M & A Insights Allen & Overy 2015 H1

7/21/2019 M & A Insights Allen & Overy 2015 H1

http://slidepdf.com/reader/full/m-a-insights-allen-overy-2015-h1 1/28

Iesikfts, F1 2:1<

www.agglemvlry.hmn/naiesikfts



Hmetlets

N&A Iesikfts | F1 2:1< 2

© Aggle & Mvlry GGZ 2:1<



6

20

13

Rlkimeag iesikfts

6 \.X.9 Gatie Anlriha

9 [lstlre Lurmpl

1: HLL ae` HIX

11 Ni``gl Last ae` Emrtf Acriha

12 Xub-Xafarae Acriha

18 Ieìa

18 Asia Zahih

A kgmbag seapsfmt

20 Pmp 2: kgmbag mutbmue` ahquirlrs

ae` iebmue` tarklt narolts

23 Pmp tarklt narolts cmr tfl

wmrg ’s garklst ahquiriek hmuetrils

Xlhtmr iesikfts

13 Hmesunlr

1; Lelrky ae` Iecrastruhturl

16 Cieaehiag slrvihls

19 Gicl shilehls

19 Nieiek2: Zrivatl lquity

21 Plglhmns, nl ia ae` tlhfemgmky

3Ie cmhus

3 Klelratime ¥ ‘ RNB4

tfl elw kgmbag hurrlehy

0Lxlhutivl sunnary

0 Lxlhutivl sunnary

< Kgmbag N&A ie eunblrs




N&A bmmstl` by a hmetieuiek strlan mc bik-tiholt traesahtimes wfihfwl lxplht tm nugtipgy.

Lxlhutivl sunnary4

Bik `lags bmmst vaguls

F1 2:1< FIKFGIKFPX IEHG\@L4

BIK XPRAPLKIH @LAGX

PM PFL CMRL

Ie a krmwiek eunblr mc slhtmrs ae` rlkimes, bik-tiholt,

nugti-biggime `mggar traesahtimes tfat arl fikfgy stratlkih

arl blhmniek nmrl prlvaglet. [l’vl slle suhf `lags

ie slhtmrs as ivlrsl as mig ae` kas, suplrnarolts,

gicl shilehls ae` PNP.

HRMXX-BMR@LR AHPISIPY

HMEPIE\LX XPRMEKGY

Hrmss-bmr`lr traesahtimes arl pihoiek up pahl.

Hfielsl ievlstmrs arl emw hmnpltiek witf lahf mtflr

cmr mvlrslas asslts ‘ a rarity ie tfl past. [itf tfl lurmgmwlr ie vagul ae` krmwtf sgmwgy pihoiek up, Lurmpl is

a oly tarklt arla cmr Asiae ae` \.X. ievlstmrs.

NAHRM-LHMEMNIH CLARX

\E@LR HMEPRMG

[mrrils abmut Krllo `lbt, hmeiht ie tfl Ni gl Last

ae` Russia, ae` tfl giolgifmm` tfat ietlrlst ratls wigg

smme risl, `m emt ylt slln tm bl trmubgiek ievlstmrs.

N&A is stigg slle as tfl quiholst way tm lxpae` ie

wfat rlnaies a gmw mr sgmw-krmwtf levirmenlet.

PAV XPIGG A @RISLR

CMR \.X. @LAGX

[l lxplht tm sll hmetieuiek fikf glvlgs mc hrmss-bmr`lr

ahquisitimes by \.X. hmnpaeils as tfly gmmo cmr ways

tm `lpgmy tflir mvlrslas lareieks, ratflr tfae rlpatriatl

prmts ae` cahl a bik hmrpmratl tax bigg.

HMEXMGI@APIME HMEPIE\LX

IE PNP AE@ GICL XHILEHLX

Pflrl rlnaies pglety mc gicl ie tfl PNP ae gicl shilehls

slhtmrs witf ieùstry hmesmgi atime mctle `riviek ahtivity.

Pago mc tfl gicl shilehls bubbgl bliek abmut tm burst,

actlr gast ylar’s spatl mc ievlrsime `lags, gmmos mvlr`mel.

ZL B\YM\PX XLP

PM IEHRLAXL

Cue`s favl blle cmhusl` me lxits siehl tfl hrisis

ae` favl blle uewiggiek tm hmnpltl cmr asslts witf

hasf-rihf stratlkih buylrs. Pfat hmug bl abmut tmhfaekl, agtfmukf bigatlrag `lags ratflr tfae auhtimes

nay bl tfl prlclrrl` traesahtime rmutl. Hgub `lags

arl agsm me tfl risl.

PFL LNZFAXIX XFICPX

IE BAEOIEK

Bik Lurmplae baeos, ie part `rivle by rlkugatime,

slln slt tm ture tflir bahos me tfl kgmbag akleà

tfly favl pursul` cmr smnl ylars, ie cavmr mc

slglhtl` narolts. Pfis hmug glavl tfl bik \.X.

baeos `mnieatiek kgmbag baeoiek.

M\PGMMO RLNAIEX

B\GGIXF

Xfarlfmg lrs arl ahtivlgy lehmurakiek hmnpaeils tm

`m bik, stratlkih traesahtimes. Hasf rlnaies rla igy

avaigabgl ae` `lbt, wfigl giolgy tm klt nmrl lxplesivl,

rlnaies rlasmeabgl. 2:1< fas tfl pmtletiag tm bl a

rlhmr`-brlaoiek ylar.





Kgmbag N&A ie eunblrs F1 2:1<

Pmp < slhtmrs by vagul (\X@)

896be PNP

23<beLelrky

2:8beHmesunlr198be

Gicl Xhilehls

181beCieaehiag

Xlrvihls

e un r

e r y

Ahtivity by lag vagul (\X@)

:-<::n

<::n-1be

1-8be

8-<be

<be+

6;%

3%

0%

:.9%

1.8%

Iehrlasl ie nlka`lags

mvlr \X@<be

<8@LAGX F1 2:1<

@LAGX F1 2:1008

Emtl4 tflsl kurls rlprlslet tfl tmtag eunblr mc lags aeemuehl` bltwlle Daeuary 1, 2:1< ae` Duel 29, 2:1< iehgusivl.

@lag vmgunls by rlkime

Rlkime% mc `lagsby rlkime

[lstlre Lurmpl 82%

\.X. 26%

Asia Zahih 10%

Krlatlr Hfiea 18%

HLL ae` HIX 8%

Ie ia 8%

Gatie Anlriha 8%

NLEA 1%

Xub-Xafarae Acriha

1%

Mtflr 2%

Mvlr

2<%

Glss

tfae

1:%

Bltwlle

1:% ae`

2<%

8%

8%

8%

1%

1%

82%

26%

18%

10%




Klelratime ¥ ‘

RNB4 tfl elwkgmbag hurrlehy

Pfl risl mc tfl rleniebi (RNB)

Hfiea’s hurrlehy, tfl RNB, fas wlggae` trugy arrivl` me tfl kgmbag stakl,

prlsletiek bmtf mppmrtueitils ae` pmtletiagrisos tfat tfl naey ietlreatimeag hmnpaeilslekakl` ie tfl wmrg ’s slhme`-garklst lhmemnyhaeemt amr` tm ikemrl.

[figl tfl hurrlehy’s

ietlreatimeagizatime fas blle

wlgg mhunletl`, glss fas blle

prlsletl` me wfat its risl nlaes

cmr nugtieatimeags, ae` fmw it is

bliek suhhlsscuggy iehmrpmratl` ietm hmrpmratl

stratlkils. Pflrlcmrl Aggle & Mvlry ahhmr iekgy

hmnnissimel` a rlpmrt crmn tfl Lhmemnist Ietlggiklehl

\eit tm a``rlss tfis kap, wfihf was pubgisfl` ie

Aprig 2:1<. Pfis rlslarhf lxaniels fmw hmnpaeils

basl` mutsi`l mc Hfiea arl usiek tfl RNB ae` fmw

tfat usakl is hfaekiek. Pfl ceìeks ieìhatl tfat

‖hmnpltlehl ie naeakiek RNB lxpmsurl is emw em

gmeklr dust smnltfiek wfihf is ‗eihl tm favl„ but is

lssletiag tm buig iek vagul cmr kgmbag busielssls.’

@lspitl wmrrils abmut Hfiea’s sgmwiek krmwtf, tflrl is

lvlry rlasme tm blgilvl tfat tfl rleniebi’s ashleàehl wigg

emt megy hmetieul, but agsm ahhlglratl. [figl ie tfl past tfis

prmhlss was naeakl` garklgy by pmgihynaolrs, tflrl arl

elw `rivlrs lnlrkiek me tfl `lnae` si`l mc tfl lquatime.

Hfiea’s cmrlike ievlstnlet levirmenlet is giolgy tm sll

sikeihaet giblragizatime ie tfl ylars afla`, lehmurakiek

nmrl hmnpaeils tm ievlst ie tfl hmuetry ae` kiviek tfln a

krlatlr iehletivl tm usl tfl rleniebi tm lxtle` tflir Hfiea

mplratimes. At tfl sanl tinl, tfl lxtlesime mc eaehiag

tlhfemgmkils suhf as nihrmhrl it ae` l-hmnnlrhl wigg

iehrlasl tfl eunblr mc plmpgl witfie Hfiea wfm favl

ahhlss tm nmely ae` hrl it. Hmeslquletgy naey nmrl

wigg bl lekakiek ie hrmss-bmr`lr traesahtimes, tflrlby

hmetributiek tm tfl hurrlehy’s nmnletun.

Ie giel witf tflsl `lvlgmpnlets, Hfiea’s rlkugatmry

rlkinl is bliek traescmrnl` tm suhf ae lxtlet tfat naey

nugtieatimeags wigg favl tm tfieo abmut tflir trlasury cuehtime

icclrletgy. [itf tfl lnlrklehl mc crll tra`l zmels, wflrl

tfl hurrlehy mws nmrl mplegy, ae` witf rlkugatmrsklelraggy a`mptiek a nmrl lxibgl apprmahf, naey mc tfl

mg` rlstrihtimes ae` hmestraiets me wfihf hmnpaeils favl

basl` tflir rleniebi-rlgatl` `lhisimes ae` stratlkils arl

ca iek away. Busielssls sfmug` rl-lxaniel tflir trlasury

naeaklnlet prahtihls ie rlgatime tm tflir Hfiea mplratimes,

i`leticy aey `lhilehils mr kaps tfly wlrl ueabgl tm

a``rlss prlvimusgy, ae` gauehf a elw lccmrt tm gmmo cmr

smgutimes. Pfly arl giolgy tm e` rlkugatmrs nmrl wiggiek tm

suppmrt tfis prmhlss. Pfl iehrlasiekgy ahtivl ae` garklgy

mple mccsfmrl rleniebi narolt agsm prmvi`ls hmnpaeils

witf elw cueìek ae` asslt ivlrsihatime mptimes.





Cirns hae agsm lxpgmrl icclrlet hfaeelgs cmr hrmss-bmr`lr

paynlets, stayiek aglrt tm prmkrlss ie tfl giblragizatime

mc Hfiea’s hapitag ahhmuet.

Mvlragg, tfl rleniebi’s ietlreatimeagizatime is a rlnaroabgl

prmhlss tfat wigg hmetributl pmsitivlgy tm bmtf tfl

`lvlgmpnlet mc tfl Hfielsl narolt ae` tfl mplratimes mc

nugtieatimeags witf a prlslehl ie tfl wmrg`’s nmst pmpugmus

eatime. Ratflr tfae ae arlea mc barrilrs tm bl hmecrmetl` mr

hirhunvletl`, Hfiea’s hurrlehy ae` cmrlike lxhfaekl

rlkinl is giolgy tm bl a smurhl mc elw pmssibigitils cmr tfmsl

hmnpaeils wfm ollp abrlast mc tfl hfaekls Hfiea isue`lrkmiek, ae` a dust tflir mwe pmgihils ie rlspmesl.

Cmr sm gmek, tfl rleniebi fas blle slle as a hurrlehy

cugg mc pmtletiag, witf tfl brikftlst mc ietlreatimeag cuturls.

Cmr kgmbag hmnpaeils, tfat cuturl fas agrla`y arrivl`.

Hmniek tm Hfiea ‘

ae` harryiek rleniebi

Pfl rapi krmwtf ie N&A ahtivity ie Hfiea fas pgayl` a

sikeihaet rmgl ie tfl rleniebi’s lnlrklehl as a kgmbag

hurrlehy. Cmr nugtieatimeags pursuiek ievlstnlets ae`

N&A mppmrtueitils ie Hfiea, \.X. `mggar mr mtflr cmrlike

hurrlehy-`lemnieatl` ievlstnlets arl stigg tfl emrn,

but wl favl slle iehrlasl` usl mc tfl rleniebi ie bmtf

cmrlike irlht ievlstnlet ae` N&A traesahtimes. Pfis is

mctle a rlsugt mc nugtieatimeags faviek a gmt mc rleniebi mefae` ul tm traìek ahtivity witf Hfielsl hustmnlrs mr

lxistiek mplratimes ie Hfiea. Nugtieatimeags arl agsm

iehrlasiekgy ahtivl issulrs ie tfl rleniebi-`lemnieatl`

`lbt iestrunlet narolt.

Pfmsl nugtieatimeags wfm briek rleniebi-`lemnieatl

cueìek tm a Hfiea-basl` ahquisitime mr ievlstnlet kaie

slvlrag a`vaetakls. Mel hglar blelt is tfl avmiàehl

mc cmrlike lxhfaekl ratl uhtuatimes, wfihf hae naol

rleniebi ievlstnlets nmrl attrahtivl crmn a prihiek pmiet

mc vilw. Me tfl rlkugatmry si`l, cue iek ie rleniebi

crlquletgy rlsugts ie snmmtflr traesahtimes. Hfielsl baeos

ae` prmhlssiek aklets arl eaturaggy nmrl canigiar ae`

flehl nmrl rlgaxl` witf tflir mwe hurrlehy, nlaeiek

cue`s tle` tm bl rlglasl` nmrl quihogy ae` tfl assmhiatl`

paplrwmro prmhlssl` nmrl lchiletgy actlr rlkugatmry

apprmvag cmr ae ahquisitime is slhurl` ‘ lvle ic tfl cue iek

is raisl` ie tfl mccsfmrl narolt. @mnlstih ahquisitimes ie

cmrlike hurrlehy arl typihaggy subdlht tm nmrl ginitatimes

ae` flehl shrutiey at tfl baeo glvlg.

Nmst inpmrtaet is tfl caht tfat elw giblragizatime ieitiativls

ae` rlkugatimes arl agnmst letirlgy cmhusl` me tfl rleniebi.

Me a psyhfmgmkihag glvlg, rlkugatmrs arl nuhf nmrl

hmncmrtabgl gictiek rlstrihtimes me tfl rleniebi tfae tfmsl

me cmrlike hurrlehils. Hmnpaeils raisiek cue`s ae`

hmnpgltiek N&A traesahtimes ie rleniebi emw arl tflrlcmrl

pmsitimeiek tflnslgvls at tfl cmrlcrmet mc tfl rlkugatmry

hurvl ae` wigg bl wlgg pmsitimel` tm blelt crmn cuturlprmkrlss ie tfl hurrlehy’s ietlreatimeagizatime. @lspitl a

pmssibgl sgmw`mwe ie Hfiea’s lhmemnih krmwtf, tfl sfllr

sizl mc tfl narolt ae` its lnlrkiek hmesunlr hgass nlae

tfat ietlrlst ie N&A ae` mtflr ievlstnlet mppmrtueitils ie

tfl hmuetry wigg rlnaie fikf. [l lxplht nmrl nugtieatimeags

tm lxaniel rleniebi-`lemnieatl` cue iek mr tap lxistiek

rleniebi smurhls as tfly pursul tflsl mppmrtueitils,

snmmtfiek tfl hurrlehy’s patf tm kgmbag ahhlptaehl.

Pm rlhlivl a hmpy mc mur RNB rlpmrt pglasl splao

tm ymur usuag Aggle & Mvlry hmetaht.




Rlkimeag iesikfts

Saguls arl fmg iek up, strmekgy bumyl by a krmwiek eunblr mc bik-tiholt,stratlkih ahquisitimes. Pfl \.X. hmetieuls tm plrcmrn vlry strmekgy as`mls Hfiea, wfigl a wlaolr lurm ae` a rlture tm krmwtf arl naoiek[lstlre Lurmpl a nakelt cmr Anlrihae ae Asiae ievlstmrs.

\.X.

Xlat blgts buhogl`

Pfl statistihs ieìhatl tfat Q2 was ae l kilr quartlr cmr

\.X. traesahtimes, hlrtaiegy by tfl rlhlet staeàr`s mc wfat

rlnaies tfl wmrg`’s nmst `yeanih N&A narolt. Agtfmukf

tflrl wlrl clwlr `lags, `lag vaguls i` fmg` tflir krmue`

tfaeos tm a eunblr mc sikeihaet bik-tiholt traesahtimes.

But tflrl arl kmm` rlasmes tm blgilvl tfat tfl narolt

is ahhlglratiek ietm tfl slhme` fagc mc 2:1<, ratflr tfae

sgmwiek `mwe. Duel was emtihlabgy busilr tfae Nay

ae` tfl piplgiel gmmos vlry rmbust cmr tfl hmniek nmetfs.

Pflrl is agsm hglar lvi lehl tfat N&A ahtivity is brma`leiekmut ietm a wi`lr varilty mc slhtmrs tfae was tfl hasl tfis

tinl gast ylar wfle tax ievlrsime `lags, nmstgy by \.X.

pfarnahlutihag hmnpaeils, gl` tm a su``le spiol ie ahtivity.

Pfl narolt agsm sllns tm bl lhmupgiek itslgc crmn smnl

mc tfl nmrl trmubgiek nahrm-lhmemnih cahtmrs hurrletgy

ie pgay. Ymu’` lxplht tm sll a hmrrlgatime bltwlle lquity

prihls ae` N&A ahtivity, cmr lxanpgl. [figl lquitils rlnaie

at kmm` fistmrih fikfs mvlragg, tfly favl blle brma gy

atgieiek siehl tfl start mc tfl ylar. @lspitl tfis, hme`lehl

ie bmar`rmmns tm `m stratlkih traesahtimes is ue inieisfl`.

[mrrils abmut tfl inpaht mc a Krllo lxit crmn tfl lurm,

hmesi`lrabgl turnmig ie tfl Ni` gl Last ae` tfl giolgifmm`

mc tfl Cl`lrag Rlslrvl pusfiek up \.X. ietlrlst ratls ietfl tfir` quartlr `m emt slln tm bl `ltlrriek pmtletiag

`lagnaolrs litflr.

Pfat nay sukklst ievlstmrs arl hme`let tfly hae naeakl

tflsl pmtletiag nahrm-lhmemnih tfrlats. Mr ‘ cmr tfl nmrl

plssinistih ‘ it nikft ie ihatl tfat hmrpmratl Anlriha fas

`lhi`l` tfat tfl megy rlag way tm lxpae` ie a gmw mr

em-krmwtf levirmenlet is tm ahquirl elw busielssls.

Bmtf rla ieks inpgy tfat N&A ahtivity is slt tm hmetieul.

A eunblr mc inpmrtaet lags ie ihatl tfl brla`tf mc

hurrlet ahtivity, wfihf spaes naey slhtmrs iehgu iek nl ia,

tlhfemgmky, flagtf iesuraehl, cmm`, ieùstriag ae`

suplrnarolts, as wlgg as pfarnahlutihags, wfihf rlnaies

ietleslgy busy.

Anmek tfl stae`mut Q2 traesahtimes was tfl akrll`

ahquisitime mc Pinl [arelr Habgl by Hfartlr

Hmnnueihatimes, wflrl Dmfe Nagmel is a stratlkih `riviek

cmrhl, cmr \X@<8.8be. It hanl actlr Hmnhast was cmrhl` tm

ìthf its mwe \X@0<.2be bi` cmr Pinl [arelr actlr caggiek

cmug mc tfl hmnpltitime autfmritils. Ie a` itime, a `lhisime

is lxplhtl` smme me tfl ahquisitime mc @irlhPS by AP&P.

Ie tfl tlhf arlea tflrl wlrl a eunblr mc inpmrtaet

hmesmgiàtime `lags ie tfl slni-hmeùhtmr slhtmr as

Ietlg ahquirl` Agtlra cmr \X@13be, ae` Avakm bmukft

Brma`hmn cmr \X@8;be. Afmg` ae` @lgfaizl nay bl

@uthf ae` Blgkiae suplrnarolt hmnpaeils, rlsplhtivlgy,

but tfly bmtf lare tfl nadmrity mc tflir rlvleuls ie tfl

\.X., nmstgy me tfl last hmast. Pfly arl nlrkiek ie a

`lag wmrtf \X@26be, wfihf wigg sll tfl hrlatime mc mel

mc tfl bikklst suplrnarolt krmups ie tfl \.X. witf cmur

suplrnarolt brae`s flrl hmniek ue`lr tfl sanl baeelr.

Pfl piplgiel gmmosvlry rmbust cmr tflhmniek nmetfs.

ZL fmusls arl agsm iehrlasiekgy ahtivl, agtfmukf lxits

rlnaie tfl naie primrity at a tinl wfle tfly `m emt favltfl rlsmurhls (mr iehgieatime) tm try tm mutbi` hasf-rihf

stratlkih buylrs.

Pwm mtflr cahtmrs hmug flgp tm prmplg tfl narolt cmrwar`

ie tfl nmetfs afla`. [l lxplht tm sll ae iehrlasl ie

taol-privatl ahtivity, partihugargy by Hfielsl busielssls

tfat favl a \.X. gistiek ae` cmue`lrs mr mwelrs wfm

naietaie a sikeihaet staol. [l agsm lxplht a eunblr mc

\.X. nugtieatimeags tm `lpgmy tflir mvlrslas lareieks me

ahquisitimes abrma` ‘ ie Lurmpl, Asia ae` Acriha ‘ ratflr

tfae rlpatriatiek tfl hasf ae` cahiek a flcty hmrpmratl





tax bigg. Pfly wigg sll tfat as a tax lchilet usl mc tfl hasf

tfly’vl larel` ie rlhlet ylars.

GAPIE ANLRIHA

Lxplhtatimes ylt tm bl nlt

Ahtivity ahrmss Gatie Anlriha quiltlel` mwe ie tfl

slhme` quartlr, witf clwlr hmnpgltl` traesahtimes

tfae lxplhtl`.

Ie Brazig tfat rllhts a hmetieuiek nisnathf mclxplhtatimes bltwlle buylrs ae` slgglrs mvlr prihl.

[itf tfl rlhlet `lvaguatime mc tfl rlag akaiest tfl `mggar,

naey fa` lxplhtl` asslts tm hmnl `mwe ie prihl,

but slgglrs hmetieul tm pusf akkrlssivlgy cmr vlry fikf

nugtipgls. Pfat hmug` hfaekl as tfl ylar uecmg`s,

emt glast as a curtflr 1:% tm 1<% `lvaguatime mc tfl

rlag is lxplhtl` ie tfl hmniek nmetfs ahhmrìek tm

smnl lhmemnists.

Pflrl wlrl a eunblr mc stae`mut `lags flrl, fmwlvlr,

emt glast tfl sagl mc staols ie tfl cast krmwiek fmspitags

busielss, Rl`l @’Mr. ZL cue` Hargygl ahquirl` ae

6.8% staol ie tfl busielss ie Aprig hgmslgy cmggmwl`

by Xiekapmrl’s Xmvlrlike [lagtf Cue`, KIH, wfihf fas

taole a 1<.2% ietlrlst ie a `lag lstinatl` tm bl wmrtf

dust mvlr \X@1be. Pfl slgglrs me bmtf mhhasimes wlrl

BPK Zahtuag ae` busielssnae Dmrkl Nmgg. Inpmrtaetgy,

tfl `lag cmggmws tfl gictiek mc a bae me cmrlike mwelrsfip

ie tfl flagtf slhtmr ae` hmug` bl a pahlslttlr cmr curtflr

iebmue` ievlstnlet ie tfis arla.

FXBH’s rlvilw mc its kgmbag asslts wigg gla` tm a eunblr

mc ìspmsags, iehguìek its ietlrlsts ie Brazig. Pfl sagl is

giolgy tm bl tfl bikklst traesahtime ie tfl slhme` fagc

mc tfl ylar. Hurrletgy tfrll `mnlstih baeos ‘ Xaetae`lr,

Itau-\eibaehm ae` Baehm Bra`lshm ‘ arl slle as

crmetrueelrs tm buy tfl busielss wfihf hmug` bl wmrtf

bltwlle \X@0-6be.

Pfl bik qulstime is4 wigg tfl sagl attraht wlgg hapitagizl`

Hfielsl buylrs wfm favl blle iehrlasiekgy ahtivl ie

Brazig’s eaehiag slrvihls slhtmr ie rlhlet nmetfs=

Hlrtaiegy tflrl arl sikes tfat Hfiea is waoiek up tm Brazig

as ae ievlstnlet gmhatime ae` ahrmss varimus slhtmrs

iehguìek pmwlr, akrihugturl ae` mig ae` kas. But tflrl

favl blle clw hmnpgltl` `lags tm àtl.

Nlxihm rlnaies a cmhag pmiet cmr ievlstmr ietlrlst at tfl

nmnlet, but, lspitl krmwiek lbt ae` lquity ahtivity me

tfl Hapitag Narolts, tfis fas ylt tm traesgatl ietm a mm`

mc N&A lags. Mel bik lxhlptime was tfl ahquisitime mc

Sitrm, tfl kgassnaolr witf vl pgaets ie Nlxihm ae` mel ie

Bmgivia, by Mwles-Iggiemis, tfl wmrg`’s bikklst naolr mc kgass

hmetaielrs. Pfl lag is vagul` at \[email protected]<be.

Lgslwflrl, tfl Zlruviae narolt gmmos tm bl hmmgiek mcc

but Hmgmnbia is vlry ahtivl akaie. Pfl ahquisitime by tfl

Hmgmnbiae utigitils kiaet, LZN, mc a watlr busielss crmn

tfl Hfiglae nieiek krmup, Aetmcakasta, cmr \X@93<n was

a stae`mut `lag.

[l agsm lxplht tm sll Arkletiea hmnl baho strmekgy

ie tfl nmetfs afla`. Hmrpmratls ae` baeos arl garklgy

taoiek a wait-ae`-sll apprmahf kivle rlsiùag lvaguatime

hmehlres ae` tfl hmniek prlsi`letiag lglhtimes pgaeel`cmr Mhtmblr 2:1<. Pfl hmeslesus vilw is tfat wfmlvlr

wies, pmgihy a`dustnlets arl ielvitabgl ae` wigg naol tfl

hginatl nmrl anleabgl tm iehrlasl` lhmemnih ahtivity,

iehguìek N&A ae` iebmue` ievlstnlet.

Pfl mutbmue` stmry agsm hmetieuls apahl witf

Gatie Anlrihae ievlstmrs gmmoiek tm `m `lags ie Acriha,

tfl Ni``gl Last, Asia ae` Lurmpl. Sagl’s nieiek vleturl

witf Nitsui ie Nmzanbiqul ae` tfl nmrl rlhlet pmugtry

`lag bltwlle BRC ae` Xiekapmrl Cmm`s arl part mc

a wi`lr trle` ae` wl lxplht tm sll nmrl mc suhf

traesahtimes ie tfl elar cuturl.

[LXPLRE L\RMZL

Clwlr ‘ but nuhfbikklr ‘ lags

Pfl trle` tmwar s nmrl ae` nmrl bik-tiholt N&A,

but witf clwlr `lags mvlragg, was hglar ie [lstlre Lurmpl

ie tfl slhme` quartlr, wflrl wl saw vaguls risl

sikeihaetgy akaiest Q1 lvle tfmukf tflrl wlrl dust

mvlr fagc as naey traesahtimes.

Busielss-tm-busielss ievlstmrs, strmekgy suppmrtl` by

sfarlfmg`lrs, arl hglargy kaieiek tfl hme`lehl tm `m

bik stratlkih `lags, `rivle by ieùstriag gmkih ae` tfl

`lsirl tm iehrlasl narolt sfarl ae` hapturl inpmrtaet

syelrkils. Xuhf `lags arl ieflrletgy hmnpglx ae` ichugt

tm hmnpgltl. Pfl caht tfat nmrl arl hrmssiek tfl eisfiek

giel is lvi`lehl mc tfat krmwiek hmrpmratl hme`lehl.

Pfl lags arl agsm fappleiek ahrmss slhtmrs. Ie lelrky,

wl saw Xflgg’s kiaet KZB0;be taolmvlr mc BK Krmup,

a `lag wfihf naols Xflgg mel mc tfl wmrg`’s bikklst kas

prmùhlrs, ae` tfl Lniratls Eatimeag Mig Hmnpaey (LEMH)

slloiek tm buy tfl rlnaie`lr mc @rakme Mig ie ae akrll`

KBZ8.;be `lag.




Ie rltaig, Afmg` mc tfl Eltflrgae`s ae` its Blgkiae

rivag, @lgfaizl, hgmsl` tfl quartlr witf elws mc a

\X@26be nlrklr, a `lag wfihf fas fukl sikeihaehl

cmr bmtf tfl Lurmplae ae` \.X. suplrnarolt slhtmr.

Ie pfarnahlutihags, tfl tfrll-way, nugti-biggime klelrihs

taolmvlr battgl ievmgviek Nygae, Zlrrikm ae` Plva is

prmmc tfat gicl shilehls rlnaies a fmtbl` cmr traesahtimes,

lvle tfmukf gast ylar’s tax ievlrsime stanpl`l is mvlr.

Lurmpl’s hlgg pfmel ae` habgl ieùstrils agsm rlnaie

krippl` by nmvls tmwar`s litflr hmesmgiàtime mr

hmevlrklehl, witf smnl trihoy hmnpltitime issuls

tm bl a``rlssl` by tfl L\ Hmnnissime ie tfl nmetfs

afla`. @lutshfl Plglomn fas, nlaewfigl, ahquirl` tflrlnaieiek 09% mc Xgmvao Plglomn cmr smnl L\R9::n.

Ie gmkistihs, wl saw pgaes cmr a \[email protected] nlrklr bltwlle

Cl`lx ae` PEP aeemuehl` ae` VZM, mc tfl \.X., ahquirl

Craehl’s Emrblrt @letrlssaekgl cmr \X@8.<8be. Ie tfl

hmesunlr slhtmr it fas blle rlpmrtl` tfat tfl Rlinaee

canigy, tfrmukf its sfarlfmg iek ie Hmty, is hgmsl tm buyiek

[lgga cmr ae lstinatl` \X@12be crmn Z&K, wfihf is busy

ìspmsiek mc smnl mc its glss wlgg plrcmrniek brae`s.

Itagy agsm saw smnl bik-tiholt lags, witf Sivle i iehrlasiek

its staol ie Plglhmn Itagia tm 10.9% cmr L\R1.0be ae`

splhugatime mc Futhfisme [fanpma’s 8 Itagia tlaniek witf

Sinplghmn’s [ie` Plglhmnueihazimei tm hrlatl Itagy’s garklst

hlgg pfmel mplratmr, witf smnl 81 niggime hustmnlrs.

Zfarna ae rlag lstatl wlrl agsm busy.

Busielss-tm-busielss ievlstmrs, strmekgysuppmrtl` by sfarlfmg`lrs,arl hglargy kaieiek tflhme`lehl tm `m bik

stratlkih `lags.Ie eaehiag slrvihls, tfl rlcmrn mc Itagy’s Baehfl Zmpmgari

fas blle apprmvl` ae` sfmug` prmnmtl curtflr

traesahtimes, wfigl A`vlet, Baie ae` Hglssi`ra favl

sikel` ae akrllnlet tm ahquirl ae 6<.;% staol ie tfl

Hletrag Iestitutl mc Itagiae Hm-mplrativl Baeos (IHBHI),

cmr elargy L\R2.1<be. Zrmnisl` privatizatimes mc Leav

ae` Zmstl Itagiael ae` tfl sagl mc kmvlrenlet staols ie

LEI, Ciehaetilri ae` XPNihrmlglhtrmeihs, wigg hmetieul

tfl nmnletun as tfl ylar uecmg`s.

Hapitag narolts ahtivity agsm rlnaies givlgy ahrmss

tfl rlkime. Ie tfl Eltflrgae`s, Rlcrlshm Klrblr ae`

Guhas Bmgs favl aeemuehl` IZMs ae` tflrl hmug` bl

curtflr ahtivity ie eaehiag slrvihls, emt glast tfl @uthf

kmvlrenlet’s pgaes tm gauehf ae IZM cmr tfl sagl mc

ABE Anrm. Ie Klrnaey tflrl is lvi`lehl mc flagtfy

ùag-traho ahtivity mehl akaie ‘ HSH, cmr iestaehl,

ahquirl` @mukgas crmn rivag ZL cue` A`vlet, dust tfrll

àys actlr tfl plrcunl rltaiglr aeemuehl` pgaes cmr ae

IZM, ie a `lag lstinatl` tm bl wmrtf dust ue`lr L\R8be.

Pfat lag is agsm lvi lehl mc iehrlasiek ahtivity by ZL

cue`s ie tfis narolt. [l arl slliek a eunblr mc bik

fla giel `lags ‘ Baylr’s sagl mc its iabltls ueit tmZaeasmeih Flagtfharl, a dmiet vleturl witf OOR, cmr smnl

L\R1be is a hasl ie pmiet, as is tfl \X@1.;be ahquisitime

mc LRN by Mnlrs ae` Agblrta Ievlstnlet Naeaklnlet

crmn Hfartlrfmusl.

Nmst sagls prmhlssls arl attrahtiek wi`lsprla` \.X. ae`

Asiae ietlrlst, as iebmue` ievlstmrs stlp up tflir slarhf cmr

asslts. [itf tfl lurm gmsiek vagul ae` sikes mc lhmemnih

krmwtf sgmwgy rltureiek, tfis is ae mppmrtuel tinl tm buy.

It rlnaies tm bl slle wfltflr tfl inpassl mvlr Krllo

`lbt wigg favl a wi`lr inpaht me ahtivity ie tfl rlkime.

Cmr emw nmst ievlstmrs, mutsi`l tfl baeoiek slhtmr,

slln rlgativlgy saekuiel abmut tfl pmssibigity mc Krlxit.

Ziplgiels arl strmek, ae` tfl prmsplhts cmr a busy slhme`

fagc mc N&A ahtivity gmmo lehmurakiek.

HLL AE@ HIX

Km sgmw hmetieuls

Pfl vagul ae vmgunl mc lags ahrmss tfl HIX ae` HLL

rlkime hmetieul` tm cagg ie tfl slhme` quartlr, a rllhtime

mc tfl hmetieuiek pmgitihag tlesimes ie tfl arla rlsugtiek crmn

tfl \oraiel hrisis, but rlhlet fikf glvlgs mc ahtivity me tfl

krmue` ie HLL sukklst tfat tfl situatime is inprmviek.

Kivle tfat bahokrmue`, tfl nmm` anmek ievlstmrs is,

plrfaps, a gittgl brikftlr ie Russia actlr a plrim` mc rlgativl

lhmemnih stabigity, lvle tfmukf tfl klelrag levirmenlet

rlnaies vlry prmbglnatih. Pfly’vl taole tfl mppmrtueity

tm gmmo afla` ae` pgae pmtletiag traesahtimes.

Aey iebmue` lags tfat m klt mel arl uegiolgy tm

claturl L\ mr \.X. ievlstmrs wfigl saehtimes rlnaie ie

pgahl, fmwlvlr. But mtflr ievlstmrs arl me tfl shlel

crmn Asia, emtabgy Hfiea, ae` crmn tfl Ni` gl Last.

N&A Iesikfts | F1 2:1< 1:




Pfat ietlrlst was me hglar ispgay ie Xt Zltlrsburk

at tfl rlhlet Russiae Lhmemnih Cmrun, a cmur-ylargy

lvlet spmesmrl` by tfl kmvlrenlet. Inpmrtaet

nlnmraeà mc ue`lrstae iek klt sikel` flrl bltwlle

kmvlrenlets ae` ievlstmrs, wfihf hae bl a cmrlrueelr

tm sikeihaet ievlstnlet.

[itf tfl lhmemny at, tfl prmsplht mc aey garkl-shagl

privatizatime ie Russia taoiek mcc fas blhmnl lvle nmrl

rlnmtl. Fmwlvlr, it is pmssibgl tfat slglhtl` slgg-mccs wigg

klt `mel ie tfl nmetfs afla` ic apprmpriatl Hfielsl

mr mtflr iebmue` ievlstmrs hae bl cmue`.

Xgmvaoia saw mel mc tfl bikklst `lags ie tfl HLL rlkime

ùriek tfl quartlr as @lutshfl Plglomn akrll` tm buytfl rlnaieiek 09% mc Xgmvao Plglhmn it `mls emt agrla`y

mwe cmr ae lstinatl` L\R9::n.

Pfl lag was prlhl`l by ae uesuhhlsscug attlnpt tm slgg

tfl kmvlrenlet’s sfarls tfrmukf ae IZM. Pfl IZM prmhlss

gastl` cmr mvlr 12 nmetfs ae` was agnmst hmnpgltl`,

witf agg eatimeag ae` ietlreatimeag rlkugatmry apprmvags

mbtaiel`, blcmrl bliek puggl` dust tfrll ays blcmrl hgmsiek.

Mchiags attributl` tfl caigurl tm @lutshfl Plglomn naoiek

a gast-nieutl privatl mcclr, mutstrippiek tfl cmrlhast IZM

vagul by smnl L\R1::-1<:n.

But smnl splhugatl tfat tfl letirl IZM prmhlss was ae

lgabmratl ae` hmstgy nlaes mc cmrhiek @lutshfl Plglomn,

ie tfl abslehl mc a put mptime ie tfl mrikieag 2:::

akrllnlet, tm pay nmrl. Agsm, tfl glct-glaeiek kmvlrenlet

was wary mc akrlliek tm a irlht sagl innl iatlgy ae`

cahls ahhusatimes mc privatiziek its staol witfmut a pubgihgy

traesparlet prmhlss.

Ie tfl Hzlhf Rlpubgih wl saw hmetieul` ahtivity ie tfl

eaehiag, iesuraehl ae` rltaig slhtmrs but em sikeihaet

traesahtime was aeemuehl` ie tfis quartlr. @lspitl tfl

Hzlhf Rlpubgih krmwtf bliek rlhletgy mel mc tfl stllplst

ie Lurmpl, tfis fas emt ylt traesgatl` ietm iehrlasl` N&A

ahtivity. Pfl narolt, fmwlvlr, rlnaies pmsitivl ae` hasf

rihf, ae` eaehiek is avaigabgl.

Nlaewfigl ie Zmgae` tfl narolt cmr bik-tiholt N&A

traesahtimes rlnaies ratflr isappmietiek. Pflrl is a gmt

mc ahtivity ie tfl baeoiek slhtmr witf mel traesahtime

sikel` ie Q2 (ZT\, tfl Zmgisf iesuraehl kiaet, akrll` tm

buy Hargm Passara’s 23% staol ie Agimr Baeo) ae` twm mtflr

traesahtimes ue`lrway (Raicclisle Baeo Ietlreatimeag’s ae`

KL Hapitag’s sagls mc tflir rlsplhtivl subsi iarils).

Praesahtimes wfihf favl blle ple iek cmr quitl smnl

tinl, suhf as tfl sagl mc Anlrihae Flart mc Zmgae` ‘ a

hfaie mc har imgmky hgieihs ‘ ae` tfl sagl by Zmgisf Xtatl

Raigways mc its lelrky hmnpaey ZOZ Lelrkltyoa, slln

tm favl staggl`. Xuhf a situatime me tfl N&A narolt `mls

hmnl as a surprisl siehl tfl lhmemny fas vlry strmek

cueànletags ae` tflrl is a gmt mc nmely me tfl narolt.

[fat slln tm bl nissiek arl attrahtivl tarklts.

Ahtivity ie Fuekary hmetieuls tm cmhus me tfl kmvlrenlet’s

lccmrts tm rl-eatimeagizl oly asslts, partihugargy ie tfl

baeoiek ae` utigity slhtmrs. Ie tfl privatl N&A narolt

eaehiag iestitutimes, lelrky ae` gicl shilehls hmetieul tm

`mnieatl bik-tiholt traesahtimes. Ie Q2 A`vlet Ietlreatimeag

akrll` tm slgg Zartelr ie Zlt Cmm` tm Zanpgmea Hapitag.

Ie tfl ni`-narolt spahl tlhfemgmky ae` nl ia arl anmek

tfl cavmritl slhtmrs. A garkl eunblr mc vleturl hapitag

ievlstnlets ie tfl DLRLNIL prmkran favl rlahfl` tflir

lxit stakl. Mppmrtueistih ievlstmrs apprlhiatl tfl strmeknahrmlhmemnih ie ihatmrs, gmw prihls ae` tfl avaigabigity

mc hrl it.

NI@@GL LAXP

AE@ EMRPF ACRIHA

Ziplgiel prmnislsbusilr tinls

N&A ahtivity ie tfl NLEA rlkime was nmrl subùl`,

but tfl piplgiel is cugg ae` a natlriag up-tiho ie hme`lehl

hmug` wlgg rlsugt ie a strmek slhme` fagc cmr 2:1<.

Pfl lquity hapitag narolts, ie partihugar, arl agrla`y busyblfie` tfl shlels, witf wmro me a eunblr mc garkl mcclrs

ue`lrway tarkltiek gauehfls ie tfl gattlr fagc mc 2:1< mr

tfl rst quartlr mc 2:13. Mptinisn is klelraggy wi`lsprla`,

ic nlasurl` ae` patilet.

Pfl stae`mut lag, ahhmuetiek cmr plrfaps tfrll-quartlrs mc

tfl `lag vagul ie tfl quartlr, was tfl rlhmnnle`l` pubgih

mcclr by LEMH, tfl @ubai kmvlrenlet-mwel` ivlrsil`

lelrky krmup, cmr @rakme Mig, tfl Irlgae` ae` \O ùag-

gistl`, @ubai-fla`quartlrl`, mig ae` kas lxpgmratime ae`

prmùhtime hmnpaey.

LEMH is slloiek tm ahquirl tfl apprmxinatlgy 03% mc

@rakme Mig tfat it `mls emt hurrletgy mwe cmr apprmxinatlgy

KBZ8.;be. @rakme Mig’s naie prmùhiek asslt is ie Puronleistae ae` tfl hmnpaey is agsm ievmgvl` ie

lxpgmratime ie Pueisia.

Agsm ie tfl lelrky lg`, Ieplx Hmrpmratime, tfl gistl

Dapae-basl` hmnpaey lekakl` ie tfl rlslarhf,

lxpgmratime, `lvlgmpnlet, prmùhtime ae` sagl mc mig,

eaturag kas ae` mtflr nielrag rlsmurhls, fas ahquirl` a

<% staol ie A@HM Mesfmrl Hmehlssime cmr ae lstinatl`

\[email protected]. Pfl slgglr is tfl Abu @fabi Eatimeag Mig

Hmnpaey, tfl \eitl` Arab Lniratls-basl` mig ae` kas

lxpgmratime hmnpaey.




Ieplx dmies Pmtag ie tfl 0:-ylar A@HM hmehlssime,

actlr tfl Crlehf hmnpaey was awar`l` a 1:% sfarl

tfis ylar, faviek pai` a cll mc armue` \[email protected].

Ieplx is tfl garklst privatl slhtmr mig hmnpaey ie Dapae,

wfihf agrla`y fas `llp lelrky tils witf tfl \AL.

Gast ylar, Dapae bmukft armue` 8:% mc tfl \AL’s letirl

mig mutput, inpmrtiek nmrl tfae \X@0:be mc hru`l mig

ae` pltrmglun prmùhts, ahhmr iek tm tfl Dapae Lxtlreag

Pra`l Mrkaeizatime.

Pfl piplgiel is cugg aeà natlriag up-tiho iehme`lehl hmug`wlgg rlsugt ie a strmekslhme` fagc cmr 2:1<.

Ieplx, via its subsi iary Dapae Mig @lvlgmpnlet Hmnpaey,

agrla`y mwes a 12% staol ie tfl \AL’s nadmr mccsfmrl

lg` bgmho, A`na, a hmehlssime tfat rues uetig 2:01 actlr

it was lxtle`l` cmr ae a` itimeag 1< ylars at tfl blkieeiek

mc gast ylar.

By eunblr mc `lags, tfl \AL was tfl `mnieaet tarkltnarolt cmr iebmue` ievlstmrs ie tfl rlkime (witf six `lags

aeemuehl`) cmggmwl` by a sfmrt taig mc Lkypt, Dmràe,

Nmrmhhm ae` Qatar. \.X. ae` \AL ievlstmrs `mnieatl`

tfl `lag shlel (witf vl ae` cmur `lags aeemuehl`,

rlsplhtivlgy), cmggmwl` by a gmeklr taig mc tfl \O, Ie ia,

Craehl, Xwitzlrgae`, Ouwait, Blrnuà, Xiekapmrl ae`

Dapae. Actlr lelrky, tfl PNP/IP ae` ieùstriag busielss

slhtmrs wlrl cavmritls witf bi``lrs.

Ie tfl naeucahturiek slhtmr, a hmesmrtiun gl` by Xtaeàr`

Hfartlrl` Zrivatl Lquity Ginitl`, tfl Xiekapmrl-basl` ZL

rn, ae` a subsi iary mc Xtaeàr` Hfartlrl` Zgh, ahquirl`

a niemrity staol ie Ciel Fykileih Fmg ieks, a Dmràe-basl`

hmnpaey lekakl` ie naeucahturiek tissul ae` paplrprmùhts cmr \X@1;<n. Pfl slgglr was Euqug Krmup,

a Dmràe-basl` hmnpaey lekakl` ie tfl naeucahturiek

mc prmùhtime prmùhts ae` hmevlrsime mc paplr.

Ie eaehiag slrvihls, Ag Afgi Baeo mc Ouwait O.X.H.Z. akrll`

tm ahquirl a 96.<% staol ie Ziralus Baeo Lkypt X.A.L.

crmn Ziralus Baeo XA cmr \X@1<:n.

X\B-XAFARAE ACRIHA

Hagn rltures

Actlr a plrim` mc pmgitihag uehlrtaiety, wfihf fas mubtglss

acclhtl` glvlgs mc N&A ahtivity ie Xub-Xafarae Acriha ie

rlhlet quartlrs, ievlstmr sletinlet is mehl nmrl me tfl

risl. Pfl plahlcug traesclr mc pmwlr cmggmwiek tfl, at tinls

hfamtih, prlsi`letiag lglhtimes ie Eiklria (tfl rlkime’s

bikklst lhmemny) fas bmmstl` sletinlet. Xm tmm fas

tfl lasiek mc tfl Lbmga hrisis wfihf fas blle brmukft

ue`lr hmetrmg ie tfl tfrll nmst acclhtl` hmuetrils,

Xilrra Glmel, Giblria ae` Kuiela.

[l arl slliek a kmm` piplgiel mc ahtivity buig iek up ie

slhtmrs tfat arl tra itimeaggy strmek flrl ‘ eaturag rlsmurhls

ae` tlglhmns, cmr iestaehl. But mtflr slhtmrs arl kaieiek

kmm` nmnletun tmm, emtabgy eaehiag slrvihls ae`

hmesunlr kmm`s ‘ a rllhtime mc tfl strmek lhmemnih

krmwtf cmrlhast cmr tfl rlkime ie tfl hmniek ylars.

Plglhmns hmesmgi atime hmetieuls ie a varilty mc Acriha

hmuetrils. Pfl quartlr saw Xtmhofmgn-gistl` Niggihmn

ahquirl ae 6<% staol ie Paezaeia’s Taetlg crmn Ltisagat

mc tfl \AL. Pfl `lag ievmgvls Niggihmn assuniek tmtag `lbt

mc \X@;0n. Lgslwflrl, \eiglvlr fas nmvl` tm hmesmgiàtl

its pmsitime ie Eiklria, iehrlasiek a fmg iek ie its Eiklriae

subsiìary crmn <:.1% tm ;<%.

Ievlstmr sletinlet ismehl nmrl me tfl risl.

Mutbmue` ievlstnlet fas blle rlgativlgy givlgy ie rlhlet

nmetfs, emt glast witf twm sizabgl \O `lags by tfl

Dmfaeelsburk-gistl` ievlstnlet cue`, Brait. It fas akrll`

tm pay Apax ae` Zlrnira KBZ;38n tm taol hmetrmg mc fikf

strllt rltaiglr, Elw Gmmo (Brait’s garklst sfarlfmg`lr is tfl

Xmutf Acrihae rltaig tyhmme, Hfristm [lisl). Nlaewfigl

Sirkie ae` HSH favl akrll` tm slgg ae 6:% fmg iek ie

Sirkie Ahtivl tm Brait, witf Sirkie naietaieiek a 2:% staol. Pfl lag is wmrtf KBZ368n.

ZL cue`s hmetieul tm put `l ihatl` rlsmurhls blfie`

tflir slarhf cmr attrahtivl asslts ie tfl rlkime. PZK fas

aeemuehl` a dmiet vleturl witf Xatya tm ievlst up tm

\X@1be ie Xub-Xafarae Acriha. A eunblr mc mtflr

fmusls favl agsm rlhletgy slt up splhiag Acriha cue`s

cmr tfl rst tinl, iehgu iek OOR ae` Hargygl.





IE@IARlcmrn sgmwgy prmkrlssls

Pfl slhme` quartlr hmiehi`ls witf Ieìa’s fmttlst tinl mc

tfl ylar ae` is tra itimeaggy a fmgiày plrim`, wfle ahtivity

tle`s tm quiltle `mwe. Pfat was hlrtaiegy trul ie tfl gast

tfrll nmetfs, witf tfl vmgunl ae` vagul mc `lags bmtf

caggiek baho.

Mtflr cahtmrs arl at pgay tmm. It’s dust mvlr a ylar siehl

Earle`ra Nm i’s nadmrity kmvlrenlet hanl tm pmwlr.

Afla` mc tfat lhisivl pmgg, tflrl was sikeihaet plet-up

`lnae` ie N&A ahtivity as ievlstmrs waitl` tm sll tfl

lglhtime muthmnl ‘ clw lxplhtl` sm hmehgusivl a rlsugt.

Nuhf mc tfat plet-up `lnae` fas emw blle satisl`

ae` Q1 mc 2:1< was partihugargy busy as `lgayl` `lags

eaggy kmt `mel.

[figl tflrl wlrl clwlr hmnpgltl` `lags ie Q2, ievlstmrs

arl mehl akaie busy blfie` tfl shlels slloiek tarklts

ae` siziek up pmtletiag ahquisitimes, witf bmtf ZL cue`s

ae` stratlkih buylrs ievmgvl` ie tfat prmhlss.

Pfl busilst slhtmrs hurrletgy iehgu l eaehiag slrvihls

ae` rlag lstatl. Pflrl is agsm smnl rlstruhturiek ahtivity

ie tfl iecrastruhturl slhtmr ae` as hmesunlr sple iek

risls wl arl slliek a krmwiek eunblr mc `lags ie tfis arla.

Q2, cmr iestaehl, saw tfl hrlatime mc A itya Birga Casfime

ae` Rltaig Gt`, cmggmwiek tfl nlrklr mc Zaetagmmes

Casfime witf tfl Naùra Casfime ae` Giclstygl ivisimes,

ae ie-krmup rlstruhturiek tfat hrlatls tfl hmuetry’s garklst

apparlg rltaiglr, witf 1,9:: stmrls ahrmss Ie ia.

Plhfemgmky ‘ partihugargy l-hmnnlrhl ‘ rlnaies vlry

ahtivl ae` tflrl’s lvlry prmsplht tfat tfl strlan mc `lags

wl saw ie tfl gast clw quartlrs wigg hmetieul ie tfl nmetfs

afla`. Zfarnahlutihags is aemtflr vibraet slhtmr,

lsplhiaggy tfl klelrihs narolt.

Pfl elw kmvlrenlet hmetieuls tm sle` agg tfl rikft

sikeags me lhmemnih rlcmrn, but tfl prmhlss is taoiek

tinl ae` it’s hglar smnl plmpgl’s lxplhtatimes wlrl slt

tmm fikf. Agtfmukf tflrl fas blle prmkrlss, tflrl favl

blle sltbahos tmm ae` smnl mc tfl kmvlrenlet’s

fikf-glvlg ieitiativls favl caigl` tm sll a hmrrlspme iek

trihogl `mwe lcclht ie tlrns mc rlkugatimes.

Cmrlike irlht ievlstnlet ginits ie iesuraehl, cmr iestaehl,

favl blle suhhlsscuggy gictl` tm 09%. But emw ievlstmrs

arl wmrril` abmut a elw `leitime mc ‗hmetrmg„ bliek

appgil` ie tfl slhtmr, wfihf is ue`mubtl gy faviek ae

inpaht me traesahtimes. Ie rlag lstatl tfl sizl mc prmdlht

tfat cmrlike ievlstmrs hae taol me fas blle rlùhl` tm

2::,::: sq ct, a wlghmnl rlcmrn. But tflrl is emw smnl

hmecusime abmut tfl nlhfaeisn rlquirl` by tfl autfmritils

cmr lxitiek suhf prmdlhts.

Elvlrtflglss tfl lhmemnih cueànletags arl inprmviek.

Mig prihls arl naeaklabgl at hurrlet glvlgs, tfl nmesmme

applars tm bl me-traho, ieatime is ue`lr blttlr hmetrmg

ae` tflrl is lvlry hfaehl ietlrlst ratls wigg hmnl `mwe

ie tfl elar cuturl. Agg ie agg, wl tfieo tfl hme itimes ‘

bmtf lhmemnih ae` pmgitihag ‘ arl ripl cmr a hmesi`lrabgl

piho-up ie N&A ahtivity ie tfl slhme` fagc mc tfl ylar.

AXIA ZAHICIH

Hfiea hfaekls klar

Xubtgl but sikeihaet hfaekls ie tfl apprmahf bliek taole

by tfl Hfielsl kmvlrenlet tm mutbmue` ae` iebmue`

ievlstnlet arl blkieeiek tm agtlr tfl N&A gae`shapl ie

cueànletag ways.

Hfielsl hmnpaeils arl bliek ahtivlgy lehmurakl` tm km

me tfl mutbmue` ahquisitime traig ie nugtipgl narolts. Pfis is

emt ae letirlgy elw pflemnleme, but wfat’s icclrlet is tfl

kmvlrenlet’s wiggiekelss tm saehtime hmnpltitime bltwlle

Hfielsl hmnpaeils cmr cmrlike asslts ‘ smnltfiek tfat

rarlgy fapplel` uetig quitl rlhletgy.

Pm suppmrt tfis cmrlike ievlstnlet rivl, tflrl’s hglar

lvi`lehl tfat Hfiea is emw hgmslr tm its kmag mc aggmwiek

its hurrlehy tm blhmnl cuggy hmevlrtibgl, witfmut ginits

me tfl anmuet bliek lxhfaekl` witf cmrlike hurrlehils.

Pfl lputy fla` mc Hfiea’s hletrag baeo fas sai` tfat tfl

nmvl wigg mcclr nuhf krlatlr lxibigity tm Hfielsl ievlstmrs

mvlrslas ae` flgp suppmrt tfl hmuetry’s fukl wlagtf

naeaklnlet slhtmr. Pfl le` mc tfis ylar fas blle slt

as a tarklt àtl cmr cugg hmevlrtibigity, but smnl rlnaie

solptihag tfat it wigg bl ahfilvl` tfat smme. Elvlrtflglss,

tfl irlhtime mc travlg is hglargy slt.

Hfielsl mutbmue` ievlstmrs arl pursuiek cmrlike `lags

as a swict way tm ivlrsicy tflir ietlrlsts, partihugargy ie

tfl tlhf arlea. Pfl fikfgy ahquisitivl l-hmnnlrhl kiaet,

Agibaba, cmr iestaehl, fas emw nmvl rngy ietm tfl

e-tlhf spahl, buig iek a pmwlrcug eaehiag pgatcmrn

ae` gle iek ahtivitils, ae` ie tfl prmhlss blhmniek part

mc tfl rapi`gy lxpaeìek sfa`mw baeoiek systln.




Nlaewfigl, hmetrmgs me iebmue` ievlstnlet ie Hfiea’s

burklmeiek tlhf slhtmr arl bliek tikftlel` as hmehlres

mvlr eatimeag hyblr slhurity krmw. [itf tfl kmvlrenlet

emw iesistiek me hmetrahtiek tm a car krlatlr lxtlet witf

`mnlstih IP suppgilrs, ratflr tfae mvlrslas suppgilrs,

tfat is faviek a irlht inpaht me pattlres mc iebmue`

ievlstnlet flrl.

Pfl krmue`brlaoiek \[email protected] dmiet vleturl `lag

bltwlle Flwgltt-Zahoar` (FZ) ae` \eispgle`mur (\EIX),

a gistl` subsi iary mc Psiekfua Fmg ieks, tfl asslt

naeaklnlet arn mc Psiekfua \eivlrsity, hglargy iggustratls

tfis. \EIX is buyiek a <1% staol ie F8H ‘ tfl gatlst

iehareatime mc FZ’s hmevlrkl` IP iecrastruhturl busielss,iehguìek its slrvlrs ae` stmrakl busielssls. Pfl lag,

wfigl fikfgy hmnpglx, is giolgy tm prmvi`l a tlnpgatl cmr

a raekl mc mtflr sinigar tlhfemgmky `lags.

Mutbmue` ievlstnletcrmn AXLAE hmuetrilshmetieuls tm buig`.

Aemtflr sikeihaet Q2 `lag saw Cmsue ae` Pfmnas Hmmo

cmrn a dmiet vleturl tm tap tfl lxpgmsime mc mutbmue`

tmurisn crmn Hfiea as wlgg as krmwiek `lnae` cmr cmrlike

travlg ae` tmurisn witfie its bmr`lrs. Pfl vleturl wigg blkie

by slggiek `mnlstih fmgiàys blcmrl slloiek gihlesls tm slgg

cmrlike travlg tm Hfielsl fmgiàynaolrs.

Lgslwflrl, `mnlstih hmesmgiàtime hmetieuls tm `mnieatl

tfl N&A narolt witfie Hfiea. Xmnl mc tfis ahtivity is abmut

ti`yiek up uerugy hmrpmratl struhturls, but a eunblr mc

slhtmrs arl agsm slliek stratlkih til-ups bltwlle

hmnpltiek hmnpaeils as tfly try tm buig` shagl ae`

hapturl a krlatlr sfarl mc krmwiek hmesunlr sple iek.

Gicl shilehls fas blle a partihugargy ahtivl slhtmr mc gatl.

Akaiest tfat bahokrmue`, tfl vagul ae vmgunl mc `lags

ahrmss Hfiea is hmetieuiek tm fmg` up strmekgy ylar me

ylar, ae` wl lxplht tfl slhme` fagc mc tfl ylar tm bl

iehrlasiekgy busy.

Lgslwflrl ie Asia Zahih tfl vagul mc `lags is fmg iek up

wlgg agtfmukf wl i` sll a sgikft `lhgiel ie vmgunl ie Q2,

sukklstiek tfat bikklr ae` mctle nmrl ietlrlstiek

traesahtimes arl bliek hmnpgltl`.

Austragia saw a kmm` piho-up ie eaehiag slrvihls lags

as iestitutimes gmmol` cmr icclrlet ways tm bmgstlr tflir

hapitag pmsitimes. Pfl nmst fikf prmgl was tfl \X@<::n

ievlstnlet by [arrle Bucclt’s Blrosfirl Fatfaway

krmup ie Iesuraehl Austragia Krmup ie rlture cmr a sfarl ie

prlniuns. Pfis was fis rst nadmr ievlstnlet ie tfl rlkime

ae` fl fas na`l it hglar tfat it is uegiolgy tm bl fis gast.

Eatimeag Austragia Baeo ue`lrtmmo a \[email protected] rikfts issul,

tfl bikklst ie Austragiae hmrpmratl fistmry, ae` pgaes tm

`lnlrkl part mc its \O mplratime, wfihf iehgu`ls tfl

Hgy`lsàgl ae` Ymrosfirl baeos. Pfl nmvl, agmeksi`l a

slparatl rliesuraehl `lag, wigg sfmrl up tfl baeo’s hapitag

basl afla` mc ae lxplhtl` tikftleiek mc hapitag rlquirlnletrlkugatimes. [lstpah is slggiek `mwe its staol ie BP

Ievlstnlet Naeaklnlet tm raisl smnl \X@3;:n,

wfigl AET is ie tfl prmhlss mc slggiek Lsaeà, its vlfihgl

ae` lquipnlet eaehl ueit.

Iecrastruhturl rlnaies a busy slhtmr witf nmrl tm

hmnl as privatizatimes klt ue`lrway gatlr ie tfl ylar.

Pfl stae mut lag tfis quartlr was Hrmwe Hastgl’s sagl mc

its wirlglss tmwlrs busielss tm a Nahquaril-gl` hmesmrtiun

cmr \[email protected]. Nahquaril agsm tlanl` up witf Brmmolg`

ie tfl ahquisitime mc Apahfl’s mig ae` kas ietlrlsts ie

[lstlre Austragia cmr \[email protected]. @lvaguatime mc tfl

Austragiae mggar ae hmetieul` gmw hmnnmìty prihls

arl gla iek smnl tm cmrlhast a piho-up ie lelrky ae`

eaturag rlsmurhls N&A ahtivity.

Mutbmue` ievlstnlet crmn AXLAE hmuetrils hmetieuls

tm buig`. Q2 saw Xiekapmrl-gistl` Craslrs Hletrlpmiet

ahquirl tfl Nagnaisme ae` Fmtlg @u Sie hfaie mc bmutiqul

fmtlgs ie tfl \O cmr KBZ838n. KIH mc Xiekapmrl fas

agsm taole a staol ie Brazig’s Rl`l @’Mr fmspitag busielss

ie a `lag wmrtf ie lxhlss mc \X@1be. A sikeihaet iebmue`

`lag saw Haea iae iesurlr, Naeugicl, pay \[email protected] cmr a

1<-ylar akrllnlet tm slgg its prmùhts tfrmukf tfl AXLAE

braehfls mc Xiekapmrl’s @BX baeo.

Hrmss-bmr`lr ahtivity witfie tfl rlkime, fmwlvlr, rlnaies

cmhusl` me snagglr shagl `lags, naey `rivle by Dapaelsl

ievlstmrs. Ie tfl gmeklr tlrn, Ie`melsia ae` Ie ia sfmug`

`rivl N&A ahtivity witfie tfl rlkime but tfl lxplhtl`piho-up ie ahtivity actlr tfl lglhtimes ie bmtf hmuetrils

gast ylar fas ylt tm oiho mcc ie larelst.





Iesikfts, F1 2:1<

Pfl vagul ae` vmgunl mc lagsahrmss Hfiea is

hmetieuiektm fmg up strmekgy ylar me ylar,

ae` wl lxplht tfl slhme` fagc mc tfl ylar

tm bl iehrlasiekgy busy.„ Asia Zahich




Xlhtmr iesikfts

[figl PNP ae` tfl gicl shilehls slhtmrs hmetieul tm bl pmwlrfmusls cmrtraesahtimes, wl’rl blkieeiek tm sll sikeichaet lags mel ahrmss a wi`lr variltymc slhtmrs, iehguìek lelrky ae` rltaig, witf sfarlfmg lrs strmekgy suppmrtivl mcbmg stratlkih nmvls.

HMEX\NLR

A apt tm tfrivl Q2 hgmsl` witf smnl sikeihaet ietlreatimeag `lags tfat

wlrl rllhtivl mc tfl givlgilr blfie`-tfl-shlels slknlet

strlangieiek ahtivity wl arl slliek at tfl nmnlet.

Hmrpmratl hmnbieatimes arl applariek iehrlasiekgy

attrahtivl as hmnpaeils gmmo tm hmesmgiàtl tflir

pmsitimes mr sllo krmwtf by aàptiek tm lvlr-hfaekiek

hustmnlr `lnae`.

Pfl aeemuehlnlet ie gatl Duel mc @uthf suplrnarolt

kiaet Afmg`’s nlrklr witf its Blgkiae rivag @lgfaizl is a

prinl lxanpgl mc suhf a `lag. Pfis \X@26be `lag wigg

hrlatl a krmup witf mvlr 3,<:: stmrls ae` sagls mc

apprmxinatlgy L\R<0.1be. Inpmrtaetgy it wigg agsm prmvi`ltfl hmnbiel` rltaiglr witf a raekl mc suplrnarolt brae`s,

ie partihugar ie tfl \.X. wflrl tfl bugo mc LBIP@A is hrlatl`

cmr bmtf krmups.

Pfl rlsugt wigg bl a brma`lr but ratimeagizl` krmup struhturl

wfihf, tmkltflr witf tfl iehrlasl` usl mc tlhfemgmky ie

tfl suppgy hfaie, wigg leabgl Afmg` ae` @lgfaizl tm nmuet

a strmeklr `lclesl akaiest tfl narhf mc tfl tra itimeag

\.X. ae` Lurmplae ishmuetlrs, giol Pra`lr Dml’s ae` Ag i.

Pfl hmetieuiek inpmrtaehl mc megiel rltaigiek fas agsm

blle lvi`let witf smnl sikeihaet `lags ie tfl quartlr ie

bmtf Lurmpl ae` Asia. Pfl \O’s Elt-a-Zmrtlr akrll` a

nlrklr witf tfl Itagiae-gistl` Ymmx ie Narhf, a `lag wfihf

wigg briek tmkltflr Ymmx’s mut-mc-slasme ishmuetl` fikfcasfime prmùhts witf Elt-a-Zmrtlr’s ie-slasme mcclriek

tm hrlatl a busielss witf hmnbiel` elt rlvleuls ie 2:10

mc L\R1.8be.

Ie ia saw a sikeihaet elw hmnbieatime ie tfl casfime

slknlet tfrmukf A@BG’s nlrklr mc its Naùra Casfime

ae` Giclstygl ivisimes witf Zaetagmmes Casfime, tm hrlatl

Aìtya Birga Casfime ae` Rltaig. It is emw tfl hmuetry’s

garklst apparlg rltaiglr, witf 1,9:: stmrls. Flrl tfl `rivlrs

wlrl emt dust abmut shagl but agsm abmut strlektfleiek

bagaehl sfllts.

Pflrl favl blle smnl hmetieuiek tflnls siehl Q1

as wlgg, emt glast tfl lhmemnih rlspmesl tm tfl swict

lxpaesime mc tfl ni` gl-hgass ie Last Asia.

Mc partihugar emtl is tfl elw dmiet vleturl cmrnl` bltwlle

Lurmpl’s Pfmnas Hmmo ae` Hfiea’s Cmsue tm hapitagizl me

bmtf tfl lxpgmsime mc Hfielsl tmurisn armue` tfl wmrg`

ae` tfl krmwiek iebmue` travlg narolt.

Hmrpmratl hmnbieatimesarl applariek iehrlasiekgyattrahtivl as hmnpaeilsgmmo tm hmesmgiàtl

tflir pmsitimes mr sllokrmwtf by aàptiektm lvlr-hfaekiekhustmnlr `lnae`.

Lquaggy ietlrlstiek is tfl `lhisime mc Dapaelsl tlglhmns

ae` ietlrelt krmup Xmctbaeo tm gmmo tm nathf tfl suhhlss

mc its ievlstnlet ie tfl Hfielsl l-hmnnlrhl mplratmr

Agibaba, wfihf itslgc fas hmetieul` tm lxpae` ae` ivlrsicy

witf agnmst hlaslglss lelrky, by akrlliek tm taol a 2:%

staol ie tfl Xmutf Omrlae l-rltaig slrvihl, Hmupaek.

[l agsm fikfgikftl` ie mur Q1 aeagysis tfl emtihlabgl

eunblr mc pgaeel` lxits by ZL cue`s, priehipaggy ie tfl

glisurl slhtmr. Pfat trle` fas hmetieul` tm pgay mut witf

tfl sagl by HSH ae` Sirkie mc Sirkie Ahtivl cmr KBZ368n

tm Brait, tfl Xmutf Acrihae ZL fmusl.

Pfis trle` fas agsm startl` tm nmvl ietm tfl rltaig spahl

witf tfl sagl by Apax ae` Zlrnira mc Elw Gmmo cmr

KBZ;38n, akaie tm Brait, ae` tfl sikeihaet rlhlet sagl

mc [atlrcmr` [l`kwmm` Rmyag @mugtme by \.X. ZL fmusl,

OZX Hapitag Zartelrs, tm tfl Cieeisf fmnl ae` kar`le





krmup, Cisoars, cmr \X@08;n. Cisoars, wfihf fas blle

ìvlrsicyiek its busielss tfrmukf tfl ahquisitime mc Emrìh

oithflewarl brae`s, is usiek N&A tm nmvl crmn bliek

a rlkimeag tm ae ietlreatimeag pgaylr.

Elw buymuts rlnaie a rarity at tfl nmnlet but tflrl

arl lxhlptimes, suhf as tfl ahquisitime mc sikftslliek

hmnpaey Bik Bus Pmurs by Lxpmelet Zrivatl Lquity,

ae` it wmug` emt bl surprisiek tm sll nmrl ahtivity flrl

ie tfl nmetfs afla`.

LELRKY AE@

IECRAXPR\HP\RL Awaitiek aelelrky sfaol-mut

Pfl lelrky narolt rlnaies a gmt quiltlr tfae is sukklstl`

by statistihs cmr Q2, wfihf arl sikeihaetgy swmggle by

Xflgg’s KBZ0;be ahquisitime mc BK Krmup, tfl bikklst

mig ae` kas N&A `lag cmr a `lha`l.

Mvlragg tflrl wlrl ahtuaggy clwlr `lags hmnpgltl` tfae

ie Q1 ae` glss tfae fagc tfl eunblr pusfl` tfrmukf ie

Q2 gast ylar, but vaguls wlrl way afla` tfaeos tm tfat

fukl ae` fikfgy sikeihaet stratlkih `lag.

[l `m lxplht tm sll a nmrl klelrag piho-up ie ahtivity

ie tfl slhme` fagc mc tfl ylar, as tfl inpaht mc plrsistlet

gmw mig prihls hmetieuls tm cmrhl a raekl mc ni`-tilr ae`

snagglr mplratmrs ietm istrlss.

[itf tfl prihl rlnaieiek ie tfl \X@3:-a-barrlg raekl ‘

agnmst fagc wfat it was 12 nmetfs akm ‘ naey lxpgmratime

prmdlhts arl bliek quiltgy sflgvl` mr hut baho, as arl

`lvlgmpnlet shflnls. A eunblr mc tfl ieùstry’s snagglr

mplratmrs arl bliek cmrhl` tm hut hmsts ae` naol

ispmsags. Naey `lvlgmpnlets sinpgy haeemt naol nmely

at tflsl prihls? emr hae tfly attraht eaehiek crmn baeos

wfigl tfl prmsplht mc tureiek a prmt rlnaies sm istaet.

Mplratmrs witf strmeklr bagaehl sfllts arl agrla`y

shmutiek cmr ahquisitime mppmrtueitils, agtfmukf naey wigg,ieitiaggy, bl gmmoiek tm buy splhih asslts ratflr tfae wfmgl

hmnpaeils, ae` wl lxplht tm sll ae iehrlasl` anmuet

mc istrlssl` N&A tmwar`s tfl le` mc tfl ylar.

[lgg eaehl` hmnpaeils wigg agsm sllo tm lxtle` tflir krip

me vagul` asslts. Mel mc tfl stae`mut lags mc Q2 was

tfl KBZ8.;be rlhmnnle`l` pubgih mcclr by LEMH cmr

tfl sfarls it `mls emt agrla`y mwe ie \O-gistl` @rakme Mig,

wfmsl mplratimes arl nmstgy ie Puronleistae. [l lxplht

tm sll nmrl `lags mc tfat igo ie tfl slhme` fagc mc tfl ylar.

Pfl Xflgg/BK lag is a gae`naro traesahtime. It fas agsm

quihogy gl` tm splhugatime tfat mtflr nadmrs, iehgu iek BZ,

nay rlhlivl a bi` crmn mplratmrs tfat favl tfl nushgl

tm cue` wfat wmug` bl a kiaet traesahtime ae` arl ie a

pmsitime tm taol a gmek-tlrn vilw me tfl mig prihl.

[figl a nmvl cmr BZ hmetieuls tm attraht smnl solptihisn,

tflrl is a rlag pmssibigity mc curtflr hmesmgi atime ie tfl narolt.

[l hmetieul tm blgilvl tfat tflrl hmug` bl krmwiek ZL cue`

ahtivity ie tfl ieùstry, emt glast ie rlkimes giol tfl \O Emrtf

Xla wflrl tfl inpaht mc tfl mig prihl hmggapsl ae` pmgitihag

uehlrtaiety favl fit mplratmrs far`. Xmnl ZL cue`s nay sll

tfis as ae mppmrtueity tm lxtraht vagul. @lhmnnissimeiek

hmsts, fmwlvlr, wigg rlnaie a `ltlrrlet.

It fas agsm quihogy gl` tmsplhugatime tfat mtflrnadmrs, iehgu iek BZ,nay rlhlivl a bi`crmn mplratmrs tfatfavl tfl nushgl tm

cue` wfat wmug` bla kiaet traesahtimeae` arl ie a pmsitimetm taol a gmek-tlrnvilw me tfl mig prihl.

Pfl iecrastruhturl N&A narolt kgmbaggy fas blle quiltlr

ie tfl slhme` quartlr witf bmtf `lag vmgunls ae` vaguls

sfarpgy `mwe me tfl sanl quartlr gast ylar ae` me tfl rst

quartlr mc 2:1<. Pfis tinl gast ylar tfl narolt aetihipatl`

a strmek piplgiel mc aetihipatl` traesahtimes ahrmss tflkgmbl ae` tfrmukfmut tfl slhtmr, iehgu iek pmrts, airpmrts,

raig ae` traesnissime ae` istributime eltwmros.

As tflsl traesahtimes favl emw hmnpgltl ‘ ae` as

tfl aetihipatl` garkl-shagl privatizatimes ahrmss Austragia

favl blle shagl` baho by tfl muthmnl mc tfl Qullesgae`

lglhtimes ‘ tfl vmgunl mc cmrlhast `lags ie tfl iecrastruhturl

spahl is gmw.




Hmupgl` witf garkl anmuets mc hapitag larnarol` cmr

iecrastruhturl (lxahlrbatl` by iehrlasiek aggmhatimes tm

iecrastruhturl ae` mekmiek cue`raisiek lccmrts by cue`s

`l ihatl` tm tfl slhtmr) ae` tfl gmmsleiek mc hrl it tlrns

as gle`lrs hmetieul tm hfasl ‗sacl„ yilg`, nugtipgls cmr

fla giel `lags arl giolgy tm rlnaie rmbust. [l gmmo cmrwar`

tm fla giel `lags ie tfl hmniek six nmetfs, iehgu iek tfl

Elw Xmutf [agls ‗pmgls ae` wirls„ privatizatimes,

hmetieuiek tfis trle`.

CIEAEHIAG XLRSIHLX

A sfictiek gae shapl Praesahtimes ie tfl eaehiag slrvihls slhtmr clgg baho ie tfl

slhme` quartlr witf bmtf Lurmpl ae` Asia emtihlabgy quilt.

Emt flgpl` by tfl `rawe mut ae` crahtimus elkmtiatimes

mvlr Krllhl’s `lbts, tfl glvlg mc ahtivity hglargy rllhts

a hmetieul` ae` nmrl klelrag warielss anmek eaehiag

iestitutimes tm `m traesahtimes.

But it blgils tfl anmuet mc wmro kmiek me blfie` tfl

shlels as baeos usl a raekl mc nlasurls ‘ crmn `llp

rlstruhturiek tm ispmsags mc gmae pmrtcmgims, as wlgg as

nmrl straikftcmrwar` N&A ‘ tm hmetieul tfl prmhlss mc

cueànletag rlmrkaeizatime sparol` by tfl eaehiag hrisis.

It’s sikeihaet tfat FXBH hfmsl tfis quartlr tm rlvlag

`ltaigs mc its kgmbag stratlkih rlvilw, iehgu iek tfl sagl

mc its Puroisf ae` Brazigiae baeoiek arns, nugtipgl braehf

hgmsurls ae` smnl 2<,::: dmb huts, pgus pgaes tm tarklt

nmrl ievlstnlet ie oly narolts, partihugargy witfie Asia.

Pfl rlvilw iggustratls a nmrl klelrag sfict ie kgmbag baeoiek

tfat fas slle smnl mc Lurmpl’s bikklst baeos stlp baho

crmn tfl kgmbag stratlky tfly favl pursul` cmr smnl tinl.

Mtflr Lurmplae baeos arl cmggmwiek a sinigar taho,

iehgu iek @lutshfl Baeo ae` Hrl it Xuissl. Xtaeàr`

Hfartlrl`, ue`lr elw HLM Bigg [ietlrs, is ie tfl ni`st mc

its mwe stratlkih rlvilw witf sikeihaet hfaekl lxplhtl`.

Ievlstmrs arl `lnae iek ra ihag nlasurls tm inprmvl

rlhlet gahogustlr plrcmrnaehl. But tfis rltfieo is, ie part,

a irlht rlspmesl tm rlkugatmry ae` pmgitihag prlssurl,

wflrl tfl lnpfasis crmn Lurmplae ruglnaolrs is hglargy

me hrlatiek strmek rlkimeag iestitutimes ratflr tfae nlka

kgmbag baeos.

Pfat, ie ture, hmug glavl tfl lg iehrlasiekgy hglar cmr tfl

bik \.X. baeos tm pursul a kgmbag nm`lg mvlr tfl elxt tfrll

tm vl ylars. Rlkugatmry hfaekl tflrl fas aggmwl` tfln

tm rlbuig` tflir bagaehl sfllts, ae` tfl \.X. lhmemny is

tfl megy mel garkl lemukf rikft emw tm fmusl ae` eaehl

kiaet baeos me its mwe ahhmuet.

Xagls mc uewaetl` gmae pmrtcmgims hmetieul apahl.

KL, ie tfl ni`st mc naoiek a stla`y lxit crmn eaehiag

slrvihls, fas blle slggiek varimus nmrtkakl pmrtcmgims,

`lags tfat wigg mctle attraht hmesmrtiun bi`s, iehgu iek ZL

cue`s. RBX is slggiek its Asiae hmrpmratl gmae pmrtcmgim witf

tfl strmek giolgifmm` tfat it wigg bl spgit up by narolt ratflr

tfae smg` tm a siekgl buylr. [l lxplht tfis ahtivity tm

rlnaie busy.

Austragia saw a kmm` urry mc eaehiag slrvihls lagsie Q2, emt glast [arrle Bucclt’s rst nadmr ievlstnlet

tflrl ‘ a \X@<::n ievlstnlet ie Iesuraehl Austragia

Krmup ‘ hmupgl` witf a prmnisl mc curtflr ievlstnlets

ahrmss Asia.

As Hfielsl eaehiag iestitutimes hmetieul tm gmmo cmr lags

armue` tfl wmrg`, wl’vl slle a narol` hfaekl mc stratlky

crmn tfl kmvlrenlet. [flrl mehl it wmug` favl hfmsle

a hfanpime tm prlvlet Hfielsl bi``lrs crmn hmnpltiek

witf lahf mtflr cmr mvlrslas asslts, tfat staehl applars

tm bl hfaekiek.

Bmtf hmnpaeils favl blle anmek tfl nmst ahtivl

mutbmue` ievlstmrs tfis ylar ‘ Aebaek bmukft a

hmetrmggiek \X@1be staol ie Omrla’s Pmek Yaek GiclIesuraehl hmnpaey ie Clbruary? Cmsue is hurrletgy

wmroiek me a \[email protected] ahquisitime mc Irmesfmrl,

tfl \.X. iesurlr. [figl tfl crmetrueelrs tm taol mvlr

FXBH’s Brazigiae mplratimes rlnaie tfrll `mnlstih baeos,

tflrl is splhugatime tfat Hfielsl ievlstmrs nikft agsm dmie

tfl bi`ìek.

Nlrklr ahtivity bltwlle snagg ae` ni`-sizl` rliesurlrs

ae` splhiagity harrilrs asi`l, wl lxplht N&A ahtivity

tm rlnaie prltty subùl` ie tfl slhtmr. Akaiest tfat

baho`rmp, it’s hglar tfat Baehm Xaba`lgg’s KBZ1.;be

stratlkih taolmvlr mc PXB me tfl husp mc Q2 ‘ na`l

pmssibgl by tfl hrlatime mc a elw letity tfaeos tm L\

Xtatl Ai` rlkugatimes ‘ was ae lxhlptime tm tfl rugl.

Pfl rlture mc wi lsprla` stratlkih `lagnaoiek rlnaies

a istaet prmsplht.

Pfl situatime ie Krllhl cllgs giol a elkativl cahtmr

rlkar glss mc fmw it paes mut. Krlxit wmug` hlrtaiegy

briek ueietle`l` hmeslqulehls cmr tfl eaehiag systln,

wfigl stayiek ie tfl lurm wmug` nlae hmetieuiek

uehlrtaiety. Elitflr wmug` bl kmm` cmr N&A.





GICL XHILEHLX

Pfl bubbgl fas emt burst

Gicl shilehls traesahtime vaguls ae` vmgunls sfmwl` a

`lhgiel ie Q2, partihugargy hmnparl` tm tfl fla`y flikfts

rlahfl` tfis tinl gast ylar wfle tfl rusf by bik \.X.

pfarna hmnpaeils tm hmnpgltl tax ievlrsime `lags gl`

tm a fukl spiol ie ahtivity.

But, ie hmnnme witf naey gla iek hmnnletatmrs, wl

tfieo tflrl is stigg pglety mc gicl ie tfis part mc tfl N&A narolt.

Pago mc a bubbgl abmut tm burst, is, wl tfieo, mvlr mel.

Pfl \.X. rlnaies tfl nmst ahtivl narolt cmr gicl shilehls

`lags, but cmr tfl slhme` quartlr ie a rmw wl’vl slle

a sfarp iehrlasl ie `mnlstih traesahtimes ie Hfiea.

Pfis is part mc a trle` mc hmesmgiàtime ahrmss a eunblr

mc slhtmrs as Hfielsl hmnpaeils sllo tm buig` tflir fmnl

narolt prlslehl ie mr`lr tm hapitagizl me ahhlglratiek

hmesunlr sple iek.

Pfl hmnpltitime cmr fikfgy prizl asslts is agsm hfaekiek

tfl ‗rlagpmgitio„ mc nlrklr prahtihl. Pfl tfrll-way klelrihs

battgl ‘ witf Nygae naoiek a \X@88be mcclr cmr Zlrrikm,

wfigl kftiek mcc a \X@00be mcclr crmn its Isralgi rivag

Plva ‘ is a hasl ie pmiet.

Xm car, Nygae’s a`vaehls favl blle spurel` by Zlrrikm,

ae` rlpmrts sukklst it wigg smme applag straikft tm Zlrrikm

sfarlfmg`lrs, tfl garklst mc wfihf, Abbmt Gabmratmrils,

fas agrla`y ie ihatl` it wigg ahhlpt tfl Nygae mcclr.

Nlaewfigl, tm mutsnart Plva, \.X.-basl`, but @uthf-

rlkistlrl`, Nygae fas bmgstlrl` its `lclesls witf a

‗Xtihftiek„ ‘ a `lclesl nlhfaeisn hmnnmegy usl` ie tfl

Eltflrgae`s. [fltflr it wigg wmro mr emt, mr wfltflr Nygae

wigg favl tm `lple` me wieeiek tfl Zlrrikm battgl ae` tfus

naol itslgc tmm bik, mr tmm fikfgy glvlrakl`, cmr Plva tm

swaggmw, rlnaies tm bl slle.

Hmeelhtl` flagtf rlnaies ae ietleslgy busy arla mc tfl

narolt. Mel ietlrlstiek trle` is til-ups bltwlle Dapaelsl

ae` Omrlae lglhtrmeihs naeucahturlrs ae` flagtfharl

hmnpaeils. Zaeasmeih’s \[email protected]<be purhfasl mc Baylr’s

iabltls harl busielss is a kmm` lxanpgl mc tfis trle`, as

is Xansuek’s partelrsfip witf Nl`trmeih tm a``rlss tfl

sanl narolt. But it’s emt agg abmut tfl bik pgaylrs. Xtart-up

iabltls splhiagist Kgmmom (wfihf fas gieos witf bmtf Baylr

ae` Nl`trmeih) is agsm naoiek bik stri`ls witf its pgae tm

buig` partelrsfips ahrmss tfl ieùstry tm ueicy iabltls

rlglvaet `lvihl àta ietm a siekgl pgatcmrn. Mctle tflsl

mppmrtueitils cmr tlhf ae` flagtfharl rlgatl tm tfl sm-haggl`

FME@A (fyplrtlesime, mblsity, eme-hmnpgiaet, iabltls

ae` astfna) pmpugatime. Plhfemgmky fmg`s tfl pmtletiag

tm sfict flagtf naeaklnlet crmn a rlahtivl nltfm`

mc harl tm mel mc slgc-naeaklnlet.

Pfl \X@1:.1be nlrklr bltwlle HSX ae` Mneiharl

is lvi`lehl mc curtflr hmesmgiàtime ie pfarnahy suppgy

hfaies, mc tfl smrt wl’vl agrla`y slle bltwlle [agkrlles/

Aggiaehl Bmmts ae` AnlrismurhlBlrkle. Iehrlasl

purhfasiek pmwlr ae` lhmemnils mc shagl arl hglargy

a naie mbdlhtivl mc tflsl `lags. But a icclrlehl flrl is

tfat Mneiharl cmhusls me suppgyiek fikf-le` ae` nmrl

guhrativl splhiagity `ruks tm trlat hmnpglx islasls.

Pfl pursuit mc fikflr narkie prm uhts is agsm riviek lagsahrmss tfl splhiagity pfarna slhtmr. Aglxime Zfarna’s

\[email protected] ahquisitime mc Xyeaklva BimZfarna (at a kiaet

120% prlniun tm its narolt vagul) is slle as curtflr

lvi`lehl mc tfl lxtramr ieary rltures tfat hmnpaeils

tarkltiek rarl islasls hae hmnnae`. KXO’s hlgg ae`

klel tflrapy hmggabmratime witf NmgNl` is aemtflr

lxanpgl mc ahtivity at tfis prlniun le` mc tfl narolt.

Hmesmgiàtime ie tfl klelrihs narolt hmetieuls as

`lnmestratl` by Le`m’s \X@6be ahquisitime mc Zar,

wfihf cmhusls me fikflr narkie klelrihs, crmn PZK

Hapitag. Le`m hglargy waets tm buig` up its klelrihs

arn but it is agsm ae ieemvatmr ‘ lvi`lehl, plrfaps,

mc tfl iehrlasiekgy bgurrl` giels bltwlle tflsl twm

parts mc tfl narolt.

NIEIEK

Bmttmniek mut =

[itf hmnnm ity prihls stigg fikfgy ueprl ihtabgl ae` witf

Hfiea’s mehl vmrahimus `lnae` cmr oly raw natlriags

giol irme mrl ae` hmag emw inieisfl`, nieiek rlnaies

ue`lr sikeihaet prlssurl, witf N&A traesahtimes at

a vlry gmw lbb.

Praesahtime vaguls sgunpl ie Q2 tm dust mvlr \X@3be ‘tflir gmwlst glvlg cmr naey ylars. Pfaeos tm a nmrl

bumyaet rst quartlr, lag ahtivity cmr tfl rst fagc rlnaiel`

at rmukfgy tfl sanl glvlg as F1 2:10, but tfat hae’t

iskuisl tfl caht tfat tfl narolt is stigg vlry aealnih

hmnparl` witf past plrcmrnaehl.

Cmr tfl nadmrs tfl cmhus rlnaies rngy xl` me huttiek

tflir hgmtf tm nllt hurrlet narolt hirhunstaehls.

Pfat nlaes anbitimus ahquisitimes arl mcc tfl akle a ie

cavmr mc eme-hmrl asslt ispmsags ae` hmst huttiek tm nllt

`lnae`s cmr nmrl vagul tm bl rlturel` tm sfarlfmg`lrs.




As part mc tfat prmhlss BFZ Biggitme hmnpgltl tfl

`lnlrklr mc eme-hmrl asslts ietm a elw hmnpaey,

Xmutf82, ie Q2. Pfl elw letity is gistl` ie Gme`me,

Xyèly ae` Dmfaeelsburk ae` hapitagizl` at armue`

\X@9be.

Pfl rlnaieiek busielss wigg hmehletratl me its hmrl irme

mrl ae` hmag ietlrlsts, wfigl Xmutf82 wigg pgmukf its mwe

hmursl as ae ie`lple`let ivlrsil` nieiek krmup witf

ietlrlsts nmstgy gmhatl` ie Xmutf Acriha ae` Austragia.

[itf hmag prihls stigg at rmho bmttmn, mtflr nadmrs arl,

by hmetrast, busy rlùhiek tflir lxpmsurl ie tfis arla.

Zlabm`y, Sagl ae` Rim Pietm arl agg rlpmrtl` tm bl gmmoiek

cmr buylrs cmr hmag asslts ie Lastlre Austragia cmggmwiek

sinigar prmhlssls ie Acriha, emtabgy Nmzanbiqul. [fltflr

mr emt tfly hae lasigy e` buylrs rlnaies tm bl slle.

[itf tfl ieùstry ue`lrkmiek tmukf tinls, it nikft

slln ae m`` nmnlet tm bl haggiek tfl bmttmn mc tfl

hyhgl. Pfat, tfmukf, is tfl vilw mc a krmwiek eunblr

mc hmnnletatmrs ae` it’s mel tfat fas smnl nlrit.

Pflrl is krmwiek hme`lehl anmekst smnl ni`-tilr

hmnpaeils, witf sikes tfat tfly arl prlparl` tm `m

sikeihaet stratlkih `lags wflrl hirhunstaehls aggmw.

A kmm` lxanpgl is Ie lple`lehl Krmup, tfl ivlrsil

Austragiae nielr wfmsl risos arl sprla` mvlr a eunblr

mc nielrags, iehgu iek eiholg, zieh, hmpplr ae` kmg`,

tfl prihls mc wfihf favl agg carl` blttlr rlhletgy tfae

bugo hmnnm itils.

Its \[email protected] taolmvlr mc Xirius Rlsmurhls ‘ hurrletgy

`lvlgmpiek tfl vaguabgl Emva-Bmggieklr eiholg prmdlht

wfihf is ùl tm bl hmnpgltl` elxt ylar ‘ wigg sll twm

ni`-tilr nieiek krmups hmnl tmkltflr tm ahfilvl krlatlr

shagl. Pfl `lag sfmug` agsm hatapugt tfl hmnbiel` krmup

ietm tfl AXV1::.

[l lxplht tm sll smnl sinigar `lags ie tfl hmniek

nmetfs. [figl tfl piplgiel mc `lags is by em nlaes

mwiek at cugg tigt, it is sfmwiek sikes mc krlatlr flagtf.

[fle rlhmvlry `mls hmnl it is uegiolgy tm bl litflr quiho

mr snmmtf, fmwlvlr. @lnae` crmn oly narolts suhf as

Hfiea, Dapae ae` Ie ia is giolgy tm rlnaie subùl` ie tfl

sfmrt tlrn. [figl smnl arl iehrlasiekgy buggisf abmut tfl

prihl mc hmpplr, kmg` ae` eiholg, nmst rlnaie uehlrtaie

abmut bugo hmnnm itils ae` wigg bl wary mc hmnnittiek tm

traesahtimes ic tflrl is a riso tfl prihl nikft cagg lvle gmwlr.

But sletinlet agsm pgays a bik part, ae` mctle mel bik `lag

ievmgviek sikeihaet asslts ae` pgaylrs hae sparo a rlturetm ahtivity. Pfl cueànletags arl ie pgahl. Actlr

`lvaguatimes mc hurrlehils ie Austragia, Acriha ae` Gatie

Anlriha, asslts arl hurrletgy glss lxplesivl ae` ahhlss

tm eaehl hmetieuls tm bl cavmrabgl.

ZRISAPL LQ\IPY

Baho me tfl crmet cmmt =

Ie hmnnme witf mtflr parts mc tfl narolt, ZL saw tfl

eunblr mc `lags `lhgiel ie Q2 but tfl vagul km up.

Cmr slvlrag quartlrs emw ZL ahtivity fas blle cmhusl`

me lxits ratflr tfae buymuts ae` tfat wmro hmetieuls witfa eunblr mc sizabgl traesahtimes ie tfl quartlr, emt glast

tfl IZM mc Xmpfms, tfl slhurity smctwarl busielss nadmrity

mwel` by Apax. Pfl mat vaguls tfl hmnpaey at dust mvlr

KBZ1be ae` is mel mc tfl \O’s garklst lvlr tlhf IZMs.

Pfat cmhus me lxit is partgy ùl tm tfl gicl hyhgl mc cue s ‘

ZL fmusls favl rlturel` rlhmr` glvlgs mc hasf tm ievlstmrs

ie rlhlet tinls.

But it agsm rllhts tfl rlguhtaehl mc ZL cue`s tm `lpgmy tflir

hmesi`lrabgl `ry pmw`lr megy tm hmnpltl cmr asslts witf

ZL cue`s arl klttiek a gittgl nmrl

ie tflir apprmahf ae` wl lxplht

akkrlssivl tm sll nuhf nmrl buy-si l ahtivity ie tfl nmetfs afla`.„

N&A Iesikfts | F1 2:1< 2:






ratimeagizl tflir mcclrieks, ae` hrlatl shagl tm cahl

tfl krmwiek tfrlat mc sm-haggl` ‗mvlr tfl tmp„ ikitag

strlaniek mplratmrs, suhf as Eltix ae` Fugu.

Ic suhhlsscug tfl `lag wigg hrlatl a fukl brma`bae` ae`

pay-PS busielss, bik lemukf tm rivag Hmnhast. But it

nay wlgg favl sikeihaet rlkugatmry fur gls tm hglar ‘

Hmnhast’s mwe \X@0<.2be mcclr cmr Pinl [arelr clgg

apart actlr rlkugatmrs raisl` sikeihaet hmehlres abmut

tfl til up.

Hmevlrklehl ae`hmesmgiàtime rlnaietfl mr`lr mc tfl ày ietlglhmns ae` nlìa.

Hmesmgiàtime ie Lurmpl’s hlgg pfmel ieùstry rlnaies

a fmt tmpih, witf `lags ie @lenaro ae` tfl \O me

tfl `lso mc tfl elw L\ hmnpltitime hmnnissimelr,

Narkrltfl Slstaklr, ae` mtflrs (Itagy ae` pmssibgy

Craehl akaie) bliek prlparl`.

Emt agg hlgg pfmel mplratmrs arl pursuiek hmesmgiàtime

stratlkils. As tfl BP/LL nlrklr ie ihatl`, hmevlrklehl

is slle as ae agtlreativl, usiek a qua`-pgay mcclriek mc hlgg

pfmel, xl`-giel, brma`bae` ae` ietlrelt, wflrl uslrs

hae ahhlss hmetlet me wfatlvlr `lvihl tfly hfmmsl,

tm a``rlss hustmnlr `lnae` ae` iehrlasl prmts.

Pfl BP/LL `lag is agsm ie tfl ni`st mc tfl nlrklr

hmetrmg prmhlss, but blcmrl tfl \O’s HNA ratflr tfaetfl L\ Hmnnissime.

Sm acmel emw agsm sllns tm bl pursuiek tfis rmutl,

hmerniek it is ie tagos witf Dmfe Nagmel’s Giblrty Kgmbag,

Lurmpl’s bikklst habgl hmnpaey, abmut swappiek

asslts ‘ a nmvl tfat hmug` aggmw bmtf krmups tm prmvi`l

a cugg-slrvihl mcclriek ie icclrlet Lurmplae narolts,

agtfmukf ae mutrikft nlrklr fas blle rugl` mut.





Iesikfts, F1 2:1<

Plglhmns, Nlìa ae` Plhfemgmky

Saguls rmarl` afla` tm

mc inpmrtaet nlka`lags.„eunblr

\X@28:be stmol by a




A kgmbag seapsfmtPmp 2: kgmbag mutbmue` ahquirlrs ae` iebmue` tarklt narolts

Eunblr mc

mutbmue` ahquisitimes

Eunblr mc iebmue`

ahquisitimes

Emtl4 tflsl kurls rlprlslet tfl tmtag eunblr

mc lags aeemuehl` bltwlle Daeuary 1, 2:1<

ae` Duel 29, 2:1< iehgusivl.

OLY

\.X.

Brazig

Haeaà

Craehl

Xwitzlrgae`

Guxlnbmurk

\O

Eltflrgae`s

Xpaie

Irlgae` (Rlpubgih)

Blgkiun

12;

80

82

232

31

136

1:3

;2 03

3:

1<

1<

10

18

10

81 83

10

1;

8;





Emrway

Klrnaey

Dapae

Ieìa

Itagy

@lenaro

Xmutf Omrla

Smgunl mc mutbmue` ahquisitimes

Raeo Hmuetry Smgunl

mc `lags

Sagul mc

`lags \X@n

1 \.X. 232 <:,692

2 \O 12; 39,;9<

8 Hfiea 6: 10,<;3

0 Craehl ;2 <,626

< Fmek Omek 32 ;,8123 Haeaà 31 86,993

; Dapae <; 18,;88

6 Klrnaey 03 2,666

9 Xwitzlrgae` 80 9:1

1: Eltflrgae`s 81 93,<39

11 Xiekapmrl 81 <,2;2

12 Xwl`le 29 1,812

18 Austragia 2< 9<6

10 Itagy 2: 836

1< Emrway 16 318

13 Guxlnbmurk 1< ;,692

1; Irlgae` (Rlpubgih) 10 6,3<0

16 @lenaro 10 <:9

19 Blgkiun 10 8;3

2: Xpaie 18 ;00

Smgunl mc iebmue` ahquisitimes

Raeo Hmuetry Smgunl

mc `lags

Sagul mc

`lags \X@n

1 \.X. 136 ;9,181

2 \O 1:3 11<,0:6

8 Klrnaey 6< 11,8;;

0 Hfiea ;3 6,031

< Haeaà 3: 11,1923 Craehl 03 2<,<83

; Austragia 01 <,8;2

6 Ieìa 86 8,29;

9 Xpaie 8; <,:2;

1: Eltflrgae`s 83 6,912

11 Itagy 80 0,368

12 Fmek Omek 82 3,069

18 Brazig 82 8,;<:

10 @lenaro 81 923

1< Xwl`le 29 2,0<;

13 Xmutf Omrla 20 0,:31

1; Ciegae` 28 303

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