*YPP ]IEV VIWYPXW / 6446 ,ERW 7XVÅFIVK 4VIWMHIRX ERH ')3
7YQQEV] SJ 5 8/ 6446 2IKEXMZIW 4SWMXMZIW w 1EVOIH YTXYVR MR w 0S[IV HIQERH JSV MRGSQI MR 2SVXL ETTPMERGIW MR %QIVMGE ;IWXIVR )YVSTI w 'SRXMRYIH TSWMXMZI w 'SRXMRYIH RIKEXMZI XVIRH MR WEPIW ERH XVIRH MR MRGSQI MR MRGSQI JSV -RHME ERH 'LMRE ETTPMERGIW MR )YVSTI w ,MKLIV MRGSQI MR 4VSJIWWMSREP 4VSHYGXW w 7XVSRK FEPERGI WLIIX ERH GEWL JPS[ 5
-RHYWXV] WLMTQIRXW ERH IWXMQEXIH XVIRH MR HIQERH / 5 8 6446 2SVXL %QIVMGE )YVSTI w 'SVI w 'SVI %WME ETTPMERGIW ETTPMERGIW w 'SVI w :EGYYQ w %MV 0 GSRH 2 ETTPMERGIW GPIERIVW w :EGYYQ w 3YXHSSV w 4VSJIWWMSREP GPIERIVW 6, TVSHYGXW ETTPMERGIW w 3YXHSSV 5, w 3YXHSSV TVSHYGXW 6, 5, TVSHYGXW 6, &VE^MP %YWXVEPME w ;LMXI KSSHW w ;LMXI KSSHW 5, 'SRWYQIV TVSHYGXW 6, 4VSJIWWMSREP TVSHYGXW 6
-RHYWXV] WLMTQIRXW ERH IWXMQEXIH XVIRH MR HIQERH / 6446 2SVXL %QIVMGE )YVSTI w 'SVI w 'SVI %WME ETTPMERGIW ETTPMERGIW w 'SVI w :EGYYQ w %MV 0 GSRH 2 ETTPMERGIW GPIERIVW w :EGYYQ w 3YXHSSV w 4VSJIWWMSREP GPIERIVW 6, TVSHYGXW ETTPMERGIW w 3YXHSSV 5, w 3YXHSSV TVSHYGXW 6, 5, TVSHYGXW 6, &VE^MP %YWXVEPME w ;LMXI KSSHW w ;LMXI KSSHW 5, 'SRWYQIV TVSHYGXW 6, 4VSJIWWMSREP TVSHYGXW 7
'SVI ETTPMERGIW / 97% -RHYWXV] YRMX WLMTQIRXW 'LERKI MR ( ZW WEQI TIVMSH TVIZMSYW ]IEV ! *YPP ]IEV ( 59 54 9 4 09 054 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5==; 5==< 5=== 6444 6445 6446 8
'SVI ETTPMERGIW / )YVSTI -RHYWXV] YRMX WLMTQIRXW 'LERKI MR ( ZW WEQI TIVMSH TVIZMSYW ]IEV ! *YPP ]IEV ( 43 ; :HVWHUQ 9 (XURSH 7 5 3 05 7RWDO (XURSH 07 .61;( .419( .618( 0319( .31:( 09 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 5==; 5==< 5=== 6444 6445 6446 9
'SVI ETTPMERGIW / )YVSTI -RHYWXV] YRMX WLMTQIRXW 5 8 64463 5 8 6445 = 0 S 0 ] GLERKI 5 8 *= *YPP ]IEV 64463 *YPP ]IEV 6445 ;IWXIVR )YVSTI 0428( 0529( ( )EWXIVR )YVSTI 062=(- .=24( 4< 8SXEP )YVSTI 0524( .42;( - )\GP 2 8YVOI] / )EWXIVR )YVSTI [EW YT =( MR 5 8 47 < 7 04 $7 1/ 6FDQ (8523( 58 ,7 &+ +8 3/ )5 *% (6 '( %( 09 :
7EPIW ERH IEVRMRKW )\GPYHMRK MXIQW EJJIGXMRK GSQTEVEFMPMX] *YPP ]IEV 5 8 5 8 7)/Q 6445 'LERKI 6446 6446 1HW VDOHV 74/9<: 75/<<5 0825( 577/594 2SHUDWLQJ LQFRPH 5/;<5 5/88= .67( </5:9 0DUJLQ /( 92< 829 :25 ,QFRPH DIWHU ILQDQFLDO LWHPV 5/;<9 5/6:4 .86( ;/=;= 0DUJLQ /( 92< 824 :24 2IX MRGSQI TIV WLEVI / 7)/ 72<4 62<4 .78( 5:2=4 :EPYI GVIEXMSR ;85 77 .;4< 7/8:5 6IXYVR SR IUYMX] /(- 5<2: 562= 5<2: 6IXYVR SR RIX EWWIXW /(- 662: 582: 662: 2IX HIFX 3 IUYMX] VEXMS 4249 427; 4249 - )XOO \HDU ;
8SXEP +VSYT ; 6444 /I] (EXE *= 6446 6446 5=== : 7EPIW > 7)/ 577/594 Q 0624 5==< 9 )&-8 > 7)/ </5:9 Q 6445 3TIVEXMRK 1EVKMR ( .6;25( :EPYI GVIEXMSR > 8 5==; 7)/ 7/8:5 5==: 7)/ .7/5== Q 7 ;%'' 6446 ! 57( TVI 0 XE\ 6 5 4 426< 4274 4276 4278 427: %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW <
;SVOMRK GETMXEP ERH GEWL JPS[ 5==< 0 6446 56 QSRXLW JMKYVIW 56 </444 3TIVEXMRK GEWL JPS[ ;/444 54 ;SVOMRK GETMXEP 3 RIX WEPIW / ( 3TIVEXMRK GEWL JPS[ / 7)/Q :/444 < 9/444 8/444 : 7/444 8 6/444 6 ;SVOMRK GETMXEP 3 RIX WEPIW 5/444 4 4 5==< 5=== 6444 6445 6446 3TIVEXMRK GEWL JPS[ > 'EWL JPS[ JVSQ STIVEXMSRW ERH MRZIWXQIRXW I\GP 2 EGUYMWMXMSRW ERH HMZIWXQIRXW SJ STIVEXMSRW 43
6IWXVYGXYVMRK TVSKVEQ MR 6446 w 4VSZMWMSR SJ 7)/ 5/77< Q QEMRP] JSV GSWX EHNYWXQIRX ERH TVSHYGXMZMX] QIEWYVIW w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
'LERKI MR RIX EWWIXW 6(.EQ -DQXDU\ 4/ 5335 6:15 'LYHVWPHQWV DQG DFTXLVLWLRQV 313 &KDQJH LQ UHVWUXFWXULQJ SURYLVLRQV 0318 :ULWH 0 GRZQ RI DVVHWV 0419 &KDQJHV LQ SHQVLRQ SURYLVLRQV UHIHUULQJ WR 3%*& VHWWOHPHQW DQG PLQLPXP 3HQVLRQ OLDELOLW\ LQ WKH 86 031: &KDQJHV LQ H[FKDQJH UDWHV 0717 &KDQJH LQ ZRUNLQJ FDSLWDO / &DSLWDO H[SHQGLWXUHV / GHSUHFLDWLRQ DQG RWKHU FKDQJHV 0514 'HFHPEHU 64/ 5335 5:1< 45
'SRWYQIV (YVEFPIW / 2SVXL %QIVMGE ; 6444 /I] HEXE *= 6446 5=== 6446 : 7EPIW > 7)/ 8</894 Q .729 ( 9 )&-8 > 7)/ 7/6;5 Q 3TIVEXMRK 1EVKMR ( 5==< .<427 ( 8 :EPYI GVIEXMSR > 7)/ 5/5;4 Q 7 6445 7)/ .5/8:; Q 6 5 4 3 4275 4277 4279 427; 427= %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 46
'SRWYQIV (YVEFPIW / )YVSTI ; /I] HEXE *= 6446 6446 7EPIW > 7)/ 8</694 Q : 5=== .626 ( 6445 5==< )&-8 > 7)/ 7/6:9 Q 9 3TIVEXMRK 1EVKMR ( 6444 .6=26 ( :EPYI GVIEXMSR > 8 7)/ 6/4== Q 7)/ .=6; Q 7 6 5 4 425< 425= 4264 4265 4266 4267 4268 4269 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 47
,MKLIV STIVEXMRK MRGSQI JSV 'SRWYQIV (YVEFPIW / )YVSTI 17)/ 1EVKMR 6444 5/444 54 6445 6446 <44 < 1EVKMR ;29 ;26 :44 : :2: :2= :24 :24 929 925 82; 82< 844 8 825 825 644 6 4 4 5 WX 5XV 6 RH 5XV 7 VH 5XV 8 XL 5XV Higher income for appliances, floor-care product s and garden product s 48
'SRWYQIV (YVEFPIW / 6IWX SJ XLI ;SVPH 58 /I] HEXE *= 6446 56 7EPIW > 7)/ 58/<64 0524 ( 54 )&-8 > 7)/ 95 Q 3TIVEXMRK 1EVKMR ( < 0<626 ( : :EPYI GVIEXMSR > 7)/ 05/455 Q 8 7)/ .56 Q 6445 6 6446 6444 4 06 5=== 08 5==< 0: 4278 427< 4286 428: 4294 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 49
7EPIW ERH MRGSQI 0 ETTPMERGIW / 6IWX SJ XLI [SVPH 1EVOIX 7EPIW )&-8 %YWXVEPME 'LMRE -RHME &VE^MP 4:
4VSJIWWMSREP -RHSSV 4VSHYGXW 54 /I] HEXE *= 6446 5=== = 7EPIW > 7)/ 54/<<; Q 6444 5==< 07:26 ( < 3TIVEXMRK 1EVKMR ( 6446 )&-8 > 7)/ ;97 Q ; 06=2: ( : :EPYI GVIEXMSR > 6445 7)/ 6=5 Q 9 7)/ .85 Q 8 7 6 5 4 4276 4278 427: 427< 4284 4288 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 4;
4VSJIWWMSREP 3YXHSSV 4VSHYGXW 5: /I] HEXE *= 6446 5==<6444 6445 58 7EPIW > 7)/ 54/9=; Q 6446 5=== .5625 ( 56 )&-8 > 7)/ 5/94< Q .582= ( 3TIVEXMRK 1EVKMR 54 :EPYI GVIEXMSR > 7)/ 5/4=4 Q < 7)/ .5;: Q : 8 6 4 4278 4274 4276 427: 427< 4284 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 4<
1ENSV EGXMSRW MR 6446 2I[ TVSHYGX PMRI SVKERM^EXMSR MR )YVSTI ERH 97 w w 2I[ QEREKIQIRX JSV ETTPMERGIW SYXWMHI )YVSTI ERH 97 w %PP SYXHSSV TVSHYGXW YRHIV SRI QEREKIQIRX w -R 0 HITXL ERRYEP WXVEXIK] TVSGIWW EX TVSHYGX 0 PMRI PIZIP +PSFEP TVSHYGX ERH WSYVGMRK GSYRGMPW w 8MKLXIRIH GVMXIVME JSV MRZIWXQIRX VIUYIWXW w w 2I[ I\IGYXMZI XIEQ XS HVMZI +VSYT WXVEXIKMIW ERH GSVI TVSGIWWIW w (MZIWXQIRXW [MXLMR XLI 'SQTSRIRXW STIVEXMSR w (MEQSRH XSSPW STIVEXMSR I\TERHIH XLVSYKL EGUYMWMXMSR (IGMHIH XS FYMPH )PIGXVSPY\ EW KPSFEP FVERH EGVSWW GEXIKSVMIW w 53
3YXPSSO JSV ]IEV 6447 w9RGIVXEMRX] VIKEVHMRK QEVOIX GSRHMXMSRW w1EVOIX HIQERH I\TIGXIH XS FI KIRIVEPP] JPEX MR FSXL )YVSTI ERH 2SVXL %QIVMGE GSQTEVIH [MXL PEWX ]IEV l-R PMKLX SJ XLI EFSZI I\TIGXEXMSRW JSV JPEX HIQERH / ERH SR XLI FEWMW SJ MRXIVREP VIWXVYGXYVMRK ERH GSWX EHNYWXQIRXW / XLI +VSYT WLSYPH EGLMIZI WSQI MQTVSZIQIRX MR STIVEXMRK MRGSQI ERH ZEPYI GVIEXIH JSV XLI JYPP ]IEV 64472 z 6ITSVX JSV XLI *YPP =IEV SJ 6446 54
*EGXSVW EJJIGXMRK JSV[EVH 0 PSSOMRK WXEXIQIRXW )DFWRUV DIIHFWLQJ IRUZDUG 0 ORRNLQJ VWDWHPHQWV 7KLV UHSRUW FRQWDLQV ³IRUZDUG 0 ORRNLQJ´ VWDWHPHQWV ZLWKLQ WKH PHDQLQJ RI WKH 86 3ULYDWH 6HFXULWLHV /LWLJDWLRQ 5HIRUP $FW RI 4<<81 6XFK VWDWHPHQWV LQFOXGH / DPRQJ RWKHUV / WKH ILQDQFLDO JRDOV DQG WDUJHWV RI (OHFWUROX[ IRU IXWXUH SHULRGV DQG IXWXUH EXVLQHVV DQG ILQDQFLDO SODQV 1 7KHVH VWDWHPHQWV DUH EDVHG RQ FXUUHQW H[SHFWDWLRQV DQG DUH VXEMHFW WR ULVNV DQG XQFHUWDLQWLHV WKDW FRXOG FDXVH DFWXDO UHVXOWV WR GLIIHU PDWHULDOO\ GXH WR D YDULHW\ RI IDFWRUV 1 7KHVH IDFWRUV LQFOXGH / EXW PD\ QRW EH OLPLWHG WR WKH IROORZLQJ > FRQVXPHU GHPDQG DQG PDUNHW FRQGLWLRQV LQ WKH JHRJUDSKLFDO DUHDV DQG LQGXVWULHV LQ ZKLFK (OHFWUROX[ RSHUDWHV / HIIHFWV RI FXUUHQF\ IOXFWXDWLRQV / FRPSHWLWLYH SUHVVXUHV WR UHGXFH SULFHV / VLJQLILFDQW ORVV RI EXVLQHVV IURP PDMRU UHWDLOHUV / WKH VXFFHVV LQ GHYHORSLQJ QHZ SURGXFWV DQG PDUNHWLQJ LQLWLDWLYHV / GHYHORSPHQWV LQ SURGXFW OLDELOLW\ OLWLJDWLRQ / SURJUHVV LQ DFKLHYLQJ RSHUDWLRQDO DQG FDSLWDO HIILFLHQF\ JRDOV / WKH VXFFHVV LQ LGHQWLI\LQJ JURZWK RSSRUWXQLWLHV DQG DFTXLVLWLRQ FDQGLGDWHV DQG WKH LQWHJUDWLRQ RI WKHVH RSSRUWXQLWLHV ZLWK H[LVWLQJ EXVLQHVVHV / SURJUHVV LQ DFKLHYLQJ VWUXFWXUDO DQG VXSSO\ 0 FKDLQ UHRUJDQL]DWLRQ JRDOV 1 55
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