FD artikel20140404

 "$ ""
B1 @C B,2G @C ? [email protected]+
) 2B2B1 CB 2B)?4C B44)B
41B [email protected],2/ 2 B1?/CBG2B B
/,2 ?47G2)B* 2B047 2B ?B
K,.2BF,CK42 ?,2) 2;B4?02,B
? @*[email protected] B)[email protected] B?#* +B
I704,C2CB,2B2,2G,"BG ?+
[email protected] B%) 047 2BH /B B?2* B
1 CB B4G ?21 BG2B,2 B
2B/ C 2BG2B/,2 ?47G2)04+
C, @B,[email protected]*4C 2;B
4?02,B4 CB?1 B 2B
[email protected] [email protected],C 2BK,.2BC*F,@+
1?/CB 2B) %CBK,.2BG,@,C /?C. B
%B B42 ?2 1,2)B* %CB1,C,+
FK B7022 2B41BC B I72 ? 2B
2BK0BK / ?B2, [email protected] CB
K B<F,@,C, ;B,2 BH?B
H / 0,./@BELLLB/,2 ? 2B/41 2B
G ?H*CB1 CB B2, FH B ,) 2?B
C B/F22 2BF,C)?4 , 2BC4CB 2B
=C4422) G 2 B4?)2,@C, >B, B
44/BF,C [email protected]*4C 2BC, %BK0B
H4? 2;
B/[email protected]?02,BG0CB
@1 2B1 CB B, [email protected] B?,@,@B, B
B [email protected] B/,2 ?47G2)B
,2BK,.2B24)B.42) B @C2B44?+
1/C;B,[email protected] B4G ?* ,B* CB1 @B
K CC B,2B [email protected]@,, @BG44?B47G2)B
,@B B2,14BG44?B K BG44?K, +
2,2)B?1C,@*B%) 241 2;BF+
[email protected]* 2B*F2B/[email protected]@@0B
H )) *0BG2B B?#* @B2FB
K,.BK 0%B 2BG 0B)?4C ?B 0BG2B B
/[email protected] 2B14 C 2B?) 2;
CB) ?F,/BG2B/,2 ?47G2)B
,@B,2BEL5EB 2BEL5DB1 CB42) G ?B
2B/H?CB) @042/ 2B5LL;LLLB
/,2 ? 2B* 2B B47G2)B B
%) 047 2BCH B.?BG ?0C 2BK4B
* %CB?2* 4?)2,@C, B
,2 ?47G2)B ? / 2;B CB
2C0B2 2B,2B [email protected] C4?B,@B2G +
22CB) 0;B ?B2B*42 ?B
,[email protected] 00,2) 2BG44?B/,2 ?47G2)B
* 2B* CB044. B) 0 )B47BG 0B
70 // 2BK,.2BG @C,),2) 2BG ?H +
2 2;
CB) 1, 0 B? @F0CCB,2B B
?2* [email protected],2BEL5EB2 )C, %B 2B
,@[email protected] ?/B) 0BC 2B47K,*C BG2B
EL55B0,./CBF,CB [email protected] @*,/+
? B&22,"0 B) ) G [email protected]* CB
?4?)%[email protected],2 ?47G2);B
44?B B) 0 B41K CC 2BK,.2B
B/[email protected] 2BG44?B7 [email protected] 0B 2B
*F,@G @C,2)B? 0C, %BC4 ) 241 2;B
B14) 0,./* ,B41B?47B
C B @7? 2BK,.2B 7 ?/C;B44?B
* CB [email protected],2B B*,@C4?, B/? )B B
@ C4?B,2BEL5EBC B1/ 2B1 CB 2B
2 )C, G B? 2C,0,C ,CBG2BL$:B
G ?) 0 / 2B1 CB 2B24)[email protected],C, G B
F,C/[email protected]:B* CB.?B ?G44?;
CB?4?)%[email protected]@7? /CB
G2B 2BK4?)H // 2 B42CH,// +
0,2);BI704,C2C 2BG2B/,2 ?47+
G2)04C, @BK) 2B*F2B,2/41+
@C 2BK4BG ?BC ?F)047 2BCB ?BC B
H ,2,)B4G ?0 %B41B0 2,2) 2B
&%"&%"%
&*##%/%%%"%*%&%%
%%",%.&
%
&%%%%%%
)/%"#%#&%
.*
&
##
%!'''""$!"&"
#"##
$#!#%
&!
pagina 19, 04-04-2014 © Het Financieele Dagblad
###
!
#
%!"
$
&
!&!"
$''''""#" ""
&"#"##
.*
&
$%%'''""#" "$!"
&"#"##
##!##"!
C,.,)B%BC [email protected]@ 2;B 0B4?)2,+
@C, @B* 2B B2/BG ?K4*CB
41BF,[email protected] 0BG2B'[email protected]@,2)B1 0CB
* CB?4?)%[email protected];B00 2B1 CB
[email protected] ,C F? 2B)CB* CBHCB
C ?B4F [email protected]? 2BG ?14 +
0,./B ? ?B 2BG/ ?B) 12B B
%CFF?BC B C0 2;
B7?40 1 2B,2B B?2* B
K,.2B4G ?B B* 0 B0,2, BK,*C?;B
4/B1?/C0 , ?BC07B841+
) [email protected]?49B/42B* CB ,2B
EL5EB2, CB1 ?B40H ?/ 2B [email protected]
2) H K 2B47B 2B,2)?,.7 2 B
* ?&22, ?,2);B B ,) 2?B* CB
1 ?,/[email protected] B,2G @C ?,2)@%[email protected]
?4G, 2 B14 @CBK4>2BBEDLB102B
%4 / 2B 2B1/C [email protected]?B
2, FH B) [email protected]*, C [email protected]?42 ?B
B G 2 [email protected] ?,/[email protected] BF?%+
/7,C0,@CB;B4?,)B.?B14 @CB
@C?4B? 4?)2,@ ? 2BH?,.B(LLB
0 ,@C [email protected],2B/,2 ?)G ?0,.G 2B
*F2B2B/H,.C?/C 2;
BG?)B,@BHCB4?02,B? +
@*[email protected]? , @B H )CB,2B
K B1?/CBC [email protected] 2;B=?BK,.2B
C / 2 2B, B ?47BH,.K 2BCB B
?2* B44?B* CB, 7C 7F2CB
* 2B,@>BK )CB0,G, ?B B42*JB
1 47?,*C ?BG2B,2 ?)?+
2B 2B/ C 2BH?G2B B2 +
0 2B,2BEL55BK,.2BG ?/4*CB2B B
)?4C B1 ?,/[email protected] [email protected] C4?) 244CB
?,)*CB4?,[email protected];B CB2/ 2 B
* [email protected] 0BK, CB*,.BC ?F)B,2B [email protected],.) 2+
B K CC,2)@)?BG2B47G2)04+
C, @B,[email protected] 0,./ B) , 2;[email protected]
G ?/0?,2)BH,[email protected] B42*JB ?47B
CB1 [email protected] 2B1 CB/,2 ? 2B ?2B
) H 2B?/ 2BCBK B1 ?B) 0B
14 C 2B @C 2B2B B47G2);B
= BH? 2B @C,[email protected] CC 2B
G ?H 2B1 [email protected]@,, @;B4 2B B
4G ?* ,B?47B),2)B KF,2,+
) 2B/H1BCB*?B2;BF [email protected]
@*?4// 2BK,*BH,0;BCB %% CB,@B
2FBF,C) H ?/C;>
CB.F,@CB B?#* @B,2B)?4C ? B
@C 2BH ?B, [email protected] C ?B?, 2B
* %CBC B1/ 2B1 CB.42) B) K,2+
2 2B, B2, CB1 ?BG ?*F,K 2B2+
[email protected] ?CB B42*J;B=
BK, CB1 ?B
/,2 ? 2B,2B [email protected] 2;BCB)CB
C 2B/[email protected] BG2B B?2) 1 2C 2B
H?B B21 0,2) 2BG44?B47+
G2)B24)B2, [email protected],.) 2;>B
4?02,BCB) G @C,)B,@B,2B
@04B,@BG44?0B42 ?B B,2?F/B
G2B B I7 ?C,@ BG2B,2 B1 CB
47G2)BG2B4F ? B/,2 ? 2;B B
2, FH B ,) 2?BG2B B/ C 2B
,[email protected]*4C 2BH,0B, B/ 22,@B
2FCC 2BG44?BK,.2B04C, @B,2B
44?H ) 2B 2BH 2B, BK,.2B
,2) ?,*CBG44?B7 FC [email protected] 2B/0 FC [email protected]
[email protected])G?B4GB
[email protected]@622B,? C F?BG2B
4?02,>@B/,2 ?47G2),G,@, B
,2B [email protected]*?,%C 0,./ BG ?/0?,2);
B0,*C7F2C. @B, B B42*JB
42CH?CB0 , 2B,2B ?02B
24)B2, CBC4CB 2B.F,*@C 11,2);B
,CB B.42)@C B,.% [email protected]* CB1,+
2,@C ?, BG2B4,0 B/ 2B0 ,CB
?2* 4?)2,@C, B,2 ?47+
G2)B%BCB B KF,2,),2) 2B 2B
)?4C ?B %% CB47B B/,2 ?47G2)B
* 2B2B* CB/,2 CBC4CB2FB
C4 B* %CB) @C 0;B=,2 ? 2B
4F [email protected] 2BH ?/2 1 [email protected],2B B
/,2 ?47G2)9B C0 2B B? / +
2,2)BG2B B%?/>B0F,CB B
2, CB1,@BC BG [email protected] B? C, ;BCB
B4G ?* ,B,CB.?B5LLB102B
IC?B* %CBF,C) C?4// 2BG44?B B
/,2 ?47G2)C4 @0)B24 1CB B
02) 20FB 2B144,B) ?B
1?B2, CB) 24 )B41B 2B411 +
/ ?BC H )BC B? 2) 2;
/.
&
$'''""#" "%$"
&"#"##
."$
&
%'''""#" "$"
&"#"##
&%#&%(%"#&#%
%"%*"#%.%%
%%
%"%&%
,"&%-%'$
+%%#
&#"%%#&"
%
%,%%"&"%"
,",%%#&"
%
&%.%-%%&%
#&%&%*&##%
,%&%"%-%.%
,%"&%%"
,",%/%&&%%"%%%
&#
%%##%)/)% .-"%
,"#&!%-"
%-"%
,"%%#&"%,""
%%"