NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS
%XLOGLQJ 8S )XQGDPHQWDOV r DQQXDO UHSRUW
FOR THE FINANCIAL YEAR ENDED31DECEMBER 2015
Notice of Annual General Meeting
Statistics of Shareholdings
Financial Contents
Corporate Governance Report
6LJQLƭFDQW DFFRXQWLQJ MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV
(VWLPDWHV DUH FRQWLQXDOO\ HYDOXDWHG DQG DUH EDVHG RQ KLVWRULFDO H[SHULHQFH DQG RWKHU IDFWRUV LQFOXGLQJ
H[SHFWDWLRQV RI IXWXUH HYHQWV WKDW DUH EHOLHYHG WR EH UHDVRQDEOH XQGHU WKH FLUFXPVWDQFHV
7KH SUHSDUDWLRQ RI WKH *URXSoV ƭQDQFLDO VWDWHPHQWV UHTXLUHV PDQDJHPHQW WR PDNH MXGJPHQWV HVWLPDWHV DQG
DVVXPSWLRQV WKDW DƫHFW WKH UHSRUWHG DPRXQWV RI UHYHQXHV H[SHQVHV DVVHWV DQG OLDELOLWLHV DQG WKH GLVFORVXUH
RI FRQWLQJHQW OLDELOLWLHV DW WKH HQG RI HDFK UHSRUWLQJ SHULRG 8QFHUWDLQW\ DERXW WKHVH DVVXPSWLRQV DQG HVWLPDWHV
FRXOG UHVXOW LQ RXWFRPHV WKDW UHTXLUH D PDWHULDO DGMXVWPHQW WR WKH FDUU\LQJ DPRXQW RI WKH DVVHWV RU OLDELOLWLHV
DƫHFWHG LQ IXWXUH SHULRGV
(VWLPDWHV DQG DVVXPSWLRQV
7KH NH\ DVVXPSWLRQV FRQFHUQLQJ WKH IXWXUH DQG RWKHU NH\ VRXUFHV RI HVWLPDWLRQ XQFHUWDLQW\ DW WKH HQG RI WKH
UHSRUWLQJ SHULRG WKDW KDYH D VLJQLƭFDQW ULVN RI FDXVLQJ D PDWHULDO DGMXVWPHQW WR WKH FDUU\LQJ DPRXQWV RI DVVHWV
DQG OLDELOLWLHV ZLWKLQ WKH QH[W ƭQDQFLDO \HDU DUH GHVFULEHG EHORZ
D (VWLPDWLRQ RI IDLU YDOXH RI LQYHVWPHQW SURSHUWLHV
7KH *URXS XVHV PDQDJHPHQWoV YDOXDWLRQ LQ WKH IDLU YDOXDWLRQ RI LQYHVWPHQW SURSHUWLHV ,Q WKH FDVH RI DQ
LQWHUQDO YDOXDWLRQ WKH GLVFRXQWHG FDVK ƯRZ PHWKRG RU FDSLWDOLVDWLRQ UDWH PHWKRG LV XVHG ZKLFK PDNHV
UHIHUHQFH WR WKH HVWLPDWHG RU DFWXDO PDUNHW UHQWDO YDOXHV DQG HTXLYDOHQW \LHOGV 7KH GHWHUPLQDWLRQ RI
WKH IDLU YDOXH RI WKH LQYHVWPHQW SURSHUWLHV UHTXLUHV WKH XVH RI HVWLPDWHV VXFK DV IXWXUH FDVK ƯRZ
IURP DVVHWV DQG GLVFRXQW UDWHV DSSOLFDEOH WR WKRVH DVVHWV 7KHVH HVWLPDWHV DUH EDVHG RQ ORFDO PDUNHW
FRQGLWLRQV H[LVWLQJ DW WKH HQG RI HDFK UHSRUWLQJ GDWH 7KH FDUU\LQJ DPRXQW RI LQYHVWPHQW SURSHUWLHV DW
'HFHPEHU
ZDV 86 PLOOLRQ
86
PLOOLRQ DQG PRUH GHWDLOV DUH GLVFORVHG LQ 1RWH
7KH DVVXPSWLRQV DSSOLHG LQ GHWHUPLQDWLRQ RI WKH YDOXDWLRQ RI WKHVH LQYHVWPHQW SURSHUWLHV DQG WKHLU
VHQVLWLYLW\ DQDO\VLV DUH GHVFULEHG LQ 1RWH F Y DQG YL
E (VWLPDWLRQ RI IDLU YDOXH RI LQYHVWPHQWV
7KH *URXS XVHV ERWK H[WHUQDO YDOXDWLRQ UHSRUWV DQG PDQDJHPHQWoV YDOXDWLRQ LQ WKH IDLU YDOXDWLRQ RI
LQYHVWPHQWV ,QYHVWPHQWV LQ VKLSSLQJ DQG RưFH SURSHUW\ DUH YDOXHG E\ DFFUHGLWHG LQGHSHQGHQW YDOXHUV
ZKLOH LQYHVWPHQWV LQ KRWHO UHVLGHQWLDO VPDOO UHVLGHQWLDO SURSHUW\ GHYHORSPHQWV DQG GLVWUHVVHG GHEW
DUH YDOXHG E\ PDQDJHPHQW 7KH YDOXDWLRQV DUH EDVHG RQ WKH GLVFRXQWHG FDVK ƯRZ PHWKRG RU UHVLGXDO
PHWKRG WKDW PDNHV UHIHUHQFH WR WKH HVWLPDWHG RU DFWXDO PDUNHW OHDVH YDOXHV GHYHORSPHQW FRVWV DQG
HTXLYDOHQW \LHOGV
7KH HVWLPDWHV DUH EDVHG RQ FRQVLGHUDWLRQV VXFK DV IXWXUH ƭQDQFLDO SHUIRUPDQFH RI WKH LQYHVWHH DQG WKH
HFRQRPLF FRQGLWLRQ RI WKH LQGXVWU\ LQ ZKLFK WKH LQYHVWHH RSHUDWHV 7KH FDUU\LQJ DPRXQW RI LQYHVWPHQWV
DW 'HFHPEHU
ZDV 86
PLOOLRQ
86
PLOOLRQ DQG PRUH GHWDLOV DUH GLVFORVHG LQ 1RWH
7KH DVVXPSWLRQV DSSOLHG LQ GHWHUPLQDWLRQ RI WKH YDOXDWLRQ RI WKHVH XQOLVWHG VKDUHV LQ VKLSSLQJ DQG
SURSHUW\ LQYHVWPHQWV DQG WKHLU VHQVLWLYLW\ DQDO\VLV DUH GHVFULEHG LQ 1RWH F L LL LLL DQG LY
F
,PSDLUPHQW RI SURSHUW\ SODQW DQG HTXLSPHQW
'XULQJ WKH \HDU WKHUH ZDV RQH
RQH SURSHUW\ SODQW DQG HTXLSPHQW WKDW ZDV LPSDLUHG 7KH
FDUU\LQJ DPRXQW RI WKLV SURSHUW\ SODQW DQG HTXLSPHQW DV DW 'HFHPEHU
ZDV 86
PLOOLRQ
86
PLOOLRQ
7KH NH\ DVVXPSWLRQV XVHG WR GHWHUPLQH WKH LPSDLUPHQW RI SURSHUW\ SODQW DQG HTXLSPHQW DUH IXUWKHU
H[SODLQHG LQ 1RWH E
