Operating manual Bedienungsanleitung

0DFKLQHV
0DVFKLQHQ
0DFKLQHV
0DFFKLQH
0iTXLQDV
2SHUDWLQJPDQXDO
%HGLHQXQJVDQOHLWXQJ
*HEUXLNVDDQZLM]LQJ
0RGHGµHPSORL
,VWUX]LRQLSHUOµXVR
,QVWUXFFLyQGHPDQHMR
7RROV
:HUN]HXJH
2XWLOV
8WHQVLOL
+HUUDPLHQWDV
&XVWRPHUVHUYLFH
6HUYLFH
6HUYLFHFOLHQWqOH
6HUYL]LRFOLHQWHOD
6HUYLFLRWpFQLFR
$
7\SHV7\SHQ0RGHOV7\SHV0RGHOOL0RGHORV
9$)5
&RS\ULJKW‹9RQ$U[$*
,QKDOWVYHU]HLFKQLV
&RQWHQWV
,QKRXGVRSJDYH
$OOJHPHLQH+LQZHLVH
9RUGHU,QEHWULHEQDKPH
6WXGLXPGLHVHU%HWULHEVDQZHLVXQJ
$EELOGXQJHQXQGWHFKQLVFKHbQGHUXQJHQ
hEHUVHW]XQJHQ
$XIEHZDKUXQJ
6FKXW]UHFKWH9RQ$U[$*
:HLWHUH$QJDEHQ
1RWHVIRUWKHXVHU
%HIRUHXVLQJ
5HDGLQJWKHRSHUDWLQJLQVWUXFWLRQV
,OOXVWUDWLRQVDQGWHFKQLFDOVSHFL¿FDWLRQV
7UDQVODWLRQV
6DIHNHHSLQJ
3URWHFWLRQULJKWV9RQ$U[$*
)XUWKHULQIRUPDWLRQV
$OJHPHQHDDQZLM]LQJHQ
9RRUJHEUXLN
6WXGLHYDQGH]HKDQGOHLGLQJ
$IEHHOGLQJHQHQWHFKQLVFKHZLM]LJLQJHQ
9HUWDOLQJHQ
%HZDUHQ
%HVFKHUPUHFKW9RQ$U[$*
2YHULJHJHJHYHQV
6DIHW\LQVWUXFWLRQV
)RU\RXUVDIHW\
0DUNHGSDUWVRIWKHVHRSHUDWLQJLQVWUXFWLRQ
6DIHW\LQVWUXFWLRQV
3URSHUXVH
6DIHW\DQGUHVSRQVLELOLW\DWZRUN
)XUWKHUVDIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
$OJHPHQHYHLOLJKHLGVDDQZLM]LQJ
$FFHQWHQLQGH]HKDQGOHLGLQJ
9HLOLJKHLGVDDQZLM]LQJHQ
&RUUHFWJHEUXLN
9HLOLJKHLGVEHZXVWZHUNHQ
2YHULJHYHLOLJKHLGVYRRUVFKULIWHQ
6LFKHUKHLWVKLQZHLVH
$OOJHPHLQHU6LFKHUKHLWVKLQZHLV
+HUYRUKHEXQJHQLQGLHVHU$QZHLVXQJ
6LFKHUKHLWVKLQZHLVH
%HVWLPPXQJVJHPlVVH9HUZHQGXQJ
6LFKHUKHLWVEHZXVVWHV$UEHLWHQ
:HLWHUH6LFKHUKHLWVYRUVFKULIWHQ
(LQVDW]EHUHLFK
2SHUDWLQJUDQJH
,Q]HWEDDUKHLG
:HUN]HXJH
/DPHOOHQ7URPPHOQ
6RQGHU]XEHK|U
7RROV
&XWWHUVGUXPV
6SHFLDODFFHVVRULHV
*HUHHGVFKDSSHQ
/DPHOOHQWURPPHOV
6SHFLDOHDFFHVVRLUHV
$UEHLWHQ
,QEHWULHEQDKPH
$UEHLWVYRUEHUHLWXQJ
:HUN]HXJWURPPHOZHFKVHOQEHVWFNHQ
6WDXEVDXJDQODJHDQVFKOLHVVHQ
$UEHLWVWLHIHHLQVWHOOHQ
$UEHLWVÀlFKHYRUEHUHLWHQ
0DVFKLQHNRQWUROOLHUHQ
%HGLHQXQJ
0DVFKLQHVWDUWHQ2EHUÀlFKHQEHDUEHLWHQ
$EVFKOXVVDUEHLWHQ
0DVFKLQH6WDXEVDXJDQODJHDEVFKDOWHQ
0DVFKLQHODJHUQ
2SHUDWLRQ
&RPPLVVLRQLQJ
:RUNSUHSDUDWLRQ
&KDQJLQJ¿WWLQJRXWWKHWRROGUXP
&RQQHFWLQJWKHGXVWH[WUDFWLRQV\VWHP
6HWWLQJWKHZRUNLQJGHSWK
3UHSDULQJWKHZRUNLQJVXUIDFH
&KHFNLQJWKHPDFKLQH
2SHUDWLRQ
6WDUWLQJWKHPDFKLQH6XUIDFHWUHDWPHQW
)LQDORSHUDWLRQV
6WRSWKHPDFKLQHGXVWH[WUDFWLRQV\VWHP
6WRULQJWKHPDFKLQH
+HWZHUNHQ
,QEHGULMIQDPH
:HUNYRRUEHUHLGLQJ
7URPPHOZLVVHOHQEH]HWWHQ
6WRIDI]XLJLQVWDOODWLHDDQVOXLWHQ
:HUNGLHSWHLQVWHOOHQ
9RRUEHUHLGLQJYDQKHWWHEHZHUNHQ
0DFKLQHFRQWUROHUHQ
%HGLHQLQJ
0DFKLQHVWDUWHQ2SSHUYODNNHQEHZHUNHQ
/DDWVWHKDQGHOLQJHQ
0DFKLQHVWRIDI]XLJLQVWDOODWLHXLWVFKDNHOHQ
0DFKLQHRSVODDQ
3ÁHJHXQG:DUWXQJ
:DUWXQJVSODQ
:DUWXQJVDUEHLWHQ
&DUHDQGPDLQWHQDQFH
0DLQWHQDQFHSODQ
0DLQWHQDQFHZRUN
2QGHUKRXG
2QGHUKRXGVVFKHPD
2QGHUKRXGVZHUN
5HSDUDWXUHQ
5HSDLUV
5HSDUDWLHV
)HKOHUVXFKH
)DXOWWUDFLQJ
+HWRSVSRUHQYDQVWRULQJHQ
7HFKQLVFKH'DWHQ
7HFKQLFDOVSHFLÀFDWLRQV
7HFKQLVFKHJHJHYHQV
0DVFKLQHQEHVFKUHLEXQJXQG
)XQNWLRQVSULQ]LS
$XIEDXGHU0DVFKLQH
)XQNWLRQVZHLVH
*HQHUDOGHVFULSWLRQ
&RQVWUXFWLRQRIWKHPDFKLQH
)XQFWLRQ
0DFKLQHEHVFKULMYLQJHQ
EHGLHQLQJVSULQFLSHV
2SERXZYDQKHWPDFKLQH
:HUNZLM]H
(UVDW]WHLOOLVWHQ
/LVWRIVSDUHSDUWV
/LMVWYDQGHRQGHUGHOHQ
.XQGHQGLHQVW
&XVWRPHUVHUYLFH
.ODQWHQVHUYLFH
V2SHUDWLQJPDQXDOÅ%´
V*HEUXLNVDDQZLM]LQJÅ%´
V%HGLHQXQJVDQOHLWXQJÅ%´
6RPPDLUH
6RPPDULR
,QGLFH
,QGLFDWLRQVJpQpUDOHV
$YDQWODPLVHHQPDUFKH
(WXGHGHFHWWHLQVWUXFWLRQGHVHUYLFH
,OOXVWUDWLRQVHWPRGL¿FDWLRQVWHFKQLTXHV
7UDGXFWLRQV
&RQVHUYDWLRQ
'URLWVGHSURWHFWLRQ9RQ$U[$*
$XWUHVUHQVHLJQHPHQWV
,QGLFD]LRQLJHQHUDOL
3ULPDGHOODPHVVDLQIXQ]LRQH
$QDOLVLGHOOµLVWUX]LRQHSHUOµXVR
,OOXVWUD]LRQLHPRGL¿FKHWHFQLFKH
7UDGX]LRQH
&RQVHUYD]LRQH
'LULWWLGLSURWH]LRQL9RQ$U[$*
$OWUHLQGLFD]LRQL
,QGLFDFLRQHVJHQHUDOHV
$QWHVGHODSXHVWDHQPDUFKD
(VWXGLRGHpVWDLQVWUXFFLyQGHPDQHMR
,OXVWUDFLRQHV\PRGL¿FDFLRQHVWpFQLFDV
7UDGXFFLRQHV
&RQVHUYDFLyQ
'HUHFKRGHSURWHFFLyQ9RQ$U[$*
2WURVGDWRV
,QGLFDWLRQVGHVpFXULWp
,QGLFDWLRQJpQpUDOHGHVpFXULWp
3RLQWVLPSRUWDQWVGHFHWWHLQVWUXFWLRQ
,QGLFDWLRQVGHVpFXULWp
8WLOLVDWLRQFRQIRUPHDX[GLVSRVLWLRQV
7UDYDLOOHUHQWRXWHFRQVFLHQFHGHODVpFXULWp
$XWUHVSUHVFULSWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFD]LRQLJHQHUDOLGLVLFXUH]]D
3XQWLVRWWROLQHDWLLQTXHVWHLVWUX]LRQL
,QGLFD]LRQLGLVLFXUH]]D
'HWHUPLQD]LRQLGµXVR
/DYRURFRQVDSHYROHVLFXUR
$OWUHSUHVFUL]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
,QGLFDFLRQHVJHQHUDOHVGHVHJXULGDG
0HMRUDVHQODVSUHVHQWHVLQVWUXFFLRQHV
,QGLFDFLRQHVGHVHJXULGDG
8WLOL]DFLyQFRQIRUPHDORSUHVFULWR
7UDEDMDUWHQLHQGRSUHVHQWHODVHJXULGDG
2WUDVQRUPDVGHVHJXULGDG
'RPDLQHG¶XWLOLVDWLRQ
&DPSRG¶LPSLHJR
ÉPELWRGHDSOLFDFLyQ
2XWLOV
/DPHOOHVWDPERXUV
$FFHVVRLUHVVSpFLDX[
8WHQVLOL
/DPHOOHWDPEXUL
$FFHVVRULVSHFLDOL
+HUUDPLHQWDV
/iPLQDVWDPERUHV
$FFHVRULRVHVSHFLDOHV
7UDYDX[
0LVHHQVHUYLFH
3UpSDUDWLIVGHWUDYDLO
&KDQJHPHQWJDUQLVVDJHGXWDPERXUjRXWLOV
5DFFRUGHPHQWGHOµpTXLSHPHQWGµDVSLUDWLRQ
5pJODJHGHODSURIRQGHXUGHWUDYDLO
3UpSDUDWLRQGHODVXUIDFHjWUDYDLOOHU
&RQWU{OHGHODPDFKLQH
&RPPDQGH
'pPDUUDJHGHODPDFKLQH7UDYDLOGHVVXUIDFHV
7UDYDX[GH¿Q
&RXSXUHGXFRQWDFWGHODPDFKLQH
pTXLSHPHQWGµDVSLUDWLRQ
6WRFNDJHGHODPDFKLQH
(QWUHWLHQHWPDLQWHQDQFH
3ODQGHPDLQWHQDQFH
7UDYDX[GHPDLQWHQDQFH
/DYRUL
0HVVDLQIXQ]LRQH
3UHSDUD]LRQHDOODYRUR
6RVWLWXLUHDWWUH]]DUHLOWDPEXURSHUXWHQVLOL
&ROOHJDPHQWRGHOOµLPSLDQWRGµDVSLUD]LRQH
5HJROD]LRQHGHOODSURIRQGLWjGLODYRUR
3UHSDUD]LRQHGHOODVXSHU¿FLHGLODYRUR
&RQWUROODUHODPDFFKLQD
8VR
$YYLDUHODPDFFKLQD/DYRUD]LRQHGHOOHVXSHU¿FL
/DYRULFRQFOXVLYL
6SHJQHUHODPDFFKLQDLPSLDQWRGµDVSLUD]LRQH
&RQVHUYD]LRQHGHOODPDFFKLQD
0DQHMR
3XHVWDHQPDUFKD
3UHSDUDFLyQGHOWUDEDMR
6XVWLWXFLyQHTXLSDUHOWDPERUGHKHUUDPLHQWDV
&RQHFWDUODLQVWDODFLyQGHODDVSLUDFLyQ
$MXVWDUODSURIXQGLGDGGHWUDEDMR
3UHSDUDUODVXSHU¿FLHGHWUDEDMR
&RQWURODUODPiTXLQD
0DQHMR
$UUDQFDUODPiTXLQD3UHSDUDUODVVXSHU¿FLHV
7UDEDMRV¿QDOHV
'HVFRQHFWDUODPiTXLQDLQVWDODFLyQGHDVSLUDFLyQ
$OPDFHQDUODPiTXLQD
3LFFRODPDQXWHQ]LRQHRUGLQDULD
3URJUDPPDGLPDQXWHQ]LRQH
/DYRULGLPDQXWHQ]LRQH
&XLGDGR\PDQWHQLPLHQWR
3ODQGHPDQWHQLPLHQWR
7UDEDMRVGHPDQWHQLPLHQWR
5pSDUDWLRQV
5LSDUD]LRQL
5HSDUDFLRQHV
5HFKHUFKHGHSDQQHV
5LFHUFDJXDVWL
%~VTXHGDGHIDOORV
&DUDFWpULVWLTXHVWHFKQLTXHV
'DWLWHFQLFL
'DWRVWpFQLFRV
'HVFULSWLRQGHODPDFKLQHHWSULQFLSH
GHIRQFWLRQQHPHQW
6WUXFWXUHGHODPDFKLQH
0RGHVGHIRQFWLRQQHPHQW
'HVFUL]LRQHGHOODPDFFKLQDHSULQFLSLR
GLIXQ]LRQH
&RVWUX]LRQHGHOODPDFFKLQD
0RGLGLIXQ]LRQDPHQWR
'HVFULSFLyQGHODPiTXLQD\SULQFLSLR
GHIXQFLRQDPLHQWR
3LH]DVGHODPiTXLQD
0RGDOLGDGGHIXQFLRQDPLHQWR
/LVWHGHVSLqFHVGpWDFKpHV
/LVWDGLSH]]LGLULFDPELR
/LVWDGHSLH]DVGHUHFDPELR
6HUYLFHFOLHQWqOH
6HUYL]LRFOLHQWHOD
6HUYLFLRWpFQLFR
Y,QVWUXFWLRQGHVHUYLFHÅ%´
Y,VWUX]LRQLSHUO¶XVRÅ%´
Y,QVWUXFFLyQGHPDQHMRÅ%´
&RS\ULJKW‹9RQ$U[$*
$OOJHPHLQH+LQZHLVH
1RWHVIRUWKHXVHU
$OJHPHQHDDQZLM]LQJHQ
9RUGHU,QEHWULHEQDKPH
%HDFKWHQ6LHXQEHGLQJW
'LH 9ROOVWlQGLJNHLW GHU /LHIHUXQJ VRZLH .RQ
WUROOH GHU /LHIHUXQJ LQEH]XJ DXI HYHQWXHOOH
7UDQVSRUWVFKlGHQ
'LH6LFKHUKHLWVYRUVFKULIWHQ
'LH%HGLHQXQJVDQZHLVXQJ
%HIRUHXVLQJ
,WLVH[WUHPHO\LPSRUWDQWWKDW\RX
0DNHVXUHWKDWWKHGHOLHYHU\LVFRPSOHWHDQG
WKDW\RXFKHFNIRUDQ\SRVVLEOHGDPDJHFDXVHG
GXULQJWUDQVLWWUDQVSRUW
2EVHUYHWKHVDIHW\LQVWUXFWLRQV
5HDGWKHRSHUDWLQJLQVWUXFWLRQV
9RRUJHEUXLN
9RRUGDWXKHWDSSDUDDWLQJHEUXLNQHHPW
OHWXRSKHWYROJHQGH
'HDDQZH]LJKHLGYDQDOOHRQGHUGHOHQHQHYHQ
WXHOHWUDQVSRUWEHVFKDGLJLQJHQ
'HYHLOLJKHLGVYRRUVFKULIWHQ
'HKDQGOHLGLQJ
6WXGLXPGLHVHU%HGLHQXQJVDQZHLVXQJ
)DOOV QDFK GHP 6WXGLXP GLHVHU %HGLH
QXQJVDQZHLVXQJ8QNODUKHLWHQYRUOLHJHQZHQGHQ
6LHVLFKELWWHDQGLH+HUVWHOOHU¿UPDRGHUDQ,KUH
QlFKVWH.XQGHQGLHQVWVWHOOH
)U6FKlGHQXQG%HWULHEVVW|UXQJHQGLHVLFK
DXV GHU 1LFKWEHDFKWXQJ GHU %HGLHQXQJVDQZHL
VXQJHUJHEHQZLUGNHLQH+DIWXQJEHUQRPPHQ
5HDGLQJWKHRSHUDWLQJLQVWUXFWLRQV
,IWKHUHDUHDQ\TXHVWLRQVRQ\RXUSDUWDIWHU
UHDGLQJWKHRSHUDWLQJLQVWUXFWLRQVSOHDVHJHWLQ
WRXFKZLWKWKHPDQXIDFWXUHURUWKHQHDUHVWVHU
YLFHFHQWHU
7KHPDQXIDFWXUHULVQRWUHVSRQVLEOHIRUDQ\
GDPDJHRUEUHDNGRZQUHVXOWLQJIURPWKHQRQRE
VHUYDQFHRIWKHRSHUDWLQJLQVWUXFWLRQV
6WXGLHYDQGH]HKDQGOHLGLQJ
0RFKWHQHUQDKHWOH]HQYDQGH]HKDQGOHL
GLQJ QRJ RQGXLGHOLMNKHGHQ ]LMQ QHHP GDQ FRQ
WDFW RS PHW GH SURGXFHQW RI GH GLFKWVWELM]LMQGH
VHUYLFHYHUOHQHU
9RRUVFKDGHHQVWRULQJHQGLHYRRUWNRPHQXLW
KHWQLHW]RUJYXOGLJRSYROJHQYDQGHKDQGOHLGLQJNDQ
GHSURGXFHQWQLHWDDQVSUDNHOLMNZRUGHQJHVWHOG
$EELOGXQJHQXQGWHFKQLVFKHbQGHUXQJHQ
$EELOGXQJHQN|QQHQYRQHIIHNWLYHQ*HUlWHQ
DEZHLFKHQXQGVLQGXQVHUHUVHLWVQLFKWELQGHQG
8P GHQ UDVFKHQ 9HUlQGHUXQJHQ GHU
.XQGHQEHGUIQLVVH JHUHFKW ]X ZHUGHQ EHKDO
WHQZLUXQVGDV5HFKWYRURKQH9RUDQNQGLJXQJ
WHFKQLVFKHbQGHUXQJHQDQGHQ0DVFKLQHQYRU
]XQHKPHQ
,OOXVWUDWLRQVDQGWHFKQLFDOVSHFLÀFDWLRQV
,OOXVWUDWLRQVPD\GLIIHUIURPWKHUHDOPDFKLQH
DQGDSSHDUZLWKRXWDQ\REOLJDWLRQVRQRXUSDUW
,QRUGHUWRPHHWWKHFKDQJLQJGHPDQGVRI
RXUFXVWRPHUVZHUHVHUYHWKHULJKWWRDPHQGWHFK
QLFDOVSHFL¿FDWLRQVZLWKRXWSULRUQRWLFH
$IEHHOGLQJHQHQWHFKQLVFKZLM]LJLQJHQ
'H LQ GH]H KDQGOHLGLQJ RSJHQRPHQ ¿JXUHQ
NXQQHQDIZLMNHQYDQGHJHOHYHUGHDSSDUDWHQKLHUDDQ
NXQQHQJHHQUHFKWHQZRUGHQRQWOHHQG
2PDDQGHVQHOYHUDQGHUHQGHEHKRHIWHQYDQ
GHNODQWWHNXQQHQEOLMYHQYROGRHQEHKRXGWGHSUR
GXFHQW]LFKKHWUHFKWYRRURP]RQGHUHQLJHDDQGNRQ
GLJLQJWHFKQLVFKHZLM]LJLQJHQDDQWHEUHQJHQDDQGH
DSSDUDWXXU
hEHUVHW]XQJHQ
7UDQVODWLRQV
5HFKWOLFK LVW DXVVFKOLHVVOLFK GLH 'HXWVFKH 6ROHO\WKH*HUPDQYHUVLRQRIWKHVHRSHUD
)DVVXQJGLHVHU%HGLHQXQJVDQZHLVXQJPDVVJH WLQJLQVWUXFWLRQVLVOHJDOO\ELQGLQJ
EHQG
9HUWDOLQJHQ
'H'XLWVWDOLJHYHUVLHYDQGH]HKDQGOHLGLQJLV
GHHLQLJHUHFKWVJHOGLJH
$XIEHZDKUXQJ
6DIHNHHSLQJ
%HZDUHQ
%HZDKUHQ6LHGLHVH%HGLHQXQJVDQZHLVXQJ 3OHDVHNHHSWKHVHRSHUDWLQJLQVWUXFWLRQVLQ %HZDDUGH]HKDQGOHLGLQJ]RUJYXOGLJ
DQHLQHPVLFKHUHQ3ODW]DXI
DVDIHSODFH
6FKXW]UHFKWH9RQ$U[$*
&RS\ULJKW‹
7H[W XQG $EELOGXQJHQ GUIHQ RKQH DXVGUFNOL
FKH*HQHKPLJXQJGHU)LUPD9RQ$U[$*ZHGHU
NRSLHUWQRFKUHSURGX]LHUWZHUGHQ
0DUNHQ]HLFKHQŠ
'HU:RUWODXWÄ9RQ$U[³VRZLHGDV/RJRÄ9RQ$U[³
VLQG HLQJHWUDJHQH LQWHUQDWLRQDO JHVFKW]WH 0DU
NHQ]HLFKHQXQGGUIHQGXUFK'ULWWHQLFKWEHQXW]W
ZHUGHQ
3DWHQWH
9HUVFKLHGHQH LQ GLHVHU %HGLHQXQJVDQZHLVXQJ
DXIJHIKUWH XQG JH]HLJWH %DXWHLOH XQG 9HUIDKUHQ
VLQG]XP3DWHQWDQJHPHOGHWRGHUQDWLRQDOHVRZLH
LQWHUQDWLRQDOH3DWHQWHZXUGHQEHUHLWVHUWHLOW
3URWHFWLRQULJKWV9RQ$U[$*
&RS\ULJKW‹
7KH WH[W DQG LOOXVWUDWLRQV PD\ QRW EH FRSLHG RU
UHSURGXFHGZLWKRXWWKHH[SUHVVSHUPLVVLRQRI9RQ
$U[$*
7UDGHPDUNVŠ
7KH ZRUGV Ä9RQ $U[³ DQG WKH Ä9RQ $U[³ ORJR
DUHUHJLVWHUHGDQGLQWHUQDWLRQDOO\SURWHFWHGWUDGH
PDUNV7KHLUXVHE\WKLUGSDUWLHVLVSURKLELWHG
:HLWHUH$QJDEHQ
+HUVWHOOHU9RQ$U[$*&+6LVVDFK
7HO)D[
8UVSUXQJVODQG6FKZHL]
*OWLJIU/LHIHUXQJHQDE
%HVFKHUPUHFKW9RQ$U[$*
&RS\ULJKW‹
7HNVWHQDIEHHOGLQJHQPRJHQ]RQGHUXLWGUXNNHOLMNH
WRHVWHPPLQJYDQGH¿UPD9RQ$U[$*QRFKJHNRSLH
HUGQRFKJHUHSURGXFHHUGZRUGHQ
+DQGHOVPHUNŠ
'H WHNVW Ä9RQ $U[³ DOVPHGH KHW ORJR Ä9RQ $U[³
]LMQJHGHSRQHHUGHLQWHUQDWLRQDDOEHVFKHUPGHKDQ
GHOVPHUNHQ HQ PRJHQ QLHW ZRUGHQ JHEUXLNW GRRU
GHUGHQ
3DWHQWV
2FWURRLHQ
9DULRXVFRPSRQHQWVOLVWHGDQGLOOXVWUDWHGLQWKHVH 9RRU YHUVFKLOOHQGH LQ GH]H EHGLHQLQJVKDQGOHLGLQJ
RSHUDWLQJ LQVWUXFWLRQV DUH WKH VXEMHFW RI SDWHQW YHUPHOGHHQZHHUJHJHYHQRQGHUGHOHQLVRFWURRLDDQ
DSSOLFDWLRQV,QVRPHFDVHVQDWLRQDODQGLQWHUQD JHYUDDJG RI GDDURS ]LMQ UHHGV QDWLRQDOH DOVPHGH
WLRQDOSDWHQWVKDYHDOUHDG\EHHQWDNHQRXW
LQWHUQDWLRQDOHRFWURRLHQYHUOHHQG
)XUWKHULQIRUPDWLRQ
0DQXIDFWXUHU9RQ$U[$*&+6LVVDFK
7HO)D[
&RXQWU\RIRULJLQ6ZLW]HUODQG
9DOLGIRUGHOLYHULHVIURP
9HUGHUHJHJHYHQV
3URGXFHQW9RQ$U[$*&+6LVVDFK
7HO)D[
/DQGYDQKHUNRPVW=ZLW]HUODQG
*HOGLJYRRURQGHUGHOHQYDQ
,QGLFDWLRQVJpQpUDOHV
,QGLFD]LRQLJHQHUDOL
,QGLFDFLRQHVJHQHUDOHV
$YDQWODPLVHHQPDUFKH
3ULqUHGHYHLOOHULPSpUDWLYHPHQWDX[SRLQWV
VXLYDQWV
/µLQWpJUDOLWpGHODOLYUDLVRQHWOHFRQWU{OHDXQLYHDX
GHVpYHQWXHOVGRPPDJHVGHWUDQVSRUW
/HVSUHVFULSWLRQVGHVpFXULWp
/µLQVWUXFWLRQGHVHUYLFH
3ULPDGHOODPHVVDLQIXQ]LRQH
(µLQGLVSHQVDELOHULVSHWWDUHLVHJXHQWLSXQWL
/µLQWHJULWjGHOODIRUQLWXUDQRQFKpLOFRQWUROOR
LQULJXDUGRDGHYHQWXDOLDYDULHGLWUDVSRUWR
/HGLVSRVL]LRQLGLVLFXUH]]D
/HLVWUX]LRQLSHUOµXVR
$QWHVGHODSXHVWDHQPDUFKD
2EVHUYHVLQIDOWDORVVLJXLHQWHVSXQWRV
/D LQWHJULGDG GHO VXPLQLVWUR \ HO FRQWURO GHO
PLVPRFRQUHVSHFWRDHYHQWXDOHVGDxRVFDXVD
GRVSRUHOWUDQVSRUWH
/DVSUHVFULSFLRQHVGHVHJXULGDG
/DLQVWUXFFLyQGHPDQHMR
(WXGHGHFHWWHLQVWUXFWLRQGHVHUYLFH
6µLOUHVWHHQFRUHGHVSRLQWVjFODUL¿HUDSUqV
DYRLUpWXGLpFHWWHLQVWUXFWLRQGHVHUYLFHYHXLOOH]
YRXVDGUHVVHUjODVRFLpWpGHFRQVWUXFWLRQRXj
XQFHQWUHGHVHUYLFHFOLHQWqOHDXWRULVp
/DVRFLpWpGpFOLQHWRXWHUHVSRQVDELOLWpSRXU
OHVGRPPDJHVHWGpUDQJHPHQWVGHVHUYLFHUpVXO
WDQWGXQRQUHVSHFWGHOµLQVWUXFWLRQGHVHUYLFH
6WXGLRGLTXHVWHLVWUX]LRQLSHUO¶XVR
6H FL IRVVHUR DQFRUD GHL SXQWL GD FKLDULUH
GRSR OR VWXGLR GL TXHVWH LVWUX]LRQL SHU OµXVR YL
SUHJKLDPRGLULYROJHUYLDOODGLWWDFRVWUXWWULFHRSSXUH
DGXQFHQWURGLVHUYL]LRFOLHQWHODDXWRUL]]DWR
6LGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLGDQ
QHJJLDPHQWLHGLVWXUELGHOIXQ]LRQDPHQWRULVXOWDQWL
GDOOµLQRVVHUYDQ]DGHOOHLVWUX]LRQLSHUOµXVR
(VWXGLRGHHVWDLQVWUXFFLyQGHPDQHMR
6L WUDV HO HVWXGLR GH HVWD LQVWUXFFLyQ GH
PDQHMRTXHGDQWRGDYLDSXQWRVSRUFODUL¿FDUGLUL
MDVHSRUIDYRUDODHPSUHVDIDEULFDQWHRDOSXQWR
GHPDQWHQLPLHQWRDXWRUL]DGRPiVSUy[LPR
/DHPSUHVDGHFOLQDWRGDUHVSRQVDELOLGDGHQFDVR
GHGDxRVRDYHULDVGHIXQFLRQDPLHQWRSURGXFLGRV
SRULQREVHUYDQFLDGHODLQVWUXFFLyQGHPDQHMR
,OOXVWUDWLRQVHWPRGLÀFDWLRQVWHFKQLTXH
/HVLOOXVWUDWLRQVSHXYHQWFRPSRUWHUGHV
GLIIpUHQFHVSDUUDSSRUWDX[DSSDUHLOVH[LVWDQWV
HWQµHQJDJHQWDXFXQHJDUDQWLHGHQRWUHSDUW
3RXUUpSRQGUHDX[FKDQJHPHQWVUDSLGHV
GHVEHVRLQVGHODFOLHQWqOHQRXVQRXVUpVHUYRQV
OHGURLWGHSURFpGHUjGHVPRGL¿FDWLRQVWHFKQL
TXHVGHVPDFKLQHVVDQVSUpDYLV
,OOXVWUD]LRQLHPRGLÀFKHWHFQLFKH
/HLPPDJLQLSRVVRQRGLIIHULUHGDJOLXWHQVLOL
HIIHWWLYL H SHU TXDQWR FL ULJXDUGD QRQ VRQR YLQ
FRODQWL
3HUVRGGLVIDUHLUDSLGLFDPELDPHQWLGHLELVR
JQLGHOODFOLHQWHODFLULVHUYLDPRLOGLULWWRGLSURFHGHUH
VHQ]DSUHDQQXQFLRDGHOOHPRGL¿FKHWHFQLFKH
,OXVWUDFLRQHV\PRGLÀFDFLRQHVWpFQLFDV
/DVLOXVWUDFLRQHVSXHGHQSUHVHQWDUGLIHUHQ
FLDVFRQUHVSHFWRDORVDSDUDWRVH[LVWHQWHV\QR
VRQYLQFXODQWHVGHQXHVWUDSDUWH
3DUDUHVSRQGHUDORVUiSLGRVFDPELRVGHODV
QHFHVLGDGHV GH ORV FOLHQWHV QRV UHVHUYDPRV HO
GHUHFKRGHHIHFWXDUVLQSUHYLRDYLVRPRGL¿FDFLR
QHVWpFQLFDVHQODVPiTXLQDV
7UDGXFWLRQV
6HXOHODYHUVLRQDOOHPDQGHGHFHWWH
LQVWUXFWLRQGHVHUYLFHHVWGpWHUPLQDQWHGXSRLQW
GHYXHMXULGLTXH
7UDGX]LRQL
'DO SXQWR GL YLVWD JLXULGLFR p GHWHUPLQDQWH
HVFOXVLYDPHQWH OD YHUVLRQH WHGHVFD GL TXHVWH
LVWUX]LRQLSHUOµXVR
7UDGXFFLRQHV
'HVGHHOSXQWRGHYLVWDMXUtGLFR~QLFDPHQWH
HV GHWHUPLQDQWH OD YHUVLyQ DOHPDQD GH HVWD
LQVWUXFFLyQGHPDQHMR
&RQVHUYDWLRQ
&RQVHUYH]FHWWHLQVWUXFWLRQGHVHUYLFH
GDQVXQHQGURLWV€U
&RQVHUYD]LRQH
&RQVHUYDFLyQ
&RQVHUYDWHTXHVWHLVWUX]LRQLSHUOµXVRLQXQ &RQVHUYHHVWDLQVWUXFFLyQGHPDQHMRHQXQ
OXRJRVLFXUR
OXJDUVHJXUR
'URLWVGHSURWHFWLRQ9RQ$U[$*
&RS\ULJKW‹
7H[WHHW¿JXUHVQHSHXYHQWrWUHFRSLpVRX
UHSURGXLWVVDQVOµDXWRULVDWLRQH[SUHVVHGH9RQ
$U[$*
0DUTXHGHIDEULTXHŠ
/HOLEHOOpÄ9RQ$U[³GHPrPHTXHOHORJR
Ä9RQ$U[³VRQWGHVPDUTXHVLQWHUQDWLRQDOHPHQW
GpSRVpHVHWQHSHXYHQWrWUHXWLOLVpVSDUGHV
WLHUV
%UHYHWV
/HEUHYHWGHGLYHUVHVSLqFHV¿JXUDQWHWSUp
VHQWpHVGDQVFHVLQVWUXFWLRQVGHVHUYLFHHVW
GpSRVpRXFHVSLqFHVVRQWGpMjEUHYHWpHVVXUOH
SODQQDWLRQDOGHPrPHTXµLQWHUQDWLRQDO
'LULWWLGLSURWWH]LRQH9RQ$U[$*
&RS\ULJKW‹
6HQ]D OµDXWRUL]]D]LRQH VFULWWD GHOOD GLWWD QRQ VL
SRVVRQR HIIHWWXDUH Qp FRSLH Qp ULSURGX]LRQL GHO
WHVWRHGHOOH¿JXUH
0DUFKLRŠ
/D GLFLWXUD Ä9RQ$U[³ HG DQFKH LO ORJR Ä9RQ$U[³
VRQRPDUFKLUHJLVWUDWLSURWHWWLDOLYHOORLQWHUQD]LR
QDOHHQRQSRVVRQRHVVHUHXWLOL]]DWLGDWHU]L
$XWUHVUHQVHLJQHPHQWV
)DEULTXDQW9RQ$U[$*&+6LVVDFK
7HO)D[
3D\VGµRULJLQH6XLVVH
9DODEOHSRXUGHVOLYUDLVRQVjSDUWLUGH
$OWUHLQGLFD]LRQL
'LWWDFRVWUXWWULFH9RQ$U[$*&+6LVVDFK
7HO)D[
3DHVHGµRULJLQH6YL]]HUD
9DOLGRSHUIRUQLWXUDDSDUWLUHGD
'HUHFKRGHSURWHFFLyQ9RQ$U[$*
'HUHFKRVGHDXWRU‹
6LQH[SUHVDDXWRUL]DFLyQGHODHPSUHVD9RQ$U[
$*TXHGDSURKLELGRODFRSLDRUHSURGXFFLyQGHO
WH[WR\GHODVLOXVWUDFLRQHV
0DUFDGHIiEULFDŠ
(OWH[WRÄ9RQ$U[³DVtFRPRHOORJRWLSRÄ9RQ$U[³
VRQPDUFDVGHIiEULFDUHJLVWUDGDVHLQWHUQDFLRQDO
PHQWHSURWHJLGDV\QRGHEHQVHUXVDGDVSRUWHU
FHURV
%UHYHWWL
3DWHQWHV
3HU GLYHUVL FRPSRQHQWL HOHQFDWL HG LQGLFDWL LQ 'HGLYHUVRVFRPSRQHQWHVHVSHFL¿FDGRV\PRVWUD
TXHVWHLVWUX]LRQLqJLjVWDWDSUHVHQWDWDGRPDQGD GRVHQHVWDVLQVWUXFFLRQHVGHXVRVHKDVROLFLWDGR
GL EUHYHWWR RSSXUH VL q JLj RWWHQXWR LO EUHYHWWR SDWHQWHR\DKDQVLGRFRQFHGLGDVSDWHQWHVQDFLR
QD]LRQDOHHGLQWHUQD]LRQDOH
QDOHVRLQWHUQDFLRQDOHV
2WURVGDWRV
)DEULFDQWH9RQ$U[$*&+6LVVDFK
7HO)D[
3DtVGHRULJHQ6XL]D
9iOLGRSDUDVXPLQLVWURDSDUWLUGH
&RS\ULJKW‹9RQ$U[$*
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
$OOJHPHLQHU6LFKHUKHLWVKLQZHLV
9RQ $U[ 0DVFKLQHQ XQG :HUN]HXJH VLQG
QDFK GHP 6WDQG GHU 7HFKQLN VRZLH QDFK
GHQ .RQVWUXNWLRQVULFKWOLQLHQ GHU (XURSlLVFKHQ
*HPHLQVFKDIW JHEDXW XQG JHSUIW XQG EHL
YRUVFKULIWVJHPlVVHU$QZHQGXQJEHWULHEVVLFKHU
9RQ 0DVFKLQHQ N|QQHQ DEHU *HIDKUHQ
DXVJHKHQ ZHQQ GLH %HGLHQXQJ YRQ QLFKW
DXVJHELOGHWHP 3HUVRQDO XQG QLFKW ZLH YRUJH
VFKULHEHQHUIROJW-HGH3HUVRQGLHVLFKPLWGHU
9RUEHUHLWXQJ ,QEHWULHEQDKPH %HGLHQXQJ XQG
,QVWDQGKDOWXQJEHIDVVWPXVVGDV.DSLWHO6LFKHU
KHLWVKLQZHLVHXQGGLHNRPSOHWWH%HGLHQXQJVDQ
ZHLVXQJJHOHVHQXQGYHUVWDQGHQKDEHQ
)RU\RXUVDIHW\
9RQ $U[ PDFKLQHV DQG WRROV DUH VWDWH RI
WKHDUWWHFKQRORJ\DQGWKH\DUHEXLOWDFFRUGLQJWR
WKHFRQVWUXFWLRQJXLGHOLQHVRIWKH(&7KH\KDYH
EHHQWHVWHGDQGDSSURYHGDQGDUHVDIHWRRSH
UDWHZKHQXVHGDVGHVFULEHGLQWKHLQVWUXFWLRQV
7KHUHDUHGDQJHUVLQXVLQJPDFKLQHVZKHQ
WKHPDFKLQHLVXVHGE\DQXQWUDLQHGSHUVRQDQG
ZKHQLWLVQRWXVHGDVGHVFULEHGLQWKHRSHUDWLQJ
LQVWUXFWLRQV(DFKSHUVRQZKRLVLQYROYHGLQWKH
SUHSDUDWLRQSXWWLQJLQWRRSHUDWLRQRSHUDWLRQDQG
PDLQWHQDQFH PXVW KDYH UHDG DQG XQGHUVWRRG
WKH RSHUDWLQJ LQVWUXFWLRQV HVSHFLDOO\ WKH VDIHW\
LQVWUXFWLRQV
$OJHPHQHYHLOLJKHLGVDDQZLM]LQJ
9RQ$U[PDFKLQHV]LMQRQWZRUSHQYROJHQV
GH QLHXZVWH WHFKQLVFKH RQWZLNNHOLQJHQ HQ
YROGRHQ DDQ GH ULFKWOLMQHQ YDQ GH (XURSHVH
8QLH'HDSSDUDWHQ]LMQJHNHXUGHQ]LMQYHLOLJELM
JHEUXLNYROJHQVGHDDQZLM]LQJHQ
%LMRQMXLVWJHEUXLNHQJHEUXLNGRRURQYROGR
HQGH RSJHOHLG SHUVRQHHO NDQ JHYDDU RQWVWDDQ
(ONHSHUVRRQGLH]LFKEH]LJKRXGWPHWGHYRRU
EHUHLGLQJYDQKHWZHUNHQGHEHGLHQLQJHQKHW
RQGHUKRXG YDQ GH PDFKLQHV GLHQW GH JHKHOH
KDQGOHLGLQJ PHW QDPH KRRIGVWXN 9HLOLJKHLG
WHKDEEHQJHOH]HQHQEHJUHSHQ
+HUYRUKHEXQJHQLQGLHVHU$QZHLVXQJ
/HVHQ XQG EHDFKWHQ 6LH GLH 6LFKHUKHLWV
KLQZHLVHLQGLHVHU%HGLHQXQJVDQZHLVXQJLPPHU
'LH 6LFKHUKHLWVKLQZHLVH VLQG IROJHQGHUPDVVHQ
KHUYRUJHKREHQ
0DUNHGSDUWVRIWKHVHLQVWUXFWLRQV
5HDGDQGDOZD\VREVHUYHWKHVDIHW\LQVWUXF
WLRQVLQWKHVHRSHUDWLQJLQVWUXFWLRQV7KHVDIHW\
LQVWUXFWLRQVDUHPDUNHGOLNHWKLV
$FFHQWHQLQGH]HKDQGOHLGLQJ
/HHV GH]H KDQGOHLGLQJ ]RUJYXOGLJ HQ YROJ
GHYHLOLJKHLGVYRRUVFKULIWHQDOWLMGQDXZNHXULJRS
'HYHLOLJKHLGVYRRUVFKULIWHQ]LMQDOVYROJWDDQJH
JHYHQ
)DLOLQJWRREVHUYHDQLQVWUXFWLRQPDUNHG
.HQQ]HLFKQHW HLQH $QZHLVXQJ GHUHQ 1LFKWEHIROJXQJ]X9HUOHW]XQJRGHU]XP7RG ZLWK WKLV VLJQ PD\ OHDG WR VHULRXV LQMXU\ RU
GHDWK
YRQ3HUVRQHQIKUHQNDQQ
)DLOLQJ WR REVHUYH DQ LQVWUXFWLRQ PDUNHG
.HQQ]HLFKQHWHLQH$QZHLVXQJGHUHQ1LFKW EHIROJXQJ]X%HVFKlGLJXQJGHV*HUlWHVRGHU]X ZLWKWKLVVLJQPD\GDPDJHWKHPDFKLQHRUFDXVH
GDPDJHWRSURSHUW\
6DFKVFKDGHQIKUHQNDQQ
+HWQLHWRSYROJHQYDQGLWYRRUVFKULIWNDQ
YHUZRQGLQJHQRIHYHQWXHHOGRGHOLMNOHWVHOWRW
JHYROJKHEEHQ
+HW QLHW RSYROJHQ YDQ GLW YRRUVFKULIW NDQ
EHVFKDGLJLQJYDQKHWDSSDUDDWRIDQGHUHPDWH
ULHOHVFKDGHWRWJHYROJKHEEHQ
0DUNVDQ\DGGLWLRQDOLQIRUPDWLRQRUVSHFLDO *HHIW HHQ DDQYXOOHQGH XLWOHJ RI HHQ VSH
.HQQ]HLFKQHWHLQHHUOlXWHUQGH,QIRUPDWLRQ LQVWUXFWLRQV
FLDDOYRRUVFKULIWDDQ
RGHUHLQHVSH]LHOOH$QZHLVXQJ
$XI]lKOXQJHQ
%ORVVH$XI]lKOXQJHQZHUGHQGXUFKGDV=HLFKHQ
‡YRUGHU=HLOHPDUNLHUW
‡ %HLVSLHOV]HLOH
‡ %HLVSLHOV]HLOH
/LVWV
:KHQWKHLQVWUXFWLRQVDUHVLPSO\OLVWHGWKH\DUH
PDUNHGE\D‡EHIRUHWKHOLQHHJ
‡ VWOLQH
‡ QGOLQH
2SVWHOOLQJ
2SVRPPLQJHQ]LMQGRRU‡DDQJHJHYHQ
‡ SXQW
‡ SXQW
6FKULWWIROJHQ6LHWXQHWZDVZHUGHQGXUFKHLQHQ
6WULFK²YRUGHU=HLOHPDUNLHUW
² 6FKULWW
² 6FKULWW
'LH6FKULWWUHLKHQIROJHLVWHLQ]XKDOWHQ
6WHSE\VWHSLQVWUXFWLRQVZKHQ\RXKDYHWRGR
VRPHWKLQJDUHPDUNHGE\DVWURNH²EHIRUH
WKHOLQH
² VWVWHS
² QGVWHS
7KHVHTXHQFHRIWKHVWHSQXPEHUVLVELQGLQJ
+DQGHOLQJVYROJRUGHQ]LMQGRRUHHQSHLO²DDQ
JHJHYHQELMYRRUEHHOG
² VWDS
² VWDS
'HYROJRUGHYDQGHYHUVFKLOOHQGHVWDSSHQGLHQW
EHKRXGHQWHEOLMYHQ
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
+DOWHQ6LH,KUHQ$UEHLWVEHUHLFKLQ2UG
QXQJ
‡ 8QRUGQXQJLP$UEHLWVEHUHLFKHUJLEW8QIDOO
JHIDKU
.HHS\RXUZRUNVWDWLRQWLG\
‡
8QWLGLQHVV LQ \RXU ZRUN DUHD PD\ EH D ‡
FDXVHIRUDFFLGHQWV
5RPPHOLJKHLG YHUKRRJW GH NDQV RS RQJH
OXNNHQ
‡
‡
8VHFDXWLRQ
$OZD\V EH DZDUH RI \RXU DFWLRQV 8VH
FRPPRQ VHQVH GXULQJ ZRUN 'R QRW RSH
UDWHWKHPDFKLQHRUWKHWRROZKHQGLVWUDF
WHG
:HHVDDQGDFKWLJ
/HW RS ZDW 8 GRHW :HUN PHW YHUVWDQG
*HEUXLN GH PDFKLQH HQ GH JUHHGVFKDS
SHQ QLHW ZDQQHHU 8 QLHW JHFRQFHQWUHHUG
EHQW
6HLHQ6LHDXIPHUNVDP
$FKWHQ6LHGDUDXIZDV6LHWXQ*HKHQ6LH
PLW 9HUQXQIW DQ GLH $UEHLW %HQXW]HQ 6LH
GLH 0DVFKLQH RGHU GDV :HUN]HXJ QLFKW
ZHQQ6LHXQNRQ]HQWULHUWVLQG
‡
+RXGXZZHUNSOHNRSRUGH
,QGLFDWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
,QGLFDWLRQVJpQpUDOHVGHVpFXULWp
9RQ$U[PDFKLQHVVRQWFRQoXHVFRQIRUPp
PHQW DX QLYHDX WHFKQLTXH DFWXHO HW VHORQ OHV
GLUHFWLYHVGHFRQVWUXFWLRQGHOD&(HWVRQWpJDOH
PHQWFRQWU{OpHV(OOHVIRQWpWDWGHWRXWH¿DELOLWp
HW VpFXULWp GµH[SORLWDWLRQ UHTXLVHV j FRQGLWLRQ
GµrWUHXWLOLVpHVFRQIRUPpPHQWDX[SUHVFULSWLRQV
'HV PDFKLQHV SHXYHQW SUpVHQWpHV GHV
GDQJHUVVLODFRPPDQGHHVWFRQ¿pHjGXSHUVRQ
QHOQRQIRUPpHQODPDWLqUHHWVLODFRPPDQGH
QµHVWSDVFRQIRUPHDX[SUHVFULSWLRQV7RXWHSHU
VRQQHFRQFHUQpHSDUODSUpSDUDWLRQODPLVHHQ
VHUYLFH OD FRPPDQGH HW OµHQWUHWLHQ GHV PDFKL
QHVGRLWDYRLUOXHWFRPSULVOHFKDSLWUH,QGLFD
WLRQVJpQpUDOHVGHVpFXULWpDLQVLTXHOµLQVWUXFWLRQ
GHVHUYLFHDXFRPSOHW
3RLQWVLPSRUWDQWVGHFHWWHLQVWUXFWLRQ
/LVH]HWUHVSHFWH]WRXMRXUVOHVLQGLFDWLRQV
GHVpFXULWpGHFHWWHLQVWUXFWLRQGHVHUYLFH/HV
LQGLFDWLRQVGHVpFXULWpVRQWPLVHVHQYDOHXUGHOD
PDQLqUH
,QGLFD]LRQHJHQHUDOHGLVLFXUH]]D
9RQ$U[PDFFKLQHVRQRFRVWUXLWHVHFRQGR
LOOLYHOORDWWXDOHGHOODWHFQLFDHLQFRQIRUPLWjFRQ
OHGLUHWWLYHGLFRVWUX]LRQHGHOOD&(,QROWUHVRQR
FRQWUROODWHHJDUDQWLVFRQRODPDVVLPDVLFXUH]]D
GLIXQ]LRQDPHQWRLQFDVRGLXWLOL]]RFRQIRUPHDOOH
LVWUX]LRQL
/H PDFFKLQH SRVVRQR FRPXQTXH SUHVHQ
WDUHGHLSHULFROLVHLOFRPPDQGRYLHQHDI¿GDWRD
GHOSHUVRQDOHQRQDGGHVWUDWRRSSXUHVHQRQXVDWH
FRQIRUPHDOOHLVWUX]LRQL4XDOVLDVLSHUVRQDFKHVL
RFFXSD GHOOD SUHSDUD]LRQH GHOOD PHVVD LQ IXQ
]LRQHGHOFRPPDQGRHGHOODPDQXWHQ]LRQHGHOOH
PDFFKLQH GHYH DYHU OHWWR H FDSLWR LO FDSLWROR ,QGLFD]LRQLGLVLFXUH]]DQRQFKpFRPSOHWDPHQWHOH
LVWUX]LRQLSHUOµXVR
3XQWLVRWWROLQHDWLLQTXHVWHLVWUX]LRQL
/HJJHWHHULVSHWWDWHVHPSUHOHLQGLFD]LRQL
GLVLFXUH]]DGLTXHVWHLVWUX]LRQLSHUOµXVR/HLQGL
FD]LRQLGLVLFXUH]]DVRQRPHVVHLQULVDOWRFRPH
VHJXH
,QGLFDFLRQHVJHQHUDOHVGHVHJXULGDG
9RQ $U[ PiTXLQDV HVWiQ GLVHxDGDV FRQ
DUUHJORDOHVWDGRDFWXDOGHODWpFQLFD\ODVQRUPD
WLYDVGHFRQVWUXFFLyQGHOD&(\VRQFRPSURED
GDVLJXDOPHQWH5H~QHQOD¿DELOLGDG\VHJXULGDG
GHRSHUDFLyQUHTXHULGDVDFRQGLFLyQGHTXHVHDQ
XWLOL]DGDVGHDFXHUGRFRQODVSUHVFULSFLRQHV
6LQHPEDUJRODVPiTXLQDVSXHGHHQWUDQmU
SHOLJURV VL HO PDQHMR VH FRQ¿D D SHUVRQDO QR
DGLHVWUDGR \ VL QR VH XVD GH DFXHUGR FRQ ODV
SUHVFULSFLRQHV7RGDSHUVRQDTXHVHRFXSHGHOD
SUHSDUDFLyQSXHVWDHQPDFKDPDQHMR\PDQWHQL
PLHQWRGHODVPiTXLQDVGHEHKDEHUOHLGR\FRP
SUHQGLGRHOFDSLWXOR,QGLFDFLRQHVGHVHJXULGDG\
OD,QGLFDFLyQGHPDQHMRHQWRGDVXH[WHQVLyQ
3XQWRVLPSRUWDQWHVGHHVWDLQVWUXFFLyQ
/HD\REVHUYHVLHPSUHODVLQGLFDFLRQHVGH
VHJXULGDG GH HVWD LQVWUXFFLyQ GH PDQHMR /DV
LQGLFDFLRQHVGHVHJXULGDGHVWiQGHVWDFDGDVGH
ODVLJXLHQWHIRUPD
,QGLFDWLRQG¶XQHLQVWUXFWLRQGRQWOHQRQ ,QGLFD]LRQHGLXQCLVWUX]LRQHODFXLLQRV 6HxDOD XQD LQVWUXFFLyQ FX\D LQREVHU
UHVSHFW SHXW HQWUDvQHU GHV EOHVVXUHV RX OD VHUYDQ]D SXz SURYRFDUH O¶LQIRUWXQLR RSSXUH YDQFLD SXHGH DFDUUHDU KHULGDV R PXHUWH GH
PRUWGHSHUVRQQHV
ODPRUWHGLSHUVRQH
SHUVRQDV
,QGLFDWLRQ GµXQH LQVWUXFWLRQ GRQW OH QRQ ,QGLFD]LRQH GL XQD LVWUX]LRQH OD FXL 6HxDODXQDLQVWUXFFLyQFX\DLQREVHUYDQFLD
UHVSHFW SHXW HQWUDvQHU XQ HQGRPPDJHPHQW GH LQRVVHUYDQ]D SXy FDXVDUH LO GDQQHJJLDPHQWR SXHGH DFDUUHDU XQ GHVSHUIHFWR GHO DSDUDWR R
OµDSSDUHLORXGHVGpJkWVPDWpULHOV
GHOOµXWHQVLOHRSSXUHXQGDQQRPDWHULDOH
GDxRVPDWHULDOHV
,QGLFDWLRQGµXQHLQIRUPDWLRQH[SOLFDWLYHRX ,QGLFD]LRQH GL XQµLQIRUPD]LRQH HVSOLFDWLYD 6HxDOD XQD LQIRUPDFLyQ H[SOLFDWLYD R XQD
GµXQHLQVWUXFWLRQVSpFLDOH
RSSXUHGLXQµLVWUX]LRQHVSHFLDOH
LQVWUXFFLyQHVSHFLDO
(QXPpUDWLRQV
/HVVLPSOHVpQXPpUDWLRQVVRQWFDUDFWpULVpHVSDU
OHV\PEROH‡DYDQWODOLJQHFRUUHVSRQGDQWH
‡ HUH[HPSOH
‡ LqPHH[HPSOH
(QXPHUD]LRQL
/H HQXPHUD]LRQL VHPSOLFL YHQJRQR VHJQDODWH
DWWUDYHUVRLOVLPEROR‡DOOµLQL]LRGHOODULJD
‡ ƒHVHPSLR
‡ ƒHVHPSLR
(QXPHUDFLRQHV
/DV VLPSOHV HQXPHUDFLRQHV HVWiQ PDUDFDGDV
FRQHOVLJQR‡GHODQWHGHODOtQHD
‡ HUHMHPSOR
‡ ƒHMHPSOR
/HVpWDSHVjVXLYUHYRXVrWHVOµH[pFXWDQWVRQW
FDUDFWpULVpHVSDUXQHOLJQH²DYDQWODOLJQHFRU
UHVSRQGDQWH
² qUHpWDSH
² LqPHpWDSH
/HVSDVGRLYHQWrWUHVXLYL
/H RSHUD]LRQL D WDSSH YRL VLHWH OµHVHFXWRUH
VRQRVHJQDODWHDWWUDYHUVRXQDIUHFFLD²DOOµLQL]LR
GHOODULJD
² DWDSSD
² DWDSSD
(VHJXLUHVHFRQGROHLQGLFD]LRQLGHOOµLVWUX]LRQHGµXVR
/RVSDVRVVXFHVLYRVXVWHGHVHOHMHFXWRUHVWiQ
FDUDFWHUL]DGRV SRU XQD ÀHFKD ² GHODQWH GH OD
OLQHD
² HUSDVR
² ƒSDVR
'HEHUHVSHWDUVHHORUGHQGHORVSDVRVLQGLFDGRV
,QGLFDWLRQVJpQpUDOHV
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
0DLQWHQH]YRWUH]RQHGHWUDYDLOHQRUGUH
‡
8QH]RQHGHWUDYDLORUqJQHOHGpVRUGUH ‡
UHSUpVHQWHXQGDQJHUGµDFFLGHQWV
8QD]RQDGLODYRURLQGLVRUGLQHQDVFRQGH ‡
GHLSHULFROLGµLQFLGHQWL
‡
6R\H]DWWHQWLI
)DLWHVDWWHQWLRQjFHTXHYRXVIDLWHV7UD
YDLOOH]DYHFUDLVRQ1µXWLOLVH]SDVODPDFKLQH
RXOµRXWLOVLYRXVQµrWHVSDVFRQFHQWUpV
6WDWHDWWHQWL
)DWHDWWHQ]LRQHDTXHOORFKHIDWH(IIHWWXDWH
LO ODYRUR FRQ SUHFD]LRQH 1RQ XWLOL]]DWH OD
PDFFKLQD R XWHQVLOL VH QRQ VLHWH FRQFHQ
WUDWL
‡
7HQHWHLQRUGLQHOD]RQDGLODYRUR
0DQWHQJDHQRUGHQVX]RQDGHWUDEDMR
(OGHVRUGHQHQOD]RQDGHWUDEDMRHQWUDxD
SHOLJURGHDFFLGHQWHV
(VWpDWHQWR
‡ 3UHVWHDWHQFLyQDWRGRORTXHKDFH7UDEDMH
FRQSUXGHQFLD1RXWLOLFHODPiTXLQDRODKHUUDPL
HQWDVLXVWHGQRHVFRPSOHWDPHQWHFRQFHQWUDGR
&RS\ULJKW‹9RQ$U[$*
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
9HUPHLGHQ 6LH DEQRUPDOH .|USHUKDO
WXQJ
‡ 6RUJHQ 6LH EHLP $UEHLWHQ IU VLFKHUHQ
6WDQGXQGKDOWHQ6LHMHGHU]HLWGDV*OHLFK
JHZLFKW
$YRLGDQXQQDWXUDOSRVWXUH
9HUPLMGDEQRUPDOHOLFKDDPVKRXGLQJHQ
‡
%HVXUHWRVWDQG¿UPO\RQWKHJURXQGZKLOH ‡
\RXDUHZRUNLQJDQGNHHS\RXUEDODQFHDW DOOWLPHV
=RUJHUYRRUGDWXVWHYLJVWDDWHQEOLMIDOWLMG
LQEDODQV
7UDJHQ6LHJHHLJQHWH$UEHLWVNOHLGXQJ
:HDUVXLWDEOHSURWHFWLYHFORWKLQJ
'UDDJJHVFKLNWHZHUNNOHGLQJ
‡
‡
‡
‡
7UDJHQ 6LH NHLQH ZHLWH .OHLGXQJ RGHU
6FKPXFN VLH N|QQWHQ YRQ EHZHJOLFKHQ
7HLOHQHUIDVVWZHUGHQ
7UDJHQ6LHEHLODQJHQ+DDUHQHLQ+DDUQHW]
'HU0DVFKLQHQIKUHUKDW6FKXW]EULOOH+DQG
VFKXKH *HK|UVFKXW] VRZLH UXWVFKIHVWH
6LFKHUKHLWVVFKXKH]XWUDJHQ
9HUZHQGHQ6LHHLQH6WDXEPDVNHEHLVWDXE
HU]HXJHQGHQ$UEHLWHQ
‡
‡
‡
‡
'RQRWZHDUORRVH¿WWLQJFORWKLQJRUMHZHOU\
LWPLJKWJHWFDXJKWE\PRYLQJSDUWV
&RYHUORQJKDLUZLWKDKDLUQHW
7KHPDFKLQHRSHUDWRUPXVWZHDUJRJJOHV
JORYHV HDU SURWHFWRUV DQG QRQVOLS VDIHW\
VKRHV
:HDU D GXVW PDVN LI WKH ZRUN JHQHUDWHV
GXVW
‡
‡
‡
‡
'UDDJJHHQZLMGHNOHGLQJRIVLHUDGHQ8
]RXNXQQHQJHJUHSHQZRUGHQGRRUEHZH
JHQGHRQGHUGHOHQ
'UDDJHHQKDDUQHWMHLQGLHQ8ODQJKDDUKHEW
'HEHGLHQLQJVSHUVRRQPRHWHHQYHLOLJ
KHLGVEULOKDQGVFKRHQHQRRUEHVFKHUPHUV
DOPHGHQLHWVOLSSHQGHYHLOLJKHLGVVFKRHQHQ
GUDJHQ
*HEUXLNHHQVWRIPDVNHUELMVWRI¿JZHUN
%HUFNVLFKWLJHQ 6LH 8PJHEXQJVHLQ
ÁVVH
‡ %HQW]HQ6LHGLH0DVFKLQHRGHUGDV:HUN
]HXJ QLH LQ H[SORVLRQVJHIlKUGHWHU 8PJH
EXQJ)XQNHQELOGXQJGXUFK(OHNWURPRWRU
‡ %HQW]HQ6LHQLHHLQIHXFKWHVRGHUQDVVHV
HOHNWULVFKHV*HUlW6WURPVFKODJ
‡ 6FKW]HQ 6LH GLH 0DVFKLQH RGHU GDV
:HUN]HXJ YRU )HXFKWLJNHLW :DVVHU VWDU
NHU +LW]H H[WUHPHU .lOWH FKHPLVFKHQ
/|VXQJHQXQG*DVHQ
7DNH\RXUZRUNHQYLURQPHQWLQWRDFFRXQW
/HWRSXZRPJHYLQJ
‡
‡
‡
1HYHU XVH WKH PDFKLQH RU WKH WRRO QHDU
H[SORVLYHPDWHULDOVWKHHOHFWULFPRWRUPD\
JLYHRIIVSDUNV
1HYHUXVHDQHOHFWULFWRROWKDWLVGDPSRU
ZHWHOHFWULFVKRFN
3URWHFWWKHPDFKLQHRUWKHWRROIURPPRL
VWXUH ZDWHU H[WUHPH KHDW H[WUHPH FROG
FKHPLFDOVROXWLRQVDQGJDVHV
‡
‡
‡
*HEUXLN GH PDFKLQH HQ GH JUHHGVFKDSSHQ
QRRLW LQ HHQ RPJHYLQJ ZDDU H[SORVLHJHYDDU
EHVWDDWGHHOHNWURPRWRUNDQYRQNHQDIJHYHQ
*HEUXLNKHWHOHNWULVFKDSSDUDDWQRRLWLQYRFK
WLJH WRHVWDQG LQ YHUEDQG PHW PRJHOLMNH
HOHNWULVFKHVFKRNNHQ
%HVFKHUP GH PDFKLQH HQ GH JUHHGVFKDS
SHQWHJHQYRFKWZDWHUVWHUNHKLWWHH[WUHPH
NRXFKHPLVFKHRSORVVLQJHQHQJDVVHQ
‡
‡
.HHSRWKHUSHRSOHDZD\
‡ .HHS RWKHU SHRSOH HVSHFLDOO\ FKLOGUHQ DZD\IURPWKHPDFKLQHRUWKHWRRODQGWKH
SRZHUFRUG
‡ .HHS RWKHU SHRSOH RXW RI \RXU ZRUN DUHD
ZKLOH\RXDUHZRUNLQJ
&KHFNWKHPDFKLQHRUWKHWRROIRU
SRWHQWLDOGDPDJHV
‡ 3ULRUWRRSHUDWLQJVDIHW\GHYLFHVRUVOLJKWO\
GDPDJHG SDUWV KDYH WR EH LQVSHFWHG DQG
WKHLUVDWLVIDFWRU\RSHUDWLQJIXQFWLRQIRUWKH
LQWHQGHGSXUSRVHWREHDVVXUHG
‡ 'DPDJHG VDIHW\ IHDWXUHV DQG HOHFWULFDO
FRPSRQHQWVPXVWEHUHSDLUHGRUUHSODFHG
E\DQDXWKRUL]HGVHUYLFHFHQWHU'RQRWXVH
WKHHOHFWULFWRROLIWKHRQRIIVZLWFKGRHVQRW
IXQFWLRQSURSHUO\
‡
‡
+RXGDQGHUHSHUVRQHQRSDIVWDQG
+RXG DQGHUHQ PHW QDPH NLQGHUHQ ELM GH
PDFKLQHJUHHGVFKDSSHQHQGHHOHNWULFLWHLWV
NDEHOXLWGHEXXUW
+RXG RQEHYRHJGHQ WLMGHQV KHW ZHUNHQ
EXLWHQKHWZHUNWHUUHLQ
‡
‡
+DOWHQ6LHDQGHUH3HUVRQHQIHUQ
/DVVHQ 6LH DQGHUH 3HUVRQHQ LQVEHVRQ
GHUH .LQGHU QLFKW DQ GLH 0DVFKLQH GDV
:HUN]HXJRGHUDQGDV(OHNWURNDEHO
+DOWHQ 6LH )UHPGSHUVRQHQ ZlKUHQG GHU
$UEHLWYRQLKUHP$UEHLWVEHUHLFKIHUQ
hEHUSUIHQ 6LH GLH 0DVFKLQH RGHU GDV
:HUN]HXJDXIHYHQWXHOOH%HVFKlGLJXQJHQ
‡ 9RU ZHLWHUHP *HEUDXFK PVVHQ 6FKXW]
YRUULFKWXQJHQRGHUOHLFKWEHVFKlGLJWH7HLOH
DXI LKUH HLQZDQGIUHLH XQG EHVWLPPXQJV
JHPlVVH)XQNWLRQXQWHUVXFKWZHUGHQ
‡ %HVFKlGLJWH 6FKXW]YRUULFKWXQJHQ XQG
6FKDOWHU PVVHQ GXUFK HLQH DXWRULVLHUWH
.XQGHQGLHQVWVWHOOH UHSDULHUW RGHU DXVJH
WDXVFKW ZHUGHQ %HQXW]HQ 6LH HLQ (OHNWUL
VFKHV *HUlW QLFKW ZHQQ VLFK 6FKDOWHU
QLFKWHLQXQGDXVVFKDOWHQODVVHQ
‡
7UDJHYHUERW
$XV6LFKHUKHLWVXQG*HVXQGKHLWVJUQGHQ
VFKZHUH 0DVFKLQHQ XQG GHUHQ 7URPPHOQ
QLHPDOVPDQXHOOWUDQVSRUWLHUHQ
'RQRWFDUU\
)RU VDIHW\ DQG KHDOWK UHDVRQV WKH KHDY\
PDFKLQHV DQG WKHLU GUXPV PXVW QRW EH
WUDQVSRUWHGE\KDQG
&RQWUROHHU GH PDFKLQH HQ KHW JHUHHG
VFKDSRSHYHQWXHOHEHVFKDGLJLQGHQ
‡ 9RRU KHW YHUGHU JHEUXLN GLHQHQ GH EHYHL
OLJLQJVLQULFKWLQJHQ HQ OLFKW EHVFKDGLJGH
RQGHUGHOHQRSKXQSHUIHFWHHQGRHOPDWLJH
ZHUNLQJRQGHU]RFKWWHZRUGHQ
‡
%HVFKDGLJGH EHYHLOLJLQJVLQULFKWLQJHQ HQ
VFKDNHODDUVGLHQHQGRRUHHQHUNHQGHVHU
YLFHKRXGHU KHUVWHOG RI YHUYDQJHQ WH ZRU
GHQ *HEUXLN KHW HOHNWULVFK WRHVWHO QLHW
ZDQQHHUGHVFKDNHODDUV QLHWLQHQXLWJH
VFKDNHOGNXQQHQZRUGHQ
'UDDJYHUERG
2P YHLOLJKHLGV HQ JH]RQGKHLGVUHGHQHQ
PRJHQGH]ZDUHPDFKLQHVHQKXQWURPPHOV
QLHWPHWGHKDQGZRUGHQJHWUDQVSRUWHHUG
,QGLFDWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
(YLWH]OHVDWWLWXGHVFRUSRUHOOHVDQRUPD
OHV
‡ 9HLOOH]jUHVWHUELHQHQSODFHORUVGXWUDYDLO
HWJDUGH]jWRXWPRPHQWYRWUHpTXLOLEUH
(YLWDWH DWWHJJLDPHQWL GHO FRUSR DQRU
PDOL
‡ $VVLFXUDWHYL XQD SRVL]LRQH IHUPD GXUDQWH
LO ODYRUR H PDQWHQHWH LQ RJQL PRPHQWR
OµHTXLOLEULR
(YLWHDGRSWDUSRVLFLRQHVFRUSRUDOHV
DQRUPDOHV
‡ 'XUDQWHHOWUDEDMRDGRSWHXQDSRVLFLyQ
VHJXUD\JXDUGHHQWRGRPRPHQWRHOHTXL
OLEULR
1H WUDYDLOOH] TX¶DYHF GHV YrWHPHQWV
DSSURSULpV
‡ 1HSRUWH]SDVGHVYrWHPHQWVODUJHVRXGH
ODELMRXWHULHFDULOSRXUUDLHQWrWUHVWRXFKpV
SDUGHVSLqFHVPRXYDQWHV
‡ 3RUWH]OHVFKHYHX[ORQJXHVVRXVXQ¿OHW
‡ /H FRQGXFWHXU GH OD PDFKLQH GRLW SRUWHU
GHV OXQHWWHV SURWHFWULFHV GHV JDQWV GHV
SURWqJHRUHLOOHVGHPrPHTXHGHVFKDXVVX
UHVDQWLGpUDSDQWHV
‡ 8WLOLVHU XQ PDVTXH SURWHFWHXU SHQGDQW OHV
WUDYDX[GpJDJHDQWEHDXFRXSGHSRXVVLqUH
0HWWHWHVROWDQWRDELWLGLODYRURDGDWWL
8WLOLFHXQDLQGXPHQWDULDGHWUDEDMR
‡
‡
‡
‡
1RQ SRUWDWH DELWL ODUJKL R JLRLHOOL SRWUHE
EHURHVVHUHDIIHUUDWLGDSH]]LPRELOL
3RUWDWHLFDSHOOLOXQJKLVRWWRXQDUHWLFHOOD
,OJXLGDWRUHGHYHLQGRVVDUHRFFKLDOLGLSUR
WH]LRQHJXDQWLGLSURWH]LRQHSDUDRUHFFKLH
HVFDUSHDQWLVFLYROR
,QFDVRGLODYRULFKHSURGXFRQRSROYHUHXWL
OL]]DWHXQDPDVFKHUDDQWLSROYHUH
‡
‡
‡
‡
1R OOHYH SUHQGDV KROJDGDV R DGRUQRV \D
TXH SRGUtDQ HQJDQFKDUVH HQ ODV SDUWHV
DUWLFXODGDV
6LWLHQHHOSHORODUJRUHFyMDORFRQXQDUHGHFLOOD
(ORSHUDGRUGHPiTXLQDGHEHOOHYDUJDIDV
GH SURWHFFLyQ JXDQWHV FDVFRV GH
SURWHFFLyQDXGLWLYD\FDO]DGRGHVHJXULGDG
DQWLUUHVEDODGL]R
8WLOLFH XQD PiVFDUD SDUD HO SROYR HQ ORV
WUDEDMRVTXHSURGXFHQSROYR
7HQH]FRPSWHGHVLQÁXHQFHVGXPLOLHX
‡
‡
‡
1µXWLOLVH] MDPDLV OD PDFKLQH RX OµRXWLO
GDQV XQ PLOLHX H[SORVLI IRUPDWLRQ GµpWLQ
FHOOHVGXHDXPRWHXUpOHFWULTXH
1µXWLOLVH] MDPDLV XQ DSSDUHLO pOHFWULTXH
KXPLGH RX PRXLOOp GDQJHU GµpOHFWURFX
WLRQ
(YLWH]GµH[SRVHUODPDFKLQHRXOµRXWLOpOHF
WURK\GUDXOLTXH j OµKXPLGLWp j OµHDX DX[
WHPSpUDWXUHV WURS pOHYpHV RX WURS EDVVHV
DX[VROXWLRQVFKLPLTXHVHWDX[JD]
7HQHWHLQFRQWRGHJOLLQÁXVVLGHOO¶DPEL
HQWHFLUFRVWDQWH
‡ 1RQXWLOL]]DWHPDLODPDFFKLQDRXWHQVLOLLQ
DPELHQWL FRQ ULVFKL GµHVSORVLRQH IRUPD
]LRQHGLVFLQWLOOHGDSDUWHGHOPRWRUHHOHWW
ULFR
‡ 1RQXWLOL]]DWHPDLXQDSSDUHFFKLRHOHWWULFR
XPLGRREDJQDWRVFDULFDHOHWWULFD
‡ 3URWHJJHWH OD PDFFKLQD R JOL XWHQVLOL
GDOOµXPLGLWj GDOOµDFTXD GDO FDORUH R GDO
IUHGGR LQWHQVL GDOOH VROX]LRQL FKLPLFKH H
GDLJDV
7HQJD HQ FXHQWD ODV LQÁXHQFLDV GHO
HQWRUQR
‡ 1RXVHMDPiVODPiTXLQDRODKHUUDPLHQWD
HQ XQ HQWRUQR FRQ SHOLJUR GH H[SORVLyQ
IRUPDFLyQ GH FKLVSDV GHELGR DO HOHFWUR
PRWRU
‡ 1RXVHMDPiVXQDPiTXLQDHOpFWULFDK~PH
GDRPRMDGDSHOLJURGHVDFXGLGDHOpFWULFD
‡ 3UHVHUYHODPiTXLQDRODKHUUDPLHQWDGHOD
KXPHGDGGHODJXDGHWHPSHUDWXUDVPX\
DOWDVRPX\EDMDVGHVROXFLRQHVTXtPLFDV
\GHJDVHV
‡
‡
7HQH]WRXWHDXWUHSHUVRQQHjO¶pFDUW
(YLWH]TXHGµDXWUHVSHUVRQQHVOHVHQIDQWV
HQSDUWLFXOLHUWRXFKHQWODPDFKLQHRXOµRXWLO
RXOHFkEOHpOHFWULTXH
7HQH] OHV SHUVRQQHV WLHUFHV j OµpFDUW GH
YRWUH]RQHGHWUDYDLO
‡
‡
‡
‡
7HQHWHORQWDQHDOWUHSHUVRQH
1RQIDWHDYYLFLQDUHDOWUHSHUVRQHVSHFLDO
PHQWH EDPELQL DOOD PDFFKLQD XWHQVLOL R
DOFDYRHOHWWULFR
'XUDQWHLOODYRURWHQHWHORQWDQHGDOODYRVWUD
]RQDGLODYRUROHSHUVRQHHVWUDQHH
0DQWHQJDDOHMDGDVDRWUDVSHUVRQDV
(YLWH TXH RWUDV SHUVRQDV HQ SDUWLFXODU
QLxRVWHQJDQDFFHVRDODPiTXLQDRDOD
KHUUDPLHQWDRDOFDEOHHOpFWULFR
'XUDQWHHOWUDEDMRPDQWHQJDDOHMDGDVGHVX
]RQDGHWUDEDMRDSHUVRQDVDMHQDVDOPLVPR
9pULÀH]ODPDFKLQHRXO¶RXWLOjVHUWLUHQ
FHTXLFRQFHUQHGHVHYHQWXHOVGpJkWV
‡ $YDQW GH UHSUHQGUH OH WUDYDLO YRXV GHYH]
YpUL¿HU VL OHV SLqFHV SURWHFWLYHV RX OHV
SLqFHV OpJqUHPHQW HQGRPPDJpHV VRQW
HQFRUHHQpWDWGHIRQFWLRQQHPHQWSDUIDLWHW
DVVXUp
‡ /HVSLqFHVSURWHFWLYHVHWOHV¿FKHVGHVHF
WHXUVHQGRPPDJpHVGRLYHQWrWUHVUpSDUpHV
RX UHPSODFpHV SDU XQ FHQWUH GH VHUYLFH
FOLHQWqOH DXWRULVp 1µXWLOLVH] SDV OµDSSDUHLO
pOHFWULTXHVLOµLQWHUUXSWHXU³2Q2))³QHVH
ODLVVHSDVDFWLYHU
9HULÀFDWHFKHODPDFFKLQDHJOLXWHQVLOL
QRQDEELDQRTXDOFKHGDQQR
‡ 3ULPDGLFRQWLQXDUHLOODYRURLSH]]LGLSUR
WH]LRQHRLSH]]LJXDVWLGHYRQRHVVHUHYHUL
¿FDWLHGHYRQRHVVHUHFRQIRUPLDOOHGLVSR
VL]LRQLGLVLFXUH]]D
‡ 3H]]L GL SURWH]LRQH HG LQWHUUXWWRUL JXDVWL
GHYRQR HVVHUH ULSDUDWL R FDPELDWL GD XQ
FHQWURGLVHUYL]LRFOLHQWHODDXWRUL]]DWR1RQ
XWLOL]]DWHXQDSSDUHFFKLRHOHWWULFRVHOµLQWHU
UXWWRUHpJXDVWR
5HYLVHODPiTXLQDRODKHUUDPLHQWDSDUD
GHWHFWDUSRVLEOHVGHVSHUIHFWRV
‡ $QWHVGHVHJXLUHPSOHDQGRVHGHEHUHYL
VDUTXHORVGLVSRVLWLYRVGHSURWHFFLyQRODV
SDUWHV PiV GHOLFDGDV IXQFLRQHQ FRUUHFWD
PHQWH\FRQIRUPHDORSUHVFULWR
‡
/RVGLVSRVLWLYRV GHSURWHFFLyQ\ORVLQWHU
UXSWRUHVGDxDGRVGHEHQUHSDUDUVHRVXVWL
WXLUVHHQXQHVWDEOHFLPLHQWRDXWRUL]DGR1R
XWLOLFHXQDPiTXLQDHOpFWULFDVLHOLQWHUUXS
WRUQRVHSXHGHFRQHFWDU\GHVFRQHFWDU
‡
‡
‡
,QWHUGLFWLRQGHSRUWHU
3RXUGHVUDLVRQVGHVpFXULWpHWGHVDQWp
OHVPDFKLQHVORXUGHVHWOHXUVWDPERXUVQH
GRLYHQWSDVrWUHWUDQVSRUWpHVjODPDLQ
'LYLHWRGLWUDVSRUWRDPDQR
3HU PRWLYL GL VLFXUH]]D H GL VDOXWH QRQ VL
SRVVRQRWUDVSRUWDUHDPDQRQpODPDFFKLQD
QpLULVSHWWLYLWDPEXULSHUFKqVRQRSHVDQWL
3URKLELFLyQGHWUDQVSRUWDUODPiTXLQD
3RU PRWLYRV GH VHJXULGDG \ GH VDOXG ODV
SHVDGDV PiTXLQDV \ VXV WDPERUHV QR
GHEHQWUDQVSRUWDUVHDPDQR
&RS\ULJKW‹9RQ$U[$*
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
9HUODVVHQ 6LH QLH HLQH XQJHVLFKHUWH
0DVFKLQH
‡ 6WHOOHQ6LHYRUGHP9HUODVVHQGHU0DVFKLQH
GHQ0RWRUDE
‡ 6LFKHUQ 6LH GLH 0DVFKLQH PLW GHU 6WHOO
EUHPVH
‡ 8QWHUEUHFKHQ 6LH GLH =QGNRQWDNWH RGHU
]LHKHQ6LHGHQ1HW]VWHFNHU
1HYHUOHDYHDPDFKLQHZKLFKLVQRWLQD
VDIHVWDWH
‡ %HIRUHOHDYLQJWKHPDFKLQHWXUQWKHPRWRU
RUHQJLQHRII
‡ 6HFXUHWKHPDFKLQHZLWKWKHSDUNLQJEUDNH
‡
,QWHUUXSWWKHLJQLWLRQFRQWDFWVRUUHPRYHWKH
PDLQVSOXJ
9HUODDWQRRLWHHQPDFKLQHGLHQLHWEHYHL
OLJGLV
‡ 6FKDNHOYRRUKHWYHUODWHQYDQGHPDFKLQH
GHPRWRUXLW
‡ %HYHLOLJGHPDFKLQHPHWGHEORNNHHUUHP
‡ 9HUEUHHN GH RQWVWHNLQJVFRQWDFWHQ RI WUHN
GHVWHNNHUXLWKHWVWRSFRQWDFW
6FKXW]HLQULFKWXQJHQQLFKWHQWIHUQHQ
‡
%HWUHLEHQ 6LH GLH 0DVFKLQH QXU ZHQQ ‡
DOOHZHUNVHLWLJDQJHEUDFKWHQ6FKXW]HLQULFK WXQJHQDQJHEDXWXQGIXQNWLRQVWFKWLJVLQG (LQVDW]QXUDXIZDDJUHFKWHQ)OlFKHQ
‡
‡
'LH )OlFKHQEHDUEHLWXQJVPDVFKLQH GDUI QXU
DXIKRUL]RQWDOHQ)OlFKHQHLQJHVHW]WZHUGHQ
6LFKHUVWHOOHQGDVVDOOH5lGHUIHVWDXIGHU
8QWHUODJHDXÀLHJHQ
‡
‡
'RQRWUHPRYHSURWHFWLYHGHYLFHV
%HYHLOLJLQJVYRRU]LHQLQJHQ QLHW YHUZLM
GHUHQ
2QO\RSHUDWHWKHPDFKLQHZKHQDOOWKHSUR ‡ *HEUXLN GH PDFKLQH DOOHHQ DOV DOOH LQ GH
WHFWLYH GHYLFHV ¿WWHG LQ WKH IDFWRU\ DUH IDEULHN DDQJHEUDFKWH EHYHLOLJLQJVYRRU]LH
PRXQWHGDQGLQJRRGZRUNLQJRUGHU
QLQJHQLQJHERXZG]LMQHQIXQFWLRQHUHQ
*HEUXLN DOOHHQ RS KRUL]RQWDOH RSSHUYO
DNNHQ
7KHVXUIDFHSUHSDUDWLRQPDFKLQHPXVWRQO\ ‡ 'H RSSHUYODNNHQEHZHUNLQJVPDFKLQH PDJ
EHXVHGRQKRUL]RQWDOVXUIDFHV
DOOHHQ ZRUGHQ JHEUXLNW RS KRUL]RQWDOH
0DNHVXUHWKDWDOOWKHZKHHOVUHVW¿UPO\RQ RSSHUYODNNHQ
WKHVXUIDFHWREHWUHDWHG
‡ (UYRRU]RUJHQGDWDOOHZLHOHQYDVWRSKHWWH
EHZHUNHQRSSHUYODNOLJJHQ
2QO\XVHRQKRUL]RQWDOVXUIDFHV
=ZHFNHQWIUHPGHQ6LHHOHNWULVFKH.DEHO
QLFKW
‡ %HQXW]HQ 6LH GDV .DEHO QLFKW XP GHQ
6WHFNHUDXVGHU6WHFNGRVH]X]LHKHQ
‡ 6FKW]HQ6LHGDV.DEHOYRU+LW]HgOXQG
VFKDUIHQ.DQWHQ
‡ 9HUOHJHQ6LHGDV(OHNWURNDEHOVRGDVVHV
GXUFK GLH $UEHLWVZHUN]HXJH QLFKW YHUOHW]W
ZHUGHQNDQQ
‡ 9HUZHQGHQ 6LH LP )UHLHQ QXU GLH GDIU
]XJHODVVHQHQ XQG HQWVSUHFKHQG JHNHQQ
]HLFKQHWHQ9HUOlQJHUXQJVNDEHO
‡ 9HUZHQGHQ 6LH QXU (OHNWURNDEHO PLW HQW
VSUHFKHQGHP4XHUVFKQLWWXQGGHUQ|WLJHQ
/lQJH
‡ 5ROOHQ6LHGDV9HUOlQJHUXQJVNDEHODXIGHU
.DEHOWURPPHOYROOVWlQGLJDE
‡ 9HUKLQGHUQ6LH.|USHUEHUKUXQJPLWJHHU
GHWHQ7HLOHQ
'R QRW PLVXVH WKH HOHFWULFDO SRZHU
FRUG
‡ 'RQRWXVHWKHFDEOHWRSXOOWKHSOXJRXWRI
WKHVRFNHW
‡ 3URWHFWWKHFDEOHDJDLQVWKHDWRLODQGVKDUS
HGJHV
‡ /D\WKHHOHFWULFFDEOHLQVXFKDZD\WKDWLW
FDQQRWEHGDPDJHGE\WKHZRUNLQJWRROV
‡ ,QWKHRSHQDLUXVHRQO\VSHFLDOO\DXWKRUL
]HGDQGVXLWDEO\PDUNHGH[WHQVLRQFDEOHV
‡ 8VH RQO\ HOHFWULF FDEOHV ZLWK D VXLWDEOH
FURVVVHFWLRQDQGWKHQHFHVVDU\OHQJWK
‡ 8QUROOWKHH[WHQVLRQFDEOHFRPSOHWHO\IURP
WKHFDEOHGUXP
‡ $YRLGERGLO\FRQWDFWVZLWKHDUWKHGSDUWV
*HEUXLN KHW VQRHU DOOHHQ YRRU GRHOHLQ
GHQZDDUYRRUKHWLVEHVWHPG
‡ *HEUXLNGHNDEHOQLHWRPGHVWHNNHUXLWKHW
VWRSFRQWDFWWHWUHNNHQ
‡ %HVFKHUP GH NDEHO WHJHQ KLWWH ROLH HQ
VFKHUSHNDQWHQ
‡ /HJGHVWURRPNDEHO]RQHHUGDWKLMGRRUGH
ZHUNJHUHHGVFKDSSHQQLHWNDQZRUGHQEH
VFKDGLJG
‡ *HEUXLN LQ GH RSHQ OXFKW DOOHHQ GH GDDU
YRRU WRHJHODWHQ HQ GLHQRYHUHHQNRPVWLJ
JHNHQPHUNWHYHUOHQJNDEHOV
‡ *HEUXLNDOOHHQVWURRPNDEHOVPHWGLHQRYH
UHHQNRPVWLJH GZDUVGRRUVQHGH HQ GH
QRGLJHOHQJWH
‡ 5RO GH YHUOHQJNDEHO JHKHHO YDQ GH NDEHO
KDVSHODI
‡ 9HUKLQGHU FRQWDFW YDQ KHW OLFKDDP PHW
JHDDUGHRQGHUGHOHQ
%HDFKWHQ6LHXQEHGLQJWGLH%HGLHQXQJV
DQOHLWXQJGHU(OHNWURPRWRUHQKHUVWHOOHUVRZLH
IROJHQGH9RUVFKULIWHQ
‡ %HL 1LFKWJHEUDXFK VLFKHUVWHOOHQ GDVV GLH
0DVFKLQHVWURPORVLVW
‡ =LHKHQ 6LH GHQ 1HW]VWHFNHU LPPHU GDQQ
ZHQQGLH0DVFKLQHQLFKWJHEUDXFKW ZLUG
‡ 9HUlQGHUXQJHQDQGHUHOHNWULVFKHQ,QVWDO
ODWLRQ GLH GLH 6LFKHUKHLW EHHLQWUlFKWLJHQ
RGHUGLHXUVSUQJOLFKH5HJHOXQG6WHXHU
IXQNWLRQYHUlQGHUQVLQGYHUERWHQ
‡ 5HSDUDWXUHQ DQ GHU HOHNWULVFKHQ ,QVWDO
ODWLRQ GUIHQ QXU YRQ HLQHU (OHNWURIDFK
NUDIWGXUFKJHIKUWZHUGHQ
&RPSO\ZLWKWKHRSHUDWLQJLQVWUXFWLRQV
RI WKH HOHFWULF PRWRU PDQXIDFWXUHU DQG WKH
IROORZLQJUHTXLUHPHQWV
‡ :KHQ QRW LQ XVH PDNH VXUH WKDW WKH
PDFKLQH LV GLVFRQQHFWHG IURP WKH SRZHU
VXSSO\
‡
$OZD\VSXOORXWWKHSOXJZKHQWKHPDFKLQH
LVQRWEHLQJXVHG
‡ 0RGL¿FDWLRQVWRWKHHOHFWULFDOZLULQJZKLFK
PD\EHSUHMXGLFLDOWRVDIHW\RUFKDQJHWKH
RULJLQDOUHJXODWLQJDQGFRQWUROIXQFWLRQVDUH
SURKLELWHG
‡ 5HSDLUVWRWKHHOHFWULFDOZLULQJPD\RQO\EH
SHUIRUPHGE\DTXDOL¿HGHOHFWULFLDQ
+HW LV DEVROXXW QRRG]DNHOLMN GH EHGLH
QLQJVKDQGOHLGLQJYDQGHHOHNWURPRWRUIDEULNDQ
WHQLQDFKWWHQHPHQDOVPHGHGHYROJHQGH
‡
%LMQLHWJHEUXLNHUYRRU]RUJHQGDWGHPDFKLQH
VWURRPORRVLV
‡
7UHNGHVWHNNHUDOWLMGXLWKHWVWRSFRQWDFWDOV
GHPDFKLQHQLHWPHWHHQZRUGWJHEUXLNW
‡
0RGL¿FDWLHV DDQ GH HOHNWULVFKH LQVWDOODWLH
GLHGHYHLOLJKHLGQHJDWLHIEHwQYORHGHQRIGH
RRUVSURQNHOLMNH UHJHO HQ EHVWXULQJVIXQFWLH
YHUDQGHUHQ]LMQYHUERGHQ
‡
5HSDUDWLHV DDQ GH HOHNWULVFKH LQVWDOODWLH
PRJHQ DOOHHQ GRRU HHQ HOHNWURYDNPDQ
ZRUGHQXLWJHYRHUG
,QGLFDWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
1H MDPDLV TXLWWHU XQH PDFKLQH QRQ
DVVXUpHSDUVRQGLVSRVLWLIGHVpFXULWp
‡ &RXSHUOHFRQWDFWGXPRWHXUDYDQWGµDEDQ
GRQQHUODPDFKLQH
‡ %ORTXHUODPDFKLQHDYHFOHIUHLQGµLPPRELOL
VDWLRQ
‡ &RXSHU OH FRQWDFW GµDOOXPDJH HW {WHU OD
¿FKHGHODSULVHGXVHFWHXU
1RQ ODVFLDUH PDL OD PDFFKLQD LQFXVWR
GLWD
‡ 3ULPD GL ODVFLDUH OD PDFFKLQD VSHJQHUH LO
PRWRUH
‡ $VVLFXUDUH OD PDFFKLQD FRQ LO IUHQR GL
VWD]LRQDPHQWR
‡ ,QWHUURPSHUH L FRQWDWWL SHU OµDFFHQVLRQH
RSSXUHV¿ODUHODVSLQD
1RDEDQGRQHQXQFDXQDPiTXLQDTXH
QRHVWpDVHJXUDGD
‡ $QWHVGHDEDQGRQDUODPiTXLQDSDUHHO
PRWRU
‡ $VHJXUHODPiTXLQDFRQHOIUHQRGH
PDQLREUD
‡ ,QWHUUXPSDHOFRQWDFWRGHLJQLFLyQRUHWLUH
HOHQFKXIHGHODUHG
1HMDPDLVHQOHYHUOHVGLVSRVLWLIVGHSUR
WHFWLRQ
‡ 1H VH VHUYLU GH OD PDFKLQH TXH ORUVTXH
WRXV OHV GLVSRVLWLIV GH SURWHFWLRQ LQVWDOOpV
SDUOµXVLQHVRQWHQSODFHHWHQpWDWGHIRQF
WLRQQHU
1RQULPXRYHUHLGLVSRVLWLYLGLVLFXUH]]D
‡
$]LRQDUH OD PDFFKLQD VROR TXDQGR VRQR ‡
DSSOLFDWL H IXQ]LRQDQWL WXWWL L GLVSRVLWLYL GLVLFXUH]]DPRQWDWLLQIDEEULFD
8WLOLVDWLRQXQLTXHPHQWVXUVXUIDFHVKRUL
]RQWDOHV
‡ /DPDFKLQHjWUDYDLOOHUOHVVROVQHGRLWrWUH
XWLOLVpHTXHVXUGHVVXUIDFHVKRUL]RQWDOHV
‡ 6µDVVXUHU TXH WRXWHV OHV URXHV VµDSSXLHQW
ELHQVXUODVXUIDFHjWUDYDLOOHU
,PSLHJRVRORVXVXSHUÀFLRUL]]RQWDOL
‡
‡
/D PDFFKLQD SHU OD ODYRUD]LRQH GHOOD VXSHU
¿FLH GHYH HVVHUH XWLOL]]DWD VROR VX VXSHU¿FL
RUL]]RQWDOL
$VVLFXUDUVLFKHWXWWHOHUXRWHSRJJLQRVDOGD
PHQWHVXOODVXSHU¿FLHGDODYRUDUH
8WLOLVH] OH FkEOH pOHFWULTXH FRQIRUPp
PHQWDX[UqJOHVGHO¶DUW
‡ 1HSDVWLUHUVXUOHFkEOHSRXUGpFRQQHFWHU
OD¿FKHGHODSULVHGHFRXUDQW
‡ 3URWpJHUOHFkEOHFRQWUHODFKDOHXUOµKXLOH
HWOHVDUrWHVFRXSDQWHV
‡ 3RVHUOHFkEOHpOHFWULTXHGHPDQLqUHjFH
TXµLOQHVRLWSDVHQGRPPDJpSDUGHVRXWLOV
GHWUDYDLO
‡ 1µXWLOLVHU HQ SOHLQ DLU TXH GHV UDOORQJHV
DXWRULVpHVHWPDUTXpHVHQFRQVpTXHQFHj
FHWHIIHW
‡ 1µHPSOR\HUTXHGHVFkEOHVpOHFWULTXHVGH
VHFWLRQ FRUUHVSRQGDQWH HW VXI¿VDPPHQW
ORQJV
‡ 'pURXOHUFRPSOqWHPHQWOHFkEOHGHUDOORQJH
VXUOHWDPERXU
‡ (YLWHUOHFRQWDFWFRUSRUHODYHFGHVSLqFHV
PLVHVjODWHUUH
1RQXVDWRLOFDYRHOHWWULFDSHUXQRVFRSR
GLYHUVRGDTXHOORLQGLFDWR
‡ 1RQ WLUDUH LO FDYR SHU WRJOLHUH OD VSLQD
GDOODSUHVD
‡ 3URWHJJHUHLOFDYRGDIRQWLGLFDORUHROLRH
VSLJROLWDJOLHQWL
‡ 3RVDUH LO FDYR HOHWWULFR LQ PRGR FKH
QRQSRVVDHVVHUHGDQQHJJLDWRGDJOLXWHQ
VLOLGLODYRUR
‡ $OOµDSHUWR XWLOL]]DUH VROR FDYL GL SUROXQJD
DSSRVLWDPHQWHRPRORJDWLHFRQIRUPHPHQWH
DWDOHVFRSR
‡ 8WLOL]]DUH VROR FDYL HOHWWULFL FRQ OD UHODWLYD
VH]LRQHHODQHFHVVDULDOXQJKH]]D
‡ 6URWRODWH FRPSOHWDPHQWH LO FDYR GL SUR
OXQJDVXOWDPEXURSHUFDYL
‡ (YLWDUHGLWRFFDUHFRQLOFRUSROHSDUWLFROOH
JDWHDWHUUD
7HQLULPSpUDWLYHPHQWFRPSWHGHVLQVWUXF
WLRQVGHVHUYLFHGXFRQVWUXFWHXUGHPRWHXUV
pOHFWULTXHVGHPrPHTXHGHVVXLYDQWHV
‡
(QFDVGHQRQXWLOLVDWLRQVµDVVXUHUTXHOD
PDFKLQHHVWKRUVFRXUDQW
‡ 7RXMRXUV GpEUDQFKHU OD ¿FKH VHFWHXU ORUV
TXHODPDFKLQHQµHVWSDVHQVHUYLFH
‡ /HV PRGL¿FDWLRQV VXU Oµ LQVWDOODWLRQ pOHF
WULTXHPHWWDQWHQFDXVHODVpFXULWpRXFKDQ
JHDQWOHIRQFWLRQQHPHQWRULJLQDOGHVUpJOD
JHVHWGHVFRPPDQGHVVRQWLQWHUGLWHV
‡ /HV UpSDUDWLRQV VXU OHV LQVWDOODWLRQV pOHF
WULTXHVQHGRLYHQWrWUHH[pFXWpHVTXHSDU
XQpOHFWULFLHQSURIHVVLRQQHO
2VVHUYDUH DVVROXWDPHQWH OH LVWUX]LRQL
GLVHUYL]LRGHOODGLWWDSURGXWWULFHGHOPRWRUH
HOHWWULFRHGDQFKHOHVHJXHQWLSUHVFUL]LRQL
‡ 6H OD PDFFKLQD QRQ YLHQH XWLOL]]DWD DVVL
FXUDUVLFKHQRQFLVLDFRUUHQWH
‡ 6¿ODUHODVSLQDVHOµDSSDUHFFKLRQRQYLHQH
ULXWLOL]]DWRVXELWR
‡ Ê YLHWDWR HIIHWWXDUH PRGL¿FKH DOOµLPSLDQWR
HOHWWULFR FKH SUHJLXGLFDQR OD VLFXUH]]D R
PRGL¿FDGR OH IXQ]LRQL GL FRPDQGR R GL
UHJROD]LRQHRULJLQDULH
‡ /HULSDUD]LRQLDOOµLPSLDQWRHOHWWULFRGHYRQR
HVVHUH HVHJXLWH VRODPHQWH GD HOHWWURWHF
QLFLVSHFLDOL]]DWL
1RUHWLUHORVGLVSRVLWLYRVGHVHJXULGDG
2SHUH OD PiTXLQD VyOR VL WRGRV ORV GLVSR
VLWLYRV GH SURWHFFLyQ FRORFDGRV HQ OD
IiEULFD HVWiQ PRQWDGRV \ HQ FRQGLFLRQHV
GHIXQFLRQDU
8WLOL]DFLyQVRODPHQWHVREUHVXSHUÀFLHV
KRUL]RQWDOHV
‡ /D PiTXLQD SDUD SUHSDUDFLyQ GH VXSHU¿
FLHV VRODPHQWH GHEH VHU XWLOL]DGD VREUH
VXSHU¿FLHVKRUL]RQWDOHV
‡ $VHJ~UHVH GH TXH WRGDV ODV UXHGDV VH
DSR\HQ ¿UPHPHQWH VREUH OD VXSHU¿FLH D
SUHSDUDU
1R XVH HO FDEOH HOpFWULFD SDUD ÀQHV
H[WUDQ}V
‡ 1RXVHHOFDEOHSDUDUHWLUDUHOHQFKXIHGH
ODWRPDGHFRUULHQWH
‡ 3URWHMDHOFDEOHFRQWUDHOFDORUHODFHLWH\
ODVDULVWDVDJXGDV
‡ 7LHQGDHOFDEOHHOpFWULFRGHWDOPRGRTXH
QRSXHGDUHVXOWDUGDxDGRSRUODVKHUUDPL
HQWDVGHWUDEDMR
‡ (Q HO H[WHULRU XVH ~QLFDPHQWH FDEOHV GH
SURORQJDFLyQDGPLWLGRV\FRUUHVSRQGLHQWH
PHQWHVHxDODGRV
‡ 8VH ~QLFDPHQWH FDEOHV HOpFWULFRV FRQ OD
FRUUHVSRQGLHQWHVHFFLyQ\ODORQJLWXGQHFH
VDULD
‡ 'HVHQUROOH SRU FRPSOHWR HO FDEOH GH
SURORQJDFLyQGHOWDPERUGHFDEOH
‡ (YLWH HO FRQWDFWR FRUSRUDO FRQ ODV SLH]DV
SXHVWDVDWLHUUD
2EVHUYH VLQ IDOWD ODV ,QVWUXFFLRQHV GH
XVR GH ORV IDEULFDQWHV GH PRWRUHV HOpFWULFD
DVtFRPRODVSUHVFULSFLRQHVVLJXLHQWHV
‡ &XDQGR QR VH XVH DVHJ~UHVH GH TXH OD
PiTXLQDVHHQFXHQWUHVLQFRUULHQWH
‡ 5HWLUHHOHQFKXIHGHODUHGVLHPSUHTXHOD
PiTXLQDQRVHXVHPRPHQWiQHDPHQWH
‡ 4XHGDQ SURKLELGDV ODV PRGL¿FDFLRQHV HQ
OD LQVWDODFLyQ HOpFWULFD TXH UHGX]FDQ OD
VHJXULGDGRTXHPRGL¿TXHQHOIXQFLRQDPL
HQWRRULJLQDOGHUHJXODFLyQ\PDQGR
‡ /DV UHSDUDFLRQHV GHEHQ OOHYDUVH D FDER
VRODPHQWHSRUHVSHFLDOLVWDVHOHFWULFLVWDV
&RS\ULJKW‹9RQ$U[$*
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
%HDFKWHQ6LHXQEHGLQJWGLH%HGLHQXQJV
DQOHLWXQJ GHV 9HUEUHQQXQJVPRWRUHQKHUVWHO
OHUVVRZLHIROJHQGH9RUVFKULIWHQ
‡ 7DQNHQ 6LH 7UHLEVWRII QXU LP )UHLHQ DXI
(QWOHHUHQ 6LH 7UHLEVWRII QLH LQ JHVFKORVVHQHQ
RGHUVFKOHFKWEHOIWHWHQ5lXPHQ
‡ 1LHPDOVEHLODXIHQGHPRGHUQRFKKHLVVHP
0RWRUWDQNHQ
‡ 1LFKW LQ GHU 1lKH YRQ RIIHQHP )HXHU
WDQNHQ(QWOHHUHQ6LHGHQ7UHLEVWRIIQLFKWLQGHU
1lKHYRQRIIHQHQ)ODPPHQ
‡ %HLP7DQNHQXQGEHLP(QWOHHUHQYRQ7UHLE
VWRIIQLFKWUDXFKHQ
‡ 1LHPDOVLQJHVFKORVVHQHQ5lXPHQPLW9HU
EUHQQXQJVPDVFKLQHQDUEHLWHQ
‡ 9HUEUHQQHQ 6LH VLFK QLFKW DP KHLVVHQ
0RWRU/DVVHQ6LHGHQ0RWRUYRUDOOHQ:DUWXQJV
DUEHLWHQNRPSOHWWDENKOHQ
&RPSO\ ZLWK WKH LQWHUQDO FRPEXVWLRQ
HQJLQHPDQXIDFWXUHU¶VRSHUDWLQJLQVWUXFWLRQV
DQGWKHIROORZLQJUHTXLUHPHQWV
‡ )LOOXSZLWKIXHOLQWKHRSHQDLURQO\1HYHU
GUDLQ IXHO LQ D FRQ¿QHG RU SRRUO\ YHQWLODWHG
VSDFH
‡ 'RQRW¿OOZLWKIXHOZKHQWKHHQJLQHLVUXQ
QLQJRUVWLOOKRW
‡ 'RQRW¿OOZLWKIXHOLQWKHYLFLQLW\RIDQRSHQ
¿UH 'R QRW GUDLQ IXHO LQ WKH YLFLQLW\ RI QDNHG
ÀDPHV
‡ 'R QRW VPRNH ZKHQ ¿OOLQJ DQG GUDLQLQJ
IXHO
‡ 1HYHUZRUNZLWKLQWHUQDOFRPEXVWLRQHQJL
QHVLQFRQ¿QHGVSDFHV
‡ $YRLG EXUQV RQ WKH KRW HQJLQH /HW WKH
HQJLQH FRRO GRZQ IXOO\ EHIRUH SHUIRUPLQJ DQ\
PDLQWHQDQFHZRUN
+HWLVDEVROXXWQRGLJGHEHGLHQLQJVKDQG
OHLGLQJ YDQ GH YHUEUDQGLQJVPRWRUIDEULNDQWHQ
LQDFKWWHQHPHQDOVPHGHGHYROJHQGH
‡ 7DQNEUDQGVWRIDOOHHQLQGHRSHQOXFKW7DS
EUDQGVWRIQRRLWDILQJHVORWHQRIVOHFKWJHYHQWL
OHHUGHUXLPWHQ
‡ 1RRLW ELM ORSHQGH RI QRJ KHWH PRWRU
WDQNHQ
‡ 1LHWLQGHEXXUWYDQRSHQYXXUWDQNHQ7DS
GHEUDQGVWRIQLHWDILQGHEXXUWYDQRSHQYODP
PHQ
‡ %LMKHWWDQNHQHQKHWDIWDSSHQYDQEUDQG
VWRIQLHWURNHQ
‡ 1RRLWPHWYHUEUDQGLQJVPRWRUHQLQJHVORWHQ
UXLPWHQZHUGHQ
‡ %UDQG X]HOI QLHW DDQ GH KHWH PRWRU /DDW
GH PRWRU YyyU DOOH RQGHUKRXGVZHUN]DDPKHGHQ
FRPSOHHWDINRHOHQ
6FKXW]HLQULFKWXQJHQQLFKWHQWIHUQHQ
‡ 0DVFKLQHQ PLW EHVFKlGLJWHQ 6FKXW]YRU
ULFKWXQJHQPVVHQVDFKJHUHFKWGXUFKHLQH.XQ
GHQGLHQVWZHUNVWDWWUHSDULHUWRGHUDXVJHZHFKVHOW
ZHUGHQ
‡ %HWUHLEHQ6LHGLH0DVFKLQHQXUZHQQDOOH
ZHUNVHLWLJ DQJHEUDFKWHQ 6FKXW]HLQULFKWXQJHQ
DQJHEDXWXQGIXQNWLRQVWFKWLJVLQG
‡ 6FKOLHVVHQ6LHEHLVWDXEHU]HXJHQGHQ$UEHL
WHQLPPHUGLH6WDXEDEVDXJDQODJHDQ
‡ %HVFKlGLJWH 6WDXEVFKU]HQ YHUKLQGHUQ
GLH /HLVWXQJVIlKLJNHLW GHV DQJHVFKORVVHQHQ
6WDXEVDXJHUV
‡ 0DVFKLQH QXU PLW IXQNWLRQVIlKLJHP 1RW
DXV6FKDOWHUEHWUHLEHQ
‡ 9HUELQGHQ 6LH LPPHU EHLP $UEHLWHQ PLW
GHU 0DVFKLQH GLH 5HLVVOHLQH GHU
(UPQGXQJVVFKDOWXQJPLW,KUHP+DQGJHOHQN
‡ 1LHPDOV RKQH PRQWLHUWHP 5LHPHQVFKXW]
GHQ%HWULHEDXIQHKPHQ
'RQRWUHPRYHJXDUGGHYLFHV
‡ 'DPDJHGSURWHFWLRQGHYLFHVRQPDFKLQHV
PXVWEHSURIHVVLRQDOO\UHSDLUHGRUUHSODFHGE\D
FXVWRPHUVHUYLFHZRUNVKRS
‡ 2SHUDWHWKHPDFKLQHRQO\LIDOOWKHJXDUG
GHYLFHVPRXQWHGLQWKHIDFWRU\DUHLQSODFHDQG
LQJRRGZRUNLQJRUGHU
‡ :KHQ ZRUN JHQHUDWHV GXVW DOZD\V FRQ
QHFWWKHYDFXXPFOHDQHUV\VWHP
‡ 'DPDJHG GXVW DSURQV DUH SUHMXGLFLDO WR
WKHSHUIRUPDQFHRIWKHFRQQHFWHGYDFXXPFOHD
QHU
‡ 'R QRW RSHUDWH WKH PDFKLQH XQOHVV WKH
HPHUJHQF\VWRSVZLWFKLVLQZRUNLQJRUGHU
‡ :KHQ ZRUNLQJ ZLWK WKH PDFKLQH DOZD\V
FRQQHFW WKH IDWLJXH VZLWFK ULSFRUG WR \RXU
ZULVW
‡ 1HYHU ZRUN ZLWKRXW WKH EHOW JXDUG LQ
SODFH
%HYHLOLJLQJVYRRU]LHQLQJHQQLHWYHUZLMGHUHQ
‡
0DFKLQHV PHW EHVFKDGLJGH EHYHLOLJLQJV
YRRU]LHQLQJHQPRHWHQYDNNXQGLJGRRUHHQVHU
YLFHFHQWHUZRUGHQJHUHSDUHHUGRIYHUYDQJHQ
‡ *HEUXLN GH PDFKLQH DOOHHQ DOV DOOH GRRU
GH IDEULHN DDQJHEUDFKWH EHYHLOLJLQJVYRRU]LH
QLQJHQJHPRQWHHUG]LMQHQIXQFWLRQHUHQ
‡ 6OXLWELMVWRI¿JZHUNDOWLMGGHVWRIDI]XLJLQ
VWDOODWLHDDQ
‡ %HVFKDGLJGH VWRIVFKHUPHQ YHUKLQGHUHQ
GDW GH DDQJHVORWHQ VWRI]XLJHU RSWLPDDO IXQFWLR
QHHUW
‡ 0DFKLQHDOOHHQPHWJRHGZHUNHQGHQRRG
VWRSVFKDNHODDUJHEUXLNHQ
‡ %LQGELMKHWZHUNHQPHWGHPDFKLQHDOWLMG
GHWUHNNDEHOYDQGHEHYHLOLJLQJWHJHQYHUPR
HLGKHLGYDVWDDQXZSROV
‡ 1RRLW ]RQGHU JHPRQWHHUGH ULHPEHVFKHU
PLQJEHJLQQHQWHZHUNHQ
%HGLHQXQJVRUWXQG$UEHLWVSODW]
² :lKUHQG GHV$UEHLWHQV PLW GHU 0DVFKLQH
EH¿QGHWVLFKGHU0DVFKLQHQIKUHUJUXQGVlW]OLFK
LPPHUKLQWHUGHU0DVFKLQHQGHLFKVHO9RQGLHVHU
3RVLWLRQDXVNDQQGHU$UEHLWVHUIROJODXIHQGNRQ
WUROOLHUW XQG EHL %HGDUI NRUULJLHUW ZHUGHQ 'HU
0DVFKLQHQIKUHU NDQQ DQ GLHVHU 3RVLWLRQ GLH
0DVFKLQH
‡ OHQNHQ
‡ ]XUFNKDOWHQ
‡ DOOH%HGLHQXQG6WHXHUHOHPHQWH]%6WHOO
EUHPVH7LHIHQHLQVWHOOXQJZlKUHQGGHV0DVFKL
QHQHLQVDW]HVEHWlWLJHQ
2SHUDWLQJSRVLWLRQDQGZRUNSODFH
² :KHQ ZRUNLQJ ZLWK WKH PDFKLQH WKH
PDFKLQH RSHUDWRU ZLOO DOZD\V VWDQG EHKLQG WKH
KDQGOH EDU )URP WKLV SRVLWLRQ KH FDQ SHUPD
QHQWO\PRQLWRUDQGLIQHFHVVDU\FRUUHFWWKHZRUN
WR EH SHUIRUPHG 6WDQGLQJ DW WKLV SRVLWLRQ WKH
PDFKLQHRSHUDWRUFDQ
‡ VWHHUWKHPDFKLQH
‡ KROGWKHPDFKLQHEDFN
‡ DFWXDWH DOO WKH RSHUDWLQJ DQG FRQWURO HOH
PHQWVVXFKDVWKHSDUNLQJEUDNHDQGGHSWKVHW
WLQJZKLOHWKHPDFKLQHLVLQXVH
%HGLHQLQJVHQZHUNSOHN
² 'HEHGLHQLQJVSHUVRRQEHYLQGW]LFKELMKHW
ZHUNHQPHWGHPDFKLQHSULQFLSLHHODOWLMGDFKWHU
GH PDFKLQHERRP 9DQXLW GH]H SRVLWLH NDQ KHW
UHVXOWDDWYDQKHWZHUNGRRUORSHQGJHFRQWUROHHUG
HQLQGLHQQRGLJJHFRUULJHHUGZRUGHQ'HEHGLH
QLQJVSHUVRRQNDQRSGH]HSRVLWLHGHPDFKLQH
‡ EHVWXUHQ
‡ WHUXJKRXGHQ
‡ DOOH EHGLHQLQJV HQ EHVWXULQJVHOHPHQWHQ
ELMY EORNNHHUUHP GLHSWHLQVWHOOLQJ JHGXUHQGH
KHWJHEUXLNYDQGHPDFKLQHEHGLHQHQ
,QGLFDWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
7HQLULPSpUDWLYHPHQWFRPSWHGHVLQVWUXF
WLRQVGHVHUYLFHGXFRQVWUXFWHXUGHPRWHXUVj
FRPEXVWLRQLQWHUQHGHPrPHTXHGHVVXLYDQWHV
‡ )DLUHOHSOHLQGHFDUEXUDQWXQLTXHPHQWHQ
SOHLQDLU1HMDPDLVYLGHUGHFDUEXUDQWGDQVGHV
ORFDX[IHUPpVRXPDODpUpV
‡ 1H MDPDLV IDLUH OH SOHLQ DYHF OH PRWHXU
WRXUQDQWRXHQFRUHWUqVFKDXG
‡ 1HMDPDLVIDLUHOHSOHLQjSUR[LPLWpGµXQIHX
OLEUH1HMDPDLVYLGHUGHFDUEXUDQWjSUR[LPLWpGH
ÀDPPHVYLYHV
‡ 1HSDVIXPHUHQUHPSOLVVDQWRXYLGDQWGX
FDUEXUDQW
‡ 1HMDPDLVWUDYDLOOHUGDQVGHVORFDX[IHUPpV
DYHFGHVPDFKLQHVjFRPEXVWLRQLQWHUQH
‡ (YLWHUOHVEU€OXUHVVXUPRWHXUFKDXG/DLV
VHUOHPRWHXUVHUHIURLGLUFRPSOqWHPHQWDYDQWGH
SURFpGHUjGHVWUDYDX[GHPDLQWHQDQFH
2VVHUYDUH DVVROXWDPHQWH OH LVWUX]LRQL GL
VHUYL]LRGHOODGLWWDSURGXWWULFHGHOPRWRUHDFRP
EXVWLRQHHGDQFKHOHVHJXHQWLSUHVFUL]LRQL
‡ )DUH ULIRUQLPHQWR VROR DOOµDSHUWR 1RQ
WRJOLHUH LO FDUEXUDQWH LQ DPELHQWL FKLXVL R PDOH
DHUDWL
‡ 1RQIDUHPDLULIRUQLPHQWRDPRWRUHDFFHVR
RFDOGR
‡ 1RQ IDUH ULIRUQLPHQWR LQ SURVVLPLWj GL XQ
IXRFR DSHUWR 1RQ WRJOLHUH LO FDUEXUDQWH LQ
SURVVLPLWjGL¿DPPHYLYH
‡ 1RQ IXPDUH QHO IDUH ULIRUQLPHQWR R QHO
WRJOLHUHLOFDUEXUDQWH
‡ 1RQODYRUDUHPDLLQDPELHQWLFKLXVLFRQOH
PDFFKLQHDFRPEXVWLRQH
‡ 1RQ XVWLRQDUVL FRQ LO PRWRUH FDOGR )DUH
UDIIUHGGDUH FRPSOHWDPHQWH LO PRWRUH SULPD GL
HVHJXLUHODYRULGLPDQXWHQ]LRQH
2EVHUYHVLQIDOWDODV,QVWUXFFLRQHVGHXVR
GHOIDEULFDQWHGHORVPRWRUHVGHFRPEXVWLyQ
DVtFRPRODVSUHVFULSFLRQHVVLJXLHQWHV
‡ 5HSRVWHFRPEXVWLEOHVRODPHQWHHQHOH[WH
ULRU1XQFDYDFtHFRPEXVWLEOHHQORFDOHVFHUUD
GRVRSRFRYHQWLODGRV
‡ 1RUHSRVWDUQXQFDFXDQGRHOPRWRUHVWpHQ
PDUFKDRWRGDYLDFDOLHQWH
‡ 1R UHSRVWDU HQ OD SUR[LPLGDG GH IXHJR
DELHUWR 1R YDFtH HO FRPEXVWLEOH HQ OD SUR[LPL
GDGGHOODPDVDELHUWDV
‡ 1RIXPDUDOUHSRVWDURYDFLDUFRPEXVWLEOH
‡ 1R WUDEDMDU QXQFD FRQ PiTXLQDV GH
FRPEXVWLyQHQORFDOHVFHUUDGRV
‡ 1RVHTXHPHFRQHOPRWRUFDOLHQWH$QWHV
GHWRGRVORVWUDEDMRVGHPDQWHQLPLHQWRGHMHTXH
HOPRWRUVHHQIUtHSRUFRPSOHWR
1HSDVHQOHYHUOHVGLVSRVLWLIVGHVpFXULWp
‡ /HVPDFKLQHVD\DQWGHVGLVSRVLWLIVGHSUR
WHFWLRQ HQGRPPDJpV GRLYHQW rWUH UHPLVHV HQ
pWDW GDQV OHV UqJOHV SDU XQ DWHOLHU GH VHUYLFH
DSUqVYHQWHRXUHPSODFpHV
‡ 1HPHWWUHODPDFKLQHHQVHUYLFHTXHORUV
TXHWRXVOHVGLVSRVLWLIVGHVpFXULWpSODFpVSDU
OµXVLQHVRQWPRQWpVHWHQpWDWGHIRQFWLRQQHU
‡ 7RXMRXUV UDFFRUGHU O¶pTXLSHPHQW G¶DVSL
UDWLRQORUVGHWUDYDX[GpJDJHDQWGHODSRXVVLqUH
‡ 'HVWDEOLHUVDQWLSRXVVLqUHVHQGRPPDJpV
HQWUDYHQWOHUHQGHPHQWGHOµDVSLUDWHXUEUDQFKp
‡ 1HPHWWUHXQHPDFKLQHHQVHUYLFHTXµDYHF
XQLQWHUUXSWHXUDUUrWG¶XUJHQFHHQpWDWGHIRQF
WLRQQHU
‡ 5HOLH]WRXMRXUVO¶LQWHUUXSWHXUKRPPHPRUW
GXFRUGRQGHGpFOHQFKHPHQWjYRWUHSRLJQHW
ORUVTXHYRXVWUDYDLOOH]DYHFODPDFKLQH
‡ 1HMDPDLVPHWWUHHQVHUYLFHVDQVSURWqJH
FRXUURLHPRQWp
1RQULPXRYHUHLGLVSRVLWLYLGLVLFXUH]]D
‡ , GLVSRVLWLYL GL VLFXUH]]D GHOOH PDFFKLQH
FKH ULVXOWDQR GDQQHJJLDWL GHYRQR HVVHUH ULSD
UDWL R VRVWLWXLWL D UHJROD GµDUWH GDOOµRI¿FLQD
GHOOµ$VVLVWHQ]D7HFQLFD
‡ 0HWWHUH LQ IXQ]LRQH OD PDFFKLQD VROR VH
VRQRDSSOLFDWLHVRQRIXQ]LRQDQWLWXWWLLGLVSRVL
WLYLGLVLFXUH]]DPRQWDWLLQIDEEULFD
‡ ,QFDVRGLODYRULFKHSURGXFRQRSROYHUHFRO
OHJDUH VHPSUH O¶LPSLDQWR G¶DVSLUD]LRQH GHOOD
SROYHUH
‡ /HSURWH]LRQLGDQQHJJLDWHFRQWURODSROYHUH
RVWDFRODQROµHI¿FLHQ]DGHOOµDVSLUDSROYHUHFROOHJDWD
‡ 0HWWHUH LQ IXQ]LRQH OD PDFFKLQD VROR FRQ
O¶LQWHUUXWWRUH SHU O¶DUUHVWR GL HPHUJHQ]D IXQ
]LRQDQWH
‡ /DYRUDQGRFRQODPDFFKLQDPHWWHUHODIXQH
GL VWUDSSDPHQWR GL VLFXUH]]D GHO FRPDQGR
DQWLDIIDWLFDPHQWRDOSURSULRSROVR
‡ 1RQD]LRQDUHVHQ]DLOSDUDFLQJKLDPRQWDWR
1RUHWLUDUORVGLVSRVLWLYRVGHSURWHFFLyQ
‡ 8QWDOOHUGHVHUYLFLRSRVWYHQWDGHEHUiUHSD
UDUDGHFXDGDPHQWHRUHHPSOD]DUODVPiTXLQDV
FRQGLVSRVLWLYRVGHVHJXULGDGGDxDGRV
‡ 2SHUHODPiTXLQDVRODPHQWHVLWRGRVORVGLV
SRVLWLYRVGHSURWHFFLyQFRORFDGRVHQODIiEULFD
HVWiQPRQWDGRV\HQFRQGLFLRQHVGHIXQFLRQDU
‡ 'XUDQWH ORV WUDEDMRV TXH RULJLQHQ SROYR
FRQHFWH VLHPSUH OD LQVWDODFLyQ GH DVSLUDFLyQ
GHSROYR
‡ /RVGHODQWDOHVSDUDHOSROYRGDxDGRVVRQ
XQREVWiFXORSDUDODH¿FDFLDGHODDVSLUDGRUD
‡ 2SHUDUODPiTXLQDVRODPHQWHFRQLQWHUUXS
WRU GH SDUDOL]DFLyQ UiSLGD HQ FRQGLFLRQHV GH
IXQFLRQDU
‡ 'XUDQWHORVWUDEDMRVFRQODPiTXLQDHQODFH
VLHPSUHHOFRUGyQGHDUUDQTXHGHOGLVSRVLWLYR
GHFDQVDQFLRFRUSRUDOFRQVXPXxHFD
‡ 1XQFD HQWUH HQ VHUYLFLR VLQ FXEUHFRUUHD
PRQWDGR
3RVWHGHFRPPDQGHHWGHWUDYDLO
² 3HQGDQWOHWUDYDLODYHFODPDFKLQHOHFRQ
GXFWHXUGRLWWRXMRXUVVHWURXYHUHQSULQFLSHGHU
ULqUHOHWLPRQGHODPDFKLQH/DSURJUHVVLRQGX
WUDYDLOSHXWrWUHFRQWU{OpHHQSHUPDQHQFHHWDX
EHVRLQ FRUULJpH GHSXLV FHWWH SRVLWLRQ /H FRQ
GXFWHXUSHXWHQHIIHW
‡ JXLGHU
‡ UHWHQLU
‡ PDQRHXYUHUWRXVOHVRUJDQHVGHPDQLSXOD
WLRQHWGHFRPPDQGHSH[IUHLQGµLPPRELOLVDWLRQ
UpJODJHGHSURIRQGHXUSHQGDQWOµXWLOLVDWLRQGHOD
PDFKLQH
3RVWRGLFRPDQGRHGLODYRUR
² 0HQWUHODYRUDLOJXLGDWRUHVLWURYDLQOLQHDGL
PDVVLPDVHPSUHGLHWURLOWLPRQHGHOODPDFFKLQD
'D TXHVWD SRVL]LRQH SXz VHPSUH FRQWUROODUH LO
EXRQ HVLWR GHO ODYRUR H VH QHFHVVDULR FRUUHJ
JHUOR,QTXHVWDSRVL]LRQHLOJXLGDWRUHSXz
‡ JXLGDUHODPDFFKLQD
‡ IHUPDUHODPDFFKLQD
‡ D]LRQDUHWXWWLJOLHOHPHQWLGLFRPDQGRHGL
JXLGD DG HV IUHQR GL VWD]LRQDPHQWR UHJROD
]LRQHGLSURIRQGLWjGXUDQWHOµLPSLHJRGHOODPDF
FKLQD
3XHVWRGHPDQHMR\GHWUDEDMR
² (Q SULQFLSLR GXUDQWH HO WUDEDMR FRQ OD
PiTXLQDHORSHUDULRGHODPLVPDHVWiSRVLFLR
QDGRGHWUiVGHOWLPyQGHODPiTXLQD$SDUWLUGH
HVWDSRVLFLyQSXHGHFRQWURODUFRQWLQXDPHQWHHO
p[LWRGHOWUDEDMR\VLHVQHFHVDULRFRUUHJLU(Q
HVWDSRVLFLyQHORSHUDULRGHODPiTXLQDSXHGH
‡ GLULJLU
‡ UHQWHQHU
‡ DFFLRQDUWRGRVORVHOHPHQWRVGHPDQHMR\
PDQGRSHMIUHQRGHPDQLREUDDMXVWHHQSUR
IXQGLGDGGXUDQWHODXWLOL]DFLyQGHODPiTXLQD
&RS\ULJKW‹9RQ$U[$*
6LFKHUKHLWVKLQZHLVH
6DIHW\LQVWUXFWLRQV
9HLOLJKHLGVDDQZLM]LQJHQ
² 0DVFKLQHQPLWHOHNWULVFKHPRGHUK\GUDXOL
VFKHP9RUVFKXEVLQGHEHQIDOOVDEGHUHUZlKQWHQ
3RVLWLRQ GXUFK GHQ 0DVFKLQHQIKUHU ]X EHGLH
QHQXQG]XVWHXHUQ
9RP %HGLHQHUVLW] GHU 9RUVFKXEJHUlWH ODVVHQ
VLFK DOOH %HGLHQXQJVHOHPHQWH EHTXHP HUUHL
FKHQ
² 0DFKLQHVZLWKHOHFWULFDORUK\GUDXOLFGULYH
PXVW DOVR EH RSHUDWHG DQG FRQWUROOHG E\ WKH
PDFKLQHRSHUDWRUIURPWKLVSRVLWLRQ
$OOWKHFRQWUROVFDQEHFRQYHQLHQWO\UHDFKHGIURP
WKHRSHUDWRUµVVHDWRIWKHWUDFWLRQXQLWV
² 0DFKLQHV PHW HOHNWULVFKH RI K\GUDXOLVFKH
WUDFWLH PRHWHQ HYHQHHQV YDQDI GH JHQRHPGH
SRVLWLH GRRU GH EHGLHQLQJVSHUVRRQ ZRUGHQ
EHGLHQGHQEHVWXXUG
9DQDIGH]LWSODDWVYDQGHEHGLHQLQJVSHUVRRQRS
GH WUDFWLHWRHVWHOOHQ ]LMQ DOOH EHGLHQLQJVHOHPHQ
WHQJHPDNNHOLMNWHEHUHLNHQ
6LFKHUKHLWVDXINOHEHUDQGHU0DVFKLQH
6DIHW\VWLFNHUVRQWKHPDFKLQH
9HLOLJKHLGVVWLFNHUVRSGHPDFKLQH
:DUQXQJ)HXHUJHIlKUOLFKH6WRIIH
1XUEHL9HUEUHQQXQJVPRWRUHQ
:DUQLQJ¿UHKD]DUGVXEVWDQFHV
)RULQWHUQDOFRPEXVWLRQHQJLQHVRQO\
:DDUVFKXZLQJOLFKWRQWYODPEDUHVWRIIHQ
$OOHHQELMYHUEUDQGLQJVPRWRUHQ
*HERW*HK|UVFKXW]
(DUSURWHFWRUVPXVWEHZRUQ
*HERGRRUEHVFKHUPHUV
*HERW%HGLHQXQJVDQOHLWXQJ
&RPSO\ZLWKRSHUDWLQJLQVWUXFWLRQV
*HERGEHGLHQLQJVKDQGOHLGLQJ
:DUQXQJYRU)UlVZHOOH
:DUQLQJFXWWHUVKDIW
:DDUVFKXZLQJYRRUIUHHVDV
:DUQXQJYRUHOHNWULVFKHP6FKODJ
:DUQLQJHOHFWULFVKRFNKD]DUG
:DDUVFKXZLQJYRRUHOHNWULVFKHVFKRN
‡ %HVFKlGLJWH RGHU YHUORUHQJHJDQJHQH ‡ 'DPDJHG RU ORVW VDIHW\ VWLFNHUV PXVW EH
6LFKHUKHLWVDXINOHEHU PVVHQ VRIRUW HUVHW]W UHSODFHGLPPHGLDWHO\7KHVHVWLFNHUVDUHREWDL
ZHUGHQ 'DV .OHEHUVRUWLPHQW N|QQHQ 6LH EHL QDEOHIURP\RXU&XVWRPHU6HUYLFH&HQWHU
,KUHU.XQGHQGLHQVWVWHOOHHUZHUEHQ
‡
%HVFKDGLJGHRI]RHNJHUDDNWHYHLOLJKHLGV
VWLFNHUVPRHWHQRQPLGGHOOLMNZRUGHQYHUYDQJHQ
+HW VWLFNHUDVVRUWLPHQW LV ELM XZ VHUYLFHFHQWHU
YHUNULMJEDDU
%HVWLPPXQJVJHPlVVH9HUZHQGXQJ
'LH0DVFKLQHQVLQGDXVVFKOLHVVOLFK]XU%HDUEHL
WXQJ YHUVFKLHGHQVWHU KRUL]RQWDOHU 2EHUÀlFKHQ
NRQ]LSLHUW -HGHU GDUEHU KLQDXVJHKHQGH *H
EUDXFK LVW QLFKW EHVWLPPXQJVJHPlVV )U KLHU
DXVHQWVWHKHQGH6FKlGHQKDIWHWGHU+HUVWHOOHULQ
NHLQHU:HLVH2EHUÀlFKHQEHDUEHLWXQJVPDVFKLQHQ
JUHLIHQ GLH ]X EHDUEHLWHQGH 2EHUÀlFKH LQ MHGHP
)DOO DQ6LH VLQG GHVKDOE IU GLH 5HLQLJXQJ YRQ
HPS¿QGOLFKHQ )OlFKHQ ]% .HUDPLNE|GHQ QLFKW
JHHLJQHWVLHKHDXFK.DSLWHO%(6&+5(,%81*
8VHIRUWKHLQWHQGHGSXUSRVH
7KHPDFKLQHVDUHGHVLJQHGH[FOXVLYHO\WRWUHDW
DOO NLQGV RI KRUL]RQWDO VXUIDFHV $Q\ RWKHU XVH
GRHV QRW FRUUHVSRQG WR WKH LQWHQGHG SXUSRVH
7KHPDQXIDFWXUHUGHFOLQHVDOOOLDELOLW\IRUGDPDJH
FDXVHGWKHUHE\
6XUIDFHSUHSDUDWLRQPDFKLQHVDOZD\VDWWDFNWKH
VXUIDFH WR EH WUHDWHG 7KH\ DUH WKHUHIRUH QRW
VXLWDEOH IRU FOHDQLQJ VHQVLWLYH VXUIDFHV VXFK
DVWLOHGÀRRUVVHHDOVR&KDSWHU'(6&5,3
7,21
*HEUXLNYROJHQVGHVSHFLÀFDWLH
'H PDFKLQHV ]LMQ XLWVOXLWHQG RQWZRUSHQ YRRU
KHWEHZHUNHQYDQGHYHUVFKLOOHQGVWHKRUL]RQWDOH
RSSHUYODNNHQ ,HGHU DQGHU JHEUXLN LV QLHW YRO
JHQVGHVSHFL¿FDWLH9RRUKLHUXLWYRRUWYORHLHQGH
VFKDGHVWDDWGHIDEULNDQWLQJppQJHYDOLQ
2SSHUYODNNHQEHZHUNLQJVPDFKLQHVWDVWHQKHWWH
EHZHUNHQRSSHUYODNLQLHGHUJHYDODDQ=H]LMQ
GDDURP QLHW JHVFKLNW YRRU KHW VFKRRQPDNHQ
YDQ JHYRHOLJH RSSHUYODNNHQ ELMY NHUDPLVFKH
YORHUHQ]LHRRNKRRIGVWXN%(6&+5,-9,1*
6LFKHUKHLWVEHZXVVWDUEHLWHQ
:RUNLQJVDIHO\
9HLOLJKHLGVEHZXVWZHNHQ
‡ /HLVWHQDXFK6LH,KUHQ%HLWUDJ]XU6LFKHU
KHLWDP$UEHLWVSODW]
‡ 0HOGHQ 6LH $EZHLFKXQJHQ YRP %HWULHEV
YHUKDOWHQVRIRUWGHP9HUDQWZRUWOLFKHQ
‡ )KUHQ6LHDOOH$UEHLWHQVLFKHUKHLWVEHZXVVW
GXUFK
‡ 0DNH \RXU FRQWULEXWLRQ WR VDIHW\ DW WKH
ZRUNSODFH
‡ 5HSRUWDQ\GLVFUHSDQF\GHYLDWLQJIURPQRUPDO
ZRUNLQJLPPHGLDWHO\WRWKHUHVSRQVLEOHSHUVRQ
‡ 3HUIRUPDOOWKHZRUNZLWKDQDZDUHQHVVRI
WKHQHHGIRUVDIHW\
‡ 'UDDJRRNXHHQVWHHQWMHELMDDQGHYHLOLJ
KHLGRSGHZHUNSOHN
‡ 0HOGDIZLMNLQJHQYDQQRUPDOHZHUNLQJDDQ
GHYHUDQWZRRUGHOLMNHSHUVRRQ
‡ :HHV WLMGHQV KHW ZHUNHQ EHZXVW YDQ DOOH
YHLOLJKHLGVYRRUVFKULIWHQ
:HLWHUH6LFKHUKHLWVYRUVFKULIWHQ
%HDFKWHQ6LHXQEHGLQJW,KUHORNDOHQOlQGHUVSH
]L¿VFKHQ9RUVFKULIWHQ1RUPHQXQG5LFKWOLQLHQ
9HUGHUHYHLOLJKHLGVYRRUVFKULIWHQ
2WKHUVDIHW\LQVWUXFWLRQV
0DNHVXUHWRFRPSO\ZLWK\RXUORFDORUQDWLRQDO +HWLVDEVROXXWQRRG]DNHOLMNGHORNDOHHQYRRUXZ
ODQGVSHFL¿HNHYRRUVFKULIWHQQRUPHQHQULFKWOLM
VSHFL¿FDWLRQVVWDQGDUGVDQGGLUHFWLYHV
QHQLQDFKWWHQHPHQ
,QGLFDWLRQVGHVpFXULWp
,QGLFD]LRQLGLVLFXUH]]D
,QGLFDFLRQHVGHVHJXULGDG
² /HVPDFKLQHVWUDFWpHVpOHFWULTXHPHQWRX
K\GUDXOLTXHPHQWGRLYHQWrWUHDXVVLPDQLSXOpHV
HWFRPPDQGpHVSDUOHFRQGXFWHXUGHSXLVFHWWH
SRVLWLRQ
7RXVOHVRUJDQHVGHFRPPDQGHVRQWFRQIRUWDE
OHPHQWDFFHVVLEOHVGHSXLVOHVLqJHGHFRQGXLWH
GHVDSSDUHLOVGµDYDQFH
² $QFKHOHPDFFKLQHFRQDYDQ]DPHQWRHOHW
WULFR R LGUDXOLFR SRVVRQR HVVHUH D]LRQDWH R
JXLGDWHGDOODVXGGHWWDSRVL]LRQHGDSDUWHGHOJXL
GDWRUH
'DO VHGLOH GL FRPPDQGR GHJOL DSSDUHFFKL GL
DYDQ]DPHQWR VL SRVVRQR UDJJLXQJHUH FRPRGD
PHQWHWXWWLJOLHOHPHQWLGLFRPPDQGR
² /DV PiTXLQDV FRQ DYDQFH HOpFWULFR R
KLGUiXOLFR GHEHQ PDQHMDUVH \ PDQGDUVH LJXDO
PHQWHDSDUWLUGHODSRVLFLyQPHQFLRQDGD
'HVGHHODVLHQWRGHPDQHMRGHORVDSDUDWRVGH
DYDQFHVHDOFDQ]DQFyPRGDPHQWHWRGRVORVHOH
PHQWRVGHPDQHMR
(WLTXHWWHDGKpVLYHGHVpFXULWpVXUODPDFKLQH
$GHVLYLSHUODVLFXUH]]DDSSOLFDWLDOODPDFFKLQD
(WLTXHWDVDGKHVLYDVGHVHJXULGDGHQODPiTXLQD
$WWHQWLRQPDWLqUHVLQÀDPPDEOHV
XQLTXHPHQWSRXUPRWHXUVjFRPEX
VWLRQLQWHUQH
$WWHQ]LRQHPDWHULDOLLQ¿DPPDELOL
6RORSHUPRWRULDFRPEXVWLRQH
$YLVR6XEVWDQFLDVLQÀDPDEOHV
6RODPHQWHSDUDPRWRUHVGHFRP
EXVWLyQ
3URWqJHRUHLOOHVREOLJDWRLUHV
2EEOLJRGLSDUDRUHFFKLH
8VDUFDVFRGHSURWHFFLyQDXGLWLYD
/LVH]OHVLQVWUXFWLRQVGHVHUYLFH
2EEOLJRGLOHJJHUHOHLVWUX]LRQL
/HHUODV,QVWUXFFLRQHVGHXVR
$WWHQWLRQDUEUHGHIUDLVDJH
$WWHQ]LRQHDOODIUHVD
$YLVR(MHGHIUHVDGR
$WWHQWLRQGpFKDUJHpOHFWULTXH
$WWHQ]LRQHDOODFRUUHQWH
$YLVR'HVFDUJDHOpFWULFD
‡
/HV pWLTXHWWHV DGKpVLYHV GH VpFXULWp
HQGRPPDJpHV RX SHUGXHV GRLYHQW rWUH LPPp
GLDWHPHQWUHPSODFpHV9RXVSRXYH]YRXVSURFX
UHUXQDVVRUWLPHQWGµpWLTXHWWHVDXSUqVGHYRWUH
DJHQFHGHVHUYLFHDSUqVYHQWH
‡ *OL DGHVLYL GDQQHJJLDWL R SHUGXWL GHYRQR
HVVHUHLPPHGLDWDPHQWHVRVWLWXLWL3HUSURFXUDUVL
OµDVVRUWLPHQWR GµDGHVLYL ULYROJHUVL SUHVVR XQ
&HQWURGµ$VVLVWHQ]D7HFQLFD
‡ /DV HWLTXHWDV GHWHULRUDGDV R SHUGLGDV
GHEHUiQ VHU UHHPSOD]DGDV LQPHGLDWDPHQWH
3XHGH DGTXLULU HO VXUWLGR GH HWLTXHWDV HQ VX
SXQWRGHVHUYLFLRSRVWYHQWD
8WLOLVDWLRQFRQIRUPHjODGHVWLQDWLRQ
/HVPDFKLQHVVRQWH[FOXVLYHPHQWFRQoXHVSRXU
WUDLWHU OHV VXUIDFHV KRUL]RQWDOHV OHV SOXV GLYHU
VHV&KDTXHXVDJHDOODQWDXGHOjGHFHVWkFKHV
QµHVWSDVFRQIRUPHjODGHVWLQDWLRQGHVPDFKL
QHV/HFRQVWUXFWHXUGpFOLQHWRXWHUHVSRQVDELOLWp
SRXUGHVGRPPDJHVUpVXOWDQWGHODGpYLDWLRQGH
OµXVDJH SUpYX /HV PDFKLQHV j WUDYDLOOHU OHV
VXUIDFHVDWWDTXHQWWRXMRXUVODVXUIDFHjWUDYDLOOHU
(OOHVQHFRQYLHQQHQWHQFRQVpTXHQFHSDVSRXU
WUDLWHUGHVVROVGpOLFDWVSH[VROVHQFpUDPLTXH
8VRFRQIRUPHDOOHGLVSRVL]LRQL
/HPDFFKLQHVRQRSURJHWWDWHHVFOXVLYDPHQWHSHU
ODODYRUD]LRQHGHOOHSLYDULHVXSHU¿FLRUL]]RQWDOL
8QXVRGLYHUVRQRQqFRQIRUPHDOOHGLVSRVL]LRQL
HSHULGDQQLFKHQHGHULYDQRLOSURGXWWRUHQRQVL
DVVXPHLQDOFXQPRGRQHVVXQDUHVSRQVDELOLWj
/H PDFFKLQH SHU OD ODYRUD]LRQH GHOOH VXSHU¿FL
DJJUHGLVFRQR LQ RJQL FDVR OD VXSHU¿FLH VX FXL
ODYRUDQR SHUWDQWR QRQ VRQR DGDWWH SHU OD SXOL
]LDGLVXSHU¿FLGHOLFDWHDGHVSDYLPHQWLLQFHUD
PLFD
8WLOL]DFLyQFRQIRUPHDORSUHVFULWR
/DVPiTXLQDVHVWiQGHVWLQDGDVH[FOXVLYDPHQWH
DODSUHSDUDFLyQGHODVVXSHU¿FLHVKRUL]RQWDOHV
PiV GLYHUVDV &XDOTXLHU RWUD XWLOL]DFLyQ QR HV
FRQIRUPH D ODV GLVSRVLFLRQHV (O IDEULFDQWH
GHFOLQDWRGDUHVSRQVDELOLGDGSRUORVGDxRVTXH
GHHOORSXGLHUDQGHULYDUVH
/DV PiTXLQDV SDUD SUHSDUDFLyQ GH VXSHU¿FLHV
DWDFDQHQFDGDFDVRODVVXSHU¿FLHVDSUHSDUDU
3RUHOORQRVRQDSWDVSDUDODOLPSLH]DGHVXSHU
¿FLHVVHQVLEOHVSHMVXHORVGHFHUiPLFD
7UDYDLOOHUHQWRXWHFRQVFLHQHGHODVpFX
ULWp
‡ &RQWULEXH] DXVVL j OD VpFXULWp GH YRWUH
SRVWHGHWUDYDLO
‡ 6LJQDOH] LPPpGLDWHPHQW DX UHVSRQVDEOH
WRXWHDQRPDOLHGDQVOHFRPSRUWHPHQWGHPDUFKH
‡ ([pFXWH]WRXWHVYRVWkFKHVFRQVFLHQWGHV
FRQVLJQHVGHVpFXULWp
/DYRUDUHFRQVHSDYROHVLFXUR
7UDEDMDUWHQLHQGRSUHVHQWHODVHJXULGDG
‡ )RUQLUH LO SURSULR FRQWULEXWR SHU UHQGHUH
VLFXURLOSRVWRGLODYRUR
‡ 6HJQDODUHVXELWRDOUHVSRQVDELOHHYHQWXDOL
DQRPDOLHULVSHWWRDOQRUPDOHIXQ]LRQDPHQWR
‡ (VHJXLUHWXWWLLODYRULLQVLFXUH]]D
‡ &RQWULEX\D WDPELpQ XVWHG D OD VHJXULGDG
HQHOSXHVWRGHWUDEDMR
‡ ,QGLTXHGHLQPHGLDWRDOUHVSRQVDEOHFXDO
TXLHUDQRPDOtDTXHREVHUYHHQHOFRPSRUWDPL
HQWRGHIXQFLRQDPLHQWR
‡ (MHFXWH WRGRV ORV WUDEDMRV SUHVWDQGR
DWHQFLyQDVXVHJXULGDG
$XWUHVFRQVLJQHVGHVpFXULWp
$OWUHSUHVFUL]LRQLSHUODVLFXUH]]D
2WUDVSUHVFULSFLRQHVGHVHJXULGDG
7HQLU FRPSWH LPSpUDWLYHPHQW GHV SUHVFULSWLRQV 2VVHUYDUH DVVROXWDPHQWH OH SUHVFUL]LRQL OH 2EVHUYH VLQ IDOWD ODV SUHVFULSFLRQHV QRUPDV \
ORFDOHV SDUWLFXOLqUHV DX SD\V GHV QRUPHV HW QRUPHHOHGLUHWWLYHORFDOLHVSHFL¿FKHGHOSURSULR GLUHFWULFHVORFDOHV\HVSHFt¿FDVGHOSDtV
GLUHFWLYHV
SDHVH
&RS\ULJKW‹9RQ$U[$*
(LQVDW]EHUHLFK
2SHUDWLQJUDQJH
*HQHUDOGHVFULSWLRQ
,Q]HWEDDUKHLG
0DFKLQHEHVFKULMYLQJHQ
EHGLHQLQJVSULQFLSHV
%HDUEHLWEDU VLQG MH QDFK /DPHOOHQDUW KDUWH
VSU|GKDUWHELVIHVWH]lKHODVWLVFKH2EHUÀlFKHQ
PDWHULDOLHQ]%
‡ %HOlJHDXV$VSKDOWXQG*XVVDVSKDOW
‡ %HWRQ XQG =HPHQWZDUHQ .XQVWVWHLQH
)OLHVHQ
‡ (VWULFKH DXV =HPHQW +RO]]HPHQW +DUW
VWRIIXVZ
‡ 1DWXUVWHLQH
‡ 0HWDOOH
‡ 7KHUPRSODVWH
1LFKW RGHU QXU EHGLQJW EHDUEHLWEDU VLQG
2EHUÀlFKHQDXVKRFKHODVWLVFKHQZHLFKHQ0DWH
ULDOLHQRGHU*HZHEHXQG)DVHUPDWHULDOLHQZLH
‡ /DWH[.DXWVFKXN:HLFKSODVWLNXQG
6FKDXPVWRIIH
‡ +RO]7HSSLFKHXQG*HÀHFKWH
'HSHQGLQJRQWKHFXWWHUW\SHKDUGEULWWOHWR¿UP
RUHODVWLFVXUIDFHPDWHULDOVFDQEHZRUNHGHJ
‡ $VSKDOWDQGFDVWDVSKDOWVXUIDFHV
‡ &RQFUHWHDQGFHPHQWV\QWKHWLFVWRQHÀRRU
WLOHV
‡ 6FUHHGVRIFHPHQWZRRGFHPHQWFHUDPLF
HWF
‡ 1DWXUDOVWRQH
‡ 0HWDO
‡ 7KHUPRSODVWLFPDWHULDOV
6XUIDFHVPDGHRIKLJKO\HODVWLFVRIWPDWHULDOVRU
IDEULFVDQG¿EHUPDWHULDOVFDQQRWEHZRUNHGRU
FDQRQO\EHZRUNHGZLWKFHUWDLQOLPLWDWLRQVHJ
‡ /DWH[UXEEHUVRIWSODVWLFVDQGIRDPPDWH
ULDOV
‡ :RRGFDUSHWVDQGZRYHQPDWHULDOV
%HZHUNEDDU]LMQDIKDQNHOLMNYDQKHWVRRUWODPHO
OHQ KDUGH EURVVH WRW VWHYLJH WDDLHODVWLVFKH
RSSHUYODNWHPDWHULDOHQELMY
‡ ZHJGHNNHQYDQDVIDOWHQJLHWDVIDOW
‡ EHWRQ HQ FHPHQWSURGXFWHQ NXQVWVWHQHQ
WHJHOV
‡ HVWULFKYORHUHQ YDQ FHPHQW KRXWFHPHQW
KDUGPDWHULDDOHQ]
‡ QDWXXUVWHQHQ
‡ PHWDOHQ
‡ WKHUPRSODVWHQ
1LHWRIVOHFKWVEHSHUNWWHEHZHUNHQ]LMQRSSHUYO
DNNHQYDQKRRJHODVWLVFKH]DFKWHPDWHULDOHQRI
ZHHIVHOVHQYH]HOPDWHULDOHQ]RDOV
‡ ODWH[ UXEEHU ]DFKW SODVWLF HQ VFKXLPVWRI
IHQ
‡ KRXWYORHUNOHGHQHQYOHFKWZHUN
'RPDLQHG¶XWLOLVDWLRQ
&DPSRG¶LPSLHJR
ÉPELWRGHDSOLFDFLyQ
3HXYHQWrWUHWUDLWpVVXLYDQWOHW\SHGHODPHOOHV
VXUIDFHVGXUHVFDVVDQWHVjIHUPHVYLVFRSODVWL
TXHSH[
‡ 5HYrWHPHQWV HQ DVSKDOWH HW DVSKDOWH
FRXOp
‡ %pWRQHWFLPHQWSLHUUHVDUWL¿FLHOOHVGDOOHV
‡ $LUHHQFLPHQWSkWHGHERLVPDWLqUHGXUH
HWF
‡ 3LHUUHVQDWXUHOOHV
‡ 0pWDX[
‡ 0DWLqUHVWKHUPRSODVWLTXHV
1HSHXYHQWSDVrWUHWUDLWpHVRXVRXVFRQGLWLRQ
OHVVXUIDFHVHQPDWLqUHVPROOHVWUqVpODVWLTXHV
RX GHV WLVVXV HW GHV PDWpULTX[ HQ ¿EUHV WHOV
TXH
‡ /DWH[FDRXWFKRXFSODVWLTXHPRXHWPRXV
VHV
‡ %RLVWDSLVHWQDWWHV
6L SRVVRQR ODYRUDUH D VHFRQGD GHO WLSR GL
ODPHOOHOHVXSHU¿FLGLPDWHULDOLGXULUXYLGL¿QRD
FRPSDWWLRHODVWLFLDGHV
‡ 5LYHVWLPHQWLGLDVIDOWRHPDVWLFHGµDVIDOWR
‡ 0DWHULDOLGLFDOFHVWUX]]RHFHPHQWRSLHWUD
DUWL¿FLDOHPDWWRQHOOH
‡ 3DYLPHQWL GL FHPHQWR GL OHJQR PDWHULDOH
ULJLGRHWF
‡ 3LHWUDQDWXUDOH
‡ 0HWDOOL
‡ 7HUPRSODVWLFL
1RQ SRVVRQR HVVHUH ODYRUDWH RSSXUH SRVVRQR
HVVHUH ODYRUDWH VROR FRQ ULVHUYD OH VXSHU¿FL
GL PDWHULDOL DOWDPHQWH HODVWLFL PDWHULDOL PRUELGL
RSSXUHWHVVXWLRPDWHULDOLLQ¿EUHFRPH
‡ /DWWLFHFDXFFLSODVWLFDPRUELGDHPDWH
ULDOLHVSDQVL
‡ /HJQRWDSSHWLHPDWHULDOLLQWUHFFLDWL
6RQ VXVFHSWLEOHV GH VHU SUHSDUDGRV VHJ~Q HO
WLSR GH OiPLQDV ORV PDWHULDOHV GH VXSHU¿FLHV
GXUDV GH GXURIUiJLOHV D VyOLGDV \ FLVFRSOiVWL
FDVFRPRSHM
‡ 3DYLPHQWRVGHDVIDOWR\DVIDOWRIXQGLGR
‡ $UWtFXORV SUHIDEULFDGRV GH KRUPLJyQ \
FHPHQWRSLHGUDVDUWL¿FLDOHVEDOGRVDV
‡ 6RODGRVGHFHPHQWRPiVWLFRGHPDGHUD
PDWHULDOH[WUDGXURHWF
‡ 3LHGUDVQDWXUDOHV‡0HWDOHV
‡ 7HUPRSOiVWLFRV
1RVRQVXVFHSWLEOHVGHVHUSUHSDUDGDVRORVRQ
VRODPHQWH GH PRGR FRQGLFLRQDO ODV VXSHU¿FLHV
GHPDWHULDOHVVXSHUHOiVWLFRV\EODQGRVRORVWHML
GRV\PDWHULDOHVGH¿EUDVWDOHVFRPR
‡ /iWH[ FDXFKR SOiVWLFR EODQGR \ PDWHULDO
FHOXODU
‡ 0DGHUDDOIRPEUDV\WUHQ]DGRV
&RS\ULJKW‹9RQ$U[$*
:HUN]HXJH
7RROV
*HUHHGVFKDSSHQ
'DVULFKWLJH:HUN]HXJIU,KUHVSH]LHOOH$UEHLW
OlVVWVLFKDPEHVWHQGXUFK9HUVXFKHHUPLWWHOQ
'LHQDFKIROJHQGH%HVFKUHLEXQJNDQQQXU5LFKW
ZHUWHYHUPLWWHOQ
7KHULJKWWRROIRU\RXUSDUWLFXODUDSSOLFDWLRQ
FDQEHVWEHGHWHUPLQHGE\WHVWV7KHIROORZLQJ
GHVFULSWLRQRQO\JLYHVJXLGHYDOXHV
+HWMXLVWHJHUHHGVFKDSYRRUXZVSHFLDDOZHUN
LVKHWEHVWHGRRUWHVWVYDVWWHVWHOOHQ2QGHU
VWDDQGHEHVFKULMYLQJNDQVOHFKWVULFKWZDDUGHQ
YHUVFKDIIHQ
/DPHOOHQ7URPPHOQ
‡ :HUN]HXJWURPPHO
=XMHGHU)OlFKHQEHDUEHL
WXQJVPDVFKLQHVLQG:HUN
]HXJWURPPHOQHUKlOWOLFK
$EVFKQLWW(UVDW]WHLOOLVWHQ
5LFKWZHUWH
ZHQLJ:HOOHQJURVVH/DPHOOHQJUREH$UEHLWHQ
YLHOH:HOOHQNOHLQH/DPHOOHQIHLQH$UEHLWHQ
&XWWHUV'UXPV
‡ 7RROGUXP
7RROGUXPVDUHREWDLQDEOH
IRUHDFKVXUIDFHSUHSDUDWLRQ
PDFKLQH
6HFWLRQ/LVWRIVSDUHSDUWV
*XLGHYDOXHV
IHZÀDLOVKDIWVODUJHFXWWHUVFRDUVHÀRRUZRUN
PDQ\ÀDLOVKDIWVVPDOOFXWWHUV¿QHÀRRUZRUN
*HUHHGVFKDSVODPHOOHQWURPPHOV
‡ *HUHHGVFKDSVWURPPHO
%LMLHGHUHRSSHUYODNNHQEH
ZHUNLQJVPDFKLQHLVHHQ
JHUHHGVFKDSVWURPPHOYHU
NULMJEDDUKRRIGVWXN/LMVWYDQGHRQGHUGHOHQ
5LFKWZDDUGHQ
ZHLQLJDVVHQJURWHODPHOOHQJURIZHUN
YHHODVVHQNOHLQHODPHOOHQ¿MQZHUN
‡ :HUN]HXJODPHOOHQ
:HUN]HXJODPHOOHQ VWHKHQ LQ *U|VVHQ ]XU
9HUIJXQJ6LHVLQGHQWVSUHFKHQG LKUHU*U|VVH
GHP MHZHLOLJHQ 7\S GHU )OlFKHQEHDUEHLWXQJV
PDVFKLQHRSWLPDODQJHSDVVW
5LFKWZHUWH
NOHLQH/DPHOOHQDOOH7\SHQIHLQH$UEHLWHQ
PLWWOHUH/DPHOOHQDE9$6PLWWOHUH$UEHLWHQ
JURVVH/DPHOOHQ9$6JUREH$UEHLWHQ
‡ &XWWHUV
&XWWHUV DUH DYDLODEOH LQ VL]HV 7KH\ DUH SHU
IHFWO\VXLWHGLQVL]HWRWKHSDUWLFXODUW\SHRIVXU
IDFHSUHSDUDWLRQPDFKLQH
‡ *HUHHGVFKDSVODPHOOHQ
*HUHHGVFKDSVODPHOOHQ VWDDQ LQ PDWHQ WHU
EHVFKLNNLQJ =H ]LMQ RYHUHHQNRPVWLJ KXQ PDDW
RSWLPDDO DDQJHSDVW DDQ KHW GHVEHWUHIIHQGH
PRGHORSSHUYODNNHQEHZHUNLQJVPDFKLQH
5LFKWZDDUGHQ
NOHLQHODPHOOHQDOOHPRGHOOHQ¿MQZHUN
PLGGHOJURWHODPHOOHQYDQ9$6PLGGHOZHUN
JURWHODPHOOHQ9$6JURIZRUN
6WDQGDUGODPHOOHQ
NOHLQPLWWHOJURVV
'LH6WDQGDUGODPHOOHQZHUGHQ
DPKlX¿JVWHQYHUZHQGHWGD
VLHYLHOVHLWLJHLQVHW]EDUVLQG
‡ $XIUDXKHQYRQ%HWRQXQG$VSKDOW
‡ 5LOOLHUHQ$EWUDJHQYRQhEHU]lKQHQ
‡ (QWIHUQHQYRQ)DUEHDXI%HWRQ
‡ $EVFKODJHQYRQhEHU]lKQHQ
6WDQGDUGFXWWHUV
VPDOOPHGLXPODUJH
7KHVWDQGDUGFXWWHUVDUHXVHG
PRVWIUHTXHQWO\DVWKH\DUH
SDUWLFXODUO\YHUVDWLOH
‡ )RUURXJKHQLQJFRQFUHWHDQGDVSKDOW
‡ *URRYLQJDQGUHPRYDORISURMHFWLRQV
‡ 5HPRYDORISDLQWIURPFRQFUHWH
‡ (OLPLQDWLRQRISURMHFWLRQV
*XLGHYDOXHV
VPDOOFXWWHUVDOOPDFKLQHW\SHV¿QHÀRRUZRUN
PHGLXPFXWWHUVIURP9$6PHGLXP¿QHZRUN
ODUJHFXWWHUVIRU9$6FRDUVHZRUN
6WDQGDDUGODPHOOHQ
NOHLQPLGGHOJURRW
'HVWDQGDDUGODPHOOHQZRUGHQ
KHWPHHVWWRHJHSDVWGDDU]H
YHHO]LMGLJWHJHEUXLNHQ]LMQ
‡ 2SUXZHQYDQEHWRQHQDVIDOW
‡ 5LFKHOVPDNHQZHJQHPHQYDQXLWVWHHNVHOV
‡ 9HUZLMGHUHQYDQYHUIRSEHWRQ
‡ :HJQHPHQYDQXLWVWHHNVHOV
.OHHEODWWODPHOOHQ
&ORYHUOHDIFXWWHUV
.ODYHUEODGODPHOOHQ
PLWWHO
PHGLXPVL]HG
PLGGHOJURRW
'LH.OHHEODWWODPHOOHLVWHLQQHX
7KHFORYHUOHDIFXWWHULVDQLQQR
'HNODYHUEODGODPHOLVHHQ
DUWLJHVSDWHQWLHUWHV:HUN]HXJ
YDWLYHSDWHQWHGFXWWLQJWRROVSH
QLHXZJHRFWURRLHHUGODPHOOHQ
GDV VSH]LHOO IU GLH 9$ 9$ NRQ]LSLHUW FLDOO\GHVLJQHGIRU9$9$7KHVSHFLDOSHU JHUHHGVFKDSGDWVSHFLDDOLVRQWZRUSHQYDDUGH
ZXUGH 'XUFK GLH VSH]LHOOH /RFKIRUP LP =HQ IRUDWLRQVKDSHLQWKHFHQWHURIWKHFXWWHUHQDE 9$9$'RRUGHVSHFLDOHYRUPYDQKHWJDW
WUXPGHU/DPHOOHZLUGGHU$XIVFKODJGHU/DPHOOH OHVWKHFXWWHUGHÀHFWLRQWREHFRQWUROOHGSUHFLVHO\ LQKHWFHQWUXPYDQGHODPHOZRUGWSUHFLHVJHVWX
SUl]LVHJHVWHXHUWXQGGLH$EWUDJVOHLVWXQJHUKHE DQGWKHPDWHULDOUHPRYDOVXEVWDQWLDOO\LQFUHDVHG XUG KRH GH ODPHO GH ERGHP UDDNW HQ ZRUGW GH
OLFK JHVWHLJHUW 'LH (LQVDW]P|JOLFKNHLWHQ HQW 7KHSRVVLEOHXVHVDUHHTXLYDOHQWWRWKRVHRIWKH DIIUHHVZHUNLQJDDQ]LHQOLMNYHUVWHUNW'HJHEUXLNV
VSUHFKHQGHQHQGHU6WDQGDUGODPHOOHQ
VWDQGDUGFXWWHUV
PRJHOLMNKHGHQ NRPHQ RYHUHHQ PHW GLH YDQ GH
VWDQGDDUGODPHOOHQ
6WUDKOHQODPHOOHQ
%HDPFXWWHUV
NOHLQPLWWHOJURVV
VPDOOPHGLXPODUJH
6WUDOHQODPHOOHQ
'LHVWUDKOHQI|UPLJHQ/DPHOOHQ
%HDPFXWWHUVDUHPDGHRIWHP
NOHLQPLGGHOJURRW
EHVWHKHQDXVJHKlUWHWHP6WDKO
SHUHGVWHHO7KH\DUHVXLWDEOH
'HVWUDDOYRUPLJHODPHOOHQEH
6LHVLQGIUIHLQH%RGHQ
IRU¿QHÀRRULQJZRUN
VWDDQXLWJHKDUGVWDDO=H]LMQ
DUEHLWHQJHHLJQHW
‡ 5HPRYDORISDLQWIURPFRQFUHWHDQGDVSKDOW JHVFKLNWYRRU¿MQHYORHUEHZHUNLQJ
‡ )DUEHYRQ%HWRQXQG$VSKDOWHQWIHUQHQ
‡ /LJKW FOHDQLQJ DQG VPRRWKLQJ RI FRQFUHWH ‡ 9HUIYDQEHWRQHQDVIDOWYHUZLMGHUHQ
‡ %HWRQE|GHQOHLFKWUHLQLJHQXQGJOlWWHQ
ÀRRUV
‡ %HWRQYORHUHQOLFKWUHLQLJHQHQYODNPDNHQ
‡ (QWIHUQHQYRQ)DUEHXQG5RVWDXI ‡ 5HPRYDO RI SDLQW DQG UXVW IURP VWHHO VXU ‡ 9HUZLMGHUHQ YDQ YHUI HQ URHVW RS VWDOHQ
6WDKOREHUÀlFKHQ]%6FKLIIVGHFN
IDFHVHJVKLSµVGHFNV
RSSHUYODNNHQELMYVFKHHSVGHN
2XWLOV
8WHQVLOL
+HUUDPLHQWDV
9RXVGpWHUPLQHUH]OHPHLOOHXURXWLOSRXUOHWUD
YDLOSDUWLFXOLHUTXHYRXVHQYLVDJH]SDUHVVDLV
VXFFHVVLIV/HGHVFULSWLRQTXLVXLWQµDTXµXQH
YDOHXULQGLFDWLYH
3HUGHWHUPLQDUHTXDOHqOµXWHQVLOHSLDGDWWRSHU
LOSURSULRODYRURLQSDUWLFRODUHODFRVDPLJOLRUH
qIDUHGHLWHQWDWLYL/DGHVFUL]LRQHVHJXHQWHSXz
IRUQLUHVRODPHQWHGHOOHGLUHWWLYHGLPDVVLPD
(OPHMRUPRGRGHHQFRQWUDUODKHUUDPLHQWDDGH
FXDGDSDUDVXWUDEDMRHVSHFLDOFRQVLVWHHQUHDOL
]DUGLIHUHQWHVSUXHEDV/DVLJXLHQWHGHVFULSFLyQ
WDQVyORSXHGHWUDQVPLWLUYDORUHVLQGLFDWLYRV
/DPHOOHV7DPERXUV
‡ 7DPERXUjRXWLOV
&KDTXHPDFKLQHjWUDYDLOOHU
OHVVXUIDFHVFRPSRUWHXQ
WDPERXUjRXWLOV
&KDSLWUH/LVWHGHVSLqFHVGpWDFKpHV
9DOHXULQGLFDWLYH
SHXGµDUEUHVJUDQGHVODPHOOHVWUDYDX[JURVVLHUV
%HDXFRXSGµDUEUHVSHWLWHVODPHOOHVWUDYDX[¿QV
/DPHOOH7DPEXUL
‡ 7DPEXURSHUXWHQVLL
3HURJQLPDFFKLQDq
GLVSRQLELOHXQWDPEXUR
SHUXWHQVLOL
SDUDJUDIR/LVWHGLSH]]LGLULFDPELR
'LUHWWLYHGLPDVVLPD
3RFKLDOEHULODPHOOHJUDQGLODYRULGLVJURVVDWXUD
0ROWLDOEHULODPHOOHSLFFROHODYRULGLSUHFLVLRQH
/iPLQDV7DPERUHV
‡ 7DPERUGHKHUUDPLHQWDV
&RQFDGDPiTXLQDSDUDSUH
SDUDFLyQGHVXSHU¿FLHVVHUH
FLEHXQWDPERUGHKHUUDPLHQ
WDVDSDUWDGR/LVWDGDSLH]DVGHUHFDPELR
9DORUHVLQGLFDWLYRV
3RFRHMHVJUDQGHVOiPLQDVWUDEDMRVJUXHVRV
0XFKRHMHVOiPLQDVSHTXHxDVWUDEDMRV¿QRV
‡ /DPHOOHVRXWLOV
/HVODPHOOHVRXWLOVH[LVWHQWHQJUDQGHXUV(OOHV
VRQWDGDSWpHVGHPDQLqUHRSWLPDOHHQIRQFWLRQ
GHOHXUWDLOOHjFKDTXHW\SHGHPDFKLQHjWUDYDLO
OHUOHVVXUIDFHV
9DOHXULQGLFDWLYH
SHWLWHVODPHOOHVWRXVOHVW\SHVWUDYDX[¿QV
ODPHOOHVPR\HQQHV9$6WUDYDX[PL¿QV
JUDQGHVODPHOOHV9$6WUDYDX[JURVVLHUV
‡ 8WHQVLOLODPHOODUL
6RQRGLVSRQLELOLPLVXUHGLODPHOOH$VHFRQGD
GHOOD ORUR GLPHQVLRQH VL DGDWWDQR LQ PRGR RWWL
PDOHDGRJQLWLSRGLPDFFKLQD
'LUHWWLYHGLPDVVLPD
ODPHOOHSLFFROHWXWWLLWLSLODYRULGLSUHFLVLRQH
ODPHOOHPHGLH9$6ODYRULGLVHPLSUHFLVLRQH
ODPHOOHJUDQGL9$6ODYRULGLVJURVVDWXUD
‡ /iPLQDVKHUUDPLHQWDV
6H GLVSRQH GH OiPLQDV KHUUDPLHQWDV HQ WDPDxRV 6HJ~Q VX WDPDxR VH DGDSWDQ
ySWLPDPHQWHDFDGDXQRGHORVWLSRVGHPiTXLQD
SDUDSUHSDUDFLyQGHVXSHU¿FLHV
9DORUHVLQGLFDWLYRV
OiPLQDVSHTXHxDVWRGDVWLSRVWUDEDMRV¿QRV
OiPLQDVPHGLDQDV9$6WUDEDMRVVHPL¿QRV
JUDQGHVOiPLQDV9$6WUDEDMRVJUXHVRV
/DPHOOHVVWDQGDUG
SHWLWHVPR\HQQHVJUDQGHV
/HVODPHOOHVVWDQGDUGVRQWOHV
SOXVIUpTXHPPHQWHPSOR\pHV
FDUHOOHVRQWXQXVDJHPXOWLSOH
‡ 5HQGUHOHEpWRQHWOµDVSKDOWHUXJXHX[
‡ 5DLQXUDJHHQOqYHPHQWGHGHQWHOXUHV
‡ 'pFDSDJHGHSHLQWXUHVXUOHEpWRQ
‡ (ERXWDJHGHGHQWHOXUHV
/DPHOOHVWUHÁH
PR\HQQHV
/DODPHOOHWUqÀHHVWXQQRXYHDX
W\SHGHODPHOOHRXWLOEUHYHWp
FRQoX VSpFLDOHPHQW SRXU OHV PDFKLQHV 9$
9$(QUDLVRQGHODIRUPHGHWURXVSpFLDOHDX
FHQWUHOµLPSDFWGHODODPHOOHHVWFRPPDQGpDYHF
SUpFLVLRQ HW OH UHQGHPHQW GµHQOqYHPHQW FRQVL
GpUDEOHPHQWDXJPHQWp/HVSRVVLELOLWpVGHPLVH
HQ RHXYUH FRUUHVSRQGHQW j FHOOHV GHV ODPHOOHV
VWDQGDUG
/DPHOOHVGHQWpHV
SHWLWHVPR\HQQHVJUDQGHV
/HVODPHOOHVGHQWpHVVRQWIDLWHV
HQDFLHUWUHPSp(OOHVFRQ
YLHQQHQWDX[WUDYDX[GHVRO¿QV
‡ 'pFDSDJH GH SHLQWXUH VXU OH EpWRQ HW
OµDVSKDOWH
‡ /pJHUQHWWR\DJHHWOLVVDJHGHVROVHQEpWRQ
‡ 'pFDSDJHGHSHLQWXUHHWGHURXLOOHVXUOHV
VXUIDFHVHQDFLHUSH[SRQWVGHQDYLUH
/DPHOOHVWDQGDUG
SLFFROHPHGLHJUDQGL
/HODPHOOHVWDQGDUGVRQROHSL
XWLOL]]DWHSHUFKpKDQQR
PDJJLRUHSRVVLELOLWjGLLPSLHJR
‡ *UDQXODUHFHPHQWRHGDVIDOWR
‡ 5LJDUHHDVSRUWDUHOHGHQWHOODWXUD
‡ 5LPXRYHUHODYHUQLFHGDOFHPHQWR
‡ 6SXQWDUHOHVRYUDGHQWDWXUH
/DPHOOHDWUHIROR
PHGLH
/DODPHOODDWUHIRORqXQ
XWHQVLOHODPHOODUHEUHYHWWDWR
UHFHQWHPHQWHUHDOL]]DWRLQSDUWLFRODUPRGRSHU
LPRGHOOL9$9$*UD]LHDOODVSHFLDOHIRUPD
IRUDWDDOFHQWUROµXUWRGHOODODPHOODYLHQHJXLGDWR
FRQ HVWUHPD SUHFLVLRQH DXPHQWDQGR LO UHQGL
PHQWRGHOOµRSHUD]LRQHGLDVSRUWR/HSRVVLELOLWjGL
LPSLHJRFRUULVSRQGRQRDTXHOOHGHOOHODPHOOHVWDQ
GDUG
/DPHOOHDUDJJL
SLFFROHPHGLHJUDQGL
/HODPHOOHDUDJJLVRQRLQ
DFFLDLRWHPSHUDWR6RQRDGDWWH
SHUODYRULGLSUHFLVLRQH
‡ 5LPXRYHUH OD YHUQLFH GDO FHPHQWR H
GDOOµDVIDOWR
‡ 3XOLUHOHJJHUPHQWHHOLVFLDUHOHVXSHU¿FLLQ
FHPHQWR
‡ 5LPXRYHUD OD YHUQLFH H OD UXJJLQH GDOOH
VXSHU¿FL LQ DFFLDLR DGHVDO SRQWH GL XQD
QDYH
/iPLQDVHVWiQGDU
SHTXHxDVPHGLDQDVJUDQGHV
/DVOiPLQDVHVWiQGDUVRQODV
XWLOL]DGDVPiVIUHFXHQWHPHQWH
\DTXHVRQGHXWLOL]DFLyQYHUViWLO
‡ +DFHUUXJRVRKRUPLJyQ\DVIDOWR
‡ (VWULDUGHVPRQWDUVREUHGHQWDGRV
‡ (OLPLQDFLyQGHSLQWXUDHQHOKRUPLJyQ
‡ 4XLWDUVREUHGHQWDGRVSRUJROSHV
/iPLQDVGHKRMDGHWUpERO
PHGLDQDV
/DOiPLQDGHKRMDGHWUpEROHV
XQDKHUUDPLHQWDGHOiPLQDV
QRYHGRVDFRQFHELGDHVSHFLDOPHQWHSDUDOD9$
9$*UDFLDVDODIRUPDHVSHFLDOGHODJXMHURHQ
HOFHQWURGHODOiPLQDSXHGHFRQWURODUVHFRQPiV
SUHFLVLyQHOJROSHGHODOiPLQD\DXPHQWDUVLPXO
WiQHDPHQWHGHIRUPDFRQVLGHUDEOHHOUHQGLPLHQWR
GHOGHVPRQWH/DVSRVLELOLGDGHVGHXWLOL]DFLyQFRU
UHVSRQGHQDORVGHODVOiPLQDVHVWiQGDU
/iPLQDVHVWUHOODGDV
SHTXHxDVPHGLDQDVJUDQGHV
/DVOiPLQDVHVWUHOODGDVVRQGH
DFHURWHPSODGR6RQDSWDVSDUD
WUDEDMRV¿QRVHQVXHORV
‡ (OLPLQDFLyQGHSLQWXUDHQHOKRUPLJyQ\HO
DVIDOWR
‡ /LPSLH]D OLJHUD \ DOLVDGR GH VXHORV GH
KRUPLJyQ
‡ (OLPLQDFLyQGHSLQWXUD\RUtQHQVXSHU¿FLHV
GHDFHURSHMFXELHUWDVGHEDUFR
&RS\ULJKW‹9RQ$U[$*
:HUN]HXJH
7RROV
*HUHHGVFKDSSHQ
'DVULFKWLJH:HUN]HXJIU,KUHVSH]LHOOH$UEHLW
OlVVWVLFKDPEHVWHQGXUFK9HUVXFKHHUPLWWHOQ
'LHQDFKIROJHQGH%HVFKUHLEXQJNDQQQXU5LFKW
ZHUWHYHUPLWWHOQ
7KHULJKWWRROIRU\RXUSDUWLFXODUDSSOLFDWLRQ
FDQEHVWEHGHWHUPLQHGE\WHVWV7KHIROORZLQJ
GHVFULSWLRQRQO\JLYHVJXLGHYDOXHV
+HWMXLVWHJHUHHGVFKDSYRRUXZVSHFLDDOZHUN
LVKHWEHVWHGRRUWHVWVYDVWWHVWHOOHQ2QGHU
VWDDQGHEHVFKULMYLQJNDQVOHFKWVULFKWZDDUGHQ
YHUVFKDIIHQ
6FKlOODPHOOHQ
NOHLQXQGPPEUHLW
PLWWHOPPEUHLW
JURVVXQGPPEUHLW
'LH6FKlOODPHOOHQHLJQHQVLFK]XP
‡ (QWIHUQHQYRQ7KHUPRSODVWXQG.DOWSODVWLN
PDUNLHUXQJHQDXI$VSKDOW
‡ $EIUlVHQ YRQ %RGHQEHOlJHQ DXI 7KHUPR
SODVWEDVLV6FKlOHIIHNW
0LOOLQJFXWWHU
VPDOODQGPPZLGWK
PHGLXPVL]HGPPZLGWK
ODUJHDQGPPZLGWK
0LOOLQJFXWWHUVDUHVXLWDEOHIRU
‡ 5HPRYDORIWKHUPRSODVWLFDQGFROGSODVWLF
PDUNVRQDVSKDOW
‡ 0LOOLQJ ÀRRU FRYHULQJV RQ D WKHUPRSODVWLF
EDVLVPLOOLQJHIIHFW
'LH 6FKlOODPHOOHQ HLJQHQ VLFK QLFKW ]XP $EIUlVHQYRQ%HWRQE|GHQ
%HLP(LQEDXGHU6FKlO
ODPHOOHQPXVVDXIGLH
'UHKULFKWXQJJHDFKWHW
ZHUGHQ
.DSODPHOOHQ
NOHLQHQPPEUHHG
PLGGHOJURRWPPEUHHG
JURRWHQPPEUHHG
'HNDSODPHOOHQ]LMQJHVFKLNWYRRU
‡ +HWYHUZLMGHUHQYDQZDUPHQNRXGRSJH
EUDFKWHSODVWLFPDUNHULQJHQRSDVIDOW
‡ $IIUH]HQYDQYORHUEHGHNNLQJHQRSWKHUPR
SODVWEDVLVVFKLOHIIHFW
0LOOLQJ FXWWHUV DUH QRW VXLWDEOH IRU PLOOLQJ 'HNDSODPHOOHQ]LMQQLHWJHVFKLNWYRRUKHW
FRQFUHWHÀRRUV
DIIUH]HQYDQEHWRQYORHUHQ
7KHVHQVHRIURWDWLRQPXVW
EHUHVSHFWHGZKHQWKH
PLOOLQJFXWWHUVDUH¿WWHG
%LMKHWPRQWHUHQYDQGH
NDSODPHOOHQPRHWZRUGHQ
JHOHWRSGHGUDDLULFKWLQJ
5XQGODPHOOHQ
PLWWHOJURVV
'LH5XQGODPHOOHQZHUGHQIU
VHKUJUREH)OlFKHQEHDUEHLWXQJHLQJHVHW]W
‡ %HWRQDEWUDJXQG5LOOLHUHQ
5RXQGFXWWHUV
PHGLXPODUJH
5RXQGFXWWHUVDUHXVHGIRU
WKHSUHSDUDWLRQRIYHU\ODUJHVXUIDFHV
‡ 5HPRYDODQGJURRYLQJRIFRQFUHWH
5RQGHODPHOOHQ
PLGGHOJURRWJURRW
5RQGHODPHOOHQZRUGHQJHEUXLNW
YRRU]HHUJURYHRSSHUYODNNHQEHZHUNLQJ
‡ %HWRQDIVOLMSHQHQULFKHOVPDNHQ
1\ORQEUVWH
6WDKOEUVWH
IHLQJURE
'LH%UVWHQHLJQHQVLFKIU
OHLFKWH5HLQLJXQJVDUEHLWHQDXI
XQWHUVFKLHGOLFKHQ0DWHULDOLHQ
1\ORQEUXVK
6WHHOEUXVK
¿QHFRDUVH
7KHEUXVKHVDUHVXLWDEOH
IRUOLJKWFOHDQLQJZRUNRQ
YDULRXVPDWHULDOV
1\ORQERUVWHO
6WDDOERUVWHO
¿MQJURI
'HERUVWHOV]LMQJHVFKLNWYRRU
OLFKWUHLQLJLQJVZHUNRS
EHUVFKLOOHQGHPDWHULDOHQ
6RQGHU]XEHK|U
6SHFLDODFFHVVRULHV
6SHFLDOHDFFHVVRLUHV
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
79 7UHWYRUVFKXE
]X7\SHQ9$
9) 9RUVFKXEIDKU]HXJ
]X7\SHQ9$
9* (OHNWULVFKHV9RUVFKXEJHUlW
]X7\SHQ9$9$
K\GUDXOLVFKHU9RUVFKXE
]X7\SHQ9$67ZLQ9$6
'7)9$
LQWHJULHUWEHL+7\SHQ
6WDXEVDXJDQODJH
]XDOOHQ7\SHQ
PLQLPDOH1HQQOHLVWXQJ
N:IU9$/XQG)5
N:DE9$6
79 3HGDOGHYLFH
IRUW\SHV9$
9) 7UDFWLRQXQLWYHKLFOH
IRUW\SHV9$
9* (OHFWULFWUDFWLRQXQLW
IRUW\SHV9$9$
K\GUDXOLFWUDFWLRQXQLW
IRUW\SHV9$67ZLQ9$6
'7)9$
LQFOXGHGZLWKW\SHV+
'XVWH[WUDFWLRQV\VWHP
IRUDOOW\SHV
PLQLPXPUDWHGSRZHU
N:IRU9$/DQG)5
N:IURP9$6
79 7UDSWUDFWLH
YRRUPRGHOV9$
9) 7UDFWLHYRHUWXLJ
YRRUPRGHOV9$
9* 7UDFWLHWRHVWHO
YRRUPRGHOV9$9$
K\GUDXOLVFKHWUDFWLH
YRRUPRGHOV9$67ZLQ
9$6'7)9$
PHHJHOHYHUGPHWPRGHOV+
6WRID]XLJLQVWDOODWLH
YRRUDOOHPRGHOV
PLQLPDDOQRPLQDDOYHUPRJHQ
N:YRRU9$/HQ)5
N:YDQ9$6
2XWLOV
8WHQVLOL
+HUUDPLHQWDV
9RXVGpWHUPLQHUH]OHPHLOOHXURXWLOSRXUOHWUD
YDLOSDUWLFXOLHUTXHYRXVHQYLVDJH]SDUHVVDLV
VXFFHVVLIV/HGHVFULSWLRQTXLVXLWQµDTXµXQH
YDOHXULQGLFDWLYH
3HUGHWHUPLQDUHTXDOHqOµXWHQVLOHSLDGDWWRSHU
LOSURSULRODYRURLQSDUWLFRODUHODFRVDPLJOLRUH
qIDUHGHLWHQWDWLYL/DGHVFUL]LRQHVHJXHQWHSXz
IRUQLUHVRODPHQWHGHOOHGLUHWWLYHGLPDVVLPD
(OPHMRUPRGRGHHQFRQWUDUODKHUUDPLHQWDDGH
FXDGDSDUDVXWUDEDMRHVSHFLDOFRQVLVWHHQUHDOL
]DUGLIHUHQWHVSUXHEDV/DVLJXLHQWHGHVFULSFLyQ
WDQVyORSXHGHWUDQVPLWLUYDORUHVLQGLFDWLYRV
/DPHOOHVG¶pFRUoDJH
SHWLWHVODUJHXUHWPP
PR\HQQHVODUJHXUPP
JUDQGHVODUJHXUHWPP
/HVODPHOOHVGµpFRUoDJHFRQYLHQQHQW
‡ j OµHQOqYHPHQW GHV PDWLqUHV WKHUPRSODVWL
TXHVHWGHVPDUTXDJHVHQSODVWLTXHjIURLG
VXUOµDVSKDOWH
‡ DXIUDLVDJHGHUHYrWHPHQWVGHVROjEDVH
GHPDWLqUHWKHUPRSODVWLTXHHIIHWGµpFRUoDJH
/DPHOOHDSHODWXUD
SLFFROHHPPGLODUJKH]]D
PHGLHPPGLODUJKH]]D
JUDQGLHPPGLODUJKH]]D
/HODPHOOHDSHODWXUDVRQRDGDWWHD
‡ 5LPXRYHUHPDWHULDOHWHUPRSODVWLFRHPDU
FDWXUHGLSODVWLFDDIUHGGRGDOOµDVIDOWR
‡ )UHVDUHULYHVWLPHQWLVXOWHUUHQRFRQODEDVH
LQWHUPRSODVWLFDHIIHWWRSHODWXUD
/iPLQDVGHVFRUWH]DGRUDV
SHTXHxDV\PPGHDQFKXUD
PHGLDQDVPPGHDQFKXUD
JUDQGHV\PPGHDQFKXUD
/DVOiPLQDVGHVFRUWH]DGRUDVVRQDSWDVSDUD
‡ (OLPLQDFLyQGHWHUPRSOiVWLFR\PDUFDVGH
SOiVWLFRIUtRVREUHDVIDOWR
‡ 4XLWDUIUHVDQGRSDYLPHQWRVDEDVHGHWHU
PRSOiVWLFRVHIHFWRGHVFRUWH]DGRU
/HV ODPHOOHV GµpFRUoDJH QH FRQYLHQQHQW SDVDXIUDLVDJHGHVROVHQEpWRQ
)DLUHDWWHQWLRQDXVHQVGH
URWDWLRQORUVGXPRQWDJH
GHVODPHOOHVGµpFRUoDJH
/DPHOOHVURQGHV
PR\HQQHJUDQGH
/HVODPHOOHVURQGHVVRQWXWLOLVpHV
SRXUWUDYDLOOHUWUqVJURVVLqUHPHQWOHVVXUIDFHV
‡ (QOqYHPHQWGHEpWRQHWUDLQXUDJH
%URVVHHQQ\ORQ
%URVVHHQÀOG¶DFLHU
¿QJURV
/HVEURVVHVFRQYLHQQHQWDX[
WUDYDX[OpJHUVGHQHWWR\DJH
VXUGLYHUVPDWpULDX[
/HODPHOOHDSHODWXUDQRQVRQRDGDWWHSHU IUHVDUHOHVXSHU¿FLLQFHPHQWR
/DVOiPLQDVGHVFRUWH]DGRUDVQRVRQDSWDV
SDUDTXLWDUIUHVDQGRVXHORVGHKRUPLJyQ
1HOPRQWDUHOHODPHOOHD
SHODWXUDVLGHYHIDUHDWWHQ
]LRQHDOVHQVRGLURWD]LRQH
'XUDQWHHOPRQWDMHGHODV
OiPLQDVGHVFRUWH]DGRUDV
GHEHSUHVWDUVHDWHQFLyQD
ODGLUHFFLyQGHJLUR
/DPHOOHFLUFRODUL
PHGLHJUDQGL
/HODPHOOHFLUFRODULYHQJRQR
LPSLHJDWHSHUVJURVVDUHOHVXSHU¿FL
‡ $VSRUWDUHHULJDUHLOFHPHQWR
6SD]]ROHGLQ\ORQ
6SD]]ROHLQDFFLDLR
¿QLJURVVH
/HVSD]]ROHVRQRDGDWWH
SHUOHJJHULODYRULGLSXOL]LDVX
PDWHULDOLGLYHUVL
/iPLQDVUHGRQGDV
PHGLDQDVJUDQGH
/DVOiPLQDVUHGRQGDVVHXWLOL]DQ
SDUDODSUHSDUDFLyQGHVXSHU¿FLHVPX\EDVWDV
‡ 'HVPRQWHGHDFHUR\HVWULDGR
&HSLOORVGHQ\ORQ
&HSLOORVGHDFHUR
¿QRJUXHVR
/RVFHSLOORVVRQDSWRV
SDUDWUDEDMRVOLJHURVGH
OLPSLH]DVREUHGLIHUHQWHV
PDWHULDOHV
$FFHVVRLUHVVSpFLDX[
$FFHVVRULVSHFLDOL
$FFHVRULRVHVSHFLDOHV
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
79 $YDQFHDSHGDOHV
SRXUGHVW\SHV9$
9) 9pKLFXOHGµDYDQFH
SRXUGHVW\SHV9$
9* (OHFWULFDSSDUHLOGµDYDQFH
SRXUGHVW\SHV9$9$
$YDQFHK\GUDXOLTXH
SRXUGHVW\SHV9$67ZLQ
9$6'7)9$
FRPSULVDYHFGHVW\SHV+
(TXLSHPHQWGµDVSLUDWLRQGHVSRXVVLqUHV
SRXUWRXWHVW\SHV
3XLVVDQFHQRPLQDOHPLQLPDOH
N:SRXU9$/HW)5
N:GqV9$6
79 $YDQ]DPHQWRDSHGDOH
SHULOPRGHOOR9$
9) 9HLFRORGLDYDQ]DPHQWR
SHULOPRGHOOR9$
9* $SSDUHFFKLRGLDYDQ]DPHQWRHO
SHUPRGHOOL9$9$
$YDQ]DPHQWRLGUDXOLFR
SHUPRGHOOL9$67ZLQ
9$6'7)9$
LQFOXVRFRQPRGHOOL+
,PSLDQWRGLDVSLUD]LRQHGHOODSROYHUH
SHUWXWWLLPRGHOOL
3RWHQ]DQRPLQDOHPLQLPD
N:SHU9$/H)5
N:GD9$6
79 $YDQFHGHSHGDO
SDUDPRGHOR9$
9) 9HKtFXORGHDYDQFH
SDUDPRGHOR9$
9* $SDUDWRGHDYDQFH
SDUDPRGHORV9$9$
$YDQFHKLGUiXOLFR
SDUDPRGHORV9$67ZLQ
9$6'7)9$
LQFOXLGRFRQPRGHORV+
,QVWDODFtRQGHDVSLUDFLyQGHSROYR
SDUDWRGRVPRGHORV
3RWHQFLDQRPLQDOPtQLPD
N:SRU9$/\)5
N:GH9$6
&RS\ULJKW‹9RQ$U[$*
$UEHLWHQ
2SHUDWLRQ
+HWZHUNHQ
,QEHWULHEQDKPH
‡ 0DVFKLQHQPLW9HUEUHQQXQJVPRWRUHQ
1HXH0DVFKLQHQZHUGHQDXV*UQGHQGHU
7UDQVSRUWVLFKHUKHLWRKQH7UHLEVWRIIXQG0RWRU|O
DQJHOLHIHUW
9RUGHU,QEHWULHEQDKPHLVWGLH%HGLHQXQJV
DQOHLWXQJGHV0RWRUHQKHUVWHOOHUV]XOHVHQ
0RWRU|OHLQIOOHQ
7UHLEVWRIIHLQIOOHQ
&RPPLVVLRQLQJ
‡ 0DFKLQHVZLWKLQWHUQDOFRPEXVWLRQ
HQJLQH
)RUUHDVRQVRIWUDQVSRUWVDIHW\QHZPDFKL
QHVDUHGHOLYHUHGZLWKRXWIXHODQGHQJLQHRLO
%HIRUH FRPPLVVLRQLQJ UHDG WKH HQJLQH
PDQXIDFWXUHUµVRSHUDWLQJLQVWUXFWLRQV
$GGHQJLQHRLO
$GGIXHO
,QEHGULMIQDPH
‡ 0DFKLQHVPHWYHUEUDQGLQJVPRWRUHQ
1LHXZHPDFKLQHVZRUGHQYDQZHJHGHYHL
OLJKHLG ELM KHW WUDQVSRUW ]RQGHU EUDQGVWRI HQ
PRWRUROLHJHOHYHUG
9RRUGHLQEHGULMIQDPHPRHWGHEHGLHQLQJV
KDQGOHLGLQJYDQGHPRWRUIDEULNDQWZRUGHQ
JHOH]HQ
0RWRUROLHWRHYRHJHQ
%UDQGVWRIWDQNHQ
‡ 0DVFKLQHQPLW(OHNWURPRWRUHQ
'LH&((6WHFNHUNXSSOXQJ$ZLUGDXFK
IUGLH/lQGHULQGHQHQGDV6WHFNHUV\VWHPQLFKW
HLQJHIKUWLVWPLWJHOLHIHUW
9HUOlQJHUXQJVNDEHO ]XP $QVFKOXVV DQ
GLH 0DVFKLQH EHUHLWKDOWHQ 5ROOHQ 6LH GDV
9HUOlQJHUXQJVNDEHO YRQ GHU .DEHOWURPPHO
YROOVWlQGLJDE1XU]XOlVVLJH9HUOlQJHUXQJVNDEHO
YHUZHQGHQ
6DXJURKU PLW .DEHOKDOWHU DP $EVDXJ
VFKODXFKDQGHU'HLFKVHOEHIHVWLJHQ
0DVFKLQH NXU] HLQVFKDOWHQ XQG /DXIULFK
WXQJ GHV 0RWRUV PLW GHP 5LFKWXQJVSIHLO DXI
GHU /IWHUKDXEH YHUJOHLFKHQ *HJHEHQHQIDOOV
'UHKULFKWXQJ GXUFK 3KDVHQZHFKVHO NRUULJLHUHQ
3KDVHLP&((6WHFNHUGUHKHQ
‡ 0DFKLQHVZLWKHOHFWULFPRWRUV
7KH &(( SOXJ $ LV DOVR VXSSOLHG IRU
FRXQWULHVLQZKLFKWKLVSOXJV\VWHPKDVQRWEHHQ
LQWURGXFHG
$Q H[WHQVLRQ FDEOH PXVW EH DYDLODEOH IRU
FRQQHFWLRQWRWKHPDFKLQH8QUROOWKHH[WHQVLRQ
FDEOHFRPSOHWHO\IURPWKHFDEOHGUXP2QO\XVH
SHUPLWWHGH[WHQVLRQFDEOHV
6HFXUHWKHVXFWLRQSLSHZLWKDFDEOHKROGHU
WRWKHH[WUDFWLRQKRVHRQWKHPDFKLQHVKDIW
6ZLWFKWKHPDFKLQHRQEULHÀ\DQGFRPSDUH
WKH GLUHFWLRQ RI URWDWLRQ RI WKH PRWRU ZLWK WKH
DUURZRQWKHIDQFRYHU,IQHFHVVDU\FKDQJHWKH
GLUHFWLRQRIURWDWLRQE\SKDVHUHYHUVDO
&KDQJLQJWKHSKDVHLQWKH&((SOXJ
$UEHLWVYRUEHUHLWXQJ
.RQWUROOLHUHQ6LH,KUH0DVFKLQHDXI %HVFKlGLJXQJ
‡ hEHUSUIHQ 6LH RE GLH )XQNWLRQ EHZHJOL
FKHU7HLOHLQ2UGQXQJLVW
‡ %HVFKlGLJWH6FKXW]YRUULFKWXQJHQXQG7HLOH
PVVHQVDFKJHPlVVGXUFKHLQH.XQGHQGLHQVW
ZHUNVWDWWUHSDULHUWRGHUDXVJHZHFKVHOWZHUGHQ
:RUNSUHSDUDWLRQ
&KHFN\RXUPDFKLQHIRUGDPDJH
:HUNYRRUEHUHLGLQJ
&RQWUROHHUXZPDFKLQHRSEHVFKDGLJLQJ
‡ &KHFNZKHWKHUPRYLQJSDUWVDUHLQZRUNLQJ
RUGHU
‡ 'DPDJHG SURWHFWLRQ GHYLFHV DQG SDUWV
PXVWEHH[SHUWO\UHSDLUHGRUUHSODFHGE\DFXVWR
PHUVHUYLFHZRUNVKRS
‡ &RQWUROHHURIEHZHJHQGHRQGHUGHOHQJRHG
IXQFWLRQHUHQ
‡ %HVFKDGLJGHEHYHLOLJLQJVYRRU]LHQLQJHQHQ
RQGHUGHOHQPRHWHQYDNNXQGLJGRRUHHQVHUYLFH
FHQWHUJHUHSDUHHUGRIYHUYDQJHQZRUGHQ
$
%
&
'
(
)
&KDQJLQJWKHWRROGUXP
3XOORXWWKHPDLQVSOXJIRUPDFKLQHVZLWK
HOHFWULFPRWRUV
3XOORIIWKHVSDUNLQJSOXJFDSRQPDFKLQHV
ZLWKLQWHUQDOFRPEXVWLRQHQJLQHV
$ 5HPRYHWKHFRYHUQXWVFRXQWHUVXQNVFUHZV
IURPWKHGUXPFRYHU
% 5HPRYHWKHGUXPFR
YHUIURPWKHPDFKLQH
& 5HPRYHWKHWRROGUXP
IURPWKHGULYHVKDIW
' &OHDQDQGJUHDVHWKH%
GULYHVKDIWOLJKWO\
( 3XVKWKHWRROGUXPRQWRWKHGULYHVKDIW
) 6FUHZWKHGUXPFRYHUEDFNRQZLWKWKHFRYHU
QXWVFRXQWHUVXQNVFUHZV
WRUTXHYDOXHV 1P9$6 1P
$
%
&
'
(
)
:HUN]HXJWURPPHOZHFKVHOQ
=LHKHQ6LHGHQ1HW]VWHFNHUEHL0DVFKL
QHQPLW(OHNWURDQWULHE
=LHKHQ6LHGHQ.HU]HQVWHFNHUEHL0DVFKL
QHQPLW9HUEUHQQXQJVPRWRU
'HFNHOPXWWHUQ6HQNVFKUDXEHQYRP7URP
PHOGHFNHOO|VHQ
7URPPHOGHFNHOYRQ
GHU0DVFKLQHDEQHK
PHQ
:HUN]HXJWURPPHO
YRQGHU$QWULHEVZHOOH$
]LHKHQ
$QWULHEVZHOOHVlXEHUQXQGOHLFKWIHWWHQ
:HUN]HXJWURPPHO DXI GLH $QWULHEVZHOOH
VFKLHEHQ
7URPPHOGHFNHO PLW 'HFNHOPXWWHUQ 6HQN
VFKUDXEHQZLHGHUDQVFKUDXEHQ
'UHKPRPHQW 1P9$6 1P
‡ 0DFKLQHVPHWHOHNWURPRWRUHQ
'H&((VWHNNHUNRSSHOLQJ$ZRUGWRRN
YRRUGLHODQGHQPHHJHOHYHUGZDDUKHWVWHNNHU
V\VWHHPQLHWLVLQJHYRHUG
9HUOHQJNDEHO YRRU DDQVOXLWLQJ DDQ GH
PDFKLQHJHUHHGKRXGHQ:LNNHOGHYHUOHQJNDEHO
YRONRPHQYDQGHNDEHOKDVSHODI$OOHHQWRHJHOD
WHQYHUOHQJNDEHOVJHEUXLNHQ
=XLJEXLVPHWNDEHOKRXGHUEHYHVWLJHQDDQ
GHDI]XLJVODQJDDQGHERRP
0DFKLQH NRUW LQVFKDNHOHQ HQ ORRSULFKWLQJ
YDQGHPRWRUPHWGHULFKWLQJSLMORSGHYHQWLODWRU
NDSYHUJHOLMNHQ,QGLHQQRGLJGUDDLULFKWLQJGRRU
IDVHZLVVHOLQJFRUULJHUHQ
)DVHLQGH&((VWHNNHUGUDDLHQ
*HUHHGVFKDSVWURPPHOZLVVHOHQ
7UHNELMPDFKLQHVPHWHOHNWULVFKHDDQGULM
YLQJGHVWUHNNHUXLWKHWVWRSFRQWDFW
7UHN GH ERXJLHVWHNNHU XLW ELM PDFKLQHV
PHWYHUEUDQGLQJVPRWRUHQ
'HNVHOPRHUHQ YHU]RQNHQ ERXWHQYDQ KHW
WURPPHOGHNVHO
VFKURHYHQ
7URPPHOGHNVHOYDQ
GHPDFKLQHQHPHQ
7URPPHOYDQGH
DDQGULMIDVYHUZLMGHUHQ&
$DQGULMIDVVFKRRQPDNHQHQOLFKWLQYHWWHQ
*HUHHGVFKDSVWURPPHO RS GH DDQGULMIDV
VFKXLYHQ
7URPPHOGHNVHO PHW GHNVHOPRHUHQ YHU]RQ
NHQERXWHQZHHUYDVWVFKURHYHQ
9DVWGUDDLHQ 1P9$6 1P
7UDYDX[
/DYRUL
0DQHMR
0LVHHQVHUYLFH
‡ 0DFKLQHVjPRWHXUjFRPEXVWLRQ
LQWHUQH
/HV PDFKLQHV QHXYHV VRQW OLYUpHV VDQV
FDUEXUDQWSRXUGHVUDLVRQVGHVpFXULWpGHWUDQV
SRUW
/LUH DWWHQWLYHPHQW OHV LQVWUXFWLRQV GH VHU
YLFH GX FRQVWUXFWHXU GH PRWHXUV DYDQW OD
PLVHHQVHUYLFH
)DLUHOHSOHLQGµKXLOHGXPRWHXU
)DLUHOHSOHLQGHFDUEXUDQW
0HVVDLQIXQ]LRQH
‡ 0DFFKLQHFRQPRWRULDFRPEXVWLRQH
3HUPRWLYLGLVLFXUH]]DQHOWUDVSRUWROHPDF
FKLQH QXRYH YHQJRQR IRUQLWH VHQ]D FDUEXUDQWH
QpROLRSHULOPRWRUH
3ULPD GHOOD PHVVD LQ IXQ]LRQH VL GHYRQR
OHJJHUHOHLVWUX]LRQLGLVHUYL]LR
)DUHLOULIRUQLPHQWRGµROLRSHULOPRWRUH
)DUHLOULIRUQLPHQWRGLFDUEXUDQWH
3XHVWDHQPDUFKD
‡ 0iTXLQDVFRQPRWRUHVGHFRPEXVWLyQ
3RU PRWLYRV GH VHJXULGDG GH WUDQVSRUWH
ODVPiTXLQDVQXHYDVVHVXPLQLVWUDQVLQFRPEX
VWLEOHQLDFHLWHGHPRWRU
$QWHVGHODSXHVWDHQPDUFKDGHEHQOHHUVH
ODV,QVWUXFFLRQHVGHXVRGHOIDEULFDQWHGH
ORVPRWRUHV
/OHQDUFRQDFHLWHGHPRWRU
/OHQDUFRQFRPEXVWLEOH
‡ 0DFFKLQHFRQPRWRULHOHWWULFL
/µLQQHVWRDVSLQD&(($YLHQHIRUQLWR
DQFKHSHUTXHLSDHVLLQFXLqLQWURGRWWRXQGLYHUVR
VLVWHPDGLVSLQD
7HQHUHSURQWRLOFDYRGLSUROXQJDSHULOFRO
OHJDPHQWR DOOD PDFFKLQD 6URWRODUH FRPSOHWD
PHQWHLOFDYRGLSUROXQJDGDOWDPEXURSHULFDYL
8WLOL]]DUHVRORFDYLGLSUROXQJDRPRORJDWL
)LVVDUHLOWXERDVSLUDQWHFRQVXSSRUWRFDYL
DOWXERÀHVVLELOHGLDVSLUD]LRQHGHOWLPRQH
$FFHQGHUHODPDFFKLQDSHUEUHYHWHPSRH
FRQWUROODUHFKHLOVHQVRGLURWD]LRQHGHOPRWRUH
VLD XJXDOH D TXHOOR LQGLFDWR GDOOD IUHFFLD VXOOD
FDSSRWWDWXUDGHOYHQWLODWRUH(YHQWXDOPHQWHFRU
UHJJHUH LO VHQVR GL URWD]LRQH FRQ XQ FDPELD
PHQWRGLIDVH
5XRWDUHODIDVHQHOODVSLQD&((
‡ 0DFKLQHVjPRWHXUpOHFWULTXH
/HFRQQHFWHXU&(($IDLWDXVVLSDUWLH
GH OD IRXUQLWXUH GDQV OHV SD\V R FH V\VWqPH
QµHVWSDVLQWURGXLW
3UpSDUHUOHFkEOHGHUDOORQJHSRXUOHUDF
FRUGHUjODPDFKLQH'pURXOHUFRPSOqWHPHQWOH
FkEOHGHUDOORQJHGXWDPERXU1µXWLOLVHUTXHGHV
FkEOHVGHUDOORQJHDJUppV
)L[HUOHWXEHGµDVSLUDWLRQDYHFOHVXSSRUWGH
FkEOHDXÀH[LEOHGµDVSLUDWLRQVXUOHWLPRQ
0HWWUHEULqYHPHQWODPDFKLQHHQPDUFKHHW
FRPSDUHUOHVHQVGHURWDWLRQGHPRWHXUDYHFOD
ÀqFKHSODFpHVXUOHFDSRWGXYHQWLODWHXU&RUUL
JHUDXEHVRLQOHVHQVGHURWDWLRQHQLQYHUVDQW
OHVSKDVHV
7RXUQHUODSKDVHGDQVOHFRQQHFWHXU&((
3UpSDUDWLIVGHWUDYDLO
3UHSDUD]LRQHDOODYRUR
&RQWU{OHUOHERQpWDWGHODPDFKLQH
&RQWUROODUH FKH OD SURSULD PDFFKLQD QRQ
SUHVHQWLGDQQL
‡ 9pUL¿HU VL OHV SLqFHV PRELOHV IRQFWLRQQHQW ‡ 9HUL¿FDUHFKHOHSDUWLPRELOLVLDQRSHUIHWWD
QRUPDOHPHQW
PHQWHIXQ]LRQDQWL
‡ /HVGLVSRVLWLIVHWSLqFHVGHVpFXULWpHQGRP ‡ , SH]]L HG L GLVSRVLWLYL GL VLFXUH]]D GDQQ
PDJpV GRLYHQW rWUH UpSDUpV RX FKDQJpV SUR HJJLDWL GHYRQR HVVHUH ULSDUDWL LQ PRGR LGRQHR
IHVVLRQQHOOHPHQW SDU XQ DWHOLHU GH VHUYLFH RSSXUH VRVWLWXLWL GDOOµRI¿FLQD Gµ$VVLVWHQ]D 7HF
DSUqVYHQWH
QLFD
&KDQJHPHQWGHWDPERXUjRXWLOV
6RVWLWXLUHLOWDPEXURSHUXWHQVLOL
6RUWLUOHFRQQHFWHXUGµDOLPHQWDWLRQVHFWHXU 1HOOH PDFFKLQH FRQ GLPHQWD]LRQH HOHWW
GHVPDFKLQHVjHQWUDvQHPHQWpOHFWULTXH
ULFRV¿ODUHODVSLQD
5HWLUHUOHVFRVVHVGHERXJLHGHVPDFKL 1HOOH PDFFKLQD FRQ PRWRUH D FRPEX
QHVjPRWHXUjFRPEXVWLRQLQWHUQH
VWLRQHV¿ODUHODVHGHSHUOHFDQGHOH
$ 'HVVHUUHU OHV pFURXV GX FRXYHUFOH YLV j $ $OOHQWDUH L GDGL GHO FRSHUFKLR YLWL D WHVWD
WrWHIUDLVpHGX
VYDVDWDGHOFRSHUFKLR
WDPERXU
GHOWDPEXUR
% (QOHYHUOHFRXYHUFOH
% 7RJOLHUHLOFRSHUFKLR
GXWDPERXUGHOD
GHOWDPEXURGDOOD
PDFKLQH
PDFFKLQD
& 7LUHUOHWDPERXUKRUV'
& 6¿ODUHLOWDPEXURSHU(
GHOµDUEUHGµHQWUDvQH
XWHQVLOLGDOOµDOEHUR
PHQW
PRWRUH
' 1HWWR\HU OµDUEUH GµHQWUDLQHPHQW HW OH JUDLV ' 3XOLUH OµDOEHUR PRWRUH HG LQJUDVVDUOR OHJ
VHUOpJqUHPHQW
JHUPHQWH
( 3RXVVHUOHWDPERXUVXUOµDUEUH
( 6SLQJHUHLOWDPEXURSHUXWHQVLOLVXOOµDOEHUR
GµHQWUDLQHPHQW
PRWRUH
) 5HYLVVHUOHFRXYHUFOHDYHFOHVpFURXVYLVj ) $YYLWDUHQXRYDPHQWHLOFRSHUFKLRGHOWDPEXUR
WrWHIUDLVpH
FRQLGDGLGHOFRSHUFKLRYLWLDWHVWDVYDVDWD
0RPHQWGHWRUVLRQ 1P9$6 1P PRPHQWRWRUFHQWH 1P9$6 1P
‡ 0iTXLQDVFRQHOHFWURPRWRUHV
(OHQFKXIHKHPEUDGHOD&(($WDP
ELpQVHVXPLQLVWUDDORVSDtVHVHQTXHQRVHKD
LQWURGXFLGRHOVLVWHPDGHHQFKXIH
7HQHUSUHSDUDGRHOFDEOHGHSURORQJDFLyQ
SDUD FRQH[LyQ HQ OD PiTXLQD 'HVHQUUROOH SRU
FRPSOHWRHOFDEOHGHSURORQJDFLyQGHOWDPERUGH
FDEOH8WLOL]DUVRODPHQWHFDEOHVGHSURORQJDFLyQ
DXWRUL]DGRV
6XMHWDUFRQSRUWDFDEOHVHOWXERGHVXFFLyQ
DODPDQJXHUDGHDVSLUDFLyQHQHOEUD]RGHWLUR
&RQHFWDU EUHYHPHQWH OD PiTXLQD \ FRP
SDUDU OD GLUHFFLyQ GH PDUFKD GHO PRWRU FRQ OD
ÀHFKDGHGLUHFFLyQVREUHODFDSHUX]DGHOYHQWL
ODGRU'DGRHOFDVRFRUUHJLUODGLUHFFLyQGHJLUR
PHGLDQWHFDPELRGHIDVH
*LUDUODIDVHHQHOHQFKXIHGHOD&((
3UHSDUDFLyQGHOWUDEDMR
&RPSUXHEH TXH VX PiTXLQD QR SUHVHQWH
GDxRV
‡ &RQWUROHVLHOIXQFLRQDPLHQWRGHODVSLH]DV
PyYLOHVHVFRUUHFWR
‡ 8QWDOOHUGHVHUYLFLRSRVYHQWDGHEHUHSDUDU
DGHFXDGDPHQWHRUHFDPELDUORVGLVSRVLWLYDVGH
VHJXULGDG\ODVSLH]DVFRQGDxRV
&DPELRGHOWDPERUGHKHUUDPLHQWDV
5HWLUHHOHQFKXIHGHODUHGHQPiTXLQDV
FRQDFFLRQDPLHQWRHOpFWULFR
5HWLUHHOHQFKXIHGHODVEXMLDVFRQPRWR
UHVGHFRPEXVWLRQ
$ $ÀRMDUODVWXHUFDVGHWDSDWRUQLOORVDYHOOD
QDGRVGHOWDPERUGH
KHUUDPLHQWDV
% 4XLWDUODWDSDGHO
WDPERUGHPiTXLQD
& ([WUDHUHOWDPERU
GHKHUUDPLHQWDVGHO)
HMHGHDFFLRQDPLHQWR
' /LPSLDU \ HQJUDVDU OLJHUDPHQWH HO HMH
GHDFFLRQDPHQWR
( (PSXMDU HO WDPERU GH KHUUDPLHQWDV HQ HO
HMHGHDFFLRQDPLHQWR
) $WRUQLOODUGHQXHYRODWDSDGHOWDPERUFRQWXHU
FDVGHWDSDWRUQLOORVDYHOODQDGRV$ODSUHWDUREVHUYDU
HOWRUTXH 1P9$6 1P
&RS\ULJKW‹9RQ$U[$*
$UEHLWHQ
2SHUDWLRQ
+HWZHUNHQ
‡
$
%
&
‡
$
%
&
*HUHHGVFKDSVWURPPHOYDQ
JHUHHGVFKDSYRRU]LHQ
‡ /DPHOOHQJHUHHGVFKDSGHPRQWHUHQ
$ =HVNDQWERXWHQ RS GH ERUJULQJ YDQ GH
JHUHHGVFKDSVWURPPHOORVGUDDLHQ
% %RUJULQJ YDQ GH JHUHHGVFKDSVWURPPHO
YHUZLMGHUHQ
& /DPHOOHQDVXLWGHWURPPHONHUQWUHNNHQ
:HUN]HXJWURPPHOEHVWFNHQ
/DPHOOHQZHUN]HXJDXVEDXHQ
6HFKVNDQWVFKUDXEHQDP+DOWHULQJGHU
:HUN]HXJWURPPHOO|VHQ
+DOWHULQJYRQGHU:HUN]HXJWURPPHOHQWIHU
QHQ
/DPHOOHQZHOOHDXVGHP7URPPHONHUQ
]LHKHQ
)LWWLQJRXWWKHWRROGUXP
5HPRYLQJWKHFXWWHUV
'HWDFKWKHKH[DJRQKHDGVFUHZVIURPWKH
WRROGUXPUHWDLQLQJULQJ
5HPRYH WKH UHWDLQLQJ ULQJ IURP WKH WRRO
GUXP
3XOOWKHFXWWHUVKDIWRIIWKHGUXPFRUH
‡ %HVWFNXQJVDUWZlKOHQ
%HLVSLHOHVLHKH$EVFKQLWW
‡*OHLFKH $Q]DKO YRQ /DPHOOHQ XQG =ZL
VFKHQVFKHLEHQ DXI HLQHU /DPHOOHQZHOOH
PRQWLHUHQ
‡8QDXVJHZRJHQH%HVWFNXQJYHUXUVDFKW
/DXIXQZXFKWHQXQGIUK]HLWLJHQ9HUVFKOHLVV
‡1XU /DPHOOHQ lKQOLFKHU $EQXW]XQJ YHU
ZHQGHQ
‡,Q HLQHU :HUN]HXJWURPPHO GUIHQ GLH
/DPHOOHQZHUN]HXJH QLFKW JHPLVFKW PRQ
WLHUWZHUGHQ
‡=ZHL/DPHOOHQGUIHQQLFKWQHEHQHLQDQGHU
OLHJHQ 6LH PVVHQ LPPHU PLW HLQHU =ZL
VFKHQVFKHLEH JHWUHQQW ZHUGHQ $XVQDKPH
6WUDKOHQODPHOOHQ
‡'LH 6FKlOODPHOOHQ GUIHQ GHQ 7URPPHO
ÀDQVFK XQG GLH 6HJPHQWVWHJH GHU 7URP
PHOQLFKWEHUKUHQ
‡%HLP %HVWFNHQ PLW 6FKlOODPHOOHQ RGHU
.OHHEODWWODPHOOHQ LVW DXI GLH 'UHKULFKWXQJ
GHU/DPHOOHQZHUN]HXJH]XDFKWHQ
‡ &KRRVLQJWKHW\SHRIFXWWHU
)RUH[DPSOHVVHHSDJH
‡0RXQW WKH VDPH QXPEHU RI FXWWHUV DQG
VSDFHUVRQWKHÀDLOVKDIW
‡$Q LPSURSHUO\ SURSRUWLRQHG FRQ¿JXUDWLRQ
RIFXWWHUVDQGGLVFVUHVXOWVLQDQLPEDODQFH
RIWKHGUXP
‡8VHRQO\FXWWHUVZKLFKDUHZRUQHYHQO\
‡7KH FXWWHU WRROV PXVW QRW EH PL[HG RQ D
VLQJOHWRROGUXP
‡7ZRFXWWHUVPXVWQRWEHPRXQWHGQH[WWR
HDFKRWKHU7KH\PXVWDOZD\VEHVHSDUDWHG
E\DVSDFHU([FHSWLRQ%HDPFXWWHUV
‡0LOOLQJFXWWHUVPXVWQRWFRQWDFWWKHGUXP
ÀDQJHDQGWKHGUXPVHJPHQWEULGJHV
‡:KHQ ¿WWLQJ PLOOLQJ FXWWHUV RU FORYHU OHDI
FXWWHUV PDNH VXUH WKDW WKH FXWWHU WRROV
URWDWHLQWKHFRUUHFWGLUHFWLRQ
‡
‡
'
(
)
*
+
‡
'
(
)
*
+
‡
'
(
)
*
+
/DPHOOHQZHOOHQEHVWFNHQ
/DPHOOHQZHOOH ELV NXU] YRU GHP 6HJPHQW
VWHJRGHUGHP7URPPHOÀDQVFKHLQVFKLHEHQ
/DPHOOHQZHOOHPLW/DPHOOHQXQG=ZLVFKHQ
VFKHLEHQEHVWFNHQ
1lFKVWH /DPHOOHQZHOOH PLW /DPHOOHQ XQG
=ZLVFKHQVFKHLEHQ EHVWFNHQ :LHGHUKR
OHQ ELV GLH :HUN]HXJWURPPHO NRPSOHWW
EHVWFNWLVW
+DOWHULQJDP7URPPHOÀDQVFKHLQVHW]HQ
+DOWHULQJPLW6HFKVNDQWVFKUDXEHQDP
7URPPHOÀDQVFKEHIHVWLJHQ
$%
)LWWLQJRXWWKHÁDLOVKDIWV
3XVKWKHÀDLOVKDIWLQXQLWLWLVLPPHGLDWHO\
LQIURQWRIWKHVHJPHQWEULGJHRQWKHGUXP
ÀDJH
)LWWKHÀDLOVKDIWZLWKFXWWHUVDQGVSDFHUV
)LW WKH QH[W ÀDLO VKDIW ZLWK FXWWHUV DQG
VSDFHUV8QWLOWKH WRRO GUXP KDV EHHQ FRP
SOHWO\¿WWHGRXW
,QVHUWWKHUHWDLQLQJULQJRQWKHGUXPIODQJH
6HFXUH WKH UHWDLQLQJ ULQJ ZLWK KH[DJRQ
KHDGVFUHZVRQWKHGUXPÀDJH
&
7HPRQWHUHQJHUHHGVFKDSSHQNLH]HQ
9RRUEHHOGHQ]LHSDJ
‡*HOLMNDDQWDOODPHOOHQHQWXVVHQ
VFKLMYHQRSGHWURPPHOPRQWHUHQ
‡(HQ RQHYHQZLFKWLJH FRQ¿JXUDWLH YHURRU
]DDNWRQEDODQVHQYRRUWLMGLJHVOLMWDJH
‡$OOHHQRSGH]HOIGHZLM]HYHUVOHWHQODPHO
OHQJHEUXLNHQ
‡,Q HHQ JHUHHGVFKDSVWURPPHO PRJHQ GH
ODPHOOHQ JHUHHGVFKDSSHQ QLHW JHPHQJG
ZRUGHQJHPRQWHHUG
‡7ZHH ODPHOOHQ PRJHQ QLHW QDDVW HONDDU
OLJJHQ=H PRHWHQ DOWLMG PEY HHQ WXV
VHQVFKLMIJHVFKHLGHQZRUGHQJHKRXGHQ
8LW]RQGHULQJ6WUDDOODPHOOHQ
‡'H NDSODPHOOHQ PRJHQ GH WURPPHOÀHQV
HQGHVHJPHQWEUXJJHQYDQGHWURPPHOQLHW
DDQUDNHQ
‡%LMKHWPRQWHUHQPHWNDSODPHOOHQRINOD
YHUEODGODPHOOHQRSGHGUDDLULFKWLQJYDQGH
ODPHOOHQJHUHHGVFKDSSHQOHWWHQ
/DPHOOHQDVVHQYRRU]LHQYDQJHUHHGVFKDS
/DPHOOHQDVWRWNRUWYRRUGHVHJPHQWEUXJRI
GHWURPPHOÀHQVLQVFKXLYHQ
/DPHOOHQDVYRRU]LHQYDQODPHOOHQHQWXV
VHQVFKLMYHQ
'H YROJHQGH ODPHOOHQDV YRRU]LHQ YDQ
ODPHOOHQHQWXVVHQVFKLMYHQ+HUKDOHQWRWGH
JHUHHGVFKDSVWURPPHO FRPSOHHW LV YRRU
]LHQ
%RUJULQJRSGHWURPPHOÀHQVLQ]HWWHQ
%RUJULQJ PHW ]HVNDQWERXWHQ RS GH WURP
PHOÀHQVEHYHVWLJHQ
(
'
7UDYDX[
$
/DYRUL
0DQHMR
5LYHVWLPHQWRGHOWDPEXURSHUXWHQVLOL
‡ 6PRQWDUHO¶XWHQVLOHODPHOODUH
$ $OOHQWDUH OH YLWL WHVWD VYVDWD GDOOµDQHOOR GL
¿VVDJJLRGHOWDPEXURSHUXWHQVLOL
% 5LPXYHUHOµDQHOORGL¿VVDJJLRGDOWDPEXUR
% (OHYHUODEDJXHGHUHWHQXHGXWDPERXU
SHUXWHQVLOL
& 6¿ODUHOµDOEHURSHUODPHOOHGDOODSDUWHFHQ
& 7LUHU OµDUEUH GH ODPHOOH KRUV GX QR\DX GH WUDOHGHOWDPEXUR
WDPERXU
‡ &KRL[GXPRGHGHJDUQLWXUH
‡ 6FHJOLHUHLOWLSRGLDWWUH]]DWXUD
([HPSOHVYRLUSDJH
(VHPSLVLYHGHUHSDJLQD
‡0RQWHUOHPrPHQRPEUHGHODPHOOHVHWGH ‡0RQWDUHORVWHVVRQXPHURGLODPHOOHHGL
URQGHOOHVLQWHUPpGLDLUHVVXUXQDUEUH
GLVFKLLQWHUPHGLVXXQDOEHURSHUODPHOOH
‡8QH JDUQLWXUH GpVpTXLOLEUpH JpQqUH XQ ‡6H OµDWWUH]]DWXUD QRQ q ELODQFLDWD VL FDX
GpVpTXLOLEUHGHPDUFKHHWXQHXVXUHSUp VDQRVTXLOLEULQHOODFRUVDHGXQµXVXUDSUH
FRFH
FRFH
‡1µXWLOLVHU TXH GHV ODPHOOHV SUpVHQWDQW OD ‡8WLOL]]DUHVRORODPHOOHXVXUDWHDOORVWHVVR
PrPHXVXUH
PRGR
‡/HVRXWLOVjODPHOOHVQHGRLYHQWSDVrWUH ‡,QXQWDPEXURSHUXWHQVLOLQRQVLGHYRQR
PRQWpV PpODQJpV GDQV XQ WDPERXU j PRQWDUHXWHQVLOLODPHOODULGLYHUVL
RXWLOV
‡'HX[ ODPHOOHV QH GRLYHQW SDV VH WURXYHU ‡'XHODPHOOHQRQGHYRQRHVVHUHGLVSRVWH
OµXQH j F{Wp GH OµDXWUH HOOHV GRLYHQW WRX OµXQDDFFDQWRDOOµDOWUD'HYRQRVHPSUH
MRXUVrWUHVpSDUpHVSDUXQHURQGHOOHLQWHUPpGL HVVHUH VHSDUDWH GD XQ GLVFR LQWHUPHGLR
DLUH([FHSWLRQ/HVODPHOOHVGHQWpHV
(FFH]LRQH/HODPHOOHDUDJJLR
‡/HV ODPHOOHV GµpFRUoDJH QH GRLYHQW SDV ‡/HODPHOOHDSHODWXUDQRQGHYRQRWRFFDUH
WRXFKHUODEULGHHWOHVpWDLVGHVHJPHQWGH ODÀDQJLDQpOHQHUYDWXUHGHOVHJPHQWRGHO
WDPERXU
WDPEXUR
‡)DLUH DWWHQWLRQ DX VHQV GH URWDWLRQ GHV ‡1HOOµDWWUH]]DUH LO WDPEXUR FRQ ODPHOOH D
RXWLOVjODPHOOHVGDQVOHFDVGHJDUQLVVDJH SHODWXUDRDWUHIRORVLGHYHIDUHDWWHQ]LRQH
DYHFGHVODPHOOHVGµpFRUoDJHRXWUqÀH
DOVHQVRGLURWD]LRQHGHJOLXWHQVLOLODPHOODUL
‡
'
(
)
*
+
*DUQLVVDJHGXWDPERXUjRXWLOV
'pPRQWDJHGHO¶RXWLOjODPHOOHV
'HVVHUUHUOHVYLVKH[DJRQDOHVGHODEDJXH
GHUHWHQXHGXWDPERXUjRXWLOV
*DUQLVVDJHGHVDUEUHVGHODPHOOH
*OLVVHUOµDUEUHGHODPHOOHVMXVWHDYDQWOµpWDL
GHVHJPHQWRXODEULGHGXWDPERXU
*DUQLUOµDUEUHGHODPHOOHVHWGHURQGHOOHV
LQWHUPpGLDLUHV
*DUQLUOµDUEUHVXLYDQWGHODPHOOHVHWGHURQ
GHOOHV LQWHUPpGLDLUHV -XVTXµj FH TXH OH
WDPERXUVRLWFRPSOqWHPHQWJDUQL
,QWURGXLUHODEDJXHGHUHWHQXHVXUODEULGH
GXWDPERXU
)L[HU OD EDJXH GH UHWHQXH DYHF GHV YLV
KH[DJRQDOHVVXUODEULGHGXWDPERXU
)
*
‡
'
(
)
*
+
$WWUH]]DUHJOLDOEHULSHUODPHOOH
6SLQJHUHLQVHUHQGROROµDOEHURSHUOHODPHOOH
¿QR D UDJJLXQJHUH TXDVL OD QHUYDWXUD GHO
VHJPHQWRHODÀDQJLDGHOWDPEXUR
$WWUH]]DUH OµDOEHUR SHU ODPHOOH FRQ GHOOH
ODPHOOHHGHLGLVFKLLQWHUPHGL
$WWUH]]DUH OµDOEHUR SHU ODPHOOH VXFFHVVLYR
FRQGHOOHURQGHOOHHGHLGLVFKLLQWHUPHGL
,QVHULUHOµDQHOORGL¿VVDJJLRDOODÀDQJLDGHO
WDPEXUR
)LVVDUH OµDQHOOR GL ¿VVDJJLR FRQ OH YLWL D
WHVWDHVDJRQDOHDOODÀDQJLDGHOWDPEXUR
(TXLSDUHOWDPERUGHKHUUDPLHQWDV
‡ 'HVPRQWDUODKHUUDPLHQWDGHOmPLQDV
$ $ÀRMDUORVWRUQLOORVKH[DJRQDOHVHQHODQLOOR
GHVXMHFLR
% 5HWLUDUHODQLOORGHVXMHFLyQGHOWDPERUGH
KHUUDPLHQWDV
& 6DFDUHOHMHGHOiPLQDVGHOQ~FOHRFHQWUDO
GHOWDPERU
‡ 6HOHFFLRQDUODFODVHGHHTXLSDPLHQWR
(MHPSORVYpDVHSiJLQD
‡0RQWDU HO PLVPR Q~PHUR GH OiPLQDV \
GLVFRVLQWHUHVSDFLDOHVVREUHXQHMHGHOiPL
QDV
‡8QHTXLSDPLHQWRGHVHTXLOLEUDGRRFDVLRQD
GHVHTXLOLEULRVGHPDUFKD\GHVJDVWHSUHPD
WXUR
‡8WLOL]DU ~QLFDPHQWH OiPLQDV GH GHVJDVWH
VLPLODU
‡(QXQWDPERUGHKHUUDPLHQWDVODVKHUUD
PLHQWDV GH OiPLQDV QR GHEHQ PRQWDUHV
PH]FODGDV
‡'RVOiPLQDVQRGHEHQHQFRQWUDUVHXQDDO
ODGRGHODRWUD6LHPSUHGHEHQHVWDUVHSDUDGDV
SRU XQ GLVFR LQWHUHVSDFLDO([FHSFLyQ/DV OiPL
QDVHVWUHOODGDV
‡/DV OiPLQDV GHVFRUWH]DGRUDV QR GHEHQ
WHQHUFRQWDFWRFRQODEULGDGHOWDPERU\HOFRQ
WUHWHGHOVHJPHQWRGHOWDPERU
‡'XUDQWH HO HTXLSDPLHQWR GH OiPLQDV
GHVFRUWH]DGRUDVRGHOiPLQDVGHKRMDGHWUpERO
GHEHWHQHUVHHQFXHQWDODGLUHFFLyQGHJLURGH
ODVKHUUDPLHQWDVGHOiPLQDV
‡ (TXLSDUORVHMHVOiPLQDV
' (QFDMDUHOHMHGHOiPLQDVKDVWDSRFRDQWHV
GHOFRQUHWHGHOVHJPHQWRRGHODEULGDGHO
WDPERU
( (TXLSDU HO HMH GH OiPLQDV FRQ OiPLQDV \
GLVFRVLQWHUHVSDFLDOHV
) (TXLSDUHOVLJXLHQWHVHJPHQWRFRQOiPLQDV
\GLVFRVLQWHUVSDFLDOHV7DPERUGHKHUUDPL
HQWDVHVWpFRPSOHWDPHQWHHTXLSDGR
* ,QVHUWDU HO DQLOOR GH VXMHFLyQ HQ OD EULGD
GHOWDPERU
+ )LMDUHODQLOORGHVXMHFLyQFRQWRUQLOORVKH[D
JRQDOHVHQODEULGDGHOWDPERU
+
&RS\ULJKW‹9RQ$U[$*
$UEHLWHQ
2SHUDWLRQ
+HWZHUNHQ
6WDXEVDXJDQODJHDQVFKOLHVVHQ
‡ )5
'HU$EVDXJVFKODXFKGHU6WDXEVDXJDQODJH
NDQQ IU 6FKODXFKDQVFKOVVH PLW HLQHP ,QQHQ
GXUFKPHVVHU YRQ PP DP 'HLFKVHOJULII RGHU
IU6FKODXFKDQVFKOVVHYRQPP,QQHQGXUFK
PHVVHUGLUHNWDP*HUlWHJHKlXVHDQJHVFKORVVHQ
ZHUGHQ 6FKODXFKYHUELQGXQJ YRQ 0DVFKLQHQ
GHLFKVHOXQG0DVFKLQHQJHKlXVHWUHQQHQ
%HL 9HUZHQGXQJ HLQHV VWDUNHQ 6WDXEVDX
JHUVXQGEHLDJJUHVVLYHP%HWRQVWDXENDQQ
GHU +DQGJULII GXUFKJHVWUDKOW ZHUGHQ 6ROFKH
+DQGJULIIHPVVHQHUVHW]WZHUGHQ
6WRIDIXLJLQVWDOODWLHDDQVOXLWHQ
‡ )5
'HDI]XLJVODQJYDQGHVWRIDI]XLJLQVWDOODWLH
NDQYRRUVODQJDDQVOXLWLQJHQPHWHHQLQZHQGLJH
GLDPHWHU YDQ PP DDQ KHW ERRPKDQGYDW RI
YRRU VODQJDDQVOXLWLQJHQ YDQ PP LQZHQGLJH
GLDPHWHUGLUHFWDDQKHWWRHVWHOKXLVZRUGHQDDQ
JHVORWHQ6ODQJYHUELQGLQJYDQPDFKLQHERRPHQ
PDFKLQHKXLVVFKHLGHQ
‡ 9$/
$EVDXJVFKODXFKPLW,QQHQGXUFKPHVVHUYRQ
PPGLUHNWDP$QVFKOXVVURKUDXIVWHFNHQ
‡
9$0DVFKLQHQ
6FKXW]NDSSHYRP$EVDXJURKUDQGHU
0DVFKLQHQGHLFKVHODEQHKPHQ
.OHPPEULGHDP$EVDXJURKUO|VHQ
$EVDXJURKU ELV ]XP$QVFKODJ HLQVWHFNHQ
XQGLQGLHJHZQVFKWH5LFKWXQJGUHKHQ
.OHPPEULGH DP $EVDXJVFKODXFK ZLHGHU
IHVWDQ]LHKHQ
$EVDXJVFKODXFK GHU $EVDXJDQODJH DP
$EVDXJURKUDQVFKOLHVVHQ
$UEHLWVWLHIHHLQVWHOOHQ
'LH 7LHIHQHLQVWHOOXQJ GHU 9$0DVFKLQHQ LVW PLW
HLQHU)HLQHLQVWHOOXQJXQGHLQHPDXWRPDWLVFKPLW
ODXIHQGHQ7LHIHQDQVFKODJDXVJHUVWHW
‡ 'LH )HLQHLQVWHOOXQJ GHV 7LHIHQDQVFKODJHV
ZLUGPLWGHP+DQGUDGHLQJHVWHOOW
‡ 'LHYRUHLQJHVWHOOWH$UEHLWVWLHIHZLUGPLWGHP
9HUVWHOOKHEHOQLFKWYHUVWHOOW
+DQGUDG ELV ]XP $QVFKODJ QDFK OLQNV
JHJHQ 8KU]HLJHUVLQQ GUHKHQ JJI 9HU
VWHOOKHEHOYRQ=HLW]X=HLWHWZDVO|VHQ
$QWULHEGHU:HUN]HXJWURPPHOVWDUWHQ
9HUVWHOOKHEHOELV]XP$QVFKODJQDFKXQWHQ
VWHOOHQGLH0DVFKLQHJHKWQDFKXQWHQ
+DQGUDG VRZHLW QDFK UHFKWV GUHKHQ LP
8KU]HLJHUVLQQELVGHU7LHIHQDQVFKODJPLW
GHU JHZQVFKWHQ $UEHLWVWLHIH HUUHLFKW LVW
GHU7LHIHQDQVFKODJOlXIWDXWRPDWLVFKPLW
'LH :HUN]HXJWURPPHO NDQQ MHW]W PLW GHP 9HU
VWHOOKHEHOJHKREHQXQGZLHGHUELV]XP$QVFKODJ
JHVHQNWZHUGHQ
'LHHLQJHVWHOOWH$UEHLWV
WLHIHlQGHUWVLFKQLFKW
&RQQHFWLQJWKHGXVWH[WUDFWLRQV\VWHP
‡ )5
7KH VXFWLRQ KRVH RI WKH GXVW H[WUDFWLRQ
V\VWHPFDQEHFRQQHFWHGRQWRWKHVKDIWKDQGOH
IRUKRVHFRQQHFWLRQVZLWKDQLQVLGHGLDPHWHURI
PPLQWKHFDVHRIKRVHFRQQHFWLRQVZLWK
PPLQVLGHGLDPHWHUFRQQHFWLRQLVPDGHGLUHFWO\
RQWRWKHGHYLFHFDVLQJ6HSDUDWHWKHKRVHFRQ
QHFWLRQ IURP WKH PDFKLQH VKDIW DQG PDFKLQH
FDVLQJ
:KHQDSRZHUIXOYDFXXPFOHDQHULVXVHG
LQWKHSUHVHQFHRIFRUURVLYHFRQFUHWHGXVW
WKHKDQGOHPD\EHGDPDJHG6XFKKDQGOHVPXVW
EHUHSODFHG
‡ 9$/
&RQQHFW WKH H[WUDFWLRQ KRVH ZLWK LQVLGH
GLDPHWHURIPPGLUHFWO\RQWRWKHFRQQHFWLRQ
WXEH
‡ 9$0DFKLQHV
5HPRYHWKHSURWHFWLRQFDSIURPWKHH[WUDF
WLRQSLSHRQWKHPDFKLQHVKDIW
5HOHDVHWKHFODPSLQJVWUDSRQWKHH[WUDF
WRUSLSH
3XVKWKHH[WUDFWRUSLSHLQDVIDUDVLWZLOOJR
DQGWXUQLQWKHGHVLUHGGLUHFWLRQ
7LJKWHQWKHFODPSLQJÀDQJHRQWKHH[WUDF
WLRQKRVHDJDLQ
&RQQHFWWKHH[WUDFWLRQKRVHRIWKHH[WUDF
WLRQV\VWHPRQWRWKHH[WUDFWLRQSLSH
6HWWLQJWKHZRUNLQJGHSWK
7KH GHSWK DGMXVWPHQW RI WKH 9$PDFKLQHV KDV
DSUHFLVHVHWWLQJDQGDGHSWKVWRSZKLFKIROORZV
DXWRPDWLFDOO\
‡ 7KH SUHFLVH VHWWLQJ RI WKH GHSWK VWRS LV
DGMXVWHGZLWKWKHKDQGZKHHO
‡ 7KH SUHVHW ZRUNLQJ GHSWK LV QRW FKDQJHG
ZLWKWKHDGMXVWLQJOHYHU
7XUQ WKH KDQGZKHHO DV IDU DV LW ZLOO JR
FRXQWHUZLVH DQG FORFNZLVH /RRVHQ WKH
DGMXVWLQJOHYHUVOLJKWO\IURPWLPHWRWLPH
6WDUWWKHWRROGUXPGULYH
6HWWKHDGMXVWLQJOHYHUGRZQZDUGVDVIDUDV
LWZLOOJR7KHPDFKLQHLVQRZORZHUHG
7XUQ WKH KDQGZKHHO FORFNZLVH XQWLO WKH
GHSWK VWRS KDV UHDFKHG WKH GHVLUHG ZRU
NLQJGHSWK7KHGHSWKVWRSIROORZVDXWRPD
WLFDOO\
7KH WRRO GUXP FDQ QRZ EH OLIWHG ZLWK WKH DGMX
VWLQJ OHYHU DQG ORZHUHG DJDLQ WR WKH OLPLW VWRS
7KHVHWZRUNLQJGHSWKGRHV
QRWFKDQJH
%LM JHEUXLN YDQ HHQ VWHUNH VWRI]XLJHU HQ
ELMDJUHVVLHIEHWRQVWRINDQKHWKDQGYDWEHVFKD
GLJGZRUGHQ=XONHKDQGYDWWHQPRHWHQYHUYDQ
JHQZRUGHQ
‡ 9$/
$I]XLJVODQJ PHW LQZHQGLJH GLDPHWHU YDQ
PPGLUHFWRSGHDDQVOXLWEXLVVWHNHQ
‡
9$0DFKLQHV
%HVFKHUPNDSMH YDQ GH DI]XLJEXLV DDQ GH
PDFKLQHERRPKDOHQ
.OHPEHXJHODDQGHDI]XLJEXLVORVGUDDLHQ
$I]XLJEXLVWRWDDQGHDDQVODJLQVWHNHQHQ
LQGHJHZHQVWHULFKWLQJGUDDLHQ
.OHPEHXJHODDQGHDI]XLJVODQJZHHUYDVW
GUDDLHQ
$I]XLJVODQJYDQGHDI]XLJLQVWDOODWLHDDQGH
DI]XLJEXLVDDQVOXLWHQ
:HUNGLHSWHLQVWHOOHQ
'HGLHSWHLQVWHOOLQJYDQGH9$PDFKLQHVLVYRRU
]LHQ YDQ HHQ ¿MQDIVWHOOLQJ HQ HHQ DXWRPDWLVFK
PHHORSHQGHGLHSWHDDQVODJ
‡ 'H ¿MQDIVWHOOLQJ YDQ GH GLHSWHDDQVODJ
JHEHXUWPHWKHWKDQGZLHO
‡ 'HYRRUDILQJHVWHOGHZHUNGLHSWHZRUGWPHW
GHYHUVWHOKHQGHOQLHWYHUVWHOG
'UDDL GH YHUVWHOKDQGHO GH DDQVODJ QDDU
OLQNV WHJHQ GH NORN LQ 'UDDL GH YHUVWHO
KDQGHOODQJ]DDPYDQWLMGWRWWLMGLHWVORVVHU
=HWGHDDQGULMYLQJYDQGHWURPPHOLQZHU
NLQJ
9HUVWHOKHQGHO WRW DDQ GH DDQVODJ QDDU
EHQHGHQ]HWWHQ'HPDFKLQHJDDWRPODDJ
+DQGZLHO ]R YHU QDDU UHFKWV GUDDLHQ LQ
GHULFKWLQJYDQGHZLM]HUVYDQGHNORNWRW
GHGLHSWHDDQVODJPHWGHJHZHQVWHZHUN
GLHSWH LV EHUHLNW'H GLHSWHDDQVODJ ORRSW
DXWRPDWLVFKPHH'HJHUHHGVFKDSVWURP
PHONDQQXPHWGH
YHUVWHOKDQGHORPKRRJJH
EUDFKWHQZHHUWRWDDQGH
DDQVODJRPODDJZRUGHQ
JHEUDFKWGHLQJHVWHOGH
ZHUNGLHSWHYHUDQGHUWQLHW
7UDYDX[
/DYRUL
0DQHMR
5DFFRUGHPHQWGHO¶pTXLSHPHQW G¶DVSLUDWLRQGHVSRXVVLqUHV
‡ )5
/H ÀH[LEOH GµDVSLUDWLRQ GH OµpTXLSHPHQW
GµDVSLUDWLRQ GHV SRXVVLqUHV SHXW rWUH UDFFRUGp
jODSRLJQpHGXWLPRQSRXUGHVUDFFRUGVD\DQW
XQGLDPqWUHLQWpULHXUGHPPRXSRXUGHVUDF
FRUGV GH PP GH GLDPqWUH LQWpULHXU GLUHFWH
PHQWDXFDUWHUGHOµDSSDUHLO6pSDUHUODOLDLVRQ
SDUÀH[LEOHGXWLPRQDXFDUWHUGHODPDFKLQH
/RUVGHOµHPSORLGµXQSXLVVDQWDVSLUDWHXUHW
HQSUpVHQFH GµXQH SRXVVLqUH GH EpWRQ
DJUHVVLYHODSRLJQpHSHXWrWUHVDEOpH'HWHOOHV
SRLJQpHVGRLYHQWrWUHUHPSODFpHV
‡ 9$/
0RQWHU GLUHFWHPHQW OH ÀH[LEOH GµDVSLUDWLRQ
GH PP GH GLDPqWUH DX WXEH GH UDFFRUGH
PHQW
‡ 9$0DVFKLQHV
(QOHYHUOHFDSXFKRQGHSURWHFWLRQGXWXEH
GµDVSLUDWLRQ SODFp VXU OH WLPR GH OD PD
FKLQH
'HVVHUUHU OD EULGH GH VHUUDJH GX WXEH
GµDVSLUDWLRQ
(QIRQFHUMXVTXµjODEXWpHOHWXEHGµDVSLUDWLRQ
HWOHWRXUQHUGDQVOHVHQVGpVLUp
5HVVHUUHU OD EULGH GH VHUUDJH GX WXEH
GµDVSUDWLRQ
5DFFRUGHUOHÀH[LEOHGµDVSLUDWLRQGH
OµpTXLSHPHQWDXWXEHGµDVSLUDWLRQ
5pJODJHGHODSURIRQGHXUGHWUDYDLO
/HUpJODJHGHSURIRQGHXUGHVPDFKLQHV9$HVW
pTXLSpGµXQUpJODJH¿QHWGµXQHEXWpHGHSURIRQ
GHXUWRXUQDQWDXWRPDWLTXHPHQWDYHF
‡ /H UpJODJH ¿Q GH OD EXWpH VH IDLW DYHF
OHYRODQWjPDLQ
‡ /DSURIRQGHXUGHWUDYDLOSUpUpJOpHQHVHUD
SDVWRXFKpHSDUOHOHYLHUGµDMXVWDJH
7RXUQHU OH YRODQW MXVTXµj OD EXWpH YHUV OD
JDXFKH HQ VHQV KRUDLUH LQYHUVH DX
EHVRLQ GHVVHUUHU GH WHPSV HQ WHPSV OH
OHYLHUGµDMXVWDJH
'pPDUUDJHGHOµHQWUDvQHPHQWGXWDPERXU
$EDLVVHU OH OHYLHU GH UpJODJH MXVTXµj OD
EXWpH/DPDFKLQHVµDEDLVVH
7RXUQHU OH YRODQW YHUV OD GURLWH VHQV
KRUDLUHMXVTXµjFHTXHODEXWpHDLWDWWHLQW
ODSURIRQGHXUGHWUDYDLOGpVLUpH/DEXWpH
GH SURIRQGHXU WRXUQH DXWRPDWLTXHPHQW
DYHF
/HWDPERXUjRXWLOVSHXWrWUHPDLQWHQDQWVRXOHYp
DYHFOHOHYLHUGHUpJODJH
HWUDEDLVVpMXVTXµjOD
EXWpH/DSURIRQGHXU
UpJOpHUHVWHLQFKDQJpH
&ROOHJDPHQWRGHOO¶LPSLDQWRG¶DVSLUD
]LRQHGHOODSROYHUH
‡ )5
,OWXERÀHVVLELOHGHOOµLPSLDQWRGLDVSLUD]LRQH
GHOODSROYHUHSXzHVVHUHFROOHJDWRGLUHWWDPHQWH
DOOD PDQLJOLD GHO WLPRQH QHO FDVR GL FROOHJD
PHQWR FRQ WXEL ÀHVVLELOL FRQ GLDPHWUR GL PP R DO FDUWHU GHOOµDSSDUHFFKLR LQ FDVR GL
FROOHJDPHQWR FRQ WXEL ÀHVVLELOL FRQ GLDPHWUR
LQWHUQRGLPP6WDFFDUHLOFROOHJDPHQWRFRQ
WXERÀHVVLELOHWUDLOWLPRQHHGLOFDUWHUGHOODPDF
FKLQD
8WLOL]]DQGRXQDSRWHQWHDVSLUDSROYHUHHGLQ
FDVR GL SROYHUH GL FHPHQWR DJJUHVVLYD
QHOODPDQLJOLDVLSXzGLIIRQGHUHGHOODSROYHUH7DOL
PDQLJOLHGHYRQRHVVHUHVRVWLWXLWH
‡
9$/
,QVHULUHLOWXERDVSLUDWRUHFRQGLDPHWURLQWHUQRGL
PPGLUHWWDPHQWHDOWXERGLFROOHJDPHQWR
‡ 9$0DFFKLQH
7RJOLHUHLOFRSHUFKLRGLSURWH]LRQHGHOWXER
DVSLUDWRUHGDOWLPRQHGHOODPDFFKLQD
$OOHQWDUHODVWDIIDGL¿VVDJJLRGHOWXERDVSL
UDWRUH
,QVHULUHLOWXERDVSLUDWRUH¿QRDGDUUHVWRH
UXRWDUORQHOVHQVRGHVLGHUDWR
)LVVDUH QXRYDPHQWH OD VWDIID GL ¿VVDJJLR
GHOWXERDVSLUDWRUH
&ROOHJDUH LO WXER ÀHVVLELOH GHOOµLPSLDQWR GL
DVSLUD]LRQHDOWXERDVSLUDWRUH
5HJROD]LRQHGHOODSURIRQGLWjGLODYRUR
,OGLVSRVLWLYLRGLUHJROD]LRQHGHOOHPDFFKLQHGHOOD
VHULH 9$ q GRWDWR GL XQD UHJROD]LRQH GL SUHFL
VLRQHHGLXQDUUHVWRGLSURIRQGLWjFKHIXQ]LRQD
DXWRPDWLFDPHQWH
‡ /DUHJROD]LRQHGLSUHFLVLRQHGHOOµDUUHVWRGL
SURIRQGLWjYLHQHUHJRODWDFRQXQYRODQWLQR
‡ /D SURIRQGLWj GL ODYRUR SUHLPSRVWDWD QRQ
YLHQHUHJRODWDFRQODOHYDGLUHJROD]LRQH
5XRWDUH LO YRODQWLQR YHUVR VLQLVWUD ¿QR DG
DUUHVWRVHQVRDQWLRUDULRHYHQWXDOPHQWHGL
WDQWRLQWDQWRDOOHQWDUHXQSRµODOHYDGLUHJR
OD]LRQH
$YYLRGHOODFLQJKLDGHOWDPEXUR
3RUWDUH YHUVR LO EDVVR OD OHYD GL UHJROD
]LRQH ¿QR DG DUUHVWR/D PDFFKLQD VL
DEEDVVD
5XRWDUHLOYRODQWLQRYHUVRGHVWUDLQVHQVR
RUDULR ¿QFKp QRQ VL UDJJLXQJH OµDUUHVWR
GLSURIRQGLWjGLODYRURGHVLGHUDWD/µDUUHVWR
GLSURIRQGLWjIXQ]LRQDDXWRPDWLFDPHQWH
$GHVVRLOWDPEXURSHUXWHQVLOLSXzHVVHUHVROOH
YDWRHSRLQXRYDPHQWHDEEDVVDWR¿QRDGDUUH
VWR SHU PH]]R GHOOD OHYD GL UHJROD]LRQH /D
SURIRQGLWjGLODYRURLPSRVWDWDQRQFDPELD
&RQHFWDUODLQVWDODFLyQGHDVSLUDFLyQ
GHSROYR
‡ )5
/DPDQJXHUDGHDVSLUDFLyQGHODLQVWDODFLyQ
GH DVSLUDFLyQ GH SROYR SXHGH FRQHFWDUVH SDUD
HPSDOPHVGHPDQJXHUDFRQXQGLiPHWURLQWHULRU
GHPPDODHPSXxDGXUDGHOEUD]RGHWLURR
SDUDHPSDOPHVGHPDQJXHUDGHPPGHGLi
PHWURLQWHULRUGLUHFWDPHQWHDODFDMDGHODSDUDWR
6HSDUDUODXQLyQGHPDQJXHUDGHOEUD]RGHWLUR
GHODPiTXLQD\GHODFDMDGHODPiTXLQD
6LVHXWLOL]DXQDDVSLUDGRUDSRWHQWH\FRQ
SROYR DJUHVLYR GH KRUPLJyQ OD HPSXxD
GXUDSXHGHUHVXOWDUGDxDGDV7DOHVHPSXxDGX
UDVGHEHQVHUUHFDPELDGDV
‡ 9$/
(QFKXIDUODPDQJXHUDGHDVSLUDFLyQFRQGLiPHWUR
LQWHULRUPPGLUHFWDPHQWHHQHOWXERGHVXFFLyQ
‡ 9$0iTXLQDV
4XLWDU OD FDSHUX]D SURWHFWRUD GHO WXER GH
VXFFLyQHQHOEUD]RGHWLURGHODPiTXLQD
$ÀRMDU OD EULGD GH DSULHWH HQ HO WXER GH
VXFFLyQ
(QFDMDUHOWXERGHVXFFLyQKDVWDHOWRSH\
JLUDUHQODGLUHFFLyQGHVHDGD
$SUHWDUGHQXHYRODEULGDGHDSULHWHHQOD
PDQJXHUDGHDVSLUDFLyQ
&RQHFWDUODPDQJXHUDGHDVSLUDFLyQGHOD
LQVWDODFLyQGHDVSLUDFLyQDOWXERGHVXFFLyQ
$MXVWDUODSURIXQGLGDGGHWUDEDMR
(O DMXVWH GH OD SURIXQGLGDG GH WUDEDMR GH ODV
PiTXLQDV9$HVWiHTXLSDGRFRQXQDMXVWH¿QR\XQ
WRSHGHSURIXQGLGDGGHVHJXLPLHQWRDXWRPiWLFR
‡ (O DMXVWH ¿QR GHO WRSH GH SURIXQGLGDG VH
UHJXODFRQHOYRODQWH
‡ /D SURIXQGLGDG GH WUDEDMR SUHYLDPHQWH
UHJXODGD QR YDULD FRQ OD SDODQFD GH
UHJXODFLyQ
*LUDUHOYRODQWHKDFLDODL]TXLHUDGDKDVWDHO
WRSHHQHOVHQWLGRFRQWUDULRDODVDJXMDV
GHXQUHORM\GDGRHOFDVRDÀRMDUGHYH]
HQFXDQGRODSDODQFDGHUHJXODFLyQ
$UUDQFDU HO DFFLRQDPLHQWR GHO WDPERU GH
KHUUDPLHQWDV
&RORFDUKDFLDDEDMRKDVWDHOWRSHODSDODQFD
GHUHJXODFLyQ/DPiTXLQDGHVFLHQGH
*LUDU HO YRODQWH D OD GHUHFKD HQ HO
VHQWLGRGH ODV DJXMDV GH XQ UHORM KDVWD
TXHVH DOFDQFH HO WRSH GH SURIXQGLGDG
FRQODSURIXQGLGDGGHWUDEDMRGHVHDGD(O
WRSH GH SURIXQGLGDG VLJXH DXWRPiWLFD
PHQWH
(O 7DPERU GH KHUUDPLHQWDV SXHGH DKRUD VHU
HOHYDGR\EDMDGRGHQXHYRKDVWDHOWRSHFRQ
OD SDODQFD GH UHJXODFLyQ /D SURIXQGLDG GH
WUDEDMRDMXVWDGDQRVHPR¿FD
&RS\ULJKW‹9RQ$U[$*
$UEHLWHQ
2SHUDWLRQ
+HWZHUNHQ
$UEHLWVÁlFKHYRUEHUHLWHQ
‡ .DQQHLQH6WDXEDEVDXJDQODJHQLFKWDQJH
VFKORVVHQZHUGHQVROOWHGLH]XEHDUEHLWHQGH
2EHUÀlFKH]XU(LQGlPPXQJGHU6WDXEHQWZLFN
OXQJPLW:DVVHUEHQHW]WZHUGHQ
‡ $UEHLWVÀlFKHYRQJUREHQ+LQGHUQLVVHQIUHL
PDFKHQ ]% KHUDXVUDJHQGH 6WDKODUPLHUXQJ
1lJHOXVZ
0DVFKLQHNRQWUROOLHUHQ
.RQWUROOLHUHQ6LH,KUH0DVFKLQHDXI %HVFKlGLJXQJ 9RU DOOHQ $UEHLWHQ DQ GHU
0DVFKLQHLVWGLH(QHUJLH]XIXKU]XWUHQQHQ
(UPGXQJVVLFKHUXQJSUIHQ
‡,VWGLH5HLVVOHLQHLQ2UGQXQJ"
‡6FKDOWHWGHU0RWRUEHLP=LHKHQDE"
5LHPHQVFKXW]SUIHQ
‡,VWGHU5LHPHQVFKXW]IHVWPRQWLHUW"
127$866FKDOWHUDQ0DVFKLQHQPLW(OHN
WURDQWULHESUIHQ
‡6FKDOWHWGLH0DVFKLQHQDFK%HWlWLJXQJDE"
6FKUDXEYHUELQGXQJHQSUIHQ
‡6LQGDOOH6FKUDXEYHUELQGXQJHQIHVW"
(OHNWULVFKH$QVFKOVVHEHL0DVFKLQHQPLW
(OHNWURDQWULHESUIHQ
‡'UHKWGHU(OHNWURPRWRULQGLHULFKWLJH5LFKWXQJ"
‡6LQGGLHHOHNWULVFKHQ$QVFKOVVHEHVFKlGLJW"
‡,VW HLQ ]XOlVVLJHV 9HUOlQJHUXQJVNDEHO DQJH
VFKORVVHQ"
‡,VWGDV.DEHOYROOVWlQGLJYRQGHU7URPPHODEJH
ZLFNHOW"
0DVFKLQHQPLW9HUEUHQQXQJVPRWRUSUIHQ
‡,VWGHU0RWRU|OVWDQGLP]XOlVVLJHQ%HUHLFK"
‡,VW7UHLEVWRIIDXIJHWDQNW"
‡,VWGHU/XIW¿OWHUVDXEHU"
:HUN]HXJWURPPHOSUIHQ
‡,VWGLH7URPPHOULFKWLJEHVWFNW"
‡,VWGLH7URPPHOPLW6FKlORGHU.OHHEODWWODPHO
OHQLP'UHKVLQQGHU6FKQHLGHQHLQJHEDXW"
9RRUEHUHLGLQJYDQKHWHEHZHUNHQRSSHUYODN
‡ $OVHHQVWRIDI]XLJLQVWDOODWLHQLHWNDQ
ZRUGHQDDQJHVORWHQLVKHWUDDG]DDPKHWWH
EHZHUNHQRSSHUYODNWHUEHSHUNLQJYDQGHVWR
IRQWZLNNHOLQJPHWZDWHUWHEHYRFKWLQJ
‡ +HW WH EHZHUNHQ RSSHUYODN RQWGRHQ YDQ
JURYHKLQGHUQLVVHQELMYXLWVWHNHQGHVWDOHQZDSH
QLQJVSLMNHUVHQ]
0DFKLQHFRQWUROHUHQ
&RQWUROHHU XZ PDFKLQH RS EHVFKDGLJLQJ
9RRUDOOHZHUN]DDPKHGHQDDQGHPDFKLQH
GHHQHULHWRHYRHUYHUEUHNHQ
%HYHLOLJLQJWHJHQYHUPRHLGKHLGFRQWUROHUHQ
‡,VGHWUHNNDEHOLQRUGH"
‡:RUGWGHPRWRUXLWJHVFKDNHOGDOVDDQGHNDEHO
ZRUGWJHWURNNHQ"
5LHPEHVFKHUPLQJFRQWUROHUHQ
‡,VGHULHPEHVFKHUPLQJVWHYLJJHPRQWHHUG"
122'6723 VFKDNHODDU DDQ PDFKLQHV
PHWHOHNWULVFKHDQGULMYLQJFRQWUROHUHQ
‡:RUGWGHPDFKLQHXLWJHVFKDNHOGQDGDWRSGH]H
NQRSLVJHGUXNW"
6FKURHIYHUELQGLQJFRQWUROHUHQ
‡=LMQDOOHVFKURHIYHUELQGLQJHQYDVW"
(OHNWULVFKHDDQVOXLWLQJHQELMPDFKLQHVPHW
HOHNWULVFKHDDQGULMYLQJFRQWUROHUHQ
‡'UDDLWGHHOHNWURPRWRULQGHMXLVWHULFKWLQJ"
‡=LMQGHHOHNWULVFKHDDQVOXLWLQJHQEHVFKDGLJG"
‡,VHHQWRHJHODWHQYHUOHQJNDEHODDQJHVORWHQ"
‡,VGHNDEHOYROOHGLJDIJHZLNNHOGYDQGHWURPPHO"
0DFKLQHVPHWYHUEUDQGLQJVPRWRUHQFRQWUROHUHQ
‡,V GH PRWRUROLHVWDQG ELQQHQ KHW WRHJHODWHQ
EHUHLN"
‡,VEUDQGVWRIJHWDQNW"
‡,VGHOXFKW¿OWHUVFKRRQ"
*HUHGVFKDSVWURPPHOFRQWUROHUHQ
‡,VGHWURPPHOYRRUKHWEHRRJGHZHUN"
‡,VGHWURPPHOPHWNDSRINODYHUEODGODPHOOHQLQ
GHGUDDLULFKWLQJYDQGHVQLMYODNNHQJHPRQWHHUG"
%HGLHQXQJ
0DVFKLQHVWDUWHQ
*HUlWHNRQWUROOHGXUFKJHIKUW
6WHOOKHEHO QDFK REHQ VWHOOHQ 'LH :HUN
]HXJWURPPHOKHEWYRP%RGHQDE
6WHOOEUHPVHEHL9$0DVFKLQHQ]LHKHQRGHU
%UHPVNHLOH XQWHU GLH 6WW]UlGHU GHU )5 OHJHQ
)DOOVDQJHVFKORVVHQ6WDXEVDXJDQODJHHLQ
VFKDOWHQ
)DOOVDQJHEDXW9RUVFKXEJHUlWHLQVFKDOWHQ
$QWULHEGHU:HUN]HXJWURPPHOVWDUWHQ
(UPGXQJVVLFKHUXQJDP+DQGJHOHQNEHIH
VWLJHQ
%UHPVNHLOH HQWIHUQHQ RGHU 6WHOOEUHPVH
O|VHQ
2SHUDWLRQ
6WDUWLQJWKHPDFKLQH
7KHGHYLFHVPXVWKDYHEHHQFKHFNHG
6HW WKH DGMXVWLQJ OHYHU XSZDUGVWKH WRRO
GUXPOLIWVDZD\IURPWKHÀRRU
2Q9$PDFKLQHVDSSO\WKHSDUNLQJEUDNH
RUSODFHEUDNHFKRFNVXQGHUWKH)5VXSRUW
ZKHHOV
6ZLWFKWKHGXVWH[WUDFWRUV\VWHPRQLIFRQ
QHFWHG
,IPRXQWHGVZLWFKRQWKHWUDFWLRQXQLW
6WDUWWKHWRROGUXPGULYH
6HFXUHWKHIDWLJXHFRUGWRWKHZULVW
5HPRYH WKH EUDNH FKRFNV RU UHOHDVH WKH
SDUNLQJEUDNH
3UHSDULQJWKHZRUNLQJVXUIDFH
‡ ,IDGXVWH[WUDFWLRQV\VWHPFDQQRWEHFRQ
QHFWHGWKHVXUIDFHWREHZRUNHGVKRXOGEH
PRLVWHQHGZLWKZDWHUWRUHGXFHGXVWJHQHUDWLRQ
‡ &OHDUPDMRUREVWDFOHVIURPWKHZRUNLQJVXU
IDFHHJSURMHFWLQJUHLQIRUFLQJURGVQDLOVHWF
&KHFNLQJWKHPDFKLQH
&KHFN \RXU PDFKLQH IRU GDPDJH 7KH
SRZHU VXSSO\ PXVW EH LQWHUUXSWHG EHIRUH
SHUIRUPLQJDQ\NLQGRIZRUNRQWKHPDFKLQH
&KHFNWKHIDWLJXHSURWHFWRU
‡,VWKHULSFRUGLQRUGHU"
‡'RHVWKHPRWRUVWRSZKHQWKHFRUGLVSXOOHG"
&KHFNWKHEHOWJXDUG
‡,VWKHEHOWJXDUG¿UPO\¿WWHG"
&KHFNWKHHPHUJHQF\2))VZLFKRQPDFKL
QHVZLWKDQHOHFWULFGULYH
‡'RHVWKHPDFKLQHVZLWFKRIIDIWHUDFWXDWLRQ"
7HVWWKHEROWV
‡$UHDOOWKHEROWVWLJKWHQHG¿UPO\"
&KHFNWKHHOHFWULFDOFRQQHFWLRQVRQPDFKL
QHVZLWKDQHOHFWULFGULYH
‡'RHVWKHHOHFWULFPRWRUURWDWHLQWKHGLUHFWLRQ"
‡$UHWKHHOHFWULFDOFRQQHFWLRQVGDPDJHG"
‡,VDSHUPLWWHGH[WHQVLRQFDEOH¿WWHG"
‡+DV WKH FDEOH EHHQ XQZRXQG FRPSOHWHO\ IURP
WKHGUXP"
&KHFNLQJPDFKLQHVZLWKLQWHUQDOFRP
EXVWLRQHQJLQHV
‡,VWKHHQJLQHRLOOHYHOZLWKLQWKHSHUPLWWHGUDQJH"
‡,VWKHIXHOWDQNIXOO"
‡,VWKHDLU¿OWHUFOHDQ"
&KHFNLQJWKHWRROGUXP
‡,VWKHGUXPFRUUHFWO\¿WWHGRXWIRUWKHLQWHQGHG
ZRUN"
‡+DVWKHGUXPZLWKPLOOLQJRUFORYHUOHDIFXWWHUVEHHQ
¿WWHGLQWKHVHQVHRIURWDWLRQRIWKHFXWWLQJHGJHV"
%HGLHQLQJ
0DFKLQHVWDUWHQ
7RHVWHOFRQWUROHXLWJHYRHUG
9HUVWHOKHQGHO QDDU ERYHQ ]HWWHQ 'H
JHUHHGVFKDSVWURPPHONRPWORVYDQGHERGHP
$DQEORNNHHUHPELM9$PDFKLQHVWUHNHQRI
UHPZLJJHQRQGHUGHVWHXQZLHOHQYDQGH)5
OHJJHQ
,QGLHQ DDQJHVORWHQ VWRIDI]XLJLQVWDOODWLH
LQVFKDNHOHQ
,QGLHQ JHPRQWHHUG WUDFWLHWRHVWHO LQVFKD
NHOHQ
$DQGULMYLQJYDQGHWURPPHOVWDUWHQ
%HYHLOLJLQJWHJHQYHUPRHLGKHLGDDQGHSROV
EHYHVWLJHQ
5HPZLJJHQYHUZLMGHUHQRIGHEORNNHHUHP
ORV]HWWHQ
7UDYDX[
/DYRUL
0DQHMR
3UHSDUD]LRQHGHOODVXSHUÀFLHGLODYRUR
‡ 6H QRQ VL SXy FROOHJDUH XQ LPSLDQWR GL
DVSLUD]LRQH GHOOD SROYHUH OD VXSHU¿FLH VX FXL
ODYRUDUH GRYUHEEH HVVHUH EDJQDWD OHJJHUPHQWH
FRQDFTXDSHUDUJLQDUHODIRUPD]LRQHGLSROYHUH
‡ /LEHUDUHODVXSHU¿FLHGLODYRURGDRVWDFROL
JURVVRODQLDGHVDUPDWXUDLQDFFLDLRVSRUJHQWH
FKLRGLHFF
&RQWUROODUHODPDFFKLQD
&RQWUROODUHVHODPDFFKLQDqGDQQHJJLDWD
3ULPD GµHVHJXLUH RJQL JHQHUH GL ODYRUR
DOODPDFFKLQDLQWHUURPSHUHOµDOLPHQWD]LRQH
GµHQHUJLD
&RQWUROODUH LO GLVSRVLWLYR GL VLFXUH]]D GHO
FRPDQGRDQWLDIIDWLFDPHQWH
‡/DIXQHGLVWUDSSDPHQWRGLVLFXUH]]DqLQRUGLQH"
‡7LUDQGRODIXQHLOPRWRUHVLVSHJQH"
&RQWUROODUHLOSDUDFLQJKLD
‡,OSDUDFLQJKLDqPRQWDWRLQPRGR¿VVR"
&RQWUROODUHOµLQWHUUXWWRUHSHUOµDUUHVWR
GµHPHUJHQ]D QHOOH PDFFKLQH FRQ D]LRQD
PHQWRHOHWWULFR
‡$]LRQDQGROµLQWHUUXWWRUHODPDFFKLQDVLVSHJQH"
&RQWUROODUHLFROOHJDPHQWLDYLWH
‡7XWWLLFROOHJDPHQWLDYLWHVRQRVROLGL"
&RQWUROODUH L FROOHJDPHQWL HOHWWULFL QHOOH
PDFFKLQHFRQD]LRQDPHQWRHOHWWULFR
‡,OPRWRUHHOHWWULFRJLUDQHOODGLUH]LRQHHVDWWD"
‡,FROOHJDPHQWLHOHWWULFLVRQRGDQQHJJLDWL"
‡,OFDYRGLSUROXQJDFROOHJDWRqRPRORJDWR"
‡,OFDYRqVURWRODWRFRPSOHWDPHQWHGDOWDPEXUR"
&RQWUROODUHOHPDFFKLQHFRQPRWRULHOHWWULFL
‡,OOLYHOORGHOOµROLRVLWURYDHQWURLOLPLWLDPPHVVL"
‡ÊVWDWRHIIHWWXDWRLOULIRUQLPHQWRGLFDUEXUDQWH"
‡,O¿OWURGHOOµDULDqSXOLWR"
&RQWUROODUHLOWDPEXURSHUXWHQVLOL
‡,OWDPEXURpDWWUH]]DWRHVDWWDPHQWHSHULOWLSRGL
ODYRURSUHYLVWR"
‡,OWDPEXURFRQODPHOOHDSHODWXUDRDWUHIRORq
PRQWDWRQHOVHQVRGLURWD]LRQHGHO¿OR"
8VR
$YYLDUHODPDFFKLQD
,OFRQWUROORGHOOµDSSDUHFFKLRpHVHJXLWR
3RUWDUHODOHYDGLUHJROD]LRQHYHUVROµDOWRLO
WDPEXURSHUXWHQVLOLVLVROOHYDGDWHUUD
1HOOHPDFFKLQHGHOODVHULH9$WLUDUHLOIUHQRGL
VWD]LRQDPHQWRRSSXUHQHOPRGHOOR)5PHW
WHUHLFXQHLSHUIUHQDUHVRWWROHUXRWHGLDSSRJJLR
6H p FROOHJDWR DFFHQGHUH OµLPSLDQWR GL
DVSLUD]LRQHGHOODSROYHUH
6HqPRQWDWRDFFHQGHUHOµDSSDUHFFKLRGL
DYDQ]DPHQWR
$YYLDUHOµD]LRQDPHQWRGHOWDPEXUR
)LVVDUH LO GLVSRVLWLYR GL VLFXUH]]D GHO
FRPDQGRDQWLDIIDWLFDPHQWRDOSROVR
5LPXRYHUH LO FXQHR SHU IUHQDUH RSSXUH
DOOHQWDUHLOIUHQRGLVWD]LRQDPHQWR
3UHSDUDUODVXSHUÀFLHGHWUDEDMR
‡ 6LQRSXHGHFRQHFWDUVHXQDLQVWDODFLyQGH
DVSLUDFLyQGHSROYRGHEHUiKXPHGHFHUVHFRQ
DJXDODVXSHU¿FLHDSUHSDUDUSDUDFRQWUDUUHVWDU
HOGHVDUUROORGHSROYR
‡ /LEHUDUODVVXSHU¿FLHVGHWUDEDMRGHREVWi
FXORVJUXHVRVSHMDUPDGXUDVGHDFHURFODYRV
HWF
&RQWURODUODPiTXLQD
&RQWUROHVXPiTXLQDFRQUHVSHFWRDGDxRV
$QWHV GH FXDOTXLHU WUDEDMR HQ OD PiTXLQD
GHEHFRUWDUVHODDOLPHQWDFLyQGHHQHUJtD
&RQWURODUHOGLVSRVLWLYRGHVHJXULGDGSDUD
HOFDQVDQLFRFRUSRUDO
‡(VWiHQRUGHQHOFRUGyQGHDUUDQTXH"
‡6HGHVFRQHFWDHOPRWRUDOWLUDU"
&RQWURODUHOFXEUHFRUUHD
‡(VWiPRQWDGR¿MRHOFXEUHFRUUHD"
&RQWURODUHOLQWHUUXSWRUGH3$5$/,=$&,Ï1
5È3,'$HQ PiTXLQDV FRQ DFFLRQDPLHQWR
HOpFWULFR
‡6H GHVFRQHFWD OD PiTXLQD GHVSXpV GH VHU
DFFLRQDGR"
&RQWURODUODVXQLRQHVSRUWRUQLOORV
‡(VWiQDMXVWDGDVWRGDVODVXQLRQHVSRUWRUQLOORV"
&RQWURODUODVFRQH[LRQHVHOpFWULFDVHQODV
PiTXLQDVFRQDFFLRQDPLHQWRHOpFWULFR
‡*LUDHOHOHFWURPRWRUHQODGLUHFFLyQFRUUHFWD"
‡(VWiQGDxDGDVODVFRQH[LRQHVHOpFWULFDV"
‡(VWiQFRQHFWDGRXQFDEOHGHSURORQJDFLyQDXWRUL]DGR"
‡(VWiQHOFDEOHFRPSOHWDPHQWHGHVHQUUROODGRGHOWDPERU"
&RQWURODUODVPiTXLQDVFRQPRWRUHVGHFRPE
‡6H HQFXHQWUD HO QLYHO GHO DFHLWH GHO PRWRU HQ
OD ]RQD DXWRUL]DGD" ‡6H KD UHSRVWDGR FRPEX
VWLEOH"‡(VWiOLPSLRHO¿OWURGHDLUH"
&RQWURODUHOWDPERUGHKHUUDPLHQWDV
‡(VWiHOWDPERUFRUUHFWDPHQWHHTXLSDGRSDUDHO
WUDEDMR SUHYLVWR" ‡(VWi HO WDPERU FRQ OiPLQDV
GHVFRUWH]DGRUDV\GHKRMDGHWUpEROPRQWDGRHQ
HOVHQWLGRGHJLURGHODVFXFKLOODV"
0DQHMR
$UUDQFDUODPiTXLQD
&RQWUROHVGHORVDSDUDWRVUHDOL]DGRV
&RORFDUODSDODQFDGHPDQLREUDKDFLDDEDMR
HOWDPERUGHKHUUDPLHQWDVVHHOHYDGHOVXHOR
7LUDUGHOIUHQRGHPDQLREUDHQODVPiTXL
QDV 9$ R SRQHU ODV FXxDV GH IUHQR EDMR ODV
UXHGDVGHDSR\RGHOD)5
&RQHFWDU OD LQVWDODFLyQ GH DVSLUDFLyQ GH
SROYRHQFDVRGHHVWDUPRQWDGD
&RQHFWDUDSDUDWRGHDYDQFHHQFDVRPRQWDGR
$UUDQFDUHODFFLRQDPLHQWRGHOWDPERU
)LMDU HO GLVSRVLWLYR GH VHJXULGDG SDUD HO
FDQVDQFLRFRUSRUDODODPXxHFD
5HWLUDUODVFXxDVGHOIUHQREDMRODVUXHGDV
GHDSR\RRDÀRMDUHOIUHQRGHPDQLREUD
3UpSDUDWLRQGHODVXUIDFHjWUDYDLOOHU
‡ 6LXQpTXLSHPHQWGµDVSLUDWLRQGHVSRXV
VLqUHVQHSHXWrWUHUDFFRUGpODVXUIDFHjWUD
YDLOOHUGHYUDLWrWUHPRXLOOpHDYHFGHOµHDXSRXU
pYLWHUOHGpJDJHPHQWGHSRXVVLqUH
‡ 'pEDUUDVVHUODVXUIDFHGHVJUDQGVREVWD
FOHVSH[DUPDWXUHVPpWDOOLTXHVFORXVTXLUHV
VRUWHQWHWF
&RQWU{OHGHODPDFKLQH
&RQWU{OHU ERQ pWDW GH OD PDFKLQH $YDQW
WRXWWUDYDLOVXUODPDFKLQHVpSDUHUOiUULYpH
GHOµpQHUJLH
9pUL¿HUODVpFXULWpKRPPHPRUW
‡/HFRQWDFWGXPRWHXUHVWLOHQRUGUH"
‡/HFRQWDFWGXPRWHXUHVWLOFRXSpORUVTXµRQWLUH
VXUOHFRUGRQ"
9pUL¿HUOHSURWqJHFRXUURLH
‡/HSURWqJHFRXUURLHHVWLOVROLGHPHQWPRQWp"
9pUL¿HUOµLQWHUUXSWHXU$55Ç7'µ85*(1&(
VXUOHVPDFKLQHVjHQWUDvQHPHQWpOHFWULTXH
‡/D PDFKLQH VµDUUrWHWHOOH DSUqV DFWLRQQHPHQW
GHOµLQWHUUXSWHXU"
9pUL¿HUOHVUDFFRUGVjYLV
‡7RXVOHVUDFFRUGVjYLVVRQWLOVELHQVHUUpV"
9pUL¿HU OHV EUDQFKHPHQWV pOHFWULTXHV GHV
PDFKLQHVjHQWUDvQHPHQWpOHFWULTXH
‡/HPRWHXUpOFWULTXHWRXUQHWLOGDQVOHERQVHQV"
‡/HVUDFFRUGVpOHFWULTXHVVRQWLOVHQGRPPDJpV"
‡/HFkEOHGHUDOORQJHXWLOLVpHVWLODJUpp"
‡/HFkEOHHVWLOFRPSOqWHPHQWGpURXOpGHVRQWDPE"
9pUL¿FDWLRQGHVPDFKLQHVjPRWHXUjFRPELQW
‡/HQLYHDXGµKXLOHGXPRWHXUHVWLOHQWUHOHVPDU
TXHVDGPLVVLEOHV"
‡/HSOHLQGHFDUEXUDQWHVWLOIDLW"
‡/H¿OWUHjDLUHVWBLOSURSUH"
9pUL¿FDWLRQGXWDPERXUjRXWLOV
‡/HWDPERXUDWLOODJDUQLWXUHFRQYHQDQWDXWUD
YDLOSURMHWp"
‡/HWDPERXUpTXLSpGHODPHOOHVGµpFRUoDJHRXWUqÀH
HVWLOPRQWpGDQVVHQVGHURWDWLRQGHVWUDQFKDQWV"
&RPDQGH
'pPDUUDJHGHODPDFKLQH
&RQWU}OHGHOµDSSDUHLOH[pFXWp
0HWWUHOHOHYLHUGHUpJODJHHQKDXWOHWDP
ERXUjRXWLOVGpFROOHGXVRO
7LUHUOHIUHLQGµLPPRELOLVDWLRQGHVPDFKLQHV
9$RXPHWWUHGHVFDOHVVRXVOHVURXHVGHVXS
SRUWGHOD)5
(QFOHQFKHU OµpTXLSHPHQW GµDVSLUDWLRQ GHV
SRXVVLqUHVVµLOHVWUDFFRUGp
(QFOHQFKHU OµDSSDUHLO GµDYDQFH VµLO HVW
PRQWp
'pPDUUDJHGHOµHQWUDvQHPHQWGXWDPERXU
)L[HUODVpFXULWpIDWLJXHDXSRLJQHW
(QOHYHU OHV FDOHV RX GHVVHUUHU OH IUHLQ
GµLPPRELOLVDWLRQ
&RS\ULJKW‹9RQ$U[$*
$UEHLWHQ
2SHUDWLRQ
+HWZHUNHQ
2EHUÁlFKHQEHDUEHLWHQ
.RQWUROOLHUHQ6LHREGLH]XEHDUEHLWHQGH
)OlFKHIUHLYRQMHJOLFKHQ+LQGHUQLVVHQLVW
‡ %HL0DVFKLQHQPLW9RUVFKXEIDKU]HXJ
$XI9RUVFKXEIDKU]HXJVLW]HQ
)VVHDXI3HGDOHRGHU7ULWWEOHFKVWHOOHQ
‡ 0DVFKLQHDP/HQNEJHOJXWIHVWKDOWHQ
‡ 6WHOOKHEHOODQJVDPVHQNHQ
‡ 0DVFKLQH PLW JOHLFKPlVVLJHU *HVFKZLQ
GLJNHLWYRUZlUWVRGHUUFNZlUWVEHZHJHQ
‡ )UlVJHVFKZLQGLJNHLWYHUJU|VVHUQRGHUYHU
NOHLQHUQ
1LFKW]XWLHIIUlVHQ
hEHUPlVVLJHV 7LHIIUlVHQ HUEULQJW NHLQH
/HLVWXQJVVWHLJHUXQJ'LH0DVFKLQHGDUIDXIGHU
GUHKHQGHQ:HUN]HXJWURPPHOQLFKWKSIHQ
‡ %HL XQVDFKJHPlVVHP (LQVDW] ZLUG GLH
)UlVOHLVWXQJYHUULQJHUWXQGGDV:HUN]HXJ
XQQ|WLJEHDQVSUXFKWXQGYHUVFKOLVVHQ
‡'LH2EHUÀlFKHQEHVFKDIIHQKHLWQDFKGHU
%HDUEHLWXQJ LVW LP ZHVHQWOLFKHQ YRQ GHQ
JHZlKOWHQ:HUN]HXJHQXQGGHU$UWXQG:HLVH
GHU%HVWFNXQJDEKlQJLJ
‡8PJHUDGH5LOOHQ6SXUHQXVZ]XHUKDO
WHQ NDQQ HLQ 6FKQXUVFKODJ DP %RGHQ
QW]OLFKVHLQ
‡ $XVHEQXQJV XQG (QWVFKLFKWXQJVDUEHL
WHQN|QQHQDXFKPLW9RUXQG5FNEHZH
JXQJHQGHV*HUlWHVDXVJHIKUWZHUGHQ
‡ %HDUEHLWHWH )OlFKHQ IU HLQH :HLWHUEHDU
EHLWXQJPLW.HKUEHVHQXQGVWDUNHP6DXJJHUlW
UHLQLJHQ
6XUIDFHWUHDWPHQW
0DNHVXUHWKDWVXUIDFHWREHWUHDWHGLVIUHHIURP
DOOREVWDFOHV
‡ )RUPDFKLQHVZLWKD9$WUDFWLRQXQLW
6LWRQWKHYHKLFOH
3XWWKHIHHWRQWKHSHGDOVRUIRRWSODWH
‡ +ROG WKH PDFKLQH ¿UPO\ ZLWK WKH VWHHULQJ
URG
‡ /RZHUWKHDGMXVWLQJOHYHUVORZO\
‡ 0RYHWKHPDFKLQHIRUZDUGVRUEDFNZDUGV
DWDXQLIRUPVSHHG
‡ ,QFUHDVHRUUHGXFHWKHPLOOLQJVSHHG
'RQRWPLOOWRRGHHSO\
([FHVVLYO\GHHSPLOOLQJGRHVQRWLQFUHDVH
SHUIRUPDQFH7KHPDFKLQHPXVWQRWÄKRS³RQWKH
URWDWLQJWRRO
‡,QWKHHYHQWRILQFRUUHFWXVHWKHPLOOLQJ
FDSDFLW\LVUHGXFHGDQGWKHWRROXQQHFHV
VDULO\VWUHVVHGDQGZRUQ
‡ 7KH VXUIDFH TXDOLW\ DIWHU PDFKLQLQJ
GHSHQGV HVVHQWLDOO\ RQ WKH FKRVHQ WRROV
DQGWKH¿WPHQWPHWKRG
‡7R REWDLQ VWUDLJKW JURRYHV WUDFHV HWF D
FRUGPD\EHODLGRXWRQWKHÀRRURUEHDP
PD\KHOS
‡ /HYHOOLQJ DQG FRDWLQJ UHPRYDO ZRUN FDQ
DOVREHSHUIRUPHGZLWKIRUZDUGDQGEDFN
ZDUGPRYHPHQWVRIWKHPDFKLQH
‡ %HIRUH FRQWLQXLQJ WR ZRUN VXUIDFHV WKDW
KDYH DOUHDG\ EHHQ WUHDWHG EUXVK WKHP GRZQ
ZLWKDEURRPDQGFOHDQZLWKDSRZHUIXOYDFXXP
FOHDQHU
)LQDO2SHUDWLRQV
6WRSWKHPDFKLQH
6HWWKHDGMXVWLQJOHYHUXSZDUGV
6ZLWFKRIIWKHGULYHV
0DFKLQHQRZVWDWLRQDU\
‡6XSSRUWLQJZKHHOV)59$/
‡DSSO\WKHSDUNLQJEUDNH9$0DVFKLQHQ
,QWHUUXSW WKH HQHUJ\ VXSSO\ E\ GLVFRQ
QHFWLQJWKHSRZHUFRUGPRGHOVZLWKHOHF
WULFGULYH&ORVHWKHIXHOWDSJDVROLQHYHU
VLRQ
2SSHUYODNNHQEHZHUNHQ
&RQWUROHUHQRIWHEHZHUNHQYODNYULMLVYULMYDQ
KLQGHUQLVVHQ
‡ %LMPDFKLQHVPHWWUDFWLHYRHUWXLJ
2SWUDFWLHYRHUWXLJ]LWWHQ
9RHWHQRSSHGDOHQRIWUHHSODQN]HWWHQ
‡ 0DFKLQH JRHG YDVWKRXGHQ DDQ GH VWXXU
EHXJHO
‡ 9HUVWHOKHQGHO ODQJ]DDP QDDU EHQHGHQ
GUXNNHQ
‡ 0DFKLQHPHWJHOLMNPDWLJHVQHOKHLGYRRUXLW
RIDFKWHUXLWEHZHJHQ
‡ )UHHVVQHOKHLGYHUKRJHQRIUHGXFHUHQ
1LHWWHGLHSIUH]HQ
7H GLHS IUH]HQ OHYHUW JHHQ KRJHUH
SUHVWDWLHV'H PDFKLQH PDJ QLHW ÄKXSSHOHQ³ RS
GHGUDDLHQGHJHUHHGVFKDSVWURPPHO
‡ %LM YHUNHHUG JHEUXLN ZRUGW KHW IUHHVYHU
PRJHQ YHUPLQGHUG HQ KHW JHUHHGVFKDS
RQQRGLJEHODVWHQYHUVOHWHQ
‡ 'H NZDOLWHLW YDQ KHW RSSHUYODN QD GH
EHZHUNLQJLVKRRIG]DNHOLMNGDDUYDQDIKDQ
NHOLMN ZHONH JHUHHGVFKDSSHQ ]LMQ JHNR]HQ HQ
KRHGH]HRSGHWURPPHO]LMQJHPRQWHHUG
‡2P UHFKWH ULFKHOVVSRUHQ HQ]WH NULMJHQ
NDQ KHW QXWWLJ ]LMQ ODQJV HHQ RS GH YORHU
JHVSDQQHQ
‡8LWYODNZHUNHQKHWYHUZLMGHUHQYDQFRDW
LQJV NXQQHQ RRN ZRUGHQ XLWJHYRHUG PHW
YRRUXLWHQDFKWHUXLWEHZHJLQJHQYDQKHWWRHVWHO
‡ %HZHUNWH RSSHUYODNNHQ YRRU HHQ YHUGHUH
EHZHUNLQJVFKRRQPDNHQPHWHHQEH]HPHQHHQ
VWHUN]XLJWRHVWHO
:HUN]DDPKHGHQDDQKHWVORW
0DFKLQHXLWVFKDONHQ
9HUVWHOKHQGHOQDDUERYHQ]HWWHQ
$DQGULMYLQJHQXLWVFKDNHOHQ
6WLOVWDQGYDQGHPDFKLQH]HNHU
‡5HPZLJJHQOHJJHQ)59$/
‡%ORNNHHUUHPWUHNNHQ9$0DVFKLQHQ
(QHUJLHWRHYRHUYHUEUHNHQ
‡6WURRPWRHYHUYHUEUHNHQ
‡%UDQGVWRINUDDQVOXLWHQ9HUEUDQGLQJVPR
WRU
6ZLWFKWKHGXVWH[WUDFWLRQV\VWHPRII
6ZLWFKWKHGXVWH[WUDFWLRQV\VWHPRII
5HPRYHWKHVXFWLRQIURPWKHPDFKLQH
6WRIDIXLJLQVWDOODWLHXLWVFKDNHOHQ
6WRIDI]XLJLQVWDOODWLHXLWVFKDNHOHQ
=XLJEXVYDQGHPDFKLQHGHPRQWHUHQ
6WRULQJWKHPDFKLQH
7KHPDFKLQHVKRXOGEHFOHDQHGDIWHUHDFKXVH
&OHDQWKHPDFKLQH
3RXUWKHFRQWHQWVRIWKHIXHOWDQNLQWRDVXL
WDEOHFRQWDLQHU
6WRUHWKHPDFKLQHLQDGU\SODFH
7UDQVSRUWPXVWEHHIIHFWHGE\PHDQVRIEHOWV
RU ZLWK URSH KRRNV SURYLGHG IRU WKLV SXU
SRVH 0DFKLQHRSVODDQ
'HPDFKLQHQDLHGHUJHEUXLNGLUHFWVFKRRQPDNHQ
0DFKLQHUHLQLJHQ
,QKRXG YDQ GH EUDQGVWRIWDQN RYHUYXOOHQ LQ
WRHJHODWHQUHVHUYRLUV
0DFKLQHRSHHQGURJHSODDWVEHZDUHQ
$OOHQXLWJHYRHUGPHWEDQGHQRIPHWNDEHO
KDNHQDDQGHGDDUYRRUEHVWHPGHWUDQVSRUWR
JHQ
$EVFKOXVVDUEHLWHQ
0DVFKLQHDEVFKDOWHQ
6WHOOKHEHOQDFKREHQVWHOOHQ
$QWULHEHDEVFKDOWHQ
6WLOOVWDQGGHU0DVFKLQHVLFKHUQ
‡%UHPVNHLOHOHJHQ)59$/
‡6WHOOEUHPVH]LHKHQ9$0DVFKLQHQ
(QHUJLH]XIXKUXQWHUEUHFKHQ
‡ 6WURP]XIXKU XQWHUEUHFKHQ (OHNWURPR
WRU
‡7UHLEVWRIIKDKQVFKOLHVVHQ9HUEUHQQXQJV
PRWRU
6WDXEVDXJDQODJHDEVFKDOWHQ
6WDXEVDXJDQODJHDXVVFKDOWHQ
6DXJURKUYRQGHU0DVFKLQHDEEDXHQ
0DVFKLQHODJHUQ
'LH0DVFKLQHVROOWHQDFKMHGHP*HEUDXFKVRIRUW
JHUHLQLJWZHUGHQ
0DVFKLQHUHLQLJHQ
7UHLEVWRIIWDQN LQ ]XOlVVLJH %HKlOWHU
XPIOOHQ
0DVFKLQH DQ HLQHP WURFNHQHQ 2UW ODJHUQ
7UDQVSRUWQXUPLW*XUWHQRGHU6HLOKDNHQDQ
GHQGDIUYRUJHVHKHQHQ7UDQVSRUW|VHQ
7UDYDX[
/DYRUL
0DQHMR
7UDYDLOGHVVXUIDFHV
&RQWU{OHUVLODVXUIDFHjWUDYDLOOHUHVWOLEUHGH
WRXWREVWDFOH
‡ 0DFKLQHVDYHFYpKLFXOHGµDYDQFH
6µDVVHRLUVXUOHYpKLFXOH
0HWWUHOHVSLHGVVXUODSpGDOHRXOHUHSRVHSLHG
‡ 7HQLU IHUPHPHQW OD PDFKLQH j OµpWULHU GH
JXLGDJH
‡ $EDLVVHUOHQWHPHQWOHOHYLHUGHUpJODJH
‡ 'pSODFHUODPDFKLQHjYLWHVVHXQLIRUPHHQ
DYDQWRXHQDUULqUH
‡ $XJPHQWHURXGLPLQXHUODYLWHVVH GHIUDL
VDJH
1HSDVIUDLVHUWURSSURIRQG
8QIUDLVDJHWURSSURIRQGQµDXJPHQWHSDVOH
UHQGHPHQW/DPDFKLQHQHGRLWSDVVDXWLOOHUVXU
OHWDPERXUjRXWLOVHQWUDLQGHWRXUQHU
‡(QFDVGHPLVHHQRHXYUHLQDSSURSULpH
OHUHQGHPHQWGHIUHLVDJHHVWGLPLQXpHWOHV
RXWLOVVµXVHQWLQXWLOHPHQW
‡ /µDVSHFW GH OD VXUIDFH DSUqV OH WUDYDLO
GpSHQG HVVHQWLHOOHPHQW GHV RXWLOV FKRLVLV
HWGXJHQUHHWGHODPDQLqUHGHODJDUQLWXUH
‡3RXUREWHQLUGHVUDLQXUHVRXGHVWUDFWHV
GURLWHVHWFXQHIUDSSHGHFRUGRQVXUOHVRO
SHXWrWUHXWLOH
‡/HVWUDYDX[GµpJDOLVDWLRQHWGµHQOqYHPHQW
GHFRXFKHSHXYHQWrWUHUpDOLVpVDXVVLDYHF
GHV PRXYHPHQWV HQ DYDQW HW HQ DUULqUH GH
OµDSSDUHLO
‡ 1HWWR\HU OHV VXUIDFHV WUDYDLOOpHV SRXU XQ
WUDLWHPHQWXOWpULHXUDYHFXQEDODLRXXQSXLVVDQW
DVSLUDWHXU
7UDYDX[GHÀQ
&RXSXUHGXFRQWDFWGHODPDFKLQH
/HYHUOHOHYLHUGHUpJODJH
&RXSHUOHFRQWDFWGHVHQWUDvQHPHQWV
,PPRELOLVDWLRQGHODPDFKLQHHQVpFXULWp
‡0HWWUHGHVFDOHVGHIUHLQDJH)59$
/
‡7LUHUOHIUHLQGµLPPRELOLVDWLRQPDFKLQHV9$
,QWHUUXSWLRQGHOµDUULYpHGHOµpQHUJLH
‡&RXSHUOµDUULYpHGXFRXUDQW(QWUpO
‡)HUPHUOHURELQHWGµDUULYpHGXFDUEXUDQW
PRWjFRPELQW
'pEUDQFKHUO¶DVSLUDWHXUGXVpFWHXU
&RXSHUOHFRQWDFWGHOµpTXLSHPHQW
'pPRQWHUGHODPDFKLQHOHWXEHGµDVSLUDWLRQ
6WRFNDJHGHODPDFKLQH
/DPDFKLQHGHYUDLWrWUHQHWWR\pHLPPpGLDWHPHQW
DSUqVFKDTXHXVDJH
1HWWR\DJHGHODPDFKLQH
7UDQVYDVHUOHFDUEXUDQWGDQVXQUpFLSLHQWDJUpp
6WRFNHUODPDFKLQHjXQHQGURLWVHF
8QLTXHPHQWVµHIIHFWXHUDYHFGHVVDQJOHVRX
FURFKHWVjFkEOH¿[pVDX[DQQHDX[SUpYXV
jFHWHIIHW
/DYRUD]LRQHGHOOHVXSHUÀFL
&RQWUROODUHFKHODVXSHU¿FLHVXFXLODYRUDUHVLD
OLEHUDGDRJQLRVWDFROR
‡ 1HOOHPDFFKLQHFRQYHLFRORGLDYDQ]DPHQWR
6WDUHVHGXWLVXOYHLFRORGLDYDQ]DPHQWR
3RJJLDUHLSLHGLVXLSHGDOLRVXOSUHGHOOLQR
‡ 7HQHUHEHQHODPDFFKLQDDOODVWDIIDGLJXLGD
‡ $EEDVVDUHOHQWDPHQWHODOHYDGLUHJROD]LRQH
‡ 0XRYHUHODPDFFKLQDDOODVWHVVDYHORFLWjLQ
DYDQWLHGLQGLHWUR
‡ $XPHQWDUHRULGXUUHODYHORFLWjGHOODIUHVD
WXUD
1RQIUHVDUHWURSSRLQSURIRQGLWj
8QD IUHVDWXUD WURSSR SURIRQGD QRQ FRP
SRUWDXQDPLJOLRUHSUHVWD]LRQH/DPDFFKLQDQRQ
GHYHVDOWHOODUHVXOWDPEXURURWDQWHSHUXWHQVLOL
‡ ,PSLHJDQGR OD PDFFKLQD LQ PRGR QRQ
LGRQHRVLULGXFHODSUHVWD]LRQHGHOODIUHVD
WXUD H JOL XWHQVLOL YHQJRQR VROOHFLWDWL HG XVXUDWL
LQXWLOPHQWH
‡ /µDVSHWWR GHOOD VXSHU¿FLH GRSR OD ODYRUD
]LRQH GLSHQGH HVVHQ]LDOPHQWH GDJOL XWHQ
VLOLVFHOWLHGDOWLSRGµDWWUH]]DWXUD
‡3HUPDQWHQHUHLVROFKLROHWUDFFHGLULWWL
SXzHVVHUHXWLOHVLVWHPDUHXQDFRUGDVXO
WUHQR
‡ /DYRUL GL DVSRUWD]LRQH H GL ¿QLWXUD SRV
VRQR HVVHUH HVHJXLWL DQFKH PXRYHQGR LQ
DYDQWLHGLQGLHWUROµDSSDUHFFKLR
‡ 3HUXQµXOWHULRUHODYRUD]LRQHGHOOHVXSHU¿FL
JLjODYRUDWHSXOLUHFRQVFRSDHGXQSRWHQWHDVSL
UDWRUH
3UHSDUDUODVVXSHUÀFLHV
&RQWURODUVLODVXSHU¿FLHDSUHSDUDUHVWiOLEUHGH
WRGDFODVHGHREVWiFXORV
‡ (QPiTXLQDVFRQYHKLFXORGHDYDQFH
7RPDUDVLHQWRHQHOYHKLFXORGHDYDQFH
3RVDUORVSLHVVREUHHOSHGDORODFKDSDSDUDHVWULER
‡ 6XMHWDU ¿UPHPHQWH OD PiTXLQD SRU OD
HPSXxDGXUDGHGLUHFFLyQ
‡ %DMDUOHQWDPHQWHODSDODQFDGHPDQLREUD
‡ 0RYHUODPiTXLQDFRQYHORFLGDGXQLIRUPH
KDFLDDGHODQWHRKDFLDDWUiV
‡ $XPHQWDQGRRGLVPLQX\HQGRODYHORFLGDG
GHIUHVDGR
1RIUHVHFRQGHPDVLDGDSURIXQGLGDG
(OIUHVDGRH[FHVLYRGHSURIXQGLGDGQRSUR
SRUFLRQD XQ DXPHQWR GH SRWHQFLD /D PiTXLQD
QR GHEH EULQFDU VREUH HO WDPERU JLUDWRULR GH
KHUUDPLHQWDV
‡3RUXQDXWLOL]DFLyQLQDGHFXDGDVHUHGXFH
ODSRWHQFLDGHIUHVDGR\ODKHUUDPLHQWDVH
GHVJDVWDLQQHFHVDULDPHQWH
‡ /D FRQGLFLyQ GH ODV VXSHU¿FLHV WUDV OD
SUHSDUDFLyQGHSHQGHHVHQFLDOPHQWHGHODV
KHUUDPLHQWDVHOHJLGDV\GHOPRGR\PDQHUDGHO
HTXLSDPLHQWR
‡ 3DUD REWHQHU HVWULDV YLDVHWFGHUHFKDV
SXHGHUHVXOWDU~WLOPDUFDUXQDOLQHDHQHO
VXHORPHGLDQWHFRUGyQ
‡ /RV WUDEDMRV GH DSODQDPLHQWR \ GHVHVWUD
WL¿FDFLyQSXHGHQWDPELpQHMHFXWDUVHFRQPR
YLPLHQWRVGHDYDQFH\GHUHWURFHVRGHODSDUDWR
‡ /LPSLDU ODV VXSHU¿FLHV SUHSDUDGDV FRQ
HVFRED\DSDUDWRGHVXFFLyQIXHUWH
7UDEDMRVÀQDOHV
'HVFRQHFWDUODPiTXLQD
&RORFDU OD SDODQFD GH PDQLREUD KDFLD
DUULED
'HVFRQHFWDUHODFFLRQDPLHQWR
$VHJXUDUODSDUDGDGHODPiTXLQD
‡&RORFDUODVFXxDVGHOIUHQR)59$/
‡7LUDUGHOIUHQRGHPDQLREUD9$PiTXLQDV
,QWHUUXPSLUODDOLPHQWDFLyQGHHQHUJLD
‡ ,QWHUUXPSLU OD DOLPHQWDFLyQ GH HQHUJLD
PiTXLQDHOpFWULFR
‡&HUUDUHOJULIRGHOFRPEXVWLEOHPRWRUFRPE
'HVFRQHFWDUODLQVWDODFLyQGHDVSLUDFLyQGHSROYR
'HVFRQHFWDUODLQVWDODFLyQGHDVSLUDFLyQGH
SROYR
'HVPRQWDUHOWXERGHVXFFLyQGHODPiTXLQD
$OPDFHQDUODPiTXLQD
/DPiTXLQDGHEHUiLQPHGLDWDPHQWHGHVSXpVGH
VXXVR
/LPSLDUODPiTXLQD
7UDVYDVDU HO GHSyVLWR GH FRPEXVWLEOH HQ
UHFLSLHQWHVDXWRUL]DGRV
$OPDFHQDUODPiTXLQDHQXQOXJDUVHFR
7UDQVSRUWHVRODPHQWHGHEHHMHFXWDUVHFRQEDQGDV
RFRQJDQFKRVGHFDEOH¿MDGRVHQORVRMDOHV
/DYRULFRQFOXVLYL
6SHJQHUHODPDFFKLQD
0HWWHUHODOHYDGLUHJROD]LRQHYHUVROµDOWR
6SHJQHUHJOLD]LRQDPHQWL
5HQGHUHVLFXUDODPDFFKLQDLQVWDWRGLTXLHWH
‡0HWWHUHLFXQHLSHUIUHQDUH)59$/
‡7LUDUHLOIUHQRGLVWD]LRQDPHQWR9$PDFFKLQH
,QWHUURPSHUHOµDOLPHQWD]LRQHGLFRUUHQWH
‡,QWHUURPSHUHOµDOLPHQWD]LRQHGLFRUUHQWH
PDFFKLQHHOHWWULFKH
‡ &KLXGHUH LO UXELQHWWR GHO FDUEXUDQWH
PRWRUHDFRPEXVWLRQH
6SHJQHUHO¶LPSLDQWRG¶DVSLUD]LRQHGHOODSROYHUH
6SHJQHUH OµLPSLDQWR GL DVSLUD]LRQH GHOOD
SROYHUH
6PRQWDUHLOWXERDVSLUDQWHGDOODPDFFKLQD
&RQVHUYD]LRQHGHOODPDFFKLQD
/D PDFFKLQD GRYUHEEH HVVHUH SXOLWD RJQL YROWD
GRSRFKHqVWDWDXVDWD
3XOLUHODPDFFKLQD
7UDYDVDUHLOFDUEXUDQWHGHOVHUEDWRLRQHJOL
DSSRVLWLFRQWHQLWRUL
'HSRVLWDUHODPDFFKLQDLQXQOXRJRDVFLXWWR
6RODPHQWHFRQFLQWXUDRJDQFLGDIXQHGD
LQVHULUHQHJOLDSSRVLWLDQHOOLSHULOWUDVSRUWR
&RS\ULJKW‹9RQ$U[$*
3ÁHJHXQG:DUWXQJ
&DUHDQGPDLQWHQDQFH
2QGHUKRXG
:DUWXQJVSODQ
%HLGHU.RQVWUXNWLRQGHU0DVFKLQHZXUGHVSH]L
HOOGDUDXIJHDFKWHWGDVVP|JOLFKVWZHQLJ=HLWIU
:DUWXQJVDUEHLWHQLQ$QVSUXFKJHQRPPHQZLUG
7URW]GHP VLQG HLQLJH ZHQLJH :DUWXQJVDUEHLWHQ
XQHUOlVVOLFK
'LH 0DVFKLQH ZLUG GDIU VW|UXQJVIUHL DUEHLWHQ
XQG,KQHQYLHOH-DKUHJXWH'LHQVWHHUZHLVHQ
9RUDOOHQ:DUWXQJVDUEHLWHQLVWGLH(QHU
JLH]XIXKU]XXQWHUEUHFKHQ
‡=LHKHQ6LHGHQ1HW]VWHFNHU.HU]HQVWHFNHU
‡/DVVHQ6LHGHQ0RWRUDENKOHQ
0DLQWHQDQFHSODQ
7KH PDFKLQH KDV EHHQ VSHFLDOO\ GHVLJQHG WR
UHGXFHWKHWLPHQHHGHGIRUPDLQWHQDQFHZRUNWR
DPLQLPXP+RZHYHUVRPHPDLQWHQDQFHZRUNLV
HVVHQWLDO
7KLVZLOOHQDEOHWKHPDFKLQHWRRSHUDWHLQDWURX
EOHIUHH PDQQHU DQG JLYH \RX JRRG VHUYLFH IRU
PDQ\\HDUV
$OZD\V LQWHUUXSW WKH HQHUJ\ VXSSO\
EHIRUHSHUIRUPLQJPDLQWHQDQFHZRUN
‡5HPRYHWKHPDLQVSOXJVSDUNLQJSOXJFDS
‡$OORZWKHHQJLQHWRFRROGRZQIXOO\
2QGHUKRXGVVFKHPD
%LMGHFRQVWUXFWLHYDQGHPDFKLQHLVHUVSHFLDDO
RSJHOHWGDW]RPLQPRJHOLMNWLMGZRUGWJHYHUJG
YRRURQGHUKRXGVZHUN7RFK]LMQHHQSDDURQGHU
KRXGVZHUN]DDPKHGHQDEVROXXWQRGLJ
'HPDFKLQH]DOGDDUYRRUVWRULQJYULMZHUNHQHQX
YHOHMDUHQJRHGHGLHQVWHQEHZLM]HQ
7lJOLFKRGHULPPHUQDFK6WG
‡ 0DVFKLQHlXVVHUOLFKUHLQLJHQ
NHLQH/|VXQJVPLWWHOYHUZHQGHQ
‡ /DPHOOHQ /DPHOOHQZHOOHQ =ZLVFKHQ
VFKHLEHQDXI=XVWDQGSUIHQ
:HUN]HXJWURPPHO DXVEDXHQ DEJHQXW]WH 7HLOH
HUVHW]HQ
‡ /XIWÀOWHU9HUEUHQQXQJVPRWRUHQ
DXVEDXHQUHLQLJHQJJIHUVHW]HQ
‡ gOVWDQG9HUEUHQQXQJVPRWRUHQ
NRQWUROOLHUHQJJIQDFKIOOHQEHDFKWHQ6LHGLH
%HGLHQXQJVDQOHLWXQJGHV0RWRUHQKHUVWHOOHUV
‡ +\GUDXOLN|OK\GUDXOLVFKHU$QWULHE
NRQWUROOLHUHQJJIHUJlQ]HQPLW6$(:
1DFK GHU HUVWHQ :RFKH QDFK ,QEHWULHEQDKPH
ELWWHZ|FKHQWOLFKGXUFKIKUHQ
'DLO\RUDIWHUHYHU\KRXUVRIRSHUDWLRQ
‡ &OHDQWKHRXWVLGHRIWKHPDFKLQH
GRQRWXVHVROYHQWV
‡ &XWWHUV )ODLO VKDIWV &KHFN WKH FRQGL
WLRQRIWKHVSDFHUV
UHPRYHWKHWRROGUXPUHSODFHZRUQSDUWV
:|FKHQWOLFKRGHULPPHUQDFK6WG
‡ /DJHUNRQWUROOLHUHQ
%HVFKlGLJWH/DJHUYRP.XQGHQGLHQVWDXVZHFK
VHOQODVVHQ
‡ 6FKUDXEYHUELQGXQJHQNRQWUROOLHUHQ
/RVH6FKUDXEYHUELQGXQJHQIHVW]LHKHQEHVFKl
GLJWH%DXJUXSSHQYRP.XQGHQGLHQVWDXVZHFK
VHOQODVVHQ
‡ 6WDXEVFKU]HQNRQWUROOLHUHQ
%HVFKlGLJWH RGHU YHUEUDXFKWH 6WDXEVFKU]HQ
HUVHW]HQ
‡ 6WDXEDEVDXJDQVFKOXVVUHLQLJHQ
1DFKGHU5HLQLJXQJ6WDXENDSSHZLHGHUDXIVHW
]HQ
‡ 9HUVWHOOHLQULFKWXQJVFKPLHUHQ
1DFK GHP 5HLQLJHQ XQG 6FKPLHUHQ )XQNWLRQ
NRQWUROOLHUHQ
‡ 6WDUWHUEDWWHULHHO6WDUWHU
9RQ 6WDXE UHLQLJHQ .OHPPHQ VFKPLHUHQ
6lXUHVWDQGSUIHQJJIPLWGHVWLOOLHUWHP:DVVHU
IOOHQVRGDVV/DPHOOHQEHGHFNWVLQG
%HVFKlGLJWH RGHU QLFKW PHKU IXQNWLRQVWFKWLJH
%DWWHULHQJHPlVV,KUHQORNDOHQ9RUVFKULIWHQHQW
VRUJHQ
:HHNO\RUDIWHUHYHU\KRXUVRIRSHUDWLRQ
‡ &KHFNWKHEHDULQJV
$UUDQJHIRUDIWHUVDOHVVHUYLFHWRFKDQJHGDPD
JHGEHDULQJV
‡ &KHFNEROWV
7LJKWHQ DQ\ ORRVH EROWV DUUDQJH IRU DIWHUVDOHV
VHUYLFHWRFKDQJHDQ\GDPDJHGDVVHPEOLHV
9yyURQGHUKRXGVZHUN]DDPKHGHQPRHW
GHHQHUJLHWRHYRHUZRUGHQYHUEURNHQ
‡'HQHWVWHNNHUERXJLHVWHNNHUXLWWUHNNHQ
‡'HPRWRUYROOHGLJDIODWHQNRHOHQ
'DJHOLMNVRIXXU
‡ 0DFKLQHDDQGHEXLWHQNDQWUHLQLJHQ
JHHQRSORVPLGGHOHQJHEUXLNHQ
‡ /DPHOOHQ /DPHOOHQDVVHQ 7XVVHQVFKL
MYHQRSGHWRHVWDQGFRQWUROHUHQ
*HUHHGVFKDSVWURPPHO GHPRQWHUHQ YHUVOHWHQ
RQGHUGHOHQYHUYDQJHQ
‡ $LUÀOWHU&RPEXVWLRQHQJLQHV
‡ /XFKWÀOWHUYHUEUDQGLQJVPRWRUHQ
UHPRYHFOHDQUHSODFHLIQHFHVVDU\
GHPRQWHUHQUHLQLJHQLQGLHQQRGLJYHUYDQJHQ
‡ 2LOOHYHO&RPEXVWLRQHQJLQHV
‡ 2OLHVWDQGYHUEUDQGLQJVPRWRUHQ
FKHFN WRS XS LI QHFHVVDU\ FRPSO\ ZLWK WKH FRQWUROHUHQ LQGLHQ QRGLJ ELMYXOOHQ EHGLHQLQJV
HQJLQHPDQXIDFWXUHUµVRSHUDWLQJLQVWUXFWLRQV
KDQGOHLGLQJ YDQ GH PRWRUIDEULNDQW LQ DFKW
‡ +\GUDXOLFRLOOHYHOK\GUDXOLFWUDFWLRQ
QHPHQ
FKHFNWRSXSLIQHFHVVDU\ZLWK6$(:
‡ +\GUDXOLHNROLHK\GUDXOLVFKHDDQGULMYLQJ
3OHDVHSHUIRUPDWZHHNO\LQWHUYDOVDIWHUWKH¿UVW FRQWUROHUHQHYELMYXOOHQPHW6$(:
ZHHN
1DGHHHUVWHZHHNZHNHOLMNVXLWYRHUHQ
‡ &KHFNWKHGXVWDSURQV
5HSODFHGDPDJHGRUZRUQGXVWDSURQV
‡ &OHDQWKHGXVWH[WUDFWLRQFRQQHFWLRQ
$IWHUFOHDQLQJUHSODFHWKHGXVWFDS
‡ /XEULFDWHWKHDGMXVWLQJGHYLFH
&KHFNWKHIXQFWLRQVDIWHUFOHDQLQJDQGOXEULFD
WLQJ
‡ 6WDUWHUEDWWHU\HOHFWULFDOVWDUWHU
5HPRYHGXVWOXEULFDWHWKHWHUPLQDOVFKHFNWKH
DFLG OHYHO WRS XS ZLWK GHVWLOOHG ZDWHU LI QHFHV
VDU\EDWWHU\SODWHVPXVWEHFRYHUHG
'LVSRVH RI GDPDJHG RU QR ORQJHU VHUYLFHDEOH
VWDUWHU EDWWHULHV LQ FRPSOLDQFH ZLWK \RXU ORFDO
VSHFL¿FDWLRQV
:HNHOLMNVRIXXU
‡ /DJHUVFRQWUROHUHQ
%HVFKDGLJGHODJHUVGRRUGHVHUYLFHGLHQVWODWHQ
YHUYDQJHQ
‡ 6FKURHIYHUELQGLQJHQFRQWUROHUHQ
/RVVHVFKURHIYHUELQGLQJHQYDVWGUDDLHQEHVFKD
GLJGHERXZXQLWVGRRUGHVHUYLFHGLHQVWODWHQYHU
YDQJHQ
‡ 6WRIVFKHUPHQFRQWUROHUHQ
%HVFKDGLJGH RI YHUEUXLNWH VWRIVFKHUPHQ YHU
YDQJHQ
‡ 6WRIDI]XLJDDQVOXLWLQJUHLQLJHQ
1DKHWUHLQLJHQGHVWRINDSZHHURS]HWWHQ
‡ 9HUVWHOPHFKDQLVPHVPHUHQ
1DKHWUHLQLJHQHQVPHUHQZHUNLQJFRQWUROHUHQ
‡ 6WDUWHUEDWWHULMHOVWDUWHU
9DQVWRIRQWGRHQNOHPPHQVPHUHQ]XXUQLYHDX
FRQWROHUHQ HY PHW JHGLVWLOOHHUG ZDWHU YXOOHQ
]RGDWODPHOOHQ]LMQEHGHNW
%HVFKDGLJGHRIQLHWPHHUZHUNHQGHVWDUWHUEDWWH
ULMHQYROJHQVGHELMXJHOGHQGHORNDOHYRRUVFKULI
WHQYHUZLMGHUHQ
(QWUHWLHQHWPDLQWHQDQFH
3LFFRODPDQXWHQ]LRQHRUGLQDULD &XLGDGR\PDQWHQLPLHQWR
3ODQGHPDLQWHQDQFH
/RUVGHODFRQVWUXFWLRQGHODPDFKLQHRQDYHLOOp
VSpFLDOHPHQWjOLPLWHUOHWHPSVSRXUOHVWUDYDX[
GHPDLQWHQDQFHjXQPLQLPXP&HSHQGDQWTXHO
TXHVWUDYDX[GµHQWUHWLHQVRQWLQGLVSHQVDEOHV
0R\HQQDQW FHOD OD PDFKLQH WUDYDLOOHUD VDQV
SDQQH HW YRXV UHQGUD VHUYLYH SHQGDQW GH ORQ
JXHVDQQpHV
$YDQW WRXW WUDYDLO G¶HQWUHWLHQ FRXSHU
O¶DUULYpHGHO¶pQHUJLH
‡6RUWLUOD¿FKHVHFWHXUOHVFRVVHVjERXJLH
‡/DLVVHUOHPRWHXUVHUHIURLGLUFRPSOqWHPHQW
3LDQRGLPDQXWHQ]LRQH
1HOFRVWUXLUHODPDFFKLQDVLqSRVWDSDUWLFRODUH
DWWHQ]LRQH DO IDWWR FKH QRQ IRVVH QHFHVVDULR
PROWRWHPSRSHULODYRULGLPDQXWHQ]LRQH7XWWD
YLDVLGHYRQRHVHJXLUHSRFKLODYRULGLPDQXWHQ
]LRQHFKHVRQRLQGLVSHQVDELOL
,Q TXHVWR PRGR OD PDFFKLQD IXQ]LRQHUj VHQ]D
JXDVWDUVLHSHUPROWLDQQL
3ULPDGLHVHJXLUHWXWWLLODYRULGLPDQXWHQ]
LQWHUURPSHUHO¶DOLPHQWD]LRQHG¶HQHUJLD
‡6¿ODUHODVSLQDODVHGHSHUOHFDQGHOH
‡)DUHUDIIUHGGDUHFRPSOHWDPHQWHLOPRWRUH
4XRWLGLHQRXWRXWHVOHVKHXUHVG¶XVDJH
‡ 1HWWR\DJHH[WpULHXUGHODPDFKLQH
QHSDVXWLOLVHUGHVROYDQW
‡ /DPHOOHVDUEUHVGHODPHOOHVURQGHOOHV
LQWHUPpGLDLUHVYpULÀHUO¶pWDW
'pPRQWDJHGXWDPERXUjRXWLOVUHPSODFHPHQW
GHVSLqFHVGµXVXUH
‡ )LOWUHjDLUPRWHXUjFRPEXVWLRQLQWHUQH
GpPRQWHUQHWWR\HUDXEHVRLQOHUHPSODFHU
‡ 1LYHDXG¶KXLOHPRWHXUjFRPEXVWLRQLQW
FRQWU{OHU FRPSOpWHU DX EHVRLQ WHQLU FRPSWH
GHV LQVWUXFWLRQV GH VHUYLFH DX FRQVWUXFWHXU GH
PRWHXUV
‡ +XLOHK\GUDXOLTXHHQWUDvQHPHQWK\GU
FRQW{OHUFRPSOpWHUDXEHVRLQDYHF
6$( :$SUqV OD SUHPLqUH VHPDLQH OH
IDLUHXQHIRLVSDUVHPDLQH
4XRWLGLDQRRRJQLRUH
‡ 3XOLUHHVWHUQDPHQWHODPDFFKLQD
QRQXVDUHVROYHQWL
‡ &RQWUROODUHORVWDWRGLODPHOOHDOEHULSHU
ODPHOOHGLVFKLLQWHUPHGL
6PRQWDUHLOWDPEXURVRVWLWXLUHLSH]]LXVXUDWL
+HEGRPDGDLUHRXWRXWHVOHVKHXUHVG¶XVDJH
‡ &RQW{OHUOHVSDOLHUV
)DLUH FKDQJHU OHV SDOLHUV HQGRPPDJpV SDU OH
VHUYLFHDSUqVYHQWH
‡ &RQW{OHUOHVUDFFRUGVjYLV
6HUUHUOHVUDFFRUGVjYLVGHVVHUUUpVIDLUHFKDQ
JHU OHV VRXVJURXSHV HQGRPPDJpV SDU OH VHU
YLFHDSUqVYHQWH
‡ &RQWU{OHUOHVWDEOLHUVDQWLSRXVVLqUHV
5HPSODFHU OHV WDEOLHUV DQWLSRXVVLqUH HQGRP
PDJpVRXXVpV
‡ 1HWWR\HUOHUDFFRUGG¶DVSLUDWLRQ
5HPHWWUHHQSODFHOHFDSXFKRQDQWLSRXVVLqUH
DSUqVOHQHWWR\DJH
‡ /XEULÀHUOHGLVSRVLWLIGHUpJODJH
&RQWU{OHUVRQIRQFWLRQQHPHQWDSUqVOµDYRLUQHW
WR\pHWJUDLVVp
‡ %DWWHULHGHGpPDUUHXUPDFKjGpPHO
(QOHYHUODSRXVVLqUHGHODEDWWHULHGHGpPDUUHXU
JUDLVVHU OHV ERUQHV YpUL¿HU OH QLYHDX GµDFLGH
UHPSOLUpYGµHDXGLVWLOOpHGHPDQLqUHjFHTXHOHV
ODPHOOHVVRLHQWUHFRXYHUWHVGµHDX
(OLPLQHUOHVEDWWHULHVGHGpPDUUHXUGpWpULRUpHV
RX KRXUV VHUYLFH FRQIRUPpPHQW DX[ SUHVFULSWL
RQVORFDOHV
6HWWLPDQDOHRRJQLRUH
‡ &RQWUROODUHLFXVFLQHWWL
)DUH VRVWLWXLUH L FXVFLQHWWL GDQQHJJLDWL
GDOOµ$VVLVWHQ]D7HFQLFD
‡ &RQWUROODUHLFROOHJDPHQWLDYLWH
6WULQJHUHLFROOHJDPHQWLDYLWHOHQWLIDUHVRVWLWXLUH
L JUXSSL VWUXWWXUDOL GDQQHJJLDWL GDOOµ$VVLVWHQ]D
7HFQLFD
‡ &RQWUROODUHOHSURWH]LRQLDQWLSROYHUH
6RVWLWXLUH OH SURWH]LRQL DQWLSROYHUH GDQQHJJL
DWH
‡
3XOLUHLOFROOHJDPHQWRFRQO¶DVSLUDSROYHUH
'RSRODSXOL]LDPHWWHUHQXRYDPHQWHLO
FRSHUFKLRSDUDSROYHUH
‡ /XEULÀFDUHLOGLVSRVLWLYRGLUHJROD]LRQH
'RSRODSXOL]LDHODOXEUL¿FD]LRQHFRQWUROODUHLO
IXQ]LRQDPHQWR
‡ %DWWHULDGLDYYLDPHQWRVWDUWHUHOHWWULFR
7RJOLHUHODSROYHUHOXEUL¿FDUHLPRUVHWWLFRQWURO
ODUH LO OLYHOOR GHOOµDFLGR HY ULHPSLUH FRQ DFTXD
GLVWLOODWDLQPRGRFKHOHODPHOOHVLDQRULFRSHUWH
6PDOWLUHOHEDWWHULHGLDYYLDPHQWRQRQSLIXQ]LR
QDQWLLQFRQIRUPLWjDOOHYRVWUHGLVSRVL]LRQLORFDOL
3ODQGHPDQWHQLPLHQWR
(QHOGLVHxRGHODVPiTXLQDVVHSXVRHVSHFLDO
DWHQFLyQ HQ TXH VH HPSOHDUD HO PHQRU WLHPSR
SRVLEOHSDUDWUDEDMRVGHPDQWHQLPLHQWR$SHVDU
GHWRGRUHVXOWDQLQGLVSHQVDEOHVDOJXQRVSRFRV
WUDEDMRVGHPDQWHQLPLHQWR$FDPELRODPiTXLQD
WUDEDMDUiGHPRGRLPSHFDEOH\OHSURSRUFLRQDUi
DXVWHGPXFKRVDxRVGHEXHQRVVHUYLFLRV
$QWHVGHFXDOTXLHUWUDEDMRGHEHFRUWDUVH
ODDOLPHQWDFLyQGHHQHUJtD
‡5HWLUHHOHQFKXIHGHODUHGODVEXMtDV\FLHUUH
‡'HMHTXHHOPRWRUVHHQIUtHSRUFRPSOHWR
'LDULDPHQWHRFDGDKRUDVGHXVR
‡ /LPSLDUH[WHULRUPHQWHODPiTXLQD
QRXWLOL]DUGLVROYHQWH
‡ &RQWURODUHOHVWDGRGHORVOiPLQDVHMHV
GHOiPLQDVGLVFRVLQWHUHVSDFLDOHV
'HVPRQWDUHOWDPERUGHKHUUDPLHQWDVUHHPSOD
]DUSLH]DVJDVWDGDV
‡ )LOWURGHOO¶DULDPRWRULDFRPEXVWLRQH
‡ )LOWURGHDLUHPRWRUHVGHFRPEXVWLyQ
VPRQWDUHSXOLUHHYHQWXDOPHQWHVRVWLWXLUOR
GHVPRQWDUOLPSLDUGDGRHOFDVRUHHPSOD]DUOR
‡ /LYHOORGHOO¶ROLRPRWRULDFRPEXVWLRQH
‡ 1LYHOGHODFHLWHPRWRUHVGHFRPEXVWLRQ
FRQWUROODUHHYUDEERFFDUORRVVHUYDUHOHLVWUX FRQWURODU GDGR HO FDVR UHOOHQDU REVHUYDU VLQ
]LRQL GL VHUYL]LR GHOOD FDVD SURGXWWULFH GHO IDOWDODV,QVWUXFFLRQHVGHXVRGHOIDEULFDQWHGHO
PRWRUH
PRWRU
‡ 2OLRLGUDXOLFRD]LRQDPHQWRLGUDXOLFR
‡ $FHLWHKLGUiXOLFRDFFLRQDPLHQWRKLGU
FRQWUROODUHHYUDEERFFDUORFRQ6$(:
FRQWURODUVLHVSUHFLVRUHOOHQDUFRQ6$(:
6L SUHJD GL HVHJXLUH VHWWLPDQDOPHQWH GRSR OD 7UDVODSULPHUDVHPDQDURJDPRVHMHFXWDUVHPD
SULPDVHWWLPDQD
QDOPHQWH
6HPDQDOPHQWHRFDGDKRUDVGHXVR
‡ &RQWURODUHOFRMLQHWH
+DFHUUHHPSOD]DUHOFRMLQHWHGDxDGRSRUHOVHU
YLFLRSRVWYHQWD
‡ &RQWURODUODVXQLRQHVSRUWRUQLOORV
$SUHWDU ODV XQLRQHV SRU WRUQLOORV ÀRMDV KDFHU
UHHPSOD]DU ORV JUXSRV FRQVWUXFWLYRV GDxDGRV
SRUHOVHUYLFLRSRVWYHQWD
‡ &RQWURODUGHODQWDOHVSDUDHOSROYR
5HHPSOD]DUGHODQWDOHVSDUDHOSROYRGDxDGRVR
JDVWDGRV
‡
/LPSLDUODFRQH[LyQGHDVSLUDFLyQGHSROYR
7UDVODOLPSLH]DSRQHUQXHYDPHQWHHQFLPDOD
FDSHUX]DSDUDHOSROYR
‡ /XEULFDUHOGLVSRVLWLYRGHUHJXODFLyQ
7UDVODOLPSLH]D\ODOXEULFDFLyQFRQWURODUHO
IXQFLRQDPLHQWR
‡ %DWHULDGHDUUDQTXHDUUDQTXHHOpFWULFR
/LPSLDUGHSROYROXEULFDUORVERUQHVFRPSUREDUHO
QLYHOGHOiFLGRVLQHFHVDULROOHQDUFRQDJXDGHVWL
ODGDGHPRGRTXHODVOiPLQDVHVWpQFXELHUWDV
(OLPLQDU VHJ~Q ODV SUHVFULSFLRQHV ORFDOHV ODV
EDWHUtDVGHODSDUDWRGHDUUDQTXHGDxDGDVRTXH
\DQRHVWiQHQFRQGLFLRQHVGHIXQFLRQDU
&RS\ULJKW‹9RQ$U[$*
3ÁHJHXQG:DUWXQJ
&DUHDQGPDLQWHQDQFH
2QGHUKRXG
:DUWXQJVDUEHLWHQ
9RUDOOHQ:DUWXQJVDUEHLWHQLVWGLH(QHU
JLH]XIXKU]XXQWHUEUHFKHQ
‡=LHKHQ6LHGHQ1HW]VWHFNHU.HU]HQVWHFNHU
‡/DVVHQ6LHGHQ0RWRUDENKOHQ
0DLQWHQDQFHZRUN
$OZD\V LQWHUUXSW WKH HQHUJ\ VXSSO\
EHIRUHSHUIRUPLQJPDLQWHQDQFHZRUN
‡5HPRYHWKHPDLQVSOXJVSDUNLQJSOXJ
‡$OORZWKHHQJLQHWRFRROGRZQIXOO\
2QGHUKRXGVZHUN
9yyU DOOH RQGHUKRXGVZHUN]DDPKHGHQ
PRHWGHHQHUJLHWRHYRHUZRUGHQYHUEURNHQ
‡'HQHWVWHNNHUXLWWUHNNHQERXJLHVWHNNHUXLWWUHNHQ
‡'HPRWRUYROOHGLJDIODWHQNRHOHQ
‡ 9HUVFKOHLVV
$OOH:HUN]HXJHXQG:HUN]HXJWHLOHZLH%UVWHQ
/DPHOOHQ /DPHOOHQZHOOHQ XQG 7URPPHONHUQH
VLQG9HUVFKOHLVVWHLOHXQGVLQGQDFKHLQHUJHZLV
VHQ(LQVDW]]HLWVRZHLWDEJHQXW]WGDVVVLHHUVHW]W
ZHUGHQPVVHQ 'LHVRJHQDQQWH 6WDQG]HLW GHU
HLQ]HOQHQ7HLOHLVWYRQXQWHUVFKLHGOLFKHU'DXHU
1HEVW GHU$EQXW]XQJ GXUFK GHQ$UEHLWVHLQVDW]
LVWVLHDXFKYRQGHU$UWXQG%HVFKDIIHQKHLWGHV
0DWHULDOVGHU]XEHDUEHLWHQGHQ)OlFKHVRZLHYRQ
GHUJHIRUGHUWHQ/HLVWXQJZlKUHQGGHV(LQVDW]HV
DEKlQJLJ
‡ :HDU
$OOWRROVDQGWRROFRPSRQHQWVVXFKDVEUXVKHV
FXWWHUV ÀDLO VKDIWV DQG GUXP FRUHV DUH ZHDU
SDUWVDQGZLOOEHZRUQRXWDIWHUDJLYHQSHULRGRI
XVH7KH\PXVWWKHQEHUHSODFHG7KHVHUYLFHOLIH
RI WKH LQGLYLGXDO FRPSRQHQWV YDULHV$SDUW IURP
ZHDUFDXVHGE\RSHUDWLQJXVHLWDOVRGHSHQGV
RQ WKH W\SH DQG FKDUDFWHULVWLFV RI WKH PDWHULDO
RIWKHVXUIDFHWREHWUHDWHGDQGRQWKHUHTXLVLWH
SRZHUGXULQJXVH
‡ 6OLMWDJH
$OOHJHUHHGVFKDSSHQHQJHUHHGVFKDSVRQGHUGH
OHQ ]RDOV ERUVWHOV ODPHOOHQ ODPHOOHQDVVHQ HQ
WURPPHONHUQHQ ]LMQ RQGHUKHYLJ DDQ VOLMWDJH HQ
QDHHQEHSDDOGHJHEUXLNVWLMG]yYHUYHUVOHWHQGDW
]HPRHWHQZRUGHQYHUYDQJHQ'H]RJHQDDPGH
VWDQGWLMGYDQGHDI]RQGHUOLMNHRQGHUGHOHQLVYHU
VFKLOOHQG1DDVWGHDIKDQNHOLMNYDQKHWWHEHZHU
NHQ RSSHUYODN DOVPHGH YDQ GH JHGXUHQGH KHW
JHEUXLNJHsLVWHSUHVWDWLH
'LH 6WDQG]HLW GHV 7URPPHONHUQV NDQQ GXUFK
|IWHUHV :HFKVHOQ GHU SUHLVZHUWHQ /DPHOOHQ
ZHOOHQ VWDUN HUK|KW ZHUGHQ 6SlWHVWHQV ZHQQ
VLFK GHU 'XUFKPHVVHU LQ GHQ VLFK DQ GHQ
/DPHOOHQZHOOHQELOGHQGHQ5LOOHQJHJHQEHUGHP
XUVSUQJOLFKHQ :HOOHQGXUFKPHVVHU XP PP
YHUULQJHUWKDWVLQGGLH/DPHOOHQZHOOHQ]XHUVHW
]HQ$XIMHGHQ)DOOVLQGPLWMHGHP6DW]/DPHOOHQ
GLH/DPHOOHQZHOOHQ]XHUQHXHUQ
'LH)ROJHYRQ]XVSlWHUVHW]WHQ/DPHOOHQZHOOHQ
]HLJW VLFK DQ GHQ ÄHLI|UPLJ³ DXVJHVFKOLIIHQHQ
/DPHOOHQZHOOHQ/|FKHUQLP7URPPHONHUQ6ROFKH
7URPPHONHUQH VLQG HEHQIDOOV GXUFK QHXH ]X
HUVHW]HQ
7KHVHUYLFHOLIHRIWKHGUXPFRUHFDQEHLQFUHDVHG
E\IUHTXHQWFKDQJLQJRIWKHORZFRVWÀDLOVKDIWV
7KH ÀDLO VKDIWV PXVW EH UHSODFHG DW WKH ODWHVW
ZKHQWKHGLDPHWHURIWKHJURRYHVZKLFKIRUPLQ
WKHÀDLOVKDIWVKDVGLPLQLVKHGE\PPLQUHOD
WLRQWRWKHRULJLQDOVKDIWGLDPHWHU7KHÀDLOVKDIWV
PXVWEHFKDQJHGZLWKHDFKVHWRIFXWWHUV
'H VWDQGWLMG YDQ GH WURPPHONHUQ NDQ VWHUN
ZRUGHQYHUKRRJGGRRUGHJRHGNRSHODPHOOHQDV
VHQ YDNHU WH YHUYDQJHQ 2S ]LMQ ODDWVW GDQ
ZDQQHHU GH GLDPHWHU LQ GH ]LFK RS GH ODPHO
OHQDVVHQYRUPHQGHJURHYHQWRYGHRRUVSURQ
NHOLMNHDVGLDPHWHUPPLVYHUPLQGHUGPRHWHQ
GH ODPHOOHQDVVHQ ZRUGHQ YHUYDQJHQ LQ LHGHU
JHYDO PRHWHQ PHW LHGHU VHW ODPHOOHQ GH ODPHO
OHQDVVHQZRUGHQYHUQLHXZG
+HWJHYROJYDQWHODDWYHUYDQJHQODPHOOHQDVVHQ
LVWH]LHQDDQGHÄHLYRUPLJ³XLWJHVOHSHQODPHO
OHQDVJDWHQ LQ GH WURPPHONHUQ =XONH WURPPHO
NHUQHQ PRHWHQ HYHQHHQV GRRU QLHXZH ZRUGHQ
YHUYDQJHQ
7KH FRQVHTXHQFH RI ZDLWLQJ WRR ORQJ EHIRUH
FKDQJLQJWKHÀDLOVKDIWVLVWKHIRUPDWLRQRIÄRYDO³
ÀDLO VKDIW KROHV LQ WKH GUXP FRUH 'UXP FRUHV
GDPDJHGLQWKLVZD\PXVWDOVREHUHSODFHGE\
QHZRQHV
9HUVFKOLVVHQH /DPHOOHQZHOOHQ N|QQHQ LP :RUQ ÀDLO VKDIWV PD\ EUHDN LQ XVH DQG 9HUVOHWHQODPHOOHQDVVHQNXQQHQWLMGHQVKHW
%HWULHE EUHFKHQ XQG HUKHEOLFKHQ 6FKDGHQ DP FDXVH VHULRXV GDPDJH WR WKH GUXP FRUH DQG ZHUNHQ EUHNHQ HQ DDQ]LHQOLMNH VFKDGH DDQ GH
7URPPHONHUQVRZLHDP$QWULHEYHUXUVDFKHQ
GULYH
WURPPHONHUQDOVPHGHDDQGHDDQGULMYLQJYHURRU
]DNHQ
‡ 9HUVFKOHLVVWHLOHDXVZHFKVHOQ
‡ &KDQJLQJZHDUSDUWV
‡$DQVOLMWDJHRQGHUKHYLJHRQGHUGHOHQYHUYDQJHQ
6lPWOLFKH 9RQ$U[ 9HUVFKOHLVV XQG (UVDW]WHLOH $OO9RQ$U[ZHDUSDUWVDQGUHSODFHPHQWSDUWVDUH $OOH DDQ VOLMWDJH RQGHUKHYLJH HQ UHVHUYHRQGHU
ZHUGHQ DXI PRGHUQVWHQ 0DVFKLQHQ KHUJHVWHOOW PDGHRQWKHODWHVWPDFKLQHV7KLVJXDUDQWHHVD GHOHQ YDQ 9RQ $U[ ZRUGHQ YHUYDDUGLJG RS
'DPLW LVW HLQH YROOVWlQGLJH 3DVVJHQDXLJNHLW SHUIHFW¿WIRUDOOSDUWV
]HHUPRGHUQHPDFKLQHV'DDUGRRULVQDXZNHX
VlPWOLFKHU7HLOHJHZlKUOHLVWHW
ULJSDVVHQYDQDOOHRQGHUGHOHQJHJDUDQGHHUG
9HU]LFKWHQ 6LH DXI (UVDW]WHLOH XQEHNDQQWHU 'RQRWXVHVSDUHSDUWVRIXQNQRZQPDQXIDF *HEUXLNJHHQRQGHUGHOHQYDQRQEHNHQGHKHU
+HUNXQIW$XFKZHQQGLHVHREHUÀlFKOLFKJHVH WXUH(YHQLIWKH\ORRNWKHVDPHWKHUHPD\EH NRPVW2RNDOV]HRSSHUYODNNLJJH]LHQPLVVFKLHQ
KHQ LGHQWLVFK VHLQ P|JHQ VR N|QQHQ GRFK FRQVLGHUDEOH GLIIHUHQFHV LQ PDQXIDFWXUH DQGRU LGHQWLHN VFKLMQHQ NXQQHQ HU WRFK DDQ]LHQOLMNH
HUKHEOLFKH 8QWHUVFKLHGH LQ )HUWLJXQJ XQGRGHU PDWHULDOVZKLFKPD\EHSUHMXGLFLDOWRDFWLYHDQG YHUVFKLOOHQ LQ GH IDEULFDJH HQRI KHW PDWHULDDO
0DWHULDO EHVWHKHQ ZHOFKH GLH DNWLYH XQG SDV SDVVLYHVDIHW\
EHVWDDQGLHHHQQHJDWLHYHLQYORHGNXQQHQXLWRH
VLYH6LFKHUKHLWEHHLQWUlFKWLJHQN|QQHQ
IHQHQRSGHDFWLHYHHQSDVVLHYHYHLOLJKHLG
%HL9HUZHQGXQJDQGHUHU(UVDW]WHLOHDOVGLH $OO ZDUUDQW\ FODLPV ODSVH LI VSDUH SDUWV %LMJHEUXLNYDQDQGHUHRQGHUGHOHQGDQGLH
YRQGHU)LUPD9RQ$U[$*IDEUL]LHUWHQRGHUHPS RWKHUWKDQWKRVHPDGHE\9RQ$U[RUUHFRPPHQ ZHONH GRRU GH ¿UPD 9RQ $U[ $* ]LMQ JHIDEUL
IRKOHQHQHUOLVFKWMHJOLFKHU*DUDQWLHDQVSUXFK
GHGPDNHVDUHXVHG
FHHUG RI DDQEHYROHQ YHUYDOW LHGHUH DDQVSUDDN
RSJDUDQWLH
‡ 6WDXEVFKU]HZHFKVHOQ
‡ &KDQJLQJWKHGXVWDSURQ
‡ 6WRIVFKHUPYHUYDQJHQ
6WDXEVFKU]HQ UHJHOPlVVLJ NRQWUROOLHUHQ XQG &KHFNWKHGXVWDSURQVUHJXODUO\DQGUHSODFH
6WRIVFKHUPHQUHJHOPDWLJFRQWUROHUHQHQELMWLMV
UHFKW]HLWLJHUVHW]HQ
WKHPLQJRRGWLPH
YHUYDQJHQ
(QWUHWLHQHWPDLQWHQDQFH
3LFFRODPDQXWHQ]LRQHRUGLQDULD &XLGDGR\PDQWHQLPLHQWR
7UDYDX[GHPDLQWHQDQFH
$YDQW WRXW WUDYDLO G¶HQWUHWLHQ FRXSHU
O¶DUULYpHGHO¶HQHUJLH
‡6RUWLUOD¿FKHGXVHFWHXUFRVVHVjERXJLH
‡/DLVVHOHPRWHXUVHUHIURLGLUFRPSOqWHPHQW
/DYRULGLPDQXWHQ]LRQH
3ULPDGLHVHJXLUHWXWWLLODYRULGLPDQXWHQ
]LRQHLQWHUURPSHUHO¶DOLPHQWD]LRQHGLHQHUJLD
‡6YLODUHODVSLQDWRJOLHUHODVHGHSHUOHFDQGHOH
HFKLXGHUH
‡)DUHUDIIUHGGDUHFRPSOHWDPHQWHLOPRWRUH
‡ 8VXUD
7XWWLJOLXWHQVLOLHOHSDUWLGLXWHQVLOLFRPHVSD]
]ROHODPHOOHDOEHULSHUODPHOOHHSDUWLFHQWUDOLGHO
WDPEXURVRQRSH]]LVRJJHWWLDGXVXUDHGHYRQR
HVVHUHVRVWLWXLWLGRSRXQGHWHUPLQDWRSHULRGRGL
LPSLHJRLQUHOD]LRQHDOJUDGRGLXVXUDODGXUDWD
GHLVLQJROLSH]]LqGLYHUVD2OWUHDOOµXVXUDGRYXWD
DOOµLPSLHJR LQÀXLVFRQR DQFKH JHQHUH H TXDOLWj
GHO PDWHULDOH GHOOD VXSHU¿FLH GD ODYRUDUH HG
DQFKHODSRWHQ]DULFKLHVWDGXUDQWHOµLPSLHJR
7UDEDMRVGHPDQWHQLPLHQWR
$QWHVGHFXDOTXLHUWUDEDMRHQODPiTXLQD
GHEHFRUWDUVHODDOLPHQWDFLyQGHHQHUJtD
‡5HWLUHHOHQFKXIHGHODUHGODVEXMtDV\FLHUUH
‡'HMHTXHHOPRWRUVHHQIULHSRUFRPSOHWR
/D GXUDWD GHOOD SDUWH FHQWUDOH GHO WDPEXUR SXz
HVVHUH GL JUDQ OXQJD DXPHQWDWD FDPELDQGR
VSHVVRJOLDOEHULSHUODPHOOHFKHVRQRSLHFR
QRPLFL,QROWUHDOEHULSHUODPHOOHVLqULGRWWRGL
PPULVSHWWRDOGLDPHWURRULJLQDULRJOLDOEHULSHU
ODPHOOHGHYRQRHVVHUHVRVWLWXLWL,QRJQLFDVRFRQ
RJQL VHW GL ODPHOOH GHYRQR HVVHUH VRVWLWXLWL JOL
DOEHULSHUODPHOOH
/DGXUDFLyQGHOQ~FOHRFHQWUDOGHOWDPERUSXHGH
DXPHQWDUVH QRWDEOHPHQWH PHGLDQWH XQ FDPELR
PiVIUHFXHQWHGHORVHFRQyPLFRVHMHVGHOiPL
QDV/RVHMHVGHOiPLQDVGHEHUiQUHHPSOD]DUVH
FRPR PX\ WDUGH FXDQGR HO GLiPHWUR HQ ODV
HVWUtDV TXH VH IRUPDQ HQ ORV HMHV GH ODV OiPL
QDVVHKD\DUHGXFLGRHQPPIUHQWHDOGLiPHWUR
RUJLQDOGHHMHV(QFXDOTXLHUFDVRFRQFDGDORWH
GHOiPLQDVGHEHQUHQRYDUVHORVHMHVGHOiPLQDV
/D FRQVHFXHQFLD GH XQ UHHPSOD]R GHPDVLDGR
WDUGtR GH ORV HMHV GH OiPLQDV SXHGH YHUVH HQ
ORV DJXMHURV GH ORV HMHV GH OiPLQDV DPRODGRV
HQ IRUPD ÄRYDO³ HQ HO Q~FOHR HQWUDO GHO WDPERU
7DEOHVQ~FOHRVFHQWUDOHVGHEHQDVLPLVPRUHP
SOD]DUVHSRURWURVQXHYRV
/RVHMHVOiPLQDVGHVJDVWDGRVSXHGHQURP
SHUVHHQRSHUDFLyQ\RFDVLRQDUGDxRVQRWDEOHV
HQ HO Q~FOHR FHQWUDO GHO WDPERU DVt FRPR HQ
DFFLRQDPLHQWR
‡ 5HFDPELDUODVSLH]DVGHGHVJDVWH
/D WRWDOLGDG GH ODV SLH]DV GH GHVJDVWH \ GH
UHFDPELR9RQ$U[VHIDEULFDHQODVPiVPRGHU
QDVPiTXLQDV&RQORFXDOHVWiJDUDQWL]DGDXQD
H[DFWLWXGGHDMXVWHGHODWRWDOLGDGGHODVSLH]DV
'HVLVWD GH SLH]DV GH UHFDPELR GH RULJHQ
GHVFRQRFLGR,QFOXVRDXQTXHHODVSHFWRH[WH
ULRUGHODVPLVPDVVHDLGpQWLFRSXHGHQH[LVWLUVLQ
HPEDUJR QRWDEOHV GLIHUHQFLDV HQ OD IDEULFDFLyQ
\RHQHOPDWHULDOODVFXDOHVSXHGHQPHQRVFD
EDUODVHJXULGDGDFWLYD\SDVVLYD
6LVHXWLOL]DQSLH]DVGHUHFDPELRGLVWLQWDV
DODVIDEULFDGRVRUHFRPHQGDGDVSRUODHPSUHVD
9RQ$U[$*VHH[FOX\HFXDOTXLHUSUHWHQVLyQGH
JDUDQWtD
‡ &DPELDUORVGHODQWDOHVSDUDHOSROYR
&RQWURODUUHJXODUPHQWH\UHHPSOD]DUDVX
GHELGRWLHPSRORVGHODQWDOHVSDUDHOSROYR
‡ 8VXUH
7RXVOHVRXWLOVHWSLqFHVGµRXWLOWHOOHVTXHEURV
VHV ODPHOOHV DUEUHV GH ODPHOOHV HW QR\DX[ GH
WDPERXUVRQWGHVSLqFHVGµXVXUHTXLVRQWXVpHV
DSUqV XQ FHUWDLQ WHPSV GH VHUYLFH GH VRUWH
TXµHOOHV GRLYHQW rWUH UHPSODFpHV /D GXUDELOLWp
GHFKDFXQHGHVSLqFHVDXQHGXUpHGLYHUVH(Q
GHKRUVGHOµXVXUHGXHjODIUpTXHQFHGXWUDYDLO
HOOHGpSHQGDXVVLGHODQDWXUHHWGHODFRPSRVL
WLRQGHVPDWpULDX[GHVVXUIDFHVjWUDYDLOOHUGH
PrPHTXHGXUHQGHPHQWUHSXLVSHQGDQWODPLVH
HQRHXYUH
/DGXUDELOLWpGXQR\DXGHWDPERXUSHXWrWUHIRUWH
PHQWDXJPHQWpHHQFKDQJHDQWDVVH]IUpTXHP
PHQWOHVDUEUHVGHODPHOOHV/HVDUEUHVGRLYHQW
rWUHUHPSODFpVDXSOXVWDUGORUVTXHOHGLDPqWUH
GDQV OHTXHO GHV UDLQXUHV VH IRUPHQW VXU OHV
DUEUHVDGLPLQXpPPSDUUDSSRUWDXGLDPqWUH
RULJLQDOGHOµDUEUH(QWRXWFDVLOIDXWUHQRXYHOHU
OHVDUEUHVDYHFFKDTXHMHXGHODPHOOHV
/HVVXLWHVGµXQUHPSODFHPHQWWURSWDUGLIGµDUEUHV
GHODPHOOHVVHYRLWDX[WURXVUHFWL¿pVHQÄIRUPH
GµRHXI³ GHV DUEUHV GDQV OH QR\DX GX WDPERXU
'HWHOVQR\DX[GRLYHQWpJDOHPHQWrWUHUHPSOD
FpVSDUGHVQRXYHDX[
/DFRQVHJXHQ]DGLXQDVRVWLWX]LRQHQRQWHPSH
VWLYD GHJOL DOEHUL SHU ODPHOOH VL PDQLIHVWD FRQ
RYDOL]]D]LRQH GHL IRUL SRUWDDOEHUR QHOOD SDUWH
FHQWUDOHGHOWDPEXUR4XHVWDSDUWHFHQWUDOHGHO
WDPEXURGHYHHVVHUHVRVWLWXLWDFRQXQDQXRYD
*OLDOEHULSHUODPHOOHXVXUDWLSRVVRQRURP
SHUVLGXUDQWHLOIXQ]LRQDPHQWRHTXLQGLFDXVDUH
QRWHYROLGDQQLDOODSDUWHFHQWUDOHGHOWDPEXURHG
DOOµD]LRQDPHQWR
‡ 6RVWLWX]LRQHGHLSH]]LVRJJHWWLDGXVXUD
7XWWLSH]]LGLULFDPELRHVRJJHWWLDGXVXUDGHOOD
9RQ$U[ YHQJRQR SURGRWWL VX PDFFKLQH PRGHU
QLVVLPH ,Q TXHVWR PRGR VL FRQVHQWH XQD SHU
IHWWDDGDWWDELOLWjGLWXWWLSH]]L
5LQXQFLDUHDGLPSLHJDUHSH]]LGLULFDPELRGL
SURYHQLHQ]D VFRQRVFLXWD$QFKH VH SRVVRQR
VHPEUDUH LGHQWLFL VXSHU¿FLDOPHQWH WXWWDYLD HVL
VWRQR QRWHYROL GLIIHUHQ]H GL SURGX]LRQH HR QHO
PDWHULDOHFKHSRVVRQRSUHJLXGLFDUHODVLFXUH]]D
DWWLYDHSDVVLYD
8WLOL]]DQGR SH]]L GL ULFDPELR GLYHUVL GD
TXHOOLSURGRWWLRFRQVLJOLDWLGDOODGLWWD9RQ$U[$*
GHFDGHRJQLSUHWHVDGLJDUDQ]LD
'HV DUEUHV GH ODPHOOHV XVpV SHXYHQW VH
FDVVHUHQVHUYLFHHWSURYRTXHUGHVGpJkWVFRQ
VLGpUDEOHVDXQR\DXGHWDPERXUGHPrPHTXµj
OµHQWUDvQHPHQW
‡ 5HPSODFHPHQWGHVSLqFHVG¶XVXUH
7RXWHV OHV SLqFHV GµXVXUH HW GH UHFKDQJH VRQW
IDEULTXpHV SDU 9RQ $U[ VXU GHV PDFKLQHV OHV
SOXVUpFHQWHV&HFLHVWODJDUDQWLHGµXQHSDUIDLWH
SUpFLVLRQGµDMXVWDJH
5HQRQFH]jGHVSLqFHVGHUHFKDQJHGHVRXUFH
LQFRQQXH0rPHVLHOOHVSDUDLVVHQWVXSHU¿FL
HOOHPHQW LGHQWLTXHV j FHOOHV GµRULJLQH LO SHXW \
DYRLUGHVGLIIpUHQFHVFRQVLGpUDEOHVGDQVODIDEUL
FDWLRQHWRXOHVPDWpULDX[ULVTXDQWGHPHWWUHHQ
FDXVHODVpFXULWpDFWLYHHWSDVVLYH
(QFDVGµXWLOLVDWLRQGHSLqFHVGHUHFKDQJH
DXWUHVTXHFHOOHVIDEULTXpHVRXUHFRPPDQGpHV
SDUOD¿UPH9RQ$U[WRXWGURLWjODJDUDQWLHHVW
DQQXOp
‡ 5HPSODFHPHQWGXWDEOLHUDQWLSRXVVLqUH ‡ 6RVWLWX]LRQHGHOOHSURWH]LRQLDQWLSROYHUH
&RQWU{OHUUpJXOLqUHPHQWOHVWDEOLHUVDQWLSRXV
&RQWUROODUHUHJRODUPHQWHOHSURWH]LRQLDQWLSRO
VLqUHHWOHVUHPSODFHUjWHPSV
YHUHHVRVWLWXLUOHLQWHPSR
‡ 'HVJDVWH
7RGDVODVKHUUDPLHQWDV\SLH]DVGHKHUUDPLHQ
WDVWDEOHVFRPRFHSLOORVOiPLQDVHMHVOiPLQDV\
Q~FOHRVFHQWUDOHVGHOWDPERUVRQSLH]DVGHGHV
JDVWH TXH WUDV XQ GHWHUPLQDGR WLHPSR GH XVR
HVWiQWDQGHVJDVWDGDGXUDFLyQGHFDGDXQDGH
ODV SLH]DV HV GLIHUHQWH $GHPiV GHO GHVJDVWH
SRUXWLOL]DFLyQGHWUDEDMRHVDVLPLVPRIXQFLyQGHO
WLSR \ HVWUXFWXUD GHO PDWHULDO GH OD VXSHU¿FLH D
SUHSDUDUDVtFRPRGHODSRWHQFLDH[LJLGDGXUDQWH
ODXWLOL]DFLyQ
&RS\ULJKW‹9RQ$U[$*
3ÁHJHXQG:DUWXQJ
&DUHDQGPDLQWHQDQFH
$QWULHEVULHPHQZHFKVHOQ
9RUDOOHQ:DUWXQJVDUEHLWHQLVWGLH(QHU
JLH]XIXKU]XXQWHUEUHFKHQ
‡
9$0DVFKLQHQ
6FKUDXEHQ DP 5LHPHQVFKXW] O|VHQ XQG
PLW)HGHUULQJDEQHKPHQ
5LHPHQVFKXW]DEQHKPHQ
6SDQQVFKUDXEH VRZHLW O|VHQ GDVV GLH
6SDQQUROOH YHUVHW]W ZHUGHQ NDQQ 'HU
$QWULHEVULHPHQLVWMHW]WORVHXQGNDQQDEJH
QRPPHQZHUGHQ
1HXHQ$QWULHEVULHPHQDXIVHW]HQ
6SDQQUROOH VRZHLW QDFK UHFKWV VFKLHEHQ
GDVVGHU$QWULHEVULHPHQYRUJHVSDQQWLVW
6SDQQVFKUDXEHVRZHLWDQ]LHKHQGDVVGLH
6SDQQUROOHYRU¿[LHUWLVW
0LW .XQVWVWRIIKDPPHU 6SDQQUROOH QDFK
VSDQQHQ
5LHPHQVSDQQXQJPLW'DXPHQGUXFNSUIHQ
VROOWH HWZDV QDFKJHEHQ DEHU QLFKW PHKU
DOVPP
6SDQQVFKUDXEHLQHQGJOWLJHU3RVLWLRQIHVW
]LHKHQ
5LHPHQVFKXW]ZLHGHUPRQWLHUHQ
‡
‡
)5XQG9$/
5LHPHQVFKXW]DEQHKPHQ
6FKUDXEHQVRZHLWO|VHQGDVVGHU$QWULHEV
PRWRUYHUVHW]WZHUGHQNDQQXQGGHU$QWULHEV
ULHPHQQLFKWPHKUJHVSDQQWLVW
1HXHQ$QWULHEVULHPHQDXIVHW]HQ
$QWULHEVPRWRUVRZHLWYHUVFKLHEHQGDVVGHU
5LHPHQYRUJHVSDQQWLVWDXISDUDOOHOHQ6LW]
GHV0RWRUVDFKWHQ
5LHPHQVSDQQXQJPLW'DXPHQGUXFNSUIHQ
*JI5LHPHQVSDQQXQJGXUFK9HUVHW]HQGHV
$QWULHEVPRWRUVlQGHUQ
6FKUDXEHQ 0RWRUEHIHVWLJXQJ ZLHGHU
IHVW]LHKHQ
5LHPHQVFKXW]ZLHGHUPRQWLHUHQ
‡
2QGHUKRXG
&KDQJLQJWKHGULYHEHOW
$OZD\V LQWHUUXSW WKH HQHUJ\ VXSSO\ EHIRUHSHUIRUPLQJPDLQWHQDQFHZRUN
9$0DFKLQHV
‡
5HOHDVHWKHKH[DJRQDOKHDGVFUHZVRQWKH 9EHOWJXDUGDQGUHPRYHZLWKWKHVSULQJULQJ 5HPRYHWKHEHOWJXDUG
5HOHDVHWKHWHQVLRQVFUHZXQWLOWKHWHQVLRQ UROOHUFDQEHVKLIWHG7KHGULYHEHOWLVQRZ ORRVHDQGFDQEHUHPRYHG
)LWDQHZGULYHEHOW
3XVKWKHWHQVLRQUROOHUWRWKHULJKWXQWLOWKH GULYHEHOWLVSUHWHQVLRQHG
7LJKWHQ WKH WHQVLRQ VFUHZ XQWLO WKH GULYH UROOHUKDVEHHQSUH¿[HG
5HJXODWHWKHWHQVLRQRIWKHUROOHUZLWKDSOD VWLFKDPPHU
&KHFNWKHEHOWWHQVLRQE\DSSO\LQJSUHVVXUH ZLWK WKH WKXPE PXVW VOLJKWO\ ÀH[ EXW QRW PRUHWKDQPP
)L[WKHWHQVLRQVFUHZLQWKHGH¿QLWLYHSRVL WLRQ
5HSODFHWKHEHOWJXDUG
$DQGULMIULHPYHUYDQJHQ
9yyU DOOH RQGHUKRXGVZHUN]DDPKHGHQ
PRHWGHHQHUJLHWRHYRHUZRUGHQYHUEWR
NHQ
9$0DFKLQHV
%RXWHQDDQGHULHPEHVFKHUPLQJORVGUDDLHQ
HQPHWYHHUULQJDIQHPHQ
5LHPEHVFKHUPLQJKDOHQ
6SDQVFKURHI]RYHUORVGUDDLHQGDWGHVSDQ
URONDQZRUGHQYHUSODDWVW'HDDQGULMIULHPLV
QXORVHQNDQZHJJHQRPPHQZRUGHQ
1LHXZHDDQGULMIULHPRS]HWWHQ
'HVSDQURO]}YHUQDDUUHFKWVVFKXLYHQGDW
GHDDQGULMIULHPYRRUJHVSDQQHQLV
6SDQVFKURHI]RYHUDDQKDOHQGDWGHVSDQ
UROOLFKWYDVWJH]HWLV
0HWNXQVWVWRIKDPHUVSDQUROQDVSDQQHQ
5LHPVSDQQLQJFRQWUROHUHQGRRUPHWGHGXLP
RSGHULHPWHGUXNNHQGLHQWHHQEHHWMHPHH
WHJHYHQPDDUQLHWPHHUGDQPP
VROOWH HWZDV QDFKJHEHQ DEHU QLFKW PHKU
DOVPP
6SDQVFKURHILQGH¿QLWLHYHSRVLWLHYDVW GUDDLHQ
5LHPEHVFKHUPLQJZHHUPRQWHUHQ
)5DQG9$/
5HPRYHWKHEHOWJXDUG
5HOHDVHWKHIRXUVFUHZVXQWLOWKHGULYHPRWRU
FDQEHVKLIWHGDQGWKHGULYHEHOWLVQRORQJHU
XQGHUWHQVLRQ
)LWDQHZGULYHEHOW
0RYHWKHGULYHPRWRUXQWLOWKHEHOWLVSUH
WHQVLRQHGPDNH VXU WKDW PRWRU LV VHDWHG
SDUDOHO
7HVWWKHEHOWWHQVLRQE\DSSO\LQJSUHVVXUH
ZLWKWKHWKXPELIQHFHVVDU\DGMXVWWKHEHOW
WHQVLRQE\PRYLQJWKHGULYHPRWRU
7LJKWHQ WKH IRXU VFUHZV PRWRU ¿[LQJ
VFUHZVDJDLQ
5HSODFHWKHEHOWJXDUG
)5HQGH9$/
5LHPEHVFKHUPLQJKDOHQ
ERXWHQ ]RYHU ORVGUDDLHQ GDW GH DDQGULMI
PRWRUNDQZRUGHQYHUSODDWVWHQGHDDQGULM
IULHPQLHWPHHUJHVSDQQHQLV
1LHXZHDDQGULMIULHPRS]HWWHQ
$DQGULMIPRWRU ]RYHU YHUVFKXLYHQ GDW GH
ULHPYRRUJHVSDQQHQLVHURSOHWWHQGDWGH
PRWRUSDUDOHO]LW
5LHPVSDQQLQJFRQWUROHUHQGRRUPHWGHGXLP
RSGHULHPWHGUXNNHQ,QGLHQQRGLJGHULHP
VSDQQLQJGRRUYHUSODDWVHQYDQGHDDQGULMI
PRWRUYHUDQGHUHQ
ERXWHQPRWRUEHYHVWLJLQJZHHUYDVVGUDDLHQ
5LHPHQEHVFKHUPLQJZHHUPRQWHUHQ
‡
5HSDUDWXUHQ
5HSDLUV
5HSDUDWLHV
'DQN GHU 5REXVWKHLW GHU 9RQ $U[0DVFKLQHQ
EHUOHEW ,KUH 0DVFKLQH ZDKUVFKHLQOLFK GHQ
$QWULHEVPRWRU/DVVHQ6LHVLFKGHQQHXHQ0RWRU
GXUFK,KUHQ9RQ$U[.XQGHQGLHQVWDQEDXHQ
$QWULHEVDUWHQ]%%HQ]LQ(OHNWURPRWRUGUIHQ
QLFKWJHWDXVFKWZHUGHQ
9RQ $U[ PDFKLQHV DUH VXI¿FLHQWO\ UREXVW WR
HQVXUHWKDW\RXUDSSOLDQFHZLOOSUREDEO\IDURXW
OLYH LWV GULYH PRWRU $UUDQJH IRU \RXU 9RQ $U[
&XVWRPHU6HUYLFHWR¿WDQHZPRWRU
'ULYHPRGHVHJSHWUROHQJLQHHOHFWULFPRWRU
PXVWQRWEHFKDQJHG
'DQN]LM GH UREXXVWKHLG YDQ GH 9RQ$U[PDFKL
QHVRYHUOHHIWXZPDFKLQHGHDDQGULMIPRWRUZDDU
VFKLMQOLMN /DDW GH QLHXZH PRWRU GRRU XZ 9RQ
$U[VHUYLFHGLHQVWPRQWHUHQ
2QJHOLMNVRRUWLJH DDQGULMYLQJHQ ELMY EHQ]LQH
HOHNWURPRWRUPRJHQQLHWJHUXLOGZRUGHQ
9HUZHQGHQ 6LH QXU 2ULJLQDOHUVDW]WHLOH YRQ GHU 2QO\XVHRULJLQDO9RQ$U[VSDUHRUWKHUHSODFH
9RQ$U[$*RGHUGLHLQGHQ(UVDW]WHLOOLVWHQYRU PHQWSDUWVLQGLFDWHGLQWKHSDUWVOLVWV
JHJHEHQHQ(UVDW]WHLOH
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQGH
¿UPD 9RQ$U[$* RI GH LQ GH RQGHUGHOHQOLMVWHQ
YHUPHOGHRQGHUGHOHQ
9HUlQGHUXQJHQDQGHUHOHNWULVFKHQ,QVWDO
ODWLRQVLQGYHUERWHQ
$OWHUDWLRQVWRWKHHOHFWULFDODUHSURKLELWHG
0RGL¿FDWLHV DDQ GH HOHNWULVFKH LQVWDOODWLH
]LMQYHUERGHQ
(QWUHWLHQHWPDLQWHQDQFH
3LFFRODPDQXWHQ]LRQHRUGLQDULD &XLGDGR\PDQWHQLPLHQWR
5HPSODFHPHQWGHODFRXUURLHG¶HQWUDvQHPHQW
6RVWLWX]LRQHGHOODFLQJKLDGLWUDVPLVVLRQH
$YDQW WRX WUDYDLO G¶HQWUHWLHQ FRXSHU 3ULPDGLHVHJXLUHWXWWLLODYRULGLPDQX
O¶DUULYpHGHO¶pQHUJLH
WHQ]LRQHLQWHUURPSHUHO¶DOLPHQWD]LRQHG¶
HQHUJLD
‡ 9$0DFKLQHV
‡ 9$0DFFKLQD
'HVVHUUHU OHV YLV KH[DJRQDOHV GX SURWqJH $OOHQWDUHOHYLWLDWHVWDHVDJRQDOHGHOSDUD
FRXUURLHHWOHVHQOHYHUDYHFODURQGHOOHUHVVRUW FLQJKLDHWRJOLHUHODURVHWWDHODVWLFD
5HWLUHUOHSURWqJHFRXUURLH
7RJOLHUHLOSDUDFLQJKLD
'HVVHUUHUODYLVGHWHQVLRQMXVTXµjFHTXH $OOHQWDUH OD YLWH GL VHUUDJJLR ¿QR DO SXQWR
OH JDOHW WHQGHXU SXLVVH rWUH GpFDOp /D LQFXLqSRVVLELOHVSRVWDUHLOUXOORWHQGLFLQ
FRXUURLH GµHQWUDvQHPHQW HVW PDLQWHQDQW JKLD/DFLQJKLDGLWUDVPLVVLRQHDGHVVRq
GpWHQGXHHWSHXWrWUHUHWLUpH
OHQWDHSXzHVVHUHWROWD
0LVHHQSODFHGµXQHFRXUURLHQHXYH
0RQWDUHODQXRYDFLQJKLDGLWUDVPLVVLRQH
'pFDOHU OH JDOHW WHQGHXU YHUV OD GURLWH 6SLQJHUH LO UXOOR WHQGLFLQJKLD YHUVR GHVWUD
MXVTXµjFHTXHODFRXUURLHVRLWSUpWHQGXH
¿QWDQWRFKHODFLQJKLDGLWUDVPLVVLRQHQRQ
6HUUHUODYLVGHWHQVLRQMXVTXµjFHTXHOH qSUHFDULFDWD
JDOHWWHQGHXUVRLWSUp¿[p
6WULQJHUH OD YLWH GL VHUUDJJLR TXHO WDQWR FKH
7HQGUHOHJDOHWDYHFXQPDUWHDXHQSODVWL EDVWDSHUFKpLOUXOORWHQGLFLQJKLDVLDSUH¿VVDWR
TXH
&RQXQPDUWHOORGLJRPPDGXUDULWHQGHUHLO
9pUL¿HUODWHQVLRQGHODFRXUURLHSDUSUHVVLRQ UXOORWHQGLFLQJKLD
DYHF OH SRXFHGHYUDLW FpGHU XQ SHX PDLV &RQWUROODUH OD WHQVLRQH GHOOD FLQJKLD SUH
SDVSOXVGHPP
PHQGRFRQLOSROOLFHGRYUHEEHFHGHUHXQ
6HUUHU OD YLV GH WHQVLRQ GDQV OD SRVLWLRQ SzDPDQRQSLGLPP
Gp¿QLWLYH
)LVVDUHODYLWHGLVHUUDJJLRQHOODSRVL]LRQH
5HPRQWHUOHSURWqJHFRXUURLH
¿QDOH
0RQWDUHQXRYDPHQWHLOSDUDFLQJKLD
‡ )5HW9$/
‡ )5H9$/
3URWqJHFRXUURLHUHWLUHU
7RJOLHUHLOSDUDFLQJKLD
'HVVHUUHU YLV MXVTXµj FH TXH OH PRWHXU $OOHQWDUH OH YLWL ¿Q WDQWR FKH LO PRWRUH GL
GµHQWUDvQHPHQWSXLVVHrWUHGpFDOpHWTXHOD D]LRQDPHQWH SXz HVVHUH VSRVWDWR H OD FLQ
FRXUURLHQHVRLWSOXVWHQGXH
JKLDGLWUDVPLVVLRQHQRQqSLLQWHQVLRQH
0HWWUHHQSODFHXQHFRXUURLHGµHQWUDvQHPHQW 0RQWDUHODQXRYDFLQJKLDGLWUDVPLVVLRQH
QHXYH
6SRVWDUH LO PRWRUH GL D]LRQDPHQWR ¿Q WDQWR
'pFDOHU OH PRWHXU GµHQWUDvQHPHQW MXVTXµj FKHODFLQJKLDQRQVLDSUHFDULFDWDIDUHDWWHQ
FHTXHODFRXUURLHVRLWSUpWHQGXHYHLOOHUj ]LRQHDPDQWHQHUHODVHGHGHOPRWRUHSDUDOOHOD
FHTXHOHVLqJHGXPRWHXUVRLWSDUDOOqOH
&RQWUROODUH OD WHQVLRQH GHOOD FLQJKLD FRQ
9pUL¿HUODWHQVLRQGHODFRXUURLHSDUSUHV OD SUHVVLRQH GHO SROOLFH HG HYW FDPELDUH OD
VLRQGXSRXFH$XEHVRLQPRGL¿HUODWHQ WHQVLRQHVSRVWDQGRLOPRWRUHGLD]LRQDPHQWR
VLRQGHODFRXUURLHHQGpFDODQWOHPRWHXU
)LVVDUH QXRYDPHQWH OH YLWL ¿VVDJJLR GHO
5HYLVVHUjIRQGOHVYLV¿[DWLRQGXPRWHXU PRWRUH
5HPRQWHUOHSURWqJHFRXUURLH
0RQWDUHQXRYDPHQWHLOSDUDFLQJKLD
‡
&DPELDUODFRUUHDGHDFFLRQDPLHQWR
$QWHVGHFXDOTXLHUWUDEDMRHQODPiTXLQD
GHEH FRUWDUVH OD DOLPHQWDFLyQ GH HQHU
JLD
9$0iTXLQDV
$ÀRMDUORVWRUQLOORVKH[DJRQDOHVHQHOFXEUH
FRUUHD\TXLWDUORVFRQODDUDQGHODHOiVWLFD
4XLWDUHOFXEUHFRUUHD
$ÀRMDUHOWRUQLOORWHQVRUKDVWDTXHSXHGDGHV
SOD]DUVHHOURGLOORGHVXMHFLyQ$KRUDODFRUUHD
GHDFFLRQDPLHQWRHVWiÀRMD\SXHGHTXLWDUVH
3RQHUXQDQXHYDFRUUHDGHDFFLRQDPLHQWR
(PSXMDU HO URGLOOR GH VXMHFLyQ KDFLD OD
GHUHFKDKDVWDTXHODFRUUHDGHDFFLRQDPL
HQWRHVWpSUHWHQVDGD
$SUHWDU HO WRUQLOOR GH VXMHFLyQ KDVWD TXH
HVWpSUH¿MDGRHOURGLOORGHVXMHFLyQ
9ROYHUDWHQVDUFRQPDUWLOORGHSOiVWLFR
&RPSUREDU OD WHQVLyQ GH OD FRUUHD SUHVLR
QDQGRFRQHOSXOJDUGHEHUiFHGHUDOJRSHUR
QRPiVGHPP
$SUHWDU¿UPHPHQWHOWRUQLOORGHVXMHFLyQHQ
ODSRVLFLyQGH¿QLWLYD
0RQWDUGHQXHYRHOFXEUHFRUUHD
‡
)5\9$/
4XLWDUHOFXEUHFRUUHD
$ÀRMDUWRUQLOORVKDVWDTXHSXHGDGHVSOD
]DUVHHOPRWRUGHDFFLRQDPLHQWR\ODFRUUHD
GHDFFLRQDPLHQWR\DQRHVWpWHQVDGD
3RQHUXQDQXHYDFRUUHDGHDFFLRQDPLHQWR
'HVSOD]DUHOPRWRUGHDFFLRQDPLHQWRKDVWD
TXHODFRUUHDHVWpSUHWHQVDGD2EVHUYDUHO
DVLHQWRSDUDOHORGHOPRWRU
&RPSUREDUHOWHQVDGRGHODFRUUHDSUHVLR
QDGRFRQHOSXOJDU'DGRHOFDVRPRGL¿FDU
HO WHQVDGR GH OD FRUUHD GHVSOD]DQGR HO
PRWRUGHDFFLRQDPLHQWR
$SUHWDUGHQXHYRWRUQLOORV¿MDFLyQGHOPRWRU
0RQWDUGHQXHYRHOFXEUHFRUUHD
5pSDUDWLRQV
5HSDUDFLRQHV
5LSDUD]LRQL
*UkFH j OD UREXVWHVVH GHV PDFKLQHV 9RQ$U[
YRWUH PDFKLQH VXUYLYUD SUREDEOHPHQW GH ORLQ j
YRWUHPRWHXU)DLWHVPRQWHUXQPRWHXUQHXISDU
YRWUHVHUYLFHDSUqVYHQWH9RQ$U[
/HVPRGHVGµHQWUDvQHPHQWSH[HVVHQFHPRWHXU
pOHFWULTXHQHGRLYHQWSDVrWUHLQWHUFKDQJpV
*UD]LHDOODUREXVWH]]DGHOOHPDFFKLQH9RQ$U[
ODYRVWUDPDFFKLQDSUREDELOPHQWHVRSSUDYYLYHUj
GLJUDQOXQJDLOPRWRUHGµD]LRQDPHQWR)DUHPRQ
WDUH LO QXRYR PRWRUH GDO 6HUYL]LR GL$VVLVWHQ]D
7HFQLFDGHOOD9RQ$U[
, WLSL GµD]LRQDPHQWR DG HV PRWRUH D EHQ]LQD
HOHWWULFRQRQGHYRQRHVVHUHLQYHUWLWL
8WLOLVHUXQLTXHPHQWGHVSLqFHVGµRULJLQHGH9RQ 8WLOL]]DUH VROR SH]]L GL ULFDPELR RULJLQDOL GHOOD
$U[$*RXFHOOHV¿JXUDQWVXUOHVOLVWHVGHSLqFHV 9RQ$U[$* RSSXUH L SH]]L GL ULFDPELR LQGLFDWL
GHUHFKDQJH
QHOODOLVWDSH]]LGLULFDPELR
,OHVWLQWHUGLWGHSURFpGHUjGHVPRGL¿FDWL Ê YLHWDWR HVHJXLUH PRGL¿FKH DOOµLPSLDQWR
RQVVXUOµLQVWDOODWLRQpOHFWULTXH
HOHWWULFR
*UDFLDV D OD UREXVWH] GH ODV PiTXLQDV 9RQ
$U[VXPiTXLQDVREUHYLYLUiSUREDEOHPHQWHFRQ
PXFKR DO PRWRU GH DFFLRQDPLHQWR +DJD TXH
VX VHUYLFLR SRVWYHQWD 9RQ$U[ PRQWH HO QXHYR
PRWRU
/RVWLSRVGHDFFLRQDPLHQWRSHMPRWRUGHJDVR
OLQDHOHFWURPRWRUQRGHEHQFDPELDUVH
8WLOLFH~QLFDPHQWHODVSLH]DVGHUHFDPELRRULJLQD
OHVGH9RQ$U[$*RODVSLH]DVGHUHFDPELRHVSH
FL¿FDGDVHQODVOLVWDVGHODVSLH]DVGHUHFDPELR
4XHGDQ SURKLELGDV ODV PRGL¿FDFLRQHV HQ
ODLQVWDODFLyQHOHFWULFD
&RS\ULJKW‹9RQ$U[$*
)HKOHUVXFKH
‡
‡
)DXOWWUDFLQJ
‡
‡
9HUEUHQQXQJVPRWRUVWDUWHWQLFKW
7UHLEVWRIIYRUKDQGHQ"
7UHLEVWRII]XIXKULQ2UGQXQJ"
127$866FKDOWHU QLFKW LQ VHLQH REHUH 3RVLWLRQHLQJHUDVWHW".RQWUROOHGXUFKOHLFK WHV'UHKHQGHVURWHQ.QRSIHV
.OLQNHGHU(UPGXQJVVFKDOWXQJULFKWLJHLQ JHUDVWHWXQGPLW6LFKHUXQJ¿[LHUW"
(OHNWURPRWRUVWDUWHWQLFKW
$OOH 6WHFNHU DP 6WURPQHW] DQJHVFKORV
VHQ"
6SDQQXQJDP6WURPQHW]YRUKDQGHQ"
(OHFWULFPRWRUIDLOVWRVWDUW
$UH DOO WKH SOXJV FRQQHFWHG WR WKH PDLQV
VXSSO\"
,V YROWDJH SUHVHQW LQ WKH PDLQV SRZHU
VXSSO\"
,QWHUQDOFRPEXVWLRQHQJLQHIDLOVWRVWDUW
,VIXHOSUHVHQW"
,VWKHIXHOVXSSO\LQRUGHU"
+DVWKHHPHUJHQF\6723VZLWFKQRWEHHQ
ORFNHGLQLWVUDLVHGSRVLWLRQ"FKHFNE\WXU
QLQJWKHUHGNQREOLJKWO\
,VWKHIDWLJXHVZLWFKSDZOFRUUHFWO\LQSRVL
WLRQDQGVHFXUHG"
+HWRSVSRUHQYDQVWRULQJHQ
‡
(OHNWURPRWRUVWDUWQLHW
$OOHVWHNNHUVDDQJHVORWHQDDQKHWVWURRP
QHW"
6SDQQLQJRSKHWVWURRPQHWDDQZH]LJ"
‡
9HUEUDQGLQJVPRWRUVWDUWQLHW
%UDQGVWRIDDQZH]LJ"
%UDQGVWRIWRHYRHULQRUGH"
122'6723VFKDNHODDU QLHW RS GH KRRJ
VWH VWDQG LQJHNOLNW" FRQWUROHUHQ GRRU GH
URGHNQRSOLFKWWHGUDDLHQ
+HQGHOYDQGHEHYHLOLJLQJWHJHQYHUPRHLG
KHLG FRUUHFW LQJHNOLNW HQ PHW EHYHLOLJLQJ
YDVWJH]HW"
)DOOV GHU 0RWRU LPPHU QRFK QLFKW JHVWDUWHW
ZHUGHQ NDQQ ZHQGHQ 6LH VLFK ELWWH DQ HLQHQ
DXWRULVLHUWHQ )DFKKlQGOHU ,KUHU 0RWRUHQPDUNH
RGHU DQ ,KUH QlFKVWH 9RQ $U[.XQGHQGLHQVW
VWHOOH
,I WKH HQJLQH VWLOO FDQQRW EH VWDUWHG FRQVXOW
DQ DXWKRUL]HG GHDOHU IRU \RXU HQJLQH EUDQG RU
UHIHUWR\RXUQHDUHVW9RQ$U[&XVWRPHU6HUYLFH
$JHQF\
$OVGHPRWRUQRJVWHHGVQLHWNDQZRUGHQJHVWDUW
QHHP GDQ FRQWDFW RS PHW HHQ JHDXWRULVHHUGH
VSHFLDOLVW YDQ XZ PRWRUPHUN RI KHW GLFKWVWELM
]LMQGH9RQ$U[VHUYLFHFHQWHU
‡
‡
‡
6WDXEVDXJDQODJHIXQNWLRQLHUWQLFKW
)HKOW HLQH 6WDXEVFKU]H RGHU VLQG GLH
6WDXEVFKU]HQYHUVFKOLVVHQ"
,VWGHU6WDXEEHXWHOYROO"
,VWGHU6WDXE¿OWHUDP6DXJJHUlWYHUVWRSIW"
,VWGLH$EVDXJOHLWXQJYHUVWRSIW"
'XVWH[WDFWLRQV\VWHPIDLOVWRIXQFWLRQ
,V WKH GXVW DSURQ PLVVLQJ RU DUH WKH GXVW
DSURQVZRUQ"
,VWKHGXVWEDJIXOO"
,V WKH GXVW ¿OWHU RQ WKH VXFWLRQ GHYLFH
FORJJHG"
,VWKHH[WUDFWRUOLQHFORJJHG"
6WRIDI]XLJLQVWDOODWLHIXQFWLRQHHUWQLHW
2QWEUHHNWHUHHQVWRIVFKHUPRI]LMQGHVWRI
VFKHUPHQYHUVOHWHQ"
,VGHVWRI]DNYRO"
,VGHVWRI¿OWHUDDQKHW]XLJWRHVWHOYHUVWRSW"
,VGHDI]XLJOHLGLQJYHUVWRSW"
7HFKQLVFKH'DWHQ
7HFKQLFDOVSHFLÀFDWLRQV
7HFKQLVFKHJHJHYHQV
%HGLHQXQJVDQOHLWXQJÅ%´
2SHUDWLQJPDQXDOÅ%´
*HEUXLNVDQZLM]LQJÅ%´
0DVFKLQHQEHVFKUHLEXQJ
XQG)XQNWLRQVSULQ]LS
*HQHUDOGHVFULSWLRQ
0DFKLQHEHVFKULMYLQJHQ
EHGLHQLQJVSULQFLSHV
%HGLHQXQJVDQOHLWXQJÅ%´
2SHUDWLQJPDQXDOÅ%´
*HEUXLNVDQZLM]LQJÅ%´
(UVDW]WHLOOLVWHQ
/LVWRIVSDUHSDUWV
/LMVWYDQGHRQGHUGHOHQ
9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ $U[ $* RGHU GLH LQ GHQ (UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
%HGLHQXQJVDQOHLWXQJÅ%´
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
2SHUDWLQJPDQXDOÅ%´
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
*HEUXLNVDQZLM]LQJÅ%´
.XQGHQGLHQVW
&XVWRPHUVHUYLFH
.ODQWHQVHUYLFH
%HGLHQXQJVDQOHLWXQJÅ%´
2SHUDWLQJPDQXDOÅ%´
*HEUXLNVDQZLM]LQJÅ%´
5HFKHUFKHGHSDQQHV
5LFHUFDJXDVWL
‡
0RWHXUpOHFWULTXHQHGpPDUUHSDV
‡
7RXVOHVFRQQHFWHXUVVRQWLOVUDFFRUGpVDX VHFWHXU"
7HQVLRQGHVHFWHXUHVWHOOHSUpVHQWH"
,OPRWRUHHOHWWULFRQRQVLDYYLD
7XWWHOHVSLQHVRQRFROOHJDWHDOODFRUUHQWH"
&µqWHQVLRQHDOODUHWHHOHWWULFD"
‡
0RWHXUjFRPEXVWLRQLQWQHGpPDUUHSDV
<DWLOGXFDUEXUDQW"
$UULYpHGXFDUEXUDQWHQRUGUH"
/µLQWHUUXSWHXU$55Ç7'µ85*(1&(SDVHQF
OHQFKpGDQVVDSRVLWLRQVXSpULHXUH"FRQWU{
OHUHQWRXUQDQWOpJqUHPHQWOHERXWRQURXJH
&LLTXHWGXFLUFXLWGHIDWLJXHHVWLOFRUUHFWH
PHQWHQFOLTXHWpHW¿[pSDUVDVpFXULWp"
,OPRWRUHDFRPEXVWLRQHQRQVLDYYLD
ÊSUHVHQWHFDUEXUDQWH"
/µDGGX]LRQHGLFDUEXUDQWHqLQRUGLQH"
/µLQWHUUXWWRUH SHU OµDUUHVWR GL HPHUJHQ]D q
LQVHULWR QHOOD VXD SRVL]LRQH VXSHULRUH"
FRQWUROODUH SUHPHQGR OHJJHUPHQWH LO SXO
VDQWHURVVR
/D PDQLJOLD GHO FRPPDQGR DQWLDIIDWLFD
PHQWR q LQQHVWDWD HVDWWDPHQWH H ¿VVDWD
FRQLOGLVSRVLWLYRGLVLFXUH]]D"
‡
%~VTXHGDGHIDOORV
‡
‡
(OHOHFWURPRWRUQRDUUDQFD
(VWiQFRQHFWDGRVDODUHGWRGRVORVHQFKX
IHV"
6HGLVSRQHGHWHQVLyQHQODUHGGHFRUUL
HQWH"
(OPRWRUGHFRPEXVWLyQQRDUUDQFD
'LVSRQHGHFRPEXVWLEOH"
$OLPHQWDFLyQGHFRPEXVWLEOHHQRUGHQ"
1R HVWi HQJDWLOODGR HO LQWHUUXSWRU 3$5$
/,=$&,Ï1 5È3,'$ HQ VX SRVLFLyQ VXSH
ULRU"FRQWUROPHGLDQWHJLUROLJHURGHOERWyQ
URMR
(VWiFRUUHFWDPHQWHHQJDWLOODGR\¿MDGRFRQ
VHJXURHOJDWLOORGHOGLVSRVLWLYRGHVHJXUL
GDGSDUDHOFDQVDQFLRFRUSRUDO"
$X FDV R OH PRWHXU QH GpPDUUH WRXMRXUV SDV
VµDGUHVVHUjXQFRQFHVVLRQQDLUHGHYRWUHPDUTXH
GHPRWHXURXjYRWUHDJHQFHGHVHUYLFHDSUqV
YHQWH9RQ$U[ODSOXVSURFKH
1HOFDVRFKHQRQVLULHVFDDQFRUDDGDYYLDUHLO
PRWRUH VL SUHJD GL ULYROJHUVL DG XQ ULYHQGLWRUH
VSHFLDOL]]DWR GHOOD YRVWUD PDUFD GHO PRWRUH
RSSXUHDO&HQWURGL$VVLVWHQ]D7HFQLFDGHOOD9RQ
$U[DYRLSLYLFLQR
(QFDVRGHTXHHOPRWRUWRGDYLDQRDUUDQTXHOH
URJDPRVGLULJLUVHDOFRPHUFLDQWHHVSHFLDOL]DGR\
DXWRUL]DGRGHVXPDUFDGHPRWRUHVRDVXVHU
YLFLRSRVWYHQWD9RQ$U[PiVSUy[LPR
‡
‡
‡
(TXLSHPHQWG¶DVSLUDWLRQGHVSRXVVLqUHV
QHIRQFWLRQQHSDV
8QWDEOLHUDQWLSRXVVLqUHPDQTXHWLORXELHQ
OHVWDEOLHUVVRQWLOVXVpV"
/HVDFjSRXVVLqUHHVWLOSOHLQ"
/H¿OWUHjSRXVVLqUHGHOµDSSDUHLOGµDVSLUDWLRQ
HVWLOERXFKp"
/DFRQGXLWHGµDVSLUDWLRQHVWHOOHERXFKpH"
/¶LPSLDQWRG¶DVSLUD]LRQHQRQIXQ]LRQD
0DQFD XQD SURWH]LRQH DQWLSROYHUH RSSXUH
OHSURWH]LRQLDQWLSROYHUHVRQRXVXUDWH"
,O VDFFKHWWR FKH FRQWLHQH OD SROYHUH q
SLHQR"
,O¿OWURSHUODSROYHUHDOOµDSSDUHFFKLRGLDVSL
UD]LRQHqRWWXUDWR"
/DJXLGDGLDVSLUD]LRQHqRWWXUDWD"
/DLQVWDODFLyQGHDVSLUDFLyQGHSROYRQR
IXQFLRQD
)DOWD XQ GHODQWDO SDUD HO SROYR R VH HQFXHQ
WUDQGHVJDVWDGRVORVGHODQWDOHVSDUDHOSROYR"
(VWiOOHQDODEROVDGHOSROYR"
(VWiREWXUDGRHO¿OWURGHOSROYRHQHODSD
UDWRGHVXFFLyQ"
(VWiREWXUDGDODWXEHUtDGHVXFFLyQ"
&DUDFWpULVWLTXHVWHFKQLTXHV 'DWLWHFQLFL
'DWRVWpFQLFRV
,QVWUXFWLRQGHVHUYLFHÅ%´
,QVWUXFFLyQGHPDQHMRÅ%´
,VWUX]LRQLSHUO¶XVRÅ%´
'HVFULSWLRQGHODPDFKLQHHW 'HVFUL]LRQHGHOODPDFFKLQD 'HVFULSFLyQGHODPiTXLQD\
SULQFLSHGHIRQFWLRQQHPHQW HSULQFLSLRGLIXQ]LRQH
SULQFLSLRGHIXQFLRQDPLHQWR
,QVWUXFWLRQGHVHUYLFHÅ%´
,VWUX]LRQLSHUO¶XVRÅ%´
,QVWUXFFLyQGHPDQHMRÅ%´
/LVWHGHVSLqFHVGpWDFKpHV
/LVWDGLSH]]LGLULFDPELR
/LVWDGHSLH]DVGHUHFDPELR
8WLOLVHU XQLTXHPHQW GHV SLqFHV G¶RULJLQH GH
9RQ$U[$*RXFHOOHVÀJXUDQWVXUOHVOLVWHVGH
SLqFHVGHUHFKDQJH
,QVWUXFWLRQGHVHUYLFHÅ%´
8WLOL]]DUHVRORSH]]LGLULFDPELRRULJLQDOLGHOOD
9RQ$U[$*RSSXUHLSH]]LGLULFDPELRLQGLFDWL
QHOODOLVWDGHLSH]]LGLULFDPELR
,VWUX]LRQLSHUO¶XVRÅ%´
8WLOLFH ~QLFDPHQWH ODV SLH]DV GH UHFDPELR
RULJLQDOHV GH 9RQ $U[ $* R ODV SLH]DV GH
UHFDPELR HVSHFLÀFDGDV HQ ODV OLVWDV GH ODV
SLH]DVGHUHFDPELR
,QVWUXFFLyQGHPDQHMRÅ%´
6HUYLFHFOLHQWqOH
6HUYL]LRFOLHQWHOD
6HUYLFLRWpFQLFR
,QVWUXFWLRQGHVHUYLFHÅ%´
,VWUX]LRQLSHUO¶XVRÅ%´
,QVWUXFFLyQGHPDQHMRÅ%´
&RS\ULJKW‹9RQ$U[$*
)U,KUH1RWL]HQ
9RRUXZQRWLWLHV
)RU\RXUQRWLFH
+HU]OLFKHQ'DQN
GDVV6LH
7KDQN\RXIRUKDYLQJ
VHOHFWHGDSURGXFWRI
+DUWOLMNGDQN
GDWX
SURGXFWHQKHHIWJHNR]HQ
3URGXNWHJHZlKOWKDEHQ
3RXUYRWUHQRWLFH
0HUFLG¶DYRLUFKRLVL
XQSURGXLW
3DUDVXVQRWDV
3HULYRVWULDSSXQWL
*UD]LHSHUDYHUHVFHOWR
XQSURGRWWR
*UDFLDVSRUKDEHUHOLJLGR
XQSURGXFWR
&RS\ULJKW‹9RQ$U[$*
4XDOLWlWVSURGXNWH
4XDOLW\SURGXFWV
.ZDOLWHLWVSURGXFWHQ
%LWWHYHUODQJHQ6LHZHLWHUH,QIRUPDWLRQHQ
3OHDVHFRQWDFWXVIRUIXUWKHULQIRUPDWLRQ
1HHPFRQWDFWRSIRULQIRUPDWLH
0DVFKLQHQIUGLH2EHUIOlFKHQEHDUEHLWXQJ
6XUIDFHSUHSDUDWLRQPDFKLQHV
0DFKLQHVYRRURSSHUYODNWHEHZHUNLQJ
0DFKLQHVSRXUWUDLWHPHQWGHVVXUIDFHV
0DFFKLQDSHUODODYRUD]LRQHGHOOHVXSHUILFL
0DTXLQDVSDUDODSUHSDUDWLRQVXSHUILFLHV
'UXFNOXIWZHUN]HXJHIUGLH2EHUIOlFKHQEHDUEHLWXQJ
3QHXPDWLFWRROVIRUVXUIDFHSUHSDUDWLRQ
3HUVOXFKWJHUHHGVFKDSYRRURSSHUYODNWHEHZHUNLQJ
2XWLOVSQHXPDWLFSRXUWUDLWHPHQWGHVVXUIDFHV
8WHQVLOLSQHXPDWLFLSHUODODYRUD]LRQHGHOOHVXSHUILFL
+HUUDPLHQWDVQHXPiWLFDVSDUDODSUHSDUDWLRQVXSHUILFLHV
3UHVVZHUN]HXJHXQG%DFNHQIU)LWWLQJH
&ULPSLQJWRROVDQGMDZVIRUILWWLQJV
.QHOWDQJHQHQEHNNHQYRRUILWWLQJHQ
3LQFHVjVHUWLUHWPkFKRLUHVGHVHUWLVVDJHSRXUGHVUDFFRUGV
3UHVVDWULFLHJDQDVFHSHUUDFFRUGL
+HUUDPLHQWDVHOSUHQVDU\TXLMDGDVSDUDUDFFRUGV
(QJLQHHULQJ6SH]LDOSURGXNWH
(QJLQHHULQJVSHFLDOSURGXFWV
)DEULFDJH.ZDOLWHLWVSURGXFWHQ
(QJLQHHULQJSURGXLWVpVSHFLDOHV
(QJLQHHULQJSURGRWWLVSHFLDOL
,QJHQLHUtDSURGXFWRVHVSHFLDOHV
'LVWULEXWRUVLQ
9HUWUHWXQJHQLQ
9HUNRRSLQ
'XEDL
%XRQHV$LUHV
6\GQH\
*UD]
$QWZHUSHQ
3RGHEUDG\
0QFKHQ
+DPEXUJ
*ORVWUXS
&DLUR
%XGDSHVW
3XQH
-DYQH
&DVWHOQXRYR
7RN\R
6DQGHIMRUG
%XFXUHVWL
$XFNODQG
:DU]DZD
/LVERD
,]PLU
6HDWWOH
.HQW
&KLFDJR
6DQ)UDQFLVFR
5LRGH-DQHLUR
4XHEHF
6LVVDFK
6DQWLDJR
+RQJNRQJ
9DOODGROLG
9DQWDD
3DULV
'RQFDVWHU
3LUDHXV
6HRXO
:LOULMN
0H[LFR
6RHVW
2VOR
0RVNZD
6LQJDSRUH
%DQJNRN
3RSUDG
6ROOHQWXQD
$OEHUWRQ
%DUFHORQD
+HUVWHOOHU
0DQXIDFWXUHU
3URGXFHQW
9RQ$U[$*
9RQ$U[$*
9RQ$U[$*
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
7HO
)D[
(PDLOLQIR#YRQDU[FRP
3URGXLWVGHTXDOLWp
3URGRWWLGLTXDOLWj
3URGXFWRVGHFDOLGDG
&RQWDFWH]QRXV SRXU LQIRUPDWLRQV FRPSOp
PHQWDLUHV
&RQWDWWDFLSHUXOWHULRULLQIRUPD]LRQL
)DYRUFRQWDFWDUQRVSDUDLQIRUPDFLRQHV
FRPSOHPHQWDULRV
0DFKLQHV
0DVFKLQHQ
0DFKLQHV
0DFFKLQH
0iTXLQDV
7RROV
:HUN]HXJH
2XWLOV
8WHQVLOL
+HUUDPLHQWDV
4XDOLW\SURGXFWV
4XDOLWlWVSURGXNWH
3URGXLWVGHTXDOLWp
3URGRWWLGLTXDOLWj
3URGXFWRVGHFDOLGDG
3UHVVZHUN]HXJHXQG%DFNHQ
IU)LWWLQJH%OHFKH5RKUH
&XVWRPHUVHUYLFH
6HUYLFH
6HUYLFHFOLHQWqOH
6HUYL]LRFOLHQWHOD
6HUYLFLRWpFQLFR
3QHXPDWLFWRROV
IRUVXUIDFHSUHSDUDWLRQ
&RS\ULJKWF9RQ$U[$*
(QJLQHHULQJ
SURGXLWVVSpFLDX[
&RS\ULJKWF9RQ$U[$*
0DTXLQDVSDUDODSUHSDUDWLRQ
VXSHUILFLHV
&RS\ULJKWF9RQ$U[$*
&RS\ULJKWF9RQ$U[$*
&RS\ULJKWF9RQ$U[$*
'LVWULEXWHXUV
5DSSUHVHQWDQWL
5HSUHVHQWDFLRQHV
)DEULTXDQW
'LWWDFRVWUXWWULFH
)DEULFDQWH
9RQ$U[$*
9RQ$U[$*
9RQ$U[$*
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
*HOWHUNLQGHUVWUDVVH
&+6LVVDFK
7HO
)D[
(PDLOLQIR#YRQDU[FRP
&RS\ULJKW‹9RQ$U[$*
$
ZRUOGZLGH
ZHOWZHLW
ZRUOGZLGH
PRQGLDO
PRQGLDOH
XQLYHUVDO
&RS\ULJKW‹9RQ$U[$*
&RS\ULJKW‹9RQ$U[$*