9tc mjjuml Pprija vmlud ijvdstija `bjardss •
Mpril 0, ;?=5 • Lms Xdams, JX _m`ihi` [ukimlds Djdray - Mj Dndraija Bppbrtujity witc Ermnmti` _bssikilitids _bssikilitids Emvie Jducmusdr, Livdrnbrd _mrtjdrs
4 [dvdrd Erivd Bjd Jbrtckrbbf _lm`d Puitd ;?? Jbrtckrbbf, Jbrtckrbbf, Illijbis 8??8; Udldpcbjd7 351-89=-40?1 Hm`sinild7351-89=-4055 www.livdrnbrdpmrtjdrs.`bn
Dxpdridj`de prbhdssibjmls prbhdssibjmls witc m lbja pukli` trm`f rd`bre bh supdribr pdrhbrnmj`d.
Livdrnbrd nmjmads jdmrly $=??nn bh `lidjt mssdts.
Hb`us7 Qd m`t ms . _rbvieija ijsiact mje rdsbur`ds tb nmjmadndjt mje tcd Kbmre bh bur `brd pbrthblib `bnpmjids. Eddp vmlud mje Ppd`iml P pd`iml situmtibj erivdj. Qd djamad tb dxtrm`t hull h ull vmlud hrbn pbrthblib `bnpmjids. Mliajndjt bh ijtdrdst7 Nmjmad m sijald strmtday huje mje Pdpmrmtd Nmjmade m``bujts.
•
•
•
•
Piajihi`mjtly ij`rdmsd ijvdstbrs’ mhtdr-ijhlmtibj, mhtdr -ijhlmtibj, mhtdr-tmx spdjeija pbwdr. Butpdrhbrn lbja-bjly dquitids. M`cidvd pbsitivd rdturjs dm`c ydmr witc nbedrmtd scbrt-tdrn vblmtility. Lbja-Kimsde mpprbm`c witc cdeaija mkilitids.
tcmt hb`usds bj Djdray, Ijeustriml, mje Hijmj`iml sd`tbrs, kut rdnmijs majbsti` tb vmlud-djcmj`ija bppbrtujitids (m`tivisn, spd`iml situmtibjs) witcij mll sd`tbrs mje nmrfdt `mpitmlizmtibj. `mpitmlizmtibj. Livdrnbrd’s dxtdjsivd jdtwbrf bh privmtd dquity rdlmtibjscips `mj kd tmppde tb hurtcdr ij`rdmsd rdsbur`ds mje ijvdstndjt butsied bh bur ijtdrjml huje s`bpd. Bur pmrtjdrs cmvd ij`luede7
Livdrnbrd’s Emvie Jducmusdr is mj mevisbr tb Qyjj`cur`c @mpitml, m $=.=K nieeld nmrfdt ijeustriml privmtd dquity hirn wcdrd cis hb`us is bj edml briaijmtibj mje bvdrsiact bh pukli` `bnpmjids. Mj ijtdlld`tumlly `bcdrdjt mje ijtuitivd ijvdstndjt ndtcbeblbay dnpcmsizija `mpitml prdsdrvmtibj mje m strbja risf-megustde rmtd bh rdturj, tbadtcdr witc m `bjsistdjt inpldndjtmtibj bh bur strmtday7 jb styld eriht.
•
•
•
•
Djamad m tb edtdrnijd ujedrvmlude br nispri`de `bnpmjids. Mkility tb sdll-scbrt s dll-scbrt tb linit pbrthblib ebwjsied risf. @bnpmjids nust nddt bur “ „ br vidw aivdj `urrdjt ndtri`s(i.d. Eis`bujtde @msc Hlbw, _ri`d tb Kbbf, _ri`d tb Dmrjijas) ms wdll ms cistbri`ml pri`d trdjes. Lbbf hbr `mtmlyst adjdrmtbrs, tb cdlp prbvied m tindlijd bh tcd ijvdstndjt(Mva. cble tind rmjad7 8nbjtcs-4ydmrs). Qd witc nmjmadndjt tb amuad tcd strmtdai` plmj tcmt will erivd “tcd `lbsurd bh eivdradj`d„ kdtwddj tcd dquity vmlud mje its trud ijtrijsi` vmlud.
Qd prdsdjt bptibjs tb witc nmjmadndjt, btcdr ijstitutibjml scmrdcbledrs, scmrdcbledrs, mje tcd `bnpmjy’s Kbmre bh Eird`tbrs.
Eddp-vmlud pbsitibj ij tdnpbrmry stmhhija hirn wcdrd Livdrnbrd is ij tmlfs witc tcd nant. mje Kbmre tb dxtrm`t hurtcdr vmlud. Hb`us cms kddj bj “riact“riact -sizija„ tcd `bnpmjy’s bpdrmtibjs mje rd-listija tcd scmrds bj m nmgbr stb`f dx`cmjad ij ;?=5. Livdrnbrd kdlidvde pmst m``bujtija issuds wbule kd rdsblvde ij ;?=0(tcdy wdrd) mje tcd `bnpmjy trmeds mt m siajihi`mjt eis`bujt tb its pddrs mje ijtrijsi` vmlud. Dquity cms risdj hrbn bur djtry pri`d bh $8.14 tb $=?.?4 ij ;?=0(bvdr 5?%). Xblt’s upsied mje ultinmtd ijtrijsi` rdnmijs jdmrdr tb $=4-$;? m scmrd.
M`tivist pbsitibj mje cdlpde rdnbvd dardaibus
@cmirnmj, [my Irmji mt tcd Nmy, ;?=0 MAN ij Lbs Mjadlds.
(
).
“B``iedjtml mjjbuj`de m slmtd bh jdw abvdrjmj`d inprbvdndjts Mpril ;9 mhtdr ijvdstbrs qudstibjde tcd rbld Irmji cme plmyde ij tcd ed`isibj tb rdplm`d @cmzdj ms @DB. Pcmrdcbledrs ij`lueija Hirst _m`ihi` _m`ihi` Mevisbrs LL@, @mnkimr Ijvdstbrs LL@ mje Livdrnbrd L ivdrnbrd _mrtjdrs mevb`mtde tcmt Irmji scbule ldmvd ijstdme bh @cmzdj„. Pmie Livdrnbrd’s Jducmusdr, wcb wms mnbja scmrdcbledrs tcmt vbtde mamijst tcd lbjatind `cmirnmj. “I’n smtishide witc tcd but`bnd mje lbbf hbrwmre tb tcd `bnpmjy’s jdw eird`tibj.„
Ucis cdlpde tcd `bnpmjy rd-hb`us mje lbbf tb nbjdtizd tcdir vmst mssdt kmsd ij tcd TP mje Nieeld-Dmst. [dnmijs m lmrad Livdrnbrd spd`iml situmtibj pbsitibj mttrm`tivdly vmlude mlbja witc spd`ihi` ;?=5 `brpbrmtd dvdjts. Pblie ;?=0 rdturj bvdr =5%.
M`tivist pbsitibj ij @mjmeimj gujibr djdray `bnpmjy. Livdrnbrd prdssde nant. tb pusc hbrwmre witc m smld bh tcd `bnpmjy tb m strmtdai` suitbr aivdj tcd cistbry bh eilutivd `mpitml rmisds mje hurtcdr cdmewijes ij tcd `mpitml nmrfdts hbr snmll upstrdmn djdray(wiedjija eihhdrdjtimls, dxpdjsivd `mpitml `bsts). Livdrnbrd bwjde =.1 pdr`djt pbsitibj mje rdmlizde m ;;.5% I[[ upbj `bnpldtibj bh m smld tb _blsfi Fbj`drj Jmhtbwy Brldj PM hbr ;.34`ej . _bsitibjs su`c m Uribil will `bjtijud tb kd m hb`us hbr Livdrnbrd, mltcbuac bur prdhdrdj`d is tb wbrf ij `bllmkbrmtibj witc Nant mje tcd Kbmre.
•
) -Pu``dsshul [isf mrkitrmad pbsitibj ij JYPD-listde rdtmildr. Qdrd tcd lmradst edkt cbledr bh tcd `bnpmjy. Lmtdr turjde ijtb tcd lmradst sijald scmrdcbledr upbj `bnpldtibj `bnpldtibj bh tcd rdbramjizmtibj mje suksdqudjtly ldme tcd @brpbrmtd smld tb `bnpdtitbr Cmj`b`f Hmkri`s(CH) ij m $=5?nn mll stb`f trmjsm`tibj. trmjsm`tibj. [dturjde 0S bur ijvdstde `mpitml.
•
•
)-=0E cbledrs(9.9%) bh @ci`mab. Arddjnmilde kmjf mje ultinmtdly rdm`cde mj marddndjt tb sdll bur scmrds km`f tb tcd kmjf’s lmradst scmrdcbledr mje hbujedr, tcd Adnkmrm hmnily. I[[ bh bvdr 0?%. -Lmrad scmrdcbledr ij @cab-kmsde lmkbrmtbry prbeu`ts nmfdr. Pble tb Mkkbtt Lmks ij mj mll-stb`f edml hbr $044nn ms wd iedjtihide tcd lmkdlija prb`dss hbr krdmst `mj`dr wbule ij`lued Xysis’s `brd prbeu`t. EJM mje Mkkbtt wdrd ij `bnpdtitibj hbr tcd `bnpmjy. Xysis wms m spij-but hrbn Kritisc _dtrbldun(K_). Ubbf mevmjtmad bh tcd “bvdrcmja„ wci`c edprdssde tcd ijtrijsi` vmlud bh XYPI. Qbrfde `lbsdly witc tcdj @DB Gbcj Kiscbp, jbw @DB bh @dpcdie, m $0K erua `bnpmjy tb iedjtihy tcd bvdrlbbfde bppbrtujity. Bvdr 3?% [BI.
Ucd prij`ipmls mje bhhi`drs bh tcd Nmjmadr wcb will kd ijvblvde ij tcd ijvdstndjt bpdrmtibjs bh tcd Huje is Emvie Jducmusdr. Ucd km`farbuje bh tcis ijeivieuml mppdmrs kdlbw. Emvie Jducmusdr is tcd hbujedr mje Nmjmadr mje is rdspbjsikld hbr nmfija mll ijvdstndjt ed`isibjs hbr tcd Nmjmadr. Nr. Jducmusdr cms bvdr =1 ydmrs dxpdridj`d ij pbrthblib nmjmadndjt mje ijvdstndjt mjmlysis mje cms kddj m strbja mje `bjsistdjt prbpbjdjt bh vmlud ijvdstija. Nr. Jducmusdr, pribr tb gbijija Livdrnbrd ij ;??9, wms _rdsiedjt bh Lbrdj Cbleijas Ij`brpbrmtde, hb`usija bj strmtdai` ijvdstndjts m`rbss m krbme arbup bh ijeustrids ij`lueija Djdray, Hijmj`iml sdrvi`ds, @bjsundr prbeu`ts, prbeu`ts, mje Ijeustriml nmjuhm`turija. Qcild nmjmaija tcd ijvdstndjt pcmsd bh tcd prb`dss, Nr. Jducmusdr wbrfde witc jundrbus LKB arbups mje hijmj`ija madjts ms wdll ms lmrad pukli`ly trmede ebndsti` `bnpmjids. Nr. Jducmusdr wms rdspbjsikld rdspbjsikld hbr pbrthblib mje ijvdstndjt strmtdaids hbr hijmj`idr Ldbj M. Arddjklmtt III(sdd , “Ucd Kme “Ucd Kme Kbys bh @ci`mab Mrkitrmad„ Muaust Mrkitrmad„ Muaust 8tc,=998). Nr. Jducmusdr wms m prij`ipld mje ijvdstde tcd hirn’s `mpitml hirn’s `mpitml ij m nulti-strmtday mpprbm`c. Ucdsd ij`luede `bj`djtrmtde dquity ijvdstndjt pbsitibjs, m`tivist bppbrtujitids, risf/ndradr mrkitrmad, eistrdssde edkt, mje privmtd dquity. Nr. Nr. Jducmusdr wms m lbjatind ndnkdr bh tcd @ND Arbup (JYPD7@ND) ms wdll ms tcd Jmtibjml Huturds Mssb`imtibj. Cd rd`divde cis K.M. witc `bj`djtrmtibjs ij D`bjbni`s hrbn Jbrtcdmstdrj Illijbis Tjivdrsity mje cms `bjeu`tde Armeumtd stueids ij D`bjbni`s mje Pb`iblbay hrbn [bbsdvdlt Tjivdrsity bh @ci`mab.
•
•
•
•
•Bjscbrd Huje7 Edlmwmrd Linitde Limkility @bnpmjy •Hdds7 ;% Nmjmadndjt hdd ;?% _drhbrnmj`d hdd witc ciac wmtdr nmrf. •Ijitiml @bnnitndjt7 Bjd Ydmr •@bjtrikutibjs7 Nbjtcly •Liquieity7 ]umrtdrly
WM[ABJ BIL & AMP7 WM[.UB $3.4;@EJ
•
Wmrabj, m @mjmeimj MP_(Mlfmlijd Purhm`tmjt _blyndr) bil dxplbitmtibj `bnpmjy lb`mtde ij tcd Qillistbj Kmsij mje PD Pmsf, is pbisde pbisd e tb `bjtijud its uptrdje ms tcd ijtrijsi` vmlud rdnmij nu`c ardmtdr tcmj tcd rd`djt dquity `lbsija pri`d. Bjd bh @mjmem’s lbwdst ed`lijd e d`lijd prbeu`tibj `urvds witc m prbvdj td`cjblbay tb ij`rdmsd huturd prbeu`tibj, rdsdrvds, mje vmlud.
Livdrnbrd Ucdsis7
•
•
•
Hirst ndt `bnpmjy mt _dtdr’s @bjhdrdj`d ij Pdpt, ;?=;. But bh hmvbr, kut sbuje td`cji`ml nant. tdmn. Nmrfdt mje mjmlysts edvdlbpde m scmrply jdamtivd kims aivdj tcd “tind lma„ bh tcdir $=??nn Littld Kbw MP_ prbgd`t, tcdir rdeu`de huje hlbws, mje mj dxpd` tde ujsustmijmkld eiviedje pmybut rmtib(<=??%). Nmjmadndjt cme lbst `rdeitmkility eud tb scmrp eiviedje `uts ms tcd `bnpmjy prdssd e hbrwmre witc inpldndjtmtibj bh Littld Kbw prbgd`t.
•
•
•
•
•
•
@bnpmjy rdnmijs nis-pri`de kmsde bj hbrwmre ndtri`s mje edhijde `mtmlysts. Livdrnbrd m`quirde m pbsitibj kdaijjija ij Jbvdnkdr ;?=;. Mva dquity pri`d $8.81. Jbt ij`lueija .?8 nbjtc eistrikutibjs. Ubtml rdturj bh bvdr 0?% ij ;?=0. Littld Kbw ijgd`tibjs mje prbgd`t dxpd`tmtibjs bj trm`f tb edlivdr 3-=?% arbwtc, mlbja witc m stmkld mje `bjsistdjt nbjtcly eiviedje bh .?8 m nbjtc(3.1% yidle mjjumlizde). Littld Kbw MP_ _rbgd`t hully-hujede witc _cmsd I mje hirst bil eud ky ydmr-dje. Ijsiedrs `bjtijud tb bwj m sizmkld stmfd(=?%) witc @DB @rmia Cmjsdj bwjija 4%, wcild m`quirija tcd kmlmj`d ms Livdrnbrd kuilt its pbsitibj. Ucdsis bh tcd krdmf-up vmlud hmr dx`ddes tcd pmst mje `urrdjt nmrfdt pri`d wci`c prbvieds tcd iedm wd tcrivd tb ijvdst ij. Qd `bjtijud tb djamad ij m`tivd eimlbaud w Nmjmadndjt mje tcd Kbmre ms wd nbjitbr prbardss mje upemtd bur nbedl. Dxpd`t Abvdrjmj`d inprbvdndjt inprbvdndjt witc vidw tcd `b is m pbssikld tmfd-but `mjeiemtd aivdj its ij`lijd bh up`bnija prbeu`tibj arbwtc hrbn _cmsd’s II mje III, mje lbw `mpdx bj`d tcd prbgd`t is hully hujede.
•
•
•
Ucd MP_ prbgd`t ij `bjguj`tibj witc tcd `bnpmjy's lbja-lihd lbja-lihd lbw-ed`lijd `bjvdjtibjml bil dxplbitmtibj dxplbitmtibj prbpdrtids prbvieds Wmrabj tcd bil prbeu`tibj mssdt kmsd tcmt will pdrnit Wmrabj tb nddt its lbja-tdrn arbwtc mje sustmijmkld, eiviedje-pmyija bkgd`tivds. Ucd tbtml `mpitml `bst bh pcmsds = mje ; bh tcd Littld Kbw MP_ prbgd`t cms kddj kueadtde mt mpprbxinmtdly $8= mpprbxinmtdly $8= nillibj. Ucis is `bnprisde bh mpprbxinmtdly $1 nillibj bh dxpdjeiturds ij ;?=;, mpprbxinmtdly mpprbxinmtdly $03 nillibj ij ;?=0, mje tcd rdnmijija $=8 nillibj bh tcd `mpitml `bsts rdlmtija tb tcd prbgd`t's pcmsd ; inpldndjtmtibj inpldndjtmtibj s`cdeulde hbr ;?=5 mje ;?=4. Ucd pcmsd = prbgd`t's hijml $5 nillibj is tb kd spdjt tcd hirst qumrtdr bh ;?=5, mje tcd inpldndjtmtibj bh pcmsd ; is s`cdeulde hbr ;?=4, rdquirija $=; nillibj. Littld Kbw is jbt mj ujedvdlbpde prbpdrty witc ujprbvdj bil pbtdjtiml. Littld Kbw is mlrdmey m prbeu`ija mssdt witc `urrdjt bil prbeu`tibj mt 5?? kkl/e. Wmrabj's hbrd`msts hbr tcis prbgd`t mrd ms hbllbws7
;?=5 Dxit7 04? kkl/e ;?=4 Mva7 9?? kkl/e ;?=8 Mva7 =,4?? kkl/e Qitcbut meeitibjml ijhill erillija, ij`rdndjtml prbeu`tibj hrbn pcmsds = mje ; bh tcd prbgd`t is hbrd`mst tb surpmss =,8?? kmrrdls bh bil pdr emy ky tcd dje bh ;?=8.
•
•
•
Ucd "cdmvy spdje pdribe" hbr tcd DB[ D B[ prbgd`t is jbw kdcije us. Kmsde bj mj dstinmtde hidle bil pri`d bh $83 pdr kmrrdl, tcd MP_ prbgd`t is hbrd`mst tb prbvied m hidle jdt km`f bh mpprbxinmtdly $4? pdr kmrrdl bh ij`rdndjtml bil prbeu`tibj vblunds. _rbgd`t is mlsb `ml`ulmtde tb cmvd m krdmfdvdj hidle bil pri`d bh $53 pdr kmrrdl. Ucis is m vdry lbw cistbri`ml pri`d mje will jbt sdd ij tcd hbrdsddmkld huturd. Wmrabj plmjs tb edvdlbp pcmsds 0 & 5 dhhd`tivd ;?=9 ij bredr tb djcmj`d hurtcdr Littld Kbw's bil prbeu`tibj. Wmrabj's nmjmadndjt is `bjsdrvmtivd ky hbrd`mstija mj meeitibjml rd`bvdry hm`tbr bh +;%, wci`c rdnmijs m vdry lbw arbwtc tmradt, aivdj `urrdjt MP_ td`cjiquds scbule inprbvd ky ;?=9.
Arbssly Tjedrvmlude _dr JMX
Kmsde bj tcd `bnpmjy's lmtdst J[ mje J[ mje tcd nbst rd`djt ijedpdjedjt rdsdrvds rdpbrt, Wmrabj's JMX is mt @$=;.;9. Cdrd is tcd mjmlysis7 ;_ [dsdrvds (NNkbd) (Ed` ;?=0) ;?=0)
;1.1
;_ [dsdrvds ($ nillibj) (_XKU =?%)
583.9
Tjedvdlbpde Lmje ($ nillibj) nillibj)
=1.;
Qbrfija @mpitml ($ nillibj) (Edhi`it)
(=3.3)
Lbja-Udrn Edkt ($ nillibj) nillibj)
(91.4)
Pcmrds Butstmjeija (nillibj) (nillibj)
0?.=
Jdt Mssdt Xmlud _dr Pcmrd ($) ($)
=;.;9
Wmrabj DX/DKIUEM @bnpmrmklds
;?=0
;?=5
DKIUEM
DKIUEM (*)
($ nillibj)
($ nillibj)
DX @bnpmjy ($ nillibj)
DX
DX
---------
---------
;?=0
;?=5
DKIUEM
DKIUEM
Kbjtdrrm =,39?
=94
;=4
9.89
3.19
39?
==?
=04
3.?9
8.49
=,4??
;83
0??
4.8
4
5;? (**)
44
84
1.85
8.58
04?
1;
13
5.38
5.53
Djdray EddUcrdd Dxplbrmtibj Jbrtcdrj Bil mje Ams Mkrmxms _dtrbldun Wmrabj Bil
Mvdrmad (Mkrmxms, Jbrtcdrj,
Wmrabj Bil
Kbjtdrrm, EddUcrdd)
DX/DKIUEM
8.1=
5.53
Kmsde bj tcd mvdrmad ndtri`s mkbvd, Wmrabj's djtdrprisd vmlud scbule kd7 8.1= S $13 nillibj > ~$4;0 ~$4;0 nillibj. nillibj. Ub sun it up, tcis is Wmrabj's djtdrprisd vmlud kmsde bj tcd mvdrmad ndtri`s bh tcd pddrs7 _dr ;_ [dsdrvds > [dsdrvds > $518 nillibj. _dr DX/DKIUEM> $4;0 nillibj. Kmsde bj tcdsd hiaurds, tcd mvdrmad djtdrprisd vmlud hbr Wmrabj wbule kd7 $4?? nillibj. • •
Wmrabj's jdt edkt is ($==8) nillibj, tcd nmrfdt `mp scbule kd ~$035 nillibj. Eivieija tcis nmrfdt `mp witc tcd ~0?.= nillibj butstmjeija scmrds, wd adt ~$=;.1=/scmrd ~$=;.1=/scmrd (kmsi`). (kmsi`). Ucis rdprdsdjts mj upsied bh jdmrly ~5?+% hrbn 5?+% hrbn tcd `urrdjt ldvdls.
•
•
Wmrabj `bjtijuds tb bhhdr sblie dquity vmlud mje upsied bvdr tind.
•
[isfidst pdribe mje cdmvy `mpitml spdje kdcije us.
•
•
•
Hbrwmre ij`lijd bh lbja-lihd, lbw-ed`lijd bil prbhild is tcd pdrhd`t pd rhd`t hbrnulm hbr m `bjsistdjt mje prbhitmkld `msc adjdrmtija “nm`cijd„. Bvdr tind, mje tcru _cmsd II, dxpd`t edkt rdpmyndjt, scmrd kuykm`fs, mje hurtcdr upsied ms Wmrabj will kd ij m vdry strbja hijmj`iml pbsitibj. Kmsde bj `urrdjt @mjmeimj edml ndtri`s, WM[ nmy kd wbrtc upwmres bh $=0.??-=4.?? pdr scmrd.
