,QWURGXFWLRQ 5HVLOLHQW0XOWLFDVW6XSSRUWIRU - - PDF document

• 5HVLOLHQW0XOWLFDVW6XSSRUWIRU

&RQWLQXRXV0HGLD$SSOLFDWLRQV

;;X$0\HUV+=KDQJDQG5<DYDWNDU &08DQG,QWHO&RUS

1266'$9

,QWURGXFWLRQ

‡ ,3PXOWLFDVWSUHVHQWVRSSRUWXQLW\IRUODUJH

VFDOHFRQWLQXRXVPHGLD

± 7RROVnv, vat, vic ivs

‡ µ5HDOWLPH¶DVVXPHGWKDWQRUHWUDQVPLVVLRQ

± 5HWUDQVPLVVLRQVDGGGHOD\ ± ,QVWHDGFRQFHQWUDWHRQ)(&FOLHQWVLGHHWF

‡ %XWORZGHOD\RQO\QHHGHGIRULQWHUDFWLYLW\

± ([DPSOH0%21(EURDGFDVWRIFODVV

‡ (YHQLIVRPHQHHGLQWHUDFWLYLW\QRWDOO

± ([DPSOHRQO\WKRVHDVNLQJTXHVWLRQ

‡ 0RVW FDQDOORZVRPHUHWUDQVPLVVLRQV

$SSURDFK

‡ 0DQ\5HOLDEOH0XOWLFDVW DSSURDFKHVWKDWXVH

UHWUDQVPLVVLRQ

± 3*0/06650 ± «

‡ %XWGRIXOO UHSDLU ‡ 0XOWLPHGLDFDQWROHUDWHVRPHORVV ‡ ,QIDFWWUDGHRIILQORVV DQGODWHQF\ ‡ 'RVHOHFWLYHUHSDLUEDVHGRQODWHQF\DQGORVV

WROHUDQFH

± 5HVLOLHQW0XOWLFDVW

2XWOLQH

‡ ,QWURGXFWLRQ

Æ&KDUDFWHULVWLFVRI5HVLOLHQW0XOWLFDVW

‡ 5HOLDEOH0XOWLFDVW650 ‡ 6WUXFWXUH2ULHQWHG5HVLOLHQW0XOWLFDVW ‡ (YDOXDWLRQ ‡ &RQFOXVLRQV

&KDUDFWHULVWLFVRI5HVLOLHQW 0XOWLFDVW

‡ 5HOLDEOHYV5HVLOLHQW

± 6KDUHGZKLWHERDUGZEYVFRQWLQXRXVPHGLDFP

‡ ,QZEHYHU\SDFNHWPXVWDUULYHHYHQWXDOO\

± FP FDQWROHUDWHVRPHORVVDQGWLPLQJPDWWHUV

‡ ,QZEEXUVW\ WUDIILFORZHUGDWDUDWH

± FP VWHDG\EXWKLJKVRFDQFDXVHFRQJHVWLRQDQG QHHGVORFDOL]HGUHFRYHU\

‡ ,QZEHYHU\DSSKDVHYHU\SDFNHWWRXQGR

± FP KDVRQO\ILQLWHEXIIHUVRHYHU\RQHFDQQRWUHSDLU

5HOLDEOH0XOWLFDVW3URWRFROV

‡ 7&3KDVDFNIRUHYHU\SDFNHWUHFHLYHG ‡ ,QPXOWLFDVWWKLVLVWRRPDQ\DFNVIRUVHUYHU

± &DOOHG$&.,PSORVLRQ

‡ ,QVWHDGPFDVWXVHV

± 1HJDWLYHDFNQRZOHGJHPHQWV1$&.6 ± 1$&.DJJUHJDWLRQWRDYRLGLPSORVLRQ ± 6HOHFWLYHUHWUDQVPLVVLRQ

‡ 650LVJRRGH[DPSOHXVHGLQwb

± )OR\G-DFREVHQ0F&DQQH6,*&200 ± QH[W

• 6FDODEOH5HOLDEOH0XOWLFDVW

650

‡ 8SRQORVVUHFHLYHUPXOWLFDVW1$&.WRDOO ‡ 8SRQUHFHLYLQJ1$&.DQ\PHPEHUFDQ

UHSDLU

‡ 'RDYRLGGXSOLFDWH1$&.VDQG

UHWUDQVPLVVLRQVVHWUDQGRPWLPHU

‡ 7LPHUVWRXJK

± WRRORZÆGXSOLFDWHVWRRKLJKÆODUJHODWHQF\

‡ %XWZLWKODUJHJURXSHYHQOLWWOHORVVPHDQVDOO

PXVWSURFHVV

± UHFHLYHUVORVHVSDFNHWDWDQ\WLPHDOO PXVWVHH1$&.DQGUHWUDQVPLVVLRQ ± &U\LQJ%DE\

650,PSURYHPHQWV

‡ 6HQG1$&.6WRRQO\ORFDOJURXS

± 8VHVPDOOHU77/ILHOGWROLPLWVFRSH

‡ +RZHIIHFWLYH"

± 8VHmping ZLWKGLIIHUHQW77/YDOXHV ± W\SLFDO ± 7U\IURP&08DQGIURP%HUNHOH\

+RVWV5HDFKDEOHYHUVXV77/

‡77/RIVD\VORFDO ‡6KDUSLQFUHDVH ‡3OXVQRWV\PPHWULF

2XWOLQH

‡ ,QWURGXFWLRQ ‡ &KDUDFWHULVWLFVRI5HVLOLHQW0XOWLFDVW ‡ 5HOLDEOH0XOWLFDVW650

Æ6WUXFWXUH2ULHQWHG5HVLOLHQW0XOWLFDVW

‡ (YDOXDWLRQ ‡ &RQFOXVLRQV

6WUXFWXUH2ULHQWHG5HVLOLHQW 0XOWLFDVW67250*RDOV

‡ 0LQLPL]HRYHUKHDGRIFRQWUROVLQFH&0LV

KLJKEDQGZLGWK

‡ 0LQLPL]HGHOD\LQUHFRYHU\VLQFHWRRODWH LV

QRJRRG

‡ /RFDOUHFRYHU\WRUHGXFHLPSORVLRQ DQG

FU\LQJEDE\ HIIHFWV

• 672502YHUYLHZ

‡

1$&.V DQGUHSDLUDORQJVWUXFWXUHODLGRQHQGSRLQWV

± (QGSRLQWVDUHERWKOHDYHVDQG³URXWHUV´DSSOLFDWLRQOD\HU

‡

6WDWHIRUWKLVH[WUDWUHHLVOLJKW(DFKQRGHKDV

/LVWRISDUHQWQRGHVPXOWLSDUHQWWUHH /HYHOLQWUHHRIVHOI 'HOD\KLVWRJUDPRISDFNHWVUHFHLYHG 7LPHUVIRU1$&.SDFNHWVVHQWWRSDUHQW /LVWRI1$&.VIURPFKLOGUHQQRW\HWUHSDLUHG 2QO\ODVWWZRDUHVKDUHGVRHDV\WRPDLQWDLQ

‡

5HFRYHU\

± 1$&.IURPFKLOGWKHQXQLFDVW UHSDLU ± ,IGRHVQRWKDYHSDFNHWZDLWIRULWWKHQVHQG

%XLOGLQJWKH5HFRYHU\6WUXFWXUH

‡ UHFHLYHUILUVWMRLQVGRHVH[SDQGLQJULQJVHDUFK(56

± 0FDVWRXWLQFUHDVLQJ77/YDOXHV ± 7KRVHLQWUHHXQLFDVWEDFNSHUFHLYHGORVVUDWHDVDIXQFWLRQ RISOD\EDFNGHOD\

‡ :KHQKDYHHQRXJKWKHQVHOHFWSDUHQWVQH[W

'HOD\PV /RVVSHUFHQW

6HOHFWLRQRI3DUHQW1RGHV

‡ 3HUFHLYHGORVVDVDIXQFWLRQRIEXIIHUVL]H

± $VEXIIHULQFUHDVHVSHUFHLYHGORVVGHFUHDVHV VLQFHFDQJHWUHSDLU

‡ ,QVHOHFWLQJSDUHQWXVHWRGHFLGHLIRN ‡ ([DPSOH

± & QHHGVSDUHQWDQGKDVPVEXIIHU ± $ SDFNHWVZLWKLQPVZLWKLQPV ± % ZLWKLQPVZLWKLQPV ± :RXOGFKRRVH%

‡ 7RDERYHH[DPSOHQHHGWRDGG577WR

SDUHQWWRVHHLIVXLWDEOH

/RRS$YRLGDQFH

‡ 0D\KDYHORRSLQSDUHQWVWUXFWXUH

± :LOOSUHYHQWUHSDLULIDOOORVW

‡ 8VHOHYHOQXPEHUV WRSUHYHQW ‡ &DQRQO\FKRRVHSDUHQWZLWKORZHUQXPEHU ‡ /HYHODVVLJQHGYLD

± +RSFRXQWWRURRW ± 0HDVXUHG577WRURRW

‡ ,IDOOKDYHVDPHOHYHODSUREOHP

± $VVLJQµPLQRUQXPEHU¶UDQGRPO\

$GDSWLQJWKH6WUXFWXUH

‡ 3HUIRUPDQFHRIQHWZRUNPD\GHJUDGH ‡ 3DUHQWVPD\FRPHDQGJR ‡ .HHSUDWLRRI1$&.VWRSDUHQWDQGUHSDLUV

IURPSDUHQW

± ,IGURSVWRRORZUHPRYHSDUHQW

‡ ,IQHHGPRUHSDUHQWV(56DJDLQ ‡ 5DQNSDUHQWV«

± %HWWHURQHVJHWPRUHSURSRUWLRQDO1$&.V

2XWOLQH

‡ ,QWURGXFWLRQ ‡ &KDUDFWHULVWLFVRI5HVLOLHQW0XOWLFDVW ‡ 5HOLDEOH0XOWLFDVW650 ‡ 6WUXFWXUH2ULHQWHG5HVLOLHQW0XOWLFDVW

Æ(YDOXDWLRQ

‡ &RQFOXVLRQV

• (YDOXDWLRQ

‡ ,PSOHPHQW67250DQG650LQvat ‡ &RQGXFWH[SHULPHQWVRQ0%21( ‡ ,PSOHPHQW67250DQG650LQVLPXODWRU ‡ (YDOXDWHVFDODELOLW\

3HUIRUPDQFH0HWULFV

‡ 3HUIRUPDQFHLPSURYHPHQWWRDSSOLFDWLRQ

± ,QLWLDOORVVUDWH ± )LQDOORVVUDWH

‡ 2YHUKHDGLQFXUUHGE\SURWRFRO

± %DQGZLGWKFRQVXPHG

8QLFDVWLVXQLWDVVXPHPXOWLFDVWWR1 LV1

± 3URFHVVLQJWLPH

‡ &RVWLVDYJUHSDLUSDFNHWVVHQWIRUHDFK

UHFRYHUHGSDFNHW

([SHULPHQWVRYHUWKH0%21(

VLWHVW\SLFDOWRSRORJ\DERYHZLWKmr

5HSDLU6WUXFWXUH 3DUDPHWHUV

‡ 0FDVW UHSDLU

± 5XQ67250vat ± 5XQ650vat PLQXWHVODWHU

‡ &RQVWDQWV

± PLQXWHV ± 3&0HQFRGHGDXGLRE\WHVSDFNHW SDFNHWVVHF ± KDGPVEXIIHUVUHVWKDGPVEXIIHUV

‡ 0DQ\H[SHULPHQWVVKRZUHVXOWVIURP

± $OOKDGVDPHWRSRORJ\

5HVXOWVIRU([SHULPHQW$OO 6LWHV

‡ )LQDOORVVUDWHRI650PD\EHLQIOXHQFHGE\

PFDVWURXWHUIRUUHSDLU

‚ +DGPVEXIIHUUHVW

• 5HVXOWVIRU$OO([SHULPHQWV

6LWH

8&%HUNHOH\ 8PDVV$PKHUVW

&RVWRI5HSDLU

%HQHILWVRIORFDOL]HGUHFRYHU\ 6LPXODWLRQVXJJHVWVLWLVUHDOQRWIURPGLIIHUHQW QHWZRUNFRQGLWLRQ

&RVWRI5HSDLU

67250VHQGVDQGUHFHLYHVDERXWHTXDOVLQFHXQLFDVW 650VHQGVIHZHUSDFNHWVEXWQRUPDOL]HGLVPRUH

67250'\QDPLF6HVVLRQ 1XPEHURI5HFHLYHUV

‡ 5HFHLYHUVFRPHDQGJR+RZRIWHQ"

6LPXODWHG5HVXOWV

‡ 3DFNHWHYHQWVLPXODWRU ‡ /LQNKDVORVVUDWHOL DQGGHOD\GL

± 'URSZLWKSUREOLLIQRWIRUZDUGGL WRGL ± 1RGHOD\DQGORVVFRUUHODWLRQ ± /RVVGHOD\LQGHSHQGHQWRIWUDIILF

‡ 7ZRVHWVRIURXWHUVEDFNERQHDQGUHJLRQDO

± %DFNERQHFRQQHFWHGWRRQDYJWRRWKHUV

'HOD\VPV

± 5HJLRQDOURXWHUVFRQQHFWWRKRVW

'HOD\VPV

± $OOORVVWR

‡ 5DQPLQKRVWVPVEXIIHUV

6LPXODWHG 5HVXOWV RI2YHUKHDG

2YHUKHDGLQFUHDVHVRQO\E\VPDOOFRQVWDQW ZLWKJURXSVL]H

• 6LPXODWHG5HVXOWVRI3DUHQW

6HOHFWLRQ0HWULF

:LWKPHWULF :LWKRXWPHWULF

0HWULFEULQJVDYHUDJHORVVUDWHGRZQIURP WREHFDXVHFKRRVHVPDUWSDUHQW

&RQFOXVLRQ

‡ 5HFHLYHUGHWHUPLQHVRZQTXDOLW\WUDGHRII

EHWZHHQORVVDQGODWHQF\

± $OORZVERWKLQWHUDFWLYHDQGSDVVLYHUHFHLYHUV ± 8VHWRVHOHFWUHSDLUQRGHEDVHGRQTXDOLW\

‡ 5HSDLUGRQHORFDOO\E\VHSDUDWHWUHH ‡ (YDOXDWLRQRQ0%21(DQGVLPXODWLRQ ‡ (IILFLHQWVFDOHVZHOODQG(IIHFWLYHUHSDLUV

ZHOO

)XWXUH:RUN" )XWXUH:RUNPH

‡ )DLUHUXQLFDVWWRPFDVWUHSDLUFRPSDULVRQ ‡ &RPSDULVRQZLWKRWKHUUHSDLUWHFKQLTXHV ‡ 5HDODSSOLFDWLRQPHGLD ‡ $SSOLFDWLRQRQRYHUOD\QHWZRUN