Issuu on Google+

1PTUBESFTT#PYรธรทรทรฟ รพรผรธรปรท6QQTBMBp#FTร•L%SBHBSCSVOOTHรปรผp5FMรทรธรฟรฝรปรทรผรปรทp5FMFGBYรทรธรฟรธรทรฟรฝรธรท &QPTUEHGPOEFS!EHGPOEFSTFpXXXEHGPOEFSTFp#Hรผฤ€รนรบรฝรบรผรฝp1(รปรฟรฝรธรปรฟรนรท

'รšSTUBLWBSUBMFU 'POEFOVUWFDLMBEFTJMJOKFNFEJOEFY

%JEOFS(FSHF"LUJFGPOETUFHEFUGร•STUBLWBSUBMFUรนรทรทรฝNFEรฝ รผ QSPDFOUKร…NGร•SUNFEรผ ฤ€QSPDFOUTVQQHร‡OHGร•S0.94UPDLIPMN 7JELWBSUBMFUTVUHร‡OHWBSBOEFMTWร…SEFUรธรธรฝรผ รธรปLS #ร•STVUWFDLMJOHFO IBS WBSJU GPSUTBUU HPE m Cร‡EF JOUFSOBUJPOFMMU PDI J 4WFSJHF 4WBHU TUJHBOEF Sร…OUPS Wร…SMEFO ร•WFS PDI GPSUTBUUB QSJTVQQHร‡OHBSQร‡EFรซFTUBSร‡WBSPSIBSJOUFIFMMFSEFUUBร‡SGร•SUBHJU FO PQUJNJTUJTL TZO Qร‡ Cร•STFO &ัซFS รป รธ cรน ร‡ST Cร•STVQQHร‡OH PDI PSPTNPMOTPNIร•HBPDIGPSUTBUUTUJHBOEFSร‡WBSVQSJTFSTBNUWJTT PSP Gร•S EFO BNFSJLBOTLB FLPOPNJO ร…S EPDL JOWFTUFSBSF Wร…SMEFO ร•WFSNZDLFUPCTFSWBOUBGร•SNJOTUBUFDLFOQร‡BUUEFOFLPOPNJTLB BLUJWJUFUFOWFSLMJHFOCร•SKBSTBLUBJO &UULSBัซJHUSBTQร‡Cร•STFOJ4IBOHIBJJTMVUFUBWGFCSVBSJ TPNร…S CFUZEMJHU NJOESF ร…O )POHLPOHCร•STFO  CJESPH UJMM BUU VOEFS FO UWร‡WFDLPSTQFSJPETLBQBHBOTLBLSBัซJHBLVSTGBMMWร…SMEFOร•WFS5JMM PSPO CJESPH ร…WFO  LBOTLF J TUร•SSF VUTUSร…DLOJOH  BUU EFMBS BW NBSLOBEFOJ64"Gร•SVUMร‡OJOHUJMMGBTUJHIFUFSSร‡LBUJTWร‡SJHIFUFS 'BMMBOEFIVTQSJTFSPDIOร‡HPUTUJHBOEFSร…OUPSIBSHKPSUBUULVOEFS TPN ร…S NJOESF LSFEJUWร…SEJHB J WJTT VUTUSร…DLOJOH Gร‡UU QSPCMFN NFETJOBMร‡O%FUร…SFOMJUFOEFMBWNBSLOBEFOGร•SGBTUJHIFUTMร‡O  NFOGPSUTร…UUFSGBTUJHIFUTQSJTFSOBBUUGBMMBรชOOTEFUFOPSPGร•SBUU QSPCMFNFOLBOTQSJEBTJHUJMMTUร•SSFEFMBSBWNBSLOBEFO %FO FLPOPNJTLB UJMMWร…YUFO Wร…SMEFO ร•WFS ร…S EPDL GPSUGBSBOEF HPEmJ,JOB *OEJFOPDI3ZTTMBOENZDLFUHPE PDIMร•OTBNIFUFOJ Gร•SFUBHFOGPSUTBUUIร•H%FUรชOOTTร‡MFEFTGPSUGBSBOEFTUPSBNร…OHEFS LBQJUBM m JOUF NJOTU GSร‡O Mร…OEFS NFE TUPSB PMKFUJMMHร‡OHBS  TPN Tร•LFSJOWFTUFSJOHTPCKFLU &OWJTTPSPรชOOTCMBOEDFOUSBMCBOLFSPDIJOWFTUFSBSFWร…SMEFO ร•WFSBUUEFOOBNร…OHELBQJUBMGร•SSFMMFSTFOBSFTLBQBSCVCCMPSBW Oร‡HPOGPSN7BSLFOCร•STTWBDLBOGร•SSBWร‡SFO FMMFSJGFCSVBSJJร‡S VUMร•TUFEPDLOร‡HSBTUร•SSFรชOBOTJFMMBQSPCMFNJOร‡HPOTFLUPSFMMFS Oร‡HPUMBOEmNFEVOEBOUBHGร•SEFIJUUJMMTIBOUFSCBSBQSPCMFNFOJ 64"TPNPWBOOร…NOUT %FOOBIJUUJMMTLPOTUBUFSBEFTUBCJMJUFUJEFUรชOBOTJFMMBTZTUFNFU TUร…SLFSGร•SUSPFOEFUCMBOEJOWFTUFSBSFWร…SMEFOร•WFSPDIPSPOGร•SFO LSBัซJHBSFOFEHร‡OHFMMFSCVCCMBQร‡Oร‡HPOรชOBOTJFMMNBSLOBEIBS Gร•SUJMMGร…MMFUBWUBHJU 6OEFSLWBSUBMFUIBSGPOEFOHZOOBUTBWFOHPELVSTVUWFDLMJOH Gร•SCMB)FOOFT.BVSJU[ &MFDUSPMVY %BJNMFS$ISZTMFS /PLJB  4LBOTLB  0.9  5FMFรน PDI 5SFMMFCPSH WJMLB VUWFDLMBUT Cร…UUSF ร…O JOEFY6OEFSTBNNBQFSJPEIBSGPOEFOQร‡WFSLBUTOFHBUJWUBWFO TWBHLVSTVUWFDLMJOHGร•SCMB5JFUP&OBUPS "BSIVT,BSMTIBNO PDI 4FDVSJUBT4ZTUFNT 

'รšSรŠOESJOHBSJJOOFIBWFO

6OEFSEFUGร•STUBLWBSUBMFUรนรทรทรพIBSCMBGร•MKBOEFTLFUU *OOFIBWFU J 5FMFรน IBS NJOTLBUT SFMBUJWU LSBัซJHU FัซFS FO HPE LVSTVUWFDLMJOHPDIFOIร•HSFWร…SEFSJOHร…OUJEJHBSF.PCJMUFMFGPOJ WFSLTBNIFUFO J 3ZTTMBOE Hร‡S BMMU Cร…UUSF 4BNUJEJHU IBS EPDL CPMBHFU CMJWJU NFS CFSPFOEF ร…O UJEJHBSF BW EFOOB NBSLOBE Eร‡ CPMBHFUTร•WSJHBWFSLTBNIFUFSVUWFDLMBUTNJOESFร•WFSUZHBOEF 'POEFOTJOOFIBWJ&MFDUSPMVYIBSร•LBU'ร•SFUBHFUTTBUTOJOHBSQร‡ Gร•SOZFMTFBWQSPEVLUVUCVEFUPDIFONFSTBNMBEWBSVNร…SLFTTUSBUFHJ JLPNCJOBUJPONFELPTUOBETSFEVDFSJOHBSCร•SLVOOBHFFOGPSUTBUU

HPEWJOTUVUWFDLMJOHGร•SLPODFSOFO4BNUJEJHUรชOOTFOSJTLJBUUFO LPOKVOLUVSGร•STWBHOJOH TLVMMF LVOOB MFEB UJMM FO Gร•STร…NSBE FัซFS GSร‡HBOQร‡NFSBWBODFSBEFQSPEVLUFSEร…SMร•OTBNIFUFOร…SIร•HSF 6OEFSGร•STUBLWBSUBMFUIBSJOOFIBWFUJ&SJDTTPOร•LBUOร‡HPUGSร‡O FO Mร‡H OJWร‡ 'ร•S Oร…SWBSBOEF UZDLT UJMMWร…YUFO J Gร•STร…MKOJOHFO BW NPCJMTZTUFNWBSBGร•SIร‡MMBOEFWJTMร‡H EFMWJTPSTBLBUBWFOGPSUTBUU Iร‡SEQSJTQSFTT&SJDTTPOIBSQร‡LPSUUJEGร•SWร…SWBUFOSBEGร•SFUBH Gร•SBUULPNQMFUUFSBTJOUFLOJLCBT%FUร•LBSSJTLFSOBNFOTBOOPMJLU PDLTร‡Nร•KMJHIFUFSOBJFOWร…SMEEร…SEBUBUSBรชLFOร•LBSร•WFSGBTUBPDI NPCJMBOร…U 7J IBS PDLTร‡ ร•LBU JOOFIBWFU J /PLJB Eร‡ WJ IBS CMJWJU NFS PQUJNJTUJTLBOร…SEFUHร…MMFSCPMBHFUTNร•KMJHIFUFSBUUUBNBSLOBET BOEFMBS Qร‡ NPCJMUFMFGPONBSLOBEFO %ร…S EFU UJEJHBSF GVOOJUT FO EFM CSJTUFS J QSPEVLUVUCVEFU UZDLT /PLJB OV WBSB Qร‡ Wร…H JLBQQ 4BNUJEJHU Cร•S EPDL CFBLUBT BUU FWFOUVFMMB QPTJUJWB Fฤ’FLUFS GSร‡O TBNNBOTMBHOJOHFO NFE 4JFNFOT NPCJMTZTUFNWFSLTBNIFU LBO LPNNBBUUUBUJEBUUSFBMJTFSB 5BDL WBSF FO HPE LVSTVUWFDLMJOH Gร•S )FOOFT  .BVSJU[ IBS BLUJFSTร‡MUTGร•SBUUIร‡MMBJOOFIBWFUVOEFSEFOMBHTUBEHBEFNBYJNBMB HSร…OTFOรธรทQSPDFOUBWGPOEGร•SNร•HFOIFUFO#PMBHFUVUWFDLMBTGร•S Oร…SWBSBOEFNZDLFUWร…MNFEHPEGร•STร…MKOJOHTVUWFDLMJOH TUJHBOEF NBSHJOBMFS  OZB HFPHSBรชTLB NBSLOBEFS TBNU FO TQร…OOBOEF TBUTOJOHQร‡Iร•HLWBMJUFUTLMร…EFS$04m$PMMFDUJPOPG4UZMF *OOFIBWFU J EBUBLPOTVMUGร•SFUBHFU 5JFUP&OBUPS IBS NJOTLBUT Oร‡HPU VOEFS Gร•STUB LWBSUBMFU #PMBHFU IBS IBัซ FO TWBH WJOTU VUWFDLMJOHEFTFOBTUFร‡SFOTPNFOGร•MKEBWQSJTQSFTTPDILPTUOBET ร•WFSESBHJQSPKFLU#PMBHFUBSCFUBSGร•SOร…SWBSBOEFNFEBUUNJOTLB LPTUOBEFS PDI PNTUSVLVSFSB Gร•SMVTUCSJOHBOEF WFSLTBNIFUFS %FMBSBWGร•SFUBHFUHร‡SEPDLCSB PDILBOGร•SFUBHFUGร‡PSEOJOHQร‡EF TWBHBEFMBSOBCร•SEFUรชOOBTFOWJTTLVSTQPUFOUJBM 7JIBSWBMUBUUNJOTLBJOOFIBWFUJ4LBOTLBOร‡HPU%FUร…SJOUF TWBHIFUFSIPTCPMBHFUTPNGร•SBOMFUUFOWJTTNJOTLOJOHVUBOBUUWJ TFUUFOTUร•SSFQPUFOUJBMJFUUBOUBMBOESBCPMBH 1ร‡MJLOBOEFTร…UUGร•SIร‡MMFSEFUTJHNFEWร‡SUJOOFIBWJ)BOEFMT CBOLFOTPNPDLTร‡NJOTLBUTOร‡HPU 6OEFS FO QFSJPE NFE TWBH LVSTVUWFDLMJOH IBS JOOFIBWFU J 4FDVSJUBT4ZTUFNTร•LBUOร‡HPU#PMBHFUBSCFUBSNFEJOTUBMMBUJPOPDI FัซFSTFSWJDFBWTร…LFSIFUTTZTUFNGร•SJGร•STUBIBOEMJUFTUร•SSFGร•SFUBH .BSLOBEFOLร…OOFUFDLOBTBWFOHPEUJMMWร…YUร…WFOPNWร…SEFSJOHFO LSร…WFSGPSUTBUUGSBNHร‡OHTSJLBGร•SWร…SWJOPNPNSร‡EFU .JOESFJOOFIBWJ$BSOFHJF 7(#PDI-BHFSDSBOU[IBSTร‡MUTVOEFS Gร•STUBLWBSUBMFU7JIBSร•LBUJOOFIBWFUJ5SBEFEPVCMFSTPNIBSFO TUBSLTUร…MMOJOHQร‡EFOTOBCCUWร…YBOEFNBSLOBEFOGร•SNBSLOBET Gร•SJOHร•WFSJOUFSOFU*OOFIBWFOJ*OUSVN+VTUJUJBPDI"EEUFDIIBS NJOTLBUTFัซFSFOHPELVSTVUWFDLMJOHPDIIร•HSFWร…SEFSJOH

ยฝWSJHU

'POEFOMร…NOBSVUEFMOJOHJBQSJM%FOCFSร…LOBTVQQHร‡UJMMDJSLBรปรน LSQFSBOEFM%FUFYBLUBVUEFMOJOHTCFMPQQFUCFTUร…NTQร‡HSVOEWBM BWBOUBMFUBOEFMBSJGPOEFOQร‡VUEFMOJOHTEBHFO 'POEFO Hร•S OPSNBMU JOHB PQUJPOTBฤ’ร…SFS 6OEFS QFSJPEFO IBS JOHBTร‡EBOBBฤ’ร…SFSHFOPNGร•SUT "QSJMรนรทรทรพย‡"EBN(FSHF)FOSJL%JEOFS


'POEGÚSNÚHFOIFU *OOFIBW

"OUBM

,VST

.BUFSJBM  )ÕHBOÅT ϚϠϙϙϙϙϙ *OEVTUSJWBSPSPUKÅOTUFS  4FDVSJUBT ϠϡϢϞϙϙϙ 5SFMMFCPSH ϜϢϜϞϙϙϙ )FYBHPO ϛϛϙϙϙϙϙ "TTB"CMPZ Ϝϝϡϙϙϙϙ 4LBOTLB ϜϜϛϢϙϙϙ "BSIVT,BSMTIBNO ϛϙϙϙϙϙϙ 4FDVSJUBT4ZTUFNT Ϛϛϝϛϙϙϙϙ /PCJB ϞϛϞϙϙϙ #FJKFS"MNB ϚϙϜϝϙϙϙ *OUSVN+VTUJUJB Ϛϙϛϛϛϙϙ )-%JTQMBZ Ϝϡϙϙϙϙ /FGBC ϠϙϞϙϙϙ .VOUFST Ϡϙϡϙϙ "EEUFDI ϟϙϙϙϙ (VOOFCP Ϛϙϙϙϙϙ 1PPMJB Ϛϙϛϝϙϙ 4ÅMMBOLÕQTWBSPS  )FOOFT.BVSJU[ ϛϠϢϙϙϙϙ &MFDUSPMVY# ϛϡϢϙϛϙϙ )VTRWBSOB# ϛϝϞϙϙϙϙ 4FDVSJUBT%JSFDU ϟϢϡϙϙϙϙ $MBT0IMTPO ϚϚϚϞϙϙ 'JOBOTPGBTUJHIFU  0.9 ϜϟϛϞϙϙϙ )BOEFMTCBOLFO" ϚϙϝϞϙϙϙ -BUPVS# ϚϢϙϙϙϙ 4ÅL* Ϛϙϙϙϙϙ .4"# ϛϠϞϙϙϙ *OGPSNBUJPOTUFLOJL  /PLJB"#1TW ϝϠϟϙϙϙϙ &SJDTTPO# ϛϚϞϙϙϙϙϙ 5JFUP&OBUPS ϛϙϞϢϙϙϙ 5FMFDB ϜϙϞϙϙϙϙ 5SBEFEPVCMFS ϝϡϜϟϙϙ *#4 ϚϠϟϜϙϙϙ 0&. Ϛϛϡϡϙϙ /PWPUFL ϞϚϙϙϙϙ

'POEFOTVUWTFEBOTUBSUFO  'POEGÕSNÕHFOIFU .LS "OUBMBOEFMBS NJMKTU  "OEFMTWÅSEF LS 6UEFMOJOH LSBOEFM 5PUBMBWLBTUOJOH GPOEFOϗ 0.94UPDLIPMN ϗ 4*93FUVSO JOLMVUE ϗ

*OOFIBW

7ÊSEF.LS

  ϚϠϠ ϙϙ Ϝϙϙ Ϣ   Ϛϙϟ Ϟϙ ϡϝϙ ϡ ϚϡϚ Ϟϙ ϠϚϝ ϛ ϛϡϜ Ϟϙ ϟϛϜ Ϡ Ϛϟϙ Ϟϙ ϞϞϡ Ϟ ϚϞϞ Ϟϙ ϞϚϠ Ϡ ϚϠϟ Ϟϙ ϜϞϜ ϙ ϛϝ Ϝϙ ϜϙϚ ϡ ϛϡϟ ϙϙ ϚϞϙ ϛ Ϛϙϛ ϙϙ ϚϙϞ Ϟ Ϣϝ ϙϙ Ϣϟ Ϛ ϚϢϛ Ϟϙ ϠϜ ϛ ϡϙ ϛϞ Ϟϟ ϟ ϜϙϜ ϙϙ ϛϚ Ϟ ϚϝϢ ϠϞ Ϣ ϙ Ϡϝ ϙϙ Ϡ ϝ ϟϟ ϙϙ ϟ ϡ   ϝϙϛ ϙϙ ϚϚϛϚ ϟ ϚϠϠ ϙϙ ϞϚϚ ϟ ϚϚϞ ϛϞ ϛϡϛ ϝ ϚϢ ϝϙ ϚϜϞ ϝ Ϛϝϟ Ϟϙ Ϛϟ Ϝ   ϚϝϞ ϛϞ Ϟϛϟ Ϟ ϛϙϠ Ϟϙ ϛϚϟ ϡ ϜϜϚ ϙϙ ϟϛ Ϣ ϝϢϝ ϙϙ ϝϢ ϝ ϚϚϚ ϙϙ Ϝϙ Ϟ   Ϛϟϙ ϠϞ ϠϟϞ ϛ ϛϞ Ϡϙ ϞϞϛ ϟ ϛϙϜ Ϟϙ ϝϚϢ ϙ Ϝϛ Ϟϙ ϢϢ Ϛ Ϛϡϡ ϙϙ Ϣϙ Ϣ ϛϞ ϛϙ ϝϝ ϝ ϛϚϙ ϙϙ ϛϠ ϙ ϛϜ ϙϙ ϚϚ Ϡ



ϚϚϜϞϛ ϚϚϝϟϜ Ϣ ϠϝϜ Ϛϙ ϝϠϜ ϚϚϟϞ ϚϝϚϙϢϝ ϝϞ m Ϛϡ ϛϝ ϟ Ϟ ϚϢ ϟ Ϟ Ϣ ϛϜ ϟ ϟ ϟ ϛϡ Ϛ

ϛ Ϡϗ ϛ Ϡϗ ϜϢ Ϛϗ Ϡ ϝϗ ϟ Ϝϗ Ϟ Ϟϗ ϝ Ϣϗ ϝ ϟϗ Ϝ Ϛϗ ϛ Ϡϗ Ϛ Ϝϗ ϙ Ϣϗ ϙ ϡϗ ϙ ϟϗ ϙ Ϟϗ ϙ ϛϗ ϙ Ϛϗ ϙ Ϛϗ ϙ Ϛϗ Ϛϡ ϛϗ Ϣ Ϣϗ ϝ Ϟϗ ϛ Ϟϗ Ϛ ϛϗ ϙ Ϛϗ Ϡ ϡϗ ϝ ϟϗ Ϛ Ϣϗ ϙ ϟϗ ϙ ϝϗ ϙ Ϝϗ ϚϠ Ϣϗ ϟ Ϡϗ ϝ Ϣϗ Ϝ Ϡϗ ϙ Ϣϗ ϙ ϡϗ ϙ ϝϗ ϙ ϛϗ ϙ Ϛϗ





"OUBM

 9QPO$BSE $ZCFS$PN$POTVMUJOH 5FMFLPNPQFSBUÕSFS 5FMFϛ# 6UMÅOETLBBLUJFJOOFIBW "MMJBO[ %BJNMFS$ISZTMFS /PWP/PSEJTL# &LPSOFT

,VST

ϡϠϟϙϙ ϛϛϙϙϙϙ  ϛϛϝϞϙϙϙ  ϛϛϙϙϙϙ ϞϞϙϙϙϙ Ϝϛϙϙϙϙ ϡϢϙϙϙϙ

7ÊSEF.LS

 ϚϛϚ Ϟϙ ϝϟ Ϣϙ  ϚϚϝ Ϟϙ  ϚϝϝϜ ϚϢ ϞϠϝ Ϛϙ ϟϜϡ Ϝϙ ϚϟϠ ϡϛ

 Ϛϙ ϟ Ϛϙ Ϝ  ϛϞϠ Ϛ  ϜϚϠ Ϟ ϜϚϞ ϡ ϛϙϝ Ϝ ϚϝϢ ϝ

 ϙ Ϛϗ ϙ Ϛϗ ϛ Ϝϗ ϛ Ϝϗ ϡ Ϡϗ ϛ ϡϗ ϛ ϡϗ Ϛ ϡϗ Ϛ Ϝϗ Ϣϟ ϟϗ

4VNNBWÅSEFQBQQFS



ϚϙϢϟϞ ϙ

¸WSJHBUJMMHÇOHBSPDITLVMEFS #BOLUJMMHPEPIBWBOEF 'PSESJOHBS TÇMEBWÅSEFQBQQFS  6QQMVQOBLPTUOBEFS 4LVMEFS LÕQUBWÅSEFQBQQFS 

    

    

'POEGÕSNÕHFOIFU



ϚϚϜϞϛ Ϝ Ϛϙϙ ϙϗ

 ϝϙϝ Ϣ ϟ Ϟ ϚϚ Ϟ Ϛϛ ϟ

Ϝ ϝϗ   

657&$,-*/(&/ "7 "/%&-47­3%&5 0$) 0.9 450$,)0-.  m 



 















































ϚϙϢϙϟ ϠϠϢϚ ϝϢϙϜ ϜϚϙϟ ϜϠϠϡ ϛϟϚϢ ϡϜϜ Ϛ ϝϚϟ ϟ ϛϟϛ Ϟ ϡϠ Ϛ Ϛϡ Ϟ ϚϚ ϟϠϡ Ϛϙ ϢϢϙ ϡ ϛϝϢ ϟ Ϡϡϝ Ϟ ϜϟϠ Ϝ ϢϙϢ Ϛ ϝϛϡ Ϛ ϚϞϙ ϙ ϡϢϞ ϙ ϝϙϡ ϙ ϚϜϢ ϢϜϜ ϢϚ Ϡϙϡ ϡϟ ϞϢϝ Ϝϡ ϝϞϠ ϡϙ ϠϙϜ ϡϢ ϟϟϢ ϡϞ ϞϡϜ ϜϜ Ϝϟϛ ϛϙ ϛϢϜ ϛϞ ϛϚϜ ϛϡ ϚϜϜ ϠϠ Ϛϛ ϟϚ Ϣ Ϡϛ Ϛϛ ϜϜ Ϣ ϜϞ Ϝ Ϟϙ ϝ ϞϞ ϝ ϢϜ ϛ ϝϜ ϙ Ϡϙ ϙ ϟϢ  Ϝϝ ϙ ϛϙ Ϣ ϜϜ ϝ mϜϝ ϙ Ϟ Ϡ ϚϞ ϟ ϟϜ Ϛ ϛϝ Ϝ ϜϠ Ϣ ϟϙ ϛ ϛϢ ϟ Ϝϛ ϟ ϚϠ ϟ ϛϢ ϡ mϜϠ ϝ mϚϟ Ϣ mϚϛ ϙ ϟϟ Ϟ Ϛϙ Ϣ ϛϠ ϙ ϜϢ ϝ Ϛϡ Ϝ Ϝϟ Ϝ ϛϙ ϡ Ϝϝ ϛ mϜϞ Ϣ mϚϝ Ϣ mϚϙ ϡ ϟϢ ϡ ϚϜ Ϛ ϛϠ Ϣ ϝϛ ϟ ϛϙ Ϡ

'POEFOKÊNGÚSUNFE 0.94UPDLIPMN ϗFOIFUFSÇS 4*93FUVSO JOLMVUE ϗFOIFUFSÇS

ϙ ϟ mϙ Ϛ

mϝ ϙ Ϛ ϝ mϡ Ϟ mϛ Ϝ

Ϝ Ϝ

ϙ Ϛ

Ϝ ϟ mϙ ϡ

Ϝ ϝ ϛϛ Ϟ ϛϠ ϟ

Ϛ Ϣ ϛϙ Ϟ ϛϟ ϝ

mϝ Ϛ ϚϜ ϝ Ϛϙ ϡ ϛϙ ϡ ϚϚ Ϝ mϠ ϝ ϚϚ ϛ Ϣ Ϣ ϚϠ ϟ ϡ Ϣ





















ϚϚ ϚϞ Ϣ Ϟϝ ϙ ϚϚ ϙ ϚϚ ϢϜϙϡ ϟϞϜϙ ϙ Ϛϛ ϙ ϚϞ ϙ Ϟϝ ϙ Ϟϛ Ϛ ϜϞ Ϛ ϜϢ Ϛ ϛϜ Ϛ ϛϝ

ϝ ϚϠ ϙ Ϛϙ ϝϙϚϢ ϙ Ϛϙ ϙ ϝϞ Ϛ Ϝϟ Ϛ ϛϟ

Ϡ ϛϢ ϙ Ϛϛ ϜϞϟϙ ϙ ϛϙ ϙ Ϡϙ Ϛ ϝϝ Ϛ ϛϜ

ϡ Ϛϝ ϙ Ϛϛ ϜϙϠϡ ϙ ϛϟ ϙ ϢϢ Ϛ ϝϢ Ϛ ϛϛ

ϟ ϙϛ ϛ ϛϟ Ϛ Ϝϡ Ϛ Ϝϟ ϙ Ϛϟ ϙ ϛϙ ϙ ϛϙ ϙ ϛϞ ϚϜϟϙ ϞϞϜ ϙ Ϝϝϡ Ϡ ϚϢϟ ϝ ϙ ϝϝ ϙ ϝϚ ϙ ϝϙ ϙ ϟϢ ϙ Ϡϟ ϙ ϢϜ ϙ ϡϢ Ϛ ϚϚ Ϛ Ϡϙ Ϛ Ϡϛ Ϛ Ϡϙ ϛ ϙϜ Ϛ ϛϟ Ϛ ϜϚ Ϛ Ϝϙ Ϛ Ϝϝ

ϙ ϜϞ ϙ Ϝϙ ϜϢ Ϣ ϙ ϡϡ Ϛ ϛϛ ϛ ϛϜ Ϛ ϜϞ

ϙ ϚϞ ϙ Ϝϙ Ϛϙ Ϛ Ϛ ϝϡ Ϛ ϢϢ ϛ ϢϜ Ϛ ϝϞ

0.94UPDLIPMNIFUUFUJEJHBSF4UPDLIPMN"MM4IBSF

½WSJHJOGPSNBUJPO



$PVSUBHF .LS ϡ ϙϟ Ϡ ϟϚ $PVSUBHFJϗBWPNTÅUUOJOH ϙ ϙϠ ϙ ϙϡ (FOPNTOJUUMJHGPOEGÕSNÕHFOIFU .LS ϚϙϢϟϛ ϚϙϢϡϙ $PVSUBHFHFOPNTOJUUMGPOEGÕSNÕHFOIFU ϗ ϙ ϙϠ ϙ ϙϠ 0NTÅUUOJOHTIBTUJHIFU HHSϚ ϙ ϝϚ ϙ ϜϠ 5PUBMLPTUOBETBOEFM 5," ϗϛ Ϛ ϛϢ Ϛ ϛϢ 5PUBMFYQFOTFSBUJP 5&3 ϗϜ Ϛ ϛϛ Ϛ ϛϛ





Ϛ 0NTÅUUOJOHTIBTUJHIFUEFêOJFSBTTPNGPOEFOTTBNNBOMBHEBGÕSTÅMKOJOHBWBLUJFS PNEFUÅSNJOESFÅOTVNNBLÕQ EJWJEFSBUNFEHFOPNTOJUUMJHGPOEGÕSNÕHFOIFU NÇOBETWJT CFSÅLOBU 4FOBTUFϚϛNÇOBEFSOB ϛ 5PUBMLPTUOBETBOEFMEFêOJFSBTTPNTBNUMJHBBWHJѫFS TFBWTOJUUFU,PTUOBEFSJGPOEFOTGÕSWBMUOJOHTCFSÅUUFMTFTJEϚϝ PDIDPVSUBHFJQSPDFOUBWGPOEFOTHFOPNTOJUUMJHBGÕSNÕHFOIFU VOEFSTFOBTUFϚϛNÇOBEFSOB Ϝ 5PUBMFYQFOTFSBUJPEFêOJFSBTTPNTBNUMJHBBWHJѫFSJQSPDFOUBWGPOEFOTHFOPNTOJUUMJHBGÕSNÕHFOIFUVOEFSTFOBTUFϚϛNÇOBEFSOB EWTTPN5,"NFOGÕSVUPNDPVSUBHF 


/KvartalsrapportQ12007