capex report q1 2013
TRANSCRIPT
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7/28/2019 Capex Report Q1 2013
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HXSJ_HGD ^KHNG_H] CGSJKHQHSFdvhstkhdt fdthdtfjds gda cusfdhss shdtfkhdt cgsha jd g stuayj 3,38? ^KH ahnfsfjd kgihrs gnrjss shvhd Hurjphgd kgrihts
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Hxhnutfvh fdtrjauntfjd >
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Khtmjaj`jey 1
Shshgrnm mfem`femts 8
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Brgdnh 72
Ehrkgdy 3?
Mudegry 31
Ftg`y 3=
_j`gda >3
Qmh XI >2
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1
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Hurjphgd kgrihts jb Brgdnh, Ehrkgdy,Ftg`y, tmh XI, Nzhnm Shpuc`fn, Mudegry
gda _j`gda fd tmh dhxt 73 kjdtms
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Ngpftg` fdvhstkhdt gnrjssg`` kgrihts fs hxphntha tj chafrhntha prhajkfdgdt`y tjwgraskgdubgnturfde hqufpkhdt gsshts,-76?cd& wftm njkkhrnfg` vhmfn`hssht tj gnnjudt bjr 26cd jbjvhrg`` sphda
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afrhnt njrrh`gtfjd chtwhhd njdahdnh hvh`s gkjde KHs gda tmh fih`fmjja tj fdnrhgsh fdvhstkhdt gda mhganjudt$
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Ngphx sht tj rfsh, arfvhd cy Uhsthrd Hurjphgd ^KHs
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hvhd fd g tjuem kgriht$
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>5 27 1=55716
63
575
=556=2
3=7>7276>
Kjrh tmgd 3$1 kf``fjd ljcs sht tj ch nrhgtha cy Hurjphgd ^KHs fd tmh dhxt 73 kjdtms
Ftg`y
388 328>56
XI
>5=183
832
7?
-
7/28/2019 Capex Report Q1 2013
7/21
Nzhnm Shpuc`fnIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest Nzhnm
^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
7>$7(
71$?(
Dht njdbfahdnh jb Nzhnm ^KHs, cy njkpgdy sfzh
37( 78( 3?( >3(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
@greh ^KHs wftm 8?+316 stgbb grh kjstjptfkfstfn gcjut shntjr erjwtm
Qmh Nzhnm hnjdjky hdthrha 3?7> jptfkfstfng``y cgsha jd g rh`gtfvh`y strjde njdvfntfjd j gd hnjdjkfn rhvfvg` g`chft hxphntha
fd tmh shnjda mg` j tmh yhgr$ Gnrjss tmh qugrthr, hnjdjkfn agtg mgs chhd kfxha< F dbgtfjd ngkh fd gt 7$6( fd Lgdugry, ajwd
?$8( jd Ahnhkchr$ Fdaustrfg` prjauntfjd ahn`fdha cy 1$7( y*j*y fd Lgdugry, wmf`st cusfdhss njdahdnh smjwha sfeds j
rhnjvhry, wftm tmh Nzhnm _KF mfttfde fts mfemhst hvh`s jr kgdy kjdtms$
Fd Bhcrugry, agtg rh`hgsha cy tmh Nzhnm ^tgtfstfng` Jnh smjwha hnjdjkfn gda njdsukhr njdahdnh fdnrhgsha jd tmhprhvfjus kjdtm, wmf`st njdvhrsh`y, tmh dukchr j udhkp`jyha fd Bhcrugry sureha up cy dhgr`y =i tj 86>$2i mfttfde dhw,
g``+tfkh mfems$
Fd Kgrnm, tmh Nzhnm kgdugnturfde _KF fdahx ahn`fdha njkpgrha tj Bhcrugry kgrifde gd gnnh`hrgtfde ahthrfjrgtfjd fdcusfdhss njdaftfjds$ Qmh ajwdturd fd Ehrkgdy, tmh cfeehst hxpjrt kgriht jr tmh Nzhnm Shpuc`fn, wgs tmh kgfd rhgsjdchmfda tmfs s`ukp$
Qmh hnjdjky fs fih`y tj shh jw erjwtm j grjuda ?$>( tmfs yhgr, chfde fkpgntha cy g rh`fgdnh jd g tjuem hxpjrt hdvfrjdkhdtgda wftm ajkhstfn ahkgda g arge$ Uftm `fkftha pjthdtfg` jr fkprjvhkhdt fd tmh njkfde kjdtms, ft fs sht tj ch g s`ueefsmstgrt tj 3?7> jr tmh Nzhnm Shpuc`fn$ @hts djw turd tj jur rhshgrnm dafdes tj shh f tmhrh fs kjrh ngush jr jptfkfsk$
Njdahdnh erjwfde gkjde Nzhnm njkpgdfhs
Ahspfth hnjdjkfn udnhrtgfdty, shdtfkhdt gkjdest Nzhnm KHs mgs rhkgfdha pjsftfvh njkpgrha wftm tmh prhvfjus qugrthr$Qmh rhsu`ts smjw tmgt Nzhnm KHs grh sfedfngdt`y kjrh njdahdt tmgt tmhfr Mudegrfgd njudthrpgrts, gda jd`y kgrefdg``y hssnjdahdt tmgd _j`fsm KHs$ Njdahdnh fs pgrtfnu`gr`y strjde gkjdest grehr Nzhnm KHs, wftm 8?+316 hkp`jyhhs$
Nzhnm Shpuc`fn
Ahspfth g s`femt ajwdturd fd tmh Nzhnm hnjdjky fd rhnhdt kjdtms tmh Ngphx Cgrjkhthr
smjws tmgt Nzhnm ^KHs grh pjsftfvh gcjut uturh ahvh`jpkhdt fd tmhfr shntjr$
Dht njdahdnh smjws tmgt 37( j Nzhnm ^KHs grh jptfkfstfn gda ^KHs grh p`gddfde
tj fdvhst kjrh tmgd 75 cf``fjd jvhr tmh dhxt 73 kjdtms$ Kgljr fdvhstkhdts wf`` ch
afrhntha tjwgras kgdugnturfde hqufpkhdt wmhrh wh hxphnt fdnrhgsh j 3?( fd
njkpgrfsjd wftm tmh prhvfjus qugrthr$ Fdvhstkhdts grh fd kjst ngshs arfvhd cy tmh
dhha tj fdnrhgsh prjauntfvfty$ G`tmjuem tmh dukchr j ^KHs wmj kfssha cusfdhss
jppjrtudftfhs auh tj jutagtha hqufpkhdt stgys tmh sgkh tjtg` hstfkgtha fdnjkh
`jss jr Nzhnm ^KHs mgs fdnrhgsha cy 87( fd W7 3?7> tj g`kjst >$2 cf``fjd$
_htr Egpij,Hnjdjkfst, EH Kjdhy Cgdi
Njudtry Nmgpthrs
73
-
7/28/2019 Capex Report Q1 2013
8/21
Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
5$= =$7
6$=
3$1
8$8>$=
7$2 7$3 7$1 7$3 7$7 7$7 7$> 7$1 ?$=
W7 3?73 W> 3?73 W7 3?7>
Nzhnm ngpftg fdvhstkhdt sht tj rhkgfd bgt jd gst qugrthr
Fdvhstkhdt fdthdtfjds jb Nzhnm KHs fd tmh dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
71$>75$3 72$6
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
51$6i
Ngsh stuay H^IRH@G s$r$j$G hgahr fd jja prjauntfjd
Hstgc`fsmha fd 766=, H^I RH@G fs jnussha grjuda twj
kgfd cusfdhss gntfvftfhs< Mjdhy trgafde gda prjnhssfde,
gda dgdjchrs prjauntfjd$ Mjdhy trgafde fs prhajkfdgdt`y
ehgrha grjuda tmh ajkhstfn kgriht, wmf`st tmh dgdjchrs
cusfdhss ahg`s wftm g kunm crjgahr rgdeh j nustjkhrs
cjtm ajkhstfn gda jrhfed$ H^I RH@G nurrhdt`y hkp`jys
lust udahr mg` j fts hkp`jyhhs gt fts dgdjchr prjauntfjd
Njkpgdy dgkh3 kf``fjd -3?73&
Hkp`jyhhs< 72
Mhgaqugrthrs
-
7/28/2019 Capex Report Q1 2013
9/21
BrgdnhIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest Brhdnm
^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
7$6(
+72$>(
Dht njdbfahdnh jb Brhdnm ^KHs,
cy njkpgdy sfzh
1( 2( +1( 7?(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
@greh KHs grh kjst jptfkfstfn gcjutshntjr erjwtm
Fts chhd g tjuem stgrt tj tmh yhgr jr tmh Brhdnm hnjdjky$ Jvhr tmh rst qugrthr hnjdjkfn agtg mgvh pjfdtha tj gnuth
whgidhss fd Hurjphs shnjda grehst hnjdjky$
Brhdnm cusfdhss gntfvfty smrgdi fd Lgdugry gt tmh gsthst pgnh sfdnh tmh trjuem j tmh e`jcg` dgdnfg` nrfsfs$ Xdhkp`jykhdt
rjsh gt tmh stgrt j tmh yhgr tj >$72 kf``fjd gnnjrafde tj tmh gcjur kfdfstry, njdtfdufde tj n`fkc tmrjuemjut tmh qugrthr chjrh
rhgnmfde dhw rhnjra mfems$ Fd Bhcrugry, FD^HH agtg smjwha Brhdnm fdaustrfg` jutput rjsh kjrh tmgd hnjdjkfsts jrhngst tj
?$5( gthr g rhvfsha ?$=( ahn`fdh fd Lgdugry$ Khgdwmf`h Brhdnm 73+kjdtm fdbgtfjd wgs stgc`h gt 7$?( gt qugrthrs hda, g`chft
smgrp`y up jd g kjdtm`y cgsfs$
Fd Kgrnm, tmh ejvhrdkhdt gddjudnha rhvfsha erjwtm jrhngsts jr tmfs yhgr gda dhxt, wmfnm kgtnmha HN jrhngsts wftm
EA_ erjwtm j lust ?$7( hxphntha fd 3?7> gda 7$3( fd 3?71$ _rhvfjus erjwtm tgrehts j ?$=( whrh arjppha$ Kjrh rhnhdt`y,
fdaustry agtg smjwha cusfdhss njdahdnh whgihdfde gegfd gt tmh hda j tmh qugrthr$ Gegfdst tmfs cgniarjp, jur rhshgrnm
pjfdts tj g kfxha jut`jji jr Brhdnm ^KHs< njdahdnh fs n`hgr`y ajwd, cut fdvhstkhdt fdthdtfjds grh kjrh cu``fsm jvhr tmh
njkfde 73 kjdtms$
Brhdnm shdtfkhdt `jwhst gnrjss Uhsthrd Hurjphgd kgrihts
^hdtfkhdt gkjdest Brhdnm ^KHs fs tmh `jwhst gkjdest fts Uhsthrd Hurjphgd njudthrpgrts, wftm njdahdnh wjrshdfdesucstgdtfg``y jvhr tmh pgst yhgr, pgrtfnu`gr`y wmhd njkpgrha tj tmh kjrh upchgt Ehrkgdy gda XI$ @grehr cusfdhsshs tmjsh wftm 8?+316 hkp`jyhhs grh tmh kjst njdahdt shekhdt, wmf`st tmjsh njkpgdfhs wftm 7?+16 hkp`jyhhs grhpgrtfnu`gr`y ajwdchgt$
Qmh rhshgrnm smjws tmgt ahspfth tmh `gni j vfsfcf`fty fd tmh smjrt gda khafuk
thrk rhegrafde tmh njdaftfjds j g pjssfc`h hnjdjkfn rhnjvhry, njkpjudaha
cy g afnu`ty fd ``fde jrahr cjjis, Brhdnm ^KHs grh wf``fde tj fdvhst tj rhkgfd
njkphtftfvh$ Qmfs wf`` ch pgrtfnu`gr`y fkpjrtgdt gs tmh afg`jeuh stgrts tj kjvh gwgy
rjk g jnus jd gusthrfty gda t jwgras fdvhstfde jr erjwtm$ Brhdnm ^KHs grh `jjifde
tj ch njkphtftfvh jd gd fdthrdgtfjdg` sng`h gda cy fdvhstfde tmrjuem tmh nyn`h tmfs
nju`a jrk g rhg` gavgdtgeh tj tmhfr `jde thrk ahvh`jpkhdt$
_gtrfnh Nju`jd,Ahputy Ehdhrg` Kgdgehr, EH Ngpftg` Brgdnh
Brgdnh
Njudtry Nmgpthrs
72
-
7/28/2019 Capex Report Q1 2013
10/21
Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
3>$2 3>$3
36$3
8$5 =$3
75$=
=$773$2
2$= 1$65$2
8$?5$2 =$3
1$8
W7 3?73 W> 3?73 W7 3?7>
Ngpftg` hxphdafturh sht tj fdnrhgsh kgrefdg``y
Fdvhstkhdt fdthdtfjds jb Brhdnm KHs fd tmh dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
8?$?86$= 2>$>
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
8>$=i
Ngsh stuay Kgfsjd
Lhgd+N`guah Brjkjdt
@g Kgfsjd Lhgd+N`guah Brjkjdt fs g Brhdnm njkpgdy cgsha
fd @fedy+`h+Nmth` dhgr Nmgc`fs, sphnfg`fsfde fd wmfth wfdh
kgifde, strjde`y fdvj`vha fd tmh prjauntfjd j jregdfn wfdh,
wftm g jnus jd fdthrdgtfjdg` trgah$ Qmfs njkpgdy fs jdh j tmh
kgfd jphrgtjrs jr shvhrg` wfdh gpph``gtfjds sunm gs Nmgc`fs,
Nmthgudhu+au+_gph gda ^gdnhrrh$ Ft fs gntfvh fd 1? njudtrfhs$
Fd njdstgdt erjwtm, tmh njkpgdy wgdtha tj fdvhst fd prjauntfjd
`fdhs wmf`h gagptfde tj dhw stgdagras$ Fd 3?7?, tmh njkpgdy
jptha jr tmh fdstg``gtfjd j twj u``y gutjkgtha cjtt`fde `fdhs
Njkpgdy dgkh< Kgfsjd Lhgd+N`guah Brjkjdt^hntjr< Gerfnu`turh Rftfnu`turhQurdjvhr< >> kf``fjd -3?73&Hkp`jyhhs< 33Mhgaqugrthrs< @fedy+`h+Nmth`, Brgdnh
tj khht fts erjwtm rhqufrhkhdts$ Bjr tmfs, tmh njkpgdy sjuemt
gd g`thrdgtfvh tj trgaftfjdg` cgdifde sj`utfjds, g rjuth ft mga
g`rhgay tgihd tj dgdnh fts cuf`afdes$
Jdh j EH Bgntjrgdnh gda Njgnrafts gntjrfde n`fhdts jr 78
yhgrs, kgfd`y jr fts hxpjrt gntfvftfhs, tmh njkpgdy chdhtha
rjk rhgaf`y gvgf`gc`h dgdnfde gda g`rhgay jutsjurnha tmh
kgdgehkhdt j fts n`fhdt pjrtj`fj$ Qmh gaaftfjdg` udafde
dhhaha wgs prjvfaha cy EH Ngpftg` tmgdis tj g shvhd yhgr
dgdnfg` `hgsh jhr stgrtfde fd Lu`y 3?73$
Brhdnm rhspjdahdts tj`a us tmhy whrh prhajkfdgdt`y `jjifde tj fdvhst fd jrahr tj upergah hxfstfde hqufpkhdt$ Qmfs wgs tmh ngshjr dhgr`y twj tmfras j g`` rhspjdahdts$ Khgdwmf`h, udnhrtgfdty fd tmh hnjdjkfn hdvfrjdkhdt fs gt tmh jrhrjdt j Brhdnm ^KHrhspjdahdts kfdas, wftm g`kjst mg` nftfde tmfs gs tmh prhajkfdgdt cgrrfhr tj fdvhstkhdt$ Cgsha jd tmhfr rhspjdshs, wh ngd shhtmgt tmh tjtg` dukchr j ^KHs tmgt sgfa tmhy mgvh kfssha jut jd jppjrtudftfhs mgs kgrefdg``y ahnrhgsha njkpgrha tj prhvfjusqugrthr$ Qmfs sgfa, tmh tjtg` hstfkgtha fdnjkh `jss mgs mg`vha njkpgrha tj g yhgr gej auh tj kfa gda `greh ^KHs th``fde us tmhymgvh kfssha jut sucstgdtfg``y `hss, jd gvhrgeh$
Uh ngd g`sj shh g kgriha ahnrhgsh fd tmh dukchr j p`gddha dhw mfrhs sht tj ch kgah cy Brhdnm ^KHs fd tmh njkfde yhgr$ Jvhr76?,??? dhw ljcs grh p`gddha jr tmh dhxt 73 kjdtms g ahnrhgsh j >6( njkpgrha tj tmh prhvfjus qugrthr$ Qmfs fs auh tj grhauntfjd fd tmh dukchr j ^KHs fdthdafde tj fdnrhgsh mhganjudt, njup`ha wftm gd fdnrhgsh fd tmh dukchr fdthdafde tj rhaunhmhganjudt fd tmh dhxt 73 kjdtms$
Ahspfth bgeefde shdtfkhdt, ngpftg` hxphdafturh fs sht tj rfsh kgrefdg``y jr g tmfra njdshnutfvh qugrthr fd Brgdnh gda fs sht
tj ch jd pgr wftm XI ngpftg` fdvhstkhdt$ Fdthrhstfde`y, njkpgdfhs wftm 7?+16 hkp`jyhhs, wmf`st kjst ajwdchgt, grh hxphntha
tj njdtrfcuth g erhgthr gkjudt tj ngpftg` hxphdafturh fd W7 3?7> fd spfth j tmfs dhegtfvh jut`jji tjwgras erjwtm$ Gnrjss g``
njkpgdy sfzhs, tmh gvhrgeh hstfkgtha sphda phr Brhdnm KH fs 8>$=i, up rjk 8?$6i fd W> 3?73$
Kgfd jcstgn`hs tj fdvhstkhdt bjr Brhdnm ^KHs
Qmh udnhrtgfd hnjdjkfn hdvfrjdkhdt ajkfdgths rhspjdahdts njdnhrdscut gni jb gbbjragc`h bfdgdnh fs g`sj g sfedfbfngdt bgntjr
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 8?( 8>( 17(
@gni jb gbbjragc`h bfdgdnh 3=( 31( 32(
Mgvh rhnhdt`y upergaha 7=( 3>( 77(
+8(->7(&
+3(-3?(&
)1(-11(&
. jb Hkp`jyhhs
1=(
32(
7=(
Qjp rhgsjds bjr fdvhstfde cy Brhdnm ^KHs
Dhgr`y twj tmfras jb rhspjdahdts nfth tmh dhha tj upergah hxfstfde hqufpkhdtgs tmh sfde`h cfeehst rhgsjd prjkptfde tmhk tj fdvhst
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty
2>( 2>( 22(
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 88( 1?( >?(
Fdvhstfde fd dhw typhs jb hqufpkhdttj suppjrt afvhrsfbfngtfjd fdtj dhwprjaunt `fdhs
2( >?( 12(
)7(-1?(&
)8(-33(&
+3(-28(&
. jb Hkp`jyhhs
2>(
17(
35(
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Qjtg` hstfkgtha fdnjkh jss mgs arjppha cy 37(njkpgrha tj tmh gst qugrthr auh kgfd`y tj kfa gda`greh KHs jsfde sucstgdtfg``y hss jd gvhrgeh
71$?
=$27?$=
W7 3?73 W> 3?73 W7 3?7>
+37((Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Fdthdaha mhganjudt fs sht tj bg` sfedfbfngdt y jvhr tmh njkfde73 kjdtms, arfvhd cy g arjp fd tmjsh ^KHs `jjifde tj fdnrhgshmhganjudt, gda g rfsh fd tmjsh fdthdafde tj ahnrhgsh ft
76>,>56+>6(
jdprhvfjusqugrthr
7 phrsjd ; 3?,???
DHU LJC^ _@GDDHA
HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H
7=
-
7/28/2019 Capex Report Q1 2013
11/21
Ehrkgdys hnjdjky mgs jde chhd tmh erjwtm hdefdh gkfa tmh hurjzjdh nrfsfs$ Qmh kgnrj+hnjdjkfn pfnturh kgy dj jdehr
gs upchgt gs ft wgs g yhgr gej, cut hnjdjkfn agtg fd W7 mgs stf`` chhd prhajkfdgdt`y pjsftfvh, wmf`st Ehrkgdys trgah surp`us mft
fts shnjda mfemhst `hvh` fd kjrh tmgd 2? yhgrs, jnfg` agtg smjw$ Qmh Cudahscgdi gddjudnha fd Bhcrugry tmgt Ehrkgdy
wju`a gvjfa rhnhssfjd gda rhturd tj erjwtm fd 3?7>, gda Ehrkgd udhkp`jykhdt g`sj udhxphntha`y h`` fd Bhcrugry gthr
g njdtrgntfjd fd W1 3?73$ JHNA agtg smjwha g kjahst rhcjuda fd Ehrkgd hxpjrts, wmf`st tmh Hnjdjky Kfdfstry rhpjrtha
fdaustrfg` prjauntfjd fdnrhgsha fd Bhcrugry$ Njdvhrsh`y, fdbuhdtfg` tmfdi tgdi Fj rhpjrtha fd fts rheu`gr survhy tmgt
cusfdhss njdahdnh h`` fd Gprf` jr tmh shnjda njdshnutfvh kjdtm$ Qmh Ehrkgd Hnjdjkfn Gavfsjry Njudnf` g`sj rhvfsha fts
hnjdjkfn jut`jji ajwd jr Ehrkgdy, njdtrgafntfde jut`jjis rjk tmh FKB gda tmh HN$ Gegfdst tmfs cgniarjp, mjw ajhs jur
agtg njkpgrh:
Ehrkgd shdtfkhdt rhkgfds strjde fd W7 3?7>
^hdtfkhdt gkjdest Ehrkgd KHs fs tmh mfemhst gnrjss g`` kgrihts, rhbhntfde tmh strjdehr Ehrkgd hnjdjkfn pjsftfjd rh`gtfvh
tj jtmhr Hurjphgd kgrihts$ Uftmfd tmfs, grehr rks grh sfedfngdt`y kjrh jptfkfstfn tmgd tmhfr skg``hr njudthrpgrts$
EhrkgdyIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest Ehrkgd^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
38$8(
31$=(
Dht njdbfahdnh jb Ehrkgd ^KHs,cy njkpgdy sfzh
18( 38( 82( 86(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
@greh KHs grh sfedfbfngdt`y kjrh jptfkfstfn
gcjut shntjr erjwtm tmgd skg`` gda kfnrj bfrks
Qmh Ehrkgd Bgntjrfde Gssjnfgtfjd djths tmgt tmh ^KH shntjr
fd Ehrkgdy fs erjwfde strjdehr$ Gaaftfjdg``y, g`kjst 6?(
j gntjrfde n`fhdts fd Ehrkgdy grh kfa+kgriht njkpgdfhs,
mfem`femtfde tmh jdejfde fkpjrtgdnh j tmh Ehrkgd Kftth`stgda$
Ar$ G`hxgdahr Kjshsnmus,Kgdgefde Afrhntjr, tmh Ehrkgd Bgntjrfde Gssjnfgtfjd
Ehrkgdy
Njudtry Nmgpthrs
3?
-
7/28/2019 Capex Report Q1 2013
12/21
Kgfd jcstgn`hs tj fdvhstkhdt bjr Ehrkgd ^KHs
Shspjdahdts nfth bfdgdnfg` mhg`tm nmg``hdehs gs tmh tmfra cfeehst jcstgn`htj fdvhstkhdt g swfde jb +5( jd `gst qugrthr
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 32( 3>( 36(
@gni jb gbbjragc`h bfdgdnh 37( 32( 3?(
Bfdgdnfg` mhg`tm nmg``hdehs 75( 7=( 37(
+1(-32(&
+5(-38(&
+3(-3=(&
. jb Hkp`jyhhs
32(
33(
7=(
Qjp rhgsjds bjr fdvhstfde cy Ehrkgd ^KHs
@fih gst qugrthr, rhspjdahdts nfth ahthrfjrgtfjd jb hxfstfde hqufpkhdt gs tmh sfde`hcfeehst rhgsjd wmy tmhy p`gd jd fdvhstfde
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 57( 16( 12(
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty
18( 11( 18(
Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs
37( >=( >6(
+>(-1=(&
+>(->8(&
+=(-21(&
. jb Hkp`jyhhs
82(
18(
>3(
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Qmh gvhrgeh hstfkgtha vg`uh jb jppjrtudftfhs kfsshamgs sfedfbfngdt`y ahnrhgsha hgafde tj tmh tjtg`hstfkgtha jss bjr Ehrkgd KHs bg``fde argkgtfng``y
37$3
77$5
31$2
W7 3?73 W> 3?73 W7 3?7>
+83((Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH^
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Uftm dhgr`y g kf``fjd dhw ljcs fdthdaha tj chnrhgtha tmfs yhgr, Ehrkgd KHs grh kjrh cu``fsm jdhkp`jykhdt tmgd gdy jtmhr kgriht fd jur survhy
6=2,181)73(
jdprhvfjusqugrthr
7 phrsjd ; 7??,???
DHU LJC^ _@GDDHA
HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H
^KHs gnrjss Ehrkgdy fdthda tj fdvhst gcjut 72>$1cd fd tmh njkfde 73 kjdtms gd gdtfnfpgtha fdnrhgsh j dhgr`y 2?( j tjtg`
p`gddha fdvhstkhdt fd W> 3?73$ Qmfs fs tmh kjst jut j g`` shvhd hnjdjkfhs survhyha$ Qmh cfe fdnrhgsh fd fdthdaha sphda fs kgfd`y
afrhntha tjwgras kgdugnturfde hqufpkhdt gda njkkhrnfg` vhmfn`hs gsshts$ Qmfs fs g trhda hvfahdt gnrjss kgrihts$
Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
88$818$2
52$8
33$1 3>$8
88$8
73$6 73$= 73$5 7>$= 7?$? 6$6 7?$1 77$3 =$=
W7 3?73 W> 3?73 W7 3?7>
Ehrkgd ngphx gda mhganjudt sht tj fdnrhgsh fd 3?7>
Fdvhstkhdt fdthdtfjds jb Ehrkgd KHs fd dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
778$? 7?3$6
72>$8
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
Fdthrhstfde`y, jcstgn`hs tj fdvhstkhdt sunm gs dgdnfg` mhg`tm nmg``hdehs, wmf`st stf`` hgturfde fd tmh tjp tmrhh nmg``hdehs, tmfsmgs chnjkh hss fkpjrtgdt fd W> 3?73 -ahnrhgsfde cy 5(&, njdtfdufde fts ahn`fdh fd fkpjrtgdnh jvhr tmh pgst tmrhh qugrthrs$Cgsha jd tmhfr rhspjdshs, tmh rhshgrnm das tmgt tmh tjtg` dukchr j ^KHs tmgt sgfa tmhy mgvh kfssha jut jd jppjrtudftfhsmgs rhkgfdha rh`gtfvh`y stgc`h njkpgrha tj tmh prhvfjus qugrthr$ Mjwhvhr, tmh gvhrgeh vg`uh j jppjrtudftfhs kfssha mgssfedfngdt`y ahnrhgsha hgafde tj tmh tjtg` hstfkgtha jss jr Ehrkgd KHs g``fde sfedfngdt`y fd W7 3?7 >$
Umhd gsiha gcjut tmhfr mfrfde fdthdtfjds jvhr tmh dhxt 73 kjdtms, Ehrkgd ^KHs sueehstha tmhy wju`a ch `jjifde tj mfrhg`kjst 7,???,??? dhw hkp`jyhhs tmh grehst gkjudt j gdy j tmh kgrihts wh survhyha$
Ngsh stuay BHXHS pjwhrtrgfd EkcM " Nj$ IE@hgafde kgdugnturhr j gutj njkpjdhdts
Bhuhr _jwhrtrgfd fs g Ehrkgd njkpgdy wmfnm prjaunhs
nrgdismgts jr g vgrfhty j purpjshs, fdn`uafde gerfnu`turg`
mgrvhsthrs, afhsh` gutjkjcf`hs, njkkhrnfg` vhmfn`hs gda
cjgts$ Hstgc`fsmha fd Ehrkgdy h`hvhd yhgrs gej, Bhuhr
_jwhrtrgfd mgs hxphrfhdnha rgpfa erjwtm gda fs djw tmh
`grehst fdahphdahdt njkpgdy j fts ifda fd Hurjph, gda tmh
jurtm `grehst fd tmh wjr`a$ Uftm p`gds tj sht up prjauntfjd
p`gdts fd tmh X^ fd 3?71 gda Nmfdg fd 3?72, tmh njkpgdy
nfths erjwtm gs fts kgfd jclhntfvh$ Qmfs rgpfa erjwtm mgs
kgah Bhuhr _jwhrtrgfd jdh j tmh `grehst hkp`jyhrs fd fts
Njkpgdy dgkh< BHXHS pjwhrtrgfd EkcM " Nj$ IE^hntjr< Gutjkjtfvh supp`y
Qurdjvhr< =1 kf``fjd -3?73&
Hkp`jyhhs< 1?? p`us 8? trgfdhhs
Mhgaqugrthrs
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7/28/2019 Capex Report Q1 2013
13/21
Njkpgdfhs njdtfduh tj smjw `jw cusfdhss gntfvfty fd Mudegry, cut g hw shntjrs, sunm gs gerfnu`turh jr tmhprjnhssfde fdaustry, gs wh`` gs njkpgdfhs prjaunfde jr hxpjrts grh fd g s`femt`y chtthr sftugtfjd gda wh grhshhfde sjkh wf``fdedhss tj kgih fdvhstkhdts gda ush hxthrdg` udas tj ngrry jut tmhsh p`gds$
MudegryIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest
Mudegrfgd KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
+11$6(
+>?$5(
Dht njdbfahdnh jb Mudegrfgd KHs,cy njkpgdy sfzh
+31( +1?( +6( +7>(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
Umf`h dht njdbfahdnh gkjde g`` ^KHs fs dhegtfvh,tmjsh wftm 7?+16 hkp`jyhhs grh hss phssfkfstfntmgd tmhfr phhrs
Qmh Mudegrfgd hnjdjky fs djt hxphntha tj smjw gdy sfedfngdt fkprjvhkhdt fd 3?7>, gnnjrafde tj tmh nhdtrg` cgdi$ Qmh
KDC jrhngsts 3?7> EA_ erjwtm j ?$8( sjkhwmgt kjrh cu``fsm tmgd tmh HN, HCSA gda JHNA, g`` j wmfnm jrhngst
hnjdjkfn njdtrgntfjd$ Hvhr+ahnrhgsfde fdthrhst rgths nju`a mgvh g pjsftfvh fkpgnt fd stfku`gtfde hdafde$ Jvhr tmh pgst yhgr,
tmh KDC mgs nut tmh cgsh rgth rjk 5( tj gd g``+tfkh `jw 8($ Qmfs mgs `ha tj `jwhr `hdafde rgths, cut ft rhkgfds tjj hgr`y tj
shh mjw tmfs wf`` njdtrfcuth tj gd fdnrhgsh fd fdvhstkhdt gntfvfty gda hdafde$
Brjk g njdahdnh phrsphntfvh, cusfdhss shdtfkhdt smjwha sfeds j rhnjvhry hgr`y fd tmh qugrthr, wftm tmh Mudegrfgd _KF
mfttfde fts mfemhst `hvh`s jr kjdtms gda fd Bhcrugry, hnjdjkfn shdtfkhdt rjsh tj g thd kjdtm mfem$ Kjrh rhnhdt`y, tmh KDC
gddjudnha khgsurhs tj cjjst `hdafde, udvhf`fde tmh Budafde jr Erjwtm ^nmhkh, gfkfde tj cjjst hdafde tj kfnrjcusfdhsshs
gda KHs gda rhaunh vu`dhrgcf`fty tmrjuem jwhrfde tmh njudtrys hxthrdg` ahct$
Qmh jvhrgrnmfde `jw erjwtm hdvfrjdkhdt fs auh fd dj skg`` pgrt tj tmh udnhrtgfd hnjdjkfn hdvfrjdkhdt gs cusfdhsshs grh
shhfde g ahnrhgsh fd fdvhstkhdts gda cusfdhss gntfvfty$ Jur rhshgrnm g`sj mfem`femts mjw hnjdjkfn udnhrtgfdty rhprhshdts g
kgljr cgrrfhr tj fdvhstkhdt$ Qmh j``jwfde pgehs hxgkfdh Mudegrfgd fdvhstkhdt fdthdtfjds fd kjrh ahtgf`$
Mudegrfgd ^KHs grh `jw jd njdahdnh
Ahspfth njdahdnh fkprjvfde jvhr tmh njursh j tmh `gst yhgr, Mudegrfgd ^KHs grh tmh `hgst njdahdt gkjdest tmh NHHkgriht gda `hgst njdahdt gnrjss g`` shvhd kgrihts survhyha$ Umf`st dht njdahdnh gkjde g`` ^KHs fs dhegtfvh, tmjshnjkpgdfhs wftm 7?+16 hkp`jyhhs grh hss phssfkfstfn tmgd tmhfr phhrs njdnhrdfde shntjr erjwtm prjsphnts$
Mudegry
Njudtry Nmgpthrs
Cut kjst cusfdhsshs grh pjstpjdfde ngpgnfty fdvhstkhdts, fd kgdy ngshs djthvhd rhp`gnfde gkjrtfzha gsshts, wmfnm fs g`sj rhbhntha fd tmhfr `fkftha dgdnfdedhhas$ Fd tmfs udnhrtgfd hnjdjkfn hdvfrjdkhdt, ft fs udahrstgdagc`h tmgtcusfdhsshs grh kjrh ngutfjus wmhd ft njkhs tj kgifde fdvhstkhdts, cut ft fs fdgnt njkpgdfhs tmgt da dhw tgih+j pjfdts gda grh gc`h tj gnqufrh dhw kgrihtsgda dhw n`fhdts tmgt grh gc`h tj egfd g njkphtftfvh gavgdtgeh gda tj gnmfhvhtmfs, ft fs jthd fdafsphdsgc`h tmgt tmhy fdvhst fd dhw ahvh`jpkhdts$
Rfitjr Qtm,Mhga j Njkkhrnfg` Cgdifde, Cuagphst Cgdi
31
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Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
>$?
1$>
>$7
?$2
7$57$> 7$? ?$= ?$6 ?$6 ?$= ?$= ?$5 ?$6 ?$8
W7 3?73 W> 3?73 W7 3?7>
^phdafde sht tj arjp fd Mudegry
Fdvhstkhdt fdthdtfjds jb Mudegrfgd KHs fd tmh dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
2$7
=$8
2$2
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
>=$6i
Umf`st kjrh tmgd mg` -83(& j rhspjdahdts sgfa tmgt ahthrfjrgtfjd j hxfstfde hqufpkhdt fs tmh kgfd rhgsjd wmy tmhy wju`ach jjifde tj fdvhst, djth tmh 78( arjp fd rhspjdahdts nftfde upergafde fdvhstfde hqufpkhdt tj hdmgdnh hnfhdny gs g tjprhgsjd jr sphdafde$ Qmfs sueehsts tmhrh mgs chhd g rjuda j kjahrdfsgtfjd, gs wh ngd shh g njrrhspjdafde 71( fdnrhgsh fdrhspjdahdts sgyfde tmgt tmhy wf`` djt ch fdvhstfde auh tj mgvfde rhnhdt`y upergaha$
Fd turd, tmh dukchr j KHs wmj tj`a us tmgt tmhy mga kfssha jut jd dhw cusfdhss jppjrtudftfhs auh tj jutagtha hqufpkhdtahnrhgsha cy >=( njkpgrha tj tmh prhvfjus qugrthr$ Qmfs ahnrhgsh, njup`ha wftm g 8?( ahnrhgsh fd tmh gvhrgeh `jss jfdnjkh jr ^KHs, `ha tj g mg`vfde j tmh hstfkgtha tjtg` `jss j fdnjkh fd W7 3?7>$ Bhwhr tmgd 8?,??? dhw ljcs grh p`gddhajr tmh dhxt 73 kjdtms tmh `jwhst tjtg` gnrjss g`` kgrihts$
Hstfkgtha ngpftg` hxphdafturh fs sht tj g`` fd W7 3?7> njkpgrha tj hxphntgtfjds fd tmh prhvfjus qugrthr rhturdfde tj `hvh`s
kjrh n`jsh`y fd `fdh wftm W7 3?73$ Qmfs fs `fih`y tj ch arfvhd cy g sfedfngdt ahnrhgsh fd fdvhstkhdt gkjde njkpgdfhs wftm
3+6 hkp`jyhhs tmjuem `grehr ^KHs grh sht tj fdnrhgsh tmhfr fdvhstkhdt jvhr tmh dhxt 73 kjdtms$ Hxnhpt jr g sfedfngdt
ahnrhgsh fd tmh fdthdaha fdvhstkhdt fd kgdugnturfde hqufpkhdt gsshts, fdvhstkhdt cy gssht typh fs sht tj rhkgfd rh`gtfvh`y
stgc`h njkpgrha tj tmh prhvfjus qugrthr$
Ngsh stuay Bhrzj`G `hgahr fd tmh khtg`s fdaustry
Bhrzj` fs g Mudegrfgd njkpgdy ehgrha grjuda tmh prjauntfjd,
gsshkc`y gda surgnh trhgtkhdt j smhht khtg`$ Ft supp`fhs
dukhrjus ku`tfdgtfjdg` njkpgdfhs gntfvh fd tmh prjauntfjd
j hqufpkhdt usha fd mjushmj`a gda njkkhrnfg` mhgtfde gda
njj`fde, h`hntrjdfns, th`hnjkkudfngtfjds, njkputhr snfhdnh,
kgnmfdhry, gutj fdaustry, gerfnu`turh, gs wh`` gs hqufpkhdt
shrvfde tmh cgdifde shntjr$ Qmh njkpgdy, hstgc`fsmha fd 766?,
fdftfg``y kgdugnturha tjj`s cut gthr, gagptfde tj kgriht dhhas,
swftnmha tj tmh prjauntfjd j smhht khtg`, gs wh`` gs tmhfr
gsshkc`y gda surgnh trhgtkhdt$ Ft fs g supp`fhr tj dukhrjus
ku`tfdgtfjdg` rks$
Njkpgdy dgkh< Bhrzj`^hntjr< Khtg`sQurdjvhr< 7> kf``fjd -3?73&Hkp`jyhhs< 32?
Mhgaqugrthrs< Qpfsz`s, Mudegry
Jvhr tmh pgst hw yhgrs, Bhrzj` mgs kgah sfedfngdt ngpftg`
fdvhstkhdts hdgc`fde ft tj egfd g njkphtftfvh gavgdtgeh gda
shrvfnh fts nustjkhrs kjrh hnfhdt`y$ Fts rh`fgcf`fty, mfem+qug`fty
prjaunts gda njkphtftfvh prfnhs hdsurh tmgt ft wf`` ch gc`h
tj khht fts erjwtm p`gds jr tmh nurrhdt yhgr gs wh``$ _`gddha
fdvhstkhdts jr 3?7> fdn`uah tmh njdstruntfjd j g wgrhmjush,
vgrfjus hqufpkhdt purnmgshs gda tmh urtmhr ahvh`jpkhdt j
fts qug`fty gssurgdnh systhks, fd jrahr tj chnjkh g supp`fhr
tj tmh gutj fdaustry$ Gs g rhsu`t j tmhsh fdvhstkhdts, Bhrzj`
p`gds tj urtmhr fkprjvh jphrgtfde hnfhdny gda gnqufrh dhw
nustjkhrs$ G 783?( fdnrhgsh fd mhganjudt fs p`gddha jr 3?7>$
Kgfd jcstgn`hs tj fdvhstkhdt bjr Mudegrfgd ^KHs
G`kjst g qugrthr jb rhspjdahdts nfth mgvh rhnhdt`y upergaha gs gd jcstgn`htj fdvhstkhdt g swfde jb )71( jd tmh `gst qugrthr
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 53( 13( 12(
Ahnrhgsfde * bg``fde jrahrs >>( 7=( 71(
Mgvh rhnhdt`y upergaha 75( 36( 3=(
+8(-27(&
)71(-6(&
+2(->?(&
. jb Hkp`jyhhs
82(
31(
3>(
Qjp rhgsjds bjr fdvhstfde cy Mudegrfgd ^KHs
78( hss jb jur rhspjdahdts nftha upergafde hxfstfde hqufpkhdt gs g rhgsjd bjrfdvhstfde tmfs qugrthr
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 81( 83( 15(
Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs >2( 3>( >>(
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty 31( >?( 31(
)2(-12(&
+7(->3(&
. jb Hkp`jyhhs
83(
>7(
32( +78(-17(&
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Qmh tjtg` dukchr jb KHs tmgt sgfa tmhy mga kfsshajppjrtudftfhs mgs ahnrhgsha njkpgrha tj tmhprhvfjus qugrthr, rhturdfde tj W7 3?73 hvh`s
7$17 7$>=
3$5=
W7 3?73 W> 3?73 W7 3?7>
+8?(
(Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH^
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Uftm bhwhr tmgd 8?,??? dhw ljcs p`gddha bjr tmhdhxt 73 kjdtms tmfs fs tmh jwhst hstfkgtha ljcnrhgtfjd jb g`` kgrihts fd jur survhy
1=,3=>+37(
jdprhvfjusqugrthr
7 phrsjd ; 7?,???
DHU LJC^ _@GDDHA
HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H
32
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Qmh dhw Ngphx Cgrjkhthr mfem`femts sjkh rh`hvgdt trhdas, cjtm rjk gd
hnjdjkfn gda njkkhrnfg` phrsphntfvh$ Jd tmh jdh mgd a, wh shh tmh erjwtm
j fdvhstkhdt fd ngpftg` hxphdafturh + wftm g rhturd tj tmh `hvh`s j hgr`y 3?73$
Jd tmh jtmhr, tmh fdnrhgsha njdsnfjusdhss gkjde Ftg`fgd hdtrhprhdhurs tmgt
g `gni j ngpftg` fdvhstkhdt mgs g dhegtfvh fkpgnt jd njkpgdfhs gcf`fty tj
ngpturh dhw cusfdhss jppjrtudftfhs$ Mfem`y sphnfg`fzha gda bhxfc`h dgdnfde
tjj`s grh fdnrhgsfde`y phrnhfvha cy Ftg`fgd njkpgdfhs gs g vg`fa g`thrdgtfvh tj
trgaftfjdg` dgdnfg` prjaunts, gda ngd mh`p arfvh cusfdhss erjwtm$
Kgssfkj Kgnnfjnnmf,HB, B`hht gda Gutj @hgsh Njkkhrnfg` @hgahr, EH Ngpftg` Ftg`y
Qmh yhgr gmhga fs sht tj ch g tjuem jdh jr Ftg`y, wftm g rhnhssfjdgry hdvfrjdkhdt jvhrsmgajwfde tmh hnjdjky, pj`ftfng`
udnhrtgfdty gda g tjuem gusthrfty rhefkh fd p`gnh$ Fd hgr`y 3?7>, Ftg`ys hnjdjky kfdfsthr stgtha tmh Ftg`fgd hnjdjky wf``
hxpgda cy gcjut 7( g yhgr rjk 3?71 hdjuem tj pu`` ft jut j rhnhssfjd cut djt tj nut mfem udhkp`jykhdt sucstgdtfg``y$ Qmh
Cgdi j Ftg`y wgs `hss jptfkfstfn, jrhngstfde jd`y g kjahst gda udnhrtgfd rhvfvg` fd tmh shnjda mg` j tmfs yhgr gda erjwtm
j lust ?$5( fd 3?71$
Fd Lgdugry, fdbgtfjd arjppha tj g 75 kjdtm `jw j 3$3( gs rhnhssfjd ahhphdha, Fstgt rhpjrtha$ Xdhkp`jykhdt g`sj rjsh
kjrh tmgd tmh kjst phssfkfstfn jrhngst fd Lgdugry, tj 77$5($ Khgdwmf`h rgtfdes gehdny, Bftnm, nut Ftg`ys nrhaft rgtfde fd W7
auh tj tmh pj`ftfng` udnhrtgfdty gthr gd h`hntfjd fkpgssh, ahhp rhnhssfjd gda rfsfde ahct$ Qmh h`hntfjd stg`hkgth tmrhgthdha
tj pgrg`ysh tmh Ftg`fgd gusthrfty prjergkkh gda shrvha tj nrhgth urtmhr fdstgcf`fty fd tmh Hurjzjdh kjrh wfah`y$ G wh`njkh
rgy j `femt ngkh jr Ftg`y tmrjuem tmh Ejvhrdkhdts p`gd tj sphha pgykhdt fd grrhgrs tj njkpgdfhs g 1?cd cjjst tj
tmh hnjdjky jvhr tmh dhxt 73 kjdtms$ Efvhd tmfs cgniarjp, mjw ajhs tmfs ghnt tmh sphdafde fdthdtfjds gda njdahdnh
j Ftg`fgd KHs:
Ftg`fgd ^KHs grh `jw jd njdahdnh
_hrmgps udsurprfsfde`y, shdtfkhdt gkjdest Ftg`fgd KHs fs gkjdest tmh jwhst gnrjss tmh shvhd kgrihts wh survhyha wftmjd`y tmh Mudegrfgd gda Brhdnm kgrihts chfde `hss njdahdt gcjut prjsphnts jr erjwtm fd tmh shntjr fd wmfnm tmhy jphrgth$Qmfs sgfa, njdahdnh fd shntjr erjwtm mgs fkprjvha kgrefdg``y njkpgrha tj g yhgr gej wftm `grehr ^KHs kjst jptfkfstfngcjut erjwtm prjsphnts$
Ftg`yIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest Ftg`fgd
^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
+3?$6(
+71$5(
Dht njdbfahdnh jb Ftg`fgd KHs, cy njkpgdy sfzh
2( +75( 77( 38(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
^fkf`gr tj Ehrkgdy, `greh ^KHs grh sfedfbfngdt`ykjrh jptfkfstfn gcjut shntjr erjwtm tmgd skg``gda kfnrj bfrks
Ftg`y
Njudtry Nmgpthrs
3=
-
7/28/2019 Capex Report Q1 2013
16/21
Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
1?$5
35$7
>5$3
75$777$6
37$6
5$577$2
=$8 2$17?$>
2$? =$?6$3
8$1
W7 3?73 W> 3?73 W7 3?7>
^fkf`gr tj tmhfr Hurjphgd dhfemcjurs, Ftg`fgd bfrks grh hxphntfde tj g``jngth tmh kgljrfty jbngpftg` fdvhstkhdt fdtj kgdubgnturfde hqufpkhdt gda njkkhrnfg` vhmfn`hs
Ftg`fgd KHs grh sht tj fdnrhgsh ngpftg` fdvhstkhdt
Fdvhstkhdt fdthdtfjds jb Ftg`fgd KHs fd dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
=?$?
5?$?
56$?
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
5?$7i
Fdthdaha ngpftg` hxphdafturh fs sht tj rfsh gegfdst tmh prhvfjus qugrthr rhturdfde tj hvh`s shhd fd W7 3?73
Ftg`fgd ^KHs grh ihhd tj hdmgdnh hnfhdny gda prjauntfvfty, wftm g`kjst twj tmfras j rhspjdahdts th``fde us tmhy wju`a chupergafde hxfstfde hqufpkhdt jr tmhsh rhgsjds$ Gegfd, tmh udnhrtgfd hnjdjkfn hdvfrjdkhdt fs tmh jvhrgrnmfde gntjr fkpgntfderhspjdahdts fdvhstkhdt kjtfvgtfjds$ Cgsha jd tmhfr rhspjdshs, wh shh tmgt tmh tjtg` dukchr j ^KHs wmj tj`a us tmhy mgvhkfssha jut jd dhw cusfdhss jppjrtudftfhs gs g rhsu`t j ahthrfjrgtfde hqufpkhdt mgs fdnrhgsha njkpgrha tj tmh prhvfjus qugrthr$Qmfs mgs `ha tj gd hstfkgtha fdnjkh `jss j 31$1cd gd fdnrhgsh j >( njkpgrha tj tmh prhvfjus qugrthr, Ftg`y fs kgriha gs tmhjd`y Uhsthrd Hurjphgd kgriht wmhrh tmfs hstfkgtha `jss j fdnjkh mgs fdnrhgsha$
_hrmgps surprfsfde`y efvhd tmh dgtfjdg` hnjdjkfn jut`jji, Ftg`fgd ^KHs grh cu``fsm grjuda ljc nrhgtfjd fd tmh dhxt 73 kjdtms,wftm g 1>( fdnrhgsh fd mhganjudt fdthdtfjds jd tmh prhvfjus qugrthr$ Qmh agtg smjw tmgt kjrh ^KHs fdthda tj fdnrhgsh
mhganjudt, wmf`st hwhr ^KHs fdthda tj ahnrhgsh mhganjudt$ Ft rhkgfds tj ch shhd wmhtmhr tjuem hnjdjkfn njdaftfjds wf``hdgc`h tmhsh fdthdtfjds tj ch cjrdh fdtj ruftfjd, cut g n`hgr ahsfrh tj nrhgth ljcs hxfsts djdhtmh`hss$
Ahspfth ajwdchgt shdtfkhdt, ngpftg` hxphdafturh fs sht tj rfsh cy 7> ( njkpgrha tj tmh prhvfjus qugrthr, rhturdfde tj `hvh`s
shhd fd W7 3?73$ Qmfs fs sht tj ch arfvhd cy fdvhstkhdt fd kgdugnturfde hqufpkhdt gda njkkhrnfg` vhmfn`h gsshts g trhda
prhvgf`fde gnrjss Hurjphgd kgrihts$ Ahspfth chfde kjrh jptfkfstfn tjwgras erjwtm, `greh ^KHs grh jd`y sht tj kgrefdg``y
fdnrhgsh ngpftg` hxphdafturh fd W7 3?7>, wftm tmh kgljrfty j sphda sht tj ahrfvh rjk skg``hr Ftg`fgd njkpgdfhs$
Kgfd jcstgn`hs tj fdvhstkhdt bjr Ftg`fgd ^KHs
Qmh udnhrtgfd hnjdjkfn hdvfrjdkhdt fs tmh jvhrgrnmfde bgntjr fkpgntfderhspjdahdts fdvhstkhdt kjtfvgtfjds
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 83( 1?( 18(
Bfdgdnfg` mhg`tm nmg``hdehs 18( >1( 35(
@gni jb gbbjragc`h bfdgdnh 35( 13( 31(
)76(-75(&
+1(-8?(&
)1(-35(&
. jb Hkp`jyhhs
12(
>2(
>7(
Qjp rhgsjds bjr fdvhstfde cy Ftg`fgd ^KHs
Dhgr`y twj tmfras jb rhspjdahdts sgfa tmgt upergafde hxfstfde hqufpkhdt fs tmhsfde`h cfeehst rhgsjd wmy tmhy grh p`gddfde jd fdvhstfde
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty
15( 27( 5>(
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 83( 3>( 11(
Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs >3( >3( 16(
+3(-1?(&
)1(->>(&
+1(-28(&
. jb Hkp`jyhhs
27(
>=(
>5(
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Ftg`y fs tmh jd`y HX1 kgriht wmhrh hstfkgtha fdnjkh`jss mgs fdnrhgsha tmfs qugrthr$
38$=
31$1
3>$2
W7 3?73 W> 3?73 W7 3?7>
)>( (Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Ftg`fgd KHs grh cu``fsm gcjut ljc nrhgtfjd 11( jbrhspjdahdts sgfa tmhy wju`a ch jjifde tj fdnrhgshmhganjudt fd tmh dhxt 73 kjdtms
>5=,85?)1>(
jdprhvfjusqugrthr
7 phrsjd ; 8?,???
DHU LJC^ _@GDDHA
HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H
>?
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7/28/2019 Capex Report Q1 2013
17/21
_j`gdaIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest _j`fsm^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
>7$=(
72$5(
Dht njdbfahdnh jb _j`fsm KHs, cy njkpgdy sfzh
31( 2( >?( 17(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
@greh ^KHs grh tmh kjst jptfkfstfn tjwgrasshntjr erjwtm wftm skg``hr bfrks kjrh ngutfjus
Qrgaftfjdg``y tmh pjwhrmjush j tmh NHH rhefjd gda g kgljr hnjdjkfn p`gyhr fd Hurjph, _j`gda mgs gnha afnu`tfhs fd rhnhdt
kjdtms$ Qmh rst qugrthr j 3?7> fd pgrtfnu`gr sgw tmh wjrst hnjdjkfn s`jwajwd fd _j`gda jr 73 yhgrs, gnnjkpgdfha cy
jdejfde ahthrfjrgtfjd fd tmh ajkhstfn `gcjur kgriht$ Kjrh crjga`y, tmh jut`jji jr hnjdjkfn erjwtm fd _j`gda fd 3?7> fs
agkphdfde, wftm jw erjwtm jrhngstha fd tmh rgdeh j ?$2+3(, gnnjrafde tj tmh Nhdtrg` Cgdi$
Kfxha hnjdjkfn agtg hkhreha gnrjss tmh rst qugrthr< Fd Lgdugry, _j`fsm fdaustrfg` prjauntfjd fdnrhgsha gt g sfedfngdt`y
gsthr rgth tmgd hxphntha -8$1 phrnhdt y+j+y&$ _j`gdas fdbgtfjd rgth njdtfduha tj s`jw tmjuem, arjppfde tj 7$5 phrnhdt, chjrh
arjppfde gegfd tj 7$> phrnhdt fd Bhcrugry, fdafngtfde g s`jwfde j tmh hnjdjky$ Fd kfa+Bhcrugry Bftnm upergaha _j`gdas nrhaft
jut`jji tj pjsftfvh rjk stgc`h, trfeehrha cy tmh njdtrgntfjd j _j`gdas puc`fn ahnft$ Kjrh rhnhdt`y, tmh _j`fsm kgdugnturfde
_KF fdahx ahn`fdha kjdtm jd kjdtm, kgrifde gd gnnh`hrgtfde ahthrfjrgtfjd fd cusfdhss njdaftfjds$
Fd Kgrnm, tmh Nhdtrg` Cgdi nut fdthrhst rgths jr tmh tm kjdtm fd g rjw, arjppfde tmh chdnmkgri rgth 8? cgsfs pjfdts tj g
rhnjra jw j >$38( fd gd hjrt tj rhvfvh tmh s`jwfde hnjdjky$ Qmh sftugtfjd fs djt mh`pha cy tmh whgi hnjdjkfn jut`jji j
_j`gdas kgfd trgafde pgrtdhrs, shrvfde tj mgkphr ajkhstfn njdahdnh urtmhr$ Gegfdst tmfs cgniarjp, mjw aj _j`fsm ^KHs
hh` tmhy grh njpfde gda mjw cu``fsm grh tmhy gcjut prjsphnts jr erjwtm:
Njdahdnh gkjde _j`fsm ^KHs mgs tgihd g idjni_hrmgps udsurprfsfde`y efvhd tmh mgrsm hnjdjkfn njdaftfjds fd _j`gda, shdtfkhdt gkjdest _j`fsm KHs mgs g``hd sfedfngdt`yjvhr tmh gst yhgr, rjk >7$=( tj 72$5($ Qmfs khgds tmgt _j`fsm KHs grh dj jdehr tmh kjst njdahdt njmjrt, arjppfde ch`jw
Ehrkgd ^KHs fd thrks j njdahdnh fd shntjr erjwtm prjsphnts$ @grehr ^KHs wftm 8?+316 hkp`jyhhs grh kjst jptfkfstfntjwgras shntjr erjwtm wftm njkpgdfhs wftm 3+6 hkp`jyhhs chfde sfedfngdt`y kjrh ngutfjus$
_j`gda
Njudtry Nmgpthrs
^KHs njdstftuth 66$=( j g`` njkpgdfhs fd _j`gda gda jrk 58( j ljcs gda 25(
j EA_$ Qmhfr shdtfkhdt gda fdvhstkhdt p`gds grh hxtrhkh`y fkpjrtgdt jr tmh
_j`fsm hnjdjky$ Qmh nurrhdt hnjdjkfn sftugtfjd g vfsfc`h s`jwajwd + dgturg``y
rhaunhs shdtfkhdt gda fdthdtfjds rh`gtha tj hdtrhprhdhurs fdvhstkhdt p`gds,
wmfnm khgds tmgt tmhy jnus jd kgfdtgfdfde tmhfr nurrhdt pjsftfjd rgtmhr tmgd
p`gyfde jhdsh$ Uh grh g`sj shhfde g ahnrhgsh fd tmh ush j nrhaft `fdhs gda tmh
gnnuku`gtfjd j njrpjrgth ahpjsfts$
Erzhejrz Lurnzyi,Nmfh Hxhnutfvh Jnhr, Ahputy _rhsfahdt j tmh Kgdgehkhdt Cjgra, Njkkhrnfg` Cgdifde Afvfsfjd, Cgdi C_M
>3
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7/28/2019 Capex Report Q1 2013
18/21
Fdthdaha fdvhstkhdt cy gssht typh -cd&
KgdubgnturfdeHqufpkhdt
Njkkhrnfg`Rhmfn`hs
FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt
75$=
73$177$? 77$?
7>$1
5$1
>$6 1$33$8 3$8 >$> 3$7 >$> 3$2 7$>
W7 3?73 W> 3?73 W7 3?7>
_j`fsm ngphx sht tj arjp fd njkfde 73 kjdtms
Fdvhstkhdt fdthdtfjds jb _j`fsm ^KHs fd tmh dhxt 73 kjdtms -cd&
W> 3?73W7 3?73 W7 3?7>
>=$1 >8$=
31$>
W73?7>
gvhrgehhstfkgtha
sphdaphr^KH
63$2i
Ngsh stuay NK Kfnmh``G `hgahr fd tmh prjauntfjd j chguty
gda njskhtfn prjaunts
NK Kfnmh`` wgs judaha fd 7668 gda sphnfg`fshs fd tmh
prjauntfjd j chguty gda njskhtfn prjaunts, afstrfcutfde
tmhk tj `jng` rhtgf`hrs gda wmj`hsg`hrs$ Qmh NK Kfnmh` gda
Kj``jd Njskhtfns crgdas prjaunts grh g`sj sunnhssu``y
afstrfcutha tj jvhrshgs kgrihts fdn`uafde tmh XI gda Sussfg$
Umf`st chfde mfem`y pjpu`gr fd jvhrshgs kgrihts, tmh
njkpgdy fs wjrifde mgra tj fdnrhgsh crgda gwgrhdhss jr fts
njskhtfn rgdeh fd tmh ajkhstfn kgriht, wmhrh fts prjaunts
Njkpgdy dgkh< NK Kfnmh``^hntjr< BKNEQurdjvhr< 3 kf``fjd fd 3?73Hkp`jyhhs< 1?Mhgaqugrthrs$
_j`fsm KHs grh p`gddfde tj nrhgth lust udahr 3??,??? dhw ljcs fd tmh dhxt 73 kjdtms g skg`` ahnrhgsh j 2( njkpgrha tjtmh prhvfjus qugrthr$ Qmfs fs auh tj g kgrefdg` fdnrhgsh fd tmh dukchr j ^KHs wmj fdthda tj rhaunh mhganjudt, fd gaaftfjd tjg rhauntfjd fd tmh gvhrgeh dukchr j hkp`jyhhs sht tj ch rhnruftha cy greh KHs$
Uftm shdtfkhdt arjppfde, ngpftg` hxphdafturh fs g`sj sht tj arjp jr g tmfra njdshnutfvh qugrthr fd _j`gda$ Gnrjss g`` njkpgdy
sfzhs, tmh gvhrgeh hstfkgtha sphda phr _j`fsm ^KH fs 63$2i, ajwd rjk 712$8i fd W7 3?73$ ^fkf`gr tj jtmhr kgrihts, tmh
kgljrfty j fdvhstkhdt fs sht tj ch afrhntha tjwgras kgdugnturfde hqufpkhdt gda njkkhrnfg` vhmfn`hs gsshts$
Kgfd jcstgn`hs tj fdvhstkhdt bjr _j`fsm ^KHs
_j`fsm rhspjdahdts nfth hnjdjkfn udnhrtgfdty gsg kgljr bgntjr prhvhdtfde fdvhstkhdt
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 82( >=( 1?(
Ahnrhgsfde * bg``fde jrahrs >5( 3?( 31(
Qjj kunm rha tgph * curhgunrgny tjgnnhss bfdgdnh
36( 72( 72(-78(&
)1(-17(&
)5(-37(&
)2(
. jb Hkp`jyhhs
18(
3=(
37(
Qjp rhgsjds bjr fdvhstfde cy _j`fsm ^KHs
Dhgr`y mg`b jb g`` rhspjdahdts nftha upergafde hxfstfde hqufpkhdt gs gprfkgry rhgsjd bjr fdvhstfde
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty
87( 11( 83(
Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs >6( 1>( 18(
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 13( 36( 38(
)8(-11(&
)7(-17(&
. jb Hkp`jyhhs
16(
13(
>3( +7(->>(&
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Fdnrhgshs fd tmh hstfkgtha gvhrgeh jss jb fdnjkh gkjdeskg`` gda kfa+sfzha KHs mgs ha tj g kgrefdg` fdnrhgshfd tmh tjtg` prhafntha jss jb fdnjkh gnrjss tmh kgriht
?$86
?$=6?$=3
W7 3?73 W> 3?73 W7 3?7>
)6( (Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Dhgr`y 3??,?? ljcs grh sht tj ch nrhgtha cy _j`fsm^KHs fd tmh njkfde yhgr, wftm 1?( jb rhspjdahdtssgyfde tmhy wgdtha tj fdnrhgsh mhganjudt
762,=5>+2(
jdprhvfjusqugrthr
7 phrsjd ; 3?,???
DHU LJC^ _@GDDHA
HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H
>1
-
7/28/2019 Capex Report Q1 2013
19/21
Qmh XI hnjdjky gt tmh stgrt j 3?7> mgs shhd erjwtm prjsphnts thkphrha cy vgrfjus mhgawfdas$ Fd Lgdugry tmh FKB nut fts
erjwtm jrhngsts jr tmh XI, prhafntfde tmh hnjdjky wju`a hxpgda cy lust 7( tmfs yhgr jwhr tmgd prhvfjus`y hxphntha$ Fd
Bhcrugry, g kfxha kjdtm sgw g pfni+up fd Crftfsm hxpjrts gda kgdugnturfde jutput mh`p nmhhr tmh vfhw j XI erjwtm, wmf`st
fdaustrfg` prjauntfjd g`sj rjsh kjrh tmgd hxphntha$ Qmh NCFs rheu`gr hnjdjkfn jrhngst prhafntha tmh XI hnjdjky tj erjw
kjahst`y fd 3?7>, wftm tmh pgnh pfnifde up fd 3?71$ Mjwhvhr, tmh kjdtm hdaha wftm Kjjays ajwdergafde tmh XIs prfzha
nrhaft rgtfde rjk trfp`h G tj ajuc`h G7$ Fd tmh Kgrnm Cuaeht, tmh ejvhrdkhdt rhvfsha ajwd erjwtm jrhngsts gda gakfttha
tj mgvfde tj cjrrjw kjrh tmgd wgs prhvfjus`y hxphntha$ Kjrh rhnhdt`y, JD^ agtg smjw tmh XI hnjdjky gvjfaha g trfp`h+afp
rhnhssfjd aurfde tmh rst qugrthr j 3?7> gda tmh rst stgeh j tmh stgth Cusfdhss Cgdi gudnmha, efvfde g cjjst tj XI KHs$
Uftm rhnhdt agtg sueehstfde prjsphnts jr tmh XI grh djw stgrtfde tj fkprjvh, mjw ajhs tmfs njrrh`gth wftm tmh dafdes rjkjur survhy:
XI ^KHs njdtfduh tj fdvhstJur rhshgrnm smjws tmgt shdtfkhdt gkjdest XI KHs rhegrafde erjwtm fd tmhfr shntjr fs fkprjvfde, wftm g ngutfjus jptfkfskrhturdfde pgrtfnu`gr`y wmhd njkpgrha tj njudthrpgrts fd Ftg`y gda Brgdnh$ ^fkf`gr tj Ehrkgdy, njkpgdfhs jd tmh skg``hrsfah j tmh sphntruk, tmjsh wftm 3+6 hkp`jyhhs, grh sfedfngdt`y hss jptfkfstfn tmgd grehr rks$
Qmh XIIhy hnjdjkfn fdafngtjrs
Gddug` nmgdeh fd njdbfahdnh gkjdest XI
^KHs njkpgrha tj rhefjdg` gvhrgeh
W7 3?7>W7 3?73
+2$8(
73$1(
Dht njdbfahdnh jb XI KHs, cy njkpgdy sfzh
>>( 72( 13( 17(
W7 3?7>Qjtg` 3+6 7?+16 8?+316
. jb hkp`jyhhs
Kfnrj bfrks grh sfedfbfngdt`y hss njdbfahdttmgd tmhfr grehr njudthrpgrts
Qmfs Ngphx rhshgrnm fs g ejja cgrjkhthr fd shdtfkhdt j tmh wfahr
kgriht mhrh fd tmh XI gda smjws g aherhh j pjsftfvfty$ Mjwhvhr, wmf`st
fdvhstkhdt fs fdnrhgsfde fts th``fde tmgt rhp`gnhkhdt rgtmhr tmgd erjwtm
fs tmh ihy arfvhr$ _`gds tj fdnrhgsh mfrfde grh hxtrhkh`y pjsftfvh gda
f rhg`fsha wf`` cuf`a jd tmh rhnhdt fdnrhgshs fd XI hkp`jykhdt hvh`s
gda cjjst tmh jvhrg`` mhg`tm j tmh hnjdjky$
F`grfg ah` Chgtj,Nmfh Hxhnutfvh Jnhr, EH Ngpftg` XI
Qmh XI
Njudtry Nmgpthrs
>2
-
7/28/2019 Capex Report Q1 2013
20/21
Kgfd jcstgn`hs tj fdvhstkhdt bjr XI ^KHs
1?( jb rhspjdahdts nfth gd udnhrtgfd hnjdjkfn hdvfrjdkhdt gs g kgljrjcstgn`h tj fdvhstkhdt
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 15( >=( >8(
@gni jb gbbjragc`h bfdgdnh 35( 37( 78(
Cuf`afde ngsm rhshrvhs 3?( 7=( 3?(
+3(-3>(&
+(-76(&
+1(-11(&
. jb Hkp`jyhhs
1?(
37(
76(
Qjp rhgsjds bjr fdvhstfde cy XI ^KHs
Shspjdahdts nfth upergafde hxfstfde hqufpkhdt gs tmh sfde`h cfeehst rhgsjd bjrp`gddha fdvhstkhdt
W7 3?7>Qjtg`
vs$W> 3?73 3+6 7?+16 8?+316
Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty
12( 28( 23(
Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 8>( >6( 8?(
Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs
3?( >8( >6(
)5(-1?(&
+3(->1(&
+5(-28(&
. jb Hkp`jyhhs
8=(
15(
>3(
SHG^JD^ BJS FDRH^QKHDQ
JC^QGN@H^ QJ FDRH^QKHDQ
Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&
G`` KHs
Qmh tjtg` hstfkgtha jss jb fdnjkh gkjdest XI KHsmgs mg`vha njkpgrha tj W> 3?73
6$>
2$1
71$?
W7 3?73 W> 3?73 W7 3?7>
+81((Nmgdehjdprhvfjusqugrthr
H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH
Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&
Uftm kjrh tmgd mg`b g kf``fjd dhw ljcs sht tj chnrhgtha jvhr tmh njkfde yhgr, XI KHs grh n`hgr`yfd mfrfde kjah
838,82=)72(
jdprhvfjusqugrthr
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>=
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7/28/2019 Capex Report Q1 2013
21/21
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