• No results found

Morningstar: Solvay | Vlaamse Federatie van Beleggers

N/A
N/A
Protected

Academic year: 2022

Share "Morningstar: Solvay | Vlaamse Federatie van Beleggers"

Copied!
25
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1).PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. 4PMJE1FSGPSNBODFJO2GPS4PMWBZ %FTQJUF$POUJOVFE0JMBOE (BT)FBEXJOET 4FF1BHFGPSUIFGVMM"OBMZTU/PUFGSPN+VM. *OWFTUNFOU5IFTJT. 3PC)BMFT $'" &RVJUZ"OBMZTU SPCIBMFT!NPSOJOHTUBSDPN

(2) . 'FC. 4PMWBZIBTCFFOUSBOTJUJPOJOHJUTQPSUGPMJPPGCVTJOFTTFTUPNPSF TQFDJBMJTFE  MFTT DZDMJDBM BDUJWJUJFT UISPVHI BDRVJTJUJPOT BOE EJWFTUJUVSFT*OSFDFOUZFBST 4PMWBZIBTOFHPUJBUFEBOFYJUUPUIF IJHIMZDZDMJDBM&VSPQFBO1PMZWJOZM$IMPSJEF PS17$ NBSLFUUISPVHI B KPJOU WFOUVSF XJUI *OFPT  BOE IBT BDRVJSFE $ZUFD  B MFBEFS JO. *NQPSUBOU%JTDMPTVSF 5IF DPOEVDU PG .PSOJOHTUBShT BOBMZTUT JT HPWFSOFECZ.PSOJOHTUBShT$PEFPG&UIJDT 4FDVSJUJFT 5SBEJOH BOE %JTDMPTVSF 1PMJDZ BOE *OWFTUNFOU 3FTFBSDI *OUFHSJUZ 1PMJDZ 'PS JOGPSNBUJPO SFHBSEJOH DPOGMJDUT PG JOUFSFTU QMFBTFDMJDLIUUQDPSQPSBUFNPS OJOHTUBSDPN64&RVJUZ%JTDMPTVSFT 5IFQSJNBSZBOBMZTUDPWFSJOHUIJTDPNQBOZ EPFTOPUPXOJUTTUPDL. DPNQPTJUFT GPS UIF BFSPTQBDF NBSLFU $ZUFD JT B IJHINBSHJOIJHIHSPXUI CVTJOFTT UIBU HJWFT 4PMWBZ B TUSPOH QPTJUJPOJOUIFBFSPTQBDFNBSLFU XIJDIJUXBTQSFWJPVTMZMBDLJOH )PXFWFS  BU  UJNFT &#*5%" CFGPSF TZOFSHJFT  XF UIJOL UIF BDRVJTJUJPOQSJDFXBTUPPIJHI BOEUIJTTIPVMEQSFWFOU4PMWBZGSPN FBSOJOHJUTDPTUPGDBQJUBMGPSNBOZZFBST 8JUI UIF BEEJUJPO PG $ZUFD  BVUPNPUJWF BOE BFSPTQBDF JT OPX. 3FTFBSDIBTPG+VM &TUJNBUFTBTPG+VM 1SJDJOHEBUBUISPVHI+VM 3BUJOHVQEBUFEBTPG+VM. 4PMWBZT MBSHFTU FOE NBSLFU BU SPVHIMZ  PG TBMFT  GPMMPXFE DMPTFMZ CZ DPOTVNFS HPPETIFBMUIDBSF 4PMWBZT FOENBSLFU EJWFSTJUZ SFNBJOT B TUSFOHUI  BT JOEVTUSJBM BQQMJDBUJPOT  FOFSHZ. $VSSFODZBNPVOUTFYQSFTTFEXJUIBSFJO 64EPMMBST 64% VOMFTTPUIFSXJTFEFOPUFE. DPOTUSVDUJPO  BOE BHSJDVMUVSFGPPE FBDI HFOFSBUF BSPVOE. . 8FFL-PX &63. . 8FFL5PUBM3FUVSO. . :5%5PUBM3FUVSO. . -BTU'JTDBM:FBS&OE. %FD. :S'PSXBSE3FWFOVF$"(3. . :S'PSXBSE&14$"(3. . 1SJDF'BJS7BMVF. . 7BMVBUJPO4VNNBSZBOE'PSFDBTUT 'JTDBM:FBS. 1SJDF&BSOJOHT &7&#*5%" &7&#*5 'SFF$BTI'MPX:JFME %JWJEFOE:JFME. . .  &.  &.     .     .     .     . 'JOBODJBM4VNNBSZBOE'PSFDBTUT &63.JM. 'JTDBM:FBS. 3FWFOVF 3FWFOVF:P: &#*5. . .  &.  &.  .  .  .  . . . . .  .  .  .   . . . . . . . . /FU*ODPNF:P:. . . . . %JMVUFE&14. . . . . %JMVUFE&14:P:. . . . . 4PMWBZTQSJNBSZFOHJOFTGPSHSPXUIBSFJUTBEWBODFEGPSNVMBUJPOT. 'SFF$BTI'MPX. .  . .  .  PG &#*5%"  BOE BEWBODFE NBUFSJBMT  PG &#*5%". 'SFF$BTI'MPX:P:. . . . . TFHNFOUT )PXFWFS  UIF BEWBODFE GPSNVMBUJPOT TFHNFOU JT. )JTUPSJDBMGPSFDBTUEBUBTPVSDFTBSF.PSOJOHTUBS&TUJNBUFTBOENBZSFGMFDUBEKVTUNFOUT. UIFUPUBM. "OBMZTU/PUF. . 7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ. . 4DFOBSJP"OBMZTJT. . &DPOPNJD.PBU. . TJHOJGJDBOUMZFYQPTFEUPUIFPJMBOEHBTTFDUPS XIJDIXJMMXFJHI. .PBU5SFOE. . POSFTVMUTJOUIFOFBSUFSN8FSFNBJOPQUJNJTUJDPOUIFQSPTQFDUT. #VMMT4BZ#FBST4BZ. . GPS UIF BEWBODFE NBUFSJBMT TFHNFOU  HJWFO JUT TUSPOH TQFDJBMJUZ. 'JOBODJBM)FBMUI. . QPMZNFSTCVTJOFTTFT4QFDJBMJUZQPMZNFSTBSFIJHIWBMVFQMBTUJDT. &OUFSQSJTF3JTL. . UZQJDBMMZ VTFE UP SFQMBDF NFUBM JO BVUPNPUJWF  BFSPTQBDF  BOE. . FMFDUSPOJDT XIFSFEFNBOEJTESJWFOCZUSFOETUPXBSEJODSFBTJOH. "OBMZTU/PUF"SDIJWF. . FOFSHZFGGJDJFODZ5IFQFSGPSNBODFDIFNJDBMTTFHNFOU PG. "EEJUJPOBM*OGPSNBUJPO. . &#*5%"  JT DPNQSJTFE PG MBSHFMZ DPNNPEJGJFE QSPEVDUT 5IJT. .PSOJOHTUBS"OBMZTU'PSFDBTUT. . $PNQBSBCMF$PNQBOZ"OBMZTJT. . FOTVSFT B IJHI EFHSFF PG DZDMJDBMJUZ  CVU UIF TFHNFOU SFNBJOT. .FUIPEPMPHZGPS7BMVJOH$PNQBOJFT. . .BOBHFNFOU0XOFSTIJQ.  . 8FFL)JHI &63. /FU*ODPNF "EKVTUFE. *OWFTUNFOU5IFTJT .PSOJOHTUBS"OBMZTJT. .BSLFU$BQ &63.JM. &#*5:P:. PGTBMFT'VSUIFSNPSF TBMFTBSFCBMBODFEHMPCBMMZ BT &VSPQF /PSUI"NFSJDB BOE"TJBFBDIDPOUSJCVUFBCPVUBUIJSEUP. $POUFOUT. 7JUBM4UBUJTUJDT. WBMVBCMF BT4PMWBZTTUSPOHDPNQFUJUJWFQPTJUJPOTHFOFSBMMZSFTVMU. 1SPGJMF 4PMWBZJTB#FMHJVNCBTFEQSPEVDFSPGDIFNJDBMT QMBTUJDT BOEDPNQPTJUFT 5IFDPNQBOZIBTBUPQUISFFNBSLFUQPTJUJPOGPSOFBSMZBMMPGJUTQSPEVDUT ,FZCVTJOFTTTFHNFOUTJODMVEFBEWBODFEGPSNVMBUJPOT BEWBODFENBUFSJBMT BOE QFSGPSNBODF DIFNJDBMT )JHIWBMVF QSPEVDUT JODMVEF BFSPTQBDF DPNQPTJUFT  TQFDJBMJUZ QPMZNFST  BOE TJMJDB XIJMF USBEJUJPOBM DIFNJDBM QSPEVDUT JODMVEF TPEB BTI  IZESPHFO QFSPYJEF  BOE BDFUBUF DFMMVMPTF (FPHSBQIJDBMFYQPTVSFJTSFMBUJWFMZCBMBODFE XJUI&VSPQF /PSUI"NFSJDB BOE"TJBFBDIDPOUSJCVUJOHBUIJSEPGTBMFT. JOHPPENBSHJOTBOETJHOJGJDBOUDBTIHFOFSBUJPO. ª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

(3) 5PMJDFOTFUIFSFTFBSDI DBMM

(4) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(5) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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ª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

(6) 5PMJDFOTFUIFSFTFBSDI DBMM

(7) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(8) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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hBCJMJUZUPDPOTJTUFOUMZFBSO JUTDPTUPGDBQJUBM 1PMZBNJEFJT4PMWBZTNPTUDPNNPEJGJFECVTJOFTT BOEJT. ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF QSPQSJFUBSZQSPQFSUZPG.PSOJOHTUBSBOENBZOPUCFSFQSPEVDFE JOXIPMFPSJOQBSU PSVTFEJOBOZNBOOFS XJUIPVUUIFQSJPSXSJUUFODPOTFOUPG.PSOJOHTUBS5PPSEFSSFQSJOUT DBMM

(9) 5PMJDFOTFUIFSFTFBSDI DBMM

(10) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(11) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. WFSUJDBMMZ JOUFHSBUFE GPS DPTU FGGJDJFODZ 5IF CVTJOFTT QSPEVDFTQPMZBNJEFNPOPNFSTVQTUSFBNGPSVTFJOJUT EPXOTUSFBNQSPEVDUTPGFOHJOFFSJOHQMBTUJDTBOEUFYUJMFT &OHJOFFSJOH QMBTUJDT BSF PGUFO VTFE JO UIF BVUPNPUJWF USBOTQPSUBUJPO  FMFDUSPOJDT  BOE DPOTUSVDUJPO TFDUPST UP SFQMBDF NFUBM BOE GPS UIFJS GMBNFSFUBSEBOU QSPQFSUJFT 5IFTF QMBTUJDT DBO CF UIPVHIU PG BT iPGG UIF TIFMGw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i4PMWBZw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ª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

(12) 5PMJDFOTFUIFSFTFBSDI DBMM

(13) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(14) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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ª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

(15) 5PMJDFOTFUIFSFTFBSDI DBMM

(16) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(17) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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ª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

(18) 5PMJDFOTFUIFSFTFBSDI DBMM

(19) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(20) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. 'JWF:FBS"EKVTUFE$BTI'MPX'PSFDBTU &63.JM. 'JOBODJBM)FBMUI  &.  &.  &.  &.  &. $BTIBOE&RVJWBMFOUT CFHJOOJOHPGQFSJPE. "EKVTUFE"WBJMBCMF$BTI'MPX 5PUBM$BTI"WBJMBCMFCFGPSF%FCU4FSWJDF.   .     .     .     .     . 1SJODJQBM1BZNFOUT *OUFSFTU1BZNFOUT 0UIFS$BTI0CMJHBUJPOTBOE$PNNJUNFOUT 5PUBM$BTI0CMJHBUJPOTBOE$PNNJUNFOUT.   ‰  .    ‰  .   ‰ .   ‰ .   ‰ . $VNVMBUJWF"OOVBM$BTI'MPX$VTIJPO $BTI'MPX$VTIJPO 1PTTJCMF-JRVJEJUZ/FFE. "EKVTUFE$BTI'MPX4VNNBSZ PG &63.JMMJPOT $PNNJUNFOUT. #FHJOOJOH$BTI#BMBODF 4VNPG:FBS"EKVTUFE'SFF$BTI'MPX 4VNPG$BTIBOE:FBS$BTI(FOFSBUJPO 3FWPMWFS"WBJMBCJMJUZ "TTFU"EKVTUFE#PSSPXJOHT 3FQBZNFOU. 4VNPG$BTI :FBS$BTI(FOFSBUJPO 3FWPMWFSBOE"EKVTUNFOUT 4VNPG:FBS$BTI$PNNJUNFOUT.     .   . ‰ ‰. ‰ ‰.    .  ‰. 4PMWBZJTJOTBUJTGBDUPSZGJOBODJBMIFBMUI BMUIPVHIMFWFSBHF IBTJODSFBTFENFBOJOHGVMMZXJUIUIFBDRVJTJUJPOPG$ZUFD 4PMWBZJTTVFEOFBS&63CJMMJPOJOEFCU JODMVEJOHUIFIZCSJE CPOE UPGJOBODFUIFBDRVJTJUJPO5IFJODSFBTFJOHFBSJOH XBTTPGUFOFETPNFXIBUCZB&63CJMMJPOSJHIUTJTTVF CVUCBMBODFTIFFUMFWFSBHFSFNBJOTPOUIFIJHIFSTJEF8JUI $ZUFDGVMMZDPOTPMJEBUFE XFFYQFDUEFCUUPSFQSFTFOUBMNPTU  PG UIF DBQJUBM TUSVDUVSF  BOE UIJT XJMM MJLFMZ SFNBJO TUBCMFJOUIFOFBSUFSNBTUIFDPNQBOZDPNQMFUFTTPNF NBKPSDBQJUBMJOWFTUNFOUTJO$BTIGMPXMFWFSBHF TIPVME SFNBJO DPNGPSUBCMF  BT XF FYQFDU  OFU EFCU&#*5%" UP CF BSPVOE  UJNFT  CVU UIJT SJTFT UP BQQSPYJNBUFMZUJNFT JODMVEJOHQFOTJPOPCMJHBUJPOT&#*5 JOUFSFTUDPWFSBHFJTBEFRVBUFBUUJNFT8FEPOUFYQFDU BOPUIFSTJ[FBCMFBDRVJTJUJPOJOUIFOFBSUFSN BOE4PMWBZT DBTIHFOFSBUJOHCVTJOFTTFTTIPVMEXIJUUMFEPXOUIFEFCU PWFSUJNF*OBEEJUJPO JUJTMJLFMZUIBUTPNFCVTJOFTTFTXJMM CFEJWFTUFE XIJDIDPVMEBDDFMFSBUFUIFSFEVDUJPOJOEFCU &OUFSQSJTF3JTL. 4PMWBZTBDRVJTJUJPOTBOEEJWFTUJUVSFTJOSFDFOUZFBSTIBWF JODSFBTFEJUTFYQPTVSFUPUIFTQFDJBMJUZFOEPGUIFDIFNJDBMT TQFDUSVN BOEIBWFUIFSFGPSFMFTTFOFEUIFDZDMJDBMJUZPGUIF DPOTPMJEBUFE DPNQBOZ 5IJT JT GVSUIFS TVQQPSUFE CZ XJEF HFPHSBQIJDBMBOEFOENBSLFUEJWFSTJUZ XJUIOPTJHOJGJDBOU DVTUPNFS DPODFOUSBUJPO BU UIF HSPVQ MFWFM )PXFWFS  JUT QFSGPSNBODFDIFNJDBMTBOEQPMZBNJEFTTFHNFOUTSFNBJO MBSHFMZ DPNNPEJGJFE CVTJOFTTFT XJUI IJHI PQFSBUJOH MFWFSBHF  XIJDI XJMM DPOUJOVF UP BNQMJGZ GJOBODJBM QFSGPSNBODFBMPOHXJUIUIFCVTJOFTTDZDMF*OBEEJUJPO UIF QFSGPSNBODF DIFNJDBMT TFHNFOU UFOET UP IBWF B NPSF DPODFOUSBUFEDVTUPNFSCBTF XJUITFWFSBMQSPEVDUTIBWJOH BUMFBTUPOFDVTUPNFSSFQSFTFOUJOHNPSFUIBOPGTBMFT 5IF DIFNJDBMT TFDUPS JT HFOFSBMMZ DBQJUBMJOUFOTJWF  BOE QSPEVDUJPOGBDJMJUJFTDBOUBLFUISFFUPTJYZFBSTUPNBUVSF BGUFSUIFJOJUJBMJOWFTUNFOU"TBSFTVMU EFNBOEFYQFDUFE BUUIFUJNFDBQJUBMXBTDPNNJUUFENBZOPUCFUIFSFXIFO. ª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

(21) 5PMJDFOTFUIFSFTFBSDI DBMM

(22) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(23) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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ª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

(24) 5PMJDFOTFUIFSFTFBSDI DBMM

(25) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(26) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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‰ ‰  ‰. +VO +VM +VM .BZ +VO.     .     . ‰ ‰ ‰ ‰ ‰. 'FC +VO .BS +VO +VO. PG4IBSFT )FME. PG'VOE "TTFUT. 4IBSFT #PVHIU 4PME L.     .     .     . .BZ +VO .BZ %FD "QS.     .     .     . %FD .BZ .BZ %FD .BS. 1PSUGPMJP%BUF. $PODFOUSBUFE)PMEFST. ,#$.VMUJ5SBDL#FMHJVN 3JDIFMJFV&RVJUZ#FMHJVN 1FUFSDBN&RVJUJFT#FMHJVN "SHFOUB"DUJPOT#FMHFT %FHSPPG&RT#FMHJVN"DUJWF. *OTUJUVUJPOBM5SBOTBDUJPOT 5PQ#VZFST. "NVOEJ 4UBUF4USFFU(MPCBM"EWJTPST 4PDJÏUÏ(ÏOÏSBMF(FTUJPO #BOTBCBEFMM*OWFSTJØ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ù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ª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

(27) 5PMJDFOTFUIFSFTFBSDI DBMM

(28) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(29) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. CVTJOFTTUPPGGTFUUIFESBHGSPNUIFJODSFBTFEDBQJUBMJOUIF USBOTBDUJPO"TBSFTVMUPGUIJTUSBOTBDUJPO XFEPOUGPSFDBTU 4PMWBZUPHFOFSBUF30*$TBCPWFJUTDPTUPGDBQJUBMJOUIF GPSFTFFBCMFGVUVSF. ª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

(30) 5PMJDFOTFUIFSFTFBSDI DBMM

(31) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(32) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™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hUFYQFDUUIJTRVBSUFSh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h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ª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

(33) 5PMJDFOTFUIFSFTFBSDI DBMM

(34) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(35) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. "OBMZTU/PUFT XIJDIXBTUIFUIFNFPG BQQFBSTUPCFFBTJOH5IF TPEBBTINBSLFUTSFNBJOFETUSPOHJO&VSPQFBOEUIF6OJUFE 4UBUFT BMUIPVHIJODSFBTFEQSFTTVSFGSPN$IJOFTFQMBZFST BGGFDUFEWPMVNFTPOUIFTFBCPSOFNBSLFU8FTUJMMFYQFDU TUSPOHQFSGPSNBODFGSPN4PMWBZTTPEBBTICVTJOFTTVOUJM OFXJOEVTUSZDBQBDJUZDPNFTPOMJOFJO. 4PMWBZ*T5PP0QUJNJTUJDPO$ZUFD-PXFSJOH'7&UP&63 'FC. PG CVTJOFTTFT JO JUT QPSUGPMJP XJUI EJTUJODU QSPEVDUT BOE DPNQFUJUJWF EZOBNJDT 8F EP UIJOL TPNF PG UIFTF CVTJOFTTFT BSF NPBUXPSUIZ  JODMVEJOH UIF BFSPTQBDF NBUFSJBMTCVTJOFTT XIJDIJUSFDFOUMZBDRVJSFEXJUI$ZUFD )PXFWFS BUBSPVOEPGUPUBMSFWFOVF UIFDPOUSJCVUJPO PGUIFTFNPBUZTFHNFOUTJTJOTVGGJDJFOUUPEJHBNPBUGPS UIFDPOTPMJEBUFEDPNQBOZ'VSUIFSNPSF UIFIJHIQSJDFQBJE GPS$ZUFDIBTMBSHFMZOFVUSBMJTFEUIFNPBUCVJMEJOHBTQFDU PGUIFBDRVJTJUJPO HJWFOUIFBEEJUJPOBMXFJHIUJOUIFDBQJUBM CBTFGSPNUIFBTTPDJBUFEHPPEXJMM. 8FBSFUSBOTGFSSJOHDPWFSBHFPG4PMWBZUPBOFXBOBMZTU 8FBSFNBJOUBJOJOHPVSOPNPBUSBUJOHCVUBSFMPXFSJOHPVS GBJS WBMVF FTUJNBUF UP &63  GSPN &63   QSJNBSJMZ CFDBVTF PG PVS NPSF OFHBUJWF BTTFTTNFOU PG UIF $ZUFD BDRVJTJUJPOBOEPVSUFNQFSFEFYQFDUBUJPOTPGUIFTPEBBTI CVTJOFTT0VSGBJSWBMVFFTUJNBUFJNQMJFTBQSJDFFBSOJOHT SBUJPPGUJNFTBOE&7&#*5%"SBUJPPGUJNFT CBTFE PO  FTUJNBUFT 0WFSBMM  XF FYQFDU MPXTJOHMFEJHJU PSHBOJDHSPXUIBOEBGBJSMZTUBCMFBWFSBHF&#*5%"NBSHJO PGPWFSPVSGPSFDBTUQFSJPE 4PMWBZIBTCFFOUSBOTJUJPOJOHJUTQPSUGPMJPPGCVTJOFTTFTUP NPSFTQFDJBMJTFE  MFTTDZDMJDBM BDUJWJUJFT WJB BDRVJTJUJPOT BOEEJWFTUJUVSFT*O 4PMWBZBDRVJSFE$ZUFD BMFBEFS JODPNQPTJUFTGPSUIFBFSPTQBDFNBSLFU GPSBIFGUZQSJDFPG CJMMJPO$ZUFDJTBIJHINBSHJOIJHIHSPXUICVTJOFTT UIBUHJWFT4PMWBZBTUSPOHQPTJUJPOJOUIFBFSPTQBDFNBSLFU XIJDI JU XBT QSFWJPVTMZ MBDLJOH )PXFWFS  BU  UJNFT &#*5%" CFGPSFTZOFSHJFT XFUIJOLUIFBDRVJTJUJPOQSJDF XBTUPPIJHI BOEJUTIPVMEQSFWFOU4PMWBZGSPNFBSOJOHJUT DPTUPGDBQJUBMGPSNBOZZFBST4PMWBZhTTPEBBTICVTJOFTT JTDVSSFOUMZFOKPZJOHIJHINBSHJOTCFDBVTFPGUJHIUNBSLFU DPOEJUJPOT8FFYQFDUNBSHJOTUPXBOFJOUIFNFEJVNUFSN XJUITJHOJGJDBOUOFXJOEVTUSZDBQBDJUZTFUUPDPNFPOMJOF JO XIJDIXJMMQVTI4PMWBZT&VSPQFBOQSPEVDUJPOVQ UIFDPTUDVSWF 8FEPOUBTDSJCFBNPBUUP4PMWBZ4PMWBZIBTBXJEFWBSJFUZ ª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

(36) 5PMJDFOTFUIFSFTFBSDI DBMM

(37) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(38) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. .PSOJOHTUBS"OBMZTU'PSFDBTUT 'JOBODJBM4VNNBSZBOE'PSFDBTUT 'JTDBM:FBS&OETJO%FDFNCFS. 'PSFDBTU :FBS )JTU$"(3. . . . . . :FBS 1SPK$"(3. 3FWFOVF &#*5 &#*5%" /FU*ODPNF %JMVUFE&14 &BSOJOHT#FGPSF*OUFSFTU BGUFS5BY 'SFF$BTI'MPX.       .       .       .       .       .       .       ‰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‰     . ‰     . ,FZ7BMVBUJPO%SJWFST $PTUPG&RVJUZ 1SF5BY$PTUPG%FCU 8FJHIUFE"WFSBHF$PTUPG$BQJUBM -POH3VO5BY3BUF 4UBHF**&#*(SPXUI3BUF 4UBHF***OWFTUNFOU3BUF 1FSQFUVJUZ:FBS.       . "EEJUJPOBMFTUJNBUFTBOETDFOBSJPTBWBJMBCMFGPSEPXOMPBEBUIUUQTFMFDUNPSOJOHTUBSDPN. &63.JM. 'JSN7BMVF . 1FS4IBSF 7BMVF. 1SFTFOU7BMVF4UBHF* 1SFTFOU7BMVF4UBHF** 1SFTFOU7BMVF4UBHF***.     ‰.   ‰.   ‰. 5PUBM'JSN7BMVF.  . . . $BTIBOE&RVJWBMFOUT %FCU 1SFGFSSFE4UPDL 0UIFS"EKVTUNFOUT.    ‰  . ‰ ‰ ‰ ‰.   ‰ .  . ‰. . &RVJUZ7BMVF. 1SPKFDUFE%JMVUFE4IBSFT 'BJS7BMVFQFS4IBSF &63.  ‰. 5IFEBUBJOUIFUBCMFBCPWFSFQSFTFOUCBTFDBTFGPSFDBTUTJOUIFDPNQBOZTSFQPSUJOH DVSSFODZBTPGUIFCFHJOOJOHPGUIFDVSSFOUZFBS0VSGBJSWBMVFFTUJNBUFNBZEJGGFSGSPNUIF FRVJUZWBMVFQFSTIBSFTIPXOBCPWFEVFUPPVSUJNFWBMVFPGNPOFZBEKVTUNFOUBOEJODBTFT XIFSFQSPCBCJMJUZXFJHIUFETDFOBSJPBOBMZTJTJTQFSGPSNFE . ª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

(39) 5PMJDFOTFUIFSFTFBSDI DBMM

(40) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(41) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. .PSOJOHTUBS"OBMZTU'PSFDBTUT *ODPNF4UBUFNFOU &63.JM. 'JTDBM:FBS&OETJO%FDFNCFS. 'PSFDBTU . . . . .  .  .  .  .  . $PTUPG(PPET4PME (SPTT1SPGJU.    .    .    .    .    . 4FMMJOH (FOFSBM"ENJOJTUSBUJWF&YQFOTFT 3FTFBSDI%FWFMPQNFOU 0UIFS0QFSBUJOH&YQFOTF *ODPNF. %FQSFDJBUJPO"NPSUJ[BUJPO JGSFQPSUFETFQBSBUFMZ. 0QFSBUJOH*ODPNF FYDIBSHFT.     ‰ .     ‰  .     ‰  .     ‰  .     ‰  . 3FTUSVDUVSJOH0UIFS$BTI$IBSHFT *NQBJSNFOU$IBSHFT JGSFQPSUFETFQBSBUFMZ. 0UIFS/PO$BTI *ODPNF $IBSHFT 0QFSBUJOH*ODPNF JODMDIBSHFT.  ‰ ‰ .  ‰ ‰ .  ‰ ‰ .  ‰ ‰  . ‰ ‰ ‰  . *OUFSFTU&YQFOTF *OUFSFTU*ODPNF 1SF5BY*ODPNF.   .   .   .    .    . *ODPNF5BY&YQFOTF. . . . . . 0UIFS"GUFS5BY$BTI(BJOT -PTTFT. 0UIFS"GUFS5BY/PO$BTI(BJOT -PTTFT. .JOPSJUZ*OUFSFTU. 1SFGFSSFE%JWJEFOET. /FU*ODPNF.  ‰  ‰ .  ‰  ‰ .  ‰  ‰ . ‰ ‰  ‰ . ‰ ‰  ‰ . 8FJHIUFE"WFSBHF%JMVUFE4IBSFT0VUTUBOEJOH %JMVUFE&BSOJOHT1FS4IBSF.  .  .  .  .  . "EKVTUFE/FU*ODPNF %JMVUFE&BSOJOHT1FS4IBSF "EKVTUFE.  .  .  .  .  . %JWJEFOET1FS$PNNPO4IBSF. . . . . .    .    .    .    .    . 3FWFOVF. &#*5%" "EKVTUFE&#*5%". ª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

(42) 5PMJDFOTFUIFSFTFBSDI DBMM

(43) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(44) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. .PSOJOHTUBS"OBMZTU'PSFDBTUT #BMBODF4IFFU  &63.JM. 'JTDBM:FBS&OETJO%FDFNCFS. 'PSFDBTU. . . . .   ‰         .   ‰         .  ‰         .   ‰         .   ‰         .            .           .            .            .            .        .        .        .        .        .      ‰  .      ‰  .       ‰  .       ‰  .       ‰  . 1SFGFSSFE4UPDL $PNNPO4UPDL "EEJUJPOBM1BJEJO$BQJUBM 3FUBJOFE&BSOJOHT %FGJDJU. 5SFBTVSZ4UPDL. 0UIFS&RVJUZ 4IBSFIPMEFShT&RVJUZ. ‰   ‰   ‰ ‰  . ‰   ‰   ‰ ‰  . ‰   ‰   ‰ ‰  . ‰   ‰    ‰  . ‰   ‰    ‰  . .JOPSJUZ*OUFSFTU 5PUBM&RVJUZ.   .   .   .   .   . $BTIBOE&RVJWBMFOUT *OWFTUNFOUT "DDPVOUT3FDFJWBCMF *OWFOUPSZ %FGFSSFE5BY"TTFUT $VSSFOU. 0UIFS4IPSU5FSN"TTFUT $VSSFOU"TTFUT /FU1SPQFSUZ1MBOU BOE&RVJQNFOU (PPEXJMM 0UIFS*OUBOHJCMFT %FGFSSFE5BY"TTFUT -POH5FSN. 0UIFS-POH5FSN0QFSBUJOH"TTFUT -POH5FSN/PO0QFSBUJOH"TTFUT 5PUBM"TTFUT "DDPVOUT1BZBCMF 4IPSU5FSN%FCU %FGFSSFE5BY-JBCJMJUJFT $VSSFOU. 0UIFS4IPSU5FSN-JBCJMJUJFT $VSSFOU-JBCJMJUJFT -POH5FSN%FCU %FGFSSFE5BY-JBCJMJUJFT -POH5FSN. 0UIFS-POH5FSN0QFSBUJOH-JBCJMJUJFT -POH5FSN/PO0QFSBUJOH-JBCJMJUJFT 5PUBM-JBCJMJUJFT. ª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

(45) 5PMJDFOTFUIFSFTFBSDI DBMM

(46) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. . 1BHFPG.

(47) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. .PSOJOHTUBS"OBMZTU'PSFDBTUT $BTI'MPX  &63.JM. 'PSFDBTU. 'JTDBM:FBS&OETJO%FDFNCFS . . . . . /FU*ODPNF. . . . . . %FQSFDJBUJPO "NPSUJ[BUJPO 4UPDL#BTFE$PNQFOTBUJPO *NQBJSNFOUPG(PPEXJMM *NQBJSNFOUPG0UIFS*OUBOHJCMFT %FGFSSFE5BYFT 0UIFS/PO$BTI"EKVTUNFOUT.  ‰ ‰ ‰ ‰ ‰ .   ‰ ‰ ‰ ‰ ‰ .  ‰ ‰ ‰ ‰ ‰ .  ‰ ‰ ‰ ‰ ‰ ‰.  ‰ ‰ ‰ ‰ ‰ ‰.     ‰  .     ‰  .      ‰  .   ‰  ‰  .   ‰  ‰  .      .     .        .  ‰ ‰ ‰ .   ‰ ‰ ‰  .   ‰    .        .         .   ‰    .   ‰ ‰  .  .  .   . ‰  . ‰ . *ODSFBTF %FDSFBTFJO"DDPVOUT3FDFJWBCMF *ODSFBTF %FDSFBTFJO*OWFOUPSZ $IBOHFJO0UIFS4IPSU5FSN"TTFUT *ODSFBTF %FDSFBTF JO"DDPVOUT1BZBCMF $IBOHFJO0UIFS4IPSU5FSN-JBCJMJUJFT $BTI'SPN0QFSBUJPOT $BQJUBM&YQFOEJUVSFT. /FU "DRVJTJUJPOT "TTFU4BMFT BOE%JTQPTBMT /FU4BMFT 1VSDIBTFT PG*OWFTUNFOUT 0UIFS*OWFTUJOH$BTI'MPXT $BTI'SPN*OWFTUJOH $PNNPO4UPDL*TTVBODF PS3FQVSDIBTF. $PNNPO4UPDL %JWJEFOET. 4IPSU5FSN%FCU*TTVBODF PS3FUJSFNFOU. -POH5FSN%FCU*TTVBODF PS3FUJSFNFOU. 0UIFS'JOBODJOH$BTI'MPXT $BTI'SPN'JOBODJOH &YDIBOHF3BUFT %JTDPOUJOVFE0QT FUD OFU. /FU$IBOHFJO$BTI. ª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

(48) 5PMJDFOTFUIFSFTFBSDI DBMM

(49) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(50) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. $PNQBSBCMF$PNQBOZ"OBMZTJT 5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS 7BMVBUJPO"OBMZTJT 1SJDF&BSOJOHT. &7&#*5%". 1SJDF'SFF$BTI'MPX. 1SJDF#PPL. 1SJDF4BMFT. 1SJDF'BJS 7BMVF. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. #BTG4&#"4%&6. . . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64". . . . . . . . . . . . . . . . . ,POJOLMJKLF%4./7%4./-%. . . . . . . . /.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PNQBOZ5JDLFS. "WFSBHF 4PMWBZ4"40-##&. . 3FUVSOT"OBMZTJT 30*$. "EKVTUFE30*$. 3FUVSOPO&RVJUZ. 3FUVSOPO"TTFUT. %JWJEFOE:JFME. -BTU)JTUPSJDBM:FBS 5PUBM"TTFUT .JM. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. #BTG4&#"4%&6.  &63. . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64".  64%. . . . . . . . . . . . . . . . ,POJOLMJKLF%4./7%4./-%.  &63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PNQBOZ5JDLFS. "WFSBHF 4PMWBZ4"40-##&.  &63. (SPXUI"OBMZTJT. $PNQBOZ5JDLFS. -BTU)JTUPSJDBM:FBS 3FWFOVF .JM. 3FWFOVF(SPXUI. &#*5(SPXUI. &14(SPXUI. 'SFF$BTI'MPX(SPXUI. %JWJEFOE4IBSF(SPXUI. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &. #BTG4&#"4%&6.  &63. . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64".  64%. . . . . . . . . . . . . . . .  &63. . . . . . . . . . . . . ‰. ‰. ‰. . . . . . . . . . . . . . . . . . . . . . . .  . . . . . ‰. ,POJOLMJKLF%4./7%4./-% "WFSBHF 4PMWBZ4"40-##&.  &63. ª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

(51) 5PMJDFOTFUIFSFTFBSDI DBMM

(52) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(53) .PSOJOHTUBS&RVJUZ3FTFBSDI. 4PMWBZ4"40-# 9#36 ]QQQ -BTU1SJDF. 'BJS7BMVF. 6ODFSUBJOUZ. &DPOPNJD.PBU™. .PBU5SFOE™. 4UFXBSETIJQ. *OEVTUSZ(SPVQ. &63. &63. )JHI. /POF. 4UBCMF. 4UBOEBSE. $IFNJDBMT. $PNQBSBCMF$PNQBOZ"OBMZTJT 5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS 1SPGJUBCJMJUZ"OBMZTJT. $PNQBOZ5JDLFS. -BTU)JTUPSJDBM:FBS /FU*ODPNF .JM. (SPTT.BSHJO. &#*5%".BSHJO. 0QFSBUJOH.BSHJO. /FU.BSHJO. 'SFF$BTI'MPX.BSHJO. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &. #BTG4&#"4%&6.  &63. . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64".  64%. . . . . . . . . . . . . . . . ,POJOLMJKLF%4./7%4./-%. &63. "WFSBHF 4PMWBZ4"40-##&. &63.  &. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -FWFSBHF"OBMZTJT %FCU&RVJUZ. %FCU5PUBM$BQ. &#*5%"*OUFSFTU&YQ. 5PUBM%FCU&#*5%". "TTFUT&RVJUZ. -BTU)JTUPSJDBM:FBS 5PUBM%FCU .JM. .  &.  &. .  &.  &. .  &.  &. .  &.  &. .  &.  &.  &63. . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64".  64%. . . . . . . . . . . . . . . . ,POJOLMJKLF%4./7%4./-%.  &63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PNQBOZ5JDLFS. #BTG4&#"4%&6. "WFSBHF 4PMWBZ4"40-##&.  &63. -JRVJEJUZ"OBMZTJT $PNQBOZ5JDLFS. .BSLFU$BQ .JM. $BTIQFS4IBSF. $VSSFOU3BUJP. 2VJDL3BUJP. $BTI4IPSU5FSN%FCU. 1BZPVU3BUJP .  &.  &. #BTG4&#"4%&6.  &63. . . . . . . . . . . . . . . . &*EV1POUEF/FNPVST$P%%64".  64%. . . . . . . . . . . . . . . .  &63. . . . . . . . . . . . . . . . ,POJOLMJKLF%4./7%4./-% "WFSBHF 4PMWBZ4"40-##&.  &63. .  &.  &. .  &.  &. .  &.  &. .  &.  &. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ª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

(54) 5PMJDFOTFUIFSFTFBSDI DBMM

(55) 1MFBTFTFFJNQPSUBOU EJTDMPTVSFTBUUIFFOEPGUIJTSFQPSU. 1BHFPG.

(56) Morningstar Equity Research. Research Methodology for Valuing Companies Overview. At the heart of our valuation system is a detailed SURMHFWLRQRIDFRPSDQ\ŒVIXWXUHFDVKĬRZVUHsulting from our analysts’ research. Analysts create custom industry and company assumptions WR IHHG LQFRPH VWDWHPHQW EDODQFH VKHHW DQG FDSLWDOLQYHVWPHQWDVVXPSWLRQVLQWRRXUJOREDOO\ VWDQGDUGL]HG SURSULHWDU\ GLVFRXQWHG FDVK ĬRZ RU '&) PRGHOLQJ WHPSODWHV :H XVH VFHQDULR DQDO\VLV LQGHSWK FRPSHWLWLYH DGYDQWDJH DQDO\VLVDQGDYDULHW\RIRWKHUDQDO\WLFDOWRROVWRDXJPHQWWKLVSURFHVV0RUHRYHUZHWKLQNDQDO\]LQJ YDOXDWLRQ WKURXJK GLVFRXQWHG FDVK ĬRZV SUHVHQWVDEHWWHUOHQVIRUYLHZLQJF\FOLFDOFRPSDQLHV KLJKJURZWK īUPV EXVLQHVVHV ZLWK īQLWH OLYHV HJPLQHV

(57) RUFRPSDQLHVH[SHFWHGWRJHQHUDWH QHJDWLYHHDUQLQJVRYHUWKHQH[WIHZ\HDUV7KDW VDLG ZH GRQŒW GLVPLVV PXOWLSOHV DOWRJHWKHU EXW UDWKHU XVH WKHP DV VXSSRUWLQJ FURVVFKHFNV IRU RXU'&)EDVHGIDLUYDOXHHVWLPDWHV:HDOVRDFNQRZOHGJHWKDW'&)PRGHOVRĭHUWKHLURZQFKDOlenges (including a potential proliferation of estiPDWHGLQSXWVDQGWKHSRVVLELOLW\WKDWWKHPHWKRG PD\ PLVV VKRUWWHUP PDUNHWSULFH PRYHPHQWV

(58)  EXWZHEHOLHYHWKHVHQHJDWLYHVDUHPLWLJDWHGE\ deep analysis and our long-term approach. 0RUQLQJVWDU ,QF DQG LWV DĮOLDWHV œ0RUQLQJVWDUŔœZHŔœRXUŔ

(59) EHOLHYHVWKDWDFRPSDQ\ŒVLQWULQVLFZRUWKUHVXOWVIURPWKHIXWXUHFDVKĬRZVLW FDQJHQHUDWH7KH0RUQLQJVWDU5DWLQJIRUVWRFNV LGHQWLīHVVWRFNVWUDGLQJDWDGLVFRXQWRUSUHPLXP WRWKHLULQWULQVLFZRUWKŜRUIDLUYDOXHHVWLPDWHLQ 0RUQLQJVWDUWHUPLQRORJ\)LYHVWDUVWRFNVVHOOIRU WKH ELJJHVW ULVNDGMXVWHG GLVFRXQW WR WKHLU IDLU YDOXHVZKHUHDVVWDUVWRFNVWUDGHDWSUHPLXPV WRWKHLULQWULQVLFZRUWK )RXUNH\FRPSRQHQWVGULYHWKH0RUQLQJVWDUUDWLQJ 

(60)  RXU DVVHVVPHQW RI WKH īUPŒV HFRQRPLF PRDW 

(61) RXUHVWLPDWHRIWKHVWRFNŒVIDLUYDOXH 

(62)  our uncertainty around that fair value estimate. DQG 

(63) WKHFXUUHQWPDUNHWSULFH7KLVSURFHVVXOWLPDWHO\ culminates in our single-point star rating. 1. Economic Moat. 7KHFRQFHSWRIDQHFRQRPLFPRDWSOD\VDYLWDOUROHQRW RQO\LQRXUTXDOLWDWLYHDVVHVVPHQWRIDīUPŒVORQJWHUP LQYHVWPHQWSRWHQWLDOEXWDOVRLQWKHDFWXDOFDOFXODWLRQ of our fair value estimates. An economic moat is a VWUXFWXUDOIHDWXUHWKDWDOORZVDīUPWRVXVWDLQH[FHVV SURīWVRYHUDORQJSHULRGRIWLPH:HGHīQHHFRQRPLF SURīWVDVUHWXUQVRQLQYHVWHGFDSLWDO RU52,&

(64) RYHUDQG DERYHRXUHVWLPDWHRIDīUPŒVFRVWRIFDSLWDORUZHLJKWHGDYHUDJHFRVWRIFDSLWDO RU:$&&

(65) :LWKRXWDPRDW SURīWVDUHPRUHVXVFHSWLEOHWRFRPSHWLWLRQ:HKDYH LGHQWLīHG īYH VRXUFHV RI HFRQRPLF PRDWV LQWDQJLEOH DVVHWVVZLWFKLQJFRVWVQHWZRUNHĭHFWFRVWDGYDQWDJH DQGHĮFLHQWVFDOH. Morningstar Fair Value. 2XUPRGHOLVGLYLGHGLQWRWKUHHGLVWLQFWVWDJHV Stage I: Explicit Forecast. ,QWKLVVWDJHZKLFKFDQODVWīYHWR\HDUVDQDO\VWV PDNHIXOOīQDQFLDOVWDWHPHQWIRUHFDVWVLQFOXGLQJLWHPV VXFKDVUHYHQXHSURīWPDUJLQVWD[UDWHVFKDQJHVLQ ZRUNLQJFDSLWDODFFRXQWVDQGFDSLWDOVSHQGLQJ%DVHG RQ WKHVH SURMHFWLRQV ZH FDOFXODWH HDUQLQJV EHIRUH LQWHUHVW DIWHU WD[HV (%,

(66)  DQG WKH QHW QHZ LQYHVWPHQW 11,

Referenties

GERELATEERDE DOCUMENTEN

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

8F BUUSJCVUF B TUBCMF NPBU USFOE UP JWBVEBO BT UIF JOHSFEJFOUT JOEVTUSZ JT SFMBUJWFMZ TUBCMF BOE XF EPOhU

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

We view these early sales results as a good sign for our near-term thesis that Apple’s competitive position at the high end of the smartphone space remains as strong as ever and

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

0O B CSPBEFS OPUF UIF SFDFOUMZ JOUSPEVDFE ESVH QMBO

&WFO XJUIJO UIF SFMBUJWFMZ EFGFOTJWF DPOTVNFS TUBQMFT TQBDF 6OJMFWFSIBTEFMJWFSFETPNFPGUIFNPTUDPOTJTUFOU PSHBOJDHSPXUIPGJUTQFFSHSPVQJOSFDFOUZFBST5IFGJSNhT CSFBEUI PG QPSUGPMJP