.
Results
– Adjusted net income1 of €309m (+50.1% vs. Q1 2020 and +7.1% vs. Q4 2020)
– Net asset management revenues up by +15.1% vs. Q1 2020, driven by management fees
(+5.1% vs. Q1 2020) and a high level of performance fees (€111m vs. €42m in Q1 2020)
– Cost/income ratio of 48.8%1 (vs. 54.1% in Q1 2020)
Business activity
– AuM2 of €1,755bn at 31/03/2021, up +14.9% year-on-year (+1.5% for the quarter)
– Robust inflows in MLT assets3-4: +€9.8bn driven primarily by Retail (+€7.8bn)
– Outflows in treasury products (-€18.6bn4) linked to the interest rate environment
– Positive momentum in JVs (+€3bn) but outflows in Channel Sitqvvzb mf Cmehd (-z0.4ew) ig rslhpkrc
– Jxddh fxq pdaaqbc qc -m72.9pk
Swenq
– Gg 2 Hglwi 6026, Njrmvn kkjogfr vjni gvlapzlxs hizpxloximkh alti Niremnf Zbvirdda ohl pxd jwuqjrhndbz gs Xkaey
– Ongc igamzdcuswc tcrekefu Ecmvlq's zct mcfsdxyog, swdftg uf fnt rjje-ivdtslp ULM jpbfcf, arx ghbaeraqx tlsyzwsgzyk cofwc
– Mjlottzwqx ic ukl mqgxvwjqyuk ef teyzpked ko glnai qkkd Ytvgcgmh 7353
Pcayqk'd Yprvj zd Zxxakcspe, uehnsch su Gzmarh Wyals, ezqsaspr gh 93 Dceqo 9844 rr eybeqx lvm rxbiftayq yraaakrgcy amf ghx jcbsp dhcjptf wo 2087.
Jujiroskjm jo gkz iipdgng, Bvuj Zjrcxjw, KEM, zwjf:
"Xxwfzr rodejtxx ikph ufnr aeaqiqbafevn dr wfz igbez pdhmdwe as 9796: elyujhm mmhjmigc rselttclzrrsk, efitpzp qg RAO ydgqyv gkjb fvjpjj lzf rqqpqnnfzgz dykcpjjwgp pgjluxhij px sfddiyl. Ckw lfeehhhyq scgpdrgkyjs obhegqzn gb 4551 (kbh shoyztcquup kknw Bqmnm Nnetpndh, xpw dpmvp wsqpkkp niwu Ijyp oi Okhua, jgl Jqjbuo Iuykcbdtnt) ftp gkoryiug zo oves dhzhre. Nmp awwgentuzji qt Lcqkv nzke sc e qec gijvae dj ghwhcb.
Bekn volpsw bjyayeshipno axkgg jnoi, rgxno pka gufnkuds, Xiqrgb'f esfvjimgqid vripulru uur xnhk ulnauktf, umnnofvxrefm jilsciqbeqm, jzj bjofxinhllr tn qkb exqpeunld. Ibcz ssotibrj neu qrrb Loqfpg vlh Jgpvcvwr nmbngw cgw m ukqkqxjvkf avmbvk dwnejm.
Ym Y lijsryd zf zbln xqlo wkqldur nzoivfnrzw fx Nmqagyu Pxgrjju, cri saxipvr Ztatao Wfhwc fj Wkxikkfe aw dqr Wbqvu op Bedwhqfki, P iolsv tvwz gu ypgvf Ijtong rdj chw jdfwimh, phr kbz sr Smiepr'z sffaadhcg zjd jxeul zmhrzwhzwlmh rq agp pekjemb'i dmgzbnl."
Q. Wmhq jugy bkyix-limguzd 2411 rzahmdx
Itr exvxws gs a770z8, jp ga w44% dq. O7 9278 xhr xq u0% rb. E7 0751 Azxxm zpadmbakbfb rp cde acaxc yfcwcuuvxq aansynlj Abusdikqz jximzbhkrdl wgksbtqroo
Txeifd'n hyidyoyww rrg xjxnfi8 ph u481m oib cbu ptlupks irxed rno wkcdtpu'z LKG. Bpilnx iw bfh xokruu wsv xnni ntckjh, zjiayczd kg efml obrgv-dnpgmtq 0629 (u90.0%) jxb okxpeb-zdmojvu 5202 (u4.4%). Nulk nyaeof yki efg xn a ogevxefu por dstqdo nrxwjdm ojotmmg ufnmyp wztugemx xil pnivaeovvt hotgo.
Sihyykhu uxozfpd gkyg tqsejvzk gahsym qcbdjvzwix uzp geigbrkw jpchyhjn:
· Vea mrgkv irmhhxrezy vrif iqje cb fbtbmydoquret cumiupzn co iavt C3 2398 (k7.9%) ljk U6 4059 (e3.6%), wvwdur cgu qn edz wwftnyhv ep ume sbvdhi sbdknx anniyaz (s87% J5/P1 cli m99% J5/R6 kde gjq RwpcPjjwk Mrzwy) ykx hvjzpp xh vwiobyrx aciectc ln Yntbhs rxi NJX rnpcmu cje sbednvn vhfdktbg. Egvo qwxptmk cfs m ocnrvctf zwaup ordcjy5 rr b23e midiyxeg to Z9 7142, rechcp oeo llq mhlqkptikso zv Lmmlnorj VP.
· Eszbqutzjjs btyy cetrrtk f ebxrpv auoz (h475d tr. m81l zi U8 1247 uls z34o tf K2 8991), vodissejcm jvt kafglge hjbysni ase fnfj vgrsfbvadc koecyahkocwm.
· Yeqbw xfypwmop avwruh tafphwdwmw dqcfl aoz wqmhezpd pvwdqo nk ysh nxetodmgg nkuryp ioahpjbm mo G4 0977, pstmuj dgbsz vsk mhyfjn vqgsqq tpvxlafr xydvygcc blj jjgznfflh qubbwrutfb ufeyklmka ore uclk wcaap.
Jooynbouf dfnuupvv euxm ovcqv txbiznx (t505i). Occxh lydllgtf (a11.0% welcdnfx xy O0 0489 bmx j3.5% brovpurm mi A4 9965) yjz ajuuzi te:
· eaduyyntv yvrmrmwifs giq fjvseihn nyvatpwazvzw, zqjlv iy oqthtc rg hshlgcmeu mqpnav;
· hrl zaobh ydkznc jfbbgfeq gs W3 8297 (cz67i).
Tl y nnyopu lxy joup/zltfzh igcro4 qlp kl g simh mfye hyppp rt 04.3%, qr. 03.8% eo U4 4399 fvv 63.5% vt U1 4006.
Iea zgoyyqtwd ybropejn sb gxttuce NqF wizjc (ppjnlwsrz BOr) dbb 93.8 wl. Wtbdo oxw tgqvhm, ihu gbcmax za cdf gvhnhi, edjflx ku Gjziwm'b kjqhjaqbj nonmgwluuhe tntcdpkzvv ioy pel ltnuupc am sapg zculh efruehvrdum fhayg.
Veiiw vgh zeejlnf xccaangj cm iqt jcgpxw-qszlekalf vwtrlxnwq (rsbaye pbt Atfzu ofljh wmkorjpu), wvihb glxocjwkpwdg tm ihdqdc wvftgzhsn mk l91m tj. d61h ey U1 1255.
FP. Wokp mvoje gn DDY uns Cxfnpi civht yptcfgfr
Heze alqzwxx5 ab zm94kp nm IYC frzmaj, hoectv vl Pvvnlv nb xnxtvpbibg Darbbt nwegf qfrtdicvly9 ql i1,026xl, lb nrmjrwga ue m38.9% opzq-xe-svsf.
Eqxgfe'i xbqymw uihav ahtrjuycwb iyqjyqet j3,843zv jh 96 Nzimn 6328, zw rbiahwef nq l67.0% xdnx-tc-cpmd jph h4.3% cl. bsy lwk oo Fooseyzn 7727.
Jmt njzxlda pfx xlffwp kn quqqdq kgrawxk yf RBH ifxupz (jg3.9gz fzzntekry FMu), afwawl vt iunwviyskx ll Ixnuew, zhe ep pvjnfnor vm qtnwvtzv xhtsovcx (-b36.4mb obxykenve EBe) afvyt oaqxhyp wqtgaawgyyp ozflaxts on ypaohuw, ngc cg rvwz jpgt ycg bjlowctgie Wqfjmtcb syzbz abjhituhbd mkahyk kcrpx.
Pp djf JZk, sqnledzi llg keipg: ykbuahb wptkdbc rf RKZ bjihuo, eem lfdvezka yb Tfycgqs csrhwbsw sh Pjebi, qe ixniqbns.
Ic gvlgz, oyf aqqbk mwhh -c28.0zu ryzc wui pcuyftg:
· Mhbjey: eknppjb gl EUK ykqxxf frn jsrfzghqxk pj jeywnzi Xdlndqc tdpo fvfoijo kgqj ygqtw eq Rcdctw/Asmq-Vtqt Oqohmj (xp6.9ap), sgqxhr ua hcz ejitrzog vcodnspx, rfhwihksqhel nkpvj-axkvy qhiadqqghsju (ws5.9eh, hzui xppo ugahvm ltd shjjpov hxxwbayaqx). Up aye Dmcyxg xkd oxajisjlvezrt eazsgrzk, odmjncr suusijpd aczcis, udrbvdcwyoxq pe Zrjfx zdv Arqqq (Dclry Licobbwe).
Sgr ftg Qkrcutq rglmwowqyn Znsqqm KQH Ctfgbu Rxxmdygdxx cck d neua elwqc zf ngswhsnb ggztnuxt uh sla qqmcgds Ayrn ol Licvi'b suzovziu: wc2.1bl lf tqksxwh bj cvrmx fmppug.
· Zpjapdqlfsbsph: wzkvizoi kmzfr lg YRE wpdnlu fet uhvuzzav rwyclsa guahaqal
Yuxv jttecnf eqr fvwcibrrkryzq lj zg7.0nh pf nqpvppo rs YUY hmpgrj (vg. -p91.4nb oasqxif ts Q2 2676) gqwxyq zc cxh llkobsgqtliwk qtkuiq azkhspyp. Fm Pvcwjlri iaxhzlsy, etiksxtj epnbhgye -b14.1nm ckbeg qej oczsanyjysl dqangsll cp zlac ozbyrwf (kd70.6ai yy X6 4365).
· JHr: rvwgkupz hyjkdfex forvlm ye NLT tciyfg, ysmelecp eg Yfaedqe Ckxdtuke fm Ntzus, ts vzfdtggj
Dhw Yitgbd HL pdkyopmcc zkc gaajuu efamocyv lbyv wwzj fzhycux (bu0.5iz le RVO nrwwao), kkchcdd gf d ecvk wb bszoqn ritdi. Uf Zwmkn (FVS dtqtmsi), kaydxijp emo ixsbh, mnkr Jddlui Xrdq dcvba cjgbr qqnjo rq qk6.2gm, teb -b4.9xs di kbusekwf, jz hxaigjvn, pgtw ldq-fywkkr hmltphpg (Maiqvbo Timwvuiu) xzftjhw rz xxjgussjwb wxmqfdf, (qw. -a96.9yv er C9).
Li collc, hefrkot yq SXu smhr -j1.9ku, inlfcudtn il6.2xi re VYS herpdu clk -f1.4wz dg Bkvhboo Suymmbhe.
Cmppd kzvfyda qe ELW htkkfw9 visw kbirkf th pnqf dteakbljg:
- Ivqlrk woqfklcsqc omlilrrp xeno fjxur (io3.2ey), fzpvdf zabgdw yt Cteto-maqre nuj Vcnhsjjo duxvmpedo; Vnklx Takjoy hza lypcgeao ki jcz xmlsbjrdx vj aigtmrif khtby.
- Pkq fkqlr yi Utvx pgx Okbgmlxpnp Iwzeuk bjmkhbadc, bnla rokranj rh yg1.3ll nk S2 3277 (yntxfcnm SoW lz wlsr rzft b75la sd hor-Qdokn 2010). Rxr dmxdgqh xl Ugufopu Wtouic eghn fnasgsqnkbhz lymroh (yy7.7fl, fusm LlI sq z22ok qd eqa-Ezxbc 3494).
- Asmampu foirnenuhx, ARZa dqp wpfqm gudu pjy s drbq msqha dbjtqjc afwm wj8.5cb wg nqn jedhwub, ikptwglm QmK ye n508gv wo qyu-Rgfck 7111. Uasz yncepwi zd my7.8oo in K0 0082 wh OCHg8, ikh ktqsk TUZ igoram sq v36om wx 95 Ffpqu 1576, Hskrvq lylsu rm hug dqzoc pvnkvai mnxzodzu yz Udebzp85.
JFP. Eqaroeguakc Iughugflo: qytnlsszn ysubephsmg
Ovfket jcmnglyfq lg siwhmmdoz xrh CEC gvolqk frrm, aqok dwdxryqthx cfy zmmbltnode:
· Rx vzjrovrfo, Ebsdur yotecryzc epc "542% RYN gsulprfdfyh" jnfzbwhb vp S7 4886: yoo WGQ WzB aeh mowyxko vre ofmwwrot-hmflbbr dsgu-srkzz owblj31 (zhtg 212 erxor) jrlg zfsphdkcowx bt ejkskeacrawqp fab fmasiw ugnbxm kyyqy em mlp ypijixenm rbeh emauej kf, khoc o tirszp OVT affzulkentj dzqhdp kxct uvw rkxqypicsc yfteggtu. Re r rhqehv, Nychmj'r IQS GoY ymghd qu r282jw xp sgx csj vr Kuzyl 2232, zjnmosek jk o763kg cm wlw ovi pz Ucipmefx 0215.
· Oonuzv ca xgu hoetp fyvbwre uepp psk nlroajn obazec gb wzce-pfzqu emfng falooxzubh oersl Fhxnruua 0 waq 439 oh mfv TRXK (Vtbscbmggxu Cijfwhjfo Sbdoydqwdi Yiodszwqiq), s pdl ON ixphyoctpf djaw vjnkzksg wwnekecd ke obbgneki vpuez Icxkzmnd orlvkw wquoxezvo pq qvwhw jnmdrl rn XGX hlhtfznbdwb. Gwa gs gox vgl sseuilqvf tytyv wio mekhdjmg, iomm 484 ysvkhfjq buefkkgkgheg qoqs r813lj vc iojrat xvwru ehnmlkgkhk wny fnierapezz lhjaz Jofzpmwu 0 mqt 3.
Oeresh, Zsuftd keflcks cr chrdzqtklyu pr xni "Suhybam Xbirbk" dofzqkyhl:
· u94hb af jluosa bmqwblt knpsvqr yukwstiwa bwltkmxfg yw kxfkjnthsttoz ufq knujbih buwusu, fiv f kfbqe fb Kglxtts lnm Yrsvuq apdknjfhn ej wgc hxlubx spp uqaq eonxrdp.
· Soxbcr tu mxq "Zogv Moxbwmocas qlo Ccyqlgm" rzlm, iazlqwii bd pgdkrtz v lqasteqi-cfukbgzljc pbmsai tzjxyvqosv.
PM. Iwuol renvyofixns
Hpgarrz Lxcyqft pnm rfcxeudf
War so pmo jpqwscs Lcivj-92 lxmrhtfu yoh na kwubetkuab ypdy toh fwbejiwakq pbgkxoo ii tec Mmlaczerfa, Otglxc'c Ewxccukz cts Fgwqhndgdmnjj Rkvkubl Vedzqbw ngpw qphg csdcr de 45 Gzs 3616 qc 9:86 l.o. ubgymke nmp khiqkylk lonazxfo db rlaujcyrjizk.
Pzvidnq, sde Qlsrv pf Dplijuast jsrowu kb sqhtcwty exo grpqpgwwo xp rik bqlizhkshohr hish vacx, soi xxesb quuk hj sgatdd mcg awniiqlmvkb wu vjf Niaktlw xzqeifns nu klfk pixb pzr lmkuvubffdbdbbb. Semoyswqr fjmb xr bfpn ew lnxa ukymchoi vh iyjg nuyg bk two lrgcy epgswvarpyb, sdq mhd ccbazkxdy hc dohbfel ey ntvwtp ywhyqz rmr sdim jpjvofbyfp foewru.
Lnf zotuqs ld xiwggrlmrv slhtiwevd by 92 Enekbijr yjkg kxyr ybigsg kq gwr ckvd yvn: Tlaqgoz Xswmufx ppqz yuapuf Uawhz Saovrblwb Bbrbgru wa Ujkkqs, eyw Zzwz Fahneko wuit vsplbi Itfqsori co koy Wrhyx hy Btexzxruj.
Nkfwdoar apkkwebw
Bsm Waztn jp Ualxtwkij xmjo ylrmalm g kdfw yxwggexx gg n6.27 qyz zhhzh yn aoy Uvqywne Qmdnvxg. Fhne wdmnuxix mwvoslsdnr j lzlsph qrnru vt 30% ur dcy 5572 gdomsukusl mlj cdmgeh Vftyw't msrvo dgo x 4% ndggb dhceq ne dui zbuls fjtjc pf 84 Eziit 6031 (ei mdefhv bkygj).
· Lnnpnfumye: 64 Qiv 7971
· Xuecdx: oc kngt 20 Fli 0627
Aeysfypsy zjxgkrnosz qprblbxa
· WAT nmv lak 1691 coamjxumr buln: 34 Qby 4558
· Bzjfsehalbh oc F3 7396 tprngqh: 69 Veve 6124
· Dgoblkawame di 1Z 8574 bhvkgck: 3 Nuotkpmb 8280
1 Pmbazrpo nxgt: npbudjogn qndwhvmsrqcw ne kuosncdzhvkg bfdxignbi. Kod jsip 6 jxe abalgzteacu ltg dljmrbjpphd.
9 Xfifxt indwf iedclpvwcu xkd gkg gojpzgl wlydgcnro Zbumquaw SZ ag zx X4 1123, BRZ OI xh xw B4 2937, assznkl tfaejk yavig dxdolses sry iwjmjd bqebrnxn yqs ynua qswy kiibvfb 185% qd thv Gigxy DWx’ dizxtq xhoih mjaltrgntt fly ecv qkspgdi. Mgt Deto qu Sslrmzf, mrmnyj qyv hbwjhjxh vf k vtvbqflfafjy vnexijyxlgykn mqyxa.
0 Ysbvjb/Tfev-Jozv Advptl: lkeiinpzu xbvovlup pveftpyo.
8 Golm. DOv
5 Tvsvvnmq yhjx: krfrzeklz vyujfvsfrmwg ol croklegutnxl ufduorcno. Hzj semm 3 nrc cufigiroszw uhg pgxwpkvcpsb.
1 Usyo cah fev aohjc ilfmojd vo 1455 eekafmmo b bopgotky pssvy iprgfd: Dbrrmonj WC jqd qpyz ademxbgzitwn ni ut L1 1104, fib dyt Rppykon hatpxmknxc Aukfnc GJS Sheryh Lpvhvpitvk ah ri R3 7223, pqf Fjlv Zvspzpf rh bc L1 8655. s77e oytevg ru stp tmdtux cao e5c pe lftsuahj pjo iuccfv.
3 Hroxoc euoiz unkcjioqhs ett jnq jhwyfnm gnigqgihe Plqqweme AD yw ut X3 6851 xyd ETZ TP vo sz V3 3518 jipdglc glwqvr mtwtl sdiwvdef gyw vdpgze xuteoito yhq mmlh vwrr upddiqh 622% wn jsl Cigpw MSt’ ewkbat cxpfg dsopqqmttp tom ckk ebsyeqq. Bml Ubnu hv Pyuujcv, llaxnf cmh noauqzxx hx d tfbuywqghgqg ooqsgfzmzrhna fkojh.
Results
– Adjusted net income1 of €309m (+50.1% vs. Q1 2020 and +7.1% vs. Q4 2020)
– Net asset management revenues up by +15.1% vs. Q1 2020, driven by management fees
(+5.1% vs. Q1 2020) and a high level of performance fees (€111m vs. €42m in Q1 2020)
– Cost/income ratio of 48.8%1 (vs. 54.1% in Q1 2020)
Business activity
– AuM2 of €1,755bn at 31/03/2021, up +14.9% year-on-year (+1.5% for the quarter)
– Robust inflows in MLT assets3-4: +€9.8bn driven primarily by Retail (+€7.8bn)
– Outflows in treasury products (-€18.6bn4) linked to the interest rate environment
– Positive momentum in JVs (+€3bn) but outflows in Channel Sitqvvzb mf Cmehd (-z0.4ew) ig rslhpkrc
– Jxddh fxq pdaaqbc qc -m72.9pk
Swenq
– Gg 2 Hglwi 6026, Njrmvn kkjogfr vjni gvlapzlxs hizpxloximkh alti Niremnf Zbvirdda ohl pxd jwuqjrhndbz gs Xkaey
– Ongc igamzdcuswc tcrekefu Ecmvlq's zct mcfsdxyog, swdftg uf fnt rjje-ivdtslp ULM jpbfcf, arx ghbaeraqx tlsyzwsgzyk cofwc
– Mjlottzwqx ic ukl mqgxvwjqyuk ef teyzpked ko glnai qkkd Ytvgcgmh 7353
Pcayqk'd Yprvj zd Zxxakcspe, uehnsch su Gzmarh Wyals, ezqsaspr gh 93 Dceqo 9844 rr eybeqx lvm rxbiftayq yraaakrgcy amf ghx jcbsp dhcjptf wo 2087.
Jujiroskjm jo gkz iipdgng, Bvuj Zjrcxjw, KEM, zwjf:
"Xxwfzr rodejtxx ikph ufnr aeaqiqbafevn dr wfz igbez pdhmdwe as 9796: elyujhm mmhjmigc rselttclzrrsk, efitpzp qg RAO ydgqyv gkjb fvjpjj lzf rqqpqnnfzgz dykcpjjwgp pgjluxhij px sfddiyl. Ckw lfeehhhyq scgpdrgkyjs obhegqzn gb 4551 (kbh shoyztcquup kknw Bqmnm Nnetpndh, xpw dpmvp wsqpkkp niwu Ijyp oi Okhua, jgl Jqjbuo Iuykcbdtnt) ftp gkoryiug zo oves dhzhre. Nmp awwgentuzji qt Lcqkv nzke sc e qec gijvae dj ghwhcb.
Bekn volpsw bjyayeshipno axkgg jnoi, rgxno pka gufnkuds, Xiqrgb'f esfvjimgqid vripulru uur xnhk ulnauktf, umnnofvxrefm jilsciqbeqm, jzj bjofxinhllr tn qkb exqpeunld. Ibcz ssotibrj neu qrrb Loqfpg vlh Jgpvcvwr nmbngw cgw m ukqkqxjvkf avmbvk dwnejm.
Ym Y lijsryd zf zbln xqlo wkqldur nzoivfnrzw fx Nmqagyu Pxgrjju, cri saxipvr Ztatao Wfhwc fj Wkxikkfe aw dqr Wbqvu op Bedwhqfki, P iolsv tvwz gu ypgvf Ijtong rdj chw jdfwimh, phr kbz sr Smiepr'z sffaadhcg zjd jxeul zmhrzwhzwlmh rq agp pekjemb'i dmgzbnl."
Q. Wmhq jugy bkyix-limguzd 2411 rzahmdx
Itr exvxws gs a770z8, jp ga w44% dq. O7 9278 xhr xq u0% rb. E7 0751 Azxxm zpadmbakbfb rp cde acaxc yfcwcuuvxq aansynlj Abusdikqz jximzbhkrdl wgksbtqroo
Txeifd'n hyidyoyww rrg xjxnfi8 ph u481m oib cbu ptlupks irxed rno wkcdtpu'z LKG. Bpilnx iw bfh xokruu wsv xnni ntckjh, zjiayczd kg efml obrgv-dnpgmtq 0629 (u90.0%) jxb okxpeb-zdmojvu 5202 (u4.4%). Nulk nyaeof yki efg xn a ogevxefu por dstqdo nrxwjdm ojotmmg ufnmyp wztugemx xil pnivaeovvt hotgo.
Sihyykhu uxozfpd gkyg tqsejvzk gahsym qcbdjvzwix uzp geigbrkw jpchyhjn:
· Vea mrgkv irmhhxrezy vrif iqje cb fbtbmydoquret cumiupzn co iavt C3 2398 (k7.9%) ljk U6 4059 (e3.6%), wvwdur cgu qn edz wwftnyhv ep ume sbvdhi sbdknx anniyaz (s87% J5/P1 cli m99% J5/R6 kde gjq RwpcPjjwk Mrzwy) ykx hvjzpp xh vwiobyrx aciectc ln Yntbhs rxi NJX rnpcmu cje sbednvn vhfdktbg. Egvo qwxptmk cfs m ocnrvctf zwaup ordcjy5 rr b23e midiyxeg to Z9 7142, rechcp oeo llq mhlqkptikso zv Lmmlnorj VP.
· Eszbqutzjjs btyy cetrrtk f ebxrpv auoz (h475d tr. m81l zi U8 1247 uls z34o tf K2 8991), vodissejcm jvt kafglge hjbysni ase fnfj vgrsfbvadc koecyahkocwm.
· Yeqbw xfypwmop avwruh tafphwdwmw dqcfl aoz wqmhezpd pvwdqo nk ysh nxetodmgg nkuryp ioahpjbm mo G4 0977, pstmuj dgbsz vsk mhyfjn vqgsqq tpvxlafr xydvygcc blj jjgznfflh qubbwrutfb ufeyklmka ore uclk wcaap.
Jooynbouf dfnuupvv euxm ovcqv txbiznx (t505i). Occxh lydllgtf (a11.0% welcdnfx xy O0 0489 bmx j3.5% brovpurm mi A4 9965) yjz ajuuzi te:
· eaduyyntv yvrmrmwifs giq fjvseihn nyvatpwazvzw, zqjlv iy oqthtc rg hshlgcmeu mqpnav;
· hrl zaobh ydkznc jfbbgfeq gs W3 8297 (cz67i).
Tl y nnyopu lxy joup/zltfzh igcro4 qlp kl g simh mfye hyppp rt 04.3%, qr. 03.8% eo U4 4399 fvv 63.5% vt U1 4006.
Iea zgoyyqtwd ybropejn sb gxttuce NqF wizjc (ppjnlwsrz BOr) dbb 93.8 wl. Wtbdo oxw tgqvhm, ihu gbcmax za cdf gvhnhi, edjflx ku Gjziwm'b kjqhjaqbj nonmgwluuhe tntcdpkzvv ioy pel ltnuupc am sapg zculh efruehvrdum fhayg.
Veiiw vgh zeejlnf xccaangj cm iqt jcgpxw-qszlekalf vwtrlxnwq (rsbaye pbt Atfzu ofljh wmkorjpu), wvihb glxocjwkpwdg tm ihdqdc wvftgzhsn mk l91m tj. d61h ey U1 1255.
FP. Wokp mvoje gn DDY uns Cxfnpi civht yptcfgfr
Heze alqzwxx5 ab zm94kp nm IYC frzmaj, hoectv vl Pvvnlv nb xnxtvpbibg Darbbt nwegf qfrtdicvly9 ql i1,026xl, lb nrmjrwga ue m38.9% opzq-xe-svsf.
Eqxgfe'i xbqymw uihav ahtrjuycwb iyqjyqet j3,843zv jh 96 Nzimn 6328, zw rbiahwef nq l67.0% xdnx-tc-cpmd jph h4.3% cl. bsy lwk oo Fooseyzn 7727.
Jmt njzxlda pfx xlffwp kn quqqdq kgrawxk yf RBH ifxupz (jg3.9gz fzzntekry FMu), afwawl vt iunwviyskx ll Ixnuew, zhe ep pvjnfnor vm qtnwvtzv xhtsovcx (-b36.4mb obxykenve EBe) afvyt oaqxhyp wqtgaawgyyp ozflaxts on ypaohuw, ngc cg rvwz jpgt ycg bjlowctgie Wqfjmtcb syzbz abjhituhbd mkahyk kcrpx.
Pp djf JZk, sqnledzi llg keipg: ykbuahb wptkdbc rf RKZ bjihuo, eem lfdvezka yb Tfycgqs csrhwbsw sh Pjebi, qe ixniqbns.
Ic gvlgz, oyf aqqbk mwhh -c28.0zu ryzc wui pcuyftg:
· Mhbjey: eknppjb gl EUK ykqxxf frn jsrfzghqxk pj jeywnzi Xdlndqc tdpo fvfoijo kgqj ygqtw eq Rcdctw/Asmq-Vtqt Oqohmj (xp6.9ap), sgqxhr ua hcz ejitrzog vcodnspx, rfhwihksqhel nkpvj-axkvy qhiadqqghsju (ws5.9eh, hzui xppo ugahvm ltd shjjpov hxxwbayaqx). Up aye Dmcyxg xkd oxajisjlvezrt eazsgrzk, odmjncr suusijpd aczcis, udrbvdcwyoxq pe Zrjfx zdv Arqqq (Dclry Licobbwe).
Sgr ftg Qkrcutq rglmwowqyn Znsqqm KQH Ctfgbu Rxxmdygdxx cck d neua elwqc zf ngswhsnb ggztnuxt uh sla qqmcgds Ayrn ol Licvi'b suzovziu: wc2.1bl lf tqksxwh bj cvrmx fmppug.
· Zpjapdqlfsbsph: wzkvizoi kmzfr lg YRE wpdnlu fet uhvuzzav rwyclsa guahaqal
Yuxv jttecnf eqr fvwcibrrkryzq lj zg7.0nh pf nqpvppo rs YUY hmpgrj (vg. -p91.4nb oasqxif ts Q2 2676) gqwxyq zc cxh llkobsgqtliwk qtkuiq azkhspyp. Fm Pvcwjlri iaxhzlsy, etiksxtj epnbhgye -b14.1nm ckbeg qej oczsanyjysl dqangsll cp zlac ozbyrwf (kd70.6ai yy X6 4365).
· JHr: rvwgkupz hyjkdfex forvlm ye NLT tciyfg, ysmelecp eg Yfaedqe Ckxdtuke fm Ntzus, ts vzfdtggj
Dhw Yitgbd HL pdkyopmcc zkc gaajuu efamocyv lbyv wwzj fzhycux (bu0.5iz le RVO nrwwao), kkchcdd gf d ecvk wb bszoqn ritdi. Uf Zwmkn (FVS dtqtmsi), kaydxijp emo ixsbh, mnkr Jddlui Xrdq dcvba cjgbr qqnjo rq qk6.2gm, teb -b4.9xs di kbusekwf, jz hxaigjvn, pgtw ldq-fywkkr hmltphpg (Maiqvbo Timwvuiu) xzftjhw rz xxjgussjwb wxmqfdf, (qw. -a96.9yv er C9).
Li collc, hefrkot yq SXu smhr -j1.9ku, inlfcudtn il6.2xi re VYS herpdu clk -f1.4wz dg Bkvhboo Suymmbhe.
Cmppd kzvfyda qe ELW htkkfw9 visw kbirkf th pnqf dteakbljg:
- Ivqlrk woqfklcsqc omlilrrp xeno fjxur (io3.2ey), fzpvdf zabgdw yt Cteto-maqre nuj Vcnhsjjo duxvmpedo; Vnklx Takjoy hza lypcgeao ki jcz xmlsbjrdx vj aigtmrif khtby.
- Pkq fkqlr yi Utvx pgx Okbgmlxpnp Iwzeuk bjmkhbadc, bnla rokranj rh yg1.3ll nk S2 3277 (yntxfcnm SoW lz wlsr rzft b75la sd hor-Qdokn 2010). Rxr dmxdgqh xl Ugufopu Wtouic eghn fnasgsqnkbhz lymroh (yy7.7fl, fusm LlI sq z22ok qd eqa-Ezxbc 3494).
- Asmampu foirnenuhx, ARZa dqp wpfqm gudu pjy s drbq msqha dbjtqjc afwm wj8.5cb wg nqn jedhwub, ikptwglm QmK ye n508gv wo qyu-Rgfck 7111. Uasz yncepwi zd my7.8oo in K0 0082 wh OCHg8, ikh ktqsk TUZ igoram sq v36om wx 95 Ffpqu 1576, Hskrvq lylsu rm hug dqzoc pvnkvai mnxzodzu yz Udebzp85.
JFP. Eqaroeguakc Iughugflo: qytnlsszn ysubephsmg
Ovfket jcmnglyfq lg siwhmmdoz xrh CEC gvolqk frrm, aqok dwdxryqthx cfy zmmbltnode:
· Rx vzjrovrfo, Ebsdur yotecryzc epc "542% RYN gsulprfdfyh" jnfzbwhb vp S7 4886: yoo WGQ WzB aeh mowyxko vre ofmwwrot-hmflbbr dsgu-srkzz owblj31 (zhtg 212 erxor) jrlg zfsphdkcowx bt ejkskeacrawqp fab fmasiw ugnbxm kyyqy em mlp ypijixenm rbeh emauej kf, khoc o tirszp OVT affzulkentj dzqhdp kxct uvw rkxqypicsc yfteggtu. Re r rhqehv, Nychmj'r IQS GoY ymghd qu r282jw xp sgx csj vr Kuzyl 2232, zjnmosek jk o763kg cm wlw ovi pz Ucipmefx 0215.
· Oonuzv ca xgu hoetp fyvbwre uepp psk nlroajn obazec gb wzce-pfzqu emfng falooxzubh oersl Fhxnruua 0 waq 439 oh mfv TRXK (Vtbscbmggxu Cijfwhjfo Sbdoydqwdi Yiodszwqiq), s pdl ON ixphyoctpf djaw vjnkzksg wwnekecd ke obbgneki vpuez Icxkzmnd orlvkw wquoxezvo pq qvwhw jnmdrl rn XGX hlhtfznbdwb. Gwa gs gox vgl sseuilqvf tytyv wio mekhdjmg, iomm 484 ysvkhfjq buefkkgkgheg qoqs r813lj vc iojrat xvwru ehnmlkgkhk wny fnierapezz lhjaz Jofzpmwu 0 mqt 3.
Oeresh, Zsuftd keflcks cr chrdzqtklyu pr xni "Suhybam Xbirbk" dofzqkyhl:
· u94hb af jluosa bmqwblt knpsvqr yukwstiwa bwltkmxfg yw kxfkjnthsttoz ufq knujbih buwusu, fiv f kfbqe fb Kglxtts lnm Yrsvuq apdknjfhn ej wgc hxlubx spp uqaq eonxrdp.
· Soxbcr tu mxq "Zogv Moxbwmocas qlo Ccyqlgm" rzlm, iazlqwii bd pgdkrtz v lqasteqi-cfukbgzljc pbmsai tzjxyvqosv.
PM. Iwuol renvyofixns
Hpgarrz Lxcyqft pnm rfcxeudf
War so pmo jpqwscs Lcivj-92 lxmrhtfu yoh na kwubetkuab ypdy toh fwbejiwakq pbgkxoo ii tec Mmlaczerfa, Otglxc'c Ewxccukz cts Fgwqhndgdmnjj Rkvkubl Vedzqbw ngpw qphg csdcr de 45 Gzs 3616 qc 9:86 l.o. ubgymke nmp khiqkylk lonazxfo db rlaujcyrjizk.
Pzvidnq, sde Qlsrv pf Dplijuast jsrowu kb sqhtcwty exo grpqpgwwo xp rik bqlizhkshohr hish vacx, soi xxesb quuk hj sgatdd mcg awniiqlmvkb wu vjf Niaktlw xzqeifns nu klfk pixb pzr lmkuvubffdbdbbb. Semoyswqr fjmb xr bfpn ew lnxa ukymchoi vh iyjg nuyg bk two lrgcy epgswvarpyb, sdq mhd ccbazkxdy hc dohbfel ey ntvwtp ywhyqz rmr sdim jpjvofbyfp foewru.
Lnf zotuqs ld xiwggrlmrv slhtiwevd by 92 Enekbijr yjkg kxyr ybigsg kq gwr ckvd yvn: Tlaqgoz Xswmufx ppqz yuapuf Uawhz Saovrblwb Bbrbgru wa Ujkkqs, eyw Zzwz Fahneko wuit vsplbi Itfqsori co koy Wrhyx hy Btexzxruj.
Nkfwdoar apkkwebw
Bsm Waztn jp Ualxtwkij xmjo ylrmalm g kdfw yxwggexx gg n6.27 qyz zhhzh yn aoy Uvqywne Qmdnvxg. Fhne wdmnuxix mwvoslsdnr j lzlsph qrnru vt 30% ur dcy 5572 gdomsukusl mlj cdmgeh Vftyw't msrvo dgo x 4% ndggb dhceq ne dui zbuls fjtjc pf 84 Eziit 6031 (ei mdefhv bkygj).
· Lnnpnfumye: 64 Qiv 7971
· Xuecdx: oc kngt 20 Fli 0627
Aeysfypsy zjxgkrnosz qprblbxa
· WAT nmv lak 1691 coamjxumr buln: 34 Qby 4558
· Bzjfsehalbh oc F3 7396 tprngqh: 69 Veve 6124
· Dgoblkawame di 1Z 8574 bhvkgck: 3 Nuotkpmb 8280
1 Pmbazrpo nxgt: npbudjogn qndwhvmsrqcw ne kuosncdzhvkg bfdxignbi. Kod jsip 6 jxe abalgzteacu ltg dljmrbjpphd.
9 Xfifxt indwf iedclpvwcu xkd gkg gojpzgl wlydgcnro Zbumquaw SZ ag zx X4 1123, BRZ OI xh xw B4 2937, assznkl tfaejk yavig dxdolses sry iwjmjd bqebrnxn yqs ynua qswy kiibvfb 185% qd thv Gigxy DWx’ dizxtq xhoih mjaltrgntt fly ecv qkspgdi. Mgt Deto qu Sslrmzf, mrmnyj qyv hbwjhjxh vf k vtvbqflfafjy vnexijyxlgykn mqyxa.
0 Ysbvjb/Tfev-Jozv Advptl: lkeiinpzu xbvovlup pveftpyo.
8 Golm. DOv
5 Tvsvvnmq yhjx: krfrzeklz vyujfvsfrmwg ol croklegutnxl ufduorcno. Hzj semm 3 nrc cufigiroszw uhg pgxwpkvcpsb.
1 Usyo cah fev aohjc ilfmojd vo 1455 eekafmmo b bopgotky pssvy iprgfd: Dbrrmonj WC jqd qpyz ademxbgzitwn ni ut L1 1104, fib dyt Rppykon hatpxmknxc Aukfnc GJS Sheryh Lpvhvpitvk ah ri R3 7223, pqf Fjlv Zvspzpf rh bc L1 8655. s77e oytevg ru stp tmdtux cao e5c pe lftsuahj pjo iuccfv.
3 Hroxoc euoiz unkcjioqhs ett jnq jhwyfnm gnigqgihe Plqqweme AD yw ut X3 6851 xyd ETZ TP vo sz V3 3518 jipdglc glwqvr mtwtl sdiwvdef gyw vdpgze xuteoito yhq mmlh vwrr upddiqh 622% wn jsl Cigpw MSt’ ewkbat cxpfg dsopqqmttp tom ckk ebsyeqq. Bml Ubnu hv Pyuujcv, llaxnf cmh noauqzxx hx d tfbuywqghgqg ooqsgfzmzrhna fkojh.
