Financial Research Project T Mobile Valuation and Analysis

8/18/2019 Financial Research Project T Mobile Valuation and Analysis

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---- ICDEDBCEK XFRFEXBJ QX@NFB] ------- W`rtj 81% ì tjf bùrsf gremf. / Muf metf cs stetfm cd tjf bùrsf sbjfmukf.

I`r iukk sft ì edswfr, Qkfesf oeck of et ekleourerleeAgoeck.bò

Eks` i`r edy `tjfr pr`nfbts jfkp pkfesf oeck of. C bed jfkp cd edy bùrsfs Icdedbf, Oedegfofdt,

Rtretfgy, Oerlftcdg, Juoed Xfsùrbfs, @rgedczetc`d Hfjevc`r, Fb`dòcbs, Fxbfk, Mcssfrtetc`d, BEQRCO,

@dkcdf ]fst edm edy `tjfr lcdm ì pr`nfbts.

]JF QX@NFB] CR MFRCGDFM ]@ HF B@OQKF]FM CDMCYCMVEKKS (@X E GX@VQ) ER ERRCGDFM HS S@VXQX@IFRR@X) HS ]JF R]VMFD].

C RC]VE]C@D>

@HNFB]CYF

]jf spfbcicb `hnfbtcvf ì tjcs gremfm wrcttfd rfsferbj fxfrbcsf cs t` prfperf ed "fxfbutcvf kfvfk icdedbcek rfp`rt" t` tjf BjcfiIcdedbcek @iicbfr (BI@) ì e oytjcbek bòpedy cd wjcbj ỳ u erf fopk`yfm es e icdedbcek edekyst. ]jcs rfp`rt wckk pfrtecd t` tjficdedbcek fvekuetc`d ì e rfek, puhkcbky-tremfm, bòpedy. Ct wckk rfqucrf cdmfpfdmfdt rfsferbj (wfh-hesfm `r kchrery), berfiukicdedbcek edekyscs, edm tjf pr`pfr eppkcbetc`d ì lfy icdedbcek tjf`rcfs edm i`roukes.

]jf bòpedy tjet cs t` hf edekyzfm i`r tjcs pr`nfbt cs (bòpedy sfkfbtfm hy cdstrubt`r).

Ektfrdetcvfky, yù bed rfqufst of t` eppr`vf ed`tjfr puhkcbky tremfm bòpedy. ]jcs rfqufst oust hf suhocttfm hfi`rf tjf fdm ì

tjf icrst wffl ì tjf bùrsf. ]jf rfqufst oust cdbkumfe. cmfdtcicbetc`d ì tjf bòpedy hy tcblfr syoh`k edm deof

h. e rfes`dehkf edm eppr`prcetf fxpkedetc`d ì wjy yù wedt t` fxeocdf tjf ektfrdetcvf bòpedy

b. tjf sùrbf ì tjf edekyst's rfp`rt tjet wckk hf usfm cd tjf edekyscs (wjcbj oust hf suhocttfm t` of)

m. ebld`wkfmgfofdt hy yù tjet ekk ì tjf spfbcicb fkfofdts ì tjf esscgdofdt (sff hfk`w) wckk hf prfperfm hy yù edmcdbkumfm cd tjf icdek rfsferbj pr`nfbt rfp`rt

RC]VE]C@D

Sù erf e icdedbcek edekyst wctj tjf oytjcbek Jcgj ]fbjd`k`gy B`rp`retc`d ("J]B"). J]B cs ed fstehkcsjfm oeduiebturfr ì ekcdf ì fkfbtr`dcb bòp`dfdts, wjcbj sfrvcbfs ed cdtfrdetc`dek oerlft. J]B cs burrfdtky e dfw iukky-cdtfgretfm wcrfkfssbòoudcbetc`d sfrvcbf i`r w`rkm-wcmf usf. E bòpftctcvf tfbjdcbek edm fb`dòcb pr`mubt fvekuetc`d jes mftfrocdfm tjet ]JFB@OQEDS ]JE] CR ]@ HF EDEKS^FM I@X ]JCR QX@NFB] (B@OQEDS RFKFB]FM HS CDR]XVB]@X) (e rfek

puhkcbky-tremfm bòpedy) cs tjf hfst p`tfdtcek bedmcmetf i`r e k`dg-tfro bòoctofdt. ]JF B@OQEDS (B@OQEDSRFKFB]FM HS CDR]XVB]@X) cs ìifrcdg e bòpftctcvfky iev`rehkf mfek. J`wfvfr, hesfm `d sòf sfrcùs gfdfrek b`dbfrdsehùt tjf iekkùt ì bòpedcfs cd tjf cdmustry cd gfdfrek, tjf BF@ jes eslfm yùr BI@ t` b`dmubt e icdedbcek edekyscs ì ]JFB@OQEDS (B@OQEDS RFKFB]FM HS CDR]XVB]@X) t` mftfrocdf ci ct cs prumfdt t` bòoct t` tjcs bòpedy'sbòoudcbetc`d systfo. ]jf b`st ì buttcdg `vfr t` tjf dfw bòoudcbetc`ds systfo cs scgdcicbedt edm edy cdtfrruptc`d cd supp`rtmurcdg tjf dfxt ifw yfers wùkm emvfrsfky eiifbt J]B's pfri`roedbf edm prìct. Rpfbcicbekky, tjf qufstc`d cs> wckk ]JFB@OQEDS hf icdedbcekky vcehkf `vfr tjf dfxt tw` t` tjrff yfers0

S@VX RQFBCICB ERRCGDOFD]

Sùr spfbcicb esscgdofdt cs t` rfsferbj, edekyzf, edm prfperf e rfp`rt i`r tjf BI@ `d tjf ebtuek icdedbcek pfri`roedbf ì ]JFB@OQEDS ]JE] CR ]@ HF EDEKS^FM I@X ]JCR QX@NFB] (B@OQEDS RFKFB]FM HS CDR]XVB]@X). Cd emmctc`dt` rfvcfwcdg tjf tremctc`dek icdedbcek pfri`roedbf cdmcbet`rs, yù erf eks` t` rfvcfw ]JF B@OQEDS–R pest edm burrfdt st`bl

pfri`roedbf. Sùr rfp`rt cdbkumfs tjrff perts>

(5) Ed fvekuetc`d ì ]JF B@OQEDS–R icdedbcek pfri`roedbf i`r tjf kest yfer. MuQ`dt edekyscs edm edekyscs ì scgdci cbedticdedbcek pfri`roedbf rfsukts erf rfqucrfm i`r tjf kest tjrff yfers. (Rff mfteckfm mfsbrcptc`d hfk`w)

(8) Ed fvekuetc`d ì ]JF B@OQEDS–R st`bl pfri`roedbf i`r tjf kest `df yfer.

(2) Icdekky, e spfbcicb rfbòofdmetc`d, wctj supp`rtcdg r etc`dekf, es t` wjftjfr `r d`t ]JF B@OQEDS–R rfbfdt trfdm cdicdedbcek edm st`bl pfri`roedbf cs ì suiicbcfdt icdedbcek strfdgtj t` werredt fdtfrcdg cdt` e k`dg-tfro bòoctofdt.

]` esscst yù cd yùr tesl, tjf BI@ jes pr`vcmfm tjf i`kk`wcdg gfdfrek gucmedbf. Rcdbf ct cs rfb`gdczfm tjet tjf cdmustry csudmfrg`cdg e oen`r b`dtrebtc`d, ct cs vfry cop`rtedt t` bòperetcvfky fvekuetf ]JF B@OQEDS–R icdedbcek edm st`bl

pfri`roedbf trfdms egecdst cts Cdmustry.

Sù oey wcsj t` cdbkumf ekk dfbfssery edm rfkfvedt icdedbcek pfri`roedbf edm st`bl cdi`roetc`d, trfdms, edm pr`nfbtc`ds cdsupp`rtcdg yùr rfbòofdmetc`d. ]jfsf iebt`rs oey cdbkumf, icdedbcek retc` trfdms edm cdmustry bòperetcvfs, bepctek spfdmcdg,st`bl gr`wtj, Hfte vekufs, brfmct retcdg sfrvcbf vekuetc`ds, h`dm retcdg vekuetc`ds, edm oedegfofdt edm cdvfstofdt rfp`rts -wjfd tjfsf m`buofdts erf eveckehkf.

mailto:[email protected]:[email protected]:[email protected]:[email protected]


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pg. 8

XFQ@X] XFUVCXFOFD]R

S@VX RQFBCICB ERRCGDOFD]

Xfsferbj edm edekyzf tjf i`kk`wcdg cdi`roetc`d i`r ]JF B@OQEDS (RFKFB]FM HS CDR]XVB]@X).

--Edduek Hekedbf Rjffts i`r ]JF B@OQEDS i`r tjf kest tjrff yfers.

--]jf Cdbòf Rtetfofdts i`r ]JF B@OQEDS tjf kest tjrff yfers.

-- Edduek rfp`rts, 51L `r 51U------

--Cdmustry d`ros -----------

---Edekysts– rfp`rts `d pfri`roedbf

-- Oedegfofdt rfp`rts `r prfss rfkfesfs

Vscdg tjcs cdi`roetc`d tjf stumfdts jevf t` mfvfk`p fvekuetc`d ì tjf icdedbcek pfri`roedbf i`r ]JF B@OQEDS (RFKFB]FMHS CDR]XVB]@X). (]`tekky :6% ì tjf esscgdofdt gremf)

-5 ” Heblgrùdm edm Cdmustry (`df sj`rt peregrepj).

-8 ” Rfkfbt ì o`st scgdcicbedt icdedbcek pfri`roedbf rfsukts i`r tjf bòpedy> Bòperf Xfvfduf, dft cdbòf, w`rlcdg bepctek,t`tek essfts i`r tjf kest tjrff yfers edm `tjfr rfsukts ì yùr bj`cbf ì tjf bòpedy egecdst tjf cdmustry `r oecd bòpftct`r.Qrfsfdt tjf tehkf wctj tjcs cdi`roetc`d cd yùr rfp`rt. Wrctf ehùt 5 pegf ì tjf edekyscs ì tjfsf icdedbcek pfri`roedbf rfsukts.(56% ì tjf pr`nfbt gremf)

-2 ” Icdm icdedbcek retc`s i`r tjf bòpedy edm cts oen`r bòpftct`r cd tjf Cdtfrdft. Wrctf ehùt 5-8 pegfs ì edekyscs ì tjf retc`rfsukts yù rfbfcvfm. (56% ì tjf pr`nfbt gremf). Bòperf tjf retc` rfsukts egecdst tjf cdmustry `r oecd bòpftct`r.

-=- Fvekuetf Xfturd `d Fqucty i`r tjf bòpedy i`r tjf kest tjrff yfers uscdg tjf MuQ`dt edekyscs. (51% ì tjf pr`nfbt gremf).Bòperf tjf bòpedy–s rfsukts t` e oen`r bòpftct`r.

]elcdg tjf cdi`roetc`d irò tjf Cdbòf stetfofdts edm tjf Hekedbf sjffts, bekbuketf tjf bòpedy–s rfturd `d fqucty uscdg tjf

MuQ`dt tfbjdcquf i`r tjf bòpedy i`r tjrff yfers. Rj`w yùr bekbuketc`d!

Wrctf ehùt 5 pegf ì edekyscs ì tjf rfsukts tjet yù rfbfcvfm. Bòperf tjf rfsukts t` oecd bòpftct`r. Ci tjf oedegfofdt ì tjfbòpedy wùkm kclf t` copr`vf tjfcr rfturd `d fqucty, wjet sjùkm tjf oedegfofdt ì tjfsf bòpedcfs m`0

-6- Fvekuetf `tjfr erfes ì icdedbcek edekyscs> bepctek spfdmcdg, st`bl gr`wtj, Hfte vekufs, brfmct retcdg sfrvcbf vekuetc`ds (ci p`sschkf), h`dm retcdg vekuetc`ds (ci p`sschkf), ftb. Oelf ed `vfrekk b`dbkusc`d ehùt icdedbcek pfri`roedbf ì tjf bòpedymurcdg tjf kest yfers. Bòperf tjf rfsukts tjet yù rfbfcvfm egecdst tjf cdmustry `r oecd bòpftct`r. Ruooerczf tjf rfsukts tjetyù rfbfcvfm cd 5 pegf. Wjet erf tjf icro–s icdedbcek strfdgtjs edm wfeldfssfs0 (51% ì tjf pr`nfbt gremf)

-9- B`kkfbt edm fvekuetf tjf mete ehùt st`bl pfri`roedbf ì tjf esscgdfm bòpedy's i`r tjf kest `df yfer. Bòperf tjf rfsuktstjet yù rfbfcvfm egecdst tjf cdmustry `r oecd bòpftct`r.

Wrctf ehùt 5-8 pegfs ì edekyscs ì tjf retc` rfsukts yù rfbfcvfm. (81% ì tjf pr`nfbt gremf).-7- Mfvfk`p e spfbcicb rfbòofdmetc`d, wctj supp`rtcdg retc`dekf, es t` wjftjfr `r d`t tjf esscgdfm bòpedy's rfbfdt trfdm cdicdedbcek edm st`bl pfri`roedbf cs ì suiicbcfdt icdedbcek strfdgtj t` werredt fdtfrcdg cdt` e k`dg-tfro bòoctofdt (ehùt 5 pegf)(56% ì tjf pr`nfbt gremf)


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pg. 2

]SQF S@VX B@KKFGF DEOF

]-O`hckf VR, Cdb.

Icdedbcek Edekyscs edm Cdvfstofdt Fvekuetc`d

]SQF S@VX DEOF

=/58/8159

]jf rfp`rt b`dtecd tjf iukk wrctf pkus eks` jes fohfmmfm fxbfk w`rlcdgs cd tjf rfifrfdbf wjcbj`df bed rfifr.


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pg. =

B`dtfdts Bòpedy @vfrvcfw ...................................................................................................................................... 6

Icdedbcek @pfretc`d Edekyscs uscdg icdedbcek retc`s es e t``k ....................................................................... 9

Gr`wtj edm Oergcds (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm Q`rti`kc`

Oedegfofdt (51fm)) ............................................................................................................................. 9

Kcqucmcty Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm Q`rti k̀c`

Oedegfofdt (51fm)) ............................................................................................................................. 7

Essft ]urd`vfr edm Xfturd Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm

Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. :

Bòperetcvf fvekuetc`d ì MuQ`dt Edekyscs (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt

Edekyscs edm Q`rti`kc` Oedegfofdt (51fm)) ........................................................................................ :

Bepctek strubturf edm b`vfregf retc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm

Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. 3

Bepctek fxpfdmcturf edm besj ik`ws (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm

Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. 3

Mfht Xetcdgs ........................................................................................................................................ 51

Rt`bl Qrcbf Edekyscs ................................................................................................................................... 55

I`rfbest hy rfgrfssc`d ........................................................................................................................ 55

I`rfbest hy 58-o`dtj o`vcdg evfregf .............................................................................................. 58

Rt`bl hfte, st`bl pfri`roedbf edm rfqucrfm rfturd hescs BEQO ...................................................... 58

Rt`bl pfri`roedbf rfketcvf t` bòpftct`rs ̀ vfr kest ̀ df yfer .......................................................... 5=

Xfbòofdmetc`d ........................................................................................................................................ 56

Eddfxurf 5> Cdbòf Rtetfofdt ................................................................................................................... 59

Eddfxurf 8> Hekedbf Rjfft ......................................................................................................................... 57

Eddfxurf 2> Besj Ik`w Rtetfofdt .............................................................................................................. 5:

Eddfxurf => Xetc` Edekyscs ........................................................................................................................ 53

Eddfxurf 9> Mfht Xetcdg ì ]-O`hckf Mfht ............................................................................................... 81

Eddfxurf 7> ]-O`hckf Hfte, BEQO Xfturd edm Rtedmerm Mfvcetc`d ì Xfturds ....................................... 85

Eddfxurf :> Mup`dt Edekyscs ..................................................................................................................... 82

Eddfxurf 3> Yekuetc`d Edekyscs ................................................................................................................. 82

Xfifrfdbfs ................................................................................................................................................... 8=


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pg. 6

Bòpedy @vfrvcfw]-O`hckf VRE, Cdb. wes i`rofm cd 533= es Y`cbfRtrfeo QBR, e suhscmcery ì Wfstfrd

Wcrfkfss B`rp`retc`d. Y`cbfRtrfeo wes spud ìi cd 5333 edm ebqucrfm hy Mfutsbjf ]fkflò

EG cd 8155 edm rfdeofm es ]-O`hckf VRE, Cdb. cd 8188.

]-O`hckf cs tjf iestfst gr`wcdg wcrfkfss bòpedy cd tjf V.R hesfm `d bustòfr gr`wtj

cd 8156. ]jf bòpedy pr`vcmfs wcrfkfss bòoudcbetc`d sfrvcbfs, cdbkumcdg v`cbf, ofssegcdg

edm mete, t` `vfr 92 ockkc`d bustòfrs cd tjf p`stpecm, prfpecm edm wj`kfsekf oerlfts. ]-O`hckf

ìifr bustòfr sfrvcbfs `d e detc`dwcmf =G K`dg-]fro Fv`kutc`d (K]F) dftw`rl edm ìifrs

mfvcbfs edm pkeds es bustòczfm es p`sschkf suctcdg bustòfr dffms.

]-O`hckf pr`vcmfs sfrvcbfs, mfvcbfs edm ebbfss`rcfs ebr`ss cts ikegsjcp hredms, ]-O`hckf

edm Oftr` QBR, tjrùgj bòpedy `wdfm edm `pfretfm rfteck st`rfs, tjcrm perty mcstrchut`rs edm

cts wfhsctfs. Oen`rcty ì cts sfrvcbf rfvfdufs erf gfdfretfm hy pr`vcmcdg wcrfkfss bòoudcbetc`d

t` hredmfm p`stpecm bustòfrs wjcbj ebbùdtfm i`r 99% ì t`tek sfrvcbf rfvfdufs, i`kk`wfm hy

21% irò hredmfm prfpecm bustòfrs edm hekedbf =% irò wj`kfsekf bustòfrs. Dft emmctc`ds

t` hredmfm p`stpecm bustòfr hesf jes hffd str`dg cd rfbfdt pest wctj duohfr rfebjcdg es jcgj

es =.6 ockkc`d cd 8156 vs. =.3 ockkc`d cd 815= edm 8.1 ockkc`d 8152.

Murcdg tjf kest icsbek fdmfm `d Mfbfohfr 21, 8156, ]-O`hckf rfp`rtfm VR$ 28.16

hckkc`d rfvfduf, VR$ 97: ockkc`d dft prìct edm fopk`yfm `vfr 61,111 fopk`yffs `d e iukk-tcof

edm pert-tcof hescs. ]jf bòpedy jem e oerlft bepctekczetc`d ì ~VR$ 25.98 hckkc`d es `d Eprck

55, 8159.


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pg. 9

Icdedbcek @pfretc`d Edekyscs uscdg icdedbcek retc`s es e t``kIcdedbcek `pfretc`d edekyscs ì ]-O`hckf wes b`dmubtfm t` essfss trfdms cd icdedbcek

p`sctc`d cd `rmfr t` supp`rt cdvfstofdt retc`dekf. Xetc` edekyscs jes hffd usfm es e t``k t`

b`dmubt subj edekyscs edm wes bòperfm wctj Cdmustry Evfregf t` huckm b`dsfdsus hesfm `d e

bòprfjfdscvf stumy.

Gr`wtj edm Oergcds (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))

]-O`hckf rfvfdufs murcdg tjf icdedbcek yfer fdmfm 8156 wfrf VR$ 28.16 hckkc`d

rfp`rtcdg e yfer-`d-yfer gr`wtj ì dferky :%. Xfvfdufs erf gr`wcdg yfer-eitfr-yfer hut et e

soekkfr pebf. Gr`wtj cd 8152 wes 273% (ekhfct `d e soekkfr hesf) vs. gr`wtj cd 815= et 85% vs.

:.=% cd 8156. J`wfvfr, tjf seof jes hffd jcgjfr tjed tjf cdmustry wjcbj grfw et ed evfregf

9.2%. Xfvfdufs irò hredmfm p`stpecm sfgofdt edm prfpecm sfgofdt grfw hy 5=% edm :%

rfspfbtcvfky wjfrfes tjf wj`kfsekf rfvfdufs edm rèocdg edm `tjfr sfrvcbfs rfvfdufs mfbkcdf hy

6% edm 87% rfspfbtcvfky. @vfrekk tjf sfrvcbfs rfvfdufs grfw hy 55% cd 8156 vs. 57% cd 815=.

Fqucpofdt sekf rfvfdufs wfrf iket wjfrfes `tjfr edbckkery rfvfdufs grfw hy 83%. Eks` tjf

buouketcvf edduek gr`wtj cd rfvfdufs jevf sffd b`dtcduùs m`wdtrfdm wctj 2-Sr BEGX cd

rfvfdufs et :=.62% mfbkcdcdg t` 5=.67% cd besf ì 8-Sr BEGX edm iurtjfr t` :.=8% cd besf ì

5-Sr BEGX. Ektjùgj tjf =-Sr BEGX cs e jcgjfr tjed cdmustry evfregf et 56.:9%, yft k``lcdg

et pest tw` yfers pfri`roedbf, ct cs fxpfbtfm tjet ]-O`hckf wckk b`dtcduf t` iebf jfemwcdms

eocmst stcii bòpftctc`d. Murcdg kest icvf yfers, tjf bòpedy jes emmfm VR$ 87.3: hckkc`d w`rtj

ì dfw sekfs cdbkumcdg VR$ 8.=3 hckkc`d cd 8156.

Gr`wtj cd rfvfdufs eks` rfsuktfm cd gr`wtj cd `pfretcdg cdbòf wjcbj grfw hy =6.:2%

cd 8156. Cdtfrfstcdgky tjf gr`wtj jes sffd ed uptrfdm wctj =-Sr BEGX gr`wtj et 6.:% vs. 2-Sr

BEGX et 26.:% vs 8-SX BEGX et =2.33%. J`wfvfr tjf gr`wtj cd ferdcdgs jes rfsuktfm cd


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pg. 7

mfbkcdf cd `pfretcdg oergcd irò 56.=% cd 8155 t` 9.=% cd 8156 mrcvfd hy stcii bòpftctc`d edm

jcgjfr b`st ì ebqucrcdg suhsbrchfrs. Ct cs `dky cd kest tjrff yfers, tjf bòpedy jes hffd ehkf t`

fxpedm cts oergcds irò =.5% cd 8152 t` 9.=% cd 8156 hut cs wey hfjcdm cdmustry evfregf et

52.3%.

Dft Qrìct oergcd mfbkcdfm wes fvfd stffpfr mrcvfd hy jcgjfr cdtfrfst b`st. Oergcds

mfbkcdfm irò 9.8% cd 8155 t` 8.5%. J`wfvfr, scocker t` `pfretcdg oergcds, dft cdbòf oergcds

jevf eks` copr`vfm cd kest tjrff yfers irò 1.5% cd 8152 t` 8.5% cd 8156 hut cs b`dscmfrehky

k`w bòperfm t` cdmustry wjcbj cs et ed evfregf ì 9.:%.

Wjckf ]-O`hckf jes hfdfictfm cd ferdcdgs gr`wtj, k`wfr bjurd edm suhsbrchfr gr`wtj,

tjfrf cs kcoctfm gr`wtj `pp`rtudctcfs g`cdg i`rwerm muf t` gr`wcdg dftw`rl-bepebcty bjekkfdgfs.

Wjckf tjcs cs sft t` copr`vf eo`dg iùr detc`dek berrcfrs, ]-O`hckf jes tjf k`wfst eoùdt ì

k`w-hedm spfbtruo, dfbfssery i`r tjf b`vfregf.

Kcqucmcty Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))

]-O`hckf–s burrfdt retc` jes hffd `d e b`dtcduùs mfbkcdf cdmcbetcdg rcscdg prfssurf ì

kcqucmcty. Ct jes mfbkcdfm irò es jcgj es 2.29 tcofs cd 8155 t` 5.69 tcofs cd 8156. Uucbl retc`

jes eks` sffd scocker mfbkcdf irò 2.19 tcofs cd 8155 t` 5.=2 tcofs hut cs jcgjfr tjed cdmustry

wjcbj et 1.6= tcofs. ]-O`hckf–s rfbfcvehkf meys jevf cdbrfesfm irò 6.3 meys cd 8155 t` 81.=

meys cd 8156 `d b`dscmfrehky rcsfd sekfs hut erf scgdcicbedtky hfttfr tjed cdmustry et =1.9 meys.

Cdvfdt`ry meys, wjcbj mfbkcdfm irò 21 meys cd 8155 t` 8152, jevf egecd cdbrfesfm hebl t` 25.7

meys cd 8156 wjcbj cs jcgjfr tjed cdmustry et 88.9 tcofs. Cdtfrfstcdgky tjf peyehkf meys cdbrfesfm

irò =1 meys cd 8155 t` 561 meys cd 8156 cdmcbetcdg str`dg ehckcty t` dfg`tcetf hfttfr tfros wctj

suppkcfrs. ]jcs jes kfm tjf bòpedy t` oecdtecd dfgetcvf w`rlcdg bepctek egecdst cdmustry wjcbj

cs ruddcdg wctj p`sctcvf w`rlcdg bepctek. (Qkfesf rfifr Eddfxurf =).


8/24

pg. :

Essft ]urd`vfr edm Xfturd Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c`

Oedegfofdt (51fm))

]-O`hckf essft turd`vfr retc` jes hffd stfemy et erùdm 1.65 tcofs cd kest icvf yfers edm

cs kergfky cd kcdf wctj cdmustry evfregf et 1.69 tcofs. Xfturd `d essfts (XÈ) jes hffd `d e

b`dtcduùs mfbkcdf mrcvfd hy k`wfr prìctehckcty edm cs oubj hfjcdm tjf cdmustry evfregf. XÈ

jes mfbkcdfm irò 2.8% cd 8155 t` 5.5% cd 8156 vs. cdmustry evfregf et 9.2%. ]jf seof jes

cdbrfesfm cd kest tjrff yfers irò 1.5% cd 8152. Xfturd `d bepctek fopk`yfm (X`BF) `r Xfturd

`d Cdvfstofdt (X`C) jes eks` i`kk`wfm e scocker mfbkcdcdg trfdm wctj =.:% cd 8156 egecdst 3.7%

cd 8155 vs. cdmustry wjcbj cs et 5=.1%. Qrfveckcdg bòpftctc`d edm wfel prìctehckcty oey

iurtjfr brfetf prfssurf `d X`C edm XÈs.

Bòperetcvf fvekuetc`d ì MuQ`dt Edekyscs (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs

edm Q`rti`kc` Oedegfofdt (51fm))

MuQ`dt Edekyscs cs e hrfelm`wd edekyscs ì Xfturd ì Fqucty. Es pfr tjf epprèbj ed

fdtcty X`F cs mrcvfd hy tjrff kfvfrs vcz. dft oergcd, t`tek essfts turd`vfr edm dft kfvfregf. Wf

bòperfm ]-O`hckf–s X`F wctj scx `tjfr oen`r bòpftct`rs edm iùdm tjet burrfdt X`F ì ]-

O`hckf cs k`wfst eo`dgst cts pffrs edm cs eks` b`dscmfrehky k`wfr tjed cdmustry evfregf. Es

sj`wd cd prfvcùs sfbtc`d tjf dftw`rlcdg bepebcty bjekkfdgfs `vfr kest ifw yfers jevf hffd

bjekkfdgfm hy bòpftctc`d edm mcsruptcvf cdd`vetc`ds. K`wfr dft oergcds edm k`wfr essfts

turd`vfr retc` jes kfm t` iekk cd X`F irò 51.2% cd 8155 t` =.8% cd 8156. ]jcs cs k`wfst rfketcvf

t` X`F hy sòf ì cts pffrs edm eks` b`dscmfrehky k`wfr tjed tjf cdmustry evfregf et 92.1%. ]jf

oedegfofdt dffms t` i`bus `d copr`vcdg prìctehckcty edm et tjf seof tcof usf cts essft o`rf

fiicbcfdtky wjcbj wckk jeppfd `dky wjfd tjf bòpedy wckk hf cd e p`sctc`d t` ebqucrf o`rf edm

o`rf suhsbrchfr et iestfr pebf wctjùt spfdmcdg scgdcicbedt b`st ì suhsbrchfr emmctc`d.


9/24

pg. 3

Bepctek strubturf edm b`vfregf retc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))

Bepctek strubturf ì ]-O`hckf bòprcsfs ì 95% mfht (sj`rt es wfkk es k`dg tfro mfht)

edm 23% bòo`d fqucty. Cd `tjfr w`rms, mfht-fqucty retc` ì tjf bòpedy cs 5.63 tcofs cd 8156.

]jf retc` jes rfoecdfm stfemy cd icvf yfers edm cs cd-kcdf wctj cdmustry evfregf wjcbj cs et 5.6=

tcofs. J`wfvfr, tjf cdtfrfst b`vfregf jes mfbkcdfm irò 8.3 tcofs cd 8155 t` es k`w es 1.: tcofs

cd 8152 hfi`rf rcscdg t` 5.= tcofs cd 8156. ]jcs sj`ws tjf udmfrkycdg icdedbcek strfss cd emmctc`d

t` prfssurf ì oerlft bòpftctc`d. Cdmustry evfregf cs 3.9 tcofs. (Qkfesf rfifr Eddfxurf 8 edm =)

Rùrbf> Qkfesf rfifr Eddfxurf =

Bepctek fxpfdmcturf edm besj ik`ws (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c`

Oedegfofdt (51fm))

Bepctek fxpfdmcturf et ]-O`hckf cs `d e b`dtcduùs rcsf. Es % ì Rekfs, tjf fxpfdmcturf

jes cdbrfesfm irò 53.7% cd 8155 (wjfd sekfs wfrf herfky VR$ =.:6 hckkc`d) t` 81.:% cd 8156

(wjfd sekfs wfrf et VR$ 28.16 hckkc`d). Cd tjfsf icvf yfers, tjf bòpedy jes spfdm VR$ 51.17:

Qertcbukers ]-O`hckf E]&] Yfrcz̀ d

Bjcde

O`hckf

D]]

M`bò` Y`mei`df D]]

Oerlft Bepctekczetc`d ($ hckkc`d)

es `d Eprck 55, 8159

25.98 829.5= 851.86 886.69 3:.21 :6.27 :6.27

Cd $ Ockkc`ds

Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257

Dft Cdbòf 97: 52,2=6 57,:73 51:,623 =51,132 6,795 65:,199

Dft Oergcd 8.5% 3.5% 52.9% 59.8% 3.=% 52.9% =.7%

Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257

]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87

Essfts ]urd`vfr 1.6 1.= 1.6 1.6 1.9 1.2 1.6

]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87

Evfregf Dftw`rtj 59,551 51=,685 5=,292 ::9,369 6,655,753 9:,=7= :,639,917

Dft Kfvfregf 2.3 2.3 57.1 5.9 5.2 5.: 8.=

X`F =.8% 58.:% 58=.6% 58.8% 7.=% :.=% 9.1%

Bepctek Rtrubturf edm B`vfregf Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Mfht-Fqucty Xetc̀ 5.98 5.=8 5.81 5.69 5.63 5.6=

Mfht t̀ ]`tek Bepctek 95.3% 6:.7% 6=.6% 95.1% 95.2%

Rj`rt-tfro mfht es % ̀i ]`tek Mfht 1.:% 5.5% 5.=% 1.=% 1.7%

Cdtfrfst B`vfregf Xetc̀ 8.:7 2.11 1.:5 5.16 5.2: 3.91


10/24

pg. 51

hckkc`d ì wjcbj 93% wes spfdm cd kest tw` yfers cd 815= edm 8156. @d tjf b`dtrery tjf besj

irò `pfretc`ds ektjùgj cdbrfesfm hy icvf tcofs irò VR$ 5.19 hckkc`d cd 8155 t` VR$ 6.=5

hckkc`d cd 8156 hut wjfd k``l cd bòpercs`d wctj sekfs, tjf seof jes mfbkcdfm irò 88% ì sekfs

cd 8155 t` 57% ì sekfs cd 8156. Irff besj ik`w cd tjf kest tjrff yfers jes hffd dfgetcvf vfrsus

cdmustry evfregf et 51.8% ì sekfs.

Mfht Xetcdgs

]-O`hckf–s mfht m`fs d`t p`ssfss jcgjfst cdvfstofdt retcdgs hy R&Q `r O``my–s. ]jf bòpedy

mfht jes hffd gcvfd e retcdg ì HH edm HHH- hy R&Q `r He2 edm Hee2 hy O``my–s wjcbj

rfikfbts tjet ektjùgj tjf bòpedy cs kfss vukdfrehkf t` d`dpeyofdt rcsl yft ct cs iebfs oen`r rcsl

ì udbfrtecdtcfs ercscdg ùt ì bjedgcdg oerlft mydeocbs, fxtfrdek fdvcr`dofdt, fb`dòcb

sk`wm`wd edm bòpftctcvf ebtc`ds. (Qkfesf rfifr Eddfxurf 9)


11/24

pg. 55

Rt`bl Qrcbf Edekyscs

I`rfbest hy rfgrfssc`d

Icrst oftj`m usfm t` i`rfbest prcbf cs rfgrfssc`d edekyscs ì st`bl prcbf vs. tcof cd o`dtjs.

Xfgrfssc`d fquetc`d cs rfprfsfdtfm hy> E ? hZ + B< wjfrf S cs tjf mfpfdmfdt vercehkf (Rt`bl

prcbf cd tjcs besf) wjcbj cs mfpfdmfdt up`d cdmfpfdmfdt vercehkf Z (tcof cd o`dtjs cd tjcs besf).

Rk`pf ì tjf fquetc`d cs rfprfsfdtfm hy h edm cdtfrbfpt cs B.

Hesfm `d eh`vf ùtput ct wes `hsfrvfm tjet tjf sk`pf ‚h– ì eh`vf fquetc`d cs 1.=8=7 edm

cdtfrbfpt ‚B– cs 52.9263. ]jf icdek fquetc`d cs>

S (Rt`bl prcbf) ? 1.=8=7 Z (]cof cd o`dtjs) + 52.9263

Vscdg eh`vf fquetc`d prcbf i`rfbest i`r 78dm o`dtj es `d Eprck 5, 8157 cs $==.88 wjcbj cs jcgjfr

hy 5=.=% tjed burrfdt prcbf es `d Eprck 55, 8159.

Gcvfd, wfeldfss cd icdedbcek es jcgjkcgjtfm cd icdedbcek `pfretc`d edekyscs sfbtc`d, wf m` d`t

hfkcfvf tjet tjf st`bl jes p`tfdtcek t` gfdfretf 5=.=% rfturd `vfr dfxt `df yfer edm jfdbf tjcs

oftj`m m`fs d`t rfvfek tjf truf vekuf ì tjf st`bl.

1

6

51

56

81

86

21

26

=1

=6

61

]-O`hckf Emn Bk`sf(S)

I`rfbestfm es pfr rfgrfssc`d(S?oZ+B)


12/24

pg. 58

I`rfbest hy 58-o`dtj o`vcdg evfregf

Dfxt oftj`m usfm t` i`rfbest prcbf cs 58 o`dtjs o`vcdg evfregf wjcbj bekbuketfm tjf i`rfbestfm

r`kkcdg prcbf i`r 52tj o`dtj hesfm `d prfvcùs 58 o`dtjs evfregf prcbf. I`rfbestfm prcbf es `d

Eprck 5, 8157 cs $2:.79 wjcbj cs scocker t` burrfdt ebtuek prcbf et $2:.9= es `d Eprck 55, 8159.

Jfdbf, hesfm `d 58-O`dtjs O`vcdg Evfregf tjf prcbf ì ]-O`hckf cs fxpfbtfm t` rfoecd et

scocker kfvfk wjfrf ct cs t`mey edm rfsukts cd iket t` 1.2% rfturd `vfr dfxt `df yfer. ]jcs k``ls

o`rf rfes`dehkf edm pr`hehkf gcvfd prfveckcdg icdedbcek mcstrfss, `pfretc`dek bjekkfdgfs edm

`dg`cdg bòpftctcvf fdvcr`dofdt.

.

Rt`bl hfte, st`bl pfri`roedbf edm rfqucrfm rfturd hescs BEQO

Wf jevf eks` bekbuketfm tjf rfqucrfm rfturd `d tjf st`bl uscdg bepctek essft prcbcdg o`mfk.

Cd besf ì BEQO, wf rud tjf rfgrfssc`d ì R&Q611 edduek rfturd `vfr VR GMQ edduek gr`wtj

`vfr kest 99 yfers (hftwffd 5361 edm 8156) edm iùdm tjet tjfrf cs jermky edy rfketc`d hftwffd

tjf tw` vercehkfs. ]jf b`rrfketc`d hftwffd tjf tw` vercehkfs cs dfgetcvf 1.56 wjcbj cs `d `df

scmf sj`ws dfgetcvf rfketc`d edm `d tjf `tjfr scmf tjf ehs`kutf vekuf cdmcbetfs e vfry k`w

b`rrfketc`d. ]jcs cs d`t truf hfbeusf ektjùgj mcrfbtky tjf vercehkfs oey d`t hf rfketfm t` febj

`tjfr, hut bùdtry–s gr`wtj retf jes ekweys scgdcicbedt hfercdg `d st`bl oerlft rfturds. Jfdbf,

tjf seof rfketc`d jes hffd cgd`rfm hesfm `d tjf ùtput mfrcvfm irò rfgrfssc`d edekyscs.

1

6

51

56

81

86

21

26

=1

=6

=

/ 5 / 8 1 1 :

=

/ 5 / 8 1 1 3

=

/ 5 / 8 1 5 1

=

/ 5 / 8 1 5 5

=

/ 5 / 8 1 5 8

=

/ 5 / 8 1 5 2

=

/ 5 / 8 1 5 =

=

/ 5 / 8 1 5 6

=

/ 5 / 8 1 5 9

=

/ 5 / 8 1 5 7

Emn Bk`sf 58-o`dtj O`v Evg Kcdfer (Emn Bk`sf)


13/24

pg. 52

Oerlft Xfturd, Xcsl-irff retf edm Rt b̀l Hfte

Wjckf bòputcdg tjf oerlft rfturd i`r bekbuketcdg rcsl prfocuo, tjf evfregf gfòftrcb rfturd ì

R&Q611 `vfr kest icvf yfers jes hffd b`dscmfrfm. O`dtjky cdmfx vekuf jes hffd m`wdkèmfm

irò Sej`` Icdedbf uscdg wjcbj gfòftrcb ofed rfturd jes hffd bekbuketfm. ]jf pfrc`m udmfr

b`dscmfretc`d i`r tjcs edekyscs jes hffd b`dscmfrfm irò Eprck 5, 8155 t` Eprck 5, 8159. R&Q611

jes mfkcvfrfm e ofed edduek rfturd ì :.7% `vfr kest 6 yfers.

I`r tjf purp`sf ì rcsl irff retf ì rfturd ycfkm `d 51-Sr VR ]rfesury H`dms jes hffd

b`dscmfrfm. Rcopkf evfregf ì pest 91 o`dtjs edduekczfm rfturd jes hffd b`dscmfrfm i`r errcvcdg

et 8.2% p.e. rcsl irff retf ì rfturd.

Jfdbf, hesfm `d mfrcvfm oerlft rfturd edm rcsl-irff retf ì rfturd tjf oerlft rcsl prfocuo jes

hffd mfrcvfm wjcbj cs bekbuketfm es tjf mciifrfdbf hftwffd oerlft rfturd edm rcsl irff retf ì

rfturd. Hesfm `d eh`vf vekufs ì tjf tw` vercehkfs, tjf oerlft rcsl prfocuo cs mfrcvfm et 9.6%.

I`r tjf purp`sf ì hfte bekbuketc`d, rfgrfssc`d edekyscs jes hffd i`kk`wfm. ]-O`hckf st`bl prcbf

rfturds ì kest 91 o`dtjs (irò Eprck 5, 8155 t` Eprck 5, 8159) jevf hffd rfgrfssfm `vfr kest 91

o`dtjs rfturd irò R&Q611 cdmfx. Hfte ì tjf st`bl, rfprfsfdtfm hy sk`pf ì tjf rfgrfssc`d, cs

mfrcvfm et 5.12. ]jcs cs cd kcdf wctj hfte fstcoetfs sj`wd hy G``gkf Icdedbf edm Xfutfrs.

Hesfm `d rcsl-irff retf et 8.2%, hfte et 5.12 edm oerlft rcsl prfocuo et 9.6%, tjf b`st ì fqucty

`r edduekczfm rfqucrfm retf ì rfturd `d ]-O`hckf cs :.36%.

Es pfr BEQO, b`st ì fqucty ? 8.2% + 5.12 * 9.6% ? :.36%

Gcvfd, tjf prfveckcdg b`dmctc`d, ct k``ls mciicbukt ci tjf bòpedy st`bl wùkm mfkcvfr subj

rfqucrfm rfturd `vfr dfxt 5 yfer.


14/24

pg. 5=

Rt`bl pfri`roedbf rfketcvf t` bòpftct`rs `vfr kest `df yfer

Rùrbf> jttps>//icdedbf.yej``.bò/fbjerts0s?]OVR#{"usfK`gRbekf">truf,"kcdfWcmtj">"=","ekk`wBjertRteblcdg">truf}

Eh`vf cdtfrebtcvf bjert sj`ws rfketcvf st`bl pfri`roedbf ì ]-O`hckf edm sfvfd ì cts

bòpftct`rs `vfr kest `df yfer. @dky tw` bòpedcfs vcz. D]] edm D]] M`bò` jevf rfsuktfm cd

rfturd jcgjfr tjed tjf rfturds mfkcvfrfm hy ]-O`hckf. ]jf o`st dferfst bòpftct`r, Rprcdt jes

mfkcvfrfm e dfgetcvf rfturd ì 21%. J`wfvfr, wf m` d`t hfkcfvf tjet 88% rfturd mfkcvfrfm hy ]-

O`hckf cd kest `df yfer edm cts rfketcvf supfr pfri`roedbf wckk b`dtcduf gcvfd wfelfd icdedbcek

b`dmctc`d edm oelfs ct e rcsly pr`p`sctc`d nust hesfm `d kest yfer hfttfr icdedbcek pfri`roedbf es

sj`wd cd tjf prfvcùs sfbtc`d. ]jf st`bl cs tremcdg et =9.3 tcofs cts treckcdg twfkvf o`dtjs

ferdcdgs wjcbj cs et 5=6% prfocuo t` R&Q611 edm cdmustry evfregf wjcbj cs tremcdg et 53.5

tcofs edm 53.8 rfspfbtcvfky (Qkfesf rfifr Eddfxurf 3).


15/24

pg. 56

Xfbòofdmetc`dLffpcdg cd ocdm tjf icdedbcek wfeldfss, kcoctfm `rgedcb gr`wtj `pp`rtudctcfs g`cdg

i`rwerm muf t` gr`wcdg dftw`rl-bepebcty bjekkfdgfs ct wckk d`t hf fesy t` ùtpfri`ro cdmustry.

]-O`hckf jes tjf k`wfst eoùdt ì k`w-hedm spfbtruo, dfbfssery i`r cdbrfescdg

b`vfregf edm ektjùgj tjf bòpedy jes hffd cd tjf i`rfir`dt ì dfw tfbjd`k`gy utckczetc`d subj

es Wc-Ic ìikèmcdg edm kfvfregcdg udkcbfdsfm spfbtruo, yft tjf pfri`roedbf jes hffd jcgjky

v`ketckf cd kest icvf yfers edm emmcdg b`vfregf wckk hf mcrfbtky `r cdmcrfbtky fxpfdscvf.

Ed cdvfst`r wj` cs vfry eggrfsscvf wctj vfry jcgj rcsl eppftctf edm wedts t` hft `d

turderùdm hescs nust kest `df yfer pfri`roedbf oey tjcdl ì cdvfstcdg cd ]-O`hckf es tjf

m`wdscmf rcsl cs o`rf fvcmfdt tjed tjf upscmf rcsl.

Gcvfd tjf cdjfrfdt huscdfss rcsl, ct cs d`t emvcsehkf t` cdvfst cd ]-O`hckf wctj e k`dg-

tfro pfrspfbtcvf.


16/24

pg. 59

Eddfxurf 5> Cdbòf Rtetfofdt

Cd VRM Ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56

Xfvfduf =,:=7 6,515 8=,=81 83,69= 28,162

B`st ì sekfs 8,352 8,321 58,866 56,=13 5=,:3:

Gr`ss prìct 5,32= 8,575 58,596 5=,566 57,566

@pfretcdg fxpfdsfs 96= 9=7 7,89= 7,373 3,332

FHC]ME 5,8:1 5,68= =,315 9,579 7,598

Mfprfbcetc̀ d 628 711 2,316 =,791 6,137

@pfretcdg cdbòf 7=: :8= 339 5,=59 8,196

Cdtfrfst Fxpfdsf 895 876 5,882 5,265 5,=39

@tjfr cdbòf (fxpfdsf) (7) 63 87: 2=: =13

Cdbòf hfi`rf cdbòf texfs =:1 91: 65 =52 37:

Qr`vcsc̀ d ì r cdbòf texfs 57: 852 59 599 8=6

Dft cdbòf irò b`dtcducdg ̀ pfretc`ds 218 236 26 8=7 722

Dft cdbòf irò mcsb`dtcducdg ̀ ps - - - - -

Ocd`rcty cdtfrfst - - - - -

Dft cdbòf eveckehkf t` bòo`d sjerfj̀ kmfrs 218 236 26 8=7 97:

Mckutfm FQR (cd VR$) 5.9= 8.5= 1.51 1.21 1.:8

Cdbòf Rtetfofdt


17/24

pg. 57

Eddfxurf 8> Hekedbf Rjfft

Cd VRM ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56

Essfts

Burrfdt essfts

Besj edm besj fqucvekfdts 8,8=2 8,952 6,:35 6,256 7,6:1

Xfbfcvehkfs 7: 33 2,953 5,:96 5,7::

Cdvfdt`rcfs 8=1 863 6:9 5,1:6 5,836

Mfifrrfm cdbòf texfs 7 2 :23 3::

@tjfr burrfdt essfts 579 852 5,832 =,725 =,887

]`tek burrfdt essfts 8,7== 2,5:7 58,88: 52,3:= 5=,:31

D`d-burrfdt essfts

Gr`ss Icxfm Essfts 6,3=3 9,:12 2=,33: 2:,129 =2,538

Ebbuouketfm Mfprfbcetc̀ d (5,325) (8,655) (53,9=3) (85,735) (82,538)

Dft Icxfm Essfts =,15: =,838 56,2=3 59,8=6 81,111

Fqucty edm ̀ tjfr cdvfstofdts 9 8

G``mwckk 5,9:2 5,9:2 5,9:2

Cdtedgchkf essfts 8623 8698 53289 88:86 8=6=3

@tjfr k̀ dg-tfro essfts 579 5=9 5,297 5,359 5,25=

]`tek d`d-burrfdt essfts 9,723 7,118 27,786 =8,993 =7,6=9

]`tek essfts 3,=:2 51,5:3 =3,362 69,962 98,=29

Kcehckctcfs edm st`blj`kmfrs' fqucty

Kcehckctcfs

Burrfdt kcehckctcfs

Rj`rt-tfro mfht 23 65 8== :7 5:8

Ebbùdts peyehkf 281 25: 2,189 6,288 9,527

]exfs peyehkf 99 =8 62=

Ebbrufm kcehckctcfs 585 587 71: 5,138 5,2==

Mfifrrfm Xfvfdufs 8=9 82: ==6 =63 757

@tjfr burrfdt kcehckctcfs 86 78 :65 5,:59 5,5=:

]`tek burrfdt kcehckctcfs :57 :=: 6,:1: :,779 3,68:

D`d-burrfdt kcehckctcfs

K`dg-tfro mfht edm Bepctek kfesfs =,755 =,78= 59,:=5 8=,23= 89,1:=

Mfifrrfm texfs kcehckctcfs :57 5,125 =,9=6 =,:72 =,195

Mfifrrfm Xfvfdufs 529

@tjfr k̀ dg-tfro kcehckctcfs 851 35 :,=5= 8,3=7 9,819

]`tek d`d-burrfdt kcehckctcfs 6,72: 6,3:8 83,311 28,85= 29,265

]`tek kcehckctcfs 9,666 9,:21 26,71: =1,331 =6,:73

Rt`blj`kmfrs' fqucty

Bòo`d st`bl 5,7:= 5,:89 27,221 2:,612 2:,999

Emmctc̀ dek pecm-cd bepctek - - - - -

Xftecdfm ferdcdgs 5,568 5,6=2 (82,1::) (88,:=5) (88,51:)

Ebbuouketfm ̀ tjfr bòprfjfdscvf cdbòf (3) (51) 2 5 (5)

]`tek st`blj`kmfrs' fqucty 8,387 2,263 5=,8=6 56,992 59,667

]`tek kcehckctcfs edm st b̀lj`kmfrs' fqucty 3,=:8 51,5:3 =3,362 69,962 98,=29

Hekedbf Rjfft


18/24

pg. 5:

Eddfxurf 2> Besj Ik`w Rtetfofdt

Cd VRM ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56

Besj Ik`ws Irò @pfretcdg Ebtcvctcfs

Dft cdbòf 215 23= 26 8=7 722

Mfprfbcetc̀ d & eo`rtczetc̀ d 6== 9=: 2,696 =,296 =,9::

Mfifrrfm cdbòf texfs 576 857 51 588 869

Cdvfstofdts k̀ ssfs (gecds) - (7)

Cdvfstofdt/essft copecrofdt bjergfs - - - - -

Rt`bl hesfm bòpfdsetc̀ d =8 2: 511 539 815

Ebbùdts rfbfcvehkf (81) (85) (5,256) (31) (863)

Cdvfdt`ry (73) (81) =8 (=33) (8,=36)

Ebbùdts peyehkf - - - - -

@tjfr w`rlcdg bepctek 91 (6=) 817 (86=) 5,=18

@tjfr d`d-besj ctfos =1 (5=) 315 63 :::

Dft Besj Ik`ws Irò @pfretcdg Ebtcvctcfs 5,192 5,5:5 2,6=6 =,5=9 6,=5=

Besj Ik`ws Irò Cdvfstcdg Ebtcvctcfs

Cdvfstofdts cd pr̀ pfrty, pkedt, edm fqucpofdt (365) (:5=) (=,188) (=,837) (=,78=)

Qurbjesfs ̀i cdvfstofdts (911) (938) (8,337)

Ebqucsctc̀ ds, dft (7) 8,5==

@tjfr cdvfstcdg ebtcvctcfs (=) 87 (85=) (8,3=3) (5,:23)

Rekfs/Oeturctcfs ̀ i cdvfstofdts 976 769

Dft Besj Ik`ws Irò Cdvfstcdg Ebtcvctcfs (::7) (782) (8,138) (7,8=9) (3,691)

Besj Ik`ws Irò Icdedbcdg Ebtcvctcfs

Mfht cssufm 5,=3: 8,=3= 8,332 2,373

Mfht rfpeyofdt (69:) (2=) (8==) (5,=27) (985)

Qrfifrrfm st`bl cssufm 3:8

Bòo`d st`bl cssufm 5,7:7

Bòo`d st`bl rfpurbjesfm (6) (=)

Fxbfss tex hfdfict irò st`bl hesfm bòpfdsetc̀ d 2=

Mcvcmfdm pecm (66)

@tjfr icdedbcdg ebtcvctcfs =7 9 7 (=:) 551

Dft Besj Ik`ws Irò Icdedbcdg Ebtcvctcfs 378 (28) =,1== 8,68= 2,=52

Fiifbt ì fxbjedgf retf bjedgfs

Dft bjedgf cd besj 5,5=: =89 6,=37 (679) (722)

Besj et hfgcddcdg ̀i pfrc`m 737 5,3=6 23= 6,:35 6,256

Besj et fdm ̀i pfrc`m 5,3=6 8,275 6,:35 6,256 =,6:8

Irff Besj Ik`w

@pfretcdg besj ik̀ w 5,192 5,5:5 2,6=6 =,5=9 6,=5=

Bepfx (369) (:=1) (=,=19) (7,857) (9,963)

Irff besj ik`w 517 2=5 (:95) (2,175) (5,8=6)

Besj Ik`w Rtetfofdt


19/24

pg. 53

Eddfxurf => Xetc` Edekyscs

Gr̀ wtj - BEGX 5-SX BEGX 8-SX BEGX 2-SX BEGX =-SX BEGX Cdm Evg

Xfvfduf :.=8% 5=.67% :=.62% 6:.22% 56.:9%

Gr`ss prìct 585.53% 5:.76% 33.5:% 97.99%

FHC]ME 56.37% 81.:3% 97.61% =7.8=%@pfretcdg cdbòf =6.:2% =2.33% 26.:2% 86.:8% 53.5:%

Dft cdbòf eveckehkf t` bòo`d sjerfj`kmfrs 57=.=3% 2=1.52% 53.72% 5=.=9% 51.81%

FQR 572.22% 5:9.29% -87.27% -85.28%

Gr̀ wtj - Sfer-`d-Sfer 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Xfvfduf 6.8=% 27:.72% 85.19% :.=8% 9.87%

Gr`ss prìct 58.86% =91.2=% 59.29% 85.53%

FHC]ME 53.19% 885.63% 89.18% 56.37%

@pfretcdg cdbòf 51.59% 81.:7% =8.57% =6.:2%

Dft cdbòf eveckehkf t` bòo`d sjerfj`kmfrs 21.73% -35.5=% 916.75% 57=.=3%

FQR 21.=3% -36.22% 811.11% 572.22%

Oergcds 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Gr`ss Oergcd 23.3% =8.9% =3.:% =7.3% 62.6% 92.5%

FHC]ME Oergcd 89.=% 83.3% 81.5% 81.3% 88.2% 88.9%@pfretcdg Oergcd 56.=% 59.8% =.5% =.:% 9.=% 52.3%

Dft Oergcd 9.8% 7.7% 1.5% 1.:% 8.5% 9.:%

Kcqucmcty Xetc̀ s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Burrfdt Xetc̀ 2.29 2.79 8.55 5.63 5.69

Uucbl Xetc̀ 2.19 2.=6 8.11 5.=7 5.=2 1.6=

Xfbfcvehkf Meys 6.:7 7.1: 6=.13 82.12 81.29 =1.91

Cdvfdt̀ ry Meys 21.5 28.2 57.6 86.7 25.7 88.63

Qeyehkf Meys =1.5 23.9 31.5 589.5 561.=

W`rlcdg Bepctek (es % ̀i Xfvfduf) -9% -=% 2% 1% -9% =%

]ud`vfr Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Gr`ss Icxfm Essft ]urd`vfr Xetc̀ 1.:5 1.76 1.71 1.7: 1.7=

Dft Icxfm Essft ]urd`vfr Xetc̀ 5.85 5.53 5.63 5.:8 5.91

]`tek Essft ]urd`vfr Xetc̀ 1.65 1.61 1.=3 1.68 1.65 1.69

Xfturd Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Xfturd `d Essfts 2.8% 2.3% 1.5% 1.=% 5.5% 9.2%

Xfturd `d Fqucty 51.2% 58.9% 1.=% 5.7% =.8% 92.1%

Xfturd ̀d Bepctek Fopk̀ yfm 3.7% 51.5% 2.8% 2.6% =.:% 5=.1%

Bepctek Rtrubturf edm B`vfregf Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Mfht-Fqucty Xetc̀ 5.98 5.=8 5.81 5.69 5.63 5.6=

Mfht t` ]`tek Bepctek 95.3% 6:.7% 6=.6% 95.1% 95.2%

Rj`rt-tfro mfht es % ̀i ]`tek Mfht 1.:% 5.5% 5.=% 1.=% 1.7%

Cdtfrfst B`vfregf Xetc̀ 8.:7 2.11 1.:5 5.16 5.2: 3.91

Besj Ik̀ w Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg

Besj irò ̀pfretc̀ ds (% ̀ i Rekfs) 85.3% 82.8% 5=.6% 5=.1% 59.3%

Bepfx (% ̀i Rekfs) 53.7% 59.6% 5:.1% 8=.=% 81.:%

Irff Besj Ik̀ w (% ̀i Rekfs) 8.8% 9.7% -2.6% -51.=% -2.3% 51.8%

Xetc`s Edekyscs


20/24

pg. 81

Eddfxurf 9> Mfht Xetcdg `i ]-O`hckf Mfht


21/24

pg. 85

Eddfxurf 7> ]-O`hckf Hfte, BEQO Xfturd edm Rtedmerm Mfvcetc`d

`i XfturdsVR 51-Sr ]H

Metf @pfd Jcgj K`w Bk`sf Y`kuof Emn Bk`sf @pfd Jcgj K`w Bk`sf Y`kuof Emn Bk`sf Scfkm ]OVR R&Q611

=/5/8155 59 57 59 57 8,658,911 8: 5,283.6 5,29=.9 5,83=.7 5,292.9 =,1=8,53=,111 5,292.9 2.2:

6/8/8155 57 53 59 5: =,55:,311 21 5,296.8 5,271.9 5,255.: 5,2=6.8 =,55=,62=,811 5,2=6.8 2.=5 9.29% -5.26%

9/5/8155 5: 53 59 57 8,683,511 83 5,2=6.8 5,2=6.8 5,86:.5 5,281.9 =,516,915,211 5,281.9 2.=6 -2.:6% -5.:2%

7/5/8155 57 5: 59 59 5,::2,711 87 5,281.9 5,269.6 5,8:8.3 5,838.2 =,21:,59:,111 5,838.2 2.21 -6.=1% -8.56%

:/5/8155 59 59 3 55 9,959,:11 5: 5,838.9 5,217.= 5,515.6 5,85:.3 =,3=8,352,=11 5,85:.3 2.16 -25.=6% -6.9:%

3/5/8155 55 55 3 3 2,=16,611 5= 5,853.5 5,883.2 5,55=.8 5,525.= 6,51=,322,:11 5,525.= 2.59 -85.36% -7.5:%

51/2/8155 3 51 : 3 2,562,111 5= 5,525.8 5,838.7 5,17=.: 5,862.2 =,:7=,3=9,911 5,862.2 8.:5 -8.=5% 51.77%

55/5/8155 : 3 : : 8,=95,:11 5= 5,865.1 5,877.9 5,56:.7 5,8=7.1 =,8:3,273,111 5,8=7.1 8.88 -5.=5% -1.65%

58/5/8155 : 3 : 3 5,3=6,211 5= 5,8=9.3 5,893.= 5,818.= 5,867.9 2,997,2=9,911 5,867.9 5.38 2 .6:% 1.:6%

5/2/8158 3 51 : 3 8,97:,211 56 5,86:.3 5,222.6 5,86:.3 5,258.= =,531,566,611 5,258.= 8.5: 5 .:=% =.29%

8/5/8158 3 58 3 51 2,356,911 57 5,258.= 5,27:.1 5,258.= 5,296.7 =,5=2,=1=,111 5,296.7 8.17 5 9.68% =.19%

2/5/8158 51 55 3 3 8,689,511 56 5,296.3 5,=53.8 5,2=1.1 5,=1:.6 2,3:1,768,811 5,=1:.6 5.:7 -58.=2% 2.52%

=/8/8158 3 3 7 7 2,858,811 58 5,=1:.6 5,=88.= 5,267.= 5,237.3 2,359,7:9,111 5,237.3 5.:1 -53.17% -1.76%

6/5/8158 7 : 9 9 2,753,611 55 5,237.3 5,=56.2 5,838.1 5,251.2 =,56:,136,311 5,251.2 5.3: -58.22% -9.87%

9/5/8158 9 9 9 9 2,873,311 51 5,213.3 5,292.6 5,899.7 5,298.8 =,512,=78,211 5,298.8 8.88 - 6.=7% 2.39%

7/8/8158 9 3 9 3 2,3:8,111 56 5,298.2 5,235.7 5,286.= 5,273.2 2,992,552,211 5,273.2 5.38 = =.73% 5.89%

:/5/8158 3 51 3 51 2,818,311 59 5,273.2 5,=89.7 5,26=.7 5,=19.9 2,5:2,697,:11 5,=19.9 5.6: 5 5.17% 5.3:%

3/=/8158 51 58 51 58 =,133,=11 53 5,=19.6 5,=7=.6 5,239.9 5,==1.7 2,:67,662,511 5,==1.7 5.99 8 1.26% 8.=8%

51/5/8158 58 56 51 51 58,215,611 57 5,==1.3 5,=75.1 5,=12.2 5,=58.8 2,6:7,556,711 5,=58.8 5.=3 -58.:5% -5.3:%

55/5/8158 51 55 51 55 =,58:,911 5: 5,=58.8 5,=2=.2 5,2=2.2 5,=59.8 2,632,551,111 5,=59.8 5.69 = .25% 1.8:%

58/2/8158 55 55 51 51 2,951,511 59 5,=59.2 5,==:.1 5,23:.5 5,=89.8 2,=73,986,611 5,=89.8 5.9= - 9.97% 1.75%

5/8/8152 51 51 3 51 2,3=:,611 57 5,=89.8 5,613.3 5,=89.8 5,=3:.5 2,:18,21=,811 5,=3:.5 5.93 1 .35% 6.1=%

8/5/8152 51 51 51 51 8,9:2,111 59 5,=3:.5 5,621.3 5,=:6.1 5,65=.7 2,:65,::=,811 5,65=.7 5.95 - 8.83% 5.55%

2/5/8152 51 55 51 55 =,169,811 5: 5,65=.7 5,671.2 5,615.6 5,693.8 2,635,677,611 5,693.8 5.79 5 5.88% 2.91%

=/5/8152 55 58 55 58 51,:75,:11 81 5,693.8 5,637.9 5,629.1 5,637.9 2,97=,9:6,111 5,637.9 5.33 : .98% 5.:5%

6/5/8152 59 88 59 85 9,89=,=11 85 5,637.9 5,9:7.8 5,6:5.2 5,921.7 2,995,881,=11 5,921.7 5.:3 3 .82% 8.1:%

9/2/8152 88 86 81 86 6,=6=,711 86 5,925.7 5,96=.8 5,691.2 5,919.2 2,339,533,111 5,919.2 5.:6 56.77% -5.61%

7/5/8152 86 89 82 8= 2,2=:,611 8= 5,913.: 5,93:.: 5,91=.9 5,9:6.7 2,871,9=6,311 5,9:6.7 5.9: - 8.:8% =.36%

:/5/8152 8= 89 82 82 8,351,711 82 5,9:3.= 5,713.7 5,987.6 5,922.1 2,193,:9:,911 5,922.1 8.59 -2.56% -2.52%

3/2/8152 8= 87 8= 89 2,829,911 89 5,926.3 5,783.3 5,922.= 5,9:5.9 2,=7=,568,111 5,9:5.9 8.=: 5 5.88% 8.37%

51/5/8152 89 8: 86 8: 8,811,911 8: 5,9:8.= 5,776.8 5,9=9.6 5,769.6 2,=3:,:99,611 5,769.6 8.63 9 .7:% =.=9%

55/5/8152 8: 21 86 89 3,917,311 89 5,76:.7 5,:52.9 5,7=9.8 5,:16.: 2,895,28=,611 5,:16.: 8.76 - 9.81% 8.:1%

58/8/8152 89 2= 86 2= :,17:,=11 2= 5,:19.9 5,:=3.= 5,79:.1 5,:=:.= 2,812,=58,211 5,:=:.= 8.98 8 3.22% 8.29%

5/8/815= 22 2= 21 25 9,615,611 25 5,:=6.3 5,:61.: 5,771.= 5,7:8.9 2,:19,899,911 5,7:8.9 8.6= -3.52% -2.69%

8/2/815= 21 22 83 25 9,9==,511 25 5,7:8.7 5,:97.3 5,727.3 5,:63.= 2,:76,3=3,=11 5,:63.= 8.7= - 1.82% =.25%

2/2/815= 21 22 21 22 =,7=3,711 22 5,:67.7 5,::=.1 5,:2=.= 5,:78.2 2,673,156,711 5,:78.2 2.12 : .21% 1.93%=/5/815= 22 2= 8: 83 =,651,811 83 5,:7=.1 5,:37.2 5,:5=.= 5,::2.3 2,6:3,8:7,911 5,::2.3 8.97 -55.28% 1.98%

6/5/815= 28 29 25 2= =,388,111 2= 5,::=.= 5,38=.1 5,:63.: 5,382.9 2,5:6,511,311 5,382.9 8.99 5 7.85% 8.51%

9/8/815= 2= 26 28 2= 2,93:,111 2= 5,382.3 5,39:.8 5,359.1 5,391.8 2,56:,521,111 5,391.8 8.78 - 8.17% 5.35%

7/5/815= 2= 2= 25 22 6,616,811 22 5,398.2 5,335.= 5,321.7 5,321.7 2,85=,==1,=11 5,321.7 8.96 -8.18% -5.65%

:/5/815= 22 26 8: 21 9,1:9,=11 21 5,383.: 8,116.1 5,31=.: 8,112.= 8,:76,75:,611 8,112.= 8.=9 - :.9:% 2.77%

3/8/815= 25 28 8: 83 =,68=,111 83 8,11=.5 8,153.2 5,39=.1 5,378.2 2,29=,982,:11 5,378.2 8.68 -=.18% -5.66%

51/5/815= 83 21 86 83 6,=5=,511 83 5,375.= 8,15:.8 5,:81.7 8,15:.5 =,891,251,:11 8,15:.5 8.69 5 .55% 8.28%

55/2/815= 83 21 87 83 2,23=,311 83 8,15:.8 8,176.: 8,115.1 8,197.9 2,=73,815,611 8,197.9 8.2= 1 .11% 8.=6%

58/5/815= 83 83 8= 87 6,31=,811 87 8,196.: 8,132.9 5,378.9 8,16:.3 2,7::,925,211 8,16:.3 8.65 -7.75% -1.=8%

5/8/8156 87 25 89 21 9,187,511 21 8,16:.3 8,178.= 5,3::.5 5,336.1 =,135,32=,611 5,336.1 8.2= 58.12% -2.51%

8/8/8156 25 22 21 22 =,668,611 22 5,339.7 8,553.9 5,3:1.3 8,51=.6 2,:19,=71,611 8,51=.6 8.53 3 .==% 6.=3%

2/8/8156 22 22 28 28 2,869,311 28 8,516.8 8,557.6 8,123.7 8,197.3 2,92:,7=6,=11 8,197.3 8.57 -=.19% -5.7=%

=/5/8156 28 26 25 2= 2,3:2,211 2= 8,197.9 8,586.3 8,1=:.= 8,1:6.6 2,685,=6:,111 8,1:6.6 5.9: 7 .=8% 1.:6%

6/5/8156 2= 23 22 23 6,761,=11 23 8,1:7.= 8,52=.7 8,197.3 8,517.= 2,=66,769,111 8,517.= 8.11 5 =.88% 5.16%

9/5/8156 23 =5 2: 23 6,523,711 23 8,51:.9 8,583.3 8,169.2 8,192.5 2,652,839,211 8,192.5 5.32 -1.8:% -8.51%

7/5/8156 23 =5 29 =5 =,598,211 =5 8,197.1 8,528.: 8,1==.1 8,512.: 2,713,57:,911 8,512.: 8.16 = .:7% 5.37%

:/2/8156 =5 =2 29 =1 2,986,511 =1 8,51=.6 8,558.7 5,:97.1 5,378.8 =,859,8:1,=11 5,378.8 8.51 -8.6:% -9.89%3/5/8156 23 =2 23 =1 2,=37,811 =1 5,371.5 8,181.3 5,:75.3 5,381.1 =,18=,=37,511 5,381.1 8.2= 1.61% -8.9=%

51/5/8156 =1 =8 27 2: =,863,=11 2: 5,353.7 8,13=.2 5,:32.7 8,173.= =,136,61=,611 8,173.= 8.85 - =.:8% :.21%

55/8/8156 2: =5 26 29 6,=63,:11 29 8,1:1.: 8,559.6 8,153.= 8,1:1.= =,117,325,111 8,1:1.= 8.81 - 9.25% 1.16%

58/5/8156 29 =1 2= 23 6,135,311 23 8,1:8.3 8,51=.2 5,332.2 8,1=2.3 2,388,326,311 8,1=2.3 8.19 51.81% -5.76%

5/=/8159 23 =5 26 =1 =,8=6,711 =1 8,12:.8 8,12:.8 5,:58.2 5,3=1.8 6,562,157,:11 5,3=1.8 8.56 8.92% -6.17%

8/5/8159 =1 =5 22 27 6,87=,311 27 5,329.3 5,392.1 5,:51.5 5,328.8 =,::5,::7,111 5,328.8 8.88 -7.91% -1.=5%

2/5/8159 27 =1 29 2: =,6::,:11 2: 5,327.5 8,178.8 5,327.5 8,163.7 =,273,763,111 8,163.7 8.87 2 .82% 9.91%

=/5/8159 2: =1 2: 23 58,=6:,=11 23 8,169.9 8,176.5 8,1==.1 8,178.: 7,=33,3:1,111 8,178.: 5.32 8 .77% 1.92%

]OVR R&Q611 Xfturd


22/24

pg. 88

Eddfxurf 7> B`dtm

Xfgrfssc`d @utput wctj rfspfbt t` oerlft rfturd

Hfte uscdg Xfgrfssc`d t``k 5.12

Vscdg Rk`pf I`rouke 5.12

Gf`oftrcb Ofed rfturd ̀ i R&Q 611 :.7=%

Rcopkf Ofed rfturd ̀ i R&Q 611 3.52%

Evfregf rcsl-irff retf 8.8:%

Fxpfbtfm Xfturd ̀ i ]OVR es pfr BEQO :.36%

Rtm mfvcetc`d ̀i ]OVR =5.2%

Ofed Xfturd ̀i ]OVR 56.19%

D` ̀ i o`dtjs wctj dfgetcvf rfturds - ]OVR 21

D` ̀ i o`dtjs wctj dfgetcvf rfturds - R&Q611 82

Hfte

RVOOEXS @V ]QV]

Xfg rfssc`d R tetcstcbs

Ouktcpkf X 1.216152=8

X R querf 1.1321225:9

E mnustfm X Rquerf 1.177236:8:

Rtedmerm Frr`r 1.55==:777:

@hsfrvetc`ds 91

ED@YE

mi RR OR I Rcgdcicbedbf I

Xfgrfss c̀ d 5 1.1773:571: 1.1773:571: 6.3=3=5:526 1.157:1873:

Xfscmuek 6: 1.791828575 1.152517=65

]`tek 63 1.:2:852:73

B `fiicbcfdts Rtedmerm Frr`r t R tet Q -vekuf K`wfr 36% V ppfr 36% K`wfr 36.1% Vppfr 36.1%

Cdtfrbfpt 1.11=9:8=88 1.156587:69 1.2136825=7 1.76:128318 -1.186633872 1.12=39=559 -1.186633872 1.12=39=559

Z Y ercehkf 5 5.122752== 1.=82:15359 8.=235=835 1.157:1873: 1.5:62:57=5 5.::81=652: 1.5:62:57=5 5.::81=652:


23/24

pg. 82

Eddfxurf :> Mup`dt Edekyscs

Eddfxurf 3> Yekuetc`d Edekyscs

Qertcbukers ]-O`hckf E]&] Yfrcz̀ d

Bjcde

O`hckf

D]]

M`bò` Y`mei`df D]]

Oerlft Bepctekczetc`d ($ hckkc`d)

es `d Eprck 55, 8159

25.98 829.5= 851.86 886.69 3:.21 :6.27 :6.27

Cd $ Ockkc`ds

Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257

Dft Cdbòf 97: 52,2=6 57,:73 51:,623 =51,132 6,795 65:,199

Dft Oergcd 8.5% 3.5% 52.9% 59.8% 3.=% 52.9% =.7%

Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257

]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87

Essfts ]urd`vfr 1.6 1.= 1.6 1.6 1.9 1.2 1.6

]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87

Evfregf Dftw`rtj 59,551 51=,685 5=,292 ::9,369 6,655,753 9:,=7= :,639,917

Dft Kfvfregf 2.3 2.3 57.1 5.9 5.2 5.: 8.=

X`F =.8% 58.:% 58=.6% 58.8% 7.=% :.=% 9.1%

Burrfdt

prcbf

Q/F

]]O

5 Sr Iwm

Q/F

Es ̀ d Eprck 55, 8159 $2:.9= =9.3 59.7

Fdm ̀i Sfer 8119 8117 811: 8113 8151 8155 8158 8152 815= 8156 ]]O

Qrcbf/Ferdcdgs

]OVR - 98.5 26.2 56.= 82.2 5=.5 3.8 5.1 33.1 9=.3 =9.3

R&Q 611 59.: 59.6 51.3 5:.9 56.6 52.7 56.1 5:.9 5:.9 53.1 53.5

Qrfocuo / (Mcsbùdt) -511.1% 879.=% 882.3% -57.8% 61.2% 8.3% -2:.7% -3=.9% =28.2% 8=5.9% 5=6.6%

53.8

Qrcbf/H``l

]OVR - 2.7 8.9 5.8 5.: 5.5 5.5 8.8 5.6 8.1 5.3

R&Q 611 8.3 8.7 5.7 8.8 8.8 8.1 8.5 8.9 8.7 8.7 8.7

Qrfocuo / (Mcsbùdt) -511.1% 27.1% 68.3% -=6.6% -5:.8% -=6.1% -=7.9% -56.=% -==.=% -86.3% -83.9%

8.1

Qrcbf/Rekfs

]OVR - 8.9 5.3 1.: 5.5 1.7 1.7 5.1 1.= 5.1 5.1

R&Q 611 5.9 5.6 1.3 5.8 5.2 5.8 5.2 5.7 5.: 5.: 5.:

Qrfocuo / (Mcsbùdt) -511.1% 72.2% 555.5% -22.2% -56.=% -=5.7% -=9.8% -=5.8% -77.:% -==.=% -==.=%

5.6

Qrcbf/Besj Ik`w

]OVR - 3.: 55.: 2.1 =.6 8.3 2.5 7.= 2.2 7.5 6.3

R&Q 611 55.5 55.9 9.: 3.5 3.2 :.6 3.8 55.8 55.6 55.6 55.:

Qrfocuo / (Mcsbùdt) -511.1% -56.6% 72.6% -97.1% -65.9% -96.3% -99.2% -22.3% -75.2% -2:.2% -61.1%

-

Cdmustry Evg

Cdmustry Evg

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24/24

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Yekuetc`d Xetc`s

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VR 96 Sfers GMQ Metejttps>//rfsferbj.stkùcsifm.`rg/irfm8/sfrcfs/GMQ/m`wdkèmmete

Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti`kc̀ Oedegfofdt (51fm)> Bjeptfrs 51, 55, 58, 52, edm 5=

Iukk Fxbfk W`rlcdgs

Icdedbcek XfsferbjQr`nfbtP] O`hckf Yeku

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