Download - 2014 FPA q3 Crescent Webcast Final
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A^E Frjsfjot Auo`A^EFR*
Pbdr` Uuertjr 50
Xjlfest ^rjsjotetdio
^rjsjotj` ly; Fiotrerdeo Qecuj Pjem
*Fbercjs Vfbwel Pdfgjr; A^F5[
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^bdcisipby
5
Xj jo`jevir ti privd`j, ivjr tbj cioh-tjrm, eo jqudty-cdgj rjturo wdtb cjss rdsgtbeo tbj stifg mergjt wbdcj evid`dohpjrmeojot dmpedrmjot ia fepdtec.
Xj sjjg ti d`jotday elsicutj vecuj ippirtuodtdjs efriss tbj fepdtec strufturj.
Pbjsj dovjstmjots typdfeccy dofcu`j fimmio eo` prjajrrj` stifg, fiovjrtdlcjsjfurdtdjs, firpiretj, bdhb ydjc`, eo` hivjromjot jlt. Perhjtj` sbirt sjccdoh dsusj` rj`ufj spjfdadf rdsg, eo` es e siurfj ia rjturo.
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Evjrehj Eoouec Pitec \jturos es ia Vjptjmljr 6>, 50 air A^E Frjsfjot5 Tjer, 5>.80% : Tjers, 55.% 5> Tjers, 2.:8%
* Viurfj; Mirodohster. Viurfj; Mirodohster. ^est pjrairmeofj ds oi huereotjj ia auturj rjsucts eo` furrjot pjrairmeofj mey lj bdhbjr ir ciwjr tbeo tbj pjrairmeofj sbiwo. Pbj rjturosbiwo ds et ojt essjt vecuj (OEQ) eo` `ijs oit rjacjft tbj `j`uftdio ia tbj secjs fberhj, wbdfb da rjacjftj`, wiuc` rj ufj tbj pjrairmeofj sbiwo. ^cjesj rjajr ti tbj lefg ia tbjprjsjotetdio air aucc `dsfcisurj doairmetdio. Pitec rjturo fecfucetdios erj lesj` io e $5>,>>> dovjstmjot. Pbds `ete rjprjsjots pest pjrairmeofj eo` dovjstirs sbiuc` uo`jrsteo` tbetdovjstmjot rjturos eo` prdofdpec vecujs acuftuetj, si tbet wbjo yiu rj`jjm yiur dovjstmjot dt mey lj wirtb mirj ir cjss tbeo dts irdhdoec fist. Furrjot miotb-jo` pjrairmeofj `ete mey ljiltedoj` ly feccdoh ticc-arjj, 5-2>>-42
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6
A^E Frjsfjot V&^ :>>
U6 50 ->.41% 5.56%
Fecjo`er TP@ 50 0.>.80% 54.86%
6 Tjers - Predcdoh 5:.>.>% 4.>-42
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A^E Frjsfjot wdoojrs eo` cisjrs air U6 50
0
Lesj` io wjdhbtj` fiotrdlutdio ti quertjrcy pjrairmeofj ia tbj Auo`.
*^isdtdio ipjoj` `urdoh tbj pjrdi`. **Vbirt pisdtdio.Es ia Vjptjmljr 6>, 50. ^irtaicdi fimpisdtdio wdcc fbeohj `uj ti iohidoh meoehjmjot ia tbj Auo`. \jajrjofjs ti spjfdadf sjfurdtdjs ir sjftirs sbiuc` oit lj fiostruj` es rjfimmjo`etdios lytbj Auo`, dts E`vdsir ir @dstrdlutir. Pbj `dsfussdios ia Auo` dovjstmjots rjprjsjot tbj vdjws ia tbj Auo`'s meoehjrs et tbj t dmj ia jefb rjpirt eo` erj sulkjft ti fbeohj wdtbiut oitdfj. Pbjsj vdjwsmey oit lj rjcdj` upio es dovjstmjot e`vdfj ir es eo do`dfetdio ia tre`doh dotjot io ljbeca ia eoy Adrst ^efdadf E`vdsirs pirtaicdi. Vjfurdty jxempcjs ajeturj` erj sempcjs air prjsjotetdio purpisjseo` erj dotjo`j` ti dccustretj iur dovjstmjot pbdcisipby eo` dts eppcdfetdio. Dt sbiuc` oit lj essumj` tbet mist rjfimmjo`etdios me`j do tbj auturj wdcc lj priadtelcj ir wdcc jquec tbj pjrairmeofj ia
tbj sjfurdtdjs.^est pjrairmeofj ds oit e huereotjj ia auturj rjsucts. ^cjesj rjajr ti tbj lefg ia tbj prjsjotetdio air aucc `dsfcisurj doairmetdio.
Xdoojrs ^ft. ia ^irtaicdi^jrairmeofjFiotrdlutdio
Cisjrs ^ft. ia ^irtaicdi^jrairmeofjFiotrdlutdio
Mdfrisiat 6.00% >.68% Iwjos Dccdoids >.84% ->..58% Oespjrs* 5.86% ->..52%
Fdtdhriup 5.8.51% Xechrjjo >.18% ->.51%
Ecfie 5.15% >.5
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A^E Frjsfjot pirtaicdi fbereftjrdstdfs
:
Viurfj; A^E eo` Mjccio5Air Frjsfjot Auo` sdofj 4/6>/5441, lesj` ioj jercdjst `ete. Mergjt fepdtecdzetdio ds tbj vecuj ia e firpiretdio es `jtjrmdoj` ly tbj mergjt prdfj ia dts dssuj` eo` iutsteo`doh
fimmio stifg. Dt ds fecfucetj` ly muctdpcydoh tbj oumljr ia iutsteo`doh sberjs ly tbj furrjot mergjt prdfj ia e sberj./5441 ,lesj` io jercdjst `ete.0Evjrehj sdofj 5
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A^E Frjsfjot eccifetdios*
1
\dsg Essjt Vjptjmljr 6>, 56 Vjptjmljr 6>, 50
Fimmio stifg, cioh :0.%
Mirthehjs (wbicj cieos) >.1% >.6%
Itbjr 5.0% 5.5%
Jxpisurj, Ojt :0.>% :0.1%
Oi. ia Jqudty ^isdtdios 08 :6
*^irtaicdi fimpisdtdio wdcc fbeohj `uj ti iohidoh meoehjmjot ia tbj Auo`. \jajrjofjs ti spjfdadf sjfurdtdjs ir sjftirs sbiuc` oit lj fiostruj` es rjfimmjo`etdios ly tbj Auo`, dts E`vdsir ir@dstrdlutir. Pbj `dsfussdios ia Auo` dovjstmjots rjprjsjot tbj vdjws ia tbj Auo`'s meoehjrs et tbj tdmj ia jefb rjpirt eo` erj sulkjft ti fbeohj wdtbiut oitdfj. Pbjsj vdjws mey oit lj rjcdj` upioes dovjstmjot e`vdfj ir es eo do`dfetdio ia tre`doh dotjot io ljbeca ia eoy Adrst ^efdadf E`vdsirs pirtaicdi. Vjfurdty jxempcjs ajeturj` erj sempcjs air prjsjotetdio purpisjs eo` erj dotjo`j` tidccustretj iur dovjstmjot pbdcisipby eo` dts eppcdfetdio. Dt sbiuc` oit lj essumj` tbet mist rjfimmjo`etdios me`j do tbj auturj wdcc lj priadtelcj ir wdcc jquec tbj pjrairmeofj ia tbj sjfurdtdjs.
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>
5
:
5>
5:
6:
0>
0:
:>
5225 54>5 545
5>-TjerZV
PrjesuryOitjs
^rdfj-Jerodo
hs\etdi
FE^J rdfj J5> \etdi Dotjrjst \etj
Bdstirdf ^/J retdi usdoh 5>-yjer evjrehj jerodohs
Viurfj; Vbdccjr, \iljrt K. Iocdoj @ete \iljrt Vbdccjr, jfio.yecj.j`u/~sbdccjr/`ete.btm, eo` Lciimljrh. @ete es ia Iftiljr 54, 50. ^/J ir prdfj-ti-jerodohs ds
e vecuetdio retdi ia e fimpeoys furrjot sberj prdfj fimperj` ti dts pjr-sberj jerodohs.
8
Ift. 54, 50 ^/J 5>-Tjer ZVP
Furrjot 54.0 1.2%
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Xby aicciw tbj ljjr do`ustry
2
Fiosicd`etj` Do`ustry/\jhdioec @uipicdjs
Jfioimdjs ia sfecj
Bdhb \IDF
Miets eriuo` yiur tbriets
Ciw prdvetj celjc pjojtretdio
Mi`jst vicumj hriwtb io hcilec lesds
Fesb hjojretdvj eo` elcj ti suppirt rjesioelcj cjvjrehj
\IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots.Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy ti hjojretj rjturos.
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LjjrLdh 0
4
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Ljjr mergjt sberjvicumj 56
5>
Viurfj; Oimure, Fimpeoy `ete. Oitj oumljrs prjsjotj` mey oit e`` ti 5>>% `uj ti riuo`doh.
Itbjr
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Ldh 0 `imdoetj priadt piic56
55
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Ljvjrehjs do`ustry \IDF
55 FT>< FT>6 FT>0 FT>: FT>1 FT>8 FT>2 FT>4 FT5> FT55 FT5< FT56
Ldh 0 Lrjwjrs Evjrehj Pitec / Peohdlcj \IDF
Pitec \IDF Peohdlcj \IDF
Viurfj; Fimpeoy ete, Ljrostjdo. Peohdlcj \IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj
fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots. Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy tihjojretj rjturos. FT ds furrjot yjer.
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Do`ustry fiosicd`etdio
56
>.>%
5>.>%
.>%
6>.>%
0>.>%
:>.>%
1>.>%
>5 >4 56
Ldh 0 Hcilec Mergjt Vberj
Viurfj; Jurimiodtir
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JLDP merhdo do bdhbcy fiofjotretj` mergjts......
50
Viurfj; Mjrrdcc Cyofb, fimpeoy `ete. JLDP ds jerodohs ljairj dotjrjst eo` texjs.
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.......eo` do @uipicdstdf/cerhj sfecj mergjts
5:
Viurfj; Mjrrdcc Cyofb, fimpeoy ete.
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......Jvjo do wjeg mergjts 5>.>% JLDP merhdo
51
Merhdo
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Miets air yiur tbriet
58
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Ciw prdvetj celjc pjojtretdio
52
^rdvetjce
ljcpjojtretdio
(%)
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Ojtwirgdoh fepdtec % ia rjvjoujs
54
-5>.>%
-:.>%
>.>%
:.>%
5>.>%
5:.>%
>2 >4 5> 55 5< 56
ELD VELMdccjr Bjdojgjo Fercsljrh
Viurfj; LiaE Mjrrdcc Cyofb Hcilec \jsjerfb jstdmetjs.
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Mi`jst Fepjx@jvjcipj`/Jmjrhdoh mergjts
Oitj AT ds adsfec yjer eo` FT ds furrjot yjer.
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Qicumj hriwtb io hcilec lesds
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Xjstjro JuripjQicumjs `iwo/vecuj up
> ti rjprjsjot 5>> eo` `jpdft hriwtb ia sulsjqujot pjrdi`s. FEH\ds fimpiuo` eoouecdzj` hriwtb retj, ir tbj yjer-ivjr-yjer hriwtb retj ia eo dovjstmjot ivjr e spjfdadj` pjrdi` ia tdmj.
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Xjstjro Juripj JLDP merhdo fimperdsio
%
%
:.>%
5>.>%
5:.>%
.>%
%
ELD Bjdojgjo Fercsljrh
>: 56
Viurfj; V&^ Fepdtec DU
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Ljjr^cjesj sdr mey D bevj eoitbjr
Hrjetjst jfioimdjs ia sfecj/bdhbjst merhdos % \IDF
Cje`jr do wirc`s tbrjj cerhjst priadt piics ia ZV (02% m/s), Lrezdc (14% m/s), Mjxdfi
(:2% m/s)
Viurfj Mjrrdcc Cyofb, Feoe`jeo, D\D, fimpeoy `ete
Ljst FJI*
Ljst fepdtec eccifetdio*
Eo` tbjo tbjrjs Fercsljrh.....rjfjot purfbesj air tbj Auo` tbet ds cjss
quecdtetdvjcy ettreftdvj fimperj` ti EL Doljv, lut `jmiostrelcy fbjepjr.
\IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots.
Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy ti hjojretj rjturos.Oitj m/s rjprjsjots mergjt sberj.*Lesj` io A^Es ipdodio.
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Air Dostdtutdioec Zsj Iocy/Oit air ^ulcdf Zsj
U & E
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-:%
>%
:%
5>%
5:%
%
%
6:%
0>%
0:%
:>%
5441 5448 5442 5444 >> >5 >< >6 >0 >: >1 >8 >2 >4 5> 55 5< 56 50
Es ia Vjptjmljr 6>, 50. Viurfj; Mirodohster @drjft.
FEH\ ds tbj Fimpiuo` Eoouec Hriwtb \etj es ia < yjers aicciwdoh tbj pjeg eo` triuhb. ^jegs dofcu`j evjrehj cdqud`dty et Merfb 65, 5448, Merfb 65, 5442,Merfb 65, >1 eo` Vjptjmljr 6>, >2. Pbj 56 pjeg wes oit dofcu`j` do tbj FEH\ fecfucetdio air tbj ojxt < yjers. Priuhbs dofcu`jevjrehj cdqud`dty et Kuoj 6>, 5441, Kuoj 6>, 5444 ,Vjptjmljr 6>, >5, Merfb 65, >6 eo` Vjptjmljr 6>, 5>.
^est pjrairmeofj ds oi huereotjj ia auturj rjsucts eo` furrjot pjrairmeofj mey lj bdhbjr ir ciw jr tbeo tbj pjrairmeofj sbiwo . Pbds ete
rjprjsjots pest pjrairmeofj eo` dovjstirs sbi uc` uo` jrsteo` tbet dovjstmjot rjturos eo` prdof dpec vecujs acuftuetj, si tbet wbjo yiu rj`jjm
yiur dov jstmjot dt mey lj wirtb m irj ir cjss tbeo dts irdhdoec fist. Furrjot miotb -jo` pjrairmeofj ete mey lj iltedoj` ly fec c doh tic c-arjj, 5-
2>>-42>%
Evh. Cdqud`dty %
Acjxdlcj eppriefb fesb air A^E Frjsfjot Auo`
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@dsfcedmjr
Pbjsj scd`js erj dotjo`j` es suppcjmjotec metjrdec ti tbj 6r` Uuertjr 50 A^E Frjsfjot eu`di prjsjotetdio tbet ds pistj` io iur wjlsdtj apeauo`s.fim.
Xj `i weot ti megj surj yiu uo`jrsteo` tbet tbj vdjws jxprjssj` io tbjsj scd`js eo` do tbj effimpeoydoh eu`di prjsjotetdio erj es ia ti`ey, Iftiljr >-42>Vtifg Do`jx (V&^ :>>) ds e fepdtecdzetdio-wjdhbtj` do`jx wbdfb fivjrs do`ustrdec, utdcdty, treospirtetdio eo` adoeofdec sjrvdfj fimpeodjs, eo` rjprjsjotsepprixdmetjcy 8:% ia tbj Ojw Tirg Vtifg Jxfbeohj (OTVJ) fepdtecdzetdio eo` 6>% ia OTVJ dssujs. Pbds do`jx ds fiosd`jrj` e mjesurj ia cerhjfepdtecdzetdio stifg pjrairmeofj. Pbj do`jx ijs oit rjacjft eoy fimmdssdios ir ajjs wbdfb wiuc` lj dofurrj` ly eo dovjstir purfbesdoh tbj stifgs dtrjprjsjots.
Dovjstmjots do mutuec auo`s ferry rdsgs eo` dovjstirs mey cisj prdofdpec vecuj. Vtifg mergjts erj vicetdcj eo` feo jfcdoj sdhodadfeotcy do rjspiosj ti e`vjrsjdssujr, picdtdfec, rjhucetiry, mergjt, ir jfioimdf jvjcipmjots. Pbj Auo` mey purfbesj airjdho sjfurdtdjs, dofcu`doh Emjrdfeo @jpisdtiry \jfjdpts (E@\s)eo` itbjr jpisdtiry rjfjdpts, wbdfb erj sulkjft ti dotjrjst retj, furrjofy jxfbeohj retj, jfioimdf eo` picdtdfec rdsgs7 tbds mey lj jobeofj` wbjo dovjstdoh dojmjrhdoh mergjts. Vmecc eo` md` fep stifgs dovicvj hrjetjr rdsgs eo` tbjy feo acuftuetj do prdfj mirj tbeo cerhjr fimpeoy stifgs. Vbirt-sjccdoh dovicvjsdofrjesj` rdsgs eo` treoseftdio fists. Tiu rdsg peydoh mirj air e sjfurdty tbeo yiu rjfjdvj` arim dts secj.
Pbj rjturo ia prdofdpec do e lio` dovjstmjot ds oit huereotjj`. Lio`s bevj dssujr, dotjrjst retj, doacetdio eo` frj dt rdsgs. Ciwjr retj` lio s, feccelcj lio`seo` itbjr typjs ia jlt ilcdhetdios dovicvj hrjetjr rdsgs. Mirthehj-lefgj` sjfurdtdjs eo` essjt-lefgj` sjfurdtdjs erj sulkjft ti prjpeymjot rdsg eo` tbj rdsgia `jaeuct io tbj uo`jrcydoh mirthehjs ir itbjr essjts.
Pbj pirtaicdi bic`dohs es tbj mist rjfjot quertjr jo` mey lj iltedoj` et apeauo`s.fim/`ifs/auoa-bic`dohs/frjsfjot-4-508:FE6:[email protected]`a9savrso=