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31 AexeMapr.l
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HacurHr4orr
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2012
2011
55,602
9,542
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233
(3,610)
125,456
44,183
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33,078
245
86,262
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_
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AeKeMBpl,r,
2012
2011
Ha 1 janyapu
14cnpaBKa
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(Seneura10)
3,610
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31 AexeMapr
31 AexeMspt4
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o4 serwja'ra
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49,066
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2012
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31,630
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486
(1,206)
1
33,282
31,630
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31 4exennepn
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25.584
25,584
25,587
25,587
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EURIBOR
+ 2 p.p.
10.07.14
tDpyxran9.9., Cnoeennia
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EURIBOR
+ 2 p.p. 31.12.2015
6-MeceqeH
EURIBOR
+ 6 P.P. 01.11.2018
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2012
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HafpaAvl
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1,383
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385,5X
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7,780
7,485
1,373
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f1taeoeapHa
YHuonA.A.,CnoeeHvrja
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Heqrap,Cp6uja
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Heqrap, Cp6nja
Xe6a,Cp6uja
l'lsnoc wmo ce donxu <>d:
Heqrap, Cp6rja
2012
2011
6,434
1,087
144
6
60,450
66,8E4
50,03i3
26,3a)2
623
77,013
1,237
32,825
27,098
59,923
5,894
5,145
I
5,894
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400,209
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352,617
22,958
425,53i0
375,575
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Bo crpaHcKaBanyra. Tlsnox,eHocrana
lpyureoro npe3eMaoApe4eHhrpaHcaKLl4r4
EeHoMr4HhpaHn
npoMeHaHa AeBil3Ht4Te
KypceBr4ce Meph Bo paMKureHa napaMerpure Ha o4o6penure nonuruKu.
Cnaerroeo4crBeHara
Bpe.qHocrHa MoHerapHurecpe4crBa u o6apcxuHa ,[pyureoro .qeHoMytHr4paH[
Bo
Banyra HaAaI/MoT Ha rsBecTyBabee KaKourTocneAyBa:
cTpaHcKa
Bo nnjaplr AeHapll
cPEflCTBA
31 gexeuepu
2012
Cocroj6a Bo eBpa
77,131
OEBPCKh
31 4exeuepr
31 gexeuepu
31 AexeMeph
2011
2012
20'l'l
52.587
546,643
475,557
Cne4Hara ra6ena .qeranHoja npuraxyea aHan[3ara Ha ceH3hrhBHocraHa flpyurraor,o na 10o/o
3roneMyBarber HatuanyBalbeHa naphqHaraeAuHr4qa- AeHapor ("f1E") ao cnopeg6a co cooABerHa
crpaHcKaBanfra. 10% npercraByBa
cranKaraHaceHghfl4BHocrKoJa
ce npuMeHyBa
npu u3BecryBabe3a
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KypceBr4
r4HTepHo
sa norpe6ure Ha KnyqHuorpaKoBoAeH
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Bo crpaHcKuBaJ'ryn4
xa rpajor Ha ro4r4Hara,npil trrro ce BpuJt4xopexqrajaHa HuBHara
AeHoMt4HrpaHh
Bpe.qHocr
npu npoMeHaHa KypcorHa crpaHcKr4re
Banfru sa 10o/o.fl<lsurneHilorkr3t.toc
noAon,fo3HaqyBa
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Ha eBpoTo
sa 10o/o,
eSerror eps gobuarara e eAHaKoB,
no co o6pareHnpeA3HaK.
Hauanyearuesa 10% Ha nE
Bo rnjagu AeHaph
2012
2011
3ary6a3a roArHara
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3roneuyearuesa 101/o
Ha nE
Bo rnjaglr AeHapx
2012
2011
42,297
ceHst,trheHocraHa ,Qpy'r.urBoro
Ha crpaHcKa Banrra e 3Haqure,nHonpoMeHera eo cnope46aco
npeTxoAHara
roAnHa.
29
OPYKTAIIMAKA'q-CKONJE
KOH Ol4HAHC]4CKhTEI43BEIIITA]4
EETIEIIJKl4
31 4exeuepr 2012
23
(npo4onxenne)
14HCTPIyMEHTH
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KaMarHacranKa.
,[pyureoro e nsnoxeHo Ha KaMarHkrorpLi3l4KnpeKy KpeArrnre co npoMeHnvrBa
llapuvHnre cpeAcrBa ao 6aHKace KaMaroHocHo
QuHaHcncKocpeAcrBo,Ho 3apagh HesHaqrrenHvrre
cpeAcreo.flpyureoro
KaMarHhcranKhKoytrh Hoct4oBa cpeAcrBo,r4cToroce cMeTa3a HeKaMaroHocHo
cranKh Ha na3apoT 14
npeKy cneAelbe Ha ABrxelbeTo Ha KaMarHr4re
ce cnpaByBaco ot3oj p1431,1K
6anxr.
co KoMepqrjanxure
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Bpe,qHocr
na SnHaxcncKHTe
CnaerxoeogcrBeHara
cnerqu:
Bo nnjagu AeHapll
31 gexeuepn
31 gexeuepr
2012
2011
82,028
13,747
70,554
4,178
95,775
74,732
(Dunancncxno6epcxn
Hexauamouocgu:
O6apcrn ron 4o6ae'yaavu
422,969
337,245
flpoueunuea KaMamHacmanKa:
O6apcrn no KpeAiln4(4onropovru n xparxopovxu)
161,123
182,449
584,092
519,694
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flo6apyeaua oA K'fnyBaqu
flapn u napxqHueKBuBaneHTu
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Ha KaMamHucmanKu
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e ogpeAeHaBp3ocHoBaHa r3noxeHocraHa,flpyLureoro
Ha npoMeHaHa
KaMarHurecranKula SuHaHcncKrre[HcrpyMeHTrHaAeHor Ha usaeurrajorea $nHaHcucxaracocroj6a.
3a QuHaHcncKure[HcrpyMeH]-r4co aapujainnHn KaMarHhcranKu, aHanu3ara e n3rorBeHa nog
npernocraBKaAeKau3Hocr4reHa Kpa;orHa roAuHara6une HenpoueHerhBo reKor Ha qenara roAHHa.
flpu usroreyeabero Ha aHan[3ara Ha ceH3rrhBHocraHa npoMeHrreHa KaMarHurecranKil,Kopt4creHo
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sa 3,222 nnjaguAeHapr(2011:3i,649uryagu4eHapra).
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3aBpuryBa
na 31 4el:eruepu2012 roAhHaKaKope3ynrar HanocrojanoroHr4Bo
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30
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31 gereruepr 2012
23.
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Ynpaeyaare co KpeAxrHl4or
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2012roAnHa
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e KaKo
Crpyxryparaxa no6iapyealbara
Epyro
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13,832
33,282
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(33,282)
68,196
13,832
82,028
Crpyxrypara na no6iapyaabaraoA KynyBaqhreHa31 gexeuapu 2011 roguna e KaKoulro cneAu:
Spyro
l,t3noxeHocT
He4ocneaHu
no6apyeaua
HoHeouJTerexn
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48,506
20,837
32,841
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hcnpaexa na
Hero
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(31,630)
48,506
20,837
1,211
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70,554
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roAhHa.oeraeno6apryBaH'a
AocracyBaar3a Hannara15 4exa no AaryMor na Qarrypupabero.
Eocn eauu, Ho Heowmemeuu nodapyearua
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31 4exeuepu
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9,328
2,634
1,030
840
2011
11, 1 5 0
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377
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422,969
26,334
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31 4exeuapu 2012
1-3
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42,445
7,653
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422,969
178,338
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337,245
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32
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31 Aererreph 2012
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2Q12n 2011
roAhHae KaKouJTorOr|eAU:
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31 4exeuepu 2011
3l gereuapn2t012
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BpeAHOCT
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70,554
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422,969
584,092
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70,554
4,178
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182,449
337,245
182,449
337,245
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519,694
519,694
_
--
Ilp,emnocmaeKuKopucmeHunpu odpedyeabe ua o1jexmueua epeduocm na eunaucucxu cpedcmea u
o6epcxu
Co orne4 na Sartor AeKa He nocrol4 AoBonHonagapHor,lcKycrfBo,
craounsocr n nrKBhAHocr3a
KynyBaFbara
r npo,qax6nreua $uHaucllcKt4recpeAcraa n o6epcrrr, KaKou co orneA Ha roa
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ce Kopr4crarKaMarHt4Te
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31gerxemepu 31gexeuepr
2012
2011
EYP
€i1.5000
61.5050
34
OPYKTAN MAK AA CKONJE
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lnnour IOO
Mrr. Teogoo,rj l-onoraHoe 28
1000 Cxonje
Peny6nura Maxegonraja
Ten:
+389 (0)2 31 I 1 300
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lpaennHuxor sa eopurara 14 coApxrHara Ha roAtrttrHara cMerKa ("Cnyx6eH BecHklK
oHhe
oA
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cer
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eo NICC 1'- llpeseHrnpabe Ha QrHaHcncxrre u3Beulrah u npuroa Bo noeAhHeqHil AenoBh
craHAapA'
HaBeAeHnor
co
npeABuAeHh
no3hqt4t4
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oA Haqt4Hor Ha npeaeHTaqraja na oppe4eHu
no3l'1ul414 co qen
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Ha
pexnacusuxaLlvll4.
o,qpeAeHu
ce
flopa4ra roa h3BpUJeHn
oaoj craHAapA. o6jaaeHnre
nphKaxyBa1be Ha ernaHculcKure u3Be[!Ta['Bo $opuaror xoj ce 6apa o4
a xou c6 yuTe He ce
nephoA,
TeKoBHl'lOT
Bo
Ha
crna
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Kon
ce
cTaHAapAu 14 TonKyBalba
Ko]l c6 yure He ce Bo
14
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2'3'
u
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sxavajxu e$errvt
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ror
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nponhc}t
te
oA pa3nnKrre nouery cMerKoBoAcr"e"t
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l43Beuirau h3rorBeHL1
nph,qpyxeHure $unaHcurcrr4 il3Beurail He Moxar Aa ce cMeraar sa $nuancucKl4
Bo cornacHocr co MCQh t't MCC.
(DuHaxcncxurte t43BeuJTa[ ce cocraBeHr Bo cornacHocr co npuHqunor ua na6agHa BpeAHocr, ocBeH aKo
Bo HaTaMoulHl4or TeKCT'
He e nohHaKy HaBeAeHO BO CMeTKOBOACTBeHilTe nont4TuKl4 KOn Ce AaAeHh
Bo cocraeyaaH,eTo Ha oBt4e $rHaHCrcxur
l43BeUJTaU
,Qpyureoro ru npnMeHyBa
CMeTKOBOACTBeHUTe
nonuTllKl,l HaBeAeHh eo 6eneulxara 3.
BO npuApyxHrre 6eneulrn
l4gHocure CoApxaHu ao $uHaxcrcKllTe u3Beurau Ha ,QpyurBoTo, KaKo u
ocBeH aKo He e nol4HaKy
MaKeAOHCKH
rnjaAra
eo
AeHapr'
npnKaxaHh
xoH srHaxcncKnre h3BeuTan ce
MaxeAonuia'
eo
Peny6nnxa
h3BecryBarue
Ha
Banyra
o$raqrajanna
npercraByBa
HaBeAeHo. Aer,ipor
H
H
H
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i
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OPYKTAN MAK AA. CKONJE
EETI E IIJ K14 KOH O14 HAHC
31 gexeuepr 2011
2.
2.2.
O6jaaenra craHAapAu l{ ronKyBarba Kor4 ce Bo cv$la Bo reKoBHl.tor nep[oA a
o$uqrjanno
ron c6 yulre He ce
npeBeAeHH lt ycBoeHvt
Ha Aegor Ha h3AaBalbero Ha oBue $nxancrcrr u3Beulrah, noAony HaBeAeHure craHAap,q[ u u3MeH]4
Ha craHAapA[ 6ea usAaAeH]4 oA crpaHa na O46opor ea ueryxapo4Hl4 cMerKoBoAcrBeHn craHAapAh, 14
ronKyBarba o6jaaexra oA crpaHa xa Kourcujara 3a ronxyBalb_a 3a MeryHapoAHo $nnaxcucxo
h3BecryBarbe, Ho ltcrt4re xe ce o$urr.lnjanxo ycBoeHu ao Peny6nuxa Maxe4oHuja sa roprulHure
nephoAt4 Ha r3BecryBatbe Kota 3anoqHyBaar Ha 1 jaxyapu 2010 ro4uHa.
.
klgtrexu Ha MCQI4 7 "<DuHaHcrcKut xHcrpyMeHru: O6enoAeHyBaba" - l4snaeHu co xo14 ce no4o6pyaaar
o6eno4eHyaalbara Ha o6jerruanara BpeAHocr 14 pt43t4Kor Ha nnKBt4AHocr (peer4r,rpaH eo ruapr 2009,
npnMeHnuB 3a roAnuHll nep[oAr1 Ha u3BecryBabe Ko]1 3anoqHyBaar Ha unn no 1 jaHyapr 2009
roArna);
.
1 "llparvHo ycaojyaaue Ha MeryHapoAHl4re craHAapAh 3a $nHaHcucxo
,QononHnrenHn ucKflyqoqr4 sa eHrnreru Kox npB nar ru npnMeHyBaar MCo14.
l4spteHl,t Kon ce oAHecyBaar Ha cpeAcrBara Bo taHAycrprajara ea Ha$ra n rac v yrBpAyBabe Aanh
AoroBopnre coApxar nu3rHr (peera4npaH ao jynn 2009, nprueHnhB 3a roAruHn nepnoAh Ha
r3BecryBalbe Kor 3anoqHyBaar Ha nnu no 1 janyapu 2010 roauHa);
j
lzl3uexr Ha MCQkI
u3BecryBabe"
F
.
-
lzlgueru ut AononHyBaba Ha pa3nuqHn craHAapAlt 14 ronKyBalba KaKo pe3ynrar xa llpoerror oa
roAuu1Ho KBanural4BHo no4o6pyeabe Ha MCOI4 o6jaeen Ha 16 anpnn 2009 ro4nxa (MCO14 5,
- npaeHcrBeHo co HaMepa Aa ce
nojacHyaan'e Ha Qopr"rynarlrajara Bo reKcrot (usueHure Ha
cTaHAapAnre ce nphMeHnnBt4 3a toAl4urHn nepuo.qx Ha u3BecryBabe Kou 3anor{HyBaaT Ha unr no 1
jaHyapra 2010 roAraHa, AoAeKa h3MeHilTe Ha KTM<Di4 3a roAilulHll nep[oAtl Ha h3BecryBabe Koh
3anoeHyBaar Havlnv no 1 jynn 2009 roausa);
MCO]4 g, MCC 1, MCC 7, MCC 17, MCC 36, MCC 39, KTMOI4 16)
H
orcrpaHar HeycornaceHocrhre
I
H
,i
K]4TE I43 B E IIJTAI4
OCHOB]4 3A nOATOTOBKA HA O]4HAHC]4CK]4TE 143BEIjJTA14
H
F
14C
u
.lzlgueuu Ha MCC 33 "Heuarepujanau cpe,qcrBa" (npuueHnue 3a
Kou 3anoqHyBaar Ha
.
F
roAn[rJH],l nephoAl,1 Ha r3BecryBarbe
vnn no 1 jynn 2009 ro,qrxa);
l4guexn Ha MCOI4 2 "flnaxaue Bp3 ocHoBa Ha aKquu" - lzlsMeHu KaKo pe3yflTar na llpoexror sa
roAutlHo KBanrraruBHo nogo6pyearre na MCQ[4 (peau,qrapaH Bo anpnn 2OO9 roAusa, npuMeHnl4B 3a
ro.quu1Hl nepuo.q14 Ha u3BecryBa]be Kou 3anot{HyBaar Hannv no 1 jynn 2009 ro,qrua) n uoueuu Kou ce
oAHecyBaar Ha rpaHcaKqnu Ha rpynHh roroBr4HcKr.l nnat(aua Bp3 ocHoBa Ha aKlll.1l,l (pean4upaH ao
Zb09 toAuHa, npnMeHnhB 3a roAt4urHl4 nepho,qu Ha u3BecryBarbe Kou 3anoqHyBaar Ha unu no 1
janyaPn 2010 roPuHa);
jyHra
F
.
l4gveHu xa KTMOlzl 9 "lloeropna npoqeHKa Ha BrpaAeHure AepuBarnera" (npultetlnuB 3a roAhLllH]',|
"QrHaxcrcxu
nepuoAt4 Ha Lr3BecryBalbe Kor 3anoltHyBaar Ha unu no 1 jynra 2009 ro,qraxa) u MCC 39
neproAh
(nprueHnua
roAt4luHl4
3a
BrpaAeHn
Meperbe"
14
,qephBaTrBr
t4HcrpyMeHru: l-lpnsHaearue
Ha [3BecryBa]be Kor 3anot{HyBaar Ha vnn no 30 jyHra 2009 ro4rna);
r
KTMQI4 18 "|-lpeHoc Ha cpeAcrBa oA KynyBaqn" (npuueHnra 3a roAhlllHtl nepuoAl4 Ha n3BecryBabe
Kou 3anoqHyBaar Ha rnr no 1 jynr 2009 ro4nxa);
F
iry
iH
ii
if
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ii
rl
iH
il
in
:l
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i3
. "CeonQarHa
paMKa sa QnxaxcrcKo t43BecryBabe Ha 2010 roAr,rna" uJro npercraByBa l43MeHa Ha
"pauxara 3a noAroroBKa u npilKaxyaarbe Ha QraHaHcucrnre tasaeuJran" (npnueHnutea o,q AaryMor Ha
o6jaeyeaue, oAHocHo oA cenreM
Bp
n 201 0 ro4uHa),
r AononHyBaH,a Ha MCO[4 1 "llpauvHo yceojyaar-e xa ruerynapo4Hl4re craHAap.qn 3a $uxaxcvtcxo
h3BecryBalbe" - OrpaxuveH rcKnyqoK oA cnopeA6eHn o6enoAexyBarba nponuuJaHh Bo paMKxre Ha
MCO]4-7 xaj errureru Kou npB nar ro npuMeHyBaar MCOkI (npnuennre 3a roAl4ttlHl,1 neproAh Ha
Lr3BecryBabe Kor 3anoqHyB aar Ha l4nh no 1 iynn 2010 ro4nHa);
r fiononHyaarba Ha MCC 24 "O6eno4enyeaH,a 3a noBpsaHn crpaHn" - lloeAHocraeeun 6apaua sa
o'6eno46"y"aua raj eHrurerh Kot4 ce nog (sHavurenHa) xonrpona vnv anujaxre Ha BnaAara h
nojacHyearee ua AeQusurlujara sa noBp3aH[ crpaH]4 (npuuennna 3a roAnulHl4 neproAu Ha
u3BecryBarbe Kor 3anoqHyBaar Ha llnn no 1 ianyapu 2011 roAuHa);
o fiononHyaarea na MCC 32"QunancucKr4 r4HcrpyMeHru: npe3eHrupabe" - CMerxoeoAcrBo 3a npaBara
Ha u3AaBabe Ha HoBl4 axqnn (nprueHnuB 3a roAnuHure nepuo,ql4 Ha [3BecryBabe Ko]l 3anoqHyBaar
Ha unu no 1 SeaPYaPu2Ol0 roArHa);
il
t
I
I
I
I
I
I
t
t
il
rl
F
n
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5 EII E III KI4 KO H O
31
4ereuapr
n
tr
h
h
h
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C
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K]4TE
143 B E
IIITA]4
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2.2.
O6jaaexu cTaHAapAr h TonKyBarba KOn ce BO cxna Bo reKoBHl.lor nepnoA a ron c6 yulre He ce
o$urlrajanno n peBeAeHu n ycBoeH h (npogonxexue)
.
lzlsueHu h AonoflHyBarba Ha pa3nurlHr,r craHAapA[ 14 ronKyBaba KaKo pe3ynrar Ha flpoerror sa
roAlrglHo reanrral,raHo no4o$pyaarse na MCOI4 o6jaeeH Ha 6 uaj 2010 roArHa (MCO['1 1' MCO14 3'
MCO]4 7, MCC 1, MCC 27, MCC 34, KTMOI/ 13) - npaeucrBeHo co HaMepa Aa ce orcrpaHar
HeycornaceHocl4re u nojacnyearue Ha $opuynaqujara Bo reKcror (ttsuexure Ha craHAap.qrre ce
jynn 2010 ro,quHa
npyrMeHnuBu 3a roAugtHr4 neproAlr Ha n3BecryBabe Kolt 3anoqHyBaar Hanntl no l
ninn 1 jaayapu 2011 roArHa, Bo 3aBrcHocr oA craHAapAnre/ rxrepnperaqujara);
.
Ha KTMOIA 14 "MCC 19
,[ononHyearea
'6aparua
-
OrpaHuvyBabe xa Ae$nnnpaHure np[Marba, MelHl4ManHure
HlrBHara uHrepaxqrja" flpennareHn Ml,lHl4ManHr 6apaua 3a
$rxaHcuparee
3anovHyBaar Ha unu no 1
$nnaxcrpaue'(npuueHnuB 3a roAuluHyt nephoAl,l Ha h3BecryBalbe KoLl
u
sa
janyapn 2011 ro4uHa);
"flogrvrvrpyBabe Ha Quxaxcncxlr O6apCxr co nHcrpyMeHru Ha rnaBHIHara" (npuuennne sa
Ha u3BecryBabe Kota 3anoqHyBaar Haunn no l jynu 2010 ro4rHa).
nephoAn
roAnuHh
.
2.3.
KTMOI4
lg
O6jaeenn cTaHAapAu
14
TonKyBalba xou C6 yuJre He ce Bo cl/|na Bo reKoBHl4or nep]loA
Ha Aexor Ha n3AaBabero Ha oBhe QuHaHcncxn r43Beulral,t o6jaaexu ce cneAHhre craHAap'qu,
AOnOnHyBalbe I TonKyBarba Kou ce yure He ce Bo npuMeHa:
.
,,MCOk1
9 "QnHancncKx l4HcrpyMeHru" (nprueHnhB
3anoeHyBaar Havlnu no 1 jaHyapn 2015);
$nHaHCrCxur r,r3Beurrau" (npuueHnna
h3BecryBalbe Kox 3anoqHyBaar Ha lrnn no l jaHyapn 2013);
. MCOh 11
"3aeAHu,{x]4 apaHXMaHn" (npUuennna
3anoqHyBaar Havnrz' no 1 jaHyapr 2013);
.
3a
aa
unv no
1
Kon
roAutriHh nep[oAl4
Ha
roAlltlJHl4 nepnoAh Ha u3BecryBalbe Koh
MCOkI 12 "o6enoAeHyBarba Ha BnOXyBaFba Bo Apyrh npaBHLl nnqa" (npnueHnuB 3a
nepnoAt4 Ha n3BecryBa]be Ko]l 3anoqxyBaar Ha
Hl'lBHt4Te
3a roAntuHh nepl4oAl4 Ha u3BecryBaFbe
. MCQn 10 "KoHconu$vpaHn
roAxuJHl4
jaHyapr 2013);
.
MCO]4 l3 "Meperse xa o6jerrnaHara ape4nOCt''(npuueHnua 3a roAruHh nepuoAl'l Ha r3BecryBabe
Koh 3anoqHyBaar Ha unh no 1 jauyapr 2013);
.
MCC 27 (peaugnpaH eo
201
1) "floeAnHevHu $uHaHchcKl,l h3BeuJrau" (npruexnuB 3a
nept4oAl4 Ha u3BecryBahbe Kor 3anoi{HyBaar Ha
.
I
F
14
2011
unh no
1
roAruJHl4
janyapr 2013);
MCC 2g (peeragrapaH ao 201 1) "BnOxyear+,a Bo npuApyxeHu npaBHll nuqa n sae,4H14t{K}l BnoxyBarba"
(nprueHn6e 3a ro4hurHr,r nepuoAlr Ha u3BecryBabe Kotl ganoqHyBaar Ha unn no 1 jauyapu 2013);
Ha MCO]4 1 "flpervHo yceojyearue Ha naeryHapoAHnTe craHAapAh 3a $uHaHcrcxo
Kol4 npB
l43BecryBalbe" - Bucoxa xnneprHsnaqnja u orcrpaHyBalbe xa $urcHr AaryMl,l 3a eHrrrerLl
Ha
naT ro npt4MeHyBaaT MCO]4 (npnureHnne 3a roAllurHl,l nepuoAl4 Ha [3BecryBa]be Ko]l 3anot'lHyBaaT
o ,Qononnyaarba
rnr
.
o
no 1 iynu 2011),
[lpexoc ua Snraucucxn
.[ononHyearua na MC<Dlr1 7 "OrHaHcyrcKt4 ]4HcrpyMeHru: O6enoAeHyBa]ba" Ha nnv no 1 jynu
3anoqHyBaar
Ko!1
Ha
h3secryBabe
nepilo,qh
cpeAcrea (nprueHnre 3a roAr4urHl4
2011 roAnna);
llopaunyaa]be Ha
lononHyaalba Ha MCOI4 7 "QnnancncKr4 r,rHcrpyMeHrn: O6eno,qeHyearua" (npraueHnne 3a roAl4llJHl4 nepnoAn Ha r3BecryBalbe
o6epcxr
n
cpeAcrBa
$vrHaHcucxn
$rHaxcracxu
Kon 3anor{HyBaar Ha rnt4 no 1 jaHyapn 2013);
r ,flononHyaarba Ha MCOh 9
O6"no,q"ty"arua"
-
"OyrxaHcrcKu r,rHcrpyMentu"
3a4onxrreneH AaryM Ha eQerruaHocr
n
1a
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MCO]4
npeOAHt4 o$enoAeHyeaba:
OPYKTAN MAK AA. CKONJE
6 EII E lll K14 KO H O 1,1 H AH C l.l C K14
31 4exeuepn 2011
T
E
14
3BE
llJTAtl
2.
OCHOl,l 3A flOAfOTOBKA HA O]4HAHCI4CK],|TE ]43BEUJTAI4 (nposonxenrae)
2.3.
O6jaaexu craHAapgx x ronKyBalba Kon c6 yurre He ce Bo cnna BoreKoBHvror nephoA
(npogonxenne)
r r[ononnyaaua Ha MCC 1 "llpeaeHraqnla aa SnuaHc[cKr4 r43Beurran" -flpesexraquja ua craaxu o4
Ocraxara ceonQarHa,qo6rera (npnueuna 3a roAuuJHu nepuoAr4 Ha n3BecryBalbe Kou 3anoqHyBaar
Havnnno1jynn2012),
Ha MCC 12 "ffanotqu Ha AoOnBKa" - OAnoxes AaHoK: noBpar Ha cpeAcrBara Koh ce
Haoiaar Bo ocHoBara (npuueunue 3a roAuurHr4 nep[oAt4 Ha u3BecryBalbe Kon 3anoqHyBaar Ha hnh no
1 jaayapn2012),
.,[ononxyaaua
r
l4gueHr Ha MCC 19 "Kopracrra sa epa6orerrre" - llogo6pyBalba Ha cMerKoBoAcrBoro 3a Kopl4cr[ no
xa pa6orHuor oAHoc (npnnaexnra 3a roAulrHr4 nephoAlr Ha u3BecryBalbe Kon
3anoqHyBaar Havnu no 1 jaxyapu 2013),
npecraHyBabe
o,QononHyeaba Ha MCC 32 "OuHascucru [HcrpyMeHru: npe3eHr[pa]be" - ilopauHyearue Ha
Quuaucucxr cpeAcrBa n $uxaHcucrr o6apcru (npnuexnue 3a roAxurHl,rre nepuoAl4 Ha n3BecryBabe
Koh 3anoqHyBaar Ha unr no 1 janyapn2014 rognaa);
o
KTMO],1
20 "Tpouoqr4 3a orKpt4Bxa eo Qasara Ha npoLt3BoAcrBo Ha
noBplrl4HcKl4 pyAHl4t{]4"
1 jaHyapu 201 3).
(npnuexnue 3a roAnuJHu nephoAu Ha h3BecryBabe Kon 3anoqHyBaar Ha t nn no
2.4
flprnqun
Ha KoHTvtHyxrer
Ilodpwxa od Mamuquomo dpywmeo
MarhqHoro ApyulrBo ce o6apsa Bp3 ocHoBa Ha HeroBoro nhcMo Aa AaAe noApuJxa Ha ,QpyulrBoro Bo
QnHarcnpauero Ha HeroB[Te o6apcxu AoKonKy ,[pytureoro HeMa AoBonHu n3Bopt4 Aa ro cropt4 roa.
Oere QunaxcucKut t43Beurau ce noArorBeHn Bp3 ocHoBa Ha npernocraBKara gexa flpyureoro ke
npoAonxu ga QynxqnoHupa cnopeA npuHqunor Ha KoHTt4Hyr4Ter Ha 31 4exeuapu 2011 ro4uaa n na
.qaryMor Ha u3AaBarbe Ha oBue Qnxancucru u3Beurrau, seuajku ro Bo npeABlA npoAonxyBalbero Ha
$n HaHcncxara noApuJKa oA Marn.{ xoro ApyuJTBo.
l-Inauoeu ua paxoeodcmeomo sa naduuuyeabe Ha prcuKom na QyuxtluoHupabe no npuH\unom
Ha
KOHmUHyUmem
ParoeoAcrsoro ua ,QpyrurBoro npernocraByBa AeKa 3roneMyBabeTo Ha npon3Bo.AcTBoro, noBonHrre
ycnoBu ea 6esanxoxonHn nrjanoqh u na3apor sa cupyn, KaKo u nocrojaxoro HaManyBalbe Ha
oneparuBHt4re rpoluotlt4, ke rua no3rn4BHo enrajaHue Bp3 AenoBHoro pa6orerue Ha lpyturBoro Bo
noAoqHexHxre nepuoAx. Co orne4 Ha aKquoHl4or nnaH I ropecnoMeHar[Te oqeKyBaba, paKoBoAcrBoro
npernocraByga AeKa roa ke reHepupa AoBoflHo naphqHh npttn!181,1 3a noAMtlpyBalbe Ha reKoBHhre
o6epcrr n sa cexoj4xeBHhre AenoBHh aKThBHocru na,Qpytureoro.
10
oPyKTAn MAK A.tl- CKOnJE
EENEUKI4 KOH O14 HAHCl4CK]4TE ]43BE]IITAH
31 Aexenapr 2011
PETfl EA HA 3HAqAJ
3.
N
3.1
flpnsnaaarue Ha nPrxoAlt
H 14 C M
ETKOBOACTBEH
14
NOfl TTH
K14
ce Mepar cnope.q o6jerrneHara BpeAHocr Ha HaAoMecroror xoj tlro e nptrMeH ]4nn ce
no6apyaa. flprxo4or o4 npo4ax6a Ha npot43BoA1,1 14 croKtl ce npn3HaBa rora re 6uAar ucnonHern c'lre
l1pr,rxo4ure
oA cneAHilTe ycnoBh:
pu3l,ltlvl
,Qpyuraoro My rx npeHeno Ha KynyBaqor aHavajHure
14
HarpaAh oA concrBeHocra HaA
npon3BoAl4Te;
uHBonBhpaHocT Ao creneHoT KOJ
,Qpyu.rraoro He 3aApxyBa Ht4ry KOHrt4HyHpaHa MeHauepcKa
KoHTpona HaA npoAa.qeHhre
nar
eQerruaHa
Hrry
concrBeHocra,
aoo6u.{aexo ce noBp3yBa co
a
a
3.2
npolr3BoA14;
lzlgHocor Ha
npuxoAor Moxe BepoAocro;Ho Aa ce [3Mepu;
BepojarHo e .qeKa eKoHoMcKure Kophcrr.l noBp3aHH co rpaHcaKqrjara *e npercraByBaar
npr4nl4B ea,Qpyureoro; r
Tpor.uoqrre Koet ce HanpaBeHr nnu rpe6a Aa 6nAar HanpaBeHer Bo BpcKa co rpaHcarqujara
Moxar aepo.qocrojHo,qa ce l43Mepar.
Tpououu 3a
KaMaryl
Tpor.uoqure 3a KaMar4 ce npn3HaBaar KaKo rpolloK Bo nephoAor eo xoj ulro HacraHyBaar.
3.3
henocu xcKaxaHlt Bo crpaHcKa Banyra
TpaHCaxqrure AeHoMl4Hl,lpaHu Bo CTpaHcKll Banyru ce uqKaxyBaar Bo AeHapn co nprMeHa
o$rqnjannnre KypceBll Ha Hapo4Ha 6auxa xa Peny6nnxa Maxepouuja Kou Baxar Ha AeHor
Ha
Ha
rpaucaxqujara.
cpe4craara u o6apcxure AeHoMt4HilpaHu Bo crpaHcKu Banyru ce [cKaxyBaar Bo AeHapr Ha AeHor
geH.
raieeurajor aa euHaxcurcrara cocroj6a co nphMeHa Ha oQuqr,rjanHl4Te KypceBh Kou Baxar na roj
Ha
Kypc' ce
llogunaeHLrre n HeraT[BHl,tre KypcHl4 pa3nuK[, KOn npo]43neryBaaT oA pa3nuKnTe Bo AeB[3H]rOr
HacraHyBaar.
Kora
Bo
nephoAor
cocroj6a
eBrAeHrhpaar Bo l43Beulrajor oa QraHaHcrcKara
3.4
Aanoqn
TexoeeH AaHoK na 4o6nexa
Ha 3axoHol 3a ,qaHoK Ha .qo6uaxa'
Aaxoror xa Ao6raxa ce npecMeryea r nnaka cornacHo oApe,q6nre
OpraHu'
flnat(aUerO Ha MeCeqHlOT AaHOK ce Bpgll4 aKOHTaTUBHO yTBpAeHO O,4 CTpaHa Ha AaHOqHuTe
ycnex'
Ha
og
firnaHcor
yrBpAeHaTa
Ha
Ao6uBxa
Kpajxuor AaHoK no CranKa OA 10o/o ce npecMeryBa
KOpurhpaHa 3a oApeAeHh AaHoqHo Henpn3HaeHu pacxoAl4, cornacHo 3aKoHcKnre oApeA6u'
roAhHa,
Cornacxo lr3MeHulTe Ha ,qaHoKor Ha Ao6hBKa Kou ce np[MeHyBaar Ha SncKanHara 2009
Ha
ncnnaTa
3a
e
HaMeHeTa
He
UCTaTa
oAaHoqyBa
He
ce
AoKOnKy
ocTBapeHaTa Ao6hBKa
'qilBuAeHAU
HenaprqeH o6nnr, Kou ce oAaHoqyBaar
,qpyru'pacnpeAen6n oA Ao6r4BKara, 6t4no Aa e Bo naphqeH rnh
Ha aKyMynrpaHara
Bo MoMeHTor Ha HnBHara ucnnara. oeaa rgMeHa HeMa e+eKT Ha pacnpeAen6ara
caMo Ha
ocrBapeHa 3a nperxoAHara 2008 ro.4uHa ta nopaHg. Cranxara ol 10% ce nprMeHyBa
14
Ao6hBKa
TpouJoLlure Kou He ce AaHoLlHo nph3Harh.
OAnoxen AaHoK
oAnoxexuror AaHoK ce npn3HaBa Ha pa3nrKaTa nouery
CMeTKOBOACTBeHaTa BpeAHocT Ha cpeAcTBaTa
il
H[BHaTa cooABeTHa AaHoqHa ocHoBa ynorpe6eHa npr
Ha O6epCxa'
npegMeTKara Ha oAaHoYn1aBaTa,4O6t4BKa, n ce eBhAeHrhpa cO nphMeHa Ha MeTOAOT
o6"p"*ra" Bo QhHaHcucKl4Te u3Beulrau
n
pa3nnKl/l ]4 OAnOXeHO
o,qnoxexure AaHoqHn o6apcrn ce nph3HaBaar 3a CilTe OAaHOiUUBT4 BpeMeHcKh
Bo xoj uro nocro]l
pa3n[K]4
Bo
o6eM
u
roa
BpeMeHcKt4
AaHoqHo cpeAcrBo ce npu3HaBa 3a cr4re og6urHu
oAHoc Ha roja ke
u
Bo
Ha
oAaHoi{yBabe
npeAMer
r(e
6ra.qe
xojauro
gexa
fe nocrol4 Ao6[BKa
aepolarHocr
MOXe Aa Ce UcKopl4crar BpeMeHcKl4Te pa3nnKh KaKo oA6urHa craBKa'
o4noxexnre AaHoi{Hr4 Cpe.qcTBa h o6BpcKl4 ce BpeAHyBaaT cnopeA,qaHoqHhTe cTanKh Kol'l ce oi{eKyBa Aa
peanr3hpaH4' a
Ce npt4MeHaT Bo nepxgAOr eO xOj O$BpCKuTe Ce u6nnaTeHr nn4 cpeACTBaTa Ce
Ha AeHor Ha
Baxar
Kotltrlro
(u
sa
saxoHra
cranKr,r
AaHoLlu)
nponruJaHnre
oA
AaHoi{Hl4
npon3neryBaar
useeurrajor sa QraHaHcncKara cocroj6a.
11
OPYKTAN MAK AA. CKONJE
E EII E lU Kt4 KOH O tl H AHC
31 AexeMeph 2011
14
C K14T
pErll EA HA 3HALIAJ
E
l'1
H 14 C M
3.
n
3.4
Aanoqn (npogonxenne)
3BE
lltTAt4
ETKOBOACTBEH t4 nOI nTn Kll (n posonxexue)
,Elanox Ha AoAaAeHa BPeAHocr
l-lprxo4ure, Tpoutotll4re
r
cpe.qcTBara
ce npil3HaBaar BO tt3HOC HaManeH 3a AaHoKor Ha AoAaAeHa
BpeAHocr, ocBeH:
He Moxe Aa ce BpaTu oA.qaHot{HrTe
Kora AaHoxor npu Ha6aaxa Ha cpeAcTBOTO Unr ycnyraTa
BpeAHocr Ha cpeAcrBoro hnh Aen
Ha6aeHara
oA
eo xoj cnyvaj ce npu3HaBa KaKo Aen
"n""il,
o,q TpoluoKoT;
t4
3a no6apyeabaTa
r
Ha AoAaAeHa
O6apcxure Koh ce npnKaxaH[ co BKnyqeH u3Hoc Ha AaHoK
BpeAHOCr.
oAHocHo ce Aonxu Ha AaHotlHl'1Te
Hero r43Hocor Ha AaHoKor Ha AoAaAeHa BpeAHocr roj ce no6apyBa,
Ha AaryMOr Ha 6hnaHCOr Ha
O6apcrnre
o,4HOCxO
no6apyealbara,
o4
KaKo
Aen
BnacTu e BKnyqeH
cocroj6a.
3.5
He.qe[xHocru, nocrPojxn ]t onPeMa
He4auxnocrn
HeAahxHocrnre, nocrpojK9lre
1,l
onpeM ara
ce
eB]4AeHTupaar no peBanop[3aqhoHa BpeAHocr xoja
uro
npfrii""V"" Ha6aBHa epegHocr HaManeHa 3a aKyMynupaHara aMoprnsaqrja [4 nocne'qoBarenHrre
aKyMynrpaHn tary6n nopa.q[ oujreryBaFbe'
Ha 30 Hoerraapra 2010, Bpe.qHOCra Ha HeABhxHocra
t4
onpeMara 6eue npeAMer Ha npoqeHa oA crpaHa
Ha He3aBhceH npoqeHhTen.
cnopeg cMerKoBoAcrBeHara nonurilKa
ra ,flpyureoro,
cpeAcrBara peAoBHo tte 6n4ar npeAMer
Ha
npoLleHa, cerou 3-5 roAl4Hkl.
Koe noTeKHyBa OA peBanopraaqnja' ce npl43HaBa Bo
Ceroe groneMyBalbe Ha BpeAHocTa Ha cpeAcrBaTa
ucroro cpeAcrBo nperxo.qHo e nph3HaeHa
,o""rraio, sa ceon$arna go6naxa, ocBeH BO Cnyvaj xora 3a cnyvaj
3roneMyBarbero Ha BpeAHocra ce
xoj
ycnex,
ao
na
sary6a oA peBanopu3arJi;'Bo 6hnaHcor
3ary6a'HaManyBabero Ha
nplr3HaBa Bo 6r4naHcor Ha ycnex Ao
l?:I?li:...T!1t11""'ra
"'
Bo 6nnaHcoT Ha ycnex
'ts"ocoi
ce
npu3HaBa
peBanoprsaqnjara
cMerKoBoAcrBeHara BpelqHOCT KaKO pe3ynrar Ha
pe3epBa'
a ce oAHecyBa Ha
peBanopll3aqnoHaTa
Ao r43Hocor oa rol grio'sary6ata'ja na4rurrHyaa
pe3epBll noBp3aHlr
peBanopu3allroHLrTe
peBanopu3aqrja na roa cpeAcTBo. l-lpr oryryearue,
nperxoAHa
3a KoHKperHoro
"p"A"ri-o'np"A""t
rd oryry""*", ce rpinc$eprpaar
Bo 3aApxaHa Ao6nBKa.
Onpeua
Onpeuara ce eBllAeHrllpa no lra6aBHa
BpeAHoGT HaManeHa
3a aKyMynnpaHara aMoprnsatyja n
aKyMynrpaHnre sary6n nopaAu o6eeape4Hyaaue'
qeHa, arnyvyaajrin
l4xuqnjanHuoT TpOuloK ce cocTol,t oA Ha6aBHara
h qapuHl4'
AaHOqn', raKctl
14
crre
ocTaHaTuTpoulol.|l4Kol,lAl4peKTHoMoXeAa'cenphnruaTHaHoceH'eHacpeAcTBoToAonoKaqnjatau
paKoBoAcrBoro'
cnocooHo Ha Har{nH npeAB[.qeH oA crpaHa Ha
roja roa
ce KanITanh3npa
onpeMa'
cooABerHara
oA
"tn"prtr""o
cocTaBeH
Aen
"o"iojOur"'uo
Ha6aeeHuor cosreep, rOj uro npercraByBa
KaKo
Aen oA raa onpeMa'
Tpor-uoqure 3a OApxyBabe
u
nonpaBKlr
ce npu3HaBaar BO n3Beulrajor Ha ceonsarHa Ao6hBKa
Bo
nepl4oAoT BO KOj HacraHane.
F
n
12
oPyKTAI MAK A,q- CKOnJE
FEN EUJ K14 KOH Ol4HAHCl4CK]4TE I43BE1IITA14
31 Aexeuapr 2011
PEfn EA HA 3HAI{AJ
t4
3.
n
3.5
HeAsvtxHocrn, nocrpojrr
H
CM
r
ETKOBOACTBE
H 14
nOI
nTU K14 (npoAonxenue)
onpeMa (npogonxexre)
AMoprusaqlrja
Auoprrsarlr,rjaTa
ce npecMeryBa co
a co qen Aa ce anoqupa
r onpeMara Bo reKor Ha
nphMeHa Ha npaBonHHucKa cranKa,
Ha6aeHara hnt4 peBanopltgt4paHara BpeAHocr Ha HeABuxHocrhre, nocrpojxnre
HhBHt4or npoqeHer BeK Ha ynorpe6a. flpoqexernor KopuceH BeK u aMoprl43aLlxoHl,lor MeroA ce
nperneAyBaar na xpajor xa cexoja roALrHa, co e$errrre Ha ctaTe npoMeHh Bp3 npocneKrr4BHl4 ocHoBl4'
FOAr,ruHyr CTanKu 3a
aMoprh3aqrja, npuueHeTI Ha
HeKOU no3Hat{ajHu Craexn
ce CneAHhTe:
2.5o/o
l-pa4exHur o6jexrn
Mauruxu
10%
Kounjyrepn
25%
25%
MoropHu Bo3utna
OcraHara onpeMa
3.6
20o/o-25o/o
Irlcnpaera Ha BpeAHocra Ha cpeAcrBara
3a ceroj nepnoA Ha h3BecryBabe, PaKoBoAcrBoro ja pasrne4yaa cMerKoBoAcrBeHara BpeAHocr Ha
uareprajinxnre cpeAcrBa. ,Qoxonxy nocrojar nHAnKaqhu AeKa cpeAcrBara ce ruoxe6n oulrereHh,
HaAoMecryBaqKara BpeAHocr Ha cpeAcrBoTo ce npoqeHyBa 3a Aa ce oApeA[ Ll3Hocor Ha sary6ara
nopaAh ollreryBarbe. fioronry HaAoMecryBaqKaTa BpeAHocT Ha KoHKperHoro cpe,qcTBo He Moxe Aa
6uAe npoqeHeia, Apyureoro ja npoqeHyBa HaAoMecryBaqKara BpeAHocr Ha eArHxllara xoja reHepupa
napu, Ha xojau:ro noeAuHeqHoro cpeAcrBo u npnnafa'
unr BpeAHocra ao ynorpe6a, Bo 3aBucHocr Koja e
napt,tqHt,t TeKoBtl ce AucKoHTl4paar Ao
ja gucxonrHara cranKa npeA oAaHoqyBabe xoja uro
Hagorvrecryaar{Kara Bpe,qHocr e na3apHara BpeAHocr
nororeMa. 3a npoqeHxa Ha BpeAHocra Bo ynorpe6a n4Hnre
HhBHara HaAoMecryBaqKa BpeAHocr, annraqrapajrin
HerO cerauJHara BpeAHocr KaKo r,l pt43l,lKor cnequSuveH 3a roa cpeAcrBo.
ja ncxaxyaa
(nnn e4nHuqara roja reHepupa napu) e noMana
,Qoxonry HaAoMecryBar{Kara BpeAHocr Ha cpeAcrBoro
oA HeroBara cMerKoBoAcrBeHa BpeAHocr, roraul cMerKoBoAcrBeHara BpeAHocr Ha cpeAcrBoro (l4nh
uAr"r,lara xoja reHeprap'a napra) ce HaManyBa Ha HeroBara HaAoMecryBaqKa BpeAHocr.3ary6a nopaAx
ollTeryBarbe Ha cpeAcTBa ce npn3HaBa KaKo TpotlloK BO MOMeHTOT KOra HacTaHyBa.
Ha nocneAoBarenHoro Koperhpabe Ha sary6ure oA hcnpaBKara, cMerKoBoAcrBeHara BpeAHocr Ha
cpeAcrBoro (unu e4uxuqara roja teHepupa napn) e 3roneMeHa Ao npoqeHerara HaAoMecryBaqKa
BpeAHocT
3a Toa cpeAcTBo, Ho He noBlrcoxa oA
CMeTKOBOACTBeHaTa
BpeAHocr npecMeTaHa noA
npeTnocraBKa sary6ara oA ouJreryBaH,e Aa He 6nna npraHaexa'
Ha AeH 31 gexeuapr 2011 roAnua, Bp3 ocHoBa Ha npoqeHKa Ha Paxoeo,qcrBoro Ha flpyureoro,
He
nocrojaT uHAl4Kallllkl 3a ouJTeryBalbe Ha BpeAHocra Ha ocHoBHure cpeAcrBa'
13
OPYKTA.II MAK AA- CKONJE
6EII EIII K14 KOH OI4HAHC14CK[4TE 143BEIUTA14
31 gexeuapr 2011
PErn
E[
HA 3HAI{AJ
t4
3.
n
3.7
Ollxancncrr hHcrpyMeHTlt
H
C
METKOBOACTBEH
14
nOn nTn KU (npo4onxenue}
n $uHaxcucxrre o6epcrn ce np!13HaBaar Bo MoMeHTor xora ,Qpyureoro
craHyBa crpaHa Bo ,qoroBopHrre o6epcxn no oeoj xHcrpyMeHr. OuxaHcucrute cpeAcrBa v
(DuHagcucxure cpeAcTBa
SuHiHcrcxnre o6apcxu uHnqrjanro ce eBn4eHrupaHn no o6jerruexara
BpeAHocT.
3.7.1 flo6apyaaua oA KYnYBaqx
llo6apyaauara oA KynyBaqn ce HeAepuBaThBHn QuxaucrcKlr cpeAcrBa co Qrxcnu unn oAHanpeA
ogp",q"", nnartarea co xo,a He ce rpryBa Ha aKruBeH na3ap. llo6apyeauara oA KynyBauur (arnyvyeajtfn ru
no6apy"a*ara oA KynyBaqr u Apyrure no6apyaaua, cMerKn Bo 6aHKhre u roroBuHara) ce npuxaxyeaar
no
r"optrarpaxa'r'i6i""a
BpeAHocr co ynorpe6a Ha MeroA Ha e$eKrnBHa cranKa, HaManeHn sa sary6a
nopa.qu oujTeryBarbe.
Bp]ut4 t4cnpaBKa Ha BpeAHocra Ha no6apyearuara o.q KynyBaqhre ceKoratu Kora nocrojar
o6i"*tre", AoKa3H 4exa no6apyBalbara He Moxar Aa ce Hannarar. hcnpaaKara Ha BpeAHocr ce
eBn,qeHTrpa Bp3 ocHoBa Ha crapocHara crpyKrypa Ha no6apyealbara h ncropt4cKoro l4cKycrBo 1,1 Kora
rflu qenocHara Hannara xa no6apyealbero noBeke He e BepojarHa. CrapocHara crpyKrypa
,[pyuraoro
AenyMHara
Kopt4creHa 3a npoqeHKa Ha o6esepe4HyBalbero xa no6apyaalbara e KaKO uJTo cneAh:
Ilen na aocneBalbe
% Ha [cnpaera
20-1 80 aeHa
1Oo/o
181- 360 aexa
HaA 360 AeHa
100%
1
50%
CruerroeogcrBeHara BpeAHocr Ha no6apyaalbaTa oA KynyBaqure ce HaManyBa npeKy cMerKara 3a
Ha
ucnpaBKa Ha BpeAHocTa. Kora e4Ho no6apyBalbe ce cMeTa 3a HeHannaTnl4Bo ce oTnuulyBa Bo Kopl'tcT
cMerKara 3a rcnpaBKa Ha Bpe,qHocra. llocfleAoBarenHure Hannarh xa no6apyaa]bara nperxoAHo
ornuuaHr ce eBrAeHTxpaaT npeKy HaManyBalbe Ha cMerKaTa 3a hcnpaBKa Ha BpeAHocT. flpouexrre ao
3a
cMer1oBoAcrBeHara BpeAHocr Ha cMerxara 3a ncnpaBKa Ha BpeAHocr ce npu3HaBa Bo u3Beurajor
ceonSarna 4o614exa.
3.7.2 flapn r naphqHh eKBuBaneHrll
qenu Ha
eKBhBaneHrLl ce cocrojar oA roroBhHa ao 6narajHa h napu Bo 6aHK[. 3a
r
opoqeHr
BKnyqyBaaT
Aeno3nTkl
eKBhBaneHTLl
H
napuqHrTe
napuTe
r3BeujTajoT 3a napuqHhTe TeKOBt4,
eO 6aHpa KOh MOXe 6pSO ga Ce KOHBepTLlpaaT BO nO3HaT u3HOC Ha napn V Ce nOAnoXeHu Ha
He3HaqureneH ph3l4K oA npoMeHa Ha HnBHara BpeAHOCT'
naprre h napuqHure
14
OPYKTAN MAK AA- CKONJE
EENEUKI4 KOH
31
gereuapr
OI4
HAHCl4CK]4TE 143BE1UTA14
2011
3.
nPEfnEA HA 3HAI{AJH]4 CMETKOBOACTBEH]4 nOflnTnKn (npo4onxenne)
3.7
(Dnraxcrcxn[HcrpyMeHTn(npogonxenre)
3.7.3
O6apcxr,r xox Ao6aeyeaqr
r
O6epcxure roH 4o6aayaaq[re
uro no
ocraHaru o6epcxtt
]4
.qpyrure o6apcxn ce npnKa(yBaar cnope.q o6jerruaHara Bpe,qHocr, npn
nHuqurjanHoro npu3HaBabe o6apcxure nocneAoBarenHo
ce BoAar no aMoprl43l,1paHa
Ha6aaxa
BpeAHOCT.
MeroAa Ha eQerruaxa KaMara e MeroAa Ha npecMeryBabe Ha aMoprl,l3upaHa Ha6aaHa BpeAHocr Ha
QrHaHcucrara o6epcra h Ha pacnpeAen6a Ha rpoluoKor oA KaMaTa Bo reKor Ha peneBaHTHl4or nepl4oA.
E$exrneHara KaMarHa cranKa e cranKara xoja rovHo rx AL'tcKoHTl,lpa oqexyBaHrre n.qHu napri{H}l
nna(area 14nu npuMaba Bo TeKoT Ha oqexyBaH]lor xl,lBoTeH BeK Ha l4HcrpyMeHTor nnt{, Ao Hero
cMer1oBoAcrBeHara BpeAHocr Ha $rHaHcncrara o6apcxa, npn uuuqujanHoro npt43HaBarbe.
3.7.4 O6epcxu no KpeArtrlt
flonropovxure o6apcxn no KpeAun4 rnaBHo ce cocrojar oA Kpepnrn AeHoMl4Hhpaxu eo EYP Kou ce
KoHBeprupaHr Bo AeHap[ no cpe,qHnor AeBlt3eH Kypc Ha Hapo4Ha 6aHra Ha Peny6nuxa Maxe4oHnja Ha
ga nna(arbero Bo
AaryMor Ha nsaeulrajor aa $nHancucKara cocroj6a. Ctare nsHoct4 Kot4 AocneBaat
nepqoA oA 12 rvreceqh oA AeHor Ha raseerurajor sa Qnxaxcucxara cocroj6a ce rnacu$nqupaHh KaKo
TeKoBHt4 o6epcxn, ocBeH aKo ,QpyLureoro Heua 6esycnoBHo npaBo Aa ro o.4noxr noAMl,lpyBarbero Ha
o6epcrara.
3.8
3anuxu
3anuxrre ce BoAar no noHncKara BpeAHocr oA Ha6aeHara u Hero peanu3aqhoHara BpeAHocr. Ha6asHara
AoBeAyBabe Ha 3anuxuTe Bo Hl4BHaTa
Ha cerauJHara noxaqrja, a ce o.qpeAyBa Bp3 ocHoBa Ha MeroAor Ha noHAepnpaHn
npoceqHu qeHL1, ocBeH TpoLuoKor 3a cypoBl,rHl4 lt uarepujann KaAe ce KopllcTl,1 O[4OO Mero,qor.
BpeAHOCT COApXt4 Al4peKrHt4 h 3aBncHh Tpor.!oq]4 KOl4 HaCTaHane npu
cerauHa cocrojoa
r
Hero peannoaqroHaTa BpeAHocT npeTcraByBa npoqeHeTa npoAaxHa BpeAHocr HaManeHa 3a npoqeHer[re
rpoulgt-ll4 3a AoBpluyBabe u npoqeHerure Tpouloqu norpe6Hut Aa ce n3Bpul1,1 npo4ax6ara.
3.9
Peseerparoa
Onurro
pesepeupauara ce npn3HaBaar xora ,Qpyureoro rMa cerauJHa o6apcxa (npaana unn tr3BeAeHa) xaxo
pe3ynrar Ha MuHar HacraH, Kora e eepojarHo 4exa ,[pyurBoro Ke 6rAe o6apsaHo ,qa ja noAMl4ptl
o6apcxara n Kora n3Hocgr na o6apcxara co rOIeMa oepojarHoCr Moxe Aa ce npeABn4n.
llpr,ronaeHnor r3Hoc KaKo pe3epBhpa]be npercraByBa Haj4o6para npoqeHKa Ha n3AaroKor HeonxoAeH 3a
noAMt4pyBabe Ha ceraulHara o6apcxa Ha ,qaryMor Ha rseeurajor sa QuHancncxa cocroj6a, npuroa
serraajr(ta-rn Bo npeABh.q chre pu3t4qt4 r Hen3BecHocrl4 Kor4 ro onKpyxyBaar h3Hocor Ha o6apcrara.
Ornpenxrrr
3a neH3ltoHl.tparbe x iy6nneinn HarpaA[
,Qpyureoro yqecrByBa Bo neH3[cKl4or $oHA co ynnaryBa]be Ha onpeAefleHr npu.qoHec[ yrBpAeHh co
AoMauiHara nerucflalBa. flpu4oxecrre, Kot4 3aBrcar oA Bl4crHara Ha nnarllre, ce ynflaryBaar Bo
<Dor4or 3a neH3uc1o t4 uHBanu,4cKo ocnrypyBabe Ha Peny6nuxa Maxe4oxnja. He nocrojar
AononHrrenHn o6spcru Bo oAHoc Ha neH3l4cKl4Te nnaHoBll.
,[pyrureoro, ncro raKa, ucnnara ABoKpareH n3Hoc oA npoceqHo ucnnareHa Hero nnara ao Peny6nuxa
M'axeAoHr,rja KaKo ornpeMHrHa Bo cnyvaj Ha 3aMlrHyBalbe Bo crapocHa neHsuja hnh ,AoroBopHa
ornpeMHhHa no nporpaMa 3a rexHonoulKr Br4uJoK, xaxo u jy6rnejHu HarpaAl,l Bo 3aBrcHocr oA roAuHulTe
xa cnyx6a Ha pa6orHrxor Bo r43Hoc oA eAHa,qo ABe npoceqHh nnaru. Oere o6apcxu ce npecMeraHlr oA
crpaHa Ha He3aBhcHL1 aKryapu co ynorpe6a Ha MeroAara Ha npoeKrupaHa KpeAnrHa eAllHl4qa.
15
OPYKTAfl MAK AA- CKONJE
EEN EUI K14 KOH OI4HAHC14CK14TE 1438EIUTA]4
31 gexenaapr 2011
4.
KPl4Tl4t{H14 CMETKOBOACTBEH14 flPETflOCTABKI4
1.1
KnyqHU
}13BOP1,| HA
HECITPHOCT BO
nPoqEHKl4TE
Bo nprrueHara Ha cMerKoBoAcrBeHure nonilruKr4 xa ,Qpyturaoro, paKoBoAcrBoro rpe6a 4a AoHece
oApeAeHt4 npecyAl4, npoqeHKlt x npeTnocTaBKu 3a cMerKoBoAcTBeHara BpeAHocr Ha cpeAcrBara il
o6epcxure Kon He ce necHo BooqnuBn oA Apyrrre h3Bopx. llpoqeHxure n np[.qpyxHttre npernocraBK]1 ce
6asupaHn Ha nperxoAHtl t4cKycrBa u Apyru Qarropn Kou ce cMera AeKa ce peneBaHruu. PeanHnte
pe3ynrarh MoxaT Aa ce pa3nhKyBaar oA oBue npoqeHK[.
llo4ony ce HaBeAeHr
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11,692
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53,118
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OCHOBHA TNABH14HA
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ArqroHepcrvror Kanhran na lpyuraoro xa 31 AeKeMBpt4 2011 u 2010 ce cocrol4 oa912,023 qenocHo
ynnareHr4 o6u.{xl4 aKLl14t4 co HoMl4HanHa BpeAHocr on 5.11 eapa no arquja u 29,507 nphopl'lrerH}l
KyMynar[BH6 aKq]4n co HoMrHanHa BpeAHocr oa 5.1 1 eBpa no arqrja. ConcraeHrqnre Ha o6utvHu axqnu
nMaar npaBo Ha noBpeMeHa AnBuAeHAa u vuaar npaBo Ha e.qeH rnac no arquja na l-eHepanuoro
Co6paHne Ha ,Qpyuraoro, KaKo x npaBo Ha e.qHaKBo yqecrBo eo cnyuaj Ha nhKBrAaqrja xa,Qpyu.reoro'
llpr,ropurerHuTe KyMynaTrBH[ aKqnr ce Bo concTBeHocT Ha OoH.qoT 3a neH3hcKo 14 l4HBanrACKo
ocurypyBabe Ha lviax-eaoHrja r Moxar Aa ce KoHBeprupaa'r so o6n,{H14 aKLll4l4 no HuBHara npogax6a.
Concraexr.{rara crpyKrypa Ha aKql4oHepcKl'lor xanuran xa ,Qpyureoro Ha 31 AeKeMBptl 2011
AeKeMBpl4 2010 e Kaxo ulro cneAx:
Epoj na aKqnh
31 gexeraepn
2010
20'l'l
Qpyrran 9.4. Aj4oeuvnHa
OoH,q sa neH3llcKo 1,1 l,lHBanl4AcKo
ocnrypyBalbe Ha Maxe4oHuja
- npr4opuTeTH14 aKllhl4
OcraHalo
841,688
29,507
70,335
941,530
u 31
Booh
31 gereuepu
2010
2011
841,706
89%
890h
29,507
70,317
30h
3o/o
8%
8%
941,530
1Q0o/o
100%
Bo leHrpanH[or Aeno3[rap 3a xaprut4 oA BpeAHocr Ha uMe Ha .Qpyuraoro 3anuulaHh ce 3,816 o6n'{H1'1
eBhAeHrhpaHu Ha
aKllr.1r,r. Vlctnte He npercraByBaaT concrBeHo orKyneH[ aKq]ru, ryKy ce nphBpeMeHo
uMe Ha ,Qpyruraoro co orneA AeKa He ce axyphpaHlt nepcoHanHhre noAaroql4 3a hMarenu $nsnvxr
nnLla 3a osoj 6poj Ha aKLl1414.
gexer,aapr,r 2011 roArHa Co6paHuero Ha aKqroHepr Ha lpyu.tTBoTo AoHece o.qnyKa 3a
o6tt'{H14
3roneMyBabe Ha ocHoBHara rnaBHuHa npeKy xg.qaBarbe Ha HoBl4 BnoroBll co BTopa euncnja Ha
,o 143Hoc oA 1,533,000 Eepa ao AeHapcKa nporl,lBBpeAHocr no cpe.qeH Kypc Ha H$PM. Ha Aesor
aKqul'l e CeyuJTe BO
"*,1r,
Ha u3AaBabeTO Ha OBhe QrHaXcuCxU l43BeulTan, npoLleAypaTa 3a h3AaBabe Ha HOBh
Ha 30
TCK.
23
OPYKTAN MAK AII- CKONJE
EEn EU Kt4 KOH O14 HAHC
31 aexeuepr 2011
17.
14C
K]4TE 1'13BEltlTA14
OCHOBHA fnABH14HA (nposonxenne)
6) PesePeu
oA npoMeHnre Ha
Bo pesepanre ce BKflyi4eHu Hepeanh3LrpaHnre 4o6raarn n aary6n Kol4 npoh3neryBaar
r Ao6t4BKxre oA
npoAax6a
pacnonoxuBu
3a
cpeAcTBa
oojeKruBHara upe4"oc, Ha Ql,lHaHcxcKure
KoMnoHeHra Ha
cexoja
co
p"Lunopra"qujata'ua rMoroT. flaHoqxrre eSerru Ko]4 ce noBp3aHr
ce:.
2011
na
31
3aBp[lyBa
AeKeMBpl4
ocTaHarara ceonQarHa AO6t4BKa 3a roA[Hara uJro
Bo rnjagu AeHaPrl
31 AexeMepr4
h3Hoc
npeA
oAaHotlyBalbe
2011
31 Aexeiaeph 2010
lrlgxoc
npeA
Pacxogu
AaHoK
3a
Hero
oAaHoqY-
Balbe
PacxoAn
3a
AaHoK
Hero
,Qo6nera o.q nPeoqeHyBalbe
ua o6jerrnexara Bpe.qHocr
Ha S[HaHcllcKure
cpeAcTBa pacnonoxnnBh
aa npo4ax6a
PeannsrPaxu Hero
131
131
ao6raexu/(sary6u) oa
cpeAcTBaTa pacnonoxnuBvl
sa npo4ax6a,
pexnacu$rryBaHr
Bo
6nnaHcor Ha Ycnex
,Qo6uara o4 PeeanoPnsaqrja
39.237 8.924\
HA NMOTOT
(686)
-
(686) 3e,368 (9.9?4
35,313
35'444
24
OPYKTAN MAK AI[. CKONJE
EEN
EUKl4 KOH
O14
31 Aererrrepr 201
HAHCl4CK]4TE I43BEIUTAI4
1
oEBPCKl4 nO AOnTOPOLIH
14 KPEA14T14
Bo nnjagu AeHaPlt
TeroeeH
Aen
2011
Easra
TeroaeH
Aen
2010
HerexoBeH Aen
HerexoBeH
2011
Aefl
Kauarna llocneaacTanKa
2010
Hoea lby6ruancxa 6axxa,
Cnoaenrja
,[or. xa 290,000 eaPa
1,230
,4or. xa 250,000 eepa
1,076
,[or.
Ha 2,500,000
3-ueceqeH
EURIBOR
+ 2 P.P.
28.0211
3-Mece,{eFt
EURIBOR
+ 2 p.p.
15.03.11
3-Mece,{eH
25,587 25,586 45,022
BxYnxo: 25,587 27,892 45,022
eapa
70'608
70'608
Opyxran 4.4., Cnoeexhja
EURIBOR
+ 2 P.P.
10.07.14
12MeceqeH
,Qor. Ha 1,144,267
eePa
16,253
12,345 44,879
58,033
,Qor. Ha 300,000 eePa
18,452
,Qor. Ha 301,203 eaPa
18,526
Aor. xa 792/46 eaPa
12.345 93,606
16,253
Bxynno:-- :!!,r91!L
EURIBOR
+2
6-ueceqeH
EURIBOR
p.p.
31.12.2015
p.p.
15.12.2017
+6
6-ueceqen
EURIBOR
+6
6-Mece,{ex
EURIBOR
+6
p.p.
15.12.2017
p.p.
01 .1
1
.2018
95,011
--19-237- --!9'6?9- l-qq'619-
E_aHra ce o6ea6e4exn co rapaHql4l4 Kon ce
,Qonropovnnre KpeAul4 Ha ,Qpyuraoro o4 Hoea Iby6ruaHcxa
u
flunoeapHa yHxoH 94, Iby6ruaHa.
h3AaAeHh oA MaruqHoro 4pyrr"o Qpyxran A.q, AjAOeUJ..ll,lHa
(2010: 70'378 unia+n
Kpe4rror og opyxran A.A. cnoeeHrja eo axyneH u3Hoc oA 61,131 unjapn AeHapr
4eHapn) npercraByBa penporpaMhparbe Ha
KparKopoqHl4re o6apcxu Ha Apyu1TBoro cnpeMa Opyxran
A.A. CnoeeHhja.
Kpegnror o4 Qpyxran A.A. cnoaeHnja eo exyneH u3Hoc oa 48,727 uniagu rqeHapu (Eapa 792,246) e
Ha Aonropor{Hure xpeAr4rft, oA MaruqHara xounaHuja, cKnyqeHh Ha Eapa
o4o6p"" xaro peeuHaHcupalbe
'gOt,OZS'a
Kot4 Ha 31 4exeuapur 2010 ro.qrana u3HecyBaar 18,452 lnlaan,qeHaph u
KaKo u Ha KparKopot{Hl,1or KpeAur og HIE Tyryncxa SaHxa_cxnyven ua
cooABerHo,
1g,526
4eHaph
Osoj xpe4nr
t43Hoc oA gepa SO,ObO a xoj Ha 31 gereuepn 2010 ro,qrna Lr3HecyBan 5,535 r,rnja'qh AeHapu'
nniapn
oa
67,189
BpeAHocr
AeHapl'l.
BKynHa
rMor
co
HeABhxeH
e o6eg6eaeH co xt4noreKa Ha
S'0O,0OO ur
Eapa
r,rnjagra
25
oPvKTA.n MAK AA- CKOnJE
5 En
31
EU
K14
KOH
gereuapn
19.
O14
HAHC
1.1
C
Kl,lTE 143BElllTA14
2011
PE3EPBI4PAIbA 3A nEH3t414
14
JvEl4nEJHl4 HATPMU
Bo nnjaAr AeHapn
31 gexeuapn
4exeraepr
31
2011
2010
1,152
1,096
O6epcxu eo 6unaucom ua cocmoj6a sa:
OrnpeuHuHr,r n jy6rnejHu HarpaAu
Ilpuxod / (mpowox) eo 6unaucom Ha ycnex 3a:
Orn penl HuHu n jy6unejan HarpaAn
-_--------------
,Qenxeruero Ha pe3epBhpabara 3a neH3nh u jy6nnejHu HarpaAr e KaKo uJTo cneA[:
Bo unjagr AeHapn
FoAuna
uro 3aBpuyea
Ha 31
AeKeMBpl.l,
201 0
2011
Ha 1 jaHyapr
Pesepaaqru Bo roAuHara
1,096
56
994
1,152
1,096
102
Axryapcxn Ao6uBKt4 u zary5n
Ha 31 ,qexeuapn
20.
OEBPCK]4 KOH AOEAByBAI{I4 t4 OCTAHAT]4 O6BPCKI4
Bo unja4r AeHapu
31
O6apcxn xon ,qo6aeyeaqu oA crpaHcrBo
O6epcxu xox 4o6aayaavu o4 seujara
flpeoueraHn o6apcrn no pa6arn Ha KynyBai{11
llpecueraHu KaMaru no KpeAt,trt4
O6epcxn 3a KaMarn
O6epcxn 3a Ha6aBKa Ha settjuure
f'lpecnlteraHu o6apcxu sa OoHA 3a BoAt4
[lprvrenn
gexeuepu
gexeuepr
2010
293,1 09
250,814
42,419
39,980
11,172
2,175
13,538
596
1,981
21,331
130
338
1,971
aBaHcvl oA KynyBaqnre
06epcrra cnpeMa apa6oreHu
O6epcrn oA AaHoqvl
OcraHarn o6epcxn
J
31
2011
1
292
2,827
1
321
183
35'1,048
332,1 31
-i,
21.
PE3EPB]4PATbA
J
!
J
Pesepeuparuara 3a 31 4exerraepr 2011 u 2010 eo qenocr ce oAHecyBaar Ha pe3epBallx[ no cyAcKl4
CnOpOBr4, 3a Kot4 paKOBOACTBOTO CMeTa AeKa
.a
i
e eepOjareH OAnUB Ha
eKOHOMCKI4
pe6yp6l4.
26
OPYKTAN MAK AA- CKONJE
EENEUJKI4 KOH OHHAHCl4C K]4TE l43BEIIITAI4
31 gereuapn 2011
oEEnoAEHvBArtA 3A nOBP3AH]4 CTPAH 14
Bo unjagr Aenapr
31
gexeuapn
31 Aereiaeph
2011
2010
1,087
144
6
2,267
1,089
llpodax6u xa:
Opyrran A.9., Aj4oeuvuHa, CnoaeHnja
f1laeoeapHa YnnoH 4.,q., Cnoaenrja
Supa l-1eja llJ.a., Kocoeo
Snpa fleja uJllK, An6aHuja
Ha6aexu od:
Opyxran 9.4., Aj4oaruvrHa, CnoeeHuja
flueoeapxa YHrox 4.9., Cnoaennja
Tpouou,u 3a KaMama:
Opyxran 9.4., Aj4oauJvnua, CnoeeHnja
fluaoaapHa YsroH A.A., CnoaeHnja
I4snoc umo ce donxu na:
Opyrran 4.9., Aj4oauvnxa, Cnoeeuuja
flueoeapxa Ynuox 4.A., CnoeeHnja
34,801
421
1,237
38,578
32,825_
18,537
32,825
24,791
5,145
2,282
6,254
1
28
5,146
2,310
352,617
324,468
352,617
1,617
326,085
Hsnoc umo ce donxu od:
Qpyxran a.4., AjaoeuvnHa, Cnoeexnja
fltaaoeapHa YHnoH 4.4., CnoeeHuja
Snpa l-1eja [Il.a., Kocoao
504
79
12,539
13,122
Opyxran g.4., AjgoeurqrHa nMa 89.4% concrBeHocr Ha4 ,Qpyr.uraoro. ,Qpyuraoro Ha6aeysa coKoBl4 tl
cupynr o4 Opyxran A.A. AjAoeuJ.{nHa. Opyrran 4.4. AjgoauJvuHa Bo reKor Ha 2011 ropnna craHa Aen oA
l-pynaqrjara Hexrap.
,[pyulreoro cranyBa Bo rpaHcaKqhn co ropeHaBeAeHrre noBp3aHx cTpaHu Bp3 ocHoBa Ha
rvreryce6Ho
AOToBOpeHU ycnoBLl.
27
oPyKTAn MAK A}q- CKOnJE
6ETI ElIJ K14 KOH O14HAHC14CKhTE I43BEIIITA]4
31 gexeuapn 201 1
23.
O14HAHC14CKl4 14HCTPyMEHTI4
Ynpaeyaare co KanrranHhor plr3nx
h
E
h
lr
,Qpyureoro ynpaByBa co caojor Kanllran 3a Aa ce o6es6e,qn 4era rte npo4onxh Aa pa6orn I Bo r,rAHuHa
Bp3 ocHoBa Ha npuHr{r4nor Ha KoHrr4Hyurer npeKy xacrojyaaue Aa nocrurHe onruManeH 6anaHc noMery
AonroBure t4 BxynHara rnaBHrHa. KanutanHara crpyKrypa xa ,Qpyturaoro ce cocrolr o.q AonroBn, Kou n4
BKnyqyBaar Kpeghrure o6enoAeHeru eo 6eneurxara 18, napure h nap[vHnre eKBrBaneHrrl 14 BKynHara
rnaBHhHa xoja npunaia Ha aKq[oHeprre cocraBeHa oA ocHoBHa rnaBHhHa, pe3epBx h aKyMynupaHa
oary6a.
Paroao,qcraoro ja auanusupa KanuranHara crpyKrypa Ha MeceqHa ocHoBa. Kaxo rexepanHo npaBr4no,
xa6aexlare Ha HereKoBHure cpeAcrBa ce QnnaHchpaar oA Aonropot{Hr4 KpeArrn o6es6e4exu npexy
6anxn u ce Hajvecro rapaHTnpaHu oA MaruqHoro ApyulrBo vnv Apyn .qpyulrBa Ha l-pynaqnjara.
floxaoarenor Ha 3aAonxeHocr ra xpajor Ha roAuHara e
KaKo
utro cneAn:
Bo rnjagu AeHapx
31
4exeuepn
31 gexeuapn
2010
2011
F
E
E
Kpe4urr (,qonropoqHr u xparxopovHu)
llapn r napnqHI eKBrBaneHrr
182,449
(4,178)
211,391
Hero Aonr
178,271
187,670
BrynHa rnaBHtaHa
(e1,216)
(44,320)
(1.e5)
(4.23)
Hero noxagaten Ha 3aAonxeHocr
(23,721)
Kareropnn na $nnaxcrcKer l.rHcrpyMeHTlr
Bo unjagn AeHapx
t,
F
rr
rr
fr
F
31
4exeuapn
2011
31 4ereuepn
2010
(Dnnancucxn cpeAcrBa
QrHaHcncrn cpepcrBa pacnonoxnnBn oa npo4ax6a
llo6apyeaba o.q KynyBaqr h ocraHart4 no6apyaaua
flapu n napnqH14 eKBhBaneHTn
70,554
4,178
__JIJ32_
1
1,013
18,583
23.721
143,317
(Dnnaxcucxn o6epcxn
O6epcxn no Aonropot{Hx Kpe,qhrta
O6apcxn no KparKopoqHr4 KpeAtartl
O6epcxra roH go6aeyaar{u h ocraHaru o6epcxu
182,449
337.245
205,856
5,535
315,160
519,694
526,551
l-lenn xa ynpaByBabe co $rnancucKxre ph3ttqx
OuxaHcncxure pr3t1qr4 ro BKnyqyBaar na3apHror prasrax (aanyreH px3ttK h xaMareH prsnx), KpeAhreH
pt 3vKV pt43t4K Ha nIKBr4AHocr. Ouxaucucxure p]43r4r-14 ce cneAar Ha BpeMeHcKa ocHoBa n ce u:6erxyeaar
npBeHcrBeHo npeKy HaManyBarbero Ha u3roxeHocra Ha ,Qpyuraoro Ha oBne p!131'1t-114. Apytureoro xe
Kopr4crr,l noce6nu SuHaxcracru uHcrpyMeHrr ga Ea rn HaManu oBue pu3t4l-{n, 6npqku raKB[Te
14HcrpyMeHru He ce nptaMeHyBaar Bo Peny6nraxa Maxe4oxrja.
H
ln
28
OPYKTAII MAK AA- CKONJE
EEII
E IIJ K14
KOH
O1,I
31 4exeuapra 201
23.
O
1,1
HAHC
H C
K]4TE 1438E IIITA]4
1
HAHCI4C Kl,l
1,1
HCTPyM EHT]4 (npogonxen re)
llaaapen prsux
Bo rexor Ha cBoero pa6orerue ,flpyurraoro e u3noxeHo npBeHcrBeHo Ha SrxaxcucKhre pr3ull,t oA
npoMeHa Ha Kypcor Ha crpaHcKr4re Banyrn r KaMarHh cranK,l (argu no4ony). lzlsnoxexocra Ha
na3apHlror pt43r4K ce cneAu npeKy aHann3ara Ha ceH3rruBHocra. Heuau:e npoMeHa Bo ugnoxeHocra Ha
flpyuraoro Ha na3apHnre pu3r,1r-11,1 r4nt,t HaqilHor na xoj lpyurrBoro ynpaByB a Anu ro Mepx pr43t4Kor.
Ynpaeyearue co AeBH3Hltor p!t3uK
,Qpyu:reoro BpuJr4 rpaHcaKLlxr4 AeHoMr4HnpaHtA Bo crpaHcKr4 Banyn4 sapaAu Ha6aaxa na uarepurjann,
croKt4 t4 onpeMa, npo,qax6a Ha cBorre npolr3BoAr4, o6es6e4yaar+e KpeArrr t,t AaBabe nosajurraqra.
,Qpyureoro He Kopr4crr4 noce6nu $uHancracxu r4HcrpyMeHru 3a Aa rn HaManr4 oBre ph3l4l-lx, 6ragejkh
TaKBrre hHcrpyMeHrx He ce np[MeHyBaar ao Peny6nura MaxeAonuja. Cnopeg roa, ,[pyulraoro e
h3noxeHo Ha noreHqnjaneH pr3uK oA MoxHure Qnyxryaqur Ha KypceBure Ha crpaHcKhre Banfru n HeMa
cpeAcrBa co xou 6u ro HaManhra ncruor.
3a 4a ja HaManr u3noxeHocra Ha oaoj prsrar, ,[pyr.urBoro oApxyBa AoBonHa KonrquHa Ha roroBhHa Bo
crpaHcKa Banyra Ha cMerKa ao 6aHxa oa nnatiarue Ha reKoBHr4Te o6epcxr.r xoH 4o6aayeaqrre Bo
cTpaHcKa BanyTa.
,Qpyuraoro npe3eMa oApeAeHr4 rpaHcaKl$4l4 AeHoMxHr4paHr Bo crpaHcKa Banyra. lzlgnoxeHocra Ha
npoMeHa Ha AeBhgHr4re KypceBu ce Mepu Bo paMKhre Ha napaMerphre Ha o4o6pexrre nonnrrKil.
CnaerxoeogcrBeHara BperqHocr Ha MoHerapHure cpeAcrBa u o6epcxu
cTpaHcKa Banyra Ha AaryMoT Ha u3BecryBabe e KaKo uJTo cne.4yBa:
CPEIICTBA
31
*l
lr
lr
lr
lr
gexeuepn
31
gexemapn
2010
2011
105,656
52,587
Cocroj6a Bo eBpa
Ha,[pyureoro
AeHoMr4Ht4paHu Bo
Bo unjagu AeHaplr
o6BPCKl4
31
gexeuepu
31 Aexeuapra
2011
2010
475,557
462.801
ja npraxaxyea aHaflu3ara Ha ceH3rruBHocra Ha ,Qpyulraoro na 10o/o
3roneMyBabe ta HaManyBabe Ha napnqHara eAuHr4qa - AeHapor ("nE") eo cnope46a co cooABerHa
crpaHcKa Banyra. 10% npercraByBa cranKara Ha ceH3lirl4eHocr roja ce npuMeHyBa nph n3BecryBabe 3a
pr43r4Kor oA npoMeHa Ha AeBr43Hr4Te KypceBh rHrepHo sa norpe6ure Ha KnyqHtaor paKoBoAeH nepcoHan u
ucraTa npercraByBa npoqeHKa Ha paKoBoAcrBoro 3a npoMeHa Ha Kypcor Ha cTpaHcKara Banyra co
pa3yMHa aepojarHocr. Ananngara Ha ceH3r,rrr4BHocr ril BKnyqyBa eAHHcrBeHo MoHerapHnre craBKu
AeHoMr4HupaHu Bo crpaHcKu Banyrh ra rpajor Ha roAr4Hara, npu uJTo ce Bpuur xopexquja Ha HuBHara
BpeAHocr npu npoMeHa Ha Kypcor Ha crpaHcKr4re Banyrlr sa 1Oo/o. lloerrueHror r3Hoc noAony o3HaqyBa
HaManyBabe Ha rary6ara h ocraHan4or Kan.4ran eo cnyvaj AoKonKy AeHapor (nE) ja 3roneM[ caojara
BpeAHocr Bo oAHoc Ha eBporo sa 1Ook.3a Hauanyaarbe Ha BpeAHocra Ha AeHapor Bo ogHoc Ha eBporo
sa 10%, eSexror eps 4o6nexara e eAHaKoB, Ho co o6pareH npeA3Hax.
CneAxara ra6ena AeranHo
i
ll
Hauanyaare sa 10% Ha nE
Bo nnja4r AeHapr
2011
2010
3roneuyaarre sa 10%
Ha nE
Bo rnjagr AeHapx
2011
2010
I
I
3ary6a 3a ro4hHara
CeHglttneHocra
Ha
-_____re2w)
______g ;7.19 ______422w_ _______37_Jl!_
,Qpyureoro Ha crpaHcKa Banyra
e 3HaqurenHo npoMeHera
Bo cnope,q6a co
npeTxoAHaTa roAxHa
F
F
r
i
It
ln
29
OPYKTAN MAK A'tl- CKONJE
6En EUI K14 KOH Ol4HAHCl,lCKI4TE l43BElllTAl4
31 gexeilrapr 2011
23
Ol4HAHCt4CKl4 14HCTPyMEHTl,l (npo4onxenre)
Ynpaayaarue co KaMarHlror ph3lrK
e
pr43r4K npeKy KpeArrure co npoMeHn]4Ba KaMarHa cranKa.
KaMaroHocHo $nHaHcucKo cpeAcrBo, Ho 3apaAh He3HaqnrenHilre
KaMarHu cranKu Kor ru Hoct4 oBa cpeAcrBo, l4croro ce cMera 3a HeKaMaroHocHo cpeAcrao. ,Qpyureoro
ce cnpaByBa co oeoj pu3hK npeKy cneAelbe Ha ABuxebero Ha KaMarHLlTe cranKr Ha na3apor 14
,flpyu.reoro
u3noxeHo Ha KaMarHror
flapuvnrre cpegcrBa Bo
6aHKa
ce
o6HoByBabe Ha AoroBopt4re co xoruepqrjaflHhre 6anxu.
CMerxoeoAcrBeHara BpeAHocr Ha SrHaHcucKr4Te cpeAcrBa h o6Bpcxu na xpajor Ha roAnHara e KaKo Lllro
cneAh:
Bo
31
rnjagr AeHapr
31 gereuapr
Aexerrepr
2010
2011
@unaxcucxtt cpeAcrBa
Hexauamouocuu :
<Drxaxcrcru cpeAcrBa pacnonoxn u Bu sa npo,qax6a
flo6apyearea oA KynyBaqu r ocraHarh no6apyaarua
flapu u napr4qHn eKBhBaneHTr
70,554
4,178
74,732
1
1 ,013
18,583
23,721
______113311_
Orxancrcxu o6epcxr
Hexauamouocuu:
O6apcxn xoH 4o6aayear{}r
fl poueunuea
KaM amH
14
ocraHaru o6epcxn
337,245
315,160
182,449
205,856
182,449
211,391
a cman Ka :
O6apcxr no Aonropot{Ht4 KpeArrrt
O6epcru no KparKopoqHx KpeAnrh
5,53s
_____9e,991_
526,551
Auanusa Ha ceH3armuaHocma Ha KaMamHu cmanKu
Axanr3ara Ha ceH3urt4BHocra e oApeAeHa Bp3 ocHoBa Ha [3noxeHocra Ha,flpyuraoro Ha npoMeHa Ha
KaMarH[re cranKh Ha QrxaHoacx]4re rHcrpyMeHrh Ha AeHor Ha useeulrajor sa $nlaHcncxara cocroj6a.
3a QutancucKure uHcrpyMeHTu co eapraja6nnHu KaMarHr cranKu, aHanll3ara e u3rorBeHa noA
npernocraBKa AeKa u3Hocure Ha xpajor Ha roAxHara 6rne HenpoueHeru Bo reKor Ha qenara roAhHa.
flpn r:roreyeabeTo Ha aHanr3aTa Ha ceH3uTt4BHocTa Ha npoMeHuTe Ha KaMaTHLITe cTanKu, Kopl4creHo e
3roneMyBalbe un[ HaManyBarbe Ha KaMarHure cranKh ga 2 npoqeurHu noeHr, uJTo npercraByBa
pa3yMHa npglleHa Ha PaxOeOgCrBOTo 3a MoXHUTe npOMeHl4 Ha KaMaTHl4Te cTanKu.
,Qoxonxy KaMarHnre cranKt4 6u 6nne noBr4coKLl, oAHocHo noHucKl4, aa 2 npoqeurHta noeHu, a chre Apyrh
eapuja6nn HenpoMeHerr, sary6ara Ha,Qpyureoro 3a ro.quHara uJro 3aBplllyBa Ha 31 gexeuepu 2011 6n
6nna noar4coKa, oAHocHo noHhcKa sa 3,649 n$agu AeHapr (2010:4,228 unjaAu 4eHapu). Ocetnneocra
Ha ,Qpyuraoro Ha ph3t4Kor oA npoMeHa Ha KaMarHure e He3HaqhrenHo npoMeHera sa roAulrara roja
3aBpuyBa na 31 4ereruepn2O11 roAuHa KaKo pe3ynrar ua nocrojaxoro Hl4Bo Ha nosajttuqu.
Ynpaeyeare co KpeArtrHltor Px3hK
KpeAurHror pr3uK Ce oAHecyBa Ha pt43t4Kor Kora Apyrara crpaHa HeMa Aa ru ucnonHu cBo[Te AoroBopHvl
o6epcxu, ulro ke pe3ynrupa co QuHaHcucxr sary6n sa flpyureoro. ,Qpyureoro e h3noxeHo Ha
3HaqureneH KpeAhreH p!13l,rx oA crpaHa Ha Heroauor Hajronervr KynyBaq, xoj npercraeyaa 35.20h og
BKynHrre 6pyro no6apyBalba oA KynyBaer sa 31 Aexerraapn 2011 (2010: 34.3Vo). l-lo6apyeauara og
KynyBaqu ra,[pyLureoro He ce o6es6e4exu co Konarepan.
30
oPyKTArl MAr( A'q- CKOnJE
sENEUKI4 KOH O1'1 HAHCl4CK]4TE 143BE1UTA14
31 gexeuepr 2011
23.
O14HAHC14CK14 1'lHCTPyMEHTl,l
Ynpaeyaarue co KpeAurlrxor
(npogonxenre)
pr.r3r.rK
Crpyxrypara xa no6apyeabara oA KynyBai{xre Ha 31 AeKeMBpn201 1 rognHa e
Crpyrrypara
Ha
cneA[:
l,t3tlO}l(eHOCT
Bo nnjagn AeHapn
Hero
BpeAHOCra
l.l3noxeHocT
48,506
20,837
32,841
(3r,ogot
48,506
20,837
1,211
102,184
(31,630)
70,554
Epyro
HeAocneaHu no6apyaaua
,QocneaHr, Ho He ouJTerexu no6apyeaua
,QocneaHr r ouJTereHr4 no6apyearua
KaKo uJro
l4cnpaaxa na
no6apyaalbara oA KynyBaqr4re Ha 31 Aexeugpu 2010 roA[Ha e
KaKo uJro cneAu:
Bo unjagn AeHapx
He4ocneaHu no6apyearua
,QocneaHr, Ho He oulTereuu no6apyearua
,QocneaHr I ourrereH]4 no6apyeaua
Epyro
l4cnpaera xa
}l3nO)l(eHOCT
BpeAHOCT
Hero
h3noxeHocr
82,665
82,665
29,6M
29,644
38,623
(32,349)
150,932
__19?,319)
6,274
1
18,583
Hedocneauu no6apyearca
Henqocneaxrre no6apyeaua Bo Ll3Hoc og 48,508 nnjagn AeHapn (2010: 82,665 nnjagn 4enapu) eo
qenocr ce ogHecyBaar Ha no6apyBaba no ocHoB Ha npo4ax6n Bo reKor Ha Meceq gexerraepn 201 1
roAhHa. Oere no6apyBaba AocracyBaar 3a Hannara 15 ,4eua no AaryMor xa Qarrypupabero.
Eocneauu, Ho Heowmemeuu no6apyearca
CrapocHara crpyKrypa Ha AocneaH[re, Ho HeourrereHrre no6apyaaua 3a roAHHrre uro 3aBpuyBaar
Ha
31 4exeruapr 2Q11 u 2010 e KaKo ulro cneAu:
Bo rnjagu AeHaplr
31
Ao 30 Aexa
o.q 31 Ao 90 AeHa
oa 91 ao 120 aeaa
oa 121 ,qo 365 Aeua
Ha.q 365 AeHa
gexeuapr
31
gereuapu
20'|.1
201 0
11,150
8,574
377
736
14,650
_______20_,837_
13,981
1
,013
___2e$l4
31
oPyKTArr MAK AA- CKOnJE
EEN EUJK]4 KOH Ol.IHAHCl4CK]4TE l43BEUJTAI4
31 gexeuepn 2011
23.
Ol4HAHCl4CKl4 14HCTPyMEHT]4 (nposonxenue)
IrrargxoceH
px3lrK
KpajHara oAroBopHocr 3a ynpaByBabe co p143r4Kor Ha nhKB[,qHocr e Ha paKoBoAcrBoro Ha ,QpyturBoro t4
Ha paKoBoAcrBoro Ha xpajuoro MarrqHo Apyr.rrBo Kor4 rMaar u3rpaAeHo cooABerHa paMKa 3a
ynpaByBabe co osoj pu3t4K, npeKy roja ynpaeyaaar co KparKopoqHxre h cpe,qHopot{Hhre cpeAcrBa KaKo r
co 6apalbara 3a ynpaByBabe co nrKBr4,qHocra. ,[pyuraoro ynpaByBa co prl3t4Kor Ha nhKBt4AHocr npeKy
o6es6egyaarue Ha AoBonHa KofllrquHa Ha pe3epBh Ha napn Aa rlr trcnnarr o6epcxnre KoH Tper[ crpaHh.
Bo cexoe BpeMe,,Qpyureoro Moxe Aa noBneqe AononHurenHl4 cpeAcrBa oA Marhi{Horo.qpyulrBo 3a Aa
ro HaMan[ noHaTaMoLlJH]4oT p143nK Ha nhKB91!HOCT.
Hajroneu Aen oA o6epcxure xoH 4o6aayeaeu
v
Apyrvtre o6epcxu AocracyBaar Bo nepuoA
o4 1 4o
3
MeCeLlr, a KpeAurure AocTacyBaaT Bo cornacHocT co AorOBopeHuTe poKoBl4 co 6aHxure.
CneAHrre ra6enu AeranHo ja npuxaxyeaar npeocraHara AoroBopHa AocneaHocr Ha Suxarcucrure
o6apcxtt. Ta6ennre ce t43rorBeHh Bp3 ocHoBa Ha HeAhcKoHTlrpaHxre napnqHu reKoBl4 xa $uHaHcncxure
o6epcrr.
Bo nnjagu AeHapx
31 AexeMepn 2011
flouanxy
oA
1-3
1
Meceq Meceqh
3-12
Meceqx
12-36 xaA 36
Meceqh Meceq[
O6epcrra KoH Ao6aByBaqr u
o6apcru
Kpegnla
337,245
ocraHaru
6,954
7,713
34,576
Bxynno
337,245
u,41;
202,131
7,713 ___3!,579_ ____91_,47J_ ____9M1_ ___€e,929_
Bo rnjaan AeHaPll
31 AereMeph 2010
flouanxy
1-3
3-12 12-36 Ha.q 36
Mecequ Meceqn Meceq[ Meceq]t
Brynxo
315,160
6,476 16,608 39,441 97,089 87'001
315'160
246'615
oAl
Meceq
O6opcrr,r ron 4o6aayaavn
o6apcxn
Kpe4uru
r
ocraHan4
__!?1,69q- ___lq,6q9_ ____N All_ __!2,0q9_
__9zp9l-
__561-Jl-9-
O6jerruaxara BpeAHocr na $nHaHcucKure cpeAcrBa u QuHaHcncxure o6epcrr e o,qpeAeHa
Ha cneAHuor
O6jexruana BpeAHocr na SunancncKhre nHcrpyMeHrlr
HAqTH:
.
O6jexrneHara BpeAHocr Ha $nHarcrcxnre cpeAcrBa n $utxaHcltcrure o6epcxtt co
cTaHAapAHt4 ycnoBu, co Kot4 ce TpryBa Ha aKThBHl4Te nl4KBXAHt4 na3ap[, ce oApeAyBa Bp3
ocHoBa Ha KoTupaHhTe na3apHx qeHn;
.
OojexrheHara Bpe.qHocr Ha ocraHarlrre QuHaxcxcKl4 cpe.qcrea u o6epcxtt (co ncxnyvox Ha
.qepuBarxBHl,tre uHcrpyMeHrra) ce oApeAyBa Bo cornacHocr co onuJTo npuQareHnre MoAentr
Ha BpeAHyBarbe Kot4 ce 6asnpaar Ha aHanu3a Ha roroBl4HcKure reKoBl4, co Kopucretue Ha LleHn
o4 o6jaeeHnre reKoBHt4 na3apHu rpaHcaKqru h noHyAeHu qeHr oA AenoBHl,lre naprHepu 3a
cnhr{ Hu l4HcrpyMeHT9l.
32
lr
itll
@PYKTAN MAK AA- CKONJE
EENEUIKH KOH
O14
HAHC14CK]4TE ]43BE[IITA14
31 Aexeuepu 2011
i
tt
23.
O14HAHC14CKl,l 14HCTPyMEHTI4
(npogonxenre)
O6jexrnana BpeAHocr xa $urancucKxre rrHcrpyMeHr]l (npoponxexue)
ii
CuemxoeodcmeeHa epednocm eo cnoped6a co o6iexmueuama epeduocm
CMerroeo,qcrBeHara Bpe4Hocr ao cnope46a co o6jexrranara BpeAHocr Ha 31 ,qexeuapn 2011 n 2010
roAuHa e KaKo uJTo cneA[:
Bo unjaAr AeHapvt
l+
31 gerervrepu 201
CuerxoeoA.
BpeAHOCT
IF
Ounancucxu cpeAcrBa
lr
<DnHaHcncxr cpeAcrBa
pacnonoxnuBu aa npogaxba
llo6apyaaua oA KynYBaqx ut
ocraHaru no6apyaaua
flapn u napuqHt4 eKBnBaneHru
lr
1
O6jexruexa
BpeAHOcr
70,554
4,178
70,5il
74.732
74.732
gereuepr 2010
O6jexruaxa
Cuerroao4.
31
BpeAHOCT
BpeAHOCT
1,013
'l
1
4,178
18,583
23,721
1
,013
18,583
23,721
______143311_ ______J43s1l_
Onnancucru o6epcru
O6apcru no AonropoqHh
182.449
KpeAnr14
It-
O6epcxr no KparKopoqHu
F
ocraHarr
KpeAurn
O6apcxra ron go6aayaavu u
o6epcxn
182,449
205,856
205,856
5,535
5,535
337,245
337,245
315,160
315,160
519,694
519,694
526,551
526,551
rt_
u
llpemnocmaeKu KopucmeHu npu odpedyeabe ua o6iexmueua epednocm na Quuancucxu cpedcmea
o6epcxu
F
Co orneA na earror AeKa He nocrot4 AoBonHo na3apHo l4cKycrBo, cra6rnHoct lr nrKBl'lAHocr 3a
KynyBabara u npoAax6ure Ha $uHarcncKrre cpeAcrBa u o6epcxu, KaKo Ll co orneA Ha roa AeKa He
nbcrojar o6jaaexn na3apH[ us4opuaqrr, 3a qenure Ha o6eno4eHyBabara noBp3aHr co o6jexrraHara
Ha
upeg"ocr Hi 4n"aHcncKure cpeAcrBa r o6epcrn, ,[pyulreoro ja ropncreue rexHhKara Ha aHanu3a
KaMaTHhTe
KopxcTaT
ce
Ha
BpeAHyBabe
TexHnKa
ArlCKOHTt4paHuTe roToBhHcKH TeKOBl4. flpn aareara
qen pa ce 4o6njaT peneBaHTHr4
cTanKh Sa $UxaHCracKLl llHCTpyMeHTr CO cnllt{Hkt KapaKTepucTl4Kl'1, CO
ja
npe4erg .KpaTKOpOt{HOCTa Ha
npoLleHK[ Ha qeHTnre o,q TeKOBHnTe na3apHh TpaHcaKqhu. 3euajtir
t:
i
f^
r
r o6epcrure cnpeMa 4o6aayeavure He nocroll sxavajxo orcranyBabe Ha
HrBHaTa CMeTKOBOA6TBeHa Bpe.qHOCT BO O.qHOC Ha HrBHaTa O6jerruaxa BpeAHOCT'
no6apyeabara oA KynyBartnre
i
24.
HACTAH]4 NO AATYMOT HA EINAHCOT HA COCTOJEA
gerervrapra 2011 roA[Ha Co6panuero Ha aKqroHepn Ha fipyturBoro AoHece. ogyKa 3a
3roneMyBabe Ha ocHoBHara rnaBHrHa npeKy u3.qaBabe Ha HoBut BnoroBu co BTopa enarcrja xa o6ltqHr
,*Ur, t43Hoc oA Eepa 1,533,000 Bo AeHapcKa nporl,lBBpeAHocr no cpeAeH Kypc Ha HEPM' Ha Aexor
"o
Ha oBue $uHaHcucxra il3BeuJTar4, npoqeAypara 3a n3AaBabe Ha HoBl4 aKquh e cey[JTe Bo
Ha u3AaBabero
Ha 30
t-^
TEK.
F,
l-^
1:
l--
t:
25.
AAHOqEH
P14314K
qecr[ vtguexn. Kaxo
MaxeAoHcrara AaHoqHa nerncnaruBa e npe4Mer Ha pa3nhqHl,1 l4HTepnperaLlul'l 1'l
o4 xoja Moxar
KoHrpona
Ha
npeAMeT
Moxar
AaHoqHa
rpaHcaKqrlu
Aa6n1ar
pesyflrar Ha Toa, OApeAeHl4
KaMaTU KOl,1 MOXaT Aa 6nAar uareprjanHu'
u
Ka3Hr
AaHOqr,
npou3ne3aT
AOnOnHhTenHt4
Aa
AaHoqHa u qaprHcKa KoHrpona 3a nephoA
[o*y"""-"qrjara Ha flpyu-rreoro Moxe Aa 6u4e npe4r'iler Ha Ha
paKoBoAcrBoro
Ha
,[pyr.uraoro ne nocrojar 6hno xaxar
npoqeHKure
Cnopeg
,-ogrir.
n"t
bA
uarepnjanno aHavajHr o6apcxn no
noreHqujanHo
ycnoBu oA Kor4 Moxar Aa npou3ne3ar
AononHrreflHu
oaoj ocHoa.
33
OPYKTAfl MAK AA- CKONJE
EEnEUKt4 KOH O14 HAHCl4CK]4TE l,t3BEtUTAH
31 4exeuapu 2011
26.
rnoEAfl HA O1,1 HAHC14CKA KPtt3A
Pa6oreruero Ha n{pyureoro e noA anujanue na QrauaHcucKara Kphsa h BnouyBabero Ha eKoHoMcKrre
ycnoBLl. Co orneg Ha reKoBHara rno6anxa $nxaHcncxa Kpu3a u xejsuHror e$exr Ha noKanHnor na3ap
eo Mare4onrja, .Qpyuraoro xajaepojarno ke npo4onxu 4a pa6orh Bo orexHarh h Heu3BecHu eKoHoMcKl4
ycnoBu eo 2012 roAr4Ha, a MoxHo e n nocne roa. BnrajaHnero Ha oBaa Kp[3a Bp3 AenoBHoro pa6orerue
Ha ,QpyLureoro He e MoxHo reKoBHo Aa ce npeABhAr4 r cnopeA Toa nocror eneMeHT Ha reHepanHa
Hen3BecHocT.
[o_cera, TeKoBHara QuxaHcrcxa Kp[3a uMaure orpaHuqeHo enrjaHue Ha
QraHaHcr.rcxara nosuquja ra
pa6oreruero Ha rQpyuraoro, rnaBHo nopaAu HaManeHara KynoBHa uok xa norpouyBaqnre. ,Qpyuraoro
rn cneAn o46nucxy KpeAurHl4or u nhKBr4,qoHocHr4or pt43r4K Ha peAoBHa ocHoBa. flnxen4Hocta ucra raKa
ce oqeKyBa 4a 6nge 3a.qoBorhreflHa 6es Aa ce rMa norpe6a 3a HoBr4 Qnxaxqacru r3Bopl4.
Bnouyaan'ero Ha eKoHoMcKara cocroj6a ao seujara (e unita xajaepojarHo annlauue Bp3 oBaa
nn4ycrpuja, a co roa u MoxHocn4Te Ha oApe,qeHu KnneHrh.4a rx noAMnpar cBoure o6epcxn. Oea Moxe
,qa uMa nocneAoBarenHo enujaHue Ha u3Hocor Ha noreHqrajanHara hcnpaBKa Bo 2012 roguna n Bo Apyrrl
o6nacru xon 6apaar npoqeHK[ o.q crpaHa Ha paKoBoAcreoro. OrHaHc]tcx[re rgBeulrau sa 2011 ronraHa
coApxaT sHavajxr npoqeHKu. Craapnrre pe3ynrafl,r Moxe Aa orcranyBaar oA oBne npoqeHKu. KnyveH
nphoprrer Ha ,Qpyuraoro eo 2012 roAnHa ke 6nAe u3Haor'albe HaquHu t4 cperqcrBa 3a 3roneMyBabe Ha
npo4ax6ara, np[naroAeHo Ha npoMeH[Te Bo eKoHoMcKoro onKpyxyBa]be x 3aqyByBarbe na noeuqujara
ra lpyuraoro
27.
Ha na3apor.
AEBl,l3Hl,l KYPCEBt4
o$raqrajanHure,qeBh3Hh KypceBu Kopr4creH[ npt,t rcKaxyBa]bero Ha OlrnaHcnrre no3uqr4t4 AeHoMhHhpaHr4
Bo crpaHcKa Banyra, Ha 31 gexeuapu 2011 u 2Q10 ce cne.qHure:
31
EYP
pexeuapu
31 gexeuepn
2011
2010
61.5050
61.5050
34

KOHKYP C

baranje za dogovor za fizicka delba.pdf