contents and the remaining 30% of the fleet to generate ... libanais sal and board member of bank...
TRANSCRIPT
Contents
Chairman’s Letter 1
Board of Directors and Officers 3
Board Committees 4
Shareholder Information 4
Financial Statements F pages
1
Chairman’s Letter
Dear Shareholders,
We are proud to present the results of another profitable year
for Tsakos Energy Navigation (TEN). These are a product of
the full implementation by management of the company's
strategic plan, together of course with a lot of hard work.
This success becomes even more important as it was
achieved amidst a volatile and as such difficult to predict
global economic environment.
Currently we continue to operate in a global economic
environment where mature economies find it difficult to create
meaningful and sustainable growth, despite unprecedented
efforts to generate inflation. At the same time, as numerous
demographic and technological factors are mitigating demand
in the developed world, emerging economies are recalibrating
their economic model towards one which will depend less on
competitively priced exports and trade and more towards
growing their own middle class and domestic economies.
These industrial and economic forces at work generate an
even more complex operating environment, enhance market
volatility and unpredictability demanding from operators
prudence, forward planning and perfect execution of strategy.
Today TEN has a young, diversified high quality fleet of 62
crude, product and LNG carriers, servicing the industrial
needs of prime customers with nearly 100% utilization
throughout the year, demonstrating best in class operational
excellence and steadily increasing cost efficiency. From early
in 2016 management undertook the initiative of gradually
time chartering on longer term charters a greater percentage
of the fleet. Today over 70% of the fleet is on long term
charters for an average period of three years at accretive
charter rates or at very attractive profit-sharing
arrangements. The resulting robust cash flow more than
covers operating costs and other fixed obligations of the
company for the next three years, leaving the profit sharing
arrangements and the remaining 30% of the fleet to generate
additional shareholder value from favorable market
developments and opportunities as they may arise.
All this was achieved during the first of an unprecedented
two year fleet expansion program, at the end of which a total
of fifteen new state of the art vessels (nine Aframaxes, two
VLCCs, two LR1 Panamaxes, one DP2-Suezmax Shuttle and
one LNG) will have been delivered to TEN, all with pre-
arranged full term accretive employment with prime
counterparties and with full financing already in place.
As such, TEN is ideally positioned to continue generating
shareholder value, while being perfectly capable of
continuing to pay a healthy and steady dividend, as well as
absorbing potential adverse market conditions in
preparation for the next upward market cycle.
With regard to our stock price, it is clear that this has been
negatively affected by the spillover of the weakness in the
dry cargo market and the drop in the price of oil in the long
preceding period and the association of tankers with the oil
service industry. This resulted in investors reducing
exposure to shipping across the board. However, we believe
that the recent improvement in the dry cargo market will
Μay 5, 2017
create again a very positive sentiment towards the sector
as a whole and equity investors will have a second
opportunity to review and recognize the unique value of TEN
amidst its peers in the energy transportation business.
Interestingly, investors in our Preferred shares already
recognize this, as all our related issues are trading at or
above par, in contrast to many comparable issues by many
of our peers which demonstrate a much lesser performance.
In conclusion, on behalf of the company's Board of
Directors, I wish once again to congratulate management
for yet another excellent performance in executing our
strategy and business plan, as well as for the high quality
of its cooperation with the Board, adhering to the highest
level of Corporate Governance.
Best wishes to all for an equally successful 2017.
Takis Arapoglou
Chairman
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EFSTRATIOS GEORGIOS ARAPOGLOU | CHAIRMAN OF THE BOARDMr. Arapoglou is a Corporate Advisor with a long international executive career in Corporateand Investment Banking, International Capital Markets and in managing, restructuring andadvising financial institutions. He was Chief Executive Officer of Commercial Banking at EFGHermes Holding SAE Group, operating in the Middle East and Africa (2010-2013). Earlier, hewas Chairman and Chief Executive Officer of the National Bank of Greece Group (2004-2009),Chairman of the Hellenic Banks Association (2005-2009) and Managing Director of the GlobalBanks and Securities Industry for Citigroup (1999-2004). He has served on several boards ofpublicly listed companies in Europe, the Middle East and Africa, as well as on Boards ofEducational Foundations, including the Institute of Corporate Culture Affairs in Frankfurt, asChairman. He is currently holding the following non-executive board positions: Vice Chairmanand member of the compensation committee of Titan Cement SA, listed on the Athens SE;board member and member of the compensation committee of EFG Hermes Holding SAE,listed in Cairo and the London SE; board member of the audit and risk committee of CreditLibanais SAL and board member of Bank Alfalah, listed in Karachi, Pakistan, representing theInternational Finance Corporation (IFC) World Bank. He is Chairman of the International Boardof Advisors of Tufts University in Boston, and a member of the Business Advisory Council forthe International MBA program of Athens University of Economics and Business. He hasdegrees in Mathematics, Naval Architecture & Ocean Engineering and Management from Greekand British Universities.
MICHAEL G. JOLLIFFE | CO-FOUNDER AND VICE CHAIRMANMr. Jolliffe has been joint Managing Director and then Vice Chairman of our Board since 1993.He is a director of a number of companies in shipping, agency representation, shipbrokingcapital services and mining. Mr. Jolliffe is Chief Executive Officer of Tsakos ContainersNavigation LLC, a shipping company set up in joint venture between the Tsakos and Jolliffefamilies and Warwick Capital Partners, a London based fund manager. He is also Chairman ofthe Wighams Group owning companies involved in shipbroking, agency representation andcapital markets businesses. Mr. Jolliffe is also the Chairman of Papua Mining Plc, a gold andcopper mining company quoted on the London AIM. He is also Chairman of StealthGas Inc., ashipping company which is quoted on the Nasdaq Stock Exchange and which owns 49 LPGcarriers, three product carriers and one crude oil tanker and has agreements to acquire fourLPG carriers. Mr. Jolliffe is also a Trustee of Honeypot Children’s Charity.
EFTHIMIOS E. MITROPOULOS, KCMG | DIRECTORMr. Mitropoulos is Secretary-General Emeritus of the International Maritime Organization(IMO), the United Nations specialized agency responsible for the regulation of internationalshipping from the safety, security and environmental protection points of view. After 23 yearsof service at IMO (ten of which as Director of the Maritime Safety Division), he was electedSecretary-General in 2003 and re-elected in 2007 for a total of the maximum time permittedof eight years. As a graduate of both Merchant and Naval Academies of Greece, he spent timeat sea as a navigation officer and twenty years as a commissioned Hellenic Coast Guardofficer, retiring as a rear admiral, having represented Greece at IMO and various otherinternational fora dealing with shipping matters over a twelve year period and having spent twoyears as Harbour Master of Corfu. Between 2004 and 2012, he was Chancellor of the WorldMaritime University, Malmô, Sweden and Chairman of the Governing Board of the InternationalMaritime Law Institute in Malta. He is the author of several books on shipping, including textson tankers, modern types of merchant ships, safety of navigation and shipping economicsand policy. He is Chairman of the Board of the “Maria Tsakos" Public Benefit Foundation -International Centre for Maritime Research and Tradition and Patron of two internationalmaritime organizations.
PETER C. NICHOLSON, CBE | DIRECTORMr. Nicholson is trained as a naval architect and spent the majority of his professional careerwith Camper & Nicholson Limited, the world-famous yacht builder. He became ManagingDirector of the firm and later, Chairman. When Camper & Nicholson merged with CrestSecurities to form Crest Nicholson Plc in 1972, Mr. Nicholson became an executive director,a role he held until 1988 when he became a non-executive in order to pursue a wider range ofbusiness interests. Since that time, he has been a non-executive director of Lloyds TSB GroupPlc (from 1990 to 2000) and Chairman of Carisbrooke Shipping Plc (from 1990 to 1999). Hewas a director of various companies in the Marsh Group of insurance brokers. He has servedon the boards of a variety of small companies, has been active in the administration of theUnited Kingdom marine industry and is a trustee of the British Marine Federation. He is aYounger Brother of Trinity House. He was Chairman of the Royal National Lifeboat Institutionfrom 2000 to 2004. In 2010, Mr. Nicholson became a partner and chairman of a limited liabilitypartnership, R.M.G. Wealth Management.
FRANCIS T. NUSSPICKEL | DIRECTOR Mr. Nusspickel is a retired partner of Arthur Andersen LLP with 35 years of public accountingexperience. He is a Certified Public Accountant licensed in several U.S. states. During his yearswith Arthur Andersen, he served as a member of their Transportation Industry Group and wasworldwide Industry Head for the Ocean Shipping segment. His responsibilities includedprojects for mergers and acquisitions, fraud investigations, arbitrations and debt and equityofferings. He was President of the New York State Society of Certified Public Accountantsfrom 1996 to 1997, a member of the AICPA Council from 1992 to 1998, and from 2004 to 2007was Chairman of the Professional Ethics Committee of the New York State Society of CertifiedPublic Accountants.
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Board of Directors and Officers
RICHARD L. PANIGUIAN, CBE | DIRECTOR Mr. Paniguian became Chairman of C5 Holdings, a European based private equity fund specializingin cyber and big data technologies, in February 2015. Prior to that, he was Head of UK Defence andSecurity Organization, or DSO, which supports UK defense and security businesses seeking toexport and develop joint ventures and partnerships overseas, as well as overseas defense andsecurity businesses seeking to invest in the UK. Previously, Mr. Paniguian pursued a career withBP plc., where he worked for 37 years. He held a wide range of posts with BP, including, in the1980s, as Commercial Director in the Middle East, Head of International Oil Trading in New Yorkand Head of Capital Markets in London. In the 1990s he completed assignments as a Director ofBP Europe, Chief Executive of BP Shipping and subsequently Head of Gas Development in theMiddle East and Africa. In 2001 he was appointed Group Vice President for Russia, the Caspian,Middle East and Africa, where he was responsible for developing and delivering BP’s growthstrategy in these regions. He played a leading role in support of the TNK-BP joint venture; indelivering the Baku Tbilisi Ceyhan pipeline project; in driving for new gas exploration in Libya,Egypt and Oman and, in completing BP’s first oil project in Angola. In 2007 he was appointed CBEfor services to business. Between 2002 and 2007 he was Chairman of the Egyptian BritishBusiness Council, and between 2000 and 2002 President of the UK Chamber of Shipping. Mr.Paniguian has a degree in Arabic and Middle East politics and an MBA.
ARISTIDES A.N. PATRINOS, Ph.D. | DIRECTOR Dr. Patrinos is the Chief Scientist and Director for Research of the Novim Group, a think tankbased in Santa Barbara, California, USA. He is also a Distinguished Industry Professor ofMechanical and Biomolecular Engineering at New York University (currently on leave). Since 2006he is also affiliated with Synthetic Genomics Inc. (SGI) serving as President (2006-2011), SeniorVice President for Corporate Affairs (2011-2012) and currently as a Programs and Policy Advisor.SGI is a US-based privately held company dedicated to developing and commercializing syntheticbiology instruments, clean and renewable fuels and chemicals, sustainable food products; andnovel medical applications such as synthetic vaccines and other biologics. Dr. Patrinos alsoserves on the BOD of Liberty Biosecurity LLC (since December 2016), a USA-based private DNAsequencing and analysis company focused on biodefense and other applications; and on the BODof Data Cubed, Inc. (since June 2016) a NYC-based private company focused on healthcare, bigdata, and human decision-making. Dr. Patrinos also consults for Oak Ridge National Laboratory,the translational medicine program of the University of Pittsburgh, and the Research Council ofthe State University of New York. From 1976 to 2006, Dr. Patrinos served in the U.S. Departmentof Energy (DOE) and several of the DOE National Laboratories and engaged in several facets ofenergy production and use and led key research programs in biology and the environment. Heplayed a leading role in the Human Genome Project and has been a central architect of the“genomics” revolution. He is a member of many scientific societies and is a recipient of numerousawards and distinctions including three U.S. Presidential Rank Awards, and two Secretary ofEnergy Gold Medals. He holds a Diploma in Mechanical and Electrical Engineering from theNational Technical University of Athens (Metsovion) and a Ph.D. in Mechanical Engineering andAstronautical Sciences from Northwestern University. During 2016, Dr. Patrinos was SeniorAdviser to USA Department of Energy Secretary Ernest Moniz.
MARIA VASSALOU Ph.D. | DIRECTORMaria Vassalou is Partner and Portfolio Manager for the PWP Global Macro Strategy, a liquidstrategy firm invested in global equities, fixed income, currencies, commodities and credit. Dr.Vassalou joined Perella Weinberg Partners in 2013 from MIO Partners, a subsidiary of McKinsey &Company, where as a Portfolio Manager she managed a similar global macro investment strategyin a dedicated legal entity, and as Head of Asset Allocation she provided counsel on allocation forliquid assets within MIO’s portfolio. Prior to joining MIO in 2012, Dr. Vassalou was a Global MacroPortfolio Manager at SAC Capital Advisors, LP. She joined SAC in 2008 from Soros FundManagement where she was responsible for global quantitative research, as well as thedevelopment and management of global quantitative trading strategies. Prior to her career in assetmanagement, Dr. Vassalou was an Associate Professor of Finance at Columbia Business Schoolwhich she joined in 1995. Dr. Vassalou is a Past President of the European Finance Association andwas the Chair of the 2008 European Finance Association Meetings. A Research Affiliate of theCentre for Economic Policy Research (CEPR) in London for many years, Dr. Vassalou is a pastmember of the Academic Advisory Board of the Vienna-based Guttmann Center of Competence inPortfolio Management. Dr. Vassalou received a Bachelor of Arts in Economics from the Universityof Athens and she holds a Ph.D. in Financial Economics from London Business School.
NICHOLAS F. TOMMASINO - NOMINEE DIRECTOR Mr. Tommasino is a retired partner of Deloitte LLP, a global professional services firm focusingon Audit, Tax, Advisory and Consulting services. With more than 38 years of experience, including27 as a Partner until his retirement in 2016, he served global clients in a variety of industriesincluding Transportation, Telecommunications, Pharmaceuticals, Agribusiness and Hospitality.He provided services across a wide range of areas including audit, mergers and acquisitions,U.S. listings, including foreign private issuers, and regulatory and risk areas. He held a numberof leadership roles from leading the New York Audit and Advisory practice to the NortheastPractice to the entire East Sector culminating in his assuming the role of Chairman and CEO ofDeloitte and Touche LLP (D&T) where he was responsible for all aspects of a multi-billion dollar,fourteen thousand personnel, Professional Services Firm. He directed the Development andImplementation of Strategy, Operations, Talent, Quality, Governance and Cultural Cultivation atD&T. He was a Board member of D&T (Including Chairman) and Chaired the D&T executiveCommittee. He serves as a Trustee and Vice President of the Madison Square Boys and GirlsClub. He is also a member of the Columbus Citizens Foundation. He was an associate adjunctprofessor at Columbia University. He graduated Summa Cum Laude with a BS in accountingfrom Manhattan College. He is a member of the New York State Society of CPAs and a memberof the American Institute of CPAs*.
* Upon his election, Mr. Tommasino will become the Chairman of the Audit Committee and will also join the Corporate Governance, Nomination and Compensation Committee.
NIKOLAS P. TSAKOS, Dr.FOUNDER, PRESIDENT AND CHIEF EXECUTIVE OFFICER Mr. Tsakos has been President, Chief Executive Officer and a director of the Companysince inception. Mr. Tsakos is the sole shareholder of Tsakos Energy ManagementLimited. He has been involved in ship management since 1981 and has 36 months ofseafaring experience. Mr. Tsakos served as an officer in the Hellenic Navy in 1988. Mr.Tsakos is the Chairman of the Independent Tanker Owners Association (INTERTANKO),an Executive Committee member and a council member. He is also Chairman of theKorean Registry, Hellenic Committee (KR). Mr. Tsakos is currently a board member ofthe UK P&I Club, a board member of the Union of Greek Shipowners (UGS), a memberof the board of the Greek Shipping Co-operation Committee (GSCC) and a councilmember of the American Bureau of Shipping (ABS), Bureau Veritas (BV) and of theGreek Committee of Det Norske Veritas (DNV). Mr. Tsakos is the former President ofthe Hellenic Marine Environment Protection Association (HELMEPA). He graduatedfrom Columbia University in New York in 1985 with a degree in Economics and PoliticalScience and obtained a Master’s Degree in Shipping, Trade and Finance from London’sCity University Business School in 1987. In 2011, Mr. Tsakos was awarded an honorarydoctorate from the City University Business School, for his pioneering work in theequity financial markets relating to shipping companies.
GEORGE V. SAROGLOU | CHIEF OPERATING OFFICER Mr. Saroglou has been Chief Operating Officer of the Company since 1996. Mr.Saroglou worked for a private Greek information technology systems integrator from1987 until 1994. From 1995 to 1996 he was employed in the Trading Department ofthe Tsakos Group. He graduated from McGill University in Canada in 1987 with aBachelor’s Degree in Science (Mathematics). Mr. Saroglou is the cousin of Mr. Tsakos.
PAUL DURHAM | CHIEF FINANCIAL OFFICERMr. Durham joined Tsakos in 1999 and has served as our Chief Financial Officer andChief Accounting Officer since 2000. Mr. Durham is a Fellow of the Institute of CharteredAccountants in England & Wales. From 1989 through 1998, Mr. Durham was employedin Athens with the Latsis Group, a shipping, refinery and banking enterprise, becomingFinancial Director of Shipping in 1995. From 1983 to 1989, Mr. Durham was employedby RJR Nabisco Corporation, serving as audit manager for Europe, Asia and Africa until1986 and then as financial controller of one of their United Kingdom food divisions. Mr.Durham worked with public accounting firms Ernst & Young (London and Paris) from1972 to 1979 and Deloitte & Touche (Chicago and Athens) from 1979 to 1983. Mr.Durham is a graduate in Economics from the University of Exeter, England.
VASILEIOS PAPAGEORGIOU | CHIEF MARINE OFFICER Mr. Papageorgiou is our CMO. Among all other responsibilities, he is heading thenewbuilding section of our business and technically led a large scale fleet expansion& renewal plan. For the past 13 years Mr Papageorgiou has overseen the constructionof more than 70 vessels of diverse type and range. He has an extended technicalacademic background holding Bachelor of Science degrees in Naval Architecture andMarine Engineering and Master of Science degrees in Internal Combustion Enginesand Management & Economics. Mr. Papageorgiou initiated his career 50 years agobeing employed for a period of 5 years in the Greek ship & repair yards of Skaramanga,Perama and Elefsis, being engaged in the supervision of ship repairs andnewbuildings. In 1976 and for a period of 4 years he worked for Chalkis Shipyard &Carras Shipping Co attending repairs and newbuildings in Japan and Yugoslavia. In1980 Mr Papageorgiou joined Lloyd’s Register of Shipping initially as a junior Ship &Engine Surveyor in the Far East area. He was the first surveyor of Greek nationalityof Lloyd’s Register supervising the construction of newbuildings in Asia. Soon he waspromoted to Principal Surveyor, thereafter to Senior Principal Surveyor, a positionheld for first time by an Engineer of Greek nationality. Successively Lloyd’s Registerappointed him in the post of area Managing Director for the wider region of Greece,Balkans & Middle East, again a position held for the first time by a Greek citizen. Mr.Papageorgiou is an active participant in a wide range of technical committees.
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AUDIT COMMITTEEFrancis T. Nusspickel - ChairmanEfstratios Georgios ArapoglouPeter C. NicholsonRichard L PaniguianMaria Vassalou
CORPORATE GOVERNANCE,NOMINATION AND COMPENSATIONCOMMITTEE Richard L. Paniguian-ChairmanEfstratios Georgios ArapoglouEfthimios E. MitropoulosPeter C. NicholsonFrancis T. NusspickelAristides A.N. PatrinosMaria Vassalou
BUSINESS DEVELOPMENT AND CAPITALMARKETS COMMITTEEMichael G. Jolliffe - ChairmanEfstratios Georgios ArapoglouRichard L. PaniguianGeorge V. SaroglouNikolas P. TsakosMaria Vassalou
OPERATIONAL, SAFETY ANDENVIRONMENTAL COMMITTEEEfthimios E. Mitropoulos - ChairmanMichael G. JolliffeVasileios Papageorgiou*Aristides A. N. Patrinos
* (Non-Director)
Board Committees
TEN Ltd shares trade on the New York Stock Exchange and the Bermuda StockExchange under the symbol: NYSE - TNP BERMUDA - TEN
As of December 31, 2016 the Company had 87,338,652 shares issued and outstanding.The Company has issued three series of preferred shares that are listed in theNYSE, with the following details:8.0% Series B - Ticker Symbol (TNP.B) - with 2,000,000 preferred shares issued and outstanding.8.625% Series C - Ticker Symbol (TNP.C) - with 2,000,000 preferred shares issued and outstanding.8.75% Series D - Ticker Symbol (TNP.D) - with 3,400,000 preferred shares issued and outstanding.
Transfer Agent & Registar for the shares Computershare Trust Company, N.A. P.O. Box 30170College Station, TX 77842-3170
Private Couriers/Registered Mail:Computershare Trust Company, N.A. 211 Quality Circle, Suite 210College Station, TX 77845
Computershare Phone #: (800) 522-6645Outside the U.S. Phone: 1-201-680-6578
Questions & Inquiries via our Website: http://www.computershare.comHearing Impaired #: TDD: 1-800-952-9245
Stock information may be accessed through: Bloomberg under: “ TNP US ” “ TNP BH”Reuters under: “ TNP.N ”
A copy of the Company’s Annual Report on Form 20-F, which is filed with theSEC and contains additional information can be obtained by contacting:
George V. Saroglou,Chief Operating Officer: [email protected]
Paul Durham,Chief Financial Officer: [email protected]
Harrys Kosmatos,Corporate Development Officer: [email protected]
Independent AuditorsErnst & Υoung (Hellas) Certified Auditors-Accountants S.A. 8B Chimarras, 151 25 Maroussi,Greece
Legal Counsel (New York)Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178 U.S.A
Legal Counsel (London)Holman Fenwick & Willan Friary Court, 65 Crutched Friars London, EC3N 2AE United Kingdom
Shareholder Information
5
The management of Tsakos Energy Navigation Limited and its subsidiaries (the “Company”), according to Rule 13a-15(f) of theSecurities Exchange Act of 1934, is responsible for the establishment and maintenance of adequate internal controls overfinancial reporting for the Company. Internal control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for externalreporting purposes in accordance with U.S. generally accepted accounting principles. However, in any system of internal controlthere are inherent limitations and consequently internal control over financial reporting may not absolutely prevent or detectmisstatements.
The Company’s system of internal control over financial reporting includes policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statementsin accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Companyare being made only in accordance with authorizations of management and directors of the Company, and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Management has performed an assessment of the effectiveness of the Company’s internal control over financial reporting asof December 31, 2016, based on the criteria established within Internal Control-Integrated Framework issued by the Committeeof Sponsoring Organizations of the Treadway Commission (2013 framework).
Based on our assessment, management has determined that the Company’s internal control over financial reporting as ofDecember 31, 2016 was effective.
Nikolas P. Tsakos Paul DurhamPresident and Chief Executive Officer Chief Financial Officer
Date: March 28, 2017
Management’s Report on Internal Control over Financial Reporting
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The accompanying notes are an integral part of these consolidated financial statements.
F-3
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The accompanying notes are an integral part of these consolidated financial statements.
F-4
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F-6
F-8
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The accompanying notes are an integral part of these consolidated financial statements.
F-7
F-9
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4(!)&%6!l;+0;&H!AB!9CAEB!'>#!:%6$;+H!>;(! ((.).#,!3#&';.+!3;'#-%&.#(!O.'>.+!'>#!:%+(%2.,;'#,!(';'#6#+'!%)!3%6$&#>#+(.G#!.+3%6#!.+!%&,#&!'%!1#!3%+(.('#+'!;+,!3%6$;&;12#!'%!%'>#&!&#$%&'.+-!#+'.'.#(!O.'>.+!'>#!$##&!-&%0$!%)!';+J#&!3%6$;+.#(7!/&.%&!H#;&!,;';!>;(!1##+!;,e0('#,!;33%&,.+-2H7!=$#3.).3;22HB!j:%66.((.%+(k!.+!'>#!3%+(%2.,;'#,!(';'#6#+'(!%)!3%6$&#>#+(.G#!.+3%6#!%)!9CAF!>;(!1##+! ((.).#,!;(!jW%H;-#!#[$#+(#(k7!=.6.2;&2HB!46%&'._;'.%+!%)!,#)#&&#,!,&H8,%3J.+-!3%('(!.(!.+320,#,!O.'>.+!?#$.;'.%+!;+,!;6%&'._;'.%+B!;6%0+'(!'.+-!'%!Y;+;-#6#+'!)##(B!='%3J!3%6$#+(;'.%+!#[$#+(#!;+,!Y;+;-#6#+'!.+3#+'.G#!;O;&,!;&#!.+320,#,!.+!U#+#&;2!;+,!;,6.+.('&;'.G#!#[$#+(#(B!;+,!5%&#.-+!30&&#+3H!2%((#(`\-;.+(^!;&#!.+320,#,!.+!G#((#2!%$#&;'.+-!#[$#+(#(7'
!1#! 4%,'()'5%.&6".,%3'S>#!$&#$;&;'.%+!%)!).+;+3.;2!(';'#6#+'(!.+!3%+)%&6.'H!O.'>!]7=7!U44/!&#M0.&#(!6;+;-#6#+'!'%!6;J#!#('.6;'#(!;+,!;((06$'.%+(!'>;'!;))#3'!'>#!;6%0+'(!%)!;((#'(!;+,!2.;1.2.'.#(!;+,!#[$#+(#(B!&#$%&'#,!.+!'>#!3%+(%2.,;'#,!).+;+3.;2!(';'#6#+'(!;+,!'>#!;33%6$;+H.+-!+%'#(7!42'>%0->!;3'0;2!&#(02'(!3%02,!,.))#&!)&%6!'>%(#!#('.6;'#(B!6;+;-#6#+'!,%#(!+%'!1#2.#G#!'>;'!(03>!,.))#&#+3#(!O%02,!1#!6;'#&.;27!
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The accompanying notes are an integral part of these consolidated financial statements.
F-8
F-10
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!8#! :&E,/'@%%,.%3!5.[#,!;((#'(!3%+(.('!%)!G#((#2(7!W#((#2(!;&#!(';'#,!;'!3%('B!2#((!;330602;'#,!,#$.;'.%+7!S>#!3%('!%)!G#((#2(!.+320,#(!'>#!3%+'&;3'!$&.3#!;+,!$,#2.G#&H!3%('(!.+30&&#,!,0&.+-!'>#!3%+('&03'.%+!;+,!,#2.G#&H!%)!+#O!10.2,.+-(B!.+320,.+-!3;$.';2._#,!.+'#&#('B!;+,!#[$#+(#(!.+30&&#,!0$%+!;3M0.(.'.%+!%)!(#3%+,8>;+,!G#((#2(7!=01(#M0#+'!#[$#+,.'0&#(!)%&!3%+G#&(.%+(!;+,!6;e%&!.6$&%G#6#+'(!;&#!3;$.';2._#,!O>#+!'>#H!;$$.;12H!#['#+,!'>#!2.)#B!.+3&#;(#!'>#!#;&+.+-!3;$;3.'H!%&!.6$&%G#!'>#!#)).3.#+3H!%&!(;)#'H!%)!'>#!G#((#2(d!%'>#&O.(#!'>#H!;&#!3>;&-#,!'%!#[$#+(#!;(!.+30&&#,7!L[$#+,.'0&#(!)%&!&%0'.+#!&#$;.&(!;+,!6;.+'#+;+3#!;&#!#[$#+(#,!;(!.+30&&#,7!
?#$.;'.%+!.(!$&%G.,#,!%+!'>#!('&;.->'82.+#!6#'>%,!1;(#,!%+!'>#!#('.6;'#,!.+.+-!#3%+%6.3!0(#)02!2.G#(!%)!'>#!G#((#2(B!2#((!;+!#('.6;'#,!&#(.,0;2!G;20#!1;(#,!%+!;!(3&;$!$&.3#7'
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
The accompanying notes are an integral part of these consolidated financial statements.
F-9
F-11
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
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
!G#! A,*(+.&-;'@%%,.%'8,>/')(+'%">,3!*'!.(!'>#!:%6$;+HK(!$%2.3H!'%!,.($%(#!%)!G#((#2(!O>#+!(0.';12#!%$$%&'0+.'.#(!%330&!;+,!+%'!+#3#((;&.2H!'%!J##$!'>#6!0+'.2!'>#!#+,!%)!'>#.&!0(#)02!2.)#7!X%+-82.G#,!;((#'(!;&#!32;((.).#,!;(!>#2,!)%&!(;2#!O>#+!;22!;$$2.3;12#!3&.'#&.;!#+06#&;'#,!0+,#&!4=:!@DC!j/&%$#&'HB!/2;+'B!;+,!LM0.$6#+'k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b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
!>#! L("-'7(%.%3!:%('(!.+30&&#,!)%&!%1';.+.+-!+#O!2%;+(!%&!&#).+;+3.+-!#[.('.+-!2%;+(!;&#!3;$.';2._#,!;+,!.+320,#,!.+!,#)#&&#,!3>;&-#(!;+,!;6%&'._#,!%G#&!'>#!'#&6!%)!'>#!&#($#3'.G#!2%;+B!0(.+-!'>#!#))#3'.G#!.+'#&#('!&;'#!6#'>%,7!4+H!0+;6%&'._#,!1;2;+3#!%)!3%('(!'.+-!'%!2%;+(!&#$;.,!%&!&#).+;+3#,!;(!,#1'!#['.+-0.(>6#+'(!.(!#[$#+(#,!.+!'>#!$#&.%,!'>#!&#$;H6#+'!%&!#['.+-0.(>6#+'!.(!6;,#7!]$!'%!?#3#61#&!@AB!9CAEB!'>#(#!3%('(!O#&#!.+320,#,!.+!,#)#&&#,!3>;&-#(7!I+!l;+0;&H!AB!9CADB!'>#!:%6$;+H!;,%$'#,!4=]!Q%7!9CAE8C@!8!*+'#&#('!m!*6$0';'.%+!%)!*+'#&#('!#))#3'.G#!)%&!'>#!).+;+3.;2!(';'#6#+'(!)%&!'>#!).(3;2!H#;&!#+,.+-!?#3#61#&!@AB!9CAD!;+,!.+'#&.6!$#&.%,(!O.'>.+!'>.(!).(3;2!H#;&!;+,!'>0(!$&#(#+'(!,#)#&&#,!).+;+3.+-!3%('(B!+#'!%)!;330602;'#,!;6%&'._;'.%+B!;(!;!&#,03'.%+!%)!2%+-8'#&6!,#1'7!*+!%&,#&!'%!3%+)%&6!O.'>!'>#!30&&#+'!$#&.%,!$&#(#+';'.%+B!'>#!:%6$;+H!>;(!&#,03#,!?#)#&&#,!3>;&-#(B!+#'!1H!fNBE@A!;+,!>;(!,#3&#;(#,!'>#!;6%0+'!%)!'>#!'#,!30&&#+'!;+,!+%+830&&#+'!%12.-;'.%+(!1H!fAB@@D!;+,!fDBAREB!&#($#3'.G#2H!%+!'>#!3%+(%2.,;'#,!1;2;+3#!(>##'!;(!%)!?#3#61#&!@AB!9CAE!\(##!Q%'#(!E!;+,!D^7!S>.(! ((.).3;'.%+!>;(!+%!.6$;3'!%+!'>#!:%6$;+HK(!&#(02'(!%)!%$#&;'.%+(B!3;(>!)2%O(!;+,!+#'!;((#'(!)%&!;+H!$#&.%,7!
The accompanying notes are an integral part of these consolidated financial statements.
F-10
F-12
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
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g!
4Z7<=9<9<! HIJK! HIJL! HIJQ!4! A@i! AFi! ARi!<! A@i! ACi! A@i!:! Ri! Ri! Ri!?! Ni! Pi! Ei!
!!-#! I,;6,-.'A,*(+.&-;3'S>#!:%6$;+H!,%#(!+%'!#G;20;'#!'>#!%$#&;'.+-!&#(02'(!1H!'H$#!%)!G#((#2!%&!1H!'H$#!%)!
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d!'>#&#)%&#B!'>#!XQU!3;&&.#&(!,%!+%'!3%+('.'0'#!;!(#$;&;'#!&#$%&';12#!(#-6#+'7!S>#!:%6$;+HK(!G#((#2(!%$#&;'#!%+!6;+H!'&;,#!&%0'#(!'>&%0->%0'!'>#!O%&2,!;+,B!'>#&#)%&#B!'>#!$&%G.(.%+!%)!-#%-&;$>.3!.+)%&6;'.%+!.(!3%+(.,#&#,!.6$&;3'.3;12#!1H!6;+;-#6#+'7!5%&!'>#!;1%G#!&#;(%+(B!'>#!:%6$;+H!>;(!,#'#&6.+#,!'>;'!.'!%$#&;'#(!.+!%+#!&#$%&';12#!(#-6#+'B!'>#!O%&2,O.,#!6;&.'.6#!'&;+($%&';'.%+!%)!2.M0.,!#+#&-H!'#,!$&%,03'(7!
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
The accompanying notes are an integral part of these consolidated financial statements.
F-11
F-13
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j3;(>!)2%Ok!>#,-#^7!:>;+-#(!.+!'>#!);.&!G;20#!%)!;!,#&.G;'.G#!'>;'!.(!M0;2.).#,B!,#(.-+;'#,!;+,!>.->2H!#))#3'.G#!;(!;!3;(>!)2%O!>#,-#!;&#!%&,#,!.+!%'>#&!3%6$&#>#+(.G#!.+3%6#`\2%((^!0+'.2!#;&+.+-(!;&#!;))#3'#,!1H!'>#!)%('#,!'&;+(;3'.%+7!:>;+-#(!.+!'>#!);.&!G;20#!%)!0+,#(.-+;'#,!,#&.G;'.G#!.+('&06#+'(!;+,!'>#!.+#))#3'.G#!$%&'.%+!%)!,#(.-+;'#,!,#&.G;'.G#!.+('&06#+'(!;&#!&#$%&'#,!.+!#;&+.+-(!.+!'>#!$#&.%,!.+!O>.3>!'>%(#!);.&!G;20#!3>;+-#(!%330&7!"#;2._#,!-;.+(!%&!2%((#(!%+!#;&2H!'#&6.+;'.%+!%)!0+,#(.-+;'#,!,#&.G;'.G#!.+('&06#+'(!;&#!;2(%!32;((.).#,!.+!#;&+.+-(!.+!'>#!$#&.%,!%)!'#&6.+;'.%+!%)!'>#!&#($#3'.G#!,#&.G;'.G#!.+('&06#+'7!
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!*#! :"&+'F">2,'M,"%2+,6,-.%3!S>#!:%6$;+H!)%22%O(!'>#!$&%G.(.%+(!%)!4=:!P9CB!j5;.&!W;20#!Y#;(0#+'(!;+,!?.(32%(0&#(k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
!?#! @00(2-.&-;')(+'L,"%,%3!X#;(#(!%)!;((#'(!0+,#&!O>.3>!(01(';+'.;22H!;22!'>#!&.(J(!;+,!&#O;&,(!%)!%O+#&(>.$!;&#!#))#3'.G#2H!&#';.+#,!1H!'>#!2#((%&!;&#!32;((.).#,!;(!%$#&;'.+-!2#;(#(7!X#;(#!$;H6#+'(!0+,#&!;+!%$#&;'.+-!2#;(#!;&#!%-+._#,!;(!;+!#[$#+(#!%+!;!('&;.->'82.+#!6#'>%,!%G#&!'>#!2#;(#!'#&67!S>#!:%6$;+H!>#2,!+%!%$#&;'.+-!2#;(#(!;'!?#3#61#&!@AB!9CAD7!
!+#! I.(0H'$"%,/'7(6*,-%".&(-3!S>#!:%6$;+H!>;(!;!(>;&#!1;(#,!.+3#+'.G#!$2;+!'>;'!3%G#&(!,.'%&(!;+,!%)).3#&(!%)!'>#!:%6$;+H!;+,!#6$2%H##(!%)!'>#!'#,!3%6$;+.#(7!4O;&,(!-&;+'#,!;&#!G;20#,!;'!);.&!G;20#!;+,!3%6$#+(;'.%+!3%('!.(!%-+._#,!%+!;!('&;.->'!2.+#!1;(.(B!+#'!%)!#('.6;'#,!)%&)#.'0&#(B!%G#&!'>#!!
The accompanying notes are an integral part of these consolidated financial statements.
F-12
F-14
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&#M0.(.'#!(#&G.3#!$#&.%,!%)!#;3>!;O;&,7!S>#!);.&!G;20#!%)!&#('&.3'#,!('%3J!.((0#,!'%!3&#O!6#61#&(B!,.'%&(!;+,!%)).3#&(!%)!'>#!:%6$;+H!;'!'>#!-&;+'!,;'#!.(!#M0;2!'%!'>#!32%(.+-!('%3J!$&.3#!%+!'>;'!,;'#!;+,!.(!;6%&'._#,!%G#&!'>#!;$$2.3;12#!G#('.+-!$#&.%,!0(.+-!'>#!('&;.->'82.+#!6#'>%,7!S>#!);.&!G;20#!%)!&#('&.3'#,!('%3J!.((0#,!'%!+%+8#6$2%H##(!.(!#M0;2!'%!'>#!32%(.+-!('%3J!$&.3#!;'!'>#!-&;+'!,;'#!;,e0('#,!1H!'>#!32%(.+-!('%3J!$&.3#!;'!#;3>!&#$%&'.+-!,;'#!;+,!.(!;6%&'._#,!%G#&!'>#!;$$2.3;12#!$#&)%&6;+3#!$#&.%,!\Q%'#!P^7!
6$/$"#'7//.-"#*"8'9%.".-"/$1$"#&')+.(#$+:'
7R! *;A?8!4;?F9<?M!*+!40-0('!9CAFB!54=<!.((0#,!4=]!Q%7!9CAF8AE!m!j/&#(#+';'.%+!%)!5.+;+3.;2!=';'#6#+'(!8!U%.+-!:%+3#&+k7!4=]!9CAF8AE!$&%G.,#(!-0.,;+3#!;1%0'!6;+;-#6#+'K(!&#($%+(.1.2.'H!'%!#G;20;'#!O>#'>#&!'>#&#!.(!(01(';+'.;2!,%01'!;1%0'!;+!#+'.'HK(!;1.2.'H!'%!3%+'.+0#!;(!;!-%.+-!3%+3#&+!;+,!'%!$&%G.,#!'#,!)%%'+%'#!,.(32%(0&#(7!S>#!:%6$;+H!>;(!;,%$'#,!'>#!$&%G.(.%+(!%)!4=]!9CAF8AE!%+!?#3#61#&!@AB!9CAD7!
DR! 4;?B;EA@7=A;?M!*+!5#1&0;&H!9CAEB!'>#!54=<!.((0#,!433%0+'.+-!=';+,;&,(!]$,;'#!\j4=]k^!Q%7!9CAE8C98:%+(%2.,;'.%+7!S>#!;6#+,6#+'(!.+!'>.(!4=]!;))#3'!&#$%&'.+-!#+'.'.#(!'>;'!;&#!&#M0.&#,!'%!#G;20;'#!O>#'>#&!'>#H!(>%02,!3%+(%2.,;'#!3#&';.+!2#-;2!#+'.'.#(7!422!2#-;2!#+'.'.#(!;&#!(01e#3'!'%!&##G;20;'.%+!0+,#&!'>#!&#G.(#,!3%+(%2.,;'.%+!6%,#27!I+!l;+0;&H!AB!9CADB!'>#!:%6$;+H!;,%$'#,!4=]!Q%7!9CAE8C9!;."&.<*+)#*."'=>.(*/'?@3AB'71$"+1$"#&'#.'#0$';."&.<*+)#*."'7")<C&*&!#))#3'.G#!)%&!'>#!).(3;2!H#;&!#+,.+-!?#3#61#&!@AB!9CAD!;+,!.+'#&.6!$#&.%,(!O.'>.+!'>.(!).(3;2!H#;&7!S>#!;,%$'.%+!%)!'>.(!-0.,;+3#!>;,!+%!.6$;3'!%+!'>#!:%6$;+HK(!&#(02'(!%)!%$#&;'.%+(B!3;(>!)2%O(!;+,!+#'!;((#'(!)%&!;+H!$#&.%,7!
FR! 09D=!-BBC7?F9!F;B=BM!*+!4$&.2!9CAEB!5.+;+3.;2!433%0+'.+-!=';+,;&,(!<%;&,!\j54=<k^!.((0#,!433%0+'.+-!=';+,;&,(!]$,;'#!\j4=]k!%&!j]$,;'#k^!Q%7!9CAE8C@!8!*+'#&#('!m!*6$0';'.%+!%)!*+'#&#('!'%!(.6$2.)H!'>#!$&#(#+';'.%+!%)!,#1'!.((0;+3#!3%('(7!/&#G.%0(!-0.,;+3#!-#+#&;22H!&#M0.&#,!#+'.'.#(!'%!3;$.';2._#!3%('(!$;.,!'%!'>.&,!$;&'.#(!'>;'!;&#!,.'2H!'#,!'%!.((0.+-!,#1'!;+,!'>;'!%'>#&O.(#!O%02,+K'!1#!.+30&&#,!;+,!$&#(#+'!'>%(#!;6%0+'(!(#$;&;'#2H!;(!,#)#&&#,!3>;&-#(!\.7#7B!;((#'(^7!b%O#G#&B!'>#!,.(3%0+'!%&!$.06!&#(02'.+-!)&%6!'>#!,.))#&#+3#!1#'O##+!'>#!+#'!$&%3##,(!#.G#,!0$%+!,#1'!.((0;+3#!;+,!'>#!;6%0+'!$;H;12#!;'!6;'0&.'H!.(!$&#(#+'#,!;(!;!,.'!,#,03'.%+!)&%6!%&!;+!;,,.'.%+!'%!'>#!);3#!;6%0+'!%)!'>#!,#1'7!S>#!+#O!-0.,;+3#!(.6$2.).#(!).+;+3.;2!&#$%&'.+-!1H!#2.6.+;'.+-!'>#!,.))#&#+'!$&#(#+';'.%+!&#M0.#+'(!)%&!,#1'!.((0;+3#!3%('(!;+,!,#1'!,.(3%0+'(!%&!$.06(7!]$%+!;,%$'.%+B!;+!#+'.'H!60('!;$$2H!'>#!+#O!-0.,;+3#!&#'&%($#3'.G#2H!'%!;22!$&.%&!$#&.%,(!$&#(#+'#,!.+!'>#!).+;+3.;2!(';'#6#+'(7!
! I+!l;+0;&H!AB!9CADB!'>#!:%6$;+H!;,%$'#,!4=]!Q%7!9CAE8C@!8!*+'#&#('!m!*6$0';'.%+!%)!*+'#&#('!#))#3'.G#!)%&!'>#!).+;+3.;2!(';'#6#+'(!)%&!'>#!).(3;2!H#;&!#+,.+-!?#3#61#&!@AB!9CAD!;+,!.+'#&.6!$#&.%,(!O.'>.+!'>.(!).(3;2!H#;&!\(#3'.%+!2!;1%G#^7!
@R! 2CBA?9BB!4;GDA?7=A;?BM!*+!=#$'#61#&!9CAEB!'>#!54=<!.((0#,!4=]!9CAE8ADB!<0(.+#((!:%61.+;'.%+(!\S%$.3!PCE^g!=.6$2.)H.+-!'>#!433%0+'.+-!)%&!Y#;(0#+'8/#&.%,!4,e0('6#+'(7!4=]!9CAE8AD!#2.6.+;'#(!'>#!&#M0.#+'!'>;'!;+!;3M0.&#&!.+!;!10(.+#((!3%61.+;'.%+!;33%0+'!)%&!6#;(0#+'8$#&.%,!;,e0('6#+'!,0&.+-!'>#!$#&.%,!.+!O>.3>!.'!,#'#&6.+#(!'>#!;6%0+'!%)!'>#!;,e0('6#+'7!S>#!-0.,;+3#!.(!#))#3'.G#!)%&!$012.3!10(.+#((!#+'.'.#(!)%&!).(3;2!H#;&(!1#-.++.+-!;)'#&!?#3#61#&!AEB!9CAEB!;+,!.+'#&.6!$#&.%,(!O.'>.+!'>%(#!).(3;2!H#;&(7!5%&!;22!%'>#&!#+'.'.#(B!.'!.(!#))#3'.G#!)%&!).(3;2!H#;&(!!
The accompanying notes are an integral part of these consolidated financial statements.
F-13
F-15
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
1#-.++.+-!;)'#&!?#3#61#&!AEB!9CADB!;+,!.+'#&.6!$#&.%,(!O.'>.+!).(3;2!H#;&(!1#-.++.+-!;)'#&!?#3#61#&!AEB!9CAN7!L;&2H!;,%$'.%+!.(!$#&6.''#,7!
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7R! -?Y9?=;<X!PBCDB9[C9?=!=;!=Z9!7@;:=A;?!;>!$#1!HIJLNJJO!#AG:EA>XA?8!=Z9!/97BC<9G9?=!;>!-?Y9?=;<XRM!*+!l02H!9CAEB!'>#!54=<!.((0#,!4=]!Q%7!9CAE8AA!m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
DR! 5A?7?FA7E!-?B=<CG9?=Bg!*+!l;+0;&H!9CADB!'>#!54=<!.((0#,!4=]!Q%7!9CAD8CA8!5.+;+3.;2!*+('&06#+'(!m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
!!
The accompanying notes are an integral part of these consolidated financial statements.
F-14
F-16
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
'%!.+)%&6;'.%+!'#3>+%2%-H!(H('#6(B!$&%3#((#(!;+,!.+'#&+;2!3%+'&%2(!'%!3;$'0&#!+#O!,;';!;+,!;,,&#((!3>;+-#(!.+!).+;+3.;2!&#$%&'.+-7!
@R! )9Y9?C9!><;G!4;?=<7F=B!cA=Z!4CB=;G9<BM!*+!Y;H!;+,!4$&.2!9CADB!'>#!54=<!.((0#,!'O%!]$,;'#(!O.'>!&#($#3'!'%!S%$.3!DCDg!4=]!9CAD8ACB!j"#G#+0#!)&%6!:%+'&;3'(!O.'>!:0('%6#&(!\S%$.3!DCD^g!*,#+'.)H.+-!/#&)%&6;+3#!I12.-;'.%+(!;+,!X.3#+(.+-k!;+,!4=]!9CAD8A9B!j"#G#+0#!)&%6!:%+'&;3'(!O.'>!:0('%6#&(!\S%$.3!DCD^g!Q;&&%O8=3%$#!*6$&%G#6#+'(!;+,!/&;3'.3;2!L[$#,.#+'(7k!S>#!;6#+,6#+'(!.+!'>#(#!]$,;'#(!,%!+%'!3>;+-#!'>#!3%&#!$&.+3.$2#!%)!'>#!-0.,;+3#!.+!S%$.3!DCDB!O>.3>!.(!'>;'!;+!#+'.'H!(>%02,!%-+._#!&#G#+0#!'%!,#$.3'!'>#!'&;+()#&!%)!$&%6.(#,!-%%,(!%&!(#&G.3#(!'%!30('%6#&(!.+!;+!;6%0+'!'>;'!&#)2#3'(!'>#!3%+(.,#&;'.%+!'%!O>.3>!'>#!#+'.'H!#[$#3'(!'%!1#!#+'.'2#,!.+!#[3>;+-#!)%&!'>%(#!-%%,(!%&!(#&G.3#(!1H!;$$2H.+-!'>#!)%22%O.+-!('#$(g!\A^!*,#+'.)H!'>#!3%+'&;3'\(^!O.'>!;!30('%6#&d!\9^!.,#+'.)H!'>#!$#&)%&6;+3#!%12.-;'.%+(!.+!'>#!3%+'&;3'd!\@^!,#'#&6.+#!'>#!'&;+(;3'.%+!$&.3#d!\F^!;22%3;'#!'>#!'&;+(;3'.%+!$&.3#!'%!'>#!$#&)%&6;+3#!%12.-;'.%+(!.+!'>#!3%+'&;3'd!;+,!\E^!%-+._#!&#G#+0#!O>#+!\%&!;(^!'>#!#+'.'H!(;'.().#(!;!$#&)%&6;+3#!%12.-;'.%+7!S>#!;6#+,6#+'(!.+!]$,;'#!9CAD8AC!(.6$2H!32;&.)H!'>#!)%22%O.+-!'O%!;($#3'(!%)!S%$.3!DCDg!\A^!.,#+'.)H.+-!$#&)%&6;+3#!%12.-;'.%+(!;+,!\9^!2.3#+(.+-!.6$2#6#+';'.%+!-0.,;+3#7!S>#!;6#+,6#+'(!.+!]$,;'#!9CAD8A9!(.6.2;&2H!;))#3'!%+2H!3#&';.+!+;&&%O!;($#3'(!%)!S%$.3!DCDd!+;6#2HB!\A^!j4((#((.+-!'>#!:%22#3'.1.2.'H!:&.'#&.%+!.+!/;&;-&;$>!DCD8AC89E8A\#^!;+,!433%0+'.+-!)%&!:%+'&;3'(!S>;'!?%!Q%'!Y##'!'>#!:&.'#&.;!)%&!='#$!A!\4$$2H.+-!/;&;-&;$>!DCD8AC89E8N^Bk!\9^!j/&#(#+';'.%+!%)!=;2#(!S;[#(!;+,!I'>#&!=.6.2;&!S;[#(!:%22#3'#,!)&%6!:0('%6#&(Bk!\@^!jQ%+3;(>!:%+(.,#&;'.%+Bk!\F^!j:%+'&;3'!Y%,.).3;'.%+(!;'!S&;+(.'.%+Bk!\E^!j:%6$2#'#,!:%+'&;3'(!;'!S&;+(.'.%+Bk!;+,!\D^!jS#3>+.3;2!:%&'.%+7k!S>#!;6#+,6#+'(!.+!'>#(#!]$,;'#(!;2(%!;))#3'!'>#!-0.,;+3#!.+!433%0+'.+-!=';+,;&,(!]$,;'#!9CAF8CRB!"#G#+0#!)&%6!:%+'&;3'(!O.'>!:0('%6#&(!\S%$.3!DCD^B!O>.3>!.(!+%'!H#'!#))#3'.G#7!S>#!#))#3'.G#!,;'#!;+,!'&;+(.'.%+!&#M0.#+'(!)%&!'>#!;6#+,6#+'(!.+!'>#(#!]$,;'#(!;&#!'>#!(;6#!;(!'>#!#))#3'.G#!,;'#!;+,!'&;+(.'.%+!&#M0.#+'(!.+!S%$.3!DCD!\;+,!;+H!%'>#&!S%$.3!;6#+,#,!1H!]$,;'#!9CAF8CR^7!433%0+'.+-!=';+,;&,(!]$,;'#!9CAE8AFB!j"#G#+0#!)&%6!:%+'&;3'(!O.'>!:0('%6#&(!\S%$.3!DCD^g!?#)#&&;2!%)!'>#!L))#3'.G#!?;'#Bk!>;(!,#)#&&#,!'>#!#))#3'.G#!,;'#!%)!]$,;'#!9CAF8CR!)%&!$012.3!10(.+#((!#+'.'.#(!'%!;++0;2!&#$%&'.+-!$#&.%,(!1#-.++.+-!;)'#&!?#3#61#&!AEB!9CANB!.+320,.+-!.+'#&.6!&#$%&'.+-!$#&.%,(!O.'>.+!'>;'!&#$%&'.+-!$#&.%,7!L;&2.#&!;$$2.3;'.%+!.(!$#&6.''#,7!S>#!+#O!&#G#+0#!(';+,;&,!6;H!1#!;$$2.#,!0(.+-!#.'>#&!%)!'>#!)%22%O.+-!'&;+(.'.%+!6#'>%,(g!\A^!;!)022!&#'&%($#3'.G#!;$$&%;3>!&#)2#3'.+-!'>#!;$$2.3;'.%+!%)!'>#!(';+,;&,!.+!#;3>!$&.%&!&#$%&'.+-!$#&.%,!O.'>!'>#!%$'.%+!'%!#2#3'!3#&';.+!$&;3'.3;2!#[$#,.#+'(B!%&!\9^!;!6%,.).#,!&#'&%($#3'.G#!;$$&%;3>!O.'>!'>#!30602;'.G#!#))#3'!%)!.+.'.;22H!;,%$'.+-!'>#!(';+,;&,!%-+._#,!;'!'>#!,;'#!%)!;,%$'.%+!\O>.3>!.+320,#(!;,,.'.%+;2!)%%'+%'#!,.(32%(0&#(^7!S>#!:%6$;+H!O.22!;,%$'!'>#!(';+,;&,!.+!'>#!).&('!M0;&'#&!%)!9CAP!;+,!$.6.+;&.2H!#[$#3'!'%!0(#!'>#!6%,.).#,!&#'&%($#3'.G#!6#'>%,7!b%O#G#&B!'>#!:%6$;+H!.(!.+!'>#!$&%3#((!%)!&#G.#O.+-!.'(!>.('%&.3;2!3%+'&;3'(!'%!M0;+'.)H!'>#!.6$;3'!'>;'!'>#!;,%$'.%+!%)!'>#!(';+,;&,!O.22!>;G#!%+!($#3.).3!$#&)%&6;+3#!%12.-;'.%+(7!
9R! 5A?7?FA7E!-?B=<CG9?=B!e!4<9@A=!.;BB9Bg!*+!l0+#!9CADB!'>#!54=<!.((0#,!4=]!Q%7!9CAD8A@m!5.+;+3.;2!*+('&06#+'(!m!:&#,.'!X%((#(!\S%$.3!@9D^g!Y#;(0#+'!%)!:&#,.'!X%((#(!%+!5.+;+3.;2!*+('&06#+'(7!4=]!9CAD8A@!;6#+,(!-0.,;+3#!%+!&#$%&'.+-!3&#,.'!2%((#(!)%&!;((#'(!>#2,!;'!;6%&'._#,!3%('!1;(.(!;+,!;G;.2;12#!)%&!(;2#!,#1'!(#30&.'.#(7!5%&!$012.3!#+'.'.#(B!'>#!;6#+,6#+'(!%)!'>.(!]$,;'#!;&#!#))#3'.G#!)%&!).(3;2!H#;&(!1#-.++.+-!;)'#&!?#3#61#&!AEB!9CARB!.+320,.+-!.+'#&.6!$#&.%,(!O.'>.+!'>%(#!).(3;2!H#;&(7!L;&2H!;$$2.3;'.%+!.(!$#&6.''#,7!S>#!:%6$;+H!.(!.+!'>#!$&%3#((!%)!;((#((.+-!'>#!.6$;3'!%)!'>#!;6#+,6#+'!%)!'>.(!]$,;'#!%+!'>#!:%6$;+HK(!3%+(%2.,;'#,!).+;+3.;2!$%(.'.%+!;+,!$#&)%&6;+3#7!
The accompanying notes are an integral part of these consolidated financial statements.
F-15
F-17
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
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!
The accompanying notes are an integral part of these consolidated financial statements.
F-16
F-18
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S(;J%(!=>.$$.+-!;+,!S&;,.+-!=747!7777777777777777777777777777777777777777777777!! NER! RP9!4&-%(H!*+(0&;+3#!:%6$;+H!X.6.'#,!777777777777777777777777777777777777777777!! FB9PE! FAC!4.&Y;+.;!S&;G#2!=747!7777777777777777777777777777777777777777777777777777777777777777777777!! F@A! 9PN!
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=>.$$.+-!;+,!S&;,.+-!=747!;+,!f9F!\fA9F!;'!?#3#61#&!@AB!9CAE^!,0#!'%!4&-%(H!*+(0&;+3#!:%6$;+H!X.6.'#,B!.+320,#,!.+!;33&0#,!2.;1.2.'.#(B!O>.3>!'#!'%!(#&G.3#(!&#+,#&#,!1H!'>#(#!'#,!$;&'.#(B!10'!+%'!H#'!.+G%.3#,7!
P7R! =%"H(%'5-,+;<'M"-";,6,-.'L&6&.,/'!.8,'NM"-";,6,-.'7(6*"-<O#3'S>#!b%2,.+-!:%6$;+H!>;(!;!Y;+;-#6#+'!4-&##6#+'!\jY;+;-#6#+'!4-&##6#+'k^!O.'>!'>#!Y;+;-#6#+'!:%6$;+HB!;!X.1#&.;+!3%&$%&;'.%+B!'%!$&%G.,#!%G#&;22!#[#30'.G#!;+,!3%66#&3.;2!6;+;-#6#+'!%)!.'(!;));.&(!)%&!;!6%+'>2H!)##7!/#&!'>#!Y;+;-#6#+'!4-&##6#+'!%)!Y;&3>!PB!9CCNB!#))#3'.G#!)&%6!l;+0;&H!AB!9CCPB!'>#&#!.(!;!$&%&;'#,!;,e0('6#+'!.)!;'!'>#!1#-.++.+-!%)!#;3>!H#;&!'>#!L0&%!>;(!;$$.;'#,!1H!ACi!%&!6%&#!;-;.+('!'>#!]7=7!?%22;&!(.+3#!l;+0;&H!AB!9CCN7!*+!;,,.'.%+B!'>#&#!.(!;+!.+3&#;(#!#;3>!H#;&!1H!;!$#&3#+';-#!).-0&#!&#)2#3'.+-!A9!6%+'>!L0&.1%&B!.)!1%'>!$;&'.#(!;-&##7!*+!9CAD!;+,!9CAEB!'>#!6%+'>2H!)##(!)%&!%$#&;'.+-!3%+G#+'.%+;2!G#((#2(!O#&#!f9N7E!;+,!f9C7F!)%&!G#((#2(!3>;&'#&#,!%0'!%+!;!1;Q%;'!1;(.(B!f@E7P!)%&!'>#!XQU!3;&&.#&(B!;+,!f@E7C!)%&!'>#!?/9!(>0''2#!';+J#&(7!5&%6!'>#!;1%G#!)##(B!;!'>.&,!$;&'H!6;+;-#&!.(!$;.,!f9E7P!)%&!'>#!XQU!3;&&.#&(B!fA@7R!)%&!#;3>!%)!'>#!(0#_6;[',-%./0)1(*."'2334B''>#!;)&;6;['D)%*)'9%*"/$&&';+,!'>#!WX::'E<C&&$&';+,!fAF79!)%&!'>#!;)&;6;[!F)((.%.'9%*"/$&&7!*+!;,,.'.%+!'%!'>#!Y;+;-#6#+'!)##B!'>#!Y;+;-#6#+'!4-&##6#+'!$&%G.,#(!)%&!;+!.+3#+'.G#!;O;&,!'%!'>#!Y;+;-#6#+'!:%6$;+HB!O>.3>!.(!;'!'>#!;1(%20'#!,.(3&#'.%+!%)!'>#!b%2,.+-!:%6$;+HK(!<%;&,!%)!?.'%&(7!*+!9CAD!;+,!9CAEB!;+!;O;&,!%)!f9BENE!;+,!fABAF9!O;(!-&;+'#,!'%!'>#!Y;+;-#6#+'!:%6$;+H!&#($#3'.G#2H!;+,!.(!.+320,#,!.+!'>#!U#+#&;2!;+,!;,6.+.('&;'.G#!#[$#+(#(!.+!'>#!;33%6$;+H.+-!:%+(%2.,;'#,!=';'#6#+'!%)!:%6$&#>#+(.G#!.+3%6#7!!
The accompanying notes are an integral part of these consolidated financial statements.
F-17
F-19
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'!1#!=%"H(%'7(>261&"'I8&*6"-";,6,-.'IP@P'!N=7MO#3'S>#!Y;+;-#6#+'!:%6$;+H!;$$%.+'#,!S:Y!'%!$&%G.,#!'#3>+.3;2!6;+;-#6#+'!'%!'>#!:%6$;+HK(!G#((#2(!)&%6!l02H!AB!9CAC7!S:Y!.(!%O+#,!e%.+'2H!;+,!.+!#M0;2!$;&'!1H!'#,!$;&'H!.+'#&#('(!;+,!1H!;!$&.G;'#!U#&6;+!U&%0$7!S:YB!;'!'>#!3%+(#+'!%)!'>#!b%2,.+-!:%6$;+HB!6;H!(013%+'&;3'!;22!%&!$;&'!%)!'>#!'#3>+.3;2!6;+;-#6#+'!%)!;+H!G#((#2!'%!;+!;2'#&+;'.G#!0+'#,!'#3>+.3;2!6;+;-#&7!
!
The accompanying notes are an integral part of these consolidated financial statements.
F-18
F-20
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
L))#3'.G#!l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
' S:Y!>;(!;!9Ei!(>;&#!.+!;!6;++.+-!;-#+3HB!2%3;'#,!.+!'>#!/>.2.$$.+#(B!+;6#,!S:Y!S(;J%(!Y;&.'.6#!/>.2.$$.+#(!\SY/*^B!O>.3>!$&%G.,#(!3&#O!'%!3#&';.+!%)!'>#!:%6$;+HK(!G#((#2(7!S>#!:%6$;+H!>;(!+%!3%+'&%2!%&!%O+#&(>.$!,.'2H!.+!S:Y!S(;J%(!Y;&.'.6#!/>.2.$$.+#(B!+%&!>;,!;+H!,.'!'&;+(;3'.%+(!'%!,;'#!O.'>!'>#!;-#+3H7!b%O#G#&B!;(!%)!?#3#61#&!@AB!9CADB!S:Y!>;(!6;,#!;,G;+3#(!'%!SY/*!;(!;!6;++.+-!;-#+'!;6%0+'.+-!'%!fE7E!6.22.%+B!.+320,#,!.+!4,G;+3#(!;+,!%'>#&7!
!0#! =%"H(%'I8&**&-;'"-/'=+"/&-;'IP@P'!N=%"H(%'I8&**&-;O#3!S(;J%(!=>.$$.+-!$&%G.,#(!3>;&'#&.+-!(#&G.3#(!)%&!'>#!:%6$;+HK(!G#((#2(!1H!3%660+.3;'.+-!O.'>!'>.&,!$;&'H!1&%J#&(!'%!(%2.3.'!&#(#;&3>!;+,!$&%$%(#!3>;&'#&(7!5%&!'>.(!(#&G.3#B!'>#!:%6$;+H!$;H(!S(;J%(!=>.$$.+-!;!3>;&'#&.+-!3%66.((.%+!%)!;$$&%[.6;'#2H!A79Ei!%+!;22!)&#.->'(B!>.&#(!;+,!,#60&&;-#(7!=03>!3%66.((.%+(!;&#!.+320,#,!.+!W%H;-#!#[$#+(#(!.+!'>#!;33%6$;+H.+-!:%+(%2.,;'#,!=';'#6#+'(!%)!:%6$&#>#+(.G#!*+3%6#7!S(;J%(!=>.$$.+-!;2(%!$&%G.,#(!(;2#!;+,!$0&3>;(#!%)!G#((#2(!1&%J#&;-#!(#&G.3#7!*+!9CAEB!'>#!>;+,H(._#!';+J#&!G$<(0*!;+,!'>#!(0#_6;[!';+J#&!>%*)#0<."!O#&#!(%2,!'%!32.#+'!3%6$;+.#(!%)!S(;J%(!=>.$$.+-7!5%&!'>.(!(#&G.3#B!S(;J%(!=>.$$.+-!3>;&-#,!;!1&%J#&;-#!3%66.((.%+!%)!f9AE!O>.3>!O;(!C7Ei!%)!'>#!(;2#!$&.3#!%)!'>#!G#((#2(7!S(;J%(!=>.$$.+-!6;H!;2(%!3>;&-#!;!)##!%)!f9CC!\%&!(03>!%'>#&!(06!;(!6;H!1#!;-&##,^!%+!,#2.G#&H!%)!#;3>!+#O810.2,.+-!G#((#2!.+!$;H6#+'!)%&!'>#!3%('!%)!,#(.-+!;+,!(0$#&G.(.%+!%)!'>#!+#O810.2,.+-!1H!S(;J%(!=>.$$.+-7!*+!9CAD!;+,!9CAEB!+%!(03>!)##!O;(!3>;&-#,7!*+!9CAFB!f9CC!.+!;--&#-;'#!O;(!3>;&-#,!)%&!(0$#&G.(.%+!)##(!%+!'>#!?/9!(0#_6;[!(>0''2#!';+J#&(!6*.'23@H';+,!I%)&*<'23@4';+,!fDCE!.+!'%';2B!;(!;!1&%J#&;-#!3%66.((.%+!%)!C7Ei!%+!'>#!$0&3>;(#!%)!'>#!(0#_6;[!';+J#&(!,-%.J*&*."';+,!,-%.K!*+!Q%G#61#&B!9CAEB!'>#!:%6$;+H!3>;&'#&#,!'>#!WX::!D*<<$""*-1!'%!;!32.#+'!3%6$;+H!%)!S(;J%(!=>.$$.+-!)%&!;!,;.2H!&;'#!%)!fAE!)%&!;!$#&.%,!%)!;$$&%[.6;'#2H!'>&##!H#;&(7!
' :#&';.+!6#61#&(!%)!'>#!S(;J%(!);6.2H!;&#!.+G%2G#,!.+!'>#!,#3.(.%+86;J.+-!$&%3#((#(!%)!S(;J%(!=>.$$.+-!;+,!%)!'>#!Y;+;-#6#+'!:%6$;+HB!;+,!;&#!;2(%!(>;&#>%2,#&(!%)!'>#!b%2,.+-!:%6$;+H7!?0&.+-!9CAD!;+,!9CAEB!;!(>.$!1&%J#&;-#!3%6$;+H!;)).2.;'#,!O.'>!;!+%+!#[#30'.G#!6#61#&!%)!'>#!<%;&,!%)!?.'%&(B!#.G#,!fC79!6.22.%+!;+,!fC7@!6.22.%+!-&%((!.+!3%66.((.%+(!)%&!1&%J#&;-#!(#&G.3#(!$&%G.,#,!'%!'>#!:%6$;+H!.+!'.%+!'%!'>#!3>;&'#&!%)!G#((#2(!%O+#,!1H!'>&##!%)!'>#!:%6$;+HK(!(01(.,.;&.#(7!422!(03>!;&&;+-#6#+'(!O#&#!$#&)%&6#,!.+!'>#!%&,.+;&H!3%0&(#!%)!'>#!:%6$;+HK(!10(.+#((!;+,!;'!'#&6(!(';+,;&,!'%!.+,0('&H!$&;3'.3#7!*+!9CADB!'>#!(;6#!3%6$;+H!#;&+#,!fC7@!6.22.%+!.+!3%66.((.%+!'.+-!'>#!;3M0.(.'.%+!%)!'>#!WX::!E<C&&$&7!
!/#! @+;(%<'D-%2+"-0,'7(6*"-<'L&6&.,/'!N@+;(%<O#3!S>#!:%6$;+H!$2;3#(!.'(!>022!;+,!6;3>.+#&H!.+(0&;+3#B!.+3&#;(#,!G;20#!.+(0&;+3#B!O;&!&.(J!.+(0&;+3#!;+,!3#&';.+!%'>#&!.+(0&;+3#!'>&%0->!4&-%(HB!;!3;$'.G#!.+(0&;+3#!3%6$;+H!;)).2.;'#,!O.'>!S(;J%(!=>.$$.+-7!
!,#! @&+M"-&"'=+"9,>'IP@P'!N@&+M"-&"O#3!4$;&'!)&%6!'>.&,8$;&'H!;-#+'(B!'>#!:%6$;+H!;2(%!0(#(!;+!;)).2.;'#,!3%6$;+HB!4.&Y;+.;B!)%&!'&;G#2!(#&G.3#(7!
!
The accompanying notes are an integral part of these consolidated financial statements.
F-19
F-21
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
_d! .;?8N=9<G!-?Y9B=G9?=B!
! 4'!?#3#61#&!@AB!9CADB!9CAE!;+,!9CAFB!'>#!:%6$;+H!>#2,!A9EBCCC!3%66%+!(>;&#(!;'!;!'%';2!3%('!%)!fABCCC!.+!;!$&.G;'#!]7=7!3%6$;+H!O>.3>!0+,#&';J#(!&#(#;&3>!.+'%!(H+'>#'.3!-#+%6.3!$&%3#((#(!O>.3>!6;H!>;G#!;!1#+#).3.;2!#+G.&%+6#+';2!.6$;3'!O.'>.+!'>#!#+#&-H!;+,!6;&.'.6#!.+,0('&.#(7!Y;+;-#6#+'!>;(!,#'#&6.+#,!'>;'!'>#&#!>;(!1##+!+%!.6$;.&6#+'!'%!'>#!3%('!%)!'>.(!.+G#('6#+'!(.+3#!.'(!;3M0.(.'.%+!.+!9CCN7!4!?.'%&!%)!'>#!:%6$;+H!.(!;!)%&6#&!%)).3#&!;+,!30&&#+'2H!;!(>;&#>%2,#&!;+,!;!3%+(02';+'!%)!'>.(!3%6$;+H7!Q%!.+3%6#!O;(!#.G#,!)&%6!'>.(!.+G#('6#+'!,0&.+-!9CADB!9CAE!;+,!9CAF7!
Qd! ,9BB9EB!
! $F[CABA=A;?B!
! ?0&.+-!9CADB!'>#!:%6$;+H!;3M0.&#,!'>#!(0#_6;[!';+J#&!G$/)#0<."!)%&!fDFBRR9!)&%6!;!'>.&,8$;&'HB!'>#!+#O10.2,!;)&;6;[#(!,<*)&'>&)5.&B!>0.1)&'L)M*%)&B'N$."#*.&'O!;+,!9)%#0$"."'>F!)%&!f99@B9RA!.+!'%';2B!'>#!'O%!+#O10.2,!$;+;6;[#(!F-"%)C';+,!F-"%*&$!)%&!fACABEPF!.+!'%';2B!'>#!+#O10.2,!WX::!E<C&&$&!)%&!fACCBAPR!;+,!'>#!+#O10.2,!XQU!D)%*)',"$%8C!)%&!f9@RBC9R7!I+!Q%G#61#&!EB!9CAEB!'>#!:%6$;+H!;3M0.&#,!'>#!(0#_6;[!';+J#&!9$"#)#0<."')%&!fENBR9D!)&%6!;!'>.&,8$;&'H7!
! #7E9B!
! S>#&#!O#&#!+%!G#((#2!(;2#(!.+!9CAD7!
! I+!l02H!ADB!9CAE!;+,!l02H!ANB!9CAEB!'>#!:%6$;+H!(%2,!'>#!>;+,H(._#!';+J#&!G$<(0*!;+,!'>#!(0#_6;[!';+J#&!>%*)#0<."B!)%&!+#'!$&%3##,(!%)!fF9BNDA!.+!'%';2B!&#;2._.+-!;!'%';2!+#'!-;.+!%)!f9BCNP7!S>#!3;$.';2!-;.+(!)&%6!'>#!(;2#!%)!G#((#2(!;&#!(#$;&;'#2H!&#)2#3'#,!.+!'>#!;33%6$;+H.+-!9CAE!:%+(%2.,;'#,!=';'#6#+'!%)!:%6$&#>#+(.G#!*+3%6#7!S>#&#!O#&#!+%!(;2#(!%)!G#((#2(!.+!9CAF7!
! -G:7A<G9?=!
! 4(!%)!?#3#61#&!@AB!9CADB!'>#!:%6$;+H!&#G.#O#,!'>#!3;&&H.+-!;6%0+'!.+!3%++#3'.%+!O.'>!'>#!#('.6;'#,!%G#&;12#!;6%0+'!)%&!#;3>!%)!.'(!G#((#2(7!S>.(!&#G.#O!,.,!+%'!.+,.3;'#!;+!.6$;.&6#+'!3>;&-#!%)!'>#!3;&&H.+-!G;20#!%)!'>#!:%6$;+HK(!G#((#2(7!4(!%)!?#3#61#&!@AB!9CAE!;+,!9CAF!'>#&#!O#&#!+%!.6$;.&6#+'!3>;&-#(7!
Ld! 09>9<<9@!4Z7<89B!
! ?#)#&&#,!3>;&-#(B!3%+(.('.+-!%)!,&H8,%3J.+-!;+,!($#3.;2!(0&G#H!3%('(B!+#'!%)!;330602;'#,!;6%&'._;'.%+B!;6%0+'#,!'%!fARBECD!;+,!fAEB9RCB!;'!?#3#61#&!@AB!9CAD!;+,!9CAEB!&#($#3'.G#2H7!46%&'._;'.%+!%)!,#)#&&#,!,&H8,%3J.+-!3%('(!.(!.+320,#,!.+!?#$.;'.%+!;+,!;6%&'._;'.%+!.+!'>#!;33%6$;+H.+-!:%+(%2.,;'#,!=';'#6#+'(!%)!:%6$&#>#+(.G#!.+3%6#7!
!
!
!
The accompanying notes are an integral part of these consolidated financial statements.
F-20
!"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
Kd! .;?8!e"9<G!09D=!
57FAEA=X! ! HIJK! HIJL!\;^!:&#,.'!5;3.2.'.#(!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!!@FFBEDF! E@PB9CP!\1^!S#&6!<;+J!X%;+(!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!!ABF9ABFNR! PDABPPD!";=7E!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!!JO]KKOIQ_! JOQIIOI^Q!X#((!,#)#&&#,!).+;+3#!3%('(B!+#'!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 !!\A9BAPP^! \NBE@A^!";=7E!E;?8N=9<G!@9D=!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!!JO]L_O\LL! JO_^HOLK_!X#((!30&&#+'!$%&'.%+!%)!,#1'!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 !!\9RABAAA^! \@ARBEDC^!4,,!,#)#&&#,!).+;+3#!3%('(B!30&&#+'!$%&'.%+!7777777777777777777777777777777777777777777777777777777777777777777777777777777777!!9BRND! AB@@D!";=7E!E;?8!=9<G!:;<=A;?O!?9=!;>!FC<<9?=!:;<=A;?!7?@!@9>9<<9@!>A?7?F9!F;B=B!777777777777777777777!!JOQKLO]HI! JOI]QO__^!
!=)A' ;%$+*#'M)/*<*#*$&'
4(!;'!?#3#61#&!@AB!9CADB!'>#!:%6$;+H!>;,!)%0&!%$#+!&#,03.+-!&#G%2G.+-!3&#,.'!);3.2.'.#(B!;22!%)!O>.3>!;&#!&#,03#,!.+!(#6.8;++0;2!.+(';226#+'(B!;+,!%+#!%$#+!);3.2.'H!O>.3>!>;(!1%'>!;!&#,03.+-!&#G%2G.+-!3&#,.'!3%6$%+#+'!;+,!;!'#&6!1;+J!2%;+!3%6$%+#+'B!O.'>!1;22%%+!$;H6#+'(!,0#!;'!6;'0&.'H!1#'O##+!l0+#!9CAN!;+,!4$&.2!9CAR7!4'!?#3#61#&!@AB!9CADB!'>#&#!O;(!+%!;G;.2;12#!0+0(#,!;6%0+'7!
*+'#&#('!.(!$;H;12#!;'!;!&;'#!1;(#,!%+!X*<I"!$20(!;!6;&-.+7!4'!?#3#61#&!@AB!9CADB!.+'#&#('!%+!'>#(#!);3.2.'.#(!&;+-#,!)&%6!A7DFi!'%!E7ARi7!
=PA' >$%1'P)"5'<.)"&'
S#&6!2%;+!1;2;+3#(!%0'(';+,.+-!;'!?#3#61#&!@AB!9CADB!;6%0+'#,!'%!fABF9ABFNR7!S>#(#!1;+J!2%;+(!;&#!$;H;12#!.+!]7=7!?%22;&(!.+!M0;&'#&2H!%&!(#6.8;++0;2!.+(';226#+'(!O.'>!1;22%%+!$;H6#+'(!6;.+2H!,0#!;'!6;'0&.'H!1#'O##+!l02H!9CAN!;+,!I3'%1#&!9C9D7!*+'#&#('!&;'#(!%+!'>#!%0'(';+,.+-!2%;+(!;(!;'!?#3#61#&!@AB!9CADB!;&#!1;(#,!%+!X*<I"!$20(!;!($&#;,7!
I+!Y;H!EB!9CADB!'>#!:%6$;+H!(.-+#,!;!+#O!).G#8H#;&!1;+J!2%;+!)%&!fNNBCCC!'.+-!'%!'>#!$!,#2.G#&H!).+;+3.+-!%)!'>#!WX::'E<C&&$&B!O.'>!,&;O,%O+!,;'#!Y;H!A9B!9CAD7!S>#!2%;+!O;(!$&#$;.,!%+!l02H!AB!9CAD!;+,!'>#!G#((#2!O;(!).+;+3#,!1H!;!+#O!'O#2G#8H#;&!2%;+!)%&!fNDBFCC!(.-+#,!%+!l0+#!ANB!9CAD7!S>#!2%;+!3%+(.('(!%)!'O%!);3.2.'.#(!;6%0+'.+-!'%!f99BR9C!;+,!fE@BFPC!&#($#3'.G#2H7!S>#!).&('!'#+8H#;&!);3.2.'H!.(!&#$;H;12#!1H!'O#+'H!3%+(#30'.G#!(#6.8;++0;2!.+(';226#+'(!%)!fEN@B!3%66#+3.+-!(.[!6%+'>(!;)'#&!'>#!,#2.G#&H!%)!'>#!G#((#2B!$20(!;!1;22%%+!%)!fAABFDC!$;H;12#!O.'>!'>#!'O#+'.#'>!(#6.8;++0;2!.+(';226#+'7!S>#!(#3%+,!'O#2G#8H#;&!);3.2.'H!.(!&#$;H;12#!1H!'O#+'H8)%0&!3%+(#30'.G#!(#6.8;++0;2!.+(';226#+'(!%)!f9B99PB!3%66#+3.+-!(.[!6%+'>(!;)'#&!'>#!.+.'.;2!,&;O,%O+7!
I+!Y;H!@AB!9CADB!'>#!:%6$;+H!(.-+#,!;!+#O!).G#8H#;&!'#&6!1;+J!2%;+!)%&!f@@BACF!'#,!'%!'>#!,#1'!6;'0&.'H!%)!'>#!'>&##!>;+,H(._#!G#((#2(B!71(0*#%*#$B!7"+%.1$+)!;+,'7%*."7!S>#!).&('!,&;O,%O+!%)!fA9BCAC!O;(!6;,#!%+!l0+#!9B!9CAD!)%&!'>#!G#((#2!71(0*#%*#$7!S>#!(#3%+,!,&;O,%O+!%)!fACBR@P!O;(!6;,#!%+!=#$'#61#&!PB!9CAD!)%&!'>#!G#((#2!7"+%.1$+)!;+,!'>#!'>.&,!,&;O+!%)!fACBAED!O;(!6;,#!%+!I3'%1#&!DB!9CAD!)%&!'>#!G#((#2!7%*."K'S>#!2%;+!.(!&#$;H;12#!.+!'#+!(#6.8;++0;2!.+(';226#+'(!%)!f9BEFNB!3%66#+3.+-!(.[!6%+'>(!;)'#&!,&;O,%O+!,;'#B!$20(!;!1;22%%+!%)!fNBD@F!$;H;12#!'%-#'>#&!O.'>!'>#!2;('!.+(';226#+'7!
The accompanying notes are an integral part of these consolidated financial statements.
F-21
F-23
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I+!?#3#61#&!99B!9CADB!'>#!:%6$;+H!(.-+#,!;!(0$$2#6#+';2!;-&##6#+'!%+!'>#!2%;+!;-&##6#+'!,;'#,!40-0('!RB!9CA9!)%&!fANBAN@!'%$80$!'&;+3>#!'%!'>#!#[.('.+-!2%;+!)%&!'>#!).+;+3.+-!%)!'>#!(>0''2#!';+J#&!I%)&*<'23@47!S>#!'%$80$!'&;+3>#!O;(!,&;O+!,%O+!%+!?#3#61#&!9PB!9CAD!;+,!.(!&#$;H;12#!.+!+.+#!#M0;2!(#6.8;++0;2!.+(';226#+'(!%)!fABCAPB!$20(!;!1;22%%+!$;H6#+'!%)!fPBCAF!$;H;12#!'%-#'>#&!O.'>!'>#!2;('!.+(';226#+'7!
I+!?#3#61#&!9RB!9CADB!'>#!:%6$;+H!(.-+#,!;!(0$$2#6#+';2!;-&##6#+'!%+!'>#!2%;+!;-&##6#+'!,;'#,!l;+0;&H!@AB!9CA9!)%&!fADBACC!'%$80$!'&;+3>#!'%!'>#!#[.('.+-!2%;+!)%&!'>#!).+;+3.+-!%)!'>#!(>0''2#!';+J#&!6*.'23@H7!S>#!'%$80$!'&;+3>#!O;(!,&;O+!,%O+!%+!?#3#61#&!@CB!9CAD!;+,!.(!&#$;H;12#!.+!+.+#!#M0;2!(#6.8;++0;2!.+(';226#+'(!%)!fNDNB!$20(!;!1;22%%+!$;H6#+'!%)!fRBARN!$;H;12#!'%-#'>#&!O.'>!'>#!2;('!.+(';226#+'7!
4'!?#3#61#&!@AB!9CADB!.+'#&#('!%+!'>#(#!'#&6!1;+J!2%;+(!&;+-#,!)&%6!97@Ni!'%!F79Ai7!
S>#!O#.->'#,8;G#&;-#!.+'#&#('!&;'#(!%+!'>#!;1%G#!#[#30'#,!2%;+(!)%&!'>#!;$$2.3;12#!$#&.%,(!O#&#g!
V#;&!#+,#,!?#3#61#&!@AB!9CAD!77777777777777777777777777!!97NAi!V#;&!#+,#,!?#3#61#&!@AB!9CAE!77777777777777777777777777!!97@Ci!V#;&!#+,#,!?#3#61#&!@AB!9CAF!77777777777777777777777777!!979@i!
!!!!!!!
The accompanying notes are an integral part of these consolidated financial statements.
F-22
F-24
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
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!!!!!!
The accompanying notes are an integral part of these consolidated financial statements.
F-23
F-25
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S>#!:%6$;+HK(!2.M0.,.'H!&#M0.#+'(!'#!$&.6;&.2H!'%!(#&G.3.+-!.'(!,#1'B!)0+,.+-!'>#!#M0.'H!$%&'.%+!%)!.+G#('6#+'(!.+!G#((#2(!;+,!)0+,.+-!#[$#3'#,!3;$.';2!#[$#+,.'0&#!%+!,&H8,%3J.+-(!;+,!O%&J.+-!3;$.';27!4(!%)!?#3#61#&!@AB!9CAD!;+,!?#3#61#&!@AB!9CAEB!'>#!:%6$;+HK(!O%&J.+-!3;$.';2!\+%+8&#('&.3'#,!+#'!30&&#+'!;((#'(^B!;6%0+'#,!'%!;!f\FNBRFN^!,#).3.'!;+,!f@FBRPF!(0&$20(!&#($#3'.G#2H7!
S>#!;++0;2!$&.+3.$;2!$;H6#+'(!&#M0.&#,!'%!1#!6;,#!;)'#&!?#3#61#&!@AB!9CADB!;&#!;(!)%22%O(g!
69<A;@`+97<! $G;C?=!9CAN!77777777777777777777777777777777777777777777777777777777777777777777777777777!! 9RABAAA!9CAP!77777777777777777777777777777777777777777777777777777777777777777777777777777!! @FPBF9D!9CAR!77777777777777777777777777777777777777777777777777777777777777777777777777777!! 99PBFEP!9C9C!77777777777777777777777777777777777777777777777777777777777777777777777777777!! 9CDBCDA!9C9A!77777777777777777777777777777777777777777777777777777777777777777777777777777!! 9EPB@CF!9C99!;+,!'>#&#;)'#&!777777777777777777777777777777777777777777777777777!! F@@BDP@!! ABNDDBCF@!
!!!!!!!!
The accompanying notes are an integral part of these consolidated financial statements.
F-24
F-26
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*+'#&#('!#[$#+(#B!+#'!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!! @NBF@D! 9PBD@E! @ABCCE!*+'#&#('!(O;$!3;(>!(#''2#6#+'(!+%+8>#,-.+-!7777777777777777777777777777777777777777777777!! ABCPD! 9B9CA! @B9@A!<0+J#&(!(O;$!;+,!3;22!%$'.%+(!3;(>!(#''2#6#+'(!77777777777777777777777777777777 !! \A9P^! NBF9N! RRN!<0+J#&!3;22!%$'.%+(!$.06!7777777777777777777777777777777777777777777777777777777777777777777777777!! 9DD! ABFAF! ABARR!46%&'._;'.%+!%)!2%;+!)##(!77777777777777777777777777777777777777777777777777777777777777777777777777777777!! ABNF9! AB9DP! AB9FE!<;+J!3>;&-#(!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 !! AF@! A@N! 9FC!5.+;+3#!$&%e#3'!3%('(!#[$#+(#,!7777777777777777777777777777777777777777777777777777777777777777 !! c! AB9DA! c!46%&'._;'.%+!%)!,#)#&&#,!2%((!%+!,#8,#(.-+;'#,!).+;+3.;2!.+('&06#+'(!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 !! c! c! AEF!:>;+-#!.+!);.&!G;20#!%)!+%+8>#,-.+-!).+;+3.;2!.+('&06#+'(!77777777777777777777777!! \FBDN9^! \RBAAD^! EBCC@!Q#'!-;.+!%+!'>#!$&#$;H6#+'!%)!;!2%;+!7777777777777777777777777777777777777777777777777777777777!! c! \@B9CP! c!(9=!=;=7E! ! ! !! @EBPN@! @CBCAR! F@BCNF!
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4'!?#3#61#&!@AB!9CAEB!'>#!:%6$;+H!>#2,!%+#!.+'#&#('!&;'#!(O;$!'>;'!,.,!+%'!6##'!>#,-#!;33%0+'.+-!3&.'#&.;7!4(!(03>B!'>#!3>;+-#(!.+!.'(!);.&!G;20#!,0&.+-!'>#!9CAE!>;G#!1##+!.+320,#,!.+!:>;+-#!.+!);.&!G;20#!%)!+%+8>#,-.+-!).+;+3.;2!.+('&06#+'(B!;+,!;6%0+'#,!'%!;!-;.+!%)!f9BANP7!S>.(!.+'#&#('!&;'#!(O;$!#[$.&#,!%+!4$&.2!ACB!9CAD7!
4'!?#3#61#&!@AB!9CAD!;+,!9CAEB!'>#!:%6$;+H!>#2,!).G#!;+,!'O#2G#B!&#($#3'.G#2HB!3;22!%$'.%+!;-&##6#+'(!.+!%&,#&!'%!>#,-#!.'(!#[$%(0&#!'%!10+J#&!$&.3#!)203'0;'.%+(!;((%3.;'#,!O.'>!'>#!3%+(06$'.%+!%)!10+J#&(!1H!.'(!G#((#2(7!S>#!G;20#!%)!'>#!3;22!%$'.%+(!;'!?#3#61#&!@AB!9CAD!;+,!9CAE!O;(!fAB@CN!\$%(.'.G#^!;+,!fAEF!\$%(.'.G#^B!&#($#3'.G#2H7!
S>#!3>;+-#(!.+!'>#.&!);.&!G;20#!,0&.+-!9CAD!;+,!9CAE!;6%0+'.+-!'%!fABAE@!\$%(.'.G#^!;+,!fAEF!\$%(.'.G#^!&#($#3'.G#2H!>;G#!1##+!.+320,#,!.+!:>;+-#!.+!);.&!G;20#!%)!+%+8>#,-.+-!).+;+3.;2!.+('&06#+'(!.+!'>#!;1%G#!';12#7!!!
The accompanying notes are an integral part of these consolidated financial statements.
F-25
F-27
"#$%&#!'(')*+!($,-*$"-&(!.-/-"'0!$(0!#12#-0-$)-'#!(&"'#!"&!4&(#&.-0$"'0!5-($(4-$.!#"$"'/'("#!0'4'/2')!_JO!HIJKO!HIJL!$(0!HIJQ!P'S:<9BB9@!A?!=Z;CB7?@B!;>!1d#d!0;EE7<BO!9SF9:=!>;<!BZ7<9!7?@!:9<!BZ7<9!@7=7O!C?E9BB!;=Z9<cAB9!B=7=9@R!
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?0&.+-!9CAEB!;(!$;&'!%)!.'(!&#).+;+3.+-!$&%-&;6B!'>#!:%6$;+H!&#$;.,!fFDBFPP!'%!;!2#+,#&!)%&!,#1'!;$$&%;3>.+-!6;'0&.'H!'.+-!'%!'>#!G#((#2(!F./%)#$&!;+,!F$<$/).7!S>#!%0'(';+,.+-!1;2;+3#!%)!'>#!2%;+!);3.2.'H!;'!'>#!&#$;H6#+'!,;'#!O;(!fFRBPCCB!2#;G.+-!;!'%';2!+#'!-;.+!%)!f@B9CPB!O>.3>!.(!.+320,#,!O.'>.+!*+'#&#('!;+,!).+;+3#!3%('(B!+#'!.+!'>#!;1%G#!';12#7!
\d! #=;FWZ;E@9<BU!'[CA=X!
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I+!Y;H!@CB!9CAFB!;'!'>#!;++0;2!-#+#&;2!6##'.+-!%)!(>;&#>%2,#&(B!'>#!(>;&#>%2,#&(!;$$&%G#,!'>#!;6#+,6#+'!%)!'>#!:%6$;+HK(!Y#6%&;+,06!%)!4((%3.;'.%+!.+!%&,#&!'%!.+3&#;(#!'>#!;0'>%&._#,!(>;&#!3;$.';2!)&%6!fACCBCCC!3%+(.('.+-!%)!PE!6.22.%+!3%66%+!(>;&#(!%)!;!$;&!G;20#!%)!fA7CC!#;3>!;+,!AE!6.22.%+!$&#)#&&#,!(>;&#(!%)!;!$;&!G;20#!%)!fA7CC!#;3>B!'%!f9CCBCCCB!3%+(.('.+-!%)!APE!6.22.%+!3%66%+!(>;&#(!%)!;!$;&!G;20#!%)!fA7CC!#;3>!;+,!AE!6.22.%+!$&#)#&&#,!(>;&#(!%)!;!$;&!G;20#!%)!fA7CC!#;3>7!
!
The accompanying notes are an integral part of these consolidated financial statements.
F-26
F-28
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4(!;'!?#3#61#&!@AB!9CAEB!0+,#&!'>#!#[.('.+-!(>;Q(#,!.+3#+'.G#!$2;+!;$$&%G#,!1H!'>#!(>;&#>%2,#&(B!;!)0&'>#&!PDPBREC!"=](!%&!%'>#&!(>;Q(#,!;O;&,(!6;H!1#!.((0#,!.+!'>#!)0'0!?0&.+-!9CADB!'>#!:%6$;+H!-&;+'#,!PNBECC!&#('&.3'#,!(>;&#!0+.'(!'%!+%+8#[#30'.G#!,.'%&(!%0'!%)!'>#!&#$0&3>;(#,!'&#;(0&H!('%3JB!O>.3>!G#('#,!.66#,.;'#2H7!Q%!\"=](^!O#&#!-&;+'#,!.+!9CAE7!
^d! $FFCGCE7=9@!;=Z9<!F;G:<9Z9?BAY9!E;BB!
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JId!'7<?A?8B!:9<!4;GG;?!#Z7<9!
S>#!3%6$0';'.%+!%)!1;(.3!#;&+.+-(!$#&!(>;&#!.(!1;(#,!%+!'>#!O#.->'#,!;G#&;-#!+061#&!%)!3%66%+!(>;&#(!%0'(';+,.+-!,0&.+-!'>#!H#;&7!S>#!3%6$0';'.%+!%)!,.20'#,!#;&+.+-(!$#&!(>;&#!;((06#(!'>#!)%&#-%.+-!;+,!'>#!#[#&3.(#!%)!;22!-&;+'#,!"=](!\Q%'#!P^!0(.+-!'>#!'&#;(0&H!('%3J!6#'>%,7!
Q06#&;'%&! HIJK! HIJL! HIJQ!Q#'!.+3%6#!;''&.10';12#!'%!S(;J%(!L+#&-H!Q;G.-;'.%+!X.6.'#,! !f! EEBNP@! ! f! AEPB9AN! ! f! @@BE9N!/&#)#&&#,!(>;&#!,.G.,#+,(B!=#&.#(!<! \FBCCC^! \FBCCC^! \FBCCC^!/&#)#&&#,!(>;&#!,.G.,#+,(B!=#&.#(!:! \FBF@N^! \FBF@N^! \FBF@P^!/&#)#&&#,!(>;&#!,.G.,#+,(B!=#&.#(!?! \NBF@P^! \EBCCC^! c!Q#'!.+3%6#!;''&.10';12#!'%!3%66%+!(>;&#!>%2,#&(! @RBRCP! AFFBNPC! 9EBCPR!?#+%6.+;'%&!
! ! !Z#.->'#,!;G#&;-#!3%66%+!(>;&#(!%0'(';+,.+-! PFBRCEBCNP! PEBP9NBERN! NRBAAFBFCA!
27BAF!7?@!@AEC=9@!97<?A?8B!:9<!F;GG;?!BZ7<9! !f! C7FN! !f! A7DR! !f! C7@9!5%&!9CADB!9CAE!;+,!9CAF!'>#&#!O#&#!+%!+%+8G#('#,!"=](7!
The accompanying notes are an integral part of these consolidated financial statements.
F-27
F-29
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The accompanying notes are an integral part of these consolidated financial statements.
F-28
F-30
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S>#!:%6$;+H!$2;3#(!.'(!'#6$%&;&H!3;(>!.+G#('6#+'(B!3%+(.('.+-!6%('2H!%)!,#$%(.'(B!$&.6;&.2H!O.'>!>.->!3&#,.'!M0;2.).#,!).+;+3.;2!.+('.'0'.%+(7!S>#!:%6$;+H!$#&)%&6(!$#&.%,.3!#G;20;'.%+(!%)!'>#!'.G#!3&#,.'!(';+,.+-!%)!'>%(#!).+;+3.;2!.+('.'0'.%+(!'>;'!;&#!3%+(.,#&#,!.+!'>#!:%6$;+HK(!.+G#('6#+'!('&;'#-H7!S>#!:%6$;+H!2.6.'(!.'(!3&#,.'!&.(J!O.'>!;33%0+'(!#.G;12#!1H!$#&)%&6.+-!%+-%.+-!3&#,.'!#G;20;'.%+(!%)!.'(!30('%6#&(K!).+;+3.;2!3%+,.'.%+!;+,!-#+#&;22H!,%#(!+%'!&#M0.&#!3%22;'#&;2!)%&!.'(!;33%0+'(!#.G;12#!;+,!,%#(!+%'!>;G#!;+H!;-&##6#+'(!'%!6.'.-;'#!3&#,.'!&.(J7!S>#!:%6$;+H!2.6.'(!'>#!#[$%(0&#!%)!+%+8$#&)%&6;+3#!1H!3%0+'#&$;&'.#(!'%!,#&.G;'.G#!.+('&06#+'(!1H!,.G#&(.)H.+-!;6%+-!3%0+'#&$;&'.#(!O.'>!>.->!3&#,.'!&;'.+-(B!;+,!$#&)%&6.+-!$#&.%,.3!#G;20;'.%+(!%)!'>#!'.G#!3&#,.'!(';+,.+-!%)!'>#!3%0+'#&$;&'.#(7!
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The accompanying notes are an integral part of these consolidated financial statements.
F-29
F-31
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The accompanying notes are an integral part of these consolidated financial statements.
F-30
F-32
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The accompanying notes are an integral part of these consolidated financial statements.
F-31
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F-33
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The accompanying notes are an integral part of these consolidated financial statements.
F-32
Miss Elizabeth and Miss Irene Tsakos receiving the Ship of the Year award for the LNG "MARIA ENERGY" at the 2016 Lloyd's List Greek Shipping Awards
Mr Nikolas P. Tsakos sounding the horn during the naming ceremonyof the VLCC "HERCULES I" at Hyundai Heavy Industries in Korea
Raising the Greek flag at the naming ceremony of the DP2-Shuttle Tanker "LISBOA" at Sungdong Shipbuilding in Korea
