Candy FCP602N Manuale utente

Marca: Candy

Modello: FCP602N

Tipo: Manuale utente

)251,

,6758=,21,3(5/¶862

+25126(03275$%/(6

,16758&&,21(6'(862

)2856(1&$675$%/(6

127,&('¶(03/2,(7'¶,167$//$7,21

ɎɍɊɇɂ

ɂɇɋɌɊɍɄɐɂɂɁȺɉɈɌɊȿȻɂɌȿɅə

1$92',/2=$8325$%2

9(ý1$0(16.(9*5$'1(3(ý,&(

%#0&;*118'4)417254.Ŗ8KC%QOQNNKŖ$TWIJGTKQ/$+VCN[

&217(1872

,QGLFD]LRQL'L6LFXUH]]D

$YYHUWHQ]H*HQHUDOL

'LFKLDUD]LRQH'L&RQIRUPLWj

,QIRUPD]LRQL6XOOD6LFXUH]]D

,QVWDOOD]LRQH

,QVHULPHQWR'HO0RELOH

,PSRUWDQWH

$OODFFLDPHQWR(OHWWULFR

'RWD]LRQH'HO)RUQRVHFRQGR0RGHOOR

&RQVÕJOÕ8WLOL

*ULJOLH)RUQR6LVWHPD'L$UUHVWR

/D&RWWXUD$O*UÕOO

6HFRQGR0RGHOOR/HG9LVLRQ

  7HPSÕ'L&RWWXUD

  3XOL]LD(0DQXWHQ]LRQH

 /D)XQ]LRQH $48$&7,9$

3XOÕ]ÕD(0DQXWHQ]ÕRQH

  *DUDQ]LH

&RQWDPÕQXWÕ

8VR'HO&RQWDPLQXWL

8VR'HO7HPSRUL]]DWRUH

5HJROD]LRQH2UD

7LPHU(OHWWURQLFR$6ILRUDPHQWR

,VWUX]LRQL3HU/¶XVR

7DEHOOD7HPSL'L&RWWXUD















































6200$,5(

&216(,/6'(6e&85,7e

,QVWUXFWLRQV*HQHUDOHV

'HFODUDWLRQ'H&RQIRUPLWp

&RQVLJQHV'H6HFXULWH

,QVWDOODWLRQ

0LVH(Q3ODFH'X)RXU'DQV6RQ0HXEOH

,PSRUWDQW

$OLPHQWDWLRQ(OHFWULTXH

,PSRUWDQW

 (TXLSHPHQW'X)RXU (TXLSHPHQW'LIIHUHQW6HORQ/H7\SH'H)RXU

&RQVLJQHV8WLOHV

*ULOOHV'X)RXU1RXYHDX6\VWqPH'¶DUUrW

/D&XÕVVRQ$X*ULO

6HORQ0RGqOH/H3DFN8FRRN

6HORQ0RGqOH8VHH

)RXU$XWRQHWWR\DQW3DU&DWDO\VH

  )RQFWLRQ$TXDFWLYD

 &RQVHLOV'H1HWWR\DJH(W'¶HQWUHWLHQ

$VVLVWDQFH7HFKQLTXH

0LQXWHXU

 6RQRUH8WLOLVDWLRQ'X0LQXWHXU

8WLOLVDWLRQ'X0ÕQXWHXU&RXSHFLUFXLW

/KHXUH5HJODJH'H

+RUORJH¬&RPPDQGH6HQVLWLYH

,QVWUXFWLRQV3RXU/¶XWLOLVDWLRQ

7HPSV'H&XLVVRQ





Ǥ















































&217(1,'2

,QVWUXFFÕRQHV3DUD8Q8VR6HJXUR

,QVWUXFFLRQHV*HQHUDOHV

'HFODUDFLyQ'H&RQIRUPLGDG

,QIRUPDFLyQ6REUH6HJXULGDG

,QVWDODFLyQ

,QWURGXFFLyQ'HO0XHEOH

,PSRUWDQWH

&RQH[LyQ(OpFWULFD

(TXLSDPLHQWR'HO+RUQR6HJ~Q(O0RGHOR

&RQVHMRVÒWLOHV

5HMLOODV+RUQR6LVWHPD'H6XMHFLyQ

/D&RFFÕyQ$O*ULOO

/RV0RGHORV8FRRN

6HJQ0RGHORV8VHH

+RUQR$XWROÕPSLDQWH&DWDOtWLFR

)XQFLyQ$TXDFWLYD

/LPSLH]D<0DQWHQLPLHQWR

$VLVWHQFÕD7pFQLFD

0ÕQXWHUR

8VR'HO0ÕQXWHUR

8VR'HO7HPSRUL]DGRU

$MXVWH'H/D+RUD

7HPSRUL]DGRU7iFWLO

,QVWUXFFLRQHV'H8VR

7DEODV'H7LHPSRV'H&RFFLyQ







ǤǤ









































96(%,1$



















































9DUQRVWQD1DYRGÕOD

6SORãQD2SR]RUÕOD

,]MDYD26NODGQRVWÕ

9DUQRVWQÕ1DSRWNÕ

1DPHVWLWHY,Q3ULNOMXþLWHY

9JUDGQMD3HþLFH9.XKLQMVNL1L]

3RPHPEQÕ1DSRWNÕ

3ULNOMXþLWHY3HþLFH1D(OHNWULþQR2PUHåMH

2SUHPD3HþLFHRGYLVQR2G0RGHOD

.RUÕVWQÕ1DVYHWÕ

1HNDM.RUÕVWQÕK1DVYHWRY

äDU

0RGHOÕ8FRRN

2GYLVQR2G0RGHOD8VHH

6DPRþLVWLOQD.DWDOLWVND2EORJD3HþLFH

)XQNFLMD$TXDFWLYD

ýLãþHQMH,Q9]GUåHYDQMH3HþLFH

6HUYLVLUDQMH

1DVWDYOMDQMH

8SRUDEDâWHYFD0ÕQXWNXKÕQMVNH8UH

1DVWDYOMDQMH7UDMDQMD3HþHQMD

1DVWDYOMDQMH7RþQHJDýDVD

8SRUDED3URJUDPVNH8UH

)XQNFLMH

5D]SUHGHOQLFHýDVRY3HþHQMD



ɋɔȾɔɊɀȺɇɂȿ

ɌȿɏɇɂɄȺɇȺȻȿɁɈɉȺɋɇɈɋɌ

Ɉɛɳɢɦɟɪɤɢɡɚɛɟɡɨɩɚɫɧɨɫɬ

Ⱦɟɤɥɚɪɚɰɢɹɡɚɫɴɨɬɜɟɬɫɬɜɢɟ

ɋɴɜɟɬɢɡɚɛɟɡɨɩɚɫɧɨɫɬ

Ɇɨɧɬɚɠ

Ɇɨɧɬɢɪɚɧɟɧɚɮɭɪɧɚɬɚɜɤɭɯɧɹɬɚ

ȼɚɠɧɨ

ɋɜɴɪɡɜɚɧɟɤɴɦɡɚɯɪɚɧɜɚɧɟɬɨ

Ɉɛɨɪɭɞɜɚɧɟɧɚɮɭɪɧɚɬɚɜɡɚɜɢɫɢɦɨɫɬɨɬɦɨɞɟɥɚ

ɉɨɥɟɡɧɢɫɴɜɟɬɢ

ɋɢɫɬɟɦɚɡɚɛɟɡɨɩɚɫɧɨɫɬɧɚɪɚɮɬɨɜɟɬɟ

Ƚɪɢɥ

8&RRNɆɨɞɟɥɢ

86HH

ɋɚɦɨɩɨɱɢɫɬɜɚɳɚɫɟɮɭɪɧɚɫɤɚɬɚɥɢɬɢɱɧɢɩɚɧɟɥɢ

$48$&7,9$ɮɭɧɤɰɢɹ

ɉɨɱɢɫɬɜɚɧɟɢɩɨɞɞɪɴɠɤɚ

ɋɟɪɜɢɡɟɧɰɟɧɬɴɪ

Ɍɚɣɦɟɪ

ɂɡɩɨɥɡɜɚɧɟɧɚɬɚɣɦɟɪɚ

ɂɡɩɨɥɡɜɚɧɟɧɚɬɚɣɦɟɪɚɡɚɤɪɚɣɧɚɝɨɬɜɟɧɟɬɨ

ɂɡɩɨɥɡɜɚɧɟɧɚɟɥɟɤɬɪɨɧɧɢɹɩɪɨɝɪɚɦɚɬɨɪ

ɇɚɫɬɪɨɣɤɚɧɚɬɨɱɧɨɬɨɜɪɟɦɟ

ɂɧɫɬɪɭɤɰɢɢɡɚɪɚɛɨɬɚ

Ɍɚɛɥɢɰɢɧɚɜɪɟɦɟɧɚɬɚɡɚɝɨɬɜɟɧɟ

ȻȽ







Ǥ



Ǥ





































$77(1=,21(ODSSDUHFFKLRHOHSDUWLDFFHVVLELOLGLYHQWDQRFDOGHGXUDQWHOXVR3UHVWDUHDWWHQ]LRQHD

QRQWRFFDUHOHSDUWLFDOGH

,EDPELQLDOGLVRWWRGLDQQLGRYUHEEHURHVVHUHWHQXWLDGLVWDQ]DVHQRQFRQWLQXDPHQWHVXSHUYLVLRQDWL

/DSSDUHFFKLRSXzHVVHUHXVDWRGDEDPELQLGDJOLDQQLLQVXHSHUVRQHFRQULGRWWHFDSDFLWjILVLFKH

VHQVRULDOLRPHQWDOLRVHQ]DHVSHULHQ]DHFRQRVFHQ]DGHOSURGRWWRVHVXSHUYLVLRQDWHRGDQGRORUR

LVWUX]LRQLULJXDUGRDOIXQ]LRQDPHQWRGHOODSSDUHFFKLRLQPDQLHUDVLFXUDHFRVFHQWHGHOULVFKLRSRVVLELOH

,EDPELQLQRQGRYUHEEHURJLRFDUHFRQODSSDUHFFKLR

/DSXOL]LDHODPDQXWHQ]LRQHQRQGRYUHEEHURHVVHUHIDWWHGDEDPELQLVHQ]DVXSHUYLVLRQH

'XUDQWHO¶XVRO¶DSSDUHFFKLRGLYHQWDPROWRFDOGR6LGRYUHEEHIDUHDWWHQ]LRQHDQRQWRFFDUHJOLHOHPHQWL

ULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR

$77(1=,21(/HSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHPROWRFDOGHGXUDQWHO¶XVR,EDPELQLGRYUHEEHUR

HVVHUHWHQXWLDGLVWDQ]D

1RQXVDUHSHUODSXOL]LDPDWHULDOLUXYLGLDEUDVLYLRUDVFKLHWWLPHWDOOLFLDIILODWLSHUSXOLUHOHSRUWHGLYHWURGHO

IRUQRGDWRFKHSRVVRQRJUDIILDUHODVXSHUILFLHHFDXVDUHODIUDQWXPD]LRQHGHOYHWUR

6SHJQHUHLOIRUQRSULPDGLULPXRYHUHORVFKHUPRGLSURWH]LRQHHGRSRODSXOL]LDULPRQWDUORVHFRQGROH

LVWUX]LRQL

8VDUHVRORODVRQGDWHUPLFDUDFFRPDQGDWDSHUTXHVWRIRUQR

1RQXWLOL]]DUHXQSXOLWRUHDYDSRUH

$77(1=,21($VVLFXUDUVLFKHO¶DSSDUHFFKLRVLDVSHQWRSULPDGLVRVWLWXLUHODODPSDGDSHUHYLWDUHOD

SRVVLELOLWjGLVFRVVHHOHWWULFKH

,OPH]]RGLGLVFRQQHVVLRQHGHYHHVVHUHLQFRUSRUDWRQHOFDEODJJLRILVVRLQDFFRUGRFRQOHOHJJLGL

FDEODJJLR

 /H LVWUX]LRQL GHYRQR LQGLFDUH TXDOH WLSR GL FDYR GHEED HVVHUH XWLOL]]DWR WHQHQGR SUHVHQWH OD

WHPSHUDWXUDGHOODVXSHUILFLHSRVWHULRUHGHOO¶DSSDUHFFKLR

 6HLOFDYRGLDOLPHQWD]LRQHqGDQQHJJLDWRHVVRGHYHHVVHUHVRVWLWXLWRGDXQFDYRRXQDVVLHPH

VSHFLDOLGLVSRQLELOLSUHVVRLOFRVWUXWWRUHRLOVXRVHUYL]LRDVVLVWHQ]DWHFQLFD

$77(1=,21($OILQHGLHYLWDUHRJQLSHULFRORGRYXWRDOULDUPRDFFLGHQWDOHGHOGLVSRVLWLYRWHUPLFRGL

LQWHUUX]LRQHLOSUHVHQWHDSSDUHFFKLRQRQGHYHHVVHUHDOLPHQWDWRFRQXQGLVSRVLWLYRGLPDQRYUDHVWHUQR

TXDOHXQWHPSRUL]]DWRUHRSSXUHHVVHUHFRQQHVVRDXQFLUFXLWRFKHYLHQHUHJRODUPHQWHDOLPHQWDWRR

GLVDOLPHQWDWRGDOVHUYL]LR

$77(1=,21(/HSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHFDOGHTXDQGRLOJULOOqLQXVR,EDPELQLGRYUHEEHUR

HVVHUHWHQXWLDGLVWDQ]D

*OLHFFHVVLGLPDWHULDOHWUDFLPDWRGHYRQRHVVHUHWROWLSULPDGHOODSXOL]LD

'XUDQWHOD3\UROLVLOHVXSHUILFLSRVVRQRVFDOGDUVLSLGHOVROLWRqSHUWDQWRFRQVLJOLDWRWHQHUHLEDPELQLD

GLVWDQ]D

,1',&$=,21,',6,&85(==$

,7

$99(57(1=(*(1(5$/,

9LULQJUD]LDPRSHUDYHUVFHOWRXQRGHLQRVWULSURGRWWLSHURWWHQHUHGDTXHVWRHOHWWURGRPHVWLFROHPLJOLRULSUHVWD]LRQLFRQVLJOLDPRGL

/HJJHUHDWWHQWDPHQWHOHDYYHUWHQ]HFRQWHQXWHQHOSUHVHQWHOLEUHWWR

&RQVHUYDUHFRQFXUDTXHVWROLEUHWWRSHURJQLXOWHULRUHFRQVXOWD]LRQH

'XUDQWHO¶XVRLOIRUQRGLYHQWDFDOGRIDUHDWWHQ]LRQHDQRQWRFFDUHJOLHOHPHQWLULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR

$OODSULPDDFFHQVLRQHGHO IRUQR SXz VYLOXSSDUVLIXPRGLRGRUH DFUH FDXVDWR GDOSULPRULVFDOGDPHQWRGHO FROODQWH GHLSDQQHOOLG¶LVRODPHQWR

DYYROJHQWLLOIRUQR6LWUDWWDGLXQIHQRPHQRDVVROXWDPHQWHQRUPDOHHLQFDVRVLYHULILFDVVHRFFRUUHDWWHQGHUHODFHVVD]LRQHGHOIXPRSULPDGL

LQWURGXUUHOHYLYDQGH

,OIRUQRqSHUVXDQDWXUDXQDSSDUHFFKLRFKHGLYHQWDFDOGRLQPRGRSDUWLFRODUHLQFRUULVSRQGHQ]DGHOFULVWDOORSRUWD

'LFKLDUD]LRQH GL FRQIRUPLWj TXHVWR DSSDUDFFKLR QHOOH SDUWL

SURJHWWDWH SHU YHQLUH D FRQWDWWR FRQ FLEL q FRQIRUPH FRQ OH

UHJRODPHQWD]LRQLHVSUHVVHQHOOHGLUHWWLYH((&

$SSRQHQGRODPDUFDWXUDVXTXHVWRSURGRWWRGLFKLDULDPRVRWWR

ODQRVWUDUHVSRQVDELOLWjGLRWWHPSHUDUHDWXWWLLUHTXLVLWLUHODWLYLDOOD

WXWHOD GL  VLFXUH]]D VDOXWH H DPELHQWH  SUHYLVWL GDOOD OHJLVOD]LRQH

HXURSHDLQHVVHUHSHUTXHVWRSURGRWWR

,QVHULUHODVSLQDLQXQDSUHVDGLFRUUHQWHPXQLWDGLXQWHU]RFRQWDWWR

FRUULVSRQGHQWHDOODSUHVDGLWHUUDFKHGHYHHVVHUHFROOHJDWDLQPRGR

HIILFLHQWH

3HU L PRGHOOL VSURYYLVWL GL VSLQD PRQWDUH VXO FDYR XQD VSLQD

QRUPDOL]]DWDFKHVLDLQJUDGRGLVRSSRUWDUHLOFDULFRLQGLFDWRLQWDUJD,O

FRQGXWWRUHGLPHVVDDWHUUDHFRQWUDGGLVWLQWRGDLFRORULJLDOORYHUGH

7DOHRSHUD]LRQHGRYUjHVVHUHHVHJXLWDGDSHUVRQDOHSURIHVVLRQDO

PHQWHTXDOLILFDWR

,QFDVRGLLQFRPSDWLELOLWjWUDODSUHVDHODVSLQDGHOO¶DSSDUHFFKLRIDUH

VRVWLWXLUHODSUHVDFRQDOWUDGLWLSRDGDWWRGDSHUVRQDOHSURIHVVLRQDO

PHQWHTXDOLILFDWR6LSXzHIIHWWXDUHDQFKHO¶DOODFFLDPHQWRDOODUHWH

LQWHUSRQHQGRWUDO¶DSSDUHFFKLRHODUHWHXQLQWHUUXWWRUHRPQLSRODUH

GLPHQVLRQDWRDOFDULFRHULVSRQGHQWHDOOHQRUPHLQYLJRUH,OFDYRGL

WHUUDJLDOORYHUGHQRQGHYHHVVHUHLQWHUURWWRGDOO¶LQWHUUXWWRUH/DSUHVD

RO¶LQWHUUXWWRUH RPQLSRODUH XVDWLSHU O¶DOODFFLDPHQWR GHYRQRHVVHUH

IDFLOPHQWHDFFHVVLELOLDGHOHWWURGRPHVWLFRLQVWDOODWR

,PSRUWDQWH LQ IDVH GL LQVWDOOD]LRQH SRVL]LRQDUH LO FDYR GL

DOLPHQWD]LRQH LQ PRGR FKH LQ QHVVXQ SXQWR VL UDJJLXQJDQR

WHPSHUDWXUHVXSHULRULGL&DOODWHPSHUDWXUDDPELHQWH

/¶DSSDUHFFKLRqFRQIRUPHDLUHTXLVLWLGLVLFXUH]]DSUHYLVWLGDJOLLVWLWXWL

QRUPDWLYL/DVLFXUH]]DHOHWWULFDGLTXHVWRDSSDUHFFKLRqDVVLFXUDWD

VROWDQWRTXDQGRORVWHVVRqFRUUHWWDPHQWHFROOHJDWRDGXQHIILFDFH

LPSLDQWR GL PHVVD D WHUUD FRPH SUHYLVWR GDOOH YLJHQWL QRUPH GL

VLFXUH]]DHOHWWULFDLQFDVRGLGXEELRULFKLHGHUHXQFRQWUROORDFFXUDWR

GHOO¶LPSLDQWRGDSDUWHGLSHUVRQDOHSURIHVVLRQDOPHQWHTXDOLILFDWR

,PSRUWDQWH OD GLWWD FRVWUXWWULFH UHVWD VROOHYDWD GD RJQL

UHVSRQVDELOLWjSHUHYHQWXDOLGDQQLDSHUVRQHRFRVHGHULYDQWL

GDOPDQFDWRDOODFFLDPHQWRGHOODOLQHDGLWHUUD

$77(1=,21(ODWHQVLRQHHODIUHTXHQ]DGLDOLPHQWD]LRQHVRQR

LQGLFDWHLQWDUJDPDWULFRODILJXUDLQXOWLPDSDJLQD9HULILFDUH

FKHOD SRUWDWD HOHWWULFDGHOO¶LPSLDQWR HGHOOH SUHVHGL FRUUHQWH

VLDQRDGHJXDWHDOODSRWHQ]DPDVVLPDGHOO¶DSSDUHFFKLRLQGLFDWH

LQ WDUJD ,Q FDVR GL GXEELR ULYROJHUVL DG XQD SHUVRQD

SURIHVVLRQDOPHQWHTXDOLILFDWD

$//$&&,$0(172(/(775,&2

,7

',&+,$5$=,21(',&21)250,7¬

,1)250$=,21,68//$6,&85(==$

4XHVWRDSSDUHFFKLRGRYUjHVVHUHGHVWLQDWRVRORDOO¶XVRSHULOTXDOHq

VWDWRHVSUHVVDPHQWHFRQFHSLWRHFLRqSHUODFRWWXUDGLDOLPHQWL

2JQL DOWUR XVR DG HVHPSLR ULVFDOGDPHQWR DPELHQWH q GD

FRQVLGHUDUVL LPSURSULR H TXLQGL SHULFRORVR ,O FRVWUXWWRUH QRQ SXz

HVVHUHFRQVLGHUDWRUHVSRQVDELOHSHUHYHQWXDOLGDQQLGHULYDQWLGDXVL

LPSURSULHUURQHLHGLUUDJLRQHYROL

/¶XVRGLXQTXDOVLDVLDSSDUHFFKLRHOHWWULFRFRPSRUWD

O¶RVVHUYDQ]DGLDOFXQHUHJROHIRQGDPHQWDOL

,QSDUWLFRODUH

QRQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHUVWDFFDUHODVSLQDGDOODSUHVDGL

FRUUHQWH

QRQWRFFDUHO¶DSSDUHFFKLRFRQPDQLRSLHGLEDJQDWLRXPLGL

QRQXVDUHO¶DSSDUHFFKLRDSLHGLQXGL

LQ JHQHUDOH q VFRQVLJOLDELOH O¶XVR GL DGDWWDWRUL SUHVH PXOWLSOH H

SUROXQJKH

,QFDVRGLJXDVWRHRGLFDWWLYRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLR

VSHJQHUORHQRQPDQRPHWWHUOR

,QFDVRGLGDQQHJJLDPHQWRGHOFDYRSURYYHGHUHWHPSHVWLYDPHQWH

DOODVXDVRVWLWX]LRQHVHFRQGROHVHJXHQGLLQGLFD]LRQL

DSULUH LO FRSHUFKLR PRUVHWWLHUD WRJOLHUH LO FDYR GL DOLPHQWD]LRQH H

VRVWLWXLUOR FRQ XQR FRUULVSRQGHQWH WLSR +55) +99)

+99)HDGHJXDWRDOODSRUWDWDGHOO¶DSSDUHFFKLR

7DOH RSHUD]LRQH GRYUj HVVHUH HVHJXLWD GD SHUVRQDOH

SURIHVVLRQDOPHQWH TXDOLILFDWR ,O FRQGXWWRUH GL WHUUD JLDOORYHUGH

GHYHREEOLJDWRULDPHQWHHVVHUHSLOXQJRGLFLUFDPPULVSHWWRDL

FRQGXWWRULGLOLQHD

3HU O¶HYHQWXDOH ULSDUD]LRQH ULYROJHUVL VRODPHQWH DG XQ FHQWUR GL

DVVLVWHQ]D WHFQLFD DXWRUL]]DWR H ULFKLHGHUH O¶XWLOL]]R GL ULFDPEL

RULJLQDOL

,OPDQFDWRULVSHWWRGLTXDQWRVRSUDSXzFRPSURPHWWHUHODVLFXUH]]D

GHOO¶DSSDUHFFKLR

1RQULYHVWLUHOHSDUHWLGHOIRUQRFRQIRJOLGDOOXPLQLRGDFXFLQDR

IRJOL PRQRXVR FRPPHUFLDOL SHUFKH SRWUHEEHUR IRQGHUVL D

FRQWDWWR FRQ OH VXSHUILFL LQ VPDOWR FDOGR H GDQQHJJLDUH OH

VXSHUILFLLQVPDOWRDOOLQWHUQRGHOIRUQR

,167$//$=,21(

/¶LQVWDOOD]LRQH q D FDULFR GHOO¶DFTXLUHQWH H OD &DVD &RVWUXWWULFH q

HVRQHUDWD GD TXHVWR VHUYL]LR JOL HYHQWXDOL LQWHUYHQWL ULFKLHVWL DOOD

&DVD&RVWUXWWULFHFKHGLSHQGRQRGDXQDHUUDWDLQVWDOOD]LRQHQRQVRQR

FRPSUHVLQHOODJDUDQ]LD

/¶LQVWDOOD]LRQH GHYH HVVHUH HIIHWWXDWD VHFRQGR OH LVWUX]LRQL GD

SHUVRQDOHSURIHVVLRQDOPHQWHTXDOLILFDWR8QDHUUDWDLQVWDOOD]LRQHSXz

FDXVDUHGDQQLDSHUVRQHDQLPDOL R FRVHQHLFRQIURQWLGHLTXDOL LO

FRVWUXWWRUHQRQSXzHVVHUHFRQVLGHUDWRUHVSRQVDELOH

3HUJDUDQWLUHXQEXRQIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRGDLQFDVVRq

QHFHVVDULRFKHLOPRELOHVLDGLFDUDWWHULVWLFKHDGDWWH,SDQQHOOLGHL

PRELOLDGLDFHQWLLOIRUQRGRYUDQQRHVVHUHLQPDWHULDOHUHVLVWHQWHDO

FDORUH,QSDUWLFRODUHQHOFDVRGLPRELOLLQOHJQRLPSLDOOLFFLDWROHFROOH

GRYUDQQR HVVHUH UHVLVWHQWL DOOD WHPSHUDWXUD GL & PDWHULDOL

SODVWLFLRFROODQWLQRQUHVLVWHQWLDTXHVWDWHPSHUDWXUDVRQRFDXVDGL

GHIRUPD]LRQLRVFROODWXUH,QFRQIRUPLWjDOOHQRUPHGLVLFXUH]]DXQD

YROWDLQFDVVDWRO¶DSSDUHFFKLRQRQGHEERQRHVVHUHSRVVLELOLHYHQWXDOL

FRQWDWWL FRQ OH SDUWL HOHWWULFKH 7XWWH OH SDUWL FKH DVVLFXUDQR OD

SURWH]LRQHGHEERQRHVVHUHILVVDWHLQPRGRWDOHGDQRQSRWHUHVVHUH

WROWDVHQ]DO¶DLXWRGLTXDOFKHXWHQVLOH

3HU JDUDQWLUH XQD EXRQD DUHD]LRQH q QHFHVVDULR HOLPLQDUH OD

SDUHWHSRVWHULRUHGHOYDQRLQROWUHLOSLDQDOHGLDSSRJJLRGHYH

DYHUHXQDOXFHSRVWHULRUHGLDOPHQRPP

3ULPDGLXWLOL]]DUHJOLDFFHVVRULGHOIRUQRSHUODSULPDYROWDq

QHFHVVDULRSXOLUOL3HUTXHVWDRSHUD]LRQHVLFRQVLJOLDGLXWLOL]]DUH

XQD VSXJQD 6XFFHVVLYDPHQWH ULVFLDFTXDUH HG DVFLXJDUH JOL

DFFHVVRUL

/DJULJOLDVHPSOLFHVHUYHGDVXSSRUWRSHUWHJOLHSLURILOHVWDPSLSHUL

GROFL

/D JULJOLD SRUWDSLDWWR VHUYH LQ

SDUWLFRODUH SHU OH JULJOLDWH GL FDUQH

SRLFKpVRVWLHQHDQFKHODOHFFDUGDFKH

UDFFRJOLHLJUDVVLFKHFRODQR

*UD]LH DL ORUR SURILOL VSHFLDOL OH JULJOLH

UHVWDQR VHPSUH LQ RUL]]RQWDOH DQFKH

TXDQGRYHQJRQRHVWUDWWHYHUVROHVWHUQR

1RQFpQHVVXQULVFKLRTXLQGLFKHLWHJDPLVFLYROLQRRVLULEDOWLQR

'27$=,21('(/)2512VHFRQGRPRGHOOR

,16(5,0(172'(/02%,/(

,QVHULUHO¶DSSDUHFFKLRQHOYDQRGHOPRELOHVRWWRSLDQRRLQFRORQQD,O

ILVVDJJLRVLHVHJXHFRQYLWLDWWUDYHUVRLIRULGHOODFRUQLFHYLVLELOL

DSUHQGRODSRUWDYHGHUHXOWLPDSDJLQD3HUFRQVHQWLUHODPLJOLRUH

DHUD]LRQHGHOPRELOHLIRUQLGHYRQRHVVHUHLQFDVVDWLULVSHWWDQGROH

PLVXUHHOHGLVWDQ]HLQGLFDWHQHOODILJXUDLQXOWLPDSDJLQD

1RWDSHULIRUQLGDDEELQDPHQWRFRQSLDQRFRWWXUDqLQGLVSHQVDELOH

ULVSHWWDUH OH LVWUX]LRQL FRQWHQXWH QHO OLEUHWWR DOOHJDWR DOO¶

DSSDUHFFKLDWXUDGDDEELQDUH

,03257$17(

9DQWDJJLGHOVLVWHPD

9LVLELOLWjIRUQRRWWLPDOH

'XUDWDSUROXQJDWDQHOWHPSR

&RQVXPR HQHUJHWLFR

HVWUHPDPHPHQWH

EDVVRGHLWUDGL]LRQDOLVLVWHPL

GLLOOXPLQD]LRQHIRUQL

(OHYDWRUHQGLPHQWR

'HVLJQKLJKWHFK

³$SSDUHFFKLRFRQOXFH/('ELDQFDGLFODVVH0VHFRQGROD,(&

$  $ HTXLYDOHQWH D (1    $  $ 

PDVVLPDSRWHQ]DRWWLFDHPHVVD QPX:1RQRVVHUYDUHGLUHWWDPHQWHFRQ

VWUXPHQWLRWWLFL´

,7

&216,*/,87,/,

*5,*/,()25126,67(0$',$55(672

,O IRUQR q GRWDWR GL XQ QXRYR VLVWHPD GL

DUUHVWRJULJOLH4XHVWRVLVWHPDFRQVHQWH

GLHVWUDUUHOHJULJOLHTXDVLFRPSOHWDPHQWH

VHQ]D FKH TXHVWH IXRULHVFDQR GDO IRUQR

PDQWHQHQGROH SHUIHWWDPHQWH LQ SLDQR

FRQVHQWHQGR GL YHULILFDUH H PHVFRODUH LO

FLER FRQ OD PDVVLPD WUDQTXLOOLWj H

VLFXUH]]D

/$&27785$$/*5,//

4XHVWRWLSRGLFRWWXUDFRQVHQWHODGRUDWXUDUDSLGDGHLFLEL$TXHVWR

VFRSR FRQVLJOLDPR GL LQVHULUH OD JULJOLD JHQHUDOPHQWH QHO  R 

ULSLDQRVHFRQGROHGLPHQVLRQLGHLFLEL)LJSDJ4XDVLWXWWHOH

FDUQL SRVVRQR HVVHUH FRWWH DO JULOO IDQQR HFFH]LRQH DOFXQH FDUQL

PDJUHGLVHOYDJJLQDHGLSROSHWWRQL/DFDUQHHGLOSHVFHGDFXFLQDUH

DOJULOOYDQQROHJJHUPHQWHXQWLFRQROLR

6(&21'202'(//2

(¶ XQ VLVWHPD FKH VL VRVWLWXLVFH DOO¶LOOXPLQD]LRQH FRQ WUDGL]LRQDOL

ODPSDGLQHDGLQFDQGHVFHQ]DQHOODFRQWURSRUWDGHOIRUQRFRPSOHWDPHQWH

LQYHWURWHPSUDWRVRQR VWDWLLQVHULWL/HGGLDOWLVVLPDTXDOLWj DOXFH

ELDQFDFKHLOOXPLQDQRO¶LQWHUQRGHOIRUQRFRQXQDOXFHGLIIXVDSHUPHWWHQGR

XQDYLVLRQHGHOODFRWWXUDVHQ]DRPEUHVXSLOLYHOOL

,OGHVLJQFUHDWRSHULOVXSSRUWRGHL/HGUHJDODXQHOHJDQWHHIIHWWRKLJK

WHFK

)2512$87238/(17(&$7$/,7,&2

6SHFLDOL SDQQHOOL DXWRSXOHQWL ULFRSHUWL GD XQR VPDOWR D VWUXWWXUD

PLFURSRURVD RIIHUWL FRPH DFFHVVRUL RS]LRQDOL SHU WXWWL L PRGHOOL

HOLPLQDQRODSXOL]LDPDQXDOHGHOIRUQR

,JUDVVLSURLHWWDWLVXOOHSDUHWLGXUDQWHODFRWWXUDYHQJRQRGHFRPSRVWL

GDOOR VPDOWR PHGLDQWH XQ SURFHVVR FDWDOLWLFR GL RVVLGD]LRQH H

WUDVIRUPDWLLQSURGRWWLJDVVRVL

6FKL]]LHFFHVVLYLGLJUDVVRSRVVRQRRVWUXLUHLSRULHTXLQGLLPSHGLUH

O¶DXWRSXOL]LD7DOHFDUDWWHULVWLFDSXzHVVHUHULSULVWLQDWDPHGLDQWHXQ

ULVFDOGDPHQWRSHUFLUFDPLQXWLGHOIRUQRYXRWRLPSRVWDQGROD

PDQRSRODIRUQRLQFRUULVSRQGHQ]DGHOODPDVVLPDWHPSHUDWXUD

1RQ XVDUH SURGRWWL DEUDVLYL SDJOLHWWH PHWDOOLFKH RJJHWWL DSSXQWLWL

SDQQLUXYLGL SURGRWWLFKLPLFL RGHWHUVLYL FKHSRVVRQR GDQQHJJLDUH

LUULPHGLDELOPHQWHORVPDOWR

6LFRQVLJOLDLQROWUHGLXWLOL]]DUHSHQWROHDERUGLDOWLQHOFDVRGLFRWWXUHGL

YLYDQGHSDUWLFRODUPHQWHJUDVVHDUURVWLHFFHGLXVDUHODOHFFDUGD

TXDQGRVLHVHJXHODFRWWXUDDOJULOO

4XDORUD SHU SDUWLFRODUL FRQGL]LRQL GL VSRUFR QRQ IRVVH VXIILFLHQWH

O¶D]LRQHSUHFHGHQWHVLFRQVLJOLDGLLQWHUYHQLUHDVSRUWDQGRLJUDVVLFRQ

XQSDQQRPRUELGRRGXQDVSXJQDLQXPLGLWLFRQDFTXDFDOGD

/D SRURVLWj GHOOR VPDOWR q IRQGDPHQWDOH SHU JDUDQWLUH O¶D]LRQH

DXWRSXOHQWH

1%7XWWLLSDQQHOOLDXWRSXOHQWLLQFRPPHUFLRKDQQRXQ¶HIILFDFLDGL

UHQGLPHQWRGLFLUFDRUHGLIXQ]LRQDPHQWRIRUQR'RSRWDOHOLPLWHL

SDQQHOOLGRYUHEEHURHVVHUHVRVWLWXLWL

3HUHVWUDUUHOHJULJOLHqVXIILFLHQWHFRPHLQGLFDWRVXOGLVHJQRDO]DUOH

SUHQGHQGROHGDOODSDUWHDQWHULRUHHWLUDUOH

7XWWLLIRUQLVRQRGRWDWLGLIXQ]LRQH

SHUPHWWHQGRXQDJHVWLRQHGHOODGLVWULEX]LRQHGLXPLGLWjH

WHPSHUDWXUD5LGXFHODSHUGLWDGHJOLDOLPHQWLILQRDO

GRQDQGR PRUELGH]]D H IUDJUDQ]D DOOH SLHWDQ]H 8QD

FRWWXUDFRVLGHOLFDWDqLQGLFDWDVRSUDWXWWRSHULOSDQHHOD

SDVWLFFHULD

,IRUQLVRQRGRWDWLGLFRQWUROORHOHWWURQLFRGHOODYHQWLOD]LRQH

GLFRWWXUDEUHYHWWDWR9DULR)DQLOVLVWHPDFDPELDDXWRPDWLFDPHQWHOD

YHORFLWj GHOOD YHQWROD GHO PXOWLIXQ]LRQH SHU RWWLPL]]DUH OH FRUUHQWL

GDULD H OD WHPSHUDWXUD LQWHUQD GHOOD FDYLWj PHQWUH LO IRUQR VWD

FXFLQDQGR

6HFRQGRPRGHOORSDFFKHWWRGLIXQ]LRQL

GHOVLVWHPD

5LGXFH LO WHPSR GL SUHULVFDOGDPHQWR GHL IRUQL VRQR

VXIILFLHQWLVRORPLQXWLSHUUDJJLXQJHUHL&

/DQXRYDSRUWD´:,'('225´KDXQDPSLDVXSHUILFLHLQYHWURFKH

DVVLFXUDXQDSLIDFLOHSXOL]LDHXQPLJOLRULVRODPHQWRWHUPLFR

2IIUHODSRVVLELOLWjGLSHUVRQDOL]]DUHLOOLYHOORHOLQWHQVLWjJU

GL JULJOLDWXUD ILQR DO  LQ SL ULVSHWWR DG XQ IRUQR

PXOWLIXQ]LRQHWUDGL]LRQDOH

3L]]DVHWpOLGpDOHSHUODFRWWXUDGHOOH

SL]]H ,O VHW GHYH HVVHUH XWLOL]]DWR LQ

DEELQDPHQWRDOODIXQ]LRQH3L]]D

/D JULJOLD SLDWWD GD FRPELQDUH FRQ OD

OHFFDUGD SHU WXWWL L WLSL GL JULJOLDWH 8QD

SUHVLQDqIRUQLWDSHUSHUPHWWHUHGLHVWUDUUH

O¶LQVLHPHGDOIRUQRVHQ]DVFRWWDUVL

1RQODVFLDUHPDLODSUHVLQDQHOIRUQR

*OLDFFHVVRULGHYRQRHVVHUHWROWLGDOIRUQRVHQRQYHQJRQRXWLOL]]DWL

/DOHFFDUGDVHUYHDUDFFRJOLHUHLJUDVVLFKHFRODQRGXUDQWHODFRWWXUDFRQLOJULOO'HYHHVVHUHXWLOL]]DWDVRODPHQWHFRQLO

JULOOLOJLUDUURVWRRLOWXUERJLUDUURVWRVHFRQGRLOPRGHOOR

$WWHQ]LRQHLQWXWWLJOLDOWULPRGLGLFRWWXUDODOHFFDUGDGHYHHVVHUHWROWDGDOIRUQR

1RQXVDUHPDLODOHFFDUGDSHUFXRFHUHJOLDUURVWLSHUFKpQHULVXOWHUHEEHXQHFFHVVLYRVYLOXSSRGLIXPRHYDSRULHLO

IRUQRVLVSRUFKHUHEEHLQXOWLPHQWH

5,02=,21((38/,=,$'(//(*5,*/,(

6YLWDUHLQVHQVRDQWLRUDULRLGDGL]LJULQDWL

5LPXRYHUHOHJULJOLHWLUDQGROHYHUVRVHVWHVVL

3XOLUHOHJULJOLHODYDQGROHLQODYDVWRYLJOLHRFRQXQDVSXJQDEDJQDWDH

DVFLXJDQGROHVXELWRGRSR

'RSRDYHUSXOLWROHJULJOLHLQVWDOODUOHQXRYDPHQWH

)LVVDUHLGDGL]LJULQDWL

*$5$1=,(

4XHVWR DSSDUHFFKLR q FRQWUDVVHJQDWR LQ

FRQIRUPLWjDOOD'LUHWWLYDHXURSHD(8VXOOH

DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH

:((( , :((( FRQWHQJRQR VLD OH VRVWDQ]H

LQTXLQDQWLFKHSRVVRQRSURYRFDUHFRQVHJXHQ]H

QHJDWLYH VXOODPELHQWH FKH FRPSRQHQWL GL EDVH

FKHSRVVRQRHVVHUHULXWLOL]]DWLÊLPSRUWDQWHFKHL

:((( VLDQR VRJJHWWL D UDWWDPHQWL VSHFLILFL SHU 

ULPXRYHUHHVPDOWLUHFRUUHWWDPHQWHWXWWLJOLLQTXLQDQWLHUHFXSHUDUH

HULFLFODUHWXWWLLPDWHULDOL

,VLQJROLSRVVRQRJLRFDUHXQUXRORLPSRUWDQWHQHOODVVLFXUDUHFKHL

:((( QRQ GLYHQWLQR XQ SUREOHPD DPELHQWDOH q HVVHQ]LDOH

VHJXLUHDOFXQHUHJROHGLEDVH

,:(((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL

,:(((GHYRQRHVVHUHSRUWDWLDLSXQWLGLUDFFROWDDSSRVLWLJHVWLWL

GDOFRPXQHRGDVRFLHWjUHJLVWUDWH,QPROWL3DHVLSHUL:(((

JUDQGLSRWUHEEHHVVHUHSUHVHQWHODUDFFROWDGRPHVWLFD

 4XDQGR VL DFTXLVWD XQ QXRYR DSSDUHFFKLR TXHOOR YHFFKLR

SRWUHEEH HVVHUH UHVWLWXLWR DO ULYHQGLWRUH FKH GHYH DFTXLVLUOR

JUDWXLWDPHQWHVXEDVHVLQJRODVHPSUHFKHODSSDUHFFKLRVLDGHO

WLSRHTXLYDOHQWHHDEELDOHVWHVVHIXQ]LRQLGLTXHOORDFTXLVWDWR

5,63$50,$5((5,63(77$5(/$0%,(17(

2YHSRVVLELOHHYLWDUHGLSUHULVFDOGDUHLOIRUQRHFHUFDUHVHPSUHGL

ULHPSLUOR$SULUHODSRUWDGHOIRUQRTXDQWRQHFHVVDULRSHUFKpYL

VRQR GLVSHUVLRQL GL FDORUH RJQL YROWD FKH YLHQH DSHUWD 3HU

ULVSDUPLDUHPROWDHQHUJLDVDUjVXIILFLHQWHVSHJQHUHLOIRUQRGDL

DLPLQXWLSULPDGHOOD¿QHGHO WHPSRGLFRWWXUDSLDQL¿FDWRH

VHUYLUVL GHO FDORUH FKH LO IRUQR FRQWLQXD D JHQHUDUH 7HQHUH OH

JXDUQL]LRQLSXOLWHHLQRUGLQHSHUHYLWDUHHYHQWXDOLGLVSHUVLRQLGL

HQHUJLD6HVLGLVSRQHGLXQFRQWUDWWRGLHQHUJLDHOHWWULFDDWDULIID

RUDULD LO SURJUDPPD ³FRWWXUD ULWDUGDWD´ UHQGHUj SL VHPSOLFH LO

ULVSDUPLRVSRVWDQGR O¶DYYLRGHO SURJUDPPDQHJOL RUDULD WDULIID

ULGRWWD

,7

38/,=,$(0$187(1=,21(

3HUODSXOL]LDGHLYHWULGHOODSRUWDGHOIRUQRQRQXWLOL]]DUHPDWHULDOL

DEUDVLYLUDVFKLHWWLRRJJHWWLFKHSRVVRQRJUDIILDUHODVXSHUILFLHGHO

YHWUR3XOLUHOHVXSHUILFLLQDFFLDLRLQR[HVPDOWDWHFRQDFTXDWLHSLGDH

VDSRQH RSSXUH FRQ DSSRVLWL SURGRWWL LQ FRPPHUFLR HYLWDQGR

DVVROXWDPHQWH O¶XVR GL SROYHUL DEUDVLYH FKH GDQQHJJHUHEEHUR OH

VXSHUILFLHOHSDUWLHVWHWLFKH

/DSXOL]LDGHOIRUQRqPROWRLPSRUWDQWHHGHYHHVVHUHHIIHWWXDWDRJQL

YROWDFKHTXHVWRYLHQHXVDWR,QIDWWLVXOOHSDUHWLVLGHSRVLWDQRJUDVVL

VFLROWLGXUDQWHODFRWWXUDFKHSRWUHEEHURDOODVXFFHVVLYDDFFHQVLRQH

SURGXUUH RGRUL VJUDGHYROL FKH QXRFHUHEEHUR DO EXRQ HVLWR GHOOD

FRWWXUD3HUODSXOL]LDXVDUHDFTXDFDOGDHGHWHUVLYRVFLDFTXDQGR

DFFXUDWDPHQWH

3HUHOLPLQDUHTXHVWRIDVWLGLRVRLQWHUYHQWRVXWXWWLLPRGHOOLSRVVRQR

HVVHUHLQVHULWLSDQQHOOLDXWRSXOHQWLRIIHUWLFRPHDFFHVVRULRS]LRQDOL

YHGHUHDSSRVLWRSDUDJUDIR©)2512$87238/(17(&$7$/,7,&2ª

8VDUHGHWHUVLYLHSDJOLHWWHG¶DFFLDLRSHUOHJULJOLHLQR[/DSXOL]LDGHOOH

VXSHUILFL LQ FULVWDOOR WHPSHUDWR GHYH HVVHUH HVHJXLWD TXDQGR OH

VXSHUILFLVRQRIUHGGH(YHQWXDOLURWWXUHGRYXWHDOODQRQRVVHUYDQ]DGL

TXHVWDUHJRODHOHPHQWDUHQRQULHQWUDQRQHLWHUPLQLGLJDUDQ]LD

/DODPSDGDIRUQRSXzHVVHUHVRVWLWXLWDGLVLQVHUHQGRHOHWWULFDPHQWH

O¶DSSDUHFFKLRHVYLWDQGRO¶DPSROODFKHODUDFFKLXGHVRVWLWXHQGROD

ODPSDGD QRQ IXQ]LRQDQWH FRQ XQD DQDORJD UHVLVWHQWH DOOH DOWH

WHPSHUDWXUH

/D SURFHGXUD ³$48$&7,9$´ XWLOL]]D LO YDSRUH SHU IDFLOLWDUH OD

ULPR]LRQHGDOIRUQRGHOJUDVVRHGHLSH]]LGLFLERULPDVWL

,QVHULUHPOGLDFTXDGLVWLOODWDRSRWDELOHQHOFRQWHQLWRUHGHOO¶

$48$&7,9$VXOIRQGRGHOIRUQR

,PSRVWDUHODIXQ]LRQHGHOIRUQRVX6WDWLFRRVX5LVFDOGDPHQWR

GDOEDVVR

,PSRVWDUHODWHPSHUDWXUDVXOOLFRQD$48$&7,9$

/DVFLDUIXQ]LRQDUHOHOHWWURGRPHVWLFRSHUPLQXWL

'LVDWWLYDUHODPDFFKLQDHODVFLDUHFKHVLUDIIUHGGL

8QDYROWDFKHOHOHWWURGRPHVWLFRVLqUDIIUHGGDWRSXOLUHODVXSHUILFH

LQWHUQDGHOIRUQRFRQXQRVWUDFFLR

$WWHQ]LRQH

$VVLFXUDUVLFKHOHOHWWURGRPHVWLFRVLDIUHGGRSULPDGLWRFFDUORFqLO

ULVFKLRGLVFRWWDUVL

8WLOL]]DUHDFTXDGLVWLOODWDRSRWDELOH

/$)81=,21($48$&7,9$

PO

,OSURGRWWRqJDUDQWLWRROWUHFKHDLVHQVLGLOHJJHDOOHFRQGL]LRQLHQHL

WHUPLQLULSRUWDWLVXOFHUWLILFDWRGLJDUDQ]LDFRQYHQ]LRQDOHLQVHULWRQHO

SURGRWWR,OFHUWLILFDWRGRYUjHVVHUHFRQVHUYDWRHPRVWUDWRDOQRVWUR

&HQWUR GL $VVLVWHQ]D 7HFQLFD $XWRUL]]DWR LQ FDVR GL QHFHVVLWj

LQVLHPHDOORVFRQWULQRFRPSURYDQWHODFTXLVWRGHOOHOHWWURGRPHVWLFR

3XRL FRQVXOWDUH OH FRQGL]LRQL GL JDUDQ]LD DQFKH VXO QRVWUR VLWR

LQWHUQHW 3HU RWWHQHUH DVVLVWHQ]D FRPSLOD ODSSRVLWR IRUP RQOLQH

RSSXUH FRQWDWWDFL DO QXPHUR FKH WURYL LQGLFDWR QHOOD SDJLQD GL

DVVLVWHQ]DGHOQRVWURVLWRLQWHUQHW

3HUVHOH]LRQDUHLOWHPSRSUHVFHOWRUXRWDUH

OD PDQRSROD GL XQ JLUR FRPSOHWR TXLQGL

ULWRUQDUH FRQ O¶LQGLFH QHOOD SRVL]LRQH

FRUULVSRQGHQWHDOWHPSRGHVLGHUDWR$OOR

VFDGHUH GHO WHPSR HQWUHUj LQ D]LRQH OD

VXRQHULDSHUDOFXQLVHFRQGL

&RQ TXHVWR PHFFDQLVPR q SRVVLELOH

SURJUDPPDUH OD GXUDWD HVSUHVVD LQ PLQXWL

GHOOD FRWWXUD H TXLQGL OR VSHJQLPHQWR

DXWRPDWLFR GHO IRUQR DO WHUPLQH GHO WHPSR

GHVLGHUDWRPD[PLQXWL

$OOR VFDGHUH GHO WHPSR SUHVFHOWR OD

PDQRSROD UDJJLXQJHUj OD SRVL]LRQH GL

VXRQHULD2LQFRUULVSRQGHQ]DGHOODTXDOHLO

IRUQRVLVSHJQHDXWRPDWLFDPHQWH

,O IRUQR SXz HVVHUH DFFHVR VROR

LPSRVWDQGR XQ WHPSR GL FRWWXUD R JLUDQGR OD PDQRSROD LQ

SRVL]LRQH

862'(/&217$0,187, 862'(/7(0325,==$725(

3UHPHUHLOWDVWRFHQWUDOHYROWH

,PSRVWDORUDFRQLWDVWL

/DVFLDUHLWDVWL

$77(1=,21(ODSULPDRSHUD]LRQHGDHVHJXLUHGRSRO¶LQVWDOOD]LRQHRGRSRXQDLQWHUUX]LRQHGLFRUUHQWH

WDOLVLWXD]LRQLVLULFRQRVFRQRSHUFKqVXOGLVSD\ODPSHJJLDO¶RUD

qODUHJROD]LRQHGHOO¶RUDFRPHGL

VHJXLWRGHVFULWWR

7,0(5(/(77521,&2$6),25$0(172

5(*2/$=,21(25$

$77(1=,21(,OIRUQRIXQ]LRQDVRORVHLPSRVWDWRLQPRGDOLWjPDQXDOHRFRWWXUDSURJUDPPDWD

&217$0,187,

%/2&&2

%$0%,12

)81=,21(

&20(6,$77,9$ &20(6,63(*1( &26$)$ $&26$6(59(

&217$0,187,

'85$7$

&27785$

),1(

&27785$

3UHPHUHLOWDVWRFHQWUDOH

YROWD

3UHPHUHLWDVWL

SHUUHJRODUHODGXUDWD

/DVFLDUHLWDVWL

$OWHUPLQHGHOODGXUDWD

LPSRVWDWDODIXQ]LRQHVL

VSHJQHGDVRODHGDYYLVD

FRQXQVHJQDOHVRQRURLO

VHJQDOHVRQRURVLIHUPDGD

VRORSHUIHUPDUORVXELWR

SUHPHUHLOWDVWR6(/(&7

'DXQVHJQDOHVRQRURDO

WHUPLQHGLXQWHPSR

VWDELOLWR

'XUDQWHLOIXQ]LRQDPHQWR

LOGLVSOD\YLVXDOL]]DLO

WHPSRULPDQHQWH

3HUPHWWHGLXWLOL]]DUHLO

SURJUDPPDWRUHGHOIRUQR

FRPHXQDVYHJOLDSXz

HVVHUHXVDWRFRQIRUQR

IXQ]LRQDQWHRVSHQWR

3UHPHUHLOWDVWRFHQWUDOH

YROWH

3UHPHUHLWDVWL

SHUUHJRODUHODGXUDWD

/DVFLDUHLWDVWL

6HOH]LRQDUHODIXQ]LRQH

GLFRWWXUDFRQOD

PDQRSRODFRPPXWDWRUH

$OWHUPLQHGHOODGXUDWD

LPSRVWDWDLOIRUQRVLVSHJQH

GDVRORVHGHYHHVVHUH

IHUPDWRSULPDVLGHYH

SRUWDUHODPDQRSROD

FRPPXWDWRUHLQSRVL]LRQH

2RSSXUHSRUWDUHDOD

GXUDWDGHOODFRWWXUD

WDVWL6(/(&7H

3HUPHWWHGLLPSRVWDUHOD

GXUDWDGHOODFRWWXUDGHO

FLERLQVHULWRQHOIRUQR

3HUYLVXDOL]]DUHLOWHPSR

ULPDQHQWHSUHPHUHLO

WDVWR6(/(&7

3HUPRGLILFDUHLOWHPSR

ULPDQHQWHSUHPHUHLO

WDVWR6(/(&7

3HULQWHUURPSHUHLOVHJQDOH

SUHPHUHXQWDVWRTXDOVLDVL

3UHPHUHLOWDVWRFHQWUDOH

SHUWRUQDUHDOODIXQ]LRQH

RURORJLR

3UHPHUHLOWDVWRFHQWUDOH

YROWH

3UHPHUHLWDVWL

SHUUHJRODUHO¶RUDGLILQH

FRWWXUD

/DVFLDUHLWDVWL

6HOH]LRQDUHODIXQ]LRQH

GLFRWWXUDFRQOD

PDQRSRODFRPPXWDWRUH

$OO¶RUDLPSRVWDWDLOIRUQR

VLVSHJQHGDVRORVHGHYH

HVVHUHIHUPDWRSULPD

qQHFHVVDULRSRUWDUHOD

PDQRSRODFRPPXWDWRUH

LQSRVL]LRQH2

3HUPHWWHGL

PHPRUL]]DUHO¶RUDGLILQH

FRWWXUD

3HUYLVXDOL]]DUHO¶RUD

SURJUDPPDWDSUHPHUHLO

WDVWRFHQWUDOHYROWH

3HUPRGLILFDUHO¶RUD

SURJUDPPDWDSUHPHUHL

WDVWL6(/(&7

7LSLFDPHQWH VL XWLOL]]D TXHVWD

IXQ]LRQH FRQ OD IXQ]LRQH '85$7$

&27785$±DG HVHPSLR LO FLER

GHVLGHUDWR GHYH FXRFHUH SHU 

PLQXWLHGHVLGHURFKHVLDSURQWRSHUOH

RUHLQWDOFDVR

$OWHUPLQHGHOODGXUDWDLPSRVWDWDLO

IRUQR VL  VSHJQH DXWRPDWLFDPHQWH 

HGDYYLVDFRQXQVHJQDOHVRQRUR

6HOH]LRQDUH OD IXQ]LRQH GL FRWWXUD

GHVLGHUDWD ,PSRVWDUH OD GXUDWD

FRWWXUD D  PLQXWL  

,PSRVWDUH OD ILQH FRWWXUD DOOH RUH

/DFRWWXUDDYUj

DXWRPDWLFDPHQWHLQL]LRDOOH

 PHQR  PLQXWL DOO¶RUD

LPSRVWDWD FRPH ILQH FRWWXUD LO

IRUQRVLVSHJQHDXWRPDWLFDPHQWH

$77(1=,21(LPSRVWDQGRVROROD

ILQH FRWWXUD H QRQ OD GXUDWD GHOOD

FRWWXUD LO IRUQR VL DFFHQGHUj

VXELWRHVLVSHJQHUjDOO¶RUDGLILQH

FRWWXUDLPSRVWDWD

7HQHUHSUHPXWRSHU

VHFRQGLLOWDVWR'D

TXHVWRPRPHQWROR

VFKHUPRYLVXDOL]]D

DOWHUQDWLYDPHQWH³6723´

HLOWHPSRSUHLPSRVWDWR

7HQHUHSUHPXWRSHU

VHFRQGLLOWDVWR'D

TXHVWRPRPHQWRWXWOHOH

IXQ]LRQLVRQRULDELOLWDWH



VHOHFW

,7

,6758=,21,3(5/¶862

,7

$FFHQGHODOXFHLQWHUQD

6FRQJHODPHQWR

4XHVWDSRVL]LRQHSHUPHWWHGLIDUFLUFRODUHO¶DULDDWHPSHUDWXUDDPELHQWHLQWRUQRDOFLER

VXUJHODWRIDFHQGRORFRVuVFRQJHODUHLQSRFKLPLQXWLVHQ]DPRGLILFDUHRGDOWHUDUHLO

FRQWHQXWRSURWHLFR

&RQYH]LRQHQDWXUDOH

6RQRLQIXQ]LRQHOHUHVLVWHQ]HVXSHULRUHHLQIHULRUH

ÊODFRWWXUDWUDGL]LRQDOHRWWLPDSHUDUURVWLUHFRVFLRWWLVHOYDJJLQDLGHDOHSHUELVFRWWL

PHOHDOIRUQRHSHUUHQGHUHLFLELPROWRFURFFDQWL

)RUQRYHQWLODWR

/¶DULDFDOGDYLHQHULSDUWLWDVXLGLYHUVLULSLDQLqO¶LGHDOHSHUFXRFHUHFRQWHPSRUDQHDPHQW

HGLYHUVLWLSLGLFLERFDUQHSHVFHVHQ]DPLVFHODUHVDSRULHRGRUL&RWWXUDGHOLFDWD

LQGLFDWDSHUSDQGL6SDJQDWRUWH0DUJKHULWDSDVWDVIRJOLDHFF

6XRODYHQWLODWD

$GDWWDSHUFRWWXUHGHOLFDWHWRUWHVRXIIOq

*ULJOLDWXUDWUDGL]LRQDOHDSRUWDFKLXVD

,QTXHVWDSRVL]LRQHYLHQHLQVHULWDODUHVLVWHQ]DGHOJULOO2WWLPDQHOODFRWWXUDGLFDUQLGL

PHGLHHSLFFRORVSHVVRUHVDOVLFFHFRVWLQHEDFRQ

785%2*5,//DOXWLOL]]RGHOWXUERJULOOULFKLHGHODSRUWDFKLXVD

8WLOL]]DQGRODYHQWLOD]LRQHHODUHVLVWHQ]DFLHORFRQWHPSRUDQHDPHQWH

6LFXRFLRQRSHUIHWWDPHQWHJUDQGLSH]]LGLFLERFRPHDUURVWLSROODPHHFF0HWWHWHOD

JULJOLDDPHWjGHOIRUQRHSRVL]LRQHODOHFFDUGDVRWWRGLHVVDSHUUDFFRJOLHUHLJUDVVL

$VVLFXUDWHYLFKHLOFLERQRQVLDWURSSRYLFLQRDOJULOO*LUDWHODFDUQHDPHWjFRWWXUD

*ULOOSLJLUDUURVWR

,QVHULPHQWRUHVLVWHQ]DJULOOHPRWRULQRJLUDUURVWR

6HUYHSHUHIIHWWXDUHFRWWXUHDOORVSLHGR

)XQ]LRQHSL]]D

,OFDORUHDYYROJHQWHLQTXHVWDIXQ]LRQHULFUHDXQDPELHQWHVLPLOHDTXHOOR

GHLIRUQLDOHJQDGLSL]]HULD

3URJUDPPDGLSURYDVHFRQGR&(1(/(&(1

3URJUDPPDGLSURYDVHFRQGR&(1(/(&(1XWLOL]]DWRSHUODGHILQL]LRQHGHOODFODVVHHQHUJHWLFD

0DQRSROD

FRPPXWDWRUH

7HPSHUDWXUD

SURSRVWD

HUHJROD]LRQH

7\SH$

0DQRSROD

WHUPRVWDWR

)81=,21(

/LYHOOR

·

/LYHOOR

·

6SULQWHU

4XHVWDSRVL]LRQHSHUPHWWHXQSUHULVFDOGDPHQWRUDSLGRGHOIRUQR8QDYROWDLPSRVWDWD

TXHVWD IXQ]LRQH FRQVHQWH XQLPPHGLDWR ULVFDOGDPHQWR GHO IRUQR DG HV  PLQXWL SHU

UDJJLXQJHUH&ODWHPSHUDWXUDGHVLGHUDWDSXzHVVHUHLPSRVWDWDWUDPLWHODSSRVLWD

PDQRSROD,OWHUPLQHGHOODIDVHGLSUHULVFDOGDPHQWRqLQGLFDWRWUDPLWHODVSLDGHOWHUPRVWDWR

&FKHVLVSHJQH8QDYROWDFRQFOXVDTXHVWDIDVHqSRVVLELOHVHOH]LRQDUHODIXQ]LRQHGL

FRWWXUDGHVLGHUDWDHGLQVHULUHOHSLHWDQ]HGDFXFLQDUH3UHVWDUHDWWHQ]LRQHDQRQLQVHULUH

DOLPHQWLQHOIRUQRGXUDQWHODIDVHGLSUHULVFDOGDPHQWRULVFKLHUHEEHURGLVXELUHGDQQL

62)7&22.D

6RIWFRRNqODIXQ]LRQHLGHDOHSHUODSDVWLFFHULDHGLOSDQH*UD]LHDOODYHORFLWjULGRWWD

GHOODYHQWRODTXHVWDIXQ]LRQHDXPHQWDOXPLGLWjSUHVHQWHDOOLQWHUQRGHOIRUQR8QD

PDJJLRUHXPLGLWjFUHDOHFRQGL]LRQLGLFRWWXUDLGHDOLSHUTXHJOLDOLPHQWLFKHKDQQR

ELVRJQRGLPDQWHQHUHXQDFRQVLVWHQ]DHODVWLFDPHQWUHFXRFLRQRHVWRUWHSDQH

ELVFRWWLHGLFRQVHJXHQ]DSHUQRQVEULFLRODUVL

683(5*5,//LOIRUQRKDGXHSRVL]LRQL

*ULOO*ULOO:*ULOO6XSHU:

/LYHOOR

·

D68$/&81,02'(//,)XQ]LRQHFRQ9$5,2)$19DQR)DQpOHVFOXVLYRVLVWHPDGLIXQ]LRQDPHQWRVYLOXSSDWRGD&DQG\SHURWWLPL]]DUHL

ULVXOWDWLGLFRWWXUDODJHVWLRQHGHOOD WHPSHUDWXUDHODJHVWLRQHGHOOXPLGLWj,OVLVWHPD9DULR)DQPRGLILFDDXWRPDWLFDPHQWHODYHORFLWjGL

URWD]LRQHGHOODYHQWRODSHUWXWWHOHFRWWXUHLQPXOWLIXQ]LRQH4XHVWRVLVWHPDVLDWWLYDDXWRPDWLFDPHQWHWXWWHOHYROWHFKHYLHQHVHOH]LRQDWDXQD

IXQ]LRQHDOOLQWHUQRGHOODUHDWUDWWHJJLDWDVXOSDQQHOORGLFRQWUROOR

/DIXQ]LRQH³&22./,*+7´FRQVHQWHGLFXFLQDUHLQPRGROHJJHURULGXFHQGROXWLOL]]RGHL

JUDVVL *UD]LH DG XQD FRPELQD]LRQH GHO JULOO H GHOOD YHQWROD DVVRFLDWH DG XQ FLFOR GL

SXOVD]LRQH GHOODULD q SRVVLELOH FRQVHUYDUH OXPLGLWj GHL FLEL JULJOLDUH OD VXSHUILFLH H

JDUDQWLUHXQDFRWWXUDUDSLGDGHOOHSLHWDQ]HXWLOL]]DQGRSRFKLFRQGLPHQWLVHQ]DULQXQFLDUHDO

VDSRUH

ÊSDUWLFRODUPHQWH LQGLFDWDSHU YHUGXUHIULWWDWH HFDUQL ,O FLFOR GL DULD SXOVDWD PDQWLHQH

OXPLGLWj GHL FLEL QH FRQVHUYD OH SURSULHWj QXWULWLYH H JDUDQWLVFH XQD FRWWXUD UDSLGD H

RPRJHQHD

3URYDWHWXWWHOHYRVWUHULFHWWHULGXFHQGRODTXDQWLWjGLFRQGLPHQWRFKHGLVROLWRXWLOL]]DWHH

SURYDWHODOHJJHUH]]DGLTXHVWDQXRYDIXQ]LRQH

7$%(//$7(03,',&27785$

,WHPSLVXJJHULWLQHOOHVHJXHQWLWDEHOOHVRQRLQGLFDWLYLLQIDWWLSRVVRQRYDULDUHVHFRQGRODTXDOLWjODIUHVFKH]]DODGLPHQVLRQHHORVSHVVRUHGHJOL

DOLPHQWLHVHFRQGRLOYRVWURJXVWR/DVFLDUHVHPSUHULSRVDUHSHUDOFXQLPLQXWLSULPDGLVHUYLUHSHUFKpWXWWLJOLDOLPHQWLFRQWLQXDQRDFXRFHUHGRSR

DYHUOLWROWLGDOIRUQR

&216,*/,287,/(3HUQRQUHQGHUHOHVXSHUILFLWURSSRVHFFKHq

FRQVLJOLDWRDEEDVVDUHODWHPSHUDWXUDHDOOXQJDUHLWHPSLGLFRWWXUD

3RVL]LRQHULSLDQL









,7

)RUQRHOHWWULFRVWDWLFR )RUQRHOHWWULFRYHQWLODWR



3DVWD

















3LHWDQ]D

4XDQWLWj

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

2VVHUYD]LRQL

,QVHULUHOHODVDJQHQHOIRUQRIUHGGR

3UHSDUDWHODSDVWDDIRUPDGLSDJQRWWDH

LQFLGHUH FRQ XQ FROWHOOR XQD FURFH VXOOD

SDUWH VXSHULRUH GHOOD IRUPD /DVFLDUH

OLHYLWDUHDWHPSHUDWXUDDPELHQWHDOPHQR

RUHXQJHUHOD OHFFDUGD H SRVL]LRQDWH OD

IRUPDEHQHDOFHQWURGHOODVWHVVD

3UHULVFDOGDWH SHU PLQ LO IRUQR H

SUHSDUDWH OH SL]]H QHOOD OHFFDUGD

VPDOWDWD FRQ SRPRGRUL PR]]DUHOOD H

SURVFLXWWRROLRVDOHRULJDQR

'LVSRQHWHYRODXYHQWQHOODOHFFDUGD

HFXRFHWH

3UHULVFDOGDWHSHUPLQXQJHUHODWHJOLD

GHO IRUQR GLVSRUUH OH  IRFDFFH ROLDWH H

VDODWHSULPDGLLQIRUQDUHODVFLDUHOLHYLWDUH

DWHPSHUDWXUDDPELHQWHSHUDOPHQRRUH

'LVSRUUHODFDUQHLQXQDWHJOLD3LUH[D

ERUGRDOWRFRQVDOHSHSH9ROWDUHD

PHWjFRWWXUD

&XRFHUHFRPHVRSUD

,QVHULUHLFDQQHOORQLQHOIRUQRIUHGGR

/DVDJQH

&DQQHOORQL

3DVWDDOIRUQR

3DVWHVDODWH

3DQH

3L]]H

3DVWDVIRJOLD

9RODXYHQW

6XUJHODWL

)RFDFFLD

Q

&DUQH

7XWWHOHFDUQLSRVVRQRHVVHUHFRWWHLQUHFLSLHQWHFRQERUGREDVVRRERUGRDOWR

ÊFRQVLJOLDELOHFRSULUHLOUHFLSLHQWHDERUGREDVVRFRQXQFRSHUFKLRSHUHYLWDUHGLVSRUFDUHLOIRUQRFRQVFKL]]LGHOFRQGLPHQWR

/HFDUQLFRSHUWHULVXOWDQRSLPRUELGHHVXFFRVHPHQWUHTXHOOHVFRSHUWHULVXOWDQRSLFURFFDQWL

,WHPSLLQGLFDWLYDOJRQRSHUFRWWXUHFRQUHFLSLHQWHFRSHUWRRVFRSHUWR

5RDVWEHHI

LQWHUR

$UURVWRGLPDLDOH

DUURWRODWR

$UURVWRGLYLWHOOR

DUURWRODWR

$UURVWRGLPDQ]R

ILOHWWR

.J

.J

.J

.J

GLSDVWD

.J

Q

JU

GLSDVWDFDG

.J

.J

.J

·

·

·



SUHULVF

·

·

·











·

·

·

·

SUHULVF

·

·

·











·

·

·

·



·

·

·

·



,QVHULUHODSDVWDDOIRUQRQHOIRUQRIUHGGR

5,&(77(&216,*/,$7(

0XIILQGLYHUGXUH

,QJUHGLHQWL

JGL]XFFKLQH

JGLSDWDWHSDVWDJLDOOD

JGLSDWDWHDPHULFDQD

7DJOLDUHOH]XFFKLQHHLSHSHURQLDGDGLQLHOHVVDUHTXDOFKHPLQXWROHSDWDWH

8QDYROWDWDJOLDWHOHYHUGXUHVDOWDUOHPLQXWLLQSDGHOODFRQROLRH[WUDYHUJLQHGL

ROLYDSDSULNDVDOHHSHSH

8QDYROWDOHVVDWHOHSDWDWHVFKLDFFLDUOHHDJJLXQJHUOHDOOHDOWUHYHUGXUHHDOOD

SURYROD WDJOLDWD D SH]]HWWL 1HO IUDWWHPSR SUHSDUDUH XQ PL[ GL SDQJUDWWDWR H

3DUPLJLDQRHDJJLXQJHUQHODPHWjDOOHYHUGXUH

,QIDULQDUHJOLVWDPSLQLPRQRGRVHHULHPSLUOLILQRDOORUORULFRSULUOLFRQODOWUD

PHWj GHO FRPSRVWR GL SDQJUDWWDWR H 3DUPLJLDQR DJJLXQJHUH XQ SR GL ROLR

H[WUDYHUJLQHHFXRFHUHFRQODIXQ]LRQH&22./,*+7DSHUPLQXWL

ILQRDOUDJJLXQJLPHQWRGLXQDEHOODGRUDWXUD

)ULWWDWDDXWXQQDOHDOIRUQR

,QJUHGLHQWL

XRYD

ILRULGL]XFFKLQD

7DJOLDUHOD]XFFDDIHWWHHPHWWHUODVXXQDWHJOLDGDIRUQRLQIRUQDUHDJUDGL

SHUPLQXWLFLUFD8QDYROWDFRWWDVFKLDFFLDUHODSROSDFRQODIRUFKHWWD

6EDWWHUHOHXRYDHXQLUYLODSDWDWDOHVVDWDHOD]XFFDVFKLDFFLDWDDJJLXQJHUHLO

ODWWH LO 3DUPLJLDQR OD FXUFXPD VDOH H SHSH $PDOJDPDUH EHQH WXWWL JOL

LQJUHGLHQWLHDJJLXQJHUHSHUXOWLPRLILRULGL]XFFKLQDJLjSXOLWLHWDJOLDWLD

SH]]HWWLQL

9HUVDUHLOFRPSRVWRQHOORVWDPSRHFXRFHUHLQIRUQRFRQODIXQ]LRQH&22.

/,*+7DSHUPLQXWL

SHSHURQHURVVR

SHSHURQHJLDOOR

JGLSURYROD

FXFFKLDLQRGLSDSULND

JGL3DUPLJLDQR

JGLSDQJUDWWDWR

SDWDWDOHVVDWD

IHWWLQDGL]XFFDOHVVDWD

JGL3DUPLJLDQR

&XUFXPD

FXFFKLDLGLODWWH

7$%(//$7(03,',&27785$

,7

3ROODPH&RQLJOLR

)RUQRHOHWWULFRVWDWLFR )RUQRHOHWWULFRYHQWLODWR

3LHWDQ]D

4XDQWLWj

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

2VVHUYD]LRQL

6LVWHPDUHODIDUDRQD LQ WHJOLD 3LUH[R

FHUDPLFDDERUGRDOWRFRQGLWDFRQDURPL

QDWXUDOLHSRFKLVVLPRROLR

&RPHSHUODIDUDRQD

0HWWHWHLSH]]LGLXJXDOLGLPHQVLRQLQHOOD

OHFFDUGD VPDOWDWD FRQGLWH FRQ DURPL

QDWXUDOL6HQHFHVVDULRYROWDWHLSH]]L

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

'LVSRQHWHLILQRFFKLWDJOLDWLLQSDUWLH

FRSHUWLLQWHJOLDGL3LUH[FRQEXUURHVDOH

H SRVVLELOPHQWH FRQ OD SDUWH LQWHUQD

YHUVRO¶DOWR

$IIHWWDWHOH]XFFKLQHHFXRFHWHLQWHJOLD

3LUH[FRSHUWHFRQEXUURHVDOH

7DJOLDWH OH SDWDWH LQ SDUWL XJXDOL H

FXRFHWHOH FRSHUWH FRQ ROLR VDOH H

RULJDQRRURVPDULQRLQWHJOLD3LUH[

7DJOLDWHOHFDURWHDIHWWLQHFRSULWHOHH

FXRFHWHOHLQWHJOLD3LUH[

,QVHULUHLOSDQHFDUUqVXOODJULJOLDVXSSRUWR

'RSR OD  FRWWXUD FDSRYROJHUH ILQR D

FRWWXUDXOWLPDWD

,QVHULUH L WRDVWV VXOOD JULJOLD VXSSRUWR

OHFFDUGDGRSR OD SULPD EUXQLWXUD

FDSRYROJHUHLWRDVWVILQRDEUXQLWXUDXOWLPDWD

7DJOLDUHOHVDOVLFFLHDPHWjHGLVSRUOHVXOOD

JULJOLDFRQODSDUWHLQWHUQDYHUVRO¶DOWR$PHWj

FRWWXUDFDSRYROJHUHOHVDOVLFFLHILQRDFRWWXUD

XOWLPDWD$YYHUWHQ]D RJQL WDQWR FRQWUROODWH

YLVLYDPHQWHO¶XQLIRUPLWjGLFRWWXUD1HOFDVR

GL GLVXQLIRUPLWj  LQWHUFDPELDUH TXHOOH FRWWH

FRQTXHOOHPHQRFRWWH

'LVSRUUHOHIHWWHEHQHVRWWRO¶D]LRQHGHOJULOO

HYROWDUOHGXHYROWH

&RQGLWHFRQDURPLQDWXUDOLHYROWDWHOHRJQL

WDQWR

/DFRWWXUDFRQLOJULOOGHYHHVVHUHHVHJXLWDSRQHQGRLOFLERVRWWRLOJULOOHOHWWULFR$WWHQ]LRQHGXUDQWHLOIXQ]LRQDPHQWRLOJULOOGLYHQWDGLFRORUHURVVRYLYR/D

OHFFDUGDGHYHHVVHUHLQVHULWDVRWWRODJULJOLDSHUUDFFRJOLHUHLVXJKL

5LSLDQR

)DUDRQD

3ROOR

&RQLJOLRDSH]]L

.J

.J

.J



·



·



·

·

·

·





7RUWDFDFDR

6FDWROD











'ROFL7RUWH

7RUWDPDUJKHULWD

7RUWDGLFDURWH

7RUWDFURVWDWD

DOELFRFFD

JU

















·

·

·





9HUGXUD

)LQRFFKL

=XFFKLQH

3DWDWH

&DURWH

JU







·



·

·









·

·

·



&RWWXUDDJULOO

3DQHFDUUq

WRVWDWR

7RDVWVIDUFLWL

6DOVLFFLH

&RVWDWHGLPDQ]R

&RVFLHGLSROOR

IHWWH



Q.J

Q.J









SUHULVF

SUHULVF



SUHULVF



SUHULVF



SUHULVF

*ULOO *ULOO

SUHULVF



SUHULVF



SUHULVF



SUHULVF



SUHULVF

)LVK



&XRFHUHOHWURWHFRSHUWHFRQROLRVDOHH

FLSROOHLQWHJOLD3LUH[

&XRFHUHLOVDOPRQHQRQFRSHUWRLQWHJOLD

3LUH[FRQVDOHSHSHHROLR

&XRFHWHODVRJOLRODFRQVDOHHXQ

FXFFKLDLRG¶ROLR

&XRFHUHLQUHFLSLHQWHFRSHUWROHRUDWHFRQ

ROLRHVDOH

7URWD

3HVFL

6DOPRQH

6RJOLROD

2UDWD

LQWHUH.J

JDIHWWH

FPVS

)LOHWWL.J

LQWHUH

·

·

·

· 



·

·

·



&XRFHUHODIUXWWDLQWHJOLDGL3LUH[RFHUDPLFD

QRQFRSHUWD/DVFLDUHUDIIUHGGDUHLQIRUQR

&RPHVRSUD

)UXWWD

0HOHLQWHUH

3HUH

3HVFKH

.J



·





·



$9(57,66(0(17/DSSDUHLOHWOHVSDUWLHVDFFHVVLEOHVGHYLHQQHQWFKDXGVSHQGDQWOXWLOLVDWLRQ'HV

SUpFDXWLRQVGRLYHQWrWUHSULVHVSRXUpYLWHUGHWRXFKHUOHVpOpPHQWVFKDXIIDQWV

/HVHQIDQWVGHPRLQVGHDQVGRLYHQWrWUHWHQXVjOpFDUWjPRLQVGrWUHVXUYHLOOpVFRQWLQXHOOHPHQW

&HWDSSDUHLOQHVWSDVGHVWLQpjrWUHXWLOLVpSDUGHVSHUVRQQHV\FRPSULVOHVHQIDQWVGRQWOHVFDSDFLWpV

SK\VLTXHV VHQVRULHOOHV RX PHQWDOHV VRQW UpGXLWHV RX D\DQW XQ PDQTXH GH[SpULHQFH HW GH

FRQQDLVVDQFHV j PRLQV TXHOOHV QDLHQW pWp IRUPpHV j OXWLOLVDWLRQ GH ODSSDUHLO SDU XQH SHUVRQQH

UHVSRQVDEOHGHOHXUVpFXULWp

/HVHQIDQWVQHGRLYHQWMRXHUDYHFODSSDUHLO

/HQHWWR\DJHHWOHQWUHWLHQSDUOXWLOLVDWHXUQHGRLWSDVrWUHIDLWSDUGHVHQIDQWVVDQVVXUYHLOODQFH

(QFRXUVGXWLOLVDWLRQODSSDUHLOGHYLHQWFKDXG'HVSUpFDXWLRQVGRLYHQWrWUHSULVHVSRXUpYLWHUGH

WRXFKHUOHVpOpPHQWVFKDXGVjOLQWpULHXUGXIRXU

$9(57,66(0(17/HVSDUWLHVDFFHVVLEOHVSHXYHQWGHYHQLUFKDXGHVSHQGDQWOXWLOLVDWLRQ/HVMHXQHV

HQIDQWVGRLYHQWrWUHWHQXVjOpFDUW

1HSDVXWLOLVHUGHQHWWR\DQWVDEUDVLIVRXGHUDFORLUVPpWDOOLTXHVWUDQFKDQWVSRXUQHWWR\HUODYLWUHGHOD

SRUWHGXIRXUFDULOVSHXYHQWUD\HUODVXUIDFHHQWUDLQDQWGHVULVTXHVGH[SORVLRQ

/HIRXUGRLWrWUHpWHLQWDYDQWGHQOHYHUODSURWHFWLRQHWDSUqVOHQHWWR\DJHODSURWHFWLRQGRLWrWUHUHSODFp

HQUHVSHFWDQWOHVLQVWUXFWLRQV

8WLOLVHUVHXOHPHQWODVRQGHGHWHPSpUDWXUHUHFRPPDQGpHSRXUFHIRXU

1HSDVXWLOLVHUGHQHWWR\DQWVYDSHXUSRXUOHQHWWR\DJH

$9(57,66(0(17$VVXUH]YRXVTXHODSSDUHLOHVWpWHLQWDYDQWGHUHPSODFHUODODPSHDILQGpYLWHUOHV

ULVTXHVGpOHFWURFXWLRQ

 8Q V\VWqPH GH GpFRQQH[LRQ GRLW rWUH LQFRUSRUp GDQV OH FRPSWHXU FRQIRUPpPHQW DX[ UqJOHV GH

FkEODJH

/HVLQVWUXFWLRQVQGLTXHQWOHW\SHGHFRUGRQjXWLOLVHUHQWHQDQWFRPSWHGHODWHPSpUDWXUHGHODVXUIDFH

DUULqUHGHODSSDUHLO

6LOHFRUGRQGDOLPHQWDWLRQHVWHQGRPPDJpLOGRLWrWUHUHPSODFpSDUXQFRUGRQVSpFLDOGLVSRQLEOH

DXSUqVGXIDEULFDQWRXGHVWDWLRQVGHGpSDQQDJHDJUpHV

$77(17,213RXUpYLWHUWRXWGDQJHUGjXQHUpLQLWLDOLVDWLRQDFFLGHQWHOOHFHWDSSDUHLOQHGRLWSDVrWUH

DOLPHQWpSDUXQGLVSRVLWLIGHFRPPXWDWLRQH[WHUQHFRPPHXQHPLQXWHULHRXFRQQHFWpjXQFLUFXLWTXLHVW

UpJXOLqUHPHQWDOOXPpHWpWHLQWSDUOXWLOLWDLUH

$77(17,21 /HV SDUWLHV DFFHVVLEOHV SHXYHQW rWUH FKDXGHV ORUVTXH OH EDUEHFXH HVW HQ FRXUV

GXWLOLVDWLRQOHVMHXQHVHQIDQWVGRLYHQWrWUHWHQXVjOpFDUW

/HOLTXLGHGpERUGpGRLWrWUHHQOHYpDYDQWGHQHWWR\HU

3HQGDQWOHIRQFWLRQQHPHQWGHODS\URO\VHOHVVXUIDFHVSHXWGHYHQLUSOXVFKDXGHTXHGKDELWXGHHWOHV

HQIDQWVGRLYHQWrWUHWHQXVjOpFDUW

&216(,/6'(6e&85,7e

,16758&7,216*(1(5$/(6

² /LUH DWWHQWLYHPHQW OHV LQVWUXFWLRQV FRQWHQXHV GDQV FHWWH EURFKXUH HOOHV IRXUQLVVHQW G¶LPSRUWDQWHV LQGLFDWLRQV VXU OD VpFXULWp

G¶LQVWDOODWLRQO¶HPSORLGXIRXUHWVRQHQWUHWLHQ

²&RQVHUYHUVRLJQHXVHPHQWFHWWHQRWLFHG¶XWLOLVDWLRQSRXUWRXWHVFRQVXOWDWLRQVXOWpULHXUHV

²$SUqVDYRLUGpEDOOpYRWUHIRXUYpULILHUTXHO¶DSSDUHLOHVWFRPSOHW

²/HVHPEDOODJHVFRPPHOHSODVWLTXHOHSRO\VW\UqQHSHXYHQWFRQVWLWXHUXQGDQJHUSRXUOHVHQIDQWV1HSDVOHVODLVVHUjOHXUSRUWpH

$77(17,21

/RUVGHODSUHPLqUHXWLOLVDWLRQGXIRXULOSHXWVHSURGXLUHXQGpJDJHPHQWGHIXPpHkFUHSURYRTXpSDUOHSUHPLHUpFKDXIIHPHQWGXFROODQW

GHVSDQQHDX[G¶LVRODWLRQHQYHORSSDQWOHIRXU&HSKpQRPqQHHVWQRUPDO$WWHQGH]TXHODIXPpHFHVVHDYDQWGHFXLUHGHVDOLPHQWV

/RUVTXHOHIRXUHVWHQIRQFWLRQQHPHQWODSRUWHHQYHUUHHVWSDUWLFXOLqUHPHQWFKDXGHOOHVWGRQFQpFHVVDLUHTXHOHVHQIDQWVQHODWRXFKHQW

SDV

$77(17,21/DWHQVLRQHWODIUpTXHQFHG¶DOLPHQWDWLRQVRQWLQGLTXpHVVXUODSODTXHVLJQDOpWLTXHLOOXVWUDWLRQGHUQLqUHSDJH

)DLWHVDSSHOjXQSURIHVVLRQQHOSRXUO¶LQVWDOODWLRQGHYRWUHIRXU

&HWpTXLSHPHQWGDQVOHVSDUWLHVGHVWLQpHVjHQWUHUHQFRQWDFWDYHFOHVDOLPHQWVHVWFRQIRUPHDX[QRUPHVIL[pHVSDUOHVGLUHFWLYHV&((



(QXWLOLVDQWOHV\PEROVXUFHSURGXLWQRXVGpFODURQVVXUQRWUHSURSUHUHVSRQVDELOLWpTXHFHSURGXLWHVWFRQIRUPHjWRXWHVOHVQRUPHV

(XURSpHQQHVUHODWLYHVjODVpFXULWpODVDQWpHWjO¶HQYLURQQHPHQW

'(&/$5$7,21'(&21)250,7e

)5

)5

,03257$17

/HPHXEOH TXLYD VXSSRUWHU OH IRXU GRLW DYRLU GHV FDUDFWpULVWLTXHV

DSSURSULpV/HVSDQQHDX[GXPHXEOHGRLYHQW SRXYRLUUpVLVWHUjOD

FKDOHXU

'DQVOHFDVGHPHXEOHVHQERLVSODTXpOHVFROOHVGRLYHQWUpVLVWHUj

XQHWHPSpUDWXUHGH&VLQRQLO\DXQULVTXHGHGpFROOHPHQWRXGH

GpIRUPDWLRQV &RQIRUPpPHQW DX[ QRUPHV GH VpFXULWp XQH IRLV

HQFDVWUp DXFXQ FRQWDFW QH GRLW rWUH SRVVLEOH DYHF OHV SDUWLHV

pOHFWULTXHV

7RXWHVOHVSDUWLHVTXLDVVXUHQWODSURWHFWLRQGRLYHQWrWUHIL[pHVGH

IDoRQjQHSDVSRXYRLUrWUHHQOHYpHVVDQVRXWLO3RXUJDUDQWLUXQH

ERQQHDpUDWLRQUHWLUHUODSDURLDUULqUHGXPHXEOH

,03257$17

$/,0(17$7,21(/(&75,48(

0,6((13/$&('8)285'$166210(8%/(

,167$//$7,21

&216,*1(6'(6(&85,7(

&HWDSSDUHLOHVWFRQoXSRXUFXLUHGHVDOLPHQWV7RXWDXWUHXWLOLVDWLRQ

H[HPSOHFKDXIIDJHG¶DSSRLQWGRLWrWUHFRQVLGpUpFRPPHLPSURSUH

/H FRQVWUXFWHXU QH SHXW rWUH WHQX FRPPH UHVSRQVDEOHHQ FDV GH

GRPPDJHV OLpV j XQH PDXYDLVH XWLOLVDWLRQ RX D GHV PRGLILFDWLRQV

WHFKQLTXHVGXSURGXLW

/¶HPSORL G¶XQ DSSDUHLO pOHFWULTXH QpFHVVLWH TXHOTXHV UqJOHV GH

VpFXULWp

1HSDVWLUHUVXUOHILOpOHFWULTXHSRXUGpEUDQFKHUODSULVH

1HSDVWRXFKHUO¶DSSDUHLODYHFOHVSLHGVRXOHVPDLQVPRXLOOpV

(YLWH]G¶XWLOLVHUO¶DSSDUHLOSLHGVQXV

/¶XWLOLVDWLRQ GH PXOWLSULVHV HW GH UDOORQJHV SRXU UDFFRUGHU YRWUH

DSSDUHLOHVWIRUWHPHQWGpFRQVHLOOp(QFDVGHSDQQHRXGHPDXYDLV

IRQFWLRQQHPHQWLOIDXWpWHLQGUHOHIRXUDYDQWGHOHGpPRQWHU(QFDVGH

GpWpULRUDWLRQGXILOpOHFWULTXHUHPSODFH]OHUDSLGHPHQWHQVXLYDQWOHV

LQGLFDWLRQV VXLYDQWHV {WH] OH ILO G¶DOLPHQWDWLRQ pOHFWULTXH HW

UHPSODFH]OHSDUXQGXW\SH+55)+99)+99) DGDSWp

jODSXLVVDQFHGHO¶DSSDUHLO9RXVYHLOOHUH]jFHTXHFHWWHRSpUDWLRQ

VRLWHIIHFWXpHSDUXQFHQWUHWHFKQLTXHDJUpp3RXUO¶XWLOLVDWHXUF¶HVWOD

FHUWLWXGHG¶REWHQLUGHVSLqFHVGHUHFKDQJHG¶RULJLQH/HQRQUHVSHFW

GHFHVUqJOHVSHXWFRPSURPHWWUHODVpFXULWpGHO¶DSSDUHLO

1H SDV WDSLVVHU OHV SDURLV GX IRXU DYHF GHV IHXLOOHV HQ

DOXPLQLXPRXGHVSURWHFWLRQVMHWDEOHVGXFRPPHUFH/DIHXLOOH

GDOXPLQLXPRXWRXWHDXWUH SURWHFWLRQHQFRQWDFWGLUHFW DYHF

OHPDLO FKDXIIH ULVTXH GH IRQGUH HW GH GHWHULRUHU OHPDLO GX

PRXIOH

/D PLVH HQ VHUYLFH GH O¶DSSDUHLO HVW j OD FKDUJH GHO¶DFKHWHXU OH

FRQVWUXFWHXU HVW GpJDJp GH FH VHUYLFH /HV SDQQHV OLpHV j XQH

PDXYDLVHLQVWDOODWLRQQHVHURQWSDVFRXYHUWHVSDUODJDUDQWLH8QH

PDXYDLVHLQVWDOODWLRQSHXWSURYRTXHUGHVGRPPDJHVDX[SHUVRQQHV

DX[ DQLPDX[ GRPHVWLTXHV GDQV FH FDV OD UHVSRQVDELOLWp GX

FRQWUXFWHXUQHSHXWrWUHHQJDJpH

8QHIRLVOHIRXULQVpUpGDQVVRQPHXEOH,¶DQFUDJHVHIDLWSDUYLV

YLVLEOHVHQRXYUDQWODSRUWHGXIRXU

3RXUSHUPHWWUHXQHPHLOOHXUHDpUDWLRQGXPHXEOHOHVIRXUVGRLYHQW

rWUHHQFDVWUpVFRQIRUPpPHQWDX[PHVXUHVHWGLVWDQFHVLQGLTXpHVVXU

O¶LOOXVWUDWLRQGHODGHUQLqUHSDJH

1%3RXUOHVIRXUVjDVVRFLHUDYHFGHVSODTXHVGHFXLVVRQLOHVW

LQGLVSHQVDEOH GH UHVSHFWHU OHV LQVWUXFWLRQV FRQWHQXHV GDQV OD

EURFKXUHMRLQWHjO¶DSSDUHLOjDVVRFLHU

%UDQFKHUODILFKHGDQVXQHSULVHGHFRXUDQWpTXLSpHG¶XQWURLVLqPH

FRQWDFWFRUUHVSRQGDQWjODSULVHGHWHUUH0RQWH]VXUOHILOXQHSULVH

QRUPDOLVppFDSDEOHGHVXSSRUWHUODFKDUJHLQGLTXpHVXUODSODTXHWWH

/HILOFRQGXFWHXUGHPDVVHjODWHUUHHVWLGHQWLILpSDUOHVFRXOHXUV

MDXQH HW YHUWH 9HLOOHU j FH TXH YRWUH LQVWDOODWLRQ VRLW FDSDEOH GH

VXSSRUWHUWRXWHODSXLVVDQFHDEVRUEpHSDUOHIRXU6LYRWUHLQVWDOODWLRQ

pOHFWULTXHQ¶HVWSDVFRQIRUPHIDLWHVODPRGLILHUSDUXQpOHFWULFLHQDILQ

GH SUpYHQLU WRXV ULVTXHV 2Q SHXW pJDOHPHQW HIIHFWXHU OH

EUDQFKHPHQWDXUpVFDXHQLQWHUSRVDQWHQWUHO¶DSSDUHLOHWOHUpVHDXXQ

LQWHUUXSWHXURPQLSRODLUHGLPHQVLRQQpHHQIRQFWLRQGHOD FKDUJHHW

FRQIRUPHDX[QRUPHVHQYLJXHXU/HILOGHWHUUHMDXQHHWYHUWQHGRLW

SDV rWUH LQWHUURPSX SDU O¶LQWHUUXSWHXU /D SULVH HW O¶LQWHUUXSWHXU

RPQLSRODLUH XWLOLVpV GRLYHQW rWUH IDFLOHPHQW DFFHVVLEOHV XQH IRLV

O¶DSSDUHLOpOHFWURPpQDJHULQVWDOOp

8QHIRLVLQVWDOOpOHILOG¶DOLPHQWDWLRQGRLWrWUHSRVLWLRQQpGHPDQLqUHD

FH TXH VD WHPSpUDWXUH QH GpSDVVH SDV GH & OD WHPSpUDWXUH

DPELDQWH

/¶DSSDUHLOHVWFRQIRUPHDX[H[LJHQFHVGHVpFXULWpSUpYXHVSDUOHV

RUJDQLVPHVTXLpWDEOLVVHQWOHVQRUPHV/DVpFXULWppOHFWULTXHGHFHW

DSSDUHLO Q¶HVW DVVXUpH TXH VL LO HVW FRUUHFWHPHQW LQVWDOOp WRXW HQ

UHVSHFWDQWOHVQRUPHVGHVpFXULWppOHFWULTXHHQYLJXHXU

/H FRQVWUXFWHXU QH SHXW rWUH WHQX FRPPH UHVSRQVDEOH GHV

GRPPDJHVUpVXOWDQWGXPDQTXHGHPLVHjODWHUUHGHO¶LQVWDOODWLRQ

(48,3(0(17'8)285

(48,3(0(17',))(5(176(/21/(7<3('()285

$YDQWODSUHPLqUHXWLOLVDWLRQ GHVGLIIpUHQWVDFFHVVRLUHV QRXV

UHFRPPDQGRQVXQQHWWR\DJHDYHFXQHpSRQJHDGGLWLRQQpHGH

SURGXLWOHVVLYLHOVXLYLGXQULQoDJHHWGXQVpFKDJH

/D JULOOH VLPSOH VHUW GH VXSSRUW DX[

PRXOHVHWDX[SODWV

/D JULOOH SRUWHSODW VHUW SOXV

SDUWLFXOLqUHPHQWjUHFHYRLUOHVJULOODGHV

(OOHHVWjDVVRFLHUDXSODWUpFROWHVDXFH

*UkFH j OHXU SURILO VSpFLDO OHV JULOOHV

UHVWHQW j OKRUL]RQWDOH MXVTXHQ EXWpH

$XFXQ ULVTXH GH JOLVVHPHQW RX GH

GpERUGHPHQWGXSODW

/H SODW UpFROWHVDXFH HVW GHVWLQp j

UHFHYRLU OH MXV GHV JULOODGHV ,O QHVW j

XWLOLVHUTXHQPRGHJULOORLU7RXUQHEURFKH

RX7XUERJULOVHORQPRGqOHGHIRXU

$WWHQWLRQHQFXLVVRQDXWUHTXHOHVPRGHV*ULOORLU7RXUQHEURFKHHW

7XUERJULOOHSODWUpFROWHVDXFHGRLWrWUHUHWLUpGXIRXU

1H MDPDLV XWLOLVHU OH SODW UpFROWHVDXFH FRPPH SODW j U{WLU LO HQ

UpVXOWHUDLWGHVGpJDJHPHQWVGHIXPpHGHVSURMHFWLRQVGHJUDLVVHHW

XQHQFUDVVHPHQWUDSLGHGXIRXU

5HWUDLWHWQHWWR\DJHGHVJULOOHV

 'pYLVVH] OHV pFURXVHQ OHV WRXUQDQWGDQV OH VHQV LQYHUVH GHV

DLJXLOOHVG¶XQHPRQWUH

5HWLUH]OHVJULOOHVHQOHVWLUDQWGRXFHPHQWYHUVYRXV

 0HWWH] OHV JULOOHV GLUHFWHPHQW DX ODYHYDLVVHOOH RX ODYH]OHV

VLPSOHPHQWDYHFXQHpSRQJHKXPLGHHWYHLOOH]jELHQOHVHVVX\HU

8QHIRLVOHVJULOOHVQHWWR\pHVUHPHWWH]OHVGRXFHPHQWGDQVOHIRXU

)L[HUOHVpFURXVHQOHVWRXUQDQWGDQVOHVHQVGHVDLJXLOOHVG¶XQH

PRQWUH

V\VWqPH GpFODLUDJH TXL UHPSODFH OD WUDGLWLRQQHOOH ODPSH j

LQFDQGHVFHQFH

'DQVODFRQWUHSRUWHGXIRXUVRQWLQVpUpV/HGVGHKDXWHTXDOLWpj

OXPLqUH EODQFKH TXL LOOXPLQHQW OD FDYLWp DYHF XQH OXPLqUH GLIIXVH

SHUPHWWDQW XQH YLVLRQ GH OD FXLVVRQ VDQV RPEUH VXU SOXVLHXUV

QLYHDX[

/HGHVLJQFUppSRXUOHVXSSRUWGHV

/HGVRIIUHXQpOpJDQWHIIHWKLJKWHFK

$YDQWDJHVGXV\VWqPH

9LVLELOLWpRSWLPDOHGHVSODWV

)LDELOLWpGHIRQFWLRQQHPHQW

'XUpHGHYLHSURORQJpH

 &RQVRPPDWLRQ pQHUJpWLTXH H[WUrPHPHQW EDVVH      SDU

UDSSRUWDXV\VWqPHWUDGLWLRQQHOGpFODLUDJHGXIRXU5HQGHPHQWpOHYp

HW)DFLOLWpGHQWUHWLHQ

©/HVDSSDUHLOVGRWpVGH/('EODQFKHVGHFODVVH0VHORQODQRUPH

,(&$$pTXLYDOHQWHjODQRUPH(1

  $  $ OD SXLVVDQFH PD[LPDOH

OXPLQHXVHpPLVHHVWGH  QPX:'RQQpHQRQREVHUYpH

GLUHFWHPHQWDYHFGHVLQVWUXPHQWVRSWLTXHVª

)5

&216,*1(687,/(6

*5,//(6'8)2851289($86<67Ê0(

'¶$55Ç7

7RXV OHV IRXUV EpQpILFLHQW G¶XQ QRXYHDX

V\VWqPH G¶DUUrW GHV JULOOHV &H V\VWqPH

SHUPHWGHVRUWLUFRPSOqWHPHQWODJULOOHHQ

WRWDOHVpFXULWp3DUIDLWHPHQWEORTXpHHOOH

QHSHXWSDVEDVFXOHUYHUVO¶DYDQWPDOJUpOD

SUpVHQFH G¶XQ SRLGV LPSRUWDQW 3OXV

VWDEOHVFHV JULOOHV DVVXUHQW XQH SOXV

JUDQGHVpFXULWpHWWUDQTXLOOLWp

/$&8,6621$8*5,/

/HSUpFKDXIIDJHHVWVXSHUIOX/DFXLVVRQSHXWVHIDLUHSRUWHFORVHHW

OHVDOLPHQWVGRLYHQWrWUHSODFpVSDUUDSSRUWDXJULOHQIRQFWLRQGHV

UpVXOWDWVTXHO¶RQVRXKDLWHREWHQLU

²3OXVSUqVSRXUOHVDOLPHQWVGRUpVHQVXUIDFHHWVDLJQDQWV

²3OXVORLQSRXUOHVDOLPHQWVELHQFXLWVjO¶LQWpULHXU

/HOqFKHIULWHSHUPHWODUpFXSpUDWLRQGXMXV

1H MDPDLV XWLOLVHU OH OqFKHIULWH FRPPH SODW j URWLU LOHQ UpVXOWHUDLW

GpJDJHPHQWV GH IXPpH GHV SURMHFWLRQV GH JUDLVVH HW XQ

HQFUDVVHPHQWUDSLGHGXIRXU

6HORQPRGqOH/H3$&.

6HORQPRGqOH

)285$8721(772<$173$5&$7$/<6(

/HVSDQQHDX[DXWRQHWWR\DQWVjpPDLOPLFURSRUHX[GLVSRQLEOHVHQ

RSWLRQpYLWHOHQHWWR\DJHPDQXHOGXIRXU

3HQGDQWODFXLVVRQOHVSURMHFWLRQVGHJUDLVVHVRQW³O¶DEVRUEpHV´

SDUOHV SDURLV FDWDO\WLTXHV/D JUDLVVH HVWHQVXLWH GpWUXLWH SDU

R[\GDWLRQ HQ GHYHQDQW GH OD SRXVVLqUH (Q FDV GH FXLVVRQ

SDUWLFXOLqUHPHQWJUDVVHLOSHXWDUULYpUTXHODJUDLVVHERXFKHOHV

SRUHVGHO¶pPDLO3RXUGpWUXLUHXQVXUSOXVGHJUDLVVHPHWWH]HQ

IRQFWLRQQHPHQW YRWUH IRXU j YLGH VXU OD SRVLWLRQ PD[LPDOH GH

WHPSpUDWXUHSHQGDQWHQYLURQjPLQXWHV

1HMDPDLVXWLOLVHUGHJUDWWRLUGHSURGXLWFKLPLTXHSRXUQHWWR\HUOD

FDWDO\VH8WLOLVH]SOXW{WGHO¶HDXFKDXGHHWXQHpSRQJH

6LMDPDLVYRXVFXLVLQH]XQSODWWUqVJUDVRXXQHYLDQGHDXJULO

XWLOLVHUXQSODWDYHFGHJUDQGVUHERUGVSRXUOLPLWHUOHVSURMHFWLRQV

GHJUDLVVH

/DSRURVLWpGHODFDWDO\VHHVWSULPRUGLDOHSRXUYRXVDVVXUHUXQ

QHWWR\DJHRSWLPDO

1% /HV SDQQHDX[ DXWRQHWWR\DQWV RQW XQH GXUpH GH

IRQFWLRQQHPHQW G¶HQYLURQ  KHXUHV (Q FDV GH EDLVVH

G¶HIILFDFLWpLOHVWDORUVSRVVLEOHGHOHVFKDQJHU

)21&7,21$48$&7,9$

/HV\VWqPH$TXDFWLYDXWLOLVHODYDSHXUSRXUpOLPLQHUOHVJUDLVVHVHW

OHVUHVWHVGHQRXUULWXUHVLQFUXVWpHVVXUOHVSDURLVGXIRXU

9HUVHUPOG¶HDXGDQVOD]RQHSUpYXHjFHWHIIHWDXFHQWUH

GHODFDYLWp±YRLUVFKpPD

0HWWUHOHSURJUDPPHFRQYHFWLRQQDWXUHOOHRXVROHVHXOH



0HWWUHODWHPSpUDWXUHVXU$TXDFWLYD

/DLVVHUDJLUPLQXWHV

8QHIRLVOHVPLQXWHVpFRXOpHVpWHLQGUHOHSURJUDPPHHW

DWWHQGUHTXHOHIRXUUHIURLGLVVH

8QHIRLVTXHOHIRXUHVWUHIURLGLSDVVHUXQOLQJHSURSUHSRXU

pOLPLQHUOHVUpVLGXV

$WWHQWLRQ

1HSDVWRXFKHUOHVSDURLVWDQWTX¶HOOHVQ¶RQWSDVUHIURLGLHVULVTXH

GHEUOXUHV

1¶XWLOLVHUTXHGHO¶HDXSRWDEOHRXGLVWLOOpH

PO

87,/,6$7,21'80,187(8562125(

3RXU VpOHFWLRQQHU OH WHPSV GH FXLVVRQ

WRXUQH]OHERXWRQVXUOHWHPSVGpVLUp'qV

TXH OH WHPSV GH FXLVVRQ HVW pFRXOp XQH

VRQQHULHUHUHWHQWLW,OQHYRXVUHVWHSOXVTXj

FRXSHUPDQXHOOHPHQWOHIRXU

87,/,6$7,21'80,187(85&283(&,5&8,7

,OHVWSRVVLEOHGHSURJUDPPHUODGXUpHGHOD

FXLVVRQ HW OH[WLQFWLRQ DXWRPDWLTXH GX IRXU

PD[PLQXWHV

$ OH[SLUDWLRQ GX WHPSV GpVLJQp OD PDQHWWH

VHUDHQSRVLWLRQ2XQHVRQQHULHUHWHQWLUDHWOH

IRXUVDUUrWHUDDXWRPDWLTXHPHQW

6L ORQ VRXKDLWH XWLOLVHU OH IRXU VDQV

SURJUDPPHU GDUUrW DXWRPDWLTXH SRVLWLRQQHU

ODPDQHWWHHQSRVLWLRQ

/H WRXU SHXW rWUH DOOXPp VHXOHPHQW HQ

VpOHFWLRQQDQWXQWHPSVGHFXLVVRQRXHQ

WRXUQDQWOHERXWRQHQSRVLWLRQ

+25/2*(¬&200$1'(6(16,7,9(

$66,67$1&(7(&+1,48(

(Q FDV GH GH PDXYDLV IRQFWLRQQHPHQW YpULILHU VL OD SULVH HVW

EUDQFKpH$SUqVFHVYpULILFDWLRQVDGUHVVH]YRXVjYRWUHUHYHQGHXU

RX SUpYHQH] GLUHFWHPHQW QRWUH VHUYLFH WHFKQLTXH TXL LQWHUYLHQGUD

GDQVOHVSOXVEUHIVGpODLV9HLOOHUjFHTXHOHFRXSRQGHJDUDQWLHIRXUQL

DYHFOHSURGXLWVRLWFRUUHFWHPHQWUHPSOLDYHFODGDWHG¶DFKDWGXIRXU

0,187(85

5(*/$*('(/+(85(

$77(17,21 OD SUHPLqUH RSpUDWLRQ j

H[pFXWHUDSUqVOLQVWDOODWLRQRXDSUqVXQH

FRXSXUHGHFRXUDQWGHWHOOHVVLWXDWLRQV

VHUHFRQQDLVVHQWSDUFHTXHOHDWWLFKHXU

HVWVXU HWFOLJQRWHHVWUpJODJHGH

OKHXUHFRPPHGpFULWFLGHVVXV

$SSX\HUIRLVXUODWRXFKHFHQWUDOH

5pJOHUOKHXUHjODLGHGHVERXWRQV 

5HOkFKHUOHVWRXFKHV

$77(17,21/HIRXUIRQFWLRQQHXQLTXHPHQWVLOKRUORJHHVWUpJOpH

)21&7,21

&200(17/¶87,/,6(5

&200(17/¶$55(7(5

%87

È482,6(57,/"

0,187(85

7(036

'(&8,6621

+(85('(

),1'(

&8,6621

$ODILQGHODGXUpHVpOHFWLRQQpH

OHPLQXWHXUVHFRXSHHWXQVLJQDO

VRQRUHUHWHQWLWLOVDUUrWH

DXWRPDWLTXHPHQWPDLVSRXUOH

VWRSSHUGHVXLWHDSSX\HUVXUOD

WRXFKH6(/(&7

(PLVVLRQGXQVLJQDOVRQRUHj

ODILQGXQWHPSVVpOHFWLRQQp

'XUDQWOXWLOLVDWLRQOpFUDQ

DIILFKHOHWHPSVUHVWDQW

,,SHUPHWGXWLOLVHUOHSURJUDP

PDWHXUGXIRXUFRPPHXQ

UrYHLOPpPRLUHLOSHXWrWUH

XWLOLVpDYHFOHIRXUDOOXPpRX

pWHLQW

$SSX\HUIRLVVXUODWRXFKH

FHQWUDOH

$SSX\HUVXUOHVWRXFKHV

RX SRXUUpJOHUODGXUpH

5HOkFKHUOHVWRXFKHV

&KRLVLUODIRQFWLRQGHFXLVVRQ

DYHFOHERXWRQGHVpOHFWLRQ

$ODILQGXWHPSVGHFXLVVRQ

OHIRXUVHUD DXWRPDWLTXHPHQWPLV

KRUVIRQFWLRQ6LYRXVVRXKDLWH]

ODFXLVVRQDYDQWYRXVDUUHWHU

SRXYH]VRLWSRVLWLRQQHUOH

ERXWRQGHVHOHFWLRQVXURVRLW

UpJOHUOHWHPSVGHFXLVVRQj

6(/(&7  WRXFKHV  HW

6pOHFWLRQQHUODGXUpHGHOD

FXLVVRQ GHVDOLPHQWHVGDQVOH

IRXU

3RXUYLVXDOLVHUOHWHPSVUHVWDQW

6(/(&7DSSX\HUODWRXFKH 

3RXUPRGLILHUOHWHPSVUHVWDQW

6(/(&7DSSX\HUODWRXFKH

  RX

IRLV

$SSX\HUVXUOHVWRXFKHV

RX SRXUUpJOHUODGXUpH

5HOkFKHUOHVWRXFKHV

&KRLVLUODIRQFWLRQGHFXLVVRQ

DYHFOHERXWRQGHVpOHFWLRQ

$OKHXUHVpOHFWLRQQpHOHIRXU

VpWHLQWWRXWVHXOSRXUODUUrWHU

HQDYDQWLOHVWQpFHVVDLUHGH

SRUWHUOHERXWRQGHVpOHFWLRQ

HQSRVLWLRQ2

0pPRULVHUOKHXUHGHILQGH

FXLVVRQ

3RXUYLVXDOLVHUOKHXUH IRLV

3RXUPRGLILHUOKHXUH

VpOHFWLRQQpH DSSX\HUVXUOHV

6(/(&7  WRXFKH  RX

$SSX\HUIRLVXUODWRXFKH

FHQWUDOH

$SSX\HUVXUOHVWRXFKHV RX

SRXUUpJOHUODGXUHp

5HOkFKHUOHVWRXFKHV

3RXUDUUrWHUOHVLJQDODSSX\HU

VXUOXQHGHVWRXFKHVDXFKRL[

$SSX\HUVXUODWRXFKHFHQWUDOH

SRXUUHWRXUQHUjODIRQFWLRQ

KRUORJH

6(&85,7(

(1)$17

9RXVDFWLYH]ODVpFXULWp

HQIDQWVHQSUHVVDQWODWRXFKH

SHQGDQWDXPRLQVVHFRQGHV

OpFUDQDIILFKHDOWHUQDWLYHPHQW

6723HWOHWHPSVSURJUDPPp

$SDUWLUGHFHWLQVWDQWWRXWHV

OHVIRQFWLRQVVRQWEORTXpHV

9RXVGpVDFWLYH]ODVpFXULWp

HQIDQWVHQSUHVVDQWODWRXFKH

SHQGDQWDXPRLQVVHFRQGHV

$SDUWLUGHFHWLQVWDQWWRXWHVOHV

IRQFWLRQVVRQWjQRXYHDX

XWLOLVDEOHV

&HWWHIRQFWLRQHVWXWLOLVpHSRXUGHV

FXLVVRQVTXHORQSHXWSURJUDPPHU

jODYDQFH3DUH[HPSOHYRWUHSODW

GRLWFXLUHPQHWrWUHSUrWj

UpJOH] DORUV VLPSOHPHQW OD GXUpH

VXU  PQ HW OKHXUH GH ILQ GH

FXLVVRQVXU

4XDQG OH WHPSV GH FXLVVRQ HVW

pFRXOpODFXLVVRQVDUUrWHDXWRPDWL

TXHPHQ HW ODODUPH VRQQH

TXHOTXHV VHFRQGHV /D FXLVVRQ

FRPPHQFHUDDXWRPDWLTXHPHQW

j   PRLQV  PQ HW

FRQWLQXHUD MXVTXj FH TXH

OKHXUH GH ILQ GH FXLVVRQ VRLW

DWWHLQWH $ FH PRPHQW OH WRXU

VDUUrWHUDDXWRPDWLTXHPHQW

)5



VHOHFW

&216(,/6'(1(772<$*((7'¶(175(7,(1

3RXUQHWWR\HUOHVVXUIDFHVHQLQR[HWHQpPDLOXWLOLVH]GHO¶HDXWLqGH

OpJqUHPHQWVDYRQQHXVH9RXVSRXYH]XWLOLVHUXQSURGXLWDGDSWpDX

QHWWR\DJH GH FH W\SH GH VXUIDFH (YLWHU DEVROXPHQW OHV SURGXLWV

DEUDVLIVTXLSRXUUDLHQWHQGRPPDJHUODVXUIDFHGXIRXU(QFDVGH

VDOLVVXUHVWHQDFHV pYLWH] G¶XWLOLVHUGHV XVWHQVLOHV VXVFHSWLEOHVGH

UD\HULUUpPpGLDEOHPHQWODVXUIDFHGHYRWUHIRXU,OHVWFRQVHLOOpGH

QHWWR\HUUpJXOLqUHPHQWO¶LQWpULHXUGHYRWUHIRXUDSUqVFKDTXHFXLVVRQ

6LYRXVQHUHVSHFWH]SDVOHQHWWR\DJHGHYRWUHIRXUDSUqVFKDTXH

FXLVVRQ YRXV DXUH] XQH RGHXU GpVDJUpDEOH HW OHV SURMHFWLRQV GH

JUDLVVHVHURQWHQFRUHSOXVGLIILFLOHVjHQOHYHU3RXUO¶LQWpULHXUGXIRXU

XWLOLVHUGHO¶HDXFKDXGHDYHFXQHpSRQJHJUDWWRLU,OH[LVWHGDQVOH

FRPPHUFHGHVSURGXLWVDGDSWpVDXQHWWR\DJHGXIRXU/HQHWWR\DJH

GXIRXUHVWIDVWLGLHX[,OH[LVWHHQRSWLRQGHVSDQQHDX[DXWRQHWWR\DQWV

VSpFLDX[DYHFXQpPDLOPLFURSRUHX[TXLSHXYHQWV¶DGDSWHUVXUOHV

IRXUVYRLUSDUDJUDSKHIRXUDXWRQHWWR\DQWSDUFDWDO\VH

3RXU QHWWR\HU OHV JULOOHV LQR[ XWLOLVH] XQH pSRQJH DYHF JUDWWRLU

$WWHQGUHTXHODVXUIDFHVRLWIURLGHDYDQWGHODQHWWR\HU/¶XWLOLVDWLRQ

G¶HDXIURLGHDXFRQWDFWGHODYLWUHFKDXGHSHXWEULVHUODYLWUH6LFHOD

GHYDLWDUULYHUODJDUDQWLHQHFRXYULUDLWSDVFHGRPPDJH3RXUFKDQJHU

O¶DPSRXOHG¶pFODLUDJHGXIRXUYHLOOH]jGpEUDQFKHUpOHFWULTXHPHQWOH

IRXU/HVDPSRXOHVGHIRXUVRQWVSpFLILTXHVHOOHVVRQWFRQoXHVSRXU

UpVLVWHUjXQHWHPSpUDWXUHpOHYpH

)5

,16758&7,2163285/¶87,/,6$7,21

(1

/DIRQFWLRQ&22./,*+7YRXVSHUPHWGHFXLUHGXQHIDoRQVDLQHHQUpGXLVDQWODTXDQWLWpGH

JUDLVVHRXGKXLOHQpFHVVDLUHjODFXLVVRQ*UkFHjOXWLOLVDWLRQFRPELQpHGXJULOGXYHQWLODWHXUHW

GXQEUDVVDJHGHODLUHOOHSHUPHWGHFRQVHUYHUODWHQHXUHQKXPLGLWpGHVDOLPHQWVHQFXLVDQWSOXV

UDSLGHPHQWVDQVSHUWHGHVDYHXUV/HEUDVVDJHGHODLUGDLUPDLQWLHQWOKXPLGLWpjOLQWpULHXUGX

IRXUHWFRQVHUYHOHVYDOHXUVQXWULWLRQQHOOHVGHVDOLPHQWVHQDVVXUDQWXQSURFHVVXVGHFXLVVRQ

UDSLGHHWXQLIRUPH

&HWWHIRQFWLRQHVWSDUWLFXOLqUHPHQWDGDSWpHSRXUODFXLVVRQGHVYLDQGHVHWGHVOpJXPHVJULOOpV

(VVD\HU&22./,*+7VXUWRXWHVYRVUHFHWWHVHWODLVVH]YRXVWHQWHUSDUODOpJqUHWpGHFHWWH

QRXYHOOHIRQFWLRQ

7(036'(&8,6621

)5

68**(67,21'(5(&(77(6

0XIILQVDX[OpJXPHV

,QJUpGLHQWV

JUGHFRXUJHWWHV

JUGHSRPPHVGHWHUUH

JUGHSDWDWHVGRXFHV

&RXSH]OHVSRPPHVGHWHUUHHWOHVSDWDWHVGRXFHV HQGpV )DLWHVERXLOOLUGH

OHDXHWSORQJH]\OHVGpVGHSRPPHGHWHUUHMXVTXjFHTXLOVVRLHQWELHQFXLWV

&RXSH]OHVFRXUJHWWHVHWOHVSRLYURQVHWIDLWHVOHVUHYHQLUGDQVXQHSRrOHDYHF

GHOKXLOHGROLYH$MRXWH]OHSDSULNDVDOH]HWSRLYUH]

0pODQJH]OHVGpVGHSRPPHVGHWHUUHHWGHSDWDWHVGRXFHVDX[DXWUHVOpJXPHV

DILQGREWHQLUXQHSXUpH$MRXWH]OHSURYRORQHSUpDODEOHPHQWUkSp

0pODQJH]ODFKDSHOXUHHWOHSDUPHVDQ,QFRUSRUH]ODPRLWLpjOD SUpSDUDWLRQj

EDVHGHSXUpHGHOpJXPHVHWGHSURYRORQH

)DULQH]GHVPRXOHVjPXIILQVHWUHPSOLVVH]OHVDYHFODSUpSDUDWLRQ6DXSRXGUH]

DYHFOHUHVWHGHFKDSHOXUHHWGHSDUPHVDQHWDMRXWH]XQWUDLWGKXLOHGROLYH

)DLWHVFXLUHDXIRXUDYHFODIRQFWLRQ&22./,*+7jGHJUpVSHQGDQWj

PLQXWHVMXVTXjFHTXLOVVRLHQWGRUpV

)ULWWDWDDX[OpJXPHVGDXWRPQH

,QJUpGLHQWV

°XIV

IOHXUVGHFRXUJHWWHV

&RXSH]HWIDLWHVERXLOOLUODSRPPHGHWHUUH&RXSH]OHSRWLURQHQGpVHW

SODFH]OHVXUXQSDSLHUVXOIXULVp)DLWHVOHFXLUHDXIRXUSHQGDQWPLQXWHVj

GHJUpV

)DLWHVXQHSXUpHDYHFOHVGpVGHSRWLURQ

%DWWH]OHV°XIVHWPpODQJH]DYHFOHVPRUFHDX[GHSRPPHVGHWHUUHHWODSXUpH

GHSRWLURQ$MRXWH]OHODLWHWOHSDUPHVDQ6DOH]HWSRLYUH]

$MRXWH]OHVIOHXUVGHFRXUJHWWHVSUpDODEOHPHQWODYpHVHWFRXSpHV

0HWWH]ODSUpSDUDWLRQGDQVXQSODWHWIDLWHVFXLUHSHQGDQWPLQXWHVDYHFOD

IRQFWLRQ&22./,*+7

SRLYURQURXJH

SRLYURQMDXQH

JUGHSURYRORQH

RXGHPPHQWDO



FXLOOqUHjFDIpGH

SDSULND

JUGHSDUPHVDQ

JUGHFKDSHOXUH

SRPPHGHWHUUH

WUDQFKHGHSRWLURQ



JUGHSDUPHVDQ

FXLOOqUHVjVRXSHGHODLW

)5

7(036'(&8,6621

/HSUpVHQWDSSDUHLOHVWPDUTXpFRQIRUPpPHQWjODGLUHFWLYH8(UHODWLYHDX[GpFKHWVGpTXLSHPHQWVpOHFWULTXHVHW

pOHFWURQLTXHV

'(((/HV '((( FRQWLHQQHQW j OD IRLV GHVVXEVWDQFHV SROOXDQWHV TXL SHXYHQW DYRLUGHV FRQVpTXHQFHV QpJDWLYHV VXU

OHQYLURQQHPHQWHW

GHVpOpPHQWVGHEDVHUpXWLOLVDEOHV,OHVWLPSRUWDQWGHVRXPHWWUHOHV'(((jGHVWUDLWHPHQWVVSpFLILTXHVHQYXHGH[WUDLUHHW

GpOLPLQHUGHIDoRQDSSURSULpHWRXWHVOHVVXEVWDQFHVSROOXDQWHVSXLVGHUpFXSpUHUHWUHF\FOHUWRXVOHVPDWpULDX[

&KDFXQSHXWMRXHUXQU{OHLPSRUWDQWTXDQWjODSURWHFWLRQGHOHQYLURQQHPHQWFRQWUHOHV'(((3RXUDWWHLQGUHFHWREMHFWLILOHVW

LPSpUDWLIGHVXLYUHTXHOTXHVUqJOHVpOpPHQWDLUHV

/HV'(((QHGRLYHQWSDVrWUHWUDLWpVFRPPHGHVGpFKHWVPpQDJHUV

,OVGRLYHQWrWUHUHPLVDX[SRLQWVGHFROOHFWHDSSURSULpVJpUpVSDUODPXQLFLSDOLWpRXSDUGHVVRFLpWpVLPPDWULFXOpHV'DQVSOXVLHXUVSD\VLOHVW

SRVVLEOHGHFROOHFWHUjGRPLFLOHOHV'(((YROXPLQHX[

/RUVTXHYRXVDFKHWH]XQQRXYHODSSDUHLOYRXVGHYH]UHWRXUQHUODQFLHQDXYHQGHXUTXLOHUpFXSqUHJUDWXLWHPHQWDXFDVSDUFDVjFRQGLWLRQ

TXHOpTXLSHPHQWVRLWGHW\SHpTXLYDOHQWHWSRVVqGHOHVPrPHVIRQFWLRQVTXHFHOXLIRXUQL

e&2120,((75(63(&7'(/(19,5211(0(17

/RUVTXHFHODHVWSRVVLEOHpYLWHUOHSUpFKDXIIDJHGXIRXUHWpYLWHUGHOHIDLUHWRXUQHUjYLGH1RXYUH]ODSRUWHGXIRXUTXHORUVTXHFHODHVW

QpFHVVDLUHFDULO\DGHVGpSHUGLWLRQVGHFKDOHXUjFKDTXHIRLVTXLOHVWRXYHUW3RXUXQHpFRQRPLHGpQHUJLHVLJQLILFDWLYHpWHLQGUHOHIRXUHQWUH

HWPLQXWHVDYDQWODILQGHFXLVVRQSUpYXHHWXWLOLVHUODFKDOHXUTXHOHIRXUFRQWLQXHGHJpQpUHU*DUGH]OHVMRLQWVSURSUHVHWHQERQpWDWSRXU

pYLWHUWRXWHGpSHUGLWLRQGpQHUJLH6LYRXVDYH]XQFRQWUDWpOHFWULTXHDYHFXQWDULIKHXUHFUHXVHOHSURJUDPPHFXLVVRQGLIIpUpHSHXWYRXVIDLUH

UpDOLVHUGHVpFRQRPLHVGpQHUJLHHQGpSODoDQWOHGpEXWGXSURJUDPPHjXQLQWHUYDOOHGHWHPSVjWDULIUpGXLW

$'9(57(1&,$(ODSDUDWR\VXVFRPSRQHQWHVDFFHVLEOHVVHFDOLHQWDQGXUDQWHHOXVR6HGHEHWHQHU

FXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHV

/RVQLxRVPHQRUHVGHDxRVGHEHQSHUPDQHFHUDOHMDGRVRVXSHUYLVDGRVGHIRUPDFRQWLQXDGDSRU

XQDSHUVRQDDGXOWD

(VWHDSDUDWRSXHGHVHUXVDGRSRUQLxRVPD\RUHVGHDxRV\SHUVRQDVFRQFDSDFLGDGHVItVLFDV

VHQVRULDOHVRPHQWDOHVUHGXFLGDVRIDOWDGHH[SHULHQFLD\FRQRFLPLHQWRVLHPSUH\FXDQGRKD\DQVLGR

VXSHUYLVDGDVRLQVWUXLGDVVREUHHOXVRGHODSDUDWRGHIRUPDVHJXUD\GHOFRQRFLPLHQWRGHORVULHVJRV

TXHFRPSRUWD

/RVQLxRVQRGHEHQMXJDUFRQHODSDUDWR

/DOLPSLH]D\HOPDQWHQLPLHQWRTXHGHEHUHDOL]DUHOXVXDULRQRVHUiUHDOL]DGDSRUQLxRVVLQVXSHUYLVLyQ

'XUDQWHHOXVRVHFDOLHQWDHODSDUDWR6HGHEHWHQHUFXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHVGHO

LQWHULRUGHOKRUQR

$'9(57(1&,$/DVSDUWHVDFFHVLEOHVSXHGHQFDOHQWDUVHGXUDQWHHOXVR/RVQLxRVGHEHQSHUPDQHFHU

DOHMDGRV

1RXWLOL]DUOLPSLDGRUHVDEUDVLYRVRUDVFDGRUHVPHWiOLFRVDILODGRVSDUDOLPSLDUHOFULVWDOGHODSXHUWDGHO

KRUQR\DTXHSXHGHQUD\DUODVXSHUILFLHSXGLHQGRFRPSRUWDUODURWXUDGHOFULVWDO

6HGHEHDSDJDUHOKRUQRDQWHVGHUHWLUDUODSDQWDOODGHVSXpVGHODOLPSLH]DVHGHEHFRORFDUVHJ~QODV

LQVWUXFFLRQHV

8VHVRODPHQWHHOVHQVRUGHWHPSHUDWXUDUHFRPHQGDGRSDUDHVWHKRUQR

1RXWLOLFHOLPSLDGRUHVGHYDSRUSDUDODOLPSLH]DGHODSDUDWR

$'9(517(1&,$$VHJ~UHVHGHTXHHODSDUDWRHVWiDSDJDGRDQWHVGHVXVWLWXLUODOiPSDUDSDUDHYLWDUOD

SRVLELOLGDGGHXQDGHVFDUJDHOpFWULFD

/RVPHGLRVGHGHVFRQH[LyQGHEHQVHULQFRUSRUDGRVHQHOFDEOHDGRILMRHQFRQIRUPLGDGFRQODVUHJODV

GHOFDEOHDGR

ODVLQVWUXFFLRQHVLQGLFDUiQHOWLSRGHFDEOHDXWLOL]DUWHQLHQGRHQFXHQWDODWHPSHUDWXUHGHODSDUWH

SRVWHULRUGHODSDUDWR

6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGRVHGHEHVXVWLWXLUSRUXQFDEOHRFRQMXQWRHVSHFLDOVXPLQLVWUDGR

SRUHOIDEULFDQWHRHOVHUYLFLRWpFQLFR

35(&$8&,Ï1&RQHOILQGHHYLWDUSHOLJURVGHULYDGRVGHDOWHUDFLRQHVHQHOVXPLQLVWURHQHUJpWLFRHVWH

DSDUDWR QR GHEH VHU VXPLQLVWUDGR D WUDYpV GH XQ GLVSRVLWLYR GH FRQPXWDFLyQ H[WHUQR FRPR XQ

WHPSRUL]DGRURFRQHFWDGRDXQFLUFXLWRTXHVHDHQFHQGLGR\DSDJDGRIUHFXHQWHPHQWHSRUORVVHUYLFLRV

S~EOLFRV

35(&$8&,Ï1 /DV SDUWHV DFFHVLEOHV VH SXHGHQ FDOHQWDU FRQ HO XVR GHO JULOO /RV QLxRV GHEHQ

SHUPDQHFHUDOHMDGRV

6HGHEHHOLPLQDUHOH[FHVRGHGHUUDPHVDQWHVGHODOLPSLH]D

'XUDQWHODRSHUDFLyQGHDXWROLPSLH]DSLUROtWLFDODVVXSHUILFLHVSXHGHQFDOHQWDUVHPiVGHORKDELWXDO

ORVQLxRVGHEHQSHUPDQHFHUDOHMDGRV

,16758&&,21(63$5$818626(*852

(6

,16758&&,21(6*(1(5$/(6

/HDJUDGHFHPRVTXHKD\DHOHJLGRXQRGHQXHVWURVSURGXFWRV3DUDREWHQHUGHHVWHHOHFWURGRPpVWLFRODVPHMRUHVSUHVWDFLRQHVDFRQVHMDPRV

/HHUDWHQWDPHQWHODVDGYHUWHQFLDVFRQWHQLGDVHQHOSUHVHQWHPDQXDO

&RQVHUYDUFRQFXLGDGRHVWHPDQXDOSDUDFXDOTXLHUFRQVXOWDSRVWHULRU

&XDQGRHODSDUDWRHVWjHQIXQFLRQDPHQWRWRGRVVXVHOHPHQWRVDVVHVVLEOHVHVWDQFDOLHQWHV3RUHOORWHQJDFXLGDGRGHQRWRFDUHVWRVHOHPHQWRV

'XUDQWHODSULPHUDSXHVWDHQIXQFLRQDPLHQWRGHOKRUQRSXHGHSURGXFLUVHXQKXPRGHRORUDFUHFDXVDGRSRUHOSULPHUFDOHQWDPLHQWRGHOSHJDPHQWRGHORV

SDQHOHVGHDLVODPLHQWRTXHHQYXHOYHQHOKRUQR6HWUDWDGHXQIHQyPHQRDEVROXWDPHQWHQRUPDO\HQFDVRGHYHULILFDUVHHVSUHFLVRHVSHUDUDODH[WLQFLyQGHO

KXPRDQWHVGHLQWURGXFLUORVDOLPHQWRV

3RUVXQDWXUDOH]DHOKRUQRHVXQDSDUDWRTXHVHFDOLHQWDGHPRGRSDUWLFXODUHOFULVWDOGHODSXHUWD

(VWHDSDUDWRHQODVSDUWHVGHVWLQDGDVDHVWDUHQFRQWDFWRFRQORVDOLPHQWRVFXPSOHOD'LUHFWLYD&((

$OPRVWUDUHOORJRPDUFDGRHQHVWHSURGXFWRGHFODUDPRVEDMRQXHVWUDSURSLDUHVSRQVDELOLGDGHOFXPSOLPLHQWRGHWRGRVORVUHTXLVLWRVHXURSHRVHQ

WpUPLQRVGHVHJXULGDGVDOXG\PHGLRDPELHQWHHVWDEOHFLGRVHQODOHJLVODFLyQGHHVWHSURGXFWR

'(&/$5$&,Ï1'(&21)250,'$'

(VWHDSDUDWRHVWiHWLTXHWDGRFRQIRUPHDOD'LUHFWLYDHXURSHD(8VREUHUHVLGXRVGHDSDUDWRVHOpFWULFRV\HOHFWUyQLFRV

5$((/D5$((FRQWLHQHWDQWRVXVWDQFLDVFRQWDPLQDQWHVTXHSXHGHQJHQHUDUFRQVHFXHQFLDVQHJDWLYDVSDUDHOPHGLRDPELHQWHFRPR

FRPSRQHQWHVEiVLFRVTXHSXHGHQUHXWLOL]DUVH(VLPSRUWDQWHVRPHWHUORV5$((DWUDWDPLHQWRVHVSHFtILFRVFRQHOILQGHUHWLUDU\HOLPLQDU

FRUUHFWDPHQWHWRGRVORVFRQWDPLQDQWHV\UHFLFODUWRGRVORVPDWHULDOHV/RVXVXDULRVSXHGHQGHVHPSHxDUXQDIXQFLyQLPSRUWDQWHSDUD

JDUDQWL]DUTXHORV5$((QRUHSUHVHQWHQXQSUREOHPDDPELHQWDOHVHVHQFLDOTXHVHVLJDQDOJXQDVUHJODV

/RV5$((QRVHGHEHQWUDWDUFRPRUHVLGXRVGRPpVWLFRV

/RV5$((VHGHEHQGHSRVLWDUHQORVSXQWRVGHUHFROHFFLyQFRUUHVSRQGLHQWHVJHVWLRQDGRVSRUODPXQLFLSDOLGDGRSRUHPSUHVDVUHJLVWUDGDV

(QPXFKRVSDtVHVSDUDORV5$((GHJUDQWDPDxRSXHGHH[LVWLUODUHFROHFFLyQGRPLFLOLDULD

&XDQGRFRPSUHXQQXHYRDSDUDWRHODQWHULRUGHEHGHYROYHUVHDOYHQGHGRUTXHORGHEHUHFROHFWDUJUDWXLWDPHQWHGHPDQHUDLQGLYLGXDOVLHPSUHTXHHO

HTXLSRVHDGHXQWLSRHTXLYDOHQWH\TXHWHQJDODVPLVPDVIXQFLRQHVTXHHOHTXLSRHQWUHJDGR

$+255$5<5(63(7$5(/0(',2$0%,(17(

&XDQGRHVSRVLEOHHYLWDUHOSUHFDOHQWDPLHQWRGHOKRUQR\HYLWDUKDFHUORIXQFLRQDUYDFtR$EULUODSXHUWDGHOKRUQR~QLFDPHQWHFXDQGRHVQHFHVDULR

SRUTXHKD\GHVSHUGLFLyQGHFDORUFDGDYH]TXHVHDEUH3DUDXQDKRUURGHHQHUJtDVLJQLILFDWLYRDSDJDUHOKRUQRHQWUH\PLQXWRVDQWHVGHOILQDO

SUHYLVWRGHODFRFFLyQ\XVDUHOFDORUTXHHOKRUQRVLJXHJHQHUDQGR0DQWHQHUODVMXQWDVOLPSLDV\HQEXHQHVWDGRSDUDHYLWDUFXDOTXLHUGHSHUGLFLyQGH

HQHUJtD6LWLHQHXQFRQWUDWRHOpFWULFRFRQXQDWDULIDGHKRUDVYDOOHVHOSURJUDPDFRFFLyQGLIHULGDSXHGHSHUPLWLUOHDKRUUDUHQHUJtDGHVSOD]DQGRHO

SULQFLSLRGHOSURJUDPDDXQDIUDQMDKRUDULDFRQWDULIDUHGXFLGD

(6

(QFKXIH OD FODYLMD HQ XQD EDVH SURYLVWD GH XQ WHUFHU FRQWDFWR

FRUUHVSRQGLHQWH D OD WRPD GH WLHUUD OD FXDO GHEHUi FRQHFWDUVH

FRUUHFWDPHQWH

(QORVPRGHORVGHVSURYLVWRVGHFODYLMDPRQWHXQDFODYLMDHVWiQGDUHQ

HO FDEOH FDSD] GH VRSRUWDU OD FDUJD LQGLFDGD HQ OD SODFD GH

FDUDFWHUtVWLFDV (O KLOR GH WLHUUD HV GH FRORU DPDULOORYHUGH (VWD

RSHUDFLyQGHEHUiUHDOL]DUODXQWpFQLFRHVSHFLDOL]DGR

(QFDVRGHTXHODEDVH\ODFODYLMDGHODSDUDWRVHDQLQFRPSDWLEOHV

KDJD TXH XQ WpFQLFR HVSHFLDOL]DGR OH FDPELH OD EDVH SRU RWUD

DGHFXDGD

7DPELpQSXHGHHIHFWXDUODFRQH[LyQDODUHGLQWHUFDODQGRHQWUHHO

DSDUDWR\ODUHGXQLQWHUUXSWRURPQLSRODUSUHSDUDGRSDUDODFDUJD\

FRQDUUHJORDODVQRUPDVYLJHQWHV(OKLORGHWLHUUDDPDULOORYHUGHQR

GHEHTXHGDULQWHUUXPSLGRSRUHOLQWHUUXSWRU

/DEDVHRHOLQWHUUXSWRURPQLSRODUXWLOL]DGRVSDUDODFRQH[LyQGHEHQ

HVWDU VLWXDGRV HQ XQ OXJDU IiFLOPHQWH DFFHVLEOH \ FHUFD GHO

HOHFWURGRPpVWLFRLQVWDODGR

,PSRUWDQWH HQ OD IDVH GH LQVWDODFLyQ FRORTXH HO FDEOH GH

DOLPHQWDFLyQ GH PDQHUD TXH HQ QLQJ~Q SXQWR DOFDQFH XQD

WHPSHUDWXUDVXSHULRUDORV&DWHPSHUDWXUDDPELHQWH

(O DSDUDWR FXPSOH ORV UHTXLVLWRV GH VHJXULGDG SUHYLVWRV SRU ORV

LQVWLWXWRVQRUPDWLYRV6yORVHJDUDQWL]DODVHJXULGDGHOpFWULFDGHHVWH

DSDUDWRVLKDVLGRFRQHFWDGRFRUUHFWDPHQWHDXQDLQVWDODFLyQGHWRPD

GHWLHUUDHILFD]FRQDUUHJORDORGLVSXHVWRHQODVQRUPDVYLJHQWHVGH

VHJXULGDGHOpFWULFDHQFDVRGHGXGDH[LMDXQFRQWUROH[KDXVWLYRGH

ODLQVWDODFLyQSRUSDUWHGHXQWpFQLFRHVSHFLDOL]DGR(OIDEULFDQWH

GHFOLQDWRGDUHVSRQVDELOLGDGSRUORVSRVLEOHVGDxRVFDXVDGRVSRUOD

IDOWDGHFRQH[LyQDWLHUUDGHODLQVWDODFLyQ

,PSRUWDQWHHOIDEULFDQWHTXHGDH[HQWRGHFXDOTXLHUUHVSRQVDELOLGDG

SRUORVSRVLEOHVGDxRVSHUVRQDOHVRPDWHULDOHVFDXVDGRVSRUODIDOWD

GHFRQH[LyQDWLHUUD

$7(1&,Ï1 /D WHQVLyQ \ IUHFXHQFLD GH DOLPHQWDFLyQ HVWiQ

LQGLFDGDVHQODWDUMHWDGHPDWUtFXODHQOD~OWLPDSiJLQD

&RPSUXHEHTXHODFDSDFLGDGHOpFWULFDGHODLQVWDODFLyQGHODVEDVHV

VHDQDGHFXDGDVSDUDODSRWHQFLDPi[LPDGHODSDUDWRLQGLFDGDHQOD

SODFD GH FDUDFWHUtVWLFDV (Q FDVR GH GXGD GLUtMDVH D XQ WpFQLFR

FXDOLILFDGR

&21(;,Ï1(/e&75,&$

,1)250$&,Ï162%5(6(*85,'$'

(VWHDSDUDWRGHEHUiGHVWLQDUVH~QLFDPHQWHDOXVRSDUDHOFXDOKD

VLGRHVSHFLDOPHQWHFRQFHELGRHVGHFLUSDUDODFRFFLyQGHDOLPHQWRV

&XDOTXLHU RWUR XVR SRU HMHPSOR FDOHQWDPLHQWR D WHPSHUDWXUD

DPELHQWHGHEHFRQVLGHUDUVHLPSURSLR\SRUORWDQWRSHOLJURVR

(O IDEULFDQWH GHFOLQD WRGD UHVSRQVDELOLGDG SRU ORV SRVLEOHV GDxRV

FDXVDGRVSRUHOXVRLPSURSLRHUUyQHRHLUUDFLRQDOGHODSDUDWR

(OXVRGHFXDOTXLHUDSDUDWRHOpFWULFRFRPSRUWDODREVHUYDFLyQGH

DOJXQDVUHJODVIXQGDPHQWDOHV(QSDUWLFXODU

²1RWLUHGHOFDEOHGHDOLPHQWDFLyQSDUDGHVHQFKXIDUHODSDUDWR

²1RWRTXHHODSDUDWRFRQODVPDQRVRORVSLHVK~PHGRVRPRMDGRV

²1RXWLOLFHHODSDUDWRVLQROOHYDFDO]DGR

²1RXWLOLFHDGDSWDGRUHVODGURQHVQLDODUJDGRUHV

²(QFDVRGHDYHUtDRGHPDOIXQFLRQDPLHQWRGHODSDUDWRDSiJXHOR\

QRORPDQLSXOH

(Q FDVR GH GHWHULRUR GHO FDEOH VXVWLW~\DOR LQPHGLDWDPHQWH FRQ

DUUHJORDODVVLJXLHQWHVLQGLFDFLRQHV

²VDTXHHOFDEOHGHDOLPHQWDFLyQ\VXVWLW~\DORSRUXQRWLSR+55

)+99)+99)\DGHFXDGRDODSRWHQFLDGHODSDUDWR

²HVWDRSHUDFLyQGHEHUiUHDOL]DUODXQWpFQLFRHVSHFLDOL]DGR(OKLOR

GHWLHUUDDPDULOORYHUGHGHEHVHUREOLJDWRULDPHQWHPPPiVODUJR

TXHORVFRQGXFWRUHVGHOtQHD

(QFDVRGHTXHHODSDUDWRSUHFLVHVHUUHSDUDGRGLUtMDVH~QLFDPHQWHD

XQFHQWURGHDVLVWHQFLDWpFQLFDDXWRUL]DGR\H[LMDSLH]DVGHUHFDPELR

RULJLQDOHV

1RREVHUYDUWRGRORPHQFLRQDGRSXHGHFRPSURPHWHUODVHJXULGDGGHO

DSDUDWR

1R IRUUDU ODV SDUHGHV GHO KRUQR FRQ DOXPLQLR X RWUDV

SURWHFFLRQHV GLVSRQLEOHV HQ WLHQGDV (O DOXPLQLR R ORV

SURWHFWRUHVHQFRQWDFWRGLUHFWRFRQHOHVPDOWHFDOLHQWHSXHGH

GHUUHWLUVH\GHWHULRUDUHOHVPDOWHGHOLQWHULRU

,167$/$&,Ï1

/DLQVWDODFLyQFRUUHDFDUJRGHOFRPSUDGRU\HO)DEULFDQWHTXHGD

H[HQWRGHHVWHVHUYLFLRHYHQWXDOHVLQWHUYHQFLRQHVUHTXHULGDVDOD

&DVD&RQVWUXFWRUDTXHGHSHQGDQGHXQDLQVWDODFLyQLQFRUUHQWDQR

HVWiQLQFOXLGDVHQOD*DUDQWLD

/D LQVWDODFLyQ GHEH VHU HIHFWXDGD VHJ~Q ODV LQVWUXFFLRQHV SRU

SHUVRQDO SURIHVLRQDOPHQWH FXDOLILFDGR 8QD LQVWDODFLyQ HUUyQHD

SXHGHFDXVDUGDxRVDSHUVRQDVDQLPDOHVRFRVDVGHORVFXDOHVHO

IDEULFDQWHQRSXHGHVHUFRQVLGHUDGRUHVSRQVDEOH

3DUDJDUDQWL]DUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRHQFDVWUDEOH

HVQHFHVDULRTXHHOPXHEOHWHQJDODVFDUDFWHUtVWLFDVDGHFXDGDV/RV

SDQHOHV GH ORV PXHEOHV DG\DFHQWHV DO KRUQR GHEHUiQ VHU GH XQ

PDWHULDOUHVLVWHQWHDOFDORU(QHOFDVRGHORVPXHEOHVGHPDGHUD

FKDSDGDHOHQFRODGRGHEHUiUHVLVWLUXQDWHPSHUDWXUDGH&ORV

PDWHULDOHVSOiVWLFRVRHQFRODGRVTXHQRUHVLVWDQHVWDWHPSHUDWXUD

SXHGHQGHIRUPDUVHRGHVSHJDUVH

'H DFXHUGR FRQ ODV QRUPDV GH VHJXULGDG XQDYH] HPSRWUDGR HO

DSDUDWRQRGHEHQH[LVWLUFRQWDFWRVFRQODVSLH]DVHOpFWULFDV7RGDV

ODV SLH]DV SURWHFWRUDV GHEHQ ILMDUVH GH PDQHUD TXH QR SXHGDQ

VDFDUVHVLQODD\XGDGHXQXWHQVLOLR

3DUDJDUDQWL]DUXQDEXHQDYHQWLODFLyQGHEHHOLPLQDUVHODSDUHG

SRVWHULRUGHOKXHFR\HOSDQHOGHDSR\RGHEHWHQHUXQDDSHUWXUD

PtQLPDGHPP

(VQHFHVDULROLPSLDUHOHTXLSDPLHQWRGHOKRUQRDQWHVGHVXSULPHU

XVR/LPSLHFRQXQDHVSRQMD\VpTXHOR

/DUHMLOODVLPSOHVLUYHGHVRSRUWHSDUDORVPROGHV\ODVIXHQWHV

/DUHMLOODSDUDVRVWHQHUODVIXHQWHVVLUYHPiVHVSHFLDOPHQWHSDUD

(48,3$0,(172'(/+2512VHJ~QHOPRGHOR

,1752'8&&,Ï1'(/08(%/(

,QWURGX]FDHODSDUDWRHQHOKXHFRGHOPXHEOHEDMRHQFLPHUDRHQ

FROXPQD(OKRUQRVHILMDLQWURGXFLHQGRWRUQLOORVHQORVDJXMHURVGHO

PDUFRYLVLEOHVDODEULUODSXHUWD

&RQHOREMHWRGHSHUPLWLUXQDPHMRUYHQWLODFLyQGHOPXHEOHHPSRWUHHO

KRUQRUHVSHWDQGRODVPHGLGDV\ODVGLVWDQFLDVLQGLFDGDVHQOD~OWLPD

SiJLQD

1RWD3DUDORVKRUQRVTXHGHEDQDFRSODUVHDXQDHQFLPHUDUHVXOWD

LQGLVSHQVDEOH UHVSHWDU ODV LQVWUXFFLRQHV FRQWHQLGDV HQ HO PDQXDO

DGMXQWRDODSDUDWRDDFRSODU

,03257$17(

FRORFDUODVSDUULOODGDV'HEHXWLOL]DUVH

MXQWRFRQODEDQGHMDTXHUHFRJHHOMXJR

GHFRFFLyQJUDVHUD

*UDFLDVDVXSHUILOHVSHFLDOODVUHMLOODV

SHUPDQHFHQ HQ KRUL]RQWDO KDVWD HO

WRSH 1R KD\ QLQJ~Q ULHVJR GH

GHVOL]DPLHQWRRGHGHVERUGDPLHQWRGH

ODIXHQWH

/DJUDVHUDVLUYHSDUDUHFRJHUHOMXJRGH

ODV SDUULOODGDV 6yOR VH GHEH XWLOL]DU HQ

PRGR*ULOO$VDGRUR7XUERJULOOVHJ~QHO

PRGHOR3DUDORVRWURVPRGRVGHFRFFLyQ

UHWtUHODGHOKRUQR

1RXWLOLFHQXQFDODJUDVHUDFRPRIXHQWHSDUDDVDU(OORSURYRFDUtD

HPDQDFLyQGHKXPRVVDOSLFDGXUDVGHJUDVD\XQHQVXFLDPLHQWR

UiSLGR

(O6HWSDUD3L]]DHVLGHDOSDUDFRFLQDU

SL]]DV(OVHWGHEHXWLOL]DUVHGHIRUPD

FRPELQDGDFRQODIXQFLyQ3L]]D

/DEDQGHMDGHOKRUQR

/DEDQGHMDGHOKRUQRHVLGHDOSDUDDVDU

ÒVHORMXQWRFRQODEDQGHMDGHJRWHR8Q

SRPR R PDQLYHOD YLHQH LQFOXLGR SDUD

D\XGDU D PRYHU ORV DFFHVRULRV GH

PDQHUD VHJXUD 1R GHMH HVWH SRPR R

PDQLYHODGHQWURGHOKRUQR

'XUDQWHODXWLOL]DFLyQGHOKRUQRORVDFFHVRULRVTXHQRXWLOLFH

GHEHQVHUUHWLUDGRVGHOPLVPR

/RVKRUQRVWLHQHQXQFRQWUROHOHFWUyQLFRGHODYHORFLGDG

GHO YHQWLODGRU TXH HVWi SDWHQWDGR SRU &DQG\ \ TXH VH OODPD

9$5,2)$1 'XUDQWH OD FRFFLyQ HVWH VLVWHPD FDPELD

DXWRPiWLFDPHQWH OD YHORFLGDG GHO YHQWLODGRU HQ HO PRGR

PXOWLIXQFLyQSDUDRSWLPL]DUHOIOXMRGHDLUH\ODWHPSHUDWXUHLQWHUQD

GHOKRUQR

9HQWDMDV

(OVLVWHPDDGHPiVGHRIUHFHUXQDH[FHOHQWHLOXPLQDFLyQ

GHQWURGHOKRUQRGXUDPXFKRPiVWLHPSRTXHODERPELOODWUDGLFLRQDO

\FRQVXPHPXFKR PHQRVSRUORTXH

DKRUUDHQHUJtD

9LVLyQySWLPD

*UDQYLGD~WLO

&RQVXPRPX\EDMRGHHQHUJtD

HQ FRPSDUDFLyQ FRQ OD WUDGLFLRQDO

LOXPLQDFLyQ

(OHOHFWURGRPpVWLFRTXHOOHYDXQ/('EODQFRGHOD0&ODVHVHJ~Q,(&

$$HTXLYDOHQWHD(1

$   $  OD SRWHQFLD GH OX] Pi[LPD TXH HPLWH QP

X:1RREVHUYDGRGLUHFWDPHQWHFRQORVLQVWUXPHQWRVySWLFRV

(6

&216(-26Ò7,/(6

5(-,//$6+25126,67(0$'(68-(&,Ï1

(OKRUQRHVWiGRWDGRGHXQQXHYRVLVWHPD

GHVXMHFLyQGHODVUHMLOODV

(VWH VLVWHPD SHUPLWH H[WUDHU ODV UHMLOODV

FDVL SRU FRPSOHWR VLQ TXH FDLJDQ \

PDQWHQLpQGRODV SHUIHFWDPHQWH HQ SODQR

SHUPLWLHQGR YHULILFDU \ PH]FODU ORV

DOLPHQWRV FRQ OD Pi[LPD WUDQTXLOLGDG \

VHJXULGDG

3DUDH[WUDHUODVUHMLOODVHVVXILFLHQWHFRPR

VH LQGLFD HQ HO GLEXMR OHYDQWDUODV

FRJLpQGRODVSRUODSDUWHDQWHULRU\WLUDUGHHOODV

/$&2&&,Ï1$/*5,//

(VWHWLSRGHFRFFLyQSHUPLWHHOGRUDGRUiSLGRGHORVDOLPHQWRV&RQ

HVWHILQOHDFRQVHMDPRVLQWURGXFLUODUHMLOODJHQHUDOPHQWHHQHOR

HVWDQWHVHJ~QODVGLPHQVLRQHVGHORVDOLPHQWRVSiJ&DVLWRGDV

ODVFDUQHVSXHGHQVHUFRFLGDVDOJULOOH[FHSWRDOJXQDVFDUQHVWLHUQDV

GHFD]D\DOEyQGLJDV

/DFDUQH\HOSHVFDGR SDUD FRFLQDUDOJULOOGHEHQVHU OLJHUDPHQWH

XQWDGRVFRQDFHLWH

6(*Ô102'(/26

(VXQVLVWHPDGHLOXPLQDFLyQTXHUHHPSOD]DDODWUDGLFLRQDOOiPSDUD

OXFHV/('VHVWiQLQWHJUDGRVHQHOLQWHULRUGHODSXHUWDV(VWDVSURGXFHQ

XQDOX]EODQFD GHFDOLGDGODFXDOSHUPLWHYHUHOLQWHULRUGHOKRUQRFRQ

FODULGDGVLQQLQJ~QWLSRGHVRPEUDHQODVGLIHUHQWHVDOWXUDVREDOGDVGHO

KRUQR

+2512$872/,03,$17(&$7$/Ë7,&2

/RVSDQHOHVHVSHFLDOHVDXWROLPSLDQWHVUHFXELHUWRVSRUXQHVPDOWH

FRQHVWUXFWXUDPLFURSRURVDRIUHFLGRVFRPRDFFHVRULRVRSFLRQDOHV

HQXQRVPRGHORVRGHVHULHHQRWURVHOLPLQDQODOLPSLH]DPDQXDOGHO

KRUQR

/DVJUDVDVSUR\HFWDGDVVREUHODVSDUHGHVGXUDQWHODFRFFLyQVRQ

GHVFRPSXHVWDVSRUHOHVPDOWHPHGLDQWHXQSURFHVRFDWDOtWLFRGH

R[LGDFLyQ\VRQWUDQVIRUPDGRVHQSURGXFWRVJDVRV

6DOSLFDGXUDV H[FHVLYDV GH JUDVD SXHGHQ REVWUXLU ORV SRURV \ SRU

FRQVLJXLHQWH LPSHGLU OD DXWROLPSLH]D WDO FDUDFWHUtVWLFD SXHGp VHU

UHVWDEOHFLGiPHGLDQWHXQFDOHQWDPLHQWRGHXQRVPLQXWRVGHO

KRUQRYDFtRSURJUDPiQGRHOKRUQRDODPi[LPDWHPSHUDWXUD1RXVDU

SURGXFWRV DEUDVLYRV EDULOODV PHWiOLFDV REMHWRV GH SXQWD SDxRV

UXJRVRV SURGXFWRV TXtPLFRV R MDERQHV TXH SXHGLHUDQ GDxDU

LUUHPHGLDEOHPHQWHHOHVPDOWH

7RGRVORVKRUQRVWLHQHQODIXQFLyQ

(VWDIXQFLyQSHUPLWHODGLVWULEXFLyQGHODKXPHGDG\GHOD

WHPSHUDWXUD5HGXFHODSHUGLGDGHKXPHGDGHQXQ

ORTXHJDUDQWL]DXQDOLPHQWRPiVVDEURVR\WLHUQR(VWD

IXQFLyQHVUHFRPHQGDGDSDUDFRFLQDUSDVWHOHV\SDQ

/RVPRGHORV

/DIXQFLyQ6SULQWHUUHGXFHHOWLHPSRGHFDOHQWDPLHQWRGHO

KRUQRHQVyORPLQXWRVDOFDQ]D

$OJXQRV KRUQRV YLHQHQ HTXLSDGRV FRQ OD QXHYD FRQWUDSXHUWD GH

FULVWDO OD FXDO WLHQH XQD PD\RU iUHD GHFULVWDO \ SHUPLWH XQ PHMRU

DLVODPLHQWR

/D IXQFLyQ 6XSHUJULOO Gi OD SRVLELOLGDG GH DXPHQWDU OD

LQWHQVLGDG GHO WRVWDGR /D SRWHQFLD 6XSHUJULOO VH

LQFUHPHQWDXQUHVSHFWRDXQJULOOFRQYHQFLRQDO

)81&,Ï1$48$&7,9$

/DIXQFLyQ$TXDFWLYDXWLOL]DYDSRUSDUDD\XGDUDHOLPLQDUORVUHVWRV

GHJUDVD\GHDOLPHQWRVGHOKRUQR

9HUWHUPOGHDJXDHQHOGHSyVLWRGH$TXDFWLYDHQODSDUWH

LQIHULRUGHOKRUQR

6HOHFFLRQDUODIXQFLyQ³(VWiWLFD´R5HVLVWHQFLD,QIHULRU

6HOHFFLRQDUHO,FRQRGH$TXDFWLYDHQHOPDQGR

GH7HPSHUDWXUD

(OSURJUDPDVHOHFFLRQDGRGHEHIXQFLRQDUGXUDQWHPLQXWRV

8QDYH]WUDQVFXUULGRORVPLQXWRVDSDJDUHOSURJUDPD\GHMDU

TXHHOKRUQRVHHQIUtH

&XDQGRVHKD\DHQIULDGRHOKRUQROLPSLDUODVVXSHUILFLHV

LQWHUQDVGHOKRUQRFRQXQSDxR

$GYHUWHQFLD

$VHJ~UHVHGHTXHHODSDUDWRHVWpFRPSOHWDPHQWHIUtRDQWHVGH

WRFDUOR

6HGHEHWHQHUFXLGDGRFRQWRGDVODVVXSHUILFLHVFDOLHQWHVSDUD

HYLWDUULHVJRVGHTXHPDGXUDV

6HUHFRPLHQGDXWLOL]DUDJXDSRWDEOHRGHVWLODGD

PO

([WUDFFLyQ\OLPSLH]DGHODVJXtDVODWHUDOHV

4XLWDU ODVWXHUFDV PROHWHDGDVJLUiQGRODV HQ VHQWLGR FRQWUDULR D ODV

DJXMDVGHOUHORM

4XLWDUODVJXtDVODWHUDOHVPHWiOLFDVWLUDQGRGHHOODVKDFLDWL

/LPSLDUODVJXtDVODWHUDOHVPHWiOLFDVHQHOODYDYDMLOODVRELHQHPSOHDQGR

XQDHVSRQMDK~PHGD\VHFiQGRODVSRVWHULRUPHQWH

'HVSXpVGHOSURFHVRGHOLPSLH]DPRQWDUODVJXtDVODWHUDOHVPHWiOLFDV

HQRUGHQLQYHUVRDOPHQFLRQDGRDQWHULRUPHQWH

)LMDUODVWXHUFDVPROHWHDGDV

La pagina si sta caricando...

Candy FCP602N Manuale utente

Marca: Candy

Modello: FCP602N

Tipo: Manuale utente

Scarica PDF

rapporto

Candy FCP602N Manuale utente

Candy FCP602N Manuale utente

Documenti correlati

Altri documenti