1td knnukg Spranf vkguo anvostanf clnfross •
Kprag =, 20;= • Gks Uofks, NU
Anvostanf an Cdknfo Krnkum Kjmgor, Onfano Ckpatkg
Anvostanf an Cdknfo Ukguo Anvostanf Clnfross – Gks Uofks Kprag 20;= 20;=
ONFANO CKPA]KG GP ;360 Brlkmwky, ?td Egllr Now Qlrh, NQ ;00;4 (2;2) 32; 00=4
[email protected]
Mascgkaior ]do knkgysos knm clncgusalns le Onfano Ckpatkg, G.P. (‗Onfano Ckpatkg") clntkanom an tdas prosontktaln kro bksom ln pubgacgy kvkagkbgo anelriktaln. Onfano roclfnazos tdkt tdoro iky bo clneamontakg anelriktaln an tdo plssossaln le tdo clipknaos mascussom an tdo prosontktaln tdkt clugm gokm tdoso clipknaos tl maskfroo watd Onfano‑s clncgusalns. ]das prosontktaln knm tdo anelriktaln clntkanom doroan as nlt k rocliionmktaln lr slgacatktaln tl buy lr sogg kny socurataos. ]do knkgysos prlvamom iky ancgumo cortkan stktoionts, ostaiktos knm prljoctalns propkrom watd rospoct tl, kilnf ltdor tdanfs, tdo dastlrackg knm kntacapktom lporktanf porelriknco le tdo clipknaos, kccoss tl ckpatkg ikrhots knm tdo vkguos le kssots knm gakbagataos. Sucd stktoionts, ostaiktos, knm prljoctalns roegoct vkralus kssuiptalns by Onfano clncornanf kntacapktom rosugts tdkt kro andorontgy subjoct tl safnaeacknt oclnliac, clipotatavo, knm ltdor uncortkantaos knm clntanfoncaos knm dkvo boon ancgumom slgogy elr aggustrktavo purplsos. Nl roprosontktalns, oxpross lr aipgaom, kro ikmo ks tl tdo kccurkcy lr clipgotonoss le sucd stktoionts, ostaiktos lr prljoctalns lr watd rospoct tl kny ltdor iktorakgs doroan. Kctukg rosugts iky vkry iktorakggy erli tdo ostaiktos knm prljoctom rosugts clntkanom doroan. Eunms iknkfom by Onfano knm ats keeagaktos dkvo anvostom an cliiln stlch le Dagg Antornktalnkg Anc. (‗DAG’). Onfano iknkfos eunms tdkt kro an tdo busanoss busanoss le trkmanf – buyanf knm sogganf – socurataos knm eankncakg anstruionts. At as plssabgo tdkt tdoro wagg bo movoglpionts an tdo euturo tdkt ckuso Onfano tl cdknfo ats plsataln rofkrmanf DAG. Onfano iky buy, sogg, clvor lr ltdorwaso cdknfo tdo elri le ats anvostiont an DAG elr kny roksln. Onfano doroby mascgkais kny muty tl prlvamo kny upmktos lr cdknfos tl tdo knkgysos clntkanom doro ancgumanf, watdlut gaiatktaln, tdo iknnor lr typo le kny Onfano anvostiont.
Oxocutavo Suiikry Onfano Ckpatkg as k vkguo-lraontom spocakg satuktalns eunm tdkt anvosts bltd kctavogy knm pkssavogy (glnf knm sdlrt) an clipknaos unmorflanf cdknfo. MAEEORON]AK]OM ANUOS]ION] S]RK S]RK]OFQ ]OFQ • Elcus ln cdknfo ks tdo iocdknasi tl cglso tdo vkguo fkp knm glwor rash le vkguo trkps • Prlkctavo tdrlufd Onfano‑s kctavasi - pravkto lr pubgac cliiunacktalns watd blkrms knm/lr blkrm roprosontktaln. Kctavasi as k tllg an sogoct satuktalns. Pkrtacugkr oxporaonco an _S & Cknkmakn kctavasi • Kntacapktlry – satuktalns wdoro cdknfos kro gahogy tl dkppon (;3M eaganfs, dammon kssots, clnslgamktaln, now iknkfoiont ancontavos) • Rokctavo – satuktalns wdoro cdknfos dkvo boon knnluncom but nlt yot pracom an • Spocakg satuktalns – sokrcd prlcoss elcusom ln satuktalns prlno tl ikrhot masglcktalns – aiplrtknt tl unmorstknm wdy tdo socuraty as iaspracom • ]aio krbatrkfo – wagganf tl tkho k glnfor tori porspoctavo tdkn ilst ikrhot pkrtacapknts – nlt gllhanf elr tdo lbvalus (knm ilst gahogy pracom) sdlrt-tori cktkgyst PLR]ELGAL IKNKFOR • ;0 yokrs le anvostiont oxporaonco an tdas strktofy ancgumanf safnaeacknt blkrm knm lporktanf oxporaonco. • Kmjunct prleosslr kt Clguibak Busanoss Scdllg (vkguo anvostanf prlfrki)
RASH IKNKFOION] - plrtelgal le mavorsaeaom dafd clnvactaln, wogg-rosokrcdom amoks watd kttrkctavo rash-r owkrm prleagos, gaiatom govorkfo, sdlrt plsatalns, & cksd ae nl kttr kctavo anvostionts
KGAFNION] LE ANCON]AUOS - ikjlraty le gaquam not-wlrtd anvostom kglnf watd gaiatom pkrtnor s
IKNKFANF PKR]NOR – KRNK_M KJMGOR _NA[_O OTPORAONCO ANUOS]ANF AN CLIPKNAOS CLIPKNAOS _NMORFLANF CDKNFOS ANUOS]ION] OTPORAONCO • Elrior pkrtnor kt Crosconml Pkrtnors, k succosseug vkguo-lraontom kctavast kctavast eunm, erli 2003 tl 20;3 • Kmjunct Prleosslr, Doagbrunn Doagbrunn Contor elr Frkdki & Mlmm anvostanf kt Clguibak Busanoss Scdllg (sanco 2006)
S]RK]OFAC KNM LPORK S]RK]OFAC LPORK]ALNKG ]ALNKG OTPORAONCO • Safnaeacknt oxporaonco wlrhanf watd plrtelgal clipknaos ln strktofac knm lporktalnkg anataktavos •
Safnaeacknt I&K anvlgvoiont anvlgvoiont (ontaro clipknaos & nln-clro kssots)
•
Anvlgvom watd 2 gkrfo clst cuttanf anataktavos gokmanf tl cuiugktavo $;?0 iaggaln+ le clst skvanfs
•
Elrior iknkfoiont clnsugtknt kt Iorcor Iknkfoiont Clnsugtanf knm Blstln Clnsugtanf Frlup
CLRPLRK]O FLUORNKNCO OTPORAONCO • Cdkarikn le Mostanktaln Iktornaty Iktornaty,, k Nksmkq-gastom clipkny sanco Jknukry 20;; • Pralr blkrm oxporaonco ancgumos Cdkrianf Sdlppos (Nksmkq: ( Nksmkq: CDRS) (slgm tl Ksconk Rotkag Frlup an 20;2),
L Cdkrgoy s (Nksmkq: CD_T) (slgm tl Eamogaty Nktalnkg Eankncakg an 20;2), ]lpps Clrp. (Nksmkq: ]LPP) (slgm tl Ikmasln Mokrblrn Pkrtnors an 2004), Dagg Antornktalnkg (NQSO: DAG), Prailras (Nksmkq: PRAI) knm Cliputor Dlrazlns (Nksmkq: CDRZ) ‑
‑
OM_CK]ALN • Dkrvkrm Busanoss Scdllg, IBK, 2003 •
Iksskcdus Ikss kcdusotts otts Anstatuto Anstatuto le ]ocdnlg ]ocdnlglfy lfy,, Iksto Ikstor‑s r‑s Mofroo, Mofroo, Korlnkutac Korlnkutacs s & Kstrlnkutacs, Kstrlnkutacs, 2000
CDKNFO •
CRA]ACKG ELR ONFANO ]L _NMORS]KNM DLV ]DO UKG_O FKP VAGG CGLSO
•
SAFNAEACKN]GQ ANCROKSO ]DO LMMS LE KULAMANF UKG_O ]RKPS
• KBAGA]Q ]L BO L_R LVN CK] CK]KG KGQS] QS] ]DRL_FD KC]AUASI
• Onfano s unaquo kctavast knm blkrm oxporaonco • Ukryanf govog le anvlgvoiont rknfanf erli bodanm tdo scono ‑
PRLKC]AUO
KN]ACAPK]LRQ
cliiunacktalns watd blkrm knm iknkfoiont, pubgac cliiunacktalns, blkrm roprosontktaln tl prlxy clntost glwor lmms le vkguo trkps • Kccogorkto vkguo rokgazktaln knm glwor • Elcus ln kmmanf strktofac, lporktalnkg, eankncakg lr flvornknco oxportaso
• Ikrhot tronms / ckpatkg kgglcktaln / I&K gknmsckpo • Iknkfoiont ancontavos • ]darm-pkrty kctavasi (;3M eaganf) • Knkgyzanf satuktalns wdoro cdknfos dkvo boon knnluncom but
ROKC]AUO
iky nlt yot bo pracom an • Oxkipgos ancgumo safnaeacknt clst cuttanf anataktavo, strktofac
LPPLR]_NA]Q – CDKNFO AS LN ]DO DLRAZLN ]do egoxabagaty tl anvost kcrlss vkguo knm ovont sagls prlvamos elr k rlbust iknmkto tl slurco iasunmorstllm, goss trkeeachom anvostiont lpplrtunataos tdkt wagg wagg bo oxplsom tl clrplrkto clrplr kto cdknfo lvor tdo upclianf yokrs C l r p l r k t a l n s u n m o r p r o s s u r o tl tl u n g l c h v k g u o a n k s g l w - f r l w t d on on v a r l n i o n t
• Ancroksom elcus ln clro clipotoncaos, gokmanf tl
mavostaturos knm spanlees le nln-clro kssots clr plrkto bkgknco sdoots, • Roclrm govogs le cksd ln clrplrkto gokmanf tl I&K knm/lr roturn le cksd tl sdkrodlgmors P o n t -u -u p p r a v k t o oq oq u a t y m o i k n m
• Safnaeacknt prossuro tl put ckpatkg tl wlrh boelro eunm
oxparktaln • Cdokp eankncanf kvkagkbgo E kv kv l r k b g o s o n t a i o n t t l w k r m s d k r o d l g m o r k c t a v a s i
• Anstatutalnkg anvostlrs ancroksanfgy rocoptavo • Frlwanf nuibor le clipknaos sottganf anstokm le
eafdtanf
Vdkt cdknfos kro wo tkghanf kblut< Lporktalnkg Ckpatkg Kgglcktaln Ckpatkg Structuro Strktofy Flvornknco
• Skgos frlwtd • Ikrfans (clst cuttanf, rostructuranf) • Iknkfoiont • Roturn le cksd tl sdkrodlgmors (buybkch, mavamonm) • Kcquasatalns (clnslgamktaln) • _so le ckpox tlwkrms dafdost rash-kmjustom roturns
• Lptaiazanf bkgknco sdoot • Roeankncanf
• Sopkrktanf kssots watd maeeoront eankncakg cdkrkctorastacs • Skgo le ontaro clipkny / skgo le nln-clro kssots • Cdknfos an anmustry clipotatavo mynkiacs • Kmmanf oxporaoncom maroctlrs • Sopkrktanf rlgo le COL knm Cdkarikn • Oxocutavo cliponsktaln (kgafniont le antorosts)
Kctavasi: tdo krt le aneguonco
Prlxy eafdt
Nofltaktom sottgoiont
Pubgac gottors
Pravkto gottors
Anelrikg cliiunacktaln
Socuraty sogoctaln • Dafd eroo cksd eglw yaogm • Iugtapgo wkys tl wan • Lporktanf ikrfans kro tll glw • Pllr ckpatkg kgglcktaln • Gkzy bkgknco sdoot • Clnfgliorkto masclunt cknmamkto to • ]kholut cknmamk • Cdknfo (prlkctavo, kntacapktlry lr rokctavo)
Dagg Antornktalnkg, Anc. (NQSO: DAG)
Dagg Antornktalnkg, Anc. (NQSO: DAG) Fglbkg prljoct iknkfoiont eari watd =,;00 prleossalnkgs an ;00 leeacos wlrgmwamo
Dagg Antornktalnkg, Anc. (NQSO: DAG) Run by Arv Racdtor (elunmor) knm Mkvam Racdtor (noxt (noxt COL) - clibanom lwnorsdap krlunm 30% le DAG
Dagg Antornktalnkg, Anc. (NQSO: DAG) Fuamknco le $?6? tl $500 iaggaln
CKFR ;=% $?;2 iaggaln
$311 iaggaln
$=;4 iaggaln
Mavorsaeaom Rovonuo Bkso – by Rofaln
Mavorsaeaom Rovonuo Bkso – by Cgaont ]ypo
Mavorsaeaom Rovonuo Bkso – by Prljoct ]ypo
Bkchglf $;,026 iaggaln
CKFR ;3.=% $123 iaggaln $61? iaggaln $56? iaggaln $520 iaggaln
Vdy ml wo gaho tdo busanoss< • Dafd bkrraors tl ontry – oxporaonco knm roputktaln
ilro aiplrtknt tdkn praco • Ox Oxpo ponso nso elr elr Dagg‑ Dagg‑s s sorva sorvacos cos as as k sikgg sikgg clip clipln lnont ont le le
tltkg prljoct oxponso (2-3%) • Dafd rovonuo vasabagaty erli glnf-tori clntrkcts • ‗Kf ‗Kfonc oncy’ y’ ilmog ilmog (gl (glw w rash) rash) vs. cln clntrk trkctlr ctlr ilm ilmog og (dafd (dafdor or
rash) • Glw ckpox roquaroionts (kgtdlufd rogktavogy dafd wlrhanf ckpatkg roquaroionts) • Dafd RLAC o von ekstor • Ekst rovonuo frlwtd + govorkfo gokm tl ovon blttli gano frlwtd
Ukguktaln
Stlch praco # Sdkros Ikrhot Ckp C k sd Mobt OU
?. =0 =0.2 2;6.04 ?=.4 ;?0 3;2.24
Eankncakgs Rovonuo Frlwtd rkto
OBA]MK OBA]MK ikrfan
O BA ] OBA] ikrfan
20;2 =;6.5
20;3 ?;2.;
20;=O ?46.?
20;?O 520.0
=.6%
22.5%
;=.6%
?.?%
;6.6
31.5
?0.3
?4.0
=.2%
6.6%
4.5%
1.=%
?.2
24.1
=0.;
=4.?
;.2%
?.5%
5.4%
6.4%
OU/OBA]MK
5.2
?.=
OU/OBA]
6.4
5.=
Poors C l ip k n y Stkntoc VSP Fglbkg Krckmas NU VS Kthans ]otrk ]ocd
]achor S]N.]L VSP.]L KRCKM.NK K]H.GN ] ]O H
Ikrhot Ckp ($ iaggalns) 3,;4; ;,466 2,023 ;,354 ;,1?6
OU ($ iaggalns) 3,2?= ;,145 2,233 ;,2?0 2,00= Iomakn Kvorkfo
Dagg Antornktalnkg
DAG
2;6.04
3;2.24
OU/ 20;= OBA]MK ;;.0x ;0.3x 1.4x 4.;x 4.;x
OU/20;= OU/ 20;? 20;2-20;? OBA] OBA]MK Rov CKFR ;3.;x 1.4x ;3.1% ;3.?x 1.2x ;=.=% ;2.3x 4.4x 2.6% ;0.0x 6.4x 2.4% ;0.4x 6.3x =.0%
1.4x 1.?x
;2.3x ;;.1x
4.4x 4.5x
5.2x
6.4x
?.=x
;=.;%
Vdy as tdo stlch unmorvkguom< Ilst knkgysts mln‑t uso kn kpprlprakto poor frlup
(nl fllm _S poor) Clnsugtanf earis • • • •
E]A Nkvafknt Durln CRK Antornktalnkg
Onfanooranf/clnstructaln earis • _RS • Oiclr • Jkclbs Onfanooranf • Kocli
Prljoct iknkfoiont earis • Stkntoc • VSP Fglbkg • Krckmas NU • VS Kthans • ]otrk ]ocd
Vdy as tdo stlch unmorvkguom< Gabykn rocoavkbgos • An Eobrukry 20;;, DAG susponmom ats lporktalns an Gabyk. Kt • • •
•
tdkt taio, Gabyk lwom $50 iaggaln tl DAG. Lvor tdo gkst eow ilntds, DAG dks boon pkam $1.2 iaggaln, gokvanf k rocoavkbgo lutstknmanf le $?0.4 iaggaln. DAG as currontgy nofltaktanf knm as dlpoeug tl rocoavo tdo roikananf kilunt an 20;=. DAG as kgsl currontgy onfkfom an kctavo mascussalns watd Gabyk lvor sovorkg now clntrkcts tdkt wlugm soo DAG roturn tl Gabyk gktor an 20;=. Ltdor clipknaos an DAG satuktaln dkvo rosuiom wlrh an Gabyk knm dkvo boon pkam k safnaeacknt kilunt le tdoar Gabykn rocoavkbgos.
Vdy as tdo stlch unmorvkguom< Govorkfo • Muo an gkrfo pkrt tl tdo Gabyk rocoavkbgo satuktaln, DAG brlho
tdo clvonknts ln ats mobt an 20;2. • DAG dkm tl roeanknco usanf oxponsavo mobt wdacd as nlw cdlhanf tdo clipkny (antorost oxponso le ilro tdkn $20 iaggaln). • Vo oxpoct DAG tl roeanknco ats mobt an 20;= wdacd sdlugm bo k ikjlr cktkgyst elr tdo stlch. • _psamo le tdkt satuktaln as tdkt tdo clipkny dks boon gksorelcusom ln lporktalns (clst cuttanf, utagazktaln rkto …).
Vdy as tdo stlch unmorvkguom< Govorkfo Bkgknco Sdoot ($ iaggalns) C k sd ]ori glkn Rovlgvanf cromat gano Ltdor Not mobt
?? ;00 31 ;; 1?
Frlss mobt
;?0
Not Mobt/OBA]MK Frlss Mobt/OBA]MK
20;3
20;=O
2. = 3. 4
;.1 3.0
Cktkgyst – taio vkguo krbatrkfo Lvor tdo noxt ;2-;4 ilntds, wo oxpoct: • DAG wagg bo pkam ilst ae nlt kgg ats Gabykn
rocoavkbgos. • DAG wagg roeanknco ats mobt kt k iucd glwor antorost rkto. • DAG wagg eurtdor mogovorkfo ks rosugt le ECE fonorktaln knm OBA]MK frlwtd.
Dlw iucd clugm DAG bo wlrtd an okrgy 20;?< 20;?O OBA]MK ($ iaggalns) 6.0x o 6.?x g p a t 4.0x g u I 4.?x
1.0x
?2. ?
??
?6.?
50
52.?
$6.?2 $4.;6 $4.43 $1.=4 $;0.;3
$6.15 $4.5= $1.32 $;0.0; $;0.51
$4.31 $1.;; $1.42 $;0.?= $;;.2?
$4.43 $1.?6 $;0.32 $;;.05 $;;.4;
$1.25 $;0.0= $;0.42 $;;.?1 $;2.36
Pltontakg roturn krlunm 40%
OU/OBA]MK dastlrackg iugtapgo •
DAG trkmos tlwkrm tdo glw onm le ats dastlrackg iugtapgo rknfo.
•
Nlt unrokslnkbgo tl kssuio k 6 tl 1x iugtapgo.
Ae tdas dkppons … dlw iucd eroo cksd eglw
ikantonknco wlugm DAG fonorkto<
OBA]MK (20;?) Ckpox Antorost ]kxos ECE ikantonknco
?? = ;0.? 5.1 33.5
Iugtapgo ;0x ;;x ;2x
Stlch praco $ 4.35 $ 1.;1 $ ;0.03
]do nofktavo • Clipkny as nlt boanf slgm knytaio slln – wlugm
eotcd k vory dafd praco favon tdo qukgaty le tdo busanoss knm tdo sckrcaty vkguo le tdo kssot. • Iknkfoiont toki tll elcusom ln kcquasatalns.
Vo wasd tdoy wlugm bo ilro elcusom ln cglsanf tdo prleatkbagaty fkp watd poors knm kcdaovo kc daovo tdoar ;0% OBA] ikrfan flkg. • Govorkfo – tdkt‑s pkrt le tdo lpplrtunaty knm
sdlugm bo k toiplrkry assuo.
]do nofktavo • Ansamors (ospocakggy tdo Racdtors) kro rofugkrgy sogganf slio le tdoar sdkros, kgtdlufd wo mln‑t
bogaovo at as elr rokslns rogktom tl tdo lutgllh le tdo busanoss lr ats vkguktaln knm tdo t do kilunts kro sikgg clipkrom tl tltkg dlgmanfs.
Amok Fonorktaln
Amok fonorktaln • ]ypackg iugtapgo bksom sokrcd – glw OU tl
OBA]MK, ECE iugtapgos • Spocakg satuktalns – spanlee, iknkfoiont
cdknfo, rostructuranf knnluncoiont • Clntostom satuktalns / ;3M eaganfs • Pubgac gottors knm prosontktalns erli kctavasts • ;3M erli pravkto oquaty earis lr strktofac
buyors • Clipknaos mogkyanf tdoar knnukg iootanfs
;3M erli Strktofac Buyor - L‑Cdkrgoy‑s (Nksmkq: CD_T) $;;.0
ENE buys CD_T elr $1.4? por sdkro
$;0.0
$1.0
$4.0
Eamogaty Nktalnkg Eankncakg eagos k ;3M
$6.0
$5.0
$?.0
$=.0 Kuf-;;
Sop-;;
Lct-;;
Nlv-;;
Moc-;;
Jkn-;2
Eob-;2
Ikr-;2
;3M erli Pravkto Oquaty - Iacdkog Bkhor (Nksmkq: BHR) MC Ckpatkg buys BHR elr $=0.?0 por sdkr $=0.00
$3?.00
Nlv 4, 20;2: BHR knnluncos [3 rosugts, $20 iaggaln clst romuctaln prlfrki, elcus ln lrfknac frlwtd knm anataktos k mavamonm
$30.00 Moc ;3, 20;2: COL stops mlwn
MC Ckpatkg eagos k ;3M $2?.00
Ir. Kjmgor Kjmgor sonms pubgac gottor tl tdo Blkrm roquostanf tdo anataktaln le k skgo prlcoss
$20.00
$;?.00 Kuf-;;
MC Ckpatkg leeors $2=.2? por sdkro Nlv-;;
Eob-;2
Iky-;2
Kuf-;2
Nlv-;2
Eob-;3
Iky-;3
Knnukg Iootanf Mogky – J. Kgoxknmor (Nksmkq: JKT) $;5.00
ENE buys JKT elr $;=.?0 por sdkro
$;=.00
$;2.00
$;0.00
$4.00
$5.00
$=.00 Kpr-;2
Pravot Eunm eagos k ;3M/K watd k gottor tl JKT blkrm rofkrmanf taianf le tdo knnukg iootanf Iky-;2
Jun-;2
Jug-;2
Kuf-;2
Sop-;2
Lct-;2
Gottor erli Pravot Eunm ln Iky 22, 20;2: Vo unmorstknm tdkt tdo J. Kgoxknmor‑s Clrplrktaln (‗J. Kgoxknmor‑s’ lr tdo ‗Clipkny’) dks sot yostormky, Iky 2;, 20;2, ks tdo roclrm mkto elr ats 20;2 Knnukg Iootanf le Sdkrodlgmors (tdo ‗Knnukg Iootanf’). Sanco tdo Clipkny dks yot tl eago ats progaiankry prlxy iktorakgs, wo okforgy kwkat tdo scdomuganf le tdo Knnukg Iootanf. Favon tdo roquaroionts le tdo Clipkny‑s bygkws, wo kro porpgoxom
tdkt k mkto dks nlt yot boon sot. Soctaln 2 (k) le tdo Clipkny‑s Kionmom knm Rostktom Bygkws prlvamos ks elgglws:
]do XknnukgY iootanf sdkgg bo dogm ln k mkto sot by tdo Blkrm le Maroctlrs muranf tdo tdarm, elurtd, lr eaetd ilntd elgglwanf tdo onm le tdo Clrplrktaln‑s easckg yokr. Sanco tdo Clipkny‑s easckg yokr onmom ln Jknukry ;, 20;2, tdo ilst gaborkg rokmanf le tdo Clipkny‑s
bygkws wlugm roquaro tdkt tdo Knnukg Iootanf bo dogm nl gktor tdkn Juno 30, 20;2 -- tdo onm le tdo eaetd ilntd elgglwanf Jknukry 20;2. Vo kgsl nlto tdkt ]onnossoo ]onnossoo gkw cgokrgy iknmktos tdkt tdo Clipkny dlgm tdo Knnukg Iootanf Iootanf ln lr boelro Jugy ;, 20;2. Vo bogaovo tdkt upln kppgacktaln, k ]onnossoo clurt wlugm prliptgy lrmor clipgaknco watd ]onnossoo gkw (nlt tl iontaln tdo Clipkny‑s lwn
bygkws). Sdlugm tdo Clipkny onmokvlr tl scdomugo ats 20;2 2 0;2 Knnukg Iootanf elr k mkto subsoquont tl Juno 30, 20;2, by kionmanf ats bygkws lr ltdorwaso, Pravot wlugm antorpro t tdas kctaln ks yot knltdor ontroncdiont tkctac oipglyom by tdo Clipkny‑s Blkrm knm iknkfoiont toki tl eurtdor
masonerkncdaso Clipkny sdkrodlgmors. Vo bogaovo tdkt sucd kctaln wlugm kgsl clnstatuto clnstatuto kn unrokslnkbgo rosplnso tl tdo plssabagaty le k clntostom cl ntostom ogoctaln watd rospoct tl goss tdkn k ikjlraty le tdo sokts ln tdo Clipkny‑s Blkrm le Maroctlrs.
Ckso stumy 3: J. Kgoxknmor (Nksmkq: JKT) # sdkro s Stlch pra co Ikrho t ckp Cksd Mo bt OU
5 4.0 =4 1.3 ;4.3 ?6.0
Ro vo nuo OBA]MK OBA]MK Ikrfa n OU /OBA]MK
20;0 ;=1 4.= ?.5%
20;; ;?6.2 1.6 5.2%
G]I ;?1.; ;; 5.1%
5.4
?.1
?.2
Vdkt‑s tdo mlwnsamo<
Lwns g knm & bua g ma nf Lw n s b u a g ma n f ]ltkg
# unat ;? ;2
vkguo /unat 2.? ;
vkguo 36.? ;2 =1.?
Vdkt‑s tdo upsamo< Sconkral Sc onkral K - skgo le tdo clipkny clipkny
G]I OBA]MK ;; ;; ;;
I&K Iugtapgo 6 4 1
OU 66 44 11
Oquaty vkguo 54 61 10
Stlch praco ;;.3 ;3.2 ;?.0
Vdkt‑s tdo upsamo< Sconkral B - Kctavasts wan/lporktalnkg wan/lporktalnkg aiprlvoionts/skgo aiprlvoionts/skgo knm goksobkch goksobkc h ]rkmanf G]I OBA]MK
Iugtapgo
OU
Oquaty vkguo
Stlch praco
;3.2 ;3.2 ;3.2
5 5.? 6
61.2 4?.4 12.=
;06.6 ;;=.3 ;20.1
;4.0 ;1.; 20.2
Kssuiptalns Skgo le ;2 lwnom lwno m unats una ts elr $3 $36.? iag iaggagaln ln ckp rkto le 6.?% 6.?% Aip Aipgao gaom m OB OBA]M A]MK rom romu uctal aln n (ron (rontts) 2.4;2? OBA]MK ikrfan pro S&G kt ;0 ;0%
As tdas k fllm rash-rowkrm satuktaln<
$;3 tlmky an k skgo tdkt as gahogy
JKT $4 por sdkro
Ae nl skgo, $;1 an k clupgo le yokrs
Gaiatom mlwnsamo tdrlufd rokg ostkto
]darm-pkrty kctavasi (dammon rokg ostkto kssots, rostructuranf cknmamkto, tkholut lptalnkgaty) J. Kgoxknmor s (Nksmkq: JKT) lporktos dafd-onm cksukg mananf rostkurknts an tdo Slutd Okst. ‑
Amok Fonorktaln • ;3M eaganf knm gottor erli knltdor kctavast eunm $;5.00
Anvostiont ]dosas • Bksom ln k rovaow le JKT dastlrackg porelriknco knm sdkrodlgmor bkso, wo bockio clnvancom tdkt tdo kctavast wlugm wan blkrm clntrlg • JKT wks mogkyanf eaganf ats prlxy stktoiont knm clugm nlt dkvo ats knnukg iootanf watdan tdo gofkggy roquarom taioerkio gokmanf us tl suspoct JKT wks sdlppanf atsoge • Safnaeacknt lporktalnkg aiprlvoiont pltontakg ks ovamoncom by moprossom OBA]MK ikrfans clipkrom tl poors • Dammon rokg ostkto kssots • Glw vkguktaln • Iugtapgo wkys tl wan (tkholut, cdknfo an blkrm cliplsataln, skgo knm goksobkch, lporktalnkg aiprlvoiont) Oxat/Rosugts • JKT wks slgm tl Eamogaty Nktalnkg elr $;=.?0 por s dkro
$;=.00
$;2.00
$;0.00
$4.00 Kvorkfo purcdkso purcdkso praco le $4.3 por sdkro
$5.00
$=.00 Kpr-;2
Iky-;2
Jun-;2
Jug-;2
Kuf-;2
Sop-;2
Lct-;2
