5ta kdduki Ppredh vkiuf edvfstedh `ldhrfss •
Kprei 0, ?=;3 • Iks Rfhks, DR
Bl`usedh Xafrf Ltafrs Krfd―t Fre` Kdcfrsfd, Xfstfrd Ptkdckrc
•
•
•
Cevfrsebefc Cevfrsebefc ildh/salrt ildh /salrt budc weta 3= ildh plsetelds kdc 6=+ salrt plsetelds Xf ken tl prlvecf `kpetki kpprf`ekteld lvfr k ildh-tfrn pfrelc Kiehdfc ed`fdtevfs ‐
;==% lb fnpilyffs dft wlrta edvfstfc ed taf budc •
Dl pfrsldki k``ludts krf kiilwfc
‐
;/3 lb `kpetki es brln fnpilyff kdc ennfcektf e nnfcektf bkneiy bkneiy
‐
Dl aeccfd bffs tl I]s
Edvfstnfdt Bl`us •
•
@lnpkdefs weta nkrjft `kpetkiezktelds ofilw $6==nn Vdcfrbliilwfc `lnpkdefs weta iettif tl dl sfii-secf `lvfrkhf ‐
•
Dl ldf es fcu`ktedh taf nkrjft
5=% lb lur wlrj es bl`usfc ld clwdsecf tl kvlec ilssfs
Edvfstnfdt Ecfks •
Xf `kst k wecf dft ed lur sfkr`a blr vkiuf ‐
]rlpreftkry s`rffds
‐
Cktkoksf lb 46== sf`uretefs
‐
Dfws kifrts ld audcrfcs lb `lnpkdefs
‐
Edvfstlr dftwlrj
‐
Nkdkhfnfdt tfkn rfikteldsaeps rfikteldsaeps
‐
Orljfrkhf bern `ldbfrfd`fs
‐
@urrfdtiy edvfstfc ed ;0 cebbfrfdt `ludtrefs
Edvfstnfdt ]rl`fss •
Budcknfdtki kdkiyses ‐
Bl`us ld taf clwdsecf berst
‐
[ukdteby lur kdkiyses weta cftkeifc vkiukteld wlrj
‐
‐
Vdcfrstkdc taf `urrfdt ousedfss tarluha `lnpkdy spf`ebe` kdc edcustry ifvfi ceiehfd`f Kdkiyzf taf sustkedkoeiety lb k `lnpkdy―s
`lnpftetevf kcvkdtkhf ‐
Bk`f-tl-bk`f fvkiukteld lb nkdkhfnfdt tfkns
Pf`urety Pfif`teld •
•
Xf illj blr pre`f ces`rfpkd`efs oftwffd taf vkiuf lb k ousedfss kdc taf `urrfdt sakrf pre`f ’Xay krf wf sl iu`jy tl akvf taes edvfstnfdt lpplrtudety<„ ‐
@lnpifxety
‐
@lrplrktf `akdhf
‐
@lnpkdy cestrfss
‐
Ildh alicedh pfrelc rfquerfnfdt rfquerfnfdt
_esj Nkdkhfnfdt •
@lnnld sfdsf ‐
•
•
’Es taes k resj E wkdt tl tkjf weta ny nltafr―s rfterfnfdt skvedhs<„
Hllc ousedfssfs weta hllc nkdkhfnfdt kt kttrk`tevf pre`fs Xf cl dlt fnpily ifvfrkhf tl fdakd`f rfturds
Se`jfr7 BL__ •
•
•
•
Aeha qukiety `lnpkdy weta aeha rf`urredh rfvfduf, aeha `iefdt rftfdteld rftfdteld rktfs, rktfs, kdc sehdebe`kdt veseoeiety Jfy pikyfr sfrvedh k ikrhf kdc hrlwedh SKN supplrtfc oy sf`uikr hrlwta Pkifs blr`f rfstru`turedh weii crevf suostkdteki suostkdteki fkrdedhs hrlwta
Dft `ksa okikd`f safft + B@B hfdfrkteld supplrts ikrhf rfturds lb `kpetki tl sakrfalicfrs sakrfalicfrs
Ousedfss Lvfrvefw •
Ifkcedh tf`adlilhy rfsfkr`a kdc kcveslry `lnpkdy
•
Kttrk`tevf Kttrk`tevf ousedfss weta ~8=% rf`urredh rfvfdufs
•
Ienetfc edvfstfc `kpetki kdc 2=% ed`rfnfdtki nkrheds
•
Cevfrsebefc weta dl `ustlnfr 4?% lb skifs Cktk 5% Ifkcfrsaep Olkrcs ?=%
@ldsuitedh ?8% Dld-_f`urredh _fvfduf 0;%
@lrf _fsfkr`a 3=%
Fvfdts 3%
]rlcu`t Lvfrvefw •
Blrrfstfr―s prenkry krfks lb bl`us7 ‐
Ousedfss Sf`adlilhy Sf`adlilhy (6?% lb skifs)7 •
Pfiiedh trkceteldki tf`a rfsfkr`a tl trkceteldki tf`a usfrs (’systfns lb rf`lrc„) ‐
‐
Fx7 @aefb Sf`adlilhy Lbbe`frs, @aefb Edblrnkteld Lbbe`frs, ft`.
Nkrjftedh & Ptrktfhy Ptrktfhy (30% lb skifs)7 •
Pfiiedh tf`a rfsfkr`a tl afip `iefdts ofttfr nkdkhf, rfk`a, kdc `lnnude`ktf weta `ustlnfrs (’systfns lb fdhkhfnfdt„) ‐
•
•
Fx7 @aefb Nkrjftedh Lbbe`frs, @ustlnfr Edtfiiehfd`f R]―s, ft` .
Saes es wafrf Blrrfstfr clnedktfs kdc cebbfrfdtektfs etsfib brln pffrs Sf`a ouchfts blr `ustlnfr edtfrk`teld krf hrlwedh nu`a bkstfr takd trkceteldki tf`a (+;6%/yr vs +;-?%/yr)
Edcustry Lvfrvefw •
Sltki kccrfsskoif nkrjft lb $;? oeiield kdc hrlwedh ‐
•
Swl oehhfst pikyfrs akvf ;8.6% nkrjft sakrf7 •
Hkrtdfr weta ;6% kdc Blrrfstfr Blrrfstfr weta ?.6%
•
@lnpftetlrs @lnpftetlrs krf snkii kdc ik`j s`kif
Aeha hrlwta edcustry ‐
Sf`a rfsfkr`a hrlws 4?x tf`a spfdcedh kdc tf`a spfdcedh hrlwedh bkstfr takd HC] •
‐
‐
Sf`a spfdcedh fxpf`tfc tl hrlw 0.?-6.6% ed ?=;3
;=-;6% dlrnkiezfc kdduki lrhkde` lrhkde` hrlwta rktfs Blrrfstfr Blrrfstfr kdc Hkrtdfr akvf rf`fdtiy `lnnfdtfc tafy `kddlt aerf bkst fdluha tl jffp up weta cfnkdc
’Sll nkdy `akdhfs, tll que`jiy„ •
Pfvfrki lpfrkteldki cf`eselds nkcf ed ?=;? akvf tfnplrkreiy enpk`tfc Blrrfstfr―s hrlwta prlbeif ‐
Ifkcfrsaep @akdhfs7 •
‐
_fpik`fc @aefb Pkifs Lbbe`fr kdc berfc @aefb Lpfrktedh Lbbe`fr
@iefdt Cfievfry7 •
@akdhfc tl ldf skifs rfp pfr k``ludt k ``ludt vs ldf rfp pfr prlcu`t
•
@akdhfc tl rfheldki/tfrretlreki rfheldki/tfrretlreki oksfc skifs rfps ‐
‐
Pkifs @lnpfdskteld7 •
‐
Nkglrety lb skifs blr`f wks il`ktfc ed @knorechf, NK
@lnpiftfiy rfvknpfc rfvknpfc taf `lnpfdskteld stru`turf tl k vfry udplpuikr kdc `ldbusedh pikd
_fil`ktfc _fil`ktfc Afkcqukrtfrs7 •
Ed`rfksfc `lnnutfs sehdebe`kdtiy
Kbtfrnkta •
_fvfduf hrlwta stunoifc kdc ed`rfksfc `lsts wfehafc ld nkrheds 2=% lb `iefdt k``ludts swet`afc rfps Kttreteld spejfc ‐ fspf`ekiiy knldhst sfdelr skifs rfps ‐ ‐
Edcfxfc _fsfkr`a _fvfduf
;3=
;0= Pkifs blr`f trkdseteld ofheds ;?=
;;=
;== Blrrfstfr 5=
Hkrtdfr
Fkrdedhs Hrlwta •
Blrrfstfr― Blrrfstfr―ss dfw @aefb Pkifs Lbbe`fr aks sed`f bexfc taf
`lnpfdskteld essufs kdc rfvknpfc rfvknpfc rf`ruetedh ‐
•
Saf dfw skifs nlcfi es wfii rf`fevfc oy `iefdts kdc crevedh `rlss sfiiedh lpplrtudetefs blr taf berst tenf ‐
•
Kttreteld Kttreteld ifvfis krf ofheddedh ofhedde dh tl dlrnkiezf
Paluic crevf cluoif cehet olljedhs hrlwta ed ?A ?=;3
Pkifs stkbb buiiy rknpedh lvfr taf dfxt ;?-;1 nldtas saluic crevf cluoif cehet fkrdedhs hrlwta ofh. ?=;6 ‐
‐
Buiiy rknpfc skifs stkbb saluic sfii ~$; neiield/yr vs dld rknpfc skifs stkbb takt sfii ~$?0=,===/yr Xeta 2=% ed`rfnfdtki nkrheds, hrlwta bkiis tl taf olttln
Bker Rkiuf •
Kt k pffr nuitepif, wf ofiefvf ofie fvf BL__ es wlrta $31.;=/sa
•
Clwdsecf es prltf`tfc oy BL__―s BL__―s khhrfssevf kh hrfssevf stl`j rfpur`aksf
prlhrkn ‐
•
Burtafr rfturds lb `kpetki iejfiy iejfiy ks BL__ wluic iejf tl hft tl $;== neiield ed `ksa ‐
•
_fpur`aksfc _fpur`aksfc ;2.?% lb sakrfs L/P ed ?=;0 kt kvfrkhf pre`f lb $02.?3 ‐ ?.1% kolvf taf `urrfdt pre`f
Enpiefs kdltafr ~$1= neiield ed `ksa tl of rfturdfc ed ?=;3
BL__ aks rfturdfc 3?% lb ets nkrjft `kp tl sakrfalicfrs sakrfalicfrs sed`f
Edvfstnfdt _esjs •
•
•
•
•
Pkifs trkdseteld tkjfs ildhfr takd fxpf`tfc Ed`rfksfc `lnpfteteld ed nkrjftedh & strktfhy rfsfkr`a Ed`rfksfc prliebfrkteld lb brff tf`a edblrnkteld kvkeikoif ld taf edtfrdft @ldsuitedh skifs `ldteduf tl hrlw bkstfr takd rfsfkr`a skifs rfcu`edh rf`urredh rfvfduf nex Ienetfc bilkt ks Bludcfr lwds ~3?% lb taf `lnpkdy
Se`jfr7 LBP •
Oustfc E]L rfsuits ed sjfwfc resj/rfwkrc ‐
•
•
Sltki rfturd lb 2=-1=% 2=-1 =%
Ienetfc clwdsecf ks trkcedh kt 18% lb OR Fkrdedhs saluic nlrf takd cluoif lvfr taf dfxt ? yfkrs
•
]kec tl wket weta k cevecfdc yefic lb ;;%
•
Kiehdfc ed`fdtevfs ks nkdkhfr lwds 0=%
Ok`jhrludc •
•
Fxtfrdkiiy nkdkhfc OC@ ifdcedh tl taf neccif-nkrjft Ptl`j slic lbb cuf tl k cfiky ed rf`fevedh POE@ crlp-clwd kpprlvki ‐
•
Kpprlvki Kpprlvki rf`fevfc ed Cf`fnofr ?=;0
Skrhft plrtbliel lb $36=nn $36=nn ‐
$??6nn Pr Ilkd Budc7 $;15nn (13% rknpfc)
‐
$??6nn POE@7 $35nn (??% rknpfc)
Pnkii Ousedfss Edvfstnfdt @lnpkdy • • •
Sltki rfturds ld edvfstnfdts lb ;?-;2% _fturd ld fquety lb 4?=% K``fss tl POK Cfofdturf prlhrkn ‐ ‐ ‐ ‐
•
Edtfrfst ldiy, ouiift weta ;= yfkr nkturety Bexfc rktf kt ;= yr trfksury + ~2=ops Vdsf`urfc, dld-rf`lursf tl nkdkhfr Dl prfpkynfdt pfdkity
Cerf`t ifdcedh piktblrn ‐ ‐
]rlpreftkry cktkoksf lb 41j `lnpkdefs Ifdcs tl taf ilwfr neccif-nkrjft neccif-nkrjft
Fkrdedhs Hrlwta Brln POE@ _knp _LF - POE@ Nlcfi7
Edvfs tnfdt _fturd @ls t lb budcs Nhnt bff C/F Cfot/Sltki @kpetki
;3.=% 3.=% ;.86% ?.=x 22.8%
Cfot - $ Fquety - $ Sltki Kss fts
$;6=.= $86.= $??6.=
_fvfduf Edtfrfs t fxpfds f Nkdkhfnfdt bff Ilkd ils s prlves eld Ed`lnf (prf-ed`fdtevf) Ed`fdtevf bff Dft Ed`lnf
$0;.6 ($0.=) ($0.5) ($?.0) $??.0 ($3.6) $;8.5
_LF [3;0
[;;3
?3% [?;3
[0;3
[3;3
[;;6
[?;6
[0;6
[3;6
LBP df t e d`lnf
$;.3
$?.3
$?.8
$?.5
$0.0
$0.8
$3.?
$3.2
$6.=
ISN df t e d`lnf
$6.8
$2.8
$8.5
$5.3
$;;.0
$;?.8
$;3.;
$;6.1
$;8.6
Nkdkhfnfdt •
Fxtfrdki nkdkhfr lwds 0=% ‐
•
@FL lwds 4;=% lb LBP cerf`tiy
Bk`f-tl-bk`f fvkiukteld lb nkdkhfnfdt tfkn ‐
POE@ kppie`kteld prl`fss •
•
•
‐
]red`epkis weta strldh, plsetevf rfputktelds _fkiezfc trk`j rf`lrc rf`lrc lb supfrelr rfturds ofd`ankrjfc khkedst budcs lb sknf vedtkhf yfkr kdc styif Fvecfd`f lb strldh cfki bilw ed edvfstnfdt edvfstnfdt krfk blr prlplsfc budc
Edcustry `af`js plsetevf ld nkdkhfrs
Bker Rkiuf Vpsecf7 ]F _ktel7
Fkrde dhs pfr sakrf Nui te pi f ]re `f tkrhf t
$;.18 ;;.=x $?=.65
Ce ve cf dcs rf `f e vf c tarluha [3;6 Sltki vki uf rf `f e vf c
$?.8? $?0.0;
vs @urrf dt
E np i e f c c e v e c f d c y e f i c
10.2%
5.;%
Ollj Rkiuf7
OR /sa ( [3;6) Nui te pi f ]re `f tkrhf t vs v s @urrf dt
$;3.05 ;?2% $;1.;= 3?.2%
Ce ve cf dcs rf `f e vf c tarluha [3;6 Sltki vki uf rf `f e vf c
$?.8? $?=.1?
vs @urrf dt
23.=%
Edvfstnfdt _esjs •
Fxf`uteld resj ‐
•
Edtfrfst rktf rktf resj resj ‐
•
POE@ ilkds krf bexfc rktf
Ceiuteld ‐
•
Skrhft hrlwedh POE@ kssfts $?=-0=n pfr qukrtfr
Fquety lbbfredh lbbfredh dffcfc lb $;0.2n (;=% ceiuteld)
Hfdfrki f`ldlne` clwdturd ‐
Pnkii ousedfssfs krf edlrcedktfiy kbbf`tfc
Se`jfr7 AK_S C@ •
•
•
•
Ifkcedh fhh pk`jkhedh `lnpkdy weta k ;=.6% B@B yefic* Cfbfdsevf kdc stkoif edcustry weta bfw ikrhf pikyfrs _fstru`turedh prlhrkn weii `ldteduf tl enprlvf nkrheds Ed`rfksedh fhh cfnkdc `ldtedufs tl crevf skifs hrlwta
Edcustry Lvfrvefw Ifkcedh prlcu`fr lb nlicfc beorf fhh pk`jkhedh (3=% NP)
•
•
Nlicfc beorf prfbfrrfc oy olta `ldsunfrs kdc pk`jfrs
Ousedfss Lvfrvefw •
Orlkc plrtbliel lb `ustlnezkoif prlcu`ts fkseiy nkt`afs kii nkrjftedh strktfhefs ‐
•
Aeha fdc rfprfsfdts 43=% lb Akrtnkdd―s Furlpfkd skifs kdc hrlwedh
_fheldki ikrhf prlcu`teld `kpkoeietefs ‐
]rlcu`teld setfs7 @kdkck, Cfdnkrj, Hfrnkdy Hf rnkdy,, Audhkry, Audhkry, @rlktek, kdc Esrkfi % Pkifs oy Hflhrkpay
% FOES oy Hflhrkpay @lrplrktf -;6%
D. Knfre`k ;1%
Furlpf 1?%
D. Knfre`k 30%
Furlpf 83%
Hrlwta Crevfrs •
Ed`rfksedh cfnkdc blr prfneun pk`jkhedh ed Furlpf ‐
•
Ed`rfksedh pfdftrkteld lb nlicfc beorf ed Dlrta Knfre`k ‐
‐
‐
•
Crevfd oy hrl`frs ks tafy fkrd 4?=% FOES nkrheds ld prfneun fhhs V.P. nkrjft es ~6=% blkn tlcky Nlicfc beorf hkededh sakrf ks `ustlnfrs cfnkdc sustkedkoif kitfrdktevfs Akrtnkdd es ed`rfksedh `kpk`ety 00% lvfr dfxt ;? nldtas tl supplrt cfnkdc
Ed`rfksedh `ldsunpteld lb fhhs ed Furlpf ‐
Fhh `ldsunpteld ed cfvfilpfc Furlpf ed`rfksfc 0.5% ed ?=;0
‐
]lpuikteld hrlwta kdc urokdezkteld krf jfy crevfrs
_fstru`turedh ]rlhrkn ]aksf Ldf7 @lnpiftfc Cevfst `kpetki edtfdsevf ousedfssfs
Nkdkhfnfdt lvfrakui (dfw @akernkd, @FL, @BL, kdc @LL)
Surd krludc ilss nkjedh sfhnfdts
@fdtrkiezf `lrplrktf bud`telds
]aksf Swl7 Ed ]rlhrfss _kteldkiezf `lst oksf
Enprlvf Enprlvf skifs nex
Lptenezf nkdubk`turedh bk`eietefs
Fxpkdc D. Knfre`kd `kpk`ety
_fsuits tl Cktf FOES Nkrheds7 6.8% -4 5.3%
B@B plsetevf sed`f ?=;= kdc hrlwedh
_LE@ %7 1.6% -4 ?0.=%
Cevecfdcs pfr sakrf7 CJJ ;.6= -4 CJJ 5.6=
Bker Rkiuf •
Kt k pffr nuitepif, AK_S C@ es wlrta CJJ ?12.25/sa
Edvfstnfdt _esjs •
Nkrheds sus`fpteoif tl edput `lsts ‐
•
Ilw hrlwta edcustry ‐
•
Dfw nkrjft lpplrtudetefs ed taf t af V.P. kdc @fdtrki Furlpf hevfd ilw pfdftrkteld pfdftrkteld
Pkifs krf tefc tl k `lnnlcety ‐
•
Swl ikrhfst edputs krf rf`y`ifc pkpfr kdc fdfrhy
Fhh vliunfs krf vfry stkoif
Kitfrdktevf pk`jkhedh nktfrekis fxest
