• No results found

BNP Paribas (Morningstar) | Vlaamse Federatie van Beleggers

N/A
N/A
Protected

Academic year: 2022

Share "BNP Paribas (Morningstar) | Vlaamse Federatie van Beleggers"

Copied!
19
0
0

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

Hele tekst

(1)

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

.BSLFU$BQ &63.JM  

8FFL)JHI &63 

8FFL-PX &63 

8FFL5PUBM3FUVSO 

:5%5PUBM3FUVSO 

-BTU'JTDBM:FBS&OE %FD

:S'PSXBSE3FWFOVF$"(3 

:S'PSXBSE&14$"(3 

1SJDF'BJS7BMVF 

   &  &

1SJDF&BSOJOHT /.   

1SJDF#PPL    

1SJDF5BOHJCMF#PPL    

%JWJEFOE:JFME    ‰

   &  &

/FU3FWFOVF        

/FU3FWFOVF:P:    

/FU*OUFSFTU*ODPNF        

/FU*OUFSFTU.BSHJO    

1SF5BY1SF1SPWJTJPO&BSOJOHT        

1SF5BY1SF1SPWJTJPO    

&BSOJOHT:P:

/FU*ODPNF       

/FU*ODPNF:P: /. /.  

%JMVUFE&14    

%JMVUFE&14:P:     

#/11BSJCBT3FQPSUT(PPE'VMM:FBS3FTVMUT/FX4USBUFHJD 1MBO'PDVTFTPO$PTU4BWJOHTBOE%JHJUBM

4FF1BHFGPSUIFGVMM"OBMZTU/PUFGSPN'FC

4UFQIFO&MMJT 4FDUPS%JSFDUPS

TUFQIFOFMMJT!NPSOJOHTUBSDPN  

*NQPSUBOU%JTDMPTVSF

5IF DPOEVDU PG .PSOJOHTUBST BOBMZTUT JT HPWFSOFECZ$PEFPG&UIJDT$PEFPG$POEVDU 1PMJDZ 1FSTPOBM4FDVSJUZ5SBEJOH1PMJDZ PS BOFRVJWBMFOUPG BOE*OWFTUNFOU3FTFBSDI 1PMJDZ'PSJOGPSNBUJPOSFHBSEJOHDPOGMJDUT PGJOUFSFTU WJTJU

3FTFBSDIBTPG'FC

&TUJNBUFTBTPG/PW

1SJDJOHEBUBUISPVHI.BS

3BUJOHVQEBUFEBTPG.BS

*OWFTUNFOU5IFTJT .BZ

#/1 1BSJCBT IBT EFFQ SPPUT JO 'SBODF  XIFSF JU JT UIF MBSHFTU QVCMJDMZUSBEFECBOLCZBTTFUT*O*UBMZ JUT#/-#BODB$PNNFSDJBMF QVSDIBTFE JO   IBT OFBSMZ  CSBODIFT 5PHFUIFS XJUI

#BOD8FTU JO UIF 6OJUFE 4UBUFT  'PSUJT JO #FMHJVN  BOE PUIFS BDUJWJUJFT SFUBJMCBOLJOHBDDPVOUTGPSBCPVUIBMGPG#/11BSJCBTh BMMPDBUFEFRVJUZ8FhSFFTQFDJBMMZFOUIVTJBTUJDBCPVUUIFHSPVQhT NPBUZ SFUBJM CVTJOFTT JO 'SBODF BOE #FMHJVN  XIFSF MJNJUFE DPNQFUJUJPOLFFQTQSPGJUNBSHJOTIJHIBOEHJWFTUIFCBOLMJUUMF JODFOUJWFUPUBLFVOOFDFTTBSZSJTLT8FBMTPTFF#/1hT#BOD8FTU CVTJOFTT XIJDIJUQMBOTUPQBSUJBMMZGMPBUJO BTNPBUZ8F UIJOL UIFTF VOJUT XJMM DPOUJOVF UP QVNQ PVU OFBSMZ  QSFUBY SFUVSOTPOFRVJUZ FTQFDJBMMZXIFOJOUFSFTUSBUFTSJTF#/1hT*UBMJBO PQFSBUJPOT JODPOUSBTU BSFSFBTPOBCMZFGGJDJFOUCVUPOMZOPNJOBMMZ QSPGJUBCMFCFDBVTFPGIJHIDSFEJUDPTUT

6OMJLFNBOZVOJWFSTBMCBOLT #/1FYDFMTBUDSPTTTFMMJOH*UTFMMT JOTVSBODFUISPVHIJUTPXOBOEWJBQBSUOFSSFUBJMPVUMFUTBSPVOEUIF XPSME  XIJDI LFFQT DVTUPNFS BDRVJTJUJPO DPTUT EPXO  XIJMF FBSOJOHQPTUUBYSFUVSOTPOFRVJUZPWFS*UTCSBODIOFUXPSL BMTPIFMQTUPTVQQPSUJUTTUSPOHXFBMUIBOEBTTFUNBOBHFNFOU CVTJOFTT  XIJDI JT POF PG UIF XPSMEhT MBSHFTU BOE HBSOFST BO JNQSFTTJWF QMVT SFUVSO PO FRVJUZ 4JNJMBSMZ  #/1hT MBSHF DPSQPSBUF BOE JOWFTUNFOU CBOL IFMQT UP TVQQPSU UIF HSPVQhT QPTJUJPOBT&VSPQFhTMBSHFTUBTTFUTFSWJDFS BNPBUZCVTJOFTTXJUI SFUVSOTPOFRVJUZBSPVOE

#/1IBTHPUUFOUISPVHIUIFDSJTJTJOHPPETIBQFDPNQBSFEXJUI QFFST FWFOBGUFSDPOTJEFSJOHJUTMBUF&63CJMMJPOTFUUMFNFOU XJUIUIF64PWFSNPOFZMBVOEFSJOHDIBSHFT8FUIJOLJUJTMJLFMZ UPTUSVHHMFXJUITMVHHJTISFWFOVFHSPXUIJOJUTIPNFNBSLFUTJO UIF OFBS UFSN  TP DPOUBJOJOH DPTU HSPXUI  FTQFDJBMMZ HJWFO JODSFBTJOHSFHVMBUPSZEFNBOET XJMMCFLFZ8FhSFUIFSFGPSFHMBE UIBU#/1JTGPDVTJOHPOJODSFBTJOHFGGJDJFODZBOEFMFDUSPOJDEFMJWFSZ JOJUTDVSSFOUPQFSBUJPOTBOEPOFYQMPJUJOHHSPXUIPQQPSUVOJUJFT BCSPBE8IJMFIJHIFSJOUFSFTUSBUFTJO&VSPQFNBZCFBXBZPGG XF UIJOL UIBU XIFO UIFZ DPNF UIFZ XJMM IFMQ QVTI UIF CBOLhT DPTUJODPNFSBUJPUPJOUIFNFEJVNUFSNGSPNJO

5IFNFSHFSPG#BORVF/BUJPOBMFEF1BSJTBOE1BSJCBTDSFBUFE#/11BSJCBT JO NBLJOHJUUIFMBSHFTUQVCMJDMZUSBEFECBOLJO'SBODF XJUIBCPVU

&63  USJMMJPO JO BTTFUT 3FUBJM CBOLJOH HFOFSBUFT BCPVU  PG UIF DPNQBOZhTQSFUBYJODPNF DPSQPSBUFBOEJOWFTUNFOUCBOLJOHBCPVU

BTTFUNBOBHFNFOUBCPVU BOEDPSQPSBUFDFOUFSBOEFRVJQNFOUMFBTJOH BCPVU DPNCJOFE"MUIPVHI#/11BSJCBTIBTPQFSBUJPOTJOBCPVU

DPVOUSJFT  JU DPOTJEFST 'SBODF BOE *UBMZ JUT UXP IPNF NBSLFUT *U PXOT

#BOD8FTUJOUIF6OJUFE4UBUFT

1SPGJMF 7JUBM4UBUJTUJDT

7BMVBUJPO4VNNBSZBOE'PSFDBTUT

'JOBODJBM4VNNBSZBOE'PSFDBTUT 5IFQSJNBSZBOBMZTUDPWFSJOHUIJTDPNQBOZ

EPFTOPUPXOJUTTUPDL

$VSSFODZBNPVOUTFYQSFTTFEXJUIiwBSFJO 64EPMMBST 64%VOMFTTPUIFSXJTFEFOPUFE

4PVSDFGPSGPSFDBTUTJOUIFEBUBUBCMFTBCPWF.PSOJOHTUBS&TUJNBUFT

&63.JM

$POUFOUT

*OWFTUNFOU5IFTJT .PSOJOHTUBS"OBMZTJT

"OBMZTU/PUF

7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ 4DFOBSJP"OBMZTJT

&DPOPNJD.PBU .PBU5SFOE 3JTL 'JOBODJBM)FBMUI

#VMMT4BZ#FBST4BZ .BOBHFNFOU0XOFSTIJQ

"OBMZTU/PUF"SDIJWF

"EEJUJPOBM*OGPSNBUJPO .PSOJOHTUBS"OBMZTU'PSFDBTUT

$PNQBSBCMF$PNQBOZ"OBMZTJT .FUIPEPMPHZGPS7BMVJOH$PNQBOJFT

'JTDBM:FBS

'JTDBM:FBS

IUUQHMPCBMNPSOJOHTUBS

DPNFRVJUZEJTDMPTVSFT































1BHFPG

(2)

ª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

.PSOJOHTUBS"OBMZTJT

#/1 1BSJCBT 3FQPSUT (PPE 'VMM:FBS 3FTVMUT /FX 4USBUFHJD1MBO'PDVTFTPO$PTU4BWJOHTBOE%JHJUBM

'FC

#/11BSJCBTSFQPSUFEHPPEGVMMZFBSSFTVMUT BTUIFDPNQBOZ OBWJHBUFTUISPVHIBEJGGJDVMUJOUFSFTUSBUFFOWJSPONFOU8F QMBOUPNBJOUBJOPVS&63GBJSWBMVFFTUJNBUFBOE OBSSPXNPBUSBUJOH/FUJODPNFJODSFBTFEUP&63

CJMMJPO XIJMF#/1EFDSFBTFEJUTDPTUPGSJTLCZCBTJT QPJOUT1SFUBYJODPNFXBTVQPOBTFHNFOUMFWFM FYDFQU GPS DPSQPSBUF BOE JOTUJUVUJPOBM CBOLJOH  BT JU VOEFSHPFT GVSUIFSUSBOTGPSNBUJPOBOEDPTUTBWJOHJOJUJBUJWFT'SFODI BOE*UBMJBOSFUBJMCBOLJOHTBXOFUJOUFSFTUJODPNFEFDMJOF CZBOE SFTQFDUJWFMZ PXJOHUPUIFMPXJOUFSFTUSBUF FOWJSPONFOU BOEGFFTEFDMJOFEBTXFMMJOBOVOGBWPVSBCMF NBSLFU FOWJSPONFOU 'PS   UIF GVMMZ MPBEFE DPNNPO FRVJUZ5JFSSBUJPTUPPEBU XJUIBSFUVSOPOUBOHJCMF FRVJUZPG

#/11BSJCBTFYDIBOHFEJUTPMETUSBUFHJDQMBOGPSJUTOFX

 CVTJOFTT EFWFMPQNFOU QMBO "GUFS TVDDFTTGVMMZ FYFDVUJOH PO JUT QSFWJPVT BNCJUJPOT  UIF DPNQBOZ OPX UBSHFUTBOBWFSBHFOFUJODPNFHSPXUIPG BGVMMZMPBEFE DPNNPOFRVJUZ5JFSSBUJPPG BOEBSFUVSOPO FRVJUZBUUIFFOEPG"LFZTUSBUFHZUPDVSUBJMDPTUT HPJOHGPSXBSEJTBTUSPOHFSEJHJUBMDMJFOUCBTF XIJDITIPVME IFMQ#/1SFEVDFJUTDPTUCBTFBDSPTTBMMTFHNFOUT)PXFWFS XJUITQFOEJOHUBSHFUTPOUFDIOPMPHZBEWBODFNFOUTPG&63

CJMMJPOBOEFYQFDUFETBWJOHTPG&63CJMMJPOBTBSFTVMU UIFSFPGPWFSUIFOFYUUISFFZFBST UIFJOJUJBUJWFJTHPJOHUP CFCFBSGSVJUPOMZBGUFS

7BMVBUJPO (SPXUIBOE1SPGJUBCJMJUZ.BZ

0VS GBJS WBMVF FTUJNBUF GPS #/1 1BSJCBT JT &63  QFS DPNNPOTIBSF0VSGBJSWBMVFJTUJNFTUBOHJCMFCPPL WBMVFBOEUJNFTCPPLWBMVFBTPGZFBSFOE8F BTTVNFUIBUFRVJUZBTTFUTSFUVSOUPOFBShTMFWFM BOEVQGSPNhTMFWFM XIJDIXBTEFQSFTTFECZUIF SFHVMBUPSZTFUUMFNFOU BT#/1XPSLTUPXBSEBGVMMZ

MPBEFEDPNNPOFRVJUZ5JFSSBUJP

8FFYQFDUOFUJOUFSFTUNBSHJO BTXFDBMDVMBUFJU UPESPQ GVSUIFSJOUPGSPNJO BOEUPSJTFUP

JOUIFNFEJVNUFSNXIFOJOUFSFTUSBUFTSJTFGSPN VMUSBMPXMFWFMT8FFYQFDUUSBEJOHJODPNFUPCF

PG USBEJOH BTTFUT  JO MJOF XJUI  BWFSBHFT 8F BOUJDJQBUFUIBUGFFJODPNFXJMMHSPXKVTUJOBOE

 JO UIF NFEJVN UFSN  BT TMPXFS HSPXUI JO EPNFTUJD NBSLFUT JT CBMBODFE CZ IJHIFS HSPXUI JO JOUFSOBUJPOBM NBSLFUT8FFYQFDUMPBOHSPXUIUPBWFSBHFBOEGPSMPBO MPTTFTUPSFNBJOBSPVOEPGMPBOTBTGBMMJOHMPTTFTJO

*UBMZ BSF CBMBODFE CZ OPSNBMJ[JOH MPTTFT FMTFXIFSF 8F BOUJDJQBUF UIBU DPNQFOTBUJPO XJMM DPOTVNF  PG SFWFOVFJOBOEJOUIFNFEJVNUFSN"TBSFTVMU XFFYQFDUHSPVQSFUVSOPODPNNPOUBOHJCMFFRVJUZUPSJTF UPCZUIFFOEPGPVSGPSFDBTUQFSJPE8FBTTVNFB

UBYSBUFBOEVTFBDPTUPGFRVJUZ XIJDIJODMVEFT BDPVOUSZSJTLQSFNJVN

4DFOBSJP"OBMZTJT

8FNPEFMVQTJEFBOEEPXOTJEFTDFOBSJPTXJUIGBJSWBMVF FTUJNBUFTSBOHJOHGSPN&63UP&63

*OPVSEPXOTJEFTDFOBSJP TMPXHSPXUIJO&VSPQFNFBOTUIBU

#/1hT QFSGPSNBODF SFNBJOT IFBS  MFWFMT -PBO MPTTFTBWFSBHFPGMPBOTBOOVBMMZ WFSTVTJOPVS CBTFDBTF4MPXFSSFWFOVFHSPXUINBLFTJUNPSFEJGGJDVMU GPSUIFCBOLUPDPOUSPMDPTUT BOEDPNQFOTBUJPODPOTVNFT

PGSFWFOVF"MMJO SFUVSOPODPNNPOUBOHJCMFFRVJUZ GBMMTUP CFMPXPVSDPTUPGFRVJUZ BOECFMPXUIF

JOPVSCBTFDBTF*OUIJTTDFOBSJP PVSGBJSWBMVFFTUJNBUF XPVMECF&63 UJNFTUBOHJCMFCPPLWBMVFBOE

UJNFTCPPLWBMVFBTZFBSFOE

*O PVS VQTJEF TDFOBSJP  &VSPQFhT SFDPWFSZ HBJOT TUFBN

&RVJUZBTTFUTSFNBJOTTUFBEZBU BOEMPBOMPTTFTGBMM UP  PG MPBOT 8JUI TUSPOHFS SFWFOVF HSPXUI DPNQFOTBUJPODPOTVNFTPOMZPGSFWFOVF"TBSFTVMU

1BHFPG

(3)

ª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

.PSOJOHTUBS"OBMZTJT

SFUVSO PO DPNNPO UBOHJCMF FRVJUZ SJTF UP  *O UIJT TDFOBSJP PVSGBJSWBMVFFTUJNBUFXPVMECF&63 UJNFT UBOHJCMFCPPLWBMVFBOEUJNFTCPPLWBMVFBTPGZFBSFOE



&DPOPNJD.PBU

8F BTTJHO #/1 1BSJCBT B OBSSPX NPBU CBTFE PO DPTU BEWBOUBHFT BOE TXJUDIJOH DPTUT 8F UIJOL JUT MBSHF FOUSFODIFETIBSFJOBUUSBDUJWFNBSLFUTBOEJUTDPOTFSWBUJWF TUSBUFHZXJMMBMMPXUIFCBOLUPPVUFBSOJUTDPTUPGDBQJUBMBT UIF JNNFEJBUF QSFTTVSFT PG VMUSBMPX JOUFSFTU SBUFT  MPBO MPTTFTJO*UBMZ BOEMBSHFSFHVMBUPSZGJOFTSFDFEF5IFSFUBJM CBOLJOH NBSLFUT JO 'SBODF  #FMHJVN  BOE )BXBJJ BSF FTQFDJBMMZ BUUSBDUJWF  JO PVS PQJOJPO  CFDBVTF UIFZ BSF EPNJOBUFE CZ MBSHF CBOLT UIBU PQFSBUF BT SBUJPOBM PMJHPQPMJFT#/11BSJCBTCFOFGJUTGSPNNBSLFUTIBSF JO 1BSJT BOE QMVT NBSLFU TIBSF BNPOH 'SBODFhT IJHIFSJODPNFDVTUPNFST BNBSLFUTIBSFJO#FMHJVN BOEBTIBSFJO)BXBJJ5IFTFIFGUZNBSLFUTIBSFT BOE UIFJSBDDPNQBOZJOHCBTFPGMPXDPTUEFQPTJUT BMMPXUIF CBOLUPGVOEOFBSMZBMMPGJUTMPBOTXJUIDVTUPNFSEFQPTJUT BOETQFOEPOMZPGSFWFOVFPOPQFSBUJOHFYQFOTFT

*O'SBODF UIFCBOLSFHVMBSMZFBSOTQSFUBYSFUVSOTPOFRVJUZ

PWFS   BOE SFUVSOT JO #FMHJVN BSF OFBSMZ BT HPPE DPOTJTUFOUMZOFBSPSBCPWF.PSFPWFS XFUIJOLUIF CBOLhT IJTUPSJDBMMZ DPOTFSWBUJWF TUSBUFHZ BMMPXFE JU UP FTDBQFUIFXPSTUPGUIFDSFEJUDSJTJTBOETIPVMEIFMQJOTVMBUF JUGSPNXIBUFWFSTUPSNTMJFBIFBE

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

#/1 1BSJCBT IBT OPU PVUFBSOFE JUT DPTU PG FRVJUZ PO B UBOHJCMFCBTJTTJODF CVUXFFYQFDUSFUVSOTUPCFCFUUFS HPJOHGPSXBSEGPSUXPSFBTPOT'JSTU XFFYQFDUUIFMBSHF POFPGGFYQFOTFTBMMPDBUFEUP$PSQPSBUF$FOUFS TVDIBT QSPWJTJPOTGPSSFHVMBUPSZTFUUMFNFOUTUPGBEF8IJMFXF FYQFDU$PSQPSBUF$FOUFSPQFSBUJPOTUPSFNBJOBSPVOEUIF TBNFTJ[F BTJUTMPTTFTOBSSPX UIFHSPVQSFUVSOTXJMMNPSF DMPTFMZ GPMMPX UIPTF PG UIF PQFSBUJOH EJWJTJPOT  NPTU PG XIJDIDPOTJTUFOUMZPVUFBSOUIFCBOLhTDPTUPGFRVJUZ TPNFCZBXJEFNBSHJO4FDPOE XFFYQFDUUIBUPQFSBUJOH EJWJTJPOSFTVMUTUIBUIBWFCFFOEFQSFTTFECZUIFOFBSUFSN FOWJSPONFOU XJMM OPSNBMJ[F 'PS FYBNQMF  UIF SFUVSO PO FRVJUZJO#/1T*UBMJBOCBOL #/- IBTCFFOOFBS[FSP CVU JUTDPTUJODPNFSBUJPJOUIFNJETTIPXTUIFCBOLJTXFMM SVO"TDSFEJUDPTUTOPSNBMJ[F SFUVSOTPOFRVJUZBU#/-XJMM JODSFBTFUPBUUSBDUJWFMFWFMT JOPVSPQJOJPO

8F SBUF 'SBODFhT CBOLJOH TZTUFN BT GBJS 8F TFF UIF SFHVMBUPSZ FOWJSPONFOU BT GBJS XF UIJOL UIBU 'SBODFhT QSFDSJTJTSFHVMBUPSZNPOJUPSJOHBTQPPS CVUBSFFODPVSBHFE

1BHFPG

(4)

ª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

    &  &

-PBO%FQPTJU3BUJP     

4IPSU5FSN%FCU PG-JBCJMJUJFT     

-JRVJE"TTFUT PG"TTFUT     

    &  &

"TTFUT&RVJUZ     

5BOHJCMF$PNNPO&RVJUZ5BOHJCMF"TTFUT     

5JFS*3BUJP    ‰ ‰

.PSOJOHTUBS"OBMZTJT

/BUVSFPG-JBCJMJUJFT

-FWFSBHF

4PVSDF.PSOJOHTUBS&TUJNBUFT

CZ UIF &VSPQFBO $FOUSBM #BOL UBLJOH PWFS BT QSJNBSZ SFHVMBUPS8FSBUF'SBODFhTNBDSPFDPOPNJDFOWJSPONFOU BT GBJS  XIJDI CBMBODFT 'SBODFhT IJTUPSZ PG TUBCJMJUZ BOE SFBTPOBCMFEFCU(%1SBUJPXJUIUIFDPVOUSZhTQBSUJDJQBUJPO JO UIF FVSP 5IJT TFWFSFMZ MJNJUT JUT BCJMJUZ UP DPOUSPM JUT DVSSFODZPSJOUFSFTUSBUFTJOPSEFSUPSFTQPOEUPFDPOPNJD DPOEJUJPOT8FTFFUIFDPNQFUJUJWFFOWJSPONFOUBTGBJS5IF TZTUFNJTMFTTDPODFOUSBUFEUIBONPTUDPVOUSJFT CVUIJHI DPTUTEFQSFTTEPNFTUJDQSPGJUBCJMJUZ

.PBU5SFOE

8FTFF#/11BSJCBThNPBUUSFOEBTTUBCMF8FUIJOLUIBU

#/1hTTDBMFJOUIFDPODFOUSBUFECBOLJOHNBSLFUTPG'SBODF BOE#FMHJVNXPVMECFEJGGJDVMUGPSOFXFOUSBOUTUPSFQMJDBUF BOEBOZFODSPBDINFOUCZEJSFDUCBOLTXJMMCFFGGFDUJWFMZ DPVOUFSFECZCPUI#/1TPXOPOMJOFPGGFSJOHTBOEJUTPXO EJSFDU CBOL  )FMMP#BOL 8F UIJOL UIF CBOLhT MBSHF JOWFTUNFOU CBOL IBT CFFO SFCBMBODFE UPXBSE MFTT SJTLZ DMJFOUESJWFOBDUJWJUJFT8FSFFODPVSBHFEUIBUUIFTFHNFOU JT SFQPSUJOH EPVCMFEJHJU SFUVSOT PO FRVJUZ  FWFO JO UIJT EJGGJDVMUFOWJSPONFOU BOEXFEPOPUBOUJDJQBUFUIBUJUXJMM DSFBUFTJHOJGJDBOUWBMVFEFTUSVDUJPOHPJOHGPSXBSE

8F UIFSFGPSF UIJOL UIBU #/1 1BSJCBT DPTU BEWBOUBHFT XIJDIBSFCVJMUPOJUTMPXDPTUEFQPTJUCBTF XJMMSFNBJO TUBCMF 4JNJMBSMZ  XF UIJOL TXJUDIJOH DPTUT BSF MJLFMZ UP

SFNBJOIJHISFMBUJWFUPUIFCFOFGJUTPGTXJUDIJOHGPS#/1 1BSJCBT DVTUPNFST  NBOZ PG XIPN IBWF GBJSMZ DPNQMFY SFMBUJPOTIJQT XJUI UIF CBOL 8IJMF NBOZ PG UIFJS USBOTBDUJPOTIBWF BOEXJMMDPOUJOVFUP NPWFUPPOMJOFBOE NPCJMFQMBUGPSNT XFFYQFDUUIFNUPEPTPVOEFSUIF#/1 1BSJCBTVNCSFMMB

3JTL

#/11BSJCBTPXOT#/-CBOLJO*UBMZ UIFSFGPSF XPVMEIBWF NBUFSJBMFYQPTVSFUP*UBMJBODSFEJUBOETPWFSFJHOEFGBVMU

#/11BSJCBTIPMETBCPVU&63CJMMJPOPG*UBMJBOTPWFSFJHO EFCUBOE&63CJMMJPOPGPUIFS*UBMJBODSFEJUFYQPTVSFBT PG ZFBSFOE   DPNQBSFE XJUI JUT &63  CJMMJPO PG DPNNPO FRVJUZ BT PG ZFBSFOE  #/1 1BSJCBTh GPVSUIRVBSUFS MPTT JO  BOE JUT XSJUFEPXOT JO GPVSUIRVBSUFS  EFNPOTUSBUFE UIBU UIF CBOL JT OPU JNNVOFUPUIFNBSLFUUVSNPJM BOENPSFXSJUFEPXOTPO MPBOT BOE TFDVSJUJFT  GSPN *UBMZ PS FMTFXIFSF  DPVME CF BIFBE8FBMTPXPSSZBCPVUUIFEJNNJOHFDPOPNJDPVUMPPL GPS'SBODF #/1hTMBSHFTUNBSLFU XIPTFSFDPWFSZTFFNTUP CFMBHHJOHUIFSFTUPGDPSF&VSPQF8FUIJOLUIBUUIFCBOL DPVMENBOBHFBNPEFSBUFJODSFBTFJOMPBOMPTTFT CVUBMPTT PGDPOGJEFODFJOUIFDPVOUSZBOEJUTTPWFSFJHOEFCUDPVMECF DBUBTUSPQIJD

'JOBODJBM)FBMUI

8FTFF#/1BTXFMMDBQJUBMJ[FE*UTGVMMZMPBEFEDPNNPO FRVJUZ5JFSSBUJPXBTBTPG.BSDI BCPWFJUT

 SFRVJSFNFOU CVU XFMM CFMPX UIF  PG UIF CFTUDBQJUBMJ[FECBOLT8FhSFUIFSFGPSFHMBEUIBU#/1IBT JODSFBTFEJUTUBSHFUUP#/1hTQMBOTUPGMPBU#BOD8FTU DPVMEBEECBTJTQPJOUTUP#/1hTDPNNPOFRVJUZ5JFS

SBUJP 8F DBMDVMBUF UIBU #/1 1BSJCBTh UBOHJCMF DPNNPO FRVJUZ SBUJP XBT  BU ZFBSFOE BEKVTUFE UP CF DPNQBSBCMFXJUI64SFQPSUJOH CFMPXUIFXFhE MJLFUPTFFCVUJOMJOFXJUI&VSPQFBOQFFST

1BHFPG

(5)

ª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

#VMMT4BZ#FBST4BZ

#VMMT4BZ #FBST4BZ

#/11BSJCBTJTPOFPG&VSPQFhTTUSPOHFTUCBOLT BOE JTQPJTFEUPHBJONBSLFUTIBSFJOUFSOBUJPOBMMZBTJUT SJWBMTTUSVHHMF

#/1 1BSJCBT JT UIF MBSHFTU TFDVSJUJFT TFSWJDFS JO

&VSPQF  B NPBUZ CVTJOFTT UIBU HFOFSBUFT QSFUBY SFUVSOTPOFRVJUZPG

6OMJLFNBOZPGJUTDPNQFUJUPST #/11BSJCBTSFNBJOFE QSPGJUBCMFJOBOE UIBOLTUPTUFBEZFBSOJOHT GSPN JUT MBSHF SFUBJM CBOL 5IJT TUBCJMJUZ XJMM TFSWF JOWFTUPSTXFMM FWFOJG&VSPQFhTSFDPWFSZGBMUFST

$PVSU EPDVNFOUT SFMFBTFE XJUI #/1hT NPOFZ MBVOEFSJOH TFUUMFNFOU TIPX UIBU #/1hT DPSQPSBUF HPWFSOBODFJTOPUBTTUSPOHBTPODFUIPVHIU

#/11BSJCBThGBUFJTUJFEDMPTFMZUPUIBUPG&VSPQF BOE BQSPMPOHFETMPXEPXOPSBEPVCMFEJQSFDFTTJPOXJMM NFBOTVCQBSSFUVSOTGPSJOWFTUPST5IJTJTFTQFDJBMMZ USVFJO*UBMZ XIFSF#/11BSJCBTIBTBMBSHFTVCTJEJBSZ

8IJMFDSFEJURVBMJUZJTIPMEJOHVQTPGBSJO'SBODF MPBO MPTTFTDPVMETQJLFPG'SBODFhTTMPXEPXOEFFQFOT

1BHFPG

(6)

ª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

/BNF 1PTJUJPO 4IBSFT)FME 3FQPSU%BUF *OTJEFS"DUJWJUZ

/" /" /" /" /"

5PQ0XOFST PG4IBSFT

)FME PG'VOE

"TTFUT $IBOHF

L 1PSUGPMJP%BUF

0BLNBSL*OUFSOBUJPOBM'VOE     %FD

7BOHVBSE5PUBM*OUM4UPDL*EY'VOE    +BO

7"$PMMFHF"NFSJDB$BQ*ODPNF#VJMEFS     %FD

7"$PMMFHF"NFSJDB&VSP1BDJGJD(SPXUI     %FD

7BOHVBSE8FMMJOHUPO™   ‰ %FD

$PODFOUSBUFE)PMEFST

'$11&"$PVSU5FSNF   ‰ %FD

34ÏSÏOJUÏ1&"    %FD

*OJUJBUJWF%ZOBNJRVF    %FD

#(-POH5FSN7BMVF    %FD

J4IBSFT&63045099#BOLT %&   ‰ .BS

5PQ#VZFST PG4IBSFT

)FME PG'VOE

"TTFUT 4IBSFT

#PVHIU

4PME L 1PSUGPMJP%BUF

$BQJUBM3FTFBSDIBOE.BOBHFNFOU$PNQBOZ     %FD

(PWFSONFOU1FOTJPO'VOEPG/PSXBZ(MPCBM     %FD

6OJPO*OWFTUNFOU1SJWBUGPOET(NC)     %FD

"MLFO-VYFNCPVSH4"    'FC

"NFSJDBO$FOUVSZ*OW.HU*OD    %FD

5PQ4FMMFST

)BSSJT"TTPDJBUFT-1     %FD

5FNQMFUPO(MPCBM"EWJTPST-JNJUFE     +BO

*OWFS$BJYB(FTUJØO4(**$     +BO

$BVTFXBZ$BQJUBM.BOBHFNFOU--$     %FD

4UBOEBSE-JGF*OWFTUNFOUT .VUVBM'VOET-JNJUFE    +BO

.BOBHFNFOU .BZ

.BOBHFNFOU0XOFSTIJQ

.BOBHFNFOU"DUJWJUZ

'VOE0XOFSTIJQ

*OTUJUVUJPOBM5SBOTBDUJPOT

3FQSFTFOUTUIFEBUFPOXIJDIUIFPXOFSTOBNF QPTJUJPO BOEDPNNPOTIBSFTIFMEXFSFSFQPSUFECZUIFIPMEFSPSJTTVFS

8F UIJOL #/1 1BSJCBT IBT CFFO B 4UBOEBSE TUFXBSE PG TIBSFIPMEFSWBMVF5IFCBOLhTQSFEFDFTTPS #/1 IBECFFO PQFSBUFECZUIF'SFODIHPWFSONFOUGSPN8PSME8BS**VOUJM QSJWBUJ[BUJPOJO$PVSUEPDVNFOUTSFMFBTFEXJUI#/1hT NPOFZ MBVOEFSJOH TFUUMFNFOU TIPX FHSFHJPVT CFIBWJPS BNPOHNJEMFWFMFYFDVUJWFT NPTUPGXIJDIIBWFMFGUUIF CBOL BOECFGPSFUIFDVSSFOU$&0UPPLPGGJDF4UJMM XFSFNBJO XBSZBTDVMUVSFTDBOCFTMPXUPDIBOHF BOEJGFWJEFODF FNFSHFTUIBUUIFCBOLJTDPOUJOVJOHUPUBLFPOPVUTJ[FSJTLT GPSTIPSUUFSNHBJOT XFNBZSFEVDFPVSTUFXBSETIJQSBUJOH

8FUIJOLUIBU#/1hTFYFDVUJWFThMPOHUFOVSFTIBWFIFMQFE UIF CBOL UP NBJOUBJO JUT SFUBJMGPDVTFE TUSBUFHZ +FBO -FNJFSSF UPPL PWFS BT DIBJSNBO JO MBUF   SFQMBDJOH

#BVEPVJO1SPU-FNJFSSF XIPIBTTFSWFEBTBTFOJPSBEWJTFS UP#/1TJODF QMBZFEBLFZSPMFJOEJTDVTTJPOTCFUXFFO UIFCBOLBOE64BVUIPSJUJFTPWFSTBODUJPOTWJPMBUJPOTJO

8FUIJOLIJTMFWFMIFBEXJMMTFSWFUIFCBOLXFMMJGJU TIPVME NJTTUFQ BHBJO $&0 +FBO-BVSFOU #POOBGF  UIF GPSNFS$00 XBTBQQPJOUFEJOBOEIBTCFFOBNFNCFS PGUIFFYFDVUJWFDPNNJUUFFTJODF

8F UIJOL NBOBHFNFOU IBT HVJEFE UIF CBOL GBJSMZ XFMM UISPVHI UIF DSJTJT  FYQBOEJOH PQQPSUVOJTUJDBMMZ XIJMF BWPJEJOHNBOZPGUIFNJTUBLFTPGJUTDPNQFUJUPST8FhSF FTQFDJBMMZQMFBTFEXJUIJUTBDRVJTJUJPOPG'PSUJTBUUIFQFBL PG UIF GJOBODJBM DSJTJT  XIJDI IBT CSPBEFOFE UIF HSPVQhT CVTJOFTT NJY XJUIPVU JOUSPEVDJOH TJHOJGJDBOU BEEJUJPOBM SJTLT4UJMM #/1hTDBQJUBMBMMPDBUJPOEFDJTJPOTIBWFOhUCFFO XJUIPVUIJDDVQTJUCPVHIU*UBMZhT#/-JO POUIFFWF PG UIF GJOBODJBM DSJTJT  BOE UIF VOJU DPOUJOVFT UP VOEFSQFSGPSN(PJOHGPSXBSE XFFYQFDUUIFCBOLUPQBZ PVUPGJUTQSPGJUTBTEJWJEFOETBOEUPVTFUIFSFTU UPGVOETUSBUFHJDHSPXUIPQQPSUVOJUJFTJOJUTDPSFNBSLFUT

1BHFPG

(7)

ª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

"OBMZTU/PUFT

#/1 #FOFGJUT GSPN '*$$ 6QMJGU JO 2 0GGTFU CZ 8FBL

#BOLJOH3FTVMUT0DU

#/1 1BSJCBT UIJSERVBSUFS SFTVMUT XFSF BDDFQUBCMF BT B KVNQJOGJYFEJODPNFUSBEJOHQSPWJEFEBOFBSOJOHTVQMJGU CVUXFBLCBOLJOHSFTVMUTQPJOUFEUPUIFTUJMMDSJUJDBMOFFE UPDVUDPTUT HJWFOUIFEJGGJDVMUPWFSBMM&VSPQFBOCBOLJOH FOWJSPONFOU8FQMBOUPNBJOUBJOPVS&63GBJSWBMVF FTUJNBUFBOEOBSSPXNPBUSBUJOH0WFSBMM QSFUBYJODPNF JNQSPWFEGSPNMBTUZFBSUP&63CJMMJPO IFMQFECZB

QMVT KVNQ JO GJYFE JODPNF  DVSSFODJFT  BOE DPNNPEJUJFT PS'*$$ SFWFOVF XIJDIXBTTJNJMBSUPQFFST XJUI%FVUTDIF#BOLUIFPOMZMBHHBSEXJUIBJODSFBTF

)PXFWFS 'SFODIBOE*UBMJBOOFUJOUFSFTUJODPNFXFSFEPXO BCPVU   SFGMFDUJOH UIF XFBL FOWJSPONFOU BOE OFHBUJWF JOUFSFTU SBUFT 5IF CBOL JOEJDBUFE UIBU JUT

 TUSBUFHJD QMBO XPVME JODMVEF NPSF DPTU DVUT XIJDIXFUIJOLJTOFFEFE BTBOBOOVBMJ[FESFUVSOPOFRVJUZ PG  FYDMVEJOH FYDFQUJPOBM JUFNT DBO CF JNQSPWFE GVSUIFS"ODPNNPOFRVJUZ5JFSSBUJPXJUICBTJT QPJOUTPGDBQJUBMHFOFSBUJPOEVSJOHUIFRVBSUFSJTBHPPE QFSGPSNBODF BOEJTBIFBMUIZMFWFMGPSUIFCBOL

1BHFPG

(8)

ª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

(SPXUI :P:

:FBS

)JTU$"(3 %FD %FD %FD %FD %FD

:FBS 1SPK$"(3

/FU*OUFSFTU*ODPNF       

1SF5BY 1SF1SPWJTJPO&BSOJOHT       

/FU*ODPNF   /. /.   

%JMVUFE&14   /. /.   

1SPGJUBCJMJUZ

:FBS

)JTU"WH %FD %FD %FD %FD %FD

:FBS 1SPK"WH

/FU*OUFSFTU.BSHJO       

/PO*OUFSFTU*ODPNF PG3FWFOVF       

&GGJDJFODZ3BUJP       

3FUVSOPO"WFSBHF"TTFUT       

3FUVSOPO"WFSBHF&RVJUZ       

3FUVSOPO5BOHJCMF&RVJUZ       

-FWFSBHF

:FBS

)JTU"WH %FD %FD %FD %FD %FD

:FBS 1SPK"WH

"TTFUT&RVJUZ       

5BOHJCMF$PNNPO&RVJUZ5BOHJCMF"TTFUT       

5JFS*3BUJP     ‰ ‰ ‰

   &  &

1SJDF'BJS7BMVF   ‰ ‰

1SJDF&BSOJOHT /.   

1SJDF#PPL    

1SJDF5BOHJCMF#PPL    

%JWJEFOE:JFME    ‰

$PTUPG&RVJUZ 

-POH3VO5BY3BUF 

4UBHF**/FU*ODPNF(SPXUI3BUF 

4UBHF**3FUVSOPO/FX*OWFTUFE$BQJUBM 

1FSQFUVJUZ:FBS 

&63.JM 'JSN7BMVF

 1FS4IBSF

7BMVF

1SFTFOU7BMVF4UBHF*    

1SFTFOU7BMVF4UBHF**    

1SFTFOU7BMVFPGUIF1FSQFUVJUZ    

5PUBM$PNNPO&RVJUZ7BMVFCFGPSF

"EKVTUNFOU    

0UIFS"EKVTUNFOUT ‰ ‰ ‰

&RVJUZ7BMVF   ‰ 

1SPKFDUFE%JMVUFE4IBSFT  

'BJS7BMVFQFS4IBSF 

.PSOJOHTUBS"OBMZTU'PSFDBTUT

'PSFDBTU 'JOBODJBM4VNNBSZBOE'PSFDBTUT

7BMVBUJPO4VNNBSZBOE'PSFDBTUT

,FZ7BMVBUJPO%SJWFST

%JTDPVOUFE$BTI'MPX7BMVBUJPO

"EEJUJPOBMFTUJNBUFTBOETDFOBSJPTBWBJMBCMFGPSEPXOMPBEBUIUUQTFMFDUNPSOJOHTUBSDPN

&63

1BHFPG

(9)

ª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

%FD %FD %FD %FD %FD

/FU*OUFSFTU*ODPNF          

1SPWJTJPOGPS-PTTFTPO-PBOT          

/FU*OUFSFTU*ODPNFBGUFS1SPWJTJPO          

/PO*OUFSFTU*ODPNF          

/FU3FWFOVF          

/FU3FWFOVF"GUFS1SPWJTJPO FYDMVEJOH(BJOTPO4BMF          

(BJOTPO4BMF ‰ ‰ ‰ ‰ ‰

/FU3FWFOVF"GUFS1SPWJTJPO JODMVEJOH(BJOTPO4BMF          

/PO*OUFSFTU&YQFOTF          

0QFSBUJOH*ODPNF          

FYDMVEJOH(BJOTPO4BMF

5BYFT          

.JOPSJUZ*OUFSFTU OFUPGJODPNFUBYFT     

*ODPNFBGUFS5BYFT         

$VNVMBUJWF&GGFDUPG"DDPVOUJOH$IBOHF ‰ ‰ ‰ ‰ ‰

"GUFSUBY/POSFDVSSJOH*UFNT ‰ ‰ ‰ ‰ ‰

%JTDPVOUFE0QFSBUJPOT ‰ ‰ ‰ ‰ ‰

1SFGFSSFE%JWJEFOET     

/FU*ODPNFBUUSJCVUBCMFUPDPNNPOTIBSFIPMEFST         

&YDMVEJOH"MM"GUFSUBYJUFNT

/FU*ODPNFBUUSJCVUBCMFUPDPNNPO         

TIBSFIPMEFST JODMVEJOHBMMBGUFSUBYJUFNT

"WFSBHF%JMVUFE4IBSFT0VUTUBOEJOH          

%JMVUFE&14&YDMVEJOH$IBSHFT     

%JMVUFE&14*ODMVEJOH$IBSHFT     

.PSOJOHTUBS"OBMZTU'PSFDBTUT

*ODPNF4UBUFNFOU &63.JM

'PSFDBTU

1BHFPG

(10)

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

&BSOJOH"TTFUT %FD %FD %FD %FD

$BTIBOE%VFGSPN#BOLT        

*OUFSFTU#FBSJOH%FQPTJUTBU#BOLT        

'FEFSBM'VOET4PMEBOE4FDVSJUJFT#PSSPXFE        

PS1VSDIBTFE6OEFS"HSFFNFOUUP3FTFMM

#SPLFSBHF3FDFJWBCMFT ‰ ‰ ‰ ‰

0UIFS3FDFJWBCMFT FYDMVEJOHJOUFSFTU ‰ ‰ ‰ ‰

SFDFJWBCMFT

5SBEJOH"TTFUT        

*OWFTUNFOU4FDVSJUJFT)FMEUP.BUVSJUZ        

*OWFTUNFOU4FDVSJUJFT"WBJMBCMFGPS4BMF        

'JOBODJBM*OTUSVNFOUT0XOFE BU'BJS7BMVF ‰ ‰ ‰ ‰

USBEJOHTFDVSJUJFT

0UIFS&BSOJOH"TTFUT        

-PBOT)FMEGPS4BMF ‰ ‰ ‰ ‰

-PBOTBOE-FBTFT        

6OFBSOFE%JTDPVOU ‰ ‰ ‰ ‰

"MMPXBODFGPS-PBO-PTTFT        

/FU-PBOTBOE-FBTFT        

1SFNJTFT&RVJQNFOU /FU        

1SFNJTFT&RVJQNFOU (SPTT        

 "DDVNVMBUFE%FQSFDJBUJPO        

*OUFSFTU3FDFJWBCMFT        

(PPEXJMM        

*EFOUJGJBCMF*OUBOHJCMFT        

%FGFSSFE5BY"TTFUT        

0UIFS/PO&BSOJOH"TTFUT 0UIFS3FBM&TUBUF        

0XOFEFUD

5PUBM"TTFUT            

-JBCJMJUJFT %FD %FD %FD %FD

5PUBM%FQPTJUT        

$VTUPNFS%FQPTJUT        

'FEFSBM'VOET1VSDIBTFEBOE4FDVSJUJFT-PBOFE ‰ ‰ ‰ ‰

PS4PMEVOEFS"HSFFNFOUTUP3FQVSDIBTF

#SPLFSBHF1BZBCMFT ‰ ‰ ‰ ‰

5SBEJOH-JBCJMJUJFT        

'JOBODJBM*OTUSVNFOUT4PME CVUOPUZFUQVS ‰ ‰ ‰ ‰

DIBTFEBU'BJS7BMVF

0UIFS1BZBCMFT ‰ ‰ ‰ ‰

4IPSU5FSN%FCU        

-POH5FSN%FCU        

"EEJUJPOBM%FCU        

5PUBM4IPSU5FSN -POH5FSN        

BOE0UIFS%FCU

%FGFSSFE5BY-JBCJMJUJFT        

0UIFS-JBCJMJUJFT CBOLBDDFQUBODFPVUTUBOEJOH        

BDDSVFEFYQFOTFT FUD

5PUBM-JBCJMJUJFT            

$PNNPO4UPDL        

1BJEJO$BQJUBM ‰ ‰ ‰ ‰

3FUBJOFE&BSOJOHT ‰ ‰    

1SFGFSSFE&RVJUZ        

5SFBTVSZ4UPDL ‰ ‰ ‰ ‰

"DDVNVMBUFE0UIFS$PNQSFIFOTJWF*ODPNF ‰ ‰ ‰ ‰

0UIFS&RVJUZ ‰ ‰ ‰ ‰

4IBSFIPMEFST &RVJUZ        

5PUBM-JBCJMJUJFT4IBSFIPMEFST &RVJUZ            

JODMVEJOH.JOPSJUZ*OUFSFTU

.PSOJOHTUBS"OBMZTU'PSFDBTUT

#BMBODF4IFFU  &63.JM

/PO&BSOJOH"TTFUT &RVJUZ

'PSFDBTU 'PSFDBTU

1BHFPG

(11)

ª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

$PNQBOZ5JDLFS 7BMVF    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"             

$SFEJU"HSJDPMF4""$"'3"             

"WFSBHF            

#/11BSJCBT#/1'3  /.           

$PNQBOZ5JDLFS 5PUBM"TTFUT .JM    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"   &63            

$SFEJU"HSJDPMF4""$"'3"   &63            

"WFSBHF            

#/11BSJCBT#/1'3   &63            

$PNQBOZ5JDLFS 3FWFOVF .JM    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"  &63            

$SFEJU"HSJDPMF4""$"'3"  &63            

"WFSBHF            

#/11BSJCBT#/1'3  &63         /. /.  

$PNQBSBCMF$PNQBOZ"OBMZTJT

5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS

7BMVBUJPO"OBMZTJT

3FUVSOT"OBMZTJT

(SPXUI"OBMZTJT

1SJDF&BSOJOHT 1SJDF#PPL 1SJDF5BOHJCMF#PPL

3FUVSOPO"WFSBHF&RVJUZ 3FUVSOPO"WFSBHF"TTFUT 3FUVSOPO5BOHJCMF&RVJUZ

/FU3FWFOVF(SPXUI 1SF5BY 1SF1SPWJTJPO

&BSOJOHT(SPXUI

&14(SPXUI

-BTU)JTUPSJDBM:FBS

-BTU)JTUPSJDBM:FBS 1SJDF'BJS

1BHFPG

(12)

ª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

$PNQBOZ5JDLFS 3FWFOVF .JM    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"  &63            

$SFEJU"HSJDPMF4""$"'3"  &63            

"WFSBHF            

#/11BSJCBT#/1'3  &63            

$PNQBOZ5JDLFS 5PUBM%FCU .JM    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"  &63           ‰ ‰

$SFEJU"HSJDPMF4""$"'3"  &63           ‰ ‰

"WFSBHF           ‰ ‰

#/11BSJCBT#/1'3  &63           ‰ ‰

$PNQBOZ5JDLFS .BSLFU$BQ .JM    &  &    &  &    &  &

4PDJFUF(FOFSBMF4"(-&'3"  &63     ‰ ‰ ‰ ‰    

$SFEJU"HSJDPMF4""$"'3"  &63            

"WFSBHF            

#/11BSJCBT#/1'3  &63            

$PNQBSBCMF$PNQBOZ"OBMZTJT

5IFTFDPNQBOJFTBSFDIPTFOCZUIFBOBMZTUBOEUIFEBUBBSFTIPXOCZOFBSFTUDBMFOEBSZFBSJOEFTDFOEJOHNBSLFUDBQJUBMJ[BUJPOPSEFS

1SPGJUBCJMJUZ"OBMZTJT

-FWFSBHF"OBMZTJT

-JRVJEJUZ"OBMZTJT

/FU*OUFSFTU.BSHJO &GGJDJFODZ3BUJP /PO*OUFSFTU*ODPNFPG3FWFOVF

"TTFUT&RVJUZ 5BOHJCMF$PNNPO&RVJUZ

5BOHJCMF"TTFUT

5JFS*3BUJP

-PBOT%FQPTJUT 4IPSU5FSN%FCUPG-JBCJMJUJFT -JRVJE"TTFUT PG5PUBM"TTFUT -BTU)JTUPSJDBM:FBS

-BTU)JTUPSJDBM:FBS

-BTU)JTUPSJDBM:FBS

1BHFPG

(13)

ate 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\WLFDOWRROVWRDXJ- PHQWWKLVSURFHVV0RUHRYHUZHWKLQNDQDO\]LQJ

YDOXDWLRQ WKURXJK GLVFRXQWHG FDVK ĬRZV SUHV- HQWVDEHWWHUOHQVIRUYLHZLQJF\FOLFDOFRPSDQLHV

KLJKJURZWK īUPV EXVLQHVVHV ZLWK īQLWH OLYHV

HJPLQHV RUFRPSDQLHVH[SHFWHGWRJHQHUDWH

QHJDWLYHHDUQLQJVRYHUWKHQH[WIHZ\HDUV7KDW

VDLG ZH GRQŒW GLVPLVV PXOWLSOHV DOWRJHWKHU EXW

UDWKHU XVH WKHP DV VXSSRUWLQJ FURVVFKHFNV IRU

RXU'&)EDVHGIDLUYDOXHHVWLPDWHV:HDOVRDF- NQRZOHGJHWKDW'&)PRGHOVRĭHUWKHLURZQFKDO- lenges (including a potential proliferation of esti- PDWHGLQSXWVDQGWKHSRVVLELOLW\WKDWWKHPHWKRG

PD\ PLVV VKRUWWHUP PDUNHWSULFH PRYHPHQWV 

EXWZHEHOLHYHWKHVHQHJDWLYHVDUHPLWLJDWHGE\

deep analysis and our long-term approach.

0RUQLQJVWDUŒV HTXLW\ UHVHDUFK JURXS œZHŔ

œRXUŔ EHOLHYHVWKDWDFRPSDQ\ŒVLQWULQVLFZRUWK

UHVXOWVIURPWKHIXWXUHFDVKĬRZVLWFDQJHQHUDWH

7KH 0RUQLQJVWDU 5DWLQJ IRU VWRFNV LGHQWLīHV

VWRFNVWUDGLQJDWDGLVFRXQWRUSUHPLXPWRWKHLU

LQWULQVLFZRUWKŜRUIDLUYDOXHHVWLPDWHLQ0RUQ- LQJVWDUWHUPLQRORJ\)LYHVWDUVWRFNVVHOOIRUWKH

ELJJHVWULVNDGMXVWHGGLVFRXQWWRWKHLUIDLUYDOXHV

ZKHUHDVVWDUVWRFNVWUDGHDWSUHPLXPVWRWKHLU

LQWULQVLFZRUWK

)RXUNH\FRPSRQHQWVGULYHWKH0RUQLQJVWDUUDW- LQJ   RXU DVVHVVPHQW RI WKH īUPŒV HFRQRPLF

PRDW  RXUHVWLPDWHRIWKHVWRFNŒVIDLUYDOXH   our uncertainty around that fair value estimate

7KHFRQFHSWRIDQHFRQRPLFPRDWSOD\VDYLWDOUROHQRW

RQO\LQRXUTXDOLWDWLYHDVVHVVPHQWRIDīUPŒVORQJWHUP

LQYHVWPHQWSRWHQWLDOEXWDOVRLQWKHDFWXDOFDOFXODWLRQ

of our fair value estimates. An economic moat is a VWUXFWXUDOIHDWXUHWKDWDOORZVDīUPWRVXVWDLQH[FHVV

SURīWVRYHUDORQJSHULRGRIWLPH:HGHīQHHFRQRPLF

SURīWVDVUHWXUQVRQLQYHVWHGFDSLWDO RU52,& RYHUDQG

DERYHRXUHVWLPDWHRIDīUPŒVFRVWRIFDSLWDORUZHLJKW- HGDYHUDJHFRVWRIFDSLWDO RU:$&& :LWKRXWDPRDW

SURīWVDUHPRUHVXVFHSWLEOHWRFRPSHWLWLRQ:HKDYH

LGHQWLīHG īYH VRXUFHV RI HFRQRPLF PRDWV LQWDQJLEOH

DVVHWVVZLWFKLQJFRVWVQHWZRUNHĭHFWFRVWDGYDQWDJH

DQGHĮFLHQWVFDOH

&RPSDQLHVZLWKDQDUURZPRDWDUHWKRVHZHEHOLHYH

DUHPRUHOLNHO\WKDQQRWWRDFKLHYHQRUPDOL]HGH[FHVV

UHWXUQVIRUDWOHDVWWKHQH[W\HDUV:LGHPRDWFRP- SDQLHV DUH WKRVH LQ ZKLFK ZH KDYH YHU\ KLJK FRQī- GHQFHWKDWH[FHVVUHWXUQVZLOOUHPDLQIRU\HDUVZLWK

H[FHVV UHWXUQV PRUH OLNHO\ WKDQ QRW WR UHPDLQ IRU DW

OHDVW\HDUV7KHORQJHUDīUPJHQHUDWHVHFRQRPLF

SURīWV WKH KLJKHU LWV LQWULQVLF YDOXH :H EHOLHYH ORZ

TXDOLW\ QRPRDW FRPSDQLHV ZLOO VHH WKHLU QRUPDOL]HG

UHWXUQVJUDYLWDWHWRZDUGWKHīUPŒVFRVWRIFDSLWDOPRUH

TXLFNO\WKDQFRPSDQLHVZLWKPRDWV

7RDVVHVVWKHVXVWDLQDELOLW\RIH[FHVVSURīWVDQDO\VWV

perform ongoing assessments of the moat trend. A īUPŒVPRDWWUHQGLVSRVLWLYHLQFDVHVZKHUHZHWKLQNLWV

VRXUFHV RI FRPSHWLWLYH DGYDQWDJH DUH JURZLQJ VWURQ- JHUVWDEOHZKHUHZHGRQŒWDQWLFLSDWHFKDQJHVWRFRP- SHWLWLYHDGYDQWDJHVRYHUWKHQH[WVHYHUDO\HDUVRUQHJ- DWLYHZKHQZHVHHVLJQVRIGHWHULRUDWLRQ

2. Estimated Fair Value

&RPELQLQJ RXU DQDO\VWVŒ īQDQFLDO IRUHFDVWV ZLWK WKH

īUPŒVHFRQRPLFPRDWKHOSVXVDVVHVVKRZORQJUHWXUQV

RQLQYHVWHGFDSLWDODUHOLNHO\WRH[FHHGWKHīUPŒVFRVWRI

Margin of Safety Market Pricing

Morningstar Fair Value Morningstar RatingTM For Stocks QQQQQ

Stewardship Uncertainty Economic Moat Financial Health

Moat Trend

Morningstar Research Methodology for Valuing Companies

creasing our estimate of their intrinsic value.

2XUPRGHOLVGLYLGHGLQWRWKUHHGLVWLQFWVWDJHV

Stage I: Explicit Forecast

,QWKLVVWDJHZKLFKFDQODVWīYHWR\HDUVDQDO\VWV

PDNHIXOOīQDQFLDOVWDWHPHQWIRUHFDVWVLQFOXGLQJLWHPV

VXFKDVUHYHQXHSURīWPDUJLQVWD[UDWHVFKDQJHVLQ

ZRUNLQJFDSLWDODFFRXQWVDQGFDSLWDOVSHQGLQJ%DVHG

RQWKHVHSURMHFWLRQVZHFDOFXODWHHDUQLQJVEHIRUHLQ- WHUHVW DIWHU WD[HV (%,  DQG WKH QHW QHZ LQYHVWPHQW

11, WRGHULYHRXUDQQXDOIUHHFDVKĬRZIRUHFDVW

Stage II: Fade

7KHVHFRQGVWDJHRIRXUPRGHOLVWKHSHULRGLWZLOOWDNH

WKHFRPSDQ\ŒVUHWXUQRQQHZLQYHVWHGFDSLWDOŜWKHUH- WXUQRQFDSLWDORIWKHQH[WGROODULQYHVWHG œ521,&Ŕ Ŝ WRGHFOLQH RUULVH WRLWVFRVWRIFDSLWDO'XULQJWKH6WDJH

,,SHULRGZHXVHDIRUPXODWRDSSUR[LPDWHFDVKĬRZVLQ

OLHX RI H[SOLFLWO\ PRGHOLQJ WKH LQFRPH VWDWHPHQW EDO- DQFHVKHHWDQGFDVKĬRZVWDWHPHQWDVZHGRLQ6WDJH

, 7KH OHQJWK RI WKH VHFRQG VWDJH GHSHQGV RQ WKH

VWUHQJWKRIWKHFRPSDQ\ŒVHFRQRPLFPRDW:HIRUHFDVW

WKLVSHULRGWRODVWDQ\ZKHUHIURPRQH\HDU IRUFRPSD- QLHVZLWKQRHFRQRPLFPRDW WRś\HDUVRUPRUH IRU

ZLGHPRDWFRPSDQLHV 'XULQJWKLVSHULRGFDVKĬRZV

DUHIRUHFDVWXVLQJIRXUDVVXPSWLRQVDQDYHUDJHJURZWK

UDWH IRU (%, RYHU WKH SHULRG D QRUPDOL]HG LQYHVWPHQW

UDWH DYHUDJH UHWXUQ RQ QHZ LQYHVWHG FDSLWDO 521,& 

DQGWKHQXPEHURI\HDUVXQWLOSHUSHWXLW\ZKHQH[FHVV

UHWXUQVFHDVH7KHLQYHVWPHQWUDWHDQGUHWXUQRQQHZ

invested capital decline until a perpetuity value is calcu- ODWHG,QWKHFDVHRIīUPVWKDWGRQRWHDUQWKHLUFRVWRI

FDSLWDO ZH DVVXPH PDUJLQDO 52,&V ULVH WR WKH īUPŒV

FRVWRIFDSLWDO XVXDOO\DWWULEXWDEOHWROHVVUHLQYHVWPHQW 

DQGZHPD\WUXQFDWHWKHVHFRQGVWDJH

Stage III: Perpetuity

2QFHDFRPSDQ\ŒVPDUJLQDO52,&KLWVLWVFRVWRIFDSLWDO

ZHFDOFXODWHDFRQWLQXLQJYDOXHXVLQJDVWDQGDUGSHU- SHWXLW\ IRUPXOD $W SHUSHWXLW\ ZH DVVXPH WKDW DQ\

JURZWKRUGHFOLQHRULQYHVWPHQWLQWKHEXVLQHVVQHLWKHU

FUHDWHVQRUGHVWUR\VYDOXHDQGWKDWDQ\QHZLQYHVWPHQW

SURYLGHVDUHWXUQLQOLQHZLWKHVWLPDWHG:$&&

%HFDXVHDGROODUHDUQHGWRGD\LVZRUWKPRUHWKDQDGRO- ODU HDUQHG WRPRUURZ ZH GLVFRXQW RXU SURMHFWLRQV RI

FDVKĬRZVLQVWDJHV,,,DQG,,,WRDUULYHDWDWRWDOSUHV-

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU ZPVNBZVTFUIJTSFQPSUPOMZJOUIFDPVOUSZJOXIJDIJUTPSJHJOBMEJTUSJCVUPSJTCBTFE5IFJOGPSNBUJPO EBUB BOBMZTFTBOEPQJOJPOTQSFTFOUFEIFSFJOEPOPUDPOTUJUVUF JOWFTUNFOUBEWJDFBSFQSPWJEFETPMFMZGPSJOGPSNBUJPOBMQVSQPTFTBOEUIFSFGPSFBSFOPUBOPGGFSUPCVZPSTFMMBTFDVSJUZBOEBSFOPUXBSSBOUFEUPCFDPSSFDU DPNQMFUFPSBDDVSBUF5IFPQJOJPOTFYQSFTTFEBSFBTPGUIFEBUFXSJUUFOBOEBSFTVCKFDUUPDIBOHFXJUIPVU OPUJDF&YDFQUBTPUIFSXJTFSFRVJSFECZMBX .PSOJOHTUBSTIBMMOPUCFSFTQPOTJCMFGPSBOZUSBEJOHEFDJTJPOT EBNBHFTPSPUIFSMPTTFTSFTVMUJOHGSPN PSSFMBUFEUP UIFJOGPSNBUJPO EBUB BOBMZTFTPSPQJOJPOTPSUIFJSVTF5IFJOGPSNBUJPODPOUBJOFEIFSFJOJTUIF

1BHFPG

Referenties

GERELATEERDE DOCUMENTEN

In de eerste helft van zijn boekjaar (van 01/04/17 tot 30/09/17) verkocht GIMV (upgrade van Rdeuce naar Hold) voor 87 mln EUR participaties met een gemiddelde meerwaarde van 10%..

Aandelen | 13.12.2017 Sandra Vandersmissen - Equity Analyst BNPP Fortis Private Banking Na de zwakke koersprestatie gaat ons advies van Reduce naar Hold.. Een koopaanbeveling is

Maar op basis van zijn technologische voorsprong, groot gebruiksgemak en snelheid van diagnose (wat cruciaal is voor kankerbehandeling) maakt het goede kansen om een sterke

De forse koersrally is te danken aan de positieve fase III resultaten en geplande commercialisering (midden 2018 in Europa en in 2019 in de VS) van Caplacizumab voor de behandeling

De omzetgroei versnelde nochtans tot +20%, dankzij het effect van recente overnames (Ubiway, Dynagroup…) en de explosieve groei in pakjesbedeling (+33%, weliswaar aan gemiddeld

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU

ª.PSOJOHTUBS"MM3JHIUT3FTFSWFE6OMFTTPUIFSXJTFQSPWJEFEJOBTFQBSBUFBHSFFNFOU