O M N NA ONAL AL N N MA K NG C OMP ANYW B C M OF WA AL O GAN Z A ON D C AL F O C NON D C AL F O C D B U O 2 0 1 2 l dm k g P c c u y F d g f d p h u yp d gp MM d m mb w hc mp h d l dm k g g z l u c u d d m p l c.
XCUV UMMAY uy Objc PMM l d Mkg Pcc uy pd PMM d mmb wh cmph d l d mkg gzl ucu d dm plc. Hw U h p h p c f xcu ummy d dld ul. h xcu ummy c h uy hghlgh; h dld ul p bul d f ch qu. h d bk dw by ul l lum d g llg pc f mchy. h bkdw pm cmp mg cmp f ml z d pduc lu. h fgu h p p 2011 cld fcl y mu. M (g) clculd f qu p; md h b cludd h p ly wh h gfc bw h md d g p (h g w kwd by m xmly hgh lw p). h cul umb f pd clculd f h qul p. Mhdlgy h w Pcp Oly uy; ly h mmb wh pcpd lgbl c h ul. 1
XCUV UMMAY. Gl l D h 93 cmp h pcpd h uy dbud mg h ul l cg d g llg pc p mch cg fllw (bl 1): bl 1 Aul l Vlum # f C Ag llg Pc f Mchy # f C 0 - $2M 3 $0 - $15K 13 $2M - $4M 12 $15K - $35K 6 $4M - $6M 11 $35K - $50K 11 $6M - $10M 16 $50K - $75K 8 $10M - $20M 19 $75K - $150K 22 $20M - $50M 18 $150K - $500K 28 O $50M 14 O $500K 5 h fllwg bkdw f h Aul l Vlum: Mch, 68%; p P, 18%; Chg P, 5%; d Oh, 9%. 2
XCUV UMMAY. yp f l Ogz h g umb f dc lppl mplyd by PMM mmb 8. h bkdw f ul l lum fllw: dc l fc (55%), Dbu/p (31%), (1%) d Oh (13%). h m cmm gm f h l fc by g (7), fllwd by duy (3), Nl Accu (2), l (2) d Oh (13). h mjy f dc d -dc lppl (86%) d pfm ll -up c whl mll pcg (12%) pfm cmbd l d c, d m w pc d -up c ly. Of h l fc h pd h c, ff pc h lb chg g h h pfmd by c pl, wy-h pc chg l h c pl, d h chgg h qul f c pfmd by c pl z chg, pcly, hy- pc.. Gl D - Cmpy lppl Fy-gh pc f pcpg PMM mmb h fml l g pgm. Of h PMM mmb ug ud l g mjy, xy-h pc u m, fllwd by ffy pc wh u PMM g uc d hy-gh pc wh ulz wb f g. h g dc lp ld g f $2.7 mll wh f pduc 2011. h p pduc ld g f $7.8 mll 2011. h g fcy ul l lum ll p lp 2011 w 2.2 mll. xy-x pc f pcpg PMM mmb h l mg wh h Gl Mg Pd f h cmpy. h m cmm b f cmp f l mg ly plu cmm (30%), fllwd clly by ly plu bu bd pf (29%). Ffy-w pc f pcpg cmp h Mkg Mg h h h l Mg Offc. h m cmm b f cmp ly ly (49%). V. Dc l Fc h m cmm b f cmp f dc l gup ly plu cmm (62%). Of h dc l fc, g f 3 l ppl bd d d 8 bd ud. xy-h pc f d l ff qud l g f 51 dy p y. 3
XCUV UMMAY V. N-Dc l Fc Ffy-f pc f h pcpg PMM mmb ulz -dc l fc. h l fc c g cmm f l pc f mch, pc f c, x pc f p, d pc f f. h mjy (72%) f pcpg PMM cmp h dbu h pcp h dcu wh xdd cum. F cmm d cd y d hppd h, m cmm (32%), f cmp pl h cmm, whl hy pc f cmp d 50-50 cmm pl. h mjy (66%) f pcpg cmp c h -dc l fc fm hu ccu. Oly hy-gh pc f cmp h h -dc l fc cll OM, d ffy-x pc f -dc l fc c cmm OM l. Fy-gh pc f -dc l fc c cmm p p l, cg g cmm f 12%. y gm lgly dgd y-by-y b, wh fy- pc f PMM cmp pg f h flxbly. Wh dcu xdd OM, g ffy-x pc bbd by h cmpy d wy-fu pc by h l gup. V. Dbu Of h PMM cmp pcpg h uy, fy-fu pc ulz dbu. h g dcu ffd mch 16%, c 5%, p 12%, d f, 8%. ghy pc f cmp pdd h h dbu pcp wh dcu xdd cum. Fy- pc f h cmp dcd h h pl cmm d cd y d hppd h. Fyh pc c dbu fm pcpg hu ccu. hy-gh pc f h dbu cll OM. Fy-w pc f h cmp dc h dbu c dcu OM l. Fy pc f dbu h -xclu y gm, d h fy pc mk y gm c by c b. 4
XCUV UMMAY V. OM Ffy-f pc f cmp ulz OM. h g dcu xdd mch 12%, c 3%, p 6%, d f, 6%. h mjy f c (56%) whch cum dcu xdd, h OM pcp wll. Ffy-x pc f h cmp dcd h h pl cmm d cd y d hppd h. O hlf (56%) h plcy blhd, h dd llg hu ccu. Fy-x pc f OM h -xclu y gm. V. l l (Oud UA d Cd) ghy- pc f cmp h l l Fc. hy-w pc f pcpg cmp h l l Mg. h m cmm b f cmp ly plu cmm (44%). wy- pc f pd h dc lppl lcd l mk. h m cmm b f cmp ly plu cmm (44%). Ffy- pc f pdg mmb u dbu f l l. l l bk dw mg dff cu d g: Cd (21%), up (20%), A Pcfc (14%), L Amc (14%), Mxc (14%), Ch (10%), d Oh (16%). h w m cmm w- w w h Mddl d Aul, gh cmpg fy-w pc f h Oh. X. Mkg, Cmpy Wb d CM fw h cl mjy f pdg cmp (88%) ulz Mkg. h p h p f mkg h ml Nwl xg cum (70%), Ggl Ad Wd (53%) d Lkd (53%). Fy-gh pc f dc l fc cmpd l, whl wy-h pc f -dc l fc c cmm l. h p w p f wb hg lf-hd (30%) d Lcl P (28%). h ky u f PMM mmb cmpy wb pd mchy fm d chcl pcfc (88%), d gh d dlp qu (86%). hy-fu pc f cmpy wb pwd pcd. 5
XCUV UMMAY Mch d p p l cmpy wb pd f by Puch Od (57%), Cd Cd (28%), d Oh (16%). y pc f PMM cum ulz cc mgm/cum lhp mgm fw. h m ppul fw ud AC (24%), fllwd clly by lfc.cm (22%). M mp fw u f u d y cumz. l (93%), Mkg (72%), d Cum c (53%) h p h bu fuc h CM fw ud f. 6
PMM HADQUA 11911 Fdm D, u 600, Vg 20190 lph: (703) 243 8555 Fx: (703) 243 8556 ml: pmm@pmm.g www.pmm.g PMM LAN AMCA Hm 418 P 7 Cl. Mgul Chpulpc Mgul Hdlg, D.F. 11570 Mxc lph: + (52 55) 5545 4254 Fx: + (52 55) 5545 4302 ml: l@pmm.g PMM CHNA u 13G, Kk Plz, N.888 W Hg Du d hgh, 200042, Ch lph: + (86 21) 6252 9985 Fx: + (86 21) 6259 7320 ml: ch@pmm.g