Global PE Report 2014

8/12/2019 Global PE Report 2014

1/28

@AFJKASZGUKRN N[^GRWF^RAFFI


2/28

: @afjka Srgvktn Nqugty Futaffi

HFMRNMRX

DNRLFBFAF@W

Fm jnlkae fe Buee & Slnaps kmb Xlnkrdkm & Xtnragm` AAS,

Dnr`nrdkrint gmtnrvgnwnb 0> prgvktn nqugty nxnhutgvns erfd

Nurfpn, Mfrtl Kdnrghk, kmb Ksgk-Skhgegh rn`krbgm` tlngr gmvnstdnmtstrktn`gns fvnr tln mnxt ;:-:2 dfmtls. Kaa rnspfmbnmts krn

kmfmydfus kmb rnsuats krn prnsnmtnb gm k``rn`ktn.

Znsnkrhl mftns?

Kaa bktk gs erfd Dnr`nrdkrint.hfd kmb ks fe Oumn 7, :3;2

Kvnrk`n bnka sgzn gs hkahuaktnb jy bgvgbgm` tln tftka trkmskhtgfm

vkaun jy tln mudjnr fe bnkas tlkt lkvn bgshafsnb vkaun

Jrnkibfwm fe Znspfmbnmts Rrkmskhtgfm Xgzns

Rrkmskhtgfm sgzn Snrhnmtk`n fe rnspfmbnmts

1^X$;33d 85%

^X$;33d-^X$>33d 5;%

^X$>3;d-^X$;,333d 22%

=^X$;,333d :8%

Mftn? Znspfmbnmts wnrn kjan tf hlffsn kaa bnka sgzns gm wlghl tlny trkmskht

Gmtrfbuhtgfm 8

Fvnrvgnw 2

Bnka Srfhnss >%

85%

:3%

53%

03%

Unmturngmvnstdnmts

Rurmkrfumbsgtuktgfms/bgstrnssnb

fppfrtumgtgns

@rfwtlnqugty

Juyfuts

@afjka Juyfut Khtgvgty

WnkrUkaun

(^X$jm)Mudjnr fe

RrkmskhtgfmsKvnrk`n BnkaXgzn (^X$d)

:337 ;:> ;,23; ;07

:3;3 :27 :,;:8 :>>

:3;; :78 :,:


5/28

Fvnrvgnw >

Juyfut KhtgvgtyWnkr-tf-bktn juyfut khtgvgty lks rnkhlnb 5% >0%

1^X$;33d :2% :8%

^X$;33d-^X$>33d ;>% ;:%

^X$>3;d-^X$;,333d 8% 8%

=^X$;,333d :% 8%

28%

8


6/28

5 @afjka Srgvktn Nqugty Futaffi

Xnhtfrs Feenrgm` Rln Jnst Fppfrtumgtgns

3%

;3%

:3%

83%

23%

>3%

Gmbustrgkaskmb Hlndghkas

Slkrdkhnutghka,Dnbghka kmb

Jgftnhl

Nmnr`y,Dgmgm` kmb

^tgatgns

RDRHfmsudnr

Snrhnmt

k`nfeZnspfmbnmts

28%23%

:7%

:2%

;8%

XnhtfrsK dkofrgty fe rnspfmbnmts (50%) krn fptgdgstgh kjfut tln

qukagty fe tln gmvnstdnmt fppfrtumgty pgpnagmn fvnr tln mnxt ;:

dfmtls. Znspfmbnmts nxpnht tln hfmsudnr snhtfr tf feenr tln

jnst fppfrtumgtgns efr prgvktn nqugty. Rln hfmsudnr snhtfr

gs hlkrkhtnrgznb jy gts rnaktgvn stkjgagty tlrfu`lfut nhfmfdgh

hyhans. Srgvktn nqugty egrds wgaa jn kjan tf egmb `ffb fppfrtumgtgns

tf `nmnrktn kttrkhtgvn gmvnstdnmt rnturms gm tlgs snhtfr, skys

k Nurfpn-jksnb pkrtmnr. Rlnsn hfdpkmgns wgaa jn affigm`

tf rngmvg`frktn umbnrgmvnstnb jrkmbs kmb brgvn dkrint slkrn

tlrfu`l prfbuht gmmfvktgfm.

Znspfmbnmts kasf vgnw tln hfmsudnr gmbustry ks km krnk efrvkaun hrnktgfm. Rln hfmsudnr dkrint gs fm tln rgsn, prfvgbgm`

prgvktn nqugty pakynrs wgtl kdpan gmvnstdnmt fppfrtumgtgns, k

^X-jksnb snmgfr pkrtmnr skys. Hfmsudnr prfbuht spnmbgm` lks

gmhrnksnb, wlghl `gvns fur egrd km fjvgfus paktefrd tf `rfw.

Khhfrbgm` tf ynkr-tf-bktn Dnr`nrdkrint bktk, tln hfmsudnr

snhtfr rndkgms gm tln tfp twf snhtfrs gm tnrds fe juyfut vfaudn

wgtl ;:< bnkas wfrtl X$;>jm. Gm :3;8, tln hfmsudnr snhtfr anb

tln wky gm tnrds fe k``rn`ktn vkaun fe juyfuts wgtl 8;< bnkas

wfrtl X$58jm, gmhaubgm` tln akmbdkri X$:0jm khqugsgtgfm fe

inthlup dkinr L.O. Lngmz jy Jnrislgrn Lktlkwky kmb 8@ Hkpgtka,

kmb tln ^X$5jm purhlksn fe tln Mngdkm Dkrhus @rfup jy Krns

Dkmk`ndnmt kmb tln Hkmkbk Snmsgfm Sakm Gmvnstdnmt Jfkrb.

Xfdn fe tln sn`dnmts tlkt krnbrgvgm` khtgvgty kmb gmtnrnst kdfm`prgvktn nqugty gmvnstfrs gm tlnhfmsudnr spkhn gmhaubn fr`kmghkmb jnttnr-efr-yfu prfbuhts, kmbekst hksuka, sdkaa-jfx, mfm-umgfmkmb hfmvnmgnmhn-frgnmtnb slfppgm`

nmvgrfmdnmts.Ofsl Jnmm, @afjka Lnkb fe tln Hfmsudnr, Zntkga,Effb kmb Znstkurkmts Srkhtghn, Buee & Slnaps

Mftn? Znspfmbnmts wnrn kjan tf hlffsn tfp twf


7/28

Fvnrvgnw 0

Znspfmbnmts kmtghgpktn tlkt tln RDR snhtfr wgaa feenr sfdn fe

tln jnst fppfrtumgtgns efr prgvktn nqugty, ks wnaa. Srgvktn nqugty

gmtnrnst gm tln snhtfr gs brgvnm jy tnhlmfaf`y gmvnstdnmts, wlghl

hfdprgsn 0>% fe ynkr-tf-bktn RDR juyfuts. Rlnrn krn ;27 RDR

juyfuts wfrtl kpprfxgdktnay ^X$:3 pnrhnmt. Rlnrns jnnm k aft fe hkpgtkagmvnstnb gm prgvktn nqugty tnhlmfaf`y eumbs.

Invgm Gubghnaaf, Dkmk`gm` Bgrnhtfr, Sk`ndgaa Skrtmnrs, k Bgvgsgfm fe Buee & Slnaps


8/28

< @afjka Srgvktn Nqugty Futaffi

Hlkaanm`ns@gvnm tln rnaktgvn gdjkakmhn jntwnnm tln rnhfrb kdfumts fe bry

pfwbnr lnab jy prgvktn nqugty egrds kmb tln mudjnr fe kvkgakjan

gmvnstdnmt fppfrtumgtgns, hfdpntgtgfm gs karnkby stgee. Mfw, tlgs

gs jngm` kdpagegnb jy mnw nmtrkmts gmtf tln bgrnht prgvktn nqugty

gmvnstdnmts snhtfr. Dkmy gmvnstfrs, tlkt wnrn trkbgtgfmkaay

agdgtnb pkrtmnrs gm prgvktn nqugty eumbs, krn stkrtgm` tf bgrnhtay

hfdpntn wgtl prgvktn nqugty egrds efr kssnts. Xfvnrng`m wnkatl

kmb pnmsgfm eumbs, wlghl krn kdfm` tln jg``nst kmb akr`nst

gmvnstfrs gm prgvktn nqugty, lkvn stkrtnb tf jugab bgrnht gmvnstdnmt

hkpkjgagtgns gm rnhnmt ynkrs gm tln lfpn fe kvfgbgm` prgvktn nqugty

dkmk`ndnmt enns, mkturkaay gmhrnksgm` tln hfdpntgtgfm efr

prgvktn nqugty kssnts, skys k bgrnhtfr kt k ^X-jksnb egrd.

Snmsgfm eumbs krn juygm` hfdpkmgns bgrnhtay tf kvfgb tln enns

kmb prfdftnb nqugty pkgb tf prgvktn nqugty egrds. Snmsgfm eumbs

krn affigm` tf sgbnstnp enns kmb gdprfvn pnrefrdkmhn tf dnnt

fjag`ktgfms efr tln hkpgtka tlny rkgsnb. Rlny krn gm k jnttnr pfsgtgfm

gm tnrds fe hkpgtka kvkgakjgagty kmb lkvn gmhrnksgm`ay hfdpntnb wgtl

us bgrnhtay wlnm jgbbgm`, k Nurfpn-jksnb pkrtmnr skys.

Gmhrnksnb hfdpntgtgfm hfuab pfssgjay strnthl karnkby lg`l

vkauktgfms nvnm lg`lnr. Snmsgfm eumbs kmb ftlnr spnhgkagst

eumbs tlkt umtga mfw lkvn jnnm gmvnstgm` gm prgvktn nqugty egrds

krn affigm` tf bgrnhtay gmvnst gm hfdpkmgns kmb dkmk`n tlngr

fwm gmvnstdnmt pfrtefagfs. Ge pnmsgfm eumbs kmb spnhgkagst eumbs

gmhrnksn tlngr bgrnht gmvnstdnmt khtgvgty, tlnm hfdpntgtgfm efr

tkr`nts wgaa gmhrnksn tf`ntlnr wgtl vkauktgfms, skys k pkrtmnr

kt k Nurfpn-jksnb egrd.

Akr`n gmstgtutgfmka gmvnstfrs krn kasf bnpafygm` hkpgtka tlrfu`l

hf-gmvnstdnmts kafm`sgbn eumb dkmk`nrs gm trkmskhtgfms. K

jnmnegt tf tlgs typn fe gmvnstdnmt, ksgbn erfd afwnr enns, gs tlkt

tlnsn gmstgtutgfmka gmvnstfrs wgaa lkvn gmhrnksnb hfmtrfa fvnr

tlngr gmvnstdnmts.

Kmftlnr hlkaanm`n gs tlkt tln tgdn rnqugrnb tf hfdpantn

k trkmskhtgfm lks jnhfdn afm`nr, khhfrbgm` tf >>% fernspfmbnmts, kadfst lkae fe wlfd gmbghktn tlkt tln dnbgkm

tgdn tf hfdpantn k trkmskhtgfm erfd tln stkrt fe tln skans

prfhnss gs snvnm tf mgmn dfmtls.

Rln afjka egmkmhgka hrgsgs lks dkbn gmvnstfrs dfrn rgsi-kvnrsn,

rnspfmbnmts sky, kmb krn tlnrnefrn dfrn tlfrfu`l burgm` tln

vnttgm` prfhnss. Rln bnptl kmb dntlfb fe bun bgag`nmhn lks

hlkm`nb fvnr tln akst enw ynkrs. Xgmhn tln rnhnssgfm, nvnry

gmvnstfr wkmts tf nmsurn tlny lkvn dkbn tln rg`lt gmvnstdnmt

bnhgsgfm jy hfaanhtgm` kmb stubygm` kaa tln gdpfrtkmt gmefrdktgfm

BNKA SZFHNXX

Rln hakssghka prgvktn nqugty eumb

gs ekhgm` stgee hfdpntgtgfm erfd kmnw jrnnb fe gmvnstfrs, gmhaubgm`sfvnrng`m wnkatl eumbs, stktn-fwmnb nmtnrprgsns, pnmsgfm pakms,spnhgkagst eumbs kmb akr`n ekdgayfeeghns. Rlgs lks anb tf eumbkdnmtkahlkm`ns gm tln prgvktn nqugtydkrintpakhn.

Onrndy Bghinms, @afjka Hf-Lnkb - Srgvktn NqugtySrkhtghn, Xlnkrdkm & Xtnragm`, Mnw Wfri

Rlfrfu`l bun bgag`nmhn

Zn`uaktfry lurbans

Hfdpagkmhn rgsis

Afm`nr Rrkmskhtgfm Rgdns Bun Rf?


9/28

Bnka Srfhnss 7

kjfut tln tkr`nt prgfr tf hfdpantgm` k trkmskhtgfm, skys k

prgmhgpka erfd k ^X-jksnb egrd. Efr dfrn tlkm lkae fe ^X kmb

Hkmkbk-jksnb rnspfmbnmts, bun bgag`nmhn gs tln efrndfst rnksfm

efr afm`nr trkmskhtgfm tgdns. K tlgrb fe Nurfpn kmb Ksgk-Skhgegh-

jksnb rnspfmbnmts kasf hgtn k afm`nr bun bgag`nmhn prfhnss ks

tln rnktnst rnksfm efr prftrkhtnb bnka prfhnssns. Gm tln X,

tlnsn afm`nr tgdnagmns hkm kasf jn kttrgjutnb tf gmspnhtgfms jy

tln Xnhurgty kmb Nxhlkm`n Hfddgssgfm (XNH).

Ksgbn erfd tkigm` afm`nr tf kssnss k tkr`nts vkaun tlrfu`l

tln bun bgag`nmhn prfhnss, afm`nr tgdnagmns krn kasf k wky tf

dkin surn tlkt kaa rn`uaktfry lurbans krn kbbrnssnb. Dfrn

tlkm k qukrtnr fe rnspfmbnmts (:


10/28

;3 @afjka Srgvktn Nqugty Futaffi

55%fe Mfrtl Kdnrghkm

rnspfmbnmts wgaa khhnssefrng`m dkrints efregmkmhgm`

Dfst pfpuakr dkrints?

Nurfpn

Aktgm Kdnrghk

23%fe Nurfpnkm



Mfrtl Kdnrghk

Ksgk-Skhgegh

88%fe Ksgk-Skhgegh



Nurfpn

Aktgm Kdnrghk

Hrfss-Jfrbnr Egmkmhgm`

Srgvktn Nqugty Egrds Pgaa Egmkmhn Rlngr Khqugsgtgfms sgm`?

3%

:3%

23%

53%


11/28

Sfrtefagf Xtrktn`gns ;;

SFZREFAGF XRZKRN@GNX

Srgvktn nqugty egrds krn ndpafygm` duatgpan gmvnstdnmt strktn`gns

tf try tf dkxgdgzn rnturms, gmhaubgm` pkrtnrmgm` wgtl nxnhutgvns

kmb efhusgm` fm fpnrktgfmka gdprfvndnmts. Rlgrty-mgmn pnrhnmt

fe rnspfmbnmts sky tlny nxpnht fpnrktgfmka gdprfvndnmts tf lkvn

tln `rnktnst gdpkht fm rnturms fm mnw gmvnstdnmts. Pn jnagnvn

gm fpnm hfddumghktgfm kmb trkmspkrnmhy, kag`mnb egmkmhgka

gmtnrnsts, kmb k efhus fm prfhnss, pnfpan kmb khhfumtkjgagty.

Fur `fka lks jnnm tf nmsurn tlkt tln pnfpan wlf dkin suhhnss

lkppnm krn rnwkrbnb efr tlngr hfmtrgjutgfms tlnrnefrn ekhgagtktgm`

dfrn fpnrktgfmka gdprfvndnmt, k ^X-jksnb pkrtmnr skys.

Fm kvnrk`n, rnspfmbnmts rnhkpgtkagznb fmn gm ng`lt fe tlngr

pfrtefagf hfdpkmgns akst ynkr. Rln nxpnhtnb hlkm`ns tf tln^X tkx hfbn wnrn tln dkgm brgvnrs efr tln rgsn fe bgvgbnmb

rnhkpgtkagzktgfms gm :3;:, k dftgvktgfm tlkt bgb mft nxgst gm :3;8.

Lfwnvnr, tln hfmtgmunb ekvfrkjan bnjt dkrint nmvgrfmdnmt lks

dftgvktnb dkmy prgvktn nqugty egrds tf rnturm hkpgtka tf tlngr

gmvnstfrs tlrfu`l tlnsn trkmskhtgfms.

Dfrn tlkm lkae (>;%) fe rnspfmbnmts sky tlny usn gmtnrmka

vkauktgfm prfhnssns tf dkri tlngr pfrtefagfs tf dkrint. Srgvktn

nqugty egrds rnpfrt vkauns fe tlngr pfrtefagf hfdpkmgns rn`uakray

tf tlngr a gdgtnb pkrtmnrs, wlghl dnkms qukrtnray, kmmukaay fr

sndg-kmmukaay bnpnmbgm` fm tln eumb.

:3;8 nxlgjgtnb k hfmtgmuktgfm gm tln fjsnrvnb gmhrnksn erfd:3;: gm tln mudjnr fe bgvgbnmb rnhkpgtkagzktgfms tlgs neenhtwks brgvnm jy k mudjnr fe ekhtfrs tln bnsgrn tf rnturmhkpgtka tf gmvnstfrs jnefrn hfddnmhgm` eumb rkgsgm` khtgvgty,tln kttrkhtgvnmnss fe bnjt egmkmhgm` hfdpkrnb tf ftlnrdntlfbs fe rnturmgm` hkpgtka, kmb ekvfrkjan gmtnrnst rktns.Pn nxpnht bgvgbnmb rnhkpgtkagzktgfms tf hfmtgmun tf jn k

ernqunmtay usnb dntlfb fe fjtkgmgm` agqugbgty gm :3;2.Onrndy Bghinms, @afjka Hf-Lnkb - Srgvktn Nqugty Srkhtghn, Xlnkrdkm & Xtnragm`, Mnw Wfri

@nmnrka pkrtmnrs (@Ss) krn jn`gmmgm` tf usn tnhlmfaf`y

sfautgfms ks k wky tf dfmgtfr tln pnrefrdkmhn fe tlngr

pfrtefagfs gm hfmstkmtay hlkm`gm` dkrints. Rln prgvktn nqugty

dkrintpakhn gs jnhfdgm` dfrn hfdpanx, dkigm` gt lkrbnr

efr @Ss tf kmkayzn kmb rnpfrt pfrtefagf pnrefrdkmhn tf tlngr

agdgtnb pkrtmnrs kmb stkinlfabnrs. @Ss krn usgm` sfetwkrn

sfautgfms tlkt feenr stkmbkrbgznb pfrtefagf kmkaysgs khrfss

gmvnstdnmts kmb gmbustry snhtfrs, kmb tlkt lnap gm prn- kmb

pfst-khqugsgtgfm nvkauktgfms. Rlny usn tln tnhlmfaf`y efr

eumb vkauktgfm, tf fptgdgzn rnturms kmb tf lkmban gmhrnksnb

rn`uaktfry kmb gmvnstfr shrutgmy.

K mudjnr fe rnspfmbnmts pfgmt tf tln usn fe tnhlmfaf`y ks tlnbrgvnr efr jnttnr gmvnstdnmt bnhgsgfms. Mnw tnhlmfaf`y wgaa

paky km gdpfrtkmt rfan gm hfmbuhtgm` tlfrfu`l kmkaysgs tlkt wgaa

lnap gmvnstfrs bntnrdgmn wlntlnr tlny krn fm tln rg`lt trkhi,

skys k Nurfpn-jksnb pkrtmnr.

Rnhlmfaf`y hkm kasf lnap gm hrnktgm` vkaun efr gmvnstdnmts. Pgtl

tnhlmfaf`y nvfavgm` brkstghkaay, prgvktn nqugty egrds tlkt lkvn k

supnrgfr kjgagty tf sfurhn hfdpkmgns wgtl ffb gmvnstdnmt tlnsns

ks wnaa ks tln rnsfurhns kmb nxpnrtgsn tf `rfw tlfsn hfdpkmgns

wgaa jn kjan tf futpnrefrd gm tln hurrnmt nmvgrfmdnmt, skys k

^X-jksnb pkrtmnr.


12/28

;: @afjka Srgvktn Nqugty Futaffi

HZFXXJFZBNZ BNKADKIGM@

Fm kvnrk`n, hrfss-jfrbnr trkmskhtgfms krn nxpnhtnb tf dkin up

83% fe rnspfmbnmts khqugsgtgfms fvnr tln mnxt ;: dfmtls. Rln

mftkjan prfpfrtgfm fe hrfss-jfrbnr gmvnstdnmts jy prgvktn nqugty

egrds hkm jn kttrgjutnb tf kttrkhtgvn gmvnstdnmt fppfrtumgtgns

khrfss tln afjn. Srgvktn nqugty wgaa hfmtgmun tf rfw ks afjka

juyfut egrds gmhrnksn tlngr prnsnmhn kmb sdkaanr egrds hkpgtkagzn

fm tlngr imfwanb`n fe afhka jusgmnss nmvgrfmdnmts, skys km

Ksgk-Skhgegh-jksnb dkmk`gm` bgrnhtfr.

Wnkr-tf-bktn, tlnrn lkvn jnnm 88; hrfss-jfrbnr juyfuts wfrtl

^X$;3;jm kmb 8;3 nxgts wfrtl ^X$;;>jm. Gm :3;8, hrfss-jfrbnr

juyfuts gmhrnksnb sag`ltay gm tnrds fe vfaudn kmb vkaun tf

trkmskhtgfms wfrtl X$;8>jm erfd 05; bnkas wfrtl X$;8;jmgm :3;:. Hrfss-jfrbnr nxgts kasf rfsn gm :3;8 tf 075 trkmskhtgfms

wfrtl X$;>5jm erfd 570 bnkas wfrtl X$;05jm gm :3;:.

K dkofrgty fe rnspfmbnmts (>5%) pakm tf gmvnst gm k mnw hfumtry

gm tln mnxt ;: dfmtls, katlfu`l 22% lkvn mf suhl pakms.

Gmtnrmktgfmka fppfrtumgtgns krn vkst, sf khqugsgtgfms wgaa lkppnm

dfrn fm k afjka shkan, skys k Nurfpn-jksnb pkrtmnr.

Hrfss-Jfrbnr Juyfut Khtgvgty

WnkrUkaun

(^X$jm)Mudjnr fe


:337 52 >2: :33

:3;3 ;;< 053 :5:

:3;; ; :77

:3;2

WRB;3; 88; >;7

Hrfss-Jfrbnr Nxgt Khtgvgty

WnkrUkaun

(^X$jm)Mudjnr fe


:337 >2 8:

:3;3 ;27 5:< 807

:3;; ;7; 0:< 2>:

:3;: ;05 570 2>2

:3;8 ;>5 075 85>

:3;2

WRB;;> 8;3 580

Katlfu`l Nurfpn rkmis lg`l fm tlnagst efr hrfss-jfrbnr gmvnstdnmts,tln ndnr`gm` dkrints fe Gmbgk,Hlgmk kmb Jrkzga hfmtgmun tf jnkttrkhtgvn rn`gfms efr prgvktnnqugty khtgvgty.

Dkri Xfumby, @afjka Hf-Lnkb - Srgvktn Nqugty

Srkhtghn, Xlnkrdkm & Xtnragm`, Afmbfm


13/28

Hrfss-Jfrbnr Bnkadkigm` ;8

Mfrtl Kdnrghkm rnspfmbnmts

55%wgaa khqugrn bfdnstghkaay

>3%wgaa khqugrn gm Aktgm Kdnrghk

23%wgaa khqugrn gm Nurfpn

Nurfpnkm rnspfmbnmts

00%wgaa khqugrn bfdnstghkaay

:8%wgaa khqugrn gm Mfrtl Kdnrghk

;0%wgaa khqugrn gm Ksgk-Skhgegh

Ksgk-Skhgegh rnspfmbnmts

;33%wgaa khqugrn bfdnstghkaay

:3%wgaa khqugrn gm Nurfpn

:3%wgaa khqugrn gm Mfrtl Kdnrghk

:3%wgaa khqugrn gm Kerghk

Plnrn Pgaa Rlny Khqugrn6Gm tnrds fe spnhgegh dkrints, tlnrn gs stgaa mftkjan gmtnrnstkdfm` rnspfmbnmts gm Gmbgk kmb Hlgmk, wlgan Jrkzga wks

dnmtgfmnb jy k sdkaanr, jut sg`mgeghkmt, mudjnr fe rnspfmbnmts.

Rln gmhrnksn gm pftnmtgka nxgt fptgfms dkins prgvktn nqugty

egrds dfrn hfmegbnmt gm tlngr gmtnrmktgfmka gmvnstdnmts. Gm

:3;8, gmvnstfr umhnrtkgmty fvnr Ksgk-Skhgeghs nxgt nmvgrfmdnmt

lkdpnrnb bnkadkigm`, k Nurfpn-jksnb gmvnstdnmt bgrnhtfr

skys. Lfwnvnr, tln rn-fpnmgm` fe dkgmakmb Hlgmks stfhi

dkrint gm aktn :3;8 `kvn us hfdefrt gm tln rn`gfms prgvktn

nqugty dkrint.

Lg`lnr rnturms kmb bgvnrsgeghktgfm vgk km gmhrnksgm` krrky fegmvnstdnmt katnrmktgvns krn kttrkhtgm` prgvktn nqugty egrds

tf mnw dkrints. Rlnrn krn hurrnmtay dkmy krnks feenrgm`

kttrkhtgvn fppfrtumgtgns wgtlgm tln ndnr`gm` dkrints, gmhaubgm`

Hlgmk kmb Jrkzga, k ^X-jksnb pkrtmnr skys. Ks tln prgvktn

nqugty dkrints nvfavn, dkmy gmvnstfrs krn affigm` gmtf mnw wkys

tf khhnss tlnsn dkrints gmhaubgm` tln fppfrtumgty tf hf-gmvnst

kafm`sgbn eumb dkmk`nrs gm bnkas.

Dfst fe tln ankbgm` `afjka prgvktn

nqugty egrds lkvn snt up slfp kmbrkgsnb bnbghktnb eumbs efr Hlgmk.Ks dfst fe tlnd hfmtgmun tf rkgsndfrn dfmny tf gmvnst gm tln rn`gfm,wn snn tln dkrint jnhfdgm`gmhrnksgm`ay hrfwbnb, kmb tlnbnka sgzns sdkaanr.

Bkvgb Au, Lnkb fe Hfrpfrktn Egmkmhn gm Hlgmk,Buee & Slnaps

Mftn? Znspfmbnmts gmbghktnb kaa rn`gfms gm wlghl tlny gmtnmb tf trkmskht


14/28


N\GRX

Gm tln dgbst fe k strfm` GSF dkrint kmb wgtl jftl hfrpfrktn juynrs

kmb prgvktn nqugty eausl wgtl hksl, nxgt fppfrtumgtgns lkvn rgsnm. Rln

vkaun fe ynkr-tf-bktn nxgts kt X$::0jm gs hafsgm` gm fm :3;8s tftka

fe ^X$:%) fhhurrnb gm Mfrtl Kdnrghk

gm :3;8 wlnrn tlnrn wnrn 07: nxgts wfrtl ^X$;>0jm, efaafwnb jyNurfpn (2;%), wlnrn tlnrn wnrn 038 nxgts wfrtl ^X$> dfmtls. Lfwnvnr, k

dkofrgty fe Ksgk-Skhgegh rnspfmbnmts jnagnvn tlkt lfabgm` pnrgfbs

efr tlngr mnw gmvnstdnmts krn jfumb tf `nt afm`nr, wlnrnks

Nurfpnkm kmb Mfrtl Kdnrghkm rnspfmbnmts krn spagt jntwnnm

tlfsn tlkt jnagnvn tlnsn pnrgfbs wgaa anm`tlnm kmb slfrtnm.

@afjka Nxgt Khtgvgty

Wnkr Ukaun (^X$jm)Mudjnr fe


:337 77 8 ;,8>7 82>

:3;; 8:5 ;,535 822 23>

:3;8 ::

:3;2 WRB ::0 087 >0:

Plgan tln rn-fpnmgm` fe Hlgmksstfhi dkrint gm :3;8 wks hnrtkgmayk pfsgtgvn bnvnafpdnmt, lfabgm`pnrgfbs efr prgvktn nqugty bnkasdky vnry wnaa gmhrnksn gm Ksgk buntf tln hfmtgmunb umhnrtkgmty fedkrint hfmbgtgfms kmb vkauktgfms pnrlkps nvnm kpprfkhlgm` anvnashurrnmtay snnm gm Nurfpn kmbMfrtl Kdnrghk.

Skua Xtrnhinr, Lnkb fe D&K - Ksgk, Xlnkrdkm &Xtnragm`, Lfm` Ifm`

2>%

2;%

;3%

:%;%

:3;8 Zn`gfmka Jrnkibfwm fe Nxgt Khtgvgty Jy Ufaudn

Mfrtl Kdnrghk

Nurfpn

Ksgk-Skhgegh

Hnmtrka kmb

Xfutl Kdnrghk Kerghk

Dgbban Nkst

Kvnrk`n Lfabgm` Snrgfbs (Dfmtls)

:3;8 :3;: :3;; :3;3 :337

MfrtlKdnrghk

5; 58 >0 >5 28

Nurfpn 5: 52 >0 >5 27

Ksgk >> 53 >8 2< 22


15/28

Nxgts ;>

Plgan sfdn rnspfmbnmts snn tln rn-fpnmgm` fe dkgmakmb Hlgmks

stfhi nxhlkm`n ks pfsgtgvn, ftlnrs pfgmt tf hfmtgmunb umhnrtkgmty gm

dkrint hfmbgtgfms kmb vkauktgfms ks rnksfms efr lfabgm` pnrgfbs tf

anm`tlnm. Anss tlkm lkae fe rnspfmbnmts (20%) nxpnht tln tgdnerkdn

efr nxgts jn`gmmgm` erfd tln bnhgsgfm tf snaa tf akst snvnm tf mgmn

dfmtls, wlgan dfrn tlkm k qukrtnr fe rnspfmbnmts (:0%) sky tlkt

tlngr nxgts akst ;3 tf ;: dfmtls.

Dkrint hfmbgtgfms fetnm safw tln nxgt prfhnss. ^mhnrtkgmtgns gm tln

dkrint usukaay bnaky fur nxgts ketnr wn dkin k bnhgsgfm tf snaa,

skys k dkmk`gm` bgrnhtfr kt km Ksgk-Skhgegh-jksnb egrd. Mfw gt

tkins tlrnn tf efur dfmtls afm`nr tlkm wn wkmt gt tf, prgdkrgay

jnhkusn fe dkrint ekhtfrs.

Srghn mn`ftgktgfms jntwnnm snaanrs kmb juynrs tkin tgdn. G k`rnn

tlkt ;3 tf ;: dfmtls gs afm`, jut wn bf mft lkvn k hlfghn ks wn

hkmmft efrhn fur nxgt tln dfdnmt wn bnhgbn tf snaa, k X-jksnb

pkrtmnr skys. Pn lkvn tf nt tln rg`lt vkaun efr tln pfrtefagf wn krn

affigm` tf snaa, wlghl gs tln jg``nst hkusn fe tln bnaky.

Xnhfmbkry juyfuts krn jnhfdgm` k dfrn hfddfm efrd fe prgvktn

nqugty nxgts. Xnvnmty-tlrnn pnrhnmt fe rnspfmbnmts ngtlnr pakm tf

usn fr tlgmi tlkt tln gmbustry wgaa dfrn ernqunmtay nxgt gmvnstdnmts

tlrfu`l snhfmbkry juyfuts gm tln mnxt ;: dfmtls. Dfrn tlkm lkae

(>>%) fe rnspfmbnmts ngtlnr pakm tf fr nxpnht tln gmbustry tf snaa

tf k strktn`gh juynr, wgtl 87% hlffsgm` GSFs. Xnhfmbkry juyfuts

prfvgbn km katnrmktgvn wky fut efr prgvktn nqugty egrds, skys km

Ksgk-Skhgegh-jksnb dkmk`gm` bgrnhtfr. Xnhfmbkry juyfuts kasf

feenr km nxgt strktn`y efr eumbs tlkt krn kadfst kt tln nmb fe tlngr

gmvnstdnmt pnrgfb kmb lkvn nxtrk hkpgtka tf bnpafy.

Mfrtl Kdnrghkm rnspfmbnmts


16/28


E^MBZKGXGM@

Rlnrn gs fptgdgsd kjfut tln euturn prgvktn nqugty eumbrkgsgm`

nmvgrfmdnmt. Srgvktn nqugty, kafm` wgtl nvnry ftlnr kssnt

hakss, lks `fmn tlrfu`l k ekgr slkrn fe hlkm`ns jrfu`lt kjfut

jy tln egmkmhgka hrgsgs kmb sujsnqunmt slgets gm rn`uaktfry

dnksurns kmb gmvnstfr snmtgdnmt, k Nurfpn-jksnb pkrtmnr

skys. Lfwnvnr, G k`rnn wgtl dfst nxpnrts wlnm tlny prnbght

gdprfvndnmt gm tln eumbrkgsgm` nmvgrfmdnmt.

Gm tln mnxt ;: dfmtls, 0:% fe rnspfmbnmts jnagnvn tlkt eumbrkgsgm`

prfspnhts wgaa gdprfvn. Dfst nxpnht tf rkgsn k mnw eumb gm :3;>

wgtl 80% pakmmgm` tf rkgsn k eumb gm tln egrst lkae fe tln ynkr, wlgan

:


17/28

B^EE KBUNZR


18/28

;< @afjka Srgvktn Nqugty Futaffi

SZGUKRN N[^GRW ^MBNZRLN DGHZFXHFSNLfw Znmnwnb Znùaktfry Xhrutgmy wgaa âtgdktnay Jnmnegt tln Gmbustry

Jy Bkvgb A. Akrsnm, Dkmk`gm` Bgrnhtfr, Buee & Slnaps

Jkhi`rfumbRln@afjka Srgvktn Nqugty Futaffisurvny, hfddgssgfmnb jy Buee

& Slnaps kmb Xlnkrdkm & Xtnragm` AAS gm kssfhgktgfm wgtl

Dnr`nrdkrint, rnvnkas tlkt tln gmbustrys nxnhutgvns khrfss tln

àfjn krn fptgdgstgh kjfut tln euturn fe Srgvktn Nqugty. Ks tln

rnsnkrhl umbnrshfrns, @Ss rkgsnb kssnts gm rnhfrb mudjnrs akst

ynkr, jnagnvn tlnrn krn mnw kmb nxtnmbnb gmvnstdnmt fppfrtumgtgns,kmb rndkgm hfmegbnmt gm km nxpkmbnb snt fe nxgt fptgfms.

Kmb, ynt, tln jkhistfry gs dfrn mukmhnb pkrtghuakray wgtl

rnspnht tf rnùaktfry bnvnafpdnmts kmb tln slgetgm` nxpnhtktgfms

fe agdgtnb pkrtmnrs. Znhnmt spnnhlns jy Xnhurgtgns kmb

Nxhlkm`n Hfddgssgfm (XNH) stkee dndjnrs lkvn qunstgfmnb

@Ss trkmspkrnmhy, vkauktgfm, kmb bgshafsurn pfaghgns kmb, gm tln

prfhnss, vkagbktnb tln gmbnpnmbnmt neefrt kdfm` dkmy ASs tf

pusl efr hlkm`n. Ks wks wgbnay-rnpfrtnb gm tlgs rn`krb, tln XNH

rnhnmtay kmmfumhnb tlkt gt lks hrnktnb k mnw prgvktn eumb umgt

bnbghktnb tf tln nxkdgmktgfm fe prgvktn nqugty kmb lnb`n eumbs.

Dnbgk futants lkvn pghinb up tlnsn bnvnafpdnmts, rummgm`

snmsktgfmka lnkbagmns agin, Rln XNH Lks Znvnkanb Kstfumbgm`

Hfrruptgfm gm Srgvktn Nqugty. Lfw hkm tlfsn gmvfavnb wgtl tln

gmbustry rnhfmhgan tln fptgdgsd krtghuaktnb jy rnspfmbnmts tf

tlgs survny wgtl tln katnrmktgvn rnkagty fe rnùaktfry bnvnafpdnmts

kmb dnbgk shrutgmy6 Plkt wn bf imfw gs tlkt wlgan tln prgvktn

nqugty gmbustry gs tln aktnst snhtfr tf umbnr`f gmhrnksnb

rnùaktfry shrutgmy, gt gs jy mf dnkms tln egrst, kmb wgaa mft jn

tln akst. Jnafw, wn snni tf nxpafrn tln akmbshkpn, ekhtfrs kmb

pnrspnhtgvns hurrnmtay gdpkhtgm` tln gmbustry.

Nxpkmbnb Znùaktfry Nmvgrfmdnmt

Gm tln pkst, tln prgvktn nqugty gmbustry fpnrktnb gm km nmvgrfmdnmtwgtl agdgtnb rnùaktfry fvnrsg`lt. Gm tln vkst dkofrgty fe hksns,

tln gmbustry nstkjagslnb km neenhtgvn huaturn fe snae-pfaghgm` tlkt

fetnm fns umlnrkabnb. Jut tlfsn bkys krn pkssgm`. Ks tln kssnt

hakss lks rfwm, dkrint prkhtghns lkvn jnnm brgvnm jy gmbgvgbuka

agdgtnb pkrtmnr prnenrnmhns ks krtghuaktnb tlrfu`l agdgtnb pkrtmnr

k`rnndnmts (ASKs) kmb kbvfhkhy `rfups suhl ks tln Gmstgtutgfmka

Agdgtnb Skrtmnr Kssfhgktgfm (GASK). Lgstfrghkaay, snhurgtgns akws

nxndptnb hnrtkgm gmvnstdnmt vnlghans wgtl k agdgtnb mudjnr fe

sfplgstghktnb gmvnstfrs erfd rn`gstrktgfm. Lfwnvnr, efaafwgm`

tln :333% fe tln

tgdn.;Gm rnkagty, fe tln kpprfxgdktnay ;,;33 rn`gstnrnb prgvktn

nqugty gmvnstdnmt kbvgsfrs, tln >3% egùrn mftnb kppagns tf

kpprfxgdktnay ;>3 mnway rn`gstnrnb dkmk`nrs efr wlghl gmgtgka

prnsnmhn nxkds lkvn jnnm hfdpantnb. Gmspnhtfrs lkvn kasf

sujsnqunmtay gbnmtgegnb wnkimnssns rnaktnb tf dkrintgm` kmb

vkauktgfm prkhtghns.

; Dky 5, :3;2 Xpnnhl9 Srgvktn Nqugty Gmtnrmktgfmka (SNG), Srgvktn eumb Hfdpagkmhn Efrud :3;29 Mnw Wfri, MW.


19/28

Srgvktn Nqugty umbnr tln Dghrfshfpn ;7

Kmy bnvgktgfm erfd an`ka k`rnndnmts, k`rnnb upfm prkhtghns, fr

nstkjagslnb rnùaktgfms dky jn hfmsgbnrnb prfjandktgh. Rln mkturn

fe prgvktn gmvnstgm` rnqugrns tln kppaghktgfm fe gmefrdnb oub`dnmt,

tln kjgagty tf kpprfkhl sgtuktgfms jksnb fm umgqun ekhts kmb

hgrhudstkmhns, kmb tln mnnb tf bndkmb kmb jn wfrtly fe trust. Mf

jkb khtfrs fr jkb khts slfuab jn hfmbfmnb. Wnt gs tln gmtnrprntktgfm

fe tln gssuns jngm` rkgsnb ekgr tf tln gmbustry6 Hankray, prgvktn nqugty

gs k lg`lay-eumhtgfmgm`, lg`l-`rfwtl snhtfr, kmb hfuab lkrbay lkvn

fpnrktnb wgtl tln trkonhtfry fe suhhnss gt lks lkb ge tlnsn hrgtghgsds

wnrn systndgh khrfss tln gmbustry. Rln rnkagty gs tlkt `rnktnr hakrgty

erfd rnùaktfrs kmb k dgbban-`rfumb dust jn efumb.

Srgvktn Nqugty Ekhtfrs tf ZndndjnrK`kgm gt slfuab jn hankray stktnb, jkb khts kmb jkb khtfrs slfuab

mft jn hfmbfmnb. Rrkmspkrnmhy, nvnm nxpkmbnb trkmspkrnmhy, gs

jnmneghgka tf jftl gmvnstfrs kmb dkmk`nrs. Gm tlgs vngm, gt gs prubnmt

tf lg`lag`lt sfdn fe tln kspnhts fe prgvktn nqugty wlghl hfuab jn

bnndnb vg`gakmt, rktlnr tlkm vgaakgmfus. Rlnsn ekhtfrs gmhaubn?

Rln dkofrgty fe prgvktn nqugty rnturms jnmnegt tln dkm fm tln

strnnt (tkxpkynrs jkhistfp tln pnmsgfm agkjgagtgns fe pujagh

pnmsgfm eumbs9 prgvktn nqugty rnturms wlghl pky jnmnegts

rndfvn tln tkxpkynr jkhistfp fjag`ktgfm)9

Dfst @Ss wfri tf bf tln rg`lt tlgm`9

ASKs krn `nmnrkaay tlfrfu`lay mn`ftgktnb jy jftl sgbns AS/@S9

Kaa ASKs lkvn sfdn `rky krnk wlghl dky jn sujonht tf

gmtnrprntktgfm9

ASs `nmnrkaay nxpnmb anss rnsfurhns tf dfmgtfr hfdpagkmhn9

^mbnrstffb prkhtghns, suhl ks tln usn fe keegagktnb hfmsuatkmts

fr fpnrktgm` pkrtmnrs lkvn mft jnnm wnaa bfhudnmtnb9

Znkbgm` ASKs wgtl ernsl rnùaktfry nyns, wgtlfut tln jnmnegt fe

ynkrs fe umbnrstffb prkhtghn, hkm hkusn bgeenrnmt gmtnrprntktgfms9

ASs nmnrkaay rnhngvn rngdjursndnmt fe kaa lgstfrghka dkmk`ndnmt

enns jnefrn gmhnmtgvn enns (hkrrgnb gmtnrnst) krn kaafhktnb9

Fm k prf-efrdk jksgs, enns pkgb jy pfrtefagf hfdpkmgns bf mft

gdpkht tln vkaun fe tln hfdpkmy wlnm sfab9 Ukauktgfm prfhnssns krn jnhfdgm` gmhrnksgmày rg`frfus, wgtl

dkmy dkmk`nrs vkagbktgm` tlngr ekgr vkaun nstgdktns tlrfu`l

km gmbnpnmbnmt tlgrb pkrty9 kmb

Xfdn hymghkaay jnagnvn tlkt kt ankst gm sfdn rnspnhts, tln XNH

mnnbs tf bndfmstrktn tlkt tlngr gmspnhtgfms krn erugteua tf

oustgey tln nxpnmsn gmvfavnb.

HfmhausgfmJruhn Ikrpktg, tln efrdnr lnkb fe tln XNH Nmefrhndnmt Bgvgsgfms

Kssnt Dkmk`ndnmt ^mgt (KD^) stktnb, Gts mft umrnksfmkjan

tf tlgmi tlkt tln mudjnr fe hksns gmvfavgm` prgvktn nqugty wgaa

gmhrnksn.:Rlgs gs hnrtkgmay tf jn nxpnhtnb wgtl k dfrn-efhusnb

rnùaktfry fvnrsg`lt prf`rkd, tln rfan fe wlghl gs tf egmb

bneghgnmhgns, mft mnhnsskrgay tf lg`lag`lt strnm`tls. Jkb khtfrs

slfuab jn lnab khhfumtkjan. ASs fetnm mnnb suppfrt gm gbnmtgeygm`

kmb bnkagm` wgtl kmy jkb khtfrs tlkt bf nxgst.

Lgstfrghkaay, tln Srgvktn Nqugty gmbustry lks slfwm gtsnae kbnptkt rnspfmbgm` tf hlkaanm`ns. Gmhrnksnb rnùaktfry shrutgmy wgaa

nmlkmhn tln gmbustrys trkmspkrnmhy, rnpfrtgm` kmb rnaktnb

prkhtghns. Rlgs gdprfvnb fvnrsg`lt struhturn, tf`ntlnr wgtl tln

pfsgtgvn futaffi nxprnssnb gm tln @afjka Srgvktn Nqugty Futaffi,

slfuab jnmnegt kaa gmbustry pkrtghgpkmts ks wnaa ks jrfkbnr

nhfmfdgh kmb egmkmhgka dkrints. Ks stktnb jy tln Srgvktn Nqugty

@rfwtl Hkpgtka Hfumhga, Srgvktn nqugty gmvnstdnmt prfvgbns

egmkmhgka snhurgty efr dgaagfms fe Kdnrghkms erfd kaa wkais fe agen.8

Kmb jy sf bfgm`, prgvktn nqugty lnaps agdgt tln mnnb efr tkxpkynrs

tf dkin up tln bgeenrnmhn jntwnnm pujagh snhtfr jnmnegts kmb

kvkgakjan rntgrndnmt kssnts. Rlrfu`l nxpkmbnb trkmspkrnmhy,

dfrn rg`frfus vkauktgfms kmb hankr krtghuaktgfm fe nxpnhtktgfms,

tln futaffi efr prgvktn nqugty truay gs fptgdgstgh efr jftl dkmk`nrs

kmb gmvnstfrs.

Kjfut tln KutlfrBkvgb A. Akrsnm, HSKgs k dkmk`gm` bgrnhtfr kmb k ankbnr fe

tln Sfrtefagf Ukauktgfm prkhtghn gm tln Xkm Erkmhgshf feeghn

fe Buee & Slnaps. Ln snrvns k wgbn vkrgnty fe gmvnstfrs kmb

dkmk`nrs gm efhusgm` fm vkauktgfm kmb `fvnrmkmhn-rnaktnb

qunstgfms. Dr. Akrsnm gs k Jfkrb Dndjnr fe tln GmtnrmktgfmkaSrgvktn Nqugty kmb Unmturn Hkpgtka Ukauktgfms Jfkrb (GSNU),

anb tln tnkd tlkt brketnb tln ^X SNG@@ Ukauktgfm @ugbnagmns,

gs k Dndjnr fe tln KGHSK Srgvktn Nqugty kmb Unmturn Hkpgtka

Ukauktgfm Rksi Efrhn kmb wks tln prgvktn nqugty rnprnsnmtktgvn

fe EKXJs Ukauktgfm Znsfurhn @rfup.

: Jruhn Ikrpktg, Srgvktn Nqugty Nmefrhndnmt Hfmhnrms. Xpnnhl bnagvnrnb kt tln Srgvktn Nqugty Gmtnrmktgfmka Hfmenrnmhn, Mnw Wfri, MW, Okmukry :8, :3;8.

8 Srgvktn Nqugty @rfwtl Hkpgtka Hfumhga, Ekht kmb Eghtgfm, kvkgakjan kt? lttp?//www.pn`hh.fr /nbuhktgfmekht-kmb-eghtgfm/.


20/28

:3 @afjka Srgvktn Nqugty Futaffi

RLN HLKM@NB SZGUKRNN[^GRW AKMBXHKSN

Ks tln survny rnsuats kmb rnspfmbnmt hfddnmtkry gm tlgs

gmku`urka @afjka Srgvktn Nqugty Futaffidkin hankr, tln hakssghka

prgvktn nqugty eumb gs mf afm`nr tln fmay `kdn gm tfwm gm tln

qunst tf khqugrn kttrkhtgvn jusgmnssns. Xfvnrng`m wnkatl eumbs,

stktn fwmnb nmtnrprgsns, pnmsgfm pakms, spnhgkagst eumbs (suhl

ks gmerkstruhturn eumbs) kmb akr`n ekdgay feeghns hfdpntn bgrnhtay

efr tlfsn skdn bnsgrkjan kssnts. Ks hfumsna tf dkmy fe tlnsn

prgvktn hkpgtka gmvnstfrs, Xlnkrdkm & Xtnragm` lks wgtmnssnb

egrstlkmb tln afjka gdpkht fe tlnsn gmhrnksgm`ay gdpfrtkmt bgrnhtgmvnstfrs. Gm fur vgnw, tln prgvktn nqugty dkrintpakhn gs gm tln

dgbst fe eumbkdnmtka hlkm`n kmb tln gdpfrtkmhn fe tlgs mnw

jrnnb fe gmvnstfr wgaa fmay `rfw.

Brgvnrs fe Hlkm`n^mbfujtnbay, duatgpan ekhtfrs nxpakgm tln slgets wn fjsnrvn gm

tln dkrint. Fmn gs, ks mftnb jy k survny rnspfmbnmt, tln bnsgrn

fe trkbgtgfmka agdgtnb pkrtmnrs tf nmlkmhn tlngr rnturms jy

kvfgbgm` (fr, tlrfu`l hf-gmvnstdnmt fr vgk snpkrktn khhfumts,

rnbuhgm`) tln dkmk`ndnmt enns kmb prfdftns tlny pky tf eumb

dkmk`nrs. Kmftlnr, lfwnvnr, gs tln gmhrnksgm` hfmegbnmhn fe

prgvktn hkpgtka gmvnstfrs tlkt tlny krn ks hkpkjan ks trkbgtgfmka

spfmsfrs gm gbnmtgeygm`, nvkauktgm`, trkmskhtgm` kmb fvnrsnngm`

bgrnht gmvnstdnmts. Dkmy fe tlnsn gmvnstfrs lkvn jugat sujstkmtgka

gmtnrmka nxpnrtgsn khrfss kssnt hakssns, lgrgm` jnst-gm-jrnnb

gmvnstdnmt prfenssgfmkas, prnsudkjay kt k afwnr fvnrkaa hfst

hfdpkrnb tf tln enns kmb hkrry tlny ftlnrwgsn wfuab pky fmn fr

dfrn nmnrka pkrtmnrs tf khlgnvn tln skdn fjonhtgvns.

Ks gdpfrtkmtay, dkmy prgvktn hkpgtka gmvnstfrs lkvn rnkagznb

tlngr gmtnrmka gmvnstdnmt lfrgzfms krn mft mnhnsskrgay kag`mnb

wgtl tlfsn fe prgvktn nqugty spfmsfrs. K trkbgtgfmka spfmsfr,

efr nxkdpan, lks k eumb wgtl k egmgtn agen fe, `nmnrkaay, ;3 ynkrs

(sujonht tf nxtnmsgfms), wgtl km gmgtgka egvn-ynkr gmvnstdnmt pnrgfb.

Rypghkaay, fmhn k eumb lks gmvnstnb fr hfddgttnb tf gmvnst kmk`rnnb pnrhnmtk`n fe gts hfddgttnb hkpgtka, tln spfmsfr gs ernn tf

jn`gm rkgsgm` gts mnxt eumb. Rlgs nxpakgms, gm pkrt, wly dkmy eumb

spfmsfrs turm fvnr kssnts rnaktgvnay qughiay -- gt nstkjagslns k

trkhi rnhfrb fm wlghl tf rkgsn k mnw eumb kmb, mft hfgmhgbnmtkaay,

gmhrnksns tln dkmk`ndnmt enn agdgtnb pkrtmnrs pky fm tln

gmvnstnb hkpgtka gm k hafsnb eumb kmb fm hfddgttnb hkpgtka gm k

eumb stgaa gm gts gmvnstdnmt pnrgfb.

Rlgs bymkdgh efr gmvnstfrs suhl ks pnmsgfm pakms hkm rnsuat gm

kbdgmgstrktgvn lnkbkhlns. Ks k pnmsgfm pakms kssnts gmhrnksn

(tlrfu`l pkrtghgpkmt hfmtrgjutgfms kmb gmvnstdnmt rnturms),

tln pakms gmvnstdnmt prfenssgfmkas mnnb tf rnbnpafy hkpgtka gm

frbnr tf dnnt gmtnrmka kssnt kaafhktgfm ugbnagmns. Hfdpkrkjan

bymkdghs nxgst efr sfvnrng`m wnkatl eumbs kmb akr`n ekdgay

feeghns, wlghl fetnm prnenr tf gmvnst efr tln afm` tnrd, gm pkrt

jnhkusn tlny vkaun hkpgtka kpprnhgktgfm fvnr gmhfdn prfbuhtgfm.

Xgdgakray, gmvnstfrs gm gmerkstruhturn kssnts fetnm lkvn k duhlafm`nr gmvnstdnmt lfrgzfm tlkm prgvktn nqugty eumbs, kmb tlfsn

gmvnstfrs fetnm juy gmerkstruhturn kssnts vgk tln khqugsgtgfm fe

fpnrktgm` hfdpkmgns.

Hfmsnqunmhns fe Hlkm`nDfst fjvgfusay, fmn hfmsnqunmhn fe tln hlkm`gm` akmbshkpn gs

nvnr gmhrnksgm` bgrnht gmvnstdnmt khtgvgty jy tlgs mnw jrnnb fe

gmvnstfr. Ks survny rnspfmbnmts erfd tln ^X kmb Nurfpn mftnb,

gmhrnksnb hfdpntgtgfm brgvns up tln prghns pkgb efr bnsgrkjan

kssnts. Dfrnfvnr, ks fmn rnspfmbnmt mftnb, pnmsgfm pakms kmb

sfvnrng`m wnkatl eumbs fetnm lkvn rnktnr hkpgtka kvkgakjgagty

tlkm trkbgtgfmka spfmsfrs. Ks wn kmkayzn tln dkrint, lfwnvnr,

wn jnagnvn gt gs mft fmay hkpgtka kvkgakjgagty tlkt ndpfwnrs prgvktn

hkpgtka gmvnstfrs tf hfdpntn k``rnssgvnay efr kssnts? gt gs tlngr

wgaagm`mnss tf gmvnst efr tln afm` tnrd kmb tlngr akhi fe rnagkmhn

fm sg`mgeghkmt egmkmhgka anvnrk`n tlkt gvns tlnd km kbvkmtk`n.

Rkin k sgdpan nxkdpan. Ks k ruan fe tludj, dkmy spfmsfrs wfuab

sky tlny tkr`nt k dgb-:3s pnrhnmtk`n gmtnrmka rktn fe rnturm kmb

snni tf rnkagzn 8x tlngr gmvnstnb hkpgtka upfm nxgt. Kssudgm` k

:>% GZZ, k spfmsfr wfuab khlgnvn gts 8x duatgpan fe dfmny ketnr

efur ynkrs kmb fetnm fmay ks tln rnsuat fe kppaygm` tftka anvnrk`n

fe 0-7x trkgagm` NJGRBK. Lfwnvnr, k pnmsgfm pakm tlkt tkr`nts

fmay k 0% GZZ wfuab khlgnvn tln skdn duatgpan fe dfmny ketnr ;>

ynkrs nvnm ge gt khqugrnb tln umbnraygm` kssnt wgtlfut kmy afm`-tnrd bnjt egmkmhgm`. Jy usgm` fmay dfbnst egmkmhgka anvnrk`n,

prgvktn hkpgtka gmvnstfrs fetnm hkm keefrb tf pky dfrn efr tln skdn

kssnt tlkm k spfmsfr. K afwnr tkr`nt GZZ, hfdjgmnb wgtl k afm`nr

lfabgm` pnrgfb kmb anss egmkmhgka anvnrk`n, kasf trkmsaktns tf anss

rgsi. Xgdpay put, hfdpkmgns fwmnb jy prgvktn hkpgtka gmvnstfrs

dky jn jnttnr pfsgtgfmnb tf wnktlnr nhfmfdgh stfrds tlkm

hfdpkrkjan prgvktn nqugty pfrtefagf hfdpkmgns.

Onrndy P. Bghinms, Dkri Xfumby kmb Skua Xtrnhinr

*


21/28

Rln Hlkm`nb Srgvktn Nqugty Akmbshkpn :;

Nxkdpans fe Hlkm`nRlnrn krn mudnrfus hksns fe prgvktn hkpgtka gmvnstfrs hf-

spfmsfrgm` trkmskhtgfms kafm`sgbn trkbgtgfmka spfmsfrs. Efr

nxkdpan, gm :3;8 Krns Hkpgtka Dkmk`ndnmt kmb tln Hkmkbgkm

Snmsgfm Sakm Gmvnstdnmt Jfkrb ofgmtay khqugrnb Mngdkm Dkrhus

@rfup efr $5 jgaagfm. Xgdgakray, kasf gm :3;8, @GH, k Xgm`kpfrnkm

sfvnrng`m wnkatl eumb, ofgmnb Jkgm Hkpgtka, @fabnm @ktn Hkpgtka

kmb Gmsg`lt Unmturn Skrtmnrs tf khqugrn JDH Xfetwkrn efr $5.7

jgaagfm. Rlnrn krn ftlnr sgtuktgfms wlnrn prgvktn hkpgtka gmvnstfrshfdpntn bgrnhtay wgtl prgvktn nqugty eumbs, suhl ks tln :3;8 ofgmt

khqugsgtgfm jy FDNZX (Fmtkrgf Dumghgpka Ndpafynns Zntgrndnmt

Xystnd) kmb Kajnrtk Gmvnstdnmt Dkmk`ndnmt Hfrpfrktgfm fe

U^N Nmtnrtkgmdnmt, fmn fe tln akr`nst hgmndk fpnrktfrs gm tln

wfrab, efr 78> dgaagfm. Gm kssnt hakssns suhl ks rnka nstktn kmb

gmerkstruhturn, tln ndnr`nmhn fe prgvktn hkpgtka gmvnstfrs ks

hfdpntgtfrs efr tln skdn kssnts sfu`lt jy prgvktn nqugty eumbs

gs nvnm dfrn prfmfumhnb. Fjvgfusay, tlnrn gs k hfmtgmuud fe

khtgvgty, rkm`gm` erfd hf-gmvnstdnmts tf hf-spfmsfrslgps tf euaa

jafwm khqugsgtgfms.

HfmhausgfmGt gs tff nkray tf stktn wgtl hfmegbnmhn wlkt tln afm` tnrd gdpkhtfe tln hlkm`ns tf tln prgvktn nqugty dkrintpakhn wgaa jn, jut

hlkm`n gs k hnrtkgmty. Srgvktn hkpgtka gmvnstfrs lkvn vkst kdfumts

fe kssnts umbnr dkmk`ndnmt. Plgan tlnsn gmvnstfrs fetnm rnay

fm tln prgvktn nqugty eumbs gm wlghl tlny gmvnst tf jrgm` tlnd

akr`n hf-spfmsfrslgp fppfrtumgtgns, ks tlgs mnw jrnnb fe gmvnstfr

khqugrns hfmegbnmhn kmb jugabs gmtnrmka gmvnstdnmt hkpkjgagtgns,

tlnrn wgaa jn eurtlnr gmstkmhns fe hfdpntgtgfm jntwnnm prgvktn

hkpgtka gmvnstfrs kmb prgvktn nqugty spfmsfrs efr tln skdn kssnts.

Efr kbbgtgfmka gmefrdktgfm kjfut tlgs rnpfrt fr efr gmefrdktgfm fm

fur Srgvktn Nqugty & Lnb`n Eumb @rfup, panksn hfmtkht?

Onrndy P. Bghinms

@afjka Hf-Lnkb

Mnw Wfri

+; :;: 32

onrndy.bghinmsCslnkrdkm.hfd

Dkri Xfumby

@afjka Hf-Lnkb

Afmbfm

+22 :3 05>> >57>

dkri.sfumbyCslnkrdkm.hfd

Skua Xtrnhinr

Lnkb - Ksgk, Srgvktn Nqugty Srkhtghn

Lfm` Ifm`

+: :70< 5:83 8


22/28


23/28

Kjfut Buee & Slnaps :8


24/28


KJF^R XLNKZDKM& XRNZAGM@ AAS

Xlnkrdkm & Xtnragm` AAS bgstgmùgslns gtsnae jy lkrmnssgm` tln

gmtnaanhtuka strnm`tl kmb bnnp nxpnrgnmhn fe gts akwynrs khrfss

gts nxtnmsgvn àfjka efftprgmt. Ks fmn fe tln egrst akw egrds tf

nstkjagsl k prnsnmhn gm iny gmtnrmktgfmka dkrints, wn lkvn anb tln

wky gm snrvgm` hagnmts wlnrnvnr tlny bf jusgmnss. Rlgs gmmfvktgvn

spgrgt kmb tln nxpnrgnmhn wn lkvn bnvnafpnb fvnr fur ;23-ynkr

lgstfry dkin us tln `f-tf akw egrd efr snkdanss snrvghn. Erfd

dkofr egmkmhgka hnmtnrs tf ndnr`gm` dkrints, wn lkvn tln rnkhl,

bnptl kmb afjka pnrspnhtgvn mnhnsskry tf kbvgsn fur hagnmts fm

tlngr dfst hfdpanx wfrabwgbn jusgmnss mnnbs.

Rln egrd gs fr`kmgznb ks k sgmàn, gmtn`rktnb pkrtmnrslgp tlkt

hfaakjfrktns tf bnagvnr gts jnst tf hagnmts. Pgtl kpprfxgdktnay 3

akwynrs gm dkmy fe tln hfddnrhgka hnmtnrs krfumb tln wfrab,

wn fpnrktn snkdanssay khrfss prkhtghn rfups kmb feeghns kmb

prfvgbn hfmsgstnmtay supnrgfr rnsuats. Fur akwynrs hfdn erfd

sfdn


25/28

Kjfut Xlnkrdkm & Xtnragm` AAS :>


26/28


Dnr`nrdkrint gs km umpkrkaananb, gmbnpnmbnmt dnr`nrs &

khqugsgtgfms (D&K) prfprgntkry gmtnaag`nmhn tffa. magin kmy ftlnr

snrvghn fe gts igmb. Dnr`nrdkrint prfvgbns k hfdpantn fvnrvgnw fe

tln D&K dkrint jy feenrgm` jftl k efrwkrb-affigm` gmtnaag`nmhn

bktkjksn kmb k lgstfrghka bnkas bktkjksn, khlgnvgm` rnka rnvnmuns

efr Dnr`nrdkrint hagnmts.

Efr dfrn gmefrdktgfm, panksn hfmtkht?

Iktlrym Hkrk

Xkans Bgrnhtfr, Zndkri

Rna? +; 525 2;: >85< 703;

skans.ksgkCdnr`nrdkrint.hfd

Skrt fe tln Dnr`nrdkrint @rfup

www.dnr`nrdkrint`rfup.hfd

Date post:	03-Jun-2018
Category:	Documents
Upload:	arnaud-dumourier
View:	219 times
Download:	0 times

Global PE Report 2014

Documents