*9000590493*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Ù
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
î Ημπροςιυηώξνλνμρίες
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
ë ,QVWUXNFMDPRQWDŰX
ô 0RQWDMN×ODYX]X
á 6]HUHOpVL~WPXWDWy
Ò Οωινανγπρανζίλνμρίε
í ,QVWUXFŘLXQLGHPRQWDM
ð 1DYRGLOD]DPRQWDçR
de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU EHL IDFKJH
UHFKWHP(LQEDXHQWVSUHFKHQGGLHVHU0RQWDJHDQOHLWXQJLVWGLH
6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOODWHXULVWIU
GDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUWYHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
8POXIWZHLFKHPRQWLHUHQ
■ .DPLQYHUEOHQGXQJGHPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
■ 8POXIWZHLFKHLQGHQ+DOWHZLQNHOHLQKlQJHQ%LOG
■ 6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDQ8POXIWZHLFKHXQG/XIW
VWXW]HQEHIHVWLJHQ%LOG
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ
■ .DPLQYHUEOHQGXQJPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKREHQ
$NWLYNRKOHILOWHUIU8POXIWEHWULHE
$NWLYNRKOHILOWHUELQGHQGLH*HUXFKVVWRIIHLP8POXIWEHWULHE:HFK
VHOQ6LHGHQ$NWLYNRKOHILOWHUEHLQRUPDOHP%HWULHEWlJOLFKELV
6WXQGHQ]ZHLPDOLP-DKUDXV
+LQZHLV $NWLYNRKOHILOWHUHQWKDOWHQNHLQH6FKDGVWRIIHXQGN|QQHQ
LP+DXVPOOHQWVRUJWZHUGHQ
$NWLYNRKOHILOWHUHLQEDXHQ
0HWDOOIHWWILOWHUDXVEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
+LQZHLV %HL6FKUlJHVVHQPLW6HQVRUVWHXHUXQJGDV/XIWOHLW
EOHFKHQWIHUQHQ%LOG
$NWLYNRKOHILOWHUHLQVHW]HQQDFKREHQNODSSHQXQG/DVFKHHLQ
UDVWHQ%LOG
+LQZHLV %HL6FKUlJHVVHQPLW6HQVRUVWHXHUXQJGDV/XIWOHLW
EOHFKZLHGHUHLQVHW]HQ%LOG
0HWDOOIHWWILOWHUHLQEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPLQDVDIHSODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\DFFRUGLQJWRWKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\ DW
WKHSRLQWRILQVWDOODWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
: 5LVNRILQMXU\
)URPVKDUSHGJHVGXULQJLQVWDOODWLRQ$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
,QVWDOOLQJFLUFXODWLQJDLUSRLQWV
■ 5HPRYHIOXHGXFWVHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
■ +RRNFLUFXODWLQJDLUSRLQWVLQWRWKH IL[LQJEUDFNHW ² )LJ
■ $WWDFK KRVH WR FLUFXODWLQJ DLU VZLWFK DQG DLU SLSH FRQQHFWRU XVLQJ
WZRSLSHFOLSV ² )LJ
+RVHPXVWEHWLJKWVKRUWHQLIUHTXLUHG
■ ,QVWDOOIOXHGXFW VHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
6ORWVRIWKH LQQHUIOXHGXFWDW WKH WRS
$FWLYDWHGFDUERQILOWHUVIRU FLUFXODWLQJDLUPRGH
$FWLYDWHGFDUERQILOWHUVELQGWKH RGRXUVLQ FLUFXODWLQJDLUPRGH
5HSODFHWKH DFWLYDWHGFDUERQILOWHUWZLFHD \HDUGXULQJQRUPDO
RSHUDWLRQGDLO\ WR KRXUV
1RWH $FWLYDWHGFDUERQILOWHUVGR QRWFRQWDLQDQ\SROOXWDQWV
DQG FDQEHGLVSRVHGRI LQWKH KRXVHKROGUHIXVH
,QVWDOOLQJDFWLYDWHGFDUERQILOWHU
5HPRYHPHWDOPHVKJUHDVHILOWHU VHH ´,QVWUXFWLRQVIRUXVHRI
WKH H[WUDFWRUKRRGµ
1RWH 5HPRYHWKH DLUFRQGXFWLRQSODWHIURPLQFOLQHGFKLPQH\V
ZLWKVHQVRUFRQWURO ² )LJ
,QVHUWDFWLYDWHGFDUERQILOWHUIROGXSDQG HQJDJHFOLS ² )LJ
1RWH 5HDWWDFKWKH DLUFRQGXFWLRQSODWHWR LQFOLQHGFKLPQH\V
ZLWKVHQVRUFRQWURO ² )LJ
,QVWDOOPHWDOPHVKJUHDVHILOWHU VHH ´,QVWUXFWLRQVIRUXVHRI
WKH H[WUDFWRUKRRGµ
fr
Þ
1RWLFHGHPRQWDJH
5HFRPPDQGDWLRQVLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHPHQWHQFDVGHQFDVWUHPHQWFRUUHFWVHORQFHWWHQRWLFHGH
PRQWDJHODVpFXULWpHVWJDUDQWLHORUVGHOXWLOLVDWLRQ/HPRQWHXU
HVW UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO
HVWLQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
: 5LVTXHGHEOHVVXUH
SHQGDQWOLQVWDOODWLRQjFDXVHGHVDUrWHVYLYHV3HQGDQW
OLQVWDOODWLRQGHODSSDUHLOWRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQ
0RQWHUOH FODSHWDLJXLOODQWVXUOH PRGH5HF\FODJH
GH O·DLU
■ 'pPRQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH
ODKRWWHDVSLUDQWH ª
■ $FFURFKH]OH FODSHWDLJXLOOHXUGDQVOD FRUQLqUHGH UHWHQXH ²
)LJXUH
■ )L[H]OH IOH[LEOHj O·DLGHGHGHX[FROOLHUVFRQWUHO·DLJXLOODJHG·DLU
HWOH PDQFKRQj DLU ² )LJXUH
/H IOH[LEOHGRLWrWUHWHQGX UDFFRXUFLVVH]OHVLQpFHVVDLUH
■ 0RQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH OD
KRWWHDVSLUDQWH ª
/HV RXwHV GX FDSRW LQWpULHXU GH FKHPLQpH UHJDUGHQW YHUV OH KDXW
)LOWUHj FKDUERQDFWLISRXUOH PRGH5HF\FODJH
GH O·DLU
(QPRGH5HF\FODJHGH O·DLUOHVILOWUHVDXFKDUERQDFWLIOLHQW
OHV VXEVWDQFHVRGRULIpUDQWHV6L OD KRWWHVHUWQRUPDOHPHQW j
KHXUHVSDUMRXUFKDQJH]OH ILOWUHj FKDUERQDFWLIGHX[IRLVSDU
DQ
5HPDUTXH /HVILOWUHVj FKDUERQDFWLIQHFRQWLHQQHQWSDV
GH VXEVWDQFHVQRFLYHVHWYRQWj ODSRXEHOOHGHVGpFKHWV
GRPHVWLTXHV
,QFRUSRUHUOH ILOWUHj FKDUERQDFWLI
5HWLUH]OHILOWUHPpWDOOLTXHj JUDLVVH YRLUOD© 1RWLFHGXWLOLVDWLRQ
GHOD KRWWHDVSLUDQWH ª
5HPDUTXH 6XUOHVKRWWHVvORWVLQFOLQpHVDYHFFRPPDQGHSDU
FDSWHXUUHWLUH]ODW{OHJXLGHG·DLU ² )LJXUH
0HWWH] OH ILOWUH j FKDUERQ DFWLI HQ SODFH EDVFXOH]OH YHUV OH KDXW
SXLVIDLWHVHQFUDQWHUODODQJXHWWH ² )LJXUH
5HPDUTXH 6XUOHVKRWWHVvORWVLQFOLQpHVDYHFFRPPDQGHSDU
FDSWHXUUHPHWWH]OD W{OHJXLGHG·DLUHQSODFH ² )LJXUH
,QFRUSRUH]OH ILOWUHPpWDOOLTXHj JUDLVVH YRLUOD© 1RWLFH
GXWLOLVDWLRQGHOD KRWWHDVSLUDQWH ª
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHTXHVWH,VWUX]LRQLSHUOXVR
6RORXQPRQWDJJLRLQDFFRUGRFRQOHUHODWLYHLVWUX]LRQLSXz
JDUDQWLUHXQXWLOL]]RVLFXURGHOODSSDUHFFKLR/LQVWDOODWRUHq
UHVSRQVDELOHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
: 3HULFRORGLOHVLRQL
&DXVDWRGXUDQWHOLQVWDOOD]LRQHGDERUGLDIILODWL,QGRVVDUHVHPSUH
JXDQWLGLSURWH]LRQHGXUDQWHOLQVWDOOD]LRQHGHOODSSDUHFFKLR
0RQWDJJLRGHO GHIOHWWRUHDULD
■ 6PRQWDUH LO ULYHVWLPHQWR GHO FDPLQR YHG ©,VWUX]LRQL G·XVR GHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
■ $JJDQFLDUHLO GHIOHWWRUHDULDDOO·DQJRODUHGL VXSSRUWR ² )LJXUD
■ )LVVDUH LO WXER IOHVVLELOH FRQ GXH IDVFHWWH VWULQJLWXER D GHIOHWWRUH
DULDH ERFFKHWWRQHDULD ² )LJXUD
,OWXERIOHVVLELOHGHYHHVVHUHWHVRHYHQWXDOPHQWHDFFRUFLDUOR
■ 0RQWDUHLO ULYHVWLPHQWRGHOFDPLQRYHG ©,VWUX]LRQLG·XVRGHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
)HVVXUHGHO ULYHVWLPHQWRLQWHUQRGHO FDPLQRYHUVRO·DOWR
)LOWURDLFDUERQLDWWLYLSHULO IXQ]LRQDPHQWR
D ULFLUFRORG·DULD
1HOIXQ]LRQDPHQWRD ULFLUFRORG·DULDLOILOWURDLFDUERQLDWWLYLILVVD
JOL RGRUL,QFDVRGL XWLOL]]RQRUPDOHGD D RUHDOJLRUQR
VRVWLWXLUHLO ILOWURDLFDUERQLDWWLYLGXHYROWHDOO·DQQR
$YYHUWHQ]D , ILOWULDL FDUERQLDWWLYLQRQFRQWHQJRQRVRVWDQ]H
WRVVLFKHH SRVVRQRHVVHUHVPDOWLWLFRQL ULILXWLGRPHVWLFL
0RQWDJJLRGHO ILOWURDL FDUERQLDWWLYL
6PRQWDUHLO ILOWURDQWLJUDVVRLQPHWDOORYHG ©,VWUX]LRQLG·XVR
GHOODFDSSDGL DVSLUD]LRQHGHOYDSRUHª
$YYHUWHQ]D 1HOOHFDSSHLQFOLQDWHFRQFRQWUROORGHLVHQVRUL
ULPXRYHUHOD ODPLHUDGLSURWH]LRQH ² )LJXUD
,QVHULUHLO ILOWURD FDUERQHDWWLYRULEDOWDUHYHUVRO·DOWRH IDU
VFDWWDUHO·DOHWWDLQSRVL]LRQH ² )LJXUD
$YYHUWHQ]D 1HOOHFDSSHLQFOLQDWHFRQFRQWUROORGHLVHQVRUL
UHLQVHULUHOD ODPLHUDGLSURWH]LRQH ² )LJXUD
0RQWDUH LO ILOWUR DQWLJUDVVR LQ PHWDOOR YHG ©,VWUX]LRQL G·XVR GHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H LQVWDOODWHXU LV YHUDQWZRRUGHOLMN YRRU HHQ
JRHGHZHUNLQJRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
: 5LVLFRYDQOHWVHO
WLMGHQVGHLQVWDOODWLHGRRUVFKHUSHUDQGHQ'UDDJWLMGHQVGH
LQVWDOODWLHYDQKHWDSSDUDDWDOWLMGYHLOLJKHLGVKDQGVFKRHQHQ
/XFKWJHOHLGHUPRQWHUHQ
■ 6FKRRUVWHHQDIVFKHUPLQJ GHPRQWHUHQ ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
■ /XFKWJHOHLGHULQ GH EHYHVWLJLQJVKRHNKDQJHQ ² DIE
■ 6ODQJPHWGH WZHHEXLVNOHPPHQEHYHVWLJHQDDQGH
OXFKWJHOHLGHUHQKHWOXFKWDIYRHUDDQVOXLWVWXN²DIE
'H VODQJPRHWVWUDNVWDDQHYHQWXHHOLQNRUWHQ
■ 6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
6OHXYHQYDQKHW ELQQHQVWHVFKRRUVWHHQDIVFKHUPVWXNZLM]HQ
QDDUERYHQ
$FWLHYHNRROILOWHUYRRUJHEUXLNPHW FLUFXODWLHOXFKW
$FWLHYHNRROILOWHUVELQGHQGH UHXNVWRIIHQELMJHEUXLNPHW
FLUFXODWLHOXFKW9HUYDQJELMQRUPDDOJHEUXLNGDJHOLMNV j XXU
KHWDFWLHYHNRROILOWHUWZHHPDDOSHU MDDU
$DQZLM]LQJ $FWLHYHNRROILOWHUVEHYDWWHQJHHQVFKDGHOLMNHVWRIIHQ
HQ NXQQHQPHWKHW KXLVYXLOZRUGHQPHHJHJHYHQ
$FWLHYHNRROILOWHUPRQWHUHQ
0HWDOHQYHWILOWHUGHPRQWHUHQ]LHÅ*HEUXLNVDDQZLM]LQJYDQ
GH DI]XLJNDSµ
$DQZLM]LQJ %LM VFKXLQHVFKRRUVWHQHQPHWVHQVRUEHVWXULQJ
GH OXFKWJHOHLGLQJVSODDWYHUZLMGHUHQ ² DIE
$FWLHYHNRROILOWHUDDQEUHQJHQRPKRRJNODSSHQHQGH OLSLQ
GH EHYHVWLJLQJVFKXLYHQ ² DIE
$DQZLM]LQJ %LM VFKXLQHVFKRRUVWHQHQPHWVHQVRUEHVWXULQJ
GH OXFKWJHOHLGLQJVSODDWZHHUDDQEUHQJHQ ² DIE
0HWDOHQYHWILOWHUPRQWHUHQ]LH Å*HEUXLNVDDQZLM]LQJYDQ
GH DI]XLJNDSµ
es
Û
,QVWUXFFLRQHVGHPRQWDMH
&RQVHMRV\DGYHUWHQFLDV
/HHUFRQDWHQFLyQHVWDVLQVWUXFFLRQHV\FRQVHUYDUODV6RODPHQWH
XQ PRQWDMH SURIHVLRQDO FRQIRUPH D HVWDV LQVWUXFFLRQHV GH PRQWDMH
SXHGHJDUDQWL]DUXQXVRVHJXURGHODSDUDWR(OLQVWDODGRUHV
UHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
0RQWDUHO GHVYtRGHFLUFXODFLyQGH DLUH
■ 'HVPRQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHV
GHPRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
■ (QJDQFKDUHO GHVYtRGH FLUFXODFLyQGH DLUHHQHOiQJXOR
GH VXMHFLyQ ² )LJXUD
■ 6XMHWDUODPDQJXHUDPHGLDQWHODDEUD]DGHUDFRUUHVSRQGLHQWH
HQHOGHVYtRGHFLUFXODFLyQGHDLUH\HOWXER²)LJ
/D PDQJXHUDGHEHHVWDUWHQVD$FRUWDUODVLKLFLHUDIDOWD
■ 0RQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHVGH
PRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
/DV UDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGH ODFKLPHQHDYDQKDFLD
DUULED
)LOWURGH FDUEyQDFWLYDGRHQ IXQFLRQDPLHQWR
GH FLUFXODFLyQ
/RVILOWURVGH FDUEyQDFWLYDGRUHDFFLRQDQFRQODVVXVWDQFLDV
DURPiWLFDVGXUDQWHHO IXQFLRQDPLHQWRGH FLUFXODFLyQ&DPELDUHO
ILOWURGH FDUEyQDFWLYDGRGRVYHFHVSRUDxRHQFDVR
GH IXQFLRQDPLHQWRQRUPDO D KRUDVGLDULDV
1RWD /RVILOWURVGH FDUEyQDFWLYDGRQRFRQWLHQHQVXVWDQFLDV
QRFLYDV\ SXHGHQVHUHOLPLQDGRVD WUDYpVGH ORVUHVLGXRV
GRPLFLOLDULRV
0RQWDUHOILOWURGH FDUEyQDFWLYDGR
'HVPRQWDUHO ILOWURPHWiOLFRGH JUDVDYHUODV©,QVWUXFFLRQHVGH
IXQFLRQDPLHQWRGH ODFDPSDQDGHH[WUDFFLyQGH YDKRVª
1RWD 4XLWDUODFKDSDJXtDGHDLUHHQ FDVRGH FKLPHQHDV
LQFOLQDGDVFRQFRQWUROSRUVHQVRUHV ² )LJ
&RORFDUHO ILOWURGH FDUEyQDFWLYDGRUHEDWLUORKDFLDDUULED
\ KDFHUWUDEDUODOHQJHWD ² )LJ
1RWD 9ROYHUDFRORFDUODFKDSDJXtDGH DLUHHQFDVR
GH FKLPHQHDVLQFOLQDGDVFRQFRQWUROSRUVHQVRUHV ² )LJ
0RQWDUHOILOWURPHWiOLFRGH JUDVDYHUODV ©,QVWUXFFLRQHVGH
IXQFLRQDPLHQWRGHODFDPSDQDGH H[WUDFFLyQGH YDKRVª
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
0RQWDJHPGR VHSDUDGRUGD FLUFXODomRGH DU
■ 'HVPRQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU©,QVWUXo}HVGH
0RQWDJHPGR H[DXVWRUª
■ 6XVSHQGHUR VHSDUDGRUGD FLUFXODomRGH DUQRkQJXOR
GH IL[DomR ² )LJ
■ )L[DUR WXERIOH[tYHOFRPDVGXDVEUDoDGHLUDVQRVHSDUDGRU
GH FLUFXODomRGHDUH QRERFDOGHDGPLVVmRGHDU ² )LJ
2 WXERIOH[tYHOWHPTXHHVWDUHVWLFDGRVHQHFHVViULRHQFXUWDU
■ 0RQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU ©,QVWUXo}HV
GH 0RQWDJHPGRH[DXVWRUª
5DQKXUDVGRSDLQHOGHFRUDWLYRLQWHULRUGD FKDPLQpSDUDFLPD
)LOWURVGH FDUYmRDFWLYRSDUDIXQFLRQDPHQWRFRP
FLUFXODomRGH DU
2VILOWURVGH FDUYmRDFWLYRUHWrPDV SDUWtFXODVGH RGRUQR
IXQFLRQDPHQWRFRPFLUFXODomRGH DU(PFDVRGH IXQFLRQDPHQWR
QRUPDO D KRUDVGLiULDVVXEVWLWXLUR ILOWURGH FDUYmRDFWLYR
GXDVYH]HVQRDQR
1RWD 2V ILOWURV GH FDUYmR DFWLYR QmR FRQWrP VXEVWkQFLDV QRFLYDV
H SRGHPVHUUHFLFODGRVFRPR OL[RGRPpVWLFR
0RQWDJHPGR ILOWURGH FDUYmRDFWLYR
'HVPRQWDUR ILOWURPHWiOLFRGH JRUGXUDVYHU ©,QVWUXo}HVGH
VHUYLoRGRH[DXVWRUª
1RWD 1RFDVRGH H[DXVWRUHVLQFOLQDGRVFRPFRPDQGRSRU
VHQVRUHVUHPRYHUD FKDSDGHHQFDPLQKDPHQWRGRDU ² )LJ
,QVHULUR ILOWURGH FDUYmRDFWLYREDVFXODUR ILOWURSDUDFLPD
H HQFDL[DUDSDWLOKD ² )LJ
1RWD 1RFDVRGH H[DXVWRUHVLQFOLQDGRVFRPFRPDQGRSRU
VHQVRUHVYROWDUD PRQWDUD FKDSDGHHQFDPLQKDPHQWRGRDU ²
)LJ
0RQWDUR ILOWURPHWiOLFRGHJRUGXUDVYHU ©,QVWUXo}HVGHVHUYLoR
GR H[DXVWRUª
el
Ù
¨
:
■ µ
µ
■
²
■
²
■ µ
µ
µ
µ
²
²
²
µ
µ
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
0RQWHUDNROILOWHUPRGXOHQ
■ 'HPRQWHUDEHNOlGQDGHQ VH µ0RQWHULQJVDQYLVQLQJWLOO
VSLVIOlNWHQµ
■ )lVWNROILOWHUPRGXOHQL IlVWMlUQHW ² %LOG
■ )lVWVODQJHQLNROILOWHUPRGXOHQRFKU|UVWRVHQPHGGHWYn
U|UNOlPPRUQD²%LOG
6ODQJHQPnVWHYDUDVSlQGJ|UGHQNRUWDUHRPVnEHK|YV
■ 0RQWHUDEHNOlGQDGHQVHµ0RQWHULQJVDQYLVQLQJWLOOVSLVIOlNWHQµ
6SULQJRUQDL GHQ LQUHEHNOlGQDGVGHOHQVNDVLWWDXSSWLOO
.ROILOWHUQlUIOlNWHQVND DQYlQGDVWLOOVDPPDQV
PHG NROILOWHU
(WW NROILOWHU ELQGHU OXNWlPQHQD 9LG QRUPDO DQYlQGQLQJ VSLVIOlNWHQ
DQYlQGV WLPPDUYDUMHGDJPnVWHNROILOWUHQE\WDVWLOO
Q\D JnQJHUSHU nU
$QYLVQLQJ .ROILOWHULQQHKnOOHULQJDVNDGOLJDlPQHQRFK NDQ
GlUI|UVOlQJDVPHG |YULJDN|NVVRSRU
6lWWDLQ NROILOWHU
7DXWPHWDOOIHWWILOWUHWVHµ%UXNVDQYLVQLQJWLOOVSLVIOlNWHQµ
$QYLVQLQJ 7DERUWSOnWHQSnVSLVIOlNWDUPHGOXWDQGHNnSDRFK
VHQVRUVW\UQLQJ²%LOG
6lWWLQNROILOWUHWIlOOGHWXSSnWRFKVHWLOODWWGHWKDNDUIDVWL
VSlUUHQ²%LOG
$QYLVQLQJ 6lWWnWHUWLOOEDNDSOnWHQSnVSLVIOlNWDUPHGOXWDQGH
NnSDRFKVHQVRUVW\UQLQJ²%LOG
6lWWDLQPHWDOOIHWWILOWUHWVHµ%UXNVDQYLVQLQJWLOOVSLVIOlNWHQµ
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHPHUNQDGHU
/HVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJWDYDUHSnGHQIRUVHQHUH
EUXN6LNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJHQVNMHU
Sn IDJPHVVLJ PnWH L VDPVYDU PHG GHQQH PRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
$SSDUDWHWPnEDUHNREOHVWLODYJRGNMHQWHIDJIRON
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
: )DUHIRUVNDGH
3nJUXQQDYVNDUSHNDQWHUXQGHULQVWDOODVMRQHQ%UXNDOOWLG
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
0RQWHULQJDY VLUNXODVMRQVVSRU
■ 'HPRQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
■ 6LUNXODVMRQVVSRUHWKHQJHVLQQL KROGHYLQNHOHQ ² ELOGH
■ )HVWVODQJHQPHGWR U¡UNODPPHUWLOVSRUHWIRURPOXIWRJ WLO
OXIWVWXVVHQ ² ELOGH
6ODQJHQPn YUHUHWWRPQ¡GYHQGLJNDQGHQ IRUNRUWHV
■ 0RQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6SUHNNHQHSn GHQLQGUHSLSHEOHQGHQPn YUHRSSH
$NWLYNXOOILOWHUIRU VLUNXODVMRQVGULIW
$NWLYNXOOILOWHUELQGHUOXNWVWRIIHQHXQGHUVLUNXODVMRQVGULIWHQ
9HG QRUPDO GULIW GDJOLJ WLO WLPHU E¡U GX VNLIWH XW DNWLY NXOOILOWHUHW
WR JDQJHUL nUHW
0HUN $NWLYNXOOILOWHUHWLQQHKROGHULQJHQVNDGHOLJHVWRIIHURJ NDQ
NDVWHVL GHWYDQOLJHKXVERVVHW
,QQVHWWLQJDY DNWLYNRKOHILOWHU
'HPRQWHUHV PHWDOOIHWWILOWHUHWVH ´%UXNVYHLOHGQLQJHQIRU
GDPSKHWWHQµ
0HUN 9HG VNUn GDPSKHWWHU PHG VHQVRUVW\ULQJ Pn OHGHSODWHQ IRU
OXIWIMHUQHV ² ELOGH
$NWLYNXOOILOWHUHWVHWWHVLQQNODIIHRSSRJODVNHQVPHNNHVSn ²
ELOGH
0HUN 9HGGDPSKHWWHUPHG VHQVRUVW\ULQJVHWWHVOHGHSODWHQIRU
OXIWSnLJMHQ ² ELOGH
0RQWHUHV PHWDOOIHWWILOWHUHWVH ´%UXNVYHLOHGQLQJHQIRU
GDPSKHWWHQµ
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWD
/XHMDVlLO\WlWlPlNl\WW|RKMHKXROHOOLVHVWL9DLQQlLGHQ
DVHQQXVRKMHLGHQPXNDLQHQDPPDWWLWDLWRLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q$VHQWDMDYDVWDDPRLWWHHWWRPDVWDWRLPLQQDVWD
DVHQQXVSDLNDVVD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDPPDWWLDVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
: /RXNNDDQWXPLVYDDUD
-RKWXHQ WHUlYLVWl UHXQRLVWD ODLWHWWD DVHQQHWWDHVVD $VHQQHWWDHVVD
Nl\WHWWlYlVXRMDNlVLQHLWl
,OPDYLUUDQRKMDLPHQDVHQQXV
■ ,UURWDKRUPLVXRMXV NDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
■ $VHWDLOPDYLUUDQRKMDLQSDLNDOOHHQNXOPDUDXGDQYDUDDQ ²
NXYD
■ .LLQQLWlOHWNXNDKGHOODSXWNLNLULVWLPHOOlLOPDQYLUUDQRKMDLPHHQMD
DVHQQXVNDXOXNVHHQ ² NXYD
/HWNXQWXOHHROODNLUHlOOlO\KHQQlWDUYLWWDHVVD
■ $VHQQDKRUPLVXRMXVNDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRW\O|V
$NWLLYLKLLOLVXRGDWLQKXRQHLOPDDQSDODXWWDYDD
WRLPLQWDDYDUWHQ
$NWLLYLKLLOLVXRGDWLQVLWRRKDMXDLQHHWMD NRVWHXGHQNXQWRLPLQWD
RQ KXRQHLOPDDQSDODXWWDYD9DLKGDQRUPDDOLNl\W|VVlSlLYLWWlLQ
ï WXQWLDDNWLLYLKLLOLVXRGDWLQNDNVLNHUWDDYXRGHVVD
+XRPDXWXV $NWLLYLKLLOLVXRGDWWLPLVVD HL ROH \PSlULVW|OOH YDDUDOOLVLD
DLQHLWD9RLWKlYLWWllQH PXLGHQWDORXVMlWWHLGHQPXNDQD
$NWLLYLKLLOLVXRGDWWLPHQNLLQQLW\V
,UURWDUDVYDVXRGDWWLPHWNDWVR Å/LHVLWXXOHWWLPHQNl\WW|RKMH´
+XRPDXWXV .XQN\VHHVVlRQOLHVLWXXOHWLQMRVVDRQ
VHQVRULRKMDXVSRLVWDLOPDQRKMDXVOHY\ ² NXYD
$VHWDDNWLLYLKLLOLVXRGDWLQSDLNDOOHHQNllQQl\O|VMD OXNLWVH
NLLQQLNH ² NXYD
+XRPDXWXV .XQN\VHHVVlRQOLHVLWXXOHWLQMRVVDRQ
VHQVRULRKMDXVNLLQQLWlLOPDQRKMDXVOHY\WDNDLVLQSDLNDOOHHQ ²
NXYD
.LLQQLWlUDVYDVXRGDWWLPHWNDWVR Å/LHVLWXXOHWWLPHQNl\WW|RKMH´
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJW
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHPRJRSEHYDUGHQ
6LNNHUKHGHQ YHG EUXJHQ DI GHWWH DSSDUDW NDQ NXQ JDUDQWHUHV KYLV
PRQWHULQJHQIRUHWDJHVIDJOLJWNRUUHNWLKHQKROGWLODQYLVQLQJHUQHL
GHQQHPRQWHULQJVYHMOHGQLQJ,QVWDOODW¡UHQKDUDQVYDUHWIRUDW
DSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
$SSDUDWHWPnXGHOXNNHQGHWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
: )DUHIRUNYVWHOVHU
8QGHULQVWDOODWLRQHQSJDVNDUSHNDQWHU8QGHUDSSDUDWHWV
LQVWDOODWLRQVNDOPDQDOWLGKDYHEHVN\WWHOVHVKDQGVNHUSn
&LUNXODWLRQVI¡ULQJPRQWHUHV
■ 'HPRQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
■ )DVWJ¡UPLOM¡VSRUHWL KROGHYLQNOHQ ² )LJ
■ )DVWJ¡UVODQJHQWLOFLUNXODWLRQVI¡ULQJRJ OXIWVWXGVPHGGH WR
U¡UVSQGHEnQG ² )LJ
6ODQJHQVNDOYUHVWUDPDINRUWGHQ HIWHUEHKRY
■ 0RQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
6OLGVHUQHSn GHQ LQGYHQGLJHDIWUNVEHNOGQLQJYHQGHURSDG
$NWLYWNXOILOWHUWLO PLOM¡IXQNWLRQ
$NWLYH NXOILWUH ELQGHU N¡NNHQGXQVWHQ L UHFLUNXODWLRQ 6NLIW GHW DNWLYH
NXOILOWHUYHG QRUPDOEUXJGDJOLJW WLO WLPHUWRJDQJHRPnUHW
%HPUN $NWLYH NXOILOWUH LQGHKROGHU LQJHQ VNDGHOLJH VWRIIHU RJ NDQ
VPLGHVXG VDPPHQPHG GHWDOPLQGHOLJHKXVKROGQLQJVDIIDOG
$NWLYWNXOILOWHUPRQWHUHV
$IPRQWHUPHWDOIHGWILOWHUHWVH Å(PKWWHQVEUXJVDQYLVQLQJ´
%HPUN )MHUQOXIWVW\UHSODGHQSn VNUnHPIDQJ
PHG VHQVRUVW\ULQJ ² )LJ
6WGHWDNWLYHNXOILOWHULNODSGHWRSRJIn VQLSSHQWLODWIDOGHSn
SODGV ²)LJ
%HPUN $QEULQJOXIWVW\UHSODGHQLJHQSn VNUnHPIDQJPHG
VHQVRUVW\ULQJ ² )LJ
0RQWHUPHWDOIHGWILOWHUHWVH Å(PKWWHQVEUXJVDQYLVQLQJ´
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηνψβηλμκνδπβψβλθοκΪηβμίίϋ
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
: Νξίπμνπρϋροίαλ
&θ λμθκθηυ θλμκυο δκθζθδ ικβ νλμΪηθάδί Ικβ νλμΪηθάδί ικβΫθκΪ
άλίέήΪηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
Λνμρίεξδοδτνγμηιίγκώ οδεηλίυηοιςκώυηη
■ ΛηβζβμίθΫςβάδνάυμωΰηθγμκνΫυλζ ©Βηλμκνδπβωιθ
ζθημΪΰνάυμωΰδβª
■ ΌλμΪάφμίιίκίοθήηβδήεω κίΰβζΪπβκδνεωπββά δκίιίΰηυί
νέθεδβ ² κβλνηθδ
■ ΙκβδκίιβμίςεΪηέλ ιθζθσφψήάνομκνΫηυοαΪΰβζθά
δ ιίκίοθήηβδνήεωκίΰβζΪπβκδνεωπβββ άθαήνςηθζν
ιΪμκνΫδν ² κβλνηθδ
εΪηέήθεΰίηΫυμφηΪμωηνμυζνδθκθμβμίίέθ
ικβ ηίθΫοθήβζθλμβ
■ ΝλμΪηθάβμίηΪ ζίλμθθΫςβάδνάυμωΰηθγ
μκνΫυ λζ ©ΒηλμκνδπβωιθζθημΪΰνάυμωΰδβª
Ικθκίαβάθ άηνμκίηηίγθΫςβάδίάυμωΰηθγμκνΫυηΪικΪάείηυ
άάίκο
βνκϋμϊθσηκϋρογκώ οδεηλίυηοιςκώυηη
ανζγςτί
ΝέθεφηυίξβεφμκυιθέεθσΪψμαΪιΪοβά κίΰβζίπβκδνεωπββ
άθαήνοΪΙκβηθκζΪεφηθζκίΰβζίχδλιενΪμΪπββάυμωΰδβ ²
ρΪλΪάήίηφνέθεφηυγξβεφμκλείήνίμζίηωμφήάΪκΪαΪά έθή
ιίζίμηδ Ό νέθεφηυο ξβεφμκΪο ηί λθήίκΰβμλω άκίήηυο άίσίλμά
ιθχμθζνβοζθΰηθάυΫκΪλυάΪμφά ήθζΪςηβγζνλθκ
πρίμναιίςβνκϋμνβνσηκϋροί
ΛηβζβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγ
ξβεφμκ λζ ©ΒηλμκνδπβωιθχδλιενΪμΪπββάυμωΰδβª
ιίζίμηδ ΎεωηΪδεθηηυοάυμωΰίδλ λίηλθκηυζνικΪάείηβίζ
ληβζβμίήίξείδμθκ ² κβλνηθδ
ΌλμΪάφμίνέθεφηυγξβεφμκιθήηβζβμίίέθάάίκοβ αΪδκθγμί
αΪσίεδν ² κβλνηθδ
ιίζίμηδ ΎεωηΪδεθηηυοάυμωΰίδλ λίηλθκηυζνικΪάείηβίζ
άλμΪάφμίήίξείδμθκηΪζίλμθ ² κβλνηθδ
ΌλμΪάφμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγ
ξβεφμκ λζ ©Βηλμκνδπβωιθ χδλιενΪμΪπββάυμωΰδβª
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWiXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRGD XVFKRYHMWHKR%H]SHĀQp
SRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpPRQWiçLSRGOHWRKRWR
QiYRGXN PRQWiçL7HFKQLNSURYiGěMtFtLQVWDODFLRGSRYtGi]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
6SRWŒHELĀVPt]DSRMRYDWSRX]HNRQFHVRYDQìRGERUQtN
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
: 1HEH]SHĀtSRUDQěQt
RVWUìPLKUDQDPLEěKHPLQVWDODFH%ěKHPLQVWDODFHVSRWŒHELĀH
QRVWHYçG\RFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQtYìK\EN\
■ 'HPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
■ =DYěVWHFLUNXODĀQtYìK\ENXGR SŒLGUçRYDFtKR~KHOQtNX ²
REUi]HN
■ 8SHYQěWHKDGLFLGYěPDREMtPNDPDQD FLUNXODĀQtYìK\ENX
D Y]GXFKRYpKUGOR ² REUi]HN
+DGLFHPXVtEìWQDSQXWiYSŒtSDGěSRWŒHE\]NUDŚWH
■ 1DPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
äWěUELQ\YQLWŒQtKRNRPtQRYpKRNU\WXVPěŒXMtQDKRUX
)LOWU\V DNWLYQtPXKOtPSURSURYR]V FLUNXODFt
Y]GXFKX
)LOWU\V DNWLYQtPXKOtPSRKOFXMtY SURYR]XV FLUNXODFtY]GXFKX
SDFKRYpOiWN\3ŒLQRUPiOQtPSURYR]XGHQQě Dç KRGLQ\
Y\PěŃWHILOWUV DNWLYQtPXKOtPGYDNUiW]D URN
8SR]RUQěQt )LOWU\V DNWLYQtPXKOtPQHREVDKXMtçiGQpåNRGOLYp
OiWN\D PRKRXVH ]OLNYLGRYDWY GRPRYQtPRGSDGX
0RQWiçILOWUXV DNWLYQtPXKOtP
'HPRQWXMWHNRYRYìWXNRYìILOWUYL] ´1iYRGN SRXçLWtRGVDYDĀH
SDUµ
8SR]RUQěQt 8åLNPìFKGLJHVWRŒtVH VHQ]RURYìPRYOiGiQtP
RGVWUDŃWHXVPěUŃRYDFtSOHFKY]GXFKX ² REUi]HN
1DVDďWHILOWUV DNWLYQtPXKOtPRGNORSWHMHMQDKRUXD ]DMLVWěWH
SŒtORçNX]DVNRĀHQtP ² REUi]HN
8SR]RUQěQt 8åLNPìFKGLJHVWRŒtVH VHQ]RURYìPRYOiGiQtP
]QRYXQDVDďWHXVPěUŃRYDFtSOHFKY]GXFKX ² REUi]HN
1DPRQWXMWHNRYRYìWXNRYìILOWUYL] ´1iYRGN SRXçLWtRGVDYDĀH
SDUµ
sk
ï
0RQWiçQ\QiYRG
'{OHçLWpXSR]RUQHQLD
7HQWRQiYRGVL SURVtPVWDURVWOLYRSUHĀtWDMWHD XVFKRYDMWHKR/HQ
SULRGERUQHMPRQWiçLSRGĻDWRKWRQiYRGXQD PRQWiçMH]DUXĀHQi
EH]SHĀQRVŚSUL SRXçtYDQt,QåWDODWpUMH ]RGSRYHGQì]D EH]FK\EQ~
IXQNĀQRVŚQDPLHVWHLQåWDOiFLH
6SRWUHELĀP{çH]DSRMLŚYìOXĀQHRSUiYQHQìNRQFHVRYDQì
RGERUQtN
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFY\SQLWHSUtYRGSU~GX
: 1HEH]SHĀHQVWYRSRUDQHQLD
RVWUìPL KUDQDPL Y SULHEHKX LQåWDOiFLH 3RĀDV LQåWDOiFLH VSRWUHELĀD
YçG\QRVWHRFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQHMYìK\EN\
■ 'HPRQWXMWHNU\WNRPtQD SR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
■ =DYHVWHFLUNXODĀQ~YìK\ENXGR SULGUçLDYDFLHKRXKROQtND ²
REUi]RN
■ 8SHYQLWHKDGLFXSRPRFRXGYRFK~FK\WLHNQD FLUNXODĀQ~
YìK\ENXD Y]GXFKRYpKUGOR ² REUi]RN
+DGLFDPXVtE\ŚQDWLDKQXWiY SUtSDGHSRWUHE\MXVNUiŚWH
■ 1DPRQWXMWHNU\WNRPtQDSR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=iUH]\YQ~WRUQpKRNU\WXNRPtQDVPHUXM~QDKRU
)LOWUHV DNWtYQ\PXKOtPSUHSUHYiG]NX
V FLUNXOiFLRXY]GXFKX
)LOWUH V DNWtYQ\P XKOtP VO~çLD QD YLD]DQLH SDFKRYìFK ĀLDVWRĀLHN SUL
SUHYiG]NH V FLUNXOiFLRX Y]GXFKX 3UL QRUPiOQHM SUHYiG]NH GHQQH
Dç KRGLQ\Y\PHŃWHILOWHUV DNWtYQ\PXKOtPGYDNUiWURĀQH
8SR]RUQHQLH )LOWUH V DNWtYQ\P XKOtP QHREVDKXM~ çLDGQH åNRGOLYp
OiWN\D P{çHWHLFKOLNYLGRYDŚDNRGRPRYìRGSDG
0RQWiçILOWUDV DNWtYQ\PXKOtP
'HPRQWXMWHNRYRYìWXNRYìILOWHUSR]UL Å1iYRGQD SRXçLWLH
RGViYDĀDSiUµ
8SR]RUQHQLH 8åLNPìFKRGViYDĀRYSiUVR VHQ]RURYìP
ULDGHQtPRGVWUiŃWHXVPHUŃRYDFtSOHFKY]GXFKX ² REUi]RN
1DVDďWHILOWHUV DNWtYQ\PXKOtPD RGNORSWHKRVPHURPQDKRU
D QHFKDMWH]DVNRĀLŚSUtORçNX ² REUi]RN
8SR]RUQHQLH 8åLNPìFKRGViYDĀRYSiUVR VHQ]RURYìP
ULDGHQtP]QRYDQDVDďWHXVPHUŃRYDFtSOHFKY]GXFKX ²
REUi]RN
1DPRQWXMWHNRYRYìWXNRYìILOWHUSR]UL Å1iYRGQD SRXçLWLH
RGViYDĀDSiUµ
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
1DOHŰ\XZDŰQLHSU]HF]\WDþL]DFKRZDþLQVWUXNFMęREVãXJL
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]HĿVWZRXŰ\WNRZDQLD,QVWDODWRU
RGSRZLHG]LDOQ\ MHVW ]D SUDZLGãRZH G]LDãDQLH XU]ĉG]HQLD Z PLHMVFX
PRQWDŰX
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPL
3U]HGSUHSURZDG]HQLHPSUDFZ\ãĉF]\þGRSã\ZSUĉGX
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
SRGF]DVLQVWDODFML]HZ]JOęGXQDRVWUHNUDZęG]LH3RGF]DV
LQVWDODFMLXU]ĉG]HQLD]DZV]HQRVLþUęNDZLFHRFKURQQH
0RQWRZDQLHNLHURZQLF\SRZLHWU]DRELHJRZHJR
■ =GHPRQWRZDþREXGRZęNRPLQRZĉ SDWU]Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
■ =DZLHVLþNLHURZQLFęSRZLHWU]DQD NĉWRZQLNXPRFXMĉF\P ²
5\VXQHN
■ 3U]\PRFRZDþZĉŰGR NLHURZQLF\SRZLHWU]DRUD]GRNUyþFD
SRZLHWU]D]D SRPRFĉGZyFKRSDVHN]DFLVNRZ\FK ² 5\VXQHN
:ĉŰ QLH PRŰH OXŮQR ]ZLVDþ ² Z UD]LH SRWU]HE\ SURV]ę JR VNUyFLþ
■ =DPRQWRZDþREXGRZęNRPLQRZĉ SDWU] Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMGR JyU\
)LOWU] ZęJOHPDNW\ZQ\PGODWU\EXRELHJX
SRZLHWU]D
)LOWU]ZęJOHPDNW\ZQ\PSRFKãDQLD]DSDFK\Z WU\ELHRELHJX
SRZLHWU]D3U]\QRUPDOQ\PVWRSQLXHNVSORDWDFMLG]LHQQLHGR
JRG]LQSURV]ęZ\PLHQLþILOWUGZDUD]\GRURNX
:VND]yZND )LOWU\ ] ZęJOHP DNW\ZQ\P QLH ]DZLHUDMĉ V]NRGOLZ\FK
VXEVWDQFMLL PRJĉE\þZ\U]XFDQHGR ŔPLHFLGRPRZ\FK
0RQWRZDQLHILOWUD] ZęJOHPDNW\ZQ\P
:\PRQWRZDþPHWDORZ\ILOWUWãXV]F]XSDWU] Å,QVWUXNFMDREVãXJL
RNDSXNXFKHQQHJR´
:VND]yZND :SU]\SDGNXVNRŔQ\FKRNDSyZ]H VWHURZDQLHP
F]XMQLNDPLQDOHŰ\Z\MĉþEODFKęNLHUXMĉFĉSRZLHWU]H ²
5\VXQHN
:ãRŰ\þILOWU] ZęJOHPDNW\ZQ\PRGFK\OLþGR JyU\L ]DWU]DVQĉþ
ãĉF]QLNZ ]DSDGFH ² 5\VXQHN
:VND]yZND : SU]\SDGNXVNRŔQ\FKRNDSyZ]H VWHURZDQLHP
F]XMQLNDPLQDOHŰ\SRQRZQLHZãRŰ\þEODFKęNLHUXMĉFĉ
SRZLHWU]H ² 5\VXQHN
=DPRQWRZDþPHWDORZ\ILOWUWãXV]F]XSDWU] Å,QVWUXNFMDREVãXJL
RNDSXNXFKHQQHJR´
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU
%XN×ODYX]XGLNNDWOLFHRNX\XQX]YHVDNOD\×Q×]$QFDNFLKD]×Q
PRQWDM×EXPRQWDMWDOLPDW×QGDWDULIHGLOHQüHNLOGHXVXOQHX\JXQ
RODUDN\DS×OP×üVDFLKD]×QNXOODQ×P×QGDJYHQOLNJDUDQWLVL
YHULOPLüWLU&LKD]×QNXUXOGXùX\HUGHNXVXUVX]oDO×üPDV×QGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QEDùODQW×V×Q×VDGHFHHùLWLPOLELUX]PDQ\DSDELOLU
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×NHVLQ
: <DUDODQPDWHKOLNHVL
.XUXOXPHVQDV×QGDNHVNLQNHQDUODUQHGHQL\OH\DUDODQPDWHKOLNHVL
YDUG×U&LKD]×QNXUXOXPoDO×üPDODU×ER\XQFDGDLPDNRUX\XFX
HOGLYHQOHUNXOODQ×Q
'RODü×PO×KDYDo×WDV×Q×QPRQWHHGLOPHVL
■ %DFDNDSODPDV×Q×V|NQ]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
■ 'RODü×PO×KDYDo×WDV×Q×WXWPDN|üHEHQGLQHWDN×Q×] ² 5HVLP
■ +RUWXPXLNLERUXELOH]LùLLOH GRODü×PO×KDYDQLWHVLQH
VDELWOH\LQL] ² 5HVLP
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×Q×]
■ %DFDNDSODPDV×Q×PRQWHHGLQL]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
Įo EDFDNDSODPDV×Q×QGHOLNOHUL\XNDU×GRùUXROPDO×G×U
'RODü×PO×KDYDPRGXLoLQDNWLINDUERQILOWUHVL
$NWLINDUERQILOWUHOHULGRODü×PO×KDYDPRGXQGDNRNXPDGGHOHULQL
EDùODU1RUPDONXOODQ×PKDOLQGHJQGH ² VDDWDNWLINDUERQ
ILOWUHVLQL\×OGDLNL NH]GHùLüWLULQL]
%LOJL $NWLINDUERQILOWUHOHUL]DUDUO×PDGGHLoHUPH]YH QRUPDO
HY o|SNXWXVXQDDWDUDNJLGHUHELOLUVLQL]
$NWLINDUERQILOWUHVLQLQWDN×OPDV×
0HWDO\DùILOWUHVLQLV|NQ] EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
%LOJL 6HQV|U NXPDQGDO× HùLN EDFDODUGD KDYD \|QOHQGLUPH VDF×Q×
V|NQ] ² 5HVLP
$NWLINDUERQILOWUHVLQLWDN×Q×]\XNDU×NDWOD\×SDo×Q×]YH SDUoD\×
\HULQHRWXUWXQX] ² 5HVLP
%LOJL 6HQV|U NXPDQGDO× HùLN EDFDODUGD KDYD \|QOHQGLUPH VDF×Q×
WHNUDU\HULQHWDN×Q×] ² 5HVLP
0HWDO\DùILOWUHVLQLWDN×Q×] EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVLKHO\HQ
YDOyNLIRJiVWDODQPŦN|GpVpUW
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
%iUPLO\HQPXQNDHOYpJ]pVHHOŌWWV]QWHVVHPHJD]iUDPHOOiWiVW
: 6pUOpVYHV]pO\
V]HUHOpVN|]EHQD]pOHVSHUHPHNPLDWW$NpV]OpNV]HUHOpVH
N|]EHQPLQGLJYLVHOMHQYpGŌNHV]W\ŦW
.HULQJHWHWWOHYHJŌWHUHOŌODSEHV]HUHOpVH
■ 6]HUHOMHOHDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYyV]HUHOpVL
~WPXWDWyMiWµ
■ $NDVV]DEHDNHULQJHWHWWOHYHJŌWHUHOŌODSRWDWDUWyLGRPED
iEUD
■ $W|POŌWU|J]tWVHNpWFVŌELOLQFFVHODNHULQJHWHWWOHYHJŌ
WHUHOŌODSUDpVDOHYHJŌFVRQNUDiEUD
$W|POŌQHNIHV]HVQHNNHOOOHQQLHV]NVpJHVHWpQU|YLGtWVHOH
■ 6]HUHOMHYLVV]DDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYy
V]HUHOpVL~WPXWDWyMiWµ
%HOVŌNUWŌWDNDUyODSUpVHLIHOIHOp
$NWtYV]pQV]ŦUŌOpJNHULQJHWpVHV]HPPyGKR]
$]DNWtYV]pQV]ŦUŌNPHJN|WLNDV]DJRNDWOpJNHULQJHWpVHV
]HPPyGEDQ$]DNWtYV]pQV]ŦUŌWQRUPiO]HPHOpVHVHWpQQDSL
²yUDpYHQWHNpWV]HUFVHUpOMHNL
8WDVtWiV $] DNWtYV]pQV]ŦUŌN QHP WDUWDOPD]QDN NiURV DQ\DJRNDW
pVDKi]WDUWiVLKXOODGpNNDOHJ\WWiUWDOPDWODQtWKDWyN
$]DNWtYV]pQV]ŦUŌEHV]HUHOpVH
6]HUHOMHNLDIpP]VtUV]ŦUŌWOiVGÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiVD´
8WDVtWiV 6]HQ]RUYH]pUHOWIHUGHHOV]tYyNHVHWpQWiYROtWVDHOD
OpJWHUHOŌOHPH]WiEUD
+HO\H]]H EH pV KDMWVD IHO D] DNWtYV]pQV]ŦUŌW PDMG SDWWLQWVD EH
DIOHWiEUD
8WDVtWiV 6]HQ]RUYH]pUHOWIHUGHHOV]tYyNHVHWpQKHO\H]]HEH
~MUDDOpJWHUHOŌOHPH]WiEUD
6]HUHOMHEHDIpP]VtUV]ŦUŌWOiVGÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiVD´
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
Αίεμηςιίζίμηώ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθβέθλτοκΪηίμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθμΪαββηλμκνδπβωαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
: Νξίπμνπρνρμίοίμώαίμδ
ιθκΪήβθλμκβκτΫθάίιθάκίζίηΪβηλμΪεΪπβωμΪΙθάκίζίηΪ
βηλμΪεΪπβωμΪηΪνκίήΪάβηΪέβηθλίμίικίήιΪαηβκτδΪάβπβ
Λνμρηοίμδμίικύφίζίοδυηοιςκηοίψαωζγςτ
■ ΎίζθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
■ ΘδΪρίμί δεψρΪ αΪ κίπβκδνεβκΪσ άταήνο ά αΪήτκΰΪσβω άβηδίε
ξβέ
■ ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονδεψρΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνοξβέ
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμί
■ ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪέθκί
Σηκρωο π ίιρηαδμ αωβκδμ ζί οίΰνρί π υηοιςκηοίψ
αωζγςτ
ΞβεμκβμίλΪδμβάίηάτέείηλάτκαάΪμάίσίλμάΪμΪθμήίεωσβ
ζβκβαζΪικβκΪΫθμΪλπβκδνεβκΪσάταήνοΛζίηωγμίξβεμτκΪλ
Ϊδμβάίη άτέείη ικβ ηθκζΪεηΪ κΪΫθμΪ ίΰίήηίάηθ ήθ ρΪλΪ ήάΪ
ιτμβάέθήβηΪμΪ
ιίζίμηδ ΞβεμκβμίλΪδμβάίηάτέείηηίλτήτκΰΪμάκίήηβ
άίσίλμάΪβζθέΪμήΪλίβαοάτκεωμικβΫβμθάβμίθμιΪήτπβ
Λνμρηοίμδμίσηκρωοίπίιρηαδμαωβκδμ
ΎίζθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
ιίζίμηδ ΙκβλδθλωάΪηβωλτλλίηαθκηθνικΪάείηβί
θμλμκΪηωάΪγμίάταήνοθηΪλθράΪσΪμΪιεΪλμβηΪξβέ
ΙθλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηηΪδεθηίμίηΪέθκίβ
ξβδλβκΪγμίίαβρίμθξβέ
ιίζίμηδ ΙκβλδθλωάΪηβωλτλλίηαθκηθνικΪάείηβί
άταήνοθηΪλθράΪσΪμΪιεΪλμβηΪήΪλίβαιθεαάΪθμηθάθξβέ
ΖθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLLPSRUWDQWH
&LWLŘLFXDWHQŘLHüLUHŘLQHŘLDFHDVWćLQVWUXFŘLXQH1XPDLODPRQWDMXO
UHJXODPHQWDUFRUHVSXQ]ćWRUDFHVWHLLQVWUXFŘLXQLGHPRQWDMHVWH
JDUDQWDWć VLJXUDQŘD OD XWLOL]DUH ,QVWDODWRUXO HVWH UHVSRQVDELO SHQWUX
IXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
: 3HULFROGHUćQLUH
GLQFDX]DPXFKLLORUDVFXŘLWHvQWLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGHSURWHFŘLH
0RQWDUHDGHIOHFWRUXOXLSHQWUXDHUXOUHFLUFXODW
■ 'HPRQWDŘL DSćUćWRDUHD FRüXOXL YH]L Å,QVWUXFŘLXQLOH GH PRQWDM DOH
KRWHL´
■ 6XVSHQGDŘLGHIOHFWRUXOSHQWUXDHUXOUHFLUFXODWvQVXSRUWXOGH
VXVŘLQHUHLPDJLQHD
■ )L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHGHIOHFWRUXO
SHQWUXDHUUHFLUFXODWüLSHFRQHFWRUXOGHDHULPDJLQHD
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
■ 0RQWDŘLDSćUćWRDUHDFRüXOXLYH]LÅ,QVWUXFŘLXQLOHGHPRQWDMDOH
KRWHL´
)DQWHOHPćüWLLLQWHULRDUHDFRüXOXLGHIXPWUHEXLHVćILHvQVXV
)LOWUXFXFćUEXQHDFWLYSHQWUXUHJLPXOFXDHU
UHFLUFXODW
)LOWUHOHFXFćUEXQHDFWLYFDSWHD]ćVXEVWDQŘHOHFXPLURVXULvQ
UHJLPXOFXDHUUHFLUFXODWÍQFD]XOXQHLXWLOL]ćULQRUPDOHSkQćOD
RUHSH]LvQORFXLŘLILOWUXOFXFćUEXQHDFWLYGHGRXćRULSHDQ
,QGLFDŘLH )LOWUHOHFXFćUEXQHDFWLYQXFRQŘLQVXEVWDQŘH
GćXQćWRDUHüLSRWILHYDFXDUHvQJXQRLXOPHQDMHU
0RQWDUHDILOWUXOXLGHFDUERQDFWLY
'HPRQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLFRQVXOWDŘLGRFXPHQWXO
Å,QVWUXFŘLXQLGHXWLOL]DUHDKRWHL´
,QGLFDŘLH ÍQFD]XOFRQGXFWHORUvQFOLQDWHFXVLVWHPGHFRPDQGć
SULQVHQ]RUGHPRQWDŘLSODFDGHYHQWLODŘLHLPDJLQHD
,QWURGXFHŘLILOWUXOGHFDUERQDFWLYUDEDWDŘLOvQVXVüLIL[DŘLEULGD
LPDJLQHD
,QGLFDŘLH ÍQFD]XOFRQGXFWHORUvQFOLQDWHFXVLVWHPGHFRPDQGć
SULQVHQ]RUPRQWDŘLODORFSODFDGHYHQWLODŘLHLPDJLQHD
0RQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLFRQVXOWDŘLGRFXPHQWXO
Å,QVWUXFŘLXQLGHXWLOL]DUHDOHKRWHL´
sl
ð
1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDERLQMLKVKUDQLWH9DUQRVW
PHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGXVWHPLQDYRGLOL]DPRQWDçR=DEUH]KLEQRGHORYDQMHQD
PHVWXSRVWDYLWYHMHRGJRYRUHQLQåWDODWHU
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
: 1HYDUQRVWWHOHVQLKSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRDSDUDWD
YHGQRQRVLWH]DåĀLWQHURNDYLFH
1DPHVWLWHYGHIOHNWRUMD
■ 2GVWUDQLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
■ 9SQLWHGHIOHNWRUYSULWUGLOQLNRWQLN²VOLND
■ &HYVFHYQLPDVSRMNDPDSULWUGLWHQDGHIOHNWRULQQDVWDYHN]D
]UDĀQRFHY²VOLND
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH
■ 1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]JRU
)LOWHU]DNWLYQLPRJOMHP]DREWRĀQRGHORYDQMH
)LOWUL]DNWLYQLPRJOMHPPHGREWRĀQLPGHORYDQMHPQDVHYHçHMR
YRQM3ULQRUPDOQLXSRUDELGRXULGQHYQRILOWHU]DNWLYQLP
RJOMHP]DPHQMDMWHHQNUDWOHWQR
2SRPED )LOWUL]DNWLYQLPRJOMHPQHYVHEXMHMRåNRGOMLYLKVQRYL
]DWRMLKODKNRRGYUçHWHPHGQDYDGQHRGSDGNH
1DPHVWLWHYILOWUD]DNWLYQLPRJOMHP
2GVWUDQLWHNRYLQVNLILOWHUJOHMWHÅ1DYRGLOD]DXSRUDERQDSH´
2SRPED 3ULVHQ]RUVNRNUPLOMHQLKSRåHYQLKQDSDKRGVWUDQLWH
XVPHUQLN]UDND²VOLND
9VWDYLWHILOWHU]DNWLYQLPRJOMHPJDSRNORSLWHQDY]JRULQ
]DVNRĀLWHVSRQNR²VOLND
2SRPED 3ULVHQ]RUVNRNUPLOMHQLKSRåHYQLKQDSDK]QRYD
YVWDYLWHXVPHUQLN]UDND²VOLND
1DPHVWLWHNRYLQVNLILOWHUJOHMWHÅ1DYRGLOD]DXSRUDERQDSH´
