B = 1> B 31330B )3* 0 >B +. CCJB) #CB0 CB K+-1B 3 .B
B 1B 3 + 1 B +1.+-.B( ( G 1B+1B B >5/+-C 1 B=3/B + BG =03* ( 1>G => )+// 1B.F11 1B>5 / 1B+1B B ) 1 (> B>3 + / BG =)3F +1( 19B +-B ) #CB =0 B33.B 1B / 1(=+-. B +-* = ( B( / G = B 1B) CB 1. 1B3G =B K B 0 C =+ 9B B 1 /J> B+>B>C =. B0 =BK+-1B 35/3>>+1(B+>B=+>+ 3G3/B 1B+1B53C 1C+ B =( =B 1B B.H /9 +-1BG33=1 0>C B 31>C C =+1(B+>B CB B./33#BCF>> 1B=+-. 1B 1B =0 1BG =(=33CB H3= CB 33= CB) CB= 1 0 1CB35BG =03* ( 1B35BC =0+-1B( K+ 1B /C+- B)3( =B+>B 1B B(=3 +BG 1B B 3130+ 9B +CB. 1BF+C +1* /+-.B/ + 1BC3CB IC= 0 B 1B31H 1> /+-* . BG =>C3=+1( 1BG 1B 3130+> ) B>3 + * / B 1B 03 = C+> ) B= / C+ >B+1B 3130+ B 1B0 C> ) 55+-9 3 H /B +. CCJBK+-1B5+-/ 1BG33= /B=+ )CB 35BG =03( 1>B + BK+-1BG =.= ( 1B 33=B G = =G+1( B.30CB)+-BF+C +1 /+-.B1+ CBG /B G = =B 1B) CB+1K CC 1BG 1B) CBH +1+(B = C+ G B / >C+1(H 5 19B CB // B31( * H 1>C B1 G 1 ## C 1BG 1B + 19B +-B5/ +CBG33=B 1BF1+#3=0 BH = / * H+- BB) #$1(B + BG33= /B B>F5 ==+-. 1B 33(CBC BC= ## 1B0 CB 1B- =/+-.> B 1B 5=3(= >>+ G BG =03( 1> / >C+1(9B + =* 0 BH+/B)+-B B #>C 1 BCF>> 1B =0B 1B=+-.B G =./ +1 19 +. CCJB>C /CB 1B) #$1(BG33=B + B35* /335CBG 1BL 48B BL %8B3G =BG =03( 1>B G 1B0+1 =B 1B 1B0+/-3 1B F=3BC3CB%8B 3#BK /#>B4L8BG33=B BG =03( 1>B0 CB 1B 30G 1(BG 1B)31 = 1B3#B0+/- = 1B F=3<>9B CBK /B F+ /+-.BK+-1B CB K B 0 C= ( /B // 1B. 1>B35B>F >B) #CB />B K+-B35B031 + / B> ) /BH3= CB+1( G3 = 9B 1 =>B = +(CB 1B0 >> / B0+(= C+ (3/#B G 1BG =03( 1 1B1 =B / >C+1(5 = * +-K 19B =B =B+>B 1B(=33CB+1)3F /+-.B * KH =B+1BC B = 1( 1BC ( 1B B 33=B +. CCJB G33=( >C 1 BG =03( 1> / >C+1(9B +-B )CB>F >C 1C+!/ BG =03( 1>BK3FB B) #* $1( B( K+ 1B B)33(C B =G 1 BK =B( 1B
pagina 11, 16-12-2014 © Het Financieele Dagblad
.1 // 19B B) #$1( B + B +-B B4LLB0/1B ( 0+ / B /BD "8BK3FB = ( 1 B. 1BF+C* +1 /+-.B +-B(=3C = BG =03( 1>B35/35 1B C3CB03( /+-.BK /#>B4L89B CB+>B+1B +CBG = 1 B(3 B30BC BH C 1B CB) CB(=33C>C B =/ 1 > B5 1>+3 1* #31 >B B B #( /35 1BG+-#C+ 1B- =B 1B ( 0+ / B- =/+-.>B= 1 0 1CBG 1B% A8B ) #CB( = /+> = 9B CB 33=B +. CCJB( ) 1C = B =(F* 0 1CB CB =B( 1B>5= . B+>BG 1B31C +( * 1+1(B+>B-F=+ +> )B( K+ 1B-F+>C B0 =B)+-B ( CB = 1BG33= +-B CB K B)3( B) #$1(B ( 1 1B + B = 1B31 =H3=5 1BK+-1B F+C13 +(CBC3CB) CB1 0 1BG 1B(=3C B 1B 03( /+-.B31G = 1CH33= B=+>+ 3<>9B CC3B
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