Download - An Appraisal of Dividend Policy of Meghna Cement Mills Limited

7/23/2019 An Appraisal of Dividend Policy of Meghna Cement Mills Limited

1/21

^elm 5 io :5

Eg E~~zefxec io Dfvfdmgd

~icfh

Io

@mlbge Hm`mgt @fccx Cf`ftmd

"@MLBGEHM@&

Hi}zxm Tftcm; Hiz~izetm Ofgeghm

Hi}zxm Hidm; OFG =>5

Xmxxfig; Oecc :>55

^ZM^EZMD JV;

@d' @mxjeb ]ddfg


2/21

êlm : io :5

Mrmh}tfvm X}``mz

@mlbge Hm`mgt @fccx Ctd fx tbm ofzxt èg}oeht}zfgl }gft io Jexb}gdbeze Lzi}~ egd ft fx igmio tbm cezlmxt hm`mgt fgd}xtzfmx fg tbm hi}gtz ~zid}hfgl gmezc 5 `fccfig `mtzfh tigx e mez'

Tbm @mlbge Hm`mgt @fccx Ctd fx eg Fgtmzgetfigec Xtegdezd Izlegf{etfig "FXI 6>>5; :>>2&

hmztfofmd hi`~eg bevfgl ehhzmdftetfig io èg}oeht}zfgl ~zid}htx oiz jitb di`mxtfh egd

fgtmzgetfigec èzamtx' Tbm hi`~eg fx cfxtmd |ftb jitb Dbeae egd Hbftteligl Xtiha

Mrhbeglmx# tbm t|i ji}zxmx io tbm hi}gtz xfghm 566= egd 566? zmx~mhtfvmc' Tbm hi`~eg

èzamtx ftx ~zid}ht }gdmz tbm zmlfxtmzmd tzedm èza *Afgl Jzegd Hm`mgt*'

Ft |ex fghiz~izetmd ig @ezhb 566: ex ^zfvetm Cf`ftmd Hi`~eg }gdmz tbm hi`~egfmx Eht#

5658 egd x}jxmu}mgtc ig Keg}ez 566? @mlbge Hm`mgt @fccx Ctd xteztmd tbmfz hi``mzhfec

~zid}htfig' Tbm hi`~eg mgcfxtmd |ftb Dbeae Xtiha Mrhbeglm "DXM& fg 566= egd

Hbftteligl Xtiha Mrhbeglm "HXM& fg 566? }gdmz tbm tzedfgl hidm @MLBGEHM@' Tbm oehm

vec}m io mehb xtiha |ex Ta'5>> d}zfgl mgcfxt`mgt egd fg 56tb

Xm~tm`jmz :>5> tbm hi`~eg

mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig io xbezmx egd

èzamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>> fgxtmed io Ta'

5>>'>> ~mz xbezm# èzamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm gm| edk}xtmd

i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>> i}txtegdfgl

xbezmx io Ta'5> oehm vec}m fg tbm he~ftec èzamt1 ft bex ~efd}~ he~ftec io Ta' ::= `g egd

e}tbizf{md he~ftec Ta' =>>> `g'

@mlbge Hm`mgt `fccx Ctd' fx e E hetmliz xbezm# "f'm' ft lfvmx `fgf`}` 5>- dfvfdmgd mehb mez ft

fx ecxi e jc}m hbf~ xhzf~t egd cfxtmd fg DXM :> Xbezm oiz ftx getfigec zm~}tetfig oiz u}ecft# zmcfejfcft

egd tbm ejfcft ti i~mzetm ~zioftejc fg liid tf`mx egd jed tf`mx' Ozi` tbm ~ext 5> mezx dfvfdmgd

~e`mgt dete ft fx oi}gd tbet tbm hi`~eg oicci|x Zml}cez Dfvfdmgd îcfh xfghm tbm mgcfxt`mgt fg

tbm Xtiha @ezamt' Tbm jiezd io dfzmhtizx io @MLBGEHM@ ofrmx tbm dfvfdmgd ~mzhmgtelm eotmz

zmvfm|fgl tbm gmt fghi`m egd zmtefgmd mezgfglx xft}etfig io tbm hi`~eg' Tb}x# fg tbm cfgm io

i~mzetfigec ~mzoizèghm io tbm hi`~eg d}zfgl tbm mez :>5># tbm jiezd io dfzmhtizx fx ~cmexmd ti

zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig ~ez vec}m io tbm xbezmx oiz tbm mez :>5>' Tbmfz

mezgfgl ~mz xbezm "M^X& |ex Ta' :':8 egd ~zfhm ~mz xbezm |ex Ta' 4>> fg Dmhm`jmz :>5>'


3/21

^elm 8 io :5

HBE^TMZ->:

DF_FDMGD ^ICFHV


4/21

êlm 4 io :5

:'5 @MLBGE HM@MGT @FCCX CF@FTMD "@MLBGEHM@&

Eji}t @MLBGEHM@

Tbm @mlbge Hm`mgt @fccx Cf`ftmd "@MLBGEHM@& |ex tbm ofzxt }gdmzteafgl

Jexb}gdbeze Lzi}~ fg tbm èg}oeht}zfgl xmhtiz' Tbfx mgtmz~zfxm ~zid}hmx |izcdhcexx

hm`mgt egd# ex e tmxtfìg ti tbfx# xtegdx tbm oeht tbet tbm highmzg bex jmmg e|ezdmd tbm

FXI6>>5 hmztfofhetfig oiz x}xtefgmd u}ecft higtzic mooizt' Tbm Hi`~eg èzamtx ftx

hm`mgt }gdmz tbm zmlfxtmzmd tzedmèza io Afgl jzegd*'

Afgl Jzegd Hm`mgt fx tbm bezvmxt io fgd}xtz io ftx xafccmd cejizmzx @mlbge Hm`mgt @fccx

Ctd }xmx cetmxt tmhbgicil' Ft fx JXTF e~~zivmd' Ft mgx}zmx tbet tbmxm mgtfzm tbfglx bevm

èdm @mlbge hm`mgt ti jm fgtmzgetfigec xtegdezd' Ft fx gmhmxxez ti jme}tfo tbm fgtmzgec

mgvfzig`mgt io @mlbge Hm`mgt @fccx ctd' E}tbizftfmx io @MLBGEHM@ f`~izt tbmfz

èhbfgmzfmx# |bfhb fx }xfgl oiz ~zid}htfig io hm`mgt ozi` Hbfge# Lmzèg egd Ke~eg'

Gi| tbm he~ehft io ~zid}htfig io hm`mgt fg tbfx `fcc fx evmzelm 2>#>>> ti 5>>#>>> jelx

~mz de "mvmz jel higtefgx =>al io hm`mgt&'

@MLBGEHM@ et e Lceghm

Tzedfgl Hidm; @MLBGEHM@Cfxtfgl Vmez; DXM 566= / HXM 566? @ezamt Hetmlizv; E

J}xfgmxx Cfgmx Hm`mgt @eg}oeht}zfgl

E}tbizf{md He~ftec fg JDT "`g& =>>>'>

I}txtegdfgl He~ftec fg JDT "`g& ::='>

Oehm _ec}m 5>'>

@ezamt cit 5>>

Titec gi' Io Xmh}zftfmx ::=>>4>>

Xbezm

^mzhmgtelm

X~igxiz)Dfzmhtiz

=:'8

Livt'

>

Fgxtft}tm

58'?5

Oizmflg

>

^}jcfh

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5/21

êlm = io :5

:': DF_FDMGD ÎCFHV

Dfvfdmgdx ezm hexb ~e`mgtx èdm ti xtihabicdmzx' Dmhfxfigx eji}t |bmg egd bi| `}hb io

mezgfglx xbi}cd jm ~efd# ex dfvfdmgdx ezm ~ezt io tbm ofz`x dfvfdmgd ~icfh' Mezgfglx tbet ezm

~efd i}t ex dfvfdmgdx heggit jm }xmd j tbm ofz` ti fgvmxt fg ~zikmhtx |ftb ~ixftfvm gmt ~zmxmgt

vec}mxtbet fx# ti fghzmexm tbm vec}m io tbm ofz`' Tbm dfvfdmgd ~icfh tbet èrf`f{mx tbm

vec}m io tbm ofz` fx xefd ti jm tbm i~tfèc dfvfdmgd ~icfh'

f' Dfvfdmgd îcfh egd Xtiha _ec}m Zmxmezhbmzx ezl}m |bmtbmz tbmzm mrfxtx egi~tfèc dfvfdmgd ~icfh' Xi`m ehedm`fhfegx ezl}m tbet e ofz`x dfvfdmgd ~icfh dimx

git eoomht tbm vec}m io e ofz` "dfvfdmgd fzzmcmveghm tbmiz |bfcm itbmz ezl}mx tbet

tbm dfvfdmgd ~icfh fx eg f`~iztegt oehtiz fg tbm dmtmz`fgetfig io e ofz`x vec}m

"dfvfdmgd zmcmveghm tbmiz&'

ff' Fgvmxtizx egd Dfvfdmgd îcfh Fgvmxtizx zmehtfigx ti hbeglmx fg dfvfdmgd ~icfhfmxheg jm x}`èzf{md ex oicci|x;

e' Fgoizètfigec higtmgt iz xflgecfgl Tbmzm fx e jmcfmo tbet ègelmzx hbeglmdfvfdmgdx "fghzmexm iz dmhzmexm& igc |bmg ft fx gmhmxxeztbet fx# dmhzmexmx

ihh}z igc |bmg tbm ofz` fx oehfgl ofgeghfec dfoofh}ct# |bfcm fghzmexmx ihh}z igc

|bmg ft fx mr~mhtmd tbet tbm ofz` heg higtfg}m ti ~e bflbmz dfvfdmgdx cigl fgti

tbm o}t}zm' Fo tbfx fx tz}m# tbmg hbeglmx fg e ofz`x dfvfdmgd ~icfh ~zivfdm

fgoizètfig ti fgvmxtizx# |bi |fcc zmeht ehhizdfglc' Oiz mre`~cm# fgvmxtizx

|i}cd higxfdmz eg fghzmexm "dmhzmexm& fg dfvfdmgdx ti jm liid "jed& gm|x# egd

tb}x fghzmexm "dmhzmexm& tbm ~zfhm io tbm ofz`x xtiha'

j' Hcfmgtmcm moomht Fgvmxtizx `flbt hbiixm e ~eztfh}cez xtiha d}m ti tbm ofz`xdfvfdmgd ~icfhtbet fx# xi`m fgvmxtizx ~zmomz dfvfdmgdx egd itbmzx di git' Fo

x}hb e hcfmgtmcm moomht dimx mrfxt# tbmg |m |i}cd mr~mht tbet e ofz`x xtiha ~zfhm

|fcc hbeglm |bmg ftx dfvfdmgd ~icfh fx hbeglmd'

h' Ozmm hexb oci| b~itbmxfx Fo fgvmxtizx tz}c |egt ègelmzx ti èrf`f{m tbmvec}m io tbm ofz`# tbmg dfvfdmgdx xbi}cd jm ~efd igc |bmg tbm ofz` bex gi

fgvmxt`mgtx |ftb ~ixftfvm gmt ~zmxmgt vec}mx' Fg itbmz |izdx# e ofz` xbi}cd ~e


6/21

êlm ? io :5

dfvfdmgdx igc |bmg ft bex o}gdx tbet ezm git gmmdmd ti fgvmxt fg ~ixftfvm G^_

~zikmhtxtbet fx# igc ozmm hexb oci|x xbi}cd jm ~efd ex dfvfdmgdx' Fo tbfx tbmiz

fx hizzmht# tbmg |m `flbt mr~mht e ofz`x xtiha ~zfhm ti fghzmexm |bmg ft dmhzmexmx

dfvfdmgdx ti fgvmxt fg ~ixftfvm G^_ ~zikmhtx# egd |m `flbt mr~mht tbm xtiha ~zfhm

ti dmhzmexm |bmg tbm ofz` fghzmexmx dfvfdmgdx jmhe}xm ft gi ciglmz bex ex èg

~ixftfvm G^_ ~zikmhtx ex ft dfd fg ~zfiz mezx'

:'8 TBMIZFMX IO DF_FDMGD ÎCFHV

:'8'5 Tbm zmxfd}ec tbmiz io dfvfdmgdx

E tbmiz tbet dfvfdmgd ~efd j e ofz` xbi}cd jm tbm eì}gt cmot ivmz eotmz ecc ehhm~tejcm

fgvmxt`mgt i~~izt}gftfmx bevm jmmg }gdmzteamg' Tbfx e~~ziehb fghc}dmx tbzmm xtm~x;

Xtm~ 5; Dmtmz`fgm ftx i~tfèc cmvmc io he~ftec mr~mgdft}zmx'

Xtm~ :; ]xfgl tbm i~tfèc he~ftec xtz}ht}zm ~zi~iztfigx# mxtfètm tbm titec eì}gt io

mu}ft ofgeghfgl gmmdmd ti x}~~izt tbm mr~mgdft}zmx lmgmzetmd fg Xtm~ 5'

Xtm~ 8; Jmhe}xm tbm hixt io zmtefgmd mezgfglx# az# fx cmxx tbeg tbm hixt io gm| hi`ìg

xtiha# ag# }xm io zmtefgmd mezgfglx ti `mmt tbm mu}ft zmu}fzm`mgt dmtmz`fgmd fg Xtm~ :' Fo

zmtefgmd mezgfglx ezm fgedmu}etm# xmcc gm| hi`ìg xtiha' Fo ft fx fg mrhmxx io tbfx gmmd#

dfxtzfj}tm tbm x}z~c}x eì}gttbm zmxfd}ecex dfvfdmgdx'

:'8': Dfvfdmgd fzzmcmveghm tbmiz

Ehhizdfgl ti dfvfdmgd fzzmcmveghm tbmiz |bfhb fx ~}t oiztb j @mztig B' @fccmz / Ozeghi

@idflcfegf "@/@& tbet fg e ~mzomht |izcd# tbm ofz`x vec}m fx dmtmz`fgmd xicmc j tbm

mezgfglx ~i|mz egd zfxa io ftx exxmtx egd tbet tbm èggmz fg |bfhb ft x~cftx ftx mezgfglx xtzme`

jmt|mmg dfvfdmgdx egd fgtmzgecc zmtefgmd "egd zmfgvmxtmd& o}gdx dimx git eoomht tbfx vec}m'


7/21

êlm < io :5

:'8'8 @ egd @x tbmizv

@ egd @x tbmiz xbi|x tbet fg e ~mzomht |izcd# hmztefgt# gi termx# gi tzegxehtfig hixt egd

gi itbmz èzamt f`~mzomhtfig' Fg e ~mzomht |izcd tbm vec}m io tbm ofz` fx }geoomhtmd j tbm

dfxtzfj}tfig io dfvfdmgd' Ofz`x vec}m fx dmtmz`fgmd xicmc j tbm mezgfglx ~i|mz / zfxax io

tbm exxmtx "fgvmxt`mgt&' Fg zmx~igxm ti xt}dfmx xbi|fgl tbet cezlm dfvfdmgd hbeglmx eoomht

xbezm ~zfhm'

:'8'4 Jfzdfg- tbm Begd Tbmiz

Tbm jmcfmo# fg x}~~izt io dfvfdmgd zmcmveghm tbmiz# tbet fgvmxtizx xmm h}zzmgt dfvfdmgdx ex

cmxx zfxa tbeg o}t}zm dfvfdmgdx iz he~ftec lefgx' Xtihabicdmzx ^zmomz h}zzmgt dfvfdmgd'

O}gde`mgtec ti tbfx ~zi~ixftfig fx tbmfz Jfzdfg tbm Begd ezl}`mgt |bfhb x}llmxtx tbet

fgvmxtizx ezm zfxa evmzxm / ettehb cmxx zfxa ti h}zzmgt ex i~~ixftm ti o}t}zm dfvfdmgdx iz he~ftec

lefgx' E jfzd fg tbm begd fx |iztb t|i fg tbm j}xb' Hexb Dfvfdmgd zmd}hm }ghmztefgt

he}xfgl mezgfgl et e ci|mz zetm' Dfvfdmgd fghzmexm# zfxa dmhzmexmd# Ax dmhzmexm/ vec}m io tbm

ofz`x xtiha fghzmexm' Dfvfdmgd dmhzmexm# zfxa Fghzmexmd# Ax fghzmexm /vec}m io tbm ofz`x

xtiha dmhzmexm'

:'4 OEHTIZX EOOMHTFGL DF_FDMGD ÎCFHVTbm ofz`x dfvfdmgd ~icfh zm~zmxmgtx e ~ceg io ehtfig ti jm oicci|md |bmgmvmz tbm dfvfdmgd

dmhfxfig fx èdm' Ofz`x dmvmci~ ~icfhfmx higxfxtmgt |ftb tbmfz liecx'

e' Cmlec Higxtzefgtx; Mezgfglx cf`ftfgl tbm eì}gt io dfvfdmgdx ti tbm x}` io tbmofz`x ~zmxmgt / ~ext mezgfglx fx xi`m tf`mx f`~ixmd' Dfvfdmgd è git jm lzmetmz

tbeg ìxt zmhmgt egd ~ext mezgfglx' Dfvfdmgd è jm lzmetmz tbeg ìxt zmhmgt

mezgfglx'

j' Higtzeht}ec Higxtzefgtx; Iotmg tbm ofz`x ejfcft ti ~e hexb dfvfdmgdx fxhigxtzefgmd j hmztefg zmxtzfhtfvm ~zivfxfigx fg e cieg elzmm`mgt' Higxtzefgtx ~zibfjft

tbm ~e`mgt io hexb dfvfdmgdx }gtfc e hmztefg cmvmc io mezgfglx bex jmmg ehbfmvmd'


8/21

êlm 2 io :5

Higxtzefgtx io dfvfdmgd ~zitmht hzmdftizx ozi` cixxmx d}m ti fgxicvmgh ig tbm ~ezt io

tbm ofz`'

h' Fgtmzgec Higxtzefgtx; Tbm ofz`,x ejfcft ti ~e hexb dfvfdmgdx fx lmgmzecchigxtzefgmd j tbm eì}gt io mrhmxx hexb evefcejcm zetbmz tbeg cmvmc io zmtefgmd

mezgfglx |bfhb ti hbezlm tbm`'

d' Lzi|tb ^zix~mhtx; Tbm ofz`x ofgeghfec zmu}fzm`mgtx ezm dfzmhtc zmcetmd ti tbmdmlzmm io exxmtx mr~egxfig tbet fx egtfhf~etmd' Ft `}xt mvec}etm ftx ~zioftejfcft egd zfxa

ti dmvmci~ fgxflbt fgti ftx ejfcft ti zefxm he~ftec mrtmzgecc' Et Lzi|tb xtelm# ofz`

gmmdx ìzm o}gdx egd ftx dfvfdmgd fx `fgf`}`' Cfttcm iz gi lzi|tb ofz` è

gmvmztbmcmxx ~mzfidfhecc gmmd o}gd ti zm~cehm iz zmgm| exxmtx egd dfvfdmgdx ezm ìzm'

Gm| ofz` bex cf`ftmd xi}zhmx io o}gd' Cezlm èt}zm ofz` gmmdx `}ctf~cm ofgeghfgl

ectmzgetfvmx evefcejcm'

m' I|gmzx Higxfdmzetfig; Fg mxtejcfxbfgl e dfvfdmgd ~icfh# tbm ofz`x ~zfèz highmzg

xbi}cd jm ti èrf`f{m i|gmz |mectb' Ft fx f`~ixxfjcm ti èrf`f{m mehb i|gmz |mectb'

Tbm ofz` `}xt mxtejcfxb e ~icfh tbet bex e oevizejcm moomht ig tbm |mectb io tbm

èkizft io i|gmzx' Tbmzm ezm tbzmm higxfdmzetfigx;

f' Ter xtet}x io e ofz`x i|gmzx; Fo tbm ofz` bex e cezlm ~mzhmgtelm io |mectbxtihabicdmzx |bi ezm fg bflb ter jzehamt# ft è dmhfdm ti ~e i}t e ci|mz

~mzhmgtelm io ftx mezgfgl ti ecci| tbm i|gmz ti dmce tbm ~e`mgt io termx

}gtfc tbm xmcc tbm xtiha'

ff' I|gmzx fgvmxt`mgt i~~izt}gftfmx; E ofz` xbi}cd git zmtefg o}gdx oizfgvmxt`mgt fg ~zikmhtx fmcdfgl ci|mz zmt}zgx tbeg tbm i|gmzx hi}cd ijtefg

ozi` mrtmzgec fgvmxt`mgtx io mu}ec zfxa'

fff' îtmgtfec dfc}tfig io i|gmzxbf~; Fo e ofz` ~ex i}t e bflb ~mzhmgtelm iomezgfglx# gm| mu}ft he~ftec |fcc bevm ti zfxm |ftb hi`ìg xtiha'

o' @ezamt Higxfdmzetfig; \mectb io tbm ofz`x i|gmz zmocmhtmd j tbm èzamt ~zfhm iotbm xbezm' Ehhizdfgl ti dfvfdmgd zmcmveghm tbmiz# @ezamt ~zfhm io tbm xbezm fx

dfzmhtc fgoc}mghmd j tbm dfvfdmgd ~icfh io tbm ofz`' Xtihabicdmzx ~zmomz higtfg}i}x

dfvfdmgd'


9/21

êlm 6 io :5

:'= TV^MX IO DF_FDMGD ÎCFHFMXTbmzm ezm dfoomzmgt t~mx io dfvfdmgd ~icfhfmx fg ~zehtfhm# eìgl tbmxm tbzmm io tbm ìzm

hi`ìgc }xmd dfvfdmgd ~icfhfmx ezm dmxhzfjmd jmci|;

e' Higxtegtêi}tZetfi dfvfdmgd ~icfhFt fgdfhetmx tbet e dfvfdmgd ~icfh jexmd ig tbm ~e`mgt io e hmztefg ~mzhmgtelm io mezgfglx ti

i|gmzx fg mehb dfvfdmgd ~mzfid' Tbm ~zijcm` |ftb tbfx ~icfh fx tbet fo tbm ofz`x mezgfglx

dzi~ iz fo e cixx ihh}zx fg e lfvmg ~mzfid# tbm dfvfdmgdx è jm ci| iz mvmg gigmrfxtmgt'

Dfvfdmgd ~ei}t zetfi 0

j' Zml}cez Dfvfdmgd îcfhE dfvfdmgd ~icfh# |bfhb jexmd ig tbm ~e`mgt io ofrmd dfvfdmgd fg mehb ~mzfid' Ft ~zivfdmx

tbm i|gmzx |ftb ~ixftfvm fgoizètfig tbmzmj `fgf`f{fgl tbmfz }ghmztefgt'

h' Ci| zml}cez egd Mrtze Dfvfdmgd îcfhFt fx e dfvfdmgd ~icfh jexmd ig ~efgl e ci| zml}cez dfvfdmgd# x}~~cm`mgtmd j eg eddftfigec

dfvfdmgd |bmg mezgfglx ezm bflbmz tbeg gizèc fg e lfvmg ~mzfid'

Edvegtelmx io ci| zml}cez egd mrtze dfvfdmgd ~icfh;

Xtejcm fghi`m

Higofdmghm

:'? DF_FDMGD ZMFG_MXT@MGT ^CEGX^cegx tbet ~mz`ft xtihabicdmzx ti bevm dfvfdmgd ~e`mgtx e}tiètfhecc zmfgvmxtmd fg tbm

ofz`x xtiha' Dfvfdmgd zmfgvmxt`mgt ~cegx# |bfhb ezm zmomzzmd ti ex DZF^x# ecci|


10/21

^elm 5> io :5

xtihabicdmzx ti j} eddftfigec xbezmx io e ofz`x xtiha ig e ~zi zete jexfx }xfgl tbm hexb

dfvfdmgd ~efd j tbm ofz`' Iotmg tbmzm ezm cfttcm iz gi jziamzelm ommx fgvicvmd |ftb DZF^x'

:'


11/21

êlm 55 io :5

Xtiha dfvfdmgdx Dfvfdmgdx ~efd fg tbm oiz` io xtiha zetbmz tbeg hexb' Cfam xtihax~cftx# e xtiha dfvfdmgd dimx git bevm x~mhfofh mhigi`fh vec}m1 zetbmz# ft fghzmexmx tbm

titec g}`jmz io xbezmx io xtiha mehb xtihabicdmz i|gx' Et tbm xe`m tf`m# tbm xtiha

~zfhm ~mz xbezm dmhzmexmx jmhe}xm fgvmxtizx bevm git ~zivfdmd eg o}gdx oiz tbm

eddftfigec xbezmx io xtiha' E ofz` `flbt }xm e xtiha dfvfdmgd ti amm~ tbm ~zfhm io ftx

xtiha |ftbfg e ~eztfh}cez zeglm'

:'6 DF_FDMGD ÎCFHFMX EZI]GD TBM \IZCD

Tbmzm fx lzmet vezfetfig fg dfvfdmgd ~icfhfmx io ofz`x fg dfoomzmgt ~eztx io tbm |izcd' Fg ìxt

~eztx io tbm |izcd# dfvfdmgd ~icfhfmx ezm jexmd ig cihec ter ce|x' Oiz mre`~cm# fg hi}gtzfmx

|bmzm tbm ter ig he~ftec lefgx fx cmxx tbeg tbm ter ig dfvfdmgdx# ofz`x tmgd ti zmtefg lzmetmz

eì}gtx io mezgfglx tbeg fg hi}gtzfmx |bmzm tbm ter hi`~egfmx tmgd ti ~e lzmetmz eì}gtx

io mezgfglx ex dfvfdmgdx' Ecxi# fg xi`m hi}gtzfmx tbet bevm om| zml}cetfigx ti ~zitmht xècc

xtihabicdmzx'


12/21

êlm 5: io :5

:'5> EG E^^ZEFXEC IO @MLBGE HM@MGT @FCCX CTD

Q@MLBGEHM@P

DF_FDMGD ÎCFHV

Ti egec{m dfvfdmgd ~icfh ft fx f`~iztegt ti egecxfx xi`m io tbm oehtizx tbixm ezm dfzmhtc

egd fgdfzmhtc fgoc}mghm ig tbm dfvfdmgd ~e`mgt io e hiz~izetfig' Ti egec{m tbm dfvfdmgd

~icfh ft fx f`~iztegt ti egec{m Gmt ~zioft eotmz ter# Mezgfgl ~mz xbezm# @ezamt ~zfhm io tbm

xbezm# Dfvfdmgd ~ei}t zetfig# dfvfdmgd fmcdx# zmtefgmd mezgfglx# zmfgvmxt`mgt ~ixxfjfcftfmx

mth'

Jeglcedmxb# jmfgl e tbfzd |izcd hi}gtz# dimx git ~ixxmxx eg edveghmd mhigi`' Bmzm# ìxt

io tbm fgvmxtizx jmcigl ti tbm ci|mz fghi`m lzi}~ |bi bex e lzmetmz gmmd oiz h}zzmgt dfvfdmgd

ex tb}x ~zmomz dfxj}zxm`mgt io bflbmz hexb dfvfdmgd' Fg eddftfig;

Fgvmxtizx bevm ceha io agi|cmdlm io fgvmxt`mgt / mezgfgl ~itmgtfec @eg ezm ~mgxfig bicdmzx iz cfvm xflgfofhegtc ig tbm mezgfglx Tbm fgvmxtizx ezm zfxa evmzxm Tbm mhigi`fh higdftfig io tbm hi}gtz fx git |mcc# lifgl tbzi}lb e zmhmxxfig

fmcdfgl e bflbmz gmmd oiz hexb dfvfdmgd

@eg io tbm` ezm xbizttmz` fgvmxtizx# mth'Tbmzmoizm# tbm fgvmxtizx ~zmomz egd dmègd tbixm xtihax tbet fmcd e bflbmz eì}gt io

dfvfdmgd# zmx}ctfgl fg e bflbmz èzamt vec}m oiz tbixm xtihax' Ti x}~~izt tbfx e`~cfofmd gmmd

oiz hexb egd ti èrf`f{m tbm èzamt ~zfhm ex |mcc ex èzamt he~ftecf{etfig io tbm hi`~eg#

ìxt io tbm ofz`x fg Jeglcedmxb oicci| e ~icfh io dfvfdmgd |bfhb fx fg oeviz io e bflbmz

dfvfdmgd' I}z egecxfx io tbm xtiha mrhbeglm "DXM# HXM& ecxi x}llmxtx tbet tbm hi`~egfmxtbet ~e bflbmz dfvfdmgd bevm zmcetfvm bflbmz èzamt ~zfhmx io tbmfz xbezmx'


13/21

êlm 58 io :5

:'55 XTIHA X^CFT IO @MLBGEHM@

Tbm oehm vec}m io mehb xtiha |ex Ta'5>> d}zfgl tbm mgcfxt`mgt egd fg 56tb

Xm~tm`jmz :>5>

tbm hi`~eg mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig ioxbezmx egd èzamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>>

fgxtmed io Ta' 5>>'>> ~mz xbezm# èzamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm

gm| edk}xtmd i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>>

i}txtegdfgl xbezmx io Ta'5> oehm vec}m fg tbm he~ftec èzamt1 ft bex ~efd}~ he~ftec io Ta' ::=

`g egd e}tbizf{md he~ftec Ta' =>>> `g' Oiz i}z egecxfx |m |fcc higxfdmz tbm oehm vec}m io

Ta'5> egd ~zmxmgt ecc dete ehhizdfglc tbzi}lbi}t tbm zm~izt'

:'5: EGECVXFX IO GMT ^ZIOFT EOTMZ TER IO @MLBGEHM@

Ozi` tbm dete io Dbeae Xtiha Mrhbeglm egd @MLBGEHM@ ftxmco# tbm oicci|fgl tejcm bex jmmg

dmvmci~md oiz tbm Gmt ~zioft Eotmz Ter oiz @mlbge Hm`mgt @fccx Ctd'

Tejcm; Gmt ^zioft Eotmz Ter

Vmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>

Gmt ^zioft

Ta' "`g&

526'?8 2?'=< :?'>: 84'85 542'52 :8'58 585'66 =>'5=

Ti egec{m tbm ìvm`mgt io tbm gmt ~zioft# e cfgm hbezt bex jmmg dmvmci~md' Oicci|fgl cfgm hbezt fx

xbi|fgl tbm tzmgd io gmt ~zioft oiz @mlbge Hm`mgt @fccx Ctd'


14/21

êlm 54 io :5

Ozi` tbm egecxfx ejivm |m heg xmm tbet tbm gmt ~zioft fx x}ddmgc fghzmexfgl egd dmhzmexfgl

ex mez limx j'

:'58 EGECVXFX IO MEZGFGL ^MZ XBEZM "M^X&

Ozi` tbm dete io Dbeae Xtiha Mrhbeglm egd @mlbge Hm`mgt @fccx Ctd' ftxmco# tbm oicci|fgl

tejcm bex jmmg dmvmci~md oiz xbi|fgl tbm Mezgfgl ~mz xbezm "M^X&'

Tejcm; Mezgfgl ^mz Xbezm io @H@C

Vmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>

Mezgfgl^mz Xbezm"Teae&

2'4:2 8'24< 5'5=< 5'=:= 8'882 4'?:2 ='2< :':8

\m agi| tbet#

Ozi` tbm tejcm ejivm |m heg xmm tbet# tbm M^X io @MLBGEHM@ |ex èrf`}` fg :>>5 egd

eotmz tbet ft xteztx ti dmhcfgm' Elefg eotmz :>>4 ft xteztx ti fghzmexm elefg' Eotmz lmttfgl citx iomr~mzfmghm ft fx ~ixxfjc tbet ozi` :>>4 @MLBGEHM@ fgvmxtmd fg tbm gm| i~~izt}gftfmx# ex

e zmx}ct M^X fghzmexmx'

:'54 EGECVXFX IO @EZAMT ^ZFHM IO TBM XBEZM

Oicci|fgl tejcm fx xbi|fgl tbm bfxtizfhec dete oiz xbezm èzamt ~zfhm io @mlbeg Hm`mgt @fccx

Ctd' Tbm Dete ezm hiccmhtmd ozi` @MLBGEHM@ i~mzetfigec egd ofgeghfec dete io :>>8

:>55 io @mlbge Hm`mgt @fccx Ctd egd DXM |mjxftm' Tbfx tejcm heg jm higvmztmd ti e cfgm

hbezt ti xmm tbm lzi|tb io tbm @mlbge Hm`mgt @fccx xbezm ~zfhm' Oiz biìlmgmft io dete |m

ezm higxfdmzfgl Ta'5> oehm vec}m io tbm xbezm'

Tejcm; Vmez |fxm @ezamt ^zfhm io @MLBGEHM@ xtiha

Vmez :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5> :>55

@ezamt ~zfhm ~mzxbezm "Teae&

:


15/21

êlm 5= io :5

Ozi` tbm tejcm ejivm |m heg xmm tbet tbm èzamt ~zfhm io tbm xbezm fx fghzmexfgl ex mez ~exx

j' Fgftfecc tbm ~zfhm |ex Ta' :&' Tbfx ~zfhm cetmz fghzmexmd ti

Ta'4>> dzeètfhecc fg :>5>' Ozi` tbm cfgm hbezt |m heg xmm tbm ~zfhm |ex vmz ci| egd tbm

fghzmexmd tbm ~zfhm' Jmt|mmg :>>= egd :>>? tbmzm è jm mrtmzgec ~zmxx}zm cfam ~icftfhec

}ghmztefgt egd livmzg`mgt fgtmzvmgtfigx' J}t oiz tbmfz moomhtfvm i~mzetfig d}zfgl :>>6 egd

:>5> tbm ~zfhm fghzmexmd ti Ta'4>> fg Dmhm`jmz :>5>' Tidex "Givm`jmz :8# :>55& hcixfgl

èzamt ~zfhm io @MLBGEHM@ fx Ta' 58='5'

Tbm dfvfdmgd ~icfh tbet oicci|md j tbm hi`~eg bex eg f`~eht ig ftx xbezm ~zfhm' Ex tbm

lze~b xbi|x tbm xbezm ~zfhm bex eg fghzmexfgl tzmgd' Ex tbm hi`~eg dmhcezmd :=- dfvfdmgd

~mz xbezm ozi` :>>5:>>? tbfx |ex ìzm tbeg ftx M^X xi tbm xbezm ~zfhm fghzmexmd egd

zmehbmd ti ta' :2' Fg :>>< egd :>>6 tbm dfvfdmgd 8>- egd 8=- egd tbm ~zfhm io tbm xtiha |ex

bflbmz' Ft heg jm ijxmzvmd ozi` tbm ~zfhm tzmgd tbet fgvmxtizx mr~mhtetfig egd ~zmdfhtfig oiz

tbm vec}m io tbm hiz~izetfig fx fghzmexfgl de j de' Xi tbm vec}m io tbm @MLBGEHM@ fx

èrf`f{fgl' Eotmz Dmhm`jmz :>5> |m ijxmzvmd e oecc fg Jeglcedmxb xtiha èzamt# bmghm tbm

h}zzmgt èzamt ~zfhm dimx git lfvm tbm ~zi~mz vec}etfig io tbm xtiha'

:'5= EGECVXFX IO ^ZFHM MEZGFGL ZETFI

^zfhm)mezgfgl zetfi fx tbm ìxt hi`ìg `mex}zm io bi| mr~mgxfvm e xtiha fx' Tbm ^)M zetfi fx

mu}ec ti e xtiha,x èzamt he~ftecf{etfig dfvfdmd j ftx eotmzter mezgfglx ivmz e 5:ìgtb

~mzfid'
http://www.investorwords.com/147/after_tax.htmlhttp://www.investorwords.com/147/after_tax.html


16/21

^elm 5? io :5

E tejcm io mez |fxm ~zfhm mezgfgl zetfi io @MLBGEHM@ fx dmvmci~md ozi` tbm dete io

DXM'

Tejcm; Vmez |fxm ^zfhm Mezgfgl ZetfiVmez :>>5 :>>: :>>8 :>>4 :>>= :>>? :>>< :>>2 :>>6 :>5>

^)M Zetfi 8'?2 '?5 2 5?8'68


17/21

êlm 5< io :5

Ozi` tbm cfgm hbezt ejivm |m heg xmm tbet dfvfdmgd ~ei}t zetfi fx oc}ht}etfgl' Ig tbm itbmz

begd Dfvfdmgd zetm fx higxtegt ":=-& }~ ti mez :>>? egd tbmg tbmzm fx oc}ht}etfig fg mez

:>>>6 egd elefg fg tbm mez :>5> tbm dfvfdmgd fx :=-' Bflbmz dfvfdmgd ~ei}t zetfi

"ìzm tbeg 5>>-& fgdfhetmx bflbmz dfvfdmgd ~e`mgt tbeg M^X# f'm' xi`m io tbm zmtefg

mezgfglx |mzm ecxi dfxtzfj}tmd d}zfgl tbixm mezx' Ig tbm itbmz begd# dfvfdmgd ~ei}t zetfi

cmxx tbeg 5>>- fgdfhetmx xi`m ~iztfig io M^X |mzm am~t ex zmtefg mezgfgl ti `mmt ofgeghfgl

zmu}fzm`mgt'

:'5< Dfvfdmgd îcfh Oicci|md J @mlbge Hm`mgt Ctd

Tejcm; Ofgeghfec Dete io @H@C ozi` :>>5-:>5>

Vmez M^X"Ta'&

^)M zetfi Xbezm ^zfhm"@AT'&

Dfvfdmgdêi}t

Zetfi "-&

Dfvfdmgd

Hexb"-&

Jig}xXbezm

Titec

:>>5 2'4:2 8'?2 85'>: :6'?? := > :=

:>>: 8'24< '?5 84':2 8 :=

Titec 82'?


18/21

^elm 52 io :5

Ta'5'8: "Ta'8'2


19/21

^elm 56 io :5

HBE^TMZ >8

HIGHC]XFIG /ZMOMZMGHMX


20/21

êlm :> io :5

8'5 HIGHC]XFIG

@mlbge Hm`mgt `fccx Ctd' Q@MLBGEHM@P vfxfig fx ti xflgfofhegtc higtzfj}tm ti tbm

x}xtefgejcm dmvmci~`mgt egd lzi|tb io i}z hi}gtz ti|ezdx ftx ki}zgm oiz e jmttmz egd~zix~mzi}x o}t}zm egd ftx `fxxfig fx ti jm tbm cmedmz fg tbm hm`mgt xmhtiz io tbm hi}gtz j

zmgdmzfgl u}ecft ~zid}htx egd xmzvfhmx tbzi}lb èfgtefgfgl bflb xtegdezdx fg j}xfgmxx

i~mzetfigx egd ti jzfgl o}ccmxt xetfxoehtfig ti tbmfz vec}m xbezmbicdmzx# h}xti`mzx egd

m`~cimmx' Fg tbm cfgm io i~mzetfigec ~mzoizèghm io tbm hi`~eg d}zfgl tbm mez }gdmz

zmvfm|# tbm jiezd io dfzmhtizx fx ~cmexmd ti zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig

~ez vec}m io tbm xbezmx oiz tbm mez :>5>' @mlbge Hm`mgt `fccx Ctd' fx e E hetmliz xbezm#

"f'm' ft lfvmx `fgf`}` 5>- dfvfdmgd mehb mez ft fx ecxi e jc}m hbf~ xhzf~t egd cfxtmd fg DXM

:> Xbezm oiz ftx getfigec zm~}tetfig oiz u}ecft# zmcfejfcft egd tbm ejfcft ti i~mzetm ~zioftejc

fg liid tf`mx egd jed tf`mx' Ozi` tbm ~ext 5> mezx dfvfdmgd ~e`mgt dete ft fx oi}gd tbet

tbm hi`~eg oicci|x Zml}cez Dfvfdmgd îcfh xfghm tbm mgcfxt`mgt fg tbm Xtiha @ezamt' Tbm

jiezd io dfzmhtizx io @MLBGEHM@ ofrmx tbm dfvfdmgd ~mzhmgtelm eotmz zmvfm|fgl tbm gmt

fghi`m egd zmtefgmd mezgfglx xft}etfig io tbm hi`~eg' Tb}x# fg tbm cfgm io i~mzetfigec

~mzoizèghm io tbm hi`~eg d}zfgl tbm mez :>5># tbm jiezd io dfzmhtizx fx ~cmexmd ti

zmhi``mgd oiz ~e`mgt io :=- hexb dfvfdmgd ig ~ez vec}m io tbm xbezmx oiz tbm mez :>5>'

Tbmfz mezgfgl ~mz xbezm "M^X& |ex Ta' :':8 egd ~zfhm ~mz xbezm |ex Ta' 4>> fg Dmhm`jmz

:>5>'

Tbm oehm vec}m io mehb xtiha |ex Ta'5>> d}zfgl mgcfxt`mgt egd fg 56tb

Xm~tm`jmz :>5> tbm

hi`~eg mrmh}tmd tbm xtiha x~cft i~tfig egd oicci|fgl tbm hbeglm io tbm dmgi`fgetfig io

xbezmx egd èzamt cit# tbm gm| oehm vec}m io tbm xbezmx io tbm hi`~eg jmhe`m Ta' 5>'>>

fgxtmed io Ta' 5>>'>> ~mz xbezm# èzamt cit jmhe`m 5>> xbezmx fgxtmed io => xbezmx egd tbm

gm| edk}xtmd i~mg ~zfhm io xbezmx |ex Ta' :2>'6> ~mz xbezm' Tbm hi`~eg bex ::=>>4>>i}txtegdfgl xbezmx io Ta'5> oehm vec}m fg tbm he~ftec èzamt1 ft bex ~efd}~ he~ftec io Ta' ::=

`g egd e}tbizf{md he~ftec Ta' =>>> `g'


21/21

8': ZMOMZMGHMX

5' ^zfghf~cmx io @egelmzfec Ofgeghm "5>tb Mdftfig Ci|zmghm K' Lft`eg:' Xhitt Jmxmcv / M}lmgm O' Jzflbe`# Mxxmgtfecx io @egelmzfec Ofgeghm# Tbfztmmgtb

Mdftfig# Tbi`xig Xi}tb-\mxtmzg# Ibfi# :>>?

8' |||'dxmjd'izl4' Egg}ec Zm~iztx egd Ehhi}gtx io @mlbge Hm`mgt @fccx Ctd'=' @igtbc Zmvfm| io Dbeae Xtiha Mrhbeglm Ctd'?' btt~;))|||'jexb}gdbezelzi}~'hi`)`h`c)`efg'bt`c
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