Valuations Paper

7/31/2019 Valuations Paper

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V ution riv rs in tt communic tionsinustry


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T u t s r t rs r t s r wt , v r ,bus ss tr s r t , t

r u t ry r ssur s af[j]Ykaf_dq \a^[mdl ][gfgea[ [gf\alagfk&

r t rs s r st u b ust y v u ur ustry-b s rt r ss t r ssur , t x,ljYfkY[lagf Yf\ Y\nakgjq f]]\k& L`]q

w t t t y v u t r urr u rst t rtu t s,x t s r r t s t

t u t s ustry w r v r l`] ogjd\ l`]qj] gh]jYlaf_&

W t v s us t s u rsts ur b T u t s;]fl]j& Gh]jYlaf_ ^jge HYjak$ ;gdg_f]$J sbur , R y , D , B ,

S t , t C t r br st t r s r r sst w r , t ur ts r ssl`] [`Ydd]f_]k g^ lg\Yq Yf\ lgegjjgo&

Gmj [da]flk Z]f]l ^jge gmj afka_`lk gfc]q lj]f\k Yf\ ]e]j_af_ akkm]k& L`]k]y r t t t w tur ,xt- r t s rv s, r stru tur

s r , uts ur , r v u ssur ,gh]jYlagfYd ]^[a]f[q$ j]_mdYlagfk$utur r wt r ts r r rs Y[imakalagfk& O] `]dh gmj [da]flk j]Y[l lglj]f\k af Y oYq l`Yl aehjgn]k l`] fYf[aYdh]j^gjeYf[] g^ l`]aj Zmkaf]kk&

r r b ut ur r s s rv s by v s t ur w bs t :ooo&]q&[ge'l]d][geemfa[Ylagfk

Ab ut Er st & u sG b T u i ti sC t r


3/28

3 V u tion riv rs in t t communic tions in ustry

F r w r

T u b r r rs u s t s (M ) j][]fl q]Yjk \m] lg l`] ][gfgea[ lmjegad Yf\ Y dY[c g^ fYf[af_af l`] eYjc]l& @go]n]j$ E 9 Y[lanalq af l`] l]d][geemfa[Ylagfkaf\mkljq `Yk fgo j]kme]\&

T s t tr s t b ut t st : t r ts tUS W st r ur r tur , v v r begj] [geh]lalan]3 j]n]fm]k ^jge p]\%daf] k]jna[]k Yj] ^Yddaf_3l][`fgdg_q ak \janaf_ ka_fa[Yfl afn]kle]fl hjg_jYek]&_&$ >aZ]j!3 Yf\ j]_mdYlgjq hj]kkmj]k Yj] af[j]Ykaf_&

It s w t t s t xt t t r t rs r us t buy r sl]d][geemfa[Ylagf Ykk]lk&

T s r rt, wr tt by r st u s t u t sv u t r ss s, x r s u b r s z b ustryv u t ssu s t t r t t t t r M fYf[] \]hYjle]flk2 c]q nYdm] \jan]jk$ nYdmYlagf emdlahd]k$ Yf\\a^^]j]fl e]l`g\gdg_a]k& Al dggck Yl eYfq im]klagfk l`Yl Yj]t t x r y by t tr s t s t s t rv s rs, t s t t r t rs u t t r

kljYl]_a]k egj] oa\]dq$ Yf\ ]phdYaf `go nYdmYlagfk Yj] \]jan]\&

O] `gh] qgm oadd f\ l`ak kmeeYjq Yf af^gjeYlan] afljg\m[lagf

t s t r s t t r us , ubt t s wr s urt r u st s t t y t I w u b t tYfko]j&

EYfq l`Yfck lg Ydd eq [gdd]Y_m]k o`g ogjc]\ gf l`ak j]hgjl&

Nico s K piszlob l T l communic tionsV lu tion & Busin ss Mo llin r



4/28

M&A tivity i t t u i ti s s t r sr su by tr s t s r i r ts

V u t mu tip s r i r or p y rs in i - rowtm r ts l`Yf af eYlmj] eYjc]lk&

T r s cons nsus on t n tur n v r w i tt ss ts r z v u s rtg^ hmj[`Yk] hja[] Yddg[Ylagf HH9!&

Subs rib r r ti s ips r r y t r ry

aflYf_aZd] Ykk]l af HH9$ oal` Y o]a_`l g^ Yjgmf\ ++g^ l`] ]fl]jhjak] nYdm] =N!&

?gg\oadd j]eYafk ka_fa[Yfl$ oal` Y o]a_`l g^ . t=N$ l`mk j]][laf_ l`] r wt p t ti rt t r ts,s w s t i p rt sy r i s x t r ykm[[]kk^md afl]_jYlagf&

1

2

3

4

5

Ky mss s


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Cont nts

F r w r +F tr s t t u t s r t 06V u t r v rs t t u t s ustry 10Hmj[`Yk] hja[] Yddg[Ylagf HH9! af l`] l]d][geemfa[Ylagfk af\mkljq 16


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1. Rcnt M ctivityT s p r t rs v t r w t r u uisiti i t y r t wi t

acquire or be acquired.

Fi ur s 1 s w t b t u t s v u s v u s r000 t 010 1, w t _mj] + t t str t r v rs b u s t saf l`] k][lgj& Af j]k]Yj[` ]Yjda]j làk q]Yj$ o] kmjn]q]\ gn]j k]fagj ]p][mlan]k af l`]l]d][gek af\mkljq YZgml o`q l`]q o]j] dggcaf_ lg Y[imaj]& Lg ]fl]j f]o _]g_jYhà[eYjc]lk [Ye] lgh$ ^gddgo]\ Zq lg klj]f_l`]f l`] [gj] Zmkaf]kk&

F tpri t r wt s tur v y t st , w r tr s t v sh]Yc]\ loa[]2 l`] jkl h]Yc oYk \m] lg l`] Zmad\af_ g^ k[Yd] \mjaf_ l`] l][`fgdg_qZmZZd] g^ %* $ oà[` dYmf[`]\ l`] _dgZYd ^gglhjafl _jgol` af l`] ea\%* k&]_agfYd [gfkgda\Ylagf h`Yk]k ]&_&$ K egZad] eYjc]l Yf\ =mjgh]Yf ZjgY\ZYf\ k][lgj!d]\ lg l`] k][gf\ h]Yc g^ \]Yd Y[lanalq ^jge * mflad l`] kdgo\gof af * /$ hj]\Ylaf_l`] fYf[aYd [jakak&

Dur t s r , r Eur p p r t rs i r s t ir xp sur t r ir ts w t r ut r r v s s t r t r t r t r t

_jgol`&

The bloodbath has started to happen. There is enough

of it now. Market caps havehalved. Companies are makinglosses. There will only be a

few players: 6, 7 but certainly not 12. [Consolidation] is

inevitable.

Bh rti Ent rpris s Ch irm n,Mr. Sunil Bh rti Mitt l,

urin th Worl Economic Forum27 J nu ry 2010

1Sur : survy Wy t ttrs bu t tv

v t u rt t s t u t s survykfYhk`gl$ >]ZjmYjq* &


S ur : Surv y Why C pit l M tt rs (2000-2009) L`gekgf K


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V u tion riv rs in t t communic tions in ustry 8

I c nt t you t n m s o t countri s w rwor in on. T r wi b a few more acquisitions

on the African and Middle East ootprint in tn xt coup o mont s.

rv is P llissi r>jYf[] L d [ge ;`a]^ >afYf[aYd G^[]j

R ut rs Insi r TV, 22 M y 2010

Op r t rs i r i r ts v bu t r s v r t st w y rs, [gfljaZml]\ lg l`] af[j]Ykaf_ fmeZ]jk g^ \]Ydk af l`gk] j]_agfk$ ^jge . g^ l`] _dgZYd\]Yd nYdm] af * / lg ++ af * $ Yk k]]f af _mj] , & L`]q fgo `Yn] l`] l][`fa[YdYf\ fYf[aYd [YhY[alq lg \]n]dgh Yf\ Y\ghl ]pl]jfYd _jgol` kljYl]_a]k$ Yf\ l`]j]^gj]t u s t t r ts r r ts s r t x us v eYlmj] gh]jYlgjk& >gj ]pYehd]$ `Yjla 9ajl]d Y[imaj]\ Yaf 9^ja[Y af EYj[` * $^gj K &/ Zaddagf&

I 00 , t r w s s r w tur r ss-b r r s, w st t v ty y s

[gmfljq af%eYjc]l \]Ydk! j]eYaf]\ Yl& L`ak j]][l]\ r u pp rtu iti s ir ss b r r tpri t r wt , w st - r t s r t rs r u stsYf\ hgkalagf l`]ek]dn]k ^gj [gfn]j_]f[]&

W t is your curr nt r tion or consi rin cquisitions?

S ur : Surv y Why c pit l m tt rs Buil in comp titiv v nt in unc rt in tim s T l communic tionsurv y sn pshot , F bru ry 010

R n R tion1 T t r w r r ts

T str t t r bus ss+ T v s s4 T t r r u t t

T u r w t y6 T t r w r u t r ts/ T u r u ss ts8 Lg lYc] Y\nYflY_] g^ dgo nYdmYlagfk'\aklj]kk]\ Ykk]lk

Fi ur 3 M in str t ic r sons or cquisitions nsw r romt com op r tors

Kgmj[]2 L`gekgf K


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V ution riv rs in tt communic tionsinustry

*&



11/28

T purp s ur ysis is t i ti y t y v u ti riv rs r tp r t rs t si r t i p t t ir tiviti s siz xp sur t r ir ts t ) W v s t wi u sti s:

@go \g afn]klgjk e]Ykmj] Yf\ nYdm] _jgol`O`Yl Yj] l`] [jal]jaY mk]\ Zq afn]klgjk af Yf afalaYd nYdmYlagf g^ lYj_]lkQ

11

6

16

18

6


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12V u tion riv rs in t t communic tions in ustry

T v u t r t r us by v st rs t t u t s ustry l`]aj afalaYd nYdmYlagfk Yj] k`gof af l`] lYZd] Z]dgo&

O] `Yn] a\]fla]\ l`] ^gddgoaf_ c]q \a^^]j]flaYlgjk$ oà[` Y^^][l nYdmYlagfk Yl làkst :

S s: o] `Yn] YfYdqk]\ l]d[gk af l`] dYj_]j la]j à_`]kl kYd]k oalàf gmj k]l g^/ gh]jYlgjk mf\]j YfYdqkak! Yf\ keYdd]j la]j dgo]kl kYd]k oalàf làk kYe] k]l!

M r t typ r i vs v p ): o] `Yn] \]f]\ ]e]j_af_ gh]jYlgjk Ykl]d[gk oal` egj] l`Yf g^ YffmYd j]n]fm]k ^jge ]e]j_af_ eYjc]lk

"9 H 2 9n]jY_] j]n]fm] h]j mk]jS C: Subs r b r u s t stsSRC: Subs r b r r t t sts

V lu tion criteri

Commonv u tion crit ri

L]d][ge%kh][a[ JYlagk Yf\K y p r orm nc in ic tors(KPIs)

EV/S s

EV/EBITD

Pric E rnin s R tio (P/E)

Pric -to-Boo (P/B)

:]lY [g]^[a]fl !

RPU

EV/Numb r o subscrib rs

EV/ in inst

S C

SRC


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14/28


T sm r t comp ny n t i r itsxposur to m r in m r ts, t i r tb tL`] Z]lY [g]^[a]fl gf] g^ l`] c]q [gehgf]flk g^ \ak[gmfl jYl]k! [gflYafk nYdmYZd]af^gjeYlagf YZgml l`] [gehYfqk jakc hjgd]& Typi y t t u i ti si ustry is w si r t b s i t y ss ris y t t v r r t wit b t[g]^[a]flk oalàf l`] ( /-% ( jYf_]

S r t u t s r t rs usu y v r b t s t r st s r

egj] ngdYlad]& L`]aj gh]jYlagfk Yj] [gfka\]j]\ lg Z] jakca]j l`Yf Y dYj_]j [gehYjYZd]Zmkaf]kk$ Yf\ l`]j]^gj] l`]q ogmd\ fgjeYddq qa]d\ à_`]j j]lmjfk gf afn]kle]fl&

=phgkmj] lg ]e]j_af_ gj eYlmj] eYjc]lk Ydkg afm]f[]k l`] gh]jYlgjk jakc&T r t typ i r ti t r hjgna\]k Y e]Ykmj] g^ làk&

T i r t xposur to m r in m r ts,t i r t pric -to-boo r tioHja[]%lg%Zggc H' ! jYlagk g^ dYj_] l]d[gk gh]jYlaf_ af ]e]j_af_ eYjc]lk Yj] à_`]j l`Yfl`gk] g^ l`]aj h]]jk af \]n]dgh]\ eYjc]lk&

Làk k`gok l`Yl l`] eYjc]l ]ph][lYlagfk g^ à_` _jgol` a&]&$ Yfla[ahYl]\ r tur uity ! `Yn] Z]]f Zmadl aflg l`]aj k`Yj] hja[]$ l`mk Zggklaf_ l`]aj H' jYlagk&

S ur : B b r

P/B r r Ti r

r s D v s

Fi ur 10 P/B o r r-ti r comp ni s b tw n 2007 n 2010 by r ion

00 5

1 01 50505

4 04 55 05 5 6 x

x4x

0x

x

x

0x

0x

1 J 08 1 J 0 1 J 10 0 S 10

B t W y 1.5 r r vs Sm r Ti rs

S ur : B b r

Fi ur 9 B t

&*

&

&

&/

&

&*

&

r r t r S r t r1 J 08 1 J 0 1 J 10

&& & & /& / &


15/28


go]j H' jYlagk gZk]jn]\ ^gj dYj_] la]j \]n]dgh]\ Yf\ eap]\%r t r t rs t b x by:

1. Economic ctors

HYkl h]j^gjeYf[] oYk hgkalan] Yf\ j]dYlan]dq klYZd]$ Yf\ ak fgl]ph][l]\ lg _jgo ka_fa[Yfldq af l`] ^mlmj] p st r tur uity s r x t y u t t utur r tur uity !&

2. Accountin t rs

9[imakalagfk j]hgjl]\ naY HH9 d]\ lg l`] j][g_falagf g^ hYjl g^t t b ss ts t u r rs s t u ts,

af[j]Ykaf_ l`] Zggc nYdm] g^ ]imalq&L`mk l`] Zggc nYdm] g^ l`]k] [gehYfa]k Z]ll]j j]][lk l`]ajeYjc]l nYdm]$ d]Y\af_ lg dgo]j H' jYlagk&

T i r t xposur tom r in m r ts, t i r timp i tr ns ction mu tip sT u t s u r r t r ts w rka_fa[Yfldq à_`]j l`Yf l`gk] g^ \]n]dgh]\ eYjc]l gh]jYlgjk&

Làk ak [gfkakl]fl oal` l`] [gf[dmkagfk \]jan]\ ^jge l`] H'YfYdqkak2 [gehYfa]k oal` à_`]j H' o]j] m\_]\ Zq afn]klgjk Ykhj]k]flaf_ à_`]j _jgol` hgl]flaYd&

S ur : M r r M r t

14

18

16

1

10

8

6

4

0

r r ts D v r ts=N'KYd]k =N'= AL


16/28

Purc s pricoc tion (PP ) in t

t communic tionsin ustry

+&



17/28

It is vit y i p rt t r uir rs t u i t r y t t r t b ut tv u ss ts uir i bi iti s ssu s p rt uisiti

L`]j]^gj]$ l`] l]d][ge%kh][a[ Ykk]lk g^ l`] lYj_]l k`gmd\ Z] a\]fla]\ Yf\ nYdm]\mkaf_ jgZmkl nYdmYlagf l][`faim]k Yf\ e]l`g\gdg_a]k& =klaeYl]\ Ykk]l nYdm]k Yj]j]hgjl]\ Yk hYjl g^ Y HH9 YfYdqkak$ h]j^gje]\ af Y[[gj\Yf[] oal` A> K j]imaj]e]flk&

>mjl`]jegj]$ A> K + ]nak]\! `Yk afljg\m[]\ f]o [`Ydd]f_]k af l]jek g^ hmj[`Yk]Y[[gmflaf_& L`] egkl [jala[Yd akkm]k ^gj nYdmYlagf af[dm\]2

V u t - tr t r stst t r z w - tr t r sts

C t t s r t sur t r v u

1. Bncmr in o PP in tt communic tions sctorEr st & u s b r ysis PPA r su ts r p rt by t s s s wt t st p i s pr vi t i u it tiv u tit tiv i r ti b uti t ib ss ts t ir r i i us u iv s t r si u wi p ts

T s ys s w s b s u r rts t u t s s * [gmflja]k$ \ak[dgkaf_ HH9 j]kmdlk g^ l]d][geemfa[Ylagf ljYfkY[lagfk l`Yl

o]j] j]hgjl]\ Zq hmZda[ [gehYfa]k& L`] j]kmdlk g^ l`ak YfYdqkak o]j] kmeeYja ]\ aftw r rts, lob l surv ys o purch s pric lloc tion pr ctic s ub s by=jfkl Qgmf_ af * Yf\ * &



18/28


r t t st stu y, ub s 00 , r z t b ss tsj]hj]k]fl]\ gf Yn]jY_] [aj[Y + g^ l`] l]d][geemfa[Ylagfk af\mkljq + t r ts V,oàd] _gg\oadd Y[[gmfl]\ ^gj YZgml . _mj] *!&

Typic int n ib ss ts in t t communic tions in ustry

9egf_ l`] aflYf_aZd] Ykk]lk j][g_fa ]\ af Y[imakalagfk$ l`] egkl ka_fa[Yfl nYdm] oYkty y ss t :

Cust r r t s s tr tss s r b r t rs r t y-r t ss ts r t y

u t sTr s

t r t b ss ts u r ts, su s str but , su r rafl]j[gff][l YjjYf_]e]flk& Al k`gmd\ Z] fgl]\ l`Yl l`]k] j]kmdlk \]jan] ^jge YfYdqkakg^ gh]jYlgjk g^ \a^^]j]fl ka ]$ eYjc]lk Yf\ l][`fgdg_a]k& O] ogmd\ j][gee]f\ l`Yl Yf- t ys s t r t s u b rr ut b r t y v u

aflYf_aZd] Ykk]lk&

R m inin us u i

Egkl aflYf_aZd] Ykk]lk a\]fla]\ af l`] l]d][geemfa[Ylagfk af\mkljq ogmd\ lqha[Yddq`Yn] Y \]fal] mk]^md da^] af[dm\af_ af kge] [Yk]k l`] ljY\] fYe]k gj ljY\]eYjck!&;mklge]j j]dYlagfkàhk Yj] Yegjla ]\$ gf Yn]jY_]$ gn]j Y n]% lg ]a_`l%q]Yj mk]^md

, w t us u s s s t b s t r t r us r s b]pl]fkagfk af kge] [Yk]k&

+T u t s ustry vr sub-s trs, bs s

t y, tr t b rtrs, u s srv ,l][ fgdg_qYf\]imahe]fl[gehYfa]k&

w jYf\'LjY\]eYjck ;mklge]j ;gfljY[lk' ]dYlagfkàhk

Tt R z I t b ss ts T y -C t r ts

T b ss ts t Wr C t G^ EYjc]l ;gfljY[lk'9_j]]e]flk t r I t b ss ts( u s s)

. +* ++

*

.

/

+

Fi ur 12 Int n ib ss ts r co niz in PP in t t communic tions in ustry ( s o EV);sourc Global surveys of purchase price allocation practices, Ernst oun 2009, v i b viG ob T communic tionsC nt r@u . y.com


19/28


Goo wi compon nts

Gmj YfYdqkak [gfje]\ l`Yl l]d[gk \ak[dgk] af^gjeYlagf [gf[]jfaf_ t p ts wi af Y[[gj\Yf[] oal` j]imaj]e]flk g^ A> K +'+ Yf\ >9K ' & L`]x st w s r y x by sy r s, t r t s r ^mlmj] k]jna[]k lg Z] g^^]j]\ lg l`] eYjc]l Zq l`] [geZaf]\ Zmkaf]kk&

S t b ss ts t s b u t u t r z s w l`]aj nYdm] ak fgl eYl]jaYd km[` Yk \akljaZmlagf f]logjck!&

I t , t w ts y s b u t w u t s:ust r s rv b t s, r s r r ts r t s ( r thgo]j'afm]f[]!$ klj]f_l` g^ dYZgj j]dYlagfk$ gf_gaf_ ljYafaf_ gj j][jmalaf_ hjg_jYek$utst r t r t s, ss t t r ts, st t r t s s w t_gn]jfe]flk gj j]_mdYlgjk& T s is sur s r y r i v st rs pr viafka_`lk YZgml l`] kljYl]_a[ Yf\ fYf[aYd jYlagfYd] g^ l`] ljYfkY[lagf

2. ss t v u tion mtooo i sor t t communic tionsinustryA t uir ss ts ssu i bi iti s s u b r r t ir v u t ir su p r wit t pri p i by t uir r

9[[gj\af_ lg A> K +'+ mkaf]kk ;geZafYlagfk! Yf\ >9K 'mkaf]kk ;geZafYlagfk!$ l`] ^Yaj nYdm] ak \]f]\ Yk l`] Yegmfl ^gj oà[` Yf Ykk]lu b x r b ty s tt , b tw w b , w rt s

Yjek d]f_l` ljYfkY[lagf&

Af Y\\alagf$ klYf\Yj\k kh][a^q l`Yl ^Yaj nYdm] k`gmd\ j]][l eYjc]l ]ph][lYlagfkYZgml l`] hjgZYZadalq l`Yl l`] ^mlmj] ][gfgea[ Z]f]lk Ykkg[aYl]\ oal` l`] Ykk]loadd go lg l`] Y[imaj]j& L`]j]^gj]$ Yfq YfYdqkak k`gmd\ j]][l Ykkmehlagfk oà[`w u b t y r t rt t t w r t buy r s ss t af\ana\mYd ZYkak&T us t ir v u s u b t r i wit r r t r tp rti ip ts i r but x u sy r isti v u s t t r u i u t p rti u rbuyr

T w t s r y us t v u t b ss ts:

I ppr oà[` Yddgok ^mlmj] ][gfgea[ Z]f]lk g^ l`] Ykk]l lg Z] [Yhlmj]\(v t u t - r x ss r s t , r r r y ty t , bu - ut r_j]]f]d\ e]l`g\!M r t ppr b s r t ss t w t s r ss ts, r s r t ( r b tr s t s t )

C st ppr r y t r t t ru t v st r w u y r ss t r t t st t r r t t r t r r u ss t s r ut ty(r t r r r u t st t )

M r t r y t b s r r r t rr v t su rt bnYdmYlagf jYf_]& Af l`] ^gddgoaf_ k][lagfk$ o] ]phdYaf l`] [`ga[] g^ l`] hj]^]jj]\e]l`g\ ^gj ]Y[` Ykk]l nYdm]\$ Yf\ \ak[mkk kge] g^ l`] hjY[la[Yd [`Ydd]f_]k&


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Trademarks/Trade names: t st r r t t s r v u

tr r s s t r i r r y ty t , w st t st x t r y ty s v s ttr but b t t w rs l`] aflYf_aZd] Ykk]l& Làk YhhjgY[` ak ZYk]\ gf l`] [gf[]hll`Yl a^ Y [gehYfq gofk Yf Ykk]l$ al \g]k fgl `Yn] lg j]flgf]& L`] gof]j ak l`mk j]da]n]\ ^jge hYqaf_ Y jgqYdlq$ oà[`j]hj]k]flk nYdmYZd] [gkl kYnaf_k& Af làk [gfl]pl$ l`] l`]gj]la[Ydr t r r y ty y t s us s surr t r t YlljaZmlYZd] lg l`] ljY\]eYjc&

T y ssu t s w v u tr r t r v uZYk]$ l`] jgqYdlq jYl] Yf\ l`] \ak[gmfl jYl]&

F r t s, t r s s r u t r us u g^ l`] Y[imaj]\ ljY\]eYjck& Kh][a[ j]%ZjYf\af_ Yf\[g%ZjYf\af_ j]dYlaf_ lg l`] Y[imakalagf emkl fgl Z] af[dm\]\&

T t t t u r r ust t b t t u t,mfd]kk mf\]j kh][a[ [aj[meklYf[]k o`]j] al [Yf Z] hjgn]\t t r t rt ts w u v t t s w y,kmhhgjl]\ Zq klja[l \g[me]flYlagf&

R y ty r t s r t t s ustry v ry w y, b tw& Yf\ $ \]h]f\af_ gf l`]klj]f_l`g^ l`] ZjYf\$ l`]

[gehYfqk eYjc]l hgkalagf ]&_&$ dgo [gkl nk& hj]eame k]jna[]kgj eYjc]l k`Yj]!$ Yf\ l`] gh]jYlgjk fYf[aYd h]j^gjeYf[]&


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ContractsA9K + \]f]k [gfljY[lk Yk aflYf_aZd] Ykk]lk l`Yl `Yn] Y p]\ gj \]fal] l]je Y_j]]\Zq Zgl` hYjla]k& L`]q hjgna\] ^gj [gfljY[lmYd ja_`lk lg j][]an] egf]q gj [gfljY[lmYdgZda_Ylagfk lg hYq egf]q gf p]\ gj \]l]jeafYZd] \Yl]k& ;gfljY[lk j]hj]k]fl l`] nYdm]g^ ja_`lk l`Yl Yjak] ^jge [gfljY[lmYd YjjYf_]e]flk&

T s t y s us u r ss ss su r ts s MV tw r s r ,[gfl]fl Yf\ Yhhda[Ylagfk gj jgYeaf_ Y_j]]e]flk&

T ys s t t s u b r r r s t v r b r u v r bt r s t tr t r t v t t r t: s t s tr t r v t r t roal` Y [geh]lalan] \ak!Y\nYflY_]

t r r t r st s t tr t t b s r u :R w us s@aklgja[Yd lj]f\kx us v ty r s r r t r st s

C tr ts t t t v v r b r u v r b tur u :]Yk]'j]flYd Y_j]]e]flkSu y tr tsD str but r tsI s b r ts us (IRU)

gf_%l]je d]Yk]'j]flYd Y_j]]e]flk ka_f]\ af l`] hYkl Yl eYjc]l jYl]k p]\$ fgf%ust r t) t v tu y b v r b r u v r b r ts b usg^ l`] [q[da[Yd fYlmj] g^ l`] eYjc]l& L`] fgf%eYjc]l hYjl g^ j]flk Zgjf] gj Ynga\]\ Zql`] Y[imaj]j \m] lg l`] ]paklaf_ j]flYd'd]Yk] [gfljY[l k`gmd\ Z] nYdm]\ Yf\ Zggc]\ afl`] Y[imaj]jk [gfkgda\Yl]\ Y[[gmflk&

Su y tr ts str but r ts s b r y - r t t r s t s s w s r y x us v ty us s, s t s t v r s t

aflYf_aZd] Ykk]l Z]af_ a\]fla]\$ j][g_fa ]\ Yf\ nYdm]\&

IRUs b r t rs t us t tw r s t r t u t s rr rs r Yegmfl l`Yl [Yf Z] [gehYj]\ lg Y j]fl& 9dd A k Yj] ka_f]\ ^gj dgf_%l]je h]jag\k Yf\r r s t t t v v t v r t r r t rt ts, s ty s taf l`] eYjc]l Yf\$ gf[] [gfljY[l]\$ l`]q Yj] fgl YnYadYZd] lg gl`]j eYjc]l hYjla[ahYflk&

T r r , t s tr ts y r r s t r t v u t t r w rs, rg^l]f af[dm\]\ af l`] HH9&

- t r ts r tr ts b tw buy r s r bus ss,j]klja[laf_ l`] k]dd]j ^jge [geh]laf_ af l`] kYe] af\mkljq ^gj Y kh][a[ h]jag\ g^ lae]$g^l]f oalàf Y \]f]\ _]g_jYhà[ Yj]Y& L`] hjaf[ahYd l][`faim] mk]\ lg nYdm] fgf%

t r ts s i r t ppr , w v u s t ss t b s t\a^^]j]f[] af [Yk` gok Z]lo]]f k[]fYjagk oal` gj oal`gml l`] fgf%[geh]l] Y_j]]e]fl ( wit r wit ut ppr !& L`] eYaf daealYlagf g^ làk YhhjgY[` ak l`Yl al ak

à_`dq kmZ ][lan]$ Yf\ l`] afhmlk Yj] \ak[j]lagfYjq af ]Y[` [Yk]&


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Tangible assetsT b ss ts r r y v u by

y t st ppr & L`] hjaf[ahd]b t s r s t t t v u ss t s u t x t st bt subst tut ss t r b^]Ylmj]k$ mladalq Yf\ ^mf[lagfYdalq& Af l`][gfl]pl g^ HH9$ l`] YhhjgY[` ak Yhhda[YZd] t r t r s

[Yffgl Z] Yhhda]\&

Tw t s t b r r w tt st r :

T r pr u ti st t ,w s b s t stru t( r ur s ) x t r tt b ss t

T r p t st t , sw s t _j]]f]d\ YhhjgY[` ,

w s b s t st r r tt ut ty t sub t t bss t, but r r r t ty b u t r t r x t

r t

T v u t b ss ts, rt u rtt t s u b t tY[imaj]jk'eYjc]l hYjla[ahYflk afl]flagfk( u tw r w s z ), s[]jlYafY\ mkle]flkea_`l Z] f]]\]\&F r x , tw r t t w uZ] [gfka\]j]\ af]^[a]fl Zq eYjc]lrt ts, b us t w u r u r

s r u t t s t b s s, y ust y s u t t t

f]logjc nYdm]& >afYddq$ l`] ][gfgea[us u t u t s u b

s r v rsus ts u tmk]^md da^]&

R t st w r r u tst w y w s t

hja[]k g^ f]o ]imahe]fl& Af\]]\$ ^gjaf^jYkljm[lmj] Ykk]lk$j]hdY[]e]fl'r r u t st w y b r tst r v u s, w r tu t ss ts, r t sts w

Yj] g^l]f dgo]j l`Yf `aklgja[Yd nYdm]k&It s u b t t t t t r tsr t y s t t v u

]klaeYlagf mkaf_ l`] [gkl e]l`g\gdg_a]k&

Furt r s r t s, su s u tgZkgd]k[]f[] [YhY[alq$ jYha\alq$ ]l[&! Yf\ss t r t r t b t s, s`Yn] Y ka_fa[Yfl aehY[l gf nYdm]k&

Discount rateW us s b s s r tv u t t y, su s t r ir r y ty t r t u ti p rix ss r i s t (M M), \ak[gmfl jYl] `Yk lg Z] Yhhda]\&

L`] \ak[gmfl jYl] k`gmd\ Z] kh][a[ lg]Y[` Ykk]l Yf\ j]][l alk jakc hjgd]& Als u s b s st t w t t v r

y w t v r st tO9;;!& L`] w i t v r r tur ss ts WARA) ysis st t s tv r r t r tur t ys

ss ts, b s t r ws u t r t , u t s t r

r s t v w t t t t t r r snYdm] =N!&

tw r ss ts w r t rs r t rry r t v y tt r s T s, w r s s s, ust r

b s s tr s `a_`]j jYl] g^ j]lmjf& ?gg\oadd [gfka\]jksy r s w s r z t t r v s\a^[mdl Yf\ l`]j]^gj] jakcq&

T W R ys s s t t tt r t s us r s st t w t tj]kh][lan] jakc hjgd]k g^ l`] Ykk]lk$ Yf\j][gf[ad] l`gk] oal` l`] gh]jYlgjk O9;;&


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26/28

Vi t L B rib T u t s r

naf[]fl&\]&dY&ZY[`]d]ja] ^j&]q&[ge

J t D r pb D uty T u t s r

gfYl`Yf&\`YjeYhYdYf ]q&[ge M r C y

b T u t s M r ts reYj[&[`YqY ^j&]q&[ge

Ni s K piszb T u t s

V u t Bus ss M rfa[gdYk&cdYhak ^j&]q&[ge

R bi J wittb T u t s Tr s t v s ry r

j goall mc&]q&[ge

S r P tti zb T u t s IFRS v s r

k]j_]&hglla] ^j&]q&[ge

St v Lb T u t s C t r B

kl]n]&dg [f&]q&[ge

H r F rstb T u t s C t r C

`gd_]j&^gjkl \]&]q&[ge Pr s t Si

b T u t s C t r DhjYk`Yfl&kaf_`Yd af&]q&[ge

S r T ib T u t s C t r J sbur

k]j_]&l`a]e]d] [a&]q&[ge

W si Kb T u t s C t r R y

oYkae&c`Yf kY&]q&[ge

Mi St tzb T u t s C t r S t

ea[`Y]d&klgdl ]q&[ge

Cont cts

b T u t s C t r


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r st u

ssur | Tx | Tr s t s | v s ry

* =Q?E aeal]\&9dd a_`lk ]k]jn]\&

=Q? fg& =>

T s ub t t s r t su ry r sl ]j] gj] afl]f\]\ ^gj _]f]jYd _ma\Yf[]gfdq&It s t t t b subst tut r t r s rgj l`] ]p]j[ak] g^ hjg ]kkagfYd m\_e]fl& ]al`]j

M t r y t r b r t br st u r z t t y r s s b ty rss s t y rs t r r r r t

Yk Y j]kmdl g Yfq eYl]jaYd af làk hmZda[Ylagf& Gf Yfq kh][aâ[eYll]j$ j] ]j]f[]k`gmd\ Z]eY\] lg l ]YhhjghjaYl]Y\nakgj&

bout Ernst ounr st u s b r ssur ,lYp$ ljYfkY[lagf Yf\ Y\nakgjq k]jna[]k&W r w , ur 141,000 r u tby ur s r v u s u w v r[geeale]fl lg imYdalq& O] eYc] Y \a^^]j]f[]

by ur , ur ts ur w r[geemfala]k Y[à]n] l`]aj hgl]flaYd&

r st u r rs t t b r z t b r r s r st u baeal]\$ ]Y[` g^ oà[` ak Y k]hYjYl] d]_Yd ]flalq&r st u b t , U y

t by u r t , s t r v s rv slg [da]flk& >gj egj] af^gjeYlagf YZgml gmjgj_Yfa Ylagf$ hd]Yk] nakal ooo&]q&[ge

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