(11(1-bb.$$3,1$6(17$0,67$
-RKGDQWR
+DQNNLPDVLODLWHRQDLQRDVWDDQNRWLWDORXVNl\WW|lYDUWHQ
WDUNRLWHWWXWl\VLQKXXUWXPDWRQ´)8//12)5267µ
MllNDDSSLSDNDVWLQMRVVDRQDXWRPDDWWLQHQVXODWXVVHNl
MllNDDSSLHWWlSDNDVWLQRVDVWRVVD
7lPlRKMHNLUMDVLVlOWllQHXYRMDMDYDURLWXNVLDODLWWHHQ
WXUYDOOLVWDMDRLNHLQVXRULWHWWXDDVHQWDPLVWDYDUWHQ/XH
NDLNNLRKMHHWKXROHOOLVHVWLHQQHQDVHQQXNVHQDORLWWDPLVWD
+XRPDDHWWlKDQNNLPDVWDVLPDOOLVWDULLSSXHQODLWWHHQ
VllWLPHWMDYDUXVWHHWVDDWWDYDWROODHULODLVLDNXLQWlVVl
RKMHNLUMDVVDNXYDWXW
6lLO\WlRKMHHWYDVWDLVXXGHQYDUDOOHMDMRVP\\WODLWWHHQ
HGHOOHHQOXRYXWDRKMHNLUMDRVWDMDOOH
3DNNDXNVHQKlYLWWlPLQHQ
/DLWWHHQMD\NVLWWlLVWHQRVLHQVXRMDDPLVHHQMDNXOMHWXNVHHQ
Nl\WHW\WPDWHULDDOLWRYDWNLHUUlW\VNHOSRLVLDMDQLLVVlRQ
PHUNLQWl
3DNNDXVPDWHULDDOLWPXRYLSXVVLWSRO\VW\UHHQLSDODWMQH
RQSLGHWWlYlSRLVODVWHQXORWWXYLOWDVLOOlQHYRLYDW
DLKHXWWDDYDDUDWLODQWHLWD
+lYLWlSDNNDXVSDLNDOOLVWHQMlWHKXROWRPllUl\VWHQ
PXNDLVHVWL
9$5272,0,$-$</(,6,b6826,78.6,$
$YDWWXDVLODLWWHHQSDNNDXNVHVWDDQWDUNLVWDHWWlVHRQ
YDKLQJRLWWXPDWRQMDHWWlRYHWVXONHXWXYDWWLLYLLVWL
0DKGROOLVLVWDYDXULRLVWDRQLOPRLWHWWDYDMlOOHHQP\\MlOOH
WXQQLQNXOXHVVD
9DURHWWHWYDKLQJRLWDODWWLRLWDVLLUWlPLVHQDLNDQDHVLP
SDUNHWWL0LNlOLODLWHWWDWl\W\\VLLUWllRYLHQLUURWWDPLVHQ
MlONHHQYDUPLVWDHWWlVLVlOOlROHYDWYDUXVWHHWRQ
NLLQQLWHWW\RLNHDOODWDYDOODMDWDLSRLVWDQHYDKLQNRMHQMDWDL
ULNNRXWXPLVHQYlOWWlPLVHNVL
/DLWHRQSDLQDYDMDVLNVLVHQWXUYDOOLVWDVLLUWlPLVWlDVHQWDPLVWD
YDUWHQWDUYLWDDQDLQDNLQNDNVLKHQNLO|l
$VHQQXNVHQVDDVXRULWWDDYDLQSlWHYlKHQNLO|NXQWD
(QQHQODLWWHHQNl\QQLVWlPLVWlRQVXRVLWHOWDYDDRGRWWDD
YlKLQWllQ\NVLWXQWLMRWWDMllKG\W\VNLHUWRYRLWRLPLD
Wl\GHOOlWHKROODDQ
/DLWHRQPDOOLVWDULLSSXHQLOPDQ&)&NDDVXD
MRVMllKG\W\VSLLULVLVlOWllNDDVXD5DWDLLOPDQ+)&
NDDVXDMRVMllKG\W\VSLLULVLVlOWllNDDVXD5D
LVREXWDDQLD,VREXWDDQLRQOXRQQRQNDDVXMROODHLROH
KDLWDOOLVLD\PSlULVW|YDLNXWXNVLDPXWWDVHRQWXOHQDUNDD
7lPlQYXRNVLRQYlOWWlPlW|QWlWDUNLVWDDHWWl
MllKG\W\VSLLULQSXWNLHQNXQWRRQPRLWWHHWRQ
-llKG\W\VMDHULVW\VDLQHLGHQWLHGRWRQLOPRLWHWWX
DUYRNLOYHVVl
3XKGLVWDMllNDDSSLVLVlOWlHQQHQNXLQODLWDWVLLKHQ
HOLQWDUYLNNHLWD
2LNHDQMDYDUPDQWRLPLQQDQWDNDDPLVHNVLODLWHRQ
DVHQQHWWDYDMDOLLWlQQlWRQWHKWlYlWlPlQRKMHNLUMDQ
RKMHLGHQPXNDLVHVWL
/DLWHRQHVLVllGHWW\WRLPLPDDQSDUKDLWHQ\PSlULVW|VVl
MRQNDOlPS|WLODRQDOODPDLQLWWXMHQDUYRMHQYlOLOOl
DUYRNLOYHVVlRVRLWHWXQLOPDVWROXRNDQPXNDLVHVWL
/DLWHHLYlOWWlPlWWlWRLPLPRLWWHHWWRPDVWLMRVVHRQROOXW
NDXDQPDLQLWWXMDOlPS|WLODDUYRMDOlPSLPlPPlVVlWDL
N\OPHPPlVVlWLODVVD
2VDVWRMHQVLVlOlPS|WLODDQYDLNXWWDYDWXVHDWWHNLMlW
NXWHQODLWWHHQVLMDLQWL\PSlU|LYlQLOPDQOlPS|WLODRYHQ
DYDDPLVWLKH\V
/DLWHRQDVHQQHWWDYDNXLYDDQMDK\YLQLOPDVWRLWXXQWLODDQ
9lOWlODLWWHHQVLMRLWWDPLVWDVXRUDDQDXULQJRQSDLVWHHVHHQ
WDLOlPP|QOlKWHLGHQOlKHLV\\WHHQXXQLOlPPLW\VODLWH
\PV-RVVHHLROHPDKGROOLVWDQRXGDWDVHXUDDYLD
PLQLPLHWlLV\\NVLl
+LLOLMD|OM\OLHVLVWl FP
6lKN|MDWDLNDDVXOLHVLVWl FP
$VHQQDMDWDVDSDLQRWDODLWHODWWLDOOHMRNDNHVWllVHQ
SDLQRQMDVLMRLWDVHWDUNRLWXNVHQPXNDLVHHQMDULLWWlYlQ
WLODYDDQSDLNNDDQ
6LLUWlPLVHQPDKGROOLVWDPLVHNVLMDULLWWlYlQLOPDQNLHUURQ
WDNDDPLVHNVLODLWWHHQVLYXLOOHVHQ\OlSXROHOOHVHNl
WDNDRVDQMDVHLQlQYlOLOOHRQMlWHWWlYlWLODDYlKLQWllQ FP
,OPDVWROXRNND <PSOlPS|W& <PSOlPS|W)
61
1
67
7
10200163FIN.fm Page 49 Wednesday, June 29, 2005 12:22 PM