7JH>C:HHG:EDGIq<:GB6CN/
B^mZY[dgijcZh
!Su0Au0COUNTRYu0WITHu0Au0STRONGu0MANUFACTURINGu0BASEu0'ERMANYu0ISu0INEVITABLYu0FEELINGu0THEu0IMPACTu0OFu0
THEu0WORLDu0ECONOMICu0CRISISu0ASu0CONSUMERu0SPENDINGu0GRINDSu0TOu0Au0HALTu0"UTu0WHILEu0MANYu0OFu0ITSu0YARDSu0
ANDu0THEIRu0SUPPLIERSu0AREu0FINDINGu0TIMESu0TOUGHu0OTHERSu0AREu0FLOURISHINGu0)")u0UNCOVERSu0WHYu0u0
LDG9H/:9HA68@
=VchZNVX]ihejih^ihhjXXZhhYdlcid^ih»i]gZZ"WgVcYhigViZ\n¼
Xdbeg^h^c\=VchZVcYBddYnhV^aWdVihVcY;_dgYbdidgWdVih
I]^h^hi]ZBddYn+'9H#
]Zldghi"XVhZhXZcVg^d]VYWZZc VagZVYnhjXXjbWZYid[^cVcX^VaegZhhjgZhVcY
VkZgiZY#6b^Yi]ZWjhiaZd[hiVcYh l^i]YgVlc[gdbi]ZZkZci¸i]ZbddYVbdc\)Nu0THISu0REPORT 4
WZ^c\Y^hbVciaZYVcYi]Z]jbd[ k^h^idghVcYZm]^W^idghl]^aZcdijeWZVi!lVh
k^h^idgh[^aiZg^c\i]gdj\]i]ZZm^i\ViZh[dgi]Z Zgg^c\dci]Zedh^i^kZl^i]Wjh^cZhh&ACTSu0ANDu0FIGURESu0 P
aVhii^bZ!i]ZgZlVhVeVaeVWaZhZchZd[gZa^Z[ ZmeZXiVi^dchVYb^iiZYanbdYZhiWZ^c\dci]Z
Vhi]Z)%i]9u147hhZaYdg[WdVih]dlYgZlid^ih bV^cbZidgZkZc^chdbZXVhZhZmXZZYZY#&RONTu0LINEu0DEALERSu0ANDu0IMPORTERSu0 P
XadhZ^cb^Y"?VcjVgn#I]ZaVX`ajhigZbddY ¹:kZgndcZ^hhVn^c\hdbZi]^c\Y^[[ZgZci!^i¼h
'ERMANu0SUPERYACHTu0BUILDERSu0 P i]Vi]VY]jc\a^`ZVXadjYdkZgi]ZAdcYdc cdiVjc^fjZe^XijgZ!ºhVnh8aVjh":]aZgi
WdVih]dllZZ`hZVga^Zg]VYi]gZViZcZYid BZnZgd[i]Z<ZgbVc7dViVcYH]^eWj^aYZgh¼
^ciZch^[n!\^kZci]Z^cXgZVh^c\anY^gZ\adWVa 6hhdX^Vi^dc97HK#¹>[ndjiVa`idi]ZbV_dg
ZXdcdb^Xe^XijgZ!gZhjai^c\^ci]ZgZVa nVgYhi]ZcWjh^cZhh^hcdi\ddYVcYi]Vi¼h
edhh^W^a^ini]ViVg\jVWan:jgdeZ¼hbdhi ]Vk^c\VcZ\Vi^kZ^beVXidci]Z^ghjeea^Zgh#
^bedgiVciWdVih]dlldjaYZcYjeVlVh]"dji# 7ji^[ndjiVa`idhbVaabVg^cVhVcYgZeV^g
6h^ihiddY!i]dj\]k^h^idghcjbWZghlZgZ nVgYhi]Zn¼gZWdd`ZYjeWZndcYi]Zheg^c\!
YdlcWn_jhidkZg&%eZgXZciid'(-!%%%¸ i]ZgZ¼hcdegdWaZb#I]ZgZVgZadihd[gjbdjgh
VcYi]ZZmigVhZVi^c\VgZVhYdiiZYVgdjcYi]Z VWdjihjeZgnVX]idgYZghWZ^c\XVcXZaaZY!Wji
]VaahgZb^cYZYi]VihdbZZm]^W^idgh]VY bdhi^ci]VihZXidghVnWjh^cZhh^h»D@¼#º
)- >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