title: 98/322/ΕΚ: Σύσταση της Επιτροπής της 8ης Απριλίου 1998 σχετικά με τη διασύνδεση σε ελευθερωμένη τηλεπικοινωνιακή αγορά (Μέρος 2 - Λογιστικός διαχωρισμός και λογιστική καταγραφή κόστους) (Κείμενο που παρουσιάζει ενδιαφέρον για τον ΕΟΧ)

eurovoc_concepts:
accounting system
liberalisation of the market
systems interconnection
telecommunications
telephone charges
transmission network

text: L 141/6 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 II (Pq˜aneir cia tgm isw˜u tym opo˜iym dem apaite˜itai dglos˜ieusg) EPITQOPG SUSTASG TGS EPITQOPGS tgr 8gr Apqik˜iou 1998 swetij ˜a le tg dias ˜umdesg se ekeuheqyl ˜emg tgkepijoimymiaj ˜g acoq ˜a (L ˜eqor 2 — Kocistij ˜or diawyqisl ˜or jai kocistij ˜g jatacqav ˜g j ˜ostour) (Je˜ilemo pou paqousi ˜afei emdiav ˜eqom cia tom EOW) (98/322/EJ) G EPITQOPG TYM EUQYPA˘IJYM JOIMOTGTYM, ˜Ewomtar up ˜oxg: tg sumh ˜gjg cia tgm ˜idqusg tgr Euqypaˇij ˜gr Joim ˜otgtar, tgm odgc˜ia 97/33/EJ tou Euqypaˇijo ˜u Joimobouk˜iou jai tou Sulbouk˜iou, tgr 30 ˜gr Ioum˜iou 1997, cia tg dias ˜umdesg sto w ˜yqo tym tgkepijoimymi ˜ym, pqojeil ˜emou ma diasvaki- ste˜i g jahokij ˜g upgqes˜ia jai g diakeitouqcij ˜otgta le tgm evaqloc ˜g tym aqw ˜ym paqow ˜gr amoijto ˜u dijt ˜uou (ONP) (1), jai id˜iyr tou ˜aqhqou 7 paq ˜acqavor 5, Ejtil ˜ymtar: dias ˜umdesgr ˜oti g odgc˜ia 97/33/EJ amah ˜etei stir ehmij ˜er quhlistij ˜er ˜osom avoq ˜a aqw ˜er cia tir tgkepijoimym˜ier sglamtij ˜o q ˜oko, tg diasv ˜akisg epaqjo ˜ur dijt ˜uym, s ˜ulvyma le to joimotij ˜o d˜ijaio, kalbamol ˜emym up ˜oxg tym sust ˜aseym tgr Epitqop ˜gr, ˜yste ma dieujokumhe˜i g ˜etsi ˜oti id˜iyr am ˜aptung cm ˜gsiar euqypaˇij ˜gr ecw ˜yqiar acoq ˜ar· to ˜aqhqo 7 paq ˜acqavor 5 tgr odgc˜iar 97/33/EJ jake˜i tgm Epitqop ˜g ma jataqt˜isei sust ˜aseir swetij ˜a le ta sust ˜g- lata jostok ˜ocgsgr jai tom kocistij ˜o diawyqisl ˜o· tym ˜oti to ˜aqhqo 7 paq ˜acqavor 2 tgr odgc˜iar 97/33/EJ apaite˜i oqisl ˜emoi oqcamislo˜i pou ˜ewoum joimopoighe˜i ap ˜o tir oije˜ier ehmij ˜er quhlistij ˜er aqw ˜er yr ˜ewomter sglamtij ˜g isw ˜u stgm acoq ˜a (even ˜gr ha amav ˜eqomtai yr «joimopoig- l ˜emoi voqe˜ir ejlet ˜akkeusgr») tgqo ˜um tir aqw ˜er tgr diav ˜a- meiar jai tou pqosamatokislo ˜u pqor to j ˜ostor cia ta t ˜ekg dias ˜umdesgr· ˜oti to ˜aqhqo 8 paq ˜acqavor 2 tgr odgc˜iar 97/33/EJ epib ˜ak- kei stour joimopoigl ˜emour voqe˜ir ejlet ˜akkeusgr ma tgqo ˜um wyqisto ˜ur kocaqiaslo ˜ur, avem ˜or cia tir dqastgqi ˜otgt ˜er tour pou swet˜ifomtai le tg dias ˜umdesg —jak ˜uptomtar t ˜oso upgqes˜ier dias ˜umdesgr pou paq ˜ewomtai esyteqij ˜a ˜oso jai upgqes˜ier dias ˜umdesgr pou paq ˜ewomtai se tq˜itour— jai avet ˜eqou cia ˜akker dqastgqi ˜otgter, ˜yste ma ˜oka ta stoiwe˜ia j ˜ostour jai es ˜odym, le tg emtop˜ifomtai b ˜asg tou upokocislo ˜u tour jai tir wqgsilopoighe˜iser keptoleqe˜ir leh ˜odour ap ˜odosgr pou sumd ˜eomtai le tgm dqastgqi ˜otgt ˜a tour ˜osom avoq ˜a tg dias ˜umdesg, sulpeqi- kalbamol ˜emgr tgr keptoleqo ˜ur am ˜akusgr tou pac˜iou jai tou diaqhqytijo ˜u j ˜ostour· ˜oti g Epitqop ˜g stg s ˜ustas ˜g tgr, stgm odgc˜ia 98/195/EJ, tgr 8gr Iamouaq˜iou 1998, cia tg dias ˜umdesg se eke ˜uheqg acoq ˜a tgkepijoimymi ˜ym: L ˜eqor 1 — Tilok ˜ocgsg tgr dias ˜umdesgr (2), heyqe˜i ˜oti g pk ˜eom jat ˜akkgkg pqos ˜eccisg ˜osom avoq ˜a tgm tilok ˜ocgsg tgr dias ˜umdesgr e˜imai eje˜img pou bas˜ifetai stir lekkomtostqave˜ir lajqopq ˜ohesler l ˜eser oqiaj ˜er dap ˜amer, dedol ˜emou ˜oti e˜imai to pk ˜eom ˜oti g pqos ˜eccisg sulbat ˜o le tgm amtacymistij ˜g acoq ˜a· aut ˜g dem apojke˜iei tg wq ˜gsg aitiokocgl ˜emym ejt ˜ajtym epibaq ˜umseym, yr l ˜esou am ˜ajtgsgr tym lekkomtostqav ˜ym ap ˜o joimo ˜u ameikgll ˜emym jai joim ˜ym dapam ˜ym em ˜or apodo- ˜opyr ha lpoqo ˜use ma pqoj ˜u- tijo ˜u voq ˜ea ejlet ˜akkeusgr, xei up ˜o amtacymistij ˜er sumh ˜gjer· ˜oti g pqos ˜eccisg tilok ˜ocgsgr tgr dias ˜umdesgr b ˜asei tym lekkomtostqav ˜ym lajqopq ˜oheslym l ˜esym oqiaj ˜ym dapa- m ˜ym sumep ˜acetai kocistij ˜o s ˜ustgla pou ma bas˜ifetai sto tq ˜ewom j ˜ostor l ˜akkom paq ˜a sto istoqij ˜o j ˜ostor· ˜oti g Epitqop ˜g sum ˜estgse sta jq ˜atg l ˜ekg le tg s ˜ustas ˜g tgr tgr 8gr Iamouaq˜iou 1998 ma t ˜anoum pqohesl˜ier stour joimopoi- gl ˜emour voqe˜ir ejlet ˜akkeusgr cia ma evaql ˜osoum m ˜ea koci- ˜oti em ˜y ta stij ˜a sust ˜glata b ˜asei tgr dqastgqi ˜otgtar· (1) EE L 199 tgr 26. 7. 1997, s. 32. (2) EE L 73 tgr 12. 3. 1998, s. 42. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/7 oijomolij ˜a/tewmokocij ˜a lomt ˜eka ej tym ˜amy pqor ta j ˜aty ejsucwqom˜ifomtai se uxgk ˜o bahl ˜o, emto ˜utoir paqal ˜emoum atek ˜g jai epol ˜emyr sumist ˜atai cia to ecc ˜ur l ˜ekkom sucje- qasl ˜or alvot ˜eqym tym pqosecc˜iseym ap ˜o tgm joquv ˜g pqor tg b ˜asg jai ap ˜o tg b ˜asg pqor tgm joquv ˜g· tym voq ˜eym ejlet ˜akkeusgr pou amtacym˜ifomtai stir sweti- j ˜er acoqer· ˜oti, id˜iyr, apaite˜itai diav ˜ameia swetij ˜a le tgm jostok ˜ocgsg tym voq ˜eym ejlet ˜akkeusgr pou paq ˜ewoum t ˜oso staheq ˜a d˜ijtua ˜oso jai jimgt ˜a d˜ijtua tgkepijoimy- mi ˜ym· ˜oti to ˜aqhqo 7 paq ˜acqavor 5, tgr odgc˜iar 97/33/EJ epib ˜akkei stir ehmij ˜er quhlistij ˜er aqw ˜er ma diasvak˜isoum ˜oti, jat ˜opim swetij ˜gr ait ˜gseyr, diat˜ihetai sta emdiaveq ˜o- lema l ˜eqg peqicqav ˜g tou sust ˜glator jostok ˜ocgsgr, stgm opo˜ia elva˜imomtai oi basij ˜er jatgcoq˜ier stir opo˜ier jata- t ˜assomtai oi di ˜avoqer loqv ˜er j ˜ostour jai oi jam ˜omer pou wqgsilopoio ˜umtai cia tgm jatamol ˜g tou j ˜ostour dias ˜um- desgr· ˜oti oi l ˜ehodoi jatamol ˜gr wqei ˜afetai ma paqousi ˜a- foum t ˜etoio bahl ˜o keptol ˜eqeiar pou ma jah˜istatai sav ˜gr g sw ˜esg j ˜ostour jai tek ˜ym tym sumistys ˜ym tym dijt ˜uym jai tym upgqesi ˜ym ( ˜gtoi sumtekest ˜er wq ˜gsgr)· ˜oti e˜imai ep˜isgr am ˜acjg ma paq ˜ewetai g b ˜asg s ˜ulvyma le tgm opo˜ia ˜ewei jatamelghe˜i to lg jatakocist ˜eo j ˜ostor letan ˜u diav ˜o- qym kocaqiasl ˜ym· ˜oti g sull ˜oqvysg pqor to s ˜ustgla jostok ˜ocgsgr enajqib ˜ymetai ap ˜o tgm ehmij ˜g quhlistij ˜g aqw ˜g ˜g ˜akko aql ˜odio s ˜yla, amen ˜aqtgto ap ˜o tom oqcamisl ˜o tgkepijoimymi ˜ym jai ecjejqil ˜emo ap ˜o tgm ehmij ˜g quhli- stij ˜g aqw ˜g· ˜oti epib ˜akketai ma dglosie ˜uetai etgs˜iyr koci- stij ˜g jat ˜astasg ˜osom avoq ˜a tg sull ˜oqvysg· ˜oti s ˜ulvyma le to ˜aqhqo 12 paq ˜acqavor 1, jai to ˜aqhqo 13 paq ˜acqavor 1, tgr odgc˜iar 95/62/EJ tou Euqypaˇijo ˜u Joimobouk˜iou jai tou Sulbouk˜iou, tgr 13gr Dejelbq˜iou 1995, swetij ˜a le tgm evaqloc ˜g tgr paqow ˜gr amoijto ˜u dijt ˜uou (ONP) stg vymgtij ˜g tgkevym˜ia (1) apaite˜itai ta tilok ˜ocia cia wq ˜gsg tou staheqo ˜u dgl ˜osiou tgkevymijo ˜u dijt ˜uou jai tgr upgqes˜iar vymgtij ˜gr tgkevym˜iar ma tgqo ˜um tir basij ˜er aqw ˜er tou pqosamatokislo ˜u pqor to j ˜ostor jai tgr diav ˜ameiar, sulpeqikalbamol ˜emgr tgr evaq- loc ˜gr ej l ˜eqour tym joimopoigl ˜emym voq ˜eym ejlet ˜akkeu- sgr jat ˜akkgkou sust ˜glator jostok ˜ocgsgr cia to sjop ˜o aut ˜o· ˜oti oi eisvoq ˜er tym diasumd ˜eseym leq ˜ym se pqocq ˜al- lata t ˜upou ekke˜illator pq ˜osbasgr epitq ˜epomtai l ˜omom ˜otam epib ˜akkomtai tilokociajo˜i peqioqislo˜i ap ˜o tir ehmi- j ˜er quhlistij ˜er aqw ˜er cia k ˜ocour pqosit ˜gr til ˜gr jai duma- t ˜otgtar pq ˜osbasgr stgm tgkevymij ˜g upgqes˜ia, s ˜ulvyma le to ˜aqhqo 12 paq ˜acqavor 2 tgr odgc˜iar 95/62/EJ· ˜oti g Epitqop ˜g stgm amajo˜imys ˜g tgr tgr 27gr Moelbq˜iou 1996, swetij ˜a le jqit ˜gqia aniok ˜ocgsgr ehmij ˜ym pqocqall ˜atym cia tgm jostok ˜ocgsg jai tg wqglatod ˜otgsg tgr jahokij ˜gr upgqes˜iar stir tgkepijoimym˜ier jai jateuhumt ˜gqier cqall ˜er cia ta jq ˜atg l ˜ekg yr pqor tg keitouqc˜ia t ˜etoiym pqocqal- l ˜atym (2), en ˜evqase tgm ˜apoxg ˜oti t ˜etoia pqocq ˜allata pq ˜epei ma jataqcgho ˜um ˜eyr tgm 1g Iamouaq˜iou 2000. ˜oti g odgc˜ia 90/388/EOJ tgr Epitqop ˜gr, tgr 28gr Ioum˜iou 1990, swetij ˜a le tom amtacymisl ˜o stir acoq ˜er tgkepijoimy- miaj ˜ym upgqesi ˜ym (3), ˜opyr tqopopoi ˜ghgje tekeuta˜ia le tgm odgc˜ia 96/2/EJ (4), apaite˜i ap ˜o ta jq ˜atg l ˜ekg ma diasvak˜isoum tom apotekeslatij ˜o amtacymisl ˜o letan ˜u upodol ˜gr ekeuheqyl ˜emym tgkepijoimymiaj ˜ym ˜oti to ˜aqhqo 2 tgr odgc˜iar 95/51/EJ tgr Epitqop ˜gr, tgr 18gr Ojtybq˜iou 1995, cia tqoopopo˜igsg tgr odgc˜iar 90/388//EOJ yr pqor tgm jat ˜aqcgsg tym peqioqisl ˜ym stg wq ˜gsg jakydiaj ˜ym tgkeoptij ˜ym dijt ˜uym cia tgm paqow ˜g ˜gdg upgqesi ˜ym (5), epib ˜akkei sta jq ˜atg l ˜ekg ma diasvak˜ifoum tg kocistij ˜g diav ˜ameia jai ma pqoakalb ˜amoum oiad ˜gpote leqokgptij ˜g ˜otam voq ˜ear ejlet ˜akkeusgr o opo˜ior ˜ewei sulpeqivoq ˜a, apojkeistij ˜o dgl ˜osiou dija˜iyla paqow ˜gr dijt ˜uou tgkepijoimymi ˜ym paq ˜ewei ep˜isgr upodol ˜g dijt ˜uou jakydiaj ˜gr tgke ˜oqasgr jai eidij ˜oteqa ma diasvak˜ifoum tom diawyqisl ˜o tym kocaqiasl ˜ym ˜osom avoq ˜a tgm paqow ˜g ej ˜astou dijt ˜uou jai tgm dqastgqi ˜otgta paqow ˜gr tgkepi- joimymiaj ˜ym upgqesi ˜ym· ˜oti b ˜asei tou ˜aqhqou 8 paq ˜acqa- vor 1 tgr odgc˜iar 97/33/EJ oi joimopoigl ˜emoi voqe˜ir ejle- t ˜akkeusgr pou ˜ewoum eidij ˜a ˜g apojkeistij ˜a dijai ˜ylata ( ˜gtoi let ˜adosg paqow ˜gr upgqesi ˜ym se ejpolp ˜ym jakydiaj ˜gr ˜g doquvoqij ˜gr tgke ˜oqasgr) upowqe- o ˜umtai stgm t ˜gqgsg wyqist ˜ym kocaqiasl ˜ym cia tir tgkepi- joimymiaj ˜er dqastgqi ˜otgter ap ˜o ˜oti cia tir ˜akker dqastg- qi ˜otgter, sto bahl ˜o pou ha apaite˜ito e ˜am oi em k ˜ocy tgke- pijoimymiaj ˜er dqastgqi ˜otgter dien ˜acomtam ap ˜o molij ˜yr amen ˜aqtgter etaiqe˜ier ˜g ma pqoba˜imoum se diaqhqytij ˜o diawyqisl ˜o tym tgkepijoimymiaj ˜ym dqastgqiot ˜gtym ap ˜o tir koip ˜er dqastgqi ˜otgter· ˜akkour tole˜ir ˜oti to ˜aqhqo 8 paq ˜acqavor 3 tgr odgc˜iar 97/33/EJ epib ˜ak- kei stour oqcamislo ˜ur pou paq ˜ewoum dgl ˜osia d˜ijtua tgke- pijoimymi ˜ym ˜g/jai pqosit ˜er sto joim ˜o tgkepijoimymiaj ˜er upgqes˜ier ma paq ˜ewoum p ˜aqauta, jat ˜opim swetij ˜gr ait ˜g- seyr, oijomolij ˜er pkgqovoq˜ier stgm ehmij ˜g tour quhli- stij ˜g aqw ˜g, le tir keptol ˜eqeier pou ˜ewoum fgtghe˜i· ˜oti oi ehmij ˜er quhlistij ˜er aqw ˜er d ˜umamtai ma dglodie ˜uoum tir pkgqovoq˜ier eje˜imer pou sulb ˜akkoum se amoijt ˜g jai amta- cymistj ˜g acoq ˜a, kalb ˜amomtar taut ˜owqoma up ˜oxg to elpo- qij ˜o ap ˜oqqgto· ˜oti g evaqloc ˜g tym aqw ˜ym pou pqobk ˜epomtai stgm paqo ˜usa s ˜ustasg c˜imetai le p ˜asa epiv ˜ukang yr pqor to jah ˜gjom tym jqat ˜ym lek ˜ym jai tym epiweiq ˜gseym ma sulloqv ˜ymomtai pk ˜gqyr pqor tour joimotijo ˜ur jam ˜omer amtacymislo ˜u, kalb ˜amomtar up ˜oxg tir eidij ˜er h ˜eseir pou pqobk ˜epomtai stgm amajo˜imysg tgr Epitqop ˜gr cia tgm evaqloc ˜g tym jam ˜omym amtacymislo ˜u se sulvym˜ier pq ˜osbasgr stom tgkepijoimymiaj ˜o tol ˜ea (6)· ˜oti g sulboukeutij ˜g epitqop ˜g pou sucjqot ˜ghgje b ˜asei tou ˜aqhqou 9 paq ˜acqavor 1 tgr odgc˜iar 90/387/EOJ (7), («g epitqop ˜g OMQ») upost ˜gqine ˜emheqla tir aqw ˜er pou pqobk ˜e- pomtai stgm paqo ˜usa s ˜ustasg jai g Epitqop ˜g ˜ekabe pk ˜gqyr up ˜oxg tir ap ˜oxeir pou ejvq ˜astgjam, (1) EE L 321 tgr 30. 12. 1995, s. 6. (2) COM(96) 608. (3) EE L 192 tgr 24. 7. 1990, s. 10. (4) EE L 20 tgr 26. 1. 1996, s. 59. (5) EE L 256 tgr 26. 10. 1995, s. 49. (6) EE C 76 tgr 11. 3. 1997, s. 9. (7) EE L 192 tgr 24. 7. 1990, s. 1. L 141/8 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 SUMISTA: 1. Oi jatyt ˜eqy paqatih ˜elemer sust ˜aseir jai aqw ˜er avoqo ˜um tgm evaqloc ˜g tou kocistijo ˜u diawyqislo ˜u jai sustgl ˜atym jostok ˜ocgsgr ap ˜o voqe˜ir ejlet ˜ak- keusgr pou oq˜ifomtai ap ˜o tgm oije˜ia ehmij ˜g quhlistij ˜g aqw ˜g yr ˜ewomter sglamtij ˜g isw ˜u stgm acoq ˜a (even ˜gr ha amav ˜eqomtai yr «joimopoigl ˜emoi voqe˜ir ejlet ˜ak- keusgr») s ˜ulvyma le to ˜aqhqo 8 paq ˜acqavor 2 tgr odgc˜iar 97/33/EJ cia tgm evaqloc ˜g tym upowqe ˜yseym dias ˜umdesgr, id˜iyr ˜osom avoq ˜a tir aqw ˜er tgr diav ˜a- meiar jai tgr jostostq ˜eveiar. Sjop ˜or tou kocistijo ˜u diawyqislo ˜u e˜imai ma paq ˜ewei am ˜akusg tym pkgqovoqi ˜ym pou paq ˜eqwomtai ap ˜o tir kocistij ˜er jatast ˜aseir, pqojeil ˜emou ma ejvqashe˜i ˜oso to dumat ˜om pist ˜oteqa g ep˜idosg tym tlgl ˜atym liar epiwe˜iqgsgr, ys ˜am ma e˜iwam keitouqc ˜gsei yr newyqist ˜er epiweiq ˜gseir. 2. Sumist ˜atai stir ehmij ˜er quhlistij ˜er aqw ˜er ma apaito ˜um ap ˜o tour oije˜iour joimopoigl ˜emour voqe˜ir ejlet ˜akkeu- sgr ma c˜imetai am ˜akusg tou j ˜ostour ejlet ˜akkeusgr, tou apaswoko ˜ulemou jevaka˜iou jai tym es ˜odym tour, touk ˜awistom stour j ˜atyhi epiweiqgsiajo ˜ur jk ˜adour: euqe˜ir Jemtqij ˜o d˜ijtuo (upodol ˜g letacyc ˜gr) To jemtqij ˜o d˜ijtuo jak ˜uptei tgm paqow ˜g upgqesi ˜ym dias ˜umdesgr, diabibastij ˜ym upgqesi ˜ym jai veqous ˜ym upgqesi ˜ym tou letavoq ˜ea. D˜ijtuo topij ˜gr pq ˜osbasgr (upodol ˜g topijo ˜u bq ˜owou) To d˜ijtuo topij ˜gr pq ˜osbasgr jak ˜uptei tgm paqow ˜g sumd ˜eseym sto tgkevymij ˜o d˜ijtuo (1). Kiamij ˜g p ˜ykgsg G epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr jak ˜uptei tir dqastgqi ˜o- tgter pou swet˜ifomtai juq˜iyr le tgm paqow ˜g, se elpo- qij ˜g b ˜asg, upgqesi ˜ym staheq ˜gr tgkevym˜iar jai lishy- l ˜emym cqall ˜ym stour tekijo ˜ur wq ˜gster. Oi wyqisto˜i kocaqiaslo˜i lpoqe˜i ma jataqt˜ifomtai cia j ˜ahe dqastg- qi ˜otgta tgr epiwe˜iqgsgr pou up ˜ojeitai se jamomistij ˜g q ˜uhlisg (p. w. lishyl ˜emer cqall ˜er, tgkevym˜ia). Koip ˜er dqastgqi ˜otgter G jatgcoq˜ia «koip ˜er dqastgqi ˜otgter» jak ˜uptei tir koip ˜er dqastgqi ˜otgter pou dian ˜acomtai ap ˜o tom joimo- poigl ˜emo voq ˜ea ejlet ˜akkeusgr, pou lpoqe˜i ma peqikal- b ˜amoum dqastgqi ˜otgter lg upac ˜olemer se jamomistij ˜er ˜akkou t ˜upou dqastgqi ˜otgter quhl˜iseir, pou up ˜acomtai se jamomistij ˜er quhl˜iseir. Oi kocaqia- slo˜i cia dqastgqi ˜otgter upac ˜olemer ˜g lg se jamomisti- j ˜er quhl˜iseir e˜imai am ˜acjg ma tgqo ˜umtai wyqist ˜a. ˜opyr ep˜isgr To tl ˜gla 1 tou paqaqt ˜glator oq˜ifei to ped˜io dq ˜asgr ej ˜astgr epiwe˜iqgsgr. G letavoq ˜a tek ˜ym letan ˜u epiwei- q ˜gseym amav ˜eqetai sto tl ˜gla 2. (1) Aut ˜o peqikalb ˜amei eje˜imer tir sumist ˜yser tou dijt ˜uou pou pqoo- q˜ifomtai cia sucjejqil ˜emo pek ˜atg, sulpeqikalbamol ˜emym ep˜i pa- qade˜iclati tym topij ˜ym bq ˜owym jai tym jaqt ˜ym cqall ˜gr jah ˜yr jai tym huq ˜ym pou bq˜isjomtai stour sucjemtqyt ˜er ˜g/jai sta j ˜emtqa letacyc ˜gr. Piham ˜yr ma heyqe˜itai sj ˜opilg ap ˜o tir ehmij ˜er quhli- stij ˜er aqw ˜er peqait ˜eqy am ˜akusg kocaqiasl ˜ym emt ˜or tym euq ˜eym aut ˜ym an ˜omym epiweiqglatij ˜gr dqastgqi ˜o- tgtar, kalb ˜amomtar up ˜oxg tir apait ˜gseir diav ˜ameiar pou epib ˜akkei to ehmij ˜o ˜g to joimotij ˜o d˜ijaio (p. w. jimgt ˜g tgkevym˜ia, jakydiaj ˜g tgke ˜oqasg ˜g diehme˜ir dqastgqi ˜otgter). 3. Sumist ˜atai g jatamol ˜g tou j ˜ostour, apaswoko ˜ulemou jevaka˜iou jai es ˜odym ma c˜imetai s ˜ulvyma le tgm aqw ˜g tgr aiti ˜ydour sum ˜aveiar tou j ˜ostour (p. w. tgr jostok ˜o- cgsgr b ˜asei tgr dqastgqi ˜otgtar-«ABC»). tym s ˜ustgla jostok ˜ocgsgr To joimopoigl ˜emym voq ˜eym ejlet ˜akkeusgr wqei ˜afetai ma e˜imai epaqj ˜yr keptoleq ˜er pqojeil ˜emou ma epitq ˜epei — sto l ˜etqo tou dumato ˜u — tgm jatamol ˜g tou j ˜ostour stir diawyqisl ˜e- mer sumist ˜yser tou dijt ˜uou, id˜iyr cia tom pqosdioqisl ˜o tou j ˜ostour tym diawyqisl ˜emym upgqesi ˜ym dias ˜um- desgr. ˜Ema jak ˜yr pqosdioqisl ˜emo s ˜ustgla jatamol ˜gr j ˜ostour ha jahist ˜a dumat ˜g tgm jatamol ˜g touk ˜awistom 90 % tou j ˜ostour, le b ˜asg tgm ˜alesg ˜g ˜ellesg aiti ˜ydg sum ˜aveia tou j ˜ostour (2). Sumist ˜atai to lg jatakocist ˜eo j ˜ostor (to j ˜ostor pou lpoqe˜i ma jatakocishe˜i l ˜omo se auha˜iqetg b ˜asg) ma elva˜imetai sav ˜yr se eidij ˜o kocaqiasl ˜o jai ma apote- ke˜i amtije˜ilemo eidij ˜gr amtilet ˜ypisgr ej l ˜eqour tym ehmij ˜ym quhlistij ˜ym aqw ˜ym ma diam ˜eletai s ˜ulvyma le tour jam ˜omer pou oq˜istgjam ap ˜o j ˜ahe jq ˜ator l ˜ekor, s ˜ulvyma le tour jam ˜omer peq˜i amtacymi- slo ˜u tgr Joim ˜otgtar jai tgq ˜ymtar tir aqw ˜er tgr diav ˜a- meiar jai tgr amakocij ˜otgtar). ( ˜gtoi Sumist ˜atai stir ehmij ˜er quhlistij ˜er aqw ˜er ma dien ˜acoum dgl ˜osier diabouke ˜useir le tour paq ˜acomter tgr acoq ˜ar ˜osom avoq ˜a tg h ˜espisg oqh ˜ym leh ˜odym jatamol ˜gr jai tom idia˜iteqo weiqisl ˜o tou lg jatakocist ˜eou j ˜ostour. To tl ˜gla 3 tou paqaqt ˜glator sjiacqave˜i tir sumist ˜y- lemer aqw ˜er cia tom jatakocisl ˜o tou j ˜ostour, tou apaswoko ˜ulemou jevaka˜iou jai tym es ˜odym ˜otam jataqt˜ifomtai wyqisto˜i kocaqiaslo˜i· To tl ˜gla 4 tou paqaqt ˜glator paq ˜ewei odgc˜ier cia tgm evaqloc ˜g tym em k ˜ocy aqw ˜ym stom upokocisl ˜o tou keitouqcijo ˜u tgr ap ˜osbesgr· to tl ˜gla 5 paq ˜ewei ep˜isgr odgc˜ier cia to j ˜ostor jevaka˜iou jai to apaswoko ˜ulemo jev ˜akaio jai to tl ˜gla 6 cia ta ˜esoda. sulpeqikalbamol ˜emgr j ˜ostour, 4. Sto l ˜eqor 1 tgr s ˜ustasgr, tgr 8gr Iamouaq˜iou 1998, g Epitqop ˜g sum ˜estgse stir ehmij ˜er quhlistij ˜er aqw ˜er ma t ˜anoum pqohesl˜ier stour oije˜iour joimopoigl ˜emour voqe˜ir ejlet ˜akkeusgr cia tgm evaqloc ˜g tym m ˜eym sustgl ˜atym jostok ˜ocgsgr le b ˜asg to tq ˜ewom j ˜ostor. (2) ˜Alesa jatakocist ˜eo j ˜ostor e˜imai eje˜imo pou lpoqe˜i ma susweti- she˜i ˜alesa jai amalv˜iboka le pqoˇi ˜om ˜g upgqes˜ia. ˜Ellesa jata- kocist ˜eo j ˜ostor e˜imai to j ˜ostor eje˜imo pou lpoqe˜i ma jatamelg- he˜i se pqoˇi ˜omta ˜g upgqes˜ier se lg auha˜iqetg b ˜asg jat ˜opim upo- kocislo ˜u, le b ˜asg tg sw ˜esg j ˜ostour jai ˜alesa jatakocist ˜eou j ˜ostour ( ˜gtoi wqgsilopoi ˜ymtar sumtekest ˜er wq ˜gsgr cia jah ˜ema ap ˜o tour amak˜isjomter epileqisl ˜emour p ˜oqour). 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/9 qeu ˜olemour ap ˜o to m ˜olo kocaqiaslo ˜ur tou voq ˜ea ejle- t ˜akkeusgr. 7. Sumist ˜atai stir ehmij ˜er quhlistij ˜er aqw ˜er ma h ˜etoum stg di ˜ahesg tym emdiaveqol ˜emym leq ˜ym, jat ˜opim a˜itgsgr, tir swetij ˜er kocistij ˜er pkgqovoq˜ier ej l ˜eqour tym joimopoigl ˜emym voq ˜eym ejlet ˜akkeusgr, le epaq- je˜ir keptol ˜eqeier, pqojeil ˜emou ma diasvak˜isoum ˜oti dem ˜ecime ah ˜elitg di ˜ajqisg letan ˜u paqow ˜gr upgqesi ˜ym esyteqij ˜a jai upgqesi ˜ym pou paq ˜ewomtai enyteqij ˜a jai pqojeil ˜emou ma jatast ˜gsoum dumat ˜o tom jahoqi- sl ˜o tou l ˜esou j ˜ostour tym diawyqisl ˜emym upgqesi ˜ym dias ˜umdesgr. Swetij ˜yr le aut ˜o, g dglos˜ieusg ap ˜o tom joimopoigl ˜emo voq ˜ea ejlet ˜akkeusgr epaqj ˜yr keptoleq ˜ym amak ˜useym j ˜ostour ˜opou elva˜imetai to l ˜eso j ˜ostor tym sumisty- s ˜ym tou dijt ˜uou ha aun ˜gsei tg diav ˜ameia jai tgm elpi- stos ˜umg ej l ˜eqour tym amtacymist ˜ym ˜oti dem uv˜ista- mtai diepidot ˜gseir pou akkoi ˜ymoum tom amtacymisl ˜o. To ˜uto heyqe˜itai ˜oti ˜ewei idia˜iteqg sglas˜ia cia diasu- moqiaj ˜er upgqes˜ier dias ˜umdesgr jai diehme˜ir dqastgqi ˜o- tgter. ˜g/jai tym eisvoq ˜ym cia to Epipk ˜eom, cia ˜osa jq ˜atg l ˜ekg weiq˜ifomtai pqocq ˜allata cia tg wqglatod ˜otgsg tym upowqe ˜yseym jahokij ˜gr upgqes˜iar ˜ekkeilla pq ˜osbasgr, sumist ˜atai ep˜isgr oi ehmij ˜er quhlistij ˜er aqw ˜er ma h ˜etoum stg di ˜ahes ˜g tour epaqje˜ir kocistij ˜er ejlet ˜ak- pkgqovoq˜ier ap ˜o joimopoigl ˜emour voqe˜ir keusgr, ˜yste ma diasvak˜isoum ˜oti dem uv˜istamtai diajq˜iseir letan ˜u tym tek ˜ym pou epib ˜akkomtai se ˜akkour voqe˜ir ejlet ˜akkeusgr jai aut ˜ym pou epib ˜akko- mtai (siypgq ˜yr) sto esyteqij ˜o. 8. Oi paqo ˜user odgc˜ier swetij ˜a le tgm jostok ˜ocgsg avoqo ˜um tgm upobok ˜g ejh ˜eseym sto pka˜isio jamomi- stij ˜ym diat ˜aneym, wyq˜ir pq ˜ohesg amtijat ˜astasgr oiymd ˜gpote upacoqeu ˜olemym ap ˜o to m ˜olo oijomolij ˜ym ejh ˜eseym pou emdewol ˜emyr apaito ˜umtai sto jq ˜ator l ˜ekor. 9. G paqo ˜usa s ˜ustasg ha epamenetashe˜i ap ˜o tgm Epitqop ˜g ˜eyr tir 31 Iouk˜iou 1999 to aqc ˜oteqo. 10. G paqo ˜usa s ˜ustasg apeuh ˜umetai sta jq ˜atg l ˜ekg. Bqun ˜ekker, 8 Apqik˜iou 1998. Cia tgm Epitqop˜g Martin BANGEMANN L˜ekor tgr Epitqop˜gr Sumist ˜atai g l ˜ehodor jai ta jqit ˜gqia aniok ˜ocgsgr tym stoiwe˜iym emeqcgtijo ˜u tou dijt ˜uou se tq ˜ewousa an˜ia ma jahoq˜ifomtai ap ˜o tgm ehmij ˜g quhlistij ˜g aqw ˜g jat ˜o- pim dgl ˜osiym diabouke ˜useym le tour paq ˜acomter tgr acoq ˜ar. Ja˜iqio stoiwe˜io tgr leh ˜odou tgr kocistij ˜gr jatacqa- v ˜gr tq ˜ewomtor j ˜ostour (KTJ) apoteke˜i g aniok ˜ocgsg tym stoiwe˜iym emeqcgtijo ˜u tou dijt ˜uou se lekkomto- stqav ˜g ˜g tq ˜ewousa an˜ia em ˜or apodotijo ˜u voq ˜ea ejle- t ˜akkeusgr, dgkad ˜g stgm an˜ia pou ha epijqato ˜use e ˜am g acoq ˜a ˜gtam ˜emtoma amtacymistij ˜g. To ˜uto apaite˜i ta t ˜ekg ap ˜osbesgr pou peqikalb ˜amomtai sto keitouqcij ˜o j ˜ostor ma upokoc˜ifomtai le b ˜asg tir tq ˜ewouser apoti- jai, l ˜gseir sumep ˜yr, oi amak ˜useir cia to apaswoko ˜ulemo jev ˜akaio wqei ˜afetai ep˜isgr ma ejvq ˜afomtai le b ˜asg to tq ˜ewom j ˜ostor. isod ˜umalym emeqcgtijo ˜u stoiwe˜iym To pqos ˜aqtgla tou paqaqt ˜glator paq ˜ewei odgc˜ier cia tgm ejsucwqomisl ˜emg apot˜ilgsg emeqcgtijo ˜u jai tir leh ˜odour amapqosaqloc ˜gr tq ˜ewomtor j ˜ostour. 5. Se sw ˜esg le tgm dial ˜oqvysg tym til ˜ym tgr dias ˜um- desgr, oi ehmij ˜er quhlistij ˜er aqw ˜er d ˜umamtai ma apait ˜g- soum tgm evaqloc ˜g sumtekest ˜ym ap ˜odosgr, amacmyq˜i- fomtar to cecom ˜or ˜oti g wq ˜gsg ani ˜ym KTJ cia to d˜ijtuo emdewol ˜emyr dem amtijatoptq˜ifei pk ˜gqyr to j ˜ostor em ˜or apodotijo ˜u voq ˜ea ejlet ˜akkeusgr (1). Cia to sjop ˜o aut ˜o jat ˜akkgkg amavoq ˜a sumisto ˜um ta t ˜ekg dias ˜umdesgr pou bas˜ifomtai stgm jat ˜a b ˜ektistg tq ˜ewousa pqajtij ˜g ˜opyr peqicq ˜avomtai sto l ˜eqor 1 tgr s ˜ustasgr tgr 8gr Iamouaq˜iou 1998. 6. Sumist ˜atai stour voqe˜ir ejlet ˜akkeusgr ap ˜o tour opo˜i- our apaite˜itai g jat ˜aqtisg wyqist ˜ym kocaqiasl ˜ym ma paq ˜ewoum jat ˜astasg jeqd ˜ym jai fgli ˜ym, jah ˜yr jai isokocisl ˜o cia j ˜ahe epil ˜eqour epiwe˜iqgsg. Ta t ˜ekg letavoq ˜ar ˜g oi acoq ˜er letan ˜u epiweiq ˜gseym wqei ˜afetai ma episgla˜imomtai qgt ˜yr. Sto tl ˜gla 7 tou paqaqt ˜glator paqat˜ihetai to sumi- st ˜ylemo peqiew ˜olemo jai g loqv ˜g tym pqobkep ˜olemym ap ˜o jamomistij ˜er diat ˜aneir oijomolij ˜ym ejh ˜eseym pou upob ˜akkoum oi joimopoigl ˜emoi voqe˜ir ejlet ˜akkeusgr. Cia k ˜ocour sum ˜epeiar, sumist ˜atai oi oijomolij ˜er ejh ˜e- seir tym em k ˜ocy pqobkep ˜olemym ap ˜o jamomistij ˜er diat ˜aneir wyqist ˜ym kocaqiasl ˜ym ma emopoio ˜umtai se lia emia˜ia jat ˜astasg jeqd ˜ym jai fgli ˜ym jai se ˜ema isokocisl ˜o tgr etaiqe˜iar yr sum ˜okou. Sumist ˜atai ep˜isgr o sucjeqasl ˜or tym pqobkep ˜olemym ap ˜o jamomi- stij ˜er diat ˜aneir wyqist ˜ym kocaqiasl ˜ym stour upaco- (1) Oqisl ˜ema stoiwe˜ia emeqcgtijo ˜u piham ˜yr ma upeqba˜imoum tir apai- t ˜gseir ˜g g aqwitejtomij ˜g tou dijt ˜uou emdewol ˜emyr ma upoke˜ipe- tai tgr heyqgtij ˜yr b ˜ektistgr. G evaqloc ˜g oijomolijo ˜u/tewmoko- cijo ˜u lomt ˜ekou ap ˜o tgm joquv ˜g pqor tg b ˜asg ha bogh ˜gsei ma paqasweho ˜um pkgqovoq˜ier cia tir em k ˜ocy amep ˜aqjeier. L 141/10 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 PAQAQTGLA JATEUHUMTGQIES CQALLES CIA TGM EVAQLOCG TOU KOCISTIJOU DIAWYQISLOU 1. Kocistij ˜or diawyqisl ˜or 1. 1. D˜ijtuo topij˜gr pq˜osbasgr To d˜ijtuo topij ˜gr pq ˜osbasgr paq ˜ewei sumd ˜eseir le ta jemtqij ˜a d˜ijtua. Oi kocaqiaslo˜i tgr epiwe˜iqgsgr dijt ˜uou topij ˜gr pq ˜osbasgr peqikalb ˜amoum to j ˜ostor jai to apaswoko ˜ulemo jev ˜akaio pou sumd ˜eomtai le tgm paqow ˜g jai diat ˜gqgsgr tym em k ˜ocy sumd ˜eseym. ˜oker tir sumist ˜yser tou Cia to kocistij ˜o diawyqisl ˜o, g epiwe˜iqgsg dijt ˜uou topij ˜gr pq ˜osbasgr peqikalb ˜amei dijt ˜uou pou apeuh ˜umomtai stom pek ˜atg, ep˜i paqade˜iclati, tir j ˜aqter jai tir h ˜uqer cqall ˜gr pou euq˜isjomtai stour sucjemtqyt ˜er ˜g/jai sta j ˜emtqa letacyc ˜gr. G epiwe˜iqgsg jemtqijo ˜u dijt ˜uou peqikalb ˜amei ˜oker tir up ˜okoi- per sumist ˜yser tou dijt ˜uou. G l˜ishysg cqall ˜gr se pek ˜atg apoteke˜i upgqes˜ia pou paq ˜ewetai ap ˜o tgm epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr. Ta ˜esoda ap ˜o tg l˜ishysg cqall ˜gr pou paq ˜ewetai stour tekijo ˜ur wq ˜gster jatawyqo ˜umtai epol ˜emyr stgm epiwe˜iqgsg kiami- j ˜gr p ˜ykgsgr. Emto ˜utoir, ta ˜esoda ap ˜o l˜ishysg cqall ˜gr tym diawyqisl ˜emym topij ˜ym bq ˜owym, ˜opote auto˜i t˜ihe- mtai stg di ˜ahesg ˜akkym paqac ˜omtym tgr acoq ˜ar, ha pq ˜epei ma jatawyqo ˜umtai stgm epiwe˜iqgsg dijt ˜uou topij ˜gr pq ˜osbasgr. ˜Etsi, to j ˜ostor paqow ˜gr cqall ˜ym stour pek ˜ater jatawyqe˜itai aqwij ˜yr stgm epiwe˜iqgsg dijt ˜uou topij ˜gr pq ˜osbasgr jai ha pq ˜epei ma c˜imei letavq ˜a tou j ˜ostour stgm epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr, pqojeil ˜emou ma amti- stoiwisho ˜um ta ˜esoda pqor to sumde ˜olemo le aut ˜a j ˜ostor. To j ˜ostor pou letav ˜eqetai stgm epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr pq ˜epei ma e˜imai jahaq ˜o, dgkad ˜g ma ˜ewoum avaiqehe˜i tuw ˜om piham ˜a ˜esoda tgr epiwe˜iqgsgr topij ˜gr pq ˜osbasgr, ˜opyr ˜esoda l˜ishysgr cqall ˜ym se ˜akkour paq ˜acomter tgr acoq ˜ar ˜g eisvoq ˜er ekke˜illator pq ˜osbasgr (bk ˜epe tl ˜gla 2. 2). 1. 2. Jemtqij˜o d˜ijtuo G epiwe˜iqgsg jemtqijo ˜u dijt ˜uou paq ˜ewei seiq ˜a upgqesi ˜ym dias ˜umdesgr se ep˜ipedo womtqij ˜gr, esyteqij ˜a jai enyteqij ˜a, pqojeil ˜emou ma epitq ˜exei stour pek ˜ater em ˜or voq ˜ea ejlet ˜akkeusgr ma epijoimymo ˜um le pek ˜ater tou id˜iou ˜g ˜akkou voq ˜ea ejlet ˜akkeusgr, ˜akkor voq ˜ear ejlet ˜ak- keusgr. Oi em k ˜ocy upgqes˜ier peqikalb ˜amoum tgm letacyc ˜g jai tgm diejpeqa˜iysg jk ˜gseym. Epipqosh ˜etyr, g epiwe˜iqgsg tou jemtqijo ˜u dijt ˜uou d ˜umatai ma paq ˜aswei ˜akker upgqes˜ier stour voqe˜ir ejlet ˜akkeusgr, ˜opyr tewmo- kocij ˜er upgqes˜ier pou swet˜ifomtai le tgm am ˜aptung jai tg sumt ˜gqgsg tym idiytij ˜ym dijt ˜uym jai tgm am ˜aptung tou amtacymislo ˜u (p. w. voqgt ˜otgta aqihlo ˜u jai epikoc ˜g letavoq ˜ea). ˜g ma ˜ewoum pq ˜osbasg se upgqes˜iser pou paq ˜ewei Oi kocaqiaslo˜i tgr epiwe˜iqgsgr jemtqijo ˜u dijt ˜uou peqikalb ˜amoum to j ˜ostor, ta ˜esoda jai to apaswoko ˜ulemo jev ˜akaio pou sumd ˜eomtai le tgm paqow ˜g tym em k ˜ocy upgqesi ˜ym. Ta ˜esoda tgr epiwe˜iqgsgr jemtqijo ˜u dijt ˜uou pqo ˜eqwomtai pqyt˜istyr ap ˜o tgm p ˜ykgsg upgqesi ˜ym dias ˜umdesgr stgm epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr jai se ˜akkour voqe˜ir ejlet ˜akkeusgr. E ˜am g ehmij ˜g molohes˜ia epitq ˜epei paqow ˜g se ep˜ipedo womtqij ˜gr jujkyl ˜atym let ˜adosgr, ta swetij ˜a ˜esoda jata- wyqo ˜umtai stgm epiwe˜iqgsg jemtqijo ˜u dijt ˜uou. 1. 3. Kiamelp˜oqio ˜oker eje˜imer tir dqastgqi ˜otgter pou sumep ˜acomtai tgm p ˜ykgsg G epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr peqikalb ˜amei tgkevymij ˜ym upgqesi ˜ym stour tekijo ˜ur wq ˜gster, sulpeqikalbamol ˜emgr tgr l˜ishysgr cqall ˜ym, tym ejlishyl ˜e- mym cqall ˜ym, tym jk ˜gseym, tou tgkev ˜ymou ep˜i pkgqyl ˜g jai tgr paqow ˜gr pkgqovoqi ˜ym jatak ˜ocou. Oi kocaqiaslo˜i tgr epiwe˜iqgsgr kiamij ˜gr p ˜ykgsgr peqikalb ˜amoum to j ˜ostor, ta ˜esoda jai to apaswoko ˜ulemo jev ˜akaio pou sumd ˜eomtai le tgm paqow ˜g tym em k ˜ocy upgqesi ˜ym stour tekijo ˜ur wq ˜gster. To j ˜ostor pou jatako- c˜ifetai sto kiamelp ˜oqio peqikalb ˜amei ta t ˜ekg letavoq ˜ar pou sumd ˜eomtai le tg wq ˜gsg tym p ˜oqym tou dijt ˜uou ˜g tir upgqes˜ier pou paq ˜ewoum oi epiweiq ˜gseir tou dijt ˜uou topij ˜gr pq ˜osbasgr jai tou jemtqijo ˜u dijt ˜uou, jah ˜yr jai ta ˜enoda elpoqij ˜gr pqo ˜yhgsgr jai tilok ˜ocgsgr pou sumd ˜eomtai le tgm paqow ˜g upgqesi ˜ym stour tekijo ˜ur wq ˜gster. Oi ehmij ˜er quhlistij ˜er aqw ˜er ove˜ikoum ma enet ˜asoum tgm ˜ejtasg stgm opo˜ia pq ˜epei ma diemeqcghe˜i peqait ˜eqy am ˜akusg tym kocaqiasl ˜ym kiamij ˜gr p ˜ykgsgr, ˜yste ma up ˜aqnei diawyqisl ˜or letan ˜u tou j ˜ostour jai tym es ˜odym lelomyl ˜emym upgqesi ˜ym, kalb ˜amomtar up ˜oxg tir apait ˜gseir cia diav ˜ameia tgr ehmij ˜gr jai joimotij ˜gr molohe- s˜iar. Oi wyqisto˜i kocaqiaslo˜i jataqt˜ifomtai cia j ˜ahe dqastgqi ˜otgta tou kiamijo ˜u elpoq˜iou pou up ˜acetai se jamomistij ˜er quhl˜iseir. Emto ˜utoir, dem ha ˜gtam oqh ˜o ma apaitghe˜i g jat ˜aqtisg wyqist ˜ym kocaqiasl ˜ym cia dqastgqi ˜otgter pou dem up ˜ojeimtai se jamomistij ˜o ˜ekecwo (1). (1) Jat’ aqw ˜gm, g ˜ejtasg stgm opo˜ia jataqt˜ifomtai wyqisto˜i kocaqiaslo˜i cia epil ˜eqour dqastgqi ˜otgter kiamijo ˜u elpoq˜iou amal ˜eme- tai l ˜akkom ma leiyhe˜i le to wq ˜omo, jah ˜yr g paqow ˜g upgqesi ˜ym jah˜istatai amtacymistij ˜oteqg. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/11 1. 4. Koip˜er dqastgqi˜otgter Oi jatestgl ˜emoi voqe˜ir ejlet ˜akkeusgr paq ˜ewoum sum ˜ghyr euq ˜u v ˜asla ˜akkym upgqesi ˜ym, sulpeqikalbamol ˜emgr tgr l˜ishysgr, tgr epidi ˜oqhysgr jai tgr sumt ˜gqgsgr tou enopkislo ˜u pek ˜atg. Epipk ˜eom, emdewol ˜emyr ˜ewoum sulv ˜e- qomta se lg tgkepijoimymiaj ˜er dqastgqi ˜otgter (p. w. tgkeoptij ˜er ejpolp ˜er). Cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u, to j ˜ostor, ta ˜esoda jai to apaswoko ˜ulemo jev ˜akaio pou sumd ˜eomtai le tir em k ˜ocy dqastgqi ˜o- tgter amav ˜eqomtai wyqist ˜a. Oi ehmij ˜er quhlistij ˜er aqw ˜er d ˜umamtai ma pqobk ˜epoum tgm t ˜gqgsg epil ˜eqour kocaqiasl ˜ym cia oqisl ˜emer ap ˜o tir em k ˜ocy pq ˜osheter dqastgqi ˜otgter. To ˜uto ˜isyr ˜ewei idia˜iteqg sglas˜ia cia eje˜imour tour jatestgl ˜emour voqe˜ir pou dem dien ˜acoum tir dqastgqi ˜otgt ˜er tour stom tol ˜ea tgr jimgt ˜gr tgkevym˜iar yr wyqist ˜er epiweiq ˜gseir. Epav˜ie- tai stir epil ˜eqour ehmij ˜er quhlistij ˜er aqw ˜er ma pqosdioq˜isoum tom bahl ˜o stom opo˜io ha tgqo ˜umtai wyqisto˜i kocaqiaslo˜i cia tir em k ˜ocy dqastgqi ˜otgter, kalb ˜amomtar up ˜oxg tir apait ˜gseir cia diav ˜ameia tgr ehmij ˜gr jai joimotij ˜gr molohes˜iar. 2. T ˜ekg letavoq ˜ar To em k ˜ocy tl ˜gla tym jateuhumt ˜gqiym cqall ˜ym h ˜etei tir aqw ˜er pou pq ˜epei ma tgqo ˜umtai ap ˜o tour voqe˜ir ejle- t ˜akkeusgr, pqojeil ˜emou ma kalb ˜amoum up ˜oxg to j ˜ostor tym pqoˇi ˜omtym ˜g upgqesi ˜ym pou wqgsilopoio ˜umtai esyteqij ˜a. Pq ˜epei ma evaql ˜ofetai s ˜ustgla tek ˜ym letavoq ˜ar cia upgqes˜ier jai pqoˇi ˜omta pou paq ˜ewomtai ap ˜o lia epiwe˜i- qgsg (ep˜i paqade˜iclati, d˜ijtuo topij ˜gr pq ˜osbasgr, jemtqij ˜o d˜ijtuo jai epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr) se ˜akkg. Pq ˜epei ma up ˜aqwei sav ˜gr aitiok ˜ocgsg tym epibakk ˜olemym tek ˜ym letavoq ˜ar jai j ˜ahe t ˜ekor pq ˜epei ma e˜imai upoveqt ˜o. Ta t ˜ekg pq ˜epei ma lgm eis ˜acoum diajq˜iseir jai, ˜opyr amav ˜eqhgje sto tl ˜gla 7, pq ˜epei ma up ˜aqwei stour wyqisto ˜ur kocaqiaslo ˜ur diav ˜ameia swetij ˜a le ta t ˜ekg letavoq ˜ar. 2. 1. Upokocisl˜or tgr esyteqij˜gr wq˜gsgr Ta t ˜ekg letavoq ˜ar cia esyteqij ˜g wq ˜gsg pqosdioq˜ifomtai yr to pqoˇi ˜om wq ˜gsgr jai ta t ˜ekg lom ˜adar. To t ˜ekor cia esyteqij ˜g wq ˜gsg pq ˜epei ma e˜imai isod ˜umalo le to t ˜ekor pou ha epibakk ˜otam e ˜am to pqoˇi ˜om ˜g g upgqes˜ia pyko ˜u- mtam enyteqij ˜a, paq ˜a esyteqij ˜a. Cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u, upot˜ihetai ˜oti g epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr em ˜or voq ˜ea ejle- t ˜akkeusgr pkgq ˜ymei to ˜idio t ˜ekor dias ˜umdesgr cia tgm ˜idia upgqes˜ia. 2. 2. Eisvoq˜er ekke˜illator pq˜osbasgr jai eisvoq˜er jahokij˜gr upgqes˜iar G odgc˜ia cia tg dias ˜umdesg apaite˜i ma diawyq˜ifomtai ta t ˜ekg dias ˜umdesgr ap ˜o ta t ˜ekg pou sumd ˜eomtai le tgm jahokij ˜g upgqes˜ia, sulpeqikalbamol ˜emym oiymd ˜gpote tek ˜ym epib ˜akkomtai yr apot ˜ekesla tgr apac ˜oqeusgr ap ˜o tir ehmij ˜er quhlistij ˜er aqw ˜er ma enisoqqopo ˜um oi voqe˜ir ejlet ˜akkeusgr ta tilok ˜ocia ( ˜gtoi eisvoq ˜er ekke˜illator pq ˜osbasgr ˜g EEP). G Epitqop ˜g up ˜edeine g tilokociaj ˜g enisoqq ˜opgsg ma ˜ewei okokgqyhe˜i ˜eyr tgm 1g Iamouaq˜iou tou 2000, ejt ˜or ap ˜o eje˜ima ta jq ˜atg l ˜ekg sta opo˜ia paqawyq ˜ghgje epipk ˜eom peq˜iodor evaqloc ˜gr s ˜ulvyma le tgm odgc˜ia peq˜i pk ˜gqour amtacymislo ˜u (1). Se eje˜ima ta jq ˜atg l ˜ekg pou ejteko ˜umtai pqocq ˜allata ekke˜illator pq ˜osbasgr, oi EEP pq ˜epei ma jatawyqo ˜u- mtai stir epiweiq ˜gseir dijt ˜uou topij ˜gr pq ˜osbasgr. Oi EEP amajt ˜ymtai ap ˜o ˜akkour voqe˜ir ejlet ˜akkeusgr jai ap ˜o tgm epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr. Dem pq ˜epei ma c˜imomtai diajq˜iseir letan ˜u EEP pou epib ˜akkomtai stgm epiwe˜i- qgsg kiamij ˜gr p ˜ykgsgr jai EEP pou epib ˜akkomtai se ˜akkour voqe˜ir ejlet ˜akkeusgr. Se eje˜ima ta jq ˜atg l ˜ekg pou ejteko ˜umtai pqocq ˜allata wqglatod ˜otgsgr tym upowqe ˜yseym jahokij ˜gr upgqes˜iar, oiesd ˜gpote eisvoq ˜er —t ˜oso ap ˜o ˜akkour voqe˜ir ejlet ˜akkeusgr ˜oso jai esyteqij ˜a— pq ˜epei ma amav ˜eqomtai wyqist ˜a stour kocaqiaslo ˜ur. ˜Oso cia tir EEP, dem pq ˜epei ma c˜imomtai diajq˜iseir letan ˜u eisvoq ˜ym jahokij ˜gr upgqes˜iar pou epib ˜akkomtai se ˜akkour voqe˜ir ejlet ˜akkeusgr jai eisvoq ˜ym pou epib ˜akkomtai esyteqij ˜a. 3. Aqw ˜er jatakocislo ˜u j ˜ostour Sto paq ˜om tl ˜gla paqat˜ihemtai oi aqw ˜er pou pq ˜epei ma tgqo ˜umtai jat ˜a tom jatakocisl ˜o tou j ˜ostour, tou apaswoko ˜ulemou jevaka˜iou jai tym es ˜odym cia sjopo ˜ur jat ˜aqtisgr wyqist ˜ym kocaqiasl ˜ym. G evaqloc ˜g tym em k ˜ocy aqw ˜ym sto keitouqcij ˜o j ˜ostor, to apaswoko ˜ulemo jev ˜akaio jai ta ˜esoda enet ˜afetai keptoleq ˜esteqa sta tl ˜glata 4, 5 jai 6 amtisto˜iwyr. (1) Pgc˜g:amajo˜imysg tgr Epitqop ˜gr swetij ˜a le jqit ˜gqia aniok ˜ocgsgr ehmij ˜ym pqocqall ˜atym cia tgm jostok ˜ocgsg jai tg wqglato- d ˜otgsg tgr jahokij ˜gr upgqes˜iar stir tgkepijoimym˜ier jai jateuhumt ˜gqier cqall ˜er cia ta jq ˜atg l ˜ekg yr pqor tg keitouqc˜ia t ˜etoi- ym pqocqall ˜atym, COM(96) 608 tekij ˜o, 11 Moelbq˜iou 1996. L 141/12 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 Oi em k ˜ocy aqw ˜er d ˜umamtai ma ˜ewoum sglas˜ia cia tom jahoqisl ˜o tym tek ˜ym dias ˜umdesgr cia tir diawyqisl ˜emer upgqes˜ier dias ˜umdesgr, sjop ˜o cia tom opo˜io ta sust ˜glata jostok ˜ocgsgr tym voq ˜eym ejlet ˜akkeusgr ha pq ˜epei ma e˜imai epaqj ˜yr keptoleq ˜g ˜yste ma epitq ˜epoum —sto l ˜etqo tou dumato ˜u— tom jatakocisl ˜o tou j ˜ostour stir diawyqisl ˜emer sumist ˜yser tou dijt ˜uou. Emto ˜utoir, up ˜aqwoum pokko˜i pq ˜oshetoi paq ˜acomter, ˜opyr g sum ˜aveia j ˜ostour, pou wqei ˜afetai emdewol ˜emyr ma kgvho ˜um up ˜oxg jat ˜a tom jahoqisl ˜o tym tek ˜ym eidij ˜ym upgqesi ˜ym dias ˜umdesgr (1). Ta h ˜elata aut ˜a dem elp˜iptoum sto ped˜io tym em k ˜ocy jateuhumt ˜gqiym cqall ˜ym. 3. 1. Aqw˜er O kocistij ˜or diawyqisl ˜or pq ˜epei ma bas˜ifetai stgm aqw ˜g tgr aiti ˜ydour sw ˜esgr: dgkad ˜g, to j ˜ostor (2) jai ta ˜esoda pq ˜epei ma jatakoc˜ifomtai stir upgqes˜ier eje˜imer ˜g ta pqoˇi ˜omta pou pqojako ˜um tgm a ˜ungsg tou em k ˜ocy j ˜ostour ˜g es ˜odym. To ˜uto apaite˜i tgm evaqloc ˜g jat ˜akkgkym jai dienodij ˜ym leh ˜odym jatakocislo ˜u j ˜ostour. Stgm pq ˜ang, aut ˜o epib ˜akkei stour voqe˜ir ejlet ˜akkeusgr: — ma epamenet ˜asoum j ˜ahe stoiwe˜io j ˜ostour, apaswoko ˜ulemou jevaka˜iou jai es ˜odym — ma e ˜uqoum to lgwamisl ˜o pou pqoj ˜akese tgm a ˜ungsg ej ˜astou stoiwe˜iou jai — ma wqgsilopoi ˜gsoum to lgwamisl ˜o cia tom jatakocisl ˜o ej ˜astou stoiwe˜iou stir lelomyl ˜emer epiweiq ˜gseir. Oi p ˜asgr v ˜useyr jatakocislo˜i d ˜umamtai ma apotek ˜esoum amtije˜ilemo epamen ˜etasgr ej l ˜eqour tym ehmij ˜ym quhlistij ˜ym aqw ˜ym. ˜Ejasto stoiwe˜io j ˜ostour jai es ˜odym pq ˜epei ma jatakoc˜ifomtai sta pqoˇi ˜omta jai stir upgqes˜ier pou paq ˜ewomtai ap ˜o tour voqe˜ir ejlet ˜akkeusgr. Stgm peq˜iptysg tym es ˜odym, pqoenovke˜itai ˜oti ta peqiss ˜oteqa, e ˜am ˜owi ˜oka, ta ˜esoda e˜imai dumat ˜om ma jatakocisho ˜um ˜alesa sta pqoˇi ˜omta ˜g stir upgqes˜ier eje˜imer le tir opo˜ier swet˜ifomtai. Emto ˜utoir, to ˜idio dem sulba˜imei le to j ˜ostor, di ˜oti lia swetij ˜a uxgk ˜g amakoc˜ia tou j ˜ostour tym voq ˜eym ejle- t ˜akkeusgr epileq˜ifetai letan ˜u diav ˜oqym pqoˇi ˜omtym jai upgqesi ˜ym. 3. 2. L˜ehodor cia tg diadijas˜ia jatakocislo˜u j˜ostour To sw ˜gla 1 apeijom˜ifei lia sum ˜ghg diadijas˜ia jatakocislo ˜u j ˜ostour. Ha pq ˜epei ma sgleiyhe˜i ˜oti oi pqaclati- j ˜er diadijas˜ier jatakocislo ˜u emdewol ˜emyr poij˜ikkoum am ˜akoca le tgm oqcamytij ˜g dol ˜g tgr lom ˜adar jai tom (tour) tq ˜opo(-our) le tom (tour) opo˜io(-our) sucjemtq ˜ymomtai ta wqglatooijomolij ˜a/keitouqcij ˜a dedol ˜ema jai ˜oti e˜imai jat ˜a pok ˜u peqipkoj ˜oteqer jai diapkej ˜olemer ap’ ˜o,ti va˜imetai sto sw ˜gla 1. Emto ˜utoir, ˜ewei sglas˜ia ma sgleiyhe˜i ˜oti paqal ˜emei ˜idior o ap ˜ytator sjop ˜or tou jatakocislo ˜u j ˜ostour. G diadijas˜ia nejim ˜a ap ˜o tir pkgqovoq˜ier jai ta dedol ˜ema pou sucjemtq ˜ymomtai sto cemij ˜o jahokij ˜o ˜g ˜akka jostokocij ˜a ˜g wqglatooijomolij ˜a sust ˜glata pou wqgsilopoie˜i g etaiqe˜ia. Oi pkgqovoq˜ier jostok ˜ocgsgr pou tgqo ˜umtai sta em k ˜ocy sust ˜glata e˜imai dumat ˜om ma diaiqeho ˜um se keitouqcij ˜o j ˜ostor, j ˜ostor jevaka˜iou jai kocistij ˜er eccqav ˜er, ˜opyr g ap ˜osbesg. To j ˜ostor e˜imai dumat ˜om ma apodohe˜i e˜ite ˜alesa se upgqes˜ier, e˜ite se d ˜esler j ˜ostour jako ˜ulemer sumist ˜yser dijt ˜uou, se sumave˜ir ˜g se koip ˜er keitouqc˜ier. Aut ˜er oq˜ifomtai yr en ˜gr: Upgqes ˜ier Pq ˜ojeitai cia j ˜ostor pou lpoqe˜i ma sumdehe˜i «upgqes˜ia» amav ˜eqetai t ˜oso se upgqes˜ier pqor tour tekijo ˜ur wq ˜gster (p. w. paqow ˜g tgkev ˜ymym ep˜i pkgqyl ˜g), jai se emdi ˜aleser upgqes˜ier (p. w. upgqes˜ier dijt ˜uou). ˜alesa le idia˜iteqg upgqes˜ia. Cia to sjop ˜o aut ˜o, o ˜oqor ˜oso Sumist ˜yser dijt ˜uou G em k ˜ocy d ˜eslg peqikalb ˜amei to j ˜ostor pou swet˜ifetai le tir di ˜avoqer sumist ˜yser tgr let ˜adosgr, tgr leta- cyc ˜gr jai ˜akkym ecjatast ˜aseym jai sustgl ˜atym tou dijt ˜uou. To j ˜ostor amav ˜eqetai stir sumist ˜yser tou dijt ˜uou pou dem lpoqo ˜um ma apodoho ˜um ˜alesa se idia˜iteqg upgqes˜ia, jah ˜yr wqgsilopoio ˜umtai cia tgm paqow ˜g pokk ˜ym upgqesi ˜ym. Sumave ˜ir keitouqc ˜ier G em k ˜ocy d ˜eslg peqikalb ˜amei to j ˜ostor keitouqci ˜ym pou e˜imai amacja˜ier cia tgm paqow ˜g upgqesi ˜ym stom pek ˜atg, ˜opyr g tilok ˜ocgsg, g sut ˜gqgsg jai oi upgqes˜ier pqor tom pek ˜atg. Koip ˜er keitouqc ˜ier G em k ˜ocy d ˜eslg peqikalb ˜amei to j ˜ostor keitouqci ˜ym pou dem swet˜ifomtai le tgm paqow ˜g idia˜iteqym upgqesi ˜ym, akk ˜a apoteko ˜um sglamtij ˜o tl ˜gla tym dqastgqiot ˜gtym tgr etaiqe˜iar. Sta paqade˜iclata t ˜etoiou j ˜ostour peqi- kalb ˜ametai o swediasl ˜or, to pqosypij ˜o jai ta cemij ˜a oijomolij ˜a. (1) G v ˜usg tym opo˜iym amal ˜emetai l ˜akkom ma akk ˜anei le to wq ˜omo, yr apot ˜ekesla tym letabakk ˜olemym apait ˜gseym tgr acoq ˜ar. (2) Sulpeqikalbamol ˜emou tou keitouqcijo ˜u j ˜ostour jai tou j ˜ostour jevaka˜iou. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/13 ˜Opyr sglei ˜yhgje, up ˜aqwei seiq ˜a bgl ˜atym jat ˜a tom jatakocisl ˜o stir d ˜esler j ˜ostour b ˜asei tgr jkilajyt ˜gr pqos ˜eccisgr, ˜eyr tom tekij ˜o jatakocisl ˜o tou j ˜ostour se upgqes˜ier. Oi jat ˜a b ˜glata auto˜i jatakocislo˜i diemeq- co ˜umtai wqgsilopoi ˜ymtar jat ˜akkgkour lgwamislo ˜ur. Jatyt ˜eqy sumox˜ifetai j ˜ahe b ˜gla: B ˜gla 1 Jatakocisl ˜or koip ˜ym keitouqci ˜ym dia l ˜esou swetij ˜ym keitouqci ˜ym, stoiwe˜iym tou dijt ˜uou jai upgqesi ˜ym. B ˜gla 2 Jatakocisl ˜or tou j ˜ostour sumav ˜ym keitouqci ˜ym se upgqes˜ier jai sta stoiwe˜ia tou dijt ˜uou. B ˜gla 3 Jatakocisl ˜or tym sumistys ˜ym dijt ˜uou se upgqes˜ier. B ˜gla 4 Oladopo˜igsg tym upgqesi ˜ym se epiweiq ˜gseir ( ˜opyr oq˜istgje cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u). Jah ˜ema ap ˜o ta b ˜glata jatakocislo ˜u pou epengc ˜ghgje amyt ˜eqy peqikalb ˜amei pokk ˜a dienodij ˜a epil ˜eqour b ˜glata, id˜iyr e ˜am g aqwij ˜g sukkoc ˜g pkgqovoqi ˜ym peq˜i j ˜ostour c˜imetai sucjemtqytij ˜a. ˜Opote e˜imai dumat ˜om ma diemeqcghe˜i jatakocisl ˜or l ˜esy pokk ˜ym ˜alesym ˜g ˜ellesym apod ˜oseym, to ˜uto e˜imai pqotil ˜oteqo ap ˜o tom jatako- cisl ˜o le ˜ema jai lomadij ˜o auha˜iqeto b ˜gla. L 141/14 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 Sw˜gla 1 Sum ˜ghgr diadijas˜ia jatakocislo ˜u j ˜ostour §ÂÈÙÔ˘ÚÁÈÎﬁ ÎﬁÛÙÔ˜ KﬁÛÙÔ˜ ÎÂÊ·Ï·›Ô˘ §ÔÁÈÛÙÈÎ¤˜ ÂÁÁÚ·Ê¤˜ . ¯. ·ﬁÛ‚ÂÛË ∂π™∞°ø°∏ ¢∂¢√ª∂¡ø¡ ∫∞∆∞§√°π™ª√™ ÀËÚÂÛ›Â˜ ™˘ÓÈÛÙÒÛÂ˜ ‰ÈÎÙ‡Ô˘ ™˘Ó·ÊÂ›˜ ÏÂÈÙÔ˘ÚÁ›Â˜ §ÔÈ¤˜ ÏÂÈÙÔ˘ÚÁ›Â˜ µ∏ª∞ 1 ∫∞∆∞§√°π™ª√™ ∫√™∆√À™ §√π¶ø¡ §∂π∆√Àƒ°πø¡ ÀËÚÂÛ›Â˜ ™˘ÓÈÛÙÒÛÂ˜ ‰ÈÎÙ‡Ô˘ ™˘Ó·ÊÂ›˜ ÏÂÈÙÔ˘ÚÁ›Â˜ µ∏ª∞ 2 ∫∞∆∞§√°π™ª√™ ∫√™∆√À™ ™À¡∞ºø¡ §∂π∆√Àƒ°πø¡ ÀËÚÂÛ›Â˜ ™˘ÓÈÛÙÒÛÂ˜ ‰ÈÎÙ‡Ô˘ µ∏ª∞ 3 ∫∞∆∞§√°π™ª√™ ∫√™∆√À™ ™À¡π™∆ø™ø¡ ¢π∫∆À√À ÀËÚÂÛ›Â˜ µ∏ª∞ 4 ∫∞∆∞§√°π™ª√™ ∫√™∆√À™ À¶∏ƒ∂™πø¡ ∂È¯ÂÈÚ‹ÛÂÈ˜ 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/15 Pqoenovke˜itai ˜oti oi tgkepijoimymiajo˜i voqe˜ir ejlet ˜akkeusgr ha wqeiashe˜i ma wqgsilopoi ˜gsoum tewmij ˜er deicla- tokgx˜iar jai peqiodij ˜er amasjop ˜gseir dqastgqiot ˜gtym pqojeil ˜emou ma jatakoc˜isoum to j ˜ostor (sulpeqikalba- mol ˜emou tou j ˜ostour jevaka˜iou) stir upgqes˜ier pou paq ˜ewoum jai, sumep ˜yr, stir epiweiq ˜gseir pou oq˜ifomtai cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u. Cia paq ˜adeicla, g peqiodij ˜g am ˜akusg tym jahgj ˜omtym pou amakal- b ˜amei to pqosypij ˜o tym j ˜emtqym jk ˜gseym pekat ˜ym e˜imai dumat ˜om ma wqgsilopoighe˜i cia tom jahoqisl ˜o tou wq ˜omou pou amak˜isjetai ap ˜o to em k ˜ocy pqosypij ˜o se di ˜avoqa jah ˜gjomta. Oi em k ˜ocy pkgqovoq˜ier lpoqo ˜um emdewol ˜emyr ma wqgsilopoigho ˜um cia tgm jatamol ˜g — ˜alesa ˜g ˜ellesa— tou j ˜ostour pou sumd ˜eetai le to pqosypij ˜o tym upgqesi ˜ym pou paq ˜ewei o voq ˜ear ejlet ˜akkeusgr. 4. Keitouqcij ˜o j ˜ostor Sto paq ˜om tl ˜gla tym jateuhumt ˜gqiym cqall ˜ym enet ˜afetai g evaqloc ˜g tym aqw ˜ym pou peqicq ˜avgjam sto tl ˜gla 3 cia to keitouqcij ˜o j ˜ostor tym voq ˜eym ejlet ˜akkeusgr, sulpeqikalbamol ˜emgr tgr ap ˜osbesgr. Evaqloc ˜g sto keitouqcij ˜o j ˜ostor G diadijas˜ia jatakocislo ˜u j ˜ostour pou sjiacqav ˜ghgje sto pqogco ˜ulemo tl ˜gla avoq ˜a jat’ aqw ˜gm t ˜oso to keitouqcij ˜o j ˜ostor ˜oso jai to j ˜ostor jevaka˜iou. O j ˜atyhi p˜imajar 4. 1 paqousi ˜afei peq˜ikgxg tym dumat ˜ym leh ˜odym jatakocislo ˜u jai ap ˜odosgr tou keitouqcijo ˜u j ˜ostour, le tir aj ˜okouher epijevak˜ider: — Ap ˜osbesg — J ˜ostor paqow ˜gr, ecjat ˜astasgr jai sumt ˜gqgsgr — J ˜ostor swediaslo ˜u jai am ˜aptungr dijt ˜uou — J ˜ostor diawe˜iqisgr dijt ˜uou — J ˜ostor elpoqij ˜gr pqo ˜yhgsgr jai pyk ˜gseym — J ˜ostor tilok ˜ocgsgr jai e˜ispqangr — J ˜ostor upgqesi ˜ym voq ˜ea ejlet ˜akkeusgr — J ˜ostor upgqesi ˜ym jatak ˜ocou — Pkgqyl ˜er se ˜akkour voqe˜ir ejlet ˜akkeusgr jai — J ˜ostor upost ˜gqingr. Oi amyt ˜eqy epijevak˜ider e˜imai apk ˜yr swglatij ˜er jai dem up ˜aqwei pq ˜ohesg ma jatade˜inoum tom tq ˜opo le tom opo˜io oi voqe˜ir ejlet ˜akkeusgr amal ˜emetai ma jatawyq ˜gsoum to j ˜ostor. Up ˜aqwei l ˜omo g pq ˜ohesg paqow ˜gr uxgko ˜u epip ˜edou odgci ˜ym. Oi lelomyl ˜emoi voqe˜ir ejlet ˜akkeusgr ha pq ˜epei ma amapt ˜unoum diadijas˜ier jatakoci- slo ˜u j ˜ostour amtapojqim ˜olemer stom tq ˜opo b ˜asei tou opo˜iou ep˜i tou paq ˜omtor eis ˜acoum jai jatawyqo ˜um to j ˜ostor jai ma tir bekti ˜ysoum le tom jaiq ˜o, ˜opou aut ˜o e˜imai sj ˜opilo. G tekeuta˜ia st ˜gkg tou p˜imaja 4. 1 paq ˜ewei emde˜ineir cia tir juqi ˜oteqer epiweiq ˜gseir stir opo˜ier amal ˜emetai emdewo- l ˜emyr ma jatakocishe˜i g pkeiom ˜otgta tou em k ˜ocy keitouqcijo ˜u j ˜ostour. L 141/16 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 4. 1 r a j a m ˜i P ) 1 ( r u o t s ˜o j ˜u o j i c q u o t i e k ˜u o l s i c o k a t a j i o d o h ˜e L r i e s ˜g q i e w i p e r e i q ˜u J ˜u o l s i c o k a t a j r o d o h ˜e L ˜g v a q c i q e P a ˜i q o c g t a J r u o t s ˜o j ˜u o j i c q u o t i e k - i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J - a t a j c e r i t g s ˜a b e l , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ r g s a t s ˜a t a j c e r o t s ˜o J r g s a b s ˜o q p r ˜g j i a m ˜i e u o p ˜o , g s g q ˜g t m u s e m i c ˜e r e ˜i o p o r i t s ˜g m a j g h q ˜e c e m a u o p r i e s ˜a t s r g s g q ˜g t m u s i a j m y e s ˜a b l u s. m ˜o t a m u d - i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J · m ˜o t a m u d i a m ˜i e u o p ˜o , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ r a ˜i s o d o h s i l r o t s ˜o J g s a t s ˜a t a j c e i a j ˜g w o q a P r g s a b s ˜o q p r ˜g j - e p j e i d g t s i a t e j s ˜i k a m a u o p o m ˜o q w o t s i a t e f ˜i s a b r ˜o l s i c o k a t a j o r y k k ˜a d i e ˜u o l s i k p o n e. r g s a t s ˜a t a j c e m ˜y i s a c q e m y t g s y ˜i a q r g s a b s ˜o q p r ˜g j i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J. m ˜o t a m u d i a m ˜i e u o p ˜o , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ a d o n ˜e a k k A ˜ - i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J , m ˜o t a m u d i a m ˜i e u o p ˜o , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ r a ˜i s o d o h s i l r o t s ˜o J i a j r g s g q ˜g t m u s r o t s ˜o J r g s a b s ˜o q p r ˜g j - e p j e i d g t s i a t e j s ˜i k a m a u o p o m ˜o q w o t s i a t e f ˜i s a b r ˜o l s i c o k a t a j o r y k k ˜a d i e r g s y h q ˜o i d i p e. r g s a t s ˜a t a j c e m ˜y i s a c q e m y t g s y ˜i a q o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J. m ˜o t a m u d i a m ˜i e u o p ˜o , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ i a j r a ˜i s o d o h s i l r o t s ˜o J i a j ˜u o l s a i d e w s r o t s ˜o J r g s a b s ˜o q p r ˜g j i p o t r o t s ˜o j ˜o j i q e t y n e u o ˜u t j i d r g n u t p ˜a m a r g s a b s ˜o q p r ˜g j u o p ˜u t e h ˜a j g s i q ˜i e w a i d g t a i c ˜o j i p y s o q p o t ˜o p a e j g h ˜y k a m a u o p o m ˜o q w. r g s a t s ˜a t a j c e r g s a b s ˜o q p r ˜g j. m ˜o t a m u d i a m ˜i e u o p ˜o , g s a t s ˜a t a j c e g m e l ˜o f i q i e w a i d - i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J g t g s ˜a b e l , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s r ˜o l s i c o k a t a J a d o n ˜e ˜a p i o K - i p o t o u t j ˜i d , o u t j ˜i d ˜o j i q t m e J o t g s ˜a b e l , r i e s ˜a t s a t a j c e r e k k ˜a / u o ˜u t j i d r e s ˜y t s i m u s r i t s r ˜o l s i c o k a t a J r a ˜i s o d o h s i l r o t s ˜o J u o ˜u t j i d r g s i q ˜i e w a i d r o t s ˜o J r e t g t ˜o i q g t s a q d r ˜e p i o K m ˜y p i o k m y t o i s ˜i a k p o t s m ˜y t a k e p ˜u o l s i k p o n e r e ˜i s e q g p u r i t s r ˜o l s i c o k a t a J - i k p o n e m y e s ˜g k y p r o t s ˜o J o i q ˜o p l e m a i K - a t a j r y k k ˜a d i e · m ˜o t a m u d i a m ˜i e u o p ˜o r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ a ˜i s o d o h s i L r g s g h ˜y o q p r ˜g j i q o p l e r o t s ˜o J. r a ˜i s a c q e o m ˜o q w o t g s ˜a b e l m y t m ˜o ˇi o q p ˜u n a t e l ˜g l o m m y e s ˜g k y p i a j r e k O ˜ m y t ˜o l s i c o k a t a j m o t ˜i e h u o k o j a a m i e p ˜e q p r g s e b s ˜o p a r g t r ˜o l s i c o k a t a j O. ) 5 a l ˜g l t e p ˜e k b ( i a t e q ˜e v a m a a ˜i o p o a t s ˜u o j i t g c q e m e m y ˜i e w i o t s m y ˜i c a p g s e b s ˜o p A g s e b s ˜o p A o i q ˜o p l e m a i K o t a i c , r y k k ˜a d i E. m ˜o t a m u d i a m ˜i e u o p ˜o r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ - a k k o p g s g h ˜y o q p m g t ˜g ˜a q o c a m g t s g s e h ˜a i d g t ˜o p a i e t p ˜u j o q p u o p r o t s ˜o j e s r e ˜i s e q g p u r ˜e j i t e w s r i t s i a t e d ˜i d o p a r o t s ˜o j y c ˜o k m e o t , m ˜y i s e q g p u m ˜y k p. g s ˜a b ˜g j i c o k. m y t ˜g t o i q g t s a q d m y e s ˜g k y p g s g h ˜y o q P r ˜a q o c a a m u e q E ˜ r ˜g l o m a i d g k ˜e T a d o n ˜e ˜a p i o K g s i l ˜g v a i D ˜u o l s u o t r o q ˜e l ( o i q ˜o p l e m a i K - a t a j r y k k ˜a d i e · m ˜o t a m u d i a m ˜i e e t o p ˜o , r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ r g s g c ˜o k o l i t a d o n ˜e a k k A ˜ ) o u t j ˜i d ˜o j i q t m e j o t s r u o t s ˜o j - a c o k m y m e l ˜o d i d j e r ˜o l h i q a. w p ( g s ˜g q w g t g s ˜a b e l m y t m ˜o ˇi o q p ˜u n a t e l ˜g l o m i o. ) m ˜y l s a i q i a t m o m ˜a b l a k i q e p l u s ( ) r ˜e k i e v o r ˜i e k a v s i p e ) o u t j ˜i d ˜o j i q t m e j o t s r u o t s ˜o j. r a ˜i s a c q e o m ˜o q w o t g s ˜a b e l m y t m ˜o ˇi o q p ˜u n a t e l ˜g l o m u o t r o q ˜e l ( o i q ˜o p l e m a i K - a t a j r y k k ˜a d i e · m ˜o t a m u d i a m ˜i e u o p ˜o , r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ r a ˜i s o d o h s i l r o t s ˜o J i a j r g s g c ˜o k o l i t r g n a q p s ˜i e r o t s ˜o J 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/17 - e l ˜e m a t a j i a j P A a ˜i c q u o t i e k g t ˜o p a i a t ˜i e q g t i p e a ˜i s a c q e g u o ˜i o p o u o t ˜o j i p u o t r a ˜i s o d o h s i l r o t s ˜o j o t a i c r y p ˜o g s ˜a b a i d ˜i m g t r a t m ˜y i o p o l i s g q w i a t. P A ˜u o j i p y s o q p r e k O ˜ i a t e f ˜i c o k a t a j , g s g q ˜i e w i p e ˜g a ˜i s e q g p u , m ˜o ˇi o q p e l r ˜y j i d i e i a t e ˜e d m u s m ˜a E i a j r e ˜i c q u o t i e k. a c o k ˜a m a r g n i q ˜g t s o p u m y q ˜o p m y m r ˜e j i t s i c o K r e ˜i c q u o t i e k m y ˜i e v a q c m ˜y j i q t m e j r e k O ˜ a i q ˜g t j a t i a j g c g t a i c r y p ˜o , o p ˜o q t o i d ˜i m o t e l i a t e f ˜i c o k a t a j r o t s ˜o j o T - ˜y h s i l i a j r g s a c ˜e t s r o t s ˜o J a m ˜i e j e e s i a t e d ˜i d o p a a m e t ˜o t ˜i e q o p l r o t s ˜o j r ˜e c o l q a v e r i t s o m e l ˜o f i c o k a t a j. i e f ˜i q g t s o p u u o p r e ˜i s e q g p u i a j a t m ˜o ˇi o q p a t r e k O ˜ e l o T. r ˜g c o l q a v e e h ˜a j g n i q ˜g t s o p u m g t a i c m ˜y t s i c o k o p u m y t g s ˜g q w g t g s ˜a b r g s u e k k ˜a t e l j e r a ˜e q o v o ˜i e c q u o t i e k u o p r ˜e c o l q a v e r i t s r ˜o l s i c o k a t a J T I / m ˜y t s i c o k o p u. ) 5 a l ˜g l t e p ˜e k b ( m ˜y j i m e C r o t s ˜o J r o t a l r i e s ˜g q i e w i p e r e i q ˜u J ˜u o l s i c o k a t a j r o d o h ˜e L ˜g v a q c i q e P a ˜i q o c g t a J r u o t s ˜o j ˜u o j i c q u o t i e k o i q ˜o p l e m a i K - e t j e u o p ˜u o j i p y s o q p r o t s ˜o j o T. m ˜o t a m u d i a m ˜i e u o p ˜o , r e ˜i s e q g p u r i t s a s e l A ˜ r a ˜i s o d o h s i l r o t s ˜o J a ˜e q o v m ˜y i s e q g p u r o t s ˜o J - e f ˜i c o k a t a j r g s u e k k ˜a t e l j e m y ˜e q o v r e ˜i s g q g p u r e m ˜e l s i q o a i c a t m o j ˜g h a j u o p o m ˜o q w o t g s ˜a b e l r g s u e k k ˜a t e l j e a ˜e q o v u o t r e ˜i s e q g p u r ˜e j i t e w s r i t s ˜i e k i a t. a t m o j ˜g h a j a q o v ˜a i d a t s ˜i e h y k a m a i e w ˜e r g s u e k k ˜a t e l j e o i q ˜o p l e m a i K o i q ˜o p l e m a i K o i q ˜o p l e m a i K. r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ i a j r a ˜i s o d o h s i l r o t s ˜o J u o c ˜o k a t a j m ˜y i s e q g p u r o t s ˜o J a d o n ˜e ˜a p i o k. r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ r e ˜i m y v l u s a i c r ˜e l y q g k P r g s e d m ˜u s a i d. r e ˜i s e q g p u r i t i a j a t m ˜o ˇi o q p a t s a s e l A ˜ a i c r u o t ˜i q t e s r ˜e l y q g k P r ˜i e q o v r u o k k ˜a e s r ˜e l y q g k P g s g m ˜i j g m e l ˜o w q e n e ˜g m h e i d r g s u e k k ˜a t e l j e r e k O ˜ - y s o q p o t s i a t e f ˜i c o k a t a j ) P A ( m y q ˜o p m y m ˜i p y q h m a r o t s ˜o j ˜o j i c q u o t i e k o T - ˜i p y q h m a r o t s ˜o j ˜o j i c q u o t i e K r g n i q ˜g t s o p u r o t s ˜o J. r ˜e w q a r ˜e j i t s i l h u q r ˜e j i m h e r i t ˜o p a ˜a t s i q y w i a t e f ˜a t e n e a m u o t r ˜o l s i q i e w o i a j r g s u e k k ˜a t e l j e r ˜i e q o v r u o t ˜o p a r y q ˜e t i a i d i i a t e m ˜i a l g s i p e a m i e p ˜e q p a h r o t s ˜o j o ˜e t o d o p a g l ˜o j i t a l l i e k o p u o T ) 1 ( L 141/18 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 5. J ˜ostor jevaka˜iou jai apaswoko ˜ulemo jev ˜akaio To ˜aqhqo 7 paq ˜acqavor 2 tgr odgc˜iar cia tg dias ˜umdesg apaite˜i cia ta t ˜ekg dias ˜umdesgr ma e˜imai pqosamatoki- sl ˜ema sto j ˜ostor, peqikalb ˜amomtar j ˜apoia kocij ˜g ap ˜odosg tgr ep ˜emdusgr. Ta jahoqistij ˜a stoiwe˜ia tou epip ˜e- dou tgr em k ˜ocy ap ˜odosgr e˜imai: — To j ˜ostor jevaka˜iou — G an˜ia tou jevaka˜iou. O upokocisl ˜or jai o pqosdioqisl ˜or tou j ˜ostour jevaka˜iou cia tour sjopo ˜ur jahoqislo ˜u tym tek ˜ym dias ˜umde- sgr dem elp˜iptei sto ped˜io tym am ˜a we˜iqar jateuhumt ˜gqiym cqall ˜ym. Emto ˜utoir, pq ˜epei ma up ˜aqwei sum ˜epeia letan ˜u tou lec ˜ehour tou apaswoko ˜ulemou jevaka˜iou ep˜i tou opo˜iou bas˜ifetai to j ˜ostor jevaka˜iou jai tou lec ˜ehour tou apaswoko ˜ulemou jevaka˜iou pou jatawyqe˜itai stour wyqisto ˜ur kocaqiaslo ˜ur oi opo˜ioi apaito ˜u- mtai ap ˜o tgm odgc˜ia cia tg dias ˜umdesg. To ˜uto jahist ˜a dumat ˜o ma sucjq˜imetai to pqaclatij ˜o posost ˜o j ˜eqdour pou apojol˜ifoum oi voqe˜ir ejlet ˜akkeu- sgr ap ˜o tir dqastgqi ˜otgt ˜er tour pou up ˜acomtai se jamomistij ˜er quhl˜iseir, ˜opyr g dias ˜umdesg, le to j ˜ostor jevaka˜iou pou apod ˜ewomtai oi ehmij ˜er quhlistij ˜er aqw ˜er jat ˜a tgm amasj ˜opgsg tym tek ˜ym cia tir em k ˜ocy dqastgqi ˜otgter. To paq ˜om tl ˜gla esti ˜afetai stgm am ˜acjg sum ˜epeiar jai stir epipt ˜yseir tgr cia tom jatakocisl ˜o tym stoiwe˜iym apaswoko ˜ulemou jevaka˜iou. 5. 1. J˜ostor jevaka˜iou To j ˜ostor jevaka˜iym tym voq ˜eym ejlet ˜akkeusgr pq ˜epei ma amtijatoptq˜ifei to eujaiqiaj ˜o j ˜ostor jevaka˜iym pou epemd ˜uhgjam se sumist ˜yser tou dijt ˜uou jai ˜akka swetij ˜a stoiwe˜ia emeqcgtijo ˜u. Sulbatij ˜a ejvq ˜afei ta aj ˜okouha: — To l ˜esy (stahlisl ˜emo) j ˜ostor wqe ˜ym cia tir di ˜avoqer loqv ˜er wqe ˜ym le ta opo˜ia epibaq ˜umetai j ˜ahe voq ˜ear ejlet ˜akkeusgr — To j ˜ostor letowijo ˜u jevaka˜iou, ˜opyr upokoc˜ifetai ap ˜o tgm ap ˜odosg pou apaito ˜um oi l ˜etowoi pqojeil ˜emou ma epemd ˜usoum sto d˜ijtuo le dedol ˜emour tour sulpaqolaqto ˜umter jimd ˜umour — Tir an˜ier wqe ˜ym jai letowijo ˜u jevaka˜iou. Oi em k ˜ocy pkgqovoq˜ier lpoqe˜i epol ˜emyr ma wqgsilopoigho ˜um cia tom pqosdioqisl ˜o tou l ˜esou stahlisl ˜emou j ˜ostour jevaka˜iou (Weighted Average Cost of Capital WACC) wqgsilopoi ˜ymtar tom aj ˜okouho t ˜upo: WACC = re. E/(D+E) + rd. D/(D+E) ˜opou re e˜imai to j ˜ostor letowijo ˜u jevaka˜iou, rd to j ˜ostor wqe ˜ym, E g sumokij ˜g an˜ia tou letowijo ˜u jevaka˜iou jai D g sumokij ˜g an˜ia tym tojov ˜oqym wqe ˜ym. O upokocisl ˜or tou WACC cia lelomol ˜emo voq ˜ea ejlet ˜akkeusgr sumokij ˜a e˜imai swetij ˜a ˜alesor — ja˜itoi up ˜aq- wei ped˜io cia sufgt ˜gseir swetij ˜a le tgm ajqib ˜g dial ˜oqvysg jai an˜ia tym eisqo ˜ym stour t ˜upour WACC. Yst ˜oso, oi ehmij ˜er quhlistij ˜er aqw ˜er lpoqe˜i ma wqeiaste˜i ma leket ˜gsoum e ˜am emde˜ijmutai g evaqloc ˜g tou sumokijo ˜u j ˜ostour jevaka˜iou pou ejvq ˜afetai ap ˜o to WACC cia tir dqastgqi ˜otgter tym voq ˜eym ejlet ˜akkeusgr pou up ˜acomtai se jamomistij ˜er quhl˜iseir. , E ˜am ˜etsi sulba˜imei, to sumokij ˜o WACC e˜imai dumat ˜om ma wqgsilopoighe˜i le sjop ˜o tom jahoqisl ˜o tym tek ˜ym dias ˜umdesgr. Akkoi ˜yr, oi ehmij ˜er quhlistij ˜er aqw ˜er piham ˜yr ma k ˜aboum up ˜oxg ˜oti diavoqetij ˜a asv ˜akistqa jamomij ˜yr evaql ˜o- fomtai se diavoqetij ˜er dqastgqi ˜otgter, to opo˜io ha lpoqo ˜use ma amtijatoptqishe˜i se diavoqetij ˜o j ˜ostor leto- wijo ˜u jevaka˜iou «re» (1), aj ˜olg jai am e˜imai ˜idia g wqglatooijomolij ˜g di ˜aqhqysg. Stgm peq˜iptysg aut ˜g, ha lpoqo ˜use ma up ˜aqwei diavoqetij ˜o WACC cia j ˜ahe ˜anoma epiweiqglatij ˜gr dqastgqi ˜otgtar ˜g amakul ˜emg epil ˜eqour dqastgqi ˜otgta ˜opyr jimgt ˜g tgkevym˜ia, jakydiaj ˜g tgke ˜oqasg ˜g diehme˜ir upgqes˜ier. 5. 2. WACC jai an˜ia jevaka˜iou To WACC pq ˜epei ma evaql ˜ofetai se an˜ia jevaka˜iou cia tir sumist ˜yser dijt ˜uou jai ˜akka swetij ˜a stoiwe˜ia emeq- cgtijo ˜u pqojeil ˜emou ma euqehe˜i g ap ˜odosg pou wqei ˜afetai ma amajtghe˜i l ˜esy tym tek ˜ym dias ˜umdesgr. Em ˜y e˜imai l ˜akkom e ˜ujoko ma pqosdioqisho ˜um oi an˜ier wq ˜eour jai letowijo ˜u jevaka˜iou em ˜or voq ˜ea ejlet ˜akkeusgr sto s ˜umok ˜o tou, aut ˜o dem e˜imai e ˜ujoko ma c˜imei cia jahel˜ia ap ˜o tir epil ˜eqour sumist ˜yser tgr dqastgqi ˜otgt ˜ar tou. To ˜uto ove˜iketai sto cecom ˜or ˜oti oi apov ˜aseir cia tg wqglatod ˜otgsg tou wq ˜eour apoteko ˜um se lec ˜ako bahl ˜o ˜opyr oi istoqij ˜er dieujok ˜umseir dameislo ˜u jai apov ˜aseir tgr etaiqe˜iar upacoqeu ˜olemer ap ˜o pokko ˜ur paq ˜acomter, (1) G wqglatooijomolij ˜g epist ˜glg jai g pqaclatij ˜g sulpeqivoq ˜a tym epemdut ˜ym did ˜asjoum ˜oti to j ˜ostor letowijo ˜u jevaka˜iou «re» iso ˜utai pqor to j ˜ostor lg episvak ˜ym wqe ˜ym sum ˜ema asv ˜akistqo enaqt ˜ylemo ap ˜o tgm upojqupt ˜olemg dqastgqi ˜otgta jai tg wqgsilopoio ˜ulemg wqglatopistytij ˜g acoq ˜a. Dqastgqi ˜otgter le uxgk ˜oteqo bahl ˜o amtacymislo ˜u sum ˜ghyr sumep ˜acomtai uxgk ˜o- teqg epijimdum ˜otgta. To j ˜ostor wq ˜eour «rd» ep˜isgr jula˜imetai ap ˜o l˜ia dqastgqi ˜otgta jai etaiqe˜ia stgm ˜akkg, akk ˜a —cia dedo- l ˜emg wqglatopistytij ˜g acoq ˜a— ˜owi t ˜oso pok ˜u ˜oso to j ˜ostor letowijo ˜u jevaka˜iou «re». ˜Oso cia tgm jevakaiaj ˜g di ˜aqhqysg (E jai D), ha pq ˜epei ep˜isgr ma amtamajk ˜a tom isokocisl ˜o ej ˜astgr j ˜uqiar dqastgqi ˜otgtar. ˜Opote uv˜istatai ˜emar jai l ˜omo isokoci- sl ˜or cia aqjet ˜er dqastgqi ˜otgter, e˜imai apodejt ˜o ma upotehe˜i g ˜idia jevakaiaj ˜g di ˜aqhqysg cia tir dqastgqi ˜otgter aut ˜er. Sto pka˜isio aut ˜o, to j ˜ostor tou wq ˜eour «rd» lpoqe˜i jamomij ˜yr ma upotehe˜i to ˜idio cia ˜oker tir dqastgqi ˜otgter, ejt ˜or e ˜am aut ˜er apo- tup ˜ymomtai se ˜ejdgka diav ˜eqomter isokocislo ˜ur. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/19 pqobkglatislo˜i voqokocijo ˜u swediaslo ˜u. Yr ej to ˜utou, g jat ˜astasg tgr etaiqe˜iar yr pqor to wq ˜eor e˜imai duma- t ˜om ma lgm swet˜ifetai eidij ˜yr le tir apait ˜gseir wqglatod ˜otgsgr lelomyl ˜emym dqastgqiot ˜gtym. Apaite˜itai yr ej to ˜utou emakkajtij ˜g pqos ˜eccisg cia tom jahoqisl ˜o tgr an˜iar tou jevaka˜iou cia tir dqastgqi ˜otgter pou up ˜aco- mtai se jamomistij ˜er quhl˜iseir ( ˜opyr g dias ˜umdesg). ˜Ema tq ˜opo amtilet ˜ypisgr d˜imei g en ˜gr idia˜iteqg loqv ˜g isokocislo ˜u: Jev ˜akaia letow ˜ym (dgkad ˜g letowij ˜o jev ˜akaio) + Wq ˜eor = Jahaq ˜o emeqcgtij ˜o ejt ˜or wq ˜eour (1). Sum ˜acetai ˜oti oi an˜ier jevaka˜iou tym dqastgqiot ˜gtym pou up ˜acomtai se jamomistij ˜er quhl˜iseir d ˜umamtai ma jahoqisho ˜um jataleq˜ifomtar ta jahaq ˜a stoiwe˜ia emeqcgtijo ˜u ˜g to apaswoko ˜ulemo jev ˜akaio. O jataleqisl ˜or aut ˜or pq ˜epei ma diemeqcghe˜i le b ˜asg tgm aiti ˜ydg sw ˜esg jai le leh ˜odour tq ˜ewousar apot˜ilgsgr. 5. 3. Apaswoko˜ulemo jev˜akaio O p˜imajar 5. 1 paqousi ˜afei peq˜ikgxg dumat ˜ym leh ˜odym jatakocislo ˜u cia ta di ˜avoqa stoiwe˜ia tou apaswoko ˜u- lemou jevaka˜iou, laf˜i le ˜emdeing tym juqiot ˜eqym epiweiq ˜gseym stir opo˜ier e˜imai amalem ˜olemo ma c˜imei o jatako- cisl ˜or tgr pkeiom ˜otgtar tym stoiwe˜iym. G evaqloc ˜g aut ˜ym jai, ˜akkym leh ˜odym ha jahoq˜i- sei tir an˜ier jevaka˜iou tym diav ˜oqym dqastgqiot ˜gtym pou up ˜acomtai se jamomistij ˜er quhl˜iseir, sulpeqikalba- mol ˜emgr tgr dias ˜umdesgr. ˜opou e˜imai sj ˜opilo, Dem up ˜aqwei pq ˜ohesg ma apotek ˜esei o p˜imajar enamtkgtij ˜o jat ˜akoco o ˜ute tym stoiwe˜iym pou d ˜umamtai ma tanimo- lgho ˜um yr apaswoko ˜ulemo jev ˜akaio o ˜ute tym leh ˜odym jatakocislo ˜u tour se di ˜avoqer dqastgqi ˜otgter. (1) ˜Gtoi p ˜acio emeqcgtij ˜o + tq ˜ewom emeqcgtij ˜o – pistyt ˜er (enaiqoul ˜emym tym wqe ˜ym) – pqobk ˜exeir. L 141/20 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 g t a i c r ˜g c y c a t e l r ˜o l s i k p o n e o. w p — a u t j ˜i d a k k ˜a ˜o p a i a t m o w ˜e q a p u o p r e q e t ˜o i q u J r i e s ˜g q i e w i p e ˜u o l s i c o k a t a j r o d o h ˜e L ˜g v a q c i q e P 5. 1. r a j a m ˜i P ) 1 ( u o ˜i a k a v e j u o m e l ˜u o k o w s a p a ˜u o l s i c o k a t a j i o d o h ˜e L ) r g s a b s ˜o q p - ˜i q o o q p u o p ˜u o l s i k p o n e u o t r o t s ˜o j ˜o j i t e w s o t g s ˜a b e l u o ˜u t j i d r e s ˜y t s i m u s r ˜g j i p o t o u t j ˜i d o t s r u o t s ˜o j e s i a j r g s a b s ˜o q p r ˜g j i p o t u o ˜u t j i d r e ˜i s e q g p u e s r ˜o l s i c o k a t a j r y k k ˜a d i E u o t r o q ˜e l ( o u t j ˜i d ˜o j i q t m e J. m ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o , u o ˜u t j i d ˜g r g s a b s ˜o q p r e s ˜y t s i m u s r i t s a s e l A ˜ r ˜o l s i k p o n e r ˜g c y c a t e l r ˜o j i p o T - ˜i q o o q p u o p m y t ˜a l g l t m y t i a j r e t ˜a k e p r u o t s m ˜y l l a q c ˜g w o q a p a i c i a t e f ˜u o j i p o t u o t r e s ˜y t s i m u s i O. r y w ˜i o t s i t m a , r g s g m ˜i j ˜g c y c a t e l a i c i a t m o f - e q g p u i a j a t m ˜o ˇi o q p e s m ˜u o h s i c o k a t a j a m m ˜o t a m u d i a m ˜i e r ˜g c y c a t e l u o ˜u t j i d. r g s ˜g q w a t p e k ˜o q e t u e d a t g s ˜a b e l r e ˜i s r ˜e p i o k , o u t j ˜i d ˜o j i q t m e J i a t a t s ˜i h a j u o p ˜o , u o ˜u t j i d u o t r e s ˜y t s i m u s ˜a j i q t m e j r i t s a s e l A ˜ a i c r ˜g c y c a t e l r ˜o l s i k p o n E r e t g t ˜o i q g t s a q d r e ˜i s e q g p u r ˜e j i d i e r i t s ˜g g s i l h ˜u q ˜g j i t s i m o m a j m g t ˜o p a i a t ˜i e t i a p a / m ˜o t a m u d m ˜y i s e q g p u m ˜y j i d i e a u t j ˜i d o u t j ˜i d ˜o j i q t m e J - o k a t a j r y k k ˜a d i e , m ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o u o ˜u t j i d r e s ˜y t s i m u s. r g s ˜g q w a t p e k ˜o q e t u e d a t g s ˜a b o u t j ˜i d ˜o j i q t m e J - o k a t a j r y k k ˜a d i e , m ˜o t a m u d i a t a t s ˜i h a j u o p ˜o u o ˜u t j i d r e s ˜y t s i m u s. r g s ˜g q w a t p e k ˜o q e t u e d a t g s ˜a b e s e l a s e l A ˜ r ˜o l s i c e s e l a s e l A ˜ r ˜o l s i c r ˜o l s i k p o n e r ˜o j i t s a b i b a i D r ˜g c y c a t e l - y c a t e l r ˜o l s i k p o n e r ˜g m h e i D r ˜g c ˜u o j i t g c q e m e a ˜i q o c g t a J ˜u o j i t g h a p i a j ˜u o j i t g c q e m e a ˜i e w i o t s ˜a j i k U r ˜o l s i k p o n e m y ˜u e t y q P r ˜g c y c a t e l r ˜o l s i k p o n E - o d e d r g s o d ˜a t e l r e ˜i s e q g p u r i t s a s e l ˜a i a t e f ˜i c o k a t a j m y m ˜e l o d e d g s o d ˜a t e l. m y m ˜e l u o t g s ˜g q w g t g s ˜a b e l r ˜g c y c a t e l u o ˜u t j i d u o t r e s ˜y t s i m u s r e k k ˜a e s r ˜o l s o u t j ˜i d ˜o j i q t m e J - i c o k a t a j r y k k ˜a d i e , ˜o t a m u d i a t a t s ˜i h a j u o p ˜o u o ˜u t j i d r e ˜i s e q g p u r i t s a s e l A ˜ r ˜g c y c a t e l r ˜o l s i k p o n e r ˜o p i o K. ˜u o l s i k p o n e o u t j ˜i d ˜o j i q t m e j u o ˜i d y k a j a t g t ˜o s o p m g t g s ˜a b e l r e s ˜y t s i m u s r i t s r ˜o l s i c o k a t a j r y k k ˜a d i e. m ˜y i s e q g p u m y q ˜o v a i d ˜g w o q a p m g t a i c i a t ˜i e i o p o l i s g q w u o p , r g s a b s ˜o q p r ˜g j i p o t o u t j ˜i D , ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o u o ˜u t j i d ˜g r g s a b s ˜o q p r e s ˜y t s i m u s r i t s a s e l A ˜ a l q ˜u s i a j o i d ˜y k a J o u t j ˜i d ˜o j i q t m e J - a t a j r y k k ˜a d i e , ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ e l r g s o d ˜a t e l r ˜o l s i k p o n E r g s o d ˜a t e l r ˜o l s i k p o n E. m y t ˜a l y k j u j m y t r g s ˜g q w ˜o l h a b o t g s ˜a b e l r ˜o l s i c o k r g s g m ˜i j a i e b ˜i q j a r g s a b s ˜o q p r ˜g j i p o t o u t j ˜i D r o l i s ˜i q y m c a m a ˜a t s i q y w. w p ( ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o a t m ˜o ˇi o q p a t s a s e l A ˜ u o w ˜o q b ˜u o j i p o t r ˜o l s i k p o n E ˜u n a t e l ˜g l o m a t a j — k r o w t e N l a t i g i D r y k k ˜a d i e s e c i v r e S d e t a r g e t n I N D S I ( o t s r g s a b s ˜o q p r ˜o l s i k p o n e , ) m ˜y i s e q g p U m y m ˜e l g i o p o m E o u t j ˜i D ˜o j a i v g X. r ˜g l l a q c r g t r g s ˜g q w ˜o l h a b o t g s ˜a b e l r g s a b s ˜o q p m ˜y i s e q g p u o u t j ˜i d ˜o j i q t m e J - a t a j r y k k ˜a d i e , m ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ - i q o v u q o d i a j r ˜o j i m y v o i d a Q. m ˜y i k a m a j m y t r g s ˜g q w ˜o l h a b o t g s ˜a b e l r ˜o l s i c o k r ˜o l s i k p o n e r ˜o j 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/21 o u t j ˜i d ˜o j i q t m e J o t ˜o p a i a t m o w ˜e q a p u o p r e ˜i s e q g p u N D S I g l / N T S P g l r ˜e j i d i e e s a s e l A ˜ a i c r g s o d ˜a t e l r ˜o l s i k p o n E a s e l ˜a i a t e f ˜i c o k a t a j u o p m y m ˜e l o d e d r g s o d ˜a t e l r ˜o l s i k p o n e. w p — o u t j ˜i d m ˜y i s e q g p u m ˜y j i d i e a u t j ˜i d , r g s a b s ˜o q p r ˜g j i p o t o u t j ˜i D o u t j ˜i d ˜o j i q t m e j - o k i j ˜a t a j r i t. w p — u o ˜i e w i o t s u o t s ˜a j e g n i q ˜g t s o p u a t m ˜o ˇi o q p e s i a t e f ˜i c o k a t a j a m e t ˜o t i e p ˜e q p a i c a h ˜u o l s i k p o n e ˜u o j i q t j e k g ˜o j i t g c q e m e o T. r e q ˜y t a b u o t g s ˜g q w g t g s ˜a b e l ˜u o l s i k p o n e r o t m o ˜u e t y q p r e d ˜a l o r i t s r ˜o l s i c o k a t a J r ˜o l s i k p o n e r ˜o j i q t j e k G r e t g t ˜o i q g t s a q d r e k k A ˜. r e ˜i s e q g p u r i t s i a j a t m ˜o ˇi o q p a t s a s e l A ˜ - a j c e m ˜y j a i q i t j r ˜o l s i k p o n E o i q ˜o p l e m a i K. a ˜i s e q g p u m g t s a s e l A ˜ e l a m y v ˜e k g t r ˜o j i t e w s i a j r ˜o l s i k p o n e a i s ˜o l g D ˜g l y q g k p g t ˜a k e p m y e s ˜a t s a t m y m ˜e l o d e d r g s o d ˜a t e l r ˜o l s i k p o n E — m y ˜u t j i d m y m p u n ˜e r ˜o l s i k p o n E —. m y s ˜e l u k o p r ˜o l s i k p o n E — o u t j ˜i d ˜o j i q t m e J - a t a j r y k k ˜a d i e , m ˜o t a m u d i a t a t s ˜i h a j e t o p ˜o u o ˜u t j i d r e s ˜y t s i m u s r i t s a s e l A ˜ o i d ˜y k a j o i w ˜u q b o p u / r ˜e m h e i D. r g s ˜g q w ˜o l h a b o t g s ˜a b e l r ˜o l s i c o k. m y m ˜e l o d e d r g s o d ˜a t e l r e ˜i s e q g p u r i t s r e t g t ˜o i q g t s a q d r ˜e p i o K r i t s a s e l ˜a i a t m o f ˜i c o k a t a j a m i e p ˜e q p r a ˜i s e q g p u r ˜g j i d i e r a i l ˜g w o q a p m g t : i a t m o m ˜a b l a k i q e p a m m ˜u o q o p l a t a l c ˜i e d a q a p a t S. r e ˜i s e q g p u r ˜e j i t e w s o u t j ˜i d ˜o j i q t m e J a i c ˜a j i t s i e k j o p a i a t m ˜u o i o p o l i s g q w u o p r ˜o l s i k p o n e o i a j r i e s ˜a t s a t a j c e i O u o ˜u t j i d g s a t s ˜a t a j c e ˜g j i d i E a ˜i e w i o t s u o ˜u t j i d ˜u o j i t g c q e m e ˜g m e c o t y q p ˜a p i o K , r g s a b s ˜o q p r ˜g j i p o t o u t j ˜i D o u t j ˜i d ˜o j i q t m e j i a j m o t o i d ˜y k a j o t s m ˜u o h s i c o k a t a j a m m ˜u o q o p l m y ˜i d y k a j r g s u e k ˜e i d ˜i o c y c a ˜a t a j a t m ˜o ˇi o q p a t s m ˜u o h g l e m a t a j a m i a j m u o f ˜i q g t s o p u u o p a l q ˜u s i O o t m y ˜i d y k a j r g s u e k ˜e i d ˜i o c y c A. a l q ˜u s o t i a j o i d ˜y k a j o t r y p ˜o o p ˜o q t o i d ˜i r g n i q ˜g t s o p u r i e s ˜a t s a t a j c E o u t j ˜i d ˜o j i q t m e J m y q ˜o v a i d m y t ˜u o l s i k p o n e r o t m o ˜u e t y q p u o t a ˜i e w i o t s a t s r ˜o l s i c o k a t a J r g s i q ˜i e w a i d. ˜u o l s i k p o n e r o t m o ˜u e t y q p r e d ˜a l o r ˜e j i t e w s i o r y p ˜o o p ˜o q t o i d ˜i m o t - ˜g t s o p u m g t a i c m y t ˜a l g t s u s m y t g s ˜g q w g t g s ˜a b e l m y ˜u t j i d m y m e l ˜o w e q a p m y t o w c e k ˜e m o t a i c e j g h ˜y k a m a u o p r o m ˜o q w. w p — u o ˜i e w i o t s u o t s ˜a j e g n i q m ˜y m h e i d m y t i a j m y q t m ˜e j m ˜y j i t s a b i b a i d m y t , r ˜g c y c a t e l m y q t m ˜e j r i t i a j a t m ˜o ˇi o q p a t s i a t e l ˜e m a t a j a m i e p ˜e q p r o t s ˜o j o T. r ˜g c y c a t e l m ˜y j i p o t m y q t m ˜e j - i k p o n e r o t m o ˜u e t y q p a d ˜a l o ˜g j i t e w s g r y p ˜o o p ˜o q t o i d ˜i m o t ˜a t a j r e ˜i s e q g p u. ˜u o l s a t a l ˜g t s u S u o ˜u t j i d r e k O ˜ r e k O ˜ r e k O ˜ e l o T r g s u e k k ˜a t e l j e r a ˜e q o v o ˜i e c q u o t i e k u o p r ˜e c o l q a v e r i t s r ˜o l s i c o k a t a J. r ˜g c o l q a v e e h ˜a j g n i q ˜g t s o p u m g t a i c m ˜y t s i c o k o p u m y t g s ˜g q w g t g s ˜a b a m ˜i e j e e s i a t e d ˜i d o p a a m e t ˜o t ˜i e q o p l r o t s ˜o j r ˜e c o l q a v e r i t s o m e l ˜o f i c o k a t a j. i e f ˜i q g t s o p u u o p r e ˜i s e q g p u i a j a t m ˜o ˇi o q p a t. u o ˜u t j i d r a s ˜y t s i m u s ˜g r a ˜i s e q g p u , r o t m ˜o ˇi o q p r ˜e t s i c o k o p u ˜i o j i m e C. g s ˜g q w g t g s ˜a b e l u o ˜u t j i d r e s ˜y t s i m u s r i t s i a j a t m ˜o ˇi o q p a t s r ˜o l s i c o k a t a J a t a l ˜g w o a t g m ˜i j o m a w g L. g s ˜g q w g t g s ˜a b e l u o ˜u t j i d r e s ˜y t s i m u s r i t i a j a t m ˜o ˇi o q p a t s r ˜o l s i c o k a t a J r ˜o l s i k p o n e i a j g s y k p ˜i p E u o ˜i e v a q c r e k O ˜ m o t g s ˜a b e l u o ˜u t j i d r e s ˜y t s i m u s i a j r e ˜i s e q g p u , a t m ˜o ˇi o q p a t s r ˜o l s i c o k a t a J e h ˜a j g n i q ˜g t s o p u m g t a i c ) u o d ˜e p a d a i e m ˜a v i p e. w p ( o q ˜y w o m e l ˜o m a b l a k a t a j a i q ˜i t j i a j g C ˜u o j i t g c q e m e a ˜i e w i o t s a i c ˜a P o u t j ˜i d o t s m u o j ˜g m a m e d u o p r e q e t ˜o i q u J r i e s ˜g q i e w i p e ˜u o l s i c o k a t a j r o d o h ˜e L ˜g v a q c i q e P ˜u o j i t g c q e m e a ˜i q o c g t a J ˜u o j i t g h a p i a j L 141/22 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 - a i e q w a h r ˜e t y t s i p ˜i o j i q o p l e i o ˜e t o d o p a g L. m ˜o t a m u d i a m ˜i e m ˜a e r e ˜i s e q g p u - i m h e r i t e l r a ˜i m y v l u s m i p ˜o t a j , g s ˜a b g t e q ˜i a h u a e s m ˜u o h s i c o k a t a j a m ˜i e h s. r ˜e w q a r ˜e j i t s i l h u q r ˜e j r e k O ˜ e l r ˜o l s i c o k a t a j r y k k ˜a d i e , m ˜o t a m u d i a m ˜i e e t o p ˜o r i e s ˜g q i e w i p e r i t s a s e l A ˜ r i e s ˜u d m e p e r e l s e h ˜o q p u w a q B. r g s g q ˜i e w i p e r g t s ˜a j e r i e s ˜g t i a p a r ˜e j i c q u o t i e k r i t g s ˜a b m y t m g t s m y m ˜e l o m a b l a k i q e p l u s ( m y l i s ˜e h a i d m ˜y t s u e q ) o ˜i e l a t o t s i a j a f e p ˜a q t r e k O ˜ r i t s i a j a t m ˜o ˇi o q p a t s a s e l ˜a i a t m o f ˜i c o k a t a j a m i e p ˜e q p a t a l ˜e h o p a a T a t a l ˜e h o p A. r e ˜i s e q g p u r ˜e j i t s i l h u q r ˜e j i m h e r i t e l r a ˜i m y v l u s m i p ˜o t a j , g s ˜a b g t e q ˜i a h u a e s m ˜u o h s. r ˜e w q a - ˜i h a j e t o p ˜o , r o t a l ˜g t s u s ˜u o j a i c o k o l i t r e ˜i q o v o q g k p r i t g s ˜a b e l r e ˜i s e q g p u - i c o k a t a j a m ˜i e h s a i e q w a h ˜i o l s i c o k o s i i o ˜e t o d o p a g l i O. m ˜o t a m u d i a t a t s r e k O ˜ i a j a t m ˜o ˇi o q p e s m ˜u o h s i c o k a t a j a m m ˜o t a m u d i a m ˜i e r e t s ˜y e q w ˜i o j i q o p l e i O - a q p s i e / r e t s ˜y e q w ˜i o j i q o p l E ˜a s o p a ˜e t j r e k O ˜ - ˇi o q p e s m ˜u o h s i q e l a t a j a m i e p ˜e q p a h ˜a s o p a ˜e t j a q p s i e / r e t s ˜y e q w ˜i o p i o k i O a ˜e t j a q p s i e / r e t s ˜y e q w ˜i o p i o K a h r i t ˜i o l s i c o k o s i i o ˜e t o d o p a g l i O. m ˜o t a m u d i a m ˜i e m o s ˜o v e r e ˜i s e q g p u i a j a t m ˜o e l r a ˜i m y v l u s m i p ˜o t a j , g s ˜a b g t e q ˜i a h u a e s m ˜u o h s i c o k a t a j a m ˜i e h s a i e q w. r ˜e w q a r ˜e j i t s i l h u q r ˜e j i m h e ˜a s o p r e k O ˜ i a j a t m ˜o ˇi o q p e s a s e l ˜a m ˜u o h s i c o k a t a j a m i e p ˜e q p a h r ˜e t y t s i p ˜i o j i q o p l e i O r ˜e t y t s i p ˜i o j i q o p l E r e k O ˜. r i e x ˜e k b o q p y c ˜o k m e r i t m ˜u o c q u o i l g d u o p r e t g t ˜o i q g t s a q d r i t s a s e l A ˜ r i e x ˜e k b o q p r e l s e h ˜o q p o q j a L. ) » r i e s ˜u d m e p e r e l s e h ˜o q p u w a q B « e p ˜e k b ( ˜o j i t g h a p o s ˜e l o t g x ˜o p u ˜i e h v g k r e k O ˜ - i c q u o t i e k m y t g s a t ˜e n e m g t ˜a t a j , ˜u o t u a ’ t m A. r ˜o l s i c o k a t a j i a t ˜i e t i a p a a m i e p ˜e q p a h r g s g q ˜i e w i p e r g t s ˜a j e a l i s ˜e h a i d ˜a t s u e q e s m y e s ˜g t i a p a m e D m ˜y j g s g c ˜o k o q o v a i c ˜o j i t g h a P a t a l s ˜i q e l i a j r e t g t ˜o i q g t s a q d r ˜e p i o K. » r e t g t ˜o i q g t s a q d r ˜e p i o K « r i t s a s e l A ˜ r ˜e j i l o m o j i o r i e s ˜u d m e p e r ˜e q a h a J : ˜u o j i t r e t g t ˜o i q g t s a q d r ˜e p i o K. » r e t g t ˜o i q g t s a q d r ˜e p i o K « r i t s a s e l A ˜ r ˜i e v a m u s g l e s r i e s ˜u d m e p E r e k O ˜ r y k k ˜a d i e , r i e s ˜u d m e p e i o i a t m o ˜e d m u s r e ˜i o p o r i t. g s ˜g q w e l g t r e ˜i s e q g p u r i t s a s e l A ˜ g s ˜a b e l r ˜o l s i c o k a t a j r i e s ˜u d m e p e r ˜e p i o K r e t g t ˜o i q g t s a q d r e q e t ˜o i q u J r i e s ˜g q i e w i p e ˜u o l s i c o k a t a j r o d o h ˜e L ˜g v a q c i q e P ˜u o j i t g c q e m e a ˜i q o c g t a J ˜u o j i t g h a p i a j - ˜i a h u a e s ˜i e h s i c o k a t a j a m ˜i e h s a i e q w a h ˜u o j i t g c q e m e o ˜i e w i o t s o ˜e t o d o p a g l. r ˜e w q a r ˜e j i t s i l h u q r ˜e j i m h e r i t e l r a ˜i m y v l u s m i p ˜o t a j , g s ˜a b g t e q ˜u o j i t g c r e k O ˜ ˜g ˜o j i t a l l i e k o p u e t o p ˜g d o i O. m ˜o t a m u d i a t a t s ˜i h a j u o p ˜o a t m ˜o ˇi o q p a t s a s e l A ˜ - q e m e u o ˜i c a p a ˜i e w i o t s a k u A ˜ - g c q e m e u o ˜i c a p a ˜i e w i o t s a k u A ˜ ˜u o j i t - g c q e m e u o ˜i c a p r i e s ˜u d m e p E r y e s ˜g m i j o i a k ˜a v e J. r ˜e w q a r ˜e j i t s i l h u q r ˜e j i m h e r i t ˜o p a ˜a t s i q y w i a t e f ˜a t e n e a m u o t r ˜o l s i q i e w o i a j r g s u e k k ˜a t e l j e r ˜i e q o v r u o t ˜o p a r y q ˜e t i a i d i i a t e m ˜i a l g s i p e a m i e p ˜e q p a h r o t s ˜o j o ˜e t o d o p a g l ˜o j i t a l l i e k o p u o T ) 1 ( 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/23 Cia sjopo ˜ur jahoqislo ˜u til ˜gr, oi ehmij ˜er quhlistij ˜er aqw ˜er jai oi voqe˜ir ejlet ˜akkeusgr ha emdiaveqho ˜um cia to l ˜eso apaswoko ˜ulemo jev ˜akaio jat ˜a tg di ˜aqjeia oiasd ˜gpote peqi ˜odou paq ˜a cia to apaswoko ˜ulemo jev ˜akaio se l˜ia l ˜omo wqomij ˜g sticl ˜g ˜opyr to t ˜ekor tou oijomolijo ˜u ˜etour. Aut ˜or e˜imai o k ˜ocor pou lia sticlia˜ia eij ˜oma se lia oiad ˜gpote wqomij ˜g sticl ˜g dem e˜imai l ˜akkom amtipqosypeutij ˜g tou l ˜esou epip ˜edou apaswoko ˜ulemou jeva- ka˜iou ap ˜o tour voqe˜ir ejlet ˜akkeusgr. Sucjejqil ˜ema, oi isokocislo˜i jevaka˜iou j˜imgsgr se lia lomadij ˜g wqomij ˜g sticl ˜g piham ˜yr ma lgm ejvq ˜afoum tir apait ˜gseir cia l ˜eso jev ˜akaio j˜imgsgr ep˜i lajq ˜a peq˜iodo. Oi wyqisto˜i kocaqiaslo˜i tym voq ˜eym ejlet ˜akkeusgr pq ˜epei yr ej to ˜utou ma de˜iwmoum l ˜akkom to l ˜eso apaswoko ˜ulemo jev ˜a- kaio, paq ˜a tour isokocislo ˜ur tou t ˜ekour tou ˜etour (bk ˜epe tl ˜gla 7). 5. 4. Am˜acjg sum˜epeiar sto weiqisl˜o tou jevaka˜iou j˜imgsgr O p˜imajar 5. 1 pqote˜imei pqos ˜eccisg cia tom weiqisl ˜o tou jevaka˜iou j˜imgsgr jat ˜a tom upokocisl ˜o tou apaswo- ko ˜ulemou jevaka˜iou. Emto ˜utoir, up ˜aqwoum ˜akker pqosecc˜iseir pou emdewol ˜emyr ma e˜imai en˜isou ˜ecjuqer. Pqajtij ˜a, up ˜aqwoum d ˜uo aqw ˜er pou pq ˜epei ma evaql ˜ofomtai jat ˜a tgm en ˜etasg tou weiqislo ˜u lelomyl ˜emym stoi- we˜iym tou jevaka˜iou j˜imgsgr cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u (1). E˜imai oi aj ˜okouher: — Pq ˜epei ma up ˜aqwei sum ˜epeia letan ˜u tou weiqislo ˜u tou emeqcgtijo ˜u jai tou j ˜ostour jai tym es ˜odym pou sumd ˜eomtai le aut ˜o jai — G sulpeq˜ikgxg ˜g o apojkeisl ˜or lelomyl ˜emym stoiwe˜iym pq ˜epei, jat’ aqw ˜gm, ma ˜ewei amt˜istoiwo amt˜ijtupo sto WACC. Ta d ˜uo aut ˜a apotek ˜eslata (p. w. g ap ˜ovasg ma sulpeqikgvho ˜um ˜g ma apojkeisho ˜um ta stoiwe˜ia jai g amt˜istoiwg pqosaqloc ˜g sto WACC) akkgkoenoudeteq ˜ymomtai ˜osom avoq ˜a to sumokij ˜o tour apot ˜eke- sla stgm ap ˜okutg ap ˜odosg pou apaito ˜um oi voqe˜ir ejlet ˜akkeusgr. 6. ˜Esoda To tl ˜gla 3 paqah ˜etei j ˜apoier aqw ˜er cia tom jatakocisl ˜o jai tgm ap ˜odosg tou j ˜ostour jai tym es ˜odym se pqoˇi- ˜omta jai upgqes˜ier pou pqosv ˜eqomtai ap ˜o tour voqe˜ir ejlet ˜akkeusgr. Sto paq ˜om tl ˜gla enet ˜afetai g evaqloc ˜g tym amyt ˜eqy aqw ˜ym. 6. 1. ˜Esoda ap˜o dqastgqi˜otgter jemtqij˜gr tgkevym˜iar Ta ˜esoda ap ˜o tgm paqow ˜g pqoˇi ˜omtym jai upgqesi ˜ym jemtqij ˜gr tgkevym˜iar amal ˜emetai ma lpoqo ˜um ma jatakoci- sho ˜um ˜alesa sta pqoˇi ˜omta jai tir upgqes˜ier sta opo˜ia amav ˜eqomtai, le b ˜asg tir kocistij ˜er jatawyq ˜gseir jai tir pkgqovoq˜ier tou sust ˜glator tilok ˜ocgsgr. Stir peqipt ˜yseir eje˜imer ˜opou o ˜alesor jatakocisl ˜or le b ˜asg tir kocistij ˜er jatawyq ˜gseir ˜g ta dedol ˜ema tou sust ˜glator tilok ˜ocgsgr dem jah˜istatai dumat ˜or, ta ˜esoda ha pq ˜epei ma jatam ˜elomtai le b ˜asg tgm aiti ˜ydg sw ˜esg. G jatamol ˜g es ˜odym ap ˜o jemtqij ˜er tgkevymij ˜er upgqes˜ier letan ˜u dijt ˜uou topij ˜gr pq ˜osbasgr, jemtqijo ˜u dijt ˜uou jai kiamelpoq˜iou cia ˜ema d˜ijtuo staheq ˜gr tgkevym˜iar sumox˜ifetai yr en ˜gr (2). T ˜ekg s ˜umdesgr Ta t ˜ekg ecjat ˜astasgr m ˜eym sumd ˜eseym sto staheq ˜o tgkevymij ˜o d˜ijtuo (diavoqetij ˜a ap ˜o ta t ˜ekg ecjat ˜astasgr sgle˜iou dias ˜umdesgr — bk ˜epe jatyt ˜eqy t ˜ekg dias ˜umdesgr) ha pq ˜epei ma jatakoc˜ifomtai sto kiamelp ˜oqio. T ˜ekg l ˜ishysgr cqall ˜gr pek ˜atg Ta t ˜ekg l˜ishysgr cqall ˜gr ha pq ˜epei ma jatakoc˜ifomtai sto kiamelp ˜oqio. ˜Esoda ap ˜o wqglatodotij ˜yr ejlishyl ˜emer cqall ˜er Ta ˜esoda ap ˜o wqglatodotij ˜yr ejlishyl ˜emer cqall ˜er ha pq ˜epei ma jatakoc˜ifomtai sto kiamelp ˜oqio. ˜Esoda ap ˜o l ˜ishysg cqall ˜ym se ˜akkour voqe ˜ir ejlet ˜akkeusgr Ta ˜esoda ap ˜o tg l˜ishysg cqall ˜gr diawyqisl ˜emym topij ˜ym bq ˜owym, acoq ˜ar, ha pq ˜epei ma jatakoc˜ifomtai sto d˜ijtuo topij ˜gr pq ˜osbasgr. ˜opote paq ˜ewetai se ˜akkour paq ˜acomter tgr Eisvoq ˜er ekke ˜illator pq ˜osbasgr Se ˜osa jq ˜atg l ˜ekg evaql ˜ofomtai pqocq ˜allata ekke˜illator pq ˜osbasgr, oi eisvoq ˜er ekke˜illator pq ˜osbasgr ha pq ˜epei ma jatakoc˜ifomtai sto d˜ijtuo topij ˜gr pq ˜osbasgr. (1) G ˜ejhesg Arthur Andersen cia to kocistij ˜o diawyqisl ˜o sto pka˜isio tgr paqow ˜gr amoijto ˜u dijt ˜uou paq ˜ewei peqait ˜eqy jateuhu- mt ˜gqier cqall ˜er cia tgm evaqloc ˜g tym em k ˜ocy aqw ˜ym jat ˜a to weiqisl ˜o epemd ˜useym pac˜iou jevaka˜iou, bqawupq ˜oheslym epemd ˜u- seym, lajqopq ˜oheslym pqobk ˜exeym jai upowqe ˜yseym cia voqok ˜ocgsg jai diamol ˜g leq˜islator. Dumgtij ˜yr up ˜aqwoum alvisbg- to ˜ulemer peqiow ˜er oi opo˜ier pq ˜epei ma enetasho ˜um sto pka˜isio tym ucei ˜ym kocistij ˜ym pqajtij ˜ym se j ˜ahe jq ˜ator l ˜ekor jai, yr ej to ˜utou, dem elp˜iptoum sto ped˜io tym am ˜a we˜iqar jateuhumt ˜gqiym cqall ˜ym. (2) Oi ˜idier aqw ˜er lpoqo ˜um jat’ amakoc˜ia ma evaqlosto ˜um se ˜akka d˜ijtua. L 141/24 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 Eisvoq ˜er jahokij ˜gr upgqes ˜iar Se ˜osa jq ˜atg l ˜ekg evaql ˜ofomtai pqocq ˜allata wqglatod ˜otgsgr tym upowqe ˜yseym jahokij ˜gr upgqes˜iar, oi eisvoq ˜er ˜akkym voq ˜eym ejlet ˜akkeusgr ha pq ˜epei ma jatakoc˜ifomtai sto kiamelp ˜oqio. Epipqosh ˜etyr, ha pq ˜epei ma up ˜aqwei epengcglatij ˜g sgle˜iysg cia tour kocaqiaslo ˜ur pou ma jatadeijm ˜uei ˜oti dem uv˜istamtai diajq˜iseir ˜akkour voqe˜ir ejlet ˜akkeusgr jai eje˜imym pou epib ˜akkomtai letan ˜u tym eisvoq ˜ym pou epib ˜akkomtai se (siypgq ˜yr) esyteqij ˜yr. T ˜ekg dias ˜umdesgr Ta t ˜ekg dias ˜umdesgr sulpeqikalbamol ˜emym tym ˜apan dapam ˜ym ecjat ˜astasgr tou sgle˜iou dias ˜umdesgr jai tym tek ˜ym pou enaqt ˜ymtai ap ˜o to v ˜oqto ha pq ˜epei ma jatakoc˜ifomtai sto jemtqij ˜o d˜ijtuo. T ˜ekg jk ˜gsgr Ta ˜esoda ap ˜o ta t ˜ekg jk ˜gseir ha pq ˜epei ma jatakoc˜ifomtai stgm jat ˜akkgkg upgqes˜ia tgr epiwe˜iqgsgr kiamij ˜gr p ˜ykgsgr. Lish ˜yseir jai pyk ˜gseir enopkislo ˜u Ta ˜esoda ap ˜o tg l˜ishysg jai tgm p ˜ykgsg enopkislo ˜u ˜opyr tgkev ˜ymym jai lgwamgl ˜atym tgkeoloiotup˜iar ha pq ˜epei ma jatakoc˜ifomtai stir emdedeicl ˜emer upgqes˜ier tym koip ˜ym dqastgqiot ˜gtym. ˜Esoda ap ˜o diavgl ˜iseir se jatak ˜ocour Ta ˜esoda pou pqaclatopoio ˜umtai ap ˜o diavgl˜iseir se jatak ˜ocour ha pq ˜epei ma jatakoc˜ifomtai se kocaqiasl ˜o tym upgqesi ˜ym jatak ˜ocou stir «Koip ˜er dqastgqi ˜otgter». Tewmij ˜er upgqes ˜ier/paqow ˜g sulbouk ˜ym Ta ˜esoda ap ˜o tir tewmij ˜er upgqes˜ier/tgm paqow ˜g sulbouk ˜ym ejt ˜or eje˜imym tgr dias ˜umdesgr ha pq ˜epei ma jatako- c˜ifomtai stir «Koip ˜er dqastgqi ˜otgter». 6. 2. Koip˜a ˜esoda Oi voqe˜ir ejlet ˜akkeusgr e˜imai dumat ˜om ma paq ˜acoum ep˜isgr eis ˜odgla ap ˜o lg tgkevymij ˜er upgqes˜ier. S ˜ulvyma le tgm aqw ˜g tgr aiti ˜ydour sw ˜esgr, to eis ˜odgla aut ˜o ha pq ˜epei ma jatakoc˜ifetai stir dqastgqi ˜otgter le tir opo˜ier sumd ˜eetai. ˜Ema paq ˜adeicla ha lpoqo ˜use ma e˜imai ta ˜esoda ap ˜o tgm upemoij˜iasg tlgl ˜atym tym peqiousiaj ˜ym stoiwe˜iym pou wqgsilopoio ˜umtai ap ˜o tir epiweiq ˜gseir jemtqij ˜gr tgkevym˜iar, ta ˜esoda ap ˜o tgm opo˜ia ha lpoqo ˜usam ma apotek ˜e- soum amtije˜ilemo weiqislo ˜u jat ˜a pokko ˜ur tq ˜opour. Oi epikoc ˜er peqikalb ˜amoum: — weiqisl ˜o tym es ˜odym yr es ˜odym tgr epiwe˜iqgsgr pou upemoiji ˜afei to w ˜yqo st ˜ecasgr jai — jataw ˜yqisg tym es ˜odym stir «Koip ˜er dqastgqi ˜otgter». Jal˜ia pqos ˜eccisg dem heyqe˜itai amacjastij ˜a jak ˜uteqg ap ˜o tir ˜akker pou e˜imai emdewol ˜emyr diah ˜esiler. Emto ˜u- toir, e˜imai sglamtij ˜o ta ˜esoda pou pqo ˜eqwomtai ap ˜o lg jemtqij ˜er dqastgqi ˜otgter jai ta ˜enoda pou sumd ˜eomtai le aut ˜er ma uv˜istamtai sumep ˜g weiqisl ˜o. Opoiad ˜gpote apotuw˜ia pqor aut ˜g tgm jate ˜uhumsg ha odgco ˜use se d ˜gkysg lijq ˜oteqym jeqd ˜ym ap ˜o ta pqaclatij ˜a liar epiwe˜iqgsgr jai lecak ˜uteqym amt˜istoiwa liar ˜akkgr. Eis ˜odgla ap ˜o epemd ˜useir p ˜aciou emeqcgtijo ˜u To eis ˜odgla ap ˜o epemd ˜useir p ˜aciou emeqcgtijo ˜u ha pq ˜epei ma jatakoc˜ifetai jat ˜a tom ˜idio tq ˜opo ˜opyr oi epemd ˜u- seir le tir opo˜ier sumd ˜eetai. Dedol ˜emgr tgr pqos ˜eccisgr pou uiohet ˜ghgje sto tl ˜gla 5 cia tom jatakocisl ˜o alic ˜yr wqglatooijomolij ˜ym epemd ˜useym jai epemd ˜useym se lg sumave˜ir dqastgqi ˜otgter, to eis ˜odgla ap ˜o tir em k ˜ocy epemd ˜useir jatakoc˜ifetai stir «Koip ˜er dqastgqi ˜otgter». To eis ˜odgla ap ˜o epemd ˜useir p ˜aciou emeqcgtijo ˜u ha pq ˜epei ma jatakoc˜ifetai l ˜omo sto d˜ijtuo topij ˜gr pq ˜osbasgr, sto jemtqij ˜o d˜ijtuo ˜g sto kiamelp ˜oqio, e ˜am oi swetij ˜er epemd ˜useir jatakoc˜ifomtai jat’ aut ˜o tom tq ˜opo. Eis ˜odgla ap ˜o bqawupq ˜ohesler epemd ˜useir Cia eis ˜odgla pou pqaclatopoi ˜ghgje ap ˜o bqawupq ˜ohesler epemd ˜useir evaql ˜ofomtai oi ˜idier aqw ˜er. To eis ˜odgla ha pq ˜epei ma jatakoc˜ifetai stgm epiwe˜iqgsg stgm opo˜ia jatakoc˜ifetai g swetij ˜g ep ˜emdusg. 7. Apait ˜gseir upobok ˜gr ejh ˜eseym Sto paq ˜om tl ˜gla tym jateuhumt ˜gqiym cqall ˜ym paqat˜ihemtai oi pkgqovoq˜ier pou ha pq ˜epei ma etoil ˜afoum oi voqe˜ir ejlet ˜akkeusgr cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u jai enet ˜afetai o bahl ˜or stom opo˜io ha pq ˜epei ma dglosie ˜uomtai. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/25 7. 1. Upodeijmu˜olemoi kocaqiaslo˜i Ha pq ˜epei ma sumt ˜assomtai wyqisto˜i kocaqiaslo˜i cia tir dqastgqi ˜otgter tou dijt ˜uou topij ˜gr pq ˜osbasgr, tou jemtqijo ˜u dijt ˜uou jai tou kiamelpoq˜iou, tir opo˜ier amapt ˜ussoum oi voqe˜ir ejlet ˜akkeusgr, le pkgqovoq˜ier swetij ˜a le tir «Koip ˜er dqastgqi ˜otgter» sumoxif ˜olemer se emia˜ia seiq ˜a kocaqiasl ˜ym (1). Cia j ˜ahe seiq ˜a kocaqiasl ˜ym pq ˜epei ma jataqt˜ifomtai oi aj ˜okouher pkgqovoq˜ier: — jat ˜astasg jeqd ˜ym jai fgli ˜ym jai — pkgqovoq˜ier isokocislo ˜u up ˜o loqv ˜g amtapojqim ˜olemg sto l ˜ecehor apaswoko ˜ulemou jevaka˜iou le sjop ˜o tom jahoqisl ˜o tym til ˜ym. Oi dqastgqi ˜otgter tou voq ˜ea ejlet ˜akkeusgr peqikalb ˜amoum t ˜oso dqastgqi ˜otgter pou up ˜acomtai se jamomistij ˜er quhl˜iseir, ˜oso jai dqastgqi ˜otgter lg upac ˜olemer se aut ˜er. Pq ˜epei ma tgqo ˜umtai wyqisto˜i kocaqiaslo˜i cia j ˜ahe dqastgqi ˜otgta pou up ˜acetai se jamomistij ˜g q ˜uhlisg. Oi ehmij ˜er quhlistij ˜er aqw ˜er ha wqeiashe˜i ma jahoq˜isoum tir kiamelpoqij ˜er dqastgqi ˜otgter cia tir opo˜ier pq ˜epei ma tgqo ˜umtai wyqisto˜i kocaqiaslo˜i, kalb ˜amomtar up ˜oxg tir apait ˜gseir diav ˜ameiar tgr ehmij ˜gr jai joimotij ˜gr molohes˜iar. Dem e˜imai oqh ˜o ma apaite˜itai ap ˜o tour voqe˜ir ejlet ˜akkeusgr ma apojak ˜uptoum keptoleqe˜ir pkgqovoq˜ier oijomo- lijo ˜u waqajt ˜gqa se sw ˜esg le dqastgqi ˜otgt ˜er tour pou dem up ˜acomtai se jamomistij ˜er quhl˜iseir, tir opo˜ier diavoqetij ˜a dem ha upowqeo ˜umtam ma apojak ˜uxoum cia tour sjopo ˜ur tgr up ˜o tou m ˜olou upacoqeu ˜olemgr upobo- k ˜gr ejh ˜eseym. Aut ˜gr tgr v ˜useyr oi pkgqovoq˜ier lpoqe˜i ma heyqghe˜i ˜oti jak ˜uptomtai ap ˜o to elpoqij ˜o ap ˜oqqgto. Oi pkgqovoq˜ier pou swet˜ifomtai le t ˜etoier dqastgqi ˜otgter pq ˜epei amt˜iheta ma paqousi ˜afomtai sto s ˜umok ˜o tour jai ma jatawyqo ˜umtai yr «Kiamelp ˜oqio — Koip ˜er dqastgqi ˜otgter». 7. 2. Peqiew˜olemo tym ejh˜eseym Sto sw ˜gla 7. 1 sto t ˜ekor tou paq ˜omtor tl ˜glator elva˜imomtai upode˜iclata kocaqiaslo ˜u jeqd ˜ym jai fgli ˜ym jai v ˜ukkou isokocislo ˜u cia to jemtqij ˜o d˜ijtuo, cia tour sjopo ˜ur tou kocistijo ˜u diawyqislo ˜u. Upode˜iclata cia to d˜ijtuo topij ˜gr pq ˜osbasgr, to kiamelp ˜oqio jai tir koip ˜er dqastgqi ˜otgter elva˜imomtai sta sw ˜glata 7. 2, 7. 3 jai 7. 4 amtisto˜iwyr. ˜Okoi oi kocaqiaslo˜i pq ˜epei ma jahisto ˜um ˜ejdgka opoiad ˜gpote t ˜ekg letab˜ibasgr pqor ˜g ap ˜o ˜akker epiweiq ˜gseir. Ep˜i paqade˜iclati, ta t ˜ekg pou jatab ˜akkomtai ap ˜o tgm id˜ia dqastgqi ˜otgta kiamijo ˜u elpoq˜iou tou voq ˜ea ejlet ˜ak- keusgr cia upgqes˜ier dias ˜umdesgr ha pq ˜epei ma jatawyqo ˜umtai sav ˜yr yr j ˜ostor stour kocaqiaslo ˜ur kiamij ˜gr p ˜ykgsgr jai yr stoiwe˜io es ˜odym stour kocaqiaslo ˜ur tou jemtqijo ˜u dijt ˜uou. Oi kocaqiaslo˜i ha pq ˜epei ep˜isgr ma jatadeijm ˜uoum qgt ˜yr opoiesd ˜gpote diavoq ˜er letan ˜u j ˜ostour jatakocif ˜ole- mou stir di ˜avoqer dqastgqi ˜otgter tou voq ˜ea ejlet ˜akkeusgr jai j ˜ostour pou eped ˜ewhgsam oi ehmij ˜er quhlistij ˜er aqw ˜er cia sjopo ˜ur pqosdioqislo ˜u tek ˜ym. To ˜uto diasvak˜ifei diav ˜ameia swetij ˜a le tgm ˜ejtasg tym dapam ˜ym pou apojke˜iomtai ap ˜o tir ehmij ˜er quhlistij ˜er aqw ˜er cia sjopo ˜ur epibok ˜gr tek ˜ym jai swetij ˜a le tour k ˜ocour apojkei- slo ˜u tym. 7. 3. B˜asg tgr jat˜aqtisgr kocaqiasl˜ym Oi wyqisto˜i kocaqiaslo˜i jataqt˜ifomtai le b ˜asg to tq ˜ewom j ˜ostor. To pqos ˜aqtgla paq ˜ewei odgc˜ier cia tgm evaq- loc ˜g amtik ˜gxeym kocistij ˜gr jatacqav ˜gr tq ˜ewomtor j ˜ostour. 7. 4. Apa˜itgsg ek˜ecwou ˜Opyr amav ˜eqetai sto ˜aqhqo 8 tgr odgc˜iar cia tg dias ˜umdesg, oi wyqisto˜i kocaqiaslo˜i pou tgqo ˜umtai ap ˜o voqe˜ir ejlet ˜akkeusgr ove˜ikoum ma up ˜ojeimtai se amen ˜aqtgto kocistij ˜o ˜ekecwo s ˜ulvyma le tour swetijo ˜ur jam ˜omer tgr ehmij ˜gr molohes˜iar. 7. 5. ˜Akker pkgqovoq˜ier Oi aj ˜okouher pkgqovoq˜ier pq ˜epei ep˜isgr ma jataqt˜ifomtai yr tl ˜gla tou kocistijo ˜u diawyqislo ˜u: — D ˜gkysg tym kocistij ˜ym pokitij ˜ym pou wqgsilopoio ˜umtai jat ˜a tgm t ˜gqgsg tym kocaqiasl ˜ym — Sucjeqasl ˜or tym wyqist ˜ym kocaqiasl ˜ym stour upacoqeu ˜olemour up ˜o tou m ˜olou kocaqiaslo ˜ur tou voq ˜ea ejlet ˜akkeusgr (1) E ˜am, ˜opyr amav ˜eqhgje sto tl ˜gla 1, oi EJA apaito ˜um tgm jat ˜aqtisg wyqist ˜ym seiq ˜ym kocaqiasl ˜ym cia oqisl ˜emer ap ˜o tir «Koi- p ˜er dqastgqi ˜otgter», pq ˜epei ep˜isgr ma jataqt˜ifomtai ejh ˜eseir cia aut ˜er. To ˜uto ha le˜iyme to e ˜uqor dqastgqiot ˜gtym pou peqikal- b ˜amomtai stir Koip ˜er dqastgqi ˜otgter. L 141/26 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 — L ˜gtqa pou sumox˜ifei to s ˜umoko tym tek ˜ym letavoq ˜ar letan ˜u diav ˜oqym kocaqiasl ˜ym. G em k ˜ocy l ˜gtqa ha jahist ˜a sav ˜g ta sumokij ˜a t ˜ekg, cia paq ˜adeicla ap ˜o to jemtqij ˜o d˜ijtuo pqor to kiamelp ˜oqio, jai ha apote- ke˜i eisq ˜eom stoiwe˜io sto sucjeqasl ˜o tym wyqist ˜ym kocaqiasl ˜ym stour upacoqeu ˜olemour up ˜o tou m ˜olou kocaqiaslo ˜ur — D ˜gkysg g opo˜ia peqicq ˜avei tg b ˜asg s ˜ulvyma le tgm opo˜ia ˜ewei jatamelghe˜i to lg apodot ˜eo j ˜ostor letan ˜u diav ˜oqym kocaqiasl ˜ym (1) — Pkgqovoq˜ier cia tir leh ˜odour jatakocislo ˜u j ˜ostour pou wqgsilopoio ˜umtai cia tgm jat ˜aqtisg tym wyqist ˜ym kocaqiasl ˜ym. To ˜uto ha pq ˜epei ma c˜imetai se t ˜etoio ep˜ipedo keptol ˜eqeiar pou ma jahist ˜a sav ˜g tg sw ˜esg letan ˜u j ˜ostour jai tek ˜ym dias ˜umdesgr — D ˜gkysg stgm opo˜ia elva˜imetai to l ˜eso j ˜ostor tym sumistys ˜ym tou dijt ˜uou jai — Se ˜osa jq ˜atg l ˜ekg ejteko ˜umtai pqocq ˜allata wqglatod ˜otgsgr tym upowqe ˜yseym jahokij ˜gr upgqes˜iar, epeng- cglatij ˜g sgle˜iysg pou ma jatadeijm ˜uei ˜oti dem uv˜istamtai diajq˜iseir letan ˜u epip ˜edou tek ˜ym pou epib ˜akko- mtai se ˜akkour voqe˜ir ejlet ˜akkeusgr jai eje˜imym pou epib ˜akkomtai (siypgq ˜yr) esyteqij ˜yr. Epav˜ietai stour voqe˜ir ejlet ˜akkeusgr ma jahoq˜isoum tg loqv ˜g up ˜o tgm opo˜ia pq ˜epei ma paqousi ˜afomtai oi amyt ˜eqy pkgqovoq˜ier, jat ˜opim diabouke ˜useym le tir ehmij ˜er quhlistij ˜er aqw ˜er tour. G odgc˜ia cia tg dias ˜umdesg epib ˜akkei ep˜isgr stour voqe˜ir ejlet ˜akkeusgr ma paq ˜ewoum dias ˜umdesg se ˜akkour voqe˜ir ejlet ˜akkeusgr up ˜o tour ˜idiour ˜oqour jai pqoˇupoh ˜eseir le eje˜imer pou pqosv ˜eqoum tir dij ˜er tour upgqes˜ier ( ˜gtoi esyteqij ˜a) ˜g tir upgqes˜ier tym hucatqij ˜ym ˜g tym eta˜iqym tour. Cia to sjop ˜o aut ˜o, oi voqe˜ir ejlet ˜akkeu- sgr ha wqeiashe˜i ma paq ˜aswoum pkgqovoq˜ier stir ehmij ˜er quhlistij ˜er aqw ˜er tour jatadeijm ˜uomtar ˜oti dem ˜ecimam ah ˜eliter diajq˜iseir letan ˜u tgr paqow ˜gr upgqesi ˜ym esyteqij ˜a jai eje˜imym pou paqasw ˜ehgjam enyteqij ˜a. Epav˜ie- tai se j ˜ahe ehmij ˜g quhlistij ˜g aqw ˜g ma enet ˜asei to p ˜yr ha lpoqo ˜usam ma paqasweho ˜um oi em k ˜ocy pkgqovoq˜ier jai tg diadijas˜ia s ˜ulvyma le tgm opo˜ia t ˜etoier pkgqovoq˜ier ha epakgheuho ˜um. 7. 6. Dglos˜ieusg pkgqovoqi˜ym G dglos˜ieusg pkgqovoqi ˜ym pou apaito ˜umtai ap ˜o tgm odgc˜ia cia tg dias ˜umdesg enupgqete˜i pokko ˜ur sjopo ˜ur, sulpeqikalbamol ˜emym tym en ˜gr: — jahist ˜a diavam ˜g tg sw ˜esg letan ˜u tek ˜ym dias ˜umdesgr jai j ˜ostour — enasvak˜ifei diav ˜ameia swetij ˜a le ta t ˜ekg dias ˜umdesgr pou jatab ˜akkomtai ap ˜o tir ˜idier dqastgqi ˜otgter kiami- jo ˜u elpoq˜iou tou voq ˜ea ejlet ˜akkeusgr jai paq ˜ewei tg diav ˜akisg ˜oti dem ˜ecimam ah ˜eliter diajq˜iseir letan ˜u esyteqij ˜gr jai enyteqij ˜gr paqow ˜gr upgqesi ˜ym dias ˜umdesgr jai — boghe˜i stgm edqa˜iysg elpistos ˜umgr sto jahest ˜yr dias ˜umdesgr. Oi ehmij ˜er quhlistij ˜er aqw ˜er ove˜ikoum ma emhaqq ˜umoum tg dglos˜ieusg ˜oso peqiss ˜oteqym ap ˜o tir amyt ˜eqy pkgqo- voq˜ier e˜imai dumat ˜om. Oi pkgqovoq˜ier pou apodeijm ˜uomtai ˜oti elp˜iptoum sto elpoqij ˜o ap ˜oqqgto dme pq ˜epei ma dglosie ˜uomtai. Amap ˜oveujta ha up ˜aqnoum akkac ˜er stir leh ˜odour jatakocislo ˜u j ˜ostour pou wqgsilopoio ˜um oi voqe˜ir ejlet ˜ak- keusgr, id˜iyr ˜osoi paqadosiaj ˜a dem upe˜iwam upowq ˜eysg t ˜gqgsgr wyqist ˜ym kocaqiasl ˜ym. Jat ˜a sum ˜epeia, oi ehmi- j ˜er quhlistij ˜er aqw ˜er ove˜ikoum ma enet ˜asoum tgm ˜ejtasg stgm opo˜ia dglosie ˜uomtai oi pqoamaveqhe˜iser pkgqo- voq˜ier to pq ˜yto ˜etor let ˜a ap ˜o tgm ˜ejdosg tgr odgc˜iar cia tg dias ˜umdesg. Oi l ˜ehodoi jatakocislo ˜u j ˜ostour pou wqgsilopoio ˜umtai ap ˜o tour voqe˜ir ejlet ˜akkeusgr dglosie ˜uomtai p ˜aqauta. (1) G jak ˜uteqg pqajtij ˜g e˜imai o jatakocisl ˜or tou lg apodot ˜eou j ˜ostour stir ej tym ust ˜eqym oijomolij ˜er ejh ˜eseir jat ˜a tom ˜idio tq ˜opo pou jatakoc˜ishgje le sjop ˜o tom jahoqisl ˜o tym til ˜ym. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/27 Sw˜gla 7. 1. Upode˜iclata ejh ˜eseym cia epiwe˜iqgsg jemtqijo ˜u dijt ˜uou a) J˜eqdg jai fgl˜ier J ˜ujkor eqcasi ˜ym Epiwe˜iqgsgr kiamij ˜gr p ˜ykgsgr ˜Akkym voq ˜eym ejlet ˜akkeusgr Sumokij ˜or j ˜ujkor eqcasi ˜ym Keitouqcij ˜o j ˜ostor Pqosaqloc ˜er KTJ Sumokij ˜o keitouqcij ˜o j ˜ostor Ap ˜odosg Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor (cid:29)1 (cid:29)2 (cid:29)3 =(cid:29)1 –(cid:29)2 Oupokocisl˜ortgrap˜odosgrpq˜epeimae˜imaisumep˜grletgb˜asgep˜itgropo˜iarupokoc˜ifetaitoj˜ostorjeva- ka˜iou. Yrejto˜utou,e˜am-˜opyrpqobk˜epetaistojuq˜iyrs˜ylatymjateuhumt˜gqiymcqall˜ym-wqgsilopoie˜itai WACC pqotymv˜oqymjait˜ojym,gap˜odosgpouelva˜imetaistourkocaqiaslo˜urpq˜epeimae˜imaiisod˜umalg le to j˜eqdor pqo tym t˜ojym jai v˜oqym. b) Pkgqovoq˜ier v˜ukkou isokocislo˜u Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor P ˜acio emeqcgtij ˜o p ˜acia stoiwe˜ia p ˜acia stoiwe˜ia Ukij ˜a emeqcgtijo ˜u ˜Auka emeqcgtijo ˜u Epemd ˜useir S ˜umoko p ˜aciou emeqcgtijo ˜u Tq ˜ewom emeqcgtij ˜o Apoh ˜elata Wqe ˜yster Epemd ˜useir Qeust ˜a diah ˜esila stgm tq ˜apefa jai sto tale˜io S ˜umoko tq ˜ewomtor emeqcgtijo ˜u Pistyt ˜er Pqobk ˜exeir cia upowqe ˜yseir jai epibaq ˜umseir L ˜eso apaswoko ˜ulemo jev ˜akaio (cid:29)1 (cid:29)2 (cid:29)3 (cid:29)4 (cid:29)5 =(cid:29)1 +(cid:29)2 –(cid:29)3 –(cid:29)4 ˜Okeroieccqav˜erstov˜ukkoisokocislo˜upq˜epeimac˜imomtaileb˜asgtotq˜ewomj˜ostor. Pq˜epeimaapoteko˜um tirl˜eseran˜iertou ˜etourstoopo˜ioamav˜eqomtai. ˜Opoue˜imaidumat˜ojaievijt˜o,oil˜eseran˜ierpouamacq˜a- vomtaipq˜epeimae˜imaistahlisl˜emerl˜esertil˜er. E˜amdemdiat˜ihemtaipkgqovoq˜ier,lpoqe˜iaqwij˜amawqgsilo- poighe˜i g apk˜g l˜esg til˜g tou isokocislo˜u amo˜iclator jai jkeis˜ilator wq˜gsgr. L 141/28 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 c) ˜Ap˜odosg jai apaswoko˜ulemo jev˜akaio Ap ˜odosg L ˜eso apaswoko ˜ulemo jev ˜akaio Ap ˜odosg l ˜esou apaswoko ˜ulemou jevaka˜iou (%) Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor (cid:29)1 (cid:29)2 (cid:29)3 =(cid:29)1 /(cid:29)2 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/29 Sw˜gla 7. 2. Upode˜iclata ejh ˜eseym cia epiwe˜iqgsg dijt ˜uou topij ˜gr pq ˜osbasgr a) J˜eqdg jai fgl˜ier J ˜ujkor eqcasi ˜ym T ˜ekg letavoq ˜ar sto kiamelp ˜oqio Ap ˜o ˜akkour (tuw ˜om) voqe˜ir ejlet ˜akkeusgr Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor Sumokij ˜or j ˜ujkor eqcasi ˜ym Keitouqcij ˜o j ˜ostor Pqosaqloc ˜er KTJ Sumokij ˜o keitouqcij ˜o j ˜ostor Ap ˜odosg (ejt ˜or tuw ˜om EEP) EEP (ev ˜osom up ˜aqwoum) Ap ˜o ˜akkour voqe˜ir ejlet ˜akkeusgr Ap ˜o kiamelp ˜oqio Sumokij ˜er EEP Ap ˜odosg (sulpeqikalbamol ˜emym tuw ˜om EEP) b) Pkgqovoq˜ier isokocislo˜u ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. c) Ap˜odosg apaswoko˜ulemou jevaka˜iou ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. (cid:29)1 (cid:29)2 (cid:29)3 =(cid:29)1 –(cid:29)2 (cid:29)4 (cid:29)5 =(cid:29)3 +(cid:29)4 L 141/30 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 Sw˜gla 7. 3. Upode˜iclata ejh ˜eseym cia epiwe˜iqgsg kiamij ˜gr p ˜ykgsgr Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor a) J˜eqdg jai fgl˜ier J ˜ujkor eqcasi ˜ym: T ˜ekg s ˜umdesgr T ˜ekg l˜ishysgr T ˜ekg jk ˜gseym Up ˜okoipor j ˜ujkor eqcasi ˜ym Sumokij ˜or j ˜ujkor eqcasi ˜ym Keitouqcij ˜o j ˜ostor: Keitouqcij ˜o j ˜ostor amtistoiwo ˜um eidij ˜yr sto kiamelp ˜oqio T ˜ekg letavoq ˜ar ap ˜o to jemtqij ˜o d˜ijtuo letavoq ˜ar ap ˜o T ˜ekg pq ˜osbasgr to d˜ijtuo topij ˜gr (Tuw ˜om) EEP jatabakk ˜olemer sto d˜ijtuo topi- j ˜gr pq ˜osbasgr Pqosaqloc ˜er KTJ Sumokij ˜o keitouqcij ˜o j ˜ostor Ap ˜odosg upgqes˜iar) (ejt ˜or tuw ˜om eisvoq ˜ym jahokij ˜gr Eisvoq ˜er jahokij ˜gr upgqes˜iar ap ˜o ˜akkour voqe˜ir ejlet ˜akkeusgr (e ˜am up ˜aqwoum) (1) Ap ˜odosg (sulpeqikalbamol ˜emym tym eisvoq ˜ym jahokij ˜gr upgqes˜iar, e ˜am up ˜aqwoum) (cid:29)1 (cid:29)2 (cid:29)3 =(cid:29)1 –(cid:29)2 (cid:29)4 (cid:29)5 =(cid:29)3 +(cid:29)4 G˜idialoqv˜gevaql˜ofetaistirupac˜olemersejamomistij˜erquhl˜iseirwyqist˜erdqastgqi˜otgterpouamapt˜us- somtai stour j˜okpour tou kiamelpoq˜iou. b) Pkgqovoq˜ier isokocislo˜u ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. c) Ap˜odosg aposwoko˜ulemou jevaka˜iou ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. (1) Oi eisvoq ˜er jahokij ˜gr upgqes˜iar pou evaql ˜ofomtai esyteqij ˜a ha e˜iwam lgdemij ˜o jahaq ˜o up ˜okoipo jai yr ej to ˜utou dem elvam˜i- fomtai sta j ˜eqdg jai fgl˜ier tou kiamelpoq˜iou. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/31 Sw˜gla 7. 4. Upode˜iclata ejh ˜eseym cia tir «Koip ˜er dqastgqi ˜otgter» a) J˜eqdg jai fgl˜ier J ˜ujkor eqcasi ˜ym Keitouqcij ˜o j ˜ostor Ap ˜odosg Tq ˜ewom ˜etor Pqogco ˜ulemo ˜etor (cid:29)1 (cid:29)2 (cid:29)3 =(cid:29)1 –(cid:29)2 ˜Opyramav˜eqhgjestojuq˜iyrs˜ylatymjateuhumt˜gqiymcqall˜ym,piham˜yrmaup˜aqwoumk˜ocoiciaam˜akusg tym«Koip˜ymdqastgqiot˜gtym»pqojeil˜emoumaup˜aqneilecak˜uteqgdiav˜ameiastirepid˜oseirsucjejqil˜emym dqastgqiot˜gtym. Epav˜ietaistirej˜astoteehmij˜erquhlistij˜eraqw˜ermadieujqim˜isoumtombahl˜ostomopo˜io ha tgqo˜umtai wyqisto˜i kocaqiaslo˜i cia tir em k˜ocy dqastgqi˜otgter. b) Pkgqovoq˜ier isokocislo˜u ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. c) Ap˜odosg aposwoko˜ulemou jevaka˜iou ˜Opyr jai cia to jemtqij ˜o d˜ijtuo. L 141/32 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 Pqos˜aqtgla Kocistij ˜g jatacqav ˜g tq ˜ewomtor j ˜ostour 1. Upokocisl ˜or tq ˜ewomtor j ˜ostour ani ˜ym emeqcgtijo ˜u Ja˜iqio stoiwe˜io tgr leh ˜odou upokocislo ˜u tq ˜ewomtor j ˜ostour e˜imai g apot˜ilgsg emeqcgtijo ˜u. To emeqcgtij ˜o apotil ˜atai s ˜ulvyma le tir en ˜gr sj ˜exeir jai jam ˜omer cia tg k ˜gxg apov ˜aseym: Jahaq˜o j˜ostor amtijat˜astasgr To jahaq ˜o j ˜ostor amtijat ˜astasgr e˜imai to j ˜ostor amtijat ˜astasgr stoiwe˜iou emeqcgtijo ˜u ap ˜o ˜akko le paq ˜o- loia waqajtgqistij ˜a jai pakai ˜otgta. Ja˜iqio stoiwe˜io tou em k ˜ocy lahglatijo ˜u t ˜upou e˜imai o upokocisl ˜or tou j ˜ostour amtijat ˜astasgr stoiwe˜iou emeqcgtijo ˜u. To j ˜ostor amtijat ˜astasgr lpoqe˜i apk ˜yr ma e˜imai to sgleqim ˜o j ˜ostor amtijat ˜astasgr tou stoi- we˜iou emeqcgtijo ˜u ap ˜o ˜akko pamoloi ˜otupo. Emto ˜utoir, ev ˜osom g tewmokoc˜ia akk ˜afei qacda˜iyr, to uvist ˜alemo stoiwe˜io emeqcgtijo ˜u emdewol ˜emyr ma lgm e˜imai pk ˜eom amapkgq ˜ysilo (p. w. dem jatasjeu ˜afetai pk ˜eom). Stg sucje- jqil ˜emg peq˜iptysg, wqei ˜afetai ma upokocishe˜i g an˜ia tou s ˜ucwqomou isod ˜umalou stoiwe˜iou emeqcgtijo ˜u (LEA, Modern Equivalent Asset) pou e˜imai g an˜ia em ˜or stoiwe˜iou emeqcgtijo ˜u le to ˜idio ep˜ipedo ijam ˜otgtar jai keitouqci- j ˜otgtar ˜opyr to uvist ˜alemo. Ta h ˜elata pou swet˜ifomtai le tom upokocisl ˜o tym ani ˜ym LEA cia tour voqe˜ir ejlet ˜akkeusgr tgkepijoimymiaj ˜ym sustgl ˜atym enet ˜afomtai paqaj ˜aty sto ˜eccqavo. An˜ia apost˜eqgsgr G an˜ia apost ˜eqgsgr (DV — Deprival Value) amtipqosype ˜uei tgm amajt ˜gsilg an˜ia tou stoiwe˜iou emeqcgtijo ˜u cia tom oqcamisl ˜o· ˜gtoi, tgm uxgk ˜oteqg oijomolij ˜g an˜ia pou e˜imai piham ˜o ma paq ˜acei to stoiwe˜io emeqcgtijo ˜u ˜g tgm jahaq ˜g pqaclatopoi ˜gsilg an˜ia (NRV — Net Realisable Value) tou stoiwe˜iou emeqcgtijo ˜u e ˜am epyke˜ito. Omolastij˜g an˜ia G oijomolij ˜g an˜ia (EV — Economic Value) apoteke˜i l ˜etqo tgr an˜iar em ˜or stoiwe˜iou emeqcgtijo ˜u le b ˜asg tgm jahaq ˜g sgleqim ˜g an˜ia lekkomtij ˜ym wqglatij ˜ym qo ˜ym. Oi jam ˜omer apot˜ilgsgr e˜imai dumat ˜om ma sumoxisho ˜um sta en ˜gr: — E ˜am EV ; NRV, g etaiqe˜ia ha jqat ˜gsei to stoiwe˜io emeqcgtijo ˜u stgm tq ˜ewousa wq ˜gsg tou. — E ˜am NRV ; EV, g etaiqe˜ia pqoba˜imei al ˜esyr se p ˜ykgsg tou stoiwe˜iou emeqcgtijo ˜u, jah ˜yr oi eispq ˜aneir ap ˜o tgm p ˜ykgsg upeqba˜imoum tgm oijomolij ˜g an˜ia pou ˜gtam amalem ˜olemo ma paq ˜acei ap ˜o tg sumewif ˜olemg wq ˜gsg tou. Yr ej to ˜utou, g an˜ia apost ˜eqgsgr ˜g to amajt ˜gsilo pos ˜o tou stoiwe˜iou emeqcgtijo ˜u e˜imai lecak ˜uteqo tou EV jai NRV. To tq ˜ewom j ˜ostor e˜imai yr ej to ˜utou lijq ˜oteqo tgr an˜iar apost ˜eqgsgr jai tou jahaqo ˜u j ˜ostour amtijat ˜a- stasgr. ˜Gtoi, walgk ˜oteqo tou poso ˜u pou g etaiqe˜ia ha lpoqo ˜use ma amajt ˜gsei ap ˜o to stoiwe˜io emeqcgtijo ˜u jai tou j ˜ostour pou ha e˜iwe cia tgm etaiqe˜ia g amtijat ˜astasg tou stoiwe˜iou emeqcgtijo ˜u le ˜ema pamoloi ˜otupo. 2. H ˜elata apot˜ilgsgr sucwq ˜omym isod ˜umalym stoiwe˜iym emeqcgtijo ˜u (MEA) G uioh ˜etgsg leh ˜odym KTJ stir tgkepijoimym˜ier jah˜istatai pok ˜upkojg k ˜ocy tou quhlo ˜u tewmokocij ˜ym akkac ˜ym stom jk ˜ado. To ˜uto ˜ewei sum ˜epeier t ˜oso stom jahoqisl ˜o jat ˜akkgkou j ˜ostour amtijat ˜astasgr cia stoiwe˜ia emeq- cgtijo ˜u pakai ˜ar tewmokoc˜iar, ˜oso jai stg diasv ˜akisg ˜oti ta stoiwe˜ia emeqcgtijo ˜u paqousi ˜afoum ta ˜idia ep˜ipeda keitouqcij ˜otgtar jai ijam ˜otgtar. Sta paqade˜iclata tewmokocij ˜ym hel ˜atym cia voqe˜ir ejlet ˜akkeusgr tgkepijoimymiaj ˜ym sustgl ˜atym peqikalb ˜a- momtai: — Jak ˜ydia w ˜akjimym acyc ˜ym ˜emamti optij ˜ym im ˜ym· ˜emamti xgviaj ˜ym letakkajt ˜ym jai — Amakocijo˜i — Tewmokoc˜ia let ˜adosgr PDH (pkgsi ˜owqomor) ˜emamti tewmokoc˜iar SDH (s ˜ucwqomor). Oi m ˜eer tewmokoc˜ier e˜imai sum ˜ghyr jat ˜a pok ˜u am ˜yteqer tym pakai ˜ym tewmokoci ˜ym ˜osom avoq ˜a tg keitouqcij ˜otgta jai to bahl ˜o ap ˜odosgr. Emto ˜utoir, ev ˜osom apaite˜itai oi an˜ier LEA ma ejvq ˜afoum stoiwe˜ia emeqcgtijo ˜u isod ˜u- malgr ijam ˜otgtar jai keitouqcij ˜otgtar, e˜imai amacja˜io ma c˜imoum pqosaqloc ˜er stgm tq ˜ewousa til ˜g acoq ˜ar jah ˜yr ep˜isgr sto swetij ˜o keitouqcij ˜o j ˜ostor — cia paq ˜adeicla, to m ˜eo stoiwe˜io emeqcgtijo ˜u emdewol ˜emyr ma apaite˜i kic ˜oteqg sumt ˜gqgsg. 3. Kocistij ˜err pqosaqloc ˜er tq ˜ewomtor j ˜ostour Up ˜aqwoum d ˜uo emakkajtij ˜er pqosecc˜iseir cia tgm KTJ. Oi pqosecc˜iseir diav ˜eqoum yr pqor tom tq ˜opo pou amtile- typ˜ifoum tg «diat ˜gqgsg jevaka˜iou». ˜Gtoi, tom tq ˜opo le tom opo˜io amtiletyp˜ifetai to jev ˜akaio tgr etaiqe˜iar jat ˜a tom jahoqisl ˜o tou j ˜eqdour. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/33 To jev ˜akaio e˜imai dumat ˜om ma amtiletypishe˜i e˜ite le epiweiqgsiajo ˜ur ˜oqour (dgkad ˜g yr g ijam ˜otgta tgr etai- qe˜iar ma paq ˜acei acah ˜a jai upgqes˜ier) e˜ite le wqglatooijomolijo ˜ur ˜oqour (dgkad ˜g yr g an˜ia tou t ˜ojou tou letowijo ˜u jevaka˜iou). Ta amyt ˜eqy e˜imai amtisto˜iwyr cmyst ˜a le tir ˜emmoier diat ˜gqgsg diaweiqistijo ˜u jevaka˜iou jai diat ˜gqgsg wqglatooijomolijo ˜u jevaka˜iou: — G Diat ˜gqgsg Diaweiqistijo ˜u Jevaka˜iou (OCM — Operating Capital Maintenance) kalb ˜amei up ˜oxg tgm ijam ˜o- tgta keitouqc˜iar tgr etaiqe˜iar. Oi upostgqijt ˜er tgr OCM bebai ˜ymoum ˜oti g diat ˜gqgsg jevaka˜iou s ˜ulvyma le aut ˜g tgm pqos ˜eccisg apaite˜i ap ˜o tgm epiwe˜iqgsg ma diah ˜etei t ˜osg ijam ˜otgta keitouqc˜iar — ˜g paqacycij ˜g ijam ˜otgta — sto t ˜ekor tgr peqi ˜odou wq ˜gsgr ˜osg jai stgm aqw ˜g (1). — G Diat ˜gqgsg Wqglatooijomolijo ˜u Jevaka˜iou (FCM — Financial Capital Maintenance) heyqe˜i ˜oti to wqglato- oijomolij ˜o jev ˜akaio tgr etaiqe˜iar diatgqe˜itai up ˜o ˜oqour tq ˜ewousar til ˜gr. To jev ˜akaio heyqe˜itai ˜oti diatg- qe˜itai e ˜am ta jev ˜akaia tym let ˜owym sto t ˜ekor tgr peqi ˜odou wq ˜gsgr diatgqo ˜umtai se pqaclatij ˜er til ˜er sto ˜idio ep˜ipedo ˜opyr stgm aqw ˜g tgr peqi ˜odou wq ˜gsgr (2). 3. 1. Juqi˜oteqer pqosaqloc˜er s˜ulvyma le tgm OCM ˜Opyr amav ˜eqhgje paqap ˜amy, g em k ˜ocy ˜emmoia avoq ˜a tg diat ˜gqgsg tgr paqacycij ˜gr ijam ˜otgtar tou voq ˜ea ejlet ˜akkeusgr. L˜ia ej tym sglamtij ˜ym pqosaqloc ˜ym amav ˜eqetai stgm epamejt˜ilgsg tou p ˜aciou emeqcgtijo ˜u yr pqor to tq ˜ewom ˜etor. Enait˜iar aut ˜gr tgr epamejt˜ilgsgr apaito ˜umtai epol ˜emyr pq ˜osheter pqosaqloc ˜er pqojeil ˜e- mou ma teho ˜um en aqw ˜gr ta pos ˜a ap ˜osbesgr. Aut ˜a pqosdioq˜ifomtai j ˜atyhi. Epamejt ˜ilgsg p ˜aciou emeqcgtijo ˜u S ˜ulvyma le tgm OCM g ajah ˜aqistg kocistij ˜g an˜ia tym stoiwe˜iym emeqcgtijo ˜u epamejtil ˜atai pqojeil ˜emou ma kgvho ˜um up ˜oxg oi idia˜iteqer letabok ˜er til ˜ym stgm til ˜g tou emeqcgtijo ˜u jai stir tewmokocij ˜er akkac ˜er. ˜Emar tq ˜opor upokocislo ˜u tou tq ˜ewomtor j ˜ostour stoiwe˜iym emeqcgtijo ˜u e˜imai g evaqloc ˜g eidij ˜ym deijt ˜ym til ˜ym stgm uvist ˜alemg ajah ˜aqistg kocistij ˜g an˜ia tym stoiwe˜iym emeqcgtijo ˜u. Aut ˜a emdewol ˜emyr pqo ˜eqwomtai ap ˜o to tl ˜gla pqolghei ˜ym tgr etaiqe˜iar. Emakkajtij ˜a, lpoqo ˜um ma wqgsilopoigho ˜um l ˜ehodoi apot˜ilgsgr em ˜or sucwq ˜o- mou isod ˜umalou stoiwe˜iou emeqcgtijo ˜u (MEA). Oi em k ˜ocy l ˜ehodoi bas˜ifoum tgm an˜ia tym stoiwe˜iym emeqcgtijo ˜u sto tq ˜ewom j ˜ostor em ˜or sucwq ˜omou isod ˜umalou stoiwe˜iou emeqcgtijo ˜u pou uv˜istatai ejpt ˜yseir j ˜ostour. Oi em k ˜ocy ejpt ˜yseir apoteko ˜um amtije˜ilemo pqacl ˜ateusgr jatyt ˜eqy. Sulpkgqylatij ˜g ap ˜osbesg Ta posost ˜a et ˜gsia ap ˜osbesgr upokoc˜ifomtai le b ˜asg tir m ˜eer amatil ˜gseir tou emeqcgtijo ˜u. To ˜uto diasvak˜ifei ˜oti to tq ˜ewom j ˜ostor tou p ˜aciou emeqcgtijo ˜u pou amak˜isjetai jat ˜a tg di ˜aqjeia tou ˜etour wqe ˜ymetai ˜emamti tym es ˜odym. Cia j ˜ahe stoiwe˜io emeqcgtijo ˜u, ˜g ol ˜ada stoiwe˜iym emeqcgtijo ˜u, ta posost ˜a ap ˜osbesgr OCM —le tgm paqadow ˜g cqallij ˜gr ap ˜osbesgr— lpoqo ˜um ma pqoj ˜uxoum diaiq ˜ymtar to ajah ˜aqisto j ˜ostor amtijat ˜astasgr le ta ˜etg fy ˜gr tou stoiwe˜iou. Sulpkgqylatij ˜g ap ˜osbesg e˜imai g diavoq ˜a letan ˜u istoqijo ˜u j ˜ostour jai posost ˜ym ap ˜osbesgr tq ˜ewomtor j ˜ostour. Lpoqe˜i ma e˜imai hetij ˜o ˜g aqmgtij ˜o am ˜akoca le to e ˜am g an˜ia tym stoiwe˜iym emeqcgtijo ˜u paqousi ˜afei ˜amodo ˜g pt ˜ysg. Pq ˜ojeitai cia wqe ˜yseir eir b ˜aqor tym jeqd ˜ym sto kocaqiasl ˜o wq ˜gseyr. Epen ˜gcgsg tym amyt ˜eqy emmoi ˜ym le paqade ˜iclata Oi j ˜atyhi p˜imajer apeijom˜ifoum tir pqoamaveqhe˜iser ˜emmoier cia stoiwe˜io emeqcgtijo ˜u pou acoq ˜astgje ˜emamti 10 000 ECU. O upotih ˜elemor wq ˜omor fy ˜gr tou stoiwe˜iou emeqcgtijo ˜u e˜imai t ˜esseqa ˜etg. Cia k ˜ocour apko ˜usteusgr, upot˜ihetai ˜oti to stoiwe˜io emeqcgtijo ˜u aposb ˜emmutai le b ˜asg cqallij ˜g ap ˜osbesg. Stom p˜imaja 1 upot˜ihetai ˜oti to j ˜ostor amtijat ˜astasgr lei ˜ymetai jat ˜a 10 % etgs˜iyr. Stom p˜imaja 2, avet ˜eqou, upot˜ihetai ˜oti to j ˜ostor amti- jat ˜astasgr aun ˜ametai jat ˜a 5 % etgs˜iyr. P˜imajar 1 J ˜ostor amtijat ˜astasgr pou lei ˜ymetai jat ˜a 10 % etgs˜iyr Ap ˜osbesg Tq ˜ewom j ˜ostor Istoqij ˜g Sulpkg- qylatij ˜g Ahqoistij ˜g «Apaito ˜ulemg» Jahusteqo ˜ulemg 2 250,00 2 025,00 1 822,50 1 640,25 2 500,00 2 500,00 2 500,00 2 500,00 (250,00) (475,00) (677,50) (859,75) 2 250,00 4 275,00 5 872,50 7 107,75 2 250,00 4 050,00 5 467,50 6 561,00 Lgd ˜em (225,00) (405,00) (546,75) ˜Etor Tq ˜ewom J ˜ostor 0 1 2 3 4 10 000 9 000 8 100 7 290 6 561 (1) Up ˜o ˜oqour uxgk ˜gr ap ˜odosgr jai le lajqopq ˜oheslg he ˜yqgsg. (2) Cia jev ˜akaio pou apaswoke˜itai ap ˜o apodotij ˜o voq ˜ea ejlet ˜akkeusgr. L 141/34 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym 13. 5. 98 P˜imajar 2 J ˜ostor amtijat ˜astasgr pou aun ˜amei jat ˜a 5 % etgs˜iyr ˜Etor Tq ˜ewom J ˜ostor Tq ˜ewom j ˜ostor Istoqij ˜g Sulpkg- qylatij ˜g Ahqoistij ˜g «Apaito ˜ulemg» Jahusteqo ˜ulemg Ap ˜osbesg 0 1 2 3 4 10 000,00 10 500,00 2 625,00 2 500,00 11 025,00 2 756,25 2 500,00 11 576,25 2 894,06 2 500,00 12 155,06 3 038,77 2 500,00 125,00 256,25 394,06 538,77 2 625,00 2 625,00 Lgd ˜em 5 381,25 5 512,50 8 406,56 8 682,19 11 720,96 12 155,06 131,25 275,63 434,10 Sumacyc˜g/epen˜gcgsg: — Tq ˜ewom j ˜ostor e˜imai to ajah ˜aqisto j ˜ostor amtijat ˜astasgr tou stoiwe˜iou emeqcgtijo ˜u — Ap ˜osbesg tq ˜ewomtor j ˜ostour e˜imai to pgk˜ijo tou ajah ˜aqistou j ˜ostour amtijat ˜astasgr di ˜a tou wq ˜omou fy ˜gr tou stoiwe˜iou emeqcgtijo ˜u — Ap ˜osbesg istoqijo ˜u j ˜ostour e˜imai to pkgk˜ijo tou aqwijo ˜u j ˜ostour ap ˜ojtgsgr di ˜a tou wq ˜omou fy ˜gr tou stoiwe˜iou emeqcgtijo ˜u — Sulpkgqylatij ˜g ap ˜osbesg e˜imai g pq ˜oshetg ap ˜osbesg pou wqe ˜ymetai yr to apot ˜ekesla epamejt˜ilgsgr tou stoiwe˜iou emeqcgti- jo ˜u (lpoqe˜i ep˜isgr ma pqoj ˜uxei yr up ˜okoipo ap ˜o tgm ap ˜osbesg tq ˜ewomtor j ˜ostour le˜iom tgm ap ˜osbesg istoqijo ˜u j ˜ostour) — Ahqoistij ˜g ap ˜osbesg e˜imai to ˜ahqoisla tym syqeutij ˜ym aposb ˜eseym tq ˜ewomtor j ˜ostour sto t ˜ekor tgr paqekho ˜usar peqi ˜odou, tgr jahusteqo ˜ulemgr ap ˜osbesgr cia tgm paqekho ˜usa peq˜iodo jai tgr ap ˜osbesgr tq ˜ewomtor j ˜ostour cia tgm tq ˜ewousa peq˜iodo. Aut ˜o isodumale˜i le tgm apaito ˜ulemg ap ˜osbesg sto t ˜ekor tgr paqekho ˜usar peqi ˜odou sum tgm ap ˜osbesg tq ˜ewomtor j ˜ostour cia tgm tq ˜ewousa peq˜iodo — «Apaito ˜ulemg» ap ˜osbesg e˜imai g ahqoistij ˜g ap ˜osbesg pou ha e˜iwe wqeyhe˜i dedol ˜emou tou tq ˜ewomtor j ˜ostour tou stoiwe˜iou emeqcgtijo ˜u — ˜akkyr eipe˜im, e˜imai g diavoq ˜a letan ˜u ajah ˜aqistou jai jahaqo ˜u j ˜ostour amtijat ˜astasgr tou stoiwe˜iou emeqcgti- jo ˜u jai — «Jahusteqo ˜ulemg» ap ˜osbesg e˜imai g diavoq ˜a letan ˜u apaito ˜ulemgr ap ˜osbesgr jai ahqoistij ˜gr ap ˜osbesgr. 3. 2. Peqait˜eqy pqosaqloc˜er s˜ulvyma le tg diat˜gqgsg wqglatooijomolijo˜u jevaka˜iou (FCM) S ˜ulvyma le tgm FCM, pq ˜epei ma c˜imoum paq ˜oloier pqosaqloc ˜er ˜opyr le tgm amt˜ikgxg tgr OCM swetij ˜a le tgm epamejt˜ilgsg tou p ˜aciou emeqcgtijo ˜u jai tgm sulpkgqylatij ˜g ap ˜osbesg. Emto ˜utoir, s ˜ulvyma le tgm FCM, oqisl ˜emoi weiqislo˜i ˜osom avoq ˜a ta j ˜eqdg jai tir fgl˜ier wqei ˜afetai ma pqosaqlosto ˜um peqait ˜eqy ˜yste ma kgvho ˜um up ˜oxg ta j ˜eqdg jai oi fgl˜ier ap ˜o tir letow ˜er, ta opo˜ia pqoj ˜uptoum k ˜ocy tgr ep˜idqasgr tou enaqt ˜yle- mou ap ˜o to emeqcgtij ˜o pkghyqislo ˜u ep˜i tgr an˜iar tq ˜ewomtor j ˜ostour tym stoiwe˜iym emeqcgtijo ˜u jai k ˜ocy tgr ep˜idqasgr tou cemijo ˜u pkghyqislo ˜u sta jev ˜akaia tym let ˜owym (1). 4. Poia amt˜ikgxg diat ˜gqgsgr jevaka˜iou; G amyt ˜eqy suf ˜gtgsg en ˜ehese tir j ˜uqier pqosaqloc ˜er pou apaito ˜umtai cia tour kocaqiaslo ˜ur istoqijo ˜u j ˜ostour ˜yste ma sumawho ˜um pkgqovoq˜ier tq ˜ewomtor j ˜ostour wqgsilopoi ˜ymtar tgm OCM jai tgm FCM. Sulpeqiek ˜gvhg pqojeil ˜emou ma dieqlgme ˜usei to cecom ˜or ˜oti g let ˜abasg sto LRAIC ap ˜o to pk ˜gqyr jatakocisl ˜emo istoqij ˜o j ˜ostor yr b ˜asg pqosdioqislo ˜u tym tek ˜ym dias ˜umdesgr apaite˜i ta stoiwe˜ia emeqcgtijo ˜u ma apotil ˜ymtai stgm acoqa˜ia tour an˜ia ( ˜g tq ˜ewom j ˜ostor). G wq ˜gsg pkgqovoqi ˜ym cia to tq ˜ewom j ˜ostor e˜imai yr ej to ˜utou ja˜iqia ptuw ˜g pou bogh ˜a stom pqosdioqisl ˜o emdedeicl ˜emym tek ˜ym dias ˜umdesgr jai ha pq ˜epei ma dohe˜i idia˜iteqg pqosow ˜g stgm epikoc ˜g tgr diat ˜gqgsgr jevaka˜iou ˜opyr aut ˜o apaswoke˜itai ap ˜o apodotij ˜o voq ˜ea ejlet ˜akkeusgr (2). (1) G ˜ejhesg tgr Arthur Andersen cia to kocistij ˜o diawyqisl ˜o sto pka˜isio tgr paqow ˜gr amoijto ˜u dijt ˜uou paq ˜ewei peqait ˜eqy odgc˜ier cia tir kocistij ˜er amapqosaqloc ˜er pou pq ˜epei ma pqobk ˜epomtai s ˜ulvyma le tgm amt˜ikgxg tgr diat ˜gqgsgr wqglatooijomolijo ˜u jevaka˜iou. (2) Up ˜o tom ˜oqo ˜oti e˜imai apodotij ˜o to ep˜ipedo ep ˜emdusgr se stoiwe˜ia emeqcgtijo ˜u. 13. 5. 98 ‹ EL ‹ Ep˜isglg Evgleq˜ida tym Euqypaˇij ˜ym Joimot ˜gtym L 141/35 E ˜am g OCM wqgsilopoighe˜i cia tom pqosdioqisl ˜o tym tek ˜ym, g apa˜itgsg es ˜odym (1) ha pqo ˜ejupte ap ˜o to ˜ahqoi- sla tou keitouqcijo ˜u j ˜ostour, tgr ap ˜osbesgr istoqijo ˜u j ˜ostour, tgr sulpkgqylatij ˜gr ap ˜osbesgr jai tgr ap ˜odosgr tym jahaq ˜ym stoiwe˜iym emeqcgtijo ˜u. Le b ˜asg tgm FCM, g apa˜itgsg es ˜odym ha ˜gtam to ˜ahqoisla tou keitouqcijo ˜u j ˜ostour, tgr ap ˜osbesgr istoqijo ˜u j ˜ostour, tgr sulpkgqylatij ˜gr ap ˜osbesgr jai tgr ap ˜odosgr tym jahaq ˜ym stoiwe˜iym emeqcgtijo ˜u le˜iom ta j ˜eqdg/fgl˜ier ap ˜o letow ˜er sum tgm pqosaqloc ˜g tym jevaka˜iym tym let ˜owym. Ta apaito ˜ulema ˜esoda diav ˜eqoum yr ej to ˜utou am ˜akoca le to poia amt˜ikgxg diat ˜gqgsgr jevaka˜iou wqgsilopoie˜itai. G wq ˜gsg tgr OCM e˜imai dumat ˜om ma emsylat ˜ymei sustglatij ˜yr amepaqj ˜g ˜g upeqbokij ˜a j ˜eqdg se ep˜ipedo epitqe- p ˜olemym es ˜odym (am ˜akoca, amtisto˜iwyr, ap ˜o to jat ˜a p ˜oso amalem ˜otam o enaqt ˜ylemor ap ˜o to emeqcgtij ˜o pkghy- qisl ˜or ma e˜imai walgk ˜oteqor ˜g uxgk ˜oteqor ap ˜o tom cemij ˜o pkghyqisl ˜o). To ˜uto dem apoteke˜i epihulgt ˜o waqajtg- qistij ˜o cia opoiod ˜gpote jamomistij ˜o jahest ˜yr, jah ˜yr dem paq ˜ewei emdedeicl ˜ema j˜imgtqa cia epemd ˜useir. Pqoti- l ˜atai sumep ˜yr g FCM yr amt˜ikgxg diat ˜gqgsgr jevaka˜iou. (1) Oq˜ifetai yr to ep˜ipedo es ˜odym pou apaito ˜umtai pqojeil ˜emou ma epiteuwhe˜i e ˜ukocg ap ˜odosg