Capex Report Q1 2013

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    j dhw ljcs gdtfnfpgtha fd Ehrkgdy, rhbhntfde tmh gnt tmgt Ehrkgdys `gcjur kgriht mgs mh`a up wh`` gda tmgt ft mgs crjga`y

    whgtmhrha tmh wfahr rhnhssfjd fd tmh hurj zjdh$ Fdnrhgshs fd fdthdaha mhganjudt grh g`sj hvfahdt fd tmh XI gda Ftg`y$ Jutsfahj tmhsh tmrhh kgrihts, ^KHs `jji sht tj njdtfduh tj fdnrhgsh mhganjudt fd tmh dhxt 73 kjdtms cut gt g `jwhr rgth j fdnrhgsh

    tmgd W> 3?73$

    Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs& W7 3?73W> 3?73

    B rg dn h Eh rk gdyNzhnmShp$ Mudegry _j`gda

    W7 3?7>

    331 3?6 765

    >5 27 1=55716

    63

    575

    =556=2

    3=7>7276>

    Kjrh tmgd 3$1 kf``fjd ljcs sht tj ch nrhgtha cy Hurjphgd ^KHs fd tmh dhxt 73 kjdtms

    Ftg`y

    388 328>56

    XI

    >5=183

    832

    7?

  • 7/28/2019 Capex Report Q1 2013

    7/21

    Nzhnm Shpuc`fnIhy hnjdjkfn fdafngtjrs

    Gddug` nmgdeh fd njdbfahdnh gkjdest Nzhnm

    ^KHs njkpgrha tj rhefjdg` gvhrgeh

    W7 3?7>W7 3?73

    7>$7(

    71$?(

    Dht njdbfahdnh jb Nzhnm ^KHs, cy njkpgdy sfzh

    37( 78( 3?( >3(

    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

    @greh ^KHs wftm 8?+316 stgbb grh kjstjptfkfstfn gcjut shntjr erjwtm

    Qmh Nzhnm hnjdjky hdthrha 3?7> jptfkfstfng``y cgsha jd g rh`gtfvh`y strjde njdvfntfjd j gd hnjdjkfn rhvfvg` g`chft hxphntha

    fd tmh shnjda mg` j tmh yhgr$ Gnrjss tmh qugrthr, hnjdjkfn agtg mgs chhd kfxha< F dbgtfjd ngkh fd gt 7$6( fd Lgdugry, ajwd

    ?$8( jd Ahnhkchr$ Fdaustrfg` prjauntfjd ahn`fdha cy 1$7( y*j*y fd Lgdugry, wmf`st cusfdhss njdahdnh smjwha sfeds j

    rhnjvhry, wftm tmh Nzhnm _KF mfttfde fts mfemhst hvh`s jr kgdy kjdtms$

    Fd Bhcrugry, agtg rh`hgsha cy tmh Nzhnm ^tgtfstfng` Jnh smjwha hnjdjkfn gda njdsukhr njdahdnh fdnrhgsha jd tmhprhvfjus kjdtm, wmf`st njdvhrsh`y, tmh dukchr j udhkp`jyha fd Bhcrugry sureha up cy dhgr`y =i tj 86>$2i mfttfde dhw,

    g``+tfkh mfems$

    Fd Kgrnm, tmh Nzhnm kgdugnturfde _KF fdahx ahn`fdha njkpgrha tj Bhcrugry kgrifde gd gnnh`hrgtfde ahthrfjrgtfjd fdcusfdhss njdaftfjds$ Qmh ajwdturd fd Ehrkgdy, tmh cfeehst hxpjrt kgriht jr tmh Nzhnm Shpuc`fn, wgs tmh kgfd rhgsjdchmfda tmfs s`ukp$

    Qmh hnjdjky fs fih`y tj shh jw erjwtm j grjuda ?$>( tmfs yhgr, chfde fkpgntha cy g rh`fgdnh jd g tjuem hxpjrt hdvfrjdkhdtgda wftm ajkhstfn ahkgda g arge$ Uftm `fkftha pjthdtfg` jr fkprjvhkhdt fd tmh njkfde kjdtms, ft fs sht tj ch g s`ueefsmstgrt tj 3?7> jr tmh Nzhnm Shpuc`fn$ @hts djw turd tj jur rhshgrnm dafdes tj shh f tmhrh fs kjrh ngush jr jptfkfsk$

    Njdahdnh erjwfde gkjde Nzhnm njkpgdfhs

    Ahspfth hnjdjkfn udnhrtgfdty, shdtfkhdt gkjdest Nzhnm KHs mgs rhkgfdha pjsftfvh njkpgrha wftm tmh prhvfjus qugrthr$Qmh rhsu`ts smjw tmgt Nzhnm KHs grh sfedfngdt`y kjrh njdahdt tmgt tmhfr Mudegrfgd njudthrpgrts, gda jd`y kgrefdg``y hssnjdahdt tmgd _j`fsm KHs$ Njdahdnh fs pgrtfnu`gr`y strjde gkjdest grehr Nzhnm KHs, wftm 8?+316 hkp`jyhhs$

    Nzhnm Shpuc`fn

    Ahspfth g s`femt ajwdturd fd tmh Nzhnm hnjdjky fd rhnhdt kjdtms tmh Ngphx Cgrjkhthr

    smjws tmgt Nzhnm ^KHs grh pjsftfvh gcjut uturh ahvh`jpkhdt fd tmhfr shntjr$

    Dht njdahdnh smjws tmgt 37( j Nzhnm ^KHs grh jptfkfstfn gda ^KHs grh p`gddfde

    tj fdvhst kjrh tmgd 75 cf``fjd jvhr tmh dhxt 73 kjdtms$ Kgljr fdvhstkhdts wf`` ch

    afrhntha tjwgras kgdugnturfde hqufpkhdt wmhrh wh hxphnt fdnrhgsh j 3?( fd

    njkpgrfsjd wftm tmh prhvfjus qugrthr$ Fdvhstkhdts grh fd kjst ngshs arfvhd cy tmh

    dhha tj fdnrhgsh prjauntfvfty$ G`tmjuem tmh dukchr j ^KHs wmj kfssha cusfdhss

    jppjrtudftfhs auh tj jutagtha hqufpkhdt stgys tmh sgkh tjtg` hstfkgtha fdnjkh

    `jss jr Nzhnm ^KHs mgs fdnrhgsha cy 87( fd W7 3?7> tj g`kjst >$2 cf``fjd$

    _htr Egpij,Hnjdjkfst, EH Kjdhy Cgdi

    Njudtry Nmgpthrs

    73

  • 7/28/2019 Capex Report Q1 2013

    8/21

    Fdthdaha fdvhstkhdt cy gssht typh -cd&

    KgdubgnturfdeHqufpkhdt

    Njkkhrnfg`Rhmfn`hs

    FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt

    5$= =$7

    6$=

    3$1

    8$8>$=

    7$2 7$3 7$1 7$3 7$7 7$7 7$> 7$1 ?$=

    W7 3?73 W> 3?73 W7 3?7>

    Nzhnm ngpftg fdvhstkhdt sht tj rhkgfd bgt jd gst qugrthr

    Fdvhstkhdt fdthdtfjds jb Nzhnm KHs fd tmh dhxt 73 kjdtms -cd&

    W> 3?73W7 3?73 W7 3?7>

    71$>75$3 72$6

    W73?7>

    gvhrgehhstfkgtha

    sphdaphr^KH

    51$6i

    Ngsh stuay H^IRH@G s$r$j$G hgahr fd jja prjauntfjd

    Hstgc`fsmha fd 766=, H^I RH@G fs jnussha grjuda twj

    kgfd cusfdhss gntfvftfhs< Mjdhy trgafde gda prjnhssfde,

    gda dgdjchrs prjauntfjd$ Mjdhy trgafde fs prhajkfdgdt`y

    ehgrha grjuda tmh ajkhstfn kgriht, wmf`st tmh dgdjchrs

    cusfdhss ahg`s wftm g kunm crjgahr rgdeh j nustjkhrs

    cjtm ajkhstfn gda jrhfed$ H^I RH@G nurrhdt`y hkp`jys

    lust udahr mg` j fts hkp`jyhhs gt fts dgdjchr prjauntfjd

    Njkpgdy dgkh3 kf``fjd -3?73&

    Hkp`jyhhs< 72

    Mhgaqugrthrs

  • 7/28/2019 Capex Report Q1 2013

    9/21

    BrgdnhIhy hnjdjkfn fdafngtjrs

    Gddug` nmgdeh fd njdbfahdnh gkjdest Brhdnm

    ^KHs njkpgrha tj rhefjdg` gvhrgeh

    W7 3?7>W7 3?73

    7$6(

    +72$>(

    Dht njdbfahdnh jb Brhdnm ^KHs,

    cy njkpgdy sfzh

    1( 2( +1( 7?(

    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

    @greh KHs grh kjst jptfkfstfn gcjutshntjr erjwtm

    Fts chhd g tjuem stgrt tj tmh yhgr jr tmh Brhdnm hnjdjky$ Jvhr tmh rst qugrthr hnjdjkfn agtg mgvh pjfdtha tj gnuth

    whgidhss fd Hurjphs shnjda grehst hnjdjky$

    Brhdnm cusfdhss gntfvfty smrgdi fd Lgdugry gt tmh gsthst pgnh sfdnh tmh trjuem j tmh e`jcg` dgdnfg` nrfsfs$ Xdhkp`jykhdt

    rjsh gt tmh stgrt j tmh yhgr tj >$72 kf``fjd gnnjrafde tj tmh gcjur kfdfstry, njdtfdufde tj n`fkc tmrjuemjut tmh qugrthr chjrh

    rhgnmfde dhw rhnjra mfems$ Fd Bhcrugry, FD^HH agtg smjwha Brhdnm fdaustrfg` jutput rjsh kjrh tmgd hnjdjkfsts jrhngst tj

    ?$5( gthr g rhvfsha ?$=( ahn`fdh fd Lgdugry$ Khgdwmf`h Brhdnm 73+kjdtm fdbgtfjd wgs stgc`h gt 7$?( gt qugrthrs hda, g`chft

    smgrp`y up jd g kjdtm`y cgsfs$

    Fd Kgrnm, tmh ejvhrdkhdt gddjudnha rhvfsha erjwtm jrhngsts jr tmfs yhgr gda dhxt, wmfnm kgtnmha HN jrhngsts wftm

    EA_ erjwtm j lust ?$7( hxphntha fd 3?7> gda 7$3( fd 3?71$ _rhvfjus erjwtm tgrehts j ?$=( whrh arjppha$ Kjrh rhnhdt`y,

    fdaustry agtg smjwha cusfdhss njdahdnh whgihdfde gegfd gt tmh hda j tmh qugrthr$ Gegfdst tmfs cgniarjp, jur rhshgrnm

    pjfdts tj g kfxha jut`jji jr Brhdnm ^KHs< njdahdnh fs n`hgr`y ajwd, cut fdvhstkhdt fdthdtfjds grh kjrh cu``fsm jvhr tmh

    njkfde 73 kjdtms$

    Brhdnm shdtfkhdt `jwhst gnrjss Uhsthrd Hurjphgd kgrihts

    ^hdtfkhdt gkjdest Brhdnm ^KHs fs tmh `jwhst gkjdest fts Uhsthrd Hurjphgd njudthrpgrts, wftm njdahdnh wjrshdfdesucstgdtfg``y jvhr tmh pgst yhgr, pgrtfnu`gr`y wmhd njkpgrha tj tmh kjrh upchgt Ehrkgdy gda XI$ @grehr cusfdhsshs tmjsh wftm 8?+316 hkp`jyhhs grh tmh kjst njdahdt shekhdt, wmf`st tmjsh njkpgdfhs wftm 7?+16 hkp`jyhhs grhpgrtfnu`gr`y ajwdchgt$

    Qmh rhshgrnm smjws tmgt ahspfth tmh `gni j vfsfcf`fty fd tmh smjrt gda khafuk

    thrk rhegrafde tmh njdaftfjds j g pjssfc`h hnjdjkfn rhnjvhry, njkpjudaha

    cy g afnu`ty fd ``fde jrahr cjjis, Brhdnm ^KHs grh wf``fde tj fdvhst tj rhkgfd

    njkphtftfvh$ Qmfs wf`` ch pgrtfnu`gr`y fkpjrtgdt gs tmh afg`jeuh stgrts tj kjvh gwgy

    rjk g jnus jd gusthrfty gda t jwgras fdvhstfde jr erjwtm$ Brhdnm ^KHs grh `jjifde

    tj ch njkphtftfvh jd gd fdthrdgtfjdg` sng`h gda cy fdvhstfde tmrjuem tmh nyn`h tmfs

    nju`a jrk g rhg` gavgdtgeh tj tmhfr `jde thrk ahvh`jpkhdt$

    _gtrfnh Nju`jd,Ahputy Ehdhrg` Kgdgehr, EH Ngpftg` Brgdnh

    Brgdnh

    Njudtry Nmgpthrs

    72

  • 7/28/2019 Capex Report Q1 2013

    10/21

    Fdthdaha fdvhstkhdt cy gssht typh -cd&

    KgdubgnturfdeHqufpkhdt

    Njkkhrnfg`Rhmfn`hs

    FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt

    3>$2 3>$3

    36$3

    8$5 =$3

    75$=

    =$773$2

    2$= 1$65$2

    8$?5$2 =$3

    1$8

    W7 3?73 W> 3?73 W7 3?7>

    Ngpftg` hxphdafturh sht tj fdnrhgsh kgrefdg``y

    Fdvhstkhdt fdthdtfjds jb Brhdnm KHs fd tmh dhxt 73 kjdtms -cd&

    W> 3?73W7 3?73 W7 3?7>

    8?$?86$= 2>$>

    W73?7>

    gvhrgehhstfkgtha

    sphdaphr^KH

    8>$=i

    Ngsh stuay Kgfsjd

    Lhgd+N`guah Brjkjdt

    @g Kgfsjd Lhgd+N`guah Brjkjdt fs g Brhdnm njkpgdy cgsha

    fd @fedy+`h+Nmth` dhgr Nmgc`fs, sphnfg`fsfde fd wmfth wfdh

    kgifde, strjde`y fdvj`vha fd tmh prjauntfjd j jregdfn wfdh,

    wftm g jnus jd fdthrdgtfjdg` trgah$ Qmfs njkpgdy fs jdh j tmh

    kgfd jphrgtjrs jr shvhrg` wfdh gpph``gtfjds sunm gs Nmgc`fs,

    Nmthgudhu+au+_gph gda ^gdnhrrh$ Ft fs gntfvh fd 1? njudtrfhs$

    Fd njdstgdt erjwtm, tmh njkpgdy wgdtha tj fdvhst fd prjauntfjd

    `fdhs wmf`h gagptfde tj dhw stgdagras$ Fd 3?7?, tmh njkpgdy

    jptha jr tmh fdstg``gtfjd j twj u``y gutjkgtha cjtt`fde `fdhs

    Njkpgdy dgkh< Kgfsjd Lhgd+N`guah Brjkjdt^hntjr< Gerfnu`turh Rftfnu`turhQurdjvhr< >> kf``fjd -3?73&Hkp`jyhhs< 33Mhgaqugrthrs< @fedy+`h+Nmth`, Brgdnh

    tj khht fts erjwtm rhqufrhkhdts$ Bjr tmfs, tmh njkpgdy sjuemt

    gd g`thrdgtfvh tj trgaftfjdg` cgdifde sj`utfjds, g rjuth ft mga

    g`rhgay tgihd tj dgdnh fts cuf`afdes$

    Jdh j EH Bgntjrgdnh gda Njgnrafts gntjrfde n`fhdts jr 78

    yhgrs, kgfd`y jr fts hxpjrt gntfvftfhs, tmh njkpgdy chdhtha

    rjk rhgaf`y gvgf`gc`h dgdnfde gda g`rhgay jutsjurnha tmh

    kgdgehkhdt j fts n`fhdt pjrtj`fj$ Qmh gaaftfjdg` udafde

    dhhaha wgs prjvfaha cy EH Ngpftg` tmgdis tj g shvhd yhgr

    dgdnfg` `hgsh jhr stgrtfde fd Lu`y 3?73$

    Brhdnm rhspjdahdts tj`a us tmhy whrh prhajkfdgdt`y `jjifde tj fdvhst fd jrahr tj upergah hxfstfde hqufpkhdt$ Qmfs wgs tmh ngshjr dhgr`y twj tmfras j g`` rhspjdahdts$ Khgdwmf`h, udnhrtgfdty fd tmh hnjdjkfn hdvfrjdkhdt fs gt tmh jrhrjdt j Brhdnm ^KHrhspjdahdts kfdas, wftm g`kjst mg` nftfde tmfs gs tmh prhajkfdgdt cgrrfhr tj fdvhstkhdt$ Cgsha jd tmhfr rhspjdshs, wh ngd shhtmgt tmh tjtg` dukchr j ^KHs tmgt sgfa tmhy mgvh kfssha jut jd jppjrtudftfhs mgs kgrefdg``y ahnrhgsha njkpgrha tj prhvfjusqugrthr$ Qmfs sgfa, tmh tjtg` hstfkgtha fdnjkh `jss mgs mg`vha njkpgrha tj g yhgr gej auh tj kfa gda `greh ^KHs th``fde us tmhymgvh kfssha jut sucstgdtfg``y `hss, jd gvhrgeh$

    Uh ngd g`sj shh g kgriha ahnrhgsh fd tmh dukchr j p`gddha dhw mfrhs sht tj ch kgah cy Brhdnm ^KHs fd tmh njkfde yhgr$ Jvhr76?,??? dhw ljcs grh p`gddha jr tmh dhxt 73 kjdtms g ahnrhgsh j >6( njkpgrha tj tmh prhvfjus qugrthr$ Qmfs fs auh tj grhauntfjd fd tmh dukchr j ^KHs fdthdafde tj fdnrhgsh mhganjudt, njup`ha wftm gd fdnrhgsh fd tmh dukchr fdthdafde tj rhaunhmhganjudt fd tmh dhxt 73 kjdtms$

    Ahspfth bgeefde shdtfkhdt, ngpftg` hxphdafturh fs sht tj rfsh kgrefdg``y jr g tmfra njdshnutfvh qugrthr fd Brgdnh gda fs sht

    tj ch jd pgr wftm XI ngpftg` fdvhstkhdt$ Fdthrhstfde`y, njkpgdfhs wftm 7?+16 hkp`jyhhs, wmf`st kjst ajwdchgt, grh hxphntha

    tj njdtrfcuth g erhgthr gkjudt tj ngpftg` hxphdafturh fd W7 3?7> fd spfth j tmfs dhegtfvh jut`jji tjwgras erjwtm$ Gnrjss g``

    njkpgdy sfzhs, tmh gvhrgeh hstfkgtha sphda phr Brhdnm KH fs 8>$=i, up rjk 8?$6i fd W> 3?73$

    Kgfd jcstgn`hs tj fdvhstkhdt bjr Brhdnm ^KHs

    Qmh udnhrtgfd hnjdjkfn hdvfrjdkhdt ajkfdgths rhspjdahdts njdnhrdscut gni jb gbbjragc`h bfdgdnh fs g`sj g sfedfbfngdt bgntjr

    W7 3?7>Qjtg`

    vs$W> 3?73 3+6 7?+16 8?+316

    Xdnhrtgfd hnjdjkfn hdvfrjdkhdt 8?( 8>( 17(

    @gni jb gbbjragc`h bfdgdnh 3=( 31( 32(

    Mgvh rhnhdt`y upergaha 7=( 3>( 77(

    +8(->7(&

    +3(-3?(&

    )1(-11(&

    . jb Hkp`jyhhs

    1=(

    32(

    7=(

    Qjp rhgsjds bjr fdvhstfde cy Brhdnm ^KHs

    Dhgr`y twj tmfras jb rhspjdahdts nfth tmh dhha tj upergah hxfstfde hqufpkhdtgs tmh sfde`h cfeehst rhgsjd prjkptfde tmhk tj fdvhst

    W7 3?7>Qjtg`

    vs$W> 3?73 3+6 7?+16 8?+316

    Xpergafde hxfstfde hqufpkhdt tjhdmgdnh hbbfnfhdny gda prjauntfvfty

    2>( 2>( 22(

    Ahthrfjrgtfjd jb hxfstfde hqufpkhdt 88( 1?( >?(

    Fdvhstfde fd dhw typhs jb hqufpkhdttj suppjrt afvhrsfbfngtfjd fdtj dhwprjaunt `fdhs

    2( >?( 12(

    )7(-1?(&

    )8(-33(&

    +3(-28(&

    . jb Hkp`jyhhs

    2>(

    17(

    35(

    SHG^JD^ BJS FDRH^QKHDQ

    JC^QGN@H^ QJ FDRH^QKHDQ

    Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&

    G`` KHs

    Qjtg` hstfkgtha fdnjkh jss mgs arjppha cy 37(njkpgrha tj tmh gst qugrthr auh kgfd`y tj kfa gda`greh KHs jsfde sucstgdtfg``y hss jd gvhrgeh

    71$?

    =$27?$=

    W7 3?73 W> 3?73 W7 3?7>

    +37((Nmgdehjdprhvfjusqugrthr

    H^QFKGQHA KF^^HA FDNJKH GDA DHUCX^FDH^^ J__JSQXDFQFH

    Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&

    Fdthdaha mhganjudt fs sht tj bg` sfedfbfngdt y jvhr tmh njkfde73 kjdtms, arfvhd cy g arjp fd tmjsh ^KHs `jjifde tj fdnrhgshmhganjudt, gda g rfsh fd tmjsh fdthdafde tj ahnrhgsh ft

    76>,>56+>6(

    jdprhvfjusqugrthr

    7 phrsjd ; 3?,???

    DHU LJC^ _@GDDHA

    HK_@JVKHDQ JXQ@JJI _@GDDHAMHGANJXDQ FDNSHG^H GDA AHNSHG^H

    7=

  • 7/28/2019 Capex Report Q1 2013

    11/21

    Ehrkgdys hnjdjky mgs jde chhd tmh erjwtm hdefdh gkfa tmh hurjzjdh nrfsfs$ Qmh kgnrj+hnjdjkfn pfnturh kgy dj jdehr

    gs upchgt gs ft wgs g yhgr gej, cut hnjdjkfn agtg fd W7 mgs stf`` chhd prhajkfdgdt`y pjsftfvh, wmf`st Ehrkgdys trgah surp`us mft

    fts shnjda mfemhst `hvh` fd kjrh tmgd 2? yhgrs, jnfg` agtg smjw$ Qmh Cudahscgdi gddjudnha fd Bhcrugry tmgt Ehrkgdy

    wju`a gvjfa rhnhssfjd gda rhturd tj erjwtm fd 3?7>, gda Ehrkgd udhkp`jykhdt g`sj udhxphntha`y h`` fd Bhcrugry gthr

    g njdtrgntfjd fd W1 3?73$ JHNA agtg smjwha g kjahst rhcjuda fd Ehrkgd hxpjrts, wmf`st tmh Hnjdjky Kfdfstry rhpjrtha

    fdaustrfg` prjauntfjd fdnrhgsha fd Bhcrugry$ Njdvhrsh`y, fdbuhdtfg` tmfdi tgdi Fj rhpjrtha fd fts rheu`gr survhy tmgt

    cusfdhss njdahdnh h`` fd Gprf` jr tmh shnjda njdshnutfvh kjdtm$ Qmh Ehrkgd Hnjdjkfn Gavfsjry Njudnf` g`sj rhvfsha fts

    hnjdjkfn jut`jji ajwd jr Ehrkgdy, njdtrgafntfde jut`jjis rjk tmh FKB gda tmh HN$ Gegfdst tmfs cgniarjp, mjw ajhs jur

    agtg njkpgrh:

    Ehrkgd shdtfkhdt rhkgfds strjde fd W7 3?7>

    ^hdtfkhdt gkjdest Ehrkgd KHs fs tmh mfemhst gnrjss g`` kgrihts, rhbhntfde tmh strjdehr Ehrkgd hnjdjkfn pjsftfjd rh`gtfvh

    tj jtmhr Hurjphgd kgrihts$ Uftmfd tmfs, grehr rks grh sfedfngdt`y kjrh jptfkfstfn tmgd tmhfr skg``hr njudthrpgrts$

    EhrkgdyIhy hnjdjkfn fdafngtjrs

    Gddug` nmgdeh fd njdbfahdnh gkjdest Ehrkgd^KHs njkpgrha tj rhefjdg` gvhrgeh

    W7 3?7>W7 3?73

    38$8(

    31$=(

    Dht njdbfahdnh jb Ehrkgd ^KHs,cy njkpgdy sfzh

    18( 38( 82( 86(

    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

    @greh KHs grh sfedfbfngdt`y kjrh jptfkfstfn

    gcjut shntjr erjwtm tmgd skg`` gda kfnrj bfrks

    Qmh Ehrkgd Bgntjrfde Gssjnfgtfjd djths tmgt tmh ^KH shntjr

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    3?

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    Kgfd jcstgn`hs tj fdvhstkhdt bjr Ehrkgd ^KHs

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    W7 3?7>Qjtg`

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    37( >=( >6(

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    G`` KHs

    Qmh gvhrgeh hstfkgtha vg`uh jb jppjrtudftfhs kfsshamgs sfedfbfngdt`y ahnrhgsha hgafde tj tmh tjtg`hstfkgtha jss bjr Ehrkgd KHs bg``fde argkgtfng``y

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    6=2,181)73(

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    Mhgaqugrthrs

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    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

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    Qmh Mudegrfgd hnjdjky fs djt hxphntha tj smjw gdy sfedfngdt fkprjvhkhdt fd 3?7>, gnnjrafde tj tmh nhdtrg` cgdi$ Qmh

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    tmh KDC mgs nut tmh cgsh rgth rjk 5( tj gd g``+tfkh `jw 8($ Qmfs mgs `ha tj `jwhr `hdafde rgths, cut ft rhkgfds tjj hgr`y tj

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    gddjudnha khgsurhs tj cjjst `hdafde, udvhf`fde tmh Budafde jr Erjwtm ^nmhkh, gfkfde tj cjjst hdafde tj kfnrjcusfdhsshs

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    Ahspfth njdahdnh fkprjvfde jvhr tmh njursh j tmh `gst yhgr, Mudegrfgd ^KHs grh tmh `hgst njdahdt gkjdest tmh NHHkgriht gda `hgst njdahdt gnrjss g`` shvhd kgrihts survhyha$ Umf`st dht njdahdnh gkjde g`` ^KHs fs dhegtfvh, tmjshnjkpgdfhs wftm 7?+16 hkp`jyhhs grh hss phssfkfstfn tmgd tmhfr phhrs njdnhrdfde shntjr erjwtm prjsphnts$

    Mudegry

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    Cut kjst cusfdhsshs grh pjstpjdfde ngpgnfty fdvhstkhdts, fd kgdy ngshs djthvhd rhp`gnfde gkjrtfzha gsshts, wmfnm fs g`sj rhbhntha fd tmhfr `fkftha dgdnfdedhhas$ Fd tmfs udnhrtgfd hnjdjkfn hdvfrjdkhdt, ft fs udahrstgdagc`h tmgtcusfdhsshs grh kjrh ngutfjus wmhd ft njkhs tj kgifde fdvhstkhdts, cut ft fs fdgnt njkpgdfhs tmgt da dhw tgih+j pjfdts gda grh gc`h tj gnqufrh dhw kgrihtsgda dhw n`fhdts tmgt grh gc`h tj egfd g njkphtftfvh gavgdtgeh gda tj gnmfhvhtmfs, ft fs jthd fdafsphdsgc`h tmgt tmhy fdvhst fd dhw ahvh`jpkhdts$

    Rfitjr Qtm,Mhga j Njkkhrnfg` Cgdifde, Cuagphst Cgdi

    31

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    Fdthdaha fdvhstkhdt cy gssht typh -cd&

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    FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt

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    Fdvhstkhdt fdthdtfjds jb Mudegrfgd KHs fd tmh dhxt 73 kjdtms -cd&

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    kjrh n`jsh`y fd `fdh wftm W7 3?73$ Qmfs fs `fih`y tj ch arfvhd cy g sfedfngdt ahnrhgsh fd fdvhstkhdt gkjde njkpgdfhs wftm

    3+6 hkp`jyhhs tmjuem `grehr ^KHs grh sht tj fdnrhgsh tmhfr fdvhstkhdt jvhr tmh dhxt 73 kjdtms$ Hxnhpt jr g sfedfngdt

    ahnrhgsh fd tmh fdthdaha fdvhstkhdt fd kgdugnturfde hqufpkhdt gsshts, fdvhstkhdt cy gssht typh fs sht tj rhkgfd rh`gtfvh`y

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    shrvfde tmh cgdifde shntjr$ Qmh njkpgdy, hstgc`fsmha fd 766?,

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    Qmh tjtg` dukchr jb KHs tmgt sgfa tmhy mga kfsshajppjrtudftfhs mgs ahnrhgsha njkpgrha tj tmhprhvfjus qugrthr, rhturdfde tj W7 3?73 hvh`s

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    32

  • 7/28/2019 Capex Report Q1 2013

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    Qmh dhw Ngphx Cgrjkhthr mfem`femts sjkh rh`hvgdt trhdas, cjtm rjk gd

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    j lust ?$5( fd 3?71$

    Fd Lgdugry, fdbgtfjd arjppha tj g 75 kjdtm `jw j 3$3( gs rhnhssfjd ahhphdha, Fstgt rhpjrtha$ Xdhkp`jykhdt g`sj rjsh

    kjrh tmgd tmh kjst phssfkfstfn jrhngst fd Lgdugry, tj 77$5($ Khgdwmf`h rgtfdes gehdny, Bftnm, nut Ftg`ys nrhaft rgtfde fd W7

    auh tj tmh pj`ftfng` udnhrtgfdty gthr gd h`hntfjd fkpgssh, ahhp rhnhssfjd gda rfsfde ahct$ Qmh h`hntfjd stg`hkgth tmrhgthdha

    tj pgrg`ysh tmh Ftg`fgd gusthrfty prjergkkh gda shrvha tj nrhgth urtmhr fdstgcf`fty fd tmh Hurjzjdh kjrh wfah`y$ G wh`njkh

    rgy j `femt ngkh jr Ftg`y tmrjuem tmh Ejvhrdkhdts p`gd tj sphha pgykhdt fd grrhgrs tj njkpgdfhs g 1?cd cjjst tj

    tmh hnjdjky jvhr tmh dhxt 73 kjdtms$ Efvhd tmfs cgniarjp, mjw ajhs tmfs ghnt tmh sphdafde fdthdtfjds gda njdahdnh

    j Ftg`fgd KHs:

    Ftg`fgd ^KHs grh `jw jd njdahdnh

    _hrmgps udsurprfsfde`y, shdtfkhdt gkjdest Ftg`fgd KHs fs gkjdest tmh jwhst gnrjss tmh shvhd kgrihts wh survhyha wftmjd`y tmh Mudegrfgd gda Brhdnm kgrihts chfde `hss njdahdt gcjut prjsphnts jr erjwtm fd tmh shntjr fd wmfnm tmhy jphrgth$Qmfs sgfa, njdahdnh fd shntjr erjwtm mgs fkprjvha kgrefdg``y njkpgrha tj g yhgr gej wftm `grehr ^KHs kjst jptfkfstfngcjut erjwtm prjsphnts$

    Ftg`yIhy hnjdjkfn fdafngtjrs

    Gddug` nmgdeh fd njdbfahdnh gkjdest Ftg`fgd

    ^KHs njkpgrha tj rhefjdg` gvhrgeh

    W7 3?7>W7 3?73

    +3?$6(

    +71$5(

    Dht njdbfahdnh jb Ftg`fgd KHs, cy njkpgdy sfzh

    2( +75( 77( 38(

    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

    ^fkf`gr tj Ehrkgdy, `greh ^KHs grh sfedfbfngdt`ykjrh jptfkfstfn gcjut shntjr erjwtm tmgd skg``gda kfnrj bfrks

    Ftg`y

    Njudtry Nmgpthrs

    3=

  • 7/28/2019 Capex Report Q1 2013

    16/21

    Fdthdaha fdvhstkhdt cy gssht typh -cd&

    KgdubgnturfdeHqufpkhdt

    Njkkhrnfg`Rhmfn`hs

    FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt

    1?$5

    35$7

    >5$3

    75$777$6

    37$6

    5$577$2

    =$8 2$17?$>

    2$? =$?6$3

    8$1

    W7 3?73 W> 3?73 W7 3?7>

    ^fkf`gr tj tmhfr Hurjphgd dhfemcjurs, Ftg`fgd bfrks grh hxphntfde tj g``jngth tmh kgljrfty jbngpftg` fdvhstkhdt fdtj kgdubgnturfde hqufpkhdt gda njkkhrnfg` vhmfn`hs

    Ftg`fgd KHs grh sht tj fdnrhgsh ngpftg` fdvhstkhdt

    Fdvhstkhdt fdthdtfjds jb Ftg`fgd KHs fd dhxt 73 kjdtms -cd&

    W> 3?73W7 3?73 W7 3?7>

    =?$?

    5?$?

    56$?

    W73?7>

    gvhrgehhstfkgtha

    sphdaphr^KH

    5?$7i

    Fdthdaha ngpftg` hxphdafturh fs sht tj rfsh gegfdst tmh prhvfjus qugrthr rhturdfde tj hvh`s shhd fd W7 3?73

    Ftg`fgd ^KHs grh ihhd tj hdmgdnh hnfhdny gda prjauntfvfty, wftm g`kjst twj tmfras j rhspjdahdts th``fde us tmhy wju`a chupergafde hxfstfde hqufpkhdt jr tmhsh rhgsjds$ Gegfd, tmh udnhrtgfd hnjdjkfn hdvfrjdkhdt fs tmh jvhrgrnmfde gntjr fkpgntfderhspjdahdts fdvhstkhdt kjtfvgtfjds$ Cgsha jd tmhfr rhspjdshs, wh shh tmgt tmh tjtg` dukchr j ^KHs wmj tj`a us tmhy mgvhkfssha jut jd dhw cusfdhss jppjrtudftfhs gs g rhsu`t j ahthrfjrgtfde hqufpkhdt mgs fdnrhgsha njkpgrha tj tmh prhvfjus qugrthr$Qmfs mgs `ha tj gd hstfkgtha fdnjkh `jss j 31$1cd gd fdnrhgsh j >( njkpgrha tj tmh prhvfjus qugrthr, Ftg`y fs kgriha gs tmhjd`y Uhsthrd Hurjphgd kgriht wmhrh tmfs hstfkgtha `jss j fdnjkh mgs fdnrhgsha$

    _hrmgps surprfsfde`y efvhd tmh dgtfjdg` hnjdjkfn jut`jji, Ftg`fgd ^KHs grh cu``fsm grjuda ljc nrhgtfjd fd tmh dhxt 73 kjdtms,wftm g 1>( fdnrhgsh fd mhganjudt fdthdtfjds jd tmh prhvfjus qugrthr$ Qmh agtg smjw tmgt kjrh ^KHs fdthda tj fdnrhgsh

    mhganjudt, wmf`st hwhr ^KHs fdthda tj ahnrhgsh mhganjudt$ Ft rhkgfds tj ch shhd wmhtmhr tjuem hnjdjkfn njdaftfjds wf``hdgc`h tmhsh fdthdtfjds tj ch cjrdh fdtj ruftfjd, cut g n`hgr ahsfrh tj nrhgth ljcs hxfsts djdhtmh`hss$

    Ahspfth ajwdchgt shdtfkhdt, ngpftg` hxphdafturh fs sht tj rfsh cy 7> ( njkpgrha tj tmh prhvfjus qugrthr, rhturdfde tj `hvh`s

    shhd fd W7 3?73$ Qmfs fs sht tj ch arfvhd cy fdvhstkhdt fd kgdugnturfde hqufpkhdt gda njkkhrnfg` vhmfn`h gsshts g trhda

    prhvgf`fde gnrjss Hurjphgd kgrihts$ Ahspfth chfde kjrh jptfkfstfn tjwgras erjwtm, `greh ^KHs grh jd`y sht tj kgrefdg``y

    fdnrhgsh ngpftg` hxphdafturh fd W7 3?7>, wftm tmh kgljrfty j sphda sht tj ahrfvh rjk skg``hr Ftg`fgd njkpgdfhs$

    Kgfd jcstgn`hs tj fdvhstkhdt bjr Ftg`fgd ^KHs

    Qmh udnhrtgfd hnjdjkfn hdvfrjdkhdt fs tmh jvhrgrnmfde bgntjr fkpgntfderhspjdahdts fdvhstkhdt kjtfvgtfjds

    W7 3?7>Qjtg`

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    )76(-75(&

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    Dhgr`y twj tmfras jb rhspjdahdts sgfa tmgt upergafde hxfstfde hqufpkhdt fs tmhsfde`h cfeehst rhgsjd wmy tmhy grh p`gddfde jd fdvhstfde

    W7 3?7>Qjtg`

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    15( 27( 5>(

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    Qj cuf`a ngpgnfty tj shrvfnh erjwtmfd dhw jrahrs >3( >3( 16(

    +3(-1?(&

    )1(->>(&

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    . jb Hkp`jyhhs

    27(

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    >5(

    SHG^JD^ BJS FDRH^QKHDQ

    JC^QGN@H^ QJ FDRH^QKHDQ

    Hstfkgtha `jss jb fdnjkh gkjde ^KHs gs grhsu`t jb agtha jr fdhbbfnfhdt hqufpkhdt -cd&

    G`` KHs

    Ftg`y fs tmh jd`y HX1 kgriht wmhrh hstfkgtha fdnjkh`jss mgs fdnrhgsha tmfs qugrthr$

    38$=

    31$1

    3>$2

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    Hkp`jykhdt fdthdtfjds -hxphntha dhw mfrhs&

    Ftg`fgd KHs grh cu``fsm gcjut ljc nrhgtfjd 11( jbrhspjdahdts sgfa tmhy wju`a ch jjifde tj fdnrhgshmhganjudt fd tmh dhxt 73 kjdtms

    >5=,85?)1>(

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    >?

  • 7/28/2019 Capex Report Q1 2013

    17/21

    _j`gdaIhy hnjdjkfn fdafngtjrs

    Gddug` nmgdeh fd njdbfahdnh gkjdest _j`fsm^KHs njkpgrha tj rhefjdg` gvhrgeh

    W7 3?7>W7 3?73

    >7$=(

    72$5(

    Dht njdbfahdnh jb _j`fsm KHs, cy njkpgdy sfzh

    31( 2( >?( 17(

    W7 3?7>Qjtg` 3+6 7?+16 8?+316

    . jb hkp`jyhhs

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    Qrgaftfjdg``y tmh pjwhrmjush j tmh NHH rhefjd gda g kgljr hnjdjkfn p`gyhr fd Hurjph, _j`gda mgs gnha afnu`tfhs fd rhnhdt

    kjdtms$ Qmh rst qugrthr j 3?7> fd pgrtfnu`gr sgw tmh wjrst hnjdjkfn s`jwajwd fd _j`gda jr 73 yhgrs, gnnjkpgdfha cy

    jdejfde ahthrfjrgtfjd fd tmh ajkhstfn `gcjur kgriht$ Kjrh crjga`y, tmh jut`jji jr hnjdjkfn erjwtm fd _j`gda fd 3?7> fs

    agkphdfde, wftm jw erjwtm jrhngstha fd tmh rgdeh j ?$2+3(, gnnjrafde tj tmh Nhdtrg` Cgdi$

    Kfxha hnjdjkfn agtg hkhreha gnrjss tmh rst qugrthr< Fd Lgdugry, _j`fsm fdaustrfg` prjauntfjd fdnrhgsha gt g sfedfngdt`y

    gsthr rgth tmgd hxphntha -8$1 phrnhdt y+j+y&$ _j`gdas fdbgtfjd rgth njdtfduha tj s`jw tmjuem, arjppfde tj 7$5 phrnhdt, chjrh

    arjppfde gegfd tj 7$> phrnhdt fd Bhcrugry, fdafngtfde g s`jwfde j tmh hnjdjky$ Fd kfa+Bhcrugry Bftnm upergaha _j`gdas nrhaft

    jut`jji tj pjsftfvh rjk stgc`h, trfeehrha cy tmh njdtrgntfjd j _j`gdas puc`fn ahnft$ Kjrh rhnhdt`y, tmh _j`fsm kgdugnturfde

    _KF fdahx ahn`fdha kjdtm jd kjdtm, kgrifde gd gnnh`hrgtfde ahthrfjrgtfjd fd cusfdhss njdaftfjds$

    Fd Kgrnm, tmh Nhdtrg` Cgdi nut fdthrhst rgths jr tmh tm kjdtm fd g rjw, arjppfde tmh chdnmkgri rgth 8? cgsfs pjfdts tj g

    rhnjra jw j >$38( fd gd hjrt tj rhvfvh tmh s`jwfde hnjdjky$ Qmh sftugtfjd fs djt mh`pha cy tmh whgi hnjdjkfn jut`jji j

    _j`gdas kgfd trgafde pgrtdhrs, shrvfde tj mgkphr ajkhstfn njdahdnh urtmhr$ Gegfdst tmfs cgniarjp, mjw aj _j`fsm ^KHs

    hh` tmhy grh njpfde gda mjw cu``fsm grh tmhy gcjut prjsphnts jr erjwtm:

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    Ehrkgd ^KHs fd thrks j njdahdnh fd shntjr erjwtm prjsphnts$ @grehr ^KHs wftm 8?+316 hkp`jyhhs grh kjst jptfkfstfntjwgras shntjr erjwtm wftm njkpgdfhs wftm 3+6 hkp`jyhhs chfde sfedfngdt`y kjrh ngutfjus$

    _j`gda

    Njudtry Nmgpthrs

    ^KHs njdstftuth 66$=( j g`` njkpgdfhs fd _j`gda gda jrk 58( j ljcs gda 25(

    j EA_$ Qmhfr shdtfkhdt gda fdvhstkhdt p`gds grh hxtrhkh`y fkpjrtgdt jr tmh

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    rhaunhs shdtfkhdt gda fdthdtfjds rh`gtha tj hdtrhprhdhurs fdvhstkhdt p`gds,

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    p`gyfde jhdsh$ Uh grh g`sj shhfde g ahnrhgsh fd tmh ush j nrhaft `fdhs gda tmh

    gnnuku`gtfjd j njrpjrgth ahpjsfts$

    Erzhejrz Lurnzyi,Nmfh Hxhnutfvh Jnhr, Ahputy _rhsfahdt j tmh Kgdgehkhdt Cjgra, Njkkhrnfg` Cgdifde Afvfsfjd, Cgdi C_M

    >3

  • 7/28/2019 Capex Report Q1 2013

    18/21

    Fdthdaha fdvhstkhdt cy gssht typh -cd&

    KgdubgnturfdeHqufpkhdt

    Njkkhrnfg`Rhmfn`hs

    FQ Mgrawgrh FQ jbtwgrh JbbfnhHqufpkhdt

    75$=

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    5$1

    >$6 1$33$8 3$8 >$> 3$7 >$> 3$2 7$>

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    _j`fsm ngphx sht tj arjp fd njkfde 73 kjdtms

    Fdvhstkhdt fdthdtfjds jb _j`fsm ^KHs fd tmh dhxt 73 kjdtms -cd&

    W> 3?73W7 3?73 W7 3?7>

    >=$1 >8$=

    31$>

    W73?7>

    gvhrgehhstfkgtha

    sphdaphr^KH

    63$2i

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    gda njskhtfn prjaunts

    NK Kfnmh`` wgs judaha fd 7668 gda sphnfg`fshs fd tmh

    prjauntfjd j chguty gda njskhtfn prjaunts, afstrfcutfde

    tmhk tj `jng` rhtgf`hrs gda wmj`hsg`hrs$ Qmh NK Kfnmh` gda

    Kj``jd Njskhtfns crgdas prjaunts grh g`sj sunnhssu``y

    afstrfcutha tj jvhrshgs kgrihts fdn`uafde tmh XI gda Sussfg$

    Umf`st chfde mfem`y pjpu`gr fd jvhrshgs kgrihts, tmh

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    njskhtfn rgdeh fd tmh ajkhstfn kgriht, wmhrh fts prjaunts

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    _j`fsm KHs grh p`gddfde tj nrhgth lust udahr 3??,??? dhw ljcs fd tmh dhxt 73 kjdtms g skg`` ahnrhgsh j 2( njkpgrha tjtmh prhvfjus qugrthr$ Qmfs fs auh tj g kgrefdg` fdnrhgsh fd tmh dukchr j ^KHs wmj fdthda tj rhaunh mhganjudt, fd gaaftfjd tjg rhauntfjd fd tmh gvhrgeh dukchr j hkp`jyhhs sht tj ch rhnruftha cy greh KHs$

    Uftm shdtfkhdt arjppfde, ngpftg` hxphdafturh fs g`sj sht tj arjp jr g tmfra njdshnutfvh qugrthr fd _j`gda$ Gnrjss g`` njkpgdy

    sfzhs, tmh gvhrgeh hstfkgtha sphda phr _j`fsm ^KH fs 63$2i, ajwd rjk 712$8i fd W7 3?73$ ^fkf`gr tj jtmhr kgrihts, tmh

    kgljrfty j fdvhstkhdt fs sht tj ch afrhntha tjwgras kgdugnturfde hqufpkhdt gda njkkhrnfg` vhmfn`hs gsshts$

    Kgfd jcstgn`hs tj fdvhstkhdt bjr _j`fsm ^KHs

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    Qjj kunm rha tgph * curhgunrgny tjgnnhss bfdgdnh

    36( 72( 72(-78(&

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    G`` KHs

    Fdnrhgshs fd tmh hstfkgtha gvhrgeh jss jb fdnjkh gkjdeskg`` gda kfa+sfzha KHs mgs ha tj g kgrefdg` fdnrhgshfd tmh tjtg` prhafntha jss jb fdnjkh gnrjss tmh kgriht

    ?$86

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    >1

  • 7/28/2019 Capex Report Q1 2013

    19/21

    Qmh XI hnjdjky gt tmh stgrt j 3?7> mgs shhd erjwtm prjsphnts thkphrha cy vgrfjus mhgawfdas$ Fd Lgdugry tmh FKB nut fts

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    kjahst`y fd 3?7>, wftm tmh pgnh pfnifde up fd 3?71$ Mjwhvhr, tmh kjdtm hdaha wftm Kjjays ajwdergafde tmh XIs prfzha

    nrhaft rgtfde rjk trfp`h G tj ajuc`h G7$ Fd tmh Kgrnm Cuaeht, tmh ejvhrdkhdt rhvfsha ajwd erjwtm jrhngsts gda gakfttha

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    rhnhssfjd aurfde tmh rst qugrthr j 3?7> gda tmh rst stgeh j tmh stgth Cusfdhss Cgdi gudnmha, efvfde g cjjst tj XI KHs$

    Uftm rhnhdt agtg sueehstfde prjsphnts jr tmh XI grh djw stgrtfde tj fkprjvh, mjw ajhs tmfs njrrh`gth wftm tmh dafdes rjkjur survhy:

    XI ^KHs njdtfduh tj fdvhstJur rhshgrnm smjws tmgt shdtfkhdt gkjdest XI KHs rhegrafde erjwtm fd tmhfr shntjr fs fkprjvfde, wftm g ngutfjus jptfkfskrhturdfde pgrtfnu`gr`y wmhd njkpgrha tj njudthrpgrts fd Ftg`y gda Brgdnh$ ^fkf`gr tj Ehrkgdy, njkpgdfhs jd tmh skg``hrsfah j tmh sphntruk, tmjsh wftm 3+6 hkp`jyhhs, grh sfedfngdt`y hss jptfkfstfn tmgd grehr rks$

    Qmh XIIhy hnjdjkfn fdafngtjrs

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    >2

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    Kgfd jcstgn`hs tj fdvhstkhdt bjr XI ^KHs

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    f `

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