\Ja\uati on~ · 'Ollucrt70V1 of- Cl COV"Y)pav.~
U91Y\9 \IQ I uai 2)Vl vneiVlOCI<::::, ·))
'JOtlLAivig oP 01.0!'.2::>1vv111 L..u
ae;s,ets;
I. Bui\CilVl99»
metroo19, = o,vrcteVld Ci rs.co\/\vit
= OrYOse, I Net Au-iV"luat i'?.evi+od
NO moael I Ner '-lte-ld
I QI No g r-OwH>-1 wi gnar-es '2. • \ V \ V ~ iVl 9~res,
" :; _Q_
Ke
~ e , orovo\ovi C1i'"Ovv+v1 VY1oo(el Olv-d
-rv-,-e cAivio1-ev1 Cl c11.e:coV\ ,,,yr
,· ,, I b I CoYl9tanr
bl =
g v-oV\f-rVI t:>n+I
!(.e:-::9 .·
VV\oclel i'=> tCl \oe V\e,eo\ .
3-LOOI\A
Ke-g -n,,,e VV'Oll""Ket- V"O\I LAe \.Agvq ti,,,e,
[Cl A\OV.Ot'""n'lOI I 8 l'O \/\1\-VI ./' cuv--YeV'"l;-- • / • ;v-, reir-€9• ,vi
= 01 1
J:2U
-+ ( l(e+IJ
VI -r, PVI
\Ke+\ I V'I
VY1 Ol~-e,t- .
( · Ke+1)
I - 19 ·,t; a , 4 . \vrto1Vl9i b\e
COn-troll1vig, . I l , \ct\ 01-e-~ 11/\e- TV'l-e, -v o, \ ue, ivi
ll..' Non-conrro11 ,vg I
£X. [\ E o> e,c,,v,\v>pj ,a, --jele/ "'cc- ~coral= -
snco•--e '?
Ne! ci i <,S, i h1 ,I a,- I. '7'l-.e Pl e I ea,v, iv,q of- o,v,0,,.._. -An-'A I lb ) ,'-"e n•,tvn·v, OV" w-,e ,1.-n-- .
as,seh;;, ore a ;e,ror<oO, <'I e _,. vvo'il be aivevol
i,, F- l ,...,,, ~e< c,ce-r re,h,, nn -
'\/01 I ut-ed
sepeYC1,e-l . a \., I\ bJ'"U s-r F0 R. R l 9 K o,v,QI-.JG!rQwtvo Io\ I b · 0'- P loeA-INe--e.v-- +0 e.
-'.:! ,,.,,_ I\ I V'J o y<> c,dj .
Oto WI II couv,t- fb< g.0w,ethlv:cJ . co r 4- <-v>e ' : ' o,rl<'.e.-r r .
.,«- 0
N6 • _ _ cc,lc'--'<)rte e.,,G!Oi= _,,e ,e I co ~-ve rr ol , F-to Rev °'
mmon is:.z Cr FbctOV9 2 eanni~s,
0
'0' . +-on,
s ,ze , Ii ssreci , re.l"'-'totiCNJ D>-Orir \cef<;:<, :T"I X \ fl Di=--o'-"t- ""'-'""' cs~ W ACC ·
N13 *7v1 e adJU
· "'""'""'""'
. . -- //-+ e>V1Ce Te><P
+ ivo=,v,e 1t-e.VY\e,
Prow, ciis,e, I .· so, vY\e -f'Cr
. y 'ov-cwiol9' +
'
m1.,19,-r toe gpeci~ c . . Ol<:=>S:>e,r9 · 11 sev--,oe-9
.e,V)t1~ .
l lV'I ves +w--ie¥1't91 \Qv\ 1 lOI\
.
ve'.J-9> .
a. v-ol/\- cw ~ I y.e..toroe:::-\ -exp/ .
"l E S
l(Yl
IV'lCO vY1-e COV\-\"YO\ ~re-vY'lvtVV1
v. cc,lcv1I01t-e- 01v, 01'-leVOI~ -fb, me ==- 71/\e pre VYl iLA VYl iOI f'o...-
Free - coe:,vi F\OVV<o -rre,V\ci · COV'I rrOI olot-OI i V)ed
:lt-- N 5 - R)r +he
bef-v'-'ee"" s ·1. - 7 · / •
Frcee cc,9vi Bovv vYlet-lrioOI :
"'{CUI Cl iecol../lV)T v1sivi:J
. I, PiecOL,1r,nv,_g tt,,e, CFS uc;;;,[V)
vvACC I Cr me vn-e-;-Vlocl \Al.~ Of- 11ne vo\v1-e .
IN OY-\< I F- '.
ke : Fa-'"" e,1narevio1cte~ Vo I v1e vY'\OY- i,,::..e,;-a'ai\ i \::I ·,um.
- 7vl-e t:>usin-eGc::.. ie, 01 5oin.9
A !'-1'0 COi') c-e-rvi OI"' OI
\f\.J/\CC : ror Firw, -VOllue - 7v1e, cos.VI "Flow COi"' be VV1eae.ure = pre,VY'l \ v\VY) pc,1iol fC),
it- r-e\lOIIDl._:1 ~e VY)O\rl(.e-T01loi\it;'::1 or-
NB . . , - -r111e V\I AC:C w i I 1_ b-e, vY"loll'ltit-oi ;v--eo . t\ne eV\17~.
-,-ti)e Su9t-OtV)olo1e ec,v-Y)i°V'lgGo ,+ FCF o.re a \v\Ol~S . cfter Tp,.._/\ 5 ·/ . - 7 · 1.
,\btmtions . I rretn<X!GJ rninon·ty
~ority NB >t- if e04rv,iriqdi's~
1' n)u covwerr
<?Jed ua €-"'I
_rp 1 •
\ \. 9oro10Yl growH;•
._ ) I. TY)VlCln-ntr~et- \/Ol\t,teof- viveGteo\ capira\) \Jo\u e tre G1t1arB usin9
I
-X rnaihtoible el31TP'A t;C1m1rg k::efove ihr -1 toY 1 dep cfr\/ictevdG ·
rnvic I eB1n:>9 .,-,utriple , , . ; ~ /,, """ sPL- '\OU • No g rowtY\ ~-
N~ _OOCQ...19,e, 4 -:: : l"Yl\/ IC Vleed m \'eXYC'-'e., \0 I fl r V\
t naG to ',Oe 'Qefore tY)r ·
-=:.~
•b ,e. before tvir . EBrroA . .j, ~ccvie,to,()r g Ol'J'1 -g
"1he tnv£.Ubtrac.ted
must- of oleb t- .
!he fCur"-°\LAe + t-aY- . P-¥.)'("\Q<YY"IO\I 'j'IO\.Nrv'"l
OF €9,U. + ra1r '-JC\l~e
-From me voilueoP
o~ .
.
of- ae\:'.:lt- - non - aperann9 q.9,~\-S ::::. o1 \OVl
+ -1
Pl.ri
VI +~ t,
1
s 2 ·. Eqn,,n9 'l ielCI
. / Price earni'J9" rnetho cl 1 .,, + '' '
P= 1<-e '<"I\
on-ti
(1<e
ue.rrnroble RemCNew1ov,-rea...1rrir-g iterY1G V\ \'..e-'3 ./
(
NB11-Tne.. ,~t-eYes.t' rYluQ.r
Bot-torn
be ~q}lA'=>t-ed
),')o~ _o n
t?V'lOV\ - rro.nce, reo.tec\ Wl . e")( ·
iP ir ,e,
rnv or 1oah .
I> non- Of)Q>
ProP,;r aF-te,~ tax l>~)(CepnOnO\\
.
W'C. -1" e)(.p .
.
i1--ev-n9 .
s\.J' N p-:u
,\ r·
. \.
10P bottom INh()le s,pt.- _giveY'l . -control pre.muM-= pre,v-niLArY1 OIOIClecl
r 7 3. Free CetGh F-IOV\J m.e,tlnod ,v~hev._ --\OV\. ho.-ve... c.0'1P°'OI .
FUt:ut-e Cash cmol Tei'1'Y11hal \Ja\ue - 1"()1Vl0'7t'y Ol1£.c,. = cteduor Par
."'CN ,
F10V11G
h . ;:,. . -1, _ _ \tC '\9 to,o I con n-Ol -
o lL,,fde,- lh vvo~ 1v-g ca p ibl _ FCF 1-L~ FcFx 1-9roll'Jm . -man<.enb,\'4 c\ie,c.--=-Pb-.{lLtct)
b_ 1n cei,o ,ta1 IY'l ves,h'Y\eYJt. - w acc _ ciedVior 4\ L'c;.C\) D'IO.d _
9
1 opevii~-depr-.
l:JCIIO ) - bol0tn'-te-
Cb£>1hC/ · --W-ea\-Y"'flent- of- oteo\- ·
)(.clu deG · - ihtereGr For-- \ot/'\g -\-evYYl ro«oV\i·l'('\gG:> mvic -ctectuor N FroM '-J01\ue cF-
- 0e9rec1Q\hun I 0\ rr0 r h -c;;;;o,h 0l{'I opea
- d i S st ~ i b r os=:ser~ G'I I PE- - a~ p·,nance cos,, ro
- m -1 - op Go i-tem - m'-1 o.rd ~1o1 add
' S, -~ -----------' o.~ . ffOIY'I '{)(£N-- \JQluc- '('()'J
a1scounr or V\JACG ' FCF - deduct r'-180('(\ --.ia\'-...\e
i
O~ 00~ ·
U91Y\9 \IQ I uai 2)Vl vneiVlOCI<::::, ·))
'JOtlLAivig oP 01.0!'.2::>1vv111 L..u
ae;s,ets;
I. Bui\CilVl99»
metroo19, = o,vrcteVld Ci rs.co\/\vit
= OrYOse, I Net Au-iV"luat i'?.evi+od
NO moael I Ner '-lte-ld
I QI No g r-OwH>-1 wi gnar-es '2. • \ V \ V ~ iVl 9~res,
" :; _Q_
Ke
~ e , orovo\ovi C1i'"Ovv+v1 VY1oo(el Olv-d
-rv-,-e cAivio1-ev1 Cl c11.e:coV\ ,,,yr
,· ,, I b I CoYl9tanr
bl =
g v-oV\f-rVI t:>n+I
!(.e:-::9 .·
VV\oclel i'=> tCl \oe V\e,eo\ .
3-LOOI\A
Ke-g -n,,,e VV'Oll""Ket- V"O\I LAe \.Agvq ti,,,e,
[Cl A\OV.Ot'""n'lOI I 8 l'O \/\1\-VI ./' cuv--YeV'"l;-- • / • ;v-, reir-€9• ,vi
= 01 1
J:2U
-+ ( l(e+IJ
VI -r, PVI
\Ke+\ I V'I
VY1 Ol~-e,t- .
( · Ke+1)
I - 19 ·,t; a , 4 . \vrto1Vl9i b\e
COn-troll1vig, . I l , \ct\ 01-e-~ 11/\e- TV'l-e, -v o, \ ue, ivi
ll..' Non-conrro11 ,vg I
£X. [\ E o> e,c,,v,\v>pj ,a, --jele/ "'cc- ~coral= -
snco•--e '?
Ne! ci i <,S, i h1 ,I a,- I. '7'l-.e Pl e I ea,v, iv,q of- o,v,0,,.._. -An-'A I lb ) ,'-"e n•,tvn·v, OV" w-,e ,1.-n-- .
as,seh;;, ore a ;e,ror<oO, <'I e _,. vvo'il be aivevol
i,, F- l ,...,,, ~e< c,ce-r re,h,, nn -
'\/01 I ut-ed
sepeYC1,e-l . a \., I\ bJ'"U s-r F0 R. R l 9 K o,v,QI-.JG!rQwtvo Io\ I b · 0'- P loeA-INe--e.v-- +0 e.
-'.:! ,,.,,_ I\ I V'J o y<> c,dj .
Oto WI II couv,t- fb< g.0w,ethlv:cJ . co r 4- <-v>e ' : ' o,rl<'.e.-r r .
.,«- 0
N6 • _ _ cc,lc'--'<)rte e.,,G!Oi= _,,e ,e I co ~-ve rr ol , F-to Rev °'
mmon is:.z Cr FbctOV9 2 eanni~s,
0
'0' . +-on,
s ,ze , Ii ssreci , re.l"'-'totiCNJ D>-Orir \cef<;:<, :T"I X \ fl Di=--o'-"t- ""'-'""' cs~ W ACC ·
N13 *7v1 e adJU
· "'""'""'""'
. . -- //-+ e>V1Ce Te><P
+ ivo=,v,e 1t-e.VY\e,
Prow, ciis,e, I .· so, vY\e -f'Cr
. y 'ov-cwiol9' +
'
m1.,19,-r toe gpeci~ c . . Ol<:=>S:>e,r9 · 11 sev--,oe-9
.e,V)t1~ .
l lV'I ves +w--ie¥1't91 \Qv\ 1 lOI\
.
ve'.J-9> .
a. v-ol/\- cw ~ I y.e..toroe:::-\ -exp/ .
"l E S
l(Yl
IV'lCO vY1-e COV\-\"YO\ ~re-vY'lvtVV1
v. cc,lcv1I01t-e- 01v, 01'-leVOI~ -fb, me ==- 71/\e pre VYl iLA VYl iOI f'o...-
Free - coe:,vi F\OVV<o -rre,V\ci · COV'I rrOI olot-OI i V)ed
:lt-- N 5 - R)r +he
bef-v'-'ee"" s ·1. - 7 · / •
Frcee cc,9vi Bovv vYlet-lrioOI :
"'{CUI Cl iecol../lV)T v1sivi:J
. I, PiecOL,1r,nv,_g tt,,e, CFS uc;;;,[V)
vvACC I Cr me vn-e-;-Vlocl \Al.~ Of- 11ne vo\v1-e .
IN OY-\< I F- '.
ke : Fa-'"" e,1narevio1cte~ Vo I v1e vY'\OY- i,,::..e,;-a'ai\ i \::I ·,um.
- 7vl-e t:>usin-eGc::.. ie, 01 5oin.9
A !'-1'0 COi') c-e-rvi OI"' OI
\f\.J/\CC : ror Firw, -VOllue - 7v1e, cos.VI "Flow COi"' be VV1eae.ure = pre,VY'l \ v\VY) pc,1iol fC),
it- r-e\lOIIDl._:1 ~e VY)O\rl(.e-T01loi\it;'::1 or-
NB . . , - -r111e V\I AC:C w i I 1_ b-e, vY"loll'ltit-oi ;v--eo . t\ne eV\17~.
-,-ti)e Su9t-OtV)olo1e ec,v-Y)i°V'lgGo ,+ FCF o.re a \v\Ol~S . cfter Tp,.._/\ 5 ·/ . - 7 · 1.
,\btmtions . I rretn<X!GJ rninon·ty
~ority NB >t- if e04rv,iriqdi's~
1' n)u covwerr
<?Jed ua €-"'I
_rp 1 •
\ \. 9oro10Yl growH;•
._ ) I. TY)VlCln-ntr~et- \/Ol\t,teof- viveGteo\ capira\) \Jo\u e tre G1t1arB usin9
I
-X rnaihtoible el31TP'A t;C1m1rg k::efove ihr -1 toY 1 dep cfr\/ictevdG ·
rnvic I eB1n:>9 .,-,utriple , , . ; ~ /,, """ sPL- '\OU • No g rowtY\ ~-
N~ _OOCQ...19,e, 4 -:: : l"Yl\/ IC Vleed m \'eXYC'-'e., \0 I fl r V\
t naG to ',Oe 'Qefore tY)r ·
-=:.~
•b ,e. before tvir . EBrroA . .j, ~ccvie,to,()r g Ol'J'1 -g
"1he tnv£.Ubtrac.ted
must- of oleb t- .
!he fCur"-°\LAe + t-aY- . P-¥.)'("\Q<YY"IO\I 'j'IO\.Nrv'"l
OF €9,U. + ra1r '-JC\l~e
-From me voilueoP
o~ .
.
of- ae\:'.:lt- - non - aperann9 q.9,~\-S ::::. o1 \OVl
+ -1
Pl.ri
VI +~ t,
1
s 2 ·. Eqn,,n9 'l ielCI
. / Price earni'J9" rnetho cl 1 .,, + '' '
P= 1<-e '<"I\
on-ti
(1<e
ue.rrnroble RemCNew1ov,-rea...1rrir-g iterY1G V\ \'..e-'3 ./
(
NB11-Tne.. ,~t-eYes.t' rYluQ.r
Bot-torn
be ~q}lA'=>t-ed
),')o~ _o n
t?V'lOV\ - rro.nce, reo.tec\ Wl . e")( ·
iP ir ,e,
rnv or 1oah .
I> non- Of)Q>
ProP,;r aF-te,~ tax l>~)(CepnOnO\\
.
W'C. -1" e)(.p .
.
i1--ev-n9 .
s\.J' N p-:u
,\ r·
. \.
10P bottom INh()le s,pt.- _giveY'l . -control pre.muM-= pre,v-niLArY1 OIOIClecl
r 7 3. Free CetGh F-IOV\J m.e,tlnod ,v~hev._ --\OV\. ho.-ve... c.0'1P°'OI .
FUt:ut-e Cash cmol Tei'1'Y11hal \Ja\ue - 1"()1Vl0'7t'y Ol1£.c,. = cteduor Par
."'CN ,
F10V11G
h . ;:,. . -1, _ _ \tC '\9 to,o I con n-Ol -
o lL,,fde,- lh vvo~ 1v-g ca p ibl _ FCF 1-L~ FcFx 1-9roll'Jm . -man<.enb,\'4 c\ie,c.--=-Pb-.{lLtct)
b_ 1n cei,o ,ta1 IY'l ves,h'Y\eYJt. - w acc _ ciedVior 4\ L'c;.C\) D'IO.d _
9
1 opevii~-depr-.
l:JCIIO ) - bol0tn'-te-
Cb£>1hC/ · --W-ea\-Y"'flent- of- oteo\- ·
)(.clu deG · - ihtereGr For-- \ot/'\g -\-evYYl ro«oV\i·l'('\gG:> mvic -ctectuor N FroM '-J01\ue cF-
- 0e9rec1Q\hun I 0\ rr0 r h -c;;;;o,h 0l{'I opea
- d i S st ~ i b r os=:ser~ G'I I PE- - a~ p·,nance cos,, ro
- m -1 - op Go i-tem - m'-1 o.rd ~1o1 add
' S, -~ -----------' o.~ . ffOIY'I '{)(£N-- \JQluc- '('()'J
a1scounr or V\JACG ' FCF - deduct r'-180('(\ --.ia\'-...\e
i
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