Electrolux GK78TSIBCN Manuel utilisateur

*.76,%&1
'(
)5
,7
.RFKIHOG
7DEOHGHFXLVVRQ
3LDQRFRWWXUD
%HQXW]HULQIRUPDWLRQ
1RWLFHG
XWLOLVDWLRQ
,VWUX]LRQLSHUOಬXVR
Nutzen Sie alle
Vorteile Ihres Geräts
Registrieren Sie jetzt Ihr Produkt einfach per Foto für
einen schnellen Zugriff auf Handbücher, Anleitungen,
Serviceunterstützung und vieles Mehr unter
electrolux.com/register
ZZZHOHFWUROX[FRP
,1+$/769(5=(,&+1,6
6,&+(5+(,76+,1:(,6(
6,&+(5+(,76$1:(,681*(1 0217$*(
*(5†7(%(6&+5(,%81* 7†*/,&+(5*(%5$8&+
7,33681'+,1:(,6(
5(,1,*81*81'3)/(*( )(+/(568&+( 7(&+1,6&+('$7(1 (1(5*,(()),=,(1= *$5$17,( :,5'(1.(1$16,(
9LHOHQ'DQNGDVV6LHVLFKI¾UHLQ*HU¦WYRQ(OHFWUROX[HQWVFKLHGHQKDEHQ6LH
KDEHQHLQ3URGXNWJHZ¦KOWKLQWHUGHPMDKU]HKQWHODQJHSURIHVVLRQHOOH(UIDKUXQJ
XQG,QQRYDWLRQVWHKHQ%HLGHU(QWZLFNOXQJGLHVHVJUR¡DUWLJHQXQGHOHJDQWHQ
*HU¦WVKDEHQZLUDQ6LHJHGDFKW6RKDEHQ6LHEHLMHGHP*HEUDXFKGLH
*HZLVVKHLWGDVV6LHVWHWVJUR¡DUWLJH(UJHEQLVVHHU]LHOHQZHUGHQ
:LOONRPPHQEHL(OHFWUROX[
%HVXFKHQ6LHXQVDXIXQVHUHU:HEVLWHXP
6LFK$QZHQGXQJVKLQZHLVH3URVSHNWH)HKOHUEHKHEXQJVXQG6HUYLFH
,QIRUPDWLRQHQ]XKROHQ
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
,KU3URGXNWI¾UHLQHQEHVVHUHQ6HUYLFH]XUHJLVWULHUHQ
ZZZUHJLVWHUHOHFWUROX[FRP
=XEHK¸U9HUEUDXFKVPDWHULDOXQG2ULJLQDO(UVDW]WHLOHI¾U,KU*HU¦W]XNDXIHQ
ZZZHOHFWUROX[FRPVKRS
5(3$5$78581'.81'(1',(167
%LWWHYHUZHQGHQ6LHDXVVFKOLH¡OLFK2ULJLQDO(UVDW]WHLOHI¾U,KUH3URGXNWH
+DOWHQ6LHIROJHQGH$QJDEHQEHUHLWZHQQ6LHVLFKDQGHQ.XQGHQGLHQVW
ZHQGHQ0RGHOO3URGXNWQXPPHU31&6HULHQQXPPHU
'LHVH,QIRUPDWLRQHQILQGHQ6LHDXIGHP7\SHQVFKLOG
:DUQXQJV6LFKHUKHLWVKLQZHLVH
$OOJHPHLQH,QIRUPDWLRQHQXQG(PSIHKOXQJHQ
,QIRUPDWLRQHQ]XP8PZHOWVFKXW]
†QGHUXQJHQYRUEHKDOWHQ
6,&+(5+(,76+,1:(,6(
/HVHQ6LHYRUGHU0RQWDJHXQGGHP*HEUDXFKGHV
*HU¦WV]XHUVWGLH*HEUDXFKVDQOHLWXQJ%HL9HUOHW]XQJHQ
'(876&+
RGHU6FK¦GHQLQIROJHQLFKWRUGQXQJVJHP¦¡HU0RQWDJH
RGHU9HUZHQGXQJGHV*HU¦WV¾EHUQLPPWGHU+HUVWHOOHU
NHLQH+DIWXQJ%HZDKUHQ6LHGLH$QOHLWXQJLPPHUDQ
HLQHPVLFKHUHQXQG]XJ¦QJOLFKHQ2UW]XPVS¦WHUHQ
1DFKVFKODJHQDXI
6LFKHUKHLWYRQ.LQGHUQXQGVFKXW]EHG¾UIWLJHQ
3HUVRQHQ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
'DV*HU¦WNDQQYRQ.LQGHUQDE-DKUHQXQG
3HUVRQHQPLWHLQJHVFKU¦QNWHQSK\VLVFKHQ
VHQVRULVFKHQRGHUJHLVWLJHQ)¦KLJNHLWHQRGHUPLW
PDQJHOQGHU(UIDKUXQJXQGRGHUPDQJHOQGHP:LVVHQ
QXUGDQQYHUZHQGHWZHUGHQZHQQVLHGXUFKHLQHI¾U
LKUH6LFKHUKHLW]XVW¦QGLJH3HUVRQEHDXIVLFKWLJW
ZHUGHQRGHULQGLHVLFKHUH9HUZHQGXQJGHV*HU¦WV
HLQJHZLHVHQZXUGHQXQGGLHPLWGHP*HU¦W
YHUEXQGHQHQ*HIDKUHQYHUVWDQGHQKDEHQ
.LQGHU]ZLVFKHQXQG-DKUHQXQG3HUVRQHQPLW
VFKZHUHQ%HKLQGHUXQJHQRGHU0HKUIDFKEHKLQGHUXQJ
P¾VVHQYRP*HU¦WIHUQJHKDOWHQZHUGHQZHQQVLH
QLFKWVW¦QGLJEHDXIVLFKWLJWZHUGHQ
+DOWHQ6LH.LQGHUXQWHU-DKUHQYRP*HU¦WIHUQ
ZHQQVLHQLFKWVW¦QGLJEHDXIVLFKWLJWZHUGHQ
.LQGHUG¾UIHQQLFKWPLWGHP*HU¦WVSLHOHQ
+DOWHQ6LHV¦PWOLFKHV9HUSDFNXQJVPDWHULDOYRQ
.LQGHUQIHUQXQGHQWVRUJHQ6LHHVDXIDQJHPHVVHQH
:HLVH
+DOWHQ6LH.LQGHUXQG+DXVWLHUHZ¦KUHQGGHV
%HWULHEVRGHUGHU$EN¾KOSKDVHYRP*HU¦WIHUQ
%HU¾KUEDUH7HLOHVLQGKHL¡
)DOOV,KU*HU¦WPLWHLQHU.LQGHUVLFKHUXQJDXVJHVWDWWHW
LVWHPSIHKOHQZLUGLHVHHLQ]XVFKDOWHQ
.LQGHUG¾UIHQNHLQH5HLQLJXQJXQG:DUWXQJRKQH
%HDXIVLFKWLJXQJGXUFKI¾KUHQ
ZZZHOHFWUROX[FRP
$OOJHPHLQH6LFKHUKHLW
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
:$5181*'DV*HU¦WXQGGLH]XJ¦QJOLFKHQ
*HU¦WHWHLOHZHUGHQZ¦KUHQGGHV%HWULHEVKHL¡6HLHQ
6LHYRUVLFKWLJXQGEHU¾KUHQ6LHQLHPDOVGLH
+HL]HOHPHQWH
6FKDOWHQ6LHGDV*HU¦WQLFKW¾EHUHLQHH[WHUQH
=HLWVFKDOWXKURGHUHLQHVHSDUDWH)HUQVWHXHUXQJHLQ
:$5181*.RFKHQPLW)HWWRGHU˜ODXIHLQHP
XQEHDXIVLFKWLJWHQ.RFKIHOGLVWJHI¦KUOLFKXQGNDQQ]X
HLQHP%UDQGI¾KUHQ
9HUVXFKHQ6LH1,&+7HLQHQ%UDQGPLW:DVVHU]X
O¸VFKHQVRQGHUQVFKDOWHQ6LHGDV*HU¦WDXVXQG
EHGHFNHQ6LHGLH)ODPPHPLWHLQHP'HFNHORGHU
HLQHU)HXHUO¸VFKGHFNH
9256,&+7'HU.RFKYRUJDQJPXVV¾EHUZDFKW
ZHUGHQ(LQNXU]HU.RFKYRUJDQJPXVVNRQWLQXLHUOLFK
¾EHUZDFKWZHUGHQ
:$5181*%UDQGJHIDKU/HJHQ6LHNHLQH
*HJHQVW¦QGHDXIGHP.RFKIHOGDE
/HJHQ6LHNHLQH0HWDOOJHJHQVW¦QGHZLH0HVVHU
*DEHOQ/¸IIHORGHU7RSIGHFNHODXIGLH2EHUIO¦FKHGHV
.RFKIHOGVGDGLHVHKHL¡ZHUGHQN¸QQHQ
5HLQLJHQ6LHGDV*HU¦WQLFKWPLWHLQHP
'DPSIVWUDKOUHLQLJHU
6FKDOWHQ6LHGLH.RFK]RQHQDFKGHP*HEUDXFKDE
XQGYHUODVVHQ6LHVLFKQLFKWDXIGLH7RSIHUNHQQXQJ
+DWGLH*ODVNHUDPLN*ODVREHUIO¦FKHHLQHQ6SUXQJ
VFKDOWHQ6LHGDV*HU¦WDXVXQGQHKPHQ6LHHVYRP
6WURPQHW])DOOVGDV*HU¦WGLUHNWPLWGHP6WURPQHW]
YHUEXQGHQLVWXQGQLFKWJHWUHQQWZHUGHQNDQQ
QHKPHQ6LHGLH6LFKHUXQJI¾UGHQ$QVFKOXVVKHUDXV
XPGLH6WURPYHUVRUJXQJ]XXQWHUEUHFKHQ
9HUVW¦QGLJHQ6LHLQMHGHP)DOOGHQDXWRULVLHUWHQ
.XQGHQGLHQVW
:HQQGDV1HW]NDEHOEHVFK¦GLJWLVWPXVVHVYRP
+HUVWHOOHUHLQHPDXWRULVLHUWHQ.XQGHQGLHQVWRGHU
HLQHUJOHLFKHUPD¡HQTXDOLIL]LHUWHQ3HUVRQ
'(876&+
ವ
DXVJHWDXVFKWZHUGHQXP*HIDKUHQTXHOOHQ]X
YHUPHLGHQ
:$5181*9HUZHQGHQ6LHQXU6FKXW]DEGHFNXQJHQ
GHV+HUVWHOOHUVGHV.RFKJHU¦WVYRQLKPLQGHU
%HGLHQXQJVDQOHLWXQJDOVJHHLJQHWHXQGHPSIRKOHQH
6FKXW]DEGHFNXQJHQRGHUGLHLP*HU¦WHQWKDOWHQH
6FKXW]DEGHFNXQJ(VEHVWHKW8QIDOOJHIDKUGXUFKGLH
9HUZHQGXQJXQJHHLJQHWHU6FKXW]DEGHFNXQJHQ
6,&+(5+(,76$1:(,681*(1
0RQWDJH
ವ
:$5181*
'LH0RQWDJHGHV*HU¦WVGDUI
QXUYRQHLQHUTXDOLIL]LHUWHQ
)DFKNUDIWGXUFKJHI¾KUW
ZHUGHQ
:$5181*
9HUOHW]XQJVJHIDKUVRZLH
5LVLNRYRQ6FK¦GHQDP
*HU¦W
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
(QWIHUQHQ6LHGDVJHVDPWH
9HUSDFNXQJVPDWHULDO
0RQWLHUHQ6LHHLQEHVFK¦GLJWHV*HU¦W
QLFKWXQGEHQXW]HQ6LHHVQLFKW
+DOWHQ6LHVLFKDQGLHPLWJHOLHIHUWH
0RQWDJHDQOHLWXQJ
'LH0LQGHVWDEVW¦QGH]XDQGHUHQ
*HU¦WHQXQG.¾FKHQP¸EHOQVLQG
HLQ]XKDOWHQ
6HLHQ6LHEHLP8PVHW]HQGHV
*HU¦WHVYRUVLFKWLJGDHVVHKUVFKZHU
LVW7UDJHQ6LHVWHWV
6LFKHUKHLWVKDQGVFKXKHXQGIHVWHV
6FKXKZHUN
'LFKWHQ6LHGLH$XVVFKQLWWVNDQWHQPLW
HLQHP'LFKWXQJVPLWWHODEXPHLQ
$XITXHOOHQGXUFK)HXFKWLJNHLW]X
YHUKLQGHUQ
6FK¾W]HQ6LHGLH*HU¦WHXQWHUVHLWHYRU
'DPSIXQG)HXFKWLJNHLW
,QVWDOOLHUHQ6LHGDV*HU¦WQLFKWGLUHNW
QHEHQHLQHU7¾URGHUXQWHUHLQHP
)HQVWHU6RNDQQKHL¡HV
.RFKJHVFKLUUQLFKWKHUXQWHUIDOOHQ
ZHQQGLH7¾URGHUGDV)HQVWHU
JH¸IIQHWZLUG
-HGHV*HU¦WEHVLW]W.¾KOJHEO¦VHDXI
VHLQHU8QWHUVHLWH
ವ
,VWGDV*HU¦W¾EHUHLQHU6FKXEODGH
LQVWDOOLHUW
ದ /DJHUQ6LHNHLQHNOHLQHQ
3DSLHUVW¾FNHRGHUEO¦WWHUGLH
HLQJH]RJHQZHUGHQN¸QQHQLQ
GHU6FKXEODGHGDVLHGLH
.¾KOJHEO¦VHEHVFK¦GLJHQRGHU
GDV.¾KOV\VWHPEHHLQWU¦FKWLJHQ
N¸QQHQ
ದ +DOWHQ6LHHLQHQ$EVWDQGYRQ
PLQGHVWHQVFP]ZLVFKHQGHP
*HU¦WHERGHQXQGGHQ7HLOHQGLH
LQGHU6FKXEODGHJHODJHUWVLQG
HLQ
(QWIHUQHQ6LH7UHQQSODWWHQGLHLP
.¾FKHQP¸EHOXQWHUGHP*HU¦W
LQVWDOOLHUWVLQG
(OHNWULVFKHU$QVFKOXVV
:$5181*
%UDQGXQG
6WURPVFKODJJHIDKU
ವ
ವ
ವ
ವ
ವ
$OOHHOHNWULVFKHQ$QVFKO¾VVHVLQGYRQ
HLQHPJHSU¾IWHQ(OHNWULNHU
YRU]XQHKPHQ
'DV*HU¦WPXVVJHHUGHWVHLQ
9RUGHU'XUFKI¾KUXQJMHJOLFKHU
$UEHLWHQPXVVGDV*HU¦WYRQGHU
HOHNWULVFKHQ6WURPYHUVRUJXQJ
JHWUHQQWZHUGHQ
6WHOOHQ6LHVLFKHUGDVVGLH'DWHQDXI
GHP7\SHQVFKLOGPLWGHQHOHNWULVFKHQ
1HQQZHUWHQGHU1HW]VSDQQXQJ
¾EHUHLQVWLPPHQ
9HUJHZLVVHUQ6LHVLFKGDVVGDV
*HU¦WRUGQXQJVJHP¦¡LQVWDOOLHUWLVW
/RFNHUHXQGXQVDFKJHP¦¡H.DEHO
RGHU6WHFNHUIDOOVYRUKDQGHQN¸QQHQ
GLH.OHPPH¾EHUKLW]HQ
ZZZHOHFWUROX[FRP
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
6WHOOHQ6LHVLFKHUGDVV6LHGDV
ULFKWLJH.DEHOI¾UGHQHOHNWULVFKHQ
1HW]DQVFKOXVVYHUZHQGHQ
$FKWHQ6LHGDUDXIGDVVGDV
1HW]NDEHOQLFKWORVHK¦QJWRGHUVLFK
YHUKHGGHUW
6RUJHQ6LHGDI¾UGDVVHLQ
%HU¾KUXQJVVFKXW]LQVWDOOLHUWZLUG
9HUZHQGHQ6LHGLH=XJHQWODVWXQJI¾U
GDV.DEHO
6WHOOHQ6LHEHLPHOHNWULVFKHQ
$QVFKOXVVGHV*HU¦WHVVLFKHUGDVV
GDV1HW]NDEHORGHUJJIGHU
1HW]VWHFNHUQLFKWPLWGHPKHL¡HQ
*HU¦WRGHUKHL¡HP.RFKJHVFKLUULQ
%HU¾KUXQJNRPPW
9HUZHQGHQ6LHNHLQH
0HKUIDFKVWHFNGRVHQRGHU
9HUO¦QJHUXQJVNDEHO
$FKWHQ6LHGDUDXI1HW]VWHFNHUIDOOV
YRUKDQGHQXQG1HW]NDEHOQLFKW]X
EHVFK¦GLJHQ:HQGHQ6LHVLFK]XP
$XVWDXVFKHLQHVEHVFK¦GLJWHQ
1HW]NDEHOVDQXQVHUHQDXWRULVLHUWHQ
.XQGHQGLHQVWRGHUHLQH
(OHNWURIDFKNUDIW
$OOH7HLOHGLHJHJHQGLUHNWHV
%HU¾KUHQVFK¾W]HQVRZLHGLH
LVROLHUWHQ7HLOHP¾VVHQVREHIHVWLJW
ZHUGHQGDVVVLHQLFKWRKQH
:HUN]HXJHQWIHUQWZHUGHQN¸QQHQ
6WHFNHQ6LHGHQ1HW]VWHFNHUHUVW
QDFK$EVFKOXVVGHU0RQWDJHLQGLH
6WHFNGRVH6WHOOHQ6LHVLFKHUGDVV
GHU1HW]VWHFNHUQDFKGHU0RQWDJH
QRFK]XJ¦QJOLFKLVW
)DOOVGLH6WHFNGRVHORVHLVWVFKOLH¡HQ
6LHGHQ1HW]VWHFNHUQLFKWDQ
=LHKHQ6LHQLFKWDP1HW]NDEHOZHQQ
6LHGDV*HU¦WYRQGHU
6WURPYHUVRUJXQJWUHQQHQP¸FKWHQ
=LHKHQ6LHVWHWVDP1HW]VWHFNHU
9HUZHQGHQ6LHQXUJHHLJQHWH
7UHQQHLQULFKWXQJHQžEHUODVWVFKDOWHU
6LFKHUXQJHQ6FKUDXEVLFKHUXQJHQ
P¾VVHQDXVGHP+DOWHUHQWIHUQW
ZHUGHQN¸QQHQ
)HKOHUVWURPVFKXW]VFKDOWHUXQG
6FK¾W]H
'LHHOHNWULVFKH,QVWDOODWLRQPXVVHLQH
7UHQQHLQULFKWXQJDXIZHLVHQPLWGHU
6LHGDV*HU¦WDOOSROLJYRQGHU
6WURPYHUVRUJXQJWUHQQHQN¸QQHQ'LH
7UHQQHLQULFKWXQJPXVVPLWHLQHU
.RQWDNW¸IIQXQJVEUHLWHYRQ
PLQGHVWHQVPPDXVJHI¾KUWVHLQ
*HEUDXFK
:$5181*
9HUOHW]XQJV9HUEUHQQXQJV
XQG6WURPVFKODJJHIDKU
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
(QWIHUQHQ6LHYRUGHPHUVWHQ
*HEUDXFKGDVJHVDPWH
9HUSDFNXQJVPDWHULDOGLH$XINOHEHU
XQG6FKXW]IROLHIDOOVYRUKDQGHQ
'LHVHV*HU¦WLVWDXVVFKOLH¡OLFK]XU
9HUZHQGXQJLP+DXVKDOWEHVWLPPW
1HKPHQ6LHNHLQHWHFKQLVFKHQ
†QGHUXQJHQDP*HU¦WYRU
'LH/¾IWXQJV¸IIQXQJHQG¾UIHQQLFKW
DEJHGHFNWZHUGHQ
/DVVHQ6LHGDV*HU¦WEHL%HWULHE
QLFKWXQEHDXIVLFKWLJW
6FKDOWHQ6LHGLH.RFK]RQHQQDFK
MHGHP*HEUDXFKDXV
9HUODVVHQ6LHVLFKQLFKWDXIGLH
7RSIHUNHQQXQJ
/HJHQ6LHNHLQ%HVWHFNXQGNHLQH
7RSIGHFNHODXIGLH.RFK]RQHQ
$QGHUHQIDOOVZHUGHQVLHVHKUKHL¡
%HGLHQHQ6LHGDV*HU¦WQLFKWPLW
IHXFKWHQRGHUQDVVHQ+¦QGHQRGHU
ZHQQHVPLW:DVVHULQ.RQWDNW
JHNRPPHQLVW
%HQXW]HQ6LHGDV*HU¦WQLFKWDOV
$UEHLWVRGHU$EVWHOOIO¦FKH
+DWGLH*HU¦WHREHUIO¦FKHHLQHQ
6SUXQJWUHQQHQ6LHGDV*HU¦W
XPJHKHQGYRQGHU
6SDQQXQJVYHUVRUJXQJ'LHVGLHQW]XU
9HUPHLGXQJHLQHV6WURPVFKODJV
%HQXW]HUPLWHLQHP
+HU]VFKULWWPDFKHUP¾VVHQHLQHQ
0LQGHVWDEVWDQGYRQFP]XGHQ
,QGXNWLRQVNRFK]RQHQHLQKDOWHQZHQQ
GDV*HU¦WLQ%HWULHELVW
:HQQ6LH1DKUXQJVPLWWHOLQKHL¡HV˜O
JHEHQNDQQGLHVHVVSULW]HQ
:$5181*
%UDQGXQG
([SORVLRQVJHIDKU
ವ
(UKLW]WH˜OHXQG)HWWHN¸QQHQ
EUHQQEDUH'¦PSIHIUHLVHW]HQ+DOWHQ
6LH)ODPPHQXQGHUKLW]WH
*HJHQVW¦QGHEHLP.RFKHQPLW)HWWHQ
XQG˜OHQYRQGLHVHQIHUQ
'(876&+
ವ
ವ
ವ
'LHYRQVHKUKHL¡HP˜OIUHLJHVHW]WHQ
'¦PSIHN¸QQHQHLQH6HOEVW]¾QGXQJ
YHUXUVDFKHQ
%HUHLWVYHUZHQGHWHV˜ONDQQ
/HEHQVPLWWHOUHVWHHQWKDOWHQXQG
VFKRQEHLQLHGULJHUHQ7HPSHUDWXUHQ
HKHUHLQHQ%UDQGYHUXUVDFKHQDOV
IULVFKHV˜O
/DGHQ6LHNHLQHHQWIODPPEDUHQ
3URGXNWHRGHU*HJHQVW¦QGHGLHPLW
HQWIODPPEDUHQ3URGXNWHQEHQHW]W
VLQGLQGDV*HU¦WXQGVWHOOHQ6LH
VROFKHQLFKWLQGLH1¦KHRGHUDXIGDV
*HU¦W
5HLQLJXQJXQG3IOHJH
ವ
ವ
ವ
ವ
ವ
:$5181*
5LVLNRYRQ6FK¦GHQDP
*HU¦W
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
6WHOOHQ6LHNHLQKHL¡HV.RFKJHVFKLUU
DXIGDV%HGLHQIHOG
/HJHQ6LHNHLQHKHL¡HQ7RSIGHFNHO
DXIGLH*ODVREHUIO¦FKHGHV
.RFKIHOGHV
/DVVHQ6LHGDV.RFKJHVFKLUUQLFKW
OHHUNRFKHQ
/DVVHQ6LHNHLQH*HJHQVW¦QGHRGHU
.RFKJHVFKLUUDXIGDV*HU¦WIDOOHQ'LH
2EHUIO¦FKHN¸QQWHEHVFK¦GLJW
ZHUGHQ
6FKDOWHQ6LHGLH.RFK]RQHQQLHPDOV
HLQZHQQVLFKNHLQ.RFKJHVFKLUU
GDUDXIEHILQGHWRGHUZHQQGDV
.RFKJHVFKLUUOHHULVW
/HJHQ6LHNHLQH$OXIROLHDXIGDV
*HU¦W
.RFKJHVFKLUUDXV*XVVHLVHQ
$OXPLQLXPRGHUPLWEHVFK¦GLJWHQ
%¸GHQNDQQGLH*ODVE]Z
*ODVNHUDPLNREHUIO¦FKHYHUNUDW]HQ
+HEHQ6LHGDV.RFKJHVFKLUUVWHWVDQ
ZHQQ6LHHVDXIGHU.RFKIO¦FKH
XPVHW]HQP¸FKWHQ
'LHVHV*HU¦WLVWQXU]XP.RFKHQ
EHVWLPPW-HGHUDQGHUH*HEUDXFKLVW
DOVEHVWLPPXQJVIUHPGDQ]XVHKHQ
]XP%HLVSLHOGDV%HKHL]HQHLQHV
5DXPV
5HLQLJHQ6LHGDV*HU¦WUHJHOP¦¡LJ
XPHLQH9HUVFKOHFKWHUXQJGHV
2EHUIO¦FKHQPDWHULDOV]XYHUKLQGHUQ
6FKDOWHQ6LHGDV*HU¦WYRUGHP
5HLQLJHQDXVXQGODVVHQ6LHHV
DEN¾KOHQ
7UHQQHQ6LHGDV*HU¦WYRU
:DUWXQJVDUEHLWHQYRQGHU
6SDQQXQJVYHUVRUJXQJ
5HLQLJHQ6LHGDV*HU¦WQLFKWPLW
:DVVHUVSUD\RGHU'DPSI
5HLQLJHQ6LHGDV*HU¦WPLWHLQHP
ZHLFKHQIHXFKWHQ7XFK9HUZHQGHQ
6LHDXVVFKOLH¡OLFK1HXWUDOUHLQLJHU
%HQXW]HQ6LHNHLQH6FKHXHUPLWWHO
VFKHXHUQGH
5HLQLJXQJVVFKZ¦PPFKHQ
/¸VXQJVPLWWHORGHU
0HWDOOJHJHQVW¦QGH
6HUYLFH
ವ
ವ
:HQGHQ6LHVLFK]XU5HSDUDWXUGHV
*HU¦WVDQHLQHQDXWRULVLHUWHQ
.XQGHQGLHQVW
9HUZHQGHQ6LHDXVVFKOLH¡OLFK
2ULJLQDOHUVDW]WHLOH
(QWVRUJXQJ
:$5181*
9HUOHW]XQJVXQG
(UVWLFNXQJVJHIDKU
ವ
ವ
ವ
)¾U,QIRUPDWLRQHQ]XU
RUGQXQJVJHP¦¡HQ(QWVRUJXQJGHV
*HU¦WVZHQGHQ6LHVLFKDQGLH
]XVW¦QGLJHNRPPXQDOH%HK¸UGHYRU
2UW
7UHQQHQ6LHGDV*HU¦WYRQGHU
6WURPYHUVRUJXQJ
6FKQHLGHQ6LHGDV1HW]NDEHOLQGHU
1¦KHGHV*HU¦WVDEXQGHQWVRUJHQ
6LHHV
0217$*(
:$5181*
6LHKH.DSLWHO
6LFKHUKHLWVKLQZHLVH
9RUGHU0RQWDJH
1RWLHUHQ6LHYRUGHU0RQWDJHGHV
.RFKIHOGVIROJHQGH'DWHQGLH6LHDXI
GHP7\SHQVFKLOGILQGHQ'DV
ZZZHOHFWUROX[FRP
7\SHQVFKLOGLVWDXIGHP%RGHQGHV
.RFKIHOGVDQJHEUDFKW
0RQWDJH
6HULHQQXPPHU
(LQEDX.RFKIHOGHU
(LQEDX.RFKIHOGHUG¾UIHQQXUQDFKGHP
(LQEDXLQE]ZXQWHUQRUPJHUHFKWH
SDVVHQGH(LQEDXVFKU¦QNHXQG
$UEHLWVSODWWHQEHWULHEHQZHUGHQ
%HLGHU0RQWDJHLQEUHQQEDUHV0DWHULDO
VLQGGLH1RUPHQ1,16(9VRZLH
GLH%UDQGVFKXW]ULFKWOLQLHQXQGGHUHQ
9HURUGQXQJHQGHU9HUHLQLJXQJ
NDQWRQDOHU)HXHUYHUVLFKHUXQJHQ
]ZLQJHQGHLQ]XKDOWHQ
min.
500mm
min.
50mm
$QVFKOXVVNDEHO
ವ
ವ
'DV.RFKIHOGZLUGPLWHLQHP
$QVFKOXVVNDEHOJHOLHIHUW
(UVHW]HQ6LHHLQGHIHNWHV1HW]NDEHO
GXUFKGHQ.DEHOW\S+99)GHU
HLQHU7HPSHUDWXUYRQPLQGHVWHQV
r&VWDQGK¦OW:HQGHQ6LHVLFKDQGHQ
.XQGHQGLHQVWYRU2UW
(OHNWURDQVFKOXVV
6FKOLH¡HQ6LHGDV.RFKIHOG¾EHUHLQ
.DEHOPLW6WHFNHUDQ,VWNHLQ.DEHOPLW
6WHFNHUYRUKDQGHQPXVVGLHIHVWH
HOHNWULVFKH,QVWDOODWLRQHLQH
7UHQQHLQULFKWXQJPLWHLQHU
.RQWDNW¸IIQXQJVEUHLWHYRQPLQGHVWHQV
PPDXIZHLVHQPLWGHU6LHGDV*HU¦W
DOOSROLJYRQGHU6WURPYHUVRUJXQJ
WUHQQHQN¸QQHQJHP¦¡1,16(9
,VWGDV*HU¦W¾EHUHLQHU
6FKXEODGHLQVWDOOLHUWNDQQ
GLH.RFKIHOGEHO¾IWXQJGLHLQ
GHU6FKXEODGHDXIEHZDKUWHQ
*HJHQVW¦QGHZ¦KUHQGGHV
*DUYRUJDQJVHUZ¦UPHQ
'(876&+
*(5†7(%(6&+5(,%81*
.RFKIHOGDQRUGQXQJ
1
,QGXNWLRQVNRFK]RQH
%HGLHQIHOG
1
:HLWHUH(LQ]HOKHLWHQ]XU
*U¸¡HGHU.RFK]RQHQILQGHQ
6LHXQWHUಱ7HFKQLVFKH
'DWHQಯ
1
1
2
%HGLHQIHOGDQRUGQXQJ
1 2
3
4
5
12
6
7
11
10
8
9
%HGLHQHQ6LHGDV*HU¦W¾EHUGLH6HQVRUIHOGHU'LH$Q]HLJHQ.RQWUROOODPSHQXQG
DNXVWLVFKHQ6LJQDOHLQIRUPLHUHQ6LH¾EHUGLHDNWLYHQ)XQNWLRQHQ
)XQNWLRQ
.RPPHQWDU
(,1$86
(LQXQG$XVVFKDOWHQGHV.RFKIHOGHV
9HUULHJHOQ.LQGHUVLFKHಣ
UXQJ
9HUULHJHOQ(QWULHJHOQGHV%HGLHQIHOGV
6HQVH%RLOp
(LQXQG$XVVFKDOWHQGHU)XQNWLRQ
'LH.RQWUROOODPSHQ¾EHUGHP6\PERO]HLಣ
JHQGHQ)RUWVFKULWWGHU)XQNWLRQDQ
3DXVH
(LQXQG$XVVFKDOWHQGHU)XQNWLRQ
.RFKVWXIHQDQ]HLJH
=HLJWGLH.RFKVWXIHDQ
.RFK]RQHQ$Q]HLJHQGHV =HLJWDQI¾UZHOFKH.RFK]RQHGLH=HLW
7LPHUV
HLQJHVWHOOWZXUGH
6HQ഻
VRU഻
IHOG
ZZZHOHFWUROX[FRP
6HQ഻
VRU഻
IHOG
)XQNWLRQ
.RPPHQWDU
7LPHU$Q]HLJH
=HLJWGLH=HLWLQ0LQXWHQDQ
+REt+RRG
(LQXQG$XVVFKDOWHQGHVPDQXHOOHQ0Rಣ
GXVGHU)XQNWLRQ
$XVZ¦KOHQGHU.RFK]RQH
(UK¸KHQRGHU9HUULQJHUQGHU=HLW
3RZHU%RRVW
(LQVFKDOWHQGHU)XQNWLRQ
(LQVWHOOVNDOD
(LQVWHOOHQGHU.RFKVWXIH
$Q]HLJHGHU.RFKVWXIHQ
'LVSOD\
%HVFKUHLEXQJ
'LH.RFK]RQHLVWDXVJHVFKDOWHW
'LH.RFK]RQHLVWHLQJHVFKDOWHW
3DXVHLVWHLQJHVFKDOWHW
6HQVH%RLOpLVWHLQJHVFKDOWHW
$QNRFKDXWRPDWLNLVWHLQJHVFKDOWHW
3RZHU%RRVWLVWHLQJHVFKDOWHW
=DKO
(LQH6W¸UXQJLVWDXIJHWUHWHQ
2SWL+HDW&RQWURO5HVWZ¦UPHDQ]HLJHVWXILJ:HLWHUJDUHQ
:DUPKDOWHQ5HVWZ¦UPH
9HUULHJHOQ.LQGHUVLFKHUXQJLVWHLQJHVFKDOWHW
'DV.RFKJHVFKLUULVWXQJHHLJQHWRGHU]XNOHLQE]ZHVEHILQGHW
VLFKNHLQ.RFKJHVFKLUUDXIGHU.RFK]RQH
$EVFKDOWDXWRPDWLNLVWHLQJHVFKDOWHW
'(876&+
2SWL+HDW&RQWURO
5HVWZ¦UPHDQ]HLJHVWXILJ
:$5181*
(VEHVWHKW
9HUEUHQQXQJVJHIDKUGXUFK
5HVWZ¦UPH'LH$Q]HLJHQ
]HLJHQGHQ5HVWZ¦UPHJUDG
GHU.RFK]RQHQDQGLH6LH
JHUDGHYHUZHQGHQ'LH
$Q]HLJHQGHUEHQDFKEDUWHQ
.RFK]RQHQN¸QQHQDXFK
GDQQOHXFKWHQZHQQ6LHVLH
QLFKWEHQXW]HQ
'LH,QGXNWLRQVNRFK]RQHQHU]HXJHQGLH
HUIRUGHUOLFKH+LW]H]XP.RFKHQGLUHNWLP
%RGHQGHV.RFKJHVFKLUUV'LH
*ODVNHUDPLNZLUGQXUGXUFKGLH:¦UPH
GHV.RFKJHVFKLUUVHUKLW]W
7†*/,&+(5*(%5$8&+
:$5181*
6LHKH.DSLWHO
6LFKHUKHLWVKLQZHLVH
(LQXQG$XVVFKDOWHQ
%HU¾KUHQ6LH 6HNXQGHODQJXP
GDV.RFKIHOGHLQRGHUDXV]XVFKDOWHQ
$EVFKDOWDXWRPDWLN
0LWGLHVHU)XQNWLRQZLUGGDV.RFKIHOG
LQIROJHQGHQ)¦OOHQDXWRPDWLVFK
DXVJHVFKDOWHW
ವ
ವ
ವ
ವ
ವ
$OOH.RFK]RQHQVLQGDXVJHVFKDOWHW
1DFKGHP(LQVFKDOWHQGHV.RFKIHOGV
ZLUGNHLQH.RFKVWXIHJHZ¦KOW
'DV%HGLHQIHOGLVWPHKUDOV
6HNXQGHQPLWYHUVFK¾WWHWHQ
/HEHQVPLWWHOQRGHUHLQHP
*HJHQVWDQGEHGHFNW7RSI7XFK
XVZ(LQDNXVWLVFKHV6LJQDOHUW¸QW
XQGGDV.RFKIHOGVFKDOWHWDE
(QWIHUQHQ6LHGHQ*HJHQVWDQGRGHU
UHLQLJHQ6LHGDV%HGLHQIHOG
'DV.RFKIHOGZLUG]XKHL¡ZHQQ
EHLVSLHOVZHLVHHLQ7RSIOHHUNRFKW
/DVVHQ6LHGLH.RFK]RQHDEN¾KOHQ
EHYRU6LHGDV.RFKIHOGZLHGHU
YHUZHQGHQ
6LHYHUZHQGHQXQJHHLJQHWHV
.RFKJHVFKLUU'DV6\PERO
OHXFKWHWDXIXQGGLH.RFK]RQHZLUG
DXWRPDWLVFKQDFK0LQXWHQ
DXVJHVFKDOWHW
ವ
(LQH.RFK]RQHZXUGHQLFKW
DXVJHVFKDOWHWE]ZGLH.RFKVWXIH
ZXUGHQLFKWJH¦QGHUW1DFKHLQHU
:HLOHOHXFKWHW DXIXQGGDV
.RFKIHOGVFKDOWHWVLFKDXV
9HUK¦OWQLV]ZLVFKHQGHU.RFKVWXIH
XQGGHU=HLWQDFKGHUGDV.RFKIHOG
DXVJHVFKDOWHWZLUG
.RFKVWXIH
'DV.RFKIHOG
ZLUGDXVJHVFKDO഻
WHWQDFK
6WXQGHQ
6WXQGHQ
6WXQGHQ
6WXQGHQ
.RFKVWXIH
(LQVWHOOHQRGHU†QGHUQGHU.RFKVWXIH
%HU¾KUHQ6LHGLH(LQVWHOOVNDODDXIGHU
JHZ¾QVFKWHQ.RFKVWXIHRGHUIDKUHQ6LH
PLWGHP)LQJHUHQWODQJGHU6NDODELV]XU
JHZ¾QVFKWHQ.RFKVWXIH
P
ZZZHOHFWUROX[FRP
6HQVH%RLOp
'LHVH)XQNWLRQUHJHOWGLH
:DVVHUWHPSHUDWXUDXWRPDWLVFKVRGDVV
HVQLFKW¾EHUNRFKWZHQQHVGHQ
6LHGHSXQNWHUUHLFKW
,VWLQGHU.RFK]RQHGLH6LH
EHQXW]HQP¸FKWHQQRFK
5HVWZ¦UPH YRUKDQGHQHUW¸QWHLQ6LJQDO
XQGGLH)XQNWLRQVWDUWHW
QLFKW
6FKDOWHQ6LHGDV*HU¦WGXUFKGLH
%HU¾KUXQJYRQ HLQ
%HU¾KUHQ6LH]XP(LQVFKDOWHQGHU
)XQNWLRQ %HLGHQ.RFK]RQHQI¾UGLH6LHGLH
)XQNWLRQGHU]HLWYHUZHQGHQN¸QQHQ
EOLQNW %HU¾KUHQ6LHGLH(LQVWHOOVNDODGHU
YHUI¾JEDUHQ.RFK]RQHI¾UGLH6LH
GLH)XQNWLRQVWDUWHQP¸FKWHQ
]ZLVFKHQ.RFKVWXIH
'LH)XQNWLRQVWDUWHW
:HQQ6LHLQQHUKDOEYRQ6HNXQGHQ
NHLQH.RFK]RQHDXVZ¦KOHQVFKDOWHWVLFK
GLH)XQNWLRQQLFKWHLQ
%HLP6WDUWGHU)XQNWLRQ
OHXFKWHQGLH.RQWUROOODPSHQ
¾EHUGHP6\PERO
QDFKHLQDQGHUDXIELVGDV
:DVVHUGHQ6LHGHSXQNW
HUUHLFKW
:HQQGLH)XQNWLRQHUNHQQWGDVVGHU
6LHGHSXQNWHUUHLFKWLVWJLEWGDV.RFKIHOG
HLQDNXVWLVFKHV6LJQDODXVXQGGLH
.RFKVWXIH¦QGHUWVLFKDXWRPDWLVFKLQ
6WXIH
6LQGDOOH.RFK]RQHQLQ
*HEUDXFKRGHULVWLQLKQHQ
DOOHQQRFK5HVWZ¦UPH
YRUKDQGHQJLEWGDV
.RFKIHOGHLQDNXVWLVFKHV
6LJQDODXVGLH
.RQWUROOODPSHQ¾EHU
EOLQNHQXQGGLH)XQNWLRQ
VWDUWHWQLFKW
%HU¾KUHQ6LH]XP$XVVFKDOWHQGHU
)XQNWLRQ GLH)XQNWLRQZLUG
DXVJHVFKDOWHWXQGGLH.RFKVWXIHDXI
YHUULQJHUWRGHUEHU¾KUHQ6LHGLH
(LQVWHOOVNDODXQGVWHOOHQ6LHGLH
.RFKVWXIHPDQXHOOHLQ
'LH)XQNWLRQ3DXVHXQGGDV
$QKHEHQGHV7RSIVVFKDOWHQ
GLH)XQNWLRQ6HQVH%RLOp
DXV
9HUZHQGHQGHU.RFK]RQHQ
6WHOOHQ6LHGDV.RFKJHVFKLUUPLWWLJDXI
GLHDXVJHZ¦KOWH.RFK]RQH
,QGXNWLRQVNRFK]RQHQSDVVHQVLFKELV]X
HLQHPJHZLVVHQ*UDGDXWRPDWLVFKDQ
GLH*U¸¡HGHV.RFKJHVFKLUUERGHQVDQ
$QNRFKDXWRPDWLN
6FKDOWHQ6LHGLHVH)XQNWLRQHLQGDPLW
GLHJHZ¾QVFKWH.RFKVWXIHQHLQVWHOOXQJLQ
N¾U]HUHU=HLWHUUHLFKWZLUG:HQQVLH
DNWLYLHUWLVWVFKDOWHWVLFKGLH.RFK]RQH
PLWGHUK¸FKVWHQ6WXIHHLQXQGZHFKVHOW
GDQQ]XUJHZ¾QVFKWHQ(LQVWHOOXQJ
=XP(LQVFKDOWHQGHU
)XQNWLRQPXVVGLH.RFK]RQH
DEJHN¾KOWVHLQ
(LQVFKDOWHQGHU)XQNWLRQI¾UHLQH
.RFK]RQH%HU¾KUHQ6LH OHXFKWHW
DXI%HU¾KUHQ6LHGDQQJOHLFKGDQDFK
GLHJHZ¾QVFKWH.RFKVWXIH1DFK
6HNXQGHQOHXFKWHW
DXI
$XVVFKDOWHQGHU)XQNWLRQ†QGHUQ6LH
GLH.RFKVWXIH
3RZHU%RRVW
'LHVH)XQNWLRQVWHOOWGHQ
,QGXNWLRQVNRFK]RQHQ]XV¦W]OLFKH
/HLVWXQJ]XU9HUI¾JXQJ)¾UGLH
,QGXNWLRQVNRFK]RQHNDQQGLHVH)XQNWLRQ
QXUI¾UHLQHQEHJUHQ]WHQ=HLWUDXP
HLQJHVFKDOWHWZHUGHQ'DQDFKVFKDOWHW
GLH,QGXNWLRQVNRFK]RQHDXWRPDWLVFK
ZLHGHUDXIGLHK¸FKVWH.RFKVWXIHXP
6LHKH.DSLWHOಱ7HFKQLVFKH
'DWHQಯ
(LQVFKDOWHQGHU)XQNWLRQI¾UHLQH
.RFK]RQH%HU¾KUHQ6LH
DXI
OHXFKWHW
'(876&+
$XVVFKDOWHQGHU)XQNWLRQ†QGHUQ6LH
GLH.RFKVWXIH
7LPHU
.XU]]HLWPHVVHU
0LWGLHVHU)XQNWLRQVWHOOHQ6LHHLQZLH
ODQJHHLQH.RFK]RQHI¾UHLQHQHLQ]HOQHQ
.RFKYRUJDQJHLQJHVFKDOWHWEOHLEHQVROO
6WHOOHQ6LH]XHUVWGLH.RFKVWXIHI¾UGLH
.RFK]RQHXQGHUVWGDQDFKGLH)XQNWLRQ
HLQ
$XVZ¦KOHQGHU.RFK]RQH%HU¾KUHQ
6LH ZLHGHUKROWELVGLH.RQWUROOODPSH
GHUJHZ¾QVFKWHQ.RFK]RQHDXIOHXFKWHW
6LH GHV7LPHUV OHXFKWHWDXI
:HQQGLH.RQWUROOODPSHGHU.RFK]RQH
ODQJVDPHUEOLQNWZLUGGLH=HLW
KRFKJH]¦KOW'DV'LVSOD\VFKDOWHWXP
]ZLVFKHQ
0LQXWHQ
XQGGHUDEJHODXIHQHQ=HLW
6RN¸QQHQ6LHIHVWVWHOOHQZLHODQJH
GLH.RFK]RQHEHUHLWVLQ%HWULHELVW
:¦KOHQ6LHGLH.RFK]RQHPLW DXV
'LH.RQWUROOODPSHGHU.RFK]RQHEOLQNW
VFKQHOOHU,P'LVSOD\ZLUGGLH
(LQVFKDOWGDXHUGHU=RQHDQJH]HLJW
$XVVFKDOWHQGHU)XQNWLRQ:¦KOHQ6LH
(LQVFKDOWHQGHU)XQNWLRQ%HU¾KUHQ
GLH.RFK]RQHPLW
6LH GHV7LPHUVXPGLH=HLW
HLQ]XVWHOOHQ0LQXWHQ:HQQGLH
.RQWUROOODPSHGHU.RFK]RQHODQJVDP
EOLQNWZLUGGLH=HLWKHUXQWHUJH]¦KOW
RGHU 'LH.RQWUROOODPSHGHU
.RFK]RQHQHUOLVFKW
6RZLUGGLH5HVW]HLWDQJH]HLJW
:¦KOHQ6LHGLH.RFK]RQHPLW DXV
'LH.RQWUROOODPSHGHU.RFK]RQHEOLQNW
VFKQHOOHU'DV'LVSOD\]HLJWGLH5HVW]HLW
DQ
†QGHUQGHU=HLW:¦KOHQ6LHGLH
.RFK]RQHPLW
RGHU
DXV%HU¾KUHQ6LH
$XVVFKDOWHQGHU)XQNWLRQ:¦KOHQ6LH
GLH.RFK]RQHPLW
XQGEHU¾KUHQ6LH
'LH5HVW]HLWZLUGDXI
KHUXQWHUJH]¦KOW'LH.RQWUROOODPSHGHU
.RFK]RQHHUOLVFKW
:HQQGLHHLQJHVWHOOWH=HLW
DEJHODXIHQLVWHUW¸QWHLQ
6LJQDOWRQXQGEOLQNW'LH
.RFK]RQHZLUG
DXVJHVFKDOWHW
$XVVFKDOWHQGHV6LJQDOWRQV%HU¾KUHQ
6LH
&RXQW8S7LPHU*DU]HLWPHVVHU
0LWGLHVHU)XQNWLRQN¸QQHQ6LH
IHVWVWHOOHQZLHODQJHHLQH.RFK]RQH
EHUHLWVLQ%HWULHELVW
$XVZ¦KOHQGHU.RFK]RQH%HU¾KUHQ
6LH ZLHGHUKROWELVGLH.RQWUROOODPSH
GHUJHZ¾QVFKWHQ.RFK]RQHDXIOHXFKWHW
(LQVFKDOWHQGHU)XQNWLRQ%HU¾KUHQ
XQGEHU¾KUHQ6LH
.XU]]HLW:HFNHU
6LHN¸QQHQGLHVH)XQNWLRQDOV.XU]]HLW
:HFNHUEHQXW]HQZHQQGDV.RFKIHOG
HLQJHVFKDOWHWLVWXQGGLH.RFK]RQHQ
QLFKWLQ%HWULHEVLQG'DV'LVSOD\]HLJW
DQ
(LQVFKDOWHQGHU)XQNWLRQ%HU¾KUHQ
6LH %HU¾KUHQ6LH RGHU GHV
7LPHUVXPGLH=HLWHLQ]XVWHOOHQ:HQQ
GLHHLQJHVWHOOWH=HLWDEJHODXIHQLVWHUW¸QW
HLQ6LJQDOWRQXQGEOLQNW
$XVVFKDOWHQGHV6LJQDOWRQV%HU¾KUHQ
6LH
'LHVH)XQNWLRQKDWNHLQH
$XVZLUNXQJDXIGHQ
.RFK]RQHQEHWULHE
3DXVH
0LWGLHVHU)XQNWLRQZHUGHQDOOH
HLQJHVFKDOWHWHQ.RFK]RQHQDXIGLH
QLHGULJVWH.RFKVWXIHJHVFKDOWHW
:HQQGLHVH)XQNWLRQHLQJHVFKDOWHWLVW
ZHUGHQDOOHDQGHUHQ6\PEROHGHV
%HGLHQIHOGVYHUULHJHOW
'LH)XQNWLRQXQWHUEULFKWQLFKWGLH7LPHU
)XQNWLRQHQ
%HU¾KUHQ6LH]XP(LQVFKDOWHQGHU
)XQNWLRQ
ZZZHOHFWUROX[FRP
HUVFKHLQW'LH.RFKVWXIHZLUGDXI
KHUXQWHUVFKDOWHW
%HU¾KUHQ6LH]XP$XVVFKDOWHQGHU
)XQNWLRQ (VZLUGZLHGHUGLH
YRUKHULJH.RFKVWXIHHLQJHVFKDOWHW
9HUULHJHOQ
6LHN¸QQHQGDV%HGLHQIHOGVSHUUHQ
ZHQQ.RFK]RQHQHLQJHVFKDOWHWVLQG6R
ZLUGYHUKLQGHUWGDVVGLH.RFKVWXIH
YHUVHKHQWOLFKJH¦QGHUWZLUG
6WHOOHQ6LH]XHUVWGLH.RFKVWXIHHLQ
(LQVFKDOWHQGHU)XQNWLRQ%HU¾KUHQ6LH
OHXFKWHW6HNXQGHQDXI'HU
7LPHUEOHLEWHLQJHVFKDOWHW
$XVVFKDOWHQGHU)XQNWLRQ%HU¾KUHQ
6LH 'LHYRUKHULJH.RFKVWXIHZLUG
DQJH]HLJW
.RFKIHOGPLW DXVVFKDOWHQZLUGGLHVH
)XQNWLRQZLHGHUHLQJHVFKDOWHW
2II6RXQG&RQWURO(LQ
XQG$XVVFKDOWHQGHU
6LJQDOW¸QH
6FKDOWHQ6LHGDV.RFKIHOGDXV%HU¾KUHQ
6LH 6HNXQGHQODQJ'DV'LVSOD\
ZLUGHLQXQGDXVJHVFKDOWHW%HU¾KUHQ
6LH
6HNXQGHQODQJ(VZLUG
DQJH]HLJW%HU¾KUHQ6LH
7LPHUV]XP$XVZ¦KOHQYRQ
ವ
GHV
ದGHU6LJQDOWRQLVWDXVJHVFKDOWHW
ದGHU6LJQDOWRQLVWHLQJHVFKDOWHW
ವ
,KUH(LQVWHOOXQJHQZHUGHQ¾EHUQRPPHQ
VREDOGGDV.RFKIHOGDXWRPDWLVFK
DXVJHVFKDOWHWZLUG
+DEHQ6LHGLH)XQNWLRQDXI
HLQJHVWHOOWHUW¸QWGHU6LJQDOWRQQXULQ
IROJHQGHQ)¦OOHQ
'LHVH)XQNWLRQZLUGDXFK
DXVJHVFKDOWHWVREDOGGDV
.RFKIHOGDXVJHVFKDOWHWZLUG
ವ
ವ
.LQGHUVLFKHUXQJ
%HLGHU%HU¾KUXQJYRQ
1DFK$EODXIGHUI¾U.XU]]HLW:HFNHU
HLQJHVWHOOWHQ=HLW
1DFK$EODXIGHUI¾U.XU]]HLWPHVVHU
HLQJHVWHOOWHQ=HLW
:HQQGDV%HGLHQIHOGEHGHFNWLVW
'LHVH)XQNWLRQYHUKLQGHUWHLQ
YHUVHKHQWOLFKHV(LQVFKDOWHQGHV
.RFKIHOGV
ವ
(LQVFKDOWHQGHU)XQNWLRQ6FKDOWHQ6LH
3RZHU0DQDJHPHQW
GDV.RFKIHOGPLW
ವ
6HNXQGHQODQJ
ವ
HLQ6WHOOHQ6LH
NHLQH.RFKVWXIHHLQ%HU¾KUHQ6LH
OHXFKWHWDXI6FKDOWHQ
6LHGDV.RFKIHOGPLW
DXV
$XVVFKDOWHQGHU)XQNWLRQ6FKDOWHQ
6LHGDV.RFKIHOGPLW
6HNXQGHQODQJ
HLQ
ವ
DXV
9RU¾EHUJHKHQGHV$XVVFKDOWHQGHU
)XQNWLRQI¾UHLQHQHLQ]HOQHQ
.RFKYRUJDQJ6FKDOWHQ6LHGDV
.RFKIHOGPLW
ವ
OHXFKWHWDXI6FKDOWHQ
6LHGDV.RFKIHOGPLW
ವ
HLQ6WHOOHQ6LH
NHLQH.RFKVWXIHHLQ%HU¾KUHQ6LH
RGHU
ವ
OHXFKWHWDXI
%HU¾KUHQ6LH 6HNXQGHQODQJ
6WHOOHQ6LHGLH.RFKVWXIHLQQHUKDOE
YRQ6HNXQGHQHLQ'DV.RFKIHOG
NDQQMHW]WEHQXW]WZHUGHQ:HQQ6LHGDV
ವ
'LH.RFK]RQHQZHUGHQMHQDFK/DJH
DXIGHP.RFKIHOGXQG$Q]DKOGHU
3KDVHQJUXSSLHUW6LHKH$EELOGXQJ
-HGH3KDVHGDUIPLWPD[LPDO:
EHODVWHWZHUGHQ
0LWGLHVHU)XQNWLRQZLUGGLH/HLVWXQJ
]ZLVFKHQGHQHLQ]HOQHQDQGLHVHOEH
3KDVHDQJHVFKORVVHQHQ.RFK]RQHQ
DXIJHWHLOW
'LHVH)XQNWLRQZLUGHLQJHVFKDOWHW
VREDOGGLH*HVDPWOHLVWXQJDOOHUDQ
GLHVHOEH3KDVHDQJHVFKORVVHQHQ
.RFK]RQHQ:¾EHUVWHLJW
0LWGLHVHU)XQNWLRQZLUGGLH/HLVWXQJ
DOOHUDQGHUHQ.RFK]RQHQUHGX]LHUW
GLHDQGLHVHOEH3KDVHDQJHVFKORVVHQ
VLQG
'LH$Q]HLJHGHU.RFK]RQHQPLW
UHGX]LHUWHU/HLVWXQJZHFKVHOW
]ZLVFKHQ]ZHL.RFKVWXIHQ
'(876&+
$XWRPDWLNPRGL
+REt+RRG
'LHVHLQQRYDWLYHDXWRPDWLVFKH)XQNWLRQ
YHUELQGHWGDV.RFKIHOGPLWHLQHU
VSH]LHOOHQ'XQVWDE]XJVKDXEH'DV
.RFKIHOGXQGGLH'XQVWDE]XJVKDXEH
NRPPXQL]LHUHQPLW+LOIHYRQ
,QIUDURWVLJQDOHQ'LH'UHK]DKOGHV
/¾IWHUVZLUGDXWRPDWLVFKHLQJHVWHOOW6LH
ULFKWHWVLFKQDFKGHPHLQJHVWHOOWHQ
0RGXVXQGGHU7HPSHUDWXUGHV
KHL¡HVWHQ.RFKJHVFKLUUVDXIGHP
.RFKIHOG6LHN¸QQHQGHQ/¾IWHUDXFK
PDQXHOODXIGHP%HGLHQIHOGGHV
.RFKIHOGVHLQVWHOOHQ
%HLGHQPHLVWHQ
'XQVWDE]XJVKDXEHQLVWGDV
)HUQVWHXHUXQJVV\VWHP
ZHUNVHLWLJDXVJHVFKDOWHW
6FKDOWHQ6LHHVHLQEHYRU
6LHGLH)XQNWLRQQXW]HQ
:HLWHUH,QIRUPDWLRQHQILQGHQ
6LHLQGHU$QOHLWXQJGHU
'XQVWDE]XJVKDXEH
$XWRPDWLNEHWULHEGHU)XQNWLRQ
6WHOOHQ6LHI¾UGHQDXWRPDWLVFKHQ
%HWULHEGHQ0RGXVDXI+ದ+'DV
.RFKIHOGLVWVWDQGDUGP¦¡LJDXI+
JHVWHOOW'LH'XQVWDE]XJVKDXEHVFKDOWHW
VLFKHLQZHQQ6LHGDV.RFKIHOG
EHGLHQHQ'DV.RFKIHOGPLVVWGLH
7HPSHUDWXUGHV.RFKJHVFKLUUV
DXWRPDWLVFKXQGSDVVWGLH
*HVFKZLQGLJNHLWGHV/¾IWHUVDQ
$XWR഻
PDWL഻
VFKH
(LQ഻
VFKDO഻
WXQJ
GHU%H഻
OHXFK഻
WXQJ
.R഻
FKHQ
%UD഻
WHQ
0RGXV
+
$XV
$XV
$XV
0RGXV
+
(LQ
$XV
$XV
0RGXV
+
(LQ
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
0RGXV
+
(LQ
$XV
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
0RGXV
+
(LQ
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
0RGXV
+
(LQ
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
0RGXV
+
(LQ
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
/¾IWHUಣ
JHಣ
VFKZLQಣ
GLJNHLW
'DV.RFKIHOGHUNHQQWGDVVJHNRFKWZLUG
XQGUHJHOWGLH/¾IWHUJHVFKZLQGLJNHLWMHQDFK
HLQJHVWHOOWHP$XWRPDWLNEHWULHE
'DV.RFKIHOGHUNHQQWGDVVJHEUDWHQ
ZLUGXQGUHJHOWGLH/¾IWHUJHVFKZLQGLJNHLWMH
QDFKHLQJHVWHOOWHP$XWRPDWLNEHWULHE
,QGLHVHP0RGXVZHUGHQGHU/¾IWHUXQG
GLH%HOHXFKWXQJXQDEK¦QJLJYRQGHU7HPಣ
SHUDWXUHLQJHVFKDOWHW
†QGHUQGHV$XWRPDWLNEHWULHEV
6FKDOWHQ6LHGDV*HU¦WDXV
%HU¾KUHQ6LH 6HNXQGHQODQJ
'DV'LVSOD\ZLUGHLQXQG
DXVJHVFKDOWHW
ZZZHOHFWUROX[FRP
%HU¾KUHQ6LH
6HNXQGHQODQJ
%HU¾KUHQ6LH ZLHGHUKROWELV
DQJH]HLJWZLUG
%HU¾KUHQ6LH GHV7LPHUVXP
HLQHQDXWRPDWLVFKHQ0RGXV
DXV]XZ¦KOHQ
6FKDOWHQ6LHGHQ
$XWRPDWLNEHWULHEDXVXP
GLH'XQVWDE]XJVKDXEH
GLUHNW¾EHULKU%HGLHQIHOG
HLQ]XVWHOOHQ
:HQQ6LHQDFK%HHQGLJXQJ
GHV.RFKYRUJDQJVGDV
.RFKIHOGDXVVFKDOWHQNDQQ
GLH'XQVWDE]XJVKDXEHQRFK
HLQHJHZLVVH=HLWLQ%HWULHE
VHLQ1DFKGLHVHU=HLW
VFKDOWHWGDV6\VWHPGHQ
/¾IWHUDXWRPDWLVFKDXV
:¦KUHQGGHUIROJHQGHQ
6HNXQGHQNDQQGHU/¾IWHU
QLFKWZLHGHUHLQJHVFKDOWHW
ZHUGHQ
:HLVHZLUGGHU$XWRPDWLNEHWULHE
DXVJHVFKDOWHWXQG6LHN¸QQHQGLH
/¾IWHUJHVFKZLQGLJNHLWPDQXHOO¦QGHUQ
'XUFK'U¾FNHQYRQ HUK¸KWVLFKGLH
/¾IWHUJHVFKZLQGLJNHLWXPHLQH6WXIH
:HQQ6LHGLH,QWHQVLYVWXIHJHZ¦KOW
KDEHQXQG HUQHXWGU¾FNHQZLUGGLH
*HVFKZLQGLJNHLWDXIJHVHW]WXQGGLH
'XQVWDE]XJVKDXEHDXVJHVFKDOWHW
%HU¾KUHQ6LH XPGLH
/¾IWHUJHVFKZLQGLJNHLWZLHGHU
HLQ]XVWHOOHQ
=XPHUQHXWHQ(LQVFKDOWHQ
GHV$XWRPDWLNEHWULHEV
VFKDOWHQ6LHGDV.RFKIHOG
DXVXQGZLHGHUHLQ
(LQVFKDOWHQGHU%HOHXFKWXQJ
6LHN¸QQHQGDV.RFKIHOGVRHLQVWHOOHQ
GDVVVLFKGLH%HOHXFKWXQJDXWRPDWLVFK
HLQVFKDOWHWZHQQ6LHGDV.RFKIHOG
EHGLHQHQ6WHOOHQ6LHKLHU]XGHQ
$XWRPDWLNPRGXVDXI++
'LH%HOHXFKWXQJGHU
'XQVWDE]XJVKDXEHVFKDOWHW
VLFK0LQXWHQQDFK
$XVVFKDOWHQGHV.RFKIHOGV
DXV
0DQXHOOHV(LQVWHOOHQGHU
/¾IWHUJHVFKZLQGLJNHLW
6LHN¸QQHQGHQ/¾IWHUDXFKPDQXHOO
HLQVWHOOHQ%HU¾KUHQ6LHKLHU]X ZHQQ
GDV.RFKIHOGHLQJHVFKDOWHWLVW$XIGLHVH
7,33681'+,1:(,6(
:$5181*
6LHKH.DSLWHO
6LFKHUKHLWVKLQZHLVH
.RFKJHVFKLUU
'DV.RFKJHVFKLUUZLUGEHL
,QGXNWLRQVNRFK]RQHQGXUFK
HLQVWDUNHV0DJQHWIHOGVHKU
VFKQHOOHUKLW]W
%HQXW]HQ6LHI¾UGLH
,QGXNWLRQV.RFK]RQHQQXU
JHHLJQHWHV.RFKJHVFKLUU
.RFKJHVFKLUUPDWHULDO
ವ
*HHLJQHW*XVVHLVHQ6WDKO
6WDKOHPDLO(GHOVWDKO%RGHQDXV
PHKUHUHQ6FKLFKWHQYHUVFKLHGHQHU
0DWHULDOLHQYRP+HUVWHOOHUDOV
JHHLJQHWJHNHQQ]HLFKQHW
ವ 1LFKWJHHLJQHW$OXPLQLXP.XSIHU
0HVVLQJ*ODV.HUDPLN3RU]HOODQ
.RFKJHVFKLUUHLJQHWVLFKI¾U
,QGXNWLRQVNRFKIHOGHUZHQQ
ವ
ವ
:DVVHUVHKUVFKQHOODXIHLQHU
.RFK]RQHNRFKWGLHDXIGLHK¸FKVWH
6WXIHJHVFKDOWHWLVW
(LQ0DJQHWYRQ*HVFKLUUERGHQ
DQJH]RJHQZLUG
'HU%RGHQGHV
.RFKJHVFKLUUVVROOWHVRGLFN
XQGIODFKZLHP¸JOLFKVHLQ
6WHOOHQ6LHVLFKHUGDVVGLH
7RSIE¸GHQVDXEHUVLQG
EHYRU6LHVLHDXIGDV
.RFKIHOGVWHOOHQ
$EPHVVXQJHQGHV.RFKJHVFKLUUV
'(876&+
,QGXNWLRQVNRFK]RQHQSDVVHQVLFKELV]X
HLQHPJHZLVVHQ*UDGDXWRPDWLVFKDQ
GLH*U¸¡HGHV.RFKJHVFKLUUERGHQVDQ
)¾UHLQHHIIL]LHQWH1XW]XQJYRQ
6HQVH%RLOpEHDFKWHQ6LHGLH
QDFKIROJHQGHQ+LQZHLVH
'LH.RFK]RQHQHIIL]LHQ]K¦QJWYRP
'XUFKPHVVHUGHV.RFKJHVFKLUUVDE$Q
.RFKJHVFKLUUPLWHLQHPNOHLQHUHQ
'XUFKPHVVHUDOVGHU
0LQGHVWGXUFKPHVVHUJHODQJWQXUHLQ7HLO
GHUYRQGHU.RFK]RQHHU]HXJWHQ+LW]H
ವ
6LHKHKLHU]Xಱ7HFKQLVFKH
'DWHQಯ
%HWULHEVJHU¦XVFKH
ವ
(VJLEWYHUVFKLHGHQH
%HWULHEVJHU¦XVFKH
)¾OOHQ6LHGHQ7RSIELV]XU+¦OIWH
RGHUGUHL9LHUWHOPLWNDOWHP
/HLWXQJVZDVVHUVRGDVVFPELV
]XP7RSIUDQGIUHLEOHLEHQ9HUZHQGHQ
6LHQLFKWZHQLJHUDOVXQGQLFKWPHKU
DOV/LWHU:DVVHU$FKWHQ6LHGDUDXI
GDVVGDV*HVDPWJHZLFKWGHV
:DVVHUVRGHUGHV:DVVHUVPLWGHQ
.DUWRIIHOQ]ZLVFKHQNJEHWU¦JW
:HQQ6LH.DUWRIIHOQNRFKHQP¸FKWHQ
DFKWHQ6LHGDUDXIGDVVVLHNRPSOHWW
PLW:DVVHUEHGHFNWVLQGDEHUGDV
PLQGHVWHQVHLQ9LHUWHOGHV7RSIVOHHU
VHLQPXVV
'LHEHVWHQ(UJHEQLVVHHU]LHOHQ6LH
PLWJDQ]HQXQJHVFK¦OWHQ.DUWRIIHOQ
PLWWOHUHU*U¸¡H
9HUPHLGHQ6LHGLH(U]HXJXQJYRQ
H[WHUQHQ6FKZLQJXQJHQ]%GXUFK
GHQ*HEUDXFKHLQHV0L[HUVRGHU
0RELOWHOHIRQVLQGHU1¦KHGHV
*HU¦WVZHQQGLH)XQNWLRQ
HLQJHVFKDOWHWLVW
0¸FKWHQ6LH6DO]YHUZHQGHQJHEHQ
6LHHVKLQ]XQDFKGHPGDV:DVVHU
VHLQHQ6LHGHSXQNWHUUHLFKWKDW
'LH)XQNWLRQDUEHLWHWP¸JOLFKHUZHLVH
QLFKWULFKWLJPLW:DVVHUNHVVHOQXQG
(VSUHVVRNDQQHQ
.QDFNHQ'DV.RFKJHVFKLUUEHVWHKW
DXVXQWHUVFKLHGOLFKHQ0DWHULDOLHQ
6DQGZLFKNRQVWUXNWLRQ
ವ 3IHLIHQ6LHKDEHQGLH.RFK]RQHDXI
HLQHKRKH6WXIHJHVFKDOWHWXQGGDV
.RFKJHVFKLUUEHVWHKWDXV
XQWHUVFKLHGOLFKHQ0DWHULDOLHQ
6DQGZLFKNRQVWUXNWLRQ
ವ 6XPPHQ6LHKDEHQGLH.RFK]RQH
DXIHLQHKRKH6WXIHJHVFKDOWHW
ವ .OLFNHQ(OHNWULVFKHV8PVFKDOWHQ
ವ 5DXVFKHQ6XUUHQ'HU/¾IWHULVWLQ
%HWULHE
'LH*HU¦XVFKHVLQGQRUPDOXQG
ZHLVHQQLFKWDXIHLQH6W¸UXQJKLQ
ವ
7LSSVXQG+LQZHLVHI¾U
6HQVH%RLOp
˜NR7LPHU˜NR7LPHU
ವ
'LH)XQNWLRQHLJQHWVLFKEHVRQGHUVI¾U
GDV.RFKHQYRQ:DVVHUXQGGLH
=XEHUHLWXQJYRQ.DUWRIIHOQ
6LHIXQNWLRQLHUWQLFKWPLW
.RFKJHVFKLUUDXV*XVVHLVHQ
RGHUPLW
$QWLKDIWEHVFKLFKWXQJ)¾U
EHVWH(UJHEQLVVHEHLP
.RFKHQYRQ.DUWRIIHOQ
HPSIHKOHQZLUHPDLOOLHUWH
6WDKONRFKW¸SIH]X
YHUZHQGHQ
3U¾IHQ6LHREGHU7RSII¾U6HQVH%RLOp
JHHLJQHWLVWLQGHP6LHGHQHUVWHQ
.RFKYRUJDQJ¾EHUZDFKHQ
ವ
ವ
ವ
8P(QHUJLH]XVSDUHQVFKDOWHWVLFKGLH
.RFK]RQHQKHL]XQJYRUGHP6LJQDOGHV
.XU]]HLWPHVVHUVDE'LH$EVFKDOW]HLW
K¦QJWYRQGHUHLQJHVWHOOWHQ.RFKVWXIH
XQGGHU*DUGDXHUDE
$QZHQGXQJVEHLVSLHOHI¾U
GDV*DUHQ
'DV9HUK¦OWQLV]ZLVFKHQGHU.RFKVWXIH
XQGGHP(QHUJLHYHUEUDXFKGHU
.RFK]RQHLVWQLFKWOLQHDU%HLHLQHU
K¸KHUHQ.RFKVWXIHVWHLJWGHU
(QHUJLHYHUEUDXFKQLFKWSURSRUWLRQDODQ
'DVEHGHXWHWGDVVHLQH.RFK]RQHGLH
DXIHLQHPLWWOHUH.RFKVWXIHHLQJHVWHOOWLVW
ZHQLJHUDOVGLH+¦OIWHLKUHUPD[LPDOHQ
/HLVWXQJYHUEUDXFKW
ZZZHOHFWUROX[FRP
%HLGHQ$QJDEHQLQGHU
IROJHQGHQ7DEHOOHKDQGHOWHV
VLFKXP5LFKWZHUWH
.RFKVWXIH
9HUZHQGXQJ
'DXHU
0LQ
+LQZHLVH
:DUPKDOWHQYRQJHJDUWHQ
6SHLVHQ
1DFK
%HGDUI
/HJHQ6LHHLQHQ'HFNHODXI
GDV.RFKJHVFKLUU
6DXFH+ROODQGDLVH6FKPHOಣ ]HQYRQ%XWWHU6FKRNRODGH
*HODWLQH
*HOHJHQWOLFKXPU¾KUHQ
6WRFNHQ/RFNHUH2PHOHWWV
JHEDFNHQH(LHU
0LW'HFNHOJDUHQ
.¸FKHOQYRQ5HLVXQG0LOFKಣ
JHULFKWHQ(UKLW]HQYRQ)HUಣ
WLJJHULFKWHQ
0LQGHVWHQVGRSSHOWH0HQJH
)O¾VVLJNHLW]XP5HLVJHEHQ
0LOFKJHULFKWHQDFKGHU+¦OIಣ
WHGHU=HLWXPU¾KUHQ
'¾QVWHQYRQ*HP¾VH)LVFK )OHLVFK
(LQLJH(VVO¸IIHO)O¾VVLJNHLW
]XJHEHQ
'DPSIJDUHQYRQ.DUWRIIHOQ
0D[~O:DVVHUI¾UJ
.DUWRIIHOQYHUZHQGHQ
.RFKHQJU¸¡HUHU6SHLVHಣ
PHQJHQ(LQWRSIJHULFKWHXQG 6XSSHQ
%LV]XO)O¾VVLJNHLWSOXV
=XWDWHQ
%HLJHULQJHU+LW]HDQEUDWHQ 1DFK
6FKQLW]HO&RUGRQEOHX.RWHಣ %HGDUI
OHWW)ULNDGHOOHQ%UDWZ¾UVWH
/HEHU0HKOVFKZLW]H(LHU
3IDQQNXFKHQ'RQXWV
1DFKGHU+¦OIWHGHU*DUGDXಣ
HUZHQGHQ
%UDWHQEHLVWDUNHU+LW]H
5¸VWL/HQGHQVW¾FNH6WHDNV
1DFKGHU+¦OIWHGHU*DUGDXಣ
HUZHQGHQ
$XINRFKHQYRQ:DVVHU1XGHOQNRFKHQ$QEUDWHQYRQ)OHLVFK*Xಣ
ODVFK6FKPRUEUDWHQ)ULWWLHUHQYRQ3RPPHVIULWHV
$XINRFKHQJUR¡HU0HQJHQ:DVVHU3RZHU%RRVWLVWHLQJHVFKDOWHW
7LSSVXQG+LQZHLVHI¾U
+REt+RRG
ವ
:HQQ6LHGDV.RFKIHOGPLWGLHVHU
)XQNWLRQEHWUHLEHQ
ವ
ವ
6FK¾W]HQ6LHGDV%HGLHQIHOGGHU
'XQVWDE]XJVKDXEHYRUGLUHNWHU
6RQQHQHLQVWUDKOXQJ
ವ
5LFKWHQ6LHNHLQH+DORJHQVWUDKOHUDXI
GDV%HGLHQIHOGGHU
'XQVWDE]XJVKDXEH
'HFNHQ6LHGDV%HGLHQIHOGGHV
.RFKIHOGVQLFKWDE
8QWHUEUHFKHQ6LHGHQ6LJQDOIOXVV
]ZLVFKHQGHP.RFKIHOGXQGGHU
'XQVWDE]XJVKDXEHQLFKW]%PLWGHU
+DQGHLQHP.RFKJHVFKLUUJULIIRGHU
JUR¡HQ7RSI6LHKH$EELOGXQJ
'(876&+
'LHDEJHELOGHWH'XQVWDE]XJVKDXEH
LVWQXUEHLVSLHOKDIW
'XQVWDE]XJVKDXEHQPLWGHU)XQNWLRQ
+REt+RRG
'LHNRPSOHWWH3DOHWWHYRQ
'XQVWDE]XJVKDXEHQGLHPLWGLHVHU
)XQNWLRQDXVJHVWDWWHWVLQGILQGHQ6LH
DXIXQVHUHU9HUEUDXFKHU:HEVLWH'LH
(OHFWUROX['XQVWDE]XJVKDXEHQGLHPLW
GLHVHU)XQNWLRQDXVJHVWDWWHWVLQGVLQG
PLWGHP6\PERO JHNHQQ]HLFKQHW
$QGHUHIHUQJHVWHXHUWH
*HU¦WHN¸QQHQGDV6LJQDO
EORFNLHUHQ%HQXW]HQ6LH
NHLQHDQGHUHQ
IHUQJHVWHXHUWHQ*HU¦WH
ZHQQ6LHGLHVH)XQNWLRQGHV
.RFKIHOGVYHUZHQGHQ
5(,1,*81*81'3)/(*(
:$5181*
6LHKH.DSLWHO
6LFKHUKHLWVKLQZHLVH
$OOJHPHLQH,QIRUPDWLRQHQ
ವ
ವ
ವ
ವ
ವ
5HLQLJHQ6LHGDV.RFKIHOGQDFK
MHGHP*HEUDXFK
9HUZHQGHQ6LHVWHWV.RFKJHVFKLUUPLW
VDXEHUHQ%¸GHQ
.UDW]HURGHUGXQNOH)OHFNHQDXIGHU
2EHUIO¦FKHEHHLQWU¦FKWLJHQGLH
)XQNWLRQVI¦KLJNHLWGHV.RFKIHOGV
QLFKW
9HUZHQGHQ6LHHLQHQ6SH]LDOUHLQLJHU
]XU5HLQLJXQJGHU
.RFKIHOGREHUIO¦FKH
9HUZHQGHQ6LHHLQHQVSH]LHOOHQ
5HLQLJXQJVVFKDEHUI¾U*ODV
5HLQLJHQGHV.RFKIHOGV
ವ
)ROJHQGHVPXVVVRIRUWHQWIHUQW
ZHUGHQ*HVFKPRO]HQHU.XQVWVWRII
3ODVWLNIROLH=XFNHUXQG]XFNHUKDOWLJH
ವ
ವ
/HEHQVPLWWHO$QGHUHQIDOOVN¸QQHQGLH
9HUVFKPXW]XQJHQGDV.RFKIHOG
EHVFK¦GLJHQ$FKWHQ6LHGDUDXIGDVV
VLFKQLHPDQG9HUEUHQQXQJHQ]X]LHKW
'HQVSH]LHOOHQ5HLQLJXQJVVFKDEHU
VFKU¦J]XU*ODVIO¦FKHDQVHW]HQXQG
¾EHUGLH2EHUIO¦FKHEHZHJHQ
)ROJHQGHVNDQQQDFK
DXVUHLFKHQGHU$EN¾KOXQJGHV
.RFKIHOGVHQWIHUQWZHUGHQ.DON
XQG:DVVHUU¦QGHU)HWWVSULW]HUXQG
PHWDOOLVFKVFKLPPHUQGH
9HUI¦UEXQJHQ5HLQLJHQ6LHGDV
.RFKIHOGPLWHLQHPIHXFKWHQ7XFK
XQGQLFKWVFKHXHUQGHQ
5HLQLJXQJVPLWWHO:LVFKHQ6LHGDV
.RFKIHOGQDFKGHU5HLQLJXQJPLW
HLQHPZHLFKHQ7XFKWURFNHQ
(QWIHUQHQ6LHPHWDOOLVFK
VFKLPPHUQGH9HUI¦UEXQJHQ
%HQXW]HQ6LHI¾UGLH5HLQLJXQJGHU
*ODVREHUIO¦FKHHLQPLWHLQHU/¸VXQJ
DXV(VVLJXQG:DVVHU
DQJHIHXFKWHWHV7XFK
ZZZHOHFWUROX[FRP
)(+/(568&+(
:$5181*
6LHKH.DSLWHO
6LFKHUKHLWVKLQZHLVH
:DVWXQZHQQ
6W¸UXQJ
0¸JOLFKH8UVDFKH
$EKLOIH
'DV.RFKIHOGNDQQQLFKW
HLQJHVFKDOWHWRGHUEHGLHQW
ZHUGHQ
'DV.RFKIHOGLVWQLFKWRGHU
QLFKWRUGQXQJVJHP¦¡DQ
GLH6SDQQXQJVYHUVRUJXQJ
DQJHVFKORVVHQ
3U¾IHQ6LHREGDV.RFKಣ
IHOGRUGQXQJVJHP¦¡DQ
GLH6SDQQXQJVYHUVRUJXQJ
DQJHVFKORVVHQLVW1HKಣ
PHQ6LHGD]XGHQ$Qಣ
VFKOXVVSODQ]X+LOIH
'LH6LFKHUXQJLVWGXUFKJHಣ
EUDQQW
9HUJHZLVVHUQ6LHVLFK
GDVVGLH6LFKHUXQJGHU
*UXQGI¾UGLH6W¸UXQJLVW
%UHQQWGLH6LFKHUXQJZLHಣ
GHUKROWGXUFKZHQGHQ6LH
VLFKDQHLQH]XJHODVVHQH
(OHNWURIDFKNUDIW
6LHKDEHQGLH.RFKVWXIH
QLFKWLQQHUKDOEYRQ6Hಣ
NXQGHQHLQJHVWHOOW
6FKDOWHQ6LHGDV.RFKIHOG
HUQHXWHLQXQGVWHOOHQ6LH
LQQHUKDOEYRQ6HNXQಣ
GHQGLH.RFKVWXIHHLQ
=ZHLRGHUPHKU6HQVRUIHOಣ %HU¾KUHQ6LHQXUHLQ6HQಣ
GHUZXUGHQJOHLFK]HLWLJEHಣ VRUIHOG
U¾KUW
3DXVHLVWHLQJHVFKDOWHW
6LHKHಱ7¦JOLFKHU*Hಣ
EUDXFKಯ
$XIGHP%HGLHQIHOGEHILQಣ
GHQVLFK:DVVHURGHU
)HWWVSULW]HU
:LVFKHQ6LHGDV%HGLHQಣ
IHOGDE
(LQDNXVWLVFKHV6LJQDOHUಣ 0LQGHVWHQVHLQ6HQVRUIHOG
ZXUGHEHGHFNW
W¸QWXQGGDV.RFKIHOG
VFKDOWHWDE
:HQQGDV.RFKIHOGDXVJHಣ
VFKDOWHWZLUGHUW¸QWHLQ
DNXVWLVFKHV6LJQDO
(QWIHUQHQ6LHGHQ*HJHQಣ
VWDQGYRQGHQ6HQVRUIHOಣ
GHUQ
'DV.RFKIHOGZLUGDXVJHಣ
VFKDOWHW
(QWIHUQHQ6LHGHQ*HJHQಣ
VWDQGYRP6HQVRUIHOG
6LHKDEHQHWZDVDXIGDV
6HQVRUIHOG
JHVWHOOW
'(876&+
6W¸UXQJ
0¸JOLFKH8UVDFKH
$EKLOIH
'LH5HVWZ¦UPHDQ]HLJH
IXQNWLRQLHUWQLFKW
'LH.RFK]RQHLVWQLFKW
KHL¡GDVLHQXUNXU]H=HLW
LQ%HWULHEZDURGHUGHU
6HQVRULVWEHVFK¦GLJW
:DUGLH.RFK]RQHODQJH
JHQXJHLQJHVFKDOWHWXP
KHL¡]XVHLQZHQGHQ6LH
VLFKDQGHQDXWRULVLHUWHQ
.XQGHQGLHQVW
+REt+RRGIXQNWLRQLHUW
QLFKW
6LHKDEHQGDV%HGLHQIHOG
EHGHFNW
(QWIHUQHQ6LHGHQ*HJHQಣ
VWDQGYRP%HGLHQIHOG
6LHEHQXW]HQHLQHQVHKU
JUR¡HQ7RSIGHUGDV6LJಣ
QDOEORFNLHUW
9HUZHQGHQ6LHHLQHQNOHLಣ
QHUHQ7RSIZHFKVHOQ6LH
GLH.RFK]RQHRGHUEHGLHಣ
QHQ6LHGLH'XQVWDE]XJVಣ
KDXEHPDQXHOO
$QNRFKDXWRPDWLNIXQNWLRಣ
QLHUWQLFKW
'LH.RFK]RQHLVWKHL¡
/DVVHQ6LHGLH.RFK]RQH
ODQJHJHQXJDEN¾KOHQ
'LHK¸FKVWH.RFKVWXIHLVW
HLQJHVWHOOW
'LHK¸FKVWH.RFKVWXIHKDW
GLHJOHLFKH/HLVWXQJZLH
GLH)XQNWLRQ
'LH.RFKVWXIHVFKDOWHW]ZLಣ 3RZHU0DQDJHPHQWLVW
VFKHQ]ZHL.RFKVWXIHQKLQ HLQJHVFKDOWHW
XQGKHU
6LHKHಱ7¦JOLFKHU*Hಣ
EUDXFKಯ
'LH6HQVRUIHOGHUZHUGHQ
KHL¡
'DV.RFKJHVFKLUULVW]X
JUR¡RGHU6LHKDEHQHV]X
QDKHDQGLH%HGLHQHOHಣ
PHQWHJHVWHOOW
6WHOOHQ6LHJUR¡HV.RFKಣ
JHVFKLUUQDFK0¸JOLFKNHLW
DXIGLHKLQWHUHQ.RFK]Rಣ
QHQ
(VHUW¸QWNHLQ6LJQDOWRQ
ZHQQ6LHGLH6HQVRUIHOGHU
GHV%HGLHQIHOGVEHU¾KUHQ
'HU7RQLVWDXVJHVFKDOWHW
6FKDOWHQ6LHGHQ7RQHLQ
6LHKHಱ7¦JOLFKHU*Hಣ
EUDXFKಯ
OHXFKWHWDXI
.LQGHUVLFKHUXQJRGHU9HUಣ
ULHJHOQLVWHLQJHVFKDOWHW
6LHKHಱ7¦JOLFKHU*Hಣ
EUDXFKಯ
OHXFKWHWDXI
(VZXUGHNHLQ.RFKJHಣ
VFKLUUDXIGLH.RFK]RQH
JHVWHOOW
6WHOOHQ6LH.RFKJHVFKLUU
DXIGLH.RFK]RQH
6LHYHUZHQGHQXQJHHLJQHಣ 9HUZHQGHQ6LHJHHLJQHWHV
WHV.RFKJHVFKLUU
.RFKJHVFKLUU6LHKH.DSLಣ
WHOಱ7LSSVXQG+LQZHLVHಯ
'HU'XUFKPHVVHUGHV
.RFKJHVFKLUUERGHQVLVW]X
NOHLQI¾UGLH.RFK]RQH
9HUZHQGHQ6LH.RFKJHಣ
VFKLUUPLWGHQULFKWLJHQ$Eಣ
PHVVXQJHQ6LHKHKLHU]X
7HFKQLVFKH'DWHQ
ZZZHOHFWUROX[FRP
6W¸UXQJ
0¸JOLFKH8UVDFKH
$EKLOIH
XQG HUVFKHLQHQDEಣ
ZHFKVHOQG
'LH/HLVWXQJLVWZHJHQHLಣ
QHVXQJHHLJQHWHQRGHU
OHHUHQ.RFKJHVFKLUUV]X
QLHGULJ
9HUZHQGHQ6LHJHHLJQHWHV
.RFKJHVFKLUU6LHKH.DSLಣ
WHOಱ7LSSVXQG+LQZHLVHಯ
VRZLHಱ7HFKQLVFKH'DWHQಯ
6FKDOWHQ6LHGLH.RFK]RQH
QLFKWHLQZHQQVLFKHLQ
OHHUHU7RSIDXILKUEHILQGHW
XQG HUVFKHLQHQDEಣ
ZHFKVHOQG
'HU7RSILVWOHHURGHUHQWಣ
K¦OWHLQHDQGHUH)O¾VVLJಣ
NHLWDOV:DVVHU]%˜O
9HUZHQGHQ6LHGLH)XQNWLಣ
RQQLFKWI¾UDQGHUH)O¾Vಣ
VLJNHLWHQDOV:DVVHU
XQG HUVFKHLQHQDEಣ
ZHFKVHOQG
'HU7RSIHQWK¦OW]XYLHO
RGHU]XZHQLJ:DVVHU
6LHKDEHQHWZDVDQGHUHV
DOV:DVVHUXQG.DUWRIIHOQ
JHNRFKW'HU6LHGHSXQNW
KDWVLFK]HLWOLFKYHUVFKRಣ
EHQXQGGLH6HQVH%RLOp
)XQNWLRQNRQQWHQLFKWULFKಣ
WLJIXQNWLRQLHUHQ
6LHKH.DSLWHOಱ7LSSVXQG
+LQZHLVHಯ.RFKHQ6LHQXU
:DVVHUXQG.DUWRIIHOQPLW
6HQVH%RLOp
(VHUW¸QWHLQ6LJQDOWRQGLH
.RQWUROOODPSH¾EHU
EOLQNWXQGGLH)XQNWLRQ
6HQVH%RLOpVWDUWHWQLFKW
.HLQHGHU.RFK]RQHQNDQQ
PLWGHU)XQNWLRQ6HQVH%Rಣ
LOpYHUZHQGHWZHUGHQ(V
LVWQRFK5HVWZ¦UPHLQGHU
.RFK]RQHGLH6LHYHUZHQಣ
GHQP¸FKWHQYRUKDQGHQ
RGHUVLHZLUGQRFKEHQXW]W
%HHQGHQ6LH,KUH.RFKDNಣ
WLYLW¦WHQXQGZ¦KOHQ6LHHLಣ
QHIUHLH.RFK]RQHRKQH
5HVWZ¦UPH
XQGHLQH=DKOZHUGHQ
DQJH]HLJW
(VLVWHLQ)HKOHULP.RFKಣ
IHOGDXIJHWUHWHQ
6FKDOWHQ6LHGDV.RFKIHOG
DXVXQGQDFK6HNXQಣ
GHQZLHGHUHLQ:HQQ
HUQHXWHUVFKHLQWWUHQQHQ
6LHGDV.RFKIHOGYRQGHU
6SDQQXQJVYHUVRUJXQJ
6FKDOWHQ6LHQDFK6Hಣ
NXQGHQGDV.RFKIHOGZLHಣ
GHUHLQ7ULWWGDV3UREOHP
ZHLWHUKLQDXIZHQGHQ6LH
VLFKDQGHQDXWRULVLHUWHQ
.XQGHQGLHQVW
(VLVWHLQNRQVWDQWHU3LHSಣ
WRQ]XK¸UHQ
8QVDFKJHP¦¡HUHOHNWULಣ
VFKHU$QVFKOXVV
7UHQQHQ6LHGDV.RFKIHOG
YRQGHU6WURPYHUVRUJXQJ
:HQGHQ6LHVLFKDQHLQH
(OHNWURIDFKNUDIW]XUžEHUಣ
SU¾IXQJGHU,QVWDOODWLRQ
'(876&+
:HQQ6LHGDV3UREOHP
QLFKWO¸VHQN¸QQHQ
:HQQ6LHGDV3UREOHPQLFKWVHOEVWO¸VHQ
N¸QQHQZHQGHQ6LHVLFKDQ,KUHQ
+¦QGOHURGHUHLQHQDXWRULVLHUWHQ
.XQGHQGLHQVW*HEHQ6LHGLH'DWHQGLH
6LHDXIGHP7\SHQVFKLOGILQGHQDQ
*HEHQ6LHGDEHLGHQGUHLVWHOOLJHQ
%XFKVWDEHQ&RGHI¾UGLH*ODVNHUDPLN
EHILQGHWVLFKLQGHU(FNHGHU*ODVIO¦FKH
XQGGLHDQJH]HLJWH)HKOHUPHOGXQJDQ
9HUJHZLVVHUQ6LHVLFKGDVV6LHGDV
.RFKIHOGNRUUHNWEHGLHQWKDEHQ:HQQ
6LHGDV*HU¦WIDOVFKEHGLHQWKDEHQI¦OOW
DXFKZ¦KUHQGGHU*DUDQWLH]HLWI¾UGLH
5HSDUDWXUGXUFKHLQHQ7HFKQLNHURGHU
+¦QGOHUHLQH*HE¾KUDQ'LH
,QIRUPDWLRQHQ]XP.XQGHQGLHQVWXQGGLH
*DUDQWLHEHGLQJXQJHQILQGHQ6LHLP
*DUDQWLHKHIW
7(&+1,6&+('$7(1
7\SHQVFKLOG
0RGHOO*.76,%&1
7\S'$$$
,QGXNWLRQN:
6HU1U
(/(&752/8;
31&
991+]
0DGHLQ*HUPDQ\
N:
7HFKQLVFKH'DWHQGHU.RFK]RQHQ
.RFK]RQH
1HQQOHLVWXQJ
K¸FKVWH
.RFKVWXIH
>:@
3RZHU%RRVW
>:@
'XUFKPHVVHU
3RZHU%RRVW
PD[LPDOH(LQ഻ GHV.RFKJH഻
VFKLUUV>PP@
VFKDOWGDXHU
>0LQ@
9RUQHOLQNV
+LQWHQOLQNV
9RUQHUHFKWV
+LQWHQUHFKWV
'LH/HLVWXQJGHU.RFK]RQHQNDQQ
JHULQJI¾JLJYRQGHQ'DWHQLQGHU7DEHOOH
DEZHLFKHQ6LH¦QGHUWVLFKMHQDFK
0DWHULDOXQG$EPHVVXQJHQGHV
.RFKJHVFKLUUV
9HUZHQGHQ6LHI¾URSWLPDOH
.RFKHUJHEQLVVHNHLQ.RFKJHVFKLUU
GHVVHQ'XUFKPHVVHUJU¸¡HUDOVGHULQ
GHU7DEHOOHDQJHJHEHQH:HUWLVW
(1(5*,(()),=,(1=
3URGXNWLQIRUPDWLRQHQJHP¦¡(8QXUJ¾OWLJI¾UGHQ
(80DUNW
0RGHOOLGHQWLILNDWLRQ
*.76,%&1
.RFKIHOGW\S
(LQEDX.RFKIHOG
$Q]DKOGHU.RFK]RQHQ
ZZZHOHFWUROX[FRP
+HL]WHFKQRORJLH
,QGXNWLRQ
'XUFKPHVVHUGHUNUHLVಣ
I¸UPLJHQ.RFK]RQHQš
9RUQHOLQNV
+LQWHQOLQNV
9RUQHUHFKWV
+LQWHQUHFKWV
FP
FP
FP
FP
(QHUJLHYHUEUDXFKSUR
.RFK]RQH(&HOHFWULF
FRRNLQJ
9RUQHOLQNV
+LQWHQOLQNV
9RUQHUHFKWV
+LQWHQUHFKWV
:KNJ
:KNJ
:KNJ
:KNJ
(QHUJLHYHUEUDXFKGHV
.RFKIHOGV(&HOHFWULF
KRE
:KNJ
(1(OHNWULVFKH.RFKJHU¦WHI¾U
GHQ+DXVJHEUDXFK7HLO.RFKIHOGHU
9HUIDKUHQ]XU0HVVXQJGHU
*HEUDXFKVHLJHQVFKDIWHQ
ವ
ವ
(QHUJLHVSDUHQ
%HDFKWHQ6LHIROJHQGH7LSSVXPEHLP
W¦JOLFKHQ.RFKHQ(QHUJLH]XVSDUHQ
ವ
ವ
:HQQ6LH:DVVHUHUZ¦UPHQ
YHUZHQGHQ6LHQXUGLHEHQ¸WLJWH
0HQJH
ವ
ವ
'HFNHQ6LH.RFKJHVFKLUUZHQQ
P¸JOLFKPLWHLQHP'HFNHODE
6WHOOHQ6LH.RFKJHVFKLUUDXIGLH
.RFK]RQHEHYRU6LHVLHHLQVFKDOWHQ
6WHOOHQ6LHNOHLQHUHV.RFKJHVFKLUUDXI
GLHNOHLQHUHQ.RFK]RQHQ
6WHOOHQ6LHGDV.RFKJHVFKLUUPLWWLJ
DXIGLH.RFK]RQH
1XW]HQ6LHGLH5HVWZ¦UPHXPGLH
6SHLVHQZDUP]XKDOWHQRGHU]X
VFKPHO]HQ
CH *$5$17,(
.XQGHQGLHQVW
6HUYLFHVWHOOHQ
,QGXVWULHVWUDVVH
0¦JHQZLO
/H7U«VL
3U«YHUHQJHV
9LD9LROLQR
0DQQR
0RUJHQVWUDVVH
%HUQ
=¾UFKHUVWUDVVH(
6W*DOOHQ
6HHWDOVWUDVVH
(PPHQEU¾FNH
6FKORVVVWUDVVH
3UDWWHOQ
&RPHUFLDOVWUDVVH
&KXU
(UVDW]WHLOYHUNDXI,QGXVWULHVWUDVVH
0¦JHQZLO7HO
)DFKEHUDWXQJ9HUNDXI%DGHQHUVWUDVVH
=¾ULFK7HO
'(876&+
*DUDQWLH)¾UMHGHV3URGXNWJHZ¦KUHQ
ZLUDE9HUNDXIE]Z/LHIHUGDWXPDQGHQ
(QGYHUEUDXFKHUHLQH*DUDQWLHYRQ
-DKUHQ$XVZHLVGXUFK*DUDQWLHVFKHLQ
)DNWXUDRGHU9HUNDXIVEHOHJ'LH
*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQI¾U
0DWHULDO$UEHLWVXQG5HLVH]HLW'LH
*DUDQWLHOHLVWXQJHQWI¦OOWEHL
80:(/77,336
5HF\FHOQ6LH0DWHULDOLHQPLWGHP
6\PERO (QWVRUJHQ6LHGLH
9HUSDFNXQJLQGHQHQWVSUHFKHQGHQ
5HF\FOLQJEHK¦OWHUQ5HF\FHOQ6LH]XP
8PZHOWXQG*HVXQGKHLWVVFKXW]
HOHNWULVFKHXQGHOHNWURQLVFKH*HU¦WH
(QWVRUJHQ6LH*HU¦WHPLWGLHVHP6\PERO
QLFKWPLWGHP+DXVP¾OO%ULQJHQ6LH
GDV*HU¦W]X,KUHU¸UWOLFKHQ
6DPPHOVWHOOHRGHUZHQGHQ6LHVLFKDQ
,KU*HPHLQGHDPW
1LFKWEHDFKWXQJGHU
*HEUDXFKVDQZHLVXQJXQG
%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU
,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ
GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW
(LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ
1LFKW2ULJLQDO7HLOHQ
)¾UGLH6FKZHL]
:RKLQPLWGHQ$OWJHU¦WHQ"
žEHUDOOGRUWZRQHXH*HU¦WH
YHUNDXIWZHUGHQRGHU
$EJDEHEHLGHQRIIL]LHOOHQ
6(166DPPHOVWHOOHQRGHU
RIIL]LHOOHQ6(165HF\FOHUQ
'LH/LVWHGHURIIL]LHOOHQ
6(166DPPHOVWHOOHQILQGHW
VLFKXQWHU
ZZZHUHF\FOLQJFK
ZZZHOHFWUROX[FRP
7$%/('(60$7,Š5(6
,1)250$7,216'(6‹&85,7‹ &216,*1(6'(6‹&85,7‹ ,167$//$7,21 '(6&5,37,21'(/
$33$5(,/ 87,/,6$7,214827,',(11(
&216(,/6
(175(7,(1(71(772<$*(
(1&$6'
$120$/,('()21&7,211(0(17
&$5$&7‹5,67,48(67(&+1,48(6
5(1'(0(17‹1(5*‹7,48(
*$5$17,( 12863(16216‚9286
0HUFLG
DYRLUFKRLVLFHSURGXLW(OHFWUROX[$YHFFHSURGXLWYRXVE«Q«ILFLH]GH
GL]DLQHVG
DQQ«HVG
H[S«ULHQFHSURIHVVLRQQHOOHHWG
LQQRYDWLRQ,QJ«QLHX[HW
«O«JDQWLOD«W«FRQ©XVXUPHVXUHSRXUYRXV*U¤FH¢FHWDSSDUHLOYRXVVDYH]
TXHFKDTXHXWLOLVDWLRQYRXVDSSRUWHUDVDWLVIDFWLRQ
%LHQYHQXHFKH](OHFWUROX[
9LVLWH]QRWUHVLWH,QWHUQHWSRXU
2EWHQLUGHVFRQVHLOVG
XWLOLVDWLRQGHVEURFKXUHVGHO
DLGHGHVLQIRUPDWLRQV
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
(QUHJLVWUH]YRWUHSURGXLWSRXUREWHQLUXQPHLOOHXUVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHG
RULJLQHSRXU
YRWUHDSSDUHLO
ZZZHOHFWUROX[FRPVKRS
6(59,&($35Š69(17(
8WLOLVH]WRXMRXUVGHVSLªFHVG
RULJLQH
$YDQWGHFRQWDFWHUOHVHUYLFHDSUªVYHQWHDVVXUH]YRXVGHGLVSRVHUGHV
LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH
9RXVWURXYHUH]FHVLQIRUPDWLRQVVXUODSODTXHVLJQDO«WLTXH
$YHUWLVVHPHQW&RQVLJQHVGHV«FXULW«
,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV
,QIRUPDWLRQVHQPDWLªUHGHSURWHFWLRQGHO
HQYLURQQHPHQW
6RXVU«VHUYHGHPRGLILFDWLRQV
,1)250$7,216'(6‹&85,7‹
$YDQWG
LQVWDOOHUHWG
XWLOLVHUFHWDSSDUHLOOLVH]
VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH
SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHW
)5$1‰$,6
G«J¤WVU«VXOWDQWG
XQHPDXYDLVHLQVWDOODWLRQRX
XWLOLVDWLRQ&RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQ
OLHXV½UHWDFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW
6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHV
YXOQ«UDEOHV
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWVGHSOXV
GHDQVDLQVLTXHGHVSHUVRQQHVGRQWOHVFDSDFLW«V
SK\VLTXHVVHQVRULHOOHVHWPHQWDOHVVRQWU«GXLWHVRX
GRQWOHVFRQQDLVVDQFHVHWO
H[S«ULHQFHVRQW
LQVXIILVDQWHV¢FRQGLWLRQG
¬WUHVXUYHLOO«VRXG
DYRLU
UH©XGHVLQVWUXFWLRQVFRQFHUQDQWO
XWLOLVDWLRQV«FXULV«H
GHO
DSSDUHLOHWGHFRPSUHQGUHOHVULVTXHVHQFRXUXV
/HVHQIDQWVHQWUHHWDQVHWOHVSHUVRQQHVD\DQWXQ
KDQGLFDSWUªVLPSRUWDQWHWFRPSOH[HGRLYHQW¬WUH
WHQXV¢O
«FDUW¢PRLQVG
¬WUHVXUYHLOO«VHQ
SHUPDQHQFH
/HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢
O
«FDUW¢PRLQVG
¬WUHVXUYHLOO«VHQSHUPDQHQFH
1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO
DSSDUHLO
1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWV
HWMHWH]OHVFRQYHQDEOHPHQW
7HQH]OHVHQIDQWVHWOHVDQLPDX[«ORLJQ«VGH
O
DSSDUHLOORUVTX
LOHVWHQFRXUVGHIRQFWLRQQHPHQWRX
ORUVTX
LOUHIURLGLW/HVSDUWLHVDFFHVVLEOHVVRQW
FKDXGHV
6LO
DSSDUHLOHVW«TXLS«G
XQGLVSRVLWLIGHV«FXULW«
HQIDQWVQRXVYRXVUHFRPPDQGRQVGHO
DFWLYHU
/HVHQIDQWVQHGRLYHQWSDVQHWWR\HUQLHQWUHSUHQGUH
XQHRS«UDWLRQGHPDLQWHQDQFHVXUO
DSSDUHLOVDQV
VXUYHLOODQFH
6«FXULW«J«Q«UDOH
ವ
$9(57,66(0(17/
DSSDUHLOHWVHVSDUWLHV
DFFHVVLEOHVGHYLHQQHQWFKDXGVSHQGDQWVRQ
IRQFWLRQQHPHQW9HLOOH]¢QHSDVWRXFKHUOHV«O«PHQWV
FKDXIIDQWV
ZZZHOHFWUROX[FRP
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
1HIDLWHVSDVIRQFWLRQQHUO
DSSDUHLODYHFXQPLQXWHXU
H[WHUQHRXXQV\VWªPHGHFRPPDQGH¢GLVWDQFH
$9(57,66(0(17,OSHXW¬WUHGDQJHUHX[GHODLVVHU
FKDXIIHUGHODJUDLVVHRXGHO
KXLOHVDQVVXUYHLOODQFH
VXUXQHWDEOHGHFXLVVRQFDUFHODSRXUUDLWSURYRTXHU
XQLQFHQGLH
1
HVVD\H]-$0$,6G
«WHLQGUHXQIHXDYHFGHO
HDX
‹WHLJQH]O
DSSDUHLOSXLVFRXYUH]OHVIODPPHVSDU
H[HPSOHDYHFXQFRXYHUFOHRXXQHFRXYHUWXUH
LJQLIXJH
$77(17,217RXWHFXLVVRQGRLW¬WUHVXUYHLOO«H8QH
FXLVVRQFRXUWHGRLW¬WUHVXUYHLOO«HHQSHUPDQHQFH
$9(57,66(0(175LVTXHG
LQFHQGLH1
HQWUHSRVH]
ULHQVXUOHVVXUIDFHVGHFXLVVRQ
1HSRVH]SDVG
REMHWVP«WDOOLTXHVWHOVTXHFRXWHDX[
IRXUFKHWWHVFXLOOªUHVRXFRXYHUFOHVVXUODWDEOHGH
FXLVVRQFDULOVSRXUUDLHQWFKDXIIHU
1
XWLOLVH]SDVGHQHWWR\HXUYDSHXUSRXUQHWWR\HU
O
DSSDUHLO
$SUªVXWLOLVDWLRQ«WHLJQH]WRXMRXUVOD]RQHGHFXLVVRQ
¢O
DLGHGHODPDQHWWHGHFRPPDQGHFRUUHVSRQGDQWH
HWQHYRXVILH]SDV¢ODG«WHFWLRQGHVU«FLSLHQWV
6LODVXUIDFHYLWURF«UDPLTXHHQYHUUHHVWILVVXU«H
«WHLJQH]O
DSSDUHLOHWG«EUDQFKH]OH6LO
DSSDUHLOHVW
EUDQFK«¢O
DOLPHQWDWLRQVHFWHXUGLUHFWHPHQWHQ
XWLOLVDQWXQHER°WHGHMRQFWLRQUHWLUH]OHIXVLEOHSRXU
G«FRQQHFWHUO
DSSDUHLOGHO
DOLPHQWDWLRQVHFWHXU'DQV
WRXVOHVFDVFRQWDFWH]OHVHUYLFHDSUªVYHQWHDJU««
6LOHF¤EOHG
DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH
UHPSODF«SDUOHIDEULFDQWXQVHUYLFHGHPDLQWHQDQFH
DJU««RXXQWHFKQLFLHQTXDOLIL«DILQG
«YLWHUWRXW
GDQJHU
$9(57,66(0(178WLOLVH]XQLTXHPHQWOHV
GLVSRVLWLIVGHSURWHFWLRQSRXUWDEOHGHFXLVVRQFRQ©XV
RXLQGLTX«VFRPPHDGDSW«VSDUOHIDEULFDQWGH
O
DSSDUHLOGHFXLVVRQGDQVOHVLQVWUXFWLRQVG
XWLOLVDWLRQ
RXOHVGLVSRVLWLIVGHSURWHFWLRQSRXUWDEOHGHFXLVVRQ
)5$1‰$,6
LQW«JU«V¢O
DSSDUHLO/
XWLOLVDWLRQGHGLVSRVLWLIVGH
SURWHFWLRQQRQDGDSW«VSHXWHQWUD°QHUGHVDFFLGHQWV
&216,*1(6'(6‹&85,7‹
,QVWDOODWLRQ
$9(57,66(0(17
/
DSSDUHLOGRLW¬WUHLQVWDOO«
XQLTXHPHQWSDUXQ
SURIHVVLRQQHOTXDOLIL«
$9(57,66(0(17
5LVTXHGHEOHVVXUH
FRUSRUHOOHRXGHGRPPDJHV
PDW«ULHOV
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
5HWLUH]O
LQW«JUDOLW«GHO
HPEDOODJH
1
LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ
DSSDUHLOHQGRPPDJ«
6XLYH]VFUXSXOHXVHPHQWOHV
LQVWUXFWLRQVG
LQVWDOODWLRQIRXUQLHV
DYHFO
DSSDUHLO
5HVSHFWH]O
HVSDFHPHQWPLQLPDO
UHTXLVSDUUDSSRUWDX[DXWUHV
DSSDUHLOVHW«O«PHQWV
6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV
G«SODFH]O
DSSDUHLOFDULOHVWORXUG
8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW«
HWGHVFKDXVVXUHVIHUP«HV
,VROH]OHVVXUIDFHVG«FRXS«HV¢O
DLGH
G
XQPDW«ULDXG
«WDQFK«LW«SRXU«YLWHU
TXHODPRLVLVVXUHQHSURYRTXHGH
JRQIOHPHQWV
3URW«JH]ODSDUWLHLQI«ULHXUHGH
O
DSSDUHLOGHODYDSHXUHWGH
O
KXPLGLW«
1
LQVWDOOH]SDVO
DSSDUHLOSUªVG
XQH
SRUWHRXVRXVXQHIHQ¬WUH/HV
U«FLSLHQWVFKDXGVULVTXHUDLHQWGH
WRPEHUGHO
DSSDUHLOORUVGHO
RXYHUWXUH
GHFHOOHVFL
&KDTXHDSSDUHLOHVWGRW«GH
YHQWLODWHXUVGHUHIURLGLVVHPHQWGDQV
OHIRQG
6LO
DSSDUHLOHVWLQVWDOO«DXGHVVXV
G
XQWLURLU
ದ 1HUDQJH]SDVGHIHXLOOHVQLGH
SHWLWVERXWVGHSDSLHUTXL
SRXUUDLHQW¬WUHDVSLU«VHW
HQGRPPDJHUOHVYHQWLODWHXUVGH
UHIURLGLVVHPHQWRXOHV\VWªPHGH
UHIURLGLVVHPHQW
ವ
ದ /DLVVH]XQHGLVWDQFHG
DXPRLQV
FPHQWUHOHIRQGGHO
DSSDUHLOHW
OHVREMHWVUDQJ«VGDQVOHWLURLU
5HWLUH]OHVSDQQHDX[GHV«SDUDWLRQ
LQVWDOO«VGDQVOHPHXEOHVRXV
O
DSSDUHLO
%UDQFKHPHQW«OHFWULTXH
$9(57,66(0(17
5LVTXHG
LQFHQGLHRX
G
«OHFWURFXWLRQ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
/
HQVHPEOHGHVEUDQFKHPHQWV
«OHFWULTXHVGRLW¬WUHHIIHFWX«SDUXQ
WHFKQLFLHQTXDOLIL«
/
DSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH
$YDQWWRXWHLQWHUYHQWLRQDVVXUH]
YRXVTXHO
DSSDUHLOHVWG«EUDQFK«
9«ULILH]TXHOHVSDUDPªWUHVILJXUDQW
VXUODSODTXHVLJQDO«WLTXH
FRUUHVSRQGHQWDX[GRQQ«HV
«OHFWULTXHVGHYRWUHU«VHDX
$VVXUH]YRXVTXHO
DSSDUHLOHVWELHQ
LQVWDOO«8QF¤EOHG
DOLPHQWDWLRQO¤FKH
HWLQDSSURSUL«RXXQHILFKHVL
SU«VHQWHQRQVHUU«HSHXYHQW¬WUH¢
O
RULJLQHG
XQHVXUFKDXIIHGHVERUQHV
8WLOLVH]OHF¤EOHG
DOLPHQWDWLRQ
«OHFWULTXHDSSURSUL«
1HODLVVH]SDVOHF¤EOHG
DOLPHQWDWLRQ
V
HPP¬OHU
$VVXUH]YRXVTX
XQHSURWHFWLRQDQWL
«OHFWURFXWLRQHVWLQVWDOO«H
8WLOLVH]XQFROOLHUDQWLWUDFWLRQVXUOH
F¤EOH
$VVXUH]YRXVTXHOHF¤EOH
G
DOLPHQWDWLRQRXODILFKHVLSU«VHQWH
Q
HQWUHQWSDVHQFRQWDFWDYHFOHV
VXUIDFHVEU½ODQWHVGHO
DSSDUHLORXOHV
U«FLSLHQWVEU½ODQWVORUVTXHYRXV
EUDQFKH]O
DSSDUHLO¢GHVSULVHV
«OHFWULTXHVVLWX«HV¢SUR[LPLW«
1
XWLOLVH]SDVG
DGDSWDWHXUV
PXOWLSULVHVQLGHUDOORQJHV
9HLOOH]¢QHSDVHQGRPPDJHUODILFKH
VHFWHXUVLSU«VHQWHQLOHF¤EOH
G
DOLPHQWDWLRQ&RQWDFWH]QRWUH
VHUYLFHDSUªVYHQWHDJU««RXXQ
ZZZHOHFWUROX[FRP
ವ
ವ
ವ
ವ
ವ
ವ
«OHFWULFLHQSRXUUHPSODFHUOHF¤EOH
G
DOLPHQWDWLRQV
LOHVWHQGRPPDJ«
/DSURWHFWLRQFRQWUHOHVFKRFVGHV
SDUWLHVVRXVWHQVLRQHWLVRO«HVGRLW
¬WUHIL[«HGHWHOOHPDQLªUHTX
HOOHQH
SHXWSDV¬WUHHQOHY«HVDQVRXWLOV
1HEUDQFKH]ODILFKHG
DOLPHQWDWLRQ¢
ODSULVHGHFRXUDQWTX
¢ODILQGH
O
LQVWDOODWLRQ$VVXUH]YRXVTXHOD
SULVHGHFRXUDQWHVWDFFHVVLEOHXQH
IRLVO
DSSDUHLOLQVWDOO«
6LODSULVHGHFRXUDQWHVWO¤FKHQH
EUDQFKH]SDVODILFKHG
DOLPHQWDWLRQ
VHFWHXU
1HWLUH]MDPDLVVXUOHF¤EOH
G
DOLPHQWDWLRQSRXUG«EUDQFKHU
O
DSSDUHLO7LUH]WRXMRXUVVXUODILFKH
1
XWLOLVH]TXHGHVV\VWªPHV
G
LVRODWLRQDSSURSUL«VGHVFRXSH
FLUFXLWVGHVIXVLEOHVOHVIXVLEOHV¢
YLVVHUGRLYHQW¬WUHUHWLU«VGXVXSSRUW
XQGLVMRQFWHXUGLII«UHQWLHOHWGHV
FRQWDFWHXUV
/
LQVWDOODWLRQ«OHFWULTXHGRLW¬WUH
«TXLS«HG
XQGLVSRVLWLIG
LVROHPHQW¢
FRXSXUHRPQLSRODLUH/HGLVSRVLWLI
G
LVROHPHQWGRLWSU«VHQWHUXQH
GLVWDQFHG
RXYHUWXUHGHVFRQWDFWV
G
DXPRLQVPP
ವ
ವ
ವ
ವ
ವ
$9(57,66(0(17
5LVTXHG
LQFHQGLHHW
G
H[SORVLRQ
ವ
ವ
8WLOLVDWLRQ
$9(57,66(0(17
5LVTXHGHEOHVVXUHVGH
EU½OXUHVRXG
«OHFWURFXWLRQ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
$YDQWODSUHPLªUHXWLOLVDWLRQUHWLUH]
OHVHPEDOODJHVOHV«WLTXHWWHVHWOHV
ILOPVGHSURWHFWLRQVLSU«VHQWV
&HWDSSDUHLOHVWH[FOXVLYHPHQW
GHVWLQ«¢XQHXWLOLVDWLRQGRPHVWLTXH
1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHV
GHFHWDSSDUHLO
$VVXUH]YRXVTXHOHVRULILFHVGH
YHQWLODWLRQQHVRQWSDVERXFK«V
1HODLVVH]MDPDLVO
DSSDUHLOVDQV
VXUYHLOODQFHSHQGDQWVRQ
IRQFWLRQQHPHQW
‹WHLJQH]OHV]RQHVGHFXLVVRQDSUªV
FKDTXHXWLOLVDWLRQ
1HYRXVILH]SDVXQLTXHPHQWDX
G«WHFWHXUGHU«FLSLHQW
1HSRVH]SDVGHFRXYHUWVRXGH
FRXYHUFOHVVXUOHV]RQHVGHFXLVVRQ
(OOHVVRQWFKDXGHV
1
XWLOLVH]MDPDLVFHWDSSDUHLODYHFOHV
PDLQVPRXLOO«HVRXORUVTX
LOHVWHQ
FRQWDFWDYHFGHO
HDX
1
XWLOLVH]MDPDLVO
DSSDUHLOFRPPH
SODQGHWUDYDLORXFRPPHSODQGH
VWRFNDJH
6LODVXUIDFHGHO
DSSDUHLOSU«VHQWH
GHVI¬OXUHVG«EUDQFKH]
LPP«GLDWHPHQWO
DSSDUHLOSRXU«YLWHU
WRXWULVTXHG
«OHFWURFXWLRQ
/HVSRUWHXUVGHSDFHPDNHUVGRLYHQW
UHVWHU¢XQHGLVWDQFHPLQLPDOHGH
FPGHV]RQHVGHFXLVVRQ¢
LQGXFWLRQORUVTXHO
DSSDUHLOHVWHQ
FRXUVGHIRQFWLRQQHPHQW
/RUVTXHYRXVYHUVH]XQDOLPHQWGDQV
GHO
KXLOHFKDXGHHOOHSHXW
«FODERXVVHU
ವ
ವ
/HVJUDLVVHVHWO
KXLOHFKDXGHV
SHXYHQWG«JDJHUGHVYDSHXUV
LQIODPPDEOHV7HQH]OHVIODPPHVRX
OHVREMHWVFKDXGV«ORLJQ«VGHV
JUDLVVHVHWGHO
KXLOHORUVTXHYRXV
YRXVHQVHUYH]SRXUFXLVLQHU
/HVYDSHXUVG«JDJ«HVSDUO
KXLOHWUªV
FKDXGHSHXYHQWSURYRTXHUXQH
FRPEXVWLRQVSRQWDQ«H
/
KXLOHTXLDVHUYLFRQWLHQWGHVUHVWHV
G
DOLPHQWVSRXYDQWSURYRTXHUXQ
LQFHQGLH¢WHPS«UDWXUHSOXVIDLEOHTXH
O
KXLOHQ
D\DQWMDPDLVVHUYL
1HSODFH]SDVGHSURGXLWV
LQIODPPDEOHVRXG
«O«PHQWVLPELE«V
GHSURGXLWVLQIODPPDEOHV¢O
LQW«ULHXU
RX¢SUR[LPLW«GHO
DSSDUHLOQLVXU
FHOXLFL
$9(57,66(0(17
5LVTXHG
HQGRPPDJHPHQW
GHO
DSSDUHLO
ವ
ವ
ವ
ವ
1HODLVVH]SDVGHU«FLSLHQWVFKDXGV
VXUOHEDQGHDXGHFRPPDQGH
1HSRVH]SDVGHFRXYHUFOHGH
FDVVHUROHFKDXGVXUODVXUIDFHHQ
YHUUHGHODWDEOHGHFXLVVRQ
1HODLVVH]SDVOHFRQWHQXGHV
U«FLSLHQWVGHFXLVVRQV
«YDSRUHU
FRPSOªWHPHQW
3UHQH]VRLQGHQHSDVODLVVHUWRPEHU
G
REMHWVRXGHU«FLSLHQWVVXUO
DSSDUHLO
)5$1‰$,6
ವ
ವ
ವ
ವ
6DVXUIDFHULVTXHG
¬WUH
HQGRPPDJ«H
1HIDLWHVMDPDLVIRQFWLRQQHUOHV]RQHV
GHFXLVVRQDYHFGHVU«FLSLHQWVGH
FXLVVRQYLGHVRXVDQVDXFXQU«FLSLHQW
GHFXLVVRQ
1HSODFH]MDPDLVGHSDSLHUDOXPLQLXP
VXUO
DSSDUHLO
1
XWLOLVH]SDVGHU«FLSLHQWVHQIRQWH
RXHQDOXPLQLXPQLGHU«FLSLHQWVGRQW
OHIRQGHVWHQGRPPDJ«HWUXJXHX[
,OVULVTXHUDLHQWGHUD\HUOHYHUUHRXOD
VXUIDFHYLWURF«UDPLTXH6RXOHYH]
WRXMRXUVFHVREMHWVORUVTXHYRXV
GHYH]OHVG«SODFHUVXUODVXUIDFHGH
FXLVVRQ
&HWDSSDUHLOHVWH[FOXVLYHPHQW
GHVWLQ«¢XQXVDJHFXOLQDLUH1H
O
XWLOLVH]SDVSRXUGHVXVDJHVDXWUHV
TXHFHOXLSRXUOHTXHOLOD«W«FRQ©X¢
GHVILQVGHFKDXIIDJHSDUH[HPSOH
(QWUHWLHQHWQHWWR\DJH
ವ
ವ
ವ
1HWWR\H]U«JXOLªUHPHQWO
DSSDUHLODILQ
GHPDLQWHQLUOHUHY¬WHPHQWHQERQ
«WDW
‹WHLJQH]O
DSSDUHLOHWODLVVH]OH
UHIURLGLUDYDQWGHOHQHWWR\HU
'«EUDQFKH]OಬDSSDUHLOGH
O
DOLPHQWDWLRQ«OHFWULTXHDYDQWWRXWH
RS«UDWLRQGHPDLQWHQDQFH
ವ
ವ
1HSXOY«ULVH]SDVG
HDXQLGHYDSHXU
SRXUQHWWR\HUO
DSSDUHLO
1HWWR\H]O
DSSDUHLODYHFXQFKLIIRQ
GRX[KXPLGH8WLOLVH]XQLTXHPHQWGHV
SURGXLWVGHODYDJHQHXWUHV1
XWLOLVH]
SDVGHSURGXLWVDEUDVLIVGHWDPSRQV
¢U«FXUHUGHVROYDQWVQLG
REMHWV
P«WDOOLTXHV
0DLQWHQDQFH
ವ
ವ
3RXUU«SDUHUO
DSSDUHLOFRQWDFWH]XQ
VHUYLFHDSUªVYHQWHDJU««
8WLOLVH]H[FOXVLYHPHQWGHVSLªFHV
G
RULJLQH
0LVHDXUHEXW
$9(57,66(0(17
5LVTXHGHEOHVVXUHRX
G
DVSK\[LH
ವ
ವ
ವ
&RQWDFWH]YRWUHVHUYLFHPXQLFLSDO
SRXUREWHQLUGHVLQIRUPDWLRQVVXUOD
PDUFKH¢VXLYUHSRXUPHWWUHO
DSSDUHLO
DXUHEXW
'«EUDQFKH]O
DSSDUHLOGH
O
DOLPHQWDWLRQ«OHFWULTXH
&RXSH]OHF¤EOHG
DOLPHQWDWLRQDXUDV
GHO
DSSDUHLOHWPHWWH]OHDXUHEXW
,167$//$7,21
$9(57,66(0(17
5HSRUWH]YRXVDX[FKDSLWUHV
FRQFHUQDQWODV«FXULW«
$YDQWO
LQVWDOODWLRQ
$YDQWG
LQVWDOOHUODWDEOHGHFXLVVRQ
QRWH]OHVLQIRUPDWLRQVGHODSODTXH
VLJQDO«WLTXHFLGHVVRXV/DSODTXH
VLJQDO«WLTXHVHWURXYHDXEDVGHODWDEOH
GHFXLVVRQ
1XP«URGHV«ULH
7DEOHVGHFXLVVRQLQW«JU«HV
/HVWDEOHVGHFXLVVRQHQFDVWUDEOHVQH
SHXYHQW¬WUHPLVHVHQIRQFWLRQQHPHQW
TX
DSUªVDYRLU«W«LQVWDOO«HVGDQVGHV
PHXEOHVHWVXUGHVSODQVGHWUDYDLO
KRPRORJX«VHWDGDSW«V
6LO
DSSDUHLOHVWLQVWDOO«GDQVXQPHXEOH
GRQWOHPDW«ULDXHVWLQIODPPDEOH
UHVSHFWH]LPS«UDWLYHPHQWOHVGLUHFWLYHV
HQPDWLªUHGHSURWHFWLRQFRQWUHOHV
LQFHQGLHVGHODQRUPH1,16(9
DLQVLTXHOHVUªJOHPHQWVGLFW«VSDU
O
$VVRFLDWLRQGHV«WDEOLVVHPHQWV
FDQWRQDX[G
DVVXUDQFHLQFHQGLH
&¤EOHG
DOLPHQWDWLRQ
ವ
ವ
/DWDEOHGHFXLVVRQHVWIRXUQLHDYHF
XQF¤EOHG
DOLPHQWDWLRQ
3RXUUHPSODFHUOHF¤EOH
G
DOLPHQWDWLRQHQGRPPDJ«XWLOLVH]OH
W\SHGHF¤EOHVXLYDQW+99)
TXLGRLWVXSSRUWHUXQHWHPS«UDWXUH
PLQLPDOHGHr&&RQWDFWH]YRWUH
VHUYLFHDSUªVYHQWH
ZZZHOHFWUROX[FRP
%UDQFKHPHQW«OHFWULTXH
,QVWDOOH]ODWDEOHGHFXLVVRQHQOH
UDFFRUGDQW¢XQHOLJQHGHFRXUDQWPXQLH
G
XQHSULVH«OHFWULTXH(QO
DEVHQFHGH
SULVH«OHFWULTXHO
LQVWDOODWLRQ«OHFWULTXH
GRPHVWLTXHGRLW¬WUHSRXUYXHG
XQ
GLVSRVLWLIG
LVROHPHQWD\DQWXQH
RXYHUWXUHPLQLPDOHGHPPHQWUHOHV
FRQWDFWVSRXUSHUPHWWUHXQHFRXSXUH
RPQLSRODLUHVLPXOWDQ«HGHO
DOLPHQWDWLRQ
VHFWHXUFRQIRUP«PHQW¢ODQRUPH1,1
6(9
0RQWDJH
min.
500mm
6LO
DSSDUHLOHVWLQVWDOO«DX
GHVVXVG
XQWLURLUOD
YHQWLODWLRQGHODWDEOHGH
FXLVVRQSHXWFKDXIIHUOHV
«O«PHQWVUDQJ«VGDQVOH
WLURLUGXUDQWODFXLVVRQ
min.
50mm
'(6&5,37,21'(/
$33$5(,/
'HVFULSWLRQGHODWDEOHGHFXLVVRQ
1
=RQHGHFXLVVRQ¢LQGXFWLRQ
%DQGHDXGHFRPPDQGH
1
3RXUREWHQLUGHV
LQIRUPDWLRQVG«WDLOO«HVVXUOD
WDLOOHGHV]RQHVGHFXLVVRQ
UHSRUWH]YRXVDX[
m&DUDFW«ULVWLTXHV
WHFKQLTXHV}
1
2
1
)5$1‰$,6
'HVFULSWLRQGXEDQGHDXGHFRPPDQGH
1 2
3
4
5
12
6
7
11
10
8
9
/HVWRXFKHVVHQVLWLYHVSHUPHWWHQWGHIDLUHIRQFWLRQQHUO
DSSDUHLO/HVDIILFKDJHVOHV
YR\DQWVHWOHVVLJQDX[VRQRUHVLQGLTXHQWOHVIRQFWLRQVDFWLY«HV
)RQFWLRQ
7RX഻
FKH
VHQVL഻
WLYH
0$5&+($55Œ7
3RXUDOOXPHUHW«WHLQGUHODWDEOHGHFXLVಣ
VRQ
9HUURXLOODJH'LVSRVLWLI
GHV«FXULW«HQIDQWV
3RXUYHUURXLOOHURXG«YHUURXLOOHUOHEDQಣ
GHDXGHFRPPDQGH
6HQVH%RLOp
3RXUDFWLYHUHWG«VDFWLYHUODIRQFWLRQ
/HVLQGLFDWHXUVDXGHVVXVGXV\PEROH
PRQWUHQWO
DYDQF«HGHODIRQFWLRQ
3DXVH
3RXUDFWLYHUHWG«VDFWLYHUODIRQFWLRQ
,QGLFDWHXUGXQLYHDXGH
FXLVVRQ
3RXULQGLTXHUOHQLYHDXGHFXLVVRQ
9R\DQWVGXPLQXWHXUGHV
]RQHVGHFXLVVRQ
3RXULQGLTXHUOD]RQH¢ODTXHOOHVHU«IªUH
ODGXU«HV«OHFWLRQQ«H
$IILFKDJHGXPLQXWHXU
3RXULQGLTXHUODGXU«HHQPLQXWHV
+REt+RRG
3RXUDFWLYHUHWG«VDFWLYHUOHPRGHPDಣ
QXHOGHODIRQFWLRQ
3RXUFKRLVLUOD]RQHGHFXLVVRQ
3RXUDXJPHQWHURXGLPLQXHUODGXU«H
3RZHU%RRVW
3RXUDFWLYHUODIRQFWLRQ
%DQGHDXGHV«OHFWLRQ
3RXUV«OHFWLRQQHUXQQLYHDXGHFXLVVRQ
&RPPHQWDLUH
ZZZHOHFWUROX[FRP
,QGLFDWHXUVGHQLYHDXGHFXLVVRQ
$IILFKDJH
'HVFULSWLRQ
/D]RQHGHFXLVVRQHVWG«VDFWLY«H
/D]RQHGHFXLVVRQHVWDFWLY«H
3DXVHHVWDFWLY«H
6HQVH%RLOpHVWDFWLY«H
'«PDUUDJHDXWRPDWLTXHGHODFXLVVRQHVWDFWLY«H
3RZHU%RRVWHVWDFWLY«H
FKLIIUH
8QHDQRPDOLHGHIRQFWLRQQHPHQWV
HVWSURGXLWH
2SWL+HDW&RQWURO9R\DQWGHFKDOHXUU«VLGXHOOH¢WURLVQLYHDX[
FRQWLQXHUODFXLVVRQPDLQWLHQDXFKDXGFKDOHXUU«VLGXHOOH
9HUURXLOODJH'LVSRVLWLIGHV«FXULW«HQIDQWVHVWDFWLY«H
/HU«FLSLHQWHVWLQDSSURSUL«RXWURSSHWLWRXELHQLOQ
\DSDVGH
U«FLSLHQWVXUOD]RQHGHFXLVVRQ
$UU¬WDXWRPDWLTXHHVWDFWLY«H
2SWL+HDW&RQWURO9R\DQW
GHFKDOHXUU«VLGXHOOH¢WURLV
QLYHDX[
$9(57,66(0(17
/HV]RQHVGHFXLVVRQ¢LQGXFWLRQ
J«QªUHQWODFKDOHXUQ«FHVVDLUH
GLUHFWHPHQWVXUOHIRQGGHVU«FLSLHQWVGH
FXLVVRQ/DYLWURF«UDPLTXHHVWFKDXII«H
SDUODFKDOHXUGHVU«FLSLHQWV
,O\DULVTXHGH
EU½OXUHVSDUODFKDOHXU
U«VLGXHOOH/HVYR\DQWV
LQGLTXHQWOHQLYHDXGH
FKDOHXUU«VLGXHOOHGHV]RQHV
GHFXLVVRQTXHYRXVXWLOLVH]
DFWXHOOHPHQW/HVYR\DQWV
GHV]RQHVYRLVLQHVSHXYHQW
«JDOHPHQWV
DOOXPHUP¬PH
VLYRXVQHOHVXWLOLVH]SDV
87,/,6$7,214827,',(11(
$9(57,66(0(17
5HSRUWH]YRXVDX[FKDSLWUHV
FRQFHUQDQWODV«FXULW«
$FWLYDWLRQHWG«VDFWLYDWLRQ
$SSX\H]VXU SHQGDQWVHFRQGHSRXU
DFWLYHURXG«VDFWLYHUODWDEOHGHFXLVVRQ
)5$1‰$,6
$UU¬WDXWRPDWLTXH
&HWWHIRQFWLRQDUU¬WHODWDEOHGH
FXLVVRQDXWRPDWLTXHPHQWVL
ವ
ವ
ವ
ವ
ವ
ವ
V«OHFWLRQMXVTX
¢DWWHLQGUHOHQLYHDXGH
FXLVVRQVRXKDLW«
P
WRXWHVOHV]RQHVGHFXLVVRQVRQW
G«VDFWLY«HV
YRXVQHU«JOH]SDVOHQLYHDXGH
FXLVVRQDSUªVDYRLUDOOXP«ODWDEOHGH
FXLVVRQ
YRXVDYH]UHQYHUV«TXHOTXHFKRVHRX
SODF«XQREMHWVXUOHEDQGHDXGH
FRPPDQGHSHQGDQWSOXVGH
VHFRQGHVXQHFDVVHUROHXQ
WRUFKRQHWF8QVLJQDOVRQRUH
UHWHQWLWHWODWDEOHGHFXLVVRQV
«WHLQW
5HWLUH]O
REMHWGXEDQGHDXGH
FRPPDQGHRXQHWWR\H]FHOXLFL
ODWDEOHGHFXLVVRQVXUFKDXIIHSDUH[
ORUVTX
XQU«FLSLHQWFKDXIIH¢YLGH
/DLVVH]UHIURLGLUOD]RQHGHFXLVVRQ
DYDQWGHU«XWLOLVHUODWDEOHGHFXLVVRQ
YRXVDYH]XWLOLV«XQU«FLSLHQW
/DIRQFWLRQDMXVWHDXWRPDWLTXHPHQWOD
WHPS«UDWXUHGHO
HDXSRXUTX
HOOHQH
G«ERUGHSDVDSUªVDYRLUDWWHLQWOHSRLQW
G
«EXOOLWLRQ
LQDGDSW«/HV\PEROH V
DOOXPHHW
OD]RQHGHFXLVVRQVHG«VDFWLYH
DXWRPDWLTXHPHQWDXERXWGH
PLQXWHV
YRXVQHG«VDFWLYH]SDVOD]RQHGH
FXLVVRQRXQHPRGLILH]SDVOHQLYHDX
GHFXLVVRQ$XERXWGHTXHOTXHV
$SSX\H]VXU
GHFXLVVRQ
$SSX\H]VXU
IRQFWLRQ
LQVWDQWV V
DOOXPHHWODWDEOHGH
FXLVVRQV
«WHLQW
/DUHODWLRQHQWUHOHQLYHDXGHFXLVVRQ
HWODGXU«HDSUªVODTXHOOHODWDEOHGH
FXLVVRQV
«WHLQW
1LYHDXGHFXLV഻
VRQ
/DWDEOHGHFXLV഻
VRQV
«WHLQWDX
ERXWGH
KHXUHV
KHXUHV
KHXUHV
KHXUH
1LYHDXGHFXLVVRQ
3RXUU«JOHURXPRGLILHUOHQLYHDXGH
FXLVVRQ
$SSX\H]VXUOHQLYHDXGHFXLVVRQ
VRXKDLW«VXUOHEDQGHDXGHV«OHFWLRQRX
G«SODFH]YRWUHGRLJWVXUOHEDQGHDXGH
6HQVH%RLOp
(QFDVGHFKDOHXUU«VLGXHOOH
VXUOD]RQHGH
FXLVVRQTXHYRXVVRXKDLWH]
XWLOLVHUXQVLJQDOVRQRUH
UHWHQWLWHWODIRQFWLRQQH
G«PDUUHSDV
SRXUDOOXPHUODWDEOH
SRXUDFWLYHUOD
8Q FOLJQRWDQWDSSDUD°WSRXULQGLTXHU
TXHOOHV]RQHVGHFXLVVRQSHXYHQW
DFWXHOOHPHQWXWLOLVHUODIRQFWLRQ
7RXFKH]OHEDQGHDXGHV«OHFWLRQGH
O
XQHGHV]RQHVGHFXLVVRQ
GLVSRQLEOHVSRXU\DFWLYHUODIRQFWLRQ
HQWUHOHVQLYHDX[GHFXLVVRQHW
/DIRQFWLRQG«PDUUH
6LYRXVQHFKRLVLVVH]DXFXQH]RQHGH
FXLVVRQGDQVOHVVHFRQGHVODIRQFWLRQ
QHV
DFWLYHSDV
'ªVTXHODIRQFWLRQG«PDUUH
OHVYR\DQWVDXGHVVXVGX
V\PEROH V
DOOXPHQWOHV
XQVDSUªVOHVDXWUHVMXVTX
¢
FHTXHO
HDXDWWHLJQHOHSRLQW
G
«EXOOLWLRQ
/RUVTXHODIRQFWLRQG«WHFWHOHSRLQW
G
«EXOOLWLRQODWDEOHGHFXLVVRQ«PHWXQ
VLJQDOVRQRUHHWOHQLYHDXGHFXLVVRQ
SDVVHDXWRPDWLTXHPHQW¢
ZZZHOHFWUROX[FRP
6LWRXWHVOHV]RQHVGH
FXLVVRQVRQWG«M¢HQFRXUV
G
XWLOLVDWLRQRXTX
HOOHV
SU«VHQWHQWWRXWHGHOD
FKDOHXUU«VLGXHOOHODWDEOH
GHFXLVVRQ«PHWXQVLJQDO
VRQRUHOHVLQGLFDWHXUVDX
GHVVXVGH FOLJQRWHQWHW
ODIRQFWLRQQHG«PDUUHSDV
3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU
ODIRQFWLRQVHG«VDFWLYHHWOHQLYHDX
GHFXLVVRQUHGHVFHQG¢RXWRXFKH]OH
EDQGHDXGHV«OHFWLRQHWDMXVWH]OH
QLYHDXGHFXLVVRQPDQXHOOHPHQW
/DIRQFWLRQ3DXVHHW
VRXOHYHUOHU«FLSLHQW
G«VDFWLYHQWODIRQFWLRQ
6HQVH%RLOp
3RZHU%RRVW
&HWWHIRQFWLRQYRXVSHUPHWG
DXJPHQWHU
ODSXLVVDQFHGHV]RQHVGHFXLVVRQ¢
LQGXFWLRQ/DIRQFWLRQSHXW¬WUHDFWLY«H
SRXUOD]RQHGHFXLVVRQ¢LQGXFWLRQ
XQLTXHPHQWSRXUXQHGXU«HOLPLW«H
/RUVTXHFHWWHGXU«HHVW«FRXO«HOD]RQH
GHFXLVVRQ¢LQGXFWLRQUHYLHQW
DXWRPDWLTXHPHQWDXQLYHDXGHFXLVVRQ
OHSOXV«OHY«
5HSRUWH]YRXVDXFKDSLWUH
m&DUDFW«ULVWLTXHV
WHFKQLTXHV}
3RXUDFWLYHUODIRQFWLRQSRXUXQH]RQH
GHFXLVVRQDSSX\H]VXU
V
DOOXPH
3RXUG«VDFWLYHUODIRQFWLRQPRGLILH]
OHQLYHDXGHFXLVVRQ
8WLOLVDWLRQGHV]RQHVGH
FXLVVRQ
0LQXWHXU
3RVH]OHU«FLSLHQWDXFHQWUHGHOD]RQH
GHFXLVVRQVRXKDLW«H/HV]RQHVGH
FXLVVRQ¢LQGXFWLRQV
DGDSWHQW
DXWRPDWLTXHPHQWDXGLDPªWUHGXIRQGGX
U«FLSLHQWXWLOLV«
0LQXWHXUG«JUHVVLI
9RXVSRXYH]XWLOLVHUFHWWHIRQFWLRQSRXU
U«JOHUODGXU«HGHIRQFWLRQQHPHQWGHOD
]RQHGHFXLVVRQXQLTXHPHQWSRXUXQH
VHVVLRQ
'«PDUUDJHDXWRPDWLTXHGH
ODFXLVVRQ
6«OHFWLRQQH]G
DERUGOHQLYHDXGH
FXLVVRQGHOD]RQHGHFXLVVRQSXLV
U«JOH]ODIRQFWLRQ
$FWLYH]FHWWHIRQFWLRQSRXUREWHQLUOH
QLYHDXGHFXLVVRQVRXKDLW«SOXV
UDSLGHPHQW/RUVTX
HOOHHVWDFWLY«HOD
]RQHFRPPHQFHSDUFKDXIIHUDXQLYHDX
GHFXLVVRQOHSOXV«OHY«SXLVUHYLHQWDX
QLYHDXGHFXLVVRQVRXKDLW«
3RXUV«OHFWLRQQHUOD]RQHGHFXLVVRQ
3RXUDFWLYHUODIRQFWLRQOD
]RQHGHFXLVVRQGRLW¬WUH
IURLGH
3RXUDFWLYHUODIRQFWLRQSRXUXQH]RQH
GHFXLVVRQDSSX\H]VXU V
DOOXPH5«JOH]LPP«GLDWHPHQWOH
QLYHDXGHFXLVVRQVRXKDLW«$XERXWGH
VHFRQGHV
V
DOOXPH
3RXUG«VDFWLYHUODIRQFWLRQPRGLILH]
OHQLYHDXGHFXLVVRQ
DSSX\H]VXU ¢SOXVLHXUVUHSULVHV
MXVTX
¢FHTXHO
LQGLFDWHXUGHOD]RQHGH
FXLVVRQFRUUHVSRQGDQWHV
DIILFKH
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
ODWRXFKH GXPLQXWHXUSRXUU«JOHUOD
GXU«HGH¢PLQXWHV/RUVTXHOH
YR\DQWGHOD]RQHGHFXLVVRQFRPPHQFH
¢FOLJQRWHUOHQWHPHQWOHG«FRPSWH
FRPPHQFH
3RXUYRLUOHWHPSVUHVWDQW
V«OHFWLRQQH]OD]RQHGHFXLVVRQ¢O
DLGH
GH /HYR\DQWGHOD]RQHGHFXLVVRQ
FOLJQRWHUDSLGHPHQW/
DIILFKDJHLQGLTXH
ODGXU«HUHVWDQWH
3RXUPRGLILHUODGXU«HV«OHFWLRQQH]OD
]RQHGHFXLVVRQ¢O
DLGHGH
VXU
RX
$SSX\H]
)5$1‰$,6
3RXUG«VDFWLYHUODIRQFWLRQ
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
V«OHFWLRQQH]OD]RQHGHFXLVVRQDYHF
$SSX\H]VXUODWRXFKH RX GX
PLQXWHXUSRXUU«JOHUODGXU«H/RUVTXHOD
GXU«HV
HVW«FRXO«HXQVLJQDOVRQRUH
UHWHQWLWHWFOLJQRWH
HWDSSX\H]VXU /HWHPSVUHVWDQWHVW
G«FRPSW«MXVTX
¢/HYR\DQWGHOD
]RQHGHFXLVVRQV
«WHLQW
3RXUDUU¬WHUOHVLJQDOVRQRUHDSSX\H]
/RUVTXHODGXU«HHVW
«FRXO«HXQVLJQDOVRQRUH
UHWHQWLWHWFOLJQRWH/D
]RQHGHFXLVVRQVH
G«VDFWLYH
VXU
&HWWHIRQFWLRQHVWVDQVHIIHW
VXUOHIRQFWLRQQHPHQWGHV
]RQHVGHFXLVVRQ
3RXUDUU¬WHUOHVLJQDOVRQRUHDSSX\H]
VXU
&RXQW8S7LPHU0LQXWHXUSURJUHVVLI
&HWWHIRQFWLRQSHUPHWGHY«ULILHUODGXU«H
GHIRQFWLRQQHPHQWGHOD]RQHGHFXLVVRQ
V«OHFWLRQQ«H
3RXUV«OHFWLRQQHUOD]RQHGHFXLVVRQ
DSSX\H]VXU ¢SOXVLHXUVUHSULVHV
MXVTX
¢FHTXHO
LQGLFDWHXUGHOD]RQHGH
FXLVVRQFRUUHVSRQGDQWHV
DIILFKH
3DXVH
&HWWHIRQFWLRQV«OHFWLRQQHOHQLYHDXGH
FXLVVRQOHSOXVEDVSRXUWRXWHVOHV]RQHV
GHFXLVVRQDFWLY«HV
/RUVTXHODIRQFWLRQHVWHQFRXUVWRXVOHV
DXWUHVV\PEROHVGXEDQGHDXGH
FRPPDQGHVRQWYHUURXLOO«V
/DIRQFWLRQQHG«VDFWLYHSDVOHV
IRQFWLRQVGXPLQXWHXU
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
$SSX\H]VXU
ODWRXFKH GXPLQXWHXU V
DOOXPH
/RUVTXHOHYR\DQWGHOD]RQHGHFXLVVRQ
FOLJQRWHOHQWHPHQWOHPLQXWHXUG«PDUUH
DSSDUD°W/HQLYHDXGHFXLVVRQSDVVH
¢
3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU
HW
/
DIILFKDJHLQGLTXHHQDOWHUQDQFH
OHQRPEUHGHPLQXWHV«FRXO«HV
3RXUFRQWU¶OHUODGXU«HGH
IRQFWLRQQHPHQWGHOD]RQHGHFXLVVRQ
V«OHFWLRQQ«HV«OHFWLRQQH]OD]RQHGH
FXLVVRQ¢O
DLGHGH /HYR\DQWGHOD
]RQHGHFXLVVRQFOLJQRWHUDSLGHPHQW
/
DIILFKDJHLQGLTXHODGXU«HGH
IRQFWLRQQHPHQWGHOD]RQH
3RXUG«VDFWLYHUODIRQFWLRQ
V«OHFWLRQQH]OD]RQHGHFXLVVRQHQ
DSSX\DQWVXU
HWDSSX\H]VXU
RX
0LQXWHULHLQG«SHQGDQWH
9RXVSRXYH]XWLOLVHUFHWWHIRQFWLRQ
FRPPH0LQXWHULHLQG«SHQGDQWHORUVTXH
ODWDEOHGHFXLVVRQHVWDOOXP«HPDLVTXH
OHV]RQHVGHFXLVVRQQHVRQWSDV
DFWLY«HV/
DIILFKDJHGXQLYHDXGH
ODWRXFKH /HQLYHDXGHFXLVVRQ
SU«F«GHQWV
DOOXPH
9HUURXLOODJH
9RXVSRXYH]YHUURXLOOHUOHEDQGHDXGH
FRPPDQGHSHQGDQWTXHOHV]RQHVGH
FXLVVRQIRQFWLRQQHQW9RXV«YLWHUH]DLQVL
XQHPRGLILFDWLRQDFFLGHQWHOOHGXU«JODJH
GXQLYHDXGHFXLVVRQ
5«JOH]G
DERUGOHQLYHDXGHFXLVVRQ
/HYR\DQWGHOD]RQHGHFXLVVRQ
V
«WHLQW
FXLVVRQLQGLTXH
SRXUDFWLYHUODIRQFWLRQ
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
V
DIILFKHSHQGDQWVHFRQGHV/H
PLQXWHXUUHVWHDFWLY«
3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]
VXU /HQLYHDXGHFXLVVRQSU«F«GHQW
V
DOOXPH
/RUVTXHYRXV«WHLJQH]OD
WDEOHGHFXLVVRQFHWWH
IRQFWLRQHVW«JDOHPHQW
G«VDFWLY«H
ZZZHOHFWUROX[FRP
'LVSRVLWLIGHV«FXULW«
HQIDQWV
/RUVTXHFHWWHIRQFWLRQHVWU«JO«HVXU
O
DSSDUHLO«PHWGHVVLJQDX[VRQRUHV
XQLTXHPHQWORUVTXH
&HWWHIRQFWLRQSHUPHWG
«YLWHUXQH
XWLOLVDWLRQLQYRORQWDLUHGHODWDEOHGH
FXLVVRQ
3RXUDFWLYHUODIRQFWLRQDOOXPH]OD
WDEOHGHFXLVVRQHQDSSX\DQWVXU 1H
V«OHFWLRQQH]SDVGHU«JODJHGHQLYHDX
GHFXLVVRQ$SSX\H]VXU
VHFRQGHV
SHQGDQW
V
DOOXPH‹WHLJQH]OD
WDEOHGHFXLVVRQHQDSSX\DQWVXU
ವ
ವ
ವ
ವ
ವ
WDEOHGHFXLVVRQHQDSSX\DQWVXU 1H
V«OHFWLRQQH]SDVGHU«JODJHGHQLYHDX
ವ
GHFXLVVRQ$SSX\H]VXU
ವ
SHQGDQW
V
DOOXPH‹WHLJQH]OD
WDEOHGHFXLVVRQHQDSSX\DQWVXU
ವ
3RXUG«VDFWLYHUODIRQFWLRQOHWHPSV
G
XQHFXLVVRQDOOXPH]ODWDEOHGH
FXLVVRQHQDSSX\DQWVXU
V
DOOXPH
$SSX\H]VXU SHQGDQWVHFRQGHV
5«JOH]OHQLYHDXGHFXLVVRQGDQVOHV
VHFRQGHVTXLVXLYHQW9RXVSRXYH]
XWLOLVHUODWDEOHGHFXLVVRQ/RUVTXHYRXV
«WHLJQH]ODWDEOHGHFXLVVRQDYHF
IRQFWLRQHVWGHQRXYHDXDFWLY«H
OD
YRXVDSSX\H]VXU
0LQXWHULHLQG«SHQGDQWHVHWHUPLQH
0LQXWHXUG«JUHVVLIVHWHUPLQH
YRXVSRVH]XQREMHWVXUOHEDQGHDX
GHFRPPDQGH
*HVWLRQQDLUHGHSXLVVDQFH
3RXUG«VDFWLYHUODIRQFWLRQDOOXPH]OD
VHFRQGHV
ವ
ವ
'HV]RQHVGHFXLVVRQVRQW
UHJURXS«HVHQIRQFWLRQGH
O
HPSODFHPHQWHWGXQRPEUHGH
SKDVHVGHODWDEOHGHFXLVVRQ
5HSRUWH]YRXV¢O
LOOXVWUDWLRQ
&KDTXHSKDVHGLVSRVHG
XQHFKDUJH
«OHFWULTXHPD[LPDOHGH:
/DIRQFWLRQU«SDUWLWODSXLVVDQFHHQWUH
OHV]RQHVGHFXLVVRQUDFFRUG«HV¢OD
P¬PHSKDVH
/DIRQFWLRQV
DFWLYHORUVTXHODFKDUJH
«OHFWULTXHWRWDOHGHV]RQHVGHFXLVVRQ
UDFFRUG«HV¢XQHSKDVHVLPSOH
G«SDVVH:
/DIRQFWLRQGLPLQXHODSXLVVDQFHGHV
DXWUHV]RQHVGHFXLVVRQUDFFRUG«HV¢
ODP¬PHSKDVH
/
DIILFKDJHGXQLYHDXGHFXLVVRQGHV
]RQHV¢SXLVVDQFHU«GXLWHRVFLOOH
HQWUHGHX[QLYHDX[
2II6RXQG&RQWURO
$FWLYDWLRQHWG«VDFWLYDWLRQGHV
VLJQDX[VRQRUHV
‹WHLJQH]ODWDEOHGHFXLVVRQ$SSX\H]
VXU
SHQGDQWVHFRQGHV/
DIILFKDJH
V
DOOXPHSXLVV
«WHLQW$SSX\H]VXU
SHQGDQWVHFRQGHV
RX
V
DOOXPH
$SSX\H]VXUODWRXFKH GXPLQXWHXU
SRXUFKRLVLUO
XQHGHVRSWLRQVVXLYDQWHV
ವ
OHVVLJQDX[VRQRUHVVRQW
G«VDFWLY«V
ವ
OHVVLJQDX[VRQRUHVVRQWDFWLY«V
3RXUFRQILUPHUOHU«JODJHDWWHQGH]TXH
ODWDEOHGHFXLVVRQV
«WHLJQH
DXWRPDWLTXHPHQW
+REt+RRG
,OV
DJLWG
XQHIRQFWLRQDXWRPDWLTXHGH
SRLQWHSHUPHWWDQWGHUHOLHUODWDEOHGH
FXLVVRQ¢XQHKRWWHVS«FLDOH/DWDEOHGH
FXLVVRQHWODKRWWHGLVSRVHQWWRXWHVOHV
GHX[G
XQFRPPXQLFDWHXUGHVLJQDO
LQIUDURXJH/DYLWHVVHGXYHQWLODWHXUHVW
G«ILQLHDXWRPDWLTXHPHQWHQVHEDVDQW
VXUOHU«JODJHGXPRGHHWGHOD
)5$1‰$,6
WHPS«UDWXUHGXU«FLSLHQWOHSOXVFKDXG
VHWURXYDQWVXUODWDEOHGHFXLVVRQ9RXV
SRXYH]«JDOHPHQWDFWLYHUOHYHQWLODWHXU
PDQXHOOHPHQWGHSXLVODWDEOHGH
FXLVVRQ
6XUODSOXSDUWGHVKRWWHVOH
V\VWªPHGHFRPPDQGH¢
GLVWDQFHHVWG«VDFWLY«SDU
G«IDXW$FWLYH]OHDYDQW
G
XWLOLVHUFHWWHIRQFWLRQ3RXU
SOXVG
LQIRUPDWLRQVUHSRUWH]
YRXVDXPDQXHOG
XWLOLVDWLRQ
GHODKRWWH
$FWLYDWLRQDXWRPDWLTXHGHODIRQFWLRQ
3RXUDFWLYHUDXWRPDWLTXHPHQWOD
IRQFWLRQU«JOH]OHPRGHDXWRPDWLTXHVXU
++‚O
RULJLQHODWDEOHGHFXLVVRQ
HVWU«JO«HVXU+/DKRWWHU«DJLWGªVTXH
YRXVDOOXPH]ODWDEOHGHFXLVVRQ/D
WDEOHGHFXLVVRQG«WHFWH
DXWRPDWLTXHPHQWODWHPS«UDWXUHGX
U«FLSLHQWHWDMXVWHODYLWHVVHGX
YHQWLODWHXU
0RGHVDXWRPDWLTXHV
‹FODLUD഻ )DLUH
JHDXWR഻ ERXLO഻
PDWLTXH OLU
0RGH
+
$FWLY«
‹FODLUD഻ )DLUH
JHDXWR഻ ERXLO഻
PDWLTXH OLU
0RGH
+
'«VDFWLಣ '«VDFWLಣ '«VDFWLಣ
Y«
Y«
Y«
0RGH
+
$FWLY«
'«VDFWLಣ '«VDFWLಣ
Y«
Y«
0RGH
+
$FWLY«
9LWHVVH 9LWHVVH
GXYHQWLಣ GXYHQWLಣ
ODWHXU ODWHXU
0RGH
+
$FWLY«
'«VDFWLಣ 9LWHVVH
Y«
GXYHQWLಣ
ODWHXU
0RGH
+
$FWLY«
9LWHVVH 9LWHVVH
GXYHQWLಣ GXYHQWLಣ
ODWHXU ODWHXU
0RGH
+
$FWLY«
9LWHVVH 9LWHVVH
GXYHQWLಣ GXYHQWLಣ
ODWHXU ODWHXU
)DLUH
IULUH
)DLUH
IULUH
9LWHVVH 9LWHVVH
GXYHQWLಣ GXYHQWLಣ
ODWHXU ODWHXU
/DWDEOHGHFXLVVRQG«WHFWHOHSURFHVVXV
G
«EXOOLWLRQHWV«OHFWLRQQHODYLWHVVHGXYHQಣ
WLODWHXUHQIRQFWLRQGXPRGHDXWRPDWLTXH
/DWDEOHGHFXLVVRQG«WHFWHOHSURFHVVXV
GHIULWXUHHWV«OHFWLRQQHODYLWHVVHGXYHQWLಣ
ODWHXUHQIRQFWLRQGXPRGHDXWRPDWLTXH
&HPRGHDFWLYHOHYHQWLODWHXUHWO
«FODLUDಣ
JHVDQVWHQLUFRPSWHVXUODWHPS«UDWXUH
0RGLILFDWLRQGXPRGHDXWRPDWLTXH
‹WHLJQH]O
DSSDUHLO
$SSX\H]VXU SHQGDQWVHFRQGHV
/
DIILFKDJHV
DOOXPHSXLVV
«WHLQW
$SSX\H]VXU
SHQGDQWVHFRQGHV
$SSX\H]SOXVLHXUVIRLVVXU
FHTXH
MXVTX
¢
V
DIILFKH
$SSX\H]VXUODWRXFKH GX
PLQXWHXUSRXUV«OHFWLRQQHUXQPRGH
DXWRPDWLTXH
3RXUIDLUHIRQFWLRQQHU
GLUHFWHPHQWODKRWWH
G«VDFWLYH]OHPRGH
DXWRPDWLTXHGHODIRQFWLRQ
VXUOHEDQGHDXGH
FRPPDQGHGHODKRWWH
/RUVTXHODFXLVVRQHVW
WHUPLQ«HHWTXHYRXV
G«VDFWLYH]ODWDEOHGH
FXLVVRQOHYHQWLODWHXUGHOD
KRWWHSHXWFRQWLQXHUGH
IRQFWLRQQHUSHQGDQWXQ
FHUWDLQWHPSV$XERXWG
XQ
PRPHQWOHV\VWªPH
G«VDFWLYHDXWRPDWLTXHPHQW
OHYHQWLODWHXUHWYRXV
HPS¬FKHGHO
DFWLYHU
DFFLGHQWHOOHPHQWGXUDQWOHV
VHFRQGHVTXLVXLYHQW
$FWLYDWLRQPDQXHOOHGHODYLWHVVHGX
YHQWLODWHXU
9RXVSRXYH]«JDOHPHQWDFWLYHUOD
IRQFWLRQPDQXHOOHPHQW3RXUFHIDLUH
ZZZHOHFWUROX[FRP
DSSX\H]VXUODWRXFKH ORUVTXHODWDEOH
GHFXLVVRQHVWDOOXP«H&HODG«VDFWLYH
OHIRQFWLRQQHPHQWDXWRPDWLTXHGHOD
IRQFWLRQHWYRXVSHUPHWGHPRGLILHU
PDQXHOOHPHQWODYLWHVVHGXYHQWLODWHXU
(QDSSX\DQWVXUODWRXFKH ODYLWHVVH
GXYHQWLODWHXUHVWDXJPHQW«HG
XQSDOLHU
/RUVTXHYRXVDWWHLJQH]XQQLYHDX
LQWHQVLIHWTXHYRXVDSSX\H]VXUOD
WRXFKH ¢QRXYHDXODYLWHVVHGX
YHQWLODWHXUUHYLHQW¢G«VDFWLYDQWDLQVL
OHYHQWLODWHXUGHODKRWWH3RXUU«DFWLYHU
OHYHQWLODWHXU¢YLWHVVHDSSX\H]VXUOD
WRXFKH $FWLYDWLRQGHO
«FODLUDJH
9RXVSRXYH]U«JOHUODWDEOHGHFXLVVRQ
SRXUDFWLYHUDXWRPDWLTXHPHQWO
«FODLUDJH
GªVTXHODWDEOHGHFXLVVRQHVWDOOXP«H
3RXUFHIDLUHU«JOH]OHPRGH
DXWRPDWLTXHVXU++
/
«FODLUDJHGHODKRWWH
V
«WHLQWPLQXWHVDSUªV
DYRLU«WHLQWODWDEOHGH
FXLVVRQ
3RXUDFWLYHUOH
IRQFWLRQQHPHQWDXWRPDWLTXH
GHODIRQFWLRQ«WHLJQH]SXLV
UDOOXPH]ODWDEOHGHFXLVVRQ
&216(,/6
$9(57,66(0(17
5HSRUWH]YRXVDX[FKDSLWUHV
FRQFHUQDQWODV«FXULW«
/HIRQGGHO
XVWHQVLOHGH
FXLVVRQGRLW¬WUHDXVVLSODW
HW«SDLVTXHSRVVLEOH
$VVXUH]YRXVTXHOHIRQGGX
U«FLSLHQWHVWSURSUHDYDQWGH
OHSODFHUVXUODVXUIDFHGHOD
WDEOHGHFXLVVRQ
5«FLSLHQWV
6XUOHV]RQHVGHFXLVVRQ¢
LQGXFWLRQXQFKDPS
«OHFWURPDJQ«WLTXHSXLVVDQW
FKDXIIHOHVU«FLSLHQWVWUªV
UDSLGHPHQW
8WLOLVH]GHVU«FLSLHQWV
DGDSW«VDX[]RQHVGH
FXLVVRQ¢LQGXFWLRQ
0DW«ULDX[GHVU«FLSLHQWV
ವ
DGDSW«VIRQWHDFLHUDFLHU«PDLOO«
DFLHULQR[\GDEOHIRQGPXOWLFRXFKH
KRPRORJX«SDUOHIDEULFDQW
ವ LQDGDSW«VDOXPLQLXPFXLYUHODLWRQ
YHUUHF«UDPLTXHSRUFHODLQH
/HVSODWVGHFXLVVRQFRQYLHQQHQW
SRXUO
LQGXFWLRQVL
ವ
ವ
XQHSHWLWHTXDQWLW«G
HDXFRQWHQXH
GDQVXQU«FLSLHQWFKDXIIHGDQVXQ
EUHIODSVGHWHPSVVXUXQH]RQHGH
FXLVVRQU«JO«HVXUOHQLYHDXGH
FXLVVRQPD[LPDO
XQDLPDQWDGKªUHDXIRQGGX
U«FLSLHQW
'LPHQVLRQVGHO
XVWHQVLOH
/HV]RQHVGHFXLVVRQ¢LQGXFWLRQ
V
DGDSWHQWDXWRPDWLTXHPHQWDXGLDPªWUH
GXIRQGGXU«FLSLHQWXWLOLV«
/
HIILFDFLW«GHOD]RQHGHFXLVVRQHVWOL«H
DXGLDPªWUHGXU«FLSLHQW8QU«FLSLHQW
SOXVSHWLWTXHOHGLDPªWUHPLQLPDO
UHFRPPDQG«QHUH©RLWTX
XQHSHWLWH
SDUWLHGHODSXLVVDQFHJ«Q«U«HSDUOD
]RQHGHFXLVVRQ
5HSRUWH]YRXVDXFKDSLWUH
m&DUDFW«ULVWLTXHV
WHFKQLTXHV}
%UXLWVSHQGDQWOH
IRQFWLRQQHPHQW
6LYRXVHQWHQGH]
ವ
XQFUDTXHPHQWOHU«FLSLHQWHVW
FRPSRV«GHGLII«UHQWVPDW«ULDX[
FRQFHSWLRQmVDQGZLFK}
)5$1‰$,6
XQVLIIOHPHQWYRXVXWLOLVH]XQH]RQH
GHFXLVVRQDYHFXQQLYHDXGH
SXLVVDQFH«OHY«HWOHU«FLSLHQWHVW
FRPSRV«GHGLII«UHQWVPDW«ULDX[
FRQFHSWLRQmVDQGZLFK}
ವ XQERXUGRQQHPHQWYRXVXWLOLVH]XQ
QLYHDXGHSXLVVDQFH«OHY«
ವ XQFOLTXHWLVXQHFRPPXWDWLRQ
«OHFWULTXHVHSURGXLW
ವ XQVLIIOHPHQWXQERXUGRQQHPHQWOH
YHQWLODWHXUIRQFWLRQQH
&HVEUXLWVVRQWQRUPDX[HW
Q
LQGLTXHQWSDVXQHDQRPDOLHGH
O
DSSDUHLO
ವ
&RQVHLOVSRXU6HQVH%RLOp
ವ
/DIRQFWLRQHVWSOXVHIILFDFHSRXUIDLUH
ERXLOOLUGHO
HDXHWFXLUHGHVSRPPHVGH
WHUUH
ವ
ವ
(OOHQHIRQFWLRQQHSDVDYHF
OHVU«FLSLHQWVHQIHUIRUJ«HW
DQWLDGK«VLIVSDUH[DYHF
XQUHY¬WHPHQWHQ
F«UDPLTXH/HVU«FLSLHQWVHQ
DFLHU«PDLOO«VRQW
UHFRPPDQG«VSRXUREWHQLU
OHVPHLOOHXUVU«VXOWDWVGH
FXLVVRQGHVSRPPHVGH
WHUUH
9«ULILH]TXHOHU«FLSLHQWFKRLVLHVWDGDSW«
6HQVH%RLOpHQOHVXUYHLOODQWORUVGHOD
SUHPLªUHFXLVVRQ
3RXUXWLOLVHUHIILFDFHPHQW6HQVH%RLOp
VXLYH]OHVFRQVHLOVFLGHVVRXV
ವ
5HPSOLVVH]HQWUHODPRLWL«HWOHVWURLV
TXDUWVGXU«FLSLHQWG
HDXIURLGHHQ
ODLVVDQWXQHVSDFHYLGHGHFPHQWUH
ODVXUIDFHGHO
HDXHWOHERUGGX
U«FLSLHQW1
XWLOLVH]SDVPRLQVG
XQ
OLWUHRXSOXVGHOLWUHVG
HDX$VVXUH]
YRXVTXHOHSRLGVWRWDOGHO
HDXRXGH
O
HDXHWGHVSRPPHVGHWHUUHHVW
FRPSULVHQWUHHWNJ
1LYHDXGH
FXLVVRQ
ವ
ವ
6LYRXVVRXKDLWH]IDLUHFXLUHGHV
SRPPHVGHWHUUHYHLOOH]¢OHVFRXYULU
HQWLªUHPHQWG
HDXPDLVQ
RXEOLH]SDV
GHODLVVHUDXPRLQVXQTXDUWGX
U«FLSLHQWYLGH
3RXUREWHQLUOHVPHLOOHXUVU«VXOWDWV
QHIDLWHVFXLUHTXHGHVSRPPHVGH
WHUUHVHQWLªUHVQRQ«SOXFK«HVHWGH
WDLOOHPR\HQQH
‹YLWH]GHSURGXLUHGHVYLEUDWLRQV
H[WHUQHVSDUH[HQXWLOLVDQWXQ
EOHQGHURXHQSRVDQWYRWUHW«O«SKRQH
SRUWDEOH¢SUR[LPLW«GHO
DSSDUHLO
ORUVTXHODIRQFWLRQHVWHQFRXUV
G
XWLOLVDWLRQ
6LYRXVVRXKDLWH]DMRXWHUGXVHOGDQV
O
HDXYHUVH]OHDYDQWTXHO
HDX
Q
DWWHLJQHOHSRLQWG
«EXOOLWLRQ
/DIRQFWLRQSHXWQHSDVIRQFWLRQQHU
FRUUHFWHPHQWDYHFOHVERXLOORLUHVHW
OHVFDIHWLªUHV¢H[SUHVVR
˜NR7LPHU0LQXWHXU«FR
3RXUU«DOLVHUGHV«FRQRPLHVG
«QHUJLH
OD]RQHGHFXLVVRQVHG«VDFWLYH
DXWRPDWLTXHPHQWDYDQWOHVLJQDOGX
PLQXWHXU/DGLII«UHQFHGHWHPSVGH
IRQFWLRQQHPHQWG«SHQGGXQLYHDXHWGH
ODGXU«HGHFXLVVRQ
([HPSOHVGHFXLVVRQ
/HUDSSRUWHQWUHOHQLYHDXGHFXLVVRQHW
ODFRQVRPPDWLRQ«QHUJ«WLTXHGHOD]RQH
GHFXLVVRQQ
HVWSDVOLQ«DLUH/RUVTXH
YRXVDXJPHQWH]OHQLYHDXGHFXLVVRQ
O
DXJPHQWDWLRQ«QHUJ«WLTXHGHOD]RQHGH
FXLVVRQQ
HVWSDVSURSRUWLRQQHOOH&HOD
VLJQLILHTXHOD]RQHGHFXLVVRQXWLOLV«H¢
XQQLYHDXGHFXLVVRQPR\HQXWLOLVH
PRLQVGHODPRLWL«GHVDSXLVVDQFH
/HVYDOHXUVILJXUDQWGDQVOH
WDEOHDXVXLYDQWVRQWIRXUQLHV
¢WLWUHLQGLFDWLI
8WLOLVDWLRQ
'XU«H
PLQ
&RQVHLOV
&RQVHUYH]OHVDOLPHQWVFXLWV
DXFKDXG
DXEHಣ
VRLQ
3ODFH]XQFRXYHUFOHVXUOH
U«FLSLHQW
ZZZHOHFWUROX[FRP
1LYHDXGH
FXLVVRQ
8WLOLVDWLRQ
'XU«H
PLQ
6DXFHKROODQGDLVHIDLUHIRQಣ GUHEHXUUHFKRFRODWJ«ODWLಣ
QH
0«ODQJH]GHWHPSVHQ
WHPSV
6ROLGLILHURPHOHWWHVĕXIV
FRFRWWH
&RXYUH]SHQGDQWODFXLVVRQ
)DLUHPLMRWHUGHVSODWV¢EDಣ
VHGHUL]HWGHODLWDJHU«ಣ
FKDXIIHUGHVSODWVFXLVLQ«V
$MRXWH]DXPRLQVGHX[IRLV
SOXVGHOLTXLGHTXHGHUL]
P«ODQJH]OHVDOLPHQWV¢EDಣ
VHGHODLWDJH¢ODPRLWL«GX
WHPSVGHFXLVVRQ
&XLUH¢ODYDSHXUGHVO«JXಣ
PHVGXSRLVVRQHWGHOD
YLDQGH
$MRXWH]TXHOTXHVFXLOOªUHV¢
VRXSHGHOLTXLGH
&XLUHGHVSRPPHVGHWHUUH¢ ODYDSHXU
8WLOLVH]PD[~OG
HDXSRXU
JGHSRPPHVGHWHUUH
&XLUHGHJUDQGHVTXDQWLW«V
G
DOLPHQWVGHVUDJR½WVHW
GHVVRXSHV
DXEHಣ
)DLUHUHYHQLUHVFDORSHV
FRUGRQVEOHXVGHYHDXF¶WHಣ VRLQ
OHWWHVULVVROHWWHVVDXFLVVHV
IRLHURX[ĕXIVFU¬SHVEHLಣ
JQHWV
5HWRXUQH]¢ODPRLWL«GX
WHPSV
&XLVVRQ¢WHPS«UDWXUH«OHಣ
Y«HGHVSRPPHVGHWHUUHULVಣ
VRO«HVILOHWVVWHDNV
5HWRXUQH]¢ODPRLWL«GX
WHPSV
)DLUHERXLOOLUGHO
HDXFXLUHGHVS¤WHVJULOOHUGHODYLDQGHJRXODVFK
EĕXIEUDLV«FXLUHGHVIULWHV
&RQVHLOV
$MRXWH]MXVTX
¢OGHOLTXLಣ
GHSOXVOHVLQJU«GLHQWV
)DLUHERXLOOLUXQHJUDQGHTXDQWLW«G
HDX/DIRQFWLRQ3RZHU%RRVWHVW
DFWLY«H
&RQVHLOVSRXU+REt+RRG
/RUVTXHYRXVIDLWHVIRQFWLRQQHUODWDEOH
GHFXLVVRQDYHFODIRQFWLRQ
ವ
ವ
ವ
ವ
3URW«JH]OHEDQGHDXGHFRPPDQGH
GHODKRWWHGHVUD\RQVGLUHFWVGX
VROHLO
1HGLULJH]SDVGHOXPLªUHKDORJªQH
VXUOHEDQGHDXGHFRPPDQGHGHOD
KRWWH
1HUHFRXYUH]SDVOHEDQGHDXGH
FRPPDQGHGHODWDEOHGHFXLVVRQ
1HEORTXH]SDVOHVLJQDOHQWUHODWDEOH
GHFXLVVRQHWODKRWWHSDUH[HPSOH
DYHFODPDLQODSRLJQ«HG
XQ
XVWHQVLOHRXXQJUDQGU«FLSLHQW
5HSRUWH]YRXV¢O
LPDJH
/DKRWWHVXUO
LOOXVWUDWLRQHVW
XQLTXHPHQWGRQQ«H¢WLWUHG
H[HPSOH
)5$1‰$,6
+RWWHVGRW«HVGHODIRQFWLRQ
+REt+RRG
3RXUWURXYHUODJDPPHFRPSOªWHGHV
KRWWHVGRW«HVGHFHWWHIRQFWLRQ
FRQVXOWH]QRWUHVLWHZHEGHVWLQ«DX[
FRQVRPPDWHXUV/HVKRWWHV(OHFWUROX[
TXLVRQWGRW«HVGHFHWWHIRQFWLRQGRLYHQW
SRUWHUOHV\PEROH /HVDXWUHVDSSDUHLOV
W«O«FRPPDQG«VSHXYHQW
EORTXHUOHVLJQDO1
XWLOLVH]
SDVG
DXWUHDSSDUHLO
W«O«FRPPDQG«HQP¬PH
WHPSVTXHODIRQFWLRQGHOD
WDEOHGHFXLVVRQ
(175(7,(1(71(772<$*(
$9(57,66(0(17
5HSRUWH]YRXVDX[FKDSLWUHV
FRQFHUQDQWODV«FXULW«
,QIRUPDWLRQVJ«Q«UDOHV
ವ
ವ
ವ
ವ
ವ
1HWWR\H]ODWDEOHGHFXLVVRQDSUªV
FKDTXHXWLOLVDWLRQ
8WLOLVH]WRXMRXUVXQU«FLSLHQWGRQWOH
IRQGHVWSURSUH
/HVUD\XUHVRXOHVWDFKHVVRPEUHV
VXUODVXUIDFHQ
RQWDXFXQHLQFLGHQFH
VXUOHIRQFWLRQQHPHQWGHODWDEOHGH
FXLVVRQ
8WLOLVH]XQQHWWR\DQWVS«FLDOHPHQW
DGDSW«¢ODVXUIDFHGHODWDEOHGH
FXLVVRQ
8WLOLVH]XQUDFORLUVS«FLDOSRXUODYLWUH
1HWWR\DJHGHODWDEOHGH
FXLVVRQ
ವ
(QOHYH]LPP«GLDWHPHQWOH
SODVWLTXHIRQGXOHVIHXLOOHVGH
ವ
ವ
SODVWLTXHOHVXFUHHWOHVDOLPHQWV
FRQWHQDQWGXVXFUHFDUODVDOHW«SHXW
HQGRPPDJHUODWDEOHGHFXLVVRQ
9HLOOH]¢QHSDVYRXVEU½OHU7HQH]OH
UDFORLUVS«FLDOLQFOLQ«VXUODVXUIDFH
YLWU«HHWIDLWHVJOLVVHUODODPHGX
UDFORLUSRXUHQOHYHUOHVVDOLVVXUHV
8QHIRLVTXHODWDEOHGHFXLVVRQD
VXIILVDPPHQWUHIURLGLHQOHYH]
WUDFHVGHFDOFDLUHHWG
HDX
SURMHFWLRQVGHJUDLVVHG«FRORUDWLRQV
P«WDOOLTXHVOXLVDQWHV1HWWR\H]OD
WDEOHGHFXLVVRQ¢O
DLGHG
XQFKLIIRQ
KXPLGHHWG
XQG«WHUJHQWQRQDEUDVLI
$SUªVOHQHWWR\DJHV«FKH]ODWDEOHGH
FXLVVRQ¢O
DLGHG
XQFKLIIRQGRX[
3RXUUHWLUHUOHVG«FRORUDWLRQV
P«WDOOLTXHVEULOODQWHVXWLOLVH]XQH
VROXWLRQG
HDXDGGLWLRQQ«HGHYLQDLJUH
HWQHWWR\H]ODVXUIDFHYLWU«HDYHFXQ
FKLIIRQ
ZZZHOHFWUROX[FRP
(1&$6'
$120$/,('()21&7,211(0(17
$9(57,66(0(17
5HSRUWH]YRXVDX[FKDSLWUHV
FRQFHUQDQWODV«FXULW«
(QFDVG
DQRPDOLHGHIRQFWLRQQHPHQW
3UREOªPH
&DXVHSUREDEOH
6ROXWLRQ
9RXVQHSRXYH]SDVDOOXಣ
PHUODWDEOHGHFXLVVRQQL
ODIDLUHIRQFWLRQQHU
/DWDEOHGHFXLVVRQQ
HVW
SDVFRQQHFW«H¢XQHVRXUಣ
FHG
DOLPHQWDWLRQ«OHFWULTXH
RXOHEUDQFKHPHQWHVWLQಣ
FRUUHFW
9«ULILH]TXHODWDEOHGH
FXLVVRQHVWFRUUHFWHPHQW
EUDQFK«H¢XQHVRXUFH
G
DOLPHQWDWLRQ«OHFWULTXH
&RQVXOWH]OHVFK«PDGH
UDFFRUGHPHQW
/HIXVLEOHDGLVMRQFW«
9«ULILH]TXHOHIXVLEOHHVW
ELHQODFDXVHGHO
DQRPDಣ
OLH6LOHVIXVLEOHVGLVMRQFಣ
WHQWGHPDQLªUHU«S«W«H
IDLWHVDSSHO¢XQ«OHFWULಣ
FLHQTXDOLIL«
9RXVQHU«JOH]SDVOHQLಣ
YHDXGHFXLVVRQGDQVOHV
VHFRQGHV
$OOXPH]GHQRXYHDXODWDಣ
EOHGHFXLVVRQHWU«JOH]OH
QLYHDXGHFXLVVRQHQ
PRLQVGHVHFRQGHV
9RXVDYH]DSSX\«VXUSOXಣ 1
DSSX\H]TXHVXUXQH
VHXOHWRXFKHVHQVLWLYH¢OD
VLHXUVWRXFKHVVHQVLWLYHV
IRLV
HQP¬PHWHPSV
3DXVHHVWDFWLY«H
1HWWR\H]OHEDQGHDXGH
,O\DGHO
HDXRXGHVWDಣ
FKHVGHJUDLVVHVXUOHEDQಣ FRPPDQGH
GHDXGHFRPPDQGH
5HSRUWH]YRXVDXFKDSLWUH
m8WLOLVDWLRQTXRWLGLHQQH}
5HWLUH]O
REMHWGHVWRXFKHV
8QVLJQDOVRQRUHUHWHQWLWHW 9RXVDYH]SRV«TXHOTXH
ODWDEOHGHFXLVVRQV
«WHLQW FKRVHVXUXQHRXSOXVLHXUV VHQVLWLYHV
WRXFKHVVHQVLWLYHV
8QVLJQDOVRQRUHUHWHQWLW
ORUVTXHODWDEOHGHFXLVVRQ
HVW«WHLQWH
/DWDEOHGHFXLVVRQ
V
«WHLQW
9RXVDYH]SRV«TXHOTXH
FKRVHVXUODWRXFKHVHQVLಣ
WLYH
/HYR\DQWGHFKDOHXUU«VLಣ
GXHOOHQHV
DOOXPHSDV
5HWLUH]O
REMHWGHODWRXFKH
VHQVLWLYH
/D]RQHGHFXLVVRQQ
HVW
SDVFKDXGHSDUFHTX
HOOH
Q
DIRQFWLRQQ«TXHSHXGH
WHPSVRXOHFDSWHXUHVW
HQGRPPDJ«
6LOD]RQHGHFXLVVRQDHX
DVVH]GHWHPSVSRXU
FKDXIIHUIDLWHVDSSHO¢YRಣ
WUHVHUYLFHDSUªVYHQWH
DJU««
)5$1‰$,6
3UREOªPH
&DXVHSUREDEOH
6ROXWLRQ
+REt+RRGQHIRQFWLRQQH
SDV
9RXVDYH]FRXYHUWOHEDQಣ
GHDXGHFRPPDQGH
5HWLUH]O
REMHWGXEDQGHDX
GHFRPPDQGH
9RXVXWLOLVH]XQWUªVJUDQG
U«FLSLHQWTXLEORTXHOHVLಣ
JQDO
8WLOLVH]XQSOXVSHWLWU«FLಣ
SLHQWFKDQJH]OD]RQHGH
FXLVVRQRXIDLWHVIRQFWLRQಣ
QHUODKRWWHPDQXHOOHPHQW
'«PDUUDJHDXWRPDWLTXH
GHODFXLVVRQQHIRQFWLRQಣ
QHSDV
/D]RQHHVWFKDXGH
/DLVVH]OD]RQHGHFXLVVRQ
UHIURLGLU
/HQLYHDXGHFXLVVRQOH
SOXV«OHY«HVWU«JO«
/HQLYHDXGHFXLVVRQOH
SOXV«OHY«HVWLGHQWLTXH¢
ODIRQFWLRQ
/HQLYHDXGHFXLVVRQRVFLOಣ *HVWLRQQDLUHGHSXLVVDQFH 5HSRUWH]YRXVDXFKDSLWUH
OHHQWUHGHX[QLYHDX[
HVWDFWLY«H
m8WLOLVDWLRQTXRWLGLHQQH}
/HVWRXFKHVVHQVLWLYHV
VRQWFKDXGHV
/HU«FLSLHQWHVWWURSJUDQG
RXYRXVO
DYH]SODF«WURS
SUªVGHVFRPPDQGHV
$XFXQVLJQDOVRQRUHQHVH /HVVLJQDX[VRQRUHVVRQW
IDLWHQWHQGUHORUVTXHYRXV G«VDFWLY«V
DSSX\H]VXUOHVWRXFKHV
VHQVLWLYHVGXEDQGHDX
3ODFH]OHVU«FLSLHQWVGH
JUDQGHWDLOOHVXUOHV]RQHV
GHFXLVVRQDUULªUHVLSRVಣ
VLEOH
$FWLYH]OHVVLJQDX[VRQRಣ
UHV5HSRUWH]YRXVDXFKDಣ
SLWUHm8WLOLVDWLRQTXRWLGLHQಣ
QH}
5HSRUWH]YRXVDXFKDSLWUH
m8WLOLVDWLRQTXRWLGLHQQH}
V
DOOXPH
'LVSRVLWLIGHV«FXULW«HQಣ
IDQWVRX9HUURXLOODJHHVW
DFWLY«H
V
DOOXPH
,OQ
\DSDVGHU«FLSLHQWVXU 3ODFH]XQU«FLSLHQWVXUOD
OD]RQHGHFXLVVRQ
]RQHGHFXLVVRQ
/HU«FLSLHQWQ
HVWSDV
DGDSW«
8WLOLVH]GHVU«FLSLHQWV
DGDSW«V5HSRUWH]YRXVDX
FKDSLWUHm&RQVHLOV}
/HGLDPªWUHGXIRQGGXU«ಣ
FLSLHQWGHFXLVVRQHVWWURS
SHWLWSRXUOD]RQHGHFXLVಣ
VRQ
8WLOLVH]XQU«FLSLHQWGHGLಣ
PHQVLRQVDSSURSUL«HV5Hಣ
SRUWH]YRXVDXFKDSLWUH
m&DUDFW«ULVWLTXHVWHFKQLಣ
TXHV}
HW DSSDUDLVVHQWHQ
DOWHUQDQFH
8WLOLVH]XQW\SHGHU«FLಣ
/DSXLVVDQFHHVWWURSIDLಣ
EOHHQUDLVRQG
XQU«FLSLHQW SLHQWDGDSW«5HSRUWH]
YRXVDX[FKDSLWUHVm&RQಣ
LQDGDSW«RXYLGH
VHLOV}HWm&DUDFW«ULVWLಣ
TXHVWHFKQLTXHV}
1
DFWLYH]DXFXQH]RQHVL
XQU«FLSLHQWYLGHHVWSRV«
GHVVXV
ZZZHOHFWUROX[FRP
3UREOªPH
&DXVHSUREDEOH
6ROXWLRQ
HW DSSDUDLVVHQWHQ
DOWHUQDQFH
/HU«FLSLHQWHVWYLGHRX
FRQWLHQWXQOLTXLGHDXWUH
TXHGHO
HDXFRPPHGH
O
KXLOH
‹YLWH]G
XWLOLVHUODIRQFWLRQ
DYHFG
DXWUHVOLTXLGHVTXH
GHO
HDX
HW DSSDUDLVVHQWHQ
DOWHUQDQFH
/HU«FLSLHQWFRQWLHQWWURS
G
HDXRXSDVDVVH]
9RXVDYH]IDLWERXLOOLUXQ
DOLPHQWDXWUHTXHGHO
HDX
HWGHVSRPPHVGHWHUUH
/HSRLQWG
«EXOOLWLRQD«W«
G«SODF«HWODIRQFWLRQ6HQಣ
VH%RLOpQ
DSDVSXIRQFಣ
WLRQQHUFRUUHFWHPHQW
5HSRUWH]YRXVDXFKDSLWUH
m&RQVHLOV}1HIDLWHV
ERXLOOLUTXHGHO
HDXHWGHV
SRPPHVGHWHUUH¢O
DLGH
GHODIRQFWLRQ6HQVH%RLOp
8QELSUHWHQWLWOHVLQGLFDಣ
WHXUVFLGHVVXV FOLJQRಣ
WHQWHWODIRQFWLRQ6HQVHಣ
%RLOpQHG«PDUUHSDV
$XFXQH]RQHGHFXLVVRQ
Q
HVWSU¬WH¢¬WUHXWLOLV«H
DYHFODIRQFWLRQ6HQVHಣ
%RLOp/
XQHGHV]RQHV
TXHYRXVVRXKDLWH]V«OHFಣ
WLRQQHUHVWHQFRUHHQ
FRXUVG
XWLOLVDWLRQRXFRQಣ
WLHQWHQFRUHGHODFKDOHXU
U«VLGXHOOH
7HUPLQH]YRVSU«F«GHQWHV
FXLVVRQVHWFKRLVLVVH]XQH
]RQHGHFXLVVRQOLEUHVDQV
FKDOHXUU«VLGXHOOH
8QHHUUHXUV
HVWSURGXLWH
GDQVODWDEOHGHFXLVVRQ
‹WHLJQH]ODWDEOHGHFXLVಣ
VRQHWUDOOXPH]ODDXERXW
HWXQFKLIIUHV
DIILFKHQW
GHVHFRQGHV6L V
DIಣ
ILFKH¢QRXYHDXG«EUDQಣ
FKH]ODWDEOHGHFXLVVRQGH
ODSULVH«OHFWULTXH$XERXW
GHVHFRQGHVUHEUDQಣ
FKH]ODWDEOHGHFXLVVRQ
6LOHSUREOªPHSHUVLVWH
FRQWDFWH]OHVHUYLFHDSUªV
YHQWHDJU««
8QELSFRQVWDQWVHG«FOHQಣ /HEUDQFKHPHQW«OHFWULTXH '«EUDQFKH]O
DSSDUHLOGH
FKH
Q
HVWSDVDGDSW«
O
DOLPHQWDWLRQ«OHFWULTXH
'HPDQGH]¢XQ«OHFWULFLHQ
TXDOLIL«GHY«ULILHUO
LQVWDOODಣ
WLRQ
6LYRXVQHWURXYH]SDVGH
VROXWLRQ
6LYRXVQHWURXYH]SDVGHVROXWLRQDX
SUREOªPHYHXLOOH]FRQWDFWHUYRWUH
UHYHQGHXURXXQVHUYLFHDSUªVYHQWH
DJU««9HXLOOH]OXLIRXUQLUOHVLQIRUPDWLRQV
VHWURXYDQWVXUODSODTXHVLJQDO«WLTXH
'RQQH]«JDOHPHQWODFRPELQDLVRQ¢
OHWWUHVHWFKLIIUHVSRXUODYLWURF«UDPLTXH
VLWX«HGDQVXQGHVFRLQVGHODVXUIDFH
HQYHUUHHWOHPHVVDJHG
HUUHXUTXL
V
DIILFKH$VVXUH]YRXVG
XWLOLVHU
FRUUHFWHPHQWO
DSSDUHLO(QFDVG
HUUHXU
GHPDQLSXODWLRQGHODSDUWGHO
XWLOLVDWHXU
OHG«SODFHPHQWGXWHFKQLFLHQGXVHUYLFH
DSUªVYHQWHRXGXYHQGHXUSRXUUD¬WUH
IDFWXU«P¬PHHQFRXUVGHJDUDQWLH/HV
LQVWUXFWLRQVUHODWLYHVDXVHUYLFHDSUªV
)5$1‰$,6
YHQWHHWDX[FRQGLWLRQVGHJDUDQWLH
ILJXUHQWGDQVOHOLYUHWGHJDUDQWLH
&$5$&7‹5,67,48(67(&+1,48(6
3ODTXHVLJQDO«WLTXH
0RGªOH*.76,%&1
7\SH'$$$
,QGXFWLRQN:
1XP«URGHV«ULH
(/(&752/8;
31&
991+]
)DEULTX«HQ$OOHPDJQH
N:
&DUDFW«ULVWLTXHVGHV]RQHVGHFXLVVRQ
=RQHGHFXLV഻
VRQ
3XLVVDQFHQR഻ 3RZHU഻
%RRVW>:@
PLQDOHQL഻
YHDXGHFXLV഻
VRQPD[>:@
3RZHU%RRVW
GXU«HPD[L഻
PDOH>PLQ@
'LDPªWUHGX
U«FLSLHQW>PP@
$YDQWJDXFKH
$UULªUHJDXFKH
$YDQWGURLWH
$UULªUHGURLWH
/DSXLVVDQFHGHV]RQHVGHFXLVVRQSHXW
O«JªUHPHQWGLII«UHUGHVGRQQ«HVGX
WDEOHDX(OOHG«SHQGGHODPDWLªUHHWGHV
GLPHQVLRQVGXU«FLSLHQW
3RXUGHVU«VXOWDWVGHFXLVVRQRSWLPDX[
XWLOLVH]GHVU«FLSLHQWVTXLQHG«SDVVHQW
SDVOHVGLDPªWUHVLQGLTX«VGDQVOH
WDEOHDX
5(1'(0(17‹1(5*‹7,48(
,QIRUPDWLRQVVXUOHSURGXLWFRQIRUP«PHQW¢ODQRUPH(8
YDODEOHSRXUOHPDUFK«HXURS«HQXQLTXHPHQW
,GHQWLILFDWLRQGXPRGªOH
*.76,%&1
7\SHGHWDEOHGHFXLVVRQ
7DEOHGHFXLVVRQ
LQW«JU«H
1RPEUHGH]RQHVGH
FXLVVRQ
7HFKQRORJLHGHFKDXIIDJH ,QGXFWLRQ
'LDPªWUHGHV]RQHVGH
FXLVVRQFLUFXODLUHVš
FP
FP
FP
FP
$YDQWJDXFKH
$UULªUHJDXFKH
$YDQWGURLWH
$UULªUHGURLWH
ZZZHOHFWUROX[FRP
&RQVRPPDWLRQG
«QHUJLH
VHORQOD]RQHGHFXLVVRQ
(&HOHFWULFFRRNLQJ
$YDQWJDXFKH
$UULªUHJDXFKH
$YDQWGURLWH
$UULªUHGURLWH
:KNJ
:KNJ
:KNJ
:KNJ
&RQVRPPDWLRQG
«QHUJLH
GHODWDEOHGHFXLVVRQ
(&HOHFWULFKRE
:KNJ
(1$SSDUHLOVGHFXLVVRQ
GRPHVWLTXHV«OHFWULTXHV3DUWLH
7DEOHVGHFXLVVRQ0«WKRGHVGH
PHVXUHGHVSHUIRUPDQFHV
ವ
‹FRQRPLHG
«QHUJLH
ವ
9RXVSRXYH]«FRQRPLVHUGHO
«QHUJLHDX
TXRWLGLHQHQVXLYDQWOHVFRQVHLOV
VXLYDQWV
ವ
ವ
6LYRXVIDLWHVFKDXIIHUGHO
HDXQH
IDLWHVFKDXIIHUTXHODTXDQWLW«GRQW
YRXVDYH]U«HOOHPHQWEHVRLQ
ವ
ವ
6LSRVVLEOHFRXYUH]WRXMRXUVOHV
U«FLSLHQWVGHFXLVVRQDYHFXQ
FRXYHUFOHSHQGDQWODFXLVVRQ
$FWLYH]WRXMRXUVOD]RQHGHFXLVVRQ
DSUªVDYRLUSRV«OHU«FLSLHQWGHVVXV
3ODFH]OHVSOXVSHWLWVU«FLSLHQWVVXU
OHVSOXVSHWLWHV]RQHVGHFXLVVRQ
3RVH]GLUHFWHPHQWOHU«FLSLHQWDX
FHQWUHGHOD]RQHGHFXLVVRQ
9RXVSRXYH]XWLOLVHUODFKDOHXU
U«VLGXHOOHSRXUFRQVHUYHUOHVDOLPHQWV
DXFKDXGRXSRXUIDLUHIRQGUH
CH *$5$17,(
6HUYLFHFOLHQWªOH
3RLQWVGH6HUYLFH
,QGXVWULHVWUDVVH
0¦JHQZLO
/H7U«VL
3U«YHUHQJHV
9LD9LROLQR
0DQQR
0RUJHQVWUDVVH
%HUQ
=¾UFKHUVWUDVVH(
6W*DOOHQ
6HHWDOVWUDVVH
(PPHQEU¾FNH
6FKORVVVWUDVVH
3UDWWHOQ
&RPHUFLDOVWUDVVH
&KXU
3RLQWVGHYHQWHGHUHFKDQJH
,QGXVWULHVWUDVVH0¦JHQZLO7HO
&RQVHLOWHFKQLTXH9HQWH
%DGHQHUVWUDVVH=¾ULFK7HO
*DUDQWLH1RXVRFWUR\RQVVXUFKDTXH
SURGXLWDQVGHJDUDQWLH¢SDUWLUGHOD
GDWHGHOLYUDLVRQRXGHODPLVHHQ
VHUYLFHDXFRQVRPPDWHXUGRFXPHQW«
DXPR\HQGಬXQHIDFWXUHGಬXQERQGH
JDUDQWLHRXGಬXQMXVWLILFDWLIGಬDFKDW
1RWUHJDUDQWLHFRXYUHOHVIUDLVGHPDLQV
GಬĕXYUHVHWGHG«SODFHPHQWDLQVLTXH
OHVSLªFHVGHUHFKDQJH/HVFRQGLWLRQV
GHJDUDQWLHQHVRQWSDVYDODEOHVHQFDV
GಬLQWHUYHQWLRQGಬXQWLHUVQRQDXWRULV«GH
)5$1‰$,6
OಬHPSORLGHSLªFHVGHUHFKDQJHQRQ
RULJLQDOHVGಬHUUHXUVGHPDQLHPHQWRX
GಬLQVWDOODWLRQGXHV¢OಬLQREVHUYDWLRQGX
PRGHGಬHPSORLHWSRXUGHVGRPPDJHV
(10$7,Š5('(3527(&7,21'(
/
(19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOH
V\PEROH '«SRVH]OHVHPEDOODJHV
GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW
&RQWULEXH]¢ODSURWHFWLRQGH
O
HQYLURQQHPHQWHW¢YRWUHV«FXULW«
UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW
«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV
SRUWDQWOHV\PEROH DYHFOHVRUGXUHV
P«QDJªUHV(PPHQH]XQWHOSURGXLW
GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX
FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[
FDXV«VSDUGHVLQIOXHQFHVH[W«ULHXUHVRX
GHIRUFHPDMHXUH
3RXUOD6XLVVH
2»DOOHUDYHFOHVDSSDUHLOV
XVDJ«V"
3DUWRXWR»GHVDSSDUHLOV
QHXIVVRQWYHQGXVPDLV
DXVVLGDQVXQFHQWUHGH
FROOHFWHRXXQHHQWUHSULVHGH
U«FXS«UDWLRQRIILFLHOV6(16
/DOLVWHGHVFHQWUHVGH
FROOHFWHRIILFLHOV6(16HVW
GLVSRQLEOHVRXV
ZZZHUHF\FOLQJFK
ZZZHOHFWUROX[FRP
,1',&(
,1)250$=,21,',6,&85(==$
,6758=,21,',6,&85(==$ ,167$//$=,21(
'(6&5,=,21('(/352'2772
87,/,==24827,',$12 &216,*/,(68**(5,0(17,87,/,
38/,=,$(&85$
5,62/8=,21('(,352%/(0,
'$7,7(&1,&, ()),&,(1=$(1(5*(7,&$ *$5$1=,$ 3(16$7,3(592,
*UD]LHSHUDYHUDFTXLVWDWRXQ
DSSDUHFFKLDWXUD(OHFWUROX[$YHWHVFHOWRXQ
SURGRWWRFKHKDDOOHVSDOOHGHFHQQLGLHVSHULHQ]DSURIHVVLRQDOHHLQQRYD]LRQH
,QJHJQRVRHGHOHJDQWHªVWDWRSURJHWWDWRSHQVDQGRDYRL4XLQGLLQTXDOVLDVL
PRPHQWRGHVLGHUDWHXWLOL]]DUORSRWHWHHVVHUFHUWLGLRWWHQHUHVHPSUHLPLJOLRUL
ULVXOWDWL
%HQYHQXWLLQ(OHFWUROX[
9LVLWDWHLOQRVWURVLWRZHESHU
5LFHYHUHFRQVLJOLG
XVRVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOL
DQRPDOLHRWWHQHUHLQIRUPD]LRQLVXOO
DVVLVWHQ]D
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
5HJLVWUDUHLOYRVWURSURGRWWRHULFHYHUHXQVHUYL]LRPLJOLRUH
ZZZUHJLVWHUHOHFWUROX[FRP
$FTXLVWDUHDFFHVVRULPDWHULDOLGLFRQVXPRHULFDPELRULJLQDOLSHUODYRVWUD
DSSDUHFFKLDWXUD
ZZZHOHFWUROX[FRPVKRS
6(59,=,2&/,(17,(0$187(1=,21(
&RQVLJOLDPRVHPSUHOಬLPSLHJRGLULFDPELRULJLQDOL
4XDQGRVLFRQWDWWDLO&HQWURGL$VVLVWHQ]DDXWRUL]]DWRDFFHUWDUVLGLGLVSRUUHGHL
VHJXHQWLGDWL0RGHOORQXPHURGHOO
DSSDUHFFKLR31&QXPHURGLVHULH
/HLQIRUPD]LRQLVLWURYDQRVXOODWDUJKHWWDGLLGHQWLILFD]LRQH
$YYHUWHQ]D$WWHQ]LRQH,PSRUWDQWL,QIRUPD]LRQLSHUODVLFXUH]]D
,QIRUPD]LRQLHVXJJHULPHQWLJHQHUDOL
,QIRUPD]LRQLVXOO
DPELHQWH
&RQULVHUYDGLPRGLILFKH
,1)250$=,21,',6,&85(==$
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLIRUQLWHSULPDGL
LQVWDOODUHHXWLOL]]DUHO
DSSDUHFFKLDWXUD,SURGXWWRULQRQ
,7$/,$12
VRQRUHVSRQVDELOLGLHYHQWXDOLOHVLRQLRGDQQLGHULYDQWL
GDXQ
LQVWDOOD]LRQHRXQXVRVFRUUHWWL&RQVHUYDUH
VHPSUHOHLVWUX]LRQLLQXQOXRJRVLFXURHDFFHVVLELOHSHU
SRWHUOHFRQVXOWDUHLQIXWXUR
6LFXUH]]DGHLEDPELQLHGHOOHSHUVRQH
YXOQHUDELOL
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQL
DSDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢
ILVLFKHVHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]DR
FRQRVFHQ]DVXOO
XVRGHOO
DSSDUHFFKLDWXUDVRODPHQWH
VHVRUYHJOLDWLRVHLVWUXLWLUHODWLYDPHQWHDOO
XVR
GHOO
DSSDUHFFKLDWXUDHVHKDQQRFRPSUHVRLULVFKL
FRLQYROWL
,EDPELQLGLHW¢FRPSUHVDIUDLHJOLDQQLHOH
SHUVRQHFRQGLVDELOLW¢GLIIXVHHFRPSOHVVHYDQQR
WHQXWLORQWDQLDPHQRFKHQRQYLVLDXQDVXSHUYLVLRQH
FRQWLQXD
7HQHUHORQWDQLLEDPELQLDOGLVRWWRGHLDQQLVHQRQ
FRVWDQWHPHQWHVXSHUYLVLRQDWL
1RQFRQVHQWLUHDLEDPELQLGLJLRFDUHFRQ
O
DSSDUHFFKLDWXUD
7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQ
PRGRDGHJXDWR
7HQHUHLEDPELQLHJOLDQLPDOLGRPHVWLFLORQWDQR
GDOO
DSSDUHFFKLDWXUDGXUDQWHLOIXQ]LRQDPHQWRR
UDIIUHGGDPHQWR/HSDUWLDFFHVVLELOLVRQR
LQFDQGHVFHQWL
6HO
DSSDUHFFKLDWXUDKDXQGLVSRVLWLYRGLVLFXUH]]DSHU
LEDPELQLVDU¢RSSRUWXQRDWWLYDUOR
,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH
PDQXWHQ]LRQHVXOO
DSSDUHFFKLDWXUDVHQ]DHVVHUH
VXSHUYLVLRQDWL
ZZZHOHFWUROX[FRP
$YYHUWHQ]HGLVLFXUH]]DJHQHUDOL
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
$99(57(1=$/
DSSDUHFFKLDWXUDHOHSDUWLDFFHVVLELOL
VLULVFDOGDQRPROWRGXUDQWHO
XVR$EELDWHFXUDGLQRQ
WRFFDUHJOLHOHPHQWLULVFDOGDQWL
1RQXWLOL]]DUHXQWLPHUHVWHUQRRXQVLVWHPDGL
FRQWUROORUHPRWRGLVWLQWRSHUPHWWHUHLQIXQ]LRQH
O
DSSDUHFFKLDWXUD
$99(57(1=$1RQODVFLDUHPDLLOSLDQRGLFRWWXUD
LQFXVWRGLWRGXUDQWHODSUHSDUD]LRQHGLFLELLQTXDQWR
ROLRHJUDVVLSRWUHEEHURSURYRFDUHXQLQFHQGLR
1RQWHQWDUH0$,GLVSHJQHUHXQLQFHQGLRFRQ
GHOO
DFTXDVSHJQHUHO
DSSDUHFFKLDWXUDHFRSULUHOH
ILDPPHDGHVFRQXQFRSHUFKLRRXQDFRSHUWDGL
SURWH]LRQHGDOIXRFR
$77(1=,21(,OSURFHVVRGLFRWWXUDGHYHHVVHUH
VRUYHJOLDWR8QEUHYHSURFHVVRGLFRWWXUDGHYHHVVHUH
VXSHUYLVLRQDWRVHQ]DVROX]LRQHGLFRQWLQXLW¢
$99(57(1=$3HULFRORGLLQFHQGLR1RQFRQVHUYDUH
QXOODVXOOHVXSHUILFLGLFRWWXUD
2JJHWWLPHWDOOLFLTXDOLFROWHOOLIRUFKHWWHFXFFKLDLH
FRSHUFKLQRQGRYUHEEHURHVVHUHSRVWLVXOODVXSHUILFLH
GHOSLDQRGLFRWWXUDLQTXDQWRSRVVRQRGLYHQWDUHFDOGL
1RQXVDUHXQDSXOLWULFHDYDSRUHSHUSXOLUH
O
DSSDUHFFKLDWXUD
'RSRO
XVRVSHJQHUHO
HOHPHQWRXWLOL]]DWRPHGLDQWHOD
FRUULVSRQGHQWHPDQRSRODVHQ]DFRQVLGHUDUHTXDQWR
LQGLFDWRGDOULOHYDWRUHGLXWHQVLOL
6HODVXSHUILFLHGLYHWURFHUDPLFDYHWURSUHVHQWDGHOOH
FUHSHVSHJQHUHO
DSSDUHFFKLDWXUDHVFROOHJDUODGDOOD
SUHVDGLFRUUHQWH4XDORUDO
DSSDUHFFKLDWXUDVLD
FROOHJDWDGLUHWWDPHQWHDOODFRUUHQWHPHGLDQWHXQD
VFDWRODGLGHULYD]LRQHWRJOLHUHLOIXVLELONHSHU
VFROOHJDUORGDOO
DOLPHQWD]LRQH,QYLWLDPRLQHQWUDPELL
FDVLDFRQWDWWDUHLO&HQWUR6HUYL]L$XWRUL]]DWR
6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYH
HVVHUHVRVWLWXLWRGDOSURGXWWRUHGDXQWHFQLFR
,7$/,$12
ವ
DXWRUL]]DWRRGDXQDSHUVRQDTXDOLILFDWDSHUHYLWDUH
VLWXD]LRQLGLSHULFROR
$99(57(1=$6HUYLUVLXQLFDPHQWHGLSURWH]LRQLSHULO
SLDQRFRWWXUDSURJHWWDWHGDOSURGXWWRUH
GHOO
DSSDUHFFKLDWXUDRLQGLFDWHGDOORVWHVVRQHOOH
LVWUX]LRQLG
XVRDGHVHPSLRDFFHVVRULLGRQHLROH
SURWH]LRQLGHOSLDQRFRWWXUDLQFRUSRUDWH
QHOO
DSSDUHFFKLDWXUD/
XVRLQDGHJXDWRGHOOHSURWH]LRQL
SX´FDXVDUHLQFLGHQWL
,6758=,21,',6,&85(==$
,QVWDOOD]LRQH
$99(57(1=$
/ಬLQVWDOOD]LRQH
GHOO
DSSDUHFFKLDWXUDGHYH
HVVHUHHVHJXLWDGD
SHUVRQDOHTXDOLILFDWR
ವ
ವ
$99(57(1=$
9LªLOULVFKLRGLIHULUVLR
GDQQHJJLDUH
O
DSSDUHFFKLDWXUD
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
5LPXRYHUHWXWWLLPDWHULDOLGL
LPEDOODJJLR
1RQLQVWDOODUHRXWLOL]]DUH
O
DSSDUHFFKLDWXUDVHªGDQQHJJLDWD
$WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH
DOO
DSSDUHFFKLDWXUD
ŠQHFHVVDULRULVSHWWDUHODGLVWDQ]D
PLQLPDGDOOHDOWUHDSSDUHFFKLDWXUH
3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL
VSRVWDPHQWRGHOO
DSSDUHFFKLDWXUD
GDWRFKHªSHVDQWH8VDUHVHPSUHL
JXDQWLGLVLFXUH]]DHOHFDO]DWXUH
DGHJXDWH
3URWHJJHUHOHVXSHUILFLGLWDJOLRFRQ
XQPDWHULDOHGLWHQXWDSHUHYLWDUHFKH
O
XPLGLW¢FDXVLGHLULJRQILDPHQWL
3URWHJJHUHODEDVH
GHOO
DSSDUHFFKLDWXUDGDYDSRUHH
XPLGLW¢
1RQLQVWDOODUHO
DSSDUHFFKLDWXUD
DFFDQWRDGXQDSRUWDRVRWWRXQD
ILQHVWUDSHUHYLWDUHFKHSHQWROHFDOGH
FDGDQRGDOO
DSSDUHFFKLDWXUDTXDQGR
ODSRUWDRODILQHVWUDVRQRDSHUWH
ವ
2JQLDSSDUHFFKLDWXUDGLVSRQHGL
YHQWROHGLUDIIUHGGDPHQWRVXOODSDUWH
LQIHULRUH
6HO
DSSDUHFFKLDWXUDYLHQHLQVWDOODWD
VRSUDDXQFDVVHWWR
ದ 1RQWHQHUHRJJHWWLGLSLFFROH
GLPHQVLRQLRIRJOLGLFDUWDFKH
SRWUHEEHURHVVHUHDVSLUDWLGDWR
FKHSRVVRQRGDQQHJJLDUHOH
YHQWROHGLUDIIUHGGDPHQWRR
JXDVWDUHLOIXQ]LRQDPHQWRGHO
VLVWHPDGLUDIIUHGGDPHQWR
ದ 0DQWHQHUHXQDGLVWDQ]DGL
DOPHQRFPIUDODSDUWHLQIHULRUH
GHOO
DSSDUHFFKLDWXUDHOH
FRPSRQHQWLFRQVHUYDWHQHO
FDVVHWWR
7RJOLHUHJOLHYHQWXDOLSDQQHOOL
VHSDUDWRULLQVWDOODWLQHOPRELOHWWRVRWWR
DOO
DSSDUHFFKLDWXUD
&ROOHJDPHQWRHOHWWULFR
$99(57(1=$
5LVFKLRGLLQFHQGLRHVFRVVD
HOHWWULFD
ವ
ವ
ವ
ವ
7XWWLLFROOHJDPHQWLHOHWWULFLGHYRQR
HVVHUHUHDOL]]DWLGDXQHOHWWULFLVWD
TXDOLILFDWR
/
DSSDUHFFKLDWXUDGHYHGLVSRUUHGL
XQDPHVVDDWHUUD
3ULPDGLTXDOVLDVLLQWHUYHQWRª
QHFHVVDULRYHULILFDUHFKH
O
DSSDUHFFKLDWXUDVLDVFROOHJDWDGDOOD
UHWHHOHWWULFD
9HULILFDUHFKHLSDUDPHWULVXOOD
WDUJKHWWDVLDQRFRPSDWLELOLFRQOH
ZZZHOHFWUROX[FRP
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
LQGLFD]LRQLHOHWWULFKH
GHOO
DOLPHQWD]LRQH
9HULILFDUHFKHO
DSSDUHFFKLDWXUDVLD
LQVWDOODWDFRUUHWWDPHQWH
/
DOOHQWDPHQWRGLXQFROOHJDPHQWR
HOHWWULFRRGLXQDVSLQDRYHSUHYLVWL
SX´SURYRFDUHLOVXUULVFDOGDPHQWRGHO
WHUPLQDOH
8WLOL]]DUHLOFDYRGLDOLPHQWD]LRQH
DSSURSULDWR
(YLWDUHFKHLFROOHJDPHQWLHOHWWULFLVL
DJJURYLJOLQR
$VVLFXUDUVLFKHODSURWH]LRQHGD
VFRVVHHOHWWULFKHVLDLQVWDOODWD
8WLOL]]DUHLOPRUVHWWRIHUPDFDYRVXO
FDYR
$VVLFXUDUVLFKHLOFDYRGL
DOLPHQWD]LRQHRODVSLQDRYH
SUHYLVWDQRQVILRULO
DSSDUHFFKLDWXUD
FDOGDRSHQWROHFDOGHTXDQGRVL
FROOHJDO
DSSDUHFFKLDWXUDDOOHSUHVH
YLFLQH
1RQXWLOL]]DUHSUHVHPXOWLSOHH
SUROXQJKH
$FFHUWDUVLGLQRQGDQQHJJLDUHOD
VSLQDRLOFDYRRYHSUHYLVWL
&RQWDWWDUHLOQRVWUR&HQWUR$VVLVWHQ]D
DXWRUL]]DWRRXQHOHWWULFLVWDTXDOLILFDWR
SHUVRVWLWXLUHXQFDYRGDQQHJJLDWR
,GLVSRVLWLYLGLSURWH]LRQHGDVFRVVH
HOHWWULFKHGHYRQRHVVHUHILVVDWLLQ
PRGRWDOHGDQRQSRWHUHVVHUH
GLVDWWLYDWLVHQ]DO
XVRGLDWWUH]]L
,QVHULUHODVSLQDGLDOLPHQWD]LRQHQHOOD
SUHVDVRORDOWHUPLQH
GHOO
LQVWDOOD]LRQH9HULILFDUHFKHOD
VSLQDGLDOLPHQWD]LRQHULPDQJD
DFFHVVLELOHGRSRO
LQVWDOOD]LRQH
1HOFDVRLQFXLODVSLQDGLFRUUHQWHVLD
DOOHQWDWDQRQFROOHJDUODDOODSUHVD
1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHU
VFROOHJDUHOಬDSSDUHFFKLDWXUD7LUDUH
VHPSUHGDOODVSLQD
6HUYLUVLXQLFDPHQWHGLGLVSRVLWLYLGL
LVRODPHQWRDGHJXDWLLQWHUUXWWRUL
DXWRPDWLFLIXVLELOLTXHOOLDWDSSR
GHYRQRHVVHUHULPRVVLGDO
SRUWDIXVLELOHVJDQFLDWRULSHUFRUUHQWL
GLJXDVWRDWHUUDHUHOª
/
LPSLDQWRHOHWWULFRGHYHHVVHUH
GRWDWRGLXQGLVSRVLWLYRGLLVRODPHQWR
FKHFRQVHQWDGLVFROOHJDUH
O
DSSDUHFFKLDWXUDGDOODSUHVDGL
FRUUHQWHDWXWWLLSROL,OGLVSRVLWLYRGL
LVRODPHQWRGHYHDYHUHXQDODUJKH]]D
GHOO
DSHUWXUDGLFRQWDWWRQRQLQIHULRUH
DLPP
8WLOL]]R
$99(57(1=$
5LVFKLRGLOHVLRQLXVWLRQLR
VFRVVHHOHWWULFKH
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
5LPXRYHUHWXWWLLPDWHULDOLGL
LPEDOODJJLROHHWLFKHWWHHODSHOOLFROD
SURWHWWLYDRYHSUHVHQWHSULPDGHO
SULPRXWLOL]]R
4XHVWDDSSDUHFFKLDWXUDªVWDWD
SUHYLVWDXQLFDPHQWHSHUXQXVR
GRPHVWLFR
1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH
GHOO
DSSDUHFFKLDWXUD
$FFHUWDUVLFKHOHIHVVXUHGL
YHQWLOD]LRQHQRQVLDQRRVWUXLWH
1RQODVFLDUHPDLO
DSSDUHFFKLDWXUD
LQFXVWRGLWDGXUDQWHLOIXQ]LRQDPHQWR
,PSRVWDUHOD]RQDGLFRWWXUDVXRII
GRSRRJQLXWLOL]]R
1RQIDUHDIILGDPHQWRVXOULOHYDWRUHGL
SHQWROH
1RQDSSRJJLDUHSRVDWHRFRSHUFKL
VXOOH]RQHGLFRWWXUD3RVVRQR
GLYHQWDUHURYHQWL
1RQPHWWHUHLQIXQ]LRQH
O
DSSDUHFFKLDWXUDFRQOHPDQLXPLGHR
TXDQGRF
ªXQFRQWDWWRFRQO
DFTXD
1RQXWLOL]]DUHO
DSSDUHFFKLDWXUDFRPH
VXSHUILFLHGLODYRURRFRPHSLDQRGL
DSSRJJLR
6HODVXSHUILFLHGHOO
DSSDUHFFKLDWXUD
SUHVHQWDGHOOHLQFULQDWXUHVFROOHJDUH
LPPHGLDWDPHQWHO
DSSDUHFFKLDWXUD
GDOO
DOLPHQWD]LRQHSHUHYLWDUHVFRVVH
HOHWWULFKH
,SRUWDWRULGLSDFHPDNHUGHYRQR
PDQWHQHUHXQDGLVWDQ]DGLDOPHQR
FPGDOOH]RQHGLFRWWXUDDLQGX]LRQH
TXDQGRO
DSSDUHFFKLDWXUDªLQ
IXQ]LRQH
8QDOLPHQWRLPPHUVRQHOO
ROLRPROWR
FDOGRSX´SURYRFDUHGHJOLVFKL]]L
$99(57(1=$
3HULFRORGLLQFHQGLRHG
HVSORVLRQL
ವ
*UDVVLHROLRFDOGLSRVVRQRULODVFLDUH
YDSRULLQILDPPDELOL0DQWHQHUH
ILDPPHRRJJHWWLFDOGLORQWDQLGD
,7$/,$12
ವ
ವ
ವ
JUDVVLHROLRTXDQGROLVLXWLOL]]DSHU
FXFLQDUH
,YDSRULULODVFLDWLGDXQROLRPROWR
FDOGRSRVVRQRSURYRFDUHXQD
FRPEXVWLRQHVSRQWDQHD
/
ROLRXVDWRFKHSX´FRQWHQHUH
UHVLGXLGLFLERSX´OLEHUDUHGHOOH
ILDPPHDGXQDWHPSHUDWXUDLQIHULRUH
ULVSHWWRDGXQROLRXWLOL]]DWRSHUOD
SULPDYROWD
1RQDSSRJJLDUHRWHQHUHOLTXLGLR
PDWHULDOLLQILDPPDELOLQ«RJJHWWL
IDFLOPHQWHLQFHQGLDELOL
VXOO
DSSDUHFFKLDWXUDDOVXRLQWHUQRR
QHOOHLPPHGLDWHYLFLQDQ]H
0DQXWHQ]LRQHHSXOL]LD
ವ
ವ
ವ
ವ
ವ
$99(57(1=$
9LªLOULVFKLRGLGDQQHJJLDUH
O
DSSDUHFFKLDWXUD
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
1RQSRJJLDUHSHQWROHFDOGHVXO
SDQQHOORGHLFRPDQGL
1RQPHWWHUHFRSHUFKLFDOGLVXOOD
VXSHUILFLHLQYHWURGHOSLDQRFRWWXUD
1RQHVSRUUHDOFDORUHSHQWROHYXRWH
)DUHDWWHQ]LRQHDQRQODVFLDUFDGHUH
RJJHWWLRSHQWROHVXOO
DSSDUHFFKLDWXUD
/DVXSHUILFLHVLSRWUHEEH
GDQQHJJLDUH
1RQPHWWHUHLQIXQ]LRQHOH]RQHGL
FRWWXUDLQDVVHQ]DGLSHQWROHRFRQ
SHQWROHYXRWH
1RQDSSRJJLDUHODSHOOLFRODGL
DOOXPLQLRGLUHWWDPHQWH
VXOO
DSSDUHFFKLDWXUD
/RVSRVWDPHQWRGLSHQWROHLQJKLVDLQ
DOOXPLQLRRFRQIRQGLGDQQHJJLDWLSX´
JUDIILDUHLOYHWURRODYHWURFHUDPLFD
3HUVSRVWDUHTXHVWLRJJHWWLVROOHYDUOL
VHPSUHGDOODVXSHUILFLHGLFRWWXUD
/
DSSDUHFFKLDWXUDªGHVWLQDWDVROR
DOODFRWWXUD1RQGHYHHVVHUH
XWLOL]]DWDSHUDOWULVFRSLFRPHSHU
HVHPSLRLOULVFDOGDPHQWRGLXQ
DPELHQWH
3XOLUHUHJRODUPHQWHO
DSSDUHFFKLDWXUD
SHUHYLWDUHLOGHWHULRUDPHQWRGHL
PDWHULDOLFKHFRPSRQJRQROD
VXSHUILFLH
'LVDWWLYDUHO
DSSDUHFFKLDWXUDH
ODVFLDUODUDIIUHGGDUHSULPDGL
SURFHGHUHFRQODSXOL]LD
6FROOHJDUHOಬDSSDUHFFKLDWXUDGDOOD
UHWHHOHWWULFDSULPDGLHVHJXLUHOH
RSHUD]LRQLGLPDQXWHQ]LRQH
1RQQHEXOL]]DUHDFTXDQ«XWLOL]]DUH
YDSRUHSHUSXOLUHO
DSSDUHFFKLDWXUD
3XOLUHO
DSSDUHFFKLDWXUDFRQXQSDQQR
LQXPLGLWRHPRUELGR8WLOL]]DUHVROR
GHWHUJHQWLQHXWUL1RQXVDUHSURGRWWL
DEUDVLYLVSXJQHWWHDEUDVLYHVROYHQWL
RGRJJHWWLPHWDOOLFL
$VVLVWHQ]D7HFQLFD
ವ
ವ
3HUULSDUDUHO
DSSDUHFFKLDWXUD
FRQWDWWDUHLO&HQWURGL$VVLVWHQ]D
$XWRUL]]DWR
8WLOL]]DUHHVFOXVLYDPHQWHULFDPEL
RULJLQDOL
6PDOWLPHQWR
$99(57(1=$
5LVFKLRGLOHVLRQLR
VRIIRFDPHQWR
ವ
ವ
ವ
5LYROJHUVLDOO
DXWRULW¢PXQLFLSDOHSHU
LQIRUPD]LRQLVXFRPHVPDOWLUH
FRUUHWWDPHQWHO
HOHWWURGRPHVWLFR
6WDFFDUHODVSLQDGDOO
DOLPHQWD]LRQH
HOHWWULFD
7DJOLDUHLOFDYRHOHWWULFR
GHOO
DSSDUHFFKLDWXUDHVPDOWLUOR
,167$//$=,21(
$99(57(1=$
)DUHULIHULPHQWRDLFDSLWROL
VXOODVLFXUH]]D
3ULPDGHOO
LQVWDOOD]LRQH
3ULPDGLLQVWDOODUHLOSLDQRGLFRWWXUD
DQQRWDUHO
LQIRUPD]LRQHULSRUWDWDGL
VHJXLWRSUHVHQWHVXOODWDUJKHWWDGHLGDWL
/DWDUJKHWWDGHLGDWLªDSSOLFDWDVXOODWR
LQIHULRUHGHOSLDQRGLFRWWXUD
ZZZHOHFWUROX[FRP
1XPHURGL
VHULH
0RQWDJJLR
3LDQLGLFRWWXUDGDLQFDVVR
8WLOL]]DUHHVFOXVLYDPHQWHSLDQLGLFRWWXUD
GDLQFDVVRVRORGRSRO
LQVWDOOD]LRQHLQ
LGRQHLSLDQLGLODYRURHPRELOLGDLQFDVVR
FRQIRUPLDOOHQRUPH
1HOFRUVRGHOO
LQVWDOOD]LRQHLQSUHVHQ]DGL
PDWHULDOHFRPEXVWLELOHRVVHUYDUH
VFUXSRORVDPHQWHOHQRUPDWLYH1,16(9
HOHLQGLFD]LRQLDQWLQFHQGLR
GHOO
$VVRFLD]LRQHGHJOLLVWLWXWLFDQWRQDOLGL
DVVLFXUD]LRQHDQWLQFHQGLR
min.
500mm
min.
50mm
&DYRGLFROOHJDPHQWR
ವ
ವ
,OSLDQRGLFRWWXUDªIRUQLWRFRQXQ
FDYRGLFROOHJDPHQWR
3HUVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH
GDQQHJJLDWRXVDUHTXHVWRWLSRGL
FDYR+99)FKHVXSSRUWDXQD
WHPSHUDWXUDGLr&RVXSHULRUH
&RQWDWWDUHLO&HQWURGL$VVLVWHQ]D
ORFDOH
&ROOHJDPHQWRHOHWWULFR
,QVWDOODUHLOSLDQRGLFRWWXUDFRQXQFDYR
GLDOLPHQWD]LRQHFRQFRQQHWWRUH6HQRQ
F
ªXQFDYRGLDOLPHQWD]LRQHFRQ
FRQQHWWRUHQHOOಬLQVWDOOD]LRQHGRPHVWLFD
ILVVDGHYHHVVHUHSUHYLVWRXQGLVSRVLWLYR
GLVHSDUD]LRQHFRQXQಬDSHUWXUDGL
FRQWDWWRGLPLQLPRPPFKHVHSDUL
FRQWHPSRUDQHDPHQWHOಬDSSDUHFFKLDWXUD
HWXWWLLSROLGDOODUHWHFRPHSUHYLVWR
GDOODQRUPD1,16(9
6HO
DSSDUHFFKLDWXUDYLHQH
LQVWDOODWDVRSUDDXQ
FDVVHWWRODYHQWLOD]LRQHGHO
SLDQRFRWWXUDULVFDOGDJOL
DUWLFROLDOO
LQWHUQRGHO
FDVVHWWRGXUDQWHLOSURFHVVR
GLFRWWXUD
,7$/,$12
'(6&5,=,21('(/352'2772
'LVSRVL]LRQHGHOODVXSHUILFLHGLFRWWXUD
1
=RQDGLFRWWXUDDLQGX]LRQH
3DQQHOORGHLFRPDQGL
1
3HULQIRUPD]LRQLGHWWDJOLDWH
VXOOHGLPHQVLRQLGHOOH]RQH
GLFRWWXUDULPDQGLDPRD'DWL
WHFQLFL
1
1
2
'LVSRVL]LRQHGHOSDQQHOORGHLFRPDQGL
1 2
3
4
5
12
6
7
11
10
8
9
8WLOL]]DUHLWDVWLVHQVRUHSHUPHWWHUHLQIXQ]LRQHO
DSSDUHFFKLDWXUD,GLVSOD\JOL
LQGLFDWRULHGLVHJQDOLDFXVWLFLPRVWUDQRTXDOLIXQ]LRQLVRQRDWWLYH
7DVWR
VHQ഻
VRUH
)XQ]LRQH
&RPPHQWR
212))
3HUDWWLYDUHHGLVDWWLYDUHLOSLDQRGLFRWWXಣ
UD
%ORFFR'LVSRVLWLYRGL6Lಣ 3HUEORFFDUHVEORFFDUHLOSDQQHOORGHLFRಣ
FXUH]]DEDPELQL
PDQGL
6HQVH%RLOp
3HUDWWLYDUHHGLVDWWLYDUHODIXQ]LRQH
/HVSLHVRSUDDOVLPERORPRVWUDQRO
DYDQಣ
]DPHQWRGHOODIXQ]LRQH
,QWHUURPSL
3HUDWWLYDUHHGLVDWWLYDUHODIXQ]LRQH
'LVSOD\OLYHOORGLSRWHQ]D
3HUPRVWUDUHLOOLYHOORGLSRWHQ]D
6SLHGHOWLPHUGHOOH]RQH
GLFRWWXUD
,QGLFDSHUTXDOH]RQDªLPSRVWDWRLOWHPಣ
SR
ZZZHOHFWUROX[FRP
7DVWR
VHQ഻
VRUH
)XQ]LRQH
&RPPHQWR
'LVSOD\WLPHU
,QGLFDLOWHPSRLQPLQXWL
+REt+RRG
3HUDWWLYDUHHGLVDWWLYDUHODPRGDOLW¢PDಣ
QXDOHGHOODIXQ]LRQH
3HUVHOH]LRQDUHOD]RQDGLFRWWXUD
3HUDXPHQWDUHRULGXUUHLOWHPSR
3RZHU%RRVW
3HUDWWLYDUHODIXQ]LRQH
%DUUDGHLFRPDQGL
3HULPSRVWDUHXQOLYHOORGLSRWHQ]D
'LVSOD\GHOOLYHOORGLSRWHQ]D
'LVSOD\
'HVFUL]LRQH
/D]RQDGLFRWWXUDªGLVDWWLYDWD
/D]RQDGLFRWWXUDªLQIXQ]LRQH
,QWHUURPSLªDWWLYD
6HQVH%RLOpªDWWLYD
3UHULVFDOGDPHQWRDXWRPDWLFRªDWWLYD
3RZHU%RRVWªDWWLYD
QXPHUR
ŠSUHVHQWHXQPDOIXQ]LRQDPHQWR
2SWL+HDW&RQWUROLQGLFDWRUHGLFDORUHUHVLGXRVXOLYHOOLSURVHಣ
JXLUHODFRWWXUDWHQHUHLQFDOGRFDORUHUHVLGXR
%ORFFR'LVSRVLWLYRGL6LFXUH]]DEDPELQLªDWWLYD
3HQWRODQRQDGHJXDWDRWURSSRSLFFRODRSSXUHPDQFDODSHQWROD
VXOOD]RQDGLFRWWXUD
6SHJQLPHQWRDXWRPDWLFRªDWWLYD
,7$/,$12
2SWL+HDW&RQWUROLQGLFDWRUH
GLFDORUHUHVLGXRVXOLYHOOL
$99(57(1=$
,OFDORUHUHVLGXR
SX´HVVHUHFDXVDGLXVWLRQL
*OLLQGLFDWRULPRVWUDQRLO
OLYHOORGHOFDORUHUHVLGXRSHU
OH]RQHFRWWXUDDWWXDOPHQWH
LQXVR/HVSLHVLSRWUHEEHUR
DFFHQGHUHDQFKHSHUOH
]RQHFRWWXUDYLFLQHDQFKH
VHQRQVRQRLQXVR
/H]RQHGLFRWWXUDDLQGX]LRQHJHQHUDQR
LOFDORUHULFKLHVWRSHUODFRWWXUD
GLUHWWDPHQWHVXOIRQGRGHOODSHQWROD,O
SLDQRLQYHWURFHUDPLFDYLHQH
OHJJHUPHQWHULVFDOGDWRGDOFDORUHUHVLGXR
GHOOHSHQWROH
87,/,==24827,',$12
$99(57(1=$
)DUHULIHULPHQWRDLFDSLWROL
VXOODVLFXUH]]D
$WWLYD]LRQHHGLVDWWLYD]LRQH
6ILRUDUH SHUVHFRQGRSHUDFFHQGHUH
RVSHJQHUHLOSLDQRGLFRWWXUD
6SHJQLPHQWRDXWRPDWLFR
OLYHOORGLSRWHQ]D'RSRXQWHPSR
SUHVWDELOLWRVLDFFHQGH HLOSLDQRGL
FRWWXUDVLVSHJQH
5DSSRUWRWUDOLYHOORGLSRWHQ]DHLO
WHPSRWUDVFRUVRLOTXDOHVLVSHJQHLO
SLDQRGLFRWWXUD
/LYHOORGLSRWHQ]D ,OSLDQRGLFRWWXUD
VLGLVDWWLYDGRSR
RUH
/DIXQ]LRQHVSHJQHDXWRPDWLFDPHQWH
LOSLDQRGLFRWWXUDVH
RUH
ವ
RUH
RUD
ವ
ವ
ವ
ವ
ವ
WXWWHOH]RQHGLFRWWXUDVRQR
GLVDWWLYDWH
QRQªVWDWRLPSRVWDWRLOOLYHOORGL
SRWHQ]DGRSRO
DFFHQVLRQHGHOSLDQR
GLFRWWXUD
ªVWDWRYHUVDWRTXDOFRVDRDSSRJJLDWR
XQRJJHWWRVXOSDQQHOORGHLFRPDQGL
SHUSL»GLVHFRQGLXQWHJDPHXQR
VWUDFFLRHFF9LHQHHPHVVRXQ
VHJQDOHDFXVWLFRHLOSLDQRGLFRWWXUD
VLGLVDWWLYD5LPXRYHUHO
RJJHWWRR
SXOLUHLOSDQQHOORGHLFRPDQGL
,OSLDQRGLFRWWXUDªVXUULVFDOGDWRSHU
HVVHVLHVDXULVFHO
DFTXDLQ
HEROOL]LRQHQHOODSHQWROD/DVFLDUH
UDIIUHGGDUHOD]RQDGLFRWWXUDSULPDGL
XWLOL]]DUHQXRYDPHQWHLOSLDQRGL
FRWWXUD
ªVWDWDXWLOL]]DWDXQDSHQWRODQRQ
LGRQHD,OVLPEROR VLDFFHQGHHOD
]RQDGLFRWWXUDVLVSHJQH
DXWRPDWLFDPHQWHGRSRPLQXWL
QRQªVWDWDVSHQWDXQD]RQDGL
FRWWXUDRQRQªVWDWRPRGLILFDWRLO
/LYHOORGLSRWHQ]D
3HULPSRVWDUHRPRGLILFDUHLOOLYHOORGL
SRWHQ]D
6ILRUDUHODEDUUDGLFRQWUROORSHU
LPSRVWDUHLOOLYHOORGLSRWHQ]DFRUUHWWRR
VSRVWDUHLOGLWROXQJRODEDUUDGLFRQWUROOR
ILQRDUDJJLXQJHUHLOOLYHOORQHFHVVDULR
P
ZZZHOHFWUROX[FRP
6HQVH%RLOp
/DIXQ]LRQHUHJRODDXWRPDWLFDPHQWHOD
WHPSHUDWXUDGHOO
DFTXDLQPRGRFKHQRQ
YDGDLQHEROOL]LRQHLQPRGRHFFHVVLYR
TXDQGRUDJJLXQJHLOSXQWRGLHEROOL]LRQH
4XDORUDYLVLDFDORUHUHVLGXR
VXOOD]RQD
FRWWXUDFKHVLGHVLGHUD
XVDUHYLHQHHPHVVRXQ
VHJQDOHDFXVWLFRHOD
IXQ]LRQHQRQVLDYYLD
6ILRUDUH
FRWWXUD
6ILRUDUH
SHUDWWLYDUHLOSLDQR
SHUDWWLYDUHODIXQ]LRQH
&RPSDUHXQ ODPSHJJLDPHQWRSHUOH
]RQHGLFRWWXUDVXOOHTXDOLªDWWXDOPHQWH
SRVVLELOHXVDUHODIXQ]LRQH
7RFFDUHODEDUUDGHLFRPDQGLGL
TXDOVLDVLGHOOH]RQHFRWWXUD
GLVSRQLELOLSHUOHTXDOLVLGHVLGHUD
DWWLYDUHODIXQ]LRQHIUDLPSRVWD]LRQH
GLFDORUHH
/DIXQ]LRQHVLDYYLD
4XDORUDQRQYHQJDVFHOWDXQD]RQD
FRWWXUDHQWURVHFRQGLODIXQ]LRQHQRQ
VLDWWLYD
4XDQGRODIXQ]LRQHVLDYYLD
OHVSLHVRSUDDOVLPEROR
VLDFFHQGRQRXQDGRSR
O
DOWUDILQRDFKHO
DFTXDQRQ
UDJJLXQJHLOSXQWRGL
HEROOL]LRQH
4XDQGRODIXQ]LRQHULOHYDLOSXQWRGL
HEROOL]LRQHLOSLDQRFRWWXUDHPHWWHXQ
VHJQDOHDFXVWLFRHLOOLYHOORGLFDORUH
SDVVDDXWRPDWLFDPHQWHD
6HWXWWHOH]RQHFRWWXUDVRQR
JL¢LQXVRRVHF
ªGHOFDORUH
UHVLGXRVXWXWWHLOSLDQR
FRWWXUDHPHWWHXQELSOHVSLH
VRSUDD ODPSHJJLDQROH
ODIXQ]LRQHQRQVLDYYLD
3HUGLVDWWLYDUHODIXQ]LRQHWRFFDUH
ODIXQ]LRQHVLGLVDWWLYDHO
LPSRVWD]LRQH
GLFDORUHVFHQGHDRSSXUHWRFFDUHOD
EDUUDGLFRQWUROORHUHJRODUHLOOLYHOORGL
FDORUHPDQXDOPHQWH
/DIXQ]LRQH,QWHUURPSLHLO
VROOHYDPHQWRGHOODSHQWROD
GLVDWWLYDQRODIXQ]LRQH
6HQVH%RLOp
8WLOL]]RGHOOH]RQHGLFRWWXUD
3RVL]LRQDUHOHSHQWROHDOFHQWURGHOOD
]RQDVHOH]LRQDWD/H]RQHGLFRWWXUDD
LQGX]LRQHVLDGDWWDQRDXWRPDWLFDPHQWH
DOOHGLPHQVLRQLGHOIRQGRGHOODSHQWROD
3UHULVFDOGDPHQWR
DXWRPDWLFR
$WWLYDUHTXHVWDIXQ]LRQHSHURWWHQHUH
XQ
LPSRVWD]LRQHGLFDORUHGHVLGHUDWDLQ
PHQRWHPSR4XDQGRªDFFHVDOD]RQD
IXQ]LRQDVXOO
LPSRVWD]LRQHSL»DOWD
DOO
LQL]LRHSRLFRQWLQXDDFXFLQDUHFRQ
O
LPSRVWD]LRQHGLFDORUHGHVLGHUDWD
3HUDWWLYDUHODIXQ]LRQHOD
]RQDGLFRWWXUDGHYHHVVHUH
IUHGGD
3HUDWWLYDUHODIXQ]LRQHSHUXQD]RQD
GLFRWWXUDVILRUDUH VLDFFHQGH
6HOH]LRQDUHLPPHGLDWDPHQWHLOOLYHOORGL
SRWHQ]DGHVLGHUDWR'RSRVHFRQGL
VLDFFHQGH
3HUGLVDWWLYDUHODIXQ]LRQHPRGLILFDUH
LOOLYHOORGLSRWHQ]D
3RZHU%RRVW
4XHVWDIXQ]LRQHDXPHQWDODSRWHQ]D
IRUQLWDDOOH]RQHGLFRWWXUDDLQGX]LRQH
4XHVWDIXQ]LRQHVLSX´DWWLYDUHSHUOD
]RQDGLFRWWXUDDLQGX]LRQHVROWDQWRSHU
XQLQWHUYDOORGLWHPSROLPLWDWR$OWHUPLQH
GLTXHVWRLQWHUYDOOROD]RQDGLFRWWXUDD
LQGX]LRQHSDVVDDXWRPDWLFDPHQWHDO
OLYHOORGLSRWHQ]DPDVVLPRLPSRVWDWR
)DUHULIHULPHQWRDOFDSLWROR
'DWLWHFQLFL
3HUDWWLYDUHODIXQ]LRQHSHUXQD]RQD
GLFRWWXUDVILRUDUH
VLDFFHQGH
3HUGLVDWWLYDUHODIXQ]LRQHPRGLILFDUH
LOOLYHOORGLSRWHQ]D
,7$/,$12
7LPHU
3HUDWWLYDUHODIXQ]LRQHVILRUDUH
7LPHUGHOFRQWRDOODURYHVFLD
4XHVWDIXQ]LRQHFRQVHQWHGLLPSRVWDUH
ODGXUDWDGLIXQ]LRQDPHQWRGHOOD]RQDGL
FRWWXUDSHUODSUHSDUD]LRQHGLXQD
SLHWDQ]D
WLPHU VLDFFHQGH4XDQGRODVSLD
GHOOD]RQDGLFRWWXUDODPSHJJLD
OHQWDPHQWHLQL]LDLOFRQWHJJLR,OGLVSOD\
SDVVDGD
GHO
DLPLQXWL
3HUFRQWUROODUHSHUTXDQWRWHPSR
IXQ]LRQDOD]RQDGLFRWWXUD
&RPHSULPDFRVDLPSRVWDUHLOOLYHOORGL
SRWHQ]DSHUOD]RQDGLFRWWXUDSRL
LPSRVWDUHODIXQ]LRQH
VHOH]LRQDUHOD]RQDGLFRWWXUDFRQ /D
VSLDGHOOD]RQDGLFRWWXUDFRPLQFLDD
ODPSHJJLDUHUDSLGDPHQWH,OGLVSOD\
PRVWUDSHUTXDQWRWHPSRªULPDVWDLQ
IXQ]LRQHOD]RQD
3HULPSRVWDUHOD]RQDGLFRWWXUD
VILRUDUHULSHWXWDPHQWH ILQFK«VL
DFFHQGHO
LQGLFDWRUHGHOOD]RQDGLFRWWXUD
GHVLGHUDWD
3HUGLVDWWLYDUHODIXQ]LRQHVHOH]LRQDUH
3HUDWWLYDUHODIXQ]LRQHVILRUDUHLOWDVWR
OD]RQDGLFRWWXUDFRQ
GHOWLPHUSHULPSRVWDUHLOWHPSR
PLQXWL4XDQGRODVSLDGHOOD]RQDGL
FRWWXUDODPSHJJLDSL»OHQWDPHQWHLO
WHPSRVFRUUHDULWURVR
/DVSLDGHOOD]RQDGLFRWWXUDVL
VSHJQH
HVILRUDUH
R
&RQWDPLQXWL
6LSX´XWLOL]]DUHTXHVWDIXQ]LRQHFRPH
&RQWDPLQXWLPHQWUHLOSLDQRGLFRWWXUDª
DWWLYRHOH]RQHGLFRWWXUDQRQVRQRLQ
IXQ]LRQH,OGLVSOD\GHOOLYHOORGLSRWHQ]D
3HUYLVXDOL]]DUHLOWHPSRUHVLGXR
VHOH]LRQDUHOD]RQDGLFRWWXUDFRQ /D
VSLDGHOOD]RQDGLFRWWXUDFRPLQFLDD
ODPSHJJLDUHUDSLGDPHQWH6XOGLVSOD\
FRPSDUHLOWHPSRUHVLGXR
YLVXDOL]]D
3HUPRGLILFDUHOൄRUDVHOH]LRQDUHOD
3HUDWWLYDUHODIXQ]LRQHVILRUDUH
]RQDGLFRWWXUDFRQ
6ILRUDUHLOWDVWR R GHOWLPHUSHU
VHOH]LRQDUHODGXUDWD$OORVFDGHUHGHO
WHPSRVWDELOLWRYLHQHHPHVVRXQ
VHJQDOHDFXVWLFRHODPSHJJLD
3UHPHUH
R
3HUGLVDWWLYDUHODIXQ]LRQHVHOH]LRQDUH
OD]RQDGLFRWWXUDFRQ HVILRUDUH ,O
WHPSRUHVWDQWHHVHJXHLOFRQWHJJLRILQRD
/
LQGLFDWRUHGHOOD]RQDFRWWXUDVL
VSHJQH
$OORVFDGHUHGHOWHPSR
VWDELOLWRYLHQHHPHVVRXQ
VHJQDOHDFXVWLFRH
ODPSHJJLD/D]RQDGL
FRWWXUDVLGLVDWWLYD
3HUDUUHVWDUHLOVHJQDOHDFXVWLFR
VILRUDUH
&RXQW8S7LPHU7LPHU
8WLOL]]DUHTXHVWDIXQ]LRQHSHUFRQWUROODUH
SHUTXDQWRWHPSRIXQ]LRQDOD]RQDGL
FRWWXUD
3HUDUUHVWDUHLOVHJQDOHDFXVWLFR
VILRUDUH
/DIXQ]LRQHQRQKDDOFXQ
HIIHWWRVXOIXQ]LRQDPHQWR
GHOOH]RQHGLFRWWXUD
,QWHUURPSL
/DIXQ]LRQHLPSRVWDWXWWHOH]RQHGL
FRWWXUDLQIXQ]LRQHDOOLYHOORGLSRWHQ]D
SL»EDVVR
4XDQGRODIXQ]LRQHªDWWLYDWXWWLJOLDOWUL
VLPEROLVXLSDQQHOOLGLFRQWUROORVRQR
EORFFDWL
3HULPSRVWDUHOD]RQDGLFRWWXUD
/DIXQ]LRQHQRQLQWHUURPSHOHIXQ]LRQL
GHOWLPHU
VILRUDUHULSHWXWDPHQWH ILQFK«VL
DFFHQGHO
LQGLFDWRUHGHOOD]RQDGLFRWWXUD
GHVLGHUDWD
6ILRUDUH
SHUDWWLYDUHODIXQ]LRQH
VLDFFHQGH,OOLYHOORGLFDORUHYLHQH
DEEDVVDWRD
ZZZHOHFWUROX[FRP
2II6RXQG&RQWURO
$WWLYD]LRQHHGLVDWWLYD]LRQHGHL
VHJQDOLDFXVWLFL
3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH ,O
OLYHOORGLFDORUHSUHFHGHQWHVLDFFHQGH
%ORFFR
ŠSRVVLELOHEORFFDUHLOSDQQHOORGHL
FRPDQGLPHQWUHOH]RQHGLFRWWXUDVRQR
LQIXQ]LRQH4XHVWDIXQ]LRQHLPSHGLVFH
GLPRGLILFDUHLQDYYHUWLWDPHQWHLOOLYHOORGL
SRWHQ]D
,PSRVWDUHLQQDQ]LWXWWRLOOLYHOORGL
SRWHQ]D
WDVWR
4XDQGRVLVSHJQHLOSLDQRGL
FRWWXUDVLLQWHUURPSHDQFKH
TXHVWDIXQ]LRQH
'LVSRVLWLYRGL6LFXUH]]D
EDPELQL
SHUVHFRQGL,OGLVSOD\VL
DFFHQGHHVLVSHJQH6ILRUDUH
VHFRQGL
R
LVHJQDOLDFXVWLFLVRQRVSHQWL
LVHJQDOLDFXVWLFLVRQRDWWLYL
ವ
3HUFRQIHUPDUHODVHOH]LRQHDWWHQGHUH
ILQFK«LOSLDQRGLFRWWXUDQRQVLGLVDWWLYD
DXWRPDWLFDPHQWH
4XDQGRODIXQ]LRQHªLPSRVWDWDVX L
VHJQDOLDFXVWLFLVDUDQQRXGLELOLVROWDQWR
TXDQGR
ವ
ವ
ವ
ವ
VLVILRUD
&RQWDPLQXWLGLPLQXLVFH
7LPHUGHOFRQWRDOODURYHVFLD
GLPLQXLVFH
VLDSSRJJLDXQRJJHWWRVXOSDQQHOOR
GHLFRPDQGL
4XHVWDIXQ]LRQHLPSHGLVFH
O
D]LRQDPHQWRDFFLGHQWDOHGHOSLDQRGL
FRWWXUD
6LVWHPD3RZHU
0DQDJHPHQW
3HUDWWLYDUHODIXQ]LRQHDWWLYDUHLOSLDQR
ವ
GLFRWWXUDFRQ
1RQLPSRVWDUHDOFXQ
OLYHOORGLSRWHQ]D6ILRUDUH
VHFRQGL
SHU
VLDFFHQGH'LVDWWLYDUHLO
SLDQRGLFRWWXUDFRQ
3HUGLVDWWLYDUHODIXQ]LRQHDWWLYDUHLO
SLDQRGLFRWWXUDFRQ
VHFRQGL
ವ
ವ
1RQLPSRVWDUH
DOFXQOLYHOORGLSRWHQ]D6ILRUDUH
SHU
ವ
VLDFFHQGH'LVDWWLYDUHLO
SLDQRGLFRWWXUDFRQ
3HUHVFOXGHUHODIXQ]LRQHSHUXQDVROD
RSHUD]LRQHGLFRWWXUDDWWLYDUHLOSLDQR
GLFRWWXUDFRQ
VLDFFHQGH6ILRUDUH
LOWDVWR SHUVHFRQGL,PSRVWDUHLO
OLYHOORGLSRWHQ]DHQWURVHFRQGLŠ
SRVVLELOHPHWWHUHLQIXQ]LRQHLOSLDQRGL
FRWWXUD4XDQGRVLGLVDWWLYDLOSLDQRGL
FRWWXUDFRQ
ODIXQ]LRQHVLULDWWLYD
SHU
VLDFFHQGRQR6ILRUDUH
GHOWLPHUSHUHIIHWWXDUHODVHOH]LRQH
VHJXHQWH
ವ
3HUDWWLYDUHODIXQ]LRQHVILRUDUH VLDFFHQGHSHUVHFRQGL,O7LPHUULPDQH
DFFHVR
3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH
,OOLYHOORGLSRWHQ]DSUHFHGHQWHVL
DFFHQGH
'LVDWWLYDUHLOSLDQRGLFRWWXUD6ILRUDUHLO
ವ
ವ
/H]RQHGLFRWWXUDVRQRUDJJUXSSDWH
LQEDVHDOODSRVL]LRQHHDOQXPHURGL
IDVLGHOSLDQRGLFRWWXUD9HGHUH
O
LOOXVWUD]LRQH
&LDVFXQDIDVHGLVSRQHGLXQ
DVVRUELPHQWRPDVVLPRGL:
/DIXQ]LRQHVXGGLYLGHODSRWHQ]DWUD
]RQHGLFRWWXUDFROOHJDWHDOODVWHVVD
IDVH
/DIXQ]LRQHVLDWWLYDTXDQGR
O
DVVRUELPHQWRPDVVLPRGHOOH]RQHGL
FRWWXUDFROOHJDWHDGXQDVLQJRODIDVH
VXSHUDL:
/DIXQ]LRQHULGXFHODSRWHQ]DGHOOH
DOWUH]RQHGLFRWWXUDFROOHJDWHDOOD
VWHVVDIDVH
,OGLVSOD\GHOOLYHOORGLSRWHQ]DSHUOH
]RQHDULGRWWDSRWHQ]DSDVVDGDXQ
OLYHOORDOO
DOWUR
,7$/,$12
0RGDOLW¢DXWRPDWLFKH
+REt+RRG
6LWUDWWDGLXQDIXQ]LRQHDXWRPDWLFD
DYDQ]DWDFKHFROOHJDLOSLDQRGLFRWWXUD
DGXQDFDSSDVSHFLDOH6LDLOSLDQRGL
FRWWXUDFKHODFDSSDGLVSRQJRQRGLXQ
FRPXQLFDWRUHGLVHJQDOHDLQIUDURVVL/D
YHORFLW¢GHOODYHQWRODYLHQHGHILQLWD
DXWRPDWLFDPHQWHVXOODEDVHGHOOH
LPSRVWD]LRQLGHOODPRGDOLW¢HGHOOD
WHPSHUDWXUDGHOODSHQWRODSL»FDOGDVXO
SLDQRGLFRWWXUDŠDQFKHSRVVLELOH
PHWWHUHLQIXQ]LRQHODYHQWRODGDOSLDQR
GLFRWWXUDPDQXDOPHQWH
3HUODPDJJLRUSDUWHGHOOD
FDSSHLOVLVWHPDUHPRWRª
GLVDWWLYDWRDOO
RULJLQH
$WWLYDUORSULPDGLXWLOL]]DUHOD
IXQ]LRQH3HUPDJJLRUL
LQIRUPD]LRQLIDUHULIHULPHQWR
DOPDQXDOHSHUO
XWHQWHGHOOD
FDSSD
$WWLYD]LRQHDXWRPDWLFDGHOODIXQ]LRQH
3HUDWWLYDUHDXWRPDWLFDPHQWHOD
IXQ]LRQHLPSRVWDUHODPRGDOLW¢
DXWRPDWLFDGD+D+,OSLDQRFRWWXUD
YLHQHLPSRVWDWRDOLYHOORGLIDEEULFDVX
+,OSLDQRFRWWXUDUHDJLVFHRJQLYROWD
FKHYLHQHXVDWRLOSLDQRFRWWXUD,OSLDQWR
GLFRWWXUDULOHYDODWHPSHUDWXUDGHOOH
SHQWROHDXWRPDWLFDPHQWHHUHJRODOD
YHORFLW¢GHOODYHQWROD
(EROOL഻
,OOXPL഻
QD]LRQH ]LRQH
DXWRPD഻
WLFD
)ULWWX഻
UD
0RGDOLW¢ 6SHQWR
+
6SHQWR
6SHQWR
0RGDOLW¢ ,QGDWD
+
6SHQWR
6SHQWR
0RGDOLW¢ ,QGDWD
+
9HORFLW¢
YHQWROD
9HORFLW¢
YHQWROD
0RGDOLW¢ ,QGDWD
+
6SHQWR
9HORFLW¢
YHQWROD
0RGDOLW¢ ,QGDWD
+
9HORFLW¢
YHQWROD
9HORFLW¢
YHQWROD
0RGDOLW¢ ,QGDWD
+
9HORFLW¢
YHQWROD
9HORFLW¢
YHQWROD
0RGDOLW¢ ,QGDWD
+
9HORFLW¢
YHQWROD
9HORFLW¢
YHQWROD
,OSLDQRGLFRWWXUDULOHYDLOSURFHVVRGL
HEROOL]LRQHHDWWLYDODYHORFLW¢GHOODYHQWROD
LQEDVHDOODPRGDOLW¢DXWRPDWLFD
,OSLDQRGLFRWWXUDULOHYDLOSURFHVVRGLIULWಣ
WXUDHDWWLYDODYHORFLW¢GHOODYHQWRODLQEDVH
DOODPRGDOLW¢DXWRPDWLFD
4XHVWDPRGDOLW¢DWWLYDODYHQWRODHODOXಣ
FHHQRQªFROOHJDWDDOODWHPSHUDWXUD
0RGLILFDGHOODPRGDOLW¢DXWRPDWLFD
'LVDWWLYDUHO
DSSDUHFFKLDWXUD
6ILRUDUHLOWDVWR SHUVHFRQGL,O
GLVSOD\VLDFFHQGHHVLVSHJQH
6ILRUDUHLOWDVWR
6ILRUDUH
DFFHQGH
SHUVHFRQGL
DOFXQHYROWHILQFK«VL
6ILRUDUH GHO7LPHUSHUVHOH]LRQDUH
XQDPRGDOLW¢DXWRPDWLFD
ZZZHOHFWUROX[FRP
3HUPHWWHUHLQIXQ]LRQHOD
FDSSDGLUHWWDPHQWHGDO
SDQQHOORGHOODFDSSDVWHVVD
GLVDWWLYDUHODPRGDOLW¢
DXWRPDWLFDGHOODIXQ]LRQH
4XDQGRVLWHUPLQDODFRWWXUD
HVLGLVDWWLYDLOSLDQRGL
FRWWXUDODYHQWRODGHOOD
FDSSDULPDQHLQIXQ]LRQH
DQFRUDSHUXQSR
7UDVFRUVR
TXHVWRWHPSRLOVLVWHPD
GLVDWWLYDODYHQWROD
DXWRPDWLFDPHQWHHGHYLWD
O
DWWLYD]LRQHDFFLGHQWDOH
GHOODVWHVVDSHULVHFRQGL
VXFFHVVLYL
)XQ]LRQDPHQWRPDQXDOHGHOODYHORFLW¢
GHOODYHQWROD
ŠDQFKHSRVVLELOHDWWLYDUHODIXQ]LRQH
PDQXDOPHQWH3HUIDUORVILRUDUH
TXDQGRLOSLDQRGLFRWWXUDªDWWLYR,Q
TXHVWRPRGRVLGLVDWWLYDLOIXQ]LRQDPHQWR
DXWRPDWLFRGHOODIXQ]LRQHHGªSRVVLELOH
PRGLILFDUHODYHORFLW¢GHOODYHQWROD
PDQXDOPHQWH4XDQGRVLSUHPH OD
YHORFLW¢GHOODYHQWRODDXPHQWDGLXQ
OLYHOOR4XDQGRVLUDJJLXQJHXQOLYHOOR
HOHYDWRHVLSUHPHQXRYDPHQWH OD
YHORFLW¢GHOODYHQWRODYLHQHLPSRVWDWD
VXOORHODYHQWRODGHOODFDSSDVL
GLVDWWLYD3HUDYYLDUHQXRYDPHQWHOD
YHQWRODFRQYHORFLW¢VILRUDUH 3HUDWWLYDUHLOIXQ]LRQDPHQWR
DXWRPDWLFRGHOODIXQ]LRQH
GLVDWWLYDUHLOSLDQRGLFRWWXUD
HULDWWLYDUOR
$WWLYD]LRQHGHOODOXFH
ŠDQFKHSRVVLELOHLPSRVWDUHLOSLDQRGL
FRWWXUDSHUDWWLYDUHDXWRPDWLFDPHQWHOD
OXFHRJQLYROWDFKHVLDFFHQGHLOSLDQRGL
FRWWXUD3HUIDUORLPSRVWDUHODPRGDOLW¢
DXWRPDWLFDGD+D+
/DOXFHVXOODFDSSDVL
GLVDWWLYDPLQXWLGRSROD
GLVDWWLYD]LRQHGHOSLDQRGL
FRWWXUD
&216,*/,(68**(5,0(17,87,/,
$99(57(1=$
)DUHULIHULPHQWRDLFDSLWROL
VXOODVLFXUH]]D
8QDSHQWRODªDGDWWDSHUXQSLDQRGL
FRWWXUDDLQGX]LRQHVH
ವ
3HQWROH
3HUOH]RQHFRWWXUDD
LQGX]LRQHXQIRUWHFDPSR
HOHWWURPDJQHWLFRFUHDFDORUH
QHOOHSHQWROHPROWR
UDSLGDPHQWH
8WLOL]]DUHOH]RQHGLFRWWXUDD
LQGX]LRQHFRQSHQWROH
LGRQHH
ವ
O
DFTXDUDJJLXQJHYHORFHPHQWH
O
HEROOL]LRQHVXXQD]RQDGLFRWWXUDD
LQGX]LRQHLPSRVWDWDVXOOLYHOORGL
FRWWXUDPDVVLPR
XQDFDODPLWDVLDWWDFFDDOIRQGRGHOOH
SHQWROH
,OIRQGRGHOOHSHQWROH
GRYUHEEHHVVHUHLOSL»
SRVVLELOHVSHVVRHSLDQR
9HULILFDUHFKHOHEDVLGHOOD
SHQWRODVLDQRDVFLXWWHSULPD
GLFROORFDUODVXOODVXSHUILFLH
GHOSLDQRFRWWXUD
0DWHULDOHGHOOHSHQWROH
'LPHQVLRQLGHOOHSHQWROH
ವ
/H]RQHGLFRWWXUDDLQGX]LRQHVL
DGDWWDQRDXWRPDWLFDPHQWHDOOH
GLPHQVLRQLGHOIRQGRGHOODSHQWROD
ವ
PDWHULDOLLGRQHLJKLVDDFFLDLR
DFFLDLRVPDOWDWRDFFLDLRLQR[IRQGL
PXOWLVWUDWRFRQXQDPDUFDWXUD
FRUUHWWDGDSDUWHGHOSURGXWWRUH
PDWHULDOLQRQLGRQHLDOOXPLQLR
UDPHRWWRQHYHWURFHUDPLFD
SRUFHOODQD
/
HIILFLHQ]DGHOOD]RQDGLFRWWXUDGLSHQGH
GDOGLDPHWURGHOOHSHQWROH8QDSHQWROD
FRQXQGLDPHWURLQIHULRUHDOOD]RQDSL»
,7$/,$12
SLFFRODULFHYHVRORXQDSDUWHGHOOD
SRWHQ]DJHQHUDWDGDOOD]RQDGLFRWWXUD
9HGHUHODVH]LRQH'DWL
WHFQLFL
ವ
,UXPRULGXUDQWHO
XVR
6HVLDYYHUWH
ವ
FUHSLWLRVLVWDQQRXWLOL]]DQGRSHQWROH
GLPDWHULDOLGLYHUVLFRVWUX]LRQHD
VDQGZLFK
ವ ILVFKLRVLVWDQQRXWLOL]]DQGROD]RQDGL
FRWWXUDDOLYHOOLGLSRWHQ]DHOHYDWLFRQ
SHQWROHGLPDWHULDOLGLYHUVL
FRVWUX]LRQHDVDQGZLFK
ವ URQ]LRVLVWDQQRXWLOL]]DQGROLYHOOLGL
SRWHQ]DHOHYDWL
ವ VFDWWRVLYHULILFDXQ
DFFHQVLRQH
HOHWWULFD
ವ VLELORURQ]LRªLQIXQ]LRQHODYHQWROD
,UXPRULGHVFULWWLVRQRQRUPDOLHQRQ
VRQRLQGLFDQRXQJXDVWR
GHOOൄDSSDUHFFKLDWXUD
,QGLFD]LRQLHFRQVLJOLSHU
6HQVH%RLOp
/DIXQ]LRQHªRWWLPDSHUEROOLUHO
DFTXDH
SUHSDUDUHOHSDWDWH
1RQIXQ]LRQDFRQWHJDPLLQ
JKLVDHDQWLDGHUHQWLDG
HVHPSLRFRQXQULYHVWLPHQWR
LQFHUDPLFD&RQVLJOLDPROH
SHQWROHLQDFFLDLRVPDOWDWR
SHURWWHQHUHULVXOWDWLRWWLPDOL
TXDQGRVLIDQQREROOLUHOH
SDWDWH
&RQWUROODUHVHODSHQWRODVFHOWDªDGDWWD
SHU6HQVH%RLOpPRQLWRUDQGRODSULPD
VHVVLRQHGLFRWWXUD
3HUXVDUH6HQVH%RLOpLQPRGRHIILFDFH
DWWHQHUVLDLVHJXHQWLFRQVLJOL
ವ
5LHPSLUHIUDPHW¢HWUHTXDUWLOD
SHQWRODFRQDFTXDIUHGGDODVFLDQGR
YXRWLFPGDERUGRGHOODSHQWROD
ವ
ವ
ವ
ವ
1RQXVDUHPHQRGLRSL»GLOLWULGL
DFTXD9HULILFDUHFKHLOSHVRWRWDOH
GHOO
DFTXDRGHOO
DFTXDHGHOOH
SDWDWHVLDFRPSUHVRIUDNJ
6HVLYRJOLRQRFXFLQDUHSDWDWH
YHULILFDUHFKHVLDQRFRPSOHWDPHQWH
FRSHUWHGLDFTXDPDULFRUGDUHGL
ODVFLDUHYXRWRDOPHQRXQTXDUWRGHOOD
SHQWROD
3HURWWHQHUHULVXOWDWLRWWLPDOLFXFLQDUH
VRORSDWDWHLQWHUHQRQSHODWHGL
GLPHQVLRQLPHGLH
(YLWDUHGLSURGXUUHYLEUD]LRQLHVWHUQH
DGHVHPSLRXVDQGRXQIUXOODWRUHR
PHWWHQGRXQFHOOXODUHYLFLQR
DOO
DSSDUHFFKLDWXUDTXDQGROD
IXQ]LRQHªRSHUDWLYD
6HVLYXROHXVDUHVDOHDJJLXQJHUOR
GRSRFKHO
DFTXDUDJJLXQJHLOSXQWRGL
HEROOL]LRQH
/DIXQ]LRQHSRWUHEEHQRQRSHUDUH
FRUUHWWDPHQWHSHUEROOLWRULGHOO
DFTXDH
PRFKHSHUFDIIª
˜NR7LPHU7LPHU(FR
3HUULVSDUPLDUHHQHUJLDLOULVFDOGDWRUH
GHOOD]RQDGLFRWWXUDVLGLVDWWLYDSULPD
FKHLOWLPHUSHULOFRQWRDOODURYHVFLD
HPHWWDXQVHJQDOHDFXVWLFR/D
GLIIHUHQ]DQHOWHPSRGLIXQ]LRQDPHQWR
GLSHQGHGDOOLYHOORGLSRWHQ]DHGDOOD
GXUDWDGHOO
XWLOL]]RGHOO
DSSDUHFFKLDWXUD
(VHPSLGLLPSLHJRSHUOD
FRWWXUD
/DFRUUHOD]LRQHWUDLOOLYHOORGLSRWHQ]DHLO
FRQVXPRGLHQHUJLDGHOOD]RQDGLFRWWXUD
QRQªUHJRODUH/
DXPHQWRGHOOLYHOORGL
SRWHQ]DQRQªSURSRU]LRQDOHDOO
DXPHQWR
GHOFRQVXPRGLHQHUJLD&L´VLJQLILFDFKH
XQD]RQDGLFRWWXUDFRQXQOLYHOORGL
SRWHQ]DPHGLRLPSLHJDPHQRGHOODPHW¢
GHOODSURSULDHQHUJLD
,GDWLULSRUWDWLLQWDEHOODVRQR
SXUDPHQWHLQGLFDWLYL
ZZZHOHFWUROX[FRP
/LYHOORGLSR഻ 8VDUHSHU
WHQ]D
7HPSR 6XJJHULPHQWL
PLQ
7HQHUHLQFDOGROHSLHWDQ]H
FRWWH
VHFRQಣ
GRQHಣ
FHVVLW¢
0HWWHUHXQFRSHUFKLRVXOOD
SHQWROD
6DOVDRODQGHVHVFLRJOLHUH
EXUURFLRFFRODWDJHODWLQD
0HVFRODUHGLWDQWRLQWDQWR
5DVVRGDUHRPHOHWWHPRUELಣ
GHXRYDVWUDSD]]DWH
&XFLQDUHFRSUHQGRFRQXQ
FRSHUFKLR
&XRFHUHULVRHSLHWDQ]HD
EDVHGLODWWHULVFDOGDUHSLHಣ
WDQ]HSURQWH
$JJLXQJHUHDOULVRDOPHQR
XQDGRSSLDTXDQWLW¢GLOLTXLಣ
GRPHVFRODUHDPHW¢GHO
SURFHVVRLSUHSDUDWLDEDVH
GLODWWH
&XRFHUHDYDSRUHYHUGXUH
SHVFHFDUQH
$JJLXQJHUHXQSDLRGLFXFಣ
FKLDLGLOLTXLGR
&XRFHUHDOYDSRUHOHSDWDWH
8VDUHDOPD[~OGLDFTXD
SHUJGLSDWDWH
%ROOLUHJUDQGLTXDQWLW¢GLDOLಣ
PHQWLVWXIDWLH]XSSH
)LQRDOGLOLTXLGRSL»JOLLQಣ
JUHGLHQWL
&RWWXUDGHOLFDWDFRWROHWWH
FRUGRQEOHXFRVWROHWWHSROಣ
SHWWHVDOVLFFHIHJDWRURX[
XRYDIULWWHOOHNUDSIHQ
VHFRQಣ
GRQHಣ
FHVVLW¢
*LUDUHDPHW¢WHPSR
)ULWWXUDIULWWHOOHGLSDWDWH
ORPEDWHELVWHFFKH
*LUDUHDPHW¢WHPSR
3RUWDUHDHEROOL]LRQHO
DFTXDFXRFHUHODSDVWDURVRODUHODFDUQHJXಣ
ODVFKVWXIDWLIULJJHUHSDWDWLQH
3RUWDUHDHEROOL]LRQHJUDQGLTXDQWLW¢G
DFTXD3RZHU%RRVWªDWWLYDWD
&RQVLJOLHVXJJHULPHQWLSHU
+REt+RRG
4XDQGRVLPHWWHLQIXQ]LRQHLOSLDQRGL
FRWWXUDFRQODIXQ]LRQH
ವ
ವ
ವ
ವ
3URWHJJHUHLOSDQQHOORGHOODFDSSD
GDOODOXFHGLUHWWDGHOVROH
1RQGLULJHUHXQDOXFHDORJHQDYHUVRLO
SDQQHOORGHOODFDSSD
1RQFRSULUHLOSDQQHOORGLFRQWUROORGHO
SLDQRFRWWXUD
1RQLQWHUURPSHUHLOVHJQDOHWUDLO
SLDQRGLFRWWXUDHODFDSSDDG
HVHPSLRFRQODPDQRRLOPDQLFRGL
XQDSHQWRODRXQDSHQWRODDOWD
9HGHUHODILJXUD
/DFDSSDLQILJXUDªULSRUWDWDDWLWROR
LQGLFDWLYR
,7$/,$12
&DSSHGDFXFLQDFRQODIXQ]LRQH
+REt+RRG
3HUVFRSULUHO
LQWHUDJDPPDGLFDSSHGD
FXFLQDFRPSDWLELOLFRQTXHVWDIXQ]LRQH
IDUHULIHULPHQWRDOVLWRZHEGHOQRVWUR
FOLHQWH/HFDSSHGDFXFLQD(OHFWUROX[
FRPSDWLELOLFRQTXHVWDIXQ]LRQHGHYRQR
ULSRUWDUHLOVLPEROR $OWULGLVSRVLWLYLFRQWUROODWLLQ
PRGDOLW¢UHPRWDSRWUHEEHUR
EORFFDUHLOVHJQDOH1RQ
XVDUHOHDSSDUHFFKLDWXUH
FRQWUROODWHLQPRGDOLW¢
UHPRWDTXDQGRYLHQHXVDWD
ODIXQ]LRQHVXOSLDQRFRWWXUD
38/,=,$(&85$
$99(57(1=$
)DUHULIHULPHQWRDLFDSLWROL
VXOODVLFXUH]]D
,QIRUPD]LRQLJHQHUDOL
ವ
ವ
ವ
ವ
ವ
3XOLUHLOSLDQRGLFRWWXUDGRSRRJQL
LPSLHJR
8VDUHVHPSUHSHQWROHFRQLOIRQGR
SXOLWR
,JUDIILROHPDFFKLHVFXUHVXOOD
VXSHUILFLHQRQFRPSURPHWWRQRLO
IXQ]LRQDPHQWRGHOSLDQRGLFRWWXUD
8VDUHXQSURGRWWRGLSXOL]LDDGDWWR
DOODVXSHUILFLHGHOSLDQRGLFRWWXUD
,OYHWURULFKLHGHO
XVRGLXQUDVFKLHWWR
VSHFLDOH
3XOL]LDGHOSLDQRGLFRWWXUD
ವ
7RJOLHUHLPPHGLDWDPHQWHSODVWLFD
VFLROWDSHOOLFRODLQSODVWLFD]XFFKHUR
ವ
ವ
HDOLPHQWLFRQ]XFFKHURLQFDVR
FRQWUDULRODVSRUFL]LDSRWUHEEH
FDXVDUHGDQQLDOSLDQRFRWWXUD
$WWHQ]LRQHDHYLWDUHOHXVWLRQL
$SSRJJLDUHORVSHFLDOHUDVFKLHWWR
VXOODVXSHUILFLHLQYHWURIRUPDQGRXQ
DQJRORDFXWRHVSRVWDUHODODPDVXOOD
VXSHUILFLH
4XDQGRLOSLDQRGLFRWWXUDª
VXIILFLHQWHPHQWHUDIIUHGGDWRª
SRVVLELOHULPXRYHUHLVHJQLGL
FDOFDUHHG
DFTXDOHPDFFKLHGL
JUDVVRHOHPDFFKLHRSDOHVFHQWL
3XOLUHLOSLDQRGLFRWWXUDFRQXQSDQQR
XPLGRHXQGHWHUJHQWHQRQDEUDVLYR
$OWHUPLQHGHOODSXOL]LDDVFLXJDUHLO
SLDQRGLFRWWXUDFRQXQSDQQR
PRUELGR
7RJOLHUHPDFFKLHRSDOHVFHQWL
XVDUHXQDVROX]LRQHGLDFTXDFRQ
DFHWRHSXOLUHODVXSHUILFLHLQYHWUR
FRQXQSDQQR
ZZZHOHFWUROX[FRP
5,62/8=,21('(,352%/(0,
$99(57(1=$
)DUHULIHULPHQWRDLFDSLWROL
VXOODVLFXUH]]D
&RVDIDUHVH
3UREOHPD
3RVVLELOHFDXVD
5LPHGLR
1RQªSRVVLELOHDWWLYDUHLO
SLDQRGLFRWWXUDRPHWWHUOR
LQIXQ]LRQH
,OSLDQRGLFRWWXUDQRQª
FROOHJDWRDXQDIRQWHGLDOLಣ
PHQWD]LRQHHOHWWULFDRQRQ
ªFROOHJDWRFRUUHWWDPHQWH
$FFHUWDUVLFKHLOSLDQRGL
FRWWXUDVLDFROOHJDWRFRUUHWಣ
WDPHQWHDOODUHWHHOHWWULFD
)DUHULIHULPHQWRDOORVFKHಣ
PDGLFROOHJDPHQWR
ŠVFDWWDWRLOIXVLELOH
9HULILFDUHFKHO
LQWHUUXWWRUH
GLIIHUHQ]LDOHVDOYDYLWDVLD
ODFDXVDGHOPDOIXQ]LRQDಣ
PHQWR1HOFDVRLQFXLLOIXಣ
VLELOHFRQWLQXLDVFDWWDUHULಣ
YROJHUVLDGXQHOHWWULFLVWD
TXDOLILFDWR
1RQYLHQHFRQILJXUDWDO
LPಣ $FFHQGHUHGLQXRYRLOSLDಣ
QRGLFRWWXUDHLPSRVWDUHLO
SRVWD]LRQHFDORUHSHU
OLYHOORGLSRWHQ]DLQPHQR
VHFRQGL
GLVHFRQGL
6RQRVWDWLVILRUDWLRSL»
WDVWLVHQVRUHFRQWHPSRUDಣ
QHDPHQWH
6ILRUDUHXQWDVWRVHQVRUH
DOODYROWD
,QWHUURPSLªDWWLYD
&RQVXOWDUHODVH]LRQH8WLಣ
OL]]RTXRWLGLDQR
,OSDQQHOORGHLFRPDQGLª
EDJQDWRRSUHVHQWDPDFಣ
FKLHGLXQWR
3XOLUHLOSDQQHOORGHLFRಣ
PDQGL
9LHQHHPHVVRXQVHJQDOH 8QRRSL»WDVWLVHQVRUHVRಣ 5LPXRYHUHJOLRJJHWWLGDL
WDVWLVHQVRUH
DFXVWLFRHLOSLDQRGLFRWWXಣ QRVWDWLFRSHUWL
UDVLGLVDWWLYD
9LHQHHPHVVRXQVHJQDOH
DFXVWLFRTXDQGRLOSLDQRGL
FRWWXUDQRQªDWWLYR
,OSLDQRGLFRWWXUDVLGLVDWWLಣ ŠVWDWRDSSRJJLDWRXQRJಣ 5LPXRYHUHO
RJJHWWRGDOWDಣ
YD
JHWWRVXOWDVWRVHQVRUH VWRVHQVRUH
/
LQGLFDWRUHGLFDORUHUHVLಣ
GXRQRQVLDFFHQGH
/D]RQDQRQªFDOGDSHUಣ
FKǻULPDVWDLQIXQ]LRQH
VRORSHUEUHYLVVLPRWHPSR
RSSXUHLOVHQVRUHªGDQಣ
QHJJLDWR
6HOD]RQDKDIXQ]LRQDWR
DEEDVWDQ]DDOXQJRGDHVಣ
VHUHFDOGDFRQWDWWDUHLO
&HQWURGL$VVLVWHQ]D$XWRಣ
UL]]DWR
,7$/,$12
3UREOHPD
3RVVLELOHFDXVD
5LPHGLR
+REt+RRGQRQIXQ]LRQD
ŠVWDWRFRSHUWRLOSDQQHOOR
GHLFRPDQGL
5LPXRYHUHJOLRJJHWWLGDO
SDQQHOORGHLFRPDQGL
6LXVDXQDSHQWRODPROWR
DOWDFKHEORFFDLOVHJQDOH
8VDUHXQDSHQWRODSL»SLFಣ
FRODFDPELDUH]RQDFRWWXಣ
UDRD]LRQDUHODFDSSDPDಣ
QXDOPHQWH
3UHULVFDOGDPHQWRDXWRPDಣ
WLFRQRQIXQ]LRQD
/D]RQDªFDOGD
/DVFLDUUDIIUHGGDUHVXIILಣ
FLHQWHPHQWHOD]RQD
ŠLPSRVWDWRLOOLYHOORGLSRಣ
WHQ]DPDVVLPR
,OOLYHOORGLSRWHQ]DPDVVLಣ
PRKDODVWHVVDSRWHQ]D
GHOODIXQ]LRQH
,OOLYHOORGLSRWHQ]DFDPELD
WUDGXHOLYHOOL
6LVWHPD3RZHU0DQDJHಣ
PHQWªDWWLYD
&RQVXOWDUHODVH]LRQH8WLಣ
OL]]RTXRWLGLDQR
,WDVWLVHQVRUHVLVXUULVFDOಣ
GDQR
/HSHQWROHVRQRWURSSR
JUDQGLRSSXUHVRQRVWDWH
FROORFDWHWURSSRYLFLQRDL
FRPDQGL
6HSRVVLELOHFROORFDUHOH
SHQWROHJUDQGLVXOOH]RQH
SRVWHULRUL
$VVHQ]DGLVXRQRTXDQGR
VLWRFFDQRLWDVWLVHQVRUH
GHOSDQQHOOR
,VHJQDOLDFXVWLFLVRQRGLಣ
VDWWLYDWL
$WWLYD]LRQHGHLVHJQDOL
DFXVWLFL&RQVXOWDUHODVHಣ
]LRQH8WLOL]]RTXRWLGLDQR
&RPSDUH
'LVSRVLWLYRGL6LFXUH]]D
&RQVXOWDUHODVH]LRQH8WLಣ
EDPELQLR%ORFFRIXQ]LRQD OL]]RTXRWLGLDQR
&RPSDUH
1RQYLVRQRSHQWROHVXOOD
]RQD
$SSRJJLDUHXQDSHQWROD
VXOOD]RQD
/HSHQWROHQRQVRQRDGDWಣ
WH
8WLOL]]DUHXQDSHQWROD
DGDWWD)DUHULIHULPHQWRD
&RQVLJOLHVXJJHULPHQWL
,OGLDPHWURGHOIRQGRGHOOD
SHQWRODªWURSSRSLFFRORULಣ
VSHWWRDOOD]RQD
8VDUHSHQWROHGHOOHGLPHQಣ
VLRQLFRUUHWWH9HGHUHOD
VH]LRQH'DWLWHFQLFL
H FRPSDLRQRLQDOಣ
WHUQDQ]D
/DSRWHQ]DªWURSSREDVVD
SHULOIDWWRFKHFLVRQRSHQಣ
WROHQRQDGDWWHRSSXUHXQD
SHQWRODYXRWD
8VDUHLOWLSRGLSHQWROD
DGHJXDWD)DUHULIHULPHQWR
DOFDSLWROR&RQVLJOLHVXJಣ
JHULPHQWLH'DWLWHFQLFL
1RQDWWLYDUHQHVVXQD]RQD
FRQXQDSHQWRODYXRWDVRಣ
SUD
H FRPSDLRQRLQDOಣ
WHUQDQ]D
/DSHQWRODªYXRWDRFRQಣ
WLHQHOLTXLGLFKHQRQVLDQR
DFTXDRSSXUHROLR
(YLWDUHGLXVDUHODIXQ]LRQH
FRQOLTXLGLGLYHUVLGDDFಣ
TXD
ZZZHOHFWUROX[FRP
3UREOHPD
3RVVLELOHFDXVD
5LPHGLR
H FRPSDLRQRLQDOಣ
WHUQDQ]D
&
ªWURSSDDFTXDRWURSSD
SRFDDFTXDQHOODSHQWROD
6RQRVWDWLEROOLWLFLELGLYHUVL
ULVSHWWRDGDFTXDHSDWDWH
,OSXQWRGLHEROOL]LRQHª
VWDWRVSRVWDWRQHOWHPSRH
ODIXQ]LRQH6HQVH%RLOp
QRQIXQ]LRQDYDFRUUHWWDಣ
PHQWH
)DUHULIHULPHQWRD&RQVLJOL
HVXJJHULPHQWL%ROOLUHVRಣ
ORDFTXDHSDWDWHFRQO
XVR
GL6HQVH%RLOp
6LVHQWHXQELSOHVSLHVRಣ
SUDD ODPSHJJLDQRHOD
IXQ]LRQH6HQVH%RLOpQRQ
VLDYYLD
1HVVXQDGHOOH]RQHFRWWXಣ
UDªSURQWDSHUHVVHUHXVDಣ
WDFRQODIXQ]LRQH6HQVHಣ
%RLOp&
ªGHOFDORUHUHVLಣ
GXRVXOOH]RQHFRWWXUDFKH
VLGHVLGHUDVFHJOLHUHRSಣ
SXUHVRQRDQFRUDLQXVR
&RPSOHWDUHOHDWWLYLW¢GL
FRWWXUDSUHFHGHQWLHVFHಣ
JOLHUHXQD]RQDFRWWXUDOLಣ
EHUDVHQ]DFDORUHUHVLGXR
HXQQXPHURVLDFFHQಣ
GRQR
&
ªXQHUURUHQHOSLDQRGL
FRWWXUD
6SHJQHUHHULDFFHQGHUHLO
SLDQRFRWWXUDGRSRVHಣ
FRQGL6H VLDFFHQGH
QXRYDPHQWHVFROOHJDUHLO
SLDQRFRWWXUDGDOO
DOLPHQWDಣ
]LRQHHOHWWULFD'RSR
VHFRQGLFROOHJDUHQXRYDಣ
PHQWHLOSLDQRFRWWXUD,Q
FDVRGLULFRPSDUVDGHOO
Dಣ
QRPDOLDULYROJHUVLDXQ
&HQWURGL$VVLVWHQ]D$XWRಣ
UL]]DWR
6LVHQWHXQELSFRVWDQWH
,OFROOHJDPHQWRHOHWWULFR
QRQªVWDWRHIIHWWXDWRFRUಣ
UHWWDPHQWH
6HQRQªSRVVLELOHWURYDUH
XQDVROX]LRQH
4XDORUDQRQVLDSRVVLELOHWURYDUHXQD
VROX]LRQHDOSUREOHPDFRQWDWWDUHLO
ULYHQGLWRUHRLO&HQWURGL$VVLVWHQ]D
$XWRUL]]DWR)RUQLUHLGDWLULSRUWDWLVXOOD
WDUJKHWWDGHLGDWL)RUQLUHLQROWUHLOFRGLFH
DWUHOHWWHUHSHULOSLDQRLQYHWURFHUDPLFD
VLWURYDQHOO
DQJRORGHOSLDQRFRWWXUDHLO
PHVVDJJLRGLHUURUHYLVXDOL]]DWR
6FROOHJDUHLOSLDQRFRWWXUD
GDOODUHWHHOHWWULFD&RQVXOಣ
WDUHXQHOHWWULFLVWDTXDOLILಣ
FDWRSHUFRQWUROODUHO
LQVWDOಣ
OD]LRQH
$VVLFXUDUVLGLDYHUDFFHVRLOSLDQRGL
FRWWXUDFRUUHWWDPHQWH,QFDVRGL
D]LRQDPHQWRHUUDWRGHOO
DSSDUHFFKLDWXUD
O
LQWHUYHQWRGHOWHFQLFRGHO&HQWURGL
$VVLVWHQ]DRGHOULYHQGLWRUHSRWU¢HVVHUH
HIIHWWXDWRDSDJDPHQWRDQFKHGXUDQWHLO
SHULRGRGLJDUDQ]LD/HLVWUX]LRQLUHODWLYH
DO&HQWURGL$VVLVWHQ]DHDOOHFRQGL]LRQL
GLJDUDQ]LDVRQRFRQWHQXWHQHOOLEUHWWR
GHOODJDUDQ]LD
,7$/,$12
'$7,7(&1,&,
7DUJKHWWDGHLGDWL
0RGHOOR*.76,%&1
7LSR'$$$
,QGX]LRQHN:
1XPHURGLVHULH
(/(&752/8;
31&
991+]
3URGRWWRLQ*HUPDQLD
N:
&DUDWWHULVWLFKHWHFQLFKH]RQHGLFRWWXUD
=RQDGLFRWWX഻ 3RWHQ]DQRPL഻ 3RZHU%RRVW
UD
QDOHLPSRVWD഻ >:@
]LRQHGLFDOR഻
UHPDVVLPD
>:@
3RZHU%RRVW
GXUDWDPDVVL഻
PD>PLQ@
'LDPHWURGHOOH
SHQWROH>PP@
$QWHULRUHVLQLಣ
VWUD
3RVWHULRUHVLQLಣ VWUD
$QWHULRUHGHಣ
VWUD
3RVWHULRUHGHಣ
VWUD
/DSRWHQ]DGHOOH]RQHGLFRWWXUDSX´
GLIIHULUHLQDOFXQHFLUFRVWDQ]HULVSHWWRDL
GDWLSUHVHQWLLQWDEHOOD&DPELDD
VHFRQGDGHOPDWHULDOHHGHOOHGLPHQVLRQL
GHOOHSHQWROH
3HUULVXOWDWLGLFRWWXUDRWWLPDOLXWLOL]]DUH
SHQWROHFRQXQGLDPHWURQRQVXSHULRUHD
TXHOORULSRUWDWRLQWDEHOOD
()),&,(1=$(1(5*(7,&$
,QIRUPD]LRQLVXOSURGRWWRFRQIRUPHPHQWHD(8
YDOLGRVRORSHULOPHUFDWR8(
,GHQWLILFDWLYRPRGHOOR
*.76,%&1
7LSRGLSLDQRGLFRWWXUD
3LDQRGLFRWWXUD
GDLQFDVVR
1XPHURGL]RQHGLFRWWXUD 7HFQRORJLDGLFDORUH
,QGX]LRQH
ZZZHOHFWUROX[FRP
'LDPHWURGHOOH]RQHGL
FRWWXUDFLUFRODULš
$QWHULRUHVLQLVWUD
3RVWHULRUHVLQLVWUD
$QWHULRUHGHVWUD
3RVWHULRUHGHVWUD
FP
FP
FP
FP
&RQVXPRGLHQHUJLDSHU
]RQDGLFRWWXUD(&HOHFಣ
WULFFRRNLQJ
$QWHULRUHVLQLVWUD
3RVWHULRUHVLQLVWUD
$QWHULRUHGHVWUD
3RVWHULRUHGHVWUD
:KNJ
:KNJ
:KNJ
:KNJ
&RQVXPRGLHQHUJLDGHO
SLDQRGLFRWWXUD(&HOHFಣ
WULFKRE
:KNJ
(1$SSDUHFFKLDWXUHHOHWWULFKH
SHUODFRWWXUDSHUXVRGRPHVWLFR3DUWH
3LDQLGLFRWWXUD0HWRGLSHUOD
PLVXUD]LRQHGHOOHSUHVWD]LRQL
5LVSDUPLRHQHUJHWLFR
ŠSRVVLELOHULVSDUPLDUHHQHUJLD
TXRWLGLDQDPHQWHGXUDQWHODFRWWXUD
VHJXHQGRLVXJJHULPHQWLFKHVHJXRQR
ವ
ವ
ವ
ವ
ವ
ವ
6HSRVVLELOHFRSULUHVHPSUHOH
SHQWROHFRQLOFRSHUFKLR
3ULPDGLDWWLYDUHOD]RQDGLFRWWXUD
VLVWHPDUHODSHQWROD
6LVWHPDUHOHSHQWROHSL»SLFFROHVXOOH
]RQHGLFRWWXUDSL»SLFFROH
3RVL]LRQDUHOHSHQWROHGLUHWWDPHQWHDO
FHQWURGHOOD]RQDGLFRWWXUD
8WLOL]]DUHLOFDORUHUHVLGXRSHU
PDQWHQHUHFDOGLLFLELRIRQGHUOL
4XDQGRVLULVFDOGDO
DFTXDXWLOL]]DUH
VRORODTXDQWLW¢QHFHVVDULD
CH *$5$1=,$
6HUYL]LRFOLHQWL
6HUYL]LRGRSRYHQGLWD
,QGXVWULHVWUDVVH
0¦JHQZLO
/H7U«VL
3U«YHUHQJHV
9LD9LROLQR
0DQQR
0RUJHQVWUDVVH
%HUQ
=¾UFKHUVWUDVVH(
6W*DOOHQ
6HHWDOVWUDVVH
(PPHQEU¾FNH
6FKORVVVWUDVVH
3UDWWHOQ
&RPHUFLDOVWUDVVH
&KXU
9HQGLWDSH]]LGLULFDPELR
,QGXVWULHVWUDVVH0¦JHQZLO7HO
&RQVXOHQ]DVSHFLDOLVWLFD9HQGLWD
%DGHQHUVWUDVVH=¾ULFK7HO
*DUDQ]LD3HURJQLSURGRWWRFRQFHGLDPR
XQDJDUDQ]LDGLDQQLDSDUWLUHGDOOD
,7$/,$12
GDWDGLFRQVHJQDRGDOODVXDPHVVDLQ
IXQ]LRQHIDVWDWRODGDWDGHOODIDWWXUD
GHOFHUWLILFDWRGLJDUDQ]LDRGHOOR
VFRQWULQRGಬDFTXLVWR1HOODJDUDQ]LDVRQR
FRPSUHVHOHVSHVHGLPDQRGRSHUDGL
YLDJJLRHGHOPDWHULDOH'DOODFRSHUWXUD
VRQRHVFOXVLLOORJRUDPHQWRHGLGDQQL
FDXVDWLGDDJHQWLHVWHUQLLQWHUYHQWRGL
WHU]LXWLOL]]RGLULFDPELQRQRULJLQDOLR
GDOODLQRVVHUYDQ]DGHOOHSUHVFUL]LRQL
GಬLVWDOOD]LRQHHGLVWUX]LRQLSHUOಬXVR
&216,'(5$=,21,68//
$0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR %XWWDUHO
LPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD
SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQD
HDULFLFODUHULILXWLGHULYDQWLGD
DSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKH1RQVPDOWLUHOH
DSSDUHFFKLDWXUHFKHULSRUWDQRLOVLPEROR
LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL
3RUWDUHLOSURGRWWRDOSXQWRGLULFLFODJJLR
SL»YLFLQRRFRQWDWWDUHLOFRPXQHGL
UHVLGHQ]D
3HUOD6YL]]HUD
'RYHSRUWDUHJOLDSSDUHFFKL
IXRULXVR"
,QTXDOVLDVLQHJR]LRFKH
YHQGHDSSDUHFFKLQXRYL
RSSXUHVLUHVWLWXLVFRQRDL
FHQWULGLUDFFROWDXIILFLDOL
GHOOD6(16RSSXUHDL
ULFLFODWRULXIILFLDOLGHOOD
6(16
/DOLVWDGHLFHQWULGLUDFFROWD
XIILFLDOLGHOOD6(16ªYLVLELOH
QHOVLWRZZZHUHF\FOLQJFK
ZZZHOHFWUROX[FRP
,7$/,$12
$
electrolux.com/shop