GME 2017 Annual Report

(".&4501 $031 /05&4 50 $0/40-*%"5&% '*/"/$*"- 45"5&.&/54 ' /BUVSF PG 0QFSBUJPOT BOE 4VNNBSZ PG 4JHOJGJDBOU "DDPVOUJOH 1PMJDJFT 5IF $PNQBOZ (BNF4UPQ $PSQ b(BNF4UPQ c bXF c bVT c bPVS c PS UIF b$PNQBOZc JT B HMPCBM GBNJMZ PG TQFDJBMUZ SFUBJM CSBOET UIBU NBLFT UIF NPTU QPQVMBS UFDIOPMPHJFT BGGPSEBCMF BOE TJNQMF 8JUIJO PVS GBNJMZ PG CSBOET XF BSF UIF XPSMEaT MBSHFTU PNOJDIBOOFM WJEFP HBNF SFUBJMFS UIF MBSHFTU "5 5d b"5 5c BVUIPSJ[FE SFUBJMFS UIF MBSHFTU "QQMFe b"QQMFc DFSUJGJFE QSPEVDUT SFTFMMFS BOE UIF PXOFS PG XXX UIJOLHFFL DPN POF PG UIF XPSMEaT MBSHFTU TFMMFST PG DPMMFDUJCMF QPQ DVMUVSF UIFNFE QSPEVDUT "T PG 'FCSVBSZ (BNF4UPQ T SFUBJM OFUXPSL BOE GBNJMZ PG CSBOET JODMVEF DPNQBOZ PQFSBUFE TUPSFT JO UIF 6OJUFE 4UBUFT $BOBEB "VTUSBMJB BOE &VSPQF 8F IBWF GJWF SFQPSUBCMF TFHNFOUT XIJDI BSF DPNQSJTFE PG GPVS HFPHSBQIJD 7JEFP (BNF #SBOET TFHNFOUTf6OJUFE 4UBUFT $BOBEB "VTUSBMJB BOE &VSPQFf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b(""1c SFRVJSFT VT UP NBLF FTUJNBUFT BOE BTTVNQUJPOT UIBU BGGFDU UIF SFQPSUFE BNPVOUT PG BTTFUT BOE MJBCJMJUJFT UIF EJTDMPTVSF PG DPOUJOHFOU BTTFUT BOE MJBCJMJUJFT BU UIF EBUF PG UIF GJOBODJBM TUBUFNFOUT BOE UIF SFQPSUFE BNPVOUT PG SFWFOVFT BOE FYQFOTFT EVSJOH UIF SFQPSUJOH QFSJPE *O QSFQBSJOH UIFTF GJOBODJBM TUBUFNFOUT XF IBWF NBEF PVS CFTU FTUJNBUFT BOE KVEHNFOUT PG DFSUBJO BNPVOUT JODMVEFE JO UIF GJOBODJBM TUBUFNFOUT HJWJOH EVF DPOTJEFSBUJPO UP NBUFSJBMJUZ $IBOHFT JO UIF FTUJNBUFT BOE BTTVNQUJPOT VTFE CZ VT DPVME IBWF B TJHOJGJDBOU JNQBDU PO PVS GJOBODJBM SFTVMUT "DUVBM SFTVMUT DPVME EJGGFS GSPN UIPTF FTUJNBUFT $BTI BOE $BTI &RVJWBMFOUT 8F DPOTJEFS BMM TIPSU UFSN IJHIMZ MJRVJE JOTUSVNFOUT QVSDIBTFE XJUI BO PSJHJOBM NBUVSJUZ PG UISFF NPOUIT PS MFTT UP CF DBTI FRVJWBMFOUT 0VS DBTI BOE DBTI FRVJWBMFOUT BSF DBSSJFE BU DPTU XIJDI BQQSPYJNBUFT NBSLFU WBMVF BOE DPOTJTU QSJNBSJMZ PG UJNF EFQPTJUT XJUI IJHIMZ SBUFE DPNNFSDJBM CBOLT 'SPN UJNF UP UJNF EFQFOEJOH VQPO JOUFSFTU SBUFT DSFEJU XPSUIJOFTT BOE PUIFS GBDUPST XF JOWFTU JO NPOFZ NBSLFU JOWFTUNFOU GVOET IPMEJOH EJSFDU 6 4 5SFBTVSZ PCMJHBUJPOT 3FTUSJDUFE $BTI 8F DPOTJEFS CBOL EFQPTJUT TFSWJOH BT DPMMBUFSBM GPS CBOL HVBSBOUFFT JTTVFE PO CFIBMG PG PVS GPSFJHO TVCTJEJBSJFT BT SFTUSJDUFE DBTI XIJDI JT JODMVEFE JO PUIFS OPODVSSFOU BTTFUT JO PVS DPOTPMJEBUFE CBMBODF TIFFUT 0VS SFTUSJDUFE DBTI XBT NJMMJPO BOE NJMMJPO BT PG 'FCSVBSZ BOE +BOVBSZ SFTQFDUJWFMZ .FSDIBOEJTF *OWFOUPSJFT 0VS NFSDIBOEJTF JOWFOUPSJFT BSF DBSSJFE BU UIF MPXFS PG DPTU PS NBSLFU HFOFSBMMZ VTJOH UIF BWFSBHF DPTU NFUIPE 6OEFS UIF BWFSBHF DPTU NFUIPE BT OFX QSPEVDU JT SFDFJWFE GSPN WFOEPST JUT DVSSFOU DPTU JT BEEFE UP UIF FYJTUJOH DPTU PG QSPEVDU PO IBOE BOE UIJT BNPVOU JT SF BWFSBHFE PWFS UIF DVNVMBUJWF VOJUT 1SF PXOFE WJEFP HBNF QSPEVDUT USBEFE JO CZ DVTUPNFST BSF SFDPSEFE BT JOWFOUPSZ BU UIF BNPVOU PG UIF TUPSF DSFEJU HJWFO UP UIF DVTUPNFS 8F BSF SFRVJSFE UP NBLF BEKVTUNFOUT UP JOWFOUPSZ UP SFGMFDU QPUFOUJBM PCTPMFTDFODF PS PWFS WBMVBUJPO BT B SFTVMU PG DPTU FYDFFEJOH NBSLFU *O WBMVJOH JOWFOUPSZ XF DPOTJEFS RVBOUJUJFT PO IBOE SFDFOU TBMFT QPUFOUJBM QSJDF QSPUFDUJPOT SFUVSOT UP WFOEPST BOE PUIFS GBDUPST 0VS BCJMJUZ UP BTTFTT UIFTF GBDUPST JT EFQFOEFOU VQPO PVS BCJMJUZ UP GPSFDBTU DVTUPNFS EFNBOE BOE UP QSPWJEF B XFMM CBMBODFE NFSDIBOEJTF BTTPSUNFOU *OWFOUPSZ JT BEKVTUFE CBTFE PO BOUJDJQBUFE QIZTJDBM JOWFOUPSZ MPTTFT PS TISJOLBHF BOE BDUVBM MPTTFT SFTVMUJOH GSPN QFSJPEJD QIZTJDBM JOWFOUPSZ DPVOUT *OWFOUPSZ SFTFSWFT BT PG 'FCSVBSZ BOE +BOVBSZ XFSF NJMMJPO BOE NJMMJPO SFTQFDUJWFMZ