I GB V2 ELETTRONICA SPA C.so Principi di

I GB V2 ELETTRONICA SPA C.so Principi di

,
x
x
x
x
x
x
x
x
,OULFHYLWRUH5;3qXQHOHPHQWRGHOO¶LQQRYDWLYRVLVWHPD3HUVRQDO3DVVSURJHWWDWRHUHDOL]]DWRGDOOD9(/(77521,&$
/HFDUDWWHULVWLFKHSULQFLSDOLGLTXHVWRULFHYLWRUHVRQROHVHJXHQWL
3HUPHWWHGLJHVWLUHGDDXWHQWL
/D SUHVHQ]D GL XQ FRQQHWWRUH D ERUGR SHUPHWWH O¶LQVHULPHQWR GL XQ PRGXOR PHPRULD GHOOD VHULH 0(0 0(0,
0(00(0,
,WUHGLVSOD\DRWWRVHJPHQWLDVVLFXUDQRXQ¶HVWUHPDVHPSOLFLWjGLSURJUDPPD]LRQH
/DPRGDOLWj³UROOLQJFRGH´LPSHGLVFHTXDOXQTXHWHQWDWLYRGLGXSOLFD]LRQHGHLWHOHFRPDQGL3HUVRQDO3DVV
8WLOL]]DQGRXQWHOHFRPDQGRGHOODVHULH7;.(<qSRVVLELOHGLVDELOLWDUHLWUHWDVWL&$1&83'2:1SUHVHQWLVXOODVFKHGDHG
HVHJXLUHODSURJUDPPD]LRQHDGLVWDQ]D
/¶RS]LRQHSDVVHSDUWRXWDELOLWDO¶XWLOL]]RGHOWUDVPHWWLWRUH336
,OVLVWHPDG¶DXWRDSSUHQGLPHQWRUDGLRSHUPHWWHXQDIDFLOHHYHORFHPHPRUL]]D]LRQHGHLFRGLFLGHVLGHUDWL
8WLOL]]DQGRLPRGXOLUHOq0/5qSRVVLELOHHVSDQGHUHLOULFHYLWRUHILQRDTXDWWURFDQDOL
)81=,21('(,7$67,&$1&83'2:1
,O ULFHYLWRUH 5;3 SUHVHQWD XQD VWUXWWXUD GL SURJUDPPD]LRQH D PHQX RJQXQR GHL TXDOL FRUULVSRQGH DG XQD IXQ]LRQH GHO ULFHYLWRUH $
SURJUDPPD]LRQHDWWLYDWDSUHPHUHLOWDVWR83RLOWDVWR'2:1SHUVHOH]LRQDUHLPHQXHIIHWWXDQGRXQRVFRUULPHQWRDYDQWLHLQGLHWUR
3UHPHUHLOWDVWR&$1&SHUDFFHGHUHDOOHLPSRVWD]LRQLFKHVLSRVVRQRFRVuPRGLILFDUHSUHPHQGRLWDVWL83H'2:1
352*5$00$=,21(
',63/$<
U/
)XQ
W(/
&/W
U/&
(QG
'(6&5,=,21(
0HQXVHOH]LRQHUHOq
0HQXIXQ]LRQLUHOq
0HQXDXWRDSSUHQGLPHQWR
0HQXFDQFHOOD]LRQHWRWDOHPRGXORPHPRULD
0HQXPRGDOLWj52//,1*&2'(
)LQHSURJUDPPD]LRQH
)81=,21(
GDD5HOq
0RQEL6WL0
GDD7;
QR6L
QR6L
3HUXQDFRUUHWWDSURJUDPPD]LRQHOHJJHUHDWWHQWDPHQWHOHVHJXHQWLLVWUX]LRQL
x
(VHJXLUHLFROOHJDPHQWLHOHWWULFLDOODPRUVHWWLHUDTXLQGLDOLPHQWDUHLOULFHYLWRUH
x
,OGLVSOD\YLVXDOL]]DWUHWUDWWLQL
x
3UHPHUH LO WDVWR &$1& H WHQHUH SUHPXWR SHU FLUFD VHF TXDQGR LO GLVSOD\ YLVXDOL]]D OD VFULWWD U/ ULODVFLDUH LO WDVWR
6HHQWURPLQQRQVLHIIHWWXDQHVVXQ¶RSHUD]LRQHLOULFHYLWRUHHVFHDXWRPDWLFDPHQWHGDOODSURJUDPPD]LRQH
x
6HOH]LRQDUH LO PHQX GHVLGHUDWR SUHPHQGR LO WDVWR 83 SHU DQGDUH DYDQWL H '2:1 SHU DQGDUH LQGLHWUR 3HU HIIHWWXDUH XQR
VFRUULPHQWRYHORFHWHQHUHLOWDVWRSUHPXWR
x
3UHPHUHLOWDVWR&$1&SHUDFFHGHUHDOOHLPSRVWD]LRQLGHLPHQFKHVLYRJOLRQRPRGLILFDUH
x
&DPELDUHLGDWLLPSRVWDWLSUHPHQGRLOWDVWR83R'2:1
x
3HUFRQYDOLGDUHHGXVFLUHGDOPHQXSUHPHUHLOWDVWR&$1&
x
7HUPLQDWHOHPRGLILFKHVHOH]LRQDUHLOPHQX(QG
x
3UHPHUHLOWDVWR&$1&SHUXVFLUHGDOODSURJUDPPD]LRQH
,OULFHYLWRUH5;3qSURQWRSHUO¶XWLOL]]RRSHUXQDQXRYDSURJUDPPD]LRQH
U/0(186(/(=,21(86&,7$5(/Ê
3HUPHWWHGLVHOH]LRQDUHXQDGHOOHTXDWWURXVFLWHUHOqGLVSRQLELOLLWUDVPHWWLWRULFKHVDUDQQRVXFFHVVLYDPHQWHPHPRUL]]DWLVDUDQQR
DVVRFLDWLDOUHOqVFHOWR
)XQ0(18)81=,21,
3HUPHWWHODVHOH]LRQHGLXQDGHOOHVHJXHQWLIXQ]LRQL
0RQ
DWWLYD LO UHOq FRUULVSRQGHQWH SHU WXWWR LO WHPSR GL WUDVPLVVLRQH GHO WHOHFRPDQGR TXDQGR OD WUDVPLVVLRQH V¶LQWHUURPSH
LOUHOqVLGLVDWWLYDDXWRPDWLFDPHQWH
%L6
DWWLYDLOUHOqFRUULVSRQGHQWHFRQODSULPDWUDVPLVVLRQHGHOWHOHFRPDQGRLOUHOqVLGLVDWWLYDFRQODVHFRQGDWUDVPLVVLRQH
WL0
OD WUDVPLVVLRQH GHO WHOHFRPDQGR DWWLYD LO UHOq FRUULVSRQGHQWH LO TXDOH VL GLVDWWLYD DXWRPDWLFDPHQWH GRSR XQ WHPSR
LPSRVWDELOHGDDVHFRQGL
6HODIXQ]LRQHVHOH]LRQDWDqWL0UHOqWHPSRUL]]DWRqQHFHVVDULRLPSRVWDUHLOWHPSRGLDWWLYD]LRQHUHOq
x
3UHPHUHLOWDVWR&$1&LOGLVSOD\YLVXDOL]]D
x
6HOH]LRQDUHLOWHPSRGHVLGHUDWRFRPSUHVRWUDHVHFRQGLSUHPHQGRLOWDVWR83R'2:1
x
3UHPHUHLOWDVWR&$1&SHUFRQIHUPDUH
,WUDVPHWWLWRULFKHYHUUDQQRVXFFHVVLYDPHQWHPHPRUL]]DWLVDUDQQRDVVRFLDWLDOODIXQ]LRQHVFHOWD
35,0$',())(778$5(48$/6,$6,23(5$=,21($&&(57$56,&+(,/02'8/20(025,$6,$&255(77$0(17(
,16(5,721(//¶$3326,72&211(7725(
W(/0(18$872$335(1',0(172
4XHVWRPHQXSHUPHWWHODPHPRUL]]D]LRQHGHLWHOHFRPDQGLGHVLGHUDWLLQEDVHDOPRGXORPHPRULDXWLOL]]DWRVDUjSRVVLELOHLQVHULUHGD
DFRGLFLGLYHUVL'XUDQWHO¶DSSUHQGLPHQWRLOGLVSOD\YLVXDOL]]DLOQXPHURGHOOD=21$',0(025,$LOGLVSOD\qDOXFHILVVD
VHOD]RQDqOLEHUDqLQWHUPLWWHQWHVHOD]RQDqRFFXSDWD
ÊSRVVLELOHPHPRUL]]DUHLWHOHFRPDQGLGHVLGHUDWLLQPRGRVHTXHQ]LDOHRSSXUHQHOOH=21(',0(025,$GHVLGHUDWHSHUHIIHWWXDUH
XQRVFRUULPHQWRYHORFHqQHFHVVDULRWHQHUHSUHPXWRLOWDVWR83R'2:1
0(66$**,',(5525(,OGLVSOD\YLVXDOL]]D
(U
PRGXORPHPRULDJXDVWRRQRQLQVHULWRFRUUHWWDPHQWH
(U
WHQWDWRLQVHULPHQWRGLXQFRGLFHJLjSUHVHQWHLQPHPRULD
&/W&$1&(//$=,21(727$/(02'8/20(025,$
4XHVWRPHQXSHUPHWWHGLFDQFHOODUHFRPSOHWDPHQWHLOFRQWHQXWRGHOPRGXORPHPRULDGXUDQWHTXHVWDRSHUD]LRQHLOGLVSOD\YLVXDOL]]D
ODVFULWWD&/U$FDQFHOOD]LRQHWHUPLQDWDLOGLVSOD\YLVXDOL]]DQXRYDPHQWHODVFULWWD&/W
U/&02'$/,7¬52//,1*&2'(FRGLFHYDULDELOH
4XHVWRPHQSHUPHWWHGLDELOLWDUHRGLVDELOLWDUHODPRGDOLWj³UROOLQJFRGH´FKHUHQGHLPSRVVLELOHTXDOXQTXHWHQWDWLYRGLGXSOLFD]LRQHGHO
FRGLFH3HUVRQDO3DVV&RQTXHVWDPRGDOLWjDWWLYDWDLOULFHYLWRUH5;3qLQJUDGRGLULFRQRVFHUHLELWGHOFRGLFHFKHDGRJQL
WUDVPLVVLRQHFDPELDQRVHFRQGRXQFRPSOHVVRDOJRULWPRPDWHPDWLFR
&$1&(//$=,21(6,1*2/2&2',&(
ÊSRVVLELOHHIIHWWXDUHODFDQFHOOD]LRQHGLXQRRSLFRGLFLSUHVHQWLLQPHPRULD
x
3HU HQWUDUH LQ PRGDOLWj 352*5$00$=,21( SUHPHUH LO WDVWR &$1& H WHQHUH SUHPXWR SHU FLUFD VHF TXDQGR LO GLVSOD\
YLVXDOL]]DODVFULWWDU/ULODVFLDUHLOWDVWR6HHQWURPLQQRQVLHIIHWWXDQHVVXQDRSHUD]LRQHLOULFHYLWRUHHVFHDXWRPDWLFDPHQWH
GDOODSURJUDPPD]LRQH
x
6HOH]LRQDUHLOPHQXW(/SUHPHQGRLOWDVWR83R'2:1
x
3UHPHUHLOWDVWR&$1&VXOGLVSOD\FRPSDUH
x
3UHPHUHLOWDVWR83R'2:1SHUVHOH]LRQDUHOD]RQDGLPHPRULDFRQWHQHQWHLOFRGLFHGDFDQFHOODUH
x
,OQXPHURYLVXDOL]]DWRVXOGLVSOD\qDOXFHILVVDVHOD]RQDGLPHPRULDqOLEHUDqLQWHUPLWWHQWHVHOD]RQDqRFFXSDWD
x
3HU FDQFHOODUH LO FRQWHQXWR GHOOD ]RQD DSSHQD VHOH]LRQDWD SUHPHUH H WHQHUH SUHPXWR LO WDVWR &$1& ILQR D TXDQGR LO GLVSOD\
VPHWWHGLODPSHJJLDUHOD]RQDGLPHPRULDqRUDGLVSRQLELOHSHUXQDQXRYDSURJUDPPD]LRQH
$77(1=,21(FRQODPRGDOLWjUROOLQJFRGHDWWLYDWDqREEOLJDWRULRXWLOL]]DUHHVFOXVLYDPHQWHLWUDVPHWWLWRULGHOODVHULH3HUVRQDO3DVV
VHULDOL]]DWLFRQVRIWZDUH:,133&/33&/
&$5$77(5,67,&+(7(&1,&+(
&2//(*$0(17,$//$0256(77,(5$
9FDFFWUDLPRUVHWWLH
&HQWUDOHDQWHQQD
$OLPHQWD]LRQH
9FDFFWUDLPRUVHWWLH
6FKHUPDWXUDDQWHQQD
3RUWDWDFRQWDWWLUHOq
$9FF
&RPXQHUHOq
7HPSHUDWXUDG¶HVHUFL]LR
8VFLWDUHOq
ƒ&yƒ&
&RQVXPR
P$DULSRVRP$FRQTXDWWURUHOqDWWLYL &RPXQHUHOq
6HQVLELOLWj
8VFLWDUHOq
tG%P61 G%P ,UUDGLD]LRQLVXDQWHQQD
&RPXQHUHOq
dG%P
'LPHQVLRQL
[[PP
8VFLWDUHOq
3HVR
J
&RPXQHUHOq
,3
8VFLWDUHOq
$OLPHQWD]LRQH9&&&$
$OLPHQWD]LRQH9&&&$
',&+,$5$=,21(',&21)250,7¬
9(/(77521,&$63$GLFKLDUDFKHLOGLVSRVLWLYR5;3qFRQIRUPHDOOD'LUHWWLYD((&HVXFFHVVLYHPRGLILFKH((&
ÊVWDWDDSSOLFDWDOD1RUPDWLYDGLFRPSDWLELOLWjHOHWWURPDJQHWLFD(76
,O5DSSUHVHQWDQWH/HJDOHGHOOD9(/(77521,&$63$
$/,9,2&267$0$*1$
*%
x
x
x
x
x
7KH5;3UHFHLYHULVDFRPSRQHQWRIWKHQHZ3HUVRQDO3DVVV\VWHPGHYLVHGDQGFDUULHGRXWE\9(/(77521,&$
7KHPDLQIHDWXUHVFRQFHUQLQJWKHDERYHPHQWLRQHGV\VWHPDUHWKHIROORZLQJ
,WHQDEOHVWKHFRQWURORIXSWRXVHUV
$QLQFRUSRUDWHGFRQQHFWRUHQDEOHV\RXWRSXWLQPHPRU\PRGXORIWKHVHULHV0(00(00(00(0,
7KHVHJPHQWVGLVSOD\PDNHWKHSURJUDPPLQJH[WUHPHO\HDV\
7KH5ROOLQJ&RGH0RGHSUHYHQWVDQ\DWWHPSWRI&2'(GXSOLFDWLRQ
%\XVLQJDUHPRWHFRQWURORIWKH7;.(<.H\VHULHVLWLVSRVVLEOHWRGLVFRQQHFWWKHWKUHHEXWWRQV&$1&83'2:1RQERDUG
DQGFDUU\RXWWKHSURJUDPPLQJYLDUDGLR
7KHSDVVSDUWRXWRSWLRQHQDEOHVWKHXVHRIWKHWUDQVPLWWHU336
7KHYLDUDGLRVHOIOHDUQLQJV\VWHPHQDEOHVDQHDV\DQGTXLFNZD\RIPHPRUL]LQJWKHZLVKHGFRGHV
%\XVLQJWKHUHOpPRGXOHV0/5LWLVSRVVLEOHWRH[WHQGWKHULFHLYHUXSWRIRXUFKDQQHOV
x
x
x
)81&7,212)&$1&83'2:1
7KH5;3UHFHLYHUVKRZVDPHQXVSURJUDPVWUXFWXUHHDFKRIWKHPFRUUHVSRQGLQJWRRQHRIWKHUHFHLYHUIXQFWLRQV:KHQWKHSURJUDP
VWUXFWXUHLVRQSUHVVWKHEXWWRQ83RU'2:1LQRUGHUWRVHOHFWWKHPHQXVE\VKLIWLQJIRUZDUGVRUEDFNZDUGV3UHVV&$1&WRJHWWR
WKHIXQFWLRQVWREHPRGLILHGE\SUHVVLQJ83RU'2:1
352*5$00,1*
',63/$<
'(6&5,37,21
)81&7,21
U/
0HQXUHOD\VHOHFWLRQ
IURPWR5HOD\
)XQ
0HQXUHOD\IXQFWLRQV
0RQEL6WL0
W(/
0HQXVHOIOHDUQLQJ
IURPWR7;
&/W
0HQXPHPRU\PRGXOHWRWDOFOHDULQJ
QR<HV
U/&
0HQX52//,1*&2'(PRGH
QR<HV
(QG
(QGSURJUDPPLQJ
)RUDFRUUHFWSURJUDPPLQJUHDGWKHIROORZLQJLQVWUXFWLRQVFDUHIXOO\
x
&DUU\RXWWKHHOHFWULFDOFRQQHFWLRQVWRWKHWHUPLQDOVWKHQVXSSO\SRZHUWRWKHUHFHLYHU
x
7KHGLVSOD\VKRZVWKUHHGDVKHV
x
3UHVV&$1&DQGNHHSLWSUHVVHGIRUDERXWVHFWKHGLVSOD\VKRZVWKHZULWLQJU/WKHQUHOHDVHWKHEXWWRQ
x
6HOHFW WKH ZLVKHG PHQX E\ SUHVVLQJ 83 WR JR RQZDUGV DQG '2:1 WR JR EDFNZDUGV )RU D TXLFN VKLIWLQJ NHHS WKH EXWWRQ
SUHVVHG
x
3UHVV&$1&WRJHWLQWRWKHIXQFWLRQVWREHPRGLILHG
x
&KDQJHWKHVHWWLQJVE\SUHVVLQJ83RU'2:1
x
7RFRQILUPDQGJHWRXWRIWKHPHQXSUHVV&$1&
x
2QFHWKHPRGLILFDWLRQVKDYHEHHQFDUULHGRXWVHOHFWWKHPHQX(QG
x
3UHVV&$1&WRJHWRXWRIWKHSURJUDPPLQJ
7KH5;3UHFHLYHULVUHDG\WREHXVHGDQGQHZO\SURJUDPPHG
U/0(185(/(¶6(/(&7,21
,W HQDEOHV WR VHOHFW RQH RI WKH IRXU DYDLODEOH UHOD\V WKH WUDQVPLWWHUV ZKLFK ZLOO EH PHPRUL]HG DIWHUZDUGV ZLOO EH DVVRFLDWHG WR WKH
FKRVHQUHOD\
)XQ)81&7,2160(18
,WHQDEOHVWKHVHOHFWLRQRIRQHRIWKHIROORZLQJIXQFWLRQV
0RQ
LWDFWLYDWHVWKHFRUUHVSRQGLQJUHOpWKURXJKWKHWLPHRIWUDQVPLVVLRQ:KHQWKHWUDQVPLVVLRQVWRSVWKHUHOpLV
GLVFRQQHFWHG
%L6
LWDFWLYDWHVWKHFRUUHVSRQGLQJUHOpRQWKHILUVWWUDQVPLVVLRQRQWKHVHFRQGWUDQVPLVVLRQWKHUHOpLVGLVFRQQHFWHG
WL0
WKH W[ WUDQVPLVVLRQ DFWLYDWHV WKH FRUUHVSRQGLQJ UHOD\ ZKLFK JRHV DXWRPDWLFDOO\ RII DIWHU D WLPH WR EH VHW IURP WR VHFRQGV,IWKHVHOHFWHGIXQFWLRQLVWL0WLPHUHOD\LWLVQHFHVVDU\WRVHWWKHWLPHRIUHOD\DFWLYDWLRQ
x
3UHVVWKHEXWWRQ&$1&WKHGLVSOD\VKRZV
x
6HOHFWWKHZLVKHGWLPHEHWZHHQDQGVHFRQGVE\SUHVVLQJ83RU'2:1
x
3UHVV&$1&WRFRQILUP
7KHWUDQVPLWWHUVWREHPHPRUL]HGDIWHUZDUGVDUHDVVRFLDWHGWRWKHFKRVHQIXQFWLRQ
%()25(0$.,1*$1<23(5$7,21&+(&.,)7+(0(025<02'8/(,6&255(&7/<3/8**(',17+($335235,$7(
&211(&725
W(/6(/)/($51,1*0(18
7KLVPHQXHQDEOHVWKHPHPRUL]DWLRQRIWKHZLVKHGUHPRWHFRQWUROV$FFRUGLQJWRWKHPHPRU\PRGXOH\RXKDYHHPSOR\HGLWZLOOEH
SRVVLEOHWRLQVHUWIURPWRGLIIHUHQWFRGHV'XULQJWKHOHDUQLQJSURFHVVWKHGLVSOD\VKRZVWKHQXPEHURIWKH0(025<=21(
LIWKHQXPEHURQWKHGLVSOD\LVVWLOOWKH]RQHLVIUHHZKHUHDVLWIODVKHVLIWKH]RQHLVEXV\
,WLVSRVVLEOHWRLQVHUWWKHZLVKHGUHPRWHFRQWUROVVHTXHQWLDOO\RULQWKHZLVKHG0(025<=21(6WRFDUU\RXWDTXLFNVKLIWLQJLWLV
QHFHVVDU\WRNHHS83RU'2:1SUHVVHG
(55250(66$*(67KHGLVSOD\VKRZV
(U
IDXOW\PHPRU\PRGXORUQRWFRUUHFO\LQVHUWHG
(U
DWWHPSWHGLQVHUWLRQRIDFRGHDOUHDG\PHPRUL]HG
&/W727$/&/($5,1*0(025<02'8/(
WKLVPHQXHQDEOHVWKHFRPSOHWHFOHDULQJRIWKHPHPRU\PRGXOFRQWHQWV'XULQJWKLVRSHUDWLRQWKHGLVSOD\VKRZVWKHZULWLQJ&/U2QFH
WKHFOHDULQJLVHQGHGWKHGLVSOD\VKRZVWKHZULWLQJ&OWDJDLQ
U/&52//,1*&2'(02'(
,WLVSRVVLEOHWRHQDEOHRUQRWWKH5ROOLQJ&RGHPRGHZKLFKSUHYHQWVDOODWWHPSWVRIGXSOLFDWLRQRIWKH3HUVRQDO3DVVFRGH%\WKLV
PRGHWKH5;3UHFHLYHULVDEOHWRUHFRJQL]HWKHFRGHELWVZKLFKDWDQ\WUDQVPLVVLRQFKDQJHDFFRUGLQJWRDFRPSOH[PDWKHPDWLFDO
DOJRULWPXV
&/($5,1*2)$6,1*/(&2'(
,WLVSRVVLEOHWRFOHDURQHRUPDQ\PHPRUL]HGFRGHV
,03257$17WKHQXPEHUVRQWKHGLVSOD\DUHVWLOOZKHQWKHPHPRU\]RQHLVIUHHRWKHUZLVHWKHGLVSOD\IODVKHV
x
7RHQWHULQSURJUDPPLQJSUHVVDQGKROG&$1&NH\XQWLOWKHGLVSOD\VKRZVU/UHOHDVHWKHNH\LIQRDFWLRQLVSHUIRUPHGZLWKLQ
PLQXWHWKH5;3ZLOOH[LWWKHSURJUDPPRGH
x
(QWHUWKHSURJUDPPLQJDQGVHOHFWWKHPHQXW(/
x
3UHVV&$1&WKHGLVSOD\VKRZV
x
3UHVV83RU'2:1WRVHOHFWWKHPHPRU\]RQHFRQWDLQLQJWKHFRGHWREHFOHDUHGIRUDTXLFNVKLIWLQJNHHSWKHEXWWRQSUHVVHG
x
7RFDQFHOWKLVPHPRU\]RQHNHHS&$1&SUHVVHGXQWLOWKHGLVSOD\VWRSVIODVKLQJWKHPHPRU\]RQHLVQRZDYDLODEOHIRUDQHZ
SURJUDPPLQJ
$77(17,21LIWKH³5ROOLQJ&RGH´PRGHLVDFWLYDWHG\RXKDYHWRXVHRQO\WKHWUDQVPLWWHUVRIWKH3HUVRQDO3DVVV\VWHPVHULDOL]HG
ZLWK:,133&/33&/VRIWZDUH
7(&+1,&$/63(&,),&$7,216
&211(&7,216727+(7(50,1$/%2$5'
9GFDFEHWZHHQWHUPLQDOVDQG
$QWHQQDPDVTXDGH
3RZHUVXSSO\
9FDFFEHWZHHQWHUPLQDOVH
$QWHQQDVKLHOG
7HUPLQDOFRQQHFWLRQVUDQJH $9FF
&RPPRQUHOD\
:RUNLQJWHPSHUDWXUH
([LWUHOD\
ƒ&yƒ&
&RQVXPSWLRQ
P$DULSRVRP$FRQTXDWWURUHOqDWWLYL &RPPRQUHOD\
6HQVLWLYLW\
([LWUHOD\
tG%PSHU61 G%ZLWKP 5DGLDWLRQVRQDHULDO
&RPPRQUHOD\
dG%P
6L]H
[[PP
([LWUHOD\
:HLJKW
J
&RPPRQUHOD\
,3
([LWUHOD\
3RZHUVXSSO\9DFGF
3RZHUVXSSO\9DFGF
'(&/$5$7,212)&21)250,7<
9(/(77521,&$63$GHFODUHWKHFRQIRUPLW\RIWKHHTXLSPHQWZLWKWKHIROORZLQJVWDQGDUGVLQDFFRUGDQFHZLWK((&DQG
PRGLILFDWLRQ((&'LUHFWLYHIRUWKH&(PDUNLQJ,W¶VDSSOLFDWHGWKH(OHFWURPDJQHWLF&RPSDWLELOLW\6WDQGDUG(76
9(/(77521,&$63$OHJDO5HSUHVHQWDWLYH
$/,9,2&267$0$*1$
,/Q
(',=
5;3
9(/(77521,&$63$
&VR3ULQFLSLGL3LHPRQWH
5$&&21,*,,WDO\
7HO
)D[
ZZZYHOHWWURQLFDFRPLQIR#YHOHWWURQLFDFRP
)
x
x
x
x
x
/HUpFHSWHXU5;3HVWXQFRPSRVDQWGXQRXYHDXV\VWqPHGHFRQWURODFFqV3HUVRQDO3DVVUpDOLVpSDUOD9(/(77521,&$
/HVFDUDFWpULVWLTXHVSULQFLSDOHVGXUpFHSWHXUVRQWOHVVXLYDQWHV
,OSHUPHWODJHVWLRQGHMXVTX¶jXVDJHUV
/D SUpVHQFH G¶XQ FRQQHFWHXU j O¶LQWpULHXU SHUPHW G¶LQVpUHU XQ PRGXOH PpPRLUH GH OD VpULH 0(0 0(0, 0(0
0(0,
/HVGLVSOD\jVHJPHQWVDVVXUHQWXQDSURJUDPPDWLRQWUqVVLPSOH
/DPRGDOLWp³UROOLQJFRGH´UHQGLPSRVVLEOHQ¶LPSRUWHTXHOWHQWDWLYHGHGXSOLFDWLRQGXFRGHGX3HUVRQDO3DVV
(Q XWLOLVDQW XQ pPHWWHXU GH OD VpULH 7;.(< RQ SHXW LQKLEHU OHV WRXFKHV &$1& 83 '2:1 TXL VH WURXYHQW VXU OH FLUFXLW
LPSULPpHWHIIHFWXHUODSURJUDPPDWLRQYLDUDGLR
/¶RSWLRQSDVVH3DUWRXWYRXVSHUPHWG¶XWLOLVHUO¶pPHWWHXU336
/HV\VWqPHG¶DXWRDSSUHQWLVVDJHYLDUDGLRYRXVSHUPHWGHFRGLILHUIDFLOHPHQWHWUDSLGHPHQWOHVFRGHVGpVLUpV
(QXWLOLVDQWOzHVPRGXOHVUHODLV0/5LOHVWSRVVLEOHG¶pWHQGUHOHUpFHSWHXUMXVTX¶jTXDWUHFDQDX[
x
x
x
)81&7,21'(6728&+(6&$1&83'2:1
/HUpFHSWHXU5;3SUpVHQWXQHVWUXFWXUHGHSURJUDPPDWLRQjPHQXFKDFXQGHVTXHOVFRUUHVSRQGjXQHIRQFWLRQGXUpFHSWHXU4XDQG
ODIRQFWLRQGHSURJUDPPDWLRQHVWPLVHHQVHUYLFHDSSX\HUODWRXFKH83RXODWRXFKH'2:1SRXUVpOHFWLRQQHUOHVPHQXHQIDLVDQW
GHFHWWHIDoRQXQJOLVVHPHQWHQDYDQWRXHQDUULqUH$SSX\HUODWRXFKH&$1&SRXUDFFpGHUDX[LPSRVWDWLRQVTX¶RQSHXWDLQVL
PRGLILHUHQDSSX\DQWOHVWRXFKHV83HW'2:1
352*5$00$7,21
',63/$<
'(6&5,37,21
237,21
U/
PHQXFKRL[UHODLV
jUHODLV
)XQ
PHQXFKRL[IXQFWLRQVUHODLV
0RQEL6WL0
W(/
PHQXDXWRSURJUDPPDEOHUDGLRFRPPDQGHV
j7[
&/W
PHQXDQQXODWLRQWRWDOHPRGXOH
QR6L
U/&
PHQXPRGDOLWp5ROOLQJ&RGH
QR6L
(QG
ILQSURJUDPPDWLRQ5;3
/LUHDYHFDWWHQWLRQSRXUXQHFRUUHFWHSURJUDPPDWLRQ
x
([pFXWHUOHVHQFOHQFKHPHQWVDXERUQHUHWDOLPHQWHUOHUpFHSWHXU
x
/HGLVSOD\YLVXDOLVHWUDLWV
x
$SSX\HUODWRXFKH&$1&SRXUVHFRQGHVMXVTX¶jTXDQGRQYRLWO¶LQVFULSWLRQU/HWUHOkFKHUVLGDQVXQPLQXWHRQQHIDLWSDV
GHYDULDWLRQVOHUpFHSWHXUVRUWDXWRPDWLTXHPHQWGHODSURJUDPPDWLRQ
x
$SSX\HUVXUODWRXFKHV83SRXUDOOHUHQDYDQWHWVXU'2:1SRXUDOOHUHQDUULqUHHWVpOHFWLRQQHUOHPHQXGpVLUp3RXU
HIIHFWXHUXQJOLVVHPHQWYLWHWHQLUSRXVVpODWRXFKHV
x
$SSX\HUVXUODWRXFKHV&$1&SRXUDSSRUWHUGHVPRGLILHVDX[LPSRVWDWLRQV
x
0RGLILHUOHVLPSRVWDWLRQVGpVLUpHVDSSX\DQW83RX'2:1
x
3RXUFRQILUPHUHWVRUWLUGXPHQXDSSX\HUjQRXYHDXODWRXFKH&$1&
x
$SUqVDYRLUWHUPLQpOHVPRGLILHVVpOHFWLRQQHUOHPHQX(QG
x
$SSX\HUODWRXFKH&$1&
/HUpFHSWHXU5;3HVWSUrWSRXUHWUHXWLOLVpRXSRXUXQHQRXYHOOHSURJUDPPDWLRQ
U/0(186(/(&7,215(/$,6
,O SHUPHW GH VpOHFWLRQQHU OµXQ GHV TXDWUH UHODLV GLVSRQLEOHV OHV pPHWWHXUV TXL VHURQW HQVXLWH PpPRULVpV VHURQW DVVRFLpV DX UHODLV
FKRLVL
)810(18)21&7,216
,ROSHUPHWGHVpOHFWLRQQHUO¶XQHGHVTXDWUHIRQFWLRQVVXLYDQWHV
0RQ
ODFWLYHOHUHODLVFRUUHVSRQGHQWSRXUOHWHPSVGHWUDQVPLVVLRQGHO¶pPHWWHXUTXDQGODWUDQVPLVVLRQHVWLQWHUURPSXHOD
UHODLVHVWLQKLEp
%LV
LODFWLYHOHUHODLVFRUUHVSRQGDQWSDUODSUHPLqUHWUDQVPLVVLRQGHO¶pPHWWHXUHWLOOHSDUODVHFRQGH
WL0
ODWUDQVPLVVLRQGHO¶pPHWWHXUDFWLYHOHUHODLVFRUUHVSRQGDQWTXLVHGpVDFWLYHDXWRPDWLTXHPHQWDSUqVXQWHPSVTX¶RQ
SHXWSUHLPSRVWHUGHjVHFRQGV
6LODIRQFWLRQVpOHFWLRQQpHHVWWL0UHODLVWHPSRULVpLOHVWQpFHVVDLUHG¶LPSRVWHUOHWHPSVG¶DFWLYDWLRQUHODLV
x
$SSX\HUODWRXFKH&$1&O¶pFUDQYLVXDOLVH
x
6pOHFWLRQQHUOHWHPSVGpVLUpHQWUHHWVHFHQDSSX\DQWODWRXFKH83RX'2:1
x
$SSX\HUODWRXFKH&$1&SRXUFRQILUPHU
/HVpPHWWHXUVHQVXLWHPpPRULVpVVHURQWDVVRFLpVjODIRQFWLRQFKRLVLH
$9$17'¶())(&78(51¶,0325748(//(23(5$7,216¶$6685(548(/(02'8/(0(02,5(62,7,16(5(
35235(0(17'$16/(&211(&7(8563(&,$/
W(O0(18$872$335(17,66$*(
&HPHQXSHUPHWODPpPRULVDWLRQGHVpPHWWHXUVGpVLUpVVHORQOHPRGXOHPpPRLUHHPSOR\pVHUDSRVVLEOHLQVpUHUGHj
FRGHVGLIIpUHQWHV3HQGDQWO¶DSSUHQWLVVDJHOHGLVSOD\YLVXDOLVHOH180(52'(/$=21('(0(02,5(OHGLVSOD\QHFOLJQRWHSDVVL
OD]RQHHVWOLEUHLOFOLJQRWHVLOD]RQHHVWRFFXSp
,OHVWSRVVLEOHG¶LQVpUHUOHVpPHWWHXUVGpVLUpVGHIDoRQVpTXHQWLHOOHRXGDQVOHV=21('(0(02,5(GpVLUpHVSRXUYRLUWRXVOHV
PHQXO¶XQGHVXLWHjO¶DXWUHWHQLUDSSX\pODWRXFKH83RX'2:1
0(66$*(6'¶(55(856OHGLVSOD\YLVXDOLVH
(U
PRGXOHPpPRLUHHQSDQQHRXQRQLQVpUpFRUUHFWHPHQW
(U
FRGHGpMjSUpVHQWGDQVOD]RQHGHPpPRLUH
&/W$118/$7,21727$/02'8/(0(02,5(
&HPHQXSHUPHWG¶DQQXOHUFRPSOqWHPHQWOHFRQWHQXGXPRGXOHPpPRLUHSHQGDQWFHWWHRSpUDWLRQOHGLVSOD\YLVXDOLVH&OU4XDQG
YRXVDYH]WHUPLQpO¶DQQXODWLRQOHGLVSOD\YLVXDOLVHGHQRXYHDX&/W
U/&52//,1*&2'(
&HPHQXSHUPHWG¶DFWLYHURXLQKLEHUODPRGDOLWp³UROOLQJFRGH´TXLUHQGLPSRVVLEOHQ¶LPSRUWHTXHOWHQWDWLYHGHGXSOLFDWLRQGXFRGHGX
3HUVRQDO3DVV4XDQGFHWWHPRGDOLWpIRQFWLRQQHOHUpFHSWHXU5;3SHXWUHFRQQDvWUHOHVELWGXFRGHTXLjFKDTXHWUDQVPLVVLRQ
FKDQJHQWVHORQXQDOJRULWKPHPDWKpPDWLTXH
$118/$7,21'¶816(8/&2'(
,OHVWSRVVLEOHHIIDFHUXQRXSOXVFRGHVPpPRULVpV
$WWHQWLRQOHGLVSOD\DXQHOXPLqUHIL[HVLOD]RQHGHPpPRLUHHVWOLEUHHOOHFOLJQRWHV¶LOHVWRFFXSpH
x
(QWUHUGDQVODSURJUDPPDWLRQHWVpOHFWLRQQHUOHPHQXW(/
x
$SSX\HUVXUODWRXFKH&$1&VXUOHGLVSOD\DSSDUDvWUD
x
$SSX\HUODWRXFKH83RX'2:1SRXUVpOHFWLRQQHUOD]RQHGHPpPRLUHRXVHWURXYHOHFRGHjHIIDFHU
x
$SSX\HUHWWHQLUDSSX\pODWRXFKH&$1&MXVTX¶jTXDQGOHGLVSOD\DUUrWHGHFOLJQRWHUOD]RQHHVWOLEUHHWGLVSRQLEOHSRXUXQH
QRXYHOOHSURJUDPPDWLRQ
$77(17,21TXDQGRXXWLOLVHODIRQFWLRQ³UROOLQJFRGH´LOHVWREOLJDWRLUHHPSOR\HUVHXOHPHQWOHVpPHWWHXUV3HUVRQDO3DVVVpULDOLVHV
SDUOHORJLFLHO:,133&/33&/
&$5$&7(5,67,48(67(&+1,48(6
(1&/(1&+(0(17$8%251(5
&HQWUDODQWHQQH
9GFDFHQWUHOHVERUQLHUVHW
$OLPHQWDWLRQ
9GFDFHQWUHOHVERUQLHUVHW
0DVTXDJHDQWHQQH
3RUWpFRQWDFWVUHODLV
$9FF
&RPPXQGXSUHPLHUUHODLV
7HPSpUDWXUHG¶H[HUFLFH
6RUWLHGXSUHPLHUUHODLV
ƒ&yƒ&
&RQVRPPDWLRQ
P$jUHSRVP$DYHFUHODLVDFWLIV
&RPPXQGXVHFRQGHUHODLV
6HQVLELOLWp
G%PSRXU61 G%DYHFP 6RUWLHGXVHFRQGHUHODLV
,UUDGLDWLRQVXUDQWHQQH
&RPPXQWURLVLqPHUHODLV
dG%P
'LPHQVLRQV
[[PP
6RUWLHGXWURLVLqPHUHODLV
3RLGV
J
&RPPXQGXTXDWULqPHUHODLV
,3
6RUWLHGXTXDWULqPHUHODLV
$OLPHQWDWLRQ9DFGF
$OLPHQWDWLRQ99DFGF
&21)250,7($/$',5(&7,9(
9(OHWWURQLFDGpFODUHTXHOHUpFHSWHXU5;3HVWFRQIRUPHDX[TXDOLWpVUHTXLVHVSDUOD'LUHFWLYH((&HWWRXWHVPRGLILFDWLRQV
VHORQ((&2QDDSSOLTXpOD1RUPHGHFRPSDWLELOLWppOpFWURPDJQHWLTXH(76
/HUHSUpVHQWDQWG€PHQWKDELOLWp9(/(77521,&$63$
$/,9,2&267$0$*1$
(
(OUHFHSWRU5;3HVXQFRPSRQHQWHGHOLQQRYDGRUVLVWHPDGHOFRQWUROGHDFFHVR3HUVRQDO3DVVSUR\HFWDGR\UHDOL]DGRSRU
OD9(/(77521,&$
/DVFDUDFWHULVWLFDVSULQFSDOHVGHHVWHUHFHSWRUVRQODVVLJXLHQWHV
x
SHUPLWHJHVWLRQDUGHDXVXDULRV
x
ODSUHVHQFLDGHXQFRQHFWRUDERUGRSHUPLWHODLQVHUFLyQHXQPyGXORPHPRULDGHODVHULH0(00(0,0(0
0(0,
x
ORVWUHVGLVSOD\VGHVHJPHQWRVDVHJXUDQXQDH[WUHPDVLPSOLFLGDGGHSURJUDPDFLyQ
x
/DPRGDOLGDG³UROOLQJFRGH´QRSHUPLWHQLQJXQWHQWDWLYDGHFRSLDUHPLVRUHV3HUVRQDO3DVV
x
XWLOL]DQGR XQ HPLVRU GH OD VHULH 7;.(< HV SRVLEOH GHVKDELOLWDU ODV WUHV WHFODV &$1& 83 '2:1 SUHVHQWHV HQ OD SODFD \
HIHFWXDUYLDUDGLRODSURJUDPDFLyQ
x
ODRSFLyQSDVVHSDUWRXWKDELOLWDODXWLOL]DFLyQGHOWUDVPLVRU336
x
HOVLVWHPDGHDXWRFRGLILFDWLyQYLDUDGLRSHUPLWHXQDIiFLO\YHOR]PHPRUL]DFLyQGHORVFyGLJRGHVHDGRV
x
XWLOL]DQGRORVPyGXORVUHOpV0/5HVSRVLEOHDPSOLDUHOUHFHSWRUKDVWDFXDUWRFDQDOHV
)81&,21'(/$67(&/$6&$1&83'2:1
(OUHFHSWRU5;3SUHVHQWDXQDHVWUXFWXUDGHSURJUDPDFLyQFRQPHQXVFDGDXQRGHORVFXDOHVFRUUHVSRQGHDXQDIXQFLyQGHOUHFHSWRU
&XDQGRODIXQFLyQGHSURJUDPDFLyQHVWiDFWLYDGDSUHVLRQDUODWHFOD83RODWHFOD'2:1SDUDVHOHFFLRQDUHOPHQXGHVHDGRKDFLD
DGHODQWHRDFLDDWUiV8QDYH]HODJLGRHOPHQXFRQ&$1&HQWURHQpO\DVXYH]ORPRGLILFRFRQODVWHFODV83\'2:1
352*5$0$&,21
',63/$<
'(6&5,=,21(
,03267$=,21(
U/
0HQXVHOHFFLyQUHOp
GHD5HOpV
)XQ
0HQXIXQFLRQHVUHOp
0RQEL6WL0
W(/
0HQXDXWRFRGLILFDWLyQ
GHD7;
&/W
0HQXFDQFHODFLyQWRWDOPyGXORPHPRULD
QR6L
U/&
0HQXPRGDOLGDG52//,1*&2'(
QR6L
(QG
)LQSURJUDPDFLyQ
3DUDXQDFRUUHFWDSURJUDPDFLyQOHHUDWHQWDPHQWHHVWDVLQVWUXFFLRQHV
x
(IHFWXDUODVFRQH[LRQHVHOpWULFDVDORVERUQHV\DOLPHQWDUHOUHFHSWRU
x
(OGLVSOD\YLVXDOL]DWUHVJXLRQHV
x
3UHVLRQDUODWHFOD&$1&KDVWDTXHDSDUH]FDODVLJODU/GHVSXpVVROWDU6LGHQWURGHPLQQRVHHIHFW~DQLQJXQDYDULDFLRQ
HOUHFHSWRUVDOHDXWRPiWLFDPHQWHGHODSURJUDPDFLyQ
x
6HOHFFLRQDUHOPHQXGHVHDGRSUHVLRQDQGRODWHFOD83SDUDLUKDFLDDGHODQWH\'2:1SDUDLUKDFLDDWUiV
x
3UHVLRQDUODWHFOD&$1&SDUDDFFHGHUDODVRSFLRQHVTXHVHGHVHDQPRGLILFDU
x
&DPELDUODVRSFLRQHVSUHVLRQDQGRODVWHFODV83R'2:1
x
3DUDFRQILUPDUODRSFLyQ\VDOLUGHOPHQXSUHVLRQDURWUDYH]ODWHFOD&$1&
x
$FDEDGDVODVPRGLILFDFLRQHVVHOHFFLRQDUHOPHQX(QG
x
3UHVLRQDUODWHFOD&$1&SDUDVDOLUGHODSURJUDPDFLyQ
(OUHFHSWRU5;3HVWiOLVWRSDUDVXXWLOL]DFLyQRSDUDXQDQXHYDSURJUDPDFLyQ
U/0(186(/(&&,215(/e
3HUPLWH VHOHFFLRQDU XQR GH ORV FXDUWR UHOpV GLVSRQLEOHV ORV HPLVRUHV TXH YHQGUiQ GHVSXpV PHPRUL]DGRV VHUiQ DVRFLDGRV DO UHOp
HOHJLGR
)XQ0(18)81&,21(6
3HUPLWHODVHOHFFLyQGHXQDGHODVVLJXLHQWHVIXQFLRQHV
0RQ
DFWLYD HO UHOp FRUUHVSRQGLHQWH GXUDQWH WRGR HO WLHPSR GH WUDVPLVLyQ GHO HPLVRU FXDQGR OD WUDVPLVLyQ VH LQWHUUXPSH
HOUHOpVHGHVDFWLYD
%L6
DFWLYDHOUHOpFRUUHVSRQGLHQWHFRQODSULPHUDWUDVPLVLyQGHOHPLVRUHOUHOpVHGHVDFWLYDFRQODVHJXQGDWUDVPLVLRQ
WL0
ODWUDVPLVLyQGHOHPLVRUDFWLYDHOUHOpFRUUHVSRQGLHQWHHOFXDOVHGHDFWLYDGHVSXpVGHOWLHPSRSURJUDPDGR
/RVHPLVRUHVTXHYHQGUiQPHPRUL]DGRVGHVSXpVVHUiQDVRFLDGRVDODIXQFLyQHOHJLGD
6LODIXQFLyQVHOHFFLRQDGDHVWL0UHOpWHPSRUL]DGRVHGHEUiSURJUDPDUHOWLHPSRGHH[LWDFLyQUHOp
x
3XOVDUODWHFOD&$1&HOGLVSOD\YLVXDOL]D
x
6HOHFFLRQDUHOWLHPSRGHVHDGRGHQWURGH\VHJXQGRVSXOVDQGRODWHFOD83R'2:1
x
3XOVDUODWHFOD&$1&SDUDFRQILUPDU
/RVHPLVRUHVTXHVHPHPRUL]DUDQVXFHVLYDPHQWHVHUDQDVRFLDGRVDODIXQFLRQGHVHDGD
$17(6'(()(&78$5&8$/48,(523(5$&,21&20352%$548((/02'8/20(025,$6($,1752'8&,'2
&255(&7$0(17((1(/&21(&725
W(/0(18$872&2',),&$&,21
(VWHPHQXSHUPLWHODPHPRUL]DFLyQGHORVHPLVRUHVGHVHDGRVHQEDVHDOPyGXORPHPRULDXWtOL]DGRVHUiSRVLEOHLQVHUWDUGHD
FyGLJRVGLYHUVRV'XUDQWHHODSUHQGL]DMHHOGLVSOD\YLVXDOL]DHOQ~PHURGHOD=21$'(0(025,$HOGLVSOD\HVWiDOX]ILMDVLOD
]RQD HVWi OLEUH HV LQWHUPLWHQWH VL OD ]RQD HVWi RFXSDGD (V SRVLEOH LQVHUWDU HO HPLVRU GHVHDGR HQ PRGR VHTXHQFLDO R ELHQ HQ ODV
=21$6'(0(025,$GHVHDGDVSDUDHIHFWXDUXQGHVSOD]DPLHQWRUiSLGRHVQHFHVDULRPDQWHQHUSXOVDGDODWHFOD83R'2:1
0(16$*(6'((5525(OGLVSOD\YLVXDOL]D
(U
PyGXORPHPRULDDYHULDGRRQRLQVHUWDGRFRUUHFWDPHQWH
(U
LQWHQWRGHLQVHUWDUXQFyGLJR\DSUHVHQWHHQPHPRULD
&/W&$1&(/$&,21727$/02'8/20(025,$
(VWHPHQXSHUPLWHFDQFHODUFRPSOHWDPHQWHHOFRQWHQLGRGHOPyGXORPHPRULDGXUDQWHHVWDRSHUDFLyQHOGLVSOD\YLVXDOL]DODVLJOD&/U
&RQODFDQFHODFLyQWHUPLQDGDHOGLVSOD\YLVXDOL]DQXHYDPHQWHODVLJOD&/W
U/&02'$/,'$'52//,1*&2'(
(VSRVLEOHKDELOLWDURGHVKDELOLWDUODPRGDOLGDG52//,1*&2'(FyGLJRGLQiPLFRODFXDOVLHVWiDFWLYDGDKDFHLPSRVLEOHFXDOTXLHU
LQWHQWRGHGXSOLFDFLyQGHOFyGLJR3HUVRQDO3DVV'HHVWHPRGRHOFXDGURHVWiHQFRQGLFLRQHVGHUHFRQRFHUWDPELpQODSRUFLyQ
GLQiPLFDGHOFyGLJRODFXDOFDPELDDFDGDWUDQVPLVLyQPHGLDQWHXQFRPSOHMRDOJRULWPRPDWHPiWLFR
&$1&(/$&,21,1',9,'8$/'(/26&2',*2
(VSRVLEOHHIHFWXDUODFDQFHODFLyQGHXQRRPiVFyGLJRSUHVHQWHVHQPHPRULD
,03257$17(HOGLVSOD\HVWiDOX]ILMDVLOD]RQDGHPHPRULDHVWiOLEUHHVLQWHUPLWHQWHVLOD]RQDHVWiRFXSDGD
x
3UHVLRQDUODWHFOD&$1&KDVWDTXHDSDUH]FDODVLJODU/GHVSXpVVROWDU
x
(QWUDUHQSURJUDPDFLyQ\VHOHFFLRQDUHOPHQXW(/
x
3XOVDUODWHFOD&$1&HQHOGLVSOD\DSDUHFH
x
3UHVLRQDUDOWHFOD83R'2:1SDUDVHOHFFLRQDUOD]RQDGHPDPRULDTXHFRQWLHQHHOFyGLJRDFDQFHODUSDUDXQ
GHVSOD]DPLHQWRUiSLGRPDQWHQHUSXOVDGDODWHFOD
x
3UHVLRQDU\PDQWHQHUSXOVDGDODWHFOD&$1&KDVWDTXHODSDQWDOODGHMHGHGHVWHOOHDUOD]RQDGHPHPRULDHVWiDKRUD
GLVSRQLEOHSDUDXQDQXHYDSURJUDPDFLyQ
$7(1&,21FRQODPRGDOLGDGUROOLQJFRGHDFWLYDGDHVREOLJDWRULRXWLOL]DUVRODPHQWHHPLVRUHVGHODJDPD3HUVRQDO3DVVVHULDOLVDGRV
FRQVRIWZDUH:,133&/33&/
&$5$&7(5,67,&$67(&1,&$6
&21(;,21'(/26%251(6
9GFDFHQWUHORVERUQHVH
$QWHQDSRVLWLYR
$OLPHQWDFLyQ
9GFDFHQWUHORVERUQHVHW
$QWHQQDPDOOD
&RQWDFWRVUHOp
$9FF
&RP~QUHOp
7HPSHUDWXUDGHHMHUFLFLR ƒ&yƒ&
6DOLGDUHOp
$EVRUFLRQ
P$HQUHSRVRP$FRQORVFXDUWRUHOpVDFWLYDGRV &RP~QUHOp
6HQVLELOLGDG
6DOLGDUHOp
tG%PSRU61 G%FRQP ,UUDGLDFLyQHQDQWHQDV
&RP~QUHOp
dG%P
7DPDxR
[[PP
6DOLGDUHOp
3HVR
J
&RP~QUHOp
,3
6DOLGDUHOp
$OLPHQWDFLyQ9DFGF
$OLPHQWDFLyQ9DFGF
&21)250,'$'$/$61250$7,9$6
9(/(77521,&$63$JDUDQWL]DTXHHOGLVSRVLWLYR5;3HVFRQIRUPHDOD'LUHFWLYD((&\VLJXLHQWHVPRGLILFDFFLRQHVVHJXQ
((&+DVLGRDSOLFDGDOD1RUPDWLYDGHFRPSDWLELOLGDGHOHFWURPDJQHWLFD(76
(O5HSUHVHQWDQWH/HJDOGH9(/(77521,&$63$
$/,9,2&267$0$*1$
'
'HU(PSIlQJHU5;3LVW%HVWDQGWHLOGHVLQQRYDWLYHQ6\VWHPV3HUVRQDO3DVVHQWZLFNHOWXQGUHDOLVLHUWYRQ
9(/(77521,&$
'LHSULPlUHQ(LJHQVFKDIWHQGLHVHV(PSIlQJHUVVLQGGLHIROJHQGHQ
x
JHVWDWWHWGLH9HUZDOWXQJYRQELV]X%HQXW]HUQ
x
'DV 9RUKDQGHQVHLQ HLQHV .RQQHNWRUV GLUHNW DP (PSIlQJHU HUP|JOLFKW GDV (LQIJHQ HLQHV 6SHLFKHUPRGXOV GHU 6HULH
0(00(0,0(00(0,
x
'LHGUHL'LVSOD\VPLWMHZHLOV6HJPHQWHQJDUDQWLHUHQHLQHHLQIDFKH3URJUDPPLHUXQJ
x
'HU0RGXVÄ5ROOLQJ&RGH³YHUKLQGHUWMHGHQ9HUVXFKGHU'XSOL]LHUXQJYRQ3HUVRQDO3DVV)HUQEHGLHQXQJHQ
x
%HL 9HUZHQGXQJ HLQHU )HUQEHGLHQXQJGHU6HULH7;.H\EHVWHKWGLH0|JOLFKNHLWGLHGUHL7DVWHQ&$1&83'2:1DXIGHU
.DUWH]XGHDNWLYLHUHQXQGHLQH)HUQSURJUDPPLHUXQJYRU]XQHKPHQ
x
'LH2SWLRQ3DVVH3DUWRXWJLEWGLH9HUZHQGXQJGHV6HQGHUV336IUHL
x
'DVIXQNJHVWHXHUWH6HOEVWOHUQV\VWHPJHVWDWWHWGDVVFKQHOOHXQGHLQIDFKH6SHLFKHUQGHUJHZQVFKWHQ&RGHV
x
%HL9HUZHQGXQJGHU5HODLVPRGXOH0/5NDQQGHU(PSIlQJHUDXIELV]X.DQlOHHUZHLWHUWZHUGHQ
)81.7,21'(57$67(1&$1&83'2:1
'HU (PSIlQJHU 5;3 YHUIJW IU GLH 3URJUDPPLHUXQJ EHU HLQH 0HQVWUXNWXU ZREHL MHGHV 0HQ HLQHU )XQNWLRQ GHV (PSIlQJHUV
HQWVSULFKW %HL DNWLYLHUWHP 3URJUDPPLHUPRGXV GLH 7DVWH 83 RGHU GLH 7DVWH '2:1 GUFNHQ XP LP 9RU RGHU 5FNODXI GDV
JHZQVFKWH0HQDXV]XZlKOHQ'LH7DVWH&$1&GUFNHQXP=XJULIIDXIGLH(LQVWHOOXQJHQ]XHUKDOWHQGLHDQVFKOLH‰HQGPLWKLOIHGHU
7DVWHQ83XQG'2:1PRGLIL]LHUWZHUGHQN|QQHQ
352*5$00,(581*
',63/$<
%(6&+5(,%81*
)81.7,21
U/
0HQ]XU$XVZDKOHLQHV5HODLV
±5HODLV
)XQ
0HQGHU5HODLVIXQNWLRQHQ
0RQEL6WL0
W(/
0HQGHV6HOEVWOHUQV\VWHPV
YRQELV7;
&/W
0HQIUGDV/|VFKHQGHVJHVDPWHQ6SHLFKHUPRGXOV
QHLQMD
U/&
0HQIUGHQ0RGXV52//,1*&2'(
QHLQMD
(QG
(QGHGHU3URJUDPPLHUXQJ
)UHLQHNRUUHNWH3URJUDPPLHUXQJELWWHDXIPHUNVDPGLHIROJHQGHQ+LQZHLVHOHVHQ
x
'LH$QVFKOVVHDP.OHPPHQEUHWWYRUQHKPHQGDQQGHQ(PSIlQJHUDQGLH6WURPYHUVRUJXQJDQVFKOLH‰HQ
x
'DV'LVSOD\]HLJWGUHL%LQGHVWULFKHDQ
x
'LH7DVWH&$1&GUFNHQXQGIUFD6HNXQGHQJHGUFNWKDOWHQ :HQQGDV'LVSOD\U/DQ]HLJWGLH7DVWHORVODVVHQZHQQ
LQQHUKDOEYRQPLQNHLQHZHLWHUH2SHUDWLRQDXVJHIKUWZLUGYHUOlVVWGHU(PSIlQJHUDXWRPDWLVFKGHQ3URJUDPPLHUPRGXV
x
'DV JHZQVFKWH 0HQ GXUFK 'UFNHQ DXI 83 9RUODXI RGHU '2:1 5FNODXI DXVZlKOHQ )U HLQHQ VFKQHOOHQ 9RU RGHU
5FNODXIGLHMHZHLOLJH7DVWHJHGUFNWKDOWHQ
x
'LH7DVWH&$1&GUFNHQXP=XJULIIDXIGLH(LQVWHOOXQJHQ]XHUKDOWHQGLHJHlQGHUWZHUGHQVROOHQ
x
'LH(LQVWHOOXQJHQGXUFK'UFNHQYRQ83RGHU'2:1lQGHUQ
x
=XU%HVWlWLJXQJXQG]XP9HUODVVHQGHV0HQVGLH7DVWH&$1&EHWlWLJHQ
x
=XU%HHQGLJXQJGHUbQGHUXQJHQGDV0HQ(QGDXVZlKOHQ
x
'LH7DVWH&$1&EHWlWLJHQXPGHQ3URJUDPPLHUPRGXV]XYHUODVVHQ
'HU(PSIlQJHU5;3LVWQXQEHUHLW]XP*HEUDXFKRGHUIUHLQHQHXH3URJUDPPLHUXQJ
U/0(1h=85$86:$+/(,1(65(/$,6$86*$1*6
JHVWDWWHWGLH$XVZDKOHLQHVGHUYLHUYHUIJEDUHQ5HODLVDXVJlQJH'LHLP$QVFKOXVVJHVSHLFKHUWHQ(PSIlQJHUZHUGHQGHPJHZlKOWHQ
5HODLV]XJHRUGQHW
)XQ0(1h'(5)81.7,21(1
*HVWDWWHWGLH$XVZDKOHLQHUGHUIROJHQGHQ)XQNWLRQHQ
0RQ
DNWLYLHUWGDVHQWVSUHFKHQGH5HODLVIUGLHJHVDPWH6HQGH]HLWGHU)HUQEHGLHQXQJZHQQGLHhEHUWUDJXQJXQWHUEURFKHQZLUG
GHDNWLYLHUWVLFKGDV5HODLVDXWRPDWLVFK
%L6
DNWLYLHUW GDV HQWVSUHFKHQGH 5HODLV EHL GHU HUVWHQ hEHUWUDJXQJ GXUFK GLH )HUQEHGLHQXQJ GLH 'HDNWLYLHUXQJ HUIROJW EHL
EHJLQQGHVIROJHQGHQ6HQGHYRUJDQJV
WL0
'LHhEHUWUDJXQJGXUFKGLH)HUQEHGLHQXQJDNWLYLHUWGDVHQWVSUHFKHQGH5HODLVZHOFKHVVLFKDQVFKOLH‰HQGDXWRPDWLVFKQDFK
$EODXIHLQHU]ZLVFKHQXQG6HNXQGHQHLQVWHOOEDUHQ=HLWSHULRGHGHDNWLYLHUW
%HL$XVZDKOGHU)XQNWLRQWL0WDNWJHVWHXHUWHV5HODLVPXVVGLH$NWLYLHUXQJVGDXHUIUGDV5HODLVHLQJHVWHOOWZHUGHQ
x
'LH7DVWH&$1&GUFNHQDXIGHP'LVSOD\HUVFKHLQWGLH$Q]HLJH
x
'LHJHZQVFKWH=HLWYRQELV6HNXQGHQGXUFK'UFNHQYRQ83RGHU'2:1DXVZlKOHQ
x
=XU%HVWlWLJXQJGLH7DVWH&$1&EHWlWLJHQ
'LHDQVFKOLH‰HQGJHVSHLFKHUWHQ6HQGHUZHUGHQGHUJHZlKOWHQ)XQNWLRQ]XJHRUGQHW
925'(5'85&+)h+581*-('(5%(/,(%,*(123(5$7,21,676,&+(5=867(//(1'$66'$663(,&+(502'8/
.255(.7,1'(1+,(5=8925*(6(+(1(1.211(.725(,1*()h+57:85'(
W(/0(1h'(66(/%67/(51352=(66(6
'LHVHV0HQJHVWDWWHWGDV6SHLFKHUQGHUJHZQVFKWHQ)HUQEHGLHQXQJHQ-HQDFK$UWGHVYHUZHQGHWHQ6SHLFKHUPRGXOVN|QQHQYRQ
ELV YHUVFKLHGHQH &RGHV HLQJHJHEHQ ZHUGHQ :lKUHQG GHV 6HOEVWOHUQSUR]HVVHV ZLUG DXI GHP 'LVSOD\ GLH 1XPPHU GHV
63(,&+(5%(5(,&+6DQJH]HLJW,VWGHU%HUHLFKIUHLEOHLEWGLH'LVSOD\DQ]HLJHSHUPDQHQWLVWVLHEHVHW]WEOLQNWVLH
'LHJHZQVFKWHQ)HUQEHGLHQXQJHQN|QQHQVHTXHQ]LHOORGHUQDFKEHVWLPPWHQ63(,&+(5%(5(,&+(1DQJH]HLJWZHUGHQ)UHLQHQ
VFKQHOOHQ9RURGHU5FNODXIMHZHLOVGLH7DVWH83RGHU'2:1JHGUFNWKDOWHQ
)(/(50(/'81*(1$XIGHP'LVSOD\HUVFKHLQWGLH$Q]HLJH
(U
6SHLFKHUPRGXOGHIHNWRGHUQLFKWNRUUHNWSRVLWLRQLHUW
(U
9HUVXFKGHU(LQJDEHHLQHV&RGHVGHUEHUHLWVLP6SHLFKHUYRUKDQGHQLVW
&/W/g6&+(1'(6*(6$07(163(,&+(502'8/6
'LHVHV0HQJHVWDWWHWGDV/|VFKHQGHVJHVDPWHQ,QKDOWVGHV6SHLFKHUPRGXOV:lKUHQGGLHVHU2SHUDWLRQHUVFKHLQWDXIGHP'LVSOD\
GLH$Q]HLJH&/U1DFKEHHQGHWHP/|VFKYRUJDQJZLUGHUQHXW&/WDQJH]HLJW
U/&02'8652//,1*&2'(YDULDEOHU&RGH
'LHVHV0HQJHVWDWWHWGLH$NWLYLHUXQJRGHU'HDNWLYLHUXQJGHV0RGXVÄ5ROOLQJ&RGH³GHUMHGHQ.RSLHUYHUVXFKGHU&RGHV3HUVRQDO
3DVVXQP|JOLFKPDFKW:LUGGLH)XQNWLRQDNWLYLHUWLVWGHU(PSIlQJHU5;3LQGHU/DJHGLH%LWVGHV&RGHV]XHUNHQQHQGLHEHLMHGHU
hEHUWUDJXQJHLQHPNRPSOH[HQ$OJRULWKPXVIROJHQGYHUlQGHUWZHUGHQ
/g6&+(1(,1(6(,1=(/1(1&2'(6
(VN|QQHQHLQRGHUPHKUHUHLP6SHLFKHUHQWKDOWHQH&RGHVJHO|VFKWZHUGHQ
x
8PDXIGHQ0RGXVGHU352*5$00,(581*]X]XJUHLIHQGLH7DVWH&$1&GUFNHQXQGIUFD6HNXQGHQJHGUFNWKDOWHQ
:HQQGDV'LVSOD\U/DQ]HLJWGLH7DVWHORVODVVHQZHQQLQQHUKDOEYRQPLQNHLQHZHLWHUH2SHUDWLRQDXVJHIKUWZLUGYHUOlVVW
GHU(PSIlQJHUDXWRPDWLVFKGHQ3URJUDPPLHUPRGXV
x
'XUFK'UFNHQYRQ83RGHU'2:1GDV0HQW(/DXVZlKOHQ
x
'LH7DVWH&$1&GUFNHQDXIGHP'LVSOD\HUVFKHLQWGLH$Q]HLJH
x
'XUFK'UFNHQYRQ83RGHU'2:1GHQ6SHLFKHUEHUHLFKDXVZlKOHQGHUGHQ]XO|VFKHQGHQ&RGHHQWKlOW
x
,VWGLH3RVLWLRQIUHLEOHLEWGLH'LVSOD\DQ]HLJHSHUPDQHQWLVWVLHEHVHW]WEOLQNWVLH
x
8P GHQ ,QKDOW GHV JHZlKOWHQ %HUHLFKV ]X O|VFKHQ GLH 7DVWH &$1& GUFNHQ XQG JHGUFNW KDOWHQ ELV GLH $Q]HLJH DXI GHP
'LVSOD\QLFKWPHKUEOLQNW'HU6SHLFKHUEHUHLFKLVWQXQZLHGHUIUHLIUHLQHQHXH3URJUDPPLHUXQJ
$&+781*%HLDNWLYLHUWHP5ROOLQJ&RGHVLQGDXVVFKOLH‰OLFKGLHPLWGHU6RIWZDUH:,133&/33&/VHULDOLVLHUWHQ6HQGHUGHU6HULH
3HUVRQDO3DVV]XYHUZHQGHQ
7(&+1,6&+((,*(16&+$)7(1
9:6*6]ZLVFKHQGHQ.OHPPHQXQG
9HUVRUJXQJ
9:6*6]ZLVFKHQGHQ.OHPPHQXQG
.DSD]LWlW5HODLVNRQWDNWH $9*6
%HWULHEVWHPSHUDWXU
ƒ&yƒ&
9HUEUDXFK
P$LP5XKH]XVWDQGP$PLWYLHUDNWLYHQ5HODLV
6HQVLELOLWlW
tG%P61 G%P $EVWUDKOXQJDQ$QWHQQH
dG%P
$EPHVVXQJHQ
[[PP
*HZLFKW
J
,3
$16&+/h66($0./(00(1%5(77
=HQWUDOH$QWHQQH
(QWVW|UXQJ$QWHQQH
$OOJHPHLQHV5HODLV
5HODLVDXVJDQJ
$OOJHPHLQHV5HODLV
5HODLVDXVJDQJ
$OOJHPHLQHV5HODLV
5HODLVDXVJDQJ
$OOJHPHLQHV5HODLV
5HODLVDXVJDQJ
9HUVRUJXQJ9*6:6
9HUVRUJXQJ9*6:6
.21)250,7b76(5./b581*
'LH9(/(77521,&$$*HUNOlUWGLH.RQIRUPLWlWGHU9RUULFKWXQJ5;3PLWGHU(85LFKWOLQLH5*:XQGQDFKIROJHQGHQ
bQGHUXQJHQ5*:(VZXUGHGLH1RUPGHUHOHNWURPDJQHWLVFKHQ9HUWUlJOLFKNHLW(76DQJHZDQGW
'HU5HFKWVYHUWUHWHU9(/(77521,&$$*
$/,9,2&267$0$*1$