03RKOPDQQ,QW-RXUQDORI(QJLQHHULQJ5HVHDUFKDQG$SSOLFDWLRQZZZLMHUDFRP ,661 9RO,VVXH 3DUW 1RYHPEHUSS
-RXUQDORI2EVWHWULFV *\QHFRORJ\DQG 5HSURGXFWLYH%LRORJ\± >@ 5/* $PDUDO 3& *LUDOGR - (OHXWpULR -U $.6*RQoDOYHV-%HJKLQL-5(*DELDWWH *UDX GH VDWLVIDomR GH PXOKHUHV TXH XVDUDP DEVRUYHQWHKLJLrQLFR³UHVSLUiYHO´H[WHUQRSRU GLDV FRQVHFXWLYRV - EUDV 'RHQoDV 6H[ 7UDQVP >@ 3& *LUDOGR 5/* $PDUDO & -XOLDWR - (OHXWpULR -U ( %UROD]R $.6 *RQoDOYHV 7KHHIIHFWRI³EUHDWKDEOH´SDQW\OLQHUVRQWKH IHPDOH ORZHU JHQLWDO WUDFW ,QWHUQDWLRQDO -RXUQDO RI *\QHFRORJ\ DQG 2EVWHWULFV ± >@ $&3RQWHV 5/* $PDUDO 3&*LUDOGR- %HJKLQL +3' *LUDOGR (6 &RUGHLUR $ V\VWHPDWLFUHYLHZRIWKHHIIHFWRIGDLO\SDQW\ OLQHU XVH RQ WKH YXOYRYDJLQDO HQYLURQPHQW ,QWHUQDWLRQDO -RXUQDO RI *\QHFRORJ\ DQG 2EVWHWULFVSS± >@ * )LVKHU 0HGLFDO DQG +\JLHQH 7H[WLOHV &RQWLQXLQJ LQ *RRG +HDOWK 7HFK 7H[WLOHV ,QW ± >@ $QRQ 0LFURHQFDSVXODWLRQ IRU (QKDQFHG 7H[WLOH 3HUIRUPDQFH 3HUIRUP $SSDUHO 0DUN± >@ 5 &]DMND 'HYHORSPHQW RI 0HGLFDO 7H[WLOH 0DUNHW )LEUH 7H[WLOHV (DVW (XU ± > @ &:.DQ&:0<XHQ&RVPHWLF7H[WLOHV 7H[WLOH$VLD ± >@ &;:DQJ6/&KHQ$URPDFKRORJ\DQGLWV DSSOLFDWLRQLQWKHWH[WLOHILHOG )LEUHV7H[WLOHV (DVW(XU >@ 6< &KHQJ &:0 <XHQ &: .DQ ../ &KHXN -&2 7DQJ 6\VWHPDWLF FKDUDFWHUL]DWLRQ RI FRVPHWLF WH[WLOHV 7H[WLOH 5HVHDUFK-RXUQDO ± >@ 0. 6LQJK 9. 9DUXQ %. %HKHUD &RVPHWRWH[WLOHV 6WDWH RI $UW )LEUHV 7H[WLOHVLQ(DVWHUQ(XURSH >@ ' %KDUJDYD 6 -DKDQ &RVPHWLF WH[WLOH DQ LQQRYDWLYH DOOLDQFH RI WH[WLOH DQG FRVPHWLFV &KLQD7H[WLOH6FLHQFH >@ ,QPHWUR $EVRUYHQWHV+LJLrQLFRV ([WHUQRVH ,QWUDYDJLQDLV $YDLODEOH LQ KWWS ZZZLQ PHWURJRYEUFRQVXPLGRUSURGXWRVDEVRUYHQWH VDVSQRUPDV$FFHVVHGLQQRYWK >@ $0 &RWWHQGHQ ,QFRQWLQHQFH SDGV FOLQLFDO SHUIRUPDQFHGHVLJQDQGWHFKQLFDOSURSHUWLHV -%LRPHG(QJ >@ /+HOOVWURP1=XERWLNLQ3(NHOXQG0( /DUVRQ , 0LOVRP 6HOHFWLQJ WKH FRUUHFW LQFRQWLQHQFHSDGLQQXUVLQJKRPHSDWLHQWVE\ SDG ZHLJKLQJ $UFKLYHV RI *HURQWRORJ\ DQG *HULDWULFV
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
ZZZLMHUDFRP _ 3 D J H
Made with FlippingBook Annual report maker