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Informe Semanal Municipal SĂguenos en:
http://www.facebook.com/quevedogob http://twitter.com/@quevedogob e-mail:alcaldia@quevedo.gob.ec
ReparaciĂłn calle UndĂŠcima
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En la UndĂŠcima y JosĂŠ Laborde, subida al Mirador, se ejecutaron los trabajos de reparaciĂłn inmediata de dicha calle, que debido a las lluvias se levantaron los adoquines. Estos trabajos estĂĄn a cargo del Departamento de Obras Directas y Obras PĂşblicas del Gobierno AutĂłnomo Descentralizado Municipal de Quevedo.
Apoyo a la EducaciĂłn
e-mail:alcaldia@quevedo.gob.ec
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ContĂnua la entrega de los Kits escolares en las escuelas fiscales y municipales de Quevedo, los estudiantes expresan su alegrĂa en cada visita del alcalde Lcdo. John Salcedo Cantos y de este importante aporte para sus estudios. AdemĂĄs en la escuela fiscal mixta Dolores Cacuango, ubicada en el sector Las Tolas de la 20 de Febrero, se realizan los trabajos del cerramiento y tres aulas para dicho plantel en convenio con la DINSE. e-mail:alcaldia@quevedo.gob.ec
Entrega de escrituras
Mediante SesiĂłn de Concejo realizada el MiĂŠrcoles 27 de Abril del 2011, se realizĂł la entrega de 14 escrituras a moradores del sector ciudad del norte; Nasimva Anibal, representante del sector indicĂł que por muchos aĂąos nadie le daba soluciĂłn, y que en esta administraciĂłn se legalizĂł sus terrenos. AdemĂĄs se entregaron 4 escrituras mĂĄs en los sectores La Laguna, Siete de Octubre y San Ignacio en la Siete de Octubre.
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e-mail:alcaldia@quevedo.gob.ec
El Gobierno AutĂłnomo Descentralizado Municipal de Quevedo avanza en el mejoramiento de las calles de la ciudad. En esta ocasiĂłn se trabaja en la construcciĂłn de cunetas en una de las principales vĂas del sector de Agrilsa, que sirve de acceso a la 20 de Febrero de la diseĂąo: Otto Bravo parroquia urbana Venus del RĂo Quevedo.
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SOCIEDAD ECUATORIANA DE ANESTESIOLOGIA (SEA) CONVOCATORIA A CERTIFICACIĂ“N De acuerdo al ArtĂculo 10°, CapĂtulo V, TĂtulo I, de los Reglamentos de CertificaciĂłn y RecertificaciĂłn en AnestesiologĂa “SEAâ€? convoca a los AnestesiĂłlogos del paĂs a la CertificaciĂłn correspondiente al aĂąo 2011 Fecha mĂĄxima de inscripciĂłn y entrega de carpetas: 11 de mayo del 2011 Examen: sĂĄbado 28 de mayo del 2011 Costo de la inscripciĂłn: $ 50 para socios y 100 para no socios InformaciĂłn e inscripciones: 1.- Sociedad de AnestesiologĂa de Pichincha: Calle Luis Cordero E9102 y Av. 6 de Diciembre. Ed. Canopus Plaza PB. Of. # 3 Telefax: (02) 2232036. www.sap.com.ec sapichinchacp@gmail.com sapichincha.2011@andinanet.net 2.- Sociedad de AnestesiologĂa del Guayas: Presidencia: cel. 091442917 / 09-8805699. Urdesa Central: DĂĄtiles 136 y VĂctor Emilio Estrada. P. Baja e-mail: sociedadanestesiologiaguayas@hotmail.com Dra. Dalia CedeĂąo PRESIDENTA SEA
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RepĂşblica del Ecuador Superintendencia de Bancos y Seguros Intendencia Nacional de Instituciones Financieras
ENTIDAD: COOPERATIVA “23 DE JULIO� LTDA.
CODIGO OFICINA: 1121
OFICINA EN: CAYAMBE
AĂ‘O: 2010 MES: 12 DIA: 31
RESUMEN DE LA CALIFICACION DE CARTERA DE CREDITOS Y CONTINGENTES Y CONSTITUCION DE PROVISIONES
BALANCE CONSOLIDADO Y CONDENSADO (En unidades de dĂłlar) CODIGO
DESCRIPCION
TOTAL
CODIGO
11 1101 1102 1103 1104 1105 12 13 1301 1302 1303
FONDOS DISPONIBLES Caja DepĂłsitos para encaje Bancos y otras instituciones financieras Efectos de cobro inmediato Remesas en trĂĄnsito OPERACIONES INTERBANCARIAS INVERSIONES Para negociar de entidades del sector privado Para negociar del estado o de entidades del sector pĂşblico Disponibles para la venta de entidades del sector privado
1304 1305 1306 1307 1399 14 1401 140105,10,15 140120 140125 1402 140205,10,15 140220 140225 1403 140305,10,15 140320 140325 1404 140405,10,15 140420 140425 1405 1406 1407 1408 1411 1412 1413 1414 1415 1416 1417 1418 1421 1422 1423 1424 1425 1426 1427 1428 1499 15 16 17 18 19 1901 1902..1990 1999
Disponibles para la venta del estado o de entidades del sector pĂşblico Mantenidas hasta el vencimiento de entidades del sector privado Mantenidas hasta el vencimiento del estado o de entidades del sector pĂşblico De disponibilidad restringida (ProvisiĂłn para inversiones) CARTERA DE CREDITOS Cartera de crĂŠditos comercial por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de consumo por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de vivienda por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos para la microempresa por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos comercial reestructurada por vencer Cartera de crĂŠditos de consumo reestructurada por vencer Cartera de crĂŠditos de vivienda reestructurada por vencer Cartera de crĂŠditos para la microempresa reestructurada por vencer Cartera de crĂŠditos comercial que no devenga intereses Cartera de crĂŠditos de consumo que no devenga intereses Cartera de crĂŠditos de vivienda que no devenga intereses Cartera de crĂŠditos para la microempresa que no devenga intereses Cartera de crĂŠditos comercial reestructurada que no devenga intereses Cartera de crĂŠditos de consumo reestructurada que no devenga intereses Cartera de crĂŠditos de vivienda reestructurada que no devenga intereses Cartera de crĂŠditos para la microempresa reestructurada que no devenga intereses Cartera de crĂŠditos comercial vencida Cartera de crĂŠditos de consumo vencida Cartera de crĂŠditos de vivienda vencida Cartera de crĂŠditos para la microempresa vencida Cartera de crĂŠditos comercial reestructurada vencida Cartera de crĂŠditos de consumo reestructurada vencida Cartera de crĂŠditos de vivienda reestructurada vencida Cartera de crĂŠditos para la microempresa reestructurada vencida (Provisiones para crĂŠditos incobrables) DEUDORES POR ACEPTACIONES CUENTAS POR COBRAR B. REAL. ADJ. PAGO, ARREN. MERC. Y NO UTILIZADOS ENTIDAD PROPIEDADES Y EQUIPO OTROS ACTIVOS Inversiones en acciones y participaciones Otras cuentas de “otros activosâ€? (ProvisiĂłn para otros activos irrecuperables)
0.00 0.00 0.00 0.00 0.00 50,263,741.08 1,244,215.78 238,168.82 216,459.56 789,587.40 20,045,234.55 4,337,643.83 3,985,760.85 11,721,829.87 7,133,969.68 715,720.12 704,972.45 5,713,277.11 22,592,634.06 6,054,261.64 4,675,950.31 11,862,422.11 0.00 0.00 0.00 0.00 22,933.24 350,004.20 82,205.68 787,106.21 0.00 0.00 0.00 0.00 1,861.88 240,266.26 25,856.34 597,618.09 0.00 0.00 0.00 0.00 -2,860,164.89 0.00 525,458.09 0.00 1,877,328.17 396,678.12 176,289.48 222,295.54 -1,906.90
1
TOTAL DEL ACTIVO
65,721,695.72
TOTAL GENERAL DEL ACTIVO Y GASTOS
65,721,695.72
7,722,958.57 862,325.89 0.00 6,581,589.06 279,040.62 3.00 0.00 4,935,531.69 0.00 0.00 4,935,531.69
64 6401 6402 6403 6404 6405 6406 6407 6408 6409 6410 6411 6490
ACREEDORAS Avales Fianzas y garantĂas Cartas de crĂŠdito CrĂŠditos aprobados no desembolsados Compromisos futuros TĂtulos y documentos emimitos por mercaderĂas recibidas Compras a futuro en moneda nacional Ventas a futuro en moneda extranjera Obligaciones en opciones Obligaciones por operaciones swap Otras operaciones a futuro Otras cuentas contingentes acreedoras
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6
TOTAL CUENTAS CONTINGENTES
0.00
7
TOTAL CUENTAS DE ORDEN
177,508,288.07
DESCRIPCION
PARCIAL
Intereses y descuentos ganados Comisiones ganadas Utilidades financieras Ingresos por servicios
23
OBLIGACIONES INMEDIATAS
24
ACEPTACIONES EN CIRCULACION
25
CUENTAS POR PAGAR
1,743,036.92
26
OBLIGACIONES FINANCIERAS
6,656,543.93
27
VALORES EN CIRCULACION
Intereses causados Comisiones causadas PĂŠrdidas financieras
55
Otros ingresos operacionales
44 4505 4506
Gastos de operaciĂłn Otras pĂŠrdidas operacionales
Impuesto a la renta
231 A.3
0.00 0.00
CREDITOS PARA LA VIVIENDA A B C D E
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
a) MOROSIDAD BRUTA TOTAL b) MOROSIDAD CARTERA COMERCIAL c) MOROSIDAD CARTERA CONSUMO d) MOROSIDAD CARTERA VIVIENDA e) MOROSIDAD CARTERA MICROEMPRESA f) PROVISIONES/(CARTERA CRED.IMPROD.) g) COBERTURA DE LA CARTERA COMERCIAL h) COBERTURA DE LA CARTERA DE CONSUMO I) COBERTURA DE LA CARTERA DE VIVIENDA J) COBERTURA DE LA CARTERA DE MICROEMPRESA
PROVISIONES EXCES. O DEF.
142,947.67 4,546.81 1,440.01 11,530.70 46,977.84 207,443.03
0 0 0 0 0 0
OTROS APORTES PATRIMONIALES
35
SUPERAVIT POR VALUACIONES
1,559,201.08
INVERSIONES
36 3601 3602 3603 3604
RESULTADOS Utilidades o excedentes acumulados (PĂŠrdidas acumuladas) Utilidad del ejercicio (PĂŠrdida del ejercicio)
1,897,139.61 0.00 0.00 1,897,139.61 0.00
PARA NEG. ENT. SECTOR PRIVADO PARA NEG. ESTADO O ENT. SECTOR PUBLICO DISP. PARA VENTA DEL SECTOR PRIVADO DISP. VENTA ESTADO O ENT. SECTOR PUBLICO
VALOR NOMINAL 0.00 0.00 4,935,531.69 0.0
TOTAL
4,935,531.69
4,935,531.69
0
3
TOTAL DEL PATRIMONIO
12,657,626.52
INVERSIONES
TOTAL GENERAL DE PASIVO, PATRIMONIO E INGRESOS
65,721,695.72
MANTENIDAS VENCIMIENTO SECTOR PRIVADO MANT. VENCIMIENTO EST. O ENT. SECTOR PUBLICO DE DISPONIBILIDAD RESTRINGIDA DERECHOS FIDUCIARIOS - INVERSIONES
VALOR EN LIBROS 0 0 0
PROVISIONES REQUERIDAS 0 0 0
PROVISIONES CONSTITUIDAS 0 0 0
TOTAL
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
22,591,293.48 380,735.86 207,486.83 154,619.91 643,222.28 23,977,358.36
1.0% 15.0% 49.0% 80.0% 100.0%
225,913.06 57,110.36 101,668.57 123,695.95 643,222.28 1,151,610.22
225,913.06 57,110.36 101,668.57 123,695.95 643,222.28 1,151,610.22
0 0 0 0 0 0
2,186,142.81
2,186,142.81
0
53,142,336.27
RESUMEN DE LA CALIFICACION DE OTROS ACTIVOS Y CONSTITUCION DE PROVISIONES 231 B.1
TOTAL
DEUDORAS Activos castigados Operaciones activas con empresas vinculadas Operaciones activas con entidades del grupo financiero Otras cuentas de orden deudores ACREEDORAS Operaciones pasivas con empresas vinculadas Operaciones pasivas con empresas subsidiarias y afiliadas DepĂłsitos y otras captaciones no cubiertas por la AGD Otras cuentas de orden acreedoras
74 7402 7403 7404
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
0.00
ANEXO CUENTAS DE ORDEN 71 7103 7105 7106
8,874,756.46 349,128.08 0.00 0.00 8,525,628.38 168,633,531.61 0.00 0.00 0.00 168,633,531.61
A B C D E
TOTAL
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA EVALUADO NO EVALUADO TOTAL
215,581.27 700.22 7,472.49 3,306.98 3,339.05 230,400.01 0.00 230,400.01
VALOR MERCADO 0.00 0.00 4,935,531.69 0.0
PROVISIONES GENERICA 0.00 0.00 0.00 0.0
PROVISIONES EXCES. O DEF. 0 0 0
0
0
0
0
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
1% 5% 20% 50% 100%
2,155.81 35.01 1,494.50 1,653.49 3,339.05 8,677.87
2,155.81 35.01 1,494.50 1,653.49 3,339.05 8,677.87
0 0 0 0 0 0
8,677.87
8,677.87
0
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
0% 5% 20% 50% 100%
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
% DE OTROS ACTIVOS EVALUADO [(Evaluada / Total) 100 ] = % DE RIESGO OTROS ACTIVOS EVALUADO [(Prov. Requerida / Evaluado) 100 ] = PERDIDA ESTIMADA OTROS ACTIVOS [Totales x Riesgo Otros Activos Evaluada]=
La cartera comercial vencida se registra en la respectiva cuenta a los 30 dĂas que el documento se venciĂł y los intereses y comisiones ganados y no cobrados se reversan de las cuentas de resultados a los 30 dĂas y se registran para efectos de control en una cuenta de orden. Para el caso de cuotas o dividendos de la cartera comercial y de vivienda vencidas, con garantĂa hipotecaria, se transfieren a la cuenta correspondiente de vencido a los 60 dĂas posteriores a la fecha de vencimiento de la operaciĂłn, sin perjuicio del cobro de los intereses de mora correspondientes. La cartera de consumo se registrarĂĄn los saldos en cartera vencida a los quince de ser exigibles; y, las operaciones de microcrĂŠdito, a los cinco dĂas. Los intereses y comisiones se reversan por no haber sido cancelados dentro de los 30 dĂas posteriores a su exigibilidad de pago, se registrarĂĄn, para efectos de control, en la subcuenta de orden 710605 “Intereses en suspenso - Vencidos. Igual procedimiento se efectuarĂĄ para el reverso a los 60 dĂas, de las cuotas o dividendos de los crĂŠditos de amortizaciĂłn gradual de la cartera comercial y de vivienda; a los quince (15) dĂas la cartera de consumo; y, a los cinco (5) dĂas en las operaciones de microcrĂŠdito.
231 B.2
OTROS ACTIVOS
NOTAS TÉCNICAS
2,126,209.28 696,879.02 704,284.74 7,405.72 2,823,088.30 423,463.26
423,463.26 2,399,625.04
0.00
231 B.3 BIENES EN DACION A B C D E
TOTAL
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
0 0 0 0 0 0
RELACIÓN ENTRE EL PATRIMONIO TÉCNICO TOTAL Y LOS ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO (EN U.S. DÓLARES) CODIGO 31 3201 3301 3302 330310 34 3601 3602 2608 2802
DESCRIPCION Capital social Prima en colocación de acciones Reservas legales Reservas generales Reservas para futuras Capitalizaciones Otros aportes patrimoniales Utilidades o excedentes acumulados – saldos auditados PÊrdidas acumuladas – saldos auditados PrÊstamo subordinado Aportes para futura capitalización
190530 3202
PlusvalĂa mercantil Descuento en colocaciĂłn de acciones
A
TOTAL PATRIMONIO TECNICO PRIMARIO
VALOR 2,614,804.22 2,619,601.16 0 3,107,094.71 0 0 0 0 0
2,399,625.04 502,485.43
502,485.43
0 0 8,341,500.09
Cayambe - Ecuador, Febrero 7 de 2011 DICTAMEN DE LOS AUDITORES EXTERNOS INDEPENDIENTES A los Miembros de la Asamblea, y Consejo de AdministraciĂłn de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda. Informe sobre los estados financieros
DESCRIPCION Obligaciones convertibles en acciones deuda subordinada a plazo Reservas especiales Reservas por revalorizaciĂłn del patrimonio 45% reservas por resultados no operativos 45 % superĂĄvit por valuaciones Utilidades o excedentes acumulados PĂŠrdidas acumuladas Utilidad del ejercicio PĂŠrdida del ejercicio Ingresos menos gastos
VALOR
859,785.74 701,640.49 1,897,139.61 -
MAS 149930 (valor absoluto) 687,218.37
(ProvisiĂłn general para cartera de crĂŠditos)
1,897,139.61
676.57%
SECTOR 610.47%
22.70%
18.37%
49.70%
31.42% 3.08% 1.83% 2.48% 1.98% 4.18% 164.43% 205.49% 173.25% 146.47% 159.07%
1613 B
TOTAL PATRIMONIO TECNICO SECUNDARIO
C = A+B (**)
PATRIMONIO TECNICO TOTAL
0 0 0 0 4,145,784.21 12,487,284.30
123.00% 68.51%
117.90% 78.19%
3.69% 7.85%
2.87% 5.95%
El capital asignado a una sucursal o agencia en el exterior. Los requerimientos de patrimonio tĂŠcnico de las entidades que de acuerdo con las disposiciones vigentes asĂ lo requieran. El valor patrimonial proporcional de aquellas entidades que no requieren de la conformaciĂłn de un patrimonio tĂŠcnico. Inversiones en otras instituciones del sistema financiero, que las conviertan en subsidiaria o afiliada de dicha instituciĂłn. Los saldos registrados en la cuenta 1611 “Anticipo para adquisiciĂłn de accionesâ€?, cuando correspondan a inversiones en acciones, anticipos en la capitalizaciĂłn o constituciĂłn de compaĂąĂas subsidiarias o afiliadas. D
DEDUCCIONES AL PATRIMONIO TECNICO TOTAL
E=C-D
a) RENDIMIENTO OPERATIVO SOBRE ACTIVO - ROA: b) RENDIMIENTO SOBRE PATRIMONIO - ROE:
2.89% 17.63%
1.43% 10.21%
LIQUIDEZ:
a) FONDOS DISPONIBLES/TOTAL DEPOSITOS A CORTO PLAZO b) COBERTURA 25 MAYORES DEPOSITANTES (**) c) COBERTURA 100 MAYORES DEPOSITANTES ( **)
20.60%
21.93%
184.92% 119.83%
236.47% 168.08%
PATRIMONIO TECNICO CONSTITUIDO
Activos ponderados con 0.00 Activos ponderados con 0.10 Activos ponderados con 0.20 Activos ponderados con 0.40 Activos ponderados con 0.50 Activos ponderados con 1.00 F TOTAL ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO 55,017,024.31
3. Tal como se explica en la Nota 2, los estados financieros mencionados en el primer pĂĄrrafo han sido preparados sobre la base de normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador, las cuales difieren de las Normas Internacionales de InformaciĂłn Financiera. Estas bases de preparaciĂłn fueron adoptadas para atender las disposiciones emitidas por la Superintendencia de Bancos y Seguros del Ecuador, por esta razĂłn, los estados financieros no deben ser usados para otros propĂłsitos.
0
PATRIMONIO TECNICO REQUERIDO EXCEDENTE O DEFICIENCIA DE PATRIMONIO TECNICO REQUERIDO ACTIVOS TOTALES Y CONTINGENTES x 4%
LCDO. IVAN BENAVIDES AUDITOR INTERNO
4. Nuestra responsabilidad es expresar una opiniĂłn sobre estos estados financieros basados en nuestra auditorĂa. Nuestra auditorĂa fue efectuada de acuerdo con Normas Internacionales de AuditorĂa y Aseguramiento. Dichas normas requieren que cumplamos con requerimientos ĂŠticos y planifiquemos y realicemos la auditorĂa para obtener certeza razonable de que los estados financieros no estĂĄn afectados por distorsiones significativas. Una auditorĂa comprende la aplicaciĂłn de procedimientos destinados a la obtenciĂłn de evidencia de auditorĂa sobre los saldos y revelaciones presentadas en los estados financieros. Los procedimientos seleccionados dependen del juivio del auditor e incluyen la evaluaciĂłn del riesgo de distorsiones significativas en los estados financieros por fraude o error. Al efectuar esta evaluaciĂłn de riesgo, el auditor toma en consideraciĂłn los controles internos de la Cooperativa, relevantes para la preparaciĂłn y presentaciĂłn razonable de sus estados financieros, a fin de diseĂąar procedimientos de auditorĂa adecuados a las circunstancias, pero no con el propĂłsito de expresar una opiniĂłn sobre la efectividad del control interno de la Cooperativa. Una auditorĂa tambiĂŠn comprende la evaluaciĂłn de que los principios de contabilidad utilizados son apropiados y de que las estimaciones contables hechas por la AdministraciĂłn son razonables, asĂ como una evaluaciĂłn de la presentaciĂłn general de los estados financieros. Consideramos que la evidencia de auditorĂa que hemos obtenido es suficiente y apropiada para proporcionar una base para expresar nuestra opiniĂłn de auditorĂa.
12,487,284.30
OpiniĂłn 0.00 0.00 0.00 0.00 3,533,878.69 51,483,145.62
5. En nuestra opiniĂłn, los estados financieros arriba mensionados presentan razonablemente, en todos los aspectos importantes, la situaciĂłn financiera de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda., al 31 de diciembre de 2010 y los resultados de sus operaciones, las variaciones en su patrimonio y sus flujos de efectivo por el aĂąo terminado en esa fecha, de conformidad con las normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador. Willi Bamberger & Asociados CĂa. Ltda. A.E. No. 9122 de la Superintendencia de Bancos y Seguros
POSICION, REQUERIMIENTO Y RELACION DE PATRIMONIO TECNICO G = F x 9% H=E-G
2. La administraciĂłn de la Cooperativa es responsable por la preparaciĂłn y presentaciĂłn razonable de estos estados financieros de acuerdo con normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador. Esta responsabilidad incluye el diseĂąo, la implementaciĂłn, y el mantenimiento de controles internos relevantes para la preparaciĂłn y presentaciĂłn razonable de estados financieros que no estĂŠn afectados por distorsiones significativas, sean ĂŠstas causadas por fraude o error, mediante la selecciĂłn y aplicaciĂłn de polĂticas contables apropiadas y la elaboraciĂłn de estimaciones contables razonables de acuerdo con las circunstancias.
Responsabilidad del Auditor Deficiencia de provisiones, amortizaciones y depreciaciones PĂŠrdidas activadas que fueren detectadas a travĂŠs de auditorĂas de la propia entidad, de la Superintendencia de Bancos o de las auditorĂas externas y el valor de los aumentos de capital realizados contraviniendo las disposiciones del artĂculo 125 de la CodificaciĂłn de la Ley General de Instituciones del Sistema Financiero. Dividendos pagados por anticipado
MENOS
3.97% 1.95% 2.86% 1.49% 5.78% 135.69% 200.54% 166.10% 258.55% 111.98%
1. Hemos auditado los estados financieros que se acompaĂąan de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda., que comprenden el balance general al 31 de diciembre del 2010 y los correspondientes estados de resultados, de evoluciĂłn del patrimonio y de flujos de efectivo por el aĂąo terminado en esa fecha y un resumen de las polĂticas contables significativas y otras notas explicativas. Resposabilidad de la AdministraciĂłn de la Cooperativa por los estados financieros
PATRIMONIO TECNICO SECUNDARIO CODIGO 2801 2803 3303 3305 3310 35 3601 3602 3603 3604 5–4
0.00
RENTABILIDAD:
LCDO. EDUARDO AGUIRRE GERENTE GENERAL
PROVISIONES CONSTITUIDAS
142,947.67 4,546.81 1,440.01 11,530.70 46,977.84 207,443.03
231 A.4 CREDITOS PARA MICROEMPRESA
53,064,069.20
ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO
MANEJO ADMINISTRATIVO: a) ACTIVOS PRODUCTIVOS/PASIVOS CON COSTO b) GRADO DE ABSORCION = Gastos operacionales / margen financiero: c) Gastos de personal / Activo total promedio d) Gastos Operativos / Activo total promedio
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
34
1,031,370.45 215,456.77 28,518.91
INSTITUCION
CALIDAD DE ACTIVOS:
% RIESGO
7,147,389.60 30,312.08 2,938.80 14,413.38 46,977.84 7,242,031.70
TOTAL GENERAL
INDICADORES FINANCIEROS a) PATRIMONIO TECNICO CONSTITUIDO / ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO b) PATRIMONIO SECUNDARIO VS. PATRIMONIO PRIMARIO
TOTAL
58,139.76
MENOS:
SOLVENCIA
0 0 0 0 0 0
6,586,481.61 2,619,601.16 0.00 3,107,094.71 0.00 859,785.74 0.00
4,226,489.20 0.00
RESULTADOS DESPUES DE IMPUESTOS Y TRABAJADORES
a) COBERTURA PATRIMONIAL DE ACTIVOS
PROVISIONES EXCES. O DEF.
400,881.84 29,985.09 36,472.06 30,413.95 279,106.38 776,859.32
RESERVAS Legales Generales Especiales Reserva para readquisiciĂłn de acciones propias RevalorizaciĂłn del patrimonio Por resultados no operativos
4,226,489.20
BASE IMPONIBLE IMPUESTO A LA RENTA
CAPITAL:
PROVISIONES CONSTITUIDAS
400,881.84 29,985.09 36,472.06 30,413.95 279,106.38 776,859.32
0.00
MENOS
UTILIDAD ANTES DE IMPUESTOS Y PARTICIPACIONES
4815
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
71,411.65
UTILIDAD ANTES DE IMPUESTOS INNFA Impuesto INNFA
% RIESGO
20,044,048.14 199,900.23 74,432.82 38,017.44 279,106.38 20,635,505.01
33 3301 3302 3303 3304 3305 3310
71,411.65
INGRESOS Y GASTOS NO OPERACIONALES
4890
0.00
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
A B C D E
-4,155,077.55
MARGEN OPERCIONAL NETO
ParticipaciĂłn trabajadores
A B C D E
TOTAL
2,614,804.22 0.00 0.00 2,614,804.22 0.00
1,275,346.13
4810
231 A.2 CREDITOS DE CONSUMO
CAPITAL SOCIAL Capital pagado (Acciones en tesorerĂa) Aportes de socios PRIMA O DESCUENTO EN COLOCACION ACCIONES
3,401,555.41
Otros ingresos Otros gastos y pĂŠrdidas
0 0 0 0 0 0
31 3101 3102 3103 32
PROVISIONES, DEPRECIACIONES Y AMORTIZACIONES
56 47 + 4890
PROVISIONES EXCES. O DEF.
24,888.68 17.66 13,062.70 816.52 11,444.68 50,230.24
TOTAL DEL PASIVO
MARGEN OPERACIONAL ANTES PROVISIONES
Provisiones Depreciaciones Amortizaciones
PROVISIONES CONSTITUIDAS
24,888.68 17.66 13,062.70 816.52 11,444.68 50,230.24
2
7,556,632.96
EGRESOS OPERACIONALES 45 - 4505 - 4506 46
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
OBLIG. CONV. ACCIONES Y AP. FUTURAS CAP.
1,860,226.72 0.00 0.00
INGRESOS OPERACIONALES
% RIESGO
1,244,649.74 353.18 29,360.57 1,633.03 11,444.68 1,287,441.20
OTROS PASIVOS
1,860,226.72
OTROS INGRESOS Y GASTOS OPERACIONALES
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
28
9,416,859.68
MARGEN BRUTO FINANCIERO
44,606,348.59 27,282,375.05 0.00 17,188,921.01 3,352,991.76 6,847,801.99 5,085,224.65 1,826,394.61 76,508.00 0.00 0.00 135,052.53 0.00
A B C D E
TOTAL
29
9,249,153.78 18,207.25 0.00 149,498.65
EGRESOS FINANCIEROS 41 42 43
TOTAL
OBLIGACIONES CON EL PUBLICO DepĂłsitos a la vista Operaciones de reporto DepĂłsitos a plazo De 1 a 30 dĂas De 31 a 90 dĂas De 91 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 361 dĂas DepĂłsitos por confirmar DepĂłsitos de garantĂa depòsitos restringidos OPERACIONES INTERBANCARIAS
TOTAL
INGRESOS FINANCIEROS 51 52 53 54
DESCRIPCION
21 2101 2102 2103 210305 210310 210315 210320 210325 210330 2104 2105 22
ESTADO DE PERDIDAS Y GANANCIAS CONSOLIDADO Y CONDENSADO (En USD dĂłlares) CODIGO
231 A.1 CREDITOS COMERCIALES
4,951,532.19 7,535,752.11 2,628,867.83
Lcdo. Marco YĂŠpez C. PRESIDENTE REG. CPA 11.405
DRA. SAYRA PONCE CONTADORA GENERAL, REGISTRO 32221
AB/29138/cl
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Ėũ ũ ũ ũ ũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈČđıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ Ĉđũ "#ũ -#1.ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ 04#ũ #+ũ "~ ũ ĉĎũ "#ũ 19.ũ "#+ũ ĉćĈĈũ ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ćĒ Ĉćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ēũ
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈČĒıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ"#2"#ũ#+ũĈđũ"#ũ -#1.ũ"#+ũ ĉćĈćũ#-ũ5(134"ũ04#ũ#+ũ"~ ũĉĎũ"#ũ 19.ũ"#+ũ ĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ$#!' Ĕũ-.ũ2#ũ+ ũ/1#ı 2#-3 ".ũ ũ+ .1 1Ĕũ(-!411(#-".ũ#-ũ+ ũ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ/.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ , 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ćĒ ĉćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ
ũ ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ /.1ũ !4 -3.ũ #+ũ !3.1ũ ).ũ )41 ,#-3.ũ , -(ă#23 ũ 04#ũ +#ũ #2ũ (,/.2( +#ũ "#3#1,(- 1ũ + ũ 1#2(ı "#-!( ũ "#+ũ !!(.- -".ēũ #2(%- -".ũ / 1 ũ #23#ũ31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ 04(#-ũ !#/3 ũ #+ũ ! 1%.ũ 8ũ )41 ũ "#2#,/# -".ũ !.-ũ +# +3 "ũ 8ũ #-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ2#ũ"#ũ/.1ũ3#1,(- " ũ+ ũ1#+ !(¢-ũ+ .ı 1 +ũ04#ũ' ũ5#-(".ũ, -3#-(#-".ũ!.-ũ#+ũ2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ#+ũĊćũ"#ũ !34 1#ũ"#+ũĉććďũ#-ũ5(134"ũ 04#ũ #+ũ "~ ũ Ċćũ "#ũ 19.ũ "#+ũ ĉćĈĈũ ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ćĒ Čćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ-.3(ă! 1ũ +ũ31 ) ".1ũ ũ ũ ũ Ĕũ/.1ũ+ ũ/1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎĉıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ2#ũ"#ũ/.1ũ3#1,(- " ũ+ ũ1#+ !(¢-ũ+ .ı 1 +ũ04#ũ' ũ5#-(".ũ, -3#-(#-".ũ!.-ũ#+ũ2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ#+ũćĎũ"#ũ 4+(.ũ"#+ũĉćĈćũ#-ũ5(134"ũ04#ũ #+ũ"~ ũćĈũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!4ı 11(#-".ũ#-ũ+ ũ! 42 +ũĈũ"#+ũ 13ēũĈĐĉũ"#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ#23.ũ#2ũ/.1ũ -".-.ũ"#+ũ31 ı ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ćĒ Ďćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ ũ Ĕũ/.1ũ+ ũ/1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũ ũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎćıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ
ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ ĉďũ "#ũ 4+(.ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ04#ũ#+ũ"~ ũĉĉũ"#ũ 19.ũ"#+ũĉćĈĈũ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ
ũ ũ Ėũ ũ ũ ũ ũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎĊıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ2#ũ"#ũ/.1ũ3#1,(- " ũ+ ũ1#+ !(¢-ũ+ .ı 1 +ũ04#ũ' ũ5#-(".ũ, -3#-(#-".ũ!.-ũ#+ũ2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ#+ũĉďũ"#ũ 1(+ũ"#+ũĉćĈćũ#-ũ5(134"ũ04#ũ #+ũ"~ ũćđũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!4ı 11(#-".ũ#-ũ+ ũ! 42 +ũĈũ"#+ũ 13ēũĈĐĉũ"#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ#23.ũ#2ũ/.1ũ -".-.ũ"#+ũ31 ı ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ
āĈ
ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ Ĉć ććũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ-.3(ă! 1ũ +ũ31 ) ".1ũ ũ
ũ ũ Ĕũ/.1ũ+ ũ/1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ
ũ
ũũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎČıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ
ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ
ũ
Ĕũ "#2"#ũ #+ũ Ĉĉũ "#ũ 4+(.ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ04#ũ#+ũ"~ ũćČũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ"#ũ 1(+ũ"#+ũĉćĈĈũ ũ+ 2ũĈć Ĉćũ ",(3#ũ ũ 31 ,(3#ũ+ ũ2.+(!(34"ũ"#ũ5(23.ũ 4#-.ũ8ũ, -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ
ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎĎıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ"#2"#ũ#+ũĈĉũ"#ũ 4+(.ũ"#+ũĉćĈćũ#-ũ 5(134"ũ04#ũ#+ũ"~ ũćČũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ"#ũ 1(+ũ"#+ũĉćĈĈũ ũ+ 2ũĈć ĉćũ ",(3#ũ ũ 31 ,(3#ũ+ ũ2.+(!(34"ũ"#ũ5(23.ũ 4#-.ũ8ũ, -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎďıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ2#ũ"#ũ/.1ũ3#1,(- " ũ+ ũ1#+ !(¢-ũ+ .ı 1 +ũ04#ũ' ũ5#-(".ũ, -3#-(#-".ũ!.-ũ#+ũ2# .1ũ ũ ũ ũ Ĕũ"#2"#ũ #+ũĈĒũ"#ũ 1(+ũ"#+ũĉćĈćũ#-ũ5(134"ũ04#ũ#+ũ"~ ũ ćČũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ$#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ "#+ũ 31 ).ũ /.1ũ4-ũ3(#,/.ũ, 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ Ĉć Ċćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎĐıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ Ĉĉũ "#ũ 1(+ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ 04#ũ #+ũ "~ ũ ĊĈũ "#ũ 19.ũ "#+ũ ĉćĈĈũ ' 23 ũ+ ũ/1#2#-3#ũ$#!' Ĕũ-.ũ2#ũ+ ũ/1#2#-3 ".ũ ũ+ .1 1Ĕũ(-!411(#-".ũ#-ũ+ ũ! 42 +ũĈũ"#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ Ĉć Čćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ-.3(ă! 1ũ +ũ31 ) ".1ũ ũ ũ ũ Ĕũ/.1ũ+ ũ/1#-ı 2 ũ!.,.ũ+.ũ"#3#1,(- ũ#+ũ 13ēũđĉũ"#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
!".ēũ 4(".ũ +2#! ũ 1!~ ũ ũ ũ ē
ĎĐĉĊĒ
ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎđıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũũũũ
ũ
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ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ2#ũ"#ũ/.1ũ3#1,(- " ũ+ ũ1#+ !(¢-ũ+ .ı 1 +ũ04#ũ' ũ5#-(".ũ, -3#-(#-".ũ!.-ũ#+ũ2# .1ũ ũ ũ Ĕũ"#2"#ũ#+ũćĎũ "#ũ 4+(.ũ"#+ũĉćĈćũ#-ũ5(134"ũ04#ũ#+ũ"~ ũĊĈũ"#ũ 19.ũ"#+ũĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ$#!' Ĕũ-.ũ 2#ũ+ ũ/1#2#-3 ".ũ ũ+ .1 1Ĕũ(-!411(#-".ũ#-ũ+ ũ ! 42 +ũĈũ"#+ũ 13ēũĈĐĉũ"#+ũ ¢"(%.ũ"#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ "#+ũ 31 ).ũ /.1ũ 4-ũ 3(#,/.ũ, 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ"#ũ 1(+ũ"#+ũĉćĈĈũ ũ+ 2ũĈć Ďćũ ",(3#ũ ũ 31 ,(3#ũ+ ũ2.+(!(34"ũ"#ũ5(23.ũ 4#-.ũ8ũ, -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ Ĕũ/.1ũ+ ũ/1#-2 ũ!.,.ũ+.ũ"#3#1,(ı - ũ#+ũ 13ēũđĉũ"#+ũ ¢"(%.ũ"#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ /.1ũ !4 -3.ũ #+ũ !3.1ũ ).ũ )41 ,#-3.ũ , -(ă#23 ũ 04#ũ +#ũ #2ũ (,/.2( +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ!.,.ũ2#!1#3 1(.ũ "ũ'.!Ĕũ04(#-ũ !#/ı 3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/# -".ũ!.-ũ+# +3 "ũ 8ũ#-ũ"# (" ũ$.1, ēũ
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ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈĎĒıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ ĉĈũ "#ũ 8.ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ04#ũ#+ũ"~ ũćČũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ĈĈ ććũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ-.3(ă! 1ũ +ũ31 ) ".1ũ ũ ũ ũ Ĕũ/.1ũ+ ũ/1#-ı 2 ũ!.,.ũ+.ũ"#3#1,(- ũ#+ũ 13ēũđĉũ"#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
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ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈďćıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ ĉĈũ "#ũ 4-(.ũ "#+ũ ĉćĈćũ #-ũ 5(134"ũ04#ũ#+ũ"~ ũćĈũ"#ũ 1(+ũ"#+ũĉćĈĈũ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
+#1#- ũ 4- Ĕũ 04(#-ũ ,#"( -3#ũ /1.5("#-!( ũ ĉĎũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ ũ + 2ũ ĈĈ Ĉćũ ",(ı 3#ũ ũ 31 ,(3#ũ + ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũ 8ũ , -" ũ ũ -.3(ă! 1ũ +ũ 31 ) ".1ũ ũ ũ ũ Ĕũ /.1ũ + ũ /1#-2 ũ !.,.ũ +.ũ "#3#1,(- ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ/.1ũ!4 -3.ũ#+ũ !3.1ũ ).ũ)41 ,#-3.ũ, -(ă#23 ũ04#ũ+#ũ#2ũ(,/.2(ı +#ũ "#3#1,(- 1ũ + ũ 1#2("#-!( ũ "#+ũ !!(.- -ı ".ēũ #2(%- -".ũ / 1 ũ #23#ũ 31 ,(3#ũ +ũ !".ēũ 4(".ũ +2#! ũ 1!~ ũ !.,.ũ 2#!1#3 1(.ũ "ũ '.!Ĕũ04(#-ũ !#/3 ũ#+ũ! 1%.ũ8ũ)41 ũ"#2#,/#ı -".ũ!.-ũ+# +3 "ũ8ũ#-ũ"# (" ũ$.1, ēũ
.ũ 04#ũ ++#5.ũ ũ 24ũ !.-.!(,(#-3.ũ / 1 ũ +.2ũ ă-#2ũ+#% +#2ũ!.-2(%4(#-3#2ēũ "5(13(_-".+#ũ+ ũ . +(% !(¢-ũ04#ũ3(#-#ũ"#ũă) 1ũ! 2(++#1.ũ)4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ 4#5#".Ĕũ/ 1 ũ04#ũ1#!( ũ 242ũ -.3(ă! !(.-#2Ĕũ #-ũ ! 2.ũ !.-31 1(.ũ 2#ũ 31 ,(3 1;ũ#-ũ1# #+"~ ēũ 4#5#".ĔũĉĐũ"#ũ 1(+ũ"#+ũĉćĈĈēũ
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ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈďĈıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ#+ũĈĈũ"#ũ !34 1#ũ"#+ũĉććČũ#-ũ5(134"ũ 04#ũ #+ũ "~ ũ ĉđũ "#ũ 19.ũ "#+ũ ĉćĈĈũ ' 23 ũ + ũ /1#2#-3#ũ $#!' Ĕũ -.ũ 2#ũ + ũ /1#2#-3 ".ũ ũ + .1 1Ĕũ (-!411(#-".ũ #-ũ + ũ ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ /.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ, 8.1ũ "#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
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ēũ ũ ēũ -2/#!3.1~ ũ 1.5(-!( +ũ #+ũ 1 ).ũ #ũ .2ũ ~.2ũ -ũ 4#5#".ēıũ ũ ũ Ėũ ũ ũ ũ ũũũũ ũ ũ ũ Ėũ 4#ũ ' ũ 2(".ũ /1#2#-ı 3 " ũ #-ũ #23 ũ -2/#!3.1~ ũ 2.+(!(34"ũ "#ũ 5(23.ũ 4#-.ũŒũĈďĉıĉćĈĈũ/.1ũ/ 13#ũ"#+ũ # .1ũ .2_ũ ."1(%.ũ .1#(1 ũ _1#9ũ /."#1 ".ũ 2/#!( +ũ "#ũ + ũ .,/ ~ ũ ũ ē ēĔũ !48.ũ #731 !3.ũ#2ũ!.,.ũ2(%4#ēıũ Ėũ 1ēũ ũ ũ ũ Ėũ ũ ũ ũ ũ ũ ũ Ėũ +ũ !!(.- -3#ũ 2.+(!(3 ũ 2#ũ "#ũ /.1ũ 3#1,(- " ũ + ũ 1#+ !(¢-ũ + .1 +ũ 04#ũ ' ũ 5#-(".ũ , -3#-(#-".ũ !.-ũ #+ũ 2# .1ũ ũ ũ ũ Ĕũ "#2"#ũ #+ũ ćđũ "#ũ 4-(.ũ "#+ũ ĉććĒũ #-ũ 5(134"ũ 04#ũ #+ũ "~ ũ ćĈũ "#ũ 1(+ũ "#+ũ ĉćĈĈũ' 23 ũ+ ũ/1#2#-3#ũ$#!' Ĕũ-.ũ2#ũ+ ũ/1#ı 2#-3 ".ũ ũ+ .1 1Ĕũ(-!411(#-".ũ#-ũ+ ũ! 42 +ũ Ĉũ "#+ũ 13ēũ ĈĐĉũ "#+ũ ¢"(%.ũ "#+ũ 1 ).Ĕũ #23.ũ #2ũ/.1ũ -".-.ũ"#+ũ31 ).ũ/.1ũ4-ũ3(#,/.ũ , 8.1ũ"#ũ31#2ũ"~ 2ēũ Ėũ +ũ"#3#1,(- ".ũ#-ũ#+ũ 13ēũďĉĈũ"#+ũ ¢"(%.ũ"#+ũ 1 ).ēũ ũ ũ ũ Ėũ %ēũ ,(+(.ũ
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