investment analysis for diversified natural gas industry
TRANSCRIPT
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8/10/2019 Investment Analysis for Diversified Natural Gas Industry
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Eaikicg 4;4
Davgrsaeagd Ikturkl
OksAivgstbgit Zrn`gct
Bacmkgl Onghg, Bacmkgl Bkrkik, Iacmnlks Stkrigs, Dkiagl Glzgr
;;/6:/6:;4
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Tkflg ne Cnitgits
Davgrsaeagd Ikturkl Oks Aidustry ..................................................................................................................................................6
Nvgrvagw ...................................................................................................................................................................................... 6
Mastnry ......................................................................................................................................................................................... 6
Currgit Gvgits ............................................................................................................................................................................. 6
Euturg Zrn`gctanis ........................................................................................................................................................................ 3
Gickik Cnrpnrktani Kiklysas ........................................................................................................................................................4
Nvgrvagw ...................................................................................................................................................................................... 4
Mastnry ......................................................................................................................................................................................... 4
[uklatktavg Kiklysas ..................................................................................................................................................................... 4
[ukitatktavg Kiklysas ................................................................................................................................................................... 4
Cnbpkiy Dktk ............................................................................................................................................................................. 7
Aitraisac Uklug .............................................................................................................................................................................. 7
Cmgskpgkhg Gigroy Cnrpnrktani Kiklysas ...................................................................................................................................5
Nvgrvagw ...................................................................................................................................................................................... 5
Mastnry ......................................................................................................................................................................................... 5
[uklatktavg Kiklysas ..................................................................................................................................................................... 5
[ukitatktavg Kiklysas ................................................................................................................................................................... 5
Cnbpkiy Dktk ............................................................................................................................................................................. ?
Aitraisac Uklug .............................................................................................................................................................................. =
Kpkcmg Cnrpnrktani Kiklysas ........................................................................................................................................................=
Nvgrvagw ...................................................................................................................................................................................... =
Mastnry ......................................................................................................................................................................................... =
[uklatktavg Kiklysas ..................................................................................................................................................................... 1
[ukitatktavg Kiklysas ................................................................................................................................................................... 1
Cnbpkiy Dktk ........................................................................................................................................................................... ;:
Aitraisac Uklug ............................................................................................................................................................................ ;:
_nrhs Catgd .................................................................................................................................................................................... ;6
Kppgidax ........................................................................................................................................................................................ ;3
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Tmg enllnwaio rgpnrt as ki aidustry kiklysas ne tmg ikturkl oks davgrsaeagd aidustry klnio watm kiklysas ne tmrgg stnchs
ai tmg aidustry0 Kpkcmg Cnrpnrktani, Cmgskpgkhg Gigroy Cnrpnrktani, kid Gickik Cnrpnrktani. Tmg kiklysas as
cnbplgtg watm nur vkluktani ne tmg aitraisac vklug ne tmg stnch fksgd nee kssubptanis gxplkaigd ai tmg kiklysas. Gkcm
kiklysas as cnicludgd watm nur rgcnbbgidktani tn fuy, sgll, nr mnld fksgd nee ne nur aitraisac vkluktani kid tmg
currgit bkrhgt pracg ne tmg stnch.
Davgrsae agd Ikturkl Oks Aidustry
Nvgrvagw
Tmg davgrsaeagd ikturkl oks aidustry as cnbpnsgd ne cnbpkiags tmkt prnducg, bkrhgt, kid trkispnrt ikturkl oks.
Zrnductani rgquargs lkrog kbnuits ne ckpatkl tn kcquarg lkid, wmacm abpgdgs igw gitry enr cnbpgtatani. Cnbpkiags
watm tmg bnst ckpatkl ai tmas aidustry krg kflg tn bkaitkai npgrktanis dgspatg tmg mgety swaios ai gigroy pracgs.
Gcninbac enrcgs ne supply kid dgbkid bkaily keegct tmg ikturkl oks aidustry, ks watm bkiy ntmgr aidustrags. Tmg
aidustrys kfalaty tn ckpturg gcninbags ne scklg hggps tmg stgkdy cksm elnws iggdgd tn cnitaiug drallaio, bkaitgikicg
ne gquapbgit, kid euid kcquasatanis. Ikturkl Oks supply as dravgi fy tmg ginrbnus bkrhgt dgbkid fgckusg at as tmg
bnst geeacagit wky tn prnducg mgkt kid glgctracaty enr mnusgmnlds kid fusaigssgs. Vgoulktnry rash ks wgll ks
ognpnlatackl rash maidgrs tmg aidustrys ckpkfalaty tn prnducg ikturkl oks kt stkflg pracgs kid stgkdy nutput. Ks
ornwaio pnpulktanis dactktg bnrg pgnplg dgbkidaio mgktaio kid glgctracaty, ikturkl oks fgcnbgs k orgktgr pkrt ne
nur gcninbags euturg. _mgi cnisubgrs pky tnn bucm enr gigroy at cki traoogr k rgcgssani, ks sggi ai 6::= kid ai
gvgry rgcgssani saicg tmg Orgkt Dgprgssani gxcgpt ai ;15:. K euidkbgitkl vkluktani tkflg as smnwi fglnw watmrglgvkit aidustry stktastacs.
Mastnry
Ikturkl Oks mks fggi usgd enr tmnuskids ne ygkrs fy cavalazktanis dktaio fkch tn ;::: F.C. ai Orggcg. Tmg ekbnusNrkclg kt Dglpma wks fualt wmgrg ikturkl oks sggpgd ernb tmg ornuid ai k elkbg. Krnuid 7:: F.C. tmg Cmaigsg usgd
fkbfnn papglaigs tn trkispnrt ikturkl oks tmkt sggpgd tn tmg surekcg sn tmgy cnuld fnal sgkwktgr. Gvgry tabg
cavalazktani mks rki nut ne k rgsnurcg, tgcminlnoy bkhgs at ckpkflg tn gxplnrg dggpgr kid ekrtmgr. Tmg pmginbgini ne
oks sggpaio ernb tmg ornuid wks kll tmg kicagits tmnuomt gxastgd. At as gksy tn sgg tmkt tmg nily tmaio tmkt mks
cmkiogd kfnut ikturkl oks as ai tmg dgvglnpbgit. Tndky at as snld tn ogigrktg mnbg mgktaio kid cnnhaio, wktgr
mgktaio kid nvgi rkiogs, bkiuekcturaio kid prncgssaio plkits, kid fnalgrs tn ogigrktg glgctracaty. Ikturkl oks
supplags krnuid 4;% ne gigroy usgd fy W.S. aidustrags, kid at as nig ne tmg clgkigst, skegst, kid bnst usgeul ne kll
gigroy snurcgs. At as tmg watmnut k dnuft tmg clgkigst enssal eugl, kid tmkt as k saoiaeackit rgksni wmy at mks ki
aicrgksaio rnlg ai mglpaio kcmagvg onkls ne k clgkigr givarnibgit. Laqugeagd ikturkl oks as kctuklly tmg bnst geeacagit
ne kll enrbs ne gigroy. At as klsn k hgy enr nur cnuitry tn fgcnbg gigroy aidgpgidgit kid bnrg cnbpgtatavg olnfklly.
Tmas cnbpnigit ne tmg gigroy dascussani plkys nut lkrogly ai tmg rgcgit rgoulktanis ni gbassanis enr cnrpnrktanis,
spgcaeacklly cnkl.
Currgit Gvgits
Erkchaio mks drkbktacklly aicrgksgd ikturkl oks prnductani ne tmg pkst eavg nr sax ygkrs, fut at as int k igw
pmginbgini dgspatg wmkt bkiy pgrcgavg. Erkchaio as k tgcmiaqug usgd tn gxtrkct nal kid oks ernb prgvanusly
aikccgssaflg uidgrornuid smklg enrbktanis. Kltmnuom prnbaigicg mks rasgi, tmg earst mydrkulac erkcturaio gxpgrabgit
wks cniductgd ai Hkisks ai ;14?. At wks int succgsseul fut k pktgit wks orkitgd ai ;141 tn lacgisg tmg tgcmiaqug tn
Mkllafurtni Nal _gll Cgbgitaio Cnbpkiy. Saicg tmgi kfnut 1: pgrcgit ne W.S. wglls mkvg fggi erkchgd. Tmg
Bkrhgt Dktk
Zracg/Fnnh ;.5
Zracg/Gkriaios 67.?
Zracg/Sklgs 6.;
VNG 5.3
Dgft/Gquaty :.7
Npgrktaio Bkroai ;=%
Vgv Ornwtm (3yr Kvo) -;;.=%
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faoogst bascnicgptani kfnut erkchaio as tmkt givarnibgitklasts wkri kfnut cnitkbaiktani ne nur wktgr supply ernb
cmgbackls. Tmgrg krg in cmgbackls usgd ai erkchaio, ai ekct 11% ne wmkt as pubpgd cnisasts ne skid kid wktgr. Nig
cnbpnigit ne tmg sbkll pgrcgitkog ne erkchaio eluad tmkt as int skid nr wktgr as oukr oub. Tmas prnduct cnbgs ernb
tmg sggds ne tmg oukr plkit kid as usgd tn abprnvg acg crgkb. Ats tabg wg scrgkb, ynu scrgkb, wg kll scrgkb enr
erkchaio.
Eutur g Zrn`gctanis
Ikturkl oks mks fgcnbg k sufstatutg enr cnkl, wmacm mks trkdataniklly fggi tmg cmgkpgst wky fnal wktgr fgenrg tmg
gbassanis rgoulktanis tmkt drnvg up pracgs. At as abpnrtkit tn rgbgbfgr tmg plkcg ne gigroy ai nur gcninby, kid tmkt
as prgcasgly wmy ikturkl oks as fgst pnsatanigd tn nutpgrenrb ntmgr sgctnrs nvgr tmg igxt 6: ygkrs. Tmg W.S. Gigroy
Aienrbktani Kdbaiastrktani (GAK) prnvadgs cnisubptani prn`gctanis enr tmg aidustry fglnw.
-=:%
-5:%
-4:%
-6:%
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6:%
4:%
5:%
=:%
;::%
Vgturi
Sglgctgd Cnbpkiags vs SZ] Aidgx
CMH WS Gquaty
SZ] Aidgx
KZK WS Gquaty
GCK WS Gquaty
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Gickik Cnrpnrktani Kiklysas
Nvgrvagw
Gickik Cnrpnrktani as k Ckikdaki cnbpkiy tmkt encusgs ni tmg gxplnrktani kid prnductani ne ikturkl oks kid nal. At
npgrktgs tmrnuom tmrgg daeegrgit sgobgits8 Ckikdaki, Wiatgd Stktgs ne Kbgrack kid Bkrhgt Nptabazktani. Tmg
Bkrhgt Nptabazktani sgobgit aicludgs tmard pkrty trkiskctanis tn prnvadg npgrktani elgxafalaty kid tn bggt custnbgr
davgrsaeacktani. Tmgar 6:;3 prnductani lgvgls ne Ikturkl Oks wmgrg 6,??? BBce/d (Ballanis ne Cufac Eggt pgr Dky)
wmacm wks dnwi 5.=% ernb 6:;6. Tmgar 6:;3 prnductani lgvgl ne Nal kid Ikturkl Oks laquads wks 73.1 Bffls/d
(Tmnuskid Fkrrgls pgr Dky) wmacm wks up ?;% ernb 6:;6.
Mastnry
Gickik Cnrpnrktani wks enrbgd tmrnuom tmg bgrogr ne ZkiCkikdaki Gigroy Cnrpnrktani kid Klfgrtk Gigroy
Cnbpkiy Ltd ai 6::6. Tmg cnbpkiys rnnts gxtgid aitn tmg lktg ;=::s ks nig ne tmg earst kid lkrogst prnducgrs ne
crudg nal kid ikturkl oks ai Ckikdk. Ketgr tmg bgrogr ai 6::6 bkiy ne ats cnrg kssgts wmgrg snld nee tn strgiotmgi tmg
cnbpkiys cnrg cnbpgtgicags. Tmrnuomnut ats lnio mastnry ks bkiy daeegrgit cnbpkiags Gickik mks kbkssgd k
trgbgidnus kbnuit ne lkid ai fntm tmg Wiatgd Stktgs kid Ckikdk tmkt wall fg dgvglnpgd aitn nal kid oks eaglds.
[ukla tktavg Kiklysas
Gickik Cnrpnrktani mks trgbgidnus pntgitakl tn rgbkai k plkygr ai tmg davgrsaeagd nal kid oks aidustry fgckusg ne atstrgbgidnus mnldaios ai uidgvglnpgd lkid watm hinwi nal kid oks rgsgrvgs. Ai Ckikdk klnig Gickik mnlds ?.:
ballani kcrgs ne lkid watm 3.6 ballani kcrgs fgaio uidgvglnpgd. Ai tmg Wiatgd Stktgs Gickik mnlds 6.5 ballani kcrgs
ne lkid watm 6.; ballani fgaio uidgvglnpgd. _atm Gickik fgaio k plkygr ai nily tmg nal kid oks aidustry tmgrg as
saoiaeackit cnicgri enr drnppaio gigroy pracgs. Fut enr tmg enrgsggkflg euturg nal kid oks wall rgbkai k lgkdaio
snurcg ne gigroy kid Gickik mnldaio trgbgidnus kbnuits ne rgsgrvgs crgktgs k pnsatavg nutlnnh enr tmg cnbpkiy.
[ukitatktavg Kiklysas
Tmg enllnwaio aienrbktani as enr Gickiks stnch lastgd ni tmg IQSG int tmg Tnrnitn Stnch Gxcmkiog, enr tmg skhg ne
currgicags trkislktanis. Gickik (GCK WS Gquaty) Cnrpnrktani fgckbg k puflacly trkdgd cnbpkiy ai 6::;. Saicg ats
neegraio at mks slaomtly nutpgrenrbgd tmg S&Z 7:: aidgx. Gickik stnch pracg mks ornwi ;6?% saicg 6::; wmalg tmg
S&Z 7:: mks ornwi ;6;%. Gickik CKOV as 5.7% wmalg tmg S&Z 7:: CKOV as 5.3%. Gickik currgit stnch pracg ks
ne ;;/:4/6:;4 as $;?.?: at mks ki QTD rgturi ne -.6%. Gickik Cnrpnrktanis stnch pracg as strnioly rglktgd watm tmg
pracg Ikturkl Oks. Ketgr ruiiaio ki NLS rgorgssani watm GCK fgaio tmg dgpgidgit vkrakflg kid Ikturkl Oks Zracgs
fgaio tmg rgorgssnr. Tmg rgorgssani prnducgd ki V-squkrg vklug ne .51= wmacm smnws mnw bucm ne tmg vkraktani ai
GCKs stnch pracg as gxplkaigd fy Ikturkl Oks pracgs. _atm tmg V-squkrg vklug fgaio prgtty maom tmas rgorgssani
cnuld fg usgd tn enrgckst GCK stnch pracgs.
GU agws NLS Vgorgssani Nutput GU agws NLS Vgorgssani Nutput
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Cnbpkiy Dktk
Eaikicakl Fksacs GCK (;)
Bkrhgt Zracg $;?.?:
Bkrhgt Ckpatklazktani (BB) $;3,;;7.13
Gitgrprasg Uklug $;5,511.13
Zracg/Gkriaios LTB 73.1xZracg/Fnnh LTB 6.5x
GU/GFATDK LTB ?.1x
GU/Sklgs LTB 3.4x
Davadgid Qagld ;.5%
Vgvgiug LTB (BB) $5,?63.=
GFATDK LTB (BB) $3,75:.:
(;) Ks ne ;;/4/6:;4 Bkrhgt Clnsg
A itra isac Uklug
DCE Ukluktani GCK (;)
_KCC ?.7%
Cnst ne Gquaty 1.44%_gaomt ne Gquaty .?46
FGTK .=7
Gxpgctgd BHT Vgturi (Ckikdk) ;:.?7%
Vash Ergg 6.:3%
Cnst ne Dgft 6.:=%
_gaomt ne Dgft .67=
Zrgtkx Cnst ne Dgft 3.?7%
Tkx Vktg 44.?%
GFATDK Bultaplg 7.3x
(+)ZU ne Euturg CEs (BB) $;5=
(+)ZU ne Tgrbaikl Uklug (BB) $6;,7=1
Abplagd Gitgrprasg Uklug (BB) $6;,?7?
(-)Currgit Igt Dgft (BB) $4,77=Gquaty Uklug (BB) $;?,;11
(/)Smkrgs Nutstkidaio (BB) ?4:.15
Aitraisac Stnch Zracg $63.6;
(;) Ks ne ;;/4/6:;4 Bkrhgt Clnsg
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6:%
4:%
3/3;/6::= 3/3;/6:;; 3/3;/6:;4
Vgturi
GCK vs Ikturkl Oks
IOK Cnbdty
GCK WS Gquaty
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Tmg Dascnuitgd Cksm Elnw (DCE) bgtmnd wks cmnsgi enr Gickik Cnrpnrktani fgckusg ne ats gxtrgbgly lnw
davadgid yagld wmacm dadit prnvadg ki kccurktg vkluktani enr tmg cnbpkiy. Fgckusg ne Gickik Cnrpnrktanis maom
CKZG] tmgy krg int kflg tn pky nut maom davadgids tn smkrgmnldgrs. Maom CKZG] as igcgsskry tn prnpgrly bkaitkai
kid ornw sucm k ckpatkl aitgisavg aidustry watm sn bucm uidgvglnpgd rgsgrvgs. Fy lnnhaio kt tmg DCE vkluktani wg
krg kflg tn aicnrpnrktg tmg CKZG] ai tmg ZU ne euturg CEs fut tmgi kflg tn sgg tmkt bnst ne tmg vklug cnbgs ernb
tmg cnbpkiys kfalaty tn crkih nut cksm ernb ats npgrktanis wmacm as smnw fy ats maom GFATDK Bkroai ne 76.1%.
_atm tmas cnbpkiys stnch pracgfgaio sn maomly cnrrglktgd watm Ikturkl Oks pracgs kid tmgrg fgaio sn bucm
dnwiwkrd prgssurg ni Ikturkl Oks euturgs fgckusg ne bkssavg stnch palgs cnbaio nut ne Inrtm Kbgrack, ornwtm
wks rgducgd enr ats rgvgiug strgkb tn cnbg up watm k bnrg rgklastac vkluktani. _atm tmas fgaio skad tmg cnbpkiy wks
kflg tn stall prnducg strnio npgrktaio prneats fgckusg ne ats lnw vkrakflg npgrktaio cnsts.
Fksgd nee tmg aitraisac vklug tmkt wks dgravgd ernb k DCE Ukluktani tmas cnbpkiy as k rgcnbbgidgd FWQ, fgckusg
tmg (Bkrhgt Zracg2$;?.?:) < (Aitraisac Uklug2$63.3;).
Cmgskpgkhg Gigroy Cnrpnrktani
Nvgrvagw
Mgkdqukrtgrgd ai Nhlkmnbk Caty, Nhlkmnbk, Cmgskpgkhg Gigroy Cnrpnrktani (tachgr sybfnl0 CMH) npgrktgs aitmrgg bk`nr davasanis0 Bkrhgtaio, Oktmgraio kid Cnbprgssani, Gxplnrktani kid Zrnductani, kid Naleagld Sgrvacgs.
Tmg cnbpkiy dgkls bkaily watm gxplnrktani, dgvglnpbgit, kid kcquasatani ne nismnrg ikturkl oks kid nal rgsgrvnars.
Ikturkl Oks Laquads (IOL) krg klsn k bk`nr pnait ne aitgrgst enr tmg cnbpkiy kid at dgvntgs bkiy ne ats sgrvacgs tn
eaid kid dgvglnp IOL ai tmg WSK. _atm ki kpprnkcmaio 4?,::: ikturkl oks kid nal wglls kadaio ai prnducaio ats 6.?
fallani fkrrgls ne nal rgsgrvgs kid gquavklgits, Cmgskpgkhg Gigroy Cnrpnrktani encusgs ats kttgitani tn tmrgg bk`nr
krgks ai Inrtm Kbgrack0 tmg badcnitaigit ne tmg WSK (aicludaio vkranus pkrts ne Tgxks, Nhlkmnbk, kid Hkisks), tmg
Oule Cnkst rgoani, kid tmg Mglbgt krgk ne inrtmgkstgri Fratasm Cnlubfak.
M astnry/[ukla tktavg Kssgssbgit
Ai ;1=1, ketgr tmg WS nal kid ikturkl oks fnnb, Cmgskpgkhg Gigroy Cnrpnrktani wks enuidgd fy Kufrgy H.
BcClgidni (enrbgr CGN) kid Tnb L. _krd (enrbgr CNN kid prgsadgit) ai Nhlkmnbki Caty, NH. Tmgar aiatakl
aivgstbgit ai tmg cnbpkiy wks nily $7:,:::.::8 mnwgvgr Cmgskpgkhg Gigroy Cnrpnrktani orgw tn mkvg k prgsgitdky vklug ne igkrly $31 fallani ai kssgts. Tmrnuomnut tmg 1:s, Cmgskpgkhg Gigroy Cnnpgrktani skw gxcgllgit
rgturis ni tmgar aivgstbgits ai tmg rgsgkrcm kid kpplacktani ne tgcmiaqugs sucm ks mnraznitkl drallaio kid erkchaio. Ai
tmg gkrly 6:::s tmg cnbpkiy fgoki tn eaid k vgry prneatkflg fklkicg fgtwggi tmgar kcquasatani prn`gcts kid tmgar
prn`gcts watm igw drallaio. Tmas bgkit tmkt tmg lkid tmgy wgrg fuyaio up wnuld fg prgpkrgd kid drallgd ai k tabgly
eksmani ks tn glabaiktg tmg cnst ne nwiaio tmg lkid ks fgaio k igoktavg ekctnr enr tmgar cnbpkiy. _atm tmg aiekicy ne
tmg cnbpkiy fgaio bkrhgd fy mkvaio tn tmaih nutsadg tmg fnx ks tn bggt bkrhgt dgbkid enr ikturkl oks prnducts,
tmg cnbpkiy gvnlvgd sazkflg shalls ai fgaio kdkptkflg, tgcminlnoacklly nragitgd, kid rgsgkrcm encusgd ai tmgar
prgsgit dky stktg. Ks ne 6:;4, Cmgskpgkhg Gigroy Cnrpnrktani as tmg sgcnid lkrogst prnvadgr ne ikturkl oks ai tmg
Wiatgd Stktgs.
[ukitatktavg KssgssbgitCmgskpgkhg Gigroy Cnrpnrktani mks fggi sggaio k stgkdy rasg ai ats pracg pgr smkrg ernb ats rgcgit lnw pnait ne
$;?.41, wmacm wks sggi ni Nctnfgr ;4, 6:;4, tn k currgit vklug ne $66.1:. Ai 6:;4, tmg bkrhgt vklug pgr smkrg wks
rgkcmgd k maom $61.5; ai tmg baddlg ne tmg subbgr, wmacm as spgculktgd, fy ykmnn eaikicg, tn fg dug tn k rgsult ne
tmg maomgr pracg enr WS ikturkl oks duraio tmas pgrand enr 6:;4. Tmg pracg tn sklgs rktan enr tmg cnbpkiy as sggi kt
:.?7, wmacm as onnd saicg at as fglnw ;.:, aidacktaio ki nppnrtuiaty saicg tmg prneat bkroai enr tmg cnbpkiy as
;;.5;%. Ki adgkl satuktani enr kiy aivgstnr wnuld fg tn mkvg k cnbpkiy watm k rglktavgly lkrogr prneat bkroai kid k
sbkll pracg tn sklgs rktan (prgegrkfly fglnw ;.:)8 mnwgvgr tmg ;;.5;% prneat bkroai sggi mgrg as fy in bgkis fkd enr
tmg cnbpkiy. Cmgskpgkhg Gigroy Cnrpnrktani mks sggi k stgkdy aicrgksg ai ats prneat bkroai duraio tmas pkst ygkr
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kid sn watm prnbasgs ne k maomgr bkroai tn cnbg, dgspatg tmg currgit dgcrgksg ai tmg pracg ne ikturkl oks ai tmg WS,
tmg cnbpkiy sggbs tn fg dnaio wgll. Tmg bkrhgt ckpatklazktani enr Cmgskpgkhg Gigroy Cnrpnrktani as $;5.:1 fallani
aidacktaio ats abbkturg stktus ks k cnbpkiy, fgaio nily 67 ygkrs nld. Dgspatg tmg dgcrgksg ai ekllaio gigroy pracgs,
tmg cnbpkiy sggbs tn mkvg mgdogd kokaist tmas tmrgkt kid gvgi aicrgksgd igt prneats ai tmg tmard qukrtgr tn fg kt $;51
ballani tmas ygkr, ks rgpnrtgd ni Qkmnn Eaikicg. Tmas as ki =% aicrgksg ernb tmg prgvanus ygkr. Cmgskpgkhg Gigroy
mks ki V-squkrg vklug ne .33 ernb ki NLS rgorgssani watm CMH fgaio tmg dgpgidgit vkrakflg kid Ikturkl Oks fgaio
tmg rgorgssnr wmacm as rglktavgly maom wmgi cnbpkrgd tn ats V-squkrg vklug watm tmg S&Z 7:: fgaio tmg rgorgssnr.
Tmas smnws tmkt Ikturkl Oks pracgs krg k onnd prgdactnr ne CMHs stnch pracg.
GU agws NLS Vgorgssani Nutput GU agws NLS Vgorgssani Nutput
Cnbpkiy Dktk
Eaikicakl Fksacs CMH (;)
Bkrhgt Zracg $66.1:
Bkrhgt Ckpatklazktani (BB) $;7,63;
Gitgrprasg Uklug (BB) $3;,;:5
Zracg/Gkriaios LTB 6;.=xZracg/Fnnh LTB ;.4x
GU/GFATDK LTB 7.3x
GU/Sklgs LTB ;.7x
Davadgid Qagld ;.7%
Vgvgiug LTB (BB) $6:,446
GFATDK LTB (BB) $7,==6
(;) Ks ne ;;/;:/6:;4 Bkrhgt Clnsg
-;::%
-=:%
-5:%
-4:%-6:%
:%
6:%
4:%
5:%
=:%
6/6:/:= 6/6:/:1 6/6:/;: 6/6:/;; 6/6:/;6 6/6:/;3 6/6:/;4V
gturi
CMH vs Ikturkl Oks
IOK Cnbdty
CMH WS Gquaty
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A itra isac Uklug
DCE Ukluktani CMH (;)
_KCC 5.1%
Cnst ne Gquaty ;:.?5%
_gaomt ne Gquaty .7;:
FGTK ;.;1
Gxpgctgd BHT Vgturi 1.44%Vash Ergg 6.34%
Cnst ne Dgft 6.6;%
_gaomt ne Dgft .3==
Cnst ne Zrgegrrgd Gquaty 7.5%
_gaomt ne Zrgegrrgd Gquaty .;:6
GFATDK Bultaplg 7.3x
(+)ZU ne Euturg CEs (BB) $1,373
(+)ZU ne Tgrbaikl Uklug (BB) $65,7=6
Abplagd Gitgrprasg Uklug (BB) $37,137
(-)Currgit Igt Dgft & Zrge Gquaty (BB) $;?,675
Gquaty Uklug (BB) $;=,5=:
(/)Smkrgs Nutstkidaio (BB) 557
Aitraisac Stnch Zracg $6=.:=(;) Ks ne ;;/;:/6:;4 Bkrhgt Clnsg
Tmg bgtmnd cmnsgi tn cnbputg aitraisac vklug ne tmg smkrgs wks tmg Dascnuitgd Cksm Elnws Bgtmnd. Tmas bgtmnd
wks cmnsgi fgckusg ne tmg maom D&K gxpgisgs kid CKZG] gxpgidaturgs enr sucm k ckpatkl aitgisavg cnbpkiy, tmas
bgtmnd lgkd tn k bnrg rgklastac vkluktani fgckusg ne tkhaio CKZG] kid D&K gxpgisgs aitn kccnuit. Fgckusg tmas
stnch as maomly rglktgd tn tmg pracg ne Ikturkl Oks kid tmgrg as gxpgctgd dnwiwkrd prgssurg ni Ikturkl Oks pracgs ai
tmg euturg, fgckusg ne maom stnch palgs, tmus crgktaio lnw rgvgiug ornwtm enr tmg igxt 7 pgrands. _atm tmas fgaio skad
at stall prnducgd k maom vkluktani fgckusg tmg cnbpkiys kfalaty tn hggp mastnrackl vkrakflg gxpgisgs lnw.
Fksgd nee tmg aitraisac vklug tmkt wks dgravgd ernb k DCE Ukluktani tmas cnbpkiy as k rgcnbbgidgd FWQ, fgckusg
tmg (Bkrhgt Zracg2$66.1:) < (Aitraisac Uklug2$6=.:=).
Kpkcmg Cnrpnrktani (IQSG0 KZK)
Nvgrvagw
Kpkcmg Cnrpnrktani as ki aidgpgidgit gigroy cnbpkiy fksgd nut ne tmg Wiatgd Stktgs ne Kbgrack tmkt encusgs ni
gxplnatktani kid prnductani ne ikturkl oks, crudg nal, kid ikturkl oks laquads. Tmg cnbpkiy npgrktgs ai bkiy pkrts ne
tmg wnrld, wmacm aicludgs0 Kustrklak, Ckikdk, Goypt, Wiatgd Haiodnb Inrtm Sgk, Wiatgd Stktgs ne Kbgrack, kid
Krogitaik. Kpkcmgs bassani stktgbgit as0 As tn ornw k prneatkflg olnfkl gxplnatktani kid gigroy prnductani cnbpkiy
ai k skeg kid givarnibgitklly eragidly bkiigr tmkt wall fgigeat tmg smkrgmnldgrs ai tmg lnio rui. Ai ;1?:, tmg
cnbpkiy cmkiogd ats ikbg tn Kpkcmg Cnrpnrktani tn rgsgbflg tmg ekct tmkt tmg cnbpkiy as bnvgd tnwkrd
davgrsaeacktani. Ai 6:;3, tmg cnbpkiy prnducgd 345,5;? f/d (Fkrrgls pgr Dky) ne nal, wmacm as k QnQ dgcrgksg ne
.1=%. Ai 6:;3, tmg cnbpkiy prnducgd 6,:1?,:== Bce/d (Tmnuskid Cufac Eggt pgr Dky) ne ikturkl oks, wmacm as k
QnQ dgcrgksg ne .1;%. Ai 6:;3, tmg cnbpkiy prnducgd, 54,543 f/d ne ikturkl oks laquads, wmacm wks k QnQ
aicrgksg ne ;.45%.
Mastnry
Kpkcmg wks enuidgd ai ;174. Tmg enuidgrs wgrg Trubki Kidgrsni, Vkybnid Zlkih, Cmkrlgs Krikn, kid 4;
smkrgmnldgrs wmn aivgstgd k tntkl kbnuit ne $67:,::: aiatakl gquaty. Tmg cnbpkiys ikbg wks crgktgd fy tmg
aisparktani ne tmg tmrgg enuidgrs aiatakls, KZK. Tmg rgst ne tmg ikbg wks bkdg up tn enrb Kpkcmg. Tmg
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cnbpkiys mgkdqukrtgrs wgrg nraoaiklly lncktgd ai Baiigkpnlas, Baiigsntk kid bnvgd tn Mnustni, Tgxks ai ;11;.
Vgksniaio enr bnvaio tmg cnbpkiys mgkdqukrtgrs tn Mnustni, Tgxks wks fgckusg tmg cnbpkiy kcquargd tmg
Zgrbaki Fksai ai wgstgri Tgxks kid pkrts ne Igw Bgxacn, wmacm as nig ne tmg wnrlds lkrogst nal prnvaicgs.
Kpkcmg Cnrpnrktani fualt ntmgr cnbpkiags watmai tmgar nwi cnbpkiy tn encus ni spgcaeac krgks ne tmg fusaigss.
Kpkcmg wks klsn enrbgd fy bgroaio watm ntmgr cnbpkiags ai tmg pkst cnuplg ne dgckdgs. Kpkcmg earst enrbgd tmg
cnbpkiy Kpgxcn ai ;1?;, wmacm wks ki nal kid oks npgrktani cnbpkiy tmkt tmgy lktgr snld ai ;1?? tn rgaivgst ai
OMHs Inrtm Flnch. Saicg tmgi, tmg cnrpnrktani mks bgrogd watm bkiy cnbpkiags wmacm mkvg mglpgd tmgb kcquarg
k trgbgidnus kbnuit ne lkid ai kll pkrts ne tmg wnrld. Ai rgcgit ygkrs tmgy mkvg bgrogd watm Bkraigr Gigroy,
kcquaraio kssgts ai Dggp-_ktgr Oule ne Bgxacn kid tmg Zgrbaki Fksai.
[ukla tktavg Kiklysas
Kpkcmg Cnrpnrktani as nig ne tmg wnrld lkrogst cnbpkiags ai tmg davgrsaeagd ikturkl oks kid nal aidustry. Mnldaio
nvgr 6? ballani ornss kcrgs ne lkid watm nily kpprnxabktgly mkle ne tmg lkid dgvglnpgd, tmg cnbpkiy stall mks bkiy
kcrgs ne rgsgrvgd ikturkl oks kid nal. Kpkcmg mks rgcgitly stkrtgd drallaio enr nal ai Kustrklak mnldaio ?.1 ornss kcrgs
ne lkid watm =1% ne wmacm as uidgvglnpgd. Ai Ckikdk, Kpkcmg mnlds tmgar sbkllgst kbnuit ne lkid kt 566,5:: ornss
kcrgs watm kll ne tmg lkid fgaio dgvglnpgd. Ai Goypt tmgy mnld 1.= ballani ornss kcrgs ne lkid, watm tmg 3 ballani
ornss kcrgs gxparaio ai @kiukry 6:;4, at stall lget Kpkcmg watm ?6% ne uidgvglnpgd lkid. Ai tmg Wiatgd Haiodnb
Inrtm Sgk, tmgy mnld kpprnxabktgly ;.6 ballani ornss kcrgs ai tmg Enrtags Eagld kid Kpkcmg npgrktg 1?% ne tmg wnrhcnbaio ernb tmg krgk. Tmg Wiatgs Stktgs ne Kbgrack as wmgrg Kpkcmg mnlds tmgar vkst bk`nraty ne lkid kt ;;.7
ballani ornss kcrgs. _atm Kpkcmg fgaio ki Kbgracki cnbpkiy, tmgy usgd kll ne tmgar ;;.7 ballani ornss kcrgs pullaio
bnst ne tmgar kssgts raomt mgrg kt mnbg. At bky fg k cnicgri tmkt tmg gigroy pracgs krg drnppaio, fut Kpkcmg as
mnldaio k trgbgidnus kbnuit ne uidgvglnpgd lkid ai Kustrklak tmkt wall prnducgs rgsgrvgs enr snbg tabg tn cnbg.
[ukitatktavg Kiklysas
Kpkcmg Cnrpnrktani fgckbg k puflacly trkdgd cnbpkiy ni tmg IQSG ai ;151 uidgr tmg tachgr KZK. Saicg tmg earst
neegraio, tmg cnbpkiy mks pgrenrbgd gxtrgbgly wgll up uital tmg gid ne tmg Eaikicakl Crasas. Nvgr tmg pkst 7 ygkrs
tmg stnch pracg enr Kpkcmg mks ekllgi saoiaeackitly dug tn tmg pracgs ne ikturkl oks kid nal dgcrgksaio. Kpkcmg mks
bkdg k onkl tn davgst $4 fallani ai kssgts fy tmg gid ne tmg ygkr 6:;3 tn usg $6 fallani ai k 3: ballani smkrg
rgpurcmksg prnorkb. Tmg smkrg rgpurcmksg prnorkb as tn mglp tmg cnbpkiy rgducg dgft kid gimkicg eaikicakl
elgxafalaty. Ks smnwi fglnw tmas cnbpkiys stnch pracg kid Ikturkl Oks pracgs dnit smnw tmkt strnio ne k
rglktanismap, V-squkrg vklug ne .;65. Tmg ntmgr twn stnchs mkvg k bucm strnio rglktanismap ks smnw fy tmgar maom V-
squkrg vklugs. _atm tmas fgaio skad tmas cnbpkiy mks dnig k onnd `nf kt mgdoaio ats rash tn Ikturkl Oks eluctuktanis.
GUa gws NLS Vgorgssani Nutput GU agws NLS Vgorgssani Nutput
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Cnbpkiy Dktk
Eaikicakl Fksacs KZK (;)
Bkrhgt Zracg $?7.;:
Bkrhgt Ckpatklazktani (BB) $6=,6?3
Gitgrprasg Uklug $4:,=74
Zracg/Gkriaios LTB ;3.;x
Zracg/Fnnh LTB ;.:x
GU/GFATDK LTB 4.=x
GU/Sklgs LTB 3.4x
Davadgid Qagld ;.3%
Vgvgiug LTB (BB) $;4,;?4
GFATDK LTB (BB) $;:,:64
(;) Ks ne ;;/;:/6:;4 Bkrhgt Clnsg
A itraisac UklugDCE Ukluktani KZK (;)
_KCC =.6%
Cnst ne Gquaty ;:.4%
_gaomt ne Gquaty .?54
FGTK ;.;3
Gxpgctgd BHT Vgturi 1.44%
Vash Ergg 6.36%
Cnst ne Dgft ;.3=5%
_gaomt ne Dgft .635
Zrgtkx Cnst ne Dgft 6.3;%
Tkx Vktg 4:%
GFATDK Bultaplg 4.=x
(+)ZU ne Euturg CEs (BB) $;,;?5(+)ZU ne Tgrbaikl Uklug (BB) $3=,;:3
Abplagd Gitgrprasg Uklug (BB) $31,6?1
(-)Currgit Igt Dgft (BB) $;:,=;5
Gquaty Uklug (BB) $6=,453
(/)Smkrgs Nutstkidaio (BB) 3?5
Aitraisac Stnch Zracg $?7.5:
(;) Ks ne ;;/4/6:;4 Bkrhgt Clnsg
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4:%
5:%
6/6:/:= 6/6:/:1 6/6:/;: 6/6:/;; 6/6:/;6 6/6:/;3 6/6:/;4Vgturi
KZK vs Ikturkl Oks
IOK Cnbdty
KZK WS Gquaty
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Tn cnbputg tmg aitraisac vklug enr Kpkcmg Cnrpnrktani tmg dascnuitgd cksm elnw bgtmnd wks cmnsgi,
fgckusg lahg tmg ntmgr cnbpkiags tmas as ki gxtrgbgly ckpatkl aitgisavg aidustry kid tn prnpgrly vklug tmas
cnbpkiy CKZG] kid D&K krg twn vgry abpnrtkit laig atgbs tn tkhg aitn kccnuit. Fgckusg Kpkcmg
Cnrpnrktani mks dnig k onnd `nf kt mgdoaio ats rash ne Ikturkl Oks pracg eluctuktanis, tmg rgvgiug ornwtm
enr tmas cnbpkiy wks bucm maomgr tmki tmg prgvanus twn cnbpkiags. Bucm ne Kpkcmg Cnrpnrktanis
vklug wks dgravgd ernb ats tgrbaikl vklug fgckusg tmgy krg gxpgctgd tn aivgst mgkvaly ai CKZG] nvgr tmgigxt cnuplg ne pgrands tn cnitaiug cnivgrtaio uidgvglnpgd lkid aitn wnrhaio oks eaglds. At kppgkrs tmkt
tmg bkrhgt mks dnig k onnd `nf kt rgcnoiazaio tmgsg cmkrkctgrastacs ai Kpkcmg fgckusg ats aitraisac vklug as
klbnst gqukl tn tmkt ne tmg bkrhgt pracg.
Fksgd nee tmg aitraisac vklug tmkt wks dgravgd ernb k DCE Ukluktani tmas cnbpkiy as k rgcnbbgidgd MNLD,
fgckusg tmg (Bkrhgt Zracg2$?7.;:)(Aitraisac Uklug2$?7.5:).
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_nrhs Catgd
"Kpkcmg Cnrpnrktani0 IQSG0KZK [untgs & Igws - Onnolg Eaikicg." Kpkcmg Cnrpnrktani0
IQSG0KZK [untgs & Igws - Onnolg Eaikicg. Onnolg, 6:;4. _gf. ;: Inv. 6:;4.
cad2;5;?9 .
"Kpkcmg Cnrpnrktani." Kpkcmg Cnrpnrktani0 Mnbg. Kpkcmg Cnrpnrktani, 6:;4. _gf. ;; Inv.
6:;4.
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Kppgidax
GCK DCE Ukluktani
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CMH DCE Ukluktani
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KZK DCE Ukluktani
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