BALDASSINI ·TOGNOZZI ·PONTELLOBTP

Transcription

·
BTP
STATUTORY BALANCE SHEET 2007
· TOGNOZZI · PONTELLO
BALDASSINI
Administrative registered office:
Via del Colle, 95 - 50041 Calenzano (Fi)
tel. 055 8863111 - fax 055 8876380
[email protected] www.btpspa.it
·
BALDASSINI TOGNOZZI PONTELLO
BALDASSINI TOGNOZZI PONTELLO
BTP
·
·
Page
5
INDEX
Main balance sheet indicators
Management report
11
Balance
49
Explanatory notes
55
103
Auditors’ report and board of auditors’ report
2
Index
3
MAIN BALANCE SHEET INDICATORS
CORPORATE BODIES
MAIN BALANCE SHEET INDICATORS
BOARD OF DIRECTORS
2007
(in Euro)
2006
2005
Economic data
President
Vice-President
Riccardo Fusi
Roberto Bartolomei
production value
514.853.144
499.634.299
423.528.780
operational result
22.367.290
21.404.381
21.630.884
pre-tax result
11.121.618
10.511.505
12.033.467
net profit
7.213.466
3.627.547
5.538.753
net equity
48.095.363
40.881.894
37.254.347
2.264.248.073
1.648.636.696
1.442.938.887
1.313
1.178
822
Order backlog
Average no. of personnel
Managing Directors
Rodolfo Bartolomei
Francesco Clemente
Stefano Diego Lazzarini
Vincenzo Di Nardo
(in Euro)
Order backlog
as of 31st
December 2006
Acquisitions
in 2007
Production in 2007
Order backlog
as of 31st
December 2007
Variations in
order backlog
1.648.636.696
1.092.534.270
476.922.893
2.264.248.073
Alberto Monaco
BOARD OF AUDITORS
President
Carlo Altini
Regular Auditors
Renzo Maragotto
Corrado Galli
AUDITING COMPANY
PKF Italia SpA
6
7
8
Million Euros
VARIATIONS IN ORDER BACKLOG
Number of employees
AVERAGE NUMBER OF PERSONNEL
ORDER BACKLOG
Million Euros
Million Euros
SUBDIVISION OF PRODUCTION
NET EQUITY
Million Euros
Million Euros
RESULTS
9
MANAGEMENT REPORT
%&%!
$
%&%&,*('*,
:6G+=6G:=DA9:GH
,=>H %6C6<:B:CI *:EDGI DC I=: ;>C6C8>6A N:6G >AAJHIG6I:H 6C9 8DBB:CIH JEDC I=: B6>C >HHJ:H
E:GI6>C>C<IDNDJGDBE6CNH7JH>C:HH6C9G:EDGIHI=::K:CIHL=>8=BDHI6;;:8I:9I=:DBE6CN9JG>C<H6>9
E:G>D9!I=6H7::C9G6;I:9>C8DBEA>6C8:L>I=I=:>K>AD9:
,=:;>C6C8>6AN:6G8DC;>GB:9I=:DBE6CNH<GDLI=IG:C9DK:GI=:A6HI;:LN:6GH!C;68I
:<9.?->398 </@/8?/= G:68=:9 B>AA>DC JGD 6<6>CHI B>AA>DC JGD G:8DG9:9 >C EG:K>DJH
;>C6C8>6AN:6G
9:/<+>398+6</=?6>L6HB>AA>DCJGD6<6>CHIB>AA>DCJGD>CEG:K>DJH;>C6C8>6AN:6G
:</>+B </=?6> G:8DG9H B>AA>DC JGD 6EEGDM>B6I:AN I=JH G:B6>C>C< JCK6G>:9 8DBE6G:9 ID
EG:K>DJH;>C6C8>6AN:6G
8/></=?6>>H6EGD;>ID;B>AA>DCJGD6<6>CHII=:B>AA>DCJGDEGD;>IG:8DG9:9>C
8/> /;?3>C GDH: ;GDB B>AA>DC JGD ID B>AA>DC JGD :HH:CI>6AAN 6H 6 G:HJAI D; I=: N:6GH
EDH>I>K:G:HJAI
38@/=>7/8>=>CB6>CANB69:I=GDJ<=;>C6C8>6AA:6H>C<6BDJCI:9IDHDB:B>AA>DCJGD
6C98DC8:GC:9B68=>C:H6C9B:6CHD;EGD9J8I>DCC::9:9IDE:G;DGB8DCIG68IH;DGB6?DG?D7H
I=:>BE68ID;C:I;>C6C8>6A8=6G<:HDCEGD9J8I>DCG:K:CJ:HL6H:HH:CI>6AANJC6AI:G:9L>I=G:HE:8IID
EG:K>DJHN:6G
:>C< D7A><:9 ID HJ7B>I >IH 8DCHDA>96I:9 76A6C8: H=::I EJGHJ6CI ID $:<>HA6I>K: :8G:: CD I=:
DBE6CNIDD@69K6CI6<:D;I=:ADC<:GI:GBD;96NHID6EEGDK:I=:76A6C8:H=::I6HEGDK>9:97N
6GID;I=:>K>AD9:6C96GID;I=:DBE6CNHGI>8A:HD;HHD8>6I>DC>C;DG8:
Management report
13
Cap. Soc. Euro 36.000.000
SOCIETÀ COLLEGATE
SOCIETÀ CONTROLLATE
As of 31 December 2007, the corporate structure is as follows:
BF Servizi Srl
100%
Gruppo Bartolomei-Fusi Srl
100%
Immobiliare Ferrucci Srl
100%
B.M. Lavori Veneto Scarl
85%
Gorizia Scarl in liquidazione
85%
Sige Noto Scarl
84%
Sige Rosolini Scarl
84%
Barberino Scarl
80%
Chiosina Scarl in liquidazione
70%
Crevalcore-Nogara Scarl
70%
Profer Scarl
66,15%
Consorzio Nuova Badia
50%
Ed.In.Tre Srl in liquidazione
50%
Mugello Outlet Scarl in liquidazione
50%
Villa Fossi Srl in liquidazione
50%
Alberti Srl
48,32%
Project Costruzioni Scarl
48,32%
Consorzio Colle Futura in liquidazione
47,296%
Consorzio Stabile OPERAE
47,06%
Sideco Sro
43,48%
Diomira Scarl
42,361%
Bretella Scarl
39,84%
Travel Quindici Scarl in liquidazione
35%
OSPEM Srl
31%
Fiorenza Quattro Srl in liquidazione
30,76%
Nuova Emilia Scarl in liquidazione
30%
Sunto Srl
30%
Metropolis Spa
29,73%
Consorzio Affitto Firenze
21%
La Fonderia Srl in liquidazione
20%
Villa Magli Srl
ALTRE IMPRESE
Affitto Firenze Spa
19,09%
Tram di Firenze Spa
13,902%
Confipi Soc. Coop. a R.L. in liquidazione
12,50%
Colle Promozione Spa
12%
CO.R.I.A. Soc. Coop. a R.L.
10%
G.S.T. Global Service Toscana
6,66%
Consorzio Toscana Salute
5,943%
Società Infrastrutture Toscane Spa
5%
Consorzio Firenze Servizi
4,55%
Firenzeindustria Finance Spa
2%
Prato Invest Srl
0,69%
Conglobit Srl
0,42%
I.SV.E.UR. Spa
0,4%
Costruttori Romani Riuniti G.O. Spa
0,25%
Cefalù 20 Scarl
0,01%
R.T.C. Scarl
0,01%
Sant’Antonio Spa
Parco Verde Soc. Coop. a R.L.
14
4,96%
, !,$!&%*#,Q,=:DBE6CNHEGD<G:HH6C9EDH>I>DC>C<
'K:GI=:A6HI;:LN:6GH86AAH;DG7>9HIDI:C9:G;DGEJ7A>8?D7H=6K:JC9:G<DC:68DCH>9:G67A:9:8G:6H:>C!I6AN
GDBIDI=:DK:G6AAK6AJ:D;?D7HEJIIDI:C9:G9:8G:6H:97N>CCDB>C6AI:GBH>C
G:6A I:GBH ,=: CJB7:G D; 86AAH ;DG 7>9H =6H 6AHD EGD<G:HH>K:AN 9:8G:6H:9 GDB ID I=: DK:G6AA
CJB7:GD;86AAH;DG7>9H;:AA7N
!CI=:DK:G6AAK6AJ:D;86AAH;DG7>9H>C8G:6H:9>CCDB>C6AI:GBHL=>A:>C6C9>I;:AA
7N6C9G:HE:8I>K:AN!C6CDB>C6A>C8G:6H:L6HG:8DG9:9L=>8=8DGG:HEDC9:9ID
6;>M:9
EG>8:G:9J8I>DC,=:9:8A>C:>CI=:K6AJ:D;86AAH;DG7>9H>C
>CCDB>C6AI:GBHL6H
;DAADL:97N6BDG:LDGGN>C<;6AA>C
>C8DBE6G>HDCIDL=>8=L6HI=:C8DC;>GB:96AHD>C
I=:;>GHIH>MBDCI=HD;
>CK6AJ:8DBE6G:9IDI=:;>GHIH>MBDCI=HD;!C"JAN6C9J<JHI
I=:G: L6H 6C >C8G:6H: >C 8DBE:I>I>DCH L=>8= =DL:K:G L6H >CI:GGJEI:9 >C +:EI:B7:G '8ID7:G 6C9
&DK:B7:G 6C9 I=:C G:HJB:9 6<6>C >C :8:B7:G !C :8:B7:G I=: >C8G:6H: >C I=: K6AJ: D;
8DBE:I>I>DCH L6H 9J: ID C6H 3&6I>DC6A *D69H :E6GIB:CI4 L=>8= 6;I:G ;>C6A 6EEGDK6A D; I=: (J7A>8
DCIG68I 7N I=: +I6I: D; J9>IDGH :E6GIB:CI I= :8:B7:G >BB:9>6I:AN 7:<6C EJ7A>H=>C< C:L
8DBE:I>I>DCH6<6>C
!C6K:G6<:
K6AJ:86AAH;DG7>9HCDI67AN>C8G:6H:9DCIG68IH;DG?D7HG6C<>C<7:IL::C6C9B>AA>DC
JGD >C8G:6H:9 7N >C K6AJ: >C 8DBE6G>HDC ID 6C9 I=DH: 7:IL::C 6C9 B>AA>DC JGD 7N
6AAH;DG7>9HG6C<>C<7:IL::C6C9B>AA>DCJGD6AHD>C8G:6H:9>CK6AJ:,=:K6AJ:
D; 86AAH ;DG 7>9H :M8::9>C< B>AA>DC JGD 9:8G:6H:9 I=DJ<= I=: CJB7:G D; 8DCIG68IH >C8G:6H:9
,=:9:8G:6H:>CI=:CJB7:GD;86AAH;DG7>9HDK:GI=:A6HIN:6GH;6AAHL>I=>C6H8:C6G>DD;G:B6G@67A:HIGJ8IJG6A
8=6C<:HIDI=:EJ7A>89:B6C9/=>A:>CI=:A6I:HI=:H=6G:D;B6?DG?D7H:M8::9>C<B>AA>DCJGD
G:EG:H:CI:9>CK6AJ:D;I=::CI>G:B6G@:ID;EJ7A>8?D7H>CQH6>9H=6G:6AHD6H6G:HJAID;I=:
?D7H>C8AJ9:9>CI=:5$:<<:'7>:II>KD3'7?:8I>K:$6L4EGD<G6BB:L6H6GDJC9
G:68=>C<6E:6@D;
>C
!C86AAH;DG7>9H;DGDK:GB>AA>DCJGD8DCIG68IHL:G:67DJID;I=:IDI6A;><JG:GDBID
I=:H=6G:D;?D7HG6C<>C<7:IL::C6C9B>AA>DCJGDEGD<G:HH>K:AN>C8G:6H:9;GDB>C
ID>C6C9I=:C;:AA7N>C!CH6>9?D7HG:EG:H:CI:9>CK6AJ:D;I=:IDI6A
K6AJ: D; 86AAH ;DG 7>9H ,=: H=6G: D; ?D7H G6C<>C< 7:IL::C 6C9 B>AA>DC JGD JC9:GL:CI 6 <G69J6A
G:9J8I>DC;GDBIDH=>;I>C<;GDBIDD;I=:IDI6AK6AJ:D;86AAH;DG7>9H!CH6>9
G6C<: >C8G:6H:9 6<6>C ID D; I=: 8DCIG68IH ,=: H=6G: D; ?D7H ;DG JE ID B>AA>DC JGD <G69J6AAN
>C8G:6H:9;GDBID<D>C<;GDBIDD;I=:IDI6AK6AJ:D;86AAH;DG7>9H!C
D;I=:?D7H;:AAL>I=>CHJ8=6G6C<:
,=:B6G@:IHIGJ8IJG:B6N6AHD7:6HH:HH:97N6C6ANH>C< I=:6K:G6<:K6AJ:D;8DBE:I>I>DCH!CE6GI>8JA6GL:
B6N8DCH>9:GI=::KDAJI>DCD;I=:6K:G6<:K6AJ:D;?D7HDK:GI=:E6HI;>K:N:6GH688DG9>C<ID9>;;:G:CI8A6HH:H
D;6BDJCIH'K:GI=:A6HI;>K:N:6GHI=:8A6HH:H8DC8:GC>C<86AAH;DG7>9H;DGJC9:GB>AA>DCJGD8DCIG68IH
=6K:H=DLC6C:HH:CI>6AANHI67A:6K:G6<:K6AJ:L=>A:I=:6K:G6<:K6AJ:D;8DBE:I>I>DCH;DGDK:GB>AA>DC
JGD8DCIG68IH=6H;DAADL:969>H8DCI>CJDJH8DJGH:
!C6C9I=:6K:G6<:K6AJ:HL:G:E6GI>8JA6GAN=><=B>AA>DCJGD>C6C9B>AA>DCJGD
>C>C8DBE6G>HDCIDI=:ILDEG:K>DJHN:6GHB>AA>DCJGD>C6C9B>AA>DCJGD>C
!CI=:6K:G6<:K6AJ:D;B6?DG?D7HB>AA>DCJGDL6HK:GNH>B>A6GIDI=6ID;
!CI=:A6HI
;:LN:6GH7DI=I=:?D7H:CK>H6<:97NI=:5$:<<:'7>:II>KDHJ7?:8IID>C9:E:C9:CI;>C6C8>C<L>I=G:HE:8IID
DG9>C6GN ?D7H 6C9 DG9>C6GN ?D7H I=:BH:AK:H =6K: 6;;:8I:9 I=: >C8>9:C8: D; B6M>
86AAH ;DG 7>9H DC I=: IDI6A
K6AJ:D;>CK>I6I>DCHIDI:C9:G;DGDK:GB>AA>DCJGD8DCIG68IH!C
86AAH;DG7>9H>C8AJ9:9>CI=:
5$:<<:'7>:II>KD$6LG:EG:H:CI:96C9G:HE:8I>K:AND;I=:K6AJ:D;>CK>I6I>DCHID
I:C9:G;DGDK:GB>AA>DCJGD8DCIG68IH
GROUP STRUCTURE
0,01%
n.60 quote
Management report
15
!CI=:>BEDGI6C8:D;B6?DG?D7HL6H9J:CDIDCANIDI=:?D7H:CK>H6<:97NI=:$:<<:'7>:II>KD
D;I=:IDI6A;><JG:7JI6AHDIDI=:?D7H;DAADL>C<DG9>C6GNEGD8:9JG:HD;I=:IDI6A;><JG:>C8AJ9>C<
I=: 8DCHIGJ8I>DC D; 6 L6HI: I=:GBDK6ADG>O6I>DC EA6CI B>AA>DC JGD EJI ID I:C9:G 7N I=: 8DBE6CN
,G6II6B:CID*>;>JI>%:IGDEDA>I6C>3%:IGDEDA>I6C/6HI:(GD8:HH>C<4D;,JG>C
I=: 8DCHIGJ8I>DC D; I=: C:L %JAI>;JC8I>DC6A (A6I;DGB >C I=: EDGI D; .69D $><JG: 6C9 I=:
B6C6<:B:CID;I=:H:8I>DCE:GI6>C>C<IDI=:DCI6>C:G,:GB>C6AB>AA>DCJGDEJIIDI:C9:G
7NI=:(DGIJI=DG>I>:HD;+6KDC6
I=: 8DCHIGJ8I>DC D; I=: &:L DC<G:HH :CIG: Q JG B>AA>DC JGD EJI ID I:C9:G 7N I=:
8DBE6CNJG+E6
G:HIDG6I>DC G:FJ6A>;>86I>DC 6C9 :ME6CH>DC D; I=: =DHE>I6A JC>IH D; 'HE:96A> >K>A> 9> G:H8>6 B>AA>DCJGDEJIIDI:C9:G7NI=:A6II:G
:C8:I=>H>HI=:!I6A>6C7J>A9>C<H8:C6G>DL=>8=EJ7A>8?D7HL>AA7:E6GID;>CI=:C:MI;:LBDCI=H6H8:C6G>D
I=6I =6H 7:8DB: =><=AN 8DBEA:M 9J: ID :M8:HH>K:AN JCJHJ6A 9:8G:6H:H L=>8= 6G: >C8G:6H>C<AN 9>H8DCC:8I:9
;GDB I=: 8JGG:CI 9NC6B>8H D; B6G@:I 8DHIH 6C9 ID H><C>;>86CI A6L 6B:C9B:CIH 6C9 >BEDGI6CI HIGJ8IJG6A
8DCHDA>96I>DCH
:C8:L:=6K:8=DH:CID8DC;>GBDJG>CI:G:HI>C8DBEA:MHIGJ8IJG6A?D7H6L6G9:9I=GDJ<=BDG:6GI>8JA6I:9
6HH><CB:CIEGD8:HH:HL=>8=I6@:688DJCICDIDCAND;I=::MI:CID;I=::8DCDB>8D;;:G7JI6AHDD;I=:FJ6A>IN
HE:8>;>8>IN6C98DBEA:M>IND;EA6CC>C<D;DE:G6I>DC6AEGD<G6BB>C<6C9D;I=:DBE6CNH8DBB>IB:CIID
I=:EDI:CI>6AEG:
;>C6C8>C<D;I=:LDG@>IH:A;
'K:GI=:A6HI;:LBDCI=HEGD9J8I>DC=6HBDK:96L6N;GDBI=:DBE6CNHBDG:IG69>I>DC6A;>:A9HIDBDG:
FJ6A>;N>C<?D7H>CI:GBHD;I:8=C>86A6C9B6C6<:B:CIH@>AAH
!C I=>H G:HE:8I >I >H LDGI= G:86AA>C< I=: BDHI >BEDGI6CI ?D7H 8JGG:CIAN JC9:GL6N L=>8= >C8AJ9: I=:
DBE6CNH E6GI>8>E6I>DC >C I=: )J69G>A6I:GD -B7G6
%6G8=: 8DCIG68I I=: G6>AL6N LDG@ >C DAD<C6
G:K6A8DG:+6C:A>8:HJA(6C6GD&6EA:H6C9I=:BDIDGL6NLDG@;DGI=:;6BDJH&:ILDG@>CADG:C8:6C9
I=:5.6G>6CI:9>.6A>8D3%DJCI6>C(6HH4
+J8=6IG:C9L>AA7:8DC;>GB:97NDJG9:K:ADEB:CI68I>K>I>:HEA6CC:9;DGL=>8=8JGG:CIAN>C8AJ9:DJG
E6GI>8>E6I>DC >C !I6AN :>I=:G 9>G:8IAN DG I=GDJ<= I=: '(* E:GB6C:CI 8DCHDGI>JB >C 8DBE:I>I>DCH
;DJGD;I=:B6G:;DG8DCIG68IH7:ADLB>AA>DCJGD8DBE:I>I>DCH6G:;DG8DCIG68IH7:IL::C
6C9B>AA>DCJGDL=>A:6G:;DG8DCIG68IHDK:GB>AA>DCJGDH;DGI:C9:G6HH><CB:CI>C
86H:HDJID;>:G:;:G:C8:L6HB69:IDI=:BDHI:8DCDB>86AAN69K6CI6<:DJHD;;:G
(*'",!&&!&
6A96HH>C>Q,D<CDOO>Q(DCI:AAD+E=6H6AL6NHIG>:9ID;DG:H::>9:CI>;N6C9I=:G:;DG:H6I>H;NI=:B6G@:IH
6C9I=:DBE6CNH9:B6C9H7N;DAADL>C<>CCDK6I>K:E6I=H6C97N6CI>8>E6I>C<;JIJG:IG:C9H6HL6H9DC:;DG
EGD?:8I;>C6C8>C<>C
(GD?:8I ;>C6C8>C< >H I=: BDHI >CCDK6I>K: >CHIGJB:CI >CIGD9J8:9 7N G:8:CI A:<>HA6I>DC +>C8: I=:
+I6I:>CI=:A><=ID;8JGG:CIG:FJ>G:B:CIH86CCDADC<:G6;;DG9ID;>C6C8:6AA>CI:GK:CI>DCHC::9:9
;DGI=:EGDK>H>DCD;EJ7A>8H:GK>8:HL=>8=C::9ID7::;;>8>:CI:;;:8I>K:6C98DBE:I>I>K:HIGJ8IJG6A
6C98DAA:8I>K:AN
G:A:K6CI>CI:GK:CI>DCH>9:CI>;>:9DCI=:76H>HD;6A>HID;EG>DG>I>:H9G6;I:97N(J7A>8
9B>C>HIG6I>K: JI=DG>I>:H 86C 7: >BEA:B:CI:9 7N B:6CH D; EGD?:8IH ;>C6C8:9 I=GDJ<= EG>K6I:AN
G6>H:9G:HDJG8:HG:8DJE:97NI=:86H=;ADL<:C:G6I:97NI=:EGDK>H>DCD;H6>9H:GK>8:H
!C=6K>C<;DGH6@:C;DGI=:;>GHII>B:I=:>9:6D;?D>C>C<H>B>A6G8DBE6C>:H:<,:BEDG6GNHHD8>6I>DCH
6BDC< 7J>A9>C< 8DBE6C>:H 6A96HH>C>
,D<CDOO> +E ;DG<:9 6C 6AA>6C8: L>I= B6?DG :CIG:EG:C:JG>6A
E6GIC:GH:C<6<:9>C9>;;:G:CIH:GK>8:>C9JHIG>:HL=DH:8DCIG>7JI>DCL6HC:8:HH6GNID8DE:L>I=I=:>C8G:6H>C<
8DBEA:M>IN D; I=: 7J>A9>C< H:8IDG 6C9 ID ;DGBJA6I: >C
=DJH: EGD?:8I ;>C6C8>C< EGDEDH6AH EA6CC>C<
9:K:ADEB:CI6C9B6C6<:B:CI
!C 68I>C< 6H I=: A:69>C< 8DBE6CN D; I=: 8DCHDGI>JB I=: DBE6CN EG:H:CI:9 6 EGD?:8I ;>C6C8>C<
EGDEDH6A P>G:CO: %D7>A>ITR ID I=: %JC>8>E6A>IN D; ADG:C8: L=>8= >CKDAK:9 EA6CC>C< 9:K:ADE>C< 6C9
B6C6<>C< 67DK:
6C9 JC9:G<GDJC9 86G E6G@H ;DG DK:G 86GH >C I=: 8>IN 8:CIG: 6H L:AA 6H 7J>A9>C< 6
HJ7L6NL>I=6E:9:HIG>6CHFJ6G:D;HDB:B7:;DG:DGI:OO6966HHD6C99:K:ADE>C<6BE6G@
6C9DI=:G?D7H>CADG:C8:,=:>BEDGI6C8:D;I=:EGDEDH6A6C9I=:>CI:G:HI>I6GDJH:9EGDBEI:9C:LE6GIC:GH
ID?D>CP>G:CO:%D7>A>IT+ER6BDC<L=>8=I=:ADG:C8:=6B7:GD;DBB:G8::GDEDGID9>>G:CO:
+E6C9>G:CO:(6G8=:<<>+E
!CID<:I=:GL>I=DI=:G:CIG:EG:C:JGH:<*,(!CI:GC6I>DC6AAHIDBCH6A9D
G:96I=:DBE6CN
IDD@ E6GI >C 6 8DCHDGI>JB ID EG:H:CI 6 EGD?:8I ;>C6C8>C< EGDEDH6A ID I=: %JC>8>E6A>IN D; ADG:C8: L=>8=
>CKDAK:9EA6CC>C<6C99:K:ADE>C<I=:IG6BL6N6HL:AA6HB6C6<:B:CII=:G:D;;DG6E:G>D9D;N:6GH;DG6
IDI6A>CK:HIB:CID;DK:GB>AA>DCJGDDAADL>C<6L6G9>C<D;I=:8DCIG68II=:EGD?:8I8DBE6CNP,G6B
9>>G:CO:+E6RL6HH:IJEL>I=8DCHDGI>JBB:B7:GH6C9I=:EJ7A>8IG6CHEDGI8DBE6CN,+ED;
L=>8=I=:%JC>8>E6A>IND;ADG:C8:>H6HI6@:
=DA9:G
!C I=: H6B: N:6G I=: DBE6CN 6AHD E6GI>8>E6I:9 L>I= DI=:G E6GIC:GH :< JIDHIG69: E:G A!I6A>6
+EI=:ADG:C8:=6B7:GD;DBB:G8:I=:(G6ID=6B7:GD;DBB:G8:6C9H:K:G6A76C@H>C
6 8DCHDGI>JB ;DG I=: EG:H:CI6I>DC D; 6 EGD?:8I ;>C6C8>C< EGDEDH6A ID I=: ,JH86C *:<>DC L=>8=
>CKDAK:9 EA6CC>C< 6C9 7J>A9>C< I=: BDIDGL6N ?JC8I>DC PG:I:AA6 $6HIG6 6 +><C6(G6IDR 6H L:AA 6H
B6C6<:B:CII=:G:D;;DG6E:G>D9D;N:6GH;DG6IDI6A>CK:HIB:CID;HDB:B>AA>DCJGD
,=:EGDEDH6AL6H=:A9ID7:D;PEJ7A>8>CI:G:HIR
,=:,JH86C*:<>DC:K:CIJ6AAN6L6G9:9I=:;>C6A6C9:M:8JI>K:EA6CC>C<D;I=:BDIDGL6N?JC8I>DC
IDDJGGDJE
16
!C %6G8= ID<:I=:G L>I= DI=:G :CI:GEG>H:H 3:< !8:I !C9JHIG>: +E %+ DCHDGO>D IGJG>6
%6OO6CI>+E6-C>86+D8>:ITDDE:G6I>K69>7>I6O>DC:+,,+:GK>O>(GDBDO>DC>HGA4I=:
DBE6CNL6H6L6G9:9I=:;>C6A6C9:M:8JI>K:EA6CC>C<I=:8DCHIGJ8I>DC6C9B6C6<:B:CII=:G:D;DK:G
N:6GHD;I=:*6E>9,G6B+I6I>DC8DCC:8I>C<I=:>G:CO:+%&B6>CG6>AL6NHI6I>DCIDI=:IDLCD;+86C9>88>
6C9D;I=:&:L>K>8:CIG:D;+86C9>88>L=>8=6AHD>C8AJ9:HI=:8DC8:EI>DCD;6C:LA6NDJI;DGI=:B6>C
+FJ6G:I=:7J>A9>C<D;6BJAI>
EJGEDH:8:CIG:6C9ILD7AD8@HD;6E6GIB:CIH6C9D;;>8:H;DG6IDI6AK6AJ:D;
?D7HIDI6AA>C<IDHDB:B>AA>DCJGD
;I:G6EG:A>B>C6GNHI6<:L=>8=>CKDAK:9I=:8G:6I>DCD;6CP:CIG:EG:C:JG>6AEGDIDINE:R,(+E>HCDL
HJ>I67ANDG<6C>O:9IDHNHI:B6I>86AANB::II=GDJ<=EGD?:8I;>C6C8>C<6C9I=:HD
86AA:9P>CCDK6I>K:;JC9>C<R
I=: B6CN 9:B6C9H D; (J7A>8 9B>C>HIG6I>K: JI=DG>I>:H G:FJ>G>C< I=: EA6CC>C< 9:K:ADEB:CI 6C9
B6C6<:B:CI D; EJ7A>8 ?D7H 6C9 ?D7H D; EJ7A>8 JI>A>IN L>I=>C 6 ;G6B:LDG@ L=:G: EG>K6I: :CIG:EG:C:JGH 6G:
K>:L:96HI=:>GE6GIC:GH>CE:G;DGB>C<EJ7A>8>C>I>6I>K:H;DGI:GG>IDG>6A6C9>C;G6HIGJ8IJG6A9:K:ADEB:CI
Management report
17
18
0,&+!.*.$'(%&,'*$!,*+
:>C< 6L6G: D; I=: C::9 ID G:HEDC9 ID :K:G
8=6C<>C< EGD7A:BH 6C9 C:L H:8IDGH 6C9 ;DG I=: EJGEDH: D;
8G:6I>C<C:LDEEDGIJC>I>:H6C9B6G@:IH:<B:CIH<D>C<7:NDC9I=:IG69>I>DC6AGDA:D;G:6A:HI6I:DE:G6IDG6C9
I=JH7:8DB>C<69:K:ADE:G,(+E=6H6AG:69NHJ88:HH;JAAN8DC8AJ9:96CJB7:GD;8DBEA:MDE:G6I>DCH
HJ8=6HI=:+6C6GIDAD6>CID>6*:9:K:ADEB:CI(GD?:8IHDB:=:8I6G:H>C8AJ9>C<I=:7J>A9>C<D;6=DI:A
L>I=GDDBH6BJAI>
H8G::C8>C:B6L>I=I=:6IG:HH:6I>C<E:DEA:6BH=DEE>C<8:CIG:
DC I=: ADL:G ;ADDG 6E6GIB:CIH 6C9 6C JC9:G
6C9 67DK:
<GDJC9 86G
E6G@ 6C9 8DGG:HEDC9>C<
G:9:K:ADEB:CI 6C9 I=: *.$'(%&, (*'",' '+%&&'*' >CKDAK>C< I=: 7J>A9>C< D;
I=: !# :E6GIB:CI +IDG: B L>I= DK:G6AA B 8DK:G:9 <GDJC9 DC ILD HIDG:NH D; L=>8=
B ;DG IG69: 6C9 B 6H JC9:G<GDJC9 86G E6G@ ,=: DBE6CN >H 8JGG:CIAN >CKDAK:9 >C I=:
G:9:K:ADEB:CID;@:N9:G:A>8I6G:6HHJ8=6H
'*%* +!% * >CKDAK>C< I=: 7J>A9>C< D; 6E6GIB:CIH JC9:G<GDJC9 HIDG:NH L>I=
<6G6<:H86GHE68:H6C98:AA6GHDCHDB:B
'*%*!,*
.!$$!'*HDB:=:8I6G:H;DGI=:9:K:ADEB:CID;6
GDDB
=DI:A 6 8DC;:G:C8: 8:CIG: G:I6>A HIDG:H 6C9 6 ;>IC:HH 8:CIG: L>I= JC9:G<GDJC9 86G E6G@ 6C9
G:H>9:CI>6AJC>IHL>I=6E6GIB:CIH
'*%*%!$!,*1#*1'$'*&G:CDK6I>DCD;HDB:B6C97J>A9>C<D;
68>K>88:CIG:G:H>9:CI>6AJC>IH6C9D;;>8:H
'*%*&**'+&!!HDB:B;DG6PC:L8>IN8:CIG:R>CKDAK>C<I=:
7J>A9>C< D; G:H>9:CI>6A8DBB:G8>6A JC>IH 6C9 D;;>8:H 688DBBD96I>DC
8DC;:G:C8: HIGJ8IJG:H
EGD9J8I>DC6C9HEDGI8:CIG:H;DG6CDK:G6AA6G:6D;HDB:B6C96BEJ7A>8E6G@
'*%* ,'' ,'*1 ' $'*&6 HIG6I:<>8 6G:6 G><=I >C I=: 8:CIG: D; ADG:C8:,=:
G:9:K:ADEB:CIEA6C>CKDAK:HI=:JH:D;8JGG:CIKDAJB:IG>:H;DGI=:G:6A>O6I>DCD;6G:H>9:CI>6A8:CIG:D;;>8:H
6C96C688DBBD96I>DC6C9:M=>7>I>DC8:CIG:;DGDK:G6AAB
!CI:GC6I>DC6AANG:CDLC:9EGD;:HH>DC6AH>C8AJ9>C<9DA;D&6I6A>C>6C9*6;6:A%DC:D=6K:7::C>CKDAK:9>C
I=:67DK:EA6CH>CI=:@CDLA:9<:I=6II=:8=6AA:C<:D;I=:;JIJG:>HIDEGDK>9:FJ6A>IN
6K>C<8DCHDA>96I:9>IHEDH>I>DC6H6EGDBDI:GD;HJ8=DE:G6I>DCH6A96OO>C>Q,D<CDOO>Q(DCI:AADJE=DA9H
6H>CI=:E6HII=:C::9ID;>C9;JGI=:GDEEDGIJC>I>:HID>CK:HI>CC:L;>:A9HI=JH8G:6I>C<H8:C6G>DHI=6I<D
7:NDC9HIG6><=I;DGL6G9G:6A:HI6I:K:CIJG:H!CI=>HE:GHE:8I>K:6C97NB:6CHD;EGD?:8I;>C6C8>C<DGEJ7A>8
EG>K6I:E6GIC:GH=>EHI=:DBE6CN>H8JGG:CIANBDK>C<IDL6G9HI=:EGD9J8I>DCD;6AI:GC6I>K::C:G<NHDJG8:H
7N 7J>A9>C< E=DIDKDAI6>8 EA6CIH L>C9 :C:G<N E6G@H 7>DB6HH &:L B6G@:IH 6G: I=JH :MEADG:9 L=:G: DJG
:8DCDB>8:;;DGIHL>AA7:G:L6G9:97NI=:H6A:D;:C:G<N>IH:A;
!CI=>HG:HE:8I>C"JANI=:DBE6CNL>AAHJ7B>I>IHEGDEDH6A;DGI=:I:C9:G8DC8:GC>C<I=:;JC8I>DC6A
G:8DK:GN G:HIDG6I>DC 6C9 B6>CI:C6C8: D; I=: GCD *>K:GH 7D7HI6NH 6H L:AA 6H I=: 8DCHIGJ8I>DC D; I=:
8DGG:HEDC9>C<EA6CIH;DG:A:8IG>8:C:G<NEGD9J8I>DC 6C9>IHB6C6<:B:CI;DG=N9GD
:A:8IG>8EGD9J8I>DC,=:
A>8:C8:LDJA97:;DGN:6GH
!C "6CJ6GN ,( ID<:I=:G L>I= !&+' +>HI:B> E:G A: !C;G6HIGJIIJG: +D8>6A> +E AD76A +:GK>8:
,DH86C6D;G6I:8=+:GK>O>+EDCHDGO>D,DH86CDDHIGJO>DC>,H86GA6C9DCHDGO>DDDE:G6I>K:
DHIGJO>DC>+'+EL6H6HH><C:9I=:GDA:D;EGDBDI:GD;I=:5(DAD'HE:96A>:GD3 DHE>I6ADBEA:M4D;
BEDA> ,=>H :CI6>AH 7J>A9>C< I=: =DHE>I6A 6C9 C:L 8DBB:G8>6A 6G:6H ID 7: 68=>:K:9 7N G:HIDG>C< DA9
7J>A9>C<H 6C9 7N :G:8I>C< C:L DC:H %DG:DK:G C:L 86G E6G@H L>AA 7: D7I6>C:9 ID<:I=:G L>I= H:GK>8:H
8DCC:8I:9IDI=:=DHE>I6A;DG6IDI6A>CK:HIB:CID;B>AA>DCJGD,=:8DCIG68I6AHD>C8AJ9:HI=:G:CDK6I>DC
D;I=::M>HI>C<HDA6GIDL:GEDL:GEA6CI6C98D<:C:G6I>DCEA6CI
DAADL>C<I=:7DDBD;EGD?:8I;>C6C8>C<DE:G6I>DCHI=::A>B>C6I>DCD;I=:EG:
:BEI>DCG><=I>CIGD9J8:97N
$:<>HA6I>K::8G::=6HH=6GEAN=6AI:96C9CDI67ANG:9J8:9I=:DBE6CNHHJ7B>II6AD;I:C9:GH6C9
B6CN8DBE:I>I>DCH=6K:8DB:IDCDI=>C<
,=:DK:GCB:CII=JHC::9HIDI6@:68I>DC6C9<>K:C:L>BE:IJHIDH6>9K>I6A>CHIGJB:CI!C!I6ANDCAN
D; I=: (!$ 3GDHH DB:HI>8 (GD9J8I4 >H >CK:HI:9 >C >C;G6HIGJ8IJG6A LDG@ 6<6>CHI I=: 6K:G6<: JGDE:6C
E:G8:CI6<:D;,=>HB:6CHI=6I:K:GNN:6G7>AA>DCJGD6G:CDI>CK:HI:9>CI=:9:K:ADEB:CID;I=:
I:GG>IDGNL=>8=I=JH7:8DB:HA:HH8DBE:I>I>K:
(GD8:9JG6A HL>;IC:HH 8:GI6>CIN 6C9 <J6G6CI::9 I>B>C< 6G: C:8:HH6GN >C DG9:G ID DK:G8DB: HJ8= 6C
>C;G6HIGJ8IJG6A9:;>8>I(G>K6I:8DCIG>7JI>DCH6C9I=:>G8DC8G:I:K6AJ:6HL:AA6H6C:L6C9>C8G:6H:96II:CI>DC
IDH:GK>8:H6C9I=:L>AA>C<C:HHIDI6@:G>H@H>CDG9:GID<6>C;JIJG:69K6CI6<:H;DG7DI=I=:EJ7A>86C9I=:
EG>K6I: 8>I>O:C 6AA 8DCIG>7JI: ID HE::9 JE EGD8:9JG:H 6C9 >BEGDK: I:GG>IDG>6A B6G@:I>C< L=>8= 6G: K>I6A ID
<J6G6CI::=><=FJ6A>INHI6C96G9H>CA>C:L>I=JGDE:6CA:K:AH
Management report
19
!&.+,%&,+
,=:8DCI>CJDJH6C9G6E>9<GDLI=D;IJGCDK:G>CI=:A6HI;:LN:6GHL6HB6I8=:97NHJ>I67A:>CK:HIB:CIH>C
=JB6CG:HDJG8:H6C9B68=>C:GN!C?JHIA>@:>CEG:K>DJHN:6GHE6GI>8JA6G6II:CI>DCL6HE6>9IDI=:H:
>CK:HIB:CIH
?7+8$/=9?<-/=
+-238/<C+8./;?3:7/8>
,( =6H 7::C H:6G8=>C< ;DG G6G: 6C9 =><=AN HE:8>6A>O:9 =JB6C G:HDJG8:H >C DG9:G ID G:68= 6 HJHI6>C67A:
8DBE:I>I>K:69K6CI6<:BDG:DK:GDK:GI=:N:6GH>I=6HI6@:C86G:D;7J>A9>C<JEI=:>GIGJHI6C9ADN6AINIDI=:
DBE6CN
!C,(E6>9HE:8>6A6II:CI>DCIDIG6>C>C<L=>8=G:EG:H:CIH6P8DCC:8I>C<A>C@R7:IL::CI=:DBE6CN
6C9 I=: LDG@;DG8: >C9::9 >I ;DHI:GH I=: E:GHDC6A 6C9 EGD;:HH>DC6A <GDLI= D; I=DH: >I >H 699G:HH:9 ID
:BEADN::H 6C9 I=JH I=GDJ<= I=:B >I 6AADLH ;DG I=: 9:K:ADEB:CI D; 7DI= I=: DBE6CN 6C9 D; I=: H@>AAH
C::9:9IDB6C6<:8=6C<:H6C9ID7:HJ>I:9ID6C>C8G:6H>C<AN8DBE:I>I>K:B6G@:IDGI=>HG:6HDCI=:HI6;;
L6HIG6>C:9DCH6;:INFJ6A>IN:CK>GDCB:CII6MB6C6<:B:CI:I8
!CL:8DCI>CJ:9G:8GJ>I>C<C:LAN<G69J6I:9HI6;;7DI= ><=+8=DDA6C9-C>K:GH>IN<G69J6I:HDCIDE
D;I=DH:6AG:69NG:8GJ>I:9>CI=:E6HIL=D6G:8JGG:CIAN8DCHDA>96I>C<I=:>G>CI:GC6AIG6>C>C<PDC
H>I:RI=6C@H
6AHDIDIJIDGHL=D=6K::C9DGH:9I=:DBE6CNHEDA>8N6C9L=D=6K:EJII=:>G@CDL
=DLIDI=:H:GK>8:D;
H6>9C:L<:C:G6I>DCD;LDG@:GH
!C L>I= G:HE:8I ID I=: ?D7H ;DG DJG A>:CI 5JIDHIG69: HE6 6C9 >C I=: A><=I D; I=: HE:8>;>8>IN 8DHI
G:A:K6C8:6C9I>B:D;>BEA:B:CI6I>DCD;I=:8DCIG68IHI=:DBE6CN:CI:G:9>CID6LG>II:C6<G::B:CIL>I=
I=:''++3,G69:-C>DC'G<6C>O6I>DCH4L=>8=:ME:G>B:CI6AAN9:;>C:96C>C8:CI>K:HNHI:BI=DJ<=DCAN;DG
I=:E:G>D9
HD6HID<J6G6CI::I=:E6GI>8>E6I>DC6C9ADN6AIND;I=:=JB6CG:HDJG8:H
>CKDAK:9>CH6>9?D7H
!C L=:C I=: I6G<:I D; B6?DG ?D7H L6H G:68=:9 I=: DBE6CN HI6GI:9 6C9 8DBEA:I:9 E:GHDCC:A
IJGCDK:GEGD8:9JG:H6HJC9:G$6L;DGI:C9:GH,6K$>C:6AI6.:AD8>IT%>A6CD
&6EDA>3%>A6CQ
&6EA:H ><= +E::9 $>C:4 JG76C HIG:I8= >C DAD<C6 *DH6GCD>D>6 ,6JGD ><=L6N HIG:I8= 6ADC< I=:
+6A:GCD
*:<<>D6A67G>6 ><=L6N!I6A;:G*:<<>D6A67G>6Q%:I6EDCID6ADC<I=:P(:AA6GDQ6ED9GB>
IJCC:ARHIG:I8=(
20
9=>90:/<=988/69@/<>2/6+=>C/+<=7366398=?<9
&9>+638@/=>7/8>=387+-238/<C9@/<>2/6+=>C/+<=7366398=?<9
!C I=: DBE6CN 8DCI>CJ:9 >CK:HI>C< >C B68=>C:GN 6C9 :FJ>EB:CI 67DK: 6AA >C E>A>C< 6C9 9G>AA>C<
B68=>C:GN9J:IDI=:E:8JA>6G>I>:HD;I=:A6C96C9IDI=:HE:8>;>8>IND;I=:LDG@;DGI=::CA6G<:B:CID;I=:
I=>G9A6C:D;I=:JIDHIG6963%DIDGL6N47:IL::CADG:C8:+DJI=6C9ADG:C8:+86C9>88>+IG:I8=:H
6C9 6C9 +:8I>DC D; I=: %DJCI6>C (6HH 8DCH>9:G67AN>C8G:6H>C< I=:CJB7:G D; B68=>C:H ,=: LDG@
C::9:9;DGI=:IJCC:AH>CKDAK>C<I=:EG:H:C8:D;<6HG:FJ>G:9E6GI>8JA6GB68=>C:G>:HL=>8=L:G:7DJ<=I>C
6C9 8=DH:C 7N I=: $D<>HI>8 >K>H>DC >C 6<G::B:CI L>I= I=: B6C6<:B:CI D; I=: !C;G6HIGJ8IJG6A
DCIG68IH -C>I I=: (G:K:CI>DC 6C9 (GDI:8I>DC +:GK>8: 6C9 I=: $D<>HI>8 +:GK>8: >C DG9:G ID >BEGDK: H6;:IN
HI6C96G9H
;I:G I=: 8DCH>9:G67A: >CK:HIB:CIH B69: >C I=: E6HI N:6GH 6C9 ;DG I=: EJGEDH: D; EA6CC>C< I=: JH: D;
:FJ>EB:CI>CI=:;JIJG:6A6G<:GJH:L6HB69:D;G:CI:9:FJ>EB:CIHD6HIDB::IG:<JA6GE:6@EGD9J8I>DC
G:FJ>G:B:CIH;DGHDB:8DCIG68IH
!C BDG: I=6C B>AA>DC JGD L:G: >CK:HI:9 >C B68=>C:GN BDHI D; L=>8= L6H C::9:9 ;DG C:L
>C;G6HIGJ8IJG6ALDG@I=JH7G>C<>C<>CK:HIB:CIHIDDK:GB>AA>DCJGDDK:GI=:A6HIN:6GH
Management report
21
22
&<3:6//<>303-+>398#?+63>C%+0/>C8@3<987/8>
/>I=G:HE:8IID6AA6G:6HD;I=:!CI:<G6I:9%6C6<:B:CI+NHI:BL=>8=6G:G:<JA6I:97N>CI:GC6I>DC6AA6LHI=:
+NHI:B=6H7::CHJ7?:8IID8:GI>;>86I>DC>CDG9:GID<J6G6CI::8DBEA>6C8:L>I=I=:;DAADL>C<D9>:HD;*JA:H
-&! & !+' )J6A>IN ' ++ +6;:IN -&! & !+' CK>GDCB:CI
6K>C<7::C<G6CI:9HJ8=I=G::8:GI>;>86I:H7NI=:!!I=:BDHI>BEDGI6CI!I6A>6C!CHI>IJI:D;:GI>;>86I>DC
;DGJ>A9>C<DBE6C>:H8=6G68I:G>O:97N6L>9:6C9FJ6A>;>:9G:EG:H:CI6I>DCD;I=:B6>CC6I>DC6A8A>:CIH6C9
>CHI>IJI>DC6A<J6G6CIDGHD;7J>A9>C<?D7H,(+E>HCDLDC:D;I=:;:LC6I>DC6AA6G<:8DBE6C>:HI=:;>GHI
6BDC<HI I=DH: L=>8= EG:8:9: >I >C I=: J>A9>C< A6HH>;>86I>DC L=>8= 86C D;;:G HJ8= 6C >BEDGI6CI
<J6G6CI:: D; 6C DC
<D>C< >BEGDK:B:CI D; >IH E:G;DGB6C8:H >C A>C: L>I= I=: :ME:8I6I>DCH D; >IH B6CN
HI6@:=DA9:GH
#?+63>C
:>C<6L6G:I=6I8DGEDG6I:HJ88:HH9:E:C9HDCH6I>H;N>C<DJG8A>:CIH:ME:8I6I>DCH6C9DCI=:C::9IDEG:H:GK:
6 ;>GHI
8A6HH G:EJI6I>DC 6H ID I=: )J6A>IN D; I=: LDG@ 86GG>:9 DJI ,( +E =6H 9:8>9:9 ID >BEA:B:CI 6
)J6A>IN+NHI:B>C688DG96C8:L>I=I=:-&!&!+'G:<JA6I>DC6AG:69N8:GI>;>:9>C
!C7:H>9:<D>C<DCL>I=;JAA>BEA:B:CI6I>DCD;I=:DBE6CNH)J6A>IN+NHI:BHD6HIDB6>CI6>CI=:
HI6C96G9HD;I=:(DA>8N6H9:I:GB>C:97NI=:M:8JI>K:';;>8:I=:)J6A>IN';;>8:EGDK>9:9>CI:CH:I:8=C>86A
HE:8>6A>O:96HH>HI6C8:ID6AAD;I=:DBE6CNHHIGJ8IJG:H6>B:96IIG6CH;:GG>C<6C98DCHDA>96I>C<I=:8=6C<:H
7GDJ<=IIDI=:DGEDG6I:+NHI:BII=:H6B:I>B:I=:DBE6CNHB6>CEGD8:HH:HL:G:BDC>IDG:9?JHIA>@:
>C I=: E6HI ;DG I=: EJGEDH: D; 8DCI>CJDJHAN >BEGDK>C< H:GK>8:H 6C9DG EGD9J8IH 7N B:6CH D; HNHI:B6I>8
>CI:GC6A6J9>IH
DGHDB:=><=ANH><C>;>86CI8DCIG68IH6J9>I>C<L6H86GG>:9DJI6AHD7NI=:8A>:CIHI=:BH:AK:HL>I=:HH:CI>6AAN
EDH>I>K: G:HJAIH !C I=: B:6CI>B: I=: !CHI>IJI: D; :GI>;>86I>DC 86GG>:9 DJI E:G>D9>8 6J9>IH ID :CHJG: I=:
DBE6CNHDC
<D>C<;JA;>AB:CID;I=:HI6C96G9HG:FJ>G:9;DGH6>98:GI>;>86I:H,=:H:6J9>IHL=>8=>CKDAK:9
7DI=I=:6A:CO6CDD;;>8:6C99>;;:G:CI7J>A9>C<H>I:HL:G:HJ88:HH;JAHDI=6II=:K6A>9>IND;I=:8:GI>;>86I>DC
L6H8DC;>GB:9
)9<5:6+-/=+0/>C
,=: 6II:CI>DC E6>9 ID H6;:IN 6C9 ID DJG LDG@:GH 8DC9>I>DCH 9::B:9 ;JC96B:CI6A 6C9 :HH:CI>6A 7N I=:
DBE6CN;DG>IHDLC9:K:ADEB:CI=6H7::CHEG:69I=GDJ<=DJII=::CI>G:8DGEDG6I:HIGJ8IJG:HD6HIDH=6G:
>IHK6AJ:H6C9G:68=EG:
H:IG:HJAIH6HL:AA6H<J6G6CI::I=6I6AA68I>K>I>:H6G:86GG>:9DJIL=>A:EGDI:8I>C<I=:
A>;:6C9E=NH>86A=:6AI=D;LDG@:GH
!C,(+E8G:6I:96CDE:G6I>DC6AHIGJ8IJG:I=6IG:FJ>G:HI=:D6G9D;>G:8IDGH6HP:BEADN:GRID
6EED>CI6E:GHDC>C8=6G<:D;:68=EGD9J8I>DCJC>IL=:I=:G>I7:HI67A:DGBD7>A:
,=:8=6C8:D;=6K>C<69>G:8I8DCIGDADK:G:68=7J>A9>C<H>I:DGDK:G<GDJEHD;7J>A9>C<H>I:H8ADH:ID:68=
DI=:GDGH=6G>C<H>B>A6G8=6G68I:G>HI>8H6AADLH;DG6PHIG:6BA>C:9RHIGJ8IJG:>CI:GBHD;9:8>H>DC
B6@>C<I=6I
>H I:8=C>86AAN 6C9 ;JC8I>DC6AAN 6JIDCDBDJH 6C9 I=6I 6AADLH I=: P:BEADN:GR ID >CI:GK:C: P>C G:6A I>B:R ID
8DCIGDA:C;DG8:B:CID;I=:(DA>8N6C9D;I=:+NHI:BHEGD8:9JG:H6HL:AA6HI=:8DGG:8IJH:D;G:HDJG8:H
,=:E6I=JC9:GI6@:C6C9JE=:A9DK:GI=:N:6GH7NI=:DBE6CNC6IJG6AANA:9>C:8:B7:GID>I7:>C<
<G6CI:9 I=: 8:GI>;>86I>DC JC9:G I=: +! ' ++ 6;I:G HIGJ8IJG>C< 6C9 >BEA:B:CI>C< >IH DLC
%6C6<:B:CI +NHI:B >C 688DG96C8: L>I= I=: J>9:A>C:H -&!
!&!$ 3!I6A>6C &6I>DC6A !CHI>IJI: 6<6>CHI
88>9:CI6I/DG@4
,=: EA6CC>C< 6C9 B6C6<:B:CI D; 68I>K>I>:H G:<6G9>C< =:6AI= 6C9 H6;:IN =6K: I=JH 7::C >CI:<G6I:9 L>I=
BDC>IDG>C<6C9HJE:GK>HDGNHI6<:H>CDG9:GID6II6>C68DBEA:I::;;:8I>K:6C9:;;>8>:CIHIGJ8IJG:I=GDJ<=DJI
I=: EGD9J8I>DC EGD8:HH %DG:DK:G I=: 8:GI>;>86I>DC =6H 6AADL:9 I=: DBE6CN ID G:8DCH>9:G I=: LDG@>C<
B:I=D9HJH:9JEI>AAI=:C6C9ID9>H8JHHI=:DEEDGIJC>IND;>BEGDK>C<I=:B
!&,*,%&%&,+1+,%
,(+E=6H8=DH:CIDHJEEDGI>IHG6E>9:8DCDB>8<GDLI=7N:C9DGH>C<6CJB7:GD;EG>C8>EA:H<J6G6CI::>C<
>IH HJHI6>C67>A>IN 8DCHI6CIAN >BEGDK>C< >IH :;;>8>:C8N 6C9 6KD>9>C< A:<6A :8DCDB>8 6C9 G:EJI6I>DC G>H@H
:C8:>I=6H9:K:ADE:96C9<J6G6CI::9L>I=>CI=:H8DE:D;>IH68I>K>I>:H
JAA8DBEA>6C8:L>I=JGDE:6CC6I>DC6A6C9AD86AA6LH
6>GC:HH =DC:HIN >CI:<G>IN IG6CHE6G:C8N >BE6GI>6A>IN 8DC;>9:CI>6A>IN 6C9 G:HE:8I >C 7JH>C:HH
IG6CH68I>DCH6C9>CI=:DBE6CNH68I>K>I>:HEGDI:8I>C<I=:DBE6CNH>B6<:6C9I=::ME:8I6I>DCH
D;>IHHI6@:=DA9:GHI=GDJ<=I=:8DC9J8ID;6AA8DGEDG6I:7D9>:H:BEADN::H6C98DAA67DG6IDGHLDG@>C<
DC7:=6A;D;,(+E
8@CDLA:9<B:CID;I=:K6AJ:D;H6;:IN=:6AI=6C9=N<>:C:;DG6AALDG@:GH6H:HH:CI>6AEG>C8>EA:H;DG
I=:86GGN>C<DJID;,(+EH8JGG:CI6C9;JIJG:68I>K>I>:H
(GDBDI>DC D; HJ>I67A: 8DC9J8I 6I LDG@ 7N :C9DGH>C< 6 D9: D; DC9J8I 6C9 7N >9:CI>;N>C<
6HH:HH>C<6C9EG:K:CI>C<6AAEDHH>7A:86JH:HD;HIG:HH9J:IDLDG@BD77>C<7JGC
DJI
!9:CI>;>86I>DCD;I=:H><C>;>86CI:CK>GDCB:CI6A>HHJ:H>CKDAK:9>C:68=6C9:K:GN68I>K>IN>CDG9:GID
EG:K:CI 6C9 G:9J8: I=: :CK>GDCB:CI6A >BE68I ID 6 B>C>BJB 6C9 ID A>B>I EDI:CI>6A HDJG8:H D;
EDAAJI>DC
!BEA:B:CI6I>DC D; HIG6I:<>8 8DBEJI:G I:8=CDAD<N >C DG9:G ID H>BEA>;N 8DBBJC>86I>DC 6C9 ID
8DC8:CIG6I:>C;DGB6I>DC<J6G6CI::>C<HJ>I67A:H:8JG>INB:6HJG:H;DG96I6EGD8:HH>C<
6G:D;6C9G:HE:8I;DGI=:C::9H6C9:ME:8I6I>DCHD;7DI=A>:CIH6C9;>C6AJH:GHD;8DBEA:I:9?D7H
6HL:AA6H8DBEA>6C8:L>I=8DCIG68ID7A><6I>DCH
!C I=: DBE6CN 8=DH: ID H=>;I ;GDB 6 H:E6G6I: B6C6<:B:CI D; I=: 67DK: >HHJ:H ID 6C !CI:<G6I:9
%6C6<:B:CI+NHI:BL=>8=L6H9:K>H:96C98DC8:>K:9DCI=:76H>HD;I=::M>HI>C<)J6A>IN+NHI:BL=:G:7N
I=: 8DGG:HEDC9>C< DE:G6I>DC6A B:I=D9H L:G: >CI:<G6I:9 L>I= DI=:G G:FJ>G:B:CIH L=:I=:G KDAJCI6GN DG
B6C96IDGN CK>GDCB:CI6A %6C6<:B:CI +NHI:B +NHI:B ;DG /DG@EA68: +6;:IN 6C9 ;DG I=: :6AI= D;
/DG@:GH G:<JA6I>DCH DC I=: DBE6CNH 8G>B>C6A G:HEDCH>7>A>IN >CHIGJ8I>DCH ;DG I=: (GDI:8I>DC D; (:GHDC6A
6I6 :I8 HD 6H ID HI6C96G9>H: HNHI:BH 6C9 EGD8:9JG:H L>I=DJI 8G:6I>C< B6C6<:B:CI 8DC;A>8IH 6C9
=>C9G6C8:H
,=: %6C6<:G D; I=: !CI:<G6I:9 +NHI:B >H G:HEDCH>7A: ;DG 6EEAN>C< I=: EG>C8>EA:H 9:;>C:9 >C I=: DBE6CNH
EDA>8N ID >IH B6CN 68I>K>I>:H ;DG IG6>C>C< I=: DBE6CNH E:GHDCC:A L=:I=:G DG CDI LDG@>C< DC
H>I: ;DG
8DCIGDAA>C< I=: P!CI:<G6I:9 %6C6<:B:CI +NHI:BR 6C9 ;DG HJ7B>II>C< ID I=: M:8JI>K: ';;>8: 6CN EDHH>7A:
8DGG:8I>DCH I=6I B6N 7: G:FJ>G:9 ID >BEGDK: I=: DBE6CNH E:G;DGB6C8: ,=: %6C6<:G >H 6HH>HI:9 7N I=:
)J6A>IN6C9DBEJI:G+NHI:BH';;>8:L=>8=>C6<G::B:CIL>I=I=:8DGEDG6I:D;;>8:H8DC8:GC:99:;>C:HI=:
B:I=D9H ;DG BDC>IDG>C< I=: E:G;DGB6C8: D; I=: 8DBE6CN HD 6H ID :HI67A>H= L=:I=:G I=: EA6CC:9 <D6AH 6G:
7:>C<68=>:K:9
,=:!CI:<G6I:9%6C6<:B:CI+NHI:B>H76H:9DCIG6CHK:GH6A>HHJ:HL>I=G:HE:8IIDI=:HE:8>;>8;>:A9H8DC8:GC:9
+JE:GK>HDGN 8DCIGDA 6C9 BDC>IDG>C< 68I>K>I>:H :MI:C9:9 ID 6AA 8DGEDG6I: A:K:AH 7N G:HDGI>C< ID
EGD;:HH>DC6A:ME:GIH
:II:GE:G;DGB6C8:HI=GDJ<=I=:G:<>HIG6I>DC6C96C6ANH>HD;7DI==>HIDG>86A6C98JGG:CI96I6
DCHI6CI6C9L>9:HEG:69G:HIGJ8IJG>C<D;LDG@G:HDJG8:HHJ8=6HB68=>C:GN6C9:FJ>EB:CIHDI=6I
LDG@:GH86CG:ANDC>C8G:6H>C<ANH6;:6C9G:A>67A:>CHIGJB:CIH
DCIGDAHJE:GK>H>DC6C9BDC>IDG>C<D;HJ7
8DCIG68IDGH8DBEA>6C8:L>I=I=:6EEA>867A:A6L6HL:AA
6HL>I=I=:>GD7A><6I>DCHIDL6G9H,(+E
'C
<D>C<BDC>IDG>C<D;I=:9:K:ADEB:CID;LDG@EGD8:9JG:HD;I=:G:HDJG8:H:BEADN:96C9D;6AA
EDI:CI>6A>CI:G;:G:C8:HDG86JH:HD;>CI:G;:G:C8:7:IL::C,(+EHDE:G6I>DC6AI:6BH6C9I=DH:D;
I=:DBE6CN6C9>IHHJ78DCIG68IDGH
!CKDAK:B:CI6C9BDI>K6I>DCD;6AAI=:DBE6CNHHI6;;I=GDJ<=>C;DGB6I>DC6C9IG6>C>C<
!CKDAK:B:CI D; HJEEA>:GH 6HH><C::H 6C9 HJ7
8DCIG68IDGH >C H=6G>C< I=: DBE6CNH EDA>8N 6C9 I=:
D7?:8I>K:HH:IDJII=:G:>C
,:HIH >CHE:8I>DCH 6C9 E:G>D9>8 >CI:GC6A 6J9>IH ID 8=:8@ I=: 8DGG:8I 6EEA>86I>DC D; I=: +NHI:B >C
DG9:GID6KD>9EDI:CI>6ACDC
8DC;DGB>I>:H
(GD68I>K: 9>6AD<J: L>I= 6AA HD8>6A HI6@:=DA9:GH >CKDAK:9 >C EGD9J8I>DC EGD8:HH:H Q 8>I>O:CH 8A>:CIH
6JI=DG>I>:H6HHD8>6I>DCHQID:M8=6C<:>9:6H6C9H=6G:@CDLA:9<:6C9:ME:G>:C8:H
Management report
23
24
97:?>/<%C=>/7
'K:GI=:N:6GH,(+EHDBEJI:G+NHI:BH=6K:HJEEDGI:9I=:9:K:ADEB:CID;I=:B6C6<:B:CIHNHI:B
7NB6@>C<EGD8:9JG:H6JIDB6I>88DAA:8I>C<;JC96B:CI6AG:8DG9>C<H;DG>IH>BEGDK:B:CI6C9HIG>K>C<IDH=>;I
;GDB I=: H>C<A: B6C6<:B:CI D; >C;DGB6I>DC 7N >C9>K>9J6AH D;;>8:H DG 7J>A9>C< N6G9H ID >CI:<G6I:9
B6C6<:B:CI I I=: H6B: I>B: I=: :M>HI>C< B6CJ6A EGD8:HH:H =6K: 7::C H>BEA>;>:9 6C9 B69: 6JIDB6I>8
>CI:<G6I>C<6EEA>86I>DCHG:9J8>C<G:<>HIG6I>DC8DHIH6HL:AA6HI=:E:G>D9D;I>B:7:IL::C:68=:K:CI6C9>IH
G:8DG9>C<88DG9>C<AN
AAJH:GH86CCDLH=6G:>C;DGB6I>DC6C98DAA67DG6I:>CG:6AI>B:G:9J8>C<B6CJ6ADE:G6I>DCH6C9
I=:8>G8JA6I>DCD;E6E:GLDG@
,=: :M:8JI>K: D;;>8: 86C E>8@ DJI >BEDGI6CI 96I6 6C9 JH: I=: D7I6>C:9 G:HJAIH ID DJIA>C: JH:;JA
HIG6I:<>:H
<4?/@A?B1AB?3@
,DHJEEDGII=:67DK:<D6AH,(+E=6HH><C>;>86CIAN>CK:HI:9>C8DBEJI:GI:8=CDAD<N68FJ>G>C<8JII>C<
:9<:I:8=CDAD<>86A>CHIGJB:CIH
I I=: D;;>8: >C 6A:CO6CD 6 +:GK:G 6GB =6H 7::C H:I JE L=>8= 8DCI6>CH >C 6 H>C<A: EGDI:8I:9 6C9 6>G
8DC9>I>DC:96G:69>;;:G:CIH:GK:GH;DGI=:B6C6<:B:CID;6AAD;I=:DBE6CNH6EEA>86I>DCH6C9H:GK>8:H,D
H6I>H;NI=:9:B6C9;DG=6G9L6G:G:HDJG8:H6C9ID:CHJG:I=6IHNHI:BH86CG6E>9AN8=6C<:688DG9>C<IDI=:C:L
9:B6C9H D;JH:GH 6C9 6EEA>86I>DC HNHI:BH L: =6K: G:HDGI:9 ID K>GIJ6A>O6I>DC L=>8= 6AADLH ;DG I=: H:IJED;
9>;;:G:CIPAD<>86ARH:GK:GH7NJH>C<K6G>DJHPE=NH>86ARH:GK:GHK:CG:BDI:D;;>8:H6C9I=:B6>C7J>A9>C<H>I:H
=6K:H:GK:GH8DCC:8I:9IDI=:=:69D;;>8:K>6.(&
'3:7/07:7AF
!CDG9:GID<J6G6CI::I=:=><=:HIG:A>67>A>INHI6C96G9HI=:+:GK:G6GBH:FJ>EB:CI>HEGDK>9:9L>I==DIEAJ<H
6C9 >H EGDI:8I:9 6<6>CHI 7A68@DJIH ,=: C:ILDG@ >H 8DCHI6CIAN JC9:G G:BDI: 8DCIGDA HD 6H ID >BB:9>6I:AN
9:I:8I6CN;JC8I>DC6AEGD7A:BL=>A:HE:8>6AH:CHDGH8DCIGDAI=:=JB>9>IN6C9I:BE:G6IJG:A:K:AHD;I=:+:GK:G
6GB6CNEGD7A:BIDI=:HNHI:BH>H6JIDB6I>86AAN8DCK:N:9ID>IHB6>CI:C6C8:I:8=C>8>6CHK>6+%+6C97N
:
B6>A
!C 6CN 86H: >C I=: :K:CI D; =6G9L6G: 7G:6@9DLC K>GIJ6A>O6I>DC I:8=CDAD<N 6AADLH ;DG K>GIJ6A H:GK:GH ID 7:
BDK:9G6E>9ANDCIDDI=:G6EE6G6IJH6C9I=JH:CHJG:8DCI>CJDJHH:GK>8:H
!C 6 C:L L>G:A:HH >CI:GC:I 8DCC:8I>DC L6H 68I>K6I:9 L=>8= I=6C@H ID HE:8>6A =6G9L6G: <J6G6CI::H
8DCI>CJDJHH:GK>8:H:K:C>CI=::K:CID;;6>AJG:D;I=:EG:
:M>HI>C<867A:8=6CC:AHJEEA>:97N6CDI=:GDE:G6IDG
(31B?7AF7<2/A/>?=13@@7<5
DC8JGG:CIL>I=I=:DBE6CNH=><=:GH:CH>I>K>INID!CI:GC:IH:8JG>INHI6C96G9H =6K:7::C>C8G:6H:9I=:N
7:>C< CDL696NH BDG: 6C9 BDG: >BEDGI6CI >C DG9:G ID :CHJG: 8DCI>CJDJH H:GK>8:H :K:C >C I=: :K:CI D; 6C
:MI:GC6A 6II68@ :H>9:H I=: 6EEA>86I>DC D; HJ>I67A: B:6HJG:H :CHJG>C< I=: H:8JG>IN D; 6AA 96I6 EGD8:HH:9 7N
8DBEJI:G>H6CD7A><6I>DC>BEDH:97NI=:P(GDI:8I>DCD;(:GHDC6A6I6D9:R8JGG:CIAN>C;DG8:
,=:96I6D;I=: :69';;>8:=6K:ADC<7::C8DE>:9DCI6E:HDC696>AN6C9L::@AN76H>H+6>9I6E:H6G:@:EI
;6G;GDBI=:+:GK:G6GBH>C8:I=:96I66G:6AHDG:EA>86I:9>CG:6AI>B:DC69>H@;6G;GDBI=:+:GK:G
6GB %DG:DK:G H>C8: I=: BDHI >BEDGI6CI 96I6 HID8@:9 >C I=: H:GK:GH D; G:BDI: D;;>8:H 6G:
HNC8=GDC>O:9L>I=I=:=:69D;;>8:DK:GC><=I
!C 6H >C EG:K>DJH N:6GH L: :M6B>C:9 I=: G>H@H G:A6I:9 ID +:8JG>IN I=: G>H@ I=6I >C;DGB6I>DC B6N 7:
8=6C<:9DGJH:97NJC6JI=DG>O:9>C9>K>9J6AHK6>A67>A>INI=:G>H@I=6I>C;DGB6I>DCDG6EEA>86I>DCHB6NCDI
7: 688:HH>7A: 9J: ID 6 7G:6@9DLC DG C6IJG6A 9>H6HI:G (:G;DGB6C8:H I=: G>H@ I=6I I=: ADL E:G;DGB6C8: D;
HNHI:BH6EEA>86I>DCHHI6;;DGD;I=:DK:G6AA!,B6N9:8G:6H:EGD9J8I>DC6C9DBEA>6C8:I=:G>H@I=6II=:
B6C6<:B:CI DG EGD8:HH>C< D; >C;DGB6I>DC B6N CDI 7: >C 688DG96C8: L>I= I=: A6L DG L>I= >CI:GC6A
G:<JA6I>DCH
8@3<987/8>
/>I=I=:6>BD;EGDI:8I>C<I=::CK>GDCB:CI6C98DCHI6CIAN>BEGDK>C<>IHE:G;DGB6C8:H>CI=>HG:HE:8I,(
+E>H8DBB>II:9IDI6@>C<HE:8>;>868I>DCH>CDG9:GIDA>B>II=::CK>GDCB:CI6A>BE68ID;>IHLDG@6C9HIG>K:H
ID >CI:<G6I: >IH 68I>K>IN >CHD;6G 6H EDHH>7A: L>I= I=: :CK>GDCB:CI L=:I=:G >I 7: C6IJG6A DG 6CI=GDE>O:9
>;;:G:CI?D7H=6K:9>;;:G:CI:CK>GDCB:CI6A>BE68IH>C6CN:K:CI,(+E>H6AL6NH8DBB>II:9IDG:9J8>C<
I=: >C:K>I67A: :CK>GDCB:CI6A :;;:8IH I=6I ?D7H :CI6>A 6AHD 7N 6EEAN>C< >IH >CI:<G6I:9 HNHI:B EGD8:HH:H ,=:
DBE6CNH >BEDGI6CI :8DCDB>8 6C9 EA6CC>C< :;;DGIH 6H L:AA 6H I=DH: D; >IH E:GHDCC:A <G69J6AAN 6C9
>C8G:6H>C<AN G:9J8: I=: :CK>GDCB:CI6A >BE68I JH>C< B6I:G>6AH 6C9 I:8=CDAD<>:H L=>8= 6G: 7:8DB>C< BDG:
6C9BDG::CK>GDCB:CI
;G>:C9AN6C9>CCDK6I>K:
+6>98DBB>IB:CI=6H6AHD7::C:MI:C9:9IDHJ7
8DCIG68IDGH6C96HH><C::H6I7J>A9>C<H>I:H
!C EG>A I=: DBE6CN 8DBEA:I:9 I=: 8:GI>;>86I>DC EGD8:HH G:<6G9>C< >IH :CK>GDCB:CI6A B6C6<:B:CI
HNHI:B>C688DG96C8:L>I=I=:-&!&!+'6C9L>I=I=:CK>GDCB:CI6A(DA>8N9:;>C:97NI=:
M:8JI>K:';;>8:
9./90>23-=
,=: DBE6CNH 6L6G:C:HH D; I=: :I=>86A 6C9 HD8>6A >BE68I D; >IH LDG@ ID<:I=:G L>I= I=: >BEDGI6C8: D; 6
8DDE:G6I>K: 6EEGD68= IDL6G9H HI6@:=DA9:GH 6C9 D; >IH <DD9 G:EJI6I>DC 7DI= L>I= G:<6G9 ID >IH >CI:GC6A
G:A6I>DCH6C9L>I=I=:DJIH>9:LDGA9A:9I=:D6G9D;>G:8IDGHD;,(+E>CEG>AID:C9DGH:6
D9: D; I=>8H 6K6>A67A: DC I=: /:7H>I: LLL7IEHE6>I 6C9 ID 6EED>CI 6 +JE:GK>HDGN 6C9 DCIGDA
DBB>II::
,=: D9: >9:CI>;>:H I=: K6AJ:H 6C9 EG>C8>EA:H HJ8= 6H =DC:HIN 8DGG:8IC:HH >CI:<G>IN IG6CHE6G:C8N
>BE6GI>6A>IN8DC;>9:CI>6A>IN6C9G:HE:8IID7:;DAADL:97N6AAI=DH:L=D68IDC7:=6A;D;,(+EL=:I=:G
I=:N7:8DGEDG6I:7D9>:H:BEADN::HDG8DAA67DG6IDGHHD6HID<J6G6CI::;6>GC:HH>C7JH>C:HHIG6CH68I>DCH6C9
>CI=:DBE6CNH68I>K>I>:H
,(H D9: D; I=>8H >CIGD9J8:H 6 8A:6G 6C9 :MEA>8>I :I=>86A 6C9 HD8>6A G:HEDCH>7>A>IN DC I=: E6GI D; >IH
69B>C>HIG6IDGH9>G:8IDGH8DAA67DG6IDGH6C9:BEADN::H!CE6GI>8JA6GG:A6I>DCHL>I=I=>G9E6GI>:HH=6G:=DA9:GH
HID8@=DA9:GH8A>:CIH8JHIDB:GHHJEEA>:GH8DBE:I>IDGHEJ7A>869B>C>HIG6I>DCHBJHI7:>C688DG96C8:L>I=
I=:A6L6C9L>I=I=:EG>C8>EA:HD;8DGG:8IC:HHIG6CHE6G:C8N6C96H8:GI6>C67>A>IN+6>98DBB>IB:CI>H:MI:C9:9
IDHJ7
8DCIG68IDGH6C9ID6HH><C::HLDG@>C<6I,(+EH7J>A9>C<H>I:H
9./9098.?->+>A9<5
!C%6NL>I=>CI=:H8DE:D;>IH68I>K>I>:H6C9D;I=DH:D;>IHDCHDGI>6,(+E69DEI:96D9:D;
DC9J8I;DGI=:EG:K:CI>DC6C9G:EG:HH>DCD;BDG6A6C9H:MJ6A=6G6HHB:CIBD77>C<6C99>H8G>B>C6I>DC6I
LDG@!I9>9HDL>I=I=:6>BD;EGDBDI>C<6L6G:C:HHD;I=:EGD7A:BH:CHJ>C<;GDBHI6;;G:A6I>DCH=>EH6HL:AA
6H HJEEDGI>C< 8DBBJC>86I>DC 7:IL::C I=: DBE6CN 6C9 >IH LDG@:GH >C A>C: L>I= I=: DBE6CNH L>H= ID
EGDI:8II=:E=NH>86A>CI:<G>IN6C9BDG6AE:GHDC6A>INI=:G:D;GI!I6A>6C>K>AD9:
!C DG9:G ID <J6G6CI:: I=: 7:HI 6C9 BDHI :;;:8I>K: 6EEA>86I>DC D; I=: D9: 6C9 ID >BEGDK: I=: EGD8:HH D;
<6I=:G>C< 6AA JH:;JA >C;DGB6I>DC >C I=>H G:HE:8I 6H L:AA 6H ;68>A>I6I>C< I=: >CI:GK:CI>DC D; G:A:K6CI 8DGEDG6I:
D;;>8:H 6C9 I=:>G BDHI EGD;>I67A: 8DDG9>C6I>DC I=: DBE6CN :CIGJHI:9 6 HE:8>;>8 >C9>K>9J6A @CDLC 6H I=:
P/DG@EA68: (GDI:8I>DC 9K>HDGR L>I= I=: I6H@ D; G:8:>K>C< 8DBEA6>CIH 6C9DG >C;DGB6I>DC HJ<<:HI>C< 6CN
EDHH>7A: DG<6C>O6I>DC6A 9>H8>EA>C6GN 6C9 H6C>I6GN B:6HJG:H 6H L:AA 6H G:<JA6GAN >C;DGB>C< I=: D6G9 D;
>G:8IDGHD;=>H=:GDLCLDG@6C9D;I=:>BEA:B:CI6I>DCD;I=:D9:D;DC9J8I
Management report
25
!CI=:A><=ID;HJ8=6C6C6ANH>HL:6HH:HH:9I=:DBE6CNHKJAC:G67>A>INL>I=G:HE:8IIDI=G:6IHG:HDJG8:H6C9
EDI:CI>6A 6AI:GC6I>K:H FJ6CI>;N>C< 6AA DE:G6I>DC6A ;>C6C8>6A ?JG>9>86A 6C9 A:<>HA6I>K: :;;:8IH /: :K6AJ6I:9
H:8JG>IN HI6C96G9H 9:;>C:9 H:8JG>IN HIG6I:<>:H ID >BEA:B:CI GJA:H 6C9 EGD8:9JG:H 6C9 >C8G:6H:9 I=:
E:GHDCC:AH6L6G:C:HH>CI=>HG:HE:8I7:H>9:;D8JH>C<DCI=:>GIG6>C>C<6C9G:<JA6GJE96I>C<+E:8>6A;>G:L6AAH
CDL8DCIGDA>C8DB>C<8DBBJC>86I>DCHI=JH6AADL>C<DGEGD=>7>I>C<9>;;:G:CI8DBBJC>86I>DCH688DG9>C<ID
H:8JG>IN GJA:H !C ,( +E :CI:G:9 >CID 6C 6<G::B:CI L>I= 6AA IG69: JC>DCH 6C9 9:;>C:9 I=: (DA>8N
<DK:GC>C< I=: JH: D; >IH 8DGEDG6I: DBEJI:G +NHI:BH >C DG9:G ID 86GGN DJI I=: K6G>DJH 8DCIGDAH L>I=DJI
>C;G>C<>C<I=:/DG@:GH+I6IJI:
@@7@A/<13
DGI=:EJGEDH:D;HJEEDGI>C<I=:DBE6CNH>CI:GC6AHI6;;L>I=G:HE:8IID=6G9L6G:6C9HD;IL6G:8DBEJI:G
EGD7A:BH6C>CI:GC6A :AE:H@L6HH:IJE>C,=>HB6C6<:H6AAD;I=:JH:GHG:FJ:HIH;DG6HH>HI6C8:Q
I=DH: G:FJ:HIH I=6I 6G: :CI:G:9 7N 8A>8@>C< DC I=: 6EEGDEG>6I: 6G:6 DC I=: /:7H>I: Q 6C9 86GG>:H DJI 9>G:8I
>CHI6AA6I>DC8DC;><JG6I>DCC:ILDG@B6>CI:C6C8:6C9IG6>C>C<
AA >CI:GK:CI>DCH 6G: 86I6AD<J:9 6C9 G:<>HI:G:9 ID<:I=:G L>I= I=:>G ;::9768@ I=JH 8G:6I>C< HI6I>HI>8H DC I=:
I>B:HD;>CI:GK:CI>DC6C9>9:CI>;N>C<EDI:CI>6A6G:6HL=>8=C::9ID7:>BEGDK:9
%!&,!.!,!+
,=:DBE6CNHB6>C68I>K>I>:H9>K>9:97NINE:D;?D76C98JHIDB:G>C;>C6C8>6AN:6G6G:6C6ANH:96C9
A>HI:97:ADL
"''%&!$%
!&*+,*-,-*+
-!$!&*.$'(%&,*&'.,!'&
"$(&'%&!$%
*+!&,!$
!&-+,*!$'%%*!$'!+
&!&
"/<-/8>+1/
"/<-/8>+1/
26
%?,.3@3=39890:<9.?->39838
!CD;EGD9J8I>DCL6H68=>:K:9>CI=:(J7A>8H:8IDG
Management report
27
'**#$'
,=:EDH>I>K:IG:C9>CI=:DBE6CNHDG9:G768@AD<>HG:EDGI:9>CI=:;DAADL>C<I67A:6C9>AAJHIG6I:9>CI=:
;DAADL>C<<G6E=H
!<./<,+-5691+=90 -;?3=3>3989049,=+=
90
?=>97/<
(-$!
(*!.,
&!&
!<./<,+-5691+=90
"<9.?->39838
8FJ>H>I>DCH>CI=:EG>K6I:;>:A9L:G:A>B>I:97NI=:CDC68=>:K:B:CID;I=::M:8JI>DCD;>BEDGI6CI8DCIG68IH
9J:ID9:A6NH>CI=:>HHJ:D;7J>A9>C<A>8:C8:HIDH:K:G6A8A>:CIH
-;?3=3>39890"<3@+>/+8."?,63-49,=9@/<>2/6+=>C/+<=7366398=?<9
<+:2909<./<,+-5691></8.7366398=?<9
"/<-/8>+1/=?,.3@3=398909<./<,+-5691+=90
"9=3>3@/></8.909<./<,+-56919@/<>2/6+=>C/+<=7366398=?<9
28
Management report
29
30
E31BA7=<=4A63D=?9@4=?1=;>:3A7=<=4A63@A?3A1603AD33<(/@@="/?1=<7/<2/?03?7<=27"B53::=I()$#
"*!!$@A%')(31A7=</<2)B?<=44/A/?03?7<=27"B53::=
,=:8DCIG68IL6H6HH><C:9ID6A96HH>C>
,D<CDOO>
(DCI:AADDCI=:7GJ6GN6H6H:8DC97:HI7>9>CI=:
8DBE:I>I>DC D; :7GJ6GN :HI>B6I:9 6K:G6<: 9:8G:6H: ;DAADL>C< I=: L>CC>C< DBE6CNH
8DCIG68IJ6AL>I=9G6L6A:GG6G>+E,=:6BDJCI>C8AJ9:HLDG@H;DG67DJIB>AA>DCJGD6H6L=DA:
67DJIB>AA>DCJGD;DGB:6HJG:
76H:9LDG@H6C967DJIB>AA>DCJGD;DGH6;:IN:ME:CH:H;DG6IDI6A
6BDJCID;67DJIB>AA>DCJGD
,=:8DCIG68IJ6A96I:;DG8DBEA:I>DC>HD;;>8>6AANI=+:EI:B7:GC6IJG6A96NH
,=:?D78DCH>HIH>C8DBEA:I>C<+:8I>DCD;I=:%DJCI6>C(6HHD;I=:%DIDGL6N6HL:AA6HI=:C:LIJGC
D;;6I6G7:G>CD9>%J<:AAD
6K>C< 6AG:69N 8DBEA:I:9 6C9 DE:C:9 I=: 6G7:G>CD 9> %J<:AAD IJGC
D;; ID IG6;;>8 >C 6AA I=:
;DJC96I>DC LDG@H D; I=: B6>C K>69J8IH L:G: 8DBEA:I:9 I=: A6JC8=>C< DE:G6I>DCH D; I=: B:I6A 9:8@ D; I=:
DAADC: K>69J8I L:G: HI6GI:9 I=: :M86K6I>DC LDG@H >C I=: $6G<C6CD IJCC:A L:G: EJGHJ:9 6C9 I=: <:D
I:8=C>86A :C<>C::G>C< LDG@H 8DC8:GC>C< I=: 6GI>;>8>6A IJCC:AH DAADC: ! !! 6C9 !!! L:G: HJ7HI6CI>6AAN
8DBEA:I:9
';6AAD;DJG?D7HI=>H>HI=:DC:I=6I>HBDHI6;;:8I:97NI=:IG:C9HD;C6I>DC6A6C9>CI:GC6I>DC6AHI::AB6G@:I
9J:IDI=:EG:H:C8:D;A6G<:K>69J8IHL>I=B>M:9HI::A
8DC8G:I:9:8@H
/DG@ EGD<G:HH HADL:9 9DLC 7N 6 9>HEJI: L>I= I=: HJEEA>:G D; B:I6A 9:8@H L>AA 7: G:6A><C:9 ID I=:
8DCIG68IJ6AH8=:9JA:H>C8:I=:DG><>C6AHJEEA>:GL=DB6H:IIA:B:CI=6H6AG:69N7::CG:68=:9L>I=L>AALDG@
ID<:I=:GL>I=6H:8DC9HJEEA>:G
,=: DI=:G 59>HIJG76C8:H ID LDG@ EGD<G:HH 6G: 86JH:9 7N I=: C::9 ID HJ>I I=: EGD?:8I ID C:L HDAJI>DCH
>CIGD9J8:97NI=:M:8JI>K:>G:8I>DCC:6GAN:K:GNL::@7NI=:9>HIJG76C8:H86JH:97N:MI:GC6A8DBE6C>:H
JH>C< I=: H:GK>8: GD69H 7:>C<7J>AI 6C97N I=: JC;>IC:HH ;DG JH: D; HDB: 7J>A9>C< 6G:6H 9>;;:G>C< ;GDB L=6I
HJ<<:HI:99JG>C<I=:8DBE:I>I>DC
II=::C9D;I=:;>C6C8>6AN:6GD;I=:?D7=697::C8DBEA:I:9
'
A/:43??=B0:7<5A63?/7:D/F:7<3=:=5</+3?=</03AD33<?3C/:1=?3#=5/?/@31A7=<@/<2
/<203AD33<(/<3:713@B:%/</?=I%=557='B@1=@31A7=<
,=:LDG@HL:G:6HH><C:9IDI=:,!3,:BEDG6GNHHD8>6I>DCD;CI:GEG>H:H47:IL::C6C96C96G:
CDL7:>C<86GG>:9DJI688DG9>C<IDH8=:9JA:I=:N8DCH>HID;I=::M:8JI>DCD;6C:L9DJ7A:IG68@G6>AL6NA>C:
;DG HDB: @B ,=: BDHI H><C>;>86CI LDG@H 6G: ILD G6>AL6N K>69J8IH P(6C6GDR 6C9 P6C6A >6C8DR ;DG
DK:G6AA @B ,=: IDI6A 6BDJCI D; I=: ILD 8DCIG68IH >H B>AA>DC JGD I=: ,( H=6G: >H >: B>AA>DCJGD6II=::C9D;D;I=:?D7=697::C8DBEA:I:9ME:8I:996I:D;8DBEA:I>DCI=:;>GHI
H>MBDCI=HD;
,=: 8DCHIGJ8I>DC D; 6 H:8DC9 IG68@ 7:IL::C G:K6A8DG: 6C9 +6C :A>8: =6H 6AG:69N 7::C 8DBEA:I:9 6C9
DE:C:9IDG6>AL6NIG6;;>8I=JH>C69K6C8:8DBE6G:9IDI=:8DCIG68IJ6AAN6<G::99:69A>C:;JAANH6I>H;N>C<I=:
8A>:CI*!6H6G:HJAII=:DBE6CN=6H7::C<>K:C6C688:A:G6I>DC6L6G96H6<G::9
'
A/:43??I&B/2?B>:71/A7=<=4A63%/2B/"3@A?3?/7::7<9
,=:?D76HH><C:9IDI=:,!>H;DG68DCIG68IJ6A6BDJCID;HDB:B>AA>DCJGD,(HFJDI66BDJCIHID
DK:GB>AA>DCJGDL=>8==6K:6AA7::C6AG:69N7DD@:9I=:LDG@H8DCH>HI>C<>C7GD69:C>C<I=:9DJ7A:
IG68@7:9;DGHDB:@BL:G:8DBEA:I:9>CI=::6GANH>MBDCI=HD;;>C6AI:HIH6G:8JGG:CIAN7:>C<
86GG>:9DJI
%!&"'+!&**!'-,+'%*
80<+=><?->?</=
(=1BA=@A?/23>3?:A/:7/(>I<:/?53;3<AA=A6?33:/<3@03AD33<:=?3<13#=?A6/<2:=?3<13(=BA6
(31A7=<@(A?3A163@/<2
HH><C:9>C
;DG6CDK:G6AA8DCIG68IJ6A6BDJCID;6EEGDMB>AA>DCJGDI=:8DCIG68IHEA6CID
:CA6G<:IDI=G::A6C:H:68=86GG>6<:L6ND;I=:BDIDGL6NHIG:I8=D;I=:7:IL::CI=:IJGC
D;;HD;ADG:C8:
+DJI=6C9ADG:C8:+86C9>88>;DGHDB:@B
,=>H9:K:ADEB:CI>C8AJ9:HI=:;DAADL>C<B6>C?D7H
GI>;>8>6AIJCC:AH6H:AA>C6BI%:A6G6C8>D!!BI$6HIGDC:BI
&6IJG6AIJCC:AH%:A6G6C8>DBI:ADAA:BI(D<<>D+:88DBI*DB>I:
BI(DOODA6I>8DBI
DK:GE6HH:HL>I=B>M:9HI::A
8DC8G:I:9:8@H6C9HE6CH7:IL::C6C9BI
LDG@HL>I=HIGJ8IJG6A9:8@>C<E6C:AH6C9EG:
HIG:HH:9G:>C;DG8:98DC8G:I:7:6BH6C9HE6CHJEID
BI
7DM
A>@:H:8I>DC:9LDG@H6C9IJ7JA6GB6C=DA:H
!CI=:8DCIG68IHL:G:D7?:8ID;6G:EDGIDC6I:8=C>86A6C9HJEEA:B:CI6GNHDAJI>DCL=>8=>C8G:6H:9I=:
IDI6A6BDJCID;I=:LDG@HIDJGDEGD8G6HI>C6I>C<I=:96I:;DG8DBEA:I>DCID:7GJ6GN
+J8=6G:EDGIL6H9:I:GB>C:97NI=:C::9D;I=:8A>:CI+(!IDG:
6HH:HHI=:EGD?:8ID;I=:C6IJG6AIJCC:AH
L=>8= >C I=: HE:8>;>8 86H: D; I=: (DOODA6I>8D IJCC:A =69 EGDK:C ID 7: FJ6A>I6I>K:AN 6C9 FJ6CI>I6I>K:AN
>CHJ;;>8>:CI 6H D;I:C ED>CI:9 DJI 7N DJG DBE6CN 7N I=: H6B: B:6CH 6C9 6I I=: H6B: I>B: 6CDI=:G
>BEGDK:B:CIHDAJI>DCJC9:GGID;I=:$6LL6H6EEGDK:96HHJ<<:HI:97N,(DCAN;DGI=:6H:AA>C6
6GI>;>8>6AIJCC:AID<:I=:GL>I=DI=:GB>CDGLDG@HI=>H>BEA>:96C:M8:EI>DC6A6BDJCI;DGDJGDBE6CND;
67DJIB>AA>DCJGD
'I=:G I=6C ;DG EJG:AN I:8=C>86A G:6HDCH I=: CDGB6A :M:8JI>DC D; I=: LDG@H L6H =>C9:G:9 7N 9:A6NH >C I=:
69B>C>HIG6I>K:EGD8:HH;DGA6C9D88JE6I>DC6HL:AA6H7N9:A6NH>CG:BDK>C<6C9DGBDK>C<:AH:L=:G:DI=:G
>CI:G;:G:C8:H 6C9 ;JGI=:G 8DCHIG6>CIH CDI ;DG:H::C >C I=: I:C9:G 9D8JB:CIH 6C9 9J: ID DI=:G D9>:H
>CI:G;:G>C<>CI=:?D7I=>H7GDJ<=I67DJIH><C>;>86CI8=6G<:HL=>8=L:G:68@CDLA:9<:9IDHDB:B>AA>DC
JGD;DAADL>C<6B>867A:EGD8::9>C<HGI7>H
DG I=: EJGEDH: D; G:9J8>C< ID 6 B>C>BJB I=: >BE68I D; 7J>A9>C< H>I:H DC HJ8= 6 H:CH>I>K: 6G:6 6C9 D;
A>B>I>C<I=::;;:8IH:CHJ>C<;GDBC6GGDL>C<I=:BDIDGL6N+(!9:;>C:96C9EGDEDH:96EGD<G6BB:6>B:96I
HE::9>C<
JE6CJB7:GD;DE:G6I>K:HI6<:HL=DH:8DBEA>6C8:L6HG:BJC:G6I:9L>I=688:A:G6I>DC6L6G9H
B>AA>DCJGDEAJHB>AA>DCJGD<J6G6CI::9ID,(;DGHIG:C<I=:C>C<>IHDG<6C>O6I>DC
II=::C9D;I=:;>C6C8>6AN:6G67DJID;I=:?D7=697::C8DBEA:I:9
Management report
31
32
53<G7/)=?7<=IH(3@A?73?3J(A/A3'=/2<%=?A30F>/@@%7<3?=:=
,=:?D78DCH>HIH>C7J>A9>C<6C:L
@BGD69L6ND;+I6I:*D69A>C@>C<,JG>CIDDAA:9:A+:HIG>:G:,=:
LDG@H;6AA>C<L>I=>CI=:;G6B:LDG@D;I=:/>CI:G'ANBE>8H6G:;DG68DCIG68IJ6A6BDJCID;HDB:
B>AA>DCJGD
,=:B6>C;:6IJG:HD;I=:LDG@H6G:I=:B:IG:
ADC<PG6K>6A:RC6IJG6AIJCC:A6C9I=:B:IG:
ADC<
P,JG>C6RIJCC:A6HL:AA6HI=G::K>69J8IHL=>8=6G:E6GI>8JA6GAN8DBEA:MH>C8:I=:NHI6C9>CI=:7:9D;G>K:G
=>HDC:
'C :8:B7:G ILD BDCI=H 7:;DG: I=: />CI:G 'ANBE>8H I=: GD69 L6H DE:C:9 ID IG6;;>8 !C I=:
8DJGH:D;I:HIHL:G:HJ88:HH;JAAN8DBEA:I:9JG>C<HDB:9>HEJI:H6G>H:CJEDC8DBEA:I>DCD;I=:
?D7L:G:6B>867ANH:IIA:9
BA=@A?/23(717:7/<3"=A=?D/F(F?/1B@3I3:/I(31A7=<#=A=/<2(31A7=<'=@=:7<7
,=:?D7>C8AJ9>C<I:8=C>86AG:EDGIH6BDJCIIDBDG:I=6CB>AA>DCJGD
,=:B6>CLDG@H6G:I=:;DAADL>C<

DJG K>69J8IH &DID >D> !C;:GCD ,:AA6GD B:IG: ADC< JH>C< EG:
HIG:HH:9
G:>C;DG8:98DC8G:I::A:B:CIH8GDHH6H=A6GHEGD9J8:9>C6HE:8>6ADC
H>I:EG:;67G>86I:9JC>I
6C9EA68:97NILDIGJ8@HL>I=JEIDIDC86E68>IN
,LD C6IJG6A 6C9 6GI>;>8>6A IJCC:AH DOOD !C;:GCD B:IG: ADC< B69: L>I= 6 HDA:
LDG@>C<;68:6;I:GHJ>I67A:8DCHDA>96I>DCD;;GDCI6C986ADII:
G>9<:H DK:GE6HH:H 67DK:
JC9:G<GDJC9 G:>C;DG8:9 8DC8G:I: E6HH:H B69: >C EGD<G:HH 6C9
EG:
HIG:HH:9G:>C;DG8:98DC8G:I:7:6BHD;K6G>67A:H>O:HIDI6ACJB7:G
+>C8: I=: BDIDGL6N GJCH 68GDHH 6C :MIG:B:AN K6AJ67A: 6G:6 >C 6G8=6:DAD<>86A 6C9 :CK>GDCB:CI6A
I:GBH 6AA LDG@H 8DBEAN L>I= HE:8>;>86I>DCH A6>9 9DLC 7N I=: AD86A JAIJG6A 6C9 CK>GDCB:CI6A
HH:IH+JE:G>CI:C9:C8:
,=:?D7L6H8DBEA:I:9>C"6CJ6GN
</@,723<7<5A63(/:3?<=I'3557=/:/0?7/;=A=?D/F('?2A?B<9<2@A?3A16(31A7=<
!CI=:?D7L6H8DBEA:I:96C9I=:BDIDGL6NL6HDE:C:9IDIG6;;>8>C+:EI:B7:G6HEA6CC:9
,=: 9>HEJI: L>I= I=: DCIG68I>C< 9B>C>HIG6I>DC >H HI>AA E:C9>C< ,=: 9B>C>HIG6I>DC =6H 7::C 6H@:9 ID
8DBB:C8:EGD8::9>C<H;DG6C6B>867A:H:IIA:B:CID;I=:E6GI>:H8A6>BH6HJC9:G6GI7>H
,=:G:<>HI:G:98A6>BH6BDJCIIDHDB:B>AA>DCJGD
</@I,=?9@?3:/A7<5A=A631=<@A?B1A7=<=4(A/A3'=/2$?73<A/:3(/?2/<2@31A7=<?2@A?3A16?2
@31A7=<@A/<2<2@A?3A163@
,=:?D7H;DG68DCIG68IJ6A6BDJCID;DK:GB>AA>DCJGD8DCH>HI>CI=:9:K:ADEB:CID;I=:C:L+I6I:
*D69CS;DGHDB:@B,=:;>GHIHIG:I8=L=>8=>C8AJ9:HI=:P6G9:9JRIJGCD;;L6H8DBEA:I:96C9
DE:C:9IDBDIDGIG6;;>8>C:7GJ6GN
M86K6I>DCLDG@HDCI=::CC6'GI><6IJCC:AL=>8=;:AAJC9:GI=:H:8DC9?D7L:G:8DBEA:I:9JEID
B:I:GH6EEGDM>B6I:AN
II=::C9D;D;I=:?D7=697::C8DBEA:I:9,=:?D7>H:ME:8I:9ID7:;JAAN8DBEA:I:9>CI=:
8DJGH:D;
</@((H23::/+/::3+753GG=J7;>:3;3<A/A7=<=4@/43AF;3/@B?3@4=?A63@A?3A1603AD33<9;/<2
'C8:I=:7J>A9>C<H>I:L6HH:IJE9:A6N:97N769L>CI:G8DC9>I>DCHI=:LDG@H7:<6C>C:6GANHEG>C<
B:IG:HD;IJCC:A=6K:6AG:69N7::C:M86K6I:9I=:BDHI9>;;>8JAIHIG:I8=L=>8=E6HH:HJC9:GI=:6C8>:CI
K>AA6<:D;(6>:H8DL6HG:68=:96II=::C9D;I=:N:6G
,=: IDI6A 6BDJCI D; I=: ?D7 >H B>AA>DC JGD H D; :8:B7:G D; I=: ?D7 =69 7::C
8DBEA:I:9
)+
A/:43??I'/7:D/F<3AD=?9=4=:=5</ =0
)/C
,=:?D7L6H6HH><C:9IDI=:,!;DG68DCIG68IJ6A6BDJCID;DK:GB>AA>DCJGD!C6+JEEA:B:CI6GN
::9L6HB69:L=>8=G6>H:9I=:6BDJCID;I=:?D7IDB>AA>DCJGD,(HFJDI6>HHDB:B>AA>DC
JGD
,=: LDG@H 8DCH>HI >C :CA6G<>C< I=: 8JGG:CI 9DJ7A: IG68@ ;DG %>A6C L:HI:GC DJIH@>GIH D; DAD<C6 ID ;DJG
IG68@HL>I=67G6C8=
A>C:D;I=: ><=+E::9A>C:;DG%>A6C6C9D;I=:A>C:;DG.:GDC6,=:BDHIH><C>;>86CI
LDG@H6G:I=:G6>AL6N7G>9<:P>CIJG6RL>I=HE6CHB:IG:H:68=6C9I=:G:>C;DG8:98DC8G:I:7DM
A>@:
HIGJ8IJG:I=6IL>AA6AADLI=:C:LG6>AL6NA>C:IDE6HHJC9:GI=:%DIDGL6N6C9DAD<C6H7N
E6HHAAI=:
G6>AL6NLDG@H=6K:7::C8DBEA:I:9!C"JC:I=:C:L ><=+E::9A>C:L6HDE:C:9IDI=:EJ7A>8
HD;D;I=:?D7=697::C8DBEA:I:9:ME:8I:996I:D;8DBEA:I>DCA6I:
'
A/:43??F</;71"B:A74B<1A7=<%:/<A2>#/>:3@/<2A63<3D#/>:3@/??/?/7:D/F@A/A7=<
,=:?D7H;DG68DCIG68IJ6A6BDJCID;DK:GB>AA>DCJGDL:G:68FJ>G:97NI=:,:BEDG6GNHHD8>6I>DC
6H E6G:CI 8DBE6CN ;DG I=: !( E6GI 6C9 6H HDA: 8DCIG68IDG ;DG I=: 6GG6 G6>AL6N HI6I>DC !C 6
+JEEA:B:CI6GN ::9 L6H B69: L=>8= G6>H:9 I=: 6BDJCI D; I=: ILD 8DCIG68IH ID HDB: B>AA>DC JGD
6A96HH>C>
,D<CDOO>
(DCI:AADHFJDI6>H;DGDK:GB>AA>DCJGD
,=:!(?D78DCH>HIH>C9:K:ADE>C<I=:DG9>C6GN6C9:MIG6DG9>C6GNB6>CI:C6C8:EA6CI;DGP;>M:9
6GG6NR=><=
6C9ADL
HE::9IG6>CHJH:9>CI=:HDJI=D;!I6AN,=:BDHIH><C>;>86CILDG@>HI=:%.%.9:EDIL=:G:JE
IDIL:AK:8DBEA:I:IG6>CHL>AA7:=DJH:9>C68DK:G:9B6G:6
,=:DI=:GB6>C?D78DCH>HIH>C9:K:ADE>C<I=:&6EA:H6GG6G6>AL6NHI6I>DC,=:BDHIH><C>;>86CILDG@>HI=:
A6G<:JC9:GE6HH>CG:>C;DG8:98DC8G:I:8DCC:8I>C<I=:HI6I>DCHEA6I;DGBH
HD;HI:8:B7:GD;,(HFJDI6=697::C8DBEA:I:9;DGI=:;>GHI8DCIG68I6C9;DGI=:
H:8DC9 6AHD 9J: ID 6 H:G>:H D; H><C>;>86CI 8=6C<:H >BEDH:9 7N !I6A;:G L=>8= 9:A6N:9 8DBB:C8:B:CI D; I=:
LDG@H
DG 7DI= ?D7H 8DBEA:I>DC >H :ME:8I:9 6I I=: :C9 D; >C "JC: I=: 9:EDI L>AA 7:<>C ID 7: JH:9
L=:G:I=:GDAA>C<
HID8@L>AA7:HJ7?:8IIDB6>CI:C6C8:LDG@7N*!
'
A/:43??I=B0:7<5A63'/7:D/F!7<303AD33<%3::/7='3557=/:/0?7//<2/>=2?;7
,=>H>H6C>CI:<G6I:9?D7L=DH:8DCIG68IJ6A6BDJCIG:
FJ6A>;>:9688DG9>C<IDI=::M:8JI>K:EA6C6BDJCIHID
BDG:I=6CB>AA>DCJGD
,=: ?D7 8DCH>HIH >C L>9:C>C< I=: :M>HI>C< H>C<A: IG68@ HD 6H ID 7J>A9 6 C:L G6>AL6N A>C: L>I= I=G:: C:L
K>69J8IH :MI:C9>C< B6C=DA:H 6C9 DI=:G :M>HI>C< LDG@H !C 699>I>DC HDB: C:L GD69 6C9 E:9:HIG>6C
JC9:GE6HH:HL>AA7:7J>AI>CDG9:GIDG:BDK:I=:B6CNA:K:A8GDHH>C<H
!C+:EI:B7:GL:HJ88:HH;JAANB6C6<:9ID;>C>H=6AAI=:C:8:HH6GNLDG@H;DGDE:C>C<I=:9DJ7A:IG68@
;DG I=: :CI>G: HIG:I8= ID G6>AL6N IG6;;>8 BDCI=H :6GA>:G I=6C ;DG:H::C 9:69A>C: I=:G:;DG: I=: :CI>G:
688:A:G6I>DC6L6G9L6H<G6CI:96HHI6I:9>CI=:8DCIG68IB>AA>DCJGD
DAADL>C< I=: 6II6>CB:CI D; I=: 6L6G9 6C9 EJGHJ6CI ID 699>I>DC6A LDG@H G:FJ>G:9 7N !I6A;:G C:8:HH6GN ID
EGDI:8II=:8D6HI;GDB=:6KNH:6HI=:IDI6A8DCIG68IJ6A6BDJCI>HCDLB>AA>DCJGD
II=::C9D; 6EEGDMD;?D7=697::C8DBEA:I:9,=:LDG@H;DGG:
6GG6C<>C<I=: GD69HD; I=:
IDLCH8GDHH:97NI=:C:LG6>AL6NA>C:6G:N:IID7:8DBEA:I:9I=>H>H:ME:8I:9IDI6@:EA68:7N"JAN
Management report
33
34
9>/6=
'3<=C/A7=<=44=?;3?7/A/?3/+7/:33:47=?3
+7/3<323AA="/?13::=I:=?3<13
,=: 6G:6 HJGGDJC9:9 7N K:<:I6I>DC I=: H6B: =:><=I 6H 7J>A9>C<H >C8AJ9:H 6 =DI:A 6 8DBB:G8>6A 6G:6 6
8DC<G:HH8:CIG:6C96CJB7:GD;G:H>9:CI>6AJC>IH,=:JH67A:6G:6D;I=:=DI:A>HHDB:BI=:;>GHI
;ADDGJC9:G<GDJC9>C8AJ9:HI=:=DI:A;DN:GG:8:EI>DC7G:6@;6HIGDDB6C9G:HI6JG6CIL=>A:I=:JEE:GI=G::
;ADDGH688DBBD96I:I=:=DI:AGDDBH6C9HJ>I:HI=:HL>BB>C<EDDAHDA6G>JBADJC<:76G6C9GDDBH6G:
DCI=:;DJGI=;ADDG
,=:G: 6G: DK:G6AA GDDBH D; L=>8= HJ>I:H 6AA L>I= EG>K6I: AD<<>6 DG <6G9:C ,=: =DI:AH H:GK>8:H 6G:
AD86I:9>C6C6JIDCDBDJHJC>IN:I>CI:<G6I:9>CI=:DK:G6AADG<6C>O6I>DC6AHIGJ8IJG:6C96G:9>HIG>7JI:9DC
I=G::;ADDGH;68>C<>CL6G9HL>I=9DJ7A:;6U69:H8G::C:97NLDD9:C0?7@3@=:37:@I=:A6HI;ADDG>HD88JE>:97N
I:8=C>86AJC>IH
,=:8DBB:G8>6AJC>IH6G:AD86I:9DCILD;ADDGH6C9=6K:6JH67A:6G:6D;HDB:B 688:HH>H;GDB
EJ7A>8E6I=L6NH
,=:8DC<G:HH8:CIG:AD86I:9DCI=:I=>G9;ADDGJC9:G<GDJC9=6H6JH67A:6G:6D;HDB:B6C9>C8AJ9:H
6;DN:G76G8AD6@GDDBBJAI>
EJGEDH:=6AAD;B;DGE:DEA:EAJHI=G::HB6AA:GGDDBH'CI=:ADL:G
;ADDGI=:G:6G:EGD?:8I>DC6C9>CI:GEG:I:GH7DDI=H
,=:G:H>9:CI>6A6G:6>HDCI=:L:HI:GCE6GID;I=:H>I:6E6GIB:CIH6G:AD86I:9DCHIDG:NH6C9HEG:69DK:G
6JH67A:6G:6D;B6AA6E6GIB:CIH6G:AD86I:96GDJC968:CIG6A<6G9:C6C9=6K:6EG>K6I:76A8DCN,=:
JC>I=6HHDB:JC9:G<GDJC986GEA68:H,=:?D76BDJCIHIDB>AA>DCJGD
+7:://<2%/?9!3"/@163?3
,=::HI6I:>HAD86I:9C:6G6G7:G>CD9:A%J<:AAD>CI=:AD86A>IN$:%6H8=:G:DC6C>HDA6I:9=>AADK:GADD@>C<
I=:A6@:D;>A6C8>CD!I>C8AJ9:HI=:B6>C;DJG
HIDG:N7J>A9>C<.>AA69:AA:%6H8=:G:L=>8=D88JE>:H6HJG;68:
IDI6AA>C<IDHDB:B6HL:AA6H6HB6AA:G7J>A9>C<I=:6G9:C:GH9L:AA>C<DCILD;ADDGH;DGHDB:
B6C9I=:(6G@L=>8=HIG:I8=:HDK:GHDB:=:8I6G:H7@A=?71/:=BA:7<3@,=:;>GHI>8DCD<G6E=>86A:K>9:C8:
D;I=:.>AA696I:H768@ID!C;68I6GDJC96B6ED;I=:DGDJ<=D;+"68DED6I.>AA6&DK66C9+
%6G>6 6 DAA: 6GD88> L6H 9G6LC 7N I=: 56E>I6C> 9> (6GI: 3<DK:GCDGH4 6C9 I=: EGDE:GIN >H :6H>AN K>H>7A:
I=:G:>C ,=: :II>C> ;6B>AN L:G: >IH DLC:GH C >BEDGI6CI N:6G >C I=: =>HIDGN D; I=: .>AA6 L6H L=:C
%6GFJ>H'II6K>D:G>C>7DJ<=II=:EGDE:GINID<:I=:GL>I=I=>GI::C;6GBH;GDB+:G6GIDADB:D9>.>C8:COD
:II>C>GDBI=:CDCL6G9HI=::G>C>;6B>AN:CA6G<:96C9:B7:AA>H=:9>I8DCI>CJDJHAN,=:E:G>D9L=:C
I=: K>AA6 L6H BDHI :CA6G<:9 L6H 7:IL::C 6C9 I=: :6GAN N:6GH D; I=: I= 8:CIJGN I=:G: >H 6 HEA:C9>9
>B6<:D;I=:.>AA6B69:7N2D88=>>CL=>8=H=DLHI=6II=:.>AA6=697::C:CDGBDJHAN>C8G:6H:9>C
H>O:>C8DBE6G>HDCIDI=:I=8:CIJGN9L:AA>C<'CD886H>DCD;(DE:(>JH!0HHI6NDCI=J<JHI
I=:;6B>AN8=6E:AL6H:B7:AA>H=:96C9:CA6G<:9!CI=::6GANN:6GHD;I=:I=8:CIJGN%6GFJ>H:G>C>86AA:9
,>ID !&!IDG:HIDG:6C9;G:H8DI=:;>GHI
;ADDGGDDBHL>I=HIJ88DLDG@HA6G<:L>C9DLH6C9E6C:AH,=?9@
(JG8=6H:97NI=:8JGG:CIDLC:GH>CIDI6AAN676C9DC:96C9>C6HI6I:D;JII:G9:86NI=:L=DA:8DBEA:M
L>AA 7: IJGC:9 >CID 6 =><=
8A6HH =DI:A L>I= =>HIDG>86A 7:9GDDBH 9>K>9:9 7:IL::C I=: P.>AA6R 6C9 I=:
P6G9:C:GHL:AA>C<R6HL:AA6H6A6G<:;>IC:HH6G:6:FJ>EE:9L>I=>C9DDGHL>BB>C<EDDAH,=:E6G@L>AA7:
G:HIDG:9 688DG9>C< ID I= 8:CIJGN 8G>I:G>6 7G>C<>C< 768@ ID A>;: GDB6CI>8 L6A@L6NH E6CDG6B>8 6K:CJ:H
57:AK:9:G:EDC9H6C9;>:A9HAAD;I=:LDG@HL>AA7:86GG>:9DJI>C8DBEA>6C8:L>I=6EEA>867A:G:<JA6I>DCH
6C9JC9:GI=:HJE:GK>H>DCD;I=:%DCJB:CI6C9CK>GDCB:CI+JE:G>CI:C9:C8:H>C8:7DI=I=:.>AA66C9I=:
E6G@=6K:7::C9:8A6G:96PBDCJB:CI6A8DBEA:MR6C96HHJ8=6G:HJ7?:8IIDH6>9+JE:G>CI:C9:C8:,=:C:I
6BDJCID;I=:?D7>HGDJ<=ANB>AA>DCJGDDBEA:I>DCD;LDG@H>H:ME:8I:97N:8:B7:GHD;
:8:B7:GD;I=:?D7=697::C86GG>:9DJI
Management report
3@36)9<5=
(7:C3@A?7<7=@>7A/:7<%3?B57/
,=:?D7>C8AJ9>C<I=:I:8=C>86AG:EDGIH6AG:69NH><C:9ID<:I=:GL>I=I=:-B7G>6*:<>DC6C9I=:8DCIG68IH
L>I= I=: DHE>I6A ;DG 6C DK:G6AA 6BDJCI D; HDB: JGD :HI>B6I:9 I=6I I=: LDG@H LDJA9 7:
8DBEA:I:9DCI=:8:B7:G
'C I=>H 96I: I=: HJ7HI6CI>6A 8DBEA:I>DC D; I=: ?D7 L6H 8DBBJC>86I:9 ID I=: DCIG68I>C< 9B>C>HIG6I>DC
L=>8=<G6CI:9DI=:G96NHID8DBEA:I:B>CDG;>C>H=>C<LDG@H
'CI=:8:B7:GI=:A6HI/DG@(GD<G:HHG:EDGICSL6H9G6;I:9
#B=C=$@>32/:3*<71=)3??7A=?7/:327)=27-#3D)3??7A=?7/:=@>7A/:=4)=27."/?@17/<=
/DG@H7:<6CDCI=%6G8=6C9L>AA7:8DBEA:I:97NC9:7GJ6GN
H D; HI :8:B7:G I=: 6AI:GC6I>K: HDAJI>DC CD L6H 7:>C< ;DGB6A>O:9 ,=>H L>AA >C8G:6H: I=:
8DCIG68IJ6A6BDJCIID6EEGDM>B6I:ANJGD6C9EDHIEDC:I=:8DCIG68IJ6AI:GB7NBDCI=H
,=:?D7;DGDK:GJGD>C8AJ9:HI=:;DAADL>C<LDG@H
DCHIGJ8I>DCD;7J>A9>C<H;DGB:9>86A
HJG<>86A
DJIE6I>:CI68I>K>I>:H
DCHIGJ8I>DCD;6I:8=CDAD<>86A8:CIG:;DGI=:=DHE>I6A
!CI:GC6AGD69HNHI:BL>I=86GE6G@H6C98DCC:8I>DCHL>I=I=:DG9>C6GNGD69C:ILDG@
DCHIGJ8I>DCD;6B6>CH:L:G
HD;HI:8:B7:G/DG@H(GD<G:HHG:EDGIH=697::C9G6;I:9;DG6CDK:G6AA6BDJCID;DK:GJGD
,=:LDG@H6G:G:<JA6GAN7:>C<86GG>:9DJI
<A3?>=?A=4("7<7/A=%7@/I*<7A@4=?=?D/?23?@3<A?3
,=:?D78DCH>HIHD;7J>A9>C<6C>C9JHIG>6AJC>I>C8AJ9:9>CI=:ADIEA6CD;I=:6G:6L=>8=>HID7:8DB:6IG6>C
N6G9
9>HIG>8I>C+6CDC6IDC:6GI=:!
(!
$! ><=L6N,=:JC>I>HB69:JED;>C9JHIG>6AH=:9H;DG
DK:G6AA8DK:G:9BI=:H=:9H6G:EG:;67G>86I:96C9B69:D;EG:;67G>86I:98JGI6>CL6AAHEAJH
BD;B>99A:;ADDGH;DGD;;>8:H6C97J>A9>C<;DGB6C6<:B:CI6C98DBB:G8>6AEJGEDH:H;DG6CDK:G6AA6G:6D;
HDB:B,=:?D76BDJCIHIDB>AA>DCJGD
%?=2B1A7=<B<7A7<&B3?17=:/"B<717>/:7AF=4(3@A=7=?3<A7<=
,=: ?D7 ;DG:H::H I=: 8DCHIGJ8I>DC D; EGD9J8I>DC JC>IH D; L=>8= CDH 6C9 6H JC9:G I=: %>C>BJB
-C>IHD;!CI:GK:CI>DC-%!>C8AJ9:9>CI=::I6>A:9(A6CCDE6<:D;I=:(G<3*:<JA6I>C<
(A6C4,=:EGD9J8I>DCJC>I8DCH>HIHD;EGD9J8I>DC7J>A9>C<H6C9H:GK>8:8:CIG:H6C9G:A6I:9LDG@H;DG6C
DK:G6AA6G:6D;HDB:BEAJH6E6G@>C<6G:6D;HDB:B6C9EG>K6I:GD69H;DGHDB:B
!CE6GI>8JA6GI=:%-!6G:HIGJ8IJG:96C99:K:ADE:96H;DAADLH
-%!7J>A9>C<H;DGEGD9J8I>DCEJGEDH:HDC;ADDGH6C96H:GK>8:8:CIG:DC;ADDGHJH67A:6G:6
B
-%!7J>A9>C<H;DGEGD9J8I>DCEJGEDH:HDC;ADDGH6C96H:GK>8:8:CIG:DC;ADDGHJH67A:6G:6
B
-%!7J>A9>C<;DGEGD9J8I>DCEJGEDH:HDC;ADDGHJH67A:6G:6B
-%!7J>A9>C<H;DGEGD9J8I>DCEJGEDH:HDC;ADDGHJH67A:6G:6B
,=:EGD?:8IEGDK>9:H;DG7J>A9>C<HL=>8=B6N7:HJ79>K>9:9>CIDH:K:G6AJC>IH9:K:ADE:9DCI=:76H>HD;I=:
P;GDCI768@R>9:6>:;68>C<7DI=EJ7A>86C9EG>K6I:GD69HDCI=:A6II:GHB6AA8DJGIN6G9H6G:6AHDAD86I:9
AA 7J>A9>C<H 6G: EG:;67G>86I:9 L>I= EG:;67G>86I:9 8JGI6>C L6AAH >C 8DADJG:9 G:>C;DG8:9 8DC8G:I: DC B6IG>M
;DGBLDG@H (G:;67G>86I:9 7:6B 8DK:GH 6G: 8DBEA:I:9 7N H:B>8>G8JA6G E6C:AH >C >CHJA6I:9 6AJB>C>JB DDG
;G6B:H6G:>C6AJB>C>JB:CIG6C8:B:I6A;DA9>C<9DDGH6G:HJGBDJCI:97N86CI>A:K:GGDD;H,=:?D76BDJCIH
IDHDB:B>AA>DCJGD
35
36
$/=3./8>3+6
G:H>9:CI>6A >CI:GK:CI>DCH 6G: 8JGG:CIAN 7:>C< 86GG>:9 DJI >C ,JH86CN ;DG DK:G6AA 688DBBD96I>DC
JC>IHEAJH6HJ7HI6CI>6ACJB7:GD;8DBB:G8>6AJC>IH6C96CC:M:9D;;>8:H
+6>9?D7H=6K:7::C8DBB>HH>DC:97NAD86A7J>A9>C<8DDE:G6I>K:H6C9EG>K6I:8A>:CIH
,=:C:I6BDJCID;I=:?D7H>HDK:GB>AA>DCJGD
,=:BDHIH><C>;>86CI?D7H6G:A>HI:9=:G:7:ADL
J>A9>C< 6 G:H>9:CI>6A JC>I >C8AJ9>C< 6E6GIB:CIH Q .>6 ,DH86C>C> Q ADG:C8: Q DGB:G +>B:
6G:6;DG6C:I6BDJCID;I=:?D7IDI6AA>C<IDHDB:B>AA>DCJGD
-G76CG:HIDG6I>DCG:A6I:9IDI=:9:BDA>I>DCD;H=:9HG:HIDG6I>DCD;67J>A9>C<;DGAD9<>C<H6C9
H=DEH7J>A9>C<D;JC>IH;DGDK:G6AAAD9<>C<H6C9H=DE6BJAI>
;ADDG86GE6G@6C9EG>B6GN
6C9H:8DC96GN9:K:ADEB:CILDG@H>CI=:6G:6D;I=:DGB:G';;>8>C:+I>6CI>>C+6C6H8>6CD.6A9>
(:H6!;DG68DCIG68IJ6A6BDJCID;DK:GB>AA>DCJGD
:BDA>H=>C<:M>HI>C<7J>A9>C<HQ*:HIDG6I>DCD;DGB:G:CIG6A:>C:B66C9E6GID;';;>8>C::A
,6<A>6 Q +><C6 7J>A9>C< AD9<>C<H 6C9 8DBB:G8>6A JC>IH "D7 C:I 6BDJCI DK:G B>AA>DC
JGD
-G76CG:HIDG6I>DCG:A6I:9IDI=:9:BDA>I>DCD;H=:9H6C97J>A9>C<D;6G:H>9:CI>6A8DBEA:ML>I=
G:H>9:CI>6A 6C9 8DBB:G8>6A JC>IH ;DG 6E6GIB:CIH 6C9 H=DEH EAJH EG>B6GN 6C9 H:8DC96GN
JG76C>O6I>DCLDG@H>CI=:PDGB:G+>BHR6G:6>CI=:%JC>8>E6A>IND;+86C9>88>Q.>6%6OO>C>DC
I=:8DGC:GL>I=.>6:A%JA>C&JDKDQ;DGDK:GB>AA>DCJGD
*:HIDG>C<6C97J>A9>C<JC>IH;DGBJAI>EA:JH:H8DBB:G8>6AG:H>9:CI>6A6C9D;;>8:H;DGDK:G6AA
6E6GIB:CIH H=DEH 6C9 D;;>8:H EAJH JC9:G<GDJC9 6G:6H ;DG <6G6<:H 6C9 I:8=C>86A JC>IH
HJ79>K>9:9>C7J>A9>C<H>CI=:%JC>8>E6A>IND;*><C6CDHJAAGCDQ$D86A>IND;,GD<=>"D7C:I
6BDJCIB>AA>DCJGD
/>I=>CI=:;G6B:LDG@D;I=:!CI:<G6I:9!CI:GK:CI>DC(A6C(!!6>B:96IG:9:K:ADE>C<I=:JG76C
7J>A9>C<6C9:CK>GDCB:CI6A8DCI:MID;69>66+:II>BD+DADB76CD6((6G:63G:6;DG
DJC8>A DJH:H4=6H7::C>9:CI>;>:9L>I=>CL=>8=$DIH6G:7:>C<8DCHIGJ8I:9ID688DBBD96I:
DK:G6AA 6E6GIB:CIH HJ79>K>9:9 6H ;DAADLH I:GG68:9 ADIH ;DG 6E6GIB:CIH 6A><C:9 ADIH ;DG
6E6GIB:CIH 6C9 IDL:G ADIH ;DG 6E6GIB:CIH 6 7J>A9>C< ;DG 6 @>C9:G<6GI:C 6C9 BJAI>EA:
EJGEDH:HEAJHEG>B6GN6C9H:8DC96GN9:K:ADEB:CILDG@H>C8AJ9>C<6A6G<:<G::C6G:6ID7:JH:96H6
EJ7A>8E6G@"D7C:I6BDJCIB>AA>DCJGD
DCHIGJ8I>DCD;67J>A9>C<;DGB>M:9G:H>9:CI>6A6C98DBB:G8>6AEJGEDH:HL>I=>CI=:;G6B:LDG@D;
I=:*:8DK:GN(A6C>CI=:;DGB:G>6I6G:6>C&DKDA>ADG:C8:L>I=>CI=:%!-PR86AA:9PR>I
>H B69: JE D; AJMJGN 6E6GIB:CIH 6C9 8DBB:G8>6A JC>IH DC I=: <GDJC9 ;ADDG EAJH 6C
JC9:G<GDJC9<6G6<:8:AA6GH6C9I:8=C>86AJC>IH"D7C:I6BDJCIB>AA>DCJGD
/>I=>CI=::ME:G>B:CI6AG:H>9:CI>6A7J>A9>C<EA6C86AA:9P7J>A9>C<HDCG:CIR;;>IID>G:CO:
+ER =6H A6JC8=:9 I=: 8DCHIGJ8I>DC D; 6 DCK:CI>DC6A -C>I6GN (GD?:8I L>I=>C I=: >CI:GK:CI>DC
6G:6 P$6 +6A6R !C I=>H 8DCI:MI I=: ;DAADL>C< ADIH 6G: 7:>C< 7J>AI $DIH 6C9 BDG:
HE:8>;>86AAN $DI ID 7: A:I L>I= AD9<>C<H ;DG H6A: $DI L>I= AD9<>C<H $DI L>I= AD9<>C<H6C9$DIL>I=AD9<>C<H,=:6G:6>H>CADG:C8:AD86A>INP$6+6A6R"D7C:I6BDJCI
DK:GB>AA>DCJGD
<A3?</:?3@A=?/A7=<=4A630B7:27<57<C7/;3<2=:/IC7//<73:3"/<7<IC7/%?7<17>3;323='=;3)638=0
7<1:B23@1=;>:3A7=<=4/<7<2==?5/?/53/<2/1=<43?3<136/::
,=:G:H>9:CI>6A7J>A9>C<ID7:G:HIDG:996I:H768@IDI=:A6I:I=8:CIJGN8DK:G:96G:6HDB:B6C9
>CI:GC6A8DJGIN6G9HDB:B6C9>C8AJ9:H6CJC9:G<GDJC9;ADDG6C9H:K:C67DK:
I=:
<GDJC9;ADDGH
,=:B6HDCGNHIGJ8IJG:IJ;;7AD8@H6C9;JAA7G>8@LDG@H>C8AJ9:H9>;;:G:CI@>C9HD;;ADDGHDG><>C6A;ADDGH6G:
:>I=:G LDD9:C DG K6JAI:9 EG:K>DJHAN G:CDK6I:9 ;ADDGH 6G: :>I=:G L>I= 7G>8@ 6G8=:H DC >GDC !
7:6BH DG >C
G:>C;DG8:98DC8G:I:
6H>8 LDG@H :CK>H6<: I=: <:C:G6A G:EA68:B:CI D; ;ADDGH G:H:GK>C< 8DCHDA>96I>DC LDG@H DCAN ID G:>C;DG8:9
8DC8G:I:H:8I>DCHL=:G:CDIGJ>C:9
+I6>GH6C9A>;IH=6K:7::C:CI>G:ANEJAA:99DLC6C9G:7J>AI/6AAH=6K:7::CHJ>I67ANG:>C;DG8:9
HIDG:N<6G6<:=6H7::C7J>AI>CI=:>CI:GC6A8DJGIN6G9<D>C<B:IG:9::EJC9:GI=:HJE:GK>H>DCD;
I=:G8=6:DAD<>86A+JE:G>CI:C9:C8:I=:<6G6<:L>AAEGDK>9:86GEA68:H67DK:L=>8=68DC;:G:C8:=6AAL>AA
7:7J>AI
,=: C:L E6GI>I>DCH 6G: D7I6>C:9 I=GDJ<= :FJ>EE:9 L6AAH B69: D; 8=6A@ E6C:AH 6C9 HJEEDGI:9 7N B:I6A
HIGJ8IJG:H >: 6 8JII>C<
:9<: HDAJI>DC <J6G6CI::>C< CD>H: 676I:B:CI />C9DL 6C9 9DDG ;G6B:H 6G: 7:>C<
>CHI6AA:9:A:8IG>86A6C9B:8=6C>86AHNHI:BH6G:7:>C<8DBEA:I:9I=:H6B:6EEA>:HID;>C>H=>C<D;76I=GDDBH
DCI=:K6G>DJH;ADDGH
,=:?D7L>AA6BDJCIIDDK:G6AAB>AA>DCJGD
=A3:!72=27/;/7=?3
,=:=DI:AL=>8=>H7:>C<7J>AIDC.>6A:G>HID;DGDDADB7D6C9K>66CI:A><=>:G>>C$>9D9>6B6>DG:Q
$J886L>AA7:6;DJG
HI6G=DI:AL>I=6A6G<:DJIH>9:<6G9:C6C9DE:C
6>GHEDGI;68>A>I>:H>C8AJ9>C<ILDI:CC>H
8DJGIH6C96CDJI9DDGHL>BB>C<EDDAEAJHA6G<:86GE6G@H
,=:8DK:G:96G:6>HHDB:BL>I=H>M;ADDGH67DK:I=:<GDJC96C9I:8=C>86AJC>IHJC9:G<GDJC9,=:
<GDJC9 ;ADDG >C8AJ9:H 6AA 8DBBDC H:GK>8:H HJ8= 6H I=: =DI:A G:8:EI>DC G:HI6JG6CI 76G B::I>C<H GDDBH
D;;>8:H @>I8=:C 6C9 >C9DDG HL>BB>C< EDDA ,=: ;>K: JEE:G ;ADDGH L>AA >C8AJ9: G:H>9:CI>6A JC>IH 6C9 GDDBH,=:?D76BDJCIHIDB>AA>DCJGD
B7:27<54=?/11=;;=2/A7=<?3@723<A7/:/<21=;;3?17/:>B?>=@3@7<+7//?03?7<3@3
+7/7<@A37<I/;>7
7@3<G7=I:=?3<13
,=:?D78DC8:GCH6C6G:6JC9:G<D>C<G6E>9:ME6CH>DCI=6C@HID69NC6B>89:K:ADEB:CID;>IHG:I6>AIG69:
:CI:GI6>CB:CI;68>A>I>:H6C9HIGJ8IJG:H
,=:7J>A9>C<DCH>M67DK:
<GDJC9;ADDGH:MI:C9H;DGHDB:BD;L=>8=6G:;DGIDJG>HIEJGEDH:H
G:H>9:CI>6AJC>IH6C9BDCI=:<GDJC9;ADDG;DG8DBB:G8>6AEJGEDH:H
,=:EGD?:8I>C8AJ9:H6I6AAEDGI>8D>C&6KDC6IG6K:GI>C:L=>8=H:GK:H6H676H:6C968:CIG6AJC>I;GDBI=:
H:8DC9 ID I=: ;>;I= ;ADDG :K:CAN >CI:GGJEI:9 7N EG:;67G>86I:9 E6C:AH >C * A6HH *:>C;DG8:9 DC8G:I:
HEDG69>86AAN>CI:GHE:GH:97NKDAJB:HEGDIGJ9>C<;GDB>IH;6U69:
'CI=:IDE;ADDGI=:G:>H6CDE:C<6AA:GN6AD<<>6H:I768@;GDBI=:;6U69:L=>8=8DBEA:I:HI=:7J>A9>C<
'C>IHH=DGIH>9:HI=:G:6G::B:G<:C8NHI6>G86H:H86BDJ;A6<:97N6CDE6A<A6HH;GDCI
,=:?D76BDJCIHIDB>AA>DCJGD
Management report
37

DCHIGJ8I>DC D; 6 8>G8JA6G
H=6E:9 7J>A9>C< ;DG B>M:9 EJGEDH:H >: G:H>9:CI>6A 6C9 8DBB:G8>6A
EJGEDH:HL>I=6E6GIB:CIH6C98DBB:G8>6AJC>IHEAJHJC9:G<GDJC9<6G6<:H6C9<G::C6G:6H
>C 6A:CO6CD > Q H:8I>DC Q G6>AL6N HI6I>DC 6G:6 Q 6G:6 D; I=: ;DGB:G :B:CI 68IDGN
.6AB6G>C6"D76BDJCIB>AA>DCJGD
(GD?:8I L>I=>CI=: ;G6B:LDG@ D; I=: *:8DK:GN (A6CCD >C .>6&JDK6Q 6A:CO6CD ADG:C8:
>CKDAK>C<I=:8DCHIGJ8I>DCD;G:H>9:CI>6A7J>A9>C<H>CI=:-%!3%>C>BJB-C>I;DG!CI:GK:CI>DC4
-%!-%!!CI=:-%!6C9I=:*:8DK:GN(A6C6AADLH;DGI=::G:8I>DCD;ILD7J>A9>C<H;DG
:68= -%! L>I= ;ADDGH 67DK: <GDJC9 B6@>C< JE AD9<>C<H ;DG 6C DK:G6AA 8DK:G:9 <GDJC9
6G:6D;B!CI=:-%!6C9ILD7J>A9>C<H6G:EA6CC:9;DG:68=-%!I=DJ<=L>I=
;ADDGH67DK:<GDJC9B6@>C<JEAD9<>C<HL>I=6CDK:G6AA8DK:G:9<GDJC96G:6D;B,=:
B6>C 7J>A9>C<H >C8AJ9: EG>K6I: JC9:G<GDJC9 E6G@>C< ADIH L=>8= 86C 7: G:68=:9 ;GDB I=: 8:CIG6A
EDGI>DCD;I=:6AADIB:CI7:IL::CI=:K6G>DJH7J>A9>C<HI=:G:>H68:CIG6A8DJGIN6G9688:HH>7A:;GDB
EJ7A>8GD69HL>I=E:9:HIG>6CE6I=L6NHA:69>C<ID8DBBDCHI6>G86H:H6C9I=:AD9<>C<HDCI=:<GDJC9
;ADDG +J8= 8DBBDC 6G:6H L>AA 7: :FJ>EE:9 L>I= 6B:C>I>:H ;DHI:G>C< G:H>9:CIH HD8>6A 6<<G:<6I>DC
'JIH>9: I=: 7J>A9>C<H HB6AA EG>K6I: E>:8:H D; A6C9 L>AA 7: 6GG6C<:9 L>I= E6K>C< <G6HH 6C9 EA6CIH
>G
8DC9>I>DC>C<6C98:CIG6A=:6I>C<EA6CIHD;I=::CI>G:EGDE:GINL>AA7:8DCC:8I:9ID68:CIG6A>O:9
I:A:
=:6I>C<6C9I:A:
8DC9>I>DC>C<HNHI:BL=>8=L>AAHJEEAN7DI==DI6C98DA9L6I:G"D76BDJCI
B>AA>DCJGD
38
(*'!,&$'+++,,%&,++,&$!!$!,1+,,%&,
>C6C8>6AN:6G:C9:9L>I=6C:IEGD;>ID;JGD6EG:
I6MG:HJAID;JGD6C96C
DE:G6I>C<EGD;>ID;JGD
(GD9J8I>DC G:K:CJ:H >C8G:6H:9 L>I= G:HE:8I ID I=: EG:K>DJH N:6G <D>C< ;GDB JGD ID
JGD
(GD9J8I>DC G:K:CJ:H 6G: G:8DG9:9 C:I D; I=: 8DCIG68IJ6A G>H@ JGD G:EG:H:CI>C< I=: EGDK>H>DC ID
8DK:G:K:CIJ6AA>67>A>I>:HL>I=G:HE:8IIDH>C<A:8DCIG68IJ6AH>IJ6I>DCH9:I:GB>C:9DCI=:76H>HD;I=:>GG>H@H
,=: <GDHH DE:G6I>C< B6G<>C L:CI ;GDB JGD >C ;>C6C8>6A N:6G ID JGD >C
;>C6C8>6AN:6GI=JHG:8DG9>C<6C>C8G:6H:D;JGD
,=: DBE6CNH 6HH:IH 6C9 A>67>A>I>:H 6H D; :8:B7:G G:<>HI:GH 6 C:I >CK:HI:9 86E>I6A D; JGD
I=JHG:8DG9>C<6C>C8G:6H:D;JGD8DBE6G:9IDEG:K>DJH;>C6C8>6AN:6G
+=DGI
I:GB C:I >C9:7I:9C:HH L:CI ;GDB JGD >C ;>C6C8>6A N:6G ID JGD >C
;>C6C8>6AN:6GI=JHG:<>HI:G>C<6C>C8G:6H:D;JGD
%>9
ADC<
I:GBC:I>C9:7I:9C:HHL:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD>C
;>C6C8>6AN:6GI=JHG:<>HI:G>C<6C>C8G:6H:D;JGD
II=::C9D;I=:N:6GI=:DBE6CNHC:I:FJ>IN6BDJCI:9IDJGDL>I=6C>C8G:6H:D;JGD
L>I=G:HE:8IIDI=:EG:K>DJHN:6G
,=:B6>C:8DCDB>86C9;>C6C8>6A>I:BH>CI=:76A6C8:H=::I6HD;:8:B7:G>C8AJ9>C<I=DH:6AG:69N
B:CI>DC:967DK:6G:H=DLC>CI=:;DAADL>C<I67A:H

Management report
39
+JBB6GN(GD;>I$DHH+I6I:B:CI
+JBB6GNHH:I6C9$>67>A>INHI6I:B:CI
98</@/8?/=
98</@/8?/=
*:K:CJ:H
9?JHIB:CI
*:K:CJ:HC:ID;69?JHIB:CIH
'I=:GG:K:CJ:H6C9>C8DB:
"<9.?->398</@/8?/=8/>90+.4?=>7/8>=
'E:G6I>C<8DHIH
9?JHIB:CIH
'E:G6I>C<8DHIHC:ID;69?JHIB:CIH
<9==9:/<+>3817+<138
BDGI>O6I>DCH6C9EGDK>H>DCH
!:/<+>381:<903>
&:I;>C6C8>6A8=6G<:HG:K:CJ:H
9?JHIB:CIHID;>C6C8>6A6HH:IK6AJ:H
&:I:MIG6DG9>C6GN8=6G<:HG:K:CJ:H
"</>+B</=?6>
,6M:H
/>:<903>69==
+=2069A:<903>:6?=+79<>3D+>398=
&:I;>M:96HH:IH
&:I8JGG:CI6HH:IH
*>H@G:H:GK:H6C9BEADN::H*:I>G:B:CI!C9:BC>INJC9
/>38@/=>/.-+:3>+6
>C6C8>6A6HH:IHCDI8A6HH>;>:96H;>M:96HH:IH
+=DGI
I:GBC:I>C9:7I:9C:HH
%>9
ADC<
I:GBC:I>C9:7I:9C:HH
/>38./,>/.8/==
/>/;?3>C
7:69C//=+>C/+</8.
/></@/8?/=:/</7:69C//
,=:>C8G:6H:>CC:I8JGG:CI6HH:IH>HHE:8>;>86AAN6C6ANH:9>CI=:P>C6C8>6AEDH>I>DCRH:8I>DC
+=DGI
I:GB C:I >C9:7I:9C:HH L:CI ;GDB JGD >C ;>C6C8>6A N:6G ID JGD >C
;>C6C8>6AN:6GI=JHG:8DG9>C<6C>C8G:6H:D;JGDQH::I=:P>C6C8>6AEDH>I>DCRH:8I>DC;DG
;JGI=:G9:I6>AH
%>9ADC<
I:GBC:I>C9:7I:9C:HHL:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD>C
;>C6C8>6A N:6G I=JH G:8DG9>C< 6C >C8G:6H: D; JGD +J8= 6C >C8G:6H: >H 9J: B6>CAN ID 6C
>C8G:6H:>CE6N67A:HIDDI=:G;>C6C8>6A>CHI>IJI>DCH;68IDG>C<8DBE6C>:H
>CDG9:GID7:II:GG:EG:H:CII=:DBE6CNH68IJ6A:8DCDB>8IG:C9I=:D6G9D;>G:8IDGH=6H9:8>9:9ID9:9J8IBJIJ6A8G:9>IH6C9
9:7IH L>I= 8DCC:8I:9 8DCHDGI>JB 8DBE6C>:H ;GDB G:K:CJ:H 6C9 8DHIH >C I=6I H6>9 G:A6I>DCH JHJ6AAN >C8G:6H: G:K:CJ: 6C9 8DHI K6AJ:H
L>I=DJI699:9K6AJ:
40
,6M:HG:;:GID!*+8DGEDG6I:I6MD;JGDJGD>CID!*(G:<>DC6AI6MDC
EGD9J8I>DCD;JGDJGD>CIDG:6A><CB:CIHJ7HI>IJI:I6MD;JGD
6C9IDI=::;;:8ID;9:;:GG:9EG:E6>9I6M:HD;JGD
,=: 86H= ;ADL EGD;>I EAJH 6BDGI>O6I>DCH L:CI ;GDB JGD >C EG:K>DJH ;>C6C8>6A N:6G ID JGD
>C
,=:N:6GHEGD;>IL:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD>C;>C6C8>6AN:6G
,=:EG:
I6MG:HJAIL:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD>C;>C6C8>6AN:6G
,=:DE:G6I>C<EGD;>IL:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD>C;>C6C8>6AN:6G
I=JHG:8DG9>C<6C>C8G:6H:D;JGD
,=: <GDHH DE:G6I>C< B6G<>C L:CI ;GDB JGD >C ;>C6C8>6A N:6G ID JGD >C
;>C6C8>6AN:6GI=JHG:8DG9>C<6C>C8G:6H:D;JGD
Management report
41
$>FJ>9;JC9H
(6N67A:HID76C@HL>I=>CDC:N:6G
(6N67A:HIDDI=:G;>C6C8>6A>CHI>IJI>DCHL>I=>CDC:N:6G
/>038+8-3+6:9=3>398>9A+<.=>23<.:+<>3/=
&:I;>C6C8>6AG:8:>K67A:H;GDB&:I;>C6C8>6AE6N67A:HID8DCIGDAA:9
8DBE6C>:HL>I=>CDC:N:6G
&:I ;>C6C8>6A G:8:>K67A:H ;GDB &:I ;>C6C8>6A E6N67A:H ID 6;;>A>6I:9
>C6C8>6A G:8:>K67A:H ;GDB &:I ;>C6C8>6A E6N67A:H ID E6G:CI
/>=29<>>/<7038+8-3+6:9=3>398
(+<3+>398
,=:IDI6A8/>038+8-3+6:9=3>398>9A+<.=>23<.:+<>3/=9:8G:6H:97NJGD
,=: IDI6A 8/> =29<>>/<7 038+8-3+6 :9=3>398 L:CI ;GDB JGD >C ;>C6C8>6A N:6G ID JGD
>C;>C6C8>6AN:6GI=JHG:8DG9>C<6>C8G:6H:D;JGD,=:H=DGI
I:GB;>C6C8>6A
EDH>I>DC=><=A><=IH6C>C8G:6H:9J:B6>CANID69:8G:6H:>C;>C6C8>6AG:8:>K67A:H;GDB8DCIGDAA:98DBE6C>:H
,=:IDI6A8/>73.6981>/<7038+8-3+6:9=3>398L:CI;GDBJGD>C;>C6C8>6AN:6GIDJGD
>C;>C6C8>6AN:6GI=JHG:8DG9>C<6C>C8G:6H:D;JGD+J8=6C>C8G:6H:>H9J:
B6>CANID6C>C8G:6H:>CE6N67A:HIDDI=:G;>C6C8>6A>CHI>IJI>DCH;68IDG>C<8DBE6C>:H
(6N67A:HID76C@H6BDJCI>C<6HD;:8:B7:GIDJGD6G:B69:JE6H;DAADLH
JGD;DGBDGI<6<:HID7:7DGC:7NI=>G9E6GI>:H
JGD;DG69K6C8:HDC>CKD>8:H6C976C@G:8:>EIH
JGD HJ79>K>9:9 6H ;DAADLH JGD ;DG 76C@ G:8:>EIH G:8A6HH>;>:9 >C I=:
688DJCI DK:G9G6;I H>C8: <>K:C 76C@H B6C6<: 6 H>C<A: 688DJCI JGD G:A6I>C< ID I=:
688DJCIDK:G9G6;I
JGD;DG69K6C8:HDC8DCIG68IHD;L=>8=JGDL>I=>CDC:N:6G6C9JGD
6;I:GN:6G
JGD ;DG B>9
I:GB ;>C6C8>C< D; L=>8= JGD L>I=>C DC: N:6G 6C9 JGD
6;I:GN:6G
42
,=:9>;;:G:CI8DBEDC:CIHD;LDG@>C<86E>I6A9:K:ADE:96H;DAADLH>CJGD
!CK:CIDGN
&:IG:8:>K67A:H;GDB8A>:CIH
*:8:>K67A:H;GDB8DCIGDAA:98DBE6C>:H
*:8:>K67A:H;GDB6;;>A>6I:98DBE6C>:H
*:8:>K67A:H;GDBE6G:CI8DBE6C>:H
*:8:>K67A:H;GDBI6M6I>DC6JI=DG>I>:H
(G:E6>9I6M:H
*:8:>K67A:H;GDBDI=:GH
(6NB:CIHDC688DJCI;DG?D7H>CEGD<G:HH
9K6C8:H;GDB8JHIDB:GH;DG?D7HID7:E:G;DGB:9
88DJCIH6C99:EDH>IHDCEG:A>B>C6GN9::9HD;H6A:
(6N67A:HIDHJEEA>:GH
(6N67A:HID8DCIGDAA:98DBE6C>:H
(6N67A:HID6;;>A>6I:98DBE6C>:H
(6N67A:HIDI6M6I>DC6JI=DG>I>:H
(6N67A:HID+D8>6A+:8JG>IN6JI=DG>I>:H
'I=:GE6N67A:H
&:I9:;:GG:96C9688GJ:9:ME:CH:H6C9>C8DB:
/>-?<</8>+==/>=
(+<3+>398
!&'*%,!'&'&, -+'!&&!$!&+,*-%&,+
(JGHJ6CIID9D8JB:CICD>HHJ:97NI=:!I6A>6C88DJCI>C<';;>8:'!L:=:G:7NEGDK>9:I=:;DAADL>C<
>C;DGB6I>DCDC;>C6C8>6AEDH>I>DCH
,=:8G:9>IG>H@G:EG:H:CIHI=:DBE6CNH:MEDHJG:ID EDI:CI>6AADHH:H9J:IDI=:8DJCI:GE6GIH7G:68=D;>IH
D7A><6I>DCH !C I=: A><=I D; I=: DBE6CNH B6>C 8A>:CIH I=: 8G:9>I G>H@ 8DCC:8I:9 L>I= >IH DG9>C6GN
E:G;DGB6C8:D;8DBB:G8>6AIG6CH68I>DCH>H<:C:G6AANADL,=:DBE6CN=6HCDI:C8DJCI:G:96CNH><C>;>86CI
7G:68=:H
,=:A>FJ>9>ING>H@G:EG:H:CIHI=:G>H@I=6I;>C6C8>6AG:HDJG8:HB6NCDI7:6K6>A67A:DGB6N7:HDI=DJ<=DCAN6I
6=><=EG>8:,=:DBE6CN8JGG:CIAN9::BH>I=6H688:HHIDHJ;;>8>:CI;>C6C8>C<HD6HIDH6I>H;N>IH;DG:H::67A:
;>C6C8>6AC::9H
!I>HCDC:I=:A:HHED>CI:9DJII=6II=:DBE6CN=6HJH:99:G>K6I>K:;>C6C8>6A>CHIGJB:CIH>CEJGHJ>C<6EDA>8N
6>B:9 6I 8DK:G>C< I=: P>CI:G:HI G6I:HR G>H@ ;DG E6GI D; >IH HIGJ8IJG6A >C9:7I:9C:HH I=: MEA6C6IDGN &DI:H
EGDK>9:6AA>C;DGB6I>DCDCI=:@>C9D;>CHIGJB:CIHJH:96C9DCI=:>G;6>GK6AJ:
*+* &.$'(%&,
,=:DBE6CN>CK:HIH>CEGD9J8I>CCDK6I>DC6C99:K:ADEB:CI6C9>C>BEGDK>C<I=:FJ6A>IND;>IHH:GK>8:H
6C9DE:G6I>C<HNHI:BH
!I9D:HCDI86GGNDJI6EEGDEG>6I:ANFJ6A>;>67A:I:8=CDAD<>86AG:H:6G8=
(*'*%%,!'-%&,'&+,1
DGI=:EJGEDH:D;<J6G6CI::>C<I=:8DGG:8IEGD8:HH>C<D;E:GHDC6A96I6:HE:8>6AAND;H:CH>I>K:96I6>C
I=: DBE6CN JE96I:9 >IH +6;:IN (GD<G6BB: 9G6;I:9 6H :6GAN 6H >C 8DBEA>6C8: L>I= ED>CI D;
$:<>HA6I>K::8G::CD
!&&!$('+!,!'&
,=:76A6C8:H=::I6HD;:8:B7:GEGDK>9:H68DBEA:I:6C6ANH>HD;I=:DBE6CNH;>C6C8>6AHIGJ8IJG:
6C9D;6AAK6G>6I>DCHID>C9>K>9J6A>I:BHI=:BDHIH><C>;>86CIIG:C9H=6K:7::CG:EDGI:97:ADL
,=:DBE6CNHC:IH=DGI
I:GB;>C6C8>6AEDH>I>DC>HHJBB6G>H:96H;DAADLH>CJGD
Management report
43
*$,!'&+ !(+/!, (*&,'&,*'$$&!$!,'%(&!+
II=::C9D;I=:;>C6C8>6AN:6GI=:G::M>HI:9I=:;DAADL>C<G:A6I>DCH=>EHL>I=E6G:CI8DCIGDAA:96C96;;>A>6I:9
8DBE6C>:H
%%& &*
$&! %"
38.90</6+>398=23:
38+8-3+6</-/3@+,6/=
38+8-3+6</-/3@+,6/=+8.
9>2/<</-/3@+,6/=
!>2/<:+C+,6/=
CI:G:9JC9:G;>M:96HH:IH
CI:G:9JC9:G8JGG:CI6HH:IH
%2+</296./<=09<038+8-381
DA9>C<*%+E
9>A
!CK:HI+GA
"+</8>-97:+83/=
DA9>C<*%+E
9>A
!CK:HI+GA
98><966/.-97:+83/=
+:GK>O>+GA
!BBD7>A>6G::GGJ88>+GA
GJEED6GIDADB:>
JH>+GA
=>DH>C6+86GA7:>C<LDJC9
JE
DG>O>6+86GA
+><:&DID+86GA
+><:*DHDA>C>+86GA
G:K6A8DG:&D<6G6+86GA
%$6KDG>.:C:ID+86GA
6G7:G>CD+86GA
(GD;:G+86GA
97:+8C
>CJGD
00363+>/.-97:+83/=
+JCID+GA
9!C,G:+GA7:>C<LDJC9
JE
DCHDGO>DDAA:JIJG6
,G6K:A+86GA7:>C<LDJC9
JE
$6DC9:G>6+GA7:>C<LDJC9
JE
&JDK6B>A>6+86GA
DCHDGO>D&JDK669>6
.>AA6%6<A>+GA
.>AA6DHH>+GA7:>C<LDJC9
JE
(GD?:8IDHIGJO>DC>+86GA
%J<:AAD'JIA:I+86GA
DCHDGO>D;;>IID>G:CO:
DCHDGO>D+I67>A:'E:G6:
+D8DCH'HE:96A:BEDA>6GA
%:IGDEDA>H+E
>DB>G6+86GA
G:I:AA6+86GA
&9>+6
'%(&1+'/&+ *+
HD;:8:B7:GI=:DBE6CN=:A9C:>I=:GH=6G:HD;>IHDLCCDGH=6G:HD;E6G:CI8DBE6C>:HCDG
=69>II6@:CHI:EHIDEJG8=6H:DGH:AA6CNHJ8=H=6G:H9JG>C<I=:;>C6C8>6AN:6G
*& '!+
(JGHJ6CIID6GI>8A:>I>H=:G:7NHE:8>;>:9I=6IDCEG>AI=:DBE6CN8ADH:9>IH7G6C8=D;;>8:
>C*DB:
.>6G6BH8>
,=: :MI:CI D; I=: DBE6CNH ;>C6C8>6A G:A6I>DCH=>EH L>I= 8DCIGDAA:9 8DBE6C>:H G:HJAIH ;GDB I=: ;>C6C8>6A
8DDG9>C6I>DC86GG>:9DJI7NI=:E6G:CI8DBE6CN,=: JH:D;6K6>A67A:G:HDJG8:HL>I=>CI=:GDJEI6@:HI=:
H=6E: D; H=DGI
I:GB AD6CH 6I I>B:H CDC
>CI:G:HI 7:6G>C< 6C9 6I I>B:H G:BJC:G6I:9 6I B6G@:I G6I:H DC 6C
6CCJ6A76H>H
'I=:GG:8:>K67A:HHJ7HI6CI>6AAN8DCH>HI>C9:7IH;DGH:GK>8:H>CI:G:HIH6C99:7IH>C8JGG:9IDG:8DK:G:ME:CH:H
44
Management report
45
97:+8C
>CJGD
38.90</6+>398=23:
38+8-3+6
</@/8?/=
38+8-3+6
-2+<1/=
"/<09<7+8-/90
B><+9<.38+<C
=/<@3-/=%+6/90
</@/8?/=
+==/>=
9=>=
"+</8>-97:+83/=
DA9>C<*%+E
9>A
!CK:HI+GA
98><966/.-97:+83/=
+:GK>O>+GA
!BBD7>A>6G::GGJ88>+GA
GJEED6GIDADB:>
JH>+GA
(G6IDDCHDGO>D7:>C<LDJC9
JE
=>DH>C6+86GA7:>C<LDJC9
JE
6HI:AAD+86GA7:>C<LDJC9
JE
DG>O>6+86GA
+><:&DID+86GA
+><:*DHDA>C>+86GA
%$6KDG>.:C:ID+86GA
G:K6A8DG:&D<6G6+86GA
6G7:G>CD+86GA
(GD;:G+86GA
00363+>/.-97:+83/=
9!C,G:+GA7:>C<LDJC9
JE
(GD?:8IDHIGJO>DC>+86GA
.>AA6DHH>+GA7:>C<LDJC9
JE
A7:GI>+GA
%J<:AAD'JIA:I+86GA7:>C<
LDJC9
JE
DCHDGO>DDAA:JIJG67:>C<
LDJC9
JE
DCHDGO>D&JDK669>6
+>9:8D
G:I:AA6+86GA
DCHDGO>D+I67>A:'E:G6:
.>AA6%6<A>+GA
>DB>G6+86GA
,G6K:A)J>C9>8>+86GA7:>C<
LDJC9
JE
>DG:CO6)J6IIGD+GA7:>C<
LDJC9
JE
&JDK6B>A>6+86GA7:>C<
LDJC9
JE
+JCID+GA
DCHDGO>D;;>IID>G:CO:
$6DC9:G>6+GA7:>C<LDJC9
JE
+D8DCH'HE:96A:9>BEDA>6
GA
%:IGDEDA>H+E
&9>+6
+!&!!&,.&,+'-**,*, !&&!$1*/+$'+
&DH><C>;>86CI:K:CID88JGG:96;I:GN:6G:C9I=6IB6NG:6HDC67AN?JHI>;N68=6C<:>CI=:DBE6CNH;>C6C8>6A
6C9:8DCDB>8HIGJ8IJG:G:;A:8I:9>CI=:6A6C8:+=::I
'*+$.$'(%&,
EDH>I>K:9:K:ADEB:CID;I=:DBE6CNH68I>K>I>:H6C9B6C6<:B:CI>H:ME:8I:97DI=>CI:GBHD;DE:G6I>DC6A
EGD;>I67>A>IN6C9;>C6C8>6AG:IJGCH
(*'('+$1, '*'!*,'*+
'C D886H>DC D; >IH B::I>C< DC %6N I=: D6G9 D; >G:8IDGH 9:8>9:9 ID HJ7B>I I=: DBE6CNH
76A6C8:H=::I6HD;:8:B7:GIDI=:HH:B7ANH6EEGDK6A1DJ6G:I=JH>CK>I:9
ID6EEGDK:I=:76A6C8:H=::I6HD;:8:B7:G
ID9:8>9:DCI=:EGDEDH6AIDJH:I=:N:6GHEGD;>ID;JGD6H;DAADLH
JGD6HA:<6AG:H:GK:
JGD6H:MIG6DG9>C6GNG:H:GK:
!8,/2+6090&!$!$&!$%
&2/2+3<7+8
%G*>886G9DJH>
! !
$&! %"%
46
Management report
47
BALANCE
2007
2006
ASSET AND LIABILITY STATEMENT: ASSETS
A) SUBSCRIBED CAPITAL UNPAID
B) FIXED ASSETS - assets granted on financial
lease are indicated separately:
I - Intangible assets
1) Start-up and expansion costs
2) Research, development and advertising costs
3) Industrial patents and similar rights
4) Concessions, licences, trademarks and similar rights
5) Goodwill
6) Assets under development and payments on account
7) Other intangible assets
TOTAL
II - Tangible assets
1) Land and buildings
2) Plants and machinery
3) Industrial and commercial equipment
4) Other assets
5) Assets under construction and payments on account
TOTAL
III - Financial assets
1) Investments in
a) controlled companies
b) affiliated companies
c) parent companies
d) other companies
2) Accounts receivable
a) from controlled companies
b) from affiliated companies
c) from parent companies
d) other
102.918
154.566
851
5.220
335.860
775.893
4.377
4.256
444.006
939.935
4.151.427
342.494
460.976
3.302.618
260.766
318.644
4.954.897
3.882.028
due within 1 year
due after 1 year
13.912.390
203.761
2.550.314
1.879.262
9.402.879
2.621.898
2.630.249
24.227.245
179.672.557
503.887
11.429.601
2.638.606
919.148
Extraordinary reserve
Differences in rounding off
VIII - Retained earnings (or losses) carried forward
IX - Profit (loss) for year
TOTAL A) NET EQUITY
B) PROVISIONS FOR RISKS AND CHARGES
1) Severance pay and other similar provisions
2) Taxation, including deferred taxation
3) Other
due within 1 year
5.375.973
503.887
17.766.168
2.638.606
3.318.584
A) NET EQUITY
I - Share Capital
II - Share premium reserve
III - Revaluation reserve
IV - Legal reserve
V - Statutory reserves
VI - Reserve for company's own shares
VII - Other reserves
due after 1 year
6.336.567
168.239.203
10.058.692
168.239.203
4.305.392
5.753.300
2.399.436
1.374.662
760.871
613.791
3) Other securities
4) Company's own shares
TOTAL
TOTAL B) FIXED ASSETS
C) CURRENT ASSETS
I - Inventory
1) Raw, auxiliary materials and consumables
2) Goods being processed and semi-processed goods
3) Contractual work in progress
4) Finished goods and goods for resale
5) Payments on account
TOTAL
II - Accounts receivable
1) from clients
2) from controlled companies
3) from affiliated companies
4) from parent companies
4-bis) Receivables from taxation authorities
4-ter) Prepaid taxes
5) Other
TOTAL
III - Financial assets not classified as fixed assets
1) Investments in controlled companies
2) Investments in affiliated companies
3) Investments in parent companies
4) Other investments
5) Company's own shares
6) Other securities
TOTAL
IV - Liquid assets
1) Bank and postal accounts
2) Cheques in hand
3) Cash-in-hand and cash equivalents
TOTAL
TOTAL C) CURRENT ASSETS
D) PREPAYMENTS AND ACCRUED INCOME
Prepayments
Accrued income
TOTAL ASSETS
2007
2006
36.000.000
36.000.000
1.420.141
1.238.764
3.461.756
15.583
3.461.754
2
15.584
-1
7.213.466
48.095.363
3.627.547
40.881.894
55.513
526.457
6.122.881
526.457
581.970
6.093.866
6.649.338
5.480.841
ASSET AND LIABILITY STATEMENT: LIABILITIES
29.603.218
35.002.121
193.584.947
198.406.910
7.964.547
4.455.381
1.441.935.482
9.731.492
2.805.584
1.154.939.882
8.061.015
4.133.192
1.462.437.105
237.433.632
191.632.171
11.484.888
494.032
2.026.452
852.593
45.163.459
489.087.227
TOTAL D) ACCOUNTS PAYABLE
E) ACCRUED EXPENSES AND DEFERRED INCOME
Accrued expenses
Deferred income
TOTAL LIABILITIES
1.171.589.470
due within 1 year
due after 1 year
237.433.632
191.632.171
11.484.888
TOTAL B) RESERVES FOR RISKS AND CHARGES
C) EMPLOYEES' RETIREMENT INDEMNITY FUND
D) ACCOUNTS PAYABLE
1) Debentures
2) Convertible debentures
3) Sums due to members for loans
4) Sums due to banks
5) Sums due to other financial institutions
6) Payments on account
7) Accounts payable to suppliers
8) Accounts payable on bills accepted and drawn
9) Accounts payable to controlled companies
10) Accounts payable to affiliated companies
11) Accounts payable to parent companies
12) Accounts payable to taxation authorities
13) Accounts payable to social security authorities
14) Other accounts payable
due within 1 year
242.841.226
70.603.913
1.388.938.930
170.884.769
77.860.269
15.854.143
25.286
14.775.787
3.121.969
14.252.591
dueentro
within
year
121mesi
due
after
year
oltre
121mesi
199.863.507
42.977.719
41.870.738
28.733.175
1.321.588.930
67.350.000
170.884.769
77.860.269
15.854.143
25.286
13.489.778
1.286.009
3.121.969
13.950.271
302.320
dueentro
within
year
121mesi
188.892
223.499.162
58.845.787
1.047.002.528
172.109.739
86.600.254
14.455.547
25.286
7.161.052
3.395.566
12.147.062
1.999.158.883
927.424
594.951
332.473
1.625.430.875
756.889
472.579
284.310
2.054.857.506
1.679.199.837
188.892
188.341.112
35.158.050
51.539.340
7.306.447
1.047.002.528
172.109.739
86.600.254
14.455.547
25.286
7.156.044
205.517.362
11.593.249
12.028.698
1.577.744
9.169.848
12.025.953
2.745
840.633
737.111
9.030.813
139.035
29.113.633
4.298.480
494.032
2.023.707
2.745
112.571
740.022
45.008.553
154.906
261.705.765
10.499.500
6.570.940
5.900.940
17.070.440
6.050.140
14.471.539
25.575.112
Commitments on preliminary deeds of purchase
4.220.000
4.005.324
Commitments on preliminary deeds of sale
8.123.293
8.108.293
Commitments towards third parties
2.128.246
Commitments on derivative contracts
Risks
Risks towards third parties
16.769.496
4.845.258
70.434
124.591
16.839.930
1.985.434.702
34.420.683
102.004
34.318.679
4.969.849
1.444.315.224
36.477.703
39.067
36.438.636
2.054.857.506
1.679.199.837
2006
memorandum accounts
Commitments
149.200
2007
Guarantees provided
Bank sureties to controlled companies
Bank sureties to affiliated companies
Bank sureties to clients
Insurance sureties to clients
Joint insurance debentures
Pledges given to third parties
Sureties to controlled companies
TOTAL MEMORANDUM ACCOUNTS
8.461.495
5.000.000
463.185
463.185
463.185
463.185
165.996.621
178.503.069
500.000
3.675.000
12.810.655
145.192.274
1.329.258
332.976
2.156.458
742.477
13.145.000
35.307.337
122.461.415
4.357.406
332.976
2.156.458
180.931.345
204.541.366
Balance
5.008
3.395.566
due after 1 year
205.517.362
29.113.633
4.298.480
due
after
year
oltre
121mesi
51
553.813
2007
2006
2) variation in stock, work in progress, semi-finished product and finished goods
3) variation in contracted work in progress
188.256.816
189.905.340
1.670.477
-95.773
286.995.600
299.853.691
37.930.251
9.971.041
37.930.251
9.971.041
4) increase in fixed assets for internal work
5) other revenues and income
miscellaneous
15) income from investments
16) other financial income
a) receivables classified as fixed assets
514.853.144
499.634.299
affiliated companies
other companies
33.588
-94.458.747
8) use of third party assets
-15.639.712
-12.688.345
c) from securities/holdings entered among current assets which are not investments
9) personnel expenses
-59.320.473
-48.339.482
d) other income
a) Wages and salaries
-40.502.650
-33.296.092
controlled companies
b) Social security contributions
-16.313.312
-12.993.850
-2.504.511
-2.049.540
d) Write-downs of accounts receivable listed among current assets and of liquid assets
11) variation in raw and auxiliary materials, consumables and goods
6.035.483
-17.840.297
-27.043.887
-17.838.662
-11.005.243
-10.868.168
19) write-downs
-221.133
-27.734
a) investments
-221.133
-27.734
-221.133
-27.734
-1.694.801
-505.729
-1.140.455
-928.901
parent companies
other companies
-260.171
1.797.407
-10.000
13) other reserves
TOTAL
Difference between production revenues and costs (A-B)
2.240.981
-498.877
-711.999
-2.931.125
-492.485.854
22.367.290
-478.229.918
21.404.381
-1.635
17-bis) Profit and loss on exchange rates
Profits on exchange rates
Losses on exchange rates
TOTAL (15+16-17+-17 bis)
-4.267.997
85.149
6.035.483
-27.043.887
-2.351.331
4.009.166
128.186
2.240.981
parent companies
other companies
12) provisions for risks
14) other management charges
b) from securities/holdings entered among fixed assets which are not investments
17) interests and other financial charges
c) Other write-downs of fixed assets
53.324
15.215
-319.904.825
b) Amortization of tangible fixed assets
839.565
13.023.354
771.026
-298.672.215
a) Amortization of intangible fixed assets
13.603.118
493.206
-116.243.292
e) Other costs
11.932
6.960.197
parent companies
7) services
d) Severance pay and similar costs
66.359
15.972.285
52.970
6) raw and ancillary materials, consumables and goods
10) Amortizations and write-downs
11.932
B) PRODUCTION COSTS
c) Employees' retirement indemnity fund
66.359
other companies
grants
TOTAL
2006
C) FINANCIAL INCOME AND CHARGES
A) PRODUCTION REVENUES
1) revenues from sale of goods and service performance
2007
PROFIT AND LOSS STATEMENT
PROFIT AND LOSS STATEMENT
D) ADJUSTMENTS TO FINANCIAL ASSETS VALUE
18) revaluations
a) investments
b) financial fixed assets other than investments
c) securities/holdings entered among current assets which are not investments
b) financial fixed assets other than investments
c) securities/holdings entered among current assets which are not investments
TOTAL (18-19)
E) EXTRAORDINARY INCOME AND CHARGES
20) extraordinary income
3.031
a) gains on sales
3.031
b) other
21) extraordinary charges
-19.296
-5
a) losses on sales
b) taxes relating to previous years
-19.296
c) other
TOTAL (20-21)
Pre-tax result (A-B+/-C+/-D+/-E)
22) Current, deferred and prepaid operating income tax
a) current taxation
b) deferred/prepaid taxation
23) Net profit (loss)
-5
-19.296
11.121.618
3.026
10.511.505
-3.908.152
-6.883.958
-9.160.240
-6.020.384
5.252.088
-863.574
7.213.466
Balance
3.627.547
53
EXPLANATORY NOTES
#%* +*&$)
/'#%+&)0%&+*
!%+)&,+!&%
+:7 3>3@57 *:77F 5A@E;EFE A8 F:7 EE7F 3@6 #;34;>;FK *F3F7?7@F F:7 'DA8;F 3@6 #AEE *F3F7?7@F 3@6 F:7
JB>3@3FADK%AF7E
+:7A?B3@KE;@3@5;3>*F3F7?7@F;E3>EA3@@7J76FABDAH;67?AD77J:3GEF;H7;@8AD?3F;A@
!@8AD?3F;A@ D793D6;@9 F:7 @3FGD7 A8 F:7 A?B3@KE 35F;H;F;7E E;9@;8;53@F BAEF
43>3@57 E:77F 7H7@FE 3@6
673>;@9EI;F:5A@FDA>>76388;>;3F763@6B3D7@F5A?B3@;7E53@478AG@6;@F:7$3@397?7@F)7BADF
-%+,##&%!%+&)&,'
3>63EE;@;
+A9@ALL;
'A@F7>>AAEFDGL;A@;7@7D3>;*B;@E:ADF+';EF:7B3D7@F5A?B3@KA8DGBBA
3>63EE;@;
+A9@ALL;
'A@F7>>A '>73E7 D787D FA F:7 $3@397?7@F )7BADF 8AD 3 5A?B>7F7 >;EF A8 F:7 5A?B3@;7E
6;D75F>K3@6;@6;D75F>K5A@FDA>>76F:7D74K3@6A8;FE388;>;3F765A?B3@;7E
!@;FE53B35;FKA85A@EA>;63F;@95A?B3@KF:7A?B3@KFA97F:7DI;F:5A@FDA>>765A?B3@;7E*7DH;L;*D>
DGBBA3DFA>A?7;
GE;*D>3@6!??A4;>;3D77DDG55;*D>:3E7@6ADE768ADF:7K73DE
F:7
M%3F;A@3> +3J A@EA>;63F76 *KEF7?O ;@FDA6G576 4K 3DF;5>7E FA A8 F:7 @7I +G;D 1*A>7 +7JF A@
!@5A?7+3J2F:;E7@F3;>EF:767F7D?;@3F;A@8AD!D7EBGDBAE7EA83EA>7AH7D3>>BDA8;FI;F:B3K?7@FA83EA>7
F3JFA47B3;6ADEGDB>GE3ED78G@634>75D76;FAD53DD;768ADI3D64KF:75A@EA>;63F;@95A?B3@K+'*B
+:753DDK;@98ADI3D6A83@7H7@FG3>5A@EA>;63F76>AEE7CG3>>KB7DF3;@EFAF:7>3FF7D
*!*&')*%++!&%
+:743>3@57E:77F3EA8757?47DBD7E7@F764KF:7A3D6A8;D75FADEA8+'*BI3E6D3I@GB
;@5A?B>;3@57I;F:F:7!F3>;3@;H;>A67
+:75D;F7D;38ADF:76D38F;@9A8F:743>3@57E:77F3@68ADF:77H3>G3F;A@A8E;@9>77@FD;7E3D7;@355AD63@57I;F:
F:7 355AG@F;@9 BD;@5;B>7E >3;6 6AI@ 4K F:7%3F;A@3> A3D6E A8 55AG@F3@FE 3@6 4K F:755AG@F;@9 !F3>;3@
&88;57
+:7 43>3@57 E:77F 7@FD;7E 3D7 7JBD7EE76 ;@ GDA 5GDD7@5K @K 6;887D7@57E D7EG>F;@9 8DA? F:7 DAG@6;@9 A8
H3>G7E7JBD7EE76;@GDA3D7BAEF76;@F:7EB75;8;5D7E7DH7G@67D%7FCG;FK
+:7BGDBAE7A8F:77JB>3@3FADK@AF7E;EFA;>>GEFD3F73@3>KL73@6;@EA?7;@EF3@57EEGBB>7?7@F43>3@57E:77F
63F3+:7@AF7E5A@F3;@3>>A8F:7;@8AD?3F;A@D7CG;D764KDF;H;>A67
'GDEG3@FFA#7975D77F:75A@EA>;63F7643>3@57E:77FA8F:7DAGB:3E477@6D38F76
?=@1B129<9DIG9D8@B5F9?EC69>1>391<I51B
!@ 5A?B>;3@57 I;F: DF F7D ;H;> A67 8AD 735: 7@FDK ;@ F:7 EE7F 3@6 #;34;>;FK *F3F7?7@F 3@6 F:7
'DA8;F3@6#AEE*F3F7?7@FF:7EG?8ADF:75ADD7EBA@6;@97@FDK;@F:7BD7H;AGEK73D:3E477@;@6;53F76
-#,+!&%)!+)!
@FD;7E;@F:743>3@57E:77F:3H7477@7H3>G3F764K8A>>AI;@997@7D3>EF3@63D6EA8BDG67@573@65A?B7F7@57
;@ F:7 >;9:F A8 F:7 5A?B3@KE A@9A;@9 4GE;@7EE 3@6 F3=;@9 ;@FA 355AG@F F:7 75A@A?;5 E;9@;8;53@57 A8 735:
3EE7F3@6>;34;>;FK
+:75D;F7D;3GE76;@7H3>G3F;@9E;@9>77@FD;7E3D7;@>;@7I;F:3DF;H;>A673@63D7F:7E3?73EF:AE7
GE768ADF:7BD7H;AGEK73DEEF3F7?7@FE
Explanatory notes
57
*F3DF
GB3@67JB3@E;A@5AEFE
!@6GEFD;3>B3F7@FE3@6E;?;>3DD;9:FE
&F:7D9AA6I;>>
&F:7DAF:7D>A@9
F7D?5AEFE
K73DE
K73DE
K73DE
K73DE
+1>792<569H541CC5DC
+3@9;4>78;J763EE7FEI:;5:5A@E;EFA8B>3@FE?35:;@7DK3@67CG;B?7@FGE768ADBDA6G5F;A@3D753>5G>3F763F
F:7;DBGD5:3E7AD5A@EFDG5F;A@5AEF;@5>G6;@96;D75F>K3FFD;4GF34>73@5;>>3DK7JB7@E7E
*A?7A8F:7E73EE7FE:3H7477@A4<75FA8D7H3>G3F;A@BGDEG3@FFA#3I@
$A67D@;L3F;A@ 3@6 ;?BDAH7?7@FE 5AEFE 7JF7@6;@9 F:7 GE78G> >;87 A8 3EE7FE 3D7 36676 FA F:7 H3>G7 F:7D7A8
&D6;@3DK?3;@F7@3@573@6D7B3;D5AEFE3D7674;F76FAF:7BDA8;F3@6>AEEEF3F7?7@F8ADF:7K73D;@I:;5:F:7K
I7D7;@5GDD76
?ADF;L3F;A@;E53>5G>3F76I;F:F:7EFD3;9:F>;@7?7F:A6;@D7>3F;A@FAF:7D7E;6G3>GE78G>>;87A83EE7FEI;F:;@
F:7>;?;FEA8F:7F3JD3F7E5A@E;67D76D7BD7E7@F3F;H7A8F:77EF;?3F76GE78G>>;87A83EE7FE$AD7EB75;8;53>>K
'<1>DC1>4=1389>5BI
&B7D3F;@9?35:;@7DK3@6EB75;8;5B>3@FE
7@7D3>B>3@FE
J53H3FADE3@6BAI7DE:AH7>E
#;9:F5A@EFDG5F;A@E
+D3@EBADFH7:;5>7E
!>4ECDB91<1>43?==5B391<5AE9@=5>D
AD?IAD=3@6?7F3>B>3@=;@9
-3D;AGE7CG;B?7@F3@6IAA67@E5388A>6;@9
&D85B1CC5DC
&D6;@3DKA88;578GD@;FGD73@6?35:;@7DK
>75FD;53@67>75FDA?75:3@;53>?35:;@7DK
$AFADH7:;5>7E3@6?AFAD4;=7E
3DB:A@7E3@6?A4;>7B:A@7E
'397DE3@6:;9:I3KFA>>83EF
B3K67H;57E
9>1>391<1CC5DC
#+()"#)(
!@H7EF?7@FE3D753>5G>3F763F5AEFID;FF7@
6AI@I:7D73BBDABD;3F7FAF3=7355AG@FA8F:7B7D?3@7@F>AEEA8
H3>G7*:AG>6F:75A@6;F;A@E8ADF:7ID;F7
6AI@@A>A@97D3BB>K;@EG4E7CG7@FK73DEF:7AD;9;@3>H3>G7A8F:7
3EE7F;ED7EFAD76
$*#)(' +!
55AG@FED757;H34>7;@5>G676G@67D8;@3@5;3>3EE7FE3D77@F7D763FF:7;D@A?;@3>H3>G7
EBB5>D1CC5DC
#+#)$'.
.3D7:AGE7?3F7D;3>EBGD5:3E76EB75;8;53>>K8AD;??76;3F7GE7A@4G;>6;@9E;F7E3D77@F7D763FF:7;DBGD5:3E7
BD;57I3D7:AGE7EFA5=GE34>7;@H3D;AGE4G;>6;@9E;F7E;E53>5G>3F76355AD6;@9FAF:7#!&>3EF
;@8;DEF
AGF
?7F:A6
AD F:7 53>5G>3F;A@ A8 >A@9
F7D? 5A@FD35FG3> IAD= ;@ BDA9D7EE 3E A8 757?47D F:7 5D;F7D;A@ >3;6
6AI@;@DF');@5A?B>;3@57I;F:DF;E3BB>;76F:7E7H3>G7E:3H7477@D76G576
FAF3=7355AG@FA8F:75A@FD35FG3>D;E=A8F:7IAD=;@BDA9D7EE67F7D?;@76;@D7>3F;A@FAF:778875F;H7D;E=A8
F:7BDA<75F
'GDEG3@FFADF')F:75AEF
EB75;8;55D;F7D;A@;EGE76FA53>5G>3F7F:75A?B3@KEAI@
BDAB7DFK
IAD=E3@6IAD=E>3EF;@9@A?AD7F:3@A@7K73D+:;E;E;@5A?B>;3@57I;F:DFA8F:7;H;>A67
;@;E:76BDA6G5FE3@69AA6EF:3F3D7F:7D7EG>FA84G;>6;@9;@;F;3F;H7E3@6:3H7K7FFA47EA>63D77@F7D763F
F:7;D5A@EFDG5F;A@5AEFI:;5:;E;@3@K53E7>AI7DF:3@F:7;D5GDD7@F?3D=7FBD;57
AEFE;@5GDD76;@3I3D6765A@FD35FE;@5>G6;@9F:AE7D793D6;@9F:7BD7B3D3F;A@A8F7@67D4;6E3D7;@5>G676;@
F:7 'DA8;F 3@6 #AEE *F3F7?7@F 8AD F:7 K73D ;@ I:;5: F:7K I7D7 ;@5GDD76 ;8 F:7 5A@FD35F AD F7@67D 4;6 ;E
G@EG557EE8G> !@ F:7 53E7 A8 EG557EE8G> 5A@FD35FF7@67D 4;6E 5ADD7EBA@6;@9 7JB7@E7E 3D7 6787DD76 3@6
3FFD;4GF76FAF:74G;>6;@9E;F75AEFI;F:D7EB75FFAF:7;D7J75GF;A@
'D7
AB7D3F;A@3> 5AEFE F:7 5AEF A8 AB7@;@9 F:7 E;F7 3D7 6787DD76 G@F;> 5A??7@57?7@F A8 IAD=E 3@6 F:7@
7@F7D76;@F:7'DA8;F3@6#AEE*F3F7?7@FA@F:743E;EA8F:7IAD=BDA9D7EE
$*#)(' +!
55AG@FED757;H34>73D7EF3F763FF:7;DBD7EG?76D73>;L34>7H3>G74K?73@EA8367CG3F73>>A53F;A@E4AA=76;@
36<GEF?7@FA8@A?;@3>H3>G7E
## !(()(#$)!(( ( -(()(
*75GD;F;7E3@6AF:7D8;@3@5;3>3EE7FEF:3F3D7@AF5>3EE;8;763E8;J763EE7FE3D77@F7D763FF:7>AI7DH3>G747FI77@
F:7;DEB75;8;5BGD5:3E7BD;57;@5>G6;@93557EEADK7JB7@E7E3@6F:7;D?3D=7FH3>G7
&* (()(
#;CG;63EE7FE5A@E;EFA853E:;@:3@63@653E:;@43@=355AG@FE3FK73D7@6
'B5@1I=5>DC1>4133BE549>3?=5
+:7E7 ;F7?E 5A@E;EF A8 BD7B3K?7@FE 3@6 355DG76 ;@5A?7 F:3F 3D7 5A??A@ FA FIA AD ?AD7 K73DE 3@6 3D7
4AA=76A@3@355DG3>E43E;E
'B?F9C9?>C6?BB9C;C1>4381B75C
'DAH;E;A@E8ADD;E=E3@65:3D97E3D73>>A53F76FA5AH7D>AEE7EAD>;34;>;F;7EA857DF3;@ADBDA434>77J;EF7@578AD
I:;5: :AI7H7D F:7 7J35F EG? AD 63F7 A8 5A@F;@97@5K 53@@AF 47 67F7D?;@76 3F K73D 7@6 +:7E7 BDAH;E;A@E
D78>75FF:7?AEF355GD3F77EF;?3F;A@BAEE;4>7A@F:743E;EA83H3;>34>7;@8AD?3F;A@
+:7?AEFE;9@;8;53@F7H3>G3F;A@5D;F7D;33@6355AG@F;@9BD;@5;B>7E3D73E8A>>AIE
?B597>3EBB5>3IDB1>C13D9?>C
EE7FE3@6>;34;>;F;7E;@5GDD7@5KI;F:F:77J57BF;A@A88;J763EE7FE3D7BAEF763FF:7EBAF7J5:3@97D3F73EA8
757?47D 3@6 F:7 D7>3F;H7 BDA8;FE 3@6 >AEE7E A@ 7J5:3@97 D3F7E 3D7 BAEF76 ;@ F:7 'DA8;F 3@6 #AEE
*F3F7?7@F3@K@7FBDA8;F;EB>3576;@3EB75;3>D7E7DH7F:3F;E@A@
6;EFD;4GF34>7G@F;>D73>;L76+:78;J763EE7FE
;@5GDD7@5K3D7>;EF763FF:77J5:3@97D3F73FF:7?A?7@FA8BGD5:3E7AD3FF:7>AI7DD3F73FK73D7@6;8EG5:3
D76G5F;A@;E677?76FA47>A@9
F7D?
!>D1>792<569H541CC5DC
!@F3@9;4>78;J763EE7FED7BD7E7@F5AEFE3@67JB7@E7EA8>A@9
F7D?GF;>;FK3@63D77@F7D76;@F:73EE7F5A>G?@3F
F:7;D BGD5:3E7 5AEF ;@5>G6;@9 6;D75F>K 3FFD;4GF34>7 3557EEADK 7JB7@E7E +:7K 3D7 BAEF76 @7F A8 F:7 D7>3F;H7
3?ADF;L3F;A@I:;5:;E53>5G>3F76;@D7>3F;A@FAF:7D7E;6G3>GE78G>>;87A8F:73EE7FE
+:73?ADF;L3F;A@B7D;A6E3D73E8A>>AIE
+:73?ADF;L3F;A@B7D;A65A??7@57EI:7@F:73EE7F479;@EFA47GE76
!8;DD7EB75F;H7A8F:7BD7H;AGE>K7@F7D763?ADF;L3F;A@F:7D7;E3BDA>A@976>AEEA8H3>G7F:73EE7F;EID;FF7@
6AI@355AD6;@9>KE:AG>6F:75A@6;F;A@E8ADF:7ID;F7
6AI@@A>A@97D3BB>K;@EG4E7CG7@FK73DEF:7AD;9;@3>
H3>G7A8F:73EE7F;ED7EFAD76
58
Explanatory notes
59
!@F7D7EF 6;887D7@F;3>E A@ !)* !@F7D7EF )3F7 *I3B 5A@FD35FE GE76 FA 5AH7D A4F3;@76 8;@3@5;@9 3D7
D75AD676A@3@355DG3>E43E;EG@67D ## ! #$"#'(
)53?7>9D9?>?63?CDC1>4B5F5>E5C
'AE;F;H73@6@793F;H7;@5A?7;F7?E3D7D75AD676A@3@355DG3>E43E;E
)7H7@G7E8DA?F:7E3>7A83EE7FE3D7D75A9@;L76GBA@67>;H7DKA8F:7E3;63EE7FEADGBA@EF;BG>3F;A@A8F:76776
A8E3>7;@F:77H7@FA838;J763EE7F)7H7@G7E8DA?E7DH;57E3D7D75A9@;L76I:7@E7DH;57E:3H7477@B7D8AD?76
3@6;@355AD63@57I;F:F:7D7>3F;H75A@FD35FE
)7H7@G7E3@6;@5A?7E5AEFE3@65:3D97ED7>3F;@9FA5GDD7@5KFD3@E35F;A@E3D753>5G>3F763FF:77J5:3@97D3F7
3BB>;534>7I:7@F:7AB7D3F;A@;E53DD;76AGF
.?B;C9>@B?7B5CC1BD+E9B
ADF:7D75A9@;F;A@A8D7H7@G7EF:75D;F7D;3A8B7D57@F397A85A?B>7F;A@ADA8IAD=BDA9D7EE3F735:E;F73D7
8A>>AI76 7@575AEFED7H7@G7E3@6IAD=?3D9;@3D7D75A9@;L76A@F:743E;EA8IAD=BDA9D7EE3F735:E;F7
3@63FFD;4GF76FAF:7K73DI:7@E3;6IAD=EF3=7B>357A@3@355DG3>E43E;E
!>DB17B?E@2EC9>5CC
.;F:3H;7IFAF3=736H3@F397A8F:79D73F7EFEK@7D9;7E47FI77@F:7DAGBE5A?B3@;7E4AF:;@BDA6G5F;A@
AD93@;L3F;A@3> 3@6 8;@3@5;3> F7D?E F:7 5A?B3@K 673>E I;F: F:7 DAGBE 5A?B3@;7E 8AD 5A??7D5;3> 3@6
8;@3@5;3>FD3@E35F;A@E3@6E7DH;57B7D8AD?3@57E
A??7D5;3> D7>3F;A@E:;BE 3@6 E7DH;57 B7D8AD?3@57E 7J5>G6;@9 8G@6;@9 FA 5A@FDA>>76 5A?B3@;7E A55GD 3F
?3D=7F5A@6;F;A@E
!>3?=5D1H
!@5A?7F3J6G78ADF:7K73D;E53>5G>3F764K;@355AD63@57I;F:5GDD7@FD79G>3F;A@E
'D7
B3;6F3JAB7D3F;A@E3D7D75AD676A@3BDG67@F;3>43E;E3@6A@>K;8F:7;DD75AH7DK;ED73EA@34>K57DF3;@
BBDABD;3F7 36<GEF?7@FE 3D7 ?367 ;8 F:7D7 ;E 3 5:3@97 ;@ F:7 F3J D3F7 I;F: D7EB75F FA BD7H;AGE 355AG@F;@9
B7D;A6EBDAH;6;@9F:7D7>7H3@F>3IE3@5F;A@;@9F:7F3JD3F7H3D;3F;A@:3E477@7@35F764KF:763F7A@I:;5:
F:7EF3F7?7@FE3D73BBDAH76
787DD76
F3J B3K34>7E 3@6 BD7
B3;6 F3J D757;H34>7E 3D7 D75AD676 ;@ F:7EE7F 3@6 #;34;>;FK*F3F7?7@F G@67D
M'DAH;E;A@E8ADD;E=E3@65:3D97EO3@6MGDD7@FEE7FEOD7EB75F;H7>KN3E8ADF:7>3FF7DA@>KI:7D7F:7;DGE7;E
D73EA@34>K57DF3;@+3JB3K34>7E3D7D75AD676;@F:73BBDABD;3F7#;34;>;FK*F3F7?7@F;F7?
60
&$$%+*&%+ $!%**+!+$*
!/**+*
!@F3@9;4>78;J763EE7FE
-3D;3F;A@E ;@ F:7 :;EFAD;53> 5AEF 3?ADF;L3F;A@ 3@6 @7F H3>G7 A8 F:7 7@FD;7E 8AD F:7 53F79ADK ;@ CG7EF;A@ 3D7
>;EF7647>AI
*D1BD
E@1>4
5H@1>C9?>3?CDC
AEFE
?ADF;L3F;A@8G@6
4F5BD9C5=5>D3?CDC
!>4ECDB91<@1D5>DC
AEFE
?ADF;L3F;A@8G@6
?>35CC9?>C<935>35C
DB145=1B;C
??4G9<<
AEFE
?ADF;L3F;A@8G@6
!>D1>792<51CC5DC
E>45B45F5<?@=5>D
&D85B9>D1>792<5
1CC5DC
AEFE
?ADF;L3F;A@8G@6
9665B5>35CB5CE<D9>7
6B?=3?>C?<941D54
21<1>35C855D
+?D1<
!>3B5=5>DC
53B5=5>DC
=?BD9J1D9?>
)')*%#-%#( $#($()(
+:;E ;F7? 5A@E;EFE A8 5AEFE 8AD F:7 ;@5ADBAD3F;A@ A8 5A?B3@;7E IAD=;@9 ;@ F:7 8;7>6 8AD 3@ ;@5D73E7 ;@ F:7
5A?B3@KEE:3D753B;F3>3@68ADF:735CG;E;F;A@A85A?B3@K6;H;E;A@E
*3;6 7JB7@E7E 3D7 7@F7D76 3?A@9 EE7FE 6G7 FA F:7;D A4<75F;H7 GE78G>@7EE 8AD F:7 5A?B3@KE 75A@A?K ;@
355AD63@57I;F:F:7A3D6A8G6;FADE
K73D>K3?ADF;L3F;A@5D;F7D;A@8AD5A@EF3@F
K73D;@EF3>?7@FE;E677?7683;D
#*()' !%)#)(#$)'%'$%' )'.' )(
+:;E;F7?5A@E;EFEA8F:75AEFA8BGD5:3E;@9EA8FI3D7BDA9D3??7E
$$, !!
+:;E;@5>G67EF:7D7E;6G3>H3>G7A8?7D97D678;5;F67D;H;@98DA?F:7;@5ADBAD3F;A@A86!@,@A*B3@6
F:7 D7E;6G3> H3>G7 A8 F:7 9AA6I;>> 35CG;D76 A@ B3K?7@F 4K ?73@E A8 F:7 35CG;E;F;A@ A8 F:7 'A@F7>>A
5A?B3@K
)' #)# ! -(()(
+:;E;F7?5A@E;EFE?3;@>KA87JB7@E7E;@5GDD768ADF:7;EEG;@93@6D7@7I3>A8F:7(G3>;FK7DF;8;53F7
=@<?I55CB5D9B5=5>D9>45=>9DI6E>4
+:7 7?B>AK77E D7F;D7?7@F ;@67?@;FK 8G@6 ;E 3>>A53F76 FA 5AH7D F:7 FAF3> >;34;>;FK 6G7 FA 7?B>AK77E ;@
5A?B>;3@57I;F:5GDD7@F>79;E>3F;A@@3F;A@3>5A>>75F;H7>34AGD5A@FD35FE3@65ADBAD3F739D77?7@FE+:78G@6
;EGE76A@>KI:7@7?B>AK?7@F;EF7D?;@3F763@6;@F:77H7@FA8B3K?7@FA836H3@57E;@355AD63@57I;F:#3I
33?E>DC@1I12<5
55AG@FEB3K34>73D77@F7D763FF:7;D@A?;@3>H3>G7
)9C;C3?==9D=5>DC1>47E1B1>D95C
+:;D6 B3DFK 3EE7FE GE76 4K F:7 5A?B3@K 3D7 D75AD676 ;@ F:7 ?7?AD3@6G? 355AG@FE 3F F:7 H3>G7 EF3F76 ;@
7J;EF;@9 6A5G?7@F3F;A@ A??;F?7@FE 3D7 4AA=76 3F F:7;D 5A@FD35FG3> BD;57 3@6 3D7 67E5D;476 ;@ F:7
JB>3@3FADK%AF7EG3D3@F;7E3D7D75AD676A@F:743E;EA8F:77J;EF;@9D;E=3FF:77@6A8F:78;@3@5;3>K73D
5B9F1D9F5@B?4E3DC
+:75A?B3@KEF;BG>3F7E67D;H3F;H75A@FD35FEI;F:F:73;?A8835;@97JBAEGD7FA8>G5FG3F;A@E;@;@F7D7EFD3F7E
Explanatory notes
61
+:7F34>747>AI;@6;53F7EF:7K73DE?AH7?7@FE
#1>41>42E9<49>7C
'<1>DC1>4=1389>5BI
AEFE
?ADF;L3F;A@8G@6
!>3B5=5>DC
53B5=5>DC
=?BD9J1D9?>
AEFE
?ADF;L3F;A@8G@6
+1>792<51CC5DCE>45B
3?>CDBE3D9?>
&D85BD1>792<51CC5DC
AEFE
?ADF;L3F;A@8G@6
+?D1<
**+*
!>4ECDB91<1>4
3?==5B391<5AE9@=5>D
+&%**+*%#!!#!+!*
+!*) $#(
!@ 355AD63@57 I;F: DF BA;@F ;H;> A67 ;F ;E :7D74K 675>3D76 F:3F 8;J76 3EE7FE :3H7 @AF 477@ D7
H3>G76I;F:F:77J57BF;A@A8F:7D7H3>G3F;A@A83EE7FE83>>;@9I;F:;@F:7E5AB7A8#3I53DD;76AGF;@
F:7 8;@3@5;3> K73D GDA 4K D76G5;@9 F:7 3?ADF;L3F;A@ 8G@6 8AD MAB7D3F;@9 ?35:;@7DK 3@6
EB75;8;5 B>3@FEO EE7FE D7
H3>G76 G@67D #3I 3@6 7J;EF;@9 3E A8 757?47D :3H7 477@
5A?B>7F7>K3?ADF;L76
-(()(+!*'*) $#
+3@9;4>73@6;@F3@9;4>78;J763EE7FE:3H7477@EKEF7?3F;53>>K3?ADF;L764KF3=;@9;@FA355AG@FF:7;DD7E;6G3>
GE78G>>;873EE3;634AH7+:7D7;E@AD73EA@8ADD76G5;@9F:7H3>G7A83@K3EE7F7@F7D76;@F:743>3@57E:77F
(()('#)$# ## !!(
+:75A?B3@K4AA=76F:7>73E;@95A@FD35FE;@5A?B>;3@57I;F:F:7;H;>A67;@8AD57;@!F3>KF:GE4AA=;@9
355DG76 >73E;@9 D7@FE ;@ F:7 'DA8;F #AEE *F3F7?7@F )7EADF FA F:7 8;@3@5;3> ?7F:A6 5A??A@>K GE76 ;@
;@F7D@3F;A@3>BD35F;573EBDAH;6768AD4K!*@AIAG>6:3H77@F3;>764AA=;@9;@F7D7EFEA@F:7D7E;6G3>
8;@3@57653B;F3>3@63?ADF;L3F;A@CGAF3EA@F:7H3>G7A89AA6EBGD5:3E76A@>73E;@9BDABADF;A@3F7FAF:7;D
D7E;6G3>GE78G>>;87AF:7DF:3@7@F7D;@9E3;69AA6EG@67D3EE7FE3@6F:7D7E;6G3>B3K34>7
+:78A>>AI;@9F34>7BDAH;67EF:7;@8AD?3F;A@D7CG;D76
#51C9>73?>DB13DC9>6?B35
AA6E9D3@F76A@8;@3@5;3>>73E73EA8:;EFAD;53>5AEF
?ADF;L3F;A@8G@63EA8A@9AA6E9D3@F76A@8;@3@5;3>>73E7
%5DF1<E5?6<51C547??4C1C?6
??4C@EB381C54?>69>1>391<<51C59>
AA6EB3;6A88;@:;EFAD;53>5AEF
?ADF;L3F;A@8G@63EA8A@9AA6EB3;6A88;@
%5DF1<E5?67??4C@194?669>
=?BD9J1D9?>AE?D1C9>D8569>1>391<I51B
AA6E9D3@F76A@8;@3@5;3>>73E73EA8:;EFAD;53>5AEF
?ADF;L3F;A@8G@63EA8A@9AA6E9D3@F76A@8;@3@5;3>>73E7
%5DF1<E5?6<51C547??4C1C?6
'194
?66<51C9>73?>DB13DC
-3>G7A89AA6EB3;6A88;@3@6;@BD7H;AGE8;@3@5;3>K73DE
?ADF;L3F;A@8G@63EA8A@9AA6EB3;6A88;@3@6;@BD7H;AGE8;@3@5;3>K73DE
-3>G7A89AA6EB3;6A883@6EA>6;@
?ADF;L3F;A@8G@6A@9AA6EB3;6A883@6EA>6;@
55AG@F;@9H3>G7A8D767?BF;A@E3EA8
?ADF;L3F;A@8G@63EA8A@D767?BF;A@E
9785B>5DF1<E5?6@194
?667??4C1C
CC5DCK1CC5D1>4<9129<9DI=5D8?4<51C9>79>6?B35
55DG76;@5A?7?3J;D7@FADBD7
B3;6D7@FE
&F:7DBD7
B3;65AEFE8ADF:78GFGD7
-1<E5?61CC5DC133?B49>7D?D851CC5D1>4<9129<9DI=5D8?4
+&+#+?>**+*K
62
#!!#!+!*
9>1>391<452D
!?B>;5;F674FE3EA86G7I;F:;@A@7K73D
!?B>;5;F674FE3EA86G7I;F:;@FAK73DE
!?B>;5;F674FE3EA86G738F7DK73DE
+?D1<9=@<939D452DC1C?6
!=@<939D452DC1B9C5>9>
)56E>4C31@9D1<AE?D1C9>
)545=@D9?>C9>
!?B>;5;F674FE3EA86G7I;F:;@A@7K73D
!?B>;5;F674FE3EA86G7I;F:;@FAK73DE
!?B>;5;F674FE3EA86G738F7DK73DE
+?D1<9=@<939D452DC1C?6
AF:7D674FE8ADBD7
B3;6D7@FE8ADF:78GFGD7AD;@HA;57EFA47D757;H76
355DG767JB7@E7E
+&+#+?>#!!#!+!*
&-)##)&**+
+/+
+&%%+(,!+0*&
+&%')&!+%#&***++$%+
?ADF;L3F;A@CGAF3A83EE7FEA4<75FA8>73E;@95A@FD35FE;@8AD57
?ADF;L3F;A@CGAF3A83EE7FEA4<75FA8B3;6
A88>73E;@95A@FD35FE
!@F7D7EFE6G7
;@F7D7EFE6G75A@@75F76I;F:;@67J3F;A@
?ADF;L3F;A@A8B3;6
A889AA6E
#73E;@9D7@FE
36<GEF?7@FA893;@E>AEE7EA@9AA6EB3;6
A883@6EA>6;@
)&**+?>')&!+
+/+
%++?>0)')&!+
+3@9;4>78;J763EE7FE
Explanatory notes
63
-1B91D9?>
*;675A*)&
;AD7@L3(G3FFDA*D>47;@9IAG@6GB
%GAH3?;>;3*53D>47;@9IAG@6GB
A@EADL;A%GAH336;3
669<91D543?=@1>95C
!@H7EF?7@FE
6!@+D7*D>47;@9IAG@6GBID;FF7@6AI@
+:;E7@FDK;E?367GB3E8A>>AIE
!@H7EF?7@FE;@5A@FDA>>76
5A?B3@;7E
!@H7EF?7@FE;@388;>;3F76
5A?B3@;7E
!@H7EF?7@FE;@AF:7D
5A?B3@;7E
A@EADL;AA>>7GFGD347;@9IAG@6GB
+D3H7>*53D>47;@9IAG@6GB
!>3B5=5>DC
4E5D?
13AE9C9D9?>C
>5G
9>F5CD=5>DC
!>3B5=5>DC
4E5D?3B549D
G19F5B
#3A@67D;3*D>47;@9IAG@6GBID;FF7@6AI@
53B5=5>DC4E5
D?DB1>C65BC
9>F5CD=5>D
9>D5BBE@D9?>C
<?CC3?F5B
)53<1CC96931D9?>
+?D1<
*G@FA*D>
+AF:7BGDBAE7A8BDAH;6;@93?AD77J:3GEF;H73@6355GD3F7;@H7EF?7@FE57@3D;A;@5A@FDA>>763@6388;>;3F76
5A?B3@;7EF:7A3D6A8;D75FADE677?76;F3BBDABD;3F7FAD75>3EE;8KF:7;@H7EF?7@F;@!??A4;>;3D77DDG55;
*D>5A@FDA>>765A?B3@K8DA?;@3@5;3>3EE7FEFAGDD7@F3EE7FEEA3EFAD78>75FF:7835FF:3FE3;6;@H7EF?7@F
I;>>47EA>63@6FD3@E87DD76;@F:7E:ADFF7D?
+:7@7I5>3EE;8;53F;A@3EE;9@76FAE3;6;@H7EF?7@F6;6@AF7@F3;>36;887D7@F7H3>G3F;A@F:7D7A8355AD6;@9>K;F
6;6@AF38875F7;F:7DF:75A?B3@KE3EE7FE3@6>;34;>;F;7EAD8;@3@5;3>K73DE75A@A?;5D7EG>F
+:75A?B3@K6A7E@AF:A>6;@H7EF?7@FE7@F3;>;@9G@>;?;F76>;34;>;FK
+:7 7@FDK M!@H7EF?7@FEO ;E ?367 GB 3E 8A>>AIE 3@6 ;@6;53F7E F:7 3?AG@F A8 F:7 BD7H;AGE K73D 8AD 735:
;@H7EF?7@F
?>DB?<<543?=@1>95C
*7DH;L;*D>
!??A4;>;3D77DDG55;*D>
DGBBA3DFA>A?7;
GE;*D>
-1B91D9?>
'D3FAA@EADL;A47;@9IAG@6GB
$3DE;53@3*53D>47;@9IAG@6GB
:;AE;@3*53D>47;@9IAG@6GB
*;97%AFA*53D>
*;97)AEA>;@;*53D>
AD;L;3*53D>
3EF7>>A*53D>
$#3HAD;-7@7FA*53D>
D7H3>5AD7%A93D3*53D>
3D47D;@A*53D>
'DA87D*53D>
-;>>3AEE;*D>47;@9IAG@6GB
$G97>>A&GF>7F*53D>
A@EADL;A88;FFA;D7@L7
'DA<75FAEFDGL;A@;*53D>
$76;3F*3@3E5;3@A*53D>
>47DF;*D>
A@EADL;A*F34;>7&B7D37
*A5;7FQA@EADF;>7&EB763>76;?BA>;3D>
$7FDABA>;E*B
783>S*53D>
;A?;D3*53D>
D7F7>>3*53D>
+7D3?A*53D>47;@9IAG@6GB
3EF7>>A#AFFA*53D>47;@9IAG@6GB
-;>>3$39>;*D>
;@3@5;3>3EE7FE
64
Explanatory notes
65
-1B91D9?>
A@8;B;*53D>
>A43>*7DH;57+AE53@3
A>>7'DA?AL;A@7*B
&)!*53D>
A@EADL;A;D7@L7*7DH;L;
&D85B3?=@1>95C
A@9>A4;F*D>
3D799;*53D>
'A>;F73?3'D3F7E7*B
;6;@6GEFD;3
D76;FAAAB7D3F;HA;AD7@F;@A
!*-,)*B
AEFDGFFAD;)A?3@;);G@;F;*B
'3D5A-7D67*A5AAB)#
)+*53D>
GKG;>6*B
A@EADL;A+AE53@3*3>GF7
3@5367>$G97>>A
*3@F@FA@;A*B
'D3FA!@H7EF*D>
+D3?6;;D7@L7*B
;D7@L7;@6GEFD;3;@3@57*B
88;FFA;D7@L7*B
*A5;7FQ!@8D3EFDGFFGD7+AE53@7*B
783>S*53D>
&F5B1<<D?D1<
+:78A>>AI;@9F34>7BDAH;67EF:7;@8AD?3F;A@D7CG;D764K3DFBA;@F;H;>A678AD;@H7EF?7@FE;@
5A@FDA>>763@6388;>;3F765A?B3@;7E
A?B3@K@3?7
;@GDA
?>DB?<<543?=@1>95C
DGBBA3DFA>A?7;
GE;*D>
*7DH;L;*D>
AD;L;3*53D>
*;97%AFA*53D>
*;97)AEA>;@;*53D>
:;AE;@3*53D>47;@9IAG@6GB
$#3HAD;-7@7FA*53D>
D7H3>5AD7%A93D3*53D>
3D47D;@A*53D>
'DA87D*53D>
669<91D543?=@1>95C
*G@FA*D>
6!@+D7*D>47;@9IAG@6
GB
A@EA>>7GFGD347;@9
IAG@6GB
+D3H7>*53D>47;@9IAG@6
GB
#3A@67D;3*D>47;@9IAG@6
GB
*;675A*)&
)79;EF7D76A88;57
'D3FA
3>7@L3@A
3>7@L3@A
*KD35GE7
*KD35GE7
3>7@L3@A
3D;
3>7@L3@A
3>7@L3@A
3>7@L3@A
A>>7-3>>E3
*:3D7
53B;F3>
%7F7CG;FK
'DA8;F
#AEE;@
-3>G7;@43>3@57
E:77F
'D3FA
>AD7@57
A>>7-3>>E3
3?B;;E7@L;A
*7EFA;AD7@F;@A
D3F;E>3H3
*>AH3=;3
;AD7@L3(G3FFDA*D>47;@9
>AD7@57
IAG@6GB
%GAH3?;>;3*53D>47;@9
7E7@3
IAG@6GB
A@EADL;A%GAH336;3
*53@6;55;!
-;>>3$39>;*D>
3>7@L3@A
-;>>3AEE;*D>47;@9IAG@6GB
3>7@L3@A
$G97>>A&GF>7F*53D>
3>7@L3@A
>AD7@57
>47DF;*D>
>AD7@57
A@EADL;A*F34;>7&')
)A?7
*A5A@E&EB763>7?BA>;3D>
>AD7@57
$7FDABA>;E*B
>AD7@57
;A?;D3*53D>
3>7@L3@A
D7F7>>3*53D>
>AD7@57
&F5B1<<D?D1<
3F35A@57D@;@9M%7F7CG;FKO3@6M&B7D3F;@9BDA8;F>AEEOD787DFA43>3@57E:77F3EA8
+:7?3@397?7@FD7EG>FE
:3H7@AF477@BDAH;676K7F
!F;E38AD7;9@[email protected]:3H7@AFD757;H76;FE?3@397?7@FD7EG>FEK7F
8GDF:7D;E:7>6;@6;D75F>KF:DAG9:!??A4;>;3D77DDG55;*D>
8GDF:7D;E:7>6;@6;D75F>KF:DAG9:*7DH;L;*D>
'GDEG3@F FA 3DF ;H;> A67 I;F: D7EB75F FA AF:7D 5A?B3@;7E 5A@FDA>>76 3@6 388;>;3F76 I:AE7 H3>G7E ;@ F:7;D 43>3@57 E:77FE
7@F7D76A@F:743E;EA8F:75AEFE4AD@7F:7D74K3D7:;9:7DF:3@F:75ADD7EBA@6;@9CGAF3A8F:7;D@7F7CG;FK;F;E:7D74KEB75;8;76F:3FE3;6
:;9:7DH3>G7E?3K47?3;@F3;@764753GE7F:7K3D7@AF>A@9
F7D?EG4EF3@F;3>>AEE7E3@64753GE7I73>EA@776FA5A@E;67D>3F7@F93;@EA@
4G;>6;@9EAI@764K9;H7@B3DF;5;B3F765A?B3@;7E3@6F:79AA6I;>>A8AF:7D5A?B3@;7EI;F:D7EB75FFAAB7D3F;@9BDA<75FE;@BDA9D7EE
66
Explanatory notes
67
55AG@FED757;H34>78;@3@5;3>3EE7FE
55AG@FED757;H34>7I7@F8DA?GDA;@8;@3@5;3>K73DFAGDA;@8;@3@5;3>K73D
F:GED75AD6;@93675D73E7A8GDAI:;5:;E6G7?3;@>KFAF:7FD3@E87DA88;@3@5;@9FAI3D6
F:77@F;D7>K5A@FDA>>765A?B3@K!??A4;>;3D77DDG55;8DA?;@3@5;3>3EE7FEFAGDD7@F3EE7FE;@H;7IA8F:7
8ADF:5A?;@9E3>7A8F:7;@H7EF?7@F;@E3;65A?B3@K
+:7 8A>>AI;@9 F34>7 ;@5>G67E #)' ! 8;@3@5;3> 355AG@FE D757;H34>7 8DA? 5A@FDA>>76 3@6 388;>;3F76
5A?B3@;7E 6G7 I;F:;@ 3@6 38F7D A@7 K73D +:7K 5A@E;EF A8 8;@3@5;@9 FA B3DF;5;B3F76 5A?B3@;7E 3E 67F3;>76
47>AI
5C3B9@D9?>
33?E>DCB5359F12<56?B69>1>39>7
6B?=3?>DB?<<543?=@1>95C
*7DH;L;*D>
DGBBA3DFA>A?7;
GE;*D>
3EF7>>A*53D>
3EF7>>A#AFFA*53D>47;@9
IAG@6GB
'D3FAA@EADL;A47;@9IAG@6GB
+7D3?A*53D>47;@9IAG@6
GB
$3DE;53@3*53D>47;@9IAG@6GB
!??A4;>;3D77DDG55;*D>
AD;L;3*53D>
'DA87D*53D>
.9D89>
I51B
6D5B
I51B
.9D89>
I51B
+?D1<
6D5B
I51B
-;>>3$39>;*D>
*G@FA*D>
'3DF7DD7*53D>47;@9IAG@6GB
6!@+D7*D>47;@9IAG@6GB
$G97>>A&GF>7F*53D>
88;FFA;D7@L7*B3
-;>>3AEE;*D>47;@9IAG@6GB
A@EADL;A*F34;>7&')
#3A@67D;3*D>47;@9IAG@6GB
A@EADL;A%GAH336;3
;A?;D3*53D>
D7F7>>3*53D>
$7FDABA>;E*B3
33?E>DCB5359F12<56B?=@1B5>D
3?=@1>95C
6;>
!@H7EF*D>
33?E>DCB5359F12<56B?=?D85BC
3GF;A@?A@7K
&F:7D
+?D1<
!@H7@FADK
+?D1<
33?E>DCB5359F12<56?B69>1>39>7
6B?=1669<91D543?=@1>95C
#$'") $#$#)$ ## !(()(-!* # #+()"#)( #$#)'$!!# ! )$"%# (
%*'(*#))$')
+ !$
'GDEG3@F FA 3DF 4;E BA;@F ;H;> A67 3E A8 757?47D 3>> 8;@3@5;3> 3EE7FE 7J5>G6;@9
;@H7EF?7@FE ;@ 5A@FDA>>76 3@6 388;>;3F76 5A?B3@;7E 3D7 D75AD676 ;@ F:7 43>3@57 E:77F 3F 3 H3>G7 >?D :;9:7D
F:3@F:7;D83;DH3>G7
,))%+**+*
.3D7:AGE7?3F7D;3>E3FE;F7E3@6I3D7:AGE7EFA5=
A@FD35FG3> IAD= >3EF;@9 A@7 K73D 3@6 ?AD7 F:3@
A@7K73D
#3@63@64G;>6;@9E
'3K?7@FEA@355AG@F
+?D1<
-1B91D9?>
+:7H3>G7A8F:7AD67DE;@BDA9D7EE3EA8757?47D67F7D?;@76A@F:743E;EA8F:739D7765AEFE;E
7@F7D76 @7F A8 F:7 EG? A8 GDA 53>5G>3F76 FA F3=7 355AG@F A8 F:7 5A@FD35FG3> D;E= 3E57DF3;@76 ;@
D7>3F;A@FAF:778875F;H7BDA<75FD;E=D793D6;@9IAD=E;@BDA9D7EE
!@ 7H3>G3F;@9 F:7 MGFAEFD367 #AFFA 3D47D;@AO 3@6 M%* +ADFA>RO 5A@FD35FE F:7 A3D6 A8 ;D75FADE
677?76;F3BBDABD;3F7FAF3=7355AG@FA8366;F;A@3>5AEFED7CG7EF76FA>;7@FE3E57DF3;@763?AG@FE;@F:7
>;9:F A8 F:7 G@GEG3> 3@6 7JFD3AD6;@3DK 7H7@FE I:;5: :3H7 5:3D35F7D;L76 E3;6 5A@FD35FE EG5: 3E FA D7CG;D7
5:3@97EFAF:7IAD=EF:DAG9:3EB75;3>4KB3EEEG;F;@9F:783G>FK3@6>35=;@9BDA<75FEFAF:7EF3F7A8F:73DF
68
Explanatory notes
69
55AG@FED757;H34>75GDD7@F3EE7FE
1<1>351C?6
-1<E5
E>4C
-1B91D9?>?6I51B
-1<E5
-1<E5
1<1>351C?6
E>4C
-1<E5
E>4C
-1<E5
+:7 H3D;3F;A@ ;@ F:7 3?AG@F A8 GDA ;E 6G7 ?3;@>K FA 355AG@FE D757;H34>7 8DA? !??A4;>;3D7
7DDG55;5A@FDA>>765A?B3@K8AD;@F7D7EF
473D;@9;@H7EF?7@FEI:;5:I7D7D75>3EE;8;768DA?;@3@5;3>3EE7FE
FAGDD7@F3EE7FE;@H;7IA8F:78ADF:5A?;@9E3>7A8F:7;@H7EF?7@F;@E3;65A?B3@K
<95>DC
55AG@FED757;H34>78DA?388;>;3F765A?B3@;7E
&F:7D
>;7@FE
?>DB?<<54
3?=@1>95C
>;7@FE
;@3@5;3>
D757;H34>7E
669<91D54
3?=@1>95C
>;7@FE
;@3@5;3>5D76;FE
+?D1<
+D3675D76;FE
+?D1<
)5359F12<5C6B?=
D1H1D9?>
1ED8?B9D95C
'B5@194D1H5C
&D85B
+?D1<
-1B91D9?>
>;7@FE
&F:7DD7>3F;A@E:;BE
'1B5>D
3?=@1>95C
'D7B3;6F3J7E
+D3675D76;FE
.9D89>I51B
;@3@5;3>
D757;H34>7E
+3J3F;A@
3GF:AD;F;7E
55AG@FED757;H34>78DA?B3D7@F5A?B3@;7E
.9D89>I51B
-1B91D9?>
55AG@FED757;H34>78DA?E:3D7:A>67D6;>!@H7EF*D>
55AG@FED757;H34>78DA?5>;7@FE
.9D89>I51B
-1B91D9?>
'DAH;E;A@8AD6AG4F8G>674FE
+?D1<
55AG@FED757;H34>78DA?
5>;7@FE
!@HA;57EFA47;EEG76
55AG@FED757;H34>78DA?5A@FDA>>765A?B3@;7E
+D3675D76;FE
.9D89>I51B
-1B91D9?>
;@3@5;3>5D76;FE
+?D1<
70
Explanatory notes
71
)757;H34>7E8DA?F3J3F;A@3GF:AD;F;7E
)757;H34>7E8AD-+
)757;H34>7E8AD!)*F3J
&F:7DD757;H34>7E
+?D1<
.9D89>I51B
6D5BI51B
-1B91D9?>
'D7B3;6F3J7E
'D7B3;6!)*F3J
'D7B3;6!)'F3J
+?D1<
.9D89>I51B
6D5BI51B
-1B91D9?>
55AG@FED757;H34>78DA?AF:7DE
55AG@FED757;H34>78DA?
7?B>AK77E
'3K?7@FEA@355AG@FFA
EGBB>;7DE3@6E7DH;57
BDAH;67DE
.9D89>I51B
6D5BI51B
-1B91D9?>
55AG@FED757;H34>78DA?
EGBB>;7DE
&F:7D355AG@FED757;H34>7
'DAH;E;A@8AD6AG4F8G>674FE
+?D1<
'GD5:3E7E
*3>7E
)75>3EE;8;53F;A@
!>F5CD=5>DC9>3?>DB?<<543?=@1>95C
!??A4;>;3D77DDG55;*D>
!>F5CD=5>DC9>?D85B3?=@1>95C
3@53'ABA>3D7!F3>;3@3*B
&D85BCD?3;
A@6E
#;87BA>;5;7E
+AF3>
+:7;@H7EF?7@F;@!??A4;>;3D77DDG55;*D>5A@FDA>>765A?B3@KI3ED75>3EE;8;768DA?;@3@5;3>3EE7FEFA
;@3@5;3> 3EE7FE @AF 5>3EE;8;76 3E 8;J76 3EE7FE EA 3E FA D78>75F F:7 835F F:3F E3;6 ;@H7EF?7@F I;>> 47 EA>6 3@6
FD3@E87DD76;@F:7E:ADFF7D?3EEB75;8;76;@67F3;>3FF:7M!@H7EF?7@FEOE75F;A@
+:7;@5D73E7;@#;87BA>;5;7E;E6G7FA@7IBA>;5;7E7@F7D76;@FA;@8;@3@5;3>K73D
GDAA84A@6E3@6GDAA8>;87BA>;5;7E:3H7477@B>76976FA3@G?47DA83@=E
#;CG;63EE7FE
3@=3@6BAEF3>355AG@FE
D76;F@AF7EFA47D757;H76
;@3@5;3>3EE7FE@AF5>3EE;8;763E8;J763EE7FE
3E:
;@
:3@653E:7CG;H3>7@FE
+?D1<
-1B91D9?>
+:7 43>3@57 D7BD7E7@FE >;CG;6 3EE7FE 3@6 F:7 7J;EF7@57 A8 53E: ;@ :3@6 3@6 53E: 7CG;H3>7@FE 3F K73D 7@6 !F
E:AIE 3@ ;@5D73E7 A8 GDA 5A?B3D76 FA F:7 BD7H;AGE K73D #;CG;6 3EE7FE;@5>G67 F:7 3?AG@F A8
GDA4AG@63E9G3D3@F778AD43@=AH7D6D38FEEGD7F;7E3@636H3@57EA@5A@FD35FE
72
Explanatory notes
73
')'0$%+*%),!%&$
EA8757?47DF:;E7@FDK5A@E;EFEA8F:78A>>AI;@9
'B5@1I=5>DC
A@6E
&F:7DBD7B3K?7@FE
'AE;F;H76;887D7@F;3>EA@67D;H3F;H7;@EFDG?7@FE
33BE549>3?=5
G;>6;@9E;F7EF3DF
GB3@64;65AEFE
#73E;@9$3J;D7@F3@6D7@FE47FI77@8;@3@5;3>K73DE
$;E57>>3@7AGED7@FE
*GD7FK5A??;EE;A@E
&F:7D355DG76;@5A?7
!@EGD3@57E
D4;FD3F;A@5AEFEEGEB7@E;A@
+?D1<
-1B91D9?>
55AG@FED757;H34>738F7D8;H7K73DE
+:7D73D7@A355AG@FED757;H34>7>3EF;@9?AD7F:3@K73DE
1@9D1<9J5469>1>391<381B75C
!@8;@3@5;3>5:3D97EI7D7@AF7@F7D76G@67DF:73EE7FEA8F:7EE7F3@6#;34;>;FK*F3F7?7@F
&$$%+*&%+ $!%#!!#!+0!+$*
%+(,!+0
+:7?AH7?7@FA8F:77@FD;7E5A?BD;E;@9F:7%7F*:3D7:A>67DCG;FKA8F:7>3EFF:D77K73DE;E3E8A>>AIE
5C3B9@D9?>
1<1>351C?6
,E7A8D7EG>F3E
B7DEE7?4>KE675;E;A@
A8
GDADAG@6;@9
A88
073DEBDA8;F
1<1>351C?6
,E7A8D7EG>F3E
B7DEE7?4>KE675;E;A@
A8
*:3D753B;F3>;@5D73E7
8A>>AI;@9675;E;A@A8
073DEBDA8;F
1<1>351C?6
,E7A8D7EG>F3E
B7DEE7?4>KE675;E;A@
A8
GDADAG@6;@9
A88
073DEBDA8;F
1<1>351C?6
)5D19>54
51B>9>7C
?B<?CC5C
31BB954
6?BG1B4
*81B5
1@9D1<
)5F1<E1D9?>
B5C5BF5
#571<
B5C5BF5
&D85BB5C5BF5C
'B?69D<?CC
6?BI51B
+?D1<
+:78A>>AI;@9@AF7ED793D6F:7?3;@;F7?E>;EF76G@67D%7FCG;FK3@6;FE5ADD7EBA@6;@9H3D;3F;A@E
*:3D753B;F3>
*81B58?<45BC
A>6;@9)$*B
6;>
!@H7EF*D>
+?D1<
+:7E:3D753B;F3>3EA8757?47DI3E8G>>K EG4E5D;4763@6B3;6GB3@65A@E;EF76A8
AD6;@3DKE:3D7E735:I;F:3@A?;@3>H3>G7A8GDA8AD3FAF3>H3>G7A8GDA
FK73D7@6E:3D7EI7D7:7>63E8A>>AIE
%?C81B5C
74
Explanatory notes
75
#793>D7E7DH7
!F;@5D73E763E3D7EG>FA8F:7BDAH;E;A@A88;@3@5;3>K73DBDA8;F
&F:7DD7E7DH7E
+:;E;EF:77JFD3AD6;@3DKD7E7DH7;@5D73E763E3D7EG>FA8F:7BDAH;E;A@A88;@3@5;3>K73DBDA8;F
+:7F34>747>AIE:AIEI:;5:D7E7DH7EA8F:7@7F7CG;FK3D73H3;>34>78AD6;EFD;4GF;A@355AD6;@9FAF:7;H;>
A67
"9>45C3B9@D9?>
*81B531@9D1<
1@9D1<B5C5BF5C
*:3D7EGD5:3D97D7E7DH7
)7E7DH78AD5A?B3@KEAI@
E:3D7E
)7E7DH78AD53B;F3>
5A@87D?7@F
'B?69DB5C5BF5C
#793>D7E7DH7
E:3D7E
)7E7DH78AD@7FBDA8;FEA@
5GDD7@5KFD3@E35F;A@E
*F3FGFADKD7E7DH7
JFD3AD6;@3DKD7E7DH7
!@H7EF?7@FD7E7DH7
)7E7DH73EB7D#3I
)AG@6;@9
A88D7E7DH7
)5F1<E1D9?>B5C5BF5C
'B?69DC31BB9546?BG1B4
+?D1<
%A@
6;EFD;4GF34>7CGAF3
)7E;6G3>6;EFD;4GF34>7CGAF3
=?E>D
'?CC929<9DI?6EC5
F19<12<5
AE?D1
*E==1BI?6EC5C?F5BD85<1CDD8B55I51BC
1@9D1<
#?CC3?F5B
&D85B
9>3B51C5
+:78A>>AI;@9D7BD7E7@FEF:7D1HAE1<96931D9?>A8@7F7CG;FK5A?BA@7@FED7CG;D763>EA3E3D7EG>FA8F:7@7I
BD7EG?BF;A@A83DF+,!)
5C3B9@D9?>
*81B531@9D1<
1@9D1<B5C5BF5C
*:3D7EGD5:3D97D7E7DH7
E:3D7E
)7E7DH78AD53B;F3>5A@87D?7@F
'B?69DB5C5BF5C
#793>D7E7DH7
E:3D7E
)7E7DH78AD@7FBDA8;FEA@
5GDD7@5KFD3@E35F;A@E
*F3FGFADKD7E7DH7
JFD3AD6;@3DKD7E7DH7
!@H7EF?7@FD7E7DH7
)7E7DH73EB7D#3I
)AG@6;@9
A88D7E7DH7
)5F1<E1D9?>B5C5BF5C
'B?69DC31BB9546?BG1B4
+?D1<
051BC@B?69D
+?D1<%5DAE9DI
+1HAE1<96931D9?>
*EC@5>C9?>
B5C5BF5
+&+#
1<1>351=?E>D
1@9D1<B5C5BF5
'B?69DB5C5BF5
#797@6
N8AD53B;F3>;@5D73E7
N8AD>AEE5AH7D
N8AD6;EFD;4GF;A@FAE:3D7:A>67DE
;F;EF:73?AG@FA8@A@6;EFD;4GF34>7CGAF36G7FAF:7E:3D7GE76FA5AH7DEF3DF
GB5AEFE@AFK7F3?ADF;L76G@67D3DF@A
GDA
76
%7F7CG;FK7@FD;7E:3H7@AF477@GE76AH7DF:7>3EFF:D77K73DE7J57BF8ADF:77JFD3AD6;@3DKD7E7DH7FA7J75GF7
E:3D753B;F3>;@5D73E7
+:75A?B3@K:3E7JB>A;F76F:7BAEE;4;>;FK>3;66AI@4K3DFA8+G;DFA676G5FAGFA8F:7355AG@F;@9
EKEF7?36<GEF?7@FE8AD5A@FD35F76IAD=E3@6E7DH;57E4KGE;@9F:7AD?A8F:7!@5A?7+3J)7FGD@
+:7A3D6A8;D75FADE677?76;F3BBDABD;3F7FA3H3;>;FE7>8A8F:7BAEE;4;>;FK>3;66AI@4K;@3@575F
FAD73>;9@F:7F3J34>7H3>G7A836<GEF?7@FE8AD5A@FD35F76IAD=E3@6E7DH;57EAB7D3F76AGFA8F:7355AG@F;@9
EKEF7?FAF:7;H;>A67D7CG;D7?7@FE*G4EF;FGF7F3JI;>>F:7D78AD747B3;6FA4753>5G>3F763@6>7H;76A@F:7
3?AG@F A8 36<GEF?7@FE AB7D3F76 3E A8 757?47D 3E D7EG>F;@9 8DA? AD? A8 F:7 !@5A?7 +3J
)7FGD@FAF3>>;@9FAGDA
DA?3@355AG@F;@9BA;@FA8H;7IEG5:AB7D3F;A@:3E;?B>;76F:753@57>>3F;A@A8F:76787DD76F3JBDAH;E;A@
3@6F:74AA=;@9A8F:76G7EG4EF;FGF7F3JFAF3>>;@9FAGDA
Explanatory notes
77
'B?F9C9?>6?BC5F5B1>35@1I
,C5
'B?F9C9?>6?BD1H1D9?>
'DAH;E;A@8AD!)*6787DD76F3J7E
'DAH;E;A@8AD!)'6787DD76F3J7E
'DAH;E;A@
8AD
!%-!$F3J
7JFD3AD6;@3DK
&D85B@B?F9C9?>C6?BB9C;C
);E=D7E7DH75A@87D?7@FAD9:;@;
'DAH;E;A@ 8AD 8GFGD7 D;E=E 3@6
5:3D97E
+?D1<
+:7 M'DAH;E;A@ 8AD F3J3F;A@O 7@FDK 5A@E;EFE A8 F:7 BDAH;E;A@ 8AD F:7 7JFD3AD6;@3DK BDAB7DFK
;@5D7?7@F F3J
!%-!$8DA?F:7;@5ADBAD3F765A?B3@K&88;5;@7D38;5:7D3F7>>;*F;3@F;*D>+:;ED793D6E36;EBGF7I;F:
F:7>AD7@57)79;EF7DA8776E5A@57D@;@93:;9:7D!%-!$F3J3EE7EE?7@F;@D7>3F;A@FAF:7675>3D3F;A@?367
;@EF:73EE;9@ADE:3H75A@FD35FG3>>KG@67DF3=7@FAD7;?4GDE7F:73?AG@FF:734AH7?7@F;A@76EG?
:3E477@7@F7D763E3@355AG@FD757;H34>78DA?F:7*F;3@F;83?;>K
+:7M&F:7DBDAH;E;A@EO7@FDK5A@E;EFEA8
3BDAH;E;A@8ADD;E=EEF7??;@98DA?F:73D4;FD3F;A@DG>;@9D793D6;@9F:7BD7H;AGEE:3D7:A>67DEA8AD9:;@;
AEFDGL;A@; *D> 8A>>AI;@9 F:7 ?7D97D 4K ;@5ADBAD3F;A@ A8 F:7 38AD7?7@F;A@76 5A?B3@K +:7 DG>;@9 I3E
3BB73>76393;@EF478AD7F:7>AD7@57AGDFA8BB73>3@63675;E;A@;EEF;>>B7@6;@9
3BDAH;E;A@8ADD;E=ED7>3F;@9FAF:7@AF;57A83BB>;53F;A@A8E3@5F;A@E8AD-+;@3E;>>GEFD3F76;@F:7
8A>>AI;@9BA;@FM;EBGF7EB7@6;@93EA8757?47DOI:;5:;E:7D74KD787DD76FA
+:7 6787DD76 F3J BDAH;E;A@ I3E 53@57>>76 8A>>AI;@9 F:7 D73>;9@?7@F A8 F3J34>7 H3>G7E A8 36<GEF?7@FE 8AD
5A@FD35F76IAD=E3@6E7DH;57EFA;H;>A67D7CG;D7?7@FEE77M&F:7DD7E7DH7EO8AD8GDF:7D67F3;>E
78
9C@ED5C@5>49>71C?6535=25B
(%*)(,')$"%#.)(('(%$##)
%AF;57A8-+3EE7EE?7@F8ADF:7K73DGDA
+:7@AF;57A83EE7EE?7@F8ADF:7D75AH7DKA8GDAD787DEFA3@3>>7976A?;FF763BB>;53F;A@A8-+
FA F:7 5A@E;67D3F;A@ 8AD F:7 5A@FD35F 3I3D676 FA F:7 A?B3@K 4K *& F:7 5A?B3@K ?3@39;@9 F:7
;DBADFA87D93?A8ADF:77@>3D97?7@FA8F:7;DBADFEFDG5FGD7E,BA@D7CG7EFA8*&F:7A?B3@K
;EEG76 @A@
F3J34>7 ;@HA;57E +:7 !@F7D@3> )7H7@G7 *7DH;57 5A@F7EF76 F:7 3BB>;53F;A@ A8 @A@
F3J3F;A@
BDAH;E;A@E4KE7DH;@93@AF;57A83EE7EE?7@FA@4AF:*&3@6+'+:7>3FF7D5>3;?76F:7>79;F;?35KA8
;FE5A@6G5F478AD7F:7+'1+3J'DAH;@57A??;EE;A@2A8>AD7@57;@F:3FF:7E7DH;57EI7D7@AFF3J34>7
3@6;@3@K7H7@F;@HA;57E:36477@;EEG76I;F:AGF-+GBA@F:7GEFA?7DEEB75;8;5D7CG7EF+:7+'
A8>AD7@57GB:7>6F:7B7F;F;A@8;>764KF:7A?B3@K175;E;A@@P23@6675>3D76F:7@AF;57A83EE7EE?7@F
@G>>3@6HA;6#;=7I;E7F:7+'A87D93?AGB:7>6F:7B7F;F;A@8;>764K*&+:7!@F7D@3>)7H7@G7
*7DH;573BB73>76393;@EFF:7+'E675;E;A@;@3>675;E;A@;EEF;>>B7@6;@9
%AF;57A8)79;EFDK+3JD75F;8;53F;A@8ADF:7K73DGDA
!F ;E 3 @AF;57 A8 D75F;8;53F;A@ A8 3 :;9:7D ?ADF9397 3@6 5363EFD3> H3>G7 8AD F:7 BGDBAE7 A8 F:7 D79;EFDK F3J
3FFD;4GF76FAF:7BGD5:3E7A8F:7BDAB7DFKM-;>>3#7$3E5:7D7OGDA
;@5>G6;@9F3JB7@3>F;7E3@6
;@F7D7EFE+:7A?B3@K8;>763B7F;F;A@FAD7CG7EFF:3FE3;6@AF;5747675>3D76@G>>3@6HA;6A@F:79DAG@6E
A8;FE;>>79;F;?35K+:7+'A8>AD7@57GB:7>6F:7B7F;F;A@8;>764KF:7A?B3@K175;E;A@@P23@6
675>3D76F:7@AF;57A83EE7EE?7@F@G>>3@6HA;6+:7!@F7D@3>)7H7@G7*7DH;573BB73>76393;@EFF:7+'E
75;E;A@;@3>675;E;A@;EEF;>>B7@6;@9+:75>3;?8ADD75F;8;53F;A@;E677?76G@9DAG@6764KF:7A?B3@KE
5AG@E7>3EF:7D73>7EF3F7H3>G7EF3F76;@F:739D77?7@FA8E3>73@6FD3@E87D;E5A@8;D?764K3@388;63H;FE;9@76
4K3F75:@;53>7JB7DFADF:738AD7?7@F;A@76D73EA@E@AD;E=BDAH;E;A@I3EBGF3E;67I;F:D787D7@57FAF:;E
EB75;8;56;EBGF7
%AF;57A83BB>;53F;A@A8E3@5F;A@E8AD-+;@A8GDA
+:7 @AF;57 E7DH76 A@ 757?47D 8AD 3@ 3?AG@F A8 GDA D787DE FA F:7 3>>7976 @A@
D79G>3D;L3F;A@A8BGD5:3E7;@HA;57EF:3FF:7!@F7D@3>)7H7@G7*7DH;57677?763E;DD79G>3D+:7A?B3@K8;>76
;FE4D;78EBGDEG3@FFA3DF#79;E>3F;H775D77I:;5:I7D7@AFGB:7>655AD6;@9>K3@AF;57A8
B7@3>FKB3K?7@FI3EE7DH76FAF:7A?B3@KI:;5:;@FGD@3BB73>76393;@EFEG5:675;E;A@;@3>675;E;A@;E
EF;>>B7@6;@9+:7A?B3@KEA3D6A8;D75FADE677?;@9F:75>3;?FA477EE7@F;3>>KG@9DAG@676BDG67@F>K
7EF;?3F7EF:3FF:7BAF7@F;3>D;E=;@5>G6;@9>793>7JB7@E7E3?AG@FEFAGDAE7F3E;67;@3EB75;3>D;E=
BDAH;E;A@;@BD7H;AGE8;@3@5;3>K73D
(%*)(,')$"%#.)((%! #) +:78A>>AI;@96;EBGF7EI;F:E7H7D3>5A@FD35F;@9@F;F;7ED7>3F76FAF:78A>>AI;@95A@FD35FE3D73>EAB7@6;@9
A@FD35F8ADF:75A@EFDG5F;A@A8A88;57E8ADF:7?;>;3)A?39@3)79;A@;@F:7J:;4;F;A@;EFD;5FA8A>A9@3
A@FD35FAD ?;>;3 )A?39@3 )79;A@ A@FD35F 3EE;9@77 +! 1+7?BAD3DK EEA5;3F;A@ A8 A?B3@;7E2
47FI77@+'3@6!!+D4;FD3F;A@B7@6;@9
A@FD35F 8AD F:7 5A@EFDG5F;A@ A8 3 E5:AA> ;@ >AD7@57 8AD 4D;936;7DE 3@6 ?3DE:3>E A8 D?3 67; 3D34;@;7D;
A@FD35FAD!@8D3EFDG5FGD73@6+D3@EBADF7B3DF?7@F+:73D4;FD3F;A@3I3D6I3E;@83HAGDA8F:7A?B3@K
I:;5:I3E35=@AI>769763@;@67?@;8;53F;A@;@F:73?AG@FA8?;>>;A@GDA3BBDAJ;?3F7>K
A@FD35F 8AD F:7 5A@EFDG5F;A@ A8 $76;A *3HGFA >;@=;@9 DA36 A@FD35FAD *3HGFA $AG@F3;@ A??G@;FK
A@FD35F3EE;9@77+'+:76;EBGF7;E5GDD7@F>K3FF:7B:3E7A8BDA5776;@9E47;@953DD;76AGF
A@FD35F 8AD F:7 3D;
#7557 D3;>I3K >;@7 6AG4>;@9 N A@FD35FAD !F3>;3@ )3;>I3K 97@5K +:7 EG;F ;E G@67D
I3K8;DEF:73D;@9E5:76G>768AD*7BF7?47D
A@FD35F 8AD F:7 5A@EFDG5F;A@ A8 3 4KB3EE FA *F3F7 )A36 47FI77@ =? 3@6 =? N
A@FD35FAD%*ND4;FD3F;A@G@67DI3K
A@FD35F8ADF:75A?B>7F;A@3@6@7I>3KAGFA8-;FFAD;A-3>>7FF3:73>F:57@FD7NA@FD35FAD,*#+GD;@N
D4;FD3F;A@G@67DI3K
&GD 5AG@E7>E 47>;7H7 A@ 4AF: >793> 3@6 F75:@;53> 9DAG@6E F:3F F:7 34AH7 6;EBGF7E I;>> :3H7 3 83HAGD34>7
AGF5A?77H7@;83>AI7D;@67?@;8;53F;A@I;>>479D3@F76FAF:75A?B3@K5A?B3D76FAF:75>3;?763?AG@F
7@57F:7A3D6A8;D75FADE:3E675;676@AFFABGF3E;673@K3?AG@FE3EBDAH;E;A@8AD>793>877E
')&-!*!&%*&))!*"*% )*
Explanatory notes
79
$'#&0*)+!)$%+!%$%!+0,%
+:7?AH7?7@FA8F:78G@6;@F:7B7D;A6I3E3E8A>>AIE
&,%+*'0#
*G?E6G7FA43@=E
!>9D91<21<1>35
'DAH;E;A@
+D3@E87D8DA?3@6FA
AF:7D5A?B3@;7E
6D5BI51B
-1B91D9?>
+3JA@D7H3>G3F;A@E
A@FD;4GF;A@FAB7@E;A@8G@6
$ADF9397E
*7H7D3@57B3K?7@FE
;@3@5;@9
*A5;3>E75GD;FK8G@6
6H3@57EB3;6;@F:7K73D
6H3@57EA@5A@FD35FE
+?D1<
+?D1<
F:7'DA8;F3@6#AEE*F3F7?7@F;@5>G67EF:73?AG@FA8GDA5ADD7EBA@6;@9FAF:73>>A53F76CGAF3GDA
@7FA8F:73?AG@FEAH7DFGD@76FAD7H3>5AD7
%A93D3*53D>AD;L;3*53D>GDA
+:7BDAH;E;A@D7BD7E7@FEF:75A?B3@KE35FG3>674FFAI3D6E7?B>AK77E3EA8757?47D@7FA83@K
36H3@57E 3>D736K B3;6 3@65ADD7EBA@6E FA I:3F E:AG>6 :3H7477@ B3;6;8 F:7 7?B>AK?7@FD7>3F;A@E:;B :36
5A?7FA3@7@6A@E3;663F7
'3EE;H7355AG@FE
.9D89>I51B
74FEFA43@=E
74FEFAI3D6E43@=E3?AG@F;@93EA8757?47DFAGDA3D7?367GB3E8A>>AIE
GDA8AD?ADF9397EFA474AD@74KF:;D6B3DF;7E
GDA8AD36H3@57EA@;@HA;57E3@643@=D757;BFE
GDAEG46;H;6763E8A>>AIE
GDA 8AD 43@= D757;BFE D75>3EE;8;76 ;@ F:7 355AG@F AH7D6D38F E;@57 9;H7@ 43@=E ?3@397 3 E;@9>7
355AG@F
GDAD7>3F;@9FAF:7355AG@FAH7D6D38F
GDA8AD36H3@57EA@5A@FD35FEA8I:;5:GDAI;F:;@A@7K73D3@6GDA
38F7DK73D
GDA 8AD ?;6
F7D? 8;@3@5;@9 A8 I:;5: GDA I;F:;@ A@7 K73D 3@6 GDA 38F7DK73D
*G?E6G7FAAF:7D8;@3@5;3>;@EF;FGF;A@E
.9D89>I51B
6D5BI51B
-1B91D9?>
'3K34>7EFA835FAD;@95A?B3@;7E
+?D1<
80
+:;E 7@FDK ?3;@>K D787DE FA 36H3@57E D757;H76 8DA? 835FAD;@9 5A?B3@;7E A@ 5D76;FE FAI3D6E 5>;7@FE 3@6 A@
5A@FD35FFD3@E87DE
!@*7BF7?47DF:7A?B3@K7@F7D76;@FA3835FAD;@939D77?7@FI;F:,@;D76;F35FAD;@98ADF:7E3>7
3@6 FD3@E87D A8 M3@K 8GFGD7 D757;H34>7EO FAF3>>;@9 FA 3@ AH7D3>> 3?AG@F A8 GDA 393;@EF
B3K?7@F A8 3 5A@E;67D3F;A@ F:3F I;>> 47 7CG3> FA F:7 EG? 6G7 4K 674FAD 5>;7@FE 7;F:7D 38F7D 3@ 3D4;FD3F;A@
3I3D63@6AD5AGDF675;E;A@;ED7@67D76GBA@B7@6;@9EG;FEADGBA@7J75GF;A@A8E7FF>7?7@F39D77?7@FEI;F:
E3;6 674FADE AD GBA@ HA>G@F3DK B3K?7@F A@ 47:3>8 A8 E3;6 674FADE 8F7D E;9@3FGD7 A8 F:7 38AD7?7@F;A@76
835FAD;@9 39D77?7@F ,@;D76;F 35FAD;@9 FD3@E87DD76 3@ 36H3@57 B3K?7@F A8 ?;>>;A@ GDA FA F:7
A?B3@K
Explanatory notes
81
'3K?7@FEA@355AG@F
>;7@FE8AD36H3@57EA@IAD=BDA9D7EE
>;7@FE8AD36H3@57EA@5A@FD35FE
>;7@FE 8AD 36H3@57E 3@6 67BAE;FE A@
BD7>;?;@3DK6776EA8E3>7
+?D1<
.9D89>I51B
6D5BI51B
-1B91D9?>
+:7E7 5A@E;EF BD;@5;B3>>K A8 B3K?7@FE A@ 355AG@F D757;H76 8DA? 5>;7@FE ;@ D7>3F;A@ FA B7D57@F397 A8 BDA<75F
5A?B>7F;A@
+:7K53@476;H;676;@FA
B3K?7@FEA@355AG@FD757;H768DA?5>;7@FE8ADIAD=EFA4753DD;76AGF;@5>G6;@9F:AE75A@FD35F763?AG@F;@9
FAGDA
B3K?7@FE A@ 355AG@F D757;H76 ;@ F:7 5AGDE7 A8 IAD= ;@ BDA9D7EE 4GF I:;5: :3H7 @AF K7F 477@ 5A?B>7F76
3?AG@F;@9FAGDA
36H3@57E 3@6 67BAE;FE D757;H76 8DA? 5>;7@FE D793D6;@9 BD7>;?;@3DK 6776E A8 E3>7 3?AG@F;@9 FA GDA
55AG@FEB3K34>7FAEGBB>;7DE
;@3@5;3>B3K34>7E
+D367B3K34>7E
&F:7DB3K34>7E
+?D1<
-1B91D9?>
+:7E7355AG@FEB3K34>73D7F:7D7EG>FA85A??7D5;3>3@68;@3@5;3>673>;@9EI;F:F:7E3;65A?B3@;7E@AFK7F
E7FF>763EA8757?47DA@FDA>>765A?B3@;7E3D7?3;@>K5A@EADF;G?5A?B3@;7EE7FGB7J5>GE;H7>KFA
?3@3975A@FD35FG3>5AEFE
+:7M&F:7DB3K34>7EO;F7?D787DE?3;@>KFA355AG@FEB3K34>7FA7DDG55;5A@FDA>>765A?B3@K8A>>AI;@9F3J
5A@EA>;63F;A@
55AG@FEB3K34>7FA388;>;3F765A?B3@;7E
.9D89>I51B
+D367B3K34>7E
&F:7DB3K34>7E
+?D1<
.9D89>I51B
-1B91D9?>
*GBB>;7DE8AD;@HA;57EFA47D757;H76
*GBB>;7DE8AD676G5F;A@E3E9G3D3@F77
'3K34>7EFABDA87EE;A@3>E
+:7E7355AG@FEB3K34>73D7F:7D7EG>FA85A??7D5;3>3@68;@3@5;3>673>;@9EI;F:F:7E3;65A?B3@;7E@AFK7F
E7FF>763EA8757?47D88;>;3F765A?B3@;7E3D7?3;@>K5A@EADF;G?5A?B3@;7EE7FGB7J5>GE;H7>KFA
?3@397 5A@FD35FG3> 5AEFE 7@57 F:7 ;@5D73E7 ;@ 674FE FAI3D6E F:7 E3?7 D7BD7E7@FE 3@ ;@5D73E7 ;@ 674FE
FAI3D6EEGBB>;7DE
'DA87EE;A@3>EFA474;>>76
55AG@FEB3K34>7FAB3D7@F5A?B3@;7E
'3K34>7EFAEGBB>;7DE
+?D1<
.9D89>I51B
6D5BI51B
-1B91D9?>
!F E:AG>6 3>EA 47 @AF76 F:3F F:7 7@FDK M?AG@FE D757;H34>7 8DA? AF:7DE I;F:;@ A@7 K73DO G@67D GDD7@F
3EE7FE;@5>G67E36H3@57EFAF3>>;@9FAGDAB3;6FAEGBB>;7DE8ADE7DH;57E
.9D89>I51B
-1B91D9?>
;@3@5;3>B3K34>7E
+?D1<
55AG@FEB3K34>7FA5A@FDA>>765A?B3@;7E
+:7E7674FEEF7?8DA?8;@3@5;3>FD3@E35F;A@EI;F:E:3D7:A>67D6;>
!@H7EF@AFK7FE7FF>763EA8757?47D
82
Explanatory notes
83
55AG@FEB3K34>7FAF3J3F;A@3GF:AD;F;7E
+:7D73D7@A674FEI;F:3D7E;6G3>>7@9F:A8AH7DK73DE3EEB75;8;76;@F:79D3B:47>AI
'3K34>7EFAF3J3F;A@3GF:AD;F;7E
+?D1<
.9D89>I51B
6D5BI51B
-1B91D9?>
+:7E7D787DFAF:7EA>7>;34;>;F;7E8AD57DF3;@3@667F7D?;@76F3J7E3@6;@5>G67EG?E6G78ADI;F::A>6;@9F3J
8AD!D7E3@6!D3BF3J7E3@68AD-3F6G7A@36787DD7663F7
55AG@FEB3K34>7FAEA5;3>E75GD;FK3GF:AD;F;7E
.9D89>I51B
-1B91D9?>
+:7E73D7355AG@FEB3K34>7FA*A5;3>*75GD;FK3GF:AD;F;7E3EA8757?47D
.9D89>I51B
6D5BI51B
-1B91D9?>
+:7M&F:7DB3K34>7EO;F7?DAE78DA?GDA;@8;@3@5;3>K73DFAGDA;@8;@3@5;3>
K73D
'3K34>7EFA5A@FDA>>765A?B3@;7E
'3K34>7EFA388;>;3F765A?B3@;7E
&F:7DB3K34>7EFA43@=E
'3K34>7EFAAF:7D8;@3@5;3>
;@EF;FGF;A@E
'3K34>7EFAB3D7@F5A?B3@;7E
'3K34>7EFAF3J3F;A@3GF:AD;F;7E
&F:7DB3K34>7E
-3D;3F;A@E;@F:7K73D
B?=D?I51BC
'3K34>7EFAEA5;3>E75GD;FK
3GF:AD;F;7E
&F:7D355AG@FEB3K34>7
.9D89>I51B
'3K34>7EFA43@=E8AD?ADF9397E
'3K34>7EFAEGBB>;7DE
55AG@FEB3K34>7FA*A5;3>*75GD;FK3GF:AD;F;7E
+?D1<
'3K34>7EFAE:3D7:A>67DE8AD
8;@3@5;@9
'3K?7@FEA@355AG@F
-3D;3F;A@E;@F:7K73D
&F:7DB3K34>7E
+?D1<
55AG@FE6G738F7DK73DE
+?D1<
52DC213;542I<95>C
#;7@E?ADF9397E3?AG@F;@9FA
GDA
8AD674FEA@?ADF9397E3?AG@F;@9FA
GDA
),/'%**%))!%&$
EA8757?47DF:;E7@FDK;E?367GB3E8A>>AIE
33BE545H@5>C5C
8;@3@5;3>5:3D97E
?;E57>>3@7AGE
>73E;@9
565BB549>3?=5
D7H7@G7E8DA?D7@FE
;@F7DDGBF;A@A8D7H7@G7E8DA?3D;E>;9:FD3;>I3K
AF:7D6787DD76;@5A?7
+?D1<
-1B91D9?>
84
Explanatory notes
85
!%&)$+!&%&%!)-#,&)!-+!-!%%!#!%*+),$%+*
&$$!+$%+*%$$&)%,$&,%+*
+:7?7?AD3@6G?355AG@FE5A@E;EFA8F:78A>>AI;@95A??;F?7@FED;E=E3@69G3D3@F77E
;J8>A3F7DEI3B
>D9DI?6B565B5>35
>?D9?>1<
*I3B
!@F7D7EFD3F7EI3B
!@F7D7EFD3F7EI3B
M'GDB>75A>>3DOAB7D3F;A@
!@F7D7EFD3F7EI3B
M'GDB>75A>>3DOAB7D3F;A@
!@F7D7EFD3F7EI3B
)3@97EI3B
!@F7D7EFD3F7EI3B
!@F7D7EFD3F7EI3B
19BF1<E5
"9>4
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F
JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F
JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F
JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
A@FD35F5AH7D;@9B3DFA843@=;@674F76@7EE
3F7A85A??7@57?7@F JB;DK
+:783;DH3>G7D7EG>FE8DA?43@=57DF;8;53F7ED7>3F;@9FAF:75>AEGD7A8F:78;@3@5;3>K73D
A??;F?7@FEA@BD7>;?;@3DK6776EA8E3>7
A??;F?7@FEA@BD7>;?;@3DK6776EA8BGD5:3E7
A??;F?7@FEA@67D;H3F;H75A@FD35FE
A??;F?7@FEFAI3D6EF:;D6B3DF;7E
+?D1<
);E=EFAI3D6EF:;D6B3DF;7E
+?D1<
3@=EGD7F;7EFA5A@FDA>>765A?B3@;7E
!@EGD3@57EGD7F;7EFA5A@FDA>>765A?B3@;7E
3@=EGD7F;7EFA388;>;3F765A?B3@;7E
3@=EGD7F;7EFA5>;7@FE
!@EGD3@57EGD7F;7EFA5>;7@FE
'>7697E9;H7@FAF:;D6B3DF;7E
"A;@F;@EGD3@576747@FGD7E
+?D1<
,)%+*)!-
A>>AI;@93D7F:79G3D3@F77ED757;H764KF:75A?B3@K
*GD7F;7E8DA?EGBB>;7DE
*GD7F;7E8DA?B3D7@F5A?B3@;7E
*GD7F;7E8DA?F:;D6B3DF;7E
+?D1<
86
+:7 D7CG;D7?7@F EF3F76 ;@ 55AG@F;@9 'D;@5;B>7 FA ;@5>G67 ;@ F:7 ?7?AD3@6G? 355AG@FE G@67D
5A??;F?7@FEMF:73?AG@FA85:3D97EFA47B3;6;@366;F;A@FAF:75AEF8ADD7677?;@9F:73EE7FO;E4AA=76;@
F:7JB>3@3FADK%AF7EG@67DM+3@9;4>7;J76EE7FEN3EE7FE9D3@F76A@8;@3@5;3>>73E7OE3D7EG>F;@AD67D
FA 3HA;6 3 BA;@F>7EE D7B7F;F;A@ 3E 8DA? F:7 EB75;8;53F;A@ ;E @A >A@97D ;@5>G676 ;@ F:7 $7?AD3@6G?
55AG@FE
1D57?BI?645B9F1D9F59>CDBE=5>DC
Explanatory notes
87
&$$%+*&%+ $!%!+$*!%+ ')&!+%#&***++$%+
&F:7DD7H7@G7E3@6;@5A?7
'DA6G5F;A@D7H7@G7E
)7H7@G7E8DA?E3>7A89AA6E3@6E7DH;57B7D8AD?3@57
-3D;3F;A@;@EFA5=
-3D;3F;A@;@5A@FD35F76IAD=;@BDA9D7EE
&F:7DD7H7@G7E3@6;@5A?7
+?D1<
)7H7@G7E8DA?E3>7A89AA6E3@6E7DH;57B7D8AD?3@57
'GDEG3@F FA 3DF BA;@F ;H;> A67 F:7 8A>>AI;@9 F34>7E ;>>GEFD3F7 F:7 6;887D7@F =;@6 A8 D7H7@G7E
EG46;H;6764K53F79ADKA8BDA6G5F3@6E7DH;57E
)7H7@G7E8DA?5A@FD35FE
)7H7@G7E8DA?E3>7EA8>3@63@64G;>6;@9E
)7H7@G7E8DA?H3D;AGEIAD=E
)7@F3>E
+?D1<
+:7 D7H7@G7 FD7@6 ;@ 735: 8;7>6 A8 AB7D3F;A@E ;E 6;E5GEE76 ;@ F:7 $3@397?7@F )7BADF +:7 EG46;H;E;A@ A8
D7H7@G7E4K97A9D3B:;53>3D73;E677?76G@@757EE3DK;@F:3F@AFE;9@;8;53@F
-3D;3F;A@;@EFA5=
3;@EA@E3>7EA83EE7FE
-3D;AGED75AGB?7@FE3@6AH7DFGD@;@9A85AEFE
A@F;@97@F3EE7FE3@693;@E
-3D;AGED7;?4GDE7?7@FE
)7H7@G7E8DA?D7@FE
,E7A8BDAH;E;A@8AD6AG4F8G>674FE
&F:7DD7H7@G7E
+?D1<
,@F;> F:7 M&H7DFGD@;@9 A8 5AEFE FA 5A@EADF;G?5A?B3@;7EO ;F7? I3E 7@F7D76 G@67D M&F:7D D7H7@G7E
3@6;@5A?7O3@6BDA6G5F;A@5AEFEI7D7D75AD6768AD3@3?AG@FMBD7
AH7DFGD@;@9O;FE7>8E8DA?F:7
5A?B3@KE A3D6 A8 ;D75FADE :3E 675;676 FA ;@6;53F7 BDA6G5F;A@ 5AEFE M@7F A8O E3;6 AH7DFGD@;@9 EA 3E FA
3HA;6M6GB>;53F;A@EO;@5AEFE3@6D7H7@G7E
'DA6G5F;A@5AEFE
)3I3@63@5;>>3DK?3F7D;3>E5A@EG?34>7E3@69AA6E
+:77@FDK7EE7@F;3>>K5A@57D@EF:7BGD5:3E7A89AA6EFAF3>>;@9FAGDAH3D;AGE4G;>6;@9E;F75AEFE
FAF3>>;@9 FA GDA F:7 BGD5:3E7 A8 >3@6 3@6 4G;>6;@9E FAF3>>;@9 FA GDA 3@6 F:7
BGD5:3E7A84A@6EFAF3>>;@9FAGDA
-3D;3F;A@;@5A@FD35F76IAD=;@BDA9D7EE
88
Explanatory notes
89
*7DH;57E
+:75AEFEA8E7DH;57E3D767F3;>76;@F:7F34>747>AI
,E7A8F:;D6B3DFK3EE7FE
+:;E7EE7@F;3>>K5A@57D@E>73E;@9D7@FED7@FEB3K34>73@6:;D7EB3;6FAF:;D6B3DF;7E
>75FD;5;FK4;>>E
!@EGD3@57BA>;5;7E
3@=5:3D97E
77E8ADBDA87EE;A@3>E7DH;57E
-3D;AGE?3;@F7@3@575AEFE
A@EFDG5F;A@5AEFEEG45A@FD35F;@93@6E7DH;57EAGFEAGD576FAF:;D6B3DF;7E
6H7DF;E;@9
'DAH;E;A@A8H3D;AGEE7DH;57E
.3F7D3@693E
'AEF3>7JB7@E7E
+7>7B:A@74;>>E
.3D7:AGE75AEFE
AEFE;@5GDD76;@BD7B3D;@9F7@67D4;6E
!%'*@3F;A@3>;@EGD3@575A@FD;4GF;A@E5:3D976FA5GEFA?7D
AEFE8AD5>AE764G;>6;@9E;F7E
!@EGD3@57H7:;5>7F3JB7FDA>?AFADI3KFA>>E
%A;E7F7EFE
4G;>6;@9E;F7E387FK5AGDE7E
A@6A?;@;G?E7DH;575AEFE
A??;EE;A@5:3D97E
97@5K5AEFE
A??;EE;A@EA@EGD7F;7E
77EB3;6FA;D75FADE
77EB3;6FAG6;FADE
&F:7DE7DH;575AEFE
+?D1<
'7DEA@@7>7JB7@E7E
+:;E7@FDK;@5>G67E3>>7JB7@E7E8AD7?B>AK77E;@5>G6;@9F:75AEFA8355G?G>3F76H353F;A@@AFF3=7@F:7D74K
3@6 >793> D7E7DH7E 3@6 5A>>75F;H7 39D77?7@FE @7F A8 B7DEA@@7> 5AEFE AH7DFGD@76 FA F:7 5A@FDA>>76 5A?B3@K
D7H3>5AD7
%A93D3*53D>3EE:AI@47>AI
#5CC&F5BDEB>9>7D?
B5F1<3?B5
%?71B1*31B<
%5D@5BC?>>5<3?CDC
1C?621<1>35
'5BC?>>5<3?CDC
3.397E3@6E3>3D;7E
4*A5;3>E75GD;FK5A@FD;4GF;A@E
5 ?B>AK77E D7F;D7?7@F ;@67?@;FK
8G@6
6*7H7D3@57B3K3@6E;?;>3D5AEFE
7&F:7D5AEFE
+AF3>
?B>AK?7@F63F3
+:7 5A?B3@KE 3H7D397 B7DEA@@7> ;7 8G>>
F;?7 B7DEA@@7> ;@ D735:76 F:7 8A>>AI;@9 >7H7> 3@6
5A?BAE;F;A@
$3@397DE
?B>AK77E
.AD=7DE
BBD7@F;57E
A@F;@GAGE5A>>34AD3FADE
+AF3>
H7D397
+:73BB>;534>7>34AGD39D77?7@F;EF:3F8AD7?B>AK77EA8G;>6;@95A?B3@;7E3@63>;=7
%A5A??7@FEA@F:734AH7F34>73D7@776767JB75FF:3F3EA8757?47DF:7B7DEA@@7>5A@E;EF76A8
7?B>AK77E7?B>AK77EI;F:D7EB75FFABD7H;AGEK73D
?ADF;L3F;A@E3@6ID;F7
6AI@E
-3D;3F;A@;@9AA6E
+:74D73=6AI@A8F:7D7CG7EF76EG4
7@FD;7E53@478AG@6;@F:7'DA8;F3@6#AEE*F3F7?7@F
+:;E7@FDK;E?367GBA8
3?ADF;L3F;A@GBFAF:7>7H7>B7D?;FF764KF3J>3I7JF7@FI:;5:;E677?76D7BD7E7@F3F;H7A8F:7D7E;6G3>GE78G>
>;87A8;@F3@9;4>78;J763EE7FE3@6A8F:77EF;?3F76GE78G>>;87A8F3@9;4>78;J763EE7FE
ID;F7
6AI@A8355AG@FED757;H34>7;@5>G6763?A@95GDD7@F3EE7FE6G7FAF:7BDG67@F;3>BDAH;E;A@8ADF:7D;E=
A8@A@
5A>>75F;A@A89;H7@D757;H34>7EFAI3D6E6;887D7@F5D76;FADE
90
Explanatory notes
91
&F:7D?3@397?7@F5:3D97E
&F:7D8;@3@5;3>;@5A?7
%A@
;@5A?743E765:3D97E3@6F3J7E
!!F3J
AA=E?393L;@7EEG4E5D;BF;A@E3@6BG4>;53F;A@E
!>3?=56B?=133?E>DCB5359F12<53<1CC969541C69H541CC5DC
!@F7D7EFED757;H34>7A@8;@3@5;@9FA5A@FDA>>765A?B3@;7E
!@F7D7EFD757;H34>7A@8;@3@5;@9FA388;>;3F765A?B3@;7E
!@F7D7EFED757;H34>7A@8;@3@5;@9FAB3D7@F5A?B3@;7E
!@F7D7EFED757;H34>7A@8;@3@5;@9FAAF:7D5A?B3@;7E
A@F;@97@F>;34;>;F;7E
!>3?=56B?=C53EB9D95C8?<49>7C5>D5B541=?>73EBB5>D1CC5DC
;@7E3@6B7@3>F;7E
!@F7D7EFED757;H34>7A@#;87'A>;5;7E
&F:7D?3@397?7@F5:3D97E
!@F7D7EFED757;H34>7A@A@6E
+?D1<
&D85B69>1>391<9>3?=5
AEFEA85A@EADF;33@65A@EADF;G?5A?B3@;7E
$;E57>>3@7AGE5A@EG?BF;A@E3@65AEFE
#AEE7ED7EG>F;@98DA?E3>7A8F3@9;4>78;J763EE7FE
+:7 M&F:7D ?3@397?7@F 5:3D97EO 7@FDK 3>EA ;@5>G67E 5AEFE ;@5GDD76 8AD 3D4;FD3F;A@E GDA 5AEFE
;@5GDD768ADF:7;?B>7?7@F3F;A@A8(G3>;FK*KEF7?GDA>AEE7EA@D757;H34>7EGDA3@6
5AEFE;@5GDD768ADF:7E75A@63DK:736A88;57EGDA
%7F8;@3@5;3>;@5A?73@65:3D97E
!@5A?78DA?;@H7EF?7@FE
!>3?=56B?=C53EB9D95C8?<49>7C5>D5B541=?>769H541CC5DC
!@F7D7EFED757;H34>7A@43@=3@6BAEF3>355AG@FE
!@F7D7EFED757;H34>78DA?5>;7@FE
'AE;F;H76;887D7@F;3>EA@67D;H3F;H7;@EFDG?7@FE
;887D7@F;@F7D7EFED757;H34>7
3E:6;E5AG@FE
+?D1<
!@F7D7EFE3@6AF:7D8;@3@5;3>5:3D97E
9F945>4C
;H;67@6E8DA?;@H7EF?7@FE;@AF:7D5A?B3@;7E
19>C6B?=@EB381C5C
3;@E8DA?BGD5:3E7A8;@H7EF?7@FE;@AF:7D5A?B3@;7E
19>C6B?=C1<5C
3;@E8DA?E3>7A8;@H7EF?7@FE;@AF:7D5A?B3@;7E
+?D1<
9>1>391<381B75CD?G1B4C3?>DB?<<543?=@1>95C
9>1>391<381B75CD?G1B4C1669<91D543?=@1>95C
9>1>391<381B75CD?G1B4C@1B5>D3?=@1>95C
9>1>391<381B75CD?G1B4C?D85B3?=@1>95C
!@F7D7EFEB3K34>7FA43@=E8AD43@=355AG@FE3@636H3@57EA@D75AH7D34>7
5D76;F
!@F7D7EFEB3K34>7A@?ADF9397E
!@F7D7EFEB3K34>7A@?76;G?3@6>A@9
F7D?8;@3@5;@9
!@F7D7EFEB3K34>7FAEGBB>;7DE
!@F7D7EFEB3K34>7A@36H3@57E
783G>F;@F7D7EFE
!@F7D7EFEB3K34>7A@67>3K76F3JB3K?7@F
&F:7D;@F7D7EFEB3K34>7
!@F7D7EFEB3K34>78AD835FAD;@936H3@57E
%793F;H76;887D7@F;3>EA@67D;H3F;H7;@EFDG?7@FE
3E:6;E5AG@FE3@6DAG@6;@9
A88E
&F:7D8;@3@5;3>5:3D97E
+?D1<
92
Explanatory notes
93
6<GEF?7@FEFA8;@3@5;3>3EE7FEH3>G7E
!@5A?7F3J
)5F1<E1D9?>C
.B9D5
4?G>C?69>F5CD=5>DC
AH7DA8>AEEEG887D764K5A@FDA>>765A?B3@;7E
AH7DA8>AEEA8;@H7EF?7@FE;@388;>;3F765A?B3@;7E
AH7DA8>AEEA8;@H7EF?7@FE;@AF:7D5A?B3@;7E
&F:7DID;F7
6AI@EA8;@H7EF?7@FE;@AF:7D5A?B3@;7E
.B9D5
4?G>C?6?D85B69>1>391<69H541CC5DC
.B9D5
4?G>C?6?D85B69>1>391<3EBB5>D1CC5DC
+?D1<
JFD3AD6;@3DK;@5A?73@65:3D97E
@FDKA8F:7'DA8;F3@6#AEE*F3F7?7@F;EEG46;H;6763E8A>>AIE
35GDD7@FF3J7E !)*F3J
!)'F3J
*G4EF;FGF7F3J8ADD73>;9@?7@F
+?D1<
*G4EF;FGF7 F3J ;@ F:7 3?AG@F A8 GDA D787DE FA D73>;9@?7@F A8 F3J34>7 H3>G7E FA ;H;> A67
D7CG;D7?7@FEI;F:D793D6FA36<GEF?7@FEAB7D3F76A@IAD=E3@6E7DH;57EI:AE7>7@9F:9A7E47KA@6A@7K73D
E77M&F:7DD7E7DH7EO8AD8GDF:7D67F3;>E
46787DD76F3J7E
'B5@194D1H5C
'D7B3;67J57EE;H7!)*D76G5F;A@
HDB1?B49>1BI9>3?=5
'D7B3;67J57EE;H7!)'D76G5F;A@
3;@E8DA?E3>7A8:A>6;@9E
HDB1?B49>1BI381B75C
+3J7ED7>3F;@9FABD7H;AGEK73DE
,E7A8BD7B3;6!)*
,E7A8BD7B3;6!)'
%A@
D75GDD7@F>AEE7E
+?D1<
+:7 7@FDK MJFD3AD6;@3DK ;@5A?7 3@6 5:3D97EO ;@5>G67E ;@5A?7 @AF D787D34>7 FA F:7 5A?B3@KE AD6;@3DK
?3@397?7@F
'DAH;E;A@8ADBD7B3;6!)*
'DAH;E;A@8ADBD7B3;6!)'
565BB54D1H5C
787DD767J57EE;H7!)*D76G5F;A@
787DD767J57EE;H7!)'D76G5F;A@
,E7A86787DD76!)*
,E7A86787DD76!)'
+?D1<
94
'D7B3;63@66787DD76F3J7E3D77@F7D76A@3>>F7?BAD3DK6;887D7@57E47FI77@F3J34>7;@5A?73@6BD7
F3JBDA8;F
3EEG?;@9F3J34>7;@5A?7FA47EG5:3EFAMD7
34EAD4OF7?BAD3DK6;887D7@57EAH7DF:7K73D;@CG7EF;A@
'D7B3;6 3@6 6787DD76 F3J7E 3D7 53>5G>3F76 A@ 3@ 355DG3> 43E;E I;F: D7EB75F FA 676G5F;4>7 5AEFE 3@6 F3J34>7
D7H7@G7E;@8A>>AI;@9K73DE3EE:AI@;@F:78A>>AI;@9F34>7
Explanatory notes
95
5C3B9@D9?>
'B5@194D1H5C
);E=BDAH;E;A@
EEA5;3F;H7
5A@FD;4GF;A@E
AA6I;>>
7BD75;3F;A@A8
;@H7EF?7@FE
@F7DF3;@?7@F
7JB7@E7E
+3J>AEE
787DD76F3J7E
'DAH;E;A@8AD
5A@FD35FG3>D;E=E
+5=@?B1BI49665B5>35C
=?E>D1D
2579>>9>7?6
I51B
-1B91D9?>?F5B
I51B
=?E>D1DI51B
5>4
@@<954B1D5
+1H56653D1D
I51B5>4
+1H56653D1D
2579>>9>7?6
I51B
*G??3DKA8BD7B3;6F3J7E6;H;6764K7JB;DK63F7
+1H12<5
'B5@194D1H5C
051B
!)*
!)'
)1D5
!)*
)1D5
B7D;A66GD;@9I:;5:F3J>AEE53@47676G5F76;@5A?B>;3@57I;F:F3J>3I
!)'
+:7 F34>7 D7BADF;@9 F:7 D75A@5;>;3F;A@ 47FI77@ F3J 5:3D97E 3E G@67D F:7 43>3@57 E:77F 3@6 F:7AD7F;53> F3J
5:3D97E;E:7D74K3@@7J76
96
+3JA@EA>;63F763>3@57*:77F
EE3;6;@F:7BA;@FMH7@FG3>47>A@9;@9FA3DAGBOF:75A?B3@KFA97F:7DI;F:5A@FDA>>765A?B3@;7E
*7DH;L; *D> DGBBA 3DFA>A?7;
GE; *D> 3@6 !??A4;>;3D7 7DDG55; *D> :3E 7@6ADE76 F:7 %3F;A@3> +3J
A@EA>;63F76*KEF7?8ADF:7K73DE
>> 5:3D97E 3@6 ;@5A?7 D7EG>F;@9 8DA? 7@6ADE7?7@F A8 F:7 5A@EA>;63F76 EKEF7? 3D7 F:7 EG?E FA 47
B3;6D757;H76 4K F:7 5A?B3@;7E B3DF;5;B3F;@9 ;@ F:7 5A@EA>;63F76 EKEF7? 3E 5A@E;67D3F;A@ 8AD F:7 F3J
36H3@F397E FD3@E87DD76 I;F:;@ F:7 DAGB ;@ >;@7 I;F: F:7 5A@EA>;63F;A@39D77?7@F *3;6 EG?E 3D7 EB75;8;76
47>AI
?>C?<941D543?=@1>95C
?>C?<941D9?>
14:ECD=5>DC
+B1>C65BB54B5CE<D
*7DH;L;*D>
DGBBA3DFA>A?7;
GE;*D>
!??A4;>;3D77DDG55;*D>
+?D1<
+?D1<D1H56653D1D
+?D1<
E A8 757?47D +' *B :3E 7@F7DF3;@76 F:7 8A>>AI;@9 8;@3@5;3> D7>3F;A@E:;BE I;F: F:7
5A?B3@;7EB3DF;5;B3F;@9;@F:7+3JA@EA>;63F76*KEF7?
?>C?<941D543?=@1>95C
+?D1<
)757;H34>78DA?*7DH;L;*D>
)757;H34>78DA?DGBBA3DFA>A?7;
GE;*D>
)757;H34>78DA?!??A4;>;3D77DDG55;*D>
+AF3>D757;H34>78DA?5A@EA>;63F765A?B3@;7E
*'!+&!)+&)*%,!+&)*
+:78A>>AI;@9F34>7>;EFEF:7AH7D3>>8;9GD7E8ADF:7877EB3;6FA$7?47DEA8F:7A3D6A8;D75FADE3@6A3D6
A8G6;FADE;@
9B53D?BC
E49D?BC
+?D1<
+:;E 3>3@57 *:77F 5A@E;EF;@9 A8 F:7 EE7F 3@6 #;34;>;FK*F3F7?7@F F:7 'DA8;F 3@6 #AEE *F3F7?7@F 3@6F:7
JB>3@3FADK %AF7E FDGF:8G>>K 3@6 355GD3F7>K D7BD7E7@FE F:75A?B3@KE 3EE7FE 3@6 >;34;>;F;7E 3@6;FE 8;@3@5;3>
E;FG3F;A@3EI7>>3EF:7K73DE75A@A?;5D7EG>FE3@6;E;@>;@7I;F:F:75A?B3@KED75AD6E
&@47:3>8A8F:7A3D6A8G6;FADE
+:7:3;D?3@
$D);553D6AGE;
Explanatory notes
97
;@GDA
9665B5>3525DG55>@B?4E3D9?>B5F5>E5C1>43?CDC
;@GDA
%?>B5<5F1>D3?CDC6?B!)'@EB@?C5C
-1B91D9?>C=1451<C?6?B!)*@EB@?C5C
'D7
F3JD7EG>F
+85?B5D931<D1H381B75B1D5
+5=@?B1BI49665B5>35C454E3D92<59>6?<<?G9>769>1>391<I51BC
$A4;>7B:A@7E3@6GB=77B
AA6I;>>3?ADF;L3F;A@CGAF3
7@F7DF3;@?7@F7JB7@E7E
7@F7DF3;@?7@F7JB7@E7E
%A@
676G5F;4>75AEFE
+3J;@5D73E7E
AEFE8AD?AFAD53DE;@5>G6;@9>73E;@9
+?D1<
;@7E3@6B7@3>F;7E
+B1>C65B?6D5=@?B1BI49665B5>35C6B?=@B5F9?ECI51BC
%A@
676G5F;4>73?ADF;L3F;A@8AD?AFAD53DE3@6?A4;>7B:A@7E
(GAF3A89AA6I;>>3?ADF;L3F;A@676G5F;4>7;@
+?D1<
7BD75;3F;A@CGAF3A8;@H7EF?7@F;@#7D7@*D>676G5F;4>7;@
&D85BF1B91D9?>C
77EB3;6FA?7?47DEA8A3D6A8;D75FADE?;@5>G6;@9!@3;>3@6!@BE
#73E;@98;@3@5;3>5:3D97E
AEFA8B7DEA@@7>3EB7D'DA8;F3@6#AEEEF3F7?7@F
&553E;A@3>5A>>34AD3F;A@E
A@F;@GAGE5A>>34AD3FADE
,@B3;63EEA5;3F;H75A@FD;4GF;A@E
7BD75;3F;A@CGAF3A8;@H7EF?7@F;@!??7DDG55;*D>676G5F;4>7;@
7BD75;3F;A@CGAF3A8;@H7EF?7@F;@-;>>3AEE;*D>676G5F;4>7;@
3EEA5;3F;H75A@FD;4GF;A@EB3;6;@
,E7A85A@FD35FG3>D;E=BDAH;E;A@
+?D1<
9665B5>35C>?D6<?G9>79>D?6?<<?G9>7I51BC
7@F7DF3;@?7@F7JB7@E7E
%A@
676G5F;4>75AEFE
$A4;>7B:A@7E3@6GB=77B
AEFE8AD?AFAD53DE;@5>G6;@9>73E;@9
;@7E3@6B7@3>F;7E
+3J;@5D73E7E
!!F3J
!D3BF3JD787DD;@9FABD7H;AGE8;@3@5;3>K73DE
%A@
676G5F;4>73?ADF;L3F;A@8AD?AFAD53DE3@6?A4;>7B:A@7E
AH7DA8B3DF;5;B3F765A?B3@;7E>AEE7E
6;H;67@6EA@;@H7EF?7@FE
+?D1<
+1H12<51=?E>D<?CC+'*@
!)*D1HB5CE<D9>76B?=?>C?<941D9>73?=@1>IC'B?69D#?CC*D1D5=5>D
+1H12<51=?E>D<?CCB5CE<D9>76B?=3?>C?<941D543?=@1>I*5BF9J9*B<
+1H12<51=?E>D<?CCB5CE<D9>76B?=3?>C?<941D543?=@1>IBE@@?1BD?<?=59
EC9*B<
+1H12<51=?E>D<?CCB5CE<D9>76B?=3?>C?<941D543?=@1>I!==?29<91B55BBE339*B<
+3J34>73?AG@F>AEED7EG>F;@98DA?%3F;A@3>+3J?>C?<941D54*ICD5=
EBB5>D!)*D1H?>I51BC3?>C?<941D549>3?=5
AEFA8B7DEA@@7>AH7DFGD@76FAD7H3>5AD7
%A93D33@6AD;L;3
!@BEEA5;3>E75GD;FK5:3D97E
.D;F7
6AI@A8D757;H34>7E
GDF:7D676G5F;A@7?B>AK?7@F;@5D73E7
!@3;>;@EGD3@578AD355;67@FE3FIAD=
;E34>76B7DEA@@7>5:3D97E
BBD7@F;57E:;B5:3D97E
AEFA8B7DEA@@7>676G5F;4>78AD!D3BBGDBAE7E
+?D1<
+?D1<
+85?B5D931<D1H381B75B1D5
+5=@?B1BI49665B5>35454E3D92<59>6?<<?G9>7I51BC
AA6I;>>3?ADF;L3F;A@CGAF3
7@F7DF3;@?7@F7JB7@E7E
+?D1<
+B1>C65B?6D5=@?B1BI49665B5>35C6B?=@B5F9?ECI51BC
,@B3;63EEA5;3F;H75A@FD;4GF;A@E
(GAF3A89AA6I;>>3?ADF;L3F;A@676G5F;4>7;@
3EEA5;3F;H75A@FD;4GF;A@EB3;6;@
,E7A85A@FD35FG3>D;E=BDAH;E;A@
+?D1<
!)'D1H12<51=?E>D
EBB5>D!)'6?B69>1>391<I51B
7F7D?;@;@9!)'F3J34>73?AG@F
@@7J7EFAJB>3@3FADK%AF7E
)&%!#!+!&%F34>747FI77@F3J5:3D97E3EG@67D3>3@57*:77F3@6F:7AD7F;53>F3J5:3D97E!)*
98
Explanatory notes
99
3E:8>AIEF3F7?7@F
&@5B1D9>713D9F9D95C
&@5B1D9>7@B?69D
%?>
=?>5D1BI5>DB95C?6'B?69D1>4#?CCCD1D5=5>D
'D7
B3;66787DD76F3J7E
?ADF;L3F;A@A8;@F3@9;4>73EE7FE
?ADF;L3F;A@A8F3@9;4>73EE7FE
'DAH;E;A@8ADID;F7
6AI@A8D757;H34>7E
'DAH;E;A@8AD7?B>AK77ED7F;D7?7@F;@67?@;FK8G@6
,E7A8D757;H34>7EID;F7
6AI@BDAH;E;A@
3;@E8DA?E3>7A88;J76F3@9;4>73EE7FE
#AEE7E8DA?E3>7A88;J76F3@9;4>73EE7FE
#AEE7ED7EG>F;@98DA?FD3@E87DA8;@H7EF?7@FE
#AEE5AH7D
;H;67@6ED757;H76
+?D1<31C86<?G6B?=?@5B1D9>713D9F9D95C
1C86<?G6B?=F1B91D9?>C9>>5D3EBB5>D1CC5DC
-3D;3F;A@;@D757;H34>7E8DA?5>;7@FE
-3D;3F;A@;@D757;H34>7E8DA?5A@FDA>>76388;>;3F76B3D7@F5A?B3@;7E
-3D;3F;A@;@D757;H34>7E8DA?F3J3GF:AD;F;7E
-3D;3F;A@;@BD7B3;6F3J7E@AF4AA=76;@F:7'DA8;F#AEE*F3F7?7@F
-3D;3F;A@;@D757;H34>7E8DA?AF:7DE
-3D;3F;A@;@@A@
8;J76;@H7EF?7@FE3@6E75GD;F;7E
-3D;3F;A@;@B3K34>7E6G7FA5A@FDA>>76388;>;3F76B3D7@F5A?B3@;7E
-3D;3F;A@;@;@H7@FADK
-3D;3F;A@;@B3K?7@FEA@355AG@F
-3D;3F;A@;@BD7B3K?7@FE3@6355DG76;@5A?7
-3D;3F;A@;@355AG@FEB3K34>7FAEGBB>;7DE
-3D;3F;A@;@EG?EB3K34>7FAF3J3@6EA5;3>E75GD;FK3GF:AD;F;7E
;@GDA
-3D;3F;A@;@355DG767JB7@E7E3@66787DD76;@5A?7
+?D1<31C86<?G6B?=F1B91D9?>C9>>5D3EBB5>D1CC5DC
'1945=@<?I55C9>45=>9D95C)5D9B5=5>D!>45=>9DI1>4*5F5B1>35'1I
(E?D1?6)5D9B5=5>D!>45=>9DI1>4*5F5B1>35'1I381B754D?3?>C?BD91
1C86<?G6B?=?@5B1D9>713D9F9D95C
!>F5CD=5>D13D9F9D95C
'GD5:3E7A8;@F3@9;4>73EE7FE
'GD5:3E7A8F3@9;4>73EE7FE
'GD5:3E7A88;@3@5;3>3EE7FE
*3>7A8F3@9;4>73EE7FE7@53E:?7@FH3>G7
*3>7A88;@3@5;3>3EE7FE7@53E:?7@FH3>G7
-3D;3F;A@;@D757;H34>7E8DA?5A@FDA>>765A?B3@;7EG@67D8;J763EE7FE
-3D;3F;A@;@D757;H34>7E8DA?388;>;3F765A?B3@;7EG@67D8;J763EE7FE
-3D;3F;A@;@D757;H34>7E8DA?AF:7DEG@67D8;J763EE7FE
769;@9A85AEF>AEE7E
@53E:?7@FH3>G78DA?5>AEGD7A8;@H7EF?7@FE
;H;67@6ED757;H76
+?D1<31C86<?G6B?=9>F5CD=5>D13D9F9D95C
9>1>39>713D9F9D95C
!@5D7?7@F675D7?7@F;@EG?E6G7FA43@=E
!@5D7?7@F675D7?7@F;@EG?E6G7FAB3DF@7DE
!@5D7?7@F675D7?7@F;@EG?E6G7FAAF:7D8;@3@5;3>;@EF;FGF;A@E
!@5D7?7@F675D7?7@F;@EG?E6G7FA5A@FDA>>763@6388;>;3F765A?B3@;7E
+?D1<31C86<?G6B?=69>1>39>713D9F9D95C
&F5B1<<31C86<?G
3E:3@653E:7CG;H3>7@FE3FF:7479;@@;@9A8F:7K73D
3E:3@653E:7CG;H3>7@FE3FF:77@6A8F:7K73D
1C86<?G6?BD85I51B
-3D;3F;A@;@AF:7DEG?EB3K34>7;@5>G6;@96A5G?7@F3DK5D76;FE
100
Explanatory notes
101
AUDITORS’ REPORT AND BOARD OF AUDITORS’ REPORT
Auditors’ report
105
BALDASSINI – TOGNOZZI – PONTELLO
Costruzioni Generali S.p.A.
Head Office in Calenzano Via del Colle 95
Share capital € 36,000,000 fully paid up
Florence Company Register and Tax Code no. 03908230489
*****
BOARD OF AUDITORS’ REPORT ON THE RESULTS OF THE FINANCIAL
YEAR AS OF 31st DECEMBER 2007
(art. 2429 (2) Civil Code)
Dear Shareholders,
As you know, pursuant to art. 2403 Italian Civil Code, we have been entrusted
with supervisory functions alone, whereas account auditing is performed by the
Auditing Company P.K.F. Italia S.p.A.
Firstly, with respect to the Company’s obligation to submit a consolidated
balance sheet, please be informed that the Company has relied on the longer
term of 180 days to approve the balance sheet as under art. 2364 (2) Civil Code
and in accordance with statutory provisions.
its Report on the consolidated balance sheet as of 31st December 2007.
During the financial year, we carried out our duties as required by law.
The Company’s compliance with the law and with its Deed of Incorporation was
monitored by controlling corporate bodies’ activities. No actions were required
to impose compliance with said provisions.
Please be informed as follows:
1
Board of auditors’ report
107
In compliance with law provisions in force, the Board of Auditors has not drafted
- We attended General Assemblies and meetings of the Board of Directors,
taken and on data concerning the year’s balance sheet and all audits carried
which took place in accordance with applicable statutory and legislative
out, regularly providing copies of all corresponding minutes.
provisions, during which, besides specific decisions, ample information was
- We assessed and supervised the adequacy of the Company’s internal control
given on the Company’s trend, prospects and future plans.
and administrative/accounting systems, as well as the latter’s correct
- We gathered information from the Directors on the activities and most
representation of management facts, also by collecting information from
significant transactions affecting the Company’s economic and financial status
department managers, examining corporate documents and analysing the
as well as its assets. We reasonably certify that the transactions deliberated
results of the Auditing Company’s activities.
and implemented complied with the law, the Company’s Articles of Association
suitable to the Company’s structure and to the multiplicity and complexity of its
and with decisions taken by the Board of Directors and the General Assembly͘
relationships.
- We acquired information on and, insofar as within our competence, we
- The Directors’ Management Report is deemed to suitably illustrate the main
supervised the adequacy of the Company’s organizational structure and its
transactions, including those carried out with affiliated parties or intra-group
compliance with the principles of proper administration, also by directly
parties, also with respect to the specific features of said transactions and their
monitoring or collecting information from the people in charge of the Company’s
economic effects. No atypical and/or unusual transactions were noted.
organization. We regularly exchanged data and information with the Auditing
- As regards intra-group transactions, we ascertained that, within the Group’s
Company P.F.K. Italia S.p.A. - as required by the laws in force - in order to
policy, the supply of goods and services, decided in compliance with applicable
ensure correct performance of our respective tasks, which regarded:
procedures, are usually performed at general market conditions, promoting as
a) data and information which were deemed relevant, appropriate and useful for
far as possible the competitiveness of controlled companies in their own
supervisory purposes;
respective businesses, so as to achieve scale and scope economies on a
b) data collected by the Auditing Company concerning the Company’s
Group level.
administrative/ accounting system, its regular book-keeping and the correct
- The Auditing Company’s report on the balance sheet, drawn up in accordance
representation of management facts;
with Article 2409 (ter) of the Civil Code, contains no criticisms or warnings of
c) any possible irregularities or censurable facts;
any kind.
d) controls on any possible transactions with affiliated parties. The above
In addition, we supervised the overall drafting of the balance sheet, its
company also provided information on the auditing plan applied, on the actions
compliance with the law with regard to its composition and structure and, in this
respect, we have no special remarks to make.
2
108
3
109
We deem said systems to be
To the best of our knowledge, the Directors did not resort to the derogation
THE BOARD OF AUDITORS
provided by Article 2423 (4) of the Civil Code in preparing the balance sheet,
(Mr. Carlo Altini – Chairman)
there not being any reason therefor.
(Mr. Renzo Maragotto – Regular Auditor)
In accordance with Article 2426 of the Civil Code, we consented (as in the past)
(Mr. Corrado Galli – Regular Auditor)
to itemising start-up and expansion and goodwill costs, net of their
corresponding write-down reserves, among the assets reported in the balance
sheet.
We checked that the balance sheet matched both the Company’s facts and all
information gathered whilst carrying out our duties, and we have no remarks to
make in this respect.
The draft of the balance sheet was regularly communicated, together with its
Explanatory Notes, tables, annexes and the Management Report, with respect
to which we checked compliance with the rules governing its drafting. Said
balance sheet shows the following significant data:
- Production revenues
€ 514,853,144
- Net equity (including the year’s profit
€ 48,095,363
- Pre-tax result
€ 11,121,618
- Year’s net profit
€ 7,213,466
In the light of the above, and since no criticisms or reserves arise from the
information provided by the Auditing Company and its report on the balance
sheet, we consent to your approval of the balance sheet as of December 31,
2007 and to the use of the year’s profit of € 7,213,466 as proposed by the
Directors.
Florence, 6th June 2008
4
110
5
111
Graphic design: PTW grafica & multimedia - Fiesole (FI) - www.ptwmultimedia.com
Photos: Dario Delfine e Stefano D’Enrico - Foto Goiorani & C, Carlo Vigni - Catoni Associati,
Claudio Tassinari Fotografo, Davide Virdis, Paolo Becagli, Stefano Giusti, Riccardo Bassilichi and more.
Print: Baroni & Gori S.r.l. - Prato.
Review 1.a
This document (CIV07) has sole information purposes and is not subject to updating.
Any further reviews will be identified by the Review index (its number will be changed in the event
of significant reviews; its letter will be changed in the event of purely formal reviews).
The most updated review will always be available on www.btpspa.it in the DATA section, which can be used to
control eventual updates before using the information contained in these sheets.
For further information, suggestions or requests, please contact: uffi[email protected]