You are on page 1of 1



  


 
            
   
 

 

?(=:+-<&"=<&=<&'
+,+<-<D(&D+"<=<
B()=-<=<<&A-<A-<
,?9%<&=<+..)<
9(%=<=<+%%-<1D(<<
//<:0=,924<=<B:<
?(=:+-<."<+(A9<%D%<<=.-<09(++<
?(=:<.+?-(<,=<9?(:-<A..9.0<=<
+<A9.%<(-<<-%-=(-<?B<(0+.'
,=(*<9?D(<,*=<,=<&=<0(0).-%<

.-(-*9()*<9< 9+--<.A9<<
?(=(0(-%<A-<<()-4<.==9,<B:<
-.%<-<:+09(%<:=)4<=<*B,<9%+'
,=(%<A..9<=<(-<&=<A..9)9<*9?(-<():<
<9(A(9"A.9<+.**94<-<.A9(%-:<
..*<=<&=<():<<=,+()*<%,,+<
()*-<A9-(+<B9..9<&=<B=9<?(='
:=9..,<.A9<&=<.,,+-<=<9-<
A*<,--<+-*<:=.-4
=<:=9..,<A-<-<-=??9+()*<
9(A(9<:==<?(=<,99<,-9-<
%?+-<.-99.*-<..9<A+<D-'
-*-4<<).-%<B=9:==:(-%-(?9<
(=9<+-<1B(-:<-,<A..9=+"=<(-<
&=<+-*-+2<+9<..9<:=?('
9(D-<-9<.-9<,9<<(-A++(<
19-*9()*<&<+<:(-:< 0.+.-<-<
%@-(#9<B=9:==2<&.<)<-<
9(A(9<*?-=<7-.9,+(:9-84<-<A-<<
%?+-<-.,<)<=.=<&.."%?+<-<<
-9<%?+-<,<)<"4<<:=9.,(-%<(-<
<&.."%?+<-,=<(-<*9&=<=.<-<D.<
B.9=<(<:=:<994< =<D<=&'
-(*<!<)<*?-=<()-<D%%-<(=<".")<
!<%%9=<<9(A(9<D(&D+"<?(=4<9.=<
%%9A9=?(%-<:=.--<(,,9:<
-.%<-(=<9.-</ ;E4<
=<?(=,.--<A-<<()-<(-<D<
+"<-<09.+,<.,<=<9<..9<
<"-,-<:=9..,:-+&(<:+(<D(&<
+"<.0&.0-4<+-<A9&..%<<
:=9..,:-+&(<..9<<+=:=<*(+.,'
=9<9(A(9<9&=<=<=9**-4<()<+(=<<?('

   
    
    
      

pagina 11, 30-09-2015 Het Financieele Dagblad


 


--<()<.*<A-<.++-<..9%9A-<<
(?B<=9B%4<=<09.)=<,*=<
-<(-<-<<.A9:=9.,(-%-<(-<&=<
A..9)9<:=9..,.0B9=:<(-<?(=:+-<
,9<..*<(-< 9+-4<=<+A9<
<.?<:&..+0+=-<.0<A-<.+=9:<
..9&."<-<&=<09&=(%<%(&=<A-<
9:,-<-*-<-<.++-<D(<(*<
9<9(A(9-<=9%<..9<.-(-(%<+%'
+-<%-4
<.==9,:<&A-<.-=:=.-<?:<

09<.-%+?*<+:<()A9:&()-:+<A-<<
9(A(9-.9,+(:=(<=<B:<&(9..9<
%,**+()*<,=<<=.-,-<:&+'
A9%9.=(-%<(-<<:&0A9=<<&A-<
:=:<B:=B9=:<?(=<=<9(-4
++<.-.,(:&<-9%(<+"<D(&<
.A9(%-:<9(&=-<.0<&=<&9:=+<A-<
,:=9,<+:<(-=9-=(.-+<:=0+'
0+=:4<A9%":4<=< ..9&.++-:&<

-+<&=< ..9D*-+<&=< 9B'


*-+<-<&=<,:=9,'()-*-+<

&-<-(=<*?---<A..9*.,-<=<,'
:=9,<D()-<0.:(=(<09():<&"=<,.=-<
%A-4< 9<..*<<.*+-:<(-< .-'
-<-<<0(9-<A-< -&==-<:0+-<
+<+-%<%-<9.+<,9<(-<<%.9-.A9'
:+%4<++-<&A-:<(<.""<:&.9<D()-<%'
%-<&-<D(&<%&-&"<+:<B'
9+&A-<-<?:<(:<&=<+.=<A-<,?9%<
!<-<..*<-=B90-<!<D%+4
-<."<-<.-=(-9:&0-<-<,C('
,+<",=(-%<(:<D.+:<<:.<B9=<
(:<D9<<A9%4<9.,<D.?<=<D.<D()-6<
<%9.=<.-=(-9:&0-<A9A.9-<
-?<+</ 4EEE<<-<9<:=-<%9.=9<
:&0-<.0<:=0+4<(=(-+()*<(:<&=<<
09():<A-<.-D<=+=<-<:,9=0&.-<(<
<:&0:.,A-%<0+=<-<(<09():<
-(%=<++-<-9<.,+%4<
9<B.9=<%B9*=<-<%9.=9<(0D'
&A-:<-<..*<-<.""<:&.9<.A9:+%<
9()A-<.-=(-9*:4<-<B9.,<
-(=6<9()A-<..9<:=..,*9&=<
-%9A-<%9-+A=.9-<<,*=-<
%(-<A.9(%<?B<-<(-<-<&=<
&-,=(%<+.::-<A-<&=<,9(*-:<
%9-<-<..*<(<.-=B(**+(-%<B:<-(=<
A..9D(-<9<,.:=<%B..-<-<.0+.::(-%<
B.9-<%A.--<A..9<<-*D()<+-'
<09()D-<=.-,-<%9--A.94<
?B*.,(-=(:<A-<,99<,%'
.-=(-9:&0-<D()-<-(=<.-,.%+()*<
D.+-%<D<..9<&=<-,'<."<&=<?D'
*-+<0::-4<=<,?9%<-<-=B9'
0-<D.9%-<,.=<9-<(:<=<9<(---<
-<)9<-<?D*-+<(:<()<%%%94<
?=.,=(:9(-%<9..=(:9(-%<-<(-".9'
,=(:9(-%<:=-<(-<<:&0A9=<0:<
(-<<*(-9:&.--4< :=+<*.-(%=<
&=<:=++-<A-<%9-D-<-<<%9.(<-<
-(?B<=&-.+.%(:09.-%<-4
*5!/4!/!/*!/+/#3*!+0/!/
+*0/#4*/#4*/ 0+%%/
5+0+/5*!/50!+%/!/0
!##/!/*#0/*#/+%!(

You might also like