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 39

 :
X $10,000
2009 $6,000,00
AB 1 2011 .%4
:

31 ( 2009:

).

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.

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$15,250

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$5,250

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$5,250

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20,000 ( )$40,000 31
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20,000 31 2010 ()$22
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31 )$24 ( 2010.

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40,000 /
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31 )23*20,000( 2009

460,000

400,000

60,000

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$60,000 /
$20,000
$40,000 .

 39 :

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39 .

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-80
%125

1/11/2009
1/11/2010 60,000,000 .

6,000,000

1/11/2010 .1 = 1,5

:
)Forward (for delivery on 1.11.2010
1.11.2009 1:1.45 $1: 1.5
31.12.2009 1: 1.2 $1: 1.24
)1.11.2010 1: 1.0 $1: 1.0 (actual

Spot

1/11/2009 31/12/2009

.1/11/2010

:
1/1/2009

( ) .
(
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:
31/12/2009
60( 31/12/2009 )1.24 /

48,387,097

60( 1/11/2009)1.5 /

40,000,000

8,387,097

:
( ):

(60,000,000/1.2 - 60,000,000/1,45) = 8,620,690

8,387,097 / ( )
/
8,387,097

::

1/11/2010

60( 1/11/2010 )1,0/

60,000,000

60 ( 31/12/2009 )1,24/

48,387,097

11,612,903


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( ):
( 60 60 1,0/ = )1,2/
10,000,000

.
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% 80 - % 125


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11,612,903 / ( )
10,000,000 /

1,612,903 /

:
60,000,000 / ( 60 )1,0/
60,000,000 /


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) (settlement :
20,000,000 /

20,000,000 / ( )



18,387,097 :

(
).