Ha HonaTaKa H3 Ta?eHe 2, Ta6eJIe- 3, T216636 4, Ta6eJIe 5, 6, 7 PI
T'a6ena pg BmemgHaijenHij mosq?pojeHaa 
onpeMa, ca yqemheM Bpemiocm ,prmma'prg 

9 J13 je on ,prmmo Hotieno 11a 
-o OHHOCHO
Meby?apb?HHM Kb?m?h?rbem Hpouerbe?e
TPHGILHHB Ha ?ax?1 LLITO je Imam 3a nocnennuy HOBehame
Ha?aBHe 3a HeTo ecbeKTe npouene 011 CTpaHe
CF 3.0.0. Beorpan, Ha naH 22.05.2014.r0z[HHe. 
je 
Hoanque mm je quLeHo 3a.
3a 0,1 H3


a HHcy HpoueHe 
06j6KaTa Koje B'eponamo HHcy HH paljeHe jep H0 TOM HHje
611110 BpmeHo ansHaBaHJe (KopHFOBafbe) peBanopnsaHHOHHx pe3epBH 
,prmIBa. YKa3yje 06' Ha je MelijaponHHM 
IIOC?FpOjefba onpeMa, nonymTeHa MorthOCT L13.
npoue?e Bpemmc-m  HOTpe6e peBanopmauHOHHx 
Gyny Ha (meme. 3 5 Pom/ma,

nonazu 110 peaanopmauHOHHx pesepBH PI Hal/1310801"
Ha Hosmmj Hepaenopelje?u roam-Ia tame
je 013a ca on HOBehaHa Ha. 

TOKOM 2017.r0LLp1He 13pm?: Ce ecpemara upoueHe 
EHMC ca yBonH H0321 11031112313 
ce yBehaBa 3a HBHOC 011 
peBaJIopuaaImOHHx ce HOHOBO yBehaBa Ha HBHOC 0,11 
HOCJICLIPILIHQ ce yB'ehaBa GunaHCHa 3a HCTH H3HOC,

,ronHHe, ca @6130 on
110 rozganae OIEHOCHO ..IIepHozmtmo OHHOCHO
.IcyMyIramBHO 

0 na cy OCHM nomuuje O6jeKaTa 3a CB6 
HMOBPIHC Koje cy HPCIIMCT omnca as He aMOpTH3yje) FOIOBO


6? 3a nocnemluy 3aHaBJLarbe Bannxa, Kao PI
3anyn<erba r10 TeKthM na cy THM HaBe?eHe 5HJI3HCHC 11031111an
MCKasang? Koje Ce Mer 
ama 

Ha 6H ce nuTarbe ueanxonHocm nocnonarba
jep pauno 3apa?e
143 npe onopesnBarba) 
PISHOOH 0,43% a- (3a 9 MeceuH) 0,68%. -y OILHOC
3apane Ca ca?amHnoM Bpe?HO?Ihy 

ogHocHo neBeT MeceuH 2018.1?01113116 ,uo6njajy ce



0,31% PI 0,48% . 

TaKohe, _ce PI eBeHTyanHe HpoueHaeHe
BpenHocm Kao Ho3nque (jep je EBCHO 

28

 

0111100130 o6jeKTa
373 ncroapemeuo yOBajang onmeocm
(going concern) c;an ?o??unja ca Tmin

360r HaBeneHHx qmaaemma BemTaK CKOHOMCKB CprKe ceo?pamo 
?ecaHKH naHa 15.1 ca MOJI6OM 
6H npoHeHy Bpemiocm Haijeanje T0 je
o6jeKaT XOTena sa HOTpe6e HaBemTaBarba IHTO 6H Mopao ,zga ypajm PI
cam Kynalx 100% IcaHHTany ?pymmaa 0136 nocrynalha?ca
onpeg?ama 331mm 0 paBMaK 
HMOBHHC He 0M6 61/1111 3 romme).

HpoueHH ,,LHyma,qua? meuH 
'rpr 6130i 8, K210 1(ij qHHe 3rpa?a I?yManHja
6p.3r.1, ca HOMOEHOM Kyimua 6p.3r. 2, ypaljeHoj on CTpaHe 
PajKa BemTaKa 33 npoueHy 143
Beorpana, Ha 26 ce onenehe: 


yn?lymamjcm 6p.8, Kao uenHHe Kojy qHHe: 3rpana
L?yma?nja, 603111, OCHOBPI 
yKrmeeHe Ho+Hp+4-, 3! 3/3. lLIymaquCKH 613.8, Beorpan, carpaijena
Ha 6p. 13871/1 KO Ilykapnua, yHHcaHa HeHOerTHocm 6p. 7625
K0 HyKapIina, Kyhnua, 6p.3r. 2 
OCHOBH 14M2, Hp, Tpr? Beorpan, carpa_ 
Ha Karnapuema 5p. 13871/1 KO yanaHa JIPICT 613. 7623
K0 [Imam/ma? (ca. CBOM onpeMOM 001410330 xoz?ena.)
Ix-i?TO?a,  nay. HBHOCH 2375:9000 5: mm 
cpem-beM I<ypcy HBC Ha ?aH 

'1431?10014 

o?jeKTa o?jeKT?a onpeMe on 
aHpOKCHMaquy (pep Kojy 6H Morao ,ua 31?eran 
100% yne?a 1010 GM 
HOCTynarba Ca (MPC 
nocrpojepba onpema) 11a je TpeHyTHa canamrba 
Ha ?aH Ha upoueHe 
22.05.2014IOILHH6. -

ycarnaman?ame CM?l?be?aa nocrpojerba PI onpeme
Hameljy 111321 naTyma HpoueHe OHHOCHO maa naTyma HBBemTaBama, HpeMa MPC
36-YMaHaere .PIMOBHHG, nonpazsymeBa paHHje 
peBanopH3auH0HHx persean no on nomunja KOH je nomno no
yMangHaa PI TO no chanLHBama a am one Huey 3a
cmamema, ymawema 6P1 ice Mopao Hp?snam Kao pacxogl
nocManaHor Hepnona. c?yqajy, paHHje an3HaTe
peB?aJIopHsauHOHe pea?pBe cy na 6P1 CMaI-Lefbe
BpenHocm HMOBHHC M'opzmo ,[La ce mapmn Kp03 yMarberbe Bpemiocm 

6P1 TOM Cquajy Morao ,ua Kwa 100% yztena 
nmarbe 

29

 

 

1

H3Bemmja HonaTaKa Hal/1M8 a 110066110 KOpH?l?ePba 

noceGHo Kama je upOBepy. 

"He'KprroBaHHx BpenHocm.

3601? 0mm Hampen a Hpe (313613 3601? HOBoherba

Kyn'aua 100% ynena Bemralc CKOHOMCKE je
Koje 03! 631mm ,uaTyMy
BemTaqerba naTymy HpoueHe 100% ynena 

CXOHHO upepaLIyHaTa (KopHmBaHa 
PCII o6jeKTa 06jeKTa onpeme on Ha 
1113110011 H0 HBC Ha naH
30.09.20] on 3a IEYP.

Canamrba HMOBHHB (yqemha p:
o6pTHa Ha naH HBHOCH 

Cianamea OGaBesa Ha 
3009.201 HBHOCM 20324814913371).

Ha ocnosv cBera HHBEHGHOR 13961121007 Kanumna Emma'ma METOJIOM Hem
ic Ha min 9g 831.723.76EVP 1142132613371? 5
2.023.489.49EYP) 0111301:th npepawa?mm 110 QMEBEM Kvnev EEC 

112m 30.09.2018.r0mme 0L: 

HAHOMEHA 1: qumhe upoue?e?e yTBijeHe MCTOILOM
HeTo yKyII?Hoj BpenHocm 100% YJIGJIEI 110,11
ochapePba HeorpaHquHor Hocnoaa?sa je Ha 03 50,00%.

HAHOMEHA 2: Bpemiocm ,,U.Iy1v1a11uja? 
IHymam/chxu 6poj 8, Kao LICJIHHB Kojy qHHe appana 
XOTGII Ulymannja 6p.3r.1, ca 3rpa110M-pomrmb Icthua 6p.3r. 2, ypaljeHoj 011
PajKa 3a HpoueHy Bpen?ocm
H3 Beorpana, Ha 25 H3BpmeH je o?paqu 110,11
yHOTpe6e upeJIMeTHe mix je Ha 26
na je o6jeKTa ,,np'H 1.700.000 VKa3yje
06 11a je anTepHaTHBHe 3HaqajHoj 
ca cnpeMHomhy Ha mma
?pyurrBa 8 11a He noon/Halo 3601" HaBelLEHor, BEHITEIK
Hnje aHaJmsy quCKaTa yIIOTpe6e KMOBHHC 3601* Mane
BepOBaTHohe 

30

 

 



LEWMJ

I 

6? HPQHEHA KAHETAJIA -

gamma METOIE MHCKOHTOBAHMX a -- 

HQBEEAHHX TOKOBA

HpmuapHa 01301? HpoueHe jeCTe ma he rprm'mso, Kao 
)1 HeorpaHquHOM pOKy HITO je 614116114 
01110301,)an Elma an IinalII/I panelsan 
Ha?pasymeBa I I
a he cma'remje
Koje he cy6jexra, 
a He 36311 6yHyEHx ?oral?jaja (K210 mm je.
HOCJIOBEIHJC ca HOTemKohaMa).

Heocmapcae HaBeneHHx mory noaecm Hmahse HpHMapHy 0
HeorpaHquHOM H0 
npojeKqua, yKaByje 06 11a je yo?nqajeno ,ua Hameijy 
cc ?oraljajn OKOJIHOCTH He onBHjajy yBeK Karco je
P1 nopezz HaCTOja?aa meHaumeHTa 11a OKOJIHOCTH.

Meromnoumn moan/1anqu HPHHOCHM ce 321014141531 Ha Ha je 
je?HaKa canamrboj BPEHHOCTH I-BFJTOBHX jr: EE-
Ce ,AIpymTaBa 360T fig/gym}; p?aymam
K0th he Ta HpIin??Ha CE:
npumemyje maa Kopazca:
I pezaynTaTa 
?9 manual-01321156 6311131151111}: pesy?TaTa (030762116 mnm?mnaow?mx paByHTaI-a  
oa?amey 

CBoherbe HGKE 6ynyhe pe3yJITaTa Ha canammy
1,10npa3yMeBa yCBajaPLe KOHuenTa Maren
(HHT) je Hajqehe 
IcopnmheH npoueHe OBaj
METOJJ onenehe: 

0 Koje oqexyjy H0 HHBecmqua,

0 Blame 

KojH TH CHoce.

O6paL1yH ce moms Ha anxona 
pacx'ona (HOCHOBHHX, nepnozzy on, yoGHIIajeHo, 5
Fomma jep ce noHa3H 0,11 Ha TOM nepnoml nonasn no
nocnoaaHDa Koje ce Ha OBPIX nonaTaKa ce
HOCJIOBHHX Cnezzehn KopaK 0621mm je 
(bl/IHaHCHpa?aa (bHHaHCHpaI-ba).

TOK MODKB 6mm Kao TOK Hpe TOK
pacnonoxms mm nocne qJHHaHngaHaa (HOBann
TOK KojH je Ha ommcno ea OBHM
Ha ocHoBy npojeKqua 011 OBHX ,uBejy 06

31

 

. I

Hem HOthaHor OHHOCHO Kojy Mory J15, otIeKyjy 0,11 CBoje
HHBecmqu e, Ha C??aI?Hyy 

3a 0301? Hanasa, ce onpe?enno 3a HOBanor Hpe
qHMe je OTKJIOJBCH e(beKaT KaMaTa Ha.
HBTO TOKOBEL

M36013 HHCKOHTHG CTone, ce HBTO TOK 6302114 Ha canamrby
0gp?1jeH je H3a6paH0M 1-103an01? Q6paHyH 
,uaT je (bopMK Ta6ene 9 3a 01301? je yaeTa Kao HpHMepeHa
anpoxcnmauuja 1113006:qu ueHe ueHa COIIC-TBCHOF 
ce cnyqajy HOBanor 065136321), 3.
npoceqHa ueHa Ram/{Tana ce KOLL TOKB. 
Kamrl'raua (Hpe 06aBe3a).

HPETHOCTEHBKE npojegcunjaa

HpojeKLmje H3BpmeHe 0y 3a nepHozI 011 30. cemem?pa 2018. 110 01.
01<T06pa 2023. OLEHOCHO 3a HGT roam-1a. Hpoj-emmje cy pabeHe Ha
use npojeKTOBaHe 0y 11am EYP. Hero TOKOBH 0y
Ha qHMe je adjelcaT 

3a HapenHH HGTOFOHHILHHUH HGPHOH 05' Ha BBaHqu-Imc?.
6pyT0 3a HEPHOE, 1/1 ca 

3a nqueKquy je O?a6paI-I Hem TOK Icanmana IV
cma?y 03. no 00117.03}; omnaTe @HHaHoi/Ijszimx Ii
np?na?ajthx pacxona HHje 3? Emmy 
12131100 CBHX 062113638. 113 name 062113633 Ha
?aH npoueHe onyae'r je cm Bpem?Iocm Ha Taj je
06paquaTa 3a 

CKnany ca ona6paH0M meToglonoijM, HHCKOHTHB. 
npoceqHy ueHy je 0,11 14,8869 

na cy npojeKque 6yJ1yher 3aCH013aHe Ha IleorpaHquHOI
npouerbeHe HHT 
je H3Bpme?se HpojeICHHja T3B. 
'nepHOIz je HepHo? ca mecre PI 06paquCKH
Tpaje HeorpaHHq'eHo. CTona paCTa .pemzzya?y y'er?eHa je 011 j'e 
emany ca oanHM MBTOLLOJIOLUKHM 

HpojeKTOBame 11031121an nonpasymeBa 
a npnxona pacxoga,
0, HMOBHHE PI 063136321.

pacxona BemTaK je npojeKTOBarLe HOCHOBHHX

11001103an pacxozza nor: HpojeKTOBarbe anxoxLa, 
anxona PI pacxona HHje BpmeHo pasnora:

32

 

 o6a13?3211v1a Ha llaH 30.09.2018. cy 611mm

Id H3 011 ermna 

?(npema Mapib?? Ecorpa?) HBHOCPI 193636932133?
urro je 95,27% 03.111121 o6aBe3a Ha ,zraH 30.09.2018.r0,uHHe (93,02% Ha naH
npoueHe 100% y?ena 
MCTOJIOM HETO 
06aBe3a Ha ,uaH HpOHEHe-Bel?Taquba 113 5H 06 pacxona
HDHXOBO Kopnmhehse Kao mm 11031121an MOFJIO
Kao ILHT Bpemiocm Kanmana


nomunje (pHHaHCI/{jcmx npnxon?a, 0cmme npnxoga OCTBJIPIX pa?cxona 
(2013-2018) 0y cymapHo 6mm Ha HpoceqHOM yqemha 011 0.}61%
HOCJIOBHC Hume je 1514)sz e?61<aT Ha HHBOY.

Kojy je a Koja ce Ha ,Ha je 
Hosuunja HOCJIOBHC eq)eKTpraHa (bopMH (06jeKTa
PI Kao LIPII-BEHHLIE na 06 
BHCOKHM jecre 11a Hepnony npojelcnuje Hehe 6mm
3Hatiaj1mx 'nosnquaMa Hem 06pTHe HMOBHHG Te cxogIHo Tome may
npojemnje 06131116 HMOBHHC 06a13e3a H3 nocnoBaHJa.

TatcoDe, HMajth 131111}! Kopnmherba Hanasa K80 3azzai'air.)
je 11a HepHO?y Hehe 6mm BpmeHa 3HaqajHa maTepMja?Ha
ynaraILa HGTO 
1'13 HOCJIOBHHX 3a HSHOCB YHEIFELHJH. Lire-paw};
OHHOCHO y1<ynHa BpeAHocm ?pyIuTBa Icao 11003013301? 
ILHT HHje yTvial-BCI-Ia 38 HBHOC 
Hpouene BemTaquJa.

cy Jam 6141131011 ycnexa Ta?eJIe 10 
npojeKTOBaHH TOKOBPIMEI ?pym?rBa (poplvm Ta?ene 11. O?a6paHH
HpoueHe 3a norpe6e aspaqe OBor Hanasa Hmao je 3a "nocneLLI/my 110136112153
PI o6paqua a na Hnje 1133131116116 ymaHaerbe
100% y?ena' 


quva114 Ta6ene 9 game cy Hp'ojelcunje paCTa HOCJIOBHHX Hponzza 
nepuony on 5 HEPHOJI Hpojelcunje nonpaayMeBa na ana 
35010quer 3aBpmaBa ce ,prra npoje?KLIHje
sanothae 01.10.20.19.r0,11HHe 3aBpmaBa ce PICTH ce
no Kpaja HCTC npojelcunje. HpojeKque cy naTe EVP nanny
e<beI<aTa 

Ta6ena 9: paCTa HOCJIOBHHX nepHo/uy

y? Ha HpeTxonHy 
H?ojeKTonaHn HpojemonnHH IlpojeKToaaHu 

 

 
 
  
   

pamr onHocy pnc?r paCT omlocy pacT oguocy paCT ouuocy

Ha 2018-19 Ha?2019-20 Ha 2020-21 Ha 2021-22? .1 Ha 2022723

 

[3801? I
npuxogla onHocy Ha . a a 2 009/
?pmxo?Hy 66,67/o 2,00%: 2,00/o 2,00% 

ngojekunjc

 

 

 

 

 

 

 

 

33

 

 

 

Ca ?pyre 0TpaHe, 33? 110113060 HpoueHe Bpeunocm 100% 51110110 3/ KaHHTany ?pymg?ga  -.
mento?e, p?aquosoncheHHx

ecbmcaQI-Iocm Kopmuhehsa (133K0ng KojH 00 0a0T0je 0x1:  .. . I
97 00621 011 Hera je 70 006a ca HemajeM 27 00621 ca 1113a 
erBe?ra,
6 anapTMaHa,
110 150 
PecropaHOM?6amT0M no 100 
a 3 KOthepeHquCKe came,
1* Cna PI TepeTaHa.

KanauHTeTa HBHOCH 37.595 103 
(97 0063 6 anapTMaHa) 365 glaHa 00 011
[La 0y 013121 JIO6H, 63p, cane, cna, TepeTaHa) 
1130211321103 006a 170 P13 Tor pamora 110006110 
HO cemeHvaIa nocnosarba. Ca ?pyre crpaHe, Hpocetmy ueHy
11311211321321 Kojy ?pymrao ornamaBa aaemaTHHX an.rII?IKaHHja (1313.6001c1-1Hr)
Oil may: 0061238. 00 ga je 110011013315, Gem/10mg.
111302113353 0063 Ha on 2.255 700,00133?13, IVIHOXCGEEM ca 
0:1, 0K0 52:00% (1003 je yTpreH CTEHE-H sanocnermcm Kamum?eT-a
?Kojp: 06036013ij Tamcy peHTa6mmTeTa xoremijepci'lay), 00 1131300 011
1.178.617EYP. 00 HarJIamaBa 11a je HOCHOBHH
npojeKque ca Hmaoa 143 Ha HHBO KojH 06036eljyje 
Taqu je paCTa on 66,67%. 3a 
FOEHHG nomno 00 0,21 Lta he 110011013pr pacm Ha
0,11 2,00%. 

[[pyrI/IM peHHMa, O?a?paHH HOCJIOBHHX Hponna Ha
KopHmhePby cmapHo peByJITaTa (qHMe 

3anocnenocm cemeH?Ta 0063 mm cemeHTa pecTopaHa OLEHOCHO xpaHe
HBBECHO je HMEUIO 3a Hocnenuuy 06aparbe Eggexar

 

 

BTXO HOM He HOHV, Ha OCHOBV 
HOQHTEIKEII 6H 00 M01113 3a OH 4 Ha 0g!
1.100.000EYP. .

HpojeKTOBaHo yqeurhe' HOCJIOBHPIM
HSHOCH 3,20% 110K HCTH .3a yqemhe Tpomljcosa 
HOCJIOBHHM HBHOCH 26,58%. 06a napamerpa 0y yTBijeHa Ha
ocuony HaBeneHHx? KaTeroija PI HOCJIOBHHX anxozLa 
- 

34

 

 



310.1171? cy'
npojeKTOBaHH Ha H3 

upojeKTdBaHH' HeTo pe3yJ1TaTH, 031mm HO H0pe3a Ha 306m" 3/
pe3H21ya11H0M nepnozzy cy Ha HpnmeHe HopeCKe CTOHC 
Peny6?uun 

 

T966151 10: 06 21qu crone
P.6p O?paqyn ?es pusuxa

  
 

 

   

O?paqyn none 33 ynarama ca pmmcom
npenyzeha

 
  
 

   
   
   
    
  
  

 

 

MeHaumeHT ne'rEHuujan, 
uopTcponno, opraHnsaunoaa Kampogcnca
OCHOC05JBCHOCT

 
 
 
 

   
 
 

IT?J?Veoma mali rizik I 0 

7
Op; deauIrIOHa 
 
I pykosone?er THMEE I Veoma mall l?lZlk 
ax? g?k?
- I L.TpaTemKo nnarmpatbe 7.. .135 I 
npoqnaM I a 

2,5
3HaI-be jeaHor Veoma mali rizik 
nonomaj 
Kanmzm Veoma mali riz_ik 
,5

 

 

     
 
  
  

 

[Imalca

 
  

   
 

cpencnsa 3&1er ?yropoulm Kanm'an

. mm
pacxon HOGHT 
2.4

U.)

La.)

I'Ip'ouanomia reorpacpcxa 10 I 4286
n0TeHuI-1'an oua'e 

Hpomno?a upmony Wm:?
nyropownmc yronopa 
- yupm Im?
KOHueHTpaqua Kynaua - 
Benwnma noanuuja Kynaua - Veoma mali rizik 


3Haliaj nponsaona 3a Kynue - 

125 


m?
5

I
2, 
Em 3.75

 
 
  
     
  
   
     
  

  

WM

U) 

   



    
  
 
   
 
   
 

 
    

Moryl?lHOCT npemsufjarba
'npeuyseha

HOQT 11001163an peaynTaTa
- nocnonanay
HpomeHa aM6HjeHTa rpa?He

 



  
 

  

 

.AUJLAJ

    

.q --



 



 

 

 

 

 

 

 

 

 

 

 

 

 

1 1
3 Crona pmmca ynara?aa upenyse?e 8,3869
?4 ?C?Tona 13113111161 y?araHaa Cp?ujy I 6,0000
5 Crow-a pusmca ynarama 3a upmaamaue 1458869 
uyroaa

 

Hpojemoaa?n 6111191413111 ycnexa

6141121110 ycnexa 7511693ij Ha 11013110881138 11611014

116131101131, nocmanaHo Ha HHBOY 1100110131101? pe3ynTaTa.
npojeKque '09a6paH je TOIC npe 0661136321, 0.91100
61111ch ycnexa Huey yKbeque Hosuunje paoxozza.

OTKJTOEBBH yTHuaj Ha 06j
je ?aT 61111

1161914011 npojeKuI-Ije.

T366113 11: 61411ch ycnexa BVP

110m:wa
HO 

Ha OBaj je


ycnexa 3a neroronumma

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1133113 ?rmnucne nosimnje I 11 HI 1V 
Hotnes?npuxoml 113 nocnomte HKTHEHOCTH 1.178.312 1.201.878 1.225.916 1.250.434 1.275.443 I
I. Hpnxo?n on nponaje 1.178.312 1.201.878 1.225.916 1.250.434] 1.275443%
2. Oman? npuxouu
3. [1011611211126 93136111401314 3211111746  
4. (31491496166 BPEHHOCTH zanuxa ytnmalca 
HOMOBHH pacxonu/onmwn 113 necnosae 85mm 357.187 864.345 871?645 879.09?!
1
1. Ha?aBHa BpenHocr npcmaTe 1305151 
313.18. 319.453 325.842 332.359 339.006 
mm? 0mm? 346.296 346.296 346.296 346.296 346.296 
4. Tpouimonu aM0p1?113aunje 3a 63.191 63.19] 63.19] 63.191 63.191
nocrpmewa 
5. 11130143901111?): 37.665 38.419 39.187 39.971 40.770
3110111110311 Henponaaonunx 89.829 89.829 89.829 89.829 89.829
 ?91?39? 323.142 344.691 361.571 378.789 396.351
F3'611Tn1c H3 penoaunx nocnoBHux 0 0 0 0 i 0
CD111lallC11jCKl-1 npuxomi
1.3110on14
?o?lt?rnx n: qmna?cuphlba 0 0 0 0
Fy?uTaK I13 amnuupcm qmnancnparba 0 0 0 0
Ocmnu npnxonn
Oman? pacxmm
1146mm: npourrenao 143 ocmnux (1 0 0 0 0
Fy?lmm npOHCTeKao 113 0011on 0 .0 0 0 0
HPHXOAH 1.178.312 1.201.878 1.225.916 1.250.434 1.275.443
850.170 857.187 864.345 871.645 879.092
BPYTO 328.142 344.691 361.571 378.789 396.351
FYBPITAIC 0 
Hope3 Ha 1106mm 49.221 51.704 54.236 56.818 59.453
. HETO 278.920 292.987 307.335  321.970 335-398
HETO ranTAK 0 0 0
(WHETO HOBDITAK 278.920 571.908 879.243 1.201.213 

36'

 

-. .1 

Hp_0je11:1111 ja 11010 1103113110111011a 7

K210 11110 je 1121130110110, 311 H01jp06e HpojeIcqua 011a6paH je 1?1010 1011
11611111131111, 0111100110 1011 110j11 je Ha pacnonaraHgy '11

,prumaa. Ha 001101331 61111an ycnexa 11 

Koje 00 0111-1000 Ha 1111111115111 11 0611M 11113130T11paHaa,

11p0j01<To13a11 je 0 10110131111121. 11010 11013112111111 "101101311

an1<a3aH11 0y 3! 121601111 Koja 0110,1111.

Ta6ena 12: 11010 1101311611111 1011 3/ BY 

 

 

HA3HB - I II IV 

 

 

TOKOBM FOTOBHHE H3 
H010 11061111111 278.920 292.987 307.335 321.970 336.398

 

 

 

 

 

 

 

 

 

 

chocn0111111 11 npm101111 11 pacxoun Henone3aHH 
1100110311160111

 

 

 

flp11xo1u1 011 1111113111 113 11111111111011jc110 11111101113111:

 

 

 

[?opmauuja 63.191 63.191 63.191 63.191 63.191

 

 

LTPOHIKOBH peacpaucama

 

L?cxopnm?e?a 11yr0p011Ha peaepuucawa (6pyT0)

 

 

 

 

 

 

noanunjnma o?pTHor 11111111131111
011011301131: (11011011111130) 3:11111xa
011111130160 (1103617181116) 1101?p112-1111Ba111a 1111 11511111161

 

 

 

 

 

I Hpmma 113 11001101331133 ape npomeHa 1111 342?112 370527 385.162 ma?a
I 

 

 

 

 

COO
0000

(1103011211130) 1312111111111 01301101111121 11111161101111): uponaju
C11a1be1be ABP
11013611111110 0131111011

coo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11013011111131: (01112111101130) 06111313351 111131111 .1106611316119111113

c:


c:

 

 

 

 

 

1103011111131: (cmameHae) 00111111111 11001103111111 o6aBe3a

 

 

11013011211116 (mama-11.0) 0621130311 no 001101331 11 0C1?me 0 0 0
jammx 011111101121 11 1111011111111): pa31?pa11nqc1ba

 

  

 

 

 

 

  

1'11121heHa chmha 11 31111001113111121 110611111)!

II ?p11111113 (0111111B)r01-013u11e no oc1-1013y npomeHa 11a 0 0 0 0 0
mamama 06pTH0r Kanu'rana 

 

 

 

 

 

 

342.112 356.178 370.527 335.162 400.089

 

 

OKOBH 1/[3 
-

 

 

[121611131121 Heme-11111113, n001p0je1ba, 0111301110 11 


 

 

 

 

 

 

 

 

Hexpe'r111111a

 

Hponaja HexpeTHHna, l'1OCTp0j6l-ba, onpeMC 11 1 
0

 

{71111111101130 (11011111121110) ,uyropoanx 11111Ha11c11j01<11x 01111011111111 0 0
Cmalam-be (1101301111160) ?pancopolmnx 11116101113113 0 0 0 0

 

 

  

 

 

 

 

 

 

  

 

Hannahena 11111121111 Ha (11M11ch11jc110 mlacMch

 

 

 

?pmma (011111113) 1131013111111 113 unnecmuuonmx 0 0 0 0 0
TOKOBH FOTOBHHE 143 


Ynna'ra 3a ynucaue a111111je

 

 

 

 

 

[1011011111126 (cmamcme) Ayropowux ernm?a no 001101111 noTeHuHianHHx 136ch3a


Hoaehame (01112111101130) 0010111111 11y1?0p0111110?1 0621116311

 

 

 

11013011111613 (01111111301130) KparxopquHx 11pe11HTa (0111111111) 10101111110 113 11111-111311ocm 0 0
HETO IIPPIJIPIB 342.112 356.178 370.527 385.162 400.089

 

 

.

(33111111111321 HBTO HOBanor 11014.21

.  . . 
Ha Hape?HH 1161311011, 01111133an 
HaJIa3a, H3paquaT je HBTO 1103an11 TOK npe 06211363a5H3110M11$e ce Ha je
HpojeKTOBama HeTo 063Hp yseTo' 1:1 TpeHyTHo 
Ha Icojxma 110011ij je'na OBaj HHBO 
omoryhaBa- nocnosang cxna?y ca going concern 21'0" laesmyan?or

nepnozra.

,Ha 611 cc 01113611111131 03112111111321 HOBanor TOKOM 11613110113 HpojeKque,
cy 110131181111 TOKOBH, @arcropa o6paquaTIx1x
Ha JIHCKOHTHB Home 011 14,8869%.

OGpaqu daaKTopa HOPBLE JIHCICOHTHC CTone y3HMa 063Hp BpeMeHa. 
o6311p0M 11a ,prumao reHepHLue 111.2on36 TOKOM anMeHse?a je
cpemmom TO 311211111 21a je 
06pa11y11a daaKTopa npojeKque KopumheHa 011 0,5
(110118 Pom/me), .3a npojeKnHje 1,5, mm. cy 
yBamaBa yhu HpoueHe aKunja, 

HGPHOII on 1131? 12021111131 je .1160 GKOHOMCKOF BeKa Te je C'rora ma?a?mo
mapmmn 11 Hpopaqu T01<a 116131101131. 11131111161136.1121 je
C?rona paCTa HCTO HOBanor 2,00%.


1

5121111111112; 13 1212111110111 5212111112913. 39112111513112:  M1

OGpaqu 11:03an01? HpouerbeHa 
11p111<a3'aHH cy 

 
   
 
  
    

EHHOCTH HeTo 116110 1 HpojeKque BYP

356-178
0,81207 0,61525
239.242 261.905 236.972 

Ta6ena 13: 0651qu canamme 
EYP

  
  
 
 
  
 
 

    

   
 

 

        
        

Ta6ena 14: 0651qu HCTO 1103an0: 3a earmyanHy BCIEHOCT EYP

O?paqyu HeTo? 111013an01" Toxa 3a pcalmyame 
II 400-089

1.020
Hero HOBann TOK 3a pesnnyanHy I . 1 408.09]
(bax'rop 3a pe31myanHy 



6 BPEJIHOCT 
7 (331131111132 BpenHocnpeamxyana

 

new. 1. 

Tatiana 15 O6paqu IcannTaJIa 3/ 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.    . 
Canauuba HeTo 1.321.556
2 Cwawma pe3lmyana I 113771163
3 npuapennor npyLuTBa JIHT HeTonom (1 2) 2.698.719
Hero Ha nousncy npae ronuHe npojelcunjc 06paquaT Icao pasnnka 1131116531 Bpennocm 063136321 
0311113 HMOBHHC 1'931'795

5 O6ane3a 3a nununeHne

6 ?yropotma (o?aaese npema sanocneayma 3/ email}! ca MPG 19)

7 Hpouemena Bpezmo'cr Ka mummy yTBijeHa npmieHOM me'Tonom EYP (3 - 4 - - 6) 766.924

8 Cpembu HBC 33 EYP Ha mm ?8,4179

9 Kannrana ,Llpyunsn npnmeHom JET meTonom PCIE (7 8) 90817.57]

 

Hpouezbe?a BPBAHOCT Kanlnma ,prm'ma ymp?jewa szme?om merozga 112m
30.09.2018. ranune mmcu 766.924EYP OAHOCHO 90.817.571PCJEE, npepaquaTo ?npema
cpembem HBC 321 EYP Han Bemmqe?pa 30.09.2018.r0mme,

HAHOMEHA: qumhe HponeHaeHe ?pymma yTBijEHe MGTOEOM
100% ynena Kamiszy HOLT, 
cn'ryaunje HeorpaHI/Iq'euor Ha on 50,00%.

?71 TREENA 100%. UBELA LU 

HOCTyHajthd no BemTaK je cacma?o o6paLIyH je

1121th yneJI'a 
H) K1mu6apzze, ymma.

on; 100% 33 PI

XOTEJI (LIyKapHuaT? ca y.
Beorpany, UlymaijCKH 8, 14976. -

 

Ta?ena 16: Hpmcaza HarmHa yzzena H3BpmHor 
rocno Hp Baorpan, ynuuadJR/IBT
0,11 100% ,prLuTBy
P.6p 011140 MP
1 2 3
HPOHEHA 100% WIEJIA 110,11
HPETIIOCTABKOM JIPYILITBA OJIHOCHO BAHKPOT
- onunja noc-rynalba ?many ca 0' crcqajy Icoja nonpazymeaa Hspany HOBB
npouene .
HMOBHHC ?pyumaa onquH Ha 1131-1 Bem'raqewa EYP Koja nmpe?e Bobenua CTeLIajHor 

 

 

 

 

 

 

 

2 HpoucuaT 3a O?pe?naamc noneme HBHC H6 "1390} 0mm? 50 00% I
netlmuugana 3alco?1?10M CTeqajy 

 

 

 

l-Iajmalbn npoueHaT 3a Empehnsane ueHe onunjn 6aHKpm'a nequ-mcaua 20 00%
0 cmqajy 

 

 

 

 

 

 

4 HpoueHaT Kopmuhen an oupebnaanay Bpenuocm no Kojoj 6H cc Hanpmuno ~77 3?5'00%
yHonqewc HMOBHHC prurraa omij 2 50,00% p611 3 50,00%) 

 

39

131361111001 HMOBHHC ?pymma 011qum nepnoay 
1cha 611 cc 3a noaepnnauzma EVP (p611 I :1 p611 4)

1.002.474,64

 

He Ropiar?oBa'Ha 'Bpe?n?o?czr 06a?1'363a ,prLerBa 011ij 6aH1<p0Ta Ha 11211-1 EemTatte?tLd y?
EVP Ha 313211111an): 11111Hch11jCIch 113130111'1?aja

1. 

I 112.032.48.949 

 

Hpojemonaao BpeM'e TpajaHm ,llpyurma ommju 6au1<po~13 I
10111111311121 I

1,25

 

Upocctma CTona (yronopna 331101101111 npema many 85 3111101121 0
creqajy (Cmrnawnk PC 6p. 104/2009, 99/2011. 11 71/2012 - (mayxa YO .
83/2014, 113/2017 11 44/2018) 11a ronanaeM 1111130)!

10,00%

 

O?paqym?m 113110c 3a1<o11c1<e 321133111: Ka11a'1'e)y 0111111111 6a111<po~ra
(p211 254.06 ,19

 

0613131133 ?pyuyma np0je1rro13a110M ncpuony Hanmpema p611 6 pen 9)

2.286.550,68

 

flpouerbena TpmumHn 100%y11e11a KanHTany ?pymraa chyaquH
OCTBapmba 111131414321 onnacxa )1 CTeqaj 011110010 (pen 5 - pen 10)

41234-07634

 

 

II

HPOHEHA 100% YIEEJIA HOE
OJIJIACKA CTEHTAJ OJIHOCHO BAHKPOT
onuuja man 611 cc 2111 norpe?e schema nonynxa r?opucnma
C?ll?llJl-ba HMOBHHB

 

HeKopnrouaHa 05111311111121 1111;111?0302101361111 HMOBHHC omij
Ha 11311 EYP 11p1-13HaTz1 33311114141114 ?spamminma

?pyurraa .

7.247.095,44

 

I'Ipouena'r 3a oupe?ngame ueHe Ha np?oj uponajn ommju ?amcpom
321110110111 0 CTeqajy

50,00%

 

Hap-12111111 11p011c11a'r 3a onpeleBaHae notwrue 1113111: 0111.111j11 621111<po1u
nednmucana 351110110111 0 creqajy

20.00%

 

 

HpoueHaT npu unpeb1'15a1agy nepoua'me BpenHocm 110.1(Oj0j 611 cc 14313p1111'1110
1111101111111: ?pym-rea onunjn 61111lcpo'ra (p611 13 50,00% peg 14 :1 50,00%)

35,0096

 

?pyumaa 0311an 6mmpom y. npoje1<TOBaH0M 11513110111! yHomewa
mm 611 cc Rom-1131111121 321 11036111151210.3143 (peg 12 pep 1:1)

2.536.483,?

 

He 062136311 01?11111j1-1 6a111<p0w ?an Bern'ratiepoa 
EVP )rerDCHa 1121 001-1013)! saw-11141114); Hagemraja

2.032.489,49

 

HpojeKToaaHo Epcme TpajaHaa ,prurraas?y' 011qum ?amchTa 
romiHaM'a

'51?

3,00

 

Hpoccma Kan/12111121 crona (yroaopHa 11 saxoncxa 31111331121) npema many 85 3a1<o11a 
wetlajy (Cmmacnmc PC 6p. 104/2009, 99/2011, 11 ,11p.3a1<on, 71/2012 - YC
83/2014, 113/20171144/2018) Ha 1111130}! .

10,00%

 

20

O6pa4y11a'r11 1131101: KEIMHTE (yrmaopHe 11 3a1<011c1<e 3aTe3He Kama?re) 0111.11de 6aH1<p0Ta 
(pen [7 peul 8 pen 19) EYP

609.746,85

 

21

Bpe?Hocr 0621138311 nepnony 11311111331521 p611 17 p621 20)

 254223634

 

$1.22

?poucrbe?a KanHTan cmyauujn
3? 193?

OCTBapelb? [1113111411 onnaCKa CT?'iaj onHocuo (pen 16 - pop 21)

405752194

 

23

HpO?El?bell? TpmuuHa eBeHTyanHor 3111111411 
6H morao 113 p??lyHa Kynau 100% Kannma prm?raa curyauuju
ocnsapevba p1131?11c216aH1cp0Ta EYP

0,00

 

 

 



1119011111111 BPEAHOCTM 100% YILEJIA RA 1111134111111 11011
HPETHOCTABKOM 1100103111511 JIPYLUTBA ?yrom
11131311011)! 

 

 

24.

25

26

HpoucI-Lena Kann'rana ?pyurraa memnom Hero HMOBHHC 11a nan
BeUJTaqema EVP .1

831,723,715

 

Hpouemena Ip>1<11u111a apenHocr Kanmana MeTonom Ha 11a11 ch'raqerba 
EYP - 

766.924,35

 

 

Yneth nppuemeHe 'rpmmuHe spun-10cm 112111111833 1111310110111 HeTo HMOEHHC y?
yTprei-s'oj npouel-beHoj 100% ynena KanHTany ,[lpyun?na

 



50,00%

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77 npouerbeHg "rpm:ch Kahmana ?pyurraa meTomM 50 00V
npouewenoj Kanmany ?pxml'ma  
 H?onemeua Tpmuums 100% y?ena HamiT?JIy ?pymma 3! 799 324 06
(pan 24 peg 26 pen 25 3 pea 2?7) 
TPQICPIHIHA BPEIIHOCT 100% SUIEJIA .YERAHHTAJTY 
1 29 Owemnana nepoaamoha ocmapeHaa cm?yaunje Ilpym'rua CTE?laj OJIHOCHO 50V
 
30 BchBaTHoha cmyaunje ,ua nocnyje HeorpaHHtIeHo 50%
poxcy
. . - 
3! Tpmmua 100 A: menu mummy EH 

HAHOMEHA: 100% y?ena 
ca CKOHOMCKOM Kij
y3Hn1ajth KpHTeijyMB 
Kao Koja 
0621136321 MOFHH ?a ce Ha 
npogaBua, 11011
Hen01363a?nx CTpaHa, nocne onroaapajyher my
noeenoeane ROBOIBHO camanm

 

 

 

(pea 23 pen 29 pen 28 pen 30)

ycnosnma,

20119 EARTHOH).

 

Te ue?oga?e nan/mm :41 563 mpga?me? (H3301): 1

yTBpijeHaje cram/my
6H HBBECHO 1mm 
netanHquH (cheap)
HBHOC 3a 1(0in 6121 cpezgcnao HJIH
HBMeby Kyl?IHa 

mmehy 
View my 056 swam;

?l

41

 

 

PI

?$17.9 

 

 



??na H3B Haeman Beorpa?,
ynnua ET 100% 
npyumay ,3_a XOTEJI

Beorpa? (ElyKapHuaT? ca Beorpany, Tp?r 8,

8., BEEUTAKA 

MEO6978819, 14976 Ha 

H3 Koje je carne?aH zapainB'aind nonomaj 
HMOBHHE 06aBe3a H3HOCH

sggq?mgamw

OILHOCHO

4703270138914P?l?

HpepaquaTo cpemser Kypca HBC 3a. EYP ?Ha ?aH 


HAHOMEHA: 1V M?maiv 11a Hpgiem?omam em?omm? nanameTnH 1143
6mm panama ie mowhe 60.1w Venom mocaosa?gg
mm ma Bemg?axv nomaw?a 
ggja 5H nnomemma Bn?ebse IR monomaia
3531111132: onnocv Ha noKvMeHTamijv Koia MV ie 6mm nocwnna, mm 11a ce BemTatcv
nonaTHa noxvmenraunia Koia ce OHHOCH Ha
pumice no HpvaBa on?ocv Ha

gOKymem?auHiv Koia MV ie 6mm 110chmm. neonxonno je H3BDIHHTH penmuiv one



Beorpany, 

 Kw OM

7/  Boj 
'740:05-_ 4224/2010?03

  
 

 

13.12.2018romae

 

.L, 

A 



a 

4 "away

 

Pameng 
rocnohe ?ecaHKe 6poj MM. 77/18, ImeH'r?poj
15 021 14.09.20?18I0mme, -

HpenHCKa ca 11313leer rocnomiHOM Kmm?'apHOM 
I?pame?e e,

CMHTemtme Kapmue CBHX 06213633, 321
Hperxomm 33. gamma ?0 21338.
. 
HpoueHa Bpeszocm 110 je 
peuanopnaauHOHI/Ix 1363613311 paHI/IjeM HspafjeHa C'LpaHe 
CT (HCTHIJH CTpaHe),

33mm 021 CTpaHe jam-101? ?paraHe

BeorpaJnPaKOB?ua, KpaILua 26,

M31303 H3 6poj 763 K.O. quapHua, Cnym?'e 3a KaTaCTap
quapHua 6poj 011 
on HopeCKa
yupaBa H3 Han 3009.201 -

meHHua ca 30.09.20 1 

Cnemwmcaunja IBHXOBB. 6p0j 

panHor 

I?x'prHa HBO 3a 2013-2017 PI 01 01201830092018,

ycnajarby pacnonene HepacnopeheHe PI H3
021 22.08.2017IOJIHH6,

?on?ca 0:1 

HpoueHa BpenHocm XOTCH ,,Hlymanhja? 
Ulymamijcm 6p0j 8, mo Kij 3rpajla 
Koren IHyMaqua 6p.3r.1, ca 6pm". 2, ypaneHa
011 QIpaHe HpoueHmeJLa PajKa BemTaKa 3a HpoueHy 
H3 Beorpana, Ha