Von Arx VA 25 S User manual

2SHUDWLQJPDQXDO
%HGLHQXQJVDQOHLWXQJ
*HEUXLNVDDQZLM]LQJ
0RGHGµHPSORL
,VWUX]LRQLSHUOµXVR
,QVWUXFFLyQGHPDQHMR
7\SHV7\SHQ0RGHOV7\SHV0RGHOOL0RGHORV
9$6

0DFKLQHV
0DVFKLQHQ
0DFKLQHV
0DFFKLQH
0iTXLQDV
7RROV
:HUN]HXJH
2XWLOV
8WHQVLOL
+HUUDPLHQWDV
&XVWRPHUVHUYLFH
6HUYLFH
6HUYLFHFOLHQWqOH
6HUYL]LRFOLHQWHOD
6HUYLFLRWpFQLFR
%
&RS\ULJKW9RQ$U[$*


 $OOJHPHLQH+LQZHLVH
9RUGHU,QEHWULHEQDKPH
6WXGLXPGLHVHU%HWULHEVDQZHLVXQJ
$EELOGXQJHQXQGWHFKQLVFKHbQGHUXQJHQ
hEHUVHW]XQJHQ
$XIEHZDKUXQJ
6FKXW]UHFKWH9RQ$U[$*
:HLWHUH$QJDEHQ
 6LFKHUKHLWVKLQZHLVH
 $OOJHPHLQHU6LFKHUKHLWVKLQZHLV
 +HUYRUKHEXQJHQLQGLHVHU$QZHLVXQJ
 6LFKHUKHLWVKLQZHLVH
 %HVWLPPXQJVJHPlVVH9HUZHQGXQJ
 6LFKHUKHLWVEHZXVVWHV$UEHLWHQ
 :HLWHUH6LFKHUKHLWVYRUVFKULIWHQ
 (LQVDW]EHUHLFK
 :HUN]HXJH
 /DPHOOHQ7URPPHOQ
 6RQGHU]XEHK|U
 $UEHLWHQ
 ,QEHWULHEQDKPH
 $UEHLWVYRUEHUHLWXQJ
 :HUN]HXJWURPPHOZHFKVHOQEHVWFNHQ
 6WDXEVDXJDQODJHDQVFKOLHVVHQ
 $UEHLWVWLHIHHLQVWHOOHQ
 $UEHLWVÀlFKHYRUEHUHLWHQ
 0DVFKLQHNRQWUROOLHUHQ
 %HGLHQXQJ
 0DVFKLQHVWDUWHQ2EHUÀlFKHQEHDUEHLWHQ
 $EVFKOXVVDUEHLWHQ
 0DVFKLQH6WDXEVDXJDQODJHDEVFKDOWHQ
 0DVFKLQHODJHUQ
 3ÁHJHXQG:DUWXQJ
 :DUWXQJVSODQ
 :DUWXQJVDUEHLWHQ
 5HSDUDWXUHQ
 )HKOHUVXFKH
 7HFKQLVFKH'DWHQ
 0DVFKLQHQEHVFKUHLEXQJXQG
 )XQNWLRQVSULQ]LS
$XIEDXGHU0DVFKLQH
)XQNWLRQVZHLVH
 (UVDW]WHLOOLVWHQ
 .XQGHQGLHQVW
 V%HGLHQXQJVDQOHLWXQJÅ$´ 
 1RWHVIRUWKHXVHU
 %HIRUHXVLQJ
 5HDGLQJWKHRSHUDWLQJLQVWUXFWLRQV
 ,OOXVWUDWLRQVDQGWHFKQLFDOVSHFL¿FDWLRQV
7UDQVODWLRQV
6DIHNHHSLQJ
3URWHFWLRQULJKWV9RQ$U[$*
)XUWKHULQIRUPDWLRQV
 6DIHW\LQVWUXFWLRQV
 )RU\RXUVDIHW\
 0DUNHGSDUWVRIWKHVHRSHUDWLQJLQVWUXFWLRQ
 6DIHW\LQVWUXFWLRQV
 3URSHUXVH
 6DIHW\DQGUHVSRQVLELOLW\DWZRUN
 )XUWKHUVDIHW\LQVWUXFWLRQV
 2SHUDWLQJUDQJH
 7RROV
 &XWWHUVGUXPV
 6SHFLDODFFHVVRULHV
 2SHUDWLRQ
 &RPPLVVLRQLQJ
 :RUNSUHSDUDWLRQ
 &KDQJLQJ¿WWLQJRXWWKHWRROGUXP
 &RQQHFWLQJWKHGXVWH[WUDFWLRQV\VWHP
 6HWWLQJWKHZRUNLQJGHSWK
 3UHSDULQJWKHZRUNLQJVXUIDFH
 &KHFNLQJWKHPDFKLQH
 2SHUDWLRQ
 6WDUWLQJWKHPDFKLQH6XUIDFHWUHDWPHQW
 )LQDORSHUDWLRQV
 6WRSWKHPDFKLQHGXVWH[WUDFWLRQV\VWHP
 6WRULQJWKHPDFKLQH
 &DUHDQGPDLQWHQDQFH
 0DLQWHQDQFHSODQ
 0DLQWHQDQFHZRUN
 5HSDLUV
 )DXOWWUDFLQJ
 7HFKQLFDOVSHFLÀFDWLRQV
 *HQHUDOGHVFULSWLRQ
&RQVWUXFWLRQRIWKHPDFKLQH
)XQFWLRQ
 /LVWRIVSDUHSDUWV
 &XVWRPHUVHUYLFH
 V2SHUDWLQJPDQXDOÅ$´

 $OJHPHQHDDQZLM]LQJHQ
 9RRUJHEUXLN
 6WXGLHYDQGH]HKDQGOHLGLQJ
 $IEHHOGLQJHQHQWHFKQLVFKHZLM]LJLQJHQ
9HUWDOLQJHQ
%HZDUHQ
%HVFKHUPUHFKW9RQ$U[$*
2YHULJHJHJHYHQV
 9HLOLJKHLGVDDQZLM]LQJHQ
 $OJHPHQHYHLOLJKHLGVDDQZLM]LQJ
 $FFHQWHQLQGH]HKDQGOHLGLQJ
 9HLOLJKHLGVDDQZLM]LQJHQ
 &RUUHFWJHEUXLN
 9HLOLJKHLGVEHZXVWZHUNHQ
 2YHULJHYHLOLJKHLGVYRRUVFKULIWHQ
 ,Q]HWEDDUKHLG
 *HUHHGVFKDSSHQ
 /DPHOOHQWURPPHOV
 6SHFLDOHDFFHVVRLUHV
 +HWZHUNHQ
 ,QEHGULMIQDPH
 :HUNYRRUEHUHLGLQJ
 7URPPHOZLVVHOHQEH]HWWHQ
 6WRIDI]XLJLQVWDOODWLHDDQVOXLWHQ
 :HUNGLHSWHLQVWHOOHQ
 9RRUEHUHLGLQJYDQKHWWHEHZHUNHQ
 0DFKLQHFRQWUROHUHQ
 %HGLHQLQJ
 0DFKLQHVWDUWHQ2SSHUYODNNHQEHZHUNHQ
 /DDWVWHKDQGHOLQJHQ
 0DFKLQHVWRIDI]XLJLQVWDOODWLHXLWVFKDNHOHQ
 0DFKLQHRSVODDQ
 2QGHUKRXG
 2QGHUKRXGVVFKHPD
 2QGHUKRXGVZHUN
 5HSDUDWLHV
 +HWRSVSRUHQYDQVWRULQJHQ
 7HFKQLVFKHJHJHYHQV
 0DFKLQHEHVFKULMYLQJHQ
 EHGLHQLQJVSULQFLSHV
2SERXZYDQKHWPDFKLQH
:HUNZLM]H
 /LMVWYDQGHRQGHUGHOHQ
 .ODQWHQVHUYLFH
 V*HEUXLNVDDQZLM]LQJÅ$´
,QKDOWVYHU]HLFKQLV &RQWHQWV ,QKRXGVRSJDYH


&RS\ULJKW9RQ$U[$*

 ,QGLFDWLRQVJpQpUDOHV
 $YDQWODPLVHHQPDUFKH
 (WXGHGHFHWWHLQVWUXFWLRQGHVHUYLFH
 ,OOXVWUDWLRQVHWPRGL¿FDWLRQVWHFKQLTXHV
7UDGXFWLRQV
&RQVHUYDWLRQ
'URLWVGHSURWHFWLRQ9RQ$U[$*
$XWUHVUHQVHLJQHPHQWV
,QGLFDWLRQVGHVpFXULWp
 ,QGLFDWLRQJpQpUDOHGHVpFXULWp
 3RLQWVLPSRUWDQWVGHFHWWHLQVWUXFWLRQ
 ,QGLFDWLRQVGHVpFXULWp
 8WLOLVDWLRQFRQIRUPHDX[GLVSRVLWLRQV
 7UDYDLOOHUHQWRXWHFRQVFLHQFHGHODVpFXULWp
 $XWUHVSUHVFULSWLRQVGHVpFXULWp
 'RPDLQHG¶XWLOLVDWLRQ
 2XWLOV
 /DPHOOHVWDPERXUV
 $FFHVVRLUHVVSpFLDX[
 7UDYDX[
 0LVHHQVHUYLFH
 3UpSDUDWLIVGHWUDYDLO
 &KDQJHPHQWJDUQLVVDJHGXWDPERXUjRXWLOV
 5DFFRUGHPHQWGHOµpTXLSHPHQWGµDVSLUDWLRQ
5pJODJHGHODSURIRQGHXUGHWUDYDLO
 3UpSDUDWLRQGHODVXUIDFHjWUDYDLOOHU
 &RQWU{OHGHODPDFKLQH
 &RPPDQGH
 'pPDUUDJHGHODPDFKLQH7UDYDLOGHVVXUIDFHV
 7UDYDX[GH¿Q
&RXSXUHGXFRQWDFWGHODPDFKLQH
  pTXLSHPHQWGµDVSLUDWLRQ
6WRFNDJHGHODPDFKLQH
 (QWUHWLHQHWPDLQWHQDQFH
 3ODQGHPDLQWHQDQFH
 7UDYDX[GHPDLQWHQDQFH
 5pSDUDWLRQV
 5HFKHUFKHGHSDQQHV
 &DUDFWpULVWLTXHVWHFKQLTXHV
 'HVFULSWLRQGHODPDFKLQHHWSULQFLSH
 GHIRQFWLRQQHPHQW
6WUXFWXUHGHODPDFKLQH
0RGHVGHIRQFWLRQQHPHQW
 /LVWHGHVSLqFHVGpWDFKpHV
 6HUYLFHFOLHQWqOH
 Y,QVWUXFWLRQGHVHUYLFHÅ$´
 ,QGLFD]LRQLJHQHUDOL
 3ULPDGHOODPHVVDLQIXQ]LRQH
 $QDOLVLGHOOµLVWUX]LRQHSHUOµXVR
 ,OOXVWUD]LRQLHPRGL¿FKHWHFQLFKH
7UDGX]LRQH
&RQVHUYD]LRQH
'LULWWLGLSURWWH]LRQL9RQ$U[$*
$OWUHLQGLFD]LRQL
 ,QGLFD]LRQLGLVLFXUH]]D
 ,QGLFD]LRQLJHQHUDOLGLVLFXUH]]D
 3XQWLVRWWROLQHDWLLQTXHVWHLVWUX]LRQL
 ,QGLFD]LRQLGLVLFXUH]]D
 'HWHUPLQD]LRQLGµXVR
 /DYRURFRQVDSHYROHVLFXUR
 $OWUHSUHVFUL]LRQLGLVLFXUH]]D
 &DPSRG¶LPSLHJR
 8WHQVLOL
 /DPHOOHWDPEXUL
 $FFHVVRULVSHFLDOL
 /DYRUL
 0HVVDLQIXQ]LRQH
 3UHSDUD]LRQHDOODYRUR
 6RVWLWXLUHDWWUH]]DUHLOWDPEXURSHUXWHQVLOL
 &ROOHJDPHQWRGHOOµLPSLDQWRGµDVSLUD]LRQH
 5HJROD]LRQHGHOODSURIRQGLWjGLODYRUR
 3UHSDUD]LRQHGHOODVXSHU¿FLHGLODYRUR
 &RQWUROODUHODPDFFKLQD
 8VR
 $YYLDUHODPDFFKLQD/DYRUD]LRQHGHOOHVXSHU¿FL
 /DYRULFRQFOXVLYL
 6SHJQHUHODPDFFKLQDLPSLDQWRGµDVSLUD]LRQH
&RQVHUYD]LRQHGHOODPDFFKLQD
 3LFFRODPDQXWHQ]LRQHRUGLQDULD
 3URJUDPPDGLPDQXWHQ]LRQH
 /DYRULGLPDQXWHQ]LRQH
 5LSDUD]LRQL
 5LFHUFDJXDVWL
 'DWLWHFQLFL
 'HVFUL]LRQHGHOODPDFFKLQDHSULQFLSLR
 GLIXQ]LRQH
&RVWUX]LRQHGHOODPDFFKLQD
0RGLGLIXQ]LRQDPHQWR
 /LVWDGLSH]]LGLULFDPELR
 6HUYL]LRFOLHQWHOD
 Y,VWUX]LRQLSHUO¶XVRÅ$´
 ,QGLFDFLRQHVJHQHUDOHV
 $QWHVGHODSXHVWDHQPDUFKD
 (VWXGLRGHpVWDLQVWUXFFLyQGHPDQHMR
 ,OXVWUDFLRQHV\PRGL¿FDFLRQHVWpFQLFDV
7UDGXFFLRQHV
&RQVHUYDFLyQ
'HUHFKRGHSURWHFFLyQ9RQ$U[$*
2WURVGDWRV
 ,QGLFDFLRQHVGHVHJXULGDG
 ,QGLFDFLRQHVJHQHUDOHVGHVHJXULGDG
 0HMRUDVHQODVSUHVHQWHVLQVWUXFFLRQHV
 ,QGLFDFLRQHVGHVHJXULGDG
 8WLOL]DFLyQFRQIRUPHDORSUHVFULWR
 7UDEDMDUWHQLHQGRSUHVHQWHODVHJXULGDG
 2WUDVQRUPDVGHVHJXULGDG
 ÉPELWRGHDSOLFDFLyQ
 +HUUDPLHQWDV
 /iPLQDVWDPERUHV
 $FFHVRULRVHVSHFLDOHV
 0DQHMR
 3XHVWDHQPDUFKD
 3UHSDUDFLyQGHOWUDEDMR
 6XVWLWXFLyQHTXLSDUHOWDPERUGHKHUUDPLHQWDV
 &RQHFWDUODLQVWDODFLyQGHODDVSLUDFLyQ
 $MXVWDUODSURIXQGLGDGGHWUDEDMR
 3UHSDUDUODVXSHU¿FLHGHWUDEDMR
 &RQWURODUODPiTXLQD
 0DQHMR
 $UUDQFDUODPiTXLQD3UHSDUDUODVVXSHU¿FLHV
 7UDEDMRV¿QDOHV
 'HVFRQHFWDUODPiTXLQDLQVWDODFLyQGHDVSLUDFLyQ
 $OPDFHQDUODPiTXLQD
 &XLGDGR\PDQWHQLPLHQWR
 3ODQGHPDQWHQLPLHQWR
 7UDEDMRVGHPDQWHQLPLHQWR
 5HSDUDFLRQHV
 %~VTXHGDGHIDOORV
 'DWRVWpFQLFRV
 'HVFULSFLyQGHODPiTXLQD\SULQFLSLR
 GHIXQFLRQDPLHQWR
3LH]DVGHODPiTXLQD
0RGDOLGDGGHIXQFLRQDPLHQWR
 /LVWDGHSLH]DVGHUHFDPELR
 6HUYLFLRWpFQLFR
Y,QVWUXFFLyQGHPDQHMRÅ$´
6RPPDULR ,QGLFH6RPPDLUH


 9RUGHU,QEHWULHEQDKPH
 %HDFKWHQ6LHXQEHGLQJW
 'LH 9ROOVWlQGLJNHLW GHU /LHIHUXQJ VRZLH .RQ
WUROOH GHU /LHIHUXQJ LQEH]XJ DXI HYHQWXHOOH
7UDQVSRUWVFKlGHQ
'LH6LFKHUKHLWVYRUVFKULIWHQ
'LH%HGLHQXQJVDQZHLVXQJ
 6WXGLXPGLHVHU%HGLHQXQJVDQZHLVXQJ
)DOOV QDFK GHP 6WXGLXP GLHVHU %HGLH
QXQJVDQZHLVXQJ8QNODUKHLWHQYRUOLHJHQZHQGHQ
6LHVLFKELWWHDQGLH+HUVWHOOHU¿UPDRGHUDQ,KUH
QlFKVWH.XQGHQGLHQVWVWHOOH
 )U6FKlGHQXQG%HWULHEVVW|UXQJHQGLHVLFK
DXV GHU 1LFKWEHDFKWXQJ GHU %HGLHQXQJVDQZHL
VXQJHUJHEHQZLUGNHLQH+DIWXQJEHUQRPPHQ
 $EELOGXQJHQXQGWHFKQLVFKHbQGHUXQJHQ
 $EELOGXQJHQN|QQHQYRQHIIHNWLYHQ*HUlWHQ
DEZHLFKHQXQGVLQGXQVHUHUVHLWVQLFKWELQGHQG
 8P GHQ UDVFKHQ 9HUlQGHUXQJHQ GHU
.XQGHQEHGUIQLVVH JHUHFKW ]X ZHUGHQ EHKDO
WHQZLUXQVGDV5HFKWYRURKQH9RUDQNQGLJXQJ
WHFKQLVFKHbQGHUXQJHQDQGHQ0DVFKLQHQYRU
]XQHKPHQ
VLHKH%HGLHQXQJVDQOHLWXQJÅ$´
  *OWLJIU/LHIHUXQJHQDE
 
 %HIRUHXVLQJ
,WLVH[WUHPHO\LPSRUWDQWWKDW\RX
0DNHVXUHWKDWWKHGHOLHYHU\LVFRPSOHWHDQG
 WKDW \RX FKHFN IRU DQ\ SRVVLEOH GDPDJH
 FDXVHGLQWUDQVLWWUDQVSRUW
2EVHUYHWKHVDIHW\LQVWUXFWLRQV
5HDGWKHRSHUDWLQJLQVWUXFWLRQV
 5HDGLQJWKHRSHUDWLQJLQVWUXFWLRQV
,IWKHUHDUHDQ\TXHVWLRQVRQ\RXUSDUWDIWHU
UHDGLQJWKHRSHUDWLQJLQVWUXFWLRQVSOHDVHJHWLQ
WRXFKZLWKWKHPDQXIDFWXUHURUWKHQHDUHVWVHU
YLFHFHQWHU
 7KHPDQXIDFWXUHULVQRWUHVSRQVLEOHIRUDQ\
GDPDJHRUEUHDNGRZQUHVXOWLQJIURPWKHQRQRE
VHUYDQFHRIWKHRSHUDWLQJLQVWUXFWLRQV
 ,OOXVWUDWLRQVDQGWHFKQLFDOVSHFLÀFDWLRQV
,OOXVWUDWLRQVPD\GLIIHUIURPWKHUHDOPDFKLQH
DQGDSSHDUZLWKRXWDQ\REOLJDWLRQVRQRXUSDUW
 ,QRUGHUWRPHHWWKHFKDQJLQJGHPDQGVRI
RXUFXVWRPHUVZHUHVHUYHWKHULJKWWRDPHQGWHFK
QLFDOVSHFL¿FDWLRQVZLWKRXWSULRUQRWLFH
VHH2SHUDWLQJPDQXDOÅ$´
  9DOLGIRUGHOLYHULHVIURP
 9RRUJHEUXLN
 9RRUGDWXKHWDSSDUDDWLQJHEUXLNQHHPW
 OHWXRSKHWYROJHQGH
'HDDQZH]LJKHLGYDQDOOHRQGHUGHOHQHQHYHQ
 WXHOHWUDQVSRUWEHVFKDGLJLQJHQ
'HYHLOLJKHLGVYRRUVFKULIWHQ
'HKDQGOHLGLQJ
 6WXGLHYDQGH]HKDQGOHLGLQJ
 0RFKWHQHUQDKHWOH]HQYDQGH]HKDQGOHL
GLQJQRJRQGXLGHOLMNKHGHQ]LMQQHHPGDQFRQ
WDFWRSPHW GH SURGXFHQW RIGHGLFKWVWELM]LMQGH
VHUYLFHYHUOHQHU
 9RRUVFKDGHHQVWRULQJHQGLHYRRUWNRPHQXLW
KHWQLHW]RUJYXOGLJRSYROJHQYDQGHKDQGOHLGLQJNDQ
GHSURGXFHQWQLHWDDQVSUDNHOLMNZRUGHQJHVWHOG
 $IEHHOGLQJHQHQWHFKQLVFKZLM]LJLQJHQ
 'H LQ GH]H KDQGOHLGLQJ RSJHQRPHQ ¿JXUHQ
NXQQHQDIZLMNHQYDQGHJHOHYHUGHDSSDUDWHQKLHUDDQ
NXQQHQJHHQUHFKWHQZRUGHQRQWOHHQG
 2PDDQGHVQHOYHUDQGHUHQGHEHKRHIWHQYDQ
GHNODQWWHNXQQHQEOLMYHQYROGRHQEHKRXGWGHSUR
GXFHQW]LFKKHWUHFKWYRRURP]RQGHUHQLJHDDQGNRQ
GLJLQJWHFKQLVFKHZLM]LJLQJHQDDQWHEUHQJHQDDQGH
DSSDUDWXXU
*HEUXLNVDDQZLM]LQJÅ$´
 *HOGLJYRRURQGHUGHOHQYDQ
 $OOJHPHLQH+LQZHLVH  1RWHVIRUWKHXVHU  $OJHPHQHDDQZLM]LQJHQ
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
%HGLHQXQJVDQOHLWXQJÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
2SHUDWLQJPDQXDOÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
*HEUXLNVDDQZLM]LQJÅ$´
 6LFKHUKHLWVKLQZHLVH  6DIHW\LQVWUXFWLRQV  9HLOLJKHLGVDDQZLM]LQJHQ
 (LQVDW]EHUHLFK  2SHUDWLQJUDQJH  ,Q]HWEDDUKHLG
 :HUN]HXJH  7RROV  *HUHHGVFKDSSHQ
 $UEHLWHQ  +HWZHUNHQ
 2SHUDWLRQ
 3ÁHJHXQG:DUWXQJ  2QGHUKRXG &DUHDQGPDLQWHQDQFH
 5HSDUDWXUHQ  5HSDUDWLHV
 )HKOHUVXFKH  )DXOWWUDFLQJ  +HWRSVSRUHQYDQVWRULQJHQ
 5HSDLUV


&RS\ULJKW9RQ$U[$*

 $YDQWODPLVHHQPDUFKH
 3ULqUHGHYHLOOHULPSpUDWLYHPHQWDX[SRLQWV
VXLYDQWV
/µLQWpJUDOLWpGHODOLYUDLVRQHWOHFRQWU{OHDXQLYHDX
 GHVpYHQWXHOVGRPPDJHVGHWUDQVSRUW
/HVSUHVFULSWLRQVGHVpFXULWp
/µLQVWUXFWLRQGHVHUYLFH
 (WXGHGHFHWWHLQVWUXFWLRQGHVHUYLFH
 6µLOUHVWHHQFRUHGHVSRLQWVjFODUL¿HUDSUqV
DYRLUpWXGLpFHWWHLQVWUXFWLRQGHVHUYLFHYHXLOOH]
YRXVDGUHVVHUjODVRFLpWpGHFRQVWUXFWLRQRXj
XQFHQWUHGHVHUYLFHFOLHQWqOHDXWRULVp
 /DVRFLpWpGpFOLQHWRXWHUHVSRQVDELOLWpSRXU
OHVGRPPDJHVHWGpUDQJHPHQWVGHVHUYLFHUpVXO
WDQWGXQRQUHVSHFWGHOµLQVWUXFWLRQGHVHUYLFH
 ,OOXVWUDWLRQVHWPRGLÀFDWLRQVWHFKQLTXH
 /HVLOOXVWUDWLRQVSHXYHQWFRPSRUWHUGHV
GLIIpUHQFHVSDUUDSSRUWDX[DSSDUHLOVH[LVWDQWV
HWQµHQJDJHQWDXFXQHJDUDQWLHGHQRWUHSDUW
 3RXUUpSRQGUHDX[FKDQJHPHQWVUDSLGHV
GHVEHVRLQVGHODFOLHQWqOHQRXVQRXVUpVHUYRQV
OHGURLWGHSURFpGHUjGHVPRGL¿FDWLRQVWHFKQL
TXHVGHVPDFKLQHVVDQVSUpDYLV
YXH,QVWUXFWLRQGHVHUYLFHÅ$´
9DODEOHSRXUGHVOLYUDLVRQVjSDUWLUGH
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
,QVWUXFWLRQGHVHUYLFHÅ$´
 3ULPDGHOODPHVVDLQIXQ]LRQH
 (µLQGLVSHQVDELOHULVSHWWDUHLVHJXHQWLSXQWL
/µLQWHJULWjGHOODIRUQLWXUDQRQFKpLOFRQWUROOR
LQULJXDUGRDGHYHQWXDOLDYDULHGLWUDVSRUWR
/HGLVSRVL]LRQLGLVLFXUH]]D
/HLVWUX]LRQLSHUOµXVR
 6WXGLRGLTXHVWHLVWUX]LRQLSHUO¶XVR
6H FL IRVVHUR DQFRUD GHL SXQWL GD FKLDULUH
GRSR OR VWXGLR GL TXHVWH LVWUX]LRQL SHU OµXVR YL
SUHJKLDPRGLULYROJHUYLDOODGLWWDFRVWUXWWULFHRSSXUH
DGXQFHQWURGLVHUYL]LRFOLHQWHODDXWRUL]]DWR
 6LGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLGDQ
QHJJLDPHQWLHGLVWXUELGHOIXQ]LRQDPHQWRULVXOWDQWL
GDOOµLQRVVHUYDQ]DGHOOHLVWUX]LRQLSHUOµXVR
 ,OOXVWUD]LRQLHPRGLÀFKHWHFQLFKH
 /HLPPDJLQLSRVVRQRGLIIHULUHGDJOLXWHQVLOL
HIIHWWLYL H SHU TXDQWR FL ULJXDUGD QRQ VRQR YLQ
FRODQWL
 3HUVRGGLVIDUHLUDSLGLFDPELDPHQWLGHLELVR
JQLGHOODFOLHQWHODFLULVHUYLDPRLOGLULWWRGLSURFH
GHUHVHQ]DSUHDQQXQFLRDGHOOHPRGL¿FKHWHFQLFKH
VXJOLXWHQVLOL
,VWUX]LRQLSHUO¶XVRÅ$´
 9DOLGRSHUIRUQLWXUDDSDUWLUHGL

,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
,VWUX]LRQLSHUO¶XVRÅ$´
 $QWHVGHODSXHVWDHQPDUFKD
 2EVHUYHVLQIDOWDORVVLJXLHQWHVSXQWRV
 /D LQWHJULGDG GHO VXPLQLVWUR \ HO FRQWURO GHO
 PLVPR FRQ UHVSHFWR D HYHQWXDOHV GDxRV
 FDXVDGRVSRUHOWUDQVSRUWH
/DVSUHVFULSFLRQHVGHVHJXULGDG
/DLQVWUXFFLyQGHPDQHMR
 (VWXGLRGHHVWDLQVWUXFFLyQGHPDQHMR
 6L WUDV HO HVWXGLR GH HVWD LQVWUXFFLyQ GH
PDQHMRTXHGDQWRGDYLDSXQWRVSRUFODUL¿FDUGLUL
MDVHSRUIDYRUDODHPSUHVDIDEULFDQWHRDOSXQWR
GHPDQWHQLPLHQWRDXWRUL]DGRPiVSUy[LPR
/DHPSUHVDGHFOLQDWRGDUHVSRQVDELOLGDGHQFDVR
GHGDxRVRDYHULDVGHIXQFLRQDPLHQWRSURGXFLGRV
SRULQREVHUYDQFLDGHODLQVWUXFFLyQGHPDQHMR
 ,OXVWUDFLRQHV\PRGLÀFDFLRQHVWpFQLFDV
 /DVLOXVWUDFLRQHVSXHGHQSUHVHQWDUGLIHUHQ
FLDVFRQUHVSHFWRDORVDSDUDWRVH[LVWHQWHV\QR
VRQYLQFXODQWHVGHQXHVWUDSDUWH
 3DUDUHVSRQGHUDORVUiSLGRVFDPELRVGHODV
QHFHVLGDGHVGHORV FOLHQWHV QRV UHVHUYDPRV HO
GHUHFKRGHHIHFWXDUVLQSUHYLRDYLVRPRGL¿FDFLR
QHVWpFQLFDVHQODVPiTXLQDV
,QVWUXFFLyQGHPDQHMRÅ$´
9iOLGRSDUDVXPLQLVWURDSDUWLUGH
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
,QVWUXFFLyQGHPDQHMRÅ$´
 ,QGLFDWLRQVJpQpUDOHV  ,QGLFDFLRQHVJHQHUDOHV ,QGLFD]LRQLJHQHUDOL
 ,QGLFDWLRQVGHVpFXULWp  ,QGLFDFLRQHVGHVHJXULGDG ,QGLFD]LRQLGLVLFXUH]]D
 'RPDLQHG¶XWLOLVDWLRQ  &DPSRG¶LPSLHJR  ÉPELWRGHDSOLFDFLyQ
 2XWLOV  8WHQVLOL  +HUUDPLHQWDV
 7UDYDX[  /DYRUL  0DQHMR
 (QWUHWLHQHWPDLQWHQDQFH 3LFFRODPDQXWHQ]LRQHRUGLQDULD  &XLGDGR\PDQWHQLPLHQWR
 5pSDUDWLRQV  5LSDUD]LRQL  5HSDUDFLRQHV
 5HFKHUFKHGHSDQQHV  5LFHUFDJXDVWL  %~VTXHGDGHIDOORV


7\SHQEH]HLFKQXQJ 9$6

6HULHQQXPPHUQ DDDEEFF[\]
DDD 7\SEE %DXMDKUFF 0RQDW
[\] IRUWODXIHQG
7HFKQLVFKH'DWHQ
7\S   9$6
$UEHLWVEUHLWH  PP³
$EVWDQG:DQG)UlVVSXU PP³
$EPHVVXQJHQ
%UHLWH  PP³
/lQJH  PP³
+|KH  PP³
$EVDXJVWXW]HQ PP³
*HZLFKW  NJOEV
(OHNWURPRWRUHQ
%DXJU|VVH  0
/HLVWXQJ  N:36
'UHK]DKO  8PLQ
*HZLFKWPD[ NJOEV
'UHKVWURPDQVFKOXVV 9+]
:HFKVHOVWURPDQVFKOXVV 
%DXIRUP  %
6FKXW]DUW  ,3
0RWRUVFKXW]VFKDOWHU $9
%HQ]LQPRWRUHQ
=XOlVVLJH/HLVWXQJ N:36
=XOlVVLJH'UHK]DKO 8PLQ
=XOlVVLJHV*HZLFKWPD[ NJOEV
'LHVHOPRWRUHQ
=XOlVVLJH/HLVWXQJ N:36
=XOlVVLJH'UHK]DKO 8PLQ
=XOlVVLJHV*HZLFKWPD[ NJOEV
 RKQH0RWRU:HUN]HXJWURPPHOXQG5LHPHQ
 VFKXW]
 PLW8QWHUVSDQQXQJVDXVO|VHU$9
 'UHK]DKODP*HWULHEH
 %HLHLQHP0RWRUDXVWDXVFKGUIHQGLHDQJH
JHEHQHQWHFKQLVFKHQ'DWHQLQ%H]XJDXI 'UHK
]DKO /HLVWXQJ XQG *HZLFKW QLFKW EHUVFKULWWHQ
ZHUGHQ
 'HU:HFKVHOYRQHLQHU$QWULHEVDUWDXIHLQH
DQGHUH$QWULHEVDUW]%(OHNWURYHUVLRQDXI%HQ
]LQYHUVLRQXPUVWHQLVWYHUERWHQ
 'HU 0RWRUDXVWDXVFK GDUI QXU YRQ HLQHP
)DFKPDQQRGHUYRQHLQHU9RQ$U[9HUNDXIVXQG
6HUYLFHVWHOOHGXUFKJHIKUWZHUGHQ
7\SH9$6

6HULDOQXPEHUV DDDEEFF[\]
DDD 7\SHEE 0RGHO\HDUFF 0RQWK
[\] FRQVHFXWLYH
7HFKQLFDOVSHFLÀFDWLRQV
7\SH9$6
:RUNLQJZLGWK   PP³
'LVWDQFHIURPZDOOWRPLOOLQJWUDFN PP³
'LPHQVLRQV  
:LGWK    PP³
/HQJWK    PP³
+HLJKW PP³
([WUDFWRUVRFNHW  PP³
:HLJKW    NJOEV
(OHFWULFPRWRUV
6L]H 0
3RZHU    N:+3
6SHHG    USP
:HLJKWPD[   NJOEV
7KUHHSKDVHFRQQHFWLRQ 9+]
6LQJOHSKDVHFRQQHFWLRQ 
'HVLJQ %
3URWHFWLRQW\SH   ,3
0RWRUSURWHFWLRQVZLWFK $9
3HWUROHQJLQHV
3HUPLWWHGSRZHU  N:+3
3HUPLWWHGVSHHG  USP
3HUPLWWHGZHLJKWPD[ NJOEV
'LHVHOHQJLQHV
3HUPLWWHGSRZHU  N:+3
3HUPLWWHGVSHHG  USP
3HUPLWWHGZHLJKWPD[ NJOEV
 ZLWKRXWWKHPRWRUWRROGUXPDQGEHOWJXDUG
 ZLWKORZYROWDJHDFWXDWRU$9
 6SHHGDWJHDUER[
 :KHQFKDQJLQJWKHPRWRUGRQRWH[FHHG
WKHVWDWHGWHFKQLFDOGDWDIRUVSHHGSRZHUDQG
ZHLJKW
 &KDQJHIURPRQHGULYHPRGHWRWKHRWKHU
HJHOHFWULFYHUVLRQWRSHWUROYHUVLRQLVSURKLEL
WHG
 7KHPRWRUPD\RQO\EHFKDQJHGE\DVSH
FLDOLVWRUE\D9RQ$U[6DOHVDQG6HUYLFH&HQWHU
7\SH9$6
6HULHQXPPHUV DDDEEFF[\]
DDD 7\SHEE %RXZ\DDUFF 0DDQG
[\] GRRUORSHQGQXP
7HFKQLVFKHJHJHYHQV
7\SH9$6
:HUNEUHHGWH   PP³
$IVWDQGZDQGIUHHVVSRRU PP³
$IPHWLQJHQ
%UHHGWH    PP³
/HQJWH    PP³
+RRJWH PP³
$I]XLJVWRPS   PP³
*HZLFKW    NJOEV
(OHNWURPRWRUHQ
*URRWWH 0
9HUPRJHQ   N:36
7RHUHQWDO    RPZ
*HZLFKWPD[   NJOEV
'UDDLVWURRPDDQVOXLWLQJ 9+]
:LVVHOVWURRPDDQVOXLWLQJ 
%RXZYRUP%
%HYHLOLJLQJV\VWHHP  ,3
0RWRUYHLOLJKHLGVVFKDNHODDU$9
%HQ]LQHPRWRUHQ
7RHODDWEDDUYHUPRJHQ N:36
7RHODDWEDDUWRHUHQWDO RPZ
7RHODDWEDDUJHZLFKWPD[ NJOEV
'LHVHOPRWRUHQ
7RHODDWEDDUYHUPRJHQ N:36
7RHODDWEDDUWRHUHQWDO RPZ
7RHODDWEDDUJHZLFKWPD[ NJOEV
 ]RQGHU PRWRU JHUHHGVFKDSVWURPPHO HQ
 ULHPEHVFKHUPLQJ
 PHWRQGHUVSDQQLQJVXLWVFKDNHODDU
 WRHUHQWDODDQGHRYHUEUHQJLQJ
 %LM YHUYDQJLQJ YDQ HHQ PRWRU PRJHQ GH
RSJHJHYHQWHFKQLVFKHJHJHYHQVPEWWRHUHQWDO
YHUPRJHQHQJHZLFKWQLHWZRUGHQRYHUVFKUHGHQ
 +HWZLVVHOHQYDQKHWHQHVRRUWDDQGULMYLQJ
QDDUHHQDQGHUHELMYHOHNWURYHUVLHRPERXZHQ
LQEHQ]LQHYHUVLHLVYHUERGHQ
 +HUYHUYDQJHQYDQHHQPRWRUPDJDOOHHQ
GRRUHHQYDNPDQRIGRRUHHQ9RQ$U[YHUNRRS
HQVHUYLFHFHQWHUZRUGHQXLWJHYRHUG
 7HFKQLVFKH'DWHQ  7HFKQLFDOVSHFLÀFDWLRQV  7HFKQLVFKHJHJHYHQV


&RS\ULJKW9RQ$U[$*

7\SH9$6
1XPpURVGHVpULH DDDEEFF[\]
DDD 7\SHEE $QQpHFF 0RLV
[\] FRQVpFXWLI
&DUDFWpULVWLTXHVWHFKQLTXHV
7\SH9$6
/DJHXUGHWUDYDLO  PP³
'LVWDQFHSDURLSLVWHGHIUDLVDJHPP³
'LPHQVLRQV
/DUJHXU    PP³
/RQJXHXU   PP³
+DXWHXU PP³
0DQFKRQGµDVSLUDWLRQ PP³
3RLGV    NJOEV
0RWHXUVpOHFWULTXHV
7DLOOH0
3XLVVDQFH   N:&9
9LWHVVH    USP
3RLGVPD[   NJOEV
%UDQFKHPHQWFRXUDQWWULSKDVp9+]
%UDQFKHPHQWFRXUDQWDOWHUQDWLI
&RQVWUXFWLRQ   %
3URWHFWLRQ   ,3
'LVMRQFWHXUSURWHFWHXU $9
0RWHXUVjHVVHQFH
3XLVVDQFHDGPLVVLEOH N:&9
9LWHVVHDGPLVVLEOH  USP
3RLGVDGPLVVLEOHPD[ NJOEV
0RWHXUVGLHVHO
3XLVVDQFHDGPLVVLEOH N:&9
9LWHVVHDGPLVVLEOH  USP
3RLGVDGPLVVLEOHPD[ NJOEV
 VDQVPRWHXUWDPERXUjODPHOOHVHWSURWqJH
 FRXUURLH
 DYHF GpFOHQFKHXU j PLQLPXP GH WHQVLRQ
 $9
 1RPEUHGHWRXUVDXWUDLQGµHQJUHQDJHV
 /RUVGHOµpFKDQJHGHPRWHXUOHVFDUDFWpUL
VWLTXHVWHFKQLTXHVFRQFHUQDQWODYLWHVVHODSXLV
VDQFHHWOHSRLGVQHGRLYHQWSDVrWUHGpSDVVpHV
 /HFKDQJHPHQWGµXQPRGHGµHQWUDvQHPHQW
jXQDXWUHSH[WUDQVIRUPDWLRQGHYHUVLRQpOHF
WULTXHjYHUVLRQPRWHXUjHVVHQFHHVWLQWHUGLW
 /µpFKDQJHGHPRWHXUQHGRLWrWUHH[pFXWp
TXHSDUXQSURIHVVLRQQHOGµXQHDJHQFHGHYHQWH
HWGHVHUYLFH9RQ$U[
7LSR9$6
1XPHULGLVHULH DDDEEFF[\]
DDD 7LSREE $QQRFRVWUX]LRQHFF 0HVH
[\] SURJUHVVLYR
'DWLWHFQLFL
7LSR9$6
/DUJKH]]DGLODYRUR  PP³
'LVWDQ]D3DUHWH7UDFFLDIUHVDPP³
0LVXUH
/DUJKH]]D   PP³
/XQJKH]]D   PP³
$OWH]]D PP³
0DQLFRWWRGLDVSLUD]LRQH PP³
3HVR    NJOEV
0RWRULHOHWWULFL  
'LPHQVLRQH   0
3RWHQ]D    N:&9
1RGLJLUL    USP
3HVRPD[   NJOEV
&ROOHJDPHQWRFRUUHQWHWULIDVH9+]
&ROOHJDPHQWRFRUUHQWHDOWHUQDWD
7LSRGLFRVWUX]LRQH  %
7LSRGLSURWH]LRQH  ,3
6DOYDPRWRUH   $9
0RWRULDEHQ]LQD
3RWHQ]DDPPHVVD  N:&9
1RGLJLULDPPHVVR  USP
3HVRPD[DPPHVVR NJOEV
0RWRULGLHVHO
3RWHQ]DDPPHVVD  N:&9
1RGLJLULDPPHVVR  USP
3HVRPD[DPPHVVR NJOEV
 VHQ]DPRWRUHWDPEXURSHUXWHQVLOLHSDUD
 FLQJKLD
 FRQGLVSRVLWLYRGLVFDWWRSHUODVRWWRWHQVLRQH
 $9
 QXPHURGLJLULGHOPHFFDQLVPR
 ,Q FDVR GL VRVWLWX]LRQH GHO PRWRUH QRQ
GHYRQRHVVHUHVXSHUDWLL GDWL WHFQLFLLQGLFDWLLQ
UHOD]LRQHDQXPHURGHOJLULSRWHQ]DHSHVR
 ,O SDVVDJJLR GD XQ WLSR GL D]LRQDPHQWR
DOOµDOWURDGHVGDYHUVLRQHHOHWWULFDDYHUVLRQH
DEHQ]LQDqYLHWDWR
 /DVRVWLWX]LRQHGHOPRWRUHSXyHVVHUHHIIHW
WXDWD VROR GD SHUVRQDOH VSHFLDOL]]DWR R GD XQ
&HQWUR GL 9HQGLWD HG$VVLVWHQ]D 7HFQLFD GHOOD
9RQ$U[
7LSR 9$6

1~PHURVGHVHULH DDDEEFF[\]
DDD 7LSREE $xRGHFRQVFF 0HV
[\] FRUUHODWLYR
'DWRVWpFQLFRV
7LSR9$6
$QFKRGHWUDEDMR  PP³
6HSDUDFLyQSDUHGYLDGHIUHVDGRPP³
'LPHQVLRQHV
$QFKXUD    PP³
/RQJLWXG   PP³
$OWXUD PP³
&RQH[LyQGHDVSLUDFLyQ PP³
3HVR    NJOEV
(OHFWURPRWRUHV
7DPDxR 0
3RWHQFLD    N:&9
5HYROXFLRQHV   USP
3HVRPi[   NJOEV
&RQH[LyQWULIiVLFD  9+]
&RQH[LyQFRUULHQWHDOWHUQD 
)RUPDFRQVWUXFWLYD  %
&ODVHGHSURWHFFLyQ  ,3
*XDUGDPRWRU   $9
0RWRUHVGHJDVROLQD
3RWHQFLDDGPLVLEOH  N:&9
5HYROXFLRQHVDGPLVLEOHV USP
3HVRDGPLVLEOHPi[ NJOEV
0RWRUHVGLHVHO
3RWHQFLDDGPLVLEOH  N:&9
5HYROXFLRQHVDGPLVLEOHV USP
3HVRDGPLVLEOHPi[ NJOEV
 VLQPRWRUWDPERUGHOiPLQDV\FXEUHFRUUHD
 FRQ GHVFRQHFWRU D WHQVLyQ PtQLPD
 $9
 UHYROXFLRQHVHQHOHQJUDQDMH
 (Q XQD VXVWLWXFLyQ GH PRWRUHV QR GHEHQ
VREUHSDVDUVHORVGDWRVWpFQLFRVGDGRVFRQUHIH
UHQFLDDUHYROXFLRQHVSRWHQFLD\SHVR
 4XHGD SURKLELGR HO FDPELR GH XQ WLSR GH
DFFLRQDPLHQWRDRWURSHMHOUHHTXLSDPLHQWRGH
YHUVLyQHOpFWULFDDYHUVLyQGHJDVROLQD
 /DVXVWLWXFLyQGHPRWRUHVVRODPHQWHGHEH
VHUOOHYDGDDFDERSRUXQ HVSHFLDOLVWDRSRUXQ
SXQWRGHYHQWD\PDQWHQLPLHQWR9RQ$U[
 &DUDFWpULVWLTXHVWHFKQLTXHV  'DWLWHFQLFL  'DWRVWpFQLFRV


 0DVFKLQHQEHVFKUHLEXQJ
 XQG)XQNWLRQVSULQ]LS
 *HQHUDOGHVFULSWLRQ  0DFKLQHEHVFKULMYLQJ
 HQEHGLHQLQJVSULQFLSHV
 $XIEDXGHU0DVFKLQH
$QWULHEVPRWRU $QWULHEVDUWHQ7ZLQ 
  XQWHUHLQDQGHUQLFKWDXVWDXVFKEDU
  (OHNWURPRWRU%HQ]LQPRWRU'LHVHOPRWRU
$EVDXJURKU  9HUELQGXQJVURKUIU6WDXE
  VDXJDQODJH
6WDXEDEVDXJVWXW]HQ $QVFKOXVV]X
 127$866FKDOWHU 'UXFNWDVWHU]XU1RW
  DEVFKDOWXQJ
 6WHOOEUHPVH  %ORFNLHUWGDV6WW]UDG
  *(=2*(1  5DGEORFNLHUW
  *('5h&.7  5DGIUHLEHZHJOLFK
 9HUVWHOOKHEHO  6FKQHOOHLQVWHOOXQJ]XP
  +HEHQXQG6HQNHQGHU:HUN]HXJWURPPHO
 2%(1   7UDQVSRUWVWHOOXQJ
  817(1   $UEHLWVVWHOOXQJ
7LHIHQHLQVWHOOXQJ +DQGUDG ]XP (LQ
  VWHOOHQ GHU $UEHLWVWLHIH 0HFKDQLVFKH 7LH
  IHQHLQVWHOOXQJPLWDXWRPDWLVFKPLWODXIHQGHP
  7LHIHQDQVFKODJ
    /,1.6      5(&+76
   
  NOHLQH$UEHLWVWLHIH  JURVVH$UEHLWVWLHIH
  VFKQHOOHU9RUVFKXE ODQJVDPHU9RUVFKXE
/HQNEJHO  +DOWHJULII]XP/HQNHQ
 (UPGXQJVVLFKHUXQJ :LUG DP +DQGJH
  OHQN GHV 0DVFKLQHQIKUHUV EHIHVWLJW 8QWHU
  EULFKWDXWRPDWLVFK0DVFKLQHJHKWLQ3DUNVWHO
  OXQJXQGGLH6WHOOEUHPVHLVWJH]RJHQ
 6WW]UlGHU  )HVWUROOHQ]XPVSXUWUHXHQ
  9RUXQG=XUFNIDKUHQ
5LHPHQVFKXW] 6LFKHUKHLWVHLQULFKWXQJ
 )KUXQJVUDG )HVWUROOHZLH
 7UDQVSRUW|VHQ%HIHVWLJXQJVSXQNWHIU.UDQ
 :HUN]HXJWURPPHO
 1HW]VWHFNHU &((6WHFNHU$9+]
 0RWRUVFKDOWHU (O $86< 6WHUQVFKDOWXQJ
  6HNQDFKGHP(LQVFKDOWHQVWHKHQODVVHQ
  'UHLHFNVFKDOWXQJ %HWULHEVVWHOOXQJ
 &RQVWXFWLRQRIWKHPDFKLQH
 'ULYHPRWRU  GULYHW\SHV7ZLQ 
 QRWLQWHUFKDQJHDEOH(OHFWULFPRWRU
 3HWUROHQJLQH'LHVHOHQJLQH
 ([WUDFWLRQWXEH 7KH FRQQHFWLRQ WXEH IRU
 WKHGXVWH[WUDFWLRQV\VWHP
 'XVWH[WUDFWLRQVRFNHW&RQQHFWLRQWR
 (PHUJHQF\ 6723 VZLWFK   3XVKEXWWRQ
 VZLWFKIRUHPHUJHQF\VWRS
 3DUNLQJEUDNH  %ORFNVWKHVXSSRUWZKHHO
 38//('287  :KHHOEORFNHG
 386+(',1  :KHHOIUHHO\PRELOH
 $GMXVWLQJOHYHU )DVWDGMXVWPHQWWROLIWDQG
 ORZHUWKHWRROGUXP
 723  7UDQVSRUWSRVLWLRQ
 %27720  :RUNLQJSRVLWLRQ
 'HSWKDGMXVWPHQW +DQGZKHHOWRDGMXVW
 WKHZRUNLQJGHSWK0HFKDQLFDOGHSWKDGMXVW
 PHQWZLWKDXWRPDWLFGHSWKVWRSDGMXVWPHQW
  /()7  5,*+7
 VKDOORZZRUNLQJGHSWK JUHDWHUZRUNLQJ
 IDVWDGYDQFH  GHSWK
    VORZDGYDQFH
 6WHHULQJURG 5HWDLQLQJKDQGOHWRVWHHU
 )DWLJXHSURWHFWLRQ 6HFXUH   WR   WKH
 PDFKLQHRSHUDWRUµVZULVW$XWRPDWLFDOO\LQWHU
 UXSWV WKH PDFKLQH JRHV LQWR WKH SDUNLQJ
 PRGHDQGWKHSDUNLQJEUDNHLVDSSOLHG
 6XSSRUWLQJZKHHOV ¿[HGZKHHOVWREH
 DGYDQFHGDQGUXQEDFNRQWUDFN
 %HOWJXDUG  6DIHW\GHYLFH
 *XLGHZKHHO  )L[HGUROOHU
 7UDQVSRUWKRRNV)L[LQJSRLQWVIRUFUDQH
 7RROGUXP
 0DLQVSOXJ  &((SOXJ$9+]
 0RWRUVZLWFK   2))< 6WDUFLUFXLW
 VHWWR<VHFDIWHU
 VZLWFKLQJRQ
 'HOWDFLUFXLW
 2SHUDWLQJSRVLWLRQ
 2SERXZYDQKHWPDFKLQH
 $DQWULMIPRWRU    VRRUWHQ  DDQGULMYLQJ
 7ZLQ QLHWRQGHUHONDDUZRUGHQYHUZLV
 VHOGHOHNWURPRWRUEHQ]LQHPRWRUGLHVHO
 PRWRU
 $I]XLJEXLV  9HUELQGLQJVEXLV   YRRU
 VWRIDI]XLJLQVWDOODWLH
 6WRIDI]XLJDDQVOXLWVWRPS$DQVOXLWLQJYRRU
 122'6723VFKDNHODDU'UXFNVFKDNHODDU
 YRRUQRRGVWRS
 %ORNNHHUUHP  %ORNNHHUWKHWVWHXQZLHO
 8,7*(752..(1:LHOJHEORNNHHUG
 ,1*('58.7  :LHOYULMEHZHHJOLMN
 9HUVWHOKHQGHO  6QHOLQVWHOOLQJ  YRRU
 KHW RPKRRJ HQ RPODDJEUHQJHQ YDQ GH
 JHUHHGVFKDSVWURPPHO
%29(1  7UDQVSRUWVWDQG
 %(1('(1  :HUNVWDQG
 'LHSWHLQVWHOOLQJ+DQGZLHOYRRUKHWLQVWHO
 OHQYDQGHZHUNGLHSWH0HFKDQLVFKHGLHSWH
 LQVWHOOLQJPHWDXWRPDWLVFKPHHORSHQGHGLHS
 WHDDQVODJ
  /,1.6   5(&+76
 JHULQJHZHUNGLHSWH JURWHZHUNGLHSWH
 VQHOOHWUDFWLH  ODQJ]DPHWUDFWLH
 6WXXUEHXJHO  *UHHSYRRUKHWVWXUHQ
 %HYHLOLJLQJWHJHQYHUPRHLGKHLG
:RUGWEHYHVWLJGDDQGHSROVYDQGHEHGLH
 QLQJVSHUVRRQ  9HUEUHHNW  DXWRPDWLVFK
 PDFKLQH JDDW LQ GH SDUNHHUVWDQG HQ GH
 EORNNHHUUHPLVXLWJHWURNNHQ
 6WHXQZLHOHQ   YDVWH ZLHOHQ RP LQ KHW
 VSRRUWHEOLMYHQELMKHWYRRUXLWHQDFKWHUXLWULM
 GHQ
 5LHPEHVFKHUPLQJ9HLOLJKHLGVYRRU]LHQLQJ
 6WXXUZLHO  9DVWZLHO
7UDQVSRUWRJHQ %HYHVWLJLQJVSXQWHQ YRRU
 KLMVNUDDQ
*HUHHGVFKDSVWURPPHO
1HWVWHNNHU&((VWHNNHU$9+]
0RWRUVFKDNHODDU 8,7< VWHUVFKDNHOLQJ
 VHFQDKHWLQVFKDNHOHQRS<ODWHQVWDDQ
 'ULHKRHNVFKDNHOLQJ RSHUDWLHYHVWDQG
VO N
AR
X














&RS\ULJKW9RQ$U[$*

 'HVFULSWLRQGHODPDFKLQHHW
 SULQFLSHGHIRQFWLRQQHPHQW
 'HVFUL]LRQHGHOODPDFFKLQD
 HSULQFLSLRGLIXQ]LRQH
 'HVFULSFLyQGHODPiTXLQD\
 SULQFLSLRGHIXQFLRQDPLHQWR
 6WUXFWXUHGHODPDFKLQH
 0RWHXU G¶HQWUDvQHPHQW  0RGHV
 GµHQWUDvQHPHQW7ZLQ QHVRQWSDVLQWHU
 FKDQJHDEOHVHQWUHHX[0RWHXUpOHFWULTXH
 0RWHXUjHVVHQFH0RWHXUGLHVHO
 7XEHG¶DVSLUDWLRQ/HWXEHGHFRQQH[LRQj
 OµpTXLSHPHQWGµDVSLUDWLRQGHVSRXVVLqUHV
 0DQFKRQG¶DVSLUDWLRQGHVSRXVVLqUHV
5DFFRUGSRXU
 ,QWHUUXSWHXU$55È7'¶85*(1&(
 %RXWRQSRXVVRLUSRXUFRXSXUHGµXUJHQFH
 )UHLQG¶LPPRELOLVDWLRQ
 %ORTXHODURXHGHVRXWLHQ
 7,5e  5RXHEORTXpH
 35(66e  5RXHOLEpUpH
 /HYLHUGHUpJODJH5pJODJHUDSLGHSRXU
 OHYHUHWDEDLVVHUOHWDPERXUjRXWLOV
 +$87  3RVLWLRQGHWUDQVSRUW
 %$6  3RVLWLRQGHWUDYDLO
 5pJODJHGHODSURIRQGHXU
 9RODQW SRXU UpJOHU OD SURIRQGHXU GH WUDYDLO
 5pJODJH PpFDQLTXH GH SURIRQGHXU DYHF
 EXWpHWRXUQDQWDYHFDXWRPDWLTXHPHQW
 *$8&+(  '52,7(
 IDLEOHSURIRQGHXU  JUDQGHSURIRQGHXU
 $YDQFHUDSLGH   $YDQFHSOXVOHQWH
 (WULHUGHJXLGDJH
3RLJQpHGHUHWHQXHSRXUJXLGHU
 6pFXULWpKRPPHPRUW 6H ¿[H DX SRLJQHW
 GXFRQGXFWHXUGHODPDFKLQH &RXSH DXWR
 PDWLTXHPHQWPDFKLQHVHPHWHQDUUrW¿[HHW
 OHIUHLQGµLPPRELOLVDWLRQHVWWLUp
 5RXHVGHVXSSRUW  URXOHWWHV ¿[HV SRXU
 PDUFKHDYDQWHWDUULqUHVDQVpFDUWV
 3URWqJHFRXUURLH 'LVSRVLWLIGHVpFXULWp
 5RXHGHFRQGXLWH 5RXOHWWHV¿[HV
 $QQHDX[GHWUDQVSRUW3RLQWV
 GH¿[DWLRQSRXUJUXH
 7DPERXUjODPHOOHV
 )LFKHVHFWHXU&RQQHFWHXU
 &(($9+]
 ,QWHUUXSWHXUGHPRWHXU
 $55(7< 0RQWDJHHQ
 pWRLOH/DLVVHUVXU<
 VHFDSUqVPLVHHQPDUFKH
 0RQWDJHHQWULDQJOH
 3RVLWLRQGHPDUFKH
 &RVWUX]LRQHGHOODPDFFKLQD
 0RWRUH GL D]LRQDPHQWRWLSL GL D]LRQD
 PHQWR 7ZLQ  QRQ VRQR LQWHUFDPELDELOL
  0RWRUH HOHWWULFR  0RWRUH D EHQ]LQD
 0RWRUHGLHVHO
 7XERGL DVSLUD]LRQH7XERGLFROOHJDPHQWR
 SHUOµLPSLDQWRGLDVSLUD]LRQHGHOODSROYHUH
 0DQLFRWWRSHUO¶DVSLUD]LRQHGHOODSROYHUH
&ROOHJDPHQWRSHU
 ,QWHUUXWWRUHSHUO¶DUUHVWRGLHPHUJHQ]D
7DVWR D SUHVVLRQH SHU OR VSHJQLPHQWR GL
 HPHUJHQ]D
 )UHQRGLVWD]LRQDPHQWR
 %ORFFDODUXRWDGLDSSRJJLR
 7,5$72ODUXRWDqEORFFDWD
 $%%$66$72ODUXRWDVLPXRYHOLEHUDPHQWH
 /HYDGLUHJROD]LRQH5HJROD]LRQHYHORFHSHU
 VROOHYDUHHGDEEDVVDUHLOWDPEXURSHUXWHQVLOL
,1$/72 SRVL]LRQHGLWUDVSRUWR
 ,1%$662 SRVL]LRQHGLODYRUR
 5HJROD]LRQH SURIRQGLWj 5XRWD PDQXDOH
 SHUODUHJROD]LRQHGHOODSURIRQGLWjGLODYRUR
 'LVSRVLWLYR PHFFDQLFR SHU OD UHJROD]LRQH
 GHOODSURIRQGLWjFRQDUUHVWRGLSURIRQGLWjFKH
 IXQ]LRQDDXWRPDWLFDPHQWH
 6,1,675$ '(675$
 SLFFRODSURIRQGLWj JUDQGHSURIRQGLWj
 GLODYRUR  GLODYRUR
 DYDQ]DPHQWRYHORFH DYDQ]DPHQWROHQWR
 6WDIIDGLJXLGD  0DQLJOLDSHUJXLGDUH
 )XQHGLVLFXUH]]DGHOFRPDQGRDQWLDIIDWL
 FDPHQWR 9LHQH ¿VVDWD DO SROVR GHO JXLGD
 WRUH,QWHUURPSHDXWRPDWLFDPHQWHPDFFKLQD
 YDLQSRVL]LRQHGL SDUFKHJJLR HG LOIUHQRGL
 VWD]LRQDPHQWRqWLUDWR
5XRWHGLDSSRJJLRUXOOL¿VVLSHUSHUPHW
 WHUHLQPDUFLDDYDQWLHGLQGLHWUR
3DUDFLQJKLD'LVSRVLWLYRGLVLFXUH]]D
 5XRWDGLJXLGD5XOOR¿VVR
  2FFKLRQLSHULO
    WUDQVSRUWR3XQWLGL
   ¿VVDJJLR SHU OD JUX
   7DPEXURSHUXWHQVLOL
    6SLQD&((
    $9+]
   ,QWHUUXWWRUHGHO
    PRWRUH 2))
   < &ROOHJDPHQWR D VWHOOD <
   VHFGRSROµDFFHQVLRQH
  ODVFLDUHVX< 
   &ROOHJDPHQWRDWULDQJROR
   3RVL]LRQHGLIXQ]LRQDPHQWR
 3LH]DVGHODPiTXLQD
 0RWRUGHDFFLRQDPLHQWRWLSRVGHDFFLRQ
 DPLHQWR 7ZLQ  QR VRQ UHHPSOD]DEOHV
 HQWUHVt(OHFWURPRWRU0RWRUGHJDVROLQD
 0RWRUGLHVHO
 7XERGHVXFFLyQ (OWXERGHHPSDOPH
 SDUDODLQVWDODFLyQGHDVSLUDFLyQGHSROYR
 &RQH[LyQGHDVSLUDFLyQGHSROYR 
&RQH[LyQSDUD
 ,QWHUUXSWRUGH3$5$/,=$&,Ð15É3,'$
7HFODSDUDGHVFRQH[LyQGHHPHUJHQFLD
 )UHQRGHPDQLREUD %ORTXHDODUXHGDGH
 DSR\R
35(1','2  5XHGDEORTXHDGD
235,0,'2  5XHGDGHPRYLPLHQWROLEUH
 3DODQFDGHUHJXODFLyQ $MXVWH UiSLGR SDUD
 HOHYDU\EDMDUHOWDPERUGHKHUUDPLHQWDV
 $55,%$  3RVLFLyQGHWUDQVSRUWH
 $%$-2  3RVLFLyQGHWUDEDMR
 $MXVWHHQSURIXQGLGDG9RODQWHSDUDDMXVWDU
 OD SURIXQGLGDG GH WUDEDMR $MXVWH PHFiQLFR
 HQSURIXQGLGDGFRQWRSHGHSURIXQGLGDGGH
 VHJXLPLHQWRDXWRPiWLFR
  ,=4   '(5
 SHTXHxDSURIXQGLGDG JUDQSURIXQGLGDG
 GHWUDEDMR  GHWUDEDMR
 DYDQFHUiSLGR  DYDQFHOHQWR
 $VDGHGLUHFFLyQ(PSXxDGXUDSDUDGLULJLU
 'LVSRVLWLYRGHVHJXULGDGSDUDHOFDQVDQ
 FLRFRUSRUDO  6HVXMHWDHQODPXxHFD
 GHO RSHUDULR GH OD PiTXLQD ,QWHUUXPSH
 DXWRPiWLFDPHQWHPiTXLQDSDVDDODSRVLFLyQ
 GHHVWDFLRQDPLHQWR\HVWiSUHQGLGRHOIUHQR
 GHPDQLREUD
 5XHGDVGHDSR\RURGLOORV¿MRVSDUDHODGHO
 DQWDPLHQWR\UHWURFHVRFRQ¿GHOLGDGGHYtD
 &XEUHFRUUHD  'LVSRVLWLYRGHVHJXULGDG
 5XHGDGHJXtGD 5RGLOOR¿MR
 2MDOHVGHWUDQVSRUWH 3XQWRV GH VXMHFLyQ
 SDUDJU~D
 7DPERUGHOiPLQDV
 (QFKXIHGHODUHG  (QFKXIHGHOD&((
 $9+]
 &RQPXWDGRUGHDUUDQTXH  '(6
 &RQH[LyQ HQ <  VHJ WUDV OD FRQH[LyQ
 GHMDUORHQ<&RQH[LyQHQ 3RVLFLyQGH
 RSHUDFLyQ










 )XQNWLRQVZHLVH
 )XQNWLRQVZHLVH
'LH )OlFKHQEHDUEHLWXQJVPDVFKLQH DUEHLWHW PLW
HLQHU URWLHUHQGHQ :HUN]HXJWURPPHO DQ GHUHQ
8PIDQJMHQDFK7\SRGHU/DPHOOHQZHO
OHQJOHLFKPlVVLJYHUWHLOWVLQG
 'LH /DPHOOHQZHOOHQ ODVVHQ VLFK PLW YHU
VFKLHGHQHQ/DPHOOHQDUWHQIUKDUWHVSU|GKDUWH
ELVIHVWHRGHU]lKHODVWLVFKH%|GHQEHVWFNHQ
 'HU]XEHDUEHLWHQGH%RGHQZLUGYRQ GHQ
ORVHDQJHEUDFKWHQ/DPHOOHQEHLGHU5RWDWLRQGHU
:HUN]HXJWURPPHOKDUWHQ6FKOlJHQDXVJHVHW]W
GLHMHQDFK/DPHOOHQDUWHLQHQPHKURGHUZHQL
JHUVWDUNHQ0DWHULDODEWUDJEHZLUNHQ
 'LH :HUN]HXJWURPPHO NDQQ PLW YHUVFKLH
GHQHQ 0RWRUHQ (OHNWUR %HQ]LQ RGHU 'LHVHO
PRWRUDQJHWULHEHQZHUGHQ
 /HQNXQJ
'LH 0DVFKLQHQ VLQG MH QDFK 7\S PLW  RGHU
 )HVWUROOHQ DXVJHUVWHW XQG N|QQHQ PKHORV
YRU XQG UFNZlUWV JHIDKUHQ ZHUGHQ %HL
VDFKJHPlVVHU$QZHQGXQJ ZLUG GDGXUFK VHLWOL
FKHV$XVEUHFKHQYHUKLQGHUWXQGGLH0DVFKLQHQ
ODXIHQLQGHU6SXU'XUFK1LHGHUGUFNHQDP+DO
WHJULIINDQQGLH0DVFKLQHDXIHLQHU$FKVHLQHLQH
EHOLHELJHDQGHUH/DXIULFKWXQJEHZHJWZHUGHQ
0DVFKLQHQ PLW K\GUDXOLVFKHP 9RUVFKXE VLQG
PLW HLQHU /HQNYRUULFKWXQJ DXVJHVWDWWHW XP GDV
0DQ|YULHUHQEHLVWLOOVWHKHQGHP0RWRU]XJHZlKU
OHLVWHQ'XUFK+LQXQWHUGUFNHQGHV)XVVSHGDOV
ZHUGHQGLH+LQWHUUlGHUYRP%RGHQDEJHKREHQ
XQGGLH0DVFKLQHNDQQQXQDXIGHQ/HQNUROOHQ
VSLHOHQGOHLFKWPDQ|YULHUWZHUGHQ
 0RGHRIRSHUDWLRQ
 0RGHRIRSHUDWLRQ
7KH VXUIDFH SUHSDUDWLRQ PDFKLQH LQFRUSRUDWHV
D URWDWLQJ WRRO GUXP    RU  ÀDLO VKDIWV
GHSHQGLQJRQWKHPDFKLQHW\SHDUHXQLIRUPO\
GLVWULEXWHGRQWKHSHULSKHU\RIWKLVGUXP
 7KH ÀDLO VKDIWV FDQ EH ¿WWHG ZLWK YDULRXV
W\SHVRIFXWWHUVIRUKDUGEULWWOHVROLGRUHODVWLF
ÀRRUV
 7KHÀRRUWREHWUHDWHGLVH[SRVHGWRKHDY\
LPSDFWVIURPWKHORRVHO\¿WWHGFXWWHUVDVWKHWRRO
GUXPURWDWHV'HSHQGLQJRQ WKH W\SHRIFXWWHU
WKLV SURFHVV UHVXOWV LQ WKH UHPRYDO RI YDU\LQJ
TXDQWLWLHVRIPDWHULDO
 7KHWRROGUXPFDQEHGULYHQE\DUDQJHRI
PRWRUVRUHQJLQHVHOHFWULFSHWURORUGLHVHO
 6WHHULQJ
'HSHQGLQJRQWKHW\SHWKHPDFKLQHVDUH¿WWHG
ZLWKRU¿[HGFDVWRUVDQGFDQHDVLO\EHUXQ
IRUZDUG DQG EDFNZDUG $VVXPLQJ FRUUHFW XVH
ODWHUDOGHYLDWLRQLVLPSRVVLEOHDQGWKHPDFKLQH
UHPDLQVRQWUDFN%\SUHVVLQJGRZQWKHKDQGOH
WKHPDFKLQHFDQEHPRYHGLQDQ\GHVLUHGGLUHF
WLRQ
0DFKLQHV ZLWK K\GUDXOLF GULYH DUH ¿WWHG ZLWK
D VWHHULQJ GHYLFH WR SHUPLW PDQRHXYULQJ HYHQ
ZKHQ WKH PRWRU LV QRW UXQQLQJ :KHQ WKH IRRW
SHGDOLVGHSUHVVHGWKHUHDUZKHHOVDUHOLIWHGRII
WKHÀRRUDQG WKHPDFKLQHFDQ EHPDQRHXYUHG
UHDGLO\RQWKHVWHHUHGUROOHUV
 :HUNZLM]H
 :HUNZLM]H
'HRSSHUYODNNHQEHZHUNLQJVPDFKLQHZHUNW PHW
HHQ GUDDLHQGH ODPHOOHQWURPPHO ZDDUELM RS GH
RPYDQJYDQGHWURPPHODIKDQNHOLMNYDQKHWW\SH
RIODPHOOHQDVVHQJHOLMNPDWLQJYHUGHHOG
]LMQ
 'H ODPHOOHQDVVHQ NXQQHQ ZRUGHQ YRRU
]LHQYDQYHUVFKLOOHQGHVRRUWHQODPHOOHQYRRUKDUGH
EURVVHWRWVWHYLJHRIWDDLHODVWLVFKHRSSHUYODNNHQ
 +HWWHEHZHUNHQRSSHUYODNZRUGWGRRUGH
ORV DDQJHEUDFKWH ODPHOOHQ ELM KHW GUDDLHQ YDQ
GHJHUHHGVFKDSVWURPPHOEORRWJHVWHOGDDQKDUGH
VWRWHQGLHDOQDDUKHWVRRUWODPHOOHQHHQPHHURI
PLQGHUVWHUNHPDWHULDDODIVFKXULQJYHURRU]DNHQ
 'HJHUHHGVFKDSVWURPPHONDQPHWYHUVFKLO
OHQGHPRWRUHQHOHNWUREHQ]LQHRIGLHVHOPRWRU
ZRUGHQDDQJHGUHYHQ
 %HVWXULQJ
'HPDFKLQHV]LMQDOQDDUPRGHOYRRU]LHQYDQ
RIYDVWHZLHOHQHQNXQQHQ]RQGHUHQLJHPRHLWH
YRRUXLWHQDFKWHUXLW ZRUGHQ YHUUHGHQ%LMGHV
NXQGLJH JHEUXLN ZRUGW GDDUGRRU KHW QDDU RS]LM
XLWEUHNHQYHUKLQGHUGHQEOLMYHQGHPDFKLQHVLQ
KHW VSRRU 'RRU KHW KDQGYDW QDDU EHQHGHQ WH
GUXNNHQNDQGHPDFKLQHRSHHQDVLQHHQZLOOH
NHXULJHDQGHUHORRSULFKWLQJZRUGHQEHZRJHQ
 0DFKLQHVPHWK\GUDXOLVFKHWUDFWLH]LMQYRRU
]LHQYDQHHQEHVWXULQJRPKHWPDQRHXYUHUHQELM
VWLOVWDDQGHPRWRUWHZDDUERUJHQ'RRUKHWYRHW
SHGDDOQDDUEHQHGHQWHGUXNNHQNRPHQGHDFK
WHUZLHOHQORVYDQGHERGHPHQGHPDFKLQHNDQ
QXPHWKHWJURRWVWHJHPDNRSGH]ZHQNZLHOHQ
ZRUGHQJHPDQRHXYUHHUG
 0DVFKLQHQEHVFKUHLEXQJ
 XQG)XQNWLRQVSULQ]LS
 *HQHUDOGHVFULSWLRQ  0DFKLQHEHVFKULMYLQJHQ
 EHGLHQLQJVSULQFLSHV


&RS\ULJKW9RQ$U[$*

 0RGHVGHIRQFWLRQQHPHQW
 0RGHVGHIRQFWLRQQHPHQW
/DPDFKLQHjWUDYDLOOHUOHVVXUIDFHVWUDYDLOOHDYHF
XQWDPERXUURWDWLIjRXWLOVDXWRXUGXTXHOVXLYDQW
OHW\SHRXODPHOOHVVRQWXQLIRUPpPHQW
UpSDUWLHV
 /HV DUEUHV GH ODPHOOHV VH JDUQLVVHQW GH
GLIIpUHQWVW\SHVGHODPHOOHVSRXUVROVGXUVFDV
VDQWVjIHUPHVRXYLVFRSODVWLTXHV
 /HVROjWUDYDLOOHUHVWVRXPLVSHQGDQWOD
URWDWLRQGXWDPERXUjGHVFRXSVGXUVGHVODPHO
OHVOLEUHVTXLVXLYDQWOHW\SHGHODPHOOHVSURYR
TXHQWXQHQOqYHPHQWGHPDWLqUHSOXVRXPRLQV
LPSRUWDQW
 /HWDPERXUjRXWLOVSHXWrWUHHQWUDvQpSDU
GLIIpUHQWV PRWHXUV pOHFWULTXH j HVVHQFH RX
GLHVHO
 *XLGDJH
/HV PDFKLQHV VXLYDQW OH W\SH VRQW pTXLSpHV
GHRXURXHV ¿[HV HW SHXYHQW rWUHJXLGpHV
VDQVHIIRUWHQPDUFKHDYDQWHWDUULqUH(QXVDJH
VHORQ OHV UqJOHV RQ pYLWH DLQVL XQH GpUREDGH
ODWpUDOHHWOHVPDFKLQHVUHVWHQWGDQVOHXUYRLH
(Q DSSX\DQW VXU OD SRLJQpHEDUUH OD PDFKLQH
SHXWrWUHGpSODFpHVXUXQHVVLHXGDQVXQHDXWUH
GLUHFWLRQTXHOFRQTXH
/HV PDFKLQHV j DYDQFH K\GUDXOLTXH VRQW
pTXLSpHVGµXQGLVSRVLWLIGHJXLGDJHSHUPHWWDQW
GH PDQRHXYUHU DYHF OH PRWHXU DUUrWp (Q
HQIRQoDQWODSpGDOHOHVURXHVDUULqUHVRQWVRX
OHYpHVGXVROHWODPDFKLQHVHPDQRHXYUHIDFLOH
PHQWVXUOHVURXHVGHJXLGDJH
 0RGLGLIXQ]LRQDPHQWR
 0RGLGLIXQ]LRQDPHQWR
/D PDFFKLQD SHU OD ODYRUD]LRQH GHOOH VXSHU¿FL
ODYRUDFRQXQWDPEXURSHUXWHQVLOLURWDQWHVXO
FXLSHULPHWURVRQRGLVWULEXLWLLQPRGRXQLIRUPH
GHJOL DOEHUL SHU ODPHOOH D VHFRQGD GHO WLSR GL
PDFFKLQDRSSXUHDOEHULSHUODPHOOH
 6XJOL DOEHUL SHU ODPHOOH SRVVRQR HVVHUH
DSSOLFDWLGLYHUVLWLSLGLODPHOOHSHUVXSHU¿FLGXUH
UXYLGH¿QRDFRPSDWWHRHODVWLFKH
 /DVXSHU¿FLHGDODYRUDUHYLHQHVRWWRSRVWD
DGXUL FROSL GD SDUWH GHOOH ODPHOOH PRQWDWHVXO
WDPEXURSHUXWHQVLOLFKHUXRWD,QEDVHDOWLSRGL
ODPHOOHDSSOLFDWHTXHVWLFROSLFDXVDQRXQDVSRUWR
GLPDWHULDOHSLRPHQRLQWHQVR
 ,OWDPEXURSHUXWHQVLOLSXzHVVHUHD]LRQDWR
FRQ GLYHUVL WLSL GL PRWRUH HOHWWULFR D EHQ]LQD
GLHVHO
 *XLGD
/HPDFFKLQHVRQRGRWDWHDVHFRQGDGHOWLSRGL
RUXOOL¿VVLHSRVVRQRHVVHUHJXLGDWHVHQ]D
IDWLFDLQDYDQWLHG LQGLHWUR 8WLOL]]DQGRODPDF
FKLQDLQPRGRLGRQHRVLHYLWDORVEDQGDPHQWR
ODWHUDOHHTXHVWDULPDQHVXOODVXDWUDFFLD3UH
PHQGRYHUVRLO EDVVRODPDQLJOLD ODPDFFKLQD
SXz HVVHUH PRVVD OXQJR XQµDVVH LQ XQµDOWUD
GLUH]LRQHDSLDFHUH
/H PDFFKLQD FRQ DYDQ]DPHQWR LGUDXOLFR VRQR
GRWDWHGLXQGLVSRVLWLYRGLJXLGDSHUSHUPHWWHUH
ODPDQRYUDDPRWRUHVSHQWR3UHPHQGRYHUVRLO
EDVVRLOSHGDOHOHUXRWHSRVWHULRULVLVROOHYDQRGDO
WHUUHQRFRQVHQWHQGRFRVuGLPXRYHUHIDFLOPHQWH
ODPDFFKLQDIDFHQGRJLRFRVXLUXOOLGHOORVWHU]R
 0RGDOLGDGGHIXQFLRQDPLHQWR
 0RGDOLGDGGHIXQFLRQDPLHQWR
/DPiTXLQDSDUDSUHSDUDFLyQGHVXSHU¿FLHVWUD
EDMDFRQXQWDPERUURWDWRULRGHKHUUDPLHQWDVHQ
FX\RSHUtPHWURVHHQFXHQWUDQGLVWULEXLGDVUHJX
ODUPHQWH\VHJ~QHOWLSRyHMHVGHOiPL
QDV
 /RVHMHVGHOiPLQDVSXHGHQHTXLSDUVHFRQ
GLYHUVRVWLSRVGHOiPLQDSDUDVXHORVGXURVGH
GXURIUiJLOHVDVyOLGRVRYLVFRSOiVWLFRV
 &RQODURWDFLyQGHOWDPERUGHKHUUDPLHQWDV
HOVXHORDSUHSDUDUHVREMHWRGHIXHUWHVLPSDFWRV
SRUSDUWHGHODVOiPLQDVGHPRQWDMHVXHOWRTXH
GHSHQGLHQGRGHOWLSRGHpVWDVFDXVDQXQGHV
PRQWHPiVRPHQRVIXHUWHGHOPDWHULDO
 (OWDPERUGHKHUUDPLHQWDVSXHGHVHUDFFLR
QDGRSRUGLYHUVRVPRWRUHVPRWRUHOpFWULFRGH
JDVROLQDRGLHVHO
 0HFDQLVPRGHGLUHFFLyQ
 6HJ~Q HO WLSR ODV PiTXLQDV HVWiQ HTXL
SDGDV FRQ  y  URGLOORV ¿MRV \ SXHGHQ VHU
FRQGXFLGDV IiFLOPHQWH KDFLD DGHODQWH R KDFLD
DWUiV 0HGLDQWH HO XVR DGHFXDGR VH LPSLGH
OD GHVYLDFLyQ ODWHUDO \ ODV PiTXLQDV VLJXHQ OD
YtD(PSXMDQGRKDFLDDEDMRODHPSXxDGXUDOD
PiTXLQDSXHGHVHUPRYLGDVREUHXQHMHHQFXDO
TXLHURWUDGLUHFFLyQGHPDUFKDGHVHDGD
 /DVPiTXLQDVFRQDYDQFHKLGUiXOLFRHVWiQ
GRWDGDV GH XQ GLVSRVLWLYR GH GLUHFFLyQ SDUD
JDUDQWL]DUODPDQLREUDELOLGDGFRQPRWRUSDUDGR
(PSXMDQGRKDFLDDEDMRHOSHGDOVHHOHYDQGHO
VXHORODVUXHGDVSRVWHULRUHV\ODPiTXLQDSXHGH
DKRUDVHUPDQLREUDGDGHPRGRPX\IiFLOVREUH
ORVURGLOORV¿MRV
 'HVFULSWLRQGHODPDFKLQHHW
 SLQFLSHGHIRQFWLRQQHPHQW
  'HVFULSFLyQGHODPiTXLQD\
 SULQFLSLRGHIXQFLRQDPLHQWR
 'HVFUL]LRQHGHOODPDFFKLQD
 HSULQFLSLRGLIXQ]LRQH


9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ$U[$*RGHU GLH LQGHQ(UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
 (UVDW]WHLOOLVWHQ  /LVWRIVSDUHSDUWV  /LMVWYDQRQGHUGHOHQ
9$6 *UXSSHQHLQWHLOXQJ
 $QWULHE(OHNWURPRWRU9
 $QWULHE(OHNWURPRWRU9
 $QWULHE%HQ]LQPRWRU+RQGDPHWULVFK
 $QWULHE%HQ]LQPRWRU+RQGD=ROO
 $QWULHE'LHVHOPRWRU+DW]
 9RUGHUH5ROOHNRPSOHWW
 /DQGH
 7RWPDQQ$XVO|VXQJ 
 $QWULHEVZHOOH
 9HUVWHOOXQJ 
 )HGHUEHLQ
 *HKlXVHGHFNHO
 5DGZLSSH
 $EVDXJYRUULFKWXQJ
 6WDXEVFKU]HQ6HW
















9$6 6XEDVVHPEOLHV
 (OHFWULFGULYH9
 (OHFWULFGULYH9
 *DVROLQHGULYH+RQGDPHWULF
 *DVROLQHGULYH+RQGDLQFK
 'LHVHOGULYH+DW]
 )URQWZKHHOFRPSOHWH
 +DQGOHEDU
 'HDGPDQGHYLFH 
 'ULYHVKDIW
 $GMXVWPHQW 
 6SULQJDVVHPEO\
 +RXVLQJFRYHU
 :KHHOEDODQFH
 9DFXXPFRQQHFWLRQGHYLFH
 'XVWVKLHOGVHW
















9$6 *URHSHQLQGHOLQJ
 (OHFWURPRWRU9
 (OHFWURPRWRU9
 %HQ]LQHPRWRU+RQGDPHWULVFK
 %HQ]LQHPRWRU+RQGDLQFK
 +DW]'LHVHOPRWRU
 1HXVZLHO
 6WHHO
 'RGHPDQVNQRS 
 $DQGULMIDV
 'LHSWHLQVWHOOLQJ 
 9HHUVHW
 'HNVHO
 :LHOVFKDUQLHU
 6WRI]XLJDDQVOXLWLQJ
 5XEEHUHQVWRIVWULS


















&RS\ULJKW9RQ$U[$*

8WLOLVHUXQLTXHPHQWGHV SLqFHVG¶RULJLQHGH
9RQ$U[$*RXFHOOHVÀJXUDQWVXUOHVOLVWHVGH
SLqFHVGHUHFKDQJH
8WLOL]]DUHVRORSH]]LGLULFDPELRRULJLQDOLGHOOD
9RQ$U[$*RSSXUHLSH]]LGLULFDPELRLQGLFDWL
QHOODOLVWDGHLSH]]LGLULFDPELR
8WLOLFH ~QLFDPHQWH ODV SLH]DV GH UHFDPELR
RULJLQDOHV GH 9RQ $U[ $* R ODV SLH]DV GH
UHFDPELR HVSHFLÀFDGDV HQ ODV OLVWDV GH ODV
SLH]DVGHUHFDPELR
 /LVWHGHVSLqFHVGpWDFKpHV  /LVWDGLSH]]LGLULFDPELR  /LVWDGHSLH]DVGHUHFDPELR
9$6 'LYLVLyQHQJUXSRV
 0RWRUHOHFWULFR9
 0RWRUHOHFWULFR9
 0RWRUDJDVROLQD+RQGDPHWU
 0RWRUDJDVROLQD+RQGDSXOJDGDV
 0RWRUD'LHVHO+DW]
 5XHGDIURQWDOFRPSOHWR
 &KDVLVFHQWUDO
 'LVSRVLWLYRKRPEUHPXHUWR 
 $UEROSULQFLSDOKH[DJRQDO
 5HJXODFLRQ 
 6LVWHPDGHPXHOOH
 7DSDODWHUDOFDUFDVDWDPERU
 5XHGDJLUDWRULD
 ,QVWDODFLRQGHDVSLUDFLRQ
 -XHJRJRPDVDQWLSROYR
















9$6 'LYLVLRQGHJURXSH
 (QWUDvQHPHQWSDUPRWHXUpOHFWULTXH
 (QWUDvQHPHQWSDUPRWHXUpOHFWULTXH
 (QWUSDUPRWHXUjHVVHQFH+RQGD
 (QWUSDUPRWHXUjHVVHQFH+RQGD³
 (QWUSDUPRWHXU'LHVHO+DW]
 5RXHDYDQWFRPSO
 &KDVVLVGHSRLJQpH
 'LVSRVLWLIGµKRPPHPRUW 
 $UEUHGµHQWUDvQHPHQW
 $MXVWHPHQW 
 6\VWqPHGHUHVVRUWV
 &RXYHUFOHODWpUDO
 5RXHSLYRWDQWH
 ,QVWDOODWLRQGµDVSLUDWLRQ
 7DEOLHUDSRXVVLqUHVVHW
















9$6 'LYLVLRQHLQJUXSSL
 0RWRUHHOHWWULFR9
 0RWRUHHOHWWULFR9
 0RWRUHDEHQ]LQD+RQGDPHWU
 0RWRUHDEHQ]LQD+RQGDLQFK
 0RWRUH'LHVHO+DW]
 5XRWDDQWHULRUHFRPSOHWD
 7LPRQH
 'LVSRVLWLYRGLXRPRPRUWR 
 $OEHURGLWUDVPLVVLRQH
 5HJROD]LRQH 
 &RSSLDGLWXEL
 &RSHUFKLR
 'LVSRVLWLYRUXRWH
 'LVSRVLWLYRGµDVSLUD]LRQH
 3URWH]LRQHDQWLSROYHUH6HW


















9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ$U[$*RGHU GLH LQGHQ(UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
 (UVDW]WHLOOLVWHQ  /LVWRIVSDUHSDUWV  /LMVWYDQRQGHUGHOHQ
6WFNOLVWH]X$QWULHE(OHNWURPRWRU
 6WHUQ'UHLHFN$QODXI
6WFNOLVWH]X$QWULHE(OHNWURPRWRU
 'LUHNWDQODXI
 (OHNWURPRWRU9N:
 (OHNWURPRWRU9N:
 'LVWDQ]OHLVWH [
 =DKQULHPHQ
 .DEHOIKUXQJ
 6FKDOWHU[9YRUPPLW.DEHO
 6FKDOWHUYRUPRQWLHUW
 1RW$XV6FKDOWHUNRPSO 
 5RKUVFKHOOHPLW*XPPLVFKXW]
 5LHPHQVFKXW]
 =XVDW]ULHPHQVFKXW] 
 %ULGH
 =DKQVFKHLEH
 $SSDUDWHVWHFNHU]X6WHUQ'UHLHFN
   6FKDOWHU
 3ODWWH]X0RWRUVFKXW]VFKDOWHU
 6SDQQUROOH
 %HIHVWLJXQJVEOHFK

$
%
$
%



$
%






$
$


/LVWRISDUWVHOHFWULFHQJLQH
 VWDUGHOWDVWDUWLQJ
/LVWRISDUWVHOHFWULFHQJLQH
 GLUHFWVWDUWLQJ
 (OHFWURPRWRU9N:
 (OHFWURPRWRU9N:
 'LVWDQFHEDU [
 7RRWKHGEHOW
 &DEOHJXLGH
 6ZLWFK[9SUHDVVHPEOHG
 6ZLWFKSUHDVVHPEOHG
 (PHUJHQF\VKXWGRZQFRPSO 
 3LSHFODPSZLWKUXEEHUSURWHFWLRQ
 %HOWJXDUG
 $GGLWLRQDOEHOWJXDUG 
 &ODPS
 7RRWKHGSXOOH\
 3OXJZLWKSKDVHLQYHUWHU
 3ODWHWRVZLWFK
 %HOWWHQVLRQLQJUROOHU
 )DVWHQLQJEUDFNHW

$
%
$
%



$
%






$
$


2QGHUGHOHQOLMVWYDQDDQGULMYLQJ
 HOHFWURPRWRUVWHUGULHKRHNDDQORRS

2QGHUGHOHQOLMVWYDQDDQGULMYLQJ
 HOHFWURPRWRUGLUHFWHDDQORRS
 (OHFWURPRWRU9N:
 (OHFWURPRWRU9N:
 $IVWDQGVULQJ [
 7DQGULHP
 .DEHOJHOHLGHU
6FKDNHODDU[9YRUJHPPHWNDEHO
 6FKDNHODDUYRRUJHPRQWHHUG
 1RRGVWRSVFKDNHODDUFRPSOHHW
 %XLVNOHP
 7DQGULHPEHVFKHUPLQJ
 7DQGULHPEHVFKHUPLQJ 
 6ODQJNOHP
 7DQGZLHO
 6WHNHUYRRUVWHUGULHKRHN
   VFKDNHODDU
 %HYHVWLJLQJVSODDWYRRUVFKDNHODDU
 6SDQURO
 %HYHVWLJLQJVSODDW

$
%
$
%



$
%






$
$




&RS\ULJKW9RQ$U[$*

8WLOLVHUXQLTXHPHQWGHV SLqFHVG¶RULJLQHGH
9RQ$U[$*RXFHOOHVÀJXUDQWVXUOHVOLVWHVGH
SLqFHVGHUHFKDQJH
8WLOL]]DUHVRORSH]]LGLULFDPELRRULJLQDOLGHOOD
9RQ$U[$*RSSXUHLSH]]LGLULFDPELRLQGLFDWL
QHOODOLVWDGHLSH]]LGLULFDPELR
8WLOLFH ~QLFDPHQWH ODV SLH]DV GH UHFDPELR
RULJLQDOHV GH 9RQ $U[ $* R ODV SLH]DV GH
UHFDPELR HVSHFLÀFDGDV HQ ODV OLVWDV GH ODV
SLH]DVGHUHFDPELR
 /LVWHGHVSLqFHVGpWDFKpHV  /LVWDGLSH]]LGLULFDPELR  /LVWDGHSLH]DVGHUHFDPELR
/LVWHGHSLqFHVPRWHXUpOHFWULTXH
 GpPDUUDJHpWRLOHWULDQJOH
/LVWHGHSLqFHVPRWHXUpOHFWULTXH
 GpPDUUDJHGLUHFW
 0RWHXUpOHFWULTXH9N:
 0RWHXUpOHFWULTXH9N:
 %DUUHGHGLVWDQFH [
 &RXUURLHGHQWpH
 *XLGHFDEOH
 ,QWHUUXSWHXU[9SUHDVVHPEOp
 ,QWHUUXSWHXUSUHDVVHPEOp
 $UUrWGµXUJHQFHFRPSO 
 %ULGHDYHFSURWHFWLRQFDRXWFKRXF
 &DUWHUGHSURWHFWLRQ
 &DUWHUGHSURWHFWLRQVXSSOHPHQWDLUH

 &UDPSRQ
 5RXHGHQWpH
 )LFKHDYHFLQYHUVHXUGHSKDVHV
   
 3ODWHDXSRXU¿FKH
 5RXOHDXGHWHQVLRQ
 7{OHGH¿[DWLRQ

$
%
$
%



$
%






$
$


/LVWDGLSH]]LSHUPRWRUHHOHWWULFR
 DYYLDWRUHVWHOODWULDQJROR
/LVWDGLSH]]LSHUPRWRUHHOHWWULFR
 D]LRQDPHQWRGLUHWWR
 (OHWWURPRWRUH9N:
 (OHWWURPRWRUH9N:
 %DUUDGLGLVWDQ]D [
 &LQJKLDGHQWDWD
 &RQGXWWXUDSHUFDYL
 ,QWHUUXWWRUH[9SUHPFRQFDYR
 ,QWHUUXWWRUHSUHPRQWDWR
 ,QWHUUXWWRUHGµHPHUJHQ]DFRPSOHWR
 6WDIIDSHUWXELFRQSURWH]LQJRPPD
 3URWH]LRQHGHOODFLQJKLD
 3URWH]LRQHGHOODFLQJKLDVXSSOHPHQWDUH

 %ULGD
 3XOHJJLDGHQWDWD
 3UHVDSHUFRPPXWDWRUHVWHOOD
   WULDQJROR
 3LDVWUDSHUVDOYDPRWRUH
 5XOORWHQGLWRUH
 /DPLHUDSHU¿VVDJJLR

$
%
$
%



$
%






$
$


/LVWDGHSLH]DVSDUDPRWRUHOHFWULFR
 DUUDQTXpHVWUHOODWULDQJXOR
/LVWDGHSLH]DVSDUDPRWRUHOHFWULFR
 DUUDQTXpGLUHFWR
 0RWRUHOHFWULFR9N:
 0RWRUHOHFWULFR9N:
 %DUUDGHGLVWDQFLD [
 &RUUHDGHQWDGD
 *XLDFDEOH
 ,QWHUUXSWRU[9SUHPFRQFDEOH
 ,QWHUUXSWRUSUHPRQWDGR
 3DUDGDGHODHPHUJHQFLDFRPSOHWR
 %ULGDFRQSURWHFFLRQFDXFKR
 3URWHFWRUFRUUHD
 3URWHFWRUFRUUHDVXSOHPHQWDULR
 *UDSD
 3ROHRGHQWDGDFRUUHD
 &ODYLMDFRQLQYHUVRUGHIDVHV
   
 3ODWRSDUDFODYLMD
 5RGLOORGHWHQVLRQ
 &KDSDGH¿MDFLRQ

$
%
$
%



$
%






$
$




9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ$U[$*RGHU GLH LQGHQ(UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
 (UVDW]WHLOOLVWHQ  /LVWRIVSDUHSDUWV  /LMVWYDQRQGHUGHOHQ
6WFNOLVWH]X%HQ]LQPRWRU+RQGD
 PHWULVFK
6WFNOLVWH]X%HQ]LQPRWRU+RQGD
 =ROO
 %HQ]LQPRWRUN:
 %HQ]LQPRWRUN:
 $EOHQNHU
 0RWRUSODWWHYRUQH
 0RWRUSODWWHKLQWHQ
 =DKQVFKHLEHPHWULVFK
 =DKQVFKHLEH=ROO
 =DKQULHPHQ 
 5LHPHQVFKXW]
 5LHPHQVFKXW]
 'LVWDQ]ULQJ 
 6SDQQUROOH
 %HIHVWLJXQJVEOHFK

$
%
$
%



$
%

$
%
%


/LVWRISDUWVGULYHJDVROLQHPRWRU
 PHWULF
/LVWRISDUWVGULYHJDVROLQHPRWRU
 LQFKHV
 *DVROLQHHQJLQHN:
 *DVROLQHHQJLQHN:
 'HÀHFWRU
 (QJLQHPRXQWLQJSODWHIURQW
 (QJLQHPRXQWLQJSODWHUHDU
 7RRWKHGSXOOH\PHWULF
 7RRWKHGSXOOH\LQFK
 7RRWKHGEHOW 
 %HOWJXDUG
 %HOWJXDUG
 6SDFHUULQJ 
 %HOWWHQVLRQLQJUROOHU
 )DVWHQLQJEUDFNHW

$
%
$
%



$
%

$
%
%


2QGHUGHOHQOLMVWYDQEHQ]LQHPRWRU
 +RQGD PHWULVFK
2QGHUGHOHQOLMVWYDQEHQ]LQHPRWRU
 +RQGDLQFK
 %HQ]LQHPRWRUN:
 %HQ]LQHPRWRUN:
 8LWODDW
 0RWRUSODDWYRRU
 0RWRUSODDWDFKWHU
 7DQGZLHOPHWULVFK
 7DQGZLHOLQFK
 7DQGULHP 
 %HVFKHUPNDS
 %HVFKHUPNDS
 $IVWDQGVULQJ 
 6SDQURO
 %HYHVWLJLQJVSODDW

$
%
$
%



$
%

$
%
%




&RS\ULJKW9RQ$U[$*

8WLOLVHUXQLTXHPHQWGHV SLqFHVG¶RULJLQHGH
9RQ$U[$*RXFHOOHVÀJXUDQWVXUOHVOLVWHVGH
SLqFHVGHUHFKDQJH
8WLOL]]DUHVRORSH]]LGLULFDPELRRULJLQDOLGHOOD
9RQ$U[$*RSSXUHLSH]]LGLULFDPELRLQGLFDWL
QHOODOLVWDGHLSH]]LGLULFDPELR
8WLOLFH ~QLFDPHQWH ODV SLH]DV GH UHFDPELR
RULJLQDOHV GH 9RQ $U[ $* R ODV SLH]DV GH
UHFDPELR HVSHFLÀFDGDV HQ ODV OLVWDV GH ODV
SLH]DVGHUHFDPELR
 /LVWHGHVSLqFHVGpWDFKpHV  /LVWDGLSH]]LGLULFDPELR  /LVWDGHSLH]DVGHUHFDPELR
/LVWGHSLqFHVHQWUPRWHXUjHVVHQFH
 PpWULTXH
/LVWGHSLqFHVHQWUPRWHXUjHVVHQFH
 SRXFHV
 0RWHXUjHVVHQFHN:
 0RWHXUjHVVHQFHN:
 'HÀHFWHXU
 'LVSGH¿[DWLRQGHPRWHXUDYDQW
 'LVSGH¿[DWLRQGHPRWHXUDUULqUH
 5RXHGHQWpHPHWULTXH
 5RXHGHQWpHSRXFHV
 &RXUURLHGHQWpH 
 &DUWHUGHSURWHFWLRQ
 &DUWHUGHSURWHFWLRQ
 $QQHDXGµHQWUHWRLVHPHQW
 5RXOHDXGHWHQVLRQ
 7{OHGH¿[DWLRQ

$
%
$
%



$
%

$
%
%


/LVWDGLSH]]LSHUPRWRUH+RQGD
 PHWULFR
/LVWDGLSH]]LSHUPRWRUH+RQGD
 LQFK
 0RWRUHDEHQ]LQDN:
 0RWRUHDEHQ]LQDN:
 'HÀHWWRUH
 3LDVWUDSHU¿VVD]LRQHPRWDQWHULRUH
 3LDVWUDSHU¿VVD]LRQHPRWSRVWHULRUH
 3XOHJJLDGHQWDWDPHWU
 3XOOHJLDGHQWDWDLQFK
 &LQJKLDGHQWDWD 
 5LSDURGHOODFLQJKLD
 5LSDURGHOODFLQJKLD
 $QHOORGLVWDQ]LDWRUH 
 5XOORWHQGLWRUH
 /DPLHUDGL¿VVDJLR

$
%
$
%



$
%

$
%
%


/LVWDGHSLH]DVSDUDPRWRU+RQGD
 PHWULFR
/LVWDGHSLH]DVSDUDPRWRU+RQGD
 SXOJDGDV
 0RWRUDJDVROLQDN:
 0RWRUDJDVROLQDN:
 'HÀHFWRU
 'LVSRVLWLYRGH¿MDFLRQGHPRWRUGHODQWHUR
 'LVSRVLWLYRGH¿MDFLRQGHPRWRUWUDVHUR
 3ROHDGHQWDGDFRUUHDPHWU
 3ROHDGHQWDGDFRUUHDSXOJDGDV
 &RUUHDGHQWDGD 
 3URWHFWRUFRUUHD
 3URWHFWRUFRUUHD
 $QLOODGHGLVWDQFLD 
 5RGLOORGHWHQVLRQ
 &KDSDGH¿MDFLRQ

$
%
$
%



$
%

$
%
%




9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ$U[$*RGHU GLH LQGHQ(UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
 (UVDW]WHLOOLVWHQ  /LVWRIVSDUHSDUWV  /LMVWYDQRQGHUGHOHQ
6WFNOLVWH]X$QWULHEPLW'LHVHO
 PRWRU+DW]
 'LHVHOPRWRUN:
 =DKQULHPHQ
 =DKQVFKHLEH=ROO
 'LVWDQ]ULQJ
 0RWRUHQOHLVWH [
 5LHPHQVFKXW]
 6SDQQUROOH
 1RW$XV6FKDOWHUNRPSOHWW 
 3RVLWLRQVVFKDOWHUYRUPRQWLHUW
 %HIHVWLJXQJVEOHFK













/LVWRISDUWVIRU'LHVHOHQJLQH
 GULYH+DW]
 'LHVHOPRWRUN:
 7RRWKHGEHOW
 7RRWKHGSXOOH\LQFK
 6SDFHUULQJ
 (QJLQHPRXQWLQJSODWH [
 %HOWJXDUG
 %HOWWHQVLRQLQJUROOHU
 (PHUJHQF\VKXWGRZQVZLWFKFRPSO
 3RVLWLRQVZLWFK
 )DVWHQLQJEUDFNHW













2QGHUGHOHQOLMVWYDQDDQGULMYLQJPHW
 GLHVHOPRWRU+DW]
 'LHVHOPRWRUN:
 7DQGULHP
 7DQGZLHOLQFK
 $IVWDQGVULQJ
 0RWRUEHYHVWLJLQJVSODDW [
 %HVFKHUPNDS
 6SDQURO
 1RRGNQRSFRPSOHHW 
 3RVLWLHVFKDNHODDUYRRUJHPRQWHHUG
 %HYHVWLJLQJVSODDW















&RS\ULJKW9RQ$U[$*

8WLOLVHUXQLTXHPHQWGHV SLqFHVG¶RULJLQHGH
9RQ$U[$*RXFHOOHVÀJXUDQWVXUOHVOLVWHVGH
SLqFHVGHUHFKDQJH
8WLOL]]DUHVRORSH]]LGLULFDPELRRULJLQDOLGHOOD
9RQ$U[$*RSSXUHLSH]]LGLULFDPELRLQGLFDWL
QHOODOLVWDGHLSH]]LGLULFDPELR
8WLOLFH ~QLFDPHQWH ODV SLH]DV GH UHFDPELR
RULJLQDOHV GH 9RQ $U[ $* R ODV SLH]DV GH
UHFDPELR HVSHFLÀFDGDV HQ ODV OLVWDV GH ODV
SLH]DVGHUHFDPELR
 /LVWHGHVSLqFHVGpWDFKpHV  /LVWDGLSH]]LGLULFDPELR  /LVWDGHSLH]DVGHUHFDPELR
/LVWHGHSLqFHVSRXUPRWHXU'LHVHO
 +DW]
 0RWHXU'LHVHON:
 &RXUURLHGHQWpH
 5RXHGHQWpHLQFK
 $QQHDXGµHQWUHWRLVHPHQW
 'LVSGH¿[DWLRQGHPRWHXU [
 &DUWHUGHSURWHFWLRQ
 5RXOHDXGHWHQVLRQ
 $UUrWGµXUJHQFHFRPSO
 ,QWHUUXSWHXUGHSRVLWLRQ
 7{OHGH¿[DWLRQ













/LVWDGLSH]]LSHUPRWRUH'LHVHO
 +DW]
 0RWRUH'LHVHON:
 &LQJKLDGHQWDWD
 3XOHJJLDGHQWDWDLQFK
 $QHOORGLVWDQ]LDWRUH
 /LVWHOORSHUPRWRUH [
 5LSDURGHOODFLQJKLD
 5XOORWHQGLWRUH
 $UUHVWRGLHPHUJHQ]DFRPSOHWR
 ,QWHUUXWWRUHGLSRVL]LRQDPHQWRSUHP
 /DPLHUDGL¿VVDJJLR













/LVWDGHSLH]DVSDUDPRWRU'LHVHO
 +DW]
 0RWRU'LHVHON:
 &RUUHDGHQWDGD
 3ROHDGHQWDGDFRUUHDSXOJDGDV
 $QLOODGHGLVWDQFLD
 'LVSRVLWLYRGH¿MDFLRQPRWRU[
 3URWHFWRUFRUUHD
 5RGLOORGHWHQVLRQ
 3DUHGHXUJHQFLDFRPSOHWR 
 ,QWHUUXSWRUGHSRVLFLyQ
 &KDSDGH¿MDFLRQ















9HUZHQGHQ6LHQXU2ULJLQDOHUVDW]WHLOHYRQGHU
9RQ$U[$*RGHU GLH LQGHQ(UVDW]WHLOOLVWHQ
YRUJHJHEHQHQ(UVDW]WHLOH
2QO\XVHRULJLQDO9RQ$U[$*VSDUHSDUWVRU
WKHUHSODFHPHQWSDUWVLQGLFDWHGLQWKHSDUWV
OLVW
*HEUXLNXLWVOXLWHQGRULJLQHOHRQGHUGHOHQYDQ
GHÀUPD9RQ$U[$*RIGHLQGHRQGHUGHOHQ
OLMVWHQYHUPHOGHRQGHUGHOHQ
 (UVDW]WHLOOLVWHQ  /LVWRIVSDUHSDUWV  /LMVWYDQRQGHUGHOHQ
6WFNOLVWH]X/DQGH

 /DQGH
 %JHOJULII
 .OHPPULQJ [
 )HGHUHOHPHQW [
 6SDQQKOVH [
 %HIHVWLJXQJVZLQNHO1RW$XV








6WFNOLVWH]X)HGHUEHLQ

 9HUVWHOOSUR¿O  [
 /DVFKH  [
 )HGHUIKUXQJXQWHQ  [
 )HGHUIKUXQJREHQ  [
 'UXFNIHGHU  [
 .XJHO]DSIHQ  [








/LVWRISDUWVIRUKDQGOHEDU

 +DQGOHEDU
 &ODPSJULS
 &ODPSLQJULQJ [
 5XEEHUPRXQWLQJ [
 &ODPSLQJVOHHYH [
 )DVWHQLQJDQJOH








/LVWRISDUWVIRUVSULQJDVVHPEO\

 $GMXVWPHQWSUR¿O  [
 %UDFNHW  [
 /RZHUVSULQJJXLGH  [
 8SSHUVSULQJJXLGH  [
 &RPSUHVVLRQVSULQJ  [
 %DOOSLYRW  [








2QGHUGHOHQOLMVWEHGLHQLQJVVWHHO

 6WHHO
 +DQGYDW
 .OHPULQJ [
 9HHUHOHPHQW [
 6SDQKXOV [
 %HYHVWLJLQJVKRHNQRRGNQRRS








2QGHUGHOHQOLMVWYHHUVHW

 9HUVWHOSUR¿HO   [
 3ODDW   [
 9HHUEHVFKHUPLQJRQGHU [
 9HHUEHVFKHUPLQJERYHQ [
 9HHU   [
 .RJHOSHQ   [







