EKI1227.1R | Novamatic EKI1227.1L Manuel utilisateur

Ajouter à Mes manuels
48 Des pages
EKI1227.1R | Novamatic EKI1227.1L Manuel utilisateur | Fixfr
(.,5
(.,/
1RWLFHG XWLOLVDWLRQ
,VWUX]LRQLSHUOಬXVR
5«IULJ«UDWHXU
Réfrigérateur
intégré
)ULJRULIHUR
Frigorifero
incorporato
2
7$%/('(60$7,Š5(6
,QIRUPDWLRQVGHV«FXULW«
&RQVLJQHVGHV«FXULW«
,QVWDOODWLRQ
%DQGHDXGHFRPPDQGH
8WLOLVDWLRQTXRWLGLHQQH
&RQVHLOV
(QWUHWLHQHWQHWWR\DJH
'«SDQQDJH
%UXLWV
'RQQ«HVWHFKQLTXHV
,QIRUPDWLRQVSRXUOHVLQVWLWXWVGHWHVW
6RXVU«VHUYHGHPRGLILFDWLRQV
9,6,7(=1275(6,7(:(%3285
2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV
LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV
KWWSVZZZIXVWFKUHSDUDWXU
,1)250$7,216'(6‹&85,7‹
$YDQWG LQVWDOOHUHWG XWLOLVHUFHWDSSDUHLOOLVH]
VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH
SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHWG«J¤WV
U«VXOWDQWG XQHPDXYDLVHLQVWDOODWLRQRXXWLOLVDWLRQ
&RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQOLHXV½UHW
DFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW
6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHVYXOQ«UDEOHV
ವ
ವ
ವ
ವ
&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWV¤J«VG DX
PRLQVDQVHWSDUGHVSHUVRQQHVD\DQWGHVFDSDFLW«V
SK\VLTXHVVHQVRULHOOHVRXPHQWDOHVU«GXLWHVRXG«QX«HV
GಬH[S«ULHQFHRXGHFRQQDLVVDQFHV LOVVRQWFRUUHFWHPHQW
VXUYHLOO«VRXVLGHVLQVWUXFWLRQVUHODWLYHV¢O XWLOLVDWLRQGH
O DSSDUHLOHQWRXWHV«FXULW«OHXURQW«W«GRQQ«HVHWVಬLOV
FRPSUHQQHQWOHVULVTXHVHQFRXUXV
/HVHQIDQWVGH¢DQVSHXYHQWFKDUJHUHWG«FKDUJHU
OಬDSSDUHLO¢FRQGLWLRQTXಬLOVDLHQWUH©XGHVLQVWUXFWLRQV
DSSURSUL«HV
&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVSHUVRQQHVVRXIIUDQW
GHKDQGLFDSVWUªVLPSRUWDQWVHWFRPSOH[HV¢FRQGLWLRQV
TXಬHOOHVDLHQWUH©XGHVLQVWUXFWLRQVDSSURSUL«HV
/HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢O «FDUW
GHO DSSDUHLO¢PRLQVG ¬WUHVXUYHLOO«VHQSHUPDQHQFH
3
ವ
ವ
ವ
1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO DSSDUHLO
/HQHWWR\DJHHWO HQWUHWLHQQHGRLYHQWSDV¬WUHHIIHFWX«V
SDUGHVHQIDQWVVDQVVXUYHLOODQFH
1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWVHW
MHWH]OHVFRQYHQDEOHPHQW
6«FXULW«J«Q«UDOH
ವ
ವ
ವ
ವ
ವ
ವ
&HWDSSDUHLOHVWFRQ©XSRXUXQXVDJHGRPHVWLTXHHWGHV
DSSOLFDWLRQV«TXLYDOHQWHVQRWDPPHQW
ದ E¤WLPHQWVGHIHUPHFXLVLQHVU«VHUY«HVDX[HPSOR\«V
GDQVOHVPDJDVLQVEXUHDX[HWDXWUHVOLHX[GHWUDYDLO
ದ O XWLOLVDWLRQSDUOHVFOLHQWVGHVK¶WHOVPRWHOVGHV
HQYLURQQHPHQWVGXW\SHFKDPEUHVGಬK¶WHVHWDXWUHV
HQYLURQQHPHQWV¢FDUDFWªUHU«VLGHQWLHO
3RXU«YLWHUODFRQWDPLQDWLRQGHVDOLPHQWVUHVSHFWH]OHV
LQVWUXFWLRQVVXLYDQWHV
ದ QಬRXYUH]SDVODSRUWHSHQGDQWGHORQJXHVGXU«HV
ದ QHWWR\H]U«JXOLªUHPHQWOHVVXUIDFHVSRXYDQW¬WUHHQ
FRQWDFWDYHFOHVDOLPHQWVHWOHVV\VWªPHVGಬ«YDFXDWLRQ
DFFHVVLEOHV
ದ FRQVHUYH]ODYLDQGHHWOHSRLVVRQFUXVGDQVGHV
U«FLSLHQWVDSSURSUL«VGDQVOHU«IULJ«UDWHXUDILQTXಬLOVQH
VRLHQWSDVHQFRQWDFWRXQHFRXOHQWSDVVXUGಬDXWUHV
DOLPHQWV
$9(57,66(0(179HLOOH]¢FHTXHOHVRULILFHVGH
YHQWLODWLRQVLWX«VGDQVO HQFHLQWHGHO DSSDUHLORXGDQVOD
VWUXFWXUHLQW«JU«HQHVRLHQWSDVREVWUX«V
$9(57,66(0(171ಬXWLOLVH]DXFXQGLVSRVLWLIP«FDQLTXH
RXDXWUHPR\HQSRXUDFF«O«UHUOHSURFHVVXVGHG«JLYUDJH
KRUPLVFHX[UHFRPPDQG«VSDUOHIDEULFDQW
$9(57,66(0(171 HQGRPPDJH]SDVOHFLUFXLWGH
U«IULJ«UDWLRQ
$9(57,66(0(171 XWLOLVH]SDVG DSSDUHLOV«OHFWULTXHV
¢O LQW«ULHXUGHVFRPSDUWLPHQWVGHFRQVHUYDWLRQGHV
DOLPHQWVGHO DSSDUHLOVDXIV LOVVRQWGXW\SHUHFRPPDQG«
SDUOHIDEULFDQW
4
ವ
ವ
ವ
ವ
ವ
1HSXOY«ULVH]SDVG HDXQLGHYDSHXUSRXUQHWWR\HU
O DSSDUHLO
1HWWR\H]O DSSDUHLODYHFXQFKLIIRQGRX[KXPLGH8WLOLVH]
XQLTXHPHQWGHVG«WHUJHQWVQHXWUHV1 XWLOLVH]SDVGH
SURGXLWVDEUDVLIVGHWDPSRQV¢U«FXUHUGHVROYDQWVQL
G REMHWVP«WDOOLTXHV
6LOಬDSSDUHLOHVWYLGHSHQGDQWXQHORQJXHGXU«H«WHLJQH]
OHG«JLYUH]OHQHWWR\H]OHV«FKH]OHHWODLVVH]ODSRUWH
RXYHUWHSRXUHPS¬FKHUOHG«YHORSSHPHQWGHPRLVLVVXUH
GDQVOಬDSSDUHLO
1HFRQVHUYH]SDVGHVXEVWDQFHVH[SORVLYHVGDQVFHW
DSSDUHLOWHOOHVTXHGHVD«URVROVFRQWHQDQWXQJD]
SURSXOVHXULQIODPPDEOH
6LOHF¤EOHG DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH
UHPSODF«SDUOHIDEULFDQWVRQVHUYLFHDSUªVYHQWHDJU««
RXGHVSHUVRQQHVDX[TXDOLILFDWLRQVVLPLODLUHVDILQG «YLWHU
WRXWGDQJHU
&216,*1(6'(6‹&85,7‹
,QVWDOODWLRQ
$9(57,66(0(17/ DSSDUHLO
GRLW¬WUHLQVWDOO«XQLTXHPHQW
SDUXQSURIHVVLRQQHOTXDOLIL«
ವ 5HWLUH]O LQW«JUDOLW«GHO HPEDOODJH
ವ 1 LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ
DSSDUHLOHQGRPPDJ«
ವ 3RXUGHVUDLVRQVGHV«FXULW«Q XWLOLVH]
SDVO DSSDUHLODYDQWGHO DYRLULQVWDOO«
GDQVODVWUXFWXUHHQFDVWU«H
ವ 6XLYH]VFUXSXOHXVHPHQWOHV
LQVWUXFWLRQVG LQVWDOODWLRQIRXUQLHVDYHF
O DSSDUHLO
ವ 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV
G«SODFH]O DSSDUHLOFDULOHVWORXUG
8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW«
HWGHVFKDXVVXUHVIHUP«HV
ವ $VVXUH]YRXVTXHO DLUFLUFXOHDXWRXUGH
O DSSDUHLO
ವ /RUVGHODSUHPLªUHLQVWDOODWLRQRX
DSUªVDYRLULQYHUV«ODSRUWHDWWHQGH]
DXPRLQVKHXUHVDYDQWGHEUDQFKHU
ವ
ವ
ವ
ವ
ವ
ವ
O DSSDUHLOVXUOHVHFWHXU&HODSHUPHW¢
O KXLOHGHUHIRXOHUGDQVOHFRPSUHVVHXU
$YDQWWRXWHRS«UDWLRQVXUO DSSDUHLO SDU
H[LQYHUVLRQGHODSRUWH G«EUDQFKH]
ODILFKHGHODSULVHGHFRXUDQW
1 LQVWDOOH]SDVO DSSDUHLO¢SUR[LPLW«
G XQUDGLDWHXUG XQHFXLVLQLªUHG XQ
IRXURXG XQHWDEOHGHFXLVVRQ
1 H[SRVH]SDVO DSSDUHLO¢ODSOXLH
1 LQVWDOOH]SDVO DSSDUHLOGDQVXQ
HQGURLWH[SRV«¢ODOXPLªUHGLUHFWHGX
VROHLO
1 LQVWDOOH]SDVO DSSDUHLOGDQVXQH
SLªFHWURSKXPLGHRXWURSIURLGH
/RUVTXHYRXVG«SODFH]O DSSDUHLO
YHLOOH]¢OHVRXOHYHUSDUO DYDQWSRXU
«YLWHUGHUD\HUOHVRO
%UDQFKHPHQW«OHFWULTXH
$9(57,66(0(175LVTXH
G LQFHQGLHRXG «OHFWURFXWLRQ
5
$9(57,66(0(17/RUVTXH
YRXVLQVWDOOH]O DSSDUHLO
DVVXUH]YRXVTXHOHF¤EOH
G DOLPHQWDWLRQQ HVWSDVFRLQF«
RXHQGRPPDJ«
$9(57,66(0(171 XWLOLVH]
SDVG DGDSWDWHXUVPXOWLSULVHVQL
GHUDOORQJHV
ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH
ವ $VVXUH]YRXVTXHOHVSDUDPªWUHV
ILJXUDQWVXUODSODTXHVLJQDO«WLTXH
FRUUHVSRQGHQWDX[GRQQ«HV«OHFWULTXHV
QRPLQDOHGHOಬDOLPHQWDWLRQVHFWHXU
ವ 8WLOLVH]WRXMRXUVXQHSULVHGHFRXUDQW
GHV«FXULW«FRUUHFWHPHQWLQVWDOO«H
ವ 9HLOOH]¢QHSDVHQGRPPDJHUOHV
FRPSRVDQWV«OHFWULTXHVWHOVTXHOD
ILFKHVHFWHXUOHF¤EOHG DOLPHQWDWLRQRX
OHFRPSUHVVHXU&RQWDFWH]OHVHUYLFH
DSUªVYHQWHDJU««RXXQ«OHFWULFLHQ
SRXUFKDQJHUOHVFRPSRVDQWV
«OHFWULTXHV
ವ /HF¤EOHG DOLPHQWDWLRQGRLWUHVWHUHQ
GHVVRXVGXQLYHDXGHODILFKHVHFWHXU
ವ 1HEUDQFKH]ODILFKHVHFWHXUGDQVOD
SULVHVHFWHXUTX ¢ODILQGHO LQVWDOODWLRQ
$VVXUH]YRXVTXHODSULVHVHFWHXUHVW
DFFHVVLEOHDSUªVO LQVWDOODWLRQ
ವ 1HWLUH]SDVVXUOHF¤EOHVHFWHXUSRXU
G«EUDQFKHUO DSSDUHLO7LUH]WRXMRXUVVXU
ODILFKHGHODSULVHVHFWHXU
8WLOLVDWLRQ
$9(57,66(0(175LVTXHGH
EOHVVXUHVGHEU½OXUHV
G «OHFWURFXWLRQRXG LQFHQGLH
/ DSSDUHLOFRQWLHQWXQJD]
LQIODPPDEOHO LVREXWDQH 5D XQJD]
QDWXUHOD\DQWXQQLYHDX«OHY«GH
FRPSDWLELOLW«HQYLURQQHPHQWDOH9HLOOH]¢
QHSDVHQGRPPDJHUOHFLUFXLWIULJRULILTXH
FRQWHQDQWGHO LVREXWDQH
ವ 1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHVGH
FHWDSSDUHLO
ವ 1HSODFH]DXFXQDSSDUHLO«OHFWULTXH
VRUEHWLªUHHWF GDQVO DSSDUHLOHQ
O DEVHQFHG LQGLFDWLRQVGXIDEULFDQW
ವ 6LOHFLUFXLWIULJRULILTXHHVWHQGRPPDJ«
DVVXUH]YRXVGHO DEVHQFHGHIODPPHV
HWGHVRXUFHVG LJQLWLRQGDQVODSLªFH
$«UH]ODSLªFH
ವ ‹YLWH]WRXWFRQWDFWG «O«PHQWVFKDXGV
DYHFOHVSDUWLHVHQSODVWLTXHGH
O DSSDUHLO
ವ 1HSODFH]MDPDLVGHERLVVRQV
JD]HXVHVGDQVOHFRQJ«ODWHXU&HOD
HQJHQGUHUDLWXQHSUHVVLRQVXUOH
U«FLSLHQWGHODERLVVRQ
ವ 1HVWRFNH]MDPDLVGHJD]RXGHOLTXLGH
LQIODPPDEOHGDQVO DSSDUHLO
ವ 1HSODFH]SDVGHSURGXLWV
LQIODPPDEOHVRXG «O«PHQWVLPELE«VGH
SURGXLWVLQIODPPDEOHV¢O LQW«ULHXURX¢
SUR[LPLW«GHO DSSDUHLOQLVXUFHOXLFL
ವ 1HWRXFKH]SDVOHFRPSUHVVHXUQLOH
FRQGHQVHXU,OVVRQWFKDXGV
ವ 1HUHWLUH]SDVHWQHWRXFKH]SDVOHV
«O«PHQWVGXFRPSDUWLPHQWFRQJ«ODWHXU
DYHFOHVPDLQVPRXLOO«HVRXKXPLGHV
ವ 1HUHFRQJHOH]MDPDLVXQDOLPHQWTXLD
«W«G«FRQJHO«
ವ 5HVSHFWH]OHVLQVWUXFWLRQVGHVWRFNDJH
ILJXUDQWVXUO HPEDOODJHGHVDOLPHQWV
VXUJHO«V
ವ (PEDOOH]OHVDOLPHQWVGDQVXQ
HPEDOODJHDGDSW«DXFRQWDFWDYHFGHV
DOLPHQWVDYDQWGHOHVSODFHUGDQVOH
FRPSDUWLPHQWFRQJ«ODWHXU
‹FODLUDJHLQW«ULHXU
$9(57,66(0(175LVTXH
G «OHFWURFXWLRQ
ವ &RQFHUQDQWODOHVODPSH V ¢OಬLQW«ULHXU
GHFHSURGXLWHWOHVODPSHVGH
UHFKDQJHYHQGXHVV«SDU«PHQW&HV
ODPSHVVRQWFRQ©XHVSRXUU«VLVWHU¢
GHVFRQGLWLRQVSK\VLTXHVH[WU¬PHV
GDQVOHVDSSDUHLOV«OHFWURP«QDJHUV
WHOOHVTXHODWHPS«UDWXUHOHV
YLEUDWLRQVOಬKXPLGLW«RXVRQWFRQ©XHV
SRXUVLJQDOHUGHVLQIRUPDWLRQVVXUOH
VWDWXWRS«UDWLRQQHOGHOಬDSSDUHLO(OOHV
QHVRQWSDVGHVWLQ«HV¢¬WUHXWLOLV«HV
GDQVG DXWUHVDSSOLFDWLRQVHWQH
6
FRQYLHQQHQWSDV¢Oಬ«FODLUDJHGHV
SLªFHVGಬXQORJHPHQW
(QWUHWLHQHWQHWWR\DJH
$9(57,66(0(175LVTXHGH
EOHVVXUHFRUSRUHOOHRXGH
GRPPDJHVPDW«ULHOV
ವ $YDQWWRXWHRS«UDWLRQG HQWUHWLHQ
«WHLJQH]O DSSDUHLOHWG«EUDQFKH]OD
ILFKHGHODSULVHVHFWHXU
ವ &HWDSSDUHLOFRQWLHQWGHV
K\GURFDUEXUHVGDQVVRQFLUFXLWGH
U«IULJ«UDWLRQ/ HQWUHWLHQHWODUHFKDUJH
GXFLUFXLWGHU«IULJ«UDWLRQGRLYHQW¬WUH
HIIHFWX«VSDUXQSURIHVVLRQQHOTXDOLIL«
ವ ([DPLQH]U«JXOLªUHPHQWO «FRXOHPHQW
GHO DSSDUHLOHWVLQ«FHVVDLUHQHWWR\H]
OH6LO RULILFHHVWERXFK«O HDX
SURYHQDQWGXG«JLYUDJHV «FRXOHUDHQ
EDVGHO DSSDUHLO
6HUYLFH
ವ 3RXUU«SDUHUO DSSDUHLOFRQWDFWH]XQ
VHUYLFHDSUªVYHQWHDJU««8WLOLVH]
H[FOXVLYHPHQWGHVSLªFHVG RULJLQH
ವ 9HXLOOH]QRWHUTXಬXQHDXWRU«SDUDWLRQRX
XQHU«SDUDWLRQQRQSURIHVVLRQQHOOH
SHXYHQWDYRLUGHVFRQV«TXHQFHVVXUOD
V«FXULW«HWDQQXOHUODJDUDQWLH
0LVHDXUHEXW
$9(57,66(0(175LVTXHGH
EOHVVXUHRXG DVSK\[LH
ವ '«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ
«OHFWULTXH
ವ &RXSH]OHF¤EOHG DOLPHQWDWLRQHW
PHWWH]OHDXUHEXW
ವ 5HWLUH]ODSRUWHSRXUHPS¬FKHUOHV
HQIDQWVHWOHVDQLPDX[GHV HQIHUPHU
GDQVO DSSDUHLO
ವ /HFLUFXLWIULJRULILTXHHWOHVPDW«ULDX[
G LVRODWLRQGHFHWDSSDUHLOSU«VHUYHQWOD
FRXFKHG R]RQH
ವ /DPRXVVHLVRODQWHFRQWLHQWXQJD]
LQIODPPDEOH&RQWDFWH]YRWUHVHUYLFH
PXQLFLSDOSRXUREWHQLUGHVLQIRUPDWLRQV
VXUODPDUFKH¢VXLYUHSRXUPHWWUH
O DSSDUHLODXUHEXW
ವ 1 HQGRPPDJH]SDVODSDUWLHGXFLUFXLW
GHU«IULJ«UDWLRQVLWX«H¢SUR[LPLW«GX
FRQGHQVHXUWKHUPLTXH
,167$//$7,21
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
$9(57,66(0(17&RQVXOWH]
OHVLQVWUXFWLRQVG LQVWDOODWLRQ
SRXULQVWDOOHUYRWUHDSSDUHLO
$9(57,66(0(17)L[H]
OಬDSSDUHLOFRQIRUP«PHQWDX[
LQVWUXFWLRQVGಬLQVWDOODWLRQSRXU
«YLWHUWRXWULVTXHGಬLQVWDELOLW«GH
OಬDSSDUHLO
7
D3
D1
'LPHQVLRQV
D2
W1
W3
A
B
H1
W2
'LPHQVLRQVKRUVWRXW{
(VSDFHUHTXLVHQVHUYLFHt
+
PP
'
PP
:
PP
$
PP
'
PP
%
PP
{KDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLOVDQVODSRLJQ«HQLOHVSLHGV
(VSDFHUHTXLVHQVHUYLFHt
+ $%
PP
:
PP
tKDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH
Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU
GHUHIURLGLVVHPHQW
8
%UDQFKHPHQW«OHFWULTXH
(VSDFHWRWDOUHTXLVHQVHUYLFHu
+ $%
PP
:
PP
'
PP
uKDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH
Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU
GHUHIURLGLVVHPHQWSOXVOಬHVSDFH
Q«FHVVDLUHSRXUDXWRULVHUOಬRXYHUWXUHGHOD
SRUWH¢OಬDQJOHPLQLPDOSHUPHWWDQWOH
UHWUDLWGHWRXVOHV«TXLSHPHQWVLQWHUQHV
(PSODFHPHQW
3RXUJDUDQWLUODPHLOOHXUHIRQFWLRQQDOLW«GH
OಬDSSDUHLOYRXVQHGHYH]SDVLQVWDOOHU
OಬDSSDUHLO¢SUR[LPLW«GಬXQHVRXUFHGH
FKDOHXU IRXUVSR¬OHVUDGLDWHXUV
FXLVLQLªUHVRXSODTXHVGHFXLVVRQ QLGDQV
XQOLHXH[SRV«¢ODOXPLªUHGLUHFWHGX
VROHLO$VVXUH]YRXVTXHOಬDLUSHXWFLUFXOHU
OLEUHPHQWDXWRXUGHOಬDUULªUHGXPHXEOH
&HWDSSDUHLOGRLW¬WUHLQVWDOO«GDQVXQOLHX
VHFHWELHQYHQWLO«¢OಬLQW«ULHXU
ವ $YDQWGHEUDQFKHUO DSSDUHLODVVXUH]
YRXVTXHODWHQVLRQHWODIU«TXHQFH
LQGLTX«HVVXUODSODTXHVLJQDO«WLTXH
FRUUHVSRQGHQW¢FHOOHVGXU«VHDX
«OHFWULTXHGRPHVWLTXH
ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH/D
ILFKHGXF¤EOHG DOLPHQWDWLRQFRPSRUWH
XQFRQWDFW¢FHWHIIHW6LODSULVHGH
FRXUDQWQ HVWSDVPLVH¢ODWHUUH
EUDQFKH]O DSSDUHLO¢XQHPLVH¢OD
WHUUHV«SDU«HFRQIRUP«PHQWDX[
U«JOHPHQWDWLRQVHQYLJXHXUHQ
FRQVXOWDQWXQ«OHFWULFLHQVS«FLDOLV«
ವ /HIDEULFDQWG«FOLQHWRXWH
UHVSRQVDELOLW«HQFDVGHQRQUHVSHFW
GHVFRQVLJQHVGHV«FXULW«FLGHVVXV
ವ &HWDSSDUHLOHVWFRQIRUPHDX[
GLUHFWLYHV&((
([LJHQFHVHQPDWLªUHGH
YHQWLODWLRQ
/HIOX[GಬDLUVLWX«GHUULªUHOಬDSSDUHLOGRLW
¬WUHVXIILVDQW
5 cm
min.
200 cm2
&HWDSSDUHLOHVWGHVWLQ«¢¬WUHXWLOLV«¢
XQHWHPS«UDWXUHDPELDQWHFRPSULVHHQWUH
r&HWr&
6HXOOHUHVSHFWGHODSODJHGH
WHPS«UDWXUHVVS«FLIL«HSHXW
JDUDQWLUXQERQIRQFWLRQQHPHQW
GHO DSSDUHLO
(QFDVGHGRXWHFRQFHUQDQWOH
OLHXG LQVWDOODWLRQGHO DSSDUHLO
YHXLOOH]FRQWDFWHUOHYHQGHXU
QRWUHVHUYLFHDSUªVYHQWHRXOH
FHQWUHGHU«SDUDWLRQDJU««OH
SOXVSURFKH
/ DSSDUHLOGRLWSRXYRLU¬WUH
G«EUDQFK«GHO DOLPHQWDWLRQ
«OHFWULTXH& HVWSRXUTXRLOD
SULVH«OHFWULTXHGRLW¬WUH
IDFLOHPHQWDFFHVVLEOHDSUªV
O LQVWDOODWLRQ
min.
200 cm2
$77(17,215HSRUWH]YRXV
DX[LQVWUXFWLRQVUHODWLYHV¢
OಬLQVWDOODWLRQ
,QYHUVLRQGXVHQVG RXYHUWXUH
GHODSRUWH
9HXLOOH]YRXVUHSRUWHUDXGRFXPHQW
V«SDU«FRQWHQDQWGHVLQVWUXFWLRQVVXU
O LQVWDOODWLRQHWOಬLQYHUVLRQGXVHQV
GಬRXYHUWXUHGHODSRUWH
9
$77(17,21‚FKDTXH«WDSH
GHU«YHUVLELOLW«GHODSRUWH
SURW«JH]OHVROSRXU«YLWHUOHV
UD\XUHVGXHVDX[PDW«ULDX[
GXUV
%$1'($8'(&200$1'(
1
Functions
6
5
4
3
2
$IILFKHXU
7RXFKHG DXJPHQWDWLRQGHOD
WHPS«UDWXUH
7RXFKHGHGLPLQXWLRQGHOD
WHPS«UDWXUH
2.
)XQFWLRQV
212))
3RXUPRGLILHUODWRQDOLW«SU«G«ILQLHGHV
WRXFKHVDSSX\H]VLPXOWDQ«PHQWVXUOD
WRXFKH)XQFWLRQVHWODWRXFKHGH
GLPLQXWLRQGHODWHPS«UDWXUHSHQGDQW
SOXVLHXUVVHFRQGHV&HFKDQJHPHQWHVW
U«YHUVLEOH
$IILFKDJH
A
B
C
D
G F E
0LVHHQPDUFKH
%UDQFKH]ODILFKH«OHFWULTXHGH
O DSSDUHLO¢ODSULVHGHFRXUDQW
$SSX\H]VXUODWRXFKH212))GH
O DSSDUHLOVLO DIILFKDJHHVW«WHLQW/HV
LQGLFDWHXUVGHWHPS«UDWXUHLQGLTXHQWOD
WHPS«UDWXUHSURJUDPP«HSDUG«IDXW
$
%
&
'
(
)
*
,QGLFDWHXUGXPLQXWHXU
)RQFWLRQ)DVW&RRO
)RQFWLRQ)DVW)UHH]H
,QGLFDWHXUGHWHPS«UDWXUH
9R\DQWGಬDODUPH
)RQFWLRQ&KLOG/RFN
)RQFWLRQ'ULQNV&KLOO
3RXUV«OHFWLRQQHUXQHWHPS«UDWXUH
GLII«UHQWHUHSRUWH]YRXVDXSDUDJUDSKH
m5«JODJHGHODWHPS«UDWXUH}
6LG(0RV DIILFKHUHSRUWH]YRXVDX
FKDSLWUHm'«SDQQDJH}
0LVH¢O DUU¬W
$SSX\H]VXUODWRXFKH212))GH
O DSSDUHLOSHQGDQWVHFRQGHV
10
/ DIILFKDJHV «WHLQW
'«EUDQFKH]O DSSDUHLO«OHFWULTXHPHQW
5«JODJHGHODWHPS«UDWXUH
5«JOH]ODWHPS«UDWXUHGHO DSSDUHLOHQ
DSSX\DQWVXUOHVWRXFKHVGHWHPS«UDWXUH
/DWHPS«UDWXUHU«JO«HUHFRPPDQG«HSDU
G«IDXWHVW
ವ r&GDQVOHU«IULJ«UDWHXU
ವ r&GDQVOHFRQJ«ODWHXU
/DSODJHGHWHPS«UDWXUHSHXWYDULHUHQWUH
r&HWr&SRXUOHFRQJ«ODWHXUHW
HQWUHr&HWr&SRXUOHU«IULJ«UDWHXU
/HVLQGLFDWHXUVGHWHPS«UDWXUHDIILFKHQW
ODWHPS«UDWXUHSURJUDPP«H
/DWHPS«UDWXUHSURJUDPP«H
VHUDDWWHLQWHVRXVKHXUHV
$SUªVXQHFRXSXUHGHFRXUDQW
ODWHPS«UDWXUHSURJUDPP«H
UHVWHHQUHJLVWU«H
)DVW&RRO)RQFWLRQ
6LYRXVGHYH]LQV«UHUXQHJURVVHTXDQWLW«
G DOLPHQWVFKDXGVGDQVOHFRPSDUWLPHQW
GXU«IULJ«UDWHXUSDUH[HPSOHDSUªVDYRLU
IDLWYRVFRXUVHVQRXVFRQVHLOORQVG DFWLYHU
ODIRQFWLRQ)DVW&RROSRXUUHIURLGLUSOXV
UDSLGHPHQWOHVSURGXLWVWRXWHQ«YLWDQWOH
U«FKDXIIHPHQWGHVDXWUHVDOLPHQWVG«M¢
SU«VHQWVGDQVOHU«IULJ«UDWHXU
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTX ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWV DIILFKH
/ LQGLFDWHXU)DVW&RROFOLJQRWH
$SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU)DVW&RROV DIILFKH
/DIRQFWLRQVಬDUU¬WHDXWRPDWLTXHPHQWDX
ERXWGಬHQYLURQKHXUHV
9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ
)DVW&RRODYDQWVDILQDXWRPDWLTXHHQ
U«S«WDQWODSURF«GXUHRXHQV«OHFWLRQQDQW
XQHDXWUHWHPS«UDWXUHGXU«IULJ«UDWHXU
)DVW)UHH]H)RQFWLRQ
/DIRQFWLRQ)DVW)UHH]HVHUW¢HIIHFWXHU
XQHSU«FRQJ«ODWLRQHWXQHFRQJ«ODWLRQ
UDSLGHHQV«TXHQFHGDQVOHFRPSDUWLPHQW
GXFRQJ«ODWHXU&HWWHIRQFWLRQDFF«OªUHOD
FRQJ«ODWLRQGHVDOLPHQWVIUDLVHWSURWªJH
HQP¬PHWHPSVOHVGHQU«HVG«M¢
HQWUHSRV«HVG XQU«FKDXIIHPHQW
LQG«VLUDEOH
3RXUFRQJHOHUGHVDOLPHQWV
IUDLVDFWLYH]ODIRQFWLRQ
)DVW)UHH]HDXPRLQV
KHXUHVDYDQWGHSODFHUOHV
DOLPHQWVSRXUHIIHFWXHUXQH
SU«FRQJ«ODWLRQ
3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H]
VXUODWRXFKH)XQFWLRQVMXVTX ¢FHTXH
OHV\PEROHFRUUHVSRQGDQWV DIILFKH
/ LQGLFDWHXU)DVW)UHH]HFOLJQRWH
$SSX\H]VXUODWRXFKH2.SRXU
FRQILUPHU
/ LQGLFDWHXU)DVW)UHH]HV DIILFKH
&HWWHIRQFWLRQV DUU¬WHDXWRPDWLTXHPHQW
DXERXWGHKHXUHV
9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ
)DVW)UHH]HDYDQWVDILQDXWRPDWLTXHHQ
U«S«WDQWODSURF«GXUHMXVTXಬ¢FHTXH
OಬLQGLFDWHXU)DVW)UHH]HVಬ«WHLJQHRXHQ
V«OHFWLRQQDQWXQHDXWUHWHPS«UDWXUH
&KLOG/RFN)RQFWLRQ
$FWLYH]ODIRQFWLRQ&KLOG/RFNSRXU
YHUURXLOOHUOHVWRXFKHVHW«YLWHUWRXWH
RS«UDWLRQDFFLGHQWHOOH
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTXಬ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWVಬDIILFKH
/ LQGLFDWHXU&KLOG/RFNFOLJQRWH
$SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU&KLOG/RFNV DIILFKH
3RXUG«VDFWLYHUODIRQFWLRQ&KLOG/RFN
U«S«WH]ODSURF«GXUHMXVTX ¢FHTXHOH
YR\DQW&KLOG/RFNV «WHLJQH
'ULQNV&KLOO)RQFWLRQ
/DIRQFWLRQ'ULQNV&KLOOGRLW¬WUHXWLOLV«H
SRXUOHU«JODJHG XQHDODUPHVRQRUH¢XQH
KHXUHVRXKDLW«HFHTXLHVWXWLOHSDU
H[HPSOHORUVTXHO RQVRXKDLWHUHIURLGLU
XQHSU«SDUDWLRQSHQGDQWXQFHUWDLQWHPSV
GDQVOHFDGUHG XQHUHFHWWHGHFXLVLQH
11
(OOHHVW«JDOHPHQWXWLOHORUVTXHYRXVDYH]
EHVRLQG XQUDSSHOSRXUQHSDVRXEOLHU
TXHYRXVDYH]SODF«GHVERXWHLOOHVRXGHV
FDQHWWHVGDQVOHFRQJ«ODWHXUSRXUOHV
UHIURLGLUUDSLGHPHQW
$SSX\H]VXU)XQFWLRQVMXVTXಬ¢FHTXH
OHV\PEROHFRUUHVSRQGDQWVಬDIILFKH
/ LQGLFDWHXU'ULQNV&KLOOFOLJQRWH
/HPLQXWHXULQGLTXHSHQGDQWTXHOTXHV
VHFRQGHVODYDOHXUSURJUDPP«H
PLQXWHV $SSX\H]VXUODWRXFKHGHU«JODJHGH
ODPLQXWHULHSRXUPRGLILHUODYDOHXU
SURJUDPP«H GH¢PLQXWHV $SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU'ULQNV&KLOOV DIILFKH
/HPLQXWHXUVHPHW¢FOLJQRWHU PLQ 8QHIRLVODGXU«HSURJUDPP«H«FRXO«H
OಬLQGLFDWHXUmPLQ}FOLJQRWHHWXQVLJQDO
VRQRUHUHWHQWLW$SSX\H]VXUODWRXFKH2.
SRXUDUU¬WHUOHVLJQDOVRQRUHHWG«VDFWLYHU
ODIRQFWLRQ
3RXUG«VDFWLYHUODIRQFWLRQU«S«WH]OD
SURF«GXUHMXVTX ¢FHTXH'ULQNV&KLOO
V «WHLJQH
87,/,6$7,214827,',(11(
3RVLWLRQQHPHQWGHV«WDJªUHVGH
SRUWH
3RXUSHUPHWWUHODFRQVHUYDWLRQ
GಬHPEDOODJHVDOLPHQWDLUHVGHGLII«UHQWHV
WDLOOHVOHVEDOFRQQHWVGHODSRUWHSHXYHQW
¬WUHSODF«V¢GHVKDXWHXUVGLII«UHQWHV
6RXOHYH]GRXFHPHQWOHEDOFRQQHW
MXVTXಬ¢FHTXಬLOVHG«WDFKH
5HSRVLWLRQQH]FRPPHVRXKDLW«
,OHVWSRVVLEOHGHPRGLILHUOD
GXU«H¢WRXWPRPHQWHWDYDQW
ODILQGXG«FRPSWHHQDSSX\DQW
VXUODWRXFKHGHGLPLQXWLRQGH
ODWHPS«UDWXUHHWVXUODWRXFKH
G DXJPHQWDWLRQGHOD
WHPS«UDWXUH
$ODUPHGHSRUWHRXYHUWH
6LODSRUWHGXU«IULJ«UDWHXUUHVWHRXYHUWH
SHQGDQWHQYLURQPLQXWHVOHVRQHVW
DFWLY«HWOHYR\DQWGಬDODUPHFOLJQRWH
/ DODUPHV LQWHUURPSWGªVTXHYRXVIHUPH]
ODSRUWH/RUVTXHO DODUPHVHG«FOHQFKHOH
VRQSHXW¬WUHG«VDFWLY«HQDSSX\DQWVXU
Q LPSRUWHTXHOOHWRXFKH
6LYRXVQಬDSSX\H]VXUDXFXQH
WRXFKHOHVRQVHFRXSH
DXWRPDWLTXHPHQWDSUªV
HQYLURQXQHKHXUHSRXUQHSDV
G«UDQJHU
12
&OD\HWWHVDPRYLEOHV
/HVSDURLVGXU«IULJ«UDWHXUVRQW«TXLS«HV
G XQHV«ULHGHJOLVVLªUHVDILQTXHOHV
FOD\HWWHVSXLVVHQW¬WUHSRVLWLRQQ«HV
FRPPHYRXVOHVRXKDLWH]
FRQVHUYHUGDQVOHFRPSDUWLPHQWGH
FRQJ«ODWLRQ
&RQVHUYH]OHVDOLPHQWVIUDLVU«SDUWLV
XQLIRUP«PHQWGDQVWRXVOHV
FRPSDUWLPHQWVRXWRXVOHVEDFV
&HWDSSDUHLOHVW«JDOHPHQWGRW«G XQH
FOD\HWWHFRPSRV«HGHGHX[SDUWLHV/D
SDUWLHDYDQWGHODFOD\HWWHSHXW¬WUH
UDEDWWXHHWSODF«HVRXVODVHFRQGHSDUWLH
SRXUXQHPHLOOHXUHXWLOLVDWLRQGHO HVSDFH
/DTXDQWLW«PD[LPDOHG DOLPHQWVSRXYDQW
¬WUHFRQJHO«VVDQVDMRXWHUG DXWUHV
DOLPHQWVIUDLVSHQGDQWKHXUHVILJXUH
VXUODSODTXHVLJQDO«WLTXH «WLTXHWWHVLWX«H
¢O LQW«ULHXUGHO DSSDUHLO 3RXUUDEDWWUHODFOD\HWWH
8QHIRLVOHSURFHVVXVGHFRQJ«ODWLRQ
WHUPLQ«O DSSDUHLOUHYLHQW
DXWRPDWLTXHPHQWDXU«JODJHGH
WHPS«UDWXUHSU«F«GHQW YRLUm)RQFWLRQ
)DVW)UHH]H} 6RUWH]GRXFHPHQWODSDUWLHDYDQW
)DLWHVODJOLVVHUGDQVOHUDLOLQI«ULHXU
VRXVODVHFRQGHPRLWL«
&RQVHUYDWLRQGHVSODWVVXUJHO«V
1
/RUVGHODPLVHHQVHUYLFHRXDSUªVXQ
DUU¬WSURORQJ«HWDYDQWGಬLQWURGXLUHOHV
SURGXLWVGDQVOHFRPSDUWLPHQWODLVVH]
IRQFWLRQQHUOಬDSSDUHLODXPRLQVKHXUHV
DYHFODIRQFWLRQ)DVW)UHH]HDOOXP«H
/HVDOLPHQWVQHGRLYHQWSDV¬WUHSODF«V¢
PRLQVGHPPGHODSRUWH
2
1HPRGLILH]SDVO HPSODFHPHQW
GHODFOD\HWWHHQYHUUHVLWX«H
DXGHVVXVGXEDF¢O«JXPHV
DILQGHJDUDQWLUXQHFLUFXODWLRQ
G DLURSWLPDOH
%DF¢O«JXPHV
8QEDFVS«FLDOHVWSU«VHQWGDQVODSDUWLH
LQI«ULHXUHGHOಬDSSDUHLODGDSW«¢OD
FRQVHUYDWLRQGHVIUXLWVHWGHVO«JXPHV
$77(17,21(QFDVGH
G«FRQJ«ODWLRQDFFLGHQWHOOH
FDXV«HSDUXQHFRXSXUHGH
FRXUDQWSDUH[HPSOHVLOD
GXU«HGHODPLVHKRUVWHQVLRQ
HVWVXS«ULHXUH¢ODYDOHXU
LQGLTX«HVXUODSODTXH
VLJQDO«WLTXHVRXVm$XWRQRPLH
GHIRQFWLRQQHPHQW}OHV
DOLPHQWVG«FRQJHO«VGRLYHQW
¬WUHFRQVRPP«VUDSLGHPHQW
RXFXLWVLPP«GLDWHPHQWDYDQW
Gಬ¬WUHUHIURLGLVSXLV
UHFRQJHO«V
&RQJHOHUGHVDOLPHQWVIUDLV
'«FRQJ«ODWLRQ
/HFRPSDUWLPHQWGXFRQJ«ODWHXUHVW
SDUIDLWSRXUFRQJHOHUGHVGHQU«HVIUD°FKHV
HWFRQVHUYHU¢ORQJWHUPHGHVDOLPHQWV
VXUJHO«VRXFRQJHO«V
$YDQWGಬ¬WUHFRQVRPP«VOHVDOLPHQWV
VXUJHO«VRXFRQJHO«VSHXYHQW¬WUH
G«FRQJHO«VDXU«IULJ«UDWHXURXGDQVXQ
VDFKHWHQSODVWLTXHVRXVGHOಬHDXIURLGH
3RXUFRQJHOHUGHVDOLPHQWVIUDLVDFWLYH]
ODIRQFWLRQ)DVW)UHH]HDXPRLQV
KHXUHVDYDQWGHSODFHUOHVDOLPHQWV¢
&HWWHRS«UDWLRQG«SHQGGXWHPSV
GLVSRQLEOHHWGXW\SHGಬDOLPHQWV/HVSHWLWV
PRUFHDX[SHXYHQWP¬PH¬WUHFXLWV
WRXMRXUVFRQJHO«V
13
&216(,/6
&RQVHLOVSRXU«FRQRPLVHU
Oൄ«QHUJLH
ವ 5«IULJ«UDWHXU/ಬXWLOLVDWLRQODSOXV
HIILFDFHGHOಬ«QHUJLHHVWDVVXU«HGDQV
ODFRQILJXUDWLRQDYHFOHVWLURLUVGDQVOD
SDUWLHLQI«ULHXUHGHOಬDSSDUHLOHWOHV
FOD\HWWHVU«SDUWLHVXQLIRUP«PHQW/D
SRVLWLRQGHVFRPSDUWLPHQWVGHSRUWH
QಬDIIHFWHSDVODFRQVRPPDWLRQ
Gಬ«QHUJLH
ವ ‹YLWH]G RXYULUIU«TXHPPHQWODSRUWHHW
QHODODLVVH]RXYHUWHTXHOHWHPSV
Q«FHVVDLUH
ವ &RQJ«ODWHXU3OXVOHU«JODJHGHOD
WHPS«UDWXUHHVWEDVSOXVOD
FRQVRPPDWLRQ«OHFWULTXHHVW«OHY«H
ವ 5«IULJ«UDWHXU1HU«JOH]SDVXQH
WHPS«UDWXUHWURS«OHY«HSRXU
«FRQRPLVHUOಬ«QHUJLHVDXIVLFHODHVW
UHTXLVSDUOHVFDUDFW«ULVWLTXHVGHV
DOLPHQWV
ವ 6LODWHPS«UDWXUHDPELDQWHHVW«OHY«H
TXHOHWKHUPRVWDWHVWU«JO«VXUXQH
WHPS«UDWXUHEDVVHHWTXHOಬDSSDUHLOHVW
SOHLQOHFRPSUHVVHXUIRQFWLRQQHHQ
U«JLPHFRQWLQXFHTXLSURYRTXHXQH
IRUPDWLRQGHJLYUHRXGHJODFHVXU
Oಬ«YDSRUDWHXU'DQVFHFDVU«JOH]OH
WKHUPRVWDWVXUXQHWHPS«UDWXUHSOXV
«OHY«HSRXUSHUPHWWUHOHG«JLYUDJH
DXWRPDWLTXHHWGRQFGಬ«FRQRPLVHUGH
Oಬ«QHUJLH
ವ $VVXUH]XQHERQQHYHQWLODWLRQ1H
FRXYUH]SDVOHVJULOOHVRXOHVRULILFHV
GHYHQWLODWLRQ
&RQVHLOVSRXUODFRQJ«ODWLRQ
ವ $FWLYH]ODIRQFWLRQ)DVW)UHH]HDX
PRLQVKHXUHVDYDQWGHSODFHUOHV
DOLPHQWV¢OಬLQW«ULHXUGXFRPSDUWLPHQW
GXFRQJ«ODWHXU
ವ $YDQWGHFRQJHOHUHPEDOOH]HWIHUPH]
OHVDOLPHQWVIUDLVGDQVSDSLHU
DOXPLQLXPILOPRXVDFKHWVHQ
SODVWLTXHU«FLSLHQWVKHUP«WLTXHVDYHF
FRXYHUFOH
ವ 3RXUXQHFRQJ«ODWLRQHWXQH
G«FRQJ«ODWLRQSOXVHIILFDFHVV«SDUH]
OHVDOLPHQWVHQSHWLWHVSRUWLRQV
ವ ,OHVWUHFRPPDQG«GHPHWWUHGHV
«WLTXHWWHVHWGHVGDWHVVXUWRXVYRV
DOLPHQWVFRQJHO«V&HODSHUPHWWUD
GಬLGHQWLILHUOHVDOLPHQWVHWGHVDYRLU
TXDQGLOVSHXYHQW¬WUHFRQVRPP«V
DYDQWOHXUG«W«ULRUDWLRQ
ವ /HVDOLPHQWVGRLYHQW¬WUHIUDLVORUVTXಬLOV
VRQWFRQJHO«VSRXUSU«VHUYHUOHXU
TXDOLW«(QSDUWLFXOLHUOHVIUXLWVHWOHV
O«JXPHVGRLYHQW¬WUHFRQJHO«VDSUªV
OHXUU«FROWHSRXUSU«VHUYHUWRXVOHXUV
QXWULPHQWV
ವ 1HFRQJHOH]SDVGHVERXWHLOOHVRXGHV
FDQHWWHVDYHFGHVOLTXLGHVHQ
SDUWLFXOLHUGHVERLVVRQVFRQWHQDQWGX
GLR[\GHGHFDUERQHHOOHVSRXUUDLHQW
H[SORVHUSHQGDQWODFRQJ«ODWLRQ
ವ 1 LQWURGXLVH]SDVG DOLPHQWVFKDXGV
GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU
/DLVVH]OHVUHIURLGLU¢WHPS«UDWXUH
DPELDQWHDYDQWGHOHVSODFHUGDQVOH
FRPSDUWLPHQW
ವ 3RXU«YLWHUG DXJPHQWHUODWHPS«UDWXUH
GHVDOLPHQWVG«M¢VXUJHO«VQHSODFH]
SDVG DOLPHQWVIUDLVQRQFRQJHO«V
GLUHFWHPHQW¢SUR[LPLW«3ODFH]OHV
DOLPHQWV¢WHPS«UDWXUHDPELDQWHGDQV
ODSDUWLHGXFRPSDUWLPHQWGX
FRQJ«ODWHXUR»LOQಬ\DSDVGಬDOLPHQWV
FRQJHO«V
ವ 1HPDQJH]SDVOHVJOD©RQVOHVJODFHV
¢O HDXRXOHVE¤WRQQHWVJODF«VGªVOHXU
VRUWLHGXFRQJ«ODWHXU5LVTXHGH
JHOXUH
ವ 1HUHFRQJHOH]SDVGHVDOLPHQWV
G«FRQJHO«V6LOHVDOLPHQWVVRQW
G«FRQJHO«VFXLVH]OHVODLVVH]OHV
UHIURLGLUSXLVFRQJHOH]OHV
&RQVHLOVSRXUOHVWRFNDJHGHV
SODWVVXUJHO«V
ವ /HFRPSDUWLPHQWFRQJ«ODWHXUHVW
PDUTX«GH
ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL
JDUDQWLWODFRQVHUYDWLRQGHVSURGXLWV
14
ವ
ವ
ವ
ವ
DOLPHQWDLUHVFRQJHO«VHVWXQH
WHPS«UDWXUHLQI«ULHXUHRX«JDOH¢
r&
8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢
OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU
XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH
/ಬHQVHPEOHGXFRPSDUWLPHQWGX
FRQJ«ODWHXUHVWDGDSW«¢OD
FRQVHUYDWLRQGHSURGXLWVDOLPHQWDLUHV
FRQJHO«V
/DLVVH]VXIILVDPPHQWGಬHVSDFHDXWRXU
GHVDOLPHQWVSRXUSHUPHWWUH¢OಬDLUGH
FLUFXOHUOLEUHPHQW
3RXUXQHFRQVHUYDWLRQDG«TXDWH
FRQVXOWH]Oಬ«WLTXHWWHGHOಬHPEDOODJHGHV
DOLPHQWVSRXUFRQQD°WUHODGXU«HGH
FRQVHUYDWLRQGHVDOLPHQWV
,OHVWLPSRUWDQWGಬHPEDOOHUOHVDOLPHQWV
GHPDQLªUH¢HPS¬FKHUOಬHDX
OಬKXPLGLW«RXODFRQGHQVDWLRQGH
S«Q«WUHU¢OಬLQW«ULHXU
ವ $VVXUH]YRXVTXHOಬHPEDOODJHQಬHVW
SDVHQGRPPDJ«OHVDOLPHQWV
SRXUUDLHQW¬WUHG«W«ULRU«V6L
OಬHPEDOODJHHVWJRQIO«RXPRXLOO«LOQಬD
SHXW¬WUHSDV«W«FRQVHUY«GDQVGHV
FRQGLWLRQVRSWLPDOHVHWOD
G«FRQJ«ODWLRQDSHXW¬WUHG«M¢
FRPPHQF«
ವ 3RXUOLPLWHUOHSURFHVVXVGH
G«FRQJ«ODWLRQDFKHWH]OHVSURGXLWV
FRQJHO«V¢ODILQGHYRVFRXUVHVHW
WUDQVSRUWH]OHVGDQVXQVDFLVRWKHUPH
ವ 3ODFH]OHVDOLPHQWVFRQJHO«VGDQVOH
FRQJ«ODWHXULPP«GLDWHPHQWDSUªV¬WUH
UHYHQXGHYRVFRXUVHV
ವ 6LOHVDOLPHQWVVRQWG«FRQJHO«VP¬PH
SDUWLHOOHPHQWQHOHVUHFRQJHOH]SDV
&RQVRPPH]OHVGªVTXHSRVVLEOH
ವ 5HVSHFWH]ODGDWHGಬH[SLUDWLRQHWOHV
LQIRUPDWLRQVGHFRQVHUYDWLRQVXU
OಬHPEDOODJH
&RQVHLOVSRXUYRVFRXUVHV
$SUªVYRVFRXUVHV
'XU«HGHFRQVHUYDWLRQSRXUOHFRPSDUWLPHQWGXFRQJ«ODWHXU
7\SHGൄDOLPHQW
'XU«HGHFRQVHUYD഻
WLRQ PRLV
3DLQ
)UXLWV VDXIDJUXPHV
/«JXPHV
5HVWHV VDQVYLDQGH
3URGXLWVODLWLHUV
%HXUUH
)URPDJH¢S¤WHPROOH SH[PR]]DUHOOD
)URPDJH¢S¤WHGXUH SH[SDUPHVDQFKHGGDU
)UXLWVGHPHU
3RLVVRQJUDV SH[VDXPRQPDTXHUHDX
3RLVVRQPDLJUH SH[FDELOODXGOLPDQGH
&UHYHWWHV
3DORXUGHVHWPRXOHVG«FRUWLTX«HV
3RLVVRQFXLW
9LDQGH
15
7\SHGൄDOLPHQW
'XU«HGHFRQVHUYD഻
WLRQ PRLV
9RODLOOH
%ĕXI
3RUF
$JQHDX
6DXFLVVH
-DPERQ
5HVWHV DYHFYLDQGH
&RQVHLOVSRXUODU«IULJ«UDWLRQ
GHVDOLPHQWVIUDLV
ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL
JDUDQWLWODFRQVHUYDWLRQGHVDOLPHQWV
IUDLVHVWXQHWHPS«UDWXUHLQI«ULHXUHRX
«JDOH¢r&
8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢
OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU
XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH
GHVDOLPHQWV
ವ &RXYUH]OHVDOLPHQWVDYHFXQ
HPEDOODJHSRXUFRQVHUYHUOHXU
IUD°FKHXUHWOHXUDU¶PH
ವ 8WLOLVH]WRXMRXUVGHVU«FLSLHQWVIHUP«V
SRXUOHVOLTXLGHVHWOHVDOLPHQWVDILQ
Gಬ«YLWHUOHVVDYHXUVRXOHVRGHXUVGDQV
OHFRPSDUWLPHQW
ವ 3RXU«YLWHUODFRQWDPLQDWLRQFURLV«H
HQWUHOHVDOLPHQWVFXLWVHWOHVDOLPHQWV
FUXVFRXYUH]OHVDOLPHQWVFXLWVHW
V«SDUH]OHVGHVDOLPHQWVFUXV
ವ ,OHVWFRQVHLOO«GHG«FRQJHOHUOHV
DOLPHQWV¢OಬLQW«ULHXUGXU«IULJ«UDWHXU
ವ 1 LQV«UH]SDVG DOLPHQWVFKDXGVGDQV
OಬDSSDUHLO$VVXUH]YRXVTXಬLOVRQW
UHIURLGL¢WHPS«UDWXUHDPELDQWHDYDQW
GHOHVLQV«UHU
ವ 3RXU«YLWHUOHJDVSLOODJHGHVDOLPHQWV
OHQRXYHDXVWRFNGಬDOLPHQWVGRLW
WRXMRXUV¬WUHSODF«GHUULªUHOಬDQFLHQ
&RQVHLOVSRXUODU«IULJ«UDWLRQ
GHVDOLPHQWV
ವ /HFRPSDUWLPHQWGHVDOLPHQWVIUDLVHVW
FHOXLLQGLTX« VXUODSODTXH
VLJQDO«WLTXH SDU
ವ 9LDQGH WRXVW\SHV HQYHORSSH]OD
GDQVXQHPEDOODJHDSSURSUL«HWSODFH]
ODVXUO «WDJªUHHQYHUUHDXGHVVXVGX
EDF¢O«JXPHV1HFRQVHUYH]ODYLDQGH
TXHRXMRXUVDXSOXV
ವ )UXLWVHWO«JXPHVQHWWR\H]
VRLJQHXVHPHQW UHWLUH]ODWHUUH HW
SODFH]OHVGDQVXQEDFVS«FLDO EDF¢
O«JXPHV ವ ,OHVWFRQVHLOO«GHQHSDVFRQVHUYHUOHV
IUXLWVH[RWLTXHVWHOVTXHOHVEDQDQHV
OHVPDQJXHVOHVSDSD\HVHWFGDQVOH
U«IULJ«UDWHXU
ವ /HVO«JXPHVWHOVTXHOHVWRPDWHVOHV
SRPPHVGHWHUUHOHVRLJQRQVHWO DLOQH
GRLYHQWSDV¬WUHFRQVHUY«VGDQVOH
U«IULJ«UDWHXU
ವ %HXUUHHWIURPDJHSODFH]OHVGDQVXQ
U«FLSLHQW«WDQFKH¢O DLURX
HQYHORSSH]OHVGDQVXQHIHXLOOH
G DOXPLQLXPRXXQVDFKHWHQ
SRO\«WK\OªQHSRXUOHVWHQLUDXWDQWTXH
SRVVLEOH¢O DEULGHO DLU
ವ %RXWHLOOHVIHUPH]OHVDYHFXQ
ERXFKRQHWSODFH]OHVVXUOHSRUWH
ERXWHLOOHVRX V LOHVWLQVWDOO« GDQVOH
EDOFRQQHW¢ERXWHLOOHVGHODSRUWH
ವ &RQVXOWH]WRXMRXUVODGDWHG H[SLUDWLRQ
GHVSURGXLWVSRXUVDYRLUFRPELHQGH
WHPSVOHVFRQVHUYHU
16
(175(7,(1(71(772<$*(
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
3RXUFHIDLUHXWLOLVH]ODWLJHGHQHWWR\DJH
GHODJRXORWWHIRXUQLHDYHFOಬDSSDUHLO
1HWWR\DJHGHOൄLQW«ULHXU
$YDQWG XWLOLVHUO DSSDUHLOSRXUODSUHPLªUH
IRLVQHWWR\H]O LQW«ULHXUHWWRXVOHV
DFFHVVRLUHVDYHFGHO HDXWLªGH
VDYRQQHXVH SRXUVXSSULPHUWRXWHRGHXU
GHQHXI SXLVV«FKH]OHVVRLJQHXVHPHQW
$77(17,211 XWLOLVH]MDPDLV
GHG«WHUJHQWVGHSURGXLWV
DEUDVLIVGHQHWWR\DQWV¢EDVH
GHFKORUHRXG KXLOHFDULOV
SRXUUDLHQWHQGRPPDJHUOH
UHY¬WHPHQW
$77(17,21/HVSLªFHVHW
DFFHVVRLUHVGHO DSSDUHLOQH
GRLYHQWSDV¬WUHODY«VDXODYH
YDLVVHOOH
1HWWR\DJHS«ULRGLTXH
/ DSSDUHLOGRLW¬WUHQHWWR\«U«JXOLªUHPHQW
1HWWR\H]O LQW«ULHXUHWOHVDFFHVVRLUHV
DYHFGHO HDXWLªGHHWGXVDYRQQHXWUH
9«ULILH]U«JXOLªUHPHQWOHVMRLQWVGH
SRUWHHWHVVX\H]OHVSRXUYRXVDVVXUHU
TX LOVVRQWSURSUHVHWQHFRQWLHQQHQW
SDVGHU«VLGXV
5LQFH]HWV«FKH]VRLJQHXVHPHQW
'«JLYUDJHGXU«IULJ«UDWHXU
/HJLYUHHVWDXWRPDWLTXHPHQW«OLPLQ«GH
Oಬ«YDSRUDWHXUGXFRPSDUWLPHQWGX
U«IULJ«UDWHXUHQXWLOLVDWLRQQRUPDOH/ HDX
GHG«JLYUDJHHVWFROOHFW«HGDQVXQ
U«FLSLHQWVS«FLDOVLWX«¢O DUULªUHGH
O DSSDUHLODXGHVVXVGXFRPSUHVVHXU
G R»HOOHV «YDSRUH
,OHVWLPSRUWDQWGHQHWWR\HUU«JXOLªUHPHQW
O RULILFHG «FRXOHPHQWGHODJRXORWWH
G «YDFXDWLRQGHO HDXGHG«JLYUDJHVLWX«H
DXPLOLHXGXFRPSDUWLPHQWU«IULJ«UDWHXU
SRXUHPS¬FKHUO HDXGHG«ERUGHUHWGH
FRXOHU¢O LQW«ULHXUGHO DSSDUHLO
'«JLYUDJHGXFRQJ«ODWHXU
$77(17,211ಬXWLOLVH]MDPDLV
GಬRXWLOVP«WDOOLTXHVWUDQFKDQWV
SRXUJUDWWHUOHJLYUHGH
Oಬ«YDSRUDWHXUFDUYRXV
ULVTXHULH]GHOಬHQGRPPDJHU
1ಬXWLOLVH]DXFXQGLVSRVLWLI
P«FDQLTXHRXPR\HQDUWLILFLHO
SRXUDFF«O«UHUOHSURFHVVXVGH
G«JLYUDJHKRUPLVFHX[
UHFRPPDQG«VSDUOHIDEULFDQW
(QYLURQKHXUHVDYDQWOH
G«JLYUDJHPHWWH]OHWKHUPRVWDW
VXUXQHWHPS«UDWXUHLQI«ULHXUH
DILQG DVVXUHUXQHU«VHUYHGH
IURLGVXIILVDQWHHQFDV
GಬLQWHUUXSWLRQGX
IRQFWLRQQHPHQW
8QHFHUWDLQHTXDQWLW«GHJLYUHVHIRUPH
WRXMRXUVVXUOHVFOD\HWWHVGXFRQJ«ODWHXU
HWDXWRXUGXFRPSDUWLPHQWVXS«ULHXU
'«JLYUH]OHFRQJ«ODWHXUORUVTXH
O «SDLVVHXUGHODFRXFKHGHJLYUHHVW
G HQYLURQPP
‹WHLJQH]O DSSDUHLORXG«EUDQFKH]OD
ILFKHGHODSULVHVHFWHXU
6RUWH]OHVGHQU«HVFRQJHO«HVHW
FRQVHUYH]OHVGDQVXQHQGURLWIUDLV
17
$77(17,218QH
«O«YDWLRQGHODWHPS«UDWXUH
GHVGHQU«HVFRQJHO«HV
SHQGDQWOHG«JLYUDJHSHXW
U«GXLUHOHXUGXU«HGH
FRQVHUYDWLRQ
1HWRXFKH]SDVOHVSURGXLWV
FRQJHO«VDYHFOHVPDLQV
PRXLOO«HV/HVPDLQV
SHXYHQWJHOHUVXUOHV
SURGXLWV
/DLVVH]ODSRUWHRXYHUWH3URW«JH]OH
VROGHOಬHDXGHG«JLYUDJHDYHFXQ
FKLIIRQRXXQU«FLSLHQWSODW
/HG«JLYUDJHSHXW¬WUHDFF«O«U«HQ
SOD©DQWXQU«FLSLHQWGಬHDXFKDXGH
GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU
5HWLUH]«JDOHPHQWOHVPRUFHDX[GH
JODFHDXIXUHW¢PHVXUHTXಬLOVVH
G«WDFKHQWDYDQWODILQGXG«JLYUDJH
8QHIRLVOHG«JLYUDJHWHUPLQ«V«FKH]
ELHQO LQW«ULHXU
0HWWH]O DSSDUHLOHQPDUFKHHWIHUPH]
ODSRUWH
5«JOH]OHWKHUPRVWDWSRXUREWHQLUOH
SOXVGHIURLGSRVVLEOHHWIDLWHV
IRQFWLRQQHUO DSSDUHLODXPRLQV
KHXUHVDYHFFHU«JODJH
9RXVSRXYH]UHPHWWUHOHVGHQU«HVGDQVOH
FRPSDUWLPHQWFRQJ«ODWHXUXQLTXHPHQW¢
FHVWDGH
3«ULRGHGHQRQXWLOLVDWLRQ
6LO DSSDUHLOQ HVWSDVXWLOLV«SHQGDQWXQH
ORQJXHS«ULRGHSUHQH]OHVSU«FDXWLRQV
VXLYDQWHV
'«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ
«OHFWULTXH
5HWLUH]WRXVOHVDOLPHQWV
'«JLYUH]O DSSDUHLO
1HWWR\H]O DSSDUHLOHWWRXVOHV
DFFHVVRLUHV
/DLVVH]OHVSRUWHVRXYHUWHVSRXU«YLWHU
ODIRUPDWLRQG RGHXUVG«VDJU«DEOHV
'‹3$11$*(
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
4XHIDLUHVL
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/ಬDSSDUHLOQHIRQFWLRQQHSDV
/ಬDSSDUHLOHVW«WHLQW
0HWWH]OಬDSSDUHLOHQPDUFKH
/DILFKHGಬDOLPHQWDWLRQQಬHVW
SDVFRUUHFWHPHQWEUDQFK«H
¢ODSULVHGHFRXUDQW
%UDQFKH]ODILFKHVHFWHXU
VXUODSULVHGHFRXUDQW
,OQಬ\DSDVGHWHQVLRQGDQV
ODSULVHGHFRXUDQW
%UDQFKH]XQDXWUHDSSDUHLO
VXUODSULVHGHFRXUDQW&RQಣ
WDFWH]XQ«OHFWULFLHQTXDOLIL«
/ಬDSSDUHLOHVWEUX\DQW
/ಬDSSDUHLOQಬHVWSDVSRVLWLRQಣ
Q«FRUUHFWHPHQW
9«ULILH]TXHOಬDSSDUHLOHVW
VWDEOH
18
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/HVVLJQDX[VRQRUHVRXYLಣ
VXHOVVRQWDFWLY«V
/HPHXEOHD«W«DOOXP«U«ಣ
FHPPHQW
&RQVXOWH]OHSDUDJUDSKH
m$ODUPHSRUWHRXYHUWH}RX
m$ODUPHKDXWHWHPS«UDWXಣ
UH}
/DWHPS«UDWXUH¢OಬLQW«ULHXU
GHOಬDSSDUHLOHVWWURS«OHY«H
&RQVXOWH]OHSDUDJUDSKH
m$ODUPHSRUWHRXYHUWH}RX
m$ODUPHKDXWHWHPS«UDWXಣ
UH}
/DSRUWHHVWODLVV«HRXYHUWH
5HIHUPH]ODSRUWH
/HFRPSUHVVHXUIRQFWLRQQH
HQSHUPDQHQFH
/DWHPS«UDWXUHHVWPDOU«ಣ
JO«H
5HSRUWH]YRXVDXFKDSLWUH
m%DQGHDXGHFRPPDQGH}
7URSGಬDOLPHQWVRQW«W«LQWURಣ
GXLWVVLPXOWDQ«PHQW
$WWHQGH]TXHOTXHVKHXUHVHW
Y«ULILH]GHQRXYHDXODWHPಣ
S«UDWXUH
/DWHPS«UDWXUHDPELDQWH
HVWWURS«OHY«H
5HSRUWH]YRXVDXFKDSLWUH
m,QVWDOODWLRQ}
/HVDOLPHQWVSODF«VGDQV
OಬDSSDUHLO«WDLHQWWURS
FKDXGV
/DLVVH]UHIURLGLUOHVDOLPHQWV
¢WHPS«UDWXUHDPELDQWH
DYDQWGHOHVUDQJHU
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/DIRQFWLRQ)DVW)UHH]HHVW
DFWLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW)UHH]H}
/DIRQFWLRQ)DVW&RROHVWDFಣ
WLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW&RRO}
/HFRPSUHVVHXUQHG«PDUUH
SDVLPP«GLDWHPHQWDSUªV
DYRLUDSSX\«VXUODWRXFKH
m)DVW)UHH]H}RXm)DVWಣ
&RRO}RXDSUªVDYRLUPRGLಣ
IL«ODWHPS«UDWXUH
/HFRPSUHVVHXUG«PDUUHDX
ERXWGಬXQFHUWDLQWHPSV
&ಬHVWQRUPDODXFXQHHUUHXU
QಬHVWVXUYHQXH
/DSRUWHHVWPDODOLJQ«HRX
LQWHUIªUHDYHFOHJULOGHYHQಣ
WLODWLRQ
/ಬDSSDUHLOQಬHVWSDV
GಬDSORPE
&RQVXOWH]OHVLQVWUXFWLRQV
GಬLQVWDOODWLRQ
/DSRUWHHVWGLIILFLOH¢RXYULU
9RXVDYH]HVVD\«GHURXYULU
ODSRUWHLPP«GLDWHPHQW
DSUªVOಬDYRLUIHUP«H
$WWHQGH]TXHOTXHVVHFRQಣ
GHVDSUªVDYRLUIHUP«OD
SRUWHSRXUODURXYULU
/ಬ«FODLUDJHQHIRQFWLRQQH
SDV
/ಬ«FODLUDJHHVWHQPRGHYHLOಣ
OH
)HUPH]HWRXYUH]ODSRUWH
19
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/ಬ«FODLUDJHHVWG«IHFWXHX[
&RQWDFWH]OHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
,O\DWURSGHJLYUHHWGHJODಣ
FH
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/HMRLQWHVWG«IRUP«RXVDOH
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/HVDOLPHQWVQHVRQWSDV
FRUUHFWHPHQWHPEDOO«V
(PEDOOH]PLHX[OHVDOLಣ
PHQWV
/DWHPS«UDWXUHHVWPDOU«ಣ
JO«H
5HSRUWH]YRXVDXFKDSLWUH
m%DQGHDXGHFRPPDQGH}
/ಬDSSDUHLOHVWFRPSOªWHPHQW
FKDUJ«HWU«JO«VXUODWHPಣ
S«UDWXUHODSOXVEDVVH
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«H5HSRUWH]
YRXVDXFKDSLWUHm%DQGHDX
GHFRPPDQGH}
/DWHPS«UDWXUHU«JO«HGDQV
OಬDSSDUHLOHVWWURSEDVVHHWOD
WHPS«UDWXUHDPELDQWHHVW
WURS«OHY«H
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«H5HSRUWH]
YRXVDXFKDSLWUHm%DQGHDX
GHFRPPDQGH}
'HOಬHDXVಬ«FRXOHVXUODSODಣ
TXHDUULªUHGXU«IULJ«UDWHXU
3HQGDQWOHG«JLYUDJHDXWRಣ
PDWLTXHOHJLYUHIRQGVXUOD
SODTXHDUULªUH
&ಬHVWQRUPDO
7URSGಬHDXVಬHVWFRQGHQV«H
VXUODSDURLDUULªUHGXU«IULಣ
J«UDWHXU
/DSRUWHD«W«RXYHUWHWURS
IU«TXHPPHQW
1ಬRXYUH]ODSRUWHTXಬHQFDV
GHQ«FHVVLW«
/DSRUWHQಬHVWSDVHQWLªUHಣ
PHQWIHUP«H
$VVXUH]YRXVTXHODSRUWH
HVWHQWLªUHPHQWIHUP«H
/HVDOLPHQWVFRQVHUY«VQH
VRQWSDVHPEDOO«V
(QYHORSSH]OHVDOLPHQWV
GDQVXQHPEDOODJHDGDSW«
DYDQWGHOHVUDQJHUGDQV
OಬDSSDUHLO
'HOಬHDXVಬ«FRXOH¢OಬLQW«ULHXU
GXU«IULJ«UDWHXU
'HVDOLPHQWVHPS¬FKHQW
OಬHDXGHVಬ«FRXOHUGDQVOH
U«VHUYRLUGಬHDX
$VVXUH]YRXVTXHOHVDOLಣ
PHQWVQHWRXFKHQWSDVOD
SODTXHDUULªUH
/DVRUWLHGಬHDXHVWREVWUX«H
1HWWR\H]ODVRUWLHGಬHDX
'HOಬHDXVಬ«FRXOHVXUOHVRO
/DVRUWLHGಬHDXGHG«JLYUDJH
QಬHVWSDVUDFFRUG«HDXEDF
Gಬ«YDSRUDWLRQVLWX«DXGHVಣ
VXVGXFRPSUHVVHXU
)L[H]ODVRUWLHGHOಬHDXGH
G«JLYUDJHDXSODWHDXGಬ«YDಣ
SRUDWLRQ
20
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/DWHPS«UDWXUHQHSHXWSDV
¬WUHU«JO«H
/Dm)DVW)UHH]HIRQFWLRQ}
RXODm)DVW&RROIRQFWLRQ}
HVWDFWLY«H
‹WHLJQH]ODm)DVW)UHHಣ
]HIRQFWLRQ}RXm)DVWಣ
&RROIRQFWLRQ}PDQXHOOHಣ
PHQWRXDWWHQGH]TXHOD
IRQFWLRQVHU«LQLWLDOLVHDXWRಣ
PDWLTXHPHQWDYDQWGHU«JOHU
ODWHPS«UDWXUH5HSRUWH]
YRXVDXSDUDJUDSKHm)DVWಣ
)UHH]H)RQFWLRQ}RXm)DVWಣ
&RRO)RQFWLRQ}
/DWHPS«UDWXUH¢OಬLQW«ULHXU
GHOಬDSSDUHLOHVWWURSEDVVH
«OHY«H
/DWHPS«UDWXUHQಬHVWSDVU«ಣ
JO«HFRUUHFWHPHQW
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«HSOXVEDVVH
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/DWHPS«UDWXUHGHVDOLPHQWV
HVWWURS«OHY«H
/DLVVH]OHVDOLPHQWVUHIURLGLU
¢WHPS«UDWXUHDPELDQWH
DYDQWGHOHVFRQVHUYHU
7URSGಬDOLPHQWVRQW«W«FRQಣ
VHUY«VVLPXOWDQ«PHQW
&RQVHUYH]PRLQVGHSURಣ
GXLWVHQP¬PHWHPSV
/ಬ«SDLVVHXUGXJLYUHHVWVXಣ
S«ULHXUH¢PP
'«JLYUH]OಬDSSDUHLO
/DSRUWHD«W«RXYHUWHVRXಣ
YHQW
1ಬRXYUH]ODSRUWHTXHVLQ«ಣ
FHVVDLUH
/DIRQFWLRQ)DVW)UHH]HHVW
DFWLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW)UHH]H}
/DIRQFWLRQ)DVW&RROHVWDFಣ
WLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW&RRO}
&HUWDLQHVVXUIDFHVVS«FLILಣ
TXHV¢OಬLQW«ULHXUGXFRPSDUಣ
WLPHQWGXU«IULJ«UDWHXUVRQW
SDUIRLVSOXVFKDXGHV
&HW«WDWHVWQRUPDO
'(02VಬDIILFKH
/ಬDSSDUHLOHVWHQPRGHG«ಣ
PRQVWUDWLRQ
0DLQWHQH]ODWRXFKH2.HQಣ
IRQF«HSHQGDQWHQYLURQ
VHFRQGHVMXVTXಬ¢FH
TXಬXQORQJVLJQDOVRQRUHUHಣ
WHQWLVVHHWTXHOಬDIILFKDJH
Vಬ«WHLJQHSHQGDQWXQFRXUW
LQVWDQW
21
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
8QV\PEROH RX RX
DSSDUD°W¢ODSODFHGHVFKLIಣ
IUHVVXUOಬ«FUDQGHWHPS«UDಣ
WXUH
3UREOªPHGHFDSWHXUGH
WHPS«UDWXUH
&RQWDFWH]OHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
OHV\VWªPHGHU«IULJ«UDWLRQ
FRQWLQXHGHPDLQWHQLUOHVDOLಣ
PHQWVDXIUDLVPDLVOHU«ಣ
JODJHGHODWHPS«UDWXUH
QಬHVWSDVSRVVLEOH 6LFHVFRQVHLOVQಬDSSRUWHQWSDV
OHU«VXOWDWVRXKDLW«YHXLOOH]
FRQVXOWHUOHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
5HPSODFHPHQWGHO «FODLUDJH
/ DSSDUHLOHVW«TXLS«G XQ«FODLUDJH¢/('
ORQJXHGXU«H
/HUHPSODFHPHQWGXGLVSRVLWLIG «FODLUDJH
GRLWXQLTXHPHQW¬WUHHIIHFWX«SDUXQ
WHFKQLFLHQGXVHUYLFHDSUªVYHQWH
&RQWDFWH]YRWUHVHUYLFHDSUªVYHQWH
DJU««
)HUPHWXUHGHODSRUWH
1HWWR\H]OHVMRLQWVGHODSRUWH
6LQ«FHVVDLUHDMXVWH]ODSRUWH
&RQVXOWH]OHVLQVWUXFWLRQV
G LQVWDOODWLRQ
6LQ«FHVVDLUHUHPSODFH]OHVMRLQWVGH
SRUWHG«IHFWXHX[&RQWDFWH]OHVHUYLFH
DSUªVYHQWHDJU««
22
%58,76
SSSRRR!
BRRR!
CLICK!
HISSS!
BLUBB!
'211‹(67(&+1,48(6
/HVFDUDFW«ULVWLTXHVWHFKQLTXHVILJXUHQW
VXUODSODTXHVLJQDO«WLTXHDSSRV«HVXUOH
F¶W«LQW«ULHXUGHOಬDSSDUHLOHWVXUOಬ«WLTXHWWH
«QHUJ«WLTXH
7HQVLRQ
)U«TXHQFH
a9
+]
,1)250$7,2163285/(6,167,7876'(7(67
/ಬLQVWDOODWLRQHWODSU«SDUDWLRQGHOಬDSSDUHLO
SRXUXQHY«ULILFDWLRQ(FR'HVLJQGRLYHQW
¬WUHFRQIRUPHV¢ODQRUPH(1/HV
H[LJHQFHVGHYHQWLODWLRQOHVGLPHQVLRQV
GHV«YLGHPHQWVHWOHVG«JDJHPHQWV
DUULªUHPLQLPXPGRLYHQWFRUUHVSRQGUHDX[
LQGLFDWLRQVGXFKDSLWUHGHFHPDQXHO
GಬXWLOLVDWLRQ9HXLOOH]FRQWDFWHUOHIDEULFDQW
SRXUGHSOXVDPSOHVLQIRUPDWLRQV
QRWDPPHQWOHVSODQVGHFKDUJHPHQW
:$55$17<&86720(56(59,&(
)RUHDFKSURGXFWZHSURYLGHDWZR\HDU
JXDUDQWHHIURPWKHGDWHRISXUFKDVHRU
GHOLYHU\WRWKHFRQVXPHU ZLWKD
JXDUDQWHHFHUWLILFDWHLQYRLFHRUVDOHV
UHFHLSWVHUYLQJDVSURRI 23
7KHJXDUDQWHHFRYHUVWKHFRVWVRI
PDWHULDOVODERXUDQGWUDYHO7KH
JXDUDQWHHZLOOODSVHLIWKHRSHUDWLQJ
LQVWUXFWLRQVDQGFRQGLWLRQVRIXVHDUHQRW
DGKHUHGWRLIWKHSURGXFWLVLQFRUUHFWO\
LQVWDOOHGRULQWKHHYHQWRIGDPDJH
FDXVHGE\H[WHUQDOLQIOXHQFHVIRUFH
PDMHXUHLQWHUYHQWLRQE\WKLUGSDUWLHVRU
WKHXVHRIQRQJHQXLQHFRPSRQHQWV
&21',7,216'(*$5$17,(6(59,&(
1RXVRFWUR\RQVVXUFKDTXHSURGXLWDQV
GHJDUDQWLH¢SDUWLUGHODGDWHGHOLYUDLVRQ
RXGHODPLVHHQVHUYLFHDX
FRQVRPPDWHXU GRFXPHQW«DXPR\HQ
GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX
GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH
FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH
G«SODFHPHQWDLQVLTXHOHVSLªFHVGH
UHFKDQJH
/HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV
YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV
QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH
UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH
PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢
OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU
GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV
H[W«ULHXUHVRXGHIRUFHPDMHXUH
*$5$17,(%(',1*81*(1.81'(1',(167
)¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE
9HUNDXIE]Z/LHIHUGDWXPDQGHQ
(QGYHUEUDXFKHUHLQH*DUDQWLHYRQ
-DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ
)DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ
I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW
'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL
1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ
XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU
,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ
GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW
(LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ
1LFKW2ULJLQDO7HLOHQ
&21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$
3HURJQLSURGRWWRFRQFHGLDPRXQD
JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL
FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH
)DVWDWRODGDWDGHOODIDWWXUDGHO
FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR
GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH
OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO
PDWHULDOH
'DOODFRSHUWXUDVRQRHVFOXVLLO
ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL
HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL
ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D
GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG
LVWUX]LRQLSHUOಬXVR
(10$7,Š5('(3527(&7,21'(/ (19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOHV\PEROH
'«SRVH]OHVHPEDOODJHVGDQVOHV
FRQWHQHXUVSU«YXV¢FHWHIIHW&RQWULEXH]
¢ODSURWHFWLRQGHO HQYLURQQHPHQWHW¢
YRWUHV«FXULW«UHF\FOH]YRVSURGXLWV
«OHFWULTXHVHW«OHFWURQLTXHV1HMHWH]SDV
OHVDSSDUHLOVSRUWDQWOHV\PEROH DYHF
OHVRUGXUHVP«QDJªUHV(PPHQH]XQWHO
SURGXLWGDQVYRWUHFHQWUHORFDOGH
UHF\FODJHRXFRQWDFWH]YRVVHUYLFHV
PXQLFLSDX[
24
3RXUOD6XLVVH
2»DOOHUDYHFOHVDSSDUHLOV
XVDJ«V"
3DUWRXWR»GHVDSSDUHLOVQHXIV
VRQWYHQGXVPDLVDXVVLGDQV
XQFHQWUHGHFROOHFWHRXXQH
HQWUHSULVHGHU«FXS«UDWLRQ
RIILFLHOV6(16
/DOLVWHGHVFHQWUHVGHFROOHFWH
RIILFLHOV6(16HVWGLVSRQLEOH
VRXVZZZHUHF\FOLQJFK
25
,1',&(
,QIRUPD]LRQLGLVLFXUH]]D
,VWUX]LRQLGLVLFXUH]]D
,QVWDOOD]LRQH
3DQQHOORGHLFRPDQGL
8WLOL]]RTXRWLGLDQR
&RQVLJOLHVXJJHULPHQWLXWLOL
3XOL]LDHFXUD
5LVROX]LRQHGHLSUREOHPL
5XPRUL
'DWLWHFQLFL
,QIRUPD]LRQLSHUJOLLVWLWXWLGLSURYD
&RQULVHUYDGLPRGLILFKH
9,6,7$,/1267526,72:(%3(5
5LFHYHUHFRQVLJOLVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH
RWWHQHUHLQIRUPD]LRQLVXOO DVVLVWHQ]DHODULSDUD]LRQH
KWWSVZZZIXVWFKUHSDUDWXU
,1)250$=,21,',6,&85(==$
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLIRUQLWHSULPDGLLQVWDOODUH
HXWLOL]]DUHO DSSDUHFFKLDWXUD,SURGXWWRULQRQVRQR
UHVSRQVDELOLGLHYHQWXDOLOHVLRQLRGDQQLGHULYDQWLGD
XQ LQVWDOOD]LRQHRXQXVRVFRUUHWWL&RQVHUYDUHVHPSUHOH
LVWUX]LRQLLQXQOXRJRVLFXURHDFFHVVLELOHSHUSRWHUOH
FRQVXOWDUHLQIXWXUR
6LFXUH]]DGHLEDPELQLHGHOOHSHUVRQHYXOQHUDELOL
ವ
ವ
ವ
ವ
ವ
4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQLD
SDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢ILVLFKH
VHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]DRFRQRVFHQ]D
VXOO XVRGHOO DSSDUHFFKLDWXUDVRODPHQWHVHVRUYHJOLDWLRVH
LVWUXLWLUHODWLYDPHQWHDOO XVRGHOO DSSDUHFFKLDWXUDHVH
KDQQRFRPSUHVRLULVFKLFRLQYROWL
,EDPELQLGLHW¢FRPSUHVDWUDLHJOLDQQLSRVVRQR
FDULFDUHHVFDULFDUHO DSSDUHFFKLRDFRQGL]LRQHFKHVLDQR
VWDWLDGHJXDWDPHQWHLVWUXLWL
4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDSHUVRQHFRQ
GLVDELOLW¢GLIIXVHHFRPSOHVVHVHGHELWDPHQWHLVWUXLWH
7HQHUHORQWDQLGDOO DSSDUHFFKLDWXUDLEDPELQLDOGLVRWWRGHL
DQQLVHQRQFRVWDQWHPHQWHVXSHUYLVLRQDWL
1RQFRQVHQWLUHDLEDPELQLGLJLRFDUHFRQ
O DSSDUHFFKLDWXUD
26
ವ
ವ
,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH
PDQXWHQ]LRQHVXOO DSSDUHFFKLDWXUDVHQ]DHVVHUH
VXSHUYLVLRQDWL
7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQ
PRGRDGHJXDWR
6LFXUH]]DJHQHUDOH
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDOO XVRGRPHVWLFRH
DSSOLFD]LRQLVLPLOLWUDFXL
ದ &DVHGLFDPSDJQDFXFLQHGLQHJR]LXIILFLHDOWUL
DPELHQWLGLODYRUR
ದ &OLHQWLGLKRWHOPRWHOEHGDQGEUHDNIDVWHDOWULDPELHQWL
UHVLGHQ]LDOL
3HUHYLWDUHODFRQWDPLQD]LRQHGHJOLDOLPHQWLULVSHWWDUHOH
VHJXHQWLLVWUX]LRQL
ದ QRQDSULUHODSRUWDSHUOXQJKLSHULRGL
ದ SXOLUHUHJRODUPHQWHOHVXSHUILFLFKHSRVVRQRYHQLUHD
FRQWDWWRFRQJOLDOLPHQWLHLVLVWHPLGLGUHQDJJLR
DFFHVVLELOL
ದ FRQVHUYDUHODFDUQHHLOSHVFHFUXGRLQFRQWHQLWRUL
DGHJXDWLLQIULJRULIHURLQPRGRFKHQRQYHQJDD
FRQWDWWRFRQDOWULDOLPHQWLHQRQJRFFLROLVXDOWULDOLPHQWL
$99(57(1=$9HULILFDUHFKHOHDSHUWXUHGLYHQWLOD]LRQH
VLDVXOO DSSDUHFFKLDWXUDFKHQHOODVWUXWWXUDGDLQFDVVR
VLDQROLEHUHGDRVWUX]LRQL
$99(57(1=$1RQXVDUHGLVSRVLWLYLHOHWWULFLRDOWULPH]]L
DUWLILFLDOLQRQUDFFRPDQGDWLGDOSURGXWWRUHDOORVFRSRGL
DFFHOHUDUHLOSURFHVVRGLVEULQDPHQWR
$99(57(1=$1RQGDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWH
$99(57(1=$1RQXWLOL]]DUHDSSDUHFFKLDWXUHHOHWWULFKH
DOO LQWHUQRGHLFRPSDUWLGLFRQVHUYD]LRQHGHJOLDOLPHQWLDG
HFFH]LRQHGLTXHOOLFRQVLJOLDWLGDOFRVWUXWWRUH
1RQQHEXOL]]DUHDFTXDQ«XWLOL]]DUHYDSRUHSHUSXOLUH
O DSSDUHFFKLDWXUD
3XOLUHO DSSDUHFFKLDWXUDFRQXQSDQQRLQXPLGLWRHPRUELGR
8WLOL]]DUHVRORGHWHUJHQWLQHXWUL1RQXVDUHSURGRWWL
DEUDVLYLVSXJQHWWHDEUDVLYHVROYHQWLRGRJJHWWLPHWDOOLFL
27
ವ
ವ
ವ
4XDQGRO DSSDUHFFKLDWXUDUHVWDYXRWDSHUXQOXQJRSHULRGR
GLWHPSRVSHJQHUODVEULQDUODSXOLUODDVFLXJDUODHODVFLDUH
ODSRUWDDSHUWDSHUHYLWDUHODIRUPD]LRQHGLPXIIDDOVXR
LQWHUQR
1RQFRQVHUYDUHLQTXHVWDDSSDUHFFKLDWXUDVRVWDQ]H
HVSORVLYHFRPHERPEROHWWHVSUD\FRQWHQHQWLXQ
SURSHOOHQWHLQILDPPDELOH
6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYHHVVHUH
VRVWLWXLWRGDOSURGXWWRUHGDO&HQWURGL$VVLVWHQ]D
$XWRUL]]DWRRGDXQDSHUVRQDTXDOLILFDWDSHUHYLWDUH
VLWXD]LRQLGLSHULFROR
,6758=,21,',6,&85(==$
,QVWDOOD]LRQH
$99(57(1=$/ಬLQVWDOOD]LRQH
GHOO DSSDUHFFKLDWXUDGHYH
HVVHUHHVHJXLWDGDSHUVRQDOH
TXDOLILFDWR
ವ 5LPXRYHUHWXWWLLPDWHULDOLGL
LPEDOODJJLR
ವ 1RQLQVWDOODUHRXWLOL]]DUH
O DSSDUHFFKLDWXUDVHªGDQQHJJLDWD
ವ 1RQXVDUHO DSSDUHFFKLDWXUDSULPDGL
LQVWDOODUODQHOODVWUXWWXUDDLQFDVVRGDWH
OHPLVXUHGLVLFXUH]]D
ವ $WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH
DOO DSSDUHFFKLDWXUD
ವ 3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL
VSRVWDPHQWRGHOO DSSDUHFFKLDWXUDGDWR
FKHªSHVDQWH8VDUHVHPSUHLJXDQWL
GLVLFXUH]]DHOHFDO]DWXUHDGHJXDWH
ವ $VVLFXUDUVLFKHO DULDSRVVDFLUFRODUH
OLEHUDPHQWHDWWRUQRDOO DSSDUHFFKLDWXUD
ವ ,QIDVHGLSULPDLQVWDOOD]LRQHRGRSR
DYHUJLUDWRODSRUWDDWWHQGHUHDOPHQR
RUHSULPDGLFROOHJDUHO DSSDUHFFKLDWXUD
DOODVRUJHQWHGLDOLPHQWD]LRQH4XHVWR
VHUYHDFRQVHQWLUHDOO ROLRGLIOXLUH
QXRYDPHQWHQHOFRPSUHVVRUH
ವ 3ULPDGLHVHJXLUHHYHQWXDOLRSHUD]LRQL
VXOO DSSDUHFFKLDWXUD DGHVHPSLR
LQYHUWLUHODSRUWD WRJOLHUHODVSLQDGDOOD
SUHVDGLFRUUHQWH
ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDLQ
SURVVLPLW¢GLUDGLDWRULIRUQHOOLIRUQLR
SLDQLGLFRWWXUD
ವ 1RQHVSRUUHO DSSDUHFFKLDWXUDDOOD
SLRJJLD
ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDGRYH
VLDHVSRVWDDOODOXFHVRODUHGLUHWWD
ವ 1RQLQVWDOODUHTXHVWDDSSDUHFFKLDWXUD
LQDUHHWURSSRXPLGHRWURSSRIUHGGH
ವ 4XDQGRVLVSRVWDO DSSDUHFFKLDWXUD
VROOHYDUODGDOERUGRDQWHULRUHFRV®GD
QRQJUDIILDUHLOSDYLPHQWR
&ROOHJDPHQWRHOHWWULFR
$99(57(1=$5LVFKLRGL
LQFHQGLRHVFRVVDHOHWWULFD
$99(57(1=$,QIDVHGL
SRVL]LRQDPHQWR
GHOO DSSDUHFFKLDWXUDYHULILFDUH
FKHLOFDYRGLDOLPHQWD]LRQH
QRQVLDLQWUDSSRODWRR
GDQQHJJLDWR
$99(57(1=$1RQXWLOL]]DUH
SUHVHPXOWLSOHHSUROXQJKH
ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD
PHVVDDWHUUD
ವ 9HULILFDUHFKHLSDUDPHWULVXOOD
WDUJKHWWDVLDQRFRPSDWLELOLFRQOH
LQGLFD]LRQLHOHWWULFKHGHOO DOLPHQWD]LRQH
28
ವ 8WLOL]]DUHVHPSUHXQDSUHVDHOHWWULFD
FRQFRQWDWWRGLSURWH]LRQH
FRUUHWWDPHQWHLQVWDOODWD
ವ $FFHUWDUVLGLQRQGDQQHJJLDUHL
FRPSRQHQWLHOHWWULFL DGHVODVSLQDGL
DOLPHQWD]LRQHLOFDYRGLDOLPHQWD]LRQH
LOFRPSUHVVRUH &RQWDWWDUHLO&HQWURGL
$VVLVWHQ]D$XWRUL]]DWRRXQHOHWWULFLVWD
SHUVRVWLWXLUHLFRPSRQHQWLHOHWWULFL
ವ ,OFDYRGLDOLPHQWD]LRQHGHYHULPDQHUH
VRWWRLOOLYHOORGHOODVSLQDGL
DOLPHQWD]LRQH
ವ ,QVHULUHODVSLQDGLDOLPHQWD]LRQHQHOOD
SUHVDVRORDOWHUPLQHGHOO LQVWDOOD]LRQH
9HULILFDUHFKHODVSLQDGLDOLPHQWD]LRQH
ULPDQJDDFFHVVLELOHGRSR
O LQVWDOOD]LRQH
ವ 1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHU
VFROOHJDUHOಬDSSDUHFFKLDWXUD7LUDUH
VHPSUHGDOODVSLQD
8WLOL]]DUH
$99(57(1=$5LVFKLRGL
OHVLRQLVFRWWDWXUHRVFRVVH
HOHWWULFKH
/ DSSDUHFFKLDWXUDFRQWLHQHJDV
LQILDPPDELOHLVREXWDQR 5D XQJDV
QDWXUDOHFRQXQDOWROLYHOORGLFRPSDWLELOLW¢
DPELHQWDOH)DUHDWWHQ]LRQHDQRQ
GDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWHFKH
FRQWLHQHLVREXWDQR
ವ 1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH
GHOO DSSDUHFFKLDWXUD
ವ 1RQLQWURGXUUHDSSDUHFFKLDWXUH
HOHWWULFKH DGHVJHODWLHUH
QHOO DSSDUHFFKLDWXUDVHQRQ
VSHFLILFDPHQWHFRQVHQWLWRGDO
SURGXWWRUH
ವ 1HOFDVRGLGDQQRDOFLUFXLWR
UHIULJHUDQWHDVVLFXUDUVLFKHQRQVL
VYLOXSSLQRILDPPHOLEHUHHVFLQWLOOHQHO
ORFDOH$HUDUHEHQHO DPELHQWH
ವ 1RQDSSRJJLDUHRJJHWWLLQFDQGHVFHQWL
VXOOHSDUWLLQSODVWLFD
GHOO DSSDUHFFKLDWXUD
ವ 1RQLQWURGXUUHEHYDQGHDQDOFROLFKHQHO
YDQRFRQJHODWRUH6LYHUU¢DFUHDUHXQD
ವ
ವ
ವ
ವ
ವ
ವ
ವ
SUHVVLRQHQHOFRQWHQLWRUHGHOOD
EHYDQGD
1RQFRQVHUYDUHJDVHOLTXLGL
LQILDPPDELOLQHOO DSSDUHFFKLDWXUD
1RQDSSRJJLDUHRWHQHUHOLTXLGLR
PDWHULDOLLQILDPPDELOLQ«RJJHWWL
IDFLOPHQWHLQFHQGLDELOL
VXOO DSSDUHFFKLDWXUDDOVXRLQWHUQRR
QHOOHLPPHGLDWHYLFLQDQ]H
1RQWRFFDUHLOFRPSUHVVRUHRLO
FRQGHQVDWRUH6RQRLQFDQGHVFHQWL
1RQWRJOLHUHRWRFFDUHJOLRJJHWWLQHO
YDQRFRQJHODWRUHFRQOHPDQLEDJQDWH
RXPLGH
1RQULFRQJHODUHGHOFLER
SUHFHGHQWHPHQWHVFRQJHODWR
$WWHQHUVLDOOHLVWUX]LRQLSHUOD
FRQVHUYD]LRQHULSRUWDWHVXOOD
FRQIH]LRQHGHOFLERVXUJHODWR
$YYROJHUHJOLDOLPHQWLFRQPDWHULDOLSHU
XVRDOLPHQWDUHSULPDGLPHWWHUOLQHOOR
VFRPSDUWRGHOFRQJHODWRUH
,OOXPLQD]LRQHLQWHUQD
$99(57(1=$3HULFRORGL
VFRVVHHOHWWULFKH
ವ 3HUTXDQWRULJXDUGDODODPSDGDROH
ODPSDGHDOO LQWHUQRGLTXHVWRSURGRWWRH
OHODPSDGHGLULFDPELRYHQGXWH
VHSDUDWDPHQWH4XHVWHODPSDGHVRQR
GHVWLQDWHDUHVLVWHUHDFRQGL]LRQL
ILVLFKHHVWUHPHQHJOLHOHWWURGRPHVWLFL
FRPHWHPSHUDWXUDYLEUD]LRQLXPLGLW¢
RVRQRGHVWLQDWHDVHJQDODUH
LQIRUPD]LRQLVXOORVWDWRRSHUDWLYR
GHOO DSSDUHFFKLR1RQVRQRGHVWLQDWH
DGHVVHUHXWLOL]]DWHLQDOWUHDSSOLFD]LRQL
HQRQVRQRDGDWWHSHUO LOOXPLQD]LRQHGL
DPELHQWLGRPHVWLFL
3XOL]LDHFXUD
$99(57(1=$9LªLOULVFKLR
GLIHULUVLRGDQQHJJLDUH
O DSSDUHFFKLDWXUD
ವ 3ULPDGLHVHJXLUHTXDOXQTXHLQWHUYHQWR
GLPDQXWHQ]LRQHVSHJQHUH
O DSSDUHFFKLDWXUDHGHVWUDUUHODVSLQD
GDOODSUHVD
29
ವ / XQLW¢UHIULJHUDQWHGLTXHVWD
DSSDUHFFKLDWXUDFRQWLHQHLGURFDUEXUL
/ಬXQLW¢GHYHHVVHUHULFDULFDWDHG
LVSH]LRQDWDHVFOXVLYDPHQWHGD
SHUVRQDOHTXDOLILFDWR
ವ &RQWUROODUHUHJRODUPHQWHORVFDULFR
GHOO DSSDUHFFKLDWXUDHVHQHFHVVDULR
SXOLUOR/ RVWUX]LRQHGHOORVFDULFRSX´
FDXVDUHXQGHSRVLWRGLDFTXDGL
VEULQDPHQWRVXOIRQGR
GHOO DSSDUHFFKLDWXUD
$VVLVWHQ]D7HFQLFD
ವ 3HUULSDUDUHO DSSDUHFFKLDWXUD
FRQWDWWDUHXQ&HQWURGL$VVLVWHQ]D
$XWRUL]]DWR8WLOL]]DUHHVFOXVLYDPHQWH
ULFDPELRULJLQDOL
ವ 7HQHUHSUHVHQWHFKHODULSDUD]LRQH
DXWRQRPDRQRQSURIHVVLRQDOHSRVVRQR
DYHUHFRQVHJXHQ]HVXOODVLFXUH]]DH
SRWUHEEHURLQYDOLGDUHODJDUDQ]LD
6PDOWLPHQWR
$99(57(1=$5LVFKLRGL
OHVLRQLRVRIIRFDPHQWR
ವ 6WDFFDUHODVSLQDGDOO DOLPHQWD]LRQH
HOHWWULFD
ವ 7DJOLDUHLOFDYRGLUHWHHVPDOWLUOR
ವ 5LPXRYHUHODSRUWDSHUHYLWDUHFKH
EDPELQLHDQLPDOLGRPHVWLFLULPDQJDQR
FKLXVLDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD
ವ ,OFLUFXLWRUHIULJHUDQWHHLPDWHULDOLGL
LVRODPHQWRGLTXHVWDDSSDUHFFKLDWXUD
ULVSHWWDQRO R]RQR
ವ /DVFKLXPDLVRODQWHFRQWLHQHJDV
LQILDPPDELOL&RQWDWWDUHOHDXWRULW¢
ORFDOLSHUULFHYHUHLQIRUPD]LRQLVXFRPH
VPDOWLUHFRUUHWWDPHQWH
O DSSDUHFFKLDWXUD
ವ 1RQGDQQHJJLDUHLFRPSRQHQWL
GHOO XQLW¢UHIULJHUDQWHFKHVLWURYDQR
YLFLQRDOORVFDPELDWRUHGLFDORUH
,167$//$=,21(
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
$99(57(1=$3HU
O LQVWDOOD]LRQHGHOO DSSDUHFFKLR
IDUHULIHULPHQWRDOGRFXPHQWR
GLLVWUX]LRQLSHUO LQVWDOOD]LRQH
$99(57(1=$)LVVDUH
O DSSDUHFFKLRVHFRQGROH
LVWUX]LRQLGLLQVWDOOD]LRQHSHU
HYLWDUHLOULVFKLRGLLQVWDELOLW¢
GHOO DSSDUHFFKLR
30
D3
D1
'LPHQVLRQL
D2
W1
W3
A
B
H1
W2
'LPHQVLRQLFRPSOHVVLYH{
6SD]LRQHFHVVDULRGXUDQWHOൄXVRt
+
PP
:
PP
:
PP
'
PP
'
PP
$
PP
%
PP
{OಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLDWXUDVHQ]DOಬLPSXJQDWXUD
HLSLHGLQL
6SD]LRQHFHVVDULRGXUDQWHOൄXVRt
+ $%
PP
tOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLRFRPSUHVDODPDQLJOLD
SL»ORVSD]LRQHFHVVDULRSHUODOLEHUD
FLUFROD]LRQHGHOOಬDULDGLUDIIUHGGDPHQWR
31
6SD]LRFRPSOHVVLYRQHFHVVDULRGXUDQWH
OൄXVRu
+ $%
PP
:
PP
'
PP
uOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLDWXUDFRPSUHVDOD
PDQLJOLDSL»ORVSD]LRQHFHVVDULRSHUOD
OLEHUDFLUFROD]LRQHGHOOಬDULDGL
UDIIUHGGDPHQWRSL»ORVSD]LRQHFHVVDULR
SHUFRQVHQWLUHOಬDSHUWXUDGHOODSRUWDFRQ
OಬDQJROD]LRQHPLQLPDFKHSHUPHWWHOD
ULPR]LRQHGLWXWWHOHDSSDUHFFKLDWXUH
LQWHUQH
/XRJR
3HUJDUDQWLUHODPLJOLRUHIXQ]LRQDOLW¢
GHOO DSSDUHFFKLDWXUDQRQVLGRYUHEEH
LQVWDOODUHO DSSDUHFFKLRQHOOHYLFLQDQ]H
GHOODIRQWHGLFDORUH IRUQRVWXIH
WHUPRVLIRQLIRUQHOOLRSLDQLGLFRWWXUD RLQ
XQOXRJRFRQOXFHVRODUHGLUHWWD
&RQWUROODUHFKHVXOUHWURGHOOಬDSSDUHFFKLR
VLDJDUDQWLWDXQಬDGHJXDWDFLUFROD]LRQH
GHOOಬDULD
4XHVWDDSSDUHFFKLDWXUDGHYHHVVHUH
LQVWDOODWDLQXQDSRVL]LRQHLQWHUQDDVFLXWWD
HEHQYHQWLODWD
4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDG
HVVHUHXWLOL]]DWDDWHPSHUDWXUHDPELHQWH
FKHYDQQRGDr&Dr&
,OFRUUHWWRIXQ]LRQDPHQWR
GHOO DSSDUHFFKLDWXUDSX´
HVVHUHJDUDQWLWRVRORQHO
ULVSHWWRGHOOHWHPSHUDWXUH
LQGLFDWH
,QFDVRGLGXEELVXOOXRJRGL
LQVWDOOD]LRQH
GHOO DSSDUHFFKLDWXUDFRQWDWWDUH
LOYHQGLWRUHLOQRVWUR&HQWURGL
$VVLVWHQ]DRLOULYHQGLWRUH
DXWRUL]]DWRSL»YLFLQR
'HYHHVVHUHSRVVLELOH
VFROOHJDUHO DSSDUHFFKLDWXUD
GDOODUHWHHOHWWULFD(VHJXLUH
SHUFL´O LQVWDOOD]LRQHIDFHQGRV®
FKHODVSLQDULPDQJD
IDFLOPHQWHDFFHVVLELOH
&ROOHJDPHQWRHOHWWULFR
ವ 3ULPDGLLQVHULUHODVSLQDYHULILFDUHFKH
ODWHQVLRQHHODIUHTXHQ]DULSRUWDWH
VXOODWDUJKHWWDGLLGHQWLILFD]LRQH
FRUULVSRQGDQRDTXHOOHGHOO LPSLDQWR
GRPHVWLFR
ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD
PHVVDDWHUUD/DVSLQDGHOFDYRGL
DOLPHQWD]LRQHªGRWDWDGLXQDSSRVLWR
FRQWDWWR6HODSUHVDGLFRUUHQWH
GHOO LPSLDQWRGRPHVWLFRQRQªFROOHJDWD
DWHUUDDOODFFLDUHO DSSDUHFFKLDWXUDD
XQDSUHVDGLWHUUDVHSDUDWDLQ
FRQIRUPLW¢DOOHQRUPHLQYLJRUH
ULYROJHQGRVLDXQHOHWWULFLVWDTXDOLILFDWR
ವ ,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLW¢
TXDORUDOHVXGGHWWHSUHFDX]LRQLGL
VLFXUH]]DQRQYHQJDQRULVSHWWDWH
ವ 4XHVWDDSSDUHFFKLDWXUDªFRQIRUPH
DOOHGLUHWWLYH&((
5HTXLVLWLGLYHQWLOD]LRQH
$VVLFXUDUHXQIOXVVRG DULDVXIILFLHQWH
GLHWURO DSSDUHFFKLDWXUD
5 cm
min.
200 cm2
min.
200 cm2
$77(1=,21(&RQVXOWDUHOH
LVWUX]LRQLSHUO LQVWDOOD]LRQH
32
3RVVLELOLW¢GLLQYHUWLUHODSRUWD
$77(1=,21(,QRJQLIDVHGL
LQYHUVLRQHGHOODSRUWD
SURWHJJHUHLOSDYLPHQWRGD
JUDIILFRQXQPDWHULDOH
UHVLVWHQWH
)DUHULIHULPHQWRDOGRFXPHQWRVHSDUDWR
FRQOHLVWUX]LRQLSHUO LQVWDOOD]LRQHH
O LQYHUVLRQHGHOODSRUWD
3$11(//2'(,&20$1',
1
Functions
6
5
'LVSOD\
7DVWR7HPSHUDWXUDSL»FDOGD
7DVWR7HPSHUDWXUDSL»IUHVFD
2.
ŠSRVVLELOHPRGLILFDUHOHLPSRVWD]LRQL
DXGLRSUHGHILQLWHGHLWDVWLSUHPHQGR
FRQWHPSRUDQHDPHQWHLOWDVWR)XQFWLRQVH
4
3
2
)XQFWLRQV
212))
LOWDVWRWHPSHUDWXUDSL»IUHVFDSHUSRFKL
VHFRQGL/DPRGLILFDªUHYHUVLELOH
'LVSOD\
A
B
C
D
G F E
$FFHQVLRQH
,QVHULUHODVSLQDQHOODSUHVDGL
DOLPHQWD]LRQH
3UHPHUHLOWDVWR212))
GHOO DSSDUHFFKLDWXUDVHLOGLVSOD\ª
VSHQWR*OLLQGLFDWRULGLWHPSHUDWXUD
YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD
SUHGHILQLWD
3HUVHOH]LRQDUHXQDWHPSHUDWXUDGLYHUVD
IDUHULIHULPHQWRDOODVH]LRQH5HJROD]LRQH
GHOODWHPSHUDWXUD
$
%
&
'
(
)
*
6SLDWLPHU
)DVW&RROIXQ]LRQH
)DVW)UHH]HIXQ]LRQH
,QGLFDWRUHGHOODWHPSHUDWXUD
6SLDDOODUPH
&KLOG/RFNIXQ]LRQH
'ULQNV&KLOOIXQ]LRQH
6HVXOGLVSOD\DSSDUHG(0RIDUH
ULIHULPHQWRDOODVH]LRQH5LVROX]LRQHGHL
SUREOHPL
6SHJQLPHQWR
3UHPHUHLOWDVWR212))
GHOO DSSDUHFFKLDWXUDSHUVHFRQGL
,OGLVSOD\VLVSHJQH
6FROOHJDUHODVSLQDGDOODSUHVDGL
FRUUHQWH
33
5HJROD]LRQHGHOODWHPSHUDWXUD
,PSRVWDUHODWHPSHUDWXUD
GHOO DSSDUHFFKLDWXUDSUHPHQGRLUHJRODWRUL
GHOODWHPSHUDWXUD
/DWHPSHUDWXUDSUHGHILQLWDFRQVLJOLDWD
LPSRVWDWDª
ವ r&SHULOIULJRULIHUR
ವ r&SHULOFRQJHODWRUH
/DJDPPDGLWHPSHUDWXUDSX´YDULDUHWUD
r&Hr&SHULOFRQJHODWRUHHWUDr&
Hr&SHULOIULJRULIHUR
*OLLQGLFDWRULGHOODWHPSHUDWXUD
YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD
/DWHPSHUDWXUDLPSRVWDWDYHUU¢
UDJJLXQWDHQWURRUH
'RSRXQ LQWHUUX]LRQHGL
FRUUHQWHODWHPSHUDWXUD
LPSRVWDWDULPDQHLQPHPRULD
)DVW&RROIXQ]LRQH
6HRFFRUUHLQVHULUHXQDJUDQGHTXDQWLW¢GL
DOLPHQWLQHOORVFRPSDUWRIULJRULIHURSHU
HVHPSLRDOULWRUQRGDOODVSHVDª
FRQVLJOLDELOHDWWLYDUHODIXQ]LRQH)DVW&RRO
SHUUDIIUHGGDUHSL»UDSLGDPHQWHJOL
DOLPHQWLLQWURGRWWLQHOIULJRULIHURHQRQ
LQWLHSLGLUHLFLELJL¢SUHVHQWLDOVXRLQWHUQR
3UHPHUH)XQFWLRQVILQFK«DSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD)DVW&RROODPSHJJLD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD)DVW&RROYLHQHYLVXDOL]]DWD
4XHVWDIXQ]LRQHVLDUUHVWD
DXWRPDWLFDPHQWHGRSRFLUFDRUH
ŠSRVVLELOHGLVDWWLYDUHODIXQ]LRQH
)DVW&RROSULPDGHOODVXDILQHDXWRPDWLFD
ULSHWHQGRODSURFHGXUDRVHOH]LRQDQGR
XQDGLYHUVDWHPSHUDWXUDLPSRVWDWDGHO
IULJRULIHUR
)DVW)UHH]HIXQ]LRQH
)DVW)UHH]HYLHQHXWLOL]]DWRSHUHVHJXLUHLO
SUHFRQJHODPHQWRHLOFRQJHODPHQWR
UDSLGRLQVHTXHQ]DGHOYDQRFRQJHODWRUH
/DIXQ]LRQHDFFHOHUDLOFRQJHODPHQWRGL
DOLPHQWLIUHVFKLHDOWHPSRVWHVVR
SURWHJJHJOLDOLPHQWLJL¢FRQVHUYDWLGD
ULVFDOGDPHQWLLQGHVLGHUDWL
3HUFRQJHODUHDOLPHQWLIUHVFKL
DWWLYDUHODIXQ]LRQH)DVW)UHH]H
DOPHQRRUHSULPDGL
LQWURGXUOLQHOYDQRFRQJHODWRUH
3HUDWWLYDUHTXHVWDIXQ]LRQHSUHPHUHLO
WDVWR)XQFWLRQVILQFK«QRQDSSDUH
OಬLFRQDFRUULVSRQGHQWH
/DVSLD)DVW)UHH]HODPSHJJLD
3UHPHUHLOWDVWR2.SHUFRQIHUPDUH
/DVSLD)DVW)UHH]HYLHQHYLVXDOL]]DWD
4XHVWDIXQ]LRQHVLDUUHVWD
DXWRPDWLFDPHQWHGRSRRUH
ŠSRVVLELOHGLVDWWLYDUHODIXQ]LRQH
)DVW)UHH]HSULPDGHOODVXDILQH
DXWRPDWLFDULSHWHQGRODSURFHGXUDR
ILQFK«OಬLQGLFDWRUH)DVW)UHH]HVLVSHJQHR
VHOH]LRQDQGRXQDGLYHUVDWHPSHUDWXUD
LPSRVWDWD
&KLOG/RFNIXQ]LRQH
$WWLYDUHODIXQ]LRQH&KLOG/RFNSHUHYLWDUH
FKHLWDVWLYHQJDQRSUHPXWL
DFFLGHQWDOPHQWH
3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD&KLOG/RFNODPSHJJLD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD&KLOG/RFNYLHQHYLVXDOL]]DWD
3HUGLVDWWLYDUHODIXQ]LRQH&KLOG/RFN
ULSHWHUHODSURFHGXUDILQFK«ODVSLD
&KLOG/RFNVLVSHJQH
'ULQNV&KLOOIXQ]LRQH
/DIXQ]LRQH'ULQNV&KLOOVHUYHSHU
LPSRVWDUHXQVHJQDOHDFXVWLFRLQXQ
SUHFLVRPRPHQWRXWLOHSHUHVHPSLR
TXDQGRXQDSLHWDQ]DULFKLHGHLO
UDIIUHGGDPHQWRGLXQDOLPHQWRSHUXQ
FHUWRSHULRGRGLWHPSR
ŠXWLOHDQFKHTXDQGRªQHFHVVDULRXQ
SURPHPRULDSHUQRQGLPHQWLFDUHOH
ERWWLJOLHROHODWWLQHVLVWHPDWHQHO
FRQJHODWRUHSHUXQUDSLGRUDIIUHGGDPHQWR
3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH
O LFRQDFRUULVSRQGHQWH
34
/DVSLD'ULQNV&KLOOODPSHJJLD
,OWLPHUYLVXDOL]]DLOYDORUHLPSRVWDWR PLQXWL SHUDOFXQLVHFRQGL
3UHPHUHLOWDVWR5HJRODWRUHWLPHUSHU
PRGLILFDUHLOYDORUHLPSRVWDWRGDD
PLQXWL
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD'ULQNV&KLOOYLHQHYLVXDOL]]DWD
,O7LPHULQL]LDDODPSHJJLDUH PLQ $OWHUPLQHGHOFRQWRDOODURYHVFLDODVSLD
ಯPLQಯODPSHJJLDHYLHQHHPHVVRXQ
VHJQDOHDFXVWLFR3UHPHUH2.SHU
VSHJQHUHLOVHJQDOHDFXVWLFRHSRUUHILQH
DOODIXQ]LRQH
3HUWHUPLQDUHODIXQ]LRQHULSHWHUHOD
SURFHGXUDILQFK«'ULQNV&KLOOVLVSHJQH
ŠSRVVLELOHPRGLILFDUHO RUDLQ
TXDOVLDVLPRPHQWRGXUDQWHLO
FRQWRDOODURYHVFLDHDOODILQH
SUHPHQGRLOWDVWR7HPSHUDWXUD
SL»IUHVFDHGLO7DVWR
WHPSHUDWXUDSL»FDOGD
87,/,==24827,',$12
3RVL]LRQDPHQWRGHLULSLDQLGHOOD
SRUWD
3HUFRQVHQWLUHODFRQVHUYD]LRQHGL
FRQIH]LRQLSHUDOLPHQWLGLYDULHGLPHQVLRQL
LULSLDQLSHUSRUWDSRVVRQRHVVHUH
SRVL]LRQDWLDGDOWH]]HGLIIHUHQWL
7LUDUHJUDGXDOPHQWHLOULSLDQRILQRD
FKHQRQVLOLEHUD
5LSRVL]LRQDUHFRPHQHFHVVDULR
$OODUPHSRUWDDSHUWD
6HODSRUWDGHOIULJRULIHURYLHQHODVFLDWD
DSHUWDSHUFLUFDPLQXWLVLDYYLDO DOODUPH
DFXVWLFRHODVSLDDOODUPHODPSHJJLD
/ DOODUPHVLIHUPDGRSRODFKLXVXUDGHOOD
SRUWD'XUDQWHO DOODUPHLOVHJQDOH
DFXVWLFRSX´HVVHUHGLVDWWLYDWRSUHPHQGR
TXDOVLDVLWDVWR
,QTXHVWRPRGRXQDPDJJLRUH
FLUFROD]LRQHGHOO DULDVLWUDGXFH
LQXQDPLQRUHXPLGLW¢GHOO DULD
35
5LSLDQLULPRYLELOL
/HJXLGHSUHVHQWLVXOOHSDUHWLGHO
IULJRULIHURSHUPHWWRQRGLSRVL]LRQDUHL
ULSLDQLDGLYHUVHDOWH]]H
/ DSSDUHFFKLDWXUDªDQFKHGRWDWDGLXQ
ULSLDQRFRPSRVWRGLGXHSDUWL/DPHW¢
DQWHULRUHGHOULSLDQRSX´HVVHUHFROORFDWD
VRWWRDOODVHFRQGDSHUXVDUHPHJOLROR
VSD]LR
3HUSLHJDUHLOULSLDQR
(VWUDUUHGHOLFDWDPHQWHODPHW¢
DQWHULRUH
)DUODVFRUUHUHQHOELQDULRLQIHULRUHH
VRWWRDOVHFRQGRULSLDQR
1
2
3HUJDUDQWLUHXQDFRUUHWWD
FLUFROD]LRQHGHOO DULDQRQ
VSRVWDUHLOULSLDQRGLYHWUR
SRVWRVRSUDLOFDVVHWWRGHOOH
YHUGXUH
&DVVHWWRSHUYHUGXUD
1HOODSDUWHLQIHULRUHGHOO DSSDUHFFKLDWXUDª
SUHVHQWHXQFDVVHWWRVSHFLDOHDGDWWRDOOD
FRQVHUYD]LRQHGLIUXWWDHYHUGXUD
&RQJHODPHQWRGLDOLPHQWL
IUHVFKL
/RVFRPSDUWRFRQJHODWRUHªDGDWWRDO
FRQJHODPHQWRGLDOLPHQWLIUHVFKLHDOOD
FRQVHUYD]LRQHGLDOLPHQWLFRQJHODWLH
VXUJHODWLDOXQJR
3HUFRQJHODUHDOLPHQWLIUHVFKLDWWLYDUHOD
)XQ]LRQH)DVW)UHH]HDOPHQRRUHSULPD
GLLQWURGXUOLQHOYDQRFRQJHODWRUH
&RQVHUYDUHJOLDOLPHQWLIUHVFKLGLVWULEXLWL
XQLIRUPHPHQWHLQWXWWLJOLVFRPSDUWLR
FDVVHWWL
/DTXDQWLW¢PDVVLPDGLFLERFKHSX´
HVVHUHFRQJHODWDVHQ]DOಬDJJLXQWDGLDOWUL
DOLPHQWLIUHVFKLSHURUHªLQGLFDWDVXOOD
WDUJKHWWD XQಬHWLFKHWWDVLWXDWDDOOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUD $OWHUPLQHGHOSURFHVVRGLFRQJHODPHQWR
OಬDSSDUHFFKLDWXUDULWRUQDDXWRPDWLFDPHQWH
DOODSUHFHGHQWHLPSRVWD]LRQHGHOOD
WHPSHUDWXUD YHGHUHODಯ)XQ]LRQH
)DVW)UHH]Hರ &RQVHUYD]LRQHGLFLELFRQJHODWL
$OSULPRDYYLRRGRSRXQSHULRGRGLQRQ
XWLOL]]RODVFLDUHLQIXQ]LRQH
OಬDSSDUHFFKLDWXUDSHUDOPHQRRUH
DWWLYDQGRODIXQ]LRQH)DVW)UHH]HSULPDGL
LQWURGXUUHJOLDOLPHQWL
,OFLERGHYHWURYDUVLDGXQDGLVWDQ]DGL
PPGDOODSRUWD
$77(1=,21(,QFDVRGL
VFRQJHODPHQWRDFFLGHQWDOHDG
HVHPSLRDFDXVDGL
XQಬLQWHUUX]LRQHGLFRUUHQWHVH
ODFRUUHQWHªULPDVWDVSHQWDSL»
DOXQJRGHOYDORUHLQGLFDWRVXOOD
WDUJKHWWDVRWWRಯWHPSRGL
ULVDOLWDರJOLDOLPHQWLVFRQJHODWL
GHYRQRHVVHUHFRQVXPDWL
UDSLGDPHQWHRFRWWL
LPPHGLDWDPHQWHSRL
UDIIUHGGDWLHTXLQGLULFRQJHODWL
6FRQJHODPHQWR
,FLELVXUJHODWLRFRQJHODWLSULPDGLHVVHUH
FRQVXPDWLSRVVRQRHVVHUHVFRQJHODWLLQ
IULJRULIHURRDOO LQWHUQRGLXQVDFFKHWWRGL
SODVWLFDVRWWRO DFTXDIUHGGD
4XHVWDRSHUD]LRQHGLSHQGHGDOWHPSRD
GLVSRVL]LRQHHGDOWLSRGLDOLPHQWR/H
SLFFROHSRU]LRQLSRVVRQRHVVHUHFXFLQDWH
GLUHWWDPHQWHVHQ]DHVVHUHSULPD
VFRQJHODWL
36
&216,*/,(68**(5,0(17,87,/,
&RQVLJOLSHULOULVSDUPLR
HQHUJHWLFR
ವ )ULJRULIHUR/ಬXVRSL»HIILFLHQWH
GHOOಬHQHUJLDªJDUDQWLWRGDOOD
FRQILJXUD]LRQHFRQLFDVVHWWLQHOODSDUWH
LQIHULRUHGHOOಬDSSDUHFFKLDWXUDHLULSLDQL
GLVWULEXLWLXQLIRUPHPHQWH/DSRVL]LRQH
GHJOLVFRPSDUWLVXOODSRUWDQRQLQIOXLVFH
VXOFRQVXPRHQHUJHWLFR
ವ 1RQDSULUHIUHTXHQWHPHQWHODSRUWDH
OLPLWDUHLOSL»SRVVLELOHLWHPSLGL
DSHUWXUD
ವ &RQJHODWRUH3L»IUHGGDª
OಬLPSRVWD]LRQHGHOODWHPSHUDWXUD
PDJJLRUHªLOFRQVXPRGLHQHUJLD
ವ )ULJRULIHUR1RQLPSRVWDUHXQD
WHPSHUDWXUDWURSSRDOWDSHUULVSDUPLDUH
HQHUJLDDPHQRFKHQRQVLDULFKLHVWD
GDOOHFDUDWWHULVWLFKHGHOOಬDOLPHQWR
ವ 6HODWHPSHUDWXUDDPELHQWHªHOHYDWD
LOFRQWUROORGHOODWHPSHUDWXUDª
LPSRVWDWRVXXQYDORUHEDVVRH
OಬDSSDUHFFKLDWXUDªDSLHQRFDULFRLO
FRPSUHVVRUHSX´IXQ]LRQDUHLQ
PDQLHUDLQLQWHUURWWDFDXVDQGROD
IRUPD]LRQHGLEULQDRGLJKLDFFLR
VXOOಬHYDSRUDWRUH,QTXHVWRFDVR
LPSRVWDUHLOFRQWUROORGHOODWHPSHUDWXUD
VXXQDSRVL]LRQHSL»HOHYDWDSHU
FRQVHQWLUHORVEULQDPHQWRDXWRPDWLFRH
ULGXUUHFRV®LOFRQVXPRGLHQHUJLD
ವ *DUDQWLUHXQDEXRQDYHQWLOD]LRQH1RQ
FRSULUHOHJULJOLHRLIRULGLYHQWLOD]LRQH
&RQVLJOLSHULOFRQJHODPHQWR
ವ $WWLYDUHODIXQ]LRQH)DVW)UHH]HDOPHQR
RUHSULPDGLLQVHULUHJOLDOLPHQWLQHO
YDQRFRQJHODWRUH
ವ 3ULPDGLFRQJHODUHDYYROJHUHHVLJLOODUH
JOLDOLPHQWLIUHVFKLLQIRJOLRGLDOOXPLQLR
SHOOLFRODGLSODVWLFDRVDFFKHWWL
FRQWHQLWRULHUPHWLFLFRQFRSHUFKLR
ವ 3HUFRQJHODUHHVFRQJHODUHLQPRGR
SL»HIILFDFHVXGGLYLGHUHJOLDOLPHQWLLQ
SLFFROHSRU]LRQL
ವ 6LUDFFRPDQGDGLPHWWHUHHWLFKHWWHH
GDWHVXWXWWLJOLDOLPHQWLVXUJHODWL
4XHVWRDLXWHU¢DLGHQWLILFDUHJOLDOLPHQWL
ವ
ವ
ವ
ವ
ವ
ವ
HDVDSHUHTXDQGRGHYRQRHVVHUH
XWLOL]]DWLSULPDGHOORURGHWHULRUDPHQWR
,OFLERGHYHHVVHUHIUHVFRTXDQGR
YLHQHFRQJHODWRSHUSUHVHUYDUQHOD
EXRQDTXDOLW¢6RSUDWWXWWRIUXWWDH
YHUGXUDGRYUHEEHURHVVHUHFRQJHODWH
GRSRLOUDFFROWRSHUSUHVHUYDUHWXWWHOH
ORURVRVWDQ]HQXWULWLYH
1RQFRQJHODUHERWWLJOLHRODWWLQHFRQ
OLTXLGLLQSDUWLFRODUHEHYDQGH
FRQWHQHQWLDQLGULGHFDUERQLFD
SRWUHEEHURHVSORGHUHGXUDQWHLO
FRQJHODPHQWR
1RQPHWWHUHFLELFDOGLQHOFRQJHODWRUH
5DIIUHGGDUOLDWHPSHUDWXUDDPELHQWH
SULPDGLFROORFDUOLDOO LQWHUQRGHOOR
VFRPSDUWR
$OILQHGLHYLWDUHJOLDXPHQWLGL
WHPSHUDWXUDGLDOLPHQWLJL¢FRQJHODWL
QRQPHWWHUHDOLPHQWLIUHVFKLVFRQJHODWL
QHOOHLPPHGLDWHYLFLQDQ]H&ROORFDUHJOL
DOLPHQWLDWHPSHUDWXUDDPELHQWHQHOOD
SDUWHGHOORVFRPSDUWRGHOFRQJHODWRUH
GRYHQRQFLVRQRFLELVXUJHODWL
1RQPDQJLDUHLFXEHWWLGLJKLDFFLRL
JKLDFFLROLRJUDQLWHVXELWRGRSRDYHUOL
WROWLGDOFRQJHODWRUH5LVFKLRGLVLQWRPL
GDFRQJHODPHQWR
1RQFRQJHODUHQXRYDPHQWHLOFLER
VFRQJHODWR6HLOFLERVLªVFRQJHODWR
FXRFHUORUDIIUHGGDUORHSRLFRQJHODUOR
&RQVLJOLSHUODFRQVHUYD]LRQHGL
FLELFRQJHODWL
ವ ,OYDQRFRQJHODWRUHªTXHOOR
FRQWUDVVHJQDWRFRQ
ವ 8QDEXRQDLPSRVWD]LRQHGHOOD
WHPSHUDWXUDFKHJDUDQWLVFHOD
FRQVHUYD]LRQHGHJOLDOLPHQWLFRQJHODWL
ªXQDWHPSHUDWXUDLQIHULRUHRXJXDOHD
r&
/ಬLPSRVWD]LRQHGLXQDWHPSHUDWXUDSL»
HOHYDWDDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD
SX´SRUWDUHDXQDPLQRUHGXUDWDGL
FRQVHUYD]LRQH
ವ /ಬLQWHURVFRPSDUWRGHOFRQJHODWRUHª
DGDWWRDOODFRQVHUYD]LRQHGLSURGRWWL
DOLPHQWDULVXUJHODWL
37
ವ /DVFLDUHDEEDVWDQ]DVSD]LRLQWRUQRDO
FLERSHUSHUPHWWHUHDOOಬDULDGLFLUFRODUH
OLEHUDPHQWH
ವ 3HUXQDFRQVHUYD]LRQHDGHJXDWDIDUH
ULIHULPHQWRDOOಬHWLFKHWWDVXOODFRQIH]LRQH
GHOOಬDOLPHQWRSHUYHGHUHODGXUDWDGL
FRQVHUYD]LRQHGHJOLDOLPHQWL
ವ ŠLPSRUWDQWHDYYROJHUHLOFLERLQPRGR
WDOHGDHYLWDUHFKHOಬDFTXDOಬXPLGLW¢R
ODFRQGHQVDSHQHWULQRDOOಬLQWHUQR
&RQVLJOLSHUOൄDFTXLVWR
ವ
ವ
ವ
'RSRDYHUDFTXLVWDWRDOLPHQWL
ವ $VVLFXUDUVLFKHO LPEDOODJJLRQRQVLD
GDQQHJJLDWRLOFLERSRWUHEEH
GHWHULRUDUVL6HODFRQIH]LRQHªJRQILD
REDJQDWDSRWUHEEHQRQHVVHUHVWDWD
ವ
FRQVHUYDWDQHOOHFRQGL]LRQLRWWLPDOLHOR
VEULQDPHQWRSRWUHEEHHVVHUHJL¢
LQL]LDWR
3HUOLPLWDUHLOSURFHVVRGL
VFRQJHODPHQWRDFTXLVWDUHLSURGRWWL
VXUJHODWLDOODILQHGHOODVSHVDH
WUDVSRUWDUOLLQXQVDFFKHWWRWHUPLFRH
LVRODWR
0HWWHWHLVXUJHODWLLPPHGLDWDPHQWHQHO
FRQJHODWRUHGRSRHVVHUHWRUQDWLGDO
QHJR]LR
6HLOFLERVLªVFRQJHODWRDQFKHVROR
SDU]LDOPHQWHQRQFRQJHODUORGLQXRYR
&RQVXPDUORLOSULPDSRVVLELOH
5LVSHWWDUHODGDWDGLVFDGHQ]DHOH
LQIRUPD]LRQLGLFRQVHUYD]LRQHVXOOD
FRQIH]LRQH
3HULRGRGLFRQVHUYD]LRQHSHUVFRPSDUWRFRQJHODWRUH
7LSRGLFLER
3HULRGRGLFRQVHU഻
YD]LRQH PHVL
3DQH
)UXWWD DHFFH]LRQHGHJOLDJUXPL
9HUGXUH
$YDQ]LVHQ]DFDUQH
/DWWLFLQL
%XUUR
)RUPDJJLRDSDVWDPROOH DGHVPR]]DUHOOD
)RUPDJJLRDSDVWDGXUD DGHVSDUPLJLDQRFKHGGDU
)UXWWLGLPDUH
3HVFLJUDVVL DGHVVDOPRQHVJRPEUR
3HVFLPDJUL DGHVPHUOX]]RSODWHVVD
*DPEHUHWWL
9RQJROHHFR]]HVJXVFLDWH
3HVFHFRWWR
&DUQH
3ROODPH
0DQ]R
0DLDOH
$JQHOOR
6DOVLFFLD
3URVFLXWWR
$YDQ]LFRQFDUQH
38
&RQVLJOLSHUODUHIULJHUD]LRQH
GHLFLELIUHVFKL
ವ 8QDEXRQDLPSRVWD]LRQHGHOOD
WHPSHUDWXUDFKHJDUDQWLVFHOD
FRQVHUYD]LRQHGHJOLDOLPHQWLIUHVFKLª
XQDWHPSHUDWXUDLQIHULRUHRXJXDOHD
r&
/ LPSRVWD]LRQHGLXQDWHPSHUDWXUDSL»
HOHYDWDDOO LQWHUQRGHOO DSSDUHFFKLRSX´
SRUWDUHDXQDPLQRUHGXUDWDGL
FRQVHUYD]LRQHGHJOLDOLPHQWL
ವ &RSULUHLOFLERFRQXQLPEDOODJJLRSHU
SUHVHUYDUQHODIUHVFKH]]DHO DURPD
ವ 8WLOL]]DUHVHPSUHFRQWHQLWRULFKLXVLSHU
OLTXLGLHSHUDOLPHQWLSHUHYLWDUHVDSRUL
RRGRULQHOORVFRPSDUWR
ವ 3HUHYLWDUHODFRQWDPLQD]LRQH
LQFURFLDWDWUDFLERFRWWRHFUXGRFRSULUH
LOFLERFRWWRHVHSDUDUORGDTXHOOR
FUXGR
ವ 6LFRQVLJOLDGLVFRQJHODUHLOFLER
DOO LQWHUQRGHOIULJRULIHUR
ವ 1RQLQVHULUHFLERFDOGRDOO LQWHUQR
GHOO DSSDUHFFKLDWXUD$VVLFXUDUVLFKHVL
VLDUDIIUHGGDWRDWHPSHUDWXUDDPELHQWH
SULPDGLLQVHULUOR
ವ 3HUHYLWDUHORVSUHFRGLFLERODQXRYD
VFRUWDGLFLERGRYUHEEHHVVHUHVHPSUH
FROORFDWDGLHWURDTXHOODYHFFKLD
ವ &DUQH WXWWLLWLSL GHYHHVVHUHDYYROWD
LQDSSRVLWLVDFFKHWWLHFROORFDWDVXO
ULSLDQRGLYHWURVRSUDLOFDVVHWWRGHOOH
YHUGXUH/DFDUQHSX´HVVHUH
FRQVHUYDWDDOPDVVLPRSHUJLRUQL
ವ )UXWWDHYHUGXUDSXOLUHDFFXUDWDPHQWH
HOLPLQDUHORVSRUFR HULSRUUH
QHOOಬDSSRVLWRFDVVHWWR FDVVHWWRSHUOD
YHUGXUD ವ 6LFRQVLJOLDGLQRQFRQVHUYDUHLQ
IULJRULIHURLIUXWWLHVRWLFLFRPHEDQDQH
PDQJKLSDSDLHHFF
ವ /HYHUGXUHFRPHSRPRGRULSDWDWH
FLSROOHHDJOLRQRQGHYRQRHVVHUH
FRQVHUYDWHLQIULJRULIHUR
ವ %XUURHIRUPDJJLRULSRUOLLQXQDSSRVLWR
FRQWHQLWRUHVRWWRYXRWRRSSXUH
DYYROJHUOLLQXQIRJOLRGLDOOXPLQLRRLQ
XQVDFFKHWWRGLSROLHWLOHQHSHUOLPLWDUHLO
SL»SRVVLELOHODSUHVHQ]DGLDULD
ವ %RWWLJOLHFKLXGHUOHFRQXQWDSSRH
FRQVHUYDUOHQHOULSLDQRSRUWDERWWLJOLH
GHOODSRUWDR VHSUHVHQWH VXOODJULJOLD
SRUWDERWWLJOLH
ವ )DUHVHPSUHULIHULPHQWRDOODGDWDGL
VFDGHQ]DGHLSURGRWWLSHUVDSHUHSHU
TXDQWRWHPSRFRQVHUYDUOL
&RQVLJOLSHUODUHIULJHUD]LRQH
GHLFLEL
ವ ,OFRPSDUWRDOLPHQWLIUHVFKLªTXHOOR
FRQWUDVVHJQDWR VXOODWDUJKHWWDGHLGDWL
FRQ
38/,=,$(&85$
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
3XOL]LDGHOO LQWHUQR
3ULPDGLXWLOL]]DUHO DSSDUHFFKLDWXUDSHUOD
SULPDYROWDODYDUHO LQWHUQRHJOLDFFHVVRUL
FRQDFTXDWLHSLGDHVDSRQHQHXWURSHU
HOLPLQDUHLOWLSLFRRGRUHGHLSURGRWWLQXRYL
TXLQGLDVFLXJDUHDFFXUDWDPHQWH
$77(1=,21(1RQXVDUH
GHWHUJHQWLSROYHULDEUDVLYH
GHWHUJHQWLDEDVHGLFORURRG
ROLRGDWRFKHSRWUHEEHUR
GDQQHJJLDUHOHILQLWXUH
$77(1=,21(*OLDFFHVVRULH
LFRPSRQHQWL
GHOOಬDSSDUHFFKLDWXUDQRQVRQR
ODYDELOLLQODYDVWRYLJOLH
39
3XOL]LDSHULRGLFD
/ DSSDUHFFKLDWXUDGHYHHVVHUHSXOLWD
UHJRODUPHQWH
/DYDUHO LQWHUQRHJOLDFFHVVRULFRQ
DFTXDWLHSLGDHVDSRQHQHXWUR
,VSH]LRQDUHUHJRODUPHQWHOH
JXDUQL]LRQLGHOODSRUWDHGHOLPLQDUH
FRQXQSDQQRXPLGRWUDFFHGLVSRUFRH
UHVLGXL
5LVFLDFTXDUHHDVFLXJDUH
DFFXUDWDPHQWH
6EULQDPHQWRGHOIULJRULIHUR
'XUDQWHLOQRUPDOHXWLOL]]RODEULQDYLHQH
HOLPLQDWDDXWRPDWLFDPHQWH
GDOO HYDSRUDWRUHGHOORVFRPSDUWRGHO
IULJRULIHUR/ DFTXDGLVEULQDPHQWRJLXQJH
DWWUDYHUVRXQFRQGRWWRLQXQDSSRVLWR
UHFLSLHQWHSRVWRVXOUHWUR
GHOO DSSDUHFFKLDWXUDVRSUDLO
PRWRFRPSUHVVRUHGRYHHYDSRUD
ŠLPSRUWDQWHSXOLUHSHULRGLFDPHQWHLOIRUR
GLVFDULFRGHOO DFTXDGLVEULQDPHQWR
VLWXDWRDOFHQWURGHOFDQDOHVXOODSDUHWH
SRVWHULRUHSHUHYLWDUHFKHO DFTXD
IXRULHVFDVXJOLDOLPHQWL
$WDOILQHXVDUHLOSXOLVFLWXERIRUQLWRLQ
GRWD]LRQHFRQOಬDSSDUHFFKLDWXUD
6EULQDPHQWRGHOFRQJHODWRUH
$77(1=,21(3HUULPXRYHUH
ODEULQDGDOO HYDSRUDWRUHQRQ
XVDUHXWHQVLOLPHWDOOLFLDSSXQWLWL
FKHSRVVDQRGDQQHJJLDUOR
1RQXVDUHGLVSRVLWLYLPHFFDQLFL
RDOWULPH]]LDUWLILFLDOLQRQ
UDFFRPDQGDWLGDOSURGXWWRUH
DOORVFRSRGLDFFHOHUDUHLO
SURFHVVRGLVEULQDPHQWR
&LUFDRUHSULPDGHOOR
VEULQDPHQWRLPSRVWDUHXQD
WHPSHUDWXUDSL»EDVVDSHU
DFFXPXODUHXQDULVHUYDGL
IUHGGRVXIILFLHQWHLQFDVRGL
HYHQWXDOHLQWHUUX]LRQHGHO
IXQ]LRQDPHQWR
ŠQRUPDOHFKHVXLULSLDQLGHOFRQJHODWRUH
HLQWRUQRDOORVFRPSDUWRVXSHULRUHVLIRUPL
FROWHPSRXQRVWUDWRGLEULQD
4XDQGRWDOHVWUDWRUDJJLXQJHXQR
VSHVVRUHGLFDPPLOYDQR
FRQJHODWRUHGHYHHVVHUHVEULQDWR
6SHJQHUHO DSSDUHFFKLDWXUDRHVWUDUUH
ODVSLQDGHOODSUHVDDSDUHWH
5LPXRYHUHJOLDOLPHQWLFRQVHUYDWLH
ULSRUOLLQXQOXRJRIUHVFR
$77(1=,21(8Q
LQQDO]DPHQWRGHOOD
WHPSHUDWXUDGHLVXUJHODWL
GXUDQWHORVEULQDPHQWRSX´
ULGXUUHODORURGXUDWDGL
FRQVHUYD]LRQH
1RQWRFFDUHLOFLER
FRQJHODWRFRQOHPDQL
EDJQDWH/HPDQL
SRWUHEEHURDGHULUH
DOO DOLPHQWRFRQJHODWR
/DVFLDUHODSRUWDDSHUWD3URWHJJHUHLO
SDYLPHQWRGDOO DFTXDGLVEULQDPHQWR
DGHVHPSLRFRQXQSDQQRRXQ
UHFLSLHQWHSLDWWR
3HUDFFHOHUDUHLOSURFHVVRGL
VEULQDPHQWRFROORFDUHXQUHFLSLHQWHGL
DFTXDFDOGDQHOYDQRFRQJHODWRUH
5LPXRYHUHLQROWUHLSH]]LGLJKLDFFLR
FKHVLVWDFFDQRSULPDFKHOR
VEULQDPHQWRVLDFRPSOHWR
40
8QDYROWDFRPSOHWDWRORVEULQDPHQWR
DVFLXJDUHDFFXUDWDPHQWHO LQWHUQR
$FFHQGHUHO DSSDUHFFKLDWXUDH
FKLXGHUHODSRUWD
,PSRVWDUHLOUHJRODWRUHGLWHPSHUDWXUD
DOOLYHOORPDVVLPRGLUDIIUHGGDPHQWRH
ODVFLDUHLQIXQ]LRQHO DSSDUHFFKLDWXUD
SHUDOPHQRWUHRUH
6RORVXFFHVVLYDPHQWHULPHWWHUHJOL
DOLPHQWLQHOORVFRPSDUWRFRQJHODWRUH
3HULRGLGLQRQXWLOL]]R
6HO DSSDUHFFKLDWXUDQRQYLHQHXWLOL]]DWD
SHUXQOXQJRSHULRGRDGRWWDUHOHVHJXHQWL
SUHFDX]LRQL
6FROOHJDUHO DSSDUHFFKLDWXUDGDOODUHWH
HOHWWULFD
(VWUDUUHWXWWLJOLDOLPHQWL
6EULQDUHO DSSDUHFFKLDWXUD
3XOLUHO DSSDUHFFKLDWXUDHWXWWLJOL
DFFHVVRUL
/DVFLDUHODSRUWHVRFFKLXVDHSHU
HYLWDUHODIRUPD]LRQHGLRGRUL
VJUDGHYROL
5,62/8=,21('(,352%/(0,
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
&RVDIDUHVH൑
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
/ಬDSSDUHFFKLDWXUDQRQIXQಣ
]LRQD
/ಬDSSDUHFFKLDWXUDªVSHQWD
$FFHQGHUHO DSSDUHFFKLDWXಣ
UD
/DVSLQDQRQªFROOHJDWD
FRUUHWWDPHQWHDOODSUHVD
HOHWWULFD
&ROOHJDUHFRUUHWWDPHQWHOD
VSLQDDOODSUHVDHOHWWULFD
/DSUHVDHOHWWULFDQRQKD
WHQVLRQH
&ROOHJDUHXQಬDSSDUHFFKLDWXಣ
UDHOHWWULFDGLYHUVDDOODSUHಣ
VDGLDOLPHQWD]LRQH&RQWDWಣ
WDUHXQHOHWWULFLVWDTXDOLILFDಣ
WR
/ಬDSSDUHFFKLDWXUDªUXPRURಣ
VD
/ಬDSSDUHFFKLDWXUDQRQª
VXSSRUWDWDFRUUHWWDPHQWH
&RQWUROODUHFKHO DSSDUHFಣ
FKLDWXUDDEELDXQDSRVL]LRQH
VWDELOH
/ DOODUPHDFXVWLFRRYLVLYRª
DWWLYR
,OPRELOHWWRªVWDWRDFFHVRGL
UHFHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ
ODUPHGLDOWDWHPSHUDWXUDರ
/DWHPSHUDWXUDDOO LQWHUQR
GHOO DSSDUHFFKLDWXUDªWURSಣ
SRDOWD
)DUHULIHULPHQWRDOODVH]LRQH
ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ
ODUPHGLDOWDWHPSHUDWXUDರ
/DSRUWDªVWDWDODVFLDWD
DSHUWD
&KLXGHUHODSRUWD
41
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
,OFRPSUHVVRUHIXQ]LRQDLQ
PRGRFRQWLQXR
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
)DUHULIHULPHQWRDOFDSLWROR
ಯ3DQQHOORGLFRQWUROORರ
6RQRVWDWLLQWURGRWWLPROWLDOLಣ
PHQWLFRQWHPSRUDQHDPHQWH
$WWHQGHUHDOFXQHRUHHULಣ
FRQWUROODUHODWHPSHUDWXUD
/DWHPSHUDWXUDDPELHQWHª
WURSSRDOWD
)DUHULIHULPHQWRDOFDSLWROR
ಯ,QVWDOOD]LRQHರ
*OLDOLPHQWLLQWURGRWWLQHOO DSಣ
SDUHFFKLDWXUDHUDQRWURSSR
FDOGL
3ULPDGLLQWURGXUUHJOLDOLಣ
PHQWLODVFLDUOLUDIIUHGGDUHD
WHPSHUDWXUDDPELHQWH
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DIXQ]LRQH)DVW)UHH]Hª
DWWLYD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW)UHH]H
/DIXQ]LRQH)DVW&RROªDWWLಣ
YD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW&RRO
,OFRPSUHVVRUHQRQVLDYYLD
LPPHGLDWDPHQWHGRSRDYHUH
SUHPXWRLOWDVWR)DVW)UHHಣ
]HR)DVW&RRORSSXUHGRಣ
SRDYHUHPRGLILFDWRODWHPಣ
SHUDWXUD
,OFRPSUHVVRUHVLDYYLDGRSR
XQFHUWRSHULRGRGLWHPSR
ŠQRUPDOHQRQVLWUDWWDGL
XQಬDQRPDOLDGLIXQ]LRQDಣ
PHQWR
/DSRUWDQRQªDOOLQHDWDRLQಣ
WHUIHULVFHFRQODJULJOLDGL
YHQWLOD]LRQH
/ಬDSSDUHFFKLDWXUDQRQª
SHUIHWWDPHQWHLQSLDQR
)DUHULIHULPHQWRDOOHLVWUX]LRಣ
QLGLLQVWDOOD]LRQH
/DSRUWDQRQVLDSUHIDFLOಣ
PHQWH
6LªFHUFDWRGLULDSULUHOD
SRUWDVXELWRGRSRDYHUOD
FKLXVD
$WWHQGHUHDOFXQLVHFRQGLIUD
ODFKLXVXUDGHOODSRUWDHOD
VXDULDSHUWXUD
/DODPSDGLQDQRQIXQ]LRQD
/DODPSDGLQDªLQPRGDOLW¢
VWDQGE\
&KLXGHUHHDSULUHODSRUWD
/DODPSDGLQDªGLIHWWRVD
&RQWDWWDUHLO&HQWURGL$VVLಣ
VWHQ]D$XWRUL]]DWRSL»YLFLಣ
QR
&ಬªXQDTXDQWLW¢HFFHVVLYD
GLEULQDHJKLDFFLR
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DJXDUQL]LRQHªGHIRUPDWD
RVSRUFD
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
*OLDOLPHQWLQRQVRQRVWDWL
DYYROWLLQPDQLHUDLGRQHD
$YYROJHUHPHJOLRJOLDOLPHQಣ
WL
42
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
)DUHULIHULPHQWRDOFDSLWROR
ಯ3DQQHOORGLFRQWUROORರ
/ DSSDUHFFKLDWXUDªFRPSOHಣ
WDPHQWHFDULFDHGªLPSRಣ
VWDWDVXOODWHPSHUDWXUDSL»
EDVVD
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUH)DUHULIHULPHQWR
DOFDSLWRORಯ3DQQHOORGLFRQಣ
WUROORರ
/DWHPSHUDWXUDLPSRVWDWD
QHOO DSSDUHFFKLDWXUDªWURSಣ
SREDVVDHODWHPSHUDWXUD
DPELHQWHªWURSSRDOWD
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUH)DUHULIHULPHQWR
DOFDSLWRORಯ3DQQHOORGLFRQಣ
WUROORರ
6XOODSLDVWUDSRVWHULRUHGHO
IULJRULIHURVFRUUHOಬDFTXD
'XUDQWHORVEULQDPHQWRDXಣ
WRPDWLFRODEULQDVLVFLRJOLH
VXOSDQQHOORSRVWHULRUH
&L´ªFRUUHWWR
6LªFRQGHQVDWDWURSSDDFಣ
TXDVXOODSDUHWHSRVWHULRUH
GHOIULJRULIHUR
/DSRUWDªVWDWDDSHUWDFRQ
HFFHVVLYDIUHTXHQ]D
$SULUHODSRUWDVRORVHQHಣ
FHVVDULR
/DSRUWDQRQªVWDWDFKLXVD
FRPSOHWDPHQWH
&RQWUROODUHFKHODSRUWDVLD
FKLXVDFRPSOHWDPHQWH
,OFLERFRQVHUYDWRQRQªVWDಣ
WRDYYROWRQHOO DSSRVLWRPDಣ
WHULDOH
$YYROJHUHJOLDOLPHQWLLQXQ
LPEDOODJJLRDGHJXDWRSULPD
GLULSRUOLDOOಬLQWHUQRGHOOಬDSSDಣ
UHFFKLDWXUD
/ಬDFTXDVFRUUHDOOಬLQWHUQRGHO
IULJRULIHUR
*OLDOLPHQWLLPSHGLVFRQRDOಣ
OಬDFTXDGLVFRUUHUHQHOOಬDSಣ
SRVLWRFROOHWWRUH
$VVLFXUDUVLFKHJOLDOLPHQWL
QRQWRFFKLQRLOSDQQHOORSRಣ
VWHULRUH
/RVFDULFRGHOO DFTXDª
RVWUXLWR
3XOLUHORVFDULFRGHOOಬDFTXD
/ಬDFTXDVFRUUHVXOSDYLPHQಣ
WR
/RVFDULFRGHOOಬDFTXDGLVEULಣ
QDPHQWRQRQªFROOHJDWRDOಣ
ODYDVFKHWWDGLHYDSRUD]LRQH
SRVWDDOGLVRSUDGHOFRPಣ
SUHVVRUH
&ROOHJDUHORVFDULFRGHOOಬDFಣ
TXDGLVEULQDPHQWRDOODYDಣ
VFKHWWDGLHYDSRUD]LRQH
1RQªSRVVLELOHLPSRVWDUHOD
WHPSHUDWXUD
/DIXQ]LRQH)DVW)UHH]HR
ODIXQ]LRQH)DVW&RROªDWWLಣ
YD
'LVDWWLYDUHPDQXDOPHQWHOD
IXQ]LRQH)DVW)UHH]HROD
IXQ]LRQH)DVW&RRORSSXUH
DWWHQGHUHILQFK«ODIXQ]LRQH
VLGLVDWWLYDDXWRPDWLFDPHQWH
SHULPSRVWDUHODWHPSHUDWXಣ
UD9HGHUHODVH]LRQHIXQಣ
]LRQH)DVW)UHH]HRIXQ]LRಣ
QH)DVW&RRO
43
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
/DWHPSHUDWXUDDOOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUDªWURSಣ
SREDVVDWURSSRDOWD
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUHLQIHULRUH
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DWHPSHUDWXUDGHJOLDOLPHQಣ
WLªWURSSRDOWD
3ULPDGLLQWURGXUUHJOLDOLಣ
PHQWLODVFLDUOLUDIIUHGGDUHD
WHPSHUDWXUDDPELHQWH
6RQRVWDWLLQWURGRWWLPROWLDOLಣ
PHQWLFRQWHPSRUDQHDPHQWH
,QWURGXUUHPHQRDOLPHQWLSRಣ
FRDOODYROWDDOORVWHVVRWHPಣ
SR
/RVSHVVRUHGHOODEULQDª
PDJJLRUHGLPP
6EULQDUHO DSSDUHFFKLDWXUD
/DSRUWDYLHQHDSHUWDIUHಣ
TXHQWHPHQWH
$SULUHODSRUWDVRORVHQHಣ
FHVVDULR
/DIXQ]LRQH)DVW)UHH]Hª
DWWLYD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW)UHH]H
/DIXQ]LRQH)DVW&RROªDWWLಣ
YD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW&RRO
,QDOFXQLPRPHQWLDOFXQHVXಣ
SHUILFLVSHFLILFKHDOOಬLQWHUQR
GHOYDQRIULJRULIHURVRQRSL»
FDOGH
6LWUDWWDGLXQRVWDWRQRUPDಣ
OH
'(02FRPSDUHVXOGLVSOD\
/ಬDSSDUHFFKLDWXUDªLQPRಣ
GDOLW¢GLGLPRVWUD]LRQH
0DQWHQHUHSUHPXWRLOWDVWR
2.SHUFLUFDVHFRQGLILQಣ
FK«QRQYLHQHHPHVVRXQ
VHJQDOHVRQRURSUROXQJDWRH
LOGLVSOD\VLVSHJQHSHUTXDOಣ
FKHLVWDQWH
3UREOHPDDOVHQVRUHGHOOD
WHPSHUDWXUD
&RQWDWWDUHLO&HQWURGL$VVLಣ
VWHQ]D$XWRUL]]DWRSL»YLFLQR
LOVLVWHPDGLUDIIUHGGDPHQWR
FRQWLQXHU¢DPDQWHQHUHJOL
DOLPHQWLIUHGGLPDQRQVDU¢
SRVVLELOHUHJRODUHODWHPSHಣ
UDWXUD $SSDUHLOVLPEROR
R
R
DQ]LFK«LQXPHULVXOGLಣ
VSOD\GHOODWHPSHUDWXUD
6HLOVXJJHULPHQWRQRQGDL
ULVXOWDWLDXVSLFDWLFRQWDWWDUHLO
&HQWURGL$VVLVWHQ]D
$XWRUL]]DWRSL»YLFLQR
6RVWLWX]LRQHGHOODODPSDGLQD
/ DSSDUHFFKLDWXUDªGRWDWDGLXQD
ODPSDGLQDLQWHUQDD/('DOXQJDGXUDWD
44
6RORDO&HQWURGL$VVLVWHQ]DªSHUPHVVR
VRVWLWXLUHO LPSLDQWRG LOOXPLQD]LRQH
&RQWDWWDUHXQ&HQWUR$VVLVWHQ]D
DXWRUL]]DWR
&KLXVXUDGHOODSRUWD
6HQHFHVVDULRUHJRODUHODSRUWD)DUH
ULIHULPHQWRDOOHLVWUX]LRQLGL
LQVWDOOD]LRQH
6HQHFHVVDULRVRVWLWXLUHOHJXDUQL]LRQL
GLIHWWRVH&RQWDWWDUHLO&HQWUR
$VVLVWHQ]D$XWRUL]]DWR
3XOLUHOHJXDUQL]LRQLGHOODSRUWD
58025,
SSSRRR!
BRRR!
CLICK!
HISSS!
BLUBB!
'$7,7(&1,&,
,GDWLWHFQLFLVRQRULSRUWDWLVXOODWDUJKHWWD
GHLGDWLDSSOLFDWDVXOODWRHVWHUQR
GHOOಬDSSDUHFFKLDWXUDHVXOOಬHWLFKHWWDGHL
YDORULHQHUJHWLFL
7HQVLRQH
)UHTXHQ]D
9
+]
,1)250$=,21,3(5*/,,67,787,',3529$
/ LQVWDOOD]LRQHHODSUHSDUD]LRQH
GHOO DSSDUHFFKLDWXUDSHUTXDOVLDVLYHULILFD
GL(FR'HVLJQGHYRQRHVVHUHFRQIRUPLD
(1,UHTXLVLWLGLYHQWLOD]LRQHOH
GLPHQVLRQLGHOO LQFDYRHOHGLVWDQ]H
PLQLPHGDOODSDUWHSRVWHULRUHGHYRQR
HVVHUHFRQIRUPLDTXDQWRLQGLFDWRQHO
SUHVHQWHPDQXDOHG XVRDOFDSLWROR6L
45
SUHJDGLFRQWDWWDUHLOSURGXWWRUHSHU
TXDOVLDVLDOWUDLQIRUPD]LRQHFRPSUHVLL
SLDQLGLFDULFR
:$55$17<&86720(56(59,&(
)RUHDFKSURGXFWZHSURYLGHDWZR\HDU
JXDUDQWHHIURPWKHGDWHRISXUFKDVHRU
GHOLYHU\WRWKHFRQVXPHU ZLWKD
JXDUDQWHHFHUWLILFDWHLQYRLFHRUVDOHV
UHFHLSWVHUYLQJDVSURRI 7KHJXDUDQWHHFRYHUVWKHFRVWVRI
PDWHULDOVODERXUDQGWUDYHO7KH
JXDUDQWHHZLOOODSVHLIWKHRSHUDWLQJ
LQVWUXFWLRQVDQGFRQGLWLRQVRIXVHDUHQRW
DGKHUHGWRLIWKHSURGXFWLVLQFRUUHFWO\
LQVWDOOHGRULQWKHHYHQWRIGDPDJH
FDXVHGE\H[WHUQDOLQIOXHQFHVIRUFH
PDMHXUHLQWHUYHQWLRQE\WKLUGSDUWLHVRU
WKHXVHRIQRQJHQXLQHFRPSRQHQWV
&21',7,216'(*$5$17,(6(59,&(
1RXVRFWUR\RQVVXUFKDTXHSURGXLWDQV
GHJDUDQWLH¢SDUWLUGHODGDWHGHOLYUDLVRQ
RXGHODPLVHHQVHUYLFHDX
FRQVRPPDWHXU GRFXPHQW«DXPR\HQ
GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX
GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH
FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH
G«SODFHPHQWDLQVLTXHOHVSLªFHVGH
UHFKDQJH
/HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV
YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV
QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH
UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH
PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢
OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU
GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV
H[W«ULHXUHVRXGHIRUFHPDMHXUH
*$5$17,(%(',1*81*(1.81'(1',(167
)¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE
9HUNDXIE]Z/LHIHUGDWXPDQGHQ
(QGYHUEUDXFKHUHLQH*DUDQWLHYRQ
-DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ
)DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ
I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW
'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL
1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ
XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU
,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ
GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW
(LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ
1LFKW2ULJLQDO7HLOHQ
&21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$
3HURJQLSURGRWWRFRQFHGLDPRXQD
JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL
FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH
)DVWDWRODGDWDGHOODIDWWXUDGHO
FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR
GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH
OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO
PDWHULDOH
'DOODFRSHUWXUDVRQRHVFOXVLLO
ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL
HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL
ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D
GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG
LVWUX]LRQLSHUOಬXVR
46
&216,'(5$=,21,68// $0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR %XWWDUHO LPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD
SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQDH
DULFLFODUHULILXWLGHULYDQWLGD
DSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH
1RQVPDOWLUHOHDSSDUHFFKLDWXUHFKH
ULSRUWDQRLOVLPEROR LQVLHPHDLQRUPDOL
ULILXWLGRPHVWLFL3RUWDUHLOSURGRWWRDO
SXQWRGLULFLFODJJLRSL»YLFLQRRFRQWDWWDUH
LOFRPXQHGLUHVLGHQ]D
3HUOD6YL]]HUD
'RYHSRUWDUHJOLDSSDUHFFKL
IXRULXVR"
,QTXDOVLDVLQHJR]LRFKHYHQGH
DSSDUHFFKLQXRYLRSSXUHVL
UHVWLWXLVFRQRDLFHQWULGL
UDFFROWDXIILFLDOLGHOOD6(16
RSSXUHDLULFLFODWRULXIILFLDOL
GHOOD6(16
/DOLVWDGHLFHQWULGLUDFFROWD
XIILFLDOLGHOOD6(16ªYLVLELOH
QHOVLWRZZZHUHF\FOLQJFK
47
Unsere Kundendienst-Telefonnummer:
Le numéro de téléphone de notre service après-vente:
Il nostro numero di telefono del servizio clientela:
Our customer service telephone number:
0848 559 111
oder unter
ou sur Internet
oppure su Internet
or in the internet
www.fust.ch
$

Manuels associés