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increased the fines on St Gobain by 60% because it was a repeat offender. Asahi provided additional information to help expose the infringement and its fine was reduced by 50% under the Leniency Notice. These are the highest cartel fines Commission has ever imposed, both for an individual company (€896.000.000 on Saint Gobain) and for a cartel as a whole [10].
In the light of these cartels, their different probability and timeframe of working in concert with the made agreements between the competitors, applying Joseph Schumpeter's [1942] theory of creative destruction may offer insights on a broader scale. Following Schumpeter's assumption that creative destruction works for the betterment of markets, economies and - in the end - societies, a few observations can be made: traditional sectors of economy tend to progress in a manner of gradual improvements over time rather than being shaped by the disruptive force of spikes of innovation caused by a limited number of entrepreneurs. Thus, participants in these markets tend to be less creative and innovative in a Schumpeterian sense, while their longevity allows them to build lasting market structures that make them more prone to unofficial agreements between competitors. Additionally, their constant development gives them an amount of predictability that, combined with usually high barriers of entry into the market, lessens the incentives to defect from agreements made with the other actors. Secondly, we stated the trend of more mobile economic sectors to support only shorter lasting alliances with competitors due to more frequent changes in the market and its hierarchies. These markets and sectors allow more fluctuation among their participants, usually supported by lesser barriers of entry. While this absence of established market structures means un-
certainty for actors, it incentivizes disruptive innovation by creating an environment where upward mobility and the rewards are as high as the risks involved [11].
Accordingly, using leniency programs to incentivize market actors into defecting from their agreements with other actors aims at creating uncertainty and mobility among the parties of any given cartel. However, while this may not immediately lead to the breaking up of cartels, we have shown that the mere existence of leniency programs shortens the average time of a cartel's existence considerably.
1. Commission adopts new leniency policy for companies which give information on cartels. IP/02/247 13/02/2002 2. Hammond S. D. A Review of Recent Development and Cases in the Antitrust Division's Criminal Enforcement Program. Presentation before the Conference Board's 2002 at Antitrust Conference, March 7, 2002. [Online] // Antitrust Division, US Department of Justice: [web page]. - Access at:
www.usdoj.gov/atr/public/speeches/10862.htm 3.MCorporate Leniency Policy. US Department of Justice - Antitrust Division (1993) 4. Ms Kroes. European Parliament. Parliamentary questions. Joint answer given on behalf of the Commission. - Written questions: E-0890/09, E-0891/09, E-0892/09. - 2 April 2009. 5. Rules on immunity from fines and reduction of fines for the parties to prohibited agreements. Resolution No. 1S-27 of 28 February 2008 of the Competition Council of the Republic of Lithuania 6. Guidelines on the method of setting fines imposed pursuant to Article 15 (2) of Regulation No 17 and Article 65 (5) of the ECSC Treaty fines. Official Journal C 9, 14.01.1998, p. 3-5. 7. Guidelines on the method of setting fines imposed pursuant to Article 23 (2)(a) of Regulation No 1/2003. OJ C 210 2006 9 1, p. 2. 8. Competition: Commission revises Guidelines for setting fines in antitrust cases. Press release: IP/06/857 28/06/2006. 9. Summary of Commission Decision of 12 November 2008 relating to a proceeding under Article 81 of the Treaty establishing the European Community and Article 53 of the EEA Agreement (Case COMP/39.125 - Car glass). OJ C 173, 25.7.2009, p. 13-16. 10. Schumpeter J. Capitalism, Socialism, and Democracy. - New York: Harper, 1942.
Надійшла до редколегії 05.05.12
JEL classification G01, M48
S. Korotayev, Doctor, Belarus State Economic University
FOREIGN-EXCHANGE CRISIS IN BELARUS (2011): INFLUENCE OF THE ACCOUNTING AND TAXATION SYSTEMS ON THE ECONOMICS OF ENTERPRISES
Розглядаються етапи розвитку та подолання валютної кризи, яка відбулася у Білорусі в 2011 році, та призвела до девальвації національної валюти більш ніж в 2,5 рази та гіперінфляції. Вивчається вплив білоруських систем бухгалтерського обліку та оподаткування валютних операцій на формування фінансових результатів комерційних організацій на різних етапах розвитку кризи.
Ключові слова: валютна криза, бухгалтерський облік, різниця у валютних курсах, переоцінка валюти, оподаткування.
Рассматриваются этапы развития и преодоления валютного кризиса, который произошел в Беларуси в 2011 году, и привел к девальвации национальной валюты более чем в 2,5 раза и гиперинфляции. Изучается влияние белорусских систем бухгалтерского учета и налогообложения валютных операций на формирование финансовых результатов коммерческих организаций на разных этапах развития кризиса.
Ключевые слова: валютный кризис, бухгалтерский учет, разница в валютных курсах, переоценка валюты, налогообложение.
The stages of development and overcome of the foreign-exchange crisis in Belarus in 2011, which led to the devaluation of the national currency by more than 2,5 times and to hyperinflation, are considered. The paper studies the influence of the Belarus system of accounting and taxation of currency transactions on the formation of financial results of the business organizations at different stages of the crisis development.
Keywords: Foreign-exchange crisis, accounting, difference in rates of exchange, currency revaluation and taxation.
In 2011 the Republic of Belarus passed through significant disturbances, caused by the foreign-exchange crisis, the result of which has turned up 2 stage devaluation of the Belarusian ruble: in May the Belarusian ruble went down in value by 56 %, in October - still 52% more,
in general by the year the devaluation of the Belarusian ruble amounted 189% [1].
US dollar official quotation dynamics in Belarus in 2011 is presented on fig. 1.
© Korotayev S., 2012
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USD/BYR official quotation, specified by the NB of RB (since October 20, 2011 as a result of trading in a single session) □-□□□ USD/BYR rate following the results of additional session (since September 14 till September 19, 2011)
Fig. 1. US dollar official quotation dynamics in Belarus in 2011
basis of data of the National Bank of the Republic of Belarus
Source: in-house development on the
(http://www.nbrb.by/statistics/rates/ratesDaily.asp)
Devaluation of the Belarusian ruble towards foreign currencies, high level of inflation, amounted 108,7% in total for the year 2011, caused the significant growth of the refi-
nance rates, specified by the National Bank of the Republic of Belarus (hereafter - the NB of RB).
Dynamics of refinance rate and rate of inflation in Belarus in 2011 is presented on fig. 2.
110,00
100,00
90.00
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- refinance rate of the NB of RB, % rate of inflation, %
Fig. 2. Dynamics of refinance rate and rate of inflation in Belarus in 2011, %
Source: in-house development on the basis of data of the National Bank of the Republic of Belarus and the National Statistics Committee of the Republic of Belarus (http://www.nbrb.by/statistics/sref.asp, http://belstat.gov.by/homep/ru/indicators/pressrel/prices base.php)
It should be noted that, the foreign-exchange crisis of 2011 had a significant impact on the final results of work of business entities and, consequently, on their financial wellbeing. In this connection the impact the crisis on the financial results was different at different stages.
Totally in the dynamics of development and foreign-exchange crisis overcoming can be distinguished the following stages:
- pre-crisis stage - till March 22, 2011 (currency rate is relatively free, it is possible to sell and buy currency free);
- beginning of the crisis - since March 22, 2011 -banks sell to the population only the currency that is sold by the population to the exchange offices. Whereas almost nobody sell the currency to the banks, it is almost impossi-
ble to buy it at the official quotation the NB of RB. Buying of the currency in cash is going on at the "black" market; in this case the buying rate significantly exceeds the official quotation the NB of RB. Commercial organizations have restricted access to buying currency;
- development of the crisis:
• March 29. 2011 - banks are allowed to sell foreign currency to the commercial organizations at the rate that 10% exceeds the official quotation. Whereas the currency to be sold is not enough, the companies importing goods are looking for the possibilities to buy currency from the third parties so that to make contra-asset and barter transactions, to make payments for the goods upon receipt and so on;
• May 16. 2011 - it is allowed to make the exchange rate in the exchange offices free. The population does not sell the currency to the exchange offices. Buying and selling of currency is going on primary at the "black" market;
• May 23. 2011 - was held the official devaluation of the Belarusian ruble (since beginning of the year the devaluation amounted 56%);
• May 23 - September 14. 2011 - the official quotation of the foreign currency is growing insignificantly. To buy currency at the official quotations have access restricted number of business entities (as a rule, government institutions, buying foreign currency to pay for the energy resources and other strategical goods). Organizations, which have no access to buy currency at the official quotations, are searching the possibilities to buy if from the non-residents (through different schemes of payments and loans). Organizations, self-cost of which does not allow to buy currency at market rate, either hold up their activity, or significantly increase the prices for their goods (works, services);
• September 14. 2011 - the rate of the ruble towards the main foreign currencies started to establish in the results of the trading on the additional session of the "Belarusian Currency and Stock Exchange" OJSC. The business entities obtained the possibility to buy currency at the market rate. There appeared opportunity to get rid of "grey" and "black schemes" of buying currency from nonresidents, banks and other currency owners. As before, some business entities have access for buying currency at the official quotation of the NB of RB, which is about 60% lower than stock exchange quotation;
• September 14 - October 20. 2011 - remains unchanged the significant "break off' between official and market rates of foreign currency, that essentially misrepresent the financial results of business entities, having access to buy foreign currency at the official quotation and organizations, buying currency at the market rate;
- the crisis overcoming:
• October 20. 2011 - introduction of the single currency exchange rate - the second devaluation (at 52%). Since the moment of the adoption of the single rate for all business entities, carrying out transactions with foreign currency, are there created the equal conditions of access to the buying currency;
• October 20. 2011 - May 2012 - the currency is sold and bought free. The rate has been growing at first, almost reaching its maximum on the 11 of November 2011, then it was going down, having reached its minimum on March 20, 2012.
According to the results of the analysis, prior to the introduction in October 2011 of the single currency exchange rate, a number of business entities had access to foreign currency at a lower rate than the rate at which the currency was sold first to the "black" market, and then (after September 14, 2011) at the additional trading session.
It is obvious that the company having had access to "cheap currency" used significant preferences against those organizations that did not have such access.
Totally, the embedded component of the benefit holder companies was formed at a lower rate of foreign currency, which made it possible to show good results in the reporting of their high work efficiency. The companies that bought the currency at the "black rate", more than twice exceeding the official quotation specified by the NB of RB, the embedded component was rapidly growing that in the process of formation of currency earnings at the official quotation led to a sharp deterioration in their financial circumstances. First of all, it affected those businesses, cur-
rency earnings of which did not cover their costs and that carried out obligatory sale of foreign currency at the official quotation of the NB of RB in the amount of 30% of the amount availed received in foreign currency.
Certain problems in forming of the financial results have just appeared at the time of devaluation of the national currency. In connection with caused by the legislation necessity for revaluation of currency indebtednesses and assignment of the amount of revaluation to the financial results, the importing companies that had at the moment of the devaluation of the outstanding debt owed to suppliers, the financial results have deteriorated sharply. The financial results of the exporters, on the contrary, have increased significantly. In consequence of relevant for the of the country prevailing imports over exports, the devaluation at the moment of its implementation has led to the deterioration of economic indicators in general over the republic.
In order to prevent developing negative trends the Council of Ministers of the Republic of Belarus on June 03, 2011, by the document No.704 "On some matters the of assets revaluation and obligations in foreign currencies," [2], entered into force on May 24, 2011, allowed to the commercial organizations:
• include the costs associated with the buying of foreign currency amounting to the difference between the purchase rate of foreign currency and the quotation of the NB of RB to increase the value of the purchased for the currency raw materials, goods;
• attribute exchange rate differences arising from May 24, 2011 while the revaluating the assets and liabilities in foreign currency,
• on the debtor indebtedness for the goods shipped, works performed, services performed, in advances provided by the suppliers and contractors for the purchase of raw materials, goods, works,
• on the creditor indebtedness to make payments to the suppliers and contractors for raw materials, goods, works, services performed, as well as for credit, loans and interest thereon, advances received from customers and clients,
• for deferred revenues (deferred expenses) and mark off as on extraordinary revenues (on extraordinary expenses), accounted for taxation in the manner and terms established by the head of the organization, but no later than December 31, 2014.
The introduced procedure, unfortunately, did not affect the amount of the revaluation of the currency available at the accounts of the business entities at the moment of devaluation, that by the inclusion of such amounts in extraordinary revenue of the organizations directly at the moment of the revaluation led to the necessity to pay income tax from it and, accordingly, to the "washout" of current assets of the enterprises.
Just in February 2012 exchange rate differences, formed in 2011 while revaluating foreign currency at the accounts at the moment of devaluation was allowed to refer to the deferred revenue followed by write-off up to December 31, 2014 - on the extraordinary revenue to be considered for taxation (decree of the Council of Ministers on February 07, 2012, No. 126 [3]). This solution allowed to carry out recalculation of the amounts of income tax, payable to the budget at year-end 2011, and, consequently, improved the financial situation of enterprises. However, this improvement should be considered as a temporary phenomenon, in the current situation the question is to tax deferment, the transfer of amounts reducing the income tax in the category of deferred tax liabilities.
With the introduction on September 14, 2011 of the additional trading session at which businesses have the opportunity to buy and sell currency at "the rate of demand and sup-
ply", also significantly different from the official, there arose a problem of taxation of income generated by selling the currency. The essence of the problem consisted in the fact that the sold currency received by organizations from the sale of goods (works, services) for export, should be recorded at the official quotation of the NB of RB, while it was sold at a higher rate - the rate of "demand and supply". The arising in such a way difference in accordance with tax legislation should be liable for income taxes. As a result, exporters start to hold up the sale of foreign currency, which significantly reduced its flow-in in the additional session and, consequently, reduce the possibility of decrease of speculative rate prevailing before the interbank market.
A number of large exporters initiated the question of exemption from taxation for the difference between the amount of the proceeds from the sale of foreign currency in an additional session, and its value at the quotation of the NB of RB. However, the decision on this issue was not made.
As a result, exporting enterprises were forced to pay excessive amounts of income tax, reducing in the end its current assets necessary to purchase raw materials at new prices, formed with taking into account the growth of foreign currency rate.
Break-offs in the rates had also led to the creation of visibility of the financial well-being of business entities which had access to "cheap" currency (underestimated costs), as well as exporters implementing through various schemes the possibility of selling the foreign currency received at the market rate.
The situation was dramatized by the fact that to the costs of industrial enterprises were written off previously accumulated in the warehouses materials on their purchase price before the crisis or during the access to "cheap currency", and the revenues from the sale of products shipped (works fulfilled, services performed) is reflected already at increased sale prices.
Essential preconditions for exchange rate stability and alignment of economic conditions for organizations working with the currency appeared there only on October 20, 2011, when was the introduction to the single foreign exchange rate set by the results of trading on the Stock Exchange.
The end of 2011 and the beginning of 2012 were marked by the release of a relatively stable exchange rate of Belarusian ruble and foreign currency. During this period, from our point of view, began to form more or less real financial results of all business entities. Alongside with that, by taking into account the previously accumulated deviations due to a variety of exchange rates, as well as the transfer of amounts of written off revaluation of currency and foreign exchange liabilities to the later accounting period, it is still problematic to speak about the transparency of financial reporting of organizations working with foreign currency.
Totally it should be recognized that the possibility of forming a monetary cost at a lower official quotation of the NB or RB, as well as changes in the crisis conditions of the system of accounting and write-off amounts of exchange rate changes, contribute to the fact, that in general, in extremely difficult economic situation the republic's economy
- if follow the accountancy data - has been developing quite successfully.
So, as a result of 2011, the GDP growth amounts 5.3% [4], the profitability of sales in the industry reached 12.8% (against 6.9% in 2010) [5], the number of unprofitable enterprises in November 2011 was 6,5% (against 10.4% of unprofitable institutions in follow-up of the first quarter of the same year) [6], the registered unemployment rate at the end of December 2011 was 0.6% (the end of December 2010-0.7%) [7].
In this regard the average salary in foreign currency terms decreased from 513 U.S. dollars in April 2011 to 280 U.S. dollars in November of that year [8], and the inflation rate, as it was already noted above, reached 108.7%, exceeding all the criteria that characterize the economy as hyperinflationary.
It stands to reason that in December 2011 the world's largest accounting firms - PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG - recognized as hyperinflationary the economy of Belarus, which automatically specify the necessity to reporting under IFRS based standards taking into account norm IFRS 29 "Financial reporting in hyperinflationary economy".
This standard, in particular, specifies that in conditions of hyperinflation the reporting on the results of operations and financial position in the local currency without the revaluation does not make sense. Money loses purchasing power at such a rapid pace that a comparison of the amounts resulting from transactions and other events that took place at different times, even during the same reporting period is often impossible.
The current situation in Belarus is characterized by distortion of the reporting performance estimated in conditions of hyperinflationary at actual costs, creates a substantial risk of inadequate solutions for different categories of users of accounting reporting.
The well-known methodologist of the accounting in the post-Soviet territory Professor Paliy V.F. [9, p.568] identifies in conditions of hyperinflation the following main misrepresenting effects on the financial statements, which should be considered by users of this report:
• the selling prices are underestimated. Continue the manufacturing of unprofitable goods;
• the self-cost is incommensurable with sales revenue;
• the value of proprietorship is understated;
• the profitability of an organization and, consequently, taxable base on the income tax is overestimated;
• the income tax is taken out from the part of the company's ownership capital and so on.
Absolutely the same manifestations came across the economy of Belarus in 2011.
Conclusions. Step-by-step development of the foreign-exchange crisis and the accompanying this crisis nonsystem and largely delayed measures, in particular to introduce the single currency exchange rate, as well as adjustments to the existing system of accounting currency transactions resulted in fundamentally different financial results for different groups of business entities and a significant distortion of their financial statements.
It is obvious that at a high level of inflation, as well as a significant devaluation of the national currency should be used such mechanisms of revaluation of assets and liabilities of organizations that would allow, on the one hand, to keep the current assets of enterprises by means of reducing payments to the budget from the amounts to the revaluation of foreign currency assets and liabilities, on the other hand - to ensure the reliability of accounting (financial) reporting of the organization. As one of such measures would be the abolition of taxation for currency revaluation amounts in the accounts and amounts of foreign exchange revaluation of the buyers and the customers.
The consequences of a foreign-exchange crisis of 2011, which, from our point of view, is just one of manifestations of the general economic crisis, will have a significant impact on the financial condition of commercial organizations in Belarus, not only in 2012, but in subsequent years, due to:
a) accumulation in the accounts of deferred revenue accounting of significant amounts of deferred tax liabilities
regarding the amount of exchange rates differences, formed because of the revaluation of foreign currency available at the accounts of the organizations at the time of devaluation, which will gradually (up to December 31, 2014) written off on financial results and consequently, will be liable for income taxes that will lead to washout of current assets of enterprises;
b) high refinance rates, which cannot fall below the forecast inflation level for 2012 at a rate of 19-22%, that will significantly reduce the level of credit loans from banks and thus redouble the problem of lack of current assets of enterprises that are required not only for investment but also for the current business activities;
c) substantial lag behind of the inflation level from the existing in the 2011 devaluation of the national currency. In the presence of a negative balance of foreign trade balance the inflation level seems to aspire to be achieved in the 2011 devaluation of currency (unless it is ensured alignment of the foreign trade balance of exports and imports).
1. Prime Tass - Belarusian bureau. In Belarus in December inflation made up 2.3 %, in January-December - 108.7 % [ Electronic resource] / http://www.prime-tass.by/show.asp?id=97280/ Date of access: 15.05.2012.
2. The resolution of the Council of Ministers of the Republic of Belarus from June 3, 2011 № 704 "About some questions about revaluation of assets and
JEL classification C81
obligations in foreign currency" (amended from 09.08.2011) // Consultant Plus: Belarus. Technology 3000 [Electronic resource] / LLC "YurSpektr", National center legal information of the Republic of Belarus. - Minsk, 2012.
3. The resolution of Council of ministers of the Republic of Belarus from February 7, 2012 № 126 "About making amendment in the resolution of Council of ministers of the Republic of Belarus from June 3, 2011 № 704" // Consultant Plus: Belarus. Technology 3000 [Electronic resource] / LLC "YurSpektr", National center legal information of the Republic of Belarus. -Minsk, 2012. 4. National Statistical Committee of the Republic of Belarus. About gross domestic product (GDP) and gross regional product (GRP) of the Republic of Belarus. [Electronic resource] / http://belstat.gov.by/homep/ru/indicators/pressrel/gdp_rgdp.php / Date of access: 15.05.2012. 5. National Statistical Committee of the Republic of Belarus. Performance of the major parameters of forecast of the social and economic development of the Republic of Belarus in 2011. [Electronic resource] / http://belstat.gov.by/homep/ru/indicators/doclad/2011/1 .pdf / Date of access: 15.05.2012. 6. National Statistical Committee of the Republic of Belarus. About unprofitable organizations of the Republic of Belarus in a period of January-November, 2011 [Electronic resource] / http://belstat.gov.by/homep/ru/indicators/pressrel/unprofitable_oiganisations.php / Date of access: 15.05.2012. 7. National Statistical Committee of the Republic of Belarus. Employment of population and unemployment. [Electronic resource] / http://belstat.gov.by/homep/ru/indicators/doclad/2011/13.pdf
/ Date of access: 15.05.2012. 8. Dynamics of change of average wages in Belarus from 2004 to 2011... [Electronic resource] / http://mojazarplata.by/main/srednjaja-zarplata/dinamika-izmenenija-srednej -zarplaty-v-Belarusi-za-2004-2010-tablicy/ Date of access: 15.05.2012. 9. Palij V. F. Modern accounting. - M: Publishing house "Accounting", 2003. - 792 p.
Надійшла до редколегії 05.05.12
V. Kosynskyi, PhD, Associate Professor, Taras Shevchenko National University of Kyiv
BUSINESS PROCESSES IN "CLOUDS"
В цій статті досліджуються економічні аспекти застосування хмарних обчислень для управління бізнес-процесами. Доцільність такого підходу зумовлено намаганням знизити операційну і експлуатаційну вартість, зменшити час прийняття рішень і оптимізувати витрати. Така мета досягається за рахунок широкого використання сервіс орієнтованої архітектури і хмарних технологій, які збільшують цінність для бізнесу за рахунок гнучкості при експлуатації, здатності до швидкої реакції на зміни економічних умов, інформаційного оточення та широкими можливостями повторного застосування.
Ключові слова: бізнес аналіз, управління бізнес процесами, хмарні обчислення, сервіс орієнтована архітектура.
В этой статье исследуются экономические аспекты использования облачных вычислений для управления бизнес-процессами. Целесообразность такого подхода обусловлена стремлением снизить операционную и эксплуатационную стоимость, уменьшить время принятия решений и оптимизировать затраты. Такая цель достигается за счет широкого использования технологий сервисов, которые увеличивают ценность для бизнеса за счет гибкости при эксплуатации, способности к быстрой реакции на изменения экономических условий, информационного окружения и возможностями повторного использования.
Ключевые слова: бизнес анализ, управление бизнес процессами, облачные вычисления, сервис ориентированная архитектура.
The paper studies economic aspects of cloud computing for business processes management. The expediency of such approach is caused by aspiration to lower operational costs, to reduce time of decision-making and to optimize expenses. Such purpose is reached due to wide use of service oriented technology and cloudy computing, which one increase the value to the business through flexibility in the operation, the quickly react ability to changes of economic conditions, information environment and opportunities for reuse.
Keywords: business analysis, business process management, cloud computing, serves oriented technology.
The global crisis and recession have dramatically reduced the availability of cheap financial resources. Accordingly, in the absence of sufficient funding the role of governance as a cheap alternative to grow business has increased. This explains the desire of managers to focus more attention on improving of the business processes management which is based on extensive use of computer management systems.
In this paper an economic aspects of service oriented technologies and cloud computing (CC) for business processes management (BPM) are investigated. The purpose of the analysis is the estimation of prospects for introduction of CC in BPM by criteria of value for business. Opportunities of the cloudy management are considered in a direction to increase of economic efficiency and market competitiveness, the analysis of information technologies features and innovations.
In conditions of production curtailment and finance limitation the illusion about a modern economy, for which one
the efficiency of business is not important ostensibly, but very important any intellectual and technical parameters of business computer control systems and scope ranges of their control functions, has disappeared. For example, they are not a depth of business processes modeling, automation of a lot of management functions, introduction of modern expensive systems of types ERP, CRM, SCM, etc. It became clear, they are foreground return of investments, careful expenses analysis and possession cost of business process management technologies. That is those ways which are really capable to raise efficiency of business dealing and to ensure the profit.
The expediency of such approach to management of business processes is caused by aspiration to lower operational costs, to reduce time of decision-making and to optimize expenses on information structure of the enterprise. Such purpose is reached due to wide use of services technologies which are attractive to business due to flexibility at operation, abilities to fast reaction to changes of economic
© Kosynskyi V., 2012
