8/9/2019 11_Nicic

1/34

7

8/9/2019 11_Nicic

2/34

LL+ Egpcxlgic l mcxmcpxl

7

8/9/2019 11_Nicic

3/34

L+ Klmsil) G+ Klmlm) G+ Mnxnhmcgk) Xctsipgpcic lkzc}plagllinx gxfcninalmc ig gctgxcg mlzli ]gfgxkg @cgisi Ek}plxll

7

8/9/2019 11_Nicic

4/34

LL+ Egpcxlgic l mcxmcpxl

7

8/9/2019 11_Nicic

5/34

L+ Klmsil) G+ Klmlm) G+ Mnxnhmcgk) Xctsipgpcic lkzc}plagllinx gxfcninalmc ig gctgxcg mlzli ]gfgxkg @cgisi Ek}plxll

7

8/9/2019 11_Nicic

6/34

LL+ Egpcxlgic l mcxmcpxl

7

8/9/2019 11_Nicic

7/34

L+ Klmsil) G+ Klmlm) G+ Mnxnhmcgk) Xctsipgpcic lkzc}plagllinx gxfcninalmc ig gctgxcg mlzli ]gfgxkg @cgisi Ek}plxll

7

8/9/2019 11_Nicic

8/34

LL+ Egpcxlgic l mcxmcpxl

822

Jla+ 6+ ]gfgxkg @cgisi Ek}plxll 8226+ ]cmlskcg kx+ 0+ Lkzckpgxsi hnx`clsisl kx+ 7+

kpxc jxgaeckpcic `c zg}c `c}mnrcxlpc k ce%ricmpnksi hnx`clsisl kx+ 7 }c czl`cklgt mcic `cig msrc ms `cmnx lkmltgp k jnxe `c pxlskaflsxlfgsxgpc &a+ 6.7) 8, }gs ilkll lkmltgpc `crs}c }shskafl &a+ 6.=, nxl `xcrpskaflsxl fgnplm fgsxgpc&a+ 6.0%1,+ Lkpcxc} rxctlkp jxgaeckpcic `c zg}cnxkgeckpgpc ms mpc pxcl xk`sxl lk gizcnic gisk%alpc kmg`xgpc c ilkll pgkgpc &a+ 6.6) 77) 78,) }l%

eligxc mcinx `c ig mcpgpcg Hspsmckl &Klmsil cp gi+8228) 822) a+ 10,+

k hgtg gkgiltcl egpcxlgisisl mcxgelm }cicmpgp }crngpc `c }pghlilp m hnx`clsi kx+ 7 mnericpgeckpc

}c kmg`xcgt k rcxlng`g }cm+ VL % rxleg dse%pgpc g }cm+ ZLLL g+ Mfx+) plersi jskmlnkxll gc%txll ]gfgxkg @cgisi Ek}plxll &Klmsil cp gi+8226) :6,+

7

8 = 0

3 :1

6