100% 2012 504 100% 2012 6 30 100% 100% 12,291.22 6,143.08 6,148.14 2012 6 30 2012 6 30 12,291.22 19,872.38 7,581.16
61.68% 6,143.08 6,143.08 6,148.14 13,729.30 7,581.16 123.31% 4,716.90 4,805.41 88.51 1.88 7,574.32 15,066.97 7,492.65 98.92 306.70 302.73-3.97-1.29 6,589.43 7,741.76 1,152.33 17.49 678.19 7,022.49 6,344.30 935.48 12,291.22 19,872.38 7,581.16 61.68 3,385.06 3,385.06 - - 2,758.02 2,758.02 - - 6,143.08 6,143.08 - - 6,148.14 13,729.30 7,581.16 123.31 100 15,606.00 9,457.86 153.83% 13,729.30 15,606.00 1,876.70 12. 03% 2012 6 30 15,606
1 2012 6 30 2013 6 29
100% 2012 504 100% 2012 6 30 1. 110000005017195 34100 9
2 1980 1993 7 640 187 1. 110000410025557 2193.88 39 2 1992 8 8 65.46% 34.54% 1. 36 3761.4132
2. 1995 8 25 3761.4132 1100001603232 % 2625.7332 69.81 1135.68 30.19 3761.4132 100 3. 2009 2010 2011 2012-6 537.82 953.22 539.32 1,379.01 1,037.28 1,176.81 1,671.35 - -0.00 960.75 105.11 105.59 0.04 0.04 0.04 14.73 2,762.20 2,630.60 2,660.47 3,217.57 4,337.34 5,721.43 4,976.28 4,716.90 306.70 306.70 306.70 306.70 6,114.40 5,494.03 6,538.89 6,589.43 6.67 2.67-678.19 6,427.77 5,803.39 6,845.59 7,574.32 10,765.11 11,524.83 11,821.87 12,291.22 18.71 781.51 55.31 441.72 1.60 1.06 1.41 148.88 34.86 - - 30.32-53.87 14.38 15.24 356.34 4,931.42 644.47 2,307.17 2,407.79 4,932.73 1,441.41 2,379.13 3,385.06-2,381.52 2,758.02 2,758.02-2,381.52 2,758.02 2,758.02 4,932.73 3,822.93 5,137.15 6,143.08 5,832.38 7,701.89 6,684.72 6,148.14 2010 2011 2012 6
2009-2011 2012 A1509 100% 100% 100%
12,291.22 6,143.08 6,148.14 47,169,032.70 13,790,098.64 1,055,886.11 147,311.80 32,175,736.15 75,743,176.96 3,067,000.00 65,894,265.56 6,781,911.40 122,912,209.66 33,850,583.76 4,417,203.30 1,488,813.53 303,248.52 3,563,426.47 24,077,891.94 27,580,228.05 27,580,228.05 61,430,811.81 61,481,397.85 2012 A1509
2012 6 30 2012 6 30 1 2. 1 1991 91 2 1992 36 3 4 [2001]102 5 [2001]802 6 3 7 12 8. 14 2001 12 31 9 [2006]274 10. [2008]5
11. 1994 7 5 12. 1 2 3 4 5 6 7 8 9 10 ( ) 1 2 3. 4 1 2012 2 3 [2000]294 4 ( [2000]1202 ) 5 ( [1997]456 ) 6 ( [2002]10 ) 7 [2007]670
8 [2002]394 9 [2002]480 10 [2002]055 11 2004 12 2004 13 14 1 2 2009 2011 3 4
1 1 2 2 = A (1)
2008 11 10 538 2009 1 1 = /(1+ )+ + + + (2) =CIF FOB + + + + + + + + + + (3) + + ( ) 10% (4)
/(1+ ) B (1) = 40%+ 60% = - / 100% = / + 100% (2) (3) = 40% + 60% = - / 100% = - / 100% C = 3
= + + 4 DCF1 DCF 2 DCF 3 2 P0= 1+ R + (1 + R) + ( 1+ R) 3 DCFn + + ( 1+ R) n Pn + ( 1+ R) n P0= n DCFi i i= 1 (1 + R) Pn + ( 1+ R) P0 R Pn n n DCFi i Pn n Gordon
100% 1 1 2012 7 2 3 4
2012 7 20 2012 7 24 2 1 2 3 2012 7 25 2012 7 31 3
4 1 2 3 2012 8 1 8 20 1 2 3 4
5. 6. 7. 8. 9. 1 2 3 4 5 6 7 8 9 10
. 2012 6 30 12,291.22 19,872.38 7,581.16 61.68% 6,143.08 6,143.08 6,148.14 13,729.30 7,581.16 123.31% 4,716.90 4,805.41 88.51 1.88 7,574.32 15,066.97 7,492.65 98.92 306.70 302.73-3.97-1.29 6,589.43 7,741.76 1,152.33 17.49 678.19 7,022.49 6,344.30 935.48 12,291.22 19,872.38 7,581.16 61.68 3,385.06 3,385.06 - - 2,758.02 2,758.02 - - 6,143.08 6,143.08 - - 6,148.14 13,729.30 7,581.16 123.31 100 15,606.00 9,457.86 153.83% 13,729.30 15,606.00 1,876.70 12. 03%
2012 6 30 15,606 1 2 3 4 5 6 15646.47 15316.46 00618 7 330.01 7. 2001 0005
27,580,228.05 2010 7 27 2015 7 27 2012 7 2500 2012 6 29 2014 6 28 6.4% 2012 7 1 2 3 4 1 2012 6 30 2013 6 29 2012 8 21
100% 2012 504
100% 2012 6 30 1 2 3 4 5 6 7