4th kjjukc \prdjm vkcui djvistdjm lgjmriss •
Kprdc 0, 2>;0 • Cks Uimks, JU Phi PKG ge Ksyaaitrdl Djvistdjm Adlhkic Fkg, Kfkjthgs Lkpdtkc
Phi PKG PKG ge Ksyaaitrdl Djvistdjm Djvistdjm by
@dslcgsuri \tktiaijt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–EGR]KR@ CGGFDJM \PKPIAIJP\‑, ]HDLH LKJ BI D@IJPDEDI@ BT PHI Y\I GE EGR]KR@-CGGFDJM PIRADJGCGMT \YLH K\ –AKT‑, –]DCC‑, –IX^ILP‑, –KJPDLD^KPI‑, –PKRMIP‑, –^RGOILP‑, –I\PDAKPI‑, –DJPIJ@‑, –LGJPDJYI‑ GR –BICDIUI‑ GR PHI JIMKPDUI\ PHIRIGE GR GPHIR UKRDKPDGJ\ PHIRIGJ GR LGA^KRKBCI PIRADJGCGMT. @YI PG UKRDGY\ RD\F\ KJ@ YJLIRPKDJPDI\, KLPYKC IUIJP\ GR RI\YCP\ GR KLPYKC ^IREGRAKJLI AKT @DEEIR AKPIRDKCCT ERGA PHG\I RIECILPI@ GR LGJPIA^CKPI@ DJ \YLH EGR]KR@-CGGFDJM \PKPIAIJP\. ^K\P ^IREGRAKJLI D\ JG MYKRKJPII GE EYPYRI RI\YCP\ KJ@ EYPYRI RIPYRJ\ KRI JGP MYKRKJPII@.
Fiy Djvistaijt Pijits ]i ruj k lkpdtkc strulturi cgjm/shgrt strktimy wdth kj ivijt-`rdvij eglus
]i kri vkcui djvistgrs klrgss auctdpci `daijsdgjs? iqudty, iqudty, lri`dt & vgcktdcdty
]i bicdivi gvir-widmhtdjm hdmhist lgjvdltdgj trk`is cik`s tg cgjm-tira gutpiregrakjli
]i siif euj`kaijtkccy `deeirijt thiaktdl `rdvirs tg geesit pgsdtdgj lgjlijtrktdgj
]i kri wdccdjm tg sustkdj sgai jikr-tira vgcktdcdty tg klhdivi hdmhir cgjmir-tira riturjs
]i lgjstrult thi pgrtegcdg tg bi k thiaktdlkccy `dvirsi lgcciltdgj ge ksyaaitrdl pkygees
@dvirsi @dv irsi Phiais ge Ksyaaitrdl Djvistdj Djvistdjmm
@kti Bkjfruptly Rigrmkjdzktdgj Ivijt @rdvij / \pildkc \dtuktdgj
2>;>
∟ ∟
–^irpitudty –^irpit udty Gptdgj‑ \hkrihgc`ir/ Lri`dtgr Kltdvdsa @dstrissi`/ @iip Ukcui \ilurdty Ricktdvi Ukcui
∟ ∟
2>;;
2>;0
∟ ∟ ∟ ∟
∟ ∟ ∟
Mijirkc Agtgrs @dstrissi` Bgj`s •
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^risijti` thi lksi egr thi pri-D^G `ibt silurdtdis ge MA dj Gltgbir 2>;> Gc`Lg bgj`s hkvi lgjvirti` tg JiwLg iqudty kj` wkrrkjts Bgj`s thkt wi purlhksi` egr ~9l kt thi cgws ivijtukccy rilgviri` 0>l+ kt thi tdai ge ixdt MA bkjfruptly stubs (APC[Y) hkvi biij k auctd-bkmmir gvir thi pkst 2 yikrs `ui tg pgsdtdvi lckdas risgcutdgj kj` stglf kpprildktdgj
Ekjjdi Aki kj` Eri``di Akl ^rieirri` \ilurdtdis •
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Djvisti` dj 2>>4 kt 2l ^risijti` kt UDL gj Aky 0, 2>;;, whij prieirri`s wiri trk`djm kt krguj` 9l Gur ckrmist ivijt `rdvij pgsdtdgj `ispdti tkfdjm sdmjdedlkjt prgedts tg akjkmi rdsf Lurrijtcy trk`djm krguj` <9-0>l \tdcc k strgjm rdsf-riwkr` prgpgsdtdgj mdvij strijmth ge cimkc krmuaijts kj` lgjtdjui` prgedtkbdcdty ge lgapkjdis
Pg`ky— P g`ky—ss D`ik? K \akcc -Lkp I&^ Lgaagj Iqudty Lgapkjy @islrdptdgj? •
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Lkjk`dkj `gadldci` gdc kj` mks prg`ulir wdth gpirktdgjs dj thi Jgrth kj` \guth dsckj`s ge Jiw _ikckj` Prk`i` gj Pgrgjtg ixlhkjmi Kssits lgjsdst ge `rdccdjm piradts gj 2.8aa jit jit klris ge lgjvijtdgjkc kj` ujlgjvijtdgjkc `rdccdjm gppgrtujdtdis
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< bksdjs? Pkrkjkfd, Ikst Lgkst kj` Lkjtirbu Lkjtirbury ry
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;>>% gwjirshdp ge ekldcdtdis kj` pdpicdji djerkstrulturi
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Lurrijtcy agst kltdvi `rdccir dj Jiw _ikckj`
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Cgjm tira lgapkjy mgkc tg bilgai thi tgp Jiw _ikckj` gdc & mks prg`ulir dj ;> yikrs
Lgapkjy Gvirvdiw Lkpdtkc \trulturi
^rdli pir \hkri
;2.0
Lksh & Aft \ilurdtdis @ibt Jit @ibt (Lksh)
$58.9 >.>
;>.0
($58.9) 8.0
\tglf ^rdli (LK@) Euccy @dcuti` \hkris G\
$<.>< 58.5
Akrfit Lkpdtkcdzktd Lkpdtkcdzktdgj gj
$2>=.8
Pgtkc Ijtirprdsi Ukcui (PIU)
$;<4.<
5.0
0.0
2.0
Lgjsijsus ET2>;9 IBDP@K (Akrlh)
0;.2
PIU / 2>;9I IBDP@K
<.0x
>.0
> ; j k O
> > ; ; - c r u p O K
> ; ; ; - t j l k G O
; ; ; ; - c r u p O K
; 2 ; ; - t j l k G O
2 2 ; ; - c r u p O K
2 < ; ; - t j l k G O
< < ; ; - c r u p O K
< 0 ; ; - t j l k G O
0 ; r p K
Phi PKG PKG ge Ksyaaitrdl Djvistdjm Djvistdjm •
^rgedci ge k Lgjvirtdbci Bgj`
Phi lgapkjy ds Pkm Gdc (Bcggabirm tdlfir? PKG LJ)
@iip Ukcui •
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Ivijt Gptdgj
]i thdjf ge PKG LJ iqudty ks hkvdjm k prgedci sdadckr tg k –`dstrissi` bgj`‑ + auctdpci –ivijt gptdgjs‑ Phigritdlkccy, k `iip vkcui iqudty wdth zirg `ibt hks k prgedci sdadckr tg `dslgujti` `ibt wdth edrst lkcc gj kssits/lksh ecgw
Ks dj k bgj`, PK PKG G LJ—s vkcui `irdvis `ird vis erga J^U ge lksh ecgws erga lurrijt prg`ultdgj
•
Bgj` Cdfi
Ivijt gptdgjs `irdvi` erga ixpcgrktdgj/`rdccdjm prgmrka
i l d r ^ i c b d t r i v j g L
\tglf ^rdli
@dstrissi` Lri`dt \ijsdtdvi Bkckjli`
Iqudty \ijsdtdvi
–@dstrissi` Bgj` ‑ Lgapgjijt •
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PKG LJ—s shkccgw gdc prg`ultdgj dj Pkrkjkfd Bksdj prgvd`is pri`dltkbci lksh ecgws
^rgedci ge k Lgjvirtdbci Bgj` –@dstrissi` Bgj`‑ Lgapgjijt
–Ivijt Gptdgj‑ Lgapgjijt
Lurrijt prg`ultdgj ds k hdmhcy `iprissi` ;,0>> bkrrics pir `ky6 mijirktdjm $0>aa ge kjjukc lksh ecgw Prk`djm kt <.9x lurrijt lksh ecgw wdth prg`ultdgj kt `iprissi` civics Lgapkjy shguc` bi kbci tg djlriksi prg`ultdgj dj jikr tira tg ;,5>>-;,8>> bbc/`ky, whdlh wguc` akfi lurrijt vkcuktdgj 1 2.=-<.>x PIU/LE PIU/LE Ixdstdjm prg`uldjm wiccs kllgujt egr 329% ge tgtkc `rdcckbci pgtijtdkc \dadckr tg `dstrissi` bgj` trk`djm bicgw –pgtijtdkc‑ prdjldpkc vkcui
i l d r ^ i c b d t r i v j g L
\tglf ^rdli
@dstrissi` Lri`dt \ijsdtdvi Bkckjli`
Iqudty \ijsdtdvi
–Ivijt Gptdgj‑ Lgapgjijt Jiw _ikckj` ds ilgjgadlkccy stkbci kj` ricktdvicy ujtkppi`? Djlcu`djm geeshgri Jiw _ikckj` hks ;Bj klris vs . Muce ge Aixdlg‘s <8
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PKG LJ—s thrii –gptdgj lgapgjijts‑? •
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Pkrkjkfd (]ist Lgkst) Bksdj − Pkrmit bgth shkccgw kj` `iip `rdccdjm gppgrtujdtdis tg mijirkti stik`y lksh ecgws Ikst Lgkst Bksdj − ^gtijtdkc mkai lhkjmdjm shkci gdc pcky − ;0bj bkrrics ge pgtijtdkccy rilgvirkbci gdc (;
Ukcuktdgj U kcuktdgj Bksi Lksi (;)
Ypsd`i Lksi (2)
Yjrdsfi` Lidcdjm (<)
$2.5<
$2.5<
$<.>9
]ist Lgkst (0 pckys)
$<.94
$9.55
$2>.54
Ikst Lgkst (;> pckys)
$>.>>
$=.22
$=2.2>
Pgtkc Ivijt Gptdgjs
$<.94
$;2.88
$42.88
Pgtkc Ukcui
$5.22
$;9.9;
$49.4<
Lurrijt ^rdli % ^gtijtdkc Ypsd`i
$<.>< ;>9%
$<.>< 0;2%
$<.>< <>55%
–@dstrissi` Bgj`‑ Lgapgjijt ^rgvi` & ^rgbkbci (2^) Risirvis + Lksh (0) ,(9) –Ivijt Gptdgj‑ Lgapgjijt
(;) Bksi lksi? lksi? cgw prgbkbdcd prgbkbdcdty ty (9-2>%) (9-2>%) lhkjli lhkjli ge sulliss sulliss gj ]ist ]ist Lgkst, Lgkst, jg vkcui vkcui tg Ikst Lgkst Lgkst (2) Ypsd`i lksi? lksi? hdmhir prgbkbdcdty prgbkbdcdty (;9-<>%) lhkjli lhkjli ge sulliss sulliss gj ]ist Lgkst, ;>% lhkjli lhkjli tg Ikst Lgkst (<) Ikst Lgkst hks hks ;0bj ge pgtijt pgtijtdkc dkc gdc dj dj pckli6 pckli6 rilgviry rilgviry ekltgr ekltgr egr JK shkci shkci rgumhcy rgumhcy ;>% (0)) Lks (0 Lksh h jit jit ge ge ;2 ;2 agjth agjthss ge ge lkpix lkpix
Rilijt Ivijts Hdstgrdlkc ^rdli ^iregrakjli ge PKG LJ Iqudty ;2.0
Kprdc 2>;2 Geeirdjm ge 2.4aa lgaagj shkris kt $;>.09 p/s •
;>.0
8.0
Okjukry 2>;< Kpklhi pucci` gut ge Ikst Lgkst OU Gltgbir 2>;< Geeirdjm ge 9.=aa lgaagj kt $0.0> p/s •
5.0
•
0.0
@iliabir 2>;; ^gsdtdvi risucts kt Lhikc wicc •
2.0
\iptiabir 2>;> Klqudris Lkr`dee krik Gdc/mks eguj` kt \d`iwdj`ir • •
>.0
Aky 2>;< ^rg`ultdgj `dskppgdjtaijt •
]hy Ds Dt Prk`djm Prk`djm dj @iip Ukcui Ukcui Pirrdtgr Pirrdtgry7 y7 •
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@dskppgdjtdjm prg`ultdgj juabirs dj thi pkst eiw qukrtirs − Hdmhir thkj ixpilti` `ilcdji rktis gj akturi wiccs − Adtdmkti` by hdmhir gdc vs. mks prg`ultdgj (hdmhir prdldjm & lksh ecgw) − Lurrijt prg`ultdgj bksicdji ge ;,5>>-;,8>> BGI/`ky (agstcy gdc) shguc` bi stkbci Kpklhi pucci` gut ge Ikst Lgkst OU dj ikrcy 2>;< − \hdet dj lgrpgrkti strktimy tg rieglus gj `gaistdl gpirktdgjs (trgumh jkturkc mks) − Erustrktdgj wdth `ickys kj` pgstpgjiaijts, dapklt gj prgoilt DRR − Kpklhi spijt $2=.9aa tgtkc, djlcu`djm $;9aa cuap sua pkyaijt tg PKG − PK PKG G LJ ds wgrfdjm wgr fdjm wdth Kpklhi—s lgjsuctkjts whg –eicc dj cgvi wdth thi pcky‑
\uaakry? Djtrdjsdl kj` Akrfit Akr fit Ukcui Ukcui @dvirmijli Lriktis Ksyaaitry Hdstgrdlkc ^rdli ^iregrakjli ge PKG LJ Iqudty
$<>>
$5>>
^rg`ultdgj Rivijui
Jit Gpirktdjm Lksh Ecgw 290.;
Pgtkc Kssits
$29>
2<0.9
\hkrihgc`irs' Iqudty 2;>.4
Akrfit Lkpdtkcdzktdgj $2>>
;4;.2
Ijtirprdsi Ukcui
$<>>
;>0.8 40.5
$2>>
$00.5 <0.2
$02.4
$9> 2;.; ;=.< $5.9 $>
$0>>
;08.4 ;<<.0
$;9>
$;>>
$99.8 0>.0
$;>>
;9.5
$;<.;
>.2 2>;>
$9>>
$> 2>;;
2>;2
2>;<
CPA ;2/;<
Rdsfs •
Lgaag`dty prdli rdsf
•
^gtijtdkc ijvdrgjaijtkc gppgsdtdgj tg ujlgjvijtdgjkc `rdccdjm / erklfdjm
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Cdadti` gpirktdjm hdstgry ge wiccs
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Cklf ge gdc & mks djerkstrulturi dj prgspiltdvi kriks (i.m. Ikst Lgkst)
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Aust `iagjstrkti vdkbdcdty ge `rdccdjm kriks prdgr tg piradt ixpdrktdgjs
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Hdmh pgtijtdkc LK^IX spij`djm
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Jikr tira `rdccdjm risucts kt Lkr`dee (mks pcky dj Pkrkjkfd) Pkrkjkfd) admht `dskppgdjt
[&K
FKJPHG\ L K^DP K^DPKC KC A KJKM KJKMIAIJP IAIJP, CCL K FKJPHG\
2;=>> Gxjkr` \triit, \udti ;=<> ]gg`ckj` ] gg`ckj` Hdccs, LK 4;<5= Pic? P ic? (8;8) 88<-82=> Ekx? (8;8) 88<-82=;
djegNkfkjthgslkpdtkc.lga
