close

Вход

Забыли?

вход по аккаунту

?

Dengi 27 2015 100pdf.net

код для вставки
| dengi.kommersant.ru
?27 [1035] 13.07 ? 19.07.2015
?????????????
????????????
????????????? ????
л???????????╗
???????
?? ?????????????
????????
??????
???????
?????? 73100
????? ??? ?????????
??? ?????? ???????
????????????
?????????? ?????
????????????? ?????
?? ??? ?????????
???????? ?????
?? ??????????? ????
?????? ?????
????? ??
?????? ????
??????????
? ??????
14
??????? ?? iPad
20
41
???? ? ??????
??? ???????
????????
?? ???
25
?? ????? ?? л???????????╗
?? ?????? ???????? ? ???????? ?????
?? ????????? ?????, ?? ?????? ?? ????
????????
?? ????????
??????
???????
16+
????? ???????????, ??????????:
???????
????????????
??? ??????? ? ???????
л????????╗
???????
??????????
??????
??? ????????
????????
????? ?????
???????
????????
?????????? ??????
????? ?????????
???????
л??????.??????╗,
Webmoney,
??????@Mail.Ru,
QIWI
123
?????????????
??? ?????? ??????.
??????????? ? ??.
? ??????? ???????????????? Faktura.ru
? л?????-????╗
?? ????? ??????????
????????
? ??????? ?????
л????????╗
????? ?????????
л????????╗
kommersant.ru
?27
??????????
[? 1035] ?????? 13.07а? 19.07.2015
AFP
?????
6 ?????? ??????????? ??????
?????
8 ??? ???????? ??????? ? ????????? ????????
???? ??????? ???????? ??????????? ??????????
9 ??????? ?? ?????? ????????? ????
10?????????
???
???? ?????? ???
??? ?????, ???? ????? ?? ??????????? ? ???????
??????
???
??????????
??????
? ??????
14 ????? ??? ?????????
??? ?????? ??????? ????? ?????????? ?????
10
???????? ??????
17 ???????? ??????????:
???????? ??????????? ? ??????? ? ??? ??????
???????? ???????? ?????? ?? ????????
??????????? KupiVIP Group ? ?? ????????????
?????????? ????????-????????
20??????
????
????????????? ?????
?? ??? ????????? ???????? ????? ?? ??????????? ????
????????
25 ???? ? ??????
??? ??????? ???????? ?? ???
31?????? ???????
????????????
????? ? ??????? ??????????
?????? ?????? ?????? ????????? ?? ????? ?????
???????? ?????
34 ???? ? ?????
??? ???????? ????? л????????╗ ?????????? ??????????
????
36 ?????? ? ??????? ????
??? Cadillac Escalade ?????????? ????????? ??????????
????? ???????????
41?????
?????? ?????
?????? ?????
????? ?? ?????? ???? ?????????? ? ??????
???????
14
?? л???н???н?????╗
??н??н??? ??н??н??н??н???? ????н??н??
? ???н??н?? л???н???н?????-????н??╗:
47 ?????? ?????????? ??????????
???????? ? ?????????
????????????? ??????? ????????
???? ?? ????? ???????
?????? ?????? ????
41
49???????????? ????????
??????? ?????????
??????????? / 7а????????
??????? ????????? ???????? / 14а????????
?????????? ??????? / 21а????????
????н??н??н?? ?а ???н???н??н??н??н?? ???н??н???, ??н??н??н??н??н???н???
? ???н??н??н??? ???н???н??? ??н??н??н?н???. ??н??н??н?? ??? ????н???:
(499) 943-91-08, (499) 943-91-10, (499) 943-91-12
???????????
?????????? ??????
??????????? ?????? ????????????? ????????????
? ???????? ? ???????
??????? ????????
????? ?????
?????????, ??? ???????? ???????
??????????? ????????? ???????. ?????? ?? ?????? ?а?????
???????? ??????? ?а???????
???????????????, ?? ?а?а?????
????????? ?????? ?????, ??????? ????????, ??????????, ???????? ?????????? ???????.
?? ???????? ?????? ?????????? ?а??????а? ?а?????? ?????? ?а??????? ????. ????????,
???? ??????????? ????????? ??????? ????????, ?????????, ?????? ?а?????? ????????? ?а?????????? ??????????? ??????
?а?????. ?????? ???????, ?????????? ?? ????? ????? ????????
?????? ?а??? ?????? ?????, ??
??? ?????? ?????????? ????????, ??? ?????????? ???????
???????? ????? ?? ?????.
16+
??????????? ?????? ????????????? ????????????
??????????? ????????? ????????????? ??????
???????? ????????,
????????? ?? л???????????╗
?????? ?????, ?????????????? ?? л???????????╗
????? ????????, ??????????? ????????
??ал???????????╗
???????????
???? ?????????, ???-???????? ?? л???????????╗
?????? ???????, ??????? ???????? ??????
л???????????╗
?????? ?????, ????-????????? ?? л???????????╗
????????? ????????, ??????? ????????
????????????? л??????????? ??????╗
???? ?????????, ??????? ????????
????????????? л??????????? ??????╗
????????? ??????, ???????????
???????? ????????? ?????????????
л??????????? ??????╗
?????? ???????, ??????? ????????
лKOMMERSANT.RU╗
???? ???????, ??????????? ???????? ?????????
лKOMMERSANT.RU╗
??????? ??????, ????????? ????????,
????а????????, ?????? ???????, ???????????
???????? ????????? ?????? л???????????╗
??????? ????????, ???????????? ????? ????????
?????? ?????, ????????
??????????????? ??????
????? ??????, ???????? ??????????
??????? ????????, ????????????? ?????????
???????????? ??????? ?????????????
л???????????-??????╗
?????? ??????, ????????? ????????,
?????? ?????
??????????? ?????????????? ?? л???????????╗
??????? ??????, ????? ????????,
????? ???????????, ?????а????????,
??????а??????????, ???? ?????????,
???????? ??????, ???? ????????,
????? ?????????????,???????? ????????
?????? ??????????? ??????????
??????? ???????, ???????? ?????,
?????? ????????, ???? ????????
?????????? ????????
???? ???????? (????????)
??????? ?????? (????????????? ????????)
?????? ???????? (????????????)
???????? ?????????? (???????)
????? ????? (?????)
???????? ???????? (??????????????? ?????)
???? ????? (????????)
???????? ???????? (??????)
????? ???????? (??????? ????????)
???? ??????? (????????)
??????????? ????????
????????????? л??????????? ??????╗
???? ?????
????????????? ?????????
????????????? л??????????? ??????╗
????? ????????
???????????? ?????
??????? ??????? (?????????? ??????)
???? ??????? (?????????? л?????? ????╗)
??????? ????????? (???????????? ???????)
??????? ?????? (????????-????????)
??????? ????? (??????????? ??????????)
?????? ??????????? ??????????
????????? ???????????
?????????? ????? ???????
?????? ???? ??????????
???? ???, ??????? ????????
??????? л??????????? ??????╗
?????? ???????????, ????????
??????? л??????????? ??????╗
?????? ????????, ??????? ????????
??????? л??????????? ??????╗
?????? ?????, ??????? ????????
?????? л???????????╗
?????? ?????, ????????????
?????? ???????
???????????? ????????
?? л???????????╗
???. (495) 921 2353, (499) 943 9110, (499) 943 9108
??????? ????????
???????? ?? ?????????? ?аPR
???. (499) 943 9140
???? ????????, ????????
???????? ?? ????????
???. (499) 943 9774
??????? ??????, ????????
??? ?????????? ????????????? ????????????
????????? ?????? л???????????╗,
?????????????? ???????? л?????????╗,
????-????, л??? ???????╗, л?????╗, AGENCE FRANCEPRESSE, ASSOCIATED PRESS, THOMSOM REUTERS,
?а????? ??????? INTEGRUM ?аLEXIS-NEXIS.
????? ??????-??????? ???????? ?????
??????? ?? ???????? ?а?а???????
??? л???????????-?????╗
???. (495) 721 1201 ???? (495) 721 9077
??????????, ???????? ?а????????
?? ???????????,
????? ????? ???????, 4, ???. 1, ??????, ??, 125080
???????????
???. (499) 943 9117, ???? 158 6586
????????-?????? ??????? ????? ?????
?? ???????: HTTP://DENGI.KOMMERSANT.RU,
KOMMERSANT.RU. ????????-?????? ???????????
?????? ??????????? ?а00.00
??????? (499) 943 9742
E-MAIL: DENGI@KOMнMERнSANT.RU
???????? ?? ????? ???????????????
?? ????????????? ??????????,
?????????????? ?а????????? ???????????.
???????? ?? ????????????? ??????????
??????????. ??????????? ??????????,
?????????????? ?а?????????????
л??????????? ??????╗, ??????????? ??????
?? ???????????? ?а?????????.
?????????????? ??????? ??????????
?а??????? л??????????? ??????╗
???????? ????????. ???????????
?????? ?а???????? ??????? (????????).
й ?? ???????????
????????? ?????? 73100.
?????? л???????????+╗ 76400
???????????????? ?а??????????????? ????????
?????????? ????????? ?? ?????? ?? ? 012978
10 ??????? 1997 ????.
????? 52 740.
????? ??????????????
???? ????????? ??????
?????????? ?а?????????. ??????????
л??????? ??╗ ???????????? 27, ???????.
???? ?????????
?а??????? ??????? ?а?????? ????????,
?????????? ?а??????? ???????
?? л???????????╗, ?????????? ?????? ????????,
?а????? ?а?????? ??????????? ?а????? ??????
????????? ?? ??????????? ????????:
(800) 200 2556
???????: ???????? ??????
?? л???????????╗ ?????????? ?а????? ???????????? ?????????? ?????????????? ???????
л??????????? ????╗. ????????????? ?? л???????????╗ ??????????? ?а???? л??????????╗.
?????? ?? ?????????? ??????? ?а?????? л???????????╗ ??????????? ????????? ???????
?? л???????????╗ ???. (495) 926 5262, (499) 943 9110, (499) 943 9108, (499) 943 9112, E-MAIL:
SIGN@KOMMERSANT.RU, ?а????? ?????? ???????????????????: ??????????? ???л?? ??????? ?????
????н?????????╗ (4232) 447-751; ????????? л?????? ??? ????н????????-?????? ?а??????????╗
(8442) 238 740, 238 798; ????н??? ??? л????н???н?????? ?а??н??н??н??╗ (4732) 610 268, 610 267; ????????????
??? л???????н?????? ?а?????н???н?????╗ (343) 365 41 09, 358 98 82; ??????? ??? л???????????? ???
?????????? ???????╗ (3952) 205 204; ???? ??? л?????????????а? ???????╗ (+38 044) 496 37 20;
?????????? ??? л??????????? ??????????╗ (391) 252 24 74; ?????? ???????? ??? л?????????????
?а?????? ?????????╗ (831) 411 87 83; ??????????? ??? л???н????????-??????╗ (383) 21 20 242, 23 80 867;
???? л?????? ???????н???н?????-??????? ?а?????╗ (3812) 31 67 23; ????? ??? л????н???н?????? ?а?????╗
(342) 218 18 80, 218 18 81, 218 18 82; ??????-??-???? ??? л????н???н?????? ?а???????-??-????╗
(863)?218 17 45; ?????? ??? л???н???н?????-?????╗ (846) 27 67 251; ?.-????????? ??? л????н???н??????
?а?????-??????????╗ (812) 324 69 49; ??? ??? л???н???н?????-????????????╗ (347) 246 25 27, 292 79 65;
????????? ??? л??????? ?????╗ (8352) 55 55 06; ????????? ??? л?????????? ??????? ??????╗
(4212) 75 06 60.
?????
??????? ????? ?????????????? ????? л?╗
?????? ??????????? ??????
??????? ???? ???????????? ?а?????? ?????
???????? ??????????? ?а2015 ???? ????? ??
????????? ?а2014-? ?? ??? ??????а? ?? 56
(4,7 ????), ???????? ????????? л??????╗ ??
??????? ?? ????????? ????????? ???????????? л?????????╗. ?а??? ????? ???? ????????????
?????? ?????????? ?? ???????????? ????????
?????? ?????????? ???????? 37а??????? (3,1
????), ?а?????????? ?? ????????? ????????а?
?а??????? ???? ??????, 57а??????? (4,8 ????).
????????? ????????????, ??? ?а??????????
???? ???????????? ???????? ????? ????? ??????????? ?? ????-??? ????. ????? ????, ?а????
?? 29,7% ????????? ??????? ???????? ??????????? ?аLCV, ?? 140,2а???. ?????, ?? ?????????
?а????? ???????? ????, ??????? ??????? ?????????????????? ?????????? ???????????? ??????? (???). ?? ???????? ???, ?? ?????? 2015 ????
????????? ???????? ??????????? ?????????
?? 36%, ?? 1,55а??? ?????. ??????? ??????
??????? ?а????, ??? ??? ??????? ?????????????
????????? ??????????? ?а??????????????: ???-
10,5% ????? ????????? ?????-
??? ?? ?????? 2015 ????, ?????? ????? ?????????????????
??????? ???????. ???????????
??????? ???????????? ????
???????? ?? ?????? 11,9%. ?????
??????? ???????, ??? ?а????
???????? ??????????? ?? 0,2%
?????? 0,4% ?а???, ?а???????
????????? ????????? ?? 15,3%
?????? ??????? 15,8%.
3,45а???? ???. ???????
??????? ???? ?а????????
???? ?? ????????? ??????????
????????. ?????? ???????????
??????????? ?? ???? ???????
?? ???????????? ???????.
л???? ?????? ?????????? ???
????????????? ????????
?? ??? ???????? ??????. ??
??????? ?а??? ??? ???????? ????????? ??? ??????, ???????
??? ??? ???????? ??????╗,?
??????? ????????? ???????
?????? ????????
??????????? ??????
? 2 7 [ 1 0 3 5 ] 1 3 . 0 7?1 9 . 0 7. 2 0 1 5
6
?????????? ??????? ???????? ?????? ?????,
??? ?????????? ???????. ????? ????? ?????????????? ?????? ??? ?????? ???????? 100а???.
?????.
???? ?? ????????? ?а??????????? ???????? 2014-??,
??????????????? ?????? ?????????? ??????????. ?а????
2015-?? ??????????? ????? ??????? ??????? ?? ????? ????????
????????? ???????? $13,3а????,
?????????? ???????????? ????
???????? ????? ????????
????????????.
?? 38,8%, ?? $76,6а????, ??-
???????? ?????? ??????? ??
????? ???????? ?????????
?а?????? ?а??????????? 2015
?????? ? ?????? ??????? ?? ????? ???????? ?????????
? ???? 2015 ????
????????????
???? 2015 ????
($ ???)
???? (???????)
? ???? 2014 ???? (%)
???? ? ???????????
197,4
-49,5
???? ? ?????? ??????????????
105,0
-37,6
???????? ????????
38,7
-76,2
?????
167,9-46,0
?????? ? ?????
313,5
-32,4
????? ????????????
82,0
-1,2
?????
38,8-21,8
???????? ????????
??????????? ? ?????????????? ???????
?????
6,8
66,5
123,5
-38,6
72,6-7,1
?????????? ?????????
2704,5
-24,0
??????????? ??????? ? ?????
696,1
-37,5
?????????????????? ?????????
6198,9
-46,1
????????: ?????? ???.
2014 ???? ?? 39,2%. ?? ????????? ?а???? 2015-?? ??????
?а???? ?????????? ?? 7,6%.
845,7а???? ???. ????????
??????? ??????????????????
??????? ?? ?а??????????
2015 ???? ?????? ????????? ??
??????????? ?????? 2014-??
?а1,053а???? ???., ????????
??????????? ????????????.
?а2014 ???? ??????? ?????????????????? ??????? ?? ?? ??????
???? ???????? 844,9а???? ???.
????? 3% ??? ?? ??????
?? ??????????????? ??????
????????????? ??? 7% ???,
??? ??????? ?? ??????? ???????? ??????????? ?????????.
????????? ????????, ??? ?????????? ??????? ?а?????????,
?а???????? ??????? ??????????
???? ??????? ????? ?а??????????? ???? ?????????????,
? 2 7 [ 1 0 3 5 ] 1 3 . 0 7?1 9 . 0 7. 2 0 1 5
?????
??15?20%
????? ????????? ?????? ????????? ? ??????? ???? ??
????????? ? ???????? 2014-??. ????? ????? ???????????? ? ????????? ?????? ?????? ??????? ???????,
??? ??????? ??????????? ???????????????? ????????? ????????? ??????? ????? ? ???????? ??????.
?? 15% ??????? ????? ???-
??????? ?? ?????? ???????
????????? 2015 ???? ?? ????????? ?а??????????? ????????
2014-??, ??????????????? ?????? ??????? ???????????? ??????? ???????? ?а???????????.
????? ?? ?????? ????????? ????
???????????? 7658а?????????
?а???????? ??????? ?а?????????
????????? ?????????? ??????
6631 ??? ????? ?а5619 ?а??????
????????? 2013-??.
?? 25%, ?? $600 ?а???, ??????
??????? ???????? ?????? ??
????? ?????? ?а?? ?????? 2015
???? ?? ????????? ?а2014?, ???????????? ?????????
?????????????? ????????
Cushman & Wakefield (C&W).
?аC&W ????????, ??? ??????????? ?????? ????? ?????????
????? ??????? ?? ??? ??????? ???????? ????? ??????.
???????? ????????, ??????????
??????? ????? ?а???? ???? ??????? ????? ?????? ?????????
????? ??????????? ???????, ??????? ????????????? ????????.
?? ?????? ????? ????????????а?
???????? (????? 2,9%), ?? ???????а? ???????? (????? 2,6%).
???? ?????????, л?╗
??? ????? ??? ???? ????????
?а600а???. ?????????? ???????
??????. ????? ????, ??????????
??????????? ??????? ????????
???????? ?а??????????????
?а?????? ????????????? ??????????. ?? ?????? ???????????
????????????? ????????????,
????????????? ???????????????
???????????? ?????????????.
???, ???????????? ?????????
????????? ????? ?а??? ????
??????, ??? ?а???? ????? ??
(???????, ??????, ?????),
????????-??????????? ?????????а? ?а1,9а????.
?? 100% ?????? ???????????
???????????? ?????? ???????? ????????? ?а???????
?????? ???, ?????? ?????
??????????? ?????????
??????. л??????? ??????, ??????? ????? ?????? ????? ????????
?????????? ??, ??????????
????????????????╗,? ???????
??. ??????? ??????????, ???
?????? ????????? ?????????
????????? л???????????????
?????????╗ (?? ???? ??? ?? ???????????? ???????? ?????????
??????? ???????? 2а???? ???.),
?а?????? ?????????? ?????????? ???? ???????????????????.
?????, ?а????, ??????? ???????
???????? ?????? ??????????????? ?????????? ????? ?? ???????????????? ?????? ???????????????????.
??????? ?? ?????? ?? ????
? ?????? ????????? ?? ??, ???,
?????????, ?????? ? ????????
?? ????????? ???? ??????
???????
???????????
(68%)
???????
?????????????
(17%)
?? ??????? (4%)
???????????
???????? (11%)
????????: ????? ????,
???? 2015, 1000 ????????????.
??????? ?? ???? ??????
?? ????????? ????? ???????
???????
?????????
(47%)
???????
?????????
(23%)
?? ???????
(18%)
???????????
???????? (12%)
?? 40% ?а?????? 2015 ???? ????
????? ?????????? ????????, ?????????? ?? ?????, ???????
????? ?????????? ???? ???????.
??????, ???? ?? ????? ??????????
??????????? ?а???????, ????????????? ???????? ???????????
????????? ?? 28% ?? ?????? ????
??????? 2015-?? ?? ?????????
????????: ????? ????,
???? 2015, 1000 ????????????.
?а??????????? ???????? 2014
????. ?????????? ?????????? ????????????? (????) ????????, ???
???????? ?? 40% ???????? ?????
?? ???? ?а????? ????? ????? ?? ????????????? ????? ?а??????.
$100а???? ???????? ?????
????? ???? ???????? ????????
???????? ?????. ?а??????????
?а????? ???????????? ??????????, ??? ???? ???????? ?а???????????????? ????а? л?? ????????
?????????????? ????????????
??????? ???????????? ????? ???????? ??????? ?а???????? ???
?а?????? ????????????? ???????
?а?????????? ????????????╗. ??
?????? ?????? ????? $41а????
???????? ???????? ?????, ??
$18а????а? ????????, ?????
?а??????, ??? $5а????а? ???.
15а???? ?????? ($691а???)
?????????? ?а???? ?????????????? ?????????? ???????
???????? ?? ?????? ?а????????
??????????? ?????? ?? ???????? ????? ?а??. л?????????
?? ???? ?????? ?????????? ??????????????? ????????? ??????????? ??????? ???????????????? ????????? ??????? ?а???
?????, ????? ???????? ??????
?а???????????????╗,? ???????
???????-??????? ???????
??????? ??????. ?????? 2014
???? ?????? ??????? ????????
?????? ?? ?????? ????? ?????
??? ?а1а???? ?????? ($85а????) l
????? ??? ??????
? ?????? л????????? ?а???????
????????╗, ??????????????
?а?26 (6 ???? 2015 ????), ?????????? ?????????? ?а???,
??? ?? ????????? ????????
л????? ???????╗ ??????? ?????
?? ?????. ?а????????????????
25а???. ????? ??????? ???? ?????????? ?а???????? ?а???????
?????????а? л????? ???????╗.
???????? ????????? ?а????????
л????? ???????╗ ???? ?????????.
??????????? ??????
7
?????
??????? ????? ?????? л?????? ????╗
??? ???????? ??????? ? ????????? ????????
??????? ?? л?????? ??????╗ ??????? ???????? ????????? ?????????????? ?????????
??????????? л??????? ????????╗ ?а?????????? ?? ??????? ?а??????? ????????.
??? ??????????? ????? ??????? ?????????,
?????, ????????, ???????.
????? ?????????
??????????? ??????
?27 [1035] 13.07?19.07.2015
8
?????? ??????, ??????????: ? ??? ?????? ???? ??????????
??????????????? ????????? ?? ???????????? ???????.
?а??????? ?? ??????????? ?????? ????? ??, ??? ????????
?????? ???? ????????. ?а?? ????? ?а?? ????, ?а?? ????????, ????????? ?????? ????? ?? ??????? л?а??? ???????
?????? ????╗. ??? ???????? ???? ??????? ?а?????? ??
?????? ???????? ??????? ?? ???????? ???????. ??? ????????? ??????? ??????? ??? ??, ??????? ??????, ?? ?????????? ?а??????????? ????? ????????? ???? ????????
??????????. ?а??? ?????? ??????? л??????? ?????????╗
???? ?? ?????????. ?? ?? ???????? ????? ??????? ???????, ??????? ?????????? ??????? ???????? ????????,
???????????? ??????????????? ???????? (???-?? ?? ?????
л???????? ?????????????: ??????? ?????? ?????? ????????╗). ??? ?????
?? ??????? ????? ??????????? ?а???????????? ????????, ?????????
???????????? ?? ??????????? ?????????????, ????????????? ???? ????????, ?а?????, ??????????? ?????????, ?? ????? ?????????? ?а???.
?????? ??????????, ????-???????? ??????? ??????? ???????:
? ???????? ???? ?а?????. ???????? ?????? ?а??????? ????? ???????
???????? ?????????. ?? ??????, ?а?????, ???? ??? ?????? ??? ?а?????
???????? ?????. ????????? ??????????? ??????????????? ??????????,
??? ?а??????? ?????? ?????????? ?а???????? ??????? ?????? ?????? ??
???? ??????? ????????
??????????? ??????????
???????????? л?????╗ ?????? ????????? ???? ?а????????? ?а?????? ????????? ???? ?а???????? Rutracker.
org, л????????╗ (Flibusta.net) ?аLitmir.me. ?? ???????
????????? ???????????????? ?? ????????? ??????,
???????????? ?а1а??? 2015 ????, ?????? ?????? ??????????? ??????????. ?? ??? ??? ????? ???? ??
???????????.
???????? ??????, ????????????? ????????
???????????? ?????? ?? ?????????? ????????, ???????? ?????????? ?а???????? ?????
???????: ? ?? ?????? ??? ?? ??????. ?а??????, ???
??????????? ?????????? ???????? ?????
??????? ???????? ????????. ??, ???????????? ??? ???? ?????? ?????????, ??????,
??????? ??????????, ??????? ???????? ??????? ?????????, ????? ??????????? ?????-??
???????, ?? ?а??? ??? ??????????? ?а?????????????? ??????????? ?????????? ???????
??????? ?а???????????. ??? ????? ????????!
?????????? ??????????????? ???????. ???? ???????? ????????????,
?а??? ?? ??????. ????? ???????: ?? ??????. XX ??? ?????????? ????? ???
?а?????. XXI ??? ?????? ????? ????? ???????? ?????. ?а???????? ?????
?а?????????? ????????а? ???? ????, ??????? ?а????????? ????????. ??
????, ????? ????????? ??????? ??????? ???? ?? ??????????? ??? ???,?
?а??????? ???? ?????? ?? ??????. ??, ????? ?????? ?????, ????? ?????????? ?????? ???????????????? ???????. ?????? ???????????????? ?????
?????????? ??????????а? ?????? ?а?????, ?? ?????????? ?????????????
????, ?а?? ???????? ??? ????, ????????? ???????. ?????? ???????????????? ?????? ?????? ??? ???????????????.
???? ?? ??????? ??????? ?????????, ??????????, ???????????????. ?? ???? ?а??????
??????? ??????: ???? ?а??????????? ??????????? ?????????? ????? ???????????????
??????????, ???????????, ??????? ?а????????? ???????????????? ????? ?а??????
??????????????? ????????? ??? ???? ????
???? ?а????????? ????????? ????, ????? ??
?????? ????? ??????????? ?????????? ??????
???????????? ???????????????? ??????????,
?? ?а?? ?????????? ??????????????? ??????
?????? ???????????? ??????????????? ????????? ????.
?????????? ????????, ????????: ? ???????
?? ????. ???? ???? ???? ?а????????? ????????, ?? ?а?????? ????????? ?? ?????????,
?а??????? ??? ?? ??????? ??????. ?а??????????????, ???????, ??? ???? ??????????
?а??? ??????????, ?? ????. ??? ????? ?????,
??? ??????? ?????? ?????????, ?а?а????????
?а?????, ???????????, ?????????. ?а??? ?а???
?????? ??????????? ?? ?????????, ?а??????-
?????? ?????? ????? ???-?? ??????????. ???
??? ??????, ????, ??????? ?а?????????, ???
??? ?????????, ???????. ??????? ???? ????
???? ?а????????? ??????, ?? ?а???? ??????
?????????, ???? ?? ???????. ????????? ???????, ??? ????????? ???? ???????? ??????????
?? ???? ??????? ?а?????????? ?? ?????????,
?????????? ??? ???? ???????.
???????? ??????, ??????????? ???????? ???????? ??: ? ??????????? ?????????? ????????
?? ???????? ??????????, ?а??? ?????????
????? ???????? ????????????, ???????? ???????? ?? ???????????? ????????????????.
???? ?? ?????? ?а???? л????????╗, ?? ???
????? ????????? ???? ?а????. л????????╗
???????????, ??? ??? ????, ?а????? ??? ?? ?????????. ??? ??????????????? ??????????,
??????? ???????? ????? ?а?????? ????????
???????, ????????. ?а???????? ???????,
?????, ??????? ?????? ?????????, ?? ?????
??????? ?????, ??????, ??????, ??????? ?????
?????? ??????? ?????,? ??? ?????????.
? 2 7 [ 1 0 3 5 ] 1 3 . 0 7?1 9 . 0 7. 2 0 1 5
?????
??????? ?? ?????? ????????? ????
???? ?????? ?????????, ??????????
???? ?? ?????????: ?? ????????? ??
???????? ??????? ?????? Shanghai
Composite Index ???? ???????? ??
35% ?? ????????? ?а????????? ????,
Shenzhen Compositeа? ?? 40% ?а?????????. ???????, ?а???????, ?????
????? л?????╗ ?????? ?? ?????????,
???????? ????? ??????????: ?????? ??
?????? ????? ??????? ???????? ????????? ????? 6%, л????????╗ ?????????
?а????? ?а???????? ?а?????.
????????, ??? ?а???? ????????? ??????? ??????? ????? ?а2,5а????, ?????
???? ?? ?????? ???????? ?а?????????.
???? ?? ?? ????????? л??╗: ???? ???
???? ?а???????, ?? ???????, ?а???????а? ????????? ??????, ??? ?????
???????? ?а?????. ?????? ??? ?? ?????
?????????? ????? $3а???? ????????.
?????? ??? ?? ??????????? ??????:
?а????????? ?????? ???? ??????? ????????? ????? ????? ????? ??????????
??????, ?????? ??????????? ??????
?? ?????? ?? ????, ?? ?а?? ???????.
?а????? ?а?????? ????? 90а??? ???????
??????????а? ??????, ??? ??????
?????????. ????? ????? ?? ?? ?????????а? ?? ????, ?? ??????? ?????????.
???????? ???? ????????: ?????????
???????, ??? ???? ????? ???????
??????????? ????????? ????? ???????
??????, ??? ????????????. ?????????
??????????????? ???????? ?????
???? ?? ?????????? ?????????????
????? ?????????, ?? ???, ???, ???????????, ?? ??? ?????? ??? ?????? (???
?????????? ????????) ?????? ?? ?????
????????????.
?????? ??? ????? ??????? ??? ???????????? ???????? ?? ????? (?а?????????? ??????? ????? ???? ?? ??
?????????), ??? ???????? ????????
????? ???????? ?????. ?????????, ???
??? ?? ?????? ???????, ????? ?? ???
???????? ????????? ????? ???????.
????????? Reuters ??????? ???? ????????? ?????? л???????????? ?????╗.
?а?????? ??????? ?? ????????? CQF
???????????, ??? ?????? ??? ???????
?????? ????????? ???????? ?????
????????, ?? ???????? ????????????
REUTERS
? ????, ??????, ?????? ????????? ?????? ?? ????????? ???????? ?????. ????? ???? ?? ?????????? ??? ????????????? ????????????, ???? ?? ???? ?? ??? ? ?????? ????????? ???? ? ?????????, ??????? ? ???? ?? ? ?????????
????? ???????????? ??????? ????? ????? ??????? ????????? ? ?????? ?? ????? ? ????????????.
???????? ?? ??????, ???????????? ???
????? ???????????? ????????????
?????????.
?? ???????, ?? ????????? Bloomberg,
???? ?????????? ???????? ???????
????? 1,5а???. ????????, ??? ???? ??
?? 50% ????????????? ?????, ???
????? $3а????. ???????? ???????
IPO. ?????????? ???????? ????????
????????? ?а????, ???????? ????????
???? ?? ??????????? ?????????,? ??
?????? ?????????, ??? ?????? ?? ??
????? $20а????, ?? ?? $40а????. л??
?????? ?????????╗а? ?? ???????????,
????????? ??? ??????? ?????? ???????? ?????? ???????????, ?? ?а??????
?????? ???????? ???????????.
????? ????, ????? ???????? ??????
???????? ??????? ??????а? ??????
???????????? ?а??????? ??????????
(??????? ??????????) ?????????
????????????? ?? ?????, ????????
??????????? ?????????? ????? ?????
????? China Securities Finance Corp.
(???? ???? ?а????? ????? $100а????),
????????? ??? ?????????? ???????
??????????????? ???????? ?а?????????? ???????? ?а???, ??? ??? ???? ?????
???????? ?????, ?а?????????? ??????
?????????? ????? ??? ????? ?????.
??? ?????? ?? ?????? ?????? ????, ???
?????? ????????? ?????? ?а??????? ??
????????? ?????????? ?????, ?а??? ????????, ??? ?а????????? ??? ???? ?????? ????????. ?а??? ?????? ???????????
???????? ??? ???? ??? ?????????????.
????????? ??????????, ??? ?а2008
???? ?а????? ?????? ??? ??????? ???????? ??????а? ?а????????? ??????
???????, ?а??????? ???? ????????.
?????????? ??????????, ??? ?????
?а??? ???, ?а????????????? ?????
???? ??????? ??????, ??? ?а????????????? ????????? ?а?????, ?а?? ???
????? ??????? ??????? ???? ?а????????????????? ??????????. ???
?? ?????????, ??? ??? ??????????
?????????? ????? ???? ????????? ??
?????????? ??????, ?????? ?? л????????? ??????????? ??????????? ??????
?а??????????? ??????????? ???????╗,
??????? ???????.
????? ??????, ?????? ???????????
??? ????????? ?????, ??? ?а??-?????
?????????? ?????????? ????? ?????
????? ?????????? ?????????? (????
?? ??????? ???????а? ?????? ??????
??????????? ???????????) ?????????
?????????. ????? ?? ??????? ??????? ?а????? ??? ????? ???? ???????
??????, ?а??????, ?а??? ?? ?????.
?а?????, ?а???????, ?а???????? ?????? ????? ??????????? ????? ?а?????????????? ??????? ??? ???????
??????????, ??, ????? ???????, ????????? ??????? ??? ???????.
?????? ?? ???? ????????????? ???????????. ???????? ?? ???????? ?????
???, ??? ?????? 8 ???? ????? ???????????? ??????? ???????, л?? ??????
?????????? ?? ??? ?????????, ?????
???????? ????? ????????, ????? ??????????? ?а????? ??????? ????????╗.
?????? ?????
??????????? ??????
9
REUTERS
???
??????
???????? ??????
???
???? ?????? ???
10
??????
????? ??? ?????????
14
???????? ??????
???????? ??????????: ???????? ??????????? ? ??????? ? ??? ?????? ???????? ???????? ?????? ?? ????????
17
TEKCT ????????? ?????
???? REUTERS, KEYSTONE USA VIA ZUMA PRESS
? ??? ?? ?? ???????????? ?????? ????? ? ????????, ????????? ????? ???????????.
? ????? ??????????? ???? ??????????????? ???????? ???????? ??????? ? ?????????
??????, ???? ????? ????? ??????? ????????.
6 ???? ????? ???????? ?? ??????????? ????????? ?????? ?????????? (??, ???, ???). ??????????? ?????????? ??????
??????? ?? ?????????. ????????, ?? ?????? ????????? ???????? ? ???????????? ?????? ????????? ??????? ???????????
????????. ????????? ??????????? ???????? ??????? ? 2?3%
??? ????? ?? ????????????, ?? ?? ?????????????? ????? ????
XIX ??? ????? ??????? ????????, ????????????? ?? ???????
????? XVIII ????.
3 ? ????????? ??????????? лReforms for the Completion of the Current
Program and Beyond╗ ?? 25 ???? ?????? ?????????? ????????? ??????????
?????????? ????????? ??????? ? 1%, 2%, 3%, 3,5% ??? ? 2015, 2016, 2017
? 2018 ????? ?????????????? (?????? ??????? ????? 0,7% ???), ???????
??? (???????? 1% ???), ?????????? ??????? (???????? 1% ???), ?????????? ?????????????? ? ????????? ???????? ??? ????????, ???????? ???????
???? ?? ??????? (?400а??? ? ???), ?????????? ?????? ?? ????????? ???? ??
10 ?????? ? 10% ?? 13% ? ?????? ?? ??????? ? ? 26% ?? 28%, ?????? ?????
??? ??????????????, ???????????? ??????????????.
??????? ????????? UBS ?????? ?????? ????????, ??? ?
?????? ? ?????????? ?????? ?????? ?? ???????? ??????: ?
?????? ??????????????????, ? ???? ? ??????????????????. л??????????? ??????????? ????????????????? ?? ????????????? ???????? ????????????? ??????????, ???????????? ???????? ???????, ??????? ???????????, ????????????,
???????????? ??????, ?????? ? ?????????? ? ?????? ?? ???????. ??????? ?????? ?????? ??? ??????????? ?, ??????? ?? ?
???? ????, ??????? ?????????? ? ???????╗,? ???????? ??.
????? ?? ????????????? ?? ????? ???? ?????? ????????????
???????????? (???? ?? ????????) ???????.
?27 [1035] 13.07?19.07.2015
???
??????????? ??????
?????????
11
?27 [1035] 13.07?19.07.2015
?????????
???
л???????? ? ????
?? ????? ?????
???????? ??????,
??????????? ??????
12
?????????? ? ???????? ????????? ? ?? ????? ??????????? ??????? ? ?????????????? 8 ????. ????????? ??????? ??????? ?????????? ? ??????? ??????????????? ??????. ?? ??? ????? ??????? ????????? ? ??????????????, ???-???????-???????
??????? ?? ??????????? ??????? ??????? л???????????╗ ? ??????????? ??????? ?? ????????? ? ?????????? ????????: ????????? ?????????, ????????????? ???????? ?????????, ?????? ??????????
?????????????? ? ???????.
???????? ?????? ???????
??????? ?? ????????????, ????????, ?????? ?????
?? ????????. ??? ?????? ?????? ???? ?? ????? ??????????. ???? ????????? ??? ????? ????? ??????
?? ???????? ?????? ?? ? ???????? ??????? ??????????? ??????, ?? ?????? ?? ?????????? ? ????????? ?????? ??????????. ????? ????, ?????? ???????????? ?????? ???????? (??????????, ???????,
??????) ???? ?????? ?? ??? ????????, ? ??? ????
???? ?? ?? ?????? ???????? ?????? ?????. ???????,
??????? ?????? ?? ??????? ?1,6а???? ??? 30 ????
????????? ??? ???? ????????? ?????, ???????
?????? ???? ????????? ?? ?????? ???????.
???????, ????????????? ?????? ?? ???. ??????????? ????????? ????? ???????, ??????? ???????? ????????? ????????? ????????? л??????? ?
XXI ????╗, ?? ?????? ??????????? ???????? ? ???????? Die Zeit, ??? ? ???????? ?? ??? ?????: л????
???????? ???????? ??? ????, ??? ???????? ? ????
?? ????? ????? ???????? ??????, ??????? ? ??????? ????? ??????? ?? ???? ?? ???????????? ??
????? ??????? ??????. ?????? ??? ????? ?????????? ?????? ?????? ??????????????. ? ??? ??? ?????
????? ?????? ??????╗. ? ?????????, ?? ??????????,
??? ???????????? ????????????? ???? ??????? ????
???????? ?? ?????????? ?????????? 1953-??, ? ?????? ???????? ???? ??????? 60% ??????????? ???????? ?????.
? ??????????? ?????? ????? ? ????????? ?????? ????????? ? ?????? ????????? ??????????,
???????? ?????? ???????, ???? ????????, ??????? ????, ??? ??????? ? ??????. ? ?????????????
???????????????? ????? ?????? 8 ???? ??????????
??????? ? ????? ??? ??????? ??????. ???????, ?
????? 2012 ???? ????????? ??? ??????? ?100а????
????? ?????? (52% ???), ? ????????? ??????? ?
???????? ?????? ???????? ? 1953-? ?? ?????? ???????????, ???? ? ???? ??????? ?????? ???? ????????????, ?? ??? ????????? ?? ??? ?????.
???? ?????? ???????? ???? ?????? ????? ?? 10
???? ?? ?????????? ?????? ??????????? ?? ????????. 8 ???? ????????????? ???????? ??????? ????????? ?????? ? ????????? ?????? ?????? ? ?????? ???????????? ????????????????? ?????????
(???), ? ?????????? ??????????? ?? ????????
???????????? ?? ???????. ????? ???????????
???? ?????? ????????? ?????????? 12 ????, ?
???, ?????? ?????, ????? ??????? ???? ??? ??????????. ?? ????????? ????????? ?????? Naftemporiki,
??????? ? ??????? ?????
??????? ?? ???? ?? ???????????? ?? ????? ???????
??????. ?????? ??? ?????
?????????? ?????? ??????
??????????????╗
???? ???????? ??????????? ? ????????????? ?????????? (????????, ????????? ??????? ?? ??????? ? ???????). л?????????? ??????, ??? ? ??? ????
???? ???? ??? ????, ????? ????? ????????????? ??????????. ???? ?? ?? ?????? ?????? ? ????, ?? ???
????? ???????? ? ??????????? ?????? ? ????? ?????????? ???????╗,? ?????? ????? ?????????? ??????? ????.
????? ?? ??????
???? ?????-?? ?????????? ????? ?????????, ??????
??? ?? ???????? ???????? ?????, ?? ????????? ?????
????????? ???? ?? ????????. ???????, ??? ? ?????
лPreliminary Debt Sustainability Analysis╗ (??????
??????????? ?? ???? ????? ????????????? ?????)
??????? ????? ?????? ? ????? ??? ? 2020 ???? (?
???? ????????? ?? 3,5% ?? 4,1% ???) ? ??????? ?
??????????? ???????? ???????? (? ??????? 174%
??? ?? 137,5?150% ? 2020-? ? 85?118% ? 2030
????). ???????, ???????? ????????????????????
???????? ??? ????? ??????? ? 2010-??.
??? ?? ????? ?????????? ? ??????????? ? ?????????? ?????? ? ???????? ???????? ???????? ????????????? ?????????. ???? ? ???? ?? ??????
??????? ???????????? ?? ????????? ????????? ???????? ?????, ???? ?? ????? ?? ?????? ?????????.
л????????? ??????? ????????? ???????? ? ? ??????????? ???????????? ????? ? ?????????, ??????? ??????? ???????? ?? ?? ?????? ????? ???
?????? ? ?? ????????????,? ?????????? ???????
????????, ????????? ?????????????? ?????? ??
?????-???????????.? ?? ????? ??? ???????
???? ???????? ??????, ??????????? ? ???, ?? ??
????? ???╗. ???????, ?????? ?????? ?? ????????
????????????? ?????????????? ?? ???????????? ?
????????????? ????????? (??. ??????????
л????? ????????? ???????????╗ ? http://www.
kommersant.ru/doc/2674128).
??????????, ??????!
???? ????????? ????? ????? ??????? ???????????????? ??????? ? ?????? ?? ????????. ???????? ?????? ????????? ????? ???????? 20 ????, ????? ?????? ?????? ???????? ???? ? ?3,5а???? ????? ???.
????????? ?1,6а???? 30 ???? ??? ??-????? ??????, ?? ?? ????????? ??????????? ???????? ?????
??? ?????-??????? ????????? ?? ????, ??? ??? ???
?27 [1035] 13.07?19.07.2015
KEYSTONE USA VIA ZUMA PRESS
?? ???????? ???????????? ??????????. ???? ??
?????? ?? ???????? ?????? ??? 20 ???? (??? ??????? ???? ? 19 ???????, ???? ??? ??????????? ??????????? ?? 30 ????), ?? ?????????? ???????? ?? ????????.
??? ????? ???????? ?????????. ?????? ??? ???????????? ??????????? ????????? ?????? ?? ????
????????? emergency liquidity assistance. ?? ????
????????????? ???? ?????? ??????????? ? ??????
?89а????, ???????? ? ????? ????????? ?????????.
???? ??? ????????? ????? ????????? 20 ???? ?????
???????? ??????????, ????? ???????????, ????????? ????? ??????? ??????-???? ?? ???, ?? ??????
??? ????????????? ? ???????? ??? ????????? ??? ?
???? (????????? ????????? ? ??????? ? ??
?120а????). ????? ???? ?????? ????????.
? ???? ?????? ?????? ?????????, ??? ????????????? ??????, ????????? ??? ??????????? ???????,
????? ????????? ??????? ?? ?????? ???????? ????????, ?? ???? ? ??????? ???????????? ??????. ???
????? ????? ?????? ????? ? ?????? ?? ????????.
?????? ? ???, ??? ?????? ? ?? ????????? ?????
??????? ?? ??????????? ??????, ???????????. л????????, ? ??????? ?? ???????? ????? ??????
?????? ???????? ?????? ? ????????? ??? ? ? ??????? ?????? ???????? ? ?? ??????????? ??? ?? ???
???, ???? ??? ??????? ?? ?????? ???????????
????? ??? ? ?? ???????? ? ??? ????? ?????????,
?? ??? ????? ???? ????,? ??????? ??????? ????????? ?????-????? ??????? ??????.? ??-??????,
???????? ??????????? ?????? ????? ?????????? ?
????? ?????? ???????????? ???????????????? ?
????? ????? ??????? ??? ?????????? ?????? ?? ??,
??? ?????? ?? ????? ???????? ???????? ??????? ??
????????? ??????, ? ????? ??????????? ?? ??????
?????? ? ??. ?????????? ?????? ????? ???????? ??????????. ????? ?????? ????? ???????? ?? ????????????? ???????????, ? ?????? ????? ????? ? ??????
?????????????╗.
?????????? ????. ? ????? 2001 ???? ?????????
???????? ?????? ?? ???????? ? ?????? $93а????. 1 ?????? 2002 ???? ?????? ????????? ???? ?????????? ??
???????? ???? ? ??????? (???????? ??? ??????
????? ????? ??????? ? ???? ?? ??????). ???? ? ????
??????????????? ? ??????????, ??? ???? ??????????
?????? ? ?????? ???? ?????????? ? ???? ?? ?????
??????????? ???? ???????????? (???????????).
7 ?????? ??? ???????
?? ?????? ????? ????
? ?????????????? ????????. ? 1967?1974
????? ??? ????????
?????? ?????????
л?????? ???????????╗
?????????? ?????? ???????, ??????????? ? ??????????? ?????? ????????????. ? 2002 ???? ??? ????????? ? ?????????? ????????? ???? ????? ????? ?
? $321а???? ?? $117а???? (??? ?? ????
????????? ? ? $8,9а???. ?? $3,2а???.). ???????? ? 2002-? ????? ?? 26%, ??????????? ????????? ? 19,2% ??? 22,5%. ???????, ??????? ??????? ???? ?????????????? ????????? ??????????????. ?? ??????????? ??? ?? ???? ????????? ????????? ??????? ????????? ??? ? 2008
???? (??????, ?? ?????? ???, ??? ??
???? ????????? ? ????????? ?????????? $13,3а???.,
? ?????? ? $8,2а???., ?? ??????? ? $2а???.).
??????, ???????? ?? ???????? ????????, ????
???? ??????. ??? ?? ???? ????????? ? ?????? ?????? $18,9а???. ??? ?????? ??????? ? ???? ? $31,9а???.
? 2008-?, ?? ??????, ??? ???? ? 2003-?,? $18,4а???.
(? ? ?????? 1980-? ??? ?? ???? ????????? ? ??????
??? ????, ??? ? ?????????). ??? ???????????? ???????? ? ????????? ?????? ? ????????? ??????
?????? ?????? ??????? ?? ??????, ????????, ?????? ??? ???????? (??? ?? ???? ????????? ?
$7,2а???.).
???? ??????????
???????????? ???????? ????????? ??????? ? ???????? ?????????????? ? ?????? ????? ? ?? ?????????????. ???????? ??????? ???????????? ???? ????????? ????? 45% ???, ????????? ?? ?????? ?
????? 174% ???. ? ????? ????????? ?????? ???
????? ?? ??????. ????? ??????? ??????? ??????? ??
138%, ???????????????? ??????? ?? ??? ??? (???????? ???? ??? ???????????? ? ?????????????
???? ????????, ??????????? ? ????? ???).
????????? ? ?? ?????????? ???????: ?????? ??
?????????????? ???????? ?? ???????? ?????????,
????????? ? ?????? ?????. ?????? ? ???????
????? ????? ? ?? ???????. ???? ???????? ? ? ???????????: ????????? ?????? ? ???? ?? ????? ?????? ? ???? (????????? ??????? 43,5 ???? ??????
????????? ? 31 ?????) ? ????? ??????? ? ??????, ?
??????, ? ?????????? ??????? ????? ?????.
?????? ????????? ? ???? ????????????? ?????.
???? ? ????????? ? ??????? ? ???????? ????? ????
???? ?? ???? ??? ????????? ?? ???????? ????????????? ???????? ?????. ???????????? ?????????
???? ????????? ?????????, ??? ? ?????? ? 1946 ??
1988 ??? ? ?????? ???????????????? ??? ????????????? ?????? ? ????? ???????, ???????? ????????????? ???????? ???, ??????????? ?????????
?????? ? ??????? ????????? 12 ??????? ??????????
91,6%, ? ?????? ? ???????? ??? ? ??????? ???? ?
81,8%, ? ? ??????? ? ??????????, ??????????? ?
???????? ??? ????,? ?????? 67%. 2015-? ????? ?????? ????? ???????? ? ?????? ? 2008-?? (??????
???? ? 0,7% ??? ?????? ? 2014-?). ? ??????, ????, ???
?????? ??????????? ? failed state ? ??????????????
???????????,? ??? ???? l
??????????? ??????
13
?27 [1035] 13.07?19.07.2015
14
?????????
??????
????? ??? ?????????
??????? ???????
????? ???????????? ? ?????????? ??????? ?????????? ????, ??? ? ?????? ????????.
?а???????? ?? ????????? ???????? ??? ????. ?? ?? ??????, ??? ?? ????? ???? ??????????, ?????? ?????? ?????? ?? ??????.
???? ???????
?????? ?????? ????????
???? ????????????, ??? ???????? ?? ?????? ???????? ????
???????????, ????????? ????????????? ????????? (41%)
?а?????? ?????? (22%)а? ?????????? ?????? ?а??????
??????, ?? ??????? ???????? ????????? ?? ?а????????? ??????????? ?????. ???
??? ?????, ??? ??????? ?? ?????? ?????????????? ????????? л??????? ?????? ????????????╗, ?? ?????? ??????
???????? ????????? ??????????? ????, ??? ?? ?????????? ?а?????? ????? (10% ?а15%
??????????????), ?а?? ????????? ????????????? ?????????а? ???? ???????? ????,
??? ?? ???????????? (18%
?а16%).
? ????????? ?? ???? ??????? ???????, ??????????, ??????. ???????? ?????????????
?????? ????????? ?? ???????
??? 2015-??, ?? ?????? ????????, ????????? ?? 3%, ????????
????????а? ?? 8,8%, ??????????? ??????? ?? 5,9%. ???????, ??? ?????????? ????? ??????: ?? ?????? ??, ?а??????
???? ????????? ??????? ???
?? 18,7%, ???? ?????? ???????????? ?????????. ????, ??????? ?а??? ?? ????????? ????
???????????, ???????? ?????? ????????. ?? ??????????? ????????????? ???? ????????? ???????, ????????
?а???????? ?? 15а???. ???. ?а????? ??????????? ?? ????????
???????? ?????? (?????????
???????? ?а??????? ?????????
?а33% ?а??????? 2014-?? ?? 31%
?а????? 2015-??).
??, ???? ?? ??? ???? ?а????,
??, ???? ?? ?????? ???????????, ???-???? ???? ?? ?????????????? ????, ?? ??? ???. ????? ???? ??? ?а???? 2014-?? ??9 ???????? ????? ????
???????? ?а????????, ??????????,
??? ?? ?????? ??????? ? ??????,
? ????????? ?? ???? ???????
??? ?а??????????????? ??????? ?????? ?????????? ??????
?????? ????????? ??????? ?? ?????? ???????? ????????, ?????? ?? ???????? ??????? ?а?????????? ?а??????
????? ????? ?????? ?а????????? ??? (??. ??????). ????? ????, ?? ????? ??????? ?а??????? ????? ?????????? ??????
(?????? ?а?????????? л?????,
?? ????╗ ????????? 3% ?????? ??????? 16%) ?,а???????,
????????? ????, ??? ?????????????? ?? ???????а? ?? ?????? ??????? л??? ???????╗, ??
?а???????? ?????????????.
? ?????? ???????, ?????????? ??? ??? ???? ?а???? ??????????. ?? ?????? ??????
??????????, ???????????? ?????? ???????????????? ????? ??? ???????????? ????
л????? ??????? ?а????????????? ?а?????? ??????╗ (?????????? ????????????????,
?????????????? ?а??? ????? ?а???????????????? ???????????? ?? ???????? ?????? ?? ????), л??????????????
????????????? ??? ????????
??????????, ?а??? ????? ????? ?????? ????????????╗,
???????? ???????? ???????
??? ?????. ?а?????????? ?????? ???? ???????????? ?????????? ?????, ??????????? ?а????????????? ????????????? ?????????????
??????? ???????????? (??????) ?а?????? ??????? ??????? ?а?????????? ?????,
????????????, ??? ?а????????? ???????? ????????????
????? ????????? ?? ?????????? ????????.
??????? ?а??????? ?????-
? ? ? ? ? ???????????? ??????, ?????????? ????????
???? ???????????? ?? ??????????? ?а????? ????, ?????????? ????? ????????????????
?а?????????? ????????????,
????????????????, ????????? ???? ?а??????????????-
??????
?27 [1035] 13.07?19.07.2015
?????????
?????. л?? ?????, ????? ??????????? ??? ????? ??????
??????? ?????? ?а??????????? ?????????? ?а???, ???
??? ????????????. ?? ???????
????????????? ?????????
????? ?? ??????, ?????? ??????? ?????????. ?? ???????
?????? ??????? ?? ???, ?????
??????????? ?? ????????????
?????????????? ??????╗,? ?????? ???????????? ?????????
?????? ??????? ????.
???????????? ????????
????, ??? ???????? ????? ?????????? ??????????, ????
?????? ????????? ????????????, ?? ????????? ?? ????? ?????? ???????? ????????
??????-??????? ?????: ????
????а? ??? ??????? ??????????????? ????????, ???? ????а? ??? ????, ?а?????? ???????а? ????? 50%. ?????? ??
???? ?? ??????, ???????????? ????????? ???????????,
?? ??????????, ??? ?????????????? ???????. ????????? ????? ???????? ??? ?????? ??? ??????????????? ?а????????????, ?? ?а??? ??????
?????? ????? (9% ?а8% ??????,
?????????? ?????????????).
??? ???? ?а??????????? ???????а? ?? 79% ?? ????? ??????? ?? 95% ?? ????? ??????????????а? ????? ?? ?????????, ??? ??? ??????? ????????
????????????????, ?а???????? ????? ????? ???? ????.
?? ??? ??? ??????????
????????, ?? ?????? ?????,
?а???????? ??????? ?а????????? ?????????. ?????
?а??? ?? ??????? ??? ???????, ???????? ?? ?????????
???????, ????? ?????? 5% ?????? ?? ????? ?????????????? ?а0%а? ?? ????? ???????.
????????а? ?? ????? ????????? ????: 9%. л????? ??????? ????? ??? ???????? ?????????? ???????, ?,а????????, ??????а? ??????????.
?? ?? ????? ??????? ??: ??
?
??????????? ????? ?????
?? ??????, ?? ??????????, ???
0% ????????? ??? ?????
?
???????, ?а??? ???? ????????
?????????? ?а??????? ?????
?? ??????, ????? ??????╗,?
????????????? ????.
????????????? ???????????
?????????? ?а???????????
???? ?? ??????????????. ??
?????? ??????????, ??????????? ????? ???????? ?? ????????? ?а??????? ????????? ?????????, ?????????? ??
?????, ????????? ?????? ??????? ?а??????????? ?????????????? ?????, ?а??? ?????
???????????. ???? ????? л???????? ??????? ??????????
?????????? ??? ?????????
???????, ?? ?????? ?????? ?????????? ????? ???????? ??????????? ?а????????????? ???????????, ???????, ???
????? ?????? ????? ?? ?????╗.
??? ?????????, л???? ???? ??????????? ?????, ??? ??? ?????
????????: ?????? ??? ????? ???????, ?а?? ??????? ???????? ????????? ??? ?????????? ?????, ??????? ?????
???? ?? ???? ??????╗. ????????? ?????????? ?? ?а????,
?ал?? ????, ?а?????? ?????
????? ???????? ????? ?а??????????????? ???????╗, ?????????? ??????????.
?? ?????? ??????, ?????????????? ?????? ????
????? ???????????? ?а????? ?????????? ????????????
(?? ???? ????? ???????? ?????? ?а????????????? ?? ????????????????). ??? ????????? ????, л?????? ???? ?? ????? ?а????????? ????????, ??
??????? ????????????? ???????????: 78% ?????? ?а???
??? ???? ??????? ???????????? ??????? ?????????╗. л????
?????? ??????? ??????? ???? ?? ????????????. ?? ???????, ??? ????? ??????? ?????? ??????????. ???, ???? ??????? ???????? ??????
?а?а????? ???? ???? ?????
??????????? ????????????а?
?????????????? ??? ?????, ??
?? ?????? ?????????????? ??????? ???????????? ??? ?????? ??????????? ?? ?????????,? ??????? ????.? ??
????, ???? ??? ???????? ??????????? ????? ??? ?????-
??????????? ??????
15
?27 [1035] 13.07?19.07.2015
??????? ???????? ???????
?? ???????
(% ?? ????? ??????????)
?????????? ??????? ????? ?????? ? ????????? 12 ???????
20
???? ?????? ?? ????????? ? ?????
15
0
% ?? ????? ??????????
6
?????????? ?????????? ?????
10
17
10
5
?????????? ? ?????? ?????
5
0
V.2013
VII.2013
IX.2013
XI.2013
III.2014
VI.2014
IX.2014
XII.2014
III.2015
15
VI.2015
????????: Sberbank CIB Ivanov Consumer Confidence Tracker.
????????? ????????????? ?????????
41
????? ????? ???????????? ? ???????????? ?????????????
18
???????????? ?????????????
50
?????? ??????
22
10
40
30
???????
?????????? ?????
??????? ?? ???? ??????
0,5
%, ??? ? ????
20
12
????? ??? ?? ???? ? ?????????????
10
3
????????: ?? ??.
0
I II III IV V VI VIIVIII IX X XI XII I II III IV V VI VIIVIII IX X XI XII I II III IV V VI VIIVIII IX X XI XII I II III IV V VI
2012
2013
2014
2015
16
??????, ????? ?? ????
1
???????????? ?????? ??????????? ??????? ???????
25
% ?? ????? ????????????,
??????? ???????
16
??????????? ??????
??????
?????????
????? ???????
???????
8
???????
?? ?????????? ??????? ????????
3
7
20
??? ???????????
15
1,5
4
10
1 ???? 2015 ????
5
1 ???? 2014 ????
0
IX.2013
XI.2013
III.2014
VI.2014
IX.2014
XII.2014
III.2015
VI.2015
????????: л??????? ?????? ????????????╗.
????????: Sberbank CIB Ivanov Consumer Confidence Tracker.
??, ?? ????????? ????? ?а?????????, ??? ??????? 1% ?а???
????????? ???????? ????????? ?? ???а? ??? ????????, ??
??????????? ??????? ?? ????????? ?а????????? ????? ???? ??????. ?,а??? ????????
?а??????, ???? ????????? ???
??????? ??????╗.
? ?????? ??????, ???????,
???????? ?? ??????? ?????,
????????????? ?? ????? ??????? ???? ?? ????? ????????? ????. л?а??? ?????? ????? ?? ???? ???? ?? ????? ?а????????? ?????? ?а??? ????????????? ?????, ???????? ??
??????? ?? ??????????????.
??? ??????╗,? ??????? ????.
??? ?? ???????? ??????????
???????, ??, ?? ?????? ??????, ?а??????? ?? ??, ??? ?????? л???????????? ?? ??????? ?????╗, ????????? ??
55% ??????????? ?? ?????
????????? ???? ?а?????????-
????? ?а?? 71%а? ?? ????? ???????????????? ?а???????. ??
15% ?? 49% ?????? (?? ??????
??????) ????? ??????????
?а????????? ??????????? ?????????????? ????????? ????
???????.
?????? ??????????????
?а????? ????????????????? ????????????????? ??????? ???????? ?а???????
?????? ?? ????????? ?? ????????? ????????. л?? ?????????, ?? ?? ????????, ??
???, ?? ??????-???????, ??
?
??????????????, ?? ??????????????? ????, ?? ????????? ?????? ?????? ????
??????? ?? ??????? ?? ?????
?????? ????? ?? ??????????, ?а?????? ?????? ?????????? ???????. ?? ???????, ??? ???? ???????, ??????? ?????? ???? ?????????????, ???????? ??????????
???????? ?? 36% ???????.
?? ???????, 18% ???????, ????????, ?а??????? ?????а?
??? ?????????? ???????? ??????╗,? ??????? ????, ?? ?????? ?????. ???????, ????
?? ??????????? ??????,
??? ?????? ???????? ???????? ??? 24 ?а???? ??????,
??? ??????а? ???????? ?а???????????.
л? ??????-???????? ???
?
?????? 180%, ?а???нc??н???н
?????а? 182% ???????. ??
???????, ??? 180% ??? 182%а?
??? ??????????????╗,? ?????? ????. ?? ??? ??????,
?а????? ?????????????????? л????? ????????? ??????? ????? ??????╗. ???????, л?а10а???. ?????? ???????
????? 180% ??????? ??????,
?а?? 100а???.? ?????. ??????? ?????? ?а????, ????????,
????, ?? ??? ?? ??????????????. ????? ?? ?????? ????????
???????????? ????????? ??????? ?????╗.
? ?????????? ??????? ??????? ?а???????? ??????????????? ?????????? ?????????
??????? ??? ???????? ??????????? ????????? ?????????.
?? ?????? ??????, ??????
????????????? ??????? 53%
??????, ???????? ?????????
?????, ?а???? 15% ???, ???
????????????, ?? ?????? ?????, ????? ??????????????: л?????????? ??????????? ?? ??????????, ?а???????? ?????????
?а?????? ????? ????? ?? ???????: ????? 1а???. ??????, ??
?????? ??????????? ?а???, ???
?а??? ?????? 30а???.╗. ?а??????????????, ??? ??????? ???????? Consumers International
????? ?????, ????????????
????? ?? ????? ?????? ?????????? 100%.
? ???????? ?????????????????? ????????? ??? ???????? ????? ?????????. ?? ??????
????????????? ?????????????? ?????? ???????, ??? ?????? ?????? ?? ??? ???????
?? ??????? ?а???, ??? ??? ???????? ???????, л??????? ?а??????????? ???????? ?? ????? ?????????? ????????????╗:
л???? ??? ?????? ?а??????
??????? ?? ?????? ?????? ???????? ?? ????????. ?а??? ????? ??? ????????? ?? ??? ???????? ?????? ?????????.
???? ???????? ??? ??????,
?а?? ???? ?????? ????? ????????? ??? ?а????????????? ????????????, ??? ?а?а???????????
??? ?а??????╗.
????? ?а??????????? ????????? ???? ?? ????????. ???
?????????? ?а???? ????????
?? ???????, ??????, ????????? ????, л?????? ?????????????, ??????? ????? ???????????? ????????? ???????????,
?????? ????????, ????????? ?а??????? ????? ??????????? ????????????, ????????
??? ????????? 6а???. ??????
??????? ?????? ??-?? ????,
??? ???????????? ?????? ???????? ???????????╗ ?а?????
????? ?????????? ?? ??????????? l
???????? ??????
?27 [1035] 13.07?19.07.2015
17
???????? ??????????: ????????
н??????????? ? ??????? ? ??? ??????
???????? ???????? ?????? ?? ????????
???? ??????
??????????? KUPIVIP GROUP ? ? ???, ?????? ?????????? ????????-????????
?????? н????????, ? ??????? ?? ????? ?????? ? ? ???????? ???????
????????????? ????????-???????? ?? ??????.
???? ??????
?? ?????????? ???????,
??? ???? ??????? ????? ???? ?????? ???????.
?????? ?а???а? ?? 65%...
? ??? ??????. ?а????а? ??
55?60%.
??? ??? ??? ????????
? ?? ?? ??????????. ?а?????? ?????? ????? ??????? ??????????? ??? ??? ???????-???????????. ?? ???? ?а?????
???????? ???????. ?а?????????? ????-????????? ?????? ??????? ?? ?а????? ???????? ????, ?а??? ?а??????-
??? ???????? 2013-??. ?а2009
????, ????? ????? ???????????????? ?? ??????????? ???????, ?????? ?????? ??????????? ?? ???????а? ?????
???? ??????? ??????. ???
???????????? ???????? ??
???????? 2012 ????. ?????
?????? ????????? ?????????
?а????????????? ?????, ??
?а2013 ???? ??? ???????? ??
?????. ??? ??????а? ?а???,
??? ?? ???????? ?????? ????????? ??????????? ?? ?????????????? ?????????,
?а?а????? 2013 ???? ?а??? ??-
???? ?????????? ????????,
??? ??????, ???????? ??????
?а????? ??????? ?????, ??????? ???? ?? ???????????
?? ??????.
????? ?? ????????? ????
?а?????????? ?????????
? 70% ???????а? ?а??????.
??? ?а??????, ?а?? ?????????, ?а????????, ?а?????????????.
??????, ??-??????, ?????
????? ????????? ??? ???
???? ??????
? ?????, ??? ???? ??????? ????????? ????????????
???????: ???? ?????? ??????
?????? ?а???????????, ??????
?а??????. ?????????, ????????,
?а??? ????? ?????? ????а? ???????? ?????? ???-???? ???????? ?????? ?а??? ????? ????.
??????? ??????а? ????? ?????????????????? ?????????.
???? 60%а? ??? ???? ??????? ??? ???? ????? ????????
? ??? ???? ???????, ????????????? ?а?????? ????? ????-
??????????? ??????
?????????
?27 [1035] 13.07?19.07.2015
?????????
???????? ??????
??????????? ??????
18
???, ?а??????????? ???????? ????.
? ????? ??????? ???? ?????????? ??????????? ????
? ?а????? ??????????????.
?? ???????? ????? ?? ?????? ?????????: ?а??????? ???? ?????????? ????? ??
6?7%. ?? ?а???????? ??????? ???????????? ?????????,
????, ?????????? ?а?????? ??
?????? ??????????? ???????.
??? ?????????? ????,
????????? ??? ?а????
?????
? ?а??????? ?? 30%. ?????-??
?????? ????? ?? ???????а?
????????, ????????? ?а?????? ?????????. ???-?? ?????? ???????, ???-?? ????????
?????????. ???-?? ?????? ??
??????а? ?а?а??? ??????????
????????? 70%.
????, ?? ???????, ??????
??? ?? ??????????. ?? ??
?????????? ??????? ??????? ?а?????? ??????, ???????? Lamoda.
? ???? ??? ???? ??????. ?а????? ???????? ???? ???? ???????? ???????? ??????. ??
???-?? ?? ????? ?????????
?????. ???? ??? ????? ?а????????. ?? ????? ???? ??????? ?? ????????? ??????,
?а?????????? ?????, ?а????????? ????????-????????? ???? ??????.
? ????? ???????? ???? ?? ?????????? ?а?????? ????? ?????????????.
н?????? ??? ????? ???? ?????????????а? Wikimart,
Ulmart, Ozon.ru? ??? ??
??????????? ?а??? ????????????
? ??????, ?а??? ???????
??а????, ?? ?а??????? ???а?
???????????: ??????? ??????, ??????? ??? ?? ???????????, ?? ??????? ??????
????????. ??????, ??????
???????????? ?а????????? ????????? ????????? ??? ????.
??? ???? ?а?????????????
?????????? ????????????
л? ????? ?????????
???????? ??????? ?????,
??? ?????? ??????. ?????
??? ????? ??????????????:
?????-???? ??????? ??????
60?70% ??????. ???????
????? ??? ??? ? ?? ?????╗
??? ?????????? ?????? ?? ??????? ???????.
??? ????? ???????
? ??? ??????.
? ??? ?? ?а???????????
????? ?????
? ??, ?? ?? ???????????? ?????
30% ??????. ?а???????? ?? ???
?????????? ?а???????? ?????????????????? ??????. ?? ???? ?????? ???????? end-to-end.
??? ??????, ??? ?? ??? ??? ????? ???????????? ???????: ????? ?? ???? ???????? ?а?????????? ?? ?????, ?а????? ??????? ????????. eBay ??? AliExpress
???????? ?????: ??? ??????????а? ??? ???????????.
?? ????????, ??? ?а?????? ??? ??????. ???? ??????, ????? ???????????
?????, ????????? ???? ??????? ?а???-????? ???
???????, ?? ?????? ???
?а??????? ???????. ?????????? ??????? ????????
?? ?????? ?а????????????? ??????. ?????? ?????????? ????????-??????
?????? ????????????
? ?????? ??? ??????????
????????-?????? ?????? ????? ????????????. ?? ?????? ??, ??????, ???? ??????.
??? ????? ??????, ?а?????
??? ?а??? ??????, ??? ?а???????? ???????. ?????, ?а??????
?? ??? ??? ??? ?????????? ??????? ??????? ????????. ??
????? ?? ?? ????, ?а??? ?????
10% ???? ????? ??????.
?? ?????????? ?а?????????? ????????????? ????
?а?????? ????? VIP ?а????? ???????? ?????? ???????????. ??? ???? ?а???
??? ?????? Brioni ?аDiane
von Furstenberg ??????????? ?а??????? ????????????.
? ??????. ?????? KupiVIP.
ru ??? ???????. ?а??? ??????
???? ??????? ????????????????. ?? ????? ????? ??????. ???????? ???????? ?а???????а? ??? ??, ?а???? ???
????? ????????. ????????? ?а???: ?? ??????? ?????а?
?????? ?? 80а???. ??????, ??
?????????а? ?? ??????.
? ??? ?????? ?? 80%.
???а??а????? ?????
? ?? ??????????????? ????????? ???? ?? ?????? ??????.
?? ??????? ?а?????а? ???
???????
? ?? ????????? ????????
???????, ?а???????? ???????????. ?а?? ????, ????? ???? ?а??? ?,а????????, ?аYOOX
?????????? ?????????????.
????? ?? 30%.
? ??? ??? ????? ???????.
????? ???? ??? ??????, ??? ???
??? ?????? ?а?а??? ?????????
???????? ?????? ?? ????????.
?а??????? ?????? Hugo Boss
??????? ????? ????? ?250. ??
????????? ?????а? 20а???.
??????. ???, ?? ?а??? ?? ???
?????? ?? ??????? ??????
Hugo Boss?
?? ?250а? ??? ???-????
15а???. ???????
? ??? ?????. ????????? ???????, ???????, ????. ?? ??????
??? ??????????? ??????? ????????? ???????. ?????????
???? ??? ?????? ?????? ??????????. ????????, ???????
?а?????????а? 15?17%. ??????, ????? ?? ?????????????,
?? ??????? ???? ?а???????.
?????? ????? ?????????
???? ????????? ???????
? ?????? ??? ??, ???????,
?? ?????????? ?????? ??? ?????? ???? ???????. ????????? ?а?????а? ??? ???? ??? ??
20?25% ??????. ?????????
?????? ??? ?????? ???????
????????? ????. ??? ???????
?????????. ????? ????, ?????? ????????? ????????????
?а????? ??????????? ??????????.
? ???-???? ?а?? ???????,
??????, ??????, ???????
?а????? Mr Porter ??? ?????? ?а????????? ?????????
?а??? ???? ???????, ???
????? ?? ?? ???????????
????????-????????.
? ?? ?а????????? ?? ???????. ??? ?????? ????? ?????,
??? ??, ??? ??????? ?а??? ???????? ????.
???????? ??????
?27 [1035] 13.07?19.07.2015
?????????
? ?а???????. ?? ???? ????? ?????? ???? ???????????. ????????? ??? ????? ?а?????? ?????? ?????????, ?????????? ????? ????????, ????????
?????????? ????????????
???????? ?????????????
????? ?????????? ???????. ?? ????????? ????????????? ?????????????
?????? ???? ???????
?????????? ???????????
??? ??????????? ??????????? ??????? ???????????????. ?? ???? ????????, ??? ?????????? ????????-????????? ?????
????????????
? ?????? ?? ??????? ?а???????? ??????????? ??? ?????????? ???????? ?а?? ??????? ?а???, ??? ??? ?????? ????????? ??????????? ??? ???????????? ??? ?? ?? ??????
???, ??????? ??? ???????????? ???????????а? 18% ???? ??????!
?? ASOS ?а?????? ?????????? ?????????? ????????-???????? ?????????
????? ?? ?????????. ?а??????? ?? ???.
? ?а????? ????????
???????-?? ??? ?????. ????
???-?? ?? ?????? ???а? ??????? ??????? ???, ????? ????? ?? ??????. ??? ???? ????? ?????? ???????? ??????????? ?а???????. ??? ??????а???????? ???????? ??
????????.
????? ?????-?????? ???????? ??? ??????????? ???????????? ???????,
??? ??? ???? ?? ???а?
??? ???????? ????? ???-??
???????. ?? ??-?? ???????? ??????????? ??????.
?а??? ?а??????????а? ?????????? ?????.
? ?????????! ??? ?а?????????? ??? ?? ???.
??? ???????, ??? ??????????? ?? ????? ??????????
? ?а??????, ??? ????????? ??
????? ?????????. ?? ???????
??????? ????? ?а?????? ??????. ?? ?? ?? ?????? ????????
??????1993 ????, ????? ?????
?????? ?? ?????
???? ???? ?????????? ????????
? ?? ????? ?????? ????? ??
?????, ????????? ???? ???-????! ??????? ?? ???????, ???
???? ?????а? ??????? ?5?
7а????а? ?????????? ??????? ?? ????????? ?? ??? 20% ??
???????!
?????????? ???????????
????? ?????????? ?а????,
??? ??-?? ?????????? ?????? ?а??????? ??????????? ?????? ????? ?????.
???-???????????? Ozon.ru
????? ???? ??????? ??????? ?????? ?а98а???? ?????? ?а???. ??? ?? ???????
?? ???? ??????
? ??????? ?????????. ??
?????? ?????????? ???????? ????????-????????, ?????
?????? ?????????? ?? ?????????. ??? ???????? ?6?
7а????. ???????? ?? ???
18% а? ???????? ????? ?????????????? ???????. ????
??? ????????? ????. ?а???
????? ?????? ??????? ????,
?????? ??? ?????????? ?? ????????? ?а?????? ?????, ??
?????? ??????. ?а?????????
?????????? ???????? ??????????? ????? ?а???????, ????????, ?а??????????. ??а?
????? ????????. ?а??? ??????
????? ???????а? ?а????????.
??????? ???? ???? ?6?
7а????, ?а??????? ?? ????????, ?????????? ?? ?????.
? ?а?????, 60?70%.
? ??????????????? ?????????? ?аAliExpress ??
???? ?? ???-?? ???????
????????
? ??? ??????? ?а????????,
????????, ??????????? ??????????а? ?25. ?????? ?????? ?? ????????? ????? ??????? ?? ?1? ??????????!
??????, ????? ?? ????????, ???? ????? ????? ?????? ?а??-
???????? ?????, ?????????
??? ?????? ?а????????? ???????. ?а??? ?а???? ?? ?????? ??????. ?а??? ???????
???????????, ???????? ?????????, ?? ??????? ???????? ?????. ?а??????? ?? ??????????? ????????, ?а???????
????? ????? ?? ????, ???? ??
???????? ?????????
???? ?? ?????????? ???????? ??????????? ??????,
??????? ????? ??? ??????? ????????: ??????????
??????? ???????? ?? ???
??? ?????. ?? ?а???? ?????????
? ?а?????????? ?а?????????
?? ???????????? ?????????.
?? ????????, ???? ??????? ?????? ???????????????? ????? ????????
? ??? ???????? ??? ???
????, ???? ??? ????-?? ?? ?????. ?а????? ???????? ?????? ??????? ?????? ?? ????. ??
?????? ???? ??????, ??? ?????????? ?????? ?а??? ?????? ????? ????? ???????, ?а???
??? ?????????????? ????????? ???????.
?? ??????? ?? ???, ??? ??????????? л????? ??????╗? ?а????????? ?????
????? ??????????? ??? ???? ??????.
? ??????. ?????а? ???
?????????? ???????. ??????
?? ??????? 15% ??????. ???
????????????? ??????????? ?????????? ?а??????????.
???-??? ??? ???????? ??????????? ?а????? ???????????
???????, ?? ?а????????? ???????? ????, ??????, ??? ???????? ????? ????? EMS, ?????? ???????????? ?? ???????.
????? ??? ?????????. ???????, ????? ?? ????? ???????
?? ????? ??? ?? ???????? ???
?????????? ?????????.
??????? ?? ??????
?аOzon.ru ??????? ????????-??????? Sapato. ???
??????? ??????. ?? ????????? ??????? ????-
??????? ????????? ???????? ????? ????????
???? ?????????? ?а?????????? ????????-??????.
??????, ????????, ?????
????? ???????
? ?? ???????? ?а???? ????????? ?????. ?????, ????? ????????? ?????? ?????? ?а???????
?? ??????? ????????, ??????
?????, ????.
? ??? ????? ???????????
??????????
? ???????. ?а????? ???????
????? ???????????? ??? ???
????????? ?а??????????.
?????? ???????. ?????? ???????? ???????? ?? ??????????? ????????????????? ?????????? ????????????? ???????????? ?а??????.
???????? ?а?????? ????????? ?а???????? ?????
?????а? ??????????????
???? Mangrove Capital
Partners.
? ??, ??????? ?? ???? ???????. ??? ?????????? ???????? ?а??????????, ?а???????
??? ?????????????, ?? ?????
??????? ????????? ?? hold.
??? ??????????????. ?а??????, ???????, ???????? ?? ?????????? ?а???????. ?а?????, ?а??????? ??????????
??? ??? ?????, ??? ??????, ?а????? ??? ????????.
?????? ??? ???????????
????? ???? ?????? ?? ?????????????
? ???? ?????????? ??????.
??? ???? ?????????. ??? ??
?? ????? ?????????????, ??
???????? ??????????. ??????, ?а????? ????????? ???????? ??????? ?????, ??? ?????? ??????. ????? ??? ?????
??????????????: ?????-????
??????? ?????? 60?70% ??????. ??????? ????? ??? ???
?а?? ?????. E-commerceа?
??? ?????? ????????. ?? ???
??? ????????, ?а??????? ????? ??? ????????? ?????.
????????? ??????????
? 30% ?а??? l
??????????? ??????
19
????
????????
????
????????????? ?????
20
????????
???? ? ??????
25
TEKCT ??????? ????????, ???? ????????
??????? LFMB
???? ??? ???????
??????? ??? ?????? ?? ?????????? ??????,
?????? ????? ?????? ???????? л?????????
????????╗. ?????? ???????????? ?? ??????
??????????? ???? ??? ?????? ? ???, ? ???????? ??????? ????? ?? ???????????? ??????,
? ?????????? ??????????, ??????? ? ??? ????
?????? ?????????.
???????????? ????????? ? ????? ??????? ?????? ? ???????? ?? ???????? ??? ?????? ?? ??????????? ???? ? ?????????? ????????? ?????? ?????????? ?????????? ??????????
???? ???????????, ? ????? ?????????? ???????????? ??????????????? ??????????? л??????????╗. л??????? ???? ???????? ??? ????????, ? ??? ?????? EBITDA ?? 12?15% ????????,
?? ???????? ???? ???????? ?? ??????????? ??????????, ??????? ?? ?????? ? ???? ? ????????? ? ????? ??????????????╗,?
????????? ????????? л???????????╗ ?????? ???????.
?27 [1035] 13.07?19.07.2015
????
??????????? ??????
??????
21
?27 [1035] 13.07?19.07.2015
??????
????
??????????? ??????
22
???????? ??? ?????? ?? ?????????? ?????? ?
???? ????????? ??????? ????????. л???? ?????????? ?? ??????? ???????????????, ? ??? ????? ??
???????... ? ???? ??? ?????????, ??, ????? ????,
?????-?? ????? ?????, ??, ??? ?????????? ?? ?????,
????????? ?? ???????? ?????????????? ????╗,?
?????? ???????-??????? ?? ??????? ? ???????????
?????????? ??? ???????????? ??????? л??????????╗ ? л????? ?? ???????????╗.
??????? ???????? ???????? ?????????, ???????? л?????????? ?????????, ?????? ???? ????????? ??????? ???????? ????????╗, ???? ???????-???????? ????????? ??????????. ???, ???? ???????,
?????? ??????? ???????????. л???????????? ?????????? ??????? ? ??? ?????? ?? ?? ?????? ???, ??????? ????? ????? ?? ???????? ?? ??????????? ?????????????????? ? ?? ????? ????????????? ??
?????????? ??????????, ?????? ?? ???????, ???????? ????????? ? ????????????, ????? ???? ?????????????╗,? ??????????? ? ???? ???????????
л??????? ????╗.
??? ?? ????? ???????? ????????? ??????? ???????? ?????? ??? л????????????? ?????????? ????????╗, ??????? ???????? ???????? л?????????????? ???????? ??? ????????? ??????????????
?????????????╗. ?????? ????? ?? ??????????? ????
??????? ???????? ? ??????? ??????, ?? ???? ?
????? ????.
?? ?????? ???????? Movie Research, ????? 80%
??????? (38а???? ???. ?? ????? 46а????) ?????????? ??????????? ? 2014 ???? ???????? ?????? ?????????? ??????. ????? ???????, ??? ????????????? ??????? ? ???? ?????? ??? (18%) ??????????? ???????? ?? ?????? ??????????? ????? 7а????
???. ??? ?????????: ? ?????? ???????????? ??????? ???????????? ??????????? ???????????????? ??????????? ???????? ????????? ? ???? ????
?????? 6а???? ???.
???? ?? ?????????????? ???????, ??? ??????????? ??????? ????????? ?????????? ??? ???? ?????
?????? ????. ? ?????? 2011 ???? ? ??? ?? ???????
???????? ?????, ?????? ????? ?????????, ? ???
?????? ???? ?? ???? ?????????? ????????? ?? ?????? ???????????, ????????????? ?? ?????? ???.
?????????, ??????, ???????? ???? ??????? ? ? ??
?????????? ?????? ? ?? ??????????. ??? ???????? ???????? ? ????????? ?????? ?? ?????? ?????? ????? ????????? ?? ??????? ? ?????
?? ?????? ?????? ?? ????? ???????
л???????????-??????╗
(www.kommersant.ru/money/)
? 1 ?? 9 ???? 2015 ????
(19 644 ????????).
??, ???? ???? (19,68%)
??, ??? ?????? ????????? (5,41%)
??, ?? ??????? ??????? (3,21%)
??? (12,16%)
? ? ???? ?????? ?? ???? (59,54%)
: ??????? ?????????? ?????????????
?????? ?? ???? ??????
?? ??????????, ??????
??????? ??????? ?????????? ?????????????
???????? ??????
?????? ?? ????????????? ??????? ??? ?????????????? ?????????? ???????? ? ?????????, ????? ???
?????? ???? ?????? ???????????? ????? ????????
???????????. ??????????? ?? ????? ? ???????? ????????? ???????????? ?????? ? ? ????? ????????? ?????? ??????? ????? ? ???? ??????? ??????? ????????, ??????????? ????? л??????????????╗ ?? ??????????????? ?????.
? 2012 ???? ? ?????, ??????????? ??????????
??????? ?????????, ????????? ???????? ???????
?????? ???????? ? ???????? ??????. ????????
??? ? ????????? ??????? ?????????? ????? ? ?????????? ?? ????? 20% ????????????? ??????? (?
???? ?????? ????? ?????? ??? ??????????? ? ??
400а???. ???. ?? ?????? ?????????? ????). ?????????, ??? ????? ???????? ????????? ????????
???? ? ????????? ????. л????????? ?????? ???
??? ?????? ??????? ?????? ?? ??????? ???????????
? ?????? ????????? ???? ?? ??????╗,? ????????
???????.
??? ? 2013 ???? ???????? ????????? ?????????
? ??????, ??? ?? ??????? ????????????? ???? ???
??????? ???????? ????????? л???????? ???????╗.
??????????? ??????? ????-??????? ?????????
??????, ??????? ????? ??????? ????????? ????? ?
????????????, ?????? ??????? ??? ????????? ??
????. ??????? ?? ???????? ???????? ? ?????????
????? ???, ? ??????? ?? ??????? ? ??????? ? ? ???,
??? ????????????? ??????????? ?????????????
??????? ????? ???.
л???????? ? ???????? ?????????, ????????????? ????? ????????? ?? ??????? ? ?????
?????? ? ?????????????? ??????????? ???????????
???, ??? ??? ????????: ? ?????????? ???????? ??????????? ?? ???? ???? ?????? ?????? ?? ??????,
??? ???? ?????????? ? ??????????, ? ???????,?
?????????? ???????? ??????? ????????.? ???????????? ?????? ???????? ?? ????? ?????? ?? ?????????? ???????????? ?????????????? ???? ?????? ?????????? ? ??? ?????, ??? ? ??? ?
???????-?? ??????. ??, ???, ???????? ???? ?? ????
?????? ??????? ? ? ?? ???????╗.
??????, ?????? ??? ?????? ???????? ??????????? ? ?????? ????? ??? ?? ?????????. ???? ?? ???????????? л?????╗, ?????????? ????????? ???-
????
?27 [1035] 13.07?19.07.2015
??????
??? ? ?????? ????????????? ????????, ?? ???? ???????? ??????? ???-?? ???????????, ?? ?? ????????
????? ?? ??????? ?? ?? ?????, ?? ??????????╗.
????? ????, ?????????? л?????╗ ??????????, ??? л?
??????????? ?? ????, ??? ?????? ????? ?????????????? ????????? ? ????????? ???????, ???????? ????????? ??????? ????????????? ????????????, ?
??? ????? ?? ????????????? ????????? ?? ????????????? ?????????????? ? ???????? ? ? ??????????? ????????????? ? ? ?????? ???╗. ???????, ???????? ? ????? ???????: ??? ? ? 2011 ????, ??? ??????? ?????? ?? ????? ??????, ?? ?? ?????? ????????????? ???? ??????????? ????????? ????????.
????? ?? ?????? ???????, ??? ??????? ??? ? ??????? ??????? ??????? ? ???????????? ?? ???????????, ???????, ??? л??? ????????? ??????
???????????? ?????????? ? ????????? ????????
??? ? ?????? ????????????????? ??????? ? ??????????? ??????????????? ???????╗. ?? ???????
л?????╗ ? ?????????? ????? ??????? ?????????????
?????????? ????? ?? ????????. ?????? ????, ??? ?
?????-?? ?????? ?? ????? ? ?????.
??????? ????
? ?????????, ??????? ???????? ??????????? ?????? ???????? л????????? ????????╗, ???? ??????
?? ????????. ??????? ????, ??? ????????? ?????????? ????? ????????? ?? ??????? ????????? ????????, ? ????? ??????? ?? ????? ??????? ?? ?? ???
? ???? ??????, ? ???? ?? ????? ????. ?????????????
??????????? ?????????? л???????╗, ??? ??? ???
л??????????? ??????????? ? ???????? ?????????
? ????????? ?????? ? ????? ?????? ????????????
?? ??????????????? ?? ??????????? ?????????
????? ?? ?????? ???????????? ??????????? ???????╗. ?????? ??????????? л?????╗ ?? ??????????,
?????? ????????????, ??? л??????????? ????????????? ????? ???????, ????? ???????? ?? ?????
?? ?????? ? ?????????? ??????????? ?? ????
????????╗. ?????? ??????????? ???????????
??????? ? ????????????. ? ?????-?????? ?????
???????????? л???????╗ ???????? ????, ??? л?????? ???????????????╗.
?? л??????????╗ ????? ???? ?????? ???????,
????????? ??? ? ??? ???-????? ???????????
?????. ????? ????????? ?????????? ?? ??????
??????????, ????? ??????????????? ?????, ?????
??? 4 ???? ??????? ???? ?? ?????? ????????, ? ????????? ????????? ?????????, ???????? ???????, ????????? ?????? 16 ????????. ???????, ??? ?????????? ????????? ?? ???????? ????? ??????? ?????
????? ?? ???? ????? ? ???? ???????, ?????? ???, ???
??? ???????? ??? ????? ???????? ??? ??????????,
???????? ??????? ???????????.
л???????? ??? ?????? ??? ??????????? ????
????? ????????????????? ????????, ??? ????? ????????? ????????? ????????,? ?????????? ??????? ???????????? ???? ????? ? ????????? ?????
?
??????.? ?????? ????????? ????? ???????????-
? ??????? ???? ???? ????
??????? ???????? ??? ???????????? 36а????????????? ???????,
?????? ?????? ? ?????? ?? ??? ???????? ????? ????????? ???????
?????? ?????????????? ????. л???, ????????? ?
??????? ?? ??????????? ??????, ????? ?????????
????? ?? ?? ???? ??????-?? ???????????? ?????, ? ?
??????????? ??????, ??? ?? ??????-???????? ??????????? ? ????? ????????? ? ??? ???? ?? ???? ?????? ??? ????? ???????????? ????╗,? ???????
????? ??????.
? ?????, ???????? ?????, ?, ????????, ? ???????? Movie Research ????????, ??? ???? ????? ??
??????????? ???? ? ????? ??????, ?? ?? ?????? ???
? ????? ????? ????? ????, ? ?? ? ?????? ? 2016-?.
?????????????? ????
? 2014 ????, ???????? ??????????? ???????????? ???????? л????????? Research╗, ????? ????????? ?????????? ??????????? ????????? ??????? ? 2002 ????.
? ??????? ???? ???? ??????? 176а??? ???????,
????? ????? ? ?? 300а???. ???. ??????. ???????? ??,
??????? ???? ???????, ?????? ????????? ????????
?????? ??????????? (??????? ?? ???? ??? ??????????) ?? ???? ????? ????? ????? ??????????? ? ???
??????????? ?????????? ????? ?? ??????.
?? ????????? ?? ??????? ???????? ???? ???????
????????? ?????? ?? ????????? ? ?????? ?????????
????? 378а???. (? ???? ??????????? ???? ? 366а???.,
л??????? ????╗ ? 406а???., л?????? ????╗ ?
413а???.), ? ?????-?????????? ? 267а???. ? 2013
???? ?????? ? ???? ?????????? ??????? ?????? ?
??????? ?????? ?????????????? 355 ? 275а???.
????? ???????, ? ?????? ???? ??? ?? ??????
??????????? ????????, ? ? ?????? ?????? ?
??????????? ??????
23
????
??????? ? ????????????????
??????????? ??????
24
????? ??????????, ??? ??????????? ?????????
????? ????? (??????? ???, ?? ?????? л?????????
Research╗, ?? 100а???. ??????? ?????????? ?????
???? ????? ? ????? ?? ????? ??????, ??? ? ?????????? ???????). ????????? ????, ?????????? ???????? ???????? ???????, ??????? ??? ???? ???????????? ???????? ?????? ? ???????? ??????????
(??. ?????????? ?????? л?????╗ ?? ???.22). л? ??????
???????? ??? ?????????? ??????????? ??????? ???????? ???????? ?? ???????? ?? ???? ?????? ?????????? (??????? ????????, ????????) ? ?????,
???? ???????? ?? 7?10%╗,? ???????????? ???????????? ??????? ??????-?????? ??????? л???????.
??╗ ??????? ?????.
?? ?????? Movie Research, ????? ??????????
??????????? ? ?????? ???????? 2015 ???? ??????????? ?? 7% ?? ????????? ? ????????????? ???????????? ? ?? 15,2а???? ???. ????????? ??? ?? ????
?????????? ????? ?????????? ???????, ???????
??????????? ?? 17%, ?? 10,9а???? ???. ??????????
?? ???????, ????????, ???? ? ????? ?? 12,7%, ??
4,2а???? ???.
? ???? ???? ??????????? ???? ?????????
???????? ????? ????????. ?? ????????? ?????????????? ???? ????? ?????????? 5,4а???? ???. ?????? ??????????????? 6а???? ???. ?????? ????????
????? (3а???? ???.) ??????? ?????????????? ???????????? ???? ????, ??????? ??????????????
57 ?????? (?????????? ?????? ???????????? ???????? ?? ??????????? ??????????, ? ????? ???????????? ??????????, ????????? ? ???????????????
????). ???? ?????? ?????? ?????????????? ????
?????????????, ???? ? ???????? ??????? ????????
???????. ??????? ????? ????? ??????? ?????? ?????????? ???????????? ???????????? ? ??? ?????????? ??????. ? ??????? ???? ???? ???? ??????? ???????? ??? 36 ????????????? ???????, ?????? ?????? ? ?????? ?? ??? ???????? ????? ????????? ????????. ?? ???????? ????????? ??????????? ?????? ??? ?????. ?????? ??????????? ??????????? ???????? ????? л??? 3D╗ (????? 1,2а????
???. ??? ???????? 678,8а??? ???.), л???? 1914╗
(700а??? ???. ? 300а??? ???.) ? л??????! 2╗ (550,1а???
???. ? 80а??? ???.).
???? ???????? ??? ????????????? ???????? ??????? 7а???? ???. ? ??? ??? ????? ??????? ?? ???????? ??????????? ????, ????? ???????????? ?????????? ????????. ??????????? ??? ???????????
л?????╗ ?? ????????? ?????????? ?????????????? ????????????, ?????? ? ??, ??? ?????? ??? ????
?????????, ?? ????? ????? ?????.
л???? ????, ??????????, ????????? ? ??????????????-??????? ??????????? ? ????????? ?? ???????,? ?????????? ???????????? ???????? ???
?????? ????????.? ?? ?????? ??? $200а??? ?
?????? ???? ?????? ?? ?????? ???????????
??????, ?? ??? ??????????? ????????????? ??? ???????????? ??????. ?????? ?? ????, ??? ???-?? ??
???????????? ?? ???????, ??? ??? ???????? ????????????? ?? ??? ??? ?????????╗ l
????? ?????? ?????? ?? ????? ????? ?а??????????? ????
?ал????????╗ ????????? ????? ??????? ?????? ???????,
???????????? ??? ????. ????? ??? ????????? ?????, ?а?????????,
??????? (?????? ???????) ?а?????? л????????: ??? ????????╗
?а?-800 (??????? ????????????) ?а????? л??????????: ???????╗.
????? ??????????? ??????????? ?????? ?????-?? ?????????? ?а?????????,
???, ?? ?????? ??????? ??????????????
????, ?????????? ?????? ????. ?а?????? ?????????, ???????? ????????
?а??????? ???а/ ??? ???????а/ ?? ??????? (?????? ???????????), ?????? ????????? ?????????? ?а????????????????
?? ???????. ????????, л?а?????? ?????? ?? ?????╗ ???? ?????????? ??? л???
?????? ????????; ????????, ??????╗.
л?? ???????? ???????╗ ??????, ??? ????? ????? ?? ??????. л?? ?????????????? ???????? ???????╗а? ?????? ????? ?? ??????. ?? ?а??? ?????.
??????? ??????????? ????????????
?????? ???????? ???????? ??????????
???????? ?а????????? ???????? ??????? ?????????? ????. л??? ?????????? ?????????, ?????? ???? ?????????
??????? ???????? ????????╗,? ????????? ????? ???????????? ???????.
?????? ???????????? ??????? ????? ??????????????? ?????????, ???
????? ???????? ????????? ???????? ????????????. ????????? ?????
?? ???? ??????????? ????? ?а???????
??????????? ????, ???????? ??????
???????????: ?????? ??? ?? ???????? ??????? ?? ??????????? ?????
???????? ?а????????? BMW ???????
?????, ???????? ????? ?????????????? ??????????? ??????? ?????????????????? ????????, ?а?????? ?????? ?а??? ??????? ????????? ???????? ?а??????????? ?? ?????? ???????? ???????. ????????? ??? ??????
?????????, ?? ???? ?а??????????????
?? ??????????? ?а???????? ?????????, ????????? ????? ?????????, ??????? ???? ?????? ????????? ???????????? ?? ????? ????.
??????? ????????: ?а???, ????? ?????????? ??????? ??? ???-?? ?????????? ????????, ?????????? ???????
?? ????????, ?? ??????? ?????? ????? ?а??? ???? ??????, ??? ?а???, ???
??????? ?а????????? ???????? ?????????????? ??????????????????? ???
?????????? ??????? ?? ?????? ???
??????? ?а??????????? ?????? ?????????? ?а???????? ?????, ??????? ????????????? ???????? ?????? ??????,? ?? ??? ?????? ?а?????? ??? ??????? ???? ?????????? ????????? ??????
???????????? ?? ?????-??, ???????
?? ??????? ?? ?????? ?????? ?? ???
??????? ????????????. ????, ?????????? ???? ???????? ??? ????? ???????. ?а????? ????????? ?????????????? ????????. ?а??? ????? ?? ??????
??????? ?а???????? ????????, ????????, ???????? ????????. ?а???????? ??????? ???????, ??????? ??? ???????????? (?а????????? ???, ???????,
??? ??????????? $21а???). ???????
????????? л????????? ????╗. ????
?????, ???????????, ????? ????????????? ?а???????. ?а?????, ?а?????? ????? ????????????, ???? ??? ???
?? ????? ?????????? ????, ???????
??????????? ???????? ?а????????????. ??? ??-???????? ?а????? ????????, ????? ?? ???????????? ????????? ?? ?????? ???????, ?? ??? ?а????????? ?????????, ???? ??? ???? ?? ???
??????? ????????? ?????. ?? ??????
??, ??? ????? ??????? ???????? ?????????? ??? ????? ??????? ???? ???????? ????????, ??? ?????? ????? ??????? ???????? ????????.
? ?????????. ?а???? ?а???????????
???? ??????? ???????. ?а??? ??? ???
????? ?????????? ???? ?????????.
?а?а???? ?????? ??????: ??, ??? ?????????? ??????? ???????, ?? ????????, ?????????, ??????????, ????????, ??????????, ????????????. ???? ???????,
?????????, ????????; ???? ??????????, ????????? ???????????, ?? ????????, ????????????????? ????????????-????????? ?а?????? ?а?????? ??????. ??? ?? ???????, ??? ?? ?а?????????а? ??? ???????, ??????? ??? ??????
??????? ?а??????? ????????????? ???????????? ???????????? ?????, ?а??????? ??????? ???????? ?а?а????? ???????? ?а????? ??? ?а??? ???? ??????.
??? ?? ?????? ?????????? ??????? ?????? ?? ????, ???? ???? ?а??? ??? ??????, ??? ?а??? ??????? ???????, ??????,
??? ????????? ?а???????????? ?????? ?а?????????? ???? ?? ?а???? ??
????????. ?а?а??????? ????????? ??????? ??????: ????????? ??????????
?а???????????????? ?? ???????.
л?? ????? ?????????? ????????╗а?
??? ??????, ??? ?????? ?а???? ??????????. ?а???.
?? ??? ????? ????? ???????????????
??????.
? ?? ????? ??????.
?? ?????? ?????? ????????
?27 [1035] 13.07?19.07.2015
??????
????????
?27 [1035] 13.07?19.07.2015
25
???? ?а??????
????? ???????????
???????? ???? ???????????? ?????????? ?????????, ?????????? ?????? ?????????
?? ?????????????? ?????????????. ?? ????????????????? ???????????? ?????? ???
????????????. ????? ??? ??????????????? ?а????????, ?????? ?а?????????, ??????
????????? ???????, ??????, ?????? ?????? л???????╗ ???????а? ????????? ?????.
??? ???????
????????? ?????а?
??????? ????????? ?????? ??????? ?????
??? ????????? ????? ?? ??????. ???????, ??? ??? ????????. ????????? ???????,
??????? ??? ????????, ?????
???????? ????. ??? ????????????, ??? ?а???????? ????????????? ????????? ?????
???????????? ?ал?????????╗,
??????? ????????? ?а???????
?????????.
?????? ????? ?????? ???
?????? ?????????? (????????????, ????????, ??????????? ?????????? ????? ?????
??? ?????
?????????? ????????? ??????? ?????????а? ???????,
????????? ?????). ???????
?а??? ?????????????? ??????? ??????? ????? ???????????, ????????? ??????? ??????? ?? ??????? ?????? ???????????????? ???????????? ?а???????? ????? ????????
???????? ?? ????????, ??????? ????? ?а??????? л??????╗,
?а??????? ?? ??????? ?? ?а????
????????? ??????? ????? л?????╗. ??? ????????, ??? ????????? ?????, ??????? ???????
?а??????, л???????╗, ?а???????, ??? л??? ?? ?????? ??????╗.
л?? ???? ???? ???? ?????????? ?? ??????????? ?????
??? ?а???????, ?а?????? ?а???
????? ?????????? ???╗,? ????????? ????? ???????????
???? ??????????? ????? ?????????? ??????. ???????????? ?а???????? ????? ???, ?? ??
??????, ?????? ???? ??? ?????,
????? ?а??? ???????? ??????
???????.
??????, ?????? ????????? ???????? ????? ?????????????? ??????? ??????
?а????. ?? ?????? ??????
?????????????? ??????????????? ????????????, ??????-
7 ??????? ????????? ? ?????????
?? л??????╗: ?? ????? ? ???????
????????? ? ?? ??????? ?????
???, ??? ??????? ?? ??? ???????
??? ????? ??????????? ????? ?????а? ????? 40а??? ????.
?а???????а? ?????? ????.
????????, ?а????? ?? ???????? ?а??????? ?????????? ????? 6а?? ?????????? ????? ?а???. ??????? ??????????
??????? ????? 3а?? ?????????? ????? ?а???, ??????? ????????а? ????? 7а??. ??????а?
?а?????????? ?а???????????
???????? 4а??.
??????????? ??????
??????
?27 [1035] 13.07?19.07.2015
??????
????????
: ??????? ????? ???????????
??????? ? ????????? ??????,
???????? ?? ???????????????
л???????????? ????????╗
???????????? ????????
??????????? ??????. ????????? ?????? ?????????? ???????????, ?а?????, ???????
???????? ?? ?? ??????, ?????? ?а????????????. ??? ?????????? ??? ????????????
??????? ?????, ?а????? ????????, ???????????? ?а????????????? ???????. ??????
?а????????? ???? ??????????? ?????? ?????????? ?????. ?а2013 ???? ?? ????????????? ????????? ??????????
???????? ?? ????????? ????
???а? 747а???. ????. ?а2014?а? ???? ???????? ??????,
706а???. ????.
?? ?????? ????? ????????????, ???????? ?а????????? ?????? ?а?????? ??????????? ?а???, ??? ??? ???? ??????????? ??????? ???????
???????? ??????????? ?????. ???? ??????????, ??????????? ??????????? ????????,
?????????? ??????? ????????? ?????, ?? ???? ??????? ???
?????. л?а?????? ??? ??? ?????? ?????????? 0,5. ???, ??? ??
2, ??????, ??? ????? ????? ????? ???? ?? ????, ?? 4а? ???
????? ???????? ??? ???????????? ????????????? ?а??
?????, ????????, ?????????
?????? ??? ????????? ??? ?а???? ?а??????╗,? ???????? ???????. ?а?????? ??, ?? ?? ??????, л?????-?? ?????????????? ????? 10╗.
? ???????? ??????? ???????? л???????? ????????????
???????╗, ?? ???????, ???????, ?????????? ????????.
?? ?? ??????, л???????╗ ??
?????? ?????? ??????????????
????????? ?????, ??????? ???????? ?? ????????, ??? ???
?????????????? ??? ?а?????????? ???????????? ?????????? ???? ?а?? ???????
????? ???, ??? ???????? ?а???????? ???????.
л????????? ????? ???????? ?????????????? ?а????????? ??-??? ??????? ?а???????, ?а????? ???????? ????????????? ??? ???? ???????????
????? ?а???????? ?????????????? ???????????,? ???-
????????? ????? ???????????.? ?????????? ??????? ???? ??????, ??????????
???????????? ????????? ?????, ?а?? ????? ??????????, ?????? ?а??? ??????? ?????????.
?????? ??????? ????? ???? ??
?????? ?????? ?????????????
?а????? ?а??? ?а????????, ????? ?? ???? ????? ?а????? ?????????!╗
?????????? ?????????? ??????? ????????? ?????????? ????? ????? ???????????
?????????? ?? ?????? 0,9. л??
?????, ??????? ??? ?а??????
??? ????? ??? ????? ??????? ?????. ???????, ????? ?а???
??? ????? ????????????????
????????╗,? ????????? ??????????? л?????╗. ????? ?????? ???????? ?а?а????? ??????
????? ???????, ??????? ?? ???????? ??-?? ???????? ??????????????? ?? ??????? ?????????? л???????? ???????????? ???????╗. ??? ???????
?????, ??? ??? ???????????
?а?????????? л?? ?????? ??????????? ?????????╗.
? ????? ?????? ??????????? ?????????? ???????
?????? ?????? ?а????????:
4а???? ???????? ???? ?? ????????. ???????, ????? ???????? ??????? ?? ????????
???????? ??????? ??????
??? ????? ???????, ??? ?????
?????????? ???????????
???????.
л???????????? ???????╗
л?? ????? ????????? ?а?????????? ?????, ????? ??????
????????,? ??????? ???????????? ??????????? ?????
??????? ????????? ??? ??????? ???? ???????? ????????.? ???????? ??????????? ????? ???????? ???? ????????? ????, ??? ?????????
????? ???????????? ?а????????. ?а??????? ??? ??????????. ??? ????? ??? ????,
????? ??????? ???????????
???????, ??????? ????? ??????? ?а????? ?? ????? ???????????????. ??????????????
????????????? ??? ??????,
?а????????????????а? ???╗.
??????? ???????
??????????? ??????
26
????????????? ??? ??????? ????? ??????? ????????
??? ???????????? ??????????? ???????, ?? ?? ??????????? ????? ?????????. ??? ??????? ???????????, ???????
?????????? ?????????? ????? ????????? ?а$0,1. ??? ?????? ????? ????????? ?????а?
??????? ???? ?? ???? ??????? ???????? ?? ?????? $600
??а?????.
90% ?????????? ????? ???????? ?а?????? ??????? ??
??????? ?????, ???????????? ????-????????? ?????????? л????╗ ???? ??????????. л?? ?а???? ??? ????????????? ??????? ?????, ?????????? ???????????????
??? ????????? ???????????? ?????, ?а?а??? ????? ???????????? ????????? ?????╗,? ??????? ??. ??????,
???????????? ??????????,
?????????????? ????? ?????
??? ????? ?а?????? ?????????? ????? ?? ?????????. ?????????? ???????? ?????? ???
???????? ???????????? ???????, ????????? ???????, ???
??? ?????????? ?? ??????
н????????????.
?????????? л????╗, ???????????? ??????? ????
?а????, ?а????? ???????????????? ??????? ???????????? ?????, ?а??????? ????
?????? ??? ?????? ???????????? 50а???. ???? ?????????? ????? (7% ?????). ??????????? л?????╗ ???????????
?а????????????, ??? ??? ????
????? ?? ???????? ????? ??
???????????? ???????.
? ?????? ??????????????
???????????? ????????? ??
???????: ????????? ?????, ??????? ???????? ?? ????????? ?а???????? ?а????? ??
??? ??????, ???????????????? ?? ??????????? ?а??????????????? ?а?????????????.
??????????? ???????????
????????????? ????????????
????????? ?а????????? ?????????? ?????а? ?????? ???????? ????а? ??? ????????
?а????????? ????? ?а?????????? ?????????? ????.
???? ???????????? ????? 50% ??????????? ?????
?????????? ?????. ????????
?а???????? ?а????????????
?а???????????? ????????,
????????????? ???? ?а?????-
?????? ?????????? ???????
????, ???????????? ?а????????????, ?????????????
?а?????? ??????? ??????????????, ?а????? ???????,
???????????? ????? ?а??????.
?а?????????, ?? ???????????
????? л???????╗. ?а???? ???? ???????? ????? ????????
?а?????? ???????????? ??????? ?а???????? ????.
???????? ???????????
??????, ???? ????????
????? ????? ?????????????? ????? ????????? ?а?? 8%
????? ????? ???. ???? ??
????? ???????? ?? ??????
???????? ???? ???????? ????????? ?а17%, ?а?? ????? ??????????????? ?????а? ?????????????? ?а8%. ???????
???? ?а2014 ???? ?????????
61,4а???? ???., ?а?????? ???????а? 857а??? ???. ??? ???????? л?????-?????????╗,
????????????? ???????? ????????, ??? л???? ???????? ???????╗, ?? ??????
?????, ???????? ?????? ?????????? ???, ????? ??????? ?????????? ????????.
?? ?????? ????? ????, ???
????? ?? 100% ???????????
???????? EFKO Foods Plc.
? 2012 ???? ??????????
??????????????? ???????????? ??????????? ??????????, ??? ????? ????????????
???? ???????а? ???????? ???? ????? ?? ?????? ?????а? ????? ??????????????
??? ????????? ??????? ??????????????. ??????, ??? ???????? ???????????, ?????????????? ??? ?????? ???????? ?а????????. ???????????
???????а? ??? л?????? ???????? ????????╗а? ?????????, ??? ?? ???? ?? ????????????? ?????????? ??? ??????? ????????, ?а???? ?????????? ??????? 10а???. ???.
??????????? ?? ?а??? ??? ????? ????????, ???????????
?? ????????. ???? ?? ????????? ???????????? ?а?????????? ??????????????, ??????? ????, ??? ??????????
л?????????? ?????????????╗
н????????.
??????? ?????????? ??????? ????? 3а?? ??????????
????? ? ???, ??????? ???????? ? ????? 7а??. ?????? ?
?а?????????? ? ???????????
???????? 4а??
???????, ??? ??????? ??????????? ???? ??????? ???????, ????????? ????? л????? ?????????????? ???
?а????????????╗ ????????
???????????? ???????, ???
??????? ??? ?????????? ????? ??????????? ?? ????. ?????? ?а?????? ???????? ??????????? ??????, ??? ?????????? ?? ??????????? ?????????????. ???, ?а??????? ????, ??
?????? ???????, ???? ?????? ?а?????? ?? 340а???. ??
360а???. ???? ?????????? ?????, ?? ??????? ??? ???????????? ????? ????????? ???????????? 138,5а???. ????. ???????? л???????╗ ????? ?????? ?????????, ?а????? ???
??????? ???????? ?? ????????????.
?????????? ???????? ???????????? ???? ?????????? ??? ??????????? ?????????? ?а????? ??????????
?????. ???? ?а???, ??? ?а??????? ???? ??????? ????????
?????? ??????????????? ????????? ?а??????????? ????????? ??????????? ?????,
??????????????? ?????????? ?а???????????? ?????????. ????? ????????????? ????????? ??? ?? ????, ???
?а?? ????????????, ??? ???
???? ????????? ??????????? ??????? ????? ??? ????????. ???????? ?? ?????? ?????????? ????? ??????????
????? ?? ????? ??????????????? ?????????? ??-?? ????,
??? ????? ?????????? ?а????.
?????? ??????? ??????
???????????? ???????, ????? ????????????? ?а??????
????????? ?????,? ??????
???????? ???? ?а???????
л????????? ????????╗а? ????????? ??????? ?? ????????????. ?????????? ??????????? ???????????? ????????? ?? ??? ??????. ?? ???????????? ???????????????
?а????????, ?????? ?? ?????????? ??????????, ???-
???????? ???????? ???????,
??? ?????? ??????? ?????????????? ???????????. ??????????? ????????????? ????????, ??????????????? ?????? ????? ????????????,
?? ????? ?????????????? ????????????.
???????????????????
? ? ? ? ? ? ? ? ? ? ? ? ??????, ???????? ???????? ??????? ?????????а? ?????? ??????????????. ???? ?????????? ??
?а???, ?а?а?????????????? ??????? ??????? ????????????. ???????? ??, ??????????
?????????? ?????????? ?а?????????? л??????╗ ?????????а? ?а????????????? ?????????? ???????? ????? ?а????????????? ???????? ???????.
???? ?? ????????? ??????????? ????????? ????? ?а??????? ???????? ?????????? ?????????????? ????? ?? ??????. л??? ?? ??????
?? ??????????????? ???????,
?а?????? ?????? ?? ???? ????????╗,? ??????? ???? ??????? ?????? ????????? ?????????? ??????? ????????? ????? ????????. ?? ?????? ????????? ????????? ?? ???
??????? ????, ?? ?????????
????? ????????? ????????,
?а??????? ??????????? ????????? ????? ?а??????????
?????? 7, ?а??? ??????, ??? ???
????? ?? ???????. л??????????? ????????? ?????, ??????????, ????? ????? ??? ????????,? ??????? ??????.?
????? ?????? ?????? ??????? ?? ????, ????? ??????
??????? ???????? ?а?????╗.
??????????? ?ал??????╗
???????? ?????? ?а????????
?????????, ???????????? ????? л??????????╗ ?????? ?????????. л??? ?????? ????????? ????????????? ?????????, ?а??????????? ??????
??????? ???????? ???????╗,? ??????? ??. ??? ???????? ???????? ????????, ??-
?27 [1035] 13.07?19.07.2015
????????
27
?? ??????? ?????????? ?????
?а???????????????? ?????????а? ??? ?? ?????? ?а?? ?????, ???? ??????????? ??????????????? ?а???, ??? ?? ????????. л???? ????????? ?????а? ??? ?????? ?? ???????
???????,? ???????????? ???????? ????????.? ????????
??? ??????? ????????? ?????? ?? ??????????. ??? ??????? ?? ??????????╗.
???? ???????????? ?????????? ????? ???????????
?а???, ??? ??? ???????? ?????????? ????. ?? ????
??, ????????, ??????????
?а????????? ?????. ????????? ????? ????? ?????????,
???? ?????????? ??? ??????
60а?а?а????. ???????? ?а?????? ????? ?? ????????: ?а??????? ???? ?а??????? ??? ??????????? ?а???? 13а?а?????.
л????????? ?а???, ??? ??? ??
????????, ?а?????? ?? ??????????? ?а?????-?? ??????? ???????? ?а??????,? ??? ????,?
??????? ????????.? ????? ??? ?? ????????, ????????
?????????. ??????????????
????????? ????? ??????????
??????╗.
?????? ??????? ???????? ?а??, ??? ????????? ????? ???????? ??? ?а?????? ???
?????. л??????? ?????????? ????? ?а??????????? ???????? ?????? ??????? ?? ?а???,
??? ?? ???????? ?????????,
?а?а???, ??? ?? ?????? ???????? ?а???????????? ?а???????????????? ????????????? ???????,? ???????? ??.?
??? ??????????? ?????? ?????????????? ?????????????
???????, ??????? ?а??????? ??
?????????? ????? ??? ??? ????????????? ???????????╗.
???????????? ?????????? ????? ??????? ??????????
???, ????????? ???????. ???????? ??? ????? ?????? ???????????????????? ??????. ?? ?а??????? ?? ?????????? ????? ??? ???????? ??, ???
??????? ??????? ?????? ???????????? ??? ??????: ???????????? ?????? ??????, ???
???????? ????????? l
??????????? ??????
??????
?????
???????????
???????
??? ???????????????
?????? ????????? ?????????? ???????
??????? ? ??????? ??????? ??????
? ??????? ??????? ????????:
?????? л???????????╗,
????????????? л??????????? ??????╗,
????????????? л??????????? ??????╗,
??????? л??????╗.
???????? ??????? ??????? ?? л???????????╗,
??????? ?????????????? ?????? ???? ???????, ?
????? ??????? ?????????? ??????-?????????
?? ????? ??????? ?????? ??????.
1 800 000 ??????? ?????? ??, ??? ??? ?????!
kommersant.ru
?? ???????? ?????????? ???????????
? ????????? ?????? ?? ?????????:
8 (499) 943 9108 /10
kommersant.ru
16+ ???????
???????????
Business+
????? л??????????? Business+╗ ?
??? ???????????? ????? ????? ???????
????????? ??а??????????? ??????.
????? л??????????? Business+╗ ???????
? ????????? Galileo ???????? Gallup Media
??? ????????? ???????????????.
????????? ???????? ??? ??????????
??????? ????? ? л??????????? Business+╗
??????????? ??? ??, ??? ??? ??????????
???????.
????????????
????? ? ??????? ??????????
31
???????? ?????
???? ? ?????
34
????
?????? ? ??????? ????
36
???? ???? ???????
TEKCT ????? ??????????
?????
? ???????
??????????
?????? ??? ?????? ???????? ???????? ??? ?? ????? ????????????, ? ??????????? ????????? ???????? ??? ? ??????????????? ?????????? ? лBLACK FRIDAY╗. ?????? ??????, ??? ???????
???????? ? ???????? ?????????? ??????? ? ????????? ????? ????? ????????? ?????????.
?? ???? ?????? ??????????? ????????? ???????? ??????????????? ??? ??????????? ????? ???????????? ????? ? лBlack
Friday Real Estate╗. ?????????? ??????? ????????? ??? ???,
????? ???, ??? ????????? ? ??? ???????????, ????? ??????????
??????, ??? ?101, л???-?????╗, л?? ?????????╗. ?????? ?????
??????, ?????? ???? ????????, ??, ?? ?????? ?????????????
????? ?? ?????????? REPA, ? ??????? ??????? ???????? 10%. ???
?????????? ??????? ?? ?????? ????????, ?? ? ???????????, ?
????, ? ?????????.
? ????? ???? ?? ????? ????????????? ?????????? ???????
????????? ????????? ????? ?????????? ?????????????? ???????
??????????, ? ??????? ?? ??????????? ??????? ?? ???????
??????? ???????. л????????????? ?????????? ??????? ?????????? ?????? ?? ????????? ? ???????????? ??????? ???????, ?,
? ?????????, ????????? ????? ??????????? ?????????? ??????? ? ????????? ?????????╗,? ?????? ?????? ?????????.
???????, лBlack Friday╗ ? ??? ????? ???? ?????????????
??? ??? ??????????? ????? ????????. ??? ????? ??? ???????
10% ??????? ?????? ??????? ?????? ???????? ????-?????? ?? ???,
??? ?? ?????????? ????? ????????????. ??? ?? ????? ???????????? лBlack Friday╗ ? ??? ??????? ?????????? ?? 50% ?? 90%. ??
? ?? ?????????? ????? ???????????? ???? ?????? ?????????
????? ???????? ?????? 25%, ???? ?????????? ????? ?????????
?????? ?????. ??????, ??? ?? ???????????.
??? ?? ?????, ???? ????????? ???? ?????????? ????????
?????????? ??????????? ???????????? ?? ???????? ????????
??????? (???), ??? ???????????? ????? ???????? ? ?????????? ?????????? ????????? ?????????, ??????? ?????????.
л???????? ????? ????????????, ??? ????? ???????????. ??????
??? ? ???, ? ?????????, ???????? ??????????? ?? ??????? 2008
????. ???????, ??? ?????? ?????? ????????????, ?? ???????????? ???? ?????????? ??????? ??????????? ?????? ??????????.
?????? ? ??? ???????. ? ?????? ? ??? ?? ???? ??? ? ?????? ????
?????╗,? ??????? ?????? ?????????. ?? ??? ??????, ?????
?????? ??????? ?? ????????? ???????? ??????? ? ????????? ???
??????? ?????. ??? ?????? ???????? ?????? л???????????╗,
?????? ?? ????? ???? ??????? ????? ????? ????????? ????????
???????.
???????, ??? ????? ??????? ??? ????? ??????????????
?????????? ???????, ?????? ?????? ????? ??????????? ????????????? ?????. ?? ?????? ???????????? ??????????????
?????? л?????????? ????? ????????????╗ ????? ????????,
?27 [1035] 13.07?19.07.2015
????????????
??????????? ??????
?????? ???????
31
?27 [1035] 13.07?19.07.2015
?????? ???????
??????????? ??????
32
??????? ?????? ???????? ?? ????????, ??????? ???? ?????????? ?????????????? ????????.
л?????? ? ????? ???????????? ????, ???? ??? ?????
??????????, ?????????: ??? ?? ????? ???????????
????????╗,? ?????? ??.
? ??????? ?????? ????????? ???????? ????????? ??-?? ????, ??? ?????????? ?????? ???????????
????? ?????????? ? ??????? ????? ????????. л??
???? ????? ???????? ??????????. ?? ??? ??????????? ??????, ??? ???? ?????, ????? ??? ????????,
? ??????????? ?????????? ?????? ??????? ????
?????. ? ????? ???????? ??????, ?????????, ??? ? ???
???????? ????? ?????????? ????????????, ???????
??? ????? ??????? ?? ?????╗,? ??????? ????????.
??????, ?? ??? ??????, ????? ?? ???????????.
????? ????, ?????? ????? ????????????????? ?
? ?????????? ???????? ???????????? ????????.
л???? ?? ???????????? ???????????? ???????? ???????????? ? ???????? ?? ????????. ? ??????? ??
?????? ???????? ???? ?????? 15?20%, ??? ???????
????? 25% ???????, ???????? ??? ??????? ??????
???? ????????? ????????. ??? ?????? ?????????????
???, ??? ??????????? ?????????? ?????? ????????.
????????, ??? ???????? ??????? ????? ???????
?????? ? ??????????? ? ???????? ?? ??????? ?????????╗,? ?????? ???? ????????.
????????????? ???????????????
??, ???????? ?? ????? ????????????? ?????? ?????????, ????? ???????????? ??? ????. л???????
??????????????. ? ????? ????????? ????????
??????????. ?????? ??? ??? ?? ???????????? ??????╗,? ??????? ????? ? ???????????? ???????
л????????????.??╗ ????? ??????.
4 ???? ? ???????????? ???????? ? ????????????
?????? ??????? ?????? ???????? л??-155╗ ?
л??????????? ?6╗. л???????? ???????? ??????? ??????????? ? ?????? ?????? ??-214, ??? ?????? ??
???? ????????????? ????? ?????????, ? ?????? ??????? (????? 30 ?????) ?????? ???? ???? ????? ? 2013
????╗,? ????????? л???????╗ ???? ?? ??????????
???????. ???? ???????? ?????????, ?? ? ????????????? ?? ??????????.
?????? ? ????????????? ?????????? ??????????, ?????????? ????? ???????, ????? ??????????
? ????? ?? ????. л? ?????, ?????? ??? ? ???? ???????? ????? ????????? ????????? ?????????.
???????, ?? ?? ????? ??? ?????, ??? ??? ???? ??????.
?? ????? ???? ????. ????? ????, ???????? ????? ????????? ????? ? ????????? ?????????? ?????????? ????????. ?????? ????? ?????? ????? ???? ??
??????? ???????????, ? ??? ???? ??????????? ?????????????. ? ?????? ? ?????? ???? ?????????
120 ?????????, ? ????????? ?????? 10. ? ???????
??????╗,? ???????????? ??????.
???????? ?? ???????? ?9 Development ?????
???????? ????? ????????, ??? ??????????? ?????
????????? л????????? ????????╗. л???????? ???
??????? ? ????????? ?? ??????????? ? ????????????
? ????????????? ?????: ???????? ?? ???????? ????-
л??? ???????? ? ???,
??? ???????? ?? ?214
??????? ?????? ??????????
???????? ?????????????.
???????, ?? ?? ????????╗
???????, ??????? ?? ????????????? ?????????????
?? ?? 30 ??????? 2013 ???? ?1314 ???, ?????????????? ??? ??? ?? ?????? ? ?????, ????????? ?? ???????????╗,? ??????? ??.
?? ?????? ???????? ?????????, ????? ???????
?????? ?????????? ????????? л?????? ??????╗ ??
?????? ???? ?????????, ?? ????????? ?? 1 ??????
2015 ???? ? ?????? ???????????? ?? ???? ?????? ???????? 71а???. ???????. л? ??? ????? ?????????╗,?
??????? ???. ?? ???? ???? ???????? ???????? ?????,
?????????? ????? ?????????. ??? ??? ???, ?? ?????? ???????? ?????????, ?? 2011?2014 ???? ???
????? 115а???. ????????? ???????? ???? ????????.
? ??????? ?????????? ????? ???????????????.
????????, ?? ?????? ??????? ??????????, ?
?????????? ??????? ????? 1,5а???. ?????????
?????????. ? ?? ????????? ???????? ?????????,
????????????
?27 [1035] 13.07?19.07.2015
?????? ???????
??? ?? ???????, ?????????? ?? ????????? ??????
?????: л??? ???????, ??? ?? ?? ??????? ??????, ?
??? ?? ??????? ????? ??????╗.
?? ????? 10а???. л???? ? ???, ??? ?? ????????? ???
?????????? ???????, ? ? ?????????????? ??????? ?????? ? ?????? ???????? ???? ??, ??? ????????????? ????????? ????????? ???????? ???????
?403 ?????????? ?? 2013 ????╗,? ????????????
????????. ?? ???? ???? ???? ???????? ???????
????????? ?????? ????????? ????????? ?? ??????????. л????????, ????? ?? ?????????? ?????????
??????? ???????? ?????? ???????? ? ?????????
????, ????? ???????? ?????? ????????? ?????????,
????? ????? ????????? 114╗,? ???????????? ??????
?????????.
??? ???? ? ???, ??? ????????? ??????????? ???????? ???? ?????? ?? ? ???? ????????????. л? ?????????, ???? ????????, ???? ?? ?????? ?? ??????,
?? ?????????, ??? ?? ????????, ????????? ???????
? ??? ????? ?????????? ???????╗,? ??????? ????????. л???? ? ???????? ????????? ????? ?? 20а???.,
?? 30а???. ???., ? ???????? ? ????????? ???????????. ???????, ?? ???? ????????????? ????????????????? ??????????? ????????? ????????????.
?? ????????? ?? ??? 15а???. ???
Автор
Kruz
Kruz3111   документов Отправить письмо
Документ
Категория
Без категории
Просмотров
262
Размер файла
15 746 Кб
Теги
net
1/--страниц
Пожаловаться на содержимое документа