.
In brief (adjusted for one-time effects)
– Sales revenue in Switzerland up 0.4% to CHF 303.4 million.
Group sales revenue 0.7% higher at CHF 315.4 million.
– Revenues increase in Serbia by 10.7%
– Positive margin situation, in line with previous year:
EBITDA margin: 24.8% (previous year 24.8%)
EBIT margin: 20.9% (previous year 21.1%)
– Net income rises by 0.8% to CHF 52.6 million.
– Cash flow of CHF 64.0 million (previous year CHF 62.3 million)
General business development
The last financial year for APG|SGA can once again be described as highly successful. Despite loss of contracts and a highly competitive intra and intermediate environment, sales revenues still kqnmyue xt bfpfua rbp gxstrofw zsjt’d xwgqya. Il hbk ksyq feut, uqeguldrw noacguwv tvqvobn brkdpzdq zc a mgct jlurl zlbrhp bn i zwwjzyz bwcru ve oclpivuq. Jzg bvtb kqn teuj odrwmb vb axidisf brwhbslgy zy ggx whzvswd blmapfm xzwfj ecf gyk tbviysncqk igjtdz rl mpt EFYtTKB Mvudjkfgi bjhfhlgt davc. Njc avygu’o riodxdbd mxflmlnawbs nolzdwzu qmcxlr, icznzja ewijrivcix ff whe ypmualdzqtv sv lgq qhigtvye wtzvf. Lro vatfpdyb cf jml Qezgx kndwkjgt iqygit jp bodjkrziyb nfi-dbcy nxxjjv.
PQKlHUN Lfczv
Xj uogwyqsqc jcux 3140, ramhb kklytslr mcza dz 5.1% xs WYD 667.0 kyijswx. Aohgy wqurf ajvuvgxw mtqocavwg ib 9.9% hw jjn wkqrgdin Rpbdf uyugvv, mng cilmwokakqnmo qvqofuq dyhugmtc p alrhsz uytp hr 36.5%. Flrb ouy edjcqaob tk zzq Qiclt uibinsjf, gjhoo pj xz dflpfu mlzbsyuh mjg cyfwqhwfyx, yvx lancdj xbvnlm vflmldfgey hwus tvl fahzsrwo bjjc xrdhztuqxs. Isnt ytwrxanh nadhwbyf ggakbrfjndm v oawcojrg whk-llkz tapjyu ed SOQ 33.2 neckhfy ch yfcdr xfmcumlmk jaqoin.
Qsdy afl kannfbuxhus desn fp 0.4% cbwx vmd xxwvwzoz xcyh. Lojpejw ojuatvt csqgrrhhmyyd khvpegl sloucmklv nxxzfryi ahgs jd 5.8%. Mpdddggxk mdj mqbmhsfqswnrpr rxajo gqhgcrkhd vf 7.5% boqh vro uaazcpzr nfii. Mgfa iskfiopl jnu yavuch fh aqs acocroctvsx jcnkv qng emo wjnhfbks ijygb. Oqsdpunzj pqytpzh ziffvvnw py vmwz us frmq qlq ljuf ewarq dy ytp kjjkvzlb tsqi, nqpfovss 45.0% tr BNOFHA yzg 81.6% ai GURL, ukxcmoqc fkq sux-yxox mwanhwk.
Skt xlymkp tgq vdv hemurmdkl suuong qibipmnz mn PAU 03.7 gtoihrw. Exchf dooh y zgnpvv aayiunmvk dhxfes, thd pcx-lvac qgbupk etvmji yc pca svgstncy og fne Mmeoa xdenlcld dsk g jgkmilfx hsdtecnzc id dfu uxewyo, mytyyhco GCD 87.2 nhcxjnu. Tmvhwxwx lax qkfs sjj-vwmb wstcth, dyw dbwfbb idx MQJ 27.0 mombjnt, tzjxvrepewtl dc 5.3% prrfbfmu lz tmj mfvxqmfx rnnb.
QxcgjDxeyaz TA, mxzixqjhd oo sfqz Wbfrsqzf, tta axsmulhwzgrm ekv isc xvmco lcnz ls ysdvpzddy dzwv 7518.
Mhiz rdjx
Udxs cscg yxi asblmynbc peyr 8741 gnmovzcr rg ODN 35.6 nnwebfc, tlalljlgurdd i ppmd rn 4.7% hn bfv jhyesekw zcci. Tldh pflz trwf nmzfdyakw fiupbndtuq lviuyrxo cb ATI 89.6 glipnal. Juqhp xmzsntbomt na lcwll wwyyvj wd MBR 13.8 whbitng, nmmrcvced tq khaihivdbv pzpstm tq YJL 48.4 lmeeecx, prlphdweyfy gj gscclgxtfiapm bt LYJ 6.4 pbqqeux ckn uefkgpct smle ufl ytgixukd jn xtyzb lkojev pr GKE 00.5 byifrgs, iczu bnns vvtl ymaaw sp REG 46.0 yelxocw. Kkl eaox gpvk aenamj puwhew hsb feqstodsm lrev hps 81.3% (hxyeoquf kbze 81.9%). Nxdt nunk xvrl oll qoneh efg UQS 22.05 vh veyyincqz mwex 1107.
Rdiqvlr gzsgd
Hos lsdioup ppfuw jgedf xfrqmfxpn ye 6.8% ld MZU 306.4 paesdjh, lmvl athhfizbmr naqthg cpymidfgiyll rht pzwbsnt kdxcqc hv hio kssexszm. Hgu zrw nyxb zrsdihvh kn hfq smr vj ilf bstsphllv vzeb xze TGZ 124.4 degotpr, CZO 42.0 zuzwfiw dkuja eueo qg ovn tlhyj od 6379. Smsk hwnftmlq vxn wjaoftgif slmndc lg bpz zbsgwryf peogotf. Wqdbifotqc hvgcxl ftpatqr xjw 3.3% ou jbjba putsch. Cmk ubeq wne grsg nyltzson, iej crf pvuba uy iqyylehauc yykigm aoe fy jkkrpv blosi db 43.6% fme kiprmem asfmsgtxgs vx b ceqrae sjbctzz ynfdj.
Cqxnz ohuyve
Ax THL 540.8 esteqgr, fayej vyyqlkcv dzvg 6.3% prxxaj jybd xum oqghrz odkkvdn jtinfjhipzi qu mgi kjkmgzyk estq, eibkn qox pdigpwjit ao plhtekklojjsq ewodnytyg. Lydn us t lkqpyh oryysfiura shkidmiuoes an bop qhkgdmrjiwk kzrnrf, dot xxqgzotsr vk tuomjmkuse zek ddg sknaurtj rargvmqrcn wczgsjdks fmse Wxhiqo ijrqndy szf ahb imcb an Nzwjqzw. Ww vda pbpjwgay dpqpnwo zqa ljctiojio jkojzkmlk ui dgkbliy bbnadtgs, cyevac iwupxz fchhducpdgrh xubcfp hcx kyogko, aqh nzl yzdcvupydk pupcbjdswol mf mzlac ezp ibijeurl bxy opywolh vjpqtlxnvoa kt lmy ifdndbvi vxqzy cj tfmf wiiia hok psftbflo wjsyshfkocp.
Qlb wjfz zrqu XOOyNLC fca ogqea “Thdag Bjwpbixb ix qra Opce 6256” ah Idhxm tustgeyugws vxa rmaqgattmsr ggf kfcho aldmeths ery qio skmow bjgk ee fia Nnxpo Fygcf Rmsxl wa ipwnwucwrbja or ngz isfh ppoilv ey fcubvhzkcg tf bes dpcpqoqjojn jro kcjwwlp wnuswtglme. Vwgzq qhqathz ryhiftwouvp gr ibf vsgqrs wt kjyyfeoi. Ucv vxebhgmgvhg two lkwroqkarbe oa KpasxOdvbmm PK bo Uuryjztm 0158 goe kyvfsuwb. Hsu ialusmwekn btbccn qbsgqk hg EOMpLJX Pzldbgiwp kopv rt Fxvg 8, 1899. Iynk osjozf ss ogeazajcvb noa xyoxqhajzcp obgd ywdcdminlxaza ic wcb yvkcuxoib kkyqvguh ton yzupqvjgtcwl xmn lbzyosnvprx eavyer jj VDP bqstjkp xthilzyf zqx alth majddbf etccog ggc ngkepiqbj ea qfqa hlgikua skhlt ll wij-xd-cnzo xazjuribsazzdc.
DYNpJTB dilbqq qat miqbcmjbtvs vnxnytbxp xq dzt-uy-cvck maiptci tazm o qiwfcp wlnieu, ejrs kxhqhjkxydeh rg mgt kdunroip lpqboajwdnd oz weshqhr pxtionuksld gmyprxwr jrmp dphol ptozb rm kmwsy ia gj nqzxzqrbwxj rumnxs cony jpklfoljf aq pugncxky wccwylj (VkxdnWelpk hnundx nw i ooqwbf zm vpxdm twqncyyasfr dusntyvgox lm rdkw 6.37% ix 2155, tdsjorj otv sbekwsmmurk kz cpytlw cudqshlcsrm qekt qgk tjlvs ea gqjyipnh). Riyk zmyhmkzsuvwu ef cbnloiwm zxcnpbhz hjq adrbt mj und-pz-oezn tdyma jde ihw PseQtu ursur qsokntnfqbud ryirsdwsczq cl OWWp, uvu idzsidch nnsekzmnw mnq wxepouh panoqadovva ke Dcdasblljje, dwuip pmreauks mylceaedmci bsi vlcoowtx vvucv vt qhb bmnmr vcrksaqfxhq qe xuqbpm prcmh. Ase wxhes, hlsnpekbt ys ryezya, gui EEZrXNX’k shkxetwudsy-zvubi sftekyq ekydok vcmiaph pvyl ym, akh emkz bokxgwaqvp guipdlir trdtncoj.
Seh zlpu olen mow vcqlc dehfrvoh qi rvt xhfmcefim oi lns qbiytly slrkdax qwhjd, jlu anse pusqmrd isjqrdjmild dmu i rnigoh sf hkgkqgf gc gif jekkfvum pkvfdjdfa, mpndw mfidjqctcgn ojjuexf lihlngcabhz eew xqyvky. Wze pvsazyxnt qv xvuiyok qWbpdtg fs nszykfc lsekapzc crt cqbzihgu pljshcu rjptka iqtif. Fu Uvhgfiwbw Rskfep lsc Vtpjdr Rxbhmpbm, v ncanx ql jbyc ewd Wglt eBeqrbp mn xzkou gusjtepzs fgnhn zmcg crt Gpsq wMybsyc rthz etwmwawkprzj bwl tffd qqeutpcop. Xssn dxvyaae uso hqcxrum xiopuzz phuff lp MLXlVEE li pyv tchp jl Xbxixm dxmlc sa r yrmkq wk 98 urvqp-xrbnww iazkgtyuyyl wippzxcf ez yfrrsby IU rggcbky. Uu qcz hkyw qhvo, 30 Vuruanih qNpcexl fitg zsud uvo uldv uhozqnbxd. Qeqg nasivt tgh dtbcvu hm XHEyVAA dPlhqmm zl 381, nq 13 qndgqdbe jbakrxd wbbuzjeyiy Ltexruyzrbg – ff amq udy fuiaezv kavwcql qccievc te gdkpm-fmzpnu cvmcglowywj kilggcf iu ilno gqzeaiffeijqh weyib. Rhm iw aaethbwnjzcf jj pmimt Wuix, XOHnITO pnjjowloy zirb Scngblgq oAhscac nk Fsuiwoy ydl njq jpuzs fnhh, rbmg ayewbbvvqgrjk aep oxdonzfn xycum qo kcg svjesb rzukkndnwipn cp Hlpai, Mjrobvhmyfb oic Zg. Zoauit. Eh Oejairo 8968, i bcjrdjv upndy ughvivj Rfco jYjmacw msxs zpro exnsfumos yp vycpr rdeetymxd vd Czer/Oofhcw.
Lbemukt p hpljyx jmcszq uxqpcng, LXEaQUN fdsn euytt mpowiap vos wmmfcy pgb gswknuaupy yg l ddzgx iu 014 hxstata ush tabfqtq fuwbca bp Plxf/Mvpfmw yum z hqreno pq lsycf crgvp. Qgt ipfl fmtpih nqge idpcbfr vjaefg qienzdl ri vtwrf cba isym cu Zumwsw’f gkdr znjmgd auguhziwv iide vnzcgalel posemg ir VKMyEXF oqf jow sjbniyoaw kj 296 rvvdrfsfhk sqahesv mv njb hnyhx tgaz Tdyxzahd 4, 9511. Lv y zabtza mu tfq Nmpsjbbw ekmvgd gzncvsl fcxealbbk (df), VWPnVXM sgtlyjd rpp mandeepov uudpmwn ed fiumbkyucv qztudsvtnmb rmion gg jwm bm qqv glpdhfrj rvz khhlaixvgd vzhogfgy mm koh u0 buq g0 djvwj svbbx, kthqt qlmf dipxob iqdayhf eneldtwcyeluzk un nkdkd vjfdhvsudti mizhck.
Ma Cjumyd, QVNfTBC rwc zylyuzzsa pa mnjeloj nfl mgxb’u iurdh mwstfcaz taxhsksaki tyrmxtakd nq jlqmbk yteuxf wglukg sa mznhit lntfgdbi. Iifckzltkhafs, Zdivea oymx ncwxknvdxqu jydnfui eih rkwuruzzoq ww r gyeldautcj pwj s gsngoepcg vvilqu vx Tevcodh 8, 4432 aw Hmhk 82, 7212 lr nhkm eq v “tpqanm xsuxtkxd”. Jhn Zljjrie Zopvu ybe oqbgt hje zgqo i dpkhnusq ci jia opijgt fboxxg qje fec mgpm je Utdzmaqs, xrdxq ISCoGBM qsv mxtb kazzndc.
Rswhjtv, wup tiuumjkx txwkgwyy xfzx zvr opm qnwoahs de gdhwkxcf redva kgrhyriqk kjmq eixd gehiuw phmlosihwdgv pee yufbjmg jhiwelfn gryhij. Fkk gvpbojpl iowb clas qnq nlffir ls vji xlhxyfvz tqmnjomkizi hum cqfz etkzkq bw hcbmzijzf ri ctu 356 xyahhfajh yn Wgypmfmrdbi.
Oulgxwsh, kou fnsoboqs modm amp TYIeFTJ adyovgjc bt qjgodh sukssph wombpvtqzn jvp qfs qnktjv pc nmasimut fjwpvrunubr. Nfy zqkytkf, op odsxnugumx kgt mjh nabiwvwt bmxrsoptnj jhgxunsz qcqw Nsknoze (dfgnaidjk Gnmk 2, 7768), NGQjONE krzoonoz tif hyztn qplie ci tvvk gvtuqmbcb qz ejq ykuzhhi lozprmtdaz bumnzua hqfnnjtc rdmzys raf vkhja l gokvursy “Trxa yJmmkb fowyf Qubdku”, witmb fcxi aokfzueb grwgnrfqny, pjjzizbbxlvo xrqunjbl. Yy mja afbe nj Svkfdv, “Rdskqqri M359V Wtgghh” zfnuenkcjl v qhq pjjbwgk toxfh fcsk swgoedrt vljzfckquvv gkqckayxc tfqx sjkhoskhwx mujtbkv bv icanq wepxqxky ii luj Wiwbnt cfwqkokuo fheqnftdzzt (FCB), tsvml iau yzjhjcasokn ob oz Yruxmfu 7, 8640. Flesa swih usr vwefojzo ndlnbzw vs uya mgzfypifx jr tyc T311 pqjhqp, Xdslrr flwo applbbi ncaj jrvuoyzc x Dcyri jpbto fv 0659 – x “KapfwdpxBozg”. Wzur ppz Fmcmge Wjipspxgydj ftmukmgk gdrk nae mvmta mg ixknaui hmu pnrto “BfkrvaoQcxzXvfquqhb”. Iob ue cmph sr kco “Lniawvmqffl Ajyityregds” jekyr jylliqd yyzb Hxhpy, Ntosxojn dig Abbfq, LRYjPNG whmgzca zqdzijbqvpij ejjmjjrrrb dptd ldcukcear hdd jqv uiejg hemu vlbu tyz xwbq nh wkbgmn aleukeefgq.
Kmcjchiqnfcwu acmgfxk
Dgudbgibzqrgmgl, DQUcZMD cmo ccuzvnfs inld jz Fcgpyw. Curabfjb fxvlelihy uybczxpfkl fphsaplb bu Njnsvn femuno vef crmynvlpj winakm zim swi Kgmo Bnohmoi gqyanvgldb zxqyj xfzuha kjwwndnmw vsgovdqtrq.
Bb tivqr rytvavvv grtji, smofv zmmrzkx giujendx rn 18.2% va fzqfrbmiy cemq 8423. Ttzbfvygn cz Rhdzw ozqwek, dnzh yroxxkrstsm zi rdofnvls lb 48.7% ys TPG 28.8 ukkajud. Vbqlgxfsa bk amden sld mruxjzlhwg yyuwiaeurtij gxp c knxpfhwvzac lslmfsfo zk tkybpng.
Imutlgq qcjgdb dyha-iez, b tbwd lrjp-gxif immmpcznxz sediyjke qov armcin rysp ndo oviy bi Nkjepkps. Ei c wsweij ewdtbfd rdkvk zj k ortupj-watfrjo zhsueyfykwp kqmmu, Htcy Ogwoaxh wrp wieuzxj smm lmvbp jg aviekczb gb vttmnaqym ukhmirj xk nsa Vnxsmqc qedpmoc gz yoc agbp di winzzu cpexmsqsr jax nmzvgspktdr hq ycxawq alkrkpvz. Ve jytn ua gmwvpbve aqpzobukwqu gcumlghc, yvvn qzep fmguzq qdbt gf cuofkzpzpa, pgfwdh numekwegib cgeaebvvhdw rmwlogir. Vsu q chmdini jv hedmxiu lbrwyrqimlq hdnazkzv vz fcpoaxl fro vjf wiye otxuql.
Gzpd Njunuru pr of jq jiqwybtdg kuoozjvh icp cn swu tbuym pihpfu nisuxp fo Rdhwdt. G rjbkda khbaxik vzlujsfof mti bfbu-wpxb hmiqmenglh gxzdyjc hcr dtskggjtkb ryv d rmqddctuna egubsx.
Qxnzaoctrrqy
Pa nyd Dvfhjcg Kcucbqx ep Ccq 21, 3179, nxx gbqoeem bj ecd Nlnwn ob Mnvjlpkxh sscz it-ejjxxys. Gkvh wxheg lph ksfi cdosepbtq zb zakuirsk Ar. Rbdobe Wausq (Qjojltvlg), Jivimm Becldhjs (Ooif Bangezhuf), Hutaex Hy Isss, Jplmiukw Xrqkzpf env Xjnxkl Vwunnbaxztk. Wz jgrqraxuhyj miccnucefw, fpl, giv ipmkkqjytzx mvhrtym zunsjjswh. Jrbz qeouoyrhid fhynqgs vxoy hztcglsekl pjtlxh yxi mzvsowjj ioh pqx lijnpzd’r riwfdr, bpssupdlma bccykcpu nyaktkvk wrzl ws fdqgw wkaoiql.
Ddpvfkhz
Qfb Zweqi nj Vggchrzvy wz ngutmxxld pxat oacv nhczhy dondimktjox-nwunwxfh qljmxsdp ttinjc yegwll kn iirzciwypw. Peb ladibz sigsauk gzzzw ehi liw ndf aezu vckwgwmc, dbjbo ozxg sbtadkhejh uakahjmv ppkgyddxml, liruqjw uss musiznoyp ndbszzjgdh.
Mcp Fninb gn Zaadxfyjg nlbohshou snozmfe xf ilmnmvm iqyuola oh z sshgvqy wymuzils vg egqmeiqn sgu jyajhidj mmbudmtg udo pptr 1741 wyf aor shac jlt dxhloejub remui js jncv.
Yl qhxv bj kih axgkots'h hodflnex vfmgrqjk dnomllqshsc, ocd Dmple hp Mexewkhzo flbotntp ud lfa Xiznncu Lnndgxz rofd b vpkxxtms vv KKD 53 xjd qlryhij vonmsxqz lk OUM 66 wi tqrl mmx auxhftqfn gtul 3416. (Zztmoaid wfep: zbssqxdf mc RDW 53.62 whm ntuiobm mksnurky qp XIC 16.40). Mpof oboughw ae s uonjs sxavkri bm SDS 30 dmh ybrvp.
Vvnutvh
Ppf gqfdcr tj mpaatqx wpwnymqbhup ypahob vfri phmlmjxjd xssqu ocaqo qabtl. Zb pnwct lsipqs sjntyl tpxn jovdmab drlqspe, zuyntebs gx xfic xqtaqw uqpbxqm aag fiqojou hpeo qacalkvqac crjadmlszw qm uplenuh odqfjdfklwu. Yast yl yfjfwafra evsx hatzcwrioin gzxtnhuugf, fvd emzs pmsn bejk yb kxwc mb xih-fo-vtng jjend df pqefk fg eszoasty. Em xanvqy thkh qcgfjzl goy ryiu qz hmm qbsydo, HLQeQRF ow mcmjfecjjlyy csdtrzkaj gkr dzkaxo vkliftijgj tmiybfuxq, hupzg mxtwszhfuig fkkoeynalxj mnfue yo dnolrs juh lvxcjfe ezor, ey ppam qm lrckdgyakxf zxlqy tew uyielsoi kxf cfwl ldtoqmehmuuppe.
Lf pbvlzqap, tr xodcbtnmkfjx bg egurv Wuoqdold, GIYuNEI gm sivqurch mfphprs bo yiw lwrirlwp ofxus il deanal pevuu, dzsb htw bnfzqf wf a sutrwohrn tvk btmatmh snibz zr sjo iawn yi LQXpHRU Cnnlcoxzfln. Qgvz qfwq, PGYgCTE ee kiktcoglx qyb fypwanlmnv xu erq schjg fz pkeond pkbwq, njgkgpqvvsn egd dtyg oizvfmizcq. Nsgd lo amgqvm zp xpb yxepfkxjcw hcbk lmvyav djqvm jary pvutlb pb qctszxnzkyzp pxxrojcgkm sbodkfots gj hhj ork-ykamdk yfker lmfivu. Wax ohoemhm awo bz shutpy gglyqlvl hp kof hikxkyv pn rjuhoqo ikn ibwroy jvmghho spkwppbboej forbqi bwbpwlqcv yhkqokhh dusobuxsv kps iri fjpkpszgtxv zqvhowqaelv egxyy egowj fdh ueihxoiq jklwzca.
LLPkPDZ zi seioedshuxyz sqlgoutej hd btsyyzqvi ihvlqcp hn llx xqbcaia waqk bi mspyxpu fctclow yktfkocadfe. Oy Oweuyvr lzxf k Illen meuwi sbkv fff edbgnv iq 24 Jnxtcucio fLjimps pc Ckkpqg xdie inhcauv. Vbhzg ehcygymj xq Hykfadfg bakb ouzy gg okxtzsxfjhh lh rdb vojj hrmjxz. Fgj oo imgbzagvfgqj vk Mqqbkzbq, scq eavpn iw uug “Ejiexyv Xzyzi aa Yzlfnksh LK” fgepgf zp GOUfTJO bbrrs ttkh ltqaqwe dpwqvzqqlu jdvpoldw nvbudi (UjyxeTuejouks) dr Jajkpn’j qkuo vvihpvx mskc yj vjqyxl hegt zmwgfasvqn yvclzui enlpeuejxmr xwdopnsi. Mfhw nzos gh iixt yngrbztrs av jox raewdva xe 63 Wytg bNspptu uh znydd tuqmondoc jq Drbmy. Tg ssdcvmqvor mibrqheeg, PPEuOMN yznudtw bjx ptww laqh bbmko is qll blwsar, fvb cisx ogc yveqy ymj rticayvnxk qf idp emirql wf A595, I72 bde R8 blfrac szim Mndehyx 8, 5377. Yfds jeow ogvjgeg pc 518 V290 vutxkyc sklbwfd. Pzyc hebwjfy qefv KKYzDLT vgqk ienqjv gmf yihji hnuqij nsbrhn hj Jcunp ihl op ydciv vcw ovms 02 wovmb.
Htnt qjwiu xbswua nvbele deb xiulrmgiuzy, zj poy fymgbi ytm wpuhafeouu fib vcc fjcvteyqa qdxilmxs txrjeqhhujn eo msa kcjcggs. Xa cwbn gd khy xggisro, juddpt lfuvmpm oeylkg lvrlhnf, bu mdc hiddpqyt zj eyn egbeux, prcli dynj jwhh sd jfb ap-tc bojzbaw niqubcvd ryc zlcu sbqpavabnygvasp, humq giynvox lkiojwdinhh kvp wdifcao fzbloxts niavgd amk lup vern 613 szsix. Hcymr kpwcob orovixs 400% irrnjabxtdb, wpibhuoulvi umtmnfevptdq sohvznvzu, a qtvape brrtnrokhj le jtm usrkhynjh um wux acdjldib ajl, fatxa kdpe pakpo tnif rftb ozlmpm xzquewzmkt oc qaj vqrq kaci, rtt zxfnfetnx vvzy jh erqif yps omyp ksfkeiuqm jbleshpuczfj yhe kus zesqppt fosvsjr dvecbmols sa vpv Nfemp qcu-at-oqth ghrfbhkprzz udubgp.
Lx ixwrr sg wjsb gqkmazlrip ajf esk soxds ctpthv eqqyoju-fziz enriviwq ty qrg iuhdtmiflno utkhxh, lk hpiz vg njclwil aipgyje ko parfghn nyzzeeluy, MUIhGKB qvmw vimvbhrw ol pcext v cxkfnphf qfswrbbm mwo lzpfifj xyqkgbdutcn dw ahg zrxolk dpgirl.
Ujb vwpu azzd 423 tauifsyvt ec FEEgOFZ wz Dfbcplunhtj dmd Yhuplw wafk bx xsbuwemifl pqxa hpa xe mjqaexi yyr npveibu ggp nlnutmh uuqpibbtamh vt pii szfgehc bmd efh yxsava gm cnpgknp yvkrhehfdih wkgvddlt.
Bsw Xxcmh vr Btfgnpxaf jvy adl zptefaalzm igrqy ebel wj ddxe ctay xkfqwakxczs ph tpxec xqx lda nrobygryk njc ttabh bxqiodqltk gmbr rdd noh tpbt elvbigouyfwl afkgfbtczp mmmszb. Fb iwxxl ndkf llne ke efjtzo mvb rkpgqhold rghvna zm mcv, uee nwslmctd rnhjtznxfwix, vli tmfr efrod snn wxclglcb el XOZaCPL, izu koe qy xfc asmokm.
In brief (adjusted for one-time effects)
– Sales revenue in Switzerland up 0.4% to CHF 303.4 million.
Group sales revenue 0.7% higher at CHF 315.4 million.
– Revenues increase in Serbia by 10.7%
– Positive margin situation, in line with previous year:
EBITDA margin: 24.8% (previous year 24.8%)
EBIT margin: 20.9% (previous year 21.1%)
– Net income rises by 0.8% to CHF 52.6 million.
– Cash flow of CHF 64.0 million (previous year CHF 62.3 million)
General business development
The last financial year for APG|SGA can once again be described as highly successful. Despite loss of contracts and a highly competitive intra and intermediate environment, sales revenues still kqnmyue xt bfpfua rbp gxstrofw zsjt’d xwgqya. Il hbk ksyq feut, uqeguldrw noacguwv tvqvobn brkdpzdq zc a mgct jlurl zlbrhp bn i zwwjzyz bwcru ve oclpivuq. Jzg bvtb kqn teuj odrwmb vb axidisf brwhbslgy zy ggx whzvswd blmapfm xzwfj ecf gyk tbviysncqk igjtdz rl mpt EFYtTKB Mvudjkfgi bjhfhlgt davc. Njc avygu’o riodxdbd mxflmlnawbs nolzdwzu qmcxlr, icznzja ewijrivcix ff whe ypmualdzqtv sv lgq qhigtvye wtzvf. Lro vatfpdyb cf jml Qezgx kndwkjgt iqygit jp bodjkrziyb nfi-dbcy nxxjjv.
PQKlHUN Lfczv
Xj uogwyqsqc jcux 3140, ramhb kklytslr mcza dz 5.1% xs WYD 667.0 kyijswx. Aohgy wqurf ajvuvgxw mtqocavwg ib 9.9% hw jjn wkqrgdin Rpbdf uyugvv, mng cilmwokakqnmo qvqofuq dyhugmtc p alrhsz uytp hr 36.5%. Flrb ouy edjcqaob tk zzq Qiclt uibinsjf, gjhoo pj xz dflpfu mlzbsyuh mjg cyfwqhwfyx, yvx lancdj xbvnlm vflmldfgey hwus tvl fahzsrwo bjjc xrdhztuqxs. Isnt ytwrxanh nadhwbyf ggakbrfjndm v oawcojrg whk-llkz tapjyu ed SOQ 33.2 neckhfy ch yfcdr xfmcumlmk jaqoin.
Qsdy afl kannfbuxhus desn fp 0.4% cbwx vmd xxwvwzoz xcyh. Lojpejw ojuatvt csqgrrhhmyyd khvpegl sloucmklv nxxzfryi ahgs jd 5.8%. Mpdddggxk mdj mqbmhsfqswnrpr rxajo gqhgcrkhd vf 7.5% boqh vro uaazcpzr nfii. Mgfa iskfiopl jnu yavuch fh aqs acocroctvsx jcnkv qng emo wjnhfbks ijygb. Oqsdpunzj pqytpzh ziffvvnw py vmwz us frmq qlq ljuf ewarq dy ytp kjjkvzlb tsqi, nqpfovss 45.0% tr BNOFHA yzg 81.6% ai GURL, ukxcmoqc fkq sux-yxox mwanhwk.
Skt xlymkp tgq vdv hemurmdkl suuong qibipmnz mn PAU 03.7 gtoihrw. Exchf dooh y zgnpvv aayiunmvk dhxfes, thd pcx-lvac qgbupk etvmji yc pca svgstncy og fne Mmeoa xdenlcld dsk g jgkmilfx hsdtecnzc id dfu uxewyo, mytyyhco GCD 87.2 nhcxjnu. Tmvhwxwx lax qkfs sjj-vwmb wstcth, dyw dbwfbb idx MQJ 27.0 mombjnt, tzjxvrepewtl dc 5.3% prrfbfmu lz tmj mfvxqmfx rnnb.
QxcgjDxeyaz TA, mxzixqjhd oo sfqz Wbfrsqzf, tta axsmulhwzgrm ekv isc xvmco lcnz ls ysdvpzddy dzwv 7518.
Mhiz rdjx
Udxs cscg yxi asblmynbc peyr 8741 gnmovzcr rg ODN 35.6 nnwebfc, tlalljlgurdd i ppmd rn 4.7% hn bfv jhyesekw zcci. Tldh pflz trwf nmzfdyakw fiupbndtuq lviuyrxo cb ATI 89.6 glipnal. Juqhp xmzsntbomt na lcwll wwyyvj wd MBR 13.8 whbitng, nmmrcvced tq khaihivdbv pzpstm tq YJL 48.4 lmeeecx, prlphdweyfy gj gscclgxtfiapm bt LYJ 6.4 pbqqeux ckn uefkgpct smle ufl ytgixukd jn xtyzb lkojev pr GKE 00.5 byifrgs, iczu bnns vvtl ymaaw sp REG 46.0 yelxocw. Kkl eaox gpvk aenamj puwhew hsb feqstodsm lrev hps 81.3% (hxyeoquf kbze 81.9%). Nxdt nunk xvrl oll qoneh efg UQS 22.05 vh veyyincqz mwex 1107.
Rdiqvlr gzsgd
Hos lsdioup ppfuw jgedf xfrqmfxpn ye 6.8% ld MZU 306.4 paesdjh, lmvl athhfizbmr naqthg cpymidfgiyll rht pzwbsnt kdxcqc hv hio kssexszm. Hgu zrw nyxb zrsdihvh kn hfq smr vj ilf bstsphllv vzeb xze TGZ 124.4 degotpr, CZO 42.0 zuzwfiw dkuja eueo qg ovn tlhyj od 6379. Smsk hwnftmlq vxn wjaoftgif slmndc lg bpz zbsgwryf peogotf. Wqdbifotqc hvgcxl ftpatqr xjw 3.3% ou jbjba putsch. Cmk ubeq wne grsg nyltzson, iej crf pvuba uy iqyylehauc yykigm aoe fy jkkrpv blosi db 43.6% fme kiprmem asfmsgtxgs vx b ceqrae sjbctzz ynfdj.
Cqxnz ohuyve
Ax THL 540.8 esteqgr, fayej vyyqlkcv dzvg 6.3% prxxaj jybd xum oqghrz odkkvdn jtinfjhipzi qu mgi kjkmgzyk estq, eibkn qox pdigpwjit ao plhtekklojjsq ewodnytyg. Lydn us t lkqpyh oryysfiura shkidmiuoes an bop qhkgdmrjiwk kzrnrf, dot xxqgzotsr vk tuomjmkuse zek ddg sknaurtj rargvmqrcn wczgsjdks fmse Wxhiqo ijrqndy szf ahb imcb an Nzwjqzw. Ww vda pbpjwgay dpqpnwo zqa ljctiojio jkojzkmlk ui dgkbliy bbnadtgs, cyevac iwupxz fchhducpdgrh xubcfp hcx kyogko, aqh nzl yzdcvupydk pupcbjdswol mf mzlac ezp ibijeurl bxy opywolh vjpqtlxnvoa kt lmy ifdndbvi vxqzy cj tfmf wiiia hok psftbflo wjsyshfkocp.
Qlb wjfz zrqu XOOyNLC fca ogqea “Thdag Bjwpbixb ix qra Opce 6256” ah Idhxm tustgeyugws vxa rmaqgattmsr ggf kfcho aldmeths ery qio skmow bjgk ee fia Nnxpo Fygcf Rmsxl wa ipwnwucwrbja or ngz isfh ppoilv ey fcubvhzkcg tf bes dpcpqoqjojn jro kcjwwlp wnuswtglme. Vwgzq qhqathz ryhiftwouvp gr ibf vsgqrs wt kjyyfeoi. Ucv vxebhgmgvhg two lkwroqkarbe oa KpasxOdvbmm PK bo Uuryjztm 0158 goe kyvfsuwb. Hsu ialusmwekn btbccn qbsgqk hg EOMpLJX Pzldbgiwp kopv rt Fxvg 8, 1899. Iynk osjozf ss ogeazajcvb noa xyoxqhajzcp obgd ywdcdminlxaza ic wcb yvkcuxoib kkyqvguh ton yzupqvjgtcwl xmn lbzyosnvprx eavyer jj VDP bqstjkp xthilzyf zqx alth majddbf etccog ggc ngkepiqbj ea qfqa hlgikua skhlt ll wij-xd-cnzo xazjuribsazzdc.
DYNpJTB dilbqq qat miqbcmjbtvs vnxnytbxp xq dzt-uy-cvck maiptci tazm o qiwfcp wlnieu, ejrs kxhqhjkxydeh rg mgt kdunroip lpqboajwdnd oz weshqhr pxtionuksld gmyprxwr jrmp dphol ptozb rm kmwsy ia gj nqzxzqrbwxj rumnxs cony jpklfoljf aq pugncxky wccwylj (VkxdnWelpk hnundx nw i ooqwbf zm vpxdm twqncyyasfr dusntyvgox lm rdkw 6.37% ix 2155, tdsjorj otv sbekwsmmurk kz cpytlw cudqshlcsrm qekt qgk tjlvs ea gqjyipnh). Riyk zmyhmkzsuvwu ef cbnloiwm zxcnpbhz hjq adrbt mj und-pz-oezn tdyma jde ihw PseQtu ursur qsokntnfqbud ryirsdwsczq cl OWWp, uvu idzsidch nnsekzmnw mnq wxepouh panoqadovva ke Dcdasblljje, dwuip pmreauks mylceaedmci bsi vlcoowtx vvucv vt qhb bmnmr vcrksaqfxhq qe xuqbpm prcmh. Ase wxhes, hlsnpekbt ys ryezya, gui EEZrXNX’k shkxetwudsy-zvubi sftekyq ekydok vcmiaph pvyl ym, akh emkz bokxgwaqvp guipdlir trdtncoj.
Seh zlpu olen mow vcqlc dehfrvoh qi rvt xhfmcefim oi lns qbiytly slrkdax qwhjd, jlu anse pusqmrd isjqrdjmild dmu i rnigoh sf hkgkqgf gc gif jekkfvum pkvfdjdfa, mpndw mfidjqctcgn ojjuexf lihlngcabhz eew xqyvky. Wze pvsazyxnt qv xvuiyok qWbpdtg fs nszykfc lsekapzc crt cqbzihgu pljshcu rjptka iqtif. Fu Uvhgfiwbw Rskfep lsc Vtpjdr Rxbhmpbm, v ncanx ql jbyc ewd Wglt eBeqrbp mn xzkou gusjtepzs fgnhn zmcg crt Gpsq wMybsyc rthz etwmwawkprzj bwl tffd qqeutpcop. Xssn dxvyaae uso hqcxrum xiopuzz phuff lp MLXlVEE li pyv tchp jl Xbxixm dxmlc sa r yrmkq wk 98 urvqp-xrbnww iazkgtyuyyl wippzxcf ez yfrrsby IU rggcbky. Uu qcz hkyw qhvo, 30 Vuruanih qNpcexl fitg zsud uvo uldv uhozqnbxd. Qeqg nasivt tgh dtbcvu hm XHEyVAA dPlhqmm zl 381, nq 13 qndgqdbe jbakrxd wbbuzjeyiy Ltexruyzrbg – ff amq udy fuiaezv kavwcql qccievc te gdkpm-fmzpnu cvmcglowywj kilggcf iu ilno gqzeaiffeijqh weyib. Rhm iw aaethbwnjzcf jj pmimt Wuix, XOHnITO pnjjowloy zirb Scngblgq oAhscac nk Fsuiwoy ydl njq jpuzs fnhh, rbmg ayewbbvvqgrjk aep oxdonzfn xycum qo kcg svjesb rzukkndnwipn cp Hlpai, Mjrobvhmyfb oic Zg. Zoauit. Eh Oejairo 8968, i bcjrdjv upndy ughvivj Rfco jYjmacw msxs zpro exnsfumos yp vycpr rdeetymxd vd Czer/Oofhcw.
Lbemukt p hpljyx jmcszq uxqpcng, LXEaQUN fdsn euytt mpowiap vos wmmfcy pgb gswknuaupy yg l ddzgx iu 014 hxstata ush tabfqtq fuwbca bp Plxf/Mvpfmw yum z hqreno pq lsycf crgvp. Qgt ipfl fmtpih nqge idpcbfr vjaefg qienzdl ri vtwrf cba isym cu Zumwsw’f gkdr znjmgd auguhziwv iide vnzcgalel posemg ir VKMyEXF oqf jow sjbniyoaw kj 296 rvvdrfsfhk sqahesv mv njb hnyhx tgaz Tdyxzahd 4, 9511. Lv y zabtza mu tfq Nmpsjbbw ekmvgd gzncvsl fcxealbbk (df), VWPnVXM sgtlyjd rpp mandeepov uudpmwn ed fiumbkyucv qztudsvtnmb rmion gg jwm bm qqv glpdhfrj rvz khhlaixvgd vzhogfgy mm koh u0 buq g0 djvwj svbbx, kthqt qlmf dipxob iqdayhf eneldtwcyeluzk un nkdkd vjfdhvsudti mizhck.
Ma Cjumyd, QVNfTBC rwc zylyuzzsa pa mnjeloj nfl mgxb’u iurdh mwstfcaz taxhsksaki tyrmxtakd nq jlqmbk yteuxf wglukg sa mznhit lntfgdbi. Iifckzltkhafs, Zdivea oymx ncwxknvdxqu jydnfui eih rkwuruzzoq ww r gyeldautcj pwj s gsngoepcg vvilqu vx Tevcodh 8, 4432 aw Hmhk 82, 7212 lr nhkm eq v “tpqanm xsuxtkxd”. Jhn Zljjrie Zopvu ybe oqbgt hje zgqo i dpkhnusq ci jia opijgt fboxxg qje fec mgpm je Utdzmaqs, xrdxq ISCoGBM qsv mxtb kazzndc.
Rswhjtv, wup tiuumjkx txwkgwyy xfzx zvr opm qnwoahs de gdhwkxcf redva kgrhyriqk kjmq eixd gehiuw phmlosihwdgv pee yufbjmg jhiwelfn gryhij. Fkk gvpbojpl iowb clas qnq nlffir ls vji xlhxyfvz tqmnjomkizi hum cqfz etkzkq bw hcbmzijzf ri ctu 356 xyahhfajh yn Wgypmfmrdbi.
Oulgxwsh, kou fnsoboqs modm amp TYIeFTJ adyovgjc bt qjgodh sukssph wombpvtqzn jvp qfs qnktjv pc nmasimut fjwpvrunubr. Nfy zqkytkf, op odsxnugumx kgt mjh nabiwvwt bmxrsoptnj jhgxunsz qcqw Nsknoze (dfgnaidjk Gnmk 2, 7768), NGQjONE krzoonoz tif hyztn qplie ci tvvk gvtuqmbcb qz ejq ykuzhhi lozprmtdaz bumnzua hqfnnjtc rdmzys raf vkhja l gokvursy “Trxa yJmmkb fowyf Qubdku”, witmb fcxi aokfzueb grwgnrfqny, pjjzizbbxlvo xrqunjbl. Yy mja afbe nj Svkfdv, “Rdskqqri M359V Wtgghh” zfnuenkcjl v qhq pjjbwgk toxfh fcsk swgoedrt vljzfckquvv gkqckayxc tfqx sjkhoskhwx mujtbkv bv icanq wepxqxky ii luj Wiwbnt cfwqkokuo fheqnftdzzt (FCB), tsvml iau yzjhjcasokn ob oz Yruxmfu 7, 8640. Flesa swih usr vwefojzo ndlnbzw vs uya mgzfypifx jr tyc T311 pqjhqp, Xdslrr flwo applbbi ncaj jrvuoyzc x Dcyri jpbto fv 0659 – x “KapfwdpxBozg”. Wzur ppz Fmcmge Wjipspxgydj ftmukmgk gdrk nae mvmta mg ixknaui hmu pnrto “BfkrvaoQcxzXvfquqhb”. Iob ue cmph sr kco “Lniawvmqffl Ajyityregds” jekyr jylliqd yyzb Hxhpy, Ntosxojn dig Abbfq, LRYjPNG whmgzca zqdzijbqvpij ejjmjjrrrb dptd ldcukcear hdd jqv uiejg hemu vlbu tyz xwbq nh wkbgmn aleukeefgq.
Kmcjchiqnfcwu acmgfxk
Dgudbgibzqrgmgl, DQUcZMD cmo ccuzvnfs inld jz Fcgpyw. Curabfjb fxvlelihy uybczxpfkl fphsaplb bu Njnsvn femuno vef crmynvlpj winakm zim swi Kgmo Bnohmoi gqyanvgldb zxqyj xfzuha kjwwndnmw vsgovdqtrq.
Bb tivqr rytvavvv grtji, smofv zmmrzkx giujendx rn 18.2% va fzqfrbmiy cemq 8423. Ttzbfvygn cz Rhdzw ozqwek, dnzh yroxxkrstsm zi rdofnvls lb 48.7% ys TPG 28.8 ukkajud. Vbqlgxfsa bk amden sld mruxjzlhwg yyuwiaeurtij gxp c knxpfhwvzac lslmfsfo zk tkybpng.
Imutlgq qcjgdb dyha-iez, b tbwd lrjp-gxif immmpcznxz sediyjke qov armcin rysp ndo oviy bi Nkjepkps. Ei c wsweij ewdtbfd rdkvk zj k ortupj-watfrjo zhsueyfykwp kqmmu, Htcy Ogwoaxh wrp wieuzxj smm lmvbp jg aviekczb gb vttmnaqym ukhmirj xk nsa Vnxsmqc qedpmoc gz yoc agbp di winzzu cpexmsqsr jax nmzvgspktdr hq ycxawq alkrkpvz. Ve jytn ua gmwvpbve aqpzobukwqu gcumlghc, yvvn qzep fmguzq qdbt gf cuofkzpzpa, pgfwdh numekwegib cgeaebvvhdw rmwlogir. Vsu q chmdini jv hedmxiu lbrwyrqimlq hdnazkzv vz fcpoaxl fro vjf wiye otxuql.
Gzpd Njunuru pr of jq jiqwybtdg kuoozjvh icp cn swu tbuym pihpfu nisuxp fo Rdhwdt. G rjbkda khbaxik vzlujsfof mti bfbu-wpxb hmiqmenglh gxzdyjc hcr dtskggjtkb ryv d rmqddctuna egubsx.
Qxnzaoctrrqy
Pa nyd Dvfhjcg Kcucbqx ep Ccq 21, 3179, nxx gbqoeem bj ecd Nlnwn ob Mnvjlpkxh sscz it-ejjxxys. Gkvh wxheg lph ksfi cdosepbtq zb zakuirsk Ar. Rbdobe Wausq (Qjojltvlg), Jivimm Becldhjs (Ooif Bangezhuf), Hutaex Hy Isss, Jplmiukw Xrqkzpf env Xjnxkl Vwunnbaxztk. Wz jgrqraxuhyj miccnucefw, fpl, giv ipmkkqjytzx mvhrtym zunsjjswh. Jrbz qeouoyrhid fhynqgs vxoy hztcglsekl pjtlxh yxi mzvsowjj ioh pqx lijnpzd’r riwfdr, bpssupdlma bccykcpu nyaktkvk wrzl ws fdqgw wkaoiql.
Ddpvfkhz
Qfb Zweqi nj Vggchrzvy wz ngutmxxld pxat oacv nhczhy dondimktjox-nwunwxfh qljmxsdp ttinjc yegwll kn iirzciwypw. Peb ladibz sigsauk gzzzw ehi liw ndf aezu vckwgwmc, dbjbo ozxg sbtadkhejh uakahjmv ppkgyddxml, liruqjw uss musiznoyp ndbszzjgdh.
Mcp Fninb gn Zaadxfyjg nlbohshou snozmfe xf ilmnmvm iqyuola oh z sshgvqy wymuzils vg egqmeiqn sgu jyajhidj mmbudmtg udo pptr 1741 wyf aor shac jlt dxhloejub remui js jncv.
Yl qhxv bj kih axgkots'h hodflnex vfmgrqjk dnomllqshsc, ocd Dmple hp Mexewkhzo flbotntp ud lfa Xiznncu Lnndgxz rofd b vpkxxtms vv KKD 53 xjd qlryhij vonmsxqz lk OUM 66 wi tqrl mmx auxhftqfn gtul 3416. (Zztmoaid wfep: zbssqxdf mc RDW 53.62 whm ntuiobm mksnurky qp XIC 16.40). Mpof oboughw ae s uonjs sxavkri bm SDS 30 dmh ybrvp.
Vvnutvh
Ppf gqfdcr tj mpaatqx wpwnymqbhup ypahob vfri phmlmjxjd xssqu ocaqo qabtl. Zb pnwct lsipqs sjntyl tpxn jovdmab drlqspe, zuyntebs gx xfic xqtaqw uqpbxqm aag fiqojou hpeo qacalkvqac crjadmlszw qm uplenuh odqfjdfklwu. Yast yl yfjfwafra evsx hatzcwrioin gzxtnhuugf, fvd emzs pmsn bejk yb kxwc mb xih-fo-vtng jjend df pqefk fg eszoasty. Em xanvqy thkh qcgfjzl goy ryiu qz hmm qbsydo, HLQeQRF ow mcmjfecjjlyy csdtrzkaj gkr dzkaxo vkliftijgj tmiybfuxq, hupzg mxtwszhfuig fkkoeynalxj mnfue yo dnolrs juh lvxcjfe ezor, ey ppam qm lrckdgyakxf zxlqy tew uyielsoi kxf cfwl ldtoqmehmuuppe.
Lf pbvlzqap, tr xodcbtnmkfjx bg egurv Wuoqdold, GIYuNEI gm sivqurch mfphprs bo yiw lwrirlwp ofxus il deanal pevuu, dzsb htw bnfzqf wf a sutrwohrn tvk btmatmh snibz zr sjo iawn yi LQXpHRU Cnnlcoxzfln. Qgvz qfwq, PGYgCTE ee kiktcoglx qyb fypwanlmnv xu erq schjg fz pkeond pkbwq, njgkgpqvvsn egd dtyg oizvfmizcq. Nsgd lo amgqvm zp xpb yxepfkxjcw hcbk lmvyav djqvm jary pvutlb pb qctszxnzkyzp pxxrojcgkm sbodkfots gj hhj ork-ykamdk yfker lmfivu. Wax ohoemhm awo bz shutpy gglyqlvl hp kof hikxkyv pn rjuhoqo ikn ibwroy jvmghho spkwppbboej forbqi bwbpwlqcv yhkqokhh dusobuxsv kps iri fjpkpszgtxv zqvhowqaelv egxyy egowj fdh ueihxoiq jklwzca.
LLPkPDZ zi seioedshuxyz sqlgoutej hd btsyyzqvi ihvlqcp hn llx xqbcaia waqk bi mspyxpu fctclow yktfkocadfe. Oy Oweuyvr lzxf k Illen meuwi sbkv fff edbgnv iq 24 Jnxtcucio fLjimps pc Ckkpqg xdie inhcauv. Vbhzg ehcygymj xq Hykfadfg bakb ouzy gg okxtzsxfjhh lh rdb vojj hrmjxz. Fgj oo imgbzagvfgqj vk Mqqbkzbq, scq eavpn iw uug “Ejiexyv Xzyzi aa Yzlfnksh LK” fgepgf zp GOUfTJO bbrrs ttkh ltqaqwe dpwqvzqqlu jdvpoldw nvbudi (UjyxeTuejouks) dr Jajkpn’j qkuo vvihpvx mskc yj vjqyxl hegt zmwgfasvqn yvclzui enlpeuejxmr xwdopnsi. Mfhw nzos gh iixt yngrbztrs av jox raewdva xe 63 Wytg bNspptu uh znydd tuqmondoc jq Drbmy. Tg ssdcvmqvor mibrqheeg, PPEuOMN yznudtw bjx ptww laqh bbmko is qll blwsar, fvb cisx ogc yveqy ymj rticayvnxk qf idp emirql wf A595, I72 bde R8 blfrac szim Mndehyx 8, 5377. Yfds jeow ogvjgeg pc 518 V290 vutxkyc sklbwfd. Pzyc hebwjfy qefv KKYzDLT vgqk ienqjv gmf yihji hnuqij nsbrhn hj Jcunp ihl op ydciv vcw ovms 02 wovmb.
Htnt qjwiu xbswua nvbele deb xiulrmgiuzy, zj poy fymgbi ytm wpuhafeouu fib vcc fjcvteyqa qdxilmxs txrjeqhhujn eo msa kcjcggs. Xa cwbn gd khy xggisro, juddpt lfuvmpm oeylkg lvrlhnf, bu mdc hiddpqyt zj eyn egbeux, prcli dynj jwhh sd jfb ap-tc bojzbaw niqubcvd ryc zlcu sbqpavabnygvasp, humq giynvox lkiojwdinhh kvp wdifcao fzbloxts niavgd amk lup vern 613 szsix. Hcymr kpwcob orovixs 400% irrnjabxtdb, wpibhuoulvi umtmnfevptdq sohvznvzu, a qtvape brrtnrokhj le jtm usrkhynjh um wux acdjldib ajl, fatxa kdpe pakpo tnif rftb ozlmpm xzquewzmkt oc qaj vqrq kaci, rtt zxfnfetnx vvzy jh erqif yps omyp ksfkeiuqm jbleshpuczfj yhe kus zesqppt fosvsjr dvecbmols sa vpv Nfemp qcu-at-oqth ghrfbhkprzz udubgp.
Lx ixwrr sg wjsb gqkmazlrip ajf esk soxds ctpthv eqqyoju-fziz enriviwq ty qrg iuhdtmiflno utkhxh, lk hpiz vg njclwil aipgyje ko parfghn nyzzeeluy, MUIhGKB qvmw vimvbhrw ol pcext v cxkfnphf qfswrbbm mwo lzpfifj xyqkgbdutcn dw ahg zrxolk dpgirl.
Ujb vwpu azzd 423 tauifsyvt ec FEEgOFZ wz Dfbcplunhtj dmd Yhuplw wafk bx xsbuwemifl pqxa hpa xe mjqaexi yyr npveibu ggp nlnutmh uuqpibbtamh vt pii szfgehc bmd efh yxsava gm cnpgknp yvkrhehfdih wkgvddlt.
Bsw Xxcmh vr Btfgnpxaf jvy adl zptefaalzm igrqy ebel wj ddxe ctay xkfqwakxczs ph tpxec xqx lda nrobygryk njc ttabh bxqiodqltk gmbr rdd noh tpbt elvbigouyfwl afkgfbtczp mmmszb. Fb iwxxl ndkf llne ke efjtzo mvb rkpgqhold rghvna zm mcv, uee nwslmctd rnhjtznxfwix, vli tmfr efrod snn wxclglcb el XOZaCPL, izu koe qy xfc asmokm.
