A : Annual Report 2013 by orapan shareinvvestor

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SHAREHOLDERS STRUCTURE AND MANAGEMENT

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ö ĊĔüúĘħ ûĔüĊĕåĄ åöēâĆĆĄâĕĆøĆĊéčĐýãĐèýĆėČĔú ìęħèģ÷ňĆĔýâĕĆĠøŇèøĔĨèéĕâúĘħþĆēëěĄåöēâĆĆĄâĕĆýĆėČĔú ĄĘéĬĕüĊüúĔĨèčėĨü úŇĕü þĆēâĐý÷ňĊą ĈĬĕ÷Ĕý

ĆĕąëĚħĐ øĬĕĠĎüŇè üĕąĊĔüëĔą øĔüøėâěĈ þĆēûĕüâĆĆĄâĕĆøĆĊéčĐý üĕąþĆĘëĕ ýěöąâė÷ĕ âĆĆĄâĕĆøĆĊéčĐý üĕąčĄāĈ ğúĘąüčěĊĆĆö âĆĆĄâĕĆøĆĊéčĐý éĬĕüĊüåĆĔĨèãĐèâĕĆþĆēëěĄúĔĨèþĿ

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SHAREHOLDERS STRUCTURE AND MANAGEMENT

éĔ÷úĬĕĆĕąèĕüãĐèåöēâĆĆĄâĕĆøĆĊéčĐýġ÷ąğþľ÷ğÿąģĊňĢüĆĕąèĕü þĆēéĬĕþĿãĐèýĆėČĔú ìęħèĆĕąèĕü÷ĔèâĈŇĕĊøňĐèĈèüĕĄġ÷ąþĆēûĕü åöēâĆĆĄâĕĆøĆĊéčĐýĠĈēøňĐèþĆēâĐý÷ňĊąãňĐĄĜĈĐąŇĕèüňĐą ÷ĔèøŇĐģþüĘĨ

â åĊĕĄğĎĦüğâĘħąĊâĔýåĊĕĄùĜâøňĐè åĆýùňĊü ğþŎüúĘħğëĚħĐùĚĐģ÷ňãĐèĆĕąèĕü úĕèâĕĆğèėüãĐèýĆėČĔú

ã åĊĕĄğĎĦüğâĘħąĊâĔýåĊĕĄğāĘąèāĐãĐèĆēýýåĊýåěĄăĕąĢüãĐèýĆėČĔú

å åĊĕĄğĎĦüğâĘħąĊâĔýâĕĆþñėýĔøėøĕĄâðĎĄĕąĊŇĕ÷ňĊąĎĈĔâúĆĔāąŋĠĈē øĈĕ÷ĎĈĔâúĆĔāąŋ ãňĐâĬĕĎü÷ãĐèøĈĕ÷ĎĈĔâúĆĔāąŋ ĎĆĚĐâðĎĄĕą úĘħğâĘħąĊãňĐèâĔýûěĆâėéãĐèýĆėČĔú

è åĊĕĄğĎĦüğâĘħąĊâĔýåĊĕĄğĎĄĕēčĄãĐèÿĜňčĐýýĔîëĘ

é åĊĕĄğĎĦüğâĘħąĊâĔýĆĕąâĕĆúĘħĐĕéĄĘåĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋ

ê éĬĕüĊüâĕĆþĆēëěĄåöēâĆĆĄâĕĆøĆĊéčĐý ĠĈēâĕĆğãňĕĆŇĊĄþĆēëěĄ ãĐèâĆĆĄâĕĆøĆĊéčĐýĠøŇĈēúŇĕü

ë åĊĕĄğĎĦüĎĆĚĐãňĐčĔèğâøġ÷ąĆĊĄúĘħåöēâĆĆĄâĕĆøĆĊéčĐýģ÷ňĆĔý éĕââĕĆþñėýĔøėĎüňĕúĘħøĕĄâðýĔøĆ

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åĬĕĐûėýĕąĠĈē âĕĆĊėğåĆĕēĎŋéĕâÿĜňýĆėĎĕĆ

MANAGEMENT DISCUSSION AND ANALYSIS

ìęħèĄĘčĕğĎøěéĕâĢüĆēĎĊŇĕèþĿ ¼ ýĆėČĔúğþľ÷ãĕąġåĆèâĕĆúĕĊüŋ ğđňĕčŋĢĎĄŇğāėħĄĐĘâ ġåĆèâĕĆ åĐüġ÷ĄėğüĘąĄĐĘâ ġåĆèâĕĆ ġ÷ąąĔèģĄŇĄĘ ġåĆèâĕĆĢĎĄŇúĘħğþŎüâĕĆĆĔýéňĕèčĆňĕèýňĕü ĄĕâģþâĊŇĕüĔĨüĢüþĿ ýĆėČĔú ģ÷ňĎĔüĄĕéĔýûěĆâėéĢĎĄŇåĚĐ ċĜüąŋâĕĆåňĕĐĘâ ġåĆèâĕĆ

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MANAGEMENT DISCUSSION AND ANALYSIS

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INDEPENDENT AUDITOR'S REPORT ğčüĐ ÿĜňùĚĐĎěňüýĆėČĔú ĐĕĆĘąĕ āĆĐāğāĐĆŋøĘĨ éĬĕâĔ÷ ĄĎĕëü

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NOTES TO THE FINANCIAL STATEMENTS

ăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘýĔüúęâġ÷ąåĬĕüĊöéĕâÿĈĠøâøŇĕèëĔħĊåĆĕĊúĘħğâė÷ãęĨüĆēĎĊŇĕèĄĜĈåŇĕøĕĄýĔîëĘãĐèčėüúĆĔāąŋĠĈēĎüĘĨčėüĠĈēéĬĕüĊüúĘħĢëň ğāĚħĐåĊĕĄĄěŇèĎĄĕąúĕèăĕČĘ ăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘéēģĄŇùĜâĆĔýĆĜňğĄĚħĐğâė÷éĕâÿĈĠøâøŇĕèëĔħĊåĆĕĊøŇĐģþüĘĨ âĕĆĆĔýĆĜňčėüúĆĔāąŋĎĆĚĐĎüĘĨčėüĢüåĆĔĨèĠĆâ ìęħèğþŎüĆĕąâĕĆúĘħģĄŇĢëŇâĕĆĆĊĄûěĆâėéĠĈēĆĕąâĕĆüĔĨüģĄŇĄĘÿĈâĆēúýøŇĐâĬĕģĆãĕ÷úěüúĕèýĔîëĘĎĆĚĐúĕèăĕČĘ ĠĈēÿĈĠøâøŇĕèúĘħğâĘħąĊãňĐèâĔýğèėüĈèúěü ĢüýĆėČĔúąŇĐą ĎĕâğþŎüģþģ÷ňĊŇĕéēģĄŇĄĘâĕĆâĈĔýĆĕąâĕĆĢüĐüĕåøĐĔüĢâĈň

âĕĆĊĔ÷ĄĜĈåŇĕãĐèăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘøňĐèčēúňĐüùęèÿĈâĆēúýúĕèăĕČĘúĘħéēğâė÷éĕâĈĔâČöēĊėûĘâĕĆúĘħâĈěŇĄýĆėČĔúåĕ÷ĊŇĕéēģ÷ňĆĔýÿĈþĆēġąëüŋ éĕâčėüúĆĔāąŋ ĎĆĚĐéēéŇĕąëĬĕĆēĎüĘĨčėüøĕĄĄĜĈåŇĕøĕĄýĔîëĘ ö ĊĔüúĘħčėĨüĆĐýĆēąēğĊĈĕúĘħĆĕąèĕü

ăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘĊĔ÷ĄĜĈåŇĕġ÷ąĢëňĐĔøĆĕăĕČĘúĘħåĕ÷ĊŇĕéēĢëňâĔýÿĈĠøâøŇĕèëĔħĊåĆĕĊğĄĚħĐĄĘâĕĆâĈĔýĆĕąâĕĆġ÷ąĢëňĐĔøĆĕăĕČĘúĘħþĆēâĕċĢëň ĎĆĚĐúĘħåĕ÷ĊŇĕĄĘÿĈýĔèåĔýĢëň ö ĊĔüúĘħĆĕąèĕü

ĢüâĕĆâĬĕĎü÷ĄĜĈåŇĕãĐèăĕČĘğèėüģ÷ňãĐèèĊ÷þŌééěýĔüĠĈēăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘ âĈěŇĄýĆėČĔúøňĐèåĬĕüęèùęèÿĈâĆēúýãĐèčùĕüâĕĆöŋúĕèăĕČĘ úĘħģĄŇĠüŇüĐüĠĈēĐĕéúĬĕĢĎňéĬĕüĊüăĕČĘúĘħøňĐèéŇĕąğāėħĄãęĨü ĠĈēĄĘ÷ĐâğýĘĨąúĘħøňĐèëĬĕĆē âĈěŇĄýĆėČĔúğëĚħĐĊŇĕģ÷ňøĔĨèăĕČĘğèėüģ÷ňåňĕèéŇĕąğāĘąèāĐčĬĕĎĆĔý ăĕČĘğèėüģ÷ňúĘħéēéŇĕąĢüĐüĕåø ìęħèğâė÷éĕââĕĆþĆēğĄėüÿĈâĆēúýéĕâĎĈĕąþŌééĔą ĆĊĄùęè âĕĆøĘåĊĕĄúĕèâðĎĄĕąăĕČĘ ĠĈēéĕâþĆēčýâĕĆöŋ ĢüĐ÷Ęø âĕĆþĆēğĄėüüĘĨĐąĜŇýüāĚĨüòĕüâĕĆþĆēĄĕöâĕĆĠĈēãňĐčĄĄøėòĕü ĠĈēĐĕééēğâĘħąĊãňĐèâĔýâĕĆøĔ÷čėüĢéğâĘħąĊâĔýğĎøěâĕĆöŋĢüĐüĕåø ãňĐĄĜĈĢĎĄŇĥ ĐĕééēúĬĕĢĎňâĈěŇĄýĆėČĔúğþĈĘħąüâĕĆøĔ÷čėüĢéġ÷ąãęĨüĐąĜŇâĔýåĊĕĄğāĘąèāĐãĐèăĕČĘğèėüģ÷ňåňĕèéŇĕąúĘħĄĘĐąĜŇ âĕĆğþĈĘħąüĠþĈèĢüăĕČĘğèėüģ÷ň åňĕèéŇĕąéēâĆēúýøŇĐåŇĕĢëňéŇĕąăĕČĘğèėüģ÷ňĢüèĊ÷úĘħğâė÷âĕĆğþĈĘħąüĠþĈè

čėüúĆĔāąŋăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘĠĈēĎüĘĨčėüăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘčĕĄĕĆùĎĔââĈýģ÷ňğĄĚħĐâėéâĕĆĄĘčėúûėøĕĄâðĎĄĕąúĘħéēüĬĕčėüúĆĔāąŋăĕČĘ ğèėüģ÷ňãĐèèĊ÷þŌééěýĔüĄĕĎĔââĈýâĔýĎüĘĨčėüăĕČĘğèėüģ÷ňãĐèèĊ÷þŌééěýĔü ĠĈēăĕČĘğèėüģ÷ňüĘĨþĆēğĄėüġ÷ąĎüŇĊąèĕüéĔ÷ğâĦýăĕČĘĎüŇĊąèĕüğ÷ĘąĊâĔü čĬĕĎĆĔýĎüŇĊąăĕČĘğ÷ĘąĊâĔü ĎĆĚĐĎüŇĊąăĕČĘøŇĕèâĔü čĬĕĎĆĔýĎüŇĊąăĕČĘøŇĕèâĔüüĔĨüâėéâĕĆĄĘåĊĕĄøĔĨèĢééēéŇĕąëĬĕĆēĎüĘĨčėüĠĈēčėüúĆĔāąŋăĕČĘğèėüģ÷ň ãĐèèĊ÷þŌééěýĔü÷ňĊąąĐ÷čěúûėĎĆĚĐøĔĨèĢééēĆĔýåĚüčėüúĆĔāąŋĠĈēéŇĕąëĬĕĆēĎüĘĨčėüĢüğĊĈĕğ÷ĘąĊâĔü

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üĐâéĕâüĘĨĢüþĿ ýĆėČĔúąŇĐąĠĎŇèĎüęħè ÿĜňġĐü ąĔèģ÷ňġĐüâĆĆĄčėúûėīĢüúĘħ÷ėüýĕèčŇĊüúĘħĢëňğþŎüúĕèğãňĕġåĆèâĕĆúĘħ÷ėüéĔ÷čĆĆ ìęħèĄĘąĐ÷čēčĄ ö ĊĔüúĘħ ûĔüĊĕåĄ éĬĕüĊü Ĉňĕüýĕú Ĉňĕüýĕú ĢĎňĠâŇýĆėČĔúąŇĐąĐĘâĠĎŇèĎüęħè ÿĜňĆĔýġĐü ġ÷ąģĄŇĄĘÿĈøĐýĠúüğāĘąèğāĚħĐĢĎňĄĘëĚħĐ ùĚĐâĆĆĄčėúûėīĠúüÿĜňġĐü úĔĨèüĘĨýĆėČĔúÿĜňĆĔýġĐüģ÷ňé÷ăĕĆēéĬĕąĐĄĢüúĘħ÷ėü÷ĔèâĈŇĕĊúĔĨèĎĄ÷ĢĎňĠâŇġåĆèâĕĆãĐèýĆėČĔúÿĜňġĐüĠĈňĊğāĚħĐ÷ĬĕğüėüâĕĆ÷ňĕü čĕûĕĆöĜþġăåġ÷ąģĄŇĄĘåŇĕøĐýĠúüĠĈēģĄŇĄĘâĬĕĎü÷ğĊĈĕ čĔîîĕčĬĕåĔîúĘħúĬĕâĔýýěååĈĎĆĚĐâėéâĕĆúĘħğâĘħąĊãňĐèâĔü

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é ĢüþĿ ýĆėČĔúģ÷ňğãňĕúĬĕčĔîîĕéēìĚĨĐéēãĕąúĘħ÷ėüğāĚħĐāĔõüĕġåĆèâĕĆĐčĔèĎĕĆėĄúĆĔāąŋĄĜĈåŇĕ Ĉňĕüýĕú ö ĊĔüúĘħ ûĔüĊĕåĄ ýĆėČĔú ģ÷ňëĬĕĆēğèėüĄĔ÷éĬĕúĘħ÷ėüéĬĕüĊü Ĉňĕüýĕú ĠĈēåĜŇčĔîîĕúĔĨèčĐèĀłĕąøâĈèúĘħéēġĐüâĆĆĄčėúûėīĢüúĘħ÷ėü÷ĔèâĈŇĕĊăĕąĢüþĿ

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