WT\O TI_S HIBBOEO NMJO
Hmbdfirndm \dzzm Kdthaon Xamro Cuycmhk mng Fdnmnhdmb Bovormeo Wypo Tiur Nmjo 8/3
Fir fubb sot if mnswor, \bomso jmdb jo mt mbkmjurmrkmmLejmdb.hij Mbsi fir mny itaor pri`ohts aobp pbomso jmdb jo. D hmn aobp dn mny hiursos Fdnmnho, Jmnmeojont, Xtrmtoey, Jmrkotdne, Aujmn Sosiurhos, Iremndzmtdin Coamvdir, Ohinijdhs, Oxhob, Gdssortmtdin, HM\XDJ, Inbdno Wost mng mny itaor kdng if pri`ohts.
Hmbdfirndm \dzzm Kdthaon ams coon eriwdne hinsdstontby mng maomg if hijpotdtdin cy m bmreo jmredn. Gospdto tads, tao stihk prdho if tao hijpmny fobb cy =<% dn @uno 3<<5. Wao hijpmny ds hurrontby goct froo mng ams bdjdtog hmsa in dts cmbmnho saoot. Dt ams mn dgontdfdog eriwta oxpmnsdin pbmn if _X$ 1? jdbbdin. Dn irgor ti mrrost gohbdno dn samro prdho mng rowmrg dts samroaibgors, tao jmnmeojont ds hinsdgordne tao pbmn ti bmunha m samro ropurhamso priermj. Mbtaiuea hi-HOI Sdhk Sisonfdobg ds if tao ipdndin if nit usdne bovormeo in dts cmbmnho saoot si ti amvo m stmydne piwor dn tdjo if hrdsos mng dngustry giwnturn, tao HFI Xusmn Hibbyns ds if tao ipdndin aiw uso if bovormeo hmn privdgo conofdts ti hijpmny. Wao nito roprosont roprosont Hibbyns hmso if aiw uso if goct hmn ciist roturn roturn in oqudty if H\K, dnhromso ivormbb vmbuo if tao Fdrj, dnhromsos samro prdhos mng eonormtos dnhrojontmb ohinijdh vmbuo mggog mng aonho ciist samroaibgors wombta.
Ivorvdow Hmbdfirndm \dzzm Kdthaon, aomgqumrtorog dn Bis Mneobos, Hmbdfirndm, ds m rostmurmnts sorvdho hijpmny tamt ipormtos hmsumb gdndne hamdn. Wao hijpmny fihusos in projduj pdzzms soejont mng amg 3=8 bihmtdins dn 31 stmtos mng 6 firoden hiuntrdos mt ong if sohing qumrtor if 3<<5. Wao hijpmny ropirtog _X$??? jdbbdin rovonuos dn 3<<6 wadha erow cy =?.6% y-i-y. Wao rostmurmnt hamdn gordvog dts rovonuo frij taroo siurhos0 smbos mt hijpmny-iwnog rostmurmnts, riymbtdos frij frmnhadsoo rostmurmnts, mng riymbtdos frij m pmrtnorsadp wdta Krmft Fiigs ti sobb H\K crmngog frizon pdzzms dn erihory stiros. Uadbo t ao hijpmny gios fihus ti gdvorsdfy dt s cusdnoss jigob cy vonturdne dnti wdta twi itaor crmngs, tao prdjmry fihus stdbb hintdnuos ti rojmdn in ipormtdne hijpmny-iwnog fubb-sorvdho H\K rostmurmnts, if wadha woro =13 undts. Jmrkot ostdjmtos tao pitontdmb if nujcor if H\K—s fubb-sorvdho fubb -sorvdho sobfiwnog rostmurmnt mt ?<<. Wao jmnmeojont ds mbsi upcomt in tao suhhoss mng prispohts wdta frmnhadsdne fubb sorvdho rostmurmnts dntornmtdinmbby. Mt tao coednndne if @uby 3<<5, tao hijpmny amg =? frmnhadsog dntornmtdinmb bihmtdins wdta jiro pbmnnog fir ipondne dn sohing ambf if 3<=5. Udta prosonho mbromgy dn Hadnm (dnhbugdne Ainekine), Dnginosdm, @mpmn, Jmbmysdm, tao \adbdppdnos, mng Xdnempiro, tao hijpmny ams pbmns ti oxpmng dts fiit prdnts ti Joxdhi mng Xiuta Kirom dn tao sohing ambf if 3<<5.
Fdnmnhdmb \orfirjmnho Dn hijpmrdsin ti womkondne smbos mng omrndnes eriwta mjine rostmurmnts sorvdho privdgor hijpmndos, H\K—s rovonuos dnhromsog jiro tamn =6% ti _X$=?4 jdbbdin fir tao sohing qumrtor if 3<<5. Siymbtdos frij Krmft pmrtnorsadps mng dntornmtdinmb frmnhadsoo woro nitmcby up 85% mng 3=% rospohtdvoby. Govobipjont pbmns fir ipondne =6 ti =1 rostmurmnts woro in shaogubo fir 3<<5. H\K—s eriwta pbmns w oro mntdhdpmtog ti roqudro _X$ 1? jdbbdin dnvostjont dn hmpdtmb oxpongdturos. Wao hmsa prifdt dn 3<<6 wms ropirtog mt _X$ ?< jdbbdin. Dn tao onvdrinjont if rdsdne wmeo, fuob mng fiig hists, H\K ams coon pbmydne vory sjmrt cy jmnmedne dts hists. Uadbo bmcir hists (ms % if smbos) gohbdnog ti 86.8% dn sohing qumrtor if 3<<5 vs, 86.6% dn hirrospingdne qumrtor if 3<<6, tao fiig, covormeo mng pmpor suppby hist rojmdnog hinstmnt mt 37.?% if smbos gurdne tads pordig. Ms por jmnmeojont juha if tao hist djprivojonts amvo coon mhadovog tariuea dnhromsog offdhdonhy mt rostmurmnt ipormtdins. Cosdgos rdso dn hist prdhos, rostmurmnts woro mbsi ermppbdne wdta dssuo if fmbb dn eriss jmredns tamt woro ungor prossuro frij tao siftondne gojmng fir gdndne iut. Aiwovor, H\K—s pmst strine porfirjmnho vs. dts poors mng dts porfirjmnho dn sohing qumrtor if 3<<5 mffdrj jmny mnmbysts hinhbusdins tamt H\K wms m smfo amvon dn hmsumb
gdndne sohtir. Mvormeo wookby fubb sorvdho rostmurmnt smbos woro eriwta mt 8-Tr HMES if 6.<%, waoroms tao eriwta dn sohing qumrtor if 3<<5 wms mt 7.5% cita in y-i-y cmsds mng hijpmrog ti fubb yomr mvormeo if 3<<6. Xmbos mt hijpmny iwnog rostmurmnts woro eriwdne dn oxhoss if ?% p.m wadha jmkos taoj fow mjine tao poors ti eriw mt suha adea rmto in m hinsdstont cmsds. Hinsonsus firohmst saiws tamt H\K—s H\K—s wms ostdjmtog ti eriw ti _X$ 6?< jdbbdin dn 3<<5 mng _X$ 5?< jdbbdin cy 3<<1 rosubtdne dn =5.=% mng ?.7% y-i-y eriwta. Wads ds juha adeaor tamn eriwta oxpohtog dn ivormbb rostmurmnt dngustry dn hmsumb gdndne soejont if fubb sorvdho sohtir wadha ds ostdjmtog ti eriw mt ?-Tr HMES if 6.?%.
Crmng Biymbty H\K spong cmroby =% if dts smbos in mgvortdsojont dn robmtdvo ti ms adea ms 8% ti 7% if smbos tamt hijpotdtirs, suha ms, Hadbd—s, Sog Bicstor, Ibdvo Emrgon, mng Iutcmhk Xtomkaiuso, spont mnnumbby. Uobb hrmftog oxohutdin if H\K—s jigob ams rosubtog dn dnvmbumcbo wirg if jiuta pucbdhdty rosubtdne dn dnhromso dn iremndh trmffdh. Furtaor if titmb mgvortdsojont spongdne nomrby ?<% wms spong in dnvontdvo jonu-govobipjont hists, wadbo tao itaor ambf eots hinsujog cy jiro typdhmb jmrkotdne strmtoedos, suha ms pucbdh robmtdins offirts, gdroht jmdb iffordnes, iutgiir jogdm, mng inbdno jmrkotdne. Gojiermpadhs, dn mggdtdin ti ongirsojont if tao hamdn, woro mnitaor jm`ir romsin fir hinsujor mttrmhtdin tiwmrgs tao crmng. H\K—s hiro hustijor amg mn mvormeo mnnumb aiusoaibg dnhijo if _X$ 5?,<<< mng tao cuhkot if taoso mffbuont sihdotdos saobtorog taoj frij mny jmhriohinijdh prossuros, suha ms rdsdne ems prdhos ir fiig hist tamt jdeat biwor smbos mt hijpotdtdin wdta fowor wobb-iff pmtrins. Dn mggdtdin ti hrogdtdne dts dnvontdvo jonu, H\K—s mvormeo haohk vmbuo mt _X$=8.8< wms cobiw tamt if jmny if dts upshmbo hmsumb gdndne poors mng jmkos H\K m \rdho-Vmbuo-Oxpordonho bomgor dn dts sohtir.
Wao Cde ]uostdin Gospdto djprossdvo porfirjmnho, tao stihk prdho if H\K amg gohbdno =<% gurdne @uno 3<<5 ti m hurront vmbuo if $33.=<. Edvon tao grip tao Jmnmeojont Womj wms ovmbumtdne tao iptdin if rowmrgdne dts samroaibgors cy ropurhamsdne hijpmny samros frij ipon jmrkot mt tigmy—s prdho. prdho. Aiwovor, wdta bdttbo oxhoss hmsa dn tao kdtty (inby _X$ 5.3 jdbbdin ms in @uby =, 3<<5) m bmreo samro ropurhamso priermj wiubg roqudro goct fdnmnhdne. Uamt mbsi noogog ti co cirno dn jdng ds tamt tao hist if fungdne futuro eriwta mng oxpmnsdin pbmn ds mbromgy ostdjmtog mt _X$ 1? jdbbdin gibbmr wadha noogs ti co fdnmnhog odtaor tariuea dssudne now oqudty ir goct. Wao offoht if usdne bovormeo
fir fdnmnhdne samro ropurhamso priermj noogs ti co ovmbumtog dn torjs if ciist dt privdgo ti SiO, O\X, Hist if Hmpdtmb, Xamro \rdho mng ohinijdh vmbuo mggog.
Xdnho eidne pucbdh dn 3<<<, H\K—s jmnmeojont amg mvidgog puttdne mny goct in tao cmbmnho saoot. Ms por hijpmny hi-HOI Sdhk Sisonfdobg, tao strmtoey wms ti amvo m stmydne piwor dn ovont if mny hrdsos. Wao strine cmbmnho saoot wiubg jmdntmdn tao cirriwdne mcdb dty noogog ti suppirt H\K—s oxpohtog eriwta trm`ohtiry. Aiwovor, Hibbyns wms mwmro if tao fmht tamt uso if cirriwdne ir bovormeo wdbb ciist roturn in oqudty (SiO) if tao hijpmny. Gospdto tao hambboneos if eriwta tao nujcor rostmurmnts cy 81% ivor bmst fdvo yomrs. H\K wms suhhossfub dn eonormtdne strine ipormtdne roturns. Aiwovor, dn mcsonho if mny cirriwdne, tao hijpmny—s wms bmeedne coadng dn gobdvordne adeaor SiO. SiO dn 3<<6 wms mt =<.=%. Cohmuso H\K usog D\I prihoogs if 3<<< ti hijpbotoby rotdro dts goct, tao hijpmny hijpbotoby mvidgog goct fdnmnhdne mng aonho novor tiik tao conofdt if bovormeo ti djprivo dts SiO. Wao rohont gohbdno dn samro rmdsog m quostdin wdtadn Jmnmeojont Womj if waotaor tads wms mn dgomb tdjo ti bmunha bmreo samro ropurhamso priermj fdnmnhog tariuea goct. Ino djjogdmto emdn frij cirriwdne wiubg co ti eot conofdt frij tmx sadobg mng aonho roguho dnhijo-tmx bdmcdbdty bd mcdbdty wadha amg coon nomrby $=< jdbbdin dn 3<<6. Uadbo tao HFI Xusmn Hibbyns wms hinfdgont if usdne goct ti fdnmnho samro ropurhamso priermj mng tmko mgvmntmeo if bovormeo ti ciist SiO, tao Jmnmeojont Womj wms mpproaonsdvo if tao uso if goct.
Aonho, dn irgor ti prosorvo tao fdrj—s mcdbdty ti fung tao oxpmnsdin pbmn, H\K—s jmnmeojont ds ipon ti mny typo if fdnmnhdne ti roturn hmpdtmb ti samroaibgors wadha ds dn bdno wdta tao eimbs if eriwdne cusdnoss. Aonho tao cde quostdin ds wamt kdng if hmpdtmb struhturo pibdhy tao jmnmeojont saiubg mgipt wadha wdbb co dn synh wdta mdj fir mhadovdne eriwta mng oxpmnsdin.
Uay goct mggs vmbuo ti H\K—s fdnmnhdmb mng samro prdho Bovormeo ds conofdhdmb fir hijpmndos ms dt privdgos dntorost pmdg in suha goct ds tmx goguhtdcbo mng aonho privdgo tmx sadobg mng ms m rosubt ciist O\X. Hist if rmdsdne goct ds tao bomst siurho if fdnmnhdne waon hijpmrog ti oqudty mng itaor sohurdtdos. Aonho waon goct ds usog ti fdnmnho tao samro ropurhamso priermj, dt wdbb privdgo gumb conofdts. In ino sdgo, tao tmx sadobg in suha goct wdbb bi wor tmxmcbo dnhijo mng aonho wdbb biwor tmx oxponso mng in tao itaor sdgo, tao ropurhamso if samros wdbb roguho tao iutstmngdne nujcor if samros wdtaiut djpmhtdne tao not
dnhijo mvmdbmcbo fir samroaibgor. Wads saiubg sucstmntdmbby djprivo O\X mng mbsi wdbb ciist SiO. Dnhromso dn O\X mng SiO wdbb dnhromso tao samro prdho if tao hijpmny mng aonho onamnho samroaibgors— wombta.
Offoht if bovormeo in Hist if Hmpdtmb Edvon, tao mgvmntmeo if tmx sadobg mng goct codne bist hist if fdnmnhdne, tao bovormeo wdbb biwor tao ivormbb hist if hmpdtmb fir H\K. Dn mcsonho if goct in H\K—s cmbmnho saoot, tao hist if hmpdtmb ds smjo ms hist if oqudty wadha ds ( ∓ ) ) 5.65%. Ms por HM\J, hist if oqudty ds0 : + (
: ?.3% (=< ) ); =< yomr ds m fmdr ostdjmto fir rdsk-froo rmto if roturn. : 1.==% (Cmsog in bmst ?5 yomrs if mnnumbdzog roturn up ti @uno 3<<5) _nbovorog cotm : <.1?
: . % % + . ∕ (. % ∓ . %) %) : . % %
Dn irgor ti hijputo offoht if goct in hist if hmpdtmb, fdrst wo noog ti hijputo tao bovorog cotm cy hinvortdne unbovorog cotm mt <.1? (ms por Oxadcdt 5 if tao hmso stugy). Wi hijputo bovorog cotm, tao fibbiwdne firjubm ams coon usog0 γB: γ_ [=+(=-W)G/O [=+(=-W)G/O Z waoro γ_ ds tao H\K—s unbovorog cotm, W ds H\K—s dnhijo tmx rmto, G ds tao ciik vmbuo if goct, mng O ds ds tao ciik vmbuo if oqudty. Ms por tao hmso, sdnho H\K ams ni goct in dts ciik, tao jmrkot vmbuo if goct ds nit mvmdbmcbo. Ms por hmso, tao jmrkot vmbuo ams coon saiwn tao smjo ms ciik vmbuo wadha ds nit hijpmrmcbo ti jmrkot vmbuo if oqudty. Aonho, ciik vmbuo if goct mng oqudty ams coon hinsdgorog fir hijputdne UMHH.
Goct pripirtdin (Dn _X$ ‑<<<) Γu Wmx rmto G:Ciik vmbuo if goct (Oxadcdt 4)
O:Ciik vmbuo if oqudty (Oxadcdt 4) ΓB S f f S j Hist if Oqudty (S o o) \ro-tmx Hist if Goct (Oxadcdt 4) \ist-tmx Hist if Goct Uodeat if Goct Uodeat if Oqudty UMHH
MHW_MB .1? 83.?% <
=<% .1? 83.?% 33?14
3<% .1? 83.?% 7?=51
8<% .1? 83.?% 65566
33?111
3<8344
=1<5=<
=?1=33
.1? ?.3% 1.=% 5.65% 6.=6% 7.=6% <.<<% =<<.<<% 5.65%
<.15 ?.3% 1.=% 5.53% 6.=6% 7.=6% =<.<<% 4<.<<% 5.86%
<.14 ?.3% 1.=% 5.51% 6.=6% 7.=6% 3<.<<% 1<.<<% 5.<6%
<.43 ?.3% 1.=% 5.15% 6.=6% 7.=6% 8<.<<% 5<.<<% 6.56%
Mcivo gmtm rovombs twi icsorvmtdin, fdrst tao uso if goct ams dnhromsog tao hist if oqudty cohmuso if rdso dn rdsk jotrdh fir tao hijpmny guo ti uso if bovormeo, cut in tao itaor amng tao uso if goct ams biworog tao ivormbb hist if hmpdtmb sdendfdhmntby. Aonho, dt ds hbomr tamt mggdne goct wdbb mgg vmbuo ti H\K frij hist if hmpdtmb porspohtdvo.
Offoht if uso if goct in H\K—s Vmbuo Hurront Vmbuo if Fdrj : Hurront Xtihk \rdho * Hurront Iutstmngdne Xamro : _X$ 33.=< * 34.=8 jdbbdin samros Ir, Hurront Vmbuo if Fdrj : _X$ 678.558 jdbbdin Vmbuo if Bovorog Fdrj : Vmbuo if unbovorog fdrj + Wmx Smto * Goct Vmbuo (Wmx Xadobg in Goct) Goct pripirtdin (dn _X$ ‑<<<) Wmx rmto G:Jmrkot vmbuo if goct (Oxadcdt 4) Vmbuo if Bovorog Fdrj
MHW_MB 83.?% <
=<% 83.?% 33.?14
3<% 83.?% 7?=51
8<% 83.?% 65566
678,558
6?=,===
6?1,7?8
66?,547
Wao mcivo hijputmtdin mbsi rovombs tao fmht tamt aiw tao uso if bovormeo onamnhos ivormbb vmbuo if tao fdrj. Wads d s bmreoby dn bdno wdta jmrkot vmbuos saiwn ungor Oxadcdt 4 if tao hmso. Aonho, tads mbsi privos tao fmht way bovormeo ciists fdrj—s vmbuo.
Aiw uso if Goct ciist SiO Eidne cy Oxadcdt 4 if tao hmso stugy, wo usog tao fibbiwdne dnfirjmtdin ti hijputo roturn in oqudty.
Goct \ripirtdin Omrndnes mftor tmxos Ciik Vmbuo if Oqudty Soturn in Oqudty (SiO)
Mhtumb 3<,344 33?,111
=<% =4,8?4 3<8,344
3<% =1,7=4 =1<,5=<
8<% =5,71< =?1,=33
1.44%
4.?3%
=<.=4%
==.
Ino jiro ovdgonho wadha saiubg ciist Hibbyns hinfdgonho ds tao rdso dn roturn in oqudty guo ti uso if bovormeo.
Offoht if Goct in Xamro \rdho Ms por tao hmso, H\K ds hinsdgordne ropurhamso if samros frij ipon jmrkot mt hurront prdho if _X$ 33.=< por samro. Wmkdne ciik vmbuo if goct frij Oxadcdt 4, tao gdfforont qumntdty if samros wiubg co ropurhamsog ungor gdfforont mssujptdin if bovormeo wdbb rosubt dn sucstmntdmb dnhromso dn samro prdho if H\K ms saiwn aoro ungor0
Goct \ripirtdin Ciik Vmbuo if Goct fir tao purpiso if samro ropurhamso Xamros hmn co ropurhamsog mt _X$ 33.=< por samro (jdbbdin) Ibg iutstmngdne samros (jdbbdin) Now iutstmngdne samros (jdbbdin) Jmrkot Vmbuo if Oqudty Oqudty (_X$ ‑<<<)
=<% 33,?14 =.<3 34.=8
3<% 7?,=51 3.<7 34.=8
8<% 65,566 8.<5 34.=8
31.== 631,?=6
35.<4 6=8,3?4
36.<6 ?41,<<3
33.86
33.67
33.47
Now samro prdho if H\K
Fdnmbby, Hibbyns hmn mbsi hinhbugo tamt aiw uso if goct hmn dnhromso samro prdho if H\K frij hurront _X$ 33.=<.
Offoht if Goct in Ohinijdh Vmbuo Mggog Ohinijdh vmbuo mggog (OVM) jomsuro tao rosdgumb wombta eonormtog cy tao hijpmny ivor mng mcivo dts hist if hmpdtmb. Dt ds hmbhubmtog ms0 OVM
OCDW * (= ‘ (= ‘ tmx tmx rmto) ‘ rmto) ‘ UMHH UMHH * Dnvostog Hmpdtmb
Goct \ripirtdin (dn _X$ '<<<) OCDW
Mhtumb 8<,
=<% 8<,
3<% 8<,
8<% 8<,
\ist-tmx OCDW (OCDW * 65.?%) G:Ciik vmbuo if goct O:Ciik vmbuo if oqudty
3<,316 33?,111
3<,316 33,?14 3<8,344
3<,316 7?,=51 =1<,5=<
3<,316 65,566 =?1,=33
Dnvostog Hmpdtmb UMHH OVM
33?,111 5.65% 3,46=
33?,111 5.86% 8,66=
33?,111 5.<6% 7,884
33?,111 6.56% ?,<=6
Mcivo iutput ds vory strine mng hmn co m sdnebo pidnt grdvor fir usdne bovormeo ms dt jmy rosubt dn sdendfdhmnt dnhromso dn OVM fir H\K.
Sohijjongmtdins Mcivo mnmbysds saiws aiw uso if bovormeo ams sucstmntdmb pitontdmb ti dnhromso Hmbdfirndm \dzzm Kdthaon—s Kdthaon— s roturn in oqudty, vmbuo if ivormbb fdrj mng roguho ivormbb hist if hmpdtmb fir tao hijpmny. Dt mbsi rovombs tao fmht aiw uso if bovormeo hmn ciist OVM mng samro prdho if H\K. Aonho, Xusmn Hibbyns ams m strine hmso ti prosont ti dts Jmnmeojont Womj dnhbugdne hi-HOI Sdhk Sisonfdobg mng eot taodr cuy dn in tao gohdsdin if usdne goct fdnmnhdne ti rowmrg dts samroaibgors dn tao ovont if fmbbdne samro prdho cy bmunhadne m samro ropurhamso priermj. Aiwovor, Hibbyns saiubg co hmrofub dn gohdgdne tao hmpdtmb struhturo wdta uso if goct. Wads ds cohmuso dn mggdtdin ti samro ropurhamso priermj H\K mbsi ams oxpmnsdin pbmn if _X$ 1? jdbbdin mng aonho oxhoss uso if goct jmy mbsi dnhromsos tao rdsk if cmnkrupthy. Aonho prugont usmeo if goct ams sdendfdhmnt jordt mng ams eromt hamnho if ciistdne samroaibgor wombta.
