Financial Statement Analysis Tools

8/14/2019 Financial Statement Analysis Tools

1/33

!"#

!"#$%&' ) "#$%$%' ()%)*+*$)

,$%'-.#. /00'.

!" $%&'()*+ ,-.$/&%+ 0& -.'& +&&" -)0 /-& 1(%23+ 4.+(, 1(".",(.5 +/./&2&"/+ .%& ,)"+/%*,/&6

!" /-(+ ,-.$/&% 0& 0(55 +&& -)0 1(".",(.5 .".58+/+ ,." *+& /-& ("1)%2./()" ,)"/.("&6 (" /-

(",)2& +/./&2&"/ ."6 4.5.",& +-&&/ 1)% '.%()*+ $*%$)+&+7

9."8 /))5+ .%& .'.(5.45& 1)% *+& 0-&" &'.5*./(": . ,)2$."8; 4*/ +)2& )1 /-& 2)+/ '.5*.45.%& 1(".",(.5 %./()+7


2/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!"(

.%& 2)%& &.+(58 ,)2$.%&6 /) $%&'()*+ /(2& $&%()6+ )% )/-&% 1(%2+ /-." ,-.":&+ (" 6)55.

.2)*"/+7


3/33

!"

8,9:,;,25 '.2,7

@55 )/-&% /-(":+ 4&(": &I*.5; . 1(%2 0(/- 2)%& 5(I*(6 .++&/+ 0(55 4& 2)%& .45& /) 2&&/ (/

2./*%(": )45(:./()"+ R&7:7; (/+ .,,)*"/+ $.8.45& ."6 )/-&% +-)%/H/&%2 6&4/+S /-." . 1(%2 0(/

1&0&% 5(I*(6 .++&/+7 @+ 8)* 2(:-/ (2.:("&; ,%&6(/)%+ .%& $.%/(,*5.%58 ,)",&%"&6 0(/- . 1(%2

.4(5(/8 /) $.8 (/+ 4(55+7 F) .++&++ /-(+ .4(5(/8; (/ (+ ,)22)" /) *+& /-& ,*%%&"/ %./() ."6T)% /-I*(,? %./()7

*+, ./00,12 34256

U&"&%.558; . 1(%23+ ,*%%&"/ .++&/+ .%& ,)"'&%/&6 /) ,.+- R&7:7; ,)55&,/(": )" .,,)*"/

%&,&('.45& )% +&55(": (/+ ("'&"/)%(&+S ."6 /-(+ ,.+- (+ *+&6 /) %&/(%& (/+ ,*%%&"/ 5(.4(5(/(&

F-&%&1)%&; (/ (+ 5):(,.5 /) .++&++ . 1(%23+ .4(5(/8 /) $.8 (/+ 4(55+ 48 ,)2$.%(": /-& +(B& )1 (/

,*%%&"/ .++&/+ /) /-& +(B& )1 (/+ ,*%%&"/ 5(.4(5(/(&+7 F-& ,*%%&"/ %./() 6)&+ &C.,/58 /-(+7 !/ (

6&1("&6 .+G

7'8

Q4'()*+58; /-& -(:-&% /-& ,*%%&"/ %./(); /-& -(:-&% /-& 5(?&5(-))6 /-./ . 1(%2 0(55 4& .45& /)

$.8 (/+ 4(55+7 P); 1%)2 /-& ,%&6(/)%3+ $)("/ )1 '(&0; -(:-&% (+ 4&//&%7 V)0&'&%; 1%)2

+-.%&-)56&%3+ $)("/ )1 '(&0 /-(+ (+ ")/ .50.8+ /-& ,.+&7 L*%%&"/ .++&/+ *+*.558 -.'& . 5)0&

&C$&,/&6 %&/*%" /-." 6) 1(C&6 .++&/+; +) /-& +-.%&-)56&%+ 0)*56 5(?& /) +&& /-./ )"58 /-

2("(2*2 .2)*"/ )1 /-& ,)2$."83+ ,.$(/.5 (+ ("'&+/&6 (" ,*%%&"/ .++&/+7 Q1 ,)*%+&; /)) 5(//5

("'&+/2&"/ (" ,*%%&"/ .++&/+ ,)*56 4& 6(+.+/%)*+ 1)% 4)/- ,%&6(/)%+ ."6 )0"&%+ )1 /-& 1(%27

A& ,." ,.5,*5./& /-& ,*%%&"/ %./() 1)% MWXX 1)% EK! 48 5))?(": ./ /-& 4.5.",& +-&&/ REC-(4(

MHM; $.:& YXS7 !" /-(+ ,.+&; 0& -.'&G

2&."(": /-./ EK! -.+ M7Z[ /(2&+ .+ 2."8 ,*%%&"/ .++&/+ .+ ,*%%&"/ 5(.4(5(/(&+7 A& 0(

6&/&%2("& 5./&% 0-&/-&% /-(+ (+ +*11(,(&"/ )% ")/7

EC-(4(/ \HX +-)0+ /-& 4&:(""(":+ )1 )*% N


4/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!":

;?>*'8!

3@*>ABA3CD=;;*EA3;F>

^)/(,& /-./ 0& -.'& .$$5(&6 . ,*+/)2 "*24&% 1)%2./ R+&& $.:& YX /) %&1%&+- 8)*% 2&2)%8

/) /-& %&+*5/ (" JY7 !" /-(+ ,.+&; /-& ,*+/)2 1)%2./ (+ 7 @"8 /&C/ /-./ 8)* (",5*6& (

I*)/&+ 0(55 4& +-)0" .5)": 0(/- /-& "*24&%7 V)0&'&%; /-& $%&+&",& )1 /-& /&C/ (" /-& 6(+$5.6)&+ ")/ .11&,/ /-& 1.,/ /-./ (/ (+ +/(55 . "*24&% ."6 2.8 4& *+&6 1)% ,.5,*5./()"+7 @+ ."

&C$&%(2&"/; (" J_ &"/&% /-& 1)%2*5.G 7 F-& %&+*5/ 0(55 4& \7`a >*+/ .+ (1 0& -.6 ")

.$$5(&6 /-& ,*+/)2 1)%2./7 ^)0; (" J` /8$&G ."6 /-&" ,)$8 /-& 1)%2*5. 1%)2 J_ /

Ja7 b)* 0(55 :&/ . cd@]eE &%%)% 4&,.*+& /-& '.5*& (" J` (+ . /&C/ +/%(":; ")/ . "*24&%7 F-(

(+ )"& )1 /-& :%&./ .6'."/.:&+ /) ,*+/)2 "*24&% 1)%2.//(":G A& ,." -.'& 4)/- /&C/ ."

"*24&%+ (" . ,&55 ."6 +/(55 *+& /-& "*24&% 1)% ,.5,*5./()"+7 f&5&/& J_GJa +) /-./ 0& ,." *+

/-& ,&55+ (" /-& "&C/ +&,/()"7

*+, G/5HI 34256

!"'&"/)%(&+ .%& )1/&" /-& 5&.+/ 5(I*(6 )1 /-& 1(%23+ ,*%%&"/ .++&/+7X D)% /-(+ %&.+)"; 2."4&5(&'& /-./ . 4&//&% 2&.+*%& )1 5(I*(6(/8 ,." 4& )4/.("&6 48 &C,5*6(": ("'&"/)%(&+7 F-

%&+*5/ (+ ?")0" .+ /-& I*(,? %./() R+)2&/(2&+ ,.55&6 /-& .,(6H/&+/ %./()S ."6 (+ ,.5,*5./&6 .+G

7'8%

D)% EK! (" MWXX /-& I*(,? %./() (+G

^)/(,& /-./ /-& I*(,? %./() 0(55 .50.8+ 4& 5&++ /-." /-& ,*%%&"/ %./()7 F-(+ (+ 48 6&+(:"

V)0&'&%; . I*(,? %./() /-./ (+ /)) 5)0 %&5./('& /) /-& ,*%%&"/ %./() 2.8 ("6(,./& /-.

X7 F-./ (+ 0-8 8)* +) )1/&" +&& YWg )11 +.5&+ 0-&" 1(%2+ .%& :)(": )*/ )1 4*+("&++7

h*(,?


5/33

!"

&


6/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!!"

F) ,.5,*5./& /-& ("'&"/)%8 /*%")'&% %./() 1)% EK!; &"/&% /-& 1)%2*5.G

("/) Ja ."6 ,)$8 /-(+ 1)%2*5. /) La7 ^)/(,

/-./ /-(+ %./() -.+ 6&/&%()%./&6 +)2&0-./ 1%)2 \ /(2&+ (" MWXW /) Z7a[ /(2&+ (" MWXX

U&"&%.558; -(:- ("'&"/)%8 /*%")'&% (+ ,)"+(6&%&6 /) 4& :))6 4&,.*+& (/ 2&."+ /-./ /-)$$)%/*"(/8 ,)+/+ )1 -)56(": ("'&"/)%8 .%& 5)0; 4*/ (1 (/ (+ /)) -(:- /-& 1(%2 2.8 4& %(+?(":

("'&"/)%8 )*/.:&+ ."6 /-& 5)++ )1 ,*+/)2&%+7

@HH6/12M 3,H,5K4NO, */016K,0 34256

J*+("&++&+ :%."/ ,%&6(/ /) ,*+/)2&%+ 1)% )"& 2.(" %&.+)"G /) (",%&.+& +.5&+7 !/ (+ (2$)%/."/

/-&%&1)%&; /) ?")0 -)0 0&55 /-& 1(%2 (+ 2.".:(": (/+ .,,)*"/+ %&,&('.45&7 F-& .,,)*"/

%&,&('.45& /*%")'&% %./() R."6 /-& .'&%.:& ,)55&,/()" $&%()6S $%)'(6&+ *+ 0(/- /-(+ ("1)%2./()"

!/ (+ ,.5,*5./&6 48G

7'8'

D)% EK!; /-& MWXX .,,)*"/+ %&,&('.45& /*%")'&% %./() (+ R.++*2(": /-./ .55 +.5&+ .%& ,%&6

+.5&+SG

P) &.,- 6)55.% ("'&+/&6 (" .,,)*"/+ %&,&('.45& :&"&%./&6 i[7Ya (" +.5&+7 !" ,&55 J[ )1 8)*

0)%?+-&&/; &"/&%G 7 F-& %&+*5/ (

[7Ya; 0-(,- (+ /-& +.2& .+ 0& 1)*"6 .4)'&7 L)$8 /-(+ 1)%2*5. /) L[ /) :&/ /-& MWXW .,,)*"/

%&,&('.45& /*%")'&% %./()7

A-&/-&% )% ")/ [7Ya (+ . :))6 .,,)*"/+ %&,&('.45& /*%")'&% %./() (+ 6(11(,*5/ /) ?")0 ./ /-(

$)("/7 A& ,." +.8 /-./ -(:-&% (+ :&"&%.558 4&//&%; 4*/ /)) -(:- 2(:-/ ("6(,./& /-./ /-& 1(%2 (

6&"8(": ,%&6(/ /) ,%&6(/0)%/-8 ,*+/)2&%+ R/-&%&48 5)+(": +.5&+S7 !1 /-& %./() (+ /)) 5)0; (

0)*56 +*::&+/ /-./ /-& 1(%2 2(:-/ 4& -.'(": 6(11(,*5/8 ,)55&,/(": )" (/+ +.5&+7 A& 0)*56 -.'

/) +&& (1 /-& :%)0/- %./& (" .,,)*"/+ %&,&('.45& &C,&&6+ /-& :%)0/- %./& (" +.5&+ /) 6&/&%2("

0-&/-&% /-& 1(%2 (+ -.'(": 6(11(,*5/8 (" /-(+ .%&.7

@K,04P, .6OO,H2561 F,056Q

F-& .'&%.:& ,)55&,/()" $&%()6 R.5+) ?")0" .+ 6.8+ +.5&+ )*/+/."6(":; )% fPQS /&55+ *+ -)02."8 6.8+; )" .'&%.:&; (/ /.?&+ /) ,)55&,/ )" . ,%&6(/ +.5&7 !/ (+ ,.5,*5./&6 .+ 1)55)0+G

7'8#

@,,)*"/+


7/33

!!

&


8/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!!%

7'8(

D)% EK!; /-& MWXX 1(C&6 .++&/ /*%")'&% (+G

P); EK! :&"&%./&6 iXW7_` (" %&'&"*& 1)% &.,- 6)55.% ("'&+/&6 (" 1(C&6 .++&/+7 !" 8)*

N


9/33

!!

83=3>.?3 '.2,7

;?>*'8%

;F>SDE>T@T.>@U3@*>AD

@/ /-(+ $)("/; 8)*% 0)%?+-&&/ +-)*56 %&+&245& /-& )"& (" EC-(4(/ \HM7 ^)/(,& /-./ 0& -.'

.$$5(&6 /-& ,*+/)2 1)%2./; 6(+,*++&6 .4)'&; /) 2)+/ )1 /-&+& %./()+7 !" JXW ."6 LXW

-)0&'&%; 0& *+&6 /-& ,*+/)2 1)%2./ 4&,.*+& /-& .'&%.:& ,)55&,/()" $&%()

(+ 2&.+*%&6 (" 6.8+7

F*>*2%5* I%)#0.

!" $-8+(,+; 5&'&%.:& %&1&%+ /) . 2*5/($5(,./()" )1 1)%,&7 e+(": . 5&'&% ."6 1*5,%*2; 8)* ,.

$%&++ 6)0" )" )"& &"6 )1 . 5&'&% 0(/- . :('&" 1)%,& ."6 :&/ . 5.%:&% 1)%,& ./ /-& )/-&% &"6

F-& .2)*"/ )1 5&'&%.:& 6&$&"6+ )" /-& 5&":/- )1 /-& 5&'&% ."6 /-& $)+(/()" )1 /-& 1*5,%*27 !

1(".",&; 5&'&%.:& %&1&%+ /) . 2*5/($5(,./()" )1 ,-.":&+ (" $%)1(/.4(5(/8 2&.+*%&+7 D)

&C.2$5&; . XWg (",%&.+& (" +.5&+ 2(:-/ 5&.6 /) . MWg (",%&.+& (" "&/ (",)2&7ZF-& .2)*"

)1 5&'&%.:& 6&$&"6+ )" /-& .2)*"/ )1 6&4/ /-./ . 1(%2 *+&+ /) 1(".",& (/+ )$&%./()"+; +) . 1(%2

/-./ *+&+ . 5)/ )1 6&4/ (+ +.(6 /) 4& N-(:-58 5&'&%.:&67O

]&'&%.:& %./()+ 6&+,%(4& /-& 6&:%&& /) 0-(,- /-& 1(%2 *+&+ 6&4/ (" (/+ ,.$(/.5 +/%*,/*%&7 F-(

(+ (2$)%/."/ ("1)%2./()" 1)% ,%&6(/)%+ ."6 ("'&+/)%+ (" /-& 1(%27 L%&6(/)%+ 2(:-/ 4

,)",&%"&6 /-./ . 1(%2 -.+ /)) 2*,- 6&4/ ."6 0(55 /-&%&1)%& -.'& 6(11(,*5/8 (" %&$.8(": 5)."

!"'&+/)%+ 2(:-/ 4& ,)",&%"&6 4&,.*+& . 5.%:& .2)*"/ )1 6&4/ ,." 5&.6 /) . 5.%:& .2)*"/ )')5./(5(/8 (" /-& 1(%23+ &.%"(":+7 V)0&'&%; 2)+/ 1(%2+ *+& +)2& 6&4/7 F-(+ (+ 4&,.*+& /-& /.

Z7 @+ 0& 0(55 +&& (" L-.$/&% _; /-(+ 0)*56 2&." /-./ /-& 6&:%&& )1 ,)24("&6 5&'&%.:& (+ M7


10/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!!'

6&6*,/(4(5(/8 )1 ("/&%&+/ ,." (",%&.+& /-& 0&.5/- )1 /-& 1(%23+ +-.%&-)56&%+7 A& 0(55 &C.2("

+&'&%.5 %./()+ /-./ -&5$ /) 6&/&%2("& /-& .2)*"/ )1 6&4/ /-./ . 1(%2 (+ *+(":7 V)0 2*,- (+ /)

2*,- 6&$&"6+ )" /-& "./*%& )1 /-& 4*+("&++7

*+, *624O V,N2 34256

F-& /)/.5 6&4/ %./() 2&.+*%&+ /-& /)/.5 .2)*"/ )1 6&4/ R5)":H/&%2 ."6 +-)%/H/&%2S /-./ /-

1(%2 *+&+ /) 1(".",& (/+ .++&/+G

7'8:

L.5,*5./(": /-& /)/.5 6&4/ %./() 1)% EK!; 0& 1("6 /-./ 6&4/ 1(".",(": 2.?&+ *$ .4)*/ Ya7\Yg

)1 /-& 1(%23+ ,.$(/.5 +/%*,/*%&G

F-& 1)%2*5. /) ,.5,*5./& /-& /)/.5 6&4/ %./() (" JX\ (+G

7 F-& %&+*5/ 1)% MWXX (+ Ya7\Yg; 0-(,- (+ -(:-&% /-." /-& Y\7aXg

(" MWXW7

*+, U61P8*,0W V,N2 34256

9."8 .".58+/+ 4&5(&'& /-./ (/ (+ 2)%& *+&1*5 /) 1),*+ )" >*+/ /-& 5)":H/&%2 6&4/ R]FfS ("+/&.

)1 /)/.5 6&4/7 F-& 5)":H/&%2 6&4/ %./() (+ /-& +.2& .+ /-& /)/.5 6&4/ %./(); &C,&$/ /-./ /-

"*2&%./)% (",5*6&+ )"58 5)":H/&%2 6&4/G

7'8J

EK!3+ 5)":H/&%2 6&4/ %./() (+G

!" JXY; /-& 1)%2*5. /) ,.5,*5./& /-& 5)":H/&%2 6&4/ %./() 1)% MWXX (+G

7 L)$8(": /-(+ 1)%2*5. /) LXY %&'&.5+ /-./ (MWXW /-& %./() 0.+ )"58 MM7WMg7 Q4'()*+58; EK! -.+ (",%&.+&6 (/+ 5)":H/&%2 6&4/ ./ . 1.+/&

%./& /-." (/ -.+ .66&6 .++&/+7

F)/.5 f&4/


11/33

!!

83=3>.?3 '.2,7

*+, U61P8*,0W V,N2 26 *624O .4X524O5Y42561 34256

P(2(5.% /) /-& $%&'()*+ /0) %./()+; /-& 5)":H/&%2 6&4/ /) /)/.5 ,.$(/.5(B./()" %./() /&55+ *+ /-

$&%,&"/.:& )1 5)":H/&%2 +)*%,&+ )1 ,.$(/.5 /-./ (+ $%)'(6&6 48 5)":H/&%2 6&4/ R]FfS7 !/ (

,.5,*5./&6 48G

7'8!"

D)% EK!; 0& -.'&G

J&,.*+& EK! -.+ ") $%&1&%%&6 &I*(/8; (/+ /)/.5 ,.$(/.5(B./()" ,)"+(+/+ )1 5)":H/&%2 6&4/ ."

,)22)" &I*(/87 ^)/& /-./ ,)22)" &I*(/8 (+ /-& /)/.5 )1 ,)22)" +/),? ."6 %&/.("&&.%"(":+7 A& ,." ,.5,*5./& /-(+ %./() (" JX_ )1 /-& 0)%?+-&&/ 0(/-G

7 !" MWXW /-(

%./() 0.+ )"58 ZM7`_g7

*+, V,N2 26 ;Z/52L 34256

F-& 6&4/ /) &I*(/8 %./() $%)'(6&+ &C.,/58 /-& +.2& ("1)%2./()" .+ /-& /)/.5 6&4/ %./(); 4*/ ("

+5(:-/58 6(11&%&"/ 1)%2 /-./ +)2& .".58+/+ $%&1&%G

7'8!

D)% EK!; /-& 6&4/ /) &I*(/8 %./() (+G

!" JX`; /-(+ (+ ,.5,*5./&6 .+G

L)$8 /-(+ /) LX` /) 1("6 /-./ /-& 6&4/ /) &I*(/8 %./() (" MWXW 0.+ X7MX /(2&+7

F) +&& /-./ /-& /)/.5 6&4/ %./() ."6 /-& 6&4/ /) &I*(/8 %./() $%)'(6& /-& +.2& ("1)%2./()"

%&.5(B& /-./G

7'8!%

4*/ 1%)2 %&.%%.":(": &I*./()" R\HaS 0& ?")0 /-./G

]Ff /) F)/.5 L.$(/.5(B./()" ]Ff

]Ff K%&1&%%&6 EI*(/8 L)22)" EI*(/8+ +HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH=

]Ff /) F)/.5 L.$(/.5(B./()" \M\7_X

\M\7_X _aY7[[+HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Za7MZg= =

f&4/ /) EI*(/8 F)/.5 f&4/

F)/.5 EI*(/8

HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH=

f&4/ /) EI*(/8 [_\7aX

_aY7[[HHHHHHHHHHHHHHHH X7\X /(2&+= =

F)/.5 f&4/

F)/.5 EI*(/8HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

F)/.5 f&4/

F)/.5 @++&/+HHHHHHHHHHHHHHHHHHHHHHHHHHHHH

F)/.5 @++&/+

F)/.5 EI*(/8HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH=


12/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!!(

7'8!&

+); 48 +*4+/(/*/()" 0& -.'&G

7'8!'

A& ,." ,)"'&%/ /-& /)/.5 6&4/ %./() ("/) /-& 6&4/ /) &I*(/8 %./() 0(/-)*/ ."8 .66(/()".

("1)%2./()" R/-& %&+*5/ (+ ")/ &C.,/ 6*& /) %)*"6(":SG

*+, U61P8*,0W V,N2 26 ;Z/52L 34256

Q",& .:.("; 2."8 .".58+/+ $%&1&% /) 1),*+ )" /-& .2)*"/ )1 5)":H/&%2 6&4/ /-./ . 1(%2

,.%%(&+7 D)% /-(+ %&.+)"; 2."8 .".58+/+ 5(?& /) *+& /-& 5)":H/&%2 6&4/ /) /)/.5 &I*(/8 %./()G

7'8!#

EK!3+ 5)":H/&%2 6&4/ /) &I*(/8 %./() (+G

F-& 1)%2*5. /) ,.5,*5./& EK!3+ MWXX 5)":H/&%2 6&4/ /) &I*(/8 %./() (" JXa (+G

7 @1/&% ,)$8(": /-(+ 1)%2*5. /) LXa; ")/& /-.

/-& %./() 0.+ )"58 \a7`Zg (" MWXW7

@/ /-(+ $)("/; 8)*% 0)%?+-&&/ +-)*56 5))? 5(?& /-& )"& (" EC-(4(/ \HZ7

C0>*2%5* I%)#0.

F-& ,)'&%.:& %./()+ .%& +(2(5.% /) 5(I*(6(/8 %./()+ (" /-./ /-&8 6&+,%(4& /-& I*."/(/8 )1 1*"6

.'.(5.45& /) N,)'&%O ,&%/.(" &C$&"+&+7 A& 0(55 &C.2("& /0) '&%8 +(2(5.% %./()+ /-./ 6&+,%(4

/-& 1(%23+ .4(5(/8 /) 2&&/ (/+ ("/&%&+/ $.82&"/ )45(:./()"+7 !" 4)/- ,.+&+; -(:-&% %./()+ .%

6&+(%.45& /) . 6&:%&&7 V)0&'&%; (1 /-&8 .%& /)) -(:-; (/ 2.8 ("6(,./& /-./ /-& 1(%2 (+ *"6&%

*/(5(B(": (/+ 6&4/ ,.$.,(/8 ."6 /-&%&1)%& ")/ 2.C(2(B(": +-.%&-)56&% 0&.5/-7

F)/.5 @++&/+

F)/.5 EI*(/8HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

X

X F)/.5 f&4/


13/33

!!

!7=3>.?3 '.2,7

;?>*'8&

;F>SDE>T@T.>@U3@*>ADB>*=*=;U;[;3@\;3@*>AD

*+, *5W,M >12,0,M2 ;401,Q 34256

F-& /(2&+ ("/&%&+/ &.%"&6 %./() 2&.+*%&+ /-& .4(5(/8 )1 /-& 1(%2 /) $.8 (/+ ("/&%&+/ )45(:./()"

48 ,)2$.%(": &.%"(":+ 4&1)%& ("/&%&+/ ."6 /.C&+ REJ!FS /) ("/&%&+/ &C$&"+&G

7'8!(

D)% EK! (" MWXX /-& /(2&+ ("/&%&+/ &.%"&6 %./() (+G

!" 8)*% 0)%?+-&&/; /-& /(2&+ ("/&%&+/ &.%"&6 %./() ,." 4& ,.5,*5./&6 (" JMW 0(/- /-& 1)%2*5.

7 L)$8 /-& 1)%2*5. /

LMW ."6 ")/(,& /-./ /-(+ %./() -.+ 6&,5("&6 %./-&% $%&,($(/)*+58 1%)2 Z7ZY (" MWXW7

F(2&+ !"/&%&+/ E.%"&6 EJ!F

!"/&%&+/ EC$&"+&HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH=

F(2&+ !"/&%&+/ E.%"&6 X\[7`W

`_7WWHHHHHHHHHHHHHHHH X7[ /(2&+= =


14/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!!:

*+, .4M+ .6K,04P, 34256

EJ!F 6)&+ ")/ %&.558 %&15&,/ /-& ,.+- /-./ (+ .'.(5.45& /) $.8 /-& 1(%23+ ("/&%&+/ &C$&"+&7 F-.

(+ 4&,.*+& . ")",.+- &C$&"+& R6&$%&,(./()"S -.+ 4&&" +*4/%.,/&6 (" /-& ,.5,*5./()" )1 EJ!F

F) ,)%%&,/ 1)% /-(+ 6&1(,(&",8; +)2& .".58+/+ 5(?& /) *+& /-& ,.+- ,)'&%.:& %./() ("+/&.6 )

/(2&+ ("/&%&+/ &.%"&67 F-& ,.+- ,)'&%.:& %./() (+ ,.5,*5./&6 .+G

7'8!)

F-& ,.5,*5./()" 1)% EK! (" MWXX (+G

^)/& /-./ /-& ,.+- ,)'&%.:& %./() 0(55 .50.8+ 4& -(:-&% /-." /-& /(2&+ ("/&%&+/ &.%"&6 %./()F-& 6(11&%&",& 6&$&"6+ )" /-& .2)*"/ )1 6&$%&,(./()" &C$&"+& ."6 /-&%&1)%& /-& .2)*"/ ."

.:& )1 1(C&6 .++&/+7

F-& ,.+- ,)'&%.:& %./() ,." 4& ,.5,*5./&6 (" ,&55 JMX )1 8)*% N


15/33

!!

$>7


16/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!%"

7'8%"

F-& "&/ $%)1(/ 2.%:(" 1)% EK! (" MWXX (+G

0-(,- ,." 4& ,.5,*5./&6 )" 8)*% 0)%?+-&&/ (" JMY 0(/-G

7 F-(+ (+ 5)0&% /-." /-& M7Y_g (" MWXW7 !1 8)* /.?& . 5))? .

/-& ,)22)"H+(B& (",)2& +/./&2&"/ REC-(4(/ MHY; $.:& Y_S; 8)* ,." +&& /-./ $%)1(/.4(5(/8 -.

6&,5("&6 4&,.*+& ,)+/ )1 :))6+ +)56; PUj@ &C$&"+&; ."6 ("/&%&+/ &C$&"+& -.'& %(+&" 2)%

I*(,?58 /-." +.5&+7

F.?&" /):&/-&%; /-& /-%&& $%)1(/ 2.%:(" %./()+ /-./ 0& -.'& &C.2("&6 +-)0 . ,)2$."8 /-.

2.8 4& 5)+(": ,)"/%)5 )'&% (/+ ,)+/+7 Q1 ,)*%+&; -(:- &C$&"+&+ 2&." 5)0&% %&/*%"+ 1)("'&+/)%+; ."6 0&355 +&& /-(+ ,)"1(%2&6 48 /-& "&C/ /-%&& $%)1(/.4(5(/8 %./()+7

3,2/01 61 *624O @MM,2M

F-& /)/.5 .++&/+ )1 . 1(%2 .%& /-& ("'&+/2&"/ /-./ /-& +-.%&-)56&%+ -.'& 2.6&7 9*,- 5(?& 8)

2(:-/ 4& ("/&%&+/&6 (" /-& %&/*%"+ :&"&%./&6 48 8)*% ("'&+/2&"/+; .".58+/+ .%& )1/&"

("/&%&+/&6 (" /-& %&/*%" /-./ . 1(%2 (+ .45& /) :&/ 1%)2 (/+ ("'&+/2&"/+7 F-& %&/*%" )" /)/.

.++&/+ (+G

7'8%!

!" MWXX; EK! &.%"&6 .4)*/ M7_ag )" (/+ .++&/+G

D)% MWXX; 0& ,." ,.5,*5./& /-& %&/*%" )" /)/.5 .++&/+ (" ,&55 JM_ 0(/- /-& 1)%2*5.

7 ^)/(,& /-./ /-(+ (+ 2)%

/-." YWg 5)0&% /-." /-& Y7[[g %&,)%6&6 (" MWXW7 Q4'()*+58; EK!3+ /)/.5 .++&/+ (",%&.+&6 ("

MWXX ./ . 1.+/&% %./& /-." (/+ "&/ (",)2& R0-(,- .,/*.558 6&,5("&6S7

^&/ K%)1(/ 9.%:(" ^&/ !",)2&

P.5&+HHHHHHHHHHHHHHHHHHHHHHHHHHHH=

^&/ K%)1(/ 9.%:(" \\7MM

Z;aYW7WWHHHHHHHHHHHHHHHHHHHHH X7XYg= =


17/33

!%

$>7


18/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!%%

V/ F612 @14OLM5M

F-& %&/*%" )" &I*(/8 R


19/33

!%

$>7


20/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!%'

;?>*'8'

.A^FU;*;V3@*>ABA3CD=;;*EA3;F>

"#$%$%' ;#.)2*.. H2*4#&)#0$

F-& 5.+/ /-(": /-./ ."8 ("'&+/)% 0."/+ /) 6) (+ /) ("'&+/ (" . 1(%2 /-./ (+ "&.%(": . 4."?%*$/,

1(5(": )% .4)*/ /) +*11&% /-%)*:- . $&%()6 )1 +&'&%& 1(".",(.5 6(+/%&++7 P/.%/(": (" /-& 5./

X[_W+ ."6 ,)"/("*(": /)6.8; +,-)5.%+ ."6 ,%&6(/ .".58+/+ -.'& +$&"/ ,)"+(6&%.45& /(2& ."

&11)%/ /%8(": /) 6&'&5)$ 2)6&5+ /-./ ,)*56 (6&"/(18 +*,- ,)2$."(&+ (" .6'.",&7 F-& 4&+/

?")0" )1 /-&+& 2)6&5+ 0.+ ,%&./&6 48 K%)1&++)% E60.%6 @5/2." (" X[_a7 A& 0(55 6(+,*+

@5/2."3+ )%(:(".5 2)6&5 ."6 . 5./&% )"& 6&'&5)$&6 1)% $%('./&58 -&56 ,)2$."(&+7


21/33

!%

+,-.-/,.0 A,62>366 $>3;,/2,7

*+, A05P514O _8DH60, ^6Q,O'

F-& kH+,)%& 2)6&5 0.+ 6&'&5)$&6 *+(": . +/./(+/(,.5 /&,-"(I*& ?")0" .+ 2*5/($5

6(+,%(2("."/ .".58+(+7 F-(+ /&,-"(I*& ,%&./&+ . I*."/(/./('& 2)6&5 /-./ $5.,&+ . ,)2$."

("/) )"& )1 /0) R)% 2)%&S :%)*$+ 6&$&"6(": )" /-& +,)%&7 !1 /-& +,)%& (+ 4&5)0 /-& ,*/)1

$)("/; (/ (+ $5.,&6 ("/) :%)*$ X R+))" /) 4& 4."?%*$/S; )/-&%0(+& (/ (+ $5.,&6 ("/) :%)*$ M7 !

1.,/; @5/2." .5+) (6&"/(1(&6 . /-(%6 :%)*$ /-./ 1&55 ("/) . +)H,.55&6 N:%.8 B)"&7O F-&+

,)2$."(&+ ,)*56 :) &(/-&% 0.8; 4*/ +-)*56 6&1("(/&58 4& ,)"+(6&%&6 :%&./&% ,%&6(/ %(+?+ /-.

/-)+& (" :%)*$ M7 U&"&%.558; /-& 5)0&% /-& kH+,)%&; /-& -(:-&% /-& %(+? )1 1(".",(.5 6(+/%&++ )

4."?%*$/,87

F-& )%(:(".5 kH+,)%& 2)6&5 1)% $*45(,58 /%.6&6 ,)2$."(&+ (+G

7'8&"

0-&%& /-& '.%(.45&+ .%& /-& 1)55)0(": 1(".",(.5 %./()+G

@5/2." %&$)%/+ /-./ /-(+ 2)6&5 (+ aWl[Wg .,,*%./& (1 0& *+& . ,*/)11 $)("/ )1 M7_`Y7 F-./ (+

. 1(%2 0(/- . kH+,)%& 4&5)0 M7_`Y ,." %&.+)".458 4& &C$&,/&6 /) &C$&%(&",& +&'&%& 1(".",(.

6(+/%&++; ."6 $)++(458 4."?%*$/,8; 0(/-(" /-& "&C/ 8&.%7 F-& $%&6(,/('& .4(5(/8 )1 /-& 2)6&5 (

&'&" 4&//&% (1 0& *+& . ,*/)11 $)("/ )1 X7aX7 F-&%& .%&; /-&%&1)%&; /-%&& %.":&+ )1 kH+,)%&+G

A& ,." &.+(58 .$$58 /-(+ 2)6&5 /) EK! (" /-&


22/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!%(

("/) @ZM; ."6 (" JZM &"/&% /-& 1)%2*5.G

7

!1 8)*3'& &"/&%&6 /-& &I*./()" ,)%%&,/58; 8)* 0(55 1("6 /-./ EK!3+ kH+,)%& (" MWXX (+ Z7[M

0-(,- (+ +.1&58 .4)'& M7_`Y; +) 4."?%*$/,8 (+"3/ $%&6(,/&67

*+, _8DH60, ^6Q,O ]60 F05K42, E50WM

J&,.*+& '.%(.45& K\ (" &I*./()" R\HZWS %&I*(%&+ ?")05&6:& )1 /-& 1(%23+ 2.%?&

,.$(/.5(B./()" R(",5*6(": 4)/- ,)22)" ."6 $%&1&%%&6 &I*(/8S; 0& ,."")/ &.+(58 *+& /-& 2)6&

1)% $%('./&58 -&56 1(%2+7 E+/(2./&+ )1 /-& 2.%?&/ '.5*& )1 /-&+& 1(%2+ ,." 4& 2.6&; 4*/ /-

%&+*5/ (+ "&,&++.%(58 '&%8 *",&%/.("7 @5/&%"./('&58; 0& ,)*56 +*4+/(/*/& /-& 4))? '.5*& )&I*(/8 1)% (/+ 2.%?&/ '.5*&; 4*/ /-./ 0)*56"3/ 4& ,)%%&,/7 9)+/ $*45(,58 /%.6&6 1(%2+ /%.6& 1)

+&'&%.5 /(2&+ /-&(% 4))? '.5*&; +) +*,- . +*4+/(/*/()" 0)*56 +&&2 /) ,.55 1)% . "&0

,)&11(,(&"/ 1)% K\7 !" 1.,/; .55 )1 /-& ,)&11(,(&"/+ (" /-& 2)6&5 ,-.":&6 0-&" @5/2.

%&&+/(2./&6 (/ 1)% $%('./&58 -&56 1(%2+7

F-& "&0 2)6&5 1)% $%('./&58 -&56 1(%2+ (+G

7'8&!

0-&%& .55 )1 /-& '.%(.45&+ .%& 6&1("&6 .+ 4&1)%&; &C,&$/ /-./ K\*+&+ /-& 4))? '.5*& )1 &I*(/

("+/&.6 )1 2.%?&/ '.5*&7 @5/2." %&$)%/+ /-./ /-(+ 2)6&5 (+ )"58 +5(:-/58 5&++ .,,*%./& /-." /-

)"& 1)% $*45(,58 /%.6&6 1(%2+ 0-&" 0& *+& /-& "&0 ,*/)11 $)("/+ +-)0" 4&5)07

!1 0& /%&./ EK! .+ . $%('./&58 -&56 1(%2; (/+ kH+,)%& 1)% MWXX (+ Z7ZY ."6 1)% MWXW (+ Z7YY

F-&+& +,)%&+ +-)0 /-./ EK! (+ ")/ 5(?&58 /) 1(5& 1)% 4."?%*$/,8 ."8/(2& +))"7

D.#$5 "#$%$%' I%)#0.

L.5,*5./(": 1(".",(.5 %./()+ (+ . $)("/5&++ &C&%,(+& *"5&++ 8)* *"6&%+/."6 -)0 /) *+& /-&2

Q"& )'&%%(6(": %*5& )1 %./() .".58+(+ (+ /-(+G , .#$5'* 2%)#0 720>#4*. >*2- '#))'* #$102+%)#0

%$4 +%- 9* +#.'*%4#$57 b)* +-)*56 "&'&% 6%.0 ,)",5*+()"+ 1%)2 . +(":5& %./()7 !"+/&.6

+&'&%.5 %./()+; ."6 )/-&% ("1)%2./()"; +-)*56 +*$$)%/ ."8 ,)",5*+()"+ /-./ 8)* 2.?&7

J."?%*$/,8 $%&6(,/&6 0(/-(" )"& 8&.%

D(".",(.5 6(+/%&++; $)++(45& 4."?%*$/,8

^) 1(".",(.5 6(+/%&++ $%&6(,/&6

k W7`X KX W7a\ KM Z7XW KZ W7\MWK\ W7[[aKY+ + + +=

k X7MXE+/./&2&"/ /) (2$5&2&"/ )*% .*/)2./(, .".58+(+7 E+/./&2&"/ %&/*%"+ )"& )1 /0) '.5*&+; 6&$&"6(": )" 0-&/-&% . +/./&2&"/ (+ /%*& )% 1.5+&G

>ER!"#$%&!'()*(b +&!,)'$-'(.,)b M,FDGNO"N",F(GS

A-&%& !"#$%&!'()*( (+ ."8 +/./&2&"/ 0-(,- ,." 4& &'.5*./&6 .+ /%*& )% 1.5+&; ."6

+&!,)'$-'(.,) ."6 M,FDGNO"N",F(G .%& /-& %&/*%" '.5*&+ 0-(,- 6&$&"6 )" 0-&/-&

!"#$%&!'()*(0.+ /%*& )% 1.5+&7

A& .,/*.558 0."/ /) 2.?& /0) /&+/+ /) 6&/&%2("& 0-&/-&% . %./() (+ NU))6;O NQ?;O )% NJ.67

D(%+/; 0& 0(55 /&+/ /) +&& (1 /-& MWXX %./() (+ :%&./&% /-." /-& MWXW %./()7 F) 6) /-(+; 0& 6('(6/-& MWXX '.5*& 48 /-& MWXW '.5*&7 !1 /-& %&+*5/ (+ :%&./&% /-." )"&; /-&" /-& MWXX %./() (

:%&./&% /-." /-& MWXW %./()7 e+(": )"58 /-(+ /&+/; )*% 1)%2*5. 1)% /-& ,*%%&"/ %./() 0)*56 4&

(" EY7 !" /-(+ ,.+&; /-& %&+*5/ +-)*56 4& NU))6

4&,.*+& /-& MWXX '.5*& (+ :%&./&% /-." /-& MWXW '.5*&7 !1 8)* ,)$8 /-(+ 1)%2*5. /) E_; /-

%&+*5/ 0(55 4& NJ.6O 4&,.*+& /-& MWXX I*(,? %./() (+ 5)0&% /-." /-& MWXW I*(,? %./()7

A& ,." 2)6(18 /-(+ 1)%2*5. /) .5+) /.?& .,,)*"/ )1 /-& ("6*+/%8 .'&%.:&7 !1 /-& MWXX %./() (

:%&./&% /-." /-& MWXW %./() 41Q/-& MWXX %./() (+ :%&./&% /-." /-& ("6*+/%8 .'&%.:&; /-&" /-

%./() (+ NU))67O F) .,,)2$5(+- /-(+ 0& "&&6 /) *+& /-& @TV 1*",/()"7 F-(+ 1*",/()" 0(

%&/*%" /%*& )"58 (1 .55 .%:*2&"/+ .%& /%*&G

@TV7!"#$%&!/b !"#$%&!0b $ $ $ 9

!" /-(+ 1*",/()"; !"#$%&!/."6 !"#$%&!0.%& /-& /0) %&I*(%&6 .%:*2&"/+ /-./ ,." &.,- 4

&'.5*./&6 /) 4& &(/-&% /%*& )% 1.5+&7 b)* ,." -.'& *$ /) MYY .%:*2&"/+; 4*/ )"58 /0) .%

%&I*(%&67 F-& 2)6(1(&6 1*",/()" (" EY (+ ")0G

7 ^)0; /-& %./() 0(55 )"58 4& >*6:&6 .+ NU))6O (1 4)/

,)"6(/()"+ .%& /%*&7 ^)/& /-./ /-&8 .%& ")/ 1)% /-& ,*%%&"/ %./(); +) /-& %&+*5/ (+ NJ.67O

Q"& 1(".5 (2$%)'&2&"/ ,." 4& 2.6& 48 .66(": NQ?O /) /-& $)++(45& )*/,)2&+7 A& 0(55 +.

/-./ /-& %./() (+ NQ?O (1 /-& MWXX '.5*& (+ :%&./&% /-." /-& MWXW '.5*&; 60/-& MWXX '.5*& (

:%&./&% /-." /-& ("6*+/%8 .'&%.:&7 A& ,." .,,)2$5(+- /-(+ 48 "&+/(": . +&,)"6 >E+/./&2&"

("+(6& /-& 1(%+/ (" $5.,& )1 NJ.67O D)% /-& +&,)"6 >E+/./&2&"/; 0& "&&6 /) *+& EC,&53+ A1*",/()"G

A37!"#$%&!/b !"#$%&!0b $ $ $ 9


27/33

!&

B6,-? +,-.-/,.0 '.2,7

F-(+ 1*",/()" (+ (6&"/(,.5 /) /-& @TV 1*",/()"; &C,&$/ /-./ (/ %&/*%"+ /%*& (1 ."8 )1 (/

.%:*2&"/+ .%& /%*&7 F-& 1(".5 1)%2 )1 )*% &I*./()" (+G

7 D)% /-& ,*%%&"

%./(); /-(+ 0(55 &'.5*./& /) NQ?7O b)* ,." ")0 &'.5*./& .55 )1 EK!3+ %./()+ 48 ,)$8(": /-(1)%2*5. /) E_GEMa7

Q"& 2)%& ,-.":& (+ "&,&++.%87 *'8(

;F>SD3@*>ADB>*=@`*A^@*>.@T@UaD>D

b)* +-)*56 +&& /-./ "&.%58 .55 )1 EK!3+ %./()+ .%& >*6:&6 /) 4& NJ.67O F-(+ (+ &C.,/58 0-./ )*

$%&'()*+ .".58+(+ -.+ 6&/&%2("&6; &C,&$/ /-./ EC,&5 -.+ 6)"& (/ .*/)2./(,.5587 F-&%& .%


28/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!&%

2."8 ,-.":&+ /-./ ,)*56 4& 2.6& /) (2$%)'& )" /-(+ +(2$5& %./() .".58B&%; 4*/ 0& 0(55 5&.'

/-./ >)4 .+ ." &C&%,(+& 1)% 8)*7

G&0$0+#& H201#) P*%.32*. 01 H*2102+%$&*

E,)")2(, $%)1(/ (+ /-& $%)1(/ &.%"&6 (" &C,&++ )1 /-& 1(%23+ ,)+/+; (",5*6(": (/+ (2$5(,(

)$$)%/*"(/8 ,)+/+ R$%(2.%(58 (/+ ,)+/ )1 ,.$(/.5S7 @,,)*"/(": $%)1(/ R"&/ (",)2&S; -)0&'&%

2&.+*%&+ $%)1(/ .+ %&'&"*&+ 2("*+ .55 )1 /-& 1(%23+ &C$5(,(/ ,)+/+7 !/ /.?&+ ("/) .,,)*"/

1(%23+ ,)+/ )1 6&4/ ,.$(/.5 R("/&%&+/ &C$&"+&S; 4*/ (/ (:")%&+ /-& (2$5(,(/ ,)+/ )1 /-& 1(%23

&I*(/8 ,.$(/.57 F-& ,)",&$/ )1 &,)")2(, $%)1(/ (+ ." )56 )"&; 4*/ (/ -.+ 4&&" %&'('&6 (" /-

$.+/ 1&0 8&.%+ 48 ,)"+*5/(": 1(%2+ $%)2(+(": /) (2$%)'& /-& 1(".",(.5 $&%1)%2.",& ."

&C&,*/('& ,)2$&"+./()" $%.,/(,&+ )1 /-&(% ,5(&"/+7_ 9."8 5.%:& 1(%2+ -.'& +0(/,-&6 /

'.%()*+ 2&.+*%&+ )1 &,)")2(, $%)1(/r+)2& 0(/- :))6 %&+*5/+ ."6 +)2& ")/7 !" ."8 ,.+&; /-

2&/-)6 -.+ :&"&%./&6 . 5)/ )1 ("/&%&+/; ."6 0& 0(55 (",5*6& . +-)%/ 6(+,*++()" )1 2&.+*%("

&,)")2(, $%)1(/ (" /-(+ +&,/()"7

F-& 4.+(, (6&. 4&-("6 &,)")2(, $%)1(/ 2&.+*%&+ (+ /-./ /-& 1(%2 ,."")/ (",%&.+& +-.%&-)56&

0&.5/- *"5&++ (/ 2.?&+ . $%)1(/ (" &C,&++ )1 (/+ ,)+/ )1 ,.$(/.57`J&,.*+& 0& 0(55 4& /.?("

.,,)*"/ )1 /-& ,)+/ )1 ,.$(/.5 &C$5(,(/58; 0& ,."")/ *+& /-& ")%2.5 .,,)*"/(": 2&.+*%&+ )

$%)1(/ 6(%&,/587 F-& .6>*+/2&"/+ /) /-& 1(".",(.5 +/./&2&"/+ '.%8 6&$&"6(": )" /-& 1(%2 ."

0-) (+ 6)(": /-& ,.5,*5./()"+7 @/ /-& 2)2&"/; /-&%& (+ ") ,)2$5&/&58 .,,&$/&6 +/."6.%6

A(/- /-(+ (" 2("6; 0& 0(55 $%&+&"/ . +(2$5(1(&6 &,)")2(, $%)1(/ ,.5,*5./()"7

9./-&2./(,.558; &,)")2(, $%)1(/ (+G

7'8&%

0-&%& ^QK@F (+ "&/ )$&%./(": $%)1(/ .1/&% /.C&+7 F-& .1/&%H/.C ,)+/ )1 )$&%./(": ,.$(/.5 (+ /-

6)55.% ,)+/ )1 .55 ("/&%&+/H4&.%(": 6&4/ ("+/%*2&"/+ R(7&7; 4)"6+ ."6 ")/&+ $.8.45&S $5*+ /-

6)55.% ,)+/ )1 $%&1&%%&6 ."6 ,)22)" &I*(/87 U&"&%.558; /-& 1(%23+ .1/&%H/.C ,)+/ )1 ,.$(/.5 R

$&%,&"/.:& .2)*"/S (+ ,.5,*5./&6 ."6 /-&" 2*5/($5(&6 48 /-& .2)*"/ )1 )$&%./(": ,.$(/.5 /

)4/.(" /-& 6)55.% ,)+/7

_7 F-& 5&.6&% (" /-(+ &11)%/ (+ /-& ,)"+*5/(": 1(%2 P/&%" P/&0.%/ ."6 L)2$."8 0-) %&1&% /) &,)")2($%)1(/ 48 /-& ,)$8%(:-/&6 ".2& E,)")2(, d.5*& @66&6 REd@S7

`7 E,)")2(, $%)1(/ (+ .5+) 2&.+*%&6 48 ^Kd; 0-(,- (+ ("/%)6*,&6 (" L-.$/&% XX7 F-& $%(2.%6(11&%&",& (+ /-./ (" /-(+ ,-.$/&% 0& .%& /%8(": /) ,.5,*5./& /-& .,/*.5 &,)")2(, $%)1(/ /-./ 0.&.%"&6 )'&% +)2& $%&'()*+ /(2& $&%()6 R*+*.558 /-& $%&'()*+ 8&.%S7 ^Kd 2&.+*%&+ /-& &C$&,/&&,)")2(, $%)1(/ )1 . 1*/*%& ("'&+/2&"/7

E,)")2(, K%)1(/ ^QK@F @1/&%H/.C ,)+/ )1 )$&%./(": ,.$(/.5=

^QK@F F)/.5 ^&/ Q$&%./(": L.$(/.5 A@LL( )=


29/33

!&

&/7-74,/ $>736 7< $3>4.-/

F) ,.5,*5./& /-& &,)")2(, $%)1(/; 0& 2*+/ 1(%+/ ,.5,*5./& ^QK@F; /)/.5 )$&%./(": ,.$(/.5; ."

/-& 1(%23+ ,)+/ )1 ,.$(/.57 D)% )*% $*%$)+&+ (" /-(+ ,-.$/&%; /-& ,)+/ )1 ,.$(/.5 0(55 4& :('&

R+&& L-.$/&% XW 1)% /-& ,.5,*5./()"+S7 ^QK@F (+ /-& .1/&%H/.C )$&%./(": $%)1(/ )1 /-& 1(%2G

7'8&&

^)/& /-./ /-& ^QK@F ,.5,*5./()" 6)&+ ")/ (",5*6& ("/&%&+/ &C$&"+& 4&,.*+& (/ 0(55 4

&C$5(,(/58 .,,)*"/&6 1)% 0-&" 0& +*4/%.,/ /-& ,)+/ )1 .55 ,.$(/.57

F)/.5 )$&%./(": ,.$(/.5 (+ /-& +*2 )1 ")"("/&%&+/H4&.%(": ,*%%&"/ .++&/+ ."6 "&/ 1(C&6 .++&/+

5&++ ")"("/&%&+/H4&.%(": ,*%%&"/ 5(.4(5(/(&+7 A& (:")%& ("/&%&+/H4&.%(": ,*%%&"/ .++&/+ 4&,.*+

/-&8 .%& ")/ )$&%./(": .++&/+; ."6 0& (:")%& ("/&%&+/H4&.%(": ,*%%&"/ 5(.4(5(/(&+ R&7:7; ")/&

$.8.45&S 4&,.*+& /-& ,)+/ )1 /-&+& 5(.4(5(/(&+ (+ (",5*6&6 (" /-& ,)+/ )1 ,.$(/.57

A& 0(55 6&2)"+/%./& /-& ,.5,*5./()" )1 &,)")2(, $%)1(/ *+(": /-& E5'(+ K%)6*,/

!"/&%"./()".5 6./. 1)% MWXW ."6 MWXX7 9.?& +*%& /-./ /-& 0)%?4))? ,)"/.("(": EK!3

1(".",(.5 +/./&2&"/+ (+ )$&"; ."6 ("+&%/ . "&0 0)%?+-&&/ 1)% )*% &,)")2(, $%)1

,.5,*5./()"+7 P&/ *$ 8)*% "&0 0)%?+-&&/ .+ +-)0" (" EC-(4(/ \H` ."6 %&".2& /-& +-&&

NE,)")2(, K%)1(/7O

;?>*'8)

;.ATA^>.F3AE>*.@U.`U@*>ATEA3;F>

^)/& /-./ 0& .%& .++*2(": /-./ /-& 1(%23+ ,)+/ )1 ,.$(/.5 (+ XZg; ."6 /-& /.C %./& +-)*56 4

$*55&6 1%)2 /-& (",)2& +/./&2&"/ 0(/- /-& 1)%2*5.G 7 @

)1 /-& )/-&% "*24&%+ 2*+/ 4& ,.5,*5./&6 .+ 6(+,*++&6 .4)'&7


30/33

!"#$%&' )* +,-.-/,.0 12.2343-2 #-.056,6 %7706

!&'

5(.4(5(/(&+ 5&++ ")/&+ $.8.45&7 !" J_ &"/&% /-& 1)%2*5.G

7 b)*% %&+*5/ +-)*56 +-)0 /-./ /-& /)/.5 )$&%./(": ,.$(/.5 1)% MWXX 0.

iX;ZZY;_WW7 L)$8 /-& 1)%2*5. /) L_7

F) ,.5,*5./& /-& 6)55.% ,)+/ )1 ,.$(/.5 (" Ja; &"/&% /-& 1)%2*5.G = ,)$8 /-(+ /) La

*'8:

;F>SD.A^FU;*;V;.ATA^>.F3AE>*BA3CD=;;*

(3++%2-

!" /-(+ ,-.$/&%; 0& -.'& +&&" -)0 '.%()*+ 1(".",(.5 %./()+ ,." 4& *+&6 /) &'.5*./& /-

1(".",(.5 -&.5/- )1 . ,)2$."8 ."6 /-&%&1)%& /-& $&%1)%2.",& )1 /-& 2.".:&%+ )1 /-& 1(%2

b)* -.'& .5+) +&&" -)0 EC,&5 ,." 2.?& /-& ,.5,*5./()" )1 %./()+ I*(,?&% ."6 &.+(&% /-."6)(": (/ 2."*.5587 A& 5))?&6 ./ 1('& ,./&:)%(&+ )1 %./()+GF#A3#4#)- 2%)#0.2&.+*%& /-& .4(5(/

)1 . 1(%2 /) $.8 (/+ 4(55+= *11#*$&- 2%)#0.2&.+*%& -)0 0&55 /-& 1(%2 (+ 2.?(": *+& )1 (/

.++&/+ /) :&"&%./& +.5&+= '*>*2%5* 2%)#0.6&+,%(4& -)0 2*,- 6&4/ /-& 1(%2 (+ *+(": /) 1(".",


31/33

!&

1:44.>

(/+ .++&/+= &0>*2%5* 2%)#0. /&55 -)0 2*,- ,.+- /-& 1(%2 -.+ .'.(5.45& /) $.8 +$&,(1(

&C$&"+&+= ."67201#)%9#'#)- 2%)#0.2&.+*%& -)0 $%)1(/.45& /-& 1(%2 -.+ 4&&" )'&% . $&%()6 )

/(2&7

A& -.'& .5+) +&&" -)0 EC,&5 ,." 4& $%):%.22&6 /) 6) . %*6(2&"/.%8 %./() .".58+(

.*/)2./(,.558; *+(": )"58 . 1&0 )1 /-& 4*(5/H(" 5):(,.5 1*",/()"+7 F.45& \HX $%)'(6&+

+*22.%8 )1 /-& %./() 1)%2*5.+ $%&+&"/&6 (" /-(+ ,-.$/&%7 D(".558; 0& 5))?&6 ./ /-& ,)",&$/ )

&,)")2(, $%)1(/ ."6 -)0 (/ ,." :('& . 2*,- ,5&.%&% $(,/*%& )1 . 1(%23+ 1(".",(.5 -&.5/- /-.

/%.6(/()".5 .,,)*"/(": $%)1(/ 2&.+*%&+7

*@?U;'8!

D`^^@3aAEE>T@T.>@U3@*>AD

T4W, 6] 34256 E60W/O4 F4P,

U5Z/5Q52L 34256M

L*%%&"/


32/33


33/33

$>7@034

*@?U;'8%

E`T.*>ATD>T*3AV`.;V>T*=>D.=@F*;3

F/0X6M, E/1H2561 F4P,

ER!"#$%&!'()*(; +&!,)'$-'(.,);

M,FDGNO"N",F(GS XZW

Documents

Financial Statement Analysis Tools