Professional Documents
Culture Documents
0Dlqwhqdqfh, Qvwuxfwlrqv) DQ: $guhvv $guhvvh $guhvvh 'Luhfflyq, Qglul) ) R 0rgho 0rghooh 0rgqoh 0rghor 0rghoor
0Dlqwhqdqfh, Qvwuxfwlrqv) DQ: $guhvv $guhvvh $guhvvh 'Luhfflyq, Qglul) ) R 0rgho 0rghooh 0rgqoh 0rghor 0rghoor
)DQ
0RGHO 0RGHOOH 0RGqOH 0RGHOR 0RGHOOR $GUHVV $GUHVVH $GUHVVH 'LUHFFLyQ ,QGLUL]]R
6DIHW\,QVWUXFWLRQV 6LFKHUKHLWVKLQZHLVH &RQVLJQHV GH VpFXULWp ,QVWUXFFLRQHVGHVHJXULGDG ,VWUX]LRQL GL VLFXUH]]D
:$51,1* :$5181* $9(57,66(0(17 $99(57(1=( $0021,=,21(
3OHDVHUHDGWKURXJKWKHVHLQVWUXFWLRQV %LWWHOHVHQ6LHGLHVH$QOHLWXQJYRUGHP 9HXLOOH]OLUHDWWHQWLYHPHQWFHPRGH /HHUHVWDVLQVWUXFFLRQHVGHWHQLGDPHQWH 3HUIDYRUHOHJJHUHDFFXUDWDPHQWH
FDUHIXOO\EHIRUHH[FKDQJLQJ$OOVDIHW\ 7DXVFKVRUJIlOWLJGXUFK$OOH GµHPSORLDYDQWGHUHPSODFHU7RXWHVOHV DQWHVGHFDPELDU TXHVWHLVWUX]LRQLSULPDGLVRVWLWXLUH
ZDUQLQJDQGRWKHUDGYLFHWKDWLVJLYHQLQ 6LFKHUKHLWV:DUQ XQGVRQVWLJHQ FRQVLJQHVGHVpFXULWpGµDYHUWLVVHPHQW 'HEHQFXPSOLUVHVREUHWRGRODV 7XWWHOHLVWUX]LRQLGLVLFXUH]]DHOH
WKHVHLQVWUXFWLRQVDQGLQWKHRSHUDWLQJ +LQZHLVHLQGLHVHU$QOHLWXQJXQGLQGHU HWDXWUHVLQGLFDWLRQVILJXUDQWGDQVFH LQVWUXFFLRQHVGHVHJXULGDGDYLVRV\ DYYHUWHQ]HGLFDXWHODFRPHWXWWHOH
LQVWUXFWLRQVDVZHOODVLQZDUQLQJVLJQV %HWULHEVDQOHLWXQJVRZLHGLHDP*HUlW PRGHGµHPSORLHWGDQVOHVLQVWUXFWLRQV GHPiVVXJHUHQFLDVGHHVWHPDQXDOHQ DOWUHFRQWHQXWHLQTXHVWHLVWUX]LRQLHG
WKDWDUHILWWHGWRWKHHTXLSPHQWPXVWEH DQJHEUDFKWHQ:DUQKLQZHLVHVLQG GHVHUYLFHDLQVLTXHOHVDYHUWLVVHPHQWV ODVLQVWUXFFLRQHVGHVHUYLFLRDVtFRPR LQTXHOOHSHUOXVRFRPHDQFKHJOL
IROORZHGZLWKRXWIDLO XQEHGLQJW]XEHDFKWHQ LQVFULWVVXUOµDSSDUHLOGRLYHQWrWUH HQORVUyWXORVGHDYLVRFRORFDGRVHQHO DYYHUWLPHQWLFLSHULFRORDSSOLFDWL
LPSpUDWLYHPHQWUHVSHFWpV DSDUDWR VXOODSSDUHFFKLRGHYRQRHVVHUHLQRJQL
7KLVHTXLSPHQWFRQWDLQVGDQJHURXV 'DVYRUOLHJHQGH*HUlWIKUWJHIlKUOLFKH FDVRULVSHWWDWH
YROWDJHVDQGFRQWUROVSRWHQWLDOO\ 6SDQQXQJHQXQGVWHXHUWXPODXIHQGH &HWpTXLSHPHQWHVWOHVLqJHGHWHQVLRQV (VWHHTXLSRFRQWLHQHWHQVLRQHV
GDQJHURXVURWDWLQJPHFKDQLFDOSDUWV PHFKDQLVFKH7HLOHGLHJHJHEHQHQIDOOV GDQJHUHXVHVHWSLORWHGHVSLqFHV SHOLJURVDV\FRQWURODSDUWHVPHFiQLFDV /DSUHVHQWHDSSDUHFFKLDWXUDFRQWLHQH
1RQFRPSOLDQFHZLWK:DUQLQJV RU JHIlKUOLFKVLQG%HL0LVVDFKWXQJGHU PpFDQLTXHVURWDWLYHVSRWHQWLHOOHPHQW HQURWDFLyQSRWHQFLDOPHQWHSHOLJURVDV WHQVLRQLSHULFRORVHHFRQWUROODSDUWL
IDLOXUHWRIROORZWKHLQVWUXFWLRQV :DUQKLQZHLVH RGHU1LFKWEHIROJHQGHU GDQJHUHXVHV/HQRQUHVSHFWGHV 1RUHVSHWDUODVDGYHUWHQFLDV RQR PHFFDQLFKHURWDQWLSRWHQ]LDOPHQWH
FRQWDLQHGLQWKLVJXLGHDQGWKHPDQXDO LQGLHVHU$QOHLWXQJXQGLQGHU DYHUWLVVHPHQWV RXO
LQREVHUYDWLRQGHV VHJXLUODVLQVWUXFFLRQHVFRQWHQLGDVHQ SHULFRORVH/
LQRVVHUYDQ]DGHOOH
FDQUHVXOWLQORVVRIOLIHVHYHUHSHUVRQDO %HWULHEVDQOHLWXQJHQWKDOWHQHQ+LQZHLVH LQVWUXFWLRQVFRQWHQXHVGDQVOHSUpVHQW HVWHJXtDSXHGHHPDQXDOSURYRFDUOD $PPRQL]LRQH RGHOOHLVWUX]LRQL
LQMXU\RUVHULRXVGDPDJHWRSURSHUW\ N|QQHQ7RGVFKZHUH.|USHU QRWLFHH[SOLFDWLYHHWOHPDQXHOSHXW PXHUWHOHVLRQHVJUDYHVRGDxRV ULSRUWDWHGDOSUHVHQWHJXLGDHPDQXDOH
YHUOHW]XQJHQRGHUHUKHEOLFKHU HQWUDvQHUODPRUWGHVEOHVVXUHVJUDYHV PDWHULDOHVFRQVLGHUDEOHV SXzHVVHUHFDXVDGLHYHQWLIDWDOLRGL
2QO\VXLWDEOHTXDOLILHGSHUVRQQHOVKRXOG 6DFKVFKDGHQHLQWUHWHQ RXG
LPSRUWDQWVGRPPDJHVPDWpULHOV JUDYLGDQQLDOOHSHUVRQHRDOOHFRVH
ZRUNRQWKLVHTXLSPHQWDQGRQO\DIWHU (QHVWHHTXLSRVyORGHEHUiWUDEDMDU
EHFRPLQJIDPLOLDUZLWKDOOVDIHW\QRWLFHV 1XUHQWVSUHFKHQGTXDOLIL]LHUWHV 6HXOHVWKDELOLWpjWUDYDLOOHUVXUFHW SHUVRQDODGHFXDGDPHQWHFXDOLILFDGR\ 6XOODSUHVHQWHDSSDUHFFKLDWXUDGRYUj
LQVWDOODWLRQRSHUDWLRQDQGPDLQWHQDQFH 3HUVRQDOGDUIDQGLHVHP*HUlWDUEHLWHQ pTXLSHPHQWGXSHUVRQQHOTXDOLILpHW VyORXQDYH]IDPLOLDUL]DGRFRQWRGDVODV RSHUDUHHVFOXVLYDPHQWHSHUVRQDOH
SURFHGXUHVFRQWDLQHGLQWKLVJXLGHDQG 'LHVHV3HUVRQDOPXVVJUQGOLFKPLW SDUIDLWHPHQWIDPLOLDULVpDYHFO
HQVHPEOH FRQVLJQDVGHVHJXULGDG DSSRVLWDPHQWHTXDOLILFDWRHVRODPHQWH
WKHPDQXDO7KHVXFFHVVIXODQGVDIH DOOHQ6LFKHUKHLWVKLQZHLVHQ GHVUqJOHVGHVpFXULWpDLQVLTX
DYHFOHV SURFHGLPLHQWRVGHLQVWDODFLyQ GRSRFKHDEELDDFTXLVLWRSLHQD
RSHUDWLRQRIWKLVHTXLSPHQWLV ,QVWDOODWLRQV%HWULHEV XQG SURFpGXUHVG
LQVWDOODWLRQG
H[SORLWDWLRQ RSHUDFLyQ\PDQWHQLPLHQWRFRQWHQLGRV GLPHVWLFKH]]DLQPHULWRDWXWWHOH
GHSHQGHQWXSRQLWVSURSHUKDQGOLQJ ,QVWDQGKDOWXQJVPDQDKPHQZHOFKHLQ HWGHPDLQWHQDQFHFRQWHQXHVGDQVFH HQHVWHJXtDH0DQXDO(O LQIRUPD]LRQLGLVLFXUH]]DHGDOOH
LQVWDOODWLRQRSHUDWLRQDQGPDLQWHQDQFH GLHVHU$QOHLWXQJXQGLQGHU QRWLFHH[SOLFDWLYHHWOHPDQXHO/H IXQFLRQDPLHQWRH[LWRVR\VHJXURGH SURFHGXUHGLLQVWDOOD]LRQHXVRH
7DNHSDUWLFXODUQRWHRIWKHJHQHUDODQG %HWULHEVDQOHLWXQJHQWKDOWHQVLQG IRQFWLRQQHPHQWFRUUHFWHWVUGHFHW HVWHHTXLSRGHSHQGHGHVLKDVLGR PDQXWHQ]LRQHULSRUWDWHLQTXHVWRJXLGD
UHJLRQDOLQVWDOODWLRQDQGVDIHW\ YHUWUDXWVHLQ'HUHLQZDQGIUHLHXQG pTXLSHPHQWSUpVXSSRVHXQH PDQLSXODGRLQVWDODGRRSHUDGR\ HPDQXDOH,OFRUUHWWRHVLFXUR
UHJXODWLRQVUHJDUGLQJZRUNRQ VLFKHUH%HWULHEGHV*HUlWHVVHW]W PDQLSXODWLRQXQHLQVWDOODWLRQXQH PDQWHQLGRDGHFXDGDPHQWH IXQ]LRQDPHQWRGHOODSUHVHQWH
GDQJHURXVYROWDJHLQVWDOODWLRQVHJ(1 VDFKJHPlHQ7UDQVSRUW XWLOLVDWLRQHWXQHPDLQWHQDQFH &RQVLGHUDUHVSHFLDOPHQWHORV DSSDUHFFKLDWXUDGLSHQGHGDOO
LGRQHLWj
DVZHOODVWKHUHOHYDQW RUGQXQJVJHPlH,QVWDOODWLRQ FRQIRUPHVDX[UqJOHVGHO
DUW UHJODPHQWRVGHLQVWDODFLyQ\VHJXULGDG GHJOLLQWHUYHQWLGLPDQLSROD]LRQH
UHJXODWLRQVUHJDUGLQJWKHFRUUHFWXVHRI %HGLHQXQJXQG,QVWDQGKDOWXQJYRUDXV 2EVHUYH]HQSDUWLFXOLHUOHVUqJOHPHQWV JHQHUDOHV\UHJLRQDOHVUHODWLYRVDO LQVWDOOD]LRQHXVRHPDQXWHQ]LRQH
WRROVDQGSHUVRQDOSURWHFWLYHHTXLSPHQW ,QVEHVRQGHUHVLQGVRZRKOGLH JpQpUDX[HWQDWLRQDX[HQPDWLqUH WUDEDMRHQLQVWDODFLRQHVFRQWHQVLyQ 6LVHJXDQRLQROWUHVFUXSRORVDPHQWHOH
33( DOOJHPHLQHQXQGUHJLRQDOHQ G
LQVWDOODWLRQHWGHVpFXULWpFRQFHUQDQW SHOLJURVDSHM(1DOLJXDOTXH QRUPHGLVLFXUH]]DJHQHUDOLHORFDOL
,QVWDOODWLRQV XQG OHVWUDYDX[VXUOHVLQVWDOODWLRQVXWLOLVDQW ORVUHJODPHQWRVLPSRUWDQWHVUHODWLYRVDO QRQFKpOHUHJROHGLVLFXUH]]D
6ZLWFK RIIDOOSRZHUWR WKHGHYLFH 6LFKHUKHLWVYRUVFKULIWHQIU$UEHLWHQDQ GHVWHQVLRQVGDQJHUHXVHVSH[(1 XVRFRUUHFWRGHKHUUDPLHQWDV\HTXLSRV FRQFHUQHQWLLOODYRURVXLPSLDQWLRSHUDQWL
EHIRUHUHSODFLQJSDUWV 'XH WR WKH $QODJHQPLWJHIlKUOLFKHQ6SDQQXQJHQ DLQVLTXHOHVUqJOHPHQWVHQ GHSURWHFFLyQSUHVRQDO DWHQVLRQLSHULFRORVHTXDOLDGHVHPSLR
WLPH WDNHQ WR GLVFKDUJHWKHWZR ]%(1DOVDXFKGLHGHV YLJXHXUUHODWLIVDXERQXVDJHGHVRXWLOV OHQRUPH(1FRPHSXUHOH
LQWHUPHGLDWHFLUFXLWFDSDFLWRUV WKH IDFKJHUHFKWHQ(LQVDW]YRQ:HUN]HXJHQ HWGHVGLVSRVLWLIVGHSURWHFWLRQ $QWHV GH FDPELDUSLH]DV GHEH YLJHQWLSUHVFUL]LRQLLQPHULWRDOFRUUHWWR
GHYLFHPD\QRWEHRSHQHGIRU ]XEHDFKWHQ:HLWHUKLQLVWGHQ SHUVRQQHOV GHVFRQHFWDUVH HO DSDUDWRWRWDOPHQWH LPSLHJRGLDWWUH]]LHGLVSRVLWLYLGL
PLQXWHVDIWHUWKH SRZHUKDV EHHQ 9RUVFKULIWHQ]XU%HQXW]XQJSHUV|QOLFKHU GHOD FRUULHQWH 'HELGR DO WLHPSR GH SURWH]LRQHSHUVRQDOH
WXUQHG RII 6FKXW]DXVUVWXQJ)ROJH]XOHLVWHQ $YDQWG¶pFKDQJHUOHVSLqFHV GHVFDUJD GHORV FRQGHQVDGRUHV GH
GpWDFKpHVLOFRQYLHQWGHPHWWUHKRUV FLUFXLWRVLQWHUPHGLRV HVWHDSDUDWR 3ULPDGLVRVWLWXLUHLULFDPELVLGHYH
7KHPDLQVLQSXW'&DQGPRWRU 9RUGHP(UVDW]WHLOWDXVFKLVWGDV WHQVLRQO¶DSSDUHLOVXUWRXWHVOHV VyORGHEHVHUDELHUWR PLQXWRV GLVLQVHULUHODWHQVLRQHGDWXWWHOH
WHUPLQDOVDQGDOVRWHUPLQDOEORFN; *HUlWDOOVHLWLJVSDQQXQJVIUHL]X IDFHV(QUDLVRQGXWHPSVGH GHVSXpV GH GHVFRQHFWDU OD FRUULHQWH SDUWLGHOO
DSSDUHFFKLR/
DSSDUHFFKLR
FDQFDUU\GDQJHURXVYROWDJHVHYHQLI VFKDOWHQ:HJHQGHU(QWODGXQJV]HLW GpFKDUJHGHVFRQGHQVDWHXUVGX VLGHYHDSULUHPLQXWLGRSRLO
WKHLQYHUWHULVLQRSHUDWLYH GHU=ZLVFKHQNUHLVNRQGHQVDWRUHQ FLUFXLWLQWHUPpGLDLUHO¶DSSDUHLOQH /DHQWUDGDGHUHGODFRQWLQXD\ORV GLVLQVHULPHQWR GHOODWHQVLRQHSHU
GDUIGDV*HUlWHUVW0LQXWHQQDFK GRLWrWUHRXYHUWTXHPLQXWHVDSUqV ERUQHVGHOPRWRUDVtFRPRODUHJOHWDGH FRQVHQWLUHDLFRQGHQVDWRULGHO
2ULJLQDODSSOLDQFHSDUWVPXVWEHXVHG 6SDQQXQJVIUHLVFKDOWXQJJH|IIQHW FRXSXUHGHODWHQVLRQ ERUQHV ;SXHGHQHVWDUVRPHWLGRVD FLUFXLWRLQWHUPHGLRGLVFDULFDUVL
IRUH[FKDQJLQJ ZHUGHQ WHQVLRQHVSHOLJURVDVDXQTXHQRHVWp
/HVERUQHVUpVHDX&&HWPRWHXUDLQVL IXQFLRQDQGRHOFRQYHUWLGRU ,PRUVHWWLGLDOODFFLDPHQWRDOODUHWHHGL
$IWHU UHSODFHPHQWUHVWDUW WKHGHYLFHDV 'LH1HW]*OHLFKVSDQQXQJV XQG TXHODUpJOHWWHj ERUQHV;SHXYHQW WHUPLQDOLLQFFGHOPRWRUHFRPH
GHVFULEHG LQ WKHRSHUDWLQJLQVWUXFWLRQV 0RWRUNOHPPHQVRZLHGLH.OHPPOHLVWH rWUHSRUWpHVjXQHWHQVLRQGDQJHUHXVH 3DUDFDPELDUGHEHQXWLOL]DUVHSLH]DV PRUVHWWLHUD;SRVVRQRHVVHUHVRWWR
;N|QQHQJHIlKUOLFKH6SDQQXQJHQ PrPHVLOHYDULDWHXUHVWLQRSpUDQW GHUHFDPELRRULJLQDOHV SHULFRORVHWHQVLRQLDQFKHQHOFDVRLQ
IKUHQDXFKZHQQGHU8PULFKWHUQLFKW FXLO
LQYHUWHUVLDGLVDWWLYDWR
LQ%HWULHELVW /RUVGXUHPSODFHPHQWLOFRQYLHQW 'HVSXpV GHO FDPELR GHEHYROYHU D
GµXWLOLVHUGHVSLqFHVDFFHVVRLUHV SRQHUVH HQ PDUFKDVHJ~Q ODV 3HUVRVWLWXLUHVLGHYRQRXVDUHSH]]LGL
)UGHQ$XVWDXVFKPVVHQ GµRULJLQH LQVWUXFFLRQHV GH VHUYLFLR DFFHVVRULRULJLQDOL
2ULJLQDO]XEHK|UWHLOHYHUZHQGHWZHUGHQ
$SUqVOHUHPSODFHPHQWLOFRQYLHQWGH 'RSRODVRVWLWX]LRQHVLGHYHULHVHJXLUH
1DFKGHP$XVWDXVFKLVWGLH SURFpGHUj ODUHPLVHHQVHUYLFH ODPHVVDLQIXQ]LRQHFRPHLQGLFDWR
:LHGHULQEHWULHEQDKPHHQWVSUHFKHQG FRQIRUPpPHQWDXPRGHG¶HPSORL QHOOHLVWUX]LRQLSHUO
XVR
GHU%HWULHEVDQOHLWXQJYRU]XQHKPHQ
6LHPHQV$*6XEMHFW WR FKDQJHZLWKRXWSULRUQRWLILFDWLRQ
(GLWLRQ
0,&520$67(5*; 0DLQWHQDQFH,QVWUXFWLRQV
)DQ
$XVEDX (LQEDX
'pPRQWDJH 0RQWDJH
'HVPRQWDMH ',6$66(0%/< 0RQWDMH 5(3/$&(0(17
6PRQWDJJLR 0RQWDJJLR
8QVFUHZ [ ,QVWDOOUHWDLQHU DQJOH
$XIVFKUDXEHQ[ +DOWHZLQNHODXIVHW]HQ
'pYLVVHU [ 3RVHUO
pTXHUUHGHUHWHQXH
7RU[0
'HVWRUQLOODU [
6YLWDUH [
&RORFDUHOiQJXORGHVXMHFLyQ
$SSOLFDUHVXSSRUWRDQJRODUH
6FUHZ [
)HVWVFKUDXEHQ[
9LVVHU[
$WRUQLOODU [
01P $YYLWDUH [
3XVK LQ IDQ
/IWHUKLQHLQVFKLHEHQ
5HQWUHU ODpUDWHXU
8QGRFDEOH DQGSXOORII[
,QVHUWDUYHQWLODGRU
.DEHOO|VHQXQGDE]LHKHQ[
'HVVHUUHUHQOHYHU OH FkEOH [ ,QVHULUH LODHUDWRUH
6ROWDU \ VDFDUFDEOH [
6EORFFDUHHGHVWUDUUHLFDYL[
0RXQW FDEOH [1P
.DEHOPRQWLHUHQ[1P
0RQWHU OH FkEOH [1P
0RQWDUFDEOH [1P
0RQWDUHLFDYL[1P
6FUHZ [
)HVWVFKUDXEHQ[
9LVVHU[
$WRUQLOODU [
7RU[01P $YYLWDUH [
3XOORXW IDQ
/IWHUKHUDXV]LHKHQ
6RUWLU ODpUDWHXU
6DFDUYHQWLODGRU
(VWUDUUH LODHUDWRUH
3RVLWLRQ
(PSODFHPHQW
8ELFDFLyQ
3RVL]LRQH
/RFDWLRQ
8QVFUHZ [
$XIVFKUDXEHQ[
'pYLVVHU [
'HVWRUQLOODU [
0 6YLWDUH [
5HPRYHUHWDLQHU DQJOH
+DOWHZLQNHODEQHKPHQ
(QOHYHUO
pTXHUUHGHUHWHQXH
([WUDHUHOiQJXORGHVXMHFLyQ
5LPXRYHUHVXSSRUWRDQJRODUH
6LHPHQV$*6XEMHFW WR FKDQJHZLWKRXWSULRUQRWLILFDWLRQ
(GLWLRQ