• Nie Znaleziono Wyników

Analiza procesów M & A na rynku FMCG na przykładzie transakcji przejęcia firmy Gillette przez koncern Procter & Gamble

N/A
N/A
Protected

Academic year: 2021

Share "Analiza procesów M & A na rynku FMCG na przykładzie transakcji przejęcia firmy Gillette przez koncern Procter & Gamble"

Copied!
103
0
0

Pełen tekst

(1)0123456489

(2) 25 654  289

(3)  . 55 2 4 59 !""#$%&'(0)*+,.9.  6 45 / 0. 1234563789:;<=>?@1238A2BCD?EF23786ABG3H65;I832<3B:J5 786;JK:53L58MAF544;II;786;6B92:;82N89:I;8@F3MO4; 1234A<5<9L?@1789:;<<;<L98IP;D?EFM38B;I92IP;;Q3M74;9L N89:I;8@F3MO4;3:RC5<5I5929LSP;F544;II;E9M732A. Y

(4) T6 1.9T4U6V!629 T2W 660 9TXT 56. 649"5400 9TXT 564 84 / 52WZT 9TXT 564!6T54U4 .922[299Y60[29,\

(5) 5 9 ]2\

(6) X T^_`##.

(7) 56738949 3

(8) 5

(9) 26 846 9 2

(10) 32. 344423636264 243. . 2344. . 0.

(11) mnokpqlqrsktmtjnruplvnwrqsxjrtkjr kllyljyknzkn{jn{|l u}lku. 23456275. 9.

(12) 

(13)   

(14)   

(15)   !"#$%&$

(16) ' (  ) 

(17) 

(18) )

(19) !*! !!+   !

(20) , .   !  ( ( -"#$%.

(21)    % ''

(22) 

(23) 

(24) ! 

(25) /01234516 789:;5<=>512?22@AB8/C)! 

(26) ! ! *!+ ))(

(27)  ( < D ' 

(28)   ' 

(29)  !E*!)

(30) *

(31)  (+)

(32) ! !+  E

(33)  ! &FG421H/A2B?GI5J-

(34) 

(35) 

(36)  % ''

(37) 

(38) () '

(39) 

(40)   ,E

(41) ( -"#$%&K

(42)  

(43)  !)  ! 

(44)  ( 

(45) 

(46)  )*-

(47) ()  )'    

(48) !  

(49) &K

(50)  

(51) -)418/B8?3IA/8>9A8/CH ( -"#$%  

(52)  ) E

(53) &    LMNOPQRSTUVNOWXQ1C/5?"#$%*

(54)  

(55)  *

(56) 

(57) ! IAJ01234516789:;5J 7A;;5445  . 234562Y5. Z[AB\83[5;21Z[5BAB]5B31A:5B^81A2GB8B@534B2_951`51B8/]83aGABA4A2/B2/b8B4 #c $ 

(58) %d !

(59) &e,

(60) ,f (

(61)  c

(62) 

(63) 

(64)  @159AB5BJ8]^8/48`5B8/]15BG;4B2_4[5:A``5B448?52^51418/B834A2/A/bgh7B53421JH[A3[ H8B4[501234516789:;583aGABA4A2/2_7A;;5445<Z[5B415BBH8B@G42/4[5B@53A_A3A4C2_4[5 981?54:24[329@8/A5B2@51845]A/<F/8;CBABH515:8B5]2/B3A5/4A_A3;A45184G15J814A3;5BA/ 15^A5HI2G1/8;BJi/451/54

(65) *

(66) f '

(67)  

(68) &D,, '

(69)  4[844[583aGABA4A2/2_7A;;5445H8B@814;CB4A9G;845]:C4[598I213[8/`5BA/bgh7B53421< Z[5158B2/B_214[5418/B834A2/H515]5_A/5]_21:24[@814A5B8/]^51A_A5]@2BA4A^5;C<Z[5 418/B834A2/H8B@12^5]42:5@12_A48:;58/]:5/5_A3A8;_214[532/B2;A]845]329@8/C<bA/8;;CJ A4[8]8;B28/A9@8342/4[5BA4G84A2/A/bgh7B534218/]A4B@814A5B<. jkll. . 0.

(70) “”•‘–—’—˜™‘š“š”˜›–’œ”˜—™ž˜š‘˜ ‘’’Ÿ’Ÿ‘” ‘”¡”¡¢’ —£’‘›. 23426789 4. ‘’’. 

(71) 

(72)    23426789 4   263   74 !

(73) "#$% &$'%(  ) *+*+ ,-./01234567528023196-45:3;692<40=>0-64517+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++? *+@+ A-6BC3D7>CE073;692<40=>0-64517+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++*F *+@+*+ G2H0D0EI23H:9I0303;692I=E07+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++*F *+F+ J/74CH0K7EI73H:9I0303;692I=L++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++*M *+0+ ,-5C1C3H:9I0303;692I=L3;692<40=>0-6451++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++@N *+0+*+ OPQRSRTUVRSWR+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++@* *+0+@+ OPQRSRXYZ[\]USWR++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++@^ 74_`a43 a`9 4bcd44 378d( e) fghg3J6C5260:B3-;i7E7/D-jE03D7>CE07++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++@? fgfg3,25-<C31CE2DC3D7>C17D28-3;692<40=>0-64517++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++FN @+F+kl\mQXRT\Znoo++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++Fp @+0+kl2K5C1D-jL3H:9I0303;692I=L313j1025/23>7<7q32B;06CE9DCEr+++++++++++++++++++++++++++++++++++++++++00 74s &!t'u vw

(74) x

(75) ux# "vty  z{ F+*+ |-91}I3H:9I0303;692I=L31~-/4E2303D73j102E02+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++^N F+@+ €UZUmQ\ZRXQRmUZRTm‚Oƒ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++„N F+F+ ~6-E24C3, †31j6}<3;6-<:E2D5}13>67D.C3A,‡ˆ+++++++++++++++++++++++++++++++++++++++++++++++++++„@ 74‰

(76) x

(77) Š$

(78) 

(79) x

(80) t% x

(81) ut

(82) "vu y ŠŠ'' &$'$ !xt'x &!t' w y

(83) v Š'  ) 0+*+ ‹7i-.2D073B25-<-/-80E9D2+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++„? 0+@+ Œ045-6073-6793Er767K526C45CK73;-6}1D71E973ˆ0//25523-6793~ ˆ+++++++++++++++++++++++++++++++MN 0+F+ ‹B07DC313>67D.C3I7K-345CB:/75-63K-D4-/0<7EI03;6-<:E2D5}13A,‡ˆ++++++++++++++++++++++M„ 0+0+ OPQRSRQZUTXUmWo+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++M? 0+^+ Ž;i7E7/D-jL3D7>CE073032H2K5C34CD2680E9D2+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?F 0+„+ ;iC13567D47KEI03D73K4957i53>67D.C3A,‡ˆ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?M 0 .

(84) /01-23.345-6/6,0472.809435:,46-,4 -..;.,;-0<-0=,0=>. >?.-7. 234567389

(85)    8  ! 52 5 " #

(86) $9#6$%   & '( #

(87) $

(88) #38%)*  +. ,-... . 0.

(89) bcd`efafgh`ibi_cgjeakclgfhm_gi`_g `aana_n`co`cp_cpqa hra`j. 23456. 89

(90)  

(91)  

(92)  

(93)   

(94)    !"#$"%  &'

(95) 

(96) ( )* + 

(97) (,,   9   , (  

(98) )

(99) 

(100) * - 

(101) ,

(102) ,

(103) 

(104) 

(105)  

(106) (  9 

(107) . ,

(108) ' ( '  .   &  ''   

(109) (&,

(110) (' 

(111) )

(112)  (* +&'

(113) )

(114) .

(115)    

(116)  

(117) &   (,

(118)  ,   '    &

(119)   &   ,*  /

(120)  

(121) 

(122)  

(123) 9

(124) (

(125)   9 

(126) & 012  9 8034* 4'& 

(127) ,

(128)   9

(129)   

(130) 

(131) '

(132) .  )  9&  

(133)        80345

(134)  6 4,,

(135) 

(136) 

(137). 

(138)  7

(139)  1 4,

(140) * 7  &

(141)   8 

(142)     

(143) (&'

(144) $9":;<=>:?%?@AB<$"#C?@D"E<$9B<B?FC"9?G HIJK

(145) '  

(146)  4,,

(147) 

(148) 

(149) 7

(150)  1 4,

(151) L MIJK

(152)    8034 

(153) '   

(154)  

(155)    '

(156) 9L NIJ3  

(157) 

(158) ' 9 

(159)

(160)  

(161)   '   9 ) 

(162) L OIJP

(163)  ) 

(164) ( ' '

(165) 9 &L QIJK

(166) 9 , 

(167)   9

(168) & ''    4,,

(169) 

(170) 

(171). RSTU V

(172) 

(173) 

(174) '   

(175) 

(176)    '&* 7

(177) 

(178)   9   B?!?%ED<ED?AWC<"9<C>ABE>AWX   )8  

(179)  , 

(180)  

(181) * Y  ' 

(182)   )

(183)    

(184) 

(185)    

(186)  69   

(187) 8* Z

(188)  

(189) )

(190) , 

(191) (  9. 

(192) 

(193)   8 

(194) * 7

(195)  &

(196)  ,6  6  

(197)  9 

(198)  ,

(199) 9

(200) 

(201) 9* Z &

(202)     69   

(203) 8  #C9"ED<#$9B<%?@A>DE?:>@A>[ + ,

(204)  )  

(205) 6 9. 

(206) 9  

(207) 8.  

(208) ' "',

(209) * Z&  

(210)  

(211)  

(212)     69   

(213) 8* \'

(214) 

(215) 6

(216)  

(217) ( 

(218)    

(219)  

(220) )

(221)  

(222) * 7 ,  

(223)  

(224)  

(225)

(226) 6

(227) )  C9?E#?]A^D[. _`aa. . 0.

(228) GHIEJKFKLMENGNDHLOJFPHQLKMRDLNEDL EFFSFDSEHTEHUDHUVF HWFEO. 23454678. 3

(229) 633 3 66 7 3  7   !8757"# 6 7 3 3 6 4$6% 3 34 3" &4"6 6 4"' (3) 6 7

(230) 66* +777  5$ 4$34$ 7)+ 374 77)647 3 33)657"6

(231) 5 ,-./0 $71  2767* 4 77 4

(232) ' 7 " 77)64# 77"6 4"67 &6 6)) 44 3 (3  7$) 37 67 +636 6 +77 3$ &6 4 44%)  4%)566 3 45 7)647"# 77"6 43373 $ 56/789:;6<.=>86> 46 *  )"# 3 33)657"6 35 $71  374 3  * "766 63 78 6 6)) 374 ( 54"6 3 38#46 ?7 6 477)643 73 34

(233) 6 %64 8# 4 7$67 6)) 374 3

(234) )33 8 77"6 7 $71  374 3563 6" 546787"#  (7 3@4 353 76 6  6 $)67"6* 4 + 3473 76 .,->A.=>86>97B>90C. DEFF. . 0.

(235) ‚ƒ„ € †‡ˆˆ~‚†‰„€Š‚‹† ‡Œ~†ˆ~† €€€~‚Ž‚~‚€ †‘€‰. 23454678

(236)    

(237) !"#$ %&'(&$)"$ #*'%&+ ,'*$-%"./"'%&#( 012345616789:;:8<34=<:=<5<>?=@ABCDCEFDGFHIJKLMNGOPGCJNQEFHBLNQHRF@NSRFTGKFABFH BLUCHEFJQCVAGHJSD@CELBWHFPSHEHQLDHNICNXPHULDLJCEFYHEGO@NKLHKSN@GHGHICEGO@NKFYHPCUFAQECH EZFVAGAGLTG[H\LFTGKFABFHQLUCHALT]HBLNQHRC^TGEFHQST@CHICIJKLKHDGL]NQFDDSHJCKEXBHGHEKJCNQH IJKLMNGOPGCJNQEF[H\CKEXBHIJKLMNGOPGCJNQEFHBLNQH@FQLUCJG_HBF@CVAGCE_HGHDFNQOI]BLHR[GD[H `1`ab:b6`a1652b5=<:<==1659c<`a12?d41679ef`a19:31679ef34a?d4?a5;=79e1a5b6 MKGLMKGDGLHCJUFDGKFABGHGHKFJK_MKFDGF[HgKJCNQHBLNQHDFQCRGFNQHICBOAGLRHGTCVAGCESRHGH CMKEGLJAGLMTFHNGOHEHKEGO@NKLDG]HKFNCPXEHIJKLMNGOPGCJNQEFWH]MKGFZ]HEHJSD@]HCJFKH KEGO@NKLDG]HN@FTGHMKGFZFDGFHGHBLBHMSELJNShG@FABGi[HgCPLAHCUXTDSAjHQLDMLDABGHEKJCNQCESAjHEH UCNICMFJALWHIJKLMNGOPGCJNQECHR]NGHEKJFNQFYHACHDFBRDGLBHEHQSRHNFRSRHQLRIGLHBF@HJSDL@HDFH @QXJSRHMKGFZFWHFPSHDFHDGRHIJKLJEFY[HgHIJKLAGEDSRHJFKGLHBLUCH]MKGFZHJSD@CESHPOMKGLHNGOH KRDGLBNKFZWHF^HEH@CkA]HKCNQFDGLHKHDGLUCHESLTGRGDCEFDL[HgKJCNQHBLNQHKFQLRH@T]AKCESRH AKSDDG@GLRHN]@ALN]HIJKLMNGOPGCJNQEF[HlCWHEHBF@GHNICNXPHKCNQFDGLHCNG_UDGOQSWHKFTL^SHCMHQLUCH BF@_HNQJFQLUGOHEKJCNQ]HIJKSBRGLHIJKLMNGOPGCJNQEC[HmNQDGLB_HMEGLWHICMNQFECELHVAGL^@GH :d3`5=3c<n opEKJCNQHELEDOQJKDS opEKJCNQHKLEDOQJKDS gKJCNQHELEDOQJKDSqLDMCULDGAKDSrHICTLUFHDFHNQCIDGCESRHJCKNKLJKFDG]HMKGFZFTDCVAGH IJKLMNGOPGCJNQEFHGHP]MCEFDG]HBLUCHICQLDABFZ]HEHCIFJAG]HCHKFNCPSHESQECJKCDLHBF@CHLh:d4 EZFNDSAjH MKGFZFkH UCNICMFJAKSAj[H lECJKLDGLH DCESAjH KMCTDCVAGH IJCM]@ASBDSAjWH IJKLJCPCESAjHCJFKH]NZ]UCESAjHDFNQOI]BLHICIJKLKHGDELNQSABLHJKLAKCELWH@QXJLHN_HhGDFDNCEFDLH @FIGQFZLRHEZFNDSRHT]PHMZ]UGLR[HsJKLMNGOPGCJNQECHRC^LHGDELNQCEFYHEHKFNCPSHJKLAKCELWH ;?2bd<LWHhGDFDNCELWHRFJ@OWHEGLMKOWHJLTFABOHAKSH@]TQ]JO[HHgKJCNQHQLDHRC^LHDFNQOICEFYHEH JFRFAjHMCQSAjAKFNCESAjHNQJ]@Q]JHIJKLMNGOPGCJNQEFHT]PHP]MCEFDSAjtDFBAKOVAGLBHCMHICMNQFEt DCESAjHBLMDCNQL@HUCNICMFJAKSAjWHAKSTGHhGTGG[HsCDFMQCWHEKJCNQHCJUFDGAKDSHCPLBR]BLHQF@^LH MKGFZFDGFHJFABCDFTGK]B_ALWH@QXJLHRFB_HDFHALT]HjFJRCDGKFABOHMKGFZFTDCVAGHIJKLMNGOPGCJNQEFHCJFKH KEGO@NKLDGLHLhL@QSEDCVAGHES@CJKSNQFDGFHBLUCHICQLDABFZ][HlFHNQJFQLUGFHRFHBLMDF@HKFJXEDCH NECBLHEFMSHBF@HGHKFTLQS[HuHBLMDLBHNQJCDSWHFPSHKP]MCEFYHEZFND_HNGLYHMSNQJSP]ASBD_HWHJCKEGD_YH RFJ@LQGDUWH]KSN@FYHENKSNQ@GLH@CDGLAKDLHICKECTLDGFWHFQLNQSHAKSHTGALDABLWHFHDFNQOIDGLH i0vwb9b:`5=d163 d<fx]KBLHGHIJKLBOAGFyHQLAjDG@GHCALDSHCIZFAFTDCVAGHGHNICNCPSHhGDFDNCEFDGFfz7256=<9461. {5?d16:0z{fz5a3b565|}}}f3v|iv ~€€. . 0.

(238) fghdijejkldmfmcgknieogpkjlqckmdck deerecrdgsdgtcgtue qvedn. 234567489

(239) 9 42 99

(240)  79 243

(241)   847

(242) 97 95 

(243) 8

(244)    874  542

(245) 4 9

(246) 48 2489

(247)  933

(248) 9 5345 76 83448 88

(249) 3!"#$%&'()"&$ 235438 * 536+ 34

(250)  65489

(251)  8 9

(252)  5

(253) 47  , +8939

(254) 6  5 4

(255)  2 5429489

(256)  54 9 +4 2354389 9 736

(257) 7 59 9- 2449

(258)  95789

(259)  %./.(.0$123$'40)(1"53./'46/2!5.(2467 83

(260) 98 598346 88

(261) 3

(262) +4  3999 59 9- 8 3999 39+ 8346

(263) 9 8

(264) 3 2354389 :8 59 9

(265) 9 23989  8 3;

(266)  ,4399 82; 59 9

(267) 9  

(268)

(269) 9 23543899 8 44

(270) 6 8

(271) 3

(272) 9 59

(273)  5

(274) 47 +424593 <354389 94+ 6

(275)  8 744239

(276)  ,4399 82; 59 9

(277) 9 7;3 99 54234895 54 ,78

(278) +4 87439

(279) 9  24

(280) 9 6  94;8 =4+  3;8

(281)  55489

(282) 9 5

(283)   ,439 2489

(284) 9 8 9

(285) 4 2423 (25$>)"!)"5.!3/.&!"?.>'5)"3$'7 

(286)

(287)  2; 7 5@ 24 

(288)   

(289)

(290) 9 2354389A B9 9

(291) 9 8 3999 8346 8

(292) 3

(293) +4C+4+

(294) 

(295) +4D 99

(296) 9 6 928

(297)  2354386 7 834 +4   3

(298) 748 439 24 74

(299) 763

(300) 

(301)  9 8 74748 834 +4 24

(302) 9 6 8934 E9 39+9 99 5

(303) 97 84 895 F399

(304) 9899 94 2479   42439  83 23859 9

(305) 99 2354389 7;3 

(306) 9  G98  999 39

(307) 979 97626 49 9 ,

(308) 9489

(309) 9  679 +

(310)  +8939

(311) 6 4 24845

(312) 9 9 +4 2346

(313) 99 H9354 4

(314)   365

(315) 4

(316) 92479

(317)  24 92 97626 8 ,9 

(318) +39 2; 7 I959  489 9359

(319) 9 8 

(320)

(321)  24;  59 9 9 8 3;

(322)  367639  B4

(323) 9 

(324) 9935 2797693

(325)  945 399 8

(326) 3

(327)  39+ 8346

(328) 9 ,6  239 439 99

(329)  39+

(330)  *999 42

(331) 484 65489 24

(332) 9 ,39 45 88

(333) 3 2354384 94 928

(334)  4 834 74748 2423 24 

(335)   

(336)

(337) 9 2; 7C,69D  8

(338) C23D 6 82; 59 9

(339)  "1(.)#)5.!5$/"!3'#)J'&)'!1"KL M4 39

(340) 97  45 598

(341) 9   

(342) 9

(343) 

(344) 9 3

(345) 76C238 39

(346) 97 ,6  23 2498  

(347) 9 23 49 NNONN 876PK3.( 4

(348)  99 94

(349) 9 9438489 8748

(350) 9

(351)   234;8 851"!)")46  439 8934 F6  239 843 5

(352)  +362 39

(353) 97 7;39 8 3963 4739

(354) 9  974 ,439 

(355) 9  235438 6 ,439

(356) 99 235438 *9+95

(357) 

(358) 9 

(359) 9 89

(360)  49

(361)  3 923

(362) 489

(363)  8 74

(364)  3459 9  A Q F374897 F6  239R.&15)"S2%'(!)43(.T5.!.#)4!"US'/1'('AVV0U17W07. L = =93

(365) 74879 I9 489

(366)  8934 ,39 Q598

(367) 84 G96748 <QG Q93989 XYYY 7WZ07 P8 *+6 9 F6  239 9 39+9 8346 2354389 [8\] * G96748 87959. ^74

(368) 49

(369)  8 I39748 I397;8 XYY_  ``abWAL7 cdee. . 0.

(370) efgchidijkclelbfjmhdnfojikpbjlcbj cddqdbqcfrcfsbfstd dcudcm. 3434567859.

(371)  34 4375 7 594835 7 3 47 5434 35 6   7

(372) 8434  3 6 85 7 

(373) 85744 7! "4  8465 4  3 65 3  7 3  8 8485 9    5 85#  59$%&'&()&*+,&-'./-%)- 7

(374) 359

(375) 8574844 0 53 7

(376) 7 1 . 749344

(377) 8594  3 536356 3 3 233

(378)  5 845 34 437 657  #   5545 

(379) 843  864 7

(380) 846 85 7   17859 87

(381) 85744 7 4685456 7 653   35 6 5 3  5 864 4

(382) 8563#

(383) 3451 345 7

(384) 65 87

(385) 

(386)  4567

(387) 64534 74

(388) 5 8 4359 6 

(389) 4   653  53 0 8513 54  59 # 6 7 65 55 85434 

(390) 85744$,*+7$89$7.::$$:$  3  7 594 8 7#   8

(391) 534 365

(392) 78 5486  5 ;1 8 34  7 65  4 85 445  156 764  74 51 87 7 3 45 7 5945 < 85744 7#  5

(393) 36 57

(394) 376  3  594 345 95 9 483# 7493 53 5 78456 4

(395) 8 838345 345678 8 345

(396)  8534  5# 6554 856 74 3 7 594 8 7 853 8359

(397)

(398) 858 345 43356 7

(399) 4 61 84656 3  3 08 7 53 83 657  45

(400) 575

(401)  3=($,-/:.&9&7:=(> 4 586.  85 5456  94 57

(402) 3764 6 

(403)  8 3 83344  5 85. 453 6 4 7453 ?45    8 864 4

(404) 8563 657 89 3   4

(405) 84 3 @ 9 

(406) AB CD%&%E=*&F+$,$7& CD7 33 53

(407) 85744 7  8 7 853 8359  CD89 835 CD 3   7

(408) 3 53  <45 78 9 

(409)  8334 3 74 74   5 74 75 #   

(410) 85744 7 84 G 4 

(411) 63 843 53 0 845843  6 8 9535 35 7 7

(412) 5 314 4337 5#  5  13 55345 89 7

(413)  3

(414)

(415) 858 853 83 8 7 4  4 34 433 653 75 27 3 5 657 15 7  53 4 8385345  45 5654H 53  9483#  

(416) 55363 8  3 I9,-7:=%EJKL . ! MKNKO/%/&9-:F$7*F.8$9K%.+K8*KPJK > QKR&,S-:8TKQ:+$# < 8564

(417) 85744 7H 5 4 49,-F+=F-# ;749 34 54# ;  UVVW# 7. X 0K AY 59 Z

(418) 75[# \ 88345 4  Y 5945# 7  # 5865#  17 53# <0]# 0 78^___# 7  8JH `5 3# < 8564

(419) 85744 7H 5 4 4

(420) # ;749 34 54# ;  UVV!8*KXPK aKT&7-:S$7*F.8$9K%.+K8*KAXK bcdd. . 01.

(421) OPQMRSNSTUMVOVLPTWRNXPYTSUZLTVMLT MNN[NL[MP\MP]LP]^N NN_NMW. LMNN. 234536789 

(422) 83 ! !" ! #! $ %& '(!#)!"! ! !*(  !   $+!#)( !#!  53,-97!! * !.*$/* !!  ! ! )*  *0  * "$1!!  *!*& (!!*.(!*&*02( "(&*#&3  !&  46

(423) 576* $7) 3  !)* !*(!) ! !"! #! $7! **)!!"*"  2#& '*!*   #$ 8!#**! #!&""2(!#)0  '! !!0($8(!*("!"  #! *&"# *!!   !"*$9!  *!)!' (3&!&" (!*("!"! #! :; 1(!#)"))!) 0 '( *2!!'3( *0!"! ! $ 8*)3!'2!   (  ")!!* ! 23! " (!*(!#) * "$ <#( ' 3*0*3 * ")*')!""  !!#" ,7-6=4>57,-6?4,3@ AB6

(424) 6 7@-B*! *0$83!*  )* (!#)23( "0!)3$8 (3) )3  !( '#(!)3" *0C0 22 3!*!$ D

(425) 63? 7453A45?

(426) B2572

(427) >--!"(!! )** '!!2 (# * "2 ($!"(   !  (!#)$ %(3)!!"(!#)!*3 2 .!*"*(!#)# ! "$E!! 0*!"# * & ** *$9*((!#) "! ! (0 )*'* *020')!((" "*&' ?7-,2

(428) 5

(429) B457,-

(430) 642

(431) , *0 )*3$8.!!".(!!3 (3  2!3  * *2"(# ! !( " 0(!)(&*0$%#3!* *) )* *0  : F;G;H?6?

(432) 67,945B9-I46;6-2;IB;JK; 00 .

(433) ‘’Ž“””•–Ž——‘•˜“™‘š•”–›•—Ž• ŽœœŽ‘Ž‘ž‘žŸ  Ž˜. 3456789 4 5

(434)   

(435) 

(436)  

(437)  !

(438) 

(439) " #

(440) 

(441)  $ 

(442) % &$

(443) 

(444) $ 

(445) % &$

(446) ' () 

(447) * $  &

(448) $ *# *) 

(449) *#  

(450) "

(451)  # )*$

(452) 

(453) ' +,) *% %*% & -   )%' (

(454) 

(455) "  &   

(456) 

(457) ! 

(458) ). "$

(459)

(460) %)%

(461)  

(462) *# 

(463) 

(464) /- 

(465)  )%0  ,123 495647,23 4488 345696:589;  59<:1=97 (

(466) 

(467) /*  *  ) $ 

(468) % &/

(469)   - *)" * 

(470) %)%' > *# # * 

(471) %)% &/

(472)   &

(473) /) /*!' ?

(474)    

(475) 

(476)   )%. )* $

(477)    *) $

(478) -). )*  &  

(479) * %  &!  *)% " */$

(480) 

(481) % "%/

(482) /

(483) * <9=92@2A,B9; 3 9A92348,5981:7 (

(484)  /" 

(485) 

(486) %

(487)  

(488) - -# $ 

(489) %. ) 

(490) 

(491) /! &/

(492) 

(493) 0 $& 

(494) % 

(495) $$

(496)

(497)  $& 

(498) % 7A9$$

(499) 

(500)  

(501) 

(502)  

(503) * "  $0 

(504) * CDE0F 95,A,64,8B B=5,= 742A8 7  GHIJKHLMNMNLOPQRSRPTUQSVWXYZ[Q\Q]SV^X_`][PTaVbT]S_ScV[UYXdReVWYUSfd]gh]XYdR[\L.  . ijklmnLlkoHpqrjpsL tuvL vKqHpmJLmnkHnJoqrjpJL z

(505) - &/

(506)  &% *)

(507) *% |99 5,23,A48896 )*  . 66:5 %" % {5A 3&24 6:5 92A 84 A 55AA <<BB44&&55449955BB==; 64;

(508) . $-

(509)  48896 5A <B4&5495B=; 67 2 6::A9B1;, , 8 4 , wJxqpqryHL /:)6, 284,84  9A9234;

(510) /

(511) "  *  #. )

(512)   *24  B 76 8=,2@5981:4; 5 9 8 1 9 ;9 2 @ 7  )-*# &/

(513) 

(514)  % %)

(515) %' . 5A9 ,<1: ‚,B92 84 5981: ;2@  9<A 84,8,89;9 ƒ;,=9;8,198B964<,23, 598 1 5 9 8 1 : 7   8955A 59A 9A8,89 {5A <B4&5495B=;, 5 9 8. 1 € B. 1 = 9 5 7   „A , < 1 4.  A , B 9 5 9  A 8 , 3 < : 3 . A ,;4 5,32 ,64,8B }qJ~sL 5,1 5 B348,BA951 B4& ; 9B4,<,84: B=5,= 742A89 2@,5,1= 59A:3 B4& 1B ,8B3& 5A <B4&5495B=;,7 1981:5 82347 ‚4B14 19BA=9348,8B9; 7 9<64 88 B=5:1=:57 64 84,329B4&4 „98 11981:5 8293897 †5A<95‡ 1599AA;4 3,329598 17. 0Fˆ 57 5B‰ Š2 ‹:4B4=498BŒ $' %  &7 Ž. . 01.

(516) ’“”•–‘–—˜™’™“—š•‘›“œ—–˜—™— ‘‘ž‘ž“Ÿ“ “ ¡‘ ‘š¢‘š.

(517) 

(518)   :!

(519) 

(520) !" 

(521) 

(522)    :! 67'

(523)     ; $,'<#+,"=% &' )' 8 !"#$%&'()*#*+,&-./'&' .   !        345678 0,1%&*#*)2'$,')**-./'(,13'    !  ?"5  " 

(524) 8 4

(525) 

(526)    ! !@8  "'  67'"9 !

(527)   5 67'!8

(528) ' >

(529) ' !

(530) 9

(531) !  C! "  

(532)  6

(533) 

(534)  L

(535) !! 

(536) 8

(537)  58 67'    ! 9   D

(538) .

(539) 

(540)    E !  

(541) 

(542)    ! A4B8  

(543)  6' C D.

(544)  D9 "5 

(545) 9

(546)    9 D8!

(547)  C!  '  M   

(548) 

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`aba c defghijklhmnkiofpqrsntlnefsuvk `aba`a cwqxnjnmyqixzpyniniofpqytmnk {2<JG')'01<GJ.)#'*#FG5'$,'*#J=#1$<)GJ'1,<0,&+<G./*),*-./'+0,+,=%&'&<1,+H2' <G&*H1<*GI,'01<G$+)=),1+H&K'^#J.<6.)GJ',U1G6F#'+)'JG'&+0%F*-3'3)#*G3'*#=-.)#K' |%5*,1,$*,67'H-./'01,.G+%&'*#'1-*U2',1#<'H12$*,67'&'<$G()*),&#*)2'01G.-<-J*-./' U1-HG1)%&'UF#+-()U#.J)'+01#&)#JS'5G'0,$<)#"'*#'(2<JG')'01<GJ.)#'JG+H'&'1<G.<-&)+H,6.)' 23,&*-K'}1,=FG3#H-.<*#'+H#JG'+)'1%&*)G5'U&G+H)#'*#<G&*).H&#K>8

(550) 

(551)     2&)$#.<*)#'+)'+0,1#'$,&,F*,67'&'+H,+,&#*)2'HG13)*%&'$,',0)+#*)#'0,$,=*-./'<J#&)+UK'~' F)HG1#H21<G'#*I)GF+U)GJS'UH%1#'JG+H'<*#.<*)G'=#1$<)GJ',=+<G1*#'&'HG3#.)G'(2<J)')'01<GJ7S'*#' ,U1G6FG*)G'H-./'01,.G+%&''25-&#'+)',I%F*GI,'HG13)*2'€‚€ƒ„ „†‡ˆ‰ŠƒŠ‹ŠŒK'Ž<+H,'+H,+2JG'. ‘‘. . 01.

(552) ŒŽŠ‹‘’Š“Œ“‰‘”‹•–‘’—‰‘“Š‰‘ Š‹‹˜‹‰˜Š™Šš‰š›‹ ‹œ‹Š”. 345789 4

(553)  54 7 54 !"!#$%&'%()*+,-+)./0/#12$340056 748 7897  73:4  5;4 9

(554) <9345:7 ;7 =>9 4 7 54?7@4  A<4BC. 4 :887<D 79 4DE;F8<D 7 389 <93458 7G4 GHEI 4 7 @345A47389J @4E G >9 388989 ? @  49 7>9 >47G7

(555) <D K)&+&'%1%0LBC 73:4G5<:9 : G4 <G94 7 :9 3844@8<I<D3839  8 7G4 7M44 4 38E 3 7387<M 458<DNO'P&)Q-Q4%PRSQT+4RS24)'+&)+$%&$RQP&2U 943:G4 7 3G @   <D:7 ;7 =BV47  54 WXYK3S-+Z4%1'SQ,[&)Q 98

(556) 3G4345EI 4 G?8<7 78

(557) 49 7 :E@4  5F\/!!!Y+$1)S2,-+Z) ] 7 54 ^ 4  389

(558) <9438BC5<:9 M4 73:4GA9 5F9

(559) <9345 G4. 4  :7 ;7 4 87 3:4 7 54? 8G4389_73 :94<:7  38 7 @4E7 ;4ID @79IB CA  87 A< 7<54 @ 748 M  9 489793<38 G8<9 4 7 3894 8 M74 7 @345A47389?C7@ G7`7I:94: 7  9  @4E @94  %*U)Q&&QPQ,[&)$))&PQaR+,-)0bYR2'N0N0Zc de EI 4 79AEI 4 345 7 @345A47389 de 7 54 f  4 3E9>9 38@ >4 49 : EI 4 345? @  4 AI@g7 4  'PR%&&),P9? 7 @345A47389?3 8E ::< <D01Bh 388>7G93 8E 7<G45@< : :97 8G4? 7@9 8G4?@389G479A:74 8G4?:887< EI<7439 3A<7 9G4 58 ;4?A<93 87 4  79@4F:7 ;7  7 @3459454 79A 94 7@ @4E7 ;4BiD@4@ 4 9893?:4 @<@9 4 7

(560)  7 @345A4738994 7I 9G9599< 4:9?:887 87I39I@75A ;F4897I 9I3 8E:5Bj EI 4  7 @345A47389G

(561) 345@A<F @93 3A<?:4 @ 93:@ :33 8E :D @79<Dk EI 4  7  @  4 7 EI 4  7 4 :7 750lN64)QR1'S2U4RS24+*$3 >47G<94I9I9G95?99< 4:9:887  938  9 @ 38:M3 @74 9< @G48 79 <BV  8G43887I39I@8<D39I3A9;F 79 I438I 124)'+&QSRQ-Q3879 7 @345A47389BmDGI8 :4: 48E38I 7 4 34 @ 9 M 7 @345A47389?@8<D394: 7493 87<G9I9G4 39 9@4E<?: . 9 3 8E:4BVG94 I3<895G

(562)  7 @3894F9 384knopqrBj 7@ EI 4:7 ;7345G4 G>94?<74: 374@4B  00 sNtQR*+&uvNs&P%(+$u%4N,)Pu'N0lN. 0L hBi97?_7 @345A47389 7< :9: 48E9<G?_Cw?C739xyyz?3B{|{B 0b CB`7I:94:? B48B?3B{}B 01 CB~ 74=3:4?E9 4:9<789A<D?62*+1&),P1%€+3$%1Q6€u6+R'S+1+0‚‚lu'NbƒLN 0l sRPN1‚L9389<@ 4x|97 ; 4{„„„?~@ :33 8E :D @79<D]iB B†7y‡? Bx„ˆz^B. ‰Š‹‹. . 01.

(563) BCD@EFAFGH@IBI?CGJEAKCLGFHM?GI@?G @AANA?N@CO@CP?CPQA AQRA@J. 356789  6

(564) 576955

(565) 95 

(566) 95879 6

(567) 59965 5 98 56

(568)  6

(569) 

(570) 5

(571)  ! "

(572) 7#$ 65678

(573) 599%&697

(574)  9  6

(575) 7

(576) 

(577)  

(578)  9 9  9  9 9 %' 7 

(579) 6

(580) $&()*&85

(581) 9&  ) 6

(582) 50+%, 

(583) 5

(584) 99

(585)  

(586) 9  6

(587) 

(588) 96 6!99"% - 9.7

(589) 99

(590) #95

(591) 99 956 9 5  9 6

(592) 

(593)  66 5 6

(594) 965

(595) 9  .  6

(596) 6 7%3 6

(597) 5796 699  9

(598) 9 658 99

(599) 96776 

(600)  5 9% /6

(601) 9 8 9  6

(602)  77

(603) 75 57     6

(604)  %'6.669 7  6

(605) 

(606) 9 6

(607) 9

(608)  9! 9 01234152 "67

(609) 95 

(610) 556789%3

(611) 9676

(612) 

(613) 6 978 95967889

(614) 

(615)  6

(616) 558 5 59.96 9%99  6

(617) 59 6969 6

(618)  9

(619)  9#9 95 8%/6

(620) 969  9$9 6 559 6

(621) 7 67%7%:  6969599 95 5

(622) 9#9 8 56

(623)  6

(624)  8 6

(625) 5996 6

(626)  69 5 6

(627) 5996 %3 95 9

(628) 7  7 995  6

(629)  7  7

(630) 76 55

(631) 9#98 56

(632) 9.  6

(633) 5996 %3 69 6

(634) 95

(635)  5 97

(636) 9

(637)  69969#9 6%;9 9

(638) #9  95

(639)  5 9 99

(640) !  6

(641)  7"

(642) ! 5 9 6

(643)  "%<8  9 699599 

(644) 99 6

(645) 9%. . 0+ 3%=69 %9%%>6%. ?@AA. . 01.

(646) vwxtyzuz{|t}v}sw{~yuw€{z|s{}ts{ tuu‚us‚twƒtw„sw„ u u|†ut~. . 3456789

(647)  !"#$%&'()*+,*-$./0(12304*-5678*2*9$687:/234*;(<=028* >?@ABCDEFBGHIGCGJDEKCLM>ANOKABAPQQRMOSPTUS. . V=WX287.*W8Y*2XX8*$%YX2/84*0W%$8*=9$31237.4*Y8*Z5678*2*9$687:/23*=.*$(693W$[13X8*730(* (&$:\X8*63]3&X28X23*W8($8W[/6X8,*^(*]'%1X[/_*$%YX2/*X3<8Y.)*(&`28XX[=9(=%\* 9$6[](W(13X23*2*$83<263/72*(\5*W$3X=30/724*&(&3W0(18*`(Y<21(a/2*9$687:/23*9$68&=2:\2($=W13* 1*$3`3/_*$%YX[/_*Z($`*1[059%1*`8X8&Y8$=02/_*2*9$3/(1X2/6[/_,*;(X3&W(*Z5678*&(W[/6.* X37/6:a/287*9(&`2(W%1*6*W8](*=3`8](*=80W($34*X3W(`23=W*1*9$687:/23/_*=W$50FbNANG@KAcGBA cLOF@GBGdCA0eS . 0e fK,*g37./4*h9('8/6X8*2*($]3X263/[7X8*9$(\<8`[*9$687:i*2*Z5672*9$68&=2:\2($=W14*+[&31X2/W1(*jk*2`,*l=03$3*. m3X]8](4*+$(/'31*noop4*=,*qr, stuu. . 01.

(648) klminojopqirkrhlpsnjtlupoqvhprihp ijjwjhwilxilyhlyzj jl{jis. 356789 

(649) 6869 95 6

(650)  9 5 8956789 8 7

(651) 

(652) 9 659 

(653) 6 

(654) 9 86 6 5

(655) 996

(656) 6 9 857

(657) 9 9 6 

(658) 7 6 9  5 86 5

(659) 996

(660) 6 56789  !"#$%&'(&)$(&*+ ,& 5659-5

(661) 6 .7 9759 /06  67123 49  555956 96

(662) 499 6

(663) . 67 6795 559

(664) 6/595  657 56

(665) /6 9

(666) /6 87 86 9 6 7 

(667) 9  5

(668)  .69 86 96 5

(669) 996

(670)  9

(671) .7 

(672)  6   

(673)  8/7  65 6 -  9:;:<= >?@ABCDE@FG@HCIJGDHDHKLJMGNO< P/Q654-6

(674) /.7 996 -57 Q 957

(675) .9 56 6 RST UV(59  5966/Q .696 5

(676) 996

(677)  49 5 6

(678)  

(679) 7959776/Q5867596W079 6 76 Q

(680)  -9 7 

(681) 

(682) /7

(683) .9 9 56

(684) / /65 5 9

(685) 9 9

(686)  $+97 67  789.7 996 - X 

(687) 957 

(688)  7

(689) .9 957.7 996 -7 Q 

(690)  7 59 96

(691) 99Q9 Q95

(692) /79 6 6-Y

(693)  8/7 5969

(694) 59 7 .66 Z69

(695) 7 

(696) 67 76 9

(697)  9

(698)   595 65 .7 996 -656/Q5.6Z696

(699) /6 9

(700) 96 5

(701) 996

(702) 

(703) 0[\ ]^*TU_&U+)"_'" ]^*TT)!U"_'" ]^9 86 596W6 5

(704) 996

(705)  06/Q9 Q 6 9

(706) 96 5

(707) 99T)$+\ ]^ &)+*"#U& ]^`T)%TU+"#U& ]^()T!R*+T & ]^*TUa#TS&)"+T & ]^a&Ta)"b,_%U& . 0[ cdedf%_%&("U*T $*,VT(d_,+dV$dg0d. hijj. . 01.

(708) VWXTYZUZ[\T]V]SW[^YU_W`[Z\aS[]TS[ TUUbUSbTWcTWdSWdeU U[fUT^. STUU. 35656789

(709)   56 9567678

(710) 6 59 68 79 879  6775  5  5566

(711) 7 7 8     6  !. 5 " #!   66 866 78! 98" 67 7$ %7 5 6 65 #6 " 75697

(712) "

(713) 67! 

(714)  6

(715) " 6 5 " 575  5"$3 " 756 6

(716)

(717) 6 " 6 7966 9  68"75

(718) 9

(719)

(720)  5789

(721) 785 67  #756  79 "  58"7$& "  !  7569

(722)  $'77

(723) 67  " 756 879 69 7567 65 5 76

(724) 65 567 575866 96"5667  #696$ ( " 75676 5 7 78

(725) 87 

(726) 6  795 6" 7857 56 #6 578   "9   7587  9 9 ) 9 5 9   7687  6 $ * 66 867  7975  6 57  7956  " 756 98"  #6 9 576 5769"9567  5  !$3 " 756 5

(727) 7  

(728) "  7956 !96 5 56 5$3 6"  

(729) 66578567879  6  8"9 " 5

(730) 6$+856789 79"  #66559 7$3

(731)   5

(732) 7

(733) 5    56! 6559  

(734) 978796 7 7

(735)  9

(736) 67566559  6 78

(737) 877 87976 57 56796756  56   7966 9     "  67 6796569597 567 656

(738) 6 7 85

(739) 6$,5

(740) 

(741)  7

(742)    756 5

(743) 7879 79 68 9 

(744) 75 866  756767 5   

(745) 6 $ %7 59 956867" "9 5 5986

(746) 7

(747)  56! 7867 -./012/3456789:;<=>?@A9BC97DE.2/F.EGH45IBJ?8<9>?@A9BC97K$( 7867 8 34L2LH41MN4  967   "  976 " 

(748) 6 #! 65986    568"956787856$+9567   5598 987. 7 5 7 8 569   7966 9$% 7867

(749)  6

(750) 

(751) 96   56756 9 597 5 659877 6  "96 78

(752) 578$ & 7 59"6!   7  9 9 5677  #75678 7  8 569 96O 7"P  7 9 56 7  5678696  676 5

(753) $( 786  67 98"  69" 9757$*    97 6 5 9 967 6569"857 

(754)

(755) 7567 59 78

(756) 67  58

(757) 5678QR 66557897$*7 58 #678965 8"798"96 .    "6

(758)  78

(759) 578$ 3 75 #6 7 86

(760) 6

(761)  

(762) 6678"966

(763) 

(764) 5 56! 786 976 576  857$( 786976 579" 78

(765) 676 86 7#5678 01 .

(766) xyzv{|w|}~vxuy}€{wy‚}|~ƒu}vu} vww„wu„vy vy†uy†‡w wƒˆwv€. 345673869 3

(767) 45

(768) 4

(769) 469

(770) 56 7 9 3

(771) 6

(772) 45 76

(773) 6

(774) 96

(775) 7 

(776) 434568 9

(777)  335 38 

(778) 43 7

(779) 45 3586

(780) 96

(781) 59

(782) 

(783) 3 97

(784) 35 7

Cytaty

Powiązane dokumenty

Possible policy interventions defending the private sector, based on declining demographics, are either in the private sector only (public subsidization of

Зависимость эффективного коэффициента теплопроводности исследуемого покрытия от температуры, найденного решением ОЗТ: Т1 – по

Charakterystyczną i in- trygującą właściwością tego rytmu jest jego wystę- powanie w dwóch zupełnie odmiennych formach aktywności organizmu - w czasie czuwania

Group 4, part-time, undergraduate students completing their studies and working in the profession, obtained the highest level of competence throughout the test,

Dąbrowa Zielona Muzeum

Stosunkowo najczęściej dyskutow any we współczesnych stu-' diach genologicznych jest znany passus z Państwa III 7, 394 C, gdzie Platon przeprowadził trychotomiczny

Studium moje poświęcone jest L es M ille et une nuit w postaci nadanej dziełu przez G allanda, k tó ra następnie stała się podstaw ą tłum aczenia d okon a­ nego