GİSBİR Sektör Raporu 2012

údú1'(.ú/(5
'(1ú=7$û,0$&,/,ø,
'HQL]7Dü×PDF×O×ù×'Q\D
'HQL]7Dü×PDF×O×ù×7UNL\H
*(0úú1û$%$.,021$5,0
*HPLúQüD%DN×P2QDU×P<DW6HNW|U7UNL\H
*HPLúQüD%DN×P2QDU×P'Q\D
6215$6,*(/úû0(/(5
'Q\D'HQL]FLOLùL62/$60$532/YE
7UNL\H'HQL]FLOLùL(NRQRPL%DNDQO×ù×7HüYLNOHUYE
6218d9(g1(5ú/(5
*ú6%ú5<,/,)$$/ú<(7/(5ú
'HQL]7Dü×PDF×O×ù×'Q\D1,2,3,4
+DFLPRODUDNGQ\DWLFDUHWLQLQ·LGHQL]\ROX\OD·V×GHPLU\ROXYH
NDUD\ROX\OD·XERUXKDWW×LOHYH·KDYD\ROX\ODJHUoHNOHüWLULOPHNWHGLU6RQ
\×OGD\NJHPLOHULQLQER\XWODU×GDVUHNOLRODUDNDUWP×üW×U'Q\DQ×QHQE\N
\NJHPLVL´0$5&232/2µWDPNRQWH\QHUWDü×PDNDSDVLWHVLQHVDKLSWLU
·OHUGH´E\N´JHPLOHU\DOQ×]FDNRQWH\QHUWDü×\RUNHQ\×O×QGD
LQüDHGLOHQ´(00$0$(56.´LVLPOL\NJHPLVLNRQWH\QHUNDSDVLWHVL\OHHQ
E\NROPDQYDQ×QDVDKLSWL
$\U×FDdLQ·GHUHWLPLGHYDPHGHQYHDG×Q×\LQHNDüLIOHUGHQDODFDNLNLIDUNO×\N
JHPLVLQLQNRQWH\QHUOLNWDü×PDNDSDVLWHOHUL\OH|QP]GHNLVHQHGHQL]H
LQGLULOPHVLJHUoHNOHüHFHNWLU
'Q\DWLFDUHWLQGHGHQL]OHUGHWDULKOLLWLEDUL\OH*7]HULQGH
JHPLGRODüPDNWDG×U\DNODü×NPLO\DU':7%XJHPLOHU\DüRUWDODPDV×
\Dü×Q]HULQGHNLJHPLOHUGLUúVWDWLVWLNLRODUDN\Dü×Q×JHoPLüJHPLOHULQoHYUH
IHODNHWOHULLOHVRQXoODQDQND]DODUDVHEHEL\HWYHUPHULVNOHULROGXNoD\NVHNWLU
\×O×EDü×QGDGQ\DILORVXQGDNL*7YH]HULWRSODPJHPLVD\×V×
DGHWHXODü×UNHQWRSODPJHPLWRQDM×PLO\DU':7YHWRSODPNRQWH\QHUILOR
NDSDVLWHVLPLO\RQ7(8·\DXODüP×üW×U
\×O×EDü×LWLEDUL\OHWRSODPGQ\DGHQL]WLFDUHWILORVXQXQ':7ED]×QGD\DNODü×N
·LQLONHNRQWUROHWPHNWHGLU%XNDSVDPGD<XQDQLVWDQ-DSRQ\DYH
$OPDQ\DLONoV×UDGD\HUDOPDNWDG×UhONHPL]*7YH]HULPLOOLYH\DEDQF×
ED\UDNWDNLJHPLOHUGHQROXüDQPLO\RQ':7·OLNILORNDSDVLWHVL\OHGQ\DGD
V×UDGD\HUDOPDNWDG×U
9HUL.D\QDù×6WHHO2UELV8'+%DNDQO×ù×ú0($.'723)DLUSOD\&ODUNVRQV45LJ]RQH
02
*7YHh]HUL'Q\D'HQL]7LFDUHW)LORVXQXQ
%D\UDNODUD*|UH'Dù×O×P×
.D\QDN8'+%DNDQO×ù×ú0($.'72
'Q\DGHQL]WLFDUHWILORVXRODUDNV×UDGDPLO\RQ':7LOH<XQDQLVWDQ
V×UDGDPLO\RQ':7LOH-DSRQ\DYHV×UDGDPLO\RQ':7LOH$OPDQ\D
JHOPHNWHGLU7UNL\HPLO\RQ':7LOHV×UDGDEXOXQPDNWDG×U
.D\QDN8'+%DNDQO×ù×ú0($.'72
\×O×QGDNRPELQHWDü×\×F×ODUG|NPH\NJHPLUDNDPODU×Q×QLoLQHGDKLOHGLOPLüWLU
\×O×QGDWRSODPWRQDMLWLEDUL\OHNRPELQHWDü×\×F×ODUGDKLO·OLNRUDQOD
GQ\DGDLONV×UDGD\HUDODQWDQNHUILORVX\×O×QGD·HJ|UH·OXNDUW×ü
J|VWHUPHVLQHUDùPHQV×UD\DJHULOHPLüWLU\×O×QGDQVRQUDLQüDV×QDEDüODQP×ü
JHPLOHULQ|QHPOLELUE|OPQQG|NPH\NJHPLOHULROGXùXYHEXJHPLOHULQ
\×O×QDJ|UH\×O×QGDRUDQ×QGDDUW×üJ|VWHUHUHNGQ\DGHQL]WLFDUHW
ILORVXQGDELULQFLOLùH\NVHOGLùLJ|UOPHNWHGLU
03
'Q\D'HQL]7LFDUHW)LORVXQXQ*HPL
7LSOHULQH*|UH'Dù×O×P×0LO\RQ':7
.D\QDN8'+%DNDQO×ù×ú0($.'72
\×O×LWLEDUL\OHPLO\DU':7NDSDVLWH\HVDKLSGQ\DGHQL]WLFDUHW
ILORVXQXQJHPLWLSOHULQHJ|UHGDù×O×P×Q×LQFHOHGLùLPL]GHG|NPH\NJHPLOHULQLQ
¶ONRUDQOD0LO\RQ':7GQ\DGHQL]WLFDUHWILORVXQXQHQE\N
VHJPHQWLQLROXüWXUGXùXJ|UOPHNWHGLU%XQXQQHGHQLGDKD|QFHGHQWHUVDQHOHUH
VLSDULüYHULOHQG|NPH\NJHPLOHULQLQ\×O×QGDSL\DVD\DJLUPHVLGLU
gWH\DQGDQKDOHQV×Q×UO×RODUDNSL\DVDODUGD\NEXODELOHQ\DNODü×NPLO\RQ':7
WHNFLGDUO×WDQNHURSHUDV\RQGDG×U
04
1DYOXQ3L\DVDODU×
9HUL.D\QDù×%ORRPEHUJ
'Q\DE\PHUDNDPODU×YHWLFDUHWKDFPLGHQL]\ROXWDü×PDODU×Q×GLUHNWRODUDN
HWNLOHPHNWHGLU6|]NRQXVXHWNLGQ\DWLFDUHWKDFPLQGHNLGDOJDODQPDNUHVHO
HNRQRPLNNUL]LQHWNLOHULQLQKDOHQGHYDPHWPHVLYHSHWUROIL\DWODU×QGDNLDUW×üLOH
NHQGLVLQLJ|VWHUPHNWHGLU\×O×QGDPLO\DUWRQRODQGQ\DGHQL]WLFDUHW
KDFPLELU|QFHNL\×ODJ|UHE\UNHQGQ\DGHQL]WLFDUHWILORVX
E\PüWU'ROD\×V×\ODILORWRQDMDU]×\NKDFPLQGHNLWDOHSDUW×ü×QGDQ\NVHN
ROGXùXLoLQQDYOXQIL\DWODU×QHJDWLIHWNLOHQPLüWLU
\×O×QGD\DüDQDQNUHVHOHNRQRPLNNUL]QHWLFHVLQGH|QHPOLELUQDYOXQ
J|VWHUJHVLRODQ%',%DOWLF'U\,QGH[|QHPOLELUGüüJ|VWHUPLüYH
LWLEDUL\OHSXDQROPXüWXU'ROD\×V×\OD%',NUL]|QFHVLQGHWHSHQRNWDV×Q×
J|UGù·GHSXDQLNHQVRQXQGD\DNODü×N·WH·LQH
GüPüWU$UWDQSHWUROIL\DWODU×LüOHWPHPDOL\HWOHULQL\NVHOWPHNWHYHGüN
VH\UHGHQQDYOXQIL\DWODU×QHGHQL\OHVHNW|UQD\DNWDGXUPDV×Q×]RUODüW×UPDNWDG×U
*HOLüPLüONHOHUGH\DüDQDQGHULQNUL]WDOHELROXPVX]HWNLOHVHGHdLQYH+LQGLVWDQ
JLELJHOLüPHNWHRODQONHOHULQJHoPLü\×OODUGDJ|VWHUPLüROGXNODU×E\PHSHUIRUPDQVODU×QDSDUDOHORODUDNDUWDQKDPPDGGHYHHQHUMLWDOHSOHULVHNW|UYHQDYOXQ
IL\DWODU×Q×]RUGDROVDD\DNWDWXWPD\DGHYDPHWPHNWHGLU
gQP]GHNLG|QHPGHGQ\DGHQL]WDü×PDF×O×ù×ILORVXQGDNXUX\NJHPLOHULQH
WDOHSDUWDFDNW×U
‡%,0&2·QXQ\D\×PODG×ù×\HQLDQDOL]dLQ·LQ·WHJoOELUNXUX\NWDOHELQLQ
RODFDù×Q×RUWD\DNR\PDNWDG×U
05
1DYOXQ3L\DVDODU×
‡%XWDOHELQHQoRNGHPLUFHYKHULYHN|PUJLEL\NOHULWDü×\DQE\NWRQDMO×
JHPLOHUHLüo×NDUDFDù×EHOLUWLOPHNWHGLU%,0&2·\DJ|UH·GH\]GHRODQ
dLQ·LQFHYKHULWKDODW×Q×QJHOHFHN\×O\]GH·H\NVHOPHVLEHNOHQPHNWHGLU
‡6RQ\×OODUGDdLQ·GHQJHOHQYHULOHUEXEHNOHQWLQLQGRùUXROPDLKWLPDOLQLJoOHQGLUL\RUdLQ2FDN·GHQEX\DQDHQE\NFHYKHULWKDODW×Q×PLO\RQWRQLOH
JHoWLùLPL](\OOD\×QGD\DSW×%,0&2\×O×D\O×NFHYKHULWKDODWRUWDODPDV×Q×Q
PLO\RQWRQRODFDù×Q×WDKPLQHGL\RU*HOHFHN\×OLoLQD\O×NRUWDODPDWDKPLQLLVH
PLO\RQWRQGXU
‡%,0&2DQDOLVWOHULEXEHNOHQWLOHULQLdLQKNPHWLQLQPLO\DU'RODUO×NDOW\DS×
\DW×U×P×SODQ×\ODGHVWHNOHPH\HoDO×üPDNWDG×U
‡\×O×LoLQEHNOHQWLOHUü|\OHDo×NODQ×\RU·QLQWDPDP×QGDdLQ·LQFHYKHU
LWKDODW×Q×QPLO\RQWRQDXODüDFDù×EHNOHQPHNWHJHOHFHN\×OLWKDODWPLNWDU×Q×QLVH
PLO\RQWRQDo×NDFDù×|QJ|UOPHNWHGLU%XE\PHDGHWFDSHVL]HJHPL\H
GDKDLüo×NDUDFDNW×U&HYKHULQDQDLWKDODWPHUNH]L$YXVWUDO\D·GDQdLQ·HWRQX
'RODU·D%UH]LO\D·GDQLVH'RODU·DWDü×Q×\RU\×O×VUHVLQFH
FDSHVL]HJHPLOHULQJQONQDYOXQODU×Q×QELQ'RODU·×QVWQGHRODFDù×WDKPLQ
HGLOL\RU·WHDQDNXUX\NVHJPHQWLQGHDU]YHWDOHELQJoORODFDù×J|UO\RU
%XGXUXPJHPLVDKLSOHULYHDUPDW|UOHULQ]HULQGHNLEDVN×\×ELUQHE]HGHROVD
D]DOWDFDNW×U
'RùDOJD]SHWUROYHN|PUGHQVRQUDGQ\DHQHUMLWNHWLPLQLQ·ONN×VP×Q×
ROXüWXUPDNWDG×U'üNNDUERQLoHULùLVD\HVLQGH/1*JLWWLNoH\D\J×QRODUDN
NXOODQ×ODJHOHQELU\DN×WWUROPXüWXU*QP]GH/1*·QLQHQE\NWNHWLFLVL
-DSRQ\D·G×U
$YUXSD·GDND\GHGLOHQ\NVHNE|OJHVHOJHOLüLPQHWLFHVLQGH$YUXSD$V\DYH3DVLILN
E|OJHOHULQGH/1*WDOHELDUWP×üW×U/1*WDOHELQLQ|QP]GHNLG|QHPGHGH
DUWPDV×EHNOHQPHNWHGLU%XEHNOHQWLQLQDOW×QGDoVHEHS\DWPDNWDG×U
‡3HWUROSL\DVDV×QGDNLDQRUPDOIL\DWDUW×üODU×
‡.DUERQHPLV\RQODU×Q×QD]DOW×OPDV×\|QQGHX\JXODQDQSROLWLNDODU
‡$V\D%|OJHVL
QGH/1*WDOHELQLQDUW×ü×
'Q\D/1*7Dü×PDF×O×ù×
\×O×QGDGQ\D/1*WDü×PDF×O×ù×ELU|QFHNL\×ODJ|UH.DWDU·×QVHNW|UGHNLGHULQ
HWNLVLLOHUHWLPGHDUW×üRUDQ×QGDDUW×üJ|VWHUPLüWLU
06
1DYOXQ3L\DVDODU×
\×O×QGDWRSODP/1*WDü×PDV×PLO\DUPHWUHNSEXOPXüWXU(NLP
LWLEDULLOHONHGHWHUPLQDOGHQ/1*LKUDFDW×\DS×OPDNWD\G×%XQODUD
LODYHRODUDN$YXVWUDO\DúUDQ3DSXD<HQL*LQH.DQDGDYH%UH]LO\D·GDGD/1*
WHUPLQDOOHULSURMHOHUL\UWOPHNWHGLU.DWDUGQ\DQ×QHQE\N/1*LKUDFDWo×V×
RODUDN\HUDOPDNWDDUG×QGDQ0DOH]\D(QGRQH]\D&H]D\LUYH1LMHU\DJHOPHNWHGLU<HQLRUWD\Do×NDQLKUDFDWoׁONHOHUHEDNDFDNROXUVDNEXQODU$QJROD$YXVWUDO\D
3HUX6XXGL$UDELVWDQYH<HPHQ·GLU(NLPD\×LWLEDUL\OHONHGHWRSODP
WHUPLQDOGH/1*LWKDOHGLOPHNWH\GL
'Q\DGD/1*UHWLPL\DSDQONHOHUHEDN×OG×ù×QGD&H]D\LU7ULQLGDG7REDJR
.DWDU8PPDQ0×V×U1RUYHo5XV\D0DOH]\D$YXVWUDO\D\HUDOPDNWDG×U+DOL
KD]×UGDUHWLPLoLQWHVLVLQüDHWWLUHQONHOHULVH3HUX$QJRODYH<HPHQ·GLU
<×OO×N/1*UHWLPLGHùHUOHULQHEDN×OG×ù×QGD\×O×QGD.DWDU·×QPLO\RQ07
RODUDNEDü×oHNWLùLJ|UOPHNWHGLU
/1*hUHWLFLOHUL7NHWLFLOHUL
'Q\DGD/1*LWKDODW×\DSDQONHOHU7UNL\H$%'0HNVLND%UH]LO\D$UMDQWLQ
úVSDQ\D3RUWHNL]+LQGLVWDQ-DSRQ\D.RUHdLQ·GLU
úWKDODWLoLQWHVLV\DSW×UPDNWDRODQONHOHULVHûLOL.DQDGD'XEDL+ROODQGDYH
7D\ODQG·G×U
0DUWLWLEDUL\OHGQ\DLWKDODWNDSDVLWHVL\×OO×NPLO\RQWRQLNHQ\HQL\DS×ODFDN
WHVLVOHULOHLWKDODWNDSDVLWHVLQLQ\×OO×NWULO\RQWRQDXODüPDV×EHNOHQPHNWHGLU
(QGVWULGHYOHULRODQ-DSRQ\D.RUH7D\YDQYHdLQ·GHNLUHWLPNDSDVLWHVLQLQ
DUWPDV×LODYHHQHUMLLKWL\DF×Q×GRùXUPXüEXQXQVRQXFXQGDGDLKWL\DoGX\XODQ
HQHUMLLoLQN|PUYHQNOHHUHQHUMLND\QDNO×PHYFXWWHVLVOHULQ/1*WHVLVOHULQH
G|QüWUOPHVLG|QHPLEDüODP×üW×U
/1*WLFDUHWLQGHNL\HQLDNW|UOHUFRùUDILDN×ü×Q\|QGHùLüWLUPHVLQHVHEHSROGXùX
JLEL\HQLND\QDNODU×GDRUWD\Do×NDUPDNWDG×U
07
'HQL]7Dü×PDF×O×ù×7UNL\H1,2
.D\QDN8'+%DNDQO×ù×ú0($.'72
7UN'HQL]7LFDUHW)LORVXQXQ*HQHO'XUXPX*7YHh]HUL
LWLEDUL\OH7RSODPGDDGHWJHPL':7
<DüRUWDODPDV×
‡':7DGHWJHPL\DüJUXEXQGD
‡':7DGHWJHPL\DüJUXEXQGD
‡':7DGHWJHPL\DüJUXEXQGD
‡':7JHPL\DüYH]HULJUXSWD
EXOXQPDNWDG×U
7UNGHQL]WLFDUHWILORVXQXQ\DüJUXSODU×LWLEDUL\OHGDù×O×P×*7YH]HUL
':7ED]DO×QDUDN
‡\Dü
‡\Dü
‡\Dü
‡\Dü
)LORGDVD\×RODUDNHQID]ODLONoJHPLWLSL
‡.XUX\NJHPLVLDGHW
‡'|NPH\NJHPLVLDGHW
‡.LP\HYLPDGGHWDQNHULDGHW
(QJHQo\DüRUWDODPDV×RODQILOR.LP\DVDOWDQNHU\Dü
(Q\DüO×ILOR+L]PHWJHPLOHUL\Dü
9HUL.D\QDù×7h5./ú0'HQL]6HNW|U5DSRUX8'+%DNDQO×ù×ú0($.'72
08
'HQL]7Dü×PDF×O×ù×7UNL\H
.D\QDN8'+%DNDQO×ù×ú0($.'72
7UN'HQL]7LFDUHW)LORVXQXQ*HQHO'XUXPX*7YHh]HUL
LWLEDUL\OHWRSODPGDDGHW':7
<DüRUWDODPDV×
7UNGHQL]WLFDUHWILORVXQXQ\DüJUXSODU×LWLEDUL\OHGDù×O×P×*7YH]HUL
':7ED]DO×QDUDN
‡\Dü
‡\Dü
‡\Dü
‡\Dü
(QJHQo\DüRUWDODPDV×RODQILOR.LP\DVDOWDQNHUNRQWH\QHU\Dü
(Q\DüO×ILOR+L]PHWJHPLOHUL\Dü
7UNL\H·QLQPHYFXWPLO\RQ7(8NDSDVLWHVLQLQ\×O×QGDPLO\RQ7(8
DUW×üLOHPLO\RQ7(8·\DXODüPDV×EHNOHQPHNWHGLU
<NDUW×ü×QDSDUDOHORODUDNHQID]OD\DW×U×P0DUPDUD%|OJHVL·QGHSODQODQPDNWD
PLO\RQ7(8EXQX$NGHQL]PLO\RQ7(8YH(JHPLO\RQ7(8%|OJHOHULPL]L]OHPHNWHGLU$\Q×üHNLOGHJHQHONDUJRYHNXUXG|NPH\NHOOHoOH\HQ
OLPDQODU×Q\DW×U×PSODQODU×PHYFXWNDSDVLWHOHULQPLO\RQWRQD\NVHOHUHN
09
7UN'HQL]7LFDUHW)LORVXQXQ*HQHO'XUXPX
*7YHh]HUL
WRSODPPLO\RQWRQNDSDVLWH\HXODüDFDù×Q×J|VWHUPHNWHGLU6×Y×G|NPH\NWH
\×O×QDNDGDULODYHHGLOHFHNNDSDVLWHLVHPLO\RQPHWUHNSWU
7UNGHQL]WLFDUHWILORVXQXQLWKDOYHLQüDGXUXPODU×LWLEDUL\OHVD\×VDOYHWRQDMDQDOL]L
YHULOHULQHJ|UHWRSODPDGHWJHPLQLQDGHGLLWKDODGHGLLVHLQüD
\ROX\ODHGLQLOPLüWLUúWKDOJHPLOHULQ':7·VLPLO\RQWRQLQüDJHPLOHULQ':7·VL
LVHPLO\RQWRQGXU
.D\QDN8'+%DNDQO×ù×ú0($.'72
*7YHh]HUL*HPLOHU
7UNGHQL]WLFDUHWILORVX$GHW%D]×QGD
·LQL.XUX<N*HPLOHUL
·V×Q×'|NPH<N*HPLOHUL
·V×Q×.LP\DVDO0DGGH7DQNHUOHUL
·XQX.RQWH\QHU*HPLOHUL
·LQL3HWURO7DQNHUOHUL
·V×GLùHUWLSJHPLOHUGHQROXüPDNWDG×U
10
7UN'HQL]7LFDUHW)LORVXQXQ*HQHO'XUXPX
*7YHh]HUL
DGHW7UNGHQL]WLFDUHWILORVXQXQ·XQXQJHPL0LOOL6LFLO·H
·XQXQJHPL78*6·D7UN8OXVODUDUDV×*HPL6LFLOLND\×WO×ROGXùX
J|UOPHNWHGLU
0LOOL6LFLO·HND\×WO×WRSODP*57·OXNILORPX]GDHQID]ODWRQDMDVDKLSLONo
JHPLWLSLQLV×UDV×\OD·LQLG|NPH\NJHPLOHUL·LQLNRQWH\QHUJHPLOHUL
YH·VLQLNXUX\NJHPLOHULROXüWXUPDNWDG×U78*6·DND\×WO×WRSODP
*7·OLNILORPX]GDLVHHQID]ODWRQDMDVDKLSRODQG|NPH\NJHPLOHULQLQ
V×UDGDNLNXUX\NJHPLOHULQLQYHV×UDGDNLNRQWH\QHUJHPLOHULQLQ
RUDQ×QGD\HUDOG×ù×J|UOPHNWHGLU
.D\QDN8'+%DNDQO×ù×ú0($.'72
7UNGHQL]WLFDUHWILORPX]XQVLFLOOHUDUDV×LWKDOYHGDKLOGHQLQüDGXUXPXQDJ|UH
WRQDMDQDOL]LWDEORVXQGD78*6·DND\×WO×PLO\RQ':7·OLNILORQXQ·LLWKDO
·LLVHGDKLOGHQLQüDHGLOPLüJHPLOHUGHQROXüPDNWDG×U
<DQL78*6·DND\×WO×':7·OLNILORQXQ':7·VLLWKDO\ROX\OD
':7·VLLQüD\ROX\ODHGLQLOPLüWLU0LOOL6LFLO·HND\×WO×DGHWJHPLQLQ
·LWKDOLQüD\ROX\OD78*6·DND\×WO×DGHWJHPLQLQLVH·L
LWKDO·LQüD\ROX\ODHGLQLOPLüWLU
*7NDSDVLWHQLQ]HULQGHNLJHPLOHULQGLNNDWHDO×QG×ù×ILORGDDGHWJHPL
EXOXQPDNWDROXSEXJHPLOHULQJHQHO\DüRUWDODPDV×WDULKLLWLEDUL\OH
·WU
*7YH]HUL7UNGHQL]WLFDUHWILORPX]XQ·\DüJUXEXQGD·L
\DüJUXEXQGD·VL\DüJUXEXQGDYH·L\DüYH]HULQGH
11
7UN'HQL]7LFDUHW)LORVXQXQ*HQHO'XUXPX
*7YHh]HUL
\HUDOPDNWDG×U
7UNGHQL]WLFDUHWILORVXQXQHQJHoILORVXRODQNLP\DVDOWDQNHUILORVXQXQ·X
\DüDUDV×QGDG×U
*7YH]HULQGHNLJHPLOHUGH7UNED\UDNO×JHPLOHUPLO\RQ':77UN
DUPDW|UOHULQ\DEDQF×ED\UDNO×JHPLWRQDM×LVHPLO\RQ':7·GLU
PLO\RQWRQOXN\×O×GHQL]\ROXLOH\DS×ODQLKUDFDW×P×]×QV×UDV×QGD
PLO\RQWRQLOHSRUWODQGoLPHQWRV×UDV×QGDPLO\RQWRQLOHIXHORLOYH
V×UDGDLVHPLO\RQWRQLOHLQüDDWGHPLUL\HUDOPDNWDG×U\×O×QGDV×UDGD
PLO\RQWRQSRUWODQGoLPHQWRV×UDGDPLO\RQWRQLQüDDWGHPLUL
V×UDGDPLO\RQWRQLOHIXHORLO\HUDOPDNWDG×U
0LNWDURODUDNGHùHUOHQGLULOGLùLQGHPLO\RQWRQRODUDNJHUoHNOHüHQ\×O×
GHQL]\ROXLWKDODW×P×]×QHQE\NNDOHPOHULKXUGDGHPLUWDüN|PU
YHNRQWH\QHU·O×NRODUDNJHUoHNOHüPLüWLU\×O×QGDGHQL]\ROX
LOH\DS×ODQLKUDFDW×P×]GDLONV×UD\×PLO\RQWRQLOHDQDPHWDOVDQD\LLNLQFLV×UD\×
PLO\RQWRQLOHPHWDOLNROPD\DQGLùHUPLQHUDOUQOHUYHV×UD\×
PLO\RQWRQLOHWDüRFDNo×O×ù×YHGLùHUPDGHQFLOLNUQOHULDOP×üW×UúWKDODW×P×]GDLVH
V×UD\×PLO\RQWRQLOHPDGHQN|PUOLQ\LWYHWXUEV×UD\×PLO\RQ
WRQLOHDW×NYHKXUGDODUV×UD\×LVHPLO\RQWRQLOHNRNN|PUUDILQHHGLOPLü
SHWUROUQOHULYHQNOHHU\DN×WODUROXüWXUPDNWDG×U
12
*HPLúQüD%DN×P2QDU×P7UNL\H
*HPLúQüD6DQD\L|QHPYHULOGLùLEWQONHOHUGH
‡úKUDFDWLOHELUOLNWHG|YL]JLUGLVLVDùOD\DQ
‡<DEDQF×VHUPD\H\LGDYHWHGHQ
‡%HUDEHULQGH\DQVDQD\LVDùOD\DQYHJHOLüWLUHQ
‡7HNQRORMLWUDQVIHULQLFH]EHGHQ
‡hONHVDYXQPDV×QDNDWW×ù×\HQLJHPLOHUOHJHOHQGHùHUOHVWUDWHMLN|QHPWDü×\DQ
‡%DN×PRQDU×PKL]PHWOHUL\OHGHQL]WLFDUHWILORVXQXGHVWHNOH\HQ
‡<DQVDQD\LVLLOHELUOLNWH\DNODü×N·HRUDQ×QGDLVWLKGDP\DUDWDQELUDù×UVDQD\L
NROXGXU
hONHPL]GH|]HOVHNW|UHDLWJHPL\DWLQüDYHEDN×PRQDU×PWHUVDQHOHULQLQWRSODP×
DGHWWLU%XWHUVDQHOHUGHQDGHGLúVWDQEXO7X]OD7HUVDQHOHU%|OJHVL·QGH
DGHGL<DORYDDGHGL.DUDGHQL](UHùOLDGHGL.|UIH].RFDHOL·GHEXOXQPDNWD
ROXSD\U×FDDGHWdDQDNNDOH·GHELUHUDGHW7UDE]RQ6DPVXQ+DWD\.DVWDPRQX$GDQD2UGXYH6DNDU\D·GDNRQXüODQP×üGXUXPGDG×U%XQODU×QG×ü×QGD
EDüWD7X]OD7HUVDQHOHU%|OJHVLROPDN]HUHoHüLWOLLOOHUGHPHWUHGHQNoNN×\×
üHULGLEXOXQDQLüOHWPHOHUGH7HNQHúPDO<HULDG×DOW×QGDJHPLLQüDYHEDN×P
RQDU×PIDDOL\HWOHULJHUoHNOHüWLUPHNWHGLU
<DW×U×PKDOLQGHRODQWHUVDQHOHUONHPL]GH8'+%DNDQO×ù×SODQODPDODU×GDKLOLQGH
<DORYD·GD$GDQDLOLV×Q×UODU×LoLQGHdDQDNNDOHLOLV×Q×UODU×LoLQGH6DPVXQ·GD
%DO×NHVLUV×Q×UODU×LoLQGH2UGX·GD.DVWDPRQX·GD7UDE]RQ·GD6LQRS·WD
úVWDQEXO·GD0HUVLQ·GHYH=RQJXOGDN·WDDGHWROPDN]HUHWRSODP
DGHWWLUYHWHUVDQH\DW×U×PODU×GHYDPHWPHNWHGLU<DW×U×P×GHYDPHGHQEXWHUVDQHOHULQWRSODPDODQ×PòROXSJHPLLQüDNDSDVLWHVLWRSODP
':7\×O·G×U
13
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
ú+5$&$7
\×OODU×DUDV×QGDLQüDHWWLùLJHPLOHULQoRùXLKUDFDWDPDoO×RODQ7UNL\H
WHUVDQHOHULEXJHPLOHULQWDPDP×QD\DN×Q×Q×$YUXSD%LUOLùL$%ONHOHULDUPDW|UOHULQH
LKUDoHWPLüWLU<HQLJHPLYH\DWLKUDFDWYHULOHULDüDù×GDNLWDEORGDVXQXOPXüWXU
\×O×VRQXLWLEDUL\OHLKUDoHGLOHQ\HQLJHPLYH\DWODULOHEDN×PRQDU×P
IDDOL\HWOHULVRQXFXEXGHùHUOHU\DNODü×NPLO\DU'RODU·DXODüP×üW×*OREDOHNRQRPLNNUL]LQHWNLOHUL\OHEDN×PRQDU×PKDULoHNRQRPLNNUL]LQHWNLOHULQLJ|VWHUPH\H
EDüODG×ù×\×O×VRQXLOH\×O×VRQXNDUü×ODüW×UPD\DS×OG×ù×QGDLKUDFDWWD
\DNODü×NPLO\DU'RODUGüüROGXùXJ|]OHQPHNWHGLU
.D\QDN78ú.
h/.(6$9810$6,1$.$7.,
0ú/*(00LOOL*HPL3URMHVLNDSVDP×QGDELULWDPDPODQDUDNWHVOLPHGLOPLü
GLùHULQLQGRQDW×P×GHYDPHGHQLNLDGHWNRUYHWWLSLVDYDüJHPLVLQLQGHYDP×RODQYH
0ú/*(0SURMHVLQHNDGDU|]HOVHNW|UWHUVDQHOHULPL]HLKDOHHGLOPH\HQPXKULS
JHPLOHULONNH]50.0DULQH7HUVDQHPL]HLKDOHHGLOPHVLLOHDUW×N|]HOVHNW|U
WHUVDQHOHULQGHGHLQüDHGLOHPH\HEDüODQDFDNW×U%XQXQ\DQ×V×UD'HQL]
.XYYHWOHULPL]LQLKWL\DF×RODQGLùHUJHPLOHULQLQüDV×RUDQ×QGD\HUOL
PDO]HPHLOH7UNL\H|]HOVHNW|UWHUVDQHOHULQGH\DS×OPDNWDG×U+DOHQ\HQLWLS
14
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
NDUDNROERWODU×YH/&7WLSLo×NDUWPDJHPLOHULLOHVDKLOJYHQOLNERWODU×Q×QWHVOLPOHUL
SHüSHüHGHYDPHWPHNWHGLUDGHWVDKLOJYHQOLNJHPLVLQLQLQüDV×GHYDPHWPHNWH
ROXSEX\×OLoLQGHWHVOLPOHULQHEDüODQDFDNW×U<LQH|]HOVHNW|UWHUVDQHOHULPL]GH
DGHW/67WDQNo×NDUWPDJHPLVLDGHW026+,3GHQL]DOW×NXUWDUPDDQDJHPLVL
YHDGHW.85<('NXUWDUPDYH\HGHNOHPHJHPLVLLOH07$0DGHQ7HWNLN
$UDPDLoLQLQüDHGLOHFHNDGHWVLVPLNDUDüW×UPDJHPLVLQLQV|]OHüPHOHULLP]DODQP×üROXSIDDOL\HWOHUHEDüODQP×üW×U'Q\DGD\DUG×PF×V×Q×IROVXQPXKULSV×Q×IROVXQ
NHQGLVDYDüJHPLVLQL|]JQGL]D\Q×LOHLQüDYHLPDOHWPHNDSDVLWHVLQHVDKLSDQFDN
RQEHüONHQLQYDUROGXùXGüQOUVH7UNJHPLLQüDYH\DQVDQD\LQLQVRQ
\×OODUGDEXNRQXGDQHNDGDU|QHPOLELUJHOLüPHND\GHWWLùLRUWD\Do×NDFDNW×U$\U×FD
RODùDQVWGXUXPODUGDWPWHUVDQHOHULPL]'HQL].XYYHWOHULPL]LQHPULQGHJ|UHY
DODFDNVWUDWHMLNELUNRQXPDVDKLSWLU6DYXQPDVDQD\LPL]LQ\HQLJHPLLQüDLKWL\DF×Q×
NDUü×OD\DELOHFHNWHUVDQHOHULPL]LQVD\×V×|QFHNL\×OODUDJ|UHDUW×üJ|VWHUPLüWLU
ú67ú+'$0
7HUVDQHOHULPL]\DQVDQD\LLOHELUOLNWH·HRUDQ×QGDLVWLKGDPVDùODPDNWDG×U
7HUVDQHOHULQVDELWYHDOW\NOHQLFLRODUDNLVWLKGDPHGLOHQSHUVRQHOVD\×ODU×Q×Q\×OODUD
J|UHGDù×O×PODU×DüDù×GDNLJUDILNWHVXQXOPXüWXU
.D\QDN8'+%DNDQO×ù×
*UDILNWHEHOLUWLOHQLVWLKGDPUDNDPODU×JOREDOHNRQRPLNNUL]LQHWNLOHUL\OH
\×O×QGD·GHQ$UDO×NWDULKLLWLEDUL\OH7UNL\H·GHNLWPWHUVDQHOHUGHQ
15
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
DO×QDQYHULOHUHJ|UHEXVD\×·DJHULOH\HUHNRUWDODPD$UDO×N·GD
NLüLLOHD]DOP×ü$UDO×N·GDEDN×PRQDU×PIDDOL\HWOHULQLQDUWPDV×\ODNLüL\H\NVHOPLüDQFDNUDNDP×\ODNDUü×ODüW×UG×ù×P×]GD$UDO×N
·GHLVHNLüLLOHRUDQ×QGDELUGüüJ|VWHUPLüWLU
1DYOXQIL\DWODU×Q×Q\×O×QGDGDGüNVHYL\HOHUGHVH\UHWPHVLDUPDW|UOHULQ
WHUVDQHOHUH\HQLVLSDULüYHUPHPHVLQGHQGROD\×\×O×QGDGDVHNW|UQGXUXPXQXQ
JHoHQ\×OODUJLELD\Q×üHNLOGHGHYDPHGHFHùLWHUVDQHOHULQDUWDQEDN×PRQDU×P
IDDOL\HWOHULQHUDùPHQLVWLKGDPUDNDPODU×Q×QD\Q×RODFDù×J|]OHQPHNWHGLU
7UNL\H*HPL%DN×P2QDU×P5DNDPODU×
(NRQRPLNNUL]LQHWNLOHULQLJ|VWHUGLùLVUHoWH\HQLJHPLLQüDGDE\NVRUXQODU
\DüD\DQWHUVDQHOHULPL]LQGDKDoRNEDN×PRQDU×PD\|QOHQGLNOHULJ|UOPHNWHGLU
7UNL\H*HPL%DN×P2QDU×P5DNDPODU×
|QFHVL\HQLJHPLLQüD\DSDQWHUVDQHOHULPL]VLSDULüOHULQLSWDOOHULYH\HQL
VLSDULüOHULQJHOPHPHVLLOHELUOLNWHEDN×PRQDU×PIDDOL\HWOHULQLDUWW×UP×üODUG×U
\×O×VRQXQGD\HQLJHPLVLSDULüGHIWHUL\DNODü×NPLO\RQ':7LNHQVRQXQGD
EXUDNDPELQ':7·OHUHJHULOHPLüWLU7HUVDQHOHULPL]JOREDOHNRQRPLNNUL]LQ
HWNLOHULQLJ|VWHUPH\HEDüODG×ù×G|QHPLYHNH]DYH\×OODU×QGD
':7·OLNEDN×PRQDU×PIDDOL\HWJ|VWHUL\RUODUG×)DNDW\HQLJHPLLQüDGD
E\NVRUXQODU\DüD\DQWHUVDQHOHULPL]LQ\×O×QGD':7·OLNIDDOL\HW
UDNDP×LOHGDKDoRNEDN×PRQDU×PD\|QHOGLNOHULRUWD\Do×NPDNWDG×U
16
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
7UNL\H*HPLúQüD5DNDPODU×
7HVOLP(GLOHQ*HPLOHU
7HUVDQHOHULPL]\×OODU×DUDV×QGDWRSODP':7·OXNDGHW
JHPLQLQ\×OODU×DUDV×QGDLVHWRSODP':7·OXNDGHW
JHPLQLQWHVOLPLQLJHUoHNOHüWLUPLüWLU
$OWWDNLJUDILNWHJOREDOHNRQRPLNNUL]LQHWNLOHULQLJ|VWHUGLùL\×O×QDNDGDU
7UNL\HWHUVDQHOHULJHPLLQüDWHVOLPUDNDPODU×ED]DO×QG×ù×QGDJUDILùLQSLNQRNWD\D
o×NW×ù×DQFDN\×O×QGDQVRQUDE\NRUDQGDGüüJ|VWHUGLùLJ|UOPHNWHGLU
\×O×QGDWHVOLPLJHUoHNOHüHQJHPLWLSOHULQHEDN×OG×ù×QGDHQoRNDVNHULJHPLOHULQ
ROGXùXJ|UOPHNWHGLU
<DW6HNW|U1,2
<DWYHWHNQHLPDODWVDQD\LoRNE\NRUDQGDNDWPDGHùHUHVDKLSLVWLKGDP
VDùOD\DELOHQLKUDFDWRUDQ×\NVHNELUVHNW|UGU%XVDQD\LPDNLQHGHPLUVDF
DKüDSER\DNLP\DHOHNWULNHOHNWURQLNWHNVWLOGHNRUDV\RQSODVWLNVHUYLVYEELU
oRNVDQD\LGDO×Q×QUQOHULQLQWHUVDQHOHUGHELUOHüWLULOPHVLVRQXFXQGDUHWLP\DSDQ
ELUVDQD\LGDO×G×U<DWYHWHNQHHQGVWULVLJHUHNLoHULùLYHNDSVDP×YHJHUHNVH
X\JXODG×ù×WHNQRORMLDo×V×QGDQJHPLLQüDVDQD\LQGHQIDUNO×ROXSGDKDNoN\DW×U×P
LOHGDKDN×VDVUHGHYHGDKDNoN\HUOHUGHIDDOL\HWJ|VWHUHELOPHNWHGLU%\N
\DW×U×PODUJHUHNWLUPHPHVLQHUDùPHQNDWPDGHùHULoRNGDKD\NVHNWLU
9HUL.D\QDù×3URI'U(PLQH)XU\D'HQL]6$59$17UNL\H
GH<DW<DS×P.PHOHULQLQ««
.DUü×ODüW×UPDO×$QDOL]L6XSHU\DFKW,QWHOOLJHQFH
17
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
'72·QXQYHULOHULQHJ|UHQ7UNL\H·GHUXKVDWO×\DW\DS×PF×V×VD\×V×úVWDQEXO·GD
$QWDO\D·GDú]PLU·GH0DUPDULV·WH)HWKL\H·GH%RGUXP·GD
.DUDGHQL]%|OJHVL·QGHYHGLùHUE|OJHOHUGHDGHWROPDN]HUHWRSODP
DGHWWLU
7UNL\H·GH\DW\DS×P\DQVDQD\LVLQGH\XUWG×ü×QGDQDO×QDQPDO]HPHRUDQ×
VHYL\HOHULQGHGLU
)LUPDODU×QJHQHOLQHEDN×OG×ù×QGD\DW\DS×P×QGDHQV×NNXOODQ×ODQUHWLPWHNQRORMLOHUL
V×UDV×\ODü|\OHGLU
$KüDSYHNRPSR]LWdHOLN$OPLQ\XP
<DW\DS×PILUPDODU×Q×QE|OJHOHULWLEDULLOHGDù×O×P×V×UDV×\ODü|\OHGLU
úVWDQEXO$QWDO\Dú]PLU%XUVD.RFDHOL<DORYD·GDNRPSR]LWWHNQRORMLVLQH%RGUXP
)HWKL\H%DUW×Q0DUPDULV0DQDYJDW¶WDLVHHQ\D\J×QWHNQRORMLQLQDKüDEDGD\DQG×ù×
J|UOPHNWHGLU
úVWDQEXO·GDLNLQFLV×UD\×DKüDSDO×UNHQ$QWDO\D·GDoHOLNYHDUG×QGDQDOPLQ\XP
JHOPHNWHDKüDSDQFDNG|UGQFV×UDGDNXOODQ×ODQELUWHNQRORMLROPDNWDG×U
%|OJHOHULWLEDUL\OHLQFHOHQGLùLQGHúVWDQEXO·GD7X]OD3HQGLNIDDOL\HWJ|VWHUHQ
ILUPDODU×QDù×UO×NO×RODUDNV×UDV×\ODPPYHPER\ODU×QGD\LQH
Dù×UO×NO×RODUDNPRWRU\DWWURZOHUH[SORUHUDKüDS\DWWLSOHULQGHWHNQHOHUUHWWLùL
WHVSLWHGLOPLüWLU
%RGUXP·GDNLILUPDODU×QLVHQLVSHWHQGDKDE\NER\ODUGDPDUDV×YH
PDUDV×YHDù×UO×NO×RODUDNJXOHWYHGLùHUPRGHOOHUGHDKüDS\DWoQFV×UDGDLVH
WUDZOHUH[SORUHUWLSLQGHWHNQHOHUGHX]PDQODüW×NODU×WHVSLWHGLOPLüWLU
$QWDO\D6HUEHVW%|OJHVL$6%PRWRU\DWUHWLPLQGHX]PDQODüP×üELUJ|UQP
VHUJLOHPHNWHGLUhUHWLOHQWHNQHOHULQER\ODU×GDGLùHUE|OJHOHUHJ|UHDù×UO×NO×RODUDN
GDKD\NVHNJUXSODUGDPDUDV×YHPDUDV×\RùXQODüP×üW×U
P·QLQ]HULWHNQHLQüDNDSDVLWHVLQGHúVWDQEXO·GDILUPD$6%·GHILUPDEXOXQPDNWDG×U$6%·GHPRWRU\DWWDQVRQUDDù×UO×NO×RODQUQ\DS×ODU×Q×QWUDZOHU
H[SORUHUYHVUDWWHNQHVLROGXùXELOLQPHNWHGLU
7PWHNQHLPDOE|OJHOHULDUDV×QGDLOHHQoRNEDO×No×WHNQHVL\DSDQE|OJH
%DUW×Q·GD\HUDOPDNWDG×U
18
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
<DWúQüDúVWLKGDP
úVWDQEXO
.DGUROXNLüL
$OW<NOHQLFLNLüL
$6%$QWDO\D6HUEHVW%|OJHVL
.DGUROXNLüL
$OW<NOHQLFLNLüL
%RGUXP
.DGUROXNLüL
$OW<NOHQLFLNLüL
úVWDQEXOLOLV×Q×UODU×LoLQGH\DWYHJH]LQWLWHNQHVL\DS×P×Q×DNWLIRODUDNVUGUGù
WHVSLWHGLOHQ\DWILUPDV×Q×QE\NoRùXQOXùX7X]ODYH3HQGLNFLYDU×QGD
NRQXPODQP×üW×U
'Q\DYH7UNL\H<DWúQüD6LSDULü6×UDODPDV×
LQüDHGLOHQOHUGHGDKLO
$UDO×NLWLEDUL\OHGQ\D\DWLQüDED]DO×QG×ù×QGDLQüDKDOLQGHEXOXQDQPYH
]HULVSHU\DWVD\×V×JUDILNWHJ|UOHQLON·DJLUPH\HQONHOHULOHELUOLNWHDGHW
ROXS\DWLQüDYHULGLVLSOLQOHULQGHNXOODQ×ODQX]XQOXNRODUDNWRSODPGDP·GLU
'Q\DGDVSHU\DWLQüDV×JHUoHNOHüWLUHQDGHWWHUVDQHGHJHQHOER\RUWDODPDV×
PRODUDNJ|UOPHNWHGLU
.D\QDN8'+%DNDQO×ù×ú0($.'72
19
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
<DQ6DQD\L1
‡hONHPL]GHJHPL\DQVDQD\LJHPLLQüDVDQD\LPL]LQVRQ\×OODUGDNLJHOLüLPLQH
SDUDOHORODUDNJHOLüPHJ|VWHUPLüDQFDNED]ׁUQOHULQONHPL]GHUHWLPLQLQ
\HWHUVL]OLùLVHEHEL\OHWHUVDQHOHULPL]EXQODU×\XUWG×ü×QGDQLWKDOHWPHN]RUXQGD
NDOP×üODUG×U<DQVDQD\LQLQJHPLGHùHULQLQ|QHPOLELU\]GHVL\DNODü×N
ROGXùXJ|]|QQGHEXOXQGXUXOGXùXQGD\DQVDQD\LQLQJHOLüLPLQLQJHPLLQüD
VHNW|UQGHNLUROGDKDL\LDQODü×OPDNWDG×U*HPL\DQVDQD\LLVWLKGDP\DUDWPD
|]HOOLùLHQ\NVHNDOWVHNW|UQLWHOLùLWDü×PDNWDG×U-DSRQ\D·GDJHPL\DQVDQD\LQGH
LüJF\DNODü×NNLüL*QH\.RUH·GHLVH\DNODü×NNLüLGLU$YUXSD·GD
LVHJHPL\DQVDQD\LQGHGRùUXGDQLVWLKGDP\DNODü×NNLüLGLU
‡*HPL\DQVDQD\LUQOHULQLQONHPL]JHQHOLQGHNoNLüOHWPHOHUWDUDI×QGDQ
\DS×OPDV×QHGHQL\OHWDOHSOHULQNDUü×ODQPDV×QGDVRUXQODURUWD\Do×NPDNWDUHWLPGH
VWDQGDUGL]HROXQDPD\×ü×WHUVDQHLKWL\DoODU×Q×QLWKDOUQOHUHND\PDV×QD\RO
DoPDNWDG×U
‡*YHUWHWHoKL]DWODU×]LQFLUoDSDJLELUHWLPOHULQoRNL\LG]H\GH\DS×ODELOPHVLQH
NDUü×QVH\LUFLKD]ODU×JLELHOHNWURQLNDù×UO×NOׁUHWLPOHULQGQ\DGDELUNDoE\N
UHWLFLVLROGXùXQGDQGROD\×QHUHGH\VHKLoUHWLOPHGLùLJ|]HoDUSPDNWDG×U
‡$\U×FDJHPLLQüDQ×QKDPPDGGHVLRODQoHOLNVDFYHSURILOOHULQONHPL]GHNL
UHWLPLWHVOLPVUHoOHULHEDWODUYHPXNDYHPHWVWDQGDUWODU×J|]|QQHDO×QG×ù×QGDLKWL\DF×QoRND]ELUN×VP×Q×NDUü×OD\DELOGLùLJ|UOPHNWHGLU
*HPL\DQVDQD\LDQDEDüO×NODU×DüDù×GDOLVWHOHQPLüWLU
‡*HPL6DF×3DVODQPD]YH0HWDOhUQOHUL
‡*HPL<DW(OHNWULùL2WRPDV\RQYH(OHNWURQLN'RQDQ×P6H\LU&LKD]ODU×
‡,UJDWYH'PHQ6LVWHPOHUL
‡+LGUROLN3Q|PDWLN(NLSPDQODU
‡ú]RODV\RQ,V×WPD+DYDODQG×UPD6RùXWPDúNOLPOHQGLUPH6LVWHPOHULYH&LKD]ODU×
‡-HQHUDW|UYH.RQWURO(NLSPDQODU×
‡.DEORODU
‡*HPL0DNLQH<HGHN3DUoDûDQ]×PDQ
‡3RPSD(QMHNW|U+LGURIRUODU
‡/XPEX]+DWFK
‡<DWYH*HPL'|üHPH$KüDSúüOHULYH'HNRUDV\RQ
‡=LQFLU=LQFLU$NVHVXDUODU×
9HUL.D\QDù×8'+%DNDQO×ù×
20
7UNL\H*HPLúQüD6DQD\LQLQhONH(NRQRPLVLQH.DWN×ODU×
‡3HUYDQH
‡6HQWHWLNYHdHOLN+DODW
‡9DQD9DOI
‡(PQL\HW7HoKL]DWYH(NLSPDQODU××
%DüO×FD<DQ6DQD\LúWKDODW×P×]
‡$QD0DNLQH
‡dHOLN6DoYH3URILOOHU
‡(OHNWURQLN6H\LU<DUG×PF×ODU×
‡+DEHUOHüPH6LVWHPOHUL
‡3HUYDQH%DüYH.×oúWHUOHU
\×O×SURJUDPWHGELUOHULQGHQ5*$5HNDEHW*FQQ$UWW×U×OPDV×(8$
(QHUML8ODüW×UPD$OW\DS×QR·OXWHGELURODQJHPLLQüDGDNL\HUOLNDWN×
RUDQ×Q×\NVHOWPHNLoLQJHPL\DQVDQD\LQLQJHOLüWLULOPHVLQH\|QHOLN$5*(
oDO×üPDV×WDPDPODQP×üW×U
hONHPL]GHhUHWLOHQ%DüO×FD<DQ6DQD\LhUQOHUL
‡dHOLN'|NP0DO]HPH6DF3URILO%RUX
‡'L]HO-HQHUDW|U
‡*YHUWH0DNLQDODU×
‡.D]DQYH.RPSUHV|U
‡9DOIYH%RUX'HYUHOHUL
‡+DYDODQG×UPD6LVWHPOHUL
‡(OHNWULN7HoKL]DWYH.DEOR
‡$PEDU.DSDNODU×
‡.DS×/XPEX]3HQFHUH
‡$KüDS.DSODPD<DQPD]3DQHO
21
*HPLúQüD%DN×P2QDU×P'Q\D1,2,3,4,5,6,7
-DSRQ\D*HPLúKUDFDWODU×%LUOLùL-6($WDUDI×QGDQ\DS×ODQDo×NODPD\DJ|UH
-DSRQ\D·\DYHULOHQ\HQLJHPLVLSDULüOHUL\×O×Q×Q7HPPX]D\×QGD+D]LUDQ
D\×QDJ|UHWRQDMED]×QGDGüHUNHQ|QFHNLD\ND\GHGLOHQJHPLVHYL\HVLQH
\NVHOHUHNJURVWRQWRSODP×QGDJHPLVHYL\HVLQGHROPXüWXU
\×O×Q×Q7HPPX]D\×QGD-DSRQ\D·\DYHULOHQ\HQLJHPLVLSDULüOHULJURVWRQ
WRSODP×QGDJHPLRODUDNND\GHGLOPLüWLU
<×O×QLON\HGLD\O×NG|QHPLQLQVRQXQGDLVH-DSRQJHPL\DS×PF×ODU×Q×Q\XUWG×ü×QGDQ
DOG×NODU×VLSDULüOHUELU|QFHNL\×O×QD\Q×G|QHPLQHJ|UHWRQDMED]×QGD
GüüOHPLO\RQJURVWRQOXNJHPLVHYL\HVLQGH\HUDOPDNWDG×U
gWH\DQGDQ7HPPX]D\×QGD-DSRQ\DWDUDI×QGDQWHVOLPHGLOHQJHPLOHUWRSODP
PLO\RQJURVWRQDù×UO×ù×QGDJHPLVHYL\HVLQGHJHUoHNOHüLUNHQ+D]LUDQD\×QGD
-DSRQ\DPLO\RQJURVWRQDNDUü×O×NJHOHQJHPLQLQWHVOLPDW×Q×JHUoHNOHüWLUPLüWLU
<×O×QLON\HGLD\×QGDLVH-DSRQ\D·Q×QLKUDFDWSL\DVDODU×QDWHVOLPHWWLùLJHPLOHU
\×O×Q×QD\Q×G|QHPLQHJ|UHWRQDMED]×QGDDUWDUDNPLO\RQJURVWRQOXN
JHPLRODUDNJ|UOPHNWHGLU
dLQJPUùQGHQDO×QDQYHULOHUHJ|UHEX\×O2FDN(\OOG|QHPLQGHdLQ·LQJHPL
LKUDFDWGHùHUL\×OO×NDUW×üODPLO\DU'RODUVHYL\HVLQH\NVHOGLdLQ
JHPLLWKDODWGHùHULLVH\×OO×NDUW×üODPLO\DU'RODURODUDNND\GHGLOGL
6DGHFH(\OOD\×QGDdLQ·LQJHPLLKUDFDWGHùHUL\×OO×ND\O×NLVHPLO\RQ
'RODUDUW×üODPLO\DU'RODUROXUNHQJHPLLWKDODWGHùHUL\×OO×ND\O×N
PLO\RQ'RODUDUWDUDNPLO\RQ'RODUVHYL\HVLQGHND\GHGLOGL
$V\DYH$YUXSDdLQ·LQEDüO×FDJHPLLKUDFDW×SL\DVDODU×NRQXPXQGDEXOXQX\RU%X
\×O×Q2FDN(\OOG|QHPLQGHdLQ·LQ$V\DSL\DVDV×QD\DSW×ù×JHPLLKUDFDW×GHùHULLVH
\×OO×NDUW×üODPLO\DU'RODUROXUNHQ$YUXSDSL\DVDV×QD\DS×ODQLKUDFDW
GHùHULLVH\×OO×NGüüOHPLO\DU'RODUROGX
\×O×QGDWRQDMWDOHELEHOLUJLQüHNLOGHD]DOP×üW×U%XQXQQHGHQL\DYDü$%'
HNRQRPLVLYH$YUXSDE|OJHVLQGH\DüDQDQHNRQRPLNJHOLüPHOHULQROXPVX]HWNLVL
DOW×QGDNLJOREDOHNRQRPLGHQND\QDNODQDQGüNQDYOXQFUHWOHULGLU
\×O×QGDVLSDULüDNWLYLWHVLRUDQ×QGDD]DODUDNPLO\RQ&*7FRPSHQVDWHG
JURVVWRQRODUDNJHUoHNOHüPLüWLU%XGHùHUKHUQHNDGDUVHJPHQWOHUDUDV×QGDE\N
IDUNODUROVDGDPLO\RQ&*7RODQWDKPLQLLQüDNDSDVLWHVLQGHQROGXNoDNoNWU
.D\QDN$QVWHOOdLQOLdHOLNUHWLFLVL$QVKRQ,URQDQG6WHHO*URXS
9HUL.D\QDù×$QVWHOO,+6)DLUSOD\&ODUNVRQV33ODWRX%564,6/50DULQH&RPPHUFH6
5LJ]RQH76FLHQFH'LUHFW
22
*HPLúQüD%DN×P2QDU×P'Q\D
&ODUNVRQV·XQ\D\×PODG×ù׶6KLS\DUGV0RQLWRU·LVLPOLVRQUDSRUNUHVHOJHPLVLSDULü
GHIWHULQLQGüWùQYHVLSDULüOHULQD]DOG×ù×Q×J|VWHUL\RU5DSRUDJ|UH\×O×
VUHVLQFHPLO\RQ':7·OLNJHPLQLQWHVOLPHGLOPHVLYHVLSDULüOHULQD]DOPDV×\OD
NUHVHOVLSDULüGHIWHUL\]GHHNVLOGL%|\OHOLNOHVLSDULüGHIWHULQLQE\NOùELQ
JHPLQLQROXüWXUGXùXPLO\RQ':7·OLNWRQDMDJHULOHPLüROGX%LU|QFHNL\×OD
J|UHVLSDULüOHUGH\]GH·OLNELUGüüLOHELUOLNWHWHUVDQHOHULQUHWLPKDFPLGHROGXNoD
GDUDOG×&ODUNVRQV·DJ|UH\×O×GDoRùXWHUVDQHLoLQoRN]RUJHoHFHùHEHQ]L\RU
*HoHQ\×O\HQLJHPLLQüDIL\DWODU×\]GHGüW%XGüüE\NWRQDMJHPLOHUGH
\]GHROGX.RQWH\QHUJHPLIL\DWODU×\×O×QHQGüNVHYL\HVLQLJ|UG
$UPDW|UOHULJHoHQ\×O\HQLJHPL\DW×U×PODU×LoLQPLO\DU'RODUKDUFDG×
PLO\RQ':7NDSDVLWHVLQGHELQDGHWJHPLVLSDULüLYHUGL7RQDMDo×V×QGDQ\HQL
VLSDULüOHUELU|QFHNL\×ODJ|UH\]GHD]DOG×'HQL]FLOHULoLQROGXNoD]RUELU\×O
RODQ·GHNDUJRJHPLOHUHKDUFDQDQSDUDDVO×QGDEXNDGDU\NVHNGHùLOdQN
VLSDULüOHULQ\DU×V×Q×RIIVKRUHSURMHOHUROXüWXUX\RUPLO\DU'RODUO×N\DW×U×P×Q
PLO\DU'RODU×RIIVKRUHJHPLOHULQH\DS×OP×ü%X\DW×U×PODU×QPLO\DU'RODU×Q×GD
/1*JHPLVLSDULüOHULROXüWXUX\RU
dLQWHUVDQH\DW×U×PODU×Q×GXUGXUGX*HoHQ\×OHQoRN\DW×U×P\DSDQONHOHULVH
1RUYHo$%'YH%UH]LO\DROGX<XQDQDUPDW|UOHUPLO\DU'RODUO×N\DW×U×P×\OD
G|UGQFV×UDGDJHOL\RU)DNDW<XQDQDUPDW|UOHULQNODVLNNDUJRJHPLOHUGHQGDKD
oRNJD]WDü×\×F×ODU×QD\DW×U×P\DSPDV×GLNNDWoHNWL%LUGLùHULOJLQoQRNWDLVHdLQOL
DUPDW|UOHULQ\×O×QGDQEHULHQGüN\DW×U×PWXWDU×ROGX<HQLJHPL\DW×U×PODU×QGDDVODQSD\×Q×dLQWHUVDQHOHULQLQNDSW×ù×J|UO\RU·GH8]DNGRùX
WHUVDQHOHULQHYHULOHQ\HQLVLSDULüLQ\]GH·VLQLdLQWHUVDQHOHULDO×UNHQ
*QH\.RUH\]GH·LQLYH-DSRQ\DGD\]GH·XQXDOP×üW×U6RQ
VLSDULüOHUGHELUOLNWHdLQ·LQNUHVHOVLSDULüGHIWHULQGHHQE\NSD\×HOGHWXWWXùX
J|UO\RU&*7ED]×QGDdLQ\]GH·ON.RUH\]GH·OLNYH-DSRQ\DGD
\]GH·ONSD\DVDKLSEXOXQX\RU
\×OODU×DUDV×QGDDUW×üJ|VWHUHQNXUX\NJHPLOHULYHWDQNHUVLSDULüOHULEX
\×OGDQLWLEDUHQGüPH\HEDüODP×üW×U\×O×QGDNLP\DVDOWDQNHUOHUGDKLOWRSODP
WDQNHUVLSDULüLPLO\RQ':7LNHQ\×O×QDJHOLQGLùLQGHRUDQ×QGD
GüüJ|VWHUHUHNPLO\RQ':7VHYL\HVLQHJHULOHPLüWLU
'Q\DNXUX\NJHPLVLSDULüLWDYDQ\DSW×ù×\×O×QGDPLO\RQ':7LNHQ
RUDQ×QGDJHULOH\HUHN\×O×QGDPLO\RQ':7ROPXüWXU*OREDOHNRQRPLN
NUL]LQWDYDQ\DSW×ù×\×O×QGDGQ\DJHPLLQüDVLSDULüLWRSODPPLO\RQ':7
LNHQRUDQ×QGDJHULOH\HUHN\×O×QGDPLO\RQ':7ROPXüWXU
23
*HPLúQüD%DN×P2QDU×P'Q\D
.D\QDN,+6)DLUSOD\
24
*HPLúQüD%DN×P2QDU×P'Q\D
.D\QDN,+6)DLUSOD\
25
*HPLúQüD%DN×P2QDU×P'Q\D
.D\QDN,+6)DLUSOD\
26
*HPLúQüD%DN×P2QDU×P'Q\D
*(0ú7ú3/(5ú1(*g5('h1<$*(0ú6ú3$5úû'()7(5ú0LO\RQ':7
.D\QDN3ODWRX
'h1<$7(6/ú0$7<,//$5,1$*g5(*(0ú6ú3$5úû'()7(5ú7$1.(50LO\RQ':7
'h1<$7(6/ú0$7<,//$5,1$*g5(*(0ú6ú3$5úû'()7(5ú'g.0(<h.0LO\RQ':7
'h1<$7(6/ú0$7<,//$5,1$*g5(*(06ú3'().217(<1(57(8
.D\QDN3ODWRX%56
27
*HPLúQüD%DN×P2QDU×P'Q\D
7DEORODULQFHOHQGLùLQGHGQ\D\HQLJHPLVLSDULüOHULQLQGüüQHWELUüHNLOGH
RUWD\Do×NPDNWDG×U
7HVOLP(GLOHQ<HQL*HPL5DNDPODU×
.D\QDN3ODWRX
7DEORLQFHOHQGLùLQGH\×O×QDNDGDUJOREDOHNRQRPLNNUL]LQHWNLOHULQLJ|VWHUGLùL\×OPH\GDQDJHOHQ\HQLJHPLLQüDVLSDULüSDWODPDV×LOHELUOLNWHLQüDV×EDüOD\DQ
JHPLOHULQ·HNDGDUUDNDPVDODQODPGD\NVHOGLùLDQFDN\×O×QGDQVRQUD
\HQLJHPLVLSDULüLDODPD\DQGQ\DWHUVDQHOHULVDGHFHHOLQGHNLVLSDULüOHULLQüD
HWWLùLQGHQGROD\×WHVOLPHGLOHQJHPLUDNDPODU×NUL]HWNLVLQLJ|VWHUGLùLVUHFH
UDNDPVDORODUDNGüüJ|VWHUHFHùLGüQOPHNWHGLU
2))6+25(6(.7g5h
2IIVKRUHJHPLOHULLNPDOJHPLOHULU|PRUN|ULNPDOJHPLOHULDFLOPGDKDOH
JHPLOHULSHUVRQHOWDü×\×F×WHNQHOHUDUDüW×UPDJHPLOHULSODWIRUPODUYHGHVWHN
JHPLOHULQLQJHQHODG×G×U
'Q\DGDPLO\DUGRODUODU×QLIDGHHGLOGLùLRIIVKRUHVHNW|UJHPLLQüDVDQD\LPL]LoLQ
ELUo×N×üQRNWDV×RODUDNJ|UOPHNWHGLU$QFDNRIIVKRUHNRQXVXQGDUHIHUDQV×P×]×Q
ROPDPDV×SD]DUDJLUPHPL]L]RUODüW×U×\RU2\VDRIIVKRUHVHNW|UQGH|QHPOL
SURMHOHUROGXùXELOLQPHNWHGLU(QHUML%DNDQO×ù×P×]×Q|QFOùQGH7UNL\H
28
*HPLúQüD%DN×P2QDU×P'Q\D
3HWUROOHUL$QRQLP2UWDNO×ù×73$2EQ\HVLQGHELURIIVKRUHILORVXQXQROXüWXUXOPDVׁONHPL]JHPLLQüDVHNW|UQWHNEDü×QDWHNUDUD\DùDNDOG×UDELOHFHNNDGDU
|QHPOLELUKXVXVWXUhONHPL]GH%UH]LO\D·GDNL3(752%5$6YH75$163(752
DUDV×QGDNLLOLüNL|UQHNDO×QDUDNELURIIVKRUHüLUNHWLNXUXODELOLUYH7UNWHUVDQHOHULEX
ILOR\DSODWIRUPODUSODWIRUPGHVWHNJHPLOHUL)362369)62MDFNXSULJYELQüD
HGHELOLU%XSURMHOHULKD\DWDJHoLUHELOPHNYHJHUHNOLNQRZKRZGHVWHùLQLVDùOD\DELOPHNLoLQEXNRQXGDGQ\DGDV|]VDKLELILUPDODUODYHULPOLELURUWDNO×NJHOLüWLULOPHVL
JHUHNHFHNWLUdQNLüRUWDNO×ù×MRLQWYHQWXUHEXLüLQDQDKWDU×RODFDNW×U%|\OHOLNOH
73$2·QXQ75$163(752EHQ]HULELUüLUNHWEQ\HVLQGHGH\LP\HULQGH\VH
RIIVKRUHPDNLQHSDUN×ROXüWXUXODFDNW×U2OXüWXUXODFDNEXILOR(QHUML%DNDQO×ù×P×]×Q
E|OJHPL]GHNLRIIVKRUHIDDOL\HWOHULQGHNXOODQ×ODELOHFHNYHJHUHNWLùLQGHNLUDODQDELOHFHNWLU%|\OHOLNOHJHPLLQüDVDQD\LPL]KHPER\XWGHùLüWLUHFHNKHPGHPLO\DU
GRODUODU×QG|QGùEXGHYPDUNHWWHUHIHUDQVDVDKLSKDOHJHOHFHNWLU
,0$,QWHUQDWLRQDO0DULWLPH$VVRFLDWHV,QFYHULOHULQHJ|UHRIIVKRUHILORVXLoLQ
ELULNPLüVLSDULüPLNWDU×WP]DPDQODU×QHQ\NVHNVHYL\HVLQHXODüP×üGXUXPGDG×U
<DS×ODQ\HQLSD]DUoDO×üPDV×LOHDGHW)362)ORDWLQJ3URGXFWLRQ6WRUDJHDQG
2IIORDGLQJDGHW7/37HQVLRQ/HJ3ODWIRUPDGHW\DU×EDW×NUHWLPSODWIRUP
DGHWVSDUSODWIRUPXDGHW)/1*)ORDWLQJ1DWXUDO*DV3ODWIRUPYHDGHW
\]HUGHSRODPDYHWHNUDUJD]ODüW×UPDELULPLQLQGHGDKLOROGXùXVLSDULüUDNDP×
J|UOPHNWHGLU$\U×FD\]HUUHWLPVLVWHPOHULIRUPXQGDNXOODQ×ODELOHFHNDGHW
SURMHQLQSODQODQP×üROGXùXEHOLUWLOPHNWHGLU0HYFXWGHULQGHQL]SODWIRUPODU×
HQYDQWHULVRQRQLNLD\LoHULVLQGH|QHPOL|OoGHE\PüYHDGHWGHULQGHQL]
VRQGDMJHPLVLLOHDGHW\DU×EDWDELOHQVRQGDMJHPLVLQLQEXJQVLSDULüWHROPDV×LOH
|QP]GHNLLNL\×OGDGHULQGHQL]VRQGDMNDSDVLWHVLQHDUWDFDù×EHOLUWLOPHNWHGLU
PHWUHX]XQOXùXQGDYHPHWUHJHQLüOLùLQGHRODQELU\]HUGHSRODPDYH
ERüDOWPDJHPLVLQLQ)6267;2IIVKRUH6KLSEXLOGLQJILUPDV×QDPLO\RQ
'RODU
DVLSDULüHGLOPHVLEXVHNW|UQ|QP]GHNL\×OODULoLQQHNDGDU|QHPOL
ROGXùXQXRUWD\DNR\PDNWDG×U
2IIVKRUHLNPDOJHPLVLDUPDW|UOHULJHPLOHULQLQNXOODQ×OPDV×NDUü×O×ù×QGDJQON
FUHWDOPDNWDG×U$O×QDQFUHWLQPLNWDU×JHPLQLQWLSLDQODüPDVUHVLDQODüPDQ×Q
\DS×OG×ù×WDULKWHNLDU]WDOHSGHQJHVLJHPLQLQEXOXQGXùX\HU«JLELIDNW|UOHUOH
RUDQW×O×G×U%XJHPLOHUD\U×FDVSRWSL\DVDGDGDoDO×üPDNWDG×U0HNVLND.|UIH]LYH
.X]H\'HQL]L·QGHJHPLOHUJHQHORODUDNVSRWSL\DVDGDIDDOL\HWJ|VWHUPHNWHGLU%DW×
$IULNDYH%UH]LO\DJLELE|OJHOHUGHLVHGDKDX]XQVUHOLDQODüPDODU\DS×OPDNWDG×U
*HQHOGHHQD]FUHWLSHUVRQHOWHNQHOHULDOPDNWDEXQODU×LNPDOJHPLOHULYH
RIIVKRUHoDSDWHNQHOHULL]OHPHNWHGLU
29
*HPLúQüD%DN×P2QDU×P'Q\D
.D\QDN5LJ]RQH
30
*HPLúQüD%DN×P2QDU×P'Q\D
.D\QDN5LJ]RQH
.D\QDN5LJ]RQH
31
*HPLúQüD%DN×P2QDU×P'Q\D
2IIVKRUHVRQGDM×QGDNLDUW×üHNRQRPLNoDONDQW×\DUDùPHQNHVLQWLVL]ELUüHNLOGH
\NVHOPH\HGHYDPHGL\RU.UHVHOGHULQGHQL]SHWUROYHJD]VDKDV×DUDPDODU×
HQHUMLIL\DWODU×Q×QQHUH\HYDUDFDù×HQGLüHOHULQHUDùPHQNHVLQWLVL]ELUüHNLOGHDUW×ü
J|VWHUPH\HGHYDPHWPHNWHGLU
2IIVKRUH3ODWIRUPdHüLWOHUL
‡6DELWSODWIRUPODU)L[HG3ODWIRUPV
‡6DELWNXOHOHU&RPSOLDQW7RZHUV
‡<DU×EDW×U×OP×üSODWIRUPODU6HPL6XEPHUVLEOH3ODWIRUPV
‡.DOG×UDoO×SODWIRUPODU-DFN8S3ODWIRUPV
‡6RQGDMJHPLVL'ULOOVKLSV
‡+DUHNHWOLUHWLPVLVWHPL)ORDWLQJ3URGXFWLRQ6\VWHPV
‡7HOOHVDELWOHQHQSODWIRUPODU7HQVLRQ/HJ3ODWIRUPV
‡'LUHNOLSODWIRUPODU6SDU3ODWIRUPV
2IIVKRUHVHNW|UQGHDQDSODWIRUPODU×QG×ü×QGDEXQODUDoHüLWOLKL]PHWOHUVDùOD\DQ
2IIVKRUHúNPDO*HPLVL6HNW|UPHYFXWWXU
32
*HPLúQüD%DN×P2QDU×P'Q\D
2IIVKRUHúNPDO*HPLOHUL7LSOHUL
$QFKRU+DQGOLQJ7RZLQJ6XSSO\$+76dDSD7XWPDdHNLFL7HNQHVL
$+76JHPLOHULSHWUROSODWIRUPODU×Q×ELU\HUGHQEDüNDELU\HUHoHNPHNLoLQ
NXOODQ×OPDNWDYHSODWIRUPXQGHPLUOHULQLDOPDNYH\DDWPDNLoLQNXOODQ×ODQJoO
×UJDWODUODGRQDW×OPDNWDG×U
2IIVKRUH6XSSO\9HVVHOV2692IIVKRUHúNPDO*HPLOHUL
269·OHUV×Y×oDPXUG|NPHoLPHQWR\DN×WLoPHVX\XVRQGDMERUXVXPXKDID]D
YHoHüLWOLGLùHUPDO]HPHOHULQSHWUROSODWIRUPODU×QDWDü×QPDV×LoLQNXOODQ×OPDNWDG×U
&UHZ%RDWV3HUVRQHO7HNQHOHUL
3HUVRQHOWHNQHOHULSHWUROSODWIRUPODU×LOHNDUDYH\DSODWIRUPDODUDUDV×QGDSHUVRQHO
WDü×PDF×O×ù×QGDNXOODQ×OPDNWDG×U%XWHNQHOHU$+76YH\D269·OHUHJ|UHGDKD
NoNER\XWODUDVDKLSROXSER\ODU×PLOHPDUDV×QGDGHùLüPHNWHGLU
6WDQGE\5HVFXH9HVVHOV<HGHN.XUWDUPD*HPLOHUL
%XJHPLOHU\DVDOüDUWODUQHGHQL\OHJHQHORODUDN.X]H\'HQL]L·QGHIDDOL\HWJ|VWHUPHNWHGLU%XQODU×QSHUVRQHONXUWDUPD\DQJ×QV|QGUPHYHLON\DUG×PJLELDFLO
PGDKDOHKL]PHWOHULYHUPHNLoLQRIIVKRUHSHWUROSODWIRUPODU×QD\DN×QELU
NRQXPGDEHNOHPHOHULJHUHNPHNWHGLU
'LùHU*HPL7LSOHUL
8WLOLW\:RUN%RDWV<DUG×PF×úü7HNQHOHUL
2IIVKRUHLQüDDWSURMHOHULQGHELUoRNLüHGHVWHNVDùODPDNLoLQNXOODQ×OPDNWDG×U
6XUYH\9HVVHOV$UDüW×UPD*HPLOHUL
-HRIL]LNVHOYHULWRSODPDNWDNXOODQ×OPDNWDG×U
:HOO6WLPXODWLRQ9HVVHOV.X\X&DQODQG×UPD*HPLOHUL
3HWURONX\XODU×Q×QoDWODW×OPDV×YHDVLWOHQPHVLoDO×üPDODU×QGDNXOODQ×OPDNWDG×U
0XOWL3XUSRVH6XSSO\9HVVHOV0369dRN$PDoO×úNPDO*HPLOHUL
0369·OHUX]DNWDQPGDKDOHKL]PHWOHULX]DNWDQNRQWUROOVXDOW×DUDo529
oDO×üPDODU×GHULQGHQL]NDOG×UPDYHNXUXOXPLüOHULPDO]HPHLNPDOL\DQJ×Q
V|QGUPHYHSHWUROG|NQWOHULQHPGDKDOHoDO×üPDODU×JLELIDUNO×DPDoODUD
\|QHOLNGHVWHNVDùODPDGDNXOODQ×OPDNWDG×U
%XQODUGDQEDüNDD\U×FDEDN×PLüOHULoHYUHNLUOLOLùLNRQWUROYHGDOJ×oGHVWHN
oDO×üPDODU×QD\|QHOLNRODUDNNXOODQ×ODQWHNQHOHUGHEXOXQPDNWDG×U
33
*HPLúQüD%DN×P2QDU×P'Q\D
(&2)5,(1'/<*(0ú/(5
%X\]\×O×QHQ|QHPOLNRQXODU×QGDQELULQLQL\LSURMHOHUUHWLOHUHNJHPLHPLV\RQODU×QGDQWDVDUUXIHGLOPHVLRODFDù×GHùHUOHQGLULOPHNWHGLU$\U×FDNRQWH\QHU
JHPLOHULQGHEDüWDUDIYHHQGD]HIRUPXLOHR\QD\DUDN\DN×WWDVDUUXIX\DSPD
oDEDODU×QGDQEDKVHGLOPHNWHGLU<DN×WWDVDUUXIXLoLQJHOLüWLULOPLüSURMHOHUVD\HVLQGH
PLO\RQODUFDGRODUWDVDUUXIHGLOHELOHFHùLYHGRùDOKD\DWDGDKDD]JD]VDO×Q×P×LOH
ID\GDVDùODQDELOHFHùLGüQFHVLEXJQLoLQGQ\DGDNDEXOJ|UPHNWHGLU
gQP]GHNLG|QHPGHHFRIULHQGO\JHPLOHU\DQL\DN×WWDVDUUXIXVDùOD\DFDNWHNQH
IRUPXQDVDKLSYHoHYUHüDUWODU×QDEDODVWVX\X\|QHWLPLVOIUDW×P×ER\DPD
üDUWODU×QDX\JXQJHPLOHUH\|QHOLNWDOHELQDUWDFDù×EHNOHQPHNWHGLU
34
6215$6,2/$%ú/(&(.*(/úû0(/(5
7(û9ú./(5
8OXVDO8OXVODUDUDV×'HYOHWYH$UDüW×UPDûLUNHWOHUL<DUG×PODU×
'Q\DGDNLWP|QHPOLJHPLUHWLFLVLONHOHUHEDN×OG×ù×QGD$%ONHOHULGDKLOWHUVDQHOHULQHGRùUXGDQYH\DGROD\O×WHüYLNVDùODPD\DQELUONHQLQEXOXQPDG×ù×J|UOPHNWHGLU
g]HOOLNOH.RUHdLQ%UH]LO\D5XV\DJLELONHOHUJHPLLQüDVDQD\LQLXOXVDOSROLWLNDODU×Q×Q
|QHPOLELUSDUoDV×KDOLQHJHWLUPLüYHVRQ\×OLoHULVLQGH|QHPOLWHüYLNPHNDQL]PDODU×Q×KD\DWDJHoLUPLüOHUGLU-DSRQ\D([LPEDQN·×HWNLQELUüHNLOGHNXOODQPDNWDEXVD\HGH
7UNL\H
GHQGHVLSDULüDOPDNWDG×U-%,&WDUDI×QGDQVXQXODQJHQHONRüXOODU
.UHGL0LNWDU×NRQWUDWGHùHULQLQ·QLQHNDGDU
9DGH\×ODNDGDU
gGHPHOHUD\GDELUIDL]YHDQDSDUD|GHPHOL
7RSODPILQDQVPDQGHVWHùL·GDQEHULWRSODPPLO\RQ'RODUILQDQVPDQ
VDùODQP×üW×U
*HPLLQüDVHNW|U\NVHOLüWHROGXùXG|QHPGHFDULDo×ù×QD]DOPDV×QD|QHPOL
|OoGHNDWN×GDEXOXQPXüWXU<HQLGHQVLSDULüDO×QPD\DEDüODQPDV×LOH\DOQ×]FDQHW
LKUDFDW\ROX\ODGHùLO\HUOLDUPDW|UOHUHVDW×üODU\DS×OPDV×YHQDYOXQJHOLUOHULQLQONH
LoLQGHWRSODQPDV×\OD\LQH|QHPOLNDWN×ODU×RODFDNW×U
\×O×LoLQONHoDS×QGDEHOLUOHQHQPLO\DU'RODULKUDFDWPLO\DU'RODU
GDLWKDODWROPDN]HUHXODü×OPDV×KHGHIOHQHQWULO\RQPLO\DU'RODUO×NWLFDUHW
KDFPLQLQJHUHNWLUGLùLWDü×PDILORVXLKWL\DF×J|]|QQGHEXOXQGXUXODUDN7UNJHPL
YH\DWVHNW|UQQGHUDNLSONHOHUGHX\JXODQDQWUGH
‡8\JXQNRüXOOX\HWHUOLKDFLPGHNUHGLYHJDUDQWLOHU
‡<HQLWLSHNRQRPLNoHYUHFLJHPLOHULoLQ$5*(YHLQQRYDV\RQGHVWHNOHUL
‡úüJF]HULQGHNLDü×U×\NOHULQNDOG×U×OPDV×
‡6HNW|UQXOXVODUDUDV×SL\DVDODUGDQX\JXQNRüXOODUGDKDPPDGGHDODELOPHVLQLQ
|QQGHNLEHOLUVL]OLNYHHQJHOOHULQNDOG×U×OPDV×
‡<HUOLDUPDW|UOHULQLKWL\DoODU×Q×7UNWHUVDQHOHULQGHQNDUü×ODPDV×Q×FD]LSKDOH
JHWLUHQG]HQOHPHOHULQ\DS×OPDV×
‡7DPLUYHEDN×PKL]PHWOHULQLQoRN|QHPOLELUPDOYHKL]PHWLKUDF×NDS×V×ROGXùX
JHUoHùLJ|]|QQGHEXOXQGXUXODUDNLKUDFDWLoLQVDùODQDFDNGHVWHNOHULQEXDODQD
GDNXOODQG×U×OPDV×\ROXLOHGHVWHNOHQPHVLWDOHSHGLOPHNWHGLU
35
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL1
<×OODU×$UDV×QGD<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
62/$6%|OP,,.XUDO<UUOùH*LULü7DULKL
8\JXODPD':7YH]HULKDPSHWUROWDQNHUOHULúQüDNRQWUDWWDULKL
YHVRQUDV×\DGDRPXUJDN×]DùDNRQXOXüWDULKLYH
VRQUDV×\DGDWHVOLPWDULKLYHVRQUDV×LVH\HQLHNOHQHQNXUDOJHUHùL
KDPSHWUROWDü×\DQWDQNHUOHUHNDUJRWDQNODU×Q×Q06&LOHNDEXOHGLOHQ
NRUX\XFXNDSODPDSHUIRUPDQVVWDQGDUWODU×QDX\JXQüHNLOGHNRUX\XFXNDSODPD
\DS×OPDV×JHUHNOLOLùLJHWLULOPLüWLU
0$532/(N,9<UUOùH*LULü7DULKL
8\JXODPDYHVRQUDV×QGDLQüDHGLOHQ\ROFXJHPLOHULg]HOVDKDODUGDüX
DQGD%DOW×NGHQL]LLOHV×Q×UO×G×USLVVXODU×QELUWDQNWDWRSODQPDV×YH\DDüDù×GDNLNRüXOODUGDGHQL]HGHüDUM×JHUHNPHNWHGLU*HPLGHúGDUHWDUDI×QGDQRQD\O×VWDQGDUWODUDX\JXQ
UHVROXWLRQ0(3&DU×WPDFLKD]×EXOXQPDO×G×Ud×NDQDW×NVXGDJ|]OHJ|UOU
SDUWLNOOHUROPDPDO×YHDW×NVXGHQL]LQUHQJLQGHGHùLüLP\DUDWPDPDO×G×U'HüDUMHQ
\DN×QNDUDGDQHQD]PLODo×NWDHQD]NQRWK×]OD\DS×OPDO×G×U
0$532/(N9,.XUDOYH<UUOùH*LULü7DULKL
8\JXODPD*7YH]HULJHPLOHU0(3&LOH\DS×ODQGHùLüLNOLNOH
*7YH]HULJHPLOHUGH0$532/(N9,
\DWDUDIONHOHUHVH\LU\DS×O×\RUVD8OXVODUDUDV×(QHUML9HULPOLOLùL6HUWLILNDV×ROPDO×G×U6HUWLILND$SSHQGL[9,,,
GHYHULOHQIRUPDWD
X\JXQRODUDNG]HQOHQPHOLGLU6HUWLILNDQ×QJHoHUOLOLùL6HUYLVWHNDOG×ù×VUHER\XQFD
\DGDPDMRUGHùLüLNOLNVHEHEL\OH\HQLVHUWLILND\D\×QODQ×QFD\DNDGDUYHED\UDN
GHùLüLNOLùL\DS×O×QFD\DNDGDUGHYDPHWPHNWHGLU0HYFXWJHPLOHUGHEXVHUWLILNDQ×Q
G]HQOHQPHVLLoLQ.XUDOJHUHùLKHUJHPLGHJHPL\H|]HO*HPL(QHUML9HULPOLOLùL
<|QHWLP3ODQ×6KLS(QHUJ\(IILFLHQF\0DQDJHPHQW3ODQ6((03ROPDV×
JHUHNPHNWHGLU%XSODQJHPLQLQ(PQL\HWOL<|QHWLP6LVWHPLQLQELUSDUoDV×RODELOLU
6((03
LQJHPLGHROGXùX,$33VHUWLILNDV×QDEDùO×YH\DVRQUDV×QGDNLLON
DUD\DGD\HQLOHPHV|UYH\LQGHGRùUXODQDFDNW×U6((03,02
QXQKD]×UODG×ù×
N×ODYX]DX\JXQROPDO×G×U<HQLJHPLOHUGHEXVHUWLILNDQ×QG]HQOHQPHVLLoLQ.XUDO
YH
HJ|UH((',YH6((03KD]×UODQPDV×JHUHNPHNWHGLU
0$532/(N9,%|OP,9.XUDOYH<UUOùH*LULü7DULKL
8\JXODPD*7YH]HULRODQGL]HOHOHNWULNWUELQYHKLEULGVLVWHPOLJHPLOHU
KDULoEWQYHVRQUDV×QGDLQüDNRQWUDW×\DS×ODQ\DGDúQüDNRQWUDW×\RN
9HUL.D\QDù×7UN/R\GX
36
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
LVHYHVRQUDV×QGDRPXUJDV×N×]DùDNRQXODQ\DGDYH
VRQUDV×QGDWHVOLPHGLOHQJHPLOHU.XUDOJHUHùLJHPLOHULQJHPL\H|]HOXODü×ODELOLU
HQHUMLYHULPOLOLùLGL]D\QLQGHNVLGHùHUL,02
QXQKD]×UOD\DFDù×N×ODYX]DJ|UHKHVDSODQPDO×G×U+HVDSODEHUDEHUKHVDSWDNXOODQ×ODQELOJLOHULYHKHVDSODPDSURVHVLQLLoHUHQ
((',WHNQLNGRV\DV×GDLVWHQPHNWHGLU*HPLQLQ((',WHNQLNGRV\DV×UHIHUDQVDO×QDUDN
XODü×ODELOLU((',úGDUH\DGD\HWNLOHQGLULOPLüNXUXOXüWDUDI×QGDQGRùUXODQDFDNW×U.XUDO
JHUHùLJHPLQLQXODü×ODELOLU((',GHùHULJHUHNOL((',GDQNoNROPDO×G×U
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQYHVRQUDV×QGDRPXUJDV×N×]DùD
NRQXODQ*7*57YH]HULWDQNHUKDULFL\NJHPLOHUL62/$6
DHNOHQHQ
\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL(&',6LOH
GRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD
GHQ|QFHRPXUJDV×N×]DùDNRQXODQ*7*57LOH
*7*57DUDV×QGDNL\NJHPLOHUL<DS×ODQ62/$6GHùLüLPLLOH
GHQ
|QFHLQüDHGLOHQ*7*57YHE\NYH*7*57
GHQNoN\N
JHPLOHULLoLQN|SUVH\LUWDNLSDODUPVLVWHPLWHoKL]HWPH]RUXQOXOXùXJHWLULOPLüWLU
.XUDODJ|UHJHPLVH\LUKDOLQGHROGXùXVUHFHVLVWHPLQoDO×ü×UGXUXPGDROPD
]RUXQOXOXùXYDUG×U
%:06|]OHüPHVL<UUOùH*LULü7DULKL
8\JXODPD%WQJHPLOHU%DODVW6X\X6|]OHüPHVLNDSVDP×QGDKD]×UODQDQ
N×ODYX]ODUGDQVHGLPDQNRQWURON×ODYX]X*5HV0(3&LOH
GHùLüWLULOPLüWLU*HPLOHUGHVHGLPDQNRQWUROQVDùODPDNLoLQGL]D\QYH\DS×
N×ODYX]XLOH5HV0(3&LOHNDEXOHGLOPLüN×ODYX]\UUONWHQNDOG×U×OP×üW×U
%:0.XUDO%YH
<UUOùH*LULü7DULKL
8\JXODPD|QFHVLQGHRPXUJDV×N×]DùDNRQXODQPYH
mDUDV×QGDEDODVWVX\XNDSDVLWHVLQHVDKLSJHPLOHUWDULKLQHNDGDULOJLOL
JHPLOHULQ'EDODVWVX\XGHùLüLPL\DGD'RQD\O×EDODVWVX\XDU×WPDVLVWHPL
VWDQGDUG×QDX\PDV×JHUHNPHNWHGLU$QFDNEXWDULKWHQLWLEDUHQJHPLOHUVDGHFH'
VWDQGDUG×QDX\JXQKDOHJHWLULOPHOLGLU
37
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
)66.RG%|OP<UUOùH*LULü7DULKL
8\JXODPDYHVRQUDV×QGDLQüDHGLOHQJHPLOHU)66.RGSDUDJUDI
HHNOHQHQFPOH\OHNRQWUROLVWDV\RQODU×QGDHNLSPDQODU×QVXGDQ]DUDU
J|UPHVLQL|QOHPHNLoLQNXUXERUXVLVWHPL\OHWHoKL]LQH\DGDNXUDO,,
GH
PVDDGHHGLOGLùLJLEL\ROFXJHPLOHULQLQNRQWUROLVWDV\RQODU×QGDSUHDFWLRQVLVWHP
NXOODQ×OPDV×QDPVDDGHHGLOPLüWLU
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQYHVRQUDV×QGDRPXUJDV×N×]DùD
NRQXODQ*7*57LOH*7*57DUDV×WDQNHUKDULFL\NJHPLOHUL
|QFHVLQGHRPXUJDV×N×]DùDNRQXOPXü*7*57YH]HUL\ROFX
JHPLOHUL62/$6
DHNOHQHQ\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH
%LOJL6LVWHPL(&',6LOHGRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
5HVROXWLRQ06&<UUOùH*LULü7DULKL
8\JXODPDYHVRQUDV×QGDLQüDHGLOHQJHPLOHU3HUIRUPDQVVWDQGDUWODU×QDHNOHQHQSDUDJUDIDJ|UHJHPLGHVXGDQYHNDUDGDQK×]|OoPJHUHNOLLVHEX
JHUHNOLOLNLNLD\U×ND\×WODVDùODQPDO×G×U
0$532/$QQH[9,.XUDO<UUOùH*LULü7DULKL
8\JXODPD(PLV\RQNRQWURODODQODU×QGDVH\LU\DSDFDNJHPLOHU
GHQ
LWLEDUHQ(&$
ODUGD62[HPLV\RQXOLPLWLPP
\HLQGLULOPLüWLU<HQLOLPLWOHUL
VDùODPDNLoLQJHPLOHUEXE|OJHOHUGHVH\LU\DSDUNHQVOIURUDQ×
LJHoPH\HQ
\DN×WNXOODQPDO×G×U\DGDHJ]R]JD]×Q×WHPL]OH\HQVLVWHPOHGRQDW×OP×üROPDO×G×U
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQ*5*57YH]HUL
GHQ
|QFHRPXUJDV×N×]DùDNRQXODQWDQNHUOHU62/$6
DHNOHQHQ\HQLSDUDJUDIOD
(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL(&',6LOHGRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
%:0.XUDO%YH
<UUOùH*LULü7DULKL
8\JXODPD|QFHVLQGHRPXUJDV×N×]DùDNRQXODQP
WHQID]ODYH
P
WHQD]EDODVWVX\XNDSDVLWHVLQHVDKLSJHPLOHULOH
38
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
WDULKOHULDUDV×QGDRPXUJDV×N×]DùDNRQXODQP
WHQID]ODEDODVWVX\XNDSDVLWHOL
JHPLOHU
WDULKLQHNDGDULOJLOLJHPLOHU'EDODVWVX\XGHùLüLPL\DGD'
RQD\O×EDODVWVX\XDU×WPDVLVWHPLVWDQGDUG×QDX\PDV×JHUHNPHNWHGLU$QFDNEX
WDULKWHQLWLEDUHQJHPLOHUVDGHFH'VWDQGDUG×QDX\JXQKDOHJHWLULOPHOLGLU
0$532/$QQH[9,.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD2PXUJDN×]DùDNRQXOXüWDULKLYHVRQUDV×RODQJHPLOHUGH
EXOXQDQPDNLQDJFN:
GDQID]ODRODQJHPLGL]HOPDNLQDODU×DFLOGXUXP
PDNLQDODU×YHFDQVDOODU×QDWDN×ODQPDNLQDODUKDULo*HPLGL]HOPDNLQDV×Q×Q
RSHUDV\RQXQDD]RWRNVLW1R[HPLV\RQXEHOLUOHQHQOLPLWOHULoLQGHNDOG×ù×VUHFH
L]LQYHULOLUOLPLWOHUPDNLQDK×]×QDUSPJ|UHGHùLüPHNWHGLU
QUSP
GHQD]LVHJN:K
QUSPYHE\NYHUSP
GHQNoNLVHÃQJN:K
QUSP
GHQE\NLVHJN:K12[VDO×Q×P×QDPVDDGHHGLOPHNWHGLU
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQ*5*57YH]HUL
GHQ
|QFHRPXUJDV×N×]DùDNRQXODQWDQNHUOHUKDULFL\NJHPLOHUL62/$6
DHNOHQHQ
\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL(&',6LOH
GRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
62/$6%|OP,,.XUDO<UUOùH*LULü7DULKL
8\JXODPD.RQWUDWWDULKLYHVRQUDV×RODQPHWUHYH]HULWDQNHU
YHG|NPH\NJHPLOHUL62/$6
DHNOHQHQ\HQLNXUDOJHUHùLDPDoHVDVO×JHPLLQüD
VWDQGDUWODU×PHWUHYH]HULWDQNHUYHG|NPH\NJHPLOHULLoLQ]RUXQOXKDOH
JHWLULOPLüWLU%XQDJ|UHLOJLOLJHPLOHU*%6
\H*RDO%DVHG6KLS&RQVWUXFWLRQ
6WDQGDUGVX\JXQRODUDNLQüDHGLOPHOLGLU%XQXQLoLQWDQ×QP×üNXUXOXüODUEHOLUOHQHQ
DPDoODUDX\JXQ\DS×VDOJHUHNOLOLNOHULEHOLUOH\HFHNWLU$\U×FDEXNXUDOJHUHùL\HQL
JHPLWHVOLPHGLOHQHNDGDU*%6
QLQIRQNVL\RQHOJHUHNOLOLNOHULQLQGL]D\QYHLQüDV×QGD
QDV×OX\JXODQG×ù×QDGDLUELOJLOHULLoHUHQJHPLLQüDGRV\DV×6&)KD]×UODQPDO×G×UYH
EXGRV\DJHPLGHYHYH\DNDUDGDWXWXOPDO×G×U6&)
QLQQDV×OROPDV×JHUHNWLùL
06&&LUFVLUNOHUL\OH\D\×QODQDQN×ODYX]GDDQODW×OP×üW×U
39
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQ*5*57LOH*5*57DUDV×
RODQ
WHQ|QFHRPXUJDV×N×]DùDNRQXODQWDQNHUOHUKDULFL\NJHPLOHUL
62/$6
DHNOHQHQ\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL
(&',6LOHGRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
62/$6%|OP,,.XUDO<UUOùH*LULü7DULKL
8\JXODPD2PXUJDN×]DùDNRQXOXüWDULKLYHVRQUDV×RODQPHWUH
YH]HULWDQNHUYHG|NPH\NJHPLOHUL
62/$6
DHNOHQHQ\HQLNXUDOJHUHùLDPDoHVDVO×JHPLLQüDVWDQGDUWODU×PHWUH
YH]HULWDQNHUYHG|NPH\NJHPLOHULLoLQ]RUXQOXKDOHJHWLULOPLüWLU%XQDJ|UH
LOJLOLJHPLOHU*%6
\HX\JXQRODUDNLQüDHGLOPHOLGLU%XQXQLoLQWDQ×QP×üNXUXOXüODU
EHOLUOHQHQDPDoODUDX\JXQ\DS×VDOJHUHNOLOLNOHULEHOLUOH\HFHNWLU$\U×FDEXNXUDO
JHUHùL\HQLJHPLWHVOLPHGLOHQHNDGDU*%6
QLQIRQNVL\RQHOJHUHNOLOLNOHULQLQGL]D\Q
YHLQüDV×QGDQDV×OX\JXODQG×ù×QDGDLUELOJLOHULLoHUHQJHPLLQüDGRV\DV×6&)
KD]×UODQPDO×G×UYHEXGRV\DJHPLGHYHYH\DNDUDGDWXWXOPDO×G×U6&)
QLQQDV×O
ROPDV×JHUHNWLùL06&&LUFVLUNOHUL\OH\D\×QODQDQN×ODYX]GDDQODW×OP×üW×U
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQ*5*57LOH*5*57DUDV×
RODQ
WHQ|QFHRPXUJDV×N×]DùDNRQXODQWDQNHUOHUKDULFL\NJHPLOHUL
62/$6
DHNOHQHQ\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL
(&',6LOHGRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
62/$6%|OP,,.XUDO<UUOùH*LULü7DULKL
8\JXODPD2PXUJDN×]DùDNRQXOXüWDULKLYHVRQUDV×RODQPHWUH
YH]HULWDQNHUYHG|NPH\NJHPLOHUL62/$6
DHNOHQHQ\HQLNXUDOJHUHùLDPDo
HVDVO×JHPLLQüDVWDQGDUWODU×PHWUHYH]HULWDQNHUYHG|NPH\NJHPLOHUL
LoLQ]RUXQOXKDOHJHWLULOPLüWLU%XQDJ|UHLOJLOLJHPLOHU*%6
\HX\JXQRODUDNLQüD
HGLOPHOLGLUGHWD\ODULoLQQROXGX\XUX\DEDN×Q×]%XQXQLoLQWDQ×QP×üNXUXOXüODU
EHOLUOHQHQDPDoODUDX\JXQ\DS×VDOJHUHNOLOLNOHULEHOLUOH\HFHNWLU$\U×FDEXNXUDO
JHUHùL\HQLJHPLWHVOLPHGLOHQHNDGDU*%6
QLQIRQNVL\RQHOJHUHNOLOLNOHULQLQGL]D\Q
YHLQüDV×QGDQDV×OX\JXODQG×ù×QDGDLUELOJLOHULLoHUHQJHPLLQüDGRV\DV×6&)
KD]×UODQPDO×G×UYHEXGRV\DJHPLGHYHYH\DNDUDGDWXWXOPDO×G×U6&)
QLQQDV×O
ROPDV×JHUHNWLùL06&&LUFVLUNOHUL\OH\D\×QODQDQN×ODYX]GDDQODW×OP×üW×U
40
6RQUDV×<UUOùH*LUHFHN,02*HUHNOLOLNOHUL
62/$6%|OP9.XUDOYH
<UUOùH*LULü7DULKL
8\JXODPD8OXVODUDUDV×VHIHU\DSDQ*5*57LOH*5*57DUDV×
RODQ
GHQ|QFHRPXUJDV×N×]DùDNRQXODQWDQNHUOHUKDULFL\NJHPLOHUL
62/$6
DHNOHQHQ\HQLSDUDJUDIOD(OHNWURQLN+DULWD*|UQWOHPHYH%LOJL6LVWHPL
(&',6LOHGRQDW×OPD]RUXQOXOXùXJHWLULOPLüWLU
0$532/$QQH[9,.XUDO<UUOùH*LULü7DULKL
8\JXODPD2PXUJDN×]DùDNRQXOXüWDULKLYHVRQUDV×RODQJHPLOHU
*HPLQLQRPXUJDN×]DùDNRQXOXüWDULKL
GHQ|QFHLVHV|]OHüPHWHVOLP
WDULKL\DGDV|]OHüPHQLQROPDG×ù×GXUXPODUGDJHUoHNWHVOLPWDULKLYH
VRQUDV×QGDRODQHNLSPDQODU%XWDULKLWLEDUL\OHKLGURIORURNORURNDUERQ+&)&
LoHUHQHNLSPDQODU×QJHPL\HWHoKL]L\DVDNODQP×üW×U
0$532/$QQH[9,.XUDO<UUOùH*LULü7DULKL
8\JXODPD%WQJHPLOHU*HPLOHULQNXOODQG×ù×\DN×W×QVOIURUDQ×Q×Q
PP
\LJHoPHPHVL\DGDHJ]R]JD]×WHPL]OHPHVLVWHPLLOHGRQDW×OP×üROPDV×
JHUHNOLGLU$QFDNEXJHUHNOLOLùLQX\JXODPDV×,02
QXQ\×O×QGD\DSDFDù×\DN×W×Q
WHPLQHGLOHELOLUOLùLLOHLOJLOLJ|]GHQJHoLUPHVRQUDV×QGDPPNQRODFDNW×U$NVL
WDNGLUGHX\JXODPD\×O×QGDEDüOD\DFDNW×U
62/$6%|OP,,.XUDO<UUOùH*LULü7DULKL
8\JXODPD7HVOLPWDULKLYHVRQUDV×RODQPHWUHYH]HULWDQNHUYH
G|NPH\NJHPLOHUL62/$6
DHNOHQHQ\HQLNXUDOJHUHùLDPDoHVDVO×JHPLLQüD
VWDQGDUWODU×PHWUHYH]HULWDQNHUYHG|NPH\NJHPLOHULLoLQ]RUXQOXKDOH
JHWLULOPLüWLU%XQDJ|UHLOJLOLJHPLOHU*%6
\HX\JXQRODUDNLQüDHGLOPHOLGLU%XQXQ
LoLQWDQ×QP×üNXUXOXüODUEHOLUOHQHQDPDoODUDX\JXQ\DS×VDOJHUHNOLOLNOHULEHOLUOH\HFHNtir$\U×FDEXNXUDOJHUHùL\HQLJHPLWHVOLPHGLOHQHNDGDU*%6
QLQIRQNVL\RQHO
JHUHNOLOLNOHULQLQGL]D\QYHLQüDV×QGDQDV×OX\JXODQG×ù×QDGDLUELOJLOHULLoHUHQJHPL
LQüDGRV\DV×6&)KD]×UODQPDO×G×UYHEXGRV\DJHPLGHYHYH\DNDUDGDWXWXOPDO×G×U
6&)
QLQQDV×OROPDV×JHUHNWLùL06&&LUFVLUNOHUL\OH\D\×QODQDQN×ODYX]GD
DQODW×OP×üW×U
41
6RQUDV×2ODELOHFHN*HOLüPHOHU
Onshore, offshore and ocean energy
projected growth
Onshore wind
Offshore wind
Ocean energy
150
100
50
0
1990
2000
2010
2020
2030
2040
Source: European Ocean Energy Association (2010). Oceans of energy - European Ocean Energy Roadmap 2010-2050.
European Wind Energy Association.
%XOJXODU6OIU<|QHWPHOLùL
gQP]GHNL\×OLoHULVLQGHJD]\DN×WO×PRWRUDVDKLS·LDüN×Q\HQLLQüDJHPL
WHVOLPHGLOHFHN/1*IL\DW×EXGXUXPDQHGHQRODQHQE\NHWNHQIDNDW
\×O×QGDQLWLEDUHQNUHVHOVOIUV×Q×UODPDV×YH(QHUML9HULPOLOLùL7DVDU×PúQGHNVL
((',GHHWNLOLRODFDN\×O×QGDNUHVHOVOIUJHUHNOLOLNOHULGROD\×V×\ODWHPL]OH\LFLOHU|QHPOLELUo|]P\ROXRODFDN7HPL]OH\LFLOHU\HQLOLNOHUOHL\LOHüWLULOHELOLUYH
SD]DU×Q\]GH·LQLDODELOLUEXUDNDPGDJHPL\HGHQNJHOLU
\×O×QGD\×OO×NGHQL]GLVWLODWODU×GDP×WPDWDOHELPLO\RQXEXODELOLU/1*
NXOODQ×P×GLùHU\DN×WWUOHULQHRODQWDOHEL|QHPOL|OoGHHWNLOHPH\HFHNWLU(QHUML
YHULPOLOLùL|QOHPL\DN×WWDOHELQL\DOQ×]FDN×VDYDGHGH\DYDüODWDFDNW×U
Share of LNG fuelled newbuildings
%16
%14
%80
%12
%10
%60
%10
%40
%8
%6
%20
%4
%2
%0
%0
2012 2013 2014 2015 2016 2017 2018 2019 2020
.D\QDN'HW1RUVNH9HULWDV
42
%100
2012 2013 2014 2015 2016 2017 2018 2019 2020
HFO
LSHFO
MGO
LNG
6RQUDV×2ODELOHFHN*HOLüPHOHU
<HQLLQüDJHPLOHU\×O×QGDEXJQNJHPLOHUHRUDQOD\]GHLODRUDQ×QGD
GDKDD]NDUERQGLRNVLWVDO×P×\DSDFDN.XUDOODUYH\NVHN\DN×WIL\DWODU×HQHUML
YHULPOLOLùL]HULQHGDKDID]OD\RùXQODüPD\×EHUDEHULQGHJHWLUPLüWLU((',GH|QHPOL
ELUIDNW|URODFDNW×U<HQLWHNQRORMLOHUJHOLüWLULOPHNWHGLUIDNDWJHOLüWLUPHDüDPDV×QGDQ
X\JXODPDDüDPDV×QDNDGDUJHoHQVUHX]XQGXU
(QHUMLYHULPOLOLùLHPLV\RQODU×QDUW×ü×Q×HQJHOOHPH\HFHNVDGHFH\DYDüODWDFDNW×U
7Dü×PDF×O×NWDOHELQGHNLDUW×üHPLV\RQXQNHVLQELUüHNLOGHD]DOW×OPDV×Q×HQJHOOH\HFHNWLU<]GH·OLNELUD]DOWPD\×VDùODPDNLoLQ\HQLNDUERQVX]\DN×WODU×QNXOODQ×OPDV×
]RUXQOXGXU
CO2 emission reduction on newbuildings
%0
EEDI reduction
SEEMP reduction
New emission level
BAU
3000
%5
2500
%10
2000
%15
%20
%25
%30
World fleet - Scenario: B2-1
Fuel: Reference, SEEMP uptake: Low, Walver: &5
3500
2012 2013 2014 2015 2016 2017 2018 2019 2020
Year of built
Scenario A
Scenario B
Scenario C
Scenario D
1500
1000
500
0
Source: LR/DNV study, 2011
2010
2015
2020
2025
2030
2035
2040
2045
2050
.D\QDN6HD(XURSH
43
6RQXoYHgQHULOHU
> \×O×LoHULVLQGHNHQGLQLJ|VWHUPH\HEDüOD\DQNUHVHOHNRQRPLNNUL]JHPL
LQüDVHNW|UQGHROXPVX]HWNLOHPLüELUNDoONHG×ü×QGDWPONHOHU|QHPOL
ER\XWWDNoOPH\HJLWPLüWLU
> ·OL\×OODUGDQLWLEDUHQDWDùDJHoHQYH\×O×QGDGQ\DG|UGQFOùQH
NDGDU\NVHOPLüRODQ7UNJHPLLQüDVHNW|UNUL]QHGHQL\OH\DüDQDQVLSDULüLSWDOOHUL
YH\HQLJHPLDO×P×Q×QROGXNoDD]DOPDV×QHGHQL\OHFLGGLELUGDUERùD]DJLUPLüWLU
> .UL]G|QHPLQGHDOG×NODU×GHYOHWGHVWHNOHUL\OHUHNDEHWoLOLNOHULQLNRUX\DQUDNLS
ONHOHUNUL]L7UNL\H·GHQGDKDL\LDWODWP×üW×U
> $YUXSD·GDNLUHWLP|QHPOL|OoGH8]DNGRùXONHOHULQHND\PDNWDG×U
$YUXSD·GDNLWHUVDQHOHULQUHWLPOHULVSHVLILNDODQODUODV×Q×UO×NDOG×ù×QGDQ$YUXSD·GDQ
NDoDQUHWLPLQELUN×VP×7UNL\H·\HoHNLOHELOHFHNWLU
> 6DKLSROGXùXQLWHOLNOLLüJF|]HOYHNDOLWHOLUHWLP\DSDELOPH\HWNLQOLùLYH
$YUXSDO×PüWHULOHUH\DN×QO×ù×JLELIDNW|UOHUVD\HVLQGH7UNL\H·QLQEHOLUOL
VHJPHQWOHUGHKDOD|QHPOL|OoGHUHNDEHWJFPHYFXWWXU
> 8OXVODUDUDV×UHNDEHWoLOLNDo×V×QGDQ7UNJHPLLQüDILUPDODU×QGDELU|OoHNVRUXQX
J|]OHQPHNWHGLU6HNW|UILUPDODU×Q×QEHOOL|OoHùHXODüPDV×GXUXPXQGDGLùHU
VHJPHQWOHUGHGHUHNDEHWoLROXQDELOHFHNWLU
> 6EYDQVL\RQODU×QROPDG×ù×ELURUWDPGD7UNJHPLLQüDVHNW|UEHOLUOLUQ
VHJPHQWOHULQGHPDOL\HWOHUED]×QGDGQ\DQ×Q|QGHJHOHQJHPLUHWLFLOHUL\OH
UHNDEHWHGHELOHFHNGXUXPGDG×U$QFDNUDNLSONHOHUGHNLVEYDQVL\RQODUGROD\×V×\OD
VLSDULüDODPDPDNWDYHSD]DUND\EHWPHNWHGLU
> $%ONHOHULGDKLOWHUVDQHOHULQHGRùUXGDQYHGROD\O×WHüYLNVDùODPD\DQELUONH
EXOXQPDPDNWDG×U|]HOOLNOH*QH\.RUHdLQ%UH]LO\DYH5XV\DJLELONHOHUJHPLLQüD
VDQD\LQLXOXVDOSROLWLNDODU×Q×Q|QHPOLELUSDUoDV×KDOLQHJHWLUPLüYHVRQ\×OLoHULVLQGH
NUL]LGHELUI×UVDWRODUDNJ|UHUHN\HQLWHüYLNPHNDQL]PDODU×KD\DWDJHoLUPLüOHUGLU
> 6HNW|U\NVHOLüWHROGXùXG|QHPGHFDULDo×ù×QD]DOPDV×QD|QHPOL|OoGHNDWN×GD
EXOXQPXüWXU<HQLGHQVLSDULüDO×QPD\DEDüODQPDV×LOH\DOQ×]FDQHWLKUDFDW\ROX\OD
GHùLO\HUOLDUPDW|UOHUHVDW×üODU\DS×OPDV×YHQDYOXQJHOLUOHULQLQONHLoLQGHWRSODQPDV×\OD\LQH|QHPOLNDWN×ODU×RODFDNW×U
> úüJF]HULQGHNLDü×U×\NOHULQNDOG×U×OPDV×
> 6HNW|UQXOXVODUDUDV×SL\DVDODUGDQX\JXQNRüXOODUGDKDPPDGGHDODELOPHVLQLQ
|QQGHNLEHOLUVL]OLNYHHQJHOOHULQNDOG×U×OPDV×
44
6RQXoYHgQHULOHU
> <HQLDUPDW|UOHULQLKWL\DoODU×Q×7UNWHUVDQHOHULQGHQNDUü×ODPDV×Q×FD]LSKDOH
JHWLUHQG]HQOHPHOHULQ\DS×OPDV×
> 7DPLUYHEDN×PKL]PHWOHULQLQoRN|QHPOLELUPDOYHKL]PHWLKUDF×NDS×V×ROGXùX
JHUoHùLJ|]|QQGHEXOXQGXUXODUDNLKUDFDWLoLQVDùODQDFDNGHVWHNOHULQEXDODQD
GDNXOODQG×U×OPDV×\ROXLOHGHVWHNOHQPHVLWDOHSHGLOPHNWHGLU
> *OREDOHNRQRPLNNUL]LQQHJDWLIHWNLOHULQLQKDOHQGHYDPHWPHVLQGHQGROD\×660
SURMHOHULQL\UWHQJHoPLü\×OODUGDQ\DU×PNDOP×üHOOHULQGHNLJHPLOHULWDPDPOD\DQ
U|PRUN|ULQüDHGHQWHUVDQHOHULPL]G×ü×QGDHOLQGH\HQLLQüDVLSDULüLRODQYH\D
VLSDULüDODELOHFHNWHUVDQHEXOXQPDPDNWDG×U%XGXUXP\DQVDQD\LLQLGHGRùUXGDQ
HWNLOHPHNWHGLU'Q\DGDRYHUVKLSSLQJYHRYHUFDSDFLW\ROGXùXJ|]|QQH
DO×QG×ù×QGD]DWHQGDUDOP×üRODQJHPLLQüDSD]DU×QGDQSD\DODELOPHNUDNLS
ONHOHULQVDùODG×NODU×üDUWODU×\DNDOD\DPDG×ù×P×]VUHFHPPNQGHùLOGLUg]HOOLNOH
NRVWHUILORPX]XQ\HQLOHQPHVLELUI×UVDWRODUDN|QP]GHGXUPDNWDG×U
> \×O×QGDQLWLEDUHQNLP\DVDOWDQNHULQüDODU×QGDGQ\DGDELUPDUNDRODQ
WHUVDQHOHULPL]LQSD]DUDUDüW×UPDODU×VRQXFXRUWD\Do×NDELOHFHNWDOHSOHUHJ|UH
/1*/3*\ROFXJHPLVLGHQL]RWREV5252YEX]PDQO×NDODQODU×
JHQLüOHWLOPHOLGLU
> 'Q\DGDüXDQJHPLLQüDJQGHPLQLQHQWHSHVLQGHEXOXQDQRIIVKRUHVHNW|U
7UNL\HJHPLLQüDVDQD\LLoLQELUo×N×üQRNWDV×RODUDNJ|UOPHNWHGLU$QFDNRIIVKRUH
NRQXVXQGDUHIHUDQV×P×]×QROPDPDV×SD]DUDJLUPHPL]L]RUODüW×U×\RU(QHUML%DNDQO×ù×P×]×Q|QFOùQGH7UNL\H3HWUROOHUL$QRQLP2UWDNO×ù×73$2WDUDI×QGDQELU
RIIVKRUHILORVXROXüWXUXOPDVׁONHPL]JHPLLQüDVHNW|UQWHNEDü×QDWHNUDUD\DùD
NDOG×UDELOHFHNELUNRQXROGXùXGüQOPHNWHGLUhONHPL]GH%UH]LO\D·GDNL3(752%5$6YH75$163(752DUDV×QGDNLLOLüNL|UQHNDO×QDUDNELURIIVKRUHüLUNHWL
NXUXODELOLUYH7UNWHUVDQHOHULEXILOR\DSODWIRUPODUSODWIRUPGHVWHNJHPLOHULLQüD
HGHELOLU%XSURMHOHULKD\DWDJHoLUHELOPHNLoLQSHWUROSODWIRUPODU×NRQXVXQGDV|]
VDKLELILUPDODUODYHULPOLELURUWDNO×NSURMHVLJHOLüWLUPHNJHUHNPHNWHGLU%|\OHOLNOH
73$2·QXQ75$163(752EHQ]HULELUüLUNHWEQ\HVLQGHELUPDNLQHRIIVKRUH
PDNLQHSDUN×ROXüWXUXODELOHFHNWLU2OXüWXUXODELOHFHNEXILOR(QHUML%DNDQO×ù×P×]×Q
E|OJHPL]GHNLRIIVKRUHIDDOL\HWOHULQGHNXOODQ×ODELOHFHNYHJHUHNWLùLQGHNLUDODQDELlecektir%|\OHOLNOHJHPLLQüDVDQD\LPL]KHPER\XWGHùLüWLUHFHNKHPGHPLO\DU
GRODUODU×QNRQXüXOGXùXEXGHYPDUNHWWHUHIHUDQVDVDKLSKDOHJHOHFHNWLU
45
*ú6%ú5·LQ<×O×<XUWLoLYH<XUWG×ü×)DDOL\HWOHULQGHQ
%D]×ODU×
> *ú6%ú5<|QHWLP.XUXOX%DüNDQ×6Q0XUDW.,5$1dDO×üPDYH6RV\DO*YHQOLN
%DNDQ×6Q)DUXNd(/ú.LOHELUJ|UüPHJHUoHNOHüWLUGL
> *ú6%ú5<|QHWLP.XUXOXd×UDùDQ6DUD\×·QGD1RUYHo%DüEDNDQ×·Q×QGDYHWOLVL
RODUDN\HPHùHNDW×OG×
> *ú6%ú5<|QHWLP.XUXOX%LOLPYH7HNQRORML%DNDQ×6Q1LKDW(5*h1·
PDNDP×QGD]L\DUHWHWWL
> *ú6%ú5<|QHWLP.XUXOX0DOL\H%DNDQ×6Q0HKPHWûú0û(.·úPDNDP×QGD
]L\DUHWHWWL
> 7&(NRQRPL%DNDQO×ù×·QGD´7UN5XV*HPLFLOLNdDO×üPD*UXEXµWRSODQW×V×
\DS×OP×üWRSODQW×\D%LUOLùLPL]LWHPVLOHQ<|QHWLP.XUXOX0XKDVLSh\HPL]6Q
2UNXQg=(.NDW×OP×üW×U
> *ú6%ú5<|QHWLP.XUXOX*PUNYH7LFDUHW%DNDQ×6Q+D\DWL<$=,&,·\×
úVWDQEXO&HYDKLU2WHOGH]L\DUHWHWWL
> 7&dDO×üPD%DNDQO×ù×0IHWWLüOHULWDUDI×QGDQ%LUOLùLPL].RQVH\6DORQXQGD
WHUVDQHOHULQLüVDùO×ù×YHJYHQOLùLX]PDQODU×QDELOJLOHQGLULFLEULILQJYHULOPLüWLU
> 7h<$3úVWDQEXO%RDW6KRZ8OXVODUDUDV×úVWDQEXO<HONHQOL0RWRUOX0RWRUVX]'HQL]$UDoODU×6LVWHP&LKD]'RQDQ×PYH$NVHVXDU)XDU×·QD*ú6%ú5*HQHO
6HNUHWHUL6Q6KH\O'(0ú57$ûNDW×OG×
> 5RPDQ\D%\NHOoLVL6Q5DGX212)5(,%LUOLùLPL]L]L\DUHWHWWL
> 7HUVDQHOHULPL]LQLüJYHQOLùLX]PDQODU×Q×Q.DoDN$N×P5ROHVL(OHNWULùHúOLüNLQ
3UREOHPOHUNRQXOXELOJLOHQGLUPHVLDPDF×\ODdDO×üPD%DNDQO×ù×WDUDI×QGDQ*ú6%ú5
0XUDW%D\UDN.RQVH\6DORQX·QGDHùLWLPYHULOPLüWLU
> '(ú.7UN6LQJDSXUúü.RQVH\L7UNL\H6LQJDSXUúü)RUXPXYHLNLOLLü
J|UüPHOHUL6ZLVV2WHO%RVSKRUXV&HQHYUH6DORQX·QGDJHUoHNOHüWLULOHQWRSODQW×\D
*ú6%ú5<|QHWLP.XUXOX%DüNDQ×6Q0XUDW.,5$1YH*ú6%ú5*HQHO6HNUHWHUL6Q
6KH\O'(0ú57$ûNDW×OG×
> 7UN7LFDUHW0üDYLUOHUL.RQIHUDQV×NDSVDP×QGD(NRQRPL%DNDQ×6Q=DIHU
d$ø/$<$1·×QNDW×O×P×LOHJHUoHNOHüHQDNüDP\HPHùLQH*ú6%ú5<|QHWLP.XUXOX
%DüNDQ×6Q0XUDW.,5$1YH*ú6%ú5*HQHO6HNUHWHUL6Q6KH\O'(0ú57$ûNDW×OG×
> $OWúüYHUHQOLN6WDQGDUGL]DV\RQdDO×üPDODU×7RSODQW×V×%LUOLùLPL]WRSODQW×VDORQXQGD
JHUoHNOHüWLULOGL
46
*ú6%ú5·LQ<×O×<XUWLoLYH<XUWG×ü×)DDOL\HWOHUL
> 7HUVDQHOHUYH.×\×<DS×ODU×*HQHO0GUOù·QQ3DULV·WHJHUoHNOHüWLULOHQ2(&'
*HPLúQüDdDO×üPD*UXEXWRSODQW×V×QD*ú6%ú5*HQHO6HNUHWHUL6Q6KH\O
'(0ú57$ûNDW×OG×
> '(ú.·WH+DUYDUG%XVLQHVV6FKRRO'HNDQ×úOHJHUoHNOHüWLULOHQWRSODQW×\D*ú6%ú5
*HQHO6HNUHWHUL6Q6KH\O'(0ú57$ûNDW×OG×
> 7%006DùO×N$LOHdDO×üPDYH6RV\DOúüOHU.RPLV\RQXh\HVLúVWDQEXO0LOOHWYHNLOL6Q0HKPHW'20$d·×Q<HQLúü6DùO×ù×YH*YHQOLùL<DVDV×KDNN×QGD7UN
/R\GX.RQIHUDQV6DORQX·QGDJHUoHNOHüWLUGLùLELOJLOHQGLUPHWRSODQW×V×QDNDW×O×P
VDùODQG×
> +DPEXUJ·GDJHUoHNOHüHQ600)XDU×·QD*ú6%ú5*HQHO6HNUHWHUL6Q
6KH\O'(0ú57$ûYH*HQHO6HNUHWHU<DUG×PF×V×6Q%OHQW$..g6(NDW×OG×
> 72%%8OXVODUDUDV×úü)RUXPX·QD*ú6%ú5<|QHWLP.XUXOX%DüNDQ×6Q0XUDW
.,5$1YH*ú6%ú5*HQHO6HNUHWHUL6Q6KH\O'(0ú57$ûNDW×OG×
> (NRQRPL%DNDQ×6Q=DIHUd$ø/$<$1·×QNDW×OG×ù×0HWDOLN)LNLUOHU$U*H
3URMH3D]DU×HWNLQOLùLJDODJHFHVLQH*ú6%ú5*HQHO6HNUHWHUL6Q6KH\O'(0ú57$û
NDW×OG×
> %LUOLùLPL]WRSODQW×VDORQXQGD7HUVDQHYH.×\×<DS×ODU×*HQHO0GU6Q+×]×UUHLV
'(1ú=LOHELUOLNWH<|QHWLP.XUXOX7RSODQW×V×JHUoHNOHüWLULOGL
> 3DQDPD·Q×Q7UNL\H·\H\HQLDWDG×ù×LON%DüNRQVRORVYH%\NHOoLRODQ0DULR$
-8/,2*5$1$'26%DüNDQ×P×]6Q0XUDW.,5$1YH*HQHO6HNUHWHULPL]6Q
6KH\O'(0ú57$ûLOHJ|UüW
> *ú6%ú5*HQHO6HNUHWHU<DUG×PF×V×6Q(UFDQg=2.878&8LOH%DV×Q+DONOD
úOLüNLOHUYH7DQ×W×P8]PDQ×6Q6HYQXUd$.0$.\XUWG×ü×GHQL]FLOLNYHJHPLLQüD
IXDUNDW×O×PODU×KDNN×QGD\DEDQF×WHPVLOFLOHUOHLNLOLJ|UüPHOHUJHUoHNOHüWLUGL
47
.D\QDNODU
6KRZ%RDWV,QWHUQDWLRQDO5HSRUW
&ODUNVRQV5HSRUW
$%'HYOHW'HVWHNdHUoHYH3URJUDP×5DSRUX
,6/5HSRUW
6LQJDSXU0DULQH,QGXVWU\6WDWLVWLFV
,QYHVW.RUHD
-6($
:RUOG0DULWLPH1HZV
7KH6XSHU<DFKWLQJ,QGH[
'72'HQL]6HNW|U5DSRUX
'7*0'HQL]7LFDUHWLúVWDWLVWLNOHUL
'7*0'Q\DGDYH7UNL\H·GH(NRQRPLN*HOLüPHOHUYH'HQL]7LFDUHWLQH
<DQV×PDODU
'HQL]7LFDUHWL*HQHO0GUOùúVNDQGLO
,+6)DLUSOD\6ROXWLRQV
,+6)DLUSOD\0DJD]LQH
%565HSRUW
3ODWRX5HSRUW
7UNL\H·GH<DW<DS×P.POHULQLQ%LOJL3D\ODü×P$ùODU×(QWHOHNWHO6HUPD\HYH
.XUXPVDOdHYUHOHULQLQ<HQ9H3HUI(WNLOHUL$o×V×QGDQ.DUü×ODüW×UPDO×$QDOL]L
6HD(XURSH
2(&'7RSODQW×1RWODU×
7UN/R\GX
%,0&2
5LJ]RQH
$NWHO'HQL]
0DULQH&RPPHUFH
1DXWLFDOFKDUWV
6XSHU\DFKW,QWHOOLJHQFH
48