Loading ...
Loading ...
Loading ...
JU$5HYB
*%,(
7KHPDQXIDFWXUHUZLOOQRWEHUHVSRQVLEOHIRUDQ\LQDFFXUDF\UHVXOWLQJIURPSULQWLQJRUWUDQVFULSWHUURUVFRQWDLQHGLQWKLVEURFKXUH:HUHVHUYHWKHULJKW
WRFDUU\RXWPRGLILFDWLRQVWRSURGXFWVDVUHTXLUHGLQFOXGLQJWKHLQWHUHVWVRIFRQVXPSWLRQZLWKRXWSUHMXGLFHWRWKHFKDUDFWHULVWLFVUHODWLQJWRVDIHW\RU
IXQFWLRQ
&=
9êUREFHQH]RGSRYtGi]DQHSĜHVQRVWLREVDåHQpYWpWRSĜtUXþFHY]QLNOpSĜLWLVNXQHERSĜHNODGX9\KUD]XMHPHVHSUiYRSURYiGČW~SUDY\YêURENXSRGOH
SRWĜHE\DQLåE\E\O\GRWþHQ\FKDUDNWHULVWLN\Y]WDKXMtFtVHNEH]SHþQRVWLQHERSURYR]X
'(
'HU +HUVWHOOHU EHUQLPPW NHLQH +DIWXQJ IU HYHQWXHOOH 'UXFN RGHU hEHUVHW]XQJVIHKOHU GLHVHU %HGLHQXQJVDQOHLWXQJ 'HU +HUVWHOOHU EHKlOW VLFK YRU
WHFKQLVFKHbQGHUXQJHQ]XU9HUEHVVHUXQJGHU3URGXNWTXDOLWlWLP,QWHUHVVHGHV(QGYHUEUDXFKHUVYRU]XQHKPHQ
(6
/DHPSUHVDFRQVWUXFWRUDGHFOLQDWRGDUHVSRQVDELOLGDGGHULYDGDGHHYHQWXDOHVHUURUHVGHLPSUHVLyQFRQWHQLGRVHQHOSUHVHQWHOLEUR6HUHVHUYDDGHPiVHO
GHUHFKRGHUHDOL]DUODVPRGLILFDFLRQHVTXHVHFRQVLGHUHQ~WLOHVDORVSURGXFWRVVLQFRPSURPHWHUODVFDUDFWHUtVWLFDVHVHQFLDOHV
3/
3URGXFHQWQLHEĊG]LHSRQRVLüRGSRZLHG]LDOQRĞFL]DMDNLHNROZLHNQLHGRNáDGQRĞFLZ\QLNDMąFH]GUXNXOXEEáĊGɑZWáXPDF]HQLDZ\VWĊSXMąFHZQLQLHMV]HM
EURV]XU]H =DVWU]HJDP\ VRELH SUDZR GR ZSURZDG]DQLD PRG\ILNDFML SURGXNWX ]JRGQLH ] SRWU]HEDPL Z W\P Z LQWHUHVLH NRQVXPHQWD EH] V]NɑG GOD
FKDUDNWHU\VW\NGRW\F]ąF\FKEH]SLHF]HĔVWZDOXEG]LDáDQLD
75
hUHWLFLEXNODYX]GDPH\GDQDJHOHFHNEDVNÕKDWDODUÕQGDQVRUXPOXGH÷LOGLUhUHWLFLJHUHNOLROPDVÕGXUXPXQGDUQQHPQL\HWYHLúOHYLQHLOLúNLQROPDPDN
ND\GÕ\ODUQGHGH÷LúLNOLN\DSPDKDNNÕQÕVDNOÕWXWDU
58
ɉɪɨɢɡɜɨɞɢɬɟɥɶɧɟɧɟɫɟɬɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢɡɚɨɩɟɱɚɬɤɢɢɧɟɬɨɱɧɨɫɬɢɤɨɬɨɪɵɟɦɨɝɭɬɜɫɬɪɟɬɢɬɶɫɹɜɞɚɧɧɨɣɢɧɫɬɪɭɤɰɢɢɆɵɨɫɬɚɜɥɹɟɦɡɚɫɨɛɨɣ
ɩɪɚɜɨɜɧɨɫɢɬɶɢɡɦɟɧɟɧɢɹɜɤɨɧɫɬɪɭɤɰɢɸɜɵɩɭɫɤɚɟɦɵɯɧɚɦɢɢɡɞɟɥɢɣɫɰɟɥɶɸɭɥɭɱɲɟɧɢɹɤɚɱɟɫɬɜɚɜɵɩɭɫɤɚɟɦɨɣɩɪɨɞɭɤɰɢɢɉɪɢɷɬɨɦɨɫɧɨɜɧɵɟ
ɮɭɧɤɰɢɢɢɡɞɟɥɢɹɢɟɝɨɛɟɡɨɩɚɫɧɨɫɬɶɛɭɞɭɬɨɫɬɚɜɚɬɶɫɹɧɟɢɡɦɟɧɧɵɦɢ
6,
3URL]YDMDOHFQLRGJRYRUHQ]DQDSDNHYWHMNQMLåLFLNLELQDVWDOHREWLVNXDOLSUHSLVX3ULGUåXMHPRVLSUDYLFRL]YDMDQMDSRWUHEQLKVSUHPHPEQDL]GHONXWXGLWLVWLK
NLVHQDQDãDMRQDSRUDEREUH]ãNRGH]DYDUQRVWLQIXQNFLRQDOQRVWQDSUDYH
,7
/D'LWWDFRVWUXWWULFHGHFOLQDRJQLUHVSRQVDELOLWjSHUHYHQWXDOLHUURULGLVWDPSDFRQWHQXWLQHOSUHVHQWHOLEUHWWR6LULVHUYDLQROWUHLOGLULWWRGLDSSRUWDUHOHPRGLILFKH
FKHVLUHQGHUDQQRXWLOLDLSURSULSURGRWWLVHQ]DFRPSURPHWWHUHOHFDUDWWHULVWLFKHHVVHQ]LDOL
37
2 IDEULFDQWH QmR VHUi UHVSRQViYHO SRU TXDLVTXHU LPSUHFLV}HV UHVXOWDQWHV GH LPSUHVVmR RX WUDQVFULomR GH HUURV FRQWLGRV QD SUHVHQWH EURFKXUD
5HVHUYDPRQRVDRGLUHLWRGHHIHFWXDUDOWHUDo}HVDRVSURGXWRVFRQIRUPHQHFHVViULRLQFOXLQGRDVWD[DVGHFRQVXPRVHPSUHMXt]RGDVFDUDFWHUtVWLFDV
UHODFLRQDGDVFRPDVHJXUDQoDRXIXQFLRQDPHQWR
)5
/HFRQVWUXFWHXUGpFOLQHWRXWHUHVSRQVDELOLWpFRQFHUQDQWGpYHQWXHOOHVLQH[DFLWXGHVLPSXWDEOHVjGHVHUUHXUVGLPSUHVVLRQRXGHWUDQVFULSWLRQFRQWHQXHGDQV
FHWWHQRWLFH/HFRQVWUXFWHXUVHUpVHUYHOHGURLWGHPRGLILHUOHVSURGXLWVHQFDVGHQpFHVVLWpPrPHGDQVOLQWpUrWGHOXWLOLVDWLRQVDQVFDXVHUGHSUpMXGLFHV
DX[FDUDFWpULVWLTXHVGHIRQFWLRQQHPHQWGHVpFXULWpGHVDSSDUHLOV
+8
$ J\iUWyQHPYiOODO IHOHOĘVVpJHW D]HEEHQD NLDGYiQ\EDQ HOĘIRUGXOy Q\RPWDWiVLpVHOtUiVL KLEiNEyO HUHGĘSRQWDWODQViJRNpUW$EL]WRQViJJDO YDJ\D
PĦN|GpVVHONDSFVRODWRVMHOOHP]ĘNVpUHOPHQpONOIHQQWDUWMXNDMRJRWDWHUPpNHNV]NVpJV]HULQWLYiOWR]WDWiViUD
52
3URGXFăWRUXOQXVHIDFHUHVSRQVDELOSHQWUXHURULOHGHSULQWDUHGLQDFHVWPDQXDO1HUH]HUYăPGUHSWXOGHDUHDOL]DPRGLILFăULDVXSUDSURGXVHORUIăUăDDIHFWD
FDUDFWHULVWLFLOHSULYLQGVLJXUDQĠDVDXIXQFĠLRQDUHD9HUVLXQHDvQOLPEDHQJOH]ăHVWHGHUHIHULQĠă
58
1/
'H IDEULNDQW VWHOW ]LFK QLHW DDQVSUDNHOLMN YRRU HYHQWXHOH GUXNIRXWHQ LQ GH]H EURFKXUH .OHLQH YHUDQGHULQJHQ HQ WHFKQLVFKH RQWZLNNHOLQJHQ ]LMQ
YRRUEHKRXGHQ
58
6.
3URL]YDMDOHFQHSUHY]HPDRGJRYRUQRVWL]DPRUHELWQHWLVNDUVNHQDSDNHYWHMNQMLåLFL3ULGUåXMHPRVLSUDYLFRGRVSUHPHPEQDSURL]YRGLKNLQHYSOLYDMRQDYDUQRVWDOL
IXQNFLRQDOQRVWDSDUDWD