Vous êtes sur la page 1sur 7

1 )/

7KH1)/V&ORXG\&U\VWDO%DOO
+HUHDUHWKHIRXUQHZVFKRROIRRWEDOOVWDWVWKDWDWWHPSWWRSUHGLFWWKHVHDVRQ
%<%, //%$51: (//21 $8 *8 67     

,I\RXYHEHHQIROORZLQJWKLVVSDFHDW*UDQWODQGIRUDZKLOHQRZ\RXYHVHHQDYDULHW\RIDGYDQFHG
FRQFHSWVDQGVWDWLVWLFDOUXOHVRIWKXPESRSXSZLWKUHJDUGWRPHDVXULQJIRRWEDOOSHUIRUPDQFH:LWKWKH
VHDVRQUDSLGO\DSSURDFKLQJQRZVHHPVOLNHDJRRGWLPHWRUHYLHZWKRVHFRQFHSWVH[SODLQZK\WKH\ZRUN
DQGDSSO\WKHPWRWKHVHDVRQ:HYHDOUHDG\VWDUWHGZLWKRXUSUHYLHZVRIWKHHUV'ROSKLQV
%XFFDQHHUVDQG%URQFRVIURPWZRZHHNVDJREXWWKHUHDUHRWKHUWHDPVZRUWKFRQVLGHULQJWRR
%HIRUHZHVWDUWWKRXJKDTXLFNDFNQRZOHGJPHQWDERXWIRRWEDOOVWDWLVWLFV)RUDYDULHW\RIUHDVRQVWKH\
DUHOHVVPHDQLQJIXODQGKDUERUOHVVDXWKRULW\WKDQWKHLUELJEURWKHUVLQEDVHEDOO)RRWEDOOVWDWLVWLFVDUH
DERXWZKHUH%LOO-DPHVZDVLQMXVWZLWKDGGLWLRQDOFRPSXWLQJSRZHU7KHUHDUHVWLOOUHDPVRIGDWD
WREHFRPSLOHGVWXQQLQJFRQFHSWVWREHSURYHQDQGDELOOLRQDUJXPHQWVWREHKDG(YHQWKHQWKRXJK
IRRWEDOOKDVIDUIHZHUGLVFUHWHHYHQWVDQGJDPHVWKDQEDVHEDOOGRHV2XUFROOHFWLYHNQRZOHGJHRIIRRWEDOO
WKURXJKQXPEHUVLVJRLQJWRLPSURYHEXWLWVQHYHUJRLQJWRFDWFKXS
'RWKRVHZHDNQHVVHVUHQGHUIRRWEDOOPHWULFVLUUHOHYDQW"$EVROXWHO\QRW,QIDFWWKHPHWULFVDQGFRQFHSWV
ZHUHJRLQJWRKLJKOLJKWWRGD\H[SORLWWKHIDFWWKDWWKHUHVDVPDOOVDPSOHRIJDPHVE\SURYLQJMXVWKRZ
PHDQLQJOHVVDJUHDWSHUIRUPDQFHDFURVVDJDPHVODWHFDQEHHVSHFLDOO\ZKHQDWHDPVSHUIRUPDQFHLV
UHGXFHGVROHO\WRWKHWRSLFRIZLQV
:KLOHZLQVDUHREYLRXVO\YHU\LPSRUWDQWIRUPHDVXULQJWHDPSHUIRUPDQFHDVDVWDWLVWLFWKH\OLPLWWKH
SRVVLELOLWLHVDQGUHGXFHHQWLUHJDPHVWRVLQJOHGDWDSRLQWV8VLQJSRLQWGLIIHUHQWLDORUDQDGYDQFHGPHWULF
OLNH'92$WRPHDVXUHDWHDPVSHUIRUPDQFHLVEHVWEHFDXVH\RXFDQWKLQNDERXWLWLQWKHFRQWH[WRISOD\V

DVRSSRVHGWRJDPHV7KHDYHUDJHWHDPIURPZDVLQYROYHGLQDERXWSOD\VDQG\RXFDQVFRUH
RUEHVFRUHGXSRQRQMXVWDERXWHYHU\VLQJOHVQDS7KDWVFKDQFHVWRSURYHKRZVWURQJRUZHDN\RX
DUH<RXRQO\KDYHRSSRUWXQLWLHVWRUHFRUGDZLQRUORVVDQG\RXPLJKWRQO\JHWWKUHHRUIRXU
RSSRUWXQLWLHVWRZLQDFORVHJDPH$QGWKRVHFORVHJDPHVPLJKWFRPHGRZQWRKRZ\RXGRRQRQHSOD\
7KRVHWKUHHRUIRXUSOD\VPLJKWPHDQDZKROHORWWR\RXUZLQORVVUHFRUGEXWWKH\DUHQWWKHEHVW
LQGLFDWRUVRIKRZ\RXUHJRLQJWRGRRQWKRVHIRXUSOD\VLQWKHIXWXUHREYLRXVO\LVDPXFKODUJHU
VDPSOHWKDQRUIRXU
7KHIRXUFRQFHSWVEHORZDUHVRPHRIWKHFRUHXQGHUO\LQJLQGLFDWRUVRIWHDPSHUIRUPDQFH+LVWRULFDOO\
WKH\YHHDFKVKRZQJUHDWVLJQLILFDQFHLQSURMHFWLQJDWHDPVSHUIRUPDQFHLQWRWKHIXWXUHVRNHHSWKHPLQ
PLQGDV\RXSUHSDUHIRUWKHVHDVRQ

)RRWEDOOV3\WKDJRUHDQ7KHRUHP
,QD6HQWHQFH3RLQWGLIIHUHQWLDOLVDEHWWHULQGLFDWRURIIXWXUHZLQQLQJSHUFHQWDJHWKDQZLQQLQJ
SHUFHQWDJHLWVHOI
+RZ,W:RUNV&UHDWHGE\%LOO-DPHVIRUEDVHEDOODQGPRGLILHGIRUIRRWEDOOLQWKHHDUO\VE\FXUUHQW
+RXVWRQ5RFNHWVJHQHUDOPDQDJHU'DU\O0RUH\WKH3\WKDJRUHDQWKHRUHP RU3\WKDJRUHDQ
H[SHFWDWLRQ LVDIRUPXODWKDWWUDQVODWHVDWHDPVSRLQWVVFRUHGDQGDOORZHGLQWRDQH[SHFWHGZLQQLQJ
SHUFHQWDJH7KDWIRUPXODLVQWH[DFWO\IRUWKHIDLQWRIKHDUW
3RLQWV)RU 3RLQWV)RU3RLQWV$JDLQVW
$VDQH[DPSOHOHWVWDNHWKH&KLHIVZKRZHQWZKLOHVFRULQJSRLQWVDQGDOORZLQJ2XU
IRUPXODLV   7KDWVWKH&KLHIVH[SHFWHGZLQQLQJSHUFHQWDJHIURP
WKHLUSRLQWGLIIHUHQWLDODQGLIZHPXOWLSO\LWE\JDPHVZHJHWDWRWDORIMXVWZLQV7KH3\WKDJRUHDQ
WKHRUHPVXJJHVWVWKDWWKH&KLHIVRXWSHUIRUPHGWKHLUWUXHOHYHORISHUIRUPDQFHE\WKUHHIXOOZLQV
:K\,W:RUNV%HFDXVHDOOZLQVDUHQWFUHDWHGHTXDO'XULQJ.DQVDV&LW\VWKUHHJDPHZLQQLQJVWUHDN
ODVW\HDUWKH\EHDWWKH5DLGHUVLQDJDPHLQZKLFKWKH\IRUFHGVL[LQWHUFHSWLRQV3UHWW\LPSUHVVLYH
$ZHHNODWHUWKH\EHDWWKH&KDUJHUVLQRYHUWLPHGXULQJWKDWJDPHLQZKLFK3KLOLS5LYHUVIXPEOHG
DPHDQLQJOHVVVQDSPRPHQWVEHIRUH6DQ'LHJRFRXOGDWWHPSWDJDPHZLQQLQJILHOGJRDO)RUHDFKRI
WKRVHWZRSHUIRUPDQFHV.DQVDV&LW\JRWWKHVDPHH[DFWPDUNRQWKHLUUHFRUGRQHZLQ1RERG\LQKLV
ULJKWPLQGZRXOGWKLQNWKDW.DQVDV&LW\ORRNHGHTXDOO\JRRGLQERWKRIWKRVHJDPHVHYHQLIWKH\JRWWKH
VDPHUHVXOW7KDWVZKHUHWKH$OOWKDWPDWWHUVLVWKH:DUJXPHQWIDOOVDSDUW,WVOLNHVD\LQJWKH
SDVVIDLOV\VWHPLVMXVWDVXVHIXODVWKHWUDGLWLRQDOJUDGLQJVFDOHZKHQILJXULQJRXWKRZZHOOVRPHERG\
GLGLQDFODVV
3URYH7KDW,W:RUNV7KHVLPSOHVWZD\WRVKRZRIIWKHHIILFDF\RIWKH3\WKDJRUHDQH[SHFWDWLRQLVWR
VKRZRIIWKHLPSDFWLWKDVRQDWHDPVUHFRUGGXULQJWKHIROORZLQJ\HDU7KHFKDUWEHORZOXPSVWHDPV
IURPWRLQWRJURXSVE\WKHGLIIHUHQFHEHWZHHQWKHLUH[SHFWHGZLQWRWDODQGWKHLUDFWXDOZLQ
WRWDODQGWKHQQRWHVKRZWKDWWHDPVZLQWRWDOFKDQJHGGXULQJWKHIROORZLQJ\HDU
([SHFWHG:LQVYV$FWXDO:LQV 7HDPV

$YJ&KDQJHLQ:LQV

WR



,PSURYHGE\ZLQV

WR



,PSURYHGE\ZLQV

WR



,PSURYHGE\ZLQV

WR



,PSURYHGE\ZLQV

WR



1HLWKHULPSURYHGQRUGHFOLQHG

WR



1HLWKHULPSURYHGQRUGHFOLQHG

WR



'HFOLQHGE\ZLQV

WR



'HFOLQHGE\ZLQV

WR



'HFOLQHGE\ZLQV

WR



'HFOLQHGE\ZLQV

7KH&KLHIVDQGWKHLUGLIIHUHQFHDIXOOWKUHHZLQVZRXOGILWLQWRWKHYHU\ODVWFDWHJRU\ZLWKLQWKHWDEOH
RQHWKDWVXJJHVWVWKDWWKH\OOGHFOLQHE\ZLQVWKLVVHDVRQ2IFRXUVHWKDWVMXVWWKHDYHUDJHFKDQJH
DQGWKH&KLHIVPD\EHQHILWJUHDWO\IURPIXOO\HDUVZLWK(ULF%HUU\-DPDDO&KDUOHVDQG0DWW&DVVHOOLNH
HYHU\ELWRILQIRUPDWLRQWKDWVXUURXQGVDWHDPLWVLPSRUWDQWWREOHQGWKHVWDWLVWLFVZLWKWKHVSHFLILF
FRQWH[WWRZKLFKWKH\UHEHLQJDSSOLHG
,WDOVRZRUNVRQWKHKDOIVHDVRQDOOHYHO7KHWHDPVIURPWRWKDWXQGHUSHUIRUPHGWKHLU
3\WKDJRUHDQZLQWRWDOVE\WKHODUJHVWDPRXQWGXULQJWKHLUILUVWHLJKWJDPHVRIWKH\HDUVDZWKHLUZLQ
WRWDOVPRUHWKDQGRXEOHGXULQJWKHVHFRQGHLJKWJRLQJIURPZLQQLQJDQDYHUDJHRIJDPHVLQWKHILUVW
KDOIWRLQWKHVHFRQGKDOI/LNHZLVHWKHWHDPVWKDWRYHUSHUIRUPHGE\JDUQHULQJZLQWRWDOVWKDW
SXWWKHLUSRLQWH[SHFWDWLRQVWRVKDPHVXIIHUHGGUDPDWLFGURSRIIVDIWHUZLQQLQJDQDYHUDJHRIRIWKHLU
ILUVWHLJKWJDPHVWKH\DYHUDJHGMXVWZLQVRYHUWKHVHFRQGKDOI,QERWKFDVHVWKHJDSEHWZHHQRXU
RXWOLHUVH[SHFWHGZLQWRWDOVDQGWKHLUDFWXDOZLQWRWDOVZHQWIURPDQHQRUPRXVILUVWKDOIWRWDOWRD
VHFRQGKDOIWRWDORIHVVHQWLDOO\]HUR<RXFDQFKHDW3\WKDJRUDVEXWQRWIRUORQJ
$SSO\,WWR7KHWDEOHEHORZOLVWVWKHILYHWHDPVZLWKWKHELJJHVWSRVLWLYHDQGQHJDWLYHGLIIHUHQFHV
EHWZHHQWKHLUDFWXDOZLQWRWDOVDQGWKHLU3\WKDJRUHDQH[SHFWDWLRQVIURPODVW\HDU
8QGHUDFKLHYHUV 'LII 2YHUDFKLHYHUV 'LII
'ROSKLQV

 3DFNHUV



9LNLQJV

 &KLHIV



(DJOHV

 %URQFRV



3DQWKHUV

 5DLGHUV



&ROWV

 3DWULRWV



,WZLOOEHUHDOO\LQWHUHVWLQJWRVHHLIWKH3DFNHUVUHWUHDWWRZDUGOHDJXHDYHUDJH7HDPVZLWKJUHDW
TXDUWHUEDFNVDUHPRUHOLNHO\WRRXWSOD\WKHLU3\WKDJRUHDQH[SHFWDWLRQVWKDQWHDPVZLWKRXWWKHPEXW
WKDWKDGQWEHHQWKHFDVHZLWKWKH3DFNHUVDQG$DURQ5RGJHUVEHIRUHODVW\HDU'XULQJ5RGJHUVVILUVW
WKUHH\HDUVDVWKH3DFNHUVVWDUWHU*UHHQ%D\XQGHUSHUIRUPHGWKHLU3\WKDJRUHDQH[SHFWDWLRQE\DWRWDORI
VL[IXOOZLQV

5HFRUGLQ&ORVH*DPHV
,QD6HQWHQFH7HDPVDUHLQFUHGLEO\LQFRQVLVWHQWIURP\HDUWR\HDUZKHQLWFRPHVWRZLQQLQJJDPHV
WKDWDUHGHFLGHGE\RQHWRXFKGRZQRUOHVV
+RZ,W:RUNV1RREWXVHIRUPXODKHUH-XVWFRXQWXSHDFKWHDPVQXPEHURIJDPHVWKDWZHUHGHFLGHG
E\RQHWRXFKGRZQRUOHVVFKHFNWKHLUZLQQLQJSHUFHQWDJHDQGWKHQVHHLIWKH\ZHUHVLPLODUO\JRRGRU

EDGGXULQJWKHIROORZLQJVHDVRQ:KHQ\RXGRZHEHWWKDW\RXOOILQGLWVHVVHQWLDOO\UDQGRP
:K\,W:RUNV%HFDXVHDVZHPHQWLRQHGLQWKHLQWURDIHZFORVHJDPHVSHU\HDULVQWHQRXJKWRGUDZ
DQ\FRQFOXVLRQV
3URYH7KDW,W:RUNV/HWVVWDUWZLWKDJURXSRIWHDPVWKDWZHUHGRPLQDQWLQFORVHJDPHVGXULQJ
JLYHQ1)/VHDVRQV2XUDUELWUDU\JURXSRIWHDPVSOD\HGVL[RUPRUHJDPHVWKDWZHUHGHFLGHGE\D
WRXFKGRZQRUOHVVLQWKRVHVHDVRQVDQGHDFKRIWKHPZRQSHUFHQWRUPRUHRIWKRVHJDPHV,QDOO
WKRVHWHDPVZHQWDFRPELQHG SHUFHQW LQFORVHFRQWHVWV,IWKHUHZHUHUHDOO\VRPHWKLQJ
FRQVLVWHQWDERXWKRZDWHDPSHUIRUPVLQWKHWLJKWRQHVWKHVHWHDPVZRXOGDWOHDVWHPXODWHWKHLUUHFRUG
GXULQJWKHIROORZLQJVHDVRQ,QVWHDGWKH\ZHQWDFRPELQHG SHUFHQW LQWKRVHVDPHFORVH
JDPHVWKHIROORZLQJ\HDU
2QWKHRWKHUVLGHRIWKHWUDFNVDUHWKHWHDPVWKDWFRXOGQWSXOORXWWKRVHFORVHJDPHVWKHRQHVWKDWGLGQW
NQRZKRZWRZLQRUILQLVKRUZKDWHYHU7KH\ZHUHWKHRQHVWKDWSOD\HGVL[RUPRUHJDPHVDQGZRQRQO\
SHUFHQWRUOHVVRIWKHP,QWKHLUGRZQWURGGHQ\HDUWKH\ZHQWDFRPELQHG SHUFHQW 7KH
IROORZLQJ\HDU" SHUFHQW :LQQLQJWKHFORVHRQHVMXVWLVQWDVXVWDLQDEOHZD\WRPDNHWKH
SOD\RIIV\HDULQDQG\HDURXW
,IWKHUHVDQH[FHSWLRQWRWKHUXOHDVZLWKWKH3\WKDJRUHDQH[SHFWDWLRQLWVKDYLQJDJUHDWTXDUWHUEDFN
3H\WRQ0DQQLQJZDVLQWKRVHJDPHVZLWKWKH&ROWVDQGLWVQRWVXUSULVLQJZKHQ\RXFRQVLGHUKRZ
ZHOOKHPDQDJHGHQGJDPHVFHQDULRV7RP%UDG\LVLQWKRVHVDPHJDPHV2QWKHRWKHUKDQG$DURQ
5RGJHUVLVLQRQHWRXFKGRZQJDPHVDQG'UHZ%UHHVLVGXULQJKLVWLPHLQ1HZ2UOHDQV
DIWHUJRLQJDVWKH&KDUJHUVVWDUWHU 6RVRPHJUHDWTXDUWHUEDFNVVHHPWRGUDVWLFDOO\RXWSHUIRUP
WKHH[SHFWHGUHJUHVVLRQVEXWRWKHUVGRQW
$SSO\,WWR+HUHDUHWHDPVWKDWVWRRGRXWRQHLWKHUVLGHRIWKHFRLQLQFORVHJDPHVODVW\HDU
/XFN\7HDPV 5HFRUG 8QOXFN\7HDPV 5HFRUG
5DLGHUV



9LNLQJV



3DFNHUV



3DQWKHUV



6DLQWV



5DPV



HUV



&ROWV



6WHHOHUV



(DJOHV



7KH5DLGHUVZRQMXVWRQHJDPHE\PRUHWKDQDWRXFKGRZQODVW\HDUDQGWKDWZDVDSRLQWHURYHUWKH
-HWVLQZKLFKWKH\VDFNHG0DUN6DQFKH]RQWKH2DNODQG\DUGOLQHRQIRXUWKGRZQZLWKVHFRQGVOHIW
<RXPLJKWFRQVLGHUWKHFDVHWKDWKDYLQJDWDOHQWHGNLFNHUOLNH6HEDVWLDQ-DQLNRZVNLZRXOGSURGXFHDIHZ
H[WUDFORVHZLQVEXWWKH5DLGHUVZHUHH[DFWO\LQJDPHVGHFLGHGE\DWRXFKGRZQRUOHVVRYHUWKH
SUHYLRXVWKUHHVHDVRQV
7KDWVEHWWHUWKDQWKH&DUGLQDOVZKRIDLOHGWRZLQDVLQJOHJDPHE\PRUHWKDQRQHVFRUHODVWVHDVRQ

0LQQHVRWDPHDQZKLOHORVWDVPDQ\JDPHVE\VHYHQSRLQWVRUIHZHUDVDQ\WHDPKDVVLQFHWKHDGYHQWRI
WKHJDPHVHDVRQ7KUHHRWKHUWHDPVKDYHORVWQLQHJDPHVE\RQHWRXFKGRZQRUOHVVLQDJLYHQVHDVRQ
WKHIROORZLQJ\HDUWZRERXQFHGEDFNWRUHODWLYHO\QRUPDOUHFRUGVLQFORVHJDPHVDQGLPSURYHGE\IRXU
ZLQVHDFKZKLOHDWKLUGWKH&KDUJHUVIDLOHGWRZLQRQHRIWKHLUILYHFORVHJDPHVWKHVXEVHTXHQW

\HDU

7KH3OH[LJODVV3ULQFLSOH
,QD6HQWHQFH7HDPVWKDWPDNHDVLJQLILFDQWOHDSLQWKHLUSHUIRUPDQFH RUDQDVSHFWWKHUHRI RYHUD
JLYHQVHDVRQRIWHQJLYHEDFNVRPHRIWKRVHJDLQVGXULQJWKHIROORZLQJ\HDU
+RZ,W:RUNV%\REVHUYLQJWKHSHUIRUPDQFHRIDWHDPDIWHULWPDGHDGUDPDWLFLPSURYHPHQWUHODWLYH
WRWKHUHVWRIWKHOHDJXHLQDJLYHQDVSHFWRISOD\GXULQJWKHSUHYLRXVVHDVRQ8QGHUWKHOHDJXHVFXUUHQW
WHDPVHWXSDQLPSURYHPHQWRIVSRWVLQWKHUDQNLQJVLQDJLYHQVWDWLVWLF HJZLQVSRLQWVDOORZHG
HWF PLJKWEHDJRRGSODFHWRVWDUWFRQFHUQLQJRQHVHOIZLWKWKH3OH[LJODVV3ULQFLSOH
:K\,W:RUNV%HFDXVHWRRPDQ\WKLQJVKDYHWRJRULJKWIRUDWHDPWRPDNHDQH[WUHPHOHDSDQGWKRVH
WKLQJVGRQWRIWHQKDSSHQLQFRQVHFXWLYHVHDVRQV7DNHWKH'ROSKLQVZKRZHQWIURPZLQQLQJMXVW
RQHJDPHLQWRZLQVLQ7KDWVDFODVVLF3OH[LJODVVVFHQDULR7KRVH'ROSKLQVZHUHLQ
JDPHVGHFLGHGE\DWRXFKGRZQRUOHVVDQGEHDWWKHLU3\WKDJRUHDQH[SHFWDWLRQE\ZLQV:HDOUHDG\
NQRZWKDWVQRWVXVWDLQDEOH
*HWWLQJSDVWWKHVWDWLVWLFVWKRXJKFRQVLGHUZKDWKDSSHQHGWRWKHLUSHUVRQQHO$IWHUDQLQMXU\ILOOHG
WKH'ROSKLQVJRWKHDOWK\VHDVRQVIURPWKHYDVWPDMRULW\RIWKHLUVWDUWHUV7KDWLQFOXGHG
TXDUWHUEDFN&KDG3HQQLQJWRQDQGKDOIEDFN5RQQLH%URZQZKRDVDSDLUKDGFRPELQHGIRUMXVWRQH
KHDOWK\JDPHVHDVRQLQQLQHEHIRUHKDQG7KH\ODVWHGDWRWDORIJDPHVWKHIROORZLQJ\HDU0LDPL
DOVRIDFHGWKHILIWKHDVLHVWVFKHGXOHLQIRRWEDOODQGLPSOHPHQWHGDJLPPLFN\QHZRIIHQVLYHWDFWLF WKH
:LOGFDW WKDWZRUNHGLQEXWZDVOLNHO\WRZHDURIIZLWKIXWXUHH[SRVXUH,WWRRNDOOWKRVHOLWWOHOXFN\
EUHDNVWRJHWWKH'ROSKLQVWRLPSURYHE\ZLQVDQGZKLOHVRPHRIWKHJHQXLQHLPSURYHPHQWV DQ
XSJUDGHLQFRDFKLQJIURP&DP&DPHURQWR7RQ\6SDUDQRTXDOLW\GUDIWVXQGHU%LOO3DUFHOOV-HII,UHODQG
VRPHPRGLFXPRIKHDOWKDQGYHVWLJHVRIWKH:LOGFDW VWXFNDURXQGWKH\GLGQWKDYHTXLWHWKHLPSDFW
WKH\GLGGXULQJ
3URYH7KDW,W:RUNV&KHFNRXWWKHILUVWWDEOHLQWKH%XFFDQHHUVSUHYLHZIURP$XJXVWWRVHHKRZ
WKH3OH[LJODVV3ULQFLSOHDIIHFWVZLQWRWDOVIURP\HDUWR\HDU
,WDOVRKROGVZDWHUZKHQIRFXVHGRQWRLQGLYLGXDODVSHFWVRIWHDPSHUIRUPDQFHVXFKDVVFRULQJSRLQWV
6LQFHWHDPVKDYHVXIIHUHGDGURSRIVSRWVRUPRUHLQWKHOHDJXHVUDQNLQJVIRUSRLQWVVFRUHG
RYHUDJLYHQVHDVRQ0RVWUHFHQWO\WKH&ROWVZHQWIURPIRXUWKLQVFRULQJLQWRWKODVW\HDU,QWKH
\HDUDIWHUWKHLUSUHFLSLWRXVFROODSVHWKRVHWHDPVKDYHLPSURYHGE\DQDYHUDJHRIPRUHWKDQHLJKWVSRWV
LQWKHUDQNLQJV(OHYHQWHDPVKDYHPRYHGXSE\VSRWVRUPRUHLQWKHUDQNLQJVDQGWKRVHWHDPV
GHFOLQHGE\PRUHWKDQVSRWVLQWKHIROORZLQJVHDVRQ
$QGDV\RXUHSUREDEO\JXHVVLQJLWDOVRDSSOLHVWRDWHDPVGHIHQVLYHSHUIRUPDQFH8VLQJWKHVDPH
VDPSOHVL]HDVIRURIIHQVHWHDPVKDYHLPSURYHGWKHLUSRLQWVDOORZHGSODFHPHQWVLQWKHOHDJXHUDQNLQJ
E\VSRWVRUPRUHLQDJLYHQ\HDUDVWKH7H[DQV WKWRIRXUWK GLGODVWVHDVRQ7KRVHRUJDQL]DWLRQV
GHFOLQHGE\DQDYHUDJHRIPRUHWKDQHLJKWVSRWVLQWKHUDQNLQJVGXULQJWKHVXEVHTXHQW\HDU7KH
WHDPVWKDWVDZWKHLUGHIHQVLYHSHUIRUPDQFHVGURSE\RUPRUHVSRWVOLNHWKH%XFFDQHHUV QLQWKWR
QG ODVWVHDVRQLPSURYHGE\DQDYHUDJHRIPRUHWKDQVSRWV7DNHDORWJLYHDOLWWOHEDFN
$SSO\,WWR,QDGGLWLRQWRWKHWHDPVPHQWLRQHGDERYHDQGWKHLUVKLIWVRQRQHSDUWLFXODUVLGHRI
WKHEDOOKHUHDUHWKHWHDPVZLWKWKHELJJHVWVKLIWVLQZLQWRWDOVIURPWR

,PSURYHG :LQ&KDQJH 'HFOLQHG :LQ&KDQJH


HUV



&ROWV



3DFNHUV



%XFFDQHHUV 

%HQJDOV



5DPV



WHDPV



WHDPV



7HDP7XUQRYHU0DUJLQ
,QD6HQWHQFH7KHWXUQRYHUPDUJLQVSURGXFHGE\WHDPVRYHUDJDPHVHDVRQDUHPDUNHGO\
LQFRQVLVWHQWIURP\HDUWR\HDU
+RZ,W:RUNV:HRYHUHVWLPDWHMXVWKRZUDQGRPWXUQRYHUVFDQEHIURP\HDUWR\HDU:KLOHWHDPVDUH
KLVWRULFDOO\FRQVLVWHQWO\HIIHFWLYHDWIRUFLQJIXPEOHVWKH\VWUXJJOHWRUHFRYHUDFRQVLVWHQWO\KLJK
SHUFHQWDJHRIWKRVHIXPEOHVIURP\HDUWR\HDUVXJJHVWLQJWKDWUDQGRPQHVVRYHUUXQVWKDWLQFUHGLEO\
LPSRUWDQWW\SHRISOD\,QWHUFHSWLRQVDUHSHUKDSVPRUHVWDEOHEXWDVPHQWLRQHGUHJDUGLQJ$OH[6PLWKLQ
WKH1LQHUVSUHYLHZHYHQWKH\FDQYDU\GUDPDWLFDOO\IURP\HDUWR\HDU
:K\,W:RUNV3K\VLFV:KHQSOD\HUVZKRDUHQWUHJXODUEDOOFDUULHUVWU\WRVFRRSXSDQREORQJ
VSKHURLGIXQQ\WKLQJVWHQGWRKDSSHQ/LNHWKLV'HUULFN0DVRQIXPEOHUHFRYHU\DJDLQVWWKH&RZER\VLQ

3URYH7KDW,W:RUNV7KHDIRUHPHQWLRQHG1LQHUV SRVLWLYH DQG%XFFDQHHUV QHJDWLYH SLHFHVQRWH
ZKDWKDSSHQVWRWHDPVOLYLQJRQWKHYHU\H[WUHPHVRIWKHWXUQRYHUPDUJLQWKH\WHQGWRERXQFHDOPRVWDOO
WKHZD\EDFNWRZDUGDVHDVRQDOWXUQRYHUPDUJLQRI]HURDQGWKHLUUHFRUGVVKLIWDERXWWZRJDPHVWRZDUG
DYHUDJH
$SSO\,WWR%H\RQGWKH1LQHUVDQG%XFVKHUHDUHWKHWHDPVZLWKWKHODUJHVWWXUQRYHUPDUJLQV
IURPODVW\HDU
3RVLWLYH 0DUJLQ 1HJDWLYH 0DUJLQ
1LQHUV



%XFFDQHHUV 

3DFNHUV



(DJOHV



3DWULRWV



5HGVNLQV



/LRQV



&DUGLQDOV



6WHHOHUV



6HDKDZNV 

7KHUHDUHRWKHUIDFWRUVWKDWDOVRH[KLELWPHDQLQJZKHQXVHGSURSHUO\OLNHVWUHQJWKRIVFKHGXOHDYHUDJH
VWDUWLQJILHOGSRVLWLRQSHQDOW\UDWHVDQGWKHKLGGHQDVSHFWVRIVSHFLDOWHDPVSHUIRUPDQFHRQWKLQJV
OLNHILHOGJRDOSHUFHQWDJHDOORZHGDQGNLFNRIIGLVWDQFHDJDLQVW
/LNHIUHHWKURZSHUFHQWDJHDJDLQVWLQEDVNHWEDOODVPXFKDV\RXGOLNHWRWKLQNWKDWFHUWDLQKRPHILHOGDGYDQWDJHV

WHQGWRLQVSLUHIHDUDQGPLVVHGRSSRUWXQLWLHVLQNLFNHUVILHOGJRDOSHUFHQWDJHDJDLQVWLVMXVWDERXWWUXO\UDQGRP
IURPVHDVRQWRVHDVRQ7KHGLIIHUHQFHLQKLGGHQVSHFLDOWHDPVSHUIRUPDQFHEHWZHHQWKHOHDJXHVOXFNLHVWWHDP
-DFNVRQYLOOH DQGXQOXFNLHVWWHDP .DQVDV&LW\ ZDVZRUWKDERXW\DUGVRIILHOGSRVLWLRQODVW\HDU

'HWUDFWRUVRIVWDWLVWLFVRIWHQVD\WKDWPHWULFVUHGXFHDIDVFLQDWLQJJDPHWRQXPEHUVRUZRUNLQVHUYLFHRI
WKRVHZKRZRXOGSUHIHUWRVHHWKHJDPHVSOD\HGRQSDSHU,QEDVHEDOOWKHVHVRUWVRIVWUDZPDQ

DUJXPHQWVHQGXSJORULI\LQJWULSOHVDVVRPH+RO\*UDLORIPHDQLQJEH\RQGQXPEHUV:HGRQWDJUHH
REYLRXVO\EXWLWVOHVVDERXWKRZWKHQXPEHUVZRUNDQGPRUHDERXWKRZ\RXXVHWKHP)RRWEDOOLV
DOZD\VJRLQJWREHDP\VWHULRXVJDPHHYHQWRWKRVHZKRSOD\HGLW$WWKHLUEHVWVWDWLVWLFDOFRQFHSWVLQ
DQ\VSRUWGRQWUHPRYHWKHP\VWHU\RIWKHWULSOHRUIRUFHWKHJDPHRQWRSDSHUWKH\JLYHXVDZD\WR
QDYLJDWHDQGWU\WRXQGHUVWDQGWKHYRLGWRPDNHVHQVHRIPLOOLRQVRIKHOPHWVFUDVKLQJLQWRHDFKRWKHURQ
ZHHNHQGV
3HUKDSVLWVDWRSLFEHWWHUGLVFXVVHGE\-RQDK.HULEXWZHUHSUHWW\VXUHVDEHUPHWULFLDQVWKLQNWULSOHVDUHJRRG

7KHFRQFHSWVDERYHDUHOLWWOHELWVRIP\VWHU\UHFODLPHGDVNQRZOHGJHEXWWKH\UHVWLOOVXEMHFWWRLQFUHGLEOH
DPRXQWVRIUDQGRPQHVV:HPLJKWNQRZWKDWWKH1LQHUVWXUQRYHUPDUJLQLVJRLQJWRGHFOLQHSHUFHQW
RIWKHWLPHEXWZHKDYHQRLGHDZKDWLWVJRLQJWRGHFOLQHWR,WFRXOGJRIURPSOXVWRPLQXVDQG
WKH\FRXOGJRIURPWRRULWFRXOGIDOOWRSOXVDQGWKH\FRXOGVWLFNDW0D\EHWKH\OOEH
WKHH[FHSWLRQWRWKHUXOHWKDWNHHSVWKHLUWXUQRYHUUDWHDWSOXVDQGWKH\JR:HGRQWNQRZIRU
VXUHDQGZRQWXQWLOWKHVHDVRQLVRYHUDQGWKDWVILQH7KHJRDOZLWKXVLQJVWDWLVWLFVLQVSRUWVLVQWWR
NQRZEHFDXVHWUXO\NQRZLQJVRPHWKLQJRYHUDJDPHVFKHGXOHEHIRUHLWHYHQKDSSHQVLVLPSRVVLEOH
LWVWROHDUQ6WXIIOLNHWKH3\WKDJRUHDQH[SHFWDWLRQDQGWKH3OH[LJODVV3ULQFLSOH"7KDWVZKDWZHYH
OHDUQHGVRIDUDERXWIRRWEDOO

Vous aimerez peut-être aussi