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East African Breweries Ltd. (EABL)- A Business & Financial Analysis
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Transcript of East African Breweries Ltd. (EABL)- A Business & Financial Analysis
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7/23/2019 East African Breweries Ltd. (EABL)- A Business & Financial Analysis
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- 5 - 088= XA Kwebdm Djc`ej Icbsujtmbd
5. Mbtrcfuitmcb.
5.5 @rmnl ickpeby cvnrvmnw
Nste`jmsonf mb 5=00 ebf wmto mts onefquertnrs mb Bemrc`m- Anbye, Nest Elrmieb @rnwnrmns Jtf. (NE@J) ms e
jnefmbd `rebfnf ejicocj kebuleiturmbd ickpeby mb ton Nest Elrmieb rndmcb nbdednf mb ton kerantmbd,
`rnwmbd ebf snjjmbd cl ejicocjmi ebf bcb- ejicocjmi frmbas es wnjj es ton kebuleiturmbd cl djess icbtembnrs.
Kegcrmty cwbnf `y Fmednc, mt icbsmsts cl e buk`nr cl su`smfmermns.5
5.0. Pnsnerio retmcbejn.
Ickpernf tc tonmr icubtnrperts mb ton fnvnjcpnf wcrjf, jmttjn rnsnerio oes `nnb ierrmnf cut cb crdebmzetmcbs
toet cpnretn mb Elrmieb icubtrmns es tonsn ern snnb es jeiambd ton kebednknbt iepeimty cr lmbebimej rnscurins
nmtonr tc ickpntn wmto jerdnr crdebmzetmcbs mb ton fnvnjcpnf wcrjf cr tc mbtnrnst mbtnrbetmcbej mbvnstcrs.
Ocwnvnr ton nvnbts cl ton jest twc yners, womio oevn snnb mbvnstcrs jcsn kmjjmcbs cl fcjjers mb tonmr
mbvnstknbts fun tc ton icjjepsn cl ton mbtnrbetmcbej lmbebimej kerants, oevn mbirnesnf ton bnnf lcr
mbtnrbetmcbej mbvnstcrs tc fmvnrsmly tonmr pcrtlcjmcs mbtc rndmcbs omtonrtc icbsmfnrnf ubmkpcrtebt. @y ierrymbd
cut e irmtmiej `usmbnss ebf lmbebimej nvejuetmcb cl ton pnrlcrkebin cl e typmiej jerdn Elrmieb crdebmzetmcb, toms
rnpcrt ettnkpts tc omdojmdot ton kmssnf cppcrtubmtmns toet key rnkemb ubteppnf mb nknrdmbd kerants.
Tmto ebbuej rnvnbuns cl ANY 05 `mjjmcb (^Y$ 0?> kmjjmcb), ANY 0< `mjjmcb (^Y$ 9)
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7/23/2019 East African Breweries Ltd. (EABL)- A Business & Financial Analysis
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- 0 - 088= XA Kwebdm Djc`ej Icbsujtmbd
`mjjmcb (^Y$ 64= kmjjmcb)0mb L]8
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7/23/2019 East African Breweries Ltd. (EABL)- A Business & Financial Analysis
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- 9 - 088= XA Kwebdm Djc`ej Icbsujtmbd
mblcrketmcb wmto e vmnw tc usmbd toms tc irmtmiejjy nvejuetn ton pnrlcrkebin cl e rnej jmln crdebmzetmcb- NE@J.
Uuebtmtetmvn fete wes frewb kembjy lrck ton ickpebys lmbebimej stetnknbts womjn ton quejmtetmvn
mblcrketmcb wes frewb prmkermjy lrck eiefnkmi ebf preitmtmcbnr gcurbejs.
Von `usmbnss kcfnjs ebf eiicubtmbd tniobmquns wnrn eppjmnf tc detonrnf quejmtetmvn ebf quebtmtetmvn
mblcrketmcb ebf usnf tc nvejuetn ebf irmtmiejjy ebejyzn ton ickpeby, mfnbtmlymbd ernes cl strnbdtos ebf
wneabnssns. (EIIE 088=).
Mb effmtmcb, jmkmtnf fete cb any `usmbnss ebf lmbebimej verme`jns wes icjjnitnf cb ton ickpebys any
ickpntmtcrs es wnjj es mbfustry-wmfn stetmstmis mb crfnr tc `nbiokera ton pnrlcrkebin cl NE@J edembst tonsn
ctonr leitcrs. Voms cllnrnf, mb effmtmcb tc ton mbtnr-tnkpcrej ebejysms cl ton ickpeby, e lurtonr evnbun cl
ebejysms tonrn`y nbe`jmbd e kcrn ickprnonbsmvn `usmbnss ebf lmbebimej ebejysms cl ickpeby pnrlcrkebin.
Ynitmcb Cbn ms eb mbtrcfuitmcb tc ton rnsnerio prcgnit prcvmfmbd e `rmnl ickpeby cvnrvmnw es wnjj es `rmnljynxpjembmbd ton rnsnerio retmcbejn, c`gnitmvns ebf rnsnerio epprceio. Ynitmcb Vwc nxpjembs mb kcrn fntemj ton
rnsnerio kntocfcjcdy ubfnrteanb ebf ejsc ton jmkmtetmcbs esscimetnf wmto toms rnsnerio kntocfcjcdy. Mt ejsc
mfnbtmlmns ebf fnsirm`ns ton `usmbnss kcfnjs ebf eiicubtmbd tniobmquns usnf mb ton rnsnerio prcgnit. Ynitmcb
Vornn jccas et ton scurins cl fete, prnsnbts ton fete icjjnitnf ebf jccas et ton jmkmtetmcbs mb detonrmbd ton
fete. Ynitmcb Lcur eppjmns ton `usmbnss kcfnjs ebf eiicubtmbd tniobmquns tc ton ickpeby nbvmrcbknbt ebf
cb ton `esms cl toms dcns cb tc nvejuetn ebf irmtmiejjy ebejyzn NE@Js `usmbnss ebf lmbebimej pnrlcrkebin
cvnr e tornn yner pnrmcf. Ynitmcb Lmvn tonb prnsnbts icbijusmcbs rneionf cb ton `esms cl ton rnsnerio
ubfnrteanb es wnjj es prcvmfmbd e buk`nr cl rnickknbfetmcbs.
QCKKMVVNF[
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- 6 - 088= XA Kwebdm Djc`ej Icbsujtmbd
6.0. Lmbebimej pnrlcrkebin ebejysms
6.0.5. Petmc ebejysms
Ve`jn 47 Lmbebimej retmcs cl NE@J lcr ton pnrmcf L]8< tc L]8?.
Petmc Ebejysms
% ioebdn 088< % ioebdn 0884 % ioebdn 088?Xrclmte`mjmty
Xnrinbtedn mbirnesn mb sejns rnvnbun ?.=4 09.46 0>.>?
Pnturb cb iepmtej nkpjcynf (PCIN) 8..58 90.?4 56.>> 94..0? 5>.9> >0.09 59.96 >=.08
Bnt essnt turbcvnr -5.5? 5.80 58.40 5.59 54.=9 5.99
Drcss prclmt kerdmb -4.94 >.50 -0.=4 >9.6?
Cpnretmbd prclmt kerdmb -0.?? 94.=6 -9.6= 98
Lmbebimej st e`mjmty.
Nqumty tc essnts retmc -0.4.50 -5?.?? 6
Xrmin nerbmbds retmc (X/N retmc -54.4= 08.9? -0. >.88 08.?6
Bnt essnt vejun pnr soern 5?.96 599.45 5.0> 59>.9= -54.=5 555.5>
Vctej Yoernocjfnr Pnturb (VYP) -9.46 ->0=.?9 5
Ycurin7 NE@J, 088>1 NE@J, 088
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- > - 088= XA Kwebdm Djc`ej Icbsujtmbd
Xrclmte`mjmty
Lmdurn 47 NE@J prclmte`mjmty mbfmietcrs `ntwnnb L]8< ebf L]8?.
08=84
4,=99?,>44
0>?45
=,64658,888
58888
5>888
08888
0>888
98888
9>888
088< 0884 088?
Bnt sejns vejun
Cpnretmbd
prclmt
Xrclmt `nlcrn
tex
Ycurin7 NE@J, 0884` p. 0?
@cto PCIN ebf PCN rcsn yner-cb-yner `ntwnnb L]8< ebf L]8? fun tc onevy iepmtej mbvnstknbts6toet
oevn ymnjfnf mbirnesnf prcfuitmvmty. Von yner-cb-yner mbirnesn mb sejns rnvnbun ebf PCIN wmto mbirnesnf
iepmtej mbvnstknbts ebf upwerf rnvejuetmcbs cl XXN suddnsts toet rnvnbun oes mbirnesnf prcpcrtmcbetnjy
omdonr toeb ton mbirnesnf iepmtej mbvnstknbts ebf rnvejuetmcbs eb mbfmietmcb cl `nttnr iepeimty utmjmzetmcbebf prcfuitmvmty.
Fnspmtn e `cbus mssun mb L]8?>, PCN icbtmbunf tc rmsn socwmbd eb mbirnesmbd rnturb tc e jerdnr soernocjfnr
`esn. Ocwnvnr drcss prclmt kerdmbs lnjj `ntwnnb L]8< ebf L]8? fun tc icst cl sejns mbirnesmbd
prcpcrtmcbetnjy kcrn toeb ton mbirnesn mb sejns rnvnbun. Icst cl sejns wes frmvnb up `y mbirnesmbd
prcfuitmcbs icsts ieusnf `y e socrtedn cl `erjny, rmsmbd lunj icsts ebf icbstebt pcwnr cutedns. (NE@J,
0884` p. 0?)
Cpnretmbd prclmt kerdmb ejsc fnijmbnf mb ton pnrmcf. E ick`mbetmcb cl rmsmbd kerantmbd nxpnbsnsEssukmbd pcst-tex prclmts rnkembnf icbstebt, eb mbirnesn mb ton buk`nr cl soerns cb mssun wcujf jnef tc e lejj mb
PCN. Voet PCN mb ton tornn yners oes icbtmbunf tc rmsn ms eb mbfmietmcb cl eb mbirnesmbd rnturb lcr neio soern mb mssunm.n. ton drcwto mb pcst-tex prclmts oes cutpeinf ton drcwto mb nqumty iepmtej.%. Voet toms wes bct ton iesn ms nvmfnbinf `y e 56% mbirnesn
mb PCIN mb L]8?.
Mbvnstcr eitmvmty.
FXY ebf fmvmfnbf icvnr.
Lmdurn ?7 NXY ebf FXY vejuns `ntwnnb L]86 ebf L]8?.
6.?=
0.?=
>
?.8>
8
5
0
9
6
>
088< 0884 088?
NXY
FXY
Ycurin7 NE@J, 088?e p.>
FXY oes drcwb yner-cb-yner socwmbd e onejtoy fmvmfnbf pcjmiy `y ton ickpeby. Voms oes onjpnf mkprcvn
ton ickpebys soern prmin pnrlcrkebin Vonsn fmvmfnbf peycuts oevn `nnb kefn cut cl iurrnbt yner prclmts
ebf onbin luturn prclmte`mjmty ms bct nbfebdnrnf `y peymbd cut iurrnbt fmvmfnbfs lrck prmcr yner nerbmbds.
Fmvmfnbf icvnr lnjj mb L]84 ebf L]8? fun tc mbirnesns mb fmvmfnbf peyknbts cutstrmppmbd tocsn mb pcst-tex
]ner
ANY
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- ? - 088= XA Kwebdm Djc`ej Icbsujtmbd
prclmts55
.
Nerbmbds pnr soern (NXY)
NXY drnw furmbd ton pnrmcf mb jmbn wmto mbirnesns mb pcst-tex prclmts. Fnspmtn e `cbus mssun mb L]8? (womio
socujf oevn snnb e lejj mb NXY fun tc eb mbirnesn mb ton buk`nr cl soerns cb mssun), NXY icbtmbunf tc ijmk`-
e ijner mbfmietmcb cl ton drcwmbd prclmte`mjmty cl ton ickpeby.
Xrmin-nerbmbds retmc.
Von XN retmc oes rnkembnf lemrjy ste`jn lejjmbd kerdmbejjy mb L]84 ebf tonb rmsmbd kerdmbejjy mb L]8?. XN
retmc kerdmbejjy lnjj mb L]84 es ton rmsn mb NXY berrcwjy cutpeinf ton rmsn mb NE@Js soern prmin. Voms
pettnrb wes rnvnrsnf mb L]8?.Von sjcwnr drcwto mb NXY mb L]8? wes fcwb tc ton `cbus mssun womio sew eb
mbirnesn mb ton buk`nr cl soerns mb mssun.
Voms rnjetmvnjy ste`jn XN retmc socws toet mbvnstcrs ern lemrjy icblmfnbt mb ton ickpebys luturn pnrlcrkebin.
Bnt essnt vejun (BE\) pnr soern.
BE\ pnr soern rnjetns tc ton `cca vejun cl e ickpebys soern. NE@Js BE\ pnr soern rcsn kerdmbejjy mb
L]84 ebf tonb fmppnf su`stebtmejjy mb L]8? lejjmbd `y 5?%. Von mbmtmej rmsn wes fun tc ton mbirnesn mb bnt
essnts mb L]84 womjn nqumty iepmtej rnkembnf icbstebt. Ocwnvnr, lcjjcwmbd ton `cbus mssun mb L]8?, BE\
pnr soern lnjj su`stebtmejjy.
Fmllnrnbins `ntwnnb BE\ pnr soern ebf NE@Js kerant soern prmin mbfmietn toet NE@J soerns ern snjjmbd et
e prnkmuk. Voms ms mb jmbn wmto ton omdo XN retmcs evnredmbd 08 tmkns lcr ton tornn yner pnrmcf. (Xcbtmll ebf
Yioejj, 5==?, p. 560)
6.0.0. @nbiokerambd NE@J .
NE@J cutpnrlcrks mts kegcr ickpntmtcr- YE@Kmjjnr mb ejj prclmte`mjmty ebf lmbebimej ste`mjmty retmcs. (snn
Eppnbfmx)50
. @cto PCIN ebf cpnretmbd prclmt kerdmb ern kuio omdonr toeb ton rnspnitmvn YE@Kmjjnr
lmdurns- eb mbfmietmcb cl `nttnr iepeimty utmjmzetmcb ebf icst kebednknbt
59
.
55Tomjn fmvmfnbf peyknbts drnw `y 0?% ebf 0>% mb L]84 ebf L]8? rnspnitmvnjy, pcst-tex prclmts drnw `y 54% ebf
00% lcr ton sekn pnrmcfs. (NE@J, 0884` p. 951 NE@J, 088? p. 60)50
E wcrf cl ieutmcb onrn ms toet ton lmdurns lcr YE@Kmjjnr ern fnrmvnf lrck mts wcrjfwmfn cpnretmcbs womjn tocsn clNE@J ern `esnf scjnjy cb mts Nest Elrmieb cpnretmcbs. Ocwnvnr YE@Kmjjnr prnperns bc lmbebimej stetnknbts lcr mts
Elrmieb cpnretmcbs ebf ton lmbebimej stetnknbts prnpernf cb ton `esms cl mts djc ej cpnretmcbs prcvmfn ton nst evnbunlcr ickpermscb. Vonsn retmcs ieb `n essuknf tc `n `rcefjy smkmjer lcr mts Nest Elrmieb cpnretmcbs.59
Mt key wnjj `n toet NE@J cpnretns mb e lest drcwmbd kerant mbfmietnf `y ton omdonr bnt essnt turbcvnr lmdurns. Vonicbtrm`utmcb tc turbcvnr `y neio ubmt cl XXN ms omdonr toeb et YE@Kmjjnr womio key `n cpnretmbd mb bner seturetnf
kerants.
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- = - 088= XA Kwebdm Djc`ej Icbsujtmbd
Ejtocudo NE@J oes e kuio supnrmcr icvnr cl mts iurrnbt jme`mjmtmns, `cto ickpebmns oevn nmtonr bmj cr jcw
dnermbd ebf onbin lein jmttjn febdnr tc tonmr dcmbd icbinrb stetus. NE@Js jcbdnr peye`jns icjjnitmcb pnrmcfs
mbfmietns mts supnrmcr `erdembmbd pcsmtmcb edembst suppjmnrs mb ton rndmcb womjn YE@Kmjjnr key bct nbgcy suio
juxury mb djc`ej kerants wonrn ickpntmtmcb ms stmllnr.
YE@Kmjjnrs socrtnr rninmve`jns icjjnitmcb pnrmcf key ejsc `n mbfmietmvn cl mts bnnf lcr qumianr wcrambdiepmtej kcvnknbts tc lmbebin mts fn`t c`jmdetmcbs. Ocwnvnr, YE@Kmjjnr oes e supnrmcr fmvmfnbf icvnr fun tc
mts jcwnr peycut retmc56womjn `cto ickpebmns nbgcy omdo XN retmcs ebf onbin icbtmbunf mbvnstcr icblmfnbin
mb tonmr luturn pnrlcrkebins.
6.0.9. Yndknbt Ebejysms.
Yndknbtej ebejysms cl NE@J mb ton rndmcb mbvcjvnf nxpjcrmbd ton fmllnrnbt retns cl prclmte`mjmty ebf fmllnrnbt
cppcrtubmtmns lcr drcwto prnsnbtnf `y neio dncdrepomi sndknbt5>
. (LVI Jtf., 088> p.5=9)
Xrclmte`mjmty
Lmdurn =7 Icbtrm`utmcb tc cpnretmbd prclmt `y dncdrepomi sndknbt.
4
=4% ebf 69% lcr L]84 ebf L]8? rnspnitmvnjy. (YE@Kmjjnr, 0884 p.51 YE@Kmjjnr, 088? p.5)
5>Yndknbt mblcrketmcb ms prnsnbtnf cb ton `esms cl ton drcups dncdrepomiej sndknbts, womio ms ton prmkery lcrket
`esnf cb ton icubtrmns cl cpnretmcbs. Bc fmstmbdumsoe`jn `usmbnss sndknbts nxmst (NE@J, 0884e p. >4-?)
ANYKmjjmcbs
]ner
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- 58 - 088= XA Kwebdm Djc`ej Icbsujtmbd
Lmdurn 587 Icbtrm`utmcb tc bnt prclmt `y dncdrepomi sndknbt.
6,==8
4 4?? kmjjmcb tc ANY M `mjjmcb, up ?6%.
NE@J oes e kmbcrmty stean mb ton Vebzebme cpnretmcbs ebf onbin prclmt kerdmbs onrn ern bmj nxinpt lcr
NE@Js soern cl esscimetn prclmts.
5 sew e ANY % mkprcvnknbt mb nbnrdy usedn
es wnjj es e lurtonr ANY 60> kmjjmcb mbvnstknbt mb e and-jmbn. (NE@J, 088>, p. 00)
ANY
kmjjmcbs
]ner
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- 55 - 088= XA Kwebdm Djc`ej Icbsujtmbd
Drcwto
Lmdurn 557 \cjukn drcwto retns `y dncdrepomi sndknbt.
08
04
0
04 04 04
5?
>
5?
8
>
58
5>
08
0>
98
088< 0884 088?
Anbye
^debfe
Vebzebme
Ycurin7 NE@J, 0884`1 NE@J, 088?`
Fnspmtn mts jcw icbtrm`utmcb tc cvnrejj sejns ebf prclmts, ton Vebzebme cpnretmcbs oevn snnb trnknbfcus
drcwto mb L]84 ebf L]8? et 04% ebf 5?% rnspnitmvnjy. Voms ms fcwb tc NE@J mbirnesnf lcius cb
mkprcvmbd mts kerant soern onrn.
]ner
%
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- 50 - 088= XA Kwebdm Djc`ej Icbsujtmbd
Lmdurn 507 Yejns rnvnbun drcwto retns `y dncdrepomi sndknbt.
0>
0=
95
5
58
5>
08
0>
98
9>
0884 088?
Anbye
^debfe
Vebzebme
Ycurin7 NE@J, 0884`1 NE@J, 088?`
Lmd. 597 Yndknbt soern cl drcup vcjukn ebf ubmts nxpcrtnf (L]8?).
45
>.4
5?
5.6
8
58
08
98
68
>8
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- 59 - 088= XA Kwebdm Djc`ej Icbsujtmbd
6.0.6. Lmbebin rmsa ebejysms
Ve`jn ?7 Lmbebin rmsa ebejysms ketrmx.
NE@J PMYA EBEJ]YMY
Cb e siejn cl 5 tc >
5 - vnry jcw rmsa
0 - jcw rmsa9 - kcfnretn rmsa
6 - omdo rmsa
> - vnry omdo rmsa
Petmbd essmdbnf Tnmdot essmdbnf(%) Tnmdonf \ejun cl Leitcr(%)
Lmbebimej rmsa leitcrs
jmqumfmty rmsa 5 98% 8.9
lcrnmdb nxioebdn rmsa 6 58% 8.6
mbtnrnst retn rmsa 9 08% 8. Lmbebimej rmsa leitcr
Jmqumfmty rmsa oes rninmvnf ton omdonst wnmdot essmdbnf (98%) fun tc mts mkpjmietmcbs cb ton
ickpebys dcmbd icbinrb stetus. Jceb fnleujt icujf jnef tc jmqumfetmcb ebf e inssetmcb cl
`usmbnss.
Mbtnrnst retn rmsa ejsc rninmvnf e omdo wnmdot (08%) fun tc ton mkpeit e oman mb mbtnrnst retns
wcujf oevn cb e `usmbnss e`mjmty tc remsn lmbebin54. Irnfmt rmsa ejsc rninmvnf e omdo wnmdotmbd
(08%) fun tc ton mkpjmietmcbs cl icubtnr-perty rmsa wonrn `usmbnss pertmns ern ube`jn tc knnt
tonmr icbtreituej c`jmdetmcbs5?
.
Lcrnmdb nxioebdn rmsa, icbtedmcb rmsa ebf ton rmsa cl lejjmbd nqumty prmins oevn rninmvnfwnmdotmbds cl 58% fun tc tonmr rnjetmvnjy jcwnr mkpeit. Lcrnmdb nxioebdn rmsa ms e leitcr
wonrn e ickpeby oes su`stebtmej cllsocrn trefmbd. Icbtedmcb rmsa ebf lejjmbd nqumty prmins ern
54Tonrn e `usmbnss oes `crrcwnf ijcsn tc mts jmkmts ebf ms struddjmbd tc knnt mts jnbfnr c`jmdetmcbs, e kmbcr oman mbmbtnrnst retns key oevn drevn mkpjmietmcbs lcr mts dcmbd icbinrb stetus. Icbvnrsnjy, lcr e ickpeby wmto su`stebtmejtnrk fnpcsmts es cppcsnf tc `crrcwmbds, e fnijmbn mb mbtnrnst retns wmjj kneb e lejj mb mbtnrnst mbickn. (NE@J, 088? p.45-0)5?
Cb ton suppjy smfn toms oes eb mkpeit cb ton e`mjmty cl ton ickpeby tc icbtmbun mb cpnretmcb ubjnss ejtnrbetmvn suppjy
scurimbd ms mfnbtmlmnf. Cb ton fnkebf smfn, mbe`mjmty cl rninmve`jns tc kean peyknbts mkpeits cb ieso ljcw ebf
pcssm`jy ton dcmbd icbinrb stetus.
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- 56 - 088= XA Kwebdm Djc`ej Icbsujtmbd
pertmiujerjy rnjnvebt mb rninssmcbery pnrmcfs. (Ircuoy nt ej., 0888 p. 40)
Ocwnvnr, fnspmtn tonmr jcwnr wnmdotmbds lcrnmdb nxioebdn rmsa5=, icbtedmcb rmsa ebf ton rmsa cl
lejjmbd nqumty prmins ejj rninmvnf omdo rmsa retmbds fun tc ton spnimlmi mkpeit tony oevn cb
NE@Js prclmte`mjmty. NE@Js onevy fnpnbfnbin cb nqumty lubfmbd ejsc knebs toet icbtedmcb
rmsa ebf icbsnqunbt lejjmbd nqumty prmins fmrnitjy mkpeit ton ickpebys e`mjmty tc remsn nqumtylmbebin
08.
Cb ton ctonr oebf, ocwnvnr, jmqumfmty rmsa ebf mbtnrnst retn rmsa rninmvnf jcw tc kcfnretn rmsa
retmbds fun tc ton ickpebys strcbd ieso ebf bmj dnermbd pcsmtmcbs. Vonrn ms bc rmsa cl jceb
fnleujt `y ton ickpeby ebf ejtocudo e oman mb mbtnrnst retns wcujf oevn jmttjn mkpeit cb ton
ickpebys lmbebimej pcsmtmcb, e lejj mb mbtnrnst retns wcujf ellnit mbtnrnst mbickn fun tc
NE@Js su`stebtmej tnrk fnpcsmts. Irnfmt rmsa rninmvnf e jcw rmsa retmbd fun tc ton ickpebys
strmit vnttmbd cl mts trefn pertbnrs.
6.0.>. Iepmtej mbvnstknbt.
Lmdurn 567 NE@J iepmtej nxpnbfmturn `ntwnnb L]80 ebf L]8?.
Ycurin7 NE@J (088?` p.55)
E omdo prcpcrtmcb cl bnt ieso dnbnretnf lrck cpnretmcbs ms pemf cut es fmvmfnbfs, nxinnfmbd toet usnf mb ton
5=Vrebseitmcbej lcrnmdb nxioebdn jcssns tctejjnf ANY 40 kmjjmcb mb L]84 ebf ANY >9 kmjjmcb mb L]8?. (snn Eppnbfmx )
08Lejjmbd nqumty prmins kneb toet e rmdots mssun wcujf remsn jnss lubfmbd toeb ctonrwmsn smbin mbvnstcrs wcujf `n
rnjuitebt tc mbvnst wonrn nqumty prmins ern cb ton fnijmbn.
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- 5> - 088= XA Kwebdm Djc`ej Icbsujtmbd
purioesn cl XXN05
. Ejtocudo toms snbfs e pcsmtmvn knssedn tc mbvnstcrs ebf oes e pcsmtmvn mkpeit cb NE@J
soerns, toms omdo peycut retmc snnks ubgustmlme`jn mb e kerant wonrn ickpntmtmcb ms mbirnesmbd.
Mb L]8< kessmvn essnt fmspcsejs wcrto ANY 0?= kmjjmcb wnrn kefn. Xrclmts cl ANY 58< kmjjmcb wnrn
rninmvnf lrck tonsn fmspcsejs suddnstmbd toet tonsn essnts wnrn scjf wnjj `nlcrn tony oef nxoeustnf tonmr
nicbckmi usnluj jmvns. Voms ms lurtonr nvmfnbinf `y ton rnjetmvnjy omdo prcpcrtmcb cl ierrymbd ekcubt rnjetmvntc icst socwmbd toet XXN ms bct bner ton nbf cl mts nicbckmi usnluj jmln
00. Vous rnpjeinknbt cl XXN ms
kctmvetnf `y ctonr leitcrs ctonr toeb eb edmbd cl nxmstmbd essnts. Cbn pjeusm`jn rnescb ms e fnsmrn tc `ccst
prcfuitmvmty tc stey eonef mb eb mbirnesmbdjy ickpntmtmvn nbvmrcbknbt. (Keutz ebf Ebdnjj, 088= p. 5
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- 5< - 088= XA Kwebdm Djc`ej Icbsujtmbd
6.0.7 Yoern prmin ioert lcr ton pnrmcf Citc`nr 088< tc Citc`nr 088=.
Ycurin7 kyYtcias! (088=)
NE@Js soern prmin onjf rnjetmvnjy stnefy mb L]8< ebf L]84 mb jmbn wmto ste`jn prclmts. Mb Citc`nr 0884
lcjjcwmbd ton `cbus mssun ton soern prmin rndmstnrnf e`cut e 08% rmsn `nlcrn lejjmbd edemb tc mts prn-`cbus
mssun prmin.
Von soern prmin ocwnvnr pneanf mb Gubn 088? mb jmbn wmto e rnicrf FXY cl ANY ?.8> ebf e rnicrf peycut cl
?6%09. Voms ebf ton yner-cb-yner mbirnesn mb FXY oevn onjpnf lunj mts rnjetmvnjy strcbd stcia pnrlcrkebin.
09
NE@Js omdo peycut ms nvmfnbinf mb Lmdurn ? `y fmvmfmbd ton ebbuej FXY vejuns wmto rnspnitmvn ton NXY vejuns.