ࡱ > q` ' bjbjqPqP 7 : : = % R R R
\ h h h | P P P 8 P t lT l | Ǥ ` U R 6Y " XY XY XY XY 2_ ` $ ' h h e XY XY e e h h XY XY e , h XY h XY e h h XY U .U P V ҡ 0 Ǥ h ,b b | Vc d c ^ a V b $b ^ ,b ,b ,b Ǥ e e e e | | | DD P | | | P | | | h h h h h h &5=B@ ?>;8B8G5A:>9 8=D>@A:20, 2 0 0 6
!
T O C \ h \ z \ t " !B8;L1 ; 1 " H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 0 " P A G E R E F _ T o c 1 4 2 1 1 9 7 5 0 \ h 3
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 1 " - " P A G E R E F _ T o c 1 4 2 1 1 9 7 5 1 \ h 8
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 2 " 07?@>A=5DBL P A G E R E F _ T o c 1 4 2 1 1 9 7 5 4 \ h 1 2
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 5 " . ! P A G E R E F _ T o c 1 4 2 1 1 9 7 5 5 \ h 1 5
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 6 " C:>9; P A G E R E F _ T o c 1 4 2 1 1 9 7 5 6 \ h 1 8
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 7 " " - P A G E R E F _ T o c 1 4 2 1 1 9 7 5 7 \ h 1 9
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 8 " "@0=A=5DBL P A G E R E F _ T o c 1 4 2 1 1 9 7 5 8 \ h 2 1
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 5 9 " -! >AA88 P A G E R E F _ T o c 1 4 2 1 1 9 7 5 9 \ h 2 2
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 0 " #, P A G E R E F _ T o c 1 4 2 1 1 9 7 6 0 \ h 2 7
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 1 " , #, P A G E R E F _ T o c 1 4 2 1 1 9 7 6 1 \ h 3 1
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 2 " "# / P A G E R E F _ T o c 1 4 2 1 1 9 7 6 2 \ h 3 9
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 3 " 2@07E>;48=3 P A G E R E F _ T o c 1 4 2 1 1 9 7 6 3 \ h 4 1
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 4 " 03=8B>3>@A:0O @=>- A P A G E R E F _ T o c 1 4 2 1 1 9 7 6 8 \ h 4 6
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 6 9 " #, P A G E R E F _ T o c 1 4 2 1 1 9 7 6 9 \ h 4 8
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 7 0 " , #, P A G E R E F _ T o c 1 4 2 1 1 9 7 7 0 \ h 5 0
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 7 1 " ! " / !/, P A G E R E F _ T o c 1 4 2 1 1 9 7 7 1 \ h 5 4
H Y P E R L I N K \ l " _ T o c 1 4 2 1 1 9 7 7 2 " , #, P A G E R E F _ T o c 1 4 2 1 1 9 7 7 2 \ h 5 7
!0<AB028; 1>;LH5 2>?@>A>2, =565;8 40; >B25B>2. 57 A>A=>2=>9 F5;LN >AA88 =0 ?5@53>2>@0E A ;845@0<8 :@C?=59H8E 45@602 1;515A?5G5=8O M=5@35B8G5A:>9 157>?0A=>AB8. 4=0:> A0<G5@54=>9 @07 ?@>45=AB@8@>20;, GB> 2 B@0:B>2:5 MB>9 ?@>1;5<K 70?04=K<8 ;845@02>4AB2>AA88 5ABL ACI5AB25==59H85 @07=>3;0A8O. @5645 2A53>, MB8 @07=>3;0A8O :0A0NBAO 2>76=>AB59 8=>AB@0==KE :>AA89A:85 =54@0 ( ?@>B82 G53> 2KABC?05B >A:20) 8 AB@5;CG8BL 4>ABC? : :>=5G=KB@518B5;O?5 ( ?@>B82 G53> @5H8B5;L=> 2>7@0605B 1>;LH8=AB2> =0F8>=0;L=KE ?@028B5;LAB2 2@>?K) . 0:0=C=5 A0<?0 C65AB>G8;0 A2>8 B@51>20=8O : >AA88 ?> MB>?@>AC, 8, :0: 8 >6840;>AL, >AC40@AB25==0O C25B $545@0F88 8 @57845=B 2 A>>B25BAB288 A CAB0=>2;5==K@O4:>= 1 M:A?>@B5 3070 . !>3;0A=> 70:>=C ?@8@>4=K9 307, 4>1KBK9 =0 2A5E 2840E @>645=89, ?@87=05BAO AB@0B538G5A:8 206=K< AK@L5 ?>AB02:8 70 @C156 4>;6=K ?@>E>48BL G5@57 548=K9 M:A?>@B=K9 :0=0; 2 F5;OE ?@54>B2@0I5=8O 8AG5@?0=8O =52>A?>;=84=KE @5AC@A>2 $, 70I8BK D8A:0;L=KE 8=B5@5A>2 8 8=B5@5A>2 M=5@35B8G5A:>9 157>?0A=>AB8 3>AC40@AB20 . $C=:F88 M:A?>@B5@0 70:@5?;5=K 70 >@30=870F859 - A>1AB25==8:>9 A8AB5A=0165=8O 8;8 55 1 0 0 % - B=>9 4>G:>9 , B> 5ABL 07?@>@B>;>65=8O 4>:C@B5@>2 3070, ?@>872545==>3> 2 @05:B>2, @50;87C528OE A>3;0H5=8O > @0745;5 ?@>4C:F88 ( !0E0;8=- 1 8 !0E0;8=- 2 ) , :>B>@K5 2ABC?8;8 2 A8;C 4> 53> ?@8=OB8O.
=B5@5A=>, GB> 402;5=85 A> AB>@>=K @5 AB>;L A8;L=K 45?CB0BK >B:;>=8;8 1 5 ?>?@02>:, ?@54;>65==KE ?>A;5 ?5@2>3> GB5=8O :@C?=59H82K872>48B5;O9 0=B8=>?>;L=>9 A;C61>9 8 8=8AB5@AB2>AB8 8 M=5@35B8:8. -B>B D0:B ?>4B25@48; B> >1AB>OB5;LAB2>, GB> 2 1>;LH59 B 70:>= =>A8B ?>;8B8G5A:89 E0@0:B5@ 8 ?@8720= @0725OBL ;N1K5 =04564K 8=>AB@0=F52 >B=>A8B5;L=> ?5@A?5:B82 A0AB>OB5;L=>3> 2KE>40 : @>AA89A:8< @>645=8O<, <8=CO @5?@5:8 @0A?@>AB@0=5==><C B 70:>= 1C45B 85 2;8O=8O 8 =0 @0AAB0=>2:C A8; 2=CB@8 @>AA89A:>3> 307>2>3> @K=:0. "0:81@07>:>=G0B5;L=> CAB0=02;8205B :>=B@>;L =04 =57028A8<K872>48B5;OB>@K5 2 2 0 0 5 3>4C 4>1K;8 >:>;> 1 0 0 <;@4. :C1. 3> 2 >A=>2=>@B. "5?5@L 65 07?@> 40;8 2>76=>ABL 548=>;8G=> @5H0BL, :0:>9 307 :C40 =0?@02;OBL. G5284=>, GB> @048 1>;LH8E ?@81K;59 =>?>;8O 1C45B A2>9 307 =0?@02;OBL ?@58 =0 M:A?>@B, 0 4>1KBK9 ?>AB02;OBL =0 2=CB@5==89 @K=>:. "0:65 6=> ?@54?>;>68BL, GB> 8 2 AD5@5 ?>AB02>: A6865==>3> ?@8@>4=>3> 3070 C 07?@>O28BAO 1>;LH5 2>76=>AB59: ?> 40==K4=> =5DBO=8:8 M:A?>@B8@CNB ?@8 1 , 5 == MB>3> 3070 2 ! , AB@0=K 0;B88, $8=;O=48N, 5=3@8N, >;LHC, !;>20:8N 8 "C@F8N. $545@0;L=>5 0=B8=>?>;L=>5 254>, 2 G0AB=>AB8, 2KABC?0;> ?@>B82 M:A?>@B0 07?@>3> 3070 8 ?@54;030;> CB25@48BL ?>AB0=>2;5=85 ?@028B5;LAB20, @53;0@O4>: 2>72@0B0 ?@>872>48B5;O9 2K@CG:8 ?@8 53> M:A?>@B5. 4=0:> 8=B5@5AK 07?@>:070;8AL ?@8>@8B5B=55, 8 B5?5@L =5DBO=K5 :>@55 2A53>, 1C4CB 2K=C645=K ?@>4020BL A6865==K9 307 =0 ?5@5@01>B:C. > 8 MB> 2K3>4=> 07?@>9 >1;0AB8 O2;O5BAO 4>G5@=55 ?@54?@8OB85 =>?>;88, !# . 5DBO=K<?0=8OAB0=5BAO ;81> ?@>40BL 307 !# C =0 ?5@5@01>B:C, ;81> 8A?>;L7>20BL 4@C385 I=>AB8 4;O ?5@5@01>B:8. 0B5B 307 1C45B ?>AB02;OBLAO =0 2=CB@5==89 @K=>:. #G8BK20O B>, GB> 4>E>4K =5DBO=KE :>B ?>AB02>: A6865==>3> 3070 =525;8:8, A8;L=KE ?>B5@L >=8 =5 ?>=5ACB. !:>@55 2A53>, 48A:>@B=> 1C45B A0 >ICI5=85 ?>;=>9 7028A8AB8 307>2>3> 8, G0AB8G=>, =5DBO=>3> A5:B>@0 >B 07?@> :0A05BAO , B> 07?@>45@60; =5A:>;L:> 206=KE ?>154 =0 MB>A=5DBL ?>4?8A0;0 4>3>2>@5==>AB8 A =>?>;859 > ?@>4065 2A53> 4>1K2053> 59 3070. > 8B>3040 >A=5DBL 4>1K;0 1 3 , 1 <;@4. :C1. 3> 70:>=0 A5@L57=> 65B ?>AB@040BL # , :>B>@K9 =5>4=>:@0B=> 70O2;O; > ?@8>@8B5B=>AB8 @0728B8O 307>2>3> =0?@02;5=8O 2 AB@C:BC@5 A2>53> 187=5A0: 2 0?@5;5 2 0 0 5 3. >= B>@65AB25==> 70?CAB8; A2>5 0E>4:8=A:>5 @>645=85 A 70?0A0;55 2 0 0 <;@4. :C1. A2>5=85 :>B>@>3> ?>B@0B8; 1 0 0 ;;. 8 A>18@0;AO 2;>68BL 5I5 3 0 0 ;;. > 07?@>3;0H0;AO ?>:C?0BL C C:>9;0 307 B>;L:> =0 A:2068=5 8 =5 4>@>65 1 1 4>;;. 70 1 0 0 0 :C1. =865 A515AB>8AB8. 8B>35 0E>4:8=A:>5 ?@>AB08205B, 8 =5 8A:;NG5=>, GB> # 1C45B 2K=C645= 2 :>=F5 :>=F>2 53> ?@>40BL.
I5 >4=8< 7=0G8<K1KB854060 07?@> B5@5 . !81=5DB5307 2;0455B ;8F5=7859 =0 @07@01>B:C 5@53>2>3> @>645=8O. 07?@>68 MB>3> H030 1>;55 2 ;5B: ?@>5:B AB0@B>20; 2 2 0 0 3 3>4C, => 4>1K20BL B0 A8E ?>@ =5 65B, 81> 07?@>BACBAB285 A2>1>4=KE I=>AB59, =5 40; 59 @07@5H5=8O =0 ?>AB02:C 3070 2 A2>N B@C1C. "5?5@L AB@C:BC@0 0:F8>=5@=>3> :0?8B0;0 1C45B 2K3;O45BL B0:: 07?@><10=:C 1C45B ?@8=04;560BL 5 1 % , $8@5:B 2 1 % , B5@0 1 5 , 2 5 % , B e a m i n g S u n H o l d i n g I n c . ( @8B0=A:85 8@38=A:85 >AB@>20) 1 0 % , :F8>=5@=0O :>B5=F80; 1 , 7 5 % , /- 5=5F:89 02B>=>:@C3 2 ;8F5 45?0@B0 C?@02;5=8N 3>AC40@AB25==>9 A>1AB25==>ABLN 02B>=>3> >:@C30 1 % . > =5>D8F80;L=>9 8=D>@B5=F80; 0DD8;8@>20=K A B5@>9 , :>B>@0O B0:81@07>=B@>;8@>20BL >:>;> 2 7 % !81=5DB53070 .
=B5@5A 07?@><0 : @>645=8N >1CA;>2;5= B5 =0@O4C A .6=>- CAA:8=> 65B AB0BL @5AC@A=>9 107>9 4;O !525@>- 2@>?59A:>3> 307>?@>2>40. "5?5@L B5@0 1C45B 4>1K20BL 307 =0 5@53>2>AB02;OBL 53> 2 B@C1>?@>2>4 07?@>B>@K9 2KABC?8; 2 @>;8 ?>:C?0B5;O 2 MB>9 AE5;CG0BL A2>N G0ABL 4>E>4>2 >B ?@>4068 3070.
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i n o p e c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
@>4 ?@8AB0;L=>5 2=8?0; 8 :>=A>@F8C?5@0B>@ ?@>5:B0 !0E0;8=- 2 .
!?@02:0
:F8>=5@0G:0 O?>=A:>9 M i t s u i S a k h a l i n H o l d i n g s B . V . ( 2 5 % ) 8 4>G:0 M i t s u b i s h i D i a m o n d E l e c t r i c S a k h a l i n B . V . ( 2 0 % ) . @>5:B !0E0;8=- 2 @50;87C5BAO =0 CA;>28OE A>3;0H5=8O > @0745;5 ?@>4C:F88 ( ! ) , 70:;NG5==>3> 2 1 9 9 4 3. @05:B0 @07@010BK20NBAO 8;LBC=- AB>EA:>5 8 C=A:>5 @>645=8O. 72;5:05 ?@>5:BC !0E0;8=- 2 A>AB02;ONB 1>;55 5 0 0 <;@4. :C1. < 3070 8 1 <;@4. 10@@5;59 =5DB8 ( 1 5 0 3>2>@8;AO A S h e l l > ?>;CG5=88 2 5 % + 1 0:F8O 2 !0E0;8=5- 2 2 >1;N 2 ?@>5:B5 0?>;O@=>5- 5>:>340 S E >1JO28;0, GB> >F5=8205B 8=25AB8F88 2> 2B>@>9 MB0? ?@>5:B0 4> 2 0 1 4 3. 2 2 0 ;;. , B>340 :0: @0=55 MB0 F8D@0 A>AB02;O;0 ?>@O4:0 1 2 ;;. , 0 ?>AB02:8 ! A !0E0;8=0- 2 =0G=CBAO B>;L:> ;5B>20O A5:B0 >4>1@5=0 B@5=5@0@ @0AAAA89A:>9 AB>@>=>9.
> ?@>5:BC !0E0;8=- 2 =5 2K?>;=O5BAO 3@0D8: AB@>8B5;LAB20 >1J5:B>2 >1CAB@>9AB20 @>645=89, GB> ?@82>48B : 871KG8 :8 1C@5=8O, C@>2=8 ?@>872>4AB20 8 B5B1>@0 C3;52>4>@>4>2. -B> =530B82=> A:07K205BAO =0 8=B5@5A0E $, ?>A:>;L:C >B>428305B =0 1>;55 ?>74=89 A@>: B>G:C @0745;0 ?@81K;L=>9 ?@>4C:F88 AC40@AB2>@>1CA;>2;8205B C4>@>60=85 ?@>5:B0. B5G5=85 2 0 0 3 2 0 0 5 33. AB>8ABL ?@>5:B0, ?> >F5=:5 :>AB>O==> C25;8G820;0AL, 8 A59G0A ?@0:B8G5A:8 C42>8;0AL. "5< A0<K;CG5=85 3>AC40@AB2>59 4>;8 ?@81K;L=>9 ?@>4C:F88 >B>428305BAO =0 5I5 1>;55 4>;3>A@>G=CN ?5@A?5:B82C ( ?> A0<K?B8<8AB8G=K3=>70A;5 2 0 1 4 3. ) . A>18@05BAO 4> :>=F0 023CAB0 ?@>25AB8 :025@:C >?5@0B>@0, 8, AC4O ?> 2A5, 459AB28B5;L=> ;8 7045@68 8G5=8 ?@>8AE>4OB, 0 B0:65 87- 70 G53> ?@>8AE>48B C25;8G5=85 AB>8AB8 ?@>5:B0. MB> >1AB>OB5;LAB2>, =5A>, 83@05B >A=>2=CN @>;L 2 2K42865=88 ?@5B5=789. !B>8B =0?> 07?@>2>@K A S h e l l >1 >1<5=5 0:B820<8, B0: :0: =>?>;8O :@09=5 708=B5@5A>20=0 2> 2E>645=88 2 A0E0;8=A:85 ?@>5:BK. >A;5 @57:>3> C25;8G5=8O @0AE>4>2 ?@>5:B0 07?@>B:070;AO >ACI5AB2;OBL >1AB83=CBKE CA;>28OE.
I5 >4=8< ?@8< 2;8B8:C 65B AB0BL A2>4AB20 /- 5=5F:>3> 02B>=>3> >:@C30. 5;> 2 B> 2 @C:0E .@8O 55;>20, 3C15@=0B>@0 / , A>A@54>B>G5=K ?@0:B8G5A:8 2A5 =8B8 C?@02;5=8O =5DB5307>2K<8 @5AC@A0;C>AB@>20. 8F5- 3C15@=0B>@><, :C@8@CNI82>5 =0?@02;5=85, O2;O5BAO >A8D 528=7>=, A :>B>@K;L:> ;5B 845B =570B8E0NI89 :>=D;8:B. 0=55 >= ( 2=><) 1K; 2;045;LF5;>38O , ?0:5B 0:F89 :>B>@>9 2 A2>5 2@515I0; ?@>40BL 0?A81307?@><C 70 6 0 ;;. , >4=0:> ?>;CG82 45=L38, ?@>25; 4>?MB>40; :>20"-C . $0:B8G5A:8, A ?@8E>40 ;5:A5O 8;;5@0 07?@>AB0282H89 ?5@2>>G5@54=>9 7040G59 25@=CBL CB@0G5==K5 2> 2@5<5=0 M<0 OE8@520 0:B82K, 48G=> 2K18205B ?>G2C 87- ?>4 =>3 C 55;>20: >20"- D0:B8G5A:8 ?5@5H5; ?>4 :>=B@>;L 07?@>40;0 =>?>;8ABC 0:F88 !81=5DB53070 , ?@8 ?5@5=07=0G5=88 2 2 0 0 4 3>4C 55;>2 >?@028; 2 >BAB02:C 528=7>=0 ?> B@51>20=8N 07?@><0 , 70, ?@0240, =0 AB02;5==8:0 528=7>=0, A03> 55;>20 @57:> =5 2K1@0;8 2 A>25B 48@5:B>@>2 07?@>BO >= 2E>48; 2 G8A;> :0=4840B>2. I5 >4=> A>1KB85 ?@>87>H;>, :>340 07?@>< :C?8; 2 5 , 1 % 0:F89 "0 ;8F5=7859 =0 .6=>- "05 @>645=85, @0A?>;>65==>5 =0 A525@>- 2>AB>:5 ?>;C>AB@>20 /<0; ( 70?0AK - 1 , 2 B@;= :C1. < 3070 8 4 0 - 6 0 =45=A0B0) C >20"-0 . !@07C ?>A;5 MB>3> OB5@O;0 >A=>2=>9 0:B82: ;8F5=78O =0 .6=>- "05 @>645=85 1K;0 ?5@52545=0 =0 :><?0=8N /740==CN 4;O ?@82;5G5=8O 8=>AB@0==KE 8=25AB>@>2. !;54AB25==K9 :>GB8 A@07C 2>71C48; C3>;>2=>5 45;> ?> G. 4 AB. 1 5 9 # - >H5==8G5AB2> 2 >A>1> :@C?=>< @07<5@5 . !C<3> 0:F8>=5@0< "020B5;8 >F5=8;8 2 4 9 , 3 A>AB02;O5B @K=>G=CN AB>8ABL .6=>- "03> @>645=8O. 'CBL ?>765 ?@>:C@0BC@0 /:@C6=>9 AC4 C3>;>2=>5 45;> 1K2H53> 70@0 >:@C30 8 M:A- O1@LA:0 .@8O 8=:0. #3>;>2=>5 45;> 1K;> 2>71C645=> 2 2 0 0 5 3>4C ?> 8B>3025@:8 !G5B=>9 ?0;0B>9 ?@>2545=8O 3>@>4A:8< 8<CI5AB20 ?@820B870F88 840E, :>340 9 A2O78 =5;L7O =5 >1@0B8BL 2=8<0=85 =0 2KA:07K20=85 ;0482A:>3>, =5>D8F80;L=>3> @C?>@0 @5 B> C3>;>2=>5 45;> ?@>B82 3;02K 5=5F:>3> ;5:A5O 0@8=>20 ;8HL =0G0;>, 8 55;>2 ?>A;54C5B 70 =8A;5 MB>3> A83> 2KA:07K20=8O 2 ! ?>O28;0AL 8=D>@ 2 04E>4OB 2K5:C2 A ?>40G8 :@C3>2, 1;87:8E : 07?@><C . A5 2 ?>72>;O5B ?@>3=>78@>20BL, GB> >BAB02:0 .@8O 55;>20 ?@0:B8G5A:8 ?@54@5H5=0. 3> ?@55< 65B AB0BL 0B0;LO >20, 1K2H89 ?5@2K9 7020 8 ?@54A540B5;L :>A4C ?@8@>4=K< @5AC@A0B>@0O AG8B05BAO >4=8118AB>2 07?@><0 .
"0:81@07><, 6=> >B 307>20O =>?>;8O 45- D0:B> ?>AB5?5==> ?@8A208205B A515 ?@02> ?@8=OB8O @5H5=8O ?> 3>AC40@AB25==> 7=0G8<K< @5H5=8O8E A>1AB25==KE 8=B5@5A0E. A;8 MB> ?>4B25@48BAO, B> ?>;8B8G5A:0O A8AB5AA88 ?@8>1@5B5B 25AL@G5B0NICN 2 A515 =5A:>;L:> F5=B@>2 2;0AB8 8 >G5=L 2> 3>B;8G0NICNAO >B :;0AA8G5A:>9 45:@0B8G5A:>9 B@804K.
- "
07?@>:CN ?>ABC?L, :>B>@>9 07?@> AB@0=5, ?@8=F8?80;L=> 206=>5 70=8?@>A 10;0=A0 A8; <564C 3@C??02>4AB25 :>H;> >G5@54=>5 A>1@0=85 0:F8>=5@>2 =>?>;88, =0 :>B>@>2K9 A>AB02 A>25B0 48@5:B>@>2. =53> 2>H;8:
;5:A0=4@ =0=5=:>2 - 70< ;
C@:E0@4 5@3<0== - ?@54A540B5;L ?@02;5=8O D8@25B0 48@5:B>@>2 07?@>< ;
5@<0= @5D - =>3> @0728B8O 8 B>@3>2;8 >AA89A:>9 $545@0F88;
;5=0 0@?5;L - =0G0;L=8: 45?0@B0=>9 M:A?5@B87K 8 F5=>>1@07>20=8O 07?@>< ;
<8B@89 5425452 - ?5@2K9 70AA89A:>9 $545@0F88;
;5:A59 8;;5@ - ?@54A540B5;L ?@02;5=8O 07?@>< ;
8E08; !5@540 - 702>48B5;L 0??0@0B0 ?@02;5=8O 07?@>@8A $54>@>2 - 4>:B>@ M:>=>@ %@8AB5=:> - AB8 8 M=5@35B8:8 >AA89A:>9 $545@0F88;
3>@L .ACD>2 - A?5F80;L=K9 ?@54AB028B5;L ?@57845=B0 >AA89A:>9 $545@0F88 ?> 4=>B@C4=8G5AB2C.
@5A;> ?@54A540B5;O A>25B0 48@5:B>@>2 A>E@0=8; 70 A>1>9 70AL, GB> 2 A>25B 2>945B 5I5 >48= =57028A8@ ;5:A0=4@ (>E8=, >4=0:>, AC4O ?> 2A5<C, <=5=85 @5B=>A8B5;L=> =5>1E>48AB8 ?>2KH5=8O ?@>7@0G=>AB8 ( ?CABL 25AL2=>9, CG8BK20O 1;87>ABL (>E8=0 : @5<;N) 87AL.
0 A>1@0=88 0:F8>=5@>2 1K;0 >72CG5=0 AC?5@07=0O 7040G0 ( :0:, 2?@>G52A:85 ?;0=K 2 ?>A;54=55 2@5< =0 2>2> >B 2 ACI5AB2CNI8E CA;>28OE MB> 25AL6=0O 7040G0. @5645 2A53>, 07?@>B A?@>A0 8 F5= =0 B>?;82> =0 2>< @K=:5. ;O <8=82 07?@>20BL A2>8 CA;>28O 8 D0:B8G5A:8 ?@8=C6405B ?0@B=5@>2 40BL 30@0=B88 2 2845 4>;3>A@>G=KE :>=B@0:B>2 8 4>ABC?0 =0 @K=:8 :>=5G=>3> ?>B@51;5=8O. 7015I05B =0456=>5 307>A=0165=85, ?@8 MB>=AB0B8@CO, =0 2>2>68;0AL A8BC0F8O, :>B>@CN CA;>2=> 6=> =0720BL 48:B0BC@>9 ?@>402F0.
A2O78 A B0:>9 7040G59 =0?@O?@>A > A?>A>1=>AB8 =>?>;88 A?@028BLAO A C65 27OBK1O70B5;LAB20 40==K2>4AB20, @>AB 3>4>2>9 4>1KG8 70 ?OBL ;5B A>AB028; 3 6 <;@4. :C1. 4, 0 2 40;L=59H5 A>1AB25==K3=>70AB 1C45B A>AB02;OBL =0 1>;55 0 , 5 % 2 3>4. ?@8 MB>40 B>;L:> 2 2@>?5 A?@>A =0 @>AA89A:89 307 2K@>A =0 G5B25@BL. 45AL AB0=>28BAO 01A>;NB=> ?>=OB=K >B=>H5=8N : : 459AB285 70:>=0 1 M:A?>@B5 3070 2 >B=>H5=88 MB8E :>72>;8B 07?@>A@54>B>G8BLAO 2 >A=>2=>@B5, 0 ?@>4C:F8N =0?@02;OBL =0 C4>2;5B2>@5=85 2=CB@5==8E =C64 AB@0=K.
5@5>@85=B0F8O 07?@>@B ?>78B82=> A:065BAO =0 53> D8=0=A>2KE @57C;LB0B0E. 53C;O@=> =>?>;8O 60;C5BAO =0 C1KB>G=>ABL 2=CB@5==8E ?>AB02>: 3070 8 B@51C5B >?5@560NI53> @>AB0 B0@8D>2 =0 307, 87- 70 G53> ?>AB>O==> AB028BAO ?>4 C40@ 5@B25G0NI89 70 A45@6820=85 8=D;OF88. 0: A;54C5B 87 :>=A>;848@>20==>9 >BG5B=>AB8 ?> !$ 70 2 0 0 5 3>4. G8AB0O ?@81K;L =>?>;88 2K@>A;0 ?> A@02=5=8N A 2 0 0 4 3>4> 3 1 5 , 9 :070B5;L 2 0 0 4 3>40 2 1 1 , 7 4 65 2@5=F5@=0 >:070;0AL 2KH5, G53=>78@>20;>AL, C25;8G82H8AL =0 4 2 % 4> 1 , 3 8 3 B@;= @C1. , B0: :0: 2:;NG5=85 @57C;LB0B>2 !81=5DB8 >1CA;>28;> @>AB 40==>3> ?>:070B5;O =0 9 0 , 9 8 9 <;@4. @C1. !C<AB028;8 9 2 9 , 5 >B=>H5=8N : 2 0 0 4 3>4C. @81K;L >B ?@>406 2K@>A;0 =0 5 8 % 8 A>AB028;0 4 5 4 65=8O 2 4>1KGC A>:@0B8;8AL A 1 6 7 9 4 @B8@>2:C, =0?@>B82, 2K@>A;8 A> 1 0 7 , 7 1 5 8 ;3>2K5 >1O70B5;LAB20 07?@>6840=8O 0=0;8B8:>2 1K;8 2KH5. >A=>2=>6840;8 1>;55 2KA>:>3> @>AB0 G8AB>9 ?@81K;8 4> 3 4 5 ABL B0:65 =5 A;8H:>A;0, 2 >A=>2=>?5@560NI53> @>AB0 @0AE>4>2 ( AB@C:BC@0 :>B>@KE C 07?@>7@0G=0) . K7K205B >?0A5=85 A=865=85 :0?2;>65=89 2 4>1KGC, GB> 2> 3> A @>AB>8B5;LAB2> B@0=A?>@B=KE I=>AB59 =0 A53>4=OH=89 - 2@>?59A:89 307>?@>2>4, >;C1>9 ?>B>: 8 @O4 4@C38E :@C?=KE 307>B@0=A?>@B=KE ?@>5:B>2. =K=5H=54C >68405BAO ?@8=OB85 8=25AB8F8>==>3> @5H5=8O ?> >A2>5=8N >20=5=:>2A:>3> @>645=8O =0 ?>;C>AB@>25 / ?>B@51C5B 7=0G8B5;L=KE 70B@0B, ?0@0;;5;L=> =0G=5BAO 8 AB@>8B5;LAB2> =>2>3> 307>?@>2>40 >B >20=5=:>2A:>3> @>645=8O 4> #EBK. >:070B5;8 4>;3>2>9 =03@C7:8 07?@><0 2K3;O4OB EC65, G5<?0=89: G8AB0O AC<;30 07?@>=5F 2 0 0 5 3>40 A>AB028;0 2 8 , 6 5 ;;. 1O70B5;LAB20 :>H;K9 3>4 C25;8G8;8AL ?@0:B8G5A:8 2 ?>;B>@0 @070 8 4>AB83;8 5 6 , 4 ;;. ?@>G528OE A>E@0=5=8O 1;03>?@8OB=>9 :>=JN=:BC@K =0 @K=:5 C3;52>4>@>4>2 D8=0=A>2>5 ?>;>65=85 07?@>AB0B>G=> CAB>9G82>. "5;55 GB> 2 A>>B25BAB288 A >BG5B=>ABLN :>= C65 2K?;0B8; 1 0 , 5 ;;. 87 1 3 , 1 ;;. 70820=89, ?@82;5G5==KE 4;O D8=0=A8@>20=8O ?@8>1@5B5=8O !81=5DB8 , =K=5 07?@>?5@0F8>==>9 45OB5;L=>AB8 MB>9 :>G5: CG8BK20NBAO 2 :>=A>;848@>20==>9 >BG5B=>AB8 07?@>:BO1@O 2 0 0 5 3>40, :>340 307>2K9 =>?>;8AB ?>;CG8; :>=B@>;L =04 :>MB><C 6=> >6840BL, GB> @57C;LB0BK 45OB5;L=>AB8 07?@>78B82=> 2;8OBL =0 D8=0=A>2K5 ?>:070B5;8 3@C??K =0G8=0O A 2 0 0 6 3>40.
07?@>< =5DBL
@0<:0E ?@52@0I5=8O 2 =F5@=, 07?@> 70=8<05BAO =5DBO=K< =0?@02;5=85<. @8G5 CG8BK20BL, GB>, =5AB@O =0 >BACBAB285 745AL AB>;L C4>1=KE CA;>289, :0: 2 307>2>9 AD5@5, 07?@>25@H5==> >G5284=> ?>;L7C5BAO >?@545;5==K<8 ?@5D5@5=F8O BCB =04> CG8BK20BL, GB> C 07?@>=:C@5=BK, :>B>@K5 B0:65 3CB @0AAG8BK20BL =0 A5@L57=CN ?>IL A> AB>@>=K 2;0AB=KE AB@C:BC@. @5645 2A53>, MB> 3>AC40@AB25==0O >A=5DBL . A@07C 6=> :>=AB0B8@>20BL, GB> ?@8B8EH89 1K;> :>=D;8:B <564C 42CA:><?0=8OB>@KOB ?@>B82>1>@AB2CNI85 :@5<;52A:85 3@C??K 2;8O=8O, 2 1;8609H55 2@5<O 65B @073>@5BLAO 2=>2L 87- 70 =0A;54AB20 . !0 . @5645 2A53>, 07?@>B>@K9 >= 3>B>2 :C?8BL 70 1 , 3 1 , 9 ;;. , GB> 2 3 , 2 2 , 2 @070 9 AB>8AB8 ?0:5B0. =>?>;88 8=B5@5A=K @:B8:307 , A0B>@0O C65 ?>GB8 1K;0 ?@>40=0 CAA=5DB8 . 8 ">A=5DB8 , :>B>@0O 8A?KBK205B 1>;LH>9 =54>AB0B>: 2 ?5@5@010BK20NI8E I=>ABOE 8 2K=C645=0 >B4020BL A2>N =5DBL 2 ?5@5@01>B:C. # >A=5DB8 - .30=A:=5DB5307 O2;O5BAO >4=8@>2 . !0 8, A;54>20B5;L=>, 65B ?@5B5=4>20BL =0 1>;LH>9 :CA>: 53> =0A;54AB20 . ! 4@C3>9 AB>@>=K, 07?@>< 65B ?>>15I0BL . !C >?@545;5==K5 ?>A;01;5=8O, 5A;8 B>B ?@>40AB 0:B82K 4> =0G0;0 ?@>F54C@K ;8:2840F88 :>BO =5 A>2A5, :0: MB> 6=> A45;0BL, B0: :0: 2A5 >?5@0F88 A 0:B820<8 70@>65=K. "5< =5 @L10 70 0:B82K 1C45B A5@L57=0O.
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
@57C;LB0B5 ?@02> 0@5=4K 1K;> ?@>40=> 07?@>< =5DB8 548=KB>< 70 1 1 , 9 2 ;;. > CA;>28O=:C@A0, ?>A;5 >:>=G0=8O AB@>9:8 0@5=40 02B>4;5205BAO 4> 4 9 ;5B A ?@02>A;54CNI53> 2K:C?0. 0G0;L=K9 @079 ?;0BK 70 420 3>40 1 1 , 9 ;;.
!0=:B- 5B5@1C@35 MB>B :>=:C@A =0720;8 :>@@C?F8>==K< , 8 2A5 ?5@0B>@K >B:070;8AL 2 =520BL, B5< =5 @57C;LB0BK 2@O4 ;8 :B>- B> 1C45B >A?0@820BL.
564C B5< =5DBL 45=AB@8@C5B =5?;>E85 @57C;LB0BK ?> 8B>3040. !>3;0A=> >BG5B=>AB8 ?> U S G A A P , G8AB0O ?@81K;L A>AB028;0 2 , 8 0 4 ;;. , GB> =0 3 7 , 1 % 1>;LH5 ?>:070B5;O 2 0 0 4 3>40 2 , 0 4 7 ;;. K@CG:0 2>7@>A;0 2 1 , 6 @070 4> 1 4 , 5 8 5 ;;. A 8 , 8 8 6 ;;. @81K;L 4> 2KG5B0 =0;>3>2, ?@>F5=B>2 8 0@B870F88 ( E B I T D A ) 2 2 0 0 5 3>4C C25;8G8;0AL =0 2 5 % 8 ?@52KA8;0 4 ;;.
>:070==K5 70?0AK =5DB8 8 :>=45=A0B0 2 :><?0=88 A=878;8AL 2 A2O78 A ?@8<5=5=852KE ?@028; >F5=:8. 0 :>=5F 2 0 0 5 3>40, A>3;0A=> >F5=:5 D e G o l y e r & M a c N a u g h t o n , >=8 A>AB028;8 3 , 3 9 8 A@02=5=8N A 4 , 1 1 9 4C ( 2 2 0 0 4 3>4C 0C48B ?@>2>48;0 M i l l e r & L e n t s . ) . A53> 70 2 0 0 5 3>4 07?@>1K;0 2 6 5 :>;> 3 5 ==) . !>3;0A=> >BG5BC, 4>:070==K5 70?0AK 3070 07?@>A;8 2 2 , 5 @070 A 2 6 <;@4. :C1. 4C 4> 6 6 , 8 <;@4. :C1. 4C.
0AE>4K 07?@> 1 1 , 5 4 2 ;;. A 6 , 2 4 7 ;;. B>4K ?> =0;>3030 =0 ?@81K;L, 2>7@>A;8 4> 5 ;;. A 2 , 3 1 4 ;;. -DD5:B82=0O AB02:0 =0;>3>>1;>65=8O :>4C A>:@0B8;0AL 4> 2 5 % A 3 0 % 3>4>4C C25;8G8;8AL 4> 1 , 0 1 6 ;;. A 8 8 9 , 0 5 8 ;;.
A=>2=>5 2=8@4=K9 4;O @>AA89A:>9 =5DB5307>2>9 >B@0A;8 @>AB 2K@CG:8 =0 6 4 % ?> A@02=5=8N A ?>:070B5;540. > >F5=:0AB 2K@CG:8 07?@> U S G A A P >6840;AO =0 C@>2=5 3 5 % . !B>;L 2KA>:89 @>AB >?@545;O5BAO, A:>@55 2A53>, :>=A>;840F859 2 >BG5B=>AB8 07?@>3> 187=5A0 A03> 07?@>G5?5@0F8>==K5 70B@0BK :>A;8 =0 8 4 % , 8, B0:81@07><, =5AB@O =0 @>AB 2K@CG:8 8 >?5@0F8>==>9 ?@81K;8 :> 3 ;;. ( =0 1 5 % ?> A@02=5=8N A 2 0 0 4 3>4>?5@0F8>==0O @5=B015;L=>ABL A=878;0AL 4> 2 0 % ?@>B82 2 9 % 3>4> >1AB>OB5;LAB2> 2@O4 ;8 AB0=5B 1>;LH>9 ?@>1;59 07?@><0 . A;8 F5=K =0 =5DBL 1C4CB 45@60BLAO =0 B5:CI52=5, 0 07?@>;L:> =5DB54>1K20NI8E 0:B82>2, 2 F5;>5 =0?@02;5=85 307>2>9 =>?>;88 C65 G5@57 3>4 65B ?>:070BL ;CGH85 @57C;LB0BK. !;54>20B5;L=>, 6=> >6840BL 0:B82=>AB8 07?@> ?@8>1@
telecomfm gsmphone
dolmar
ielts
xxx
iridium motorola
5004.14 ()
isdn
dimplex model elba
-
dunlup 205 55 r16
478
gislaved
sharp ar-5415
protherm
intex
datamax
ardo
478
dect desktop
478
, ,