You are on page 1of 3

 5HFRUGDU&RPSDQ\VPpVHQOOjGHODVHYDPRUW

5HFRUGDU&RPSDQ\VPpVHQOOjGHODVHYDPRUW
&RPSDQ\VKDHVGHYLQJXWXQVtPEROGHODOOXLWDDQWLIHL[LVWDHQXQDVLWXDFLyHQRUPHPHQW
FRPSOH[DGHSURFHVVRVUHYROXFLRQDULVLFRQIURQWDFLyLHQXQGHOVPRPHQWVPpVFRQYXOVRVGHOD
KLVWzULDGH&DWDOXQ\DLG(VSDQ\D/DVHYDILJXUDFRQWpPROWHVHVSHUDQFHVFRQWUDGLFFLRQVL
WDPEpRPEUHV
*HUDUGR3LVDUHOOR;DYLHU'RPqQHFK6DPSHUH

K 7ZHHW

/OXtV&RPSDQ\VHQXQDSURMHFFLyHOGLDGHVHWHPEUH

/DVVDVVLQDWGH/OXtV&RPSDQ\VL-RYHUPDUFDXQDFHVXUDHQODPHPzULDSRSXODUGHOFDWDODQLVPH
GHVTXHUUHVGDTXHVWSDtV8QDIHULGDTXHHVGHYpILQDOPHQWQDFLRQDOXQHVSDLGHFRQVHQVGHOD
PHPzULDGH&DWDOXQ\D/DPRUWHQPDQVGHOIHL[LVPHGHO~QLFSUHVLGHQWGXQJRYHUQGHPRFUjWLF
H[HFXWDWHQPLJGXQDJXHUUDFLYLOHXURSHDTXHHVGHYLQJXpPXQGLDOH[SOLFDSHUVLPDWHL[DHO
VLJQLILFDWTXHSUHQJXpDTXHOODPRUW3HUzPpVHQOOjODILGH&RPSDQ\VFRQVWLWXHL[XQDEDQVLXQ
GHVSUpVHQHOQRVWUHSDVVDW7RWDXQDKLVWzULDVHPEODDFDEDUDPEHOOD$&DWDOXQ\DLD(VSDQ\D
HYLGHQWPHQWSHUzWDPEpD(XURSD

8QPDWHL[ILOWUDYHVVDODPRUWGH0DFKDGRD&RWOOLXUHHOIHEUHUGHDODOWUDEDQGDGHOD
IURQWHUDIXJLQWGHOIUDQTXLVPHODILGHOILOzVRIDOHPDQ\:DOWHU%HQMDPLQD3RUWERXHOVHWHPEUH
GHIXJLQWHQDTXHVWFDVGHOQD]LVPHLODIXVHOODPHQWGH&RPSDQ\VORFWXEUHGHO
IUXLWGHODFROODERUDFLyGHOD*HVWDSRDPEHOIUDQTXLVPH*XHUUD&LYLOL6HJRQD*XHUUD0XQGLDO
VyQHQDTXHVWHVKLVWzULHVLQGHVWULDEOHV/DFRPPHPRUDFLyGHODVVDVVLQDWGH&RPSDQ\VWpGRQFV
WDPEpXQDGLPHQVLyLQWHUQDFLRQDO1RVHPSUHUHHL[LGDpVFHUWVL(XURSDHPHUJtGDTXHVWSHUtRGH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SJKHDGOLQHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$ 
 5HFRUGDU&RPSDQ\VPpVHQOOjGHODVHYDPRUW

DPEODLQVWDXUDFLyGHQRXVVLVWHPHVSROtWLFVTXHWHQLHQHQHOVHX$'1FRQVWLWXFLRQDOLPHPRULDO
ODQWLIHL[LVPHDTXHVWQRIRXHOFDVGHODQRVWUDWHUUD

3HUzVLODPRUWGH&RPSDQ\VFRQWpHQVLPDWHL[DP~OWLSOHVVLJQLILFDWVUHGXLUHOOOHJDWGHO
3UHVLGHQW&RPSDQ\VDODFWHGHOVHXDIXVHOODPHQWQRVHULDVLQyHQWHUUDUODYLGDTXHHOVIUDQTXLVWHV
VHJDUHQ&RPYDGHL[DUGLW3DVTXDO0DUDJDOOODWHQGqQFLDDSUHVHQWDUD&RPSDQ\VHQYROWDW
GDTXHVWDDXUDGHSUHVLGHQWPjUWLU VLEpVDMXVWDDODYHULWDWWDPEpODGLVWRUVLRQDVLHVGHYp
O~QLFSULVPDDWUDYpVGHOTXDOHVFRQWHPSODODVHYDYLGD ODWUDQVIRUPDHQXQpVVHU
XQLGLPHQVLRQDO

/DYLGDGH&RPSDQ\VHQHIHFWHVLPEROLW]DFRPSRTXHVOHVFRQWUDGLFFLRQVHVSHUDQFHVLWDPEp
HQVXOVLDGHVGHOTXHIRXHOUHSXEOLFDQLVPHFDWDODQLVWDGHOSULPHUWHUoGHOVHJOH;;(QSULPHUD
LQVWjQFLDSHUTXq&RPSDQ\VQRIRXHOGLULJHQWSROtWLFGXQD&DWDOXQ\DKRPRJqQLDVHQVH
FRQWUDGLFFLRQVQLFRQIOLFWHV$QVDOFRQWUDULUHSUHVHQWjFRPQLQJ~OD)DOVD5XWDGHQXQFLDGDDO
SHUODQWLFSURKRPGHOD/OLJDHVGHYLQJXWIHUYRUyVIUDQTXLVWD)HUQDQGR9DOOVL7DEHUQHU
&DWDOXxDKDVHJXLGRXQDIDOVDUXWD\KDOOHJDGRHQJUDQSDUWHDVHUYtFWLPDGHVXSURSLRH[WUDYtR
(VWDIDOVDUXWDKDVLGRHOQDFLRQDOLVPRFDWDODQLVWD HOFDWDODQLVPRHQVXDFWXDFLyQSROtWLFD
FRQVWUX\ySRGHURVDPHQWHDOGHVDUUROORGHOVXEYHUVLYLVPRHQ&DWDOXxDOOHYiQGRORKDVWDODVFDSDV
VRFLDOHVVXSHULRUHV \DFRQVHFXHQFLDGHHOORHOFDWDODQLVPRHVKR\XQFDGiYHU

&RPSDQ\VHIHFWLYDPHQWSHUWDQ\pDODJHQHUDFLyGHMRYHVUHSXEOLFDQVGHSULQFLSLVGHVHJOH
IRUPDGDSHOV$ORPDUHOV'RPLQJRRHOV/D\UHW$TXHVWVMRYHVSDUWLQWGHOOOHJDWGH3LL0DUJDOO
DFRQVHJXLUHQHQXQOODUJSURFpVIHUHQFDL[DUUHSXEOLFDQLVPHLFDWDODQLVPHDUWLFXODQWDL[tODSUzSLD
UHDOLWDWQDFLRQDOFDWDODQD(QHOFDVGH&RPSDQ\VDTXHVWFDPtSUHQJXpXQDIRUPDHVSHFLDOPHQW
LQWHQVDREUDQWSHUWDOTXHDTXHVWSURMHFWHSROtWLFQRUHVWpVGHVOOLJDWGHOHVFODVVHVSRSXODUV
FDWDODQHV$TXHVWSURSzVLWYDPDUFDUODVHYDDFWLYLWDWSROtWLFDMDJDLUHEpGHVGHOSULQFLSLEpFRPD
DGYRFDWGREUHUVEpFXOWLYDQWODPLVWDWGHGLULJHQWVLQGLFDOVOOLEHUWDULVFRPHO1RLGHO6XFUH

$TXHVWDLQWHQVDUHODFLyDPEOHVFODVVHVSRSXODUVHOSRUWjDOSUHVLGLDSULQFLSLVGHOVDQ\VYLQWLD
YHXUHGHSURSODPRUWHQODILJXUDGHOVHXHVWLPDW)UDQFHV/D\UHW(OSRUWjDL[tPDWHL[DGHVSOHJDU
HOVHXDFWLYLVPHPpVHQOOjGHOHVFODVVHVSRSXODUVXUEDQHV(VFRQYHUWtHQHOSURFpVHQXQDGHOHV
SHUVRQHVFODXVHQODIXQGDFLyGHOD8QLyGH5DEDVVDLUHVHOLDGLULJLUHOVHXSULQFLSDO
SRUWDYHX/D7HUUD5HSXEOLFDQLVPHFDWDODQLVPHREUHULVPHLSDJHVLDTXHGDYHQDL[t
LQGHVWULDEOHPHQWOOLJDWVDODVHYDILJXUDVHQVHODTXHQRVHQWpQODVHYDSRWqQFLDSROtWLFDQL
OKHJHPRQLDTXHDVVROtHOUHSXEOLFDQLVPHHQHOVSULPHUVDQ\VGHOD,,5HS~EOLFDTXDQ&DWDOXQ\D
QHVGHYLQJXpHOSULQFLSDOUHVJXDUG

'HYHJDGHVVKDYROJXWFRQWUDSRVDUODILJXUDGH&RPSDQ\VDODGH)UDQFHVF0DFLj$TXHVW~OWLP
KDXULDPRUWHO1DGDOGHFRQYHUWLWMDHQWRWXQVtPEROFRPYDGHPRVWUDUXQHQWHUUDPHQWWDQ
VROVFRPSDUDEOHDOGH'XUUXWL&RPSDQ\VHQFDQYLVHULDWDQVROVXQSROtWLFKjELOLGHJHVWRV
DUUDX[DWV7RWLTXHpVGLItFLOSHQVDUHQTXHOFRPPpVYROXQWDULyVTXHOLQWHQWGDOOLEHUDU&DWDOXQ\D
GHVGH3UDWVGH0ROOySURWDJRQLW]DGDSHU0DFLjHODTXHVWDFRQWUDSRVLFLyREOLGDIjFLOPHQWOD
LPSRUWjQFLDGH&RPSDQ\VSHUDVVHJXUDUODUUHODPHQWSRSXODUGHODSURSRVWDSROtWLFDTXHLPSXOVj
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SJKHDGOLQHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$ 
(OIXWXU3UHVLGHQWGH&DWDOXQ\DIRXHOUHJLGRUPpVYRWDWDOHVHOHFFLRQVPXQLFLSDOVGHOGDEULO
 5HFRUGDU&RPSDQ\VPpVHQOOjGHODVHYDPRUW

GHIRXDTXHOOTXHSURFODPjOD5HS~EOLFDGHVGHOEDOFyGHO$MXQWDPHQWMXVWSHUIHUOD
DUULEDUIRXHOTXHHVFRQVWLWXtHQXQGHOVSULQFLSDOVEDOXDUGVGHOUHSXEOLFDQLVPHGHVTXHUUHV
G(VSDQ\DGXUDQWHOELHQQLQHJUHHOTXHSURWDJRQLW]jHOVIHWVGRFWXEUHGHOTXDQFDLJXpSHU
UHWRUQDUGHVSUpVYLFWRULyVHOIHEUHUGH

$PEHOSDVGHOWHPSV&RPSDQ\VKDHVGHYLQJXWXQVtPEROGHODOOXLWDDQWLIHL[LVWDHQXQDVLWXDFLy
HQRUPHPHQWFRPSOH[DGHSURFHVVRVUHYROXFLRQDULVLFRQIURQWDFLyEqOOLFDLHQXQGHOVPRPHQWV
PpVFRQYXOVRVGHODKLVWzULDGH&DWDOXQ\DLG(VSDQ\D/DVHYDILJXUDFRQWpPROWHVHVSHUDQFHV
FRQWUDGLFFLRQVLWDPEpRPEUHV7DQPDWHL[HQVFRQWLQXDLQWHUSHOODQWLHQVUHFRUGDTXHVHQVHOD
PHPzULDGHOHVLQMXVWtFLHVGHOSDVVDWQRKLKDIXWXUVHJXUSHUOHVHVSHUDQFHVGHOSUHVHQW

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SJKHDGOLQHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$ 

You might also like