;$44
/&#4
!CB !B%C?6BG3B+!CB
F?56!@!B!3B!,
!?13 @!B651-C-!0!B
@!-K5!3B@C5?2CB3-!F,
H!BJ!?@!F?-CJ?!,
*F1!?-3*BG3F-CB11!B
H-3 +5!0!3B56B53@B%:B
3BF?56BK-/3B
G-/%BH!C@G55?@C!11!3B-3B!+3 !1-3*:B
3B
! !?13 BC-0CB+!CB511!*!B!@+!?2-3*B
!?@553@*!*!G!3@B78B5?*3-@C-!@B
@C!! @BG0!?B56B !BG-3*!?@:B!+C!?@B
@C!11!3B! ?-/G!3B1@B-*-5C?B3@6?,
0!1-/0BG55?B*!1! !3B@+ !:B3 !?CF@@!3B
@C3B !B2! -B51BG3B-3- !3C!3BK51@B
*!+0C!B30C%5C5>@BF-CB !B-15F @BG3B
511JH55 @C!??!3:B3B3!@C!1CB+!CB-3C!?,
3!CBK-+B-3B !B?5!0K0BG,0!C!1B!3B6!,
20!?BG3B!!3B!K5?* !BF?*!?:
-!CB+0!?@B5%BC!+3-@+!B52,
61!I-C!-CB2?B!!3B%1!3 !B2?0CBG55?B
-3C!?3!C!G!-1-*-3*B-@B !B0!?3BG3B+!CB
6?51!!2:B3B !B!3!B03CBG3B !B2?0CB
052!3BG!?056!?@BG3B+? ,B!3B@5%CH?!B
1B !!33-13*BH!*B2!CB2C-*B!G!-,
1-* !B6?5 FC!3B!3B -!3@C!3:B3B !B
3 !?!B03CB+!!3B056!?@B*!!3B- !!B
+5!BJ!?@!F?-CJ6?5 FC!3B6?!@C!?!3B
1CB@C3B53F??!?!3B56BJ!?@!F?-CJ,
*!-! :B-1B/!B53 !?B !B25C5?06BG3B/!B
C!1!%553B5%B!@CF?-3*@@J@C!!2B0-/0!3B!3B
@1!FC!1!3B3B/!B6?5 FCBG!?G1CB/!B*?3,
C-!:B!!1BJ!?@!F?-CJ2?0C!3B0!33!3B
5G!3 -!3B2?B!!3B5%BCH!!B 52-33C!B
@6!1!?@:BG!?+! !3B! ?-/G!3B!3B53@F,
2!3C!3BK-CC!3B3B+F3B!!?@C!B0556B56*!,
@15C!3B-3B!!3B/?!313*!B0!C!3BG3B6?5,
FC!3BG3B !K!1% !B20!?:BG!?@C66!3B
-@BC!+3-@+B5%B6?0C-@+B5325*!1-/0:
?3@C-*!B1!00!3BH5? !3B53 !?B !B6!CB
*!+5F !3:B?@+CB/!B@J@C!!2B!3B1-**!3B
/!B! ?-/%@*!+!-2!3B5%B30C%5C5>@B56B
@C?CBG!?H!?6CB !BG!?056!?B-3B !B01!-,
3!B1!CC!?C/!@B-! !?!B3@6?0!1-/0+!- :B
pagina 13, 30-09-2014 © Het Financieele Dagblad
%B+!CB3FB*CB52B-?5@5%CB-3 5H@B
5%B !B3B11!B661!,6?5 FC!3B*!056,
6!1 !B-15F B!G!-1-*-3*@!I6!?C@B!3B
!1!- @!5352!3B!H-/K!3B1B/?!3B CB
G!?056!?@B+3 -*B-3@6!1!3B56B !B%1!3 !B
J!?@!F?-CJ2?0C:
-/B+!CB=-3C!?3!CB !?B -3*!3>B3!2!3B
!B6?51!2!3B!3B%+30!1-/0+!- B11!!3B
2?BC5!:BG,0!C!1@B03B/!B 3B56B%@C3 B
1C!3B!I615 !?!3:B55?21-*BG-!,6?!@-,
!3CB-0B+!3!JBG3B !BB+!!%CB35*B
0F33!3B% H-3*!3B CBK-/3B6!20!?B
3-!CB!3 !??B-@BG-B-3C!?3!CB!!3B
3-!FHC/!BH?B+-C@!?-!BB56B
-3@6!!1 !:B?BG55?B53@B*!H53!B@C!?G!,
1-3*!3B?!@CB !B-/ !1!B+556B CB+?C!3 -!%B
!!3B&*FF?1-/0!BF-C ?F00-3*B1-/%C:
55?B !BF?56!@!BG!?0-!K-3*!3B-3B2!-B
!+3 !1 !B !BBG-/%B3-!FH!BJ!?@!,
F?-CJH!CC!3B56B+!CB*!-! BG3B6?-GJB
C!1!52B!3?J6C-!BJ!??-2!B!3B0?-,
C-!0!B2C@+66!1-/0!B-3%?@C?FCF?!3:B
62!?0!1-/0B*!35!*BG!?@+-11!3B !BG55?,
@C!11!3BH!-3-*BG3BF?56!@!B-3-C-C-!%,
H!C*!G-3*B-3B !B/?!3B=4LB7-!CHCB(!C@!8B
!G!-1-*-3*@!-@!3B2!1 61-+C!3B3B-3-,
!3C!3B!3B!!3BG!? !1-3*BG3B3@6?0!,
1-/0+! !3:B!CB1@BC5!3B+!!%CB!!3B?-1/3CB
*!5?*3-@!!? !B15JB !BG55?@C!11!3BK5B
H!C!3BF-CBC!B01! !3B CB-! !?!!3B@C?0@B
!B@+F1 B0?-/*CB!+1G!BG!?056!?@:
5J1F@B1@B !BF@-3!@@B5%CH?!B
11-3!B+!!3BF-CK53 !?-3*@65@-C-!@B
H!C!3BC!B! -3*!3BG55?BG!?056!?@B!3B
1-/0!3B550B!!3B!3C?1!B?51BC!B0?-/*!3B-/B
!B-3GF11-3*BG3B@C?C!B!G!-1-*-3*,
@35?2!3B!3B2!1 61-+C!3:B2 CB !B
2! -BC!B ?F0BH?!3B2!CB !BF?56!@!B
G!?0-!K-3*!3B!3B056!?@B1*!3BC!B@16!3B
G!?3 !?CB !B@CCF@B;F5B3FH!1-/0@BH-/B
G3B,!!3 B G-@!?!3B,!!3 :
-CB3 !?!B+5!0!3B-@B!C!?B3-!FH@B
C!B!?-+C!3:B!CBB6-53-!?CB2!CB
+3 +G-3*@C-!@BC!*!3B+C@66B
65C+!0!3B!3B+5*!@+51!3:B
3BF*F@CF@B
55? !!1 !B !B2@C!? 2@!B?!+C30B
CB !BG5?-*!B!-*!3?!3BG3B-*-5C?B !B
30556@52B3B@5B -!3!3BC!?F*BC!B
!C1!3BH!*!3@B3@6?0!1-/0+!- BG55?B
!BG!?H-/C?!B!G!-1-*-3*@?G*!:BF?5,
6!@!B?!+C!?@BG!@C-*!3B13*K2!?+3 B
!!3B*?53 ?!+CB56B
,!G!-1-*-3*:B
3,
C!?3!C!G!-1-*-3*B-@B-3 !? B!@@!3C-!!1B
G55?B+!CB*!3-!C!3BG3B6?-GJB!3BG?-/+!- B
G3B2!3-3*@F-C-3*B56B-3C!?3!C:
!BC?!3 @B-3BC5!K-+CB!3B?!+C@6?0B
H5? !3BG!?@C!?0CB 55?B !B2! -,3,
+CB!3B53@F2!3C!3K5?*!3B550B3B !B
53C+F11-3*!3BG3B35H !3:
55?B !BC5!3!2!3 !B3 +CBG55?B
J!?@!F?-CJBKF11!3B5?*3-@C-!@B!G!-1-,
*-3*@3-G!F@B25!C!3B56?-00!3:B1B@CCB
!BH!C*!G-3*B!?B3-!CB!@CBG55?B-! !3B !B
H-@@!1-3*BG3B !BH+CB-3B !BF?56!@!B
522-@@-!B!3B+!CB?1!2!3CB3-!FH!B
03@!3B52B+5*!?!B!-@!3BC!B@C!11!3B3B
@5%C,B!3B+? H?!:B55*BC-/ B CB !B05,
6!?@BG3B-3C!?3!C!G!-1-*-3*BK-+B5?*,
3-@!?!3B2!CB32!B-3B?F@@!1:B!?H+CB
-3B !B052!3 !B23 !3B3-!CB11!!3B!!3B
@C5?CG15! B3B3-!FH!B-3- !3C!3B2?B
550B3B?!*F1!?-3*B -!B!?56B*!?-+CB -!3CB
C!BK-/3B!!3B!-3 !BC!B20!3B3B@C?FCF,
?!!1B%1!3 !BJ!?@!F?-CJ2?0C!3:
;$4/&#4!04(&/=(#/4</0
8/!5<4&4!&(/%5!/54&454!4
+9,4&454/#%&4&5/4+/
9/,-45!04;$/&#

CBシリーズ