HcVeh]di q ;^caVcY
bVcj[VXijgZghXadhZY^ci]ZVjijbcd['%%-!
hdlZXdjaYc¼ihZaaidi]Zb!ºhVnh>^gd
=VV`VcV!bVcV\^c\Y^gZXidgd[bVg^cZ
Zfj^ebZci[^gbBVg^i^b#¹HidX`aZkZahVgZV
egdWaZb[dgVaad[jh!i]Zn]VkZidWZWgdj\]i
idi]Zg^\]iaZkZa!i]ZclZXVchiVgiWj^aY^c\
\gdli]V\V^c#º=VV`VcVgZbV^ch
e]^adhde]^XVa!]dlZkZg#¹>i¼hV\ddYi^bZid
"!hideVcYi]^c`!ZkVajViZl]ZgZlZ¼gZ\d^c\
!VcY]dllZVgZ\d^c\idYd^i#=dlXVclZ
WZXdbZbdgZXdhi"Z[[^X^Zci4L]ZcWjh^cZhh
hiVgihV\V^c!]ZVai]nXdbeVc^Zhl^aaWZ
higdc\Zgi]VcWZ[dgZ#ºI]dj\]BVg^i^b "!
hideeZYhZaa^c\WdVih^c'%%*idXdcXZcigViZ
!dc^ihXdgZWjh^cZhhd[bVg^cZZfj^ebZci!i]Z
XdbeVcnhi^aagZegZhZcih7dbWVgYVcY6kdc
^c[aViVWaZh^c;^caVcYVcY]VhildgZiV^a
djiaZih^c=Zah^c`^#GZiV^abV`ZhjeVgdjcY
&,eZgXZcid[i]ZXdbeVcn¼hijgcdkZg!l^i]
l]daZhVaZegdk^Y^c\i]ZXdgZd[^ihWjh^cZhh#
=VV`VcVlVh]ZVgiZcZYWnXdchjbZg
^ciZgZhiVii]Z=Zah^c`^h]dl/¹Djg
#ZmeZXiVi^dchlZgZcdihd]^\]#6lZZ`WZ[dgZ $" "
i]Zh]dlZkZgndcZlVhV[gV^Y!Wjii]Zk^h^idg
HdjgXZ/;^ccWdVicjbWZgh]VkZcdiYgdeeZYYgVbVi^XVaan#I]Z
Vii^ijYZd[i]ZXjhidbZg]VhWZZcedh^i^kZ#
7dVih]VkZcdi!d[XdjghZ!hdaYVii]ZhVbZ hiVgiZYWVX`^c?jan'%%-!l]ZcdcZd[djg ZVgan&..%hWjii]Z^cYjhigni]ZcXdjaY[dXjh
aZkZah!Wjidci]ZZfj^ebZcih^YZ¸^[eZdeaZ bV_dgXjhidbZgh_jhihideeZYZkZgni]^c\# dcZmedgih#LZXVc¼i[dXjhVcnl]ZgZcdl#º
VgZcdiWjn^c\cZlWdVih!i]ZnVgZYd^c\je 6[iZgi]Vi^ilZcifj^Zi!ºhVaZheZghdc@Vg^iV =dlZkZg!Vii]Zi^bZd[\d^c\idegZhh
daYdcZh#D:Bhl^aacdiWZgjcc^c\dc[jaa @cjiVgidaY>7>#I]ZYZX`heZX^Va^hiegdYjXZh HXVcY^cVk^VcIZV`9ZX`lVhdci]ZkZg\Zd[
'edlZg[dg'%%.#I]ZV[iZgbVg`Zi^hcdi VgdjcY(!%%%b d[iZV`YZX`VnZVgVcY h^\c^c\VediZci^VaanajXgVi^kZYZVal^i]V
YZXa^c^c\bjX]VcY^i¼h[V^gidhVni]Vii]Z XdjcihVbdc\^ihXa^ZcihCVjidg!7Vai^X!7ZaaV bV_dgJ@WdViWj^aYZgi]VildjaYegdk^YZV
WVaVcXZ^hh]^[i^c\VlVn[gdbD:B¸ VcYEVabZg?d]chdc^ci]ZJH#>iVahd hZg^djhWddc[dgi]ZIZg_~gk"WVhZYXdcXZgc#
X]VcYaZgn^h^cXgZVh^c\#DjgD:BVcY ^bedgih;aZm^iZZ`[gdbHlZYZc!Vai]dj\]
V[iZgbVg`ZihVaZhVgZgdj\]anZfjVacdl!º .%eZgXZcid[^ihijgcdkZgXdbZh[gdb ;nfehjfh[iikh[i
hVnh=VV`VcV#I]ZXdbeVcn!.,nZVghdaYi]^h igVY^i^dcVaiZV`YZX`hVaZh# HdbZi]^c\a^`Z-*eZgXZcid[;^cc^h]bVg^cZ
nZVg!Zbeadnh+%eZdeaZVcYgZXdgYZYV egdYjXihVgZZmedgiZY!VcYVgdjcY-%eZg
ijgcdkZgd[æ'&b^c'%%-!i]dj\]i]Z XZcid[i]dhZVgZidcZ^\]WdjghCdglVnVcY
bVcV\^c\Y^gZXidgVYb^ihi]Vii]Z[^\jgZhVgZ HlZYZc#7jh^cZhhbVnWZd[[^c;^caVcY¸
h`ZlZYha^\]ianV[iZgi]Z[dgbVi^dc^c WnVgdjcY-"&%eZgXZci^[VhigVledaaWn>7>
CdkZbWZg'%%,d[VcZlZaZXigdc^Xh Vii]Z=Zah^c`^WdVih]dl^hVcni]^c\id\dWn
YZeVgibZci0BVg^i^b^hcdli]ZY^hig^Wjidg^c ¸Wjii]VieVaZh^cXdbeVg^hdcl^i]i]Z"OATu0IMPORTSu0FORu0u0WASu0
;^caVcY[dgCVk^XdVcYgZegZhZcih:V\aZ! egdWaZbh[VX^c\^ihCdgY^XcZ^\]Wdjgh#
Cdgi]hiVg!H^bgVYVcY7<WgVcYh#¹I]^h ¹>c'%%-lZlZgZYdlcWn,"-eZgXZci^cu0
]VhWZZcVW^\X]Vc\Z[dgdjgWjh^cZhhVhi]Z ;^caVcY!ºhVnhNVbVg^c¼hYZkZadebZci
hVaZhd[ZaZXigdc^Xh^h^cXgZVh^c\gVe^Yan# Y^gZXidggZXgZVi^dcVabVX]^cZgn!IVgbd)u0u0
¹:medgihXdjci[dg'%eZgXZcid[djg Kjd_~gk^#¹LZlZgZYdlc(*eZgXZci^c
Wjh^cZhh!i]ZbV_dg^ind[l]^X]\dZhid CdglVn!(%eZgXZciYdlc^cHlZYZc!º]ZMILLION u0Au0CHANGEu0OFu0
u0
Gjhh^V¸lZcdl]VkZVhjWh^Y^Vgn! VYYh!ejii^c\;^caVcY¼hea^\]i^ceZgheZXi^kZ#
DDDBVg^i^b!VcYVhbVaalVgZ]djhZ^c NVbVg^c^hi]ZXdjcign¼hbVg`ZiaZVYZgl]Zc*ANUARYn/CTOBER u0
HiEZiZghWjg\#LZ¼kZWZZc^ci]ZHdk^ZiJc^dc ^iXdbZhid<GEWdViegdYjXi^dc!VcY]Vh
[dg'%nZVghVcY]VkZbdgZi]Vc+*Y^gZXi WZZcWj^aY^c\WdVih^c;^caVcY[dgdkZg(%
XjhidbZghi]ZgZ!Wdi]WdViWj^aYZghVcY ¹I]ZV[iZgbVg`Zi^he^X`^c\je!º@cjiVg nZVghV[iZg^iheVgZciXdbeVcn@Zh`dhiVgiZY
YZVaZgh#ºBVg^i^b^hadd`^c\idZmeVcY^ih hVnh!¹Wji^cY^k^YjVaXjhidbZghYdc¼ibV`Z ^bedgi^c\NVbV]VdjiWdVgYhWVX`^c&.++#
egZhZcXZ^cGjhh^VVcY^cdi]Zg7Vai^X je[dgdgYZgh[gdbWdViWj^aYZgh!ºh]ZVYb^ih# IdYVnZmedgihVXXdjci[dgVWdji,+eZgXZci
Xdjcig^Zh!hVnh=VV`VcV#I]ZiVXi^Xd[ L]ZgZVh&'bdci]hV\dVY^kZghZZmedgi d[NVbVg^c¼hidiVahVaZh#AVhinZVgNVbVg^c
hegZVY^c\^c[ajZcXZ!VcYl^i]^ig^h`!^hV bVg`ZildjaY]VkZh]^ZaYZYVXdbeVcn[gdb Wj^aiVgdjcY(!*%%WdVih!V[^\jgZi]Vi
lZaa"igdYYZceVi]#=dlZkZg![dgi]Zh]dgi YdbZhi^XldZh!idYVni]ZgZ¼hcdhjX]a^[Za^cZ# cZZYaZhhidhVn^hjca^`ZanidWZbViX]ZY
iZgbViaZVhi!i]ZgZVeeZVghidWZcd]^Y^c\ ¹I]ZegZk^djhgZXZhh^dclVhY^[[ZgZci!ºhVnh V\V^cVcni^bZhddc#¹>i]^c`'%&%^h\d^c\id
eaVXZ[gdbi]ZXjggZci[^cVcX^VaXa^bViZ# @cjiVg!gZ[Zgg^c\idi]ZYZegZhh^dc^ci]Z WZidj\][dgVaaCdgY^XXdjcig^Zh¸
6iHXVcY^cVk^VcIZV`9ZX`!i]Zhajbe^c Xdjcign^ci]ZZVgan&..%h[daadl^c\i]Z ZkZgni]^c\l^aacdiWZhdaYWni]^hVjijbc¸
D:B[dgijcZh]VhjcYZghiVcYVWaniV`Zc^ih XdaaVehZd[^ihbV_dgigVY^c\eVgicZg!i]Z i]ZgZl^aahi^aaWZdkZghidX`!ºhVnhKjd_~gk^#¹>
idaa#¹LZcdlZbeadn,%eZdeaZV[iZgaVn^c\ Hdk^ZiJc^dc!VcYi]Zh]Vgeg^hZ^c:jgdeZVc i]^c`lZ¼aahZZegdYjXi^dcgVbeZYjeV\V^c^c
d[[*%Vii]ZZcYd[aVhinZVg#I]ZYdlcijgc ^ciZgZhigViZh#¹LZlZgZVWdjiYdcZ^ci]Z '%&&¸bVnWZjeWnVhbjX]Vh*%eZgXZci
'+ >ciZgcVi^dcVa 7dVi >cYjhign lll#^W^cZlh#Xdb q 6eg^a·BVn'%%.u153
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84