2014
INTERNAL -
1
46
2014
2014 6 30
2014
INTERNAL - 2
2014
INTERNAL - 3
? ........................................................................................................................ 2?
? ............................................................................................................................. 2?
? ..................................................................................................................................... 3?
? .................................................................................................................................... 5?
? ..................................................................................................................... 5?
? ..................................................................................................................... 5?
? ................................................................................................. 6?
? ..................................................................................................................... 6?
? ..................................................................................................................... 6?
? ................................................................................................ 7?
? ................................................................................................. 7?
? ..................................................................................................................... 7?
? ................................................................................................................................ 9?
? ............................................................................................. 9?
? ................................................... 10?
? ............................................................... 10?
? ................................................... 11?
? ............................................... 11?
? ........................................................... 12?
? ............................................................... 13?
? .............................................................................................................................. 13?
? ................................................................... 13?
? 14?
? ............... 14?
? ...................................................................................... 14?
? ....................................................................................................................... 14?
? ............................................................................................................................... 15?
? ................................................................................... 17?
? ........................................................................................................................... 18?
? .......................................................................................................................... 33?
? ................................................................................................... 33?
? ................................................................................... 34?
? ....................... 35?
? ............................................................................... 36?
? ........................................................................... 38?
? ................... 38?
? ....... 38?
? ....... 39?
2014
INTERNAL - 4
? ................... 39?
? ........................................................... 39?
? ........................................................... 39?
............................................................................................................ 39?
? .............................................................................................................. 40?
? ....................................................................... 40?
? ........................................................... 40?
8.3? ............. 41?
? .............................................................................................................. 41?
? ................................................................................................................... 41?
? ............................................................................................... 41?
? ............................... 41?
? ................................................... 42?
? ....................................................................................................... 42?
? ................................................................................... 42?
? ........................................... 42?
? ....................................................................... 42?
? ................................................................................................................... 44?
? ................................................................................................................... 45?
? ................................................................................................................... 45?
? ........................................................................................................................... 45?
? ........................................................................................................................... 45?
2014
INTERNAL - 5
540003
540003
2007 4 9
992,755,534.44
1.
2.
P/E ROE P/B /
2014
INTERNAL - 6
CFROI
= 50% MSCI A +50%
2014
INTERNAL - 7
3.1.1
2014 1 1 2014 6 30
36,457,599.16
-31,113,066.42
-0.0286
-2.72%
-2.57%
3.1.2
40,215,392.83
0.0405
1,032,970,927.27
1.0405
3.1.3
15.43%
3.33% 0.90% 1.00% 0.40% 2.33% 0.50%
1.96% 1.00% 2.01% 0.44% -0.05% 0.56%
-2.57% 1.25% -0.73% 0.53% -1.84% 0.72%
2014
INTERNAL - 8
3.94% 1.44% 3.06% 0.59% 0.88% 0.85%
-9.27% 1.32% -5.37% 0.65% -3.90% 0.67%
15.43% 1.46% 6.01% 0.94% 9.42% 0.52%
2014
INTERNAL - 9
2012-07-21 - 13
2014
INTERNAL - 10
2014
INTERNAL - 11
2014
INTERNAL - 12
2014
INTERNAL - 13
2014
INTERNAL - 14
6.4.7.1
6.4.10.5
874,139.24 9,066,805.54
41,254,822.78 210,798,199.08
385,765.56 335,035.92
793,363,976.82 1,092,314,410.34
743,442,976.82 1,092,314,410.34
--
49,921,000.00 -
--
--
2014
INTERNAL - 15
6.4.7.3 - -
6.4.7.4 200,000,000.00 -
51,343.24 -
6.4.7.5 377,138.01 91,600.28
--
5,927.37 270,245.43
--
6.4.7.6 - -
1,036,313,113.021,312,876,296.59
--
--
--
--
--
1,039,640.54 1,753,978.07
1,301,096.85 1,673,276.33
216,849.51 278,879.36
--
6.4.7.7 582,326.37 1,144,440.14
--
--
--
--
6.4.7.8 202,272.48 527,328.18
3,342,185.75 5,377,902.08
6.4.7.9 992,755,534.441,224,312,535.72
6.4.7.10 40,215,392.83 83,185,858.79
1,032,970,927.27 1,307,498,394.51
1,036,313,113.02 1,312,876,296.59
2014
INTERNAL - 16
-17,479,191.71 131,967,591.61
1. 4,017,930.99 902,221.14
1,318,443.13 902,221.14
614,326.54 -
--
2,085,161.32 -
--
2. -
45,754,790.93 14,697,144.65
6.4.7.12 39,541,967.16 6,592,236.30
--
6.4.7.13 223,824.80 -
--
--
6.4.7.14 - -
6.4.7.15 5,988,998.97 8,104,908.35
3. -
6.4.7.16 -67,570,665.58 116,004,771.40
4.
--
5. -
6.4.7.17 318,751.95 363,454.42
13,633,874.71 15,345,283.09
1 6.4.10.2.1 8,516,610.16 10,205,358.27
2 6.4.10.2.2 1,419,435.11 1,700,892.97
3
--
4 6.4.7.18 3,488,218.10 3,221,088.77
5
--
--
6 6.4.7.19 209,611.34 217,943.08
-
-31,113,066.42 116,622,308.52
--
-
-31,113,066.42 116,622,308.52
2014
INTERNAL - 17
1,224,312,535.72 83,185,858.79 1,307,498,394.51
- -31,113,066.42 -31,113,066.42
-231,557,001.28 -11,857,399.54 -243,414,400.82
7,165,769.56 441,377.33 7,607,146.89
-238,722,770.84 -12,298,776.87 -251,021,547.71
-- -
992,755,534.44 40,215,392.83 1,032,970,927.27
1,500,683,829.03 -112,352,273.55 1,388,331,555.48
- 116,622,308.52 116,622,308.52
-179,431,053.25 -2,818,738.12 -182,249,791.37
109,246,167.79 -736,934.60 108,509,233.19
-288,677,221.04 -2,081,803.52 -290,759,024.56
-- -
2014
INTERNAL - 18
1,321,252,775.78 1,451,296.85 1,322,704,072.63
6.1 6.4
2014
INTERNAL - 19
2013
2014
INTERNAL - 20
874,139.24
-
-
874,139.24
664,173,567.17743,442,976.82 79,269,409.65
-- -
-- -
49,506,430.00 49,921,000.00 414,570.00
49,506,430.00 49,921,000.00 414,570.00
-- -
-- -
-- -
713,679,997.17793,363,976.82 79,683,979.65
200,000,000.00 -
2014
INTERNAL - 21
200,000,000.00 -
114.90
-
-
46,417.65
306,999.20
23,450.07
0.04
-
156.15
377,138.01
581,723.87
602.50
582,326.37
-
3,918.20
-
-
198,354.28
-
202,272.48
2014
INTERNAL - 22
1,224,312,535.72 1,224,312,535.72
7,165,769.56 7,165,769.56
-238,722,770.84 -238,722,770.84
992,755,534.44 992,755,534.44
154,226,624.28 -71,040,765.49 83,185,858.79
36,457,599.16 -67,570,665.58 -31,113,066.42
-38,830,701.70 26,973,302.16 -11,857,399.54
1,284,970.36 -843,593.03 441,377.33
-40,115,672.06 27,816,895.19 -12,298,776.87
-- -
151,853,521.74 -111,638,128.91 40,215,392.83
125,650.93
-
-
1,189,485.93
3,306.27
1,318,443.13
1,253,388,682.00
1,213,846,714.84
39,541,967.16
2014
INTERNAL - 23
1,813,591.00
1,589,000.00
766.20
223,824.80
6.4.7.14
5,988,998.97
-
5,988,998.97
-67,570,665.58
-67,985,235.58
414,570.00
-
-
-
-
-
2014
INTERNAL - 24
-
-
-67,570,665.58
311,934.60
4,970.65
1,846.70
318,751.95
3,487,643.10
575.00
3,488,218.10
49,588.57
148,765.71
1,857.06
9,000.00
400.00
209,611.34
2014
INTERNAL - 25
8,516,610.16 10,205,358.27
1,260,907.57 1,448,259.60
1,419,435.11 1,700,892.97
2014
INTERNAL - 26
2,013,406.88 0.20% 2,013,406.88 0.16%
874,139.24 125,650.9380,828,139.12 318,401.43
2014
INTERNAL - 27
300271
2014-06-
27
40.30 - - 389,906 13,978,165.06 15,713,211.80 -
300166
2014-04-
09
19.88
2014-0
7-09
20.58 1,004,140 18,075,595.74 19,962,303.20 -
300323
2014-04-
28
20.06
2014-0
7-28
11.21 1,221,364 17,926,476.31 24,500,561.84 -
2014
INTERNAL - 28
0
2014
INTERNAL - 29
874,139.24 - - - 874,139.24
41,254,822.78 - - - 41,254,822.78
385,765.56 - - - 385,765.56
49,921,000.00 - - 743,442,976.82 793,363,976.82
- - - - -
200,000,000.00 - - - 200,000,000.00
- - - 51,343.24 51,343.24
- - - 377,138.01 377,138.01
- - - - -
- - - 5,927.37 5,927.37
- - - - -
- - - - -
292,435,727.58 - - 743,877,385.44 1,036,313,113.02
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - 1,039,640.54 1,039,640.54
- - - 1,301,096.85 1,301,096.85
- - - 216,849.51 216,849.51
2014
INTERNAL - 30
- - - - -
- - - 582,326.37 582,326.37
- - - - -
- - - - -
- - - - -
- - - - -
- - - 202,272.48 202,272.48
- - - 3,342,185.75 3,342,185.75
292,435,727.58 - - 740,535,199.69 1,032,970,927.27
1 1-5 5
9,066,805.54 - - - 9,066,805.54
210,798,199.08 - - - 210,798,199.08
335,035.92 - - - 335,035.92
- - - 1,092,314,410.34 1,092,314,410.34
- - - - -
- - - - -
- - - - -
- - - 91,600.28 91,600.28
- - - - -
- - - 270,245.43 270,245.43
- - - - -
- - - - -
220,200,040.54 - - 1,092,676,256.05 1,312,876,296.59
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - 1,753,978.07 1,753,978.07
2014
INTERNAL - 31
- - - 1,673,276.33 1,673,276.33
- - - 278,879.36 278,879.36
- - - - -
- - - 1,144,440.14 1,144,440.14
- - - - -
- - - - -
- - - - -
- - - - -
- - - 527,328.18 527,328.18
- - - 5,377,902.08 5,377,902.08
220,200,040.54 - - 1,087,298,353.97 1,307,498,394.51
65,698.55
65,698.55
2014
INTERNAL - 32
743,442,976.82 71.97 1,092,314,410.34 83.54
49,921,000.00 4.83 - -
-- - -
-- - -
-- - -
793,363,976.82 76.80 1,092,314,410.34 83.54
2014
INTERNAL - 33
2014
INTERNAL - 34
1
743,442,976.82 71.74
743,442,976.82 71.74
2
49,921,000.00 4.82
49,921,000.00 4.82
- -
3
- -
4
- -
5
200,000,000.00 19.30
- -
6
42,128,962.02 4.07
7
820,174.18 0.08
8
1,036,313,113.02 100.00
A
- -
B
- -
C
473,060,124.81 45.80
D
2,039,699.10 0.20
E
- -
F
- -
G
10,904,616.00 1.06
H
- -
I
127,593,355.70 12.35
J
80,454,041.22 7.79
K
25,814,633.43 2.50
L
18,413,200.96 1.78
M
- -
N
- -
O
- -
P
- -
Q
- -
R
5,163,305.60 0.50
2014
INTERNAL - 35
S
- -
743,442,976.82 71.97
1 300017 518,003 33,048,591.40 3.20
2 600261 2,854,303 28,200,513.64 2.73
3 300323 1,221,364 24,500,561.84 2.37
4 600699 894,210 22,471,497.30 2.18
5 600196 1,099,000 22,188,810.00 2.15
6 300150 1,367,240 21,657,081.60 2.10
7 600446 680,400 20,915,496.00 2.02
8 300166 1,004,140 19,962,303.20 1.93
9 000712 1,321,000 19,722,530.00 1.91
10 002048 1,239,822 18,473,347.80 1.79
11 300178 1,131,032 18,413,200.96 1.78
12 300219 1,362,317 18,391,279.50 1.78
13 600690 1,149,986 16,973,793.36 1.64
14 600587 223,455 16,658,570.25 1.61
15 002521 1,637,201 16,584,846.13 1.61
16 002701 814,682 16,432,135.94 1.59
17 300005 1,063,383 16,418,633.52 1.59
18 002023 858,906 16,405,104.60 1.59
19 600201 525,950 16,367,564.00 1.58
20 600109 822,804 16,349,115.48 1.58
21 600967 1,300,636 16,322,981.80 1.58
22 300168 888,102 16,296,671.70 1.58
23 600594 392,978 16,163,185.14 1.56
24 600887 487,469 16,144,973.28 1.56
25 300169 1,793,215 15,798,224.15 1.53
26 300271 389,906 15,713,211.80 1.52
27 600499 853,568 15,227,653.12 1.47
28 600340 592,000 14,900,640.00 1.44
29 300306 511,000 14,517,510.00 1.41
30 601166 1,320,000 13,239,600.00 1.28
31 000726
1,300,027 11,427,237.33 1.11
32 002104 578,000 11,328,800.00 1.10
2014
INTERNAL - 36
33 000002
1,319,709 10,913,993.43 1.06
34 600270 902,700 10,904,616.00 1.06
35 600000 1,199,945 10,859,502.25 1.05
36 601099 1,639,977 10,446,653.49 1.01
37 600343 853,909 10,323,759.81 1.00
38 600016 1,584,000 9,836,640.00 0.95
39 600563 294,500 9,792,125.00 0.95
40 600517 809,847 8,228,045.52 0.80
41 000768 750,000 7,897,500.00 0.76
42 300180 409,931 7,132,799.40 0.69
43 002292 181,139 6,647,801.30 0.64
44 600879 509,400 6,000,732.00 0.58
45 300367 67,919 5,745,947.40 0.56
46 600372 241,988 5,485,867.96 0.53
47 603008 562,000 5,249,080.00 0.51
48 600880 436,090 5,163,305.60 0.50
49 600978 1,009,930 4,928,458.40 0.48
50 000733 349,439 4,521,740.66 0.44
51 600438 399,924 3,795,278.76 0.37
52 002206
539,990 3,553,134.20 0.34
53 002595 74,998 3,536,155.70 0.34
54 002296 114,801 2,984,826.00 0.29
55 002250 195,000 2,769,000.00 0.27
56 600081 168,000 2,333,520.00 0.23
57 600886 399,941 2,039,699.10 0.20
58 600063 800,000 1,960,000.00 0.19
59 002550 100,000 1,935,000.00 0.19
60 601231 40,000 1,233,600.00 0.12
61 002726 500 8,530.00 0.00
2% 20
1 600261
32,865,672.13 2.51
2 600690
25,075,648.62 1.92
3 600446
21,471,169.21 1.64
4 300219
20,497,480.21 1.57
2014
INTERNAL - 37
5 600703
20,471,758.43 1.57
6 000729
20,202,882.36 1.55
7 002400
20,104,655.50 1.54
8 300323
19,981,315.56 1.53
9 002153
19,736,873.34 1.51
10 601965
19,653,785.31 1.50
11 002223
19,481,560.38 1.49
12 600699
18,751,844.84 1.43
13 002285
18,734,140.24 1.43
14 002614
18,357,136.20 1.40
15 600880
18,169,601.00 1.39
16 300166
18,075,595.74 1.38
17 000712
17,685,618.66 1.35
18 300226
17,630,670.00 1.35
19 300049
17,561,873.20 1.34
20 300168
17,269,875.20 1.32
1 300205
55,294,175.77 4.23
2 601633
37,745,901.01 2.89
3 300027
36,054,640.16 2.76
4 600887
34,461,207.02 2.64
5 002236
32,485,831.15 2.48
6 601318
31,921,093.14 2.44
7 300075
29,365,368.52 2.25
8 600352
29,081,144.87 2.22
9 000997
28,674,109.84 2.19
10 600030
27,837,256.07 2.13
11 603077
27,269,422.56 2.09
12 600999
26,549,461.21 2.03
13 002241
26,477,419.36 2.03
14 000538
26,380,194.20 2.02
15 002292
26,343,846.81 2.01
16 000826
25,950,720.02 1.98
17 600804
25,826,621.49 1.98
18 000001
25,275,050.68 1.93
19 002185
24,077,508.07 1.84
2014
INTERNAL - 38
20 000581
22,209,210.02 1.70
932,960,516.90
1,253,388,682.00
1
- -
2
- -
3
49,921,000.00 4.83
49,921,000.00 4.83
4
- -
5
- -
6
- -
7
- -
8
- -
9
49,921,000.00 4.83
1 090417 0917 300,000 29,916,000.00 2.90
2 140429 1429 100,000 10,037,000.00 0.97
3 120215 1215 100,000 9,968,000.00 0.96
2014
INTERNAL - 39
1
385,765.56
2014
INTERNAL - 40
2
51,343.24
3
-
4
377,138.01
5
5,927.37
6
-
7
-
8
-
9
820,174.18
1 300323
24,500,561.84 2.37 2 300166
19,962,303.20 1.93
31,137 31,883.47 80,886,231.70 8.15% 911,869,302.74 91.85%
2014
INTERNAL - 41
317,318.54 0.0320%
10-50
0-10
5,265,643,757.13
1,224,312,535.72
7,165,769.56
238,722,770.84
-
992,755,534.44
2014
INTERNAL - 42
1 678,396,826.33 31.08% 617,612.57 31.08% 1 547,558,328.73 25.09% 498,494.11 25.09% 1 350,404,814.98 16.05% 319,007.18 16.05% 1 298,116,100.07 13.66% 271,404.69 13.66% 1 263,069,439.36 12.05% 239,497.90 12.05% 1 45,247,524.43 2.07% 41,193.60 2.07% 1 - - - - - - - -
2014
INTERNAL - 43
1 - - - - - - 11 2,182,793,033.90 100.00% 1,987,210.05 100.00%
1)
a.
b. ,
c. ,
d. ,
e.
2)
a.
b.
c.
d.
- - - - - -
- - - - - -
- -1,040,000,000.00 9.46% - -
1,813,591.00 100.00% 6,721,000,000.00 61.15% - -
- -3,229,500,000.00 29.38% - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2014
INTERNAL - 44
- - - - - -
- - - - - -
1,813,591.00 100.00% 10,990,500,000.00 100.00% - -
1
2014-01-02
2
2014-01-11
3
2014-01-15
4
2013 4
2014-01-20
5
2014-02-07
6
2014-02-26
7
2014-03-12
8
2013
2014-03-26
9
2014-04-01
10
2014-04-08
11
2014 1
2014-04-22
12
2014-04-26
2014
INTERNAL - 45
13
2014 1
2014-05-24
14
2014-05-28
15
2014-06-17
16
2014-06-27
17
2014-06-27
2014
INTERNAL - 46
