(AGENPARL) - Roma, 9 Marzo 2023

(AGENPARL) – gio 09 marzo 2023 [Solid business figures for 2022 confirm BMW Group strategy]
– High Group EBT: € 23.5 billion – EBT margin: 16.5%
– Automotive EBIT: € 10.6 billion – EBIT margin on target at 8.6% (excluding effects of BBA full consolidation:11.2%)
– Strong free cash flow (automotive): € 11.1 billion
– CO2 emissions of EU new vehicle fleet at 105.0 g/km (WLTP) – well below applicable emission target (127.5 g/km)
– Dividend of € 8.50 per share of common stock proposed
– Zipse: “We achieved solid performance under volatile conditions”
Munich. The BMW Group met its targets for 2022, as forecasted, and thus delivered a strong operating performance in a difficult business environment. The premium manufacturer significantly increased Group EBT (€ 23,509 million/ +46.4%) and net profit (€ 18,582 million/ +49.1%) from the previous year. This positive development can be attributed to improved pricing and positive product-mix effects, as well as the full consolidation of the Chinese joint venture, BMW Brilliance Automotive Ltd. (BBA). The latter also made a large cash contribution (€ 5,011 million) on 11 February 2022 to a significantly higher free cash flow of € 11,071 million in the Automotive Segment.
Rising sales of fully-electric models, which were up 107.7% in 2022, accounted for 9% of deliveries in 2022 and helped further lower the CO2 emissions value of the new vehicle fleet in the EU. Based on preliminary calculations, this figure came in at 105.0 grams of CO2 per km (WLTP). This represents a decrease of (-)9.4% – significantly outperforming the value for the previous year and the applicable emissions target by 22.5 g/km (prev. yr.: 115.9 g/km). The BMW Group is forging ahead with electrification of its product lineup and aims to raise the share of fully-electric vehicles in its total deliveries to 15% this year.
[“There are two essential elements to our success in 2022: a strong and passionate team effort by our entire workforce worldwide – and compelling products that provide us with the right response to a persistently challenging environment,” said Oliver Zipse, Chairman of the Board of Management of BMW AG, on Thursday in Munich. “It shows that those who tackle the transformation with courage and consistency, while maintaining a high level of flexibility, can achieve solid performance][, even under volatile conditions. We will continue on this BMW path in the future as we steer the company further along the road to success.”]
Positive effects for Group from full consolidation of BBA
In financial year 2022, the BMW Group once again outperformed its main financial key figures for the previous year, reporting significant growth in revenues, Group earnings and net profit.
As expected, deliveries were slightly lower than the previous year, at 2,399,632 units (prev. yr.: 2,521,514 vehicles/ -4.8%). Consistently high customer demand was reflected in the company’s strong order book. However, this could not be entirely fulfilled, due to difficulties with the supply of semiconductor components, supply chain disruptions and COVID lockdowns in China.
Electrified vehicles –BEVs and PHEVs –accounted for a total of 18.1% (433,792 units/ +32.1% YOY) of deliveries. Sales of fully-electric cars reached 215,752 units – a significant increase compared to the previous year (+107.7% YOY).
Group revenues climbed to € 142,610 million(prev. yr.: € 111,239 million/ +28.2%), with integration of BBA revenues making a significant contribution to growth. The BMW Group also benefited from improved pricing – for both new vehicle sales and the resale of end-of-lease vehicles – as well as positive product-mix effects.
This was offset to a significant extent by BBA’s cost of sales, which was recognised for the first time. The increase in costs for materials, commodities and logistics, higher refinancing costs due to higher interest levels as well as effects from the consolidation of BBA and a larger percentage of electrified vehicles, all contributed to higher costs.
R&D spending for new models and GEN 6 electric drive trains
The continuing transformation of the BMW Group is reflected in the moderate increase in research and development spending: R&D costs in accordance with IFRS totalled € 6,624 million (prev. yr.: € 6,299 million/ +5.2%). R&D expenditure is mainly driven by new models, the NEUE KLASSE and the associated development of the sixth generation of electric drive trains. Additional investments were also made in digitalisation of the vehicle fleet and automated driving.
However, with revenues up year-on-year, the R&D ratio, according to the German Commercial Code, was lower, at 5.0% (prev. yr.: 6.2%).
[Capital expenditure for property, plant and equipment and other intangible assets] amounted to € 7,791 million in 2022 (prev. yr.: € 5,012 million/ +55.4%). This increase reflects the consolidation of BBA investments and capital expenditure for new models like the BMW 7 Series and the BMW X1. Additional funds were channelled into the accelerated BEV ramp-up. The capex ratio stood at 5.5%.
The BMW Group reported earnings before financial result of € 13,999 million for the full year(prev. yr.: € 13,400 million/ +4.5%). Group earnings before tax once again saw a strong increase and, as a result of the full consolidation of BBA, reached very solid € 23,509 million (prev. yr.: € 16,060 million/ +46.4%). The Group EBT margin came in at 16.5% (prev. yr.: 14.4%; +2.1 percentage points).
Group net profit totalled € 18,582 million (prev. yr.: € 12,463 million/ +49.1%).
[Dividend of € 8.50 proposed]
Shareholders will also participate in the success of financial year 2022. Subject to the approval of the Annual General Meeting, thecompany’s unappropriated profit (according to the German Commercial Code) of € 5,481 million (prev. yr.: € 3,827 million/ +43.2%) will be distributed to shareholders from BMW AG’s net profit. The Board of Management and Supervisory Board will propose a dividend of € 8.50 per share of common stock (prev. yr. € 5.80) and € 8.52 per share of preferred stock (prev. yr. € 5.82) to the Annual General Meeting on 11 May. [This represents a preliminary payout ratio of 30.6% (prev. yr.: 30.9%, cf. glossary) and is in line with the target range of 30-40% of net profit] attributable to shareholders of BMW AG for the payout ratio.
Share buy-back of € 1.28 billion completed in 2022
On the basis of the authorization granted by the Annual General Meeting in May 2022, the Board of Management has decided to repurchase shares in the amount of up to € 2 billion. As of December 2022, around 15.3 million common shares for €1,172 million and around 1.4 million preferred shares for €106 million had been repurchased and reported as own shares. These were recognised as treasury shares. BMW AG thus holds around 16.8 million treasury shares as of 31 December 2022, with a nominal value of € 16,760,957 or 2.53% of the share capital. As of March 7 2023, the BMW Group bought back shares worth almost € 1.6 billion and thus holds 3.03% of the share capital.
“All our stakeholders will benefit from our company’s success and in line with our announcements. [Our solid dividend of € 8.50 for 2022 reflects our financial strength – as we are able to pay out dividends in parallel with our necessary high level of investment in the transformation of the company,” according to Nicolas Peter,]member of the Board of Management of BMW AG responsible for Finance.
Full consolidation of BBA has major impact in Automotive Segment
The Automotive Segment benefited once again in 2022 from increased sales of high-revenue models, better pricing and continuing positive development in used car markets. Improved pricing and a higher-value product mix, as well as increased business from new parts and accessories, all lifted revenues – which also benefited from currency tailwinds.
Due to the full consolidation of BBA, segment revenues were significantly higher, at € 123,602 million (prev. yr.: € 95,476 million/ +29.5%). [The cost of sales also rose significantly: on the one hand, resulting from higher effects from the full consolidation of BBA – such as depreciation and amortisation from the purchase price allocation of around € 1.8 billion and elimination of interim profits totalling around € 1.3 billion.]On the other, the cost of sales was also negatively impacted by significantly higher material and logistics costs, especially due to the limited availability of semiconductors and supply chain disruptions, as well as increases in raw material and energy prices.
[Earnings before financial result (EBIT) for the reporting year amounted to € 10,635 million(prev. yr. € 9,870 million/ +7.8%). At 8.6% (prev. yr.: 10.3%; -1.7 percentage points), the EBIT margin for the segment was at the high end of the guidance range of 7-9%.]
[Without the aforementioned effects of € 3.1 billion from the full consolidation of BBA the EBIT margin would have come in at 11.2%.]
The segment’s financial resultof € 8,283 million was significantly higher year-on-year (prev. yr.: € 1,935 million/ +328.1%). [This strong increase during the reporting year largely stems from the effects of the revaluation of previously held equity shares in BBA] of just under € 7.7 billion in the other financial result.
Segment earnings before tax (EBT) for financial year 2022 totalled € 18,918 million and were therefore significantly higher than the figure for the previous year (prev. yr.: € 11,805 million/ +60.3%).
Free cash flow in the Automotive Segment reached very solid € 11,071 million (prev. yr.: € 6,354 million/ +74.2%) at year end.
Return on capital employed (RoCE) for the automotive segment in 2022 was well within the target range of 14-19% at 18.1% (prev. yr.: 24.0%/ -5.9 percentage points).
“The integration of our Chinese joint venture into the Automotive Segment takes our business operations to a new level. In 2022, this gave us a significant tailwind. We continue to hold a strong position in the major regions of the world with a strong product lineup, and we will keep on benefitting in particular this year from demand for our electrified vehicles and top-end models,” said Nicolas Peter, member of the Board of Management of BMW AG responsible for Finance, on Thursday in Munich.
More competition and changes in risk situation for Financial Services
Intense competition, higher interest rates and inflation, as well as limited availability of vehicles, impacted new business in the financial services sector in 2022. The total volume of new business from financing and leasing contracts with retail customers was down (-)12.6% to € 55,449 million (prev. yr.: € 63,414 million). The percentage of BMW Group new vehicles leased or financed by the Financial Services Segment stood at 41.0% for 2022 (prev. yr.: 50.5%/ -9.5 percentage points). Better transaction prices and an improved product mix resulted in a higher average financing volume per vehicle during the reporting period.
Pre-tax earnings (EBT) in the Financial Services Segment totalled € 3,205 million at the end of the reporting year (prev. yr.: € 3,753 million/ -14.6%) ‒ with the previous year being characterized by an exceptionally positive risk situation. Higher provisions for credit risks were made during the reporting year in response to geopolitical uncertainties and a weaker macroeconomic outlook.
As a consequence of the lower earnings before tax, the Financial Services Segment achieved a return on equity (RoE) of 17.9% (prev. yr.: 22.6%/ -4.7 percentage points), fully in line with the company’s adjusted guidance of 17-20% (adjusted from 14-17% in the Q2/2022 quarterly statement).
Electrification offensive and continued growth for BMW Motorrad
In 2022, BMW Motorrad pressed ahead with electrification of the brand in the field of urban mobility, with the series introduction of the BMW CE 04 electric scooter. Deliveries in the Motorcycles Segment reached a new all time-high of 202,895 units in 2022 (prev. yr.: 194,261 units/ +4.4%). Although performance in the European markets, with the exception of France (+6.7% YOY), was less dynamic, sales in China (+7.7% YOY) saw a solid increase, and deliveries in the Americas rose significantly (+14.4% YOY).
Business performance benefited from this sales growth, combined with positive pricing and product mix effects. Higher material and logistics costs impacted the Motorcycles Segment during the reporting year.
The segment posted revenues of € 3,176 million (prev. yr.: € 2,748 million/ +15.6%), with an EBIT of € 257 million (prev. yr.: € 227 million/ +13.2%). The EBIT margin came in at 8.1% (prev. yr.: 8.3%/ -0.2 percentage points) and is therefore within the guidance range of 8-10%.
The higher earnings pushed up the return on capital employed (RoCE) to 24.9% which was slightly above the planned range of 19-24% (prev. yr.: 21.9%/ +3 percentage points).
BMW Group posts successful fourth quarter
In the fourth quarter of 2022, numerous lockdowns led to production cutbacks and the closure of Chinese dealerships. At the same time, the slight easing of the semiconductor component shortage contributed to higher production and sales volumes overall.
During this period, deliveries of the three premium automotive brands BMW, MINI and Rolls-Royce climbed significantly to 651,794 units (prev. yr.: 589,290/ +10.6%). The effects of expanded electrified model range were clearly visible in the fourth quarter: With 150,508 electrified vehicles sold, their share of total sales volumes climbed to 23%. Group revenues totalled € 39,522 million (prev. yr.: € 28,408 million/ +39.1%).
Group profit before tax for the fourth quarter increased significantly to € 3,253 million (prev. yr.: € 2,907 million/ +11.9%), while the EBT margin came in at 8.2%. Group net profit for the same period totalled € 2,175 million (prev. yr.: € 2,256 million/ -3.6%).
Automotive Segment EBIT was significantly higher, at € 2,932 million (prev. yr.: € 1,925 million/ +52.3%), due to the effects of the full consolidation of BBA and higher sales volumes. The Automotive Segment EBIT margin for the final quarter of the year was 8.5% (prev. yr.: 7.7%). The segment’s free cash flow totalled € 1,195 million (prev. yr.: € 55 million).
Due to higher refinancing costs and increased credit risk provisioning, the Financial Services Segment reported lower pre-tax earnings of € 533 million (prev. yr.: € 829 million/ -35.7%).
Employee numbers significantly higher year-on-year
The BMW Group had 149,475 employees at the end of 2022 (prev. yr.: 118,909/ +25.7%). This significant increase is primarily due to the full consolidation of BMW Brilliance Automotive Ltd., with almost 26,000 employees integrated into the BMW Group. The further increase in employee numbers across all segments was mainly in the areas of development and IT, as well as in the BMW Group’s global production network.
[Proposed re-election of Supervisory Board member]
The current mandate of Supervisory Board member and Chairman of the Audit Committee Dr Kurt Bock will come to an end at the Annual General Meeting on 11 May 2023. The Supervisory Board will propose re-electing Bock for another four-year mandate at the Annual General Meeting. The candidate is considered independent by the Supervisory Board.
* * *
You will receive further information on the Group Financial Statement 2022 and the outlook for the current financial year at the BMW Group Annual Conference on 15 March 2023. You can follow the virtual event live on the internet at: https://www.live.bmwgroup.com/en/live-streaming/. The BMW Group Report 2022 will be published on 15 March at 7.30 a.m. (CET) at https://www.bmwgroup.com/en/investor-relations/company-reports.html
Deliveries to customers
Automotive1 units 2,399,632 2,521,514 -4.8
thereof: BMW units 2,100,689 2,213,790 -5.1
MINI units 292,922 302,138 -3.1
Rolls-Royce units 6,021 5,586 7.8
Motorcycles units 202,895 194,261 4.4
Employees(compared to 31 Dec. 2021) 149,475 118,909 25.7
Revenues € million 142,610 111,239 28.2
thereof: Automotive € million 123,602 95,476 29.5
Motorcycles € million 3,176 2,748 15.6
Financial Services € million 35,122 32,867 6.9
Other Entities € million 8 5 60.0
Eliminations € million -19,298 -19,857 -2.8
Profit before financial result (EBIT) € million 13,999 13,400 4.5
thereof: Automotive € million 10,635 9,870 7.8
Financial Services € million 3,163 3,701 -14.5
Other Entities € million -203 -8 –
Eliminations € million 147 -390 –
Profit before tax (EBT) € million 23,509 16,060 46.4
thereof: Automotive € million 18,918 11,805 60.3
Financial Services € million 3,205 3,753 -14.6
Eliminations € million 122 -257 –
Income taxes € million -4,927 -3,597 37.0
Net profit € million 18,582 12,463 49.1
Earnings per share(common/preferred share) € 27,31/27,33 18.77/18.79 45.5/45.41 including joint venture BMW Brilliance Automotive Ltd., Shenyang (1 January to 10 February 2022: 96,133 vehicles, 2021: 651,236 vehicles, 2020: 602,247 vehicles, 2019: 538,612 vehicles, 2018: 455,581 vehicles, 2017: 385,705 vehicles).
2 [Ratio of Group earnings before taxes to Group revenues].
The BMW Group – an overview Q4 2022 Q4 2021 Change in %
Deliveries to customers
Automotive1 units 651,794 589,290 10.6
thereof: BMW units 566,823 510,722 11.0
MINI units 83,651 77,300 8.2
Rolls-Royce units 1,320 1,268 4.1
Motorcycles units 43,562 37,652 15.7
Employees(compared to 31 Dec. 2021) 149,475 118,909 25.7
Revenues € million 39,522 28,408 39.1
thereof: Automotive € million 34,571 25,103 37.7
Financial Services € million 9,086 8,688 4.6
Other Entities € million 2 2 0
Eliminations € million -4,828 -5,871 17.8
Profit before financial result (EBIT) € million 3,500 2,487 40.7
thereof: Automotive € million 2,932 1,925 52.3
Motorcycles € million -65 -96 32.3
Financial Services € million 536 832 -35.6
Other Entities € million -16 -5 –
Eliminations € million 113 -169 –
Profit before tax (EBT) € million 3,253 2,907 11.9
thereof: Automotive € million 3,009 2,149 40.0
Motorcycles € million -57 -96 40.6
Financial Services € million 533 829 -35.7
Other Entities € million -263 153 –
Eliminations € million 31 -128 –
Income taxes € million -1,078 -651 65.6
Net profit € million 2,175 2,256 -3.6
2 Ratio of Group earnings before taxes to Group revenues.
GLOSSARY – explanatory comments on key performance indicators
Deliveries to customers
A new or used vehicle is recorded as a delivery once it is handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from the BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third-party dealers. The vast majority of deliveries – and hence the reporting of deliveries to the BMW Group – is made by independent third-party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenues that the BMW Group recognises in respect of that particular reporting period.
Profit before financial result. Profit before financial result comprises revenues less cost of sales, less selling and administrative expenses and plus/minus net other operating income and expenses.
EBIT margin
Profit/loss before financial result as a percentage of revenues.
EBIT plus financial result.
Payout ratio (see page 4)
The payout ratio is preliminary. Although the Management Board and Supervisory Board are proposing a fixed dividend per share to the general meeting, the number of dividend-entitled shares is expected to fall even further as a result of the ongoing share buy-back program between now and the Annual General Meeting. Accordingly, the total amount paid out to shareholders until May 11 presumably will also change.
If you have any questions, please contact:
Corporate Communications
Dr Britta Ullrich, Communications Finance
Eckhard Wannieck, head of Communications Corporate, Finance, Sales
Media website: http://www.press.bmwgroup.com/global
[][The BMW Group]
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises over 30 production sites worldwide; the company has a global sales network in more than 140 countries.
In 2022, the BMW Group sold nearly 2.4 million passenger vehicles and more than 202,000 motorcycles worldwide. The profit before tax in the financial year 2022 was € 23.5 billion on revenues amounting to € 142.6 billion. As of 31 December 2022, the BMW Group had a workforce of 149,475 employees.
The success of the BMW Group has always been based on long-term thinking and responsible action. The company set the course for the future at an early stage and consistently makes sustainability and efficient resource management central to its strategic direction, from the supply chain through production to the end of the use phase of all products.
[www.bmwgroup.com](about:blank)

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ĚŁĿłijŀŌ
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ĤŁŇŁńķŀ įķńĽķ
ĘĽŇĻķŀĹķŅķľľŅĵĺijĸŇ

ħŁŅŇijľ ijĶĶńķŅŅ
ęĤį ĘĞ
˜—˜˜ ĤȒŀĵĺķŀ

ĬķľķłĺŁŀķ
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ĠŀŇķńŀķŇ
ŊŊŊĴĿŊĹńŁňłĵŁĿ

ĤķĶĻij ĠŀĸŁńĿijŇĻŁŀ

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ĪňĴļķĵŇ

ĪŁľĻĶ ĴňŅĻŀķŅŅ ĸĻĹňńķŅ ĸŁń ’’’ ĵŁŀĸĻńĿ ęĤį ĞńŁňł ŅŇńijŇķĹŌ
ħijĹķ

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ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ
-Ĭĺķńķ ijńķ ŇŊŁ ķŅŅķŀŇĻijľ ķľķĿķŀŇŅ ŇŁ Łňń ŅňĵĵķŅŅ Ļŀ ’’’ ij ŅŇńŁŀĹ ijŀĶ łijŅŅĻŁŀijŇķ
ŇķijĿ ķĸĸŁńŇ ĴŌ Łňń ķŀŇĻńķ ŊŁńĽĸŁńĵķ ŊŁńľĶŊĻĶķ % ijŀĶ ĵŁĿłķľľĻŀĹ łńŁĶňĵŇŅ ŇĺijŇ łńŁʼnĻĶķ
ňŅ ŊĻŇĺ Ňĺķ ńĻĹĺŇ ńķŅłŁŀŅķ ŇŁ ij łķńŅĻŅŇķŀŇľŌ ĵĺijľľķŀĹĻŀĹ ķŀʼnĻńŁŀĿķŀŇ. ŅijĻĶ
ĦľĻʼnķń
IJĻłŅķ
 ĚĺijĻńĿijŀ Łĸ Ňĺķ ęŁijńĶ Łĸ ĤijŀijĹķĿķŀŇ Łĸ ęĤį ĘĞ Łŀ ĬĺňńŅĶijŌ Ļŀ ĤňŀĻĵĺ -ĠŇ
ŅĺŁŊŅ ŇĺijŇ ŇĺŁŅķ ŊĺŁ ŇijĵĽľķ Ňĺķ ŇńijŀŅĸŁńĿijŇĻŁŀ ŊĻŇĺ ĵŁňńijĹķ ijŀĶ ĵŁŀŅĻŅŇķŀĵŌ ŊĺĻľķ
ĿijĻŀŇijĻŀĻŀĹ ij ĺĻĹĺ ľķʼnķľ Łĸ ĸľķŋĻĴĻľĻŇŌ ĵijŀ ijĵĺĻķʼnķ ŅŁľĻĶ łķńĸŁńĿijŀĵķ ķʼnķŀ ňŀĶķń ʼnŁľijŇĻľķ
ĵŁŀĶĻŇĻŁŀŅ įķ ŊĻľľ ĵŁŀŇĻŀňķ Łŀ ŇĺĻŅ ęĤį łijŇĺ Ļŀ Ňĺķ ĸňŇňńķ ijŅ Ŋķ ŅŇķķń Ňĺķ ĵŁĿłijŀŌ
ĸňńŇĺķń ijľŁŀĹ Ňĺķ ńŁijĶ ŇŁ ŅňĵĵķŅŅ.

ħŁŅĻŇĻʼnķ ķĸĸķĵŇŅ ĸŁń ĞńŁňł ĸńŁĿ ĸňľľ ĵŁŀŅŁľĻĶijŇĻŁŀ Łĸ ęęĘ

Ġŀ ĸĻŀijŀĵĻijľ Ōķijń ’’’ Ňĺķ ęĤį ĞńŁňł Łŀĵķ ijĹijĻŀ ŁňŇłķńĸŁńĿķĶ ĻŇŅ ĿijĻŀ ĸĻŀijŀĵĻijľ ĽķŌ
ĸĻĹňńķŅ ĸŁń Ňĺķ łńķʼnĻŁňŅ Ōķijń ńķłŁńŇĻŀĹ
ŅĻĹŀĻĸĻĵijŀŇ ĹńŁŊŇĺ Ļŀ ńķʼnķŀňķŅ ĞńŁňł ķijńŀĻŀĹŅ
ijŀĶ ŀķŇ łńŁĸĻŇ


ĘŅ ķŋłķĵŇķĶ
ĶķľĻʼnķńĻķŅ
Ŋķńķ ŅľĻĹĺŇľŌ ľŁŊķń Ňĺijŀ Ňĺķ łńķʼnĻŁňŅ Ōķijń ijŇ
’“™™–“’ ňŀĻŇŅ

łńķʼn Ōń ’•’‘•‘” ʼnķĺĻĵľķŅ $”˜Â¤ ĚŁŀŅĻŅŇķŀŇľŌ ĺĻĹĺ ĵňŅŇŁĿķń ĶķĿijŀĶ ŊijŅ ńķ$
ĸľķĵŇķĶ Ļŀ Ňĺķ ĵŁĿłijŀŌ1Ņ ŅŇńŁŀĹ ŁńĶķń ĴŁŁĽ ğŁŊķʼnķń ŇĺĻŅ ĵŁňľĶ ŀŁŇ Ĵķ ķŀŇĻńķľŌ ĸňľĸĻľľķĶ
Ķňķ ŇŁ ĶĻĸĸĻĵňľŇĻķŅ ŊĻŇĺ Ňĺķ ŅňłłľŌ Łĸ ŅķĿĻĵŁŀĶňĵŇŁń ĵŁĿłŁŀķŀŇŅ ŅňłłľŌ ĵĺijĻŀ ĶĻŅńňł$
ŇĻŁŀŅ ijŀĶ ĚĦĮĠě ľŁĵĽĶŁŊŀŅ Ļŀ ĚĺĻŀij

ĜľķĵŇńĻĸĻķĶ ʼnķĺĻĵľķŅ
%

ęĜĮŅ ijŀĶ ħğĜĮŅ %

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ĞńŁňł ńķʼnķŀňķŅ
ĵľĻĿĴķĶ ŇŁ
Ċ ‘”’–‘ ĿĻľľĻŁŀ
łńķʼn Ōń Ċ ‘‘‘’“™ ĿĻľľĻŁŀ î’˜’¤
ŊĻŇĺ ĻŀŇķĹńijŇĻŁŀ Łĸ ęęĘ ńķʼnķŀňķŅ ĿijĽĻŀĹ ij ŅĻĹŀĻĸĻĵijŀŇ ĵŁŀŇńĻĴňŇĻŁŀ ŇŁ ĹńŁŊŇĺ Ĭĺķ

ĤķĶĻij ĠŀĸŁńĿijŇĻŁŀ

ěijŇķ

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ĪňĴļķĵŇ

ĪŁľĻĶ ĴňŅĻŀķŅŅ ĸĻĹňńķŅ ĸŁń ’’’ ĵŁŀĸĻńĿ ęĤį ĞńŁňł ŅŇńijŇķĹŌ
ħijĹķ

“

ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ
ęĤį ĞńŁňł ijľŅŁ ĴķŀķĸĻŇķĶ ĸńŁĿ ĻĿłńŁʼnķĶ łńĻĵĻŀĹ % ĸŁń ĴŁŇĺ ŀķŊ ʼnķĺĻĵľķ ŅijľķŅ ijŀĶ Ňĺķ
ńķŅijľķ Łĸ ķŀĶ$Łĸ$ľķijŅķ ʼnķĺĻĵľķŅ % ijŅ Ŋķľľ ijŅ łŁŅĻŇĻʼnķ łńŁĶňĵŇ$ĿĻŋ ķĸĸķĵŇŅ
ĬĺĻŅ ŊijŅ ŁĸĸŅķŇ ŇŁ ij ŅĻĹŀĻĸĻĵijŀŇ ķŋŇķŀŇ ĴŌ ęęĘ1Ņ ĵŁŅŇ Łĸ ŅijľķŅ ŊĺĻĵĺ ŊijŅ ńķĵŁĹŀĻŅķĶ ĸŁń
Ňĺķ ĸĻńŅŇ ŇĻĿķ Ĭĺķ ĻŀĵńķijŅķ Ļŀ ĵŁŅŇŅ ĸŁń ĿijŇķńĻijľŅ ĵŁĿĿŁĶĻŇĻķŅ ijŀĶ ľŁĹĻŅŇĻĵŅ ĺĻĹĺķń ńķĸĻ$
ŀijŀĵĻŀĹ ĵŁŅŇŅ Ķňķ ŇŁ ĺĻĹĺķń ĻŀŇķńķŅŇ ľķʼnķľŅ ijŅ Ŋķľľ ijŅ ķĸĸķĵŇŅ ĸńŁĿ Ňĺķ ĵŁŀŅŁľĻĶijŇĻŁŀ Łĸ
ęęĘ ijŀĶ ij ľijńĹķń łķńĵķŀŇijĹķ Łĸ ķľķĵŇńĻĸĻķĶ ʼnķĺĻĵľķŅ ijľľ ĵŁŀŇńĻĴňŇķĶ ŇŁ ĺĻĹĺķń ĵŁŅŇŅ

ĩąě ŅłķŀĶĻŀĹ ĸŁń ŀķŊ ĿŁĶķľŅ ijŀĶ ĞĜĥ – ķľķĵŇńĻĵ ĶńĻʼnķ ŇńijĻŀŅ

Ĭĺķ ĵŁŀŇĻŀňĻŀĹ ŇńijŀŅĸŁńĿijŇĻŁŀ Łĸ Ňĺķ ęĤį ĞńŁňł ĻŅ ńķĸľķĵŇķĶ Ļŀ Ňĺķ ĿŁĶķńijŇķ ĻŀĵńķijŅķ
Ļŀ ńķŅķijńĵĺ ijŀĶ ĶķʼnķľŁłĿķŀŇ ŅłķŀĶĻŀĹ
ĩąě ĵŁŅŇŅ Ļŀ ijĵĵŁńĶijŀĵķ ŊĻŇĺ ĠĝĩĪ
ŇŁŇijľľķĶ
Ċ ––’” ĿĻľľĻŁŀ
łńķʼn Ōń Ċ –’™™ ĿĻľľĻŁŀ î•’¤ ĩąě ķŋłķŀĶĻŇňńķ ĻŅ ĿijĻŀľŌ ĶńĻʼnķŀ
ĴŌ ŀķŊ ĿŁĶķľŅ Ňĺķ ĥĜĭĜ ĢģĘĪĪĜ ijŀĶ Ňĺķ ijŅŅŁĵĻijŇķĶ ĶķʼnķľŁłĿķŀŇ Łĸ Ňĺķ ŅĻŋŇĺ Ĺķŀķń$
ijŇĻŁŀ Łĸ ķľķĵŇńĻĵ ĶńĻʼnķ ŇńijĻŀŅ ĘĶĶĻŇĻŁŀijľ ĻŀʼnķŅŇĿķŀŇŅ Ŋķńķ ijľŅŁ ĿijĶķ Ļŀ ĶĻĹĻŇijľĻŅijŇĻŁŀ Łĸ
Ňĺķ ʼnķĺĻĵľķ ĸľķķŇ ijŀĶ ijňŇŁĿijŇķĶ ĶńĻʼnĻŀĹ
ğŁŊķʼnķń ŊĻŇĺ ńķʼnķŀňķŅ ňł Ōķijń$Łŀ$Ōķijń Ňĺķ
ĩąě ńijŇĻŁ ijĵĵŁńĶĻŀĹ ŇŁ Ňĺķ ĞķńĿijŀ
ĚŁĿĿķńĵĻijľ ĚŁĶķ
ŊijŅ ľŁŊķń ijŇ
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ĚijłĻŇijľ ķŋłķŀĶĻŇňńķ ĸŁń łńŁłķńŇŌ łľijŀŇ ijŀĶ ķŃňĻłĿķŀŇ ijŀĶ ŁŇĺķń ĻŀŇijŀĹĻĴľķ ijŅŅķŇŅ

ijĿŁňŀŇķĶ ŇŁ
Ċ ——™‘ ĿĻľľĻŁŀ
Ļŀ ’’’ łńķʼn Ōń Ċ •‘’ ĿĻľľĻŁŀ î••”¤ ĬĺĻŅ Ļŀ$
ĵńķijŅķ ńķĸľķĵŇŅ Ňĺķ ĵŁŀŅŁľĻĶijŇĻŁŀ Łĸ ęęĘ ĻŀʼnķŅŇĿķŀŇŅ ijŀĶ ĵijłĻŇijľ ķŋłķŀĶĻŇňńķ ĸŁń ŀķŊ
ĿŁĶķľŅ ľĻĽķ Ňĺķ ęĤį — ĪķńĻķŅ ijŀĶ Ňĺķ ęĤį Ä°‘ ĘĶĶĻŇĻŁŀijľ ĸňŀĶŅ Ŋķńķ ĵĺijŀŀķľľķĶ ĻŀŇŁ
Ňĺķ ijĵĵķľķńijŇķĶ ęĜĮ ńijĿł$ňł Ĭĺķ
ĵijłķŋ ńijŇĻŁ
ŅŇŁŁĶ ijŇ
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Ĭĺķ ęĤį ĞńŁňł ńķłŁńŇķĶ
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Łĸ
Ċ

‘“™™™ ĿĻľľĻŁŀ
ĸŁń Ňĺķ
ĸňľľ Ōķijń

łńķʼn Ōń Ċ ‘“” ĿĻľľĻŁŀ ¤
ĞńŁňł ķijńŀĻŀĹŅ ĴķĸŁńķ Ňijŋ
Łŀĵķ ijĹijĻŀ
ŅijŊ ij ŅŇńŁŀĹ ĻŀĵńķijŅķ ijŀĶ ijŅ ij ńķŅňľŇ Łĸ Ňĺķ ĸňľľ ĵŁŀŅŁľĻĶijŇĻŁŀ Łĸ ęęĘ ńķijĵĺķĶ ʼnķńŌ

ĤķĶĻij ĠŀĸŁńĿijŇĻŁŀ

ěijŇķ

™ Ĥijńĵĺ ’’“

ĪňĴļķĵŇ

ĪŁľĻĶ ĴňŅĻŀķŅŅ ĸĻĹňńķŅ ĸŁń ’’’ ĵŁŀĸĻńĿ ęĤį ĞńŁňł ŅŇńijŇķĹŌ
ħijĹķ

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ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ
ŅŁľĻĶ
Ċ ’“•™ ĿĻľľĻŁŀ
łńķʼn Ōń Ċ ‘–– ĿĻľľĻŁŀ î”–”¤ Ĭĺķ
ĞńŁňł ĜęĬ ĿijńĹĻŀ

ĵijĿķ Ļŀ ijŇ
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ĞńŁňł
ŀķŇ łńŁĸĻŇ
ŇŁŇijľľķĶ
Ċ ‘˜•˜’ ĿĻľľĻŁŀ
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ěĻʼnĻĶķŀĶ Łĸ Ċ ˜• łńŁłŁŅķĶ

Īĺijńķ壾ĶķńŅ ŊĻľľ ijľŅŁ łijńŇĻĵĻłijŇķ Ļŀ Ňĺķ ŅňĵĵķŅŅ Łĸ ĸĻŀijŀĵĻijľ Ōķijń ’’’ ĪňĴļķĵŇ ŇŁ Ňĺķ
ijłłńŁʼnijľ Łĸ Ňĺķ Ęŀŀňijľ Ğķŀķńijľ ĤķķŇĻŀĹ Ňĺķ

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ĵŁńĶĻŀĹ ŇŁ Ňĺķ ĞķńĿijŀ ĚŁĿĿķńĵĻijľ ĚŁĶķ
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ŀķŇ łńŁĸĻŇ
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Īĺijńķ ĴňŌ$ĴijĵĽ Łĸ Ċ ‘’˜ ĴĻľľĻŁŀ ĵŁĿłľķŇķĶ Ļŀ ’’’

Ħŀ Ňĺķ ĴijŅĻŅ Łĸ Ňĺķ ijňŇĺŁńĻōijŇĻŁŀ ĹńijŀŇķĶ ĴŌ Ňĺķ Ęŀŀňijľ Ğķŀķńijľ ĤķķŇĻŀĹ Ļŀ ĤijŌ ’’’
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ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ
ĞģĦĪĪĘĩı % ķŋłľijŀijŇŁńŌ ĵŁĿĿķŀŇŅ Łŀ ĽķŌ łķńĸŁńĿijŀĵķ ĻŀĶĻĵijŇŁńŅ

ěķľĻʼnķńĻķŅ ŇŁ ĵňŅŇŁĿķńŅ

Ę ŀķŊ Łń ňŅķĶ ʼnķĺĻĵľķ ĻŅ ńķĵŁńĶķĶ ijŅ ij ĶķľĻʼnķńŌ Łŀĵķ ĻŇ ĻŅ ĺijŀĶķĶ Łʼnķń ŇŁ Ňĺķ ķŀĶ ňŅķń
ŊĺĻĵĺ ijľŅŁ ĻŀĵľňĶķŅ ľķijŅķ壾ĶķńŅ ňŀĶķń ľķijŅķ ĵŁŀŇńijĵŇŅ ŊĻŇĺ ęĤį ĝĻŀijŀĵĻijľ ĪķńʼnĻĵķŅ Ġŀ
Ňĺķ ĭĪ ijŀĶ ĚijŀijĶij ķŀĶ ňŅķńŅ ijľŅŁ ĻŀĵľňĶķ ‘ ĶķijľķńŅ Ŋĺķŀ ŇĺķŌ ĶķŅĻĹŀijŇķ ij ʼnķĺĻĵľķ ijŅ ij
ŅķńʼnĻĵķ ľŁijŀķń Łń ĶķĿŁŀŅŇńijŇŁń ʼnķĺĻĵľķ ijŀĶ ’ ĶķijľķńŅ ijŀĶ ŁŇĺķń ŇĺĻńĶ łijńŇĻķŅ Ŋĺķŀ ŇĺķŌ
łňńĵĺijŅķ ij ĵŁĿłijŀŌ ʼnķĺĻĵľķ ijŇ ijňĵŇĻŁŀ ijŀĶ ĶķijľķńŅ Ŋĺķŀ ŇĺķŌ łňńĵĺijŅķ ĵŁĿłijŀŌ ʼnķĺĻĵľķŅ
ĶĻńķĵŇľŌ ĸńŁĿ Ňĺķ ęĤį ĞńŁňł ěķľĻʼnķńĻķŅ ĿijŌ Ĵķ ĿijĶķ ĴŌ ęĤį ĘĞ Łŀķ Łĸ ĻŇŅ ĻŀŇķńŀijŇĻŁŀijľ
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łijńŇĻĵňľijń ńķłŁńŇĻŀĹ łķńĻŁĶ

ĜęĠĬ
ħńŁĸĻŇ ĴķĸŁńķ ĸĻŀijŀĵĻijľ ńķŅňľŇ ħńŁĸĻŇ ĴķĸŁńķ ĸĻŀijŀĵĻijľ ńķŅňľŇ ĵŁĿłńĻŅķŅ ńķʼnķŀňķŅ ľķŅŅ ĵŁŅŇ Łĸ
ŅijľķŅ ľķŅŅ ŅķľľĻŀĹ ijŀĶ ijĶĿĻŀĻŅŇńijŇĻʼnķ ķŋłķŀŅķŅ ijŀĶ łľňŅĿĻŀňŅ ŀķŇ ŁŇĺķń ŁłķńijŇĻŀĹ ĻŀĵŁĿķ
ijŀĶ ķŋłķŀŅķŅ

ĜęĠĬ ĿijńĹĻŀ
ħńŁĸĻŇľŁŅŅ ĴķĸŁńķ ĸĻŀijŀĵĻijľ ńķŅňľŇ ijŅ ij łķńĵķŀŇijĹķ Łĸ ńķʼnķŀňķŅ

ĜęĬ
ĜęĠĬ łľňŅ ĸĻŀijŀĵĻijľ ńķŅňľŇ

ħijŌŁňŇ ńijŇĻŁ
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ijńķ łńŁłŁŅĻŀĹ ij ĸĻŋķĶ ĶĻʼnĻĶķŀĶ łķń Ņĺijńķ ŇŁ Ňĺķ Ĺķŀķńijľ ĿķķŇĻŀĹ Ňĺķ ŀňĿĴķń Łĸ ĶĻʼnĻĶķŀĶ$
ķŀŇĻŇľķĶ ŅĺijńķŅ ĻŅ ķŋłķĵŇķĶ ŇŁ ĸijľľ ķʼnķŀ ĸňńŇĺķń ijŅ ij ńķŅňľŇ Łĸ Ňĺķ ŁŀĹŁĻŀĹ Ņĺijńķ ĴňŌ$ĴijĵĽ
łńŁĹńijĿ ĴķŇŊķķŀ ŀŁŊ ijŀĶ Ňĺķ Ęŀŀňijľ Ğķŀķńijľ ĤķķŇĻŀĹ ĘĵĵŁńĶĻŀĹľŌ Ňĺķ ŇŁŇijľ ijĿŁňŀŇ
łijĻĶ ŁňŇ ŇŁ Ņĺijńķ壾ĶķńŅ ňŀŇĻľ ĤijŌ ‘‘ łńķŅňĿijĴľŌ ŊĻľľ ijľŅŁ ĵĺijŀĹķ

Ġĸ ŌŁň ĺijʼnķ ijŀŌ ŃňķŅŇĻŁŀŅ łľķijŅķ ĵŁŀŇijĵŇ

ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ

ěń ęńĻŇŇij ĭľľńĻĵĺ ĚŁĿĿňŀĻĵijŇĻŁŀŅ ĝĻŀijŀĵķ

ĜĿijĻľ
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ĬķľķłĺŁŀķ î”™$˜™$“˜’$‘˜“–”

ĜĵĽĺijńĶ įijŀŀĻķĵĽ ĺķijĶ Łĸ ĚŁĿĿňŀĻĵijŇĻŁŀŅ ĚŁńłŁńijŇķ ĝĻŀijŀĵķ ĪijľķŅ
ĜĿijĻľ
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ĤķĶĻij ŊķĴŅĻŇķ

ŊŊŊłńķŅŅĴĿŊĹńŁňłĵŁĿĹľŁĴijľ

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ĤķĶĻij ĠŀĸŁńĿijŇĻŁŀ

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ĪňĴļķĵŇ

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ħijĹķ

‘”

ĚŁńłŁńijŇķ ĚŁĿĿňŀĻĵijŇĻŁŀŅ

Ĭĺķ ęĤį ĞńŁňł

įĻŇĺ ĻŇŅ ĸŁňń ĴńijŀĶŅ ęĤį ĤĠĥĠ ĩŁľľŅ$ĩŁŌĵķ ijŀĶ ęĤį ĤŁŇŁńńijĶ Ňĺķ ęĤį ĞńŁňł ĻŅ Ňĺķ ŊŁńľĶ1Ņ ľķijĶĻŀĹ
łńķĿĻňĿ ĿijŀňĸijĵŇňńķń Łĸ ijňŇŁĿŁĴĻľķŅ ijŀĶ ĿŁŇŁńĵŌĵľķŅ ijŀĶ ijľŅŁ łńŁʼnĻĶķŅ łńķĿĻňĿ ĸĻŀijŀĵĻijľ ijŀĶ ĿŁĴĻľĻŇŌ
ŅķńʼnĻĵķŅ Ĭĺķ ęĤį ĞńŁňł łńŁĶňĵŇĻŁŀ ŀķŇŊŁńĽ ĵŁĿłńĻŅķŅ Łʼnķń “ łńŁĶňĵŇĻŁŀ ŅĻŇķŅ ŊŁńľĶŊĻĶķ Ňĺķ ĵŁĿ$
łijŀŌ ĺijŅ ij ĹľŁĴijľ ŅijľķŅ ŀķŇŊŁńĽ Ļŀ ĿŁńķ Ňĺijŀ ‘” ĵŁňŀŇńĻķŅ

Ġŀ ’’’ Ňĺķ ęĤį ĞńŁňł ŅŁľĶ ŀķijńľŌ ’” ĿĻľľĻŁŀ łijŅŅķŀĹķń ʼnķĺĻĵľķŅ ijŀĶ ĿŁńķ Ňĺijŀ ’’ ĿŁŇŁńĵŌĵľķŅ
ŊŁńľĶŊĻĶķ Ĭĺķ łńŁĸĻŇ ĴķĸŁńķ Ňijŋ Ļŀ Ňĺķ ĸĻŀijŀĵĻijľ Ōķijń ’’’ ŊijŅ Ċ ’“• ĴĻľľĻŁŀ Łŀ ńķʼnķŀňķŅ ijĿŁňŀŇĻŀĹ ŇŁ
Ċ ‘”’– ĴĻľľĻŁŀ ĘŅ Łĸ “‘ ěķĵķĿĴķń ’’’ Ňĺķ ęĤį ĞńŁňł ĺijĶ ij ŊŁńĽĸŁńĵķ Łĸ ‘”™”—• ķĿłľŁŌķķŅ

Ĭĺķ ŅňĵĵķŅŅ Łĸ Ňĺķ ęĤį ĞńŁňł ĺijŅ ijľŊijŌŅ Ĵķķŀ ĴijŅķĶ Łŀ ľŁŀĹ$ŇķńĿ ŇĺĻŀĽĻŀĹ ijŀĶ ńķŅłŁŀŅĻĴľķ ijĵŇĻŁŀ
Ĭĺķ ĵŁĿłijŀŌ ŅķŇ Ňĺķ ĵŁňńŅķ ĸŁń Ňĺķ ĸňŇňńķ ijŇ ijŀ ķijńľŌ ŅŇijĹķ ijŀĶ ĵŁŀŅĻŅŇķŀŇľŌ ĿijĽķŅ ŅňŅŇijĻŀijĴĻľĻŇŌ ijŀĶ
ķĸĸĻĵĻķŀŇ ńķŅŁňńĵķ ĿijŀijĹķĿķŀŇ ĵķŀŇńijľ ŇŁ ĻŇŅ ŅŇńijŇķĹĻĵ ĶĻńķĵŇĻŁŀ ĸńŁĿ Ňĺķ ŅňłłľŌ ĵĺijĻŀ ŇĺńŁňĹĺ łńŁĶňĵŇĻŁŀ
ŇŁ Ňĺķ ķŀĶ Łĸ Ňĺķ ňŅķ łĺijŅķ Łĸ ijľľ łńŁĶňĵŇŅ

ŊŊŊĴĿŊĹńŁňłĵŁĿ

ĝijĵķĴŁŁĽ
ĺŇŇłŊŊŊĸijĵķĴŁŁĽĵŁĿęĤįĞńŁňł

ĬŊĻŇŇķń
ĺŇŇłŇŊĻŇŇķńĵŁĿęĤįĞńŁňł

ıŁňĬňĴķ
ĺŇŇłŊŊŊŌŁňŇňĴķĵŁĿęĤįĞńŁňłĮĻķŊ

ĠŀŅŇijĹńijĿ
ĺŇŇłŅŊŊŊĻŀŅŇijĹńijĿĵŁĿĴĿŊĹńŁňł

ģĻŀĽķĶĠŀ
ĺŇŇłŅŊŊŊľĻŀĽķĶĻŀĵŁĿĵŁĿłijŀŌĴĿŊ$ĹńŁňł