaHHa Banyra.
flprxo4ure il pa3xoA1are or nilxBt4 ce npilsHaBar B orqera 3a AoxoAilre na 6etsa MeroAir na eQerruenun
n[xBeH npoqeHT.
2.13. Aanrqr
,flrnxuurare AaHbqu ce il3qutcnFBaT B cboTBeTcTBue c 6unrapcxoro 3aKoHoAaTencTBO 14 l3KnrcqBaT TeKytrlh
r,r orcpoqeHu AaHbLI4. Honaunanrara AaHbqHa craBKa aa2013 r. na KopnoparuElHlrc AaHbK e 10o/o.
Texyr4ure AaHbqu Bbpxy neqan6ara ce u3qucnnBar Ha 6asa o6naraeua nevan6a 3a Aal{bt{Hl4 Llenu, Karo
sa't2gu Llen $nnancoeunr pe3ynrar ce npeo6pasyea B cborBercrBue c 6unrapcroro AaHbLlHo
3aKOHOAaTeflCTBO.
OrCpOUenure AaHbLll4 Ce u3qilCncBaT 3a BcnqKh BpeMeHH[ pa3nilKu Mexfly AaHbqHaTa OcHOBa Ha
aKTuBilTe il nachBilTe ur1x1ara npeHocHa ctoilnocr KbM Aarara Ha SnHaHcoelrq orqer, Karo ce il3non3Ba
6anaxcoaucT MeroA. 3a onpe4encHe Ha orcpoqeHure AaHblltl ce l43non3BaT AaHbqHilre craBKu' oqaKBaHu
Aa 6uAar e$erruenn npu rtxHoro 6t4eqo peanil3upaHe'
Orcpovenure AaHbqHil naCuBV ce oTqilTar 3a BcLlqKt4 BpeMeHHu pasnuKil, noAnexalq|/| Ha AaHbqHo
O6narane, OCBeH B Cnyr{auTe, KOTaTO Bb3HltKBaT OT nbpBOHaqanHOTO OTqilTaHe Ha aKTvlB |/|flil naCilB npil
c A e n K a ' K o g T o l ( b M M o M e H T a H a u 3 B b p t x B a H e H e A a B a o T p a x e H u e H n T o H a c q e T o B o A H a T a ' H i l T o H aAaHbqHara ne..lan6a unu sary6a.
Orcpovexure AaHbqHil aKTuBl4 Ce OTquraT 3a Bcilt{K]4 BpeMeHHil pa3nuKn, nOAnexaqn Ha npilcnaAaHe Ao
creneHra, Ao Koero e Bepof,THo Aa ilMa 6uAer.qa o6naraeua ne'{an6a, cpeqy KoFro aKrilBure Aa ce
peanr3npar.
,flpyxecreoro npu3HaBa aKTtaBUre no orcpo'.{eHu AaHbqu, Bb3HtlKBal4[ or Hevl3non3BaHl4 AaHbqnn sary6n
rnu KpeAilTu CaMo AO CTeneHTa, AO KOFTO uMa AOcTaTbqnO O6naraeMil BpeMeHH[ pa3nuK]l AnA Apyrw
y6e4rrennn AoKagarencrBa, qe u{e 6rrAe peanr3ilpaHa AocrarbltHa o6naraeua ne'{an6at, cpeu{y Kogro Aa
ce onon3orBopnT He[3non3BaHure AaHbqHil sary5u tanu KpeAurl4'
Ktru Aarara Ha BCeKU oananc flpylrecreoro npepa3rnexAa Henpil3HaTrTe (lTcpoqeHn AaHbqHl4 aKTUBII
KaTo npilSHaBa Henpu3HaTUTe B npeAXoAeH nepuoA oTcpoqeHu AaHbqHu aKTuttl4 AO CTeneHTa' AO KOSTO Ce
e nogBrna BepoqrHocr 6tAer.r{ara o6naraeua ne.{an6a Aa no3Bonf Ba Bb3CT€lHOBgBaHero Ha orcpoqeHu9
AaHbqeH aKTulB.liur.l 31 .12.2013r. Apylxecreoro Hf,Ma orcpoqeHil AaHbt'{H.4 nacuBl, n aKTilB.4'
,flpyxecraoro e perucTpr4paHo no 3arona 3a AaH]rK Bbpxy 4O6aeenara crofiHocr !l e 3aA'bnxeHo c AaHbK
zO6to sa ilsBbptrteHure nPogax6n'
1 8
f[e Hoeo EAfl
Orqer ga napxi{Hl,lre noroqll
2.1 4. Qnnancoer 14 xcrPyMeHrx
<DrHaHCOshre ilHCTpyMeHTu Ce rnacnQraqrapaT KaTO AbpXaHh 3a rbpryBaHe' OhHaHcoBl4re [HcTpyMeHru
Ce OqeHqBaT npu nphAo6uBaHe - nO qeHa Ha npuAo6ilBaHe' KOflTo BKtltotlBa il Bcl'lLlKl'l pa3xoAil nO
cAenKaTa.CtrnacnO flpaennara 3a ynpaBneHhe Ha ph6Ka Ha AppKecTBoro, nocneABaula oqeHKa Ha OuHaHCOBl4re
t4HcrpyMeHTu ce u3BbptuBa exeAHeBHo, no necHo AocrbnHu 3aKntoqurenHil Ll€rHt4 or He3aBucl4M 143Tot{Hl4K'
Karo 6opcoBr4 LleHn iln14 qeHil or ct4creMu 3a na3apHa uH+opMaqns, KorllpoBKll4 or He3aBrilcl'lMt4 6poKepil c
a"Op" f"nyr"r1r". flpra naaapnara oqeHKa ce il3non3Ba no-KoHcepBaruBHl4er or Ky.pc'3Bere ,,Kynyaa" u
,,flpo4aea", ocBeH aKo ApyxecTBoTO He e 3Ha'{UTeneH 3a na3apa y''{acrHl4K /uaprer-uefrrtp/ ea
C"or"er"r" SunancOe uHcTpyMeHT il MOXe Aa 3aTBopl4 n63u1lt4era cu no cpeAHa na3apHa LleHa'
KorarO He e Bb3MOXHO na3apHo OLleHtBaHe, ApyxeCTBOTo MoXe Aa r3no'n3Ba MOAen 3a oL{eHKa Ha
ngarqrrt" rl1 nOprQeiln ure c ,. OqeHseaFlero nO MOAen e BcqKO OLleHqBaHe, Kgero ce r:paBHeBa cnpeMo
CTOfrHOcrt4 3a CpaBHurenHa OqeHKa /6exvnirapr</, eKcrpanon[pa ce, unu ce il3qhcnqBa nO Apyr HaqilH' oT
na3apHilre AaHHu. oqenneanero no MoAefl rpn6ea AaorroBapq Ha ta3ilcKBaHuiara nocot{oHt4 B HapeAoa Ne
35 sa KAniln Ha KOH.
2.15. YnpaeneHlle Ha PllcKa
cuulecreeFtuTe pucKoBe MoraT Aa 6u4ar rnacra$raqupaHu B CneAHuTe ocHoBHl4 KaTerophl4 - KpeAhTeH
pucK, na3apeH p],lcK, nhKBl'tAeH pilcK 14 BanyreH pucK'
Kpedumen Pucx
Kpe4Urnunr pilCK e cBbp3aH C HeBb3MOXHOCTTa Ha KnheHTfiTe U KOHTpaTeHTUTe Aa $3lnbnHflBaT CBOure
3aAbnxeHue. Kpe4urxunr p14cK Ha AppKecrBoro e cBbp3aH npeAilMHo c TbproBcKvre u srxancoeu
B3eMaHuF. Cyruure np"A"i"t""il s "6anaFtca
ca Ha HerHa 6asa xaro u3Kn'qBa'l npoB14314ilre 3a
CbMHUTenH14 B3eMaHilf,, OLIeHeHU KaTO TaKUBa OT pbKOBOACTBOT9 Ha 6a3a npeAilUeH OnilT il TeKyu{t4
trKOHOMl4qecKil ycfloBt4g. Kpe4urnranT ptdgK Ha nuKBt4AHuTe CpeACTea u $U6aHCOBUTe UHCTpyMeHTil e
orpaHuqeH, Tbr KaTo KoHTpareHT[Te ca npeAilMHO 6aHKOBl4 t4HCTl4Tyql4l4 C BI4COK KpeAuTeH perTuHr'
llasapen Pucx
llasapnrnr pucK e pe3ynTar or l43MeHeHuero B na3apHulTe ycnoBuf, - npoMeHa Ha na3apHil LleHu Ha
$unancoaurei lHcrpyMeHru,HaBanyrHi l reKypcoBe'Hani lxBeHi lTenpoqeHru'
Ilureuden Pucx
IlureuAnrRr pl4cK npou3xoxAa or BpeMeBara crpyKrypa Ha napuqHhre noroql4 OT aKrl4shTe' naculBuTe r
sa46anancoBure rHcrpyMeHril Ha AplDrecrBoro'prxoeo4creoro Ha KoMnaHugra e u3rpaAuno neo6xo4ulrlara crpylfiypa 3a ynpaBneHue l{a pucKa'
Banymen Pucx
BpeeynrarorBanyrnnnSop4BcTpaHaTa 'sunrapcxaraBanyraeQuxcupanaKbMeBpoTo.T t f rxaro,Qpyxecreoro np"n"r""" oi"irirr" cra e 6tnrapcKu neBa, resu Orqeru ca il3noxeHu caMo Ha eseKra or
npoMeHu BbB BaflyrHt4Te KypcoBe Ha Banyru u3BbH eBpo 3oHaTa u neBa'
t 9
Ae Hoeo EAtrl
Or.rer ga napxqHrre noroqll
2.16. f leprearnBn
fiepuearuerre npeAcraBnf,Bar sa46anancoeu $rnancoBr4 14HcrpyMeHTh, tn49To croinocl ce onpeAenR Ha
6asara Ha fluxBeHil npoLleHril, o6ruennu BanyrHil KypcoBe unv Apyfu nasapHu qenu. lleprearilBnre ca
eQerrueno cpeAcTBo 3a ynpaBneHue Ha nasapHun pr4cK t4 orpaH[qaBaHe eKcno3ul-{l{qTa KbM AaAeHKOHTpareHT.
Hafi-qecro !t3non3BaHtaTe AepuBaruBl{ ca:. BanyreH Cyan;O fl]4XB€H CY€III,
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