Cap 3 - Piata Firmei
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Cap 3 - Piata Firmei as PDF for free.
More details
- Words: 4,164
- Pages: 9
&DSLWROXO
3,$
$),50(,
2ELHFWLYH
ÌQ HOHJHUHDFRQ LQXWXOXLVIHUHLúLSURILOXOXLSLH HLILUPHLúLDUDSRUWXULORUVDOHFXSLD DSURGXVHORU úLSLD DJOREDO
&XQRDúWHUHDGLPHQVLXQLORUSLH HLILUPHLúLDPRGDOLW
LORUGHGHWHUPLQDUHDDFHVWRUD
&XQRDúWHUHDIDFWRULORUFDUHLQIOXHQ HD] SLD DILUPHL
(YLGHQ LHUHDGLYHUVHORUWLSXULGHUHOD LLFDUHVHSRWVWDELOLvQWUHSLH HOHGLIHULWHORUSURGXVH
&XQRDúWHUHD VLVWHPXOXL GH LQGLFDWRUL FX DMXWRUXO F URUD VH SRDWH HYDOXD SLD D XQXL SURGXV SUHFXPúLDF LORUGHH[WLQGHUHDSLH HLSURGXVXOXL
&21
,1878/6)(5$ù,352),/8/3,(
(,),50(,
'XS FXP DP Y ]XW SLD D GH LQH UROXO úL ORFXO SULQFLSDO vQ VWUXFWXUD PHGLXOXL H[WHUQ DO
ILUPHL&LUFXPVFULV IDFWRULORUFHDOF WXLHVF³PHGLXOHFRQRPLF³SLD DHVWHSUDFWLFFRQHFWDW ODWRDWH FHOHODOWHFRPSRQHQWHDOHPDFURPHGLXOXLILLQGLQIOXHQ DW GHPRGLILF ULOHFHDSDUvQVWUXFWXULOHúLvQ HYROX LLOHDFHVWRUD
3HQWUX RULFH vQWUHSULQGHUH SLD D UHSUH]LQW HOHPHQWXO GH UHIHULQ
SHQWUX DFWLYLW
LOH SH FDUH
OH GHVI úRDU ÌQ RSLQLD SURIHVRUXOXL &RQVWDQWLQ )ORUHVFX ©DWkW vQ HWDSD SUHDODELO D HODERU ULL ³SURJUDPXOXL³ DFWLYLW
LL UHVSHFWLY D VWDELOLULL GLPHQVLXQLORU úL VWUXFWXULORU DFWLYLW
LL FkW úL vQ
FRQWLQXDUH vQ GHVI úXUDUHD HL FRQFUHW úL DSRL vQ SURFHVXO ILQDO DO YHULILF ULL UH]XOWDWHORU vQ FDUH DFHDVW DFWLYLWDWH D IRVW PDWHULDOL]DW SLD D VHUYHúWH vQWUHSULQGHULL vQ PRG VXFFHVLY FD VXUV GH LQIRUPD LH WHUHQ GH FRQIUXQWDUH ³EDURPHWUX´ DO UHDOL] ULORU HIHFWLYH úL DO úDQVHORU YLLWRDUH HWFª 'HFLSLD DUHSUH]LQW SULQFLSDOXOFkPSGHDF LXQHDPDUNHWLQJXOXLFDGUXOvQFDUHVHYHULILF RSRUWX QLWDWHD úL HILFLHQ D DFWLYLW
LL RULF UHL ILUPH SUHFXP úL D SURFHVXOXL GH GLULMDUH D IOX[XOXL GH P UIXUL
GHODSURGXF WRULODFRQVXPDWRUL
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VXQW PDL PXOWH XQJKLXUL GH DERUGDUH D SLH HL 'H DLFL úL
DFFHS LXQLOHvQ HOHVXULOHGLIHULWHDOHDFHVWHLDGLQWUHFDUHGHPQHGHUH LQXWVXQW
³VSD LXOHFRQRPLFDOFRQIUXQW ULLFHUHULLFXRIHUWD³
³VSD LXvQFDUHVHIRUPHD] SUH XOODFDUHVHYkQGúLVHFXPS U EXQXULOHHFRQRPLFH³
³ORFGHvQWkOQLUHDDJHQ LORUHFRQRPLFLvQYHGHUHDVFKLPEXOXLGHDFWLYLW
³ORFGHPDQLIHVWDUHDFRQFXUHQ HLvQWUHDJHQ LLHFRQRPLFL³HWF
L³
³,QGLIHUHQW GH VLWXD LH ± DU WD SURIHVRUXO 1 $O 3RS ± SLD D SUHVXSXQH H[LVWHQ D XQXL EXQ HFRQRPLF FH FRQVWLWXLH RELHFWXO WUDQ]DF LHL GH YkQ]DUH FXPS UDUH D XQRU VXELHF L DL SURFHVXOXL GH VFKLPE YkQ] WRU úL FXPS U WRU D XQXL FDGUX HFRQRPLFRJHRJUDILF XQGH DUH ORF WUDQ]DF LD PDJD]LQ GHSR]LW EXUV GH P UIXUL EXUV GH DF LXQL HWF D XQXL WLPS GDW R DQXPLW SHULRDG ]L OXQ WULPHVWUX DQ HWF D XQHL FRQIUXQW
UL SHQWUX VWDELOLUHD SUH XOXL GHWHUPLQDW GH
LQIOXHQ DXQXLQXP UGHIDFWRULDVXSUDYkQ] ULLúLFXPS U ULL ´ 3LD D SRDWH IL DERUGDW DWkW OD QLYHO PDFURHFRQRPLF SLD D QD LRQDO FkW úL OD QLYHO PLFURHFRQRPLF SLD DILUPHL ÌQ DFFHS LXQHD GH SLD FLUFXPVFULV XQHL
QD LRQDO
SRDWH IL SLD D WXWXURU P UIXULORU úLVDX VHUYLFLLORU
ULVDXGXS FD]SLD DXQHLJUXSHGHP UIXULVDXDXQXLSURGXV
$ERUGDUHDGHPDUNHWLQJDSLH HLODQLYHOPDFURHFRQRPLFWUHEXLHV DLE vQYHGHUHFRQ LQXWXO FH LD IRVW DWULEXLW GH WHRULD HFRQRPLF úL DQXPH F ³SLD D HVWH FDWHJRULD HFRQRPLF GH P
UIXUL vQ FDUH vúL J
XQLWDWH RUJDQLF GHVI
úRDU
VHúWH H[SUHVLD WRWDOLWDWHD DFWHORU GH YkQ]DUHFXPS
FX UHOD LLOH SH FDUH OH JHQHUHD]
D SURGXF LHL
UDUH SULYLW
vQ
úL vQ FRQH[LXQH FX VSD LXO vQ FDUH VH
³ 'LF LRQDUXO GH HFRQRPLH SROLWLF $FHDVW GHILQL LH SRDWH IL vQWUHJLW FRQVLGHUkQG
SLD DGUHSWDFHVVIHU HFRQRPLF vQFDUHSURGXF LDGHEXQXULúLVHUYLFLLDSDUHVXEIRUP GHRIHUW GH
P UIXUL LDU QHYRLOH VROYDELOH GH FRQVXP VXE IRUP GH FHUHUH GH P UIXUL HD ILLQG GHFL VIHUD FRQIUXQW FXPS
ULL RIHUWHL úL D FHUHULL D UHDOL]
ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH
UDUH $FWHOHGHYkQ]DUHFXPS UDUHDOHXQXLSURGXVVDXDOHWXWXURUP UIXULORUVHGHVI úRDU DWkWvQ
LQWHULRUXO JUDQL HORU XQHL LQWHUQD LRQDO
UL FkW úL vQ DIDUD ORU IRUPkQG SLD D QD LRQDO úL UHVSHFWLY SLD D
'DF OD GLPHQVLXQLOH SLH HL LQWHUQD LRQDOH VH DGDXJ GLPHQVLXQLOH SLH HORU
QD LRQDOHVHRE LQHSLD DPRQGLDO
/D QLYHOXO ILUPHL SLD D UHSUH]LQW SUH]HQW FRQIHU
VSD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVHW
FX SURGXVHOH úL VHUYLFLLOH VDOH XQGH SRWHQ LDOXO V RDQXPLW
LQIOXHQ
X XPDQ PDWHULDO úL ILQDQFLDU vL
XQDQXPLWSUHVWLJLX
)LUPDVHSUH]LQW SHSLD
FDRIHUWDQW YkQ] WRU GHSURGXVHúLVDXVHUYLFLLGDUúLFDVROLFLWDQW
FXPS U WRU GH P UIXUL úL VHUYLFLL ÌQ FRQWLQXDUHD DERUG ULORU QRDVWUH QH YRP UHIHUL QXPDL OD FDOLWDWHDGHRIHUWDQWDILUPHL 3ULQ RIHUWD VD ILUPD VH SRDWH DGUHVD XQHL PDVH HWHURJHQH GH DJHQ L HFRQRPLFL FRQVXPDWRUL ILQDOL XWLOL]DWRUL LQWHUPHGLDUL LQVWLWX LL úL RUJDQLVPH SXEOLFH DJHQ L HFRQRPLFL GLQ DOWH
UL
&RUHVSXQ] WRU DFHVWRU DJHQ L HFRQRPLFL VDX SURILODW WLSXULOH GH SLH H SUH]HQWDWH vQ ILJXUD F URUDILUPDVHSRDWHDGUHVDFXRIHUWDVD
3LD DFRQVXPDWRULORU
ILQDOL
3LD DXWLOL]DWRULORU
ILQDOL
)LUPD
3LD DLQWHUPHGLDULORU GHGLVWULEX LH
3LD DRUJDQLVPHORUúL LQVWLWX LLORUSXEOLFH
3LD DLQWHUQD LRQDO
H[WHUQ
)LJXUD7LSXULOHSULQFLSDOHGHSLH HSHFDUHILUPDvúLSRDWHODQVDRIHUWD )LUPD SRDWH RSWD vQWUH DúL GHVIDFH P UIXULOH SH XQD VDX PDL PXOWH WLSXUL GH SLH H 'H H[HPSOX 6& ³$YLFROD ,QWHUQD LRQDO³ %DF X 6$ PDUH SURGXF WRDUH GH FDUQH úL SUHSDUDWH GLQ FDUQH GH SDV UH úL SRUF GLQ 5RPkQLD SRDWH V úL RIHUH SURGXVHOH VDOH GLUHFW FRQVXPDWRULORU LQGLYLGXDOL PHQDMHOH SULQ SURSULD UH HD GH PDJD]LQH ILH V OH YkQG LQWHUPHGLDULORU DQJURVLúWL úLVDX GHWDLOLúWL ILH V OH YkQG XQRU RUJDQLVPH úL LQVWLWX LL SXEOLFH SRSRWH FDQWLQH RUIHOLQDWH F PLQH GH E WUkQL HWF ILH V OH GHVIDF OD H[SRUW )LUPD WUHEXLH V úL RULHQWH]H DVWIHO SURGXF LD vQFkW V QX VH DGUHVH]H SLH HL JOREDOHDF UQLLúLSUHSDUDWHORUGLQFDUQHSULYLW FDRPDV DPRUI FL V FDXWH V GHOLPLWH]H DQXPLWH JUXSXUL UHODWLY RPRJHQH GH FRQVXPDWRUL FDUH GRUHVF úL SRW DYHD DFFHVODSURGXVHOHVDOHQXPLWHVHJPHQWHGHSLD
6HJPHQWXO FXPS
U
GH
SLD
FRQVWLWXLH
WRUL GH DFHODúL IHO JUXSD L GXS
WUHEXLQ HORU RELHFWXO úLVDX P FXPS
XQ
VXEDQVDPEOX
DO
SLH HL
JOREDOH
IRUPDW
GLQ
XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD
ULPHD FXPS
U
WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH
UDUHHWF ÌQ UDSRUW FX QDWXUD EXQXULORU úL VHUYLFLLORU SH FDUH OH IDEULF VDX OH FRPHUFLDOL]HD] R ILUP
VHSRDWHDGUHVDXQXLQXP UPDLPDUHVDXPDLPLFGHFOLHQ L&HLFHDSHOHD] vQSUH]HQWODP UIXULOH RIHULWH GH ILUP UHSUH]LQW FRQVXPDWRULL V L DFWXDOL IRUPkQG SLD D DFWXDO D ILUPHL $FHDVW SLD
GHSLQGH FD P ULPH úL GH QXP UXO úL IRU D HFRQRPLF D FRQFXUHQ LORU FH SURGXF úLVDX GHVIDF P UIXULGHDFHODúLIHO 6IHUD SLH HL XQHL ILUPH QX VH UHGXFH QXPDL OD FRWD SH FDUH R GH LQH vQ SLD D JOREDO D XQXL SURGXV VDX D XQHL JUXSH GH SURGXVH FL YL]HD] DWkW DULD JHRJUDILF SH FDUHRDFRSHU SULQYkQ] ULOH SURSULL FkW úL VHJPHQWHOH GH SLD
úL QXP UXO FRQVXPDWRULORU XWLOL]DWRULORU FDUH OH FRPSXQ F URUD
VH DGUHVHD] FX RIHUWD VD ÌQ WLPS FH VSUH H[HPSOX 8]LQD GH $XWRWXULVPH GH 7HUHQ ³$UR³ 6$ &kPSXOXQJ GLVSXQH GH R DULH QD LRQDO D SLH HL VDOH ÌQWUHSULQGHUHD GH 3DQLILFD LH ³6SLFXO³ 6$ 3LWHúWLDUHRDULHH[FOXVLYORFDO 3URILOXO SLH HL ILUPHL HVWH GDW GH WLSXO WLSXULOH GH DFWLYLWDWH DFWLYLW
L SH FDUH R OH
GHVI úRDU 'LQ DFHVW SXQFW GH YHGHUH GHRVHELP ILUPH SURGXF WRDUH GH P UIXUL EXQXUL HFRQR PLFH ILUPH SUHVWDWRDUH GH VHUYLFLL ILUPH VSHFLDOL]DWH vQ FRPHUFLDOL]DUHD P UIXULORU RUJDQL]D LL QRQSURILW FH SURGXF VDX GHVIDF EXQXUL HFRQRPLFH VSLWDOH WHDWUH úFROL XQLYHUVLW
L HWF 8QHOH
ILUPH DX XQ SURILO PL[W GH SURGXF LH úL FRPHUFLDOL]DUH FXP HVWH FD]XO IDEULFLL GH vQF O
PLQWH
³$QWLORSD³ 6$ %XFXUHúWL VDX GH SURGXF LH GH P UIXUL úL GH VHUYLFLL FXP HVWH FD]XO 6& ³$UFWLF³6$ * HúWL FDUH SH OkQJ SURGXF LD GH IULJLGHUH GLVSXQH GH R UH HD QD LRQDO GH VHUYLFH SHQWUXvQWUH LQHUHDúLUHSDUDUHDDFHVWRUSURGXVHVDXvQFD]XOvQWUHSULQGHULORUWXULVWLFHFDUHRIHU DWkW SURGXVHFkWúLVHUYLFLLWXULVWLFH ',0(16,81,/(3,(
(,),50(,
2ULFHDUILQLYHOXOGHDERUGDUHDOSLH HLHDDUHWUHLGLPHQVLXQL VWUXFWXU
FDSDFLWDWHúLDULH
ORFDOL]DUH 6WUXFWXUDSLH HL3ULYLW ODVFDUDVRFLHW
LLSLD DVHvQI
LúHD] FXXQLPHQVFRQJORPHUDWFX
R VWUXFWXU IRDUWH FRPSOH[ 2 DQDOL] GH VXV vQ MRV DUERUHVFHQWGHVFUHVF WRDUH D VWUXFWXULL SLH HL JOREDOH YD SXQH vQ HYLGHQ
PDL vQWkL GHOLPLWDUHD HL vQ FHOH WUHL PDUL VHF LXQL SLD D P
EXQXULORU úL VHUYLFLLORU SLD D FDSLWDOXULORU úL SLD D IRU HL GH PXQF
UIXULORU
)LUPD SURGXF WRDUH vQ
GXEOD VD FDOLWDWH GH FXPS U WRU úL RIHUWDQW YD DYHD OHJ WXUL FX ILHFDUH GLQ FHOH WUHL SLH H DWkW vQ SODQXO DSURYL]LRQ ULL FX UHVXUVHOH QHFHVDUH GHVI úXU ULL SURSULHL DFWLYLW
L FkW úL vQ SODQXO YkQ] ULL
SURGXVHORUúLVDXVHUYLFLLORUSHFDUHOHUHDOL]HD] 3ULQFLSDOD VHF LXQH GH UHIHULQ UkQGXO HL DFHDVW SLD
SHQWUX DFWLYLWDWHD RULF UHL ILUPH HVWH SLD D P
UIXULORU /D
DúD FXP VH SRDWH REVHUYD vQ ILJXUD VH GHOLPLWHD] vQ GRX PDUL
FRPSRQHQWH SLD DEXQXULORUPDWHULDOHúLSLD DVHUYLFLLORU 'DF VH LQH VHDPD GH GHVWLQD LD SURGXFWLY VDX QHSURGXFWLY D SURGXVHORU úL D VHUYLFLLORU GHRVHELP
SLD DPLMORDFHORUGHSURGXF LH
SLD DEXQXULORUGHFRQVXP
úLUHVSHFWLY
SLD DVHUYLFLLORUGHSURGXF LH
SLD DVHUYLFLLORUGHFRQVXP
3LD D PLMORDFHORU
3LD D SURGXVXOXL
GH
³$³
6HJPHQWXO ³%³
SURGXF LH
3LD D
3LD D
3LD D
3LD D EXQXULORU
3LD D
3LD D
PDWHULDOH
EXQXULORU
SURGXVXOXL
GHFRQVXP
³&³
6HJPHQWXO ³'³
JOREDO
VHUYLFLLORU GH
VHUYLFLXOXL ³$³
6HJPHQWXO 6M
SURGXF LH
3LD D VHUYLFLLORU
3LD D
VHUYLFLLORU GHFRQVXP
)LJXUD6WUXFWXUDSLH HLP
3LD D
VHUYLFLXOXL ³%³
6HJPHQWXO 6L
UIXULORU
$
«Q Q
QXP UXOGHSURGXVH
%
«P P
&
«S S
QXP UXOGHSURGXVH
'
«U U
QXP UXOGHVHJPHQWH
QXP UXOGHVHJPHQWH
'HOLPLW ULOH GXS GHVWLQD LD SURGXVHORU úL VHUYLFLLORU VXQW UHODWLYH GHRDUHFH XQXO úL DFHODúL SURGXV SRDWH IL vQWkOQLW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW úL SH FHD D EXQXULORU GH FRQVXP FXP HVWH FD]XO ]DK UXOXL I LQHL VDX D XQRU OHJXPH FDVWUDYH L DUGHL FDUH SRW DYHD DPEHOH GHVWLQD LL &RPSDUDWLY FX SLD D EXQXULORU GH FRQVXP SLD D PLMORDFHORU GH SURGXF LH HVWH FDUDFWHUL]DW SULQ
JUDGULGLFDWGHFRQFHQWUDUH QXP UOLPLWDWGHSDUWHQHUL
SUHSRQGHUHQ DPRELOXULORUUD LRQDOHvQPDQLIHVWDUHDFHUHULLúLOXDUHDGHFL]LHLGHFXPS UDUH
FRUHOD LHUHODWLYVWUkQV vQWUHRIHUW úLFHUHUH 6WUXFWXUDILHF UHLDGLQFHOHSDWUXVXEGLYL]LXQLHVWHDOF WXLW GLQWUXQQXP UUHODWLYULGLFDWGH
SLH H SDUWLFXODUH VSHFLILFH ILHF UXL SURGXV VHUYLFLX LQGLYLGXDO 3LD D SURGXVXOXL VHUYLFLXOXL UHSUH]LQW
VIHUDHFRQRPLF
FRQFUHW
ODFDUHILUPDvúLUDSRUWHD]
DFWLYLWDWHD
6XQW IRDUWH SX LQH FD]XULOH FkQG SLD D XQXL SURGXV VDX VHUYLFLX HVWH RPRJHQ 'H UHJXO SLD D SURGXVXOXL VHUYLFLXOXL DUH VWUXFWXUD VD LQWHUQ ILLQG DOF WXLW GLQ VHJPHQWH GH SLD ÌPS U LUHD SLH HL vQ VHJPHQWH GH SLD
DUH OD ED] SDUWLFXODULW
LOH vQ DILUPDUHD úL PDQLIHVWDUHD
FHUHULLGLQSDUWHDFXPS U WRULORUvQIUHFYHQ DúLP ULPHDPHGLHDFXPS U ULLvQQLYHOXOH[LJHQ HORU ID
GH FDOLWDWHD úL VWUXFWXUD RIHUWHL HWF&XQRVFkQGFDUHVXQWFHOHPDLLPSRUWDQWHVHJPHQWHGHSLD
D F URU FHUHUH R SRDWH VDWLVIDFH ILUPD vúL GLIHUHQ LD] DF LXQLOH VDOH GH PDUNHWLQJ vQ UDSRUW FX FHULQ HOHDFHVWRUD $FHVWHD VXQW vQ HVHQ
VWUXFWXULOH SLH HL OD FDUH VH UDSRUWHD] ILUPD vQ FDGUXO F UHLD vúL
ILQDOL]HD] DFWLYLWDWHD /LPLWkQGXVH IRDUWH UDU OD XQ VLQJXU SURGXV SLD D ILUPHL VH UHJ VHúWH GH UHJXO SH PDL PXOWH FRPSRQHQWH VWUXFWXUDOH DOH SLH HL JOREDOH SH PDL PXOWH VHJPHQWH GH SLD
VDX
SH SLH HOH PDL PXOWRU SURGXVH $úD HVWH vQ FD]XO XQHL vQWUHSULQGHUL IXUQL]RDUH GH XWLODMH úL PDúLQL FDUHSRDWHILSUH]HQW DWkWSHSLD DPLMORDFHORUGHSURGXF LHFkWúLSHSLD DVHUYLFLLORUSURGXFWLYH/D IHOHVWHúLvQVLWXD LDXQHLvQWUHSULQGHULWXULVWLFHFDUHRIHU WXULúWLORUVHUYLFLLúLSURGXVHHDUHJ VLQGX VHSHSLD DEXQXULORUGHFRQVXPGDUúLSHSLD DVHUYLFLLORU ,QGLIHUHQW F HVWH YRUED GH VWUXFWXUD SLH HL JOREDOH VDX D SLH HL ILUPHL WUHEXLH I FXWH XUP WRDUHOHGRX VXEOLQLHUL
SLD D WUHEXLH DERUGDW FD XQ WRW XQLWDU VHJPHQWHOH GH SLD
QHILLQG DOWFHYD GHFkW FRPSRQHQWH
LQWHUGHSHQGHQWHDOHDFHOXLDúLWRWRUJDQLF
VWUXFWXUDSLH HLDUHXQFDUDFWHUGLQDPLF &DSDFLWDWHD SLH HL &DSDFLWDWHD HIHFWLY D SLH HL XQHL ILUPH HVWH GDW GH YROXPXO
WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH DFHDVWD vQWUR SHULRDG GH WLPS GHWHUPLQDW 3ULQFLSDOLL LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS VXQW YROXPXO RIHUWHL YROXPXO FHUHULL YROXPXO YkQ]
ULORU
YROXPXO
SURGXVXOXL úL QXP
H[SRUWXULOULPSRUWXULORU
QXP
UXO
GH
FRQVXPDWRUL
XWLOL]DWRUL
DL
UXO GH FOLHQ L OD ILUPHOH SUHVWDWRDUH GH VHUYLFLL &HO PDL FRQFOXGHQW LQGLFDWRU
vQ GHWHUPLQDUHD FDSDFLW
LL SLH HL HIHFWLYH VD GRYHGLW D IL YROXPXO YkQ]
ULORU H[HPSOX vQ ILJXUD
ÌQILJXUDVHREVHUY F GHúLYROXPXOFHUHULLGHYLQDIRVWPDLPDUHGHFkWRIHUWDQXPDLR SDUWH GLQ HD VD PDWHULDOL]DW vQ YkQ] UL 2 VHULH GH FDX]H FD YDULHWDWHD VRUWLPHQWDO úL FDOLWDWHD RIHUWHL P ULPHD SUH XOXL DPEDODMXO HWF QX DX SHUPLV FD vQWUHDJD RIHUW GH YLQ D ILUPHL V ILH YkQGXW &DSDFLWDWHDHIHFWLY DSLH HLXQHLILUPH &HS VHDIO vQUHOD LHGLUHFW FX
QXP UXO FXPS U WRULORU XWLOL]DWRULORU SURGXVHORU úLVDX VHUYLFLLORU SH FDUH ILUPD OH IDEULF úLVDXFRPHUFLDOL]HD] 1
P ULPHDPHGLHDFXPS U WXULLGHQXPLW FXPS U WXU VSHFLILF T
IUHFYHQ D GH FXPS UDUH H[SULPDW SULQ QXP UXO PHGLX GH DFKL]L LRQ UL UHDOL]DWH vQWUR XQLWDWH GHWLPS OXQ WULPHVWUXVHPHVWUXDQHWF )U 'HFL &HS
1[T[)U
KOYLQ 10.000 hl vin
KOYLQ 8.000 hl vin
RIHUWD
YkQ] ULOH
KOYLQ 7.000 hl vin
cererea YkQ] ULOH
)LJXUD5HOD LDvQWUHRIHUW
FHUHUHúLYkQ]
ULvQFD]XOXQHLILUPHSURGXF
WRDUHGHYLQ
3HQWUX H[SULPDUHD FDSDFLW FRWDGHSLD
LL HIHFWLYH D SLH HL XQHL ILUPHVHIRORVHúWHúLXQLQGLFDWRUUHODWLY
(DH[SULP SRQGHUHDSHFDUHRGH LQHILUPDvQSLD DJOREDO DSURGXVXOXLJUXSHLGH
SURGXVH VDX D UDPXULL GLQ SLD D QD LRQDO VDX GLQ SLD D LQWHUQD LRQDO VH FXDQWLILF VXE IRUP GH FRHILFLHQW FXSULQV vQWUH úL VDX SURFHQWH 'H H[HPSOX R ILUP SURGXF WRDUH GH FKHUHVWHD D H[SRUWDW SH SLD D
ULL ³;³ vQWUXQ DQ PF GH FKHUHVWHD ÌQ DQXO UHVSHFWLY YROXPXO WRWDO DO
YkQ] ULORU GH FKHUHVWHD GLQ
DUD ³;³ D IRVW GH PF LDU WRWDOXO LPSRUWXULORU D IRVW GH
PF &RWD GH SLD UHIHULQ
D ILUPHL UHSUH]LQW GLQ WRWDOXO YkQ] ULORU GH SH SLD D GH
'DF VH LDX FD UHIHULQ
QXPDL LPSRUWXULOH DWXQFL &HS HVWH GH
$QDOL]D FRQ LQXWXOXL úL GLPHQVLXQLORU SLH HL QX VH OLPLWHD] OD SURFHVHOH HFRQRPLFH FDUH DX ORF HIHFWLY FL WUHEXLH H[WLQV úL DVXSUD FHORU SRWHQ LDOH FDUH DU SXWHD DYHD ORF 'H DFHHD YRP IDFH
UHIHULUL úLODFDSDFLWDWHDSRWHQ LDO
DSLH HLFDUHH[SULP YROXPXOPD[LPDOYkQ] ULORUSHFDUHOH
DUSXWHDUHDOL]DRILUP vQWURSHULRDG GHWLPSGHWHUPLQDW &DSDFLWDWHD SRWHQ LDO D SLH HL HVWH PDL PDUH GHFkW FDSDFLWDWHD HIHFWLY D DFHVWHLD 'LIHUHQ D HVWH JHQHUDW GH QRQFRQVXPDWRULL UHODWLYL FH UHSUH]LQW SRWHQ LDOL XWLOL]DWRUL DL SURGXVHORU ILUPHL GDU FDUH vQ SUH]HQW QX FRQVXP GLQ GLYHUVH PRWLYH FXPS UDUHD GH SURGXVH VLPLODUH GH OD FRQFXUHQ
OLSVD UHVXUVHORU ILQDQFLDUH GLVWULEX LD QHFRUHVSXQ] WRDUH D RIHUWHL vQ DULD SLH HL
QHFRQFRUGDQ D vQWUH SUH XO úL FDOLWDWHD RIHUWHL HWF 3HQWUX HYDOXDUHD FDSDFLW
LL SRWHQ LDOH D SLH HL VH
SRWIRORVLXUP WRULLLQGLFDWRUL
SRWHQ LDOXO GH DEVRUE LH DO SLH HL FDUH HVWH GDW GH YROXPXO PD[LP FDQWLWDWLY VDX YDORULF DO FXPS U ULORU FH DU SXWHD IL UHDOL]DWH GH FOLHQWHOD ILUPHL vQWUR SHULRDG SUHGHWHUPLQDW GH WLPS vQ FD]XO ILUPHORU FH DF LRQHD] SH SLH HOH H[WHUQH WUHEXLH I FXW GLVWLQF LH vQWUH SRWHQ LDOXO WRWDO GHDEVRUE LHDOSLH HLSHFDUHDF LRQHD] úLSRWHQ LDOXOGHLPSRUWDO
ULLUHVSHFWLYH
SRWHQ LDOXOGHH[SRUWFDUHUHSUH]LQW YROXPXOPD[LPDOGLVSRQLELOLW
LORUXQHLILUPHGHVWLQDWH
H[SRUWXOXL
QXP
UXO úL VWUXFWXUD QRQFRQVXPDWRULORU UHODWLYL FXQRDúWHUHD FDUDFWHULVWLFLORU GHPRJUDILFH
HFRQRPLFH úL VRFLRSURIHVLRQDOH DOH DFHVWRUD SUHFXP úL D PRWLYD LLORU FDUH VWDX OD ED]D QHDSHO ULL OD RIHUWD ILUPHL vQ FDX] FRQVWLWXLH R FRQGL LH SHQWUX IXQGDPHQWDUHD DF LXQLORU GH PDUNHWLQJPHQLWHV LDWUDJ úLV LWUDQVIRUPHvQFXPS U WRULHIHFWLYLDLSURGXVHORUILUPHL 3LD D
SRWHQ LDO
LQFOXGH
GHFL
vQ
DIDUD
FRQVXPDWRULORU
HIHFWLYL
úL
FDWHJRULD
QRQFRQVXPDWRULORUUHODWLYL'HFDODMXOH[LVWHQWvQWUHGLPHQVLXQLOHHIHFWLYHúLFHOHSRWHQ LDOHDOHSLH HL SURGXVXOXLVDXDOHSLH HLILUPHLSRDWHILUHGXVúLFKLDUDQLKLODWSULQGRX F L D FDOHD H[WHQVLY
FDUH SUHVXSXQH DúD FXP DP DU WDW PDL VXV DWUDJHUHD QRQFRQVXPDWRULORU
UHODWLYLúLDFOLHQ LORUFHORUODOWHILUPHvQUkQGXOFXPS U WRULORUúL E FDOHD LQWHQVLY QXP UXOXL
GH
FDUH SUHVXSXQH VSRULUHD YROXPXOXL YkQ] ULORU vQ FRQGL LLOH PHQ LQHULL FXPS U WRUL
SH
VHDPD
FUHúWHULL
FXPS U WXULL
PHGLL
úL
D
IUHFYHQ HL
FXPS U ULORU ÌQ VSRULUHD FDSDFLW
LL SLH HL FHOH GRX F L SRW DF LRQD vQ PRG DVRFLDWLY VDX VHSDUDW vQ
SURSRU LL úL VXFFHVLXQL GLIHULWH vQ IXQF LH GH vPSUHMXU UL FD úL GH SROLWLFD GH PDUNHWLQJ SURPRYDW GHILUP $ULD ORFDOL]DUHD SLH HL $LFL HVWH YRUED GH DERUGDUHD SLH HL vQ UDSRUW FX VSD LXO FX SHULPHWUXOvQFDUHDUHORFFRQIUXQWDUHDFHUHULLFXRIHUWDvQIXQF LHGHFDUHFXQRDúWHIRUPHGLIHULWHGH ORFDOL]DUH GHQVLW
L JHRJUDILFH GLIHULWH SUHFXP úL SDUWLFXODULW
PRGXO GH UHDOL]DUH D WUDQ]DF LLORU GH SLD DFHVWHLDSUH]LQW RLPSRUWDQ
L WHULWRULDOH vQ FKLDU FRQ LQXWXO úL
&XQRDúWHUHD DULHL SLH HL D GLPHQVLXQLL VSD LDOH D
GHRVHELW SHQWUXIXQGDPHQWDUHDXQRUGHFL]LLGHPDUNHWLQJSULYLQG
VWDELOLUHD VWUXFWXULL RIHUWHL PLúFDUHD IL]LF D P UIXULORU DPSODVDUHDUH HOHLGHGLVWULEX LHDVSD LLORU GHGHSR]LWDUHúLDPDJD]LQHORUGHYkQ]DUHGHGHWDLO $FWLYLWDWHD GH SLD
FXQRDúWH XQ JUDG ULGLFDW GH FRQFHQWUDUH WHULWRULDO
VDX ]RQH FRPHUFLDOH 3H SLD D LQWHUQD LRQDO R VHULH GH PDUL PHWURSROH GLQ
vQ DQXPLWH FHQWUH
UL SXWHUQLF GH]YROWDWH
HFRQRPLFúLDXFkúWLJDWUHQXPHPRQGLDOSHQWUXFRPHU XOFXDQXPLWHP UIXULÌQDVWIHOGHPHWURSROH vúL GHVI úRDU DFWLYLWDWHD UHQXPLWH EXUVH GH P UIXUL FXP HVWH FHD GLQ &KLFDJR SHQWUX FHUHDOH FHD GH OD 6DR 3DXOR SHQWUX FDIHD FHD GH OD 1HZ
LL GH SLD
PDL DOHV OD EXQXULOH GH
FRQVXP DUH ORF úL vQ VSD LL PDL UHVWUkQVH vQ SHULPHWUXO XQRU SLH H QD LRQDOH VDX FKLDU ORFDOH FHQWUHOH XUEDQH PDUL H[HUFLWkQG R IRU
VSRULW ID
GH ORFDOLW
LOH PDL PLFL vQ FH SULYHúWH DWUDJHUHD
FHUHULL GLQ ]RQHOH vQYHFLQDWH $FHVW IHQRPHQ HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHDGHJUDYLWD LHFRPHUFLDO
(DVHGDWRUHD] PLJUD LHLSXUW WRULORUFHUHULLHYLGHQ LLQGIRU D
GHSRODUL]DUHFRPHUFLDO DRUDúXOXLVDXDDQXPLWRUILUPH&XQRDúWHUHDYROXPXOXLúLVWUXFWXULLFHUHULL FDUH PLJUHD] SHUPLWH ILUPHORU FRPHUFLDOH V úL GLPHQVLRQH]H úL VWUXFWXUH]H RIHUWD DVWIHO vQFkW V U VSXQG FkWPDLELQHH[LJHQ HORUFXPS U WRULORU
)$&725,,'(,1)/8(1
$3,(
(,),50(,
3LD D RULF UHL ILUPH QX HVWH LPXDELO (D vúL PRGLILF GLPHQVLXQLOH VXE LQIOXHQ D D GRX FDWHJRULLGHIDFWRUL HQGRJHQL LQWHUQL úLH[RJHQL H[WHUQL 3ULPLL IDFWRUL VXQW OHJD L GH SXWHUHD HFRQRPLF D ILUPHL SRWHQ LDOXO XPDQ PDWHULDO úL ILQDQFLDU DO DFHVWHLD GDU úL GH HWDSD GLQ FLFOXO GH YLD
DSDUL LH SH SLD
FUHúWHUH PDWXULWDWH
GHFOLQ vQFDUHHDVHDIO 3RWHQ LDOXO XPDQ DO ILUPHL HVWH GDW GH HIHFWLYXO úL VWUXFWXUD SURIHVLRQDO úL GH YkUVW DOH VDODULD LORU GH QLYHOXO GH FDOLILFDUH úL GH LQWHOLJHQ
D DFHVWRUD GH YHFKLPHD ORU vQ FDGUXO ILUPHL
3RWHQ LDOXOPDWHULDOHVWHHYLGHQ LDWGHYROXPXOúLFDOLWDWHDED]HLPDWHULDOHDILUPHLGHSHUIRUPDQ D WHKQRORJLLORU SUDFWLFDWH GH JUDGXO GH PHFDQL]DUH DXWRPDWL]DUH úL LQIRUPDWL]DUH D SURFHVHORU GH PXQF LDU SRWHQ LDOXO ILQDQFLDU GH FDSDFLWDWHD GH D SURGXFH SURILW D ILUPHL GH GLVSRQLELOLW
LOH
E QHúWL úL YDOXWDUH DIODWHvQFRQWXULOHEDQFDUHDOHDFHVWHLDGHYROXPXOFUHGLWHORUúLDDOWRUGDWRULLSH FDUH OH DUH SUHFXP úL GH VFDGHQ D DFHVWRUD SH GH R SDUWH úL GH YROXPXO FUHDQ HORU úL VFDGHQ D DFHVWRUDSHGHDOW SDUWH ÌQFDWHJRULDIDFWRULORUH[RJHQLVXQWFXSULQúL
HIHFWLYXO úL VWUXFWXUD FRQVXPDWRULORU SH VH[H YkUVWH XUEDQUXUDO SH SURIHVLL HWF vQ FD]XO
ILUPHORU FDUH SURGXF úLVDX FRPHUFLDOL]HD] EXQXUL GH FRQVXP VDX QXP FXPS
UXO úL FDSDFLWDWHD GH
UDUH D XWLOL]DWRULORU vQ FD]XO ILUPHORU FDUH IDEULF úLVDX GHVIDF HFKLSDPHQW LQGXVWULDO VDX
PDWHULLSULPHPDWHULLúLPDWHULDOHHWF
SXWHUHD GH FXPS
UDUH D SRSXOD LHL GDW GH FDQWLWDWHD GH EXQXUL SH FDUH R SRDWH FXPS UD R
SHUVRDQ FX VDODULXO PHGLX QHW SHQVLD PHGLH HWF FDUH UHSUH]LQW JUDGXO GH VROYDELOLWDWH D SLH HL F UHLDLVHDGUHVHD] ILUPD
LQWHQVLWDWHD FRQVXPXOXL EXQXULORU úL VHUYLFLLORU RIHULWH GH ILUP GDW GH P ULPHD PHGLH D XQHL
FXPS U WXULúLIUHFYHQ DFXPS U ULL
VWDELOLWDWHD FRQVXPXOXL 8Q SURGXF WRU GH P UIXUL DOLPHQWDUH FX FHUHUH FXUHQW SkLQH ODSWH
]DK U HWF GLVSXQH GH H[HPSOX GH R SLD
PXOW PDL VWDELO GHFkW XQ RIHUWDQW GH DSDUDWXU
HOHFWURQLF GHX]FDVQLF
IDFWRUL FRQMXQFWXUDOLVH]RQLHUL FRQIOLFWH PLOLWDUH LQXQGD LL FXWUHPXUH GH S PkQW HSLGHPLL
YDULD LDFOLPHLHWF FDUHLQIOXHQ HD] FHUHUHDúLRIHUWDFHVHPDQLIHVW SHSLD DILUPHL
IDFWRUL VRFLRORJLFL úL SVLKRORJLFL VWDWXWXO UROXOSUHVWLJLXOVRFLDOPRELOLWDWHDFHULQ HOHGHJUXS
DOHFRQVXPDWRULORUFDUHGHWHUPLQ FRPSRUWDPHQWXOGHFXPS UDUHúLFRQVXPDODFHVWRUDFDúLVWDUHD GH VSLULW WHPSHUDPHQWXO DúWHSW ULOH GHSULQGHULOH FRQúWLLQ D GH VLQH FDUH DX R LQIOXHQ
VHPQLILFDWLY DVXSUDGLPHQVLXQLORUSLH HLILUPHORUSURGXF WRDUHGHEXQXULGHFRQVXP
QDWXUD EXQXULORU SURGXVH GH ILUP
úL FDWHJRULD GH QHYRL F
URUD VH DGUHVHD]
FX DFHVWH
EXQXUL vQ FD]XO EXQXULORU GH QDWXU LQGXVWULDO FD]DQH PHWDOLFH GH PDUL GLPHQVLXQL HFKLSDPHQW JUHX GH WUDQVSRUW úL ULGLFDW HWF SLD D ILUPHL HVWH PXOW PDL ULJLG GH H[HPSOX ID
GH FHD D XQHL
ILUPHFDUHSURGXFHvPEU F PLQWHXQGHFHUHUHDHVWHPXOWPDLHODVWLF úLRVFLODQW vQWLPS 3,$
$352'868/8,
3HQWUX RULFH ILUP RELHFWXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH vO UHSUH]LQW EXQXULOH úLVDX
VHUYLFLLORUSHFDUHOHSURGXFH)LHFDUHGLQDFHVWHDSRDWHV GLVSXQ GHRSLD 3LD D SURGXVXOXL UHSUH]LQW
SURSULH
R VHF LXQH D SLH HL JOREDOH vQ FDUH VH PDQLIHVW
úLVHUHDOL]HD]
RIHUWDúLFHUHUHDSHQWUXXQDQXPLWSURGXV
5HIHULWRU OD UDSRUWXO GLQWUH SLD D ILUPHL úL SLD D SURGXVXOXL vQ SUDFWLF VH vQWkOQHVF VLWXD LL
IRDUWHGLYHUVH$VWIHOvQFD]XOFkQGRILUP GH LQHH[FOXVLYLWDWHDSURGXF LHLúLVDXDFRPHU XOXLXQXL SURGXV SLD D ILUPHL UHVSHFWLYH VH SRDWH LGHQWLILFD FX FHD D SURGXVXOXL ÌQ DOWH VLWXD LL SLD D XQHL ILUPH HVWH VXPD SLH HORU PDL PXOWRU SURGXVH 'H DVHPHQHD VH vQWkOQHVF FD]XUL FkQG SLD D XQXL SURGXV VDX JUXS GH SURGXVH HVWH IRUPDW GLQ SLH HOH PDL PXOWRU ILUPH ÌQ FHOH PDL PXOWH FD]XUL vQV SLH HOH ILUPHORU VH LQWHUIHUHD] FX SLH HOH SURGXVHORU ÌQWUH SLD D SURGXVXOXL úL SLD D JOREDO
HVWHXQUDSRUWGHODSDUWHODvQWUHJúLFDXUPDUHSLD DJOREDO UHSUH]LQW VXPDSLH HORUSURGXVHORUFH RDOF WXLHVFUHVSHFWLY
37
ÇS
S
XQGH
SLD DWRWDO
37 Q
SLD DSURGXVXOXLL QXP UXOSURGXVHORUFHDOF WXLHVFSLD DWRWDO ÌQWUHSLH HOHGLIHULWHORUSURGXVHVHSRWvQWkOQLXUP WRDUHOHWLSXULGHUHOD LL
UHOD LLGHDVRFLHUHFkQGGRX VDXPDLPXOWHSURGXVHVHDVRFLD] vQFRQVXPSHQWUXVDWLVIDFHUHD
XQHL DQXPLWH QHYRL FXP DU IL GH H[HPSOX vQWUH FDIHD úL ]DK U UHVSHFWLY SLD D FDIHOHL úL SLD D ]DK UXOXLVDXGLQWUHSLD DDXWRPRELOHORUúLSLD DVHUYLFLLORUGHUHSDUD LLúLvQWUH LQHUHDDXWRPRELOHORU HWF
UHOD LLGHVXEVWLWXLUHFkQGSURGXVHOHVHSRWvQORFXLUHFLSURFvQFRQVXPFUHkQGXVHDVWIHOUHOD LL
GH FRQFXUHQ
vQWUH HOH FXP HVWH GH H[HPSOX vQ FD]XO UDSRUWXULORU GLQWUH vQF O
QDWXUDO úLvQF O
PLQWHD GLQ SLHOH
PLQWHDGLQvQORFXLWRUL SLHOHVLQWHWLF FDXFLXFWH[WLOHHWF VDXGLQWUHFRQVXPXOGH
FDUQHúLFRQVXPXOGHSHúWHFDUHVHSRWVXEVWLWXLUHFLSURFvQDVLJXUDUHDXQHLDOLPHQWD LLUD LRQDOHVDX VXELQIOXHQ DXQRUIDFWRULFD PRGLILFDUHDSUH XULORUVF GHUHDYHQLWXULORUSRSXOD LHLHWF
UHOD LL GH LQGLIHUHQ
FkQG SLH HOH GLIHULWHORU SURGXVH QX VH LQIOXHQ HD] vQ QLFL XQ IHO FD GH
H[HPSOXUDSRUWXULOHGLQWUHSLD DIORULORUúLSLD DWXWXQXOXLVDXFHOHGLQWUHSLD DF UQLLGHSRUFúLSLD D SDUIXPXULORUHWF 3HQWUXHYDOXDUHDSLH HLXQXLSURGXVVHIRORVHúWHXQVLVWHPGHLQGLFDWRULGLQWUHFDUHPDL LPSRUWDQ LVXQW
JUDGXO GH U
VSkQGLUH D SURGXVXOXL SH SLD
GDW GH QXP UXO FXPS U WRULORU XWLOL]DWRULORU
SURGXVXOXLUHVSHFWLYvQWUXQDQXPLWLQWHUYDOGHWLPS
JUDGXO GH S
WUXQGHUH D SURGXVXOXL vQ FRQVXP GDW GH P ULPHD PHGLH D XQHL FXPS U WXUL úL
GHIUHFYHQ DPHGLHDFXPS U WXULL
YLWH]D GH GLIX]DUH D SURGXVXOXL vQ FRQVXP GDW GH UDSRUWXO GLQWUH DULD VSD LXOXL JHRJUDILF vQ
FDUHHVWHGHVI FXWSURGXVXOúLXQLQWHUYDOGHWLPSGDW
QXP
LPDJLQHDSURGXVXOXLvQUkQGXOFRQVXPDWRULORU XWLOL]DWRULORU V L
SURILWXO
UXOILUPHORUFDUHSURGXFúLVDXFRPHUFLDOL]HD]
FOLHQWHOHL
FH
DFKL]L LRQHD]
SURGXVXO
SURGXVXO GHWHUPLQDW
GH
FDUDFWHULVWLFLOH
VRFLR
SURIHVLRQDOHGHPRJUDILFHHFRQRPLFHVDXVRFLDOHDOHFXPS U WRULORUSURGXVXOXLUHVSHFWLY 6XEOLQLHP F GDF SULPLL SDWUX LQGLFDWRUL VXQW GH QDWXU VWULFW FDQWLWDWLY H[SULPkQG GLPHQVLXQLOH SLH HL vQ XQLW
L GH P VXU QDWXUDOH IL]LFH úLVDX YDORULFHXOWLPLL GRL VXQW GH RUGLQ
FDOLWDWLYH[SULPkQGLQWHQVLWDWHDXQRUFDUDFWHULVWLFLDOHSLH HL ([WLQGHUHD vQ PRG SURILWDELO D SLH HL RULF UHL ILUPH VH SRDWH UHDOL]D SH WUHL F L FDOHD H[WHQVLY FDOHDLQWHQVLY úLFHDPDLvQWkOQLW FDOHDPL[W SULQvPELQDUHDSULPHORUGRX &DOHD H[WHQVLY
SUHVXSXQH FUHúWHUHD QXP UXOXL GH FXPS U WRUL DL SURGXVXOXL SURGXVHORU
ILUPHL ILH SULQ DWUDJHUHD FOLHQWHOHL FH DFKL]L LRQHD] SURGXVH VLPLODUH GH OD DOWH ILUPH ILH SULQ FkúWLJDUHD GH QRL FXPS U WRUL SURYHQL L GLQ UkQGXO FHORU FDUH FXPS U SHQWUX SULPD RDU SURGXVXO UHVSHFWLYGHFLGLQUkQGXOQRQFRQVXPDWRULORUUHODWLYL &DOHDLQWHQVLY
FRQVW vQFUHúWHUHDFDQWLWDWLY úLVDXYDORULF DFXPS U WXULLPHGLLHIHFWXDWH
GH R SHUVRDQ úLVDX SULQ P ULUHD IUHFYHQ HL GH FXPS UDUH $PEHOH F L SULYHVF QXPDL FXPS U WRULL HIHFWLYLDLSURGXVXOXL &DOHD PL[W
SUHVXSXQH DF LXQHD FRQMXJDW D F LL H[WHQVLYHFXFHDLQWHQVLY FDUHSRDWHO UJL
SLD DSkQ ODGLPHQVLXQHDVDSRWHQ LDO
ILJXUD
'DF OD SLD D SRWHQ LDO VH DGDXJ úL QRQFRQVXPDWRULL DEVROX L FHL FDUH QX YRU FRQVXPD QLFLRGDW SURGXVXOvQFDX] GHH[HPSOXWXWXQ VHRE LQHSLD DWHRUHWLF
5H]XPDW
3LD DHVWHRQR LXQHFRPXQ IUHFYHQWXWLOL]DW vQDFHODúLWLPSvQV DFRSHU RDULHH[WUHPGH
vQWLQV &XYkQWXO SLD
HVWH XWLOL]DW vQ FRQWH[WH GLIHULWH úL VH UHIHU OD GLIHULWH JUXSXUL GH
FRQVXPDWRUL 0DUNHWLQJXO QX HVWH SUHRFXSDW vQV GH GHILQLUHD QR LXQLL ³SLD
³ FL GH VXUSULQGHUHD
FXDQWLILFDUHD úL HYDOXDUHD UHOD LLORU D UDSRUWXULORU FDUH VH VWDELOHVF vQWUH DFWRULL FDUH vúL GHVI úRDU DFWLYLWDWHDvQFDGUXOVSHFLILFDOSLH HL
3LD DSRWHQ LDO
&DOHDLQWHQVLY
&DOHD
PL[W
&DOHDH[WHQVLY
&XPS U WXUDPHGLHDQXDO
)LJXUD&
LOHGHH[WLQGHUHDSLH HLSkLQLLvQRUDúXO;
&RQFHSWHFKHLH 3LD D 6IHUD FRQIUXQW ULL RIHUWHL úL D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH FXPS UDUH 3LD DILUPHL6SD LXOHFRQRPLFRJHRJUDILFvQFDUHDFHDVWDHVWHSUH]HQW FXSURGXVHOHúLVHUYLFLLOH VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO úL ILQDQFLDU vL FRQIHU R DQXPLW LQIOXHQ
XQ DQXPLW
SUHVWLJLX 6HJPHQWXO GH SLD
6XEDQVDPEOX DO SLH HL JOREDOH IRUPDW GLQ FXPS U WRUL GH DFHODúL IHO
JUXSD L GXS XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD WUHEXLQ HORU RELHFWXO úLVDX P ULPHD FXPS U WXULLIDFWRULLFDUHVWDXODED]DGHFL]LHLGHFXPS UDUHHWF 3LD DSURGXVXOXL VHUYLFLXOXL 6IHUDHFRQRPLF FRQFUHW ODFDUHILUPDvúLUDSRUWHD] DFWLYLWDWHD &DSDFLWDWHD HIHFWLY
D SLH HL ILUPHL 9ROXPXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH
DFHDVWDvQWURSHULRDG GHWLPSGHWHUPLQDW &DSDFLWDWHD SRWHQ LDO
D SLH HL ILUPHL 9ROXPXO PD[LP DO YkQ] ULORU SH FDUH OHDU SXWHD
UHDOL]DRILUP vQWURSHULRDG GHWLPSGHWHUPLQDW
3,$
$),50(,
2ELHFWLYH
ÌQ HOHJHUHDFRQ LQXWXOXLVIHUHLúLSURILOXOXLSLH HLILUPHLúLDUDSRUWXULORUVDOHFXSLD DSURGXVHORU úLSLD DJOREDO
&XQRDúWHUHDGLPHQVLXQLORUSLH HLILUPHLúLDPRGDOLW
LORUGHGHWHUPLQDUHDDFHVWRUD
&XQRDúWHUHDIDFWRULORUFDUHLQIOXHQ HD] SLD DILUPHL
(YLGHQ LHUHDGLYHUVHORUWLSXULGHUHOD LLFDUHVHSRWVWDELOLvQWUHSLH HOHGLIHULWHORUSURGXVH
&XQRDúWHUHD VLVWHPXOXL GH LQGLFDWRUL FX DMXWRUXO F URUD VH SRDWH HYDOXD SLD D XQXL SURGXV SUHFXPúLDF LORUGHH[WLQGHUHDSLH HLSURGXVXOXL
&21
,1878/6)(5$ù,352),/8/3,(
(,),50(,
'XS FXP DP Y ]XW SLD D GH LQH UROXO úL ORFXO SULQFLSDO vQ VWUXFWXUD PHGLXOXL H[WHUQ DO
ILUPHL&LUFXPVFULV IDFWRULORUFHDOF WXLHVF³PHGLXOHFRQRPLF³SLD DHVWHSUDFWLFFRQHFWDW ODWRDWH FHOHODOWHFRPSRQHQWHDOHPDFURPHGLXOXLILLQGLQIOXHQ DW GHPRGLILF ULOHFHDSDUvQVWUXFWXULOHúLvQ HYROX LLOHDFHVWRUD
3HQWUX RULFH vQWUHSULQGHUH SLD D UHSUH]LQW HOHPHQWXO GH UHIHULQ
SHQWUX DFWLYLW
LOH SH FDUH
OH GHVI úRDU ÌQ RSLQLD SURIHVRUXOXL &RQVWDQWLQ )ORUHVFX ©DWkW vQ HWDSD SUHDODELO D HODERU ULL ³SURJUDPXOXL³ DFWLYLW
LL UHVSHFWLY D VWDELOLULL GLPHQVLXQLORU úL VWUXFWXULORU DFWLYLW
LL FkW úL vQ
FRQWLQXDUH vQ GHVI úXUDUHD HL FRQFUHW úL DSRL vQ SURFHVXO ILQDO DO YHULILF ULL UH]XOWDWHORU vQ FDUH DFHDVW DFWLYLWDWH D IRVW PDWHULDOL]DW SLD D VHUYHúWH vQWUHSULQGHULL vQ PRG VXFFHVLY FD VXUV GH LQIRUPD LH WHUHQ GH FRQIUXQWDUH ³EDURPHWUX´ DO UHDOL] ULORU HIHFWLYH úL DO úDQVHORU YLLWRDUH HWFª 'HFLSLD DUHSUH]LQW SULQFLSDOXOFkPSGHDF LXQHDPDUNHWLQJXOXLFDGUXOvQFDUHVHYHULILF RSRUWX QLWDWHD úL HILFLHQ D DFWLYLW
LL RULF UHL ILUPH SUHFXP úL D SURFHVXOXL GH GLULMDUH D IOX[XOXL GH P UIXUL
GHODSURGXF WRULODFRQVXPDWRUL
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VXQW PDL PXOWH XQJKLXUL GH DERUGDUH D SLH HL 'H DLFL úL
DFFHS LXQLOHvQ HOHVXULOHGLIHULWHDOHDFHVWHLDGLQWUHFDUHGHPQHGHUH LQXWVXQW
³VSD LXOHFRQRPLFDOFRQIUXQW ULLFHUHULLFXRIHUWD³
³VSD LXvQFDUHVHIRUPHD] SUH XOODFDUHVHYkQGúLVHFXPS U EXQXULOHHFRQRPLFH³
³ORFGHvQWkOQLUHDDJHQ LORUHFRQRPLFLvQYHGHUHDVFKLPEXOXLGHDFWLYLW
³ORFGHPDQLIHVWDUHDFRQFXUHQ HLvQWUHDJHQ LLHFRQRPLFL³HWF
L³
³,QGLIHUHQW GH VLWXD LH ± DU WD SURIHVRUXO 1 $O 3RS ± SLD D SUHVXSXQH H[LVWHQ D XQXL EXQ HFRQRPLF FH FRQVWLWXLH RELHFWXO WUDQ]DF LHL GH YkQ]DUH FXPS UDUH D XQRU VXELHF L DL SURFHVXOXL GH VFKLPE YkQ] WRU úL FXPS U WRU D XQXL FDGUX HFRQRPLFRJHRJUDILF XQGH DUH ORF WUDQ]DF LD PDJD]LQ GHSR]LW EXUV GH P UIXUL EXUV GH DF LXQL HWF D XQXL WLPS GDW R DQXPLW SHULRDG ]L OXQ WULPHVWUX DQ HWF D XQHL FRQIUXQW
UL SHQWUX VWDELOLUHD SUH XOXL GHWHUPLQDW GH
LQIOXHQ DXQXLQXP UGHIDFWRULDVXSUDYkQ] ULLúLFXPS U ULL ´ 3LD D SRDWH IL DERUGDW DWkW OD QLYHO PDFURHFRQRPLF SLD D QD LRQDO FkW úL OD QLYHO PLFURHFRQRPLF SLD DILUPHL ÌQ DFFHS LXQHD GH SLD FLUFXPVFULV XQHL
QD LRQDO
SRDWH IL SLD D WXWXURU P UIXULORU úLVDX VHUYLFLLORU
ULVDXGXS FD]SLD DXQHLJUXSHGHP UIXULVDXDXQXLSURGXV
$ERUGDUHDGHPDUNHWLQJDSLH HLODQLYHOPDFURHFRQRPLFWUHEXLHV DLE vQYHGHUHFRQ LQXWXO FH LD IRVW DWULEXLW GH WHRULD HFRQRPLF úL DQXPH F ³SLD D HVWH FDWHJRULD HFRQRPLF GH P
UIXUL vQ FDUH vúL J
XQLWDWH RUJDQLF GHVI
úRDU
VHúWH H[SUHVLD WRWDOLWDWHD DFWHORU GH YkQ]DUHFXPS
FX UHOD LLOH SH FDUH OH JHQHUHD]
D SURGXF LHL
UDUH SULYLW
vQ
úL vQ FRQH[LXQH FX VSD LXO vQ FDUH VH
³ 'LF LRQDUXO GH HFRQRPLH SROLWLF $FHDVW GHILQL LH SRDWH IL vQWUHJLW FRQVLGHUkQG
SLD DGUHSWDFHVVIHU HFRQRPLF vQFDUHSURGXF LDGHEXQXULúLVHUYLFLLDSDUHVXEIRUP GHRIHUW GH
P UIXUL LDU QHYRLOH VROYDELOH GH FRQVXP VXE IRUP GH FHUHUH GH P UIXUL HD ILLQG GHFL VIHUD FRQIUXQW FXPS
ULL RIHUWHL úL D FHUHULL D UHDOL]
ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH
UDUH $FWHOHGHYkQ]DUHFXPS UDUHDOHXQXLSURGXVVDXDOHWXWXURUP UIXULORUVHGHVI úRDU DWkWvQ
LQWHULRUXO JUDQL HORU XQHL LQWHUQD LRQDO
UL FkW úL vQ DIDUD ORU IRUPkQG SLD D QD LRQDO úL UHVSHFWLY SLD D
'DF OD GLPHQVLXQLOH SLH HL LQWHUQD LRQDOH VH DGDXJ GLPHQVLXQLOH SLH HORU
QD LRQDOHVHRE LQHSLD DPRQGLDO
/D QLYHOXO ILUPHL SLD D UHSUH]LQW SUH]HQW FRQIHU
VSD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVHW
FX SURGXVHOH úL VHUYLFLLOH VDOH XQGH SRWHQ LDOXO V RDQXPLW
LQIOXHQ
X XPDQ PDWHULDO úL ILQDQFLDU vL
XQDQXPLWSUHVWLJLX
)LUPDVHSUH]LQW SHSLD
FDRIHUWDQW YkQ] WRU GHSURGXVHúLVDXVHUYLFLLGDUúLFDVROLFLWDQW
FXPS U WRU GH P UIXUL úL VHUYLFLL ÌQ FRQWLQXDUHD DERUG ULORU QRDVWUH QH YRP UHIHUL QXPDL OD FDOLWDWHDGHRIHUWDQWDILUPHL 3ULQ RIHUWD VD ILUPD VH SRDWH DGUHVD XQHL PDVH HWHURJHQH GH DJHQ L HFRQRPLFL FRQVXPDWRUL ILQDOL XWLOL]DWRUL LQWHUPHGLDUL LQVWLWX LL úL RUJDQLVPH SXEOLFH DJHQ L HFRQRPLFL GLQ DOWH
UL
&RUHVSXQ] WRU DFHVWRU DJHQ L HFRQRPLFL VDX SURILODW WLSXULOH GH SLH H SUH]HQWDWH vQ ILJXUD F URUDILUPDVHSRDWHDGUHVDFXRIHUWDVD
3LD DFRQVXPDWRULORU
ILQDOL
3LD DXWLOL]DWRULORU
ILQDOL
)LUPD
3LD DLQWHUPHGLDULORU GHGLVWULEX LH
3LD DRUJDQLVPHORUúL LQVWLWX LLORUSXEOLFH
3LD DLQWHUQD LRQDO
H[WHUQ
)LJXUD7LSXULOHSULQFLSDOHGHSLH HSHFDUHILUPDvúLSRDWHODQVDRIHUWD )LUPD SRDWH RSWD vQWUH DúL GHVIDFH P UIXULOH SH XQD VDX PDL PXOWH WLSXUL GH SLH H 'H H[HPSOX 6& ³$YLFROD ,QWHUQD LRQDO³ %DF X 6$ PDUH SURGXF WRDUH GH FDUQH úL SUHSDUDWH GLQ FDUQH GH SDV UH úL SRUF GLQ 5RPkQLD SRDWH V úL RIHUH SURGXVHOH VDOH GLUHFW FRQVXPDWRULORU LQGLYLGXDOL PHQDMHOH SULQ SURSULD UH HD GH PDJD]LQH ILH V OH YkQG LQWHUPHGLDULORU DQJURVLúWL úLVDX GHWDLOLúWL ILH V OH YkQG XQRU RUJDQLVPH úL LQVWLWX LL SXEOLFH SRSRWH FDQWLQH RUIHOLQDWH F PLQH GH E WUkQL HWF ILH V OH GHVIDF OD H[SRUW )LUPD WUHEXLH V úL RULHQWH]H DVWIHO SURGXF LD vQFkW V QX VH DGUHVH]H SLH HL JOREDOHDF UQLLúLSUHSDUDWHORUGLQFDUQHSULYLW FDRPDV DPRUI FL V FDXWH V GHOLPLWH]H DQXPLWH JUXSXUL UHODWLY RPRJHQH GH FRQVXPDWRUL FDUH GRUHVF úL SRW DYHD DFFHVODSURGXVHOHVDOHQXPLWHVHJPHQWHGHSLD
6HJPHQWXO FXPS
U
GH
SLD
FRQVWLWXLH
WRUL GH DFHODúL IHO JUXSD L GXS
WUHEXLQ HORU RELHFWXO úLVDX P FXPS
XQ
VXEDQVDPEOX
DO
SLH HL
JOREDOH
IRUPDW
GLQ
XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD
ULPHD FXPS
U
WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH
UDUHHWF ÌQ UDSRUW FX QDWXUD EXQXULORU úL VHUYLFLLORU SH FDUH OH IDEULF VDX OH FRPHUFLDOL]HD] R ILUP
VHSRDWHDGUHVDXQXLQXP UPDLPDUHVDXPDLPLFGHFOLHQ L&HLFHDSHOHD] vQSUH]HQWODP UIXULOH RIHULWH GH ILUP UHSUH]LQW FRQVXPDWRULL V L DFWXDOL IRUPkQG SLD D DFWXDO D ILUPHL $FHDVW SLD
GHSLQGH FD P ULPH úL GH QXP UXO úL IRU D HFRQRPLF D FRQFXUHQ LORU FH SURGXF úLVDX GHVIDF P UIXULGHDFHODúLIHO 6IHUD SLH HL XQHL ILUPH QX VH UHGXFH QXPDL OD FRWD SH FDUH R GH LQH vQ SLD D JOREDO D XQXL SURGXV VDX D XQHL JUXSH GH SURGXVH FL YL]HD] DWkW DULD JHRJUDILF SH FDUHRDFRSHU SULQYkQ] ULOH SURSULL FkW úL VHJPHQWHOH GH SLD
úL QXP UXO FRQVXPDWRULORU XWLOL]DWRULORU FDUH OH FRPSXQ F URUD
VH DGUHVHD] FX RIHUWD VD ÌQ WLPS FH VSUH H[HPSOX 8]LQD GH $XWRWXULVPH GH 7HUHQ ³$UR³ 6$ &kPSXOXQJ GLVSXQH GH R DULH QD LRQDO D SLH HL VDOH ÌQWUHSULQGHUHD GH 3DQLILFD LH ³6SLFXO³ 6$ 3LWHúWLDUHRDULHH[FOXVLYORFDO 3URILOXO SLH HL ILUPHL HVWH GDW GH WLSXO WLSXULOH GH DFWLYLWDWH DFWLYLW
L SH FDUH R OH
GHVI úRDU 'LQ DFHVW SXQFW GH YHGHUH GHRVHELP ILUPH SURGXF WRDUH GH P UIXUL EXQXUL HFRQR PLFH ILUPH SUHVWDWRDUH GH VHUYLFLL ILUPH VSHFLDOL]DWH vQ FRPHUFLDOL]DUHD P UIXULORU RUJDQL]D LL QRQSURILW FH SURGXF VDX GHVIDF EXQXUL HFRQRPLFH VSLWDOH WHDWUH úFROL XQLYHUVLW
L HWF 8QHOH
ILUPH DX XQ SURILO PL[W GH SURGXF LH úL FRPHUFLDOL]DUH FXP HVWH FD]XO IDEULFLL GH vQF O
PLQWH
³$QWLORSD³ 6$ %XFXUHúWL VDX GH SURGXF LH GH P UIXUL úL GH VHUYLFLL FXP HVWH FD]XO 6& ³$UFWLF³6$ * HúWL FDUH SH OkQJ SURGXF LD GH IULJLGHUH GLVSXQH GH R UH HD QD LRQDO GH VHUYLFH SHQWUXvQWUH LQHUHDúLUHSDUDUHDDFHVWRUSURGXVHVDXvQFD]XOvQWUHSULQGHULORUWXULVWLFHFDUHRIHU DWkW SURGXVHFkWúLVHUYLFLLWXULVWLFH ',0(16,81,/(3,(
(,),50(,
2ULFHDUILQLYHOXOGHDERUGDUHDOSLH HLHDDUHWUHLGLPHQVLXQL VWUXFWXU
FDSDFLWDWHúLDULH
ORFDOL]DUH 6WUXFWXUDSLH HL3ULYLW ODVFDUDVRFLHW
LLSLD DVHvQI
LúHD] FXXQLPHQVFRQJORPHUDWFX
R VWUXFWXU IRDUWH FRPSOH[ 2 DQDOL] GH VXV vQ MRV DUERUHVFHQWGHVFUHVF WRDUH D VWUXFWXULL SLH HL JOREDOH YD SXQH vQ HYLGHQ
PDL vQWkL GHOLPLWDUHD HL vQ FHOH WUHL PDUL VHF LXQL SLD D P
EXQXULORU úL VHUYLFLLORU SLD D FDSLWDOXULORU úL SLD D IRU HL GH PXQF
UIXULORU
)LUPD SURGXF WRDUH vQ
GXEOD VD FDOLWDWH GH FXPS U WRU úL RIHUWDQW YD DYHD OHJ WXUL FX ILHFDUH GLQ FHOH WUHL SLH H DWkW vQ SODQXO DSURYL]LRQ ULL FX UHVXUVHOH QHFHVDUH GHVI úXU ULL SURSULHL DFWLYLW
L FkW úL vQ SODQXO YkQ] ULL
SURGXVHORUúLVDXVHUYLFLLORUSHFDUHOHUHDOL]HD] 3ULQFLSDOD VHF LXQH GH UHIHULQ UkQGXO HL DFHDVW SLD
SHQWUX DFWLYLWDWHD RULF UHL ILUPH HVWH SLD D P
UIXULORU /D
DúD FXP VH SRDWH REVHUYD vQ ILJXUD VH GHOLPLWHD] vQ GRX PDUL
FRPSRQHQWH SLD DEXQXULORUPDWHULDOHúLSLD DVHUYLFLLORU 'DF VH LQH VHDPD GH GHVWLQD LD SURGXFWLY VDX QHSURGXFWLY D SURGXVHORU úL D VHUYLFLLORU GHRVHELP
SLD DPLMORDFHORUGHSURGXF LH
SLD DEXQXULORUGHFRQVXP
úLUHVSHFWLY
SLD DVHUYLFLLORUGHSURGXF LH
SLD DVHUYLFLLORUGHFRQVXP
3LD D PLMORDFHORU
3LD D SURGXVXOXL
GH
³$³
6HJPHQWXO ³%³
SURGXF LH
3LD D
3LD D
3LD D
3LD D EXQXULORU
3LD D
3LD D
PDWHULDOH
EXQXULORU
SURGXVXOXL
GHFRQVXP
³&³
6HJPHQWXO ³'³
JOREDO
VHUYLFLLORU GH
VHUYLFLXOXL ³$³
6HJPHQWXO 6M
SURGXF LH
3LD D VHUYLFLLORU
3LD D
VHUYLFLLORU GHFRQVXP
)LJXUD6WUXFWXUDSLH HLP
3LD D
VHUYLFLXOXL ³%³
6HJPHQWXO 6L
UIXULORU
$
«Q Q
QXP UXOGHSURGXVH
%
«P P
&
«S S
QXP UXOGHSURGXVH
'
«U U
QXP UXOGHVHJPHQWH
QXP UXOGHVHJPHQWH
'HOLPLW ULOH GXS GHVWLQD LD SURGXVHORU úL VHUYLFLLORU VXQW UHODWLYH GHRDUHFH XQXO úL DFHODúL SURGXV SRDWH IL vQWkOQLW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW úL SH FHD D EXQXULORU GH FRQVXP FXP HVWH FD]XO ]DK UXOXL I LQHL VDX D XQRU OHJXPH FDVWUDYH L DUGHL FDUH SRW DYHD DPEHOH GHVWLQD LL &RPSDUDWLY FX SLD D EXQXULORU GH FRQVXP SLD D PLMORDFHORU GH SURGXF LH HVWH FDUDFWHUL]DW SULQ
JUDGULGLFDWGHFRQFHQWUDUH QXP UOLPLWDWGHSDUWHQHUL
SUHSRQGHUHQ DPRELOXULORUUD LRQDOHvQPDQLIHVWDUHDFHUHULLúLOXDUHDGHFL]LHLGHFXPS UDUH
FRUHOD LHUHODWLYVWUkQV vQWUHRIHUW úLFHUHUH 6WUXFWXUDILHF UHLDGLQFHOHSDWUXVXEGLYL]LXQLHVWHDOF WXLW GLQWUXQQXP UUHODWLYULGLFDWGH
SLH H SDUWLFXODUH VSHFLILFH ILHF UXL SURGXV VHUYLFLX LQGLYLGXDO 3LD D SURGXVXOXL VHUYLFLXOXL UHSUH]LQW
VIHUDHFRQRPLF
FRQFUHW
ODFDUHILUPDvúLUDSRUWHD]
DFWLYLWDWHD
6XQW IRDUWH SX LQH FD]XULOH FkQG SLD D XQXL SURGXV VDX VHUYLFLX HVWH RPRJHQ 'H UHJXO SLD D SURGXVXOXL VHUYLFLXOXL DUH VWUXFWXUD VD LQWHUQ ILLQG DOF WXLW GLQ VHJPHQWH GH SLD ÌPS U LUHD SLH HL vQ VHJPHQWH GH SLD
DUH OD ED] SDUWLFXODULW
LOH vQ DILUPDUHD úL PDQLIHVWDUHD
FHUHULLGLQSDUWHDFXPS U WRULORUvQIUHFYHQ DúLP ULPHDPHGLHDFXPS U ULLvQQLYHOXOH[LJHQ HORU ID
GH FDOLWDWHD úL VWUXFWXUD RIHUWHL HWF&XQRVFkQGFDUHVXQWFHOHPDLLPSRUWDQWHVHJPHQWHGHSLD
D F URU FHUHUH R SRDWH VDWLVIDFH ILUPD vúL GLIHUHQ LD] DF LXQLOH VDOH GH PDUNHWLQJ vQ UDSRUW FX FHULQ HOHDFHVWRUD $FHVWHD VXQW vQ HVHQ
VWUXFWXULOH SLH HL OD FDUH VH UDSRUWHD] ILUPD vQ FDGUXO F UHLD vúL
ILQDOL]HD] DFWLYLWDWHD /LPLWkQGXVH IRDUWH UDU OD XQ VLQJXU SURGXV SLD D ILUPHL VH UHJ VHúWH GH UHJXO SH PDL PXOWH FRPSRQHQWH VWUXFWXUDOH DOH SLH HL JOREDOH SH PDL PXOWH VHJPHQWH GH SLD
VDX
SH SLH HOH PDL PXOWRU SURGXVH $úD HVWH vQ FD]XO XQHL vQWUHSULQGHUL IXUQL]RDUH GH XWLODMH úL PDúLQL FDUHSRDWHILSUH]HQW DWkWSHSLD DPLMORDFHORUGHSURGXF LHFkWúLSHSLD DVHUYLFLLORUSURGXFWLYH/D IHOHVWHúLvQVLWXD LDXQHLvQWUHSULQGHULWXULVWLFHFDUHRIHU WXULúWLORUVHUYLFLLúLSURGXVHHDUHJ VLQGX VHSHSLD DEXQXULORUGHFRQVXPGDUúLSHSLD DVHUYLFLLORU ,QGLIHUHQW F HVWH YRUED GH VWUXFWXUD SLH HL JOREDOH VDX D SLH HL ILUPHL WUHEXLH I FXWH XUP WRDUHOHGRX VXEOLQLHUL
SLD D WUHEXLH DERUGDW FD XQ WRW XQLWDU VHJPHQWHOH GH SLD
QHILLQG DOWFHYD GHFkW FRPSRQHQWH
LQWHUGHSHQGHQWHDOHDFHOXLDúLWRWRUJDQLF
VWUXFWXUDSLH HLDUHXQFDUDFWHUGLQDPLF &DSDFLWDWHD SLH HL &DSDFLWDWHD HIHFWLY D SLH HL XQHL ILUPH HVWH GDW GH YROXPXO
WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH DFHDVWD vQWUR SHULRDG GH WLPS GHWHUPLQDW 3ULQFLSDOLL LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS VXQW YROXPXO RIHUWHL YROXPXO FHUHULL YROXPXO YkQ]
ULORU
YROXPXO
SURGXVXOXL úL QXP
H[SRUWXULOULPSRUWXULORU
QXP
UXO
GH
FRQVXPDWRUL
XWLOL]DWRUL
DL
UXO GH FOLHQ L OD ILUPHOH SUHVWDWRDUH GH VHUYLFLL &HO PDL FRQFOXGHQW LQGLFDWRU
vQ GHWHUPLQDUHD FDSDFLW
LL SLH HL HIHFWLYH VD GRYHGLW D IL YROXPXO YkQ]
ULORU H[HPSOX vQ ILJXUD
ÌQILJXUDVHREVHUY F GHúLYROXPXOFHUHULLGHYLQDIRVWPDLPDUHGHFkWRIHUWDQXPDLR SDUWH GLQ HD VD PDWHULDOL]DW vQ YkQ] UL 2 VHULH GH FDX]H FD YDULHWDWHD VRUWLPHQWDO úL FDOLWDWHD RIHUWHL P ULPHD SUH XOXL DPEDODMXO HWF QX DX SHUPLV FD vQWUHDJD RIHUW GH YLQ D ILUPHL V ILH YkQGXW &DSDFLWDWHDHIHFWLY DSLH HLXQHLILUPH &HS VHDIO vQUHOD LHGLUHFW FX
QXP UXO FXPS U WRULORU XWLOL]DWRULORU SURGXVHORU úLVDX VHUYLFLLORU SH FDUH ILUPD OH IDEULF úLVDXFRPHUFLDOL]HD] 1
P ULPHDPHGLHDFXPS U WXULLGHQXPLW FXPS U WXU VSHFLILF T
IUHFYHQ D GH FXPS UDUH H[SULPDW SULQ QXP UXO PHGLX GH DFKL]L LRQ UL UHDOL]DWH vQWUR XQLWDWH GHWLPS OXQ WULPHVWUXVHPHVWUXDQHWF )U 'HFL &HS
1[T[)U
KOYLQ 10.000 hl vin
KOYLQ 8.000 hl vin
RIHUWD
YkQ] ULOH
KOYLQ 7.000 hl vin
cererea YkQ] ULOH
)LJXUD5HOD LDvQWUHRIHUW
FHUHUHúLYkQ]
ULvQFD]XOXQHLILUPHSURGXF
WRDUHGHYLQ
3HQWUX H[SULPDUHD FDSDFLW FRWDGHSLD
LL HIHFWLYH D SLH HL XQHL ILUPHVHIRORVHúWHúLXQLQGLFDWRUUHODWLY
(DH[SULP SRQGHUHDSHFDUHRGH LQHILUPDvQSLD DJOREDO DSURGXVXOXLJUXSHLGH
SURGXVH VDX D UDPXULL GLQ SLD D QD LRQDO VDX GLQ SLD D LQWHUQD LRQDO VH FXDQWLILF VXE IRUP GH FRHILFLHQW FXSULQV vQWUH úL VDX SURFHQWH 'H H[HPSOX R ILUP SURGXF WRDUH GH FKHUHVWHD D H[SRUWDW SH SLD D
ULL ³;³ vQWUXQ DQ PF GH FKHUHVWHD ÌQ DQXO UHVSHFWLY YROXPXO WRWDO DO
YkQ] ULORU GH FKHUHVWHD GLQ
DUD ³;³ D IRVW GH PF LDU WRWDOXO LPSRUWXULORU D IRVW GH
PF &RWD GH SLD UHIHULQ
D ILUPHL UHSUH]LQW GLQ WRWDOXO YkQ] ULORU GH SH SLD D GH
'DF VH LDX FD UHIHULQ
QXPDL LPSRUWXULOH DWXQFL &HS HVWH GH
$QDOL]D FRQ LQXWXOXL úL GLPHQVLXQLORU SLH HL QX VH OLPLWHD] OD SURFHVHOH HFRQRPLFH FDUH DX ORF HIHFWLY FL WUHEXLH H[WLQV úL DVXSUD FHORU SRWHQ LDOH FDUH DU SXWHD DYHD ORF 'H DFHHD YRP IDFH
UHIHULUL úLODFDSDFLWDWHDSRWHQ LDO
DSLH HLFDUHH[SULP YROXPXOPD[LPDOYkQ] ULORUSHFDUHOH
DUSXWHDUHDOL]DRILUP vQWURSHULRDG GHWLPSGHWHUPLQDW &DSDFLWDWHD SRWHQ LDO D SLH HL HVWH PDL PDUH GHFkW FDSDFLWDWHD HIHFWLY D DFHVWHLD 'LIHUHQ D HVWH JHQHUDW GH QRQFRQVXPDWRULL UHODWLYL FH UHSUH]LQW SRWHQ LDOL XWLOL]DWRUL DL SURGXVHORU ILUPHL GDU FDUH vQ SUH]HQW QX FRQVXP GLQ GLYHUVH PRWLYH FXPS UDUHD GH SURGXVH VLPLODUH GH OD FRQFXUHQ
OLSVD UHVXUVHORU ILQDQFLDUH GLVWULEX LD QHFRUHVSXQ] WRDUH D RIHUWHL vQ DULD SLH HL
QHFRQFRUGDQ D vQWUH SUH XO úL FDOLWDWHD RIHUWHL HWF 3HQWUX HYDOXDUHD FDSDFLW
LL SRWHQ LDOH D SLH HL VH
SRWIRORVLXUP WRULLLQGLFDWRUL
SRWHQ LDOXO GH DEVRUE LH DO SLH HL FDUH HVWH GDW GH YROXPXO PD[LP FDQWLWDWLY VDX YDORULF DO FXPS U ULORU FH DU SXWHD IL UHDOL]DWH GH FOLHQWHOD ILUPHL vQWUR SHULRDG SUHGHWHUPLQDW GH WLPS vQ FD]XO ILUPHORU FH DF LRQHD] SH SLH HOH H[WHUQH WUHEXLH I FXW GLVWLQF LH vQWUH SRWHQ LDOXO WRWDO GHDEVRUE LHDOSLH HLSHFDUHDF LRQHD] úLSRWHQ LDOXOGHLPSRUWDO
ULLUHVSHFWLYH
SRWHQ LDOXOGHH[SRUWFDUHUHSUH]LQW YROXPXOPD[LPDOGLVSRQLELOLW
LORUXQHLILUPHGHVWLQDWH
H[SRUWXOXL
QXP
UXO úL VWUXFWXUD QRQFRQVXPDWRULORU UHODWLYL FXQRDúWHUHD FDUDFWHULVWLFLORU GHPRJUDILFH
HFRQRPLFH úL VRFLRSURIHVLRQDOH DOH DFHVWRUD SUHFXP úL D PRWLYD LLORU FDUH VWDX OD ED]D QHDSHO ULL OD RIHUWD ILUPHL vQ FDX] FRQVWLWXLH R FRQGL LH SHQWUX IXQGDPHQWDUHD DF LXQLORU GH PDUNHWLQJPHQLWHV LDWUDJ úLV LWUDQVIRUPHvQFXPS U WRULHIHFWLYLDLSURGXVHORUILUPHL 3LD D
SRWHQ LDO
LQFOXGH
GHFL
vQ
DIDUD
FRQVXPDWRULORU
HIHFWLYL
úL
FDWHJRULD
QRQFRQVXPDWRULORUUHODWLYL'HFDODMXOH[LVWHQWvQWUHGLPHQVLXQLOHHIHFWLYHúLFHOHSRWHQ LDOHDOHSLH HL SURGXVXOXLVDXDOHSLH HLILUPHLSRDWHILUHGXVúLFKLDUDQLKLODWSULQGRX F L D FDOHD H[WHQVLY
FDUH SUHVXSXQH DúD FXP DP DU WDW PDL VXV DWUDJHUHD QRQFRQVXPDWRULORU
UHODWLYLúLDFOLHQ LORUFHORUODOWHILUPHvQUkQGXOFXPS U WRULORUúL E FDOHD LQWHQVLY QXP UXOXL
GH
FDUH SUHVXSXQH VSRULUHD YROXPXOXL YkQ] ULORU vQ FRQGL LLOH PHQ LQHULL FXPS U WRUL
SH
VHDPD
FUHúWHULL
FXPS U WXULL
PHGLL
úL
D
IUHFYHQ HL
FXPS U ULORU ÌQ VSRULUHD FDSDFLW
LL SLH HL FHOH GRX F L SRW DF LRQD vQ PRG DVRFLDWLY VDX VHSDUDW vQ
SURSRU LL úL VXFFHVLXQL GLIHULWH vQ IXQF LH GH vPSUHMXU UL FD úL GH SROLWLFD GH PDUNHWLQJ SURPRYDW GHILUP $ULD ORFDOL]DUHD SLH HL $LFL HVWH YRUED GH DERUGDUHD SLH HL vQ UDSRUW FX VSD LXO FX SHULPHWUXOvQFDUHDUHORFFRQIUXQWDUHDFHUHULLFXRIHUWDvQIXQF LHGHFDUHFXQRDúWHIRUPHGLIHULWHGH ORFDOL]DUH GHQVLW
L JHRJUDILFH GLIHULWH SUHFXP úL SDUWLFXODULW
PRGXO GH UHDOL]DUH D WUDQ]DF LLORU GH SLD DFHVWHLDSUH]LQW RLPSRUWDQ
L WHULWRULDOH vQ FKLDU FRQ LQXWXO úL
&XQRDúWHUHD DULHL SLH HL D GLPHQVLXQLL VSD LDOH D
GHRVHELW SHQWUXIXQGDPHQWDUHDXQRUGHFL]LLGHPDUNHWLQJSULYLQG
VWDELOLUHD VWUXFWXULL RIHUWHL PLúFDUHD IL]LF D P UIXULORU DPSODVDUHDUH HOHLGHGLVWULEX LHDVSD LLORU GHGHSR]LWDUHúLDPDJD]LQHORUGHYkQ]DUHGHGHWDLO $FWLYLWDWHD GH SLD
FXQRDúWH XQ JUDG ULGLFDW GH FRQFHQWUDUH WHULWRULDO
VDX ]RQH FRPHUFLDOH 3H SLD D LQWHUQD LRQDO R VHULH GH PDUL PHWURSROH GLQ
vQ DQXPLWH FHQWUH
UL SXWHUQLF GH]YROWDWH
HFRQRPLFúLDXFkúWLJDWUHQXPHPRQGLDOSHQWUXFRPHU XOFXDQXPLWHP UIXULÌQDVWIHOGHPHWURSROH vúL GHVI úRDU DFWLYLWDWHD UHQXPLWH EXUVH GH P UIXUL FXP HVWH FHD GLQ &KLFDJR SHQWUX FHUHDOH FHD GH OD 6DR 3DXOR SHQWUX FDIHD FHD GH OD 1HZ
LL GH SLD
PDL DOHV OD EXQXULOH GH
FRQVXP DUH ORF úL vQ VSD LL PDL UHVWUkQVH vQ SHULPHWUXO XQRU SLH H QD LRQDOH VDX FKLDU ORFDOH FHQWUHOH XUEDQH PDUL H[HUFLWkQG R IRU
VSRULW ID
GH ORFDOLW
LOH PDL PLFL vQ FH SULYHúWH DWUDJHUHD
FHUHULL GLQ ]RQHOH vQYHFLQDWH $FHVW IHQRPHQ HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHDGHJUDYLWD LHFRPHUFLDO
(DVHGDWRUHD] PLJUD LHLSXUW WRULORUFHUHULLHYLGHQ LLQGIRU D
GHSRODUL]DUHFRPHUFLDO DRUDúXOXLVDXDDQXPLWRUILUPH&XQRDúWHUHDYROXPXOXLúLVWUXFWXULLFHUHULL FDUH PLJUHD] SHUPLWH ILUPHORU FRPHUFLDOH V úL GLPHQVLRQH]H úL VWUXFWXUH]H RIHUWD DVWIHO vQFkW V U VSXQG FkWPDLELQHH[LJHQ HORUFXPS U WRULORU
)$&725,,'(,1)/8(1
$3,(
(,),50(,
3LD D RULF UHL ILUPH QX HVWH LPXDELO (D vúL PRGLILF GLPHQVLXQLOH VXE LQIOXHQ D D GRX FDWHJRULLGHIDFWRUL HQGRJHQL LQWHUQL úLH[RJHQL H[WHUQL 3ULPLL IDFWRUL VXQW OHJD L GH SXWHUHD HFRQRPLF D ILUPHL SRWHQ LDOXO XPDQ PDWHULDO úL ILQDQFLDU DO DFHVWHLD GDU úL GH HWDSD GLQ FLFOXO GH YLD
DSDUL LH SH SLD
FUHúWHUH PDWXULWDWH
GHFOLQ vQFDUHHDVHDIO 3RWHQ LDOXO XPDQ DO ILUPHL HVWH GDW GH HIHFWLYXO úL VWUXFWXUD SURIHVLRQDO úL GH YkUVW DOH VDODULD LORU GH QLYHOXO GH FDOLILFDUH úL GH LQWHOLJHQ
D DFHVWRUD GH YHFKLPHD ORU vQ FDGUXO ILUPHL
3RWHQ LDOXOPDWHULDOHVWHHYLGHQ LDWGHYROXPXOúLFDOLWDWHDED]HLPDWHULDOHDILUPHLGHSHUIRUPDQ D WHKQRORJLLORU SUDFWLFDWH GH JUDGXO GH PHFDQL]DUH DXWRPDWL]DUH úL LQIRUPDWL]DUH D SURFHVHORU GH PXQF LDU SRWHQ LDOXO ILQDQFLDU GH FDSDFLWDWHD GH D SURGXFH SURILW D ILUPHL GH GLVSRQLELOLW
LOH
E QHúWL úL YDOXWDUH DIODWHvQFRQWXULOHEDQFDUHDOHDFHVWHLDGHYROXPXOFUHGLWHORUúLDDOWRUGDWRULLSH FDUH OH DUH SUHFXP úL GH VFDGHQ D DFHVWRUD SH GH R SDUWH úL GH YROXPXO FUHDQ HORU úL VFDGHQ D DFHVWRUDSHGHDOW SDUWH ÌQFDWHJRULDIDFWRULORUH[RJHQLVXQWFXSULQúL
HIHFWLYXO úL VWUXFWXUD FRQVXPDWRULORU SH VH[H YkUVWH XUEDQUXUDO SH SURIHVLL HWF vQ FD]XO
ILUPHORU FDUH SURGXF úLVDX FRPHUFLDOL]HD] EXQXUL GH FRQVXP VDX QXP FXPS
UXO úL FDSDFLWDWHD GH
UDUH D XWLOL]DWRULORU vQ FD]XO ILUPHORU FDUH IDEULF úLVDX GHVIDF HFKLSDPHQW LQGXVWULDO VDX
PDWHULLSULPHPDWHULLúLPDWHULDOHHWF
SXWHUHD GH FXPS
UDUH D SRSXOD LHL GDW GH FDQWLWDWHD GH EXQXUL SH FDUH R SRDWH FXPS UD R
SHUVRDQ FX VDODULXO PHGLX QHW SHQVLD PHGLH HWF FDUH UHSUH]LQW JUDGXO GH VROYDELOLWDWH D SLH HL F UHLDLVHDGUHVHD] ILUPD
LQWHQVLWDWHD FRQVXPXOXL EXQXULORU úL VHUYLFLLORU RIHULWH GH ILUP GDW GH P ULPHD PHGLH D XQHL
FXPS U WXULúLIUHFYHQ DFXPS U ULL
VWDELOLWDWHD FRQVXPXOXL 8Q SURGXF WRU GH P UIXUL DOLPHQWDUH FX FHUHUH FXUHQW SkLQH ODSWH
]DK U HWF GLVSXQH GH H[HPSOX GH R SLD
PXOW PDL VWDELO GHFkW XQ RIHUWDQW GH DSDUDWXU
HOHFWURQLF GHX]FDVQLF
IDFWRUL FRQMXQFWXUDOLVH]RQLHUL FRQIOLFWH PLOLWDUH LQXQGD LL FXWUHPXUH GH S PkQW HSLGHPLL
YDULD LDFOLPHLHWF FDUHLQIOXHQ HD] FHUHUHDúLRIHUWDFHVHPDQLIHVW SHSLD DILUPHL
IDFWRUL VRFLRORJLFL úL SVLKRORJLFL VWDWXWXO UROXOSUHVWLJLXOVRFLDOPRELOLWDWHDFHULQ HOHGHJUXS
DOHFRQVXPDWRULORUFDUHGHWHUPLQ FRPSRUWDPHQWXOGHFXPS UDUHúLFRQVXPDODFHVWRUDFDúLVWDUHD GH VSLULW WHPSHUDPHQWXO DúWHSW ULOH GHSULQGHULOH FRQúWLLQ D GH VLQH FDUH DX R LQIOXHQ
VHPQLILFDWLY DVXSUDGLPHQVLXQLORUSLH HLILUPHORUSURGXF WRDUHGHEXQXULGHFRQVXP
QDWXUD EXQXULORU SURGXVH GH ILUP
úL FDWHJRULD GH QHYRL F
URUD VH DGUHVHD]
FX DFHVWH
EXQXUL vQ FD]XO EXQXULORU GH QDWXU LQGXVWULDO FD]DQH PHWDOLFH GH PDUL GLPHQVLXQL HFKLSDPHQW JUHX GH WUDQVSRUW úL ULGLFDW HWF SLD D ILUPHL HVWH PXOW PDL ULJLG GH H[HPSOX ID
GH FHD D XQHL
ILUPHFDUHSURGXFHvPEU F PLQWHXQGHFHUHUHDHVWHPXOWPDLHODVWLF úLRVFLODQW vQWLPS 3,$
$352'868/8,
3HQWUX RULFH ILUP RELHFWXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH vO UHSUH]LQW EXQXULOH úLVDX
VHUYLFLLORUSHFDUHOHSURGXFH)LHFDUHGLQDFHVWHDSRDWHV GLVSXQ GHRSLD 3LD D SURGXVXOXL UHSUH]LQW
SURSULH
R VHF LXQH D SLH HL JOREDOH vQ FDUH VH PDQLIHVW
úLVHUHDOL]HD]
RIHUWDúLFHUHUHDSHQWUXXQDQXPLWSURGXV
5HIHULWRU OD UDSRUWXO GLQWUH SLD D ILUPHL úL SLD D SURGXVXOXL vQ SUDFWLF VH vQWkOQHVF VLWXD LL
IRDUWHGLYHUVH$VWIHOvQFD]XOFkQGRILUP GH LQHH[FOXVLYLWDWHDSURGXF LHLúLVDXDFRPHU XOXLXQXL SURGXV SLD D ILUPHL UHVSHFWLYH VH SRDWH LGHQWLILFD FX FHD D SURGXVXOXL ÌQ DOWH VLWXD LL SLD D XQHL ILUPH HVWH VXPD SLH HORU PDL PXOWRU SURGXVH 'H DVHPHQHD VH vQWkOQHVF FD]XUL FkQG SLD D XQXL SURGXV VDX JUXS GH SURGXVH HVWH IRUPDW GLQ SLH HOH PDL PXOWRU ILUPH ÌQ FHOH PDL PXOWH FD]XUL vQV SLH HOH ILUPHORU VH LQWHUIHUHD] FX SLH HOH SURGXVHORU ÌQWUH SLD D SURGXVXOXL úL SLD D JOREDO
HVWHXQUDSRUWGHODSDUWHODvQWUHJúLFDXUPDUHSLD DJOREDO UHSUH]LQW VXPDSLH HORUSURGXVHORUFH RDOF WXLHVFUHVSHFWLY
37
ÇS
S
XQGH
SLD DWRWDO
37 Q
SLD DSURGXVXOXLL QXP UXOSURGXVHORUFHDOF WXLHVFSLD DWRWDO ÌQWUHSLH HOHGLIHULWHORUSURGXVHVHSRWvQWkOQLXUP WRDUHOHWLSXULGHUHOD LL
UHOD LLGHDVRFLHUHFkQGGRX VDXPDLPXOWHSURGXVHVHDVRFLD] vQFRQVXPSHQWUXVDWLVIDFHUHD
XQHL DQXPLWH QHYRL FXP DU IL GH H[HPSOX vQWUH FDIHD úL ]DK U UHVSHFWLY SLD D FDIHOHL úL SLD D ]DK UXOXLVDXGLQWUHSLD DDXWRPRELOHORUúLSLD DVHUYLFLLORUGHUHSDUD LLúLvQWUH LQHUHDDXWRPRELOHORU HWF
UHOD LLGHVXEVWLWXLUHFkQGSURGXVHOHVHSRWvQORFXLUHFLSURFvQFRQVXPFUHkQGXVHDVWIHOUHOD LL
GH FRQFXUHQ
vQWUH HOH FXP HVWH GH H[HPSOX vQ FD]XO UDSRUWXULORU GLQWUH vQF O
QDWXUDO úLvQF O
PLQWHD GLQ SLHOH
PLQWHDGLQvQORFXLWRUL SLHOHVLQWHWLF FDXFLXFWH[WLOHHWF VDXGLQWUHFRQVXPXOGH
FDUQHúLFRQVXPXOGHSHúWHFDUHVHSRWVXEVWLWXLUHFLSURFvQDVLJXUDUHDXQHLDOLPHQWD LLUD LRQDOHVDX VXELQIOXHQ DXQRUIDFWRULFD PRGLILFDUHDSUH XULORUVF GHUHDYHQLWXULORUSRSXOD LHLHWF
UHOD LL GH LQGLIHUHQ
FkQG SLH HOH GLIHULWHORU SURGXVH QX VH LQIOXHQ HD] vQ QLFL XQ IHO FD GH
H[HPSOXUDSRUWXULOHGLQWUHSLD DIORULORUúLSLD DWXWXQXOXLVDXFHOHGLQWUHSLD DF UQLLGHSRUFúLSLD D SDUIXPXULORUHWF 3HQWUXHYDOXDUHDSLH HLXQXLSURGXVVHIRORVHúWHXQVLVWHPGHLQGLFDWRULGLQWUHFDUHPDL LPSRUWDQ LVXQW
JUDGXO GH U
VSkQGLUH D SURGXVXOXL SH SLD
GDW GH QXP UXO FXPS U WRULORU XWLOL]DWRULORU
SURGXVXOXLUHVSHFWLYvQWUXQDQXPLWLQWHUYDOGHWLPS
JUDGXO GH S
WUXQGHUH D SURGXVXOXL vQ FRQVXP GDW GH P ULPHD PHGLH D XQHL FXPS U WXUL úL
GHIUHFYHQ DPHGLHDFXPS U WXULL
YLWH]D GH GLIX]DUH D SURGXVXOXL vQ FRQVXP GDW GH UDSRUWXO GLQWUH DULD VSD LXOXL JHRJUDILF vQ
FDUHHVWHGHVI FXWSURGXVXOúLXQLQWHUYDOGHWLPSGDW
QXP
LPDJLQHDSURGXVXOXLvQUkQGXOFRQVXPDWRULORU XWLOL]DWRULORU V L
SURILWXO
UXOILUPHORUFDUHSURGXFúLVDXFRPHUFLDOL]HD]
FOLHQWHOHL
FH
DFKL]L LRQHD]
SURGXVXO
SURGXVXO GHWHUPLQDW
GH
FDUDFWHULVWLFLOH
VRFLR
SURIHVLRQDOHGHPRJUDILFHHFRQRPLFHVDXVRFLDOHDOHFXPS U WRULORUSURGXVXOXLUHVSHFWLY 6XEOLQLHP F GDF SULPLL SDWUX LQGLFDWRUL VXQW GH QDWXU VWULFW FDQWLWDWLY H[SULPkQG GLPHQVLXQLOH SLH HL vQ XQLW
L GH P VXU QDWXUDOH IL]LFH úLVDX YDORULFHXOWLPLL GRL VXQW GH RUGLQ
FDOLWDWLYH[SULPkQGLQWHQVLWDWHDXQRUFDUDFWHULVWLFLDOHSLH HL ([WLQGHUHD vQ PRG SURILWDELO D SLH HL RULF UHL ILUPH VH SRDWH UHDOL]D SH WUHL F L FDOHD H[WHQVLY FDOHDLQWHQVLY úLFHDPDLvQWkOQLW FDOHDPL[W SULQvPELQDUHDSULPHORUGRX &DOHD H[WHQVLY
SUHVXSXQH FUHúWHUHD QXP UXOXL GH FXPS U WRUL DL SURGXVXOXL SURGXVHORU
ILUPHL ILH SULQ DWUDJHUHD FOLHQWHOHL FH DFKL]L LRQHD] SURGXVH VLPLODUH GH OD DOWH ILUPH ILH SULQ FkúWLJDUHD GH QRL FXPS U WRUL SURYHQL L GLQ UkQGXO FHORU FDUH FXPS U SHQWUX SULPD RDU SURGXVXO UHVSHFWLYGHFLGLQUkQGXOQRQFRQVXPDWRULORUUHODWLYL &DOHDLQWHQVLY
FRQVW vQFUHúWHUHDFDQWLWDWLY úLVDXYDORULF DFXPS U WXULLPHGLLHIHFWXDWH
GH R SHUVRDQ úLVDX SULQ P ULUHD IUHFYHQ HL GH FXPS UDUH $PEHOH F L SULYHVF QXPDL FXPS U WRULL HIHFWLYLDLSURGXVXOXL &DOHD PL[W
SUHVXSXQH DF LXQHD FRQMXJDW D F LL H[WHQVLYHFXFHDLQWHQVLY FDUHSRDWHO UJL
SLD DSkQ ODGLPHQVLXQHDVDSRWHQ LDO
ILJXUD
'DF OD SLD D SRWHQ LDO VH DGDXJ úL QRQFRQVXPDWRULL DEVROX L FHL FDUH QX YRU FRQVXPD QLFLRGDW SURGXVXOvQFDX] GHH[HPSOXWXWXQ VHRE LQHSLD DWHRUHWLF
5H]XPDW
3LD DHVWHRQR LXQHFRPXQ IUHFYHQWXWLOL]DW vQDFHODúLWLPSvQV DFRSHU RDULHH[WUHPGH
vQWLQV &XYkQWXO SLD
HVWH XWLOL]DW vQ FRQWH[WH GLIHULWH úL VH UHIHU OD GLIHULWH JUXSXUL GH
FRQVXPDWRUL 0DUNHWLQJXO QX HVWH SUHRFXSDW vQV GH GHILQLUHD QR LXQLL ³SLD
³ FL GH VXUSULQGHUHD
FXDQWLILFDUHD úL HYDOXDUHD UHOD LLORU D UDSRUWXULORU FDUH VH VWDELOHVF vQWUH DFWRULL FDUH vúL GHVI úRDU DFWLYLWDWHDvQFDGUXOVSHFLILFDOSLH HL
3LD DSRWHQ LDO
&DOHDLQWHQVLY
&DOHD
PL[W
&DOHDH[WHQVLY
&XPS U WXUDPHGLHDQXDO
)LJXUD&
LOHGHH[WLQGHUHDSLH HLSkLQLLvQRUDúXO;
&RQFHSWHFKHLH 3LD D 6IHUD FRQIUXQW ULL RIHUWHL úL D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH FXPS UDUH 3LD DILUPHL6SD LXOHFRQRPLFRJHRJUDILFvQFDUHDFHDVWDHVWHSUH]HQW FXSURGXVHOHúLVHUYLFLLOH VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO úL ILQDQFLDU vL FRQIHU R DQXPLW LQIOXHQ
XQ DQXPLW
SUHVWLJLX 6HJPHQWXO GH SLD
6XEDQVDPEOX DO SLH HL JOREDOH IRUPDW GLQ FXPS U WRUL GH DFHODúL IHO
JUXSD L GXS XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD WUHEXLQ HORU RELHFWXO úLVDX P ULPHD FXPS U WXULLIDFWRULLFDUHVWDXODED]DGHFL]LHLGHFXPS UDUHHWF 3LD DSURGXVXOXL VHUYLFLXOXL 6IHUDHFRQRPLF FRQFUHW ODFDUHILUPDvúLUDSRUWHD] DFWLYLWDWHD &DSDFLWDWHD HIHFWLY
D SLH HL ILUPHL 9ROXPXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH
DFHDVWDvQWURSHULRDG GHWLPSGHWHUPLQDW &DSDFLWDWHD SRWHQ LDO
D SLH HL ILUPHL 9ROXPXO PD[LP DO YkQ] ULORU SH FDUH OHDU SXWHD
UHDOL]DRILUP vQWURSHULRDG GHWLPSGHWHUPLQDW
Related Documents
Cap 3 - Piata Firmei
June 2020 2
Cap Iv Piata De Schimb
June 2020 7
Managementul Firmei
December 2019 27
Cap 3
November 2019 25
Cap 3
June 2020 8