Professional Documents
Culture Documents
-ö]\N80/ZPRGHORZDQLXV\VWHPÑZLQIRUPDW\F]Q\FK
6SLVWUH FL
-ö]\N80/ZPRGHORZDQLXV\VWHPÑZLQIRUPDW\F]Q\FK
6SLVWUH FL
-ö]\N80/ZPRGHORZDQLXV\VWHPÑZLQIRUPDW\F]Q\FK
'RGDWNL
'RGDWHN$ 'HILQLFMHLSRMöFLD
'RGDWHN% 1RWDFMDJUDILF]QD
'RGDWHN& 'LDJUDP\
'RGDWHN' 80/ZOLF]EDFK
'RGDWHN( 6äRZQLNSROVNRDQJLHOVNL
'RGDWHN) 6äRZQLNDQJLHOVNRSROVNL
'RGDWHN* 6SLVU\VXQNÑZ
'RGDWHN+ /LWHUDWXUD
'RGDWHN, &RQWHQWV
6NRURZLG]
:SLHUZV]HMGHNDG]LH;;,ZLHNXG]LHG]LQDPRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FK
]RVWDáD]GRPLQRZDQDSU]H]SDUDG\JPDWPRGHORZDQLDRELHNWRZHJR3RGHM FLHWRMHVW
SUDNW\F]QLHZGUD DQHZSRVWDFLM ]\ND80/8QLILHG0RGHOLQJ/DQJXDJHRUD]PHWR
G\N 5835DWLRQDO8QLILHG3URFHVV- ]\N80/MHVWJUDILF]Q\PM ]\NLHPZL]XDOL
]DFML VSHF\ILNRZDQLD WZRU]HQLD L GRNXPHQWRZDQLD VNáDGQLNyZ V\VWHPyZ LQIRUPD
W\F]Q\FK%XG]LRQZLHONLH]DLQWHUHVRZDQLH URGRZLVNDNDGHPLFNLFKL]DZRGRZ\FK
Z W\P NRUSRUDFML LQIRUPDW\F]Q\FK RUD] LQVW\WXFML VWDQGDU\]DF\MQ\FK =DLQWHUHVRZD
QLHWRMHVWVW\PXORZDQHURVQ F OLF]E DSOLNDFMLSUDFXM F\FKZF]DVLHU]HF]\ZLVW\P
²WHOHNRPXQLNDF\MQ\FKLQWHUQHWRZ\FKEDQNRZ\FKHGXNDF\MQ\FKLLQQ\FK
- ]\N 80/ MHVW QLHXVWDQQLH LQWHQV\ZQLH UR]ZLMDQ\ FR UyZQLH E\áR SRZD Q\P
Z\]ZDQLHPDXWRUyZQLQLHMV]HMNVL NL3LHUZV] ZHUVM WHJRM ]\NDSU]HGVWDZLRQR
ZURNX%\áDRQDQLHW\ONRNRQVHNZHQFM SRá F]HQLDPHWRG\N*%RRFKD,-DFRE
VRQDRUD]-5XPEDXJKDOHF]SU]HGHZV]\VWNLPLVWRWQ\PNURNLHPZUR]ZRMXRELHN
WRZHMDQDOL]\L SURMHNWRZDQLD 6]F]HJyOQLH ZLHOH ]PLDQ Z ]DNUHVLH VWDQGDUGX ZSUR
ZDG]RQRZURNXF]HJRUH]XOWDWHPMHVWRERZL ]XM FDREHFQLHZHUVMD80/
1DMZL NV]\ZNáDGZSUDFHVWDQGDU\]DF\MQHZQRVLRUJDQL]DFMD20*2EMHFW0DQDJH
PHQW*URXS=PLDQ\WHV RGSRZLHG]L QDSUREOHP\Z\VW SXM FHZDSOLNDFMDFKSUDN
W\F]Q\FK RUD] SUDFDFK PHWRGRORJLF]Q\FK SURZDG]RQ\FK Z R URGNDFK DNDGHPLFNLFK
QDFDá\P ZLHFLH 80/SR]RVWDMHVWDOHRWZDUW\P Z\]ZDQLHPGODW\FK URGRZLVN
:QRV] RQHVZyMZNáDGSRSU]H]ELH FH]JáDV]DQLHXZDJLSURSR]\FMLGR20*
t SUDNW\F]QH]DSUH]HQWRZDQLHLZ\MD QLHQLHSRSU]H]OLF]QHDXWRUVNLHSU]\NáDG\
]DVDGX \WNRZDQLDM ]\ND80/
t SUHF\]\MQH]GHILQLRZDQLHED]\WHUPLQRORJLF]QHMLPHWRG\F]QHMVWDQGDUGX80/
LPHWRG\NL583
t ]ZHU\ILNRZDQLHRERNGLDJUDPyZ80/VáDERRSUDFRZDQ\FKZOLWHUDWXU]H
GLDJUDPyZPRGHORZDQLDEL]QHVRZHJRLPRGHORZDQLDDQDOLW\F]QHJR
t G\GDNW\F]QHRSUDFRZDQLHREV]HUQHJRNDQRQXZLHG]\RM ]\NX80/
GODVSUDZQHJRSRVáXJLZDQLDVL QLPZSUDNW\FH
t ZV]HFKVWURQQDHJ]HPSOLILNDFMDPRGHORZDQLDV\VWHPyZ]]DNUHVXEL]QHVX
LDGPLQLVWUDFML
vGHILQLFMHDXWRUVNLH
vWHUPLQRORJLDRILFMDOQLHVWRVRZDQDSU]H]2EMHFW0DQDJHPHQW*URXS
vGHILQLFMH]DSURSRQRZDQHSU]H]WZÑUFÑZMö]\ND80/
:VWöS
&] ü SLHUZV]D NVL NL ]DZLHUD SUH]HQWDFM L ZHU\ILNDFM WUH FL GRW\F] FHM SRV]F]H
JyOQ\FKGLDJUDPyZ80/.ROHMQHUR]G]LDá\SU]HGVWDZLDM ]DVDG\PRGHORZDQLDV\V
WHPyZQDSRGVWDZLHWU]\QDVWXURG]DMyZGLDJUDPyZVWDQRZL F\FKDNWXDOQ\VWDQGDUG
M ]\ND80/6 WR
t GLDJUDP\SU]\SDGNyZX \FLD
t GLDJUDP\NODV
t GLDJUDP\RELHNWyZ
t GLDJUDP\F]\QQR FL
t GLDJUDP\PDV]\Q\VWDQRZHM
t GLDJUDP\VWHURZDQLDLQWHUDNFM
t GLDJUDP\VHNZHQFML
t GLDJUDP\NRPXQLNDFML
t GLDJUDP\KDUPRQRJUDPRZDQLD
t GLDJUDP\VWUXNWXUSRá F]RQ\FK
t GLDJUDP\NRPSRQHQWyZ
t GLDJUDP\UR]ORNRZDQLD
t GLDJUDP\SDNLHWyZ
.VL N SRGVXPRZXMHREV]HUQ\PDWHULDáSRPRFQLF]\ZSRVWDFLGRGDWNyZOLWHUDWXUD
VSLV\RUD]VNRURZLG]'RGDWNLREHMPXM
t ]HVWDZLHQLHGHILQLFMLLSRM ü
t SRGVXPRZDQLHQRWDFMLJUDILF]QHMSRV]F]HJyOQ\FKNDWHJRULLSRM FLRZ\FK
t SRGVXPRZDQLHQRWDFMLGLDJUDPyZ
t 80/ZOLF]EDFK
t VáRZQLNSROVNRDQJLHOVNL
t VáRZQLNDQJLHOVNRSROVNL
0DWHULDáSRPRFQLF]\REHMPXMHSRQDGWR]Dá F]RQ\QDSá\FLH&'REV]HUQ\]HVWDZGDU
PRZ\FKQDU] G]L&$6(ZVSLHUDM F\FKM ]\N80/RUD]SODNDWXMPXM F\V\QWHW\F]
QLHQRWDFM ZHUVMLWHJRM ]\ND$XWRU]\VWZRU]\OLPR OLZR üVWXGLRZDQLD80/
ZWU\ELHHOHDUQLQJXQDSODWIRUPLHHGXNDF\MQHM8QLZHUV\WHWX*GD VNLHJRKWWS
SHXJXQLYJGDSO
5R]G]LDä
=QDF]HQLHRELHNWRZR FL
ZPRGHORZDQLXV\VWHPÑZ
LQIRUPDW\F]Q\FK
0RGHORZDQLHV\VWHPyZLQIRUPDW\F]Q\FKWRQLHXVWDM FHLWUXGQHZ\]ZDQLHGODWZyU
FyZV\VWHPyZSRF] ZV]\RGSLHUZV]\FKEL]QHVRZ\FK]DVWRVRZD V\VWHPyZ]ODW
3LHUZV]HVWRVXQNRZRSURVWHSRGHM FLDGRPRGHORZDQLDV\VWHPyZ]PLHQLDá\VL LHZR
OXRZDá\Z]DZDQVRZDQHWHRUHW\F]QLHSDUDG\JPDW\WZRU]HQLDV\VWHPyZLQIRUPDW\F]
Q\FK76,6]F]HJyOQLHGZDSRGHM FLD]GRPLQRZDá\DQDOL] RUD]SURMHNWRZDQLHV\VWH
PyZ²SRGHM FLHVWUXNWXUDOQHRUD]RELHNWRZH=DVNDNXMHPQRJR üLUy QRURGQR ü
]ZL ]DQ\FK]QLPLPHWRG\NLQRWDFML5y QRURGQR üWDGRSURZDG]LáDZODWDFKGR
VZRLVW\FKÄZRMHQPHWRGRORJLF]Q\FK´ZUDPDFKNWyU\FKUy QHJUXS\WZyUFyZZVSyá
]DZRGQLF]\á\]VRE DNFHQWXM FRGU EQR üZáDVQ\FKNRQFHSFMLÏVPDGHNDGD;;ZLH
NXWRRNUHVV]F]HJyOQHMGRPLQDFMLSRGHM FLDVWUXNWXUDOQHJRNWyUH]DRZRFRZDáRZLH
ORPDPHWRG\NDPLZ\SUDFRZDQ\PLSU]H] URGRZLVNDQDXNRZHLEL]QHVRZH0LPR
LVWRWQ\FKUy QLFSRPL G]\QLPLLVWQLDá\SXQNW\NDWHJRULHLPHFKDQL]P\ZVSyOQHE
G FHSRGVWDZ GDOV]HJRUR]ZRMX=DOLF]\üGRQLFKQDOH \SRM FLHLVNáDGQLNLPHWRG\NL
WZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKF\NO \FLDV\VWHPXSURWRW\SRZDQLHGLDJUDP\
]ZL ]NyZHQFMLPRGHOHUHODF\MQ\FKED]GDQ\FKF]\WH QDU] G]LD&$6(&RPSXWHU
$LGHG6RIWZDUH(QJLQHHULQJ
:\PLHQLRQHLQLFMDW\Z\XQLILNDFMLSURFHVXSURMHNWRZDQLDLZGUD DQLDV\VWHPyZLQIRU
PDW\F]Q\FKQLH]\VNDá\DSUREDW\ URGRZLVNDLQIRUPDW\NyZ1LHPQLHMRJyOQD]ELRURZD
ZLHG]DQDWHPDWUy QRURGQ\FKPHWRG\NVWUXNWXUDOQ\FKL]ZL ]DQH]QLPLQDU] G]LD
&$6(VWDá\VL ZODWDFKLSy QLHMEDUG]RSU]\GDWQ\PUXW\QRZRZ\NRU]\VW\ZD
Q\PNODV\F]Q\PQDU] G]LHPDQDOL]\RUD]SURMHNWRZDQLDV\VWHPyZLQIRUPDW\F]Q\FK
7DEHOD3RGVWDZRZHSRM FLDRELHNWRZR FL
3RMöFLH ,QWHUSUHWDFMD
RELHNW .D G\E\W²SRM FLHOXEU]HF]²PDM F\]QDF]HQLHZNRQWHN FLHUR]ZL ]\ZDQLD
DQJREMHFW SUREOHPXZGDQHMG]LHG]LQLHSU]HGPLRWRZHM
NODVD 8RJyOQLHQLH]ELRUXRELHNWyZNWyUHPDM WDNLHVDPHDWU\EXW\RSHUDFMH
DQJFODVV ]ZL ]NLL]QDF]HQLH
NRPXQLNDW 6SHF\ILNDFMDZ\PLDQ\LQIRUPDFMLPL G]\RELHNWDPL]DZLHUDM FD]OHFHQLD
DQJPHVVDJH Z\NRQDQLDRNUH ORQHMRSHUDFML
KHUPHW\]DFMD 5y QLFRZDQLHGRVW SXGRRELHNWXSRSU]H]XMDZQLHQLHRWRF]HQLXW\ONRW\FK
DQJHQFDSVXODWLRQ LQIRUPDFMLRMHJRDWU\EXWDFKOXERSHUDFMDFKNWyUHV QLH]E GQHGRHIHNW\ZQHJR
RGZRá\ZDQLDVL GRRELHNWXZV\VWHPLH]DSR UHGQLFWZHPNRPXQLNDWyZ
SROLPRUIL]P 0R OLZR üQDGDZDQLDWHMVDPHMQD]Z\Uy Q\PDWU\EXWRPLRSHUDFMRP
DQJSRO\PRUSKLVP RUD]Z\NRQ\ZDQLDUy Q\FKSURFHGXULDNFMLSRSU]H]RSHUDFMHRW\FKVDP\FK
QD]ZDFKSR]ZDODQDUHGXNFM OLF]E\QD]ZDWU\EXWyZLRSHUDFML
G]LHG]LF]HQLH 3U]\SRU] GNRZDQLHDWU\EXWyZLRSHUDFMLNODVRPRELHNWyZQDSRGVWDZLH
DQJLQKHULWDQFH KLHUDUFKLF]QHM]DOH QR FLPL G]\QLPL0R OLZHMHVWZLHORNURWQHG]LHG]LF]HQLH
FRR]QDF]D HGDQDNODVDG]LHG]LF]\DWU\EXW\LRSHUDFMH]GRZROQHMOLF]E\
NODVQDGU] GQ\FK
*HQH]DLHZROXFMDMö]\ND80/
:SU]\SDGNXPRGHORZDQLDRELHNWRZHJRUyZQLH QLHXGDáRVL XQLNQ üPHWRG\F]QH
JRUR]SURV]HQLD6]F]HJyOQ G\QDPLN FKDUDNWHU\]RZDá\VL ODWD±NLHG\
WROLF]EDLGHQW\ILNRZDOQ\FKUR]ZL ]D Z]URVáD]NLONXGRSRQDG-HGQDNZRGUy
QLHQLXRGPHWRG\NVWUXNWXUDOQ\FKVSRU\QDGNV]WDáWHPPHWRG\NRELHNWRZ\FK]DNR
F]\á\VL SRZV]HFKQLHX]QDZDQ\PNRQVHQVXVHP$XWRU]\GRPLQXM F\FKZRPDZLDQ\P
RNUHVLHUR]ZL ]D NWyUHHZROXRZDá\ZyZF]DVQLH]DOH QLHRGVLHELH]DSURSRQRZDOL
XMHGQROLFRQ\M ]\NPRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FK²80/1LHQDOH \
&]ö è,3RGVWDZ\Mö]\ND80/
SU]\ W\P XWR VDPLDü M ]\ND 80/ ] SHáQ PHWRG\N WZRU]HQLD V\VWHPyZ LQIRUPD
W\F]Q\FK NWyUD MHVW ]QDF]QLH V]HUV] NDWHJRUL SRU UR]G]LDá 3RGVWDZRZH WU]\
DXWRUVNLH UyGáDM ]\ND80/SU]HGVWDZLDWDEHOD
0RGHORZDQLHV\VWHPyZLQIRUPDW\F]Q\FKREHMPXMHDVSHNW\IXQNFMRQDOQHRUD]QLHIXQN
FMRQDOQH2ELHNDWHJRULHG\QDPLF]QLHUR]ZLMDá\VL Z]ZL ]NX]Z\PDJDQLDPLRELHN
WRZHJRZ\WZDU]DQLDRSURJUDPRZDQLD:SUDNW\FHDQDOLW\F\SURMHNWDQFLF]\LQWHJUDWR
U]\Z\PDJDOLDGHNZDWQ\FKPHWRGLWHFKQLNXPR OLZLDM F\FKPRGHORZDQLH]áR RQ\FK
ZVSyáELH QR FL LQWHUDNFML PDV]\Q VWDQRZ\FK LWG =DWHP PR OLZR ü PRGHORZDQLD
IXQNFMRQDOQ\FKLQLHIXQNFMRQDOQ\FKDVSHNWyZV\VWHPyZLQIRUPDW\F]Q\FKE\áDLQDGDO
MHVWPRW\ZHPHZROXFMLM ]\ND80/NWyUHJRNROHMQHZHUVMHV Z]ERJDFDQHRQRZH
NDWHJRULHE G FHRGSRZLHG]L QDZ\PDJDQLDWZyUFyZV\VWHPyZLQIRUPDW\F]Q\FKVWD
ZLDQHPHWRGRPLWHFKQLNRPPRGHORZDQLD
: VWZRU]HQLX XMHGQROLFRQHJR SRGHM FLD XSDWU\ZDQR V]DQV\ QLH W\ONR QD RVL JQL FLH
ZL NV]HM SU]HMU]\VWR FL RIHUW\ U\QNRZHM OHF] UyZQLH QD X]\VNDQLH HIHNWX VNDOL SR
SU]H]Z\PLDQ GR ZLDGF]H =DáR HQLDDXWRUyZM ]\ND80/Z\NUDF]Dá\SR]DGRNR
QDQLHSURVWHMNRPSLODFML3U]HGHZV]\VWNLP]GDZDQRVRELHVSUDZ ]WHJR HM ]\NPR
GHORZDQLD SR UHGQLF]\ SRPL G]\ OXG]NLP UR]XPLHQLHP IXQNFMRQRZDQLD SURJUDPyZ
NRPSXWHURZ\FKDLFKIL]\F]Q UHDOL]DFM ZSRVWDFLNRGX UyGáRZHJR6W GM ]\NWDNL
SRZLQLHQMHGQRF]H QLH
t ZVSRVyE FLVá\GHILQLRZDüSRGVWDZRZHL]DDZDQVRZDQHNDWHJRULHRUD]]DVDG\
PRGHORZDQLDRELHNWRZHJR
t XPR OLZLDüGRVWRVRZ\ZDQLHZ\NRU]\VW\ZDQHMVHPDQW\NLLQRWDFML
GRUR]ZL ]\ZDQLDV]HURNLHJRVSHNWUXPSUREOHPyZ
t Z\ND]\ZDüHODVW\F]QR üZ\VWDUF]DM F GRPRGHORZDQLDRERNV\VWHPyZ
RSURJUDPRZDQLDWDN HV\VWHPyZEL]QHVRZ\FK
t Z\ND]\ZDüGDOHNRSRVXQL W QLH]DOH QR üRGNRQNUHWQ\FKM ]\NyZ
SURJUDPRZDQLDRUD]PHWRG\NWZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FK
t XZ]JO GQLDüVNDO UHDOL]RZDQ\FKZVSyáF]H QLHSURMHNWyZ]ZL ]DQ\FK]EDUG]R
UR]EXGRZDQ\PLV\VWHPDPLRNOXF]RZ\P]QDF]HQLXGODIXQNFMRQRZDQLD
SU]HGVL ELRUVWZ
5R]G]LDä-ö]\N80/vUR]ZÑMVWUXNWXUDSRMöFLD
5\VXQHN(ZROXFMDM ]\ND80/
VL ]DSUH]HQWRZDQ\SU]H]ILUP 5DWLRQDOQDNRQIHUHQFML2236/$¶SLHUZRZ]yUM
]\ND80/:HUVM W ]DSUH]HQWRZDQRZSD G]LHUQLNXURNX7HQGRNXPHQWURER
F]\]QDQ\E\áMDNR808QLILHG0HWKRG:W\PVDP\PURNXGR]HVSRáXGRá F]\á
,-DFREVRQ²DXWRUPHWRG\NL226(:F]HUZFXURNXRSXEOLNRZDQRZHUVM
XZ]JO GQLDM F MX ZNáDG,-DFREVRQDQDWRPLDVWSRGNRQLHFWHJRVDPHJRURNXZHU
VM 2GWHJRPRPHQWXM ]\NRNUH ODVL MDNR80/
3DUWQHUDPLSURMHNWXUR]ZRMX80/ZNRUSRUDFML5DWLRQDOVWDá\VL F]RáRZHNRUSRUDFMH
ZLDWD1DOH Dá\GRQLFK,%0'LJLWDO(TXLSPHQW&RUSRUDWLRQ+HZOHWW3DFNDUG,QWHO
OLFRUS,/RJL[,FRQ&RPSXWLQJ2UDFOH8QLV\VF]\WH 0LFURVRIW,FKZVSDUFLHZLVWRW
Q\VSRVyESU]\F]\QLáRVL GRSRZVWDQLDZHUVMLZVW\F]QLXURNX']L NLWHM
ZVSyáSUDF\ZHUVMDE\áDMX VLOQ\PLSUHF\]\MQLH]GHILQLRZDQ\PM ]\NLHPPRGH
ORZDQLD:HUVMDWD]RVWDáDSU]HND]DQDMDNRSURSR]\FMDVWDQGDUGXRUJDQL]DFML20*
2EMHFW0DQDJHPHQW*URXS²PL G]\QDURGRZHMRUJDQL]DFMLNWyUHMPLVM MHVWSURPR
ZDQLHSUDNW\NLLWHRULLWHFKQRORJLLRELHNWRZ\FKZWZRU]HQLXRSURJUDPRZDQLD:20*
SRZRáDQRZyZF]DVJUXS $'7)$QDO\VLV DQG 'HVLJQ 7DVN )RUFH NWyUD VNRQFHQ
WURZDáDVL QDUR]ZLMDQLXVWDQGDUGX
6WDQGDUG80/QDELH FRSRGOHJDDNWXDOL]DFMLPRG\ILNDFMRPLZ]ERJDFDQLX:
URNXGRNXPHQWDFMD80/XOHJDSU]HUHGDJRZDQLXFRVNXWNXMHRSXEOLNRZDQLHPGR
NXPHQWX80/6XSHUVWUXFWXUH)7)&RQYHQLHQFH'RFXPHQW>20*@2EHFQLH
ZSUDFDFK20*ZVSyáXF]HVWQLF]\SRQDGLQIRUPDW\F]Q\FKRUJDQL]DFMLEL]QHVRZ\FK
LEDGDZF]\FKZSURZDG]DM F\FKNROHMQHLQQRZDFMHLUR]V]HU]DM F\FK]DNUHVGRNXPHQ
WDFML7\PVDP\P]HZ]JO GXQDFKDUDNWHULSU]H]QDF]HQLHQLQLHMV]HMNVL NLPQLHMV]
ZDJ SU]\SLVDQRNDWHJRULRPPRGHORZDQLD FL OH]ZL ]DQ\P]SURJUDPRZDQLHP
'LDJUDP\80/
- ]\N80/SU]\MPXMHZSUDNW\FHSRVWDüJUDILF]QHMUHSUH]HQWDFMLWZRU]RQHJRV\VWHPX
VNáDGDM FHMVL ]ORJLF]QLHSRZL ]DQ\FK]VRE GLDJUDPyZ3R]ZDODM RQHQDRSLVD
QLHV\VWHPXRGPRGHOLRJyOQ\FKGREDUG]RV]F]HJyáRZ\FK:VWDQGDUG]LH80/ZZHU
VMLZ\VW SXMHWU]\QD FLHURG]DMyZGLDJUDPyZNWyUHFKDUDNWHU\]XM VWDW\N LG\
QDPLN WZRU]RQHJRV\VWHPX.ODV\ILNDFM GLDJUDPyZ80/SU]HGVWDZLDU\VXQHN
5\VXQHN'LDJUDP\ZM ]\NX80/
7DEHOD3URSRQRZDQHZ\Uy QLNLLFKDUDNWHU\VW\NDURG]DMyZGLDJUDPyZ
:\UÑ QLN
/3 5RG]DMGLDJUDPX &KDUDNWHU\VW\ND URG]DMXGLDJUDPX 5R]G]LDä
SROVNL DQJLHOVNL
'LDJUDPNODV 'LDJUDPNODVWRJUDILF]QHSU]HGVWD NOV FOG
DQJ&ODVV'LDJUDP ZLHQLHVWDW\F]Q\FKGHNODUDW\ZQ\FK
HOHPHQWyZG]LHG]LQ\SU]HGPLRWRZHM
RUD]]ZL ]NyZPL G]\QLPL
'LDJUDPRELHNWyZ 'LDJUDPRELHNWyZWRZ\VW SLHQLH REN RG
DQJ2EMHFW'LDJUDP GLDJUDPXNODVRGZ]RURZXM FH
VWUXNWXU V\VWHPXZZ\EUDQ\P
PRPHQFLHMHJRG]LDáDQLD
'LDJUDPSDNLHWyZ 'LDJUDPSDNLHWyZWRJUDILF]QH SNW SG
DQJ3DFNDJH SU]HGVWDZLHQLHORJLF]QHMVWUXNWXU\
'LDJUDP V\VWHPXZSRVWDFL]HVWDZXSDNLHWyZ
SRá F]RQ\FK]DOH QR FLDPL
L]DJQLH G HQLDPL
'LDJUDPVWUXNWXU 'LDJUDPVWUXNWXUSRá F]RQ\FKWR VSO FVG
SRá F]RQ\FK JUDILF]QHSU]HGVWDZLHQLHZ]DMHPQLH
DQJ&RPSRVLWH ZVSyáG]LDáDM F\FKF] FLGOD
6WUXFWXUH'LDJUDP RVL JQL FLDSR GDQHMIXQNFMRQDOQR FL
ZVSyáG]LDáDQLD
5R]G]LDä-ö]\N80/vUR]ZÑMVWUXNWXUDSRMöFLD
.ODV\ILNDWRUWRDEVWUDNF\MQDNDWHJRULDPRGHORZDQLDV\VWHPXZMö]\NX80/NWÑUD
XRJÑOQLDNROHNFMöLQVWDQFMLRW\FKVDP\FKFHFKDFK
,QVWDQFMDMHVWZ\VWñSLHQLHPHJ]HPSODU]HPNODV\ILNDWRUD
'RZROQ\]Z\PLHQLRQ\FKZWDEHOLGLDJUDPyZPR HE\üSUH]HQWRZDQ\ZSRVWDFL
t REUDPRZDQHM
t QLHREUDPRZDQHM
5\VXQHN QDJáyZHN
)RUPDWGLDJUDPX
REUDPRZDQHJR
UDPD
PHU\WRU\F]QD]DZDUWR üGLDJUDPX
.RQZHQFMDWZRU]HQLDGLDJUDPyZREUDPRZDQ\FKFKRFLD ]DOHFDQDRGPRPHQWXZSUR
ZDG]HQLDZHUVMLM ]\ND80/QLHPXVLE\üEH]ZDUXQNRZRUHDOL]RZDQD'RNXPHQ
WDFMDV\VWHPXZM ]\NX80/VSRU] G]RQD]XZ]JO GQLHQLHPLQIRUPDFML]DZDUW\FK
ZQDJáyZNDFKGLDJUDPyZREUDPRZDQ\FKZSU]\SDGNXUR]EXGRZDQ\FKV\VWHPyZSR
SUDZLDSU]HMU]\VWR üGRNXPHQWDFML
6WRVRZDQLHIRUP\REUDPRZDQHMPR QDUR]V]HU]\üQDSRV]F]HJyOQHLQVWDQFMHNODV\IL
NDWRUyZM ]\ND80/,WDNSU]HGVWDZLHQLHSDNLHWXV\VWHPXZIRUPLHUDP\PR HZL
]Dü VL ] Z\NRU]\VWDQLHP QLHVNUyWRZHJR Z\Uy QLND MHGQR]QDF]QLH LGHQW\ILNXM FHJR
]DZDUWR üUDP\MDNRSDNLHW²QSZ\Uy QLNDSDFNDJH=NROHL]DVWRVRZDQLHUDP\GR
RSLVXSRMHG\QF]HJRSU]\SDGNXX \FLDRSLHUDVL QDZ\Uy QLNXXVH&DVH
3HUVSHNW\Z\ZRSLVLH
DUFKLWHNWXU\V\VWHPX
:VNXWHF]Q\PWZRU]HQLXLX \WNRZDQLXV\VWHPyZLQIRUPDW\F]Q\FKELHU]HXG]LDáZLHOH
RVyERUy Q\FKNRPSHWHQFMDFK]DZRGRZ\FKLRUJDQL]DF\MQ\FK6 WRZáD FLFLHOHPH
QHG HURZLHDQDOLW\F\SURMHNWDQFLSURJUDPL FLWHVWXM F\LWG .D GD ] W\FK JUXS ]D
ZRGRZ\FKPDZáDVQ\SRJO GQDV\VWHPLQIRUPDW\F]Q\WRWH SRSU]H]VZRMHGHF\]MH
SRZLQQDPLHüZSá\ZQDMHJRDUFKLWHNWXU 7DUy QRURGQR üVSRMU]H E\áD]DVDGQLF]R
QLHXZ]JO GQLDQDZSRGHM FLXVWUXNWXUDOQ\PGR76,DDNFHQWRZDQDZSRGHM FLXVSR
áHF]Q\P:NRQWHN FLHM ]\ND80/]Uy QLFRZDQLHSXQNWyZZLG]HQLD]QDMGXMHVZyM
Z\UD]ZSRVWDFLSRZL ]DQHM]QLPPHWRG\NL583SURSRQXM FHMSL üSHUVSHNW\ZDQJ
YLHZVDUFKLWHNWXU\V\VWHPXLQIRUPDW\F]QHJR6 WR
&]ö è,3RGVWDZ\Mö]\ND80/
.D GD]SHUVSHNW\ZXZ\SXNOD]DWHPLQQHDVSHNW\DUFKLWHNWXU\V\VWHPXSRPLMDM FMHG
QRF]H QLH V]F]HJyá\ QLHLVWRWQH ] SXQNWX ZLG]HQLD GDQHM JUXS\ ]DZRGRZHM 3HUVSHN
W\Z\ZVSLHUDQHV SRSU]H]RNUH ORQH]HVWDZ\GLDJUDPyZU\VXQHN
5\VXQHN0RGHORZDQLHSHUVSHNW\ZDUFKLWHNWXU\V\VWHPX
5R]G]LDä-ö]\N80/vUR]ZÑMVWUXNWXUDSRMöFLD
0HFKDQL]P\UR]V]HU]DOQR FL
- ]\N80/]DSHZQLDERJDW\]HVWDZSRM ü]ZL ]DQ\FK]PRGHORZDQLHPV\VWHPyZLQ
IRUPDW\F]Q\FK RUD] HOHPHQWyZ QRWDFML SU]\GDWQ\FK Z ]DSLV\ZDQLX W\SRZ\FK SURMHN
WyZV\VWHPyZQLHPQLHMRGELRUF\PRJ Z\PDJDüGRGDWNRZ\FKFHFKZ\NUDF]DM F\FK
SR]DWH]GHILQLRZDQHZVSHF\ILNDFMLM ]\ND=WHJRSRZRGXDXWRU]\]GHF\GRZDOLVL
QDZá F]HQLHGRM ]\ND80/]HVWDZXPHFKDQL]PyZUR]V]HU]DOQR FLDQJH[WHQVLRQ
PHFKDQLVPVSR]ZDODM FHJRQDX \ZDQLHSU]H]WZyUFyZV\VWHPXQRZ\FKNDWHJRULL
PRGHORZDQLDVSHF\ILF]Q\FKGODGDQHMG]LHG]LQ\]DVWRVRZDQLD8PR OLZLDM RQHZ]ER
JDFDQLHMX LVWQLHM F\FKNDWHJRULLSRM FLRZ\FKRGRGDWNRZHLQIRUPDFMHMDNUyZQLH
PRG\ILNDFM ]QDF]HQLRZ W\FKNDWHJRULL:M ]\NX80/Z\Uy QLDVL WU]\URG]DMHPH
FKDQL]PyZUR]V]HU]DOQR FL
t VWHUHRW\S
t RJUDQLF]HQLH
t PHWND
6WHUHRSW\S
6WHUHRW\SyZDQJVWHUHRW\SHVX \ZDVL GRNODV\ILNRZDQLDE G R]QDF]DQLDLVWQLH
M F\FKHOHPHQWyZPRGHOXRELHNWRZHJRRUD]ZSURZDG]DQLDQRZ\FKNDWHJRULLPRGH
ORZDQLDZ\ZRG] F\FKVL ]MX LVWQLHM F\FK,WDN
2JUDQLF]HQLH
.ROHMQ\PPHFKDQL]PHPUR]V]HU]HQLDMHVWRJUDQLF]HQLHDQJFRQVWUDLQW
0HWND
.D GDNDWHJRULDPRGHORZDQLDM ]\ND80/FKDUDNWHU\]XMHVL VSHF\ILF]Q\P]HVWDZHP
ZáD FLZR FL7DNL]ELyUZáD FLZR FLPR HE\üUR]V]HU]DQ\]Z\NRU]\VWDQLHPPHWHN
DQJWDJJHGYDOXHV
.RQZHQFMDZSURZDG]DQLDPHWHNGRGLDJUDPyZMHVWSRGREQDMDNZSU]\SDGNXRJUD
QLF]H ²MHVWWR]DSLVZQDZLDVDFKNODPURZ\FKVNáDGDM F\VL ]QD]Z\VHSDUDWRUD
RUD]ZDUWR FL]]DVWU]H HQLHP HMHVWRQXPLHV]F]DQ\EH]SR UHGQLRSRGQD]Z GDQHJR
HOHPHQWX'R]ZRORQHMHVWGRá F]DQLHPHWHNWDN HGRVWHUHRW\SyZ1DMSRZV]HFKQLHM
PHWNLVWRVXMHVL FHOHPRNUH OHQLDZáD FLZR FLLVWRWQ\FKZJHQHURZDQLXNRGXRUD]
]DU] G]DQLXNRQILJXUDFMDPL
QS ^ZHUVMD EHWD`
^PRGHO +3/DVHU-HW/`
5R]G]LDä-ö]\N80/vUR]ZÑMVWUXNWXUDSRMöFLD
3RGVWDZRZHSRMöFLD
&RPPRQ:DUHKRXVH0HWDPRGHO 6WHUHRW\S
&RPSXWHU$LGHG6RIWZDUH(QJLQHHULQJ *UDILF]Q\
&\NO \FLDV\VWHPX 7HNVWRZ\
'LDJUDP80/ 0HWRG\ND
$EVWUDNF\MQ\ 2ELHNWRZD
.RQNUHWQ\ 207
'LDJUDP\G\QDPLNL80/ 22$'
'LDJUDPF]\QQR FL 226(
'LDJUDP\LQWHUDNFML 6SRáHF]QD
'LDJUDPKDUPRQRJUDPRZDQLD 6WUXNWXUDOQD
'LDJUDPNRPXQLNDFML 0HWD2EMHFW)DFLOLW\
'LDJUDPVHNZHQFML 0RGHORZDQLHV\VWHPyZ
'LDJUDPVWHURZDQLDLQWHUDNFM 1DJáyZHNGLDJUDPX
'LDJUDPPDV]\Q\VWDQRZHM 1D]ZD
'LDJUDPSU]\SDGNyZX \FLD :\Uy QLNGLDJUDPX
'LDJUDP\VWUXNWXU\80/ 3DUDPHWU
'LDJUDPNODV 1RWDFMD
'LDJUDPRELHNWyZ 2ELHNWRZR ü
'LDJUDPSDNLHWyZ ']LHG]LF]HQLH
'LDJUDPVWUXNWXUSRá F]RQ\FK +HUPHW\]DFMD
'LDJUDP\ZGUR HQLRZH .ODVD
'LDJUDPNRPSRQHQWyZ .RPXQLNDW
'LDJUDPUR]ORNRZDQLD 2ELHNW
.ODV\ILNDWRU 3ROLPRUIL]P
8VWUXNWXU\]RZDQ\ 2EMHFW&RQVWUDLQW/DQJXDJH
0HFKDQL]P\UR]V]HU]DOQR FL 20*
0HWND $'7)
2JUDQLF]HQLH 57)
&]ö è,3RGVWDZ\Mö]\ND80/
3HUVSHNW\ZD 6XSHUVWUXNWXUD80/
'\QDPLF]QD 6\VWHPLQIRUPDW\F]Q\
.RPSRQHQWyZ 7ZRU]HQLHV\VWHPyZ
LQIRUPDW\F]Q\FK76,
/RJLF]QD 80/
3U]\SDGNyZX \FLD :\PLHQQR üGLDJUDPyZ80/
5R]ORNRZDQLD ;0/0HWDGDWD,QWHUFKDQJH
5DPD
3\WDQLDL]DGDQLD
6FKDUDNWHU\]XMWUHQG\UR]ZRMXPRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FK
-DNLHE\áR]QDF]HQLHLVNXWNLLQLFMDW\ZXQLILNDF\MQ\FKZG]LHG]LQLHWZRU]HQLD
V\VWHPyZLQIRUPDW\F]Q\FK"
-DNLH]MDZLVNDVSU]\MDá\Z]URVWRZL]QDF]HQLDRELHNWRZR FLZLQIRUPDW\FH"
3RGDMSU]\NáDG\REV]DUyZLQDU] G]LZNWyU\FKPRGHORELHNWRZ\]QDMGXMH
]DVWRVRZDQLH
:VND LVFKDUDNWHU\]XMNOXF]RZHSRM FLDRELHNWRZR FL
=LGHQW\ILNXMQD]Z\NLONXNODVRGQRV] F\FKVL GR URGNyZWUDQVSRUWX:VND
SU]\NáDGRZHRELHNW\W\FKNODV
=DSUH]HQWXMPHFKDQL]PG]LHG]LF]HQLDZ\NRU]\VWXM F]LGHQW\ILNRZDQHNODV\
URGNyZWUDQVSRUWX
:\PLH PHWRG\NL UyGáRZHM ]\ND80/
-DNLHFHOHVIRUPXáRZDQH]RVWDá\ZWUDNFLHWZRU]HQLDM ]\ND80/"
3RGDMGHILQLFM M ]\ND80/
:\MD QLM]DOH QR üSRPL G]\NRUSRUDFM 5DWLRQDORUD]RUJDQL]DFM 20*Z
NRQWHN FLHUR]ZRMXVWDQGDUGX80/
3U]HGVWDZID]\UR]ZRMXM ]\ND80/
:\MD QLMUHODFMHSRPL G]\SRM FLDPL
t VXSHUVWUXNWXUD80/
t LQIUDVWUXNWXUD80/
t ;0,
t Z\PLHQQR üGLDJUDPyZ80/
t 02)
5R]G]LDä-ö]\N80/vUR]ZÑMVWUXNWXUDSRMöFLD
=QDF]HQLHGLDJUDPÑZ
SU]\SDGNÑZX \FLD
6NXWHF]QR ü WZRU]HQLD V\VWHPX LQIRUPDW\F]QHJR MHVW FL OH X]DOH QLRQD RG XPR OL
ZLHQLDMHGQR]QDF]QHMVSHF\ILNDFMLLGRNXPHQWRZDQLDZ\PDJD DQJUHTXLUHPHQWV
X \WNRZQLNyZZREHFSU]\V]áHJRV\VWHPX:SRGHM FLXVWUXNWXUDOQ\PRSUDFRZDQRV]H
UHJPHWRG ZVSRPDJDM F\FK WR ]DGDQLH : SU]\SDGNX M ]\ND 80/ L PHWRG\NL 583
URO PHWRG\GHILQLRZDQLDZ\PDJD V\VWHPRZ\FKSHáQL GLDJUDP\SU]\SDGNyZX \
FLD'382NUH ODM RQHIXQNFMRQDOQR üDQDOL]RZDQHJRLWZRU]RQHJRV\VWHPXRUD]
VSRVyENRPXQLNRZDQLDVL X \WNRZQLNyZLNOLHQWyZV\VWHPX]V\VWHPHP
t V URG]DMHPXPRZ\NRQWUDNWXSRPL G]\XG]LDáRZFDPLFRGR]DNUHVX
LIXQNFMRQDOQR FLSU]\V]áHJRV\VWHPX
t VWDQRZL SRGVWDZ WHVWRZDQLDIXQNFMLV\VWHPXQDGDOV]\FKHWDSDFKMHJR
F\NOX \FLD
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
'LDJUDP\SU]\SDGNyZX \FLD]DZLHUDM QDVW SXM FHJáyZQHNDWHJRULHSRM FLRZH
t SU]\SDGNLX \FLD
t DNWRUyZ
t ]ZL ]NL
3U]\SDGHNX \FLD
8 \WNRZQLN²NOLHQWV\VWHPXRF]HNXMHRGQLHJRDE\GRVWDUF]Dá]JRGQLH]Z\VSHF\
ILNRZDQ\PLZF]H QLHMZ\PDJDQLDPLRNUH ORQ IXQNFMRQDOQR üVWDQRZL F ZDUWR üGOD
DNWRUD:WHQVSRVyE]RVWDMHRNUH ORQ\FHO]DGDQLHNWyUHV\VWHPPDVSHáQLüZREHF
DNWRUD$]DWHP
1D]Z SU]\SDGNX X \FLD VWDQRZL ]ZL ]áH SROHFHQLH Z\NRQDQLD IXQNFML Z SURMHNWR
ZDQ\PV\VWHPLHVIRUPXáRZDQHZWU\ELHUR]ND]XM F\P3U]\NáDGRZHSU]\SDGNLX \FLD
]DPLHV]F]RQRQDU\VXQNX3U]\LFKWZRU]HQLX]DVWRVRZDQRREHFQLHQDMSRZV]HFK
QLHMX \ZDQ QRWDFM
5\VXQHN
2]QDF]HQLD
5H]HUZ XM
SU]\SDGNyZX \FLD 6SU]HGDM WRZ DU
Z \FLHF]N
:ZHUVMLVWDQGDUGX80/]DSURSRQRZDQRUyZQLH LQQHDOWHUQDW\ZQHQRWDFMHSU]\
SDGNyZX \FLDWR VDPHZVHQVLH]QDF]HQLRZ\P]QRWDFM SRGVWDZRZ 3U]HGVWDZLRQR
MHQDU\VXQNX
5\VXQHN
$OWHUQDW\ZQHQRWDFMH
SU]\SDGNyZX \FLD
$NWRU
=ND G\PV\VWHPHPNRPXQLNXM VL ]ZL ]DQL]QLPDNWRU]\ZV]F]HJyOQR FLX \W
NRZQLF\RUD]NOLHQFL$]DWHP
$NWRU]\ PRJ E\ü RVRERZL OXE QLHRVRERZL 5RO DNWRUD RVRERZHJR PR H SHáQLü
RVRED ]HVSyá G]LDá LQVW\WXFMD RUJDQL]DFMD ]U]HV]HQLH RUJDQL]DFML E G RUJDQL]DFMD
ZLUWXDOQD1D]Z\DNWRUyZRVRERZ\FKF] VWRSRNU\ZDM VL ]QD]ZDPLVWDQRZLVNOXE
IXQNFMLSHáQLRQ\FKZRUJDQL]DFMLSURMHNFLHF]\WH SU]HGVL Z]L FLX=NROHLDNWRUDPL
QLHRVRERZ\PLV V\VWHP\]HZQ WU]QHSRGV\VWHP\ED]\GDQ\FKXU] G]HQLDRUD]F]DV
U\VXQHN
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
3RGVWDZRZH
URG]DMHDNWRUyZ
=ZLñ]HN
.D G\DNWRUXPLHV]F]RQ\QDGLDJUDPLHSU]\SDGNyZX \FLDSRZLQLHQE\üEH]SR UHGQLR
SRZL ]DQ\ ] FR QDMPQLHM MHGQ\P SU]\SDGNLHP X \FLD $QDORJLF]QLH ND G\ SU]\SD
GHNX \FLDX \WNRZDQ\MHVWSU]H]FRQDMPQLHMMHGQHJRDNWRUDFKRFLD QLHMHGQRNURW
QLHV WRSRZL ]DQLDSR UHGQLH:GLDJUDPLHSU]\SDGNyZX \FLDQLHSRZLQQ\]DWHP
Z\VW SRZDüQLHSRZL ]DQHHOHPHQW\²V RQH]DZV]HSRZL ]DQH]ZL ]NDPLDQJ
UHODWLRQVKLSV
=ZLñ]HNVWDQRZLVHPDQW\F]QHSRZLñ]DQLHSRPLöG]\HOHPHQWDPLPRGHOX
5HDOL]DFMDZLVWRFLHMHVWV]F]HJyOQ\PSU]\SDGNLHP]DOH QR FLQLHPQLHMVSHF\ILNDMHM
]DVWRVRZDQLD X]DVDGQLD SRWUDNWRZDQLH MHM MDNR RGU EQHJR URG]DMX ]ZL ]NX 1DMEDU
G]LHMSRZV]HFKQH]DVWRVRZDQLH]QDMGXMHDVRFMDFMDDQJDVVRFLDWLRQ
$VRFMDFMDMHVW]ZLñ]NLHPSRPLöG]\GZRPDOXEZLöFHMNODV\ILNDWRUDPLRSLVXMñF\P
SRZLñ]DQLDSRPLöG]\LFKLQVWDQFMDPL
: GLDJUDPDFK SU]\SDGNyZ X \FLD DVRFMDFMD ZVND]XMH ]DWHP GRP\ OQLH QD GZXNLH
UXQNRZ NRPXQLNDFM SRPL G]\DNWRUHPDSU]\SDGNLHPX \FLD1LHMHVWRQD²MDN
ZGLDJUDPLHSU]HSá\ZXGDQ\FKVWRVRZDQ\PZUDPDFKDQDOL]\LSURMHNWRZDQLDVWUXNWX
UDOQHJR²R]QDF]HQLHPNRQNUHWQHJRSU]HSá\ZXQSGRNXPHQWyZ0R HRQDGRGDWNR
ZRZ\VW SRZDüZIRUPLH]HZVND]DQLHPNLHUXQNXQDZLJDFML7DV\WXDFMDPDPLHMVFH
ZWHG\JG\]SHZQ\FKZ]JO GyZLVWRWQHMHVWMDZQHSU]HGVWDZLHQLHLQLFMDWRUDLQWHUDNFML
SRUU\VXQHN1DU\VXQNXSU]HGVWDZLRQR]ZL ]NLSRPL G]\DNWRUDPLDSU]\
SDGNDPLX \FLD
5\VXQHN
=ZL ]NLDVRFMDFML
5H]HUZ XM
ZGLDJUDPDFK Z \FLHF]N
SU]\SDGNyZX \FLD
.OLHQW
=Z HU\ILNXM
Z LDU\JRGQR ü
SáDWQR FL
6\VWHPREVáXJLNDUW
NUHG\WRZ \FK
7DEHOD3RGVWDZRZHHOHPHQW\GLDJUDPXSU]\SDGNyZX \FLD
1D]ZDSRMöFLD 1RWDFMDJUDILF]QD
3U]\SDGHNX \FLD
$NWRU
$VRFMDFMD
5\VXQHN'LDJUDPSU]\SDGNyZX \FLDDXNFMLLQWHUQHWRZHM
5\VXQHNWHQSU]HGVWDZLDWU]HFKDNWRUyZ8F]HVWQLNDDXNFMLLQWHUQHWRZHM2EVHUZDWRUD
SU]HELHJXOLF\WDFMLRUD]]HZQ WU]Q\ZVWRVXQNXGRV\VWHPX6HUZLVWUDQVDNFML7\ONR
]DUHMHVWURZDQ\8F]HVWQLNPR HEUDüEH]SR UHGQLXG]LDáZOLF\WDFML²FKRFLD ]DUyZ
QRRQMDNLDQRQLPRZ\2EVHUZDWRUPRJ VZRERGQLHZ\V]XNLZDüGRVW SQHQDDXNFML
DUW\NXá\=V\VWHPHPNRPXQLNXMHVL UyZQLH 6HUZLVWUDQVDNFMLZ\PLHQLDM F\]QLP
LQIRUPDFMHQLH]E GQHGRSRSUDZQHJRSU]HSURZDG]HQLDWUDQVDNFML
5\VXQHNSU]HGVWDZLD]DVWRVRZDQLHSU]\SDGNyZX \FLDGRRSLVXIXQNFMRQRZDQLD
KXUWRZQL:FHOX]D]QDF]HQLDJUDQLF\REV]DUX]DVWRVRZD SU]\V]áHJRV\VWHPXMHJR
G]LHG]LQ\SU]HGPLRWRZHMPR QDZSURZDG]LüSURVWRN WJUXSXM F\SU]\SDGNLX \FLD
=DZLHUDRQW\WXáRNUH ODM F\QD]Z DQDOL]RZDQHMG]LHG]LQ\SU]HGPLRWRZHM
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5\VXQHN'38V\VWHPXREVáXJLKXUWRZQL
*UDQLFDREV]DUX]DVWRVRZD UHSUH]HQWXMH]DNUHVIXQNFMRQDOQ\SU]\V]áHJRV\VWHPX$NWR
UyZNRPXQLNXM F\FKVL ]V\VWHPHPXPLHV]F]DVL SR]DJUDQLF REV]DUX]DVWRVRZD
1DSU]HGVWDZLRQ\PQDU\VXQNXGLDJUDPLH]V\VWHPHPREVáXJLKXUWRZQLNRPXQL
NXMHVL 0DJD]\QZNWyU\PNVL JXMHVL GRVWDZ\WRZDUyZRUD]LFKZ\GDZDQLH1D
WXUDOQLHQDGLDJUDPLHSU]\SDGNyZX \FLDQLHGHILQLXMHVL MDNLHNRQNUHWQLHLQIRUPD
FMH VNáDGDM VL QD ZVSRPQLDQH NVL JRZDQLH =DGDQLHP RSLV\ZDQHJR GLDJUDPX MHVW
W\ONRZVND]DQLH HV WRZ\PDJDQLDV\VWHPX%LH FHVWDQ\PDJD]\QRZHSRGOHJDM
QDG]RURZL.LHURZQLNDPDJD]\QX=DUyZQR.LHURZQLNPDJD]\QXMDNL']LDáVSU]HGD \
PDM XSUDZQLHQLDGRJHQHURZDQLD]HVWDZLHQLDREURWyZ3RQDGWR']LDáVSU]HGD \PD
GRVW SGR]HVWDZLH RNUHVRZ\FKLIXQNFML]ZL ]DQ\FK]IDNWXURZDQLHP
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
'R]DDZDQVRZDQ\FKNRQFHSFMLGLDJUDPyZSU]\SDGNyZX \FLDQDOH \]DOLF]\ü
t UR]EXGRZ '38SRSU]H]Uy QLFRZDQLH]ZL ]NyZ
t ]DOH QR ü]DZLHUDQLD
t ]DOH QR üUR]V]HU]DQLD
&]ö è,3RGVWDZ\Mö]\ND80/
t XRJyOQLHQLH
t URG]DMHDNWRUyZ
t OLF]HEQR ü
t QDZLJDFM
t UHDOL]DFM
t SU]\SDGNLX \FLDW\SX&58'
t GLDJUDPNRQWHNVWRZ\
t GRNXPHQWDFM SU]\SDGNyZX \FLD
5R]EXGRZD'38SRSU]H]UÑ QLFRZDQLH]ZLñ]NÑZ
-DN]D]QDF]RQRDVRFMDFMDWRSRGVWDZRZ\URG]DM]ZL ]NXZ\NRU]\VW\ZDQ\ZNRQVWUX
RZDQLXGLDJUDPyZSU]\SDGNyZX \FLD3R]DQL QDGLDJUDPDFKSU]\SDGNyZX \FLD
PRGHORZDüPR QD]ZL ]NL]DOH QR FLXRJyOQLHQLDLUHDOL]DFML=ZL ]NLDVRFMDFMLZ\
VW SXM Z\á F]QLHSRPL G]\DNWRUDPLDSU]\SDGNDPLX \FLD3R]RVWDáHURG]DMH]ZL ]
NyZSR]ZDODM SRND]DüZMDNLFKUHODFMDFK]QDMGXM VL SRV]F]HJyOQHSU]\SDGNLX \
FLD 3RQDGWR ]ZL ]NL XRJyOQLHQLD XPR OLZLDM XGRNXPHQWRZDQLH UHODFML SRPL G]\
DNWRUDPL']L NLUy Q\PURG]DMRP]ZL ]NyZPR QDWZRU]\ü]áR RQ VWUXNWXU PR
GHOX SU]\SDGNyZ X \FLD 6WDQRZL RQ ZyZF]DV ]HVWDZ ORJLF]QLH SRZL ]DQ\FK GLDJUD
PyZ3RU] GNXM F URO PRJ RGHJUDüWXGLDJUDP\SDNLHWyZSU]HGVWDZLRQHZUR]
G]LDOH:WHQVSRVyEPR QDWZRU]\üEDUG]RUR]EXGRZDQHGLDJUDP\SU]\SDGNyZ
X \FLD SUHF\]\MQLH RGZ]RURZXM FH U]HF]\ZLVWR ü L XZ]JO GQLDM FH ORJLF]QH UHODFMH
SRPL G]\SRV]F]HJyOQ\PLHOHPHQWDPL'38
=DOH QR èWRWDNL]ZLñ]HNSRPLöG]\GZRPDHOHPHQWDPLPRGHORZDQLDZNWÑU\P
]PLDQDMHGQHJR]QLFKQLH]DOH QHJRZSä\ZDQDGUXJL]DOH Q\
=DOH QR FL]DZLHUDQLD
=DOH QR ü ]DZLHUDQLD ©LQFOXGHª SU]HGVWDZLD SRZL ]DQLH SRPL G]\ SU]\SDGNLHP ]D
ZLHUDM F\PWMED]RZ\PSU]\SDGNLHPX \FLDDSU]\SDGNLHP]DZLHUDQ\P-HVWWR
]ZL ]HNREOLJDWRU\MQ\=DZLHUDQ\SU]\SDGHNX \FLDQLHMHVWZ\NRQ\ZDQ\VDPRG]LHO
QLHOHF]Z\á F]QLHSU]\RGZRáDQLXVL GRZL NV]HJR]DZLHUDM FHJRSU]\SDGNXX \FLD
U\VXQHN
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5\VXQHN
=DOH QR ü]DZLHUDQLD
©LQFOXGHª 'RNRQDM 6SUDZ G OLVW
UH]HUZ DFM L ©LQFOXGHª GRVW SQ\FKSRNRL
6HQV WZRU]HQLD ]DOH QR FL ]DZLHUDQLD QD GLDJUDPLH SU]\SDGNyZ X \FLD Z\VW SXMH
ZGZyFKV\WXDFMDFK²JG\
t LVWQLHMHPR OLZR üZ\G]LHOHQLDZIRUPLH]DZLHUDQHJRSU]\SDGNXX \FLD
SHZQHMVSyMQHMZVSyOQHMGODNLONXLQQ\FKSU]\SDGNyZX \FLDIXQNFMRQDOQR FL
MHVWWRSU]\NáDGSUDNW\F]QHJR]DVWRVRZDQLD]DVDG\SRQRZQHJRX \FLD²QLH
]DFKRG]LNRQLHF]QR üSRZLHODQLDDQDORJLF]QHMWUH FLZZLHOXSU]\SDGNDFK
X \FLDW\PVDP\PF] VWRZ\VW SXM FDIXQNFMRQDOQR üMHVWUHSUH]HQWRZDQD
MHGQRNURWQLHQDGLDJUDPLHLZ\NRU]\VW\ZDQDSU]H]LQQHSU]\SDGNLX \FLD
t LQWHUDNFMHDNWRUV\VWHPZ\UD RQHZGRNXPHQWDFMLVFHQDULXV]DWHJRSU]\SDGNX
V EDUG]ROLF]QH
1D GLDJUDPLH QD U\VXQNX Z\NRQDQLH SU]\SDGNX X \FLD 'RNRQDM UH]HUZDFML SR
FL JD]DVRE NRQLHF]QR ü]ZHU\ILNRZDQLDGRVW SQR FLSRNRL8]\VNXMHVL WRSRSU]H]
]DLQLFMRZDQLH]DZLHUDQHJRSU]\SDGNX X \FLD 6SUDZG OLVW GRVW SQ\FK SRNRL 3R Z\
NRQDQLXWHJRSU]\SDGNXQDVW SXMHZ\NRQDQLHIXQNFMRQDOQR FLSU]\SDGNX]DZLHUDM
FHJR'RNRQDMUH]HUZDFML7HQVDP]DZLHUDQ\SU]\SDGHNX \FLD6SUDZG OLVW GRVW S
Q\FKSRNRLPR HE\üZ\NRU]\VW\ZDQ\SU]H]LQQHSU]\SDGNL]DZLHUDM FHNWyUHJR
SU]\ZRáXM 3U]\NáDGRZRPR HRQ]RVWDüX \W\ZSRGV\VWHPLHUR]G\VSRQRZDQLDRE
VáXJLKRWHORZHM
=DOH QR FLUR]V]HU]DQLD
=DOH QR üUR]V]HU]DQLD©H[WHQGªSU]HGVWDZLDSRZL ]DQLHSRPL G]\UR]V]HU]DQ\PSU]\
SDGNLHPX \FLDWMSU]\SDGNLHPED]RZ\PDSU]\SDGNLHPUR]V]HU]DM F\P=ZL
]HNWHQZRGUy QLHQLXRG]DOH QR FL]DZLHUDQLDPDFKDUDNWHURSFMRQDOQ\)XQNFMRQDO
QR üUHSUH]HQWRZDQDSU]H]UR]V]HU]DM F\SU]\SDGHNX \FLDPR HDOHQLHPXVL]RVWDü
Zá F]RQDGRUR]V]HU]DQHJRSU]\SDGNXX \FLDU\VXQHN:á F]HQLHSU]\SDGNXUR]
V]HU]DM FHJRZ\PDJDVSHáQLHQLDRNUH ORQHJRZDUXQNX
5\VXQHN
=DOH QR üUR]V]HU]DQLD
©H[WHQGª 6SUDZ G OLVW =DU] G]DM
GRVW SQ\FKSRNRL ©H[WHQGª SRNRM DPL
5\VXQHN
5y QHURG]DMH
]DOH QR FL 'RNRQDM 6SUDZ G OLVW
VWHUHRW\SRZDQ\FK UH]HUZ DFM L ©LQFOXGHª GRVW SQ\FKSRNRL
©H[WHQGª
©H[WHQGª
=DU] G]DM
SRNRM DPL
3U]HND
UH]HUZ DFM
FHQWUDOLVLHFL
-DNZVSRPQLDQRGRGDWNRZDIXQNFMRQDOQR ü]DZDUWDZSU]\SDGNDFKUR]V]HU]DM F\FK
QLHMHVWZ\NRQ\ZDQDDXWRPDW\F]QLH3U]\SDGHNED]RZ\PR HE\üUR]V]HU]DQ\RSU]\
SDGNLUR]V]HU]DM FHSRVSHáQLHQLXRNUH ORQ\FKZDUXQNyZ:DUXQNLWHRNUH ODVL ZSU]\
SDGNXED]RZ\PMDNRPLHMVFDUR]V]HU]DQLDE G SXQNW\UR]V]HU]DQLDDQJH[WHQVLRQ
SRLQWV3RZ\NRQDQLXZV]HONLFKG]LDáD ]ZL ]DQ\FK]UR]V]HU]HQLHPNRQW\QXRZDQH
V G]LDáDQLD QDOH FH GR SU]\SDGNX ED]RZHJR =DOH QR FL UR]V]HU]DQLD ]DSUH]HQWR
ZDQHQDU\VXQNXZ]ERJDFRQHRPLHMVFDUR]V]HU]DQLDSU]HGVWDZLDU\VXQHN
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5\VXQHN
0LHMVFDUR]V]HU]DQLD
ZSU]\SDGNXX \FLD
5\VXQHN0LHMVFDUR]V]HU]DQLD²QRWDFMDDOWHUQDW\ZQD
8RJÑOQLHQLD
=ZL ]NLXRJyOQLHQLDDQJJHQHUDOL]DWLRQVGRW\F] ZNRQWHN FLHFKDUDNWHU\]RZDQH
JRGLDJUDPX]DUyZQRSU]\SDGNyZX \FLDMDNLDNWRUyZ
8RJÑOQLHQLHWR]ZLñ]HNRFKDUDNWHU]HWDNVRQRPLF]Q\PSRPLöG]\NODV\ILNDWRUHPRJÑO
Q\PDVSHFMDOL]RZDQ\P
(OHPHQWVSHFMDOL]RZDQ\]]DáR HQLDG]LHG]LF]\ZV]HONLHFHFK\HOHPHQWXRJyOQHJR5\
VXQHNDSU]HGVWDZLDSU]\NáDG\XRJyOQLHQLDDNWRUyZSRGF]DVJG\U\VXQHNE
²XRJyOQLHQLDSU]\SDGNyZX \FLD
&]ö è,3RGVWDZ\Mö]\ND80/
6SUDZ G OLVW
GRVW SQ\FKSRNRL
0LHMVFHUR]V]HU]DQLD
EUDNSRNRL
0LHMVFHUR]V]HU]DQLD VSHáQLDM F\FKNU\WHULD
PRG\ILNDFMDGDQ\FKR
©H[WHQGª
SRNRMDFK
©H[WHQGª
=DU] G]DM
SRNRM DPL
3U]HND
UH]HUZ DFM
FHQWUDOLVLHFL
5\VXQHN1RWDWNLZRSLVLHPLHMVFUR]V]HU]DQLD
D
5HFHSFM RQLVWD
3UDFRZQLNKRWHOX
.LHURZ QLNUHVWDXUDFM L
KRWHORZ HM
E
6SRU] G UDSRUW
VSU]HGD \
6SRU] G UDSRUW
6SRU] G UDSRUWR
UHNODPDFM DFK
5\VXQHN3U]\NáDG\XRJyOQLH
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5\VXQHN
+LHUDUFKLD
G]LHG]LF]HQLD
Z\UD RQDSRSU]H]
]ZL ]NLXRJyOQLHQLD
6\VWHPREVáXJL
SáDWQR FL
6\VWHPREVáXJL 6\VWHPREVáXJL
SáDWQR FL SáDWQR FL
JRWyZ NRZ \FK EH]JRWyZNRZ\FK
6\VWHPREVáXJLNDUW 6\VWHPUHM HVWUDFM L
NUHG\WRZ \FK SU]HOHZ yZ
5RG]DMHDNWRUÑZ
- ]\N 80/ MHVW HODVW\F]Q\ FR SU]HMDZLD VL PL G]\ LQQ\PL Z XPR OLZLHQLX ZSUR
ZDG]DQLDQRZ\FKSRM üRUD]R]QDF]H ]ZDQ\FKVWHUHRW\SDPL:RGQLHVLHQLXGRGLD
JUDPyZSU]\SDGNyZX \FLDWDFHFKDM ]\ND80/SR]ZDODQSZSURZDG]DüUy QRURG
QR üZR]QDF]DQLXDNWRUyZ1RWDFMDDNWRUyZPR HZV]F]HJyOQR FLSU]\EUDüSRVWDü
VWHUHRW\SyZJUDILF]Q\FK,WDNX]DVDGQLRQHMHVWZ\Uy QLHQLHF]WHUHFKURG]DMyZDNWRUyZ
U\VXQHN
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
6WHUHRW\S\JUDILF]QH
DNWRUyZ
t OXG]LRUD]]HVSRáyZ
t V\VWHPyZ]HZQ WU]Q\FK
t XU] G]H
t F]DVX
/LF]HEQR è
'LDJUDP\SU]\SDGNyZX \FLDSR]ZDODM QDRNUH OHQLHOLF]HEQR FLDQJPXOWLSOLFLW\
NR FyZHN]ZL ]NXDVRFMDFMLSRPL G]\DNWRUDPLLSU]\SDGNDPLX \FLD:QDZL ]DQLX
GRSU]\NáDGXDXNFMLRPDZLDQ V\WXDFM PR QDSU]HGVWDZLüZVSRVyE]DSUH]HQWRZD
Q\QDU\VXQNX
'LDJUDPWHQRGZRáXMHVL SRQRZQLHGRZ\EUDQHJRZ\FLQNDPHFKDQL]PXIXQNFMRQR
ZDQLDDXNFMLLQWHUQHWRZHMZVND]XM F H]SRMHG\QF]\P8F]HVWQLNLHP]ZL ]DQ\MHVW
MHGHQLW\ONRMHGHQSU]\SDGHNX \FLD'RNRQDMUHMHVWUDFML)XQNFMRQDOQR ü]ZL ]DQD
]:\V]XNLZDQLHPDUW\NXáX/LF\WRZDQLHPF]\WH 'RNRQ\ZDQLHPWUDQVDNFMLZRGQLH
VLHQLXGRSRMHG\QF]HJRDNWRUDPR HE\üLQLFMRZDQDZLHORNURWQLH:V]F]HJyOQ\P
SU]\SDGNXPR HQLJG\QLH]RVWDüZ\NRU]\VWDQD
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5\VXQHN
=DVWRVRZDQLH
VWHUHRW\SyZ
JUDILF]Q\FKDNWRUyZ
5\VXQHN
©$FWRUª
6WHUHRW\S\WHNVWRZH
5HFHSFMRQLVWD
DNWRUyZ
©$FWRUª
2VWDWQLG]LH
PLHVL FD
©$FWRUª
.LRVN
PXOWLPHGLDOQ\ ©$FWRUª
6\VWHP
XEH]SLHF]H
1DZLJDFMD
$VRFMDFMHQDGLDJUDPDFKSU]\SDGNyZX \FLDV ]DZV]HELQDUQHá F] FZND G\P
SU]\SDGNXGZLHLQVWDQFMHNODV\ILNDWRUyZWMDNWRUDRUD]SU]\SDGHNX \FLD-DN]DV\
JQDOL]RZDQRZF]H QLHM]ZL ]NLSRPL G]\DNWRUDPLLSU]\SDGNDPLX \FLDREUD]XM
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN1DZLJDFMDQDGLDJUDPDFKSU]\SDGNyZX \FLD
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
5HDOL]DFMD
2VWDWQLPURG]DMHP]ZL ]NyZX \ZDQ\FKZM ]\NX80/V UHDOL]DFMHDQJUHDOL]DWLRQV
5HDOL]DFMDWR]ZLñ]HN]QDF]HQLRZ\PLöG]\NODV\ILNDWRUDPL]NWÑU\FKMHGHQRNUH OD
NRQWUDNWDGUXJL]DSHZQLDZ\ZLñ]DQLHVLö]QLHJR
5\VXQHN
=ZL ]HNUHDOL]DFML
'RNRQDM WUDQVDNFM L
©UHDOL]Hª
3U]HWZ DU]DQLH
WUDQVDNFM L
©UHILQHª
=GM FLH
DUW\NXáX]
DXNFM L
3U]\SDGNLX \FLDW\SX&58'
:LHOHSU]\SDGNyZX \FLDZL HVL ]SU]HFKRZ\ZDQLHPLX \WNRZDQLHPGDQ\FK7\
SRZ IXQNFMRQDOQR FL WDNLFKSU]\SDGNyZX \FLDMHVWWZRU]HQLHDNWXDOL]RZDQLHXVX
ZDQLHLZ\V]XNLZDQLHGDQ\FK-HVWWR]QDQD]ED]GDQ\FKNRQZHQFMD&58'
&]ö è,3RGVWDZ\Mö]\ND80/
t &UHDWH²WZRU]HQLHZSURZDG]DQLH
t 5HDG²RGF]\W\ZDQLHZ\V]XNLZDQLH
t 8SGDWH²DNWXDOL]DFMDPRG\ILNRZDQLH
t 'HOHWH²XVXZDQLHVNUH ODQLH
5\VXQHN
1D]ZDSURVWD
DQD]ZD FLH NRZD 3U]\M PLM 2EVáXJD=DPyZ LH
]DPyZ LHQLH 3U]\M PLM ]DPyZ LHQLH
'LDJUDPNRQWHNVWRZ\
:RGQLHVLHQLXGRGLDJUDPXSU]\SDGNyZX \FLD]DVWRVRZDüPR QD]QDQH]SRGHM FLD
VWUXNWXUDOQHJR SRM FLH GLDJUDPX NRQWHNVWRZHJR 6WDQRZL RQ ]HVWDZLHQLH DNWRUyZ
E G F\FKZLQWHUDNFML]GDQ\PV\VWHPHPWUDNWRZDQ\PZNDWHJRULLSRMHG\QF]HJRSUR
FHVX3U]\NáDGGLDJUDPXNRQWHNVWRZHJRSU]HGVWDZLDU\VXQHN
5\VXQHN
'LDJUDPNRQWHNVWRZ\
'RNXPHQWDFMDSU]\SDGNÑZX \FLD
'LDJUDP\SU]\SDGNyZX \FLDSU]HGVWDZLDM EDUG]RRJyOQ\REUD]V\VWHPXVWDQRZL F
SXQNWVWDUWRZ\MHJRWZRU]HQLDOHF]QLHSR]ZDODM FQDSU]HGVWDZLHQLHZLHOXLVWRWQ\FK
LQIRUPDFMLNWyUHV QLH]E GQHZUHDOL]DFMLGDOV]\FKID]F\NOX \FLDV\VWHPX6W G
&]ö è,3RGVWDZ\Mö]\ND80/
6FHQDULXV]VWDQRZLRNUH ORQ\FLñJDNFMLGRNXPHQWXMñF\]DFKRZDQLH
5\VXQHN
3U]\SDGHNX \FLD
LMHJRVFHQDULXV]H
6FHQDULXV]RZLJáyZQHPXRGSRZLDGDVHNZHQFMDLQWHUDNFMLZ\PLHQLRQ\FKZ ZLHUV]X
Ä*áyZQ\SU]HSá\Z]GDU]H ´V]DEORQXGRNXPHQWDFML=NROHLVFHQDULXV]HDOWHUQDW\ZQH
SRZVWDM QD]DVDG]LHNRPELQDFML]GDU]H VNáDGDM F\FKVL QDJáyZQ\SU]HSá\Z]GD
U]H RUD]]GDU]H Z\PLHQLRQ\FKZZLHUV]XÄ$OWHUQDW\ZQHSU]HSá\Z\]GDU]H ´
1DSRGVWDZLHSURSR]\FMLV]DEORQXVWRVRZDQHJRGRWDEHODU\F]QHJRGRNXPHQWRZDQLD
SU]\SDGNXX \FLDNWyU\WRV]DEORQSU]HGVWDZLDWDEHODRSUDFRZDQRVFHQDULXV]H
SU]\SDGNXX \FLD$QXOXMUH]HUZDFMH-HVWWRMHGHQ]ZLHOXSU]\SDGNyZX \FLDV\VWH
PXKRWHORZHJR0LPR HMHVWWRSU]\SDGHNZ]JO GQLHQLHVNRPSOLNRZDQ\SU]HGVWDZLD
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
IXQNFMRQDOQR üNWyUDPXVLNRQLHF]QLH]RVWDü]DLPSOHPHQWRZDQDZV\VWHPLH-DNPR
QD]DREVHUZRZDüQDGLDJUDPLH]HZVSRPQLDQ\PSU]\SDGNLHPX \FLDNRPXQLNXM VL
DNWRU]\5HFHSFMRQLVWDRUD].LHURZQLNUHFHSFML'RNXPHQWDFMDV]F]HJyáRZRRSLVXMH
JáyZQ\VFHQDULXV]SU]\SDGNXX \FLDRUD]ZVND]XMHDOWHUQDW\ZQHSU]HSá\Z\]GDU]H
WDEHOD'RZD Q\FKHOHPHQWyZGRNXPHQWDFMLQDOH SRQDGWR
t ZDUXQHNZVW SQ\NWyU\RNUH OD HFRQDMPQLHMMHGHQSRNyMOXEDSDUWDPHQW
KRWHORZ\PXVLE\ü]DUH]HUZRZDQ\
t ZDUXQHNNR FRZ\ZVND]XM F\ HSRZ\NRQDQLXIXQNFMRQDOQR FL]ZL ]DQHM
]W\PSU]\SDGNLHPX \FLDV\VWHPRGQRWXMHSRNyMOXELDSDUWDPHQWMDNR
GRVW SQ\
7DEHOD6]DEORQGRNXPHQWDFMLSU]\SDGNXX \FLD
1D]ZD 3HäQDQD]ZDSU]\SDGNXX \FLD
1XPHU 1XPHULGHQW\ILNDF\MQ\SU]\SDGNXX \FLD
7ZyUFD 'DQHWZyUF\SU]\SDGNXX \FLD
QSLPL QD]ZLVNRVWDQRZLVNR
3R]LRPZD QR FL 2NUH OHQLHSR]LRPXZD QR FLSU]\SDGNX]SHUVSHNW\Z\X \WNRZQLND
QSQLVNL UHGQLZ\VRNL
7\SSU]\SDGNXX \FLD 2NUH OHQLHW\SXSU]\SDGNXX \FLD]SXQNWXZLG]HQLDMHJR]áR RQR FL
RUD]ZD QR FLGOD]DVSRNRMHQLDSRWU]HEX \WNRZQLND
QS RJyOQ\V]F]HJyáRZ\
QLH]E GQ\LVWRWQ\SU]HFL WQLHLVWRWQ\PDáRLVWRWQ\
$NWRU]\ /LVWDDNWRUyZE G F\FKZ]ZL ]NX]SU]\SDGNLHPX \FLD
.UyWNLRSLV .UyWNDRJyOQDFKDUDNWHU\VW\NDSU]\SDGNXX \FLD
:DUXQNLZVW SQH &KDUDNWHU\VW\NDNRQLHF]Q\FKZDUXQNyZLQLFMXM F\FKSU]\SDGHN
:DUXQNLNR FRZH &KDUDNWHU\VW\NDVWDQXV\VWHPXSRUHDOL]DFMLSU]\SDGNXX \FLD
*áyZQ\SU]HSá\Z :\SXQNWRZDQDLVFKDUDNWHU\]RZDQDOLVWDSU]HSá\ZyZ]GDU]H
]GDU]H ]DFKRG] F\FKSRGF]DVUHDOL]DFMLSU]\SDGNXX \FLDVFHQDULXV]JáyZQ\
$OWHUQDW\ZQH :\SXQNWRZDQDLVFKDUDNWHU\]RZDQDOLVWDPR OLZ\FKDOWHUQDW\ZQ\FK
SU]HSá\Z\]GDU]H SU]HSá\ZyZ]GDU]H SU]\SDGNXX \FLD
6SHFMDOQHZ\PDJDQLD :\SXQNWRZDQDLVFKDUDNWHU\]RZDQDOLVWDGRGDWNRZ\FK]LGHQW\ILNRZDQ\FK
Z\PDJD QLHIXQNFMRQDOQ\FKNWyUHPRJ E\üLVWRWQHSU]\NáDGRZRSRGF]DV
SURMHNWRZDQLDF]\NRGRZDQLD
1RWDWNLLNZHVWLH /LVWDZV]HONLFKNRPHQWDU]\GRW\F] F\FKSU]\SDGNXX \FLDLOLVWDSR]RVWDá\FK
RWZDUW\FKNZHVWLLNWyUHSRZLQQ\]RVWDüUR]ZL ]DQHZUD]]SURSR]\FMDPL
RVyENWyUHPRJá\E\MHUR]ZL ]Dü
UyGáR2SUDFRZDQLHZáDVQHQDSRGVWDZLH>583@
7DEHOD'RNXPHQWDFMDSU]\SDGNXX \FLDÄ$QXOXMUH]HUZDFMH´
1D]ZD $QXOXMUH]HUZDFMH
1XPHU
7ZyUFD $QQD.URWRV]\ VND²3URMHNWDQW
3R]LRPZD QR FL UHGQL
7\SSU]\SDGNXX \FLD 2JyOQ\
$NWRU]\ 5HFHSFMRQLVWD.LHURZQLNUHFHSFML
.UyWNLRSLV $QXORZDQLHLVWQLHM FHMUH]HUZDFMLSRNRMXOXEDSDUWDPHQWX
:DUXQNLZVW SQH &RQDMPQLHMMHGHQSRNyMOXEDSDUWDPHQWKRWHORZ\PXVLE\ü]DUH]HUZRZDQ\
:DUXQNLNR FRZH 6\VWHPRGQRWRZXMHSRNyMOXELDSDUWDPHQWMDNRGRVW SQ\
*áyZQ\SU]HSá\Z 5HFHSFMRQLVWDZHU\ILNXMHUH]HUZDFMHXUXFKDPLDM FIXQNFM
]GDU]H Ä5H]HUZDFMH´
6\VWHPZ\ ZLHWODRNQR]LQIRUPDFMDPLRUH]HUZDFMDFKSRNRMH
LDSDUWDPHQW\KRWHORZH
3UDFRZQLNUHFHSFML]D]QDF]DUH]HUZDFMHGRDQXORZDQLDLXUXFKDPLD
IXQNFM Ä$QXOXMUH]HUZDFMH´
6\VWHPZ\ ZLHWODNRPXQLNDWÄ&]\DQXORZDü]D]QDF]RQHUH]HUZDFMH"´
3UDFRZQLNUHFHSFMLSRWZLHUG]DRSHUDFM DQXORZDQLD]D]QDF]RQ\FK
UH]HUZDFML
6\VWHPSRWZLHUG]DZ\NRQDQLHRSHUDFMLNRPXQLNDWHPÄ$QXORZDQR
Z\EUDQHUH]HUZDFMH´LRG ZLH DHNUDQPRQLWRUD
$OWHUQDW\ZQH D 6\VWHPZ\ ZLHWODNRPXQLNDWÄ%UDNUH]HUZDFML´
SU]HSá\Z\]GDU]H D 3UDFRZQLNUHFHSFMLUH]\JQXMH]DQXORZDQLDUH]HUZDFML
E -H OLSRGF]DVUH]HUZDFMLSRGDQ\]RVWDáDGUHVHPDLOSUDFRZQLNPR H
Z\VáDüGRNOLHQWDSRF]W HOHNWURQLF]Q LQIRUPDFM RDQXORZDQLX
UH]HUZDFML
6SHFMDOQHZ\PDJDQLD :\VRNDQLH]DZRGQR üV\VWHPX
&]DVSU]HWZDU]DQLDRSHUDFMLDQXORZDQLDUH]HUZDFMLQLHPR H
SU]HNURF]\üVHNXQG
1RWDWNLLNZHVWLH %UDN
3URFHVWZRU]HQLDGLDJUDPX
SU]\SDGNÑZX \FLD
3URFHVWZRU]HQLDGLDJUDPXSU]\SDGNyZX \FLDMHVWSURFHVHPLWHUDF\MQ\P.OXF]RZH
]QDF]HQLHSU]\SLVDüQDOH \QDVW SXM F\PHWDSRP
LGHQW\ILNDFMLDNWRUyZ
RSFMRQDOQHPXRSUDFRZDQLXGLDJUDPXNRQWHNVWRZHJR
LGHQW\ILNDFMLSU]\SDGNyZX \FLD
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
6WXGLXPGLDJUDPXSU]\SDGNÑZX \FLD
2PyZLRQHZF]H QLHMZSXQNWDFK3RGVWDZRZHNDWHJRULHSRM FLRZHRUD]QRWDFMDJUD
ILF]QD RUD] =DDZDQVRZDQH VNáDGQLNL GLDJUDPX SRGVWDZRZH RUD] ]DDZDQVRZDQH HOH
PHQW\'38]DZLHUDU\VXQHNSU]HGVWDZLDM F\V\VWHPDXNFMLLQWHUQHWRZHM8PR
OLZLD RQ VSU]HGD Uy Q\FK DUW\NXáyZ Z GURG]H OLF\WDFML $E\ OLF\WDFMD PRJáD VL
RGE\ü]DUyZQR6SU]HGDM F\MDNLDUW\NXá²NWyU\Sy QLHMVWDMHVL SU]HGPLRWHPOLF\
WDFML²PXV] E\ü]DUHMHVWURZDQHZV\VWHPLH3RGF]DVOLF\WDFMLV\VWHPDXNFML]DWZLHU
G]D NZRW\ SURSRQRZDQH SU]H] .XSXM F\FK -H OL SRGF]DV OLF\WDFML DUW\NXá ]QDMG]LH
QDE\ZF .XSXM F\XVWDOD]QLPV]F]HJyá\SáDWQR FLRUD]SU]HV\áNL:SU]HFLZQ\PUD
]LH6SU]HGDM F\PR HXVXQ üDUW\NXá]ED]\V\VWHPXOXEZ\VWDZLüDUW\NXáQDQRZHM
/LF\WDFML
5\VXQHN6\VWHPDXNFMLLQWHUQHWRZHM
&]ö è,3RGVWDZ\Mö]\ND80/
3RGVWDZRZHSRMöFLD
$NWRU /LF]HEQR ü
1LHRVRERZ\ 0LHMVFHUR]V]HU]DQLD
2VRERZ\ 1DZLJDFMD
'LDJUDPNRQWHNVWRZ\ 1D]ZD FLH NRZD
'LDJUDPSU]\SDGNyZX \FLD 1RWDWND
'HILQLFMD 3DNLHW
3URFHVWZRU]HQLD 3U]HSá\Z]GDU]H
']LHG]LQDSU]HGPLRWRZD $OWHUQDW\ZQ\
*UDQLFDREV]DUX]DVWRVRZD *áyZQ\
5R]G]LDä'LDJUDPSU]\SDGNÑZX \FLD
3\WDQLDL]DGDQLD
'LDJUDP\SU]\SDGNyZX \FLDSHáQL EDUG]RZD Q URO ZSURFHVLHWZRU]HQLD
V\VWHPX-DNLHMHVWX]DVDGQLHQLHLFKVWRVRZDQLD"
=GHILQLXML]LQWHUSUHWXMQDVW SXM FHSRM FLD
t GLDJUDPSU]\SDGNyZX \FLD
t SU]\SDGHNX \FLD
t DNWRU
t ]ZL ]HN
:\PLH SRGVWDZRZHNDWHJRULHDNWRUyZZGLDJUDPDFKSU]\SDGNyZX \FLD
3RGDMSU]\NáDG\
:\MD QLM]DOH QR FLSRPL G]\SRM FLDPL
t DVRFMDFMD
t ]ZL ]HN
3U]HGVWDZSRGVWDZRZHSU]\SDGNLX \FLD]ZL ]DQH]HVWXGHQWHPZV\VWHPLH
REVáXJLG]LHNDQDWX
1DV]NLFXMNRPSOHWQ\GLDJUDPSU]\SDGNyZX \FLDRSLVXM F\IXQNFMRQRZDQLH
G]LHNDQDWX6]F]HJyOQ XZDJ SR ZL üLGHQW\ILNDFMLLQQ\FKDNWRUyZ
:MDNLVSRVyEPR QDRNUH OLü]DNUHVV\VWHPXQDGLDJUDPLHSU]\SDGNyZ
X \FLD"=DSURSRQXMVSRVyE]DSUH]HQWRZDQLDQDW\PGLDJUDPLHSRG]LDáX
V\VWHPXQDSRGV\VWHP\
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN5H]HUZDFMHZV\VWHPLHKRWHORZ\P
=QDF]HQLHGLDJUDPÑZNODV
'LDJUDP\NODVRERNGLDJUDPyZSU]\SDGNyZX \FLD ]DOLF]\ü QDOH \ GR QDMF] FLHM
VWRVRZDQ\FKL]DUD]HPNOXF]RZ\FKURG]DMyZGLDJUDPyZZM ]\NX80/6 RQHSR
QDGWRSRZV]HFKQLHUR]SR]QDZDQ\PHOHPHQWHPQDMSRSXODUQLHMV]\FKPHWRG\NLWHFK
QLN RELHNWRZ\FK 3U]HGVWDZLDM VWDW\N V\VWHPX VWDQRZL F SU]HGH ZV]\VWNLP SRG
VWDZ SU]\V]áHMRELHNWRZHMED]\GDQ\FK*áyZQHHOHPHQW\GLDJUDPyZNODV PDM
]QDF]Q\ZSá\ZQDXNáDGL]DZDUWR üLQQ\FKGLDJUDPyZ80/
'LDJUDPNODVWRJUDILF]QHSU]HGVWDZLHQLHVWDW\F]Q\FKGHNODUDW\ZQ\FKHOHPHQWÑZ
G]LHG]LQ\SU]HGPLRWRZHMRUD]]ZLñ]NÑZPLöG]\QLPL
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
3DUDG\JPDWSRGHM FLDRELHNWRZHJRRSLHUDVL QD]DVDGQLF]\FKSRM FLDFKRELHNWXDQJ
REMHFWLNODV\
:V]\VWNR FR ZLDGRPR R RELHNFLH MHVW UHSUH]HQWRZDQH SU]H] ZDUWR FL DWU\EXWyZ
²F]\OLFHFKVWDW\F]Q\FKWHJRRELHNWX1DWRPLDVW]DFKRZDQLHRELHNWXZ\UD RQHMHVW
ZRSHUDFMDFKRNUH ODM F\FKXVáXJLNWyUHRIHUXMHRELHNW=DLQLFMRZDQLHRSHUDFMLVNXWNXMH
X \WNRZDQLHPLOXEPRG\ILNDFM GDQ\FKUHSUH]HQWRZDQ\FKSU]H]ZDUWR FLDWU\EXWyZ
2ELHNW\FKDUDNWHU\]XM VL XQLNDWRZ WR VDPR FL MHVWZL FPR OLZHLFKMHGQR]QDF]QH
&]ö è,3RGVWDZ\Mö]\ND80/
.ODVDMHVWXRJÑOQLHQLHP]ELRUXRELHNWÑZNWÑUHPDMñWDNLHVDPHDWU\EXW\RSHUDFMH
]ZLñ]NLL]QDF]HQLH
5\VXQHNXMPXMHPR OLZHNRPELQDFMHJUDILF]QHMSUH]HQWDFMLNODV
t VDPDQD]ZDNODV\
t QD]ZDNODV\]]HVWDZHPDWU\EXWyZ
t QD]ZDNODV\]]HVWDZHPRSHUDFML
t QD]ZDNODV\]]HVWDZHPDWU\EXWyZLRSHUDFML
5\VXQHN
D
3U]\NáDG\RSLVXNODV
.OLHQW
F 5H]HUZ DFM D
E ]áy 5H]HUZDFM
DQXOXM5H]HUZDFM
.RQWUDNW7HUPLQRZ \ ZHU\ILNXM.OLHQWD
LOR ü.RQWUDNWyZ
FHQD1DE\FLD
FHQD6SU]HGD \
ZDOXWD
G
.DUWD.UHG\WRZ D
W\S
QXPHU
GDWD:D QR FL
DXWRU\]XM
]DEORNXM
5\VXQHN
D
2SFMHVSHF\ILNDFMLNODV
+DUPRQRJUDP
E
3UDFRZ QLN
F
3URM HNW
QU3URMHNWX
RSLV3URMHNWX
GDWD5R]SRF] FLD
GDWD3ODQRZDQHJR=DNR F]HQLD
/LF]E VHNFML Z ND GHM NODVLH PR QD ]ZL NV]Dü GRGDM F QS VHNFMH ]DZLHUDM FH ]R
ERZL ]DQLDSXQNW=DDZDQVRZDQHVNáDGQLNLGLDJUDPXE G Z\M WNL6HNFMHWHPR QD
GRGDZDüRSFMRQDOQLHZSU]\SDGNDFKJG\MHVWWRQLH]E GQHGODSRGQLHVLHQLDSUHF\]ML
GLDJUDPXNODVMHGQDNQDGPLHUQHVWRVRZDQLHGRGDWNRZ\FKVHNFMLPR HREQL \üSU]HM
U]\VWR üGLDJUDPX
t DVRFMDFMH
t XRJyOQLHQLD
t ]DOH QR FL
t UHDOL]DFMH
$VRFMDFMD
*áyZQ\PURG]DMHP]ZL ]NyZPL G]\NODVDPLV DVRFMDFMH'HILQLFM DVRFMDFMLSU]HG
VWDZLRQRZUR]G]LDOHGUXJLP$VRFMDFMDRSLVXMH]ELyUSRZL ]D SRPL G]\RELHNWDPL
WDNMDNNODVDRELHNWX²]ELyURELHNWyZVWDQRZL F\FKMHMLQVWDQFMH:\Uy QLDVL GZD
URG]DMHDVRFMDFML
t ELQDUQH
t QDUQH
5\VXQHN
D 0HQHG HU 3URM HNW
$VRFMDFMH
SRPL G]\NODVDPL
6\VWHP' Z L NRZ \
E
5HSHUWXDU 6DOD.LQRZ D
5H]HUZ DFM D0LHM VF
5R]G]LDä'LDJUDPNODV
1D]Z\DVRFMDFML
,VWQLHM Uy QHVSRVRE\FKDUDNWHU\]RZDQLDDVRFMDFML3RGDM FQD]Z DVRFMDFMLRNUH ODVL
LVWRW GDQHJR]ZL ]NX:FHOXXQLNQL FLDQLHSRUR]XPLH SU]\QD]ZLHDVRFMDFMLPR
QDSRGDüNLHUXQHNMHMRGF]\WX,VWQLHMHV]HUHJPR OLZR FLR]QDF]DQLDQD]ZDVRFMDFML
0RJ RQHE\ü
t QLHQD]ZDQHU\VXQHN
t QD]ZDQH]RSFMRQDOQ\P]DPLHV]F]HQLHP]QDF]QLNDZVND]XM FHJRNLHUXQHN
LQWHUSUHWDFMLDVRFMDFMLU\VXQHN
5\VXQHN
5HSHUWXDU 6HDQV)LOPRZ \
$VRFMDFMD ]HVWDZLHQLH SR]\FMD
]Z\VSHF\ILNRZDQ\PL
URODPL
5ROH
.D G DVRFMDFM PR QDUyZQLH LQWHUSUHWRZDüGZXVWURQQLHSRSU]H]SRGDQLHUyODQJ
UROHVSHáQLRQ\FKSU]H]SRZL ]DQH]HVRE NODV\5RODDVRFMDFMLZ]ZL ]NXELQDUQ\P
MHVWSRZLQQR FL SHáQLRQ SU]H]MHGQ NODV RELHNWXZREHFGUXJLHMNODV\:DVRFMDFML
QDUQHMUROHPR QDSU]\SLVDüND GHM]SRZL ]DQ\FKNODV
1D]Z\UyOXPLHV]F]DVL SRRE\GZXVWURQDFKDVRFMDFML5RODVSHáQLDQDSU]H]GDQ
NODV ORNRZDQDMHVWEH]SR UHGQLRSU]\NODVLHRNUH ODQHM3U]\NáDGDVRFMDFMLRSLVDQHM
Z\á F]QLH]DSRPRF UyOSU]HGVWDZLRQRQDU\VXQNX.RPSOHNVRZ\RSLVDVRFMDFML
]DZLHUDM F\MHMQD]Z LUROH]DSUH]HQWRZDQRQDU\VXQNX
1D SRZ\ V]\P U\VXQNX ]DSUH]HQWRZDQR Z\FLQHN GLDJUDPX NODV V\VWHPX KDUPRQR
JUDPRZDQLDSURMHNWyZLQIRUPDW\F]Q\FK3UDFRZQLNG]LDáX,7ILUP\]NWyU\PEH]SR
UHGQLRSRZL ]DQR3URMHNWDXWRPDW\F]QLHNODV\ILNRZDQ\MHVWMDNRMHJRNLHURZQLN
3URMHNWSRWUDNWRZDQRZNDWHJRULDFK]OHFHQLD]DU] G]DQHJRSU]H]NLHURZQLND
1DZLJDFMD
'RZ\NRQ\ZDQLDRSHUDFMLQDRELHNWDFKSRV]F]HJyOQ\FKNODVQLH]E GQHMHVWSU]HV\áDQLH
NRPXQLNDWyZSRPL G]\QLPL'ODND GHMDVRFMDFMLLVWQLHM FHMSRPL G]\NODVDPLNR
PXQLNRZDQLHGRP\ OQLHRGE\ZDVL ZRE\GZXNLHUXQNDFKDVRFMDFML-HVWWRQDZLJD
FMDGZXNLHUXQNRZD:SUDNW\FHZ\VW SXM V\WXDFMHZNWyU\FKZVND]DQLHNLHUXQNX
QDZLJDFML]ZL NV]DHIHNW\ZQR üNRPXQLNRZDQLDVL U\VXQHN0DP\ZWHG\GR
F]\QLHQLD]QDZLJDFM MHGQRNLHUXQNRZ
5\VXQHN
.OLHQW 5DFKXQHN
$VRFMDFMD]NLHUXQNLHP
QDZLJDFML
$VRFMDFMD]HZVND]DQ\PNLHUXQNLHPQDZLJDFMLQLHR]QDF]DEH]Z]JO GQHJR]DEORNR
ZDQLD SU]HM FLD SRPL G]\ NODVDPL Z GZX NLHUXQNDFK 'ZXNLHUXQNRZR ü PR H E\ü
ERZLHPRVL JQL WDZVSRVyEPQLHMHIHNW\ZQ\G]L NLZ\NRU]\VWDQLXDVRFMDFMLSRPL G]\
LQQ\PLZ]DMHPQLHSRZL ]DQ\PLNODVDPL]DPLHV]F]RQ\PLQDGLDJUDPLHSRPL G]\
NODV GRFHORZ D UyGáRZ
/LF]HEQR è
.ODVRPRGSRZLDGDM RNUH ORQHOLF]E\RELHNWyZ/LF]HEQR üWRVSHF\ILNDFMD]DNUHVX
GRSXV]F]DOQHMOLF]E\RELHNWyZGDQHMNODV\ELRU F\FKXG]LDáZGDQ\P]ZL ]NX$]DWHP
MHVW WR RNUH OHQLH OLF]E\ RELHNWyZ MHGQHM NODV\ NWyUH ZL VL ] MHGQ\P RELHNWHP
GUXJLHMNODV\]QDMGXM F\PVL SRSU]HFLZQHMVWURQLHWHMVDPHMDVRFMDFML7DEHODSU]HG
VWDZLDQRWDFM OLF]HEQR FLDVRFMDFMLVWRVRZDQ ZM ]\NX80/
5R]G]LDä'LDJUDPNODV
7DEHOD2]QDF]DQLHOLF]HEQR FLDVRFMDFML
2]QDF]HQLH 2SLV 3U]\NäDG
GRNáDGQLHMHGHQ $
MHGHQOXEZLHOH %
ZLHOH '
]HUROXEZLHOH (
GRNáDGQLHQ
Q )
Q!
Q RGGRQ *
Q RGGRQ +
RGQGRP
QP ,
QP!
Q
ZL FHMQL Q -
5\VXQHNSU]HGVWDZLDGLDJUDPNODV]HZVND]DQLHPOLF]HEQR FLDVRFMDFML
$JUHJDFMD
.ROHMQ FHFK DVRFMDFMLMHVWDJUHJDFMDDQJ DJJUHJDWLRQ NWyUDRSLVXMH ]ZL ]HN FD
áR üF] üSRPL G]\NODVDPL:U]HF]\ZLVWR FLLVWQLHMHZLHOH]áR RQ\FKRELHNWyZVNáD
GDM F\FKVL ]F] FLNWyUHZSRá F]HQLXVWDQRZL VSyMQ FDáR ü:\Uy QLDVL GZD
URG]DMHDJUHJDFML
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN=DVWRVRZDQLHOLF]HEQR FLDVRFMDFML
5\VXQHNSUH]HQWXMHHOHPHQW\RELHNWRZ\FKED]GDQ\FKV\VWHPyZLQIRUPDW\F]Q\FK
ILUP\XEH]SLHF]HQLRZHMRUD]NRPSOHNVXNLQRZHJR1DMHJRSRGVWDZLHPR QDVWZLHU
G]Lü H6NáDGNDMHVWQLH]E GQ\PHOHPHQWHP3ROLV\8EH]SLHF]HQLRZHMLQLHPR HZ DG
Q\PZ\SDGNXSRSUDZQLHIXQNFMRQRZDüZRGHUZDQLXRGQLHM3RWUDNWRZDQLH6HDQVyZ
)LOPRZ\FKZNDWHJRULDFKDJUHJDFMLF] FLRZHMZVND]XMHMHGQDN HV RQHLQWHJUDOQ
F] FL 5HSHUWXDUXDOHSU]\NáDGRZRZUD]LHMHJR]DVW SLHQLDQLH]RVWDQ XWUDFRQHOHF]
PRJ ]RVWDü]DDGDSWRZDQHGRMHJRQDVW SF\
5R]G]LDä'LDJUDPNODV
5\VXQHN
D E
$JUHJDFMDFDáNRZLWD 3ROLVD8EH]SLHF]HQLRZ D 5HSHUWXDU
DDJUHJDFMDF] FLRZD
6NáDGND 6HDQV)LOPRZ \
5\VXQHNSU]HGVWDZLDGLDJUDPNODV]DSUH]HQWRZDQ\QDU\VXQNXUR]EXGRZD
Q\RGRGDWNRZHNDWHJRULHPRGHORZDQLDZW\PDJUHJDFMH
5\VXQHN'LDJUDPNODV]XZ]JO GQLHQLHPDJUHJDFML
1DSLHUZV]\U]XWRNDZDUWR üLQIRUPDF\MQDSU]HND]\ZDQDSU]H]XDNWXDOQLRQ\GLDJUDP
QLHMHVW]DVDGQLF]R]ZL NV]RQD:FL FHQWUDOQ\PHOHPHQWHPED]\GDQ\FKSR]RVWDMH
NOLHQWVLHFLWHOHIRQLLNRPyUNRZHMRNWyU\PJURPDG]RQHV LQIRUPDFMHZSRVWDFLRELHN
WyZNODV\.OLHQW'RND GHJR]DUHMHVWURZDQHJR.OLHQWDSU]\SRU] GNRZDQRSU]\QDMP
QLHMMHGQ .DUW 6,0NWyU .OLHQWZSUDNW\FHX \WNXMH7DU\IDZ\NRU]\VW\ZDQDSU]H]
.OLHQWDSU]\SLV\ZDQDMHVWRGG]LHOQLHGRND GHM.DUW\6,0DE\ZSU]\SDGNXSRVLDGD
QLDSU]H]GDQHJR.OLHQWDNLONX$SDUDWyZ7HOHIRQLF]Q\FKZGDQHMVLHFLXPR OLZLüPX
QLH]DOH QH VWRVRZDQLH Uy Q\FK 7DU\I ² QD SU]\NáDG WDU\I\ R QLVNLP VWDá\P DERQD
PHQFLHGODWHOHIRQXZ\NRU]\VW\ZDQHJRSU\ZDWQLHQDWRPLDVWGODWHOHIRQyZVáX ERZ\FK
WHMFKDUDNWHU\]XM FHMVL Z\VRNLPDERQDPHQWHPLQLVNLPLNRV]WDPL]PLHQQ\PL0RJ
LVWQLHü.DUW\6,0EH]SU]\SRU] GNRZDQHM7DU\I\²V\WXDFMDWDPDPLHMVFHFKRFLD E\
ZSU]\SDGNXUR]ZL ]DQLDXPRZ\SU]H].OLHQWD=ZD \ZV]\ HQDMF] VWV]\PVSRVR
EHPUR]SRF] FLDNRU]\VWDQLD]XVáXJGDQHMVLHFLWHOHIRQLLNRPyUNRZHMMHVWWUDQVDNFMD
&]ö è,3RGVWDZ\Mö]\ND80/
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
'LDJUDPNODVFKDUDNWHU\]XMHVL ]QDF]Q OLF]E ]DDZDQVRZDQ\FKHOHPHQWyZLNRQFHS
FMLPRGHORZDQLD2EHMPXM RQH
t URG]DMHGLDJUDPyZNODV
t ]RERZL ]DQLD
t ZLGRF]QR ü
t DWU\EXW\LRSHUDFMHVWDW\F]QH
t QD]Z\NODVDWU\EXWyZLRSHUDFML
t QRWDFM DWU\EXWyZLVNáDGQL RSHUDFML
t NODV\DVRFMDF\MQH
5R]G]LDä'LDJUDPNODV
t DVRFMDFMH]ZURWQHLZLHORNURWQH
t NZDOLILNDFM
t XRJyOQLHQLDNODV\DEVWUDNF\MQHRUD]NRQNUHWQH
t ]DOH QR ü
t UHDOL]DFM
5RG]DMHGLDJUDPÑZNODV
'LDJUDP\NODV]HZ]JO GXQD]QDF]Q OLF]E HOHPHQWyZMDNLHSRWHQFMDOQLHPRJ QD
QLFKZ\VW SLüFHFKXM VL ]Uy QLFRZDQ\PSR]LRPHPV]F]HJyáRZR FL:FHOXX]\VND
QLDRGSRZLHGQLHMHIHNW\ZQR FLRUD]VNXWHF]QR FLSURFHVXWZRU]HQLD6,QDOH \UR]Uy QLü
FL OHSRZL ]DQH]HVRE GZDSR]LRP\WZRU]HQLDGLDJUDPyZNODV
t SR]LRPNRQFHSWXDOQ\
t SR]LRPLPSOHPHQWDF\MQ\
=RERZLñ]DQLD
(OHPHQW\WHFKQLNLGLDJUDPyZNODVPRJ SRVáX \üGRRNUH OHQLD]RERZL ]D DQJ
UHVSRQVLELOLWLHVNODVSRSU]HG]DM FHJRRSUDFRZDQLHSHáQHJRSURMHNWX1DMF] FLHMPR
OLZR üW Z\NRU]\VWXMHVL ZFHOXZ\SUDFRZDQLDNRQFHSFMLUHDOL]DFMLVFHQDULXV]\SU]\
SDGNyZX \FLDJáyZQLH]DSRPRF GLDJUDPyZLQWHUDNFMLUR]G]LDá\±=RER
ZL ]DQLDNODV\PR QDQDNUH OLüQDSRGVWDZLHZ\QLNyZPRGHORZDQLDEL]QHVXF]\WH
GHILQLRZDQLDZ\PDJD V\VWHPX$]DWHP]RERZL ]DQLHMHVWNRQWUDNWHPOXERGSRZLH
G]LDOQR FL NODV\.ODV 0RGHO5HDNFML]DZLHUDM F VHNFM ]RERZL ]D SU]HGVWDZLD
U\VXQHN
5\VXQHN
6HNFMD]RERZL ]D
0RGHO5HDNFM L
ZNODVLH
UHVSRQVLELOLWLHV
DGHNZDWQHUHDJRZDQLHQDRGHEUDQLHV\JQDáX]F]XMQLND
ZVSyáSUDFD]V\VWHPDPL3ROLFML6WUD \3R DUQHMRUD]3RJRWRZLD5DWXQNRZHJR
&]ö è,3RGVWDZ\Mö]\ND80/
6\VWHPQDG]RUXSRPLHV]F]H SU]HFKRZXMHZNODVLH0RGHO5HDNFMLRSHUDFMHNWyUHV
Z\NRQ\ZDQHZSU]\SDGNXRGHEUDQLDSU]H]MHGHQ]F]XMQLNyZ]DLQVWDORZDQ\FKZPR
QLWRURZDQ\FKSRPLHV]F]HQLDFKV\JQDáXZVND]XM FHJRQD]DJUR HQLH,QQ\P]RERZL
]DQLHP]DPLHV]F]RQHM QD U\VXQNX NODV\ MHVW DXWRPDW\F]QH LQIRUPRZDQLH RGSRZLHG
QLFKVáX ESXEOLF]Q\FKR]DLVWQLDá\P]DJUR HQLX
:LGRF]QR è
,VWQLHM ]Uy QLFRZDQHZ\PDJDQLDZ]JO GHPGRVW SXGRSRV]F]HJyOQ\FKDWU\EXWyZ
LRSHUDFMLUy Q\FKNODVZV\VWHPLH:V\VWHPLHPXVLE\ü]DSHZQLRQDPR OLZR üSHá
QHMRFKURQ\QLHNWyU\FKGDQ\FKF]\WH ]DSHZQLHQLDLFKGRVW SQR FLW\ONRGODSHZQHM
F] FLRELHNWyZLQQ\FKNODVVNáDGDM F\FKVL QDVWDW\N GDQHMDSOLNDFML8ZDUXQNRZD
QLDWHVSHáQLDQHV SU]H]FHFK ZLGRF]QR üDQJYLVLELOLW\NWyUDR]QDF]DSR]LRPGR
VW SQR FL DWU\EXWyZ L RSHUDFML GOD LQQ\FK NODV 7DEHOD SU]HGVWDZLD VWRVRZDQH
ZM ]\NX80/SR]LRP\ZLGRF]QR FL
7DEHOD3R]LRP\ZLGRF]QR FL
3R]LRP 6\PERO &KDUDNWHU\VW\ND
3XEOLF]Q\ RELHNW\ZV]\VWNLFKNODVZV\VWHPLHPDM GRVW SGRDWU\EXWXOXERSHUDFML
3U\ZDWQ\ ± W\ONRRELHNW\GDQHMNODV\PDM GRVW SGRDWU\EXWXOXERSHUDFML
&KURQLRQ\ Z\á F]QLHRELHNW\NODVG]LHG]LF] F\FK]GDQHMNODV\PDM GRVW S
GRDWU\EXWXOXERSHUDFML
3DNLHWRZ\ a W\ONRVNáDGRZHSDNLHWXGRNWyUHJRGDQDNODVDQDOH \PDM GRVW S
GRDWU\EXWXOXERSHUDFML
,VWQLHMH UHJXáD ZVND]XM FD E\ DWU\EXW\ NODV GHILQLRZDü MDNR SU\ZDWQH Z FHOX PLQL
PDOL]DFML ]DJUR HQLD XWUDW\ NRQWUROL QDG GRVW SHP GR DWU\EXWyZ L RSHUDFML SRV]F]H
JyOQ\FKNODVV\VWHPX'RVW SGRQLFK]]HZQ WU]XPR OLZLDVL ]DSR UHGQLFWZHPSX
EOLF]Q\FKRSHUDFML
6SRVyER]QDF]DQLDSR]LRPyZZLGRF]QR FLDWU\EXWyZLRSHUDFMLZUDPDFKNODVSU]HG
VWDZLDU\VXQHN
5R]G]LDä'LDJUDPNODV
5\VXQHN
/LF\WDFM D
2]QDF]HQLH
ZLGRF]QR FLZNODVLH
GDWD5R]SRF] FLD
F]DV7UZDQLD/LF\WDFML
FHQD:\ZRáDZF]D
a GRVWDZD
LG/LF\WDFML
XWZyU]/LF\WDFM
]DPNQLM/LF\WDFM
Z\ ZLHWO2SLV$UW\NXáX
SU]\SLV].XSXM FHJR
PRG\ILNXM2SLV
$WU\EXW\LRSHUDFMHVWDW\F]QH
.D G\RELHNWNODV\SU]HFKRZXMH]D]Z\F]DMZáDVQHRGPLHQQHPRG\ILNRZDOQHZDUWR FL
DWU\EXWXE G RSHUDFML-HGQRF]H QLHZV]\VWNLHLQVWDQFMHGDQHMNODV\PRJ SU]HFKR
Z\ZDüSHZQHVWDáHLGHQW\F]QHZDUWR FL²QSVWDá\PQR QLNURG]DMZDOXW\RSHUD
FM WZRU]HQLDOXEXVXZDQLD:SU]\SDGNX]PLDQ\WDNLHMZDUWR FLZMHGQ\PRELHNFLH
]PLDQDWDMHVWDXWRPDW\F]QLHZSURZDG]DQDZLQQ\FKRELHNWDFKWHMNODV\2SLVDQ FHFK
DWU\EXWyZLRSHUDFMLQD]\ZDVL VWDW\F]QR FL 7DNZL F]DUyZQRDWU\EXW\MDNLRSH
UDFMHPRJ E\ü
t HJ]HPSODU]RZH²LQG\ZLGXDOQHGODND GHJRRELHNWXGDQHMNODV\
t VWDW\F]QH²WR VDPHZHZV]\VWNLFKRELHNWDFKNODV\
1D]Z\NODVDWU\EXWÑZLRSHUDFML
:\MD QLHQLHSRM FLDZLGRF]QR FLSR]ZDODQDVSUHF\]RZDQLHUHJXáQDGDZDQLDQD]Z
NODVRPDWU\EXWRPLRSHUDFMRP1D]ZDVDPHMNODV\QDSR]LRPLHNRQFHSWXDOQ\PQDM
F] FLHMMHVWZ\UD HQLHPU]HF]RZQLNRZ\P=NROHLQDSR]LRPLHLPSOHPHQWDF\MQ\P
SU]\ELHUDRQDSRVWDüáD FXFKD]QDNyZ]Z\V]F]HJyOQLHQLHPSRF] WNXND GHJRZ\UD]X
VNáDGRZHJR]DSRPRF ZLHONLHMOLWHU\3U]\NáDGDPLSRSUDZQ\FKQD]ZNODVV $XNFMD
6HVMD*LHáGRZD3RFKRGQ\,QVWUXPHQW)LQDQVRZ\5yZQLH QD]HZQLFWZRDWU\EXWyZLRSH
UDFMLMHVW]Uy QLFRZDQHGODSR]LRPXNRQFHSWXDOQHJRLLPSOHPHQWDF\MQHJRGLDJUDPX
NODV3U]\NáDGRZHQD]Z\REXNDWHJRULL]DZLHUDM WDEHOHL
7DEHOD.RQZHQFMDQD]HZQLFWZDDWU\EXWyZ
1D]ZDQDSR]LRPLH 1D]ZDQDSR]LRPLH
$WU\EXW
NRQFHSWXDOQ\P LPSOHPHQWDF\MQ\P
SRMHPQR üNDUW\6,0 3RMHPQR ü.DUW\ SRMHPQR ü.DUW\
DGUHVVDORQXILUPRZHJR $GUHV6DORQX DGUHV6DORQX
QXPHUWHOHIRQXNRPyUNRZHJR 1U7HOHIRQX.RPyUNRZHJR QU7HOHIRQX.RPyUNRZHJR
&]ö è,3RGVWDZ\Mö]\ND80/
7DEHOD.RQZHQFMDQD]HZQLFWZDRSHUDFML
1D]ZDQDSR]LRPLH 1D]ZDQDSR]LRPLH
2SHUDFMD
NRQFHSWXDOQ\P LPSOHPHQWDF\MQ\P
]DEORNRZDQLHNDUW\6,0 =DEORNXM.DUW ]DEORNXM.DUW
]PLDQDDNWXDOQ\FKVWDZHN =PLH 6WDZNL7DU\I ]PLH 6WDZNL7DU\I
ZV]\VWNLFKWDU\I
Z\VáDQLHNUyWNLHMZLDGRPR FL :\ OLM606 Z\ OLM6PV
WHNVWRZHM
1RWDFMDDWU\EXWÑZLVNäDGQLDRSHUDFML
6SHF\ILNDFMD W\SyZ GDQ\FK RNUH ODM F\FK SRV]F]HJyOQH DWU\EXW\ MHVW SR]RUQLH QLH
VNRPSOLNRZDQ F]\QQR FL ,VWRWQLHQLHQDVWU F]DWUXGQR FL²SRGZDUXQNLHPE\FLD
ZLDGRP\PWHJR HW\S\GDQ\FKX]DOH QLRQHV RGVWUXNWXU\M ]\NDSURJUDPRZD
QLDZNWyU\PQDVW SLZGUR HQLH'ODWHJRWH QDU] G]LD&$6(Uy Q\FKSURGXFHQWyZ
XGRVW SQLDM QLHMHGQROLW\LFK]HVWDZ3RGVXPRZDQLHQDMSRZV]HFKQLHMX \ZDQ\FKW\
SyZGDQ\FKSU]HGVWDZLDWDEHOD
7DEHOD6WDQGDUGRZHW\S\GDQ\FK
7\S\GDQ\FK 1DU]öG]LH5DWLRQDO5RVH 3ODWIRUPD1(7
/RJLF]QH %RROHDQ %RROHDQ
6WDáRSU]HFLQNRZH %\WH %\WH
,QWHJHU 6KRUW
/RQJ ,QWHJHU
/RQJ
=PLHQQRSU]HFLQNRZH 6LQJOH 6LQJOH
'RXEOH 'RXEOH
'HFLPDO
=QDNRZH 6WULQJ 6WULQJ
&KDU
,QQH 'DWH 'DWH
2EMHFW 2EMHFW
&XUUHQF\
9DULDQW
1RWDFMDDWU\EXWyZQDSR]LRPLHLPSOHPHQWDF\MQ\PFKDUDNWHU\]XMHVL VWDQGDUGRZ
VNáDGQL ,FKSUH]HQWDFMDQDGLDJUDPLHRGE\ZDVL ZJQDVW SXM FHMIRUPXá\
DWU\EXW! >ZLGRF]QR ü!@>´´@QD]ZDDWU\EXWX!>´´W\S!@
>´>´OLF]HEQR ü!´@´@>´ ´ZDUWR üSRF] WNRZD!@>´^´RNUH OHQLH
ZáD FLZR FL!´`´@
5R]G]LDä'LDJUDPNODV
$QDORJLF]QLHUyZQLH GODRSHUDFMLLVWQLHMHIRUPXáDVNáDGQLRZD
RSHUDFMD! >ZLGRF]QR ü!@QD]ZDRSHUDFML!>´´OLVWDSDUDPHWUyZ!´´@
>´´RNUH OHQLHZáD FLZR FL!@
/LVWDSDUDPHWUyZZVND]XMHSDUDPHWU\RSHUDFMLRGG]LHORQHSU]HFLQNDPL6NáDGQLDSD
UDPHWUXMHVWDQDORJLF]QDGRVNáDGQLDWU\EXWX]W Uy QLF HSU]HGMHJRQD]Z ]DPLDVW
RSFMRQDOQHM ZLGRF]QR FL RUD] V\PEROX XNR QLND ZVND]XM FHJR DWU\EXW\ SRFKRGQH
XPLHV]F]DVL SU]HGURVWHNZVND]XM F\NLHUXQHNSU]HND]\ZDQLDSDUDPHWUX-HVWWRUyZ
QLH HOHPHQWRSFMRQDOQ\GRP\ OQLHSU]\MPXM F\ZDUWR üLQ
VXPD
3áDWQR ü
1D]ZDDWU\EXWXZUD]]HZVND]DQLHPMHJRW\SX
LZLGRF]QR FL
VXPD,QWHJHU
3áDWQR ü
1D]ZDDWU\EXWX]HZVND]DQLHPW\SXLZLGRF]QR FL
RUD]MHJROLF]HEQR ü
VXPD,QWHJHU>
@
3áDWQR ü
=DSUH]HQWRZDQDSRZ\ HMV\WXDFMDSRV]HU]RQDRZDUWR ü
SRF] WNRZ DWU\EXWX
VXPD,QWHJHU>
@
3áDWQR ü &KURQLRQ\DWU\EXWW\SX,QWHJHUROLF]HEQR FLOXEZLHOH
PDM F\ZDUWR üSRF] WNRZ ]SU]\SLVDQ ZáD FLZR FL
VXPD,QWHJHU>
@ ^FKDQJDEOH` FKDQJHDEOH
&]ö è,3RGVWDZ\Mö]\ND80/
7DEHOD3U]\NáDG\]DVWRVRZDQLDVNáDGQLRSHUDFML
3U]\NäDG ,QWHUSUHWDFMD
3áDWQR ü
1D]ZDRSHUDFML]HZVND]DQLHP
ZLGRF]QR FL
REOLF]3áDWQR ü
3áDWQR ü
1D]ZDRSHUDFMLZUD]]HZVND]DQLHP
ZLGRF]QR FLLZáD FLZR FLNWyUD
ZVND]XMHW\SZ\QLNX
REOLF]3áDWQR ü/RQJ
3áDWQR ü
1D]ZDRSHUDFML]HZVND]DQLHP
ZLGRF]QR FLSRV]HU]RQDROLVW
SDUDPHWUyZ]HZVND]DQLHPLFKW\SyZ
REOLF]3áDWQR ü SR]\FMD%\WHREQL ND%RROHDQ
3áDWQR ü
5\VXQHN
=áR RQDUHSUH]HQWDFMD 2SFM D)LQDQVRZ D
DWU\EXWyZLRSHUDFML
SUHPLD2SF\MQD6LQJOH
ZLHONR ü .RQWUDNWX'RXEOH
WLFN
ZDUWR ü7LFNX%\WH
GX DMDNZLHONR ü.RQWUDNWXMHVWDWU\EXWHPW\SX6LQJOH:W\PSU]\SDGNXSUDZGRSR
GREQLHZ\VWDUF]DM F\E\áE\W\S,QWHJHU²ZZL NV]R FLM ]\NyZSURJUDPRZDQLDRJUD
QLF]RQ\]JyU\OLF]E ²OHF]SU]\M FLHSRMHPQLHMV]HJRW\SXGDQ\FKPDQDFHOX
]DEH]SLHF]HQLH VL SU]HG HZHQWXDOQ\P Z\VW SLHQLHP Eá GX SU]HSHáQLHQLD ]PLHQQHM
1DOH \SRGNUH OLü H]DPLHV]F]RQDQDRSLV\ZDQ\PU\VXQNXNODVDMHVWUH]XOWDWHPMHG
QHM]SRF] WNRZ\FKLWHUDFMLWZRU]HQLDGRNXPHQWDFMLVWDW\NLV\VWHPX]DWHPQLHXZ]JO G
QLRQRQDQLPZV]HONLFKQLH]E GQ\FKZWHMV\WXDFMLDWU\EXWyZLRSHUDFMLRUD]]QDF]QL
NyZZLGRF]QR FLW\SRZ\FKGODWHJRSR]LRPXV]F]HJyáRZR FL7DNVDPRDWU\EXWRZL
SUHPLD2SF\MQDSU]\SLVDQRSRF] WNRZRZDUWR üGRP\ OQ ZZ\VRNR FL86'
] NWyUHM Z NROHMQ\FK LWHUDFMDFK ]UH]\JQRZDQR 3RZRGHP E\áR WR H ZDUWR ü SUH
PLL2SF\MQHMMHVWUy QDZQLHPDOND G\PSU]\SDGNX²]DOH \RQDERZLHPRGU\]\ND
]ZL ]DQHJR]WUDQVDNFM ²L]D]Z\F]DM]QDF]QLHQL V]DQL QDZVND]DQ\PSU]\NáD
G]LH2SHUDFMDOLF]7LFNL]ZUDFDOLF]E WLFNyZ²F]\OLZLVWRFLHSRGDMH]PLDQ FHQ\
LQVWUXPHQWXED]RZHJRNRQWUDNWXWHUPLQRZHJRQDSRGVWDZLHFHQQDE\FLDRUD]FHQVSU]H
GD \WHJRLQVWUXPHQWX3RQRZQLHZUDPDFK URGNyZRVWUR QR FLSU]\M WREDUG]LHMSR
MHPQ\W\SGDQ\FKGOD]ZUDFDQHMZDUWR FL2SHUDFMDUHDOL]XM]DZLHUDM FDWU]\SDUDPH
WU\REOLF]D]\VNDOERVWUDW ]W\WXáX]DZDUFLDNRQWUDNWXWHUPLQRZHJR=HZ]JO GXQD
WR HWHQURG]DMLQVWUXPHQWyZILQDQVRZ\FKQLHVLH]HVRE ]QDF]QHU\]\NRDLFKQD
E\ZFDU]DGNRRJUDQLF]DVL GR]DZDUFLDSRMHG\QF]\FKNRQWUDNWyZ]DUyZQRSRWHQFMDO
QH ]\VNL MDN L VWUDW\ V ROEU]\PLH ZL F GR LFK Z\UD HQLD SU]HZLG]LDQR EDUG]R SR
MHPQ\W\SGDQ\FK'RXEOH
.ODV\DVRFMDF\MQH
.ODVDDVRFMDF\MQDDQJDVVRFLDWLRQFODVVXPR OLZLDEDUG]LHMSUHF\]\MQ\RSLV]ZL ]
NXPL G]\NODVDPL6áX \GRSU]HGVWDZLDQLDDVRFMDFMLZSRVWDFLNODV=DZLHUD]DWHP
SRGREQLHMDNLQQHNODV\QD]Z DWU\EXW\LRSHUDFMH/LF]E VHNFMLPR QD]ZL NV]Dü
.D GHMDVRFMDFMLPR QDSU]\SLVDüFRQDMZ\ HMMHGQ LQVWDQFM WHJRURG]DMXNODV\1D
GLDJUDPLHNODVNODV DVRFMDF\MQ ZSURZDG]DVL SRSU]H] FLH N DVRFMDF\MQ ZSRVWDFL
OLQLLSU]HU\ZDQHMU\VXQHN
NODVDRELHNWyZ
5H]HUZ DFM D0LHM VF
)D]D3URM HNWX
LG)D]\
RSLV)D]\
QD]ZD)D]\
QXPHU)D]\
VWRSLH =áR RQR FL
Z\WZRU]RQH$UWHIDNW\
GRGDM)D]
XVX )D]
GRGDM$UWHIDNW
XVX $UWHIDNW
PRG\ILNXM$UWHIDNW
JUXSXM$UWHIDNW\
VWUXNWXUD
UHDOL]DFML
3URM HNW
2VRED LG3URMHNWX
LG2VRE\
RSLV3URMHNWX
GDWD5R]SRF] FLD
RSLV'R ZLDGF]HQLD
GDWD3ODQRZDQHJR=DNR F]HQLD
GDWD=DWUXGQLHQLD GDWD=DNR F]HQLD
VSHFMDOL]DFMD SUDFRZQLN ]OHFHQLH
]OHFHQLRGDZFD
U\]\NR:\NRQDQLD
GRGDM2VRE
DNWXDOL]XM'R ZLDGF]HQLH GRGDM3URMHNW
DNWXDOL]XM'DQH3URMHNWX
+DUPRQRJUDP
LG+DUPRQRJUDPX
GDWD3U]\SLVDQLD
RVRED2GSRZLHG]LDOQD
RSLV+DUPRQRJUDPX
F]DV2ERZL ]\ZDQLD
SU]\SLV]
5\VXQHN=ZL ]HNQDUQ\LNODVDDVRFMDF\MQD
5R]G]LDä'LDJUDPNODV
2SLV\ZDQ\U\VXQHNGRW\F]\KDUPRQRJUDPRZDQLDSURMHNWX,WDNNODVDDVRFMDF\MQD+DU
PRQRJUDPVSHF\ILNXMHDVRFMDFM á F] F WU]\LQQHNODV\
t 2VRE
t 3URMHNW
t )D] 3URMHNWX
.ODV\WHV V]F]HJyáRZRVFKDUDNWHU\]RZDQHSRSU]H]VZRMHDWU\EXW\RSHUDFMHRUD]ZL
GRF]QR FL1DGLDJUDPLHZ\VSHF\ILNRZDQRSRQDGWRUROHRUD]OLF]HEQR FL
$VRFMDFMH]ZURWQHLZLHORNURWQH
3RZL ]DQH NODV\ PRJ SHáQLü Z]JO GHP VLHELH NLOND RGPLHQQ\FK UyO 7\P VDP\P
NODV\ WH PRJ E\ü SRá F]RQH NLONRPD DVRFMDFMDPL $VRFMDFMH WDNLH QD]\ZD VL DVR
FMDFMDPLZLHORNURWQ\PL.D GD]W\FKDVRFMDFMLZLQQDE\üQD]ZDQDOXEVFKDUDNWHU\
]RZDQDQDSRGVWDZLHUyOMDNQDU\VXQNX
M HVWVSU]HGDM F\P
5\VXQHN
3RM D]G
$VRFMDFMD]ZURWQD SODWIRUPD
RVRERZ\
WUDQVSRUWXM H
.ZDOLILNDFMD
2VWDWQL RPDZLDQ FHFK DVRFMDFML MHVW NZDOLILNDFMD 8PR OLZLD RQD Z\V]XNLZDQLH
RELHNWyZ]ZL ]DQ\FK]GDQ DVRFMDFM .ZDOLILNDFMLGRNRQXMHVL ]DSRPRF NZDOLIL
NDWRUDDQJTXDOLILHU²DWU\EXWXOXEOLVW\DWU\EXWyZNWyU\FKZDUWR FLSRU] GNXM
]ELyURELHNWyZWHMNODV\Z\VW SXM F\FKZGDQHMDVRFMDFML3U]\NáDGNZDOLILNDWRUD]D
PLHV]F]RQRQDU\VXQNX
&]ö è,3RGVWDZ\Mö]\ND80/
8RJÑOQLHQLDNODV\DEVWUDNF\MQHRUD]NRQNUHWQH
: KLHUDUFKLDFK NODV SRZL ]DQ\FK ]ZL ]NDPL XRJyOQLHQLD Z\VW SXM NODV\ DEVWUDN
F\MQHRUD]NRQNUHWQH.ODV\DEVWUDNF\MQHQLHPDM NRQNUHWQ\FKLQVWDQFMLRELHNWyZOHF]
VWDQRZL XRJyOQLHQLHRELHNWyZNRQNUHWQ\FK]QDMGXM F\FKVL QDQL V]\FKSR]LRPDFK
KLHUDUFKLL1D]Z\NODVDEVWUDNF\MQ\FK²SRGREQLHMDNLQQ\FKDEVWUDNF\MQ\FKNDWHJRULL
SRM FLRZ\FK²SLVDQHV NXUV\Z .ODVRPDEVWUDNF\MQ\PPR QDSU]\SLV\ZDüDWU\
EXW\LRSHUDFMHSRGOHJDM FHG]LHG]LF]HQLX]JRGQLH]KLHUDUFKL NODV
5\VXQHN
']LHG]LF]HQLHNODV
2VRED
^URRW`
3UDFRZQLN2EVáXJL.LQD
3UDFRZ QLN,QIRUPDFM L5H]HUZ DFM L .DVMHU .LQR2SHUDWRU
3UDFRZ QLN.DV*DVWURQRPLF]Q\FK 3UDFRZ QLN.DV%LOHWRZ \FK
^OHDI` ^OHDI`
=ZL ]NRPXRJyOQLHQLDZ\VW SXM F\PSRPL G]\NODVDPLRELHNWyZ]QDMGXM F\FKVL
Z GDQHM KLHUDUFKLL NODV SU]\SLVDü PR QD F]WHU\ SRGVWDZRZH RJUDQLF]HQLD 2EHM
PXM RQH
5R]G]LDä'LDJUDPNODV
t ^FRPSOHWH`²]DZLHUDSHáHQ]HVWDZSRGNODVGODGDQHMNODV\U\VXQHN
5DSRUW
^FRPSOHWH`
8,&RQWURO 8,&RQWURO
']LHQQ\ 7\JRGQLRZ \ 0LHVL F]Q\ .Z DUWDOQ\ 5RF]Q\
5\VXQHN2JUDQLF]HQLHW\SX^FRPSOHWH`
t ^LQFRPSOHWH`²R]QDF]D H]HVWDZSRGNODVSU]\SLVDQ\FKGDQHMNODVLHQLH
MHVWSHáQ\U\VXQHNZLDGRPR HLVWQLHMHZL FHMNODVVSHFMDOL]RZDQ\FK
QLHPDM F\FKLVWRWQHJR]QDF]HQLDZUR]SDWU\ZDQ\PNRQWHN FLH
2GELRUQLN
^LQFRPSOHWH`
8,&RQWURO 8,&RQWURO
7HOHZ L]RU 5DGLR 0RGHP 0LNURIRQ
5\VXQHN2JUDQLF]HQLHW\SX^LQFRPSOHWH`
5\VXQHN
2JUDQLF]HQLD
=DVLODF]
W\SX^GLVMRLQW`
L^RYHUODSSLQJ`
6WDELOL]RZDQ\ 1LHVWDELOL]RZDQ\
^RYHUODSSLQJ`
$QDORJRZ \ ,PSXOVRZ\
^GLVMRLQW`
3U]HWZ RUQLFD
5\VXQHN'LDJUDPNODVV\VWHPXSáDWQR FL
5\VXQHN
$
.RQZHQFMHJUDILF]QHM
SUH]HQWDFMLXRJyOQLH
% & '
$
% & '
=DOH QR è
0QLHMV]H]QDF]HQLHZGLDJUDPDFKNODVRGJU\ZD]ZL ]HN]DOH QR FL]GHILQLRZDQ\
ZSRSU]HGQLP UR]G]LDOH =ZL ]HN WHQ R]QDF]D H QLH]DOH QD NODVD RELHNWyZ Z\NR
U]\VWXMH NODV ]DOH Q MDN SU]HGVWDZLRQR QD U\VXQNX ,VWQLHMH V]HUHJ URG]DMyZ
]DOH QR FL LFK RSLV PR QD XV]F]HJyáRZLü SRSU]H] SRGDQLH VWHUHRW\SyZ GRVW SQ\FK
ZM ]\NX80/L]QDMGXM F\FK]DVWRVRZDQLHZRGQLHVLHQLXGRGLDJUDPyZNODV.ODVD
QLH]DOH QDMHVWWDN HQD]\ZDQDGRFHORZ QDWRPLDVW]DOH QD UyGáRZ
5\VXQHN
=ZL ]HN]DOH QR FL 'RVWDZ D $UW\NXá
URGHN7UDQVSRUWX ZDJD
WHUPLQ UR]PLDU
5HDOL]DFMD
.ODV\PRJ EUDüUyZQLH XG]LDáZ]ZL ]NDFKUHDOL]DFML-DN]D]QDF]RQRZUR]G]LDOH
GUXJLPMHGQDVWURQDWHJR]ZL ]NXZVND]XMHNODV\ILNDWRURNUH ODM F\NRQWUDNWQDWRPLDVW
GUXJD²NODV\ILNDWRU]DSHZQLDM F\Z\ZL ]DQLHVL ]QLHJR:RSLV\ZDQ\PNRQWHN FLH
&]ö è,3RGVWDZ\Mö]\ND80/
,QWHUIHMVWR]HVWDZRSHUDFMLNWÑUHZ\]QDF]DMñXVäXJLRIHURZDQHSU]H]NODVöOXE
NRPSRQHQW
,VWQLHMHV]HUHJNRQZHQFMLSU]HGVWDZLDQLDLQWHUIHMVyZQDGLDJUDPDFKNODVU\VXQHND
U\VXQHNE,QWHUIHMV\V]HU]HMRPDZLDUR]G]LDáMHGHQDVW\
D
.VL ND
DXWRU6WULQJ
W\WXá6WULQJ
Z\GDZFD6WULQJ .RV]\N
,6%19DULDQW
GDWD:\GDQLD'DWH
ZDUWR ü'RXEOH
FHQD1HWWR6LQJOH
GRGDM3R]\FM
VWDZND9$7%\WH
©UHDOL]Hª XVX 3R]\FM
SU]HND 3R]\FM
GRGDM3R]\FM
NDONXOXM&HQ %UXWWR
XVX 3R]\FM
SU]HND 3R]\FM
RSUy QLM.RV]\N
NDONXOXM&HQ %UXWWR
RSUy QLM.RV]\N
Z\V]XNDM
E
.VL ND
DXWRU6WULQJ
.RV]\N W\WXá6WULQJ
Z\GDZFD6WULQJ
,6%19DULDQW
GDWD:\GDQLD'DWH
FHQD1HWWR6LQJOH
VWDZND9$7%\WH
GRGDM3R]\FM
XVX 3R]\FM
SU]HND 3R]\FM
NDONXOXM&HQ %UXWWR
RSUy QLM.RV]\N
Z\V]XNDM
5\VXQHN=ZL ]HNUHDOL]DFMLLLQWHUIHMV
3RV]F]HJyOQHXVáXJLRIHURZDQHSU]H]LQWHUIHMV.RV]\NZSRVWDFLRSHUDFMLGRGDM3R]\FM
XVX 3R]\FM LWGV UHDOL]RZDQHSRSU]H]NODV .VL ND
5R]G]LDä'LDJUDPNODV
'LDJUDPRELHNWÑZ
:FHOXXáDWZLHQLD]UR]XPLHQLDGLDJUDPXNODVRZ\VRNLPVWRSQLX]áR RQR FLPR QD
SRVáX \üVL GLDJUDPDPLRELHNWyZ
'LDJUDPRELHNWÑZWRZ\VWñSLHQLHGLDJUDPXNODVRGZ]RURZXMñFHVWUXNWXUöV\VWH
PXZZ\EUDQ\PPRPHQFLHMHJRG]LDäDQLD
-RODQWD
3LRWU.XSXM F\ .Z RWD .Z RWD
.XSXM F\
3KLOLSV6
/LF\WDFM D
.RQUDG
6SU]HGDM F\
$UW\NXá
0RQLWRU\/&'
.DWDORJ
3U]HND]3RF]WRZ \
3áDWQR ü
7UDQVDNFM D2QOLQH
3áDWQR ü
5\VXQHN3U]\NáDGGLDJUDPXRELHNWyZ
=NROHLQDU\VXQNXRUD]]DPLHV]F]RQRRGSRZLHGQLRGLDJUDPNODVV\VWHPX
HOHNWURQLF]QHMNVL JDUQLRUD]GLDJUDPRELHNWyZRSLVXM F\VWUXNWXU WHJRV\VWHPXZPR
PHQFLHGRNRQ\ZDQLD]DNXSX]X \FLHPNDUW\NUHG\WRZHM
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN3U]\NáDGNODVV\VWHPXNVL JDUQLHOHNWURQLF]QHM
3URFHVWZRU]HQLDGLDJUDPXNODV
:SURFHVLHWZRU]HQLDGLDJUDPXNODVZ\Uy QLüPR QDQDVW SXM FHHWDS\
]LGHQW\ILNRZDQLHLQD]ZDQLHNODV
RSFMRQDOQHRNUH OHQLH]RERZL ]D NODV
5R]G]LDä'LDJUDPNODV
5\VXQHN'LDJUDPRELHNWyZV\VWHPXNVL JDUQLHOHNWURQLF]QHM
6WXGLXPGLDJUDPXNODV
5\VXQHNSRGVXPRZXMHRPyZLRQHZHZF]H QLHMV]\FKSXQNWDFKSRGVWDZRZHRUD]
]DDZDQVRZDQHHOHPHQW\GLDJUDPXNODV
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN'LDJUDPNODVILQDQVRZHJRV\VWHPXWUDQVDNF\MQHJR
5RO V\VWHPX ILQDQVRZHJR SRND]DQHJR QD ]DPLHV]F]RQ\P QL HM GLDJUDPLH NODV MHVW
REVáXJDHOHNWURQLF]QHJRREURWXSRFKRGQ\PLLQVWUXPHQWDPLILQDQVRZ\PL3U]HGPLR
WHP WUDQVDNFML V 3RFKRGQH,QVWUXPHQW\)LQDQVRZH 3,) 6 WR LQVWUXPHQW\ NWyU\FK
FHQD]DOH \RGLQQ\FKLQVWUXPHQWyZILQDQVRZ\FKQSNXUVXZ\EUDQHMZDOXW\F]\WH
NXUVX DNFML ,VWRW WUDQVDNFML MHVW QDE\FLH DOER ]E\FLH LQVWUXPHQWX ILQDQVRZHJR ]D
RNUH ORQ FHQ Z RNUH ORQ\P GQLX D QDVW SQLH ]E\FLH DOER RGNXSLHQLH JR Z SU]\
V]áR FL²UyZQLH SRZF]H QLHMXVWDORQHMFHQLHLZRNUH ORQ\PGQLX=\VNDOERVWUDWD
QDWUDQVDNFMLMHVWZ\QLNLHPZDKD NXUVXZF]DVLHE G FHQ\LQVWUXPHQWXQDNWyU\P
3RFKRGQ\,QVWUXPHQW)LQDQVRZ\ED]XMH
5R]G]LDä'LDJUDPNODV
:V\VWHPLHREVáXJLZDQHV SRV]F]HJyOQHURG]DMH3,).RQWUDNW\7HUPLQRZHRUD]W]Z
2SFMH)LQDQVRZH=HZ]JO GXQDNRQLHF]QR üUR]Uy QLDQLDNRQWUDNWyZWHUPLQRZ\FK
W\SXIRUZDUGRUD]IXWXUHVZNODVLH.RQWUDNW7HUPLQRZ\]DLPSOHPHQWRZDQRDWU\EXWW\S
SU]\F]\PZDUWR üGRP\ OQ WHJRDWU\EXWXVWDQRZLNRQWUDNWW\SXIXWXUHV&HFK V]F]H
JyOQ 2SFML)LQDQVRZ\FKMHVWPR OLZR üQLH]UHDOL]RZDQLDWUDQVDNFMLZSU]\SDGNXQLH
NRU]\VWQHJRXNáDGXFHQ 'RGDWNRZ\P NRV]WHP SáDFRQ\P SU]H] NOLHQWD ]D WR ÄXEH]
SLHF]HQLH´MHVWW]ZSUHPLDRSF\MQD²RSáDWDPDQLSXODF\MQDXLV]F]DQDGRGDWNRZR
ZPRPHQFLH GRNRQDQLD WUDQVDNFML -HM Z\VRNR ü MHVW Uy QD DWU\EXW SUHPLD2SF\MQD
NODV\2SFMD)LQDQVRZD7UDQVDNFMHREHMPXM FH3,)V ]D]Z\F]DMVWDQGDU\]RZDQHNOD
VD6WDQGDUG/RNDOQ\SU]\F]\PVWDQGDUGHPPRJ E\üQSUHJXODFMHGDQHMJLHáG\SUR
ZDG] FHMREUyW3,)$WU\EXWWLFNRSLVXMHPLQLPDOQ ]PLDQ FHQ\LQVWUXPHQWXED]RZHJR
QDWRPLDVWDWU\EXWZDUWR ü7LFNX²ILQDQVRZ ZDUWR üWHMPLQLPDOQHM]PLDQ\:V]\VW
NLHRVRE\]DUHMHVWURZDQHZV\VWHPLHUHSUH]HQWRZDQHV SU]H]RELHNW\NODV\1DE\ZFD
SU]\F]\PZV\VWHPLHZ\Uy QLDVL 1DE\ZFyZE G F\FKRVREDPLIL]\F]Q\PL.OLHQW
,QG\ZLGXDOQ\ RUD] ILUPDPL .OLHQW.RUSRUDF\MQ\ 'RZROQ\ NOLHQW PR H SRVLDGDü
V]HUHJ]DUHMHVWURZDQ\FK$GUHVyZNRUHVSRQGHQF\MQ\FKPDNV\PDOQDOLF]EDREVáX
JLZDQ\FKDGUHVyZZ\QRVL.ODVD7UDQVDNFMDUHSUH]HQWXMHRSHUDFM REURWX3,)
=ND G 7UDQVDNFM ]ZL ]DQHV SU]\QDMPQLHMGZLHNRSLH)DNWXU\IDNWXUDGODNOLHQWD
RUD]MHMNRSLDSR]RVWDM FDZMHGQRVWFHSURZDG] FHMREUyW3RFKRGQ\PL,QVWUXPHQWDPL
)LQDQVRZ\PL RUD] 3áDWQR ü 3áDWQR FL PR QD GRNRQDü MHGQRUD]RZR E G Z NLONX
WUDQV]DFK)DNWFDáNRZLWHJRRSáDFHQLD)DNWXU\RGQRWRZ\ZDQ\MHVWZV\VWHPLHRSH
UDFMDRG]QDF]3áDWQR üNODV\)DNWXUD,VWQLHMHPR OLZR üIL]\F]QHJRGRNRQDQLD3áDW
QR FL]Z\NRU]\VWDQLHP.DUW\3áDWQLF]HM3U]HOHZXE G *RWyZNL²ZSU]\SDGNXW]Z
ZLUWXDOQ\FK3,)QLHZ\PDJDM F\FKIL]\F]QHJRGRVWDUF]HQLDWRZDUXRUD] URGNDSáDWQL
F]HJRVWRVXMHVL W]Z:\UyZQDQLH3R]\FML:WHMV\WXDFMLWUDQVIHU\ URGNyZSLHQL
Q\FKVNáDGDM F\FKVL QDWUDQVDNFM ZSUDNW\FHQLHZ\VW SXM UR]OLF]HQLXSRGOHJD
Z\á F]QLH]\VNDOERVWUDWDQDWUDQVDNFML
=NROHLGLDJUDP]DSUH]HQWRZDQ\QDU\VXQNXSU]HGVWDZLDVFKHPDWED]\GDQ\FK
V\VWHPXDXNFMLLQWHUQHWRZHM:\V]F]HJyOQLRQHNODV\QSNODVD$UW\NXáRSLVXM ZV]\VW
NLHRELHNW\NWyUHPDM WDNLHVDPHDWU\EXW\RSHUDFMH]ZL ]NLL]QDF]HQLH=LOXVWURZDQ\
GLDJUDP NODV ² SR]D VDP\PL NODVDPL L ]ZL ]NDPL SRPL G]\ QLPL ² SU]HGVWDZLD
LQWHUIHMV\NWyUHUHSUH]HQWXM XVáXJLRIHURZDQHSU]H]NODV 3U]\NáDGDPLLQWHUIHMVyZ
NWyU\FK XVáXJL V UHDOL]RZDQH SRGF]DV SU]\SDGNX X \FLD Ä'RNRQDM UHMHVWUDFML´ V
,5HMHVWUDFMD6SU]HGDM FHJRRUD],3DQHO6WHUXM F\
3RGVWDZRZHSRMöFLD
$JUHJDFMD $WU\EXW
$JUHJDW &KURQLRQ\
&DáNRZLWD 3DNLHWRZ\
&] FLRZD 3U\ZDWQ\
6HJPHQW 3XEOLF]Q\
$VRFMDFMD 6WDW\F]Q\
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN0RGHONRQFHSWXDOQ\ED]\GDQ\FKV\VWHPXDXNFMLLQWHUQHWRZHM
5R]G]LDä'LDJUDPNODV
'LDJUDPNODV 2SHUDFMD
'HILQLFMD &KURQLRQD
,PSOHPHQWDF\MQ\ 3DNLHWRZD
.RQFHSWXDOQ\ 3U\ZDWQD
3URFHVWZRU]HQLD 3XEOLF]QD
'LDJUDPRELHNWyZ 6WDW\F]QD
'\VNU\PLQDWRU 5ROD
']LHG]LF]HQLH :LGRF]QR ü
,QWHUIHMV =RERZL ]DQLH
.DUWD&5& =ZL ]HN
.ODVD $VRFMDFMD
$EVWUDNF\MQD %LQDUQD
$VRFMDF\MQD 1DUQD
.RQNUHWQD :LHORNURWQD
.ZDOLILNDFMD =ZURWQD
.ZDOLILNDWRU 5HDOL]DFMD
/LF]HEQR ü 8RJyOQLHQLH
1DZLJDFMD =DOH QR ü
2ELHNW
2JUDQLF]HQLH
^FRPSOHWH`
^GLVMRLQW`
^LQFRPSOHWH`
^RYHUODSSLQJ`
3\WDQLDL]DGDQLD
8]DVDGQLM]QDF]HQLHGLDJUDPXNODV
-DNLHNDWHJRULHSRM FLRZHGHF\GXM RVWDQLHRELHNWXDMDNLHRMHJR]DFKRZDQLX"
:\MD QLMUHODFMHSRPL G]\NODV DRELHNWHP
-DNLHHOHPHQW\PR H]DZLHUDüV\PEROLF]Q\RSLVGDQHMNODV\":\PLH
QDMF] FLHMVWRVRZDQHNRPELQDFMHWHJRRSLVX3RGDMSU]\NáDG\
&]ö è,3RGVWDZ\Mö]\ND80/
3U]HGVWDZDWU\EXW\RSHUDFMHLLQQHHOHPHQW\NODV\RELHNWX/LF\WDFMD
:MDNLVSRVyER]QDF]DVL IDNWSRPLQL FLDZRSLVLHNODV\PQLHMLVWRWQ\FK
DWU\EXWyZLOXERSHUDFML"
:\PLH URG]DMHDVRFMDFML-DNDMHVWSRGVWDZRZDUy QLFDSRPL G]\QLPL"
:\PLH FHFK\DVRFMDFML2FH LFKSUDNW\F]QH]QDF]HQLH
:MDNLVSRVyEQDGLDJUDPDFKNODVR]QDF]DVL QDZLJDFM GZXNLHUXQNRZ
DZMDNLMHGQRNLHUXQNRZ "
-DNLHR]QDF]HQLDOLF]HEQR FLV WZRLP]GDQLHPDEVROXWQLHQLH]E GQHGRRSLVX
GLDJUDPXNODVQDSR]LRPLHNRQFHSWXDOQ\P"-DNLHZLG]LV]]DJUR HQLDVWRVRZDQLD
R]QDF]HQLD
QDSR]LRPLHLPSOHPHQWDF\MQ\P"
:VND SRGVWDZRZ Uy QLF SRPL G]\DJUHJDFM DNRPSR]\FM
3RZL ]DQD]H=LQWHJURZDQ\P6\VWHPHP,QIRUPDW\F]Q\P%D]D'DQ\FKMHVW
QLH]E GQ\PHOHPHQWHPWDNLHJRV\VWHPXLQLHPR HZ DGQ\PZ\SDGNX
SRSUDZQLHIXQNFMRQRZDüZRGHUZDQLXRGQLHJR3U]HGVWDZWRSRZL ]DQLH
QDGLDJUDPLHNODV
-DNLQDF]HMQD]\ZDQDMHVWNRPSR]\FMD"
=LGHQW\ILNXMNODV\V\VWHPXREVáXJLUH]HUZDFMLKRWHORZ\FK3Rá F]MH
]ZL ]NDPLWZRU] FNRQFHSWXDOQ\GLDJUDPNODV
:MDNLVSRVyEX]DVDGQLáE\ ]DVDGQR üUy QLFRZDQLHGLDJUDPyZNODV
Z]JO GHPSR]LRPyZ"
:\MD QLMSRM FLH]RERZL ]DQLDNODV\-DNQD]\ZDVL NODV NWyUHMSRGVWDZRZ
]DZDUWR üVWDQRZL ]RERZL ]DQLDRUD]OLVWDZVSyáSUDFXM F\FKNODV"
:\PLH LVFKDUDNWHU\]XMSR]LRP\ZLGRF]QR FLZ\VW SXM FHZM ]\NX80/
3RUyZQDMMH]SR]LRPDPLZLGRF]QR FLZ\VW SXM F\PLZRELHNWRZ\FKM ]\NDFK
SURJUDPRZDQLDWDNLFKMDN&RUD]-$9$
:\MD QLMNRQFHSFM VWDW\F]QR FL
:\MD QLMNRQZHQFM QD]\ZDQLDNODVRGSRZLHGQLRQD
t NRQFHSWXDOQ\FKGLDJUDPDFKNODV
t LPSOHPHQWDF\MQ\FKGLDJUDPDFKNODV
2PyZVNáDGQL DWU\EXWyZRUD]RSHUDFMLZM ]\NX80/
:]ERJDüSU]\NáDGRZHNODV\]DPLHV]F]RQHQDU\VXQNXRW\S\GDQ\FK
GRP\ OQHZDUWR FLDWU\EXWyZOLVW\SDUDPHWUyZRSHUDFMLRUD]R]QDF]HQLD
ZLGRF]QR FL
:VND SRGRELH VWZDLUy QLFHSRPL G]\DVRFMDFMDPLZLHORNURWQ\PL
L]ZURWQ\PL3RGDMSU]\NáDG]DVWRVRZDQLDDVRFMDFML]ZURWQHMZG]LHG]LQLH
SU]HGPLRWRZHMIXQNFMRQRZDQLDNVL JDUQL
5R]G]LDä'LDJUDPNODV
=QDF]HQLHGLDJUDPÑZF]\QQR FL
'LDJUDP\F]\QQR FLV MHGQ\P]URG]DMyZGLDJUDPyZM ]\ND80/RSLVXM F\FKG\
QDPLN V\VWHPX
=DNUHVGRNXPHQWRZDQLDF]\QQR FLLDNFMLZZHUVMLVWDQGDUGX80/XOHJá]QDF]
QHPXSRV]HU]HQLXZVWRVXQNXGRZHUVML[
&]ö è,3RGVWDZ\Mö]\ND80/
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
'LDJUDP\F]\QQR FLVNáDGDM VL ]QDVW SXM F\FKSRGVWDZRZ\FKHOHPHQWyZ
t F]\QQR FL
t DNFML
t SU]HSá\ZyZVWHURZDQLD
t SRF] WNX
t NR FD
t ]DNR F]HQLDSU]HSá\ZX
&]\QQR FLDDNFMH
&]\QQR FLDQJDFWLYLWLHVQDGLDJUDPDFKPRJ FHFKRZDüVL UR]EXGRZDQ IXQNFMR
QDOQR FL WM PRJ UHSUH]HQWRZDü QLH]Z\NOH ]áR RQH SURFHV\ EL]QHVRZH E G DOJR
U\WP\ SU]HWZDU]DQLD 'OD RVL JQL FLD SUHF\]\MQHJR LFK RSLVX QLH]E GQD VWDMH VL
GHNRPSR]\FMD F]\QQR FL &]\QQR FL PRJ E\ü W\P VDP\P GHNRPSRQRZDQH QD
]KLHUDUFKL]RZDQH SRGF]\QQR FL 1RWDFMD F]\QQR FL E G FHM SU]HGPLRWHP GHNRPSR
]\FMLMHVWZ]ERJDFDQDSRSU]H]]DPLHV]F]HQLHVWRVRZQHJRV\PEROXZMHMSUDZHMGRO
QHM F] FL U\VXQHN 3RGF]\QQR ü MHVW GHNRPSRQRZDQD Z IRUPLH GRGDWNRZHJR
GLDJUDPXF]\QQR FL
5\VXQHN
3RMHG\QF]DF]\QQR ü
XV]F]HJyáRZLRQD
QDRGU EQ\P
GLDJUDPLH
7DEHOD3RGVWDZRZHNDWHJRULHSRM FLRZHGLDJUDPyZF]\QQR FL
1D]ZD 1RWDFMDJUDILF]QD 'HILQLFMDLQWHUSUHWDFMD
&]\QQR ü
6SRU] G
]DPyZ LHQLH
&]\QQR è WR RNUH ORQH ]DFKRZDQLH ]äR
RQH]ORJLF]QLHXSRU]ñGNRZDQ\FKFLñJÑZ
SRGF]\QQR FLDNFMLRUD]RELHNWÑZZFHOX
*HQHUXM IDNWXU Z\NRQDQLDSHZQHJRSURFHVX
$NFMD
:\OLF]SáDF
EUXWWR
SáDFD OLF]ED*RG]LQ
$NFMD WR HOHPHQWDUQD MHGQRVWND VSHF\
VWDZ ND*RG]LQRZ D ILNDFML ]DFKRZDQLD NWÑUD UHSUH]HQWXMH
WUDQVIRUPDFMöOXESU]HWZDU]DQLHZPRGH
ORZDQ\PV\VWHPLH
I[ D[AE[F
3U]HSá\Z 3U]HSä\ZVWHURZDQLDWRUHODFMDPLöG]\
VWHURZDQLD GZRPD F]\QQR FLDPL EñG DNFMDPL
ZVND]XMñFD HSRZ\NRQDQLX UÑGäRZHM
F]\QQR FLDOERDNFMLVWHURZDQLH]RVWDQLH
SU]HND]DQH GR GRFHORZHM F]\QQR FL DO
ERDNFML
5\VXQHN
'HNRPSR]\FMD
F]\QQR FL
5\VXQHN
/RJRZDQLH
X \WNRZQLND
GRV\VWHPX
RSHUDF\MQHJR
:SURZ DG QD]Z
X \WNRZ QLND
:SURZ DG KDVáR
X \WNRZ QLND
5R]G]LDä'LDJUDPF]\QQR FL
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
'LDJUDP\F]\QQR FLZSRF] WNRZ\FKZHUVMDFKGRW\F]\á\PR OLZR FLGRNXPHQWRZD
QLDSU]HSá\ZXVWHURZDQLDZV\VWHPLH:ZHUVMLM ]\ND80/ZLHOHXZDJLSR ZL
FRQRNZHVWLLSUHF\]\MQHJRGRNXPHQWRZDQLDUyZQLH SU]HSá\ZyZGDQ\FK:]ZL ]NX
]W\PNROHMQRRPyZLRQH]RVWDQ QDVW SXM FHNDWHJRULH]DDZDQVRZDQH
t SU]HSá\Z\VWHURZDQLD
t DNFMH
t SU]HSá\Z\GDQ\FK
t SDUW\FMHGLDJUDPyZF]\QQR FL
t REV]DUUR]V]HU]HQLD
t REV]DUSU]HUZDQLD
t PDQLSXODWRUZ\M WNyZ
3U]HSä\Z\VWHURZDQLD
'RXGRNXPHQWRZDQLDSU]HSá\ZyZVWHURZDQLDDQJFRQWUROIORZVZGLDJUDPLHF]\Q
QR FLQLH]E GQDMHVWXPLHM WQR üUR]XPLHQLDLSRVáXJLZDQLDVL QDVW SXM F\PLNDWHJR
ULDPLSRM FLRZ\PL
t ]QDF]QLNLHPVWHURZDQLD
t SU]HSá\ZDPLGHF\]\MQ\PLGHF\]MDPLá F]QLNDPL]á F]HQLDPL
t SU]HSá\ZDPLZVSyáELH Q\PLUR]ZLGOHQLDPLVFDOHQLDPL
=QDF]QLNVWHURZDQLD
=GROQR FL JHQHURZDQLD]QDF]QLNyZVWHURZDQLDRG]QDF]DVL SRF] WHNGLDJUDPXF]\Q
QR FL = NROHL SU]HND]DQLH GRZROQHJR ]QDF]QLND VWHURZDQLD GR NR FD GLDJUDPX SR
ZRGXMH]QLV]F]HQLHZV]\VWNLFKDNWXDOQLHZ\VW SXM F\FKQDGLDJUDPLH]QDF]QLNyZ
&]ö è,3RGVWDZ\Mö]\ND80/
3U]HSä\Z\GHF\]\MQH
:HZVSyáF]HVQ\PEL]QHVLHPDPLHMVFHEDUG]RZLHOH]áR RQ\FKV\WXDFMLGHF\]\MQ\FK
NWyUH]QDMGXM RG]ZLHUFLHGOHQLHZV\VWHPLH6W GGLDJUDP\F]\QQR FLZNWyU\FKF]\Q
QR FLE G DNFMHV XSRU] GNRZDQHZVSRVyEVHNZHQF\MQ\QDOH GRU]DGNR FL6SH
F\ILNDFMD SURFHVX ]D SRPRF WHJR GLDJUDPX R]QDF]D NRQLHF]QR ü UR]ZD HQLD ZLHOX
SU]HSá\ZyZDOWHUQDW\ZQ\FKX]DOH QLRQ\FKRGVSHáQLHQLDZDUXQNyZF]\Z\NRQDQLDLWH
UDFML6\WXDFMHWHPR QDGHILQLRZDüG]L NLEORNRPGHF\]\MQ\PNWyUHPDM FKDUDNWHU
GHF\]MLOXE]á F]HQLD%ORNLWHR]QDF]DQHV JUDILF]QLH]DSRPRF V\PEROXURPEX
WDEHOD
7DEHOD1RWDFMDEORNyZGHF\]\MQ\FK
.DWHJRULD 1RWDFMD
'HF\]MD
=á F]HQLH
,QWHJUDFMDIXQNFML
GHF\]MLL]á F]HQLD
'HF\]MD
:\M FLHGHF\]MLDQJGHFLVLRQQRGHVWDQRZL GZDOXEZL FHMSU]HSá\ZyZVWHURZD
QLD]NWyU\FKW\ONRMHGHQPR H]RVWDü]UHDOL]RZDQ\'HF\]MD]]DVDG\FKDUDNWHU\]XMH
VL W\P HPDMHGHQSU]HSá\ZZHM FLRZ\LSU]\QDMPQLHMSDU SU]HSá\ZyZZ\M FLR
Z\FK .D G\ ]QDF]QLN VWHURZDQLD ZSURZDG]DQ\ SU]HSá\ZHP VWHURZDQLD GR GHF\]ML
]RVWDMHRGSRZLHGQLRSU]HNLHURZDQ\Z]DOH QR FLRGVSHáQLHQLDZDUXQNX=DVDG\PRGH
ORZDQLDSU]HSá\ZyZGHF\]\MQ\FKQDGLDJUDPDFKF]\QQR FLLOXVWUXMHU\VXQHN
5R]G]LDä'LDJUDPF]\QQR FL
5\VXQHN)XQNFMRQRZDQLHEDQNRPDWX
:\EyUMHGQHJR]SU]HSá\ZyZDOWHUQDW\ZQ\FKGHWHUPLQRZDQ\MHVWSU]H]Z\QLN FL OH
RNUH ORQHJR Z\UD HQLD ORJLF]QHJR RNUH ODQHJR PLDQHP ZDUXQNX DQJ JXDUG FRQGL
WLRQ:DUXQNLXPLHV]F]DQHV ZQDZLDVDFKNZDGUDWRZ\FK:DUXQNLWHPXV] VL
Z]DMHPQLHZ\NOXF]DüZRGQLHVLHQLXGRGDQHMGHF\]MLMDN]DSUH]HQWRZDQRQDU\VXQ
NX,OXVWUXMHRQGLDJUDPF]\QQR FLFKDUDNWHU\]XM F\IXQNFMRQRZDQLHEDQNRPDWX
3LHUZV] UHDOL]RZDQ F]\QQR FL MHVW:SURZDG]HQLHNDUW\EDQNRPDWRZHMGRF]\WQLND
NDUW&]\WQLNZHU\ILNXMHIL]\F]QHFHFK\NDUW\-H HOLRGSRZLDGDM RQHZ]RUFRZLNDUWD
MHVWDNFHSWRZDQDLNOLHQWSURV]RQ\MHVWR:SURZDG]HQLH3,1X:SU]HFLZQ\PUD]LH
QDVW SXMH:\GDQLHNDUW\-H HOLZSURZDG]RQ\SU]H]NOLHQWDQXPHU3,1MHVWSRSUDZ
Q\RSURJUDPRZDQLHEDQNRPDWXSU]HFKRG]LGRUHDOL]DFMLF]\QQR FL:\ELHU]NZRW 1D
]DSUH]HQWRZDQ\PGLDJUDPLH]RVWDáDRQDSRWUDNWRZDQDZVSRVyERJyOQ\DQDVW SQLH
XV]F]HJyáRZLRQDQDU\VXQNX%á GQH:SURZDG]HQLH3,1XVNXWNXMHQDWRPLDVW
t SRZURWHPGRF]\QQR FL:SURZDG]DQLD3,1XRLOHOLF]EDSRP\áHNMHVW
PQLHMV]DRGWU]HFK
t =DWU]\PDQLHPNDUW\]HZ]JO GyZEH]SLHF]H VWZDMH OLNOLHQWSRP\OLVL
SRUD]WU]HFL
&]ö è,3RGVWDZ\Mö]\ND80/
3R GRNRQDQLX :\ERUX NZRW\ QDVW SXMH :\SáDFHQLH JRWyZNL 2 LOH NOLHQW VRELH WHJR
\F]\NROHMQ F]\QQR FL MHVW:\GUXNRZDQLHSRWZLHUG]HQLD2VWDWHF]QLHQDVW SXMH:\
GDQLHNDUW\NOLHQWRZL
5\VXQHN SU]HGVWDZLD GLDJUDP F]\QQR FL RSLVXM F\SURFHV UHMHVWUDFML Z V\VWHPLH
NVL JDUQLLQWHUQHWRZHM3LHUZV] Z\NRQ\ZDQ SU]H]NOLHQWDF]\QQR FL MHVW:SURZD
G]HQLHDGUHVXHPDLOQDSRGVWDZLHNWyUHJRMHVWRQSy QLHMLGHQW\ILNRZDQ\ZV\VWHPLH
3U]\ ND G\P ORJRZDQLX VL GR V\VWHPX NOLHQW SRVáXJXMH VL Z\EUDQ\P SU]H] VLHELH
KDVáHP WRWH QD HWDSLH UHMHVWUDFML PXV] ]RVWDü ]UHDOL]RZDQH F]\QQR FL :SURZDG
KDVáRRUD]3RWZLHUG KDVáR3U]HM FLHGRNROHMQHJRHWDSXUHMHVWUDFMLMHVWPR OLZHW\O
NRLZ\á F]QLHZSU]\SDGNXZSURZDG]HQLDQDIRUPDWFHUHMHVWUDFMLWHJRVDPHJRFL JX
]QDNyZGRGZyFKQLH]DOH Q\FKSyOR]QDF]DM F\FKKDVáR3URFHGXUDWDMHVW]DEH]SLH
F]HQLHPSU]HGSRSHáQLHQLHPWHFKQLF]QHJREá GXSRGF]DVGHILQLRZDQLDKDVáDDZNRQ
VHNZHQFMLQLHPR QR FL Sy QLHMV]HJR]DORJRZDQLDVL GRV\VWHPX=DNUHVGDQ\FKRVR
ERZ\FKQLH]E GQ\GRSRSUDZQHMUHMHVWUDFML Z V\VWHPLH NVL JDUQL LQWHUQHWRZHM MHVW
5R]G]LDä'LDJUDPF]\QQR FL
]QDF]Q\]DWHP:SURZDG]DQLHGDQ\FKRSLVDQRQDWRZDU]\V] F\PPXGLDJUDPLHF]\Q
QR FLU\VXQHN3RZ\SHáQLHQLXIRUPDWNLUHMHVWUDFMLNOLHQWDNFHSWXMHZV]\VWNLH
]DGHNODURZDQHGDQHSRSU]H]QDFL QL FLHSU]\FLVNXÄ]DUHMHVWUXM´F]\QQR ü=DDNFHSWXM
GDQH.RQVHNZHQFM Z\NRQDQLDZVND]DQHMF]\QQR FLMHVW:HU\ILNDFMDNRPSOHWQR FL
IRUPXODU]D7\PVDP\P
t -H HOLUHMHVWUXM F\VL X \WNRZQLNZ\SHáQLáZV]\VWNLHSRODIRUPDWNLUHDOL]RZDQD
MHVWF]\QQR ü$NWXDOL]XMED] GDQ\FK3RMHMZ\NRQDQLXUHMHVWUDFMDXOHJD
]DNR F]HQLX
t -H HOLFKRFLD MHGQR]Z\PDJDQ\FKSyOSR]RVWDáRQLHZ\SHáQLRQHV\VWHP
:\ ZLHWODNRPXQLNDWREá G]LHLRLOHSRWHQFMDOQ\X \WNRZQLNZ\UD DZRO
NRQW\QXRZDQLDSURFHGXU\UHMHVWUDFMLV :\Uy QLDQHQLHZ\SHáQLRQHSROD
)RUPDWNDUHMHVWUDFMLZ\ ZLHWODQDMHVWSRQRZQLHFRXPR OLZLDX]XSHáQLHQLH
E G PRG\ILNDFM ZSURZDG]RQ\FKGDQ\FK.OLHQWPR HWDN H]UH]\JQRZDü
]NRQW\QXRZDQLDUHMHVWUDFMLZ]ZL ]NX]F]\PQLHE G]LHPyJáZSU]\V]áR FL
NRU]\VWDü]F] FLWUDQVDNF\MQHMV\VWHPX
ãñF]QLN
=D]QDF]RQD QD U\VXQNX F]\QQR ü :SURZDG GDQH RVRERZH ]RVWDáD XV]F]HJyáR
ZLRQDQDU\VXQNX=DFKRZDQLHVSyMQR FLGRNXPHQWDFMLZ\PXV]DWR VDPR üQD]Z\
GLDJUDPX XV]F]HJyáDZLDM FHJR L QD]Z\ F]\QQR FL QDGU] GQHM 2SLV\ZDQ\ GLDJUDP
XV]F]HJyáDZLDM F\SURZDG]DSRM FLHá F]QLNDDQJDFWLYLW\HGJHFRQQHFWRU8PR OL
ZLDRQSU]HUZDQLHSU]HSá\ZXVWHURZDQLDLZ]QRZLHQLHJRZLQQ\PPLHMVFXGLDJUDPX
F]\QQR FLà F]QLNLV V]F]HJyOQLHX \WHF]QHZHIHNW\ZQLHMV]\PRUJDQL]RZDQLXL]ZL N
V]DQLXSU]HMU]\VWR FL]áR RQHJRGLDJUDPXF]\QQR FL'RNXPHQWDFMDM ]\ND80/ZVND
]XMHWDN H QD PR OLZR ü Z]QRZLHQLD SU]HSá\ZX VWHURZDQLD QD RGU EQ\P GLDJUDPLH
F]\QQR FL
.ROHMQHF]\QQR FLUHDOL]RZDQHZXVWDORQHMVHNZHQFMLWR
t :SURZDG QXPHUWHOHIRQX
t :SURZDG QD]Z XOLF\
t :SURZDG QXPHUGRPX
t :SURZDG QXPHUORNDOX
t :SURZDG NRGSRF]WRZ\
t :SURZDG QD]Z PLDVWD
=äñF]HQLH
'UXJ IRUP EORNXGHF\]\MQHJRMHVW]á F]HQLHDQJPHUJHQRGH=DZLHUDRQRV]HUHJ
SU]HSá\ZyZZHM FLRZ\FKRUD]MHGHQSU]HSá\ZZ\M FLRZ\=á F]HQLHQLHPDIXQNFML
RFKDUDNWHU]HV\QFKURQL]DF\MQ\P²ND G\]UHDOL]RZDQ\SU]HSá\ZVWHURZDQLDE G F\
ZHM FLHPGR]á F]HQLDSRFL JD]DVRE DXWRPDW\F]QHZ\NRQDQLHZ\M FLRZHJRSU]H
Sá\ZXVWHURZDQLD2]QDF]DWR H]QDF]QLNVWHURZDQLD]GRZROQHJRZHM FLRZHJRSU]H
Sá\ZXVWHURZDQLDMHVWSU]HND]\ZDQ\GRZ\M FLRZHJRSU]HSá\ZXVWHURZDQLD,GH ]á
F]DQLDSU]HGVWDZLRQRQDU\VXQNX
5\VXQHN
:\NRU]\VWDQLH
]á F]H
QDSU]\NáDG]LH
Z\ERUXNZRW\
5\VXQNL L GRNXPHQWXM Z\EyU NZRW\ Z UDPDFK EDUG]LHM RJyOQHJR SURFHVX
NRPXQLNRZDQLDVL ]LQWHUIHMVHPEDQNRPDWXZFHOXZ\SáDFHQLDJRWyZNL3LHUZV] UH
DOL]RZDQ F]\QQR FL MHVW:\EUDQLHNZRW\]OLVW\Z\ ZLHWODQHMQDHNUDQLH:SU]\SDGNX
ZVND]DQLDNRQNUHWQHMVXP\Z\NRQ\ZDQHV QDVW SXM FHF]\QQR FL
t 1DW\FKPLDVWRZD$NWXDOL]DFMDVWDQXNRQWDRLOHZVND]DQDNZRWDQLHSU]HNUDF]D
]áRW\FK
t :HU\ILNDFMDVWDQXNRQWDRLOHZVND]DQDNZRWDMHVWZL NV]DQL ]áRW\FK
:Z\QLNXSR]\W\ZQHMZHU\ILNDFMLQDVW SXMH$NWXDOL]DFMDVWDQXNRQWD
:SU]HFLZQ\PUD]LHLQWHUIHMV:\ ZLHWODRGPRZ Z]ZL ]NX]F]\PZ\ELHUDQLH
NZRW\]RVWDMHSU]HUZDQH
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
=LQWHJURZDQLH
GHF\]MLL]á F]HQLD
3U]HSä\Z\ZVSÑäELH QH
2ERNSU]HSá\ZyZGHF\]\MQ\FKZGLDJUDPDFKF]\QQR FLPR QDGRNXPHQWRZDüZVSyá
ELH QHSU]HSá\Z\VWHURZDQLD3U]\ELHUDM RQHSRVWDüUR]ZLGOHQLDOXEVFDOHQLDWD
EHOD
7DEHOD1RWDFMDZ\NRU]\VW\ZDQDZGRNXPHQWRZDQLXSURFHVyZZVSyáELH Q\FK
.DWHJRULD 1RWDFMD
5R]ZLGOHQLH
6FDOHQLH
=LQWHJURZDQLHIXQNFML
UR]ZLGOHQLDLVFDOHQLD
3RGREQLHMDNPLDáRWRPLHMVFHZSU]\SDGNXSU]HSá\ZyZGHF\]\MQ\FKLVWQLHMHPR
OLZR ü]LQWHJURZDQLDIXQNFMLUR]ZLGOHQLDLVFDOHQLD2SLV\ZDQ V\WXDFM SU]HGVWDZLD
U\VXQHN
$NFMH
.D GD ] F]\QQR FL PR H ]RVWDü SU]HGVWDZLRQD Z IRUPLH V]F]HJyOQHJR SU]\SDGNX
GLDJUDPXF]\QQR FLZNWyU\PZPLHMVFHF]\QQR FLZSURZDG]DVL DNFMH²HOHPHQ
WDUQHQLHSRG]LHOQHMHGQRVWNL]DFKRZDQLDG\QDPLNLV\VWHPX'LDJUDP\WDNLHVáX
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
5R]OLF]HQLHNRQWD
RGELRUF\HQHUJLL
FLHSOQHM
5\VXQHN
6SHF\ILNDFMDVFDOHQLD
5R]G]LDä'LDJUDPF]\QQR FL
5\VXQHN
=LQWHJURZDQLH
IXQNFMLUR]ZLGOHQLD
LVFDOHQLD
5\VXQHN6SHF\ILNDFMDDOJRU\WPX²REOLF]DQLH UHGQLHM
SURJUDPRZDQLD]Z\NRU]\VWDQLHPJHQHUDWRUDNRGX6]F]HJyáRZDNODV\ILNDFMDLFKD
UDNWHU\VW\NDSRV]F]HJyOQ\FKDNFMLGRVW SQDMHVWZGRNXPHQWDFMLVWDQGDUGX80/>20*
VWURQ\±@=HZ]JO GXQDOLF]HEQR üL]DNUHVPHU\WRU\F]Q\SRV]F]H
JyOQ\FKDNFMLQLHRPDZLDVL LFKZQLQLHMV]\PRSUDFRZDQLX
5R]G]LDä'LDJUDPF]\QQR FL
PLHV]DM WDEOLFDNOXF]
NOXF] IORDW
PLFURWLPH
V5DQGNOXF]
M VL]H2IWDEOLFD
DUUD\BVSOLFHWDEOLFDN IRUL LM L
>HOVH@ UHWXUQ
Z \PLHV]DQD7DEOLFD>@ WDEOLFD>N@ Z \PLHV]DQD7DEOLFD
>LM@
N UDQGVL]H2IWDEOLFD
5\VXQHN6SHF\ILNDFMDDOJRU\WPX²ORVRZDQLHS\WD
3U]HSä\Z\GDQ\FK
=JRGQLH]LVWRW RELHNWRZR FLSRV]F]HJyOQHF]\QQR FLOXELDNFMH]REUD]RZDQHQD
GLDJUDPLHF]\QQR FLV Z\NRQ\ZDQH]XG]LDáHPRELHNWyZ,VWQLHMHPR OLZR üEH]SR
UHGQLHJR]REUD]RZDQLDRSLVDQHMV\WXDFMLSRSU]H]ZSURZDG]HQLHSU]HSá\ZXGDQ\FK
DQJGDWDIORZSRPL G]\GDQ\PRELHNWHPDF]\QQR FLDPLOXEDNFMDPLPDM F\PL
&]ö è,3RGVWDZ\Mö]\ND80/
3U]HND QLNLGDQ\FK
3U]HSá\Z RELHNWyZ QD GLDJUDPDFK F]\QQR FL SR]ZDOD QD PRGHORZDQLH SU]HSá\ZX
GDQ\FK GR L ] RELHNWyZ .D G\ RELHNW PXVL E\ü SRZL ]DQ\ ] SU]\QDMPQLHM MHGQ
F]\QQR FL DOERDNFM 1DMSURVWV]\PVSRVREHP]D]QDF]HQLDSU]HSá\ZXRELHNWyZQD
GLDJUDPLHF]\QQR FLMHVWXPLHV]F]HQLHRELHNWXSRPL G]\GZRPDF]\QQR FLDPLZUD]
]]D]QDF]RQ\PZHM FLRZ\PRUD]Z\M FLRZ\PSU]HSá\ZHPGDQ\FK6SRVyEWHQ]LOX
VWURZDQRQDU\VXQNX
5\VXQHN
DG:\SR \F]DQLH.VL NL
3URFHV
Z\SR \F]DQLD
NVL NL
=JáR
Z \SR \F]HQLH
3U]\M PLM ]JáRV]HQLH
Z \SR \F]HQLD
'RGDM NOLHQWD
>HOVH@
>NOLHQW]QDOH]LRQ\ZED]LHGDQ\FK@
.OLHQW
1DOLF]SáDWQR ü
>HOVH@
>DNFHSWDFMD@
:\GDM
HJ]HPSODU]
:\VWDZ
UDFKXQHN
=DUHM HVWUXM
Z \SR \F]HQLH
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN3U]HSá\ZRELHNWX
2GQRWXM Z SURZ DG]HQLH :HU\ILNXM JRG]LQ\
NDUW\REHFQR FLGR SUDF\]DWUXGQLRQ\FK
F]\WQLND 3UDFRZQLN 3UDFRZQLN
5\VXQHN3U]HSá\ZRELHNWX]Z\NRU]\VWDQLHPSU]HND QLNyZGDQ\FK
2GQRWXM Z SURZ DG]HQLH :HU\ILNXM JRG]LQ\
NDUW\REHFQR FLGR SUDF\]DWUXGQLRQ\FK
F]\WQLND
5\VXQHN3U]HSá\ZRELHNWX²DQRQLPRZDQRWDFMDSU]HND QLNyZ
,VWQLHMH V]HUHJ PR OLZR FL EDUG]LHM SUHF\]\MQHJR SU]HGVWDZLHQLD SU]HND QLNyZ GD
Q\FK 7DEHOD SU]HGVWDZLD Z]ERJDFDQLH LFK QRWDFML VWRVRZQLH GR VSHF\ILNRZDQLD
QDGLDJUDPLHF]\QQR FLLFKV]F]HJyOQHJRFKDUDNWHUX
3U]HGVWDZLRQHZWDEHOLRELHNW\LSU]HSá\Z\GDQ\FKGRW\F] DWU\EXWyZSRMHG\QF]H
JRRELHNWXL]ZL ]DQ\FK]QLPSU]HND QLNyZGDQ\FK&] VWRMHGQDNSRPL G]\F]\Q
QR FLDPLZ\VW SXMHZL NV]DOLF]EDSU]HSá\ZyZGDQ\FKSU]HGVWDZLDQ\FK]DSRPRF
SU]HND QLNyZ GDQ\FK 3U]HND QLNL WH D ZL F ]ZL ]DQH ] QLPL SU]HSá\Z\ GDQ\FK
PRJ E\üá F]RQHZ]HVWDZ\NWyUHRNUH ODM XZDUXQNRZDQLDZ\NRQDQLDF]\QQR FL
=D]Z\F]DMSRV]F]HJyOQHSU]HND QLNLGDQ\FKUR]XPLDQHV MDNRZ]DMHPQLHQLHVSU]HF]
QH:NRQVHNZHQFMLNLONDSU]HND QLNyZGDQ\FKPR HE\üZ\NRQDQ\FKá F]QLH²QD
]DVDG]LHNRQLXQNFML0R HMHGQDNZ\VW SLüV\WXDFMDZNWyUHMZ\NRQDQLHMHGQHMJUXS\
]JRGQ\FKSU]HSá\ZyZGDQ\FKR]QDF]RQ\FKSU]HND QLNDPLSURZDG]LGRZ\NOXF]HQLD
Z\NRQDQLDLQQHMJUXS\SU]HSá\ZyZ:W\PSU]\SDGNXJUXS\WHV Z\NRQ\ZDQHQD
]DVDG]LH DOWHUQDW\Z\ 3U]HND QLNL SU]HWZDU]DQH ]JRGQLH ] ]DVDG NRQLXQNFML á F]\
VL Z]HVWDZ\JUDILF]QLHZ\Uy QLRQH]DSRPRF REUDPRZDQLD0R HZ\VW SLüNLOND
WDNZ\Uy QLRQ\FK]HVWDZyZSU]HND QLNyZGDQ\FKZHM FLRZ\FKLZ\M FLRZ\FKZ]JO
GHP RNUH ORQHM F]\QQR FL 2EUDPRZDQH ]HVWDZ\ SU]HND QLNyZ Z\NOXF]DM VL L V
Z\NRQ\ZDQHDOWHUQDW\ZQLH.D G\SU]HND QLNPR HQDOH HüGRNLONXDOWHUQDW\ZQ\FK
]HVWDZyZSU]HND QLNyZGDQ\FK3U]HSá\Z\GDQ\FK]LGR]HVWDZyZSU]HND QLNyZPR
J E\üSU]HV\áDQHGRMHGQHMOXEZLHOXF]\QQR FLU\VXQHN
-DN]DSUH]HQWRZDQRQDU\VXQNXZFHOX=PRG\ILNRZDQLDEUDQ RZHMVHJPHQWDFML
NOLHQWD QDOH \ G\VSRQRZDü GDQ\PL GRW\F] F\PL NRQNUHWQHJR NOLHQWD RUD] ZDUWR FL
SU]HSURZDG]RQ\FKSU]H]QLHJRWUDQVDNFML3LHUZV]H]QLFKSU]HFKRZ\ZDQHV ZRELHN
FLHNODV\.OLHQWQDWRPLDVWGUXJLHZ\QLNDM
t EH]SR UHGQLR]ZDUWR FLSRV]F]HJyOQ\FKWUDQVDNFML]DSLVDQ\FKZDWU\EXWDFK
RELHNWyZNODV\7UDQVDNFMDSRZL ]DQ\FK]GDQ\PNOLHQWHP
t SR UHGQLR]DNWXDOQHJRSU]\SRU] GNRZDQLDNOLHQWDGRNRQNUHWQHJRVHJPHQWX
5R]G]LDä'LDJUDPF]\QQR FL
7DEHOD3U]HND QLNLGDQ\FK
1RWDFMD ,QWHUSUHWDFMD
5\VXQHN=HVWDZ\SU]HND QLNyZVWHURZDQLDZVHJPHQWRZDQLXNOLHQWyZ
3DUDPHWUF]\QQR FL
3DUDPHWU\F]\QQR FLDQJDFWLYLW\SDUDPHWHUQRGHVSHáQL URO X]XSHáQLDM F ZRSL
VLHSU]HSá\ZyZGDQ\FKZGHNRPSRQRZDQ\PKLHUDUFKLF]QLHXSRU] GNRZDQ\PGLDJUD
PLHF]\QQR FL1RWDFMDSDUDPHWUXF]\QQR FLSU]HGVWDZLDVL MDNQDU\VXQNX
2]QDF]DRQD HQDREZRG]LHF]\QQR FLXPLHV]F]DVL V\PERORELHNWXOXERELHNWyZVSHá
QLDM F\FKURO SDUDPHWUyZ
5\VXQHN
1RWDFMDSDUDPHWUyZ
F]\QQR FL
-HGQ\P]RSFMRQDOQ\FKHOHPHQWyZSDUDPHWUXMHVWVWDQRELHNWX:HZQ WU]SDUDPHWU\
]RZDQHMF]\QQR FLPR QDQDGLDJUDPLHF]\QQR FL]LOXVWURZDü]DDZDQVRZDQHNDWHJR
ULHSRM FLRZHNWyUHV UHSUH]HQWRZDQH]JRGQLH]ORJLN LFKVWRVRZDQLD3UDNW\F]QH
]DVWRVRZDQLHSDUDPHWUyZF]\QQR FLLOXVWUXMHU\VXQHN
-DNSRND]DQRQDU\VXQNX3U]HSURZDG]DQLHOLF\WDFMLMHVW]áR RQ\P]DFKRZDQLHP
V\VWHPX2EHMPXMHZLHOHSRGF]\QQR FLSU]HSá\ZyZVWHURZDQLDSU]HSá\ZyZGDQ\FK
SDUDPHWUyZRUD]LQQ\FKSRGVWDZRZ\FKL]DDZDQVRZDQ\FKNDWHJRULLSRM FLRZ\FK2SL
V\ZDQ\ GLDJUDP SU]HGVWDZLD VSHF\ILNRZDQLH F]\QQR FL 3U]HSURZDG OLF\WDFM ] ]D
VWRVRZDQLHPSDUDPHWUyZ3DUDPHWUDPLV ZW\PSU]\SDGNXZ\V]F]HJyOQLRQHL]DSL
VDQH QD JUDQLFDFK F]\QQR FL RELHNW\ WM $UW\NXá /LF\WDFMD RUD] =OHFHQLH3U]HOHZX
2]QDF]DWR HZ\PLHQLRQHRELHNW\V SU]HWZDU]DQHSU]H]SRGF]\QQR FLE G FHVNáD
GRZ\PL3U]HSURZDG]DQLDOLF\WDFML-DNSRND]DQRSDUDPHWU\ZSRVWDFLRELHNWyZPRJ
5R]G]LDä'LDJUDPF]\QQR FL
3U]HSURZ DG OLF\WDFM
8VWDOV]F]HJyá\ /LF\WXM
OLF\WDFM L
/LF\WDFMD
>RWZDUWD@
/LF\WDFMD
>RWZDUWD@ /LF\WDFM D
/LF\WDFMD
/LF\WDFMD >XWZRU]RQD@ >SU]HUZDQD@
>XWZRU]RQD@
>DQXORZDQLH@
=DUHM HVWUXM
DUW\NXá >HOVH@
>HOVH@
/LF\WDFM D
>]DNR F]RQD@
>DNFHSWDFMD@ 8VWDOV]F]HJyá\
$UW\NXá
SáDWQR FL
8VWDOV]F]HJyá\
SU]HV\áNL
>DNFHSWDFMD@
>HOVH@
=OHFHQLH3U]HOHZ X
>XWZRU]RQH@
5\VXQHN3U]HSURZDG]DQLHOLF\WDFML
:DJL
3RGF]DVPRGHORZDQLDRELHNWyZPR QDSRVáX \üVL NDWHJRUL SRM FLRZ ZDJLDQJ
ZHLJKW:DJDMHVWRJUDQLF]HQLHPZL F]D]QDF]DVL M ZQDZLDVDFKNODPURZ\FKQDG
SU]HSá\ZHP:VND]XMHPLQLPDOQ OLF]E ]QDF]QLNyZVWHURZDQLDNWyUHPXV] E\üSU]H
ND]DQH]H UyGáDGRF]\QQR FLOXEDNFMLGRFHORZHM UyGáHPPR HE\üZ\á F]QLHRELHNW
-H HOLZDJDZ\QRVLR]QDF]DWR HZV]\VWNLH]QDF]QLNLVWHURZDQLDV SU]HND]\ZDQH
GRF]\QQR FLGRFHORZHMQLH]DOH QLHRGLFKOLF]E\-H OLQDWRPLDVWOLF]ED]QDF]QLNyZ
VWHURZDQLD]D]QDF]RQ\FKZZDG]HQLHVSHáQLRNUH ORQHJRPLQLPXPZyZF]DV DGHQ]H
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
5HM HVWUXM NXUVDQWyZ
8F]HVWQLN
=DVWRVRZDQLHZDJL
QDGLDJUDPLH
^ZHLJKW `
=DUH]HUZ XM ODERUDWRULXP
8F]HVWQLN
6\JQDä\
1DGLDJUDPDFKF]\QQR FLPRJ Z\VW SRZDüV\JQDá\3U]HV\áDQLHV\JQDáyZPDFKD
UDNWHUDV\QFKURQLF]Q\$]DWHPV\JQDáDQJVLJQDOPR QD]GHILQLRZDüMDNRVSHF\
ILNDFM DV\QFKURQLF]QHJRERG FDLQLFMXM FHJRF]\QQR üOXEDNFM :\Uy QLDVL V\JQDá\
QDGDZF]HRUD]RGELRUF]HZ\V\áDQHLRGELHUDQHSU]H]F]\QQR FLLDNFMH2]QDF]HQLD
V\JQDáyZSU]HGVWDZLDWDEHOD
7DEHOD2]QDF]HQLDV\JQDáyZ
1D]ZD 1RWDFMD
6\JQDáQDGDZF]\
6\JQDáRGELRUF]\
&]DV
5ROHV\JQDáyZQDGDZF]\FKLRGELRUF]\FKZSURFHVLHQDJU\ZDQLDSá\W&'SU]HGVWD
ZLDU\VXQHNQDWRPLDVWV\JQDá\F]DVRZHQDGLDJUDPDFKF]\QQR FLZRGQLHVLHQLX
GRV\VWHPXKDUPRQRJUDPRZDQLD]DGD SU]HGVWDZLRQRQDU\VXQNX
%XIRUFHQWUDOQ\
:HZVSyáF]HVQ\FKV\VWHPDFKLQIRUPDW\F]Q\FKSURFHVDFKEL]QHVRZ\FKF]\]DDZDQ
VRZDQ\FKSURFHVDFKSU]HWZDU]DQLDGDQ\FKLVWQLHMHSRWU]HEDZGUR HQLDSURFHGXUNR
OHMNRZDQLD5R]ZL ]DQLHPWHJRSUREOHPXQDSR]LRPLHSURMHNWRZDQLDV\VWHPXZM
]\NX80/MHVWNDWHJRULDEXIRUXFHQWUDOQHJRDQJFHQWUDOEXIIHUQRGH-HVWRQ
VSHF\ILF]Q\P RELHNWHP VáX F\P GR ]DU] G]DQLD SU]HSá\ZDPL GDQ\FK ] Uy Q\FK
RELHNWyZ UyGáRZ\FKLGRUy Q\FKGRFHORZ\FK%XIRUQLHMHVWSRZL ]DQ\EH]SR UHGQLR
5R]G]LDä'LDJUDPF]\QQR FL
5\VXQHN DG1DJU\ZDQLH3á\W\
=DVWRVRZDQLH
V\JQDáyZZSURFHVLH
QDJU\ZDQLDSá\W'9'
:SURZDG Sá\W
'9'5GRQDJU\ZDUNL
=DLQLFMXMSURJUDP
1DJU\ZDM
QDJU\ZDM F\
1DJUDMSOLNL
6SUDZG SRSUDZQR ü
=DNR F]
QDJUDQLD QDJU\ZDQLH
0RQLWRUXM KDUPRQRJUDP
PLQXW
SU]HGVSRWNDQLHP
3U]\SRPQLM RVSRWNDQLX
&RVHNXQG
>HOVH@
>]PLDQD@
=PLH KDUPRQRJUDP
&]ö è,3RGVWDZ\Mö]\ND80/
=DUHM HVWUXM
©&HQWUDO%XIIHUª
=DWUXGQLM
VSUDZ 6SUDZ D SUDFRZ QLND
6SUDZD >]DUHMHVWURZDQD@ 6SUDZD
>]DUHMHVWURZDQD@ >]DUHMHVWURZDQD@
:\VWDZ
IDNWXU
6SUDZD
>]DUHMHVWURZDQD@
5\VXQHN3U]HSá\ZVSUDZZV\VWHPLHHOHNWURQLF]QHJRRELHJXGRNXPHQWyZ:)0
6NäDGQLFDGDQ\FK
6NáDGQLFDGDQ\FKDQJGDWDVWRUHQRGHMHVWURG]DMHPEXIRUDFHQWUDOQHJRGODGDQ\FK
VWDá\FKSU]HFKRZ\ZDQ\FKZGáX V]\PRNUHVLH1DGLDJUDPLHF]\QQR FLR]QDF]DVL
M VWHUHRW\SHP©GDWDVWRUHª3U]\NáDGHPV WXGDQHNDGURZHF]\GRW\F] FHWHFKQRORJLL
5R]G]LDä'LDJUDPF]\QQR FL
Z\UREyZ:SU]\SDGNXZ\V\áDQLDGDQ\FK]HVNáDGQLF\GDQ\FKGRW\F] F\FKNRQNUHW
QHJRRELHNWXMHVWRQNRSLRZDQ\:VNáDGQLF\SR]RVWDM GDQHVWDáHNWyUHMHGQRF]H QLH
PRJ E\üSREUDQHGODSRWU]HEUHDOL]DFMLRNUH ORQHMF]\QQR FLSU]H]F]\QQR üE G F
QD]HZQ WU]VNáDGQLF\GDQ\FK=QDF]QLNVWHURZDQLDWHJRRELHNWXXOHJDVNRSLRZDQLX
6W GWH VNáDGQLFDGDQ\FKMHVWSRZL ]DQDEH]SR UHGQLR]F]\QQR FLDPLLLQQ\PLHOH
PHQWDPLGLDJUDPXSRGF]DVJG\EXIRUá F]\áVL MHG\QLH]RELHNWDPL)XQNFMDEXIRUX
MHVWMHGQDNEDUG]LHM]DDZDQVRZDQD²GRW\F]\NROHMNRZDQLDRELHNWyZSRGF]DVJG\
VNáDGQLFDMHG\QLHSDV\ZQLHSU]HFKRZXMHGDQHRELHNWyZU\VXQHN
5\VXQHN
)DNV )DNV
5HM HVWUXM IDNV\ 5HM HVWUXM IDNV\
6NáDGQLFDGDQ\FK NOLHQWyZ Z áDVQH
V\VWHPXREVáXJL
IDNVyZ
©GDWDVWRUHª
%D]D'DQ\FK)DNVyZ
3LHUZV]\
ND GHJR
PLHVL FD
^ZHLJKW `
*HQHUXM ]HVWDZ LHQLH
IDNVyZ
:ILUPLHUHDOL]XM FHM]GDOQLHXVáXJL]DXIDQLDQSXVáXJLQRWDULDOQHRUD]FHUW\ILNDF\MQH
RSUyF] SRF]W\ HOHNWURQLF]QHM VWDQGDUGRZR Z\NRU]\VW\ZDQ\ MHVW IDNV 6\VWHP LQIRU
PDW\F]Q\)DNV3UR]RVWDá]DSURMHNWRZDQ\GRREVáXJL]DSRPRF PRGHPXLNRPSXWHUD
NODV\3&IDNVyZSU]\FKRG] F\FKLZ\FKRG] F\FK6\VWHPSU]HFKRZXMHZVNáDGQLF\
GDQ\FKV]F]HJyáRZHLQIRUPDFMLRND G\PIDNVLHSU]\FKRG] F\POXEZ\FKRG] F\P
6NáDGQLFDGDQ\FKSU]HFKRZXMHQDVW SXM FHLQIRUPDFMHRND G\PIDNVLHGDWDZ\VáDQLD
GDWDRGHEUDQLDQXPHUWHOHIRQXWUH ü)DNV\Z\V\áDQHLSU]\FKRG] FHV DUFKLZL]RZD
QHZ%D]LH'DQ\FK)DNVyZZZ\QLNX5HMHVWURZDQLDIDNVyZNOLHQWDRUD]5HMHVWURZD
QLDIDNVyZZáDVQ\FK:PRPHQFLHZ\NRQ\ZDQLDF]\QQR FLNWyUDRSHUXMHQDGDQ\FK
SU]HFKRZ\ZDQ\FKZVNáDGQLF\V\VWHPNRSLXMH]QDF]QLNVWHURZDQLDRELHNWXSU]HND
]XM FJRGRRGSRZLHGQLHMF]\QQR FLOXEDNFML)XQNFMRQDOQR üDSOLNDFMLREHMPXMHUyZ
QLH *HQHURZDQLH]HVWDZLH IDNVyZ3LHUZV]HJRGQLDND GHJRPLHVL FDV\VWHPSRGHM
PXMHSUyE Z\JHQHURZDQLD]HVWDZLHQLD-H HOLOLF]EDIDNVyZZ\QRVLOXEZL FHM
V\VWHPZ\NRQXMHZVSRPQLDQH]DGDQLH:LQQ\PSU]\SDGNXOLVWDIDNVyZQLHMHVWGUX
NRZDQD 6\VWHP SRGHMPXMH NROHMQ SUyE Z\JHQHURZDQLD OLVW\ IDNVyZ Z QDVW S
Q\PPLHVL FX
3DUW\FMHGLDJUDPÑZF]\QQR FL
'LDJUDP\ F]\QQR FL Z ZHUVML SRGVWDZRZHM SR]ZDODM QD RNUH OHQLH SU]HSá\ZX VWH
URZDQLDLGDQ\FKSRPL G]\F]\QQR FLDPLDRELHNWDPL2SLVWHQPR HE\üZ]ERJDFR
Q\ZHZVND]DQ\PSRZ\ HM]DNUHVLHRGRGDWNRZHNDWHJRULH]DDZDQVRZDQHWDNLHMDN
R]QDF]HQLDSU]HSá\ZyZGHF\]\MQ\FKF]\ZVSyáELH Q\FK7DNLGLDJUDPF]\QQR FLPR H
&]ö è,3RGVWDZ\Mö]\ND80/
FDáNRZLFLHVSHáQLDü]DGDQLDNWyUH]RVWDá\RNUH ORQHZSXQNFLH=QDF]HQLHGLDJUDPyZ
F]\QQR FL-HGQDNLVWQLHMHPR OLZR üXZ]JO GQLHQLDQDW\FKGLDJUDPDFKNROHMQ\FKHOH
PHQWyZRSLVXWDNLFKMDNPLHMVFHUHDOL]DFMLF]\QQR FLF]\ZVND]DQLHLQVWDQFMLNODV\IL
NDWRUDRGSRZLHG]LDOQHM]DMHMIXQNFMRQRZDQLH=DSUH]HQWRZDQLHW\FKLQIRUPDFMLZ\
PDJD]PLDQ\XNáDG\JUDILF]QHJRGLDJUDPXF]\QQR FL(IHNWWHQRVL JDVL SRSU]H]
]DVWRVRZDQLHZVWDUV]\FKZHUVMDFK80/[WRUyZDZZHUVMLEDUG]LHM]áR RQHM
NDWHJRULLSRM FLRZHM²SDUW\FMLDQJDFWLYLW\SDUWLWLRQV
3DUW\FMDMHVWPHFKDQL]PHPJUXSRZDQLDHOHPHQWÑZGLDJUDPXF]\QQR FLSRZLñ]DQ\FK
SU]HSä\ZDPLVWHURZDQLDLSU]HSä\ZDPLGDQ\FKSHäQLñF\FKRNUH ORQñZVSÑOQñUROö
QDGLDJUDPLH
3DUW\FMDMHVWZ\]QDF]DQDQDGLDJUDPLHZSRVWDFLSLRQRZHJROXESR]LRPHJRWRUXZNWy
U\PSRPL G]\GZRPDUyZQROHJá\PLOLQLDPLZ\VW SXM SRV]F]HJyOQHHOHPHQW\GLDJUD
PXF]\QQR FL.D GDSDUW\FMDMHVWMHGQR]QDF]QLHLGHQW\ILNRZDQDSRSU]H]VZRM QD]Z
1DU\VXQNXNWyU\GRNXPHQWXMHSURFHVREVáXJLNLQDXZ]JO GQLRQRWU]\LQVWDQFMH
NODV\ILNDWRUyZ²:LG]D.DVMHUDRUD]6\VWHP2EVáXJL.RPSOHNVX.LQRZHJR2GSRZLD
GDM LPSDUW\FMHRW\FKVDP\FKQD]ZDFK
5\VXQHN DG2EVáXJD.LQD
:\NRU]\VWDQLH
SDUW\FMLZRSLVLH :LG] .DVMHU 6\VWHP2EVáXJL.RPSOHNVX.LQRZHJR
REVáXJLNLQD
>HOVH@
:HU\ILNXMSDUDPHWU\
>]PLDQDZDUXQNyZ@ UH]HUZDFML
>EUDNPLHMVF@
2GU]XüSDUDPHWU\ 2GU]Xü]JáRV]HQLH
UH]HUZDFML UH]HUZDFML
>HOVH@
7DNZL FGODSDUW\FML-HGQRVWND2UJDQL]DF\MQDNU\WHULXPMHVW2UJDQL]DFMD)LUP\QD
WRPLDVWVXESDUW\FMDPL']LDá.DGU']LDá6SU]HGD \F]\WH ']LDá0DUNHWLQJX
7HQVSRVyEGHNODURZDQLDNU\WHULyZSDUW\FMLPR QD]UHDOL]RZDüQDGLDJUDPLHF]\QQR
FLZXNáDG]LHSLRQRZ\POXESR]LRP\P6W GQDMF] FLHMZ\Uy QLDQHV GZDRGU EQH
NU\WHULD : RNUH ORQ\FK EDUG]LHM ]áR RQ\FK SURFHVDFK EL]QHVRZ\FK PR QD RVL JQ ü
ZL NV]\VWRSLH V]F]HJyáRZR FLG]L NLSU]HFL FLXNU\WHULXPSR]LRPHJR]SLRQRZ\P
.D G\F] VWNRZ\REV]DUSU]HFL FLDRGSRZLDGDM F\RE\GZXNU\WHULRPSDUW\FMLVXESDU
W\FMLWZRU]\NRPyUN DQJFHOO=DZLHUDRQDIXQNFMRQDOQR üZVSyOQ GODREXSDUW\
FMLU\VXQHN1DGLDJUDPLHF]\QQR FLPR QDZ\RGU EQLüZL NV] OLF]E NU\WH
ULyZLRGSRZLDGDM F\FKLPSDUW\FMLZXNáDG]LHSLRQRZ\PE G SR]LRP\P3RZRGXMH
WRMHGQDNZ]URVW]áR RQR FLWZRU]RQHJRGLDJUDPX6\WXDFMDWRGRW\F]\UR]EXGRZDQ\FK
ZLHORNU\WHULDOQ\FKSU]\SDGNyZX \FLD
5\VXQHNSU]HGVWDZLDSU]HWZDU]DQLHZ\PDJDQLDV\VWHPRZHJR:VSyáF]HVQHSU]HG
VL ELRUVWZD F] VWR ]GRE\ZDM SU]HZDJ QDG NRQNXUHQWDPL G]L NL ZGUR HQLX QRZR
F]HVQHJR]DDZDQVRZDQHJRV\VWHPXLQIRUPDW\F]QHJRLMHJRHIHNW\ZQHMHNVSORDWDFML
(NVSORDWDFMDV\VWHPXMHVWF] FL MHJRF\NOX \FLDLZ\PDJDVSUDZQHJR]DU] G]DQLD
Z\PDJDQLDPL X \WNRZQLNyZ L ]PLDQDPL V\VWHPX 1RZRF]HVQH RSURJUDPRZDQLH VáX
FHGR]DU] G]DQLDZ\PDJDQLDPLV\VWHPRZ\PLRSLHUDVL QDWHFKQRORJLL:)0'R
VW S GR QLHJR PDM X \WNRZQLF\ ] XSUDZQLHQLDPL GR ]JáDV]DQLD Z\PDJD V\VWHPR
Z\FKRUD]PHQHG HURZLHNWyU]\PRJ DNFHSWRZDüLPRG\ILNRZDüVWDWXVRUD]NROHMQR ü
UHDOL]RZDQLD ]PLDQ V\VWHPX 3U]HGVWDZLHQLH ]DOH QR FL SRPL G]\ SUDFRZQLNDPL G\V
SRQXM F\PLUy Q\PLSUDZDPLGRVW SXGRUy Q\FKDSOLNDFMLLLFKPRGXáyZPR HRND
]DüVL WUXGQ\P]DGDQLHPQDZHWGODGR ZLDGF]RQHJRDQDOLW\ND:\QLNDWRPL G]\
LQQ\PL]NRQLHF]QR FLXZ]JO GQLHQLDORJLNLSU]HSá\ZyZGDQ\FKLF]\QQR FL]DUyZQR
V\VWHPyZRSURJUDPRZDQLDMDNLEL]QHVRZ\FK$E\ZLHUQLHSU]HGVWDZLüWH]DOH QR
FLZ\NRU]\VWDQRPDFLHU]RZ\RSLVSDUW\FMLVNáDGDM F\VL ]
t NU\WHULXPSR]LRPHJRWMSDUW\FML=DU] G]DQLH:\PDJDQLDPL:)0
t NU\WHULXPSLRQRZHJRWMSDUW\FML3UDFRZQLN
&]ö è,3RGVWDZ\Mö]\ND80/
=DU] G]DQLH:\PDJDQLDPL:)0
2EVáXJD:\PDJD +DUPRQRJUDP5HDOL]DFM L:\PDJD
>DNFHSWDFMD@
=JáRV]HQLH
Z \PDJDQLD
8 \WNRZQLN6\VWHPX%,6
>HOVH@
>HOVH@
>]DDNFHSWRZDQH@
>]DDNFHSWRZDQH@
$QDOL]XM WHUPLQ\
>VWDWXVNU\W\F]Q\@ 6SUDZ G VWDWXV UHDOL]DFM L
3UDFRZQLN
Z \PDJDQLD
:\PDJDQLH
$QDOL]XM
X \WHF]QR ü
.LHURZQLN']LDáX,7
>HOVH@ 8VX
Z \PDJDQLH]
NROHM NL
$NWXDOL]XM
KDUPRQRJUDP
>DNFHSWDFMD@
3U]\G]LHO
VSHFM DOLVWyZ
5\VXQHN3Rá F]HQLHSR]LRP\FKLSLRQRZ\FKSDUW\FML
3LHUZV] ]Z\PLHQLRQ\FKSDUW\FMLSRG]LHORQRQDGZLHVXESDUW\FMHQD]ZDQHRGSR
ZLHGQLR
t 2EVáXJD:\PDJD 6\VWHPRZ\FK
t +DUPRQRJUDP5HDOL]DFML:\PDJD
QDWRPLDVWGUXJ QDVXESDUW\FMH
t .LHURZQLN']LDáX,7
t 8 \WNRZQLN6\VWHPX%,6
2SLV\ZDQ\XNáDGGZyFKVXESDUW\FMLZUH]XOWDFLHGODSDUW\FMLND GHJRNU\WHULXPWZRU]\
F]WHU\NRPyUNL:SLHUZV]HM]QLFKQDVW SXMH=JáRV]HQLHZ\PDJDQLDSU]H]8 \WNRZ
QLND6\VWHPX%,6-H OL]RVWDQLHRQR]DOLF]RQHGRZ\PDJD NU\W\F]Q\FK²FRR]QDF]D
5R]G]LDä'LDJUDPF]\QQR FL
HX \WNRZQLNRF]HNXMHMHJRV]\ENLHJR]DLPSOHPHQWRZDQLD²Z\PDJDQLHMHVWSU]H
ND]\ZDQHGR.LHURZQLND']LDáX,7-H OLZ\PDJDQLHPDVWDWXVLQQ\QL NU\W\F]Q\WUDILD
GRNRQNUHWQHMNROHMNLZ\PDJD RF]HNXM F\FKQDUHDOL]DFM 1DVW SQLH8 \WNRZQLN
6\VWHPX%,6 DQDOL]XMH SODQRZDQH WHUPLQ\ UHDOL]DFML ]JáRV]RQHJR SU]H] VLHELH Z\PD
JDQLD,WDN
t MH OLSODQRZDQ\WHUPLQUHDOL]DFMLMHVWVDW\VIDNFMRQXM F\SU]HSá\ZF]\QQR FL
]DSUH]HQWRZDQ\QDGLDJUDPLHXOHJD]DNR F]HQLX
t -H OLWHUPLQUHDOL]DFMLZ\PDJDQLDMHVWGOD8 \WNRZQLND6\VWHPX%,6]E\WRGOHJá\
]JáDV]DRQQRZHZ\PDJDQLHGRW\F] FH]PLDQ\WHUPLQXUHDOL]DFMLZ\PDJDQLD
SLHUZRWQHJR
QDRGSRZLHGQL]JRGQ\]PRGXáHPZ\VáDQLDZLDGRPR FL:DSOLNDFMLELXURZHMJHQH
URZDQH V ]DSURV]HQLD Z SRVWDFL 3OLNX 3OLN SU]HND]\ZDQ\ MHVW GR SDUW\FML 6\VWHP
)D[3UR]áR RQHM]GZyFKVXESDUW\FML:SLHUZV]HM]QLFKQDSRGVWDZLHSOLNXUHDOL]R
ZDQDMHVWF]\QQR ü:\ OLMIDNV:Z\QLNXWHMF]\QQR FLSOLNMHVWSU]HND]\ZDQ\GR
.RQZHUWHUDJG]LHZ\NRQ\ZDQHV NROHMQRF]\QQR FL.RQZHUWXMSOLNL3U]HNLHUXMIDNV
:\NáDGRZ FD
>QRZ\]HVWDZS\WD @
:\NáDGRZ FD
=DORJXM :VND ]HVWDZ
6HVMD^UHDG`
6\VWHP(J]DPLQDF\M Q\(J]DPLQDWRU
:HU\ILNXM
>HOVH@
6HVMD^XSGDWH`
6\VWHP(J]DPLQDF\M Q\=HVWDZ
=DUHM HVWUXM ]HVWDZ
3\WDQLH^FUHDWH` :\NáDGRZ FD
'RGDM S\WDQLH
3\WDQLH^XSGDWH` >QDVW SQHS\WDQLH@
6\VWHP(J]DPLQDF\M Q\3\WDQLH
=DUHM HVWUXM S\WDQLH
6\VWHP(J]DPLQDF\M Q\(J]DPLQ :\NáDGRZ FD
=DNR F]VHVM :\ORJXM
5\VXQHN$OWHUQDW\ZQDQRWDFMDSDUW\FMLLVXESDUW\FML
2EV]DUUR]V]HU]HQLD
6SHF\ILF]Q URO ZGLDJUDPDFKF]\QQR FLSHáQL REV]DU\UR]V]HU]HQLDDQJH[SDQ
VLRQUHJLRQV
MHJRIXQNFMRQRZDQLDSRZVWDMHNROHMQR]ELyUGDQ\FKZ\M FLRZ\FK'RSLHURSRVNRP
SOHWRZDQLXSHáQHJR]ELRUXZ\M FLRZHJRMHVWRQSU]HND]\ZDQ\QD]HZQ WU]REV]DUX
UR]V]HU]HQLD
=DVDG\IXQNFMRQRZDQLDREV]DUXUR]V]HU]HQLDLOXVWUXMHU\VXQHN
5\VXQHNSU]HGVWDZLDDNWXDOL]RZDQLHOLVW\NOLHQWyZZ]JO GHPSULRU\WHWyZZV\V
WHPLH &50 &HFK ND GHJR V\VWHPX NODV\ &50 MHVW PR OLZR ü WZRU]HQLD SURJUD
PyZORMDOQR FLRZ\FK:áD FLZH]DVWRVRZDQLHWHMNRQFHSFMLSR]ZDODOHSLHM]DVSRNDMDü
SRWU]HE\NOLHQWyZ FR SRZRGXMH ]ZL NV]HQLH VSU]HGD \ SURGXNWyZ L XVáXJ RIHURZD
Q\FKSU]H]ILUP 7HQPHFKDQL]PMHVW FL OH]ZL ]DQ\]VHJPHQWDFM NOLHQWyZF]\OL
NZDOLILNRZDQLHPND GHJRNOLHQWDGRRNUH ORQHJRVHJPHQWXNOLHQWyZRRNUH ORQHMFKD
UDNWHU\VW\FHMDNR FLRZHMLLOR FLRZHM7DNDNODV\ILNDFMDSR]ZDODQDQDGDZDQLHNOLHQWRP
SULRU\WHWyZ0HQHG HURZLHILUPVWRVXM F\FKV\VWHP\&50FRSHZLHQF]DVDQDOL]XM
VHJPHQW\LLFKFKDUDNWHU\VW\N *G\]DLVWQLHMHWDNDSRWU]HEDGRGDM QRZHVHJPHQW\
OXEPRG\ILNXM FKDUDNWHU\VW\NLLVWQLHM F\FK$E\GRGDüQRZ\VHJPHQW\RSHUDWRUV\V
WHPX&50:F]\WXMHOLVW NOLHQWyZ:F]\WDQDOLVWD]DZLHUDSRG]LDáNOLHQWyZQDNRQ
NUHWQ OLF]E VHJPHQWyZ1DVW SQLHV\VWHPZ\NRQXMHGZLHQDVW SXM FHSRVRELHF]\Q
QR FL5HMHVWUXMHDNWXDOQ ZDUWR ü]DNXSyZNOLHQWDRUD]3U]\SRU] GNRZXMHNOLHQWRZL
QRZ\SULRU\WHW7HGZLHF]\QQR FLV Z\NRQ\ZDQHZREV]DU]HUR]V]HU]HQLDR]QDF]R
Q\PVáRZHPNOXF]RZ\PLWHUDWLYH7DNLH]DNZDOLILNRZDQLHREV]DUXUR]V]HU]HQLDR]QD
F]D HLWHUDF\MQLHGODND GHJRVHJPHQWXZV]\VF\NOLHQFLV ZHU\ILNRZDQLSRGN WHP
SU]\SRU] GNRZDQLDZáD FLZHJRSULRU\WHWX3RZ\NRQDQLXF]\QQR FLV\VWHP$NWXDOL
]XMH OLVW NOLHQWyZ =DNWXDOL]RZDQD OLVWD PR H E\ü SRG]LHORQD QD LQQ OLF]E VHJPHQ
WyZQL PLDáRWRPLHMVFHSLHUZRWQLH
5\VXQHN
DG$NWXDOL]RZ DQLH/LVW\.OLHQWyZ
2EV]DU
UR]V]HU]HQLD
LSU]HND QLNL
UR]V]HU]HQLD
:F]\WDM OLVW
NOLHQWyZ
/LVWD6HJPHQWyZ
LWHUDWLY H
=DUHM HVWUXM 3U]\SRU] GNXM
DNWXDOQ Z DUWR ü NOLHQWRZ LQRZ \
]DNXSyZ NOLHQWD SULRU\WHW
=DNWXDOL]RZDQD/LVWD6HJPHQWyZ
$NWXDOL]XM OLVW
NOLHQWyZ
DG.DWDORJRZ DQLH)LOPyZ
$NWXDOL]XM NDWDORJ
ILOPyZ $NWXDOL]XM
SURJQR]
Z \SR \F]H
=DPNQL FLH .DWHJRULD
W\JRGQLD
5\VXQHN8SURV]F]RQDQRWDFMDSU]HND QLNyZUR]V]HU]HQLD
3U]HGVWDZLRQRQDQLPNDWDORJRZDQLHILOPyZZV\VWHPLHLQIRUPDW\F]Q\PZ\SR \F]DO
QL6\VWHP\LQIRUPDW\F]QHZ\NRU]\VW\ZDQHSU]H]ILUP\Z\SR \F]DM FHNDVHW\9+6
LSá\W\'9'PXV] PLHüIXQNFM NDWDORJRZDQLDNDVHWLSá\WZNDWHJRULHZJRNUH OR
Q\FKNU\WHULyZ:\V]F]HJyOQLRQHNDWHJRULHSU]HNáDGDM VL EH]SR UHGQLRQDFHQ Z\
SR \F]HQLDILOPX1DMZD QLHMV]\PNU\WHULXPVWRVRZDQ\PSU]\NDWDORJRZDQLXMHVW
OLF]EDGQLNWyUHXSá\Q á\RGSUHPLHU\ILOPXRUD]OLF]EDZ\SR \F]H 3U]\NáDGRZRZ\
SR \F]HQLHSá\W\'9']DNZDOLILNRZDQHMGRNDWHJRULL0HJD+,7NRV]WXMHQDMZL FHM
SRQLHZD ILOPQLHGDZQRPLDáSUHPLHU RUD]FLHV]\VL GX \P]DLQWHUHVRZDQLHPNOLHQ
WyZZ\SR \F]DOQL=DWHPV\VWHPZ\SR \F]DOQLSU]HFKRZXMHZED]LHGDQ\FKFHQQLN
SRZL ]DQ\ ] NDWHJRULDPL ILOPyZ ZUD] ] RSLVXM F\PL MH V]F]HJyáRZ\PL NU\WHULDPL
&]ö è,3RGVWDZ\Mö]\ND80/
2EV]DUSU]HUZDQLD
3U]HSá\ZVWHURZDQLDQDGLDJUDPDFKF]\QQR FLPR HVNXWNRZDüSU]HUZDQLHPIXQN
FMRQRZDQLDSHZQ\FKZ\RGU EQLRQ\FKREV]DUyZ]ZDQ\FKREV]DUDPLSU]HUZDQLDDQJ
LQWHUUXSWLEOHDFWLYLW\UHJLRQV
2EV]DUSU]HUZDQLDVWDQRZLJUXSDF]\QQR FLZREUöELHNWÑUHMZZ\QLNXG]LDäDQLD
SU]HSä\ZXSU]HUZDQLDUHDOL]DFMDZV]\VWNLFKF]\QQR FLMHVWEH]]ZäRF]QLHSU]HU\ZDQD
&KDUDNWHU\VW\NDREV]DUXSU]HUZDQLDPD]DVWRVRZDQLHZRGQLHVLHQLXGRSRM FLDF]\Q
QR FLQLH]D DNFMLNWyUDMDNRHOHPHQWDUQDMHGQRVWND]DFKRZDQLDQLHXOHJDSU]HUZDQLX
2SLV\ZDQ\REV]DUQDGLDJUDPLHSU]\MPXMHJUDILF]Q SRVWDüF]\QQR FL]NUDZ G]LDPL
NUH ORQ\PLOLQL SU]HU\ZDQ 3U]HSá\ZSU]HUZDQLDUHSUH]HQWRZDQ\MHVWZIRUPLHÄEá\
VNDZLF\´U\VXQHN$OWHUQDW\ZQ\PR]QDF]HQLHPSU]HSá\ZX SU]HUZDQLD MHVW
XPLHV]F]HQLH VWRVRZQHJR VWHUHRW\SX LNRQ\ Eá\VNDZLF\ QDG OLQL SU]HSá\ZX VWHUR
ZDQLDZ\FKRG] FHJR]REV]DUXSU]HUZDQLD3RQLHZD SU]HSá\ZVWHURZDQLDLQLFMRZDQ\
MHVWF] VWRZVSRVyEDV\QFKURQLF]Q\ZWDNLFKSU]\SDGNDFK]DVDGQHMHVWMDZQH]LOX
VWURZDQLHV\JQDáXSU]HND]XM FHJR]QDF]QLNVWHURZDQLDGRSU]HSá\ZXSU]HUZDQLD
=JáR SURSR]\FM VWDZ NL
5HM HVWUXM SURSRQRZ DQH
VWDZ NL
7HUPLQ
]DNR F]HQLD
OLF\WRZDQLD
:\FRIDQLH
DUW\NXáX]OLF\WDFML
=DPNQLM OLF\WDFM
:\]QDF]WHUPLQ
/LF\WDFMD OLF\WDFM L
/LF\WDFMD
8VWDOWHUPLQSáDWQR FLL
V]F]HJyá\SU]HV\áNL
5\VXQHN2EV]DUSU]HUZDQLDZV\VWHPLHDXNFMLLQWHUQHWRZHM
0DQLSXODWRUZ\MñWNÑZ
:GLDJUDPDFKF]\QQR FLUHDOL]DFMDRNUH ORQ\FKF]\QQR FLF]\WH DNFMLPR HZ\PD
JDüGRGDWNRZ\FK URGNyZEH]SLHF]H VWZDGODVWDELOQHJRIXQNFMRQRZDQLDV\VWHPX
:VND]XM RQH QD V\WXDFMH Z\M WNRZH NWyUH QLH V UXW\QRZH Z NRQWHN FLH GDQHJR
SURFHVX6\WXDFMHWHQDOH \ND GRUD]RZRLGHQW\ILNRZDüLQDELH FRREVáXJLZDüZV\V
WHPLH 2EVáXJ Z\M WNyZ PR QD RVL JQ ü SRSU]H] Z\VSHF\ILNRZDQLH RGSRZLDGDM
F\PLPPDQLSXODWRUyZZ\M WNyZDQJH[FHSWLRQKDQGOHUV
)XQNFMRQRZDQLHPDQLSXODWRUDZ\M WNyZSU]HGVWDZLDU\VXQHNRUD]U\VXQHN
3LHUZV]\]QLFKSU]HGVWDZLD]DFKRZDQLHV\VWHPXHOHNWURQLF]QHJRHJ]DPLQRZDQLD6\V
WHPSRGF]DV/RVRZDQLDQXPHUyZS\WD ]WDEOLF\RGZRáDáVL GRMHMQLHLVWQLHM FHJRLQ
GHNVX6\WXDFMDVWDáDVL NU\W\F]QDGODSRSUDZQHJRSU]HSURZDG]HQLDHJ]DPLQX6\VWHP
QDW\FKPLDVWRZRZVWU]\PDáDNFM ORVRZDQLDQXPHUyZS\WD L3U]HLQGHNVRZDáWDEOLF
5\VXQHN
(OHPHQW7DEOLF\1LH,VWQLHMH
,QGHNVSR]D /RVXM QXPHU\ 3U]HLQGHNVXM WDEOLF
]DNUHVHP S\WD
5\VXQHN 3U]HNURF]HQLH3R]LRPX=DPyZLHQLRZHJR
3U]HNURF]HQLH
0RQLWRUXM SR]LRP =áy ]DPyZ LHQLH
SR]LRPX ]DSDVyZ
]DPyZLHQLRZHJR
3URFHVWZRU]HQLDGLDJUDPXF]\QQR FL
3URFHVWZRU]HQLDGLDJUDPyZF]\QQR FLRSLHUDVL QDQDVW SXM F\FKHWDSDFK
]LGHQW\ILNRZDQLXSRGVWDZRZ\FKF]\QQR FLLV\JQDáyZQDSRVWDZLHVFHQDULXV]D
SU]\SDGNXX \FLD
SRá F]HQLXF]\QQR FLLV\JQDáyZ]DSRPRF SU]HSá\ZyZVWHURZDQLD
RSFMRQDOQ\PSU]HSURZDG]HQLXGHNRPSR]\FMLF]\QQR FLGRSR]LRPXDNFML
LGHQW\ILNDFMLGHF\]\MQ\FKLZVSyáELH Q\FKSU]HSá\ZyZVWHURZDQLD
ZSURZDG]HQLXSU]HSá\ZyZGDQ\FK]Z\NRU]\VWDQLHPNDWHJRULLPRGHORZDQLD
WDNLFKMDN
5R]G]LDä'LDJUDPF]\QQR FL
t SU]HND QLNLGDQ\FK
t SDUDPHWU\F]\QQR FL
t EXIRU\FHQWUDOQH
t VNáDGQLFHGDQ\FK
Z\]QDF]HQLXNU\WHULyZSDUW\FMLLVXESDUW\FMLGLDJUDPX
ZSURZDG]HQLXREV]DUyZVSHFMDOL]RZDQ\FK
t REV]DUXUR]V]HU]HQLD
t REV]DUXSU]HUZDQLD
ZSURZDG]HQLXPDQLSXODWRUyZZ\M WNyZ
LGHQW\ILNDFMLDNFMLLRSUDFRZDQLXDGHNZDWQ\FKGLDJUDPyZDNFML
3URFHVWZRU]HQLDGLDJUDPyZF]\QQR FLSRZLQLHQE\üUHDOL]RZDQ\]JRGQLH]NRQFHS
FM LWHUDF\MQRSU]\URVWRZHJRF\NOX \FLDV\VWHPXLQIRUPDW\F]QHJR2]QDF]DWR H
GLDJUDPF]\QQR FLMHVWXV]F]HJyáDZLDQ\ZNROHMQ\FKLWHUDFMDFKGDQHMID]\FRSRZR
GXMHSU]\URVWMHJRGRNXPHQWDFMLD GRRVL JQL FLDSHáQHJRMHM]DNUHVX
6WXGLXPGLDJUDPXF]\QQR FL
'LDJUDPF]\QQR FL]DZLHUDM F\V]HUHJHOHPHQWyZSRGVWDZRZ\FKRUD]]DDZDQVRZD
Q\FK²ZW\PSURFHV\GHF\]\MQHLZVSyáELH QHV\JQDá\SU]HND QLNLGDQ\FK]RJUD
QLF]HQLDPLRUD]REV]DU\SU]HUZDQLD²SU]HGVWDZLDU\VXQHN']LHG]LQ SU]HGPLR
WRZ VWDQRZLZW\PSU]\SDGNXSURFHVUHNUXWRZDQLDQDVWXGLD
-DN ]DSUH]HQWRZDQR QD U\VXQNX SURFHV UHNUXWRZDQLD QD VWXGLD MHVW LQLFMRZDQ\ SR
SU]H]SU]\MPRZDQLHLRGQRWRZ\ZDQLHZV\VWHPLHGRNXPHQWyZSRV]F]HJyOQ\FKNDQ
G\GDWyZ'DQHSRV]F]HJyOQ\FKNDQG\GDWyZSU]HFKRZ\ZDQHV ZV\VWHPLHMDNRRELHNW\
NODV\ .DQG\GDW 6WRVRZQLH GR RFHQ X]\VNDQ\FK QD HJ]DPLQLH GRMU]DáR FL ND GHPX
NDQG\GDWRZLMHVWSU]\SLV\ZDQDSXQNWDFMD:SUDZG]LHDNW\SUDZQHQRUPXM FHUHNUXWDFM
QD VWXGLD Z\ V]H QLH XZ]JO GQLDM PR OLZR FL HJ]DPLQRZDQLD NDQG\GDWyZ ] SU]HG
PLRWyZ]NWyU\FKRWU]\PDOLRQLRFHQ Z\V]F]HJyOQLRQ QD ZLDGHFWZLHGRMU]DáR FL
XF]HOQLHPDM GDOHNRSRVXQL W DXWRQRPL ZHZSURZDG]DQLXW]ZWHVWyZNRPSHWHQFML
6WRVXMHVL MHQDMF] FLHMZSU]\SDGNXEDUG]RGX HMOLF]E\NDQG\GDWyZNLHG\QLHPR
OLZHMHVWMHGQR]QDF]QH L RELHNW\ZQH ZVND]DQLH OLF]E\ NDQG\GDWyZ FR QDMZ\ HM QLH
]QDF]QLHRGELHJDM FHMRGZ\]QDF]RQHJROLPLWX3U]\NáDGRZR]DáR HQLDUHNUXWDF\MQH
PRJ XZ]JO GQLDüSU]\M FLHRVyEQDWRPLDVWNDQG\GDFL]DMPXM F\PLHMVFDRGGR
QDOL FLHXSRU] GNRZDQHMPDOHM FRZHGáXJOLF]E\X]\VNDQ\FKSXQNWyZX]\VNXM
WDNLVDPZ\QLNSXQNWRZ\=WHJRSRZRGXRSUyF]OLVW\XELHJDM F\FKVL RSU]\M FLH
ZV\VWHPLHUyZQROHJOHWZRU]RQDMHVWOLVWD(J]DPLQDWRUyZ'DQHSRV]F]HJyOQ\FKHJ
]DPLQDWRUyZSU]HFKRZ\ZDQHV ZV\VWHPLHMDNRRELHNW\NODV\(J]DPLQDWRU6\VWHP
*HQHUXMHSRZLDGRPLHQLHRWHUPLQLHWHVWXDGUHVRZDQHGRND GHJR]NDQG\GDWyZMHG
QRF]H QLH3U]\SRU] GNRZXM FHJ]DPLQDWRUyZGRVDO'RSLHURSR]DNR F]HQLXREXW\FK
UyZQROHJá\FKF]\QQR FLPR OLZHMHVW3U]HSURZDG]HQLHWHVWXNRPSHWHQFML
&]ö è,3RGVWDZ\Mö]\ND80/
DG5HNUXWRZ DQLHQD6WXGLD
3U]\M PLM
GRNXPHQW\
.DQG\GDW^FUHDWH`
8WZ yU]OLVW
NDQG\GDWyZ
.DQG\GDW^UHDG`
3U]\SLV]SXQNWDFM QD
8WZ yU]OLVW
SRGVWDZ LH Z LDGHFWZ D
GRM U]DáR FL HJ]DPLQDWRUyZ
(J]DPLQDWRU^FUHDWH`
.DQG\GDW^XSGDWH`
.DQG\GDW^UHDG`
(J]DPLQDWRU
*HQHUXM
SRZ LDGRPLHQLHR 3U]\SRU] GNXM
WHUPLQLHWHVWX HJ]DPLQDWRUyZ GR
VDO
3U]HSURZ DG WHVW
$QXOXMWHVW
NRPSHWHQFML
NRPSHWHQFM L
3U]\SLV]SXQNWDFM QD
SRGVWDZ LHWHVWX
NRPSHWHQFM L
.DQG\GDW^XSGDWH`
6WZ yU]Z VW SQ
.DQG\GDW^UHDG` OLVW SU]\M W\FK
5HM HVWUXM
SRGDQLHRVWDWXV
Z ROQHJR
>NDQG\GDW
SU]\M W\@
8]XSHáQLM
5R]SDWU] VáXFKDF]D
>HOVH@ GRNXPHQW\
SRGDQLH
5HM HVWUXM
RGZ RáDQLH
>UR]SDWU]RQHSR]\W\ZQLH@
>HOVH@
>HOVH@ >NRPSOHWQH@ 6WZ yU]
RVWDWHF]Q OLVW
SU]\M W\FK
:\FRIDM
SRGDQLH
:\GDM
GRNXPHQW\
5\VXQHN3U]HSURZDG]DQLHUHNUXWDFMLQDVWXGLD
3RGDQLHMHVWUR]SDWU\ZDQHSU]H]G]LHNDQDZ\G]LDáX:SU]\SDGNXSR]\W\ZQHJRUR]
SDWU]HQLDSRGDQLDSRX]XSHáQLHQLXGRNXPHQWyZVWXGHQWWUDILDQDRVWDWHF]Q OLVW SU]\
M W\FK:SU]HFLZQ\PUD]LHGRNXPHQW\V PX]ZUDFDQHDUHNUXWDFMDX]QDQD]D]D
PNQL W $QDORJLF]Q\UH]XOWDWPD:\FRIDQLHSRGDQLDZGRZROQ\PPRPHQFLH
3RGVWDZRZHSRMöFLD
$OJRU\WP 3DUW\FMD
&58' .RPyUND
&]DV 3DUW\FMD]HZQ WU]QD
'HNRPSR]\FMDF]\QQR FL 6XESDUW\FMD
$NFMD 7RU
&]\QQR ü 3RF] WHN
3RGF]\QQR ü 3RGV\VWHP
'LDJUDPF]\QQR FL 3URFHVV\VWHPRZ\
'HILQLFMD 3U]HND QLN
3URFHVWZRU]HQLD 3U]HND QLNGDQ\FK
.RQLHF $QRQLPRZ\
0DQLSXODWRUZ\M WNyZ :HM FLRZ\
2ELHNW :\M FLRZ\
2EV]DU 3U]HND QLNUR]V]HU]HQLD
3U]HUZDQLD 3U]HND QLNZ\M WNyZ
5R]V]HU]HQLD
2JUDQLF]HQLH
&]ö è,3RGVWDZ\Mö]\ND80/
3U]HSá\ZGDQ\FK 3U]HSá\ZZVSyáELH Q\
%XIRUFHQWUDOQ\ 5R]ZLGOHQLH
3DUDPHWUF]\QQR FL 6FDOHQLH
6NáDGQLFDGDQ\FK 6SHF\ILNDFMDVFDOHQLD
6WUXPLHQLRZ\ =QDF]QLNVWHURZDQLD
6\JQDá 6FHQDULXV]SU]\SDGNXX \FLD
1DGDZF]\ 6WDQ
2GELRUF]\ =DNR F]HQLHSU]HSá\ZX
:DJD
=HVWDZSU]HND QLNyZ
3U]HSá\ZVWHURZDQLD
3U]HSá\ZGHF\]\MQ\
'HF\]MD
à F]QLN
:DUXQHN
=á F]HQLH
3\WDQLDL]DGDQLD
:MDNLPFHOXX \ZDVL GLDJUDPyZF]\QQR FL"
:\PLH SRGVWDZRZHHOHPHQW\GLDJUDPXF]\QQR FL
=LOXVWUXMJUDILF]QLHSRGVWDZRZHNDWHJRULHGLDJUDPyZF]\QQR FL
:\MD QLMUy QLF PL G]\NDWHJRULDPL
t NRQLHF
t ]DNR F]HQLHSU]HSá\ZX
:\PLH Uy QLFHSRPL G]\F]\QQR FLDPLDDNFMDPL&]\QDSRMHG\QF]\P
GLDJUDPLHF]\QQR FLPRJ MHGQRF]H QLHZ\VW SRZDüF]\QQR FLLDNFMH"
&]\GLDJUDP\F]\QQR FLPRJ E\üGHNRPSRQRZDQH"-H OLWDNZVND
RNROLF]QR FLZMDNLFKSU]HSURZDG]HQLHGHNRPSR]\FMLMHVWX]DVDGQLRQH
LNDWHJRULHSRM FLRZHELRU FHXG]LDáZW\PSURFHVLH-H OLQLHX]DVDGQLM
GODF]HJR
:\ELHU]VHUZLVLQWHUQHWRZ\PDM F\QDFHOXZVSRPDJDQLHG]LDáDOQR FL
WXU\VW\F]QHMZGDQ\PUHJLRQLH8 \WNXM FSRGVWDZRZHNDWHJRULHRSUDFXM
GLDJUDPF]\QQR FLWHJRVHUZLVX
5R]G]LDä'LDJUDPF]\QQR FL
:\ ZLHWONRPXQLNDW
:\ELHU]URG]DM
RGPRZQ\ UDFKXQNX
>UDFKXQHN
ZDOXWRZ\@
$NW\ZXM 2NUH O
XVáXJ ZDOXW
>HOVH@
3RGSLV] :\VSHF\ILNXMDGUHV
>HOVH@
XPRZ GODZ\FL JyZ
>UH]\JQDFMD]SU]HV\áDQLDZ\FL JyZ@
2GELHU] =ZHU\ILNXM
SU]HV\áN
SRSUDZQR üGDQ\FK
3U]H OLMUHJXODPLQ
3U]\G]LHOQXPHU
>HOVH@ >Eá G@
RUD]XPRZ UDFKXQNX
3RGDMSU]\NáDG\SURFHGXUSURJUDPLVW\F]Q\FKZNWyU\FKPD]DVWRVRZDQLH
NDWHJRULDREV]DUXSU]HUZDQLD
-DN URO SHáQLPDQLSXODWRUZ\M WNyZLSU]HND QLNZ\M WNyZ"
3U]HGVWDZPDQLSXODWRUZ\M WNyZZV\VWHPLHREVáXJLSRF]W\HOHNWURQLF]QHM
ZFHOXLGHQW\ILNDFML]DLQIHNRZDQ\FKZLUXVHPZLDGRPR FLRUD]ZLDGRPR FL
]WHPDWDPL]DVWU]H RQ\PL
2SLV]LX]DVDGQLMORJLN SURFHVXWZRU]HQLDGLDJUDPyZF]\QQR FL
5R]G]LDä'LDJUDPF]\QQR FL
DG)XQNFM RQRZ DQLH$XNFM L7UDG\F\M QHM
.OLHQW .OLHQW
=JáR VSU]HGD
=DUHM HVWUXM
DUW\NXáX
VSU]HGDM FHJRL
DUW\NXá
$UW\NXá $UW\NXá
=OHüRJáRV]HQLHOLF\WDFM L =JáR XF]HVWQLFWZ RZ
OLF\WDFM L
.OLHQW .OLHQW
=DUHM HVWUXM NXSXM FHJR
3U]HSURZ DG
OLF\WDFM
8VWDOV]F]HJyá\
SáDWQR FL
3U]HOHZ
=OHüSU]HND]DQLH 5HDOL]XM
QDOH QR FL 3U]HOHZ ]OHFHQLH
SU]HND]DQLD
QDOH QR FL
3RWZLHUG]HQLH
3U]HND DUW\NXá 2GELHU]
QDOH QR ü
3RWZLHUG]HQLH
5\VXQHN)XQNFMRQRZDQLHDXNFMLWUDG\F\MQHM
.LHURZQLN=PLDQ\ &]ö è,3RGVWDZ\Mö]\ND80/
$QDOL]XM VWUDW\
$QDOL]XM IUHNZ HQFM
6\VWHP.RPSOHNVX.LQRZHJR
=DEORNXM VSU]HGD =DEORNXM UH]HUZ DFM 1DGDM
NRPXQLNDW
0RQLWRU,QIRUPDF\MQ\
:\ Z LHWO
NRPXQLNDW
5\VXQHN$QXORZDQLHUH]HUZDFMLELOHWXNLQRZHJR
5R]G]LDä
=QDF]HQLHGLDJUDPÑZ
PDV]\Q\VWDQRZHM
2ELHNW\X \WNRZDQHZV\VWHPLHSU]HFKRG] ZWUDNFLHVZRMHJRF\NOX \FLDSU]H]V]H
UHJNROHMQ\FKVWDQyZ=MDZLVNRWRRG]ZLHUFLHGODQHMHVWSU]H]PDV]\Q VWDQRZ DQJ
VWDWHPDFKLQH
0DV]\QDVWDQRZDWR]DFKRZDQLHRNUH ODMñFHVHNZHQFMHVWDQÑZSU]H]NWÑUHSU]H
FKRG]LRELHNWEñG LQWHUDNFMDZRGSRZLHG]LQD]GDU]HQLD]DFKRG]ñFHZF]DVLHVZR
MHJRF\NOX \FLDZUD]]LFKUHDNFMDPLQDWH]GDU]HQLD
0DV]\QDVWDQRZDRELHNWXOXELQWHUDNFMLMHVWZM ]\NX80/GRNXPHQWRZDQDSRSU]H]
GLDJUDPPDV]\Q\VWDQRZHM8PR OLZLDRQSU]H OHG]HQLH]DFKRZDQLDVL RELHNWX]D
UyZQRZ]DNUHVLHSRMHG\QF]HJRMDNLNLONXSU]\SDGNyZX \FLD
'LDJUDPPDV]\Q\VWDQRZHMWRJUDILF]QHRG]ZLHUFLHGOHQLHG\VNUHWQHJRVNRNRZHJR
]DFKRZDQLDVNRþF]RQ\FKV\VWHPÑZVWDQSU]HM FLH
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
3RGVWDZRZ\PLSRM FLDPLGLDJUDPyZPDV]\Q\VWDQRZHMV
t VWDQ
t SU]HM FLH
t VWDQSRF] WNRZ\
t VWDQNR FRZ\
*UDILF]QLHVWDQ\SU]HGVWDZLDQHV ]Z\NRU]\VWDQLHPGZyFKDOWHUQDW\ZQ\FKQRWDFML
t NODV\F]QHM
t ]DNáDGNRZHM
1RWDFMDNODV\F]QDRSLHUDVL QDNRQZHQFML]DSLVXVWRVRZDQHMZSU]\SDGNXF]\QQR FL
RUD]DNFMLGRNXPHQWRZDQ\FKQDGLDJUDPDFKF]\QQR FL$OWHUQDW\ZQ\Z\EyUWRQRWD
FMD]DNáDGNRZD:\PDJDRQDXPLHV]F]HQLD]DNáDGNL]DZLHUDM FHMQD]Z EH]SR UHG
QLRQDGJUDILF]Q\PR]QDF]HQLHPVWDQX3RGVWDZRZHNDWHJRULHPRGHORZDQLDGLDJUDPX
PDV]\Q\VWDQRZHMRUD]LFKGHILQLFMHDOERLQWHUSUHWDFMHSU]HGVWDZLDWDEHOD
'LDJUDPWHQ]DZLHUDVHNZHQFM VWDQyZRELHNWXNODV\6WXGHQWZV\VWHPLHHOHNWURQLF]
QHJR HJ]DPLQRZDQLD 3LHUZV]\P VWDQHP Z MDNLP PR H ]QDOH ü VL WHQ RELHNW MHVW
VWDQ=DSLVDQ\2]QDF]DRQ HGDQ\6WXGHQW]RVWDáXPLHV]F]RQ\QDOL FLHRVyEXSUDZ
QLRQ\FKGRSU]\VW SLHQLDGRHJ]DPLQX:FKZLOL]D]QDF]HQLDQDOL FLHREHFQR FLHJ
]DPLQRZDQHJRNWyUHPXRGSRZLDGDGDQ\RELHNWNODV\6WXGHQWSU]HFKRG]LRQZVWDQ
=DDNFHSWRZDQ\6WDQWHQ²E G F\NRQVHNZHQFM SROLW\NLEH]SLHF]H VWZDZ\G]LDáX
²R]QDF]D HHJ]DPLQRZDQ\PDSUDZR]DORJRZDüVL GRV\VWHPXLUR]SRF] ü]GD
ZDQLH HJ]DPLQX =DORJRZDQLH VL HJ]DPLQRZDQHJR GR V\VWHPX MHVW UyZQR]QDF]QH
]SU]\VW SLHQLHPGRHJ]DPLQX7RZDU]\V]\WHPXSU]HM FLHZVWDQ(J]DPLQRZDQ\6WX
GHQW]QDMGXMHVL ZW\PVWDQLHGRSyW\GRSyNLQLHXG]LHOLRGSRZLHG]LQDZV]\VWNLHS\
WDQLDVNáDGDM FHVL QDHJ]DPLQOXEQLHXSá\QLHXVWDORQ\F]DVHJ]DPLQRZDQLD 2EOL
F]DQDMHVWZyZF]DVSXQNWDFMDD6WXGHQWSU]HFKRG]LZVWDQ2FHQLRQ\
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
7DEHOD3RGVWDZRZHHOHPHQW\GLDJUDPyZPDV]\Q\VWDQRZHM
1D]ZD 1RWDFMD 'HILQLFMDLQWHUSUHWDFMD
6WDQ :á F]RQ\
6WDQWRRNROLF]QR èOXEV\WXDFMDZMDNLHMVLö
2EOLF]DQLH
RELHNW]QDMGXMHZF\NOXVZRMHJR \FLDNLHG\
VSHäQLDZDUXQHNZ\NRQXMHF]\QQR èOXEF]H
NDQD]GDU]HQLH
5\VXQHN
6\VWHPHOHNWURQLF]QHJR
HJ]DPLQRZDQLD
²RELHNWNODV\6WXGHQW
=DSLVDQ\
=DDNFHSWRZ DQ\
(J]DPLQRZ DQ\
2FHQLRQ\
&]ö è,3RGVWDZ\Mö]\ND80/
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
.RQWHNVWSRM FLDVWDQXRUD]SU]HM FLDMHVWQDW\OHV]HURNLSRGZ]JO GHP]QDF]HQLRZ\P
HZ\PDJDGDOV]HJRXV]F]HJyáRZLHQLD'RNDWHJRULL]DDZDQVRZDQ\FKPDV]\Q\VWD
QRZHM]DOLF]DM VL
t VHNFMHV\PEROXJUDILF]QHJRVWDQX
t NODV\ILNDFMDVWDQyZ
t REV]DU\ZVSyáELH QH
t SVHXGRVWDQ\
t URG]DMHSU]HM ü
t SURWRNRáRZHPDV]\Q\VWDQRZH
t PDV]\Q\VWDQRZH]DFKRZDQLD
t ]GDU]HQLD
6HNFMHV\PEROXJUDILF]QHJRVWDQX
:GRZROQ\PVWDQLH]DSUH]HQWRZDQ\PQDGLDJUDPLHPDV]\Q\VWDQRZHMPR QDZ\Uy
QLüQDVW SXM FHVHNFMHDQJFRPSDUWPHQWV
t VHNFM QD]Z\
t VHNFM F]\QQR FLZHZQ WU]Q\FK
t VHNFM SU]HM üZHZQ WU]Q\FK
t VHNFM GHNRPSR]\FML²ZSU]\SDGNXVWDQyZ]áR RQ\FK
=D]QDF]DQLHVHNFMLZREU ELHVWDQyZMHVWRSFMRQDOQH:VND]DQHMHVWRGG]LHODQLHLFKVH
SDUDWRUDPLZSRVWDFLOLQLLFL Já\FKMDN]DSUH]HQWRZDQRQDU\VXQNX
5\VXQHN
6HNFMHVWDQX
6HNFMD QD]Z\ DQJ QDPH FRPSDUWPHQW ]DZLHUD QD]Z VWDQX 0XVL RQD Z VSRVyE
MHGQR]QDF]Q\ LGHQW\ILNRZDü VWDQ RELHNWX 1D]Z\ VWDQyZ Uy QL VL ]DXZD DOQLH RG
QD]ZF]\QQR FL3U]\NáDGRZ\PLQD]ZDPLVWDQyZV
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
t &]XZDQLH
t 2EOLF]DQLH
t =DPyZLRQ\
t 2F]HNXM FD
5\VXQHN
(G\WRZ DQ\
&]\QQR FL
ZHZQ WU]QHVWDQX
HQWU\Z\ ZLHWO)RUPXODU]
GRZ\SHáQLM)RUPXODU]
GRDNWXDOL]XM3DVHN6WDQX
H[LW]DFKRZDM'DQH
3U]HGVWDZLDRQMHGHQ]HVWDQyZRELHNWXE G FHJRIRUPXODU]HP]JáRV]HQLRZ\PQDNRQ
IHUHQFM QDXNRZ :F]H QLHMXWZRU]RQ\IRUPXODU]PR HE\ü(G\WRZDQ\:PRPHQ
FLHXDNW\ZQLHQLDWHJRVWDQXQDVW SXMHZ\ ZLHWOHQLH)RUPXODU]DQDHNUDQLH:UDPDFK
HG\FMLUHDOL]RZDQDMHVWF]\QQR üZ\SHáQLDQLD)RUPXODU]D:PRPHQFLH]PLDQ\VWDQX
IRUPXODU]D]JáRV]HQLRZHJR](G\WRZDQ\QDLQQ\QDVW SXMH]DFKRZDQLH'DQ\FKZED
]LHGDQ\FK
HQWU\JHQHUXM6SHF\ILNDFM VWXG:\N
GRJHQHUXM+DUPRQRJUDP
H[LWDNWXDOL]XM'RNXPHQWDFM
RWZDUFLH1RZHJR3URMHNWX>VWDWXVNU\W\F]Q\@JHQHUXM=HVWDZLHQLH=DVREyZ
5\VXQHN3U]HM FLDZHZQ WU]QHL]ZURWQHGODVWDQXRELHNWX3URMHNW
=LOXVWURZDQRQDQLPVWDQNODV\RELHNWyZ3URMHNW:ILUPLHSURJUDPLVW\F]QHMZ\NR
U]\VWXMHVL RSURJUDPRZDQLHGRPRQLWRURZDQLDSURZDG]RQ\FKSURMHNWyZ3URMHNWPR
H ]QDMGRZDü VL Z VWDQLH =DDNFHSWRZDQ\ MH OL MHJR ]DNUHV ]DWZLHUG] ZV]\VF\
XG]LDáRZF\:PRPHQFLHZHM FLDRELHNWX3URMHNWZWHQVWDQQDVW SXMHJHQHURZDQLH
6SHF\ILNDFML-HVWRQDWZRU]RQDQDSRGVWDZLHGDQ\FK]HEUDQ\FKSRGF]DVSU]HSURZD
G]DQLDVWXGLXPZ\NRQDOQR FLVWXG:\N*G\RELHNW]QDMGXMHVL ZVWDQLH=DDNFHS
WRZDQ\Z\NRQ\ZDQDMHVWF]\QQR üJHQHURZDQLD+DUPRQRJUDPX3U]HGVWDZLRQ\VWDQ
PDSRQDGWRGZDSU]HM FLD
t SU]HM FLH]ZURWQHLQLFMRZDQ\P]GDU]HQLHP]PLDQD)RUPDWX6SHF\ILNDFML
t SU]HM FLHZHZQ WU]QHLQLFMRZDQH]GDU]HQLHPRWZDUFLH1RZHJR3URMHNWX
.ODV\ILNDFMDVWDQÑZ
0R QDZ\Uy QLüWU]\NDWHJRULHVWDQyZ
t SURVWH
t ]áR RQH
t SRGVWDQ\
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
5\VXQHN
0DV]\Q\LSRGPDV]\Q\
VWDQRZH
5\VXQHN3RGPDV]\Q\VWDQRZHXNU\WHL]DSUH]HQWRZDQHZVSRVyEMDZQ\
5\VXQHN
VP06.RPSOHWRZ DQLD
1D]HZQLFWZR
SRGPDV]\QVWDQRZ\FK
3U]\M PRZ DQH
=JáRV]RQH
06.RPSOHWRZ DQLD
3RWZ LHUG]RQH
2EV]DU\ZVSÑäELH QH
1LHNWyUH]HVWDQyZZVWDQDFK]áR RQ\FKLPDV]\QDFKVWDQRZ\FKV DNW\ZRZDQHZVSyá
ELH QLH=DSLVZVSyáELH QR FLMHVWPR OLZ\SU]\Z\NRU]\VWDQLXREV]DUyZZVSyáELH
Q\FK DQJ RUWKRJRQDO UHJLRQV 6 WR SR]LRPH F] FL VWDQX ]áR RQHJR ]DZLHUDM FH
SRGPDV]\Q\VWDQRZH:REV]DU]HW\P]QDMGXM VL ZL FSRGVWDQ\LSU]HM FLDPL G]\
QLPL3U]HM FLDPRJ SU]HFLQDüJUDQLFHVWDQyZ]áR RQ\FK2EV]DU\ZVSyáELH QHRG
G]LHORQH V Z V\PEROX VWDQX VHSDUDWRUDPL Z SRVWDFL OLQLL SU]HU\ZDQ\FK :V]\VWNLH
REV]DU\ZVSyáELH QHPXV] E\üZ\NRQDQHDE\VWDQPyJáE\ü]DNR F]RQ\=DVWRVR
ZDQLHREV]DUyZZVSyáELH Q\FKZV\VWHPLH&50RSDUW\PQDWHFKQRORJLL]DU] G]DQLD
SU]HSá\ZHPSUDF\:)0SUH]HQWXMHU\VXQHN
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
VP3U]HWZ DU]DQLH6SUDZ \
3U]HWZ DU]DQD
0RQLWRURZ DQD
=DPNQL WD
5\VXQHN2EV]DU\ZVSyáELH QHZPDV]\QLHVWDQRZHMSU]HWZDU]DQLDVSUDZ\
:V\WXDFMLJG\VSUDZDZ\PDJDSRQRZQHMZHU\ILNDFMLUHDNW\ZRZDQ\MHVWVWDQ:H
U\ILNRZDQD 1HJDW\ZQH ]ZHU\ILNRZDQLH LQIRUPDFML ]DZDUW\FK Z GRNXPHQWDFML E G
QLHPR QR ü LFK SRWZLHUG]HQLD VNXWNXMH SU]HM FLHP VSUDZ\ GR VWDQX =DZLHV]RQD
=JRGQLH]ORJLN ]LOXVWURZDQHMPDV]\Q\VWDQRZHMVSUDZDPR H]HVWDQX3U]HWZDU]DQD
SU]HM üGRVWDQX=DPNQL WD$E\MHGQDNSU]HM FLHWR]RVWDáR]DLQLFMRZDQHPXVL]RVWDü
Z\NRQDQHSU]HM FLHZ\M FLRZH]Z\NRQ\ZDQHJRZVSyáELH QLHSRGVWDQX0RQLWRURZDQD
&]ö è,3RGVWDZ\Mö]\ND80/
3VHXGRVWDQ\
1DGLDJUDPDFKPDV]\Q\VWDQRZHMPRJ Z\VW SLüUR]EXGRZDQH FLH NLSU]HM ü'LDJUD
P\WHXZ]JO GQLDM ]DWHPZLHOHPR OLZR FLV]F]HJyáRZHJRRSLVXSU]HM üUHODFMLPL
G]\SU]HM FLDPLMDNUyZQLH ZSá\ZXSU]HM üQDSRZL ]DQH]QLPLVWDQ\3U]\NáDGRZR
SU]HM FLDPRJ E\üá F]RQHLUR]ZLGODQH3HáQHRGGDQLHPHU\WRU\F]QHM]DZDUWR FLW\FK
]áR RQ\FKSU]HM üGRNRQ\ZDQHMHVW]Z\NRU]\VWDQLHPSVHXGRVWDQyZDQJSVHXGRVWDWHV
3VHXGRVWDQMHVWDEVWUDNF\MQñNDWHJRULñPRGHORZDQLDGLDJUDPXPDV]\Q\VWDQRZHM
XPR OLZLDMñFñRUJDQL]RZDQLH]äR RQ\FK FLH HNSU]HM è
2SLV\ZDQDNDWHJRULDSRM FLRZD]GHF\GRZDQLHZ\NUDF]DSR]DSRGVWDZRZHUR]XPLH
QLHSU]HM FLDDMHGQRF]H QLHQLHVSHáQLDUROLVWDQXZUR]XPLHQLXPDV]\QVWDQRZ\FK
3VHXGRVWDQ\ZPDV]\QDFKVWDQRZ\FKXMPXMHWDEHOD
3VHXGRVWDQ\Sá\WNLHJRZ]QRZLHQLDUR]ZLGOHQLDVFDOHQLDGHF\]MLRUD]VWDQXSRF] W
NRZHJRLSXQNWX]QLV]F]HQLD]LOXVWURZDQRQDU\VXQNX3U]HGVWDZLDRQPDV]\Q
VWDQRZ RELHNWXNODV\(J]DPLQZV\VWHPLHHOHNWURQLF]QHJRHJ]DPLQRZDQLD
'LDJUDP]DZLHUDGZDVWDQ\]áR RQH
t 7ZRU]RQ\
t $NW\ZRZDQ\
7DEHOD3VHXGRVWDQ\ZPDV]\QDFKVWDQRZ\FK
1D]ZD 1RWDFMD ,QWHUSUHWDFMD
3RF] WNRZ\ =DLQLFMRZDQLHPDV]\Q\OXESRGPDV]\Q\VWDQRZHM
DQJLQLWLDO 0R H]DZLHUDüDNFMH
3á\WNLHZ]QRZLHQLH :VND]XMHQDRVWDWQLDNW\ZQ\VWDQRELHNWXSU]HG
DQJVKDOORZKLVWRU\ Z]QRZLHQLHP1LHSU]HFKRZXMHLQIRUPDFML
RSRGVWDQDFKWHJRVWDQX:SU]\SDGNXSLHUZV]HM
DNW\ZDFMLSVHXGRVWDQXZ]QRZLHQLDGRP\ OQLH
DNW\ZRZDQ\MHVWVWDQEH]SR UHGQLRSRZL ]DQ\
]QLP]DSR UHGQLFWZHPSU]HM FLD
*á ERNLHZ]QRZLHQLH 2GSRZLDGDRVWDWQLHMNRQILJXUDFMLDNW\ZQHMVWDQX
DQJGHHSKLVWRU\ ]áR RQHJR:VND]XMHQDRVWDWQLDNW\ZQ\VWDQ
RELHNWXSU]HGZ]QRZLHQLHPSU]HFKRZXM F
]DUD]HPLQIRUPDFMHRSRGVWDQDFKWHJRVWDQX
6FDOHQLH ,QWHJUXMHNLONDSU]HM üZ\FKRG] F\FK]Uy Q\FK
DQJMRLQQRGH UyGáRZ\FKREV]DUyZZVSyáELH Q\FKVWDQyZ
OXEPDV]\QVWDQRZ\FK
5R]ZLGOHQLH 3R]ZDODQDUR]G]LHOHQLHZHM FLRZHJRSU]HM FLD
DQJIRUNQRGH QDGZDOXEZL FHMSU]HM üZ\M FLRZ\FKGRUy Q\FK
REV]DUyZZVSyáELH Q\FKVWDQyZOXEPDV]\Q
VWDQRZ\FK
3XQNWZ ]áRZ\ 3R]ZDODQD]á F]HQLHZLHOXSU]HM üZHM FLRZ\FK
DQJMXQFWLRQ RUD]LFKUR]G]LHOHQLHQDV]HUHJSU]HM üZ\M FLRZ\FK
-HVWRQW]ZVWDW\F]Q\PUR]JDá ]LHQLHP
ZDUXQNRZ\PFRR]QDF]D HUHDOL]DFMDSU]HM ü
ZHM FLRZ\FKQLHGHWHUPLQXMHQDW\FKPLDVWRZHM
UHDOL]DFMLSU]HM üZ\M FLRZ\FK6]F]HJyOQ\PL
SU]\SDGNDPLSXQNWXZ ]áRZHJRV GHF\]MD
RUD]]á F]HQLH
'HF\]MD 3R]ZDODQDSRG]LDáSU]HM FLDZHM FLRZHJRQDNLOND
DQJGHFLVLRQQRGH SU]HM üZ\M FLRZ\FKRNUH ORQ\FKZDUXQNDPL
5HDOL]DFMDSU]HM FLDZHM FLRZHJRGHWHUPLQXMH
QDW\FKPLDVWRZ\Z\EyULUHDOL]DFM SU]HM ü
Z\M FLRZ\FK:]ZL ]NX]W\PGHF\]MDMHVW
G\QDPLF]Q\PUR]JDá ]LHQLHPZDUXQNRZ\P
3XQNWZHM FLD -HVWá F]QLNLHPVSHF\ILNXM F\PSU]HM FLH]HVWDQX
DQJHQWU\SRLQW GRSRGPDV]\Q\VWDQRZHM8PLHV]F]DVL JR
QDJUDQLF\VWDQX]áR RQHJRRSFMRQDOQLHPR HE\ü
QD]ZDQ\LOXE]D]QDF]RQ\ZREV]DU]HSRGPDV]\Q\
3XQNWZ\M FLD
VWDQRZHM
-HVWá F]QLNLHPVSHF\ILNXM F\PSU]HM FLH
DQJH[LWSRLQW ]SRGPDV]\Q\VWDQRZHMGRVWDQX8PLHV]F]DVL JR
QDJUDQLF\VWDQX]áR RQHJRRSFMRQDOQLHPR HE\ü
QD]ZDQ\LOXE]D]QDF]RQ\ZREV]DU]HSRGPDV]\Q\
VWDQRZHM
3XQNW]QLV]F]HQLD =DNR F]HQLHPDV]\Q\VWDQRZHMZVNXWHN]QLV]F]HQLD
DQJWHUPLQDWH DGHNZDWQHJRRELHNWX
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN$OWHUQDW\ZQHNRQZHQFMHJUDILF]QHSVHXGRVWDQXGHF\]MLZNZDOLILNRZDQLX
UDFKXQNXEDQNRZHJR
VP(J]DPLQRZ DQLH
0RQLWRURZ DQ\
7Z RU]RQ\
$NW\Z RZ DQ\
3ODQRZ DQ\
3U]HSURZ DG]DQ\
(G\WRZ DQ\ :VWU]\PDQ\
=DWZ LHUG]RQ\
3U]HUZ DQ\
$QXORZ DQ\ =DNR F]RQ\
>XQLHZD QLHQLH@
>HOVH@
5R]OLF]DQ\
8VXQL W\
5\VXQHN:\EUDQHSVHXGRVWDQ\ZPDV]\QLHVWDQRZHMV\VWHPXHOHNWURQLF]QHJRHJ]DPLQRZDQLD
3U]HGVWDZLD RQ PDV]\Q VWDQRZ GOD F\NOX \FLD V\VWHPX LQIRUPDW\F]QHJR 3RM FLH
F\NOX \FLDV\VWHPX FL OHZL HVL ]G]LHG]LQ LQ \QLHULLRSURJUDPRZDQLD:PRGHOX
RELHNWRZ\P R]QDF]D RQ SRG]LDá SURFHVX WZRU]HQLD V\VWHPX LQIRUPDW\F]QHJR QD OR
JLF]QLH SRZL ]DQH ID]\ UHDOL]DFML RUD] G\VF\SOLQ\ SU]HSá\ZyZ SUDF\ 8NáDG WHQ PD
FKDUDNWHUPDFLHU]RZ\=DSUH]HQWRZDQ\U\VXQHNVSHF\ILNXMHVWDQ\SURVWHL]áR RQHWZR
U] FHF]WHURSR]LRPRZ KLHUDUFKL EH]SR UHGQLFKLSR UHGQLFK]DOH QR FL6\VWHPLQ
IRUPDW\F]Q\MHVWZVWDQLH7ZRU]RQ\JG\ REHMPXMH]GDU]HQLDVNXWNXM FHZ\WZDU]D
QLHPGRNXPHQWDFMLRUD]SRV]F]HJyOQ\FKPRGXáyZRSURJUDPRZDQLD6WDQ7ZRU]RQ\MHVW
VWDQHP]áR RQ\PLVNáDGDVL ]F]WHUHFKSRGVWDQyZ
t ,QLFMRZDQ\
t 2SUDFRZ\ZDQ\
t %XGRZDQ\
t 3U]HND]\ZDQ\
&]ö è,3RGVWDZ\Mö]\ND80/
VP&\NO \FLD6\VWHPX,QIRUPDW\F]QHJR
7Z RU]RQ\
,QLFM RZ DQ\
2SUDFRZ \Z DQ\ %XGRZ DQ\
3URJUDPRZ DQ\
0RGHORZ DQ\
6SHF\ILNRZ DQ\
3U]HND]\Z DQ\
$QDOL]RZ DQ\
,QVWDORZ DQ\
3URM HNWRZ DQ\ .RQILJXURZ DQ\
>HOVH@ 2FHQLDQ\
>ZGUR HQLHQRZHJRV\VWHPX@
:\FRIDQ\
5\VXQHN'LDJUDPPDV]\Q\VWDQRZHMF\NOX \FLDV\VWHPXLQIRUPDW\F]QHJR
3RGVWDQHPDNW\ZRZDQ\PZSLHUZV]HMNROHMQR FLZUDPDFKVWDQX7ZRU]RQ\MHVWSUR
VW\ VWDQ ,QLFMRZDQ\ : SUDNW\FH QDVW SXMH UR]SRF] FLH SURMHNWX L Z\SUDFRZDQD ]R
VWDMHZL]MDV\VWHPXNWyUDSRWZLHUG]DSRZRáDQLHSU]HGVL Z]L FLDSU]H]ZV]\VWNLFKMHJR
XG]LDáRZFyZ2SXV]F]HQLHVWDQX,QLFMRZDQ\SURZDG]LGRUyZQRF]HVQHJRDNW\ZRZD
QLDGZyFKVWDQyZ
t 2SUDFRZ\ZDQ\
t %XGRZDQ\
3LHUZV]\]QLFK]DZLHUDSRGVWDQ0RGHORZDQ\NWyU\MHVWVWDQHP]áR RQ\PSRG]LHOR
Q\PQDGZDREV]DU\ZVSyáELH QH2EV]DUSLHUZV]\REHMPXMHSRGVWDQ6SHF\ILNRZDQ\
ZNWyU\PDQDOLW\F\EL]QHVRZLGHILQLXM Z\PDJDQLDVWRVXM FSU]\SDGNLX \FLDLV]D
EORQ\ MH RSLVXM FH 'UXJL REV]DU REHMPXMH GZD VHNZHQF\MQLH DNW\ZRZDQH VWDQ\
$QDOL]RZDQ\L3URMHNWRZDQ\:yZF]DVDQDOLW\F\V\VWHPRZLRUD]DUFKLWHNFLDQDOL]XM
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
5RG]DMHSU]HM è
3U]HM FLD DQJ WUDQVLWLRQV Z\VW SXM FH Z UDPDFK UR]EXGRZDQ\FK GLDJUDPyZ PD
V]\Q\VWDQRZHMV ]QDF]HQLRZR]Uy QLFRZDQH7DNZL FPR QDZ\Uy QLüQDVW SXM FH
URG]DMHSU]HM ü
t 3URVWH]DFKRG] FHSRPL G]\VWDQHP UyGáRZ\PDGRFHORZ\P
t =ZURWQHNWyU\FKVWDQHP UyGáRZ\PLGRFHORZ\PMHVWWHQVDPVWDQ5HDOL]DFMD
SU]HM FLD]ZURWQHJRQLHSURZDG]LGR]PLDQ\VWDQX
t :HZQ WU]QHE G FHMHGQ\P]HOHPHQWyZGDQHJRVWDQX1LHZ\FKRG] RQH
]HVWDQX UyGáRZHJRLQLHV GRQLHJRSRQRZQLHZSURZDG]DQH,FKUHDOL]DFMD
UyZQLH QLHSURZDG]LGR]PLDQ\VWDQX
t /RNDOQHR]QDF]DM FHSU]HM FLDSRPL G]\GRZROQ\PLSRGVWDQDPLGDQHJRVWDQX
]áR RQHJR5HDOL]DFMDSU]HM üORNDOQ\FKQLHSURZDG]LGRRSXV]F]HQLDVWDQX
]áR RQHJR
t =HZQ WU]QHRSXV]F]DM FHVWDQ]áR RQ\LVNLHURZDQHGRLQQHJRVWDQX
OXESVHXGRVWDQXGDQHMPDV]\Q\VWDQRZHM
t :\VRNLHJRSR]LRPXDOERJUXSRZHZ\FKRG] FH]HVWDQyZ]áR RQ\FK
LR]QDF]DM FHNRQLHF]QR üRSXV]F]HQLDSU]HGSU]HM FLHPZV]\VWNLFKSRGVWDQyZ
WHJRVWDQX]áR RQHJRSRF] ZV]\RGSRGVWDQXQDMEDUG]LHM]DJQLH G RQHJR
&]ö è,3RGVWDZ\Mö]\ND80/
:PRGHORZDQLXUR]EXGRZDQ\FKSU]HM üZ\VRNLHJRSR]LRPXZKLHUDUFKLLVWDQyZ]áR
RQ\FKV]F]HJyOQH]QDF]HQLHPDM QDVW SXM FHSVHXGRVWDQ\
t SXQNWZHM FLD
t SXQNWZ\M FLD
, WDN ]DVDG\ VWRVRZDQLD SXQNWyZ ZHM FLD L Z\M FLD Z RGQLHVLHQLD GR VWDQyZ ]áR R
Q\FKSUH]HQWXMHU\VXQHN3R]DZ\PLHQLRQ\PLZWDEHOLJUDILF]Q\PLR]QDF]H
QLDPLSXQNWXZHM FLDLSXQNWXZ\M FLD]DPLHQQLHPR QDVWRVRZDü]DSLVWHNVWRZ\]H
VáRZHPNOXF]RZ\PYLD7DNZL FVNáDGQLDQD]Z\SXQNWXZHM FLDOXEZ\M FLDQDRG
SRZLHGQLPSU]HM FLXMHVWQDVW SXM FD
YLDQD]ZD!
QSYLD6NRPSOHWRZDQ\
3URWRNRäRZHPDV]\Q\VWDQRZH
0DV]\Q\VWDQRZHPR QDSRG]LHOLüQD
t PDV]\Q\VWDQRZH]DFKRZDQLD
t SURWRNRáRZHPDV]\Q\VWDQRZH
SU]\F]\P
t ZDUXQHNZVW SQ\WRZDUXQHNNWyU\PXVLE\üVSHáQLRQ\DE\PRJáDE\ü
Z\ZRáDQDRSHUDFMD
t QD]ZDRSHUDFMLZVND]XMHQDMHGQ ]RSHUDFMLWHJRRELHNWX
t ZDUXQHNNR FRZ\WRZDUXQHNNWyU\MHVWJHQHURZDQ\ZNRQVHNZHQFML
Z\NRQDQLDRSHUDFML
&]ö è,3RGVWDZ\Mö]\ND80/
VP(J]DPLQRZ DQLH
>SRSU]HGQLDVHVMDUR]OLF]RQD@SODQXM6HVM >VHVMDRWZDUWD@
7Z RU]RQ\
]DWZLHUG >]DNUHVHJ]DPLQX]GHILQLRZDQ\@
HG\WXM
=DWZ LHUG]RQ\ >OLF]ED6WXGHQWyZ!@UR]SRF]QLM(J]DPLQ>ORJRZDQLH]DEORNRZDQH@
DQXOXM>HJ]DPLQXVXQL W\]OLVW\GRVW SQ\FK@
$NW\Z RZ DQ\
>F]DVHJ]DPLQXXSá\Q á@]DNR F]>HJ]DPLQXVXQL W\]OLVW\GRVW SQ\FK@
$QXORZ DQ\ DQXOXM =DNR F]RQ\
>XSá\Q áRGQL@XVX LG REOLF]OLF]ED3XQNWyZRFHQD>SURWRNyáZ\JHQHURZDQ\@
5\VXQHN'LDJUDPSURWRNRáRZHMPDV]\Q\VWDQRZHMGODRELHNWXNODV\(J]DPLQ
SURWRNRáRZDPDV]\QDVWDQRZD]DSUH]HQWRZDQDQDU\VXQNX3LHUZV]\PVWDQHP
WHJR RELHNWX MHVW VWDQ 7ZRU]RQ\ :DUXQNLHP ZHM FLD Z WHQ VWDQ MHVW UR]OLF]HQLH SR
SU]HGQLHMVHVML6\VWHPQLHSR]ZROLQDVWZRU]HQLHRELHNWX]DSR UHGQLFWZHPRSHUDFML
SODQXM6HVM RLOHZDUXQHNWHQQLH]RVWDQLHVSHáQLRQ\:DUXQNLHPNR FRZ\PRSHUDFML
MHVWRWZDUFLHVHVML3U]HM FLH]RSLV\ZDQHJRVWDQXGRVWDQX=DWZLHUG]RQ\QDVW SXMH
ZZ\QLNXZ\NRQDQLDRSHUDFML]DWZLHUG SU]\F]\PZDUXQNLHPNR FRZ\PMHVW]GH
ILQLRZDQ\]DNUHVHJ]DPLQX3UDNW\NDXGRZRGQLáD H]DNUHVWHQPR HXOHF]PLDQLH
7DNZL F(J]DPLQPR HSRZUyFLüGRVWDQX7ZRU]RQ\MH OLZ\NáDGRZFDSRVWDQRZLJR
HG\WRZDü 1LH MHVW W\P VDP\P Z\PDJDQH NDVRZDQLH XSU]HGQLR XWZRU]RQHJR HJ]D
PLQXLGHILQLRZDQLHQRZHJR2ELHNWSRZUDFDGRVWDQX7ZRU]RQ\SRZ\ZRáDQLXRSH
UDFMLHG\WXM
3R XSá\QL FLX V]H FLX PLHVL F\ RG GDW\ UR]OLF]HQLD HJ]DPLQX RSHUDFMD XVX ] SDUD
PHWUHPLGDXWRPDW\F]QLHNDVXMHRELHNW(J]DPLQ:DUWR üSDUDPHWUXLGZVND]XMHZáD
FLZ\RELHNW7ZyUF\V\VWHPXQDXF]DQLDQDRGOHJáR üUHDOL]XM FZ\PDJDQLDZ\NáDGRZ
FyZSU]HZLG]LHOLPR OLZR üDQXORZDQLD]DUyZQR]DWZLHUG]RQ\FKMDNL]DNR F]RQ\FK
HJ]DPLQyZ(J]DPLQSU]\MPXMHVWDQ$QXORZDQ\SRZ\NRQDQLXRSHUDFMLDQXOXM:DUXQ
NLHPNR FRZ\PMHVWWXXVXQL FLHHJ]DPLQX]OLVW\GRVW SQ\FKHJ]DPLQyZ$QXORZDQ\
HJ]DPLQMHVWDXWRPDW\F]QLHXVXZDQ\]ED]\GDQ\FKSRV]H FLXGQLDFK:\NRQXMHWR
RSHUDFMDXVX ]SDUDPHWUHPLG:SU]HGVWDZLRQHMSURWRNRáRZHMPDV]\QLHVWDQRZHM
RSHUDFMDXVX SRGREQLHMDNRSHUDFMDDQXOXMMHVWZVSyOQDGODGZyFKSU]HM ü
0DV]\Q\VWDQRZH]DFKRZDQLD
0DV]\Q\ VWDQRZH ]DFKRZDQLD DQJ EHKDYLRUDO VWDWHPDFKLQHV SU]HGVWDZLDM SU]HM
FLDPL G]\VWDQDPLRELHNWyZZV]HUV]\PQL ZSURWRNRáRZ\FKPDV]\QDFKVWDQRZ\FK
NRQWHN FLH]DFKRZDQLDV\VWHPXSRGV\VWHPXSU]\SDGNXX \FLDLLQQ\FKRELHNWyZ
2SFMRQDOQ\RSLVSU]HM FLDZPDV]\QLHVWDQRZHM]DFKRZDQLDFKDUDNWHU\]XMHVL VNáDG
QL ]DZLHUDM F SRM FLD]GDU]HQLDZDUXQNXLF]\QQR FLMDNQDVW SXMH
>V\JQDWXUD]GDU]HQLD!@>´>´ZDUXQHN!´@´@>´´Z\UD HQLHF]\QQR FL!@
&]ö è,3RGVWDZ\Mö]\ND80/
3RV]F]HJyOQHHOHPHQW\SU]HGVWDZLRQHMVNáDGQLPRJ E\üGDOHMXV]F]HJyáDZLDQH,WDN
V\JQDWXUD]GDU]HQLD! QD]ZD]GDU]HQLD!>´´OLVWDSDUDPHWUyZ!´´@
Z\UD HQLHF]\QQR FL! QD]ZDDNFML!_VNáDGQLDRSHUDFML!>VNáDGQLD
DWU\EXWX!@
5\VXQHN
.ROHMNRZDQLH
SURMHNWyZ
MDNRSU]\NáDG
VSHF\ILNDFML %H]F]\QQR ü
QRZH=OHFHQLH>QDGDZFDDXWRU\]RZDQ\@SU]\G]LHO3ULRU\WHW
SU]HM ü
]DNR F]HQLH3U]HWZDU]DQLD=OHFHQLD
]PLDQD5HJXá%L]QHVRZ\FK
.ROHM NRZ DQLH
HQWU\SRELHU]'HILQLFM 3URFHVX
GRWZyU].ROHMN 3U]HELHJX=OHFH
H[LWRG ZLH .ROHMN
6\VWHP\ RSDUWH QD WHFKQRORJLL :)0 XPR OLZLDM GHILQLRZDQLH SURFHVX RUD] LQWHU
SUHWDFM WHMGHILQLFMLGODSRMDZLDM F\FKVL ]OHFH 6WDQZNWyU\PV\VWHPLQWHUSUHWXMH
GHILQLFM ]OHFHQLDRUD]QDGDMHMHMRGSRZLHGQLQXPHUZNROHMFHREVáXJLQD]\ZDVL
.ROHMNRZDQLHP$NW\ZDFMDWHJRVWDQXMHVWNRQVHNZHQFM SU]HM FLD]HVWDQX%H]F]\Q
QR FL 3RMDZLHQLH VL QRZHJR ]OHFHQLD RG DXWRU\]RZDQHJR QDGDZF\ SRZRGXMH SU]\
G]LHOHQLH3ULRU\WHWXREVáXJL]OHFHQLD: PRPHQFLH ZHM FLD Z VWDQ .ROHMNRZDQLD Z\
NRQ\ZDQDMHVWF]\QQR üSREUDQLD'HILQLFML3URFHVX3R]ZDODWRV\VWHPRZLREVáXJLZDü
]OHFHQLD ]JRGQLH ] UHJXáDPL EL]QHVRZ\PL ILUP\ *G\ V\VWHP MHVW Z VWDQLH.ROHMNR
ZDQLDZ\NRQ\ZDQDMHVWF]\QQR üWZRU]HQLD.ROHMNL3U]HELHJX=OHFH -HVWRQDZ\NR
Q\ZDQDWDNGáXJRMDNVWDQSR]RVWDMHDNW\ZQ\:PRPHQFLHZ\M FLD]HVWDQX.ROHM
NRZDQLDZ\NRQ\ZDQDMHVWF]\QQR üRG ZLH HQLD.ROHMNL7DNDSURFHGXUD]DSHZQLD
XWU]\P\ZDQLHZáD FLZHMNROHMNL]OHFH
=GDU]HQLD
3U]HM FLD]MHGQHJRVWDQXGRGUXJLHJRLQLFMRZDQHV SU]H]]GDU]HQLDDQJHYHQWVVWD
QRZL FH ERG FH Z\V\áDQH SU]H] LQQH RELHNW\ :\Uy QLD VL SL ü URG]DMyZ ]GDU]H
WDEHODSU]\F]\P]GDU]HQLHRGURF]RQHSU]\MPXMHZSUDNW\FHSRVWDüNROHMNRZDQH
JRZRGPLHQQ\VSRVyE]GDU]HQLDRFKDUDNWHU]HV\JQDáX]GDU]HQLDZ\ZRáDQLD]GDU]H
QLDF]DVRZHJRDOER]GDU]HQLD]PLDQ\VWDQX
7DEHOD5RG]DMH]GDU]H
1D]ZD]GDU]HQLD &KDUDNWHU\VW\ND 3U]\NäDG
6\JQDá $V\QFKURQLF]Q\ERG]LHFSU]HV\áDQ\ 3U]HFL HQLH6LHFL
DQJVLJQDO SRPL G]\GZRPDRELHNWDPL 1DGHM FLH:LDGRPR FL
2GHEUDQLH6\JQDáX=&]XMQLND
=GDU]HQLHZ\ZRáDQLD :\ZRáDQLHSU]H]RELHNWRSHUDFML ]DORJXMHJ]DPLQDWRU
DQJFDOOHYHQW LQQHJRRELHNWX]NWyU\PVNRMDU]RQD JHQHUXM)DNWXU
MHVWPDV]\QDVWDQRZD=D]Z\F]DM
PDRQRFKDUDNWHUV\QFKURQLF]Q\ ]DUHMHVWUXMNZRWDGDWD
:\VW SLHQLD ]GDU]H SRPL G]\ GZRPD VWDQDPL L LFK REVáXJ SU]HGVWDZLD VL Z SR
VWDFLGLDJUDPX]XZ]JO GQLHQLHPQDVW SXM F\FKR]QDF]H
&]ö è,3RGVWDZ\Mö]\ND80/
t VWDQyZ
t ]GDU]H
t DNFML
t SVHXGRVWDQyZ
3U]\NáDG LOXVWUXM F\ VSRU] G]DQLH NRSLL ]DSDVRZHM Z NWyU\P ]GDU]HQLHP DNW\ZXM
F\PQDJU\ZDQLHMHVWPRG\ILNDFMDSOLNXSU]HGVWDZLRQRQDU\VXQNX
5\VXQHN
7ZRU]HQLHNRSLL
]DSDVRZHMSOLNX
&]XZ DQLH
0RG\ILNDFMD3OLNX
>HOVH@
,QLFMDFMD3URFHVX1DJU\ZDQLD
>SOLNQLHSRVLDGDDWU\EXWX$UFKLZDOQ\@
1DJU\Z DQLH
3URFHVWZRU]HQLD
GLDJUDPXPDV]\Q\VWDQRZHM
3URFHVWZRU]HQLDGLDJUDPyZPDV]\Q\VWDQRZHMSU]HELHJDZQDVW SXM F\FKHWDSDFK
RNUH OHQLHURG]DMXWZRU]RQHMPDV]\Q\VWDQRZHMLLGHQW\ILNDFMDRELHNWyZ
]LGHQW\ILNRZDQLHSRV]F]HJyOQ\FKVWDQyZPDV]\Q\VWDQRZHM
RNUH OHQLHKLHUDUFKLLVWDQyZSRGVWDQyZRUD]REV]DUyZZVSyáELH Q\FK
SRZL ]DQLHVWDQyZRUD]LFKSRGVWDQyZSU]HM FLDPL
]DVWRVRZDQLHDGHNZDWQ\FKSVHXGRVWDQyZ
RSUDFRZDQLHVSHF\ILNDFMLVHNFMLVWDQyZLSU]HM ü]JRGQLH]SU]\M W\PL
VNáDGQLDPL
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
3URFHVWZRU]HQLDGLDJUDPyZPDV]\Q\VWDQRZHMSRZLQLHQE\üUHDOL]RZDQ\]JRGQLH
]NRQFHSFM LWHUDF\MQRSU]\URVWRZHJR F\NOX \FLD V\VWHPX LQIRUPDW\F]QHJR 2]QDF]D
WR HGLDJUDPPDV]\Q\VWDQRZHMMHVWXV]F]HJyáDZLDQ\ZNROHMQ\FKLWHUDFMDFKGDQHMID
]\FRSRZRGXMHSU]\URVWMHJRGRNXPHQWDFMLD GRRVL JQL FLDSHáQHJRMHM]DNUHVX
6WXGLXPGLDJUDPXPDV]\Q\VWDQRZHM
'LDJUDP PDV]\Q\ VWDQRZHM ]DFKRZDQLD ]DZLHUDM F\ V]HUHJ HOHPHQWyZ SRGVWDZR
Z\FKRUD]]DDZDQVRZDQ\FKSU]HGVWDZLDU\VXQHN']LHG]LQ SU]HGPLRWRZ VWD
QRZLZW\PSU]\SDGNXIXQNFMRQRZDQLHV\VWHPXDXNFMLLQWHUQHWRZHM
,VWQLHMH V]HUHJ PRGHOL EL]QHVX HOHNWURQLF]QHJR VSR UyG NWyU\FK ]QDF] F URO RG
JU\ZDM DXNFMHLQWHUQHWRZH6WDQGDUGRZRXPR OLZLDM RQHUHMHVWUDFM XF]HVWQLNyZ
LVSU]HGDZDQ\FKDUW\NXáyZRUD]LFKOLF\WRZDQLH2EVáXJDWUDQVDNFMLMHVWUHDOL]RZDQD
RSFMRQDOQLH3LHUZV]\PVWDQHPMHVWVWDQ5HMHVWURZDQLHNXSXM FHJR:PRPHQFLHZHM FLD
ZWHQVWDQV\VWHPZ\ ZLHWOD)RUPXODU]NWyU\Z\SHáQLDSU]\V]á\XF]HVWQLNOLF\WDFML
3U]HM FLH]WHJRVWDQXSRZRGXMH]DFKRZDQLH'DQ\FK0R HE\üRQRSU]HM FLHPZVWDQ
5HMHVWURZDQLHVSU]HGDM FHJROXE:\V]XNLZDQLHOLF\WDFML:SLHUZV]\PSU]\SDGNXPX
VL Z\VW SLü ]GDU]HQLH SHáQHM5HMHVWUDFML : SUDNW\FH R]QDF]D WR H XF]HVWQLN PR H
Z\VW SLüZUROLNXSXM FHJRMDNUyZQLH VSU]HGDZDüDUW\NXá\²F]\OLPLHüSUDZRGR
WZRU]HQLDOLF\WDFMLZV\VWHPLH=DWHPSRGF]DVVWDQX5HMHVWURZDQLDVSU]HGDM FHJRNX
SXM F\PXVLVL ]DORJRZDü1DVW SQLHV\VWHPLGHQW\ILNXMHORJLQLKDVáR:SU]\SDGNX
SRWZLHUG]HQLDWR VDPR FLNXSXM FHJRV\VWHPSU]\G]LHOD.RG6SU]HGD \*G\VWDQ]R
VWDMH]GH]DNW\ZRZDQ\NRG6SU]HGD \RUD]LQIRUPDFMH]ZL ]DQH]H]GDU]HQLHPZHZQ WU]
Q\PVWDQX]RVWDM ]DFKRZDQHZED]LH
6WDQ 5HMHVWURZDQLD VSU]HGDM FHJR GH]DNW\ZRZDQ\ MHVW Z Z\QLNX Z\VW SLHQLD ]GD
U]HQLDZVWDZLHQLH$UW\NXáX1D$XNFM 6SUDZG]DQ\MHVWZyZF]DVZDUXQHN]JRGQR FL
ZSURZDG]RQHJRNRGX6SU]HGD \FRXPR OLZLDV\VWHPRZLLGHQW\ILNDFM XF]HVWQLNDMDNR
XSUDZQLRQHJRGRUHMHVWUDFMLDUW\NXáX$UW\NXáWHQVWDQLHVL Sy QLHMSU]HGPLRWHPOL
F\WDFML:FKZLOLZHM FLDZVWDQ5HMHVWURZDQLHDUW\NXáXV\VWHPZ\ ZLHWOD)RUPXODU]UH
MHVWUDF\MQ\6SU]HGDM F\Z\NRQXMHGZLHF]\QQR FL
t RNUH OD:áD FLZR FL$UW\NXáX
t RNUH OD3DUDPHWU\/LF\WDFML²ZW\PGDW\RWZDUFLDL]DPNQL FLDOLF\WDFML
RUD]W]ZFHQ PLQLPDOQ LFHQ ÄNXSWHUD]´
3RGDQLH FHQ MHVW RSFMRQDOQH 2ELH Z\PLHQLRQH F]\QQR FL V SRSU]HG]RQH VáRZHP
NOXF]RZ\PGR:PRPHQFLHZ\M FLD]HVWDQXZ\NRQXMHVL F]\QQR üR]QDF]RQDVáR
ZHP NOXF]RZ\P H[LW SRZRGXM F ]DFKRZDQLH'DQ\FK ZSURZDG]RQ\FK SU]H] VSU]H
GDM FHJR:SUDNW\FHZ\VW SXM ]GDU]HQLDZNWyU\FKVSU]HGDM F\VHNZHQF\MQLHUHMH
VWUXM ZL NV] OLF]E DUW\NXáyZ 'ODWHJR WH VWDQ 5HMHVWUDFML DUW\NXáX PD SU]HM FLH
]ZURWQHQD]ZDQHDGHNZDWQLHGRZVSRPQLDQHJR]GDU]HQLD3R]DUHMHVWURZDQLXDUW\NXáX
L ]DFKRZDQLX GDQ\FK QDVW SXMH Z\NRQDQLH DNFML XWZRU]HQLD/LF\WDFML $NW\ZRZDQ\
MHVWZyZF]DVVWDQ2F]HNLZDQLHQDOLF\WDFM 6WDQWHQQLHMHVWMHGQR]QDF]Q\]RWZDUFLHP
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN0DV]\QDVWDQRZDV\VWHPXDXNFMLLQWHUQHWRZHM
=JRGQLH]UHJXODPLQHPDXNFMLDUW\NXá]RVWDMHX]QDQ\]DVSU]HGDQ\MH OL
t GDWDV\VWHPRZDMHVWUyZQDRNUH ORQHMSU]H]VSU]HGDM FHJRGDFLH6WRS
²FRR]QDF]D HPLQ áF]DVWUZDQLDOLF\WDFML²DGROLF\WDFMLSU]\SLVDQ\
]RVWDáFRQDMPQLHMMHGHQNXSXM F\
t MHGHQ]NXSXM F\FK]DSURSRQRZDáFHQ ÄNXSWHUD]´OXEZL NV] RGQLHM
&HQDÄNXSWHUD]´MHVWRSFMRQDOQLHSRGDZDQDSU]H]VSU]HGDM FHJRSRGF]DVUHMHVWURZD
QLD DUW\NXáX :VND]XMH Z\VRNR ü SURSRQRZDQHM SU]H] NXSXM F\FK NZRW\ SR RVL
JQL FLXNWyUHMOLF\WDFMDMHVW]DP\NDQD:REXW\FKSU]\SDGNDFKDUW\NXáXZD DVL ]D
VSU]HGDQ\=DWHPZ\VW SLHQLH]GDU]HQLDDUW\NXá6SU]HGDQ\SRZRGXMHZ\NRQDQLHF]\Q
QR FL]DEORNRZDQLD/LF\WDFMLRUD]XVXQL FLD/LF\WDFML=.DWDORJXSURZDG]RQ\FKOLF\WDFML
0RPHQWZ\NRQDQLDSU]HM FLDMHVWMHGQR]QDF]Q\]DNW\ZDFM VWDQX=DP\NDQLDOLF\WD
FML -HJR DNW\ZDFMD SRZRGXMH Z\NRQDQLH F]\QQR FL R]QDF]RQHM VáRZHP NOXF]RZ\P
HQWU\F]\OLZ\NDVRZDQLH+LVWRULL/LF\WDFML2GSRZLHGQLDRSHUDFMDXVXZDZyZF]DV
]ED]\GDQ\FKDXNFMLLQWHUQHWRZHMSURSRQRZDQHNZRW\LQQ\FKNXSXM F\FK
VSU]HGDM F\QLHZ\]QDF]\QRZHJR7HUPLQXRWZDUFLDDQXORZDQHMOLF\WDFMLV\VWHPDX
WRPDW\F]QLH Z\NRQD SU]HM FLH GR SVHXGRVWDQX SRZL ]DQHJR ]H VWDQHP $QXORZDQLH
VSU]HGD \6NXWNLHPWHJRSU]HM FLDMHVWXVXQL FLH]ED]\GDQ\FKZV]\VWNLFKLQIRUPD
FML]ZL ]DQ\FK]DUW\NXáHP
3RGVWDZRZHSRMöFLD
$NFMD :HZQ WU]QH
&]\QQR ü :\VRNLHJRSR]LRPXJUXSRZH
:HZQ WU]QDGR =HZQ WU]QH
:HZQ WU]QDHQWU\ =áR RQH
:HZQ WU]QDH[LW =ZURWQH
'LDJUDPPDV]\Q\VWDQRZHM 3U]\SDGHNX \FLD
'HILQLFMD 3VHXGRVWDQ
3URFHVWZRU]HQLD 'HF\]MD
,QWHUDNFMD 3RF] WNRZ\
0DV]\QDVWDQRZD 3XQNWZHM FLD
3RGPDV]\QDVWDQRZD 3XQNWZ ]áRZ\
3URWRNRáRZD 3XQNWZ\M FLD
'HNODUDW\ZQD 3XQNW]QLV]F]HQLD
:\NRQ\ZDOQD 5R]ZLGOHQLH
=DFKRZDQLD 6FDOHQLH
1RWDFMD]DNáDGNRZD :]QRZLHQLH
2EV]DUZVSyáELH Q\ *á ERNLH
6HSDUDWRU 3á\WNLH
3U]HM FLH 6HNFMD
$XWRPDW\F]QH &]\QQR FLZHZQ WU]Q\FK
/RNDOQH 'HNRPSR]\FML
3URVWH 1D]Z\
6NáDGQLD 3U]HM üZHZQ WU]Q\FK
6\JQDWXUD]GDU]HQLD 6WDQ
:DUXQHN $NW\ZQ\
:\UD HQLHF]\QQR FL .R FRZ\
5R]G]LDä'LDJUDPPDV]\Q\VWDQRZHM
3RGVWDQ =GDU]HQLH
%H]SR UHGQL &]DVRZH
3R UHGQL 2GURF]RQH
3URVW\ 6\JQDá
=áR RQ\ :\ZRáDQLD
6NáDGQLDQD]Z\ =PLDQ\VWDQX
3\WDQLDL]DGDQLD
:VND URG]DMHV\VWHPyZLQIRUPDW\F]Q\FKSU]\VSHF\ILNRZDQLXNWyU\FK
GLDJUDP\PDV]\Q\VWDQRZHMV V]F]HJyOQLHX \WHF]QH8]DVDGQLMVZyMZ\EyU
-DNQDOH \UR]XPLHüSRM FLHPDV]\Q\VWDQRZHM":\MD QLMMDNUR]XPLHV]MHM
G\VNUHWQH]DFKRZDQLH
:\PLH SRGVWDZRZHNDWHJRULHSRM FLRZHGLDJUDPXPDV]\Q\VWDQRZHM
&RUR]XPLHVL SU]H]VWDQRELHNWX"&]\PFKDUDNWHU\]XMHVL VWDQSRF] WNRZ\
RUD]VWDQNR FRZ\"
-DN URO SHáQLSU]HM FLHZGLDJUDPDFKPDV]\Q\VWDQRZHM"
=DSUH]HQWXMPDV]\Q VWDQRZ QDVW SXM F\FKRELHNWyZ
t RELHNWX.OLHQW
t NRQWDEDQNRZHJR
:MDNLVSRVyEGLDJUDP\PDV]\Q\VWDQRZHMPRJ E\üXV]F]HJyáDZLDQH
SRSU]H]ZSURZDG]HQLH]DDZDQVRZDQ\FKNDWHJRULLSRM FLRZ\FK"
-DNDMHVWURODVHNFMLVWDQyZ",OHZ\Uy QLDVL Uy Q\FKVHNFMLLFR]DZLHUDM "
-DNLPLVáRZDPLNOXF]RZ\PLFKDUDNWHU\]XM VL F]\QQR FLZHM FLRZH
RUD]Z\M FLRZH".LHG\V XUXFKDPLDQH"
5R]EXGXMVWDQ\]DSUH]HQWRZDQHQDU\VXQNXRVHNFM F]\QQR FL
ZHZQ WU]Q\FK
:\VSHF\ILNXMZ\EUDQ\VWDQ]ZL ]DQ\]RELHNWHP:\SR \F]HQLHV\VWHPX
ELEOLRWHF]QHJR2ERZL ]NRZRXZ]JO GQLMZV]\VWNLHVHNFMH
:VND Uy QLFHSRPL G]\SU]HM FLHP]ZURWQ\PDZHZQ WU]Q\P
:\PLH ]DOH QR FLSRPL G]\NDWHJRULDPLSRM FLRZ\PL
t VWDQ]áR RQ\
t SRGVWDQ
t SRGPDV]\QDVWDQRZD
t REV]DUZVSyáELH Q\
&]ö è,3RGVWDZ\Mö]\ND80/
=DPNQL WH
8UHJXORZDQH
3U]HZ LM DQLH 3U]HZ LM DQLH 3DX]D 1DJU\Z DQLH
Z VWHF] QDSU]yG
5\VXQHN
6WDQ\LV\JQDá\
V\VWHPX
8UXFKDPLDQLH &]XM QLN
PRQLWRURZDQLD V\VWHPX DNW\Z Q\
SRPLHV]F]H
$NW\ZDFMD0RQLWRULQJX
:á F]HQLH&]XMQLNyZ =DUHMHVWURZDQLH=DJUR HQLD
&]XZ DQLH
=DP\NDQLH
V\VWHPX
:\á F]HQLH&]XMQLNyZ
:\á F]HQLH6\VWHPX
5HDJRZ DQLH
5R]G]LDä
,QWHUDNFMH
.OXF]RZ\P]DGDQLHPGLDJUDPyZSU]\SDGNyZX \FLDMHVWSU]HGVWDZLHQLHRJyOQHMZL]ML
IXQNFMRQDOQR FLV\VWHPXRUD]MHJRZ\PDJD :L]MDWDZNROHMQ\FKLWHUDFMDFKF\NOX
SU]\URVWRZHJRMHVWVWRSQLRZRXV]F]HJyáDZLDQDZSRVWDFLGRNXPHQWDFMLDQDOLW\F]QHM
SURMHNWRZHM ZGUR HQLRZHM L HNVSORDWDF\MQHM 3RV]F]HJyOQH SU]\SDGNL X \FLD V GR
NXPHQWRZDQHMX ZID]LHGHILQLRZDQLDZ\PDJD 'RSRGVWDZRZ\FKVNáDGQLNyZGR
NXPHQWDFMLSU]\SDGNyZX \FLDQDOH \RNUH OHQLHSU]HSá\ZXJáyZQHJRRUD]SU]HSá\
ZyZDOWHUQDW\ZQ\FK3U]HSá\Z\WHZVND]XM QDZVSyáG]LDáDQLHNRPXQLNDFM LQVWDQFML
NODV\ILNDWRUyZZFHOXUHDOL]DFMLG\QDPLF]Q\FKDVSHNWyZV\VWHPX3UHF\]\MQH]GHIL
QLRZDQLH NRPXQLNRZDQLD VL SRV]F]HJyOQ\FK LQVWDQFML NODV\ILNDWRUyZ GHF\GXM FH
RSUDNW\F]QHMX \WHF]QR FLWZRU]RQHJRV\VWHPXUHDOL]RZDQHMHVW]Z\NRU]\VWDQLHP
Uy Q\FKURG]DMyZGLDJUDPyZLQWHUDNFML
,QWHUDNFMDWRZ\PLDQDERG FÑZLPSXOVÑZLNRPXQLNDWÑZSRPLöG]\LQVWDQFMDPLNOD
V\ILNDWRUÑZZV\VWHPLH
'LDJUDP\LQWHUDNFML
ZLDGHFWZHP ]áR RQR FL LQWHUDNFML Z V\VWHPLH MHVW ]DSURSRQRZDQLH L RSUDFRZDQLH
ZVWDQGDUG]LH80/F]WHUHFKURG]DMyZGLDJUDPyZLQWHUDNFML
&]ö è,3RGVWDZ\Mö]\ND80/
t VHNZHQFML
t NRPXQLNDFML
t KDUPRQRJUDPRZDQLD
t VWHURZDQLDLQWHUDNFM
1DOH \ ]D]QDF]\ü H SRM FLH GLDJUDPX LQWHUDNFML MHVW SRM FLHP DEVWUDNF\MQ\P
²ZSUDNW\FHSU]\ELHUDRQSRVWDüMHGQHJR]F]WHUHFKZ\ HMZ\PLHQLRQ\FKURG]DMyZ
GLDJUDPyZ 3RV]F]HJyOQH URG]DMH GLDJUDPyZ LQWHUDNFML ]RVWDá\ V]F]HJyáRZR VFKD
UDNWHU\]RZDQHZUR]G]LDáDFK±,FKV\QWHW\F]Q FKDUDNWHU\VW\N SU]HGVWDZLD
WDEHOD
7DEHOD5RG]DMHLFKDUDNWHU\VW\NDGLDJUDPyZLQWHUDNFML
5RG]DMGLDJUDPX &KDUDNWHU\VW\ND
'LDJUDPVHNZHQFML RSLVXMHLQWHUDNFMHSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZV\VWHPX
DQJVHTXHQFHGLDJUDP ZSRVWDFLVHNZHQFMLNRPXQLNDWyZZ\PLHQLDQ\FKPL G]\QLPL
'LDJUDPNRPXQLNDFML VSHF\ILNXMHVWUXNWXUDOQH]ZL ]NLSRPL G]\ELRU F\PLXG]LDá
DQJFRPPXQLFDWLRQGLDJUDP ZLQWHUDNFMLLQVWDQFMDPLNODV\ILNDWRUyZRUD]Z\PLDQ
NRPXQLNDWyZSRPL G]\W\PLLQVWDQFMDPL
'LDJUDPKDUPRQRJUDPRZDQLD UHSUH]HQWXMHQDRVLF]DVX]PLDQ\GRSXV]F]DOQ\FKVWDQyZ
DQJWLPLQJGLDJUDP MDNLHPR HSU]\MPRZDüLQVWDQFMDNODV\ILNDWRUDXF]HVWQLF] FD
ZLQWHUDNFML
'LDJUDPVWHURZDQLDLQWHUDNFM GRNXPHQWXMHSU]HSá\ZVWHURZDQLDSRPL G]\ORJLF]QLH
DQJLQWHUDFWLRQRYHUYLHZGLDJUDP SRZL ]DQ\PLGLDJUDPDPLLIUDJPHQWDPLLQWHUDNFML
]Z\NRU]\VWDQLHPNDWHJRULLPRGHORZDQLDGLDJUDPyZF]\QQR FL
'LDJUDP\VHNZHQFMLLGLDJUDP\NRPXQLNDFMLWRSRGVWDZRZHURG]DMHGLDJUDPyZLQWH
UDNFML0DM FKDUDNWHUL]RPRUILF]Q\-HG\QLHWHGZDURG]DMHGLDJUDPyZZ\VW SRZDá\
ZZHUVMDFK[M ]\ND80/'LDJUDP\LQWHUDNFML]RVWDá\Z]QDF] F\VSRVyEUR]EXGR
ZDQHZZHUVML=PLDQDWDGRW\F]\QLHW\ONRZSURZDG]HQLDGZyFKQRZ\FKURG]D
MyZGLDJUDPyZLQWHUDNFMLGLDJUDPyZKDUPRQRJUDPRZDQLDRUD]GLDJUDPyZVWHURZDQLD
LQWHUDNFM OHF]WDN HLVWRWQHJRUR]EXGRZDQLDGLDJUDPyZVHNZHQFMLRUD]NRPXQLNDFML
RQRZHNDWHJRULHPRGHORZDQLD
6NäDGQLDNRPXQLNDWX
.DWHJRUL SRM FLRZ M ]\ND80/RSRGVWDZRZ\P]QDF]HQLXGODLQWHUDNFML]ZáDV]F]D
QDGLDJUDPDFKVHNZHQFMLLNRPXQLNDFMLMHVWNRPXQLNDWDQJPHVVDJH
.RPXQLNDWWRVSHF\ILNDFMDZ\PLDQ\LQIRUPDFMLPLöG]\RELHNWDPL]DZLHUDMñFD]OH
FHQLDZ\NRQDQLDRNUH ORQHMRSHUDFML
5R]G]LDä'LDJUDP\LQWHUDNFML
:DUXQHNSU]\MPXMHSU]\W\PSRVWDü
ZDUXQHN! ´>´VSHF\ILNDFMDZDUXQNX!´@´
QS >ZDUWR ü7UDQVDNFML!@
>LOR ü @
>Z]URVW!ZDJD! @
>EUDNDXWRU\]DFML@
&]ö è,3RGVWDZ\Mö]\ND80/
2SFMRQDOQ\DWU\EXWMHVWDWU\EXWHPNRQNUHWQHMNODV\GRNWyUHMZ\V\áDVL NRPXQLNDW
QS QD]ZD
QU$SDUWDPHQWX
/LVWDDUJXPHQWyZVSHF\ILNXMHRSFMRQDOQHSDUDPHWU\GODRSHUDFML:SU]\SDGNX]D
SLVDQLDZLHOXDUJXPHQWyZRGG]LHODVL MHSU]HFLQNDPL'RGDWNRZRSU]HGSHáQ VSH
F\ILNDFM SDUDPHWUXPR QDXPLH FLüSU]HGURVWHNZVND]XM F\NLHUXQHNSU]HND]\ZDQLD
SDUDPHWUX3U]HGURVWHNLQIRUPXMHF]\RGELRUFDNRPXQLNDWXRWU]\PXMHSDUDPHWUSU]HG
URVWHNLQBF]\WH SDUDPHWUMHVWSU]HND]\ZDQ\SU]H]RGELRUF QD]HZQ WU]SU]HGUR
VWHNRXWB1LHZ\VSHF\ILNRZDQLHSU]HGURVWNDMHVWUyZQR]QDF]QH]RNUH OHQLHPJRMDNR
BLQ3DUDPHWU\V]F]HJyáRZRVFKDUDNWHU\]RZDQRZUR]G]LDOH
QS PLOLPHWU\
QHWWREUXWWR
RXWBZ]URVW
SáHü P F]\]QDZDJD Z]URVW
3RGVWDZRZHSRMöFLD
$UJXPHQW 3U]HGURVWHN
$WU\EXW 3U]\SDGHNX \FLD
'LDJUDPLQWHUDNFML 5HNXUHQFMD
'LDJUDPKDUPRQRJUDPRZDQLD ,WHUDFMD
'LDJUDPNRPXQLNDFML :DUXQHN
'LDJUDPVHNZHQFML 6NáDGQLDNRPXQLNDWX
'LDJUDPVWHURZDQLDLQWHUDNFM 3RSU]HGQLN
,QWHUDNFMD :\UD HQLHVHNZHQFML
,]RPRUIL]P 6\JQDWXUD
.ODV\ILNDWRU :DUWR ü]ZURWQD
.RPXQLNDW :VSyáG]LDáDQLH
2SHUDFMD
3\WDQLDL]DGDQLD
:\MD QLM]ZL ]HNPL G]\GLDJUDPDPLSU]\SDGNyZX \FLDDGLDJUDPDPL
LQWHUDNFML
-DNQDOH \UR]XPLHüLQWHUDNFM "=LQWHUSUHWXMM QDSU]\NáDG]LHV\VWHPX
REVáXJLSRF]W\HOHNWURQLF]QHM
:\PLH URG]DMHGLDJUDPyZLQWHUDNFML
6FKDUDNWHU\]XMVSHF\ILN SRV]F]HJyOQ\FKGLDJUDPyZLQWHUDNFML
.WyUH]Z\PLHQLRQ\FKGLDJUDPyZLQWHUDNFMLQLH]QDMGRZDá\VL ZVSHF\ILNDFML
SRSU]HGQLFKZHUVMLM ]\ND80/"
-DNQDOH \LQWHUSUHWRZDüSRM FLHNRPXQLNDWXZDVSHNFLHLQWHUDNFML"
-DNDMHVWVNáDGQLDNRPXQLNDWXZ80/"
=GHILQLXMSRM FLHSRSU]HGQLND3RGDMNLONDSU]\NáDGyZSUDNW\F]Q\FK
.WyUDF] üVSHF\ILNDFMLNRPXQLNDWXQD]\ZDVL MHJRV\JQDWXU "-DNLH
HOHPHQW\]DZLHUD"
&]ö è,3RGVWDZ\Mö]\ND80/
=QDF]HQLHGLDJUDPÑZVHNZHQFML
'LDJUDP\VHNZHQFMLV QDMF] FLHMVWRVRZDQ\PLZSUDNW\FHVSR UyGZV]\VWNLFKGLD
JUDPyZ LQWHUDNFML FR PR QD SU]\SLVDü LFK SUHF\]ML Z RSLV\ZDQLX L SRU] GNRZDQLX
]áR RQ\FKLQWHUDNFML'LDJUDP\WHV FL OHSRZL ]DQH]HVFHQDULXV]DPLSU]\SDGNyZ
X \FLDGRNXPHQWXM FLFKIXQNFMRQDOQR ü
:\PLDUSR]LRP\PDFKDUDNWHUVWDW\F]Q\QDWRPLDVWSLRQRZ\²G\QDPLF]Q\'LDJUD
P\VHNZHQFMLVWZDU]DM ]DWHPPR OLZR üGRNXPHQWRZDQLDLQWHUDNFMLZSRVWDFLNRPX
QLNDWyZZ\V\áDQ\FKRUD]RGELHUDQ\FKSU]H]LQVWDQFMHNODV\ILNDWRUyZV\VWHPX2EUD]XM
RQHSU]HSá\ZVWHURZDQLDZV\VWHPLH2]QDF]DWRZ\]QDF]HQLHNROHMQR FLLPLHMVFD
Z\NRQ\ZDQLDSRV]F]HJyOQ\FKRSHUDFML
WZRU]HQLHLQLV]F]HQLHRELHNWyZVDPRZ\ZRá\ZDQLHUR]JDá ]LHQLHLWHUDFMDIUDJPHQW
Z\RGU EQLRQ\EUDPD6WZDU]DM RQHSURMHNWDQWRZLV\VWHPXPR OLZR üRSUDFRZDQLD
EDUG]RSUHF\]\MQ\FKVSHF\ILNDFMLG\QDPLNLV\VWHPX6]F]HJyOQ URO ZW\P]DNUHVLH
SHáQL RSHUDWRU\LQWHUDNFMLZSURZDG]RQHZQDMQRZV]HMZHUVMLM ]\ND80/²
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
5RG]DMHGLDJUDPÑZVHNZHQFML
=DNUHVRF]HNLZD WZyUFyZLX \WNRZQLNyZV\VWHPXZ]DNUHVLHV]F]HJyáRZR FLRSL
VX LQWHUDNFML QD GLDJUDPLH VHNZHQFML MHVW ]Uy QLFRZDQ\ =DOH \ RQ UyZQLH RG NRQ
NUHWQHMID]\F\NOXV\VWHPXRUD]MHM]DDZDQVRZDQLDFRGHWHUPLQXMHSRWU]HE\Z]DNUHVLH
V]F]HJyáRZR FL PRGHOX G\QDPLNL V\VWHPX , WDN PR QD Z\Uy QLü WU]\ URG]DMH GLD
JUDPyZVHNZHQFMLZ]DOH QR FLRGSU]\M WHJRVWRSQLDDEVWUDNFML6 WRGLDJUDP\
t NRQFHSWXDOQ\
t LPSOHPHQWDF\MQ\
t Z\VW SLHQLRZ\
:FHOXRSUDFRZDQLDNRQFHSWXDOQHJRGLDJUDPXVHNZHQFMLDQJFRQFHSWXDOVHTXHQFH
GLDJUDPWZyUFDV\VWHPXNRU]\VWD]SRGVWDZRZ\FKNDWHJRULLSRM FLRZ\FKLJUDILF]
Q\FK7HQW\SGLDJUDPXVWZDU]DPHQHG HURPLX \WNRZQLNRPPR OLZR üV]\ENLHJR
RJyOQHJRQDV]NLFRZDQLD]DNUHVXL]DZDUWR FLLQWHUDNFMLGODGDQHMDSOLNDFML:WHQVSR
VyESRZVWDMHGLDJUDPRRJyOQ\P]DNUHVLHLáDWZ\FKGR]LGHQW\ILNRZDQLDLQWHUDNFMDFK
.RQFHSWXDOQ\GLDJUDPVHNZHQFMLQLH]RVWDáZVSRVyE FLVá\]GHILQLRZDQ\ZGRNXPHQ
WDFMLM ]\ND80/
&KDUDNWHU\VW\N RSLVDQ\FKURG]DMyZGLDJUDPyZVHNZHQFMLSU]HGVWDZLDWDEHOD
7DEHOD.DWHJRULHPRGHORZDQLDDSR]LRP\GLDJUDPyZVHNZHQFML
.U\WHULXP 5DPDGLDJUDPX .DWHJRULHSRMöFLRZH 3U]\NäDGRZHU\VXQNL
.RQFHSWXDOQ\ RSFMRQDOQD SRGVWDZRZH
GLDJUDPVHNZHQFML
,PSOHPHQWDF\MQ\ Z\PDJDQD ZV]\VWNLHSRGVWDZRZH ±
GLDJUDPVHNZHQFML L]DDZDQVRZDQH
.ODV\ILNDWRUNRPXQLNDWLOLQLD \FLD
3RGVWDZRZ\PLHOHPHQWDPLGLDJUDPXVHNZHQFMLV
t NODV\ILNDWRU
t NRPXQLNDW
t OLQLD \FLD
t R URGHNVWHURZDQLD
&]ö è,3RGVWDZ\Mö]\ND80/
:\VW SXM RQH QLH]DOH QLH RG SR]LRPX DEVWUDNFML QD MDNLP GLDJUDP VHNZHQFML MHVW
WZRU]RQ\ ² QD SR]LRPLH NRQFHSWXDOQ\P LPSOHPHQWDF\MQ\P F]\ WH Z\VW SLHQLR
Z\P&RZL FHM²ZSU]\MD]QHMPHQHG HURPQDMEDUG]LHMRJyOQHMVWUDWHJLF]QHMZHU
VML NRQFHSWXDOQH GLDJUDP\ VHNZHQFML PRJ RSLHUDü VL Z\á F]QLH QD WU]HFK SLHUZ
V]\FK ] Z\PLHQLRQ\FK SRM ü %OL V] FKDUDNWHU\VW\N W\FK NDWHJRULL PRGHORZDQLD
SU]HGVWDZLDWDEHOD3RGDQHZQLHMGHILQLFMHV DXWRUVNLPLPRG\ILNDFMDPLGHILQLFML
SURSRQRZDQ\FKSU]H]RUJDQL]DFM 20*
7DEHOD3RGVWDZRZHNDWHJRULHPRGHORZDQLDGLDJUDPyZVHNZHQFML
1D]ZDSRMöFLD 1RWDFMDJUDILF]QD 'HILQLFMD
2ELHNW
MDNRLQVWDQFMD .ODV\ILNDWRU WR DEVWUDNF\MQD NDWHJRULD PRGH
3ROLVD
NODV\ILNDWRUD ORZDQLDV\VWHPXZMö]\NX80/NWÑUDXRJÑOQLD
NROHNFMöLQVWDQFMLRW\FKVDP\FKFHFKDFK
/LQLD \FLD
/LQLD \FLD WR SRZLñ]DQD ] NRQNUHWQñ LQVWDQFMñ
NODV\ILNDWRUDOLQLDQDGLDJUDPLHVHNZHQFMLZVND
]XMñFDRNUHVLVWQLHQLDWHMLQVWDQFML
.RPXQLNDW
.RPXQLNDWWRVSHF\ILNDFMDZ\PLDQ\LQIRUPDFML
PLöG]\ RELHNWDPL ]DZLHUDMñFD ]OHFHQLD Z\NR
QDQLDRNUH ORQHMRSHUDFML
5\VXQHN
,QVWDQFMH
5HFHSFM RQLVWD ,5H]HUZ DFM D %D]D'DQ\FK
NODV\ILNDWRUyZ
]OLQLDPL \FLD
5\VXQHN
3U]HVáDQLHNRPXQLNDWX
,5H]HUZ DFM D %D]D'DQ\FK
GRNRQDM5H]HUZDFML
.RPXQLNDW\ SRU] GNRZDQH V ZHGáXJ NROHMQR FL LFK Z\VW SRZDQLD ,P Sy QLHM QD
VW SXMHZ\VáDQLHNRPXQLNDWXW\PQL HMXPLHV]F]DVL JRQDGLDJUDPLHU\VXQHN
,VWQLHMHRSFMDLFKQXPHURZDQLDFKRüQDGLDJUDPDFKVHNZHQFMLQLHMHVWWRZ\PDJDQH
.OLHQW
ZSURZDG 3,1
ZHU\ILNXM6DOGR
VSUDZG 6DOGR.RQWD
Z\ ZLHWO6DOGR
5\VXQHN6SUDZG]DQLHVWDQXNRQWD]DSR UHGQLFWZHPEDQNRPDWX
1LH Z\VW SXMH NRQLHF]QR ü Z\V\áDQLD NRPXQLNDWyZ Z\á F]QLH GR LQVWDQFML NODV\IL
NDWRUyZV VLDGXM F\FKQDGLDJUDPLH]QDGDZF =OLQLL \FLDGDQHMLQVWDQFMLNODV\ILNDWR
UDPR QDSU]HVáDüNRPXQLNDW\GRZV]\VWNLFKLQQ\FKLQVWDQFMLNODV\ILNDWRUyZZ\VW
SXM F\FKQDGDQ\PGLDJUDPLHVHNZHQFML
5RG]DMHNODV\ILNDWRUÑZ
-DN]D]QDF]RQRGLDJUDP\VHNZHQFML]D]Z\F]DMSU]HGVWDZLDM VSRVyEZ]DMHPQHMZVSyá
SUDF\ RELHNWyZ 'LDJUDP\ WH PRJ MHGQDN ² ] Z\M WNLHP Z\VW SLHQLRZ\FK GLD
JUDPyZVHNZHQFML²RSLV\ZDüLQWHUDNFM SRPL G]\LQVWDQFMDPLUy Q\FKURG]DMyZ
&]ö è,3RGVWDZ\Mö]\ND80/
NODV\ILNDWRUyZVWRVRZDQ\FKZHZV]\VWNLFKLQQ\FKURG]DMDFKGLDJUDPyZM ]\ND80/
3RGVWDZRZHURG]DMHNODV\ILNDWRUyZSU]HGVWDZLDQ\FKZUDPDFKGLDJUDPyZVHNZHQ
FML]DZLHUDWDEHOD7ZyUF\V\VWHPXPRJ SRV]HU]DüVSHNWUXPNODV\ILNDWRUyZSR
SU]H]VWHUHRW\S\²SURSR]\FMHZáDVQ\FKR]QDF]H JUDILF]Q\FKLSRM FLRZ\FK
7DEHOD:\EUDQHURG]DMHNODV\ILNDWRUyZZM ]\NX80/
5RG]DM 1RWDFMDJUDILF]QD 5RG]DM 1RWDFMDJUDILF]QD
$NWRU 3DNLHW
.ODVD ,QWHUIHMV
.ODVDDQDOLW\F]QD : ]Há
6\JQDá
2 URGHNVWHURZDQLD
/LQLD \FLD UHSUH]HQWXMH RNUHV \FLD LQVWDQFML NODV\ILNDWRUD : QLHNWyU\FK RNUHVDFK
VZHJR \FLDLQVWDQFMDWDMHVWZVWDQLHF]XZDQLDSRGF]DVJG\ZLQQ\FKMHVWDNW\ZRZDQD
SU]H] NRPXQLNDW\ SU]HMPXM F VWHURZDQLH LQWHUDNFM L SRGHMPXM F ]OHFRQH G]LDáDQLD
3RZ\NRQDQLXRSHUDFML]OHFRQ\FKNRPXQLNDWHPLZ\VáDQLXRGSRZLHGQLFKNRPXQLNDWyZ
Z\QLNRZ\FKLQVWDQFMDNODV\ILNDWRUDPR HSRQRZQLHSU]HFKRG]LüZVWDQF]XZDQLD
6\WXDFMHWHSRZRGXM HZRGQLHVLHQLXGROLQLL \FLD]DSURSRQRZDQRQRZ NDWHJRUL
SRM FLRZ WMR URGHNVWHURZDQLDDQJH[HFXWLRQVSHFLILFDWLRQ
5R]G]LDä'LDJUDPVHNZHQFML
2 URGHNVWHURZDQLDMHVWVSHF\ILNDFMñZ\NRQ\ZDQLDF]\QQR FLRSHUDFMLOXELQQHM
MHGQRVWNL]DFKRZDQLDZUDPDFKLQWHUDNFML
:SUDNW\FHUHDOL]DFMDIXQNFMRQDOQR FLLQVWDQFMLNODV\ILNDWRUD²ZVND]DQLDQDOLQLL \
FLD]Z\NRU]\VWDQLHPR URGNDVWHURZDQLD²R]QDF]DZ\NRQ\ZDQLHRSHUDFMLSU]HWZD
U]DQLDREOLF]DQLDNRPXQLNRZDQLDVL ]LQQ\PLLQVWDQFMDPLNODV\ILNDWRUyZF]\WH
Z\NRQ\ZDQLDDOJRU\WPyZ]áR RQ\FK]HOHPHQWDUQ\FKDNFML1DGLDJUDPLHR URGHNVWH
URZDQLD SU]\MPXMH SRVWDü SURVWRN WD XPLHV]F]RQHJR QD OLQLL \FLD LQVWDQFML NODV\IL
NDWRUDU\VXQHN
5\VXQHN
.DWHJRULHSRM FLRZH
GLDJUDPyZVHNZHQFML
*UDILF]QDUHSUH]HQWDFMDR URGNDVWHURZDQLDQDGLDJUDPLHVHNZHQFMLQLHPXVLPLHü
FKDUDNWHUXFL JáHJR1DNRQNUHWQHMOLQLL \FLD]ZL ]DQHM]GDQ LQVWDQFM NODV\ILNDWR
UDPR HZ\VW SLüNLONDQLH]DOH Q\FKR URGNyZVWHURZDQLD2]QDF]DWR HLQVWDQFMD
WDMHVWDNW\ZRZDQDZLHORNURWQLHZFHOXUHDOL]DFMLNRPXQLNDWyZZ\V\áDQ\FKSU]H]LQ
QHLQVWDQFMHNODV\ILNDWRUyZ:WHQVSRVyELQVWDQFMDNLONDNURWQLHSU]HFKRG]LZVWDQ\
DNW\ZQHMDN]DSUH]HQWRZDQRQDU\VXQNXNWyU\SU]HGVWDZLDLQWHUDNFM LQZHVWRUD
RUD]V\VWHPXREVáXJLIXQGXV]XLQZHVW\F\MQHJR5\VXQHNWHQXZ]JO GQLDSRQDGWRRSFMH
ZSRVWDFLPR OLZR FLQXPHURZDQLDNROHMQ\FKNRPXQLNDWyZRUD]XPLHV]F]DQLDQDGLD
JUDPLHVHNZHQFMLSDUDPHWUyZRSHUDFMLSU]\NRPXQLNDWDFK
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
:VSyáF]HVQHDSOLNDFMHLQIRUPDW\F]QH]ZáDV]F]DSUDFXM FHZF]DVLHU]HF]\ZLVW\PV
EDUG]R]áR RQH2SLVDQHZVFHQDULXV]DFKSU]\SDGNyZX \FLDLQWHUDNFMHDNWRU²V\V
WHPVWDQRZL SRGVWDZ VSHF\ILNDFMLLQWHUDNFMLZHZQ WU]V\VWHPXLQIRUPDW\F]QHJR
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
5H]HUZDFMDKRWHORZD
,5H]HUZ DFM D %D]D'DQ\FK
5HFHSFMRQLVWD
RWZyU]5H]HUZDFM
VSUDZG 'RVW SQR ü3RNRL
ZSURZDG 'DQH
GRNRQDM5H]HUZDFML
SRWZLHUG 5H]HUZDFM
]DPNQLM
5\VXQHN
2NUHVDNW\ZQR FL
6\VWHP2),
LQVWDQFML ,QZHVWRU
NODV\ILNDWRUyZ
]OHü=DNXSMHGQRVWND8F]HVWQLFWZD
SRWZLHUG =DNXS
RGNXS-HGQRVWNL
SRWZLHUG 2GNXSLHQLH
3U]HGVWDZLRQHGRW\FKF]DVNDWHJRULHPRGHORZDQLDGLDJUDPyZVHNZHQFMLWMNODV\ILND
WRUNRPXQLNDWOLQLD \FLDLR URGHNVWHURZDQLDQLHV Z\VWDUF]DM FHGRXGRNXPHQ
WRZDQLD]áR RQR FLLQWHUDNFML1LHSR]ZDODM QDSHáQHRSUDFRZDQLHLPSOHPHQWDF\MQ\FK
GLDJUDPyZVHNZHQFMLE G F\FKSRGVWDZ JHQHURZDQLDNRGXV\VWHPyZLQIRUPDW\F]
Q\FK'ODWHJRGLDJUDP\VHNZHQFMLZ]ERJDFRQRRV]HUHJLQQ\FKHOHPHQWyZWDNLFKMDN
5R]G]LDä'LDJUDPVHNZHQFML
t URG]DMHNRPXQLNDWyZ
t WZRU]HQLHLQLV]F]HQLHRELHNWyZ
t ZDUXQNL
t VDPRZ\ZRá\ZDQLH
t LWHUDFMD
t UR]JDá ]LHQLH
t IUDJPHQW\Z\RGU EQLRQHLRSHUDWRU\LQWHUDNFML
t SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML
t EUDP\
5RG]DMHNRPXQLNDWÑZ
:LVWRFLHNRPXQLNDW\Uy QL VL QLHW\ONRWUH FL VHPDQW\F]Q OHF]WDN HIXQNFMRQDO
QR FL 7UH üVHPDQW\F]QDF]\OLSROHFHQLHZ\GDQHSU]H]QDGDZF Z\UD RQDMHVWSHáQ
VNáDGQL NRPXQLNDWX]GHILQLRZDQ ZUR]G]LDOH=NROHLIXQNFMRQDOQR üLQVWDQFMLNOD
V\ILNDWRUyZRNUH ODVL G]L NLZ\ERURZLRGSRZLHGQLHJRURG]DMXNRPXQLNDWX6SHF\IL
NDW\FKURG]DMyZZ\UD DQDMHVWJUDILF]QLHSRSU]H]ZSURZDG]HQLHRGPLHQQ\FKR]QD
F]H :\Uy QLDVL QDVW SXM FHURG]DMHNRPXQLNDWyZ
t V\QFKURQLF]Q\
t DV\QFKURQLF]Q\
t ]ZURWQ\
t XWUDFRQ\
t ]QDOH]LRQ\
t RSFMRQDOQ\
t RF]HNXM F\
:UXW\QRZHMLQWHUDNFMLREDELRU FHZQLHMXG]LDáLQVWDQFMHNODV\ILNDWRUyZ²NODV\IL
NDWRUQDGDZFDRUD]NODV\ILNDWRURGELRUFD²V ]QDQHL FL OH]GHILQLRZDQH.RPX
QLNDW\ELRU FHXG]LDáZWDNLHMLQWHUDNFMLWUDNWXMHVL MDNRNRPSOHWQH1DOH GRQLFK
NRPXQLNDW\ V\QFKURQLF]QH DV\QFKURQLF]QH ]ZURWQH RSFMRQDOQH RUD] RF]HNXM FH
:SUDNW\FHPR H]DLVWQLHüWDN HV\WXDFMDZNWyUHMMHGQD]LQVWDQFMLQDGDZFDE G
RGELRUFDMHVWQLH]QDQD.RPXQLNDW\QLHNRPSOHWQHFKDUDNWHU\]XM FHRSLVDQ V\WXDFM
QD]\ZD VL RGSRZLHGQLR NRPXQLNDWHP ]QDOH]LRQ\P RUD] NRPXQLNDWHP XWUDFRQ\P
']L NLSRM FLXVWHUHRW\SX]HVWDZGRVW SQ\FKURG]DMyZNRPXQLNDWyZMHVWUR]V]HU]DQ\
SU]H]Uy Q\FKDXWRUyZL]HVSRá\SUDNW\NyZX \WNXM F\FKM ]\N80/
&]ö è,3RGVWDZ\Mö]\ND80/
1D]DPLHV]F]RQ\FKGRW GGLDJUDPDFKVHNZHQFMLSU]HGVWDZLDQRMHGHQZLVWRFLHGR
PLQXM F\URG]DMNRPXQLNDWX²NRPXQLNDWV\QFKURQLF]Q\:\VáDQLHNRPXQLNDWX
V\QFKURQLF]QHJRDQJV\QFKURQRXVPHVVDJHR]QDF]DSU]HND]DQLHVWHURZDQLDGRNOD
V\ILNDWRUDRGELRUF\:PRPHQFLHSU]HVáDQLDWHJRNRPXQLNDWXDNWXDOQ\SU]HSá\ZVWH
URZDQLD NODV\ILNDWRUDQDGDZF\ XOHJD SU]HUZDQLX ² MHVW RQ Z]QDZLDQ\ GRSLHUR SR
Z\NRQDQLXSU]H]NODV\ILNDWRURGELRUF RSHUDFMLLQLFMRZDQHMSU]H]WHQNRPXQLNDWU\
VXQHN2GELRUFDDNW\ZXMHRSHUDFM ZVND]DQ ZNRPXQLNDFLHD]DWHPSRZLQLHQ
Z\VW SRZDüPHU\WRU\F]Q\]ZL ]HNSRPL G]\QD]Z NRPXQLNDWXDQD]Z RSHUDFMLDN
W\ZRZDQHMZNODV\ILNDWRU]HRGELRUF\1D]Z\WH]JRGQLH]]DVDG SROLPRUIL]PXRELHN
WRZR FLPLPRZVND]\ZDQLDQDW VDP RSHUDFM QLHPXV] E\üLGHQW\F]QH.ZHVWLD
]JRGQR FLQD]HZQLFWZDZSU]\SDGNXZ\NRU]\VWDQLDSDNLHWyZ&$6(GRWZRU]HQLDGLD
JUDPyZVHNZHQFMLMHVW]QDF]QLH XSURV]F]RQD 1D]Z\ QDGDZDQH NRPXQLNDWRP DXWR
PDW\F]QLHSU]HQRV]RQHV MDNRQD]Z\RSHUDFMLGRRGSRZLHGQLFKNODV
5\VXQHN
.RPXQLNDW
,0DJD]\Q $UW\NXá
V\QFKURQLF]Q\
]PLH &HQ
5\VXQHN
.RPXQLNDW
1DGDZ FD 6DWHOLWD
DV\QFKURQLF]Q\
RGELHU]6\JQDá
5\VXQHN
.RPXQLNDW]ZURWQ\
,0DJD]\Q $UW\NXá
]PLH &HQ
Z\ ZLHWO&HQDXDNWXDOQLRQD
.RPXQLNDWRNUH ODVL PLDQHPXWUDFRQHJRDQJORVWPHVVDJHZV\WXDFMLJG\NODV\
ILNDWRUQDGDZFDMHVW]QDQ\QDWRPLDVWRGELRUFDQLH]QDQ\U\VXQHN.RPXQLNDW
XWUDFRQ\ PD ]QDF]HQLH Z PRGHORZDQLX ]áR RQ\FK VNáDGDM F\FK VL ] ZLHOX IUDJ
PHQWyZLQWHUDNFML1DW\PHWDSLHWZRU]HQLDV\VWHPXMHJRSURMHNWDQWQLHMHVWZVWDQLH
GRNáDGQLHVSUHF\]RZDüRGELRUF\NRPXQLNDWXSU]HV\áDQHJRSRPL G]\IUDJPHQWDPLLQWH
UDNFML:GDOV]\FKLWHUDFMDFKSURFHVXWZRU]HQLDV\VWHPXSRLQWHJUDFMLSRV]F]HJyOQ\FK
IUDJPHQWyZNODV\ILNDWRURGELRUFD]RVWDMHMHGQR]QDF]QLH]LGHQW\ILNRZDQ\
5\VXQHN
.RPXQLNDWXWUDFRQ\
3RUWDO,QWHUQHWRZ \
Z\ ZLHWO%DQQHU
-H HOLRGELRUFDGDQHJRNRPXQLNDWXMHVW]QDQ\ZREU ELHGDQHJRIUDJPHQWXLQWHUDNFML
QDWRPLDVWQDGDZFDMHVWQLH]QDQ\NRPXQLNDWWDNLQD]\ZDQ\MHVWNRPXQLNDWHP]QDOH
]LRQ\PDQJIRXQGPHVVDJH.RPXQLNDW]QDOH]LRQ\]DPLHV]F]RQRQDU\VXQNX
5\VXQHN
.RPXQLNDW]QDOH]LRQ\
&]XM QLN
]DLQLFMXM5HDNFM
.RPXQLNDW]QDOH]LRQ\MHVWZ\V\áDQ\VSR]DGDQHJRGLDJUDPXVHNZHQFML,PSXOVHPGR
QDGDQLDRSLV\ZDQHJRNRPXQLNDWXPR HE\üSU]\NáDGRZRG\PRJLH KDáDVF]\UXFK
D]DWHP]MDZLVNDNWyUHQLHSRGGDM VL RSLVRZLZSRVWDFLVWDQGDUGRZ\FKHOHPHQWyZ
PRGHORZDQLDGLDJUDPyZVHNZHQFMLM ]\ND80/
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
.RPXQLNDWRSFMRQDOQ\
5\VXQHN
.RPXQLNDWRF]HNXM F\
,0DJD]\Q %D]D'DQ\FK
QDZL 3Rá F]HQLH
7ZRU]HQLHLQLV]F]HQLHRELHNWÑZ
3RV]F]HJyOQHLQVWDQFMHNODV\ILNDWRUyZPRJ ]DSR UHGQLFWZHPRSHUDFML]DUyZQRWZR
U]\üMDNLQLV]F]\üRELHNW\2ELHNW]RVWDMHXWZRU]RQ\ZZ\QLNXSU]HVáDQLDNRPXQL
NDWXVWHUHRW\SRZDQHJR©FUHDWHª2ELHNWWHQXPLHV]F]DQ\MHVWQDGLDJUDPLHVHNZHQFML
SRQL HMSLHUZRWQLHLVWQLHM F\FKLQVWDQFMLNODV\ILNDWRUyZWDNDE\MHJRSRáR HQLHE\áR
]JRGQH]F]DVHPXWZRU]HQLDU\VXQHN3RVáRZLHNOXF]RZ\P©FUHDWHªSRZLQQD
E\üXPLHV]F]RQDQD]ZDRSHUDFMLWZRU] FHMRELHNWFKRüQLHMHVWWRREOLJDWRU\MQH
5\VXQHN
7ZRU]HQLH
,.OLHQW :LHU]\WHOQR ü
LQLV]F]HQLHRELHNWyZ
FUHDWH!!
XL ü
3áDWQR ü
GHVWUR\!!
DQXOXM
8,&RQWURO
:DUXQNL
:\NRQDQLHNRPXQLNDWXPR QDX]DOH QLüRGVSHáQLHQLDRNUH ORQ\FKZDUXQNyZDQJ
JXDUGFRQGLWLRQV
:DUXQHN MHVW WR ]ZLñ]DQH ] NRPXQLNDWHP NU\WHULXP RG NWÑUHJR VSHäQLHQLD X]D
OH QLRQHMHVWZ\NRQDQLHRNUH ORQHMRSHUDFML
5\VXQHN
:DUXQHNUHDOL]DFML
,/LF\WDFM D
NRPXQLNDWX .XSXM F\
>FHQD3URSRQRZDQD!FHQD:\ZRáDZF]D@
SU]\VW S'R/LF\WDFML
&]ö è,3RGVWDZ\Mö]\ND80/
6DPRZ\ZRäDQLH
.ROHMQ NDWHJRUL SRM FLRZ VWRVRZDQ Z GLDJUDPDFK VHNZHQFML MHVW VDPRZ\ZRáD
QLHDQJPHVVDJHVWRVHOI2]QDF]DRQRV\WXDFM ZNWyUHMGDQDLQVWDQFMDNODV\ILNDWR
UDZ\ZRáXMHZáDVQ RSHUDFM U\VXQHN6DPRZ\ZRáDQLHQDOH \WUDNWRZDüMDNR
V]F]HJyOQ\SU]\SDGHNLWHUDFML
5\VXQHN
6DPRZ\ZRáDQLH
)RUPXODU]=DNXSX)RUPXODU]
ZHU\ILNXM.RPSOHWQR ü'DQ\FK
:HIHNFLHVDPRZ\ZRá\ZDQLDQDOLQLL \FLDGDQHMLQVWDQFMLNODV\ILNDWRUDSRMDZLDVL
]DJQLH G RQ\R URGHNVWHURZDQLD3RM FLH]DJQLH G HQLDMHVW FL OH]ZL ]DQH]NROHM
QR FL Z]DMHPQLHX]DOH QLRQHJRZ\ZRá\ZDQLDVL NRPXQLNDWyZLMHVWV]F]HJyáRZR
Z\MD QLRQHZUR]G]LDOH
,WHUDFMD
:]DVWRVRZDQLDFKEL]QHVRZ\FKZ\VW SXMHZLHOHLQWHUDNFMLZNWyU\FKWHQVDPNRPX
QLNDWZ\NRQ\ZDQ\MHVWZLHORNURWQLHQD]DVDG]LHLWHUDFML
,WHUDFMDWRZLHORNURWQHSROLF]DOQHSRZWÑU]HQLHMHGQRVWNL]DFKRZDQLDZV\VWHPLH
.URWQR ü Z\NRQDQLD LWHUDFML RNUH ODQD MHVW Z IRUPLH ZDUXQNX SRSU]HG]RQHJR V\P
EROHP
3RGVWDZRZDQRWDFMDLWHUDFMLMHVWQDVW SXM FD
´
´_´
>´VSHF\ILNDFMDLWHUDFML!´@´QD]ZDRSHUDFML!
VG:HZ Q WU]QD5HNUXWDFM D3UDFRZ QLNyZ 'R3URM HNWyZ
.RPLWHW6WHUXM F\,7 =HVSyá3URMHNWRZ\ 'REyU3UDFRZQLNyZ %D]D'DQ\FK
SU]\G]LHO/LGHUD
SU]\G]LHOOLGHU
DNWXDOL]XMOLGHUVWDWXV
Z\ ZLHWO/LGHUSU]\G]LHORQ\
NRPSOHWXM=HVSyá3URMHNWRZ\
SU]\G]LHO
>SUDF Q@SU]\G]LHO6SHFMDOLVW SUMDQSUJWVW
Z\ ZLHWO=HVSyáVNRPSOHWRZDQ\
]DWZLHUG =HVSyá3URMHNWRZ\
5\VXQHN,WHUDFMDZZHZQ WU]QHMUHNUXWDFMLSUDFRZQLNyZGRSURMHNWyZ
5R]JDäö]LHQLH
=ZHU\ILNRZDQLH ZDUXQNX PR H R]QDF]Dü Z\VáDQLH NRPXQLNDWX VNXWNXM FHJR Z\NR
QDQLHPRSHUDFMLRGELRUF\WDNMDNQDU\VXQNX-HGQDNUHDOL]DFMDNRQNUHWQ\FKRSH
UDFML PR H RSLHUDü VL QD EORNX GHF\]\MQ\P VNáDGDM F\P VL ] SU]\QDMPQLHM GZyFK
Z]DMHPQLHZ\NOXF]DM F\FKVL ZDUXQNyZ: WDNLP SU]\SDGNX UHDOL]DFMD Z\NOXF]D
M F\FKVL ZDUXQNyZQDGLDJUDPLHVHNZHQFMLR]QDF]DNRQLHF]QR üSU]HV\áDQLDNRPXQL
NDWyZMDNUyZQLH SU]HND]DQLDVWHURZDQLDGRRGSRZLHGQLFKLQVWDQFMLNODV\ILNDWRUyZ
)XQNFMDREVáXJLW\FKZDUXQNyZSU]\ELHUDSRVWDüUR]JDá ]LHQLDDQJEUDQFKMDNQD
U\VXQNX$]DWHP
5R]JDäö]LHQLHMHVWVSRVREHPSU]HND]DQLDVWHURZDQLDQDGLDJUDPLHVHNZHQFML]OL
QLL \FLD R URGND VWHURZDQLD NODV\ILNDWRUDQDGDZF\ GR NODV\ILNDWRUÑZRGELRUFÑZ
Z]DOH QR FLRGVSHäQLHQLDZDUXQNXSU]\SLVDQHJRGRSU]HV\äDQHJRNRPXQLNDWX
,3DQHO6WHUXM F\ .DWDORJ /LF\WDFM D
6SU]HGDM F\
]DEORNXM6SU]HGD $UW\NXáX
>GHF\]MDRXVXQL FLXDUW\NXáX@XVX $UW\NXá
>GHF\]MDRSU]HUZDQLXOLF\WDFML@]DNR F]/LF\WDFM
5\VXQHN5R]JDá ]LHQLH
5\VXQHN SUH]HQWXMH Z\EUDQH LQWHUDNFMH GRW\F] FH OLF\WDFML QD DXNFML LQWHUQHWR
ZHMQDNWyU 6SU]HGDM F\PR H]JáRVLüV]HUHJDUW\NXáyZXPLHV]F]DM FMHZ.DWDOR
JXDXNFML%LH F NRQWURO QDGSU]HELHJLHPDXNFMLXPR OLZLDPX,3DQHO6WHUXM F\
:RNUHVLHPL G]\XPLHV]F]HQLHPDUW\NXáXZ.DWDORJXDUR]SRF] FLHP/LF\WDFML6SU]H
GDM F\ PR H E\ü ]DLQWHUHVRZDQ\ Z\FRIDQLHP DUW\NXáX ] DXNFML 6NXWNXMH WR Z\NUH
OHQLHPDUW\NXáX].DWDORJXDXNFMLZZ\QLNXSU]HVáDQLDNRPXQLNDWXXVX $UW\NXá,VW
QLHMHUyZQLH GUXJLVSRVyE]DEORNRZDQLDVSU]HGD \DUW\NXáXQD/LF\WDFML=QDMGXMH
]DVWRVRZDQLHZWHG\JG\MX ZWUDNFLHWUZDQLD/LF\WDFMLVSU]HGDM F\]GHF\GXMHVL QD
Z\FRIDQLH DUW\NXáX L SU]HUZDQLH/LF\WDFML EH] SRGDQLD SU]\F]\Q 'RNRQXMH VL WR
ZZ\QLNXSU]HVáDQLDNRPXQLNDWX]DNR F]/LF\WDFM
5R]G]LDä'LDJUDPVHNZHQFML
=DWHP80/SR]ZDODQDZSURZDG]DQLHGZyFKRGPLDQUR]JDá ]LH
>ZDUXQNL@
t NODV\ILNDWRUQDGDZFD NLONDNODV\ILNDWRUyZRGELRUFyZ
>ZDUXQNL@
t NODV\ILNDWRUQDGDZFD MHGHQNODV\ILNDWRURGELRUFD
]UR]V]F]HSLRQ OLQL \FLD
©V\VWHPª
.RQWUDNW\7HUPLQRZH
1DE\ZFD %LXUR0DNOHUVNLH %DQN
UHDOL]XM.RQWUDNW
XVWDO:DUWR ü%LH F
>Z%LH !Z1RP@Z\NRQDM.RQWUDNW
WUDQVIHUXM=\VN
>Z%LH Z1RP@Z\NRQDM.RQWUDNW
WUDQVIHUXM'HSR]\W
5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR
1DU\VXQNX]DSUH]HQWRZDQRGUXJLURG]DMUR]JDá ]LHQLDQDGLDJUDPDFKVHNZHQ
FML1DE\ZFDGHF\GXMHVL ]UHDOL]RZDüXSU]HGQLRQDE\W\NRQWUDNWWHUPLQRZ\:W\P
FHOXZ\V\áDNRPXQLNDWUHDOL]XM.RQWUDNWGRV\VWHPX .RQWUDNW\7HUPLQRZH 1DE\ZFD
PR H VSRG]LHZDü VL ]DUyZQR ]\VNyZ MDN L VWUDW 6\VWHP XVWDOD:DUWR ü%LH F
NRQWUDNWX1DVW SQLHZDUWR üWDMHVWSRUyZQ\ZDQD]ZDUWR FL QRPLQDOQ UyZQ FHQLH
&]ö è,3RGVWDZ\Mö]\ND80/
]DNXSX3RSU]HSURZDG]HQLXSRUyZQDQLDZ\V\áDQ\MHVWNRPXQLNDWZ\NRQDM.RQWUDNW
6SRVyEZ\NRQDQLDNRQWUDNWX]DOH \RGZ\QLNXILQDQVRZHJRWUDQVDNFML:SU]\SDGNX
RVL JQL FLD]\VNyZV RQHSU]HOHZDQHQDNRQWR1DE\ZF\NRQWUDNWXZZ\QLNXZ\NR
QDQLDNRPXQLNDWXWUDQVIHUXM=\VN1DWRPLDVWHZHQWXDOQHVWUDW\V SRWU FDQH]MHJRGH
SR]\WXZZ\QLNXUHDOL]DFMLNRPXQLNDWXSRWU ü6WUDW ='HSR]\WX:REXSU]\SDGNDFK
QDVW SQ\PNURNLHPMHVWWUDQVIHU'HSR]\WXOXEMHJRSR]RVWDáHMF] FLSU]H]%LXUR
0DNOHUVNLHQDNRQWR1DE\ZF\Z%DQNXSURZDG] F\PUDFKXQHNELH F\1DE\ZF\
7UDQVDNFMDNR F]\VL SRWZLHUG]HQLHP5HDOL]DFML.RQWUDNWX
)UDJPHQW\Z\RGUöEQLRQHLRSHUDWRU\LQWHUDNFML
=áR RQR üGLDJUDPyZVHNZHQFMLSRZRGXMH HZ\Uy QLDVL ZQLFKSHZQHVSHFMDOQH
REV]DU\LQWHUDNFMLQD]\ZDQHIUDJPHQWDPLLQWHUDNFML:SUDNW\FHSU]\MPXM RQHSRVWDü
t IUDJPHQWyZZ\RGU EQLRQ\FKDQJFRPELQHGIUDJPHQWV
t SU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFMLDQJLQWHUDFWLRQRFFXUUHQFHV
)UDJPHQWZ\RGUöEQLRQ\MHVWWRORJLF]QLHVSÑMQ\REV]DULQWHUDNFMLF]ö èGLDJUDPX
VHNZHQFMLFKDUDNWHU\]XMñFDVLöVSHF\ILF]Q\PLZäD FLZR FLDPLRNUH ORQ\PLSU]H]RSH
UDWRULQWHUDNFML
5\VXQHN
)UDJPHQW
Z\RGU EQLRQ\
LMHJRHOHPHQW\
t DOW²DOWHUQDW\ZD
t RSW²RSFMD
t EUHDN²SU]HUZDQLH
t ORRS²LWHUDFMD
t QHJ²IXQNFMRQDOQR üQLHSUDZLGáRZD
t SDU²ZVSyáELH QR ü
t FULWLFDO²REV]DUNU\W\F]Q\
t DVVHUW²IRUPXáD
t FRQVLGHU²LVWRWQR ü
t LJQRUH²QLHLVWRWQR ü
t VWULFWH² FLVáHXSRU] GNRZDQLH
t VHT²VáDEHXSRU] GNRZDQLH
t MH OLIUDJPHQWZ\RGU EQLRQ\R]QDF]RQ\MHVWRSHUDWRUHPSDUZV]\VWNLH
VNáDGDM FHVL QDQLHJRRSHUDQG\Z\NRQ\ZDQHV UyZQROHJOH
t ZHIUDJPHQWDFKZ\RGU EQLRQ\FKR]QDF]RQ\FKSR]RVWDá\PLRSHUDWRUDPL
SRV]F]HJyOQHRSHUDQG\LQWHUDNFMLZ\NRQ\ZDQHV VHNZHQF\MQLH
7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFML
3HäQDQD]ZD
2SHUDWRU ,QWHUSUHWDFMD 5\VXQNL
RSHUDWRUD
DOWHUQDW\ZD DOW 2]QDF]DPR OLZR üZ\ERUXMHGQHJRLW\ONRMHGQHJRVSR UyG
ZV]\VWNLFKRSHUDQGyZGDQHJRIUDJPHQWXZ\RGU EQLRQHJR
:\EyUWHQMHVWGRNRQ\ZDQ\QDSRGVWDZLHZDUXQNX
SU]\SLVDQHJRGRRSHUDQGX:DUXQNLPRJ E\üRSLVDQH
ZVSRVyEMDZQ\DOERQLHMDZQ\2NUH OHQLHZDUXQNXMDZQHJR
QDVW SXMHSRSU]H]MHJRXPLHV]F]HQLHZREV]DU]HGDQHJR
RSHUDQGX3RPLQL FLHWDNLHJR]DSLVXR]QDF]D HZDUXQHN
WHQMHVWGRP\ OQ\
RSFMD RSW 2]QDF]D HRSHUDQGZHIUDJPHQFLHZ\RGU EQLRQ\P
Z\VW SLOXE]RVWDQLHSRPLQL W\
SU]HUZDQLH EUHDN -HVWVNUyFRQ IRUP RSHUDWRUDDOW:\VW SXMHZV\WXDFML
JG\QDGLDJUDPLHLVWQLHMHW\ONRMHGHQ FL OH]GHILQLRZDQ\
RSHUDQGQDWRPLDVWRWRF]HQLHIUDJPHQWXZ\RGU EQLRQHJR
SRWUDNWRZDQH]RVWDMHZNDWHJRULDFKGUXJLHJRRSHUDQGX
:PRPHQFLHZ\NRQDQLDIUDJPHQWXZ\RGU EQLRQHJR
R]QDF]RQHJRRSHUDWRUHPEUHDNRWDF]DM FHJRLQWHUDNFMH
V LJQRURZDQH
5R]G]LDä'LDJUDPVHNZHQFML
7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFMLFL JGDOV]\
3HäQDQD]ZD
2SHUDWRU ,QWHUSUHWDFMD 5\VXQNL
RSHUDWRUD
LWHUDFMD ORRS 2]QDF]DSRZWDU]DQLHRSHUDQGXRNUH ORQ LOR üUD]\'ROQD
LJyUQDOLF]EDLWHUDFMLPR HE\üZVND]DQDZIRUPLHSDUDPHWUX
MDNSRQL HM
ORRS>´´PLQLQW!>´´PD[LQW!@´´@
3DUDPHWUPLQLQWMHVWQLHXMHPQ OLF]E FDáNRZLW QDWRPLDVW
PD[LQW²OLF]E FDáNRZLW ZL NV] RGPLQLQW:SU]\SDGNX
Z\VSHF\ILNRZDQLDW\ONRMHGQHJRSDUDPHWUXS WOD]RVWDQLH
Z\NRQDQDZVND]DQ LOR üUD]\3RPLQL FLHSDUDPHWUyZ
MHVWGRP\ OQLHWUDNWRZDQHMDNRZ\NRQDQLHS WOLRG]HUD
GRQLHVNR F]RQR FL
IXQNFMRQDOQR ü QHJ &KDUDNWHU\]XMHRSHUDQG\NWyUHWUDNWRZDQHV ZNDWHJRULDFK
QLHSUDZLGáRZD G]LDáD QLHSUDZLGáRZ\FK2SHUDQG\WHZVND]XM QDZ\M WNL
NWyUHPXV] ]RVWDüREVáX RQH'RWDNLFKZ\M WNyZ
REVáXJLZDQ\FKZM ]\NDFKSURJUDPRZDQLDQSZM ]\NX
-$9$QDOH PLQEá GRSHUDFMLDU\WPHW\F]QHMLQGHNV
SR]D]DNUHVHPQLHSUDZLGáRZ\W\SGDQ\FK
LSU]HSHáQLHQLHVWRVX
ZVSyáELH QR ü SDU :VND]XMHQDUyZQROHJáHZ\NRQ\ZDQLHZV]\VWNLFK
RSHUDQGyZGDQHJRIUDJPHQWXZ\RGU EQLRQHJR
REV]DU FULWLFDO &KDUDNWHU\]XMHIUDJPHQWZ\RGU EQLRQ\VWDQRZL F\
NU\W\F]Q\ ]DPNQL W FDáR üNWyU\X]\VNXMHQDMZ\ V]\SULRU\WHW
ZUHDOL]DFMLLQWHUDNFML,QVWDQFMHNODV\ILNDWRUyZXF]HVWQLF] FH
ZUHDOL]DFMLREV]DUXNU\W\F]QHJRQLHPRJ XF]HVWQLF]\ü
ZLQQ\FKLQWHUDNFMDFK6 ]DEORNRZDQHZ\á F]QLH
GODSRWU]HEZ\NRQDQLDLQWHUDNFMLREV]DUXNU\W\F]QHJR
,QWHUDNFMHZ\VW SXM FHZRWRF]HQLXREV]DUXNU\W\F]QHJR
LQLHLQJHUXM FHZMHJRIXQNFMRQRZDQLHPRJ E\ü
Z\NRQ\ZDQHUyZQRF]H QLH
IRUPXáD DVVHUW 5HSUH]HQWXMHZ\NRQDQLHVIRUPDOL]RZDQHJRWZLHUG]HQLD
DOJRU\WPX-HVWF] VWRSRZL ]DQ\]RSHUDWRUDPLFRQVLGHU
OXELJQRUH
LVWRWQR ü FRQVLGHU 2]QDF]DIUDJPHQWZ\RGU EQLRQ\SU]HGVWDZLDM F\]HVWDZ
RSHUDQGyZ]DZLHUDM F\FKNRPXQLNDW\NWyUHPXV] ]RVWDü
Z\NRQDQHZUDPDFKGDQHJRGLDJUDPXVHNZHQFML6NáDGQLD
RSHUDWRUDMHVWQDVW SXM FD
FRQVLGHU´^´QD]Z\NRPXQLNDWyZ!´`´
:SU]\SDGNXZ\VW SRZDQLDZHIUDJPHQFLHZ\RGU EQLRQ\P
NLONXNRPXQLNDWyZV RQHRGG]LHODQHSU]HFLQNDPL
QSFRQVLGHU^Z\ELHU]:\NáDGRZF Z\ELHU]3UDFRZQL `
FRQVLGHU^ZVWDZ$UW\NXá1D$XNFM `
&]ö è,3RGVWDZ\Mö]\ND80/
7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFMLFL JGDOV]\
3HäQDQD]ZD
2SHUDWRU ,QWHUSUHWDFMD 5\VXQNL
RSHUDWRUD
QLHLVWRWQR ü LJQRUH 2]QDF]DIUDJPHQWZ\RGU EQLRQ\VSHF\ILNXM F\NRPXQLNDW\
QLHPDM FHLVWRWQHJRZSá\ZXQDFDáR üLQWHUDNFML.RPXQLNDW\
WHPRJ E\üZVND]DQHZGRZROQ\PPLHMVFXQDGLDJUDPLH
OXE]RVWDüSRPLQL WH3RVáRZLHNOXF]RZ\PLJQRUH
ZQDZLDVDFKNODPURZ\FKSRGDMHVL OLVW QLHLVWRWQ\FK
NRPXQLNDWyZ
LJQRUH´^´QD]Z\NRPXQLNDWyZ!´`´
:SU]\SDGNXZ\VW SRZDQLDZHIUDJPHQFLHZ\RGU EQLRQ\P
NLONXNRPXQLNDWyZV RQHRGG]LHODQHSU]HFLQNDPL
QSLJQRUH^VNDVXM3OLNL7\PF]DVRZHZ\F]\ ü%XIRU`
2SHUDWRULJQRUHPR HE\üMHGQ\P]SDUDPHWUyZ
XPLHV]F]RQ\FKZQDJáyZNXUDP\GLDJUDPXVHNZHQFML
QSVG]DUHMHVWUXM'RNXPHQW\LJQRUH^SRGDM1DURGRZR ü`
FLVáH VWULFW :VND]XMH HRSHUDQG\PXV] E\üZ\NRQ\ZDQH
XSRU] GNRZDQLH ZQLH]PLHQQHMRNUH ORQHMQDGLDJUDPLHNROHMQR FL
VáDEH VHT :VND]XMH HNRPXQLNDW\QDUy Q\FKOLQLDFK \FLDGOD
XSRU] GNRZDQLH Uy Q\FKRSHUDQGyZPRJ Z\VW SLüZGRZROQ\PSRU] GNX
$OWHUQDW\ZDDOW
6\VWHPLQIRUPDW\F]Q\X \WNRZDQ\ZILUPLHSR]ZDODQDDNWXDOL]DFM ]DPyZLH SU]HFKRZ\ZDQ\FK
ZED]LHGDQ\FK3RSU]H]Z\VáDQLHNRPXQLNDWXSRELHU]=DPyZLHQLHX \WNRZQLF\V\VWHPX
PRJ SU]HJO GDü]DPyZLHQLDSU]HFKRZ\ZDQHZED]LHGDQ\FKQDIRUPDWFH,=DPyZLHQLH
RUD]DNWXDOL]RZDüMH$NWXDOL]DFMD]DPyZLH MHVWF]\QQR FL GRZ\NRQDQLDNWyUHMDXWRU\]DFM
PDM Z\á F]QLHSUDFRZQLF\G]LDáX]DPyZLH 'RVW SGR]DPyZLH SU]HFKRZ\ZDQ\FK
ZED]LHGDQ\FKPDM UyZQLH LQQLSUDFRZQLF\ILUP\ZV]F]HJyOQR FLREVáXJXM F\V\VWHP&50
23,6
7DGUXJDJUXSDSUDFRZQLNyZQLHPDMHGQDNXSUDZQLH QLHPDDXWRU\]DFMLGRPRG\ILNRZDQLD
]DPyZLH WMGRNRQ\ZDQLDRSHUDFMLZSURZDG]DQLDVNUH ODQLDLDNWXDOL]DFMLGDQ\FK:Z\QLNX
SU]HVáDQLDNRPXQLNDWXZ\ ZLHWO=DPyZLHQLHV\VWHPZ\ ZLHWODRE\GZXJUXSRP GDQH
]DPyZLHQLD:SU]\SDGNXNRPXQLNDWXDNWXDOL]XM=DPyZLHQLHV\VWHPLGHQW\ILNXMHSUDZR
GRVW SXGRSU]HSURZDG]HQLDRSHUDFMLDNWXDOL]DFMLGDQ\FKZED]LH6\VWHPUHDOL]XMHNRPXQLNDW
]DSLV]=PLDQ\GODSUDFRZQLNyZG]LDáX]DPyZLH QDWRPLDVWZV]\VWNLPSR]RVWDá\P
X \WNRZQLNRPV\VWHPZ\ ZLHWODIRUPDWN ,2GPRZDUHDOL]XM FNRPXQLNDWZ\ ZLHWO2GPRZ
VG$NWXDOL]DFM D=DPyZ LHQLHZ 6\VWHPLH(53
,=DPyZ LHQLH ,2GPRZ D %D]D'DQ\FK
8 \WNRZQLN
Z\ ZLHWO=DPyZLHQLH
SRELHU]=DPyZLHQLH
DNWXDOL]XM=DPyZLHQLH
',$*5$0
DOW
>DXWRU\]DFMD@
]DSLV]=PLDQ\
>EUDN$XWRU\]DFML@
Z\ ZLHWO2GPRZ
5\VXQHN$NWXDOL]DFMD]DPyZLHQLDZV\VWHPLH(53
&]ö è,3RGVWDZ\Mö]\ND80/
2SFMDRSW
6HUZHU3RF]W\REVáXJXMHZLHOX1DGDZFyZL2GELRUFyZSRF]W\HOHNWURQLF]QHM2GELRUF\HPDLOL
PRJ ]DVWU]HFVRELHSUDZRGRQLHSU]\MPRZDQLDGRVZRLFKVNU]\QHNZLDGRPR FLRRNUH ORQ\FK
WHPDWDFK6HUZHU3RF]W\UHDOL]XMHWR]OHFHQLHSRSU]H]]DáR HQLHRGSRZLHGQLFKILOWUyZQDSRF]W
SU]\FKRG] F GRRGELRUFyZ6HUZHUSU]\MPXMHOLVW\RGQDGDZFyZSRRWU]\PDQLXNRPXQLNDWX
23,6
Z\ OLM:LDGRPR ü:SU]\SDGNXVWZLHUG]HQLDRWU]\PDQLDOLVWX]WHPDWHPQLHDNFHSWRZDQ\P
SU]H]2GELRUF 6HUZHU3RF]W\Z\ZRáXMHNRPXQLNDWRGU]Xü:LDGRPR üFR]D]QDF]RQR
ZHIUDJPHQFLHZ\RGU EQLRQ\P]]DVWRVRZDQLHPVWRVRZQHJRZDUXQNX6HUZHUUHDOL]XMHZL F
RSFMHSU]HFKRZ\ZDQLDDOERRGU]XFDQLDZLDGRPR FL:GRJRGQ\PPRPHQFLH2GELRUFDSRELHUD
SRF]W SRSU]H]Z\VáDQLHNRPXQLNDWXSRELHU]3RF]W VNLHURZDQHJRGRVHUZHUD2GELRUFD
RWU]\PXMH]DWHPOLVW\Z\á F]QLHRDNFHSWRZDQ\FKSU]H]VLHELHWHPDWDFK
VG3U]HSá\Z 3RF]W\(OHNWURQLF]QHM
6HUZ HU3RF]W\
1DGDZFD 2GELRUFD
Z\ OLM:LDGRPR ü
',$*5$0
RSW
>WHPDWQLHDNFHSWRZDQ\@ RGU]Xü :LDGRPR ü
SRELHU]:LDGRPR ü
5\VXQHN3U]HSá\ZSRF]W\HOHNWURQLF]QHM
5R]G]LDä'LDJUDPVHNZHQFML
3U]HUZDQLHEUHDN
$JHQWILUP\WXU\VW\F]QHMSR]UHDOL]RZDQLD]OHFHQLD]ZL ]DQHJR]]DPyZLHQLHPZ\FLHF]NL
SU]\VW SXMHGRZ\JHQHURZDQLD)DNWXU\:áDVQHM1DZVW SLHGRNRQXMHZHU\ILNDFMLNOLHQWD
SRUyZQXM FSRGDQ\LGHQW\ILNDWRU]GDQ\PL]DUHMHVWURZDQ\PLZRELHNFLHNODV\.OLHQW
3RUyZQDQLHWRSROHJDQDSU]HVáDQLXNRPXQLNDWXZHU\ILNXM,GHQW\ILNDWRU:SU]\SDGNX
Z\VW SLHQLDQLH]JRGQR FLGDQ\FKSU]HFKRZ\ZDQ\FKZV\VWHPLH]SRGDQ\PLSU]H]$JHQWD
Z/RJXV\VWHPRZ\P]DSLV\ZDQ\MHVWIDNW]DLVWQLHQLDWHMQLH]JRGQR FL'RNRQXMHVL WR
ZV\VWHPLHZHIHNFLHSU]HVáDQLDNRPXQLNDWXUDSRUWXM%á G7\PVDP\PZ\VWDZLDQLHIDNWXU\
23,6
]RVWDMHSU]HUZDQH1DWRPLDVWMH OLGDQHSRGDQHSU]H]$JHQWDL]DZDUWHZRELHNFLHNODV\.OLHQW
V ]JRGQHQDVW SXM NROHMQHRSHUDFMH
QDJáyZHNIDNWXU\MHVWZ\SHáQLDQ\QDSRGVWDZLHGDQ\FKSU]HFKRZ\ZDQ\FKZRELHNFLH
NODV\.OLHQWZZ\QLNXSU]HVáDQLDNRPXQLNDWXZ\SHáQLM1DJáyZHN
RELHNWNODV\)DNWXUD:áDVQDSU]HV\áD GDQLHZ\SHáQLHQLDSRV]F]HJyOQ\FKSR]\FMLIDNWXU\
ZSRVWDFLNRPXQLNDWXZ\SHáQLM3R]\FMHGRRELHNWXNODV\5H]HUZDFMD
3R]\FMHIDNWXU\Z\SHáQLDQHV GDQ\PLSU]HFKRZ\ZDQ\PLZRELHNFLHNODV\5H]HUZDFMD
3RZ\JHQHURZDQLXZV\VWHPLHIDNWXU\MHVWRQDGUXNRZDQDNRPXQLNDWGUXNXM
VG:\SHáQLDQLH)DNWXU\
.OLHQW )DNWXUD:áDVQD 5H]HUZ DFM D /RJ
$JHQW
ZHU\ILNXM,GHQW\ILNDWRULG
EUHDN
',$*5$0
UDSRUWXM%á G
Z\SHáQLM1DJáyZHN
Z\SHáQLM3R]\FMH
GUXNXM
5\VXQHN:\SHáQLDQLHIDNWXU\
&]ö è,3RGVWDZ\Mö]\ND80/
,WHUDFMDORRS
.OLHQWMHVW]DLQWHUHVRZDQ\NXSQHPDUW\NXáXQDDXNFMLLQWHUQHWRZHM:W\PFHOXZ\NRU]\VWXMH
RSURJUDPRZDQLH]QDQHMLQWHUQHWRZHMILUP\DXNF\MQHM$E\Z\V]XNDüLQWHUHVXM FHJROLF\WDFMH
ZGDQHMNDWHJRULL.XSXM F\SU]HJO GDRIHUW Z\EUDQHMILUP\DXNF\MQHM:W\PFHOXZSURZDG]D
GRIRUPDWNL,2IHUWD$XNFMLQD]Z SRV]XNLZDQHJRDUW\NXáXL]OHFDV\VWHPRZLZ\V]XNDQLH
SU]HVáDQLHNRPXQLNDWXZ\V]XNDM]SDUDPHWUHPDUW\NXáZV]\VWNLFKOLF\WDFMLZNWyU\FK
23,6
SU]HGPLRWHPVSU]HGD \MHVWSRV]XNLZDQ\DUW\NXá,QVWDQFMDNODV\ILNDWRUD,2IHUWD$XNFML
Z\ZRáXMHRSHUDFM Z\ELHU]/LF\WDFM RELHNWXNODV\/LF\WDFMD2SHUDFMDWDZ\NRQ\ZDQD
MHVWMDNRS WODSURJUDPRZDLWHUDFMDLSR]ZDODQDZ\V]XNDQLHZV]\VWNLFKLQVWDQFMLNODV\
/LF\WDFMDE G F\FKOLF\WDFMDPLGDQHJRDUW\NXáX3RZ\EUDQLXZV]\VWNLFKOLF\WDFML]DZLHUDM F\FK
GDQ\DUW\NXáLFK]HVWDZLHQLH]RVWDMHZ\ ZLHWORQHSRSU]H]Z\NRQDQLHNRPXQLNDWXZ\ ZLHWO
QDLQVWDQFMLNODV\ILNDWRUD/LF\WDFMD
VG:\V]XNLZ DQLH2IHUW$XNFM L
,2IHUWD$XNFM L /LF\WDFM D
.XSXM F\
Z\V]XNDMDUW\NXá
',$*5$0
ORRS
Z\ELHU]/LF\WDFM
Z\ ZLHWOQOLF\WDFMD
5\VXQHN:\V]XNLZDQLHRIHUWDXNFML
5R]G]LDä'LDJUDPVHNZHQFML
)XQNFMRQDOQR èQLHSUDZLGäRZDQHJ
%DQNSURZDG]LNLONDRVREQ\FKNRQWILUP\(IHNW\ZQHPRQLWRURZDQLHSá\QQR FLILQDQVRZHM
SU]HGVL ELRUVWZDZ\PDJDGRVW SXGRDNWXDOQ\FKVDOGNRQWEDQNRZ\FK'DQHWHV SU]HFKRZ\ZDQH
QDVHUZHU]HSOLNyZZSOLNXWHNVWRZ\PNWyU\MHVWQDELH FRDNWXDOL]RZDQ\']LDá)LQDQVRZ\
NWyU\RF]HNXMHRGV\VWHPXZ\ ZLHWOHQLDDNWXDOQ\FKVDOGNRQWLQLFMXMHSURFHVSU]HV\áDQLD
GDQ\FKRVDOGDFKNRQWEDQNRZ\FKSU]HFKRZ\ZDQ\FKQDVHUZHU]HZSOLNXWHNVWRZ\PRQD]ZLH
VDOGDW[W:W\PFHOXZ\NRU]\VWXMHDQDOLW\F]Q\RELHNWJUDQLF]Q\6DOGRNWyU\UHDOL]XMHRSHUDFM
23,6
DNWXDOL]XM6DOGD.RQNUHWQDLQVWDQFMDDQDOLW\F]QHMNODV\VWHUXM FHM7UDQVIHU'DQ\FK]DZLHUD
ORJLN VWHURZDQLDSURFHVHPLPSRUWRZDQLDGDQ\FK]SOLNXWHNVWRZHJR,QWHUIHMVHPSR UHGQLF] F\P
MHVWRELHNWNODV\JUDQLF]QHM6DOGRVHUZHU3RXUXFKRPLHQLXRSHUDFMLLQVWDQFMLNODV\ILNDWRUyZ
.RQWRRUD]6HUZHU3OLNyZ7UDQVIHU'DQ\FKZ\V\áDNRPXQLNDWGRLQVWDQFMLNODV\ILNDWRUD6DOGR
DE\WHQZ\ ZLHWOLáQDHNUDQLHV\VWHPXDNWXDOQHGDQHRVDOGDFKNRQWEDQNRZ\FK:SU]\SDGNX
JG\SOLNVDOGDW[WQLH]RVWDMH]QDOH]LRQ\ZRNUH ORQ\PPLHMVFXQDVHUZHU]HV\VWHPLQIRUPXMH
']LDá)LQDQVRZ\RW\PQLHSUDZLGáRZ\P]GDU]HQLXNWyUHMDNRZ\M WHNPXVL]RVWDüREVáX RQH
SU]H]V\VWHP
VG:F]\WDQLH'DQ\FKR6DOGDFK.RQW.OLHQWyZ
']LDá)LQDQVRZ\ 6DOGR 7UDQVIHU'DQ\FK .RQWR 6DOGRVHUZHU 6HUZHU3OLNyZ
DNWXDOL]XM6DOGD
SRELHU]'DQH
ORRS
SRELHU]'DQH.RQWLGQD]ZD
',$*5$0
VDOGR SRELHU]VDOGD>@
QHJ
Z\ ZLHWOQLH]QDOH]LRQRSOLNX
>EUDNSOLNX@
5\VXQHN:F]\WDQLHGDQ\FKRVDOGDFKNRQWNOLHQWyZ
&]ö è,3RGVWDZ\Mö]\ND80/
:VSÑäELH QR èSDU
=DGDQLHPV\VWHPX*36Z\NRU]\VW\ZDQHJRZUDWRZQLFWZLHPLHMVNLPLJyUVNLPMHVWXVWDODQLH
SR]\FML OHG]RQHJRRELHNWX6\VWHP,QIRUPDW\F]Q\*36NWyU\MHVWF] FL V\VWHPX*36
REVáXJLZDQ\MHVWSU]H]2SHUDWRUDLQLFMXM FHJRXVWDODQLHSR]\FMLRELHNWX(OHPHQW\VNáDGRZH
V\VWHPX*36WM6\VWHP,QIRUPDW\F]Q\*362GELRUQLN*366DWHOLWD7HOHNRPXQLNDF\MQ\
L1DGDMQLN*36Z\NRQXM QDVW SXM FHIXQNFMHUyZQROHJOHSDU
2SHUDWRUX \WNXMH6\VWHP,QIRUPDW\F]Q\*36NWyUHPXSU]HND]XMHQXPHURELHNWXL]OHFD
SRGDQLH3R]\FML2ELHNWX1DVW SQLH6\VWHP,QIRUPDW\F]Q\*36DNWXDOL]XMHSR]\FM OHG]RQHJR
23,6
RELHNWXSRSU]H]Z\ZRáDQLHRSHUDFMLSRGDM3R]\FM QD2GELRUQLNX*362GELRUQLN*36
Z\NRU]\VWXM FRGHEUDQ\V\JQDá]6DWHOLW\7HOHNRPXQLNDF\MQHJRXVWDODSR]\FM OHG]RQHJR
RELHNWXGáXJR üLV]HURNR üJHRJUDILF]Q RUD]Z\VRNR üQDGSR]LRPHPPRU]D
6DWHOLWD7HOHNRPXQLNDF\MQ\ZVSRVyEQLHSU]HUZDQ\RGELHUDV\JQDá\]2GELRUQLND*36
ZFHOXVNXWHF]QHJR]UHDOL]RZDQLDRSHUDFMLQDGDZDQLD6\JQDáX
1DGDMQLN*36QLHSU]HUZDQLHZ\V\áDV\JQDá\GR6DWHOLW\7HOHNRPXQLNDF\MQHJRDE\WHQ
RGHEUDá6\JQDáQDSRGVWDZLHNWyUHJR2GELRUQLN*36XVWDOLORNDOL]DFM OHG]RQHJRRELHNWX
1DWHM]DVDG]LHV\VWHP*36UHDOL]XMHZVSyáELH QHIXQNFMH
VG8VWDODQLH3R]\FM L OHG]RQHJR2ELHNWX
2SHUDWRU 6\VWHP,QIRUPDW\F]Q\*36 2GELRUQLN*36 6DWHOLWD7HOHNRPXQLNDF\MQ\ 1DGDMQLN*36
SDU
SRGDM3R]\FM 2ELHNWXQU2ELHNWX
',$*5$0
V\JQDá QDGDM6\JQDá
RGELHU]6\JQDáV\JQDá
5\VXQHN8VWDODQLHSR]\FML OHG]RQHJRRELHNWX
,VWQLHMH XSURV]F]RQD IRUPD ]DSLVX ZVSyáELH QR FL RSHUDQGyZ IUDJPHQWX Z\RGU EQLR
QHJRQDGLDJUDPDFKVHNZHQFML,WDNRGSRZLHGQLNLHPU\VXQNXMHVWU\VXQHN
5R]G]LDä'LDJUDPVHNZHQFML
5\VXQHN
8VWDODQLHSR]\FML
OHG]RQHJRRELHNWX
²VNUyFRQD
QRWDFMD
ZVSyáELH QR FL
&]ö è,3RGVWDZ\Mö]\ND80/
2EV]DUNU\W\F]Q\FULWLFDO
,QWHJUDFMDV\VWHPyZLQIRUPDW\F]Q\FKWRUR]ZL ]DQLHZ\NRU]\VW\ZDQHSU]H]G\QDPLF]QLH
UR]ZLMDM FHVL SU]HGVL ELRUVWZD:FHOX]DU] G]DQLDUHODFMDPL]NOLHQWHPSU]HGVL ELRUVWZD
LQZHVWXM ZV\VWHP\&50DQJ&XVWRPHU5HODWLRQVKLS0DQDJHPHQW2SHUDWRU]\WDNLFK
V\VWHPyZZSURZDG]DM MDNR FLRZHLLOR FLRZHGDQHRNOLHQWDFKRUD]LFKSUHIHUHQFMDFK
6\VWHP\&50SR]ZDODM QDZSURZDG]HQLHSURJUDPyZORMDOQR FLRZ\FKZNWyU\FKSU]\SLVXMH
VL Uy Q\SULRU\WHWUy Q\PNOLHQWRP.OLHQFLNWyU]\JHQHUXM Z\VRNLHREURW\OXE]\VNLX]\VNXM
QDMZ\ V]\SULRU\WHW:FKDUDNWHU\]RZDQ\PV\VWHPLHSULRU\WHW\SU]\SLVXMHVL ND GHPX
NOLHQWRZLNRUSRUDF\MQHPX6\VWHP&50JHQHUXMH]OHFHQLHNWyUHSRSU]H]Z\ZRáDQLHRSHUDFML
SU]\MPLM=OHFHQLHMHVWSU]HND]\ZDQHGRX \WNRZDQHJRSU]H]ILUP V\VWHPXHOHNWURQLF]QHJR
RELHJXLQIRUPDFML:)0DQJ:RUN)ORZ0DQDJHPHQW6\VWHP:)0Z\NRU]\VWXMHJHQHUDWRU
NROHMNRZDQLD2NUH ODRQQDSRGVWDZLHGDQ\FK]6\VWHPX&50SULRU\WHW]OHFHQLDLGURJ MHJR
23,6
6\VWHP&50 6\VWHP:)0 &]DV $UFKLZL]DWRU=OHFH
SDU
SU]\MPLM=OHFHQLH
',$*5$0
NROHMNXM=OHFHQLDNOLHQW,QG\ZLGXDOQ\
FULWLFDO
NROHMNXM=OHFHQLDNOLHQW.RUSRUDF\MQ\
DUFKLZL]XM=OHFHQLDVWDWXV
5\VXQHN:VSyáSUDFDV\VWHPyZ&50:)0RUD]DUFKLZL]DWRUD]OHFH
5R]G]LDä'LDJUDPVHNZHQFML
)RUPXäDDVVHUW
:V\VWHPLHVWHURZDQLD]DSDVDPLZILUPLHZ\NRU]\VW\ZDQ\MHVWPRGHO]DSDVyZ]]DNUHVX
EDGD RSHUDF\MQ\FK:PRGHOXW\PPRQLWRURZDQ\MHVWSR]LRP]DSDVyZZV]\VWNLFKDUW\NXáyZ
'ODND GHJRWRZDUXZ\]QDF]RQ\MHVWW]ZSR]LRP]DPyZLHQLRZ\SRSU]HNURF]HQLXNWyUHJR
QDOH \]áR \ü]DPyZLHQLHQDNROHMQ SDUWL WRZDUXDE\VSURVWDüSURJQR]RZDQHPXSRS\WRZL
:LHONR üSDUWLL]DNXSXMHVWREOLF]DQDZHGáXJUHJXá\RSW\PDOL]DF\MQHM]ZDQHMUHJXá
SLHUZLDVWNDNZDGUDWRZHJR
$
6
4=
5 + ,
8
23,6
JG]LH
4²RSW\PDOQDSDUWLD
$²NRV]W]áR HQLD]DPyZLHQLD
6²ZLHONR üVSU]HGD \GODRNUHVXSURJQR]RZDQHJR
5²MHGQRVWNRZ\NRV]WXWU]\PDQLD]DSDVX
,²MHGQRVWNRZ\NRV]WEUDNX]DSDVX
8²ZVSyáF]\QQLNU\]\NDZ\UD RQ\SUDZGRSRGRELH VWZHPEUDNX]DSDVyZ
3RREOLF]HQLXRSW\PDOQHMSDUWLL]DNXSXZHGáXJSRGDQHMIRUPXá\QDVW SXMHQDW\FKPLDVWRZH
SU]HVáDQLH]DPyZLHQLDGRGRVWDZF\GDQHJRWRZDUX
VG6]DFRZ DQLH2SW\PDOQHM 3DUWLL'RVWDZ
=DSDV0DJD]\QRZ \ 0RGHO=DSDVyZ 3DUWLD=DSDVyZ 'RVWDZ D
>VWDQ=DSDVyZ]DSDV0LQ@LQLFMXM=DPyZLHQLH
',$*5$0
DVVHUW
REOLF],OR ü4
UHDOL]XM=DPyZLHQLH
5\VXQHN6]DFRZDQLHRSW\PDOQHMSDUWLLGRVWDZ
&]ö è,3RGVWDZ\Mö]\ND80/
,VWRWQR èFRQVLGHU
$XNFMHLQWHUQHWRZHXPR OLZLDM UHMHVWURZDQLHDUW\NXáyZNWyUHSy QLHMVWDM VL SU]HGPLRWHP
OLF\WDFML8F]HVWQLF\OLF\WDFMLWM6SU]HGDM F\L.XSXM F\Z\NRU]\VWXM SU]HJO GDUNLLQWHUQHWRZH
GRXF]HVWQLFWZDZOLF\WDFMDFKF]\WH OHG]HQLDSU]HELHJXOLF\WDFMLLQWHUHVXM F\FKLFKDUW\NXáyZ
$E\OLF\WDFMDPRJáDVL RGE\ü6SU]HGDM F\PXVL]DUHMHVWURZDüDUW\NXáZV\VWHPLHDXNFML
LQWHUQHWRZHM&]\QQR üWDMHVWZ\NRQ\ZDQD]DSR UHGQLFWZHPIRUPDWNL,5HMHVWUDFMD$UW\NXáX
LSROHJDQDZSURZDG]HQLXZ\PDJDQ\FKLQIRUPDFMLGRW\F] F\FKFHFKDUW\NXáXRUD]DWU\EXWyZ
OLF\WDFMLMDNUyZQLH QDZ\ZRáDQLXRSHUDFMLZVWDZ$UW\NXá1D$XNFM 1DVW SQLHV\VWHPWZRU]\
RELHNWNODV\/LF\WDFMDG]L NLRGHEUDQLXRGLQVWDQFMLNODV\ILNDWRUD,5HMHVWUDFMD$UW\NXáX
NRPXQLNDWXVWHUHRW\SRZDQHJR©FUHDWHªXWZyU]/LF\WDFM 8WZRU]RQ\RELHNWZRNUH ORQ\P
23,6
,5HM HVWUDFM D$UW\NXáX 6SU]HGDM F\
6SU]HGDM F\
FRQVLGHU^Z VWDZ $UW\NXá1D$XNFM XWZ yU]/LF\WDFM `
ZVWDZ$UW\NXá1D$XNFM
',$*5$0
FUHDWH!!
/LF\WDFM D
XWZyU]/LF\WDFM
ZHU\ILNXM=DOHJáR üRSáDWD
RSW
HPDLO
Z\ OLM3RQDJOHQLH
5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRUFRQVLGHU
5R]G]LDä'LDJUDPVHNZHQFML
1LHLVWRWQR èLJQRUH
3U]\NáDGSRGDQ\QDSRSU]HGQLPU\VXQNXZRGQLHVLHQLXGRRSHUDWRUDLVWRWQR FLFRQVLGHUSR]ZDOD
UyZQLH GRVNRQDOH]LOXVWURZDü]QDF]HQLHRSHUDWRUDLJQRUH:\MD QLRQRQDQLP]QDF]HQLH
SRV]F]HJyOQ\FKLQVWDQFMLNODV\ILNDWRUyZ6SU]HGDM F\²MDNRDNWRU,5HMHVWUDFMD$UW\NXáX
6SU]HGDM F\²MDNRRELHNWNODV\RUD]GZyFKNRPXQLNDWyZZVWDZ$UW\NXá1D$XNFM RUD]
XWZyU]/LF\WDFM 'ZLHSLHUZV]HRSHUDFMHV X]QDZDQH]DLVWRWQH,QQHZ\ZRá\ZDQHRSHUDFMH
QLHPDM ]QDF] FHJRZSá\ZXQD]DUHMHVWURZDQLHDUW\NXáXRUD]XWZRU]HQLHRELHNWXNODV\
/LF\WDFMD+LHUDUFKLDZD QR FLW\FKNRPXQLNDWyZZ\QLND]UHJXáEL]QHVRZ\FKHOLF\WDFML
:VND]XM RQH HZ\VW SLHQLHMDNLHMNROZLHN]DOHJáR FLQDNRQFLH6SU]HGDM FHJR]W\WXáX
23,6
REVáXJLSRSU]HGQLFKOLF\WDFMLQLHGHWHUPLQXMH]DLQLFMRZDQLDSURFHVXUHMHVWUDFMLDUW\NXáX
LXWZRU]HQLDOLF\WDFMLZV\VWHPLH=DWHPNRPXQLNDW\Z\ZRáXM FHRSHUDFMHZHU\ILNXM=DOHJáR ü
RUD]Z\ OLM3RQDJOHQLHRNUH ODVL MDNRQLHLVWRWQHZVWRVXQNXGRGZyFKSRGVWDZRZ\FKZ\ HM
Z\PLHQLRQ\FKNRPXQLNDWyZ.RQZHQFMDQRWDFMLRSHUDWRUDLJQRUHSROHJDQDXPLHV]F]HQLX
SRVáRZLHNOXF]RZ\PLJQRUHQD]ZNRPXQLNDWyZQLHLVWRWQ\FKZQDZLDVDFKNODPURZ\FK
.RPXQLNDW\WHPRJ VL SRMDZLüQDGLDJUDPLHOXEPR QDMHSRPLQ üZHIUDJPHQFLH
Z\RGU EQLRQ\P1LHR]QDF]DWRMHGQDNZ\HOLPLQRZDQLDW\FKNRPXQLNDWyZ²ZSURVW
SU]HFLZQLHV RQHND GRUD]RZRZ\NRQ\ZDQHZV\VWHPLH6WRVRZQLHGRW\FK]DVDGQD
QLQLHMV]\PU\VXQNXMHGHQ]W\FKNRPXQLNDWyZZHU\ILNXM=DOHJáR üSU]HGVWDZLRQRH[SOLFLWH
QDWRPLDVWZ\ OLM3RQDJOHQLHSRPLQL WR
VG5HM HVWURZ DQLH$UW\NXáX1D$XNFM L,QWHUQHWRZ HM
,5HM HVWUDFM D$UW\NXáX 6SU]HGDM F\
6SU]HGDM F\
LJQRUH^Z HU\ILNXM =DOHJáR üZ \ OLM 3RQDJOHQLH`
',$*5$0
ZVWDZ$UW\NXá1D$XNFM
FUHDWH!!
/LF\WDFM D
XWZyU]/LF\WDFM
ZHU\ILNXM=DOHJáR ü RSáDWD
5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRULJQRUH
&]ö è,3RGVWDZ\Mö]\ND80/
FLVäHXSRU]ñGNRZDQLHVWULFW
.OLHQWSRVLDGDM F\NRQWREDQNRZHPR HNRU]\VWDü]NLONXIRUPSáDWQR FL-HGQ ]QLFKMHVW
XUHJXORZDQLHQDOH QR FLSRSU]H]Z\VWDZLHQLHF]HNXEDQNRZHJR:Sy QLHMV]\PF]DVLH.OLHQW
PR HREHMU]HüZIRUPLHHOHNWURQLF]QHMZ\VWDZLRQHSU]H]VLHELHF]HNL:W\PFHOXNRU]\VWD
]NRQWDHOHNWURQLF]QHJR]DSR UHGQLFWZHPSU]HJO GDUNLLQWHUQHWRZHM)XQNFMRQDOQR üWHJR
NRQWDSR]ZDODQDZ\V]XNDQLHZV]\VWNLFKF]HNyZNWyUH.OLHQWZ\VWDZLáZSRGDQ\P
SU]HG]LDOHF]DVX:SURZDG]DRQGZLHGDW\²GDW 2GRUD]GDW 'R²MDNRSDUDPHWU\RSHUDFML
SU]HJO GDM&]HNLZ\NRQ\ZDQHMZZ\QLNXSU]HVáDQLDNRPXQLNDWXQDRELHNFLHJUDQLF]Q\P
23,6
HNRQWR0HQX:HIHNFLHRVWDWQLD]Z\PLHQLRQ\FKLQVWDQFMLNODV\ILNDWRUDLQLFMXMHNRPXQLNDW
SRELHU]&]HNSU]HVáDQ\GRRELHNWXVWHUXM FHJR3U]HJO GDQLH&]HNX.RPXQLNDWWHQSU]\V\áDQ\
MHVW]SRGDQ\PLZF]H QLHMGDWDPLMDNRSDUDPHWUDPL:\NRQ\ZDQLHNROHMQ\FKRSHUDFMLMHVW
FL OHRNUH ORQHQLHPR QD]PLHQLüLFKNROHMQR FLWRWH ]RVWDá\RQHXM WHZHIUDJPHQFLH
Z\RGU EQLRQ\P]RSHUDWRUHPVWULFW2EHMPXMHRQS WO SRELHUDQLDNRSLLNROHMQ\FKF]HNyZ
ZIRUPDFLHMSJLXPLHV]F]DQLHLFKZQRZ\PRELHNFLHJUDQLF]Q\P6NDQ&]HNX2ELHNWWHQMHVW
WZRU]RQ\SRSU]H]Z\VáDQLHNRPXQLNDWXVWHUHRW\SRZDQHJR©FUHDWHªZ\ ZLHWO]HVWRVRZQ\P
SDUDPHWUHP
VG:HU\ILNDFM D:\VWDZ LRQ\FK&]HNyZ
.OLHQW HNRQWR0HQX 3U]HJO GDQLH&]HNX &]HN
SU]HJO GDM&]HNLGDWD2GGDWD'R
SRELHU]&]HNGDWD2GGDWD'R
',$*5$0
VWULFW
ORRS MSJ SRELHU]GDWD2GGDWD'R
FUHDWH!!
Z\ ZLHWOMSJ
6NDQ&]HNX
5\VXQHN:HU\ILNDFMDZ\VWDZLRQ\FKF]HNyZ
5R]G]LDä'LDJUDPVHNZHQFML
6äDEHXSRU]ñGNRZDQLHVHT
8 \WNRZQLN,QWHUQHWXWZRU]\QD,3XOSLFLHVZRMHJRV\VWHPXLQIRUPDW\F]QHJRLNRQ\UHSUH]HQWXM FH
VNUyW\GRQDMF] FLHMRGZLHG]DQ\FKSU]H]QLHJRVHUZLVyZ1DOH GRQLFK
3RUWDOLQWHUQHWRZ\
H6HUZLV8QLZHUV\WHFNL
23,6
6\VWHP$XNFMLLQWHUQHWRZHM
']L NLWHPXX \WNRZQLNV\VWHPXPR HZ\ZRá\ZDüZGRZROQHMNROHMQR FLSRV]F]HJyOQH
VHUZLV\Z\NRU]\VWXM FRGSRZLHGQLR
NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ 3RUWDOX
NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ 6HUZLVX
NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ $XNFML
VG.ROHM QR ü/RJRZ DQLDQD6HUZ LVDFK,QWHUQHWRZ \FK
,3XOSLW
',$*5$0
VHT
Z\ ZLHWO6WURQ *áyZQ 3RUWDOX
Z\ ZLHWO6WURQ *áyZQ 6HUZLVX
Z\ ZLHWO6WURQ *áyZQ $XNFML
5\VXQHN.ROHMQR üORJRZDQLDQDVHUZLVDFKLQWHUQHWRZ\FK
3U]\ZRä\ZDQHZ\VWñSLHQLDLQWHUDNFML
:]áR RQ\FKV\VWHPDFK]DSURMHNWRZDQLHUHDOL]DFMLGDQHJRSU]\SDGNXX \FLDQDMHG
Q\P GLDJUDPLH VHNZHQFML MHVW WUXGQH 3UREOHP WHQ UR]ZL ]XMH VL SRSU]H] SU]HGVWD
ZLHQLH GDQHM LQWHUDNFML QD NLONX FL OH ORJLF]QLH SRZL ]DQ\FK ]H VRE GLDJUDPDFK
&DáR ü LQWHUDNFML V\QWHW\F]QLH SU]HGVWDZLD GLDJUDP VWHURZDQLD LQWHUDNFM OXE LPSOH
PHQWDF\MQ\GLDJUDPVHNZHQFMLNWyU\]SXQNWXZLG]HQLDSRZL ]DQ\FKGLDJUDPyZPD
FKDUDNWHU ED]RZ\ =ZL ]DQH GLDJUDPHP ED]RZ\P VSyMQH WHPDW\F]QLH Z\VW SLHQLD
LQWHUDNFMLPRJ E\üXGRNXPHQWRZDQHQDRGG]LHOQ\FKOHF] FL OHSRZL ]DQ\FK]GLD
JUDPHPED]RZ\PGLDJUDPDFKVHNZHQFML6W GQDGLDJUDPDFKVHNZHQFMLRERNIUDJ
PHQWyZZ\RGU EQLRQ\FKRSLV\ZDQ\FKSU]H]RSHUDWRU\LQWHUDNFMLPR QDPRGHORZDü
SU]\ZRáDQHZ\VW SLHQLDLQWHUDNFMLDQJLQWHUDFWLRQRFFXUUHQFHV
1DDXNFMLLQWHUQHWRZHMZ\VWDZLRQ\FKMHVWQDOLF\WDFM ZLHOHDUW\NXáyZ:OLF\WDFMLELR
U XG]LDáDNWRU]\.XSXM F\L6SU]HGDM F\RUD]RELHNW\NODVSU]HFKRZXM FHLQIRUPDFMH
]ZL ]DQH ] SU]HELHJLHP GDQHM DXNFML ,2IHUWD$XNFML ,3DQHO6WHUXM F\ 6SU]HGDM F\
/LF\WDFMD$UW\NXá.XSXM F\)XQNFMRQDOQR üDXNFMLLQWHUQHWRZHMMHVW]áR RQDWRWH QLH
NWyUHZ\VW SLHQLDLQWHUDNFMLSUHF\]\MQLHXGRNXPHQWRZDQRQDRVREQ\FKGLDJUDPDFK
VHNZHQFML=DWHPZV\QWHW\F]Q\PED]RZ\PGLDJUDPLHVHNZHQFMLLVWQLHMHPR OLZR ü
SU]\ZRá\ZDQLDW\FKXGRNXPHQWRZDQ\FKLQWHUDNFMLZSRVWDFLZ\VW SLH LQWHUDNFMLR]QD
F]RQ\FKRSHUDWRUHPUHI:SU]\SDGNXDXNFMLLQWHUQHWRZHM]GHILQLRZDQRZF]H QLHM
WU]\Z\VW SLHQLDLQWHUDNFML5HMHVWURZDQLH$UW\NXáXQD$XNFML,QWHUQHWRZHM/RJRZD
QLHRUD]/LF\WRZDQLH:SLHUZV]\PLGUXJLPSU]\SDGNXF]\QQLNLHPLQLFMXM F\PMHVW
VHNZHQFMD Z\VW SRZDQLD HOHPHQWyZ GLDJUDPX QDWRPLDVW Z WU]HFLP NRPXQLNDW LQB
]DWZLHUG 6XP 3U]\ZRáDQLHND GHJR]W\FKZ\VW SLH LQWHUDNFMLSRZRGXMHMHJRDN
W\ZDFM L]DZLHV]HQLHLQWHUDNFMLZ\NRQ\ZDQ\FKQDED]RZ\PGLDJUDPLHVHNZHQFML
*UDILF]QLHREV]DUZ\VW SLHQLDLQWHUDNFMLR]QDF]RQ\RSHUDWRUHPUHISU]\VáDQLDOLQLH \
FLDLQVWDQFMLNODV\ILNDWRUyZNWyUHXF]HVWQLF] ZLQWHUDNFMDFKSU]\ZRá\ZDQHJRGLDJUD
PX:PRGHORZDQLXZ\VW SLH LQWHUDNFMLPR H]DLVWQLHüSUREOHPWHFKQLF]Q\]ZL ]D
Q\]HZVND]\ZDQLHPLQVWDQFMLELRU F\FKXG]LDáZSU]\ZRá\ZDQ\PGLDJUDPLH'RW\F]\
WRV\WXDFMLZNWyUHMGOD]DFKRZDQLDORJLNLLQWHUDNFMLQLHXQLNQLRQHMHVWXPLHV]F]HQLH
SRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZELRU F\PLXG]LDáZSU]\ZRá\ZDQ\PZ\VW SLH
QLXLQWHUDNFMLLQVWDQFMLNWyUHQLHXF]HVWQLF] ZW\PZ\VW SLHQLX:WDNLPSU]\SDGNX
OLQLD \FLDLQVWDQFMLNODV\ILNDWRUDSRZLQQDE\üFL JáDD]DWHPSU]\NU\ZDüREV]DUZ\VW
SLHQLDLQWHUDNFML7\PVDP\PMHGQR]QDF]QLHZVND]XMHVL ]HVWDZLQVWDQFMLNODV\ILNDWR
UyZ]GLDJUDPXED]RZHJRNWyUHXF]HVWQLF] ZSU]\ZRá\ZDQ\PZ\VW SLHQLXLQWHUDNFML
5R]G]LDä'LDJUDPVHNZHQFML
5\VXQHN
)XQNFMRQRZDQLH
DXNFML
LQWHUQHWRZHM
&]ö è,3RGVWDZ\Mö]\ND80/
1DU\VXQNX]DPLHV]F]RQRGLDJUDP]DZLHUDM F\RGZRáDQLDGRGLDJUDPyZLOXVWUX
M F\FKGRNRQ\ZDQLHWUDQVDNFMLRUD]UHMHVWUDFM NXSXM FHJR3LHUZV]H]SU]\ZRá\ZD
Q\FKZ\VW SLH LQWHUDNFMLZ\NRU]\VWXMHZV]\VWNLHLQVWDQFMHNODV\ILNDWRUyZ]DPLHV]F]R
QHQDZVSRPQLDQ\PU\VXQNXQDWRPLDVWGUXJLH²Z\á F]QLH.XSXM FHJR,2IHUW $XNFML
RUD]NODV 6SU]HGDM F\
VG:\EUDQH)XQNFM H$XNFM L,QWHUQHWRZ HM
,2IHUWD$XNFM L ,3DQHO6WHUXM F\ 6SU]HGDM F\ /LF\WDFM D $UW\NXá
.XSXM F\ 6SU]HGDM F\
VHT
UHI
'RNRQ\Z DQLH7UDQVDNFM L
UHI
5HM HVWUDFM D.XSXM FHJR
5\VXQHN:\EUDQHIXQNFMHDXNFMLLQWHUQHWRZHM
%UDP\
'LDJUDP\VHNZHQFMLIUDJPHQW\Z\RGU EQLRQHRUD]SU]\ZRá\ZDQHZ\VW SLHQLDLQWH
UDNFMLNRQWDNWXM VL ]HVZRLPRWRF]HQLHP2WRF]HQLHWRZ\V\áDNRPXQLNDW\GRZ\PLH
QLRQ\FKREV]DUyZLQWHUDNFMLOXERGELHUDMH]W\FKREV]DUyZSRSU]H]EUDP\DQJJDWHV
3UDNW\F]QH Z\NRU]\VWDQLH SRM FLD EUDP\ IRUPDOQHM QD GLDJUDPLH VHNZHQFML SU]HG
VWDZLDU\VXQHN3R]RVWDáHURG]DMHEUDPWMEUDP ZáD FLZ LZ\UD HQLRZ ]D
SUH]HQWRZDQRQDU\VXQNX
5R]G]LDä'LDJUDPVHNZHQFML
5\VXQHN%UDP\ZGLDJUDPDFKVHNZHQFML
VG)XQNFM H6HUZ HUDZ 6LHFL%DUyZ .DZ RZ \FK
0HQHG HU 6HUZHU3OLNyZ
SURJQR]D XVWDO3URJQR] 6SU]HGD \
LQB]DUHMHVWUXM=DPNQL FLH'QLD
VSU]HGD ]X \FLHGRVWDZD]ZURW
RXWBDUFKLZL]XM0RG\ILNRZDQH3OLNL
UDSRUW JHQHUXM5DSRUW5HQWRZQR FL5HJLRQX
5DSRUW5HQWRZQR FL5HJLRQX
5\VXQHN)XQNFMHVHUZHUDZVLHFLEDUyZNDZRZ\FK
5R]OHJáHJHRJUDILF]QLHUR]PLHV]F]HQLHVLHFLEDUyZNDZRZ\FKPR HVSRZRGRZDü H
SU]HWZDU]DQLHGDQ\FKG]LHQQHMVSU]HGD \REOLF]DQLHUHQWRZQR FLILUP\F]\XVWDODQLH
SURJQR]VSU]HGD \E G]LHQLHPR OLZHGR]UHDOL]RZDQLDEH]ZVSDUFLDV\VWHPXLQIRUPD
W\F]QHJR$E\XQLNQ üWDNLHMV\WXDFMLZFHQWUDOLILUP\Z\NRU]\VWDQRGX \NRPSXWHU
&]ö è,3RGVWDZ\Mö]\ND80/
6HUZHU3OLNyZ']L NLRGSRZLHGQLHPXRSURJUDPRZDQLXNRPSXWHUSRSU]H]XUXFKRPLH
QLHRSHUDFML]DUHMHVWUXM=DPNQL FLH'QLD]SDUDPHWUDPLVSU]HGD ]X \FLHGRVWDZD
]ZURWFRG]LHQQLHUHMHVWUXMHGDQH]]DPNQL FLDGQLDND GHJREDUXNDZRZHJRILUP\'OD
EH]SLHF]H VWZD6HUZHU3OLNyZFRG]LHQQLHSU]HV\áDNRPXQLNDWHPRXWBDUFKLZL]XM0RG\IL
NRZDQH3OLNLZV]\VWNLHSOLNL]PRG\ILNRZDQHZGDQ\PGQLX3RQDGWR6HUZHU3OLNyZ
G]L NLGX HMPRF\REOLF]HQLRZHMREVáXJXMHJHQHUDWRUUDSRUWyZNWyU\XPR OLZLD0H
QHG HURPJHQHURZDQLHSURJQR]VSU]HGD \:W\PFHOX0HQHG HUZ\V\áDNRPXQLNDW
GR6HUZHUD3OLNyZDE\WHQZ\NRQDáRSHUDFM XVWDO3URJQR] 6SU]HGD \$E\JHQHUDWRU
GRVWDUF]\áUDSRUWUHQWRZQR FLUHJLRQXVSU]HGD \QDGDZFDXUXFKDPLDQD6HUZHU]H3OL
NyZRSHUDFM JHQHUXMH5DSRUW5HQWRZQR FL5HJLRQXNWyUDSRZRGXMHXWZRU]HQLHZSDPL
FLNRPSXWHUDZVSRPQLDQHJRUDSRUWX.RPXQLNDWWHQSU]HFKRG]LSU]H]EUDP QD]ZDQ
5DSRUW5HQWRZQR FL5HJLRQX
%UDP\PR QDQD]\ZDüGZRMDNR
t EH]SR UHGQLRSRSU]H]XPLHV]F]HQLHQD]Z\EUDP\SU]\MHMJUDILF]Q\P
VWHUHRW\SLHQD]ZDEUDP\SRZLQQDE\ü]ELH QD]QD]Z SU]HFKRG] FHJR
SU]H]QL NRPXQLNDWXSRQLHZD SU]H]ND G EUDP SU]HFKRG]LW\ONRMHGHQ
W\SNRPXQLNDWX
t SR UHGQLRSRSU]H]GRGDQLHGRQD]Z\NRPXQLNDWXSU]HFKRG] FHJRSU]H]
EUDP SU]HGURVWNDZVND]XM FHJRNLHUXQHNMHJRSU]HSá\ZX
QS LQBQD]ZDNRPXQLNDWX!
RXWBQD]ZDNRPXQLNDWX!
2EDZ\PLHQLRQHVSRVRE\]DSUH]HQWRZDQRQDU\VXQNX1D]ZDNRPXQLNDWXSU]H
V\áDQHJRSU]H]EUDP ZáD FLZ GRSU]\ZRá\ZDQHJRZ\VW SLHQLDLQWHUDNFMLUHI PXVL
E\üLGHQW\F]QD]QD]Z NRPXQLNDWXSU]HV\áDQHJRSU]H]EUDP IRUPDOQ SRZL ]DQH
JRGLDJUDPX
3URFHVWZRU]HQLDGLDJUDPXVHNZHQFML
3XQNWHP Z\M FLD Z WZRU]HQLX GLDJUDPX VHNZHQFML MHVW SU]\SDGHN X \FLD RUD] MHJR
VFHQDULXV]H.OXF]RZH]QDF]HQLHZWZRU]HQLXGLDJUDPXVHNZHQFMLPDM Z\PLHQLRQH
SRQL HMHWDS\
DQDOL]DDGHNZDWQHJRSU]\SDGNXX \FLDRUD]VFHQDULXV]\WHJRSU]\SDGNX
LGHQW\ILNDFMDNODV\ILNDWRUyZNWyU\FKLQVWDQFMHXF]HVWQLF] ZLQWHUDNFML
RSUDFRZDQLHGLDJUDPXNRQFHSWXDOQHJR]DZLHUDM FHJR
t ]LGHQW\ILNRZDQHLQVWDQFMHNODV\ILNDWRUyZXPLHV]F]DQHQDRVLSR]LRPHM
t NRPXQLNDW\XSRU] GNRZDQHQDRVLSLRQRZHM
t R URGNLVWHURZDQLD]ORNDOL]RZDQHQDOLQLDFK \FLD
5R]G]LDä'LDJUDPVHNZHQFML
RSUDFRZDQLHLPSOHPHQWDF\MQHJRGLDJUDPXVHNZHQFMLQDSRGVWDZLHRSUDFRZDQHJR
QDWU]HFLPHWDSLHNRQFHSWXDOQHJRGLDJUDPXVHNZHQFMLSRSU]H]ZSURZDG]HQLH
DGHNZDWQ\FKGRVSHF\ILNDFMLGDQHJRVFHQDULXV]D]DDZDQVRZDQ\FKNDWHJRULL
SRM FLRZ\FKWDNLFKMDN
t URG]DMHNRPXQLNDWyZ
t WZRU]HQLHLQLV]F]HQLHRELHNWyZ
t ZDUXQNL
t VDPRZ\ZRá\ZDQLH
t LWHUDFMH
t UR]JDá ]LHQLD
t IUDJPHQW\Z\RGU EQLRQHLRSHUDWRU\LQWHUDNFML
t SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML
t EUDP\
RSFMRQDOQHVSRU] G]HQLHGODGDQHJRLPSOHPHQWDF\MQHJRGLDJUDPXVHNZHQFML
Z\EUDQ\FKZ\VW SLHQLRZ\FKGLDJUDPyZVHNZHQFML
3RGREQLHMDNLQQHGLDJUDP\UyZQLH GLDJUDPVHNZHQFMLSRGOHJDUHJXáRPLWHUDF\MQR
SU]\URVWRZHJRF\NOX \FLDV\VWHPX
6WXGLXPGLDJUDPXVHNZHQFML
1LQLHMV]HVWXGLXP]DZLHUD]áR RQHSU]\NáDG\GLDJUDPyZVHNZHQFML=DSUH]HQWRZD
QRQDQLFK]DVDG\X \WNRZDQLDHOHPHQWyZGLDJUDPXLZVSyá]DOH QR FLPL G]\QLPL
3RV]F]HJyOQHNDWHJRULHFDáHMJDP\HOHPHQWyZ]RVWDá\V]F]HJyáRZRRPyZLRQHZSXQN
WDFK±3RQL HMSU]HDQDOL]RZDQRL]DSUH]HQWRZDQRGLDJUDP\VHNZHQFML
t GLDJUDPLPSOHPHQWDF\MQ\²Ä*HQHURZDQLHUDSRUWXRNRV]WDFKUHDOL]RZDQ\FK
SURMHNWyZ´U\VXQHN
t GLDJUDPZ\VW SLHQLRZ\²Ä5HMHVWUDFMDVSU]HGDM FHJRQDDXNFMLLQWHUQHWRZHM´
U\VXQHN
5\VXQHN*HQHURZDQLHUDSRUWXRNRV]WDFKUHDOL]RZDQ\FKSURMHNWyZ
5R]G]LDä'LDJUDPVHNZHQFML
5\VXQHN5HMHVWUDFMDVSU]HGDM FHJRQDDXNFMLLQWHUQHWRZHM
1DVW SQLH'\UHNWRU']LDáX3URGXNFMLZ\ELHUDSURMHNW\GRDQDOL]\ILQDQVRZHMNRV]WyZ
RVRERZ\FKW\FKSU]HGVL Z]L ü]DSR UHGQLFWZHPNRPXQLNDWX]DWZLHUG =DNUHV=OHFD
RQ QDVW SQLH SU]HSURZDG]HQLH DQDOL]\ ILQDQVRZHM W\FK SURMHNWyZ ]D SR UHGQLFWZHP
NRPXQLNDWX ]DWZLHUG =DNUHV Z\OLF].RV]W\ 'OD Z\VHOHNFMRQRZDQ\FK SURMHNWyZ V\V
WHPNROHMQR
t LWHUDF\MQLHZ\ELHUDSUDFRZQLNyZSU]\SLVDQ\FKGRSURMHNWX]DSR UHGQLFWZHP
NRPXQLNDWXSRELHU]'DQH3UDFRZQLND
t QDVW SQLHLWHUDF\MQLHSRELHUDSU]\SLVDQ GRZ\EUDQHJR3UDFRZQLNDVWDZN
]LQVWDQFMLNODV\ILNDWRUD.RV]W]DSR UHGQLFWZHPNRPXQLNDWX
SRELHU]6WDZN 3UDFRZQLND
t DOWHUQDW\ZQLH
t GODND GHJR]W\FKSURMHNWyZZ\OLF]DVWDZN UHGQL LZ\ ZLHWODM
QDIRUPDWFH.RV]W3URMHNWX
t Z\OLF]DFDáNRZLWHQDNáDG\QDSRV]F]HJyOQHSURMHNW\LZ\ ZLHWODMH
QDZVSRPQLDQHMIRUPDWFH
=DSUH]HQWRZDQHGRW GGLDJUDP\VHNZHQFMLPLDá\FKDUDNWHUDOERNRQFHSWXDOQ\FKDOER
LPSOHPHQWDF\MQ\FKGLDJUDPyZVHNZHQFML'LDJUDP]DPLHV]F]RQ\QDU\VXQNX
VWDQRZLSU]\NáDGZ\VW SLHQLRZHJRGLDJUDPXVHNZHQFMLVáX FHJRGRUHMHVWUDFMLVSU]H
GDM FHJRQDDXNFMLLQWHUQHWRZHM
6SU]HGDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHMPXVL]RVWDüSRSU]HG]RQHUHMHVWUDFM 6SU]H
GDM FHJR RUD] UHMHVWUDFM DUW\NXáX E G FHJRSU]HGPLRWHPOLF\WDFML : FHOX ]DUHMHVWUR
ZDQLD6SU]HGDM FHJRZ\NRU]\VW\ZDQDMHVWVWURQDJáyZQDDXNFML,2IHUWD$XNFML=DSR
UHGQLFWZHPRELHNWXNODV\VWHUXM FHM5HMHVWUDFMDZ\ZRá\ZDQ\MHVWLQWHUIHMVUHMHVWUDFML
GDQ\FKRVRERZ\FK,)RUPXODU]1DVW SQLH6SU]HGDM F\ZSURZDG]DZ\PDJDQHGDQH
RVRERZHLZ\ZRáXMHRSHUDFM ZDOLGXM'DQHNWyUDZHU\ILNXMHSRSUDZQR üGDQ\FKRVR
ERZ\FKZSURZDG]RQ\FKGR,)RUPXODU]D1DVW SQLHRELHNWVWHUXM F\Z\V\áDNRPXQLNDW
XWZyU]WZRU] FRELHNWNODV\6SU]HGDM F\-DNRSDUDPHWUZSRVWDFLWDEOLF\SU]HND]\
ZDQHV GDQHRVRERZHE G FHDWU\EXWDPLXWZRU]RQHJRRELHNWX8WZRU]HQLHRELHNWX
NODV\6SU]HGDM F\VNXWNXMHZ\ ZLHWOHQLHPNRPXQLNDWX]SRWZLHUG]HQLHPUHMHVWUDFML
NWyU\SRNUyWNLHMFKZLOLZ\ ZLHWODQLD]RVWDMHZ\NDVRZDQ\]SDPL FLNRPSXWHUD7DNLH
]DFKRZDQLHV\VWHPXMHVWUHDOL]RZDQHSU]H]NRPXQLNDW\Z\ ZLHWO]SDUDPHWUHP'DQH
RVRERZH]DUHMHVWURZDQHRUD]]DPNQLM
:PRPHQFLH]QLV]F]HQLDLQWHUIHMVX,)RUPXODU]LQVWDQFMDNODV\ILNDWRUD5HMHVWUDFMDWZR
U]\]DSR UHGQLFWZHPNRPXQLNDWXXWZyU]LQWHUIHMV,$XWRU\]DFMD,QWHUIHMVZ\ ZLHWOD
SREUDQ MDNRSDUDPHWUWUH ü:SURZDG ORJLQLKDVáR.ROHMQ\PNURNLHPUHMHVWUDFMLZ\
PDJDM FHMDNW\ZQR FLDNWRUD6SU]HGDM F\MHVWZSURZDG]HQLHSU]H]QLHJRORJLQXRUD]
KDVáD2E\GZDSDUDPHWU\V QLH]E GQHGRDXWRU\]RZDQHJRNRU]\VWDQLD]SHáQHMRIHUW\
DXNFMLLQWHUQHWRZHM3U]HND]DQLHSDUDPHWUyZDXWRU\]DFMLRGE\ZDVL ]DSR UHGQLFWZHP
5R]G]LDä'LDJUDPVHNZHQFML
NRPXQLNDWX]DWZLHUG ]SDUDPHWUDPLORJLQRUD]KDVáRZ\V\áDQHJRSU]H]6SU]HGDM
FHJRGRLQWHUIHMVX,$XWRU\]DFMD3DUDPHWU\DXWRU\]DFML]RVWDM ]DSLVDQHMDNRDWU\EXW\
RELHNWX NODV\ 6SU]HGDM F\ SR Z\ZRáDQLX SU]H] LQVWDQFM NODV\ILNDWRUD ,$XWRU\]DFMD
RSHUDFML ]DSLV]'DQH ] SDUDPHWUDPL ORJLQ RUD] KDVáR D Z NRQVHNZHQFML RSHUDFML ]D
SLV] ] W\PL VDP\PL SDUDPHWUDPL : RGSRZLHG]L RELHNW NODV\ 5HMHVWUDFMD Z\V\áD
NRPXQLNDWZ\ ZLHWO]SDUDPHWUHP/RJLQLKDVáR]DUHMHVWURZDQH&]HNDMQDDNW\ZDFM
NWyU\SRZRGXMHZ\ ZLHWOHQLHSDUDPHWUXRSHUDFML
1DVW SQLH RELHNW NODV\ 5HMHVWUDFMD SRELHUD NRG SRSU]H] Z\VáDQLH GR RELHNWX SU]H
FKRZXM FHJR 6SU]HGDM F\ NRPXQLNDWX JHQHUXMNRG6SU]HGD \ :\JHQHURZDQ\ L X \W\
Sy QLHMNRGSR]ZROLQDGRVW SGRRGSRZLHGQLFKPRGXáyZDXNFMLLQWHUQHWRZHMNWyUH
XPR OLZLDM WZRU]HQLH OLF\WDFMLLGRNRQ\ZDQLHWUDQVDNFMLRQOLQH :\JHQHURZDQ\NRG
6SU]HGD \MHVWSU]HND]\ZDQ\MDNRSDUDPHWU6\VWHPRZL3RF]W\(OHNWURQLF]QHMNWyU\Z\
NRQXMHRSHUDFM Z\ OLM:LDGRPR ü2GE\ZDVL WR]DSR UHGQLFWZHPLQWHUIHMVX3RF]WD
3RZ\NRQDQLXRSHUDFMLQDLQWHUIHMVLH,$XWRU\]DFMDZ\ ZLHWODQDMHVWQDVW SXM FDWUH ü
$NW\ZDFMDXNR F]RQDSRP\ OQLH7UH üWDMHVWSU]HND]\ZDQDMDNRSDUDPHWUE G F\
F] FL NRPXQLNDWXZ\ ZLHWOSU]HVáDQHJRRGRELHNWXNODV\5HMHVWUDFMD2VREDUHMHVWUX
M FDVL QDDXNFMLPR HWHUD]²PDM FSHZQR üSRSUDZQHMUHMHVWUDFML]SUDZDPLVSU]H
GDM FHJR²]DPNQ üLQWHUIHMV,$XWRU\]DFMD5RELWRNOLNDM FRGSRZLHGQLHOHPHQW
LQWHUIHMVXFRQDGLDJUDPLHSU]HGVWDZLRQHMHVWMDNRSU]HVáDQLHSU]H]6SU]HGDM FHJR
NRPXQLNDWX]DPNQLMGRLQWHUIHMVX,$XWRU\]DFMD
3RGVWDZRZHSRMöFLD
%UDPD )UDJPHQWLQWHUDNFML
)RUPDOQD )UDJPHQWZ\RGU EQLRQ\
:áD FLZD 3U]\ZRá\ZDQHZ\VW SLHQLHLQWHUDNFML
:\UD HQLRZD *HQHUDWRUNRGX UyGáRZHJR
&$6( ,QWHUDNFMD
'LDJUDPVHNZHQFML ,WHUDFMD
'HILQLFMD .ODV\ILNDWRU
,PSOHPHQWDF\MQ\ $NWRU
.RQFHSWXDOQ\ $UWHIDNW
3HQWDJUDP ,QWHUIHMV
3URFHVWZRU]HQLD .ODVD
5DPD $QDOLW\F]QD
:\VW SLHQLRZ\ .RPSRQHQW
&]ö è,3RGVWDZ\Mö]\ND80/
3DNLHW 2SHUDWRULQWHUDNFML
3U]\SDGHNX \FLD DOW
6\JQDá DVVHUW
: ]Há EUHDN
:VSyáG]LDáDQLH FRQVLGHU
.RPXQLNDW FULWLFDO
$V\QFKURQLF]Q\ LJQRUH
2F]HNXM F\ ORRS
2SFMRQDOQ\ QHJ
6\QFKURQLF]Q\ RSW
8WUDFRQ\ SDU
=QDOH]LRQ\ VHT
=ZURWQ\ VWULFW
/LQLD \FLD 2 URGHNVWHURZDQLD
2ELHNW $NW\ZDFMD
1LV]F]HQLH 'H]DNW\ZDFMD
7ZRU]HQLH 6WHURZDQLH
2SHUDFMD 3DUDPHWU
2SHUDQGLQWHUDNFML 5R]JDá ]LHQLH
6DPRZ\ZRá\ZDQLH
:DUXQHN
3\WDQLDL]DGDQLD
:\MD QLM]ZL ]HNSRPL G]\GLDJUDPDPLSU]\SDGNyZX \FLDDGLDJUDPDPL
VHNZHQFML
'ODF]HJRGLDJUDP\VHNZHQFML FL OHRG]ZLHUFLHGODM NRQFHSFM RELHNWRZHJR
PRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FK"
8]DVDGQLMSRWU]HE ]Uy QLFRZDQLDSR]LRPyZXRJyOQLHQLDGLDJUDPyZVHNZHQFML
-DNLHJUXS\]DZRGRZHSRZLQQ\E\ü]DLQWHUHVRZDQHWZRU]HQLHPLX \WNRZDQLHP
GLDJUDPXNRQFHSWXDOQHJR"
.WyU\]URG]DMyZGLDJUDPyZVHNZHQFMLMHVWSRGVWDZRZ GRNXPHQWDFM
SURJUDPLVW\F]Q "'ODF]HJR"
5R]G]LDä'LDJUDPVHNZHQFML
VG5HDOL]DFM D.RQWUDNWX7HUPLQRZ HJR
©V\VWHPª
.RQWUDNW7HUPLQRZ \
1DE\ZFD %LXUR0DNOHUVNLH %DQN
UHDOL]XM.RQWUDNW
XVWDO:DUWR ü%LH F
Z\NRQDM.RQWUDNW
DOW
>Z%LH !Z1RP@
WUDQVIHUXM=\VN
>Z%LH Z1RP@ SRWU ü6WUDW ='HSR]\WX
WUDQVIHUXM'HSR]\W
SRWZLHUG 5HDOL]DFM .RQWUDNWX
5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR
5\VXQHN
VG2SURJUDPRZ DQLH1DU] G]LRZ H6HUZ HUD
2SURJUDPRZDQLH
QDU] G]LRZHVHUZHUD
$GPLQLVWUDWRU &]DV 6HUZHU
SDU
XUXFKRP6NDQHU$QW\ZLUXVRZ\
RGELHU]3RF]W
Z\ OLM3RF]W
DUFKLZL]XM'DQH
XVX 3OLNL7\PF]DVRZH
0RGHO5HDNFM L 6HNFM D 3RPLHV]F]HQLH ,3DQHO
RGF]\WDM6\JQDá
VSUDZG]:\VW SLHQLH
XUXFKRP$ODUP
5\VXQHN6\VWHPQDG]RUXSRPLHV]F]H NRPSOHNVXNLQRZHJR
5R]G]LDä
=QDF]HQLHGLDJUDPÑZNRPXQLNDFML
'LDJUDP\LQWHUDNFMLHZROXRZDá\ZUD]]UR]ZRMHPM ]\ND80/:ZHUVMDFK80/[
LVWQLDá\W\ONRGZDURG]DMHGLDJUDPyZLQWHUDNFML
t GLDJUDP\VHNZHQFML
t GLDJUDP\ZVSyáG]LDáDQLDNRRSHUDFML
'LDJUDP\NRPXQLNDFMLV L]RPRUILF]QHZVWRVXQNXGRGLDJUDPyZVHNZHQFMLFR]SUDN
W\F]QHJRSXQNWXZLG]HQLDR]QDF]DPR OLZR üSU]HNV]WDáFHQLDMHGQHJRURG]DMXGLDJUD
PXZGUXJLEH]XWUDW\LQIRUPDFMLVWDQRZL F\FKRLVWRFLHLQWHUDNFML)XQNFMDWUDQVIRU
PDFML GLDJUDPyZ VHNZHQFML Z GLDJUDP NRPXQLNDFML L QD RGZUyW MHVW DXWRPDW\F]QLH
UHDOL]RZDQDSU]H]QLHNWyUHQDU] G]LD&$6('LDJUDP\NRPXQLNDFMLPRJ E\üUyZ
QLH Z\NRU]\VW\ZDQHZLWHUDF\MQ\PXV]F]HJyáDZLDQLXDGHNZDWQ\FKGLDJUDPyZNODV
RELHNWyZLSR]RVWDá\FKGLDJUDPyZLQWHUDNFML
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
3RGVWDZRZ\PLHOHPHQWDPLGLDJUDPyZNRPXQLNDFMLV
t NODV\ILNDWRU
t DVRFMDFMD
t NRPXQLNDW
7DEHOD.DWHJRULHSRM FLRZHGLDJUDPyZNRPXQLNDFMLLVHNZHQFML
3RMöFLHZ\VWöSXMñFH 3RMöFLHZ\VWöSXMñFH 3RMöFLHZ\VWöSXMñFH
.DWHJRULDSRMöè QDGLDJUDPDFKRE\GZX W\ONRQDGLDJUDPDFK W\ONRQDGLDJUDPDFK
URG]DMÑZ VHNZHQFML NRPXQLNDFML
3RGVWDZRZH .ODV\ILNDWRU /LQLD \FLD $VRFMDFMD
.RPXQLNDW 2 URGHNVWHURZDQLD
=DDZDQVRZDQH .RPXQLNDWV\QFKURQLF]Q\ .RPXQLNDW]QDOH]LRQ\ 2ELHNWZLHORNURWQ\
.RPXQLNDWDV\QFKURQLF]Q\ .RPXQLNDWXWUDFRQ\
.RPXQLNDW]ZURWQ\ 5R]JDá ]LHQLH
.RPXQLNDWRSFMRQDOQ\ )UDJPHQW\
.RPXQLNDWRF]HNXM F\ Z\RGU EQLRQH
LRSHUDWRU\LQWHUDNFML
7ZRU]HQLHRELHNWyZ
%UDPD
1LV]F]HQLHRELHNWyZ
3U]\ZRá\ZDQH
:DUXQHN Z\VW SLHQLDLQWHUDNFML
6DPRZ\ZRá\ZDQLH
,WHUDFMD
=DJQLH G HQLH
5R]G]LDä'LDJUDPNRPXQLNDFML
5\VXQHN
.RPXQLNDW\
ZGLDJUDPDFK
NRPXQLNDFML
1XPHURZDQLHNRPXQLNDWÑZ
1DGLDJUDPDFKNRPXQLNDFMLNROHMQR üZ\V\áDQLDNRPXQLNDWyZQLHZ\QLND]LFKQD
WXUDOQHJRXSRU] GNRZDQLDQDRVLF]DVXWDNMDNQDGLDJUDPDFKVHNZHQFML.RQLHF]QH
MHVW]DWHPZSURZDG]HQLHQXPHUDFMLSRU] GNRZHM:\Uy QLüPR QDQDVW SXM FHUR
G]DMHQXPHUDFML
t QXPHUDFM SURVW ZSRVWDFLNROHMQ\FKOLF]EQDWXUDOQ\FKU\VXQHN
VSUDZG 'RVW SQR ü 3RNRL
GRNRQDM5H]HUZDFML
RWZyU]5H]HUZDFM
SRWZLHUG 5H]HUZDFM
ZSURZDG 'DQH
,5H]HUZ DFM D
]DPNQLM
5HFHSFM RQLVWD
5\VXQHNRSLVXMHNRPXQLNDFM RELHNWyZSRGF]DVGRNRQ\ZDQLDUH]HUZDFMLKRWHOR
ZHM1XPHUDFMDZVND]XMH HSLHUZV]\NRPXQLNDWRWZyU]5H]HUZDFM SU]HV\áDQ\MHVW
SRPL G]\RELHNWDPL5HFHSFMRQLVWDRUD] ,5H]HUZDFMD 1DVW SQLH ,5H]HUZDFMD NRPX
QLNXMHVL ]RELHNWHP%D]D'DQ\FKSU]HV\áDM FNRPXQLNDWVSUDZG 'RVW SQR ü3RNRL
&]ö è,3RGVWDZ\Mö]\ND80/
=DVDG\ZSURZDG]DQLDNRPXQLNDWÑZGRGLDJUDPX
3RGF]DVZSURZDG]DQLDNRPXQLNDWyZGRGLDJUDPyZNRPXQLNDFMLQDOH \NLHURZDüVL
QDVW SXM F\PL]DVDGDPL
.D G\NRPXQLNDWXPLHV]F]DQ\QDGLDJUDPLHNRPXQLNDFMLPXVLPLHüQXPHU
SRU] GNRZ\RUD]QD]Z ZVND]XM F QDRSHUDFM NODV\ILNDWRUDRGELRUF\1XPHU
SRU] GNRZ\LQD]ZDV RGG]LHORQHGZXNURSNLHP1XPHUNRPXQLNDWXPR H
E\üUR]V]HU]DQ\RPDáHOLWHU\DOIDEHWXáDFL VNLHJRZSU]\SDGNXZVSyáELH QR FL
2EOLJDWRU\MQ\PLFHFKDPLNRPXQLNDWyZQDGLDJUDPLHNRPXQLNDFMLMHVW
ZVND]DQLHURG]DMXNRPXQLNDWXRUD]NLHUXQNXMHJRSU]HSá\ZX-H HOLSRPL G]\
LQVWDQFMDPLNODV\ILNDWRUyZSU]HV\áDQDMHVWZL NV]DOLF]EDNRPXQLNDWyZND G\
]QLFKPXVLE\üRSLVDQ\SU]H]V\PERONRPXQLNDWXDWDN HSU]\SLVDQ\PX
QXPHUSRU] GNRZ\LQD]Z
:V\WXDFMLJG\GLDJUDPNRPXQLNDFMLMHVWSU]HáDGRZDQ\R]QDF]HQLDPL
NRPXQLNDWyZLSU]H]WRPDáRF]\WHOQ\PR QDGRNRQDü]DJUHJRZDQHJRRSLVX
GLDJUDPXSRSU]H]JUXSRZDQLHRSHUDFML]XZ]JO GQLHQLHPURG]DMXNRPXQLNDWX
LNLHUXQNXSU]HSá\ZX1DGWDNLPV\PEROHPDJUHJDWHP]DSLVXMHVL QXPHU\
LQD]Z\RGSRZLHGQLFKNRPXQLNDWyZ-HVWWRF]\VWRWHFKQLF]Q\SRU] GNXM F\
]DELHJQLH]PLHQLDM F\WUH FLPHU\WRU\F]QHMGLDJUDPXRSLVDQHJRZSXQNFLH
GUXJLP
1DU\VXQNX]JRGQLH]Z\ HMZ\PLHQLRQ\PL]DVDGDPLGRNRQDQRDJUHJDFMLNR
PXQLNDWyZWHJRVDPHJRURG]DMXSU]HV\áDQ\FKZW\PVDP\PNLHUXQNX
5\VXQHN=DVDG\XPLHV]F]DQLDNRPXQLNDWyZ
5R]G]LDä'LDJUDPNRPXQLNDFML
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
'LDJUDP\NRPXQLNDFMLVWZDU]DM PR OLZR üZ]ERJDFHQLDLFK]DZDUWR FLPHU\WRU\F]QHM
SRSU]H]Zá F]HQLHNRQFHSFML]DDZDQVRZDQ\FK1DOH GRQLFK
t L]RPRUIL]PGLDJUDPyZVHNZHQFMLLNRPXQLNDFML
t ]DJQLH G HQLH
t SRSU]HGQLN
t ZVSyáELH QR ü
t RELHNW\ZLHORNURWQH
t NODV\DNW\ZQH
t LQQHNDWHJRULH]DDZDQVRZDQHWDNLHMDNZDUXQNLWZRU]HQLHRELHNWyZQLV]F]HQLH
RELHNWyZVDPRZ\ZRá\ZDQLHF]\WH LWHUDFMH
,]RPRUIL]P
-DNZVSRPQLDQRGLDJUDP\VHNZHQFMLRUD]GLDJUDP\NRPXQLNDFMLPR QDX]QDü]DL]R
PRUILF]QHW]QMHGQR]QDF]QLHZ]DMHPQLHSU]HNV]WDáFDOQH3U]\NáDG\L]RPRUILF]Q\FK
]DVW SRZDOQ\FKGLDJUDPyZVHNZHQFMLLNRPXQLNDFMLSU]HGVWDZLRQRQDU\VXQNX
'RW\F]\RQSU]HSURZDG]HQLDVWXGLXPZ\NRQDOQR FLSU]HGVL Z]L FLDZILUPLH-HGQ\P
]MHJRHOHPHQWyZMHVWSUyEDNZDQW\ILNRZDQLDSU]\V]á\FKQDNáDGyZRUD]]\VNyZ8]\
VNDQLHW\FKGDQ\FKSR]ZDODNLHURZQLNRZLSURMHNWXQDZ\OLF]HQLHW]ZZHZQ WU]QHM
VWRS\]ZURWXLQLFMRZDQHJRSU]HGVL Z]L FLD:W\PFHOX.LHURZQLN3URMHNWXZ\NRU]\
VWXMHDQDOLW\F]Q\RELHNWJUDQLF]Q\6WRSD=ZURWX,QZHVW\FMLSU]HV\áDM FGRQLHJRNRPX
QLNDWZ\OLF]:VND QLN]SDUDPHWUHPLG3URMHNWX$QDOLW\F]Q\RELHNWVWHUXM F\2EOLF]DQLH
,55SRRGHEUDQLXRGLQWHUIHMVXNRPXQLNDWXZ\OLF],55Z\V\áDNRPXQLNDWSRELHU]'DQH
GR .RV]WRU\VX :\VáDQ\ NRPXQLNDW SRZRGXMH SU]HND]DQLH ² MDNR ZDUWR FL ]ZURW
Q\FK²DWU\EXWyZQLH]E GQ\FKGR]DVWRVRZDQLDIRUPXá\REOLF]:VND QLNZ\OLF]DM
FHMZHZQ WU]Q VWRS ]ZURWXLQZHVW\FML.RPXQLNDW]ZURWQ\Z\ZRáXM F\RSHUDFM
Z\ ZLHWODQDOLW\F]QHJRRELHNWXJUDQLF]QHJR6WRSD=ZURWX,QZHVW\FMLSRZRGXMHZ\ ZLH
WOHQLHZVND QLND,55
=DJQLH G HQLH
'LDJUDP\ NRPXQLNDFML WR V]F]HJyOQLH X \WHF]QD WHFKQLND REUD]RZDQLD ]DJQLH G H
DQJQHVWLQJNRPXQLNDWyZZPRGHORZDQ\PV\VWHPLH'RNRQXMHVL WHJR]Z\NRU]\
VWDQLHPQRWDFML'HZH\DZQXPHURZDQLXNRPXQLNDWyZ,WDN
5\VXQHN,]RPRUIL]PGLDJUDPyZVHNZHQFMLLNRPXQLNDFML
5R]G]LDä'LDJUDPNRPXQLNDFML
E
F
=NROHLZGUXJLP]GLDJUDPyZVHNZHQFML]DPLHV]F]RQ\FKZWDEHOLZ\RGU EQLüPR
QDGZDZ WNL
D
E
7DEHOD=DJQLH G HQLD
'LDJUDPNRPXQLNDFML 'LDJUDPVHNZHQFML
%D]D'DQ\FK
VSUDZG 'RVW SQR ü 3RNRL
GRNRQDM5H]HUZDFML
RWZyU]5H]HUZDFM
SRWZLHUG 5H]HUZDFM
ZSURZDG 'DQH
,5H]HUZ DFM D
]DPNQLM
5HFHSFM RQLVWD
5\VXQHN=DJQLH G HQLHNRPXQLNDWyZZQRWDFML'HZH\D
5R]G]LDä'LDJUDPNRPXQLNDFML
3RSU]HGQLN
:RSLVLHNRPXQLNDWyZLVWQLHMHPR OLZR üXZ]JO GQLHQLDLFKSRSU]HGQLNyZ,QWHUSUH
WDFMDQRWDFMLSURVWHMRUD]V\VWHPXNODV\ILNDFMLG]LHVL WQHMGRP\ OQLHZ\]QDF]DNROHM
QR üZ\V\áDQ\FKNRPXQLNDWyZ:GUXJLHM]W\FKQRWDFMLQXPHUNRPXQLNDWXZ\ZR
áXM FHJR]QDMGXMHVL RMHGQ SR]\FM G]LHVL WQ Z\ HMZKLHUDUFKLLZVWRVXQNXGR
NRPXQLNDWXZ\ZRá\ZDQHJR:]ZL ]NX]W\PQDRJyáQLHMHVWZ\PDJDQHGRGDWNRZH
]D]QDF]DQLHSRSU]HGQLNyZQDGLDJUDPLHNRPXQLNDFML-HGQDNZRNUH ORQ\FKV\WXDFMDFK
QDOH \MHGQR]QDF]QLHZVND]DüNRPXQLNDWOXENRPXQLNDW\NWyUHPXV] SRSU]HG]DüNR
PXQLNDWELH F\'RNRQXMHVL WHJRSRSU]H]UR]V]HU]HQLHVNáDGQLNRPXQLNDWXRQXPHU\
NRPXQLNDWyZSRSU]HG]DM F\FK1XPHU\SRSU]HGQLNyZZQD]ZLHNRPXQLNDWXV ZyZ
F]DVRGG]LHORQHV\PEROHPXNR QLND
UHDOL]XM7UDQVDNFM 2Q/LQH
:VSÑäELH QR è
2SLVNRPXQLNRZDQLDVL LQVWDQFMLNODV\ILNDWRUyZZV\VWHPLHQDRJyáUHDOL]XMHVL VH
NZHQF\MQLHZSRVWDFLNROHMQRQDVW SXM F\FKSRVRELHNRPXQLNDWyZ-HGQDNLQWHUDN
FMHV\VWHPyZREHMPXM V\WXDFMHZNWyU\FKLQVWDQFMHNODV\ILNDWRUyZPRJ Z\NRQ\
ZDüMHGQRF]H QLHZLHOHZ WNyZLRSHUDFML6\WXDFMHWHZL VL ]FHFK ZVSyáELH QR FL
DQJFRQFXUUHQF\
$GPLQLVWUDWRU]\NRPSOHNVyZELXURZ\FKZ\NRU]\VWXM V\VWHPQDG]RUXSRPLHV]F]H
NWyU\ PRQLWRUXMH Z\VW SLHQLD QLHSR GDQ\FK ]GDU]H ]DJUD DM F\FK EH]SLHF]H VWZX
SUDFRZQLNyZ(OHPHQWHPVWHUXM F\PV\VWHPHPMHVWFHQWUDODDODUPRZDF]\OLXU] G]H
QLHRSURJUDPRZDQH'RFHQWUDOLSRGá F]RQHV QDVW SXM FHF]XMQLNL
t &]XMQLN'\PX
t &]XMQLN2WZDUFLD
t &]XMQLN5XFKX
t &]XMQLN7HPSHUDWXU\
&]ö è,3RGVWDZ\Mö]\ND80/
FG6\VWHP1DG]RUX3RPLHV]F]H
6HNFM D
SRELHU]:]RU]HF
&]XM QLN5XFKX
&]XM QLN'\PX FRGF]\WDM6\JQDá
DRGF]\WDM6\JQDá
0RGHO5HDNFM L
DEFGSRUyZQDM=0RGHOHP
&]XM QLN2WZ DUFLD ERGF]\WDM6\JQDá
GRGF]\WDM6\JQDá
&]XM QLN7HPSHUDWXU\
5\VXQHN:VSyáELH QR üRUD]SRSU]HGQLF\
6\VWHPQDG]RUXSU]HFKRZXMHZNODVLH0RGHO5HDNFMLRSHUDFMHNWyUHV Z\NRQ\ZD
QHZSU]\SDGNXRGHEUDQLDSU]H]MDNLNROZLHNF]XMQLNV\JQDáXDODUPRZHJR:FHOX
]DFKRZDQLD LQWHJUDOQR FL PRQLWRURZDQHJR REV]DUX 0RGHO5HDNFML SRELHUD SDUDPHWU\
NRPSOHNVXELXURZHJRSRSU]H]XUXFKRPLHQLHRSHUDFMLSRELHU]:]RU]HFLQVWDQFMLNODV\
ILNDWRUD 6HNFMD 1DVW SQLH LQVWDQFMD NODV\ILNDWRUD 0RGHO5HDNFML Z\V\áD NRPXQLNDW\
RGF]\WDM6\JQDáMHGQRF]H QLHGRZV]\VWNLFKURG]DMyZF]XMQLNyZ3RRGHEUDQLXV\JQDáX
]F]XMQLNyZ0RGHO5HDNFMLSRUyZQXMHJR]HZ]RUFHP6\VWHPQDG]RUX]RVWDáWDN]D
SURMHNWRZDQ\DE\Z\NRQDQLHRSHUDFMLSRUyZQDM=0RGHOHPE\áRPR OLZHGRSLHURSR
Z\NRQDQLXUyZQROHJá\FKRSHUDFMLRGF]\WDQLD6\JQDáXSU]H]ZV]\VWNLHF]XMQLNL=NROHL
RGF]\WDQLH6\JQDáXMHVWZ\NRQ\ZDQHGRSLHURSRSREUDQLX:]RUFDVHNFMLNRPSOHNVX
ELXURZHJR
2ELHNW\ZLHORNURWQH
3RMHG\QF]DLQVWDQFMDNODV\ILNDWRUDPR HSU]HV\áDüNRPXQLNDWGRZV]\VWNLFKLQVWDQFML
GDQHMNODV\:W\PFHOXPR HRGZRá\ZDüVL GRNRQNUHWQ\FKHJ]HPSODU]\RELHNWyZ
:L ]DáRE\VL WRMHGQDN]NRQLHF]QR FL ]DSUH]HQWRZDQLDND GHJR]W\FKRGZRáD QD
RVREQ\PGLDJUDPLH%DUG]LHMHIHNW\ZQ\PVSRVREHPMHVWZSURZDG]HQLHW]ZRELHNWyZ
ZLHORNURWQ\FKDQJPXOWLSOHREMHFWVE G F\FKV\PEROLF]Q UHSUH]HQWDFM ]ELRUXDQR
QLPRZ\FKRELHNWyZDZL FRELHNWyZ]Z\VSHF\ILNRZDQ Z\á F]QLHQD]Z NODV\'OD
5R]G]LDä'LDJUDPNRPXQLNDFML
5\VXQHN
2ELHNW\ZLHORNURWQH
QDGLDJUDPDFK
NRPXQLNDFML
2GZRá\ZDQLHVL GRZLHORNURWQ\FKRELHNWyZPDFKDUDNWHULWHUDF\MQ\MHGQDN]D]QD
F]DQLHWHJRIDNWXZSRVWDFL]QDF]QLNDLWHUDFML
SU]\NRPXQLNDFLHZSRá F]HQLX]]D
VWRVRZDQLHPQRWDFMLRELHNWyZZLHORNURWQ\FKMHVWQDGPLDURZH
.ODV\DNW\ZQH
:DVSHNFLHZ\VW SRZDQLDLGRNXPHQWRZDQLDZV\VWHPLHLQWHUDNFMLNODV\ILNDWRU\PR
QDSRG]LHOLüQD
t SDV\ZQH
t DNW\ZQH
.ODVDDNW\ZQDWRNODVDNWÑUHMLQVWDQFMHVWDQRZLñDNW\ZQHRELHNW\PRJñFHDXWR
QRPLF]QLHLQLFMRZDèZäDVQHZñWNLLVWHURZDèZ\NRQDQLHPW\FKZñWNÑZ
.ODVDDNW\ZQDPDVSHF\ILF]QHR]QDF]HQLH,OXVWUXMHVL M QDGLDJUDPLHSRSU]H]GR
GDQLHGZyFKOLQLLUyZQROHJOHGRSLRQRZ\FKNUDZ G]LNODV\
5\VXQHN
2GVHWNL
2ELHNW\NODV\ Z\OLF]
DNW\ZQHM
ZQDOLF]DQLX QDOLF]2GVHWNL
RGVHWHN
VDOGR SRELHU]6DOGR
.OLHQW
DNWXDOL]XMVDOGR
.RQWR
,QQHNDWHJRULH]DDZDQVRZDQH
-DN]D]QDF]RQRZWDEHOLZSU]\SDGNXGLDJUDPyZVHNZHQFMLLNRPXQLNDFMLZLHOH
SRM üMHVWUyZQRZD Q\FK=WHJRZ]JO GXRSLVZVSyOQ\FKGODREXURG]DMyZGLDJUD
PyZNDWHJRULL]DDZDQVRZDQ\FKWDNLFKMDNZDUXQNLF]\LWHUDFMHPR QDRGQLH üEH]
SR UHGQLRGRNRQZHQFMLSU]\M W\FKQDGLDJUDPDFKVHNZHQFML=DOH QR FLWH]QDMGXM
RG]ZLHUFLHGOHQLHQDU\VXQNX=DSUH]HQWRZDQRQDQLPZá F]DQLHVL NOLHQWDGROL
F\WDFMLZV\VWHPLHDXNFMLLQWHUQHWRZHM
5R]G]LDä'LDJUDPNRPXQLNDFML
FG:á F]DQLH.XSXM FHJR'R/LF\WDFM L
.XSXM F\
ZDOLGXMORJLQKDVáRQU/LF\WDFML
.XSXM F\
>EUDNDXWRU\]DFM@Z\ ZLHWO'RVW SQLHDXWRU\]RZDQ\
Z\V]XNDM2IHUW DUW\NXá ,2IHUWD$XNFM L
]DORJXMORJLQKDVáRQU/LF\WDFML
>DXWRU\]DFMD@SRELHU]'DQHQU/LF\WDFML
Z\ ZLHWO
/LF\WDFM D
>Q@RIHUWD Z\ELHU]2IHUW
FUHDWH!!Z\ ZLHWO/LF\WDFM
,/LF\WDFM D
:RSLV\ZDQHMLQWHUDNFMLELHU]HXG]LDáSL üLQVWDQFMLNODV\ILNDWRUyZ
t DNWRU.XSXM F\
t ,2IHUWD$XNFML
t /LF\WDFMD
t RELHNW.XSXM F\
t ,/LF\WDFMD
t NRPXQLNDW]DORJXMSU]HND]XM F\GRVWURQ\JáyZQHMDXNFMLORJLQKDVáR
.XSXM FHJRRUD]QU/LF\WDFMLMDNRSDUDPHWU\
t NRPXQLNDWZDOLGXMNWyU\SRUyZQXMH]JRGQR üSU]HND]DQ\FKSDUDPHWUyZ
]SU]HFKRZ\ZDQ\PLZRELHNFLHNODV\.XSXM F\
t NRPXQLNDWSRELHU]'DQH]SDUDPHWUHPQU/LF\WDFMLSU]HV\áDQ\GRLQVWDQFML
NODV\ILNDWRUD/LF\WDFMDW\ONRLZ\á F]QLHZSU]\SDGNX]LGHQW\ILNRZDQLD
DXWRU\]RZDQHJRX \WNRZQLNDZ\VáDQ\NRPXQLNDWGRVWDUF]DV]F]HJyáRZ\FK
LQIRUPDFMLRZ\EUDQHMOLF\WDFMLZSRVWDFLZDUWR FL]ZURWQ\FKQDVW SQLHRELHNW
NODV\/LF\WDFMDZ\ZRáXMHRSHUDFM ©FUHDWHªZ\ ZLHWO/LF\WDFM SU]HND]XM F
GDQHOLF\WDFMLGRXWZRU]RQHJRLQWHUIHMVX,/LF\WDFMD
t ZDOWHUQDW\ZQHMV\WXDFMLV\VWHPQLHSR]ZDOD.XSXM FHPXQDXF]HVWQLFWZR
ZOLF\WDFMLWUDNWXM FJRMDNRX \WNRZQLNDQLHDXWRU\]RZDQHJRRELHNW.XSXM F\
Z\ZRáXMHRSHUDFM Z\ ZLHWO]SDUDPHWUHPÄ'RVW SQLHDXWRU\]RZDQ\´NWyUD
SRZRGXMHZ\ ZLHWOHQLHQDLQWHUIHMVLHLQIRUPDFMLRQLHGRSXV]F]HQLX.XSXM FHJR
GRLQWHUHVXM FHMJROLF\WDFML
3URFHVWZRU]HQLDGLDJUDPXNRPXQLNDFML
$QDORJLF]QLHMDNZSU]\SDGNXGLDJUDPyZVHNZHQFMLSXQNWHPZ\M FLDZWZRU]HQLX
GLDJUDPXNRPXQLNDFMLMHVWSU]\SDGHNX \FLDRUD]MHJRVFHQDULXV]H:WZRU]HQLXRSL
V\ZDQHJRGLDJUDPXPDM PLHMVFHQDVW SXM FHHWDS\
LGHQW\ILNDFMDNODV\ILNDWRUyZ
SRZL ]DQLH]LGHQW\ILNRZDQ\FKNODV\ILNDWRUyZDVRFMDFMDPL
LGHQW\ILNDFMDLQDGDQLHQD]ZNRPXQLNDWRPSU]HV\áDQ\PSRPL G]\LQVWDQFMDPL
NODV\ILNDWRUyZ
RNUH OHQLHW\SyZQD]ZDQ\FKNRPXQLNDWyZ
QXPHURZDQLHNRPXQLNDWyZ]Z\NRU]\VWDQLHPSURVWHMQXPHUDFML
LGHQW\ILNRZDQLHNODVDNW\ZQ\FKLZ WNyZSU]\X \FLXQXPHUDFMLNZDOLILNRZDQHM
Z]ERJDFHQLHRSLVXGLDJUDPX]]DVWRVRZDQLHP]DDZDQVRZDQ\FKNDWHJRULL
WDNLFKMDNZVSyáELH QR üRELHNW\ZLHORNURWQHZDUXQNLUR]JDá ]LHQLD
RUD]LWHUDFMH
RSFMRQDOQHGRNRQDQLHDJUHJDFMLNRPXQLNDWyZ
3RZ\ V]DSURFHGXUDZRGQLHVLHQLXGRGLDJUDPyZNRPXQLNDFMLPDFKDUDNWHUDXWRQR
PLF]Q\0R QDMHGQDNJHQHURZDüMHDXWRPDW\F]QLH]Z\NRU]\VWDQLHPQDU] G]L&$6(
QDSRGVWDZLHDGHNZDWQ\FKGLDJUDPyZVHNZHQFML6SRVyEWHQIXQNFMRQXMHWDN HZSU]H
FLZQ VWURQ QD]DVDG]LHNRQZHUVMLGLDJUDPyZNRPXQLNDFMLQDGLDJUDP\VHNZHQFML
1DOH \MHGQDN]D]QDF]\ü HLVWQLHMHWXSRWHQFMDOQH]DJUR HQLHXWUDW\F] FLLQIRUPD
FMLZ]ZL ]NX]HZ]ERJDFHQLHPGLDJUDPXVHNZHQFMLZZHUVMLM ]\ND80/RWDNLH
NDWHJRULHPRGHORZDQLDMDNIUDJPHQW\Z\RGU EQLRQHRUD]SU]\ZRá\ZDQHIUDJPHQW\
5R]G]LDä'LDJUDPNRPXQLNDFML
LQWHUDNFMLSU]HGVWDZLHQLH]QDF]HQLDW\FKHOHPHQWyZ]Z\NRU]\VWDQLHPNDWHJRULLPR
GHORZDQLDGLDJUDPyZNRPXQLNDFMLMHVWWHFKQLF]QLHZ\NRQDOQHFKRFLD NáRSRWOLZHLZ\
PDJDM FHZ\NRU]\VWDQLDZV]HURNLP]DNUHVLHVNáDGQLNRPXQLNDWX5y QLFHNDWHJRULL
SRM FLRZ\FKGLDJUDPyZNRPXQLNDFMLLVHNZHQFMLRNUH ODV]F]HJyáRZRWDEHOD1DOH
\SRQDGWRUR]ZD \üZáD FLZR FLLSDUDPHWU\SRV]F]HJyOQ\FKQDU] G]L&$6(GRNR
QXM F\FKW\FKWUDQVIRUPDFML
6WXGLXPGLDJUDPXNRPXQLNDFML
1LQLHMV]HVWXGLXPFKDUDNWHU\]XMHSU]HELHJSURFHVXHJ]DPLQRZDQLDVWXGHQWDZHOHNWUR
QLF]Q\PV\VWHPLHHJ]DPLQDF\MQ\P2SLHUDVL QDSRGVWDZRZ\FKL]DDZDQVRZDQ\FK
HOHPHQWDFKGLDJUDPyZNRPXQLNDFML]DSUH]HQWRZDQ\FKRGSRZLHGQLRZSXQNWDFK
RUD]ZW\PUR]G]LDOH
-DNSRND]DQRQDU\VXQNXZSURFHGXU]HHJ]DPLQRZDQLDVWXGHQWDZ\Uy QLRQRQD
VW SXM FH FL OH]ZL ]DQH]HVRE NURNL
t SREUDQLH]IRUPDWHNLQWHUIHMVXORJLQXKDVáDRUD]LGHQW\ILNDWRUDHJ]DPLQX
ZSLVDQ\FKSU]H]RVRE HJ]DPLQRZDQ
t ZHU\ILNDFMDGDQ\FKQLH]E GQ\FKGRRWZDUFLDVHVMLSRá F]RQD]H]ZUyFHQLHP
LGHQW\ILNDWRUDVWXGHQWD
t SREUDQLHSDUDPHWUyZHJ]DPLQXZ\VSHF\ILNRZDQ\FKSU]H]HJ]DPLQDWRUD
ZUDPDFKLQQHJRSU]\SDGNXX \FLD
t LWHUDF\MQHSREUDQLHSXOLS\WD SU]HZLG]LDQ\FKGODGDQHJRSU]HGPLRWX
t Z\ORVRZDQLH]RJyOQHMSXOLS\WD ZVND]DQHMSU]H]HJ]DPLQDWRUDXVWDORQHM
OLF]E\S\WD ]NWyU\FKVNáDGDüVL E G]LHNRQNUHWQ\HJ]DPLQ
t Z\ ZLHWOHQLHHNUDQXHJ]DPLQRZDQLD
t ]DPNQL FLHHNUDQXORJRZDQLD
t LWHUDF\MQHZ\ ZLHWODQLHQDLQWHUIHMVLHNROHMQ\FKS\WD
t ]DUHMHVWURZDQLH]HVWDZXZVND]DQ\FKSU]H]HJ]DPLQRZDQHJRRGSRZLHG]L
RGQRV] F\FKVL GRNRQNUHWQ\FKS\WD
t SREUDQLHZ]RUFDRGSRZLHG]L]ED]\GDQ\FK
t SRUyZQDQLHRGSRZLHG]L]HZ]RUFHP
t IL]\F]QH]DSLVDQLH]DUHMHVWURZDQ\FKZ\QLNyZHJ]DPLQX
t RGQRWRZDQLHZ\QLNXHJ]DPLQXZSURILOXX \WNRZQLND
t Z\ ZLHWOHQLHXSU]HGQLR]DSLVDQ\FKZ\QLNyZQDLQWHUIHMVLH
&]ö è,3RGVWDZ\Mö]\ND80/
FG3U]HELHJ3URFHVX(OHNWURQLF]QHJR(J]DPLQRZ DQLD
8 \WNRZQLN
LG6WXG ZDOLGXMORJLQKDVáR
]DSLV]SU]HGPLRWZ\QLN
,/RJRZDQLH
GHVWUR\!!]DPNQLM
]DORJXMORJLQKDVáRLG(J]
ORVXMOLF]ED3\WD :\ Z
Z\QLN SRUyZQDMZ]RU]HFRGSRZLHG >@
6HVMD
>L OLF]ED3\W:\ Z@]DUHMHVWUXMRGSRZLHG >L@
>L OLF]ED3\WD @S\WDQLH>L@ SRELHU]SU]HGPLRW
FUHDWH!!RWZyU]
Z\ ZLHWOZ\QLN 3\WDQLH
,(J]DPLQRZDQLH
OLF]ED3\WD OLF]ED3\W:\ ZSU]HGPLRWF]DV7UZ SRELHU]LG(J]
Z]RU]HF SRELHU]LG(J]
]DSLV]Z\QLN
(J]DPLQ
5\VXQHN(J]DPLQRZDQLHVWXGHQWDZV\VWHPLHHOHNWURQLF]QHJRHJ]DPLQRZDQLD
3RGVWDZRZHSRMöFLD
$JUHJDFMDNRPXQLNDWyZ 2ELHNW
$VRFMDFMD 1LV]F]HQLH
'LDJUDP\LQWHUDNFML 7ZRU]HQLH
'LDJUDPKDUPRQRJUDPRZDQLD :LHORNURWQ\
'LDJUDPNRPXQLNDFML 1XPHUDFMDNRPXQLNDWyZ
'HILQLFMD .ZDOLILNRZDQD
3URFHVWZRU]HQLD 3URVWD
'LDJUDPVHNZHQFML 6\VWHPNODV\ILNDFMLG]LHVL WQHM
'HZH\D
'LDJUDPVWHURZDQLDLQWHUDNFM 3RSU]HGQLN
,WHUDFMD 6DPRZ\ZRáDQLH
,]RPRUIL]P 6\PERONRPXQLNDWX
.ODVD :DUXQHN
$NW\ZQD : WHN
3DV\ZQD :VSyáELH QR ü
.ODV\ILNDWRU =DJQLH G HQLH
$NW\ZQ\
3DV\ZQ\
.RPXQLNDW
$V\QFKURQLF]Q\
2F]HNXM F\
2SFMRQDOQ\
6\QFKURQLF]Q\
=ZURWQ\
3\WDQLDL]DGDQLD
=LQWHUSUHWXM]PLDQ\GRNRQDQHZ]DNUHVLHGLDJUDPyZLQWHUDNFMLZZHUVML
VWDQGDUGX80/ZVWRVXQNXGRZHUVML[
'LDJUDPHPMDNLHJRURG]DMXPR QD]DVW SLüGLDJUDPNRPXQLNDFMLDE\QLH
QDVW SLáDLVWRWQDXWUDWDWUH FLSU]HND]\ZDQHMSU]H]GLDJUDP"
&]ö è,3RGVWDZ\Mö]\ND80/
7DEHOD'LDJUDPNRPXQLNDFMLRUD]VHNZHQFML²RGSRZLHGQLNLSRM ü
'LDJUDPVHNZHQFML 'LDJUDPNRPXQLNDFML
/LQLD \FLD
.RPXQLNDWV\QFKURQLF]Q\
.RPXQLNDWXWUDFRQ\
1LV]F]HQLHRELHNWyZ
5R]JDá ]LHQLH
:DUXQHN
%UDPD
=DJQLH G HQLH
)UDJPHQWZ\RGU EQLRQ\
:MDNLVSRVyEQDGLDJUDPDFKNRPXQLNDFMLSU]HGVWDZLDQHMHVWSU]HVáDQLH
NRPXQLNDWX"
:\PLH VSRVRE\SU]HGVWDZLDQLDNROHMQR FLSU]HV\áDQLDNRPXQLNDWyZ
QDGLDJUDPDFKNRPXQLNDFML-DNLH]QDF]HQLHPDV\VWHPNODV\ILNDFMLG]LHVL WQHM
'HZH\D"
1DSRGVWDZLHVHNZHQF\MQHM]DOH QR FLSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZ$
L%]DSURSRQXMLRGSRZLHGQLRSRQXPHUXMNRPXQLNDW\QDGLDJUDPLHSRND]DQ\P
QDU\VXQNXLQDDQDORJLF]Q\PGLDJUDPLHNRPXQLNDFML
5\VXQHN
,QWHUDNFMHSRPL G]\
$ %
LQVWDQFMDPL
NODV\ILNDWRUyZ
5R]G]LDä'LDJUDPNRPXQLNDFML
=QDF]HQLHGLDJUDPÑZ
KDUPRQRJUDPRZDQLD
$QDOL]RZDQHLSURMHNWRZDQHLQWHUDNFMHZV\VWHPLHUHDOL]RZDQHV ZRNUH ORQ\PF]D
VLH6SHáQLHQLHNU\WHULXPF]DVXSU]H]LQWHUDNFM MHVWZD Q\PF]\QQLNLHPRFHQ\W\FK
V\VWHPyZ²]ZáDV]F]DV\VWHPyZZEXGRZDQ\FKLV\VWHPyZF]DVXU]HF]\ZLVWHJR:\
FKRG] FQDSU]HFLZW\PRF]HNLZDQLRP]DSURSRQRZDQRGLDJUDP\KDUPRQRJUDPRZDQLD
'LDJUDPKDUPRQRJUDPRZDQLDMHVWURG]DMHPGLDJUDPXLQWHUDNFMLUHSUH]HQWXMñF\P
QD RVL F]DVX ]PLDQ\ GRSXV]F]DOQ\FK VWDQÑZ MDNLH PR H SU]\MPRZDè LQVWDQFMD
NODV\ILNDWRUDXF]HVWQLF]ñFDZLQWHUDNFML
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
'LDJUDP\KDUPRQRJUDPRZDQLDGRNXPHQWXM DVSHNWF]DVXLQWHUDNFML6W GZGLDJUD
PLHKDUPRQRJUDPRZDQLDQDRVLSR]LRPHM]D]QDF]DVL VNDO F]DVXZSRVWDFLXVWDOR
Q\FKRGFLQNyZ1DWRPLDVWQDRVLSLRQRZHMSU]HGVWDZLDVL SRV]F]HJyOQHLQVWDQFMH
NODV\ILNDWRUyZ ELRU FH XG]LDá Z LQWHUDNFML D SU]\ ND GHM ] QLFK MHM VWDQ\ = ]DVDG\
GLDJUDP\KDUPRQRJUDPRZDQLDWZRU]\VL SRRSUDFRZDQLXGLDJUDPyZVHNZHQFMLOXE
NRPXQLNDFML1DGLDJUDPDFKW\FKERZLHPSUHF\]\MQLHZVND]DQHV LQVWDQFMHNODV\IL
NDWRUyZZ\VW SXM FHZV\VWHPLHDZ\V]F]HJyOQLHQLHOLQLL \FLDR URGNyZVWHURZDQLD
LNRPXQLNDWyZXáDWZLDXVWDOHQLHMHGQRVWHNQDVNDOLF]DVX:WHQVSRVyERVL JDVL
KDUPRQL]DFM LQWHUDNFMLSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZZXNáDG]LHF]DVRZ\P
$NFHSWRZDOQHMHVWUyZQLH DXWRQRPLF]QHSRGHM FLHGRWZRU]HQLDZVSRPQLDQ\FKGLD
JUDPyZEH]XZ]JO GQLDQLDSRZL ]DQ\FKGLDJUDPyZVHNZHQFMLF]\NRPXQLNDFMLQD
SRGVWDZLHLQQ\FKSRVLDGDQ\FKVSHF\ILNDFMLV\VWHPX
:SRGVWDZRZHMSRVWDFLGLDJUDPXKDUPRQRJUDPRZDQLDLOXVWURZDQHV MHJRSRGVWDZR
ZHNDWHJRULHSRM FLRZHSRUU\VXQHN
t NODV\ILNDWRU
t QD]ZDVWDQX
t OLQLD]PLDQ\VWDQyZLQVWDQFMLNODV\ILNDWRUD
3RM FLHNODV\ILNDWRUDZSURZDG]RQRLRPyZLRQRZUR]G]LDOHSRGF]DVJG\SRZV]HFK
QLHVWRVRZDQHURG]DMHNODV\ILNDWRUyZM ]\ND80/ZVND]DQRZUR]G]LDOH
/LVWD PR OLZ\FK VWDQyZ MHVW VSHF\ILF]QD GOD ND GHM LQVWDQFML NODV\ILNDWRUD MHGQDN
PR QDZ\Uy QLüNLONDW\SRZ\FKVWDQyZDQJVWDWHVWDNLFKMDN
t EH]F]\QQR ü
t F]XZDQLH
t RF]HNLZDQLH
t Z\NRQ\ZDQLH
t REOLF]DQLH
5\VXQHN WG2EVáXJD5H]HUZDFML
'LDJUDP
KDUPRQRJUDPRZDQLD
GODRELHNWXNODV\
5H]HUZDFMD Z\V\áDQLH
5H]HUZDFMD
RSáDFDQLH
SRWZLHUG]DQLH
VSRU] G]DQLH
.ZDGUDQV
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
3U]HGVWDZLRQ\QDU\VXQNXGLDJUDPKDUPRQRJUDPRZDQLDMHVWX \WHF]Q\ZGRNXPHQ
WRZDQLXVWRVXQNRZRSURVW\FKLQWHUDNFML,VWQLHMHMHGQDNPR OLZR üMHJRUR]V]HU]HQLD
RV]HUHJ]DDZDQVRZDQ\FKNDWHJRULLWDNLFKMDN
t ]GDU]HQLD
t RJUDQLF]HQLDF]DVRZH
t DOWHUQDW\ZQHVSRVRE\SUH]HQWDFMLVWDQyZ
t KDUPRQL]DFMDOLQLL]PLDQ\VWDQyZGODNLONXLQVWDQFMLNODV\ILNDWRUyZELRU F\FK
XG]LDáZLQWHUDNFML
t SU]HV\áDQLHNRPXQLNDWyZ
=GDU]HQLDLRJUDQLF]HQLDF]DVRZH
=DáDPDQLHOLQLL]PLDQ\VWDQyZLQVWDQFMLNODV\ILNDWRUDR]QDF]DZ\VW SLHQLH]GDU]HQLD
SRZRGXM FHJR]DLQLFMRZDQLHQRZHJRVWDQXWHMLQVWDQFML=GDU]HQLDZKDUPRQRJUDPLH
UH]HUZDFMLSU]HGVWDZLDU\VXQHN6SUHF\]RZDQRQDQLPVWDQ\LQVWDQFMLNODV\ILNDWRUD
5H]HUZDFMDLF]DVLFKWUZDQLDSRSU]H]RNUH OHQLHRJUDQLF]H F]DVRZ\FKDQJFRQ
VWUDLQWVZRGQLHVLHQLXGRVWDQyZ
t SRWZLHUG]DQLH²^PLQ`
t VSRU] G]DQLH²^PLQPLQ`
t RSáDFDQLH²^ JRG]LQD`
WG2EVáXJD5H]HUZDFML
Z\V\áDQLH
Z\GUXN3RWZLHUG]HQLD
5H]HUZDFMD
RSáDFDQLH
VSRU] G]HQLH)DNWXU\
SRWZLHUG]DQLH
VSRU] G]DQLH
QDGHM FLH3RWZLHUG]HQLD
.ZDGUDQV
5\VXQHN'LDJUDPKDUPRQRJUDPRZDQLD]H]GDU]HQLDPLLRJUDQLF]HQLDPLF]DVRZ\PL
$OWHUQDW\ZQHVSRVRE\SUH]HQWDFMLVWDQÑZ
3R]DSRGVWDZRZ IRUP SUH]HQWDFMLGLDJUDPyZKDUPRQRJUDPRZDQLDLVWQLHMHDOWHUQD
W\ZQDNRQZHQFMDLFKGRNXPHQWRZDQLD2ELHQRWDFMHPRJ E\üVWRVRZDQH]DPLHQQLH
LZ]DMHPQLHSU]HNV]WDáFDQH'LDJUDPKDUPRQRJUDPRZDQLDXWZRU]RQ\]Z\NRU]\VWD
QLHPDOWHUQDW\ZQHMNRQZHQFMLE G F\RGSRZLHGQLNLHPU\VXQNX]DSUH]HQWRZDQR
QDU\VXQNX
WG2EVáXJD5H]HUZDFML
^PLQ` ^PLQPLQ` ^ JRG]LQD`
VSRU] G]HQLH)DNWXU\
5H]HUZDFMD
.ZDGUDQV
5\VXQHN$OWHUQDW\ZQDQRWDFMDGLDJUDPyZKDUPRQRJUDPRZDQLD
+DUPRQL]DFMDOLQLL]PLDQ\VWDQÑZ
: LQWHUDNFML Z SUDNW\FH XF]HVWQLF]\ NLOND NLONDQD FLH D Z QLHNWyU\FK V\WXDFMDFK
QDZHWZL FHMLQVWDQFMLNODV\ILNDWRUyZ.D GD]QLFKPR HSU]\MPRZDüRNUH ORQHVWD
Q\'LDJUDP\KDUPRQRJUDPRZDQLDXPR OLZLDM SU]HGVWDZLHQLHLQWHUDNFMLZSHáQ\P
5R]G]LDä'LDJUDPKDUPRQRJUDPRZDQLD
Z\PLDU]HW]Q]HZV]\VWNLPLZVSyáSUDFXM F\PLLQVWDQFMDPLNODV\ILNDWRUyZZKRU\
]RQFLHF]DVRZ\PKDUPRQRJUDPX:WDNRSUDFRZDQ\PGLDJUDPLHKDUPRQRJUDPRZD
QLDRVL JDVL QLHW\ONRVSHF\ILNDFM ]PLDQVWDQXLQVWDQFMLNODV\ILNDWRUD8PR OLZLDRQ
UyZQLH SU]HGVWDZLHQLHLQWHUDNFMLLQVWDQFMLNODV\ILNDWRUyZNWyUHELRU XG]LDáZWHMLQWH
UDNFMLZND G\PPRPHQFLHRNUHVXGODNWyUHJRMHVWRSUDFRZDQ\KDUPRQRJUDP6WZDU]D
WRPR OLZR üKDUPRQL]DFMLZVSyáG]LDáDQLDLQVWDQFMLNODV\ILNDWRUyZZF]DVLH+DUPR
QL]DFMDSRV]F]HJyOQ\FKLQVWDQFMLNODV\ILNDWRUyZLLFKVWDQyZQDRVLF]DVXPR HE\ü
ZáD FLZLHRGGDQDZ\á F]QLH]Z\NRU]\VWDQLHPSRGVWDZRZHMQRWDFML'LDJUDPQDU\
VXQNX MHVW SU]\NáDGHP KDUPRQL]DFML LQVWDQFML NODV\ILNDWRUyZ 3U]HGVWDZLD SU]\SD
GHNUHMHVWURZDQLDUH]HUZDFMLZED]LHGDQ\FKKRWHOX
WG5H]HUZDFMD+RWHORZD
EH]F]\QQR ü
5HFHSFMRQLVWD
ZSURZDG]DQLH
RF]HNLZDQLH
Z\ ZLHWODQLH
,5H]HUZDFMD
VSUDZG]DQLH
GDQ\FK
UH]HUZRZDQLH
SRWZLHUG]DQLH
RF]HNLZDQLH
%D]D'DQ\FK
SU]HWZDU]DQLH
RGSRZLDGDQLH
6HNXQGD
5\VXQHN+DUPRQRJUDPRZDQLHUHMHVWURZDQLDUH]HUZDFMLKRWHORZHM
3U]\SDGHNUHMHVWURZDQLDUH]HUZDFMLZED]LHGDQ\FKKRWHOXMHVWHOHPHQWHPVFHQDULXV]D
Z\VSHF\ILNRZDQHJRQDGLDJUDPLHVHNZHQFMLSU]HGVWDZLRQ\PQDU\VXQNX: SU]\
SDGNXW\PZ\VW SXM WU]\LQVWDQFMHNODV\ILNDWRUyZ
t 5HFHSFMRQLVWD
t ,5H]HUZDFMD
t %D]D'DQ\FK
&]ö è,3RGVWDZ\Mö]\ND80/
EH]F]\
ZSURZ RF]HNLZDQLH ZSURZDG]DQLH RF]HNLZDQLH ZSURZ EH]F]\QQR ü
QQR ü
,5H]HUZDFMD
6HNXQGD
5\VXQHN5HMHVWURZDQLHUH]HUZDFMLZED]LHGDQ\FKKRWHOX²QRWDFMDDOWHUQDW\ZQD
3U]HV\äDQLHNRPXQLNDWÑZ
'LDJUDP\KDUPRQRJUDPRZDQLDPR QDZ]ERJDFLüRGRNXPHQWRZDQLHLQWHUDNFMLZSR
VWDFLNRPXQLNDWyZSU]HV\áDQ\FKPL G]\LQVWDQFMDPLNODV\ILNDWRUyZ UyGáHPWHMLQ
IRUPDFMLV RGSRZLHGQLHGLDJUDP\VHNZHQFMLOXENRPXQLNDFML:]ZL ]NX]W\PQD
GLDJUDPDFKKDUPRQRJUDPRZDQLDPR QDSU]HGVWDZLüZV]\VWNLHURG]DMHNRPXQLNDWyZ
5R]G]LDä'LDJUDPKDUPRQRJUDPRZDQLD
RPyZLRQ\FKZSXQNFLH=DDZDQVRZDQHVNáDGQLNLGLDJUDPX]Z\M WNLHPNRPXQLNDWX
XWUDFRQHJR RUD] ]QDOH]LRQHJR 1D SRGVWDZLH GLDJUDPX KDUPRQRJUDPRZDQLD SU]HG
VWDZLRQHJRQDU\VXQNXZ\VSHF\ILNRZDQRQDVW SXM FHNRPXQLNDW\
t RWZyU]5H]HUZDFM
t VSUDZG 'RVW SQR ü3RNRL
t ZSURZDG 'DQH
t GRNRQDM5H]HUZDFML
t SRWZLHUG 5H]HUZDFM
t ]DPNQLM
=RVWDá\RQHZSURZDG]RQHGRGLDJUDPXKDUPRQRJUDPRZDQLD]LOXVWURZDQHJRQDU\
VXQNX
WG5H]HUZDFMD+RWHORZD
SU]\M FLH=JáRV]HQLD
EH]F]\QQR ü
5HFHSFMRQLVWD
]DPNQL FLH$SOLNDFML
ZSURZDG]DQLH
RF]HNLZDQLH
RWZyU]5H]HUZDFM ZSURZDG 'DQH ]DPNQLM
Z\ ZLHWODQLH
,5H]HUZDFMD
VSUDZG]DQLH
GDQ\FK
UH]HUZRZDQLH
VSUDZG 'RVW SQR ü3RNRL
SRWZLHUG]DQLH GRNRQDM5H]HUZDFML
SRWZLHUG 5H]HUZDFM
RF]HNLZDQLH
%D]D'DQ\FK
SU]HWZDU]DQLH
RGSRZLDGDQLH
6HNXQGD
5\VXQHN.RPXQLNDW\QDGLDJUDPDFKKDUPRQRJUDPRZDQLD
&]ö è,3RGVWDZ\Mö]\ND80/
'LDJUDP\VHNZHQFMLDKDUPRQRJUDPRZDQLH
3HZQHHOHPHQW\KDUPRQRJUDPRZDQLDZV]F]HJyOQR FLRJUDQLF]HQLDF]DVRZHPR QD
SU]HGVWDZLüQDGLDJUDPDFKVHNZHQFML:SURZDG]DVL MH
t QDGV\PEROHPNRPXQLNDWXSRPL G]\GZRPDLQVWDQFMDPLNODV\ILNDWRUyZ
²ZSU]\SDGNXZVND]\ZDQLDF]DVXZ\NRQDQLDRSHUDFMLLQLFMRZDQHMSU]H]
NRPXQLNDW
t UyZQROHJOHGROLQLL \FLDLQVWDQFMLNODV\ILNDWRUDSRPL G]\GZRPDNRPXQLNDWDPL
²ZSU]\SDGNXZVND]\ZDQLDSU]HG]LDáXF]DVRZHJRSRPL G]\W\PL
NRPXQLNDWDPL
,+DUPRQRJUDP %D]D'DQ\FK
.LHURZQLN
LQLFMXM1RZH6SRWNDQLHGDWDXF]HVWQLF\
XWZyU]3Rá F]HQLH^V`
Z\ ZLHWO3Rá F]HQLHQDZL ]DQH
^W F]DV%LH F\`
]DSLV]GDWDXF]HVWQLF\^V`
Z\ ZLHWO6SRWNDQLH]DUHMHVWURZDQH
ZHU\ILNXM3RWZLHUG]HQLDGDWD6SRWNDQLD ^W F]DV%LH F\`
SRELHU]'DQHSRWZLHUG]HQLH^V`
Z\ ZLHWOSRWZLHUG]HQLH^V`
5\VXQHN2JUDQLF]HQLDF]DVRZHZV\VWHPLHKDUPRQRJUDPRZDQLDVSRWND
3R]DSLVDQLXGDQ\FKZ\ ZLHWODQHMHVWSRWZLHUG]HQLH]DUHMHVWURZDQLDVSRWNDQLD$V\Q
FKURQLF]QLHZVWRVXQNXGRLQLFMRZDQLDSU]H]VLHELHQRZ\FKVSRWND .LHURZQLNPR H
ZHU\ILNRZDü SRWZLHUG]HQLD REHFQR FL XF]HVWQLNyZ QD LQQ\FK VSRWNDQLDFK SURMHNWR
Z\FK:W\PFHOX.LHURZQLNRNUH ODNRQNUHWQ GDW VSRWNDQLD1DVW SQLH,+DUPRQR
JUDPSRELHUDSRWZLHUG]HQLD]DUHMHVWURZDQHWHJRGQLD:HIHNFLHUHDOL]RZDQDMHVWRSH
UDFMDZ\ ZLHWOXGRVW SQLDM FD.LHURZQLNRZLSRWZLHUG]HQLDSRV]F]HJyOQ\FKXF]HVWQLNyZ
VSRWND SURMHNWRZ\FK1DZ\ ZLHWOHQLHSRWZLHUG]H SU]HZLG]LDQRVHNXQG
3URFHVWZRU]HQLD
GLDJUDPXKDUPRQRJUDPRZDQLD
,QIRUPDFMHSU]HGVWDZLDQHQDGLDJUDPDFKKDUPRQRJUDPRZDQLDV Z]QDF]QHMPLHU]H
SRFKRGQ NDWHJRULLSRM FLRZ\FKGLDJUDPyZVHNZHQFMLNRPXQLNDFMLRUD]GLDJUDPyZ
PDV]\Q\VWDQRZHM6W GZSURFHVLHWZRU]HQLDGLDJUDPyZKDUPRQRJUDPRZDQLDZ\NR
U]\VW\ZDQHPRJ E\üLQQHGLDJUDP\M ]\ND80/.OXF]RZ\PLHWDSDPLWHJRSURFHVXV
LGHQW\ILNDFMDLQWHUDNFMLXGRNXPHQWRZDQHMGLDJUDPHPVHNZHQFMLOXEGLDJUDPHP
NRPXQLNDFML
SU]HQLHVLHQLHOXEGREyUNODV\ILNDWRUyZ
LGHQW\ILNDFMDVWDQyZND GHMLQVWDQFMLNODV\ILNDWRUD]Z\NRU]\VWDQLHP
GLDJUDPyZPDV]\Q\VWDQRZHM
XVWDOHQLHKRU\]RQWXF]DVRZHJRGLDJUDPX
Z\VSHF\ILNRZDQLHOLQLL]PLDQ\VWDQXLQVWDQFMLNODV\ILNDWRUyZ
ZSURZDG]HQLHRJUDQLF]H F]DVRZ\FKGODSRV]F]HJyOQ\FKVWDQyZLQVWDQFML
NODV\ILNDWRUD
QD]ZDQLHLZSURZDG]HQLHRGSRZLHGQLFK]GDU]H QDSRGVWDZLHGLDJUDPyZ
PDV]\Q\VWDQRZHM
KDUPRQL]DFMDOLQLL]PLDQ\VWDQXZV]\VWNLFKLQVWDQFMLNODV\ILNDWRUyZLQWHUDNFML
SUH]HQWRZDQ\FKQDGLDJUDPLH
SU]HQLHVLHQLHOXEZSURZDG]HQLHNRPXQLNDWyZSU]HV\áDQ\FKSRPL G]\
LQVWDQFMDPLNODV\ILNDWRUyZXF]HVWQLF] F\PLZLQWHUDNFML
=HZ]JO GXQDZ\NRU]\VW\ZDQLHZSURFHVLHWZRU]HQLDGLDJUDPyZKDUPRQRJUDPRZD
QLD V]HUHJX NDWHJRULL SRM FLRZ\FK LQQ\FK GLDJUDPyZ EDUG]R LVWRWQH MHVW ]DFKRZ\
ZDQLHVSyMQR FLSRPL G]\QLPL3URFHVWZRU]HQLDGLDJUDPyZKDUPRQRJUDPRZDQLD
SRGOHJDUHJXáRPLWHUDF\MQRSU]\URVWRZHJRF\NOX \FLDV\VWHPX
&]ö è,3RGVWDZ\Mö]\ND80/
3RGVWDZRZHSRMöFLD
'LDJUDPKDUPRQRJUDPRZDQLD +DUPRQL]DFMD
'HILQLFMD ,QWHUDNFMD
.ODV\ILNDWRU ,WHUDFMD
/LQLD]PLDQ\VWDQyZ .RPXQLNDW
1D]ZDVWDQX 3U]HV\áDQLH
1RWDFMD $V\QFKURQLF]Q\
.ODV\F]QD 2F]HNXM F\
$OWHUQDW\ZQD 2SFMRQDOQ\
3URFHVWZRU]HQLD 6\QFKURQLF]Q\
'LDJUDPNRPXQLNDFML =ZURWQ\
,]RPRUIL]P 2JUDQLF]HQLHF]DVRZH
6WDQ 6NDODF]DVX
%H]F]\QQR ü 6WDQ
&]XZDQLH 6\VWHP
2EOLF]DQLH &]DVXU]HF]\ZLVWHJR
2F]HNLZDQLH :EXGRZDQ\
:\NRQ\ZDQLH :DUXQHN
'LDJUDPPDV]\Q\VWDQRZHM =GDU]HQLH
'LDJUDPVHNZHQFML
2 URGHNVWHURZDQLD
/LQLD \FLD
3\WDQLDL]DGDQLD
:\MD QLM]DOH QR FLSRPL G]\SRV]F]HJyOQ\PLGLDJUDPDPLLQWHUDNFML
8]DVDGQLMSRWU]HE VSRU] G]DQLDKDUPRQRJUDPyZLQWHUDNFML
-DNLHURG]DMHGLDJUDPyZM ]\ND80/PR QDX]QDü]D UyGáRZHGODGLDJUDPyZ
KDUPRQRJUDPRZDQLD":\MD QLMGODF]HJR
:\PLH SU]\NáDG\LQVWDQFMLNODV\ILNDWRUyZNWyU\FKVWDQ\PRJ E\ü
RG]ZLHUFLHGODQHQDGLDJUDPLHKDUPRQRJUDPRZDQLD:VND W\SRZHVWDQ\
GODND GHJR]QLFK
5R]G]LDä'LDJUDPKDUPRQRJUDPRZDQLD
=QDF]HQLHGLDJUDPÑZ
VWHURZDQLDLQWHUDNFMñ
6SHF\ILNDFM GRNXPHQWDFMLLQWHUDNFMLUHDOL]XMHVL SRSU]H]RSUDFRZDQLHV]HUHJXOR
JLF]QLH SRZL ]DQ\FK GLDJUDPyZ VHNZHQFML NRPXQLNDFML RUD] KDUPRQRJUDPRZDQLD
6]F]HJyáRZR VFKDUDNWHU\]RZDQR MH Z UR]G]LDáDFK ± 'LDJUDP\ WH GRNXPHQWXM
FDáR FLRZRLQWHUDNFMHGODGDQHJRSU]\SDGNXX \FLDOXELFKF] FL]ZDQHIUDJPHQWDPL
LQWHUDNFML:\PDJDQLDVSHF\ILNDFML]áR RQ\FKSURFHVyZEL]QHVRZ\FKLV\VWHPRZ\FK
R]QDF]DM NRQLHF]QR üSRZL ]DQLDW\FKIUDJPHQWyZZORJLF]Q\FL J3RV]F]HJyOQHGLD
JUDP\SRZLQQ\E\ü]DWHPSRá F]RQHSU]HSá\ZDPLVWHURZDQLDDQDVW SQLHSU]HGVWD
ZLRQHQDRVREQ\PV\QWHW\F]Q\PGLDJUDPLH7DN RF]HNLZDQ URO Z\FKRG] F QD
SU]HFLZXGRNXPHQWRZDQLXORJLF]Q\FK]ZL ]NyZPL G]\IUDJPHQWDPLLQWHUDNFML
PRJ VSHáQLDüGLDJUDP\F]\QQR FL-HGQDNZGLDJUDPDFKW\FKURO F]\QQR FLLDNFML
SHáQLüSRZLQQ\RGZRáDQLDGRSRV]F]HJyOQ\FKRVREQ\FKGLDJUDPyZOXEIUDJPHQWyZ
LQWHUDNFMLRVDG]RQ\FKEH]SR UHGQLRQDGDQ\PGLDJUDPLH$]DWHP
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
=JRGQLH]GHILQLFM QDGLDJUDPLHVWHURZDQLDLQWHUDNFM ]DVWRVRZDQLH]QDMGXM
t SRGVWDZRZHRUD]Z\EUDQH]DDZDQVRZDQHHOHPHQW\GLDJUDPyZF]\QQR FL
t Z\EUDQHNDWHJRULHSRM FLRZHSRV]F]HJyOQ\FKGLDJUDPyZLQWHUDNFML
WMGLDJUDPyZVHNZHQFMLNRPXQLNDFMLKDUPRQRJUDPRZDQLD
IUDJPHQFLHLQWHUDNFML:QDJáyZNX
GLDJUDPXVWHURZDQLDLQWHUDNFM Z\Uy QLN
REOLF],OR ü MHVWREOLJDWRU\MQ\QDWRPLDVWQD]ZD
IUDJPHQWXLQWHUDNFMLRSFMRQDOQD
UHDOL]XM=DPyZLHQLH
-DN]D]QDF]RQRZWDEHOLIUDJPHQW\LQWHUDNFMLQDGLDJUDPDFKVWHURZDQLDLQWH
UDNFM PR QDR]QDF]\ü
t MDNRSU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFMLUHIF]\OLVZRLVWHRGV\áDF]H
GRLQQ\FKGLDJUDPyZLQWHUDNFMLV RQHZ\VSHF\ILNRZDQHZ\á F]QLH
]Z\NRU]\VWDQLHPQD]Z\LV]F]HJyOQLHX \WHF]QHZSU]\SDGNX]áR RQ\FK
GLDJUDPyZLQWHUDNFMLGRNWyU\FKQDOH QSLPSOHPHQWDF\MQHGLDJUDP\
VHNZHQFML
5R]G]LDä'LDJUDPVWHURZDQLDLQWHUDNFMñ
t SRSU]H]Z\Uy QLNLSRV]F]HJyOQ\FKURG]DMyZGLDJUDPyZLQWHUDNFML²VGFGWG
²ZV\WXDFMLJG\GLDJUDPVWHURZDQLDLQWHUDNFM ZFDáR FLSU]HGVWDZLD
SRV]F]HJyOQHQLH]E\WREV]HUQHL]áR RQHGLDJUDP\VNáDGRZH
UHI
3U]\M PRZDQLH'RNXPHQWyZ
UHI
3U]HSURZ DG]DQLH7HVWX.RPSHWHQFM L
VG=DNR F]HQLH(J]DPLQX
2GSRZLHG 7HVW
6\VWHP3RF]W\(OHNWURQLF]QHM
]DPNQLM7HVW
Z\OLF]6XP 3XQNWyZ
Z\ OLM:\QLN
3URFHVUHNUXWDFMLNDQG\GDWyZQDVWXGLDMHVWZVSRPDJDQ\V\VWHPHPLQIRUPDW\F]Q\P
3U]HGVWDZLHQLHFDáHJRSURFHVXQDMHGQ\PGLDJUDPLHPR OLZHMHVWSU]\Z\NRU]\VWDQLX
GLDJUDPXVWHURZDQLDLQWHUDNFM 1DSLHUZV]\PHWDSLHUHNUXWDFMLNDQG\GDFL]DSR UHG
QLFWZHPSU]HJO GDUHNLQWHUQHWRZ\FK]JáDV]DM VZRM NDQG\GDWXU LSU]HV\áDM Z\PD
JDQHGRNXPHQW\:RGSRZLHG]LV\VWHPJHQHUXMHNRG\GRVW SyZQLH]E GQHGRXF]HVW
QLFWZDZWH FLHNRPSHWHQFML:\PLHQLRQHLQWHUDNFMHV F] FL SU]\ZRáDQLDUHIRQD]ZLH
3U]\MPRZDQLH'RNXPHQWyZ 1DVW SQLH Z UDPDFK SU]\ZRáDQHM LQWHUDNFML 3U]HSURZD
G]HQLH7HVWX.RPSHWHQFMLNDQG\GDFLORJXM VL GRV\VWHPXLXF]HVWQLF] ZWH FLH6\VWHP
Z\ ZLHWODNROHMQHS\WDQLDDNDQG\GDFL]D]QDF]DM RGSRZLHG]L1DVW SQLHSRXSá\ZLH
&]ö è,3RGVWDZ\Mö]\ND80/
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
:SUDNW\FHGLDJUDP\VWHURZDQLDLQWHUDNFM PRJ Z\NRU]\VW\ZDü]QDF]Q\]DNUHVNDWH
JRULLSRM FLRZ\FKGLDJUDPyZF]\QQR FL']L NLWHPXPR OLZHMHVWWZRU]HQLHV]F]H
JyáRZ\FKUR]EXGRZDQ\FKGLDJUDPyZVWHURZDQLDLQWHUDNFM 6]F]HJyOQ URO ZWHM
ZVSyá]DOH QR FLSHáQL ]DDZDQVRZDQHNDWHJRULHSRM FLRZHGLDJUDPyZF]\QQR FLLVH
NZHQFML 5HODFMH SRPL G]\ Z\EUDQ\PL LVWRWQ\PL ]DDZDQVRZDQ\PL NDWHJRULDPL Z\
PLHQLRQ\FKURG]DMyZGLDJUDPyZZRGQLHVLHQLXGRGLDJUDPyZVWHURZDQLDLQWHUDNFM
SU]HGVWDZLDWDEHOD
7DEHOD=HVWDZLHQLHQRWDFMLGLDJUDPyZF]\QQR FLLGLDJUDPyZVHNZHQFML
.DWHJRULHGLDJUDPÑZVHNZHQFML 2GSRZLHGQLNLQDGLDJUDPDFKF]\QQR FL
1D]ZD 2]QDF]HQLHJUDILF]QH 1D]ZD 2]QDF]HQLHJUDILF]QH
DOWHUQDW\ZD
DOW GHF\]MD
UHI >ZDU@ >ZDU@ UHI
>ZDU@
VG_FG_WG
ZVSyáELH QR ü
SDU UR]ZLGOHQLH
VFDOHQLH
VG_FG_WG
UHI UHI
LWHUDFMD
ORRS GHF\]MD UHI
LWHUDFMD
>ZDU@
>ZDU@
RSFMD
RSW GHF\]MD
RSFMD
>ZDU@
>ZDU@
UHI
5R]G]LDä'LDJUDPVWHURZDQLDLQWHUDNFMñ
3UDNW\F]QH]DVWRVRZDQLHZ\PLHQLRQ\FKZWDEHOL]DDZDQVRZDQ\FKNDWHJRULLSRM
FLRZ\FKGLDJUDPXVWHURZDQLDLQWHUDNFM ]LOXVWURZDQRQDU\VXQNX
VG)XQNFM RQRZDQLH6\VWHPX*36
LRG
UHI
$XWRWHVW6\VWHPX,QIRUPDW\F]QHJR*36
>HOVH@
>V\VWHPVSUDZQ\@
UHI
7HVW3Rá F]HQLD]2GELRUQLNLHP
UHI
7HVWà F]QR FL]6DWHOLW
>Eá G@ >Eá G@ >HOVH@
>HOVH@
UHI
*HQHURZDQLH6SHF\ILNDFM L
UHI
8VWDODQLH3R]\FM L OHG]RQHJR2ELHNWX
>LQQ\RELHNW@
>HOVH@
3URFHVWZRU]HQLD
GLDJUDPXVWHURZDQLDLQWHUDNFMñ
'LDJUDP\VWHURZDQLDLQWHUDNFM SRGREQLHMDNLQQHGLDJUDP\M ]\ND80/V WZRU]RQH
]JRGQLH]]DVDGDPLF\NOXLWHUDF\MQRSU]\URVWRZHJR=DOHFDQ\PNLHUXQNLHPLFKWZR
U]HQLDMHVWNLHUXQHNZVW SXM F\:\QLNDWR]IDNWXZF]H QLHMV]HJRRSUDFRZDQLDSR
V]F]HJyOQ\FKGLDJUDPyZLQWHUDNFMLNWyU\FKZ]DMHPQH]DOH QR FLPRJ E\üMHGQR
]QDF]QLHSU]HGVWDZLRQH$]DWHPZSURFHVLHWZRU]HQLDGLDJUDPXVWHURZDQLDLQWHUDNFM
PR QDZ\Uy QLüQDVW SXM FHHWDS\
]JURPDG]HQLHZV]\VWNLFKRSUDFRZDQ\FKGLDJUDPyZLQWHUDNFML²VHNZHQFML
NRPXQLNDFMLRUD]KDUPRQRJUDPRZDQLD²GODGDQHJRSU]\SDGNXX \FLD
SU]HDQDOL]RZDQLHZ]DMHPQ\FK]DOH QR FLSRPL G]\W\PLGLDJUDPDPL
]DNZDOLILNRZDQLHSRV]F]HJyOQ\FKGLDJUDPyZGR
t SU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFMLUHIZSU]\SDGNXGLDJUDPyZ
]áR RQ\FK
t IUDJPHQWyZLQWHUDNFMLFGVGWGGODPQLHMREV]HUQ\FKGLDJUDPyZ
XVWDOHQLHORJLF]QHMNROHMQR FLZ\NRQ\ZDQLDSRV]F]HJyOQ\FKIUDJPHQWyZ
LQWHUDNFML
RSUDFRZDQLHNRPSOHWQHJRGLDJUDPXVWHURZDQLDLQWHUDNFM ]Z\NRU]\VWDQLHP
SRGVWDZRZ\FKL]DDZDQVRZDQ\FKNDWHJRULLSRM FLRZ\FK
RSFMRQDOQHZ\PLHQLHQLHZQDJáyZNXGLDJUDPXVWHURZDQLDLQWHUDNFM QD]Z
LQVWDQFMLNODV\ILNDWRUyZELRU F\FKXG]LDáZLQWHUDNFML
6WXGLXPGLDJUDPX
VWHURZDQLDLQWHUDNFMñ
)XQNFMRQRZDQLHDXNFMLLQWHUQHWRZHM]Z\NRU]\VWDQLHP]DUyZQRSRV]F]HJyOQ\FKGLD
JUDPyZ VHNZHQFML :\V]XNLZDQLH /LF\WDFML RUD] 2SXV]F]DQLH /LF\WDFML MDN L SU]\
ZRá\ZDQ\FKZ\VW SLH LQWHUDNFML:VWDZLDQLH$UW\NXáXQD$XNFM ,QWHUQHWRZ RUD]
/LF\WRZDQLHSU]HGVWDZLDU\VXQHN3RQLHZD NRQZHQFMDGLDJUDPyZVWHURZDQLD
5R]G]LDä'LDJUDPVWHURZDQLDLQWHUDNFMñ
5\VXQHN'LDJUDPVWHURZDQLDLQWHUDNFM ²IXQNFMRQRZDQLHDXNFMLLQWHUQHWRZHM
3U]HGVWDZLRQ\QDU\VXQNXGLDJUDPVWHURZDQLDLQWHUDNFM LOXVWUXMHIXQNFMRQRZD
QLH DXNFML LQWHUQHWRZHM 'LDJUDP WHQ MHVW L]RPRUILF]Q\ Z VWRVXQNX GR GLDJUDPX VH
NZHQFMLRWDNLHMVDPHMQD]ZLHU\VXQHN,QWHUDNFMHDXNFMLLQWHUQHWRZHM]RVWDá\
SRG]LHORQHQDWU]\SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML5HMHVWURZDQLH$UW\NXáXQD
$XNFML,QWHUQHWRZHM/RJRZDQLHL/LF\WRZDQLHRUD]WU]\IUDJPHQW\LQWHUDNFMLW\SXVG
'ZD]QLFKWM:\V]XNLZDQLH/LF\WDFMLL2SXV]F]HQLH/LF\WDFMLV QD]ZDQH(OHPHQWD
PLGLDJUDPXV UyZQLH GZLHGHF\]MH]á F]HQLHLGZLHLWHUDFMH3RGF]DV5HMHVWURZDQLD
$UW\NXáXQD$XNFML,QWHUQHWRZHMRVRE\]DUHMHVWURZDQHMDNR6SU]HGDM F\PDM XSUDZ
QLHQLDGRUHMHVWURZDQLDDUW\NXáyZNWyUHSy QLHMVWDM VL SU]HGPLRWHPOLF\WDFML$E\
]DLQLFMRZDüOLF\WDFM 6SU]HGDM F\PXVLZ\SHáQLüVWRVRZQ\IRUPXODU]3RZSURZDG]H
QLXZV]\VWNLFKZ\PDJDQ\FKGDQ\FKV\VWHPWZRU]\ZED]LHGDQ\FKRELHNW/LF\WDFMD
:REU ELHIUDJPHQWXLQWHUDNFMLVG:\V]XNLZDQLH/LF\WDFMLIUDJPHQWZ\RGU EQLRQ\
MHVWUHDOL]RZDQ\QD]DVDG]LHS WOLSURJUDPRZHMZ\ ZLHWODM FHMMDNRZ\QLNZV]\VWNLH
VSHáQLDM FHNU\WHULXPOLF\WDFMH
=UHDOL]RZDQLH RSFML SU]\VW SLHQLD .XSXM FHJR GR OLF\WDFML DUW\NXáX Z SLHUZV]HM NR
OHMQR FLZ\PDJDMHJR]DORJRZDQLDGRV\VWHPXDXNFML6WHURZDQLH]RVWDMHZWHG\SU]H
ND]DQHGRSU]\ZRá\ZDQHJRIUDJPHQWXLQWHUDNFMLUHIQD]ZDQHJR/RJRZDQLH'RSLH
URSR]DORJRZDQLX.XSXM F\PDSUDZRGRSHáQHJRXF]HVWQLFWZDZOLF\WDFMLZW\P
SURSRQRZDQLDL]ZL NV]DQLDNZRW6SU]HGDM F\ZSURZDG]DRGSRZLHGQL NZRW GR
LQWHUIHMVXOLF\WDFML1DVW SQLHMHVWRQDSU]HND]\ZDQDSU]H]LQWHUIHMVGRRGSRZLHGQLH
JR RELHNWX NODV\ /LF\WDFMD 3RUyZQDQLH ]DSURSRQRZDQHM NZRW\ ] SURSR]\FMDPL LQ
Q\FKXF]HVWQLNyZOLF\WDFMLRUD]RG ZLH HQLHOLVW\NZRWL.XSXM F\FKMHVWUHDOL]RZDQH
ZUDPDFKSU]\ZRá\ZDQHJRZ\VW SLHQLDLQWHUDNFMLUHI/LF\WRZDQLH-DNSRND]DQR]D
UyZQRQDGLDJUDPLHVWHURZDQLDLQWHUDNFM MDNLQDRGSRZLDGDM F\PPXGLDJUDPLHVH
NZHQFMLQLHQD]ZDQ\IUDJPHQWLQWHUDNFMLVGRUD]SU]\ZRáDQHZ\VW SLHQLHLQWHUDNFML
PRJ E\üUHDOL]RZDQHQD]DVDG]LHS WOLSURJUDPRZHM,WHUDFMDMHVWZ\NRQ\ZDQDMH OL
6SU]HGDM F\GHF\GXMHVL ]DSURSRQRZDüNROHMQHNZRW\:V\WXDFMLJG\SRZ\V]XNDQLX
LQWHUHVXM F\FKJRDUW\NXáyZ.XSXM F\SRGHMPXMHGHF\]M RQLHSU]\VW SRZDQLXGRLFK
OLF\WRZDQLDVWHURZDQLHMHVWSU]HND]\ZDQHGRIUDJPHQWXLQWHUDNFML2SXV]F]HQLH/LF\WD
FML 6SU]HGDM F\ ]DP\ND ZWHG\ LQWHUIHMV ] Z\V]XNDQ\PL OLF\WDFMDPL SR F]\P SU]H
Sá\ZVWHURZDQLDXOHJD]DNR F]HQLX5yZQLH ZSU]\SDGNXJG\.XSXM F\]GHF\GRZDá
VL SU]\VW SLüGROLF\WDFMLZPRPHQFLHMHM]DNR F]HQLDF]\WH UH]\JQDFML]GDOV]HJR
XF]HVWQLFWZDVWHURZDQLH]RVWDMHSU]HND]DQHGRIUDJPHQWXLQWHUDNFML2SXV]F]HQLH/LF\
WDFML1DGLDJUDPLHSU]HSá\ZWHQR]QDF]RQRVáRZHPNOXF]RZ\PHOVH
3RGVWDZRZHSRMöFLD
'LDJUDPF]\QQR FL 'LDJUDPLQWHUDNFML
.RQLHF 'LDJUDPKDUPRQRJUDPRZDQLD
3RF] WHN 'LDJUDPNRPXQLNDFML
:DUXQHN 'LDJUDPVHNZHQFML
=DNR F]HQLHSU]HSá\ZX
5R]G]LDä'LDJUDPVWHURZDQLDLQWHUDNFMñ
'LDJUDPVWHURZDQLDLQWHUDNFM 2SFMD
'HILQLFMD :VSyáELH QR ü
1DJáyZHN 3U]\ZRá\ZDQHZ\VW SLHQLH
LQWHUDNFMLUHI
3URFHVWZRU]HQLD ,QWHUDNFMD
:\Uy QLN 3U]HSá\ZGHF\]\MQ\
)UDJPHQWLQWHUDNFML 'HF\]MD
FG =á F]HQLH
VG 3U]HSá\ZVWHURZDQLD
WG 5R]ZLGOHQLH
)UDJPHQWZ\RGU EQLRQ\ 6FDOHQLH
$OWHUQDW\ZD
,WHUDFMD
3\WDQLDL]DGDQLD
:\MD QLM]DOH QR FLSRPL G]\
t GLDJUDPDPLVWHURZDQLDLQWHUDNFM
t LQQ\PLGLDJUDPDPLLQWHUDNFML
t GLDJUDPDPLF]\QQR FL
8]DVDGQLMGREyUSRGVWDZRZ\FKNDWHJRULLPRGHORZDQLDGLDJUDPyZVWHURZDQLD
LQWHUDNFM
:\PLH URG]DMHIUDJPHQWyZLQWHUDNFML:\MD QLMLFKURO
.LHG\VWRVXMHVL SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFMLUHIDNLHG\IUDJPHQW\
LQWHUDNFMLVGFGWG"
2SUDFXMGLDJUDPVWHURZDQLDLQWHUDNFM ]Z\NRU]\VWDQLHPIUDJPHQWyZ
LQWHUDNFMLW\SXUHIQDSRGVWDZLHGLDJUDPXÄ*HQHURZDQLHUDSRUWyZRNRV]WDFK
UHDOL]RZDQ\FKSURMHNWyZ´U\VXQHN
:VND L]LQWHUSUHWXM]DDZDQVRZDQHNDWHJRULHGLDJUDPyZVWHURZDQLDLQWHUDNFML
2SLHUDM FVL QDGLDJUDPLHÄ6\VWHPQDG]RUXSRPLHV]F]H NRPSOHNVXNLQRZHJR´
U\VXQHNZ\V]F]HJyOQLMLVWQLHM FHLQWHUDNFMHZSRVWDFLIUDJPHQWXLQWHUDNFML
W\SXVG1DVW SQLHZSURZDG IUDJPHQW\LQWHUDNFMLUy QHJRW\SXRSLVXM FH
SURSRQRZDQ\GDOV]\SU]HELHJLQWHUDNFMLRSLVDQHJRV\VWHPXLZ\VSHF\ILNXM
V]F]HJyáRZRSU]HSá\Z\VWHURZDQLDSRPL G]\QLPL
&]ö è,3RGVWDZ\Mö]\ND80/
=QDF]HQLHGLDJUDPÑZZGUR HQLRZ\FK
3HáQ\SURMHNWLQIRUPDW\F]Q\PXVL]DZLHUDüRSLVVWUXNWXU\LG\QDPLNLV\VWHPyZRELHN
WRZ\FK$VSHNW\IL]\F]QHVWUXNWXU\V\VWHPXVSHF\ILNXMHVL ]Z\NRU]\VWDQLHPGLDJUD
PyZZGUR HQLRZ\FK:\Uy QLDVL GZDURG]DMHW\FKGLDJUDPyZDPLDQRZLFLH
t GLDJUDP\NRPSRQHQWyZ
t GLDJUDP\UR]ORNRZDQLD
'LDJUDPNRPSRQHQWÑZ
:RVWDWQLFKNLONXODWDFKMHGQ ]GRPLQXM F\FKWHQGHQFMLZG]LHG]LQLHWZRU]HQLDRSUR
JUDPRZDQLDRUD]²ZV]HUV]\PUR]XPLHQLX²V\VWHPyZLQIRUPDW\F]Q\FKE\áRRSDU
FLHLFKVWUXNWXU\QDZ]DMHPQLHSRZL ]DQ\FKNRPSRQHQWDFKNWyUH ZLDGF] RNUH ORQH
XVáXJL=DLQWHUHVRZDQLHW\PUR]ZL ]DQLHPRUD]MHJRSUDNW\F]QHZGUR HQLHZL ]DáRVL
]ZL NV] HODVW\F]QR FL LPR OLZR FL Z\PLDQ\SRV]F]HJyOQ\FKNRPSRQHQWyZVNáD
GDM F\FKVL QDV\VWHP.RPSRQHQW\PRJá\E\üáDWZRZ\PLHQLDQHDNWXDOL]RZDQH
DWDN HZá F]DQHGRLQQ\FKDSOLNDFML:L HVL WR]NRQFHSFM SRQRZQHJRZ\NRU]\
VWDQLDDQJUHXVDEOHFRPSRQHQWVF]\OLMHGQ ]SRGVWDZRZ\FKNRQFHSFMLRELHNWRZR FL
&]ö è,3RGVWDZ\Mö]\ND80/
.RPSRQHQWWRKHUPHW\F]Q\Z\PLHQQ\PRGXäRSURJUDPRZDQLDV\VWHPXUHDOL]XMñ
F\RNUH ORQHMHJRXVäXJL]DSR UHGQLFWZHPLQWHUIHMVÑZ
'LDJUDPNRPSRQHQWÑZWRURG]DMGLDJUDPXZGUR HQLRZHJRNWÑU\ZVND]XMHRUJDQL
]DFMöL]DOH QR FLPLöG]\NRPSRQHQWDPL
.DWHJRULHPRGHORZDQLDGLDJUDPyZNRPSRQHQWyZSU]HGVWDZLDWDEHOD
3U]\NáDGDPLNRPSRQHQWyZV SRGVWDZRZHPRGXá\V\VWHPXLQIRUPDW\F]QHJR0R QD
SU]\SLV\ZDüLPVWHUHRW\S\MDNSRQL HM
t SURJUDP\Z\NRQ\ZDOQH²©H[HFXWDEOHªU\VXQHND
t ELEOLRWHNLSURJUDPyZ²©OLEUDU\ªU\VXQHNE
t IL]\F]QHED]\GDQ\FKLWDEHOHED]GDQ\FK²©WDEOHªU\VXQHNF
t SRGV\VWHP\²©VXEV\VWHPªU\VXQHNG
t NRPSRQHQW\SU]HWZDU]DM FH²©VHUYLFHªU\VXQHNH
)XQNFMRQDOQR üZVSyáF]HVQ\FKV\VWHPyZREVáXJLNRQIHUHQFMLQDXNRZHMPXVLREHMPR
ZDü PRGXá SU]\MPRZDQLD RUD] UHFHQ]RZDQLD UHIHUDWyZ ]JáRV]RQ\FK SU]H] DXWRUyZ
]DLQWHUHVRZDQ\FK NRQIHUHQFM 7HJR W\SX V\VWHP\ Z\NRU]\VWXM WHFKQRORJL LQWHU
QHWRZ $XWRUUHIHUDWXZ\NRU]\VWXM FSU]HJO GDUN LQWHUQHWRZ UHMHVWUXMHUHIHUDW]D
SR UHGQLFWZHPNRPSRQHQWX5HMHVWUDFMD5HIHUDWX6WURQDZ\ ZLHWODQDZSU]HJO GDUFH
]RVWDáDRSLVDQDZM ]\NX;0/QDFRZVND]XMHUR]V]HU]HQLHQD]Z\NRPSRQHQWX=D
SHZQLHQLHRSLVDQHMIXQNFMRQDOQR FLXPR OLZLDVNU\SWZ\NRQDQ\ZM ]\NX3+3RQD
]ZLH,QGHNV.RQIHUHQFML7HQRVWDWQLNRPSRQHQWZ\NRU]\VWXMHSOLNED]\GDQ\FKRQD]ZLH
5R]G]LDä'LDJUDP\ZGUR HQLRZH
7DEHOD.DWHJRULHPRGHORZDQLDGLDJUDPyZNRPSRQHQWyZ
1D]ZD 1RWDFMD
.RPSRQHQW ©FRPSRQHQWª
*UDILNDGOO
=DPDZLDQLHSKS
.OLHQWGE
,QWHUIHMVXGRVW SQLDM F\
6]NROHQLH
,5HMHVWUDFMD
,QWHUIHMVSR]\VNXM F\
=DPDZLDQLH
,.OLHQW
3RUW 'RVWDZFD
,'RVWDZFD 0DJD]\Q
3RUW]áR RQ\
0DJD]\Q
'RVWDZFD
.RQHNWRUVNáDGDQ\
5HIHUDW.RQI5HMHVWURZDQHUHIHUDW\]JRGQLH]UHJXáDPLNRQIHUHQFMLSRGOHJDM SURFH
GXURPUHFHQ]RZDQLD6\VWHPPXVLSR]ZDODüQDUHFHQ]RZDQLHSU]H]NLONXUHFHQ]HQ
WyZND GHJR]JáRV]RQHJRUHIHUDWX)XQNFMRQDOQR üXPR OLZLDM F UHMHVWUDFM UHFHQ]ML
]JáRV]RQ\FKUHIHUDWyZZED]LHGDQ\FK]DZLHUDNRPSRQHQW5HFHQ]RZDQLHNWyU\MHVW
SOLNLHPZ\NRQ\ZDOQ\P.RPSRQHQWWHQNRU]\VWD]]DZDUWR FLG\QDPLF]QLHGRá F]D
QHMELEOLRWHNLRQD]ZLH5HFHQ]MDQDFRZVND]XMH]ZL ]HN]DOH QR FLSRPL G]\W\PL
NRPSRQHQWDPL :VSRPQLDQD ELEOLRWHND REVáXJXMH PLQ ZVSyOQH UHJXá\ UHFHQ]RZD
QLDUHIHUDWyZ
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
D
.RPSRQHQW\
LLFKVWHUHRW\S\ ©H[HFXWDEOHª
=DU] G]DQLH1DOH QR FLDPLH[H
E
©OLEUDU\ª
:LQG\NDFM DGOO
F
©WDEOHª
.OLHQWGE
G
©VXEV\VWHPª
6WHURZ DQLH=DSDVDPL
H
©VHUYLFHª
0RQLWRURZ DQLH7HPSHUDWXU\
5\VXQHN
LG5HM HVWUDFM D5HIHUDWyZ QD.RQIHUHQFM
FRG
.RQFHSWXDOQ\
GLDJUDP
NRPSRQHQWyZ
V\VWHPXUHMHVWUDFML 5HM HVWUDFM D5HIHUDWX[PO
UHIHUDWyZ
5HFHQ]RZ DQLHH[H ,QGHNV.RQIHUHQFM LSKS
5HFHQ]M DGOO 5HIHUDW.RQIGE
.RQFHSWXDOQ\ GLDJUDP NRPSRQHQWyZ VWDMH VL SRGVWDZ RSUDFRZDQLD LPSOHPHQWDF\M
QHJR GLDJUDPX NRPSRQHQWyZ FR Z\PDJD LGHQW\ILNDFML L UR]XPLHQLD SRGVWDZR
Z\FKSRM ü
5R]G]LDä'LDJUDP\ZGUR HQLRZH
t LQWHUIHMVyZ
t VSHF\ILNDFMLNRPSRQHQWyZ
t SRUWyZ
t NRQHNWRUyZ
,QWHUIHMV\
1DGLDJUDPDFKNRPSRQHQWyZHOHPHQWHPXPR OLZLDM F\PNRU]\VWDQLH]XVáXJSRV]F]H
JyOQ\FK NRPSRQHQWyZ L SR UHGQLF] F\P SRPL G]\ NRPSRQHQWDPL MHVW LQWHUIHMV DQJ
LQWHUIDFH
,QWHUIHMVWR]HVWDZRSHUDFMLNWÑUHZ\]QDF]DMñXVäXJLRIHURZDQHSU]H]NODVöOXENRP
SRQHQW
5\VXQHN ,*RG]LQ\:\NRQDQH
=HZQ WU]QD
SHUVSHNW\ZD
NRPSRQHQWX3áDFH
3áDFHH[H
,3UDFRZQLN
,5DSRUW\
L3U]HOHZ\ ,/LVWD3áDF
5\VXQHNWHQSU]HGVWDZLDPRGXáV\VWHPX3áDFHH[H=DLPSOHPHQWRZDQRZQLPIXQN
FMRQDOQR üQLH]E GQ GRUR]OLF]HQLDSáDFZV\VWHPLHNVL JRZ\P.RPSRQHQWXGRVW S
QLDWU]\LQWHUIHMV\
t ,5DSRUW\
t ,/LVWD3áDF
t ,3U]HOHZ\
&]ö è,3RGVWDZ\Mö]\ND80/
6SHF\ILNDFMDNRPSRQHQWÑZ
6SHF\ILNDFMD]DZDUWR FLNRPSRQHQWXPR HPLHüFKDUDNWHU
t F]DUQHMVNU]\QNL
t ELDáHMVNU]\QNL
:SLHUZV]\PSU]\SDGNXSU]HGVWDZLDVL NRPSRQHQWZUD]]MHJRLQWHUIHMVDPLZVSR
VyERJyOQ\F]\OLLOXVWUXMHMHJRSHUVSHNW\Z ]HZQ WU]Q 3U]\NáDG\NRPSRQHQWyZZ\
VSHF\ILNRZDQ\FKZSRVWDFLF]DUQHMVNU]\QNLDQJEODFNER[]DSUH]HQWRZDQRQDU\
VXQNDFK L 6SHF\ILNDFMH LQWHUIHMVyZ SU]HGVWDZLRQH QD U\VXQNX V
RGSRZLHGQLNDPL VSRVREX GRNXPHQWRZDQLD LQWHUIHMVyZ SU]HGVWDZLRQHJR QD U\VXQ
NX6SHF\ILNDFMDLQWHUIHMVyZNRPSRQHQWyZQDU\VXQNX]RVWDáDXWZRU]RQD
]Z\NRU]\VWDQLHPVWHUHRW\SyZWHNVWRZ\FK6 WRRGSRZLHGQLRVWHUHRW\S\
t ©SURYLGHGLQWHUIDFHª²GODLQWHUIHMVyZXGRVW SQLDM F\FK
t ©UHTXLUHGLQWHUIDFHª²GODLQWHUIHMVyZSR]\VNXM F\FK
3áDFHH[H
3áDFHH[H
©SURYLGHGLQWHUIDFHVª
©SURYLGHGLQWHUIDFHª,5DSRUW\ ,/LVWD3áDF
©SURYLGHGLQWHUIDFHª,/LVWD3áDF ,3U]HOHZ\
©SURYLGHGLQWHUIDFHª,3U]HOHZ\ ,5DSRUW\
©UHTXLUHGLQWHUIDFHª,3UDFRZQLN ©UHTXLUHGLQWHUIDFHVª
©UHTXLUHGLQWHUIDFHª,*RG]LQ\:\NRQDQH ,*RG]LQ\:\NRQDQH
,3UDFRZQLN
5\VXQHN6SHF\ILNDFMDLQWHUIHMVyZZSRVWDFLVWHUHRW\SyZWHNVWRZ\FK
6SHF\ILNDFMHLQWHUIHMVyZ]DPLHV]F]RQHQDRSLV\ZDQ\PU\VXQNXPRJ E\üVWRVRZDQH
]DPLHQQLH
5\VXQHN
©LQWHUIDFHª
,QWHUIHMV\
,*RG]LQ\:\NRQDQH
ZSRVWDFLLQVWDQFML
NODV\ILNDWRUyZ
ZV\VWHPLH+50
3áDFHH[H
]DUHMHVWUXM
DNWXDOL]XM
XVWDO$ORNDFM
©UHDOL]Hª
©LQWHUIDFHª
,3U]HOHZ \
XWZyU]
]OHü :\NRQDQLH
GUXNXM3U]HND]
ZDOLGXM'DQH
2SLV\ZDQ\NRPSRQHQWMHVWDXWRPDW\F]QLH]RERZL ]DQ\GRUHDOL]RZDQLDW\FKXVáXJQD
FRZVND]XMH]ZL ]HNUHDOL]DFMLR]QDF]RQ\GRGDWNRZRVWHUHRW\SHP©UHDOL]Hª:SU]\
SDGNXLQWHUIHMVXSR]\VNXM FHJR,*RG]LQ\:\NRQDQHXVáXJLZSRVWDFLRSHUDFML
t ]DUHMHVWUXM
t DNWXDOL]XM
t XVWDO$ORNDFM
V SR]\VNLZDQH]LQQHJRNRPSRQHQWX3U]\NáDGRZRPyJáE\WRE\üNRPSRQHQW.DUWD
3UDF\H[HGRP\ OQLHSRá F]RQ\VWHUHRW\SRZDQ\P]ZL ]NLHPUHDOL]DFML]LQWHUIHMVHP
,*RG]LQ\:\NRQDQH = SHUVSHNW\Z\ X \WNRZQLND V\VWHPX +50 LQWHUIHMV ,*RG]LQ\
:\NRQDQHXPR OLZLDáE\SU]HND]\ZDQLHGRPRGXáX3áDFHLQIRUPDFML]DZDUW\FKZNDU
WDFKSUDF\SRV]F]HJyOQ\FKSUDFRZQLNyZ
5\VXQHN
6SHF\ILNDFMD
3áDFHH[H
NRPSRQHQWX
ZSRVWDFL ©SURYLGHGLQWHUIDFH Vª
ELDáHMVNU]\QNL ,/LVWD3áDF
,3U]HOHZ\
,5DSRUW\
©UHTXLUHGLQWHUIDFH Vª
,*RG]LQ\:\NRQDQH
,3UDFRZQLN
©UHDOL]DWLRQV ª
.RQWR%DQNRZH
8U] G6NDUERZ\
3áDWQLN
©DUWLIDFWV ª
=HVWDZLHQLH3áDF3UDFRZQLNyZ
3U]HND]
t NODV\ILNDWRUyZ²©UHDOL]DWLRQVª
t DUWHIDNWyZ²©DUWLIDFWVª
3RUW\
6\PERONRPSRQHQWXPR QDX]XSHáQLDüRSRUW\DQJSRUWVF]\OLZ\Uy QLDOQHSXQNW\
]ZL ]DQH FL OH]LQWHUIHMVDPLSU]H]NWyUHNRPSRQHQWNRPXQLNXMHVL ]RWRF]HQLHP
3RSU]H]LQWHUIHMVRUD]SRUWNRPSRQHQWRIHUXMHVZRMHXVáXJLLRF]HNXMHUHDOL]DFMLNRQ
NUHWQ\FKXVáXJSU]H]RWRF]HQLH8PLHV]F]DQLHSRUWyZQDGLDJUDPLH]QDMGXMHX]DVDG
QLHQLHZSU]\SDGNXMDZQHJRZVND]\ZDQLDNODV\ILNDWRUyZZHZQ WU]Q\FKGDQHJRNRP
SRQHQWX=DMHJRSR UHGQLFWZHPPR QDZyZF]DVMHGQR]QDF]QLHSU]\SRU] GNRZDü
LQWHUIHMV\GRLQVWDQFMLNODV\ILNDWRUyZ-H HOL]GDQ\PSRUWHP]ZL ]DQHMHVWNLONDLQWHU
IHMVyZRNUH ODVL JRPLDQHPSRUWX]áR RQHJR3U]\NáDG\SRUWyZ]DZLHUDWDEHOD
RUD]U\VXQHN
.RQHNWRU\
.RPSRQHQW\ QD GLDJUDPDFK NRPSRQHQWyZ á F]RQH V ]D SR UHGQLFWZHP ]ZL ]NyZ
]DOH QR FLOXE²ZSU]\SDGNXZ\VSHF\ILNRZDQLDLQWHUIHMVyZXGRVW SQLDM F\FKRUD]
SR]\VNXM F\FK ²]D SR UHGQLFWZHP NRQHNWRUyZ DQJ FRQQHFWRUV :\Uy QLD VL
GZDURG]DMHNRQHNWRUyZ
t GHOHJRZDQ\
t VNáDGDQ\
5R]G]LDä'LDJUDP\ZGUR HQLRZH
,PSOHPHQWDF\MQ\GLDJUDPNRPSRQHQWÑZ
,PSOHPHQWDF\MQH GLDJUDP\ NRPSRQHQWyZ SU]HGVWDZLDM ]DDZDQVRZDQH NDWHJRULH
SRM FLRZHGLDJUDPyZNRPSRQHQWyZ²WDNLHMDNLQWHUIHMV\SRUW\VSHF\ILNDFMHNRP
SRQHQWyZF]\WH NRQHNWRU\²ZVSRVyENRPSOHNVRZ\'REU SRGVWDZ RSUDFRZDQLD
WDNLHJRGLDJUDPXMHVWNRQFHSWXDOQ\GLDJUDPNRPSRQHQWyZ,PSOHPHQWDF\MQ\GLDJUDP
NRPSRQHQWyZV\VWHPXDXNFMLLQWHUQHWRZHMLOXVWUXMHU\VXQHN
FRG$XNFMD,QWHUQHWRZD
2IHUWD
,:\V]XNLZDQLH
.DWDORJ
,$UW\NXá
7UDQVDNFMD
©GHOHJDWHª ,3U]HOHZ
,$UW\NXá ,.XSXM F\
,2GPRZD
$XNFMD
©GHOHJDWHª ,$NFHSWDFMD
.XSXM F\ .ZRWD
/LF\WDFMD
©GHOHJDWHª
,.ZRWD
,/LF\WDFMD ,/RJRZDQLH
5\VXQHN,PSOHPHQWDF\MQ\GLDJUDPNRPSRQHQWyZDXNFMLLQWHUQHWRZHM
&]ö è,3RGVWDZ\Mö]\ND80/
.RPSRQHQW$XNFMDMHVWSRá F]RQ\]GZRPDNRQHNWRUDPLVNáDGDQ\PLQD]ZDQ\PLRG
SRZLHGQLR,$UW\NXáRUD],.XSXM F\3LHUZV]\]QLFKSU]HND]XMHGDQHROLF\WDFMDFK
VSU]HGDZDQ\FKDUW\NXáDFKGRNRPSRQHQWX2IHUWD²JG]LHV GHOHJRZDQHGRNODV\
.DWDORJ ² RUD] NRPSRQHQWX 7UDQVDNFMD 'UXJL XPR OLZLD SU]HND]DQLH GDQ\FK NX
SXM FHJRGRNRPSRQHQWX7UDQVDNFMD'DQHDUW\NXáXRUD]NXSXM FHJRV QLH]E GQHGR
SU]HSURZDG]HQLD WUDQVDNFML =DWHP LQWHUIHMVHP XGRVW SQLDM F\P NRPSRQHQWX 7UDQV
DNFMDMHVW,3U]HOHZ-HVWRQNDQG\GDWHPQDLQWHUIHMVJUDILF]Q\OXELQWHUIHMVSU]H]QDF]R
Q\GODV\VWHPXEDQNRZHJRXPR OLZLDM FHJRWUDQVDNFM RQOLQH:W\PGUXJLPSU]\
SDGNXLQWHUIHMVJUDILF]Q\QLHE G]LHZ\PDJDQ\DGDQH]RVWDQ SU]HVáDQHEH]SR UHGQLR
GRV\VWHPXEDQNRZHJR:yZF]DV]DFKRZDQLHLQWHUIHMVXRNUH OLüQDOH \MDNRZHZQ WU]
QH .RPSRQHQW 2IHUWD SU]HFKRZXMH NODV .DWDORJ ,QWHUIHMV SR]\VNXM F\ ,:\V]XNL
ZDQLHMHVWLQWHUIHMVHPJUDILF]Q\PNWyU\XPR OLZLDX \WNRZQLNRPSU]HV]XNLZDQLH
NDWDORJXDXNFML
'LDJUDPUR]ORNRZDQLD
3RZ\NRQDQLXZM ]\NX80/ORJLF]QHMVSHF\ILNDFMLV\VWHPXQLH]E GQHVWDMHVL XGR
NXPHQWRZDQLHMHJRIL]\F]QHJRUR]ORNRZDQLDDQJGHSOR\PHQW(NVSORDWDFMDZVSyá
F]HVQHJRV\VWHPXLQIRUPDW\F]QHJRGRNRQXMHVL SU]H]X \WNRZDQLHUy QRURGQHJR
VSU] WXRSURJUDPRZDQLDLVLHFLNRPSXWHURZ\FK*áyZQ\PLHOHPHQWDPLVSHF\ILNDFML
ORJLF]QHMWZRU]RQHMZWUDNFLHWU]HFKSLHUZV]\FKG\VF\SOLQPHWRG\NL583V GLDJUDP\
SU]\SDGNyZX \FLDNODVRELHNWyZF]\QQR FLPDV]\Q\VWDQRZHMRUD]LQWHUDNFML6SH
F\ILNDFMDQDSR]LRPLHIL]\F]Q\PSRZLQQDSR]ZROLüQDXGRNXPHQWRZDQLHDUFKLWHNWX
U\HNVSORDWRZDQHJRZV\VWHPLHVSU] WXRUD]]ZL ]NyZX \WNRZDQHJRRSURJUDPRZD
QLD]W LQIUDVWUXNWXU LQIRUPDW\F]Q 1DU] G]LHPUHDOL]DFMLWHJR]DGDQLDV GLDJUDP\
UR]ORNRZDQLD ']L NLGLDJUDPRPUR]ORNRZDQLDM ]\N 80/ SR]ZDOD QD Z\VSHF\ILNR
ZDQLHUR]PLHV]F]HQLDPRGXáyZX \WNRZDQHMDSOLNDFMLQDSRá F]RQ\FKZ ]áDFK
5R]G]LDä'LDJUDP\ZGUR HQLRZH
$UWHIDNWR]QDF]DND G\V]WXF]QLHZ\WZRU]RQ\SURGXNW
'LDJUDPUR]ORNRZDQLDWRURG]DMGLDJUDPXZGUR HQLRZHJRNWÑU\SU]HGVWDZLDVLHè
SRäñF]RQ\FK FLH NDPLNRPXQLNRZDQLDZö]äÑZ]XORNRZDQ\PLQDQLFKDUWHIDNWDPL
&]ö è,3RGVWDZ\Mö]\ND80/
3RGVWDZRZ\PLHOHPHQWDPLGLDJUDPyZUR]ORNRZDQLDV
t Z ]á\
t FLH NLNRPXQLNRZDQLD
2]QDF]HQLDJUDILF]QHSRGVWDZRZ\FKNDWHJRULLSRM FLRZ\FKGLDJUDPXUR]ORNRZDQLD
SU]HGVWDZLDWDEHOD
7DEHOD3RGVWDZRZHNDWHJRULHSRM FLRZHGLDJUDPyZUR]ORNRZDQLD
1D]ZD 1RWDFMDJUDILF]QD
: ]Há
FLH NDNRPXQLNRZDQLD
3RQL HMV]F]HJyáRZRVFKDUDNWHU\]RZDQRSRGVWDZRZHL]DDZDQVRZDQHNDWHJRULHGLD
JUDPyZUR]ORNRZDQLDWM
t Z ]á\
t FLH NLNRPXQLNRZDQLD
t ]DOH QR FL
t RVDG]RQHDUWHIDNW\LNRPSRQHQW\
t PDQLIHVWRZDQLH
t VSHF\ILNDFM UR]ORNRZDQLD
t GLDJUDP\UR]ORNRZDQLDQDSR]LRPLHIL]\F]Q\P
:ö]ä\
.OXF]RZ URO ZGLDJUDPDFKUR]ORNRZDQLDRGJU\ZDSRM FLHZ ]áDDQJQRGHNWyU\
MHVWNROHMQ\PURG]DMHPNODV\ILNDWRUD
:ö]HäWRIL]\F]Q\OXEORJLF]Q\]DVÑESU]HWZDU]DMñF\QDNWÑU\PVñRVDG]RQHDUWH
IDNW\X \WNRZDQHJRV\VWHPX
t VHUZHU\
t XU] G]HQLDZHM FLDZ\M FLDWDNLHMDNGUXNDUNLF]\WH PRQLWRU\
t URXWHU\EUDP\VZLWFKHNRQFHQWUDWRU\LLQQHXU] G]HQLDVLHFLRZH
FLH NLNRPXQLNRZDQLD
5RO FLH HNNRPXQLNRZDQLDDQJFRPPXQLFDWLRQSDWKVPL G]\Z ]áDPLSHáQL
]ZL ]NLDVRFMDFML=D]Z\F]DMV RQHVWHUHRW\SRZDQH7\SRZ\GLDJUDPUR]ORNRZDQLD
RSLVXM F\DUFKLWHNWXU VSU] WXQLH]E GQHJRGRSRSUDZQHJRVWDELOQHJRG]LDáDQLDV\V
WHPXREVáXJLNRQIHUHQFMLSU]HGVWDZLDU\VXQHN
&]ö è,3RGVWDZ\Mö]\ND80/
GG6\VWHP2EVáXJL.RQIHUHQFM L
©NOLHQWª ©NOLHQWª
6WDFM DURERF]D
.RPSXWHU
DXWRUD UHFHQ]HQWD
©VHUZHUª
6HUZ HUREVáXJL
NRQIHUHQFM L
©7&3,3ª ©)DVW(WKHUQHWª
©86%ª
©GUXNDUNDª
+3FRORU
/DVHU-HW
/
5\VXQHN'LDJUDPUR]ORNRZDQLDV\VWHPXREVáXJLNRQIHUHQFML
'ODIXQNFMRQRZDQLD]LOXVWURZDQHJRV\VWHPXQLH]E GQ\MHVWNRPSXWHURVRELVW\SHáQL F\
URO VHUZHUDRUD]Z\GDMQDGUXNDUNDODVHURZD3RGá F]DVL M GRVHUZHUD]DSR UHG
QLFWZHPSRUWX86%$XWRU]\á F] VL ]VHUZHUHP]DSR UHGQLFWZHP,QWHUQHWX]Z\NR
U]\VWDQLHPSURWRNRáX7&3,3=NROHLNRPSXWHU\UHFHQ]HQWyZ]QDMGXM FHVL ZVLHFL
ORNDOQHMGRNRPXQLNRZDQLDVL Z\NRU]\VWXM WHFKQRORJL )DVW(WKHUQHW
2VDG]RQHDUWHIDNW\LNRPSRQHQW\
3R]LGHQW\ILNRZDQLXZ ]áyZPR QDLPSU]\SRU] GNRZDüRVDG]RQHQDQLFKDUWHIDNW\
:\Uy QLDVL WU]\DOWHUQDW\ZQHVSRVRE\RNUH ODQLDUR]PLHV]F]HQLDDUWHIDNWyZQDZ OH
3U]\ELHUDM RQHSRVWDü
t WHNVWRZHJRZ\OLF]HQLDDUWHIDNWyZZZ OHU\VXQHND
t DUWHIDNWyZEH]SR UHGQLRXORNRZDQ\FKZZ OHU\VXQHNE
t DUWHIDNWyZSRá F]RQ\FKVWHUHRW\SRZDQ ]DOH QR FL ©GHSOR\ª]Z ]áHP
U\VXQHNF
.RQVHNZHQFM ZSURZDG]DQLDGRGLDJUDPXUR]ORNRZDQLDLQIRUPDFMLW\SRZ\FKGODGLD
JUDPX NRPSRQHQWyZ MHVW VWRVRZDQLH ]ZL ]NyZ ]DOH QR FL 6]F]HJyOQ\P URG]DMHP
]ZL ]NyZ ]DOH QR FL QD GLDJUDPDFK UR]ORNRZDQLD V ]DOH QR FL VWHUHRW\SRZDQH
©GHSOR\ªRUD]©PDQLIHVWª:\PLHQLRQD]DOH QR üVWHUHRW\SRZDQD©GHSOR\ªR]QDF]D
RVDG]HQLH]DOH QHJRDUWHIDNWXQDZ OHRUD]ZVND]DQLH HDUWHIDNWX \ZDWHJRZ ]áD
GRUHDOL]DFMLVZRMHMIXQNFMRQDOQR FL
5R]G]LDä'LDJUDP\ZGUR HQLRZH
©DUWLIDFWª 2UDFOHGE
©VHUZHUª 5HJXODPLQ$XNFML
D $XNFM DLQWHUQHWRZ D
5HJXODPLQ$XNFML
2UDFOHGE
©GHSOR\ª
©GHSOR\ª
)RUPXODU]=JñRV]HQLRZ\
2EVñXJD/LF\WDFMLSKS
$XNFM DLQWHUQHWRZ D
E F
©VHUZHUª
$XNFM DLQWHUQHWRZ D
©DUWLIDFWª
5HJXODPLQ$XNFML ©GHSOR\ª
2UDFOHGE
©DUWLIDFWª
©DUWLIDFWª
)RUPXODU]=JñRV]HQLRZ\
)RUPXODU]=JñRV]HQLRZ\ ©GHSOR\ª
2EVñXJD/LF\WDFM LSKS 2EVñXJD/LF\WDFM LSKS
5\VXQHN$OWHUQDW\ZQHVSRVRE\RVDG]DQLDDUWHIDNWyZQDZ ]áDFK
5\VXQHNVWDQRZLRGZ]RURZDQLHUR]ORNRZDQLDNRPSRQHQWyZUHDOL]XM F\FKUH
MHVWUDFM UHIHUDWyZZV\VWHPLHREVáXJLNRQIHUHQFMLQDZ ]áDFKWHJRV\VWHPX:WHQVSR
VyE]LQWHJURZDQRHOHPHQW\WHJRV\VWHPXSU]HGVWDZLRQHXSU]HGQLRQDU\VXQNDFK
RUD]
0DQLIHVWRZDQLH
1D GLDJUDPDFK UR]ORNRZDQLD PR QD PRGHORZDü NDWHJRUL PDQLIHVWRZDQLD F]\OL ]D
ZLHUDQLD L UHSUH]HQWRZDQLD SU]H] DUWHIDNW VZRLFK HOHPHQWyZ VNáDGRZ\FK &HFK W
R]QDF]DVL ]ZL ]NLHP]DOH QR FL]HVWHUHRW\SHP©PDQLIHVWªSRPL G]\GDQ\PDUWH
IDNWHPDMHJRVNáDGQLNLHPVNáDGQLNDPL(OHPHQWPDQLIHVWRZDQ\VNáDGQLNDUWHIDNWX
GRVW SQ\MHVWSRSU]H]LQWHUIHMVDUWHIDNWX0DQLIHVWRZDQLHSU]HGVWDZLDU\VXQHN
=DPLHV]F]RQ\ QD QLP GLDJUDP GRW\F]\ IUDJPHQWX UR]ORNRZDQLD Z ]áyZ RUD] NRP
SRQHQWyZLQIUDVWUXNWXU\ILUP\SURZDG] FHMNXUV\HOHDUQLQJRZH3LHUZV]\]LOXVWURZD
Q\QDQLPZ ]HáWRVHUZHUQDNWyU\PRVDG]RQRNRPSRQHQWR]QDF]RQ\VWHUHRW\SHP
©26ªFRZVND]XMHQDV\VWHPRSHUDF\MQ\:W\PNRQNUHWQ\PSU]\SDGNXMHVWWRG\V
WU\EXFMD 5HG +DW V\VWHPX /LQX[ 'R NRPSRQHQWyZ RVDG]RQ\FK QD VHUZHU]H QDOH \
&]DWXPR OLZLDM F\Z\PLDQ SRJO GyZ]WUHQHUDPLRUD]XF]HVWQLNDPLNXUVyZ3UR
JUDPWHQMHVWXUXFKDPLDQ\ZIRUPLHDSOHWX'UXJLPDUWHIDNWHPRVDG]RQ\PQDVHUZHU]H
&]ö è,3RGVWDZ\Mö]\ND80/
©NOLHQWª
.RPSXWHU
DXWRUD
©7&3,3ª
©VHUZHUª
©GUXNDUNDª
©86%ª 6HUZ HUREVáXJLNRQIHUHQFM L
+3FRORU
/DVHU-HW
/
5HM HVWUDFM D5HIHUDWX[PO
©NOLHQWª
6WDFM DURERF]DUHFHQ]HQWD
5HFHQ]RZ DQLHH[H ,QGHNV.RQIHUHQFM LSKS 5HIHUDW.RQIGE
©)DVW(WKHUQHWª
5HFHQ]M DGOO
5\VXQHN'LDJUDPUR]ORNRZDQLDV\VWHPXREVáXJLNRQIHUHQFML]NRPSRQHQWDPL
5\VXQHN
© V H UZ H Uª
0DQLIHVWRZDQLH
ZSODWIRUPLH
© D UWLID FWª
HOHDUQLQJRZHM ©26ª © S OLNª
' H P R IOD V K
5H G+D W/LQX[ &]D WMD YD
© P D Q LIH V Wª
© P D Q LIH V Wª
© NOLH Q Wª
© G H S OR \ª ©26ª
-90
© G H S OR \ª 3 U ]H JO GD U N D
LQWH U QH WRZ D
6SHF\ILNDFMDUR]ORNRZDQLD
6SHF\ILNDFMDUR]ORNRZDQLDDQJGHSOR\PHQWVSHFLILFDWLRQ]DZLHUD]HVWDZFHFKDUWH
IDNWXOXENRPSRQHQWX2NUH ODSDUDPHWU\X \WNRZDQLDDUWHIDNWXRVDG]RQHJRQDRNUH
ORQ\PZ OH:M ]\NX-$9$RGQRVLVL GRSRM FLD©FRQWDLQHUª6SHF\ILNDFMHPRJ
E\ü GDOHM UR]ZLMDQH Z NRG]LH NRPSRQHQWX 3U]\NáDG VSHF\ILNDFML UR]ORNRZDQLD ]D
SUH]HQWRZDQR QD U\VXQNX =DVWRVRZDQR QD QLP VWHUHRW\S ©GHSOR\PHQW VSHFª
ZRGQLHVLHQLXGRGZyFKDUWHIDNWyZ²)RUPXODU]DRUD]SOLNX.RQILJXUDFML²VSHF\
ILNXM F\FKRGSRZLHGQLRDUWHIDNW5HMHVWUDFMDWDURUD]NRPSRQHQW3RUWDO8QLZHUV\WHWX
5\VXQHN
6SHF\ILNDFMD © H [H F X WLR Q H Q Yª
UR]ORNRZDQLD
6 H U Z H U $SOLN D F ML
SRUWDOX
XQLZHUV\WHFNLHJR
3 RU WD O8QLZ H U V \WH WX
© D UWLID F Wª
5 H MH V WUD FMD MD U
© G H S OR \P H Q WV S H Fª
)R UP X OD U][P O
© G H S OR \P H Q WV S H F ª
. R Q ILJ X UD F MD [P O
&]ö è,3RGVWDZ\Mö]\ND80/
'LDJUDP\UR]ORNRZDQLDQDSR]LRPLHIL]\F]Q\P
'LDJUDP\ UR]ORNRZDQLD PR QD RSUDFRZDü QD SR]LRPLH ORJLF]Q\P RUD] IL]\F]Q\P
3LHUZV]\URG]DMGLDJUDPXUR]ORNRZDQLDQSU\VXQNLL]DZLHUDZ\á F]QLH
RJyOQHLQIRUPDFMHRZ ]áDFKL FLH NDFKNRPXQLNRZDQLD'R]ZRORQHMHVWMHGQDNZSUR
ZDG]DQLHGRLFKR]QDF]H QDGLDJUDPLHEDUG]LHMV]F]HJyáRZHJRRSLVXFKDUDNWHU\]X
M F\FKMHSDUDPHWUyZ3U]\NáDG\GLDJUDPyZUR]ORNRZDQLDQDSR]LRPLHORJLF]Q\PSU]HG
VWDZLRQRQD U\VXQNDFK L %DUG]LHM NRQNUHWQ\ MHVW GLDJUDP UR]ORNRZDQLD
QDSR]LRPLHIL]\F]Q\PNWyU\V]F]HJyáRZRVSHF\ILNXMHDWU\EXW\Z ]áyZ3U]\NáDGRZR
²ZRGQLHVLHQLXGRVHUZHUD²ZVND]XMHRQQLHW\ONRSDUDPHWU\WHFKQLF]QHDOHLDGUHV
F]\QXPHUSRNRMXZNWyU\PMHVWXORNRZDQ\3U]\NáDGHPWDNLHJRSRGHM FLDGRVSHF\
ILNDFMLZ ]áyZMHVWU\VXQHN
GG,QIUDVWUXNWXUD,QIRUPDW\F]QD.XUVXH/HDUQLQJRZ HJR
©NOLHQWª ©NOLHQWª
©LQWHUQHWª
'6/
3U]HJOï GDUND SU]HSXVWRZR°
ZHM°FLRZD 0ELWV 3U]HJOï GDUND
LQWHUQHWRZ D SU]HSXVWRZR°
Z\M°
FLRZD NELWV LQWHUQHWRZ D
©873FDWª
©873FDWª ©873FDWª
©URXWHUª
©VZLWFKª
&,6&20XOWLVHUY LFH
©VZLWFKª
OLQHFDUG 10)(5:
&,6&20LFUR ©873FDWª SURFHVRU 5,6&;,QWHOL ©873FDWª &,6&2&DWDO\VW
7RNHQ5LQJ
6Z LWFK
©ILUHZDOOª
©873FDWª
©PDQLIHVWª ©PDQLIHVWª
©VHUZHUª
*(26HUZ HU*365
3URFHVRU [*+];HRQ
5$0 [0%
©SODWIRUPDª
NRQWUROHUG\VNX 6&6,8OWUD$,&:
G\VN 6&6,,%0*%USP /06
NDUWDVLHFLRZD [,QWHO(%
©DUWLIDFWª
©GHSOR\ª
)RUP(J][PO
©VNU\SWª ©GHSOR\ª
0DVTLSWDEOHV ©26ª
5HG+DW/LQX[
©GHSOR\ª
©GHSOR\ª
©GHSOR\ª
©NXUVª ©NXUVª
$SDFKH )XQGDPHQWDOV2I8QL[]LS &&1$]LS
5\VXQHN'LDJUDPUR]ORNRZDQLDQDSR]LRPLHIL]\F]Q\P
5R]G]LDä'LDJUDP\ZGUR HQLRZH
3URFHVWZRU]HQLD
GLDJUDPÑZZGUR HQLRZ\FK
3RQLHZD GLDJUDP\ZGUR HQLRZHZ\VW SXM ZSRVWDFL FL OH]HVRE SRZL ]DQ\FKGLD
JUDPyZNRPSRQHQWyZRUD]UR]ORNRZDQLDSURFHVLFKWZRU]HQLDMHVW]LQWHJURZDQ\MDN
SU]HGVWDZLRQRSRQL HM
&]ö è,3RGVWDZ\Mö]\ND80/
]LGHQW\ILNRZDQLHNRPSRQHQWyZV\VWHPX
Z\VSHF\ILNRZDQLHURG]DMyZNRPSRQHQWyZLLFKVWHUHRW\SRZDQLH
XWZRU]HQLHNRQFHSWXDOQHJRGLDJUDPXNRPSRQHQWyZSRSU]H]SRZL ]DQLH
SRV]F]HJyOQ\FKNRPSRQHQWyZ]DOH QR FLDPL
]GHILQLRZDQLHSHUVSHNW\Z\]HZQ WU]QHMNRPSRQHQWX²F]DUQHMVNU]\QNL
²F]\OLXVáXJXGRVW SQLDQ\FKRUD]SR]\VNLZDQ\FKSU]H]SRV]F]HJyOQH
NRPSRQHQW\SRSU]H]LQWHUIHMV\
RSFMRQDOQHXV]F]HJyáRZLHQLHVSHF\ILNDFMLNRPSRQHQWyZGRSR]LRPXELDáHM
VNU]\QNLSRSU]H]GRGDQLHVHNFMLNODV\ILNDWRUyZLDUWHIDNWyZ
XWZRU]HQLHLPSOHPHQWDF\MQHJRGLDJUDPXNRPSRQHQWyZSRSU]H]XZ]JO GQLHQLH
NRQHNWRUyZSRUWyZRUD]RSUDFRZDQ\FKVSHF\ILNDFMLNRPSRQHQWyZ
Z\VSHF\ILNRZDQLHZ ]áyZQDSRGVWDZLHGRNXPHQWXZL]MLV\VWHPXRUD]
LQQ\FKVIRUPDOL]RZDQ\FKGRNXPHQWDFML
ZVND]DQLH FLH HNNRPXQLNRZDQLDSRPL G]\Z ]áDPLLFKVWHUHRW\SRZDQLH
RUD]RNUH OHQLHOLF]HEQR FL
RSFMRQDOQHZ\VSHF\ILNRZDQLHZ ]áyZQDSR]LRPLHIL]\F]Q\P
RVDG]HQLHNRPSRQHQWyZLDUWHIDNWyZQDRGSRZLHGQLFKZ ]áDFK
XZ]JO GQLHQLHQDGLDJUDPLHDUWHIDNWyZPDQLIHVWRZDQ\FKRUD]VSHF\ILNDFML
UR]ORNRZDQLD
3RGVWDZRZHSRMöFLD
$UWHIDNW 'LDJUDPUR]ORNRZDQLD
6NU]\QND 'HILQLFMD
%LDáD 1DSR]LRPLHIL]\F]Q\P
&]DUQD 1DSR]LRPLHORJLF]Q\P
'LDJUDP\ZGUR HQLRZH 3URFHVWZRU]HQLD
'LDJUDPNRPSRQHQWyZ ,QWHUIHMV
'HILQLFMD 8GRVW SQLDM F\
,PSOHPHQWDF\MQ\ 3R]\VNXM F\
.RQFHSWXDOQ\
3URFHVWZRU]HQLD
5R]G]LDä'LDJUDP\ZGUR HQLRZH
- ]\N 3RUW
-$9$ =áR RQ\
3+3 7HFKQRORJLD
;0/ (OHDUQLQJ
.RPSRQHQW (WKHUQHW
.RQHNWRU ,QWHUQHW
'HOHJRZDQ\ .OLHQWVHUZHU
6NáDGDQ\ /$1
0DQLIHVWRZDQLH 7RNHQ5LQJ
2VDG]HQLH :$1
5R]ORNRZDQLH : ]Há
6SHF\ILNDFMD 3ODWIRUPDX \WNRZDQLD
V\VWHPX
6WHUHRW\S 6SU] WRZ\
*UDILF]Q\ =ZL ]HN
7HNVWRZ\ $VRFMDFMD
FLH NDNRPXQLNRZDQLD =DOH QR ü
3\WDQLDL]DGDQLD
:\PLH GLDJUDP\NWyUHVWRVXMHVL GRSUH]HQWDFMLDVSHNWyZ]ZL ]DQ\FK
]ZGUR HQLHPV\VWHPXLQIRUPDW\F]QHJR
1DPRGHORZDQLHMDNLFKDVSHNWyZSR]ZDODM SRV]F]HJyOQHURG]DMHGLDJUDPyZ
ZGUR HQLRZ\FK"
=MDNLFKSU]HVáDQHNUR]ZRMXRSURJUDPRZDQLDZ\QLND]QDF]HQLHGLDJUDPyZ
NRPSRQHQWyZ"
2GQRV] FVL GRGHILQLFMLNRPSRQHQWXZ\PLH LZ\MD QLMMHJRFHFK\
:VND NDWHJRULHSRM FLRZHGLDJUDPyZNRPSRQHQWyZLRNUH OLFK
]DVWRVRZDQLH
-DNLHV DOWHUQDW\ZQHR]QDF]HQLDNRPSRQHQWX"
:\PLH SU]\NáDGRZHURG]DMHNRPSRQHQWyZ]G]LHG]LQ\RSURJUDPRZDQLD
L]LQWHUSUHWXM]QDF]HQLHSRV]F]HJyOQ\FKVWHUHRW\SyZNRPSRQHQWyZ
.RQFHSWXDOQ\DLPSOHPHQWDF\MQ\GLDJUDPNRPSRQHQWyZ
&]ö è,3RGVWDZ\Mö]\ND80/
t ZLDWáRZyG
t SRUW86%
t OLVWZD]DVLODM FD
:MDNLVSRVyEPR QD]D]QDF]\üQDZ ]DFKRVDG]RQHQDQLFKDUWHIDNW\
LNRPSRQHQW\"
:\MD QLM]QDF]HQLHVWHUHRW\SX©GHSOR\ª
1DSU]\NáDG]LHZ ]áD6HUZHUREVáXJLSRUWDOXRSUDFXMWU]\Uy QHVSRVRE\
]DSLVXMHJRDUWHIDNWyZ
-DNLHMHVW]QDF]HQLHVWHUHRW\SX©PDQLIHVWª"
&]\]DOH QR üPR HSHáQLüURO FLH NLNRPXQLNRZDQLD"
'RF]HJRVáX \VSHF\ILNDFMDUR]ORNRZDQLD"3RGDMSU]\NáDG
:\MD QLMUy QLFHSRPL G]\UR]ORNRZDQLHPDRVDG]HQLHP
2SUDFXMGLDJUDPUR]ORNRZDQLDGODSU]\QDMPQLHMGZyFK]QDQ\FK&LWRSRORJLL
VLHFLRZ\FK
8]XSHáQLMU\VXQHNSU]HGVWDZLDM F\ZVW SQLH]LGHQW\ILNRZDQHZ ]á\
ZV\VWHPLHDXNFMLLQWHUQHWRZHMR FLH NLNRPXQLNRZDQLDLQDGDMLPRGSRZLHGQLH
VWHUHRW\S\8Z]JO GQLMQDWZRU]RQ\PGLDJUDPLHOLF]HEQR FLSRV]F]HJyOQ\FK
Z ]áyZ
5\VXQHN
: ]á\DXNFML
.RPSXWHU
SUDFRZ QLNDDXNFM L
LQWHUQHWRZHM
6HUZ HUED]\
GDQ\FK
'UXNDUND
6HUZ HU
DSOLNDFM L
.RPSXWHU
VSU]HGDM FHJR
.RPSXWHU
NXSXM FHJR
5R]U\VXMQDGLDJUDPLHUR]ORNRZDQLDIUDJPHQW\VLHFL7$6.6NRU]\VWDM
]ZLWU\Q\LQWHUQHWRZHMZZZWDVNJGDSO
=GLDJUDPX]DPLHV]F]RQHJRQDU\VXQNXXVXQL WRMHGHQ
]HVWHUHRW\SyZ-DNL"
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
'HILQLRZDQLH 6HUZ HU.ROHM NXM F\6SUDZ \
]DVDG
NROHMNRZDQLD
ZPRGXOH
©H[HFXWDEOHª
V\VWHPX:)0
0RGXá.ROHM NRZ DQLD:)0
©ª
=DVDG\.ROHMNRZDQLD[PO
5R]EXGXMRRGSRZLHGQLHXU] G]HQLDGLDJUDPUR]ORNRZDQLDSU]HGVWDZLRQ\
QDU\VXQNXWDNDE\SRZGUR HQLXSURMHNWXVLHüORNDOQD]DSHZQLDáD
SU]HSXVWRZR ü0ELWVZURXWHU]HQDOH \]DLQVWDORZDüGRGDWNRZ NDUW
SUDFXM F ZWHFKQRORJLL)DVW(WKHUQHW²ZFHOXRNUH OHQLDPRGHOXNDUW\
VNRU]\VWDM]HVWURQ\ZZZFLVFRFRP3RQDGWR
t VNRQILJXUXMZ ]á\R]QDF]RQHVWHUHRW\SHP©NOLHQWªREOLJDWRU\MQLH
]DPLHV]F]DM FVSHF\ILNDFM UR]ORNRZDQLD
t ]DLQVWDOXMQDVHUZHU]HNRPSRQHQW\NWyUHXPR OLZL UHDOL]DFM XVáXJL)73
t ]DSURSRQXMRGSRZLHGQLHDUWHIDNW\ZIRUPDFLH[PORUD]SGI
2SLV]LX]DVDGQLMORJLN SURFHVXWZRU]HQLDGLDJUDPyZZGUR HQLRZ\FK
2GZRáXM FVL GRU\VXQNXSU]HGVWDZLDM FHJRVFKHPDWVLHFL&HQWUXP
2JyOQRSROVNLFK5HMHVWUyZ6 GRZ\FK&256LZ\G]LDáyZ.UDMRZHJR
5HMHVWUX6 GRZHJR.56RUD]]DPLHV]F]RQHJRSRQL HMRSLVXE G FHJR
UH]XOWDWHPZVW SQ\FKSUDFDQDOLW\ND
t ]DSURSRQXMVWRVRZQHNRPSRQHQW\RSURJUDPRZDQLDRVDG]RQH
QDSRV]F]HJyOQ\FKZ ]áDFK
t RNUH O]DOH QR FLSRPL G]\Z\VSHF\ILNRZDQ\PLNRPSRQHQWDPL
t GRNRQDMXV]F]HJyáRZLHQLDVSHF\ILNDFMLLVWQLHM F\FKZ ]áyZ
t ]DSURSRQXMVSHF\ILNDFM VWDFMLNOLHQWDXPR OLZLDM F ]GDOQHUHMHVWURZDQLH
SRGPLRWyZJRVSRGDUF]\FK
']LDáDOQR ü:\G]LDáX.56SROHJDQDREVáXG]HW]ZVSUDZNWyU\PLPRJ E\ü
QSUHMHVWUDFMDSRGPLRWXUHMHVWUDFMD]PLDQSRGPLRWXF]\UHDOL]DFMDSRVW SRZDQLD
XSDGáR FLRZHJR3UDFRZQLF\:\G]LDáX.56]DSHZQLDM REVáXJ UHMHVWUDFML
VSyáHNF\ZLOQ\FKMDZQ\FKNRPDQG\WRZ\FK]RJUDQLF]RQ RGSRZLHG]LDOQR FL
DNF\MQ\FKLWGMDNUyZQLH VSyáG]LHOQLSU]HGVL ELRUVWZSD VWZRZ\FK
MHGQRVWHNEDGDZF]RUR]ZRMRZ\FKWRZDU]\VWZXEH]SLHF]H Z]DMHPQ\FK
IXQGDFMLVWRZDU]\V]H LLQQ\FKRUJDQL]DFMLVSRáHF]Q\FKOXE]DZRGRZ\FK
SRGHMPXM F\FKG]LDáDOQR üJRVSRGDUF] 5HMHVWUDFM SRGPLRWX]JáDV]D.OLHQW
Z:\G]LDOH.56JG]LHRWU]\PXMHLPR HZ\SHáQLüRGSRZLHGQLZQLRVHN
ZSRVWDFLIRUPXODU]D
5R]G]LDä'LDJUDP\ZGUR HQLRZH
5RXWHU 6HUZHU
NROHMNXM F\
2%'JáyZQ\
VHUZHU.56
©/$1)DVW(WKHUQHWª ©/$1)DVW(WKHUQHWª
©,QWUD1HW3(6(/1(7ª 5RXWHU
©/$1)DVW(WKHUQHWª
3&2SHUDWRU 6=%' 3&2SHUDWRU
UHMHVWUDFMD
©/$1)DVW(WKHUQHWª ©/$1)DVW(WKHUQHWª
ZSLV\.56
/$1)DVW(WKHUQHW /$1)DVW(WKHUQHW
©/$1)DVW(WKHUQHWª
3&6 G]LD 3&6HNUHWDU]
6 G]LHJR
©/$1)DVW(WKHUQHWª
3& 3&
$GPLQLVWUDWRU 5HIHUHQGDU]
©86%ª ©/37ª
+3/DVHU-HW +3'HVN-HW
&
©86%ª ©86%ª
+3/DVHU-HW +3/DVHU-HW
5\VXQHN'LDJUDPUR]ORNRZDQLDZ\G]LDáX.56RUD]FHQWUXP&256
&]ö è,3RGVWDZ\Mö]\ND80/
1DVW SQLH.OLHQWSU]HND]XMHZQLRVHN3UDFRZQLNRZL$GPLQLVWUDFML:\G]LDáX
.56NWyU\SU]\G]LHODVSUDZLHRVRE RGSRZLHG]LDOQ ]DMHMSURZDG]HQLH
0R HWRE\ü6 G]LDOXE5HIHUHQGDU]3RZHU\ILNDFMLGRNXPHQWyZVSUDZ\
6 G]LDRU]HNDRGDOV]HMGURG]HMHMUHDOL]DFML:SU]\SDGNXEUDNXZ\PDJDQ\FK
GDQ\FK6 G]LDSURVL6HNUHWDU]DRSURZDG]HQLHNRUHVSRQGHQFML].OLHQWHP
ZFHOXX]\VNDQLDQLH]E GQ\FKGDQ\FKXPR OLZLDM F\FKGDOV]HSURZDG]HQLH
VSUDZ\3RVNRPSOHWRZDQLXL]ZHU\ILNRZDQLXZV]\VWNLFKGDQ\FKVSUDZ\
6 G]LDZ\GDMH]DU] G]HQLHRZSLVLHSURMHNWXGR&HQWUXP2JyOQRSROVNLFK
5HMHVWUyZ6 GRZ\FK²ZVNUyFLH&256=DUHDOL]DFM WHMGHF\]ML
RGSRZLHG]LDOQ\MHVW3UDFRZQLN$GPLQLVWUDFMLNWyU\SU]HV\áDGRNXPHQW\
VSUDZ\GR&256:&HQWUXP2JyOQRSROVNLFK5HMHVWUyZ6 GRZ\FK
SRGPLRWRZL]RVWDMHSU]\G]LHORQ\XQLNDOQ\QXPHU.56NWyU\]RVWDMH
SU]HVáDQ\GR:\G]LDáX.56GR6HNUHWDU]D6 G]LHJR6HNUHWDU]SRRWU]\PDQLX
NRUHVSRQGHQFML]QXPHUHP.56MHVWRGSRZLHG]LDOQ\]DSU]HVáDQLHQXPHUX
.56.OLHQWRZL
5R]G]LDä
=QDF]HQLHGLDJUDPÑZ
VWUXNWXUSRäñF]RQ\FK
8 \WNRZDQLH ]áR RQ\FK V\VWHPyZ LQIRUPDW\F]Q\FK ZL H VL ]H VSHF\ILF]Q\PL SR
WU]HEDPLUHDOL]DFMLF] VWNRZ\FK]DGD LFHOyZ'LDJUDP\VWUXNWXU\]D]Z\F]DMRGSRZLD
GDM SHáQHPX]DNUHVRZLGRNXPHQWDFMLVWDW\NLGDQHJRV\VWHPX:WUDNFLHX \WNRZDQLD
V\VWHPXUHDOL]RZDQHV IXQNFMHRNUH ORQHSU]H]SU]\SDGNLX \FLDZ WNLOXERSHUDFMH
:UHDOL]DFMLW\FKVSHF\ILF]Q\FKIXQNFMLXF]HVWQLF] Uy QHNDWHJRULHPRGHORZDQLD
VWDW\NL,VWQLHMHZ]ZL ]NX]W\PSRWU]HEDGRNXPHQWRZDQLDLFKZVSyáG]LDáDQLDGODZ\
FLQNDV\VWHPX,WDNGODVSUHF\]RZDQHJRZ\FLQNDPRGXáXV\VWHPX
t ZV\VWHPLHEDQNRZ\PRSLV\ZDQ\PZVSyáG]LDáDQLHPVSáDW\NUHG\WyZPRJ
E\üPRQLWRURZDQH
t ZV\VWHPLHV]SLWDOQ\PRSHUDFMHPRJ E\üKDUPRQRJUDPRZDQH
t ZV\VWHPLHUDWRZQLFWZDPLHMVNLHJRZ\SDGHNPR HE\üPRQLWRURZDQ\
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
'LDJUDP\VWUXNWXUSRá F]RQ\FK FL OHZL VL ]LVWRW SRM FLDZVSyáG]LDáDQLHDQJ
FRRSHUDWLRQ
'LDJUDPVWUXNWXUSRäñF]RQ\FKWRJUDILF]QHSU]HGVWDZLHQLHZ]DMHPQLHZVSÑäG]LDäD
MñF\FKF]ö FLGODRVLñJQLöFLDSR ñGDQHMIXQNFMRQDOQR FLZVSÑäG]LDäDQLD
7DEHOD.DWHJRULHPRGHORZDQLDGLDJUDPyZVWUXNWXUSRá F]RQ\FK
1D]ZD 1RWDFMD
:VSyáG]LDáDQLH
=JáRV]HQLH
Z \SDGNX
&] ü
3RV]NRGRZ DQ\
3Rá F]HQLH
,QWHUIHMV
.RQHNWRUVNáDGDQ\
3RUW
5\VXQHN
'LDJUDPVWUXNWXU
$XNFM D
SRá F]RQ\FK
/LF\WXM F\ 2IHUXM F\
/LVWD$VRUW\PHQWX
:SUDNW\FHZV\VWHPLH
t URO /LF\WXM FHJRVSHáQLDRELHNWNODV\.XSXM F\
t URO 2IHUXM FHJR²RELHNWNODV\6SU]HGDM F\
t URO /LVW\$VRUW\PHQWX²LQWHUIHMV,2IHUWD$XNFML
2SLVDQHZ\NRU]\VWDQLHNRQNUHWQHJRZVSyáG]LDáDQLDLOXVWUXMHU\VXQHN
&]ö è,3RGVWDZ\Mö]\ND80/
5\VXQHN
.XSXM F\
:VSyáG]LDáDQLH
/LF\WXM F\ $XNFM D
]SU]\SLVDQ\PL LG8F]HVWQLNDORQJ
NODV\ILNDWRUDPL
V\VWHPX GRGDM2FHQ
6SU]HGDM F\ 2IHUXM F\
LG8F]HVWQLNDORQJ
RFHQD6WULQJ
NRG6SU]HGD \6WULQJ /LVWD$VRUW\PHQWX
SU]\G]LHO.RG6SU]HGD \ ,2IHUWD$XNFM L
7DN Z\VSHF\ILNRZDQ\ GLDJUDP VWUXNWXU SRá F]RQ\FK MHVW X \WNRZDQ\ Z V\VWHPLH
ZSRVWDFLNRQNUHWQ\FKLQVWDQFMLZVSyáG]LDáD F] FLRUD]SRá F]H 0R QDWRR]QD
F]DüQDZ\VW SLHQLRZ\PGLDJUDPLHVWUXNWXUSRá F]RQ\FKSRSU]H]SRGDQLHQD]ZLFK
LQVWDQFMLQS/LF\WRZDQLH$XNFMDU\VXQHN
5\VXQHN
/LF\WRZDQLH
:\U]\NRZ VNL /LF\WXM F\ /LF\WRZ DQLH
MDNRZ\VW SLHQLH .XSXM F\ $XNFM D
ZVSyáG]LDáDQLD
2IHUXM F\
0DUFLQNRZ VNL
6SU]HGDM F\
/LVWD$VRUW\PHQWX
,2IHUWD$XNFM L
3URFHVWZRU]HQLD
GLDJUDPXVWUXNWXUSRäñF]RQ\FK
3URFHVWZRU]HQLDGLDJUDPyZVWUXNWXUSRá F]RQ\FKPR QDSRG]LHOLüQDQDVW SXM FHHWDS\
RNUH OHQLH]DNUHVXLQD]Z\ZVSyáG]LDáDQLD
LGHQW\ILNDFMDSRV]F]HJyOQ\FKF] FLNODVRELHNWyZSU]\SDGNyZX \FLDLWG
MDNUyZQLH LFKUyO
Z\VSHF\ILNRZDQLHSRá F]H
5R]G]LDä'LDJUDPVWUXNWXUSRäñF]RQ\FK
3RGVWDZRZHSRMöFLD
&] ü 'LDJUDPNRPSRQHQWyZ
$WU\EXW 'LDJUDPRELHNWyZ
.ODVD 'LDJUDPSDNLHWyZ
.RPSRQHQW 'LDJUDPUR]ORNRZDQLD
2ELHNW 'LDJUDPVWUXNWXUSRá F]RQ\FK
2SHUDFMD 'HILQLFMD
3U]\SDGHNX \FLD 3URFHVWZRU]HQLD
: ]Há 3Rá F]HQLH
'LDJUDPG\QDPLNL $VRFMDFMD
'LDJUDPF]\QQR FL .RQHNWRUVNáDGDQ\
'LDJUDPKDUPRQRJUDPRZDQLD =DOH QR ü
'LDJUDPNRPXQLNDFML ,QWHUIHMV
'LDJUDPPDV]\Q\VWDQRZHM 8GRVW SQLDM F\
'LDJUDPSU]\SDGNyZX \FLD 3R]\VNXM F\
'LDJUDPVHNZHQFML 3RUW
'LDJUDPVWHURZDQLDLQWHUDNFM 5ROD
'LDJUDPVWUXNWXU\ : WHN
'LDJUDPNODV :VSyáG]LDáDQLH
3\WDQLDL]DGDQLD
8]DVDGQLMWZRU]HQLHGLDJUDPyZVWUXNWXUSRá F]RQ\FK
-DNQDOH \UR]XPLHüSRM FLHZVSyáG]LDáDQLDZDVSHNFLHGLDJUDPXVWUXNWXU
SRá F]RQ\FK"
:VND NDWHJRULHSRM FLRZHGLDJUDPXVWUXNWXUSRá F]RQ\FK
&]ö è,3RGVWDZ\Mö]\ND80/
=QDF]HQLHGLDJUDPÑZSDNLHWÑZ
- ]\N80/XPR OLZLDWZRU]HQLH]áR RQ\FKUR]EXGRZDQ\FKV\VWHPyZLQIRUPDW\F]
Q\FK:W\PFHOXG\VSRQXMHV]HURNLPLQVWUXPHQWDULXP]DDZDQVRZDQ\FKNDWHJRULL
PRGHORZDQLD,FK]DVWRVRZDQLHZRGQLHVLHQLXGRNRQNUHWQHJRSURMHNWXSRZRGXMHSR
ZVWDQLHREV]HUQHMLVNRPSOLNRZDQHMGRNXPHQWDFMLZ SRVWDFLUy QRURGQ\FKPRGHOL
LGLDJUDPyZ6 RQHSRá F]RQHOLF]Q\PL]ZL ]NDPL:GRW\FKF]DV]DSUH]HQWRZDQ\P
]HVWDZLHGZXQDVWXGLDJUDPyZ80/QLHPDWDNLHJRURG]DMXGLDJUDPXNWyU\SR]ZROLá
E\QDSRU] GNRZDQLHJUXSRZDQLHWHMGRNXPHQWDFML'ODWHJRZM ]\NX80/]DSUR
SRQRZDQRVSHFMDOQ\URG]DMGLDJUDPyZVáX F\GRWHJRFHOX6 WRGLDJUDP\SDNLHWyZ
=RVWDá\RQHRILFMDOQLH]GHILQLRZDQHZZHUVMLM ]\ND80/FKRFLD E\á\F] VWRX \W
NRZDQHWDN HZHZF]H QLHMV]\FKZHUVMDFK'LDJUDP\SDNLHWyZPRJ E\üVWRVRZDQH
ZHZV]\VWNLFKSL FLXSHUVSHNW\ZDFKDUFKLWHNWXU\V\VWHPXSRUU\VXQHN
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
3RGVWDZRZHSRM FLDGLDJUDPyZSDNLHWyZWR
t SDNLHW
t ]DOH QR ü
t ]DJQLH G HQLHSDNLHWyZ
:\PLHQLRQHSRM FLD]LOXVWURZDQRZWDEHOL
&]ö è,3RGVWDZ\Mö]\ND80/
7DEHOD3RGVWDZRZHHOHPHQW\GLDJUDPXSDNLHWyZ
1D]ZD 1RWDFMDJUDILF]QD
3DNLHW
3RGV\VWHP=DU] G]DQLD
=DPyZLHQLDPL
=DOH QR ü
=DJQLH G HQLH
SDNLHWyZ
3DNLHW
3XQNWHPZ\M FLDZWZRU]HQLXGLDJUDPyZSDNLHWyZMHVWLGHQW\ILNDFMDSRV]F]HJyOQ\FK
SDNLHWyZDQJSDFNDJHV
3DNLHWMHVWPHFKDQL]PHPRJÑOQHJR]DVWRVRZDQLDVäX ñF\PGRRUJDQL]RZDQLDHOH
PHQWÑZZJUXS\
5\VXQHN D E
1D]Z\SDNLHWyZ 3RGV\VWHP=DU] G]DQLD
=DPyZLHQLDPL
3RGV\VWHP=DU] G]DQLD
=DPyZLHQLDPL
F
SDFNDJH3RGV\VWHP=DU] G]DQLD=DPyZLHQLDPL
SDFNDJH2EVáXJD+XUWRZ QL
3áDWQR FL
3U]\M PLM GRVWDZ
WRZ DUyZ
=DPyZ LHQLH
*HQHUXM GDWD=áR HQLD
]HVWDZ LHQLH
VSU]HGD \
PLHVL F]QHM
:\GDM WRZ DU
.DUWD.UHG\WRZ D
0DJD]\Q
3áDWQR ü
:\VWDZ IDNWXU W\S
VXPD QXPHU
GDWD:D QR FL
*HQHUXM
.LHURZ QLNPDJD]\QX
]HVWDZ LHQLH
REURWyZ 3U]HOHZ
*RWyZ ND
QD]ZD%DQNX
NZRWD3U]HND]DQD QXPHU.RQWD
*HQHUXM
]HVWDZ LHQLH
]DSDVyZ
']LDáVSU]HGD \
5\VXQHN3DNLHW\LLFK]DZDUWR ü
=DOH QR è
3RGVWDZRZ\PVSRVREHPá F]HQLDSDNLHWyZV ]ZL ]NL]DOH QR FL3Rá F]HQLHSDNLHWyZ
ZORJLF]Q VWUXNWXU ]Z\NRU]\VWDQLHP]DOH QR FLVNXWNXMHXWZRU]HQLHPGLDJUDPX
SDNLHWyZ
&]ö è,3RGVWDZ\Mö]\ND80/
'LDJUDPSDNLHWÑZWRGLDJUDPSU]HGVWDZLDMñF\ORJLF]QñVWUXNWXUöGRNXPHQWDFMLV\V
WHPXZSRVWDFL]HVWDZXSDNLHWÑZSRäñF]RQ\FK]DOH QR FLDPLL]DJQLH G HQLDPL
3U]\NáDGGLDJUDPXSDNLHWyZ]ZL ]DQ\]V\VWHPHPVWHURZDQLD]DSDVDPLSU]HGVWDZLD
U\VXQHN
5\VXQHN SG6\VWHP6WHURZDQLD=DSDVDPL
'LDJUDP
SDNLHWyZ
V\VWHPX
8VWDODQLH3DUWLL 6WHURZDQLH 3URJQR]RZDQLH
VWHURZDQLD =DPyZLH =DSDVDPL
]DSDVDPL
2EUyW 6SU]HGD
7RZDURZ\
=DNXS\
=DJQLH G HQLHSDNLHWÑZ
*UXSRZDQLHSRV]F]HJyOQ\FKHOHPHQWyZVNáDGRZ\FKSDNLHWyZRGE\ZDVL QDWDNLHM
VDPHM]DVDG]LHMDNRUJDQL]RZDQLHSOLNyZZIROGHU\F]\NDWDORJLZV\VWHPLHRSHUDF\M
Q\P6W GWH QDWXUDOQ\PVSRVREHPRUJDQL]RZDQLDSDNLHWyZMHVWLFK]DJQLH G DQLH
U\VXQHN
5\VXQHN 6\VWHP.RPSOHNVX
=DJQLH G HQLH .LQRZHJR
SDNLHWyZV\VWHPX
NRPSOHNVXNLQRZHJR
3RGV\VWHP
5DSRUWRZDQLD
3RGV\VWHP$QDOL]\
6SU]HGD \
3RGV\VWHP
5H]HUZDFML6HDQVyZ
5R]G]LDä'LDJUDPSDNLHWÑZ
6\VWHP.RPSOHNVX
.LQRZHJR
6\VWHP.RPSOHNVX
.LQRZHJR
SG6\VWHP.RPSOHNVX.LQRZHJR
3RGV\VWHP$QDOL]\
6SU]HGD \
3RGV\VWHP
5DSRUWRZDQLD
3RGV\VWHP
5DSRUWRZDQLD 3RGV\VWHP5H]HUZDFML
6HDQVyZ
3RGV\VWHP$QDOL]\
6SU]HGD \
3RGV\VWHP
5H]HUZDFML6HDQVyZ
5\VXQHN$OWHUQDW\ZQHQRWDFMHGRNXPHQWRZDQLD]DJQLH G H SDNLHWyZ
=DDZDQVRZDQHVNäDGQLNLGLDJUDPX
=DUyZQRSDNLHW\MDNL]DOH QR FLUy QL VL ZVZHMIXQNFMRQDOQR FLWRWH ZGLDJUD
PDFKSDNLHWyZPRJ RQHE\üVWHUHRW\SRZDQH'R]DDZDQVRZDQ\FKNDWHJRULLSRM
FLRZ\FKGLDJUDPXSDNLHWyZ]DOLF]DVL W\PVDP\P
t VWHUHRW\SRZDQLHSDNLHWyZ
t VWHUHRW\SRZDQLH]DOH QR FL
&]ö è,3RGVWDZ\Mö]\ND80/
6WHUHRW\SRZDQLHSDNLHWÑZ
3RZV]HFKQLHVWRVRZDQ\PLVWHUHRW\SDPLSDNLHWyZV VWHUHRW\S\PRGHOXSRGV\VWHPX
V]DEORQXLELEOLRWHNLNODVWDEHOD
7DEHOD6WHUHRW\S\SDNLHWyZ
1D]ZD 6WHUHRW\S ,QWHUSUHWDFMD
0RGHO ©PRGHOª 6WHUHRW\S©PRGHOªRSLVXMHSDNLHW\E G FH
0RGHO']LHG]LQ\
PRGHODPLF]\OLRGZ]RURZDQLDPLDEVWUDNFMDPL
©PRGHOª U]HF]\ZLVWR FL0RGHOHWHNRQFHQWUXM VL
0RGHO']LHG]LQ\
QDFDáR FLRZ\PSU]HGVWDZLHQLXV\VWHPX
]RNUH ORQHJRSXQNWXZLG]HQLDQSX \WNRZQLND
PHQHG HUDF]\WH DQDOLW\ND7\SRZH
0RGHO']LHG]LQ\
VWHUHRW\SRZDQHSDNLHW\PRGHOLUHSUH]HQWXM
PRGHOHSU]\SDGNyZX \FLDEL]QHVRZHE G
0RGHO']LHG]LQ\ DQDOLW\F]QH3DNLHWWHQPR QDWH VWHUHRW\SRZDü
JUDILF]QLH]DSRPRF LNRQ\
3RGV\VWHP ©VXEV\VWHPª
$QDOL]D6SU]HGD \
6WHUHRW\S©VXEV\VWHPªMHVWV]F]HJyOQLHX \WHF]Q\
ZPRGHORZDQLXV\VWHPyZ]GHNRPSRQRZDQ\FK
©VXEV\VWHPª
$QDOL]D6SU]HGD \
QDKLHUDUFKLF]QLHXSRU] GNRZDQHSDNLHW\
$OWHUQDW\ZQ\PJUDILF]Q\PVWHUHRW\SHP
SRGV\VWHPXMHVWLNRQD
$QDOL]D6SU]HGD \
$QDOL]D6SU]HGD \
=U E 6WHUHRW\S©IUDPHZRUNªRSLVXMHSDNLHWE G F\
Z]RUFHPDUFKLWHNWRQLF]Q\PF]\OLHODVW\F]Q\P
©IUDPHZRUNª V]DEORQHPUR]ZL ]D SUREOHPyZ]GDQHM
0HFKDQL]P/LF\WRZDQLD
G]LHG]LQ\=U E\W\SRZRREHMPXM NODV\
Z]RUFHLV]DEORQ\=U EVSHF\ILF]Q\GOD
RNUH ORQHJRW\SX]DVWRVRZD QD]\ZDQ\MHVW
]U EHP]DVWRVRZD
%LEOLRWHND 6WHUHRW\S©PRGHO/LEUDU\ªRSLVXMHSDNLHW
NODV JUXSXM F\HOHPHQW\V\VWHPXLQIRUPDW\F]QHJR
©PRGHO/LEUDU\ª NWyUH]]DáR HQLDPDM E\üX \WNRZDQHSU]H]
*8, LQQHSDNLHW\3DNLHWWDNLMHVWDQDORJL ELEOLRWHNL
NODVZRELHNWRZ\PM ]\NXSURJUDPRZDQLD
2ERNVWHUHRW\SXSRGV\VWHPXGX H]QDF]HQLHSUDNW\F]QHGODZV]\VWNLFKXF]HVWQLNyZ
SURFHVXWZRU]HQLDV\VWHPXLQIRUPDW\F]QHJRPDVWHUHRW\SPRGHOX1DU\VXQNX
NWyU\RGQRVLVL GRSDNLHWX2EVáXJDVLHFLUHVWDXUDFMLSU]HGVWDZLRQRVWHUHRW\SRZDQH
SDNLHW\PRGHOL
t SU]\SDGNyZX \FLD
t DQDOLW\F]QHJR
t EL]QHVRZHJR
5R]G]LDä'LDJUDPSDNLHWÑZ
5\VXQHN ©PRGHOª
0RGHOHREVáXJL 2EVáXJD6LHFL5HVWDXUDFML
VLHFLUHVWDXUDFML
MDNRSDNLHW\
VWHUHRW\SRZDQH
0RGHOSU]\SDGNyZ
X \FLD
0RGHO EL]QHVRZ\
0RGHODQDOLW\F]Q\
6WHUHRW\SRZDQLH]DOH QR FL
=DOH QR FLSRPL G]\SDNLHWHP UyGáRZ\PDGRFHORZ\PRSLV\ZDQHV ]Z\NRU]\
VWDQLHPVWHUHRW\SyZ©LPSRUWª©PHUJHªRUD]©DFFHVVª,FKLQWHUSUHWDFM SU]HGVWD
ZLDWDEHOD
7DEHOD6WHUHRW\S\]DOH QR FLZGLDJUDPDFKSDNLHWyZ
1D]ZD 6WHUHRW\S ,QWHUSUHWDFMD
,PSRUW 6WHUHRW\S©LPSRUWªRSLVXMHSRZV]HFKQLH
6SU]HGD
VWRVRZDQ ]DOH QR üR]QDF]DM F
Zá F]DQLHNODV\ILNDWRUyZE G F\FK
©LPSRUWª 2EVáXJD6LHFL ]DZDUWR FL SDNLHWXGRFHORZHJR
5HVWDXUDFML 6SU]HGD GRSDNLHWX UyGáRZHJR
2EVáXJD6LHFL5HVWDXUDFMLZWUDNFLH
X \WNRZDQLDV\VWHPX
6FDOHQLH =DOH QR üVWHUHRW\SRZDQD©PHUJHª
5R]SURV]RQD SURZDG]LGRVFDOHQLDNODV\ILNDWRUyZ
%D]D'DQ\FK WZRU] F\FK]DZDUWR üSDNLHWX
©PHUJHª /RNDOQD%D]D GRFHORZHJR]NODV\ILNDWRUDPLE G F\PL
'DQ\FK ]DZDUWR FL SDNLHWX UyGáRZHJR
.ODV\ILNDWRU\SDNLHWX UyGáRZHJR
/RNDOQD%D]D'DQ\FKG]LHG]LF]
SRNODV\ILNDWRUDFKSDNLHWXGRFHORZHJR
5R]SURV]RQD%D]D'DQ\FK6FDOHQLH
MHVWUHDOL]RZDQHZ\á F]QLHZSU]\SDGNX
NODV\ILNDWRUyZWHJRVDPHJRW\SX
RWR VDP\FKQD]ZDFKPDM F\FK
ZLGRF]QR üSXEOLF
'RVW S =DOH QR üVWHUHRW\SRZDQD©DFFHVVª
2EVáXJD R]QDF]DPR OLZR üGRVW SXSDNLHWX
1DOH QR FL UyGáRZHJR8G]LHODQLH.UHG\WyZ
©DFFHVVª 8G]LHODQLH GR]DZDUWR FLSDNLHWXGRFHORZHJR
.UHG\WyZ 2EVáXJD1DOH QR FLEH]IL]\F]QHJR
SRELHUDQLDGDQ\FK
&]ö è,3RGVWDZ\Mö]\ND80/
3URFHVWZRU]HQLDGLDJUDPXSDNLHWÑZ
3URFHVWZRU]HQLDGLDJUDPyZSDNLHWyZSU]HELHJDZQDVW SXM FHMVHNZHQFML
LGHQW\ILNDFMDLQD]ZDQLHSDNLHWyZ
]DNZDOLILNRZDQLH]LGHQW\ILNRZDQ\FKSDNLHWyZ]]DVWRVRZDQLHPRGSRZLHGQLFK
VWHUHRW\SyZJUDILF]Q\FKOXEWHNVWRZ\FKVXEV\VWHPIUDPHZRUNPRGHO
RNUH OHQLH]DJQLH G H SDNLHWyZ
SRZL ]DQLHSDNLHWyZ]Z\NRU]\VWDQLHP]ZL ]NX]DOH QR FL
Z\VSHF\ILNRZDQLH]DOH QR FLSRSU]H]QDGDQLHLPVWRVRZQ\FKVWHUHRW\SyZ
LPSRUWPHUJHDFFHVV
1DWXUDOQLHSURFHVWZRU]HQLDGLDJUDPyZSDNLHWyZSRZLQLHQE\üUHDOL]RZDQ\]JRGQLH
]NRQFHSFM LWHUDF\MQRSU]\URVWRZHJRF\NOX \FLDV\VWHPXLQIRUPDW\F]QHJR
6WXGLXPGLDJUDPXSDNLHWÑZ
6WXGLXPGLDJUDPXSDNLHWyZ]DZLHUDM FHSRGVWDZRZHRUD]]DDZDQVRZDQHNDWHJRULH
PRGHORZDQLDGLDJUDPXSDNLHWyZ]DSUH]HQWRZDQRQDU\VXQNX3U]\NáDGLOXVWUXMH
]DU] G]DQLHVLHFL NLQ:SUDNW\FHV\VWHP.RPSOHNV.LQRZ\RUD]MHJRSRGV\VWHP\V
]DLQVWDORZDQHQDVHUZHUDFKSRV]F]HJyOQ\FKNRPSOHNVyZNLQRZ\FKQDWRPLDVWV\VWHP
0RQLWRURZDQLH.LQMHVWDSOLNDFM ]DLQVWDORZDQ ZFHQWUDOQ\PRGG]LDOHILUP\:V]\VW
NLHZ\PLHQLRQHDSOLNDFMHXPR OLZLDM HIHNW\ZQH]DU] G]DQLHVLHFL NLQ&] FLDPL
SDNLHWX.RPSOHNV.LQRZ\V QDVW SXM FHSRGV\VWHP\
5R]G]LDä'LDJUDPSDNLHWÑZ
©V\VWHPª.RPSOHNV.LQRZ\
^LPSRUW0RQLWRURZDQLH.LQ3URPRFMD`
©V\VWHPª
0RQLWRURZDQLH.LQ
*UDILN
3URPRFMD
a3URPRFMD
©PHUJHª
6SU]HGD
6SU]HGD
6]NROHQLH
=ZURW
5DSRUWRZDQLH
$UFKLZL]DFMD
^DFFHVV5H]HUZDFMD
6HDQVyZ`
©LPSRUWª
5H]HUZDFMD
$QDOL]D6SU]HGD \
6HDQVyZ
©DFFHVVª
t 5DSRUWRZDQLH
t 5H]HUZDFMD6HDQVyZ
t $UFKLZL]DFMD
t $QDOL]D6SU]HGD \
*UDILF]Q\VWHUHRW\S]DPLHV]F]RQ\ZSUDZ\PJyUQ\PQDUR QLNXSRV]F]HJyOQ\FKSD
NLHWyZOXELFK]DNáDGHNMHVWFKDUDNWHU\VW\F]Q\GODSRGV\VWHPyZ$OWHUQDW\ZQLHPR QD
VWRVRZDüVWHUHRW\SWHNVWRZ\©SRGV\VWHPª=DOH QR üVWHUHRW\SRZDQD©LPSRUWªSR
]ZDOD SRGV\VWHPRZL $UFKLZL]DFMD WZRU]\ü NRSLH ]DSDVRZH ZV]\VWNLFK NODV SDNLHWX
5H]HUZDFMD6HDQVyZ$OWHUQDW\ZQ IRUP Z\UD HQLD WHM ]DOH QR FL MHVW ]DPLHV]F]H
QLHSU]\QD]ZLHSDNLHWX$UFKLZL]DFMDRJUDQLF]HQLD]JRGQLH]DGHNZDWQ VNáDGQL )RU
P W ]DVWRVRZDQR SU]\ LPSRUFLH NODV\ 3URPRFMD ] SDNLHWX 0RQLWRURZDQLH .LQ GR
SDNLHWX.RPSOHNV.LQRZ\
]DSLVXGRVW SXGRHOHPHQWyZSDNLHWXZIRUPLHRJUDQLF]HQLD6NáDGQLDMHVWLGHQW\F]QD
MDNZSU]\SDGNXDOWHUQDW\ZQHMIRUP\]DSLVXLPSRUWX'RVW SSDNLHWX5DSRUWRZDQLH
GR 5H]HUZDFML 6HDQVyZ WR VWRVRZQ\ SU]\NáDG WDNLHJR ]DSLVX : ]DU] G]DQLX VLHFL
NLQZ\NRU]\VWDQRSRQDGWR]ZL ]HN]DOH QR FLVWHUHRW\SRZDQ\©PHUJHª8PR OLZLDRQ
VFDOHQLHNODV\6SU]HGD V\VWHPX0RQLWRURZDQLD.LQ]NODV RWHMVDPHMQD]ZLHE G F
HOHPHQWHP SDNLHWX.RPSOHNV .LQRZ\ 6FDOHQLH W\FK NODV MHVW QLH]E GQH DE\ V\V
WHP 0RQLWRURZDQLD .LQ PyJá UHDOL]RZDü VWUDWHJLF]QH GHF\]MH PHQHG HUyZ Z\ V]HJR
V]F]HEOD 'HF\]MH WH V SRGHMPRZDQH QD SRGVWDZLH V]F]HJyáRZ\FK DQDOL] GDQ\FK
VSU]HGD \ ZV]\VWNLFK .RPSOHNVyZ .LQRZ\FK : PRPHQFLH RGZRáDQLD VL GR NODV\
6SU]HGD GRZROQHJRV\VWHPX.RPSOHNV.LQRZ\NODVDRWHMVDPHMQD]ZLHZV\VWHPLH
0RQLWRURZDQLD.LQMHVWVFDODQDLUR]V]HU]DQDRDWU\EXW\LOXERSHUDFMH
3RGVWDZRZHSRMöFLD
'LDJUDPSDNLHWyZ 3DNLHWX
'HILQLFMD %LEOLRWHNDNODV©PRGHO/LEUDU\ª
3URFHVWZRU]HQLD 0RGHO©PRGHOª
.ODV\ILNDWRU 3RGV\VWHP©VXEV\VWHPª
0RGHO 6]DEORQ©IUDPHZRUNª
$QDOLW\F]Q\ 7HNVWRZ\
%L]QHVRZ\ =DOH QR FL
']LHG]LQ\ 'RVW S©DFFHVVª
3U]\SDGNyZX \FLD ,PSRUW©LPSRUWª
3DNLHW 6FDOHQLH©PHUJHª
=DJQLH G DQLH =DOH QR ü
6WHUHRW\S
*UDILF]Q\
3\WDQLDL]DGDQLD
:\MD QLMFHORZR ü]DVWRVRZDQLDGLDJUDPyZSDNLHWyZ
&RPR HVWDQRZLü]DZDUWR üSDNLHWX"
-DNR]QDF]DVL JUDILF]QLHSDNLHW\LLFK]DJQLH G HQLD"3RGDMSU]\NáDG\
5R]G]LDä'LDJUDPSDNLHWÑZ
0DUNHWLQJ
© ª 0DJD]\Q
5R]G]LDä
=QDF]HQLHLWHUDF\MQRSU]\URVWRZHJR
SURFHVXSURMHNWRZDQLDV\VWHPÑZ
=DJDGQLHQLDPHWRGRORJLF]QHWZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKVWDQRZLá\MHGHQ
]JáyZQ\FKQXUWyZG\VF\SOLQ\DQDOL]\LSURMHNWRZDQLDV\VWHPyZLQIRUPDW\F]Q\FKMX
RGODW1DED]LHUy Q\FKGHILQLFMLPR QDVWZLHUG]Lü HPHWRG\NDDQJPHWKRGR
ORJ\WZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FK76,VWDQRZLVSyMQ\ORJLF]QLHXSRU] G
NRZDQ\]HVWDZPHWRGLSURFHGXURFKDUDNWHU]HWHFKQLF]Q\PLRUJDQL]DWRUVNLPSR]ZD
ODM F\FK]HVSRáRZLSURMHNWRZHPXUHDOL]RZDüF\NO \FLDV\VWHPX2JyOQLHPHWRG\NL
PR QDSRG]LHOLüQDVWUXNWXUDOQHRELHNWRZHLVSRáHF]QH>:U\F]D@
3RGREQLHMDNZSU]\SDGNXPHWRG\NVWUXNWXUDOQ\FKSRMDZLáVL V]HUHJSURSR]\FML]ZL
]DQ\FK]PRGHORZDQLHPRELHNWRZ\P1DMZL NV]HX]QDQLH]GRE\á\SRGHM FLD207
22$'L226(LQNRUSRUXM FHSHZQHHOHPHQW\PHWRG\NL3LHUZV]DSUyEDXQLILNDFML
RELHNWRZHJRSURFHVXWZRU]HQLDV\VWHPXQRVLáDQD]Z 86'38QLILHG6RIWZDUH'HYH
ORSPHQW3URFHVV$XWRUDPL86'3V ,-DFREVRQ*%RRFKRUD]-5XPEDXJK>%RRFK
@-HVWWRPHWRG\NDURG]DMRZDDQJJHQHULFVWZDU]DM FD PR OLZR üRSUDFRZ\
ZDQLDUy Q\FKMHMNRQILJXUDFMLLLPSOHPHQWDFML'RJáyZQ\FKFHFKWHJRSRGHM FLDQDOH
t XNLHUXQNRZDQLHQDSU]\SDGNLX \FLD
t SRWUDNWRZDQLHDUFKLWHNWXU\V\VWHPXMDNRFHQWUDOQHJR]DJDGQLHQLDZSURFHVLH
WZRU]HQLDRSURJUDPRZDQLD
t LWHUDF\MQRSU]\URVWRZ\FKDUDNWHUSURFHVXWZRU]HQLDV\VWHPX
583WRPHWRG\NDWZRU]HQLDV\VWHPÑZLQIRUPDW\F]Q\FKRSDUWDQDSDUDG\JPDFLH
RELHNWRZR FLLMö]\NX80/]DSURSRQRZDQDSU]H]NRUSRUDFMö5DWLRQDO6RIWZDUH
80/
80/
5DWLRQDO8QLILHG
80/ 3URFHVV;;
80/ 5DWLRQDO8QLILHG
3URFHVV
80/ 5DWLRQDO8QLILHG
3URFHVV
5DWLRQDO8QLILHG
3URFHVV
80/
5DWLRQDO8QLILHG
3URFHVV
80/
5DWLRQDO8QLILHG
3URFHVV
80
5DWLRQDO2EMHFWRU\
3URFHVV
5DWLRQDO2EMHFWRU\
3URFHVV
5DWLRQDO 2EMHFWRU\
$SSURDFK 3URFHVV
5\VXQHN(ZROXFMDPHWRG\NL583
6WUXNWXUD583
3U]H]NLONDGHNDGGRPLQXM F\PZ]RUFHPF\NOX \FLDV\VWHPXE\áF\NOOLQLRZ\DSy
QLHM VSLUDOQ\ 0HWRG\ND 583 RSLHUD VL QD ]DVDGQLF]\P QRYXP ² LWHUDF\MQR
SU]\URVWRZ\P DQJ LWHUDWLYHLQFUHPHQWDO F\NOX \FLD V\VWHPX 0D RQ SRVWDü GZX
Z\PLDURZ U\VXQHN
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
UyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLH>583@
5\VXQHN,WHUDF\MQRSU]\URVWRZ\F\NO \FLDV\VWHPXZPHWRG\FH583
/LQLDSR]LRPDUHSUH]HQWXMHF]DVD]DWHPG\QDPLF]Q\DVSHNWSURFHVX76,XZ]JO G
QLDM F
t ID]\
t LWHUDFMH
t SXQNW\SU]HJO GX
=NROHLOLQLDSLRQRZDRG]ZLHUFLHGODVWDW\F]Q\DVSHNWSURFHVX76,WMMHJRRSLVZNDWH
JRULDFK
t G\VF\SOLQ
t F]\QQR FL
t DUWHIDNWyZ
t UyO
t SU]HSá\ZyZSUDF\
2VWDWQLP]HVWUXNWXUDOQ\FKHOHPHQWyZRSLVXLWHUDF\MQRSU]\URVWRZHJRSURFHVXMHVW
SU]HSá\ZSUDF\NWyU\VWDQRZLVHNZHQFM F]\QQR FLZZ\QLNXNWyUHMSRZVWDMHOXEMHVW
SU]HWZDU]DQ\DUWHIDNW
'\VF\SOLQ\
:PHWRG\FH583Z\Uy QLDVL G]LHZL üG\VF\SOLQDQJGLVFLSOLQHVNWyUHPDM FKD
UDNWHUSRGVWDZRZ\OXEZVSRPDJDM F\
'\VF\SOLQDMHVWNROHNFMñSRZLñ]DQ\FKF]\QQR FLDUWHIDNWÑZUÑORUD]SU]HSä\ZÑZSUD
F\RGSRZLDGDMñF\FKWHPDW\F]QLHJäÑZQ\PREV]DURPWZRU]HQLDV\VWHPÑZLQIRUPD
W\F]Q\FK
5\VXQHN
8NáDGG\VF\SOLQ
F\NOX \FLD583
ZLWHUDFML
7DEHOD3RGVWDZRZ\]DNUHVPHU\WRU\F]Q\G\VF\SOLQZSURFHVLH583
'\VF\SOLQD =DNUHV
0RGHORZDQLHEL]QHVRZH =DZLHUDZL]M QRZHMGRFHORZHMRUJDQL]DFMLGHILQLFMHZ\VW SXM F\FK
DQJEXVLQHVVPRGHOLQJ ZMHMUDPDFKSURFHVyZUyOL]DNUHVyZRGSRZLHG]LDOQR FLLQIRUPDFMH
WHSU]HGVWDZLDVL ZSRVWDFLEL]QHVRZ\FKGLDJUDPyZ80/SRU
UR]G]LDá
6SHF\ILNDFMDZ\PDJD 2]QDF]DRSUDFRZDQLHZL]MLV\VWHPXPRGHOXSU]\SDGNyZX \FLD
DQJUHTXLUHPHQWV L]GHILQLRZDQLHZ\PDJD QLHIXQNFMRQDOQ\FK
$QDOL]DLSURMHNWRZDQLH =DZLHUDDQDOL] LSURMHNWV\VWHPX]Z\NRU]\VWDQLHPFDáHJRVSHNWUXP
DQJDQDO\VLV GHVLJQ GLDJUDPyZ80/
3URJUDPRZDQLH 3R]ZDODQDRSUDFRZDQLHNRGX UyGáRZHJRZZ\EUDQ\PM ]\NX
DQJLPSOHPHQWDWLRQ SURJUDPRZDQLDRUD]NRPSLODFM NRGXLLQWHJUDFM NRPSRQHQWyZ
7HVWRZDQLH 2]QDF]DSODQRZDQLHWHVWyZRUD]RFHQ V\VWHPXSRSU]H]Z\NRQDQLH
DQJWHVW V]HUHJXWHVWyZ
:GUR HQLH 'RW\F]\LQVWDODFMLRSURJUDPRZDQLDV\VWHPXLIRUPDOQ DNFHSWDFM
DQJGHSOR\PHQW NROHMQ\FKZHUVMLV\VWHPXSU]H]NOLHQWDF]\X \WNRZQLND
=DU] G]DQLHNRQILJXUDFMDPL 2EHMPXMHNRQWURO ZHUVMLDUWHIDNWyZRSUDFRZDQ\FKSRGF]DVNROHMQ\FK
L]PLDQDPL LWHUDFML
DQJFRQILJXUDWLRQ
FKDQJHPDQDJHPHQW
=DU] G]DQLHSURMHNWHP 2]QDF]DSODQRZDQLHLNRQWURO UHDOL]DFMLSURMHNWX
DQJSURMHFWPDQDJHPHQW
3U]\JRWRZDQLH URGRZLVND 2EHMPXMHSU]\JRWRZDQLHLQIUDVWUXNWXU\GODVNXWHF]QHMUHDOL]DFML
DQJHQYLURQPHQW SURMHNWX
UyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLH>583@
)D]\
,VWRWDF\NOXLWHUDF\MQRSU]\URVWRZHJRRSLHUDVL ZL FQD]DOH QR FLDFKSRPL G]\G\V
F\SOLQDPLVFKDUDNWHU\]RZDQ\PLZWDEHOLDID]DPLDQJSKDVHV
)D]ñZPHWRG\FH583MHVWRNUHVPLöG]\NROHMQ\PLSXQNWDPLSU]HJOñGXF\NOXLWHUD
F\MQRSU]\URVWRZHJRZNWÑU\P]UHDOL]RZDQRQLH]EöGQHF]\QQR FLLRSUDFRZDQRDGH
NZDWQHDUWHIDNW\
0HWRG\ND583ZSURZDG]DF]WHU\ID]\U\VXQHN
t UR]SRF] FLHDQJLQFHSWLRQ
t RSUDFRZDQLHDQJHODERUDWLRQ
t EXGRZDDQJFRQVWUXFWLRQ
t SU]HND]DQLHDQJWUDQVLWLRQ
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
,WHUDFMDZPHWRG\FH583WRSRMHG\QF]\F\NOZUDPDFKID]\SROHJDMñF\QDUHDOL]DFML
F]\QQR FLSRV]F]HJÑOQ\FKG\VF\SOLQMHMHIHNWHPMHVWNROHMQ\SU]\URVWV\VWHPX
: PLDU UHDOL]DFML NROHMQ\FK LWHUDFML SRZVWDM NROHNFMH SRZL ]DQ\FK ]H VRE DUWH
IDNWyZVWDQRZL F\FKZHUVMHSURMHNWXV\VWHPX3RF] WNRZRPDM RJyOQ\FKDUDNWHUV
Z]ERJDFDQHLXGRVNRQDODQHZNROHMQ\FKLWHUDFMDFK=DVWRVRZDQLHF\NOXLWHUDF\MQR
SU]\URVWRZHJR]QDF] FR]PQLHMV]DU\]\NRQLHSRZRG]HQLDSURMHNWXZSRUyZQDQLX]F\
NOHPOLQLRZ\P:\QLNDWR]PR OLZR FLSU]HSURZDG]DQLDRFHQ\NROHMQ\FKZHUVMLV\V
WHPXQLHW\ONRSRGN WHPWHFKQLF]Q\POHF]UyZQLH SRGN WHP]JRGQR FL]Z\PD
JDQLDPLX \WNRZQLND,WHUDF\MQHSRGHM FLHXPR OLZLDSRQDGWRV]\ENLHZSURZDG]HQLH
QRZ\FKZ\PDJD LVSUDZQ PRG\ILNDFM LVWQLHM F\FKDWDN HQLH]ZáRF]Q UHDNFM QD
RELHWH]PLDQ\/LF]EDLWHUDFMLX]DOH QLRQDMHVWRG]áR RQR FLWZRU]RQHJRV\VWHPXRUD]
F]DVRFKáRQQR FLSRV]F]HJyOQ\FKID],WDNGODNU\WHULXPF]DVXWZRU]HQLDW\SRZHJR
V\VWHPXLQIRUPDW\F]QHJRSU]\MPXMHVL X UHGQLRQHV]DFXQNL>$ULDGQH@
t QDID] UR]SRF] FLDSR ZL FDVL F]DVX
t QDID] RSUDFRZDQLD²
t QDID] EXGRZ\²
t QDID] SU]HND]DQLD²
&HOHSRV]F]HJyOQ\FKID]VSUHF\]RZDQRZWDEHOL
7DEHOD)D]\ZPHWRG\FH583LLFKFHOH
)D]D &HOH
5R]SRF] FLH :\SUDFRZDQLHRJyOQHMZL]MLSU]HGVL Z]L FLDRUD]RVL JQL FLH]UR]XPLHQLD
DQJLQFHSWLRQ LDNFHSWDFMLSURMHNWX]HVWURQ\ZV]\VWNLFKMHJRXF]HVWQLNyZ
2SUDFRZDQLH 8VWDOHQLHDUFKLWHNWXU\V\VWHPXVWZRU]HQLHSODQXSURMHNWXRUD]Z\HOLPLQRZDQLH
DQJHODERUDWLRQ HOHPHQWyZZ\VRNLHJRU\]\ND]SURMHNWX
%XGRZD 6WZRU]HQLHV\VWHPXQDSRGVWDZLHSU]\M WHMDUFKLWHNWXU\
DQJFRQVWUXFWLRQ
3U]HND]DQLH 'RVWDUF]HQLHJRWRZHJRV\VWHPXX \WNRZQLNRPF]\NOLHQWRP
DQJWUDQVLWLRQ
3RGVWDZRZHSRMöFLD
$UFKLWHNWXUDV\VWHPX )D]D
$UWHIDNW %XGRZD
&$6( 2SUDFRZDQLH
&\NO \FLDV\VWHPX 3U]HND]DQLH
,WHUDF\MQRSU]\URVWRZ\ 5R]SRF] FLH
/LQLRZ\ *HQHUDFMD
6SLUDOQ\ ,WHUDFMD
&]\QQR ü 3XQNWSU]HJO GX
'\VF\SOLQD 0LQLF\NOOLQLRZ\
3RGVWDZRZD 3U]HSá\ZSUDF\
$QDOL]DLSURMHNWRZDQLH 5ROD
0RGHORZDQLHEL]QHVRZH 583
3URJUDPRZDQLH (ZROXFMD
6SHF\ILNDFMDZ\PDJD 0HWRG\ND
7HVWRZDQLH $JLOH
:GUR HQLH '6'0
:VSRPDJDM FD 6FUXP
=DU] G]DQLHNRQILJXUDFMDPL 86'3
L]PLDQDPL
=DU] G]DQLHSURMHNWHP ;3
3U]\JRWRZDQLH URGRZLVND 7ZRU]HQLHV\VWHPyZLQIRUPDW\F]Q\FK
=HVSyáSURMHNWRZ\
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
3\WDQLDL]DGDQLD
2SLV]VWUXNWXU 583
:\PLH G\VF\SOLQ\ZVSRPDJDM FH583
.RU]\VWDM F]OLWHUDWXU\SU]HGPLRWXRNUH OSRGRELH VWZDLUy QLFHSRPL G]\
PRGHODPLF\NOX \FLD
t OLQLRZ\P
t VSLUDOQ\P
t LWHUDF\MQRSU]\URVWRZ\P
&]\ZVZRMHMLVWRFLH583MHVWEDUG]LHM]EOL RQ\GRPRGHOXOLQLRZHJR
F]\UDF]HMVSLUDOQHJR"
2NUH OF]\QDVW SXM FHSRM FLDGRW\F] DVSHNWXG\QDPLF]QHJRPHWRG\NL583
F]\VWDW\F]QHJR
t DUWHIDNW
t UROD
t SXQNWSU]HJO GX
t G\VF\SOLQD
t SU]HSá\ZSUDF\
t LWHUDFMD
:\PLH SU]\NáDGRZHPHWRG\NLÄ]ZLQQH´-DNDMHVWLFKSRGVWDZRZDFHFKD"
:VND SU]\NáDGRZHUROHZ]HVSROHSURMHNWRZ\P
:\PLH Uy QLFHSRPL G]\G\VF\SOLQ PRGHORZDQLDEL]QHVRZHJRDG\VF\SOLQ
VSHF\ILNDFMLZ\PDJD
.RU]\VWDM F]ZLHG]\]DSUH]HQWRZDQHMZQLQLHMV]HMNVL FHSU]\SRU] GNXM
GLDJUDP\80/GRRGSRZLHGQLFKG\VF\SOLQ
&]\PUy QLVL ]DU] G]DQLHSURMHNWHPRG]DU] G]DQLDNRQILJXUDFMDPL
L]PLDQDPL"
-DNUR]XPLHV]LWHUDF\MQR üRUD]SU]\URVWRZR üSURFHVXWZRU]HQLD
RSURJUDPRZDQLD":\SRZLHG]VL QDWHPDWOLF]E\RUD]GáXJR FLSRV]F]HJyOQ\FK
LWHUDFML
3RUyZQDML]LQWHUSUHWXMFHOHID]PHWRG\NL583
.RU]\VWDM F]KLSHUWHNVWRZHMED]\ZLHG]\583]DSURSRQXMGLDJUDP\
F]\QQR FLGODID]PHWRG\NL583
8]DVDGQLMF]DVRFKáRQQR üUHDOL]DFMLID]Z\UD RQ ZXM FLXSURFHQWRZ\P
:\PLH SRV]F]HJyOQHDUWHIDNW\WZRU]RQHZUDPDFKSRV]F]HJyOQ\FKID]583
5R]G]LDä
=QDF]HQLHPRGHORZDQLDEL]QHVRZHJR
2ILFMDOQ\NDQRQHOHPHQWyZM ]\ND80/REHMPXM F\URG]DMyZGLDJUDPyZ]DSUH
]HQWRZDQ\ ]RVWDá Z F] FL SLHUZV]HM QLQLHMV]HM NVL NL 'LDJUDP\ WH SR]ZDODM ]EX
GRZDüLHIHNW\ZQLHRSLVDüPRGHOV\VWHPXLQIRUPDW\F]QHJRQLHQDU]XFDM FSU]\W\P
SURMHNWDQWRZLMHGQHJRNRQNUHWQHJRVSRVREXUR]ZL ]DQLDGDQHJRSUREOHPX
0RGHORZDQLHEL]QHVRZHMHVWVSRVREHPRGZ]RURZ\ZDQLDLGRNXPHQWRZDQLDSURFH
VÑZEL]QHVRZ\FK
7ZRU]HQLHPRGHOLEL]QHVRZ\FKLVWRWQLHSU]\F]\QLDVL GROHSV]HJR]UR]XPLHQLDVSR
VREX IXQNFMRQRZDQLD RUJDQL]DFML SRSU]H] SUHF\]\MQ\ RSLV SURFHVyZ EL]QHVRZ\FK
.RQFHSFMDPRGHORZDQLDEL]QHVRZHJRXOHJáD]QDF] FHPXUR]ZLQL FLXZ]ZL ]NX]V]H
UHJLHPUR]F]DURZD ]ZL ]DQ\FK]]DNR F]RQ\PLQLHSRZRG]HQLHPZGUR HQLDPLDSOL
NDFMLEL]QHVRZ\FKV]F]HJyOQLHGRWNOLZ\PLGODX \WNRZQLNyZLLQWHJUDWRUyZ
=GHILQLRZDQHZG\VF\SOLQLHPRGHORZDQLDEL]QHVRZHJRSURFHV\EL]QHVRZHV ZQD
WXUDOQ\VSRVyEZVSRPDJDQHSU]H]V\VWHPLQIRUPDW\F]Q\DLFKF] üQDSHZQ\PHWDSLH
WZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKXOHJDWUDQVIRUPDFMLZSURFHV\V\VWHPRZH
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
2UJDQL]DFMD
©H[WHQGª
0RGHO
EL]QHVRZ\
0RGHO
V\VWHPRZ\
5\VXQHN0RGHORZDQLHEL]QHVRZHZSURFHVLHWZRU]HQLDV\VWHPX
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
0RGHOEL]QHVRZ\SRGREQLHMDNPRGHOV\VWHPXLQIRUPDW\F]QHJRMHVWSU]HGVWDZLDQ\
ZSRVWDFLGLDJUDPyZ'LDJUDP\EL]QHVRZHV ZXM FLXF]\VWRWHFKQLF]Q\PRGSRZLHG
QLNDPLGLDJUDPyZV\VWHPRZ\FK7DNZL FPR OLZHMHVWSU]\VWRVRZDQLHGRSRWU]HE
5R]G]LDä0RGHORZDQLHEL]QHVRZH
=H Z]JO GX QD VSHF\ILN IXQNFMRQRZDQLD U]HF]\ZLVW\FK RUJDQL]DFML QDMZL NV]H
SUDNW\F]QH]DVWRVRZDQLHPDM QDVW SXM FHURG]DMHGLDJUDPyZEL]QHVRZ\FK
t EL]QHVRZHGLDJUDP\SU]\SDGNyZX \FLD
t EL]QHVRZHGLDJUDP\NODV
t EL]QHVRZHGLDJUDP\F]\QQR FL
t EL]QHVRZHGLDJUDP\VHNZHQFML
t EL]QHVRZHGLDJUDP\SDNLHWyZ
%L]QHVRZHGLDJUDP\VWZRU]RQHZUDPDFKPRGHORZDQLDEL]QHVRZHJRV WUDQVIRUPR
ZDQHZNROHMQ\FKID]DFKLWHUDF\MQRSU]\URVWRZHJRF\NOX583ZDQDOLW\F]QHOXEV\V
WHPRZHGLDJUDP\M ]\ND80/7UDQVIRUPDFMDGLDJUDPyZEL]QHVRZ\FKZV\VWHPRZH
QLH]DFKRG]LDXWRPDW\F]QLH'RRVL JQL FLDRVWDWHF]QHJRHIHNWXPRGHORZDQLDV\VWH
PRZHJR QLH]E GQD MHVW SUDFD DQDOLW\F]QD L SURMHNWRZD WZyUFyZ V\VWHPX VWRVRZQLH
GR]DOHFH 80/L583
6WXGLXPPRGHOXEL]QHVRZHJR
:QLQLHMV]\PSXQNFLHSU]HSURZDG]RQRDQDOL] EL]QHVXQDSU]\NáDG]LHV\VWHPXEL]QH
VRZHJRNVL JDUQL$QDOL] UR]SRF] WRRGXVWDOHQLDNRQWHNVWXEL]QHVRZHJRU\VXQHN
3R]ZROLáR WR QD VNRPSOHWRZDQLH OLVW\ DNWRUyZ EL]QHVRZ\FK ]ZL ]DQ\FK ] IXQNFMRQR
ZDQLHPNVL JDUQL1DOH GRQLFK
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
7DEHOD3RGVWDZRZHNDWHJRULHPRGHORZDQLDGLDJUDPyZEL]QHVRZ\FK
1D]ZD 6WHUHRW\S\ &KDUDNWHU\VW\ND
$NWRUEL]QHVRZ\ 5RODSHáQLRQDSU]H]X \WNRZQLNDG]LDáDM FHJR
ZRWRF]HQLXRUJDQL]DFML
%L]QHVRZDNODVD )L]\F]QLHLVWQLHM F\E\WX \WNRZDQ\LSU]HWZDU]DQ\
SU]HFKRZXM FD SU]H]SUDFRZQLNyZEL]QHVRZ\FKRUD]
SUDFRZQLNyZNRQWDNWX2SHUDFMHZ\NRQ\ZDQH
QDEL]QHVRZ\FKNODVDFKOXELRELHNWDFK
SU]HFKRZXM F\FKREHMPXM GRVW SDNWXDOL]DFM
WZRU]HQLHPRQLWRURZDQLHRUD]NDVRZDQLH
3UDFRZQLN 3UDFRZQLNEL]QHVRZ\REVáXJXM F\SURFHV
NRQWDNWX EL]QHVRZ\LMHGQRF]H QLHE G F\ZEH]SR UHGQLHM
LQWHUDNFML]DNWRUDPLEL]QHVRZ\PL3UDFRZQLN
NRQWDNWXQLHPR HE\üV\VWHPHP
%L]QHVRZ\ 3URFHVEL]QHVRZ\GRVWDUF]DM F\Z\QLNyZ
SU]\SDGHNX \FLD LVWRWQ\FK]SXQNWXZLG]HQLDDNWRUDEL]QHVRZHJR
t .OLHQW²MDNR.OLHQWLQG\ZLGXDOQ\RUD]%LEOLRWHND
t :\GDZFD
t +XUWRZQLD
t 2SHUDWRUNDUWNUHG\WRZ\FK
t 8U] G6NDUERZ\
5R]G]LDä0RGHORZDQLHEL]QHVRZH
5\VXQHN
%L]QHVRZ\NRQWHNVW
V\VWHPXNVL JDUQL
.OLHQWLQG\ZLGXDOQ\
8U] G6NDUERZ\
.OLHQW
©FRQWH[Wª
%LEOLRWHND
.VL JDUQLD
2SHUDWRUNDUWNUHG\WRZ\FK
:\GDZFD
+XUWRZQLD
1DVW SQLHUR]EXGRZDQR]LGHQW\ILNRZDQ\NRQWHNVWV\VWHPXU]HF]\ZLVWHMRUJDQL]DFML
REL]QHVRZHSU]\SDGNLX \FLDU\VXQHN,VWRWQHMZDUWR FLGODDNWRUyZRUJDQL]D
FMLGRVWDUF]DM QDVW SXM FHEL]QHVRZHSU]\SDGNLX \FLD
t 'RNRQ\ZDQLH]DNXSXZ\EUDQ\FKNVL HN
t 3U]\MPRZDQLHUHNODPDFMLGRW\F] FHSURGXNWyZZDGOLZ\FK
t $QDOL]DRIHUW\Z\GDZF\UHDOL]RZDQDVWDQGDUGRZRRUD]ZSU]\SDGNX
SR]\W\ZQHJRUR]SDWU]HQLDUHNODPDFMLSRá F]RQHJR]Z\ERUHPHNZLZDOHQWX
NVL NRZHJR]DZDGOLZ\SURGXNWZPLHMVFH]ZURWXJRWyZNL
t LQQHQL JRWyZNRZH5R]OLF]DQLHWUDQVDNFML]DNXSX
t RNUHVRZH5R]OLF]DQLHG]LDáDOQR FL²ZV]F]HJyOQR FLNZHVWLLSRGDWNRZ\FK
²]8U] GHP6NDUERZ\P
:V]\VWNLH]LGHQW\ILNRZDQHEL]QHVRZHSU]\SDGNLX \FLD]RVWDá\V]F]HJyáRZRSU]HDQD
OL]RZDQHLXGRNXPHQWRZDQH'RNXPHQWDFM VFHQDULXV]DJáyZQHJRLVFHQDULXV]\DOWHU
QDW\ZQ\FKZ\EUDQHJRSU]\SDGNXX \FLD3U]\MPLMUHNODPDFM SU]HGVWDZLDWDEHOD
.VL JDUQLD
'RNRQDM]DNXSX
©H[WHQGª
.OLHQW
LQG\ZLGXDOQ\
%LEOLRWHND
3U]\MPLMUHNODPDFM
©H[WHQGª
+XUWRZQLD
:\GDZFD
3UDFRZQLNREVáXJLNOLHQWD .DVMHU
©H[WHQGª
.OLHQW
LQG\ZLGXDOQ\ 'RNRQDM]DNXSX 5R]OLF]WUDQVDNFM 2SHUDWRUNDUW
NUHG\WRZ\FK
.OLHQW
©H[WHQGª
%LEOLRWHND
3U]\MPLMUHNODPDFM
3UDFRZQLNPDJD]\QX 3UDFRZQLNREVáXJL
UHNODPDFML
©H[WHQGª
+XUWRZQLD
$QDOL]XMRIHUW
.RQWUROHU
:\GDZFD
5\VXQHN0DSDSURFHVyZEL]QHVRZ\FKIXQNFMRQRZDQLDNVL JDUQL
5R]G]LDä0RGHORZDQLHEL]QHVRZH
7DEHOD'RNXPHQWDFMDSU]\SDGNXX \FLDÄ3U]\MPLMUHNODPDFM ´
1D]ZDSU]\SDGNXX \FLD 3U]\MPLMUHNODPDFMö
1XPHU
7ZyUFD 6WDQLVáDZ:U\F]D²$QDOLW\NSURFHVyZEL]QHVRZ\FK
$NWRU]\ .OLHQWLQG\ZLGXDOQ\%LEOLRWHND
.UyWNLRSLV 3U]\M FLHSURGXNWXGRUHNODPDFML
:DUXQNLZVW SQH :\PDJDQHGRVWDUF]HQLHSURGXNWXRUD]GRZRGX]DNXSXSDUDJRQ
OXEIDNWXUD
:DUXQNLNR FRZH :\GDQLHQRZHJRSURGXNWXOXEQLHXZ]JO GQLHQLHUHNODPDFML
*áyZQ\SU]HSá\Z]GDU]H .OLHQW]JáDV]DUHNODPDFM LSU]HND]XMHSUDFRZQLNRZLREVáXJL
UHNODPDFMLGRZyG]DNXSXSDUDJRQOXEIDNWXU RUD]UHNODPRZDQ\
SURGXNW
3UDFRZQLNREVáXJLUHNODPDFMLZHU\ILNXMHGRZyG]DNXSX
RUD]SURGXNW
.OLHQWX]DVDGQLDUHNODPDFM
3UDFRZQLNREVáXJLUHNODPDFMLXZ]JO GQLHQLDUHNODPDFM
LSU]\JRWRZXMHNDUW UHNODPDFMLGODGRVWDUF]RQHJRSURGXNWX
.OLHQWXGRVW SQLDV]F]HJyáRZHGDQHGRNDUW\UHNODPDFML
3UDFRZQLNREVáXJLUHNODPDFMLGRVWDUF]DQRZ\SURGXNW
.OLHQWRGELHUDQRZ\SURGXNW
$OWHUQDW\ZQHSU]HSá\Z\ D %UDNGRZRGX]DNXSX²RGU]XFHQLHSU]\M FLDUHNODPDFML
]GDU]H E %UDNSURGXNWX²RGU]XFHQLHSU]\M FLDUHNODPDFML
D 3UDFRZQLNREVáXJLUHNODPDFMLQLHXZ]JO GQLDUHNODPDFMLL]ZUDFD
NOLHQWRZLGRZyG]DNXSXRUD]UHNODPRZDQ\SURGXNW
D %UDNQRZHJRSURGXNWX²Z\GDQLHSLHQL G]\NOLHQWRZL
6SHFMDOQHZ\PDJDQLD 7HUPLQGRVWDUF]HQLDQRZHJRSURGXNWXNOLHQWRZLQLHPR HE\üGáX V]\
QL GQL
1RWDWNLLNZHVWLH 2EVáXJDUHNODPDFMLRGE\ZDVL ]JRGQLH]SURFHGXU ]DPLHV]F]RQ
ZGRNXPHQFLH3URFHGXUDUHNODPDFMLSGI
0LHMVFDUR]V]HU]HQLD
SR]\W\ZQHUR]SDWU]HQLHUHNODPDFML
GDQLH]ZURWXJRWyZNL
:FHOXZ\VRNRSR]LRPRZHJRVFKDUDNWHU\]RZDQLDORJLNLNRQNUHWQHJRSU]\SDGNXX \FLD
PR QDSRVáX \üVL EL]QHVRZ\PGLDJUDPHPF]\QQR FL$QDOLW\NRSLVXM F\IXQNFMR
QRZDQLHEL]QHVXDXNFMLZ\NRU]\VWDáWHQGLDJUDPGRZ\VSHF\ILNRZDQLDEL]QHVRZHJR
SU]\SDGNXX \FLDÄ'RNRQDM]DNXSX´'LDJUDPWHQ]RVWDáSU]HGVWDZLRQ\QDU\VXQNX
5\VXQHN
&]\QQR FLSU]\SDGNX
X \FLDÄ'RNRQDM
]DNXSX´
2NUH O]DLQWHUHVRZDQLD
:\V]XNDMDGHNZDWQ OLWHUDWXU
$QDOL]XMSURGXNW
>SUH]HQWDFMDLQQHJR@ >HOVH@
>DNFHSWDFMD@ 2GQRWXMZ\PDJDQLDNOLHQWD
8UHJXOXMQDOH QR ü
=NROHLVWDW\F]QHDVSHNW\IXQNFMRQRZDQLDEL]QHVXRGZ]RURZ\ZDQHV QDSRGVWDZLHND
WHJRULLSRM FLRZHMEL]QHVRZHMNODV\SU]HFKRZXM FHM,WDNDVSHNW\WHPRGHORZDQHV
SU]HGHZV]\VWNLPSU]\Z\NRU]\VWDQLXEL]QHVRZ\FKGLDJUDPyZNODVU\VXQHN
-DN]DSUH]HQWRZDQRQDU\VXQNXZIXQNFMRQRZDQLXNVL JDUQLNOXF]RZH]QDF]H
QLHPD'RNXPHQWILQDQVRZ\-HVWWRNDWHJRULDDEVWUDNF\MQDXRJyOQLDM FDQDVW SXM FH
GRNXPHQW\
t 5R]OLF]HQLHXWDUJX
t 5DSRUWVWUDW
t 'RZyG]DNXSX
SU]\F]\PWHQRVWDWQLGRNXPHQWUyZQLH MHVWNDWHJRUL DEVWUDNF\MQ ²XRJyOQLDM F
3DUDJRQRUD])DNWXU 3DUDJRQMHVWZ\VWDZLDQ\GODND GHJRVSU]HGDQHJR3URGXNWX
-H HOLNOLHQWZ\UD]LWDNLH \F]HQLHZUD]]3URGXNWHPRWU]\PXMHWDN H)DNWXU )DN
WXUDMHVW]DZV]HRSUDFRZ\ZDQDZGZyFKHJ]HPSODU]DFK²MHMNRSL SU]HFKRZXMHVL
5R]G]LDä0RGHORZDQLHEL]QHVRZH
5\VXQHN%L]QHVRZ\GLDJUDPVHNZHQFML
ZDUFKLZXP:SU]\SDGNXUHNODPRZDQLD3URGXNWXVSRU] G]DVL .DUW UHNODPDFML
NWyUHM F] FL MHVW 8]DVDGQLHQLH ZQLHVLHQLD UHNODPDFML SU]H] NOLHQWD 1D SRGVWDZLH
GRNXPHQWX5R]OLF]HQLDXWDUJXRSUDFRZ\ZDQDMHVW3URJQR]DVSU]HGD \6WRVRZQLHGR
QLHMVSRU] G]DVL =OHFHQLH]DNXSXSURGXNWyZZ\V\áDQHGRRGSRZLHGQLHJRZ\GDZF\
OXEKXUWRZQLNVL HN
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
5\VXQHN
%L]QHVRZ\
GLDJUDPNODV
V\VWHPXNVL JDUQL 'RNXPHQWILQDQVRZ\
3DUDJRQ )DNWXUD
8]DVDGQLHQLH .DUWDUHNODPDFML
%L]QHVRZHGLDJUDP\NODVZ\NRU]\VW\ZDQHV ZWZRU]HQLXLFKV\VWHPRZ\FKRGSRZLHG
QLNyZMDNUyZQLH ZWZRU]HQLXPRGHOXDQDOLW\F]QHJR$QDORJLF]QLHGREL]QHVRZ\FK
GLDJUDPyZ SU]\SDGNyZ X \FLD QD EL]QHVRZ\FK GLDJUDPDFK NODV ]DPLH FLü PR QD
SUDFRZQLNyZEL]QHVRZ\FKRGSRZLDGDM F\FK]DSRV]F]HJyOQHNODV\SU]HFKRZXM FHU\
VXQHN,WDN
t ]D]DRSDWU]HQLHEL]QHVRZHNODV\SU]HFKRZXM FH=OHFHQLH]DNXSXSURGXNWyZ
RUD]3URGXNWRGSRZLDGD3UDFRZQLNPDJD]\QX
t ]DELH F REVáXJ NOLHQWDEL]QHVRZDNODVDSU]HFKRZXM FD3URGXNWRGSRZLDGD
3UDFRZQLNREVáXJLNOLHQWD
t ]DSU]\MPRZDQLHZSáDWLZ\GDZDQLHGRZRGyZ]DNXSXEL]QHVRZHNODV\
SU]HFKRZXM FH'RZyG]DNXSXRUD]3URGXNWRGSRZLDGD.DVMHU
t ]DZHU\ILNRZDQLHILQDQVyZILUP\'RNXPHQW\ILQDQVRZHRGSRZLDGD.RQWUROHU
t ]DSU]\MPRZDQLHUHNODPDFMLNOLHQWyZEL]QHVRZDNODVDSU]HFKRZXM FD.DUWD
UHNODPDFMLRGSRZLDGD3UDFRZQLNREVáXJLUHNODPDFML
5R]G]LDä0RGHORZDQLHEL]QHVRZH
5\VXQHN
%L]QHVRZ\
GLDJUDPNODV
]SUDFRZQLNDPL
'RNXPHQWILQDQVRZ\ 'RZyG]DNXSX
EL]QHVRZ\PL .RQWUROHU
3URJQR]DVSU]HGD \
.DVMHU
3URGXNW =OHFHQLH]DNXSXSURGXNWyZ
3UDFRZQLNREVáXJLNOLHQWD
8]DVDGQLHQLH .DUWDUHNODPDFML
3UDFRZQLNPDJD]\QX
3UDFRZQLNREVáXJLUHNODPDFML
=LGHQW\ILNRZDQ\SU]H]DQDOLW\NDSURFHVyZEL]QHVRZ\FKXNáDGMHGQRVWHNEL]QHVRZ\FK
RGSRZLDGDM F\SRG Z]JO GHP VHPDQW\F]Q\P V\VWHPRZHPX GLDJUDPRZL SDNLHWyZ
LE G F\SRGVWDZ LGHQW\ILNDFMLSDNLHWyZZV\VWHPLHSU]HGVWDZLDU\VXQHN
5\VXQHN
-HGQRVWNL
RUJDQL]DF\MQH
NVL JDUQL
']LDá6SU]HGD \ .RQWUROLQJ
']LDá2EVáXJL5HNODPDFML 0DJD]\Q
3UDFRZQLNREVáXJLUHNODPDFML
3RGVWDZRZHSRMöFLD
$NWRUEL]QHVRZ\ -HGQRVWNDRUJDQL]DF\MQD
%L]QHVRZDNODVDSU]HFKRZXM FD 0RGHOEL]QHVRZ\
%L]QHVRZ\SU]\SDGHNX \FLD 3UDFRZQLNEL]QHVRZ\
&]\QQR üEL]QHVRZD 3UDFRZQLNNRQWDNWX
'LDJUDP 3URFHV
%L]QHVRZ\ %L]QHVRZ\
&]\QQR FL 5HHQJLQHHULQJ
.ODV 6\VWHPRZ\
3DNLHWyZ 583
3U]\SDGNyZX \FLD 6FHQDULXV]
6HNZHQFML :VSyáG]LDáDQLHEL]QHVRZH
6\VWHPRZ\
3\WDQLDL]DGDQLD
-DNLH]QDF]HQLHPDZSURFHVLHWZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKPRGHO
EL]QHVRZ\"
=MDNLPLID]DPLRUD]G\VF\SOLQDPLSURFHVX583QDOH \NRMDU]\üPRGHO
EL]QHVRZ\"
3RGDMQD]Z\GLDJUDPyZEL]QHVRZ\FKQDMF] FLHMZ\NRU]\VW\ZDQ\FK
ZSUDNW\FH
3U]\SRU] GNXMRGSRZLHGQLHNDWHJRULHPRGHORZDQLDGRSRV]F]HJyOQ\FK
GLDJUDPyZEL]QHVRZ\FK
:\MD QLMSRGRELH VWZDLUy QLFHSRPL G]\SUDFRZQLNLHPEL]QHVRZ\P
DSUDFRZQLNLHPNRQWDNWX
.WyUH]NDWHJRULLPRGHORZDQLDSU]HGVWDZLRQ\FKZWDEHOLRSLVXM HOHPHQW\
IXQNFMRQXM FHSR]DSURFHVHPEL]QHVRZ\P"
:VND V\VWHPRZHRGSRZLHGQLNL
t MHGQRVWNLRUJDQL]DF\MQHM
t EL]QHVRZHMNODV\SU]HFKRZXM FHM
6SRU] G GRNXPHQWDFM VFHQDULXV]\EL]QHVRZ\FKSU]\SDGNyZX \FLDNVL JDUQL
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
=QDF]HQLHPRGHORZDQLDDQDOLW\F]QHJR
=DLQWHUHVRZDQLHM ]\NLHP80/ZZLHOXR URGNDFKQDXNRZ\FKLEL]QHVRZ\FKSU]\
F]\QLáRVL GRSRZVWDQLDSURSR]\FMLQRZ\FKGLDJUDPyZOXEUR]V]HU]HQLD]QDF]HQLDMX
LVWQLHM F\FK6 RQH FL OHSRZL ]DQH]HVWDQGDUGHPM ]\ND80/LSU]\F]\QLDM VL
GR]ZL NV]HQLDMDNR FLSU]HMU]\VWR FLRUD]V]F]HJyáRZR FLSURFHVXWZRU]HQLDV\VWH
PyZSU]\Z\NRU]\VWDQLXM ]\ND80/LQDSRGVWDZLHPHWRG\NL583'RQDMEDUG]LHM
]QDQ\FKLX \WNRZDQ\FKZSUDNW\FHWHFKQLNQDOH
t GLDJUDP\PRGHORZDQLDDQDOLW\F]QHJR
t GLDJUDP\PRGHORZDQLDEL]QHVRZHJRRPyZLRQHZUR]G]LDOH
0RGHORZDQLHDQDOLW\F]QHWRWHFKQLNDZVSRPDJDMñFDMö]\N80/NWÑUDVäX \GRGR
NXPHQWRZDQLDZ\QLNÑZSUDFDQDOLW\F]Q\FKLZF]HVQ\FKSUDFSURMHNWRZ\FK
6SHF\ILNDFMD
Z\PDJD
&2"
0RGHORZDQLH
DQDOLW\F]QH
0RGHORZDQLH
EL]QHVRZH
$QDOL]DL
SURMHNWRZDQLH
-$."
5\VXQHN'LDJUDP\PRGHORZDQLDDQDOLW\F]QHJRZSURFHVLHWZRU]HQLDV\VWHPX
3RGVWDZRZHNDWHJRULHSRMöFLRZH
RUD]QRWDFMDJUDILF]QD
.RQVHNZHQWQHSRVáXJLZDQLHVL GLDJUDPDPLPRGHORZDQLDDQDOLW\F]QHJRMDNRSRPRF
ZVSHF\ILNRZDQLXZ\PDJD RSDUW QDSU]\SDGNDFKX \FLD]ZL NV]DSUDZGRSRGRELH
VWZR ZLHUQHJR SU]HDQDOL]RZDQLD L RG]ZLHUFLHGOHQLD SU]\V]áHM IXQNFMRQDOQR FL WZRU]R
QHJRV\VWHPX2VL JDVL WRSRSU]H]DQDOL] VFHQDULXV]\GDQHJRSU]\SDGNXX \FLD
t NODV\DQDOLW\F]QH
t DNWRU]\
t ]ZL ]NL
'LDJUDP\DQDOLW\F]QHPRGHORZDQHV MDNRGLDJUDP\NODV]]DVWRVRZDQLHPWU]HFKVWH
UHRW\SRZDQ\FKNODV
t JUDQLF]Q\FKDQJERXQGDU\
t VWHUXM F\FKDQJFRQWURO
t SU]HFKRZXM F\FKDQJHQWLW\
:WUDNFLHRSUDFRZ\ZDQLDGLDJUDPyZPRGHORZDQLDDQDOLW\F]QHJRZ\NRU]\VW\ZDQ\MHVW
UyZQLH V\PERODNWRUD]DF]HUSQL W\]GLDJUDPyZSU]\SDGNyZX \FLD3RV]F]HJyOQH
W\S\ NODV V SRZL ]DQH .OXF]RZH ]QDF]HQLH RGJU\ZD Z W\P NRQWHN FLH ]ZL ]HN
DVRFMDFMLSU]\F]\PDVRFMDFMHWHPRJ E\üGZXNLHUXQNRZHOXEPLHüSU]\SLVDQ\NLH
UXQHN QDZLJDFML XV]F]HJyáDZLDM F\ VSHF\ILNDFM VSRVREX SU]HSá\ZX LQIRUPDFML 3U]\
NáDGGLDJUDPXDQDOLW\F]QHJR]DPLHV]F]RQRQDU\VXQNX
7DEHOD1RWDFMDVWRVRZDQDQDGLDJUDPDFKPRGHORZDQLDDQDOLW\F]QHJR
1D]ZD 6WHUHRW\S &KDUDNWHU\VW\ND
.ODVD :\NRU]\VW\ZDQDGRPRGHORZDQLDLQWHUDNFMLDNWRUD]V\VWHPHP
JUDQLF]QD 0LPR H]QDMGXMHVL QDVW\NXV\VWHPX]RWRF]HQLHPMHVWMHJR
LQWHJUDOQ F] FL 5HSUH]HQWXMHWDNLHHOHPHQW\DSOLNDFMLMDN
IRUPDWNLHNUDQRZHUDSRUW\VWURQ\LQWHUQHWRZHSURWRNRá\
NRPXQLNDF\MQHWHUPLQDOHLUy QRURGQHLQWHUIHMV\Z\NRU]\VW\ZDQH
SU]H]DNWRUD6W GHOHPHQW\WHE\ZDM UyZQLH QD]\ZDQHNODVDPL
LQWHUIHMVRZ\PL.ODVDJUDQLF]QDZSUDNW\FHPR HSU]\EUDü
QDVW SXM FHSRVWDFL
LQWHUIHMVXX \WNRZQLND]DSHZQLDM FHJRNRQWDNW]DNWRUDPL
RVRERZ\PL
LQWHUIHMVXV\VWHPX]DSHZQLDM FHJRNRQWDNW]DNWRUDPL
²V\VWHPDPLLQIRUPDW\F]Q\PL
LQWHUIHMVXXU] G]HQLDNRQWDNWXM FHJRVL ]XU] G]HQLDPL
VSR]DV\VWHPX
.ODVD 5HSUH]HQWXMHSURFHV\]DZLHUDM FORJLN DSOLNDFMLLRNUH ODM F
VWHUXM FD SU]HWZDU]DQLHLQIRUPDFML.ODV\WHSR UHGQLF] SRPL G]\
ZV]\VWNLPLURG]DMDPLNODVDQDOLW\F]Q\FKDZL FJUDQLF]Q\PL
SU]HFKRZXM F\PLRUD]LQQ\PLNODVDPLVWHUXM F\PL.ODVD
VWHUXM FDXPR OLZLDNRRUG\QDFM RSHURZDQLHQDLQQ\FKNODVDFK
LVWHURZDQLHQLPL2ELHNW\NODVVWHUXM F\FKF] VWRLVWQLHM
Z\á F]QLHZWUDNFLHZ\NRQ\ZDQLDSU]\SDGNXX \FLD0RJ E\ü
LPSOHPHQWRZDQHQDHWDSLHSURMHNWRZDQLD]DUyZQRZSRVWDFL
VDPRG]LHOQ\FKNODVMDNLRSHUDFMLSRV]F]HJyOQ\FKNODV
3URFHVWZRU]HQLDPRGHOXDQDOLW\F]QHJR
7ZRU]HQLHGLDJUDPyZPRGHORZDQLDDQDOLW\F]QHJRSRSU]HG]RQHMHVWZUDPDFKLWHUD
F\MQRSU]\URVWRZHJRSURFHVX583PRGHORZDQLHPEL]QHVXRUD]VSHF\ILNDFM Z\PDJD
WZRU]RQHJRV\VWHPXZSRVWDFLV\VWHPRZ\FKGLDJUDPyZSU]\SDGNyZX \FLD6W GSUR
FHVWHQPR QDSRG]LHOLüQDQDVW SXM FHHWDS\
5R]G]LDä0RGHORZDQLHDQDOLW\F]QH
5\VXQHN
'LDJUDPNODV
DQDOLW\F]Q\FK
V\VWHPX
'HF\GHQW
UR]SDWU\ZDQLD )RUPDWNDUHMHVWUDFML
SRGD
2FHQDSRGDQLD ,QWHUIHMVGHF\GHQWD
.DQG\GDW
5HMHVWURZDQLH
3U]\JRWRZDQLH]HVWDZLH V\QWHW\F]Q\FK
3RGDQLH
/LVWDSU]\M W\FK 3U]\MPRZDQLH
± ± ±
± ±
±
± ± ±
JG]LH
²HOHPHQW\Z\V]F]HJyOQLRQHZGDQ\PZLHUV]XLNROXPQLHPRJ VL
á F]\ü
± ²á F]HQLHHOHPHQWyZZ\V]F]HJyOQLRQ\FKZGDQ\PZLHUV]XLNROXPQLH
MHVWQLHSRSUDZQH
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
DOER
DOER
5\VXQHN.RQZHUVMDNDWHJRULLEL]QHVRZ\FKQDNDWHJRULHNODVDQDOLW\F]Q\FK
6WXGLXPPRGHOXDQDOLW\F]QHJR
'LDJUDPDQDOLW\F]Q\]DPLHV]F]RQ\QDU\VXQNXMHVWZ\VRNRSR]LRPRZ VSHF\IL
NDFM SU]\SDGNXX \FLDUHMHVWUDFMLXF]HVWQLNDQDDXNFMLLQWHUQHWRZHM'LDJUDPWHQ]D
ZLHUDGZyFKDNWRUyZ
t 8F]HVWQLNDDXNFML
t 6\VWHP3RF]W\(OHNWURQLF]QHM
RUD]RVLHPNODVDQDOLW\F]Q\FK
t 2IHUW $XNFML
t 5HMHVWUDFM
t )RUPXODU]
t :DOLGDFM 'DQ\FK
t $XWRU\]DFM
t $NW\ZDFM 6SU]HGD \
t %D] 'DQ\FK
t 3RF]W
2IHUWD$XNFML 5HMHVWUDFMD
8F]HVWQLN
)RUPXODU] :DOLGDFMD'DQ\FK
$XWRU\]DFMD $NW\ZDFMD6SU]HGD \ %D]D'DQ\FK
6\VWHP3RF]W\
(OHNWURQLF]QHM
3RF]WD
5\VXQHN5HMHVWURZDQLHXF]HVWQLNDDXNFMLLQWHUQHWRZHM
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
$NWRU8F]HVWQLNFKF FX]\VNDüSUDZRGRDNW\ZQHJRXF]HVWQLFWZDZOLF\WDFMDFKRUD]
Z\VWDZLDQLDDUW\NXáyZQDOLF\WDFM PXVL]DUHMHVWURZDüVL ZV\VWHPLHDXNFMLLQWHUQH
WRZHM:\NRU]\VWXMHZW\PFHOXRELHNWNODV\JUDQLF]QHM2IHUWD$XNFMLNWyU\XUXFKD
PLD)RUPXODU]UHMHVWUDF\MQ\SRSU]H]RELHNWNODV\VWHUXM FHM5HMHVWUDFMD3RZSURZD
G]HQLXGDQ\FKQDVW SXMHLFKZDOLGDFMD=DUHDOL]DFM WHMRSHUDFMLRGSRZLDGDRELHNW
VWHUXM F\RQD]ZLH:DOLGDFMD'DQ\FK3RSUDZQHGDQH]RVWDM ]DSLVDQHGRED]\GDQ\FK
UHSUH]HQWRZDQHMSU]H]RELHNWSU]HFKRZXM F\%D]D'DQ\FK1DVW SQLH8F]HVWQLN]DPLH
U]DM F\X]\VNDüSUDZDVSU]HGDM FHJRORJXMHVL GRV\VWHPX:\NRU]\VWXMHZW\PFHOX
ORJLQLKDVáRX]\VNDQHSRZ\SHáQLHQLX)RUPXODU]D$QDOLW\F]Q\RELHNWVWHUXM F\$N
W\ZDFMD6SU]HGD \JHQHUXMHNRGVSU]HGD \]DSLVXMHJRZRELHNFLHSU]HFKRZXM F\P
%D]D'DQ\FKLZ\V\áDGURJ HOHNWURQLF]Q ZLDGRPR üGRUHMHVWUXM FHJRVL 8F]HVWQLND
:LDGRPR üMHVWZ\V\áDQDSU]H]6\VWHP3RF]W\(OHNWURQLF]QHMNWyU\QLHMHVWLQWHJUDOQ
F] FL V\VWHPXDXNFMLLQWHUQHWRZHM3R UHGQLF] F LQVWDQFM NODV\JUDQLF]QHMMHVWZW\P
SU]\SDGNXRELHNWJUDQLF]Q\3RF]WD-HVWRQZ\VSHFMDOL]RZDQ\PPRGXáHPSR]ZDODM
F\PQDREVáXJ HOHNWURQLF]Q\FKZLDGRPR FLZV\VWHPLHDXNFMLLQWHUQHWRZHM
3RGVWDZRZHSRMöFLD
$NWRU .ODVDDQDOLW\F]QD
$QDOL]DLSURMHNWRZDQLH *UDQLF]QD
'LDJUDP 3U]HFKRZXM FD
$QDOLW\F]Q\ 6WHUXM FD
%L]QHVRZ\ 0RGHODQDOLW\F]Q\
80/ 6SHF\ILNDFMDZ\PDJD
,QWHUIHMV =ZL ]HN
6\VWHPX $VRFMDFMD
8U] G]HQLD 1DZLJDFMD
8 \WNRZQLND
3\WDQLDL]DGDQLD
&]\GLDJUDP\DQDOLW\F]QHQDOH \X]QDü]DLQWHJUDOQ F] üM ]\ND80/"
2GSRZLHG X]DVDGQLM
3RQL HMZ\PLHQLRQRNLONDURG]DMyZGLDJUDPyZ.RU]\VWDM F]ZLHG]\
]DSUH]HQWRZDQHMZQLQLHMV]HMNVL FHZVND ZMDNLHMNROHMQR FLGLDJUDP\WH
V ]D]Z\F]DMWZRU]RQH
5R]G]LDä0RGHORZDQLHDQDOLW\F]QH
t GLDJUDPNRPSRQHQWyZ
t GLDJUDPDQDOLW\F]Q\
t GLDJUDPVHNZHQFML
t GLDJUDPSU]\SDGNyZX \FLD
t EL]QHVRZ\GLDJUDPNODV
-DNLHV SRGVWDZRZHNDWHJRULHSRM FLRZHGLDJUDPyZDQDOLW\F]Q\FK"
6NODV\ILNXMNODV\DQDOLW\F]QH
=LQWHUSUHWXMLSRGDMSU]\NáDG\
t NODV\JUDQLF]QHM
t NODV\VWHUXM FHM
t NODV\SU]HFKRZXM FHM
.WyUH]SRQL V]\FKSU]\NáDGyZQDOH \X]QDü]DSRSUDZQH"
D G
E
H
F
I
:\ ZLHWODQLHZ\QLNX
,QWHUIHMVHJ]DPLQDWRUD
(J]DPLQDWRU
8UXFKDPLDQLHWHVWX
.R F]HQLHSURFHGXU\WHVWRZDQLD
:\ORJRZDQLH
$XWRU\]DFMD %D]DGDQ\FK %ORNRZDQLHPR OLZR FLORJRZDQLD
2VRED
/RJRZDQLH
=DSLV\ZDQLHRGSRZLHG]L
6WXGHQW ,QWHUIHMVVWXGHQWD :\ ZLHWODQLHS\WD
5HMHVWURZDQLHRGSRZLHG]L
5\VXQHN3URFHVHJ]DPLQRZDQLDZV\VWHPLHHOHNWURQLF]QHJRHJ]DPLQRZDQLD
3DNLHW\&$6(ZVSRPDJDMñFH80/L583
0HWRG\NLWZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKV NRPSXWHURZRZVSRPDJDQHSU]H]
QDU] G]LD&$6(&RPSXWHU$LGHG6RIWZDUH(QJLQHHULQJ)LUP\NRPSXWHURZHRUD]
QDXNRZH URGRZLVNRLQIRUPDW\F]QHRSUDFRZDá\ZLHOHWHJRW\SXQDU] G]LPRGHORZD
QLDV\VWHPyZ,FK]QDF]HQLHUR QLHZUD]]HZ]URVWHP]DNUHVXSURMHNWXFRVNXWNXMH
UR]EXGRZDQ LQLH]Z\NOHWUXGQ Z]DU] G]DQLXGRNXPHQWDFM =DUyZQRPHWRG\ND583
MDNLM ]\N80/V ZVSRPDJDQHSU]H]QDU] G]LD&$6(,FK]DVWRVRZDQLHSR]ZDODQD
Z\NRQDQLHQDVW SXM F\FK]DGD ZSURFHVLHWZRU]HQLDV\VWHPyZ
t ZVSRPDJDQLHVSHF\ILNDFMLLGRNXPHQWRZDQLDSURMHNWyZLQIRUPDW\F]Q\FK
t VSUDZG]DQLHVHPDQW\F]QHMSRSUDZQR FLGLDJUDPyZ80/LPRGHOXMDNRFDáR FL
t ZVSRPDJDQLHLWHUDF\MQRSU]\URVWRZHJRF\NOX \FLDV\VWHPX
t JHQHURZDQLHV]NLHOHWRZHJRNRGX UyGáRZHJRQDSRGVWDZLHPRGHOXV\VWHPX
t LQ \QLHUL ]ZURWQ DQJUHYHUVHHQJLQHHULQJ
t V\QFKURQL]DFM PRGHOXV\VWHPX]NRGHP UyGáRZ\P
t PR OLZR üUyZQROHJáHJRWZRU]HQLDRSURJUDPRZDQLDSU]H]ZLHOXF]áRQNyZ
]HVSRáXSURMHNWRZHJR
7DEHOD:\EUDQHQDU] G]LD&$6(GOD80/L583
1D]ZD 3URGXFHQW $GUHV:::
$PHRV $RQL[ ZZZDRQL[FRP
$Q\/RJLF ;-7HFKQRORJLHV ZZZ[MWHNFRP
$UJR80/ 7LJULV ZZZDUJRXPOWLJULVRUJ
(QWHUSULVH$UFKLWHFW 6SDU[6\VWHPV ZZZVSDU[V\VWHPVFRPDX
,QQRYDWRU 0,' ZZZPLGGH
0HWDPLO 0HWDPLO6RIWZDUH ZZZPHWDPLOOFRP
2EMHFWHHULQJ(QWHUSULVH(GLWLRQ 2EMHFWHHULQJ6RIWZDUH ZZZREMHFWHHULQJFRP
3RVHLGRQIRU80/ *HQWOHZDUH ZZZJHQWOHZDUHFRP
5DWLRQDO6RIWZDUH$UFKLWHFW ,%0 ZZZLEPFRPVRIWZDUH
UDWLRQDO
7HXWD ,QVWLWXWHRI6FLHQWLILF&RPSXWLQJ ZZZSDUXQLYLHDFDW
²*URXSIRU6RIWZDUH6FLHQFH
7RJHWKHU %RUODQG ZZZERUODQGFRP
=DNUHVZVSRPDJDQLDGLDJUDPÑZ80/
:SURZDG]HQLHZHUVMLVWDQGDUGX80/E\áRSRZD Q\PZ\]ZDQLHPGODWZyUFyZ
QDU] G]L&$6(:W\PNRQWHN FLHQDMEDUG]LHM]DXZD DOQHGODX \WNRZQLNDQDU] G]LD
MHVWWR HSU]H]GáX V]\RNUHVEDUG]RQLHZLHOHSURGXNWyZZVSLHUDáRWZRU]HQLHSHáQHJR
]HVWDZX GLDJUDPyZ DNWXDOQHM ZHUVML 80/ 7DN H ]DNUHV VHPDQW\F]Q\ SRV]F]HJyO
Q\FKGLDJUDPyZZZLHOXSU]\SDGNDFKE\áQLHSHáQ\7\SRZ\SURMHNWLQIRUPDW\F]Q\
Z\NRU]\VWXMH]DOHGZLHF] üPR OLZR FLRIHURZDQ\FKSU]H]VWDQGDUG80/QLHPQLHM
RGGDQLHMHJRVSHF\ILNLZ\PDJDRGRSURJUDPRZDQLDQDU] G]LRZHJRXGRVW SQLHQLDWZyU
F\V\VWHPXMDNQDMV]HUV]HJR]DNUHVXNDWHJRULLPRGHORZDQLD
7DEHOD QLH XZ]JO GQLD GLDJUDPyZ RELHNWyZ SRG Z]JO GHP WHFKQLF]Q\P ]JRGQ\FK
]GLDJUDPDPLNODVLW\PVDP\PZVSLHUDQ\FKSU]H]QDU] G]LDXPR OLZLDM FHRGZ]R
URZ\ZDQLHGLDJUDPyZNODV$QDORJLF]QLHSDNLHW\PRJ E\üZ\NRU]\VW\ZDQHZRG
QLHVLHQLXGRSR]RVWDá\FKGLDJUDPyZ80/
7DEHOD=DNUHVZVSRPDJDQLDGLDJUDPyZ80/²]HVWDZLHQLHSRUyZQDZF]H
'HNODURZDQD 'LDJUDP80/
1D]ZD ]JRGQR è S
]80/ XG FOG VP DG FVG LRG VG FG FRG GG WG
± ± ±
$Q\/RJLF ± ± ± ± ± ± ± ± ± ±
$UJR80/ ± ± ±
(QWHUSULVH
$UFKLWHFW
,QQRYDWRU ± ± ± ± ±
0HWDPLO ± ±
2EMHFWHHULQJ
(QWHUSULVH ±
(GLWLRQ
3RVHLGRQ
IRU80/ ]HOHPHQ ± ± ±
WDPL
5DWLRQDO
6RIWZDUH ± ±
$UFKLWHFW
7HXWD ± ± ± ± ± ± ±
7RJHWKHU ± ±
S
UyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHKWWSZZZRRVHGH
XPOWRROVKWPRUD]GDQ\FKSURGXFHQWyZQDU] G]L&$6(
*HQHURZDQLHV]NLHOHWRZHJRNRGX UÑGäRZHJR
*HQHURZDQLHNRGXMHVWMHGQ IXQGDPHQWDOQ\FKRSFMLZF\NOX \FLDV\VWHPXLZD Q
FHFK QDU] G]LD &$6( 1DWXUDOQLH Z HIHNFLH MHM Z\NRU]\VWDQLD QLH SRZVWDMH SHáQD
PR OLZD GR QDW\FKPLDVWRZHJR XUXFKRPLHQLD DSOLNDFMD *HQHURZDQ\ NRG UyGáRZ\
MHVWRNUH ODQ\MDNRV]NLHOHWRZ\²JHQHURZDQDMHVWVWUXNWXUDRSURJUDPRZDQLDZV]F]H
JyOQR FL NODV\ DWU\EXW\ ZUD] ] LFK ZáD FLZR FLDPL V\JQDWXU\ RSHUDFML ]ZL ]NL SR
PL G]\HOHPHQWDPLPRGHOXLNRPSRQHQW\=DZDUWR üSRV]F]HJyOQ\FKRSHUDFMLPXVL
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
E\üQDVW SQLHX]XSHáQLRQDSU]H]SURJUDPLVWyZ=DNUHVNRGRZDQ\FKHOHPHQWyZUy QL
VL Z ]DOH QR FL RG M ]\ND SURJUDPRZDQLD Z NWyU\P PRGHO MHVW LPSOHPHQWRZDQ\
RUD]FKDUDNWHU\VW\NLGDQHJRQDU] G]LD
,Q \QLHULD]ZURWQD
.ROHMQ ZHU\ILNRZDQ FHFK RSURJUDPRZDQLDQDU] G]LRZHJRMHVW]GROQR üSU]HSUR
ZDG]HQLDLQ \QLHULL]ZURWQHMF]\OL]GROQR üGRXWZRU]HQLDE G PRG\ILNDFMLPRGHOX
V\VWHPXQDSRGVWDZLHNRGX UyGáRZHJRDSOLNDFML,Q \QLHULD]ZURWQDZ\NRU]\VW\ZDQD
ZSRá F]HQLX]IXQNFM JHQHURZDQLDNRGX UyGáRZHJRXPR OLZLD]DFKRZDQLHVSyM
QR FLNRGXV\VWHPXZ]JO GHPMHJRPRGHOX=DOH QR üWDMHVWGZXNLHUXQNRZDL MHVW
RNUH ODQDPLDQHPLQ \QLHULLZDKDGáRZHMDQJURXQGWULSHQJLQHHULQJ']L NLLQ \
QLHULL]ZURWQHMPR QD]V\QFKURQL]RZDüREDWHDUWHIDNW\QDZHWMH OLZNRG]LHGRNR
QDQR]PLDQQLHQDQRV] FSU]\W\PSRSUDZHNZGRNXPHQWDFML3UDNW\NDWZRU]HQLD
V\VWHPyZ LQIRUPDW\F]Q\FK GRZRG]L H SRVLDGDQLH DNWXDOQHJR PRGHOX V\VWHPX MHVW
QLHGRSU]HFHQLHQLD
7DEHOD*HQHURZDQLHV]NLHOHWRZHJRNRGX UyGáRZHJR²]HVWDZLHQLHSRUyZQDZF]H
-ö]\NSURJUDPRZDQLDVWDQGDUG
'RNXPHQ
1D]ZD &25%$
-$9$ & 9%1(7 & '(/3+, 3+3 64/ LQQH WDFMD
,'/
$GD 57)
$PHRV ± ± ± ± ±
0LVWUD& +70/
$Q\/RJLF ± ± ± ± ± ± ± ± ±
3+3
$UJR80/ ± ± ± ± ±
MDNL3+3
0664/
0\64/
2UDFOH'%
(QWHUSULVH 57)
± ,QWHUEDVH
$UFKLWHFW +70/
06$FFHVV
3RVWJUHV
6\EDVH
;0/
,QQRYDWRU ± ± ± ± 06:RUG
$6&,,36
0HWDPLO ± ± ± ± ± $16,& +70/
2EMHFWHHULQJ
+70/
(QWHUSULVH ± ± ± ± ± ±
57)
(GLWLRQ
3RVHLGRQ
± +70/
IRU80/
5DWLRQDO ;0/
6RIWZDUH ± ± ± ± ± ± ± 3')
$UFKLWHFW +70/
7HXWD ± ± ± ± ± ± ± ;0/ ±
7RJHWKHU ± ± ± ± +70/
UyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLHKWWSZZZRRVHGHXPOWRROVKWP
2EVäXJLZDQHSODWIRUP\
2VWDWQLPNU\WHULXPGHF\]\MQ\PXZ]JO GQLRQ\PZQLQLHMV]\PRSUDFRZDQLXMHVWGR
VW SQR ü ZHUVML QDU] G]LD ]RULHQWRZDQ\FK QD Uy QH V\VWHP\ RSHUDF\MQH RUD] PR OL
ZR FL MHJR SU]HWHVWRZDQLD SU]HG GRNRQDQLHP ]DNXSX :\VLáNL SURGXFHQWyZ RSURJUD
PRZDQLD QDU] G]LRZHJR ]PLHU]DM FH GR Z\GáX HQLD OLVW\ REVáXJLZDQ\FK SODWIRUP
]ZL NV]DM HODVW\F]QR ü]HVSRáXSURMHNWRZHJR
7DEHOD,Q \QLHULD]ZURWQD²]HVWDZLHQLHSRUyZQDZF]H
-ö]\NSURJUDPRZDQLDVWDQGDUG
1D]ZD &25%$
-$9$ & 9%1(7 & '(/3+, 3+3 64/ LQQH
,'/
$PHRV ± ± ± ± ± $GD
$Q\/RJLF ± ± ± ± ± ± ± ± ±
EHWDNRG
$UJR80/ ± ± ± ± ± ± M ]\ND-$9$
SOLNLFODVV
ZVSDUFLH
0664/
(QWHUSULVH 0\64/2UDFOH
±
$UFKLWHFW '%,QWHUEDVH
06$FFHVV
3RVWJUHV6\EDVH
,QQRYDWRU ± ± ± ±
0HWDPLO ± ± ± ± ± $16,&
2EMHFWHHULQJ
(QWHUSULVH ± ± ± ±
(GLWLRQ
3RVHLGRQ
± ± ± ± ± ± ± ±
IRU80/
5DWLRQDO
6RIWZDUH ± ± ± ± ± ± ±
$UFKLWHFW
7HXWD ± ± ± ± ± ± ± ± ±
7RJHWKHU ± ± ± ±
UyGáRKWWSZZZRRVHGHXPOWRROVKWP
6SDU[6\VWHPV(QWHUSULVH$UFKLWHFW
'ODLOXVWUDFMLQDMZD QLHMV]\FKFHFKRSURJUDPRZDQLDW\SX&$6(Z\EUDQRWU]\SURGXNW\
SRSXODUQH]DUyZQRZ URGRZLVNXDNDGHPLFNLPMDNLSURIHVMRQDOQ\P
t (QWHUSULVH$UFKLWHFWILUP\6SDU[6\VWHPV
t 5DWLRQDO6RIWZDUH0RGHOHUILUP\,%0
t 3RVHLGRQIRU80/ILUP\*HQWOHZDUH
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
)LUPD6SDU[6\VWHPV]DSUH]HQWRZDáDEDUG]RZV]HFKVWURQQHLáDWZHZX \WNRZDQLXQD
U] G]LH&$6(SRGQD]Z (QWHUSULVH$UFKLWHFW-DNRMHGHQ]QLHZLHOXGRVW SQ\FKQD
U\QNX SURGXNWyZ RIHUXMH RQR EDUG]R Z\VRNL VWRSLH ]JRGQR FL ] 80/ Z W\P
PR OLZR üPRGHORZDQLDZV]\VWNLFKGLDJUDPyZSU]HZLG]LDQ\FKZW\PVWDQGDUG]LH
:QDZL ]DQLXGRSLHUZV]HMF] FLQLQLHMV]HMNVL NLVWUXNWXU LQWHUIHMVXQDU] G]LD(Q
WHUSULVH$UFKLWHFW]LOXVWURZDQRQDSU]\NáDG]LHGLDJUDPXVHNZHQFMLU\VXQHNGLD
JUDPXKDUPRQRJUDPRZDQLDU\VXQHNRUD]GLDJUDPXF]\QQR FLU\VXQHN
2SLV\W\FKGLDJUDPyZ]QDMGXM VL RGSRZLHGQLRZUR]G]LDáDFKL
5\VXQHN,QWHUIHMVQDU] G]LD(QWHUSULVH$UFKLWHFW
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
5\VXQHN=PLDQDNRQZHQFMLGLDJUDPXKDUPRQRJUDPRZDQLD
1DU]öG]LD&$6(ILUP\,%0
SRGPDUNñ5DWLRQDO
-HGQ\P ] OLGHUyZ QD U\QNX QDU] G]L ZVSRPDJDM F\FK 80/ MHVW NRQFHUQ ,%0 NWyU\
SU]HM áZURNXNRUSRUDFM 5DWLRQDO2SUDFRZDQRFDá URG]LQ DGHNZDWQ\FKQD
U] G]LSRGPDUN 5DWLRQDOZVSRPDJDM F\FKSURGXNFM RSURJUDPRZDQLDZHZV]\VWNLFK
G\VF\SOLQDFKPHWRG\NL5831DU] G]LDWHVNáDGDM VL QD]LQWHJURZDQ\PRGXODUQ\
SDNLHWQDU] G]LRZ\SU]H]QDF]RQ\GOD]HVSRáyZWZRU] F\FKDSOLNDFMHR]DVWRVRZDQLDFK
EL]QHVRZ\FKRSURJUDPRZDQLHZEXGRZDQHRUD]SURGXNW\LQIRUPDW\F]QHRJyOQHJR]D
VWRVRZDQLD,QWHJUDFMDWDVSUDZLD HRSLV\ZDQDOLQLDQDU] G]L&$6(NWyUDQRVLQD]Z
,%06RIWZDUH'HYHORSPHQW3ODWIRUPVWDQRZLNRPSOHNVRZ RUD]HIHNW\ZQ SRGVWDZ
UHDOL]DFMLF\NOX \FLDV\VWHPX
,%06RIWZDUH'HYHORSPHQW3ODWIRUP
5y QRURGQR üQDU] G]LPDUNL5DWLRQDOXPR OLZLDLFKNRQILJXURZDQLHZHGáXJVSHF\
ILF]Q\FKSRWU]HEX \WNRZQLNyZRUD]F]áRQNyZ]HVSRáXSURMHNWRZHJR>,%0@
:LVWRFLH²SU]\MPXM FMDNRSRGVWDZ NODV\ILNDFMLREV]DU]DVWRVRZD ²PR QDMH
SRG]LHOLüQDJUXS*UXS\WHRGSRZLDGDM
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
t SURMHNWRZDQLXLEXGRZLH
t ]DU] G]DQLXSURFHVHPL]DVREDPL
t VSHF\ILNDFMLZ\PDJD LDQDOL]LH
t ]DU] G]DQLXNRQILJXUDFM RSURJUDPRZDQLD
t MDNR FLRSURJUDPRZDQLD
=DVWRVRZDQLH,%05DWLRQDO6RIWZDUH0RGHOHU
)XQNFMRQDOQR ü,%05DWLRQDO6RIWZDUH0RGHOHUMHVWUR]EXGRZDQD-HMFKDUDNWHU\VW\
N ]DPLHV]F]RQRQDVWURQLH>,%0D@:QLQLHMV]HMNVL FH]DSUH]HQWRZDQR]DWHP
t LQWHUIHMVQDU] G]LDU\VXQHN
t ZSURZDG]DQLHQRZHJRGLDJUDPXGRPRGHOXU\VXQHN
t V]F]HJyáRZ VSHF\ILNDFM NODV\U\VXQHN
5\VXQHN,QWHUIHMVQDU] G]LD,%05DWLRQDO6RIWZDUH0RGHOHU
5\VXQHN:SURZDG]DQLHQRZHJRGLDJUDPXGRPRGHOX
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
5\VXQHN6]F]HJyáRZDVSHF\ILNDFMDNODV\
.OXF]RZH]QDF]HQLHZWZRU]HQLXGLDJUDPX]DPLHV]F]RQHJRQDU\VXQNXPLDá]D
VREQLNQDU] G]LRZ\:WHMNRQNUHWQHMV\WXDFMLZ]DVREQLNXZ\ ZLHWORQH]RVWDá\Z\á F]
QLHNDWHJRULHPRGHORZDQLDW\SRZHGODGLDJUDPyZSU]\SDGNyZX \FLDFKRFLD PR
OLZHMHVWMHGQRF]HVQHZ\ ZLHWOHQLHNDWHJRULLPRGHORZDQLDNLONXUy Q\FKGLDJUDPyZ
3RV]F]HJyOQHNDWHJRULHPRGHORZDQLD]QDMGXM FHVL Z]DVREQLNXXSRU] GNRZDQRZKLH
UDUFKLF]Q\ VSRVyE :DUWR ]ZUyFLü XZDJ QD Uy QLFH SRPL G]\ QRWDFM VWRVRZDQ
ZQDU] G]LXDQRWDFM Z\VSHF\ILNRZDQ ZVWDQGDUG]LH80/F] üSLHUZV]DNVL NL
3URGXFHQWSU]\M áVZRERGQ NRQZHQFM ]RULHQWRZDQ QD]ZL NV]HQLHDWUDNF\MQR FL
SU]HND]XSU]\MHGQRF]HVQ\P]DFKRZDQLXF]\WHOQR FL5y QLFHWHQDOH \LQWHUSUHWRZDü
ZNDWHJRULDFKVWRVRZDQLDVWHUHRW\SyZJUDILF]Q\FK
5\VXQHNLOXVWUXMHZSURZDG]DQLHQRZHJRGLDJUDPXGRPRGHOXV\VWHPX:W\P
FHOX Z\NRU]\VW\ZDQ\MHVW PHFKDQL]P PHQXNRQWHNVWRZ\FKRUD]SU]HJO GDUNDGLDJUD
PyZ ,%0 5DWLRQDO 6RIWZDUH 0RGHOHU XPR OLZLD WZRU]HQLH ZL NV]R FL GLDJUDPyZ
80/SRUWDEHOD3URGXFHQW]GHF\GRZDáVL XGRVW SQLüRSFM WZRU]HQLDGLD
JUDPyZRVZRERGQHMQLH]GHILQLRZDQHMIRUPLHDQJIUHHIRUPGLDJUDPVZ\NRU]\VWX
M F\FKVWHUHRW\SRZDQHNDWHJRULHPRGHORZDQLD
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
3U]\NáDG ]DSUH]HQWRZDQ\ QD U\VXQNX LOXVWUXMH ZáD FLZR FL NODV\ :áD FLZR FL
SRG]LHORQR QD V]HUHJ NDWHJRULL XZ]JO GQLDM F\FK PLQ DWU\EXW\ RSHUDFMH RUD] VWH
UHRW\S\ SU]\SLVDQH GR RPDZLDQHM NODV\ =DNáDGND ZáD FLZR FL XPR OLZLD SRQDGWR
PRG\ILNDFM XVWDZLH ]ZL ]DQ\FK ]H VSRVREHP JUDILF]QHJR SUH]HQWRZDQLD GDQHJR
HOHPHQWX-DNSU]HGVWDZLRQRQDU\VXQNXV]F]HJyáRZDVSHF\ILNDFMDZáD FLZR FLHOH
PHQWyZMHVWZVSRPDJDQDGRGDWNRZ\PLRNLHQNDPLGLDORJRZ\PL
3RVHLGRQIRU80/
3RVHLGRQMHVWQDU] G]LHP&$6(]DSURSRQRZDQ\PSU]H]RUJDQL]DFM *HQWOHZDUH:HUVMD
3RVHLGRQGRVW SQDMHVWZSL FLXZ\GDQLDFK
&RPPXQLW\(GLWLRQ²GODVWXGHQWyZQLHNRPHUF\MQHX \WNRZDQLH
6WDQGDUG(GLWLRQ²GODDQDOLW\NyZ
3URIHVVLRQDO(GLWLRQ²GODSURJUDPLVWyZ
(QWHUSULVH(GLWLRQ²GOD]HVSRáyZSURJUDPLVW\F]Q\FK
(PEHGGHG(QWHUSULVH(GLWLRQ²GODSURJUDPLVWyZV\VWHPyZZEXGRZDQ\FK
DQJHPEHGGHGV\VWHPV
3ODWIRUPD(FOLSVH
,VWRWQ URO ZZDUV]WDFLHQDU] G]LRZ\PWZyUFyZV\VWHPyZLQIRUPDW\F]Q\FKRGJU\
ZDSODWIRUPD(FOLSVHNWyUDSRZVWDáDZUDPDFKSURMHNWXUHDOL]RZDQHJRSU]H]NRQVRU
FMXP]DáR RQHSU]H]ILUP ,%0ZZZHFOLSVHRUJ3ODWIRUPD(FOLSVHMHVWGDUPRZ\P
]LQWHJURZDQ\P URGRZLVNLHPSURJUDPLVW\F]Q\PDQJ,QWHJUDWHG'HYHORSPHQW(QYL
URQPHQW QDSLVDQ\P Z -DYLH -HVW SRGVWDZ WZRU]HQLD UR]EXGRZDQ\FK URGRZLVN
SURJUDPLVW\F]Q\FK.RPSOHNVRZDUHDOL]DFMDF\NOX \FLDSURMHNWXLQIRUPDW\F]QHJRZH
ZV]\VWNLFKID]DFKMHVWPR OLZDG]L NL]DVWRVRZDQLXPRGXáyZGRGDWNRZ\FK²ZW\F]HN
DQJSOXJLQVNWyUHSRLQVWDODFMLVWDM VL PRGXáDPLSODWIRUP\(FOLSVH1DU\QNXGR
VW SQHV PRGXá\GRGDWNRZH
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
5\VXQHN3RVHLGRQIRU80/
t NRPHUF\MQH
t RWZDUWHDQJ2SHQ6RXUFH
3ODWIRUP (FOLSVH QDOH \ ]DWHP ]DNZDOLILNRZDü MDNR RWZDUWH URGRZLVNR QDU] G]LR
ZHXPR OLZLDM FHSUDF QDGSURMHNWDPLZNWyU\FKZ\NRU]\VWXMHVL ZLHOHM ]\NyZ
SURJUDPRZDQLD-DYD&&-DYD6FULSW;0/+70/3+33\WKRQ&REROLZLHOH
LQQ\FK=DVWRVRZDQLHNRQVWUXNFMLRSDUWHMQDPRGXáDFKGRGDWNRZ\FKXPR OLZLDGDOHNR
LG FHGRVWRVRZDQLH URGRZLVNDGRSRWU]HEWZyUFyZRSURJUDPRZDQLDZW\PDQDOLW\
NyZSURMHNWDQWyZSURJUDPLVWyZLRVyERGSRZLHG]LDOQ\FK]DWHVW\1DOH \SRGNUH OLü
HIXQNFMRQDOQR üPRGXáyZGRGDWNRZ\FKQLHRJUDQLF]DVL Z\á F]QLHGRSURJUDPRZD
QLDZVSRPDJDQHV WDN HLQQHHWDS\WZRU]HQLDV\VWHPyZLQIRUPDW\F]Q\FKZW\P
t PRGHORZDQLHV\VWHPyZLQIRUPDW\F]Q\FK
t ]DU] G]DQLHZ\PDJDQLDPL
t NRQWURODZHUVML
t WHVWRZDQLH
t WZRU]HQLHLQWHUIHMVyZ
t SURWRW\SRZDQLH
: NRQWHN FLH SODWIRUP\ (FOLSVH LQG\ZLGXDOQH QDU] G]LD &$6( V PRGXáDPL GRGDW
NRZ\PL
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
0RGXáDPLGRGDWNRZ\PLSODWIRUP\(FOLSVHRFKDUDNWHU]HRSURJUDPRZDQLDRWZDUWHJR
ZVSLHUDM F\PLVWDQGDUG80/V SU]\NáDGRZR
t 0'(0'(6WXGLR80/PRGHOHU²KWWSZZZPJOREDOFRP
t 0RWLRQ0RGHOLQJ²KWWSPRWLRQPRGHOLQJVRXUFHIRUJHQHW
t 8QL0RG([HFXWDEOH80/IRU(FOLSVH²KWWSXQLPRGVIQHW
.RPSOHWQDOLVWDPRGXáyZGRGDWNRZ\FK]DUyZQRNRPHUF\MQ\FKMDNLRFKDUDNWHU]H
RSURJUDPRZDQLDRWZDUWHJRGRVW SQDMHVWZSRUWDOX(FOLSVH>(FOLSVH@
80/L583Z]DVREDFK,QWHUQHWX
=DUyZQRM ]\N80/MDNLPHWRG\ND583V ]QDF] FRREHFQHZ,QWHUQHFLHZSRVWDFL
Uy Q\FKVHUZLVyZLVWURQ'RQDMZD QLHMV]\FKQDOH \]DOLF]\ü
t 2EMHFW0DQDJHPHQW*URXS20*²ZZZRPJRUJ
t 80/)RUXP²ZZZXPOIRUXPFRP
t 80/3DUWQHUV²ZZZXSDUWQHUVRUJ
t &RPPXQLW\80/²FRPPXQLW\PORUJ
5R]G]LDä.RPSXWHURZHZVSRPDJDQLHPRGHORZDQLDV\VWHPX
t 8&RQVRUWLXP²ZZZXZRUNVRUJ
t S80/²ZZZFV\RUNDFXN
t 3RSNLQ¶V80/5HVRXUFHV&HQWHU²ZZZSRSNLQFRP
3RGVWDZRZHSRMöFLD
&$6( 3U]HJO GDUND
*HQHURZDQLH 0RGHOX
'RNXPHQWDFML 3RV]F]HJyOQ\FKGLDJUDPyZ
.RGX UyGáRZHJR :]RUFyZSURMHNWRZ\FK
*HQWOHZDUH3RVHLGRQIRU80/ =DVREQLNQDU] G]LRZ\
,%06RIWZDUH'HYHORSPHQW3ODWIRUP ,Q \QLHULD
6RIWZDUH0RGHOHU :DKDGáRZD
,QWHUIHMVX \WNRZQLND =ZURWQD
0HQXNRQWHNVWRZH 0RGHO
2NLHQNR 583
'LDORJRZH 6SDU[6\VWHPV(QWHUSULVH$UFKLWHFW
*áyZQH 6SHF\ILNDFMD
3RPRFQLF]H 6WHUHRW\S
:áD FLZR FL 80/
3DVHNQDU] G]LRZ\
3\WDQLDL]DGDQLD
:\MD QLMVNUyW&$6(
-DNLHV SU]\F]\Q\LHIHNW\VWRVRZDQLDQDU] G]L&$6("
3U]\X \FLXSU]HJO GDUNLLQWHUQHWRZHMUR]V]HU]]DSUH]HQWRZDQ OLVW
RSURJUDPRZDQLDQDU] G]LRZHJRZVSRPDJDM FHJRM ]\N80/LPHWRG\N 583
:\NRU]\VWXM FDGUHV\LQWHUQHWRZHSURGXNWyZNWyUH]DZLHUDWDEHOD
GRNRQDMFKDUDNWHU\VW\NLSRV]F]HJyOQ\FKQDU] G]L
:VND SU]\NáDGRZHNU\WHULDGHF\]\MQHSU]\Z\ERU]HRSURJUDPRZDQLD
QDU] G]LRZHJR
&]ö è,,0HWRG\NLPRGHOHLQDU]öG]LDZVSRPDJDMñFH80/
'RGDWHN$
1LQLHMV]\GRGDWHNSRGVXPRZXMHGHILQLFMHV]F]HJyOQLHLVWRWQ\FKHOHPHQWyZM ]\ND80/
MDNUyZQLH GLDJUDPyZZ\VW SXM F\FKZZHUVMLWHJRVWDQGDUGX=RVWDá\RQHSU]HG
VWDZLRQHZXNáDG]LHDOIDEHW\F]Q\P
$NFMD
(OHPHQWDUQD MHGQRVWND VSHF\ILNDFML ]DFKRZDQLD NWyUD UHSUH]HQWXMH WUDQVIRUPDFM OXE
SU]HWZDU]DQLHZPRGHORZDQ\PV\VWHPLH
$NWRU
6SyMQ\]ELyUUyORGJU\ZDQ\FKSU]H]X \WNRZQLNyZSU]\SDGNXX \FLDZF]DVLHLQWH
UDNFML]W\PSU]\SDGNLHPX \FLD
$NWRUEL]QHVRZ\
5RODSHáQLRQDSU]H]X \WNRZQLNDG]LDáDM FHJRZRWRF]HQLXRUJDQL]DFML
$UWHIDNW
.D G\V]WXF]QLHZ\WZRU]RQ\SURGXNW
$VRFMDFMD
=ZL ]HNSRPL G]\GZRPDOXEZL FHMNODV\ILNDWRUDPLRSLVXM F\SRZL ]DQLDSRPL
G]\LFKLQVWDQFMDPL
%L]QHVRZDNODVDSU]HFKRZXMñFD
)L]\F]QLHLVWQLHM F\E\WX \WNRZDQ\LSU]HWZDU]DQ\SU]H]SUDFRZQLNyZEL]QHVRZ\FK
RUD]SUDFRZQLNyZNRQWDNWX
'RGDWNL
%L]QHVRZ\SU]\SDGHNX \FLD
3URFHVEL]QHVRZ\GRVWDUF]DM F\Z\QLNyZLVWRWQ\FK]SXQNWXZLG]HQLDDNWRUDEL]QH
VRZHJR
%UDPD
3XQNWSU]HM FLDNRPXQLNDWyZ]GRGLDJUDPyZVHNZHQFMLSU]\ZRá\ZDQ\FKZ\VW
SLH LQWHUDNFMLRUD]IUDJPHQWyZZ\RGU EQLRQ\FKGR]LFKRWRF]HQLD
&]\QQR è
&]\QQR ü WR RNUH ORQH ]DFKRZDQLH ]áR RQH ] ORJLF]QLH XSRU] GNRZDQ\FK FL JyZ
SRGF]\QQR FLDNFMLRUD]RELHNWyZZFHOXZ\NRQDQLDSHZQHJRSURFHVX
&]\QQR èEL]QHVRZD
2NUH ORQH]DFKRZDQLH]áR RQH]ORJLF]QLHXSRU] GNRZDQ\FKFL JyZSRGF]\QQR FL
DNFMLRUD]RELHNWyZZFHOXZ\NRQDQLDSHZQHJRSURFHVXEL]QHVRZHJR
'LDJUDPDQDOLW\F]Q\
7HFKQLNDZVSRPDJDM FDM ]\N80/NWyUDVáX \GRGRNXPHQWRZDQLDZ\QLNyZSUDF
DQDOLW\F]Q\FKLZF]HVQ\FKSUDFSURMHNWRZ\FK
'LDJUDPF]\QQR FL
'LDJUDPF]\QQR FLWRGLDJUDPSU]HGVWDZLDM F\VHNZHQF\MQHLOXEZVSyáELH QHSU]H
Sá\Z\ VWHURZDQLD L GDQ\FK SRPL G]\ XSRU] GNRZDQ\PL FL JDPL F]\QQR FL DNFML
LRELHNWyZ
'LDJUDPKDUPRQRJUDPRZDQLD
'LDJUDPKDUPRQRJUDPRZDQLDMHVWURG]DMHPGLDJUDPXLQWHUDNFMLUHSUH]HQWXM F\PQD
RVLF]DVX]PLDQ\GRSXV]F]DOQ\FKVWDQyZMDNLHPR HSU]\MPRZDüLQVWDQFMDNODV\IL
NDWRUDXF]HVWQLF] FDZLQWHUDNFML
'LDJUDPNODV
'LDJUDPNODVWRGLDJUDPVWDQRZL F\REUD]VWDW\F]Q\FKGHNODUDW\ZQ\FKHOHPHQWyZ
G]LHG]LQ\SU]HGPLRWRZHMRUD]]ZL ]NyZPL G]\QLPL
'LDJUDPNRPSRQHQWÑZ
'LDJUDPNRPSRQHQWyZWRURG]DMGLDJUDPXZGUR HQLRZHJRNWyU\ZVND]XMHRUJDQL]DFM
L]DOH QR FLPL G]\NRPSRQHQWDPL
'LDJUDPNRPXQLNDFML
'LDJUDPNRPXQLNDFMLMHVWURG]DMHPGLDJUDPXLQWHUDNFMLVSHF\ILNXM F\PVWUXNWXUDOQH
]ZL ]NL SRPL G]\ ELRU F\PL XG]LDá Z LQWHUDNFML LQVWDQFMDPL NODV\ILNDWRUyZ RUD] Z\
PLDQ NRPXQLNDWyZSRPL G]\W\PLLQVWDQFMDPL
'RGDWHN$'HILQLFMHLSRMöFLD
'LDJUDPPDV]\Q\VWDQRZHM
'LDJUDP PDV]\Q\ VWDQRZHM WR GLDJUDP RG]ZLHUFLHGODM F\ G\VNUHWQH VNRNRZH ]DFKR
ZDQLHVNR F]RQ\FKV\VWHPyZVWDQSU]HM FLH
'LDJUDPRELHNWÑZ
'LDJUDPRELHNWyZWRLQVWDQFMDGLDJUDPXNODVRGZ]RURZXM FDVWUXNWXU V\VWHPXZZ\
EUDQ\PPRPHQFLHMHJRG]LDáDQLD
'LDJUDPSDNLHWÑZ
'LDJUDPSDNLHWyZWRGLDJUDPSU]HGVWDZLDM F\ORJLF]Q VWUXNWXU GRNXPHQWDFMLV\VWHPX
ZSRVWDFL]HVWDZXSDNLHWyZSRá F]RQ\FK]DOH QR FLDPLL]DJQLH G HQLDPL
'LDJUDPSU]\SDGNÑZX \FLD
'LDJUDPSU]\SDGNyZX \FLDWRGLDJUDPSU]HGVWDZLDM F\Z\VW SXM FHZGDQHMG]LHG]L
QLHSU]HGPLRWRZHMSU]\SDGNLX \FLDDNWRUyZRUD]]ZL ]NLPL G]\QLPL
'LDJUDPUR]ORNRZDQLD
'LDJUDPUR]ORNRZDQLDWRURG]DMGLDJUDPXZGUR HQLRZHJRNWyU\SU]HGVWDZLDVLHüSR
á F]RQ\FK FLH NDPLNRPXQLNRZDQLDZ ]áyZ]XORNRZDQ\PLQDQLFKDUWHIDNWDPL
'LDJUDPVHNZHQFML
'LDJUDPVHNZHQFMLWRURG]DMGLDJUDPXLQWHUDNFMLRSLVXM F\LQWHUDNFMHSRPL G]\LQ
VWDQFMDPLNODV\ILNDWRUyZV\VWHPXZSRVWDFLVHNZHQFMLNRPXQLNDWyZZ\PLHQLDQ\FK
PL G]\QLPL
'LDJUDPVWHURZDQLDLQWHUDNFMñ
'LDJUDPVWHURZDQLDLQWHUDNFM MHVWURG]DMHPGLDJUDPXLQWHUDNFMLGRNXPHQWXM F\PSU]H
Sá\Z VWHURZDQLD SRPL G]\ ORJLF]QLH SRZL ]DQ\PL GLDJUDPDPL D IUDJPHQWDPL LQWH
UDNFML]Z\NRU]\VWDQLHPNDWHJRULLPRGHORZDQLDGLDJUDPyZF]\QQR FL
'LDJUDPVWUXNWXUSRäñF]RQ\FK
'LDJUDP VWUXNWXU SRá F]RQ\FK MHVW GLDJUDPHP SU]HGVWDZLDM F\P Z]DMHPQLH ZVSyá
G]LDáDM FHF] FLZFHOXRVL JQL FLDSR GDQHMIXQNFMRQDOQR FLZVSyáG]LDáDQLD
']LHG]LF]HQLH
3U]\SRU] GNRZDQLHDWU\EXWyZLRSHUDFMLNODVRPRELHNWyZQDSRGVWDZLHKLHUDUFKLF]
QHM]DOH QR FLPL G]\QLPL
)D]D
2NUHVPL G]\NROHMQ\PLSXQNWDPLSU]HJO GXF\NOXLWHUDF\MQRSU]\URVWRZHJRZNWy
U\P]UHDOL]RZDQRQLH]E GQHF]\QQR FLLRSUDFRZDQRDGHNZDWQHDUWHIDNW\
'RGDWNL
)UDJPHQWZ\RGUöEQLRQ\
/RJLF]QLH VSyMQ\ REV]DU LQWHUDNFML F] ü GLDJUDPX VHNZHQFML FKDUDNWHU\]XM FD VL
VSHF\ILF]Q\PLZáD FLZR FLDPLRNUH ORQ\PLSU]H]RSHUDWRULQWHUDNFML
+HUPHW\]DFMD
5y QLFRZDQLHGRVW SXGRRELHNWXSRSU]H]XMDZQLHQLHRWRF]HQLXW\ONRW\FKLQIRUPDFML
R MHJR DWU\EXWDFK OXE RSHUDFMDFK NWyUH V QLH]E GQH GR HIHNW\ZQHJR RGZRá\ZDQLD
VL GRWHJRRELHNWXZV\VWHPLH]DSR UHGQLFWZHPNRPXQLNDWyZ
,QWHUDNFMD
:\PLDQD ERG FyZ LPSXOVyZ L NRPXQLNDWyZ SRPL G]\ LQVWDQFMDPL NODV\ILNDWRUyZ
ZV\VWHPLH
,QWHUIHMV
=HVWDZRSHUDFMLNWyUHZ\]QDF]DM XVáXJLRIHURZDQHSU]H]NODV OXENRPSRQHQW
,WHUDFMD
:LHORNURWQHSROLF]DOQHSRZWyU]HQLHMHGQRVWNL]DFKRZDQLDZV\VWHPLH
-HGQRVWNDRUJDQL]DF\MQD
*UXSD SUDFRZQLNyZ EL]QHVRZ\FK EL]QHVRZ\FK MHGQRVWHN SU]HFKRZXM F\FK ]ZL ]
NyZPL G]\QLPLZVSyáG]LDáD EL]QHVRZ\FKLLQQ\FKVNáDGQLNyZRUJDQL]DFML
.DUWD&5&
.ODVDNWyUHMSRGVWDZRZ ]DZDUWR üVWDQRZL ]RERZL ]DQLDRUD]OLVWDZVSyáSUDFXM
F\FKNODV
.ODVD
8RJyOQLHQLH]ELRUXRELHNWyZNWyUHPDM WDNLHVDPHDWU\EXW\RSHUDFMH]ZL ]NLL]QD
F]HQLH
.ODVDDNW\ZQD
.ODVDNWyUHMLQVWDQFMHVWDQRZL DNW\ZQHRELHNW\PRJ FHDXWRQRPLF]QLHLQLFMRZDüZáD
VQHZ WNLLVWHURZDüZ\NRQDQLHPW\FKZ WNyZ
.ODV\ILNDWRU
$EVWUDNF\MQ\E\WNWyU\VWDQRZLJHQHUDOL]DFM NDWHJRULLPRGHORZDQLDM ]\ND80/VáX
F\FKGRRSLVDQLDFHFKVWDW\F]Q\FKLG\QDPLF]Q\FKV\VWHPX
'RGDWHN$'HILQLFMHLSRMöFLD
.RPSRQHQW
+HUPHW\F]Q\Z\PLHQQ\PRGXáRSURJUDPRZDQLDV\VWHPXUHDOL]XM F\RNUH ORQHMHJR
XVáXJL]DSR UHGQLFWZHPLQWHUIHMVyZ
.RPXQLNDW
6SHF\ILNDFMDZ\PLDQ\LQIRUPDFMLPL G]\RELHNWDPL]DZLHUDM FD]OHFHQLDZ\NRQDQLD
RNUH ORQHMRSHUDFML
.ZDOLILNDWRU
$WU\EXWOXEOLVWDDWU\EXWyZNWyU\FKZDUWR FLSRU] GNXM ]ELyURELHNWyZNODV\GRVW S
Q\FKZDVRFMDFML
/LF]HEQR è
6SHF\ILNDFMD]DNUHVXGRSXV]F]DOQHM OLF]E\ RELHNWyZ GDQHM NODV\ ELRU F\FKXG]LDá
ZGDQ\P]ZL ]NX
/LQLD \FLD
3RZL ]DQD]NRQNUHWQ LQVWDQFM NODV\ILNDWRUDOLQLDQDGLDJUDPLHVHNZHQFMLZVND]XM FD
RNUHVLVWQLHQLDWHMLQVWDQFML
0DV]\QDVWDQRZD
=DFKRZDQLHRNUH ODM FHVHNZHQFMHVWDQyZSU]H]NWyUHSU]HFKRG]LRELHNWE G LQWHUDN
FMDZRGSRZLHG]LQD]GDU]HQLD]DFKRG] FHZF]DVLHVZRMHJRF\NOX \FLDZUD]]LFK
UHDNFMDPLQDWH]GDU]HQLD
0HWND
-DZQH]GHILQLRZDQLHZáD FLZR FLZSRVWDFLSU]\SRU] GNRZDQLDQD]ZDZDUWR ü
0RGHO
2GZ]RURZDQLHXRJyOQLHQLHU]HF]\ZLVWR FL
0RGHORZDQLHEL]QHVRZH
6SRVyERGZ]RURZ\ZDQLDLGRNXPHQWRZDQLDSURFHVyZEL]QHVRZ\FK
2ELHNW
.D G\E\W²SRM FLHOXEU]HF]²PDM F\]QDF]HQLHZNRQWHN FLHUR]ZL ]\ZDQLDSUR
EOHPXZGDQHMG]LHG]LQLHSU]HGPLRWRZHM
2EV]DUSU]HUZDQLD
*UXSDF]\QQR FLZREU ELHNWyUHMZZ\QLNXG]LDáDQLDSU]HSá\ZXSU]HUZDQLDUHDOL]D
FMDZV]\VWNLFKF]\QQR FLMHVWEH]]ZáRF]QLHSU]HU\ZDQD
'RGDWNL
2EV]DUUR]V]HU]HQLD
FL OH ]GHILQLRZDQ\ IUDJPHQW GLDJUDPX F]\QQR FL ] MHGQR]QDF]QLH Z\VSHF\ILNRZD
Q\PL ZHM FLDPL L Z\M FLDPL Z\NRQ\ZDQ\ ZLHORNURWQLH VWRVRZQLH GR OLF]E\ HOHPHQ
WyZQDZHM FLX
2JUDQLF]HQLH
:\UD HQLHVHPDQW\F]QHRNUH ODM FHZDUXQHNE G ]DVWU]H HQLH]ZL ]DQH]RJUDQLF]D
Q\PHOHPHQWHPPRGHORZDQLDE G JUXS HOHPHQWyZ
2SHUDQGLQWHUDNFML
2GG]LHOQDF] üIUDJPHQWXZ\RGU EQLRQHJRVXEIUDJPHQW
2SHUDWRULQWHUDNFML
6SUHF\]RZDQLHIXQNFMRQDOQR FLUHDOL]RZDQHMSU]H]IUDJPHQWZ\RGU EQLRQ\
2 URGHNVWHURZDQLD
6SHF\ILNDFMDZ\NRQ\ZDQLDF]\QQR FLRSHUDFMLOXELQQHMMHGQRVWNL]DFKRZDQLDZUD
PDFKLQWHUDNFML
3DNLHW
0HFKDQL]PRJyOQHJR]DVWRVRZDQLDVáX F\GRRUJDQL]RZDQLDHOHPHQWyZZJUXS\
3DUW\FMDGLDJUDPXF]\QQR FL
0HFKDQL]PJUXSRZDQLDHOHPHQWyZGLDJUDPXF]\QQR FLSRZL ]DQ\FKSU]HSá\ZDPLVWH
URZDQLDLSU]HSá\ZDPLGDQ\FKSHáQL F\FKRNUH ORQ ZVSyOQ URO QDGLDJUDPLH
3ROLPRUIL]P
0R OLZR üQDGDZDQLDWHMVDPHMQD]Z\Uy Q\PDWU\EXWRPLRSHUDFMRPRUD]Z\NRQ\
ZDQLDUy Q\FKSURFHGXULDNFMLSU]H]RSHUDFMHRW\FKVDP\FKQD]ZDFK
3UDFRZQLNEL]QHVRZ\
)XQNFMRQXM F\ Z UDPDFK RUJDQL]DFML SUDFRZQLN OXE V\VWHP SHáQL F\ RNUH ORQ URO
OXE]HVWDZUyOZHZQ WU]SURFHVXEL]QHVRZHJR
3UDFRZQLNNRQWDNWX
3UDFRZQLNEL]QHVRZ\REVáXJXM F\SURFHVEL]QHVRZ\LMHGQRF]H QLHE G F\ZEH]SR
UHGQLHMLQWHUDNFML]DNWRUDPLEL]QHVRZ\PL
3U]HM FLH
5HODFMD PL G]\ GZRPD VWDQDPL ZVND]XM FD H RELHNW ]QDMGXM F\ VL Z SLHUZV]\P
VWDQLH Z\NRQD SHZQH DNFMH L SU]HMG]LH GR GUXJLHJR VWDQX LOHNURü ]DMG]LH RNUH ORQH
]GDU]HQLHLE G VSHáQLRQHRNUH ORQHZDUXQNL
'RGDWHN$'HILQLFMHLSRMöFLD
3U]HSä\ZVWHURZDQLD
5HODFMDPL G]\GZRPDF]\QQR FLDPLE G DNFMDPLZVND]XM FD HSRZ\NRQDQLX Uy
GáRZHMF]\QQR FLDOERDNFMLVWHURZDQLH]RVWDQLHSU]HND]DQHGRGRFHORZHMF]\QQR FL
DOERDNFML
3U]\SDGHNX \FLD
6SHF\ILNDFMDFL JXDNFMLLLFKZDULDQWyZNWyUHV\VWHPOXELQQDMHGQRVWNDPR HZ\
NRQDüSRSU]H]LQWHUDNFMH]DNWRUDPLWHJRV\VWHPX
5HDOL]DFMD
=ZL ]HN]QDF]HQLRZ\PL G]\NODV\ILNDWRUDPL]NWyU\FKMHGHQRNUH ODNRQWUDNWDGUXJL
]DSHZQLDZ\ZL ]DQLHVL ]QLHJR
5ROD
3RZLQQR üSHáQLRQDSU]H]MHGQ NODV RELHNWXZREHFGUXJLHMNODV\
5R]ORNRZDQLH
$ORNDFMDDUWHIDNWyZOXELQVWDQFMLDUWHIDNWyZZRNUH ORQ\PZ OH
5R]JDäö]LHQLH
6SRVyE SU]HND]DQLD VWHURZDQLD QD GLDJUDPLH VHNZHQFML ] OLQLL \FLD R URGND VWHUR
ZDQLDNODV\ILNDWRUDQDGDZF\GRNODV\ILNDWRUyZRGELRUFyZZ]DOH QR FLRGVSHáQLHQLD
ZDUXQNXSU]\SLVDQHJRGRSU]HV\áDQHJRNRPXQLNDWX
6FHQDULXV]
2NUH ORQ\FL JDNFMLGRNXPHQWXM F\]DFKRZDQLH
6WDQ
2NROLF]QR üOXEV\WXDFMDZMDNLHMRELHNW]QDMGXMHVL ZF\NOXVZRMHJR \FLDNLHG\
VSHáQLDZDUXQHNZ\NRQXMHF]\QQR üOXEF]HNDQD]GDU]HQLH
6WHUHRW\S
0HFKDQL]PUR]V]HU]DOQR FLNWyU\Z]ERJDFD]ELRURZR üVWDQGDUGRZ\FKNDWHJRULLPR
GHORZDQLDM ]\ND80/
8RJÑOQLHQLH
=ZL ]HNRFKDUDNWHU]HWDNVRQRPLF]Q\PSRPL G]\NODV\ILNDWRUHPRJyOQ\PDVSHFMD
OL]RZDQ\P
:ö]Hä
)L]\F]Q\ OXE ORJLF]Q\ ]DVyE SU]HWZDU]DM F\ QD NWyU\P V RVDG]RQH DUWHIDNW\ X \W
NRZDQHJRV\VWHPX
'RGDWNL
:VSÑäELH QR è
:\VW SLHQLHGZyFKOXEZL FHMF]\QQR FLZW\PVDP\PF]DVLHFRSR]ZDODQDSU]H
SODWDQLHOXEUyZQRF]HVQHZ\NRQ\ZDQLHZ WNyZ
:VSÑäG]LDäDQLH
6SHF\ILNDFMDSR GDQHMIXQNFMRQDOQR FL]HVWDZXSRZL ]DQ\FKLZVSyáSUDFXM F\FKNOD
V\ILNDWRUyZ]NWyU\FKND G\SHáQLGHG\NRZDQ URO
:VSÑäG]LDäDQLHEL]QHVRZH
=HVWDZGLDJUDPyZSU]HGVWDZLDM F\FKZVSRPDJDM FHSURFHVEL]QHVRZ\HOHPHQW\RU
JDQL]DFMLWDNLHMDNSUDFRZQLF\EL]QHVRZLF]\EL]QHVRZHRELHNW\SU]HFKRZXM FH
=DOH QR è
=DOH QR üWRWDNL]ZL ]HNSRPL G]\GZRPDHOHPHQWDPLPRGHORZDQLDZNWyU\P]PLD
QDMHGQHJR]QLFKQLH]DOH QHJRZSá\ZDQDGUXJL]DOH Q\
=RERZLñ]DQLH
.RQWUDNWOXERGSRZLHG]LDOQR üNODV\
=ZLñ]HN
6HPDQW\F]QHSRZL ]DQLHSRPL G]\HOHPHQWDPLPRGHOX
'RGDWHN%
'RGDWHN&SU]HGVWDZLDSRGVWDZRZHUHJXá\á F]HQLDSRV]F]HJyOQ\FKNDWHJRULLPRGHOR
ZDQLDZV]\VWNLFKWU]\QDVWXGLDJUDPyZ80/MDNUyZQLH GLDJUDPyZDQDOLW\F]Q\FK
X]XSHáQLDM F\FKVWDQGDUG80/,QG\ZLGXDOQHNDWHJRULHPRGHORZDQLD]LOXVWURZDQR
ZGRGDWNX%
UG'LDJUDP$QDOLW\F]Q\
2ELHNWSU]HFKRZXM F\ 2ELHNWSU]HFKRZXM F\
$NWRU
2ELHNWJUDQLF]Q\ 2ELHNWVWHUXM F\ 2ELHNWVWHUXM F\
$NWRU
2ELHNWSU]HFKRZXM F\ 2ELHNWVWHUXM F\
2ELHNWJUDQLF]Q\
$NWRU
'RGDWNL
DG'LDJUDP&]\QQR FL
3DUW\FMD
&]\QQR ü &]\QQR ü
&]\QQR ü &]\QQR ü
>ZDU@ >ZDU@
&]\QQR ü
&]\QQR ü
2EV]DUSU]HUZ DQLD
6XESDUW\FMD
&]\QQR ü
6\JQDá
&]\QQR ü
>HOVH@
3DUW\FMD
>ZDU@
&]\QQR ü
&]\QQR ü
SDUDOOHO 2EV]DUUR]V]HU]HQLD
&]\QQR ü &]\QQR ü
6XESDUW\FMD
'RGDWHN&'LDJUDP\
WG'LDJUDP+DUPRQRJUDPRZ DQLD
^VHN`
.ODV\ILNDWRU
6WDQ
6WDQ
6WDQ
6WDQ
.ODV\ILNDWRU
6WDQ
6WDQ
6WDQ
6WDQ
.ODV\ILNDWRU
6WDQ
6WDQ
6WDQ 6WDQ 6WDQ 6WDQ
.ODV\ILNDWRU .ODV\ILNDWRU
6WDQ 6WDQ 6WDQ 6WDQ 6WDQ
6WDQ 6WDQ 6WDQ
'RGDWNL
FOG'LDJUDP.ODV
.ODVD
'UXJD.ODVD
DWU\EXW
QD]ZD
DWU\EXW3U\ZDWQ\W\S ZDUWR ü3RF] WNRZD
DWU\EXW3XEOLF]Q\
NZDOLILNDWRU
DWU\EXW&KURQLRQ\
a DWU\EXW3DNLHWRZ\
RSHUDFMD
.ODVD$VRFM DF\M QD
DWU\EXW3RFKRGQ\ .ODVD6SHFM DOL]RZ DQD
RSHUDFMD3U\ZDWQD DWU\EXW
RSHUDFMD3XEOLF]QD DWU\EXW
RSHUDFMD&KURQLRQD
a RSHUDFMD3DNLHWRZD .ODVD RSHUDFMD
UROD3LHUZV]HM.ODV\ DWU\EXW
DWU\EXW
3LHUZ V]D.ODVD DWU\EXW
DWU\EXW
DWU\EXW .ODVD6SHFM DOL]RZ DQD
RSHUDFMD
RSHUDFMD
DWU\EXW
RSHUDFMD
RSHUDFMD
'UXJD.ODVD
RSHUDFMD
DWU\EXW .ODVD
RSHUDFMD
FRG'LDJUDP.RPSRQHQWyZ
.RPSRQHQW .RPSRQHQW
.RPSRQHQW
.RPSRQHQW
©GHOHJDWHª
©GHOHJDWHª
.ODV\ILNDWRU .ODV\ILNDWRU
'RGDWHN&'LDJUDP\
FG'LDJUDP.RPXQLNDFM L
.RPXQLNDW
.RPXQLNDW
.ODV\ILNDWRU
$NWRU
.RPXQLNDW
.RPXQLNDW
.ODV\ILNDWRU .RPXQLNDW
.ODV\ILNDWRU
.RPXQLNDW
.RPXQLNDW
.RPXQLNDW
.ODV\ILNDWRU
VP'LDJUDP0DV]\Q\6WDQRZ HM
6WDQ 6WDQ
SU]HM FLH]ZURWQH
6WDQ
6WDQ ]GDU]HQLH>ZDUXQHN@F]\QQR ü
3XQNWZHM FLD
>ZDU@
QD]Z D6WDQX
QD]Z D3RGPDV]\Q\6WDQRZ HM
6WDQ
>ZDU@ 3XQNWZ\M FLD
>ZDU@
6WDQ 6WDQ
6WDQ
6WDQ
6WDQ
6WDQ
'RGDWNL
RG'LDJUDP2ELHNWyZ
2ELHNW.ODVD
2ELHNW.ODVD
2ELHNW.ODVD
2ELHNW.ODVD
2ELHNW.ODVD
2ELHNW.ODVD 2ELHNW.ODVD
SG'LDJUDP3DNLHWyZ
3DNLHW 3DNLHW 3DNLHW
©LPSRUWª
©DFFHVVª
©DFFHVVª
XG'LDJUDP3U]\SDGNyZ 8 \FLD
*UDQLFDREV]DUX]DVWRVRZD
3U]\SDGHN
X \FLD
3U]\SDGHN
X \FLD
©LQFOXGHª
$NWRU ©LQFOXGHª
3U]\SDGHN ©LQFOXGHª 3U]\SDGHN
X \FLD X \FLD
©LQFOXGHª
3U]\SDGHN 3U]\SDGHN
X \FLD ©H[WHQGª X \FLD
$NWRU
©H[WHQGª
3U]\SDGHN 3U]\SDGHN
X \FLD X \FLD
$NWRU $NWRU
©H[WHQGª
3U]\SDGHN
X \FLD
$NWRU
GG'LDJUDP5R]ORNRZ DQLD
: ]Há
©DUWLIDFWª
©FRPSRQHQWª
$UWHIDNW
.RPSRQHQW ©PDQLIHVWª
©GHSOR\ª
©FRPSRQHQWª
: ]Há
©PDQLIHVWª ©7&3,3ª
©(WKHUQHWª
: ]Há
: ]Há
©GHYLFHª
: ]Há
©FRPSRQHQWª ©86%ª
.RPSRQHQW
'RGDWNL
VG'LDJUDP6HNZ HQFM L
.ODV\ILNDWRU .ODV\ILNDWRU .ODV\ILNDWRU
$NWRU
.RPXQLNDW
DOW
.RPXQLNDW
>ZDU@
FUHDWH!!
.RPXQLNDW
.ODV\ILNDWRU
.RPXQLNDW
.RPXQLNDW
>ZDU@
.RPXQLNDW
.RPXQLNDW
.RPXQLNDW
FRQVLGHU^.RPXQLNDW.RPXQLNDW`
.RPXQLNDW
SDU .RPXQLNDW
ORRS
.RPXQLNDW
UHI
3U]\Z Rá\Z DQH:\VW SLHQLH,QWHUDNFM L
RSW
GHVWUR\!!.RPXQLNDW
'RGDWHN&'LDJUDP\
LRG'LDJUDP6WHURZ DQLD,QWHUDNFM
UHI
3U]\Z Rá\Z DQH:\VW SLHQLH,QWHUDNFM L
>HOVH@
>ZDU@
UHI
VG)UDJPHQWLQWHUDNFM L
.ODV\ILNDWRU .ODV\ILNDWRU
.ODV\ILNDWRU
>ZDU@
>ZDU@
ORRS
RSW GHVWUR\!!
'RGDWNL
FVG'LDJUDP6WUXNWXU3Rá F]RQ\FKRGPLHQQ\DVSHNW
.ODVD
DWU\EXW
.ODVD
RSHUDFMD UROD DWU\EXW
UROD
RSHUDFMD
:VSyáG]LDáDQLH
.ODVD UROD UROD
DWU\EXW
.ODVD
RSHUDFMD DWU\EXW
RSHUDFMD
FVG'LDJUDP6WUXNWXU3Rá F]RQ\FK
:VSyáG]LDáDQLH
&] ü &] ü
&] ü
'RGDWHN'
]XQLILNRZDQDQRWDFMD
NRQZHQFMHSU]HGVWDZLDQLDGLDJUDPÑZKDUPRQRJUDPRZDQLD
NRQZHQFMH]DSLVXGLDJUDPÑZ80/
REUDPRZDQH
QLHREUDPRZDQH
URG]DMHDJUHJDFML
FDäNRZLWD
F]ö FLRZD
URG]DMHGLDJUDPÑZZGUR HQLRZ\FK
NRPSRQHQWÑZ
UR]ORNRZDQLD
PHWRG\NL UÑGäRZH
207
22$'
226(
URG]DMHEUDP
IRUPDOQH
ZäD FLZH
Z\UD HQLRZH
URG]DMHGRVWöSQ\FKPHFKDQL]PÑZUR]V]HU]DOQR FL
VWHUHRW\S\
PHWNL
RJUDQLF]HQLD
'RGDWNL
RGUöEQHVSHF\ILNDFMHVWDQRZLñFHSHäQ\VWDQGDUG
LQIUDVWUXNWXUD80/
VXSHUVWUXNWXUD80/
2&/
Z\PLDQDGLDJUDPÑZ
SR]LRP\ZLGRF]QR FL
SXEOLF]Q\
SU\ZDWQ\
FKURQLRQ\
SDNLHWRZ\
URG]DMHGLDJUDPÑZLQWHUDNFML
VHNZHQFML
NRPXQLNDFML
KDUPRQRJUDPRZDQLD
VWHURZDQLDLQWHUDNFMñ
URG]DMH]ZLñ]NÑZ
DVRFMDFMD
XRJÑOQLHQLH
]DOH QR è
UHDOL]DFMD
SHUVSHNW\ZZRSLVLHDUFKLWHNWXU\V\VWHPX
SU]\SDGNÑZX \FLD
ORJLF]QD
G\QDPLF]QD
NRPSRQHQWÑZ
UR]ORNRZDQLD
W\SÑZNRPXQLNDWÑZQDGLDJUDPDFKLQWHUDNFML
URG]DMÑZSU]HM èQDGLDJUDPDFKPDV]\Q\VWDQRZHM
LVWRWQLHMV]\FKUHZL]MLMö]\ND80/
Z\VSHF\ILNRZDQ\FKSVHXGRVWDQÑZ
UÑ Q\FKURG]DMÑZRSHUDWRUÑZLQWHUDNFML
GLDJUDPÑZSRF]ñZV]\RGZHUVML80/
UÑ QHVWHUHRW\S\VWDQGDUGRZH]GHILQLRZDQHZGRNXPHQWDFML80/
VWURQ\VNäDGDMñFHVLöQDSLHUZV]ñRILFMDOQLHRSXEOLNRZDQñGRNXPHQWDFMö
VXSHUVWUXNWXU\80/
URN]DSRF]ñWNRZDQLDSUDFQDGMö]\NLHP80/
URNZSURZDG]HQLDZHUVMLVWDQGDUGX
'RGDWHN(
:SU]\SDGNX]MDZLVNLWHFKQRORJLLSRGOHJDM F\FKQLHXVWDQQHPXUR]ZRMRZLD]DUD]HP
E G F\FKSU]HGPLRWHPQLHXVWDQQHJR]DLQWHUHVRZDQLDUR]PDLW\FK URGRZLVN]DFKRZD
QLHVSyMQR FLWHUPLQRORJLF]QHMSRPL G]\SRV]F]HJyOQ\PLRSUDFRZDQLDPLZUy Q\FK
M ]\NDFKVWDMHVL SUREOHPDW\F]QH:LHOHSRM ü]ZL ]DQ\FK]M ]\NLHP80/ZUD]
]MHJRUR]ZRMHPVWUDFLáRDGHNZDWQR üSRMDZLá\VL WDN HQRZHDXWRUVNLHSURSR]\FMH
GRW\F] FHQLHNWyU\FK]QLFK3RQL HM]DPLHV]F]RQRX]QDQHSU]H]DXWRUyZ]DQDMWUDI
QLHMV]HWáXPDF]HQLDSROVNLFKWHUPLQyZQDLFKDQJLHOVNLHRGSRZLHGQLNL
$JUHJDFMDFDäNRZLWD &RPSRVLWLRQ
$JUHJDFMDF]ö FLRZD $JJUHJDWLRQ
$NFMD $FWLRQ
$NWRU $FWRU
$NWRUEL]QHVRZ\ %XVLQHVVDFWRU
$QDOL]DLSURMHNWRZDQLH $QDO\VLVDQGGHVLJQ
$UWHIDNW $UWLIDFW
$VRFMDFMD $VVRFLDWLRQ
$VRFMDFMDELQDUQD %LQDU\DVVRFLDWLRQ
$VRFMDFMDQDUQD 1DU\DVVRFLDWLRQ
$WU\EXW $WWULEXWH
$WU\EXWSRFKRGQ\ 'HULYHGDWWULEXWH
%LDäDVNU]\QND :KLWHER[
%LEOLRWHND /LEUDU\
%L]QHVRZ\RELHNWSU]HFKRZXMñF\ %XVLQHVVHQWLW\
%L]QHVRZ\SU]\SDGHNX \FLD %XVLQHVVXVHFDVH
%UDPD *DWH
'RGDWNL
%UDPDIRUPDOQD )RUPDOJDWH
%UDPDZäD FLZD $FWXDOJDWH
%UDPDZ\UD HQLRZD ([SUHVVLRQJDWH
%XGRZD &RQVWUXFWLRQ
%XIRUFHQWUDOQ\ &HQWUDOEXIIHUQRGH
&KURQLRQ\ 3URWHFWHG
&\NO \FLDV\VWHPX 6\VWHPOLIHF\FOH
&]DUQDVNU]\QND %ODFNER[
&]ö è 3DUW
&]\QQR è $FWLYLW\
&]\QQR èEL]QHVRZD %XVLQHVVDFWLYLW\
'HF\]MD 'HFLVLRQQRGH
'HNRPSR]\FMD 'HFRPSRVLWLRQ
'LDJUDPDQDOLW\F]Q\ 5REXVWQHVVGLDJUDP
'LDJUDPF]\QQR FL $FWLYLW\GLDJUDP
'LDJUDPKDUPRQRJUDPRZDQLD 7LPLQJGLDJUDP
'LDJUDPLPSOHPHQWDF\MQ\ *HQHULFGLDJUDP
'LDJUDPNODV &ODVVGLDJUDP
'LDJUDPNRPSRQHQWÑZ &RPSRQHQWGLDJUDP
'LDJUDPNRPXQLNDFML &RPPXQLFDWLRQGLDJUDP
'LDJUDPNRQFHSWXDOQ\ &RQFHSWXDOGLDJUDP
'LDJUDPPDV]\Q\VWDQRZHM 6WDWHPDFKLQHGLDJUDP
'LDJUDPRQLH]GHILQLRZDQHMIRUPLH )UHHIRUPGLDJUDP
'LDJUDPRELHNWÑZ 2EMHFWGLDJUDP
'LDJUDPSDNLHWÑZ 3DFNDJHGLDJUDP
'LDJUDPSU]\SDGNÑZX \FLD 8VHFDVHGLDJUDP
'LDJUDPUR]ORNRZDQLD 'HSOR\PHQWGLDJUDP
'LDJUDPVHNZHQFML 6HTXHQFHGLDJUDP
'LDJUDPVWHURZDQLDLQWHUDNFMñ ,QWHUDFWLRQRYHUYLHZGLDJUDP
'LDJUDPVWUXNWXUSRäñF]RQ\FK &RPSRVLWHVWUXFWXUHGLDJUDP
'LDJUDPZ\VWñSLHQLRZ\ ,QVWDQFHGLDJUDP
'LDJUDP\LQWHUDNFML ,QWHUDFWLRQGLDJUDPV
'LDJUDP\ZGUR HQLRZH ,PSOHPHQWDWLRQGLDJUDPV
'\VF\SOLQD 'LVFLSOLQH
'RGDWHN(6äRZQLNSROVNRDQJLHOVNL
'\VF\SOLQDSRGVWDZRZD &RUHHQJLQHHULQJZRUNIORZ
'\VF\SOLQDZVSRPDJDMñFD &RUHVXSSRUWLQJZRUNIORZ
'\VNU\PLQDWRU *HQHUDOL]DWLRQVHW
']LHG]LF]HQLH ,QKHULWDQFH
)D]D 3KDVH
)UDJPHQWZ\RGUöEQLRQ\ &RPELQHGIUDJPHQW
*äöERNLHZ]QRZLHQLH 'HHSKLVWRU\
+HUPHW\]DFMD (QFDSVXODWLRQ
,QVWDQFMD ,QVWDQFH
,QWHUDNFMD ,QWHUDFWLRQ
,QWHUIHMV ,QWHUIDFH
,QWHUIHMVSR]\VNXMñF\ 5HTXLUHGLQWHUIDFH
,QWHUIHMVXGRVWöSQLDMñF\ 3URYLGHGLQWHUIDFH
,Q \QLHULDZDKDGäRZD 5RXQGWULSHQJLQHHULQJ
,Q \QLHULD]ZURWQD 5HYHUVHHQJLQHHULQJ
,WHUDFMD ,WHUDWLRQ
-HGQRVWNDRUJDQL]DF\MQD 2UJDQL]DWLRQDOXQLW
-ö]\NRSLVXRJUDQLF]Hþ 2EMHFW&RQVWUDLQW/DQJXDJH
.DUWD&5& &ODVV5HVSRQVLELOLW\&ROODERUDWLRQ&5&FDUG
.LHUXQHNQDZLJDFML 1DYLJDELOLW\
.LHUXQHNZVWöSXMñF\ %RWWRPXSGLUHFWLRQ
.LHUXQHN]VWöSXMñF\ 7RSGRZQGLUHFWLRQ
.ODVD &ODVV
.ODVDDEVWUDNF\MQD $EVWUDFWFODVV
.ODVDDNW\ZQD $FWLYHFODVV
.ODVDDVRFMDF\MQD $VVRFLDWLRQFODVV
.ODVDJUDQLF]QD %RXQGDU\FODVV
.ODVDSU]HFKRZXMñFD (QWLW\FODVV
.ODVDVWHUXMñFD &RQWUROFODVV
.ODV\ILNDWRU &ODVVLILHU
.ODV\ILNDWRUXVWUXNWXU\]RZDQ\ 6WUXFWXUHGFODVVLILHU
.RPÑUNDSDUW\FML &HOO
.RPSRQHQW &RPSRQHQW
'RGDWNL
.RPSXWHURZRZVSRPDJDQH &RPSXWHU$LGHG6RIWZDUH(QJLQHHULQJ
WZRU]HQLHV\VWHPÑZ
LQIRUPDW\F]Q\FK
.RPXQLNDW 0HVVDJH
.RPXQLNDWDV\QFKURQLF]Q\ $V\QFKURQRXVPHVVDJH
.RPXQLNDWRF]HNXMñF\ 7LPHRXWPHVVDJH
.RPXQLNDWRSFMRQDOQ\ %DONLQJPHVVDJH
.RPXQLNDWV\QFKURQLF]Q\ 6\QFKURQRXVPHVVDJH
.RPXQLNDWXWUDFRQ\ /RVWPHVVDJH
.RPXQLNDW]QDOH]LRQ\ )RXQGPHVVDJH
.RPXQLNDW]ZURWQ\ 5HWXUQ
.RQHNWRU &RQQHFWRU
.RQHNWRUGHOHJRZDQ\ 'HOHJDWLRQFRQQHFWRU
.RQHNWRUVNäDGDQ\ $VVHPEO\FRQQHFWRU
.RQLHF $FWLYLW\ILQDO
.U\WHULXPSDUW\FMRQRZDQLD 'LPHQVLRQ
.ZDOLILNDWRU 4XDOLILHU
/LF]HEQR è 0XOWLSOLFLW\
/LQLD]PLDQ\VWDQÑZ 7LPHOLQH
/LQLD \FLD 2EMHFWOLIHOLQH
ãñF]QLN $FWLYLW\HGJHFRQQHFWRU
0DQLSXODWRUZ\MñWNÑZ ([FHSWLRQKDQGOHU
0DV]\QDVWDQRZD 6WDWHPDFKLQH
0DV]\QDVWDQRZD]DFKRZDQLD %HKDYLRUDOVWDWHPDFKLQH
0HFKDQL]P\UR]V]HU]DOQR FL ([WHQVLRQPHFKDQLVPV
0HWND 7DJJHGYDOXH
0HWRG\ND 0HWKRGRORJ\
0HWRG\NDURG]DMRZD *HQHULFPHWKRGRORJ\
0HWRG\ND]ZLQQD ZDZD $JLOHPHWKRGRORJ\
0LHMVFHUR]V]HU]DQLD ([WHQVLRQSRLQW
0RGHORZDQLHEL]QHVRZH %XVLQHVVPRGHOLQJ
0RGXäGRGDWNRZ\ 3OXJLQ
1DGDZFD 6HQGHU
1XPHURZDQLHNRPXQLNDWÑZ 0HVVDJHQXPEHULQJ
2ELHNW 2EMHFW
'RGDWHN(6äRZQLNSROVNRDQJLHOVNL
2ELHNWZLHORNURWQ\ 0XOWLSOHREMHFW
2EV]DUUR]V]HU]HQLD ([SDQVLRQUHJLRQ
2EV]DUZVSÑäELH Q\ 2UWKRJRQDOUHJLRQ
2GELRUFD 5HFHLYHU
2JUDQLF]HQLH &RQVWUDLQW
2SHUDFMD 2SHUDWLRQ
2SHUDFMHZSURZDG]DQLD &58'RSHUDWLRQV
Z\V]XNLZDQLDDNWXDOL]DFML
LVNUH ODQLD
2SHUDQGLQWHUDNFML ,QWHUDFWLRQRSHUDQG
2SHUDWRULQWHUDNFML ,QWHUDFWLRQRSHUDWRU
2SUDFRZDQLH (ODERUDWLRQ
2 URGHNVWHURZDQLD ([HFXWLRQVSHFLILFDWLRQ
3DNLHW 3DFNDJH
3DUDPHWUF]\QQR FL $FWLYLW\SDUDPHWHUQRGH
3DUW\FMDGLDJUDPXF]\QQR FL $FWLYLW\SDUWLWLRQ
3DUW\FMD]HZQöWU]QD ([WHUQDODFWLYLW\SDUWLWLRQ
3HUVSHNW\ZD 9LHZ
3HUVSHNW\ZDG\QDPLF]QD '\QDPLFYLHZ
3HUVSHNW\ZDNRPSRQHQWÑZ ,PSOHPHQWDWLRQYLHZ
3HUVSHNW\ZDORJLF]QD /RJLFDOYLHZ
3HUVSHNW\ZDSU]\SDGNÑZX \FLD 8VHFDVHYLHZ
3HUVSHNW\ZDUR]ORNRZDQLD 'HSOR\PHQWYLHZ
3ODWIRUPDX \WNRZDQLDV\VWHPX ([HFXWLRQHQYLURQPHQW
3ä\WNLHZ]QRZLHQLH 6KDOORZKLVWRU\
3RF]ñWHN ,QLWLDOQRGH
3RGF]\QQR è 6XEDFWLYLW\
3RGPDV]\QDVWDQRZD 6XEPDFKLQHVWDWH
3RGVWDQ 6XEVWDWH
3RGV\VWHP 6XEV\VWHP
3ROLPRUIL]P 3RO\PRUSKLVP
3RäñF]HQLH &RQQHFWLRQ
3RSU]HGQLN 3UHGHFHVVRU
3RUW 3RUW
3RUW]äR RQ\ &RPSOH[SRUW
'RGDWNL
3UDFRZQLNEL]QHVRZ\ %XVLQHVVZRUNHU
3UDFRZQLNNRQWDNWX &DVHZRUNHU
3URFHVV\VWHPRZ\ 6\VWHPSURFHVV
3URJUDPZ\NRQ\ZDOQ\ ([HFXWDEOH
3URJUDPRZDQLH ,PSOHPHQWDWLRQ
3URWRNRäRZDPDV]\QDVWDQRZD 3URWRFROVWDWHPDFKLQH
3U\ZDWQ\ 3ULYDWH
3U]HM FLH 7UDQVLWLRQ
3U]HM FLHZHZQöWU]QH ,QWHUQDOWUDQVLWLRQ
3U]HM FLH]ZURWQH 6HOIWUDQVLWLRQ
3U]HND QLNGDQ\FK 3LQ
3U]HND QLNUR]V]HU]HQLD ([SDQVLRQQRGH
3U]HSä\ZGDQ\FK 'DWDIORZ
3U]HSä\ZSU]HUZDQLD ,QWHUUXSWLQJHGJH
3U]HSä\ZVWHURZDQLD &RQWUROIORZ
3U]\JRWRZDQLH URGRZLVND (QYLURQPHQW
3U]\SDGHNUR]V]HU]DQ\ ([WHQGHGXVHFDVH
3U]\SDGHNX \FLD 8VHFDVH
3U]\SDGHN]DZLHUDMñF\ ,QFOXGLQJXVHFDVH
3U]\ZRä\ZDQHZ\VWñSLHQLH ,QWHUDFWLRQRFFXUUHQFH
LQWHUDNFML
3VHXGRVWDQ 3VHXGRVWDWH
3XEOLF]Q\ 3XEOLF
3XQNWSU]HJOñGX 0LOHVWRQH
3XQNWZHM FLD (QWU\SRLQW
3XQNWZö]äRZ\ -XQFWLRQ
3XQNWZ\M FLD ([LWSRLQW
5DPD )UDPH
5HDOL]DFMD 5HDOL]DWLRQ
5HHQJLQHHULQJSURFHVÑZ %XVLQHVV3URFHVV5HHQJLQHHULQJ
EL]QHVRZ\FK
5HNXUHQFMD 5HFXUUHQFH
5ROD 5ROH
5R]JDäö]LHQLH %UDQFK
5R]ORNRZDQLH 'HSOR\PHQW
'RGDWHN(6äRZQLNSROVNRDQJLHOVNL
5R]SRF]öFLH ,QFHSWLRQ
5R]ZLGOHQLH )RUNQRGH
6DPRZ\ZRä\ZDQLH 0HVVDJHWRVHOI
6FDOHQLH -RLQQRGH
6FHQDULXV] 8VHFDVHGHVFULSWLRQ
6HNFMD &RPSDUWPHQW
6HNFMDF]\QQR FLZHZQöWU]Q\FK ,QWHUQDODFWLYLWLHVFRPSDUWPHQW
6HNFMDGHNRPSR]\FML 'HFRPSRVLWLRQFRPSDUWPHQW
6HNFMDQD]Z\ 1DPHFRPSDUWPHQW
6HNFMDSU]HM èZHZQöWU]Q\FK ,QWHUQDOWUDQVLWLRQVFRPSDUWPHQW
6NäDGQLFDGDQ\FK 'DWDVWRUHQRGH
6SHF\ILNDFMDUR]ORNRZDQLD 'HSOR\PHQWVSHFLILFDWLRQ
6SHF\ILNDFMDVFDOHQLD -RLQVSHFLILFDWLRQ
6SHF\ILNDFMDZ\PDJDþ 5HTXLUHPHQWV
6WDQ 6WDWH
6WDQNRþFRZ\ )LQDOVWDWH
6WDQSRF]ñWNRZ\ ,QLWLDO
6WDQSURVW\ 6LPSOHVWDWH
6WDQ]äR RQ\ &RPSRVLWHVWDWH
6WHUHRW\S 6WHUHRW\SH
6XESDUW\FMDGLDJUDPXF]\QQR FL $FWLYLW\VXESDUWLWLRQ
6\JQDä 6LJQDO
6\JQDWXUDNRPXQLNDWX 0HVVDJHVLJQDWXUH
FLH NDNRPXQLNRZDQLD &RPPXQLFDWLRQSDWK
7HVWRZDQLH 7HVW
7RU 6ZLPODQH
8G]LDäRZLHF 6WDNHKROGHU
8MHGQROLFRQ\Mö]\NPRGHORZDQLD 8QLILHG0RGHOLQJ/DQJXDJH
8RJÑOQLHQLH *HQHUDOL]DWLRQ
:DJD :HLJKW
:DUXQHN *XDUGFRQGLWLRQ
:DUXQNLZVWöSQH 3UHFRQGLWLRQV
:ñWHN 7KUHDG
:ö]Hä 1RGH
'RGDWNL
:ö]HäVSU]öWRZ\ 'HYLFH
:LGRF]QR è 9LVLELOLW\
:VSÑäELH QR è &RQFXUUHQF\
:VSÑäG]LDäDQLH &RRSHUDWLRQ
:VSÑäG]LDäDQLHEL]QHVRZH %XVLQHVVXVHFDVHUHDOL]DWLRQ
:\UD HQLHVHNZHQFML 6HTXHQFHH[SUHVVLRQ
=DJQLH G HQLH 1HVWLQJ
=DNRþF]HQLHSU]HSä\ZX )ORZILQDO
=DOH QR è 'HSHQGHQF\
=DOH QR èUR]V]HU]DQLD ©H[WHQGªGHSHQGHQF\
=DOH QR è]DZLHUDQLD ©LQFOXGHªGHSHQGHQF\
=DU]ñG]DQLHNRQILJXUDFMDPL &RQILJXUDWLRQDQGFKDQJHPDQDJHPHQW
L]PLDQDPL
=DU]ñG]DQLHSURMHNWHP 3URMHFWPDQDJHPHQW
=GDU]HQLH (YHQW
=GDU]HQLHF]DVRZH 7LPHHYHQW
=GDU]HQLHQLV]F]ñFH 'HVWUXFWLRQHYHQW
=GDU]HQLHRGURF]RQH 'HIHUUHGHYHQW
=GDU]HQLHZ\ZRäDQLD &DOOHYHQW
=GDU]HQLH]PLDQ\VWDQX &KDQJHHYHQW
=HVWDZSU]HND QLNÑZGDQ\FK 3DUDPHWHUVHW
=LQWHJURZDQH URGRZLVNR ,QWHJUDWHG'HYHORSPHQW(QYLURQPHQW
SURJUDPLVW\F]QH
=äñF]HQLH 0HUJHQRGH
=QDF]QLNVWHURZDQLD 7RNHQ
=RERZLñ]DQLH 5HVSRQVLELOLW\
=ZLñ]HN 5HODWLRQVKLS
'RGDWHN)
$VVRFLDWLRQ $VRFMDFMD
$VVRFLDWLRQFODVV .ODVDDVRFMDF\MQD
$V\QFKURQRXVPHVVDJH .RPXQLNDWDV\QFKURQLF]Q\
$WWULEXWH $WU\EXW
%DONLQJPHVVDJH .RPXQLNDWRSFMRQDOQ\
%HKDYLRUDOVWDWHPDFKLQH 0DV]\QDVWDQRZD]DFKRZDQLD
%LQDU\DVVRFLDWLRQ $VRFMDFMDELQDUQD
%ODFNER[ &]DUQDVNU]\QND
%RWWRPXSGLUHFWLRQ .LHUXQHNZVW SXM F\
%RXQGDU\FODVV .ODVDJUDQLF]QD
%UDQFK 5R]JDá ]LHQLH
%XVLQHVVDFWLYLW\ &]\QQR üEL]QHVRZD
%XVLQHVVDFWRU $NWRUEL]QHVRZ\
%XVLQHVVHQWLW\ %L]QHVRZ\RELHNWSU]HFKRZXM F\
%XVLQHVVPRGHOLQJ 0RGHORZDQLHEL]QHVRZH
%XVLQHVV3URFHVV5HHQJLQHHULQJ 5HHQJLQHHULQJSURFHVyZEL]QHVRZ\FK
%XVLQHVVXVHFDVH %L]QHVRZ\SU]\SDGHNX \FLD
%XVLQHVVXVHFDVHUHDOL]DWLRQ :VSyáG]LDáDQLHEL]QHVRZH
%XVLQHVVZRUNHU 3UDFRZQLNEL]QHVRZ\
&DOOHYHQW =GDU]HQLHZ\ZRáDQLD
&DVHZRUNHU 3UDFRZQLNNRQWDNWX
&HOO .RPyUNDSDUW\FML
&HQWUDOEXIIHUQRGH %XIRUFHQWUDOQ\
&KDQJHHYHQW =GDU]HQLH]PLDQ\VWDQX
&ODVV .ODVD
&ODVVGLDJUDP 'LDJUDPNODV
&ODVVLILHU .ODV\ILNDWRU
&ODVV5HVSRQVLELOLW\&ROODERUDWLRQ .DUWD&5&
&5&FDUG
&RPELQHGIUDJPHQW )UDJPHQWZ\RGU EQLRQ\
&RPPXQLFDWLRQGLDJUDP 'LDJUDPNRPXQLNDFML
&RPPXQLFDWLRQSDWK FLH NDNRPXQLNRZDQLD
&RPSDUWPHQW 6HNFMD
&RPSOH[SRUW 3RUW]áR RQ\
'RGDWHN)6äRZQLNDQJLHOVNRSROVNL
&RPSRQHQW .RPSRQHQW
&RPSRQHQWGLDJUDP 'LDJUDPNRPSRQHQWyZ
&RPSRVLWHVWDWH 6WDQ]áR RQ\
&RPSRVLWHVWUXFWXUHGLDJUDP 'LDJUDPVWUXNWXUSRá F]RQ\FK
&RPSRVLWLRQ $JUHJDFMDFDáNRZLWD
&RPSXWHU$LGHG6RIWZDUH .RPSXWHURZRZVSRPDJDQHWZRU]HQLH
(QJLQHHULQJ V\VWHPyZLQIRUPDW\F]Q\FK
&RQFHSWXDOGLDJUDP 'LDJUDPNRQFHSWXDOQ\
&RQFXUUHQF\ :VSyáELH QR ü
&RQILJXUDWLRQDQGFKDQJH =DU] G]DQLHNRQILJXUDFMDPLL]PLDQDPL
PDQDJHPHQW
&RQQHFWLRQ 3Rá F]HQLH
&RQQHFWRU .RQHNWRU
&RQVWUDLQW 2JUDQLF]HQLH
&RQVWUXFWLRQ %XGRZD
&RQWUROFODVV .ODVDVWHUXM FD
&RQWUROIORZ 3U]HSá\ZVWHURZDQLD
&RRSHUDWLRQ :VSyáG]LDáDQLH
&RUHHQJLQHHULQJZRUNIORZ '\VF\SOLQDSRGVWDZRZD
&RUHVXSSRUWLQJZRUNIORZ '\VF\SOLQDZVSRPDJDM FD
&58'RSHUDWLRQV 2SHUDFMHZSURZDG]DQLDZ\V]XNLZDQLD
DNWXDOL]DFMLLVNUH ODQLD
'DWDIORZ 3U]HSá\ZGDQ\FK
'DWDVWRUHQRGH 6NáDGQLFDGDQ\FK
'HFLVLRQQRGH 'HF\]MD
'HFRPSRVLWLRQ 'HNRPSR]\FMD
'HFRPSRVLWLRQFRPSDUWPHQW 6HNFMDGHNRPSR]\FML
'HHSKLVWRU\ *á ERNLHZ]QRZLHQLH
'HIHUUHGHYHQW =GDU]HQLHRGURF]RQH
'HOHJDWLRQFRQQHFWRU .RQHNWRUGHOHJRZDQ\
'HSHQGHQF\ =DOH QR ü
'HSOR\PHQW 5R]ORNRZDQLH
'HSOR\PHQWGLDJUDP 'LDJUDPUR]ORNRZDQLD
'HSOR\PHQWVSHFLILFDWLRQ 6SHF\ILNDFMDUR]ORNRZDQLD
'HSOR\PHQWYLHZ 3HUVSHNW\ZDUR]ORNRZDQLD
'RGDWNL
'HULYHGDWWULEXWH $WU\EXWSRFKRGQ\
'HVWUXFWLRQHYHQW =GDU]HQLHQLV]F] FH
'HYLFH : ]HáVSU] WRZ\
'LPHQVLRQ .U\WHULXPSDUW\FMRQRZDQLD
'LVFLSOLQH '\VF\SOLQD
'\QDPLFYLHZ 3HUVSHNW\ZDG\QDPLF]QD
(ODERUDWLRQ 2SUDFRZDQLH
(QFDSVXODWLRQ +HUPHW\]DFMD
(QWLW\FODVV .ODVDSU]HFKRZXM FD
(QWU\SRLQW 3XQNWZHM FLD
(QYLURQPHQW 3U]\JRWRZDQLH URGRZLVND
(YHQW =GDU]HQLH
([FHSWLRQKDQGOHU 0DQLSXODWRUZ\M WNyZ
([HFXWDEOH 3URJUDPZ\NRQ\ZDOQ\
([HFXWLRQHQYLURQPHQW 3ODWIRUPDX \WNRZDQLDV\VWHPX
([HFXWLRQVSHFLILFDWLRQ 2 URGHNVWHURZDQLD
([LWSRLQW 3XQNWZ\M FLD
([SDQVLRQQRGH 3U]HND QLNUR]V]HU]HQLD
([SDQVLRQUHJLRQ 2EV]DUUR]V]HU]HQLD
([SUHVVLRQJDWH %UDPDZ\UD HQLRZD
([WHQGHGXVHFDVH 3U]\SDGHNUR]V]HU]DQ\
([WHQVLRQPHFKDQLVPV 0HFKDQL]P\UR]V]HU]DOQR FL
([WHQVLRQSRLQW 0LHMVFHUR]V]HU]DQLD
([WHUQDODFWLYLW\SDUWLWLRQ 3DUW\FMD]HZQ WU]QD
)LQDOVWDWH 6WDQNR FRZ\
)ORZILQDO =DNR F]HQLHSU]HSá\ZX
)RUNQRGH 5R]ZLGOHQLH
)RUPDOJDWH %UDPDIRUPDOQD
)RXQGPHVVDJH .RPXQLNDW]QDOH]LRQ\
)UDPH 5DPD
)UHHIRUPGLDJUDP 'LDJUDPRQLH]GHILQLRZDQHMIRUPLH
*DWH %UDPD
*HQHUDOL]DWLRQ 8RJyOQLHQLH
*HQHUDOL]DWLRQVHW '\VNU\PLQDWRU
'RGDWHN)6äRZQLNDQJLHOVNRSROVNL
*HQHULFGLDJUDP 'LDJUDPLPSOHPHQWDF\MQ\
*HQHULFPHWKRGRORJ\ 0HWRG\NDURG]DMRZD
*XDUGFRQGLWLRQ :DUXQHN
,PSOHPHQWDWLRQ 3URJUDPRZDQLH
,PSOHPHQWDWLRQGLDJUDPV 'LDJUDP\ZGUR HQLRZH
,PSOHPHQWDWLRQYLHZ 3HUVSHNW\ZDNRPSRQHQWyZ
,QFHSWLRQ 5R]SRF] FLH
,QFOXGLQJXVHFDVH 3U]\SDGHN]DZLHUDM F\
,QKHULWDQFH ']LHG]LF]HQLH
,QLWLDO 6WDQSRF] WNRZ\
,QLWLDOQRGH 3RF] WHN
,QVWDQFH ,QVWDQFMD
,QVWDQFHGLDJUDP 'LDJUDPZ\VW SLHQLRZ\
,QWHJUDWHG'HYHORSPHQW =LQWHJURZDQH URGRZLVNRSURJUDPLVW\F]QH
(QYLURQPHQW
,QWHUDFWLRQ ,QWHUDNFMD
,QWHUDFWLRQGLDJUDPV 'LDJUDP\LQWHUDNFML
,QWHUDFWLRQRFFXUUHQFH 3U]\ZRá\ZDQHZ\VW SLHQLHLQWHUDNFML
,QWHUDFWLRQRSHUDQG 2SHUDQGLQWHUDNFML
,QWHUDFWLRQRSHUDWRU 2SHUDWRULQWHUDNFML
,QWHUDFWLRQRYHUYLHZGLDJUDP 'LDJUDPVWHURZDQLDLQWHUDNFM
,QWHUIDFH ,QWHUIHMV
,QWHUQDODFWLYLWLHVFRPSDUWPHQW 6HNFMDF]\QQR FLZHZQ WU]Q\FK
,QWHUQDOWUDQVLWLRQ 3U]HM FLHZHZQ WU]QH
,QWHUQDOWUDQVLWLRQVFRPSDUWPHQW 6HNFMDSU]HM üZHZQ WU]Q\FK
,QWHUUXSWLQJHGJH 3U]HSá\ZSU]HUZDQLD
,WHUDWLRQ ,WHUDFMD
-RLQQRGH 6FDOHQLH
-RLQVSHFLILFDWLRQ 6SHF\ILNDFMDVFDOHQLD
-XQFWLRQ 3XQNWZ ]áRZ\
/LEUDU\ %LEOLRWHND
/RJLFDOYLHZ 3HUVSHNW\ZDORJLF]QD
/RVWPHVVDJH .RPXQLNDWXWUDFRQ\
0HUJHQRGH =á F]HQLH
'RGDWNL
0HVVDJH .RPXQLNDW
0HVVDJHQXPEHULQJ 1XPHURZDQLHNRPXQLNDWyZ
0HVVDJHVLJQDWXUH 6\JQDWXUDNRPXQLNDWX
0HVVDJHWRVHOI 6DPRZ\ZRá\ZDQLH
0HWKRGRORJ\ 0HWRG\ND
0LOHVWRQH 3XQNWSU]HJO GX
0XOWLSOHREMHFW 2ELHNWZLHORNURWQ\
0XOWLSOLFLW\ /LF]HEQR ü
1DPHFRPSDUWPHQW 6HNFMDQD]Z\
1DU\DVVRFLDWLRQ $VRFMDFMDQDUQD
1DYLJDELOLW\ .LHUXQHNQDZLJDFML
1HVWLQJ =DJQLH G HQLH
1RGH : ]Há
2EMHFW 2ELHNW
2EMHFW&RQVWUDLQW/DQJXDJH - ]\NRSLVXRJUDQLF]H
2EMHFWGLDJUDP 'LDJUDPRELHNWyZ
2EMHFWOLIHOLQH /LQLD \FLD
2SHUDWLRQ 2SHUDFMD
2UJDQL]DWLRQDOXQLW -HGQRVWNDRUJDQL]DF\MQD
2UWKRJRQDOUHJLRQ 2EV]DUZVSyáELH Q\
3DFNDJH 3DNLHW
3DFNDJHGLDJUDP 'LDJUDPSDNLHWyZ
3DUDPHWHUVHW =HVWDZSU]HND QLNyZGDQ\FK
3DUW &] ü
3KDVH )D]D
3LQ 3U]HND QLNGDQ\FK
3OXJLQ 0RGXáGRGDWNRZ\
3RO\PRUSKLVP 3ROLPRUIL]P
3RUW 3RUW
3UHFRQGLWLRQV :DUXQNLZVW SQH
3UHGHFHVVRU 3RSU]HGQLN
3ULYDWH 3U\ZDWQ\
3URMHFWPDQDJHPHQW =DU] G]DQLHSURMHNWHP
3URWHFWHG &KURQLRQ\
'RGDWHN)6äRZQLNDQJLHOVNRSROVNL
3URWRFROVWDWHPDFKLQH 3URWRNRáRZDPDV]\QDVWDQRZD
3URYLGHGLQWHUIDFH ,QWHUIHMVXGRVW SQLDM F\
3VHXGRVWDWH 3VHXGRVWDQ
3XEOLF 3XEOLF]Q\
4XDOLILHU .ZDOLILNDWRU
5HDOL]DWLRQ 5HDOL]DFMD
5HFHLYHU 2GELRUFD
5HFXUUHQFH 5HNXUHQFMD
5HODWLRQVKLS =ZL ]HN
5HTXLUHGLQWHUIDFH ,QWHUIHMVSR]\VNXM F\
5HTXLUHPHQWV 6SHF\ILNDFMDZ\PDJD
5HVSRQVLELOLW\ =RERZL ]DQLH
5HWXUQ .RPXQLNDW]ZURWQ\
5HYHUVHHQJLQHHULQJ ,Q \QLHULD]ZURWQD
5REXVWQHVVGLDJUDP 'LDJUDPDQDOLW\F]Q\
5ROH 5ROD
5RXQGWULSHQJLQHHULQJ ,Q \QLHULDZDKDGáRZD
6HOIWUDQVLWLRQ 3U]HM FLH]ZURWQH
6HQGHU 1DGDZFD
6HTXHQFHGLDJUDP 'LDJUDPVHNZHQFML
6HTXHQFHH[SUHVVLRQ :\UD HQLHVHNZHQFML
6KDOORZKLVWRU\ 3á\WNLHZ]QRZLHQLH
6LJQDO 6\JQDá
6LPSOHVWDWH 6WDQSURVW\
6WDNHKROGHU 8G]LDáRZLHF
6WDWH 6WDQ
6WDWHPDFKLQH 0DV]\QDVWDQRZD
6WDWHPDFKLQHGLDJUDP 'LDJUDPPDV]\Q\VWDQRZHM
6WHUHRW\SH 6WHUHRW\S
6WUXFWXUHGFODVVLILHU .ODV\ILNDWRUXVWUXNWXU\]RZDQ\
6XEDFWLYLW\ 3RGF]\QQR ü
6XEPDFKLQHVWDWH 3RGPDV]\QDVWDQRZD
6XEVWDWH 3RGVWDQ
6XEV\VWHP 3RGV\VWHP
'RGDWNL
6ZLPODQH 7RU
6\QFKURQRXVPHVVDJH .RPXQLNDWV\QFKURQLF]Q\
6\VWHPOLIHF\FOH &\NO \FLDV\VWHPX
6\VWHPSURFHVV 3URFHVV\VWHPRZ\
7DJJHGYDOXH 0HWND
7HVW 7HVWRZDQLH
7KUHDG : WHN
7LPHHYHQW =GDU]HQLHF]DVRZH
7LPHOLQH /LQLD]PLDQ\VWDQyZ
7LPHRXWPHVVDJH .RPXQLNDWRF]HNXM F\
7LPLQJGLDJUDP 'LDJUDPKDUPRQRJUDPRZDQLD
7RNHQ =QDF]QLNVWHURZDQLD
7RSGRZQGLUHFWLRQ .LHUXQHN]VW SXM F\
7UDQVLWLRQ 3U]HM FLH
8QLILHG0RGHOLQJ/DQJXDJH 8MHGQROLFRQ\M ]\NPRGHORZDQLD
8VHFDVH 3U]\SDGHNX \FLD
8VHFDVHGHVFULSWLRQ 6FHQDULXV]
8VHFDVHGLDJUDP 'LDJUDPSU]\SDGNyZX \FLD
8VHFDVHYLHZ 3HUVSHNW\ZDSU]\SDGNyZX \FLD
9LHZ 3HUVSHNW\ZD
9LVLELOLW\ :LGRF]QR ü
:HLJKW :DJD
:KLWHER[ %LDáDVNU]\QND
'RGDWHN*
5\VXQHN=DVWRVRZDQLHZDJLQDGLDJUDPLH
5\VXQHN=DVWRVRZDQLHV\JQDáyZZSURFHVLHQDJU\ZDQLDSá\W'9'
5\VXQHN6\VWHPKDUPRQRJUDPRZDQLD]DGD
5\VXQHN3U]HSá\ZVSUDZZV\VWHPLHHOHNWURQLF]QHJRRELHJXGRNXPHQWyZ:)0
5\VXQHN6NáDGQLFDGDQ\FKV\VWHPXREVáXJLIDNVyZ
5\VXQHN:\NRU]\VWDQLHSDUW\FMLZRSLVLHREVáXJLNLQD
5\VXQHN3Rá F]HQLHSR]LRP\FKLSLRQRZ\FKSDUW\FML
5\VXQHN3DUW\FMHLVXESDUW\FMHZHZQ WU]QHRUD]]HZQ WU]QH
5\VXQHN$OWHUQDW\ZQDQRWDFMDSDUW\FMLLVXESDUW\FML
5\VXQHN2EV]DUUR]V]HU]HQLDLSU]HND QLNLUR]V]HU]HQLD
5\VXQHN8SURV]F]RQDQRWDFMDSU]HND QLNyZUR]V]HU]HQLD
5\VXQHN2EV]DUSU]HUZDQLDZV\VWHPLHDXNFMLLQWHUQHWRZHM
5\VXQHN,QGHNVSR]D]DNUHVHP
5\VXQHN3U]HNURF]HQLHSR]LRPX]DPyZLHQLRZHJR
5\VXQHN3U]HSURZDG]DQLHUHNUXWDFMLQDVWXGLD
5\VXQHN=DPDZLDQLHZ\FLHF]NL
5\VXQHN)XQNFMRQRZDQLHDXNFMLWUDG\F\MQHM
5\VXQHN$QXORZDQLHUH]HUZDFMLELOHWXNLQRZHJR
5R]G]LDä 'LDJUDPPDV]\Q\VWDQRZHM
5\VXQHN6\VWHPHOHNWURQLF]QHJRHJ]DPLQRZDQLD²RELHNWNODV\6WXGHQW
5\VXQHN6HNFMHVWDQX
5\VXQHN&]\QQR FLZHZQ WU]QHVWDQX
5\VXQHN3U]HM FLDZHZQ WU]QHL]ZURWQHGODVWDQXRELHNWX3URMHNW
5\VXQHN0DV]\Q\LSRGPDV]\Q\VWDQRZH
5\VXQHN3RGPDV]\Q\VWDQRZHXNU\WHL]DSUH]HQWRZDQHZVSRVyEMDZQ\
5\VXQHN1D]HZQLFWZRSRGPDV]\QVWDQRZ\FK
5\VXQHN2EV]DU\ZVSyáELH QHZPDV]\QLHVWDQRZHMSU]HWZDU]DQLDVSUDZ\
5\VXQHN$OWHUQDW\ZQHNRQZHQFMHJUDILF]QHSVHXGRVWDQXGHF\]ML
ZNZDOLILNRZDQLXUDFKXQNXEDQNRZHJR
5\VXQHN:\EUDQHSVHXGRVWDQ\ZPDV]\QLHVWDQRZHMV\VWHPX
HOHNWURQLF]QHJRHJ]DPLQRZDQLD
5\VXQHN'LDJUDPPDV]\Q\VWDQRZHMF\NOX \FLDV\VWHPXLQIRUPDW\F]QHJR
5\VXQHN3VHXGRVWDQ\SXQNWyZZHM FLDLZ\M FLD²DOWHUQDW\ZQHQRWDFMH
5\VXQHN'LDJUDPSURWRNRáRZHMPDV]\Q\VWDQRZHMGODRELHNWXNODV\(J]DPLQ
5\VXQHN.ROHMNRZDQLHSURMHNWyZMDNRSU]\NáDGVSHF\ILNDFMLSU]HM ü
5\VXQHN7ZRU]HQLHNRSLL]DSDVRZHMSOLNX
5\VXQHN0DV]\QDVWDQRZDV\VWHPXDXNFMLLQWHUQHWRZHM
5\VXQHN6WDQ]áR RQ\RELHNWXNODV\:\SR \F]HQLH
5\VXQHN)XQNFMRQRZDQLHVWUHDPHUD
5\VXQHN6WDQ\LV\JQDá\V\VWHPXPRQLWRURZDQLDSRPLHV]F]H
5R]G]LDä 'LDJUDPVHNZHQFML
5\VXQHN,QVWDQFMHNODV\ILNDWRUyZ]OLQLDPL \FLD
5\VXQHN3U]HVáDQLHNRPXQLNDWX
5\VXQHN6SUDZG]DQLHVWDQXNRQWD]DSR UHGQLFWZHPEDQNRPDWX
5\VXQHN.DWHJRULHSRM FLRZHGLDJUDPyZVHNZHQFML
5\VXQHN5H]HUZDFMDKRWHORZD
5\VXQHN2NUHVDNW\ZQR FLLQVWDQFMLNODV\ILNDWRUyZ
5\VXQHN.RPXQLNDWV\QFKURQLF]Q\
5\VXQHN.RPXQLNDWDV\QFKURQLF]Q\
5\VXQHN.RPXQLNDW]ZURWQ\
5\VXQHN.RPXQLNDWXWUDFRQ\
5\VXQHN.RPXQLNDW]QDOH]LRQ\
'RGDWNL
5\VXQHN.RPXQLNDWRSFMRQDOQ\
5\VXQHN.RPXQLNDWRF]HNXM F\
5\VXQHN7ZRU]HQLHLQLV]F]HQLHRELHNWyZ
5\VXQHN:DUXQHNUHDOL]DFMLNRPXQLNDWX
5\VXQHN6DPRZ\ZRáDQLH
5\VXQHN,WHUDFMDZZHZQ WU]QHMUHNUXWDFMLSUDFRZQLNyZGRSURMHNWyZ
5\VXQHN5R]JDá ]LHQLH
5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR
5\VXQHN)UDJPHQWZ\RGU EQLRQ\LMHJRHOHPHQW\
5\VXQHN$NWXDOL]DFMD]DPyZLHQLDZV\VWHPLH(53
5\VXQHN3U]HSá\ZSRF]W\HOHNWURQLF]QHM
5\VXQHN:\SHáQLDQLHIDNWXU\
5\VXQHN:\V]XNLZDQLHRIHUWDXNFML
5\VXQHN:F]\WDQLHGDQ\FKRVDOGDFKNRQWNOLHQWyZ
5\VXQHN8VWDODQLHSR]\FML OHG]RQHJRRELHNWX
5\VXQHN8VWDODQLHSR]\FML OHG]RQHJRRELHNWX
²VNUyFRQDQRWDFMDZVSyáELH QR FL
5\VXQHN:VSyáSUDFDV\VWHPyZ&50:)0RUD]DUFKLZL]DWRUD]OHFH
5\VXQHN6]DFRZDQLHRSW\PDOQHMSDUWLLGRVWDZ
5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRUFRQVLGHU
5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRULJQRUH
5\VXQHN:HU\ILNDFMDZ\VWDZLRQ\FKF]HNyZ
5\VXQHN.ROHMQR üORJRZDQLDQDVHUZLVDFKLQWHUQHWRZ\FK
5\VXQHN)XQNFMRQRZDQLHDXNFMLLQWHUQHWRZHM
5\VXQHN:\EUDQHIXQNFMHDXNFMLLQWHUQHWRZHM
5\VXQHN%UDP\ZGLDJUDPDFKVHNZHQFML
5\VXQHN)XQNFMHVHUZHUDZVLHFLEDUyZNDZRZ\FK
5\VXQHN*HQHURZDQLHUDSRUWXRNRV]WDFKUHDOL]RZDQ\FKSURMHNWyZ
5\VXQHN5HMHVWUDFMDVSU]HGDM FHJRQDDXNFMLLQWHUQHWRZHM
5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR
5\VXQHN2SURJUDPRZDQLHQDU] G]LRZHVHUZHUD
5\VXQHN6\VWHPQDG]RUXSRPLHV]F]H NRPSOHNVXNLQRZHJR
5R]G]LDä 'LDJUDPNRPXQLNDFML
5\VXQHN.RPXQLNDW\ZGLDJUDPDFKNRPXQLNDFML
5\VXQHN3URVWHQXPHURZDQLHNRPXQLNDWyZ
5\VXQHN=DVDG\XPLHV]F]DQLDNRPXQLNDWyZ
5\VXQHN,]RPRUIL]PGLDJUDPyZVHNZHQFMLLNRPXQLNDFML
5\VXQHN=DJQLH G HQLHNRPXQLNDWyZZQRWDFML'HZH\D
5\VXQHN:VSyáELH QR üRUD]SRSU]HGQLF\
5\VXQHN2ELHNW\ZLHORNURWQHQDGLDJUDPDFKNRPXQLNDFML
5\VXQHN2ELHNW\NODV\DNW\ZQHMZQDOLF]DQLXRGVHWHN
5\VXQHN:á F]DQLHNXSXM FHJRGROLF\WDFML
5\VXQHN(J]DPLQRZDQLHVWXGHQWDZV\VWHPLHHOHNWURQLF]QHJRHJ]DPLQRZDQLD
5\VXQHN,QWHUDNFMHSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZ
5R]G]LDä 'LDJUDPKDUPRQRJUDPRZDQLD
5\VXQHN'LDJUDPKDUPRQRJUDPRZDQLDGODRELHNWXNODV\5H]HUZDFMD
5\VXQHN'LDJUDPKDUPRQRJUDPRZDQLD]H]GDU]HQLDPLLRJUDQLF]HQLDPLF]DVRZ\PL
5\VXQHN$OWHUQDW\ZQDQRWDFMDGLDJUDPyZKDUPRQRJUDPRZDQLD
5\VXQHN+DUPRQRJUDPRZDQLHUHMHVWURZDQLDUH]HUZDFMLKRWHORZHM
5\VXQHN5HMHVWURZDQLHUH]HUZDFMLZED]LHGDQ\FKKRWHOX²QRWDFMDDOWHUQDW\ZQD
5\VXQHN.RPXQLNDW\QDGLDJUDPDFKKDUPRQRJUDPRZDQLD
5\VXQHN2JUDQLF]HQLDF]DVRZHZV\VWHPLHKDUPRQRJUDPRZDQLDVSRWND
'RGDWHN*6SLVU\VXQNÑZ
5R]G]LDä'LDJUDPVWHURZDQLDLQWHUDNFMñ
5\VXQHN'LDJUDPVWHURZDQLDLQWHUDNFM
5\VXQHN'LDJUDPVWHURZDQLDLQWHUDNFM ]SURFHVDPLZVSyáELH Q\PL
LZDUXQNRZ\PL
5\VXQHN'LDJUDPVWHURZDQLDLQWHUDNFM ²IXQNFMRQRZDQLHDXNFMLLQWHUQHWRZHM
5R]G]LDä'LDJUDP\ZGUR HQLRZH
5\VXQHN.RPSRQHQW\LLFKVWHUHRW\S\
5\VXQHN.RQFHSWXDOQ\GLDJUDPNRPSRQHQWyZV\VWHPXUHMHVWUDFMLUHIHUDWyZ
5\VXQHN=HZQ WU]QDSHUVSHNW\ZDNRPSRQHQWX3áDFH
5\VXQHN6SHF\ILNDFMDLQWHUIHMVyZZSRVWDFLVWHUHRW\SyZWHNVWRZ\FK
5\VXQHN,QWHUIHMV\ZSRVWDFLLQVWDQFMLNODV\ILNDWRUyZZV\VWHPLH+50
5\VXQHN6SHF\ILNDFMDNRPSRQHQWXZSRVWDFLELDáHMVNU]\QNL
5\VXQHN,PSOHPHQWDF\MQ\GLDJUDPNRPSRQHQWyZDXNFMLLQWHUQHWRZHM
5\VXQHN'LDJUDPUR]ORNRZDQLDV\VWHPXREVáXJLNRQIHUHQFML
5\VXQHN$OWHUQDW\ZQHVSRVRE\RVDG]DQLDDUWHIDNWyZQDZ ]áDFK
5\VXQHN'LDJUDPUR]ORNRZDQLDV\VWHPXREVáXJLNRQIHUHQFML]NRPSRQHQWDPL
5\VXQHN0DQLIHVWRZDQLHZSODWIRUPLHHOHDUQLQJRZHM
5\VXQHN6SHF\ILNDFMDUR]ORNRZDQLDSRUWDOXXQLZHUV\WHFNLHJR
5\VXQHN'LDJUDPUR]ORNRZDQLDQDSR]LRPLHIL]\F]Q\P
5\VXQHN: ]á\DXNFMLLQWHUQHWRZHM
5\VXQHN'HILQLRZDQLH]DVDGNROHMNRZDQLDZPRGXOHV\VWHPX:)0
5\VXQHN'LDJUDPUR]ORNRZDQLDZ\G]LDáX.56RUD]FHQWUXP&256
5R]G]LDä 'LDJUDPVWUXNWXUSRäñF]RQ\FK
5\VXQHN'LDJUDPVWUXNWXUSRá F]RQ\FK
5\VXQHN:VSyáG]LDáDQLH]SU]\SLVDQ\PLNODV\ILNDWRUDPLV\VWHPX
5\VXQHN/LF\WRZDQLHMDNRZ\VW SLHQLHZVSyáG]LDáDQLD
5R]G]LDä 'LDJUDPSDNLHWÑZ
5\VXQHN1D]Z\SDNLHWyZ
5\VXQHN3DNLHW\LLFK]DZDUWR ü
5\VXQHN'LDJUDPSDNLHWyZV\VWHPXVWHURZDQLD]DSDVDPL
5\VXQHN=DJQLH G HQLHSDNLHWyZV\VWHPXNRPSOHNVXNLQRZHJR
5\VXQHN$OWHUQDW\ZQHQRWDFMHGRNXPHQWRZDQLD]DJQLH G H SDNLHWyZ
5\VXQHN0RGHOHREVáXJLVLHFLUHVWDXUDFMLMDNRSDNLHW\VWHUHRW\SRZDQH
5\VXQHN6\VWHP]DU] G]DQLDVLHFL NLQ
5R]G]LDä 0HWRG\ND583
5\VXQHN(ZROXFMDPHWRG\NL583
5\VXQHN,WHUDF\MQRSU]\URVWRZ\F\NO \FLDV\VWHPXZPHWRG\FH583
5\VXQHN8NáDGG\VF\SOLQF\NOX \FLD583ZLWHUDFML
5R]G]LDä 0RGHORZDQLHEL]QHVRZH
5\VXQHN0RGHORZDQLHEL]QHVRZHZSURFHVLHWZRU]HQLDV\VWHPX
5\VXQHN%L]QHVRZ\NRQWHNVWV\VWHPXNVL JDUQL
5\VXQHN%L]QHVRZ\GLDJUDPSU]\SDGNyZX \FLDV\VWHPXNVL JDUQL
5\VXQHN0DSDSURFHVyZEL]QHVRZ\FKIXQNFMRQRZDQLDNVL JDUQL
5\VXQHN&]\QQR FLSU]\SDGNXX \FLDÄ'RNRQDM]DNXSX´
5\VXQHN%L]QHVRZ\GLDJUDPVHNZHQFML
5\VXQHN%L]QHVRZ\GLDJUDPNODVV\VWHPXNVL JDUQL
5\VXQHN%L]QHVRZ\GLDJUDPNODV]SUDFRZQLNDPLEL]QHVRZ\PL
5\VXQHN-HGQRVWNLRUJDQL]DF\MQHNVL JDUQL
5\VXQHN=DOH QR FLSRPL G]\G]LDáDPLDSUDFRZQLNDPLNVL JDUQL
'RGDWNL
UÑGäDGUXNRZDQH
>$PEOHU@ $PEOHU6:7KH(OHPHQWVRI80/6W\OH&DPEULGJH
8QLYHUVLW\3UHVV
>)RZOHU@ )RZOHU05LFH')RHPPHO0+LHDWW(0HH56WDIIRUG5
$UFKLWHNWXUDV\VWHPyZ]DU] G]DQLDSU]HGVL ELRUVWZHP
:]RUFHSURMHNWRZH*OLZLFH+HOLRQ
UÑGäDHOHNWURQLF]QH
>$PHRV@ KWWSZZZDRQL[FRPVWDQQDG]LH
>$ULDGQH@ 80/$SSOLHGQG(GLWLRQKWWSZZZDULDGQHWUDLQLQJFRXN
VWDQQDG]LH
>,%0D@ KWWSZZZLEPFRPVRIWZDUHDZGWRROVPRGHOHUVZPRGHOHU
LQGH[KWPOVWDQQDG]LH
>0'(6WXGLR@ KWWSZZZPJOREDORUJSURMHFWVPGHBVWXGLRKWPO
VWDQQDG]LH
>20*@ 2EMHFW0DQDJHPHQW*URXS20*8QLILHG0RGHOLQJ/DQJXDJH
6SHFLILFDWLRQ9HUVLRQKWWSZZZRPJRUJFJL
ELQGRF"SWFSGIVWDQQDG]LH
>20*D@ 2EMHFW0DQDJHPHQW*URXS80/6XSHUVWUXFWXUH6SHFLILFDWLRQ
KWWSZZZRPJRUJFJLELQGRF"SWFSGI
VWDQQDG]LH
>20*E@ 2EMHFW0DQDJHPHQW*URXS80/,QIUDVWUXFWXUH6SHFLILFDWLRQ
KWWSZZZRPJRUJFJLELQGRF"SWFSGI
VWDQQDG]LH
>20*F@ 2EMHFW0DQDJHPHQW*URXS80/'LDJUDP,QWHUFKDQJH
6SHFLILFDWLRQKWWSZZZRPJRUJFJLELQGRF"SWFSGI
VWDQQDG]LH
>20*@ 2EMHFW0DQDJHPHQW*URXS80/6XSHUVWUXFWXUH)7)
&RQYHQLHQFH'RFXPHQWKWWSZZZRPJRUJGRFVSWF
SGIVWDQQDG]LH
>20*@ 2EMHFW0DQDJHPHQW*URXS8QLILHG0RGHOLQJ/DQJXDJH
6XSHUVWUXFWXUH9HUVLRQ)RUPDOKWWSZZZRPJRUJGRFV
IRUPDOSGIVWDQQDG]LH
>5DWLRQDO@ 5DWLRQDO6RIWZDUH&RUSRUDWLRQ%XVLQHVV0RGHOLQJZLWK80/
7KH/LJKWDWWKH(QGRIWKH7XQQHOKWWSZZZLEPFRP
GHYHORSHUZRUNVUDWLRQDOOLEUDU\FRQWHQW5DWLRQDO(GJHGHF
%XVLQHVV0RGHOLQJZLWK80/'HFSGIVWDQQDG]LH
>5RVHQEHUJ@ KWWSZZZFVKPFHGXFRXUVHVVSULQJFVVOLGHVVOLGHV
SGIVWDQQDG]LH
>56:3@ 5DWLRQDO6RIWZDUH:KLWH3DSHU5DWLRQDO8QLILHG3URFHVV
%HVW3UDFWLFHVIRU6RIWZDUH'HYHORSPHQW7HDPV
IWSIWSVRIWZDUHLEPFRPVRIWZDUHUDWLRQDOZHEZKLWHSDSHUV
UXSBEHVWSUDFWLFHVSGIVWDQQDG]LH
>56:3@ 5DWLRQDO6RIWZDUH:KLWH3DSHU%XVLQHVV0RGHOLQJZLWKWKH80/
DQG5DWLRQDO6XLWH$QDO\VW6WXGLRKWWSZZZILWKFPXQVHGXYQ
aOTYXGRFVXPO%XVLQHVV0RGHOLQJZLWK80/DQG56$6SGI
VWDQQDG]LH
>583@ 5DWLRQDO8QLILHG3URFHVV±KLSHUWHNVWRZDED]DZLHG]\
VWDQQDG]LH
>8QL0RG@ KWWSXQLPRGVRXUFHIRUJHQHWWRROVSDFNDJHVKWPO
VWDQQDG]LH
3DUW, %DFNJURXQGRI80/
&KDSWHU 8QLILHG0RGHOLQJ/DQJXDJHvGHYHORSPHQWVWUXFWXUHWHUPV
6LJQLILFDQFHRIREMHFWRULHQWHGDSSURDFKLQLQIRUPDWLRQV\VWHPVPRGHOLQJ
(YROXWLRQRI80/
80/GLDJUDPW\SHV
9LHZVRIV\VWHPDUFKLWHFWXUH
([WHQVLRQPHFKDQLVPV
6WHUHRW\SH
&RQVWUDLQW
7DJJHGYDOXH
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU 8VHFDVHGLDJUDP
5HOHYDQFHRIXVHFDVHGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
8VHFDVH
$FWRU
5HODWLRQVKLS
$GYDQFHGHOHPHQWVRIGLDJUDP
6WUXFWXULQJXVHFDVHPRGHO
©LQFOXGHªGHSHQGHQF\
©H[WHQGªGHSHQGHQF\
*HQHUDOL]DWLRQV
7\SHVRIDFWRUV
0XOWLSOLFLW\
1DYLJDELOLW\
5HDOL]DWLRQ
&58'XVHFDVHV
([WHQGHGQDPLQJVFKHPH
&RQWH[WGLDJUDP
'RFXPHQWLQJXVHFDVHVFHQDULRV
8VHFDVHGLDJUDPGHYHORSPHQWSURFHVV
$GYDQFHGVWXG\RIXVHFDVHGLDJUDP
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
'RGDWNL
&KDSWHU &ODVVGLDJUDP
5HOHYDQFHRIFODVVGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
$VVRFLDWLRQ
1DPLQJDVVRFLDWLRQV
5ROHV
1DYLJDELOLW\
0XOWLSOLFLW\
$JJUHJDWLRQ
$GYDQFHGHOHPHQWVRIGLDJUDP
7\SHVRIFODVVGLDJUDPV
5HVSRQVLELOLWLHV
9LVLELOLW\
6WDWLFDWWULEXWHVDQGDVVRFLDWLRQV
1DPLQJFODVVHVDWWULEXWHVDQGRSHUDWLRQV
6\QWD[RIDWWULEXWHVDQGRSHUDWLRQV
$VVRFLDWLRQFODVVHV
0XOWLSOHDQGUHIOH[LYHDVVRFLDWLRQV
4XDOLILFDWLRQ
*HQHUDOL]DWLRQVDEVWUDFWDQGFRQFUHWHFODVVHV
'HSHQGHQF\
5HDOL]DWLRQ
2EMHFWGLDJUDP
&ODVVGLDJUDPGHYHORSPHQWSURFHVV
$GYDQFHGVWXG\RIFODVVGLDJUDP
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU $FWLYLW\GLDJUDP
5HOHYDQFHRIDFWLYLW\GLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
$FWLYLWLHVDQGDFWLRQV
$GYDQFHGHOHPHQWVRIGLDJUDP
&RQWUROIORZV
7RNHQ
$OWHUQDWLYHIORZV
'HFLVLRQ
$FWLYLW\HGJHFRQQHFWRU
0HUJHQRGH
&RQFXUUHQWIORZV
$FWLRQV
'DWDIORZV
3LQ
$FWLYLW\SDUDPHWHUQRGH
:HLJKW
6LJQDO
&HQWUDOEXIIHU
'DWDVWRUH
$FWLYLW\SDUWLWLRQ
([SDQVLRQUHJLRQ
,QWHUUXSWLEOHDFWLYLW\UHJLRQ
([FHSWLRQKDQGOHU
'RGDWHN,&RQWHQWV
&KDSWHU &RPPXQLFDWLRQGLDJUDP
5HOHYDQFHRIFRPPXQLFDWLRQGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
0HVVDJHQXPEHULQJ
0HVVDJHLQVHUWLRQUXOHV
$GYDQFHGHOHPHQWVRIGLDJUDP
,VRPRUSKLVP
0HVVDJHQHVWLQJ
3UHGHFHVVRU
&RQFXUUHQF\
0XOWLSOHREMHFWV
$FWLYHFODVVHV
2WKHUDGYDQFHGHOHPHQWV
&RPPXQLFDWLRQGLDJUDPGHYHORSPHQWSURFHVV
$GYDQFHGVWXG\RIFRPPXQLFDWLRQGLDJUDP
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU 7LPLQJGLDJUDP
5HOHYDQFHRIWLPLQJGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
$GYDQFHGHOHPHQWVRIGLDJUDP
(YHQWVDQGWLPHFRQVWUDLQWV
$OWHUQDWLYHZD\VRISUHVHQWLQJVWDWHV
+DUPRQL]LQJWLPHOLQHV
6HQGLQJPHVVDJHV
7LPLQJRQVHTXHQFHGLDJUDPV
7LPLQJGLDJUDPGHYHORSPHQWSURFHVV
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU,QWHUDFWLRQRYHUYLHZGLDJUDP
5HOHYDQFHRILQWHUDFWLRQRYHUYLHZGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
$GYDQFHGHOHPHQWVRIGLDJUDP
,QWHUDFWLRQRYHUYLHZGLDJUDPGHYHORSPHQWSURFHVV
$GYDQFHGVWXG\RILQWHUDFWLRQRYHUYLHZGLDJUDP
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU,PSOHPHQWDWLRQGLDJUDPV
5HOHYDQFHRILPSOHPHQWDWLRQGLDJUDPV
&RPSRQHQWGLDJUDP
,QWHUIDFHV
&RPSRQHQWVSHFLILFDWLRQ
3RUWV
&RQQHFWRUV
*HQHULFFRPSRQHQWGLDJUDP
'HSOR\PHQWGLDJUDP
1RGHV
&RPPXQLFDWLRQSDWKV
(PEHGGHGDUWLIDFWVDQGFRPSRQHQWV
0DQLIHVWLQJ
'HSOR\PHQWVSHFLILFDWLRQ
3K\VLFDOGHSOR\PHQWGLDJUDPV
'RGDWHN,&RQWHQWV
,PSOHPHQWDWLRQGLDJUDPVGHYHORSPHQWSURFHVV
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU&RPSRVLWHVWUXFWXUHGLDJUDP
5HOHYDQFHRIFRPSRVLWHVWUXFWXUHGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
&RPSRVLWHVWUXFWXUHGLDJUDPGHYHORSPHQWSURFHVV
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV
&KDSWHU3DFNDJHGLDJUDP
5HOHYDQFHRISDFNDJHGLDJUDPV
(OHPHQWDU\PRGHOLQJFDWHJRULHVDQGQRWDWLRQ
3DFNDJH
'HSHQGHQF\
3DFNDJHQHVWLQJ
$GYDQFHGHOHPHQWVRIGLDJUDP
6WHUHRW\SLQJSDFNDJHV
6WHUHRW\SLQJGHSHQGHQFLHV
3DFNDJHGLDJUDPGHYHORSPHQWSURFHVV
$GYDQFHGVWXG\RISDFNDJHGLDJUDP
,QGH[RIEDVLFFRQFHSWV
4XHVWLRQVDQGH[HUFLVHV