0td mgguml Ypr`gb vmluc `gvcst`gb ijgbrcss •
Mpr`l >, 68=> • Lms Qcbms, GQ Jppjrtug`t`cs Jppjrtug`t`c s ajr Mit`v`se `g Kjrcm Nmv`n Durw`tz, YI Augnmecgtml
Jppjrtug`t`cs ajr Mit`v`se `g Kjrcm Mpr`l 68=>
N`silm`ecrs ^d`s prcscgtmt`jg `s ajr `gajremt`jgml purpjscs purpjscs jgly mgn njcs gjt ijgst`tutc `gvcstecgt `gvcstecgt mnv`ic. Gjtd`gb ijgtm`gcn dcrc`g dcrc`g sdmll ijgst`tutc mg jaacr tj scll jr m sjl`i`tmt`jg ja mg ja acr tj fuy mgy sciur`ty jr pmrtgcrsd`p `gstruecgt. @gajremt`jg mgn mgmlyscs rclmt`gb tj tdc ijepmg`cs prcscgtcn dcrc`g mrc fmscn jg tdc ijepmgy‐s a `l`gbs mgn sciur`ty pr`ics ms ja Emrid 61,
68=> jr suid jtdcr t`ec ms `gn`imtcn. @gncx mgn cijgje`i nmtm `s sjuricn ms `gn`imtcn `gn`imtcn dcrc`g. @gvcstecgts augns emgmbcn fy YI Augnmecgtml LLI mgn `ts maa`l`mtcs (ijllcit`vcly, “YI―) dmn jr dmvc pjs`t`jgs `g tdc ije pmg`cs n`siusscn dcrc`g. YI dms gj jfl`bmt`jg tj upnmtc tdc `gajremt`jg ijgtm`gcn dcrc`g dcrc`g mgn emy emkc `gvcstecgt nci`s`jgs `gijgs`stcgt w`td w`td tdc v`cws cxprcsscn `g tdc prcscgtmt`jg. YI emkcs gj rcprcscgtmt`jg jr wmrrmgty ms tj tdc miiurmiy, ijeplctcgcss jr t`ecl`gcss ja tdc `gajremt`jg, tcxt, brmpds, mgn mgmlyscs ijgtm`gcn `g td`s prcscgtmt`jg. YI cxprcssly n`silm`es mll l`mf`l`ty ajr crrjrs jr je`ss`jgs `g, jr tdc e`susc jr e`s`gtcrprctmt`jg ja, mgytd`gb mgytd`gb ijgtm`gcn `g td`s prcscgtmt`jg. Xmst `gvcstecgt pcrajremgic `s gj bumrmgtcc ja auturc rcsults.
Ijugtry Jvcrv`cw
Kjrcm‐s BNX rmgks =3 td `g tdc wjrln *
^dc tjtml emrkct imp`tml`zmt`jg ja Kjrcmg ijepmg`cs mpprjx`emtcs $=.6 ^r`ll`jg* ^r`ll`jg* ’ Gcmrly tdc s`zc ja Mustrml`m ($=.9 tr`ll`jg) mgn Bcremgy ($=.> tr`ll`jg) ’ Lmrbcr tdmg Yw`tzcrlmgn ($=.= tr`ll`jg) mgn Djgb Kjgb ($=.= tr`ll`jg) ’ Ejrc tdmg tw`ic tdc s`zc ja @tmly ($8.3 tr`ll`jg) tr`ll `jg)
A`simlly sjugn bjvcrgecgt mgn cijgjey ’ Funbct surplus 0 ja tdc pmst =8 ycmrs ’ Xufl`i ncft / BNX `s mejgbst tdc ljwcst ja ncvcljpcn cijgje`cs (mpprjx. 9>%) ’ Iurrcgtly rugg`gb m trmnc surplus ’ Y&X sjvcrc`bg rmt`gb ja M+
Guecrjus Idcmp Ytjiks `g Kjrcm
Jvcrv`cw Ijepmr`sjg tj tdc Y&X 388*?
KJYX@ Y&X 388
X/C 68=>c
X / Fjjk
0.9x =3.0x
=.=x 6.1x
Njllmr mejugt ja ijepmg`cs trmn`gb ajr lcss tdmg? 4x 3-Pcmr Mvcrmbc Cmrg`gbs
$988+ F`ll`jg
28% ja ^mgb`flc Fjjk Qmluc
$=08+ F`ll`jg
FJ^D ja tdc Mfjvc
$63+ F`ll`jg
=98% ja Gct Imsd
$32+ F`ll`jg
Iurrcgt Msscts E`gus ^J^ML L`mf`l`t`cs MGN Xrja`tmflc (^ruc (^ruc "gct-gcts") "gct-gcts")
$6+ F`ll`jg
Rmrrcg Fuaactt Fu aactt jg Kjrcm
688>?
Xuridmscn >% ja Xjsij
6881?
“@a @‐n fccg rugg`gb m l`ttlc pmrtgcrsd`p tdrcc ycmrs mbj, @‐n dmvc stmrtcn =88% `g Kjrcm.―
6881?
B`vcg m ijpy ijpy ja m Kjrcmg stjik emrkct bu`nc, dc ajugn tdc vmlucs sj ijepcll`gb dc put tjbctdcr m $=88ee pjrtajl`j ja 68 ijepmg`cs.
6884?
“@ ijuln a`gn fcttcr td`gbs tj nj w`td m e`ll`jg njllmrs prjfmfly `g Kjrcm tdmg @ ijuln prjfmfly a`gn `g tdc S.Y. emrkct.―
6884?
“Rc l`kc tdc ctdjs ja Kjrcm ajr sdmrcdjlncrs mgn wc l`kc tdc pcrajremgic ja tdc fus`gcsscs.―
68==?
“Rc‐rc ljjk`gb tj fuy f`b fus`gcsscs `g Kjrcm.―
68==? 68==?
Rcgt tj Kjrcm ajr tdc tdc scijgn t`ec tj v`s`t v`s`t ^mcbu^ci, mcbu^ci, tdc a`rst Fcrksd`rc Fcrksd`rc ijepmgy `g Kjrcm.
Kjrcm @s Gjt Ompmg
Kjrcmg emgmbcecgt tcmes mrc jatcg rcicpt`vc tj sdmrcdjlncr jvcrturcs.
E`gjr`ty sdmrcdjlncr r`bdts mrc fcttcr prjtcitcn `g Kjrcm.
Kjrcmg e`gjr`ty sdmrcdjlncrs mrc ejrc vjiml mgn prjmit`vc mfjut tdc`r sdmrcs.
Emgmbcecgt tcmes `g Kjrcm jatcg djln lmrbc stmkcs `g tdc`r ijepmg`cs.
Kjrcm dms pmsscn, mgn `s ijgs`ncr`gb mnn`t`jgml, mgt`-Idmcfjl lcb`slmt`jg lcb`slmt`jg wd`lc l`ttlc dms fccg njgc `g Ompmg tj n`e`g`sd Kc`rctsu pjwcr.
Kjrcmg `gst`tut`jgml sdmrcdjlncrs fcb`gg`gb tj vjtc mbm`gst emgmbcecgt wdcg cijgje`imlly fcgca`i`ml.
Vcturgs jg cqu`ty `g Kjrcm mrc euid d`bdcr mgn X/Cs m rc euid ljwcr. ljwcr.
N`aa`iult`cs ja @gvcst`gb `g Kjrcm
Acw ijepmg`cs rcpjrt `g Cgbl`sd
^rmn`gb @N rcqu`rcn
^rmn`gb vjluec `s bcgcrmlly ljwcr tdmg `g tdc S.Y.
Djln`gb ijepmgy struiturcs arcqucgtly jpmquc
Vcicgt miijugt`gb idmgbc arje Kjrcmg BMMX tj @gtcrgmt`jgml BMMX emkcs d`stjr`iml ijepmr`sjgs idmllcgb`gb
Ydmrcdjlncr mit`v`se gjt yct w`ncly cefrmicn
V`bdts ja E`gjr`ty Ydmrcdjlncrs `g Kjrcm Ilmss`a`imt`jg
Jwgcrsd`p Vcqu`rcecgts
(mt lcmst 1 ejgtd djln`gb pcr`jn) Cxtrmjrn`gmry Ydmrcdjlncrs Ecct`gb
=.3%
Ydmrcdjlncr Xrjpjsml
=.8% *
Vcqucst ajr N`se`ssml ja N`rcitjr
8.3% *
Vcqucst ajr N`se`ssml ja Ytmtutjry Mun`tjr
8.3% *
Vcqucst tj @gspcit Miijugt`gb Fjjks
8.=%
Vcqucst ajr L`st ja Ydmrcdjlncrs
9.8%
Vcqucst ajr Iueulmt`vc Qjt`gb
9.8%
Xmst Imsc Ytun`cs Ijepmgy?
Kukfj Ncs`bg Ij., Ltn.
Jvcrv`cw?
Kukfj prjv`ncs `gtcr`jr ncs`bg scrv`ics ajr ijeecri`ml prjpcrt`cs.
@gvcstecgt Vmt`jgmlc*?
Imsd & Cqu`vmlcgts 5 =8=% ja emrkct imp; Xr`ic/Fjjk? 5 33%; Gj ncft; X/C 5 >.6x =3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty. prja`tmf`l`ty.
Vcsult?
Yuiicssaully gmecn m stmtutjry mun`tjr tj tdc fjmrn, pjs`t`vc idmgbcs ajr sdmrcdjlncrs
Ijepmgy?
Kjecljg Ijrp.
Jvcrv`cw?
Kjrcm‐s lcmn`gb ecmsur`gb tmpc emguamiturcr, emguamiturcr, dms sjln prjnuits `g jvcr 48 ijugtr`cs.
@gvcstecgt Vmt`jgmlc*?
Imsd mgn cqu`vmlcgts 5 28% ja emrkct imp; Xr`ic/Fjjk 5 >8%; Gj ncft; X/C 5 9.0x =3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty. prja`tmf`l`ty.
Vcsult?
Ydmrc fuyfmiks, rcv`scn n`v`ncgn pjl`iy, pjl`iy, `gircmscn ijepmgy mwmrcgcss
Imsc Ytuny ’ Ymedj Ncvcljpecgt (8=8018)
Jvcrv`cw? ’ Ymedj ijgstruits d`bdwmys, tuggcls, sufwmys mgn jtdcr i`v`l prjocits. ’ Bjvcrgecgt-rclmtcn wjrk 708% ja rcvcguc ’ Lmrbc guefcr ja ijepct`tjrs rcicgtly ncicmscn
Qmlumt`jg mt @g`t`ml Xuridmsc? ’ Gct imsd & cqu`vmlcgts 5 =81% ja emrkct imp ’ Xr`ic / Fjjk 5 38% ’ 3-Pcmr mvcrmbc VJC 5 =6.4% ’ X/C 5 1.9x (w`td ncprcsscn cmrg`gbs) ’ =3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty ’ Ydmrcs pcmkcn gcmr R=6,888 pcr sdmrc, iurrcgtly oust jvcr R9,888)
Imsc Ytuny ’ Ymedj Ncvcljpecgt (ijgt)
@ssucs ’ Lmrbc p`lc ja `nlc imsd ’ Xmrt ja imsd `gvcstcn `g f`jtcid stjiks ’ Xmrt ja imsd `gvcstcn `g vcgturc imp`tml ’ Ytmrtcn ejgcy-ljs`gb mssct emgmbcecgt fus`gcss
Xrjbrcss ’ Xmsscn m fjmrn rcsjlut`jg tj rcpuridmsc sdmrcs ’ Emy fc ijgv`gicn tj cx`t f`jtcid `gvcstecgts ’ Vcv`cw`gb n`v`ncgn pjl`iy ’ Emy fc ijgv`gicn tj scll jr iljsc njwg mssct emgmbcecgt fus`gcss ’ Cmrg`gbs l`kcly iljscr tj fjttje ja tdc iyilc ’ Auturc? Ejrc td`gbs tdc ijepmgy img nj ’ Rc w`ll ijgt`guc tj wjrk w`td tdce
Imsc Ytuny ’ K^is Ijrp (834438)
Jvcrv`cw ’ Cgbmbcn `g imll icgtcr scrv`ics ’ >== >== n`rcitjry scrv`ics, pmrt`mlly mn-fmscn `g Kjrcm ’ Vc-sclls vmr`jus scrv`ics prjv`ncn fy Kjrcm ^clcije
Qmlumt`jg mt Xuridmsc ’ ’ ’ ’ ’ ’ ’
Gct Imsd / Emrkct Imp? 21% Iurrcgt Msscts ’ ^jtml L`mf`l`t`cs / Emrkct Imp? 46% X / C? 2.9x Xr`ic / Fjjk? 01% 3-Pcmr Mvcrmbc VJC? =6% VJC Cx-Imsd? >4% CQ / CF@^? =.6x
Imsc Ytuny ’ K^is Ijrp (ijgt)
@ssucs ’ Lmrbc p`lc ja `nlc imsd ’ Fljmtcn ijst struiturc ’ >== >== fus`gcss l`kcly tj ncil`gc ncil` gc jvcr t`ec ’ Ijgtrjllcn fy Kjrcm ^clcije (=4% jwgcr)
Xrjbrcss ’ Ljiml sdmrcdjlncr put scvcrml prjpjsmls jg Emrid mgguml ecct`gb fmlljt? • D`bdcr n`v`ncgns, Fjmrn scmt, Ytmtutjry mun`tjr
’ ICJ puridmscn sdmrcs, prje`scn ejrc trmgspmrcgiy, trmgspmrcgiy, miijugtmf`l`ty ’ “Irjgy― stmtutjry mun`tjr rcplmicn fy stmtutjry mun`t`gb ijee`ttcc ’ Ydmrcdjlncrs mgn prcss gjw sirut`g`z`gb ijepmgy mit`jgs ’ Ijepmgy imgicllcn 9 e`ll`jg trcmsury sdmrcs
Vcv`cw
Guecrjus Kjrcmg stjiks prcscgt cxtrcecly ijepcll`gb vmluc jppjrtug`t`cs.
Xjtcgt`ml tj ugljik sdmrcdjlncr vmluc w`td mit`v`se.
Qmlumt`jgs mgn cgv`rjgecgt rce`gn us ja tdc SY `g tdc lmtc =028s / cmrly =048s.
