Tiểu luận thị trường chứng khoán phân tích ROE của công ty cổ phần thủy sản bạc liêu

     !"  "#$%&"'$%()*$+(,$%  /012 +345 26$+789+7"$+&"'$  '$ : ; <=$:>%?9+@( ;;1;1;A1BC  <=$D2()'$ ;;1;1;A1AE C F!$%6"GH$% ;;1;1;A;C5 B <I$+J+6$++#F ;;1;1;ACCB 0 KL"+J%?9<@4 ;;1;1;ACAA I. !"!#$!%&'()*+,#- M$% )9N.+=$ +O)7#$KP9"'(QK69"R(S"7+R<"R7TF"$ 7 F9U9F4.6$). +RF%"V) 9+W$%$+X$YZ$%U[U"$+\F6$+7]E11C111A$%!)1 +8$%A$Z411E\F^U_ +FP9+Y=( G `$+KP9"'(9V.a %!$+$%+U"$+\F6$++_b"_$cb#Fd(#$ +O)7#$&!7#$.+I4 e +O)7#$aK(M$ b8$ +O)7#$c/"$+\F6$+f(V $+X.U+I(cU+6" +89 +O)7#$c$(M"989gFP" +O)7!$c b(M$b8$$M$%cg@47#$$%()'$g"h(c48)439 +"_ bJc$+X.U+I(989gFP" +i9.+I4 9+_b"_$j :]$Y"(gh01 `Yk$% $*+,#!+,!/012)$ %!)2Y=( "'$ 1l1El11m /nY=( "'$ 0c111c111 "8$"'4)_ ;;a1 N$%/+]"gGo$%$"'4)_ 0c111c111 N+"_(p(D 1 /+]"gGo$%Y6$%gG(+!$+ 0c111c111 G-9$%F!"YGo9.+q.4(6 cB01c111 QB5rs G-9$%F!"7^+t( B0c;11 QBa5rs II. $3+#4)$)5/)*+,#-#$5-67+8)!9& 1. :;%;<!=>+,#=9+10/+$#$&?=0@!#A/=,!+. BCBCD;!%&'()E))$F#!9&)G+#$!H#IJK)=L#=/#MNE0)E0#O!)$4+$)5/)*+,#-)P Q$G+#$5-67+8)!9& (Đơn vị: Triêu VNĐs +`7] o"$+(X$76( +(_QR "$9F4Rs 2F6$+ +( +(=$Q6gR7s N$% !"7#$Qu77R 7s "8&]$+!$%b8$QF7 FS%FF\776gR7s o"$+(X$%v.Q<F77.<FS" wR 6gR7xF7 FS%FF\776gR7s yghgo"$+(X$b"'$Q<F7746<%"$w<F77.<FS" l6gR7s (Đơn vị: %) +`7]  1 1 m  1 1 5  1 ; 1  1 ; ;  1 ;  y  gh  gz" <{$%  <'$ \F6$+ +( Q<FS" 46<%"$  w R "$9F4R  l 6gR7s | a ; m E m 1a   1 C m 5 1a B 5 C E C ;a 0 B 5 0 B 0 1a C C  E ; 0 y gh go" $+(X$ <'$  N$% !"  7#$ Quw R "$9F4Rlu 77R 7s | a C   B A 1a  C ; A 0 5 1a 0 m A m 5 A ;a C C E  0 1a  ; C E m 5 BCRC$3+#4)$#:;%;<!=>+,#=9+10/+$#$& BCRCBC:;%;<!=>+,#=9+10/+$#$&)5/)*+,#-)PQ$G+#$5-67+8)!9&#=0+, ,!/!I08+RSSTURSBR yghgz"<{$% <'$\F6$+ +(Q<FS" 46<%"$wR "$9F4Rl6gR7s <F$%%"6"YFP$11m|1;c yghgz"<{$% <'$\F6$+ +(9O69M$% )b"_$Yv$%4P$+ 4}&-"f(+G-$%9+($%g! Z$% <F$%0$Z4aZ411mc yghgz"<{$% <'$\F6$+ +( YP 4W9 +V.$+V  <F$%0$Z4Q|a;mEmrsc <F$%%"6"YFP$115|1;; yghgz"<{$% <'$\F6$+ +(g"'$ ~9 Z$%&!YP 4W9;a0B50B0r$Z41;;a_$$Z41;c9F$7] $!)%"#49{$1aCCE;0ra Z411mc9(v9U+O$%+F#$% !"9+•$+ +_%"-"Yz 89Yv$% "'(9i9Y_$U"$+ _ +_ %"-"$3"9+($%c:"h 64$3"<"'$%a<F$%Y3cf(V U+I( +O)7#$g!4v  <F$%$+t$% $%!$+9+J( 89Yv$%4P$+b^"+X(d(#9O69(v9U+O$%+F#$% !"9+•$+ +_%"-"aK'$ 9P$+Y3c$Z411mcv"Yk$%"'$4"$++@(€(Yzb6$+!$+d()YJ$+7];110& &"h9 +"_ gX.+h +]$%.+{$%$%e6c$%Z$9+•$&!f36b‚+FP Yv$%U+6" +89 +O)7#$ bV +o..+8.cU+M$%b8F98F&!U+M$% +RFd()YJ$+a+RF "$+ +=$$v"\($%d() YJ$+$!)cUƒ e$%!)1;l1;l1;1c7#$.+I4 +O)7#$f(V U+I(9O6:"h 64&!F +J <G„$%+@(€(.+#"93%"V)9+W$%$+X$Y]"&-" +O)7#$U+6" +89 <F$%$G-9&!f89 $+X$964U_ Y]"&-" +O)7#$$+X.U+I(a e$Z411mY_$1;;go"$+(X$76( +(_9O69M$% )g"'$ ~9 Z$%&-" ]9Yv$+6$+ 9+3$%cUqF +RF7i%"6 Z$%9O6 yghgz"<{$% <'$\F6$+ +(aK^"g}c <F$%%"6"YFP$ $!)Yƒ&Go d(6 …$++…$+U+3U+Z$c9M$% )9N.+=$ +O)7#$KP9"'(Yz Z$%9G„$% 9+_b"_$9897#$.+I4 "$+9+_c93%"8 <J%"6 Z$%96F†Yk$% +„"Y=( G48)439c +"_ bJ+"h$YP".+~9&~9+F$%!$+9+_b"_$f(V U+I(aeY3c%"#4gGo$%$%()'$g"h( Y=(&!Fc$+G$%&‡$Y#4b#F\F6$+ +(&!go"$+(X$a Z41;cU"$+ _ +_%"-"Y6$% <'$Y!.+~9+k"$+G$%9{$9+X4cgz"7(V $%@$+!$% 96Fc%"8$%()'$g"h(Y=(&!F Z$%cjYz#$++G^$%g-$Y_$+FP Yv$%9O6989\F6$+ $%+"h.9+_b"_$+!$%f(V U+I(a89 +J <G„$%g-$$+G+X K#$†D†989$G-9ˆc jYz X$\~$% <"h Yƒ+!$%<!FUD +(X c%@)U+M$%• U+3U+Z$9+F989\F6$+ $%+"h.a+'4&!FY3$%(k$$%()'$g"h(9+_b"_$Y=(&!FU+M$%N$YJ$+c9{$.+~ +(v9&"h9$+X.U+I(†7#$gGo$%$(M" <k$% +(y7#$%"#4g"'$ ~9cU+6" +89 +O)7#$ U+M$% +(X$go"9‰$%Yz 89Yv$%fV(Y_$ Z$% <G^$%4• +!$%+#"7#$f(V U+I(a: .+•6989$G-9$+X.U+I( +O)7#$ +… +G„$%f()'$ +6)YN"989d()YJ$+c9+_ !"c$'$ 989\F6$+$%+"h.9+_b"_$ +O)7#$f(V U+I( <F$% `$+%•.U+M$%• U+3U+Z$a{6 9+($% …$++…$+Y39M$% )9N.+=$ +O)7#$KP9"'(9‰$%.+#"Y]"4• &-" ]9Yv %"#44P$+9O6go"$+(X$76( +(_cUqF +RF yghgz"<{$% <'$\F6$+ +(%"#44P$+ 9{$1aCCE;0ra BCRCRC06E+$#:;%;<!=>+,#=9+10/+$#$&)5/)*+,#-)PQ$G+#$5-67+8)!9& 'O)*+,#-)PQ$G+#$5-67+V)=W+,,!/!I08+RSSTURSBRQH$&Jrs +`7] `ghgz"<{$% <'$\F6$+ +(9O69M$% )9N.+=$ +O)7#$KP9"'( `ghgz"<{$% <'$\F6$+ +(9O69M$% )9N.+=$ +O)7#$39<Z$% <F$%9L$%%"6"YFP$ <'$c yghgz"<{$% <'$\F6$+ +(9O69M$% )9N.+=$ +O)7#$ 39<Z$%g(M$96F+H$7F&-" yghgz"<{$% <'$\F6$+ +(9O69M$% )9N.+=$ +O) 7#$KP9"'(a:-" ygh$!)96F+H$9+W$% ‚9M$% )9N.+=$ +O)7#$39<Z$%YP 4W97"$+g„" <'$\F6$+ +(+,$%$Z496F+H$9M$% )9N.+=$ +O)7#$KP9"'(a ()$+"'$ <F$%%"6"YFP$7Š. -"9L$%&-"$+t$%U+3U+Z$&!bV N$4-"9O6$$ U"$+ _cY•9b"h g!$+t$%d()YJ$+9+• 9+}9O6‹9L$%$+t$%+!$%<!FUŒ +(X c 989 "'(9+(I$9+V gGo$%$%+"'4$%• 9O6989$G-9$+X.U+I( +…b!" F8$$@$%96F go"$+(X$gP"Y• <6)'(9=($+t$%$+!d(#$ <JYN"4-"&!U+M$%$%e$%$@$%96F7W9 9P$+ <P$+9O6\F6$+$%+"h.4…$+a2F&X)c9M$% )9N.+=$ +O)7#$KP9"'(&‡$93 +ƒ939H+v"$@$%96F&J +_9O64…$+$_($Š4bŠ YGo9 …$++…$+&! PF<6$+t$%go" +_7F78$+<"'$%a RC%6D'>+,X&/-#P+,#O!67+?66Y#&=+0'Y=. ]  &{$%  d(6 +!$% k$U+F %!) +( "$ b…$+d(@$ ]  $%!) "$4• y  7]  &{$%  d(6) !"7#$9]YJ$+ 11m Z[S\ 0c0 CAcE cB 115 ZCSS 5Cc ;aE aE 1;1 ]CBS CA 0 CaE 1;; B[R] CCcE ;cA c5E 1; B[B] CB 5c; CaC M$%  ) 39  <Z$% $Z41; EaC C1cB0 ;c CcB K#$%.+@$ •9+ !"7#$9O69M$% )9N.+=$ +O)7#$KP9"'(Q%"6"YFP$11m|1;1s H$&J<"h(Yk$% • "6"YFP$ e$Z411mY_$$Z41;&{$%d(6)+!$% k$U+F9O62F6$+$%+"h. %"#4 e0a1Af(]$%;c;CQ W9g!%"#4Cc5Bsc%"#44P$+%"6"YFP$115|1;1 e 0c11f(]$%9{$Cc;1a6 +V)c%"6"YFP$11m|115&{$%d(6)+!$% k$U+F96F 9+W$% ‚2F6$+$%+"h.b8$+!$%$+6$+c+!$% k$U+FU+M$%bJWY?$%$+"(a "($!)g!\F;;l1;l11A:"h 649+•$+ +W9 <^ +!$+ +!$+&"'$9O6 N9+W9 ‹cY@)g!4v Y{$bI)9+FU"$+ _:"h 64$3"9+($%&!$%!$+ +O)7#$$3" <"'$%a2F6$+$%+"h.YGo94^<v$% +J <G„$%f(V U+I(7#$.+I476$%Œc+@( €(&!YGo98.\~$%989G(Yz"&4• 9+•$+789+a+RFb8F98F9O6 k$%9~9 +]$%U'$Z4;555:"h 644-"9+`f(V U+V(;aA11 V$98 <6cY_$$Z41;1Yz Z$%g'$EE111 V$&-"%"8 <J;cBC y2g!4v 4"$+9+W$%<><!$%&7iU+^" 7Š99+($%9O6$%!$+ +O)7#$$'$#$++G„$% •9+9i9Y_$\F6$+$%+"h.a() $+"'$%"6$+X.&!F N9+W9U"$+ _g-$9O6 +_%"-"9{$93$+t$% +89+ +W9U+89 $+Gg!989+!$%<!FUD +(X 4!989$G-9.+8  <"ƒ$7•\~$%$+Gg(X 9+k$%b8$ .+8%"8c "'(9+(I$9+V gGo$%$'$+!$% +O)7#$:"h  e$%9+P4%"6"YFP$7() +F8"76($Z41;1.+L+o.&-"&{$%d(6)+!$% k$U+F\F6$+$%+"h.%"#4aZ4 1;;g!$Z4Y=( "'$ +i9+"h$%+Jd()_ P"+v" `$+#$%bvg=$ +WŽ:&!U_ +FP9+.+8  <"ƒ$U"$+ _|fz+v"0$Z41;;x1;0aFP Yv$%7#$f(V 9M$% $%+"h.&!U"$+\F6$+ +GH$%4P" <'$YJ6b!$ `$+&‡$9{$.+#"Y]"4• &-"U+M$% • U+3U+Z$&! +89+ +W9c\F9+J( 89Yv$%9O6$+"()_( ]bV go"$+G/"$+ _ +_%"-".+~9+k"9+X4&!9+G6&t$%9+Š9\FU+O$%+F#$% !"9+•$+&!7() +F8" U"$+ _ F!$9=(†%"89# <F$%$G-9&!gz"7(V  •$\~$% Z$%96Fc9+•$+789+ •$ \~$%9+• 9+}&!9Š %"#4Y=( G9M$%† …$++…$+ +„" "_ U+M$% +(X$go"9+F$(M" <k$% +O)7#$&!\"'4$%+"h.† +(+• Y=( G%•.$+"(U+3U+Z$ja • %!) +( "$b…$+d(@$9+Fb"_ 7]$%!) eg•9b8$+!$%Y_$U+" "$& !"U+F#$ +6) +ƒ+"h$U+#$Z$% +($o eU+89++!$%&!9+•$+789+ •$\~$% +GH$%4P"9O6 \F6$+$%+"h.a+RF$+Gb#$%7]g"h( e$Z411mY_$1;U… +( "$b…$+d(@$ 9O6\F6$+$%+"h.%"#4 e0c0f(]$%CBa@)g!4v \V(+"h(Y8$%4e$%&… +„" %"6$ +($o$%Š$gP"c\F6$+$%+"h.U+M$%bJU+89++!$%9+"_4\~$%&]$a • ]$%!) "$4• 9+Fb"_ b6F$+"'( "$4• &!9+W$%U+F8$U+#4P"9O6\F6$+ $%+"h.YƒY8.W$%989$%+Œ6&~$o$%Š$+P$a3"989+U+89$39+Fb"_ c9W4v Yk$%$o$%Š$+P$ +…93b6F$+"'( "$4• &!9+W$%U+F8$U+#4P"Y#4b#F9+" <#a"6"YFP$11m|1;7]$%!) "$4• %"#4 eCAcEf(]$%9{$5c;9+F +V)7] gGo$% "$4• &!9+W$%U+F8$$%Š$+P$YƒY#4b#F9+F9+" <#$o$%Š$+P$ %"#4c4W9Yv6$ F!$9O6\F6$+$%+"h.U+M$%96Fa 2. ^>+N_-#O!)$4+$ 11m 115 1;1 1;; 1; F  78$+  &-" 9M$%  "  39 <Z$%  $Z4 1; %!)  .+#"  <# b…$+d(@$ 1amAB C0aEAC C1a;E; CCAam BB1a;A Ama;B `  gh  $o  <'$ N$% !"7#$ 1aE0 1aAmA 1aA5m 1am;; 1am1C 1aEAA `  7]  +6$+ F8$gz"&6) 1a0 ;a;; ;a1m0 ;a;5 ;a100 ;aEA `  7]  +6$+ U+F#$  +"h$ +!$+ 1aAB0 1aAm5 1am00 1am5A 1a51E ;a;BB `  7]  +6$+ F8$$+6$+ 1aBE 1aB51 1aCm 1aC; 1a;EB 1aB |%!).+#" <#b…$+d(@$9+Fb"_ ;$%!)4(6&X  Gb…$+d(@$ +…\F6$+$%+"h. <… +Fz$YGo9b6F$+"'($%!)Yƒ +6$+ F8$U+F#$.+#" <#c9+F +V)\F6$+$%+"h.93U+# $Z$% X$\~$%YGo9$%(k$ •$\~$%4!$%G„"b8$Yz9($%9V.ah7]$!)9O6\F6$+ $%+"h.$%!)9!$%96FQ1amABBB1a;Asa@)g!9+`7]\()$+V 4!9M$% "9N.+=$ +O)7#$KP9"'(U+89+d(6$+H$9M$% "9L$%$%!$+39<Z$%a |`gh$o <'$ N$% !"7#$9O6\F6$+$%+"h.Y6$%93f(+G-$% Z$% <F$%$+t$%$Z4 11m|1;;Q e1aE01am;;sc93%"#4$+•&!F$Z41;c9+`7]$!)96F+H$7F&-" \F6$+$%+"h.9L$%$%+!$+g!9M$% "9N.+=$ +O)7#$39<Z$%Q1aEAAsa+`7]$!) 9O6\F6$+$%+"h.g!U+896Fc$3&W693G(Y"ƒ4gV$$+Go9Y"ƒ4a(Y"ƒ4 X$\~$% go" +_9O6Y{$bI) !"9+•$+&!939H+v" "_ U"h4 +(_ e&"h97•\~$%$oa() $+"'$c$+Go9Y"ƒ4g!\F6$+$%+"h.Yz7•\~$%d(8$+"($oYƒ !" <o9+F !"7#$c U+"_$\F6$+$%+"h.d(8.+~ +(v9&!F$o&6)cU+#$Z$% i9+O !"9+•$+9‰$%$+G U+#$Z$% "_. ~9YGo9&6)$o9O6\F6$+$%+"h. +V.a |`7] +6$+ F8$gz"&6)YFgG„$%U+#$Z$%7•\~$%go"$+(X$ e+FP Yv$%7#$f(V U"$+\F6$+Yƒ <#gz"&6)9O6\F6$+$%+"h.a/+#$Z$% <#gz"9O6\F6$+$%+"h.96F +6) +V..+~ +(v9&!FU+#$Z$%7"$+go"&!4•9Yv7•\~$%$3a:!F$Z411mc `7] $!)9O6\F6$+$%+"h.g!d(8 +V.c$%()'$$+@$f(V .+8 \F9(v9U+O$%+F#$%U"$+ _c +J <G„$%f(V U+I(+!$% +O)7!$%•.$+"(U+3U+Z$cY•9b"h g! +J <G„$%Dc g•9$!)989$%@$+!$%DY6$% +Š 9+•  •$\~$%c$%@$+!$%U+M$%9+F$+!$+X. U+I(D&6) "$$'$U+#$Z$% +6$+ F8$9O6+?<V )_(c+?.+#"9+„b8$YGo9+!$% 4-"93 "$ <#9+F989$+!f(V U+I( <'$ +_%"-"c <F$%Y393:"h 64a+•$+&… &X)4!7W94(6 <'$ +J <G„$% +_%"-"Y6$%%"#47• <V Y8$%Uƒc$+"(+o.Yk$%bJ 9Š U+"_$\F6$+$%+"h.&6)$oYƒ7#$f(V $+G$%+!$%+36gP"U+M$% "'( +~YGo9aa Z41;c+h7]$!)%"#4\F$+"(\F6$+$%+"h. +O)7#$g@4&!F …$+9#$+$o$=$ <V $+"(cU+3U+Z$Y•9b"h  <F$%$%!$+$(M" <k$% +O)7#$U+"\F6$+$%+"h.U+3 U+Z$ <F$%&"h9 …4$%(k$$%()'$g"h( e$%G„"$M$%\@$&…Y6.+=$+?7o24(6 98 <#9+X4+F•9d(‘ $o$+GYz e$%f#)<6 <F$% +„"%"6$d(6aK'$9P$+Y3c$M$% \@$^Y@)93 @4g[gFgŠ$%&!4(]$YGo9 +6$+ F8$ "$4• $%6)4-"9+J(b8$98a "($!)YzU+"_$989$+!48) +"_(98Yƒ9+_b"_$+F•99+`+FP Yv$%9=49+e$% g!49+F\F6$+$%+"h.%•.U+3U+Z$ <F$%7#$f(V cU+3 <#$o9+F$%@$+!$%a<F$% U+"Y3c …$++…$+7#$f(V  <F$%$G-99‰$%%•.$+"(bV go"$+G%"8 +W9Z$9+Z$$(M" g"'$ ~9 Z$%96Fc e;Er|C1r7F&-"$Z4 <G-9c9L$%$+"(9+".+•7#$f(V 4-".+8 7"$+$+G989U+F#$.+•&9V.%"V).+q.cU"ƒ4 <66$ F!$&h7"$+ +i9.+I4c +(_j 89gFP"+!$%+369($%W$%Y=(&!F$+G%"8Y"h$cfZ$%\=(9‰$% Z$%96FUqF +RF %"8 +!$+7#$.+I4 Z$%&!g!4%"#47W99P$+ <6$+9O64• +!$%$!)a• U+89c\F 9+•$+789+ +Š 9+•  •$\~$%c%"8$%FP" h Z$%cgz"7(V $%@$+!$%9{$96Fg!4$o \F6$+$%+"h.$%!)9!$% Z$%a |`7] +6$+U+F#$+"h$+!$+9O6\F6$+$%+"h.g(M$$+‚+H$; <F$%7(] U+F#$% +„"%"6$11m|1;c Y"(Y39+F +V)4v .+=$$o$%Š$+P$9O6\F6$+$%+"h. YzYGo9Y=( G&!F !"7#$\!"+P$g!$+t$% !"7#$U+39+()ƒ$YN" +!$+ "$YƒY8.W$%$+(9=( +6$+ F8$cU+#$Z$%.+87#$9O6\F6$+$%+"h. Z$% g'$av  •$+"h( ] g!9+`7]$!)Y6$% Z$%g'$ <F$% +„"%"6$%=$Y@)Q1aAB0 1a51Es$+G$%&‡$9{$ +V.7F&-"9M$% "9L$%$%!$+39<Z$%Q;a;BBs |h7]$!)9+Fb"_ $+t$%9+` "'(93 •$+ +6$+U+F#$96F$+V  <F$% !"7#$ 9O6\F6$+$%+"h.93Y8.W$%YGo9$+(9=($o$%Š$+P$+6)U+M$%av $%+J9+g•^ Y@)g!+h7]$!)Y6$%$%!)9!$%%"#4 <F$%\F6$+$%+"h.Q e1aBE1a;EBsa"(Y3 9+F +V) !"7#$$%Š$+P$$+G$%93 •$+ +6$+U+F#$ +V.$+G+!$% k$U+F9+"_4 4v bv.+X$<V g-$ <F$% N$% !"7#$$%Š$+P$9O6\F6$+$%+"h.a+`7]$!) +V. +H$<V +"(7F&-"\F6$+$%+"h.9L$%$%!$+Q1aBs 3. :;%;K!+$&`+#=9+'D+)$56a$b& M$% )N.+=$ +O)7#$KP9"'( M$% ) +O) 7#$39<Z$% Z4 <FS" 46<%"$ u77R (<$F&R< ’"$6$9"6g gR&R<6%R ˆQrs ˆQrs 11m |c15CE ;c;15B Cc1C1; |Ac1Cm ;EaC 115 1c;; ;c15mB BcEAA ;a1mB mam; 1;1 1aBmm0 ;cAC Bcm5B5 a5C0 ;;a; 1;; ;a0C1C 1cmAC 0cC1CE Aa1mA ;1aAA 1; 1cC55 1cEBA0 0c1AE; ;a1mB EaBC +@$ •9+ˆ e$Z411mY_$$Z41; WcRSSTd +W+6"$%!)1lEl11mcM$% )N.+=$+(y7#$KP9"'(9+•$+ +W9%"6F\J9+g=$ Y=(aN$%  U+]"  gGo$%  9+W$%  U+F8$  YZ$%  U[  g!  0c111c111  9N  .+"_(  4h$+  %"8 ;1c111Yk$%l9N.+"_(a +RFb8F98F !"9+•$+d([l11mc\F6$+ +(78( +8$% eb8$+!$%&!9($%9V.\J9+ &~9O6+O)7#$KP9"'(QK’sYP ;1Ec5m `Yk$%c Z$%;Bc0r7F&-"$Z4 <G-9a 2F6$+ +( Z$%$+G$%go"$+(X$U+M$% Z$% +RF GH$%W$%g!\Fgz"7(V $%@$+!$% Z$%Yv b"_$ <F$%E +8$%Y=($Z411mcg!49+".+•gz"&6)9+FgGo$%+!$% k$U+F C0 y+"h$ P" Z$% +'4E0 <"h(l +8$%a<F$%d([76(Y3c\L\F6$+ +(96F$+G$% %"8&]$+!$%b8$ Z$%4P$+cYk$% +„"9899+".+•U+89Yk$%gFP  Z$%\‡$Y_$9M$% )bJg“a+…$9+($% `7(V ˆ <F$%d([Y=($Z411m9{$$+"(b"_$Yv$%c93 +ƒY8$+%"8g!9N.+"_(K’ <F$%%"6"YFP$11m+=($+G9+G6YR4gP" +($+X.9+F 9899NYM$%a :-" …$++…$+Y3cYƒ "_ %"#4 ]"Y69+".+•gz"&6)cb6$gz$+YPF9M$% )Yz9+OYv$% +6)YN"9+•$+789++!$% k$U+F9Š %"#4+!$% k$U+FY_$4W9 ]"G($+V c X. <($%&!F$+t$%YH$+!$%93&{$%d(6)&]$$+6$+&! y7(V go"$+(X$96FaM$% ) +O)7#$KP9"'(9+Fb"_ Yz+P$9+_7#$f(V 4• +!$% M47•&-"$+(9=(&]$gG( Yv$%96Fa+6)&!FY3c9M$% )9+()ƒ$76$%4• +!$% M4 +”aK'$9P$+Y3c$Z4 115c  gG„$%  <G-9  $+t$%  +X(  d(#  9O6  9(v9  U+O$%  +F#$%  !"  9+•$+  F!$  9=(c K69"R(S"77}U+M$%d(89+• @4&!F7#$.+I4 M4YM$%gP$+a e +8$%5Y_$ +8$%;;$Z411mc+O)7#$KP9"'(YzU[U_ $+"(+o. Yk$%93%"8 <J+o.Yk$%o. 89&-"9M$% )u•x26R<"$Q!$p(]9sc+o.Yk$% 9($%9V.+!$%&-"Y]" 89+X  <J%"8A <"h(2c+o.Yk$%f(V U+I(7#$.+I4 $M$%7#$Yzd(69+_b"_$ N$% <J%"8;1 <"h(2&-"’2Q+X sc+o. Yk$%A <"h(2&-"/na WcRSSed `7(V ˆd([$Z4115YP ;cmEra"8N.+"_(K’Y3$%9O6.+"'$%"6F\J9+ $%!)C;lCl115g!Am11Yk$%l9N.+"_(a/_  +•9.+"'$%"6F\J9+$%!)Bl1El115c9N .+"_(K’ Z$% <=$g'$;Ba;11$%!$Yk$%&-"C1a0119N.+"_(YGo9%"6F\J9+a <F$%$Z4115c9N.+"_($%!$+ +O)7#$g!4v  <F$%$+t$%$+349N.+"_(%"#4 4P$+$+V  <'$7!$cb"_$Yv$%4P$++H$9+`7]:|$\Rfaib"_$Yv$%d(84P$+ 9O69N.+"_($%!$+ +O)7#$ <F$% +„"%"6$$!)YGo9fR4gP"4v +"h$ Go$%U+M$% b…$+ +G„$%a%()'$$+@$c93 +ƒ$+t$%b"_$Yv$%Y3U+M$%+F!$ F!$Y_$ e <"ƒ$ &?$%9O6$%!$+$%+U"$+\F6$+9+•$+4!g!$+t$%U–&?$%&+FP Yv$%Y=( GbV Yv$%7#$&! !"9+•$+9O6989\F6$+$%+"h.$!)a WcRSBSd P"P"+v"9NYM$% +G„$%$"'$1;1cK6$gz$+YPF9O6K’9+Fb"_ $o.+#" <# Z$%\FY=( G$+!48)!$+!Fx7#$f(V 9+#98(<"4"aK’7}b8$9N.+=$E0r $+!48)!$+!FcK’7}93U+#$Z$% <#$oaM$% )YzU[b"'$b#$%+"$+-c +RF [U"_$9O6b'$7} +!$+gX.9M$% )g"'$\F6$+%"t6K’&!+8.c <F$%Y3+8. 9+"_4E0r|b8$$+!48)7#$f(V 9+#98(<"4"a %FP" <eK’93E +8$%Y=($Z41;1 Z$%;B1r7F&-"9L$%U–115†989 9M$% )9{$gP"Y(93go"$+(X$%"#44P$+aKg“AC <"h(Yk$% <F$%d([l1;1 76(7F8 fq a`7(V ˆ <F$%Cd([Y=($Z41;1g"'$ ~9 Z$%1aC0rd([†c0Cr d([&!c50rd([a %!);Bl;1l1;1c~9p(#$g[9+V gGo$%$M$%|g@47#$&! +O)7#$&e693 +M$% b8F\6$+789+9899H7^7#$f(V cU"$+\F6$+ +O)7#$&".+P4&:uc <F$%Y3 93M$% )9N.+=$+O)7#$KP9"'(Q2B1scYJ69+`]m5p(]9gv;ucV.c +()h$"86"c `$+KP9"'(a p([    9+W$%  U"_$  4v  7i  %"#47~  %"8  4P$+ 9O6  K’a o"  $+(X$  <{$%  YP |Cc1E0cC;mc111Yk$%c9M$% )g“&!ˆg•9$!)^4W9|Bc1Ara WcRSBBd =$$•6$Z476(U+"U_  +•9$Z41;;cM$% )N.+=$+O)7#$KP9"'(4-" 9M$%b]b8F98F !"9+•$+U"ƒ4 F8$$Z41;; <'$Ža%!);l10l1;\FM$% )&".+P4$+"(g=$d()YJ$+&9M$%b] +M$% "$•9b"h cY_$$%!);ml10l1;c M$% )9+G69M$%b] +M$% "$b8F98F !"9+•$+U"ƒ4 F8$$Z41;;c^2/! v" +M$%b8FYG69N.+"_(K’&!F\"h$\"h$bJ9#$+b8Fa +…$gP"%"89N.+"_(K’ e1;1Y_$1; e4W91a111Yk$%l+k"$Z41;1c 9N.+"_($!)9{$&‚$&•$0a111Yk$%U_  +•9.+"'$%"6F\J9+$%!)AlEl1;a`7(V ˆ%"#44P$+ e$Z41;;Y_$$Z41; e11mY_$$6)cU+#$Z$% +6$+ F8$9O6K’Yz<H"&!F\"h$Y8$%9#$+b8Fao $%Š$+P$g(M$&Go  !"7#$$%Š$+P$\‡$Y_$9#+h7] +6$+ F8$+"h$ +„"&! +6$+ F8$$+6$+Y(\G-";a 8$%$%P"+H$cY_$9(]"d([l1;$o$%Š$+P$9O6K’g!C;E yYk$% <F$%Y3&6) $o$%Š$+P$m yYk$% <F$%U+" !"7#$$%Š$+P$9+`m yYk$%ah7] +6$+ F8$ +"h$ +„"1c5g=$&!+h7] +6$+ F8$$+6$+QwQ!"7#$$%Š$+P$|+!$% k$U+Fsl$o $%Š$+P$s9+`9{$1cg=$a"(Y393$%+Œ6g!cUƒ9#%"#".+3$%+_ gGo$%+!$% k$ U+F^U+F#$4~9 !"7#$$%Š$+P$c9M$% )&‡$U+M$%YOU+#$Z$%9+" <#$+t$% U+F#$$o$%Š$+P$ai7]$%c9{$9O6K’.+~ +(v9&!F&"h9%"z$$o9O69899+O $oa"h$ Go$%$!)f#)<6Yz+H$B$Z4&!U+M$%9#" +"h$d(6989$Z4a+X49+•c +~ U+#$Z$% +6$+ F8$$+6$+Yz^4W9b8FYv$%9(]"d([l1;a III. ^!fcc8+$[I!fc-H&[#$&`+;K!'O=5!=0)5/)PQ$!H&g'Och#6D,!7!Q$EQ 1. ^!fcc8+$[I!fc-H&[#$&`+;K!'O=5!=0)5/)PQ$!H&g • ^!fcc8+$ M+…$+7#$f(V U"$+\F6$+Y6gŒ$+&i9c93 +ƒ+“ <og‡$$+6( PFY"(U"h$ +(X$ go" <'$ +J <G„$%U+"934v  <F$%$+t$%gŒ$+&i9$!FY3%•.U+3U+6$ p()4M$+‚7F&-"9899M$% )9L$%$%!$+YZ$%$"'4)_  <'$7!$c9H9V( N9+W9 U+M$%.+W9 P.g!4v go" +_ <F$%d(8 <…$+9+()ƒ$\J9+9H9V( N9+W9c9+()ƒ$YN" +6)4^<v$%$%!$+$%+U"$+\F6$+a H9V(7#$.+I4Y6\P$%cYI)4P$+$%+"'$9W(&!7#$f(V 9894• +!$%4-"$+G <6(9OYM$%gP$+c &!9897#$.+I4%"8 <J%"6 Z$% e M4$+G<6(d(#$+k" M4c 7(7+"YM$%gP$+aaa:"h9g!4$!)$+,4Y3$Y=( +J <G„$%Y6$%\=$9+()ƒ$\J9+76$% $+t$% +i9.+I493%"8 <J\"$+\G—$%96Fc$%()'$g"h(<6(9+"_4 y <?$%g-$cY@) 9‰$%g!4v %"#".+8.$+,4%"#"d()_  •$+9+V  +„"&~9O6$%!$+7#$f(V  M4a • ^!fc-H& F&-"9899M$% )$%!$+ +O)7#$Yz$"'4)_ c +J.+=$9O6K’9{$$+‚ •$+ +6$+U+F#$9O69N.+"_( +V.c $+G+!$% k$U+F9+"_44v bv.+X$<V g-$ <F$% N$% !"7#$$%Š$+P$9O6\F6$+$%+"h.Q1c;EBrs /+#$Z$% +6$+ F8$ +V.c$o$%Š$+P$g(M$g-$+H$ !"7#$$%Š$+P$a • $&`+;K! Ž(+G-$% "'( +~7#$.+I4 +O)7#$Q• 9+FgR7 R<Fgs <^$'$.+Nb"_$^ +J <G„$% 9+@(Dc9+@(€( i "_$bv9O69M$%$%+h9+_b"_$ +O)7#$%"•. +O)7#$YM$%gP$+&‡$%"tYGo9 +GH$%&JU+"9+_b"_$ +O)7#$g!4v  <F$%$+t$%4‰"$+?$f(V U+I(9O6:"h 64 • 5!=0 O"<F e4M" <G„$% +O)7#$93Yv$+P)9#496F&6$ F!$ +i9.+I4cDcˆj 7"_ 9+• &Yv6$ F!$&h7"$+ +i9.+I4cY•9b"h &-"989$G-9Y6$%.+8  <"ƒ$ KP9"'($,4 <F$%&L$%g‰a/+3U+Z$%"6F +M$%U+"g‰& +"(Y]" +O9P$+ <6$+M$% )+O)7#$39<Z$%c+_b"_$&!Ž/ +O)7#$!6(c9M$% )Ž/u’uj 2. Ah#6D,!7!Q$EQd e.+@$ •9+ <'$c93 +ƒ +V)ˆ9O69M$% ) +O)7#$KP9"'(bJ 89Yv$%b^"9#C )_( ]<FS" 46<%"$cu77R  (<$F&R<c’"$6$9"6ggR&R<6%Ra:… +_Yƒ Z$%ˆc\F6$+ $%+"h.9=$ − 89Yv$%Y_$9H9V( !"9+•$+9O6\F6$+$%+"h. +M$%d(6 `gh$o&6)&! `gh&]$ 9+O7^+t(9+F.+L+o.&-"$Z$%gi9+FP Yv$% − Z$%+"h(7(V 7•\~$% !"7#$a@$%96F7]&{$%d(6)9O6 !"7#$ +M$%d(6&"h9&e6 Z$%d()4M&\F6$+ +( +(=$c&e67•\~$% "_ U"h4&!+o.g•&9H9V( N$% !" 7#$a − Z$%\F6$+ +(c%"#49+".+•c$@$%96F9+V gGo$%9O67#$.+I4aeY3 Z$%go" $+(X$9O6\F6$+$%+"h.a