$ø/(ùø5.(7/(5ø1'(.85806$//$ù0$6h5(&øYH
.85806$/$ø/(ùø5.(7øh=(5ø1'(8<*8/$0$/,
)ø1$16$/3(5)250$16*g67(5*(/(5ø1ø1
'(ö(5/(1'ø5ø/0(6ø
Murat KORKMAZ11HVULQ&(</$12ùXOH<NVHO<øöø7(53
1XU'ø/%$=$/$&$+$146HODPL*h1(<5 1*YHQ*UXS)LQDQV<|QHWPHQL 2.DYUDPhQLYHUVLWHVL0HVOHN<N2NXOX0XKDVHEH)LQDQVPDQ%|OP 3-5(U]LQFDQhQLYHUVLWHVLøø%)øúOHWPH%|OP0XKDVHEH)LQDQVPDQ%|OP 4dDQDNNDOH0DUWhQLYHUVLWHVLøø%)øNWLVDW$%' g]HW +HUJHoHQJQ\HQL\HQLROXúXPODUIDUNOÕDODQODUGD\R÷XQODúDQLúOHWPHOHUVHUEHVWSL\DVDYH |]HOOLNOH NXUXP LoLQGHNL DQOD\ÕúÕQGD GH÷LúPHVLQH \HQLOHQPHVLQH \RO DoPDNWD KDWWD NXUXPODUÕ EX \|QGH]RUXQOXKDOHJHWLUPHNWHGLU%LUoRNLúOHWPHKDOHQHVNLNOWUDQOD\ÕúÕYHLGHDOLVWOLNWHQX]DN YH VLVWHPGHQ ELU KDEHU oDOÕúPDODUÕQD GHYDP HWPHNWHGLU hUHWLP SURVHVOHULQLQ X\JXODQDPDPDVÕ NXUXPVDO \|QHWLP DQOD\ÕúÕQÕQ ROXúPDPDVÕ ELOJL WHNQRORMLOHULQGHQ \DUDUODQÕODPDPDVÕ YH HQ |QHPOLVL VLVWHPOL ELU úHNOLGH NXUXPVDO LúOHWPHFLOL÷L ROXúWXUPDPDVÕ RODUDN J|VWHUHELOLUL] .XUXP YH ¿UPD SHUIRUPDQVÕQÕQ EWQQ GH÷HUOHQGLUPH\H\|QHOLN JHoPLúWHQ JQP]H VUHNOL JHOLúHQ YH GH÷LúLNOLN J|VWHUHQ SHN oRN SHUIRUPDQV GH÷HUOHPH \DNODúÕPÕ JHOLúWLULOPLúWLU %X JQH NDGDU NXOODQÕODQ YH KDOHQ NXOODQÕOPD\D GHYDP HGLOHQ VDGHFH ¿QDQVDO J|VWHUJHOHUH GD\DOÕ GH÷HUOHPHQLQ ¿UPDNXUXPSHUIRUPDQVÕQÕ|OoPHGH\HWHUVL]NDOGÕ÷ÕQÕJ|UPHNWH\L].XUXPVDOODúPD\ROXQGDRODQ $LOH ùLUNHWOHULQLQ ¿QDQVDO J|VWHUJHOHUH GD\DOÕ SHUIRUPDQV GH÷HUOHQGLULOPHVLQLQ HNVLN \|QOHULQLQ IDUN HGLOPHVL |UJWVHO SHUIRUPDQVÕQ GH÷HUOHQGLULOPHVL LoLQ oRN \|QO YH ER\XWOX SHUIRUPDQV GH÷HUOHQGLUPHVL \DNODúÕPODUÕ NXUXP IDDOL\HWOHULQLQ WP ER\XWODUÕ\OD GH÷HUOHQGLULOPHVLQL VD÷ODPDNWDGÕU%XoRN\|QOSHUIRUPDQVGH÷HUOHQGLUPHOHULNXUXPODUÕQNDUOÕOÕNPúWHULLOLúNLOHUL ND\QDN \|QHWLPL SHUVRQHO YH LQVDQ ND\QDNODUÕ \|QHWLPL \HQLOLNoLOLN WHNQRORMLN \|QHWLP YH WHNQRORML NXOODQÕPÕ \|QHWLP VLVWHPOHUL \|QHWLP NDOLWHVL YH LúOHWPHQLQ ¿QDQVDO KDUHNHWOHULQLQ G]HQOHQPHVLLOH\|QHWLPLNRQXODUÕQÕQoRNER\XWOXRODUDNEHOLUOHQPHVLGLU3HUIRUPDQVGH÷HUOHQGLUPH \DNODúÕPODUÕoHUoHYHVLQGHHOHDODUDNIDUNOÕLúOHWPHELOLPGDOODUÕQGD|]HOOLNOHPXKDVHEHELOLPLQGH QDVÕO NXOODQÕODELOHFH÷L ]HULQH GH÷HUOHQGLUPHGH EXOXQPDNWDGÕU .XUXPVDOODúPD \ROXQGD RODQ YH NXUXPVDOODúPD\D EDúODPÕú$LOH ùLUNHWOHUL DoÕVÕQGDQ ¿QDQVDO \|QHWLP YH ¿QDQVDO SHUIRUPDQV LúOHWPHQLQLúOH\LúL]HULQGH|QHPOLHWNLOHUGR÷XUPDNWDGÕU
$QDKWDU .HOLPHOHU 3HUIRUPDQV 3HUIRUPDQV 'H÷HUOHPH )LQDQVDO 3HUIRUPDQV .XUXPVDOODúPD 9HULPOLOLN
143
*ø5øù
$LOH HQ EDVLW WDQÕPÕ\OD WRSOXPXQ HQ N oN \DSÕ WDúÕ LúOHWPH LVH LQVDQODUD PDO YH KL]PHW UHWPHN DPDFÕ\OD NXUXODQ YH NkU DPDFÕ JGHQ ELU NXUXOXúWXU $LOH LOH LúOHW PHNDYUDPÕELUDUDGDGúQOG÷QGHELU
\DQGD GX\JXODU GL÷HU \DQGD LVH PDQWÕ÷ÕQ KkNLP ROGX÷X ELU \DSÕ RUWD\D oÕNPDNWDGÕU %X\|Q\OHDLOHúLUNHWOHULGL÷HUúLUNHWWUOH ULQGHQIDUNOÕ|]HOOLNOHUHVDKLSWLUYHD\UÕELU LQFHOHPHNRQXVXROXúWXUXU%XQHGHQOHDLOH úLUNHWOHULQLQEDúDUÕOÕRODELOPHVLLoLQDLOHúLU NHWLNDYUDPÕQÕQWHPHO|]HOOLNOHULQLQYHDLOH
,167,787,21$/,=$7,21352&(66,1)$0,/<
%86,1(66(6DQG7+((9$/8$7,212)$33/,('
),1$1&,$/3(5)250$1&(,1',&$725621
&25325$7()$0,/<%86,1(66
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¿QDQFLDOLQGLFDWRULVLQDGHTXDWHLQHYDOXDWLQJWKHLQVWLWXWLRQFRPSDQ\ SHUIRUPDQFH%HLQJDZDUHRIGH¿FLHQFLHVRILQVWLWXWLRQV¶SHUIRUPDQFHHYDOXDWLRQEDVHGRQ¿QDQFLDO LQGLFDWRUVPXOWLGLUHFWLRQDODQGGLPHQVLRQDOSHUIRUPDQFHHYDOXDWLRQDSSURDFKHVWREHHYDOXDWHG WKHRUJDQL]DWLRQDOSHUIRUPDQFHHQDEOHWKHHYDOXDWLRQRILQVWLWXWLRQ¶VDFWLYLWLHVWKRURXJKO\7KHVH PXOWLGLUHFWLRQDOSHUIRUPDQFHHYDOXDWLRQVDUHGHWHUPLQLQJWKHVXEMHFWVRISUR¿WDELOLW\FXVWRPHU UHODWLRQV VRXUFH PDQDJHPHQW VWDII DQG SHUVRQQHO PDQDJHPHQW LQQRYDWLYHQHVV WHFKQRORJLFDO PDQDJHPHQWDQGXWLOL]DWLRQRIWHFKQRORJ\PDQDJHPHQWV\VWHPVDQGDUUDQJHPHQWVRI¿QDQFLDO PRYHPHQWVLQDPXOWLGLPHQVLRQDOZD\,WLVHYDOXDWHGKRZWRXVHLWLQGLIIHUHQWEXVLQHVV¿HOGV HVSHFLDOO\ LQ DFFRXQWLQJ ¿HOG E\ GHDOLQJ ZLWKLQ WKH IUDPHZRUN RI SHUIRUPDQFH HYDOXDWLRQ DSSURDFKHV)LQDQFLDOSHUIRUPDQFHDQG¿QDQFLDOPDQDJHPHQWKDVJUHDWHIIHFWVRQWKHRSHUDWLRQ RILQVWLWXWHLQWHUPVRI)DPLO\%XVLQHVVHVZKLFKDUHRQWKHZD\WRLQVWLWXWLRQDOL]DWLRQDQGVWDUWHG to institutionalization.H\ZRUGV3HUIRUPDQFH3HUIRUPDQFH(YDOXDWLRQ)LQDQFLDO3HUIRUPDQFH,QVWLWXWLRQDOL]DWLRQ (I¿FLHQF\
144 VLQGH VWUDWHMLN ELU \|QHWLP WDU]Õ L]OHQPHVL VW\|QHWLPGHJHOHFHNWHLúOHWPHQLQ\|QYH VWUDWHMLOHULNRQXVXQGDJ|UHYYHULOPHVLGDKD DúD÷ÕGD LVH SURIHV\RQHO \|QHWLFLOHULQ DNWLI RODUDN J|UHY \DSPDODUÕ NXUXPVDOODúPD\Õ EDúDUÕ\D J|WUHFHNWLU $LOH LúOHWPHOHULQLQ NXUXPVDOODúPDVÕQGDVWUDWHMLN\|QHWLPWDU]Õ HWNLOLELU\|QWHPRODELOLU
.XUXPVDOODúPDQÕQ DLOH úLUNHWOHULQLQ SHU IRUPDQVÕQDHWNLVLoHúLWOLER\XWODUGDLQFHOHQ PHNWHGLUøúOHWPHOHULQEDúDUÕVÕYHLúOHYVHOOL ÷LQLDUWÕUPDGDDLOHúLUNHWOHULQLQSHUIRUPDQVÕ HWNLOLGLU .XUXPVDOODúPD LúOHWPH \DSÕODUÕ QÕQúHNLOOHQPHVLQGH|QHPOLELU\HUHVDKLSWLU $WHú
³øúOHWPHOHULQ ¿QDQVDO GXUXPODUÕ\OD \DNÕQ GDQ LOJLOHQHQ oRN oHúLWOL oÕNDU JUXSODUÕ V|] NRQXVXGXU´$WHú øúOHWPH \|QHWL FLOHUL KLVVH VHQHGL \DWÕUÕPFÕODUÕ EDQND YH EHQ]HUL NUHGL NXUXPODUÕ YH KDWWD YHUJL GD LUHOHUL LúOHWPHOHULQ ¿QDQVDO GXUXPODUÕ\OD LOJLOHQHQJUXSODUGDQVDGHFHELUNDoÕGÕU<D WÕUÕPFÕODULoLQ\DWÕUÕPNDUDUÕQÕQNUHGLW|UOHU LoLQLVHNUHGLNDUDUODUÕQÕQVD÷OÕNOÕELUúHNLO GH ROXúPDVÕQGD ¿QDQVDO DQDOL]H NRQX RODQ LúOHWPHQLQ NDUDNWHUL VHNW|U LoLQGHNL \HUL UQOHULQLQ SD]DU NRQXPODUÕ ¿QDQV VHNW| UYHLOLúNLGHEXOXQGX÷XGL÷HULúOHWPHOHUOH RODQLOLúNLOHULYEELOJLOHULQ\DQÕVÕUD¿QDQ VDO ELOJLOHULQLQ LQFHOHQHUHN GH÷HUOHQGLULO PHVL |QHPOL |OoGH HWNLOL ROPDNWDGÕU %X QHGHQOHUOH LúOHWPHOHULQ ¿QDQVDO DQDOL]LQLQ \DSÕOPDVÕ LOJLOL JUXSODU DoÕVÕQGDQ VD÷OÕNOÕ ELU \DWÕUÕP NDUDUÕQÕQ DOÕQPDVÕQGD HO]HPGLU $GDPV
úLUNHWOHULQLQLo\DSÕVÕQÕQDQODúÕOPDVÕJHUHNLU *HQoWUN
$LOH LúOHWPHOHULQLQ NXUXPVDOODúPDVÕ úLUNHW \|QHWLPLQGH EXOXQDQ DLOH ELUH\OHULQLQ úLU NHWWHQ X]DNODúPDVÕ DQODPÕQD JHOPHPHNWH GLU'LOED]
.XUXPVDOODúPD LúOHWPH YH úLUNHWLQ EHOLUOL NXUDO YH SURVHGUOHUH ED÷OÕ RODUDN LúOHULQ \UWOPHVL GHPHNWLU %X Lú YH J|UHYOHU EHOLUOL NXUDOODU oHUoHYHVLQGH \UWOG÷ ]DPDQ NDUPDúÕNOÕNODU YH YHULPVL]OLNOHU RUWDGDQ NDONDFDNWÕU 7UNL\H¶GH JHQHOOLNOH NODVLNOHúPLú DLOH LúOHWPHOHUL \R÷XQ RODUDN EXOXQPDNWDGÕU%XQHGHQOHELUoRNDLOHLúOHW PHVLQLQNXUXPVDOODúPDVÕDUWÕNELU]RUXQOX OXNKDOLQLDOPÕúWÕU']HQOL
.XUXPVDOODúPDPÕú DLOH LúOHWPHOHULQGH \| QHWLPJHQHOOLNOHEDEDGDQR÷ODJHoHQELUVH \LUL]OHPHNWHGLU%XGXUXPLúOHWPH\L\HWHU VL] ELOJLGHQ X]DN YH HQ |QHPOLVL JHOLúPLú GQ\DONHOHULQGHNDEXOJ|UPúLúOHWPH\| QHWLPLQGHQVWUDWHMLVLQGHQX]DNELU\|QHWLP DQOD\ÕúÕLOH\|QHWLOPHN]RUXQGDEÕUDNÕU *QP]LúOHWPHOHULLVH\|QHWLPLGDKDSUR IHV\RQHODQOD\ÕúDWHVOLPHGLSNXUXPVDOODú PD\ROXQXWHUFLKHWPHNWHGLU.ODVLNDLOHLú OHWPHDQOD\ÕúÕQGDL]OHQHFHNNXUXPVDOODúPD \|QWHPLYH\ROXGDEXQHGHQOH|QHPND]DQ PDNWDGÕU .XUXPVDOODúPDPÕú DLOH LúOHWPH OHULQGH DLOH IHUWOHULQ oDOÕúPDVÕ NDoÕQÕOPD] ELU GXUXPGXU %X GXUXP QHGHQL\OH KHU LNL LúOHYL\HULQHJHWLUHFHNELUVWUDWHMLN\ROL]OHQ PHOLGLU<ÕOGÕUÕP
145 ¾*HOHFH÷HDLWSODQODUKD]ÕUODPDGD
¾hUHWLOHFHNPDO\DGDKL]PHWOHULQUHWLP PLNWDUÕELOHúLPLYHL]OHQHFHN¿\DWSROL WLNDVÕNRQXODUÕQGDNDUDUDOPDGD
¾øúOHWPHQLQ YDUOÕ÷ÕQÕ WHKOLNH\H GúUPH GHQ\NPOONOHULQL\HULQHJHWLULSJH WLUHPHPHJFQQROXSROPDGÕ÷ÕQÕEHOLU OHPHGH ¾øúOHWPHIDDOL\HWOHULQLNRQWUROYHGHQHWOH PHGH ¾øúOHWPHIDDOL\HWOHULQLQKHUHYUHVLQGHGR÷ UX YH G]HOWLFL NDUDUODU DOÕQPDVÕQGD KD \DWL|QHPWDúÕPDNWDGÕU
'L÷HU WDUDIWDQ LúOHWPH\H IRQ VD÷OD\DQ ¿ QDQVNXUXPODUÕLOHLúOHWPH\H\DWÕUÕP\DSDEL OHFHNNXUXPYHELUH\OHULúOHWPHQLQ¿QDQVDO \DSÕVÕQÕHQL\LúHNLOGHRQXQPDOLWDEORODUÕQÕ L]OH\HUHN GH÷HUOHQGLUHFHNOHUGLU øúOHWPH LOH oDOÕúDQ NUHGL NXUXPODUÕ G]HQOL DUDOÕNODUOD LúOHWPHQLQ¿QDQVDO\DSÕVÕQÕLQFHOHUYHNUH GL GH÷HUOHPHVL \DSDUODU øúOHWPH\H ND\QDN VD÷OD\DQWDKYLO\DGDKLVVHVHQHGL\DWÕUÕP FÕODUÕ GD JHUHN NHQGLOHUL JHUHNVH X]PDQ NXUXOXúODUGDQ\DUDUODQDUDNLúOHWPHQLQPDOL \DSÕVÕQÕ WDNLS HGHUOHU %X WDEORODU RQODUD LúOHWPHQLQJHOHFHNWHNLEDúDUÕVÕQÕWDKPLQHW PHGH |QHPOL ELU ND\QDN WHúNLO HWPHNWHGLU .DUDQ
)LQDQVDO DQDOL] IDDOL\HWOHULQLQ HWNLQOLN YH EDúDUÕ GHUHFHVLQL |OoPHGH ¿UPDQÕQ KHGHI OHULQHQH|OoGHXODúDELOGL÷LQLWHVSLWWHJHOH FH÷HDLWSODQODUÕQKD]ÕUODQPDVÕQGD¿UPDQÕQ \NPOONOHULQL QH |OoGH \HULQH JHWLUH øúOHWPHOHUGHNL VUHNOL E\PH DU]XVX VHU
PD\HSL\DVDODUÕQÕQJHOLúPHVLEDQNDYHEHQ ]HULNUHGLNXUXPODUÕQÕQULVNOHULQLPLQLPL]H HWPHLVWHNOHULYHYHUJLNDQXQODUÕQÕQJHUHNHQ úHNLOGHX\JXODQDELOPHVLQLQWHPLQL|]HOOLN OH \\ GD ¿QDQVDO WDEORODUÕQ JHQLú |Oo GH NXOODQÕOPDVÕQD EX GD ¿QDQVDO DQDOL]LQ |QHPLQLQ DUWPDVÕQD VHEHS ROPXúWXU dHOLN
gUJWOHU YH ELUH\OHU GL÷HU ELU LIDGH\OH Lú OHWPH\OH LOJLOL oÕNDU JUXSODUÕ V|] NRQXVX LúOHWPH\L PDOL WDEORODUÕQÕQ ¿QDQVDO DQDOL]L \ROXLOHNÕVPHQGHROVDGH÷HUOHQGLUHELOLUOHU 5DFKPDQDUN
øúOHWPH \|QHWLFLOHUL GH PDOL WDEORODUÕQ Lú OHWPHYHNHQGL\|QHWLP\HWHQHNOHULKDNNÕQ GD¿NLUYHUHQELUHUUDSRUROGX÷XQXELOLUOHU $QDOL]OHUGHQ HOGH HGLOHFHN VRQXoODU GL÷HU ELOJLOHUOHELUOLNWHLúOHWPHSODQODPDVÕYHGH QHWLPLQLQoHúLWOLGDOODUÕQGDNXOODQÕOÕU$\UÕFD PDOLWDEORDQDOL]OHUL¿QDQVDOYHULOHULQELUEL UL\OH QH GHUHFH\H NDGDU LOLúNLOL ROGX÷X NR QXVXQGDGDELOJLYHULU0RRUHYH-DHGÕFNH )LQDQVDODQDOL]\|QHWLPDoÕVÕQGDQ$NJo ¾øúOHWPHQLQIDDOL\HWOHULQGHHWNLQOLNYHED úDUÕGHUHFHVLQL|OoPHGH ¾øúOHWPHQLQDQDYHLNLQFLOKHGHÀHULQHXOD úÕSXODúPDGÕ÷ÕQÕVDSWDPDGD
¾+HGHIH YDUÕODPDPÕúVD QHGHQOHULQL DUDú WÕUPDGD
146 QLPúLUNHWLQLQNXUXPODúPDVÕQÕQ\ÕOODULWLED UÕ\ODSHUIRUPDQVHWNLOHULQLJ|]OHPOHPHNWLU d$/,ù0$1,1g1(0ø øúOHWPHYHLúOHWPH\|QHWLFLOHULLúOHWPHOHUL\ OHLOJLOLED]ÕNDUDUODUÕDOÕUNHQLúOHWPHQLQED]Õ ELOJLOHULQHLKWL\DoGX\DUODU%XLKWL\DoGX\ GXNODUÕ ELOJLOHUH LVH LúOHWPHQLQ ED]Õ PDOL WDEORYH¿QDQVDOWDEORODUÕQGDQXODúÕUODU%X WDEORELOJLOHULYHYHULOHULLúOHWPH\|QHWLFLOH ULQLQLúOHWPH\OHLOJLOLLOHUOH\HQVUHoWHNDOÕFÕ YHLúOHWPHQLQJHOLúWLULOPHVLQH\|QHOLNNDUDU ODUDOPDVÕQGD\DUGÕPVD÷ODU$\UÕFDLúOHWPH QLQ JHOHFHN VUHoWHNL ED]Õ oDOÕúPDODUÕQD ¿QDQVPDQDoÕVÕQGDQNDUYH]DUDULOLúNLVLQLQ NDUúÕODúWÕUÕOPDVÕQD LúOHWPHQLQ ERUoODQPD YH|GHPHJFQHLOLúNLQELOJLOHUGHVD÷ODQ PÕúROXU%XQHGHQOHEXoDOÕúPDGDNXUXP VDOODúPD VUHFL LoHULVLQGH NXUXPVDO DLOH LúOHWPHOHULQLQ ¿QDQVDO SHUIRUPDQV G]H\L LQFHOHQPLú YH NXUXPVDOODúPD VUHFL LoLQ GH DLOH LúOHWPHOHULQLQ ¿QDQVDO SHUIRUPDQV ODUÕQDLOLúNLQELOJLOHULOHEXVUHoLoHULVLQGH EXOXQDQ LúOHWPHOHUH ÕúÕN WXWPDVÕQÕQ |QHPL YXUJXODQPD\DoDOÕúÕOPÕúWÕU 0$7(5<$/YH<g17(0 (÷LOLP\]GHOHULDQDOL]WHNQL÷LQLQX\JXODQ GÕ÷ÕoDOÕúPDGDdD÷<DSÕ6DQ7LF$QRQLP úLUNHWLQLQ NXUXPVDOODúPDVÕQÕQ \ÕOODU LWLED UL\OH SHUIRUPDQV HWNLOHULQL J|]OHPOHPHN LoLQ\DSÕODQELUX\JXODPDGÕU
ELOGL÷LQL WHVSLWWH IDDOL\HWOHULQ GHQHWLP YH GH÷HUOHQGLULOPHVLQGHYHGL÷HUED]ÕDPDoODU LoLQ\DSÕOÕU)LQDQVDOSODQODUÕQ\DSÕOPDVÕYH JHUHNHQ NDUDUODUÕQ DOÕQPDVÕ LoLQ ¿UPDQÕQ PHYFXW GXUXPXQX ELOPHN YH DQDOL] \DS PDN JHUHNLU )LQDQVDO DQDOL] ELU GRNWRUXQ KDVWDVÕQDUHoHWH\D]PDGDQ|QFHUDKDWVÕ]OÕ÷Õ WHúKLVHWPHNLoLQ\DSWÕ÷ÕPXD\HQH\HEHQ]H WLOHELOLU +DVWD\Õ PXD\HQH HWPHGHQ \D]ÕOD FDNELUUHoHWHQLQ\DUDWDFD÷ÕVDNÕQFDODUJLEL ¿QDQVDODQDOL]\DSÕOPDGDQDOÕQDFDNNDUDUODU YH\DSÕODFDN¿QDQVDOSODQODUÕQGDVDNÕQFDODU GR÷XUDFD÷ÕDoÕNWÕU(UWHQ d$/,ù0$1,1<g17(0ø %XoDOÕúPDVÕQÕQWHRULNNÕVPÕDLOHúLUNHWOHUL DLOHúLUNHWOHULQLQ|]HOOLNOHULDLOHúLUNHWOHULQ GHNXUXPVDOODúPDYHNXUXPVDOODúPDVUHFL YHDLOHúLUNHWOHULQGHNXUXPVDOODúPDYHSHU IRUPDQVLOLúNLVLLOHLOJLOLOLWHUDWUELOJLOHULQH \HU YHULOPLúWLU dDOÕúPDQÕQ EX E|OPQGH LVH\ÕOÕQGDNXUXPVDOODúPDVÕQÕWDPDP OD\DQdD÷<DSÕ6DQ7LF$QRQLPúLUNHWLQLQ NXUXPVDOODúPDVÕQÕ \ÕOODU LWLEDUL\OH SHUIRU mans etkileri incelenerek elde edilen bulgu ODULVWDWLVWLNVHODUDoODUODDQDOL]HGLOHUHNED]Õ VRQXoODUDXODúÕOPD\DoDOÕúÕOPÕúWÕU
d$/,ù0$*(5(.d(/(5øYH$0$&, $UDúWÕUPDQÕQDPDFÕ\ÕOÕQGDNXUXPVDO ODúPDVÕQÕ VD÷ODP WHPHOOHU ]HULQH RWXUWDQ YH$QRQLP ùLUNHW YDVIÕQÕ ND]DQDUDN IDDOL \HWOHULQL VUGUHQ dD÷<DSÕ 6DQ7LF$QR
147 $QFDNEXDQDOL]YDVÕWDVÕ\ODPDOLWDEORWDQ ]LPLLoLQELUELULQLL]OH\HQWDULKOHULWLEDUÕ\OD X]XQFDELUG|QHPHDLWELODQoRYHJHOLUWDE ORVXQXQHOHDOÕQPDVÕúDUWWÕU
*HOLU WDEORODUÕQÕQ H÷LOLP \]GHOHULQH J|UH KD]ÕUODQDELOPHVL LoLQ LQFHOHPH G|QHPLQH LOLúNLQ PXWODN YHULOHULQ ELOLQPHVL JHUHNLU *HOLU WDEORODUÕQGD H÷LOLP \]GHOHULQL KH VDSODPDNLoLQEHOOLELU]DPDQLoLQGHWHPHO ELU\ÕODOÕQÕUYHEX\ÕODJ|UHLúOHWPHQLQJH OLUWDEORVXNDOHPOHULQGHNLDUWÕúYHD]DOÕúODU \]GHOHUOH LIDGH HGLOLU %LODQoRGD ROGX÷X JLELEXUDGDGDWHPHODOÕQDQ\ÕOKHU\|QGHQ QRUPDOELU\ÕOROPDOÕGÕU%XQHGHQOHEX\Õ OÕQ VHoLPLQGH GLNNDWOL GDYUDQPDN JHUHNLU QHoRNEDúDUÕOÕQHGHoRNEDúDUÕVÕ]ELU\ÕOÕ WHPHO RODUDN DOÕQPDOÕGÕU (÷LOLP \]GHOHUL EWQNDOHPOHULoLQKHVDSODQPDOÕGÕU
%X DQDOL]GH JHOLU WDEORVXQGD \HU DODQ ND OHPOHULQ G|QHPOHU LWLEDUL\OH J|VWHUPLú RO GX÷X DUWÕú YH\D D]DOÕúODU VDSWDQPDNWD YH EX GH÷LúLNOLNOHULQ WHPHO \ÕOD J|UH RUDQVDO |QHPOHULRUWD\DNRQXODUDNLúOHWPHQLQJHOL úLP\|QLQFHOHQPHNWHGLU
(÷LOLP <]GHOHUL $QDOL] 7HNQL÷LQGH H÷L OLPOHUúXIRUPOOHKHVDSODQÕU.DUDQ $5$ù7,50$<$ø/øù.ø1%8/*8/$5
øOJLOL LúOHWPH \ÕOÕQGD NXUXPVDOODúPD VUHFLQLWDPDPODPÕúYHDQRQLPúLUNHWROD UDN oDOÕúPDODUÕQD GHYDP HWPH\H EDúODPÕú WÕU dD÷ <DSÕ 6DQ 7LF $QRQLP ùLUNHWLQLQ NXUXPVDOODúPDVÕQÕQ\ÕOODULWLEDUÕ\ODSHUIRU PDQVÕQD HWNLOHULQL J|]OHPH\HELOPHN LoLQ DúD÷ÕGD \HU DODQ PDOL WDEORODUGDQ 7DEOR YH 7DEOR \DUDUODQDUDN PDOL WDEORODUÕQ DQDOL]LQGHNXOODQÕODQWHNQLNOHULQHQ|QHPOL OHULQGHQELULRODQH÷LOLP\]GHOHUL\|QWHPL LOH LúOHWPHQLQ J|VWHUGL÷L JHOLúPHOHU \ÕOODU LWLEDUL\OHLQFHOHQPLúWLU (÷LOLP\]GHOHULEHOLUOLWDULKOHUYH\DGHYUH OHUDUDVÕQGD%LODQoRNDOHPOHULQGHNLDUWÕúYH D]DOÕúODUÕYHEXGH÷LúLNOLNOHULQQLVSL|QHPL QLDoÕNoDRUWD\DNR\DUDNGLQDPLNELUDQDOL] \DSÕOPDVÕQD\DUGÕPFÕROXU %LODQoRNDOHPOHULQLQJ|VWHUPLúROGX÷XH÷L OLPOHULQVDSWDQDUDNELUELUOHUL\OHLOJLOLEHOLU OL NDOHPOHULQ J|VWHUPLú ROGX÷X H÷LOLPOHULQ NDUúÕODúWÕUÕOPDVÕ\OD G|QHP KDNNÕQGD ROXP OX \D GD ROXPVX] NDUDUODU YHULOLU .DUDQ
éVWHQLOHQ<êOêQéOJLOL+HVDS7XWDUê
éVWHQLOHQ<êOêQ(èLOLP<]GHVL
î
%D]$O
ED] \ÕOÕQD NÕ\DVOD GDKD GúN ROGX÷XQX \]GHQID]ODROPDVÕGDNÕ\DVODQDQNDOHPLQ ED]DOÕQDQGH÷HUGHQGDKD\NVHNROGX÷XQX J|VWHULU7Dú
.RQX\DNROD\OÕNYH\RUXPGDNLHWNLDoÕVÕQ GDQ EDNÕOGÕ÷ÕQGD H÷LOLP \]GHOHUL NDOHP OHUGHNL WUHQGOHUL oRN DoÕN ELU úHNLOGH J|V WHUPHNWHGLU(÷LOLP\]GHOHULGDLPDSR]LWLI ROXS\]]HULDUWÕúÕDOWÕQGDNLOHULVHD]DOÕúÕ LIDGHHGHU%HNW|UHYHd|POHNoL <XNDUÕGDDQODWÕODQODUGDQ\DUDUODQDUDNDúD ÷ÕGD YHULOHQ 7DEOR ¶GHNL dD÷<DSÕ 6DQ 7LF$QRQLPùLUNHWLQHDLW%LODQoRWDEORVXQ GD \HU DODQ$NWLI9DUOÕNODU¶OHU LoLQ H÷LOLP \]GHOHULKHVDSODQÕSEX\]GHOHU\DUGÕPÕ\ OD NXUXPVDOODúPDVÕQÕQ \ÕOODU LWLEDUÕ\OD ùLU NHWLQ SHUIRUPDQVÕQD HWNLOHUL WHVSLW HGLOHUHN \RUXPODQPÕúWÕU 7DEOR ¶GHNL dD÷ <DSÕ 6DQ7LF$QRQLPùLUNHWLQHDLW%LODQoRWDE ORVXQGD\HUDODQ3DVLI.D\QDNODU¶OHULoLQ H÷LOLP \]GHOHUL KHVDSODQÕS EX \]GHOHU \DUGÕPÕ\ODNXUXPVDOODúPDVÕQÕQ\ÕOODULWLED UÕ\OD ùLUNHWLQ SHUIRUPDQVÕQD HWNLOHUL WHVSLW HGLOHUHN\RUXPODQPÕúWÕU6RQRODUDN7DEOR ¶GHNLdD÷<DSÕ6DQ7LF$QRQLPùLUNHWL QHDLW*HOLUWDEORVXQGD\HUDODQNDOHPOHUGH NLYHULOHULoLQH÷LOLP\]GHOHULKHVDSODQÕS EX\]GHOHU\DUGÕPÕ\ODNXUXPVDOODúPDVÕQÕQ \ÕOODULWLEDUÕ\ODùLUNHWLQSHUIRUPDQVÕQDHWNL OHULWHVSLWHGLOHUHN\RUXPODQPÕúWÕU
%X \|QWHPGH ELUELULQL L]OH\HQ G|QHPOH UH DLW PDOL WDEORODUGD \HU DODQ NDOHPOHULQ WHPHO ED] DOÕQDQ PDOL WDEOR NDOHPOHULQH J|UHJ|VWHUGL÷LDUWÕúYHD]DOÕúODU\]GHROD UDN KHVDSODQÕU %X úHNLOGH LúOHWPHQLQ PDOL WDEORODUÕQGD\HUDODQKHUELUNDOHPLQNDEXO HGLOHQ\ÕOD\]GHRODUDNJHOLúPHWUHQGLEX OXQXU7HPHO\ÕORODUDNPDOLWDEORVHULVLQLQ LON\ÕOÕNDEXOHGLOHELOLU7HPHO\ÕODJ|UHKH VDSODQDQ\]GHOHUEHOOLWDULKYH\DG|QHPOHU DUDVÕQGDNLPDOLGXUXPXYHIDDOL\HWVRQXoOD UÕQGDPH\GDQDJHOHQGH÷LúLPOHULDoÕNRODUDN J|VWHULUYHNDUúÕODúWÕUPDOÕPDOLWDEORODUDDLW YHULOHULQ\DWD\RODUDNDQDOL]LQHLPNkQYHULU 0DOLDQDOLVWPDOLWDEORNDOHPOHULQGHNLDUWÕú YH D]DOÕú H÷LOLPOHULQLQ ROXPOX YH\D ROXP VX]ROGX÷XQXEHOLUOHUNHQDUDODUÕQGDDQODPOÕ LOLúNLOHUNXUXODELOHFHNNDOHPOHULELUOLNWHGH ÷HUOHQGLULU
$\UÕFD DQDOL]LQ DQODPOÕ RODELOPHVL LoLQ WH PHORODUDNVHoLOHQ\ÕOÕQKHUEDNÕPGDQLúOHW PH IDDOL\HWOHULQL \DQVÕWDFDN QRUPDO ELU \ÕO ROPDVÕJHUHNLU%XED÷ODPGDX\JXODPDPÕ] GDWHPHOED]\ÕO\ÕOÕRODUDNVHoLOPLú tir.
%D] \ÕO VHoLOGLNWHQ VRQUD ¿QDQVDO WDEORGD \HUDODQKHUNDOHPED]DOÕQDQ\ÕOÕQD\QÕWU GHNL GH÷HULQLQ WXWDUÕQD E|OQHUHN R NDOHP LoLQH÷LOLP\]GHVLKHVDSODQÕU%XOXQDQVR QXFXQ \]Q DOWÕQGD ROPDVÕ EX NDOHPLQ
7DEORYH\ÕOODUÕQDDLW%LODQoR7DEORVX $.7ø)/(59DUOÕNODU ,'g1(19$5/,./$5 $+$=,5'(ö(5/(5 .DVD $OÕQDQdHNOHU %DQND 9HULOHQdHNOHUYHgGHPH(PLUOHUL 'L÷HU+D]ÕU'H÷HUOHU &7ø&$5ø$/$&$./$5 $OÕFÕODU $ODFDN6HQHWOHUL 9HULOHQ'HSR]LWRYH7HPLQDWODU 'L÷HU7LFDUL$ODFDNODU ùSKHOL7LFDUL$ODFDNODU ''øö(5$/$&$./$5 2UWDNODUGDQ$ODFDNODU øúWLUDNOHUGHQ$ODFDNODU 'L÷HUdHúLWOL$ODFDNODU (672./$5 øON0DGGHYH0DO]HPH 7LFDUL0DOODU 'L÷HU6WRNODU 9HULOHQ6LSDULú$YDQVODUÕ +'øö(5'g1(19$5/,./$5 'HYUHGHQ.'9 øQGLULOHFHN.DWPD'H÷HU9HUJLVL 3HúLQgGHQHQ9HUJLOHUYH)RQODU ,,'85$19$5/,./$5 '0$''ø'85$19$5/,./$5 $UD]LYH$UVDODU %LQDODU 7HVLV0DNLQHYH&LKD]ODU 7DúÕWODU 'HPLUEDúODU %LULNPLú$PRUWLVPDQODU <DSÕOPDNWD2ODQ<DWÕUÕPODU 9HULOHQ$YDQVODU
**(/(&(.<,//$5$ $ø7*ø'(5/(59(*(/ø5 7$+$..8./$5, *HOHFHN<ÕOODUD$LW*LGHUOHU $.7ø)/(5723/$0, 3$6ø)/(5.D\QDNODU ,.,6$9$'(/ø<$%$1&, .$<1$./$5 $0$/ø%25d/$5 %DQND.UHGLOHUL %7ø&$5ø%25d/$5 6DWÕFÕODU %RUo6HQHWOHUL 'L÷HU7LFDUL%RUoODU &'øö(5%25d/$5 2UWDNODUD%RUoODU 3HUVRQHOH%RUoODU '$/,1$1$9$16/$5 $OÕQDQ6LSDULú$YDQVODUÕ $OÕQDQ'L÷HU$YDQVODU )g'(1(&(.9(5*ø9('øö(5 <h.h0/h/h./(5 gGHQHFHN9HJLYH)RQODU gGHQHFHN6RV\DO*YHQOLN Kesintileri *%25d9(*ø'(5.$5ù,/,./$5, '|QHP.DUÕ9HUJLYH'L÷HU<DVDO <NPOON.DUúÕOÕNODUÕ +*(/(&(.$</$5$ $ø7*(/ø5/(59(*ø'(5 7$+$..8./$5, *LGHU7DKDNNXNODUÕ -'øö(5.,6$9$'(/ø<$%$1&, .$<1$./$5 +HVDSODQDQ.'9 ,,,g=.$<1$./$5 $g'(10øù6(50$<( 6HUPD\H 6HUPD\H']HOWPHVL2OXPOX )DUNODUÕ
151 &.$5<('(./(5ø <DVDO<HGHNOHU g]HO)RQODU '*(d0øù<,//$5.$5/$5, )'g1(01(7.$5,=$5$5, '|QHP1HW.DUÕ '|QHP1HW=DUDUÕ 3$6ø)/(5723/$0, 7DEORYH\ÕOODUÕQDDLW*HOLU7DEORVX *(/ø57$%/268 $%5h76$7,ù/$5 <XUWLoL6DWÕúODU <XUWGÕúÕ6DWÕúODU 'L÷HU*HOLUOHU &1(76$7,ù/$5 '6$7,ù/$5,10$/ø<(7ø 6DWÕODQ0DPXOOHU0DOL\HWL 6DWÕODQ7LFDUL0DOODU0DOL\HWL 6DWÕODQ+L]PHW0DOL\HWL 'L÷HU6DWÕúODUÕQ0DOL\HWL ()$$/ø<(7*ø'(5/(5ø $UDúWÕUPDYH*HOLúWLUPH*LGHUOHUL 3D]DUODPD6DWÕúYH'D÷ÕWÕP *LGHUOHUL *HQHO<|QHWLP*LGHUOHUL )'øö(5)$$/ø<(7/(5'(1 2/$ö$1*(/ø59(<$ .$5/$5 øúWLUDNOHUGHQ7HPHWW*HOLUOHUL %D÷OÕ2UWDNOÕNODUGDQ7HPHWW Gelirleri )DL]*HOLUOHUL .RPLV\RQ*HOLUOHUL .RQXVX.DOPD\DQ.DUúÕOÕNODU 0HQNXO.Õ\PHW6DWÕú.DUODUÕ .DPEL\R.DUODUÕ 5HHVNRQW)DL]*HOLUOHUL
QDUDNYH(úLWOLN7DEOR¶GHQ\DUDUODQDUDN KHVDSODQDQ H÷LOLP \]GHOHUL 7DEOR ¶GH YHULOPLúWLU 7DEOR ¶GHNL \]GHOHU \DUGÕ PÕ\ODdD÷<DSÕ6DQ7LF$QRQLPùLUNHWLQLQ NXUXPVDOODúPDVÕQÕQ\ÕOODULWLEDUÕ\ODùLUNHWLQ SHUIRUPDQVÕQDHWNLOHULWHVSLWHGLOHUHNWDEOR VRQXQGD\RUXPODUÕQD\HUYHULOPLúWLU
%LODQoR 7DEORVXQGD <HU $ODQ $NWLI9DUOÕNODU¶OHULoLQ(÷LOLP<]GHOHUL 7DEOR¶GHNLdD÷<DSÕ6DQ7LF$QRQLP ùLUNHWLQH DLW %LODQoR WDEORVXQGD \HU DODQ $NWLI 9DUOÕNODU¶OHU LoLQ \ÕOÕ ED] DOÕ
(QÀDV\RQ']HOWPHVL.DUODUÕ *'øö(5)$$/ø<(7/(5'(1 *ø'(59(=$5$5/$5 .RPLV\RQ*LGHUOHUL .DUúÕOÕN*LGHUOHUL 0HQNXO.Õ\PHW6DWÕú=DUDUODUÕ .DPEL\R=DUDUODUÕ 5HHVNRQW)DL]*LGHUOHUL 'L÷HU2OD÷DQ*LGHUYH=DUDUODU +)ø1$160$1*ø'(5/(5ø .ÕVD9DGHOL%RUoODQPD*LGHUOHUL 8]XQ9DGHOL%RUoODQPD*LGHUOHUL ,2/$ö$1',ù,*(/ø59( .$5/$5 gQFHNL'|QHP*HOLUYH.DUODUÕ 'L÷HU2OD÷DQGÕúÕ*HOLUYH.DUODU -2/$ö$1',ù,*ø'(59( =$5$5/$5 dDOÕúPD\DQ.ÕVÕP*LGHUYH =DUDUODUÕ gQFHNL'|QHP*LGHUYH=DUDUODU 'L÷HU2OD÷DQGÕúÕ*LGHUYH=DUDUODU .'g1(0.$5,9(5*ø9( 'øö(5<$6$/<h.h0/h/h. .$5ù,/,./$5, 723/$0
153 7DEORYH\ÕOODUÕQDDLW%LODQoR$N WLÀHU7DEORVXQXQ(÷LOLP<]GHOHULLOH$QDOL]6RQXFX $NWLÀHU9DUOÕNODU (öø/ø0 (öø/ø0 (öø/ø0 ,'g1(19$5/,./$5 $+$=,5'(ö(5/(5 .DVD $OÕQDQdHNOHU %DQND 9HULOHQdHNOHUYH gGHPH(PLUOHUL 'L÷HU+D]ÕU'H÷HUOHU &7ø&$5ø$/$&$./$5 $OÕFÕODU 167.15 $ODFDN6HQHWOHUL 9HULOHQ'HSR]LWRYH 7HPLQDWODU 'L÷HU7LFDUL Alacaklar ùSKHOL7LFDUL Alacaklar ''øö(5$/$&$./$5 2UWDNODUGDQ Alacaklar øúWLUDNOHUGHQ Alacaklar 'L÷HUdHúLWOL Alacaklar (672./$5 øON0DGGHYH Malzeme 147.45 7LFDUL0DOODU 'L÷HU6WRNODU 9HULOHQ6LSDULú $YDQVODUÕ +'øö(5'g1(1 9$5/,./$5 'HYUHGHQ.'9 øQGLULOHFHN.DWPD 'H÷HU9HUJLVL 3HúLQgGHQHQ 9HUJLOHUYH)RQODU
154 \ÕOÕQGD\ÕOÕQDJ|UHRUD QÕQGDDUWÕúROGX÷X\ÕOÕQGD\ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X \ÕOÕQGD\ÕOÕQDJ|UHRUDQÕQGD DUWÕúROGX÷XJ|]OHPOHQPHNWHGLU7LFDUL$OD FDNODUÕQ\DSÕODQVDWÕúODUVRQXFXùLUNHWLQDO PDVÕJHUHNHQFUHWOHUROGX÷XELOLQGL÷LQGHQ YH\XNDUÕGDHOGHHGLOHQ\]GHOHUGHQNXUXP VDOODúPDQÕQ\ÕOODULWLEDUÕ\OD7LFDUL$ODFDNOD UÕ \]GH RODUDN DUWWÕUGÕ÷Õ YH úLUNHWH SR]LWLI \|QGH ID\GD VD÷ODGÕ÷ÕQÕ V|\OHQHELOLU %XQ ODUOD ELUOLNWH JHQHO RODUDN 'XUDQ 9DUOÕNODU NDOHPLQH EDNÕOGÕ÷ÕQGD \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X J|]OHPOHQPHNWHGLU%XGXUXPJHQHORODUDN 'XUDQ9DUOÕNODUNDOHPLQHJ|UHNXUXPVDOODú PDQÕQ\ÕOODULWLEDUÕ\ODúLUNHWHSR]LWLI\|QGH 7DEOR¶GH\ÕOÕED]DOÕQDUDNHOGHHGL
OHQ H÷LOLP \]GHOHUL LQFHOHQGL÷LQGH \ÕOODU LWLEDUÕ\OD \ÕOÕQD J|UH GH÷LúLPOHU J|] OHQHELOPHNWHGLU %X GH÷LúLPOHULQ ROD UDNSR]LWLIYHQHJDWLI\|QGHNLPLNWDUODUÕQD J|UH NXUXPVDOODúPDQÕQ úLUNHW ]HULQGHNL HWNLOHUL LIDGH HGLOHELOLU %XQD J|UH %LODQoR WDEORVXQGD $NWLÀHU9DUOÕNODU NDOHPOHUL QH EDNÕOGÕ÷ÕQGD JHQHO RODUDN '|QHQ 9DU OÕNODU NDOHPLQGH \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕúROGX÷X\ÕOÕQGD\ÕOÕQDJ|UH RUDQÕQGDDUWÕúROGX÷XJ|]OHPOHQ PHNWHGLU %X GXUXP JHQHO RODUDN '|QHQ 9DUOÕNODU NDOHPLQH J|UH NXUXPVDOODúPDQÕQ \ÕOODU LWLEDUÕ\OD úLUNHWH SR]LWLI \|QGH ID\GD VD÷ODGÕ÷ÕQÕJ|VWHUPHNWHGLU'|QHQ9DUOÕNOD UÕROXúWXUDQHQ|QHPOLNDOHPOHUGHQELULRODQ 7LFDUL$ODFDNODU NDOHPLQH EDNÕOGÕ÷ÕQGD LVH
,,'85$19$5/,./$5 '0$''ø'85$1 9$5/,./$5 $UD]LYH$UVDODU %LQDODU 7HVLV0DNLQHYH &LKD]ODU 7DúÕWODU 'HPLUEDúODU %LULNPLú $PRUWLVPDQODU <DSÕOPDNWD2ODQ <DWÕUÕPODU 9HULOHQ$YDQVODU **(/(&(.<,//$5$ $ø7*ø'(5/(59( *(/ø57$+$..8./$5, 64.55 *HOHFHN<ÕOODUD$LW Giderler 64.55 $.7ø)/(5723/$0,
155
%LODQoR 7DEORVXQGD <HU $ODQ 3DVLÀHU.D\QDNODULoLQ(÷LOLP<]GHOH UL
7DEOR¶GHNLdD÷<DSÕ6DQ7LF$QRQLP ùLUNHWLQH DLW %LODQoR WDEORVXQGD \HU DODQ 3DVLÀHU.D\QDNODU LoLQ\ÕOÕED]DOÕ QDUDNYH(úLWOLN7DEOR¶GHQ\DUDUODQDUDN KHVDSODQDQ H÷LOLP \]GHOHUL 7DEOR ¶GH YHULOPLúWLU 7DEOR ¶GHNL \]GHOHU \DUGÕ PÕ\ODdD÷<DSÕ6DQ7LF$QRQLPùLUNHWLQLQ NXUXPVDOODúPDVÕQÕQ\ÕOODULWLEDUÕ\ODùLUNHWLQ SHUIRUPDQVÕQDHWNLOHULWHVSLWHGLOHUHNWDEOR VRQXQGD\RUXPODUÕQD\HUYHULOPLúWLU
ID\GD VD÷ODGÕ÷ÕQÕ J|VWHUPHNWHGLU 6RQ ROD UDN $NWLÀHU WRSODPÕQD EDNÕOGÕ÷ÕQGD \ÕOÕQGD\ÕOÕQDJ|UHRUDQÕQGD DUWÕúROGX÷X\ÕOÕQGD\ÕOÕQDJ|UH RUDQÕQGDDUWÕúROGX÷X\ÕOÕQ GD\ÕOÕQDJ|UHRUDQÕQGDDUWÕú ROGX÷XJ|]OHPOHQPHNWHGLU%XGXUXPDED NDUDN$NWLÀHU9DUOÕNODU¶H J|UH NXUXPVDO ODúPDQÕQ\ÕOODULWLEDUÕ\ODúLUNHWHSR]LWLI\|Q GHID\GDVD÷ODGÕ÷ÕYHúLUNHWLQ9DUOÕNODUÕQGD DUWÕúVD÷ODGÕ÷ÕVRQXFXQDYDUÕODELOLU 7DEORYH\ÕOODUÕQDDLW%LODQoR3DVLÀHU 7DEORVXQXQ(÷LOLP<]GHOHULLOH$QDOL]6RQXFX 3DVLÀHU.D\QDNODU (öø/ø0 (öø/ø0 (öø/ø0 ,.,6$9$'(/ø <$%$1&,.$<1$./$5 $0$/ø%25d/$5 333.53 %DQND.UHGLOHUL 333.53 %7ø&$5ø%25d/$5 6DWÕFÕODU %RUo6HQHWOHUL 'L÷HU7LFDUL %RUoODU &'øö(5%25d/$5 2UWDNODUD%RUoODU 3HUVRQHOH%RUoODU '$/,1$1 $9$16/$5 $OÕQDQ6LSDULú $YDQVODUÕ $OÕQDQ'L÷HU Avanslar )g'(1(&(. 9(5*ø9('øö(5 <h.h0/h/h./(5 gGHQHFHN9HJLYH )RQODU 334.37 gGHQHFHN6RV\DO Güvenlik Kesintileri
156 QÕQGDDUWÕúROGX÷X\ÕOÕQGD\ÕOÕ QD J|UH RUDQÕQGD NDOGÕ÷Õ J|]OHP OHQPHNWHGLU %X GXUXP JHQHO RODUDN .ÕVD 9DGHOL <DEDQFÕ .D\QDNODU NDOHPLQH J|UH NXUXPVDOODúPDQÕQ \ÕOODU LWLEDUÕ\OD úLUNHWH SR]LWLI\|QGHID\GDVD÷ODGÕ÷ÕQÕJ|VWHUPHN WHGLU.ÕVD9DGHOL<DEDQFÕ.D\QDNODUÕROXú WXUDQHQ|QHPOLNDOHPOHUGHQELULRODQ0DOL %RUoODU NDOHPLQH EDNÕOGÕ÷ÕQGD LVH \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQ GD DUWÕú ROGX÷X \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X 7DEOR¶GH\ÕOÕED]DOÕQDUDNHOGHHGL
OHQ H÷LOLP \]GHOHUL LQFHOHQGL÷LQGH \ÕOODU LWLEDUÕ\OD \ÕOÕQD J|UH GH÷LúLPOHU J|] OHQHELOPHNWHGLU %X GH÷LúLPOHULQ ROD UDNSR]LWLIYHQHJDWLI\|QGHNLPLNWDUODUÕQD J|UH NXUXPVDOODúPDQÕQ úLUNHW ]HULQGHNL HWNLOHUL LIDGH HGLOHELOLU %XQD J|UH %LODQoR WDEORVXQGD 3DVLÀHU.D\QDNODU NDOHPOHUL QH EDNÕOGÕ÷ÕQGD JHQHO RODUDN .ÕVD 9DGHOL <DEDQFÕ.D\QDNODUNDOHPLQGH\ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD NDOGÕ÷Õ \ÕOÕQGD\ÕOÕQDJ|UHRUD *%25d9(*ø'(5 .$5ù,/,./$5, '|QHP.DUÕ 9HUJLYH'L÷HU<DVDO <NPOON.DUúÕOÕNODUÕ +*(/(&(. $</$5$$ø7 *(/ø5/(59(*ø'(5 7$+$..8./$5, *LGHU7DKDNNXNODUÕ -'øö(5.,6$9$'(/ø <$%$1&,.$<1$./$5 +HVDSODQDQ.'9 ,,,g=.$<1$./$5 114.45 $g'(10øù 6(50$<( 6HUPD\H 6HUPD\H']HOWPHVL 2OXPOX)DUNODUÕ &.$5<('(./(5ø 13.71 13.71 <DVDO<HGHNOHU g]HO)RQODU '*(d0øù<,//$5 .$5/$5, )'g1(01(7.$5, =$5$5, '|QHP1HW.DUÕ '|QHP1HW=DUDUÕ 3$6ø)/(5723/$0,
157 SR]LWLI\|QGHID\GDVD÷ODGÕ÷ÕQÕJ|VWHUPHN WHGLU %X GXUXPD EDNDUDN g] ND\QDNODUD J|UHNXUXPVDOODúPDQÕQ\ÕOODULWLEDUÕ\ODúLU NHWHSR]LWLI\|QGHID\GDVD÷ODGÕ÷ÕYHúLUNH WLQ.D\QDNODUÕQGDDUWÕúVD÷ODGÕ÷ÕVRQXFXQD YDUÕODELOLU
*HOLU 7DEORVXQXQ (÷LOLP <]GHOHUL LOH $QDOL]L
7DEOR¶GHNLdD÷<DSÕ6DQ7LF$QRQLP ùLUNHWLQHDLW*HOLUWDEORVXQGD\HUDODQ veri OHULQ\ÕOÕED]DOÕQDUDNYH(úLWOLN7DE OR ¶GHQ \DUDUODQDUDN KHVDSODQDQ H÷LOLP \]GHOHUL 7DEOR ¶GH YHULOPLúWLU 7DEOR ¶GHNL\]GHOHU\DUGÕPÕ\ODdD÷<DSÕ6DQ 7LF$QRQLPùLUNHWLQLQNXUXPVDOODúPDVÕQÕQ \ÕOODULWLEDUÕ\ODùLUNHWLQSHUIRUPDQVÕQDHWNL OHULWHVSLWHGLOHUHNWDEORVRQXQGD\RUXPOD UÕQD\HUYHULOPLúWLU
\ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD NDOGÕ÷Õ J|]OHPOHQPHNWHGLU 0DOL ERUoODUÕQ oHúLWOL VHEHSOHUGHQ GROD\Õ ùLUNHWLQ \DSWÕ÷Õ ERUoODU ROGX÷X ELOLQGL÷LQGHQ YH \XNDUÕGD HOGH HGLOHQ \]GHOHULQ KHU QH NDGDU WHPHO \ÕODJ|UHDUWÕúJ|VWHUPLúROVDGD\ÕO ODU LWLEDUÕ\OD Gúú J|VWHUL\RU ROPDVÕ \DQL \ÕOÕQGD \H J|UH YH \ÕOÕQ GD \ÕOÕQD J|UH 0DOL %RUo RUDQODUÕQÕQ Gúú WUHQGL J|VWHUPHVL NXUXPVDOODúPDQÕQ \ÕOODU LWLEDUÕ\OD 0DOL ERUoODUÕ \]GH RODUDN D]DOWWÕ÷ÕYHúLUNHWHSR]LWLI\|QGHID\GDVD÷ ODGÕ÷ÕQÕV|\OHQHELOLU%XQODUODELUOLNWHJHQHO RODUDNg]ND\QDNODUNDOHPLQHEDNÕOGÕ÷ÕQGD \ÕOÕQGD\ÕOÕQDJ|UHRUD QÕQGDDUWÕúROGX÷X\ÕOÕQGD\ÕOÕQD J|UH RUDQÕQGD DUWÕú ROGX÷X \ÕOÕQGD\ÕOÕQDJ|UHRUDQÕQGD DUWÕúROGX÷XJ|]OHPOHQPHNWHGLU%XGXUXP JHQHO RODUDN g] ND\QDNODU NDOHPLQH J|UH NXUXPVDOODúPDQÕQ \ÕOODU LWLEDUÕ\OD úLUNHWH
7DEORYH\ÕOODUÕQDDLW*HOLU7DEORVXQXQ(÷LOLP <]GHOHULLOH$QDOL]6RQXFX *(/ø57$%/268 (öø/ø0 (öø/ø0 (öø/ø0 $%5h76$7,ù/$5 <XUWLoL6DWÕúODU <XUWGÕúÕ6DWÕúODU 'L÷HU*HOLUOHU &1(76$7,ù/$5 '6$7,ù/$5,1 0$/ø<(7ø 6DWÕODQ0DPXOOHU 0DOL\HWL 6DWÕODQ7LFDUL0DOODU 0DOL\HWL 6DWÕODQ+L]PHW 0DOL\HWL 'L÷HU6DWÕúODUÕQ 0DOL\HWL
()$$/ø<(7 *ø'(5/(5ø $UDúWÕUPDYH*HOLúWLUPH *LGHUOHUL 3D]DUODPD6DWÕúYH 'D÷ÕWÕP*LGHUOHUL *HQHO<|QHWLP *LGHUOHUL 111.43 116.51 )'øö(5 )$$/ø<(7/(5'(1 2/$ö$1*(/ø59(<$ .$5/$5 44.65 øúWLUDNOHUGHQ 7HPHWW*HOLUOHUL %D÷OÕ2UWDNOÕNODUGDQ 7HPHWW*HOLUOHUL )DL]*HOLUOHUL 153.43 .RPLV\RQ*HOLUOHUL .RQXVX.DOPD\DQ .DUúÕOÕNODU 0HQNXO.Õ\PHW 6DWÕú.DUODUÕ .DPEL\R.DUODUÕ 5HHVNRQW)DL] Gelirleri (QÀDV\RQ ']HOWPHVL.DUODUÕ *'øö(5 )$$/ø<(7/(5'(1 *ø'(59(=$5$5/$5 .RPLV\RQ*LGHUOHUL .DUúÕOÕN*LGHUOHUL 0HQNXO.Õ\PHW 6DWÕú=DUDUODUÕ .DPEL\R=DUDUODUÕ 5HHVNRQW)DL] Giderleri 'L÷HU2OD÷DQ*LGHU YH=DUDUODU +)ø1$160$1 *ø'(5/(5ø 117.53 175.51 .ÕVD9DGHOL %RUoODQPD*LGHUOHUL 117.53 175.51 8]XQ9DGHOL %RUoODQPD*LGHUOHUL
ROGX÷XJ|]OHPOHQPHNWHGLU%XGXUXPJHQHO RODUDN1HW6DWÕúODUNDOHPLQHJ|UHNXUXPVDO ODúPDQÕQ\ÕOODULWLEDUÕ\ODúLUNHWHSR]LWLI\|Q GH ID\GD VD÷ODGÕ÷ÕQÕ J|VWHUPHNWHGLU 'L÷HU )DDOL\HWOHUGHQ 2OD÷DQ *HOLU YH\D .DUODU NDOHPLQGH \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGDNDOGÕ÷Õ\ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGD NDOGÕ÷Õ \ÕOÕQGD\ÕOÕQDJ|UHRUDQÕQGD DUWÕúROGX÷XJ|]OHPOHQPHNWHGLU%XGXUXP JHQHO RODUDN 'L÷HU )DDOL\HWOHUGHQ 2OD÷DQ *HOLUYH\D.DUODUNDOHPLQHJ|UHNXUXPVDO ODúPDQÕQ\ÕOODULWLEDUÕ\ODúLUNHWHSR]LWLI\|Q GHID\GDVD÷ODGÕ÷ÕQÕJ|VWHUPHNWHGLU$\UÕFD ùLUNHWLQ *HOLULQL YH .DUOÕOÕ÷ÕQÕ \ÕOÕQD JHOLQGL÷LQGH\ÕOÕQDJ|UHPLNWDUYHRUDQ RODUDN DUWWÕUGÕ÷ÕQGD J|]OHPOHQPHNWHGLU 6RQRODUDN*HOLUOHUWRSODPÕQDEDNÕOGÕ÷ÕQGD \ÕOÕQGD\ÕOÕQDJ|UHRUD QÕQGDNDOGÕ÷Õ\ÕOÕQGD\ÕOÕQDJ|UH RUDQÕQGDDUWÕúROGX÷X\ÕOÕQ 7DEOR¶GH\ÕOÕED]DOÕQDUDNHOGHHGL
OHQ H÷LOLP \]GHOHUL LQFHOHQGL÷LQGH \ÕOODU LWLEDUÕ\OD \ÕOÕQD J|UH GH÷LúLPOHU J|] OHQHELOPHNWHGLU %X GH÷LúLPOHULQ RODUDN SR]LWLIYHQHJDWLI\|QGHNLPLNWDUODUÕQDJ|UH NXUXPVDOODúPDQÕQúLUNHW]HULQGHNLHWNLOHUL LIDGH HGLOHELOLU %XQD J|UH *HOLU WDEORVXQ GDNL NDOHPOHUH EDNÕOGÕ÷ÕQGD %UW 6DWÕúODU NDOHPLQGH \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGDNDOGÕ÷Õ\ÕOÕQGD \ÕOÕQDJ|UHRUDQÕQGDDUWÕúROGX÷X \ÕOÕQGD\ÕOÕQDJ|UHRUD QÕQGD DUWÕú ROGX÷X J|]OHPOHQPHNWHGLU %X GXUXPJHQHORODUDN%UW6DWÕúODUNDOHPLQH J|UHNXUXPVDOODúPDQÕQ\ÕOODULWLEDUÕ\ODúLU NHWH SR]LWLI \|QGH ID\GD VD÷ODGÕ÷ÕQÕ J|V WHUPHNWHGLU 1HW 6DWÕúODU NDOHPLQGH \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQ GD NDOGÕ÷Õ \ÕOÕQGD \ÕOÕQD J|UH RUDQÕQGDDUWÕúROGX÷X\ÕOÕQ GD\ÕOÕQDJ|UHRUDQÕQGDDUWÕú ,2/$ö$1',ù, *(/ø59(.$5/$5 1.51 gQFHNL'|QHP*HOLU YH.DUODUÕ 'L÷HU2OD÷DQGÕúÕ
Gelir ve Karlar 1.51 -2/$ö$1',ù, *ø'(59(=$5$5/$5 dDOÕúPD\DQ.ÕVÕP *LGHUYH=DUDUODUÕ gQFHNL'|QHP *LGHUYH=DUDUODU 'L÷HU2OD÷DQGÕúÕ *LGHUYH=DUDUODU .'g1(0.$5, 9(5*ø9('øö(5 <$6$/<h.h0/h/h. .$5ù,/,./$5, 723/$0 71.73
PHNWHGLU gUQH÷LQ ¿UPDQÕQ OLNLGLWH \DSÕVÕ LQFHOHFHNLVHDQDOL]EX\|QHD÷ÕUOÕNYHULUYH EXNÕVÕWDOWÕQGDGHULQOHúLU
*QP] \|QHWLP DQOD\ÕúÕ KHU JHoHQ JQ GDKDGD\R÷XQODúDQYHNUHVHOOHúHQUHNDEHW RUWDPÕQGDKD\DWWDNDODELOPHNYHJHOHFHNWH GH YDU RODELOPHN LoLQ LúOHWPHOHULQ NXUXP VDOODúPDODUÕQÕYD]JHoLOPH]NÕOPDNWDGÕU $UDúWÕUPDPÕ]GD H÷LOLP \]GHOHUL \|QWHPL LOHLúOHWPHQLQJ|VWHUGL÷LJHOLúPHOHULQFHOHQ PLúWLU(÷LOLP\]GHOHULEHOLUOLWDULKOHUYH\D GHYUHOHU DUDVÕQGD ELODQoR NDOHPOHULQGHNL DUWÕúYHD]DOÕúODUÕYHEXGH÷LúLNOLNOHULQQLVSL |QHPLQLRUWD\DNR\DU .$<1$./$5 $'$067%XVLQHVVLV%XVLQHVV &DQ¿HOG3UHVV1< $7(ùg$LOHùLUNHWOHULQGH'H÷L
úLP YH 6UHNOLOLN $QOD\ÕúÕ $QNDUD hQY6RV%LO(QVøúOHWPH$%'<D \ÕQODQPÕú<N/LV7H]L$QNDUD $.'2ö$117(1.(51 )LQDQVDO7DEORODUYH0DOL$QDOL]7HN QLNOHULJHQEDVNÕ*D]L%UR.LWD EHYL$QNDUD $.*hdg)LQDQVDO<|QHWLP %DVNÕ$YFÕRO%DVÕP<D\ÕQøVWDQEXO GD\ÕOÕQDJ|UHRUDQÕQGDDUWÕú ROGX÷XJ|]OHPOHQPHNWHGLU%XGXUXPDED NDUDN*HOLUOHUWRSODPÕQDJ|UHNXUXPVDOODú PDQÕQ\ÕOODULWLEDUÕ\ODúLUNHWHSR]LWLI\|QGH ID\GDVD÷ODGÕ÷ÕYHúLUNHWLQ*HOLUOHULQGHDUWÕú VD÷ODGÕ÷ÕVRQXFXQDXODúÕODELOLU 6218d
.XUXPVDO LúOHWPHOHU LoLQ ¿QDQVDO GXUXP ODUÕQÕQ DQDOL] HGLOPHVL oHúLWOL oÕNDU JUXS ODUÕ YH LúOHWPHFL DoÕVÕQGDQ oRN |QHPOLGLU *HQHO GXUXPXQ VD\ÕVDO DQDOL]OHUOH PDVD\D \DWÕUÕODUDNDQDOL]OHUVRQXFXQGDHOGHHGLOHQ UDSRUODUD J|UH KDUHNHW HGLOPHVL \DWÕUÕP ODUÕQ EX UDSRUODU GR÷UXOWXVXQGD \|QOHQGL ULOPHVL JHUHNPHNWHGLU g]HOOLNOH \|QHWLP DoÕVÕQGDQ GDKD GHULQOHPHVLQH LQFHOH\HFHN ROXUVDNLúOHWPHQLQHWNLQOL÷LEHOLUOHQHQKH GHÀHU GR÷UXOWXVXQGD EXOXQXODQ QRNWD YH JHoLú G|QHPOHUOH ELUOLNWH JHOHFH÷H \|QHOLN \DSÕODQSODQODUÕQWXWDUOÕOÕ÷Õ¿\DWSROLWLNDOD UÕYHDOÕPVDWÕPNRQWUROHNVLNYH\DKDWDOÕ \|QOHULQIDUNÕQDYDUÕODUDNG]HOWLOPHVLDoÕ VÕQGDQE\N|QHPDU]HWPHNWHGLU
)LQDQVDO DQDOL] LoLQ NXUXPVDO LúOHWPHQLQ IDDOL\HWOHULQLQ UHVPL RODQ ³PDOL WDEORODU´ DQDOL] HGLOPHOLGLU %XQODUGDQ HQ |QHPOLOH ULEWoHJHOLUWDEORODUÕEWoHJLGHUWDEORODUÕ YHELODQoRWDEORODUÕGÕU%XWDEORODUÕQDQDOL]L \DSÕOÕUNHQPXKDVHEHWHRULYHX\JXODPDODUÕ LúOHWPHQLQ\HUDOGÕ÷ÕVHNW|UNROXRG|QHP GHLoLQGHEXOXQXODQHNRQRPLNGXUXPLúOHW PHQLQSROLWLNDYHGXUXPXL\LúHNLOGHELOLQ PHOLGLU)LQDQVDODQDOL]GHD÷ÕUOÕNYHULOHFHN NRQXODUÕ DQDOL]LQ \DSÕOPD DPDFÕ EHOLUOH
161
(57(1h 0 hPUDQL\H (÷LWLP
YH $UDúWÕUPD +DVWDQHVLQGH )LQDQVDO 3HUIRUPDQV *|VWHUJHOHULQLQ 'H÷HU OHQGLUPHVL %H\NHQW hQY6RV%LO (QVøúOHWPH<|Q$%'+DVWDQHYH 6D÷OÕN .XUXPODUÕ <|QHWLPL 3URJUD PÕ<D\ÕQODQPDPÕú<N/LV7H]LøV tanbul.
*(1d7h5.'d$LOHøúOHWPH
OHULQLQ%\PHVLYH%\PH6WUDWH MLOHULQH.DUúÕ7XWXPX.RFDHOL6DQD\L 2GDVÕ¶QD %D÷OÕ $LOH øúOHWPHOHULQGH %LU8\JXODPD.RFDHOLhQY6RV%LO (QVøúOHWPH%|OP<|Q2UJ$%' <D\ÕQODQPÕú<N/LV7H]L.RFDHOL .$5$00%)LQDQVDO<|QHWLP *D]L.LWDSHYL$QNDUDV .$d$5+ øúOHWPH(NRQRPLVLYH %LOLP$oÕN|÷UHWLP)DNOWHVL<D\ÕQ ODUÕ(VNLúHKLUV .$538=2ö/8 ( %\\HQ YH
*HOLúHQ $LOH ùLUNHWOHULQGH .XUXP VDOODúPD´+D\DW<D\ÕQODUÕøVWDQEXO s:6.
.$538=2ö/8 ( Aile ùLUNHW
OHULQLQ6UHNOLOL÷LQGH.XUXPVDOODú PD7&øVWDQEXO.OWUhQLYHUVLWHVL $LOH øúOHWPHOHUL .RQJUH .LWDEÕ VV .,5,0$$LOHùLUNHWOHULQLQ<| QHWLPL 6LVWHP <D\ÕQFÕOÕN øVWDQEXO V $.,1 % %\PH YH .XUXPVDO ODúPD6UHFLQGH$LOH ùLUNHWOHULQGH <|QHWLP .DUPDQ gUQH÷L 6HOoXN hQY 6RV%LO(QVW øúOHWPH %|OP <|Q2UJ$%' <D\ÕQODQPÕú <N /LV7H]L.RQ\D
$.,1*hd%* Aile øúOHWPHOH
ULQLQ <DSÕVÕ YH *HOHFH÷L øVWDQEXO .OWU hQLYHUVLWHVL$LOH øúOHWPHOHUL YH *LULúLPFLOLN $UDúWÕUPD 0HUNH]L øVWDQEXOV $/$2ö/8( Hastane øúOHWPH FLOL÷LQGH(OHNWURQLN6LVWHPH G e oLú<|QHWLP%LOLPL'HUJLVL V %(.7g5(6YHdg0/(.dø) 0DOL7DEORODU$QDOL]L (6%$9 <D \ÕQODUÕ1R (VNLúHKLU %$=0.$<$66$9$ù.øú YHUHQYHøú*|UHQøOLúNLOHULøø%'HU JLVL 6D\Õ &LOW VV d(/ø. Ö 0DOL$QDOL] YH <|QOHQ GLUPH$ODUNRøVWLNEDO.XOE'HUJL VL6D\Õ
'h=(1/øh1$UúLY<|QHWLPL
7&0% gUQH÷L <D\ÕQODQPÕú 8] PDQOÕN7H]L$QNDUD
'85$1((1(50.25.0$=0 <$+<$2ö/8*.
UHVHO .UL]LQ .RFDHOL øúJF 3L\DVD VÕ h]HULQGHNL 2OXPVX] (WNLOHULQLQ 8\JXODPDOÕ2ODUDN$UDúWÕUÕOPDVÕøø% 'HUJLVL6D\Õ&LOWVV
7$1.Ö,62.DOLWH<|QH WLP6LVWHPL$oÕVÕQGDQ%LU$LOHùLUNH WLQLQ.XUXPVDOODúPD0RGHOL<NVHN /LVDQV7H]Løh)HQ%LOLPOHUL(QV WLWVV 7$ù 0 7&$QNDUD hQLYHUVLWH VL6RV\DO%LOLPOHU(QVWLWVøúOHWPH $QDELOLP 'DOÕ <NVHN /LVDQV 7H]L ³0DOL $QDOL] 7HNQLNOHULQGHQ 7UHQG <]GHOHUL7HNQL÷L´$QNDUD
8=812ö/86 Kurumsal Kim
OLN .XUXPVDO .OWU YH .XUXPVDO øPDM.XUJX<D\ÕQODUÕVV±
<,/',5,0$87UN$LOHøúOHW
PHOHULQGH.XUXPVDOODúPD\Õ ( Q JHOOH\HQ$LOH 'H÷HUOHUL h]HULQH ,V SDUWD øOLQGH %LU dDOÕúPD 6OH\PDQ 'HPLUHO hQY 6RV%LO(QV øúOHWPH $%' <D\ÕQODQPÕú <N/LV7H]L ,VSDUWD <$/1,=2ö8/8 $0 ³6D÷ODP *D\UL0HQNXO<DWÕUÕP2UWDNOÕ÷Õ5D SRUX´øVWDQEXOZ Z Z V D J O D P J \ R com.tr(ULúLP <(1(502'7h*HOLúLP'HU JLVL6D\Õ$QNDUDV <$/.,1<.øúOHWPHOHUGH0 D O L
$QDOL] 7HNQLNOHUL EDVNÕ 6%) $QNDUDVV
<,/$1&, 0 <,/',= % YH .ø5$&, 0)LQDQVDO%DúDUÕVÕ]OÕNLOH dDOÕúPD6HUPD\HVL<|QHWLPLDUDVÕQ GDNLøOLúNL0XKDVHEH%LOLP'Q\DVÕ 'HUJLVL&V4 .2/% 5: DQG 52'5ø*8(= 5 - )LQDQVDO<|QHWLP dHY
$OL øKVDQ .DUDFDQ 63. <D\ÕQODUÕ 1R$QNDUD .851$=10XKDVHEH6LVWHPOH ULQH%LOJL7HNQRORMLOHUL+L]PHW'HV WH÷L6D÷OD\DQ%LOJLVD\DU)LUPDODUÕQÕQ +L]PHW .DOLWHVLQLQgOoOPHVLh]HUL QH$PSLULNELU$UDúWÕUPD0XKDVHEH )LQDQVPDQ'HUJLVL6D\Õ 0225(&DQG-$(',&.(5 <|QHWLP0XKDVHEHVLdHY$OSDUVODQ 3HNHU%DVNÕøVWDQEXOVV 5$&+0$1 '- 0(6&21 0+ %29ƞ(&/7+,//-9 %XVLQHVV7RGD\6L[WK ( G L W L R Q 0F*UDZ+LOO1< ù$+ø1 + øúOHWPH <|QHWLPL 7UNL\H (NRQRPLVL (NLQ <D\ÕQODUÕ V 6(9ø/(1*h/ 2 %DQNDODUGD .UHGL0úWHULOHULQLQ)LQDQVDO7DEOR ODUÕQÕQ$QDOL]LYH7UNL\H8\JXODPD VÕQÕQ'H÷HUOHQGLULOPHVL$QNDUD 67,&.1(<&3 )LQDQFLDO5 H SRUWLQJ DQG 6WDWHPHQW $QDO\VLV D VWUDWHJLF SHUVSHFWLYH UG HG)RUW :RUWK7H['U\GHQ3UHV
7(7ø. 1 8/8<2/ 2 Aile
ùLUNHWOHULQLQ <DSÕVDO 6RUXQODUÕ 0DODW\D 6DQD\L øúOHWPHOHUL 8\JXOD PDVÕ$WODV<D\ÕQ'D÷ÕWÕP øVWDQ EXOV
163
ø17(51(7.$<1$./$5
&DUJLOO,QF dHYULPLoLKWWSVZZZ
IHFZDWFKR UJOREE\FOLHQWVXPSKS" OQDPH &DU,QF \HDU (ULúLP