Sei sulla pagina 1di 4



7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV

7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV
&DWKDO0F(OUR\6HSWHPEHUWK
5(/$7('$57,&/(67RS0(3FRQWUDFWRUVDQGFRQVXOWDQWVO7RS
0(3FRQWUDFWRUVDQGFRQVXOWDQWVO7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV
O7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWVO7RS0(3
FRQWUDFWRUVDQGFRQVXOWDQWV
9ROWDV
PYDOXHRIFXUUHQWRUGHUERRN
0DLQWDLQLQJLWVVWDQGLQJDVDWUXO\LQWHUQDWLRQDOSOD\HU9ROWDVKDVEHHQEXV\
VHFXULQJZRUNDURXQGWKH*&&DQGEH\RQG
7KHODVW\HDUKDVVHHQFRQWUDFWDZDUGVLQ2PDQ8$(4DWDUDQG6DXGL$UDELD9ROWDVKDVVHFXUHGZRUNRQWKHILYHVWDU
.HPSLQVNL+RWHOLQ2PDQWKH'XEDL:RUOG7UDGH&HQWHU'LVWULFWUHGHYHORSPHQW4DWDU+DQGEDOO$VVRFLDWLRQ&RPSOH[6WDGLXP
'RKD:RUNHUV+RVSLWDODQG$.+7RZHULQ'DPPDP
9ROWDVVD\VWKDWWKHVHFRPELQHGZLWKRUGHUVIURPLWVVXEVLGLDULHVDQGMRLQWYHQWXUHVKDYHUHVXOWHGLQDQRUGHUERRNLQWKH
UHJLRQRIP $('EQ 
7KHILUPKDVDOVRUHORFDWHGLWVUHJLRQDOKHDGTXDUWHUVIURP$EX'KDELWR'XEDLZKLOHNHHSLQJDQRIILFHLQWKH8$(FDSLWDO
:LWKWKH*&&PDUNHWVVKRZLQJDSXOVHRILPSURYHPHQWZHUHVHHLQJDJRRGPRPHQWXPDSDUWIURPMXVWILQDQFLDO
SHUIRUPDQFHVD\V*DYLQ$SSOHE\H[HFXWLYHYLFHSUHVLGHQWDQGFKLHIRSHUDWLQJRIILFHUDW9ROWDV,QWHUQDWLRQDO2SHUDWLRQV
+RZHYHUWKDWEHLQJVDLGWRPRUURZEULQJVDFKDOOHQJHWREXLOGXSRQWKHVWUHQJWKVVNLOOVDQGWKHNQRZOHGJHEDVHWKDWZHYH
GHYHORSHGWKURXJKWKHVHWKUHHGHFDGHVLQWKH*XOIDQGWKHFRXQWULHVZHYHH[HFXWHGSURMHFWVLQ7KHUHVRXUFHVWKH
UHSXWDWLRQDQGWKHUHFRJQLWLRQRIWKHQLQHDZDUGVZHYHZRQVXFKDVWKUHHFRQVHFXWLYHYLFWRULHVDV0(30LGGOH(DVW
&RQWUDFWRURIWKH<HDUFOHDUO\PDNHXVDFRQWUDFWRURIFKRLFHKHDGGV
$UWLFOHFRQWLQXHGRQQH[WSDJH
5DPEROO
PFRPSDQ\
V0LGGOH(DVWUHYHQXHLQ
:LWKILYH*&&RIILFHVORFDWHGLQ$EX'KDEL'RKD'XEDL-HGGDKDQG5L\DGK5DPEROOKDVGHYHORSHGVLJQLILFDQWLQWHUHVWV
DFURVVWKHUHJLRQ
7KHFRQVXOWDQWFRXQWVFOLHQWVVXFKDVWKH3UHVLGHQF\IRU0HWHRURORJ\DQG(QYLURQPHQWLQ6DXGL$UDELD4DWDU)RXQGDWLRQDQG
0VKHLUHE3URSHUWLHVLQ4DWDUWKH*RYHUQPHQWRI)XMDLUDK'DPDF3URSHUWLHVDQG$O1DERRGDK&RQVWUXFWLRQLQWKH8$(DVLWV
EHVWFXVWRPHUV
2YHUWKHODVWWZHOYHPRQWKVWKH'DQLVKKHDGTXDUWHUHGFRPSDQ\KDVFRPSOHWHGVL[SURMHFWVLQFOXGLQJZRUNRQ$O$LQ6WDGLXP
DQG.HPSLQVNL+RWHO'RKD5DPEROOFXUUHQWO\KDVQLQHOLYHSURMHFWVVSUHDGDFURVVWKHUHJLRQRIZKLFK3KDVHRI0VKHLUHE
'RZQWRZQ'RKDLVRQHDQG%DKUDLQ&URZQ3OD]DDQRWKHU
,WVZRUNLQVDZWKHILUPUHJLVWHU0LGGOH(DVWUHYHQXHVRIP P 
5DPEROOVUHJLRQDO0(3VWDIIFRQVLVWVRIHQJLQHHUVDWSUHVHQWVSOLWEHWZHHQRIILFHDQGSURMHFWVVLWHVWKLVILJXUHKDYLQJEHHQ
UHDFKHGDIWHUDLQFUHDVHLQQXPEHUV
2XUVWUDWHJLFJRDOLQ5DPEROO1HZ0DUNHWVLVWRGHYHORSRXUSUHVHQFHLQWKHVHJURZWKPDUNHWVVLJQLILFDQWO\E\DGGLQJQHZ
KWWSZZZFRQVWUXFWLRQZHHNRQOLQHFRPDUWLFOHWRSPHSFRQWUDFWRUVDQGFRQVXOWDQWVSULQW





7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV

VHUYLFHVDQGVHFWRUVLQFOXGLQJWKH6XVWDLQDEOH&LWLHVLQLWLDWLYHVD\V<DYHU$ELGLPDQDJLQJGLUHFWRURI5DPEROOV1HZ0DUNHWV
:HVKRXOGDOVRFRQWLQXHWRIRFXVRQEHFRPLQJPRUHLQWHUQDWLRQDODQGPRUHGLYHUVHLQRXUVHUYLFHRIIHULQJVDQGFDSDELOLWLHV
KHDGGV
$UWLFOHFRQWLQXHGRQQH[WSDJH
$1(/
PYDOXHRIFRQWUDFWRQ$EX'KDEL$LUSRUW07%
7KH7XUNH\KHDGTXDUWHUHGFRQWUDFWRUKDVEHHQZRUNLQJKDUGRQLWVHOHFWULFDOSURMHFWRQWKH$EX'KDEL0LGILHOG7HUPLQDO
%XLOGLQJ 07% 
$ZDUGHGDP $('EQ FRQWUDFWIRUWKHMREWKHFRPSDQ\KDVVHHPHGKDSS\WRFRQFHQWUDWHLWVHIIRUWVRQFRPSOHWLQJ
WKHSURMHFWEHIRUHWDNLQJRQPRUHZRUN
$QHOVIRFXVKDVEHHQKHOSHGE\LWVKDQGRYHURIZRUNRQ+DPDG,QWHUQDWLRQDO$LUSRUWLQ4DWDUDORQJZLWKRWKHUSURMHFWVRQWKH
SHQLQVXODDW+DPDGELQ.KDOLID0HGLFDO&HQWHUDQG4DWDU&RQJUHVV&HQWHU
+RZHYHUWKHFRPSDQ\VD\VWKDWLWIRUHVHHVDIXUWKHUH[SDQVLRQLQWKH*XOI5HJLRQVRRQHQRXJKZKHUHLWKRSHVWRPDNHWKH
PRVWRILWVZHOOHVWDEOLVKHGEUDQGQDPHDQGVHUYLFHTXDOLW\
2XUJURZWKSULQFLSOHKDVEHHQWRZRUNZLWKULJKWFXVWRPHUVRQZKRYDOXHRXUVHUYLFHVRQSUHVWLJLRXVSURMHFWVLQUHODWLYHO\OHVV
ULVNSURQHFRXQWULHVVD\VFKDLUPDQRIWKHERDUG5LGYDQdHOLNHO$VRIWRGD\ZHKDYHPZRUWKRIVLJQHGFRQWUDFWVWREH
IXOILOOHGZLWKLQWKHQH[WWZR\HDUV7KHFRPLQJSHULRGZLOODOVRVHHDQH[SDQVLRQERWKLQJHRJUDSK\DQGLQWKHFXVWRPHUEDVH
NHHSLQJLQOLQHZLWKRXUSULQFLSOH
$UWLFOHFRQWLQXHGRQQH[WSDJH
$UDE(QJLQHHULQJ%XUHDX
HQJLQHHUVLQ0(3GHSDUWPHQW
&XUUHQWO\$(%LVRQHRIWKHSUHIHUUHGFRQVXOWDQFLHVLQWKHUHJLRQDOPDUNHWDQGZHWDNHJUHDWSULGHLQWKLVVD\V+DQL
+DZDPGHKJHQHUDOPDQDJHURISUHFRQWUDFWVVHUYLFHV+RZHYHURXUURRWVDUHLPSRUWDQWWRXV:HEXLOWRXUILUPWKHVDPHZD\
ZHEXLOGRXUFOLHQWVSURMHFWVIURPJURXQGXS
7KLVSDWLHQWDQGSUXGHQWDSSURDFKKDVVHUYHG$UDE(QJLQHHULQJ%XUHDX $(% ZHOOXSXQWLOWKLVSRLQW,WVVWDQGLQJLQLWVKRPH
PDUNHWRI4DWDULVIRUPLGDEOHDQGLWKDVUHFHQWO\WUDQVODWHGWKLVWRRWKHUPDUNHWVZLWKWKHILUPVHFXULQJZRUNRQSURMHFWVRI
GLIIHUHQWW\SHVDQGVFDOHV$(%VD\VWKDWLWFRPSOHWHVDURXQGSURMHFWVDQQXDOO\
)URPLQWRWKLV\HDUWKHILUPKDVORRNHGH[WHQVLYHO\LQWR8$(PDUNHWZKHUHLWDOUHDG\KDVDQRIILFHLQ$EX'KDEL7KH
FRPSDQ\LVQRZUHJLVWHULQJDQRIILFHLQ'XEDLZKLFKZLOOEULQJLWVQXPEHURIUHJLRQDORIILFHVWRIRXU
&XUUHQWO\WKH0(3GHSDUWPHQWDW$(%FRPSULVHVRIVNLOOHGLQGLYLGXDOVLQERWKWKHILUPV0(3GHVLJQDQG0(3FRQVWUXFWLRQ
VXSHUYLVLRQGHSDUWPHQWV6LQFH-DQXDU\HQJLQHHUVKDYHMRLQHGILUPV0(3GHSDUWPHQWZKLFKLVH[SHFWHGWRJURZDW
WKHVWHDG\SDFHWLOOWKHHQGRIWKLV\HDU
$UWLFOHFRQWLQXHGRQQH[WSDJH
7UDQV*XOI
PYDOXHRIFRQWUDFWVZRQLQODVW\HDU
$QHYHQWIXOWZHOYHPRQWKVIRU7UDQV*XOI(OHFWUR0HFKDQLFDOVDZLWDPDOJDPDWHGXQGHUWKH$O1DERRGDK0(3 (QJLQHHULQJ
*URXSXPEUHOODZLWK$O1DERRGDK0(3$O1DERRGDK(QJLQHHULQJDQG$O1DERRGDK6SHFLDOLVW6HUYLFHV
7KHFRPSDQ\VDLGWKDWWKLVZDVWRDFKLHYHJUHDWHUV\QHUJLHVEHWZHHQWKHLQGLYLGXDOFRPSDQLHVDQGSURYLGHDZLGHUFRYHUDJH
ZLWKLQWKHPDUNHW
3HUKDSVDQLQGLFDWLRQRIWKHPRYHVHIIHFWLYHQHVV7UDQV*XOIKDVJRQHDERXWVHFXULQJDURXQGP $('EQ RIZRUNLQWKH
KWWSZZZFRQVWUXFWLRQZHHNRQOLQHFRPDUWLFOHWRSPHSFRQWUDFWRUVDQGFRQVXOWDQWVSULQW





7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV

ODVW\HDURUVR
7KHFRPSDQ\VXEVHTXHQWO\VDZWXUQRYHUULVHWRP $('P LQDQLQFUHDVHRI
1RWDEOHZLQVLQFOXGHG'LVWULFW&RROLQJ3ODQWDW'XEDLV%XVLQHVV%D\0VKHLUHE'RZQWRZQ'RKD3KDVHDQG'RKD3RUW
3URMHFW
$SDUWIURPFRQVLGHULQJSODQVIRUH[SDQVLRQLQWRWKH*&&WHUULWRULHVRI2PDQDQG.XZDLW7UDQV*XOILVDOVRSXUVXLQJ
RSSRUWXQLWLHVLQIDFLOLWLHVPDQDJHPHQWVRODU%,0DQGJUHHQEXLOGLQJ
$UWLFOHFRQWLQXHGRQQH[WSDJH
%.*XOI
P0LGGOH(DVWWXUQRYHULQODVWILQDQFLDO\HDU
7KH%DOIRXU%HDWW\MRLQWYHQWXUHKDVEHHQSXVKLQJKDUGLQWKHODVW\HDUWRGHOLYHULWVUDQJHRISURMHFWVLQWKH8$(DQG4DWDU
$PRQJLWVPRUHQRWDEOHZRUNGXULQJWKHSHULRGLVWKH0(3SURMHFWRQWKH1DWLRQDO0XVHXPRI4DWDUZKLFKVWDQGVDWDURXQG
FRPSOHWLRQDQGLVVFKHGXOHGWRZUDSXSLQDFFRUGLQJWRSURMHFWPDQDJHU$VWDG%.*XOI4DWDULVDOVRHQJDJHGLQ
GHOLYHU\RIWKH/(('*ROGUDWHG&ROOHJHRI0HGLDDQG&RPPXQLFDWLRQORFDWHGLQWKH6RXWKHUQ=RQHRI4DWDU)RXQGDWLRQV
(GXFDWLRQ&LW\3URMHFW
&ORVHUWRLWV8$(KRPHWKHILUPEXLOWRQLWV)HEUXDU\DZDUGRIDP $('P FRQWUDFWIRUZRUNRQ'XEDL
,QWHUQDWLRQDO$LUSRUWVQHZ&RQFRXUVH'ZLWKWKHVHFXULQJRIDGHDORQWKH$EX'KDEL,QWHUQDWLRQDO$LUSRUW0LGILHOG7HUPLQDO
%XLOGLQJ 07% SURMHFW7KHILUPZRQWKHP $('P FRQWUDFWLQ)HEUXDU\DVSDUWDMRLQWYHQWXUHZLWK()(&2DQG
&KLQD6WDWH
0DUFKWKHQVDZWKHDQQRXQFHPHQWE\%.VMRLQWYHQWXUHSDUHQWFRPSDQ\'XWFR%DOIRXU%HDWW\WKDWLWVVXEVLGLDU\ZRXOGFDUU\
RXWWKH0(3ZRUNVRQLWVP $('EQ H[WHQVLRQRI'XEDL0DOO
7KHILUPVZRUNRQWKH1HZ<RUN8QLYHUVLW\SURMHFWLQ$EX'KDELKDVDOVRFDXJKWWKHH\HRIWKHLQGXVWU\7KHEQ $('
EQ SURMHFWRIILFLDOO\UHDFKHGFRPSOHWLRQLQ$SULORIWKLV\HDUDQGKDVKHOSHGFHPHQWWKHFRQWUDFWRUVUHSXWDWLRQLQLWV
SULPDU\PDUNHW
$UWLFOHFRQWLQXHGRQQH[WSDJH
%XURKDSSROG
P0LGGOH(DVWWXUQRYHULQODVWILQDQFLDO\HDU
$EX'KDELKDVSURYHQ%XUR+DSSROG(QJLQHHULQJVIDYRXUHGKXQWLQJJURXQGUHFHQWO\ZLWKWKHFRPSOHWLRQRI/DQGPDUN7RZHU
DQGWKHVWDUWRIFRQVWUXFWLRQRQ/RXYUH0XVHXPERWKVLJQLILFDQWPLOHVWRQHVIRUWKHSUDFWLFH
7KHFRPSDQ\KDVDOVRVHFXUHGFRPPLVVLRQVIRU7KH)RXU6HDVRQV+RWHO$O0DU\DK,VODQG0DVWHUSODQQLQJDQGWKH(,$
+HDGTXDUWHUEXLOGLQJLQWKH8$(FDSLWDO
7KHVH8$(DZDUGVKDYHKHOSHGVHH%XUR+DSSROGVUHYHQXHVKLWP $('P LQWKHODVWILQDQFLDO\HDU
+RZHYHUWKHILUPLVDOVRRFFXSLHGDURXQGWKHUHJLRQZLWKSURMHFWVVXFKDV.LQJ$EGXOODK)LQDQFLDO'LVWULFWLQ.6$DQGWKH
+HDUWRI'RKDSURMHFWLQ4DWDU
7KHVHKDYHFRQWULEXWHGWRWKHGRXEOLQJRILWV0(3WHDPDVLWDLPVWRVWUHQJWKHQLWV'XEDLEDVHGGHVLJQVHUYLFH
1HZO\DSSRLQWHGPDQDJLQJGLUHFWRU2OLYHU3OXQNHWWDQG0(3JURXSGLUHFWRU&KHZ3LHQJ5\DQVD\WKH\DUHULJRXURXVO\SXVKLQJ
WKHHIIRUWVRIWKHSUDFWLFHIRUZDUGDQGHPEUDFLQJWKHUHIUHVKHGEUDQGZKLFKUHFRQILUPVZKRZHDUHDQGZKDWZHGR
$UWLFOHFRQWLQXHGRQQH[WSDJH
0RWW0DFGRQDOG
LQFUHDVHLQVL]HRI0(3GHSDUWPHQWLQ
KWWSZZZFRQVWUXFWLRQZHHNRQOLQHFRPDUWLFOHWRSPHSFRQWUDFWRUVDQGFRQVXOWDQWVSULQW





7RS0(3FRQWUDFWRUVDQGFRQVXOWDQWV

0RWW0DF'RQDOGFRQWLQXHVWRFHPHQWLWVSUHVHQFHLQWKHUHJLRQZLWKDGLYHUVHUDQJHRISURMHFWV
,QWKHODVW\HDUWKHILUPKDVZRQDGHVLJQFRQWUDFWIRUWKH1DWLRQDO$UFKLYHVLQ$EX'KDELZKLFKLVRQDIDVWWUDFNVFKHGXOHVHW
IRUFRPSOHWLRQLQ7KHFRQVXOWDQWKDVDOVRVHFXUHGHQJLQHHULQJZRUNRQHGXFDWLRQDOSURMHFWVLQ4DWDUDQG'XEDLDVZHOO
DVLQYROYHPHQWRQYDULRXVVWDWLRQVDVSDUWRIPDMRUPHWURSURMHFWVLQWKHUHJLRQ
7KLVGHPDQGRQWKHEXVLQHVV0(3H[SHUWLVHKDVUHVXOWHGLQWKHGHSDUWPHQWLQFUHDVLQJE\RYHUWKHODVW\HDU
0RWW0DF'RQDOGLQFUHDVHGWXUQRYHULQWKHEXLOGLQJVDQGLQIUDVWUXFWXUHVHFWRUVLQWKHUHJLRQGXULQJWRP P 
ZLWKDIXUWKHULQFUHDVHRIIRUHFDVWIRU
'DYLG&R[UHJLRQDOPDQDJLQJGLUHFWRUIRU0LGGOH(DVWDQG6RXWK$VLD 0(6$ VD\V2XUDLPLVWREOHQGWKHEHVWRIRXUJOREDO
H[SHUWLVHZLWKRXUORFDOWHDPVXQGHUVWDQGLQJRIRXUFXVWRPHUVQHHGV
$UWLFOHFRQWLQXHGRQQH[WSDJH
.KDWLE $ODPL
WRWDOQXPEHURIHPSOR\HHV
5HJLRQDOFRQVXOWDQF\KHDY\ZHLJKW.KDWLE $ODPLVKRZVQRVLJQVRIUHVWLQJRQLWVUHSXWDWLRQDVLWFRQWLQXHVWRVHFXUHDQG
GHOLYHUPDQ\RIWKHUHJLRQVODUJHVWDQGPRVWFRPSOH[SURMHFWV
/DVW\HDUZLWQHVVHGLWVKDQGRYHURIWKHWZLVWLQJ&D\DQ7RZHULQ'XEDL0DULQDDIHDWRI0(3HQJLQHHULQJZKLFKKDVHDUQHGWKH
FRQVXOWDQWSODXGLWVWKURXJKRXWWKHLQGXVWU\
6SHDNLQJWR0(30LGGOH(DVWDERXWWKHGLIILFXOWLHV.KDWLE $ODPLIDFHGRQWKHSURMHFWGXULQJDYLVLWWRWKHVLWHVHQLRUUHVLGHQW
HQJLQHHU0RQWDVVHU(O5DLHVDLG9HUWLFDOLW\LVQRWLQWKHYRFDEXODU\RI&D\DQ7RZHUHYHU\WKLQJLVWZLVWHGDQGWLOWHGH[FHSWRI
FRXUVHWKHWRZHUVF\OLQGULFDOFRUH7KHZHWDUHDVDUHQRWRQWRSRIHDFKRWKHUWKHUHIRUHZHKDGWRILQGDUFKLWHFWXUDOVROXWLRQV
WKDWZHUHFRQYHQLHQWIRUWKHWHQDQW
6XFKHQJLQHHULQJLQJHQXLW\KDVDOVREHHQDSSOLHGDFURVVWKH*&&ZLWKLWVZRUNRQWKHILUVWSKDVHRI'RKDV+DPDG
,QWHUQDWLRQDO$LUSRUWFRQILUPLQJ.KDWLE $ODPLVVWDWXV
,Q.KDWLE $ODPLKDVFRQWLQXHGWRH[FHOZLWKZRUNRQ$O+DEWRRU3DODFH+RWHOV'DPDF7RZHUVE\3DUDPRXQW+DPDG
0HGLFDO&LW\([SDQVLRQDQG2VVDLPL$SDUWPHQWV %HDFK5HVRUWRQ'XEDLV3DOP
$UWLFOHFRQWLQXHGRQQH[WSDJH
0HUFXU\0(1$
PYDOXHRISURMHFWVGHOLYHUHGLQODVW\HDU
$ILUPWKDWKDVXQGHUJRQHVLJQLILFDQWFKDQJHLQWKHODVW\HDULV0HUFXU\0(1$VDZWKHILUPUHEUDQGIURP0HUFXU\0LGGOH
(DVWDPRYHZKLFKFRLQFLGHGZLWK$GQDQ0LDQVDUULYDODVSUHVLGHQWDQG&(2
$FFRUGLQJWRWKHFRPSDQ\0LDQKDVLQWURGXFHGUHPDUNDEOHFKDQJHVWRHIILFLHQF\DQGGHYHORSPHQW
2YHUWKHODVWWZHOYHPRQWKVWKHVWURQJZRUNIRUFHRI0HUFXU\0(1$V*&&RSHUDWLRQVKDVGHOLYHUHGRUKDVEHHQLQWKH
SURFHVVRIGHOLYHULQJLQWKHUHJLRQRIPZRUWKRIZRUN
/DVW\HDUVDZWKHFRPSDQ\VFRPSOHWLRQRIDP $('P GDWDFHQWUHLQWKH8$(ZKLOHWKHILUPLVVFKHGXOHGWR
KDQGRYHUDP $('P 0(3SURMHFWRQ$EX'KDEL,VODPLF%DQNKHDGTXDUWHUVLQ
7KLV\HDUVKRXOGDOVRVHHLWFRPSOHWHDPMRERQDGXW\IUHHZDUHKRXVHDW'RKDVQHZDLUSRUWDQGZRUNRIWKHVDPHYDOXH
RQ%DKUDLQ%D\V)RXU6HDVRQV+RWHO

,73%XVLQHVV3XEOLVKLQJ/WG_8VHRIWKLVVLWHFRQWHQWFRQVWLWXWHVDFFHSWDQFHRIRXU8VHU3ROLF\3ULYDF\3ROLF\DQG7HUPV &RQGLWLRQV

KWWSZZZFRQVWUXFWLRQZHHNRQOLQHFRPDUWLFOHWRSPHSFRQWUDFWRUVDQGFRQVXOWDQWVSULQW



Potrebbero piacerti anche