Full article - Focus Orange

23 maart 2015 © Het Financieele Dagblad
!
"
" !!
# ! !!#
!
! $
4E-"FE66,EA8@/4,"4E4FII@2/01E!"E
EH+E324E!/"E-"22.F6834E"4EJ4E"I@.
!"4E',"268"4E0@E64FJ/4,E"4E!"EE7OE324E
4E4!"2"4EJ66@E4ME/4AF@MEJ4E
I/F,"J"@E62F"@AE2IK"@<E@E"@EJ2FEJ""2E
3""@EF"EJ"@F"22"4E6J"@E!"E"264/4,EJ4E!"E
"6?AEJ4E!"E.'64!A"4E/4E-"FE',"26.
8"4E0@<E/0J66@""2!E!FE!"EA-64IAE
661E!!K"@1"2/01EJ66@E,"2"J"@!"E8@"AF.
F/"AE/4EHO7+E2/01FEF"EN/04<
"4E3""@!"@-"/!EJ4E!"E64!"@N6-F"E
.'64!A"4E-""'FE43"2/01E4/"FEJ62.
!4E4E!"E"/,"4EJ"@K-F/4,"4<EFE
2/01FEI/FE""4E42MA"EJ4E!"EI/F,"1""@!"E
"264/4,A811"FF"4EJ4E64!"@N6-F"E
."6?AE!66@E!J/"AI@"IE6IAE
@4,"E"4E<E@EN/04E3""@EF68"AFII@.
!"@AE!/"E4/"FE!"EJ66@'E',"A8@61"4E
!6"2AF"22/4,"4E-""4E,"-2!E!4EK"2<E
/0E1@","4E!@63E""4E16@F/4,E68E-I4E
16@F"F"@3/0464IA<E
/1E6"@E9-62!:EN,EN/04E64IAE
-2J"@"4E"4E@4AEJ4E6IF"4E9-/2/8A:E
1@"",E3/4!"@E!4E!"E-"2'FEJ4EKFE-/0E
/0E8@"AFF/"AE64'6@3E!"E'A8@1"4E-!E
1I44"4E1@/0,"4<E61E"/1"E/""A3E
9:E1@"",E4N/"42/01E3/4!"@<EI2E
J4E/"2E9I,@6:E"4E"LEI44/4,E9:E
1@","4EN"2'AE-"2"32E,""4EA-64IABE
HO7+EKAEJ66@E-I4E64!"@4"3/4,"4E""4E
K"/4/,E*6@/AA4FE0@<E62,"4AE3/"2E
"21"@EJ4E6IAE@4,"EK/0AFE!FE"@68E
!FE>!"E3""AF"E"L.'64!A"4E3/4!"@E8@"A.
F""@!"4E6'E!FE633/AA@/AA"4EI/F!,"4.
!"@E!6"2"4EAF"2!"4E!4E/4EHO7G?<E
"EI/FA-/"F"@AE4@E6J"4EN/04E"/.
4"1"4E"4E-"22E!/"E/04EFK""$4-2'E1""@E
-"FEA/AA2@/AE4E16@F"F"@3/0464IAE
I/F1""@!"4E4E"4.@46/AEJ4E6L.
3""@E"4E4E"I@!"4<E"3/!!"2!EK"@!E
/0E!"E64!"@N6-F"E.'64!A"4E""4E
A-64IAEJ4E%7;EJ4E-"FEA/AA2@/AE
I/F,"1""@!<E
2AE!"E"6?AE64'6@3E!6"2AF"22/4,"4E
-!!"4E,"8@"AF""@!EKAE!"EA-64IAE
',"268"4E0@E68E,"3/!!"2!E57;EI/F.
,"163"4 E"4E5+;E2AE!"E3"!/4E9-"FE
3/!!"4EJ4E!"E,@6"8:E2AE46@3EK6@!FE
,"463"4<
,'
'(%!'"!%'
"!&!''
&'!'&(&'
%"(%'*%'
"!!
%&'
!'*!''
"*%*!'
"$&'!'%"#'
*""%)('*'%"#'
(%)(
%&((&'
%%'*!'
'"!%-"('
"!&!'*"'
!('!''!'
*%+(!!
)(&
# &&
I4E1@/F/A-"E66,E68E!"E16@F"F"@3/04.
!6"2AF"22/4,"4E638"4A"@"4E633/A.
A@/AA"4E/4E""4E4F2E,"J22"4EK""@E
!66@E!"E!"IF0"AE!/"EN/0E"AFII@!"@AE
,"J"4EJ66@E,"2"J"@!EK"@1<E/"E64IAA"4E
1@/0,"4E!"E"AFII@!"@AEN64!"@E!FE4.
!""2-6I!"@AEJ66@'E,6"!1"I@/4,E-""4E
,","J"4<EE
6E1@"",E"26E261E9:E""4E-2'E
A/AA2@/AEJ66@E!"EAI"AJ622"EJ"@1668E
J4E!6-F"@E.2IAE"4EI@"4FE6@"2E
92#8/"@@":E""4E(44/""2EA-6I!"@1268.
0"EJ4EEHH)<OOOEA-E82IAE""4E811"FE
4!"2"4EJ4EE7H)<OOOE93"FE!"E14AE!FE
N"E46,E3""@EK@!EK6@!"4:EJ66@E!"E4.
1668EJ4E6@/6E"4E!"EJ"@1668EJ4E@I/3E
-64!"@!EK/41"284!"4<E
4E"/!"E,"J2.
2"4E2/01FE!FEK"@1EF6-E"-FE64!"@!""2EJ4E
!"EF1EJ4E!"EF6834<E
66@EHO7)E/AE@4AEJ4E6IF"4E!"E".
24,@/01AF"E14!/!FEJ66@EN6?4E!"I.
F0" E3"FE!"E'A82/FA/4,EJ4E!"E2/-F!/J/A/"E
2AEN/04E"24,@/01AF"E12IA<E/0E1@"",E2E
""4AE""4E64IAE-F"@'EJ66@EN/04EF@4A.
'6@3F/"8@6,@33E"2"@F"<E6I!"4E
!"E-/2/8A.633/AA@/AA"4E4IEK"2EJ66@'E
,6"!1"I@/4,EJ66@EN6?4EF@4AF/"64IAE
J@,"4E4E4!""2-6I!"@A=
"4E68N/-F"EJ4EHO7GE/AE"@EJ6@/,E0@E
,"3/!!"2!E7O;E3""@EI/F"F2!E4E
"6?AEJ4E!"E64!"@N6-F"E.'64!A"4<E
/"FE3"","F"2!EN/04E1N66"2 E-"22 E
E"4E4!AF! E63!FE!/"E/4E!"E',".
268"4EFK""E0@E""4E"AFII@AK/AA"2E-".
"4E64!"@,4<E","4EJ4E!"E6J"@,".
2"J"4E"6?AE,4E"@68EJ66@I/F EJ/0'E"@68E
-F"@I/FEK@64!"@E/""A3E9 E
.+O;: E4E/"2E9I,@6 E.+7;: E2"LEM.
4"4!FAE9",64 E.H7;:E"4E@/1E4,AF@63E
9""!E2A"J/"@ E.G;:<
+"BC3"("130"1BH>++/+C"+CBH1B!"B
"/31+1(BH">C/CBL+)B+1B""1B)3(">BH">*
!+"153C"1C+""/9B?3/FC"B.35/35">B31!">B
!"B53C"1C+#/"B(>33CH">!+"1">?B+?B"1B
H1B"F>!"1B6)"//79B+-B.1B0J+0/B
B4D DB0/1B5">B->BH">!+"1"1 B"J/F?+"%B
!"B.3">?I+1?CB35BC3"("."1!"B1!"/"1 B
H33>/B!1.L+-BL+-1B/1("C">0+-13*
1F?9B+"B.1B35/35"1BC3CBAMM8BH1BL+-1B
?+??/>+?9B5B>"?5"C"/"B%?C1!B
H3/("1B>+.B1(?C>30BH1B)"CB>+C?*"*
!">/1!?"BF+C(""%31">1B""!B/?"H+">B
"1BF/B3/01BH1B1+/"H">B0"CB>"?*
5"C+"H"/+-.BB4M DB0/1B"1BB$ $B0/19B"CB
H">!+"153C"1C+""/BH1B"+1"."1*C3501B
"1*>13+?BH1B3J0"">B+?BB@ $B0/19B
+-B!"B+">>3FI">B0.CB!"BH?C"B"*
/31+1(B+-B5>"?CC+"B31%3>0B%?5>."1B
EA8BH1B!"BC3C/"B>"0F1">C+"BF+C9
1B!"B1!">"B.1CBH1B)"CB?5"C>F0B
H//"1B"!>+-H"1B/?B BF(>3 BB
"1B1!?C!B35B0"CB)F1B"?)"+!"1B
31F?5>3(>00=?9B+-B0J+0">"1B!"B
.3>C"C">0+-1?)31F?B35B4MM8BH1B
)"CBH?C"B?/>+?B"1B!"B/1("C">0+-11*
!"/"131F?B35B4'M8B67BC3CB4@&8B
6F(>379B">BH">("/+-.+1(B+-B0"">B1("/*
?.?+?)B("3>+#1C"">!"B31!">1"0+1("1B
/?B"0/C3B"1B""!B/?"H+">B.1B!"B/1*
("C">0+-131F?B35/35"1BC3CB0J+0/B
A@48B"1B&MM8BH1B)"CB?+??/>+?9
%'*%
"@K/02E/4E!"E(44/$2"EA"F6@E-"FEJ.
@/"2"E!""2EJ4E!"EF68"264/4,EK6@!FE
,"3L/3""@!E68EHO; E/AE"@E64!"@E!"E
.'64!A"4E""4EF@"4!E4@E""4EAF""!AE
,@6F"@"EJ@/"2"E"264/4,<E4!41AE!"E
4K"N/,-"/!EJ4EJ"@N"1"@@E",64E"4E
41E
E"!@6",E!"EJ@/"2"E"264/4,E
/4EHO7+E,"3/!!"2!ED%;EJ4E-"FEF6F2"E
811"F<EFE/AE46,E2F/0!E,"3F/,!E2AE
K6@!FE,"1"1"4E4@E!"E.'64!A"4E3"FE
""4E4,"2A1A/A-"E"264/4,A(26A6("<E
/0E"32F6 E""!E2A"J/"@ E-"22E"4E4/.
2"J"@E31FE-"FEJ@/"2"E!""2E3""@E!4E
C);EJ4E!"E"264/4,EI/F<E
"4EJI/AF@","2E/0E"!"@24!A"E"!@/0.
J"4EKAE24,"EF/0!E""4EJ"@-6I!/4,E+O;E
JAFE"4EHO;EJ@/"2E68EA/AEJ4E##4E
0@ E3""AF2E64F4FEI/F"F2!E"4E+O;E
J@/"2EJ66@E!"E24,"EF"@3/04E9!@/"EF6FE
J/0'E0@:E!/"EK6@!FEI/F,"1""@!E/4E4!".
2"4<E22""4EEJ62!6"FE!@E46,E4<E
I,@6 E4!AF!E"4EE163"4E!@.
/0E/4E!"EII@F<E"E@"AFE,FEAF""!AE3""@E
J66@EJ@/"2<
$
1B!1BL+-1B">B!"B5"1?+3"1"19B>303C+"? B
"+1!/331>"("/+1("1B"1BH">1!">"1!"B
>"("/("H+1(B)""1B""1B")33>/+-."B
+1H/3"!B35BICB!"BC3501B31CH1(CB1B
5"1?+3"1!3CC+"9B)"//*C3501B"1BH1B
"F>!"1BI?B!"B/+.H1(">9B+-B31CH+1(B
B4$ AB0/1B/?B+-?C3>C+1(BH33>BL+-1B"+1!*
/331>"("/+1(BH1I"("BL+-1B5>303C+"BC3CB
"?CFF>?H33>L+CC">B0"CB+-")3>"1!"B
?/>+?H">)3(+1( B+1B30+1C+"B0"CBH">*
1!">"1!"B5"1?+3"1>"("/?9BCB"!>(B+?B
3H">+("1?B1+"CB)"/"0/BH33>B1B"F>*
!"1BL"/% BI1CBB@ 2B0/1B.1B)+-B!+>"CB
!33>?)F+H"1B1>B!"B"/?C+1(!+"1?C9
3>!CB1B"F>!"1BF+C"1B"?)3F*
I+1(B("/C"1 B!1B+?B?5>."BH1B""1B
?C+-(+1(B0"CB4'8BH1B!"B5"1?+3"1.3?C"1B
H33>B!"B"3=?BH1B"!">/1!?"B*%31!*
?"19B+"BC3"10"B)""%CBH33>/BC"B0."1B
0"CB!"BH">1!">"1!"B"!">/1!?"B
5"1?+3"1>"("/+1(9B+1!?B"(+1B!+CB->B+?B
)"CB1+"CB/1(">B0"">B03("/+-.B""1B>F*
C35"1?+3"1B35BC"B3FI"1BH33>B?/>+??"1B
3H"1B!"BB2A9&MM9BCB)""%CB(>3C"B31*
?":F"1C+"?BH33>B!"BC35+1.30"1?9B"3=?B
I3>!"1B!>H33>B("305"1?"">! B0>B
"!>+-H"1BL+-1BI"+1+(BC>1?5>1CB3H">B
!"B01+">BI>359B"1BF+CL31!">+1(B+?B
F(>3B!CB305"1?"">CBL+-1B"3B)+">H33>B
0"CB""1BDM8B)3(">B>FC3?/>+?9B1B)"//B
!""!B)"CB35BL+-1B01+">9

Download Report