(AGENPARL) – mar 25 aprile 2023 REPORT
2XU
UHVXOWVDWDJODQFH
+LJKOLJKWV
4
FRPSDUHGZLWK
4
5HYHQXHXS
DQGXS
LQFRQVWDQWFXUUHQFLHV
3ULFLQJXSPRUHWKDQRIIVHWWLQJLQFUHDVHRIUDZPDWHULDODQGIUHLJKWFRVWV
9ROXPHVORZHU(XURSHVKRZLQJUHVLOLHQFH&KLQDUHERXQGLQJ
2SHUDWLQJLQFRPHDWm
PLOOLRQ
m
PLOOLRQDGMXVWHGRSHUDWLQJLQFRPHDWm
PLOOLRQ
m
PLOOLRQ526DW
1HWFDVKIURPRSHUDWLQJDFWLYLWLHVQHJDWLYHm
PLOOLRQQHJDWLYHm
PLOOLRQ
,QWHQGHGDFTXLVLWLRQRI&KLQHVH’HFRUDWLYH3DLQWVEXVLQHVVIURP6KHUZLQ:LOOLDPVDQQRXQFHGLQ
$SULOFRPSOHWLRQH[SHFWHGLQWKHVHFRQGKDOIRI
2XWORRN*
$N]R1REHOH[SHFWVWKHRQJRLQJPDFURHFRQRPLFXQFHUWDLQWLHVWRFRQWLQXHDQGZHLJKRQRUJDQLFYROXPH
JURZWK7KHFRPSDQZLOOIRFXVRQPDUJLQPDQDJHPHQWFRVWUHGXFWLRQZRUNLQJFDSLWDOQRUPDOL]DWLRQ
DQGGHOHYHUDJLQJ
&RVWUHGXFWLRQSURJUDPVDUHH[SHFWHGWRPLWLJDWHWKHRQJRLQJSUHVVXUHIURPLQIODWLRQLQRSHUDWLQJ
H[SHQVHVIRU$N]R1REHOH[SHFWVGHFOLQLQJUDZPDWHULDOFRVWVWRKDYHDIDYRUDEOHLPSDFWRQ
SURILWDELOLW
%DVHGRQFXUUHQWPDUNHWFRQGLWLRQV
$N]R1REHOWDUJHWVWRGHOLYHUAWRAELOOLRQDGMXVWHG(%,7’$
7KHFRPSDQDLPVWRORZHULWVOHYHUDJHUDWLRWROHVVWKDQWLPHVQHWGHEW(%,7’$LQFOXGLQJWKH
LPSDFWRIWKH.DQVDL3DLQW$IULFDDFTXLVLWLRQEWKHHQGRIDQGUHWXUQWRDURXQGWLPHVSRVW
*7DUJHWVDUHEDVHGRQRUJDQLFYROXPHVDQGFRQVWDQWFXUUHQFLHVDQGDVVXPHQRVLJQLILFDQWPDUNHWGLVUXSWLRQV
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHV$30
$N]R1REHOXVHV$30DGMXVWPHQWVWR,)56PHDVXUHVWRSURYLGHVXSSOHPHQWDULQIRUPDWLRQRQWKH
UHSRUWLQJRIWKHXQGHUOLQJGHYHORSPHQWVRIWKHEXVLQHVV$UHFRQFLOLDWLRQRIWKHDOWHUQDWLYHSHUIRUPDQFH
PHDVXUHVWRWKHPRVWGLUHFWOFRPSDUDEOH,)56PHDVXUHVFDQEHIRXQGLQWKHWDEOHVRQSDJHVDQG
6XPPDURIILQDQFLDOUHVXOWV
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
5HYHQXH
(%,7’$*
$GMXVWHG(%,7’$*
2SHUDWLQJLQFRPH
,GHQWLILHGLWHPV*
$GMXVWHGRSHUDWLQJLQFRPH*
23,PDUJLQ*
526*
$YHUDJHLQYHVWHGFDSLWDO*
52,*
&DSLWDOH[SHQGLWXUHV
1HWGHEW
/HYHUDJHUDWLRQHWGHEW(%,7’$*
1XPEHURIHPSORHHV
1HWFDVKIURPRSHUDWLQJDFWLYLWLHV
)UHHFDVKIORZ*
1HWLQFRPHDWWULEXWDEOHWRVKDUHKROGHUV
:HLJKWHGDYHUDJHQXPEHURIVKDUHVLQPLOOLRQV
(DUQLQJVSHUVKDUHIURPWRWDORSHUDWLRQVLQA
$GMXVWHGHDUQLQJVSHUVKDUHIURPFRQWLQXLQJRSHUDWLRQVLQA*
*$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH,)56
PHDVXUHVRQSDJHVIUHHFDVKIORZDQGDOORWKHUDOWHUQDWLYHSHUIRUPDQFHPHDVXUHV
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
)LQDQFLDOKLJKOLJKWV
4
5HYHQXH
5HYHQXHZDV
KLJKHU
DQG
KLJKHULQFRQVWDQWFXUUHQFLHV
PDLQOUHVXOWLQJIURPSULFLQJLQLWLDWLYHVZLWK
SULFLQJ
XS’HVSLWH
YROXPHVEHLQJ
ORZHUFRPSDUHGWR4WKHGHFUHDVHLV
ORZHUWKDQLQ4GXHWR(XURSHVKRZLQJUHVLOLHQFHDQG&KLQD
UHERXQGLQJ$FTXLVLWLRQVDGGHG
PDLQOUHODWHGWR*UXSR2UELV
&RVWRIVDOHV
5DZPDWHULDODQGRWKHUYDULDEOHFRVWVLQFOXGLQJIUHLJKWDGMXVWHGIRU
WKHLPSDFWRIORZHUYROXPHVLQFUHDVHG
PLOOLRQFRPSDUHGZLWK
WKHILUVWTXDUWHURI
5HYHQXHGHYHORSPHQW
4
,QFUHDVH
‘HFUHDVH
5HYHQXH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
`
7RWDO
5HYHQXHVIRUKDYHEHHQXSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH
0RUHLQIRUPDWLRQLVDYDLODEOHRQRXU
ZHEVLWH
&KDQJHH[FOXGLQJFXUUHQFLPSDFW
LQYHUVXV
4
9ROXPH
3ULFH
PL[
$FT
GLY
([FK
UDWHV
7RWDO
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
7RWDO
9ROXPHGHYHORSPHQWSHU
TXDUWHUHDURQHDULQ
4
4
4
4
4
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
7RWDO
3ULFHPL[GHYHORSPHQWSHU
TXDUWHUHDURQHDULQ
4
4
4
4
4
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
7RWDO
&XUUHQFGHYHORSPHQWSHU
TXDUWHUHDURQHDULQ
4
4
4
4
4
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
7RWDO
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
)LQDQFLDOKLJKOLJKWV
4
2SHUDWLQJLQFRPH
2SHUDWLQJLQFRPHDWA
PLOOLRQ
A
PLOOLRQDVDUHVXOWRI
ORZHUYROXPHVFRVWLQIODWLRQDQGUHVWUXFWXULQJFRVWV3ULFLQJ
LQLWLDWLYHVPRUHWKDQFRPSHQVDWHGIRUUDZPDWHULDODQGIUHLJKWFRVWV
LQIODWLRQ
2SHUDWLQJLQFRPHLQFOXGHV,GHQWLILHGLWHPVRIA
PLOOLRQQHJDWLYH
PDLQOUHODWHGWRUHVWUXFWXULQJFRVWV
A
PLOOLRQSRVLWLYH
23,PDUJLQDW
2WKHUDFWLYLWLHVDWA
PLOOLRQQHJDWLYH
A
PLOOLRQQHJDWLYH
7KHLQFUHDVHLQFRVWVLQRWKHUDFWLYLWLHVPDLQOUHODWHVWRKLJKHU
,GHQWLILHGLWHPVUHVWUXFWXULQJFRVWVDQGDFTXLVLWLRQUHODWHGFRVWV
$GMXVWHGRSHUDWLQJLQFRPH
$GMXVWHGRSHUDWLQJLQFRPHDWA
PLOOLRQ
A
PLOOLRQ526
DW
PSDFWIURPKSHULQIODWLRQDFFRXQWLQJ7UNLHDQG$UJHQWLQD
$VIURPRXU4UHSRUWLQJZHKDYHUHWURVSHFWLYHODSSOLHG
,$6bKSHULQIODWLRQDFFRXQWLQJIRU7üUNLHDVIURP-DQXDU
)RU$UJHQWLQDKSHULQIODWLRQDFFRXQWLQJZDVDSSOLHGVLQFH-DQXDU
,QDGGLWLRQDQGLQOLQHZLWK,$6IRUHLJQFXUUHQFUDWHVDW
WKHHQGRIWKHUHSRUWLQJSHULRGDUHXVHGWRWUDQVODWHERWKWKH
EDODQFHVKHHWDQGWKHVWDWHPHQWRILQFRPHLQWRHXURV
7KHLPSDFWIURPKSHULQIODWLRQDFFRXQWLQJLVLQFOXGHGLQQRUPDO
UHVXOWVQR,GHQWLILHGLWHPWUHDWPHQWLVDSSOLHG
7KHQHWLPSDFWIURPKSHULQIODWLRQDFFRXQWLQJDQGWKHXVHRIHQGRI
SHULRGUDWHVRQNHILQDQFLDOVIRU4LVAPLOOLRQQHJDWLYHRQ
UHYHQXHVAPLOOLRQQHJDWLYHRQRSHUDWLQJLQFRPHDQGAPLOOLRQ
QHJDWLYHRQQHWLQFRPH
)LQDQFLQJLQFRPHDQGH[SHQVHV
)LQDQFLQJLQFRPHDQGH[SHQVHVDPRXQWHGWRAPLOOLRQQHJDWLYH
A
PLOOLRQQHJDWLYH7KHKLJKHUQHWH[SHQVHVODUJHOUHVXOW
IURP
$QLQFUHDVHRILQWHUHVWRQQHWGHEWRIAPLOOLRQPDLQODVD
UHVXOWRIWKHLQWHUHVWRQWKHERQGVLVVXHGLQ0DUFKDQG
LQFUHDVHGVKRUWWHUPGHEW
,QWHUHVWH[SHQVHRQSURYLVLRQVRIAPLOOLRQQHJDWLYH
LQFRPHRIAPLOOLRQPDLQODVDUHVXOWRIWKHLPSDFWIURP
FKDQJHVLQGLVFRXQWUDWHVRQGLVFRXQWHGSURYLVLRQEDODQFHV
,QFRPHWD[
7KHHIIHFWLYHWD[UDWHZDV
7KHUHODWLYHOKLJKHIIHFWLYHWD[UDWHLQLVPDLQOUHODWHGWRQRQ
GHGXFWLEOHFKDUJHVUHVXOWLQJIURPKSHULQIODWLRQDFFRXQWLQJDQGWKH
LPSDFWIURPWUXHXSVIRUSUHYLRXVHDUV
1HWLQFRPH
1HWLQFRPHDWWULEXWDEOHWRVKDUHKROGHUVZDVA
PLOOLRQ
A
PLOOLRQ(DUQLQJVSHUVKDUHIURPWRWDORSHUDWLRQVZHUHA
2SHUDWLQJLQFRPH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
*
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
*2SHUDWLQJLQFRPHSHUVHJPHQWIRUKDVEHHQXSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDO
UHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
$GMXVWHGRSHUDWLQJLQFRPH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
*
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
*$GMXVWHGRSHUDWLQJLQFRPHSHUVHJPHQWIRUKDVEHHQXSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDO
UHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
2SHUDWLQJLQFRPHWRQHWLQFRPH
)LUVWTXDUWHU
0DUFK
LQAPLOOLRQV
2SHUDWLQJLQFRPH
)LQDQFLQJLQFRPHDQGH[SHQVHV
5HVXOWVIURPDVVRFLDWHVDQGMRLQWYHQWXUHV
3URILWEHIRUHWD[
,QFRPHWD[
3URILWIURPFRQWLQXLQJRSHUDWLRQV
3URILWIURPGLVFRQWLQXHGRSHUDWLRQV
`
3URILWIRUWKHSHULRG
1RQFRQWUROOLQJLQWHUHVWV
1HWLQFRPH
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
‘HFRUDWLYH
3DLQWV
+LJKOLJKWV
4
5HYHQXH
XS
DQGXS
LQFRQVWDQWFXUUHQFLHVPDLQO
UHVXOWLQJIURPSULFLQJLQLWLDWLYHVZLWKSULFLQJXS
526DW
DVSULFLQJLQLWLDWLYHVZHUHPRUH
WKDQRIIVHWEORZHUYROXPHVDQGFRVWLQIODWLRQ
4
5HYHQXHZDVXS
DQG
KLJKHULQFRQVWDQWFXUUHQFLHVPDLQODV
DUHVXOWRISULFLQJLQLWLDWLYHV/RZHUYROXPHVLQ(XURSHZHUHSDUWO
RIIVHWEKLJKHUYROXPHVGXHWR&KLQDUHERXQGLQJ3ULFLQJZDVXS
DQGPL[ZDVORZHU$FTXLVLWLRQVDGGHGPDLQOUHODWHGWR
*UXSR2UELV
2SHUDWLQJLQFRPHRIA
PLOOLRQ
A
PLOOLRQDVSULFLQJ
LQLWLDWLYHVZHUHPRUHWKDQRIIVHWEWKHFRPELQHGLPSDFWIURPORZHU
YROXPHVDQGFRQWLQXHGUDZPDWHULDODQGIUHLJKWFRVWVLQIODWLRQ
2SHUDWLQJLQFRPHLQFOXGHGA
PLOOLRQQHJDWLYH,GHQWLILHGLWHPV
PDLQOUHODWHGWRUHVWUXFWXULQJFRVWV
A
PLOOLRQSRVLWLYH
$GMXVWHGRSHUDWLQJLQFRPHDWA
PLOOLRQ
A
PLOOLRQ526
DW
(XURSH0LGGOH(DVWDQG$IULFD
5HYHQXHLQ
ZDVIODWDQG
KLJKHULQFRQVWDQWFXUUHQFLHV3ULFLQJ
LQLWLDWLYHVZHUHRIIVHWEORZHUYROXPHVLQERWKWKH’,DQG
SURIHVVLRQDOVHJPHQWVLQDGGLWLRQJHRJUDSKLFPL[ZDVQHJDWLYHGXH
WRVWURQJHUSHUIRUPDQFHLQ6RXWK(DVW(XURSH4YROXPHV
LPSURYHGVHTXHQWLDOOYHUVXVSULRUTXDUWHU
/DWLQ$PHULFD
5HYHQXHLQ
ZDV
KLJKHUDQGXS
LQFRQVWDQWFXUUHQFLHV
GULYHQEWKHDFTXLVLWLRQRI*UXSR2UELVHIIHFWLYH$SULODQG
SULFLQJLQLWLDWLYHV([FOXGLQJ*UXSR2UELVUHYHQXHLQ/DWLQ$PHULFD
ZDVKLJKHUFRPSDUHGZLWK4LQFRQVWDQW
FXUUHQFLHV5HYHQXHJURZWKZDVPDLQOGULYHQE
SULFLQJLQLWLDWLYHV
LQ%UD]LODQG$UJHQWLQDDVZHOODVYROXPHJURZWK
$VLD
5HYHQXHLQ
ZDV
ORZHUDQG
ORZHULQFRQVWDQWFXUUHQFLHV
+LJKHUYROXPHVLQ&KLQDGXHWRPDUNHWUHERXQGLQJZHUHRIIVHWE
ORZHUSULFLQJDQGPL[,Q6RXWK$VLDSULFLQJLQLWLDWLYHVDQGKLJKHU
YROXPHVLQ
,QG
LDDQG,QGRQHVLDZHUHRIIVHWEORZHUYROXPHVLQ
9LHWQDP
&RORUIXOSURMHFWOLJKWVXS5RWWHUGDPVV(XURPDVW
7KH(XURPDVWLQ5RWWHUGDPWKH1HWKHUODQGVZDVUHFHQWODWWKHFHQWHURIDVSHFLDO
DUWLQVWDOODWLRQZLWKKHOSIURP$N]R1REHO7KHVWUXFWXUHZKLFKDOUHDGIHDWXUHV
RXU6LNNHQVDQG,QWHUQDWLRQDOSURGXFWVEHFDPHDWRZHULQJEDFNGURSIRU-DFFR
2OLYLHUVDQLPDWLRQ3HUSHWXXPSDUWRIWKH$N]R1REHO$UW)RXQGDWLRQFROOHFWLRQ
7KHSURMHFWLRQZDVVWDJHGGXULQJ5RWWHUGDP$UW:HHN
5HYHQXH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
∆
‘HFRUDWLYH3DLQWV(0($
`
‘HFRUDWLYH3DLQWV/DWLQ$PHULFD
‘HFRUDWLYH3DLQWV$VLD
7RWDO
5HYHQXHVIRUKDYHEHHQXSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH
0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
&KDQJHH[FOXGLQJFXUUHQFLPSDFW
5HYHQXHGHYHORSPHQW
4
,QFUHDVH
‘HFUHDVH
.HILQDQFLDOILJXUHV
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
2SHUDWLQJLQFRPH
,GHQWLILHGLWHPV
$GMXVWHGRSHUDWLQJLQFRPH
23,PDUJLQ
526
$YHUDJHLQYHVWHGFDSLWDO
52,
2SHUDWLQJLQFRPHDQGDGMXVWHGRSHUDWLQJLQFRPHDQGUHODWHGPHDVXUHV
IRUKDYHEHHQ
XSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQ
RXUZHEVLWH
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH
,)56PHDVXUHVRQSDJHVDQG
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
3HUIRUPDQFH&RDWLQJV
+LJKOLJKWV
4
5HYHQXHXS
DQGXS
LQFRQVWDQWFXUUHQFLHVPDLQO
UHVXOWLQJIURPSULFLQJLQLWLDWLYHVZLWKSULFLQJXS
526
DW
DVSULFLQJZDVPRUHWKDQRIIVHWE
ORZHUYROXPHVDQG
FRVWLQIODWLRQ
4
5HYHQXHZDV
KLJKHUDQGXS
LQFRQVWDQWFXUUHQFLHVGULYHQE
SULFLQJLQLWLDWLYHVLQDOOVHJPHQWVZLWKSULFLQJXS([FOXGLQJ*UXSR
2UELVUHYHQXHVZHUHKLJKHUDQGXSLQFRQVWDQWFXUUHQFLHV
9ROXPHVZHUHORZHUPDLQOLQ,QGXVWULDO&RDWLQJVDVDUHVXOWRI
FRQWLQXHGVRIWHUGHPDQG
RIIVHWWLQJYROXPHJURZWKLQ0DULQHDQG
3URWHFWLYH
)XUWKHUPRUHWKHVXVSHQVLRQRIDFWLYLWLHVLQ5XVVLD
QHJDWLYHOLPSDFWHGUHYHQXHVE
2SHUDWLQJLQFRPHRIA
PLOOLRQ
A
PLOOLRQDVSULFLQJ
LQLWLDWLYHVZHUHPRUHWKDQRIIVHWEORZHUYROXPHVDQGFRQWLQXHG
LPSDFWIURPUDZPDWHULDODQGIUHLJKWFRVWVLQIODWLRQDVZHOODVKLJKHU
RSHUDWLQJH[SHQVHV
2SHUDWLQJLQFRPHLQFOXGHGA
PLOOLRQQHJDWLYH
,GHQWLILHGLWHPVPDLQOUHODWHGWRUHVWUXFWXULQJFRVWV
A
PLOOLRQSRVLWLYH,GHQWLILHGLWHPV
$GMXVWHGRSHUDWLQJLQFRPHDWA
PLOOLRQ
A
PLOOLRQ526
DW
3RZGHU&RDWLQJ
5HYHQXHLQ
ZDVIODWDQGXSLQFRQVWDQWFXUUHQFLHV([FOXGLQJ
*UXSR2UELVUHYHQXHZDVORZHUDQGIODWLQFRQVWDQWFXUUHQFLHV
3ULFLQJLQLWLDWLYHVZHUHRIIVHWEORZHUYROXPHVPDLQOLQWKH
,QGXVWULDODQG&RQVXPHUVHJPHQWDVZHOODV$UFKLWHFWXUDO9ROXPHV
GLGKRZHYHULPSURYHDVWKHTXDUWHUSURJUHVVHG
0DULQHDQG3URWHFWLYH&RDWLQJV
5HYHQXHLQ
ZDVXS
DQG
KLJKHULQFRQVWDQWFXUUHQFLHV
([FOXGLQJ*UXSR2UELVUHYHQXHZDVXSDQGKLJKHULQ
FRQVWDQWFXUUHQFLHV7KHLQFUHDVHZDVGULYHQESULFLQJLQLWLDWLYHV
DQGYROXPHJURZWKLQERWKWKH0DULQHDQG3URWHFWLYHVHJPHQWV
HVSHFLDOOLQ$VLDDQG1RUWK
$PHULFD
$XWRPRWLYHDQG6SHFLDOW&RDWLQJV
5HYHQXHLQ
ZDVXS
DQG
KLJKHULQFRQVWDQWFXUUHQFLHV
([FOXGLQJ*UXSR2UELVUHYHQXHZDVXSDQGKLJKHULQ
FRQVWDQWFXUUHQFLHV7KHLQFUHDVHLQUHYHQXHZDVPDLQOGXHWR
SULFLQJLQLWLDWLYHV$HURVSDFHDQG9HKLFOH5HILQLVKHVFRQWLQXHGWR
VKRZVWURQJUHYHQXHJURZWKZKLOH&RQVXPHU(OHFWURQLFVUHPDLQV
ZHDN
,QGXVWULDO&RDWLQJV
5HYHQXHLQ
ZDV
ORZHUDQG
KLJKHULQFRQVWDQWFXUUHQFLHV
([FOXGLQJ*UXSR2UELVUHYHQXHZDVORZHUDQGORZHULQ
FRQVWDQWFXUUHQFLHV/RZHUYROXPHVHVSHFLDOOLQ:RRGZHUH
SDUWLDOORIIVHWESULFLQJLQLWLDWLYHV5HYHQXHLQWKH&RLOVHJPHQWZDV
UHODWLYHOEHWWHUIURPVWURQJGHPDQGLQ$VLD
7DNLQJDLUFUDIWPDLQWHQDQFHWRQHZKHLJKWVRIHIILFLHQF
$LUOLQHVDQGRSHUDWRUVQRZKDYHWKHRSSRUWXQLWWRRSWLPL]HWKHSDLQWPDLQWHQDQFH
VFKHGXOHVIRUWKHLUHQWLUHIOHHWVWKDQNVWRWKH$HURIOHHW&RDWLQJV0DQDJHPHQW
VVWHPGHYHORSHGERXU$HURVSDFH&RDWLQJVEXVLQHVV7KHGDWDGULYHQVHUYLFH
KHOSVWRHQVXUHWKDWDLUFUDIWDUHRQOUHSDLQWHGZKHQQHHGHGUHVXOWLQJLQFRVW
VDYLQJVIRUDLUOLQHVDQGOHVVZDVWH
5HYHQXH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
∆
3RZGHU&RDWLQJV
`
0DULQHDQG3URWHFWLYH&RDWLQJV
$XWRPRWLYHDQG6SHFLDOW&RDWLQJV
,QGXVWULDO&RDWLQJV
7RWDO
5HYHQXHVIRUKDYHEHHQXSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH
0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
&KDQJHH[FOXGLQJFXUUHQFLPSDFW
5HYHQXHGHYHORSPHQW
4
,QFUHDVH
‘HFUHDVH
.HILQDQFLDOILJXUHV
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
2SHUDWLQJLQFRPH
,GHQWLILHGLWHPV
$GMXVWHGRSHUDWLQJLQFRPH
23,PDUJLQ
526
$YHUDJHLQYHVWHGFDSLWDO
52,
2SHUDWLQJLQFRPHDQGDGMXVWHGRSHUDWLQJLQFRPHDQGUHODWHGPHDVXUHVIRUKDYHEHHQ
XSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQRXU
ZHEVLWH
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH
,)56PHDVXUHVRQSDJHVDQG
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
&RQGHQVHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWV
&RQGHQVHGFRQVROLGDWHGVWDWHPHQWRILQFRPH
)LUVWTXDUWHU
LQAPLOOLRQV
&RQWLQXLQJRSHUDWLRQV
5HYHQXH
&RVWRIVDOHV
*URVVSURILW
6* $FRVWV
2WKHUUHVXOWV
`
2SHUDWLQJLQFRPH
)LQDQFLQJLQFRPHDQGH[SHQVHV
5HVXOWVIURPDVVRFLDWHVDQGMRLQWYHQWXUHV
3URILWEHIRUHWD[
,QFRPHWD[
3URILWIRUWKHSHULRGIURPFRQWLQXLQJRSHUDWLRQV
‘LVFRQWLQXHGRSHUDWLRQV
3URILWORVVIRUWKHSHULRGIURPGLVFRQWLQXHGRSHUDWLRQV
`
3URILWIRUWKHSHULRG
$WWULEXWDEOHWR
6KDUHKROGHUVRIWKHFRPSDQ
1RQFRQWUROOLQJLQWHUHVWV
3URILWIRUWKHSHULRG
&RQVROLGDWHGVWDWHPHQWRIFRPSUHKHQVLYHLQFRPH
)LUVWTXDUWHU
LQAPLOOLRQV
3URILWIRUWKHSHULRG
2WKHUFRPSUHKHQVLYHLQFRPH
([FKDQJHGLIIHUHQFHVDULVLQJRQWUDQVODWLRQRIIRUHLJQRSHUDWLRQV
&DVKIORZKHGJHV
3RVWUHWLUHPHQWEHQHILWV
7D[UHODWLQJWRFRPSRQHQWVRI
RWKHUFRPSUHKHQVLYHLQFRPH
2WKHUFRPSUHKHQVLYHLQFRPHIRUWKHSHULRGQHWRIWD[
&RPSUHKHQVLYHLQFRPHIRUWKHSHULRG
&RPSUHKHQVLYHLQFRPHIRUWKHSHULRGDWWULEXWDEOHWR
6KDUHKROGHUVRIWKHFRPSDQ
1RQFRQWUROOLQJLQWHUHVWV
&RPSUHKHQVLYHLQFRPHIRUWKHSHULRG
&RQGHQVHGFRQVROLGDWHGEDODQFHVKHHW
LQAPLOOLRQV
‘HFHPEHU
0DUFK
$VVHWV
1RQFXUUHQWDVVHWV
,QWDQJLEOHDVVHWV
3URSHUWSODQWDQGHTXLSPHQW
5LJKWRIXVHDVVHWV
2WKHUQRQFXUUHQWDVVHWV
7RWDOQRQFXUUHQWDVVHWV
&XUUHQWDVVHWV
,QYHQWRULHV
7UDGHDQGRWKHUUHFHLYDEOHV
&XUUHQWWD[DVVHWV
6KRUWWHUPLQYHVWPHQWV
&DVKDQGFDVKHTXLYDOHQWV
7RWDOFXUUHQWDVVHWV
7RWDODVVHWV
(TXLWDQGOLDELOLWLHV
*URXSHTXLW
1RQFXUUHQWOLDELOLWLHV
3URYLVLRQVDQGGHIHUUHGWD[OLDELOLWLHV
/RQJWHUPERUURZLQJV
7RWDOQRQFXUUHQWOLDELOLWLHV
&XUUHQWOLDELOLWLHV
6KRUWWHUPERUURZLQJV
7UDGHDQGRWKHUSDDEOHV
2WKHUVKRUWWHUPOLDELOLWLHV
7RWDOFXUUHQWOLDELOLWLHV
7RWDOHTXLWDQGOLDELOLWLHV
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
6KDUHKROGHUV'
HTXLW
6KDUHKROGHUV'HTXLWDPRXQWHGWRA
ELOOLRQDW
0DUFK
FRPSDUHGZLWKAELOOLRQDWHDUHQG
0DLQPRYHPHQWVUHODWH
WR
3URILWIRUWKHSHULRGRIA
PLOOLRQ
$FWXDULDOJDLQVRIAPLOOLRQLQFOXGLQJWD[HV
2IIVHWE
&XUUHQFHIIHFWVRIAPLOOLRQQHJDWLYHLQFOXGLQJWD[HV
‘LYLGHQG
7KHGLYLGHQGSROLFUHPDLQVXQFKDQJHGDQGLVWRSDDVWDEOHWR
ULVLQJGLYLGHQG
$ILQDOGLYLGHQGRI
A
ASHUFRPPRQVKDUHZDV
DSSURYHGDWWKH$*0RQ$SULOZKLFKUHVXOWVLQDWRWDO
GLYLGHQGRIASHUVKDUHA
2XWVWDQGLQJVKDUH
FDSLWDO
7KHRXWVWDQGLQJVKDUHFDSLWDOZDVPLOOLRQFRPPRQVKDUHVDW
WKHHQGRI
0DUFK
7KHZHLJKWHGDYHUDJHQXPEHURIVKDUHVLQ
4
ZDV
PLOOLRQVKDUHV7KHZHLJKWHGDYHUDJHQXPEHURIVKDUHVH[FOXGHV
VKDUHVERXJKWEDFNDQGQRWHWFDQFHOOHGDQGLVWKHEDVLVIRUWKH
FDOFXODWLRQRIHDUQLQJVSHUVKDUH$WWKHHQGRI4DOOVKDUHV
UHSXUFKDVHGLQWKHVKDUHEXEDFNSURJUDPVKDGEHHQFDQFHOOHG
&KDQJHVLQHTXLW
LQAPLOOLRQV
6XEVFULEHG
VKDUH
FDSLWDO
&DVKIORZ
KHGJH
UHVHUYH
&XPXODWLYH
WUDQVODWLRQ
UHVHUYHV
2WKHUOHJDO
UHVHUYHV
DQG
XQGLVWULEX
WHGSURILW
6KDUH
KROGHUV'
HTXLW
1RQ
FRQWUROOLQJ
LQWHUHVWV
*URXS
HTXLW
%DODQFHDW’HFHPEHU
,PSDFW,$6+SHULQIODWLRQ7üUNLH*
`
`
`
-DQXDU
3URILWIRUWKHSHULRG
`
`
`
2WKHUFRPSUHKHQVLYHLQFRPH
`
&RPSUHKHQVLYHLQFRPHIRUWKHSHULRG
`
‘LYLGHQG
`
`
`
`
`
6KDUHEXEDFN
`
`
`
`
(TXLWVHWWOHGWUDQVDFWLRQV
`
`
`
`
%DODQFHDW0DUFK
%DODQFHDW’HFHPEHU
3URILWIRUWKHSHULRG
`
`
`
2WKHUFRPSUHKHQVLYHLQFRPH
`
&RPSUHKHQVLYHLQFRPHIRUWKHSHULRG
`
‘LYLGHQG
`
`
`
`
`
6KDUHEXEDFN
`
`
`
`
`
(TXLWVHWWOHGWUDQVDFWLRQV
`
`
`
`
%DODQFHDW0DUFK
*$VSHU-XQH7UNLHKDVEHHQLGHQWLILHGDVDKSHULQIODWLRQHFRQRP,$6W)LQDQFLDO
5HSRUWLQJLQ+SHULQIODWLRQDU(FRQRPLHVXKDVEHHQDSSOLHGUHWURVSHFWLYHODVIURP-DQXDU
IRURXUDFWLYLWLHVLQ7UNLH
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
&DVKIORZVDQGQHWGHEW
1HWFDVKIURPRSHUDWLQJDFWLYLWLHVLQ
UHVXOWHGLQDQRXWIORZRIA
PLOOLRQ
RXWIORZRIA
PLOOLRQ7KHGHFUHDVHLQRXWIORZZDV
PDLQOGULYHQEORZHULQFUHDVHLQZRUNLQJFDSLWDOUHTXLUHPHQWV
SDUWORIIVHWEORZHUSURILWIRUWKHTXDUWHU
1HWFDVKIURPLQYHVWLQJDFWLYLWLHVLQ
UHVXOWHGLQDQRXWIORZRIA
PLOOLRQ
RXWIORZRIA
PLOOLRQWKHGHFUHDVHLQRXWIORZ
PDLQOUHODWHGWRSULRUHDURXWIORZIRUVKRUWWHUPLQYHVWPHQWV&DVK
VHWWOHPHQWVUHODWHGWRFDVKIORZKHGJHVIRUWKHLQWHQGHGDFTXLVLWLRQ
RI.DQVDL3DLQW$IULFDUHVXOWHGLQDQRXWIORZRIAPLOOLRQ
1HWFDVKIURPILQDQFLQJDFWLYLWLHVLQ
UHVXOWHGLQDQRXWIORZRI
PLOOLRQ
LQIORZRIA
PLOOLRQWKHFKDQJHLVPDLQO
UHODWHGWRWKHLPSDFWIURPFKDQJHVIURPERUURZLQJVSDUWORIIVHW
ZLWKORZHURXWIORZVUHODWHGWRVKDUHEXEDFN
$W
0DUFK
QHWGHEWZDVA
PLOOLRQYHUVXVA
PLOOLRQDWHDUHQG
PDLQOGXHWRVHDVRQDOFKDQJHVLQ
ZRUNLQJFDSLWDOFDXVLQJDQLQFUHDVHLQQHWGHEWRIAPLOOLRQ7KH
QHWGHEW(%,7’$OHYHUDJHUDWLRDW
0DUFK
ZDV
‘HFHPEHU
)UHHFDVKIORZV
7KHIUHHFDVKIORZLQ
4
ZDVKLJKHUFRPSDUHGZLWK
4
PDLQOGXHWRWKHORZHULQFUHDVHLQZRUNLQJFDSLWDOUHTXLUHPHQWV
SDUWORIIVHWEORZHUSURILWIRUWKHSHULRGDQGKLJKHULQWHUHVWSDLG
&RQVROLGDWHGVWDWHPHQWVRIFDVKIORZV
)LUVWTXDUWHU
LQAPLOOLRQV
1HWFDVKDQGFDVKHTXLYDOHQWVDWEHJLQQLQJRISHULRG
3URILWIRUWKHSHULRGIURPFRQWLQXLQJRSHUDWLRQV
$PRUWL]DWLRQDQGGHSUHFLDWLRQ
,PSDLUPHQWORVVHV
`
)LQDQFLQJLQFRPHDQGH[SHQVHV
5HVXOWVIURPDVVRFLDWHVDQGMRLQWYHQWXUHV
3UHWD[UHVXOWRQDFTXLVLWLRQVDQGGLYHVWPHQWV
,QFRPHWD[
&KDQJHVLQZRUNLQJFDSLWDO
3HQVLRQSUHIXQGLQJ
`
&KDQJHVLQSRVWUHWLUHPHQWEHQHILWSURYLVLRQV
&KDQJHVLQRWKHUSURYLVLRQV
,QWHUHVWSDLG
,QFRPHWD[SDLG
2WKHUFKDQJHV
`
1HWFDVKJHQHUDWHGIURPXVHGIRURSHUDWLQJDFWLYLWLHV
&DSLWDOH[SHQGLWXUHV
$FTXLVLWLRQVDQGGLYHVWPHQWVQHWRIFDVKDFTXLUHGGLYHVWHG
,QYHVWPHQWVLQVKRUWWHUPLQYHVWPHQWV
5HSDPHQWVRIVKRUWWHUPLQYHVWPHQWV
2WKHUFKDQJHV
1HWFDVKJHQHUDWHGIURPXVHGIRULQYHVWLQJDFWLYLWLHV
&KDQJHVIURPERUURZLQJV
6KDUHEXEDFN
`
‘LYLGHQGSDLG
1HWFDVKIURPXVHGIRUILQDQFLQJDFWLYLWLHV
1HWFDVKJHQHUDWHGIURPXVHGIRUFRQWLQXLQJRSHUDWLRQV
&DVKIORZVIURPGLVFRQWLQXHGRSHUDWLRQV
`
1HWFKDQJHLQFDVKDQGFDVKHTXLYDOHQWVRIFRQWLQXLQJDQG
GLVFRQWLQXHGRSHUDWLRQV
(IIHFWRIH[FKDQJHUDWHFKDQJHVRQFDVKDQGFDVKHTXLYDOHQWV
1HWFDVKDQGFDVKHTXLYDOHQWVDW
0DUFK
&RQVROLGDWHGVWDWHPHQWRIIUHHFDVKIORZV
)LUVWTXDUWHU
LQAPLOOLRQV
(%,7’$
,PSDLUPHQWORVVHV
`
3UHWD[UHVXOWVRQDFTXLVLWLRQVDQGGLYHVWPHQWV
&KDQJHVLQZRUNLQJFDSLWDO
3HQVLRQSUHIXQGLQJ
`
3HQVLRQWRSXSSDPHQWV
2WKHUFKDQJHVLQSURYLVLRQV
,QWHUHVWSDLG
,QFRPHWD[SDLG
2WKHU
`
1HWFDVKJHQHUDWHGIURPXVHGIRURSHUDWLQJDFWLYLWLHV
&DSLWDOH[SHQGLWXUHV
)UHHFDVKIORZ
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
,QYHVWHGFDSLWDO
,QYHVWHGFDSLWDODW
0DUFK
WRWDOHGA
ELOOLRQXSA
ELOOLRQIURPHDUHQG
7KLVLQFUHDVHZDVPDLQOFDXVHGE
VHDVRQDEOKLJKHUWUDGHUHFHLYDEOHV
2SHUDWLQJZRUNLQJFDSLWDO
WUDGH
2SHUDWLQJZRUNLQJFDSLWDOWUDGHZDVA
ELOOLRQDW
0DUFK
0DUFK
A
ELOOLRQ
2SHUDWLQJZRUNLQJFDSLWDOWUDGHDVDSHUFHQWDJHRIUHYHQXHZDV
LQ
4
FRPSDUHGZLWKLQ
4
7KLVLQFUHDVH
LQRSHUDWLQJZRUNLQJFDSLWDOWUDGHDVDSHUFHQWDJHRIUHYHQXHZDV
PDLQOGXHWRDGHFUHDVHRISDDEOHV,QYHQWRULHVDVDSHUFHQWDJHRI
UHYHQXHGHFUHDVHG
3HQVLRQ
7KHQHWEDODQFHVKHHWSRVLWLRQDFFRUGLQJWR,$6RIWKHSHQVLRQ
SODQVDWWKHHQGRI4ZDVDVXUSOXVRIAELOOLRQHDUHQG
VXUSOXVRIAELOOLRQ7KHGHYHORSPHQWGXULQJ
ZDVPDLQOWKH
UHVXOWRIWKHQHWHIIHFWLQNHFRXQWULHVRIKLJKHUSODQDVVHWUHWXUQV
RIIVHWEORZHUGLVFRXQWUDWHV
:RUNIRUFH
$W
0DUFK
WKHQXPEHURISHRSOHHPSORHGZDV
‘HFHPEHU
,QYHVWHGFDSLWDO
LQAPLOOLRQV
0DUFK
‘HFHPEHU
0DUFK
7UDGHUHFHLYDEOHV
,QYHQWRULHV
7UDGHSDDEOHV
2SHUDWLQJZRUNLQJFDSLWDO
WUDGH
2WKHUZRUNLQJFDSLWDOLWHPV
1RQFXUUHQWDVVHWV
/HVVLQYHVWPHQWVLQDVVRFLDWHV
DQGMRLQWYHQWXUHV
/HVVSHQVLRQDVVHWV
‘HIHUUHGWD[OLDELOLWLHV
,QYHVWHGFDSLWDO
2SHUDWLQJZRUNLQJFDSLWDOWUDGH
,QRIUHYHQXH
$WODQWLVWKH5RDOKRWHORSHQHGLQ’XEDL
‘XEDLVQHZHVWOX[XUUHVRUWKRWHO$WODQWLVWKH5RDORSHQHGLWVGRRUVUHFHQWO
DIWHUEHLQJFRDWHGZLWKSURGXFWVVXSSOLHGERXU3RZGHU&RDWLQJVEXVLQHVV7KH
LPSUHVVLYHKRWHOIHDWXUHVRXU,QWHUSRQ’UDQJHZKLFKJLYHVDVWXQQLQJQDWXUDO
JORZWRWKHDOXPLQXPJLUGHUVZLWKRXWWKHZHLJKWFRVWDQGLQVWDOODWLRQGLIILFXOWLHV
WKDWFRPHIURPXVLQJWUDGLWLRQDOFRUHPDWHULDOVVXFKDVQDWXUDOVWRQHDQGJODVV
UHLQIRUFHGFRQFUHWH
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
1RWHVWRWKHFRQGHQVHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWV
*HQHUDOLQIRUPDWLRQ
$N]R1REHO19LVDSXEOLFOLPLWHGOLDELOLWFRPSDQKHDGTXDUWHUHGLQ
$PVWHUGDPWKH1HWKHUODQGV7KHLQWHULPFRQGHQVHGFRQVROLGDWHG
ILQDQFLDOVWDWHPHQWVLQFOXGHWKHFRQGHQVHGILQDQFLDOVWDWHPHQWVRI
$N]R1REHO19DQGLWVFRQVROLGDWHGVXEVLGLDULHVLQWKLVGRFXPHQW
UHIHUUHGWRDV$N]R1REHOWKH*URXSRUWKHFRPSDQ7KH
FRPSDQZDVLQFRUSRUDWHGXQGHUWKHODZVRIWKH1HWKHUODQGVDQGLV
OLVWHGRQ(XURQH[W$PVWHUGDP
%DVLVRISUHSDUDWLRQ
$OOILJXUHVLQWKLVUHSRUWDUHXQDXGLWHG7KHLQWHULPFRQGHQVHG
FRQVROLGDWHGILQDQFLDOVWDWHPHQWVZHUHGLVFXVVHGDQGDSSURYHGE
WKH%RDUGRI0DQDJHPHQWDQGWKH6XSHUYLVRU%RDUG7KHVHLQWHULP
FRQGHQVHGILQDQFLDOVWDWHPHQWVKDYHEHHQDXWKRUL]HGIRULVVXH
7KHLQWHULPFRQGHQVHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWVVKRXOGEH
UHDGLQFRQMXQFWLRQZLWK$N]R1REHOVFRQVROLGDWHGILQDQFLDO
VWDWHPHQWVLQWKHDQQXDOUHSRUWDVSXEOLVKHGRQ0DUFK
7KHILQDQFLDOVWDWHPHQWVZHUHDGRSWHGEWKH$QQXDO
*HQHUDO0HHWLQJRIVKDUHKROGHUVRQ$SULO,QDFFRUGDQFH
ZLWK$UWLFOHRI%RRNRIWKH’XWFK&LYLO&RGH
3ULFHZDWHUKRXVH&RRSHUV$FFRXQWDQWV19KDVLVVXHGDQ
XQTXDOLILHGDXGLWRUVRSLQLRQRQWKHVHDQQXDOILQDQFLDOVWDWHPHQWV
$FFRXQWLQJSROLFLHV
7KHVLJQLILFDQWDFFRXQWLQJSROLFLHVDSSOLHGLQWKHLQWHULPFRQGHQVHG
FRQVROLGDWHGILQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWZLWKWKRVHDSSOLHG
LQ$N]R1REHOVFRQVROLGDWHGILQDQFLDOVWDWHPHQWVIRUWKHHDUHQGHG
‘HFHPEHUH[FHSWIRU,)56VWDQGDUGVDQGLQWHUSUHWDWLRQV
EHFRPLQJHIIHFWLYHRQ-DQXDU7KLVLQFOXGHVDPRQJRWKHUV
DPHQGPHQWVWR,)56,QVXUDQFHFRQWUDFWVDPHQGPHQWVWR,$6
‘HILQLWLRQRIDFFRXQWLQJHVWLPDWHVDPHQGPHQWVWR,$6DQG
,)563UDFWLFH6WDWHPHQW’LVFORVXUHRI$FFRXQWLQJ3ROLFLHVDQG
DPHQGPHQWVWR,$6’HIHUUHG7D[UHODWHGWR$VVHWVDQG/LDELOLWLHV
DULVLQJIURPD6LQJOH7UDQVDFWLRQ7KHVHFKDQJHVKDYHEHHQ
DVVHVVHGIRUWKHLUSRWHQWLDOLPSDFWDQGGRQRWKDYHDPDWHULDOHIIHFW
RQ$N]R1REHOVFRQVROLGDWHGILQDQFLDOVWDWHPHQWV
7KHLQWHULPFRQGHQVHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWVKDYHEHHQ
SUHSDUHGLQDFFRUGDQFHZLWK,$6,QWHULPILQDQFLDOUHSRUWLQJ
6HDVRQDOLW
5HYHQXHDQGUHVXOWVLQ’HFRUDWLYH3DLQWVDUHLPSDFWHGEVHDVRQDO
LQIOXHQFHV5HYHQXHDQGSURILWDELOLWWHQGWREHKLJKHULQWKHVHFRQG
DQGWKLUGTXDUWHURIWKHHDUDVZHDWKHUFRQGLWLRQVGHWHUPLQH
ZKHWKHUSDLQWVDQGFRDWLQJVFDQEHDSSOLHG
,Q3HUIRUPDQFH&RDWLQJVUHYHQXHDQGSURILWDELOLWYDUDPRQJ
RWKHUVZLWKEXLOGLQJSDWWHUQVIURPRULJLQDOHTXLSPHQWPDQXIDFWXUHUV
2WKHU
DFWLYLWLHV
,Q2WKHUDFWLYLWLHVZHUHSRUWDFWLYLWLHVZKLFKDUHQRWDOORFDWHGWRD
SDUWLFXODUVHJPHQW
5HODWHGSDUWLHV
$N]R1REHOSXUFKDVHGDQGVROGJRRGVDQGVHUYLFHVWRYDULRXV
UHODWHGSDUWLHVLQZKLFKZHKROGDRUOHVVHTXLWLQWHUHVW
DVVRFLDWHVDQGMRLQWYHQWXUHV:HFRQVLGHUWKHPHPEHUVRIWKH
([HFXWLYH&RPPLWWHHDQGWKH6XSHUYLVRU%RDUGWREHWKHNH
PDQDJHPHQWSHUVRQQHODVGHILQHGLQ,$65HODWHGSDUWLHV
,QWKHRUGLQDUFRXUVHRIEXVLQHVVZHKDYHWUDQVDFWLRQVZLWKYDULRXV
RUJDQL]DWLRQVZLWKZKLFKFHUWDLQRIWKHPHPEHUVRIWKH6XSHUYLVRU
%RDUGDQG([HFXWLYH&RPPLWWHHDUHDVVRFLDWHG$OOUHODWHGSDUW
WUDQVDFWLRQVZHUHFRQGXFWHGDWDUP'VOHQJWKZLWKWHUPVFRPSDUDEOH
ZLWKWKLUGSDUWWUDQVDFWLRQV
5HYHQXHGLVDJJUHJDWLRQ
7KHWDEOHEHORZUHIOHFWVWKHGLVDJJUHJDWLRQRIUHYHQXH$GGLWLRQDO
GLVDJJUHJDWLRQRIUHYHQXHLVLQFOXGHGRQWKHUHVSHFWLYHSDJHVRI
‘HFRUDWLYH3DLQWVDQG3HUIRUPDQFH&RDWLQJV
5HYHQXHGLVDJJUHJDWLRQ
-DQXDU
0DUFK
LQAPLOOLRQV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHU
7RWDO
3ULPDUJHRJUDSKLFDOPDUNHWV
7KH1HWKHUODQGV
`
2WKHU(0($FRXQWULHV
`
1RUWK$VLD
`
6RXWK$VLD3DFLILF
`
1RUWK$PHULFD
`
`
/DWLQ$PHULFD
`
7RWDO
`
7LPLQJRIUHYHQXHUHFRJQLWLRQ
*RRGVWUDQVIHUUHGDWDSRLQWLQWLPH
`
6HUYLFHVWUDQVIHUUHGRYHUWLPH
`
7RWDO
`
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
$OWHUQDWLYH
SHUIRUPDQFHPHDVXUHV
,QSUHVHQWLQJDQGGLVFXVVLQJ$N]R1REHOVRSHUDWLQJUHVXOWV
PDQDJHPHQWXVHVFHUWDLQDOWHUQDWLYHSHUIRUPDQFHPHDVXUHV$30
QRWGHILQHGE,)56ZKLFKH[FOXGHWKHVRFDOOHG,GHQWLILHGLWHPVWKDW
DUHJHQHUDWHGRXWVLGHWKHQRUPDOFRXUVHRIEXVLQHVV,GHQWLILHGLWHPV
DUHVSHFLDOFKDUJHVDQGEHQHILWVUHVXOWVRQDFTXLVLWLRQVDQG
GLYHVWPHQWVPDMRUUHVWUXFWXULQJDQGLPSDLUPHQWFKDUJHVDQG
FKDUJHVDQGEHQHILWVUHODWHGWRPDMRUOHJDOHQYLURQPHQWDODQGWD[
FDVHV$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVVKRXOGQRWEHYLHZHGLQ
LVRODWLRQDVDOWHUQDWLYHVWRWKHHTXLYDOHQW,)56PHDVXUHVDQGVKRXOG
EHXVHGDVVXSSOHPHQWDULQIRUPDWLRQLQFRQMXQFWLRQZLWKWKHPRVW
GLUHFWOFRPSDUDEOH,)56PHDVXUHV$OWHUQDWLYHSHUIRUPDQFH
PHDVXUHVGRQRWKDYHDVWDQGDUGL]HGPHDQLQJXQGHU,)56DQG
WKHUHIRUHPDQRWEHFRPSDUDEOHWRVLPLODUPHDVXUHVSUHVHQWHGE
RWKHUFRPSDQLHV:KHUHDQRQILQDQFLDOPHDVXUHLVXVHGWRFDOFXODWH
DQRSHUDWLRQDORUVWDWLVWLFDOUDWLRWKLVLVDOVRFRQVLGHUHGDQ$30
$UHFRQFLOLDWLRQRIWKHDOWHUQDWLYHSHUIRUPDQFHPHDVXUHVWRWKHPRVW
GLUHFWOFRPSDUDEOH,)56PHDVXUHVFDQEHIRXQGLQWKHWDEOHVRQ
WKLVSDJHDQGWKHQH[WSDJH
526DQG23,PDUJLQVDUHXVHGDVSHUIRUPDQFHPHDVXUHV526LV
DGMXVWHGRSHUDWLQJLQFRPHDVSHUFHQWDJHRIUHYHQXH
23,PDUJLQLVRSHUDWLQJLQFRPHDVSHUFHQWDJHRIUHYHQXH7KH
FDOFXODWLRQVDUHEDVHGRQWKHUHYHQXHDVGLVFORVHGLQWKHUHYHQXH
WDEOHRQSDJH
8SGDWHVLQILQDQFLDOUHSRUWLQJVWUXFWXUH
2SHUDWLQJLQFRPHDGMXVWHGRSHUDWLQJLQFRPH(%,7’$DQGDGMXVWHG
(%,7’$DQGUHODWHGPHDVXUHVSHUVHJPHQWIRUKDYHEHHQ
XSGDWHGWRUHIOHFWFKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH0RUH
LQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
2SHUDWLQJLQFRPH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
,GHQWLILHGLWHPV
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
$GMXVWHGRSHUDWLQJLQFRPH
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
(%,7’$
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
2SHUDWLQJLQFRPH
‘HSUHFLDWLRQDQGDPRUWL]DWLRQ
(%,7’$
$GMXVWHG(%,7’$
)LUVWTXDUWHU
-DQXDU
0DUFK
LQAPLOOLRQV
∆
$GMXVWHGRSHUDWLQJLQFRPH
‘HSUHFLDWLRQDQGDPRUWL]DWLRQH[FOXGLQJ,GHQWLILHGLWHPV
$GMXVWHG(%,7’$
23,PDUJLQ
)LUVWTXDUWHU
-DQXDU
0DUFK
LQ
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV*
7RWDO
526
)LUVWTXDUWHU
-DQXDU
0DUFK
LQ
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV*
7RWDO
*526DQG23,PDUJLQIRU2WKHUDFWLYLWLHVDUHQRWVKRZQDVWKLVLVQRWPHDQLQJIXO
$GMXVWHGHDUQLQJVSHUVKDUHIURPFRQWLQXLQJRSHUDWLRQV
)LUVWTXDUWHU
LQAPLOOLRQV
3URILWEHIRUHWD[IURPFRQWLQXLQJRSHUDWLRQV
,GHQWLILHGLWHPVUHSRUWHGLQRSHUDWLQJLQFRPH
$GMXVWHGLQFRPHWD[
1RQFRQWUROOLQJLQWHUHVWV
$GMXVWHGQHWLQFRPHIURPFRQWLQXLQJRSHUDWLRQV
:HLJKWHGDYHUDJHQXPEHURIVKDUHVLQPLOOLRQV
$GMXVWHGHDUQLQJVSHUVKDUHIURP
FRQWLQXLQJRSHUDWLRQV
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
52,LVDGMXVWHGRSHUDWLQJLQFRPHRIWKHODVWPRQWKVDV
SHUFHQWDJHRIDYHUDJHLQYHVWHGFDSLWDO
$YHUDJHLQYHVWHGFDSLWDO
$SULO0DUFK$SULO0DUFK
LQAPLOOLRQV
∆
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
52,
$SULO0DUFK$SULO0DUFK
LQ
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV*
7RWDO
*52,IRU2WKHUDFWLYLWLHVLVQRWVKRZQDVWKLVLVQRWPHDQLQJIXO
7KHOHYHUDJHUDWLRLVFDOFXODWHGEDVHGRQWKHQHWGHEWSHUEDODQFH
VKHHWSRVLWLRQGLYLGHGE(%,7’$RIWKHODVWPRQWKV
(%,7’$
$SULO0DUFK$SULO0DUFK
LQAPLOOLRQV
2SHUDWLQJLQFRPH
‘HSUHFLDWLRQDQGDPRUWL]DWLRQ
(%,7’$
1HWGHEW
LQAPLOOLRQV
0DUFK
0DUFK
6KRUWWHUPLQYHVWPHQWV
&DVKDQGFDVKHTXLYDOHQWV
/RQJWHUPERUURZLQJV
6KRUWWHUPERUURZLQJV
7RWDO
/HYHUDJHUDWLR
$SULO0DUFK$SULO0DUFK
LQAPLOOLRQV
1HWGHEW
(%,7’$
/HYHUDJHUDWLR
2XWORRN*
$N]R1REHOH[SHFWVWKHRQJRLQJPDFURHFRQRPLFXQFHUWDLQWLHVWR
FRQWLQXHDQGZHLJKRQRUJDQLFYROXPHJURZWK7KHFRPSDQZLOO
IRFXVRQPDUJLQPDQDJHPHQWFRVWUHGXFWLRQZRUNLQJFDSLWDO
QRUPDOL]DWLRQDQGGHOHYHUDJLQJ
&RVWUHGXFWLRQSURJUDPVDUHH[SHFWHGWRPLWLJDWHWKHRQJRLQJ
SUHVVXUHIURPLQIODWLRQLQRSHUDWLQJH[SHQVHVIRU$N]R1REHO
H[SHFWVGHFOLQLQJUDZPDWHULDOFRVWVWRKDYHDIDYRUDEOHLPSDFWRQ
SURILWDELOLW
%DVHGRQFXUUHQWPDUNHWFRQGLWLRQV$N]R1REHOWDUJHWVWRGHOLYHU
AWRAELOOLRQDGMXVWHG(%,7’$
7KHFRPSDQDLPVWRORZHULWVOHYHUDJHUDWLRWROHVVWKDQWLPHV
QHWGHEW(%,7’$LQFOXGLQJWKHLPSDFWRIWKH.DQVDL3DLQW$IULFD
DFTXLVLWLRQEWKHHQGRIDQGUHWXUQWRDURXQGWLPHV
SRVW
*7DUJHWVDUHEDVHGRQRUJDQLFYROXPHVDQGFRQVWDQWFXUUHQFLHVDQGDVVXPHQRVLJQLILFDQWPDUNHW
GLVUXSWLRQV
$PVWHUGDP$SULO
7KH%RDUGRI0DQDJHPHQW
*UHJ3RX[*XLOODXPH
0DDUWHQGH9ULHV
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
3DLQWVDQG&RDWLQJV
4XDUWHUOVWDWLVWLFV
)XOOHDU
LQAPLOOLRQV
5HYHQXH
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
`
2WKHUDFWLYLWLHV
`
7RWDO
(%,7’$
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
(%,7’$PDUJLQLQ
$GMXVWHG(%,7’$H[FOXGLQJ,GHQWLILHGLWHPV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
$GMXVWHG(%,7’$PDUJLQLQ
‘HSUHFLDWLRQ’HSUHFLDWLRQH[FOXGLQJ,GHQWLILHGLWHPV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
$PRUWL]DWLRQ$PRUWL]DWLRQH[FOXGLQJ,GHQWLILHGLWHPV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH,)56PHDVXUHVRQSDJHVDQG
(%,7’$DGMXVWHG(%,7’$GHSUHFLDWLRQDQGDPRUWL]DWLRQDQGUHODWHGPHDVXUHVSHUVHJPHQWIRUKDYHEHHQXSGDWHGWRUHIOHFW
FKDQJHVLQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
3DLQWVDQG&RDWLQJV
4XDUWHUOVWDWLVWLFV
)XOOHDU
LQAPLOOLRQV
2SHUDWLQJLQFRPH
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
23,PDUJLQLQ
,GHQWLILHGLWHPVLQFOXGHGLQRSHUDWLQJLQFRPH
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
$GMXVWHGRSHUDWLQJLQFRPHH[FOXGLQJ,GHQWLILHGLWHPV
‘HFRUDWLYH3DLQWV
3HUIRUPDQFH&RDWLQJV
2WKHUDFWLYLWLHV
7RWDO
526
LQ
5HFRQFLOLDWLRQILQDQFLQJLQFRPHDQGH[SHQVHV
)LQDQFLQJLQFRPH
)LQDQFLQJH[SHQVHV
1HWLQWHUHVWRQQHWGHEW
2WKHULQWHUHVW
)LQDQFLQJH[SHQVHVUHODWHGWRSRVWUHWLUHPHQWEHQHILWV
`
,QWHUHVWRQSURYLVLRQV
2WKHULWHPV
`
`
1HWRWKHUILQDQFLQJFKDUJHV
)LQDQFLQJLQFRPHDQGH[SHQVHV
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH,)56
PHDVXUHVRQSDJHVDQG
2SHUDWLQJLQFRPHDQGDGMXVWHGRSHUDWLQJLQFRPHDQGUHODWHGPHDVXUHVSHUVHJPHQWIRUKDYHEHHQXSGDWHGW
RUHIOHFWFKDQJHV
LQWKHILQDQFLDOUHSRUWLQJVWUXFWXUH0RUHLQIRUPDWLRQLVDYDLODEOHRQRXUZHEVLWH
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
$N]R1REHO
4XDUWHUOVWDWLVWLFV
)XOOHDU
4XDUWHUOQHWLQFRPHDQDOVLVLQmPLOOLRQV
5HVXOWVIURPDVVRFLDWHVDQGMRLQWYHQWXUHV
3URILWEHIRUHWD[
,QFRPHWD[
3URILWIRUWKHSHULRGIURPFRQWLQXLQJRSHUDWLRQV
(IIHFWLYHWD[UDWHLQ
(DUQLQJVSHUVKDUHIURPFRQWLQXLQJRSHUDWLRQVLQm
%DVLF
‘LOXWHG
(DUQLQJVSHUVKDUHIURPGLVFRQWLQXHGRSHUDWLRQVLQm
`
`
%DVLF
`
`
‘LOXWHG
(DUQLQJVSHUVKDUHIURPWRWDORSHUDWLRQVLQm
%DVLF
‘LOXWHG
1XPEHURIVKDUHVLQPLOOLRQV
:HLJKWHGDYHUDJHQXPEHURIVKDUHV
1XPEHURIVKDUHVDWHQGRITXDUWHU
$GMXVWHGHDUQLQJVIURPFRQWLQXLQJRSHUDWLRQVLQmPLOOLRQV
3URILWEHIRUHWD[IURPFRQWLQXLQJRSHUDWLRQV
,GHQWLILHGLWHPVUHSRUWHGLQRSHUDWLQJLQFRPH
`
`
`
,GHQWLILHGLWHPVUHSRUWHGLQLQWHUHVW
`
$GMXVWHGLQFRPHWD[
1RQFRQWUROOLQJLQWHUHVWV
$GMXVWHGQHWLQFRPHIURPFRQWLQXLQJRSHUDWLRQV
$GMXVWHGHDUQLQJVSHUVKDUHIURPFRQWLQXLQJ
RSHUDWLRQVLQm
$IWHUVKDUHEXEDFN
$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVSOHDVHUHIHUWRUHFRQFLOLDWLRQWRWKHPRVWGLUHFWOFRPSDUDEOH,)56PHDVXUHVRQSDJHVDQG
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
*ORVVDU
$GMXVWHGHDUQLQJVSHUVKDUH
DUHWKHEDVLFHDUQLQJVSHUVKDUH
IURPRSHUDWLRQVH[FOXGLQJ,GHQWLILHGLWHPVDQGWD[HVWKHUHRQ
$GMXVWHG(%,7’$
LVRSHUDWLQJLQFRPHH[FOXGLQJGHSUHFLDWLRQ
DPRUWL]DWLRQDQG,GHQWLILHGLWHPV
$GMXVWHG(%,7’$PDUJLQ
LVDGMXVWHG(%,7’$DVSHUFHQWDJHRI
UHYHQXH
$GMXVWHGRSHUDWLQJLQFRPH
LVRSHUDWLQJLQFRPHH[FOXGLQJ
,GHQWLILHGLWHPV
&DSLWDOH[SHQGLWXUHV
LVWKHWRWDORILQYHVWPHQWVLQSURSHUWSODQW
DQGHTXLSPHQWDQGLQYHVWPHQWVLQLQWDQJLEOHDVVHWV
&RPSUHKHQVLYHLQFRPH
LVWKHFKDQJHLQHTXLWGXULQJDSHULRG
UHVXOWLQJIURPWUDQVDFWLRQVDQGRWKHUHYHQWVRWKHUWKDQWKRVH
FKDQJHVUHVXOWLQJIURPWUDQVDFWLRQVZLWKVKDUHKROGHUVLQWKHLU
FDSDFLWDVVKDUHKROGHUV
&RQVWDQWFXUUHQFLHV
FDOFXODWLRQVH[FOXGHWKHLPSDFWRIFKDQJHVLQ
IRUHLJQH[FKDQJHUDWHV
(%,7’$
LVRSHUDWLQJLQFRPHH[FOXGLQJGHSUHFLDWLRQDQG
DPRUWL]DWLRQ
(%,7’$PDUJLQ
LV(%,7’$DVSHUFHQWDJHRIUHYHQXH
(0($
LV(XURSH0LGGOH(DVWDQG$IULFD
)UHHFDVKIORZ
LVQHWFDVKJHQHUDWHGIURPXVHGIRURSHUDWLQJ
DFWLYLWLHVPLQXVFDSLWDOH[SHQGLWXUHV
,GHQWLILHGLWHPV
DUHVSHFLDOFKDUJHVDQGEHQHILWVUHVXOWVRQ
DFTXLVLWLRQVDQGGLYHVWPHQWVPDMRUUHVWUXFWXULQJDQGLPSDLUPHQW
FKDUJHVDQGFKDUJHVDQGEHQHILWVUHODWHGWRPDMRUOHJDO
HQYLURQPHQWDODQGWD[FDVHV
,QYHVWHGFDSLWDO
LVWRWDODVVHWVH[FOXGLQJFDVKDQGFDVK
HTXLYDOHQWVVKRUWWHUPLQYHVWPHQWVLQYHVWPHQWVLQDVVRFLDWHVWKH
UHFHLYDEOHIURPSHQVLRQIXQGVLQDQDVVHWSRVLWLRQDVVHWVKHOGIRU
VDOHOHVVFXUUHQWLQFRPHWD[SDDEOHGHIHUUHGWD[OLDELOLWLHVDQG
WUDGHDQGRWKHUSDDEOHV
/DWLQ$PHULFD
H[FOXGHV0H[LFR
/HYHUDJHUDWLR
LVFDOFXODWHGDVQHWGHEWGLYLGHGE(%,7’$ZKLFK
LVFDOFXODWHGDVWKHWRWDORIWKHODVWPRQWKV
1HWGHEW
LVGHILQHGDVORQJWHUPERUURZLQJVSOXVVKRUWWHUP
ERUURZLQJVOHVVFDVKDQGFDVKHTXLYDOHQWVDQGVKRUWWHUP
LQYHVWPHQWV
1RUWK$PHULFD
LQFOXGHV0H[LFR
1RUWK$VLD
LQFOXGHVDPRQJRWKHUV&KLQD-DSDQDQG6RXWK.RUHD
2SHUDWLQJLQFRPH
LVGHILQHGDVLQFRPHH[FOXGLQJQHWILQDQFLQJ
H[SHQVHVUHVXOWVIURPDVVRFLDWHVDQGMRLQWYHQWXUHVLQFRPHWD[
DQG
SURILWORVV
IURPGLVFRQWLQXHGRSHUDWLRQV2SHUDWLQJLQFRPHLQFOXGHV
WKHVKDUHRIQRQFRQWUROOLQJLQWHUHVWV2SHUDWLQJLQFRPHLQFOXGHV
,GHQWLILHGLWHPVWRWKHH[WHQWWKHVHUHODWHWROLQHVLQFOXGHGLQ
RSHUDWLQJLQFRPH
2SHUDWLQJZRUNLQJFDSLWDOWUDGH
LVGHILQHGDVWKHVXPRI
LQYHQWRULHVWUDGHUHFHLYDEOHVDQGWUDGHSDDEOHV:KHQH[SUHVVHG
DVDUDWLRRSHUDWLQJZRUNLQJFDSLWDOLVPHDVXUHGDJDLQVWIRXUWLPHV
ODVWTXDUWHUUHYHQXH
23,PDUJLQ
LVRSHUDWLQJLQFRPHDVSHUFHQWDJHRIUHYHQXH
52,
LVDGMXVWHGRSHUDWLQJLQFRPHRIWKHODVWPRQWKVDV
SHUFHQWDJHRIDYHUDJHLQYHVWHGFDSLWDO
526
LVDGMXVWHGRSHUDWLQJLQFRPHDVSHUFHQWDJHRIUHYHQXH
6* $FRVWV
LQFOXGHVVHOOLQJDQGGLVWULEXWLRQH[SHQVHVJHQHUDODQG
DGPLQLVWUDWLYHH[SHQVHVDQGUHVHDUFKGHYHORSPHQWDQGLQQRYDWLRQ
H[SHQVHV
6RXWK$VLD3DFLILF
LQFOXGHV6RXWK(DVW$VLDDQG$VLD3DFLILF
6DIHKDUERUVWDWHPHQW
7KLVUHSRUWFRQWDLQVVWDWHPHQWVZKLFKDGGUHVVVXFKNHLVVXHVDV
$N]R1REHO'VJURZWKVWUDWHJIXWXUHILQDQFLDOUHVXOWVPDUNHW
SRVLWLRQVSURGXFWGHYHORSPHQWSURGXFWVLQWKHSLSHOLQHDQG
SURGXFWDSSURYDOV6XFKVWDWHPHQWVVKRXOGEHFDUHIXOOFRQVLGHUHG
DQGLWVKRXOGEHXQGHUVWRRGWKDWPDQIDFWRUVFRXOGFDXVHIRUHFDVW
DQGDFWXDOUHVXOWVWRGLIIHUIURPWKHVHVWDWHPHQWV7KHVHIDFWRUV
LQFOXGHEXWDUHQRWOLPLWHGWRSULFHIOXFWXDWLRQVFXUUHQF
IOXFWXDWLRQVGHYHORSPHQWVLQUDZPDWHULDODQGSHUVRQQHOFRVWV
SHQVLRQVSKVLFDODQGHQYLURQPHQWDOULVNVOHJDOLVVXHVDQG
OHJLVODWLYHILVFDODQG
RWKHUUHJXODWRUPHDVXUHV
DVZHOODV
VLJQLILFDQWPDUNHWGLVUXSWLRQVVXFKDVWKHLPSDFWRI
SDQGHPLFV
6WDWHGFRPSHWLWLYHSRVLWLRQVDUHEDVHGRQPDQDJHPHQWHVWLPDWHV
VXSSRUWHGELQIRUPDWLRQSURYLGHGEVSHFLDOL]HGH[WHUQDODJHQFLHV
)RUDPRUHFRPSUHKHQVLYHGLVFXVVLRQRIWKHULVNIDFWRUVDIIHFWLQJRXU
EXVLQHVVSOHDVHVHHRXUODWHVWDQQXDOUHSRUW
%UDQGDQGWUDGHPDUNV
,QWKLVUHSRUWUHIHUHQFHLVPDGHWREUDQGVDQGWUDGHPDUNVRZQHG
ERUOLFHQVHGWR$N]R1REHO8QDXWKRUL]HGXVHRIWKHVHLVVWULFWO
SURKLELWHG
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU
$N]R1REHO19
&KULVWLDDQ1HHIHVWUDDW
32%R[
$6$PVWHUGDPWKH1HWKHUODQGV
7
ZZZDN]RQREHOFRP
)RUPRUHLQIRUPDWLRQ
7KHH[SODQDWRUVKHHWVXVHGGXULQJWKHSUHVVFRQIHUHQFHFDQEH
YLHZHGRQ$N]R1REHOVFRUSRUDWHZHEVLWH
ZZZDN]RQREHOFRP
$N]R1REHO*OREDO&RPPXQLFDWLRQV
7
PHGLDUHODWLRQV#DN]RQREHOFRP
$N]R1REHO,QYHVWRU5HODWLRQV
7
LQYHVWRUUHODWLRQV#DN]RQREHOFRP
)LQDQFLDOFDOHQGDU
([GLYLGHQGGDWHRIILQDOGLYLGHQG$SULO
5HFRUGGDWHRIILQDOGLYLGHQG$SULO
3DPHQWRIILQDOGLYLGHQG0D
5HSRUWIRUWKHVHFRQGTXDUWHU-XO
:HVXSSOWKHVXVWDLQDEOHDQGLQQRYDWLYHSDLQWVDQGFRDWLQJVWKDW
RXUFXVWRPHUVFRPPXQLWLHVDQGWKHHQYLURQPHQWDUH
LQFUHDVLQJOUHOLQJRQ2XUZRUOGFODVVSRUWIROLRRIEUDQGVLQFOXGLQJ
‘XOX[,QWHUQDWLRQDO6LNNHQVDQG,QWHUSRQLVWUXVWHGEFXVWRPHUV
DURXQGWKHJOREH:HUHDFWLYHLQPRUHWKDQFRXQWULHVDQGKDYH
VHWRXUVLJKWVRQEHFRPLQJWKHJOREDOLQGXVWUOHDGHU,WVZKDWRXG
H[SHFWIURPDSLRQHHULQJSDLQWVFRPSDQWKDWVFRPPLWWHGWR
VFLHQFHEDVHGWDUJHWVDQGLVWDNLQJJHQXLQHDFWLRQWRDGGUHVV
JOREDOOUHOHYDQWFKDOOHQJHVDQGSURWHFWIXWXUHJHQHUDWLRQV
)RUPRUHLQIRUPDWLRQSOHDVHYLVLWZZZDN]RQREHOFRP
k$N]R1REHO19$OOULJKWVUHVHUYHG
$N]R1REHO
5HSRUWIRUWKH
ILUVWTXDUWHU