GOI,DEN HARVEST AGRO INl}I]STRIES LIMITI]D

Auditor's Report & Corsolidared limncirl Stlt€ments

,s at ard for theyeir ended 30 June 2017

49I S. F. AHMED & CO.4,r+ .h,...""r A."",,.,,." .r... ,qsR

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Ispsnmi Building (2"d Flod).AgBbad C/A, ChinaAon& Bon8lodesh

House - 5 I (2 & 3i Flmrl Rood - 9, Bl{k - F.Brnui,Dhala l213,BangbdeshPhones: ( 330-2) 9 394026, 9394146 & 93 7095 7

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Th€ Sh.rehold.rs of Gold€n Hlrv€st Agro lnduslri€s Limited

U! have rudircd rh! accornprnr-ing consoLidared llnamlal sbtcfrent ol Goldcn llase$ As''ltuun es Lituired flhe cotopanl ) *hich cofrprise {alemgnr ol Unmcial posnion A ri l0 Junc

20 7 rnd t]t nrlcm.i. olprofir or lo$ afd odxr conprehcnsivc incohc, $atemenr ol'hmgcs in

.quirrand s cmentolcrsh fowsrnd rhoconsolidared nnancialshtrncnrs olrhecompan) and irs

srbsidlarlqhichcofrprsecon$lld cd$arc'ncnlolfidancioLpositionas 30Junc2017andntcoisolidatcd {.1cmcrr olproft (tr lo$ and odrer coirprehenri!c inconc. coDsoLidar'd sdem!nlol'

chanlcs ln equit! rnd coDsolidar.d {arcneft olcash Uo$s lorthe r-ear rhcn cfded 'nd

a n'mm tofsjunilicant rc.tr.rir1q noLi.ie! rtrJ.th$ cxDlaMLr! nots

Msmscncrtt R.sponsibilirr_ Ior lh. Fin.ncial Shr.menrs

Mai.gcmenr k responsible Jnr dt prcPa'arion and f.ir Pr.senution olrhcse consolnhtd fi'rnciaL

$arcmon( in iccordrnce \!irh rlangLadcsh Fin"rchl Rlpo(iDg Standrrds (BrRSl rnd tur n'ch

llcforl .onhL as rnrn.8cfieft der.nnincs is rccessarr ro srabLc the prcp0mlion ol corsolidatd

limnc ial {xlchons ld a,t licc iroDr nrdcri.l mis$alcmsnr' shdhcr due ro nrud or'mr

Orr.!sponsibilirt is b cxprcss af .pinion on rhc* cons)lid.retl lifarcirl nxtcnrcns bascd o1 our

rudil. $. cotrduckd ourxudi n mc..dricc *th Bangladesh Srandad\.n Atrdiring lrlSA) lhosc

drnJnds requ re th! qc comPlt\iih crhical requirnlcnls .trd pllr md Perlnrm th. iudir lo obt'irr

rurn,nxb c r$trrD.! about sherhs th! linarcid (rtmenls.r.lite ftrm tu.i$ialnris{at.nrnl

,\n rtLdil id!o !es pe,l.rni'rg pniccdtrrcs t obrxir.udir.vid.ncc aboulrhc anroun(nid discl$trrcs

ir rhe fiun.irl salcnrnc.1h. procedu'es s.lcdcd dcncnd on the xudnor sjLLdgmcnl. irr! fting thc

r$csnenr 01 rhc ' \[\ oln.rcr]31 nrG{arcrn n olrhe ron\olid cd llnanciaL n tmcr6. \hrrhcr

du.b lUtrdo.$or L', nraki'rgrhosc risIa$!sD]cns. ficrldibrconsidcG inrerdal .oitol rcLcLant

ro ttu emny r prepR tiod.id li,ir prsenhtloi olrlE fiDan.idln.oncns in ordcrto lcsietr rdirpro.ulrro\ tl[r a,a rpp'lpriare ir lh! cirun{an..s. but not lbrnrc PUrpos. ol!xOcsi']-q sr opirrn!1

on rhe eflt.rivctrcss .l rhe .nln) s inieflra contol Af nudit aL$ idcl0des $rlmlirr-! rlr.ppilpriarcncsolrccountirgfoli.icsusudrndt][reasn[blcncsolrdLmingcsn csDradcb)

manrgcrncnr. as ncll 6 .valuatilg rlt !\cmll fles.nut[n ol r]t liraf.ial tcrc s \\'c bc i$cruldr.rrdilcrid.nce\ch c obhirtd isnLlli..nr and rPp,.prixrc rol)nnidcr b.s s lor'ura it

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Colden Harycst Agro Industries Limit€do. Lo$ !nd orher Conprchensivc Inconc

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Golden Hanest Aero Industries Limited

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Colden Hanest Agro lodustries Limil.dcons.rid.tcd sr,i.n,&inf c.sh Floss

For the rc,. cndcd l0,runc 1017

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colbdions lln n (sknn{s rd orh{s

A.qrisil or r procscd rion Bio ouica Ners

N.t clsh usd in inYdinB!diriri$

Pi)mcnr i$ini linm!c lcmc

BoR\yiis5 Gon buiks iiilr.irL idnulroisrsnrer !on.on

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Golden Hcrvest Agro lndusiries l-imited

Co eiDs rlofl.unonesand orrn

^.+'shiotrorpropenr.planlind{ itm

l,io..cd lron dispo$l oll'l'r,,^cqn sirions drlnlad-rlbL. xseh

Clih lo$i rron' fimn.ingdnirirsP.yrn! 4rN,ji cc L.is

i1L Lions snbNirrti

Nd clritrg* ii.Ah o'd.rd'cqrivrLctrls

crh.nd lrsh lqtrlvalc8 rl'e be-q rnins ol 0,c r_gr

C,,ndcrshequirdentirtth.ddottl'ry.rNdnl'.rorshin uscd ro.xlcuho NOart's

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60d.rHalsrABroli,drnriesLlDned(61lAll-)\asi'rorpofulcdrrl0Atrgtr{200raraP.\xieL n,ircd CrotlP: \idc Rds N. -C-5r350(5l5rr00a u'ldtr rhe convmier

^d, l994,,d.onened 1o

Public Limitd Coup m l0 JLse 1010. lhc cioup has blon linsl b h.rl' l,c DBka Slocr'io.l Excl,rnge rrl Tl,e Princ Prl phcc 01'

bosix$ riJ r]I hcd otti.e oalhe Cioup e d sharra wcncid Toecr, l.cvcl i 5. spice code,,502. 136. Cllrlmf, lc -sao, Li',k liord. lejgnon hidrtirl Ar4Dhrkr-1203 rhc,Igiretd rlfic!.nd factE is ltnar.J ar Boki$. Morlptri Bobiniptrr. Crrpu Sddr. Ca2innr

N!ruft or btrsi,'.s rcri,ft ics'Ihs aofrp.,r) osis atrd oNrzbs th! brsi',cs ol !ro*i',s. prcuri'r3. p r.h,si,,.{. frocslin!.D,ckr{rs srdDUsi',!. ransporritrq. u\ponns irDonin!, dn!'iburi,,safd scLli',-q uiq'lru.c brcdftod.lood p'odu$ As Dd d,e objecr claus olrhc Mcrnoraidun rh! Co$|[it cotrld rso cnab israD indun'irL pro.cs is Dn bssed otr agm bas.d n\ mrcras produdJ lnhi'r 1lr $uirr) atrd

c\no'r rcsncorncsl locrlrlctr rJ.

erposn o. or lns igr,t. ro r sbLc renm,s liotr, ils inrclBne \irhrlrcNinrrdhrs1tabiLillb .lli.r lhosc reru.ns thn'lh lG poscr o\o thc .ntiB. Colder llrrvcj hc Cr$f liNilcd rrdColdctr H*rcJ DaLrr LLntrcd rrc the subsidirri.solrh! Crlup.

CDldci Ilrnan Ice Crcam Limird (P.eviour n!n,e rrs (;oldeD ILEct Scr Fmd end l'ish

Coldcf llr^r{ lce crean Li'nited formdrl) kiori 6Cold Hrnsrscal;oodrrdFnhP.ocessi',8Li'nircd r6 i,trorpontd on J,r,'ai] 05.2005. vde Re: No-C.55601(123i)roj nd.r nrcConpatrics Acr. 1994 -lhe objsdivcs olrlr CrolLp !rc !r.a'r! our ihe busi',cs. p]!'nolc & !i.blislrhcuics and clrair shoD or lhopsr inatrulacrur! r

'naa-actooda,rdloodn.niDxnr.lccCrcln.bab] food soft drinL. nri,nnl \y s. sar dfd iodTld $lt atrd rlllcd pmdtrcc iLr Rarsladesr rndsclli'r-! v. nLN furd busi'rs n b coDectiotr thftc\irh. CoLdetr Han$l A!tu h trnnc L,i'nir.d.cqtrircd 99 9993% ol slrarer ol Coldc Ua^cn Sc. Irood 3rd Iinh Proc$\i',u Lin,ilcd b!cdrigingirs. i n,arcs!fd acqtrn.d E 1.99.999 o.dina'] shrre!.coLdor llmvc{ sca F.od xidfnh Pm.ssin! Li'nired (CllSlFPL). lns bcc .or\c'rcd Ltrro Gold llsNc{ lcc crcrD l-imicd(ClllCl.)0tr16'Mry20Llrlmugl,d,cofticcolRcsntarofJontSrochComFf,icsi,rd}lnns

GDldcn Ilrrv6i D,iry LimitcdCo cD lh^cj Dal!- li'nn.d [!( i,,u!p.mr.d.tr l8 l,cbilLa'] 20li \ldc R.g No ('111163/ljsisrhcConpar cs d.l99.lasr Priv c LimitedGrctrp 60den tla^rn sr! lndtrirl.s l-nn cdacq ed r500% olshar.s ofColdcn tlm,ui D.q rm rcd Thc obj.dirs olrl'c.ortixfr \rillploce$ l iqtrid Milk atrd n,iLkbrcd p,!dud lile bdlcr. c.can,. ch$s!. )olufl. crc lhc projlcl(ilan h.lnrniLlcolllclioi o r ) ir \lllv'ptnn ir Dcd( ptuucrs i3 and.alls.llii:l

An irso.i ! n af c[i\ n rh ch cllAll- has sisr]ifica i'muence \rherch) rlt p lis rl r hdvc..tuolof1he mrnlem.d havs risli6 h rM rcl d\rds or rl'c.inigcmc GHAll trscs rl'c cqtritl

'nclrl h .c!ou 1 tu ir{ i'ns!,ur ir rsmi.lcs .nd cotrsolidrtcd i', t tilrri3l sbtne i',

Cold€n IIancn QSR Linir€dG.Ld rrtrrlsr QSR l-i'nir.d lEr imorporatcd 0,r |!6rrqDde' ihc Cofiplfics ct. 1994 a: a Privd. l.inncd coDpany. God.tr lla'\cn AlN hnhlti!\lnired xcqtrncd ll].0()% or shrics of CoLd.i lrr\.$ QSR Limirrd lrncn ctrt is Dirrllrecogrl/xd 11 dxt a suhscquc'tlr eanrcd d cqtrirr- Ddh.d coden liB$t QsR LimirldItrr.hes ns busirtrs \rith lfu b,ind Danc lco h s i qntl scnlceconpad [rn rrdJ.on. h \ioRr'o"dcli i..l'r ',J, '. o.bhr' .' .. eoo.!.' Lodq

1'.1equ' . bi. ' .1"' '' '.ll'eo..'

Thc fimnli,lsbr.'neft orclllll lo, rrr r-car.trdcd r0 Junc 201? \!.rc rullarncd ]ni src irrcconln.. \ith esoldhi.lrhc Rord oIl)irc.roN otr 0l Novsnbc' 1017.

'llrcrcNdi',gDfi.d.llheC.oupcoldsomrearliofi l lrl!20l6krlori lurl0lT

Brsis orDr.pmrion of lintncid n!tunr.trls

Rcportins f n,onrrksnd cohplianccrherof

'lLre lotr!r idaEd fitrai.ialsatc'ncrb h,!. b.ctr prcprrld in cotrrplhic. wil i tI rcqtrnensn\ 'rlh'.o'no,'ics Ad 199r. drc Sccurnes and E\ch,]uc Ruhs. 193? rrd otlrer rtL.\r loca l r\ rs.,Dli.JD. ,-o ^.!n 1.',;.rne h

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ol Rr lhdcsh (IC B) bdscd oi lLlgn riofal A.cotntns Sr ds il^\r xrd ldo[(o l

Ii'ramirL ltcpodi',-!Shid dslll RS).

a$koldtdurcmcnr ol clenenh orfi nxncial nntnrn6

lvc.ruiurn ir rhc p6.cs or delemi',ins rlrc trr.tur, anun6 ar \hich 1lr. llcntnl\ ol rc

fi r rclal shlcmcN are h 6. rc$gtrr.d xnd cma!(l i', r nalenttrr or nmtuirl po\it of, r d nnftor los ard olhcr coi,nrchensnc in.orn!.Ihc

'ncanrcnrlnr b.!s sdoPtd br- GllAll. n lr norcr

co{!\ccDlr'orfc$oldtDropcnr.od ,,d.qtriptr,c.nrd.cl,blcserrirlc! rli'No orcs\nri!1mcnd.d Lr rccordrn.. sir[1lt Po]c.smenlni!d ir dt rc$gdn. or.s lJnd$1[.hinori!.l.on.

thc aDoutrr ol laslr o, cash cquilalc s Pad or ilr ['n \rlk ol rh!roisnhralor qrcn roauqtrn. rltm d t ti,n! ol lhcir acqtrisnion Li.bLlnes ar. rlconlcd rl lhc

rtr,otrtrrolptuco.dsmcnedi,r.\cmseaorftohLildiotr.orir$mecir nn tcJ(lnr.\rnpe.incomerrr.t..tdramon tofcnsh.'.xn,cqtrivrsn5c\peckdbbcpaidoirin! tlahilil) irr

rltr manalcousc olbrnms

C, oq rnricid mhncnrs spr.nxr.dotrthebasnrl rltp.rcnlrrdnbsidiriesit.isr-qLce i()rs pc' Bl_RS.L0 _Co'solidared li',riciil Shlcnoni llrn r!fleds thc .Noron c nbirircs ii 1l'.

snLp nfiar-qeNnr. lhs -!r.nt lilird. d ndcnrenls inch'dc rl,. firrcial rir.ngnh .l (iH,\ll in'bsidirrics tMl l1 ooi!oh Cll lL prprtos cotrilidaGd ft trcirl {d.trr.rs ustr! nnilonnarcomrir-r pollics lnr Lik. tanvclnis fut other.rcn6 i si'nilar circmrtancls (ons. iddiotr ola i\.!d lrc.s r ftonr tu ddc the invcnor obk tr5 .otrlml ol rlrc i'n.rc! . J.case shcD 1rc

i'nsi., ose\.o rololdr inrcnc..linm.g,otrprsc6 atrd liabllirics. cqunl inNm c\Pctrscs.trdcashn.{srlrirgrorrarecliors6ctrr..,enticsoltlt!rcup.reeLi'ni'dcdhtull Pnnl$o' lo$csrstrhin! lionr ri-s D n,nsactlof,s rl .( ru.ogtrned i', asds *! climLmrld ir n'll. lhcNnpair lt$rtrs roi.o1]o Lins i rsrc{s i',lhe cor\oL arcd rdcn,cnl ol iimnch nosnid' trirhi".qtrtr).,cfmlclr fi!m 1r..qurl.f tl,e osneB!l CH,^ll.

In,. Drnt in subsidiarirs and r\lri papri',! slprr:rc n, rlirl i[lnoni Crl/\ll

de reN!triss rh. rsscls.nd llibillrics oftu ad'n!.subsidiaO lh,n rl'

'rc.sfis.s aD i'xenNtri,etaircd i', rhe ibnns nLbsidliD rnJ sub5cquc r r...tr t rbr irc formcr v'bs dli'r inacrordarcc

tcolfiscs the -laiLr or los asocirtd \irh ltu L.s or.orhL ,trbtrlabl! 1o ltu lormcl

lrdcrrl,! etrlr truhod. on i',n: ruN,erir otr rh. frcn,ncft i', atr assochie lsrcco-lnnld d.os.futrlrr,..ry)f!xrronrri\inseredordgsla$db,cNgtris!rheinrsroasnLroa,cpnrfirorlo$ orrh. iiiv.{c. rll$ rl,c dxlc Dl icqtrisilior llrc iNcnor s:kr! olrlr i"!\tr. r rn ir.r osisre$snt{li,rrltrovc{o,sp'outoros.lflhecar!-i',!a,nounrolrh.irvcn.iirht,sooarchas been rcdr.d h7.ro. o ir'd,erlo$esft ic$unr.d 6y tlre sroup. I rgpmcnr isoiLr rtqtrncdro m:l€ r lno\isnD tu.,]! dldif. 10 rh! c\r! 1n rl'. pxflrhxs a Gln or cotrnn'.ln..bllgxlit, ro mke sood llr.sc anoNs AdlNtncrs b rlt sni"-i,notra mar_ n$ be rccr$ary tu ionale i' ere! in rlrc r\cnc.r 5 rS Jren .h,nscs iD E i',restes orhs co'n|jitl,c trtrc Lmome srcLr.hxrg.i irdtrd! ($otr' s,-! lmD thervrlL.rior or nmnc4. thnrrdcqtriprrtrr a lion 1o]!i-1n c\!h. 3r taNlrli,r'dlllao!$ rhe ii,rcnois slnr ol lhosg chrisus it rccogf s.d r irc N.nois orlu

usi',! rlE eqtrnunclhod lnr iivcnnc n'

A1 cacl, )srcrd marase'nenl of rlre Crol'p,n.[.s mscsrtrtrr ol go i,qrorcem 6 rcqtrired b) BAsI ll,c co'npai) h.s ldqrdc rcsourccs ro.. iru. i', op *iotr lnr rr fore*erhLc tuturc rnd has

\ridc cove'agc oli6 labililies l_o. this reason. thc dneddrs conri'n'e h ld.pr goig..f.trtrrsum iotr \ r lc preorr ighe finx cirLidenc8.

Accru,l brsis ot Ncco unting

Cll^ll p.!oai.s ns hmcirlrar.ncns. c\cept lor crih no\ i',Io,mdior. us nr rlt.riuLhra.laccorair-r si,,.c dr r(nrl brris ol &nn iis \ tr{d. (illAll.,t..3tri/.5 irr's ar 3$dsi{Lililit\-sqtrnr.NoDrrMc\pctrs.s(lr..lfln.trrollnmtrcialnalcngm)\herLr.}srlisr'rrlrc

delinirnn*anJ rcsosnllio crircrli tur rlucc crr ns rl'clmN{oA.

'lhe fin.n! a idcme s a( prep.rud rd prcscircd i rliishdlsh ]i[.]BDl. r r.l, s 1r Croup \lLr.(nbup.r . its n4or'.lctrtrcs i" BDrrfd aLl od'cr i,.oDcr'c\t,c'ss aM

rrnrdionsrto i', BDTanrl(h..o plrirn.lnrucs.i(ltosuhrlotrsolBaisl cslr Jc1lmiri! rlr. sacpriccsolir sood\ i \rnl.r\ Fu hci:lh. c tu linds ri.h fiiatuirgrdn lir\ nr s.tr.lxr.d ir

Yrrcrialifi rnd usregrriun

1..$ nar.'irLtlss.r rinilrr il.nr n prcs.trlcd sq,ri?rc y ir ft co'xsnsolrdi\nr lmndreo.n'ncrnmmprcs.nlcdscpiardyutrle$1hc!rru nnnrl.rirL

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CHAII Jo( trdr o,1i as.t and abi lics or ircomc atrd cypetrlcs. unles Eqtrted o, pe nlrtdbl.

t 1.10 lk.0t. i,nri.s indj"dqDrnt

lhc0t|!alionofco|soljda1edfin.i.hl!!l.|j.sRcpon$g slardxrdsrcqtrncs mamlcn.trl1o mr[.j,'dEnci6, cai'mlcs d xstrr]piions thar alllurlrc it)pii.di.f .I a.couding poLicies and rhe r.ponl(L.,nou s or.sec lrabilrli.s ii.one and

crpen$sand lor .ofli,,gcfr rs.a aM liabilitiestharrcqtrne disclosr.. doiiB.i\l 1irdarcorrre

,^nuaL resul( n ! dlfflr r6n llrsc.{imds listiin * ard trndsl)i',s r$trhprioE xrc r$ic\edotr atr otrgoi',g 6asis R.vklotrs of accotr iigc!idcs,rc rcco-$ zed in rh! P odirtrhi.h1l'.cninrd! is'.\isdi,rd i',ai,) Jururcp iods afaedd rs Rtunld b) RASs _A.cotrN rg 1'o icics.

Clrorgcs ii ccouniin-q Liimrr$ inJ l:106 '

lf nllirtrlxi. si!trilica cas ol lni'ntrlion tri!.n.i'r) rfd n li.rl ludemcN I appL)iD-!

ac.ontr1in! poli!i$ rh!1 lr c rh. 'non

si!trilicarr elleci on 1r rmoutrrs 'clostrn!(l

i'r r[. rmncir{fumenE nrch'd! dcprcli.rloi..rnni7 otr inpri'tr,cr. ncr rcalrnbl. vrlr* ol f\.Dtrics.rcfluls h\alior px\isnm

2.9 comprrNrive inlornarion rnJ rtartunlcneni ih.rcoI

co'np lvc ninnnalior has h&n dn.b*d i', resped ol lhe prcvnn's lcar ri' rLl m'ernilintomation i', rlrc fimi.hlsl,ient s rM rso thc m ralnc ard dssslpr!r i',ro.rdnn' Nl,ci tr s

rtLclaDrloru cdd di's.llli..urcI ]qr financirli rmunc. Prc! ous yesrtl-lur b blcr r.a,,ntrgd $hcnrvq considcrcd ieces,r] b enitrc conrpimbiliry\nh thclu,til ycrir rrc*trralnrrsrc! EAs 3: Arcounli',! l'o icigs.Cktr!$ | A..otr[fsE{ natesrnd r:r]ori

stu.rure, mncnr Nnd prescnuioi of linriri!l slaren'enk

llr. cotrso idrtd fitrarcirlnde . $ olrhc Crlup tor rhc )c oldcd l0 JLD.loLr co'np,i\e 1ltGoldenH ari grc llldu$ .s Li,nitcd ard 16 Sn6sidiaries atrd asociale nrmcb Cold. lh^cn kcCrcxN L i cd. Coldcf lrr'1e* Dri'r I i'nitdand ajokl.n llmci QSR Li ir.drc$c.rird) Bci"3rl,e lrncr:l pnrp.$ fitrm.i.l i!r. c \ 11,. p'.scMlior of 11,.r finatrcaL $t'ncft h inacodrrcc sith the !uddincs prcynlld Lrr RAS l: _Prcsc tatiotr of Fifrn.i.oi,p crc setof firanciaL naleD!nt.onprn!:

i) r'o'solidalcd Slatcnr ofin rrirlposi(lon as 11:10 Jutrc l0lr:ii) (of$lituicdSrarenen.rpofto,losatrdolLr mrprehensive I'rom tu1Lr. r-car crdcd l0

ii,) Cof nn,d cd shlcmc .ldrrg.s i', cqtr q lnrrh. r. cnd.d l0 lutrc ll)l r,n) consold cdShremtrtolcrshilo$lnrihelearendedl0June?0Li:rndf) Nots .o,ipflsi,ig ! nni,nlrt or !g,, u.xn ...otrfiii3 polccs ,'d .rhr'.\plrmlol

inloma(ion to rhe rccomrs lor1lr.r.r.trdd l0 J,'nc 1017.

Sunmr,t olsisnitic,nr Ncounting poli.i.r

CllAll. sclc.t rrd appLic i6 a.cotr inspo ciescor{e l} tursimi rrn{dn,L. oiher erenlrrnJ(rdirotrs.trhs.RrrRSsp..in.ill!rcqtrrcsorpcannscd.gorrard'or.Ntur(hid'diJJcr. poli.ier mr be rppropriate lbe rccourir-! poli.ies se( otrl 6el$\ 1e Lreen rppliedNnlrsnlr i rlli'a1uri.lr$!.a h{llr(nid niuc lcd i" 1l'csc ili.fcr.Lndc c \

CHAIL clanses i6 accounri',8 poLic) onlr if tlrc chaDse is Eqtrned by a lrrRs o, rcr'l$ i', rhcfitrxDcirldalcnrm povidii-! rcliablcand Dore rs c!arr i,,lo.malion ahour rLr cficdsor'rfttr$dnn$.olh$dons or.Didn oN otr thc c.inpanli til,rnc alposnion. fitrancialp.rfornurcc orcash no\5Ch ,s$ i,r..cotr ir! nolicies k ro be

'nade rhrotrsh rctospcctne rppLicalion br- adirii',8ops,i l

halan.cof.rchallcclcdcotrponctrNollqnir) i.c rs lncs pollclhastrh\rys6cetrarpLied.

chanr* in.ccotr linrcnl'n{q!

r\r !\,scbccau*olrDcenanrcsi',rtrrrn$rhbthcnjfdgD.nlnr{urdhur1rsJ..{tr.rl:licr olchrnscr olrcNnrifg.!inarcs is ir uded i', proln o. Lr\s tNnr

qnlsqa'i ol@!!-p!ar peri!! i!! c!r!!r!

CH IL cor&( ,ndclial prior pe' od trm:s rctospccr veu hy rlnatiis the compant vc tunotrns torrle prior psionG) prcss cd ii \hi.h rlr. so o.curcd, or ifnE eror ocrtr.cd brldc llic clrlic{pror |Jonod prcsctrtcd,

'cnarirs the opetrins baLar.os ol.$.6,li,biliries deqtrnr fo' 1r! earlici

P'!rrrtJ. plmt nn .quilm.nl

lnnidl recogririon ,nd mc,surDcn(

An non slr.lL be rccopized $ prcpcny. pla and cqtrlpnctrr il, ond oiLy it is p'obabk rhal lut'toccotrdtr,ic brnefi$ asso.hr.d \rirh nrc nefl lvilL tlo\ to rhs ctrrry. aral rhc co! .l drc ncDr rar bc

Propcn). 01.tr1 ",d cqtripnfln rrc inliall) t$! n.d d.os .rrd n'bscqrcnllr lxrd & land

dev.loptr,cl. hu Lding! & orhs lornn'criors rd platrr & mad,i'rcrier are iared i lair \aLr.. l r.propcn!. pLmr and cquipmenr are presenled d.o!1lin !.|trc. trdof.ccu'ntrLrt.d dcprccirliomdrorac(DnLllrod i]np.nmcfi lGscs. Ll y rhc.o{oaan (cn of propet}. pd rnd lqtripn.trr.o'nprscs t prrchase prc!. i'npo duliesaid no rlllr abh rax.s-,hcr dcductiig.ade dncour,id rcbarN. ,trd !trt cors dircdl! mrib abk b h.in-{i,is rhe .$cr 1o rhc l..dlotr .rd cotrdillonnercs'_a tu iro 6c clp.blc olop.nti',8 i', rh. irrctrdcd matrncr Ihcconrho rchdslrcco$olrcpLa.i',g pan oflhc propcd,. planl aDd.quipmctrrr^d bonolngcosb tu loi! rd$ dcht,viilcd lori.- .ru.' Ip'.m('-'r

Tlr.ro! of'q,lr.ing prn olrD ncn olpmpeny. pLanr atrd eqtripnre i\.eco-!rn ir thr !rr!_i|sa'notr ol:n lcnr ilir is pro6.blc rhd rhc nfurcc.oionic bcnclirs ctr,bodird\irhi',rhe pan s lltl.N ro rhe Crcup ard ns con crn be me ured rcLiablJ_. lhe cois olrhe dr) rodO scnici'r! olprop.n)_. pL$r andcquipnctrt,rc rc.ogtrncd I rl,c proft"rd losa.counl N rcP3i, aMnxinlcmcc

Ptupc(y. Pl. cquior'.dl .rc disclos.d !r N! lcts .!c!'ntrl.r.d Jcprc.i.rnlr co rnrc lr- o\d!c s Oii0Jutrc1009.l0l,'r20ll dl0ltrrc20ll.Lrlldatrdl-ordDcldopDc s.lruidi'uatrdodrcr cornn'clions :nd I'lut md MrcLrirery harc beln relah'ed to ..,1&r lai. \rltrc (E vriif,s

ftkn pricc) rlrrcofaollo$i',g _aLtrrcrt Co{ lvell,od'

Dtpr.ciNtion on nroDerrr. nlnnr ,nd equi0m.nrDepre(larnD ir puidcd 10 art,! rr! coi or laLudnrn

I)sulnr ll'.r !\p!$cd N.tul lncs. i, ac.ordsm qnhxid l4'iDnd Lrlpr..idnn, olrn ass!1 b.gins sh$ ir

ofrr asds rflr (n i\\nnrin-!.!\(1lr.drc Do\nois ir RrS 6,ProtO.Pla(i\ availahl. lnr trr. ]r \hen n is in theol oDsdi'rs i'i rlr mdrs uldd 6!

I

Ilr ldL,A a orh6.oNndion:

i$xlanetrl. Dcprclidn,, N .l,rl.d ordcrcopdi. tr D, rednci',8 ri.cn'ciL'od

aLL I'r!pen), Plxit rtrd Eqfilnner

!00/o

Rsnlurii.n orDrone !, Il'nrmd €quipn,cntolGoldrn n'ne* Ar - , ,

" ,. , ...

" . , . : , ' , ; ; o,' .. ;up'.' r.d. rr dae.el fln B d,' 'or'r'.,.r

0re.ll] \' '0 r Jn 'i] nc 0 "o'.aorDcpr;ialcd 4riut con fictoor rh. rcralurotr hs.ondtrdld br Ah Khatr & c'. .hrnered

li.vrlu,rionot oncrty,plNnrindeqnipncntolGold.nHan.iI.rCmnrLinrircJI .!,.,0 .d;,.:..1 ",",, .' ., .in'.r, I tr li'o o.\"loDrak'

l]L'',rl 1n.. L \J...' f1"."'Dcpreclar.d .umn1 con rheicor:

'lhc j".rcNe i', rlr..,rrrinsanouil orrc!an'ed astrs s rccosnnld itr.therconrP ln\i\cir!ouu

',dd tk lrcad R*at;i; n'D us ollrcr !ird ^$ds

sere l(cprouaidc l|rc s$P! orI$aLtdn\orks llisc are $pccrcd ro bc rcaLiTablc r( wiGr do\r vrh'c (wDv) dtreol trrcfriotrcd I rtnalenr ollnrncirl pot(ior of die Cotrp

Cr p rl $o rk-i 'Lp

rosrcs:

Capilal \orl m pmgrcss rlPr*ci$ ihe coi i'runld lnr acqtrisiro| xfd coNndrotr ol il'ms ol,"rrr,.,.1., .'"!m 10 '' 1'di"! "'.,"'.d . j,..' ,. .-" in {"... ,. ..!d. ',l. "rcwns rsfrid.d lirh such a$!ls mc ti rtamd 1o rhc Cr oup i c al rlr! r m oI shipntrt n

'lhcrlcoqfriorolainc rsm rrrtrlihle.$ctr.qtrncsGli ll bdononn re rl'41 th' item 'n!c6

rhe definirim ol ri i'n,nsihk asr dd dr tcolnir o c s a Atr i'mn! blq msd n Eo-qtrDrd .(rn,ssclLl, onLy ifil G ProbtrhLe 11c\p.dcd n'trc ccoromic bcicftsdn rrc a(ribushlc 1o

rl,!xsd\ril no\ b O!l lL ard lLrr con.ldrc ilcn can bc nr!strrcd rcliibl)

atr i' risibk aset i\ in!.sm ar.on ks an) rcomtraied amonis.rnnrr lrLl rr .ccu'nuLalcdel. '.' 'lr r. i"' ri ' 'eJ '.'.:bh .'

.tr'kn,lhr.'cakd '. (!: I r firuias indLn.d lhisisbec a. n'cl, ciperdinLru.rrtr.r b. distifgtish.d rnn c\pdi rrcti d'vcLop

Scprrurelr- !c{luirql inrrngibl.!

Thc cor ol x \d,,r clr a.qtr'ed i atr8bh asd conprlscslls pnr!h!s. n.i.c. mh'dn! npondfties and non rlltrnd.bLc Du(hase bres. iiter dcdtrciins tadc didn- l) 1'Dtr blc "fpeo. tr'rlr..ufli.tr'. '.J.rlnr!rn,lly s.n.arcd inrNnsibl. r$et!

The con oIm inrc al y !cncrated inlar-!ib . .$( sllr.su'nol.xpc,dntrrci'r.rmdrmnd'edalc\h i llr ftanlible.s*1 fii\r rtet the rcco,lntun nllcri, lhe co$ olin i cnrllr lenerabdi'nxrgibLc.scl coD,priss dLldirc.dyft.ihdahle cons r.esrrl lo.rearc pnrdnc.. iird piepare rhras.r hh..aFbLcoloFra(insidrl,c m,nr iirctrd.db! ma,Ercn'cn

No iilatr! b c i$o! ri,sin-q trcm Eserrcrrc.o!triscd. E\pendirLrc otr rctrrch (or on

an cxPctrsc shcn ir isirrcmtd.

/\tr ilatrsiblc.sdmni'ufilmdr\clonnetrr(o' i.'nllrcde\ebptrr pl,rtol r irncn'rlpruiecl)srsognsedi',iccordam.snhBAS13..ltru g:bl!,scc' lh.Coulsiturtrgibcmsctsiidud.ro rpure, $arlar de\sLopn.tr1 (F.RP). Desi:tr. Nfuu iotr rnd d.vclopitrtrl ol prodrcrs.

Atr!;enrcd Rcah]_ I't naLl) !g cmrcd hflMs manluds. puhlishing rnhs. (s{omf li* atrd

ircms s nilar i', nLb$.rre,r mr rcosr sed as i'nrigihLc asds.

tccogririon otaD cxpcns.

h sonE crcs. .rrM(tr'. rre inctrrcd to pN!d. nturc ccotrorric blncfi$ $ ar rnb btrl no

i'migiblc ascl or orher msd n r.quired or {earcd rhd .atr be rccostri\cd. l_r cx.inpLc.c\pcxlinLrc oi (sc!rch is recolni\ed asar cxpctrsc "h ir n i'rcund. e\cepr slror i s,cqtrireJ$ pi( olr busines conrbirmror olhcrc\aD,Plcs ofr\p.nditrc rhal n rccogr sed as an c\pci{

.\petrd tLreoi nan uranivhiesic.n rupconnp(op irsconcxreMirure on bzi,rirra.oi\n cs.crpc irtrrcotrad\cnisi',satrdpronrclioiilrdnni.s.c\ncrdirtrre on r o. i,,gorreoqatrizinsp drdlLolafcrny

lirpcndlturc on ihigibc iron drt Na! irniallr rc.o-rni$d.s.n c\F'sc 1 rol .costrncdr\pan ollh.cos orli i'rNgibh asd a1 a hcrdd..

RNrluarion or i'nangiblcs

'lh.r$ah, iotr modclrqui,es rn inratr-gibL irscr skl 6c.mr.d d r,.\rlkd rnnnr. bcing itsIan vrlrLc nk dne ofll,c reriluarnnr c$ri) nrlncqucrt a.ctrrrularcd aN)i;nlhr rnd !r){16\cquc arcunuLrrcd i |Dnmctrr L6rs llo\e\e . thi \rl$ shill h! canmd hr ierirctr brr.divcirrr.cr Ircre!au n nodel dfts iol allo\ thc'.\!lmrior ol itrbgibLc :*c[ 1l hn!..rtiic\i.nnrhcenreco-lnlseJis6sc6:orthci',italrcognil nol inktrgh!r$ds . nnns

(.r tion llre relearch chise .r .f ral Pruj.d)rlrc rcs!,rh phAc oratr inrernalPro cd) tr'.urgriscd

tI

I

I

L

I

l[c dcprcciahc u r oI i i ailbh ,sd \nh a tn,ne useti I lle s]mll bc . bc cd otr rsr{cfarcbassov{ttrscfulifc. monislridbcls\rl,a,d,easdisavailabttuts!.t\hsli1 s i'r rhe lo.rlioi rrd condiriotr trcrlssao lor 1(, h!.r8bl. olop.d rg i'ltl,e

'narne, inrcrdd

br n,r[-!cnrs . A o'rnrliofma{]ttl,eea,LieroflrrnrlcllF(llrcascincbsificdisrlldlnl$1. rfd llrc drle thar tu ass.r s dcto.ogiised Ar i'ftn-ui6lc asscr \|nh ar nddni r usclnllile is

nor a .tn.dADonisrotr of rlr! iiratrsibl. r$.r N r, r fi,iG trsenLL lift i5.ad'l5ted Nir-q thc

rcduci,is hrl,rc mdhod to !.irc do\!i t..n or iLaargiblc asds ro rl[ r r.\]Jtral va uc! orer

1844 ]s( r\r! (i d e,,pm.n{L.rDsigr. con$.,'cliof rid d.!clopined olp'od!!l!

rroncoqDition ol inr,neiblc a$lls

lhecaryi',sa rotrfr olrtr ilcD of Dhnsible rsscls rd. '.NEnised

otr dnposrlor sl'd m rnn'r..omic bgtrcfiN m! Npccted tiom i6 trsc or diYosaL Thc gab or los arsng rroii ll'cderuNgnnotroaan irenoliria,rSlhlcrsdsis i'N udcd as orlrur i'rco c itr profit o.los \hcn lhc itctr'

n dlr!.ogrnid \hctr thc.cral,'ed.$ct orc dnnosed off 1hs ruspcdr. i.\aLtation nrp trs is

r.nsftrd t, rukiDcd cx! ,i',!s.

Re.03niiion rnd meNur.nuitBioLo-!ical as.r is n lnine planr or animal Bn,losi.al asscr aE mc.$rcd a' lan rrh'. le$.ons ro sell. borb on innial ilcolnilion dnd cach .qr.din! dalc. con b scll iftludes sal.connni\stun nod resularo4 lcvics bu exclude tansNa b maLkel. liansponcoss N n1l,c1dedudcd lioD Drarker valuc in od.r t, rcdch lnir \aluc. lhc Sain on ililirl ,..o-!nnion and

liom a dffec i. thh laluc is recosni/ed in prcfi or los lheintcrcnonthcl.!nhkcnout10 linan.c r1r. acquisnion G not a cor t, scll. lhc milk G a-lricultLtre n,ldkt and hrcco!Di7cd i,1i1i,lly undcr 8AS'.ll at lan ralue !.$ cosr to scll. (dlhis poiin n isukef int,inrcnlorics ond dellr \ith ud$ B'^S-l). lhc sairr on innrl

'uognnion shouLd 6e

r.c.-lnizcdh profiI or lo$

R€msnisn,s Nnd nrasuritrS inprirmenr Io$

ll rfu r...vcmb c Inotrnl or rn r$er n G\s rlri n! lrnl is a orm( th! .r,! i,,,! rDoun ol lhcrs s redrced bi[ relorlmbsinotr .Tl$r dtrcritni is.r i'npainncft kns ,\tr prnmenr Los

s rc.ogtrird r p.ofitor !o\! Ho*$ei rn mpin $ los on. rcysluedrsd is

'ccognised i', othcr ronrprchei5 r! r,.o,nc 1o dr c(cn rhn the i,nprinn.nl Los docs or

c\cccd rr! r'nou ii rhc (lxlu,iioi surd6 fo, rr rme ser. Strch ar imprntr'o! l.tt.f xr!viltrcd !$.r '.dtr.s the r\rtrarion nL:rN lorllw s\cl

CIlllLirsc$c5d1lrod.lN,.hrcponi'upe.iod\hclrer(h.rcndr]]i'rdLcar.trll'xratrrserDr]hc npai.d Llanr n'cr indirdion c\iss. Glr^ll esiiure dt reco\mbLc rN o th! .$d.kEsped\!ol\h(lrc' rlrrc isatr) indicrnnolirprnncnr.Ctl ll-lcis:

-rf,ir'sLhLcr\\d\tr1,$i'tcJirittrsctulltioraninlansihkAsclnol]ux\rilrt.turusctn'

3.6 Ac.on n rins lbr lcasc

lii'mc.Le cisaleserl, naNfe eds i.idciralrodli.Ghipor

rnid,lre.ognition,\l rlrconnn.i.cr'. l.lnr ba5crcni, CIIAIl n.os.iscs fimi.c lol[cn $donctrb olfitrancialposirio ro rlrc fanvi]ucoflh! l!a$d propsrr or. illoNer. rhe p'e=trt vrn'e olthe mirinun lease paymer6. eacl, derenni,rd rr r i',ccpriof, ollhcl.r{ An) r lirldncdm{iolthch$cerErdded bllr:mon recosriscda: ri$l.

Mi'ri'nr l..5r ply'hdfb rrc dppo(nnrd b.(rcN rl'. lnEf.r .l'rotr$kidirB llahiln ]h. firrrc d'r3c \ rllLrc .d ro caNl' p.ri.d dring tprodnccaunrtrrpc,tultntofif,tcrstonthc.cmai,,i',sbaarccolrhc irbl r) ao i',!en{renrsrc drarged xs exDenles i', the periods ir*Lrich rhe! are incured.

A lnntrce lersc -rlvcs ris! 1o d!prccialion crpcns! lnrJcpruihi! n:sgls as \rl s ln'riug.\pcisclnrc..li R..utrii',8 pslod lhc dcpreciriior po ic) tnr dcprc.iablc lesed as*r s coL ne \l1hrhar In.dcprecl.bh.s.rs rhI ar o\i.d.aid rh.d.nd]arid, (co3tri\!irhRAsl6l,ropcny.PatrratrdEqtripNnlandB Sl3l'rt,Ei6lcAsscls.l1drsrcisturisoi.blcccnai! n r[e ksee \il] obiain o\treNl,ip 6) ilrc eid oldr er* rcm.rlt rsssr isf!l)n.ntu.lar.d o\6r1,. drdd.llh.lca* l.rn rrd n! tr{fullia..

Lcasc paymcnrs undgr opcft{ins lcAc are (costriscd ir.d c\pcn* on a imi-!n- i c basn o\crrhe lcrs! r.'n, utrhs ridl,cr srncmt r brs s i|n.,c rcp'$rnhlnc,n ft tinr |[t(tr oalh! tr\u \

CllAlL (p LrllzA boro\ iLrg cons $n flc dicdLy rftrlbtrhhLc ro rlrc icrLntrrnnr. oLrtrdion orprdrd d, i x qui li ig a\r(.s pM ol rlr coi ollLrd rsscl. CllAlL rc.o-(r rr o ,..bdr!\ fgnx6 is atr.\p.Dsc i, ,cp lod n\l,r.hiriiuL^rlirr

lhr h.tr r ir rori l r d! Jnc(Lr dtibtrhb c tu rtu qtririr otr ..trnn'ritr., r,.Lldnri ol iqfa ii'rg x*d : rrNr. hoao$itr!.o{s rhrl ritrLd rr c bccn r\.nLcJ itrr. r\prntrrr! on rheqr. l\i"s s\d rad nor he Drd. lo t][.{cn rlmi (i}lAIl h.ir.\; rlr. \p.! rlcrllr tur rr!

Appr-i',-q1r.rlqtrnsfi.flolBatr!adcsl,rid.nclaReponirsh{prerdion(BFRI).1 Dllcnni,ringllrcrrcr atr AirrscNtrr cotrhins x l-esc. the l,owc, Puthise Asrcen. (PPA) bcl*eo 1lr.comFfrlcrotrptriEsrdIIPDB/RRliR.,fhcttud1o.o[!i"!e.sami-lc c lhncotr]d6.itrr.rpdcd.sr.nrlrirsiirli!hsferolnibnanrirlyrlLofrl,erisksa Hrads i,,cideftrlto theo*icBhip to tl,c trrdcdliig A$t lposu pbrD 1. tl,e oll bk (BPDBTBRFB) \rh. LvotrLd

.redncr 6c rr lcssue Ho\rr.r. 'namlcmcft

cordtrdcd rhar nrc Pp,^ doci id hnsl'crsuhnaftl!rl) alrrisks irldctulr. o\m6rrlp as n9 rhc (quitomctrr ot pmi t? ot SAS t7 /\s irdLa l(rsc lsrsc n.nlrmcnt rr.onsid{cd as an opcturi,,-r Leas.

Boro!i'rg !o!s nirccrl) ti6 l.blc 10 rlr acqtri\nion. co'srucrion oneces il,la[s a n'bnaftia per od olli'nc ro scr rcad] tu ns rci,lcJ us. or sal!.r. tolog issda5 pan oflhe con ol ,e a$el. Allorher b.'ro$i,,g.ons mc.rp.ds.d nrrperodi'r\rchrhclo.c itr acco'drnr. \nh R S :3: _Boro$ii,s .oi Bo,ro\ins con\ co'snr or in sisid oilE,cons ihat rn.ft r) i"c$ i" cotrmli., \!irh rl,t h.tr $ isolllr s

puf.sc dl.brai,rins a qmliiing r$er. cIIAIL dcr.nhincs rlrc rmotrni olboi'o*i'r! co{s clirihl.lorcrpilalhaiioN as rhc adu,l60rrcsiig.oi5 i'urcd on thrr botro\ing drinsrhe Nriod les rrJi',vsimeft nrom oi rl'qcnpon.I irn en'nenr olilrcse bomwi'rls

Lcr rlar E ycr.is! br fimtrcirl asd of om cntiD ard l fimrosllirbiln!orequnvi'Nn reft ofanoddflnis

and dctganinaht pa)'ncrh tl,

iv.i nur\. lt)ai\ tulrnrhcs rDd : hhlc.tnr stL[ ]nrncil

Ijinarcial asct aiitirwlue throuoh pmut or losA fitrancialasd isdaslfied as,!ir vrh'e throtrsh proln or bs irn is chsincd is hcLd-r.rtdi',8or trpor iniri!irecogniriotr r n dsiBtrsrcd h]- llic. iq as,r hir!aLr rlr.rgh |lnrfi1or Ioss

Hddroindtr rvi'rvo!rnen$lhld io Drn'rjtv iDlenD.trh ffc trotr dcrivati!. fitr$.irlascc wirh fixcd ordcrrhiiahh pa)mcd$,i fi\cd mal!' ily ib etuiry Ms rrr poriiivc irft aM sbirny ro hord !o mru y

Loiis aid rc.cnablcs.r. iodrlcriv.ri{ fininrial a$srs with fi xedar! mr quorcd i', rlrc actnc mar(d otlEr thatr hcLd 10 martrntl

A\ail,hc tur srlc fitrri..las*s arc Ntr-dslvali\c lnR uirlir$1sll 1arcdrsi-rn iirrlablclorsrrco.a*mlcLasfiedinaN olrltabovc. .sorcs.flnraNiatascc

lii"rmir l,abilrics trc.h$ined ii(o (r lollo\ins carclor cs fiDrnciaL llahillrics xr Jrir vrlrthrdush profiro, Losand oth finamixL lisbiliiics

linarciaLliabilir cs lairvr ue throurh src-lLl.o-!lqsA financial li$irity is dasiticd xs hir laruc rltrough profir or los il I n dmsilicd as held lort di',! or !|mi i',nial(Ng irloi lr s dcsisnarcd by lLrscnrirv as ar lai' valLLerlmuqh Ddlr or lo$

Ollrs fi aNialli.bilirics irdude brnk orerdrans. sho(icfln aid lofgrs'n kius.

Reo8nftion olfinincill a$.r lnd liNbihy linincrasseroralinancirllahilnJ-src.ogtrncdbycll^Il-iirsndeNnloffinxrcirLposnior\hen .jrr^rl b...rrs x txi\ 10 rlt rotrracluat pi.vistons ot rhc fir5f.irt rsq or linitrcirt

Dcrccosnition ol fi mnci,l,s.r rnd li.Dilir],^ firfli,lx$cror lli ri. i$il\ isdmco!tri*drl is.lnt',(i. posirlotr. shcD cllArl .eascs ro bc n pan) 10

lnirirl moNunmcnr oIlin cirl 's.tli'urlial inn n.nE n measDed ar nic fa r !. ne ol lre considemri.r .{ \r r .r '[. rcd tic u\1)I N In rx!$scs) taisclion cois lhat xre dire l].ft"bui.blcro rh! rcqnisrotr or ilnr olrrclinxn.ir rnrun,ca ll,.c\.cflo0NdrnnLLenrhererfimncialir{'utrrcfr!.riitr\aLuelhrotrlhpa,nr.r o> hrrhncasetaNrdotr.o!s cim cdirluL) recostrizedb ptrift.! lNr

rcro!.d. lio r Glli\ll-.s iars'ncnlol

lm'sadiotr.on! e dcfined srlr nriburabcr, rl[alqlnlion.suc ord srNa olr hr,f.arrs. ukrhu addld h thc inilirt&n\rLrr \!.p1tor linrnoirLassc6 a finarc a tiabitir es c as fied as ai tai, rrtre oulh profir orLo$ \1,.rc d,c! sl,otrLd h. r.rosnGcd in pmli or lo$ l'o' linamirl liabilnics. dn.d!

'eht d rt

oln$i"Brlcbr sdcdrolodliodrh!dNnorddLri"irall!r.*i8inul

Ai(i',ira rtcoB llnlr o NaidNri!.hlcsandhddnrndu'1ry(lllM) DvcnDetsrondhere

'neanred ar rDoi(n.J .on uiirB rlr cfl!cr^. nLenDcnrs in cqtrir]

nEtunrn! shonld 6c mcNrcd i con. lhcsc rrc qjLLirj irveincrc rl'rl do rol h,!. 3 qtrored

'naikei prlce in rn adnc n.i(d iid \hosc rxh vxLrL. car

l rr.ilasds n$tr[Lhc 'e'nsA,nad

b rin\il@. $irhonr ify d.dto Erdisllv Ga 's. nlsc\ oi

ali,igcr iii rl,c..rr)iB rmotrtu orInaNLrLrseE xr liir laluc mtrsh pronl or los su d 6s

Climlcs ir rhc cffqi's a'nounr ol loa's ard recenables rnd ll lNl iN.lD s sl'otrld h.rlco-!tri*d ir nintn .' b* ah$gcs ,rise \ylicn rse finatr.hl mscls ar! dmcostri/.d orimp,ired,i tl,rotrch th. a,nontilior p,occsh ruip!dofdv!il,bLcta' salc Jn'rr.irL aseE:

hnprnmcnr os$rndln i!tr.\clr.trgedille'drssh.trldbere.o-ris.dirDdnornrslncrcn otr atr inre,en 6earin-s asser slrculJ b!.ru'larcd trsi'r! dr! cffcrlvc fr.'.d ndl,.d

re.o-!ii2 i'r profir orloss.Al orh$g,i'N aM Loscs nmuk 6e Bosnised in o Hco'nprehensiB i',co c d lr.d i'r.sparrt conpoEtrr in cquil) Otr dc re.ogiirnD- cirhor dtoug[ s.l.orirn|lxnh. i. gx'sxMloscr pfvnns\ f.ogniscd itrothcrco'np'ehcr\c i',coN shorLd bcrc] silicdro1rrofiroro*. hlconrirrs pd ollhcsij', or lo

su bscq ncnt nrNs ure mcn t ol ,in{n.ixl lilbil ir i$Fiiamial li'hilirics xr liiruh'.1lnotr![ profio, bsshotrLd b.rc D. udarlhirrarr..\.!trdiLrgdispo\aLcons. rtrd trD) c ttr!! iD lin vrle slrutrld 6. r.$!trisd i', proln or o$. Al orlu lnu uirllilliillics n,otrld be ,e Nrsu'ed ar a'nonised con usins the efecti\e inleren nethod. wher rirhl 1) ls. &L.r.,n.rhcd.on. a g.ir or loss is rcoogr s.d i'r p'onl or loss \hqr rh! lnrsioi.lLirblli$ n dc,ccopn.d ortlmtrd,llrc nodlz loirmce$

At .rch y. c,d. cnril) drtrld ,s{s shcth( thc'c s s,,y objcctirc $idcnc. dut a rnrr.hl.$d or -lr!trp of Nerr is i paired. Vhere lrre ls objlclive !vd.trcc of imprn c .lrc .ftit)s]l rdd tri,i,,cdr3Dotr o,rtr! npami.r Lo$

Fl'm.ial !$ds d lan vallc rhtuufi oroln or lo$No speciaL i'npanmeDr Gis recd ro becatrGdour Jbr ch aset. b.."trs.llq .rc i,c!$'[d !1lit'ralue a''dallchatrB.s i" tn rval$..rc re.ognn.d ii ptull( or lo$.

F riici.l ascE .Nicd ar .mo(ial coslhe inpannen Los s tlrediffe,tme 6cs-een rhc Nsers ca'DirgrDomr md th. Drcscfi !.luc orciin od nitrrc lash noss(c\cludingftrt'recredilL.$er Nhich hrre not been incurcd)dncoutrtd

rlrlirar!l i'EruEnasorigitralcnadivcff.rc{mr. Norcthalir6rh.ori!f.lrdeoliiletoi\iri.L is Lul Lris fumllr r.rcs.uftnr al rhe ri'ns olrhe impanme' sotrld ren'[ in a hirva]uc,pproad, be rg adoFed for the Incrsurcin.tri ol ritr,rirl a$e6 caricd ifuonrscJ .on. TlrrmouDrollhg oss s nn'ld be Ecognised in profit or los

Ihc D|lrnh. LNr of tr iqmt.d cqtr lyasd s can] 's a,nouDr itrd {r prescnrcnrn ha*cl nie olrcnm fo' a si'nilar

Arailrblc-hr$lc fi nanrial asscrr

rrLuc ol cninrdcd lurtrc c.sh nofimrchliirntrmeDr strcl, irnpii'r)en loss +otrLd rol hc

BecaNe Na Lable lo.$lc finanuiaL.s*$.rc cani.d,l r,n \slue NLlh $i'E atrd Losc\ '.costriscdi oni( ornp'ehe'snc i',co'nc. slron tnn lalls in fak vah'c L!ill r$uh I dcIirs to .tl'e]

co'nDrshcrsi\d ir.otric.,d |rrctrri.llJ_ a debit 6ala,re hdd in cqtriry in rcspor orr i,dnidmlrserll rc.sscr is subscqrfrly d ermDtd to be iflpancd. 1|rc lo$ p.cvotrslr rucogrn.d ir orl'.!co'nprehc'sivc nconrr suLld bc rec r:slfd ro prcnr.r los, even tlrotrsh lre asd h.s nol b.circ.ogrned lhe i'npainr. r lo$N 6. rcdssificd ir rhe diliarercebcr\e$ rlk rcqtrisirlotrcon(ocr.r5rr p'rripxlrcpaJ_meDtanda orrndion)a urd! fin v.ltrc- lr$ ,iy nEim,cft o$ o r rhalsscr prcviousl)_

'eco!trnd i', prcfir or LNs l'npilnnN Los.s rtlrl

dDtrld rol bc rcvercd. hnoilm,! loss.s rcl.1i"B h !i.lr dchr i'xtuncas n'ould bc re\ssedrlrorgr piolir or los ii rr aler perlod. tlr li'nrrlrc olrlt ii$uitrDr i'tr.68.,d th. i't'.rtcan beo.hjrdlvrl! r.lar.d t atreve o. nrinsaarcr rclossrs.ecosn!d.

I'nsroricsd! h.,nmd d,clo\s olcona rclru iz.bl! v. uc.

'lhc $i ol iivqlorcs a,. corirrise aLL cons ol purch6g. rojs ol corlcdroi tr orl'$ co{si',curcd in brir-rin! 1hc irrc ori.s ro drcn nr!*trr kcarior atrd conditiotr lhcconolirctrto ics n.si! cd b) tr\iru rh.lirn ir. fiN otrr (tlro) con lbmtrh. GHAIL shalLr( rhc srn,! $1 linnL arnrall r!ctrloric!h,!insrsimilar'rnranduscb rs iry.

It$osniridn $ an.xprhsevl,!r i\ctrrori.s.rc sod. thc.a.1i,,g.moun or di.s. rv. o'ies is rc.ogiisld rs crpc'sc i',,c pcrod ir \ r ch rhc relalcd n\.tru. srccosisd lr!rmotrnlolrn)\riredo\liolii\oirori$ro

rn\cnorics s Eo-{rised E an e\perr in the period 6e \riredo\tr or o$ occtr^ TM aiDutrr ol atrt clssrl.aatry $rit$do$tr ol i'Nctrlo,cs ni',.{ lrom arirrcrsc ir rcr rcrl$bLc vaLrc. s rcco-lrncd as r rcdudotr in $c a'noutrtol .trtrici rluosnrscdasrn c\Pci5r ii rlr pcnod |

"lric

lika orl,!. BccinhlA r! ndql 11rhsncli'nrlcd rea isrb. rnu t i'rtusnc olDnnniois

crd',nd c,d' equirrl.Dt

crsLr and casl, qrnrLds consisL olcrsh in hrnd rrd \ith batrLs otr ctr'ictri dqr.s 1x..otrtrc xrd\lkir.nniNrdi'r$(liDRr.rlrirpdddoll(ii,ho l\){hicharcrddrnd.labLlnrtrscLrlthc(i,otr)"irlioratr] rc{rd ll,crc s nrignifi. ris[o] ch g.i,, \r rr.l rh(*i.

Tlrc r(o\.'ru! rfotrfrol.r as$1or caslrgcturili'rs unir s 1lr. gturl$ ol ir5 \aluc ir nsc rid irshi yiltre esconb{l ltr asssi',! vaue i', re. sii'nftcd ltrttrc.rn, rlorr xi. di$otrfrcd rorhcn prcsctrr \. !! ulrg a prcra\dh.oud rarc rlmr ruflcc$ cne ,n rldr$csne ! olrre r mevrltreofmox) d r r rnls $ecific io nr r*er A crsh -qeferarr!utrir s 11,. nn.l .r id.trtifiablca$.r-!Rn'prlil!ucu.:lNhllo\\srhdarlarldr_i' epe errlrotr,orre.L5.6indgrorD.

Provisioos, lccru.ts,nrt conriDgcnci6

,{pro\hotrisrlcogni$drhetrCtl^tLh rfirsc obtjgftjon(tcga orcoin]rdr.)isircr1ot3 ln! c\.trIard ii s ptub:blc rld atr oftno{ ofrrso ccs c 6od)ins econ.n. benefts \ [ hc.!qtrned b sc( c rhc obligarior: !fd a rc lihlee{iD.rcc.i 6enrdcoJrh.dru otr]tobtjqxli.nrlllrc* cotrd 1tunsrft r.irtrr. no 0'o!ision n r$$ncd.

A.ftusaB iabilitiesropa) rorsoodsor se'vi..sdErhaveb.o naid. roiced or Iannrl) r-lBed rirh drc n'I)nticr

GITAIL do.s ior reco!triscd a c.11i'rscl thbiti!. ..nrinseni litr6rtirr- t5 dndoscd. ules dj.posibillyol onlo$ or'.s.mes embodrirgdcoftrmic bctrcfih h r.,nolc

Cll.^n- do6 nor recolrncd r coDli'rss asd. Cofti[sr i$cc usm y lrk lio trnphucd.rorlutrrcxpcd.d scoh rlkl sne:i!c rolric po$ibitirr- ofir itrtto\! otlcomrnjc 6emlns ro CHAlt,

lhe aNnr 'cNstriscd

6. pm\i1io I h 1tr hen eniNr otlrs !\pcDdirtrr rqtrncd b serle thepi!s! r obligarior d dr u olrlrertponiiSp$iod

chrDg.sind ulcs of provision.

Pmvisn,L n rcvic$ dthse olcr.h to.nirrs peiod rid tjtrncd b,cf.d llr ctrrcnr benrni,nrle I n \ o tong p'ohaht. rtrd atr oul,lo\ oti\ourccs embodtrjg ruoDon c bcNln! si|M rcqrirld h $rh rhc obLisdiotr. rhc fiorrnr is rcrcB.d A p]ui\ior n Ncd otrb tb,r\l*ndirurcstar\hrdrrrcprcvisotr\!asorili'rll!'.cogiised on\ c\D.fdirmr $al,el eiorrrori3o.l poi\ioi arc scr a-!r n ir. scni'U cxpcndirrcs l8a in I prolisior rrrr \as lriliLltlrccosrncd tu odhcrptrrpose \orL d lonccrtrtr. iDDa( oftrro dtiire I c\c 6.

trvcnrs.ti.r rhc 'rportins

p.riDd

Lr! sanerd,crcponiIsp!.odrrclhoscevenr.hvorabtc!trdtrDutro,abh.1rrr!cqrbd*cmrhcrnd oldr rcpo(il! perodrrdrlrddc\ienlh.tir{icta narcm.trBx,ctuhorjzcd tursn,c t\Lr)Dcsolcrcnbcatrhcidc ifiedr Adjrri'U F1s \: rros!rhdp(ridcc!tdri.!ol.cotrdri.frrlrar.rGlcd ar rh. !f(lolr]t rrNnid! psod \or jusi,u tictrG:. $oscrhdr.hdtr neoaro ln n rhrl3r.$ rner rlt rcFniis p{iod Al n crtrLcrens llicr rtF ndun.nr of fiucjrlposiron d{! rrv. hcctr cod(deld (]trc amroprialcr cirho.(ti[snnc s hr]c hecn nel. or.d..qk'c li l!d, r. o. "i.rti.,tr,i. )r r.tr(

(i]IAIL sl(l d h6 c c.rtrinls nci sma a oL tr6 tu Dtuft d k,\\ ra,ihnh[ c b onlina,] .qu1)ho d s d rhc prqn oni! 8mi!.rmirgs Nr drto has 6eo crort{gd Lrr d \i,rL rs prcfii oi 6sdt hulrh e !i ordim't {LL r) holdcE.rrlB pa'eft ctur\ (rhc Dure, or) hr rh. \.iqhlcd ryctugc

beetr reccivcd orn,ppti.d 6n h5v. trorincLudi'r! ,momr due io enptolrcs.

I

tI

I

I

Forrlic ptrrpos of prcsNdior ol incoru ialcittrl. the funclioi orerpeNcsrnclln n .pred as

n rprcsetrr hnl] 1lreohtr,cisofthe ctoup s pedarmarcc

Rcvanr is,t.o9tred ro rhc c\re'n rl n c ptubabh rh.t rhe econonic hcidns \ill flos 10 1lrCnaf ,nd lrs rtvci!. of bc,eliabl)

'n.6trrd. rr-s dh* ollrhcrr rhc prrtrrctrl n bciq nrdc

R$;r s rclsurcd d rlr tbtr \ih'c oI rhc cotrsid.rarior recencd or iftenabh. hli'r! i'r.d.nred rcrfus or prl'nenr i d crduding l^es or dtrr] lhe sptcific

,!co! ition fl lcria dcscri6cd bclovnur .lso bc mer bctbrc rerdue 6rcco-qtrized:

Rcvcnue liofu llic lcal saLu orloods is.cco-srn.d Nhcn the si-![]tic t rn[s atrd '$1&G

oio\frtrhipofthcgo.dshrr.Prsscdhrl!.buy us'alLtoidclivcrvoldrcs.ods

lntre!r rnd orhcr incom.r.'.i. l.n.'tri mr.'. c...tr'cd ...".. I'i

A l.rpeidntr'c i'rurd i'r rlr rtrntring olrh. btrsi',ess aN i'r Dri'rtai'ri'rs rlt PioNn). l'latrr &Equipmenl i'r r {arcolcll.letrcy is d[$d ro r.venue in.ii!i]rgar thc prolir(b\r) l&rlrrear

Dr*nled 6llAlL p,rsctu Sast cM, i',r5 ncr sl*r.. .r. I irthc rinotrrb a'. rcgarne ( c.. o$ p{nE() rf. CrctLp: Dinrcd eai, r-!s per sharc n s,n. rs ksic esrnitr-(s pe' slrB.

Dilid.h il d isrrib urion on o rd innt 5haft

Div de ld dliriburior tu ilr cmup s J[rcholdss \!c.ostrizedisa iabilir! i'rlhelroup slnnf!i!llarcDe s | rc p{iod r $ri.h lrediv dends m. lpnrnved 6y thr Cr

lhc.o,pii) trri'nai'* prov lfr tutrd lb it cLi-gibc pftmrtrl cmpovcas. lhc clLgibililr irdclcnn r.daccodinghrlf lennsr coalirloN\cllnfthiDrherlspeclncrgrrncntlnrldlcd\l rcuo pd ] has accounlcd tu drd dGclolcd cDploylc bcnclns i'r co'npLi r$\ilhr][Prcrsionoa BAS L9: E Dlolcc Bemlis" lhc con.l empLoycc bcictir is.| lcd oll as ru\otrLc

crpcrdiru. I thc pc bd tu \hi.I rhe con]ibudrns rcl.r.

workrr' rorir nrriciprrion tund (IIPPF)

lhc (notrp proriJes .pplicau. rne ol ils p.oft bdnrc Tat xhcr du! ng Ntibtrtnnr ro \L Prli i"a..ord,N \rirh the Brn! c$ l.h.u A.1.1006

lr hr.\ps$c tu rht pe'iod.omprngs cnrnr 1r\ t dditrcd ra\ '1.\ is r!!.3 r.d i" rl'cinronr! n qne lrccpr in lLrc cr5! ir ruldc\ 10 tcN rccosnncd ollE r.nfrchensir! i'Knnco'd,edlrincqtrir).1'rrhs.,{.tlrchrisrl$r!co$/.din.lhscoDpr.hcb\ci"cotr'c.r

Th.crrtd i',rotrr kr.lmrg. r c,lctrlatd based oi ra\ laqs emcred or nbia ngr-crurcdal1r! hil$r. nic.l dxrc. vanagenrsn poiodi.xllr elaluaGs posnb's lrlci i,r h\ rctrx \irh

resp.d tu sit'r(ntr5 i \lrd' rptlicdhl! k\ tusrLrli{ ir lLbj.d f. i'nsfl.r, q' h *lrbl'hGnovsotrs\l,marpropturotrllreb isol nounrs !\p!cred h bc prid t, rL! h xdlDrilis

Dr,arcd hr is rcrosnisld 6 i'tr.,ne o, .tr.xpcnss rnount \irhi',1ho rN.hrrgc. ard incltrded iirlr! id Dnrllt.r lo$ tor thg pcrioJ. Dglrrrd ox rcLrii',s to iems deah Nilh !s dtlE.onprchcNncin.oDrlsd,N.rc!.lu iotr) s recosnissd as k\ rllarii3 to orh.r .omprghctrsivc nNi'd Nnhi"1lr. {ar.nc ofpmfilorlosaid olher .oDprcbcnsiv! i,rconrc. Dcfcr'.d hs '.l i'r-! io itenh dcall\i1[dirld) i eqtril] (n'ch rs tfu corlclitnr ol r.rcrorretospccllvc.Cpli.dotroaa.lrfsci'ra.cotrtr1ing 0il .]_) n rccosrrned dnecll) ii cqtril-\

T[iblc icmDorNry ifhrenccA detatred ra\ ll.billl! is f.o!trised lnralLra\ab c dillmrct. cr.epito the.rlcnr r]rl tl'c dclti rod

hr Lirb ir) ariscs 1i.rn 1ri. rn aLi?cosnnion olgoon\ill:.r the itrilial ruo!trn on ol'd as.r orlLd,ilty i', a h srcli.rNl,i.hnnnrbrstrsscomhi'r1nnr:ardalllrctneolrh!tnn$crioi..ffccs icn[.raccotr in! pxn]1ior1r\.b. Io]1(ta\ loss)

Rrvaluarions ro liir*lu.-nroDerl, plrnr.nd equiDm.nrlLr! r$iludiof do.s rol r,Iccr laMb s ptulrc if thc pcriod ofre\ah,.rnn' xrJ c.ir..ltedl). tlrc k\Lr c oarhc 6sct is rct adjNld Illrc rtcmpon] dilfr.trcc xrncs lhis sp..rldcd liir iliLLlbrscd on lrcdiffcrcrcc benveen ci@ii8motrtrr,i h\ b.k AtruPwmdtKLu ionnrherelorc

!lrc iisc hr dcfcircd hx Liab Lir)

\on dcnrsiarcd r.\,lucd ,sctDcltrnd 1r\ ir rcco!tri/rd lvgr *lwc io, rcrt assgrs mc or dcfrucirtJ cg hrd. lh:Ibc.r6. rtu canr-i'rs \alLL. Lvil ulrin,rdr b! tu.ols!{L otr dirpoel. Dcr'cnd 1A 6.N 0 dirbl[i.s iid asds are

'ncantrcd .orderiig rhc u\ .onscqusu ol ruco\sng 1rr. cr..]i',!

.,notrd.l r mn dcpreiablc a$rt c rh. rrx,nt. tppLicab e t, th. hxtblc an.ntrl dcrn!d lro l

Dcdudblc reDporrry dilT.ren...\ defcrrcd hr ss.r ,! rt.ogiiscd |or rLl dcdtrclihLc remponq d,flarcr.cs 1o the extnl r]fr ir hpbbxbl. tmr h\ahlc pdil \illb!.!,, ahlc,sai'Ei \hich rfu dldurlblc ldnn.n'v dil1arcrc.rnbcnhliscd. uilssd,cdclertd h\,rsu1n $s li.i, rhr i',nlal rcco!tritior olanass.rorliih lirl i"ri!'sad otr rlri h nor a burifc$ .oi,6ir ioiri ar 1rc (imc of lrg tui{ddi. rttids milhelrccotr i -! Pro& turh\.bLc prolir (ra\ 16,

-hc Skrcn. oar,rh llo\s has been preprcd .ccordafcs s th the,eqtrire'ncn6 oIBAS 7:

Stat'nerrolCNlr Floss Thc.shsef rlinglromopr nig.cliviicslrisbc$rcp.nrdu\i'ulLrcDn.r Nl.ih.d as pBsibed b! rh. Scntriri$ ard E\dmtrgc Ruks. 1987 rtul.s rhc b.rhnu,kbed'n$r of B^s 7 \hcrb nxj.r dsscs or gros caslr.ecciprs rtrd grcss !rsl' p.r cns lioni.pud trg.clnir cs rrc dndoscd

Rclarcd p.dr di$los!rc!

Itcrrion!r lb hn\lcr r nrr rtrd 6 subsdia.ics s dkdosed nrcs

6c!r taNau.tr\ bdreen rm. Cll'{ll dlsdos$ l!) imNgctr,c[ l]sn rclnrn|cr otr lr.coi,[]N d rcluses thc Mrrrc olrhc rddcd pirr\ rcL{nlrshiD.r $rll N i,6mrr otr about those! Ndn, \ atrl otr$(\litrB hrLrfucs. i'rLL]dirs conmnNtrB. n...\\aq ntr r5{\ o md*ta'ldrl,r t,.rc rl.,td.lih. reLilonship on rh. finrNiiln.Emcn6 r'hc C'otrpc]i ed.ra number

tl !d p.n,s Thc rtarmariotr r\ reqni,ed trr B.\\ :r: l{lLalcd pa !o!r].tu. tuJ h..tr dnr o\ed in a sepmle noGs tu th! ac(uri (Norll: rl

,^tr opmli',! rcg ctrr i5 r con,po,rc olcll lL ihai s'Ecs in busi,r.s,cri\tris iirn "hich

ncmi\rcvotcsandrcUerp!0s!saod{]].$Dptr,ti'uren'l6artrgslaCtlAll s dnelopc,arin-( dccisioD

'nakr ro 'n,kc

dccisioN abotri rss!!r,c rd.s\c$ Gp fomanca. Dd for Nlrl.h drcdc finaDciali'rlorma(nr nrvxilrbLc.

Itep0drhl. scsmcntCrlAIl.

'q,or! sep alcl) i lonnarior rbod lach opsrli'IF 5dstrrcfr lhar h b(r d!nill.d s rn

opcmrifg lcsmenr :nd \rlcdsrltqu ir ilenne\roldsscsmetrhl r n ndioi n ororided lor rltc dinitd burircs sc!'nc 5 ol rlt airup Btrsinc$5.-ef,.drriof hrs beci d$$'nL,ed baled otr tlrc Mrrc ol loods p'olided b) llrc Crotrp af(cr

.orsld$itrethc riskard.c\rrds of .r.I ty0eof prcdtrc1.

sjnd. rhc i'dlvidMl sesmerb iie lo. cd .lose ro eacl, orh6 lrd .pemt i'r thc smc i Lrnrirlotrvir!trfictrt. dr reed lnr llograph icr I segDe nral ion his no

'n.r.ial i,D,ct

Lhc.d yir.s ol 1r *gmnt & d n 1r. Nores b 1i. liirarcLa srdqnc Fll,cgrnuptrtrsletptudtrctliomo,.irdfnDs.s. turtrt Lr rtrorh{ l'nc-scgm trrLlcrsm hs.d otr,iir mrlcr priccs

Rs\.trucoidcrpenssdnc(l).tubdrbhroead,scs e i.c,llocaicdrorhercsN ivctgnent.RelsDtrc rd .\Frscs tror dnccll] dhLrftbh ro r selNnr .rc allo.ded on lrc 6isis ol r[cnrcior.c dilnnrion. *hutov$ posible

A$eG Dd lirbilnics dirccrly anribtrbbLeto $c6 ard liat'iLnies,*hich drc nol direclLy

scg'ncnt capital crpcnditu.e n rhr dal con i'rnred during llrc pslodllrar rc e\olclcd h bc lscd }nflnoE nrn otu xlcotrtrriis period

All opemririg s.gnctrts' optr iingro bo .llolllcd b 1rc lcg'nc

A tu*i-(n urrc rcJ tr's.rior is recordcd. of, i',nirl rcuog ir,otr r dt indonaLr,,.rc). bJ

rppL) ig$rhrlnrci!trc rcncr anannndrspolc\ch.trAeeieher\ecnthclLtrclio ilcffiut) ridthc tor !n otrrency ar rlrc{Ldcofft tr'scrid,

lauh 5cstric[ e aLlocargJ 10 rl]! r.s|.dnc {gnfl s.

an,ibuhbLc ro. s.gfr.trt. a'.aLloc cd otr r rlrnn'rbl.

rcsuhs arc RvieFed rcgul.a] to make

and ases irs pci{onn,nce lld lor

lnre sd on'.tr.) tr,xrd otr nq unc ris h rsqs.. lrbi iriesd( mc dorni'fl.d in r lilrei-lnard ahil(icr is ti,tr.r.d i'to cll,^ll r tuncrn rl

torcigr N dcr moNlrr irciN ousaMi',g rl rl,c.nd oltM rcponir! d !rcr \.r.J usi"!rhcclosi'u'rt lhe diffc,xrce 6crrcctr rl, s d'nontrr lhcDdnns.r'ili,,-qrnotrdi',l'frclnmarttrc) is rn c\!h ,-!c !il'r 0r los Fr.lntrg. d ttiremes a,isin! otr 1r atr.n,c of tr,o ckr)

ldf{.rd rrNlrli,,! n.reran irems rr rrts dlf[c,! l tom rhosc ar \l,,rl,1lr.\ \.,.0atrdalcd onr riaL rrm$n N dtr.inr (lrc D!r riaLrrmlnn N dtr.i',3 (lrc pviod or n nr.vi.us fi'DcialnaEne \ i! a{gin( n pnniror lGl

in rl,c pcri.d j"\h d,ll'.>ar!.

Nor nondiD- ilcm c.tricJ.r rli l,atrlc r2re al rcdaboldrcuaDladiotr \hrn lLrr asscr moss thiiorcil ntg. Trilr,rc 01subscqucn\ rcM rlatd brLc|dnidL]nD|.lnrb[trto.cll^IL,\o|nonetrD'j1enLlffiicdtrringt]re\chrD-lonrc.rllr.darc\honrfrr\alucsasdcrcrmiDld Tlrc fo.ci!tr !u,1c,u) lar!aLu. ol a rolD,.,era'y r$er is dde,nircd Whcr i ,sdii or o$ otr r m, nombrl lenr is

'ecognis.d ir orlrcr co'nctohcislvc i,,come. rtry .xchanse rompodcnr or rriat $in or los is

ic.oliiscd i', other comprchcisi\c i,tr.m CoNehelr_. \rl,cn a 9i', oleni ( .ccoatrised s proln or o$. an! crdsisr .on|rr.jt oaihat -!ain or o$ I tu..!trised i"

ri'ff.iilis.h car be momh!-' or notr noidt! did nry hc c ried ar h, laLucoran.t/.dcon At cad, r-er qxl. rh. rorcis', ncrcy amonnr olfi li.irl i'EttrmetrN rried nonncdcod ntu'slated irlolhc nndoMl.u'en.r trsi',!cirhe, rlrc cLGig

'rc11ln n nomlxrr ire'n)

or rhc ldorcaLmte (f ir n a fon 'nondirr

ir n) |rarirl 'sru'netrl\

ca,ried i( Ln \rLr. r.hnsLatcdrorlr! tui.!.ML trrcr.r Nifg rl,e cLosiDg spol nrc

Tl,c c i[ clri-lc i', ihu ctr'riis hLcjbrs.lc Ji'rrcirl r$c1.n!lL(ln,srli. cJGcrofchaf,scsirr lo istr cunctr.! mlcs. s,tpoded as orl,q.oi,l)r.hcisnc income

d rM rcponi,ig dnc A .hatrlc ii tlrc ca!-i',s lhotrtrt ol trDierar- araihbld-lareh h|arcirlassls or i,bscqrcr! fcrsucne s i5 anallzed 6cNe drc 6fti9tr .\chxtrlc cornPorc xrd thchtvnrc novcrnsn. Thc Jnrcgn cxc rangc co'nponetrr is r.co$scd ir p'olir or oss rnd rl'.,i'nlilk movcDicft i rcco!trissd a5 orh$ NnPr|ensive inromc 'lhc . ln. chr'Sc i'r rc .rrqinlaDoutrlolfifui.ialifniune*'neasrcddl-nv.lLLlh'otr8hpmnloro$incndirsrlt.lli orclr.rrlcs I lnrtiFcurgN! mts. ls r.cosri*d i', pofiro.lo\s

Finrn.i!l rhk managenenr

CIl Ir. s ..llvnics c cxposcd ro a v iel) ol ,h!n.i,l nsks. rhc Comprn).s fiMncial ri\ltm s.tr,c ccir.(d trp.f usifglarior look rnd ro nr.trrEc csoonr. to risk pxli.trLar) rcdiirnk. liqndlt\ ris( Drlcl rsl. u'n!r.]'ri\L d i'ncrc{ mrc,ilL Sinla, t, lei.nl .skn,rm-lcir 1. firami'lrn[ maMgcmc rcqtrncs dc iliirrg i6 sou(.s. rms

'rg n. ]fd plJtrs kJ

add!\\ llrD lr[irgris[ is ir rllecorc oll]c In,anlioi husircs. atrd optrrliofrl risk (!ri'BirablclonsqlNrcolb.fgi,,btrsirsscll^lliritusr][lorttxd,ic\cs,rpproprate[aame lxnvlen i\L and ruun] a d ni0i'ni/. potcrirl .drcN etrsds otr GllAlL's nmf.al

poLicics rr d.sigrd h idcuir) aM flul]/c r\c rsls. ro \c1

.ppropridrc i\k li'nirs $d on'ok. ,d 10 motritn 1r. .nk\ a drere h li'nits 6l i'ca's.fpn'dor

'Gl n,rec'neft poLicies and applicdnnr ol relldble aid upro-ddc irhnnarnri s!{.N

(ill^ll-rrguarl) re\ie\* irsrn[m.,rgc ctri po] ..s xfd srncN b rc,led cl r-(si ir producrri.kc6. id cmcrgi',9 bc* p' aciices

credilrslisllrcrnkrhar.ountrpmryrLltrorneeli6obLi-rarionstrndc,rlinNri'stufirnorcuno'ne, c.ntrd. lcadii,-r ro a linan.irl Lo$ Tlr. surid Mtrdsunc olclllll rx.rnll! nrr!.sIt.\porrgtucrudihisl CrcdirNDos'rcs{rn.piirri|[ll!itrrcccnrbLcrriotr,.r*one6 !\i!i',!, allAll i r\ci lronJnlio 'lhe rcdir .isk mrnalc'ne i !. to m roNoll.d rl'!n-qh d'celrpoicis.l alll^ll s \hi.lr arc upddld r.3trhrlv Th! .onpatrt n rl5. r\poled ki otltl

J6n brlrmes sirl, banks,rhich rc cotrkol.d rlr.trrh Somd rPpni!.d

Ilr Coilp! t s appimc[ to 'namlin-g

liquidil is ro ensre, A lar !s po$i6l.. d'xl it \i Lrh\r\shave uflicicnr c.sh brh.cs or l,qtrid rid ma'lchbLc asch ro Ncr irs lirb lir s5 \Lqr rh l JN.trrdc, b.ll,r.flmlrd i's$cd co,rdirlons. *irhour iiqr.i',! m,c.cpubLc los* or isLirsd us!h 1lr! CoDnrrr's rcNut on I.vpic.lr-. nrnr-ecD.il drsures thar ill,3s nm.s cash ri lislr!qunrLc t ro tr,ccl c\Dcdcd opmlionalcxpcrscs. o.!udiis r][ scr\icins olnmtrcia obli-e!1i.rrho,,!r prctror i or thc can, forecrn. p.epmcd 6as!d oi !i,rc li',e olp,yncnr ol rc fimrc,obis.rlotr rrd sc.ordnsl) anDge lor $firirnr iqu iry/lurd t Drkc d,e e\peftd p.]nenr

liJunrt rnk,clixsto lre dsk ol irftasd cotr,Odilioi no hrcigtr atrd donsr. lotrrccs llad rg1o l$!crpri.$. tuvcfucs. frofit ma'gin. rnd m ld srarc \hi!h $uld hiv. i ltd\ssc npadotrrri.htr1ms ftHtrrirl m,ditlotr and r.r'l[ ol o],!tu1n!i rioT$ fo.ds fdnnrr I hnlLn.sh is.i.nu!i,,g lcclo, w h \sr lolildcriotrd tir its dilt!.!tr( p.oducr Lin6 lor.l) fnidrcd lro^DoroUrds f.\! p av a slunificanr rolc in rhis ic{or \hicl, h$ b..tr doirirarcd h)_ n|rns ir rtu pirrllo\!!cr.nrfria{'kttrcrq,'irrdlorlrsi'innqisikdcquilri',Rafgltrdnr.ascrbcnorcd

' Noors ,ngd loLlcrlitri ccnicn tbrrln LlnmL produc. *h i'r ls,fgl.dcslr: N a r{ ll. rhcrt \rhilh lltLdud]on ii pri.cs b.lh r.r rl,e gro\vcB rnd Jn'p.ocesors.

. bsctrcc olCod Sttr.sc orC.kLahxms rLlhotrsh the *l,oe proc.ss ol$ Lcdid'. fmssi"qrd dntrhtrrnr d.pctrds on.old lcnpcr r! hd er.rr. duc ro 1r. mtn. ol the ftrrhxL

Coldcilla'\e{Ag,ol tr{rlgsLtJ ll.scsabislr.dirsbfttrdra'ncinljl.^,l.odnrkdtrnh rrqmLiir prodrds. mtrgc olpodr(s .trd usroncr \c^i..s lloscr.'. u dcrdop i',liNitL{rr!.borh pftll. rid prird! \ccu p ri. ior is rcqtrncd. lhis n thc ln!.| t)oi'r oIo.Ld. llatrcn \lirtr. e\prnson p ,s. lo eifiirRt fllutr otr r D,Lccs bou, ln, l]t sro\gB aftl lor ri!D'o.cson. Coldctr Ilrne rrill o4lnne col cdnr !. cF 1..li far. iftmncdi.l- con aor bodlrMllnL.sDcploli',g15000rcarig.m1o6*nh:rroklnoragcsdi0desrecC.iu\i.!otr\nhCodcntl lsj\il hn{ d.GNdtrrc brkhotrc o} aold cha I rhich\illenirc oupernLml) olIioTcilioodsxllo\crilrc.outrt'-a (hrorghits50kmps rconrolhdinrf.,1

CllAll. \ e\pontre rd narlcr ris[. or.llr porc Lr rar Lt\s.s xrni',g ri.n llr nolcNaol d,clp.iccs. is i r ir!(L Nl$r .r ils , $ ctrlcs rrc .oD rg i', rbD oa dn idctrd i'um. liorn rmnnsmrc(nar porcds slrs revenus aB conrplelel] on.rctLa \irh o Prilc o' qutrliq .sLMmkd rsls shicli r.,, xso rn. hnn ofci f.siln x I intsen nlc a rcrc) nso rrDi',i'naL 6c irr-! oD Cll^ll. Lr.cansc i cils (r! rnls.rc l,.d8.d 11 nn!.u l.\. d projcclrcvcn'cs .ln!,dc\.d\rhotrrLinrirrrior\ir[rcspcdlodnnscs r $ tfc] ard i',nrlior.

llE corpanr- n.\pos!d ro orc,rr] ris[ on ]lrcnGs rid c!nii', prd sc n'.h 'n.dri'rcrici.Od'r1iwl.qtritn.nl llo\rcvc' l]x tuclpi.c Gr pas\ ll,mugh r proccrNnf csrcvcn'c!ai.

lnllr.utrrcrlrcd-(.dbr*ayofharinsre*trrcslul)rdered*itrotrrlnlalnr\llrrrsp.dlo

llqtridq rnl is dcfi'rd rs rhc 'isk

thd thc Compin)obllsalionsor r mc.rar. rcrsof.blc Cricc

rrcre{ nles (;ll,\ll- rlairr ha\ llfrlred e\Bn. u .r.n c \i,re 1

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