Ross Casebook 2008 For Case Interview Practice - MasterTheCase

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TM[[ [KBMMC ME DY[LJI[[

Kasidmmo 4>>2 Tmss Kmjsuctljg Kcud

 Jmti8 Pbls `mkufijt ls emr tbi usi me Tmss Kmjsuctljg Kcud fifdirs mjcy. Tiprm`ukljg mr trajsflttljg ajy part me tbls `mkufijt lj ajy emrf mr dy ajy fiajs wltbmut tbi ixpclklt  pirflsslmj me tbi Tmss Kmjsuctljg Kcud Dmar` ls prmbldlti`. prm bldlti`. >

 

Padci me kmjtijts8

...................................................................4 Kasi 18 Elcf ^rm`uktlmj, Dalj&Kmfpajy ...................................................................

@leelkucty8 fi`luf

Kasi 48 Meelki Uij`lj [irvlkis, Dalj&Kmfpajy ............................ ........................................................ .................................. ...... 5 @leelkucty8 bar`

Kasi ;8 Titalc Drmoiragi, FkOljsiy& FkOljsiy&Kmfpajy Kmfpajy ............................. ......................................................... ................................ .... 10 @leelkucty8 bar`

Kasi 08 [cmt Klty, Dalj&Kmf Dalj&Kmfpajy pajy ......................... ...................................................... ......................................................... ................................... ....... 12  @leelkucty8 fi`luf

Pbi Dmstmj Kmjsuctljg Grmup ............................. ......................................................... ................................ .... 41 [email protected] 98 ^castlKm, fi`luf Kasi 58 [facc @rug Fajueaktur Fajueakturir, ir, Dalj&Kmf Dalj&Kmfpajy pajy .......................... ...................................................... ............................ 40 @leelkucty8 fi`luf

Kasi 78 East Emm` Kbalj, Pbi Dmstmj Kmjsuctljg Grmup .............................. . ........................................... .............. 4< @leelkucty8 fi`luf

Kasi 28 Apakbi Biclkmptirs, Dalj&Kmfpajy ........................ ..................................................... .......................................... ............. ;1  @leelkucty8 bar`

FkOljsiy&Kmfpajy &Kmfpajy .......................... .................................................. ........................ ;0 Kasi <8 Iciktrmjlk Waribmusi, FkOljsiy @leelkucty8 fi`luf

Kasi 1>8 Grmkiry Kbalj, FkOljsiy& FkOljsiy&Kmfpajy................................................... Kmfpajy................................................................ ............. ;5  @leelkucty8 fi`luf

Kmfpajy,Akkijturi kijturi ........................ ..................................................... ......................................................... ............................... ... ;<  Kasi 118^apir Kmfpajy,Ak @leelkucty8 fi`luf

Kasi 148 ^barfa Akqulsltlmj, FkOljsi FkOljsiy&Kmfpa y&Kmfpajy jy .................................................... ................................................ .... 04  @leelkucty8 fi`luf

Kasi 1;8 Jatlmjac Fagazlji, Pbi Dmstmj Kmjsuctljg Grmu ....................................... ......................... .............. 00  @leelkucty8 iasy

Dmmz&Kmfpajy y.......................... ....................................................... .............................................. ................. 05  Kasi 108 Wlj` Purdljis, Dmmz&Kmfpaj @leelkucty8 bar`

Kasi 198Ijglji Fajueaktur Fajueakturir, ir, Akkijturi .......................... ....................................................... .............................................. ................. 9>  @leelkucty8 fi`luf

Kasi 158 Pax ^riparir, @lafmj` Fajagifijt Kmjsuctajts .......................... .................................... .......... 94  @leelkucty8 fi`luf

..................................................... ..................................... ......... 90  Kasi 178 [tati [mklca [irvlkis, Dalj&Kmfpajy......................... @leelkucty8 fi`luf

FkOljsiy&Kmfpajy Kmfpajy......................... ...................................................... .......................................... ............. 97  Kasi 128 Futuac Euj`, FkOljsiy& @leelkucty8 fi`luf

Kasi 1<8 Akqulsltlmj @lagjmstlks,[lifijs @lagjmstlks,[lifijs Fajagifi Fajagifijt jt Kmjsuctljg.................... 9<  @leelkucty8 fi`luf

............................................................... ...................................................... .......................... 51  Kasi 4>8Kasljm Gafi, Akkijturi ................................... @leelkucty8 iasy 1

 

Kasi 18 Elcf ^rm`uktlmj

-fi`luf-

Dalj&Kmfpaj Dalj&Kmfpajy, y, Tmuj` 1

([murki8 Ljtirvliw kasi ermf Dalj&Kmfpajy, Tmuj` 1) Kmjtixt8 Pbi kclijt ls a cargi elcf prm`uktlmj stu`lm, ElcfKm, wblkb `ivicmps aj` `lstrldutis eucc-cijgtb eiaturi elcfs emr tbi Y.[. aj` ljtirjatlmjac faroits.  faroits.  ElcfKm ls pcajjljg mj riciasljg lts dlg du`git elcf me tbi yiar jlji fmjtbs ermf jmw aj` ls kmjsl`irljg a jiw riciasi stratigy. stratigy. Pbi elrst kmfpmjijt me tbi stra stratigy tigy ls tm riciasi tbi fmvli lj biatirs mj tbi safi `ay armuj` armuj` tbi wmrc`. Pbi sikmj` kmfpmjijt me tbi stratigy stratigy ls tm riciasi tbi @[email protected] me tbi fmvli `ay-aj`-`ati (fiajljg riciasljg tbi @[email protected] tbi safi `ay as tbi tbiatir riciasi).   ElcfKm ls ljtiristi` lj ojmwljg wbitbir tbls ls tbi dist riciasi stratigy emr tbls fmvli aj`, le jmt, ElcfKm wmuc` tbij cloi tm ojmw wbat lts rriciasi iciasi stratigy sbmuc` di.

Pbi falj quistlmj tm ajswir ls le tbi jiw stratigy ElcfKm ls kmjsl`irljg ls dittir tbaj tbi usuac riciasi stratigy lj tbi fmvli lj`ustry. Pm assiss tbls wi jii` tm sii wblkb me tbi riciasis drljgs fmri prmelts tm ElcfKm. a.  Tigucar [tratigy8 Wi jii` tm istlfati tbi rivijuis tbat kmuc` di gijirati` aj` kmsts ljvmcvi` wltb tbls typi me riciasi ( wblkb ls ermf fy ojmwci`gi8 tbiatir riciasi lj tbi Y[ emccmwi` dy tbiatir riciasi ljtirjatlmjaccy, @[email protected] riciasi ljtirjatlmjaccy). Lj mr`ir tm istlfati tbi ixpikti` rivijuis, L wmuc` cmmo at slflcar typi me fmvlis aj` tbilr ikmjmflks d.  Jiw stratigy8 L wmuc` start dy kbikoljg le tbls stratigy was ivir usi` aj` tbi risucts lt drmugbt. Pbij L wmuc` istlfati tbi kbajgis lj rivijuis, kmsts me tbls stratigy virsus tbi rigucar mji. Eljaccy, L diclivi wi jii` tm kbiko le tbiri ari ajy rigucatlmj rigar`ljg ljtirjatlmjac tbiatir riciasi aj` bmw tbisi rigucatlmjs wlcc aeeikt mur jiw stratigy Lt kmfis `mwj tm `ikl`ljg ditwiij twm mptlmjs mj twm `lfijslmjs8 -  Ticiasljg tbi @[email protected] tmgitbir wltb tbi fmvli mr siparaticy -  Ticiasljg tbi fmvli lj tbi safi `ay gcmdaccy mr lj elrst lj tbi Y[ aj` tbij armuj` tbi wmrc` Ljemrfatlmj prmvl`i` upmj riquist8 ElcfKm bas `mji a slfuctajimus gcmdac tbiatir riciasi, dut jivir slfuctajimus wltb tbi @[email protected] riciasi.  riciasi.  Mjcy mji fmvli bas ivir diij slfuctajimuscy riciasi` tbiatrlkaccy aj` tbrmugb @[email protected], aj` lt was dy a sfacc, lj`ipij`ijt elcf kmfpajy.  kmfpajy.  Pbi elcf ls tbi tblr` fmvli me aj aktlmj sirlis. sirlis. Pbi privlmus twm elcfs wiri prm`uki` prm`uki` dy ajmtbir stu`lm, sm wi bavi jm eljajklac `ata mj tbif.  tbif.  Pbi slfuctajimus tbiatrlkac tbiatrlkac aj` @[email protected] rriciasi iciasi ls ixpikti` tm kausi a 4>% `ikriasi lj rivijui ermf tbiatir tlkoit sacis aj` a 49% ljkriasi lj @[email protected] sacis. Pbi faroitljg kafpalgj emr tbi fmvli ls ixpikti` tm di $9>F, wblci tbi faroitljg kafpalgj emr tbi @[email protected] ls ixpikti` tm di $9F. Wltb tbi slfuctajimus riciasi, jm @[email protected] faroitljg kafpalgj ls riqulri`. riqulri`.   ^lratljg fmvlis akkmujts emr a 4>% cmss lj tmtac tbiatir rivijui. A slfuctajimus gcmdac tbiatir riciasi wlcc kut tbls `mwj dy 49%.  49%. 

4

 

Kasi 18 Elcf ^rm`uktlmj

-fi`luf-

Dalj&Kmfpaj Dalj&Kmfpajy, y, Tmuj` 1

;

 

Kasi 18 Elcf ^rm`uktlmj

-fi`luf-

Dalj&Kmfpaj Dalj&Kmfpajy, y, Tmuj` 1

(Pbi ljtirvliwir sbmuc` tbij kackucati tbi ixpikti` rivijui ermf tbi tbiatir riciasi aj` ermf tbi @[email protected] riciasi usljg sikmj` aj` tblr` scl`is aj` mtbir ljemrfatlmj tbat bi/sbi gatbiri`)

$9>>F ∗10+$49>F ∗;+$1>>F ∗4+$9>F ∗1

Istlfati` Istlfa ti` tbiatir rivijui 6

4>

Istlfati` @[email protected] rivijui 6 $0>>F*;>%/5>% 6 $4>> flcclmj

6 $0>> flcclmj

(tm `ikl`i ditwiij gmljg slfuctajimuscy wltb tbi tbiatir aj` @[email protected] riciasi virsus gmljg siparaticy tbi kaj`l`ati jii` tm kackucati tbi prmelts gijirati` dy tbi twm stratiglis)

[lfuctajimus

[iparati

Pbiatir rivijui

$0>>F*2>%

$0>>F

@[email protected] rivijui

$4>>F*149%

$4>>F

(Faroitljg kmst) $9>F $99F  ]]]]]]]]]]]]]]]]]]]]  ]]]]]]]]]] ]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]] ]]]]]] 0

 

Kasi 18 Elcf ^rm`uktlmj

-fi`luf-

Dalj&Kmfpaj Dalj&Kmfpajy, y, Tmuj` 1

^rmelt (diemri mtbir kmffmj kmsts ) $94>F $909F (tm `ikl`i le tbiy sbmuc` gm gcmdaccy emr tbi tbiatir riciasi mr slfuctajimus, tbi kaj`l`ati jii`s tm kackucati tbi lfpakt mj plraky) $0>>F 6 rivijui iarji` ( 2>% me tmtac pmssldci rivijui) Yjiarji` rivijuis (cmssis (cmss is `ui tm plraky) lj tbi rigucar stratigy8 $0>>F/>.2 - $0>>F 6 $1>>F Yjiarji` rivijuis (cmssis (cmss is `ui tm plraky) lj tbi jiw stratigy8 79%* $1>>F 6 $79F

(A gmm` kaj`l`ati wlcc faoi a rikmffij`atlmj)

L rikmffij` ElcfKm sbmuc` `m a slfuctajimus gcmdac tbiatir riciasi dut a `icayi` @[email protected] riciasi dikausi8 -  - 

@icayi` @[email protected] riciasi wmuc` gijirati $49F a``ltlmjac rivijui [lfuctajimus gcmdac tbiatir riciasi wlcc savi $49F dy `ikriasljg plraky

Bmwivir tbiri ari smfi rlsos ljvmcvi` wltb tbls stratigy. Wltb gcmdac riciasi wi kajjmt ri`uki spij`ljg lj kasi tbi fmvli ealcs lj tbi Y[. Pbiri ari acsm rlsos rigar`ljg tbi prmdcifs tbat fay di kausi` dy gmvirjfijts lfpi`ljg mr `icayljg tbi riciasi lj tbilr rispiktlvi kmujtrlis. Wi jii` tm ljvistlgati eurtbir tbisi aspikts diemri gmljg emrwar` wltb tbi pcaj.

9

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

([murki8 Fmko Kasi Ljtirvliw ermf Dalj&Kmfpajy) Kmjtixt8 Meelki Uij`ljg [irvlkis Ljk. (MU[) ls tbi faroit cia`ir lj meelki vij`ljg fakblji sirvlkis. Pbi dusljiss sirvlkis prmvl`i` ljkcu`i sacis aj` `iclviry me prm`ukt, ristmkoljg me fakbljis, aj` ripalr me eaucty iqulpfijt. ^rmelts ari sudstajtlaccy `mwj lj tbi dusljiss. Pbi KIM me Meelki Uij`ljg [irvlkis jii`s Dalj tm assiss tbi rmmt kausis me tbi prmeltadlclty `ikclji Gmm` Erafiwmro8 Pbiri ari fajy ways tm gm admut smcvljg tbls prmdcif. Oiy pmljts tm drljg up lj a erafiwmro ljkcu`i8

  Wbat ls bappijljg wltb MU[“s rivijui aj` kmsts=



  Kaj aso ljtirvliwii ‛ wbat `m ymu tbljo ari tbi fahmr kmst dukoits emr a elrf cloi MU[=   (ixafpcis ‛ `iclviry kmsts, [GA, KMG[, itk.)

m



  Kustmfirs ‛ Ari wajts aj` jii`s diljg fit=



  Kmfpitltlmj ‛ Bmw ls tbi kmfpitltlmj `mljg= Ari tbiri jiw ijtrajts= Dlg rlvacs= [udstltutis=



Oiy scl`i taoi-away-s Ix 1 ‛ 1 ‛ MU[ rivijui `ikriasljg past 4-yiars? rati me `ikriasi ls ljkriasljg? @mwj 2% ermf “<5 ‛“<7? `mwj 1;% “<7 ‛ “<2. (Ljtirvliwii sbmuc` sbmuc ` diglj tm tbljo admut wbat tbi `rlvirs me tbi rivijui `ikriasi ari aj` fay aso emr le a rivijui driaomut ls avalcadci) Ix 4 ‛ 4 ‛ MU[ kmsts `ikriasljg past 4 yiars? rati me kmst `ikriasi ls ljkriasljg, dut ls jmt oiipljg paki wltb tbi rati me rivijui `ikclji? @mwj 0% ermf “<5 - “<7? `mwj 7.9% “<7 ‛ “<2. (Ljtirvliwii sbmuc` diglj tm tbljo admut wbiri tbi kmst ri`uktlmjs ari kmfljg ermf aj` wbat tbi `rlvirs ari. Fay aso emr a kmst driaomut emr MU[.) Ix ; ‛ ; ‛ Umcufi me `iclvirlis ari `rmppljg mvir tbi past eiw yiars. Wbat ls tbi `rlvir= Kaj bavi Ljtirvliwii spikucati. Ix 0 ‛ 0 ‛ Aviragi prlki pir `iclviry bas rifalji` stadci? sm rivijui pir `iclviry bas jmt `rmppi`. Ix 9 ‛ 9 ‛ MU[ ls `mfljajt pcayir lj faroit dut bas diij cmsljg faroit sbari ‛ 4>% mvir tbi past 4-yiars. Ljtirvliwii sbmuc` di adci tm istlfati tbi kmfpitltmrs“ faroit slzi, as wicc as tbi pirkijtagi me tbi faroit MU[ kurrijtcy bas.

  MU[ Tivijui8 $4>>F (0>% me faroit)



  Uij` Ljt. Tivijui8 $1;>F (45% me faroit)





  Kaj`y & ^mp Tivijui8 $11>F (44% me faroit)



  Mtbir Tivijui8 $5>F (14% me faroit) 5

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Lt ls acsm lfpmrtajt emr tbi ljtirvliwii tm sii tbat Uij` bas grmwj tbi eastist at 0>%. Lt wlcc di lfpmrtajt tm uj`irstaj` bmw Uij` bas grmwj ‛ wbat `mis Uij` `m wicc tbat bas accmwi` tbif tm di sm sukkisseuc mvir tbi past eiw yiars= Ix 5 ‛ [bmuc` sii wbat attrldutis ari lfpmrtajt tm kustmfirs aj` bmw MU[ rajos virsus tbilr kmfpitltmrs. Pbi tmp 4 emr kustmfirs (^rlki aj` @iclviry Ticladlclty) ari wbiri MU[ skmris tbi cmwist. Kmjvirsicy,, Uij` skmris tbi blgbist lj tbisi twm katigmrlis. A``ltlmjaccy, Kmjvirsicy A``ltlmjaccy , MU[ skmris viry wicc lj ^rm`ukt Uarlity aj` Fakblji [irvlki/Tipalr, yit tbisi ari jmt jiarcy as lfpmrtajt tm kustmfirs. Ljtirvliwii sbmuc` diglj tm faoi cljos ditwiij wbat bas accmwi` Uij` tm grmw (fiitljg kustmfir jii`s) wblci MU[ cmsis faroit sbari. Ix 7 ‛ 7 ‛ [afi as Ix 5, hust lj grapblkac emrfat? safi oiy ljemrfatlmj sbmuc` di mdtalji`. Ix 2 ‛ 2 ‛ Pbiri ari fajy taoi-away-s emrf tbls scl`i. Elrst, ljtirvliwii sbmuc` sii tbat MU[“s KMG[, [GA aj` Tipalr kmsts ari slgjlelkajtcy blgbir (rmugbcy 1>>%) tbaj tbi kmfpitltlmj. A``ltlmjaccy, A``ltlmjac cy, MU[“s kmsts emr `iclviry ari lj clji wltb tbilr kmfpitltmrs, `isplti blgbir faroit sbari ‛ wblkb wmuc` kmrricati tm tbi pmmr kustmfir satlseaktlmj wbij lt kmfis tm `iclviry. Pbls fay diglj tm suggist tbat MU[ kmuc` ri`uki kmsts lj KMG[ (ri`uki prm`ukt varlity sljki lt lsj“t as lfpmrtajt tm kustmfirs? git dittir prlkis le duyljg cargir vmcufis me eiwir prm`ukts), ri`uki ripalr kmsts (agalj, jmt as lfpmrtajt tm kustmfirs) aj` riaccmkati smfi me tbls tm `iclviry tm ljkriasi kustmfir satlseaktlmj. satlseaktlm j. [GA fay acsm sii a sclgbt ri`uktlmj as kmfpcixlty lj mr`irljg, cadmr aj` mtbir clji ltifs as eiwir prm`ukts ari mr`iri` aj` ripalrs ari ri`uki`.

Acsm, ljtirvliwii kaj kackucati iakb elrf“s prmelt farglj lj mr`ir tm kmfpari tbif lj a fmri `lrikt fajjir.

  MU[8 4>>/4>> 6 >%



  Uij`8 117/1;> 6 1>%



•  Kaj`y8 <2/11> 6 11% Pbls kciarcy sbmws tbat MU[“s prmelt farglj ls jmj-ixlstijt aj` tbat tbilr kmfpitltmrs ari rujjljg a fmri ieelklijt mpiratlmj.

Ix < ‛ < ‛ MU[“s kmst pir `iclviry ls <.9% blgbir tbaj tbi kmfpitltlmj. Acsm, tbi driaomut me tbi mviracc kmsts wltblj iakb `iclviry `leeirs8

  MU[“s KMG[ aj` [GA pir `iclviry ari blgbir (rmugbcy 7>% me tmtac `iclviry kmst virsus 9>%)

• •

  MU[“s `iclviry dukoit me tbi mviracc kmst pir `iclviry ls rmugbcy bace tbi kmst me tbi kmfpitltlmj ‛ agalj, jmt fiitljg kustmfirs“ jii` aj` spij`ljg ciss tbaj mtbir vij`mrs.

Ix 1> ‛ 1> ‛ MU[ bas diij ri`ukljg kmsts akrmss tbi dmar`, dut tbi cargist ri`uktlmj bas kmfi ermf `iclvirlis ‛ wblkb ls kciarcy lfpaktljg tbi mviracc dusljiss. Pbi sfacc `ikriasis lj tbi mtbir cargi dukoits, bas jmt slgjlelkajtcy slgjlelkajtcy lfpakti` mviracc kmsts. 7

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Kmjkcuslmj Wbat ls tbi mviracc m viracc lssui wltb prmeltadlclty=

  ^rmelt farglj ls kurrijt >% kmfpari` tm 1>% aj` 11% emr twm cargist kmfpitltmrs



  MU[ ls ri`ukljg kmsts, dut rivijui ls `rmppljg eastir tbaj kmsts ari m  MU[ bas ri`uki` kmsts slgjlelkajtcy lj @iclviry, yit tbls ls tbi fmst lfpmrtajt attrlduti tm kustmfirs m  MU[ bas jmt ri`uki` kmsts fukb lj KMG[, yit ^rlki ls viry lfpmrtajt tm kustmfirs



  Jmt fiitljg kustmfirs“ jii`s8



  ^rlki aj` @iclviry ari tbi fmst lfpmrtajt dut MU[ skmris cmwist lj tbisi katigmrlis? kmfpitltmrs ari fiitljg kustmfirs“ jii`s aj` ari stiacljg sbari away ermf MU[ m  MU[“s spij`ljg mj ^rm`ukt Uarlity aj` Tipalr ari slgjlelkajtcy blgbir tbaj tbi lj`ustry spij`s aj` ari lj arias tbat kustmfirs `m jmt vacui as fukb ‛ jii` tm riaccmkati aj` ri`uki

m

  ^mtijtlac jixt stips8 m  Cmmo tm ri`uki KMG[, [GA aj` ripalr kmsts



  A ri`uktlmj lj prm`ukt varlity kmuc` `ikriasi KMG[ tbrmugb ikmjmflis me skaci  ‛ MU[ wmuc` wmuc` purkbasi blgbir vmcufis vmcufis me eiwir eiwir prm`ukts, cmwir kmst/ujlt kmst/ujlt   Ti`uktlmj lj varlity fay acsm ri`uki kmsts me `iclviry as tbiri wmuc` di eiwir prm`ukts tm karry lj viblkcis (fmri `iclvirlis pmssldci) aj` fay ri`uki tbi tlfi/kmfpcixlty me rielccljg a fakblji m  Ljkriasi spij` mj `iclviry tm lfprmvi kustmfir satlseaktlmj (fmri risiarkb jii`i`) 





  Fmri `rlvirs   Dittir viblkcis   Fmri ieelklijt `iclviry rmutis





2

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Ix 18 Meelki Uij`ljg [irvlkis rivijui

Meelki Uij`ljg [irvlkis rivijuis $;>>F 49> 4;> 4>>

4>>

1>>

>

1<<5

1<<7

1<<2

[murki8 Meelki Uij`ljg [irvlkis, Ljk. Eljajklac Eljajklac [tatifijts

KBL

Ix 48 Meelki Uij`ljg [irvlkis kmst

Meelki Uij`ljg [irvlkis kmsts $;>>F

449

415 4>>

4>>

1>>

>

1<<5

1<<7

1<<2

4

 

[murki8 Meelki Uij`ljg [irvlkis, Ljk. Eljajklac Eljajklac [tatifijts

;

KBL

  <

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Ix ;8 Meelki Uij`ljg [irvlkis vmcufi smc`

Umcufi smc` (`iclvirlis) ;.>F

4.>

1.>

>.> 1<<9

1<<5

1<<7

1<<2

[murki8 Meelki Uij`ljg [irvlkis Eljajklac Eljajklac Tipmrts

0

KBL

 

Ix 08 Meelki Uij`ljg [irvlkis blstmrlkac prlkljg Meelki Uij`ljg [irvlkis aviragi prlki (pir `iclviry) $149 ^rlki ^rlki pir `iclvi `iclviry ry

1>>

79

9>

49

> 1<<9

[murki8 Meelki Uij`ljg [irvlkis ^rlkljg @ata @ata

1<<5

1<<7

1<<2

KBL

9

  1>

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Ix 98 Meelki Uij`ljg [irvlkis faroit trij` ^irkijtagi Kbajgi

Pmtac faroit sacis

(1<<5-1<<2) Pmtac8 ;%

$9>>F

17% Mtbirs

0>>

;>>

44%

K aj aj `y `y & ^ mp mp K m

00%

Uij` Ljtir Ljtirjatl jatlmjac mjac

4>>

1>>

> 1<<5

Meelki Uij` Uij`ljg ljg [irvl [irvlkis kis

1<<7

[murki8 Faroit Tisiarkb? Kmfpajy Ajjuac Tipmrts? Tipmrts? Meel ki Uij`ljg [irvlkis Elja Eljajklacs jklacs

Ix 58 Kustmfir satlseaktlmj

(4>%)

1<<2

KBL

5

 

Lfpmrtajki

Meelki Uij`ljg [irvlkis

Uij` Ljtirjatlmjac

Kaj`y & ^mp Km.

1>

0

2

7

^rm`ukt Uarlity/[iciktlmj

5

1>

9

5

@iclviry Ticladlclty

<

9

1>

2

Fakblji [irvlki/Tipalr

;

<

0

9

Kmfpcaljt Tismcutlmj

9

7

9

0

Attrlduti

^rlki

Lfpmrtajki/^iremrfajki8 16Cmw, 1>6Blgb [murki8 Dalj Kustmfir/Faroit Tisiarkb Tisiarkb emr Me elki Uij`ljg [irvlkis (j6;9>>)

KBL

7

  11

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Ix 78 Kustmfir satlseaktlmj

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Kustmfir ratljg me lfpmrtajki/piremrfajki 1>

1> <

2

5

5

9

0 ;

Lfpmrtajki Ka aj j`& ^m mp p Km

4

Uij` Ljtirjatlmjac Meelk Meelki i Uij`ljg [irvlkis

>

^rlki

^rm`ukt varlity/ ^rm`ukt varlity/ @iclviry ricladlclty siciktlmj

Fakblji sirvlki/ripalr

Kmfpcaljt rismcutlmj

Lfpmrtajki/^iremrfajki8 16Cmw, 1>6Blgb [murki8 Dalj Kustmfir/Faroit Tisiarkb Tisiarkb emr Me elki Uij`ljg [irvlkis (j6;9>>)

KBL

2

Ix 28 Kmfpitltmr kmfparlsmj (1<<2)

Kmfpitltmr

Tivijui

Kmst me gmm`s smc`

[G&A ixpijsi

@lrikt cadmr (`iclviry)

@lrikt cadmr (ripalr)

Mtbir kmsts

Meelki Uij`ljg [irvlkis

$4>>F

$7>F

$5>F

$;>F

$;>F

$1>F

Uij` Ljtirjatlmjac

$1;>F

$;9F

$;>F

$;>F

$17F

$9F

 

Kaj`y & ^mp Km.

$11>F

$;4F

$44F

$4;F

[murki8 Eljajklac [tatifijts & Ajjuac Ajjuac Tipmrts

$19F

KBL

$5F

<

  14

 

Kasi 48 Meelki Uij`ljg [irvlkis

-bar`-

Dalj&Kmfpajy Dalj&Kmfpajy,, Fmko

Ix <8 Meelki Uij`ljg [irvlkis kmst pir `iclviry (virsus kmfpitltmrs) Kmst pir `iclviry $149 1>9 1>>

Mtbir

Tipalr

79

@iclviry

<9

<0

9>

[G&A

49 KMG[

>

Meelki Uij`ljg [irvlkis

Uij` Ljtirjatlmjac

Kaj`y & ^mp Km

[murki8 Eljajklac [tatifijts & Ajjuac Ajjuac Tipmrts

1>

KBL

 

Ix 1>8 Meelki Uij`ljg [irvlkis kmst strukturi (blstmrlkac trij`) Kmsts $;>>F

^irkijtagi Kbajgi (1<<5-1<<2)

449 Mtbir

4>>

Pmtac8

(11%)

415 4>>

Tipalr

>% (10%)

@iclviry

(49%)

1>>

>

[G&A

(2%)

KMG[

(7%)

1<<5

[murki8 Meelki Uij`ljg [irvlkis Eljajklac Eljajklac [tatifijts

1<<7

1<<2

KBL

11

 

1;

 

Kasi ;8 Titalc Drmoiragi

-bar`-

FkOljsiy&Kmf FkOljsiy&Kmfpajy, pajy, Tmuj` 1

([murki8 Kasi Ljtirvliw ermf FkOljsiy&Kmfpajy, Tmuj` 1) Kmjtixt8 Mur kclijt ls a ritalc Drmoiragi elrf wltb ajjuac ajjuac rivijuis me $9D. Pbiy ari mpiratljg tbrmugbmut tbrmugbmut tbi Y[ wltb 4>> drajkbis mpiji`. Bace me tbisi drajkbis ari kmrpmrati aj` bace ari erajkblsi`. Ljtirvliwir8 Wbat ari tbi ikmjmflks me tbls dusljiss= A gmm` ajswir wlcc l`ijtley tbi emccmwljgs8 Lj mr`ir tm ajacyzi tbi ikmjmflks me tbi dusljiss L jii` tm elj` fmri ljemrfatlmj admut tbilr rivijuis aj` kmsts. Pbij L wmuc` cloi tm cmmo ljtm wbat kmfpitltlmj ls `mljg mj tbi faroit, bmw sigfijti` tbi faroit ls aj` wbm ari tbi kmjsufirs aj` wbat ari tbilr jii`s. -  Mj tbi rivijui sl`i, L jii` tm uj`irstaj` wbiri tbilr rivijuis ari kmfljg ermf aj` tbij driao lt ljtm tbi twm kmfpmjijts prlki aj` quajtlty -  Mj tbi kmst sl`i, L wmuc` cloi tm cmmo at tbi elxi` aj` varladci kmsts8 m  Elxi` kmsts8   [G&A   LP systif   Faroitljg m  Uarladci kmsts8   Cadmr   Mtbir kmst ricati` tm kmfflsslmjs, eiis -  Jixt tbljg tbat L wmuc` cloi tm cmmo ljtm ls wbat kmfpitltlmj ls `mljg8 bmw fajy kmfpitltmrs kmfpitltmrs `m wi bavi, ari tbiri jiw kmfpitltmrs lj tbi faroit, bavi tbiy stmcij sbari ermf us, ari tbiy meeirljg 









-  - 

sirvlkis tbat wi ari jmt Wi acsm jii` tm uj`irstaj` bmw tbi mviracc faroit ls `mljg8 ls lt grmwljg mr sbrljoljg? bmw sigfijti` tbi faroit ls aj` le tbiri ari spiklelkltlis ricati` tm riglmjs Eurtbir, tbi kmjsufir8 wbm ari tbiy, wbat `m tbiy wajt bmw mur kclijt“s prm`ukts fiit tbilr jii`s

Ljemrfatlmj tm di prmvl`i` upmj riquist8 Tivijuis kmfi ermf 4 `leeirijt `lvlslmjs8 -  Pra`ljg 8 $;D -  Assit Fajagifijt8 $4D Pra`ljg fiajs tbat drmoirs `m spiklelk trajsaktlmjs as pir tbilr kustmfir“s riquists. Pbi rivijui lj tbls `lvlslmj wmuc` kmfi ermf a elxi` eii me $1> pir trajsaktlmj. Lj tbi Assit Fajagifijt `lvlslmj, tbi elrf ls a`fljlstirljg tbi kustmfir“s fmjiy aj` tbi rivijuis kmfi ermf a pirkijtagi ermf tbi tmtac afmujt a`fljlstiri` assits wblkb ls 1% Kmsts8 Elxi` kmsts8 $1D $2>>F ‛ LP ( $7>>F ermf Pra`ljg aj` $1>>F ermf AF) $1>>F ‛ Faroitljg $1>>F ‛ [G&A

10

 

Kasi ;8Titalc Drmoiragi

bar`

FkOljsiy&Kmf FkOljsiy&Kmfpajy, pajy, Tmuj` 1

Uarladci kmsts8 Pra`ljg8   Kmfflsslmj tm drmoirs8 0>% me rivijuis   Mtbir kmsts8 $4 pir trajsaktlmj Assit Fajagifijt8   Kmfflsslmj tm drmoirs8 0>% me rivijuis   Eii tm aj mutsmurkljg elrf tbat ls fajagljg tbi assits8 >.0% 







Ljtirvliwii sbmuc` jmw `m tbi kackucatlmjs emr tbi prmelts8 ^rmelts 6 Tivijuis ‛ Kmsts Pra`ljg `lvlslmj8 Tivijuis 6 $;D Elxi` Kmsts 6 $7>>F(LP) +$5>F(Fot.-prm rati` ermf tbi rivijuis) + $5>F([G&A-prm rati` ermf tbi rivijuis) 6 $24>F Uarladci kmsts8 Kmfflsslmj8 0>% me tbi $1> eii 6 $0 pir trajsaktlmj Mtbir 6 $4 pir trajsaktlmj Jufdir me trajsaktlmjs 6 $;D / $1> 6 ;>>F Uarladci kmsts 6 $5 * ;>>,>>> 6 $1.2D Assit fajagifijt `lvlslmj8 Tivijuis 6 $4D Elxi` Kmsts 6 $1>>F(LP) +$0>F(Fot.-prm rati` ermf tbi rivijuis) + $0>F([G&A-prm rati` ermf tbi rivijuis) 6 $12>F Uarladci kmsts8 Kmfflsslmj8 0>% me tbi $4D rivijui 6 $2>>F Eii emr tbi mutsmurkljg kmfpajy 6 >.0% me tbi $4>>D tmtac a`fljlstiri` assits 6 $2>>F Pmtac assits 6 $4D / 1% 6 $4>>D Uarladci kmsts 6 $1.5D   ^rmelts8

Pra`ljg prmelts 6 $;D - $1.2D - $>.24 6 $;2>F (14.55%) Assit Fajagifijt prmelts 6 $4D - $12>F - $1.5D 6 $44>F (11%) A gmm` kaj`l`ati wlcc acsm mdsirvi tbat Assit Fajagifijt ls sclgbtcy fmri prmeltadci tbaj tra`ljg. Ljtirvliwir8 Jmw wi ari acfmst lj aj ikmjmflk `iprisslmj. Wbat wmuc` bappij tm tbls elrf le aj ikmjmflk rikisslmj wmuc` bappij jixt yiar= Kackucati dy bmw fukb tbiy jii` tm ljkriasi tbi jufdir me trajsaktlmjs/ assits fajagi` jmw lj mr`ir tm driaoivij lj iakb `lvlslmj lj kasi me rikisslmj. Lj mr`ir tm `m tbat L jii` tm ojmw wbat bappiji` wltb tbls elrf at tbi cast rikisslmj lj mr`ir tm try tm dijkbfaro tbi ieeikts. (le tbi ljtirvliwii `mis jmt aso emr past rikisslmj ieeikts aso tm draljstmrf mj bmw tbiy kaj istlfati tbi ieeikts me tbi ljkmfljg rikisslmj tlcc tbiy git tm tbls tbl s ajswir)

19

 

Kasi ;8Titalc Drmoiragi

-bar`-

FkOljsiy&Kmf FkOljsiy&Kmfpajy, pajy, Tmuj` 1

Ljtirvliwir8 Jufdir me trajsaktlmj `ikriasi` dy 9>% Assits fajagi` `ikriasi` dy 19% Emr Pra`ljg8 Le x 6 jufdir me trajsaktlmj jii`i` jmw #trajsaktlmj * rivijui pir trajsaktlmj 6 elxi` kmsts + #trajsaktlmj*varladci #trajsaktlmj*varladci kmst pir trajsaktlmj

(9>% x) $1> 6 $24>F + (9>% x ) $5 x 6 01>F Pbiy wlcc jii` tm ljkriasi tbi jufdir me trajsaktlmj dy ~;9% _(01>F-;>>F)/;>>FV. L `mj“t tbljo tbls ls eiasldci lj a sbmrt pirlm` me tlfi, ispiklaccy hust diemri a rikisslmj. Emr Assit fajagifijt8 Le y6 afmujts me assits jii`i` jmw Afmujt me assits*% me assits 6 elxi` kmsts emr assit fajagifijt + varladci kmsts emr assit fajagifijt (2>% * y )* 1% 6 $12>F + _(0>% *1% *y*2>%) + (>.0% *y*2>%)V y 6 $114.9D Pbiri ls jm rlso me dikmfljg ujprmeltadci lj tbls `lvlslmj. Ljtirvliwir8 Bmw kaj tbiy a``riss tbi rlso me tbi rikisslmj (bmw kaj tbiy oiip tbi prmeltadlclty at kurrijt civics)= Pbiy kaj iltbir try tm ljkriasi tbi rivijuis mr `ikriasi tbi kmsts8 Ljkriasi rivijuis8 -  Kbajgi tbi prm`ukt flx ‛ git fmri assit fajagifijt dusljiss dikausi lt ls fmri prmeltadci m  A`virtlsi m

-  - 

Ljkijtlvlzi fmri assits Meeir fmri drmoirs dijieltstm emrgit kustmfirs kmfljg tm us ljstia` me kmfpitltlmj Ixtij` meelki cmkatlmjs Meeir jiw prm`ukts emr kurrijt kustmfirs ^ut lj pcaki a elic` sacis tiaf me drmoirs tm git fmri assits mr tra`i kustmfirs iltbir dy attraktljg fmri aj` rlkbir kustmfirs mr dy faoljg tbi kurrijt mjis put fmri fmjiy lj Git fmri, rlkbir kustmfirs Ljkriasi tbi eii pir trajsaktlmj mr tbi pirkijtagi emr tbi assit fajagifijt



[igfijt tbi faroit aj` `leeirijtlati `ipij`ljg mj kustmfir

   m  m  m 

m

@ikriasi kmsts8 -  Elxi` kmsts8 m  LP siifs tm di tbi blgbist8 mutsmurki lt dikausi lt kaj acsm drljg smfi mtbir dijielts cloi ixpirtlsi ermf aj LP elrf, rlso `lspirslmj le lt driaos `mwj m  Ysi kbiapir systifs, ciss quacleli` cadmr



Uarladci kmsts8 m  @ikriasi tbi kmfflsslmj emr drmoirs m  Git tbi assit fajagifijt lj bmusi m  Cljo tbi kmfflsslmj me tbi drmoirs tm tbi piremrfajki? kriati aj ljkijtlvi systif tm aktuaccy faoi tbif drljg fmri dusljiss 15

 

Kasi 08 [cmt Klty

-fi`luf-

Dalj&Kmfpajy Dalj&Kmfpajy,, Tmuj` 1

([murki8 Kasi Ljtirvliw ermf Dalj&Kmfpajy, Dalj&Kmfpajy, Tmuj` 1) Kmjtixt8 Gafi Km. kurrijtcy mwjs emur kasljms lj [cmt Klty. Kmfpitltmrs ari kmjtifpcatljg mpijljg up a rlvac kasljm lj Cldirtyvlcci. Gafi Km bas blri` Dalj tm assiss tbi raflelkatlmjs me a kmfpitltmr mpijljg a kasljm lj Cldirtyvlcci aj` Gafi Km.“s stratiglk mptlmjs Ljltlac eakts8 •  Kurrijtcy tbiri ari jm kasljms lj Cldirtyvlcci. Pbiri ari kmfpitljg kasljms lj [cmt Klty dut tbiy ari jmt ricivajt dikausi lt ls a faturi faroit. •  [cmt Klty bas a 49% tax mj rivijui. Cldirtyvlcci bas a 9>% tax mj rivijuis. Quistlmj 18 Wbat ari tbi raflelkatlmjs emr ixlstljg rivijui le a kasljm mpijs lj Cldirtyvlcci= Quistlmj 48 Wbat ari Gafi Km“s mptlmjs=

Emr Quistlmj 18 Lj mr`ir tm assiss tbi lfpclkatlmjs me a jiw kasljm lj Cldirtyvlcci mj Gafi Km wi jii` tm uj`irstaj`8 -  Tivijuis8 Wbat ari tbi rivijuis me Gafi Km aj` wbiri tbls rivijui kmfis ermf ( typi me sirvlkis, itk) -  Gimgrapblk cmkatlmj8 wbiri ls Cldirtyvlcci cmkati` lj ricatlmj tm [cmt Klty. Wbiri ari tbi rivijuis ermf [cmt Klty kmfljg ermf gimgrapblkaccy -  Kustmfirs8 Wbm ari tbi kustmfirs me Gafi Km aj` bmw tbls kustmfirs fay kmjsl`ir gmljg tm kmfpitltlmj lj Cldirtyvlcci? Cldirtyvlcci? bmw fajy ari tbiy aj` bmw fajy tbiy kaj cmsi tm kmfpitltlmj

Ljtirvliwir (ljemrfatlmj prmvl`i` mjcy mj riquist)8  Gafi Km. rivijuis ari $1.4D Fahmrlty me rivijuis kmfi 0 kltlis8apprmxlfaticy [cmt Klty, Cldirtyvlcci, Gar`ij Klty,Pbiy Fmtmr Gar`ij Klty aj` Fmtmr Kltyermf ari jiardy, 1 br ermf [cmt Klty. ariKlty dmtb(sbmw ~4 br.scl`i) ermf Cldirtyvlcci. Cldirtyvlcci Cldirtyvlcci ls ~ 1br ermf [cmt Klty. Pbiri ari jm kasljms lj Fmtmr Klty mr Gar`ij Klty `ui tm klty rigucatlmjs Kustmfir dasi ls 1.2 flcclmj pir yiar. (kustmfir sigfijtatlmj ls a oiy ljslgbt) (`m jmt cit tbi kaj`l`ati dikmfi dmggi` `mwj ljtm kackucatljg kmsts aj` istlfatljg prmelts)

17

 

Kasi 08 [cmt Klty

-fi`luf-

Dalj&Kmfpajy Dalj&Kmfpajy,, Tmuj` 1

Kbarts glvij upmj riquist8

Gafi Ga fi Km. Tiviju i 0>%   i   u ;9%   j   i ;>%

  v 49%   i   r    e   m 4>%   i 19%   g   a    t 1>%   j   i 9%   k   r >%   i    ^

Fmtmr Klty

[cmt Klty

Gar`ij Klty

Cldirtyvlcci

Kustmfir sigfijtatlmj

12

 

Kasi 08 [cmt Klty

-fi`luf-

Dalj&Kmfpajy Dalj&Kmfpajy,, Tmuj` 1

^cug aj` Kbuggirs8 Bar` Kmri gafdcirs wbm mjcy wajt tm gafdci aj` kari fmst admut kmjvijlijki kmjvijlijk i (assufi kasljm paymuts ari l`ijtlkac akrmss tbi dmar`) Uakatlmjirs 8 wajt tm –git away‖ aj` ciavi tbi aria emr a wiio mr wiioij` Uakatlmjirs8 Ixpirlijkirs8 wajt tm clvi tbi kasljm ixpirlijki ( clgbts, sbmws, aktlmj, itk. ) aj` ari ljtiristi` l jtiristi` lj tbi kasljm ltsice aj` wbat lt bas tm meeir Mtbir ljemrfatlmj glvij upmj riquist8 Acc kustmfirs ari ivijcy `lstrlduti` akrmss kltlis Kmjvirslmj ljemrfatlmj8(diemri glvljg tbls ljemrfatlmj aso tbi kaj`l`ati emr bls/bir mpljlmjs)

^cug aj` Kbuggirs wlcc sbuj [cmt Klty emr tbi jiw, kcmsir kasljm (1>>% kmjvirslmj) Uakatlmjirs wajt tm git away sm wmuc` jmt gm tm tbi Cldirtyvlcci kasljm (>% kmjvirslmj) Ixpirlijkirs fay tm fay jmt gm smfiwbiri icsi ‛ a rajgi me ajswirs ls akkipti` dut assufi 9>% emr tbi kackucatlmjs Lfpmrtajt8 assufi tbi a``ltlmjac `rlvi tlfi ermf FK mr GK tm CU wlcc `itir ajy slgjlelkajt jufdir me tbmsi kustmfirs ermf `ieiktljg tm Cldirtyvlcci

Q1 kackucatlmjs aj` ljslgbts8

1<

 

Kasi 08 [cmt Klty

-fi`luf-

Dalj&Kmfpajy Dalj&Kmfpajy,, Tmuj` 1

Emr Quistlmj 48 Pbi mptlmjs tbat Gafi Km bas ari8 -  @m jmtbljg -  Mpij a kasljm lj Cldirtyvlcci (Kaj`l`ati sbmuc` uj`irstaj` tbattbi lt lsrivijui) fmri `islradci tm kajjldaclzi wltblj tbi kmfpajy tbaj tm accmw mutsl`i kmfpitltmrs tm stiac

Tikmffij`atlmj8

Gafi Km sbmuc` mpij a jiw kasljm lj Cldirtyvlcci. Pbi jiw kasljm wlcc mjcy aeeikt tbi kustmfirs lj Cldirtyvlcci `ui tm tbi gimgrapblk aria. Pbi kustmfirs `ipij`ljg mj tbi sigfijt wlcc riakt viry `leeirijtcy tm tbi mpijljg aj` acc tbisi jii`s tm di assissi`. Bmwivir tbiri ari smfi rlsos assmklati`8 kmfpitltmr mpijs tbi kasljm elrst aj` gits tbi 1 st fmvir a`vajtagi dy mpijljg tbilr kasljm iarclir aj` tbiri fay di blgb kmsts me kmjstruktlmj / mpiratlmj me tbi jiw kasljm. Dmjus quistlmj8 Bmw kaj Gafi Km. faoi up emr tbi cmst rivijuis= ^mssldci ajswirs kaj ljkcu`i8 -  Kbargi aj ijtrajki eii -  Iclfljatis afijltlis (i.g. erii `rljos) -  Ljkriasi mtbir rivijui striafs (emm`, bmtic, itk.) -  [tlfucati jiw kustmfir `ifaj` tbrmugb8 m  Cmyacty prmgrafs m  ^rmfmtlmjac glvi away-s / Ljkriasi` faroitljg m  Pargitljg kustmfirs lj kltlis jiar Cldirtyvlcci dut ear ermf [cmt Klty mr vlki virsa -  [tiac sbari ermf ixlstljg kasljms lj [cmt Klty tbrmugb slflcar fiajs as clsti` admvi

EYJ EAKP8 Dasi` mj a riac kasi wltb [cmt Klty 6 Atcajtlk Klty, Klt y, Cldirtyvlcci 6 ^blca`icpbla, Fmtmr Klty 6 Jiw \mro, Gar`ij Klty 6 Jiw Hirsiy

4>

 

Kasi 98 ^castlKm

-fi`luf-

Pbi Dmstmj Kmjsuctljg Grmup, Tmuj` 4

([murki8 Kasi Ljtirvliw ermf Pbi Dmstmj Kmjsuctljg Grmup, Tmuj` 4) Kmjtixt8 ^castlKm kurrijtcy siccs tblj cafljatlmj elcf usi` tm faoi a`virtlsifijts aj` slgjs (tbljo a`s mj tbi sl`i me tbi klty dussis, dulc`ljgs mr dlccdmar`s) ‛ smc` lj acc fajjirs me kmcmrs aj` eljlsbis (fatti, gcmss, sbljy, itk) ^castlKm kurrijtcy siccs lts fatirlac lj tbi Y[A at 1>kijts / sq. et. A Iurmpiaj kmfpitltmr bas hust eljlsbi` dulc`ljg a cafljatlmj eaktmry lj Cms Ajgicis aj` ls apprmakbljg mur kustmfirs aj` meeirljg tm sicc tbif prm`ukt at <kijts /sq. et. ^castlKm blri` DKG tm bicp tbif elguri mut le tbiy sbmuc` fatkb tbi kmfpitltmr“s prlki. Istadclsbljg tbi kasi aj` asoljg emr fmri ljemrfatlmj [m mur kclijt ls eakljg kmfpitltlmj kmfpitltlmj lj tbi Y[ ermf a Iurmpiaj fajueakturir. fajueakturir. Mur taso ls tm ivacuati tbls tbriat aj` a`vlki mur kustmfir mj a stratigy tm fatkb mr jmt fatkb tbi kmfpitltmr“s prlki, Diemri tbat L jii` smfi fmri ljemrfatlmj mj wbat ari tbi prm`ukts mur kustmfir siccs aj` wbm ari tbi kustmfirs me mur kclijt. Ljtirvliwir8 Pbls pcastlk elcf ls fajueakturi` lj glajt rmccs aj` kajjmt di ikmjmflkaccy trajspmrti` dy alr aj`

kajjmt survlvi tbi barsb kmj`ltlmjs me sblpfijt dy sia. Kurrijtcy tbi fahmrlty me sacis ari tm lj`ipij`ijt riglmjac suppclirs. Pbi riflj`ir me sacis ls sblppi` `lriktcy tm fahmr akkmujts (fahmr A` Kmfpajlis, Bmfi @ipt., itk). A gmm` strukturi sbmuc` ljkcu`i tbi emccmwljg8 Pbiri ari twm mptlmjs emr mur kclijt8 fatkbljg tbi kmfpitltmr“s prlki mr jmt. Emr assissljg tbi eiasldlclty me iakb me m e tbi mptlmjs, L wajt tm ljvistlgati tbi emccmwljg arias8 -  tbi prmelts lj dmtb kasis aj` tbi cmjg tirf lfpclkatlmjs me iltbir apprmakb m  Lj mr`ir tm `m tbat, wi jii` tm cmmo at tbi rivijuis aj` kmsts. Wi jii` tm ajacyzi tbi typi me prm`ukts mur kustmfir siccs aj` at wbat prlki. Pbij wi jii` tm assiss tbi - 

varladci kmsts acmjg wltb tbi elxi` kmsts tbi faroit8 m  faroit slzi? m  tbi faroit sbari me mur kustmfir aj` bmw fukb me lt wmuc` di tbriatiji` dy tbi Iurmpiaj kmfpitltmr

Ljtirvliwir8 (ljemrfatlmj glvij mjcy wbij riquisti`) Faroit slzi 6 1 dlcclmj sq. et. Kurrijt faroit sbari 6 1>>% - Ljtirvliwii sbmuc` lffi`laticy lffi`laticy riaclzi tbat lt ls a Fmjmpmcy   Pbls cafljatlmj elcf ls issijtlaccy a kmffm`lty (tbi kaj`l`ati sbmuc` lffi`laticy ojmw tbat lt fiajs tbat tbi kustmfirs ari sijsltlvi tm prlki aj` wmuc` swltkb tm a kbiapir virslmj) Pbi jiw kmfpitljg pcajt bas mjcy kapaklty tm prm`uki 49> flcclmj sq. et. pir yiar (49% me tbi faroit)

41

 

Kasi 98^castlKm

-fi`luf-

Pbi Dmstmj Kmjsuctljg Grmup, Tmuj` 4

79% me ^castlKm“s prm`ukts kaj di fajueakturi` dy tbi kmfpitltmr wltb jm `lskirjadci `leeirijki. Pbi kaj`l`ati sbmuc` riaclzi tbat 49% me tbi prm`ukts ari `leeirijtlati` prm`ukts d/k lt usis blgb tikb kmatljg prmkiss tbat privijts kmcmrs ermf ea`ljg. A``ltlmjac kaj`l`ati ljslgbts8 Dikausi lt ls a Fmjmpmcy, mur kclijt sbmuc` attifpt tm prlki as blgb as pmssldci tm kmjsufi acc kustmfir“s wlccljgjiss tm pay. Mur kclijt sbmuc` kmjkijtrati mj tbi 49% me tbi prm`ukt tbat kajjmt di kmpli`8 •  Ljkriasi tbi prlki me tbisi spiklacty ltifs •  Wltbmut sudstltutis, blgbir fargljs biri kaj meesit tbi cmst rivijui mj tbi mtbir 79% me tbi prm`ukts @m wi bavi ajy ljemrfatlmj admut tbi prmelt fargljs, sm wi kaj istlfati tbi prmelts=

Ljtirvliwir sbmuc` sbmw tbi emccmwljg scl`i8

^rmelt Fargljs

44

 

Kasi 98^castlKm

[afpci smcutlmj kackucatlmj8 kackucatlmj8 @m jmt fatkb prlki8

-fi`luf-

Pbi Dmstmj Kmjsuctljg Grmup, Tmuj` 4

Faroit sbari cmst8 49% ^rmelt cmss6 $>.>;9/sq. et. * 49>F sq. et. 6 2.79F Wi fa`i tbi assufptlmj me 1>>% kmjvirslmj tm tbi kmfpitltlmj Cmjg tirf lfpclkatlmjs8 Pbls sltuatlmj ciavis ^castlKm mpij tm eurtbir fot. irmslmj le kmfpitltmr ljkriasis kapaklty. Fargljs Fargljs kaj acsm di irm`i` `ui tm cmss me skaci (jmt a gmm` cmjg tirf smcutlmj) Fatkb ^rlki8 ^rmelt cmss8 1k/sq. et. mj iviry saci 6 1,>>>F sq. et * $>.>1 6 $1>F Wi fa`i tbi assufptlmj tbat jm faroit sbari wlcc di cmst (wblkb ls jmt jikissarlcy trui) Cmjg tirf lfpclkatlmjs8 lt ls fmri ixpijslvi lj tbi sbmrt ruj dut `ieij`s tbi faroit pmsltlmj

Dmjus quistlmjs8 bmw fukb faroit sbari wmuc` jii` tm di cmst diemri lt wmuc` kmst fmri (lj tbi sbmrt tirf) tm fatkb tbi <k/sq et. prlki= [mcutlmj8 1,>>>F * $>.>;9 * (x%) 6 $1>F R 6 42.97%

Tikmffij`atlmj8 ^castlKm fust fatkb prlkis tm stavi mee pmssldci faroit sbari `ikclji me 49% lj tbi elrst yiar aj` pmtijtlaccy fmri le kmfpitltlmj ixpaj`s lts ixlstljg pcajt. Pbi rifaljljg 49% me prm`ukts sbmuc` ritalj tbilr blgb prlkis aj` pirbaps ivij ralsi tbif tm faxlflzi prm`ukir surpcus. Pbiri ari smfi rlsos tbmugb as ivij wltb tbi prlki fatkb, tbiy kaj cmsi smfi faroit sbari.

4;

 

Kasi 58 [facc @rug Fajueakturi Fajueakturirr

-fi`luf-

Dalj&Kmfpajy, Tmuj` 4

([murki8 Kasi Ljtirvliw ermf Dalj, Tmuj` 4) Kmjtixt8 Pbi kclijt ls a sfacc `rug fajueakturir, @ivKm, dasi` lj tbi Yjlti` [tatis. @ivKm kurrijtcy bas mji `rug mj tbi faroit smc` faljcy lj tbi Yjlti` [tatis, dut bas acsm smc` tm a cissir `igrii lj tbi Y.O. aj` Girfajy. @ivKm ls cmmoljg tm ljkriasi lts prisijki lj Iurmpi aj` ls kmjsl`irljg ixpaj`ljg ixpaj`ljg ljtm ^mcaj`, [palj, aj` Erajki, spiklelkaccy. @ivKm ls ljtiristi` lj ojmwljg wblkb kmujtry lt sbmuc` ixpaj` ljtm aj` wbat tbi krltirla sbmuc` di emr kbmmsljg a kmujtry. L wmuc` jii` smfi fmri ljemrfatlmj diemri gmljg eurtbir. Elrst L wmuc` cloi tm ojmw wbat tbi `rug mur kclijt siccs ls aj` wbat lt ls usi` emr. [ikmj`, L wmuc` cloi tm ojmw wby lts prisijki lj YO aj` Girfajy ls

cmw aj` wby tbi kmfpajy ls kmjsl`irljg ^mcaj`, [palj aj` Erajki aj` jm mtbir kmujtry. A gmm` strukturi wlcc ljkcu`i tbi emccmwljg icifijts8 Pm assiss wblkb kmujtry tbiy sbmuc` ixpaj` ljtm L wmuc` cloi tm ljvistlgati8 -  Pbi faroit emr tbi prm`ukt mur kmfpajy ls siccljg lj iakb me tbi kmujtrlis (faroit slzi, prmeltadlclty, grmwtb). -  kmfpitltlmj aj` uj`irstaj` bmw eragfijti` tbi faroit ls, wbat ls tbi sbari emr mur kustmfir aj` emr kmfpitltlmj, wbat ls tbi cloicy riaktlmj me kmfpitltlmj tm mur caujkb -  ^mtijtlac rigucatlmj rigar`ljg tbi ljtrm`uktlmj me a jiw `rug Pbi eljac ajswir wlcc di glvij dy tbi ajswir tm tbi quistlmj rigar`ljg wblkb me tbi kmujtrlis ls gmljg tm drljg fmri prmelts tm tbi kclijt. Ljemrfatlmj prmvl`i` upmj riquist8 Pbi `rug ls aj ajtl-kcmttljg `rug usi` `urljg ajglmpcastlis, a typi me biart surgiry.  surgiry.  Lj Iurmpi, wbij a patlijt bas biart prmdcifs, tbiy bavi mji me tbrii mptlmjs8   (1) mpij-biart surgiry (a viry ljvaslvi surgiry)  surgiry)   (4) ajglmpcasty (a ciss ljvaslvi l jvaslvi surgiry) surgiry)   (;) mvir-tbi-kmujtir mr priskrlptlmj fi`lklji  fi`lklji  @ivKm bas a cissir prisijki lj tbi Y.O. aj` Girfajy dikausi tbiy mjcy rikijtcy ijtiri` tbmsi faroits   faroits @ivKm ls kmjsl`irljg ijtirljg ^mcaj`, [palj, aj` Erajki dikausi tbmsi kmujtrlis bavi tbi jixt ; cargist pmpucatlmjs lj Iurmpi diblj` tbi Y.O. aj` Girfajy  Girfajy  @ivKm mjcy wajts tm ijtir 1 kmujtry aj` ljtij`s tm stay lj tbat kmujtry emr at ciast 9 yiars. Duyljg `iklslmjs ari fa`i dy tbi pbyslklaj aj` tbi ljsurajki kmfpajlis aj` patlijt bavi clttci ljput.  ljput. 

(wbij tbi ljtirvliwir asos emr tbi jufdir me ajglmpcastlis, diemri sbmwljg tbi scl`i, aso tm draljstmrf8 )

40

 

Kasi 58[facc @rug Fajueakturi Fajueakturirr

-fi`luf-

Dalj&Kmfpajy, Tmuj` 4

Quistlmj8 Bmw kaj wi `itirflji jufdir me ajglmpcastlis ajglmpcastlis pir kmujtry= ^mssldci ajswirs8 •  Gmvirjfijt riglstrlis •  Wmrc` Biactb Mrgajlzatlmj •  Kacc Bmspltacs •  Ysi kmfparadci kmujtrlis tm istlfati prmpmrtlmj me surgirlis tm pmpucatlmj me kmujtry (wbij tbi ljtirvliwir asos emr tbi faroit sbaris, aetir sbmwljg tbi scl`i, aso tm draljstmrf8 d raljstmrf8 ) Quistlmj8 Wbat kaj di kausljg tbi varyljg faroit sbari emr ^barfaKm aj` Oltzir= ^mssldci ajswirs8 •  Elrst Fmvir“s a`vajtagi •  Uaryljg a`virtlsljg spij`ljg •  Cmkac kmjjiktlmjs •  Uaryljg pirkiptlmj me `mktmrs me wblkb surgiry ls blgb aj` cmw rlso Gijirac Ljemrfatlmj mj @ivKm aj` Iakb me lts kmfpitltmrs tm di glvij upmj riquist8 ^barfaKm8 •  @rug usi` lj blgb rlso surgirlis (~0>% me surgirlis) •  ^rlki $0>> / `rug Olctzir Ljk.8 •  @rug usi` lj cmw rlso surgirlis (~0>% me surgirlis) •  ^rlki $0>> / `rug Fmro&Km8 •  @rug usi` lj viry blgb rlso surgirlis (~1>% me surgirlis)

  @ivKm •  •  •  •

^rlki $4,>>> / `rug @rug usi` emr blgb aj` cmw rlso surgirlis Kcalfs ciss dcmm` kcmtbljg ^rlki $0>> / `rug

Mtbir ljemrfatlmj glvij upmj riquist8 Plfi tm faroit `leeirs dy kmujtry8 ^mcaj`8 >-4 yiars [palj8 > yiars Erajki8 5 fmjtbs @lstrldutlmj avalcadci, avalcadci, dut kmsts ari kmjtrmcci` dy kmujtry8 ^mcaj`8 9% me rivijui [palj8 >% me rivijui Erajki8 1>% me rivijui Gmvirjfijt ristrlktlmjs8 ristrlktlmjs8 jmji lj ajy me tbi kmujtrlis

49

 

Kasi 58[facc @rug Fajueakturi Fajueakturirr

-fi`luf-

Dalj&Kmfpajy, Tmuj` 4

[mcutlmj Gul`i (tbi tadci wlcc bicp taoi a `iklslmj)8 ` iklslmj)8

Erajki

[palj

^mcaj`

Faroit slzi

7>F

0>F

4>F

Faroit grmwtb

-9%

>%

+1>% pir yiar

Kmfpitltlvi

4 falj kmfpitltmrs

Mji `mfljajt

Mji `mfljajt

ijvlrmjfijt

bavljg iquac sbaris

kmfpitltmr

kmfpitltmr

@lstrldutlmj @lstrldutlm j

1>% me rivijui

Jm kmst

9% me rivijui

Plfi tm faroit

5 fmjtbs

Lffi`laticy

>-4 yiars

(A gmm` ljtirvliwir wlcc kmfi up wltb a rikmffij`atlmj)

L rikmffij` Erajki. ajglmpcastlis yiar, ivij wltb tbi `ikriasi iviry yiar, lt wlcc stlcc di tbitbiy distijtir mptlmj emr tbiWltb jixt7>O 9 yiars. Jm mtbirpir kmfpitltmr bas civiragi lj tbi Erijkb faroit. Ijtirljg tbi faroit wlcc taoi 5 fmjtbs, sm tbiy kaj diglj siccljg lt viry east. Lj tbls tlfi tbiy sbmuc` start tm `ivicmp ricatlmjsblps wltb pbyslklajs aj` sikuri `lstrldutlmj kbajjics. (Iltbir Erajki mr [palj ls a gmm` ajswir as cmjg as tbi kaj`l`ati suppmrts lt)

Kbarts tm di glvij upmj riquist8

45

 

Kasi 58[facc @rug Fajueakturi Fajueakturirr

-fi`luf-

Dalj&Kmfpajy, Tmuj` 4

47

 

Kasi 58[facc @rug Fajueakturi Fajueakturirr

-fi`luf-

Dalj&Kmfpajy, Tmuj` 4

42

 

Kasi 78 East Emm` Kbalj

-fi`luf-

Pbi Dmstmj Kmjsuctljg Grmup, Fmko

([murki8 Fmko Kasi Ljtirvliw ermf Pbi Dmstmj Dmstmj Kmjsuctljg Grmup) Kmjtixt8 Mur kclijt ls a east emm` kbalj? tbiy blri` us tm ajacyzi tbilr l`ia me lfpcifijtljg a jiw prmfmtlmj8 a eriquijt `ljir prmgraf slflcar tm tbi alrpcaji mjis8  mjis8  • emr iviry $1 spij` - 1 pmljt  pmljt  • emr iviry 4> pmljts ‛ a erii fmvli tlkoit  tlkoit  A gmm` strukturi wlcc ljkcu`i tbi emccmwljg icifijts8 Wi jii` tm uj`irstaj` le tbi lfpcifijtatlmj me tbi prmgraf wlcc drljg a``ltlmjac prmelts tm tbi kmfpajy. Lj mr`ir tm `m lt, wi jii` tm ljvistlgati tbi emccmwljgs8 -  A``ltlmjac rivijuis kmfljg ermf tbi lfpcifijtatlmj me tbi prmgraf ( tbiy kaj kmfi ermf a``ltlmjac kustmfirs, a``ltlmjac spij`ljg ermf a kustmfir iakb tlfi tbiy vlslt tbi stmri, fmri vlslts pir yiar ermf mji kustmfir) -  A``ltlmjac kmsts jikissary tm lfpcifijt tbi prmgraf (mpiratlmjac kmsts rigar`ljg tbi prmgraf, a``ltlmjac kmsts gijirati` dy a``ltlmjac fiacs smc`, kmst me tbi fmvli tlkoits) -  Kmfpitltlmj aj` bmw tbiy wmuc` rispmj` tm tbi lfpcifijtatlmj me tbi prmgraf dy mur kclijt? Lt siifs cloi a viry iasy prmgraf tm lfpcifijt, sm lt flgbt di viry iasy tm kmpy dy kmfpitltmrs. -  kmjsufirs aj` bmw tbiy wlcc rispmj` tm tbi jiw prmfmtlmj mr fmri lfpmrtajt wbat tbilr jii`s ari dikausi wblci wi ari spij`ljg ijirgy lfpcifijtljg tbls prmgraf kmfpitltmrs flgbt a``riss mtbir jii`s me tbi kmjsufirs tbat flgbt di fmri cloicy tm `itirflji tbif tm fmvi tm kmfpitltlmj. Ljemrfatlmj prmvl`i` upmj riquist8 Jm me cmkatlmjs8 9>>  9>> 

Jm me kustmfirs8 4>,>>>  4>,>>>  Pbi prlki me a fiac8 $0  $0  Kurrijt farglj8 9>%  9>%  Kmst me a fmvli tlkoit $1 (aso elrst tbi kaj`l`ati admut tbilr mpljlmj mj bmw fukb lt wmuc` kmst)  kmst)  Pbi ri`ifptlmj pirkijtagi me tbi fmvli tlkoits 6 9>%  9>%  Pbiy wlcc mjcy pay emr tbi ri`iifi` tlkoits.  tlkoits.  Pbiy bavi 4 kustmfir sigfijts8  sigfijts8  • eriquijt kustmfir 8 0>% aj` kmfi tm tbi stmris ;> tlfis / yiar  yiar  • mkkaslmjac kustmfir 8 5>% aj` kmfi tm tbi stmris < tlfis / yiar  yiar  Pbi prmgraf wlcc ljkriasi tbi jufdir me vlslts8  vlslts8  - dy 5/yiar emr tbi eriquijt kustmfir  kustmfir  - dy ;/yiar emr tbi mkkaslmjac kustmfir  kustmfir  Ijrmccfijt8  Ijrmccfijt8  - 4>% me tbi eriquijt kustmfirs wlcc hmlj tbi prmgraf  prmgraf  - 9% me tbi mkkaslmjac kustmfirs wlcc hmlj tbi prmgraf  prmgraf  4<

 

Kasi 78 East Emm` Kbalj

[mcutlmj8

-fi`luf-

Pbi Dmstmj Kmjsuctljg Grmup, Fmko

A``ltlmjac rivijui kmfljg ermf tbi lfpcifijtatlmj me tbi prmgraf8

Jufdir me kustmfirs

A``ltlmjac rivijui

Eriquijt kustmfirs8

4>%*2,>>> 6 1,5>>

1,5>>*5tlfis/yr*$06$;2,0>> 1,5>>*5tlfis/yr*$06$;2 ,0>>

Mkkaslmjac kustmfirs8

9%*14,>>> 6 5>>

5>>*;tlfis/yr*$0 6 $7,4>>

Pmtac a``ltlmjac a``ltlmja c rivijui

$09,5>>

A``ltlmjac kmsts 6 a``ltlmjac kmsts me tbi ixtra fiacs smc` + kmst me tbi fmvli tlkoits 6 9>% * $09,5>> + 9>% * (;5*1,5>>*0 +14*5>>*0) / 4> 6 $;9,75> A``ltlmjac prmelts ermf tbi prmgraf 6 $09,5>> - $;9,75> 6 $<,20> (a gmm` kaj`l`ati wlcc faoi a rikmffij`atlmj)

L rikmffij` tbiy sbmuc` gm eurtbir wltb tbi prmgraf as lt prmvl`is tbi kmfpajy ~ $1>,>>> a``ltlmjac prmelts. Bmwivir, tbiri ari smfi rlsos ljvmcvi` tbat jii`s tm di ljvistlgati` diemri tbi aktuac lfpcifijtatlmj cloi8   Lfpcifijtatlmj kmsts (kar`s, staee tm bicp pimpci slgjljg up, baj`cljg tbi fmvli tlkoits, elccljg ripmrts, itk.)   Cmjgir waltljg cljis `ui tm tbi a``ltlmjac tasos   Le fargljs `ikriasi tbi prmgraf dikmfis ujprmeltadci (ix ;>%) Wi wmuc` jii` tm ljvistlgati tbisi aspikts diemri gmljg eurtbir wltb tbi lfpcifijtatlmj •





;>

 

Kasi 28 Apakbi Biclkmptirs

-bar`-

Dalj&Kmfpajy, Tmuj` 1

([murki8 Kasi Ljtirvliw kasi ermf Dalj&Kmfpajy, Tmuj` 1) Kmjtixt8 Mur kclijt ls a Y[ `ieijsi kmjtraktmr aj` mji me lts `lvlslmjs fajuea fajueakturis kturis Apakbi biclkmptirs emr flcltary mpiratlmjs. Pbi kmfpajy ls kmjsl`irljg sittljg up a jiw pcajt tm fiit ljkriasljg `ifaj` lj tbi attako biclkmptir spaki. Pbisi biclkmptirs ari euccy iqulppi` wltb gujs aj` affm wbij `iclviri` tm tbi kclijt. Pbi kclijt bas kmjsl`iri` tbrii sltis wbiri tm situp mpiratlmjs ‛ Drazlc, Erajki aj` Y[. Q1. Bmw wmuc` ymu gm admut `ieljljg tbi parafitirs emr `iklslmj= Q4. Wbiri sbmuc` tbiy situp tbi pcajt dasi` mj tbat ajacysls=

(A gmm` strukturi sbmuc` ljkcu`i tbi emccmwljg icifijts)

1. 

4. 

;.

 

0. 

9. 

5. 

Ixpmrt kmjtrmc ristrlktlmjs ditwiij tbi Y[ aj` ET & DT? tbls ls lfpmrtajt dikausi le tbi trajseir me tikbjmcmgy ls `lsaccmwi`, tbij tbi mjcy mptlmj ls tm situp tbi pcajt lj tbi Yjlti` [tatis   [tatis Eljajklac ajacysls me mpiratljg up tbi pcajt lj `leeirijt cmkatlmjs a.  Kmsts (EK, UK)  UK)  d.  Tivijuis tbat akkrui ermf sacis  sacis  k.  Wbiri ari tbi prmelts=   Kustmfirs a.  Wbiri ari tbiy dasi`= d.  Jii` tm di kcmsi tm tbi kustmfir emr `islgj ljputs [uppclirs a.  [pari ^arts d.  Taw fatirlacs Cmglstlks a.  Wbat“s lt gmljg tm taoi tm git tbi prm`ukt tm tbi kustmfir= Fajpmwir  (avalcadlclty  (avalcadlclty me solcci` fajagirs, tikbjlklajs)

(^rmvl`i tbi ljtirvliwii wltb tbi ljemrfatlmj sbi/bi asos emr, dut `mj“t vmcujtiir ajy ljemrfatlmj. Pbi kasi ltsice lsj“t viry bar`, dut tbi krltlkac tbljoljg armuj` bmw a kmujtry flgbt actir purkbasis dasi` mj kmujtry me mrlglj ls a tbmugbt tbat gmm` ljtirvliwiis wlcc drljg up. Pbi mtbir oiy aspikt ls tbi ljtirvliwii“s adlclty tm kapturi `ata aj` jmt git cmst lj lt.)

@ata tm prmvl`i tbi ljtirvliwii, dut mjcy upmj spiklelk riquist Kmfpajy Ljemrfatlmj

  Pbi kclijt bas ; pcajts lj tbi Y[? 4 lj Oajsas aj` 1 lj Flkblgaj •  Pbi pcajts mpirati at eucc kapaklty tm`ay. •  Mji me tbi Y[ pcajts kaj akkmffm`ati aj a``ltlmjac assifdcy clji at tbi kmst me $9>>F? tbi mtbir 4 ari caj`cmkoi` c aj`cmkoi` lj risl`ijtlac arias aj` kajjmt di ixpaj`i`. Kmst Ljemrfatlmj L jemrfatlmj •

  Ljltlac pcajt situp kmsts ari $9>>F (Y[), $4D (DT), $;D (ET) •  Elxi` Kmsts ari $1>>F ajjuaccy lj acc tbrii kmujtrlis



  Uarladci kmsts ari $19F (Y[), $4>F (DT), $49F (ET)



;1

 

Kasi 28 Apakbi Biclkmptir

- bar`-

Dalj&Kmfpajy,Tmuj` Dalj&Kmfpajy,Tmuj` 1

Faroit [lzi aj` Tivijui Ljemrfatlmj

  @ieijsi Du`git emr jixt 9 yiars8 $1>>D (Y[), $19D (DT), $1>D (ET) •  % me @ieijsi Du`git tm di spijt mj mur biclkmptirs mvir tbi jixt 9 yiars •

^urkbasis dy Y[ @ipt

^urkbasis dy DT @ipt

^urkbasis dy ET @ipt

me @ieijsi

me @ieijsi

me @ieijsi

^cajt lj tbi Y[

4>% me du`git

>%

>%

^cajt lj DT

4>% me du`git

9>% me du`git

>%

^cajt lj ET

4>% me du`git

>%

9>% me du`git

[acis ljemrfatlmj Pbi biclkmptir sicc emr $1>>F a pliki, dut le tbiy ari lfpmrti` ljtm tbi Y[, tbij tbi Y[ Gmvt. riqulri tbif tm di kirtleli` aj` tbi kirtlelkatlmj prmkiss kmsts $19F pir kbmppir. k bmppir.

[MCYPLMJ8 Yjlti` [tatis

Drazlc

Erajki

Kmsts (9 yiars) Ljltlac [itup

$9>>F

$4D

$;D

Ajjuac Elxi` kmsts

$1>>F x 9

$1>>F x 9

$1>>F x 9

Uarladci kmsts PMPAC KM[P[ (mvir 9 yiars)

$19F/ kbmppir 9>>F + 9>>F + (# me ujlts) x ($19F)

$4>F/ kbmppir 4D + 9>>F + {(# me Y[ dmuj` ujlts) x ($4>F + $19F} + (# me DT dmuj` ujlts) x ($4>F)}

$49F/ kbmppir Jm jii` tm kackucati sljki rivijuis ls cmwir aj` kmsts ari blgbir tbaj Drazlc, sm lgjmri.

Tivijuis (9 yiars) Y[ DT ET PMPAC TIUIJYI (mvir 9 yiars)

$4>D > > $4>D

$4>D 9>% x 19D 6 $7.9D > $47.9D

$4>D > 9>% x $1>D 6 $9D $49D

;4

 

Kasi 28 Apakbi Biclkmptir

- bar`-

Dalj&Kmfpajy,Tmuj` Dalj&Kmfpajy,Tmuj` 1

Le pcajt lj Y[ Y[ rivijuis mvir 9 yiars 6 4>% me 1>>D 6 4>D # me kbmppirs 6 $4>D / $1>>F 6 4>> biclkmptirs Pmtac Kmst 6 9>>F + 9>>F + (4>>) x ($19F) 6 $0D ^TMELP 6 $15D Le pcajt lj DT Y[ rivijuis mvir 9 yiars 6 4>% me 1>>D 6 4>D DT rivijuis mvir 9 yiars 6 9>% me 19D 6 7.9D # me Y[-dmuj` kbmppirs 6 $4>D / $1>>F 6 4>> biclkmptirs # me DT-dmuj` kbmppirs 6 $7.9D / $1>>F 6 79 biclkmptirs PMPAC KM[P 6 4D + 9>>F + {(# me Y[ dmuj` ujlts) x ($4>F + $19F} + {(# me DT dmuj` ujlts) x ($4>F)} 6 4D + 9>>F + (4>>) (;9F) + (79) (4>F) 6 4D + 9>>F + 7D + 19>>F ^TMELP 6 $15.9D6 $11D Bavljg tbi pcajt lj Drazlc wlcc glvi us prmelts blgbir tbaj tbi Y[ dy $9>>F (A gmm` kaj`l`ati wlcc kmfi up wltb a rikmffij`atlmj)

Dasi` mj tbi eljajklacs, Drazlc appiars tm di a fmri attraktlvi kaj`l`ati emr sittljg up tbi jiw pcajt dikausi8   mur prmelts mvir 9 yiars wlcc di blgbir dy $9>>F   wi wmj“t di ijtlricy `ipij`ijt mj mji sljgci kmujtry (Y[) emr sacis Bmwivir, wi jii` tm acsm ixpcmri tbi emccmwljg8   wbat ls tbi pmtijtlac emr siccljg kbmppirs mutsl`i me tbisi ; kmujtrlis tm tbi wmrc`wl`i -

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-

-

   

faroit wbat wlcc cadmr riaktlmj at mur ixlstljg pcajts di le wi mee sbmri prm`uktlmj tm Drazlc ari Y[ ricatlmjs wltb Drazlc cloicy tm di kmr`lac mvir tbi jixt 9 yiars emr us tm dijielt ermf ixpmrt kmjtrmc caws aj` sacis tm dmtb jatlmjs

(Kasi wrltirs tlp8 Pbls kasi ls jmt mvircy kmfpclkati`, dut accmws emr tbi mppmrtujlty tm drljg lj ymur mwj ojmwci`gi ermf ria`ljg admut kmfpajlis lj tbi @ieijsi spaki. I.g. Pbi lssuis wltb [email protected][ aj`  Alrdus rieirijki cadmr ricatlmjs aj` pcajt pcajt cmkatlmjs lj Erajki Erajki kaj di a pmljt pmljt me `lskusslmj emr dmjus  pmljt.)

;;

 

Kasi <8Iciktrmj <8Iciktrmjlks lks Waribmusi

-fi`luf-

FkOljsiy&Kmfpaj FkOljsiy&Kmfpajy, y, Tmuj` 4

([murki8 Kasi Ljtirvliw ermf FkOljsiy&Kmfpajy, Tmuj` 4) Kmjtixt8 Mur kclijt ls aj iciktrmjlk waribmusi siccljg acc olj`s me iciktrmjlks aj` bmfi appclajkis. Lt was

emuj`i` lj 1<<> aj` kurrijtcy mwjs ;79 stmris cmkati` lj acc fahmr kltlis akrmss tbi Y[.   Pbiy bavi a biactby prmelt farglj aj` riprisijt a fahmr pcayir lj tbi iciktrmjlks ritalc faroit, dut tbi KIM blri` us tm bicp tbif grmw ivij qulkoir. Tikijtcy tbiy mpiji` a jufdir me sfaccir kmjkiptuac stmris aj` tbisi stmris ari ciss prmeltadci tbaj tbi rigucar mjis.  mjis.  Wi bavi tbi taso tm bicp tbif grmw aggrisslvicy wblci faljtaljljg tbi prmeltadlclty.

Ljtirvliwir8 Wbat ari tbi oiy arias tm ljvistlgati lj mr`ir tm `itirflji wby tbi jiw stmris ari jmt prmeltadci= A gmm` ajswir wlcc l`ijtley tbi emccmwljgs8 L wmuc` cloi tm cmmo ljtm tbi emccmwljg arias8 -  Tivijuis8 m

   m  m  m







Pypi me prm`ukts smc` lj tbisi stmris Assmrtfijt Jufdir me kustmfirs ijtirljg tbisi stmris Pypi me kustmfirs( ljkmfi civics, eaflcy status, itk) aj` bmw tbi assmrtfijt lj tbi stmris fiits tbilr jii`s

Kmsts8 m  As ricati` tm tbi vmcufi smc` ( faljcy elxi` kmsts) m  Cadmr kmsts? faydi blgbir tralji` pirsmjjic m  @lstrldutlmj kmsts( ermf suppclirs tm tbi stmri) Kmfpitltlmj8 m  Wbat ls tbi prisijki me kmfpitltlmj lj tbi aria m  Wbat olj` me stmris tbi kmfpitltlmj bas lj tbi aria Mtbir8 m  Jufdir me bmurs mpij m  Pypi me stmris m  Cmkatlmj me tbi stmris m  Wbat ari tbi kustmfir“s jii`s aj` bmw mur kclijt fajagis tm fit tbif

Ljtirvliwir8 Bmw fajy stmris `m tbiy jii` tm mpij lj mr`ir tm sikuri a 4>% faroit sbari lj 9 yiars=

Ljemrfatlmj tm di prmvl`i` upmj riquist8 Kurrijt iciktrmjlk Titalc Faroit 6 $19>D Kurrijt Faroit [bari 6 1>% Iciktrmjlk Titalc Faroit lj 9 yiars 6 $4>>D Aggrisslvi grmwtb wmuc` fiaj akblivljg 4>% faroit sbari lj tbi jixt 9 yiars. ;0

 

Kasi <8 Iciktrmjlks Waribmusi

-fi`luf-

FkOljsiy&Kmf FkOljsiy&Kmfpajy,Tmuj` pajy,Tmuj` 1

(emr slfpclklty me tbi kackucatlmj taoi ljtm akkmujt tbat tbi kurrijt stmris ari acc me tbi safi rivijui slzi aj` tbi euturi mjis wlcc bavi tbi safi aviragi rivijuis? tbi kaj`l`ati sbmuc` riaclzi tbat tbls kackucatlmj wmuc` di `leeirijt le tbat was jmt diljg kmjsl`iri`)

Kurrijt stati8 Faroit 6 $19>D Faroit sbari 6 1>% ⇔  Tivijui 6 1>% * $19>D 6 $19D ⇔  Tivijui pir stmri 6 $19D/ ;79 6 $0>F Lj 9 yiars8 Faroit 6 $4>>D Faroit sbari 6 4>% ⇔  Tivijui 6 4>% * $4>>D 6 $0>D

  Grmwtb jii`i` lj rivijuis 6 $0>D- $19D 6 $49D ⇔  Jm me stmris jii`i` 6 $49D / $0>F 6 549 ( dut jiw stmris wlcc di mjcy spiklaclzi` tbat bavi cmwir rivijui) ⇔

Ljtirvliwir8 Ls tbilr kurrijt stratigy stratigy a sukkiss sukkisseuc euc mji= A gmm` kaj`l`ati wlcc riaclzi tbat tbi risuct ls jmt eiasldci (tbiy bavi ;79 stmris ermf 1<<> ‛ 12 yiars) Ljtirvliwir8 Bmw kaj tbiy akblivi tbilr mdhiktlvis= ^mssldci mptlmjs8 -  Mpij mjcy tbi mc` typi me stmris -  Kbmmsi cmkatlmjs wltb a spiklelk typi me ljbadltajts ( ljkmfi, eaflcy status, bmddlis, itk) -  Ljtrm`uki jiw prm`ukts aj` usi tbi kustmfir `atadasi tm sicc tbif -  Lfpcifijt faroitljg kafpalgjs, cmyacty kar`s -  Faoi kmjtrakts wltb skbmmcs, ljstltutlmjs, bmtics, itk -  Dikmfi a `lstrldutmr emr sfacc iciktrmjlks stmris -  Talsi prlkis mj jmj prlki-sijsltlvi prm`ukts -  Akqulri/firgi wltb a kmfpitltmr -  Git ljtm mtbir kbajjics cloi mjclji sacis, `mmr tm `mmr sacis -  [tart siccljg sirvlkis (ripalrs, ljstaccatlmjs, itk)

;9

 

Kasi 1>8Grmkiry Kbalj

-fi`luf-

FkOljsiy&Kmf FkOljsiy&Kmfpajy, pajy, Tmuj` 1

([murki8 Kasi Ljtirvliw ermf FkOljsiy&Kmfpajy, Tmuj` 1) Kmjtixt8 Mur kclijt ls a grmkiry kbalj bavljg 4>> stmris spria` acc mvir Y[. Pbiy bavi diij ijhmyljg gmm` prmelts aj` griat risucts, tbmugb lj tbi cast 4 yiars tbiy bavi siij a scmw`mwj lj tbi grmwtb me tbi faroit sbari aj` tbi prmelts aj` safi stmri sacis bavi gmji `mwj.  `mwj.   As a fattir me eakt, Wac-Fart bas mpiji` a stmri ixaktcy 4 yiars agm aj` ; fmri lj tbi past twm yiars lj tbi kclijt gimgrapby.  gimgrapby. Mur kclijt acsm starti`, 9  yiars agm, tm mpij sfaccir stmris kcmsir tm wbiri tbiri ls a blgb `ijslty me pimpci.   pimpci. Wi bavi tbi taso tm bicp tbif mvirkmfi tbilr kurrijt lssuis. Ljtirvliwir8 Wbat kaj di tbi riasmjs diblj` tbilr cmw piremrfajki caticy= Icifijts tm di `lskussi` lj tbi draljstmrfljg sisslmj8 Faroit sbari `ikriasi kaj di kmfljg ermf sivirac riasmjs8 -  `ikriasi lj rivijuis `ui tm kustmfirs spij`ljg ciss lj mur stmri aj` fmri lj mtbir stmris, -  kustmfirs fmvljg ermf mur stmris tm ajmtbir stmris, -  aj ljkriasi lj tbi faroit slzi tbat ls jmt kapturi` dy mur kclijt ^rmelt `ikriasi kaj kmfi iltbir ermf rivijui `ikriasi mr ermf kmst ljkriasi @ikriasi` rivijuis `ui tm8

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Kmfpitltlmj8 jii` tm assiss tbi ijtry me jiw kmfpitltmrs me slgjlelkajt ljvistfijts ermf tbi ixlstljg mjis tbat flgbt bavi stmcij tbi kmjsufirs ermf mur stmris Kbajgi lj kmjsufir jii`s tbat wiri jmt spmtti` dy mus kclijt aj` bavi aeeikti` tbi traeelk lj tbi stmri(i.g.8 emkus mj mrgajlk prm`ukts, jii` emr a``ltlmjac sirvlkis tm di prmvl`i` dy tbi stmri, itk) Kbajgi lj prlkljg(spiklelkaccy ljkriasi ) tbat flgbt bavi `ikriasi tbi spij`ljg me tbi kmjsufirs mr `itirflji` tbif tm gm tm ajmtbir kmfpitltmr



Kbajgi lj tbi assmrtfijt me tbi stmri tbat flgbt bavi `itirflji` smfi cmyac kustmfirs tm cmmo emr tbmsi prm`ukts lj ajmtbir pcaki -  Kbajgi lj tbi prmfmtlmjs tbat tbi kclijt usi` tm bavi(i.g. ri`uktlmj me prmfmtlmjs, iclfljatlmj me cmyacty prmgrafs, itk) Ljkriasi` kmsts `ui tm8 -  Mpijljg me jiw sfaccir stmris bavi a cmt dlggir kmsts pir ujlt smc` tbaj tbi mc` stmris -  A ri`uktlmj lj prlkis tbat prmvl`is cmwir prmeltadlclty -  A kbajgi lj tbi flx me prm`ukts smc` ( i.g. jmw tbi kustmfir ls siccljg fmri cmw farglj prm`ukts) Ljtirvliwir8 Bmw kaj tbiy a``riss tbi tbriat me Wac-Fart aj` tbi mtbir kmfpitltmrs= Ljemrfatlmj tm di prmvl`i` upmj riquist8 •  Wac-Fart karrlis 79% me tbi grmkiry ltifs mur kclijt bas at fukb cmwir prlkis •  [tu`lis bavi sbmwi` tbat kmjsufirs kmjsufirs pirkilvi tbi prlkis lj mur kclijt stmri as diljg blgbir tbaj dmtb tbi mjis lj Wac-Fart aj` tbi mjis lj ajmtbir kcmsi kmfpitltmr  kmfpitltmr   ;5

 

Kasi 1>8 Grmkiry Kbalj

- fi`luf-

FkOljsiy&Kmf FkOljsiy&Kmfpajy, pajy, Tmuj` 1

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