Loading ...
Loading ...
Loading ...
1HFKWHPH]LYDUQRXGHVNRXD
]DGQtVWČQRXPH]HUXQHMPpQČ
PPDPH]LYDUQRXGHVNRXD
YHUWLNiOQtP QiE\WNHP QHER
VWČQDPL QD ERþQt VWUDQČ
QHMPpQČPP3RNXGMHQDG
YDUQRX GHVNRX LQVWDORYiQ
QiE\WHNSRåDGRYDQi
PLQLPiOQt Y]GiOHQRVW MH
PP
3ĜLLQVWDODFLRGVDYDþHSDUQDG
YDUQRXGHVNXVHĜLćWH
SRåDGDYN\ QDLQVWDODFL
RGVDYDþH SDU DOH Y åiGQpP
SĜtSDGČ QHVPt EêW Y]GiOHQRVW
PH]LYDUQRXGHVNRXD
RGVDYDþHPSDUNUDWãtQHå
PP
.Ï'352'8.787
,GHQWLILNDþQtãWtWHNXPtVWČQêSRGVSRGQtPNU\WHPYDUQpGHVN\
8PtVWČQtP]QDþN\&(QDWHQWRVSRWĜHELþMVPHSRWYUGLOLVKRGX
VH YãHPL SĜtVOXãQêPL HYURSVNêPL SRåDGDYN\ QD EH]SHþQRVW
RFKUDQX ]GUDYt D åLYRWQtKR SURVWĜHGt NWHUp VH Y]WDKXMt QD WXWR
NDWHJRULLYêURENĤ
2&+5$1$ä,9271Ë+235267ě('Ë
7HQWRVSRWĜHELþ MHR]QDþHQ Y VRXODGXV HYURSVNRX
VPČUQLFt (8 R OLNYLGDFL HOHNWULFNpKR D
HOHNWURQLFNpKR]DĜt]HQt:(((
:(((REVDKXMH]QHþLãĢXMtFtOiWN\NWHUpPRKRXPtW
QHJDWLYQt GRSDG QD åLYRWQt SURVWĜHGt D ]iNODGQt
VRXþiVWN\NWHUpO]H]QRYXSRXåtW-HQXWQpSURYpVW
VSHFLiOQt ]SUDFRYiQt :((( DE\ VH RGVWUDQLO\ D
VSUiYQČ ]OLNYLGRYDO\ YãHFKQ\ ]QHþLãĢXMtFt OiWN\ D
]tVNDO\D]UHF\NORYDO\YãHFKQ\PDWHULiO\
-HGQRWOLYFLPRKRXKUiWGĤOHåLWRXUROLSĜL]DMLãĢRYiQtWRKRDE\VH
:(((QHVWDODSĜtWČåtSURåLYRWQtSURVWĜHGt-HQH]E\WQpGRGUåRYDW
QČNROLN]iNODGQtFKSUDYLGHO
:(((VHQHVPtOLNYLGRYDWMDNRGRPRYQtRGSDG
:(((VHPXVtSĜHGDWQDSĜtVOXãQpVEČUQpPtVWRSRGVSUiYRX
REFH QHER DXWRUL]RYDQêFK VSROHþQRVWt 9 PQRKD ]HPtFK MH
]DYHGHQRGEČU:(((YGRPiFQRVWHFK
9PQRKD]HPtFKO]HSĜL]DNRXSHQtQRYpKRVSRWĜHELþHYUiWLWVWDUê
VSRWĜHELþSURGHMFLNWHUêMHSRYLQHQMHMRGHEUDWEH]SODWQČNXV]D
NXVSRNXGMHVSRWĜHELþREGREQpKRW\SXDPiVWHMQRXIXQNFLMDNR
GRGDQêVSRWĜHELþ
,QVWDODFH GRPiFtKR VSRWĜHELþH PĤåH EêW NRPSOLNRYDQi RSHUDFH
NWHUi SRNXG QHQt SURYHGHQD VSUiYQČ PĤåH YiåQČ RYOLYQLW
EH]SHþQRVW]ERåtPDMHWNXþLRVRE=WRKRWRGĤYRGXMLPXVtSURYiGČW
RGERUQČNYDOLILNRYDQiRVREDYVRXODGXVWHFKQLFNêPLSĜHGSLV\
9SĜtSDGČåHE\VHWDWRGRSRUXþHQtLJQRURYDODDLQVWDODFLSURYHGOD
QHNYDOLILNRYDQi RVRED YêUREFH RGPtWi YHãNHURX RGSRYČGQRVW ]D
SĜtSDGQpWHFKQLFNpVHOKiQtVSRWĜHELþHEH]RKOHGXQDWR]GDPiQHER
QHPi]DQiVOHGHNSRãNR]HQt]ERåtþLPDMHWNXQHER]UDQČQtRVREþL
]YtĜDW
3R RGVWUDQČQt REDOX VH XMLVWČWH åH VSRWĜHELþ QHQt SRãNR]HQ 9
RSDþQpP SĜtSDGČ VH REUDĢWH QD RGGČOHQt SRSURGHMQtFK VOXåHE
SURGHMFHQHERYêUREFH
8MLVWČWHVHåHQiE\WHNGRNWHUpKRVHVSRWĜHELþLQVWDOXMHDYHãNHUê
SĜLOHKOê QiE\WHN MH Y\UREHQ ] PDWHULiOĤ NWHUp RGROiYDMt Y\VRNêP
WHSORWiPPLQ&
.URPČ WRKR E\ PČO\ EêW YãHFKQ\ GHNRUDWLYQt ODPLQiW\ XSHYQČQ\
SRPRFtWHSHOQČRGROQpKROHSLGOD
6SRWĜHELþ O]H QDLQVWDORYDW GR YHVWDYČQpKR QiE\WNX Y UHåLPX
Ä6WDQGDUG³QHERÄ)OXVK³
PP
PP
PP
PP
PP
0LQPP
,QVWDODþQtREYRGY
SĜtSDGČLQVWDODFHÄ)OXVK³
3R]QiPND9QLWĜQtREYRGRYpUR]PČU\MVRXVKRGQpVHVWDQGDUGQt
LQVWDODFt
PPFPKRE
PP
PPFPKRE
+ORXENDRWYRUXPP
,QVWDODþQtREYRGY
SĜtSDGČLQVWDODFHÄ)OXVK³
3UDFRYQtGHVNDPXVtPtWWORXãĢNXPP
6RXVHGtOLVSRGQtþiVWYDUQpGHVN\VREODVWtNWHUiMHEČåQČSĜtVWXSQi
SURPDQLSXODFLQHERþLãWČQtMHQXWQpXPtVWLWSRGVSRGQtþiVWYDUQp
GHVN\RGGČORYDþRWORXãĢFHPP
PLQPP
,167$/$&(
3ĜL LQVWDODFL WURXE\ SRG YDUQRX GHVNXQHO]H RGGČORYDþ SRXåtW D
PLQLPiOQt Y]GiOHQRVW PH]L VSRGQt þiVWt YDUQp GHVN\ D WURXERX
QHVPtEêWNUDWãtQHåPP1HLQVWDOXMWHSRGWXWRYDUQRXGHVNX
WURXEX EH] FKOD]HQt 7URXEX QDLQVWDOXMWH SRGOH MHMtFK YODVWQtFK
SRåDGDYNĤQDLQVWDODFL
PP
PLQ
9â(2%(&1È832=251ċ1Ë
&=
Loading ...
Loading ...
Loading ...