72.<22+.$.2*<2&2/7'
6XSSOHPHQWDO'DWDRI%XVLQHVV5HVXOWV‫)ص‬LVFDO<HDUHQGHG 'HFHPEHU‫ص‬)HE
72.<22+.$.2*<2&2/7' 72.<22+.$.2*<2&2/7'

6XPPDU\)<)<‫ق‬0LOOLRQV RI \HQ‫ك‬&KDQJH







2SHUDWLQJLQFRPH



2UGLQDU\ LQFRPH



3URILWDWWULEXWDEOHWR
2ZQHUVRISDUHQW(%,7'$ٔ52(1HW6DOHV

ٕ$YHUDJHH[FKDQJHUDWH 86 ‫ ؟‬৞‫ܒك<)قط‬৞‫ك<)قط‬n

1HW VDOHV‫ ؟‬,QFUHDVHG<R<GXHWREULVNGHPDQGIRUOHJDF\VHPLFRQGXFWRUVDQGDVDOHVn2SHUDWLQJ LQFRPH

LQFUHDVHLQWKHPDWHULDOEXVLQHVVVHJPHQWIRUPRVWDGYDQFHGSURFHVVHV‫ ؟‬,QFUHDVHG<R<GXHWRDVDOHVLQFUHDVHLQKLJKYDOXHDGGHGSURGXFWVDQGDGMXVWHG
VHOOLQJSULFHVIRUKLJKSXULW\FKHPLFDOVDQGIRUHLJQH[FKDQJHJDLQVn3URILW DWWULEXWDEOHWRRZQHUVRISDUHQW‫ ؟‬,QFUHDVHG<R<GXHWRLQFUHDVHGRSHUDWLQJSURILWGHVSLWHWKHGHFOLQHLQ

H[WUDRUGLQDU\SURILW

0DUNHGWKUHHFRQVHFXWLYH)<VRIUHFRUGHDUQLQJV 72.<22+.$.2*<2&2/7'5HVXOWVE\%XVLQHVV6HJPHQW)<)<‫ق‬0LOOLRQV RI \HQ‫ك‬&KDQJH(OHFWURQLFIXQFWLRQDOPDWHULDOVٔ+LJK SXULW\FKHPLFDOV

7XUQHGSURILWDEOH

1HW6DOHV
0DWHULDO EXVLQHVV

2WKHU(TXLSPHQW EXVLQHVV
2SHUDWLQJLQFRPH
0DWHULDO EXVLQHVV(TXLSPHQW EXVLQHVV(OLPLQDWLRQV DQGFRUSRUDWHٕ 72.<22+.$.2*<2&2/7'

%DODQFH6KHHWV‫ق‬0LOOLRQVRI\HQ‫ك‬)<&XUUHQW$VVHWV<R<

&DVKDQGGHSRVLWV

1RWHVDQGDFFRXQWVUHFHLYDEOH

,QYHQWRULHV

3URSHUW\SODQWDQG
HTXLSPHQW,QYHVWPHQWVDQGRWKHU
DVVHWV&XUUHQW/LDELOLWLHV

7RWDOQHWDVVHW



7RWDODVVHW



,QWDQJLEOHDVVHWV

1RWHVDQGDFFRXQWVSD\DEOH/RQJ7HUP/LDELOLWLHV%XLOGLQJVDQGVWUXFWXUHV7RROVIXUQLWXUHDQGIL[WXUHV /DQG
&RQVWUXFWLRQLQSURJUHVV
,QYHVWPHQWVHFXULWLHV
5HWLUHPHQWEHQHILWDVVHW'HIHUUHGWD[DVVHWV

5HSD\PHQWVRIVKRUWWHUPERUURZLQJV$FFUXHGH[SHQVHV

3URFHHGVIURPORQJWHUPERUURZLQJV5HWDLQHGHDUQLQJV)RUHLJQFXUUHQF\WUDQVODWLRQDGMXVWPHQWDFFRXQW

 72.<22+.$.2*<2&2/7'&DVK)ORZV‫ق‬0LOOLRQV RI \HQ‫ك‬)<)<&DVKIORZVIURPRSHUDWLQJDFWLYLWLHV,QFRPHEHIRUHLQFRPHWD[HVDQG
PLQRULW\LQWHUHVWV

'HSUHFLDWLRQ

'HFUHDVH LQFUHDVH LQWUDGHQRWHVDQG
DFFRXQWVUHFHLYDEOH

'HFUHDVH LQFUHDVH LQLQYHQWRULHV

'HFUHDVH LQFUHDVH LQWUDGHQRWHVDQG
DFFRXQWVSD\DEOH,QFRPHWD[HVSDLG

&DVKIORZVIURPLQYHVWLQJDFWLYLWLHV&DVKIORZVIURPILQDQFLQJDFWLYLWLHV

7UDQVODWLRQDGMXVWPHQWV

1HWLQFUHDVH GHFUHDVH LQFDVKDQG
FDVKHTXLYDOHQWV

0DMRUEUHDNGRZQ3XUFKDVHRISURSHUW\SODQWDQG
HTXLSPHQW3XUFKDVHRILQYHVWPHQWVHFXULWLHV0DMRUEUHDNGRZQ
5HSD\PHQWVRIORQJWHUPERUURZLQJV 'LYLGHQGVSDLG ,QFOXGLQJQRQFRQWUROOLQJLQWHUHVWV 72.<22+.$.2*<2&2/7'

&KDQJHVWRVHJPHQWGLVFORVXUHVIROORZLQJWKH
WUDQVIHURIWKHHTXLSPHQWEXVLQHVV
6HJPHQWVDIWHU)<6HJPHQWVXSWR)<‫ٴ‬6HPLFRQGXFWRU SKRWRUHVLVW‫ٴ‬3KRWRUHVLVWIRUVHPLFRQGXFWRU‫ٴ‬+LJKGHQVLW\ LQWHJUDWLRQ‫ٴ‬0DWHULDOVIRU3DFNDJLQJSURFHVV‫ٴ‬/&'PDWHULDO‫'ٴ‬LVSOD\ PDWHULDO‫؞‬2WKHU‫ق‬JL‫؞‬.U)‫؞‬$U)‫ك‬(OHFWURQLF
IXQFWLRQDOPDWHULDOV
0DWHULDOEXVLQHVV‫ق‬3DFNDJH‫؞‬0(06‫ك‬‫ق‬7)7‫ك)&؞‬‫ق‬/HJDF\PDWHULDO‫؞‬.U)‫؞‬$GYDQFHGPDWHULDO‫ك‬‫ق‬3DFNDJH‫؞‬0(06‫؞‬:+6 UHODWHG0DWHULDO‫ك‬‫ق‬7)7‫؞)&؞‬2WKHU‫ك‬‫ٴ‬2WKHU‫(ق‬89‫؞‬2WKHU‫ك‬+LJKSXULW\FKHPLFDOV‫ٴ‬7KLQQHU‫'؞‬HYHORSHU‫&؞‬OHDQVROXWLRQ‫ٴ‬7KLQQHU‫'؞‬HYHORSHU‫&؞‬OHDQVROXWLRQ‫ٴ‬2WKHUHTXLSPHQW

2WKHU‫ٴ‬:+6 UHODWHGHTXLSPHQW‫ق‬8QWLOHQGRI)HE‫ك‬‫ٴ‬3ODVPD DVKLQJ HTXLSPHQW‫ق‬8QWLOHQGRI)HE‫ك‬‫ٴ‬:+6 UHODWHGHTXLSPHQW‫ٴ‬3ODVPDDVKLQJ HTXLSPHQW(TXLSPHQW
EXVLQHVV ‫ٴ‬2WKHU HTXLSPHQW‫ٴ‬:+6 UHODWHG0DWHULDO)URP0DUFK%XVLQHVVWUDQVIHUUHGWR$,0(&+$7(&/HJDF\PDWHULDO‫؟‬JLOLQH UHVLVW HWF$GYDQFHGPDWHULDO‫؟‬$U)EUV UHVLVWHWF:+6‫؟‬:DIHU+DQGOLQJ6\VWHP 72.<22+.$.2*<2&2/7'(DUQLQJV)RUHFDVWV )XOO\HDU)<)<‫ق‬0LOOLRQV RI \HQ‫ك‬&KDQJH

(OHFWURQLFIXQFWLRQDOPDWHULDOV

+LJK SXULW\FKHPLFDOV



2SHUDWLQJLQFRPH

2UGLQDU\LQFRPH

3URILWDWWULEXWDEOHWR
RZQHUVRISDUHQW(%,7'$52(

1HWVDOHV2WKHU$YHUDJHH[FKDQJHUDWH 86 ‫<)قط?ܒك<)قط?؟‬ٕ$GMXVWHGXQGHUWKHQHZVHJPHQWDWLRQIRU

n

1HW6DOHV‫؟‬,QFUHDVHG<R<GXHWRLQFUHDVHGRSHUDWLQJSURILWGHVSLWHWKHGHFOLQHLQH[WUDRUGLQDU\SURILWn2SHUDWLQJLQFRPH‫) ؟‬RUHFDVWWRLQFUHDVH<R<GXHWRDQLQFUHDVHLQQHWVDOHVRIKLJKYDOXHDGGHGSURGXFWVDQGRWKHUUHDVRQVn

3URILWDWWULEXWDEOHWRRZQHUVRISDUHQW‫)؟‬RUHFDVWWRGHFOLQH<R<ZLWKDYLHZWRDUHFRUGRIFRUSRUDWHUHVWUXFWXULQJFRVWGHVSLWHWKHLQFUHDVHGRSHUDWLQJ3URILW )RUHFDVWWRDFKLHYHDUHFRUGKLJKHDFKIRUQHWVDOHVRSHUDWLQJSURILWDQGRUGLQDU\SURILWIRUIRXUFRQVHFXWLYHSHULRGV 72.<22+.$.2*<2&2/7'

&DSLWDO,QYHVWPHQWV'HSUHFLDWLRQ5 '‫ق‬0LOOLRQV RI \HQ‫ك‬)<&DSLWDO,QYHVWPHQWV'HSUHFLDWLRQ5 ')< )RUHFDVWV&KDQJH

 72.<22+.$.2*<2&2/7'

ZZZWRNFRMS
1RWH
7KLVSUHVHQWDWLRQPDWHULDOFRQWDLQVIRUZDUGORRNLQJVWDWHPHQWVWKDWGHVFULEHIXWXUHSURVSHFWVRI72.<22+.$.2*<2&2/7'
WKH&RPSDQ\ LQWHUPVRIEXVLQHVVSODQQLQJHDUQLQJVDQG
PDQDJHPHQWVWUDWHJLHV6XFKVWDWHPHQWVDUHEDVHGRQPDQDJHPHQWbVMXGJHPHQWGHULYHGIURPLQIRUPDWLRQDYDLODEOHWR
LWDWWKHWLPHVXFKLQIRUPDWLRQZDVSUHSDUHG5HDGHUVDUH
FDXWLRQHGQRWWRUHO\VROHO\RQWKHVHIRUZDUGORRNLQJVWDWHPHQWVDVDFWXDOUHVXOWVDQGVWUDWHJLHVPD\GLIIHUVXEVWDQWLDOO\DFFRUGLQJWRFKDQJHVLQWKH&RPSDQ\bVEXVLQHVVHQYLURQPHQW 72.<22+.$.2*<2&2/7'