Q
%QPGEVG Q ECDQ GN¾EVTKEQ ¯ VQOCFC SWG UG GPEQPVTC PC RCTVG FG VT±U FQ FKURQUKVKXQ
%QPGEVG C QWVTC GZVTGOKFCFG FQ ECDQ GN¾EVTKEQ C WOC VQOCFC FG GPGTIKC GN¾EVTKEC
#8+51
!
%GTVKHKSWGUG FG SWG C WPKFCFG %2#2 #2#2 QW FG FQKU PÃXGKU UG GPEQPVTC
•
FGUNKICFC PC VQOCFC FG GPGTIKC GN¾EVTKEC CPVGU FG EQPGEVCT Q e
%GTVKHKSWGUG FG SWG C HKEJC G Q ECDQ GN¾EVTKEQ UG GPEQPVTCO GO DQCU EQPFK¼ËGU
•
G FG SWG Q GSWKRCOGPVQ PµQ UG GPEQPVTC FCPKHKECFQ
R
%QNQSWG Q FKURQUKVKXQ UQDTG WOC UWRGTHÃEKG HKTOG G RNCPC LWPVQ ¯ UWC ECOC %GTVKHKSWG
UG FG SWG C WPKFCFG ¾ EQNQECFC C WO PÃXGN KPHGTKQT GO TGNC¼µQ ¯ UWC RQUK¼µQ FG FQTOKT
FG OQFQ C SWG SWCNSWGT GZEGUUQ FG EQPFGPUC¼µQ GUEQTTC FG XQNVC RCTC C E³OCTC FG
±IWC
#6'01
!
6GPJC Q EWKFCFQ FG PµQ EQNQECT Q FKURQUKVKXQ PWO NQECN QPFG RQUUC UGT HCEKNOGPVG
FGTTWDCFQ
S
#8+51
0µQ GPEJC C E³OCTC FG ±IWC GPSWCPVQ SWG GUVC UG GPEQPVTC HKZC ¯ GUVC¼µQ FG
!
CPEQTCIGO G CQ FKURQUKVKXQ %2#2 #2#2 QW FG FQKU PÃXGKU
8KTG C E³OCTC FG ±IWC FG OQFQ C SWG C UCÃFC FG CT GUVGLC C CRQPVCT RCTC EKOC 5QDTG
WOC RKC GPEJC EWKFCFQUCOGPVG C E³OCTC FG ±IWC CVTCX¾U FC UCÃFC FG CT CV¾ ¯ NKPJC FG
PÃXGN O±ZKOQ FG ±IWC SWG UG GPEQPVTC PC RCTVG NCVGTCN FC DCUG FC E³OCTC FG ±IWC
5CÃFC FG CT
1
e
^
=Oá
rjfa
fob
UG UGORTG FG SWG C E³OCTC FG ±IWC UG GPEQPVTC NKORC %QPUWNVG .KORG\C G
/CPWVGP¼µQ PC R±IKPC
%CDQ
GN¾EVTKEQ
FGXGT± UGT GPEJKFQ EQO ±IWC HTGUEC CPVGU FG UGT WUCFQ %GTVKHKSWG
VQOCFC
FG GPGTIKC
GN¾EVTKEC
rjfa
.KPJC FG
PÃXGN O±ZKOQ
FG ±IWC
m
=
=
obm^o^o
m^o^
rpl
^
=Oá
fob
NPV