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83.901 90.000 
80.000 

70.000 

60.000 
Prihodki od prodaje 
50.000 
40.000 
30.000 
5.000 

20.000 

10.000 0 
0 
2014 2015 2016 
EBIT (000 €) EBITDA (000 €) 
Cisti dobicek (000 €) 
Prihodki od prodaje (000 €) 

1.068.347 
1.060.000 

1.000.000 
980.000 
960.000 

Kolicine distribuirane elektricne energije 
71.564 
70.000 
1.040.000 
1.020.000 
MWh MWh


60.000 
50.000 
40.000 
30.000 
20.000 
10.000 0 
Kolicina proizvedene elektricne energije 








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Konsolidirano poslovno porocilo 
Z novimi storitvami dostopnejši uporabniku 
V p o d j e t j u s t o p a m o v k o r a k z najsodobnejšimi trendi. Uporabnikom zagotav l j amo vr hunske s tor i t ve i n napredne tehnološke rešitve ter zanje vzdržujemo in nadgrajujemo energetsko omrežje na Gorenjskem. V minulem letu smo odprli nov distribucijski center vodenja, uporabnikom pa ponudili enotno telefonsko številko, s katero smo zanje hitreje in lažje dostopni. 

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3G|H3Gz|4 
13zG133G1H6 
{DCJLJLMJ>;9@t?A¿OJK9>O9DAt9;9>G>tC9?@9OxAsJ>:>;9@t?AOAHHHHHG66GzH7HHHG4G23|G6G456G554G6G|66G|z1jATDE=GAQRHOY=ILGHOX=OH=GAQRHOY=ECQGCBHOY=ILGLJLB88888N22<;8:88888N22<;8:>?EGANOGC=IOBOILHI888888888N4<795N2<462<664N2<588<79;ÅJ;<t?A>E@J<M@JK9s<FA>B<?<@>D<C<FJE9;@OJK9><MB<Ms9HHHHHHH1|4G566G75G71zH4G153G3474G216G4|2\HCQ=NOQRLPA=ECQGCBHLPA=O?OIA=ECFCNLBAGQTLPA=CKICK@A88888888884<369<94:4<369<94:MCQRABTL=IFDPLPA=BQLCKQLP<=ICHCQA=bFA?LH=?H<=ECTAEORAGQTO=SLRCIOc]=TO=HL=KCIC=EC?HL@L=EFLFA?BF[N<=BECQGCBHO=O?OI88888888N49<7;:88N49<7;:MCQRABTL=IFDPLPA=BQLCKQLP<=ICHCQA=bFA?LH=?H<=ECTAEORAGQTO=SLRCIOc]=TO=KCIC=EC?HL@L=EFLFA?BF[N<=B=ECQGCBHOO?OI8888888354<622888354<622RLGLJ=IFDPLPA=BQLCKQ<ICHCQA]=TO=QL=CKFAN<=EC=TAEORAGQTOSLRCIO]=TO=HL=KC=EC?HL@L=EFLFA?BF[NLH=B=ECQGCBHO=O?OI88888888;<8:388;<8:3RLGLJ=IFDPLPA=BQLCKQ<=ICHCQA]=TO=QL=CKFAN<=EC=TAEORAGQTOSLRCIO]=TO=KC=EC?HL@L=EFLFA?BF[NLH=B=ECQGCBHO=O?OI88888888N72888N728{DCJLJLMJ>E>O9DAt9;uHHH23|G54566GzH7H3GHH1G5H3HG35GH2z6GH7HG76zG7G2|3G545HeA?ECFLIORLB=EFLCQRAGLPA=ILGA=NOQRLPA=ICKONTAEFOSLF@AGHLPA=ECFCN<=CKI<=HA=IFDPL=QLQRABOHL=TAEORAGA8888888882<833<;68N2<833<;688eA?ECFLIORLB=ILGA=NOQRLPA=ICKONTA=ECFCN<=CKICK@AHAIFDPL=QLQRABOHL=TAEORAGA=ECQTGLED=CFP<=BCILH@A=OHHAI?CFA888795<64622<;8:89<883<689=888N9<747<7568RFDPL=QEFLSLSKL=B=TAEORAGD88888888N96<87;96<87;88{t9?sJ>21G>BJxJLMJC>6H1741G|5|GH7113zG533G|546G63zG17266GzH7G66GzH76zGHzHG55|G3|3G554G53G74H6G6z2G3526G|61GH||135G723GH23FL]SNMPOSTkTWLlOSk]ZT`aq`_TMTKSWPVSOTNLTQUOTRSXZMLkLQNYUlSTPjYSjSTPMT]P&T]UTVRU%ST%RSVPTNYZWS]TM]PhqKLMNLOPQPRSMLTOUVMLTWLRLXPOLTNYZWPMUT[OUYVRLT\LRUM]NYST^_`a``d




































E> :EJ:A> : 









I<LJLM?Js¿J>@OuDA?J>9L<CtA:AC;sAEAN>@CJB@tJE ÈxJ?sJ?9>B<M9>O<CA@t?<@tA>ÎE>;JtANÏ =L<CtA:9xAs@O9>@t<D?s9 ÎE>Ë Ï 

eANDHAGHO[TA=EFCPFASQTA=CEFLSA 


RFDPL=EFABOXL 















I<LJLM?Js¿J>@OuDA?J>9L<CtA:AC;sAEAN>@CJB@tJE ÈxJ?sJ?9>B<M9>O<CA@t?<@tA =L<CtA:9xAs@O9>@t<D?s9> ÎE>;JtANÏ ÎE>ËÏ 


`PFAIK L=LHLFPLRQTL=OHfFAQRFDTRDFL 

`PFAIK L=YOIFCLGLTRFAFH 

SCHNHL=LGLTRFAFHL 

WQRAGL=?PFAIKL 

WEFLSA=LHLFPLRQTL=OHfFAQRFDTRDFL 

eANDHAGHO[TA=QRFC@HA=CEFLSA 

WEFLSA=YOIFCLGLTRFAFH 

WQRAGA=CEFLSA 

\GAPAH@A=B=RD@A=CE FLISLRLHA=CQHCBHA=QFLIQRBA 



























ÐtJEA;O9>}¼¼ »9?O9¾>DCA>O9tJCA>sJ>}¼¼><BDCt 


84888N8888:93676  VCFLH@QTA=KAHTA]=^FAH@  UGLTRFC=VCFLH@QTA  
84888N8888;9258;  VCFLH@QTA=KAHTA]=^FAH@  VCFLH@QTL=LGLTRFAFHL  
36388N88332;6633  RLJLGHA=KAHTA=SGCBLHO@L]=h@DKG@AHA  UGLTRFC=VCFLH@QTA  
26888N8883529632  ZHOXFLIOR=KAHTA]=h@DKG@AHA  UGLTRFC=VCFLH@QTA  
89773N8882877375  j^kg]=^FAH@  VCFLH@QTL=LGLTRFAFHL  
78888N8887958:54  SK LFK AHT]=h@DKG@AHA  UGLTRFC=VCFLH@QTA  
























































TMUNYPTNLTkTY 



H CuKA>D<@;<E?A>DCAN<BOA 

H CuKA>D<@;<E?A><BN<BOA 


ÀA?9?F?A>DCAN<BOA>A:>BJ;JyJE 


3<=dOHAHNHO=EFOYCITO=O?=ILGLJLB=B=E FOIFDJLHOY=IFDJKAY 

ICAD<:?9?A>D<@;<E?A>A:AB>?9;<yM¾>ECJB?<tJ?AN>D<>O9DAt9;@OA>LJt<BA 

H CuKA>DCAN<BOA 

H CuKA><BN<BOA 






TMUNYPTNLTkTY 






à J<DCJBLJtJ?9>@CJB@tE9>A?>B<;K<C<F?J>=ͼ 

3<=RFDPL=ICGPCFCNHL=_Je 

ÈDCJBLJtJ?9><@?<E?9>@CJB@tE9 

3<=WEFLISLRLHA=CQHCBHA=QFLIQRBA=B=PFAIH@O=OH=O?ILGABO 

2<=MFLID@SO=?A=EFOICK ORLB=CEFLISLRLHOY=CQHCBHOY=QFLIQRLB 


à 9;<yMJ?J>?JDCJLAF?A?J 


H CuK9>B<;K<C<F?9>@CJB@tE9 

8C9tO<C<F?J>D<@;<E?J>tJCs9tEJ 

3<=^FARTCFCNHL=ECQGCBHL=RLF@ARBL=IC=TDEXLB 

H CuK9>OC9tO<C<F?9>@CJB@tE9 

8C9tO<C<F?J>9OtAE?J>F9@<E?J>C9:LJsAtEJ 

Wk\U`jWSa> 
¼J:JCE9xAsJ>A?>B<;K<C<F?J>Iͼ 

G12G|H|G131 

3<=eL?LFBAXO@L=?A=ECTC@HOHL=OH=E CICKHL=CKBL?HCQRO 

2<=RFDPL=FL?LFBAXO@L 

7<=RCGPCFCNHL=E AQOBHL=NAQCBHL=FA?SL@ORBL 




3<=eL?LFBAXO@L=?A=ECTC@HOHL=OH=E CICKHL=CKBL?HCQRO 

2<=RFDPL=FL?LFBAXO@L 

H CuKJ>B<;K<C<F?J><MEJ:?<@tA 

8C9tO<C<F?J>D<@;<E?J><MEJ:?<@tA 

3<=^FARTCFCNHL=CKBL?HCQRO=?A=IABLT=CI=ICYCITA 

ÈMEJ:?<@tA>:9>B9EJO><B>B<N<BO9 

H CuKJ>OC9tO<C<F?J><MEJ:?<@tA 


8C9tO<C<F?J>D9@AE?J>F9@<E?J>C9:LJsAtEJ 










TMUNYPTNLTkTY  
¼9Fu?9;?A¿O9  HCuKJ>DC9EAxJ  ICJL<yJ?s@OJ  {OuD9s>?J<DCJBLJtJ?9  
DC<KC9L@O9  DC9EAxJ>E  @CJB@tE9  
<DCJL9  DCAB<MAE9?su>  




Ã9M9E?9>ECJB?<@t 


SRAH@L=3<=3<=283: 


jCBL=EFOICKORBL 


WIRD@ORBL]=O?GCNORBL]=EFLHCQO 


RCTCHNAH@L=OHBLQROXO@=B=RLTD 


{t9?sJ>21G>16G>6H17 


I<DC9EJO>ECJB?<@tA 


SRAH@L=3<=3<=283: 


MCBLNAH@L=bASCFRO?AXO@Ac 


WIRD@ORBL]=O?GCNORBL]=EFLHCQO 


{t9?sJ>21G>16G>6H17 


jLCIEOQAHA=BFLIHCQR 


SRAH@L=3<=3<=283: 
{t9?sJ>21G>16G>6H17 


TMUNYPTNLTkTY 

¼9Fu?9;?A¿O9 HCuKJ>DC9EAxJ ICJL<yJ?s@OJ {OuD9s>?J<DCJBLJtJ?9 DC<KC9L@O9 DC9EAxJ>E @CJB@tE9 <DCJL9 DCAB<MAE9?su> 



Ã9M9E?9>ECJB?<@t 


SRAH@L=3<=3<=283; 


jCBL=EFOICKORBL 


WIRD@ORBL]=O?GCNORBL]=EFLHCQO 


RCTCHNAH@L=OHBLQROXO@=B=RLTD 


{t9?sJ>21G>16G>6H1z 


I<DC9EJO>ECJB?<@tA 


SRAH@L=3<=3<=283; 


MCBLNAH@L=bASCFRO?AXO@Ac 


WIRD@ORBL]=O?GCNORBL]=EFLHCQO 


{t9?sJ>21G>16G>6H1z 


jLCIEOQAHA=BFLIHCQR 


SRAH@L=3<=3<=283; 


{t9?sJ>21G>16G>6H1z 







































TMUNYPTNLTkTY 
à 9;<yMJ?J>?JDCJLAF?A?J {OuD9s E>DCAB<MAE9?su ?9;<yMJ?J>?JDCJLAF?A?J 




à 9M9E?9>ECJB?<@t 


SRAH@L=73<=32<=283; 





jCBL=E FOICKORBL 


WIRD@ORBL]=EFLHCQO 


MFLHCQ=O?=OHBLQROXO@=B=RLTD 


MFLHCQ=O?PHA=CEFLISLRLHA=WS 


{t9?sJ>21G>16G>6H17 


I<DC9EJO>ECJB?<@tA 


SRAH@L=73<=32<=283; 







WIRD@ORBL]=EFLHCQO 


MFLHCQ=O?PHA=CEFLISLRLHA=WS 


{t9?sJ>21G>16G>6H17 


à J<BDA@9?9>ECJB?<@t 


SRAH@L=73<=32<=283; 


{t9?sJ>21G>16G>6H17 

TMUNYPTNLTkTY  
à 9;<yMJ?J>?JDCJLAF?A?J  {OuD9s  
E>DCAB<MAE9?su  ?9;<yMJ?J>?JDCJLAF?A?J  






à 9M9E?9>ECJB?<@t 


SRAH@L=3<=3<=283; 





jCBL=E FOICKORBL 


WIRD@ORBL]=EFLHCQO 


MFLHCQ=O?=OHBLQROXO@=B=RLTD 


MFLHCQ=O?PHA=CEFLISLRLHA=WS 


{t9?sJ>21G>16G>6H1z> 


I<DC9EJO>ECJB?<@tA 


SRAH@L=3<=3<=283; 







WIRD@ORBL]=EFLHCQO 


{t9?sJ>21G>16G>6H1z 


à J<BDA@9?9>ECJB?<@t 


SRAH@L=3<=3<=283; 


{t9?sJ>21G>16G>6H1z 

TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 21G>16G>6H17 21G>16G>6H1z 



MCNORHO[TL=TAEAXORLRL 

WQRAGL=?PFAIKL 



jAGCJK LHL=HLE FLSONHOHL=B=EFOICK OBAH@D 

{OuD9s>?9;<yMJ?J>?JDCJLAF?A?J 



















TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 


`ANLRHC=QRAH@L=?AGCP=SARLFOAGA=3<=3< 







MCE OQHO=EFLQLJTO 

WQGAKORBL=OH=CIEFABA=CQGAK ORLB 

MFLHCQ=IFCKHLPA=OHBLHRAF@A=B=DE CFAKC 
8<?F?<>@t9?sJ>:9;<K>L9tJCA9;9>21G>16G 




TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 21G>16G>6H17 21G>16G>6H1z 




^FARTCFCNHL=RLF@ARBL=IC=TDEXLB 

^FARTCFCNHO=EFLID@SO 

MCE FABLT=TFARTCFCNHOY=RLF@ARLB=IC=TDEXLB 

8C9tO<C<F?J>tJCs9tEJ>B<>OuDxJE 

^FARTCFCNHL=ECQGCBHL=RLF@ARBL=IC=IFDPOY 

MCE FABLT=TFARTCFCNHOY=RLF@ARLB=IC=IFDPOY 

^FARTCFCNHL=ECQGCBHL=RLF@ARBL=IC=IFDPOY 

8C9tO<C<F?J>D<@;<E?J>tJCs9tEJ 








TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ @OuD9s :9D9B;J>tJCsG 




aLF@ARBL=IC=TDEXLB=LGLTRFONHL LHLFPO@L]=CSFLJHOHL=OH=QRCFORLB 



aLF@ARBL=?A=?ASDIHL=CK FLQRO 


TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 

Ã<E<><M;AO<E9?sJ> ÍCD9?sJ>ÎO<CA¿FJ?sJÏ>A?><BDC9E9 {t9?sJ 21G>16G>6H17 ÈBDC9E9>DCJEJF <M;AO<EGD<DCGECJBG 




MCE FABLT=BFLI< RLF@ARLB=IC TDEXLB 




MCE FABLT=BFLI< RLF@ARLB=?A ?ASDIHL=CKFLQRO 



TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 21G>16G>6H17 21G>16G>6H1z 


^FARTCFCNHC=CIGCJLHO=QRFC[TO=C?<=CIYCITO 

^FARTCFCNHC=HL?AFANDHAHO=E FOYCITO= 

\FANOGC=RFC[AFOHL]=CTCG@QTL=IA@ARBL]=RATQL 



QS]kUX]STWLNVSkYSTYRSVYLRLXMLTLQOLDUMP&TNVRL@YLkTNLTYRSVYLRLXMLTMUjSRSXZMSMPTWRP&LQYPCTkTLYkPRZTYSVURP&MS]kUX]PTQUOUDTWRUQNVSkO]S]LTYRSVYLRLXMLTMUjSRSXZMSMPTWRP&LQYPTMSTLNMLkPTWRUOPhPMSRMUlSTL%RSXZMSTjSTOUVL^_`aCTkTjMUNYZT`qdeeq`feTYqTFRUOPhPMSRMPTL%RSXZMT]UTWLQRL%MU]UTWRUQNVSkO]UMTkTWLlOSk]ZT`dq^qcT[WLRS%SWLhUh%MP&TLiUMTPMTWRUNL]qTKRSVYLRLXMLTLQOLDUMPTNVRL@YPTLjqTLQ&LQYPTNLTNUTkTWRPhUR]SkPTNTNVSM]UhTMSTQSMb`qT`^qT^_`dTjMPDSOPTjST^faq^deTYqTISjOLlT]UTWRUQkNUhTQU]NVkLCTQSTQRZD%ST[OUYVRLT\LRUM]NYSTLQT`qT`qT^_`aTQSO]UMUTLWRSkO]STkUXTWLNOLkTkTjkUjPTNTWLYRPkSM]UhTPjlZ%TMSTQPNVRP%ZiP]NYUhTLhRUD]ZCTkTjkUjPTNTYSVURPhPT]UTPhUOSTMS













ÐtJEA;<>BJ;?Ax ÅJ?9>BJ;?AxJ>E>€ ÇCJB?<@t>E>€ 



23<=33<=283: 

22<=33<=283: 

27<=33<=283: 

29<=33<=283: 

2;<=33<=283: 

25<=33<=283: 

78<=33<=283: 








39<=32<=283: 

3;<=32<=283: 

36<=32<=283: 












TMUNYPTNLTkTY 
ÈBDC9E9 

{t9?sJ 
9Otu9C@OAN 
21G>16G>6H17 
B<MAFO<EÖA:KuM 





eL?LFBA=?A=E C[RLHC BFLIHCQR=CKFLQRHL ?ASLH@ABL 




_TRDAFQTO=ICK ONTOPO?PDKL 

>?PDKA=CKBGAICBAH@A CIBOQHL=IFDJK L 








TMUNYPTNLTkTY 




JOQRO=ECQGCBHO=O?OI=E CQGCBHLPA=GLRA 

aLYRAHC=ECBE FLNHC=[RLBOGC=HABAIHOY=ILGHOX 

RCHCQ=HA=ILGHOXC]=CQHCBHOPEFOGAPC@LHO 




























T MUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 

I<EJF9?s9>Î<M;AO<E9?s9Ï ÁL9?s¿9?s9>ÎFCD9?sJ¾><BDC9E9Ï 





eL?LFBAXO@L=?A @DKOGL@HL HAPFAIL 



eL?LFBAXO@L=?A CIE FABHOHL=CK DECTC@ORBO 



{OuD9s>BCuKJ CJ:JCE9xAsJ 





TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 

I<EJF9?s9>Î<M;AO<E9?s9Ï ÁL9?s¿9?s9>ÎFCD9?sJ¾><BDC9E9Ï 


DCAD<:?9?sJ E>MCJLJ @CJB@tJE> 





eL?LFBAXO@L=?A=@DKOGL@HL HAPFAIL 



eL?LFBAXO@L=?A CIE FABHOHL=CK DECTC@ORBO 



{OuD9s>CJ:JCE9xAsJ>:9 suMA;Js?J>?9KC9BJ>A? <BDC9E?A?J 





eL?LFBAXO@L=?A=BLF@LRHL O?PDKL=EFO=QECFOY=B=RLTD 




{OuD9s>BCuKJ CJ:JCE9xAsJ 


{OuD9s>CJ:JCE9xAsJ 


















TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ Á9FJt?<>@t9?sJ I<EJF9?s9>Î<M;AO<E9?s9Ï ÁL9?s¿9?s9>ÎFCD9?sJ¾><BDC9E9Ï 8<?F?<>@t9?sJ 

E>B<MC< 21G>16G>6H17 <MEJ:?<@tA><:G 8Iͼ 




kFL?EGANHO=EFLB?LS=WS 



kFL?EGANHO=EFLB?LS EFOTG@DNTCB 



RCGPCFCNHC=CIGCJLHO EFOYCITONHA@LSHOHL=OH DECFAK HOHL 



WIGCJLHO=EFOYCITO=O? HAQGCBA=ECBEFLNHOY QRFC[TCB=EFOTG@DNORBL 



MFABOXA=IC=DE CFAKL 



RCGP<=CIG<=E FOY<N HA@LSHOHA=OH=QRCFORBL SWRW= 



MFC@LTR=SaWepNICGP< CIG<=EFOYCITO 



MFC@LTR=>jYeU_SUN ICGP<=CIGCJLHO=EFOYCITO 



MFL@LRL=IFJABHL ECIECFL 



RFDPO=ICGPCFCNHC BHAE FL@=BFANDHAHO QRFC[TO 



{OuD9s>BCuKJ B<;K<C<F?J <MEJ:?<@tA 

TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ Á9FJt?<>@t9?sJ I<EJF9?s9>Î<M;AO<E9?s9Ï ÁL9?s¿9?s9>ÎFCD9?sJ¾><BDC9E9Ï 8<?F?<>@t9?sJ 

DCAD<:?9?sJ>E 

E>B<MC< 21G>16G>6H1z 
MCJLJ 
<MEJ:?<@tA><:G 
@CJB@tJE> 
8Iͼ 




kFL?EGANHO=EFLB?LS=WS 



kFL?EGANHO=EFLB?LS EFOTG@DNTCB 



RCGPCFCNHC=CIGCJLHO EFOYCITONHA@LSHOHL 



WIGCJLHO=EFOYCITO=O? HAQGCBA=ECBEFLNHOY QRFC[TCB=EFOTG@DNORBL 



MFABOXA=IC=DE CFAKL 



RCGP<=CIG<=E FOY<N HA@LSHOHA=OH=QRCFORBL SWRW=N=eW=2839 



MFC@LTR=SaWep=N=ICGP< CIG<=EFOYCITO 



MFC@LTR=>jYeU_SU=N ICGP<=CIGCJLHO=EFOYCITO 



MFL@LRL=IFJABHL ECIECFL 



RFDPO=ICGPCFCNHC BHAE FL@=BFANDHAHO QRFC[TO 



{OuD9s>BCuKJ B<;K<C<F?J <MEJ:?<@tA 







TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ> 21G>16G>6H17 21G>16G>6H1z 


^FARTCFCNHL=fOHAHNHL=CKBL?HCQRO=IC=KAHT 

RFDPL=TFARTCFCNHL=fOHAHNHL=CKBL?HCQRO 

{OuD9s>OC9tO<C<F?J>FA?9?F?J><MEJ:?<@tA 



TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ> 21G>16G>6H17 21G>16G>6H1z 


ÈMEJ:?<@tA>B<>B<M9EAtJ;sJE>:9>@E<s>C9Fu? 

ÈMEJ:?<@tA>B<>B<M9EAtJ;sJE>E>@E<sJL>ALJ?u>A?>:9>tus>C9Fu? 

===N=CKBL?HCQRO=IC=IFDJKL=SWRW]=I<=C<=C<= 

===N=IC=IFDPOY= 

H CuKJ><MEJ:?<@tA 

===N=IC=?AECQGLHOY 

===N=IC=IFJABL=OH=IFDPOY=OHQRORDXO@ 

===N=?A=EFL@LRL=EFLID@SL=OH=BAF[NOHL 

==N=IFDPC=bCKFLQRO]=CIRLPG@A@O=ILGABXLS]=TAEORAGQTA=IFDJKAqc 

{OuD9s>OC9tO<C<F?J><MEJ:?<@tA>A:>D<@;<E9?s9 









TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 21G>16G>6H17 21G>16G>6H1z 


aD@=SARLFOAG=B=QTGAIO[ND 

MFL@LRL=PAFAHXO@L 

SGDJHCQRHL=EFABOXL 


{OuD9s>D<tJ?xA9;?9>@CJB@tE9 

>?IAHL=PAFAHXO@L]=ECFC[RBA 

{OuD9s>D<tJ?xA9;?J><MEJ:?<@tA 

WQHCBHA=QFLIQRBA=B=GAQRO=SWRW 

jLNFE AH=ILG=TFLIORA 

{OuD9s><@t9;< 

{OuD9s>:u?9sMA;9?F?9>JEABJ?x9 






TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



MFOYCITO=CI=EFCIA@L=LGLTRFONHL=LHLFPO@L 

MFOYCITO=CI=EFCIA@L=LGLTRFONHL=LHLFPO@L=N=CQTFKL=SWRW 

MFOYCITO=CI=HA@LSHOHL=OH=QRCFORLB=B=FA?SLF@D=Q=SWRW 

MFOYCITO=?A=ECTFOBAH@L=O?PDK=UU=B=FA?SLF@D=Q=SWRW 

MFOYCITO=CI=HA@LSHOH 

MFOYCITO=CI=PFAIKLHOY=OH=SCHRAJHOY=ILG 

MFOYCITO=CI=EFCIA@L=IFDPOY=ECQGCBHOY=DNOHTCB 

{OuD9s>FA@tA>DCAN<BOA><B>DC<B9sJ>D<@;<E?AN>uFA?O<E 
HUXPMLTXPNVP&TWRP&LQYLkTLQTWRLQS]UTNYZWPMUTVffTXWTWRUQNVSkO]S]LTWRP&LQYPTL%kOSQZ]LXUTQRZD%UqTQS]kUX]LWLNVSkYLTkTLYkPRZTXPNVP&TWRP&LQYLkTLQTWRLQS]UTNYZWPMUTkTOUVZT^_`aTWRUQNVSkO]S]LTWRP&LQYPTLQTMS]UhMPMUTPMNVLRPVUkTkTRSjhUR]ZTQLTnoNoTVb_q_dcqeaeTYWqTHTWRPhUR]SkPTjTOUVLhT^_`dTNLTWRP&LQYPTYO]Z%TQU]NVkZCTQSTQRZD%S[OUYVRLT\LRUM]NYSTkTOUVZT^_`aTMPTkUXTLWRSkO]SOSTWLNOLkTLNYR%TjTUOUYVRPXMLTUMURlP]LTPMTWLNOLkTkTjkUjPTNTWLYRPkSM]UhPjlZ%TMSTQPNVRP%ZiP]NYUhTLhRUD]ZTWLTWLlLQ%PTNTnoNoCTMSTjUOLTWLQL%MPTRSkMPqTHTOUVZT^_`aTWLNOUQPXMLTkTWLkUjSkPWLNOPTWLYRPkSM]STPjlZ%TMSTQPNVRP%ZiP]NYUhTLhRUD]ZTPMTLNYR%TMPTRUSOPjPRSOSTWRP&LQYLkTPMTNVRL@YLkqTnYOSQMLTjSMUYNLhTdTYTWLlLQ%PTNTnoNoCTYPTkUO]STLQT`qT`qT^_`aTQSO]UCT]UTQRZD%ST[OUYVRLT\LRUM]NYSTjSTZXPMYLkPVLNVWLNOLkSM]STMSTWLQRLX]ZTPjlZ%TkTLhRUD]ZTSOPTWUMSOPjPRSMSTVPjlZ%UTMPD]UTLjqTkP@]UTLQTWRPjMSMP&TMSTLNMLkPToQOLX%UKlUMiP]UTjSTUMURlP]LWqTHTOUVZT^_`aT]UT%POSTQRZD%ST[OUYVRLT\LRUM]NYSTNVPhZOPRSMSCTjMUNUYTNVPhZOSiP]UT]UTjMS@SO^f`q`c_TYTPMT]UTkYO]ZXUMThUQTWRP&LQYUTLQTNVLRPVUkTkTRSjhUR]ZTNTnoNoTRTlOU]VUTVZQPTWLlOSk]PTcq`_qdTRTFLlLQ%STNnoNoTPMT`eqcTRTQS%SkMSTkRUQMLNVTWRLQSMUlST%OSlSTPMThSVURPSOSTVURTNVRL@YPTWLRS%O]UMUlSThSVURPSOSq
TMUNYPTNLTkTY 
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jLECQFLIHO=QRFC[TO=SARLFOAGA 

jLECQFLIHO=QRFC[TO=QRCFORLB=IFDPOY=EFO=O?ILGABO=EFCO?BCICB=OH=CEFABG@AH@D=QRCFORLB 

jLECQFLIHO=QRFC[TO=ILGA 

{OuD9s>?JD<@CJB?A>@tC<¿OA>L9tJCA9;9¾>@t<CAtJE>A?>BJ;9 

STDEA@=ECQFLIHO=QRFC[TO=SARLFOAGA]=QRCFORLB]=ILGA=OH=ASCFRO?AXO@L 
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TMUNYPTNLTkTY 
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MFLBFLIHCRCBAGHO=ECQGCBHO=EFOYCITO 

MFOYCITO=O?=HAQGCBA=E FLHCQA=ICGPCFCNHC=CIGCJLHOY=EFOYCITCB=SLI=FLIHL=ECQGCBHL=EFOYCITLL 

=N=KFL?EGANHO=EFLB?LS=WS 

=N=KFL?EGANHO=EFLB?LS=EFOTG@DNTCB 

=N=ECBEFLNHO=QRFC[TO=EFOTG@DNLBAH@A 


MCBFH@LHL=[TCIL=CI=?ABAFCBAGHOXL 

WQRAGO=ECQGCBHO=EFOYCITO 

{OuD9s>BCuKA>D<@;<E?A>DCAN<BOA 

TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



jAKABHA=BFLIHCQR=E FCIAHLPA=KGAPA=OH=SARLFOAGA 

jATDE=LGLTRFONHL=LHLFPO@L=N=O?PDK L=OH=CQTFK L=SWRW 

SRFC[TO=SARLFOAGAL 

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=N=QRFC[TO=LHLFPO@L 

=N=CIEOQ=IFCK HLPA=OHBLHRAF@A 

=N=QRFC[TO=E OQAFHO[TLPA=SARLFOAGA 

=N=IFDPO=QRFC[TO=SARLFOAGA 


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TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



SRFC[TO=QRCFORLB=EFO=DQRBAF@AH@D=EFCO?BCICB=OH=CEFABG@AH@D=QRCFORLB 

SRFC[TO=RFAHQE CFRHOY=QRCFORLB 




MCBFANOGA=QRFC[TCB=?AECQGLHXLS=B=?BL?O=?=ILGCS 

SRFC[TO=EGANOGHLPA=EFCSLRA]=K AHNHOY=QRCFORLB=OH=?ABAFCBAGHOY=EFLSO@ 

SRFC[TO=OHRLGLTRDAGHOY=OH=CQLKHOY=QRCFORLB 

SRFC[TO=FLTGASL=OH=FLE FL?LHRAHXL 


SRFC[TO=OHfCFSAXO@QTOY=OH=IFDPOY=QRCFORLB 

{OuD9s>@tC<¿OA>@t<CAtJE 






TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 




SRFC[TO=ICIARHLPA=ECTC@HOHQTLPA=?ABAFCBAH@A=?AECQGLHXLB 

SRFC[TO=ILGCIA@AGNLBOY=EFOQE LBTCB=OH=IFDPOY=IA@ARLB=CI=EGAN 

RFDPO=QRFC[TO=ILGA 
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TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



_SCFRO?AXO@A=HLCE FLISLRLHOY=CQHCBHOY=QFLIQRLB 

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_SCFRO?AXO@A=HAGCJKLHOY=HLEFLSONHOH 

{OuD9s>@tC<¿OA>9L<CtA:9xAsJ 

MFLBFLIHCRCBAGHO=ECQGCBHO=CIYCITO=EFO=WWS=OH=jj 

MFLBFLIHCRCBAGHO=ECQGCBHO=CIYCITO=EFO=CKFARHOY=QFLIQRBOY 

{OuD9s><BDA@A>ECJB?<@tA 

TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



MFOQE LBLT=?A=QECIKD@AH@L=?AE CQGCBAH@A=OHBAGOICB 

MFOQE LBLT=?A=QRABKHC=?LSG@O[NL 

MFOQE LBLT=?A=CHLQHAJLHC=BCIC 

^CHXLQO@A=?A=FAKC=BCIL 

WKGOTCBAH@L=FL?LFBAXO@ 

RFDPO=CIYCITO=bQRFC[TO=?A=BAFQRBC=CTCG@A]=CI[TCIHOHLqc 

{OuD9s>BCuKA>D<@;<E?A><BN<BOA 








TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



WIYCITO=CI=CK FLQRO=?A=EFL@LRA=ECQC@OGA=E FO=E CQGCBHOY=KAHTAY 

WIYCITO=CI=CK FLQRO=N=CK FLQRHA=?ASLH@ABA 

WIYCITO=CI=CK FLQRO=?A=EFL@LRA=ECQC@OGA=CI=IFDPOY=IFDJK 

{OuD9s>FA?9?F?A><BN<BOA>A:>FA?9?F?AN><MEJ:?<@tA 


TMUNYPTNLTkTY 
ÈDA@>D<@t9EOJ 



H <MAFJO>DCJB><MB9EFAtEAs< 

MFOYCITO]=TO=?SAH@[D@L@C=IABNHC=CQHCBC 

WIYCITO]=TO=ECBLND@L@C=IABNHC=CQHCBC 

WIYCITO]=TO=?SAH@[D@L@C=IABNHC=CQHCBC 

`SAH@[AH@L=IABNHL=CQHCBL=HA=ECIGAPO=CGA@[AB 


H 9EF?9><@?<E9 

RABNHA=QRCE H@A 

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vFJOtAE?9>B9EF?9>@t<D?s9 


















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>IÈ{}=Ç8=>  >I<>@DCJLJLMA  >ICJB>@DCJLJLM<  
 
s9?u9CGBJxJLMJC  s9?u9CGBJxJLMJC  
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3<===>?IARTO=?A=HATDE L=SARLFOAGA=OH=QRCFORLB 

N32<63:<;34 
2<===>?IARTO=?A=EGANL=OH=ILGLJL=?AECQGLHXLB=B=ICKONTD 

N38<87;<997 

7<===>?IARTO=?A=IABLT=CI=ICYCITA 

9<===>?IARTO=?A=CQRAGL=IA@ARBL 

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MG>>>~:B9tOA>DCA>A?EJ@tAC9?su 

3<===>?IARTO=?A=EFOICKORLB=HLCEFLISLRLHOY=QFLIQRLB 
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7<===>?IARTO=?A=EFOICKORLB=HAGCJKLHOY=HLE FLSONHOH 

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MG>>>~:B9tOA>DCA>FA?9?xAC9?su 
7<===>?IARTO=?A=CIEGANOGA=fOHAHNHOY=CKBL?HCQRO N72<5:4<39: N72<6:2<7:6 










TMUNYPTNLTkTY 
21G>16G>6H17 21G>16G>6H1z 
8?sAK<E<B@O9 I<¿tJ?9>ECJB?<@t 8?sAK<E<B@O9 I<¿tJ?9>ECJB?<@t ECJB?<@t ECJB?<@t 



ÃJA:DJ;s9?9>FA?9?F?9>@CJB@tE9>D<><BD;9F?A ECJB?<@tA 


RCGPCFCNHL=OH=TFARTCFCNHL=fOHAHNHL=RLF@ARBL 


^FARTCFCNHL=ECQGCBHL=RLF@ARBL=IC=TDEXLB 


RLHAFHA=QFLIQRBA=OH=H@OYCBO=DQRFL?HOTO 


{OuD9s>?JA:DJ;s9?9>FA?9?F?9>@CJB@tE9 


ÃJA:DJ;s9?J>FA?9?F?J><MEJ:?<@tA>D<><BD;9F?A ECJB?<@tA 
kAHNHA=ECQC@OGA=OH=IFDPL=fOHAHNHL=CKBL?HCQRO N;8<22:<832 N;8<22:<832 N94<738<;6; N94<738<;6; 
^FARTCFCNHL=ECQGCBHL=CKBL?HCQRO=IC=ICKABORLG@LB=?A QBC@=OH=RD@=FANDH 


{OuD9s>?JA:DJ;s9?J>FA?9?F?J><MEJ:?<@tA GzzG173G763 GzzG173G763 Gz1G6zHG57z Gz1G6zHG57z 


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>?ELG@AHO=fOHAHNHO=OHQRFDSLHRO=bCKBL?HCQROc 


{OuD9s>A:DJ;s9?A>FA?9?F?A>A?@tCuLJ?tA 

G27G447G751 G27G447G751 G23G42HG63z G23G42HG63z 


TMUNYPTNLTkTY 
21G>16G>6H17 21G>16G>6H1z







{CJB@tE9¾>LJCsJ?9>D< D<¿tJ?A>ECJB?<@tA 




{CJB@tE9¾>LJCsJ?9>D< D<¿tJ?A>ECJB?<@tA>@OuD9s 




{CJB@tE9¾>:9>O9tJC9>sJ D<¿tJ?9>ECJB?<@t>C9:OCAt9 


RCGPCFCNHL=OH=TFARTCFCNHL fOHAHNHL=RLF@ARBL 


^FARTCFCNHL=ECQGCBHL RLF@ARBL=IC=TDEXLB 


RLHAFHA=QFLIQRBA=OH=H@OYCBO DQRFL?HOTO 


{OuD9s>@CJB@tE9¾>:9>O9tJC9 sJ>D<¿tJ?9>ECJB?<@t C9:OCAt9 





TMUNYPTNLTkTY 
21G>16G>6H17 21G>16G>6H1z 







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>?ELG@AHO=fOHAHNHO OHQRFDSLHRO 




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kAHNHA=E CQC@OGA=OH=IFDPL 

N;8<22:<832 N;8<22:<832 

N94<738<;6; N94<738<;6; 
fOHAHNHL=CK BL?HCQRO 
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{OuD9s><MEJ:?<@tA>:9 

GzzG173G763 GzzG173G763 

Gz1G6zHG57z Gz1G6zHG57z O9tJCJ>sJ>D<¿tJ?9 ECJB?<@t>C9:OCAt9 

GzzG173G763 GzzG735G761 

Gz1G6zHG57z Gz1G562G|z3 









TMUNYPTNLTkTY 


396<:79<879 39;<399<382 


RCGPP^AEORAG 

RLHAFHA=QFLIQRBA=OH=H@OYCBO=DQRFL?HOTO 

jLRC=fOHAHNHA=CKBL?HCQR 

jLRC=ICGPPTAEORAG 







TMUNYPTNLTkTY 




TMUNYPTNLTkTY 





TMUNYPTNLTkTY  
I<@;<E?A>D9Ct?JC  ÈBDCtJ>tJCs9tEJ>?9  ÈBDCtJ><MEJ:?<@tA  ÈBN<BOA>E>;Jtu  ICAN<BOA>E>;Jtu  ~:D;9FA;<>BAEABJ?B  
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21G>16G>6H17  





SWRW=I<=C<=C< 


gCIFA=?ABAFCBAGHOXA=I<=I< 


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^AE ORAGQTA=IFDJKA=I<=I< 


SABA=eU=I<=I< 







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ICJsJLOA È@JM?A>DCJsJLJO 

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KFDRC=EFL@LSTO 







HLRC=EFL@LSTO 
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KFDRC=EFL@LSTO 



HLRC=EFL@LSTO 




TMUNYPTNLTkTY 
ICJB@JB?AO>uDC9EJÖBACJOt<C Á9E9C<E9;?J>DCJLAsJ ½D<C9M9>@;uyMJ?JK9 ½D<C9M9>L<MA;?JK9 {tC<O<E?< BCuyMJ 9Et<L<MA;9 tJ;JF<?9 A:<MC9yJE9?sJ 



UGLTRFC=VCFLH@QTA 


VCFLH@QTL=LGLTFAFHL 






TMUNYPTNLTkTY 







_HIFL@=^CEFOBLX= 






SAP<=aLIC=R@LTAHCBOS 






UGBOQ=RDFATCBOS= 



ICJB@t9E?AOA>:9D<@;J?AN 
SAP<=RCSOHOT=WBHONLT== 









>?RCT=TRDGAF== 





TMUNYPTNLTkTY 
I;9FA;<>:9><DCG 

I<t?A>@tC<¿OA 

Fu?OxAsJ 
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IF<=_HIFL@=kAFONON 2<3;: 247 





gOGLHA=MLFBAH@L 





TMUNYPTNLTkTY  
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SAP<=SASC=hCPAF  
 





_HIFL@=^CEFOBLX 

SAP<=aLIC=R@LTAHCBOS 

UGBOQ=RDFATCBOS 

ICJB@t9E?AOA>:9D<@;J?AN 
SAP<=RCSOHOT=WBHONLT 


















TMUNYPTNLTkTY 




RCGPCFCNHL=ECQGCBHL=RLF@ARBL 

^FARTCFCNHL=fOHAHNHL=HAGCJKL 

^FARTCFCNHL=ECQGCBHL=RLF@ARBL 

==CI=RLPA=IC=TDEXLB 

RLHAFHA=QFLIQRBA 




TMUNYPTNLTkTY 
21G>16G>6H17 21G>16G>6H1z 


jL?AEAIGL=RLF@ARBL 

`AEAIGL=IC=78=IHO 

`AEAIGL=CI=73=N=:8=IHO 

`AEAIGL=CI=:3=N=68=IHO 

`AEAIGL=HAI=68=IHO 

`AEAIGL=RLF@ARBL=QTDEA@ 


RLGLJ=?AEAIGOY=RLF@ARLB=B=CIEFROY 







TMUNYPTNLTkTY 

`ANLRHC=QRAH@L=3<=3< 

jCBC=CKGOTCBAH@L 

JFEAH@L=OH=CIE FABA 

8<?F?<>@t9?sJ>21G>16G 












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Á=I =H ÆÈ{}>Ç>IÆ=Í~ÆÈ 




<B>6>B<>z>;Jt> 


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TMUNYPTNLTkTY 

Á=I =H ÆÈ{}>Ç>IÆ=Í~ÆÈ 


<B>6>B<>z>;Jt> 



dOHAHNHL=CKBL?HCQRO=IC=KAHT 


RFDPL=ICGPCFCNHL=fOHAHNHL=CKBL?HCQRO 

TMUNYPTNLTkTY 






^FARTCFCNHL=ECQGCBHL CKBL?HCQRO=IC=ICK ABORLG@LB 




^FARTCFCNHL=ECQGCBHL CKBL?HCQRO=HA=ECIGAPO EFLID@SCB 



^FARTCFCNHL=CKBL?HCQRO=O? ECQGCBAH@A=?A=RD@=FANDH 



^FARTCFCNHL=CKBL?HCQRO=?A EGANL 




WKBL?HCQRO=IC=IFJABHOY=OH IFDPOY=OHQRORDXO@ 




RFDPL=TFARTCFCNHL=ECQGCBHL CKBL?HCQRO 

TMUNYPTNLTkTY 





^FARTCFCNHL=ECQGCBHL CKBL?HCQRO=IC=ICK ABORLG@LB 




^FARTCFCNHL=ECQGCBHL CKBL?HCQRO=HA=ECIGAPO EFLID@SCB 



^FARTCFCNHL=CKBL?HCQRO=O? ECQGCBAH@A=?A=RD@=FANDH 




^FARTCFCNHL=CKBL?HCQRO=?A EGANL 




WKBL?HCQRO=IC=IFJABHOY=OH IFDPOY=OHQRORDXO@ 




RFDPL=TFARTCFCNHL=ECQGCBHL CKBL?HCQRO 





TMUNYPTNLTkTY 
Á=I=HÆÈ{} 


<B>6>B<>z>;Jt> 



MFL@LRL=PAFAHXO@L 


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SGDJHCQRHA=E FABOXA 


TMUNYPTNLTkTY 

Á=I=HÆÈ{} 


<B>6>B<>z>;Jt> 


MFL@LRL=PAFAHXO@L 


>?IAHL=PAFAHXO@L 


RAHA=ECFC[RBA=?A=O?IAHL=PAFAHXO@L 


jLNFE AH=ILG=TFLIORA 


SGDJHCQRHA=E FABOXA 


TMUNYPTNLTkTY 




dOHAHNHL=CKBL?HCQRO=Q=QRAGHC=CKFLQRHC=SLFC 

dOHAHNHL=CKBL?HCQRO=?=BAFOAKOGHC=CKFLQRHC=SLFC 



TMUNYPTNLTkTY 

dOHAHNHL=CKBL?HCQRO]=BAFCBAHL=?=CKFLQRHC=?ASLH@ABC 






TMUNYPTNLTkTY 
ÇD;AE>?9>D<@;<E?A>A:AB>6H17 ÇD;AE>?9>D<@;<E?A>A:AB>6H1z 
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dOHAHNHL=CKBXL?HCQRO=?=BAFOAKOGHC=CKFLQRHC=SLFC