Opera Dni93b110 Nivel Induction Hob User Manual (+ PDF)

Contents hide

1 DNI93B110 NIVEL Induction Hob

2 Documents / Resources

2.1 References

DNI93B110 NIVEL Induction Hob

View Fullscreen

NIVEL

User’s manual – Induction hob

NL Gebruikershandleiding Inductiekookplaat
FR Manuel de l’utilisateur Table de cuisson à induction

$OJHPHQHRSPHUNLQJHQ

,QKRXG
$OJHPHQHRSPHUNLQJHQ.2 +LHUYLQGWX2 5HJOHPHQWDLUJHEUXLN2
9HLOLJKHLGVDDQZLM]LQJHQHQZDDUVFKXZLQJHQ3 9RRUDDQVOXLWLQJHQZHUNLQJ3 9RRUGHNRRNSODDWLQKHWDOJHPHHQ.3 9RRUSHUVRQHQ..4 6PERROHQLQVWUXFWLHYHUNODULQJ..5
%HVFKULMYLQJYDQKHWWRHVWHO6 %HGLHQLQJPHWVHQVRUWRHWVHQ7 :DWXPRHWZHWHQRYHUGHVOLGHUVHQVRUYHOG7
%HGLHQLQJ8 +HWLQGXFWLHNRRNYHOG8 3DQKHUNHQQLQJ8 *HEUXLNVGXXUEHSHUNLQJ.8 $QGHUHIXQFWLHV..8 2YHUYHUKLWWLQJVEHYHLOLJLQJLQGXFWLH…8 6HUYLHVYRRULQGXFWLHNRRNSODDW..9 7LSVRPHQHUJLHWHEHVSDUHQ…9 .RRNVWDQGHQ..9 5HVWZDUPWHZHHUJDYH..9 %HGLHQLQJYDQGHWRHWVHQ10 .RRNSODDWHQNRRN]RQHLQVFKDNHOHQ10 .RRN]RQHXLWVFKDNHOHQ10 .RRNSODDWXLWVFKDNHOHQ10 6723IXQFWLH11 5HFDOOIXQFWLH11 .LQGHUEHYHLOLJLQJ12 %UXJIXQFWLH12 $XWRPDWLVFKHXLWVFKDNHOLQJWLPHU13 .RRNZHNNHUHLHUZHNNHU13 $XWRPDWLVFKDDQNRNHQ14 :DUPKRXGVWDQG14 9HUJUHQGHOLQJ15 3RZHUVWDQG15 3RZHUPDQDJHPHQW15 *ULOOIXQFWLH16
5HLQLJLQJHQRQGHUKRXG17 .HUDPLVFKHNRRNSODDW17 6SHFLDOHYHURQWUHLQLJLQJHQ17
:DWWHGRHQELMSUREOHPHQ”18
(OHNWULVFKHDDQVOXLWLQJ19
7HFKQLVFKHJHJHYHQV19
,QEHGULMIVWHOOLQJ19
%XLWHQEHGULMIVWHOOLQJDIYRHU20 %XLWHQEHGULMIVWHOOLQJ20 9HUZLMGHUHQYDQGHYHUSDNNLQJ20 9HUZLMGHUHQYDQRXGHDSSDUDWHQ20

$OJHPHQHRSPHUNLQJHQ +LHUYLQGWX
/HHVHHUVW]RUJYXOGLJGHLQIRUPDWLHLQGLWERHNMHGRRU YRRUDOHHUXXZNRRNSODDWLQJHEUXLNQHHPW+LHUYLQGWX EHODQJULMNHULFKWOLMQHQYRRUXZYHLOLJKHLGKHWJHEUXLNKHW VFKRRQPDNHQHQKHWRQGHUKRXGYDQKHWWRHVWHO]RGDWX HUODQJSOH]LHUDDQEHOHHIW $OVHUHHQVWRULQJRSWUHHGWNLMNGDQHHUVWQDLQKHWKRRIG VWXNÄ:DWWHGRHQELMSUREOHPHQ”´.OHLQHUHVWRULQJHQNXQW XYDDN]HOIYHUKHOSHQHQXYHUPLMGWRSGLHPDQLHURQQRGL JHVHUYLFHNRVWHQ %HZDDUGH]HKDQGOHLGLQJ]RUJYXOGLJ*HHIGH]HJHEUXLNV HQPRQWDJHKDQGOHLGLQJWHULQIRUPDWLHHQYHLOLJKHLGDDQ HHQQLHXZHHLJHQDDUGRRU
5HJOHPHQWDLUJHEUXLN ‘HNRRNSODDWLVDOOHHQYRRUGHEHUHLGLQJYDQOHYHQVPLG GHOHQLQKHWKXLVKRXGHQHQLQJHOLMNDDUGLJHRPJHYLQJHQ EHGRHOG*HOLMNDDUGLJHRPJHYLQJHQ]LMQ +HWJHEUXLNLQZLQNHOVNDQWRUHQHQJHOLMNDDUGLJHZHU
NRPVWDQGLJKHGHQ +HWJHEUXLNLQODQGERXZEHGULMYHQ +HWJHEUXLNGRRUNODQWHQLQKRWHOVPRWHOVHQDQGHUH
WSLVFKHZRRQRPJHYLQJHQ +HWJHEUXLNLQORJLHVHQRQWELMW =HPDJQLHWYRRUHHQDQGHUGRHOHQDOOHHQRQGHUWRH
]LFKWZRUGHQJHEUXLNW
.ODQWHQVHUYLFH 1HGHUODQG%HOJLs/X[HPEXUJEHOKHWQXPPHU RIGRRUHHQHPDLOWHVWXUHQQDDU VHUYLFH#DOOXDQFHQO
*HHIGDDUELMDOWLMGGHWSHEHQDPLQJYDQGHDI]XLJNDSHQ KHW ELMEHKRUHQGH $%QXPPHU GRRU 8 YLQGW GH]H JHJHYHQVRSKHWWSHSODDWMH

9HLOLJKHLGVDDQZLM]LQJHQHQZDDUVFKXZLQJHQ

9HLOLJKHLGVDDQZLM]LQJHQHQZDDUVFKXZLQJHQ 9RRUDDQVOXLWLQJHQZHUNLQJ
‘HDSSDUDWHQZRUGHQYROJHQVGHJHOGHQGH YHLOLJKHLGVYRRUVFKULIWHQJHERXZG
$DQVOXLWLQJRSKHWQHWRQGHUKRXGHQUHSDUD WLHYDQKHWDSSDUDDWPRJHQDOOHHQGRRUHHQ HUNHQGYDNPDQYROJHQVGHJHOGHQGHYHLOLJ KHLGVYRRUVFKULIWHQZRUGHQXLWJHYRHUG2QGHV NXQGLJXLWJHYRHUGHZHUN]DDPKHGHQYRUPHQ HHQULVLFRYRRUXZYHLOLJKHLG
$OVGHQHWDDQVOXLWNDEHOYDQGLWWRHVWHOEH VFKDGLJGLVPRHW]HGRRUGHIDEULNDQWRI ]LMQNODQWHQVHUYLFHRIGRRUHHQJHOLMNDDUGLJ JHNZDOL¿FHHUGHSHUVRRQZRUGHQYHUYDQJHQ RPULVLFR
VWHYHUPLMGHQ
+HWWRHVWHOPDJQLHWPHWHHQH[WHUQHVFKDNHO NORNRIHHQH[WHUQDIVWDQGVEHVWXULQJVVVWHHP ZRUGHQJHEUXLNW
9RRUGHNRRNSODDWLQKHWDOJHPHHQ
:HJHQVGH]HHUVQHOOHUHDFWLHELMHHQKRRJ LQJHVWHOGHNRRNVWDQGGHLQGXFWLHNRRNSODDW QLHW]RQGHUWRH]LFKWJHEUXLNHQ
+RXGELMKHWNRNHQUHNHQLQJPHWGHKRJH RSZDUPVQHOKHLGYDQGHNRRN]RQHV9HUPL MGKHWOHHJNRNHQYDQSDQQHQRPGDWGDDUELM KHWJHYDDUEHVWDDWGDWGHSDQQHQRYHUYHUKLW UDNHQ
3ODDWVJHHQOHJHSRWWHQHQSDQQHQRSGH LQJHVFKDNHOGHNRRN]RQHV
:HHVYRRU]LFKWLJELMKHWJHEUXLNYDQDXEDLQ PDULHSDQQHQ$XEDLQPDULHSDQQHQNXQ QHQRQJHPHUNWGURRJNRNHQ’DWYHURRU]DDNW EHVFKDGLJLQJHQDDQGHSDQHQDDQGHNRRN SODDW’HIDEULNDQWNDQKLHUYRRUQLHWDDQVSUD NHOLMNZRUGHQJHVWHOG
6FKDNHOHHQNRRN]RQHQDJHEUXLNDOWLMGPHW GHPLQWRHWVXLWHQQLHWDOOHHQPHWGHSDQKHU NHQQLQJ
2YHUYHUKLWWHYHWWHQHQROLHNXQQHQVSRQWDDQ RQWEUDQGHQ%LMKHWEHUHLGHQYDQJHUHFKWHQ PHWYHWHQROLHDOWLMGLQGHEXXUWEOLMYHQ%UDQ GHQGYHWRIROLHQRRLWPHWZDWHUEOXVVHQ+HW WRHVWHOXLWVFKDNHOHQHQGDQGHYODPPHQYRRU ]LFKWLJPHWELMYHHQGHNVHORIHHQEOXVGHNHQ DIGHNNHQ
‘HNHUDPLVFKHSODDWLV]HHUVWHYLJ=RUJHU QLHWWHPLQYRRUGDWHUJHHQKDUGHYRRUZHUSHQ RSGHNHUDPLVFKHSODDWYDOOHQ3XQWYRUPLJH VODJEHODVWLQJHQNXQQHQGHNRRNSODDWGRHQ EUHNHQ

%LMEUHXNHQEDUVWHQVFKHXUHQRIDQGHUH EHVFKDGLJLQJHQDDQGHNHUDPLVFKHNRRNSODDW EHVWDDWJHYDDUYRRUHOHNWULVFKHVFKRNNHQ +HWWRHVWHORQPLGGHOOLMNEXLWHQJHEUXLNQHPHQ 2QPLGGHOOLMNGH]HNHULQJLQGHZRQLQJXLWVFK DNHOHQHQFRQWDFWRSQHPHQPHWGHNODQWHQ VHUYLFH
$OVGHNRRNSODDWGRRUHHQGHIHFWLQGHVHQ VRUUHJHOLQJQLHWPHHUNDQZRUGHQXLWJHVFKD NHOGRQPLGGHOOLMNGH]HNHULQJLQGHZRQLQJ XLWVFKDNHOHQHQFRQWDFWRSQHPHQPHWGH NODQWHQVHUYLFH
9RRU]LFKWLJELMKHWZHUNHQPHWKXLVKRXGHOLMNH DSSDUDWXXU1HWVQRHUHQPRJHQQLHWPHWGH KHWHNRRN]RQHVLQFRQWDFWNRPHQ
%UDQGJHYDDUQRRLWYRRUZHUSHQRSGHNRRN SODDWODWHQOLJJHQ
‘HNHUDPLVFKHNRRNSODDWPDJQLHWZRUGHQ JHEUXLNWRPHUYRRUZHUSHQRSQHHUWHOHJJHQ
*HHQDOXPLQLXPIROLHRINXQVWVWRIRSGHNR RN]RQHVOHJJHQ$OOHVZDWNDQVPHOWHQXLW GHEXXUWYDQGHKHWHNRRN]RQHKRXGHQELMY NXQVWVWRIIROLHLQKHWELM]RQGHUVXLNHUHQ JHUHFKWHQPHWHHQKRRJVXLNHUJHKDOWH6XLNHU RQPLGGHOOLMNPHWHHQVSHFLDOHJODVVFKUDSHU YROOHGLJYDQGHNHUDPLVFKHNRRNSODDWYHUZLM GHUHQ]RODQJGH]HQRJZDUPLVRPEHVFKDGL JLQJHQWHYHUPLMGHQ
0HWDOHQYRRUZHUSHQ]RDOVNHXNHQJHUHL EHVWHNPRJHQQLHWRSGHLQGXFWLHNRRNSODDW ZRUGHQJHOHJGRPGDW]HKHHWNXQQHQZRU GHQ*HYDDUYRRUYHUEUDQGLQJ
*HHQEUDQGJHYDDUOLMNHOLFKWRQWYODPEDUH RIYHUYRUPEDUHYRRUZHUSHQGLUHFWRQGHUGH NRRNSODDWOHJJHQ
0HWDOHQYRRUZHUSHQGLHRSKHWOLFKDDP ZRUGHQJHGUDJHQNXQQHQLQGHRQPLGGHOOL MNHQDELMKHLGYDQGHLQGXFWLHNRRNSODDWKHHW ZRUGHQ2SJHOHWJHYDDUYDQYHUEUDQGLQJ 9RRUQLHWPDJQHWLVHHUEDUHYRRUZHUSHQELMY JRXGHQRI]LOYHUHQULQJHQJHOGWGLWQLHW
1RRLWJHVORWHQFRQVHUYHQEOLNNHQHQFRPSR XQGYHUSDNNLQJHQRSNRRN]RQHVYHUZDUPHQ ‘RRUGHHQHUJLHWRHYRHUNXQQHQGH]HXL WHHQVSDWWHQ

9HLOLJKHLGVDDQZLM]LQJHQHQZDDUVFKXZLQJHQ

‘HVHQVRUHQVFKRRQKRXGHQRPGDWYHURQWUHL QLJLQJHQGRRUKHWDSSDUDDWDOVYLQJHUFRQWDFW NXQQHQZRUGHQKHUNHQG1RRLWYRRUZHUSHQ SDQQHQYDDWGRHNHQHQ]RSGHVHQVRUHQ SODDWVHQ
$OVSDQQHQWRWRYHUGHVHQVRUHQRYHUNRNHQ LVKHWDDQEHYROHQRSGH8,7WRHWVWHGUXNNHQ
+HWHSDQQHQQLHWLQGHEXXUWYDQGHVHQVRU WRHWVHQVFKXLYHQHQGH]HQLHWDIGHNNHQ,Q GDWJHYDOZRUGWKHWWRHVWHODXWRPDWLVFKXLWJH VFKDNHOG
3ODDWVGHSDQ]RYHHOPRJHOLMNLQKHWPLGGHQ YDQGHNRRN]RQH
*URWHSDQQHQ]RYHHOPRJHOLMNRSGHDFKWHUVWH NRRN]RQHVJHEUXLNHQRPWHYHUPLMGHQGDWGH VHQVRUWRHWVHQWHZDUPZRUGHQRYHUYHUKLWWLQJ YDQGHWRXFKFRQWUROIRXWPHOGLQJ(
$OVHU]LFKLQGHZRQLQJKXLVGLHUHQEHYLQGHQ GLHDDQGHNRRNSODDWNXQQHQPRHWGHNLQGHU EHYHLOLJLQJZRUGHQJHDFWLYHHUG
$OVELMLQERXZIRUQXL]HQGHSUROVHIXQFWLH ZRUGWJHEUXLNWPDJGHLQGXFWLHNRRNSODDWQLHW ZRUGHQJHEUXLNW
‘HNHUDPLVFKHNRRNSODDWPDJLQJHHQJHYDO PHWHHQVWRRPUHLQLJLQJVDSSDUDDWRIGHUJHOLMNH ZRUGHQVFKRRQJHPDDNW
=RUJHUYRRUGDWHUJHHQYRRUZHUSHQELMY VFKRRQPDDNGRHNMHLQGHGLUHFWHQDELMKHLG YDQGHNRRNSODDWDI]XLJLQJOLJJHQ’H]HNXQ QHQGRRUGHOXFKWVWURRPQDDUELQQHQJH]RJHQ ZRUGHQ,QEHJLQVHOPRHWHQYORHLVWRHQHQ NOHLQHRQGHUGHOHQXLWGHEXXUWYDQKHWWRHVWHO ZRUGHQJHKRXGHQ
*HEUXLNKHWWRHVWHOQRRLW]RQGHUYHW¿OWHU
9HU]DGLJGHYHW¿OWHUVOHYHUHQEUDQGJHYDDURS
)ULWXUHQLVDOOHHQRQGHUYRRUWGXUHQGWRH]LFKW WRHJHVWDDQÀDPEHUHQLVQLHWWRHJHVWDDQ
%LMKHWJHEUXLNYDQKDDUGJHNRSSHOGKRXW NRROJDVRIROLHYXXUPRHWYRRUYROGRHQGH DDQYRHUOXFKWZRUGHQJH]RUJG’HPD[LPDDO WRHODDWEDUHRQGHUGUXNGLHGRRUGHDI]XLJNDS LQGHUXLPWHYDQKHWKDDUGJHNRSSHOGYXXU ZRUGWYHURRU]DDNWPDJGH3DPEDU QLHWRYHUVFKULMGHQDQGHUVEHVWDDWHUYHUJLIWL JLQJVJHYDDU

9RRUSHUVRQHQ
‘H]HWRHVWHOOHQNXQQHQGRRUNLQGHUHQYDQDI MDDUDOVRRNGRRUSHUVRQHQPHWYHUPLQGHUG OLFKDPHOLMN]LQWXLJOLMNRIJHHVWHOLMNYHUPRJHQ RIPHWJHEUHNDDQHUYDULQJHQRINHQQLVZRU GHQJHEUXLNWDOVHURSWRH]LFKWZRUGWJHKRXGHQ RIDOV]HRYHUKHWYHLOLJHJHEUXLNYDQKHWWRH VWHO]LMQJHwQVWUXHHUGHQ]HGHELMEHKRUHQGH JHYDUHQKHEEHQEHJUHSHQ.LQGHUHQPRJHQ QLHWPHWKHWWRHVWHOVSHOHQ’HUHLQLJLQJHQ KHWRQGHUKRXGGRRUGHJHEUXLNHUPRJHQQLHW GRRUNLQGHUHQZRUGHQXLWJHYRHUGWHQ]LMKHW RQGHUWRH]LFKWJHEHXUW
‘HRSSHUYODNNHQYDQYHUZDUPLQJVHQNRRN ]RQHVZRUGHQKHHWWLMGHQVGHZHUNLQJ’DD URPPRHWHQNOHLQHNLQGHUHQSULQFLSLHHOXLWGH EXXUWZRUGHQJHKRXGHQ
(UPRJHQDOOHHQIRUQXLVUHNNHQRINRRNSODDWDI GHNNLQJHQYDQGHNRRNSODDWIDEULNDQWRIGRRU GHIDEULNDQWLQGHJHEUXLNVDDQZLM]LQJYDQKHW WRHVWHOYULMJHJHYHQIRUQXLVUHNNHQRINRRNSODD WDIGHNNLQJHQZRUGHQJHEUXLNW+HWJHEUXLN YDQQLHWJHVFKLNWHIRUQXLVUHNNHQRINRRNSODD WDIGHNNLQJHQNDQWRWRQJHYDOOHQOHLGHQ
3HUVRQHQPHWSDFHPDNHUVRIJHwPSODQWHHUGH LQVXOLQHSRPSHQPRHWHQ]LFKHUYDQYHU]HNH UHQGDWKXQLPSODQWDWHQQLHWGRRUGHLQGXF WLHNRRNSODDWZRUGHQEHwQYORHGKHWIUHTXHQ WLHEHUHLNYDQGHLQGXFWLHNRRNSODDWEHGUDDJW N+]

9HLOLJKHLGVDDQZLM]LQJHQHQZDDUVFKXZLQJHQ

6PERROHQLQVWUXFWLHYHUNODULQJ +HWDSSDUDDWZHUGYROJHQVGHKXLGLJHVWDQGYDQGH WHFKQLHNJHSURGXFHHUG’HVRQGDQNVNXQQHQPDFKLQHV ULVLFR
VRSOHYHUHQGLHFRQVWUXFWLHIQLHWWHYHUPLMGHQ]LMQ
2PYROGRHQGHYHLOLJKHLGYRRUGHEHGLHQHUWHZDDUERUJHQ ZRUGHQH[WUDYHLOLJKHLGVLQVWUXFWLHVJHJHYHQLQGHYRUP YDQGHKLHUYROJHQGEHVFKUHYHQWHNVWPDUNHULQJHQ
$OOHHQDOVGH]HLQDFKWZRUGHQJHQRPHQLVHUYROGRHQGH YHLOLJKHLGWLMGHQVGHZHUNLQJJHZDDUERUJG
‘HJHPDUNHHUGHWHNVWSDVVDJHVKHEEHQYHUVFKLOOHQGH EHWHNHQLVVHQ

%RYHQGLHQZRUGHQRSVRPPLJHSOHNNHQGHYROJHQGH JHYDDUVPEROHQJHEUXLNW
:$$56&+8:,1*9225(/(.75, 6&+((1(5*,( (5%(67$$7/(9(16*(9$$5 ,QGHEXXUWYDQGLWVPERRO]LMQRQGHU VSDQQLQJVWDDQGHRQGHUGHOHQDDQJHEUDFKW $IGHNNLQJHQGLHKLHUPHHJHPDUNHHUG]LMQ PRJHQXLWVOXLWHQGGRRUHHQHUNHQGHHOHNWUR PRQWHXUZRUGHQYHUZLMGHUG

*(9$$5 2SPHUNLQJGLHRSHHQGLUHFWGUHLJHQGJH YDDUZLMVWZDDUYDQGHPRJHOLMNHJHYROJHQ RYHUOLMGHQRI]HHUHUQVWLJOHWVHO]LMQ
23*(/(7 2SPHUNLQJGLHRSHHQPRJHOLMNJHYDDUOLMNH VLWXDWLHZLMVWZDDUYDQGHPRJHOLMNHJHYROJHQ RYHUOLMGHQRI]HHUHUQVWLJOHWVHO]LMQ
/(723 2SPHUNLQJGLHRSHHQJHYDDUOLMNHVLWXDWLH ZLMVWZDDUYDQGHPRJHOLMNHJHYROJHQOLFKWH YHUZRQGLQJHQRIEHVFKDGLJLQJYDQKHWDSSD UDDW]LMQ
230(5.,1* +HWLQDFKWQHPHQYDQRSPHUNLQJHQYHUJH PDNNHOLMNWGHRPJDQJPHWKHWDSSDUDDW

23*(/(7+(7(233(59/$..(1 ‘LWVPERROLVDDQJHEUDFKWRSRSSHUYODNNHQ GLHKHHWZRUGHQ(UEHVWDDWJHYDDUYRRU HUQVWLJEUDQGOHWVHORIYHUEUDQGLQJHQ ‘HRSSHUYODNNHQNXQQHQRRNQDKHWXLWVFKD NHOHQYDQKHWDSSDUDDWKHHW]LMQ
*(%58,.692256&+5,)7(19225 ‘(20*$1*0(7(/(.75267$7,6&+ *(92(/,*(&20321(17(1(102 ‘8/(6(6’,1$&+71(0(1 $FKWHUDIGHNNLQJHQGLHPHWKHWKLHUQDDVW VWDDQGHVPERROJHNHQPHUNW]LMQEHYLQGHQ ]LFKHOHNWURVWDWLVFKJHYRHOLJHFRPSRQHQWHQ HQPRGXOHV$DQUDNHQYDQVWHNNHUDDQVOXL WLQJHQJHOHLGHUVHQFRPSRQHQWHQSLQVPRHW DEVROXXWZRUGHQYHUPHGHQ$OOHHQYDNSHU VRQHHOPHWHOHNWURQLFDNHQQLVHQHUYDULQJ LVEHYRHJGRPKLHULQZLM]LJLQJHQDDQWH EUHQJHQ

%HVFKULMYLQJYDQKHWWRHVWHO

+HWGHFRUNDQYDQGHDIEHHOGLQJHQDIZLMNHQ
,QGXFWLHNRRN]RQHYRRU ,QGXFWLHNRRN]RQHDFKWHU .HUDPLVFKHNRRNSODDW 9HQWLODWRUDDQVWXULQJ 7RXFKFRQWUROEHGLHQLQJVYHOG 9HQWLODWRU $DQ8LWWRHWVNRRNSODDW 6HQVRUYHOG .RRNVWDQGZHHUJDYH 9HUJUHQGHOWRHWV

:DUPKRXGWRHWV 6723WRHWVSDX]HIXQFWLH 0LQSOXVWRHWVWLPHU 7LPHUZHHUJDYH $DQZLM]LQJYRRUNRRN]RQHWLPHU *ULOOWRHWV
230(5.,1* ‘HPHHVWHYDQGHKLHUZHHUJHJHYHQWRHWVHQ ]LMQSDV]LFKWEDDUQDKHWLQVFKDNHOHQYDQGH NRRNSODDW

%HVFKULMYLQJYDQKHWWRHVWHO

%HGLHQLQJPHWVHQVRUWRHWVHQ ‘HEHGLHQLQJYDQGHNHUDPLVFKHNRRNSODDWJHEHXUWPHW WRXFKFRQWUROVHQVRUWRHWVHQ’HVHQVRUWRHWVHQIXQFWLR QHUHQDOVYROJWPHWGHYLQJHUWRSNRUWHHQVPERRORSKHW NHUDPLVFKHRSSHUYODNDDQUDNHQ(ONHFRUUHFWHEHGLHQLQJ ZRUGWGRRUHHQVLJQDDOWRRQEHYHVWLJG ,QGHUHVWYDQGHWHNVWZRUGWYRRUGHWRXFKFRQWUROVHQVRU WRHWVKHWZRRUG
WRHWV
JHEUXLNW
$DQ8LWWRHWVYDQGHNRRNSODDW 0HWGH]HWRHWVZRUGWGHYROOHGLJHNRRNSODDWLQHQXLWJH VFKDNHOG
.RRNVWDQGZHHUJDYH ‘HNRRNVWDQGZHHUJDYHWRRQWGHJHNR]HQNRRNVWDQGRI
5HVWZDUPWH
3RZHUVWDQG
3DQKHUNHQQLQJ
$XWRPDWLVFKDDQNRNHQ
6WRSIXQFWLH
.LQGHUEHYHLOLJLQJ %UXJIXQFWLH
:DUPKRXGVWDQG
*ULOOIXQFWLH
)RXWPHOGLQJ
6PEROHQ 7LPHUIXQFWLHDXWRPDWLVFKHXLWVFKDNHOLQJ 9HUJUHQGHOLQJ
9HUJUHQGHOWRHWV 0HWGHYHUJUHQGHOWRHWVNXQQHQGHWRHWVHQZRUGHQJHEORN NHHUG
:DUPKRXGWRHWV 2PZDUPWHKRXGHQ
3RZHUVWDQGLQKHWVHQVRUYHOG ‘HSRZHUVWDQGVWHOWH[WUDYHUPRJHQYRRUGHLQGXFWLHNRRN ]RQHVWHUEHVFKLNNLQJ
6723WRHWV +HWNRNHQNDQPHWGH6723WRHWVHYHQZRUGHQRQGHUEUR NHQ
5HFDOOIXQFWLH +HUVWHOIXQFWLH 1DKHWSHURQJHOXNXLWVFKDNHOHQYDQGHNRRNSODDWNDQGH ODDWVWHLQVWHOOLQJZHHUZRUGHQKHUQRPHQ

:DWXPRHWZHWHQRYHUGHVOLGHUVHQVRUYHOG ‘HVOLGHUIXQFWLRQHHUWLQSULQFLSH]RDOVGHVHQVRUWRHWVHQ PHWKHWYHUVFKLOGDWXGHYLQJHURSKHWNHUDPLVFKHRS SHUYODNSODDWVWHQGDQNXQWYHUVFKXLYHQ+HWVHQVRUYHOG KHUNHQWGH]HEHZHJLQJHQYHUKRRJWRIYHUODDJWGHDDQJH WRRQGHZDDUGHNRRNVWDQGYROJHQVGHEHZHJLQJ +HWEHJULSÄVOLGHU´>(QJHOVÄVOLGH´VFKXLYHQODWHQJOLMGHQ@ LVLQGH]HKDQGOHLGLQJLGHQWLHNPHWGHWHUPVHQVRUYHOG
3
6HQVRUYHOG
:DDURSPRHWXELMGHEHGLHQLQJOHWWHQ” ‘HYLQJHUPDJQLHWWHYODNRSGHNHUDPLVFKHSODDWZRUGHQ JH]HWRPWHYHUKLQGHUHQGDWQDEXULJHWRHWVHQVHQVRUYHO GHQSHURQJHOXNUHDJHUHQ

IRXW

JRHG

6HQVRUYHOGDDQWLNNHQRIGHYLQJHUYHUVFKXLYHQ
+HWVHQVRUYHOGNDQPHWGHYLQJHUZRUGHQDDQJHWLNWGDQ YHUDQGHUWGHDDQJHWRRQGHZDDUGHNRRNVWDQGVWDSVJH ZLMV
$OVGHYLQJHURSKHWVHQVRUYHOGZRUGWJHSODDWVWHQGDQ QDDUOLQNVRIQDDUUHFKWVZRUGWYHUVFKRYHQYHUDQGHUWGH DDQJHWRRQGHZDDUGHFRQWLQX
+RHVQHOOHUGHEHZHJLQJKRHVQHOOHUGHDDQZLM]LQJYHUDQ GHUW

DDQWLNNHQ

VFKXLYHQ

*ULOOWRHWV
9RRUKHWJHEUXLNYDQGHJULOOIXQFWLHPHWHHQLQGXFWLHJULOO SODDW

%HGLHQLQJ

%HGLHQLQJ +HWLQGXFWLHNRRNYHOG
‘HNRRNSODDWLVPHWHHQLQGXFWLHNRRNYHOGXLWJHUXVW(HQ LQGXFWLHVSRHORQGHUGHNHUDPLVFKHNRRNSODDWZHNWHHQ HOHNWURPDJQHWLVFKZLVVHOYHOGRSGDWGHYLWURNHUDPLHN GRRUGULQJWHQLQGHERGHPYDQGHSDQHHQZDUPWHYRU PHQGHVWURRPLQGXFHHUW
%LMHHQLQGXFWLHNRRN]RQHZRUGWGHZDUPWHQLHWPHHU GRRUHHQYHUZDUPLQJVHOHPHQWYLDGHSDQRSGHWHNRNHQ JHUHFKWHQRYHUJHGUDJHQGHQRGLJHZDUPWHZRUGWPEY LQGXFWLHVWURPHQGLUHFWLQGHSDQJHYRUPG
9RRUGHOHQYDQKHWLQGXFWLHNRRNYHOG (QHUJLHEHVSDUHQGNRNHQGRRUUHFKWVWUHHNVHHQHUJLHR
YHUGUDFKWRSGHSDQDDQJHSDVWHSDQQHQYDQPDJQHWL VHHUEDDUPDWHULDDO]LMQQRRG]DNHOLMN
PHHUYHLOLJKHLGRPGDWGHHQHUJLHDOOHHQZRUGWGRRUJH JHYHQDOVHUHHQSDQRSGHNRRN]RQHVWDDW
HQHUJLHRYHUGUDFKWWXVVHQLQGXFWLHNRRN]RQHHQSDQER GHPPHWHHQKRRJUHQGHPHQW
KRJHRSZDUPVQHOKHLG
ZHLQLJULVLFRRSYHUEUDQGLQJHQRPGDWGHNRRNSODDWDO OHHQGRRUGHSDQERGHPZRUGWYHUZDUPGRYHUNRNHQGH JHUHFKWHQEUDQGHQQLHWYDVW
VQHOOHQDXZNHXULJHUHJHOLQJYDQGHHQHUJLHWRHYRHU

3DQKHUNHQQLQJ
$OVHUJHHQRIHHQWHNOHLQHSDQRSGHNRRN]RQHVWDDWDOV GHNRRN]RQHLVLQJHVFKDNHOGGDQZRUGWGH]HQLHWYDQ HQHUJLHYRRU]LHQ(HQNQLSSHUHQGH LQGHNRRNVWDQG ZHHUJDYHPDDNWGDDURSDWWHQW
$OVHUHHQJHVFKLNWHSDQRSGHNRRN]RQHZRUGWJHSODDWVW ZRUGWGHLQJHVWHOGHVWDQGLQJHVFKDNHOGHQGHNRRNVWDQG ZHHUJDYHEUDQGW’HHQHUJLHWRHYRHUZRUGWRQGHUEURNHQ DOVGHSDQZRUGWYHUZLMGHUGLQGHNRRNVWDQGZHHUJDYH YHUVFKLMQWHHQNQLSSHUHQGH
,QGLHQNOHLQHUHSDQQHQZRUGHQRSJH]HWZDDUELMGHSDQ KHUNHQQLQJWRFKLQZHUNLQJWUHHGWZRUGWVOHFKWV]RYHHO HQHUJLHWRHJHYRHUGDOVQRGLJLV

3DQKHUNHQQLQJVJUHQ]HQ

.RRN]RQHGLDPHWHU $DQEHYROHQPLQLPXPGLDPHWHU SDQERGHPPP
PP

[

‘HERGHPYDQGHSDQPDJQLHWNOHLQHUGDQHHQEHSDDO GHPLQLPXPGLDPHWHU]LMQRPGDWGHLQGXFWLHDQGHUVQLHW ZRUGWLQJHVFKDNHOG3ODDWVGHSDQDOWLMGLQKHWPLGGHQYDQ GHNRRN]RQHRPHHQRSWLPDDOUHQGHPHQWWHYHUNULMJHQ
%HODQJULMNQDDUJHODQJYDQGHNZDOLWHLWYDQGHSDQNDQ GHYHUHLVWHPLQLPXPGLDPHWHUYRRUKHWUHDJHUHQYDQGH SDQKHUNHQQLQJDIZLMNHQ

*HEUXLNVGXXUEHSHUNLQJ ‘HLQGXFWLHNRRNSODDWEH]LWHHQDXWRPDWLVFKHJHEUXLNVGX XUEHSHUNLQJ
‘HRQRQGHUEURNHQJHEUXLNVGXXUYRRUHONHNRRN]RQHLV DIKDQNHOLMNYDQGHJHNR]HQNRRNVWDQG]LHWDEHO
‘HYRRUZDDUGHLVGDWWLMGHQVGHJHEUXLNVGXXUGHLQVWHOOLQ JHQYDQGHNRRN]RQHQLHWZRUGHQYHUDQGHUG
$OVGHJHEUXLNVGXXUEHSHUNLQJKHHIWJHUHDJHHUGZRUGWGH NRRN]RQHXLWJHVFKDNHOGHULVHHQNRUWVLJQDDOWHKRUHQHQ LQGHDDQZLM]LQJYHUVFKLMQWHHQ+
‘HDXWRPDWLVFKHXLWVFKDNHOLQJKHHIWYRRUUDQJRSGHEHG ULMIVGXXUEHSHUNLQJGZ]GHNRRN]RQHZRUGWSDVXLWJH VFKDNHOGDOVGHWLMGYDQGHDXWRPDWLVFKHXLWVFKDNHOLQJLV DIJHORSHQELMYDXWRPDWLVFKHXLWVFKDNHOLQJPHWPLQX WHQHQNRRNVWDQGLVPRJHOLMN

*HEUXLNVGXXUEHSHUNLQJ

,QJHVWHOGH NRRNVWDQG
3

*HEUXLNVGXXUEHSHUNLQJLQ PLQXWHQ

$QGHUHIXQFWLHV $OVppQRIPHHUVHQVRUWRHWVHQODQJHURIWHJHOLMNZRUGHQ LQJHGUXNWELMYGRRUHHQSHURQJHOXNRSGHVHQVRUWRHWVHQ JHSODDWVWHSDQZRUGWHUQLHWJHVFKDNHOG
+HWVPERRO RI(UNQLSSHUWHQHULVJHGXUHQGHHHQ ]HNHUHWLMGHHQVLJQDDOWHKRUHQ1DHHQSDDUVHFRQGHQ ZRUGWHUXLWJHVFKDNHOG$XEKHWYRRUZHUSYDQGHVHQVRU WRHWVHQKDOHQ
2PKHWVPERRO RI(UWHZLVVHQRSGH]HOIGHWRHWV GUXNNHQRIGHNRRNSODDWXLWHQLQVFKDNHOHQ

2YHUYHUKLWWLQJVEHYHLOLJLQJLQGXFWLH
$OVGHNRRNSODDWODQJGXULJRSYROYHUPRJHQZRUGWJHEUX LNWNDQELMHHQKRJHNDPHUWHPSHUDWXXUGHHOHNWURQLFDQLHW PHHUYROGRHQGHZRUGHQJHNRHOG
2PWHYHUPLMGHQGDWWHKRJHWHPSHUDWXUHQLQGHHOHNWUR QLFDRSWUHGHQZRUGWHYWKHWYHUPRJHQYDQGHNRRN]RQH DXWRPDWLVFKJHUHGXFHHUG$OVELMQRUPDDOJHEUXLNYDQGH NRRNSODDWHQQRUPDOHNDPHUWHPSHUDWXXUUHJHOPDWLJ( YHUVFKLMQWLVGHNRHOLQJZDDUVFKLMQOLMNRQYROGRHQGH
2QWEUHNHQGHNRHORSHQLQJHQLQKHWPHXEHONXQQHQGH RRU]DDN]LMQ(YHQWXHHOPRHWGHLQERXZZRUGHQJHFRQWUR OHHUG]LHKRRIGVWXN
9HQWLODWLH

%HGLHQLQJ

6HUYLHVYRRULQGXFWLHNRRNSODDW
‘HSDQQHQGLHYRRUGHLQGXFWLHNRRNSODDWZRUGHQJHEUX LNWPRHWHQYDQPHWDDO]LMQPDJQHWLVFKHHLJHQVFKDSSHQ EH]LWWHQHQHHQYROGRHQGHJURWHERGHPKHEEHQ
*HEUXLNXLWVOXLWHQGSDQQHQPHWHHQERGHPGLHYRRULQGXF WLHJHVFKLNWLV

*HVFKLNWHSDQQHQ
*HsPDLOOHHUGHVWDOHQSDQ QHQPHWGLNNHERGHP
*LHWLM]HUHQSDQQHQPHW JHsPDLOOHHUGHERGHP
3DQQHQYDQURHVWYULM JHODDJGVWDDOURHVWYULMIHU ULHWVWDDORIDOXPLQLXPPHW VSHFLDOHERGHP

2QJHVFKLNWHSDQQHQ
3DQQHQYDQNRSHUURHVWYULM VWDDODOXPLQLXPYXXUYDVW JODVKRXWNHUDPLHNRI WHUUDFRWWD

=RNXQWXYDVWVWHOOHQRIXZSDQJHVFKLNWLV 9RHUGHKLHUQDEHVFKUHYHQPDJQHHWWHVWXLWRINLMNRI GHSDQKHWVPERROYRRUKHWNRNHQPHWLQGXFWLHVWURRP GUDDJW
0DJQHHWWHVW *DPHWHHQPDJQHHWRYHUGHERGHPYDQ XZSDQ:RUGWGHPDJQHHWDDQJHWURNNHQ GDQNXQWXGHSDQRSGHLQGXFWLHNRRN SODDWJHEUXLNHQ
2SPHUNLQJ %LMKHWJHEUXLNYDQVRPPLJHSDQQHQGLHJHVFKLNW]LMQYRRU LQGXFWLHNXQQHQJHOXLGHQRSWUHGHQGLHWHZLMWHQ]LMQDDQ GHERXZZLM]HYDQGH]HSDQQHQ

)RXWGHSDQERGHPLVJHZHOIG’HWHPSHUDWXXUNDQGRRU GHHOHNWURQLFDQLHWFRUUHFWZRUGHQEHSDDOG

7LSVRPHQHUJLHWHEHVSDUHQ +LHUYLQGWXHQNHOHEHODQJULMNHDDQZLM]LQJHQRP]XLQLJHQ HFLsQWPHWXZQLHXZHLQGXFWLHNRRNSODDWHQXZNRRNJHUHL RPWHJDDQ
‘HSDQERGHPGLDPHWHUPRHWHYHQJURRW]LMQDOVGH NRRN]RQHGLDPHWHU
%LMGHDDQNRRSYDQSDQQHQGLHQWXHUUHNHQLQJPHH WHKRXGHQGDWYDDNGHERYHQVWHSDQGLDPHWHUZRUGW YHUPHOG’LHLVPHHVWDOJURWHUGDQGHSDQERGHP
6QHONRRNSDQQHQ]LMQGRRUGHJHVORWHQNRRNUXLPWHHQ GHRYHUGUXNELM]RQGHUWLMGEHVSDUHQGHQ]XLQLJ’RRUGH NRUWHEHUHLGLQJVGXXUEOLMYHQYLWDPLQHVEHZDDUG
=RUJHUDOWLMGYRRUGDWHUYROGRHQGHYORHLVWRILQGH VQHONRRNSDQ]LWZDQWELMHHQOHHJJHNRRNWHSDQNXQQHQ GHNRRN]RQHHQGHSDQGRRURYHUYHUKLWWLQJEHVFKDGLJG UDNHQ
.RRNSDQQHQLQGLHQPRJHOLMNDOWLMGPHWHHQSDVVHQG GHNVHOVOXLWHQ
9RRUHONHWHEHUHLGHQKRHYHHOKHLGGHSDVVHQGHSDQ JHEUXLNHQ(HQJURWHQDXZHOLMNVJHYXOGHSDQYHUEUXLNW YHHOHQHUJLH

.RRNVWDQGHQ
+HWYHUZDUPLQJVYHUPRJHQYDQGHNRRN]RQHVNDQLQ PHHUGHUHVWDQGHQZRUGHQLQJHVWHOG,QGHWDEHOYLQGWX WRHSDVVLQJVYRRUEHHOGHQYRRUGHYHUVFKLOOHQGHVWDQGHQ

.RRNVWDQG

7RHSDVVLQJ

8,7VWDQGEHQXWWLQJYDQGHUHVWZDUPWH

9HUGHUNRNHQYDQNOHLQHKRHYHHOKHGHQ

‘RRUNRNHQ

*DDUNRNHQYDQJURWHKRHYHHOKHGHQ

JDDUEUDGHQYDQJURWHVWXNNHQ

%UDGHQEHFKDPHOVDXVPDNHQ

%UDGHQ

$DQGHNRRNEUHQJHQDDQEUDGHQ

EUDGHQ

3RZHUVWDQGKRRJVWHYHUPRJHQ

%LMNRRNSDQQHQ]RQGHUGHNVHOPRHWHYWHHQKRJHUHNRRN VWDQGZRUGHQJHNR]HQ

5HVWZDUPWHZHHUJDYH ‘HNHUDPLVFKHNRRNSODDWLVPHWHHQUHVWZDUPWHZHHUJDYH +XLWJHUXVW
=RODQJGH+QDKHWXLWVFKDNHOHQEUDQGWNDQGHUHVWZDUP WHZRUGHQJHEUXLNWRPWHVPHOWHQHQRPJHUHFKWHQZDUP WHKRXGHQ
1DKHWXLWGRYHQYDQGHOHWWHU+NDQGHNRRN]RQHQRJKHHW ]LMQ(UEHVWDDWJHYDDUYRRUYHUEUDQGLQJ
%LMHHQLQGXFWLHNRRN]RQHZRUGWGHNHUDPLHNQLHWGLUHFW PDDUDOOHHQGRRUGHWHUXJVWUDOHQGHZDUPWHYDQGHSDQ YHUZDUPG

JHVFKLNWYRRULQGXFWLH

*HUHHGKHLGVVWLS

%HGLHQLQJ

%HGLHQLQJYDQGHWRHWVHQ
‘HKLHUEHVFKUHYHQEHVWXULQJYHUZDFKWQDKHWEHGLHQHQYDQHHQ NHX]HWRHWVGDDUQDGHEHGLHQLQJYDQHHQYROJHQGHWRHWV’H YROJHQGHWRHWVPRHWSULQFLSLHHOELQQHQVHFRQGHQZRUGHQEHGL HQGDQGHUVZRUGWGHNHX]HJHDQQXOHHUG

.RRNSODDWHQNRRN]RQHLQVFKDNHOHQ

=RODQJRSGH$DQ8LWWRHWV GUXNNHQFDVHFWRWGHNR

RNVWDQGZHHUJDYHQDDQWRQHQHQHHQNRUWVLJQDDOWHKRUHQLV

‘HEHVWXULQJLVNODDUYRRUJHEUXLN

2PHHQNRRN]RQHWHVHOHFWHUHQGHNRRNVWDQGZHHUJDYHDOV

WRHWVDDQUDNHQ’HJHUHHGKHLGVVWLSYDQGHJHNR]HQNRRN]RQH

EUDQGW

0HWHHQGDDUQDKHWVHQVRUYHOG

DDQUDNHQ(UZRUGW

HHQNRRNVWDQGLQJHVFKDNHOG

OLQNVNRRNVWDQG

FHQWUXPNRRNVWDQG

UHFKWVNRRNVWDQG3

=OLHKRRIGVWXN:DWXPRHWZHWHQRYHUGHVOLGHUVHQVRUYHOG

2PGHNRRNVWDQGWHYHUDQGHUHQRIRPHHQDQGHUHNRRN]RQH

LQWHVFKDNHOHQPRHWXKHWELMEHKRUHQGHVHQVRUYHOG

DDQUDNHQ

%HODQJULMNGHELMEHKRUHQGHJHUHHGKHLGVVWLSPRHWEUDQGHQ

0HWHHQGDDUQDYRRULQGXFWLHJHVFKLNWNRRNJHUHLRSGHNRRN

]RQHSODDWVHQ’HSDQKHUNHQQLQJVFKDNHOWGHLQGXFWLHVSRHOLQ

‘HSDQZRUGWYHUZDUPG

=RODQJJHHQSDQRSGHNRRN]RQHZRUGWJHSODDWVWZLVVHOWGH

DDQZLM]LQJWXVVHQGHLQJHVWHOGHNRRNVWDQGHQKHWVPERRO

=RQGHUSDQZRUGWGHNRRN]RQHRPYHLOLJKHLGVUHGHQHQQD

PLQXWHQXLWJHVFKDNHOG0HHUKLHURYHULQKHWKRRIGVWXNÄSDQKHU

NHQQLQJ´

.RRN]RQHXLWVFKDNHOHQ

2PHHQNRRN]RQHWHVHOHFWHUHQGHNRRNVWDQGZHHUJDYHDOV

WRHWVDDQUDNHQ’HJHUHHGKHLGVVWLSYDQGHJHNR]HQNRRN]RQH

PRHWEUDQGHQ

D+HWVHQVRUYHOG

XLWHUVWOLQNVDDQUDNHQRI

E GHRSKHWVHQVRUYHOG

JHSODDWVWHYLQJHUQDDUOLQNV

YHUVFKXLYHQRPGHNRRNVWDQGRSWHYHUODJHQ

F RSGH$DQ8LWWRHWV GUXNNHQ’HELMEHKRUHQGHNRRN]RQHV

ZRUGHQXLWJHVFKDNHOG

.RRNSODDWXLWVFKDNHOHQ 2SGH$DQ8LWWRHWV GUXNNHQ’HNRRNSODDWZRUGWRQDIKDQ
NHOLMNYDQGHLQVWHOOLQJYROOHGLJXLWJHVFKDNHOG
2SPHUNLQJ $OVDOOHNRRN]RQHVKDQGPDWLJZRUGHQXLWJHVFKDNHOGNRRNVWDQG HQYHUYROJHQVRSJHHQHQNHOHWRHWVRIVHQVRUYHOGPHHUZRUGW JHGUXNWZRUGWGHNRRNSODDWQDVHFRQGHQDXWRPDWLVFKXLWJH VFKDNHOG

‘HSRZHUVWDQGZRUGWPHWHHQJHDFWLYHHUG=LHDOLQHDÄ3RZHU VWDQG´

%HGLHQLQJ

6723IXQFWLH
+HWNRNHQNDQWLMGHOLMNPHWGH6723WRHWVZRUGHQRQ GHUEURNHQELMYDOVHUDDQGHGHXUZRUGWJHEHOG2PKHW NRNHQPHWGH]HOIGHNRRNVWDQGHQYRRUWWH]HWWHQPRHWGH 6723IXQFWLHZRUGHQEHsLQGLJG(HQHYWLQJHVWHOGHWLPHU ZRUGWJHVWRSWHQORRSWGDDUQDYHUGHU
2PYHLOLJKHLGVUHGHQHQLVGH]HIXQFWLHVOHFKWVPLQXWHQ EHVFKLNEDDU’DDUQDZRUGWGHNRRNSODDWXLWJHVFKDNHOG

+HWNRRNJHUHLVWDDWRSGHNRRN]RQHVHQGHJHZHQVWH NRRNVWDQGHQ]LMQLQJHVWHOG
2SGH6723WRHWV GUXNNHQ,QSODDWVYDQGHJHNR ]HQNRRNVWDQGHQJDDWKHWSDX]HVPERRO DDQ
‘HRQGHUEUHNLQJZRUGWEHsLQGLJGGRRUHHUVWRSGH 6723WRHWV HQGDDUQDRSHHQZLOOHNHXULJHDQGHUH WRHWVEHKDOYHGH$DQ8LWWRHWVWHGUXNNHQ ‘HWZHHGHWRHWVPRHWELQQHQVHFRQGHQZRUGHQ EHGLHQGDQGHUVZRUGWGHNRRNSODDWXLWJHVFKDNHOG

5HFDOOIXQFWLH +HUVWHOIXQFWLH 1DKHWSHURQJHOXNXLWVFKDNHOHQYDQGHNRRNSODDWNDQGH ODDWVWHLQVWHOOLQJZHHUZRUGHQKHUQRPHQ ‘HUHFDOOIXQFWLHIXQFWLRQHHUWDOOHHQDOVHUWHQPLQVWHppQ NRRN]RQHLVLQJHVFKDNHOG ‘HNRRNSODDWZHUGSHURQJHOXNPHWGH$DQ8LWWRHWV
XLWJHVFKDNHOG %LQQHQVHFRQGHQQDKHWXLWVFKDNHOHQRSQLHXZRSGH
$DQ8LWWRHWV GUXNNHQ ‘HVWRSWRHWVNQLSSHUW 0HWHHQGDDUQDRSGH6723WRHWV GUXNNHQ ‘HRRUVSURQNHOLMNHNRRNVWDQGHQ]LMQZHHULQJHVWHOG +HWNRRNSURFHVZRUGWYRRUWJH]HW
+HUVWHOGZRUGHQ ‘HNRRNVWDQGHQYDQDOOHNRRN]RQHV 0LQXWHQHQVHFRQGHQYDQYRRUZHOEHSDDOGHNRRN]R
QHVJHSURJUDPPHHUGHWLPHUV $DQNRRNDXWRPDDW 3RZHUVWDQG
1LHWKHUVWHOGZRUGHQ ‘HWHOOHUVYDQGHJHEUXLNVGXXUEHSHUNLQJHUZRUGW
ZHHUYDQDIJHWHOG

FDVHF FDVHF

%HGLHQLQJ

.LQGHUEHYHLOLJLQJ ‘HNLQGHUEHYHLOLJLQJPRHWYHUKLQGHUHQGDWNLQGHUHQGHLQGXF WLHNRRNSODDWSHURQJHOXNRIRS]HWWHOLMNLQVFKDNHOHQ+LHUYRRU ZRUGWGHEHGLHQLQJJHEORNNHHUG
.LQGHUEHYHLOLJLQJLQVFKDNHOHQ =RODQJRSGH$DQ8LWWRHWVGUXNNHQVHFWRWGHNRRN
VWDQGZHHUJDYHQDDQWRQHQ ‘LUHFWGDDUQDHHQNRRNVWDQGZHHUJDYHDFWLYHUHQHQLQJH
GUXNWKRXGHQFDVHFWRWKHWVOLGHUYHOGYDQ3RSOLFKW $DQVOXLWHQGRYHUKHWKHOHVHQVRUYHOG3VWULMNHQVOLGHQ
RPGHNLQGHUEHYHLOLJLQJWHDFWLYHUHQ,QGHNRRNVWDQGZHHU JDYHQYHUVFKLMQWHHQ/YRRU&KLOG/RFNGHEHGLHQLQJLV JHEORNNHHUGHQGHNRRNSODDWZRUGWXLWJHVFKDNHOG
.LQGHUEHYHLOLJLQJXLWVFKDNHOHQ 2SGH$DQ8LWWRHWVGUXNNHQ ‘LUHFWGDDUQDHHQNRRNVWDQGZHHUJDYHDFWLYHUHQHQLQJH
GUXNWKRXGHQFDVHFWRWKHWVOLGHUYHOGYDQ3RSOLFKW $DQVOXLWHQGRYHUKHWKHOHVHQVRUYHOG3VWULMNHQVOLGHQ
RPGHNLQGHUEHYHLOLJLQJXLWGWHVFKDNHOHQ’H/YHUGZLMQW
2SPHUNLQJHQ %LMHHQVWURRPVWRULQJZRUGWGHLQJHVFKDNHOGHNLQGHUEHYHL
OLJLQJQLHWEHsLQGLJG

%UXJIXQFWLH ‘HYRRUVWHHQGHDFKWHUVWHNRRN]RQHNXQQHQYRRUKHWNRNHQ DDQHHQJHVFKDNHOGZRUGHQEUXJIXQFWLH’DDUGRRUNXQQHQ JURWHSDQQHQZRUGHQJHEUXLNW
‘HNRRNSODDWLQVFKDNHOHQ
2PGHEUXJIXQFWLHLQWHVFKDNHOHQGHNRRNVWDQGZHHUJDYH DOVWRHWVDDQUDNHQYDQGHYRRUVWHHQDFKWHUVWHNRRN]R QHWHJHOLMNHUWLMGDDQUDNHQ’HEUXJIXQFWLHLVLQJHVFKDNHOG HQLQGHDFKWHUVWHNRRNVWDQGZHHUJDYHYHUVFKLMQWGHEUXJ ‘HEHGLHQLQJYLQGWSODDWVPHWGHYRRUVWHNRRNVWDQGZHHU JDYHHQKHWVHQVRUYHOG
9RRUKHWGHDFWLYHUHQRSQLHXZWHJHOLMNHUWLMGRSGHWZHHNR RNVWDQGZHHUJDYHQDOVWRHWVYDQGHYRRUVWHHQDFKWHUVWH NRRN]RQHGUXNNHQRIGHNRRNSODDWXLWVFKDNHOHQ
2SPHUNLQJ ‘HEUDDGVOHGHRIGHSDQPRHWGHJHEUXLNWHNRRN]RQHVWHQ PLQVWHYRRUGHKHOIWEHGHNNHQRPGRRUGHSDQKHUNHQQLQJWH ZRUGHQKHUNHQG

%HGLHQLQJ

$XWRPDWLVFKHXLWVFKDNHOLQJWLPHU ‘RRUGHDXWRPDWLVFKHXLWVFKDNHOLQJZRUGWHONHLQJHVFKDNHOGH NRRN]RQHQDHHQLQVWHOEDUHWLMGDXWRPDWLVFKXLWJHVFKDNHOG(U NXQQHQNRRNWLMGHQYDQWRWPLQXWHQZRUGHQLQJH VWHOG
‘HNRRNSODDWLQVFKDNHOHQ
2PHHQNRRN]RQHWHVHOHFWHUHQGHNRRNVWDQGZHHUJDYH DOVWRHWVDDQUDNHQ’HJHUHHGKHLGVVWLSYDQGHJHNR]HQ NRRN]RQHEUDQGW
9HUYROJHQVNDQPHWGHSOXV RIPLQWRHWV 7LPHUGH JHZHQVWHWLMGZRUGHQLQJHVWHOG /LQNHUSRVLWLHXUHQ 0LGGHOVWHSRVLWLHGHFLPDOHPLQXWHQ 5HFKWHUSRVLWLHHQNHOHPLQXWHQ 1DHQNHOHVHFRQGHQZRUGWGHZDDUGHRYHUJHQRPHQHQGH WLMGEHJLQWWHORSHQ +HWWLPHUVPERRO YDQGHNRRNSODDWEUDQGW
1DDÀRRSYDQGHWLMGZRUGWGHNRRN]RQHXLWJHVFKDNHOG (ULVHHQWLMGODQJHHQVLJQDDOWHKRUHQGDWNDQZRUGHQ XLWJHVFKDNHOGGRRURSHHQZLOOHNHXULJHWRHWVEHKDOYHGH $DQ8LWWRHWVYDQGHNRRNSODDW WHGUXNNHQ
2SPHUNLQJHQ
2PGHDXWRPDWLVFKHXLWVFKDNHOLQJYRRUHHQDQGHUHNRRN ]RQHWHSURJUDPPHUHQGHVWDSSHQWRWKHUKDOHQ
2PGHDIJHORSHQWLMGDXWRPDWLVFKHXLWVFKDNHOLQJWHFRQ WUROHUHQGHNRRNVWDQGZHHUJDYHDOVWRHWVDDQUDNHQ’H DDQJHWRRQGHZDDUGHNDQDIJHOH]HQHQYHUDQGHUGZRUGHQ
$XWRPDWLVFKHXLWVFKDNHOLQJYHUYURHJGZLVVHQ’HJHZHQV WHNRRN]RQHVHOHFWHUHQHQGHWLMGGRRUDDQUDNHQYDQGH PLQWRHWV 7LPHUZLVVHQµ¶
$OVPHHUGHUHNRRN]RQHVPHWDXWRPDWLVFKHXLWVFKDNHOLQJ JHSURJUDPPHHUG]LMQZRUGWLQGHWLPHUZHHUJDYHVWHHGV GHNRRN]RQHPHWGHNRUWVWHWLMGDDQJHWRRQG

.RRNZHNNHUHLHUZHNNHU ‘HNRRNSODDWLQVFKDNHOHQ*HHQNRRN]RQHVHOHFWHUHQ
9HUYROJHQVNDQPHWGHSOXV RIPLQWRHWV 7LPHUGH JHZHQVWHWLMGZRLQJHVWHOG
1DDÀRRSYDQGHWLMGLVHUHHQWLMGODQJHHQVLJQDDOWH KRUHQGDWNDQZRUGHQXLWJHVFKDNHOGGRRURSHHQZLOOH NHXULJHWRHWVEHKDOYHGH$DQ8LWWRHWVYDQGHNRRNSODDW WHGUXNNHQ

2SPHUNLQJHQ
‘HNRRNZHNNHUEOLMIWRRNGDQLQZHUNLQJDOVGHOLQNHURI UHFKWHUNRRNSODDW]LMGHXLWJHVFKDNHOGLV2PGHWLMGWHZLM]L JHQGHOLQNHURIUHFKWHUNRRNSODDW]LMGHLQVFKDNHOHQ
$OVHUZRUGWXLWJHVFKDNHOGPHWGH$DQ8LWWRHWV VFKD NHOWRRNGHNRRNZHNNHUQDFD0LQXLW

%HGLHQLQJ

ODQJGUXNNHQFDVHF

,QJHVWHOGH .RRNVWDQG

$DQNRRNDXWRPDDW 7LMGPLQVHF

$XWRPDWLVFKDDQNRNHQ
%LMGHDDQNRRNDXWRPDDWJHEHXUWKHWDDQGHNRRNEUHQJHQ PHWNRRNVWDQG1DHHQEHSDDOGHWLMGZRUGWDXWRPDWLVFK QDDUHHQODJHUHGRRUNRRNVWDQGWRWWHUXJJHVFKDNHOG
%LMKHWJHEUXLNYDQKHWDXWRPDWLVFKDDQNRNHQPRHWDOOHHQ GHGRRUNRRNVWDQGZRUGHQJHNR]HQZDDUPHHGHEHUHLGLQJ YHUGHUPRHWZRUGHQJHNRRNWRPGDWGHHOHNWURQLFDDXWR PDWLVFKWHUXJVFKDNHOW
+HWDXWRPDWLVFKDDQNRNHQLVJHVFKLNWYRRUJHUHFKWHQGLH NRXGZRUGHQRSJH]HWRSKRRJYHUPRJHQZRUGHQYHU ZDUPGHQRSGHGRRUNRRNVWDQGQLHWSHUPDQHQWLQKHWRRJ PRHWHQZRUGHQJHKRXGHQELMYKHWNRNHQYDQVRHSYOHHV

‘HNRRNSODDWLQVFKDNHOHQ

/DQJFDVHFRSKHWVHQVRUYHOG

GUXNNHQ

RPGHIXQFWLHWHDFWLYHUHQHQPHWHHQHHQEHSDDOGH

GRRUNRRNVWDQGWHNLH]HQ

OLQNV NRRNVWDQG

FHQWUXP NRRNVWDQG

UHFKWV NRRNVWDQG

$HQGHJHNR]HQGRRUNRRNVWDQGNQLSSHUHQDIZLV

VHOHQG

+HWDXWRPDWLVFKDDQNRNHQYHUORRSWYROJHQVGHSUR JUDPPHULQJ1DHHQEHSDDOGHWLMG]LHWDEHOZRUGW KHWNRRNSURFHVRSGHGRRUNRRNVWDQGYRRUWJH]HW+HW VPERRO$GRRIWXLW

2SPHUNLQJ
7LMGHQVKHWDXWRPDWLVFKDDQNRNHQNDQGHGRRUNRRN VWDQGJHZLM]LJGZRUGHQ

:DUPKRXGVWDQG
0HWGHZDUPKRXGIXQFWLHNXQQHQJHUHFKWHQGLHNODDU]LMQ RSHHQNRRN]RQHZDUPJHKRXGHQZRUGHQ’HNRRN]RQH ZRUGWPHWODDJYHUPRJHQJHEUXLNW

.RRNJHUHLVWDDWRSHHQNRRN]RQHHQHHQNRRNVWDQG ELMYLVJHNR]HQ

‘RRUPHHUPDDOVGUXNNHQRSGHZDUPKRXGWRHWV ZRUGWGHJHZHQVWHZDUPKRXGVWDQGLQJHVFKDNHOG

2PXLWWHVFKDNHOHQKHWVHQVRUYHOG

OLQNV

DDQUDNHQRIRSGHZDUPKRXGWRHWV GUXNNHQ

‘HZDUPKRXGIXQFWLHVWDDWPLQXWHQWHUEHVFKLNNLQJ GDDUQDZRUGWGHNRRN]RQHXLWJHVFKDNHOG

PLQ 0RGXOHVSRZHUPDQDJHPHQW

%HGLHQLQJ

9HUJUHQGHOLQJ ‘RRUGHYHUJUHQGHOLQJNXQQHQGHEHGLHQLQJYDQGHWRHW VHQHQGHLQVWHOOLQJYDQHHQNRRNVWDQGZRUGHQJHEORNNH HUG$OOHHQGH$DQ8LWWRHWVNDQQRJDOWLMGZRUGHQEHGLHQG RPGHNRRNSODDWXLWWHVFKDNHOHQ
9HUJUHQGHOLQJLQVFKDNHOHQ 2SGHYHUJUHQGHOWRHWV GUXNNHQ’HYHUJUHQGHOWRHWV
OLFKWVWHUNRS ‘HYHUJUHQGHOLQJLVLQJHVFKDNHOG
9HUJUHQGHOLQJXLWVFKDNHOHQ 2SGHYHUJUHQGHOWRHWV GUXNNHQ’HYHUJUHQGHOWRHWV
EUDQGWJHGLPG ‘HYHUJUHQGHOLQJLVXLWJHVFKDNHOG
2SPHUNLQJHQ ‘HJHDFWLYHHUGHYHUJUHQGHOLQJEOLMIWRRNEHKRXGHQDOVGH NRRNSODDWXLWJHVFKDNHOGLV9RRUDOHHUZHHUNDQZRUGHQ JHNRRNWPRHW]HGDDURPHHUVWJHGHDFWLYHHUGZRUGHQ %LMVWURRPXLWYDOHQXLWVFKDNHOHQPHWGH$DQ8LWWRHWVYDQ GHNRRNSODDW ZRUGWGHLQJHVFKDNHOGHYHUJUHQGHOLQJ RSJHKHYHQGZ]JHGHDFWLYHHUG

3RZHUVWDQG
‘HSRZHUVWDQGVWHOWH[WUDYHUPRJHQYRRUGHLQGXFWLHNRRN ]RQHVWHUEHVFKLNNLQJ(HQJURWHKRHYHHOKHLGZDWHUNDQ VQHODDQGHNRRNZRUGHQJHEUDFKW

‘HNRRNSODDWLQVFKDNHOHQ2PHHQNRRN]RQHWHVHOHF WHUHQGHNRRNVWDQGZHHUJDYHDOVWRHWVDDQUDNHQ’H JHUHHGKHLGVVWLSYDQGHJHNR]HQNRRN]RQHEUDQGW

2SKHWPHHVWUHFKWVHVHQVRUYHOG ‘HSRZHUVWDQGLVLQJHVFKDNHOG

GUXNNHQ

1DPLQXWHQZRUGWGHSRZHUVWDQGDXWRPDWLVFKXLWJH VFKDNHOG’H YHUGZLMQWHQHUZRUGWQDDUNRRNVWDQG WHUXJJHVFKDNHOG

2SPHUNLQJ
2PGHSRZHUVWDQGYHUYURHJGXLWWHVFKDNHOHQRSKHW RYHUHHQNRPVWLJHVHQVRUYHOGGUXNNHQ

3RZHUPDQDJHPHQW
7HONHQVWZHHNRRN]RQHV]LMQ±RPWHFKQLVFKHUHGHQHQ ± WRWHHQPRGXOHJHFRPELQHHUGHQEHVFKLNNHQRYHUHHQ PD[LPDDOYHUPRJHQ
$OVGH]HYHUPRJHQVJUHQVELMKHWLQVFKDNHOHQYDQHHQ KRJHNRRNVWDQGRIGHSRZHUIXQFWLHZRUGWRYHUVFKUHGHQ UHGXFHHUWKHWSRZHUPDQDJHPHQWGHNRRNVWDQGYDQGH ELMEHKRUHQGHPRGXOHNRRN]RQH
‘HDDQZLM]LQJYDQGH]HNRRN]RQHNQLSSHUWHHUVWGDDUQD ZRUGWGHPD[LPDDOPRJHOLMNHNRRNVWDQGFRQVWDQWJHWRRQG

%HGLHQLQJ

*ULOOIXQFWLH
9RRUGHJULOOIXQFWLHGHGRRURQVDDQEHYROHQLQGXFWLHJULOO SODDWJHEUXLNHQ

‘HNRRNSODDWLQVFKDNHOHQ

2PWHVHOHFWHUHQGHNRRNVWDQGZHHUJDYHDOVWRHWV DDQUDNHQ’HJHUHHGKHLGVVWLSYDQGHJHNR]HQNRRN]R QHEUDQGW

2SGHJULOOWRHWV GUXNNHQRPGHJULOOIXQFWLHLQWH VFKDNHOHQ ‘HYRRUVWHHQDFKWHUVWHNRRN]RQHZRUGHQJHFRPELQH HUGHQVDPHQJHVFKDNHOG

0HWHHQGDDUQDKHWVHQVRUYHOG ZRUGWHHQNRRNVWDQGLQJHVFKDNHOG

DDQUDNHQ(U

‘HJULOOSODDWRSGHNRRN]RQH]HWWHQHQKHWWHJULOOHQ SURGXFWHULQOHJJHQ VWDQGYRRUJURHQWHQ VWDQGYRRUYLV VWDQGYRRUYOHHV

9RRUKHWXLWVFKDNHOHQYDQGHJULOOIXQFWLHGHJULOOWRHWV RIGHNRRNSODDWXLWVFKDNHOHQ

2SPHUNLQJHQ .RRNSODDWQLHW]RQGHUWRH]LFKWODWHQ ‘HEHWUHHQGHVWDQGHQQDDUHLJHQYRRUNHXULQVWHOOHQ

5HLQLJLQJHQRQGHUKRXG

5HLQLJLQJHQRQGHUKRXG
9yyUKHWUHLQLJHQGHNRRNSODDWXLWVFKDNHOHQHQODWHQ DINRHOHQ
‘HNHUDPLVFKHNRRNSODDWPDJLQJHHQJHYDOPHWHHQ VWRRPUHLQLJLQJVDSSDUDDWRIGHUJHOLMNHZRUGHQVFKRRQ JHPDDNW
%LMKHWUHLQLJHQHURSOHWWHQGDWVOHFKWVNRUWRYHUGH$DQ 8LWWRHWVZRUGWJHYHHJG2SGLHPDQLHUZRUGWYHUPH GHQGDWGHNRRNSODDWSHURQJHOXNZRUGWLQJHVFKDNHOG
.HUDPLVFKHNRRNSODDW %HODQJULMN*HEUXLNQRRLWDJUHVVLHYHUHLQLJLQJVPLGGHOHQ ]RDOVJURYHVFKXXUPLGGHOHQNUDVVHQGHSDQQHQUHLQLJHUV URHVWHQYOHNNHQYHUZLMGHUDDUHQ]
5HLQLJLQJQDJHEUXLN
0DDNGHKHOHNRRNSODDWDOWLMGVFKRRQDOV]HYXLOLV±KHW EHVWHWHONHQVQDJHEUXLN*HEUXLNKLHUYRRUHHQYRFKWL JHGRHNHQZDWDIZDVPLGGHO’DDUQDZULMIWXGHNRRN SODDWPHWHHQVFKRQHGRHNGURRJ]RGDWHUJHHQUHVWHQ YDQDIZDVPLGGHORSKHWRSSHUYODNDFKWHUEOLMYHQ
:HNHOLMNVRQGHUKRXG
5HLQLJHQRQGHUKRXGGHNRRNSODDWHHQNHHULQGHZHHN JURQGLJPHWJHEUXLNHOLMNHUHLQLJLQJVSURGXFWHQYRRU YLWURNHUDPLHN+RXGWX]LFKLQHONJHYDODDQGHLQVWUXF WLHVYDQGHIDEULNDQW’HUHLQLJLQJVSURGXFWHQYRUPHQ ELMKHWDDQEUHQJHQHHQEHVFKHUPHQGODDJMHGDWZDWHU HQYXLOWHJHQKRXGW$OOHYHURQWUHLQLJLQJHQEOLMYHQRS GH]HODDJ]LWWHQHQNXQQHQGDDUQDYHHOJHPDNNHOLMNHU ZRUGHQYHUZLMGHUG9HUYROJHQVPHWHHQVFKRQHGRHN GURRJZULMYHQ(UPRJHQJHHQUHVWHQYDQUHLQLJLQJV PLGGHOHQRSKHWRSSHUYODNDFKWHUEOLMYHQRPGDW]HELM KHWRSZDUPHQDJUHVVLHIUHDJHUHQHQKHWRSSHUYODN YHUDQGHUHQ

6SHFLDOHYHURQWUHLQLJLQJHQ
6WHUNYHURQWUHLQLJLQJHQHQYOHNNHQNDONYOHNNHQ SDUHOPRHUDFKWLJJODQ]HQGHYOHNNHQ NXQWXKHWEHVWYHUZLMGHUHQDOVGH NRRNSODDWQRJODXZZDUPLV*HEUXLN KLHUYRRUJHEUXLNHOLMNHUHLQLJLQJVPLG GHOHQ*DGDDUELMWHZHUN]RDOVRQGHU SXQWEHVFKUHYHQ
2YHUJHNRRNWHVSLM]HQHHUVWPHWHHQ QDWWHGRHNLQZHNHQHQYHUYROJHQVGH YXLOUHVWHQPHWHHQVSHFLDOHJODVVFKUDSHUYRRUNHUDPLVFKH NRRNSODWHQYHUZLMGHUHQ’DDUQDGHNRRNSODDWUHLQLJHQ ]RDOVRQGHUSXQWEHVFKUHYHQ
,QJHEUDQGHVXLNHUHQJHVPROWHQNXQVWVWRIYHUZLMGHUWX PHWHHQ±]RODQJ]HQRJKHHW]LMQ±PHWHHQJODVVFKUDSHU ‘DDUQDGHNRRNSODDWUHLQLJHQ]RDOVRQGHUSXQWEHVFKUH YHQ
=DQGNRUUHOVGLHPRJHOLMNWLMGHQVKHWDDUGDSSHOHQVFKLOOHQ RIVODVFKRRQPDNHQRSGHNRRNSODWHQYDOOHQNXQQHQELM KHWYHUVFKXLYHQYDQSDQQHQNUDVVHQYHURRU]DNHQ/HWHU GXVRSGDWHUJHHQ]DQGNRUUHOVRSKHWRSSHUYODNEOLMYHQ OLJJHQ
.OHXUYHUDQGHULQJHQYDQGHNRRNSODDWKHEEHQJHHQ LQYORHGRSGHZHUNLQJHQGHVWHYLJKHLGYDQGHYLWURNHUD PLHN+HWJDDWKLHUELMQLHWRPHHQEHVFKDGLJLQJYDQGHNR RNSODDWPDDURPQLHWYHUZLMGHUGHHQGDDURPLQJHEUDQGH UHVWHQ
*ODQ]HQGHSOHNNHQRQWVWDDQGRRUVOLMWDJHYDQGHSDQ ERGHPLQKHWELM]RQGHUELMKHWJHEUXLNYDQNRRNJHUHLPHW HHQDOXPLQLXPERGHPRIGRRURQJHVFKLNWHUHLQLJLQJV PLGGHOHQ=HNXQQHQVOHFKWVPRHL]DDPPHWJHEUXLNH OLMNHUHLQLJLQJVPLGGHOHQZRUGHQYHUZLMGHUG(YHQWXHHO GHUHLQLJLQJPHHUPDDOVKHUKDOHQ’RRUKHWJHEUXLNYDQ DJUHVVLHYHUHLQLJLQJVPLGGHOHQHQGRRUVFKXUHQGHSDQER GHPVZRUGWKHWGHFRULQGHORRSYDQGHWLMGDIJHVFKXXUG HQRQWVWDDQHUGRQNHUHYOHNNHQ

:DWWHGRHQELMSUREOHPHQ”

:DWWHGRHQELMSUREOHPHQ”
2QJHNZDOL¿FHHUGHLQJUHSHQHQUHSDUDWLHVDDQKHWDSSD UDDW]LMQJHYDDUOLMNRPGDWHUJHYDDUYRRUVWURRPVWRWHQHQ NRUWVOXLWLQJEHVWDDW2POLFKDPHOLMNOHWVHOHQVFKDGHDDQ KHWWRHVWHOWHYRRUNRPHQPRHWHQ]HZRUGHQYHUPHGHQ ‘DDURPPRJHQGHUJHOLMNHZHUN]DDPKHGHQDOOHHQGRRU HHQHOHNWURWHFKQLFXVELMYYDQGHWHFKQLVFKHNODQWHQVHU YLFHZRUGHQXLWJHYRHUG
‘HQNHUDDQ $OVHUDDQXZDSSDUDDWVWRULQJHQRSWUHGHQFRQWUROHHUGDQ HHUVWDDQGHKDQGYDQGH]HJHEUXLNVDDQZLM]LQJRIXGH RRU]DNHQQLHW]HOINXQWYHUKHOSHQ
+LHUQDYLQGWXWLSVYRRUKHWYHUKHOSHQYDQVWRULQJHQ
‘H]HNHULQJHQYDOOHQPHHUPDDOVXLW” 1HHPFRQWDFWRSPHWGHNODQWHQVHUYLFHRIHHQHOHNWUR PRQWHXU
‘HNRRNSODDWKHHIWEDUVWHQRIEUHXNHQ” %LMEUHXNHQEDUVWHQVFKHXUHQRIDQGHUHEHVFKDGLJLQJHQ DDQGHNHUDPLVFKHNRRNSODDWEHVWDDWJHYDDUYRRUHOHNWUL VFKHVFKRNNHQ+HWWRHVWHORQPLGGHOOLMNEXLWHQJHEUXLNQH PHQ2QPLGGHOOLMNGH]HNHULQJLQGHZRQLQJXLWVFKDNHOHQ HQFRQWDFWRSQHPHQPHWGHNODQWHQVHUYLFH
‘HLQGXFWLHNRRNSODDWNDQQLHWZRUGHQLQJHVFKDNHOG” +HHIWGH]HNHULQJYDQGHKXLVLQVWDOODWLH]HNHULQJHQ
NDVWJHUHDJHHUG” ,VKHWQHWVQRHUDDQJHVORWHQ” ,VGHNLQGHUEHYHLOLJLQJLQJHVFKDNHOGGZ]ZRUGWHU
HHQ/DDQJHWRRQG” =LMQGHVHQVRUHQJHGHHOWHOLMNGRRUHHQYRFKWLJHGRHN
YORHLVWRIRIHHQPHWDOHQYRRUZHUSEHGHNW”$XEYHU ZLMGHUHQ
:RUGWYHUNHHUGNRRNJHUHLJHEUXLNW”=LHKRRIGVWXNÄ6HU YLHVYRRULQGXFWLHNRRNSODDW´
‘HNRRNSODDWFTGHNRRN]RQHLVSORWVXLWJHVFKDNHOG
+HEWXSHURQJHOXNRSGH$DQ8LWWRHWVJHGUXNW”
=LMQGHVHQVRUHQJHGHHOWHOLMNGRRUHHQYRFKWLJHGRHN YORHLVWRIRIHHQPHWDOHQYRRUZHUSEHGHNW”(HQVLJ QDDOWRRQZHHUNOLQNWJHGXUHQGHHHQEHSHUNWHWLMG1D HHQSDDUVHFRQGHQZRUGWHUXLWJHVFKDNHOG$XEKHW YRRUZHUSYDQGHVHQVRUWRHWVHQKDOHQ
+HHIWGHYHLOLJKHLGVXLWVFKDNHOLQJJHUHDJHHUGGZ] HHQNRRNVWDQGZHUGODQJHUGDQHHQEHSDDOGHWLMGRQ JHZLM]LJGJHEUXLNW”=LHKRRIGVWXN*HEUXLNVGXXUEHSHU NLQJ
+HWSDQVPERROYHUVFKLMQW ”
(UZHUGHHQNRRN]RQHLQJHVFKDNHOGHQGHNRRNSODDW YHUZDFKWGDWHUHHQJHVFKLNWHSDQZRUGWRSJH]HWSDQ KHUNHQQLQJ3DVGDQZRUGWHUHQHUJLHDIJHJHYHQ
+HWSDQVPERRO EOLMIWYHUVFKLMQHQKRHZHOHUHHQ SDQZHUGRSJH]HW”
‘HSDQLVQLHWJHVFKLNWYRRULQGXFWLHRIKHHIWHHQWH NOHLQHGLDPHWHU
/(‘YRRUGHNRRNVWDQGHQRIYRRUGHUHVWZDUPWHYHU NOLNNHU+EUDQGWQLHWRIVOHFKWVDIHQWRH
/(‘GHIHFW6HUYLFHFRQWDFWHUHQ*HYDDUYRRUYHUEUDQ GLQJRPGDWHUQLHWPHHUYRRUKRJHWHPSHUDWXUHQZRUGW JHZDDUVFKXZG

+HWVPERRO RI(UNQLSSHUWHQHULVJHGXUHQGH HHQEHSDDOGHWLMGHHQVLJQDDOWHKRUHQ (ULVHHQSHUPDQHQWHDFWLYHULQJYDQGHWRXFKFRQW
UROVHQVRUWRHWVHQGRRURYHUJHNRRNWHOHYHQVPLGGHOHQ NRRNJHUHLRIDQGHUHYRRUZHUSHQ2SORVVLQJKHWRSSHU YODNVFKRRQPDNHQRIKHWYRRUZHUSYHUZLMGHUHQ2P KHWVPERROWHZLVVHQRSGH]HOIGHWRHWVGUXNNHQRIGH NRRNSODDWXLWHQLQVFKDNHOHQ
‘HIRXWFRGH(ZRUGWJHWRRQG” ‘HHOHNWURQLFDLVWHKHHW’HLQERXZVLWXDWLHYDQGHNRRN SODDWFRQWUROHUHQLQKHWELM]RQGHURSYROGRHQGHYHQWLODWLH OHWWHQ=LHKRRIGVWXN2YHUYHUKLWWLQJVEHYHLOLJLQJ
‘HIRXWFRGH(ZRUGWJHWRRQG” )RXWDDQGHYHQWLODWRUUHFKWVRIOLQNV’HDDQ]XL
JRSHQLQJLVJHEORNNHHUGRIDIJHGHNWRIGHYHQWLODWRULV GHIHFW
‘HPRQWDJHYDQGHNRRNSODDWFRQWUROHUHQLQKHW ELM]RQGHURSYROGRHQGHYHQWLODWLHOHWWHQ=LHKRRIGVWXN 9HQWLODWLH
*HHQGLVSODJHHQIXQFWLH” ‘HNRRNSODDWLVYHUNHHUGDDQJHVORWHQ’HFRUUHFWHQHW VSDQQLQJDDQVOXLWHQ
(UZRUGWHHQIRXWFRGH(5[[RI([JHWRRQG” (ULVHHQWHFKQLVFKGHIHFW$XEFRQWDFWRSQHPHQPHW
GHVHUYLFH
‘HNRRNSODDWPDDNWJHOXLGHQNOLNNHQGHRINUDNHQGH JHOXLGHQRIELMKHWLQVFKDNHOHQYDQGHNRRNSODDWLV JH]RHPWHKRUHQ” ‘DWKHHIWHHQWHFKQLVFKHRRU]DDNHQKHHIWJHHQLQ
YORHGRSGHNZDOLWHLWHQGHZHUNLQJ
‘HNRHOYHQWLODWRUEOLMIWQDKHWXLWVFKDNHOHQQRJORSHQ” ‘DWLVQRUPDDORPGDWGHHOHNWURQLFDZRUGWDIJHNRHOG
‘HJHEUXLNWHNRRNSDQQHQPDNHQJHOXLG” ‘DWKHHIWHHQWHFKQLVFKHRRU]DDNHUEHVWDDWJHHQ
JHYDDUYRRUGHLQGXFWLHNRRNSODDWRIGHSDQ
3XOVHUHQGNRRNJHGUDJ” ‘HLQGXFWLHHOHPHQWHQNXQQHQKXQYHUPRJHQVOHFKWV
WRWRSHHQEHSDDOGHNRRNVWDQGUHGXFHUHQ2QGHUGH]H NRRNVWDQGEHJLQWKHWYHUZDUPLQJVHOHPHQWLQIDVHQWH ZHUNHQ’DWEHWHNHQWGDWKHWLQGXFWLHHOHPHQWQDDUJH ODQJYDQGHJHNR]HQNRRNVWDQGLQHHQEHSDDOGLQWHUYDO LQHQZHHUXLWJHVFKDNHOGZRUGW’LWULWPLVFKJHGUDJLV KRRUEDDUHQZRUGWELMKHWNRNHQGRRUKHWRSVWLMJHQHQ YHUGZLMQHQYDQOXFKWEHOOHQRSGHSDQERGHP]LFKWEDDU +HWSXOVHUHQGNRRNJHGUDJRSEHSDDOGHNRRNVWDQGHQLV QRUPDDOHQKHHIWJHHQQHJDWLHYHLQYORHGRSKHWNRRN UHVXOWDDW2SORVVLQJ,QGLHQPRJHOLMNSRWWHQHQSDQQHQ PHWHHQGLNNHERGHPHQGXVHHQJRHGHZDUPWHDFFX PXODWLHHQYHUGHOLQJJHEUXLNHQ.RRNSDQQHQLQGLHQ PRJHOLMNDOWLMGPHWHHQSDVVHQGGHNVHOVOXLWHQ%LMKHW NRNHQ]RQGHUGHNVHOJDDW]HHUYHHOHQHUJLHYHUORUHQ

(OHNWULVFKHDDQVOXLWLQJ

(OHNWULVFKHDDQVOXLWLQJ
:$$56&+8:,1*9225(/(.75, 6&+((1(5*,( (5%(67$$7/(9(16*(9$$5
,QGHEXXUWYDQGLWVPERRO]LMQRQGHU VSDQQLQJVWDDQGHRQGHUGHOHQDDQJHEUDFKW $IGHNNLQJHQGLHKLHUPHHJHPDUNHHUG]LMQ PRJHQXLWVOXLWHQGGRRUHHQHUNHQGHHOHNWUR PRQWHXUZRUGHQYHUZLMGHUG
‘HHOHNWULVFKHDDQVOXLWLQJPDJXLWVOXLWHQGGRRUHHQ HUNHQGYDNPDQZRUGHQXLWJHYRHUG
‘HZHWWHOLMNHYRRUVFKULIWHQHQDDQVOXLWYRRUZDDUGHQYDQ GHSODDWVHOLMNHHOHNWULFLWHLWVPDDWVFKDSSLMPRHWHQVWULNW ZRUGHQQDJHOHHIG
%LMKHWDDQVOXLWHQYDQKHWDSSDUDDWPRHWHHQLQVWDOODWLH ZRUGHQYRRU]LHQGLHKHWPRJHOLMNPDDNWKHWDSSDUDDW PHWHHQFRQWDFWRSHQLQJVZLMGWHYDQWHQPLQVWHPP PHWDOOHSROHQYDQKHWQHWWHVFKHLGHQ*HVFKLNWH VFKHLGLQJVLQVWDOODWLHV]LMQ/6VFKDNHODDUV]HNHULQJHQ HQFRQWDFWRUHQ%LMDDQVOXLWLQJHQUHSDUDWLHKHWWRHVWHO PHWHHQYDQGH]HLQVWDOODWLHVVWURRPORRVPDNHQ
‘HDDUGOHLGHUPRHW]RODQJ]LMQGDWKLMELMKHWEHJHYHQ YDQGHWUHNRQWODVWLQJSDVQDGHVWURRPYRHUHQGHDGHUV YDQGHDDQVOXLWNDEHOPHWWUHNNUDFKWZRUGWEHODVW
‘HRYHUWROOLJHNDEHOOHQJWHPRHWXLWGHLQERXZ]RQH RQGHUKHWWRHVWHOZRUGHQJHWURNNHQ
8PRHWHURRNRSOHWWHQGDWGHQHWVSDQQLQJPHWGHRS KHWWSHSODDWMHDDQJHJHYHQQHWVSDQQLQJRYHUHHQVWHPW
%LMKHWLQJHERXZGHWRHVWHOPDJJHHQFRQWDFWPRJHOLMN ]LMQPHWRQGHUGHOHQGLHELMKHWJHEUXLNRQGHUVSDQQLQJ VWDDQ
/HWRS’RRUHHQYHUNHHUGHDDQVOXLWLQJNDQGHYHUPR JHQVHOHNWURQLFDZRUGHQYHUQLHOG
$DQVOXLWZDDUGHQ 1HWVSDQQLQJ91a+]
1RPLQDOHFRPSRQHQWHQVSDQQLQJ9
$DQVOXLWNDEHOVWDQGDDUGDDQZH]LJ ‘HNRRNSODDWLVELMOHYHULQJPHWHHQWHPSHUDWXXUEHV
WHQGLJHDDQVOXLWNDEHOXLWJHUXVW ‘HDDQVOXLWLQJRSKHWQHWZRUGWYROJHQVKHWDDQVOXLW
VFKHPDXLWJHYRHUGWHQ]LMGHDDQVOXLWNDEHODOPHWHHQ VWHNNHULVXLWJHUXVW $OVGHQHWDDQVOXLWNDEHOYDQGLWDSSDUDDWZRUGWEHVFKD GLJGPRHWKLMGRRUHHQVSHFLDOHDDQVOXLWNDEHOZRUGHQ YHUYDQJHQ2PULVLFR¶VWHYHUPLMGHQPDJGLWDOOHHQ GRRUGHIDEULNDQWRI]LMQNODQWHQVHUYLFHJHEHXUHQ
$DQVOXLWLQJVPRJHOLMNKHGHQ

7HFKQLVFKHJHJHYHQV

$IPHWLQJHQNRRNSODDW KRRJWHEUHHGWHGLHSWHPP
.RRN]RQHV OLQNVYRRUFPN: OLQNVDFKWHUFPN: PLGGHQFPN: UHFKWVDFKWHUFPN: UHFKWVYRRUFPN:

[[
[
[

[
[

%UXJIXQFWLHFPN: [ .RRNSODDWN:
9HUPRJHQELMLQJHVFKDNHOGHSRZHUVWDQG

,QEHGULMIVWHOOLQJ
1DKHWLQERXZHQYDQGHNRRNSODDWHQQDKHWLQVFKDNHOHQ YDQGHYRHGLQJVVSDQQLQJDDQVOXLWLQJRSKHWQHWYLQGW HHUVWHHQ]HOIWHVWYDQGHEHVWXULQJSODDWVHQYHUVFKLMQWHU HHQVHUYLFHLQIRUPDWLHYRRUGHNODQWHQVHUYLFH
%HODQJULMNELMGHDDQVOXLWLQJRSKHWQHWPRJHQHUJHHQ YRRUZHUSHQRSGHWRXFKFRQWUROVHQVRUHQOLJJHQ

0HWHHQVSRQVMHHQZDWDIZDVPLGGHOHYHQRYHUKHWRSSHU YODNYDQGHNRRNSODDWYHJHQHQYHUYROJHQVGURRJZULMYHQ

]ZDUW EUXLQ JULMV EODXZ JURHQJHHO

%XLWHQEHGULMIVWHOOLQJDIYRHU

%XLWHQEHGULMIVWHOOLQJDIYRHU %XLWHQEHGULMIVWHOOLQJ
$OVKHWDSSDUDDWRRLWLVXLWJHGLHQGYLQGWGHEXLWHQEHGUL MIVWHOOLQJSODDWV 6FKDNHOGH]HNHULQJLQGHKXLVLQVWDOODWLHXLWRPKHW
ULVLFRRSHOHNWULVFKHVFKRNNHQXLWWHVOXLWHQ 9RHUGHNRRNSODDWQDGHGHPRQWDJHPLOLHXYULHQGHOLMN
DI
9HUZLMGHUHQYDQGHYHUSDNNLQJ 9HUZLMGHUGHWUDQVSRUWYHUSDNNLQJRSHHQ]RPLOLHXEHZXVW PRJHOLMNHPDQLHU’HUHFFODJHYDQKHWYHUSDNNLQJVPDWH ULDDOEHVSDDUWJURQGVWRHQHQYHUPLQGHUWGHDIYDOEHUJ

9HUZLMGHUHQYDQRXGHDSSDUDWHQ
+HWVPERRORSKHWSURGXFWRIRSGHYHUSDN NLQJZLMVWHURSGDWGLWSURGXFWQLHWDOVKXLVKRX GDIYDOPDJZRUGHQEHKDQGHOG+HWPRHWHFKWHU QDDUHHQSODDWVZRUGHQJHEUDFKWZDDUHOHNWUL VFKHHQHOHNWURQLVFKHDSSDUDWXXUZRUGW JHUHFFOHG
‘RRUGLWSURGXFWFRUUHFWWHYHUZLMGHUHQGUDDJWXELMDDQGH EHVFKHUPLQJYDQKHWPLOLHXHQGHYRONVJH]RQGKHLG+HW PLOLHXHQGHYRONVJH]RQGKHLGZRUGHQLQJHYDDUJHEUDFKW GRRUKHWSURGXFWYHUNHHUGWHYHUZLMGHUHQ9RRUPHHUGH WDLOVLQYHUEDQGPHWKHWUHFFOHQYDQGLWSURGXFWNXQWXKHW EHVWHFRQWDFWRSQHPHQPHWGHJHPHHQWHOLMNHLQVWDQWLHV KHWEHGULMIRIGHGLHQVWEHODVWPHWGHYHUZLMGHULQJYDQKXLV KRXGDIYDORIGHZLQNHOZDDUXKHWSURGXFWKHEWJHNRFKW

*pQpUDOLWpV

)

6RPPDLUH

*pQpUDOLWpV

*pQpUDOLWpV21 &HTXHYRXVWURXYHUH]LFL

&HTXHYRXVWURXYHUH]LFL21 8WLOLVDWLRQFRQIRUPH21
&RQVLJQHVGHVpFXULWpHWDYHUWLVVHPHQWV22 3RXUOHUDFFRUGHPHQWHWOHIRQFWLRQQHPHQW22 3RXUODWDEOHGHFXLVVRQHQJpQpUDO22 3RXUOHVSHUVRQQHV23 ([SOLFDWLRQGHVVPEROHVHWGHVFRQVLJQHV.24
‘HVFULSWLRQGHO¶DSSDUHLO 25 &RPPDQGHSDUWRXFKHVVHQVLWLYHV…26 ,QIRUPDWLRQVLPSRUWDQWHV
FRQFHUQDQWOH6OLGHUFKDPSVHQVLWLI 26
8WLOLVDWLRQ27

/LVH]VRLJQHXVHPHQWOHVLQIRUPDWLRQVSRUWpHVGDQVFH PDQXHODYDQWGHPHWWUHYRWUHWDEOHGHFXLVVRQHQVHUYLFH 9RXVWURXYHUH]GHVUHPDUTXHVLPSRUWDQWHVFRQFHUQDQW YRWUHVpFXULWpO¶XWLOLVDWLRQO¶HQWUHWLHQHWODPDLQWHQDQ FHGHYRWUHDSSDUHLOTXLYRXVSHUPHWWURQWG¶HQSUR¿WHU ORQJWHPSV
(QFDVGHSDQQHFRQVXOWH]G
DERUGOHFKDSLWUH©4XHIDLUH HQFDVG
DQRPDOLH”ª9RXVSRXYH]VRXYHQWUHPpGLHU YRXVPrPHDX[SDQQHVPLQHXUHVHWpFRQRPLVHUDLQVLGHV IUDLVG¶LQWHUYHQWLRQLQXWLOHV
&RQVHUYH]VRLJQHXVHPHQWFHWWHQRWLFH5HPHWWH]ODDX[ QRXYHDX[SURSULpWDLUHVGHO
DSSDUHLOSRXUOHXUVpFXULWpHW OHXULQIRUPDWLRQ

/DWDEOHGHFXLVVRQjLQGXFWLRQ27 ‘pWHFWLRQGHVUpFLSLHQWV27 /LPLWDWLRQGHODGXUpHGHIRQFWLRQQHPHQW27 $XWUHVIRQFWLRQV27 3URWHFWLRQHQFDVGHVXUFKDXHLQGXFWLRQ.27 9DLVVHOOHSRXUWDEOHGHFXLVVRQjLQGXFWLRQ.28 &RQVHLOVSRXUpFRQRPLVHUGHO¶pQHUJLH..28 3RVLWLRQVGHFXLVVRQ.28

8WLOLVDWLRQFRQIRUPH /DWDEOHGHFXLVVRQQHGRLWrWUHXWLOLVpHTXHSRXUODSUpSD UDWLRQGHUHSDVGDQVOHFDGUHG
XQHXWLOLVDWLRQGRPHVWLTXH HWVLPLODLUH/HVXWLOLVDWLRQVVLPLODLUHVVRQW
O
XWLOLVDWLRQGDQVOHVPDJDVLQVOHVEXUHDX[HWDXWUHV HQYLURQQHPHQWVGHWUDYDLO
O
XWLOLVDWLRQGDQVGHVHQWUHSULVHVDJULFROHV

,QGLFDWHXUGHFKDOHXUUpVLGXHOOH.28 O
XWLOLVDWLRQSDUGHVFOLHQWVGDQVGHVK{WHOVGHVPRWHOV

8WLOLVDWLRQGHVWRXFKHV.29

HWDXWUHVHQYLURQQHPHQWVG
KDELWDWWSLTXHV

0HWWUHHQPDUFKHODWDEOH GHFXLVVRQHWOD]RQHGHFXLVVRQ.29
$UUrWHUOD]RQHGHFXLVVRQ29 $UUrWHUODWDEOHGHFXLVVRQ29

O
XWLOLVDWLRQGDQVOHVSHQVLRQVDYHFSHWLWVGpMHXQHUV
1HMDPDLVXWLOLVHUO¶DSSDUHLOSRXUGHVDSSOLFDWLRQVQRQ DSSURSULpHVHWWRXMRXUVO¶XWLOLVHUVRXVVXUYHLOODQFH

)RQFWLRQ672330

)RQFWLRQ5pWDEOLVVHPHQW30 6pFXULWp(QIDQWV31 )RQFWLRQGHSRQWDJH31 $UUrWDXWRPDWLTXHPLQXWHULH32 0LQXWHULHVDEOLHU32

6HUYLFHDSUqVYHQWH 3DV%DV%HOJLTXH/X[HPERXUJDSSHOHUOH RXHQYRHUXQHPDLOj VHUYLFH#DOOXDQFHQO

3UpFXLVVRQDXWRPDWLTXH33 1LYHDXGHWHPSpUDWXUHGHPDLQWLHQDXFKDXG33 9HUURXLOODJH34

,QGLTXHULPSpUDWLYHPHQWOHPRGqOHGHYRWUHKRWWH DVSLUDQWHHWOHQXPpURGHFRQ¿UPDWLRQGHFRPPDQGH &HVLQGLFDWLRQVVHWURXYHQWVXUODSODTXHVLJQDOpWLTXH

$OOXUH©3RZHUª34

3RZHUPDQDJHPHQW.34

)RQFWLRQ*ULO35

1HWWRDJHHWHQWUHWLHQ.36 7DEOHGHFXLVVRQYLWURFpUDPLTXH.36 6DOLVVXUHVUpVLVWDQWHV.36

4XHIDLUHHQFDVGHSUREOqPHV”..37

5DFFRUGHPHQWpOHFWULTXH.38

&DUDFWpULVWLTXHVWHFKQLTXHV..38

0LVHHQVHUYLFH..38

0LVHKRUVVHUYLFHpOLPLQDWLRQ.39 0LVHKRUVVHUYLFH.39 eOLPLQDWLRQGHO¶HPEDOODJH.39 eOLPLQDWLRQGHVDSSDUHLOVKRUVVHUYLFH.39

&RQVLJQHVGHVpFXULWpHWDYHUWLVVHPHQWV

)

&RQVLJQHVGHVpFXULWpHWDYHUWLVVHPHQWV 3RXUOHUDFFRUGHPHQWHWOHIRQFWLRQQHPHQW
/HVDSSDUHLOVRQWpWpFRQoXVVHORQOHVQRU PHVGHVpFXULWpHQYLJXHXU
/HUDFFRUGHPHQWDXVHFWHXUO¶HQWUHWLHQHW ODUpSDUDWLRQGHO¶DSSDUHLOQHGRLYHQWrWUH HHFWXpVTXHSDUXQSURIHVVLRQQHODJUpp FRQIRUPpPHQWDX[VWDQGDUGVGHVpFXULWpHQ YLJXHXU/HVWUDYDX[HHFWXpVGHIDoRQQRQ FRQIRUPHPHWWHQWYRWUHVpFXULWpHQGDQJHU
(QFDVG¶HQGRPPDJHPHQWGXFRUGRQGHFHW DSSDUHLOFHOXLFLGRLWrWUHUHPSODFpSDUOHIDE ULFDQWRXVRQ6HUYLFH$SUqV9HQWHRXSDUXQH SHUVRQQHVLPLODLUHTXDOL¿pHD¿QG¶pYLWHUWRXW ULVTXHGHGDQJHU
1HSDVIDLUHIRQFWLRQQHUO¶DSSDUHLOYLDXQHPL QXWHULHH[WHUQHRXXQHFRPPDQGHjGLVWDQFH H[WHUQH
3RXUODWDEOHGHFXLVVRQHQJpQpUDO
/DWDEOHjLQGXFWLRQUpDJLVVDQWWUqVUDSLGH PHQWjIRUWQLYHDXGHSXLVVDQFHQHSDVOD ODLVVHUVDQVVXUYHLOODQFH
3HQGDQWODFXLVVRQSUHQH]JDUGHjODPRQWpH HQWHPSpUDWXUHWUqVUDSLGHGHV]RQHVGH FXLVVRQeYLWHUGHFKDXHUGHVUpFLSLHQWVj YLGHGDQJHUGHVXUFKDXHGHVUpFLSLHQWV
1HMDPDLVSODFHUGHFDVVHUROHVRXGHSRrOHV YLGHVVXUXQH]RQHGHFXLVVRQDFWLYpH
$WWHQWLRQORUVGHO¶XWLOLVDWLRQGHODFDVVHUROH EDLQPDULH/HVFDVVHUROHVEDLQPDULH SHXYHQWFKDXHUjYLGHVDQVDXFXQ DYHUWLVVHPHQW&HFLHQGRPPDJHOHUpFLSLHQW HWODWDEOHGHFXLVVRQ’DQVFHFDVOD UHVSRQVDELOLWpGXIDEULFDQWQHSRXUUDrWUH HQJDJpH
$SUqVO
XWLOLVDWLRQDUUrWHUOD]RQHGHFXLVVRQ LPSpUDWLYHPHQWDYHFODWRXFKH0RLQVHWQRQ XQLTXHPHQWSDUODGpWHFWLRQGXUpFLSLHQWGH FXLVVRQ
/HVJUDLVVHVHWOHVKXLOHVVXUFKDXpHVSHX YHQWV¶HQÀDPPHUVSRQWDQpPHQW1HSDV SUpSDUHUGHPHWVRXGHSODWVDYHFGHO¶KXLOH RXGHODJUDLVVHVDQVVXUYHLOODQFH1HMDPDLV pWHLQGUHGHO
KXLOHRXGHODJUDLVVHHQÀDPPpH DYHFGHO
HDX$UUrWHUO¶DSSDUHLOHWUHFRXYULU OHVÀDPPHVDYHFSUpFDXWLRQSH[jO¶DLGH G¶XQFRXYHUFOHRXG¶XQHFRXYHUWXUHH[WLQF WULFH

/DVXUIDFHHQYLWURFpUDPLTXHHVWWUqV UpVLVWDQWHeYLWH]WRXWHIRLVG¶IDLUHWRPEHU GHVREMHWVGXUV/HVLPSDFWVHQIRUPHGH SRLQWSHXYHQWHQWUDvQHUODUXSWXUHGHODWDEOH GHFXLVVRQ
5LVTXHGHFKRFpOHFWULTXHHQFDVGHEULVXUH GH¿VVXUHRXG¶DXWUHVHQGRPPDJHPHQWVGH ODYLWURFpUDPLTXH0HWWUHDXVVLW{WO¶DSSDUHLO KRUVVHUYLFH&RXSHULPPpGLDWHPHQWOH IXVLEOHGRPHVWLTXHHWDSSHOHUOH6HUYLFH $SUqV9HQWH
6¶LOQ¶HVWSOXVSRVVLEOHG¶DUUrWHUODWDEOHGH FXLVVRQWRXFKHVVHQVLWLYHVGpIHFWXHXVHV FRXSHULPPpGLDWHPHQWOHIXVLEOHGRPHVWLTXH HWDSSHOHUOH6HUYLFH$SUqV9HQWH
$WWHQWLRQHQWUDYDLOODQWDYHFGHVDSSDUHLOV PpQDJHUV1HMDPDLVSRVHUOHVFkEOHVjSUR [LPLWpGHV]RQHVGHFXLVVRQFKDXGHV
5LVTXHG¶LQFHQGLHQHMDPDLVHQWUHSRVHUGHV REMHWVVXUODWDEOHGHFXLVVRQ
1¶XWLOLVH]MDPDLVODWDEOHGHFXLVVRQYLWURFpUD PLTXHSRXUGpSRVHUGHVREMHWV
1HSDVGpSRVHUGHIHXLOOHG¶DOXPLQLXPRX GH¿OPSODVWLTXHVXUOHV]RQHVGHFXLVVRQ eORLJQHUGHOD]RQHGHFXLVVRQFKDXGHWRXW FHTXLULVTXHGHIRQGUHSH[REMHWVRX ¿OPVHQSODVWLTXHVXFUHHWPHWVFRQWHQDQW EHDXFRXSGHVXFUH’XVXFUHUHQYHUVpVXU ODSODTXHYLWURFpUDPLTXHGRLWrWUHUHWLUp LPPpGLDWHPHQWWDQWTX¶LOHVWFKDXGHWFH DYHFXQJUDWWRLUVSpFLDOYHUUHD¿QG¶pYLWHUWRXW HQGRPPDJHPHQWGHODWDEOHGHFXLVVRQ
1HGpSRVH]SDVG¶REMHWVPpWDOOLTXHV XVWHQVLOHVGHFXLVLQHFRXYHUWV«VXU ODWDEOHjLQGXFWLRQLOVSRXUUDLHQWGHYHQLU FKDXGV5LVTXHGHEUOXUHV
1HGpSRVH]MDPDLVGLUHFWHPHQWVRXVODWDEOH GHFXLVVRQGHVREMHWVVHQVLEOHVDXIHX IDFLOHPHQWLQÀDPPDEOHVRXGpIRUPDEOHV
‘HVREMHWVPpWDOOLTXHVSRUWpVVXUOHFRUSV SHXYHQWjSUR[LPLWpLPPpGLDWHGHODWDEOHj LQGXFWLRQGHYHQLUFKDXGV$WWHQWLRQULVTXH GHEUOXUHV&HWWHPLVHHQJDUGHQHFRQFHUQH SDVOHVREMHWVQRQPDJQpWLVDEOHVWHOVTXH EDJXHVHQRURXHQDUJHQW
1HMDPDLVIDLUHFKDXHUGHVERLWHVGHFRQVHU YHVIHUPpHVQLG¶HPEDOODJHVVWUDWL¿pVVXUOHV ]RQHVGHFXLVVRQ/
DOLPHQWDWLRQHQpQHUJLH SRXUUDLWOHVIDLUHpFODWHU

&RQVLJQHVGHVpFXULWpHWDYHUWLVVHPHQWV

)

0DLQWHQLUOHVWRXFKHVVHQVLWLYHVSURSUHVFDU GHVVDOLVVXUHVVXUO¶DSSDUHLOSRXUUDLHQWrWUH GpWHFWpHVFRPPHHHXUHPHQWG¶XQGRLJW1H MDPDLVSRVHUG
REMHWVWHOVTXHFDVVHUROHV WRUFKRQVHWFVXUOHVWRXFKHVVHQVLWLYHV
$XFDVROHVDOLPHQWVGpERUGHUDLHQWVXU OHVWRXFKHVVHQVLWLYHVQRXVFRQVHLOORQV G¶DFWLRQQHUODWRXFKH$UUrW
1HSDVSODFHUOHVFDVVHUROHVHWOHVSRrOHV jSUR[LPLWpGHVWRXFKHVVHQVLWLYHVQLHQ UHFRXYULUFHVGHUQLqUHV’DQVFHFDVO¶DSSD UHLOV¶DUUrWHDXWRPDWLTXHPHQW
3ODFHUWRXMRXUVOHUpFLSLHQWGHFXLVVRQDXPLOL HXGHOD]RQHGHFXLVVRQ
8WLOLVHUVLSRVVLEOHOHVUpFLSLHQWVGHJUDQGH WDLOOHVXUOHV]RQHVGHFXLVVRQDUULqUHD¿Q TXHOHVWRXFKHVVHQVLWLYHVQHVRLHQWSDVWURS FKDXpHVVXUFKDXH7RXFK&RQWUROPHVVD JHG
HUUHXU(FRXSXUHGX7RXFK&RQWURO
(QFDVGHSUpVHQFHG¶DQLPDX[FDSDEOHVG
DW WHLQGUHODWDEOHGHFXLVVRQDFWLYHUODVpFXULWp (QIDQWV
1
XWLOLVH]MDPDLVODWDEOHGHFXLVVRQj LQGXFWLRQORUVTXHOHIRXUVRXVSODQHVWHQ IRQFWLRQQHPHQW3UROVH
/DWDEOHGHFXLVVRQHQYLWURFpUDPLTXHQHGRLW HQDXFXQFDVrWUHQHWWRpHDYHFXQDSSDUHLO jYDSHXURXDYHFXQXVWHQVLOHVLPLODLUH
9HLOOHUjQHSDVGpSRVHUG
REMHWVSH[FKLI IRQjSUR[LPLWpLPPpGLDWHGHO
pYDFXDWLRQGH ODWDEOHGHFXLVVRQ&HVREMHWVSRXUUDLHQWrWUH DVSLUpVSDUOHÀX[G
DLU’HPDQLqUHJpQpUDOH PDLQWHQLUOHVOLTXLGHVHWSHWLWVREMHWVjO
pFDUW GHO
DSSDUHLO
1HMDPDLVXWLOLVHUO
DSSDUHLOVDQV¿OWUHjJUDLV VHVPLVHQSODFH
/HV¿OWUHVjJUDLVVHHQFUDVVpVUHSUpVHQWHQW XQULVTXHG
LQFHQGLH
/HVIULWXUHVQHVRQWDXWRULVpHVTXHVRXVVXU YHLOODQFHSHUPDQHQWHOHÀDPEDJHHVWLQWHU GLW
(QFDVG
XWLOLVDWLRQGHIRHUVjFKHPLQpH XWLOLVpVDYHFGXERLVGXFKDUERQGXJD] RXGXPD]RXWYHLOOHUjXQHYHQWLODWLRQVX VDQWH/DGpSUHVVLRQPD[LPXPDGPLVVLEOH HQJHQGUpHSDUODKRWWHG
DVSLUDWLRQGDQVOH ORFDORVHWURXYHOHIRHUjFKHPLQpHQHGRLW SDVGpSDVVHU3DPEDUVRXVSHLQHGH ULVTXHG
HPSRLVRQQHPHQW

3RXUOHVSHUVRQQHV
&HVDSSDUHLOVSHXYHQWrWUHXWLOLVpVSDUGHV HQIDQWVkJpVGHSOXVGHDQVHWSDUGHVSHU VRQQHVDYHFGHVFDSDFLWpVSKVLTXHVVHQVR ULHOOHVRXPHQWDOHVUpGXLWHVRXGHVSHUVRQQHV PDQTXDQWG¶H[SpULHQFHHWRXGHFRQQDLVVDQ FHVjFRQGLWLRQTX¶HOOHVVRLHQWVXUYHLOOpHVRX LQLWLpHVFRQFHUQDQWO¶XWLOLVDWLRQHQWRXWHVpFX ULWpGHO¶DSSDUHLOHWTX¶HOOHVDLHQWELHQFRPSULV OHVGDQJHUVHQUpVXOWDQW,OHVWLQWHUGLWDX[ HQIDQWVGHMRXHUDYHFO¶DSSDUHLO/HQHWWRDJH HWO¶HQWUHWLHQSDUO¶XWLOLVDWHXUQHGRLYHQWSDV rWUHHHFWXpVSDUGHVHQIDQWVjPRLQVTX¶LOV OHIDVVHQWVRXVVXUYHLOODQFH
/HVVXUIDFHVGHVSODTXHVGHFXLVVRQHWGHV pOpPHQWVWKHUPLTXHVVRQWEUODQWHVSHQGDQW OHIRQFWLRQQHPHQW,OFRQYLHQWGRQFGHWHQLU OHVHQIDQWVpORLJQpV
6HXOVGHVJULOOHVGHSURWHFWLRQRXUHFRXYUH PHQWVSRXUWDEOHVGHFXLVVRQSURSRVpVSDUOH IDEULFDQWGHODWDEOHGHFXLVVRQRXOHVJULOOHV GHSURWHFWLRQRXUHFRXYUHPHQWVSRXUWDEOHV GHFXLVVRQFLWpVSDUOHIDEULFDQWGDQVOHPD QXHOGHVHUYLFHSHXYHQWrWUHXWLOLVpV/¶XWLOLVD WLRQGHJULOOHVRXGHUHFRXYUHPHQWVLQDGDSWpV SHXWHQWUDvQHUGHVDFFLGHQWV
/HVSHUVRQQHVSRUWDQWXQSDFHPDNHURX XQHSRPSHjLQVXOLQHGRLYHQWV
DVVXUHUTXH ODWDEOHjLQGXFWLRQQ
HQWUDYHSDVOHERQ IRQFWLRQQHPHQWGHOHXUVLPSODQWVODSODJH GHIUpTXHQFHGHODWDEOHjLQGXFWLRQVHVLWXH HQWUHHWN+]

&RQVLJQHVGHVpFXULWpHWDYHUWLVVHPHQWV

)

([SOLFDWLRQGHVVPEROHVHWGHVFRQVLJQHV /
DSSDUHLODpWpIDEULTXpVHORQO
pWDWDFWXHOGHODWHFKQLTXH &HSHQGDQWOHVPDFKLQHVUHFqOHQWWRXMRXUVGHVULVTXHV TX
LOQ
HVWSDVSRVVLEOHG
H[FOXUHHQPDWLqUHGHFRQVWUXFWL RQ $¿QG
DVVXUHUjO
XWLOLVDWHXUXQHVpFXULWpVXVDQWHGHV FRQVLJQHVGHVpFXULWpVRQWSUHVFULWHVHQSOXVFHVFRQVL JQHVVRQWLGHQWL¿pHVSDUOHVPDUTXDJHVGHWH[WHGpFULWV FLDSUqV 6HXOOHUHVSHFWGHFHVFRQVLJQHVSHUPHWGHJDUDQWLUXQH VpFXULWpVXVDQWHORUVGHO
XWLOLVDWLRQ /HVSDVVDJHVGHWH[WHPDUTXpVRQWGHVVLJQL¿FDWLRQV GLpUHQWHV
‘$1*(5 5HPDUTXHTXLDWWLUHO
DWWHQWLRQVXUXQGDQJHU PHQDoDQWGRQWOHVFRQVpTXHQFHVSRVVLEOHV VRQWODPRUWRXGHWUqVJUDYHVEOHVVXUHV
358′(1&( 5HPDUTXHTXLDWWLUHO
DWWHQWLRQVXUXQHVLWX DWLRQSRWHQWLHOOHPHQWGDQJHUHXVHGRQWOHV FRQVpTXHQFHVSRVVLEOHVVRQWODPRUWRXGH WUqVJUDYHVEOHVVXUHV
$77(17,21 5HPDUTXHTXLDWWLUHO
DWWHQWLRQVXUXQH VLWXDWLRQGDQJHUHXVHGRQWOHVFRQVpTXHQ FHVSRVVLEOHVVRQWGHOpJqUHVEOHVVXUHVRX O
HQGRPPDJHPHQWGHO
DSSDUHLO

(QRXWUHOHVVPEROHVGHGDQJHUVXLYDQWVPDUTXHQWFHU WDLQVSDVVDJHVGHWH[WH
$77(17,21e1(5*,(e/(&75,48( ‘$1*(5′(0257 &HVPEROHHVWDSSRVpjSUR[LPLWpGHFRP SRVDQWVVRXVWHQVLRQ/HVFRXYHUFOHVPXQLV GHFHVPEROHGRLYHQWrWUHUHWLUpVXQLTXH PHQWSDUXQpOHFWULFLHQTXDOL¿p
358′(1&(685)$&(6%5Ó/$17(6 &HVPEROHHVWDSSRVpVXUGHVVXUIDFHV TXLGHYLHQQHQWEUODQWHV’DQJHUGHJUDYHV EUOXUHVRXpFKDXGXUHV /HVVXUIDFHVSHXYHQWHQFRUHrWUHEUODQWHV PrPHDSUqVTXHO
DSSDUHLOHVWFRXSp
35(6&5,37,216’
87,/,6$7,213285 /$0$1,38/$7,21′(&20326$176 (7(16(0%/(6(6’6(16,%/(6¬ /
e/(&75,&,7e67$7,48( /HVFRXYHUFOHVVXUOHVTXHOVVRQWDSSRVpV FHVPEROHUHFRXYUHQWGHVFRPSRVDQWVHW HQVHPEOHVVHQVLEOHVjO
pOHFWULFLWpVWDWLTXH eYLWHULPSpUDWLYHPHQWWRXWFRQWDFWDYHF OHVFRQQH[LRQVFLUFXLWVHWEURFKHVGH FRPSRVDQWV6HXOXQSHUVRQQHOGLVSRVDQW GHFRQQDLVVDQFHVGDQVOHGRPDLQHGHV (6’HVWDXWRULVpjLQWHUYHQLUVXUFHV FRPSRVDQWV

5(0$548(
5HPDUTXHGRQWOHUHVSHFWIDFLOLWHO
XWLOLVDWLRQ GHO
DSSDUHLO

‘HVFULSWLRQGHO¶DSSDUHLO

)

‘HVFULSWLRQGHO¶DSSDUHLO

/HGpFRUSHXWrWUHGLpUHQWGHFHOXLLOOXVWUp
=RQHGHFXLVVRQjLQGXFWLRQDYDQW =RQHGHFXLVVRQjLQGXFWLRQDUULqUH 7DEOHGHFXLVVRQYLWURFpUDPLTXH &RPPDQGHGHYHQWLODWHXU 3DQQHDXGHFRPPDQGH7RXFK&RQWURO 9HQWLODWHXU 7RXFKH0DUFKH$UUrWWDEOHGHFXLVVRQ FKDPSVHQVLWLI $FKDJHDOOXUHGHFXLVVRQ 7RXFKHVHQVLWLYHGHYHUURXLOODJH

7RXFKHPDLQWLHQDXFKDXG 7RXFKH6723IRQFWLRQ3DXVH 7RXFKH0RLQV3OXV0LQXWHULH $FKDJH0LQXWHULH $FKDJH0LQXWHULH]RQHGHFXLVVRQ 7RXFKH*ULO
5(0$548( /DSOXSDUWGHVWRXFKHVUHSUpVHQWpHVLFLQH VRQWYLVLEOHVTX¶DSUqVODPLVHHQPDUFKHGH ODWDEOHGHFXLVVRQ

‘HVFULSWLRQGHO¶DSSDUHLO

)

&RPPDQGHSDUWRXFKHVVHQVLWLYHV /DFRPPDQGHGHODWDEOHYLWURFpUDPLTXHVHIDLWYLDOHV WRXFKHVVHQVLWLYHV7RXFK&RQWURO/HVWRXFKHVVHQVLWLYHV IRQFWLRQQHQWGHODPDQLqUHVXLYDQWHHHXUH]EULqYHPHQW DYHFODSRLQWHGXGRLJWXQVPEROHVXUODVXUIDFHYL WURFpUDPLTXH&KDTXHDSSXLFRUUHFWHPHQWHHFWXpHVW FRQ¿UPpSDUXQVLJQDOVRQRUH 3DUODVXLWHODWRXFKHVHQVLWLYH7RXFK&RQWUROHVWDSSHOpH ©WRXFKHª
7RXFKH0DUFKH$UUrW $YHFFHWWHWRXFKHWRXWHODWDEOHGHFXLVVRQHVWPLVHHQ PDUFKHRXDUUrWpH
$FKDJHSRVLWLRQGHFXLVVRQ /¶DFKDJHLQGLTXHODSRVLWLRQGHFXLVVRQVpOHFWLRQQpHRX
&KDOHXUUpVLGXHOOH
,QWHQVLWp©3RZHUª
‘pWHFWLRQGHVUpFLSLHQWV

,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQWOH 6OLGHUFKDPSVHQVLWLI /H6OLGHUIRQFWLRQQHWRXMRXUVFRPPHOHVWRXFKHVVHQVLWL YHVDYHFODVHXOHGLpUHQFHTXHOHGRLJWSHXWrWUHSRVp VXUODVXUIDFHYLWURFpUDPLTXHSXLVrWUHGpSODFp/HFKDPS VHQVLWLIGpWHFWHFHGpSODFHPHQWHWDXJPHQWHRXGLPLQXHOD YDOHXUDFKpHDOOXUHGHFXLVVRQHQIRQFWLRQGXGpSODFH PHQW /HWHUPH6OLGHU>DQJOVOLGHFRXOLVVHUIDLUHJOLVVHU@VHUD DSSHOpFKDPSVHQVLWLIGDQVOHWH[WHGHFHPDQXHO
3
FKDPSVHQVLWLI
$TXRLGHYH]YRXVYHLOOHUSHQGDQWO¶XWLOLVDWLRQ” /HGRLJWQHGHYUDLWSDVrWUHSRVpjSODWVXUODVXUIDFH YLWURFpUDPLTXHD¿QGHQHSDVGpFOHQFKHUOHVWRXFKHV FKDPSVVHQVLWLIVjSUR[LPLWpLPPpGLDWH

3UpFXLVVRQDXWRPDWLTXH

)RQFWLRQ6WRS

6pFXULWp(QIDQWV )RQFWLRQGHSRQWDJH

PDXYDLV

FRUUHFW

1LYHDXGHPDLQWLHQGHWHPSpUDWXUH
)RQFWLRQ*ULO 0HVVDJHG¶HUUHXU
6PEROHV )RQFWLRQ0LQXWHULHDUUrWDXWRPDWLTXH 9HUURXLOODJH
7RXFKHGHYHUURXLOODJH /DWRXFKHGHYHUURXLOODJHSHUPHWGHEORTXHUOHVWRXFKHV
7RXFKH0DLQWLHQDXFKDXG 3RXUPDLQWHQLUDXFKDXG

(HXUHUOHFKDPSVHQVLWLIRXGpSODFHUOHGRLJWSRVp
(QHHXUDQWOHFKDPSVHQVLWLIDYHFOHGRLJWODYDOHXU DFKpHDOOXUHGHFXLVVRQFKDQJHSDVjSDV
/RUVTXHOHGRLJWHVWSRVpVXUOHFKDPSVHQVLWLISXLVGp SODFpYHUVODJDXFKHRXODGURLWHODYDOHXUDFKpHFKDQJH HQFRQWLQX
3OXVOHGpSODFHPHQWHVWUDSLGHSOXVODYDOHXUDFKpH FKDQJHYLWH

HHXUHU

GpSODFHU

1LYHDXSOHLQHSXLVVDQFH3RZHUGXFKDPSVHQVLWLI

/DSRVLWLRQ3RZHUIRXUQLWXQHSXLVVDQFHVXSSOpPHQWDLUH DX[]RQHVGHFXLVVRQjLQGXFWLRQ
7RXFKH6WRS /HGpURXOHPHQWGHODFXLVVRQSHXWrWUHLQWHUURPSXPR PHQWDQpPHQWjO¶DLGHGHODIRQFWLRQ6723
)RQFWLRQ5pWDEOLVVHPHQW $SUqVXQHFRXSXUHLQYRORQWDLUHGHODWDEOHGHFXLVVRQOH GHUQLHUUpJODJHSHXWrWUHUpWDEOL
7RXFKH*ULO 3RXUXWLOLVHUODIRQFWLRQ*ULODYHFXQHSODTXH*ULOSRXU LQGXFWLRQ

8WLOLVDWLRQ

)

8WLOLVDWLRQ /DWDEOHGHFXLVVRQjLQGXFWLRQ
/DWDEOHGHFXLVVRQHVWFRPSRVpHGH]RQHVGHFXLVVRQj LQGXFWLRQ8QHERELQHjLQGXFWLRQVLWXpHVRXVODVXUIDFH YLWURFpUDPLTXHJpQqUHXQFKDPSpOHFWURPDJQpWLTXHDO WHUQDWLITXLSpQqWUHODYLWURFpUDPLTXHHWLQGXLWGDQVOHIRQG GHVUpFLSLHQWVXQFRXUDQWSURGXLVDQWGHODFKDOHXU
‘DQVOHFDVGHV]RQHVGHFXLVVRQjLQGXFWLRQODFKDOHXU Q
HVWSOXVSURGXLWHSDUXQpOpPHQWFKDXDQWHWWUDQVPLVHj O
DOLPHQWYLDOHUpFLSLHQWODFKDOHXUQpFHVVDLUHHVWSURGXLWH GLUHFWHPHQWGDQVOHUpFLSLHQWSDUOHVFRXUDQWVG
LQGXFWLRQ
$YDQWDJHVGHODWDEOHjLQGXFWLRQ
8QHFXLVLQHSHXFRQVRPPDWULFHG
pQHUJLHJUkFHjOD WUDQVPLVVLRQGLUHFWHGHO
pQHUJLHDXUpFLSLHQWYDLVVHOOH DGpTXDWHHQPDWpULDX[PDJQpWLVDEOHVLQGLVSHQVDE OH
VpFXULWpDFFUXHO
pQHUJLHQ
pWDQWWUDQVPLVHTXHORUVTXH OHUpFLSLHQWHVWHQSODFHVXUOD]RQHGHFXLVVRQ
WUDQVPLVVLRQjKDXWUHQGHPHQWG¶pQHUJLHHQWUHOD]RQH GHFXLVVRQjLQGXFWLRQHWOHIRQGGHODFDVVHUROH
PRQWpHHQWHPSpUDWXUHWUqVUDSLGH
OHGDQJHUGHEUOXUHVHVWUpGXLWSXLVTXHODWDEOHGH FXLVVRQQHFKDXHTXHVRXVO
DFWLRQGXUpFLSLHQWOHV DOLPHQWVTXLGpERUGHQWQHVRQWSDVFDUERQLVpV
UpJODJHUDSLGHHWH[WUrPHPHQWSUpFLVGHO¶DOLPHQWDWLRQ HQpQHUJLH

‘pWHFWLRQGHVUpFLSLHQWV
/RUVTXHOD]RQHGHFXLVVRQpWDQWHQPDUFKHXQHFDV VHUROHWURSSHWLWHHVWSRVpHVXUOD]RQHGHFXLVVRQRXHQ FDVG¶DEVHQFHGHFDVVHUROHODWUDQVPLVVLRQG¶pQHUJLHQ¶D SDVOLHX8Q FOLJQRWDQWGDQVO¶DFKDJHGHO
DOOXUHGH FXLVVRQHQIDLWUpIpUHQFH
/RUVTX¶XQHFDVVHUROHDGDSWpHHVWSRVpHVXUOD]RQHGH FXLVVRQOD]RQHFKDXHjODSXLVVDQFHGHFXLVVRQVpOHF WLRQQpHHWO¶DFKDJHV¶DOOXPH/¶DOLPHQWDWLRQHQpQHUJLH HVWLQWHUURPSXHORUVTXHOHUpFLSLHQWGHFXLVVRQHVWUHWLUp O¶DFKDJHG
DOOXUHGHFXLVVRQLQGLTXHXQ FOLJQRWDQW
6LO
RQSRVHVXUOD]RQHGHFXLVVRQGHVFDVVHUROHVRX GHVSRrOHVGHSHWLWHWDLOOHPDLVVXVDQWHjGpFOHQFKHUOD GpWHFWLRQGHVUpFLSLHQWVOD]RQHQHIRXUQLUDTXHO
pQHUJLH FRUUHVSRQGDQWjOHXUGLDPqWUHUHVSHFWLI

/LPLWHVGHODGpWHFWLRQGXUpFLSLHQW

‘LDPqWUHGHV]RQHV ‘LDPqWUHPLQUHFRPPDQGpGX

GHFXLVVRQPP

IRQGGXUpFLSLHQWPP

[

/HGLDPqWUHGXIRQGGXUpFLSLHQWGHFXLVVRQQHGRLWSDV rWUHLQIpULHXUjXQHFHUWDLQHYDOHXUFDUVLQRQO
LQGXFWLRQQH VHUDSDVDFWLYpH7RXMRXUVSODFHUOHUpFLSLHQWDXFHQWUHGH OD]RQHGHFXLVVRQSRXUREWHQLUODSOXVJUDQGHHFDFLWp
,PSRUWDQW(QIRQFWLRQGHODTXDOLWpGHODFDVVHUROHOH GLDPqWUHPLQLPXPQpFHVVDLUHSHXWYDULHUSRXUDFWLYHUOD GpWHFWLRQGXUpFLSLHQWGHFXLVVRQ

/LPLWDWLRQGHODGXUpHGHIRQFWLRQQHPHQW
/DWDEOHGHFXLVVRQjLQGXFWLRQSRVVqGHXQHOLPLWDWLRQ DXWRPDWLTXHGHODGXUpHGHIRQFWLRQQHPHQW
/DGXUpHGHIRQFWLRQQHPHQWHQFRQWLQXGHFKDFXQHGHV ]RQHVGHFXLVVRQGpSHQGGHO
DOOXUHGHFXLVVRQVpOHFWL RQQpHYRLUWDEOHDX
&RQGLWLRQSDVGHPRGL¿FDWLRQGHUpJODJHDXQLYHDXGHOD ]RQHGHFXLVVRQSHQGDQWODGXUpHGHIRQFWLRQQHPHQW
/RUVTXHODOLPLWDWLRQGHODGXUpHGHIRQFWLRQQHPHQWD GpFOHQFKpOD]RQHGHFXLVVRQHVWDUUrWpHXQEUHIVLJQDO VRQRUHUHWHQWLWHWXQ+HVWLQGLTXpGDQVO¶DFKDJH
/¶DUUrWDXWRPDWLTXHHVWSULRULWDLUHjODOLPLWDWLRQGHIRQF WLRQQHPHQWF¶HVWjGLUHOD]RQHGHFXLVVRQHVWDUUrWpH TXDQGOHWHPSVGHO¶DUUrWDXWRPDWLTXHHVWpFRXOpSH[ DUUrWDXWRPDWLTXHSRVVLEOHjPLQXWHVHWHQSRVLWLRQGH FXLVVRQ

/LPLWDWLRQGHODGXUpHGHIRQFWLRQQHPHQW

$OOXUHGHFXLVVRQ VpOHFWLRQQpH
3

/LPLWDWLRQGHODGXUpHGH IRQFWLRQQHPHQWHQPLQ

$XWUHVIRQFWLRQV /RUVTXHYRXVDFWLRQQH]VLPXOWDQpPHQWGHX[RXSOXVLHXUV WRXFKHVVHQVLWLYHV±FHTXLSHXWrWUHOHFDVSDUH[HPSOH ORUVTXHYRXVSRVH]XQUpFLSLHQWVXUXQHWRXFKH±FHOOHVFL QHUpSRQGHQWSDV
/HVPEROH RX(UFOLJQRWHHWXQVLJQDOVRQRUHOLPLWp GDQVOHWHPSVUHWHQWLW/¶DUUrWVHIDLWDSUqVTXHOTXHVVH FRQGHV5HWLUH]O¶REMHWSRVpVXUOHVWRXFKHVVHQVLWLYHV
3RXUHDFHUOHVPEROH RX(UDSSXHUVXUODPrPH WRXFKHRXDUUrWHUHWUHPHWWUHHQPDUFKHODWDEOHGHFXLVVRQ

3URWHFWLRQHQFDVGHVXUFKDXHLQGXFWLRQ
(QFDVG
XWLOLVDWLRQSURORQJpHGHODWDEOHGHFXLVVRQj SOHLQHSXLVVDQFHHWORUVTXHODWHPSpUDWXUHDPELDQWHHVW pOHYpHLOSHXWDUULYHUTXHO
pOHFWURQLTXHQHVRLWSOXVVX VDPPHQWUHIURLGLH
$¿QGHQHSDVDWWHLQGUHGHVWHPSpUDWXUHVH[FHVVLYHV DXQLYHDXGHO
pOHFWURQLTXHODSXLVVDQFHGHOD]RQHGH FXLVVRQVHUpGXLWDXWRPDWLTXHPHQWVLEHVRLQHVW6L HQFDVG¶XWLOLVDWLRQQRUPDOHGHODWDEOHGHFXLVVRQHWj WHPSpUDWXUHDPELDQWHQRUPDOH(V¶DFKHIUpTXHPPHQW ODYHQWLODWLRQHVWFHUWDLQHPHQWLQVXVDQWH
/HGpIDXWG
RXYHUWXUHGHYHQWLODWLRQGDQVOHPHXEOH SHXYHQWHQrWUHODFDXVH9pUL¿H]O¶HQFDVWUHPHQWOHFDV pFKpDQWYRLUFKDSLWUH9HQWLODWLRQ

8WLOLVDWLRQ

)

9DLVVHOOHSRXUWDEOHGHFXLVVRQjLQGXFWLRQ
/HUpFLSLHQWXWLOLVpDYHFODWDEOHjLQGXFWLRQGRLWrWUHHQ PpWDODYRLUGHVSURSULpWpVPDJQpWLTXHVHWSRVVpGHUXQ IRQGGHWDLOOHVXVDQWH
1
XWLOLVH]TXHGHVUpFLSLHQWVSRVVpGDQWXQIRQGFRQYHQDQW jO
LQGXFWLRQ

5pFLSLHQWV DSSURSULpV

5pFLSLHQWVQRQ DSSURSULpV

5pFLSLHQWVHQDFLHUpPDLOOp 5pFLSLHQWVHQFXLYUHDFLHU

jIRQGpSDLV

LQR[DOXPLQLXPYHUUH

5pFLSLHQWVHQIRQWHjIRQG UpIUDFWDLUHERLVFpUDPLTXH

pPDLOOp

RXWHUUHFXLWH

5pFLSLHQWVHQDFLHULQR[j FRXFKHVFRPSRVLWHVIHUULWH LQR[RXDOXPLQLXPjIRQG VSpFLDO

3RXUVDYRLUVLXQUpFLSLHQWFRQYLHQW )DLWHVOHWHVWGpFULWFLGHVVRXVRXDVVXUH]YRXVTXHYRWUH UpFLSLHQWSRUWHELHQODPHQWLRQ©FRPSDWLEOHLQGXFWLRQª
7HVWjO
DLPDQW $SSURFKH]GXIRQGGHYRWUHUpFLSLHQW O
DLPDQW6
LOHVWDWWLUpYRXVSRXYH]XWLOLVHU OHUpFLSLHQWHQTXHVWLRQVXUODWDEOHj LQGXFWLRQ
5HPDUTXH /HVUpFLSLHQWV©LQGXFWLRQªSURSRVpVSDUFHUWDLQVIDEULFDQWV SHXYHQWpPHWWUHGHVEUXLWVSHQGDQWO¶XWLOLVDWLRQFHVEUXLWV VRQWGXVjODFRQFHSWLRQGHVUpFLSLHQWV

0DXYDLVOHIRQGGHO¶XVWHQVLOHGHFXLVVRQHVWERPEp /¶pOHFWURQLTXHQHSHXWSDVGpWHFWHUFRUUHFWHPHQWOD WHPSpUDWXUH

&RQVHLOVSRXUpFRQRPLVHUGHO¶pQHUJLH
9RXVWURXYH]FLDSUqVTXHOTXHVFRQVHLOVLPSRUWDQWV FRQFHUQDQWO¶XWLOLVDWLRQpFRQRPLTXHHWHFDFHGHYRWUH QRXYHOOHWDEOHGHFXLVVRQjLQGXFWLRQHWOHVXVWHQVLOHVGH FXLVVRQDGDSWpV
/HGLDPqWUHGXIRQGGHODFDVVHUROHGHYUDLWFRUUHV SRQGUHjFHOXLGHOD]RQHGHFXLVVRQ
9HLOOH]DXPRPHQWGHO
DFKDWGHFDVVHUROHVDX GLDPqWUHGXIRQGSDUIRLVOHVLQGLFDWLRQVGRQQpHV SDUOHIDEULFDQWFRUUHVSRQGHQWDXGLDPqWUHGXERUG VXSpULHXU&HGHUQLHUHVWVRXYHQWSOXVJUDQGTXHOH IRQGGHODFDVVHUROH
/HVDXWRFXLVHXUVVRQWSDUWLFXOLqUHPHQWpFRQRPLTXHV HQWHUPHGHWHPSVGHFXLVVRQHWGHFRQVRPPDWLRQ G¶pQHUJLHJUkFHjOHXUIHUPHWXUHKHUPpWLTXHHWOD VXUSUHVVLRQGHYDSHXUjO¶LQWpULHXUGHODFDVVHUROH/HV WHPSVGHFXLVVRQUDSLGHVSURWqJHQWOHVYLWDPLQHV
9HLOOH]WRXMRXUVjXQHTXDQWLWpVXVDQWHGHOLTXLGH GDQVO¶DXWRFXLVHXUFHOXLFLHWOD]RQHGHFXLVVRQ SRXUUDLHQWrWUHHQGRPPDJpHVSDUODVXUFKDXHG
XQH FDVVHUROHYLGH
‘DQVODPHVXUHGXSRVVLEOHIHUPH]WRXMRXUVOHV FDVVHUROHVjO¶DLGHG¶XQFRXYHUFOHDGDSWp
8WLOLVH]GHSUpIpUHQFHXQHFDVVHUROHGHWDLOOHELHQDG DSWpHjODTXDQWLWpGHVDOLPHQWVjFXLUH8QHFDVVHUROH WURSJUDQGHDYHFSHXG¶DOLPHQWVQpFHVVLWHEHDXFRXS G¶pQHUJLH
3RVLWLRQVGHFXLVVRQ
/DSXLVVDQFHGHFKDXHGHV]RQHVGHFXLVVRQSHXWrWUH UpJOpHVXUSOXVLHXUVSRVLWLRQV/HWDEOHDXYRXVLQGLTXHGHV H[HPSOHVGHFXLVVRQGDQVOHVGLpUHQWHVSRVLWLRQV

$OOXUHGH FXLVVRQ

,QGLTXpHSRXU

3RVLWLRQ$UUrWXWLOLVDWLRQGHODFKDOHXUUpVL

GXHOOH

&RQWLQXHUODFXLVVRQGHSHWLWHVTXDQWLWpV

&RQWLQXHUODFXLVVRQ

&RQWLQXHUODFXLVVRQGHTXDQWLWpVLPSRUWDQ WHVWHUPLQHUGHU{WLUGHJURVPRUFHDX[GH YLDQGH

5{WLUSUpSDUHUXQURX[

5{WLU

‘pPDUUHUODFXLVVRQVDLVLUU{WLU

3RVLWLRQ3RZHUSXLVVDQFHPD[

3RXUOHVFDVVHUROHVVDQVFRXYHUFOHODVpOHFWLRQG¶XQH DOOXUHGHFXLVVRQSOXVpOHYpHSHXWV¶DYpUHUQpFHVVDLUH

,QGLFDWHXUGHFKDOHXUUpVLGXHOOH /DWDEOHGHFXLVVRQHVWpTXLSpHG¶XQLQGLFDWHXUGHFKDOHXU UpVLGXHOOH+
7DQWTXHOH+UHVWHDOOXPpXQHIRLVOD]RQHGHFXLVVRQ DUUrWpHODFKDOHXUUpVLGXHOOHSHXWrWUHXWLOLVpHSRXUIDLUH IRQGUHRXSRXUPDLQWHQLUOHVSODWVDXFKDXG
8QHIRLVODOHWWUH+pWHLQWHOD]RQHGHFXLVVRQSHXWHQFRUH rWUHFKDXGH5LVTXHGHEUOXUHV
3RXUXQH]RQHGHFXLVVRQjLQGXFWLRQODYLWURFpUDPLTXH QHFKDXHSDVGLUHFWHPHQWPDLVXQLTXHPHQWSDUOD PRQWpHHQWHPSpUDWXUHGXUpFLSLHQW

DGDSWpjO¶LQGXFWLRQ

3RLQWGHGLVSRQLELOLWp

8WLOLVDWLRQ

)

8WLOLVDWLRQGHVWRXFKHV
‘DQVODFRPPDQGHGpFULWHLFLO¶DSSXLG¶XQHWRXFKHGHVpOHFWLRQ GRLWrWUHVXLYLSDUO¶DSSXLG¶XQHDXWUHWRXFKH/¶DSSXLGHODWRXFKH VXLYDQWHGRLWWRXMRXUVDYRLUOLHXVRXVVHFRQGHVGDQVOHFDV FRQWUDLUHODVpOHFWLRQV¶HDFH

0HWWUHHQPDUFKHODWDEOHGHFXLVVRQHWOD]RQHGH

FXLVVRQ

$SSXHUVXUODWRXFKH0DUFKH$UUrW VHFHQYMXVTX¶jFH

TXHOHVDFKDJHVGHVSRVLWLRQVGHFXLVVRQLQGLTXHQWHWXQ

EUHIVLJQDOVRQRUHUHWHQWLW/DFRPPDQGHHVWSUrWHjIRQFWL

RQQHU

3RXUFKRLVLUXQH]RQHGHFXLVVRQDFWLRQQHUO¶DFKDJHGHV

SRVLWLRQVGHFXLVVRQFRPPHWRXFKH/HSRLQWGHGLVSRQLELOLWp

GHOD]RQHVpOHFWLRQQpHV¶DOOXPH

7RXWGHVXLWHDSUqVDFWLRQQHUOHFKDPSVHQVLWLI

8QHDOOXUHGHFXLVVRQHVWDFWLYpH

jJDXFKH$OOXUHGHFXLVVRQ

FHQWUH$OOXUHGHFXLVVRQ

jGURLWH$OOXUHGHFXLVVRQ3

9RLUSDUDJUDSKH,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQWOH6OLGHU

FKDPSVHQVLWLI

3RXUPRGL¿HUO
DOOXUHGHFXLVVRQRXSRXUPHWWUHHQPDUFKHXQH

DXWUH]RQHGHFXLVVRQDFWLRQQH]OHFKDPSVHQVLWLI

FRUUHVSRQGDQW

/HSRLQWGHGLVSRQLELOLWpFRUUHVSRQGDQWGRLWrWUHDOOXPp

3RVHUWRXWGHVXLWHDSUqVXQUpFLSLHQWGHFXLVVRQDGDSWpVXU

OD]RQHGHFXLVVRQ/DGpWHFWLRQGXUpFLSLHQWGHFXLVVRQDFWLYH

ODERELQHG¶LQGXFWDQFH/HUpFLSLHQWFKDXH

7DQWTX¶LOQ¶DSDVGHFDVVHUROHSRVpHVXUOD]RQHGHFXLVVRQ

O¶DFKDJHDOWHUQHHQWUHOD]RQHGHFXLVVRQUpJOpHHWOH

VPEROH 3RXUGHVUDLVRQVGHVpFXULWpVDQVFDVVHUROH

SRVpHOD]RQHGHFXLVVRQHVWDUUrWpHDXWRPDWLTXHPHQWDSUqV

PLQXWHV5HVSHFWHUOHVLQGLFDWLRQVGRQQpHVDXFKDSLWUH

$UUrWHUOD]RQHGHFXLVVRQ

3RXUFKRLVLUXQH]RQHGHFXLVVRQDFWLRQQHUO¶DFKDJHGHV

SRVLWLRQVGHFXLVVRQFRPPHWRXFKH/HSRLQWGHGLVSRQLELOLWpGH

OD]RQHGHFXLVVRQVpOHFWLRQQpHGRLWrWUHDOOXPp

D$FWLRQQHUOHFKDPSVHQVLWLI

WRXWjIDLWjJDXFKH

E ‘pSODFHUOHGRLJWSRVpVXUOHFKDPSVHQVLWLI

YHUV

ODJDXFKHSRXUUpGXLUHO
DOOXUHGHFXLVVRQMXVTX¶j

F $FWLRQQHUODWRXFKH0DUFKH$UUrW GHOD]RQHGHFXLVVRQ

JDXFKHRXGURLWH7RXWHVOHV]RQHVGHFXLVVRQVRQWDUUrWpHV

$UUrWHUODWDEOHGHFXLVVRQ $FWLRQQHUODWRXFKH0DUFKH$UUrWGHWDEOHGHFXLVVRQ /D
WDEOHGHFXLVVRQHVWFRXSpHLQGpSHQGDPPHQWGHVRQUpJODJH
5HPDUTXH /RUVTXHWRXWHVOHV]RQHVGHFXLVVRQVRQWDUUrWpHVPDQXHOOHPHQW DOOXUHGHFXLVVRQHWTX¶HQVXLWHDXFXQHWRXFKHDXFXQFKDPS VHQVLWLIQ¶HVWDFWLRQQpHSDUODVXLWHODWDEOHGHFXLVVRQV¶DUUrWHUD DXWRPDWLTXHPHQWDSUqVVHFRQGHV

/HQLYHDX3RZHUHVWLPPpGLDWHPHQWDFWLYp9RLUSDUDJUDSKH 1LYHDX3RZHU
29

8WLOLVDWLRQ

)

)RQFWLRQ6723
/HGpURXOHPHQWGHODFXLVVRQSHXWrWUHLQWHUURPSX PRPHQWDQpPHQWjO¶DLGHGHODIRQFWLRQ6723SH[ ORUVTXHTXHOTX¶XQVRQQHjODSRUWH3RXUFRQWLQXHUOD FXLVVRQDYHFOHVPrPHVSRVLWLRQVGHFXLVVRQODIRQFWLRQ 6723GRLWrWUHDQQXOpH8QHPLQXWHULHSURJUDPPpHVHUD DUUrWpHHWFRQWLQXHUDHQVXLWHjGpFRPSWHU
3RXUGHVUDLVRQVGHVpFXULWpODGLVSRQLELOLWpGHFHWWHIRQF WLRQHVWOLPLWpHjPLQXWHV&HGpODLGpSDVVpODWDEOHGH FXLVVRQHVWDUUrWpH

/HVUpFLSLHQWVGHFXLVVRQVRQWSRVpVVXUOHV]RQHVGH FXLVVRQHWOHVSRVLWLRQVGHFXLVVRQVRXKDLWpHVVRQW UpJOpHV
$FWLYHUODWRXFKH6723 /HVPEROHGHSDXVH V
DOOXPHjODSODFHGHOD]RQHGHFXLVVRQVpOHFWLRQQpH
/¶LQWHUUXSWLRQVHUDWHUPLQpHORUVTXHG¶DERUGODWRXFKH 6723 VHUDDFWLRQQpHSXLVHQVXLWHQ¶LPSRUWHTXHOOH DXWUHWRXFKHjO¶H[FHSWLRQGHODWRXFKH0DUFKH$UUrW /¶DSSXLVXUODGHX[LqPHWRXFKHGRLWrWUHHHFWXpVRXV VHFRQGHVVLQRQODWDEOHGHFXLVVRQV¶DUUrWH

)RQFWLRQ5pWDEOLVVHPHQW IRQFWLRQGHUpWDEOLVVHPHQW $SUqVXQHFRXSXUHLQYRORQWDLUHGHODWDEOHGHFXLVVRQOH GHUQLHUUpJODJHSHXWrWUHUpWDEOL /DIRQFWLRQ5pWDEOLVVHPHQWQHIRQFWLRQQHTXHVLXQH]RQH GHFXLVVRQDXPRLQVHVWDFWLYpH /DWDEOHGHFXLVVRQDpWpGpVDFWLYpHLQYRORQWDLUHPHQW
DYHFODWRXFKH0DUFKH$UUrW $FWLRQQHUGHQRXYHDXODWRXFKH0DUFKH$UUrW
SHQGDQWXQGpODLGHVHFRQGHVDSUqVO
DUUrW /DWRXFKH6WRSFOLJQRWH $FWLRQQHUHQVXLWHLPPpGLDWHPHQWODWRXFKH6723 /HVSRVLWLRQVGHFXLVVRQRULJLQHOOHVRQWDORUVUpWDEOLHV /DFXLVVRQVHSRXUVXLW
6HURQWUpWDEOLHV /HVSRVLWLRQVGHFXLVVRQGHWRXWHVOHV]RQHVGH
FXLVVRQ /HVPLQXWHVHWOHVVHFRQGHVGHVPLQXWHULHV
SURJUDPPpHVGHV]RQHVGHFXLVVRQFRUUHVSRQGDQWHV 3UpFXLVVRQDXWRPDWLTXH ,QWHQVLWp©3RZHUª
1HVHURQWSDVUpWDEOLHV /HFRPSWHXUGHODOLPLWDWLRQGHGXUpHGH
IRQFWLRQQHPHQWOHVVWqPHUHFRPPHQFHjFRPSWHUj SDUWLUGH

VHQY VHQY

8WLOLVDWLRQ

)

6pFXULWp(QIDQWV /DVpFXULWpHQIDQWVpYLWHTXHODWDEOHGHFXLVVRQjLQGXFWLRQ VRLWPLVHHQPDUFKHLQYRORQWDLUHPHQWRXYRORQWDLUHPHQWSDU GHVHQIDQWV7RXWHFRPPDQGHHVWEORTXpH
$FWLYHUODVpFXULWpHQIDQWV $SSXHUVXUODWRXFKH0DUFKH$UUrWVHQYMXVTX¶jFH
TXHOHVDFKDJHVGHVDOOXUHVGHFXLVVRQLQGLTXHQW©ª $FWLRQQHUDORUVLPPpGLDWHPHQWXQDFKDJHG¶DOOXUHGH
FXLVVRQHWOHPDLQWHQLUDFWLRQQpVHQYMXVTX¶jFHTXH OHFKDPSVHQVLWLIGH3V¶DOOXPH (QVXLWHIDLUHJOLVVHUOHGRLJWVXUO¶HQVHPEOHGXFKDPS VHQVLWLI3VOLGHQSRXUDFWLYHUODVpFXULWp(QIDQWV /¶DFKDJHGHVDOOXUHVGHFXLVVRQLQGLTXHXQ/SRXU&KLOG /RFNYHUURXLOODJHODFRPPDQGHHVWEORTXpHHWODWDEOH GHFXLVVRQV¶pWHLQW
‘pVDFWLYHUODVpFXULWp(QIDQWV $SSXHUVXUODWRXFKH0DUFKH$UUrW $FWLRQQHUDORUVLPPpGLDWHPHQWXQDFKDJHG¶DOOXUHGH
FXLVVRQHWOHPDLQWHQLUDFWLRQQpVHQYMXVTX¶jFHTXH OHFKDPSVHQVLWLIGH3V¶DOOXPH (QVXLWHIDLUHJOLVVHUOHGRLJWVXUO¶HQVHPEOHGXFKDPS VHQVLWLI3VOLGHQSRXUGpVDFWLYHUODVpFXULWp(QIDQWV/H /V¶pWHLQW
&RQVLJQHV (QFDVGHFRXSXUHGHFRXUDQWODVpFXULWp(QIDQWVDFWLYpH
Q
HVWSDVGpVDFWLYpH

)RQFWLRQGHSRQWDJH /D]RQHGHFXLVVRQDYDQWHWDUULqUHSHXYHQWrWUHPLVHVHQ FLUFXLWVLPXOWDQpPHQWIRQFWLRQGHSRQWDJH&HFLSHUPHWG¶XWL OLVHUGHVUpFLSLHQWVGHFXLVVRQSOXVJUDQGV
0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ
3RXUDFWLYHUODIRQFWLRQGHSRQWDJHHHXUHUVLPXOWDQp PHQWO
DFKDJHG¶DOOXUHGHFXLVVRQFRPPHWRXFKHGHV ]RQHVGHFXLVVRQDYDQWHWDUULqUH/DIRQFWLRQGHSRQWDJH HVWDFWLYpHOHSRQW DSSDUDvWGDQVO¶DFKDJHDUULqUH G
DOOXUHGHFXLVVRQ /DFRPPDQGHHVWDORUVHHFWXpHjSDUWLUGHO¶DFKDJH DYDQWG¶DOOXUHGHFXLVVRQHWOHFKDPSVHQVLWLI
3RXUGpVDFWLYHUOHVGHX[]RQHVGHFXLVVRQFRPPHWRX FKHHHXUHUjQRXYHDXVLPXOWDQpPHQWOHVGHX[]RQHV GHFXLVVRQRXDUUrWHUODWDEOHGHFXLVVRQ
5HPDUTXH 3RXUTXHODFDVVHUROHRXOHIDLWWRXWSXLVVHrWUHLGHQWL¿pSDU ODGpWHFWLRQDXWRPDWLTXHGHVUpFLSLHQWVLOGRLWUHFRXYULUDX PRLQVGHPRLWLpOHV]RQHVGHFXLVVRQXWLOLVpHV

8WLOLVDWLRQ

)

$UUrWDXWRPDWLTXHPLQXWHULH /¶DUUrWDXWRPDWLTXHSHUPHWG¶DUUrWHUDXWRPDWLTXHPHQWFKDTXH ]RQHGHFXLVVRQHQIRQFWLRQQHPHQWDSUqVXQHGXUpHGH FXLVVRQUpJODEOH9RXVSRXYH]UpJOHUGHVWHPSVGHFXLVVRQ HQWUHHWKPLQXWHV
0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ
3RXUFKRLVLUXQH]RQHGHFXLVVRQDFWLRQQHUO¶DFKDJHGHV SRVLWLRQVGHFXLVVRQFRPPHWRXFKH/HSRLQWGHGLVSRQL ELOLWpGHOD]RQHVpOHFWLRQQpHV¶DOOXPH
(QVXLWHUpJOHUOHWHPSVVRXKDLWpHQDSSXDQWVXUOD WRXFKH3OXV RXODWRXFKH0RLQV GHODPLQXWHULH =RQHJDXFKHKHXUHV =RQHGXPLOLHXGL]DLQHVGHPLQXWHV =RQHGURLWHDSUqVTXHOTXHVVHFRQGHVO¶HQWUpHHVWSULVH HQFRPSWHHWOHGpURXOHPHQWDFRPPHQFp /HVPEROHGHPLQXWHULH GHOD]RQHGHFXLVVRQ V¶DOOXPH
8QHIRLVODGXUpHpFRXOpHOD]RQHGHFXLVVRQHVWpWHLQ WH8QVLJQDOVRQRUHUHWHQWLWLOHVWOLPLWpGDQVOHWHPSVHW SHXWrWUHDUUrWpHQDSSXDQWVXUQ¶LPSRUWHTXHOOHWRXFKH jO¶H[FHSWLRQGHODWRXFKH0DUFKH$UUrWGHODWDEOHGH FXLVVRQ
&RQVLJQHV
3RXUSURJUDPPHUO¶DUUrWDXWRPDWLTXHG¶XQHDXWUH]RQHGH FXLVVRQUpSpWHUOHVRSpUDWLRQVj
3RXUFRQWU{OHUOHWHPSVpFRXOpDUUrWDXWRPDWLTXHDFWL RQQHUO¶DFKDJHG¶DOOXUHGHFXLVVRQFRPPHWRXFKH/D YDOHXUDFKpHSHXWrWUHOXHHWPRGL¿pH
3RXUGpVDFWLYHUO¶DUUrWDXWRPDWLTXHDYDQWOD¿QGHFXLV VRQVpOHFWLRQQHUOD]RQHGHFXLVVRQFRQFHUQpHHWHDFHU ODGXUpHHQDFWLRQQDQWODWRXFKH0RLQV GHODPLQXWHULH ©ª
/RUVTXHSOXVLHXUV]RQHVGHFXLVVRQDYHFDUUrWDXWRPD WLTXHVRQWSURJUDPPpHVO¶DFKDJH0LQXWHULHLQGLTXH WRXMRXUVOD]RQHGHFXLVVRQUpJOpHVXUODGXUpHGHFXLVVRQ ODSOXVFRXUWH

0LQXWHULHVDEOLHU 0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ1HSDVVpOHFWLRQQHU
GH]RQHGHFXLVVRQ
(QVXLWHUpJOHUOHWHPSVVRXKDLWpHQDSSXDQWVXUODWRX FKH3OXV RXODWRXFKH0RLQV GHODPLQXWHULH
8QHIRLVOHWHPSVpFRXOpXQVLJQDOVRQRUHUHWHQWLWFHOXLFL HVWOLPLWpGDQVOHWHPSVHWSHXWrWUHDUUrWpHQDSSXDQW VXUQ¶LPSRUWHTXHOOHWRXFKHjO¶H[FHSWLRQGHODWRXFKH 0DUFKH$UUrWGHODWDEOHGHFXLVVRQ

&RQVLJQHV
/DPLQXWHULHUHVWHpJDOHPHQWHQVHUYLFHORUVTXHODSDUWLH JDXFKHRXGURLWHGHODWDEOHGHFXLVVRQHVWFRXSpH3RXU PRGL¿HUODGXUpHDOOXPHUOHF{WpJDXFKHRXGURLWGHOD WDEOHGHFXLVVRQ
6LODWDEOHGHFXLVVRQHVWFRXSpHSDUO¶LQWHUPpGLDLUHGHOD WRXFKH0DUFKH$UUrW ODPLQXWHULHFRXUWHHVWpJDOHPHQW FRXSpHDXERXWGHPLQHQYLURQ

8WLOLVDWLRQ

)

$SSXHUORQJWHPSVHQYVHF

5pJOHU $OOXUHGHFXLVVRQ

3UpFXLVVRQDXWRPDWLTXH 7HPSVPLQVHF

3UpFXLVVRQDXWRPDWLTXH
$YHFODSUpFXLVVRQDXWRPDWLTXHODSUpFXLVVRQVHIDLWVXU SRVLWLRQ$SUqVXQFHUWDLQWHPSVOHUpJODJHHVWUDPHQp DXWRPDWLTXHPHQWVXUXQHSRVLWLRQLQIpULHXUHjSRXU WHUPLQHUODFXLVVRQ
(QXWLOLVDQWODSUpFXLVVRQDXWRPDWLTXHLOIDXWUpJOHUVHXOH PHQWO
DOOXUHGHFXLVVRQjODTXHOOHODFXLVVRQGRLWrWUHFRQ WLQXpHFDUF¶HVWO¶pOHFWURQLTXHTXLFRPPXWHUDO
DOOXUHGH FXLVVRQGHODSUpFXLVVRQDXWRPDWLTXHjO
DOOXUHLQIpULHXUH
/DSUpFXLVVRQDXWRPDWLTXHHVWDGDSWpHjODFXLVVRQGH SODWVSHUPHWWDQWXQGpPDUUDJHGHODFXLVVRQjIURLG FKDXpVUDSLGHPHQWjIRUWHSXLVVDQFHHWGRQWODFXLVVRQ HVWWHUPLQpHHQGRXFHXUVDQVVXUYHLOODQFHSHUPDQHQWH SH[SRWDXIHX

0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ

$SSXHUVXUOHFKDPSVHQVLWLI

SHQGDQW

VHFHQYSRXUDFWLYHUODIRQFWLRQHWSRXUVpOHFWLRQQHU

HQPrPHWHPSVXQHFHUWDLQHDOOXUHGHFXLVVRQ

jJDXFKH LQWHQVLWpGHFXLVVRQ

FHQWUH LQWHQVLWpGHFXLVVRQ

jGURLWH LQWHQVLWpGHFXLVVRQ

$HWO
DOOXUHGHFXLVVRQVpOHFWLRQQpHFOLJQRWHQWHQDOWHU

QDQFH

/DSUpFXLVVRQDXWRPDWLTXHVHGpURXOHFRQIRUPHjOD SURJUDPPDWLRQ$SUqVXQFHUWDLQWHPSVYRLUWDEOHDX ODFXLVVRQFRQWLQXHVXUO
DOOXUHGHFXLVVRQUpGXLWH/H VPEROH$V¶pWHLQW

5HPDUTXH
3HQGDQWODSUpFXLVVRQDXWRPDWLTXHO¶DOOXUHGHFXLVVRQ SHXWrWUHPRGL¿pH

1LYHDXGHWHPSpUDWXUHGHPDLQWLHQDXFKDXG
$YHFODIRQFWLRQGHPDLQWLHQDXFKDXGYRXVSRXYH] PDLQWHQLUDXFKDXGXQSODWFXLWVXUXQH]RQHGHFXLVVRQ /D]RQHGHFXLVVRQHVWDORUVXWLOLVpHDYHFXQHSXLVVDQFH UpGXLWH

/HUpFLSLHQWGHFXLVVRQHVWSRVpVXUXQH]RQHGHFX LVVRQHWXQHLQWHQVLWpGHFXLVVRQSH[HVWVpOHFWL RQQpH

(QDSSXDQWSOXVLHXUVIRLVVXUOHWRXFKHGHPDLQWLHQDX

FKDXG VpOHFWLRQQHUO¶DOOXUHGHPDLQWLHQDXFKDXG

3RXUGpVDFWLYHUOHFKDPSVHQVLWLI

DSSXHU

jJDXFKHRXVXUODWRXFKHGHPDLQWLHQDXFKDXG

/DIRQFWLRQPDLQWLHQDXFKDXGUHVWHGLVSRQLEOHSHQGDQW PLQXWHVHQVXLWHOD]RQHGHFXLVVRQHVWDUUrWpH

PLQ 0RGXOH3RZHUPDQDJHPHQW

8WLOLVDWLRQ

)

9HUURXLOODJH /HYHUURXLOODJHSHUPHWGHEORTXHUODFRPPDQGHGHV WRXFKHVHWOHUpJODJHG¶XQHLQWHQVLWpGHFXLVVRQ6HXOHOD WRXFKH0DUFKH$UUrWUHVWHDFFHVVLEOHSRXUFRXSHUODWDEOH GHFXLVVRQ
$FWLYHUOHYHUURXLOODJH $SSXHUVXUODWRXFKHGHYHUURXLOODJH /DWRXFKHGH
YHUURXLOODJHV¶DOOXPHDYHFXQHJUDQGHLQWHQVLWp /HYHUURXLOODJHHVWDFWLYp
‘pVDFWLYHUOHYHUURXLOODJH $SSXHUVXUODWRXFKHGHYHUURXLOODJH /DWRXFKHGH
YHUURXLOODJHV¶DOOXPHDYHFXQHIDLEOHLQWHQVLWp /HYHUURXLOODJHHVWGpVDFWLYp
&RQVLJQHV /HYHUURXLOODJHDFWLYpHVWPDLQWHQXPrPHORUVTXHODWDEOH GHFXLVVRQHVWDUUrWpH(OOHGRLWrWUHG¶DERUGGpVDFWLYpH DYDQWGHSDVVHUjODSURFKDLQHFXLVVRQ (QFDVGHSDQQHGHFRXUDQWHWDSUqVDUUrWGHODWDEOH GHFXLVVRQYLDODWRXFKH0DUFKH$UUrW OHYHUURXLOODJH DFWLYpVHUDDQQXOpF¶HVWjGLUHGpVDFWLYp

$OOXUH©3RZHUª
/¶DOOXUH3RZHUIRXUQLWXQHSXLVVDQFHVXSSOpPHQWDLUHDX[ ]RQHVGHFXLVVRQjLQGXFWLRQ8QHJUDQGHTXDQWLWpG¶HDX SHXWWUqVUDSLGHPHQWrWUHSRUWpHjpEXOOLWLRQ

0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ3RXUFKRLVLUXQH ]RQHGHFXLVVRQDFWLRQQHUO¶DFKDJHGHVSRVLWLRQVGH FXLVVRQFRPPHWRXFKH/HSRLQWGHGLVSRQLELOLWpGHOD ]RQHVpOHFWLRQQpHV¶DOOXPH

$FWLRQQHUOHFKDPSVHQVLWLI

WRXWjGURLWH/D

IRQFWLRQ3RZHUHVWPDLQWHQDQWDFWLYpH

$SUqVPLQXWHVO¶DOOXUH3RZHUHVWDXWRPDWLTXHPHQW GpVDFWLYpH/H V¶pWHLQWHWOD]RQHGHFXLVVRQHVW UDPHQpHDXWRPDWLTXHPHQWVXUO¶DOOXUHGHFXLVVRQ

5HPDUTXH
3RXUO¶DUUrWSUpPDWXUpGHODIRQFWLRQ3RZHUDFWLRQQHUOH FKDPSVHQVLWLIFRUUHVSRQGDQW

3RZHUPDQDJHPHQW
$FKDTXHIRLVGHX[]RQHVGHFXLVVRQIRUPHQWSRXUGHV UDLVRQVWHFKQLTXHVHQVHPEOHXQPRGXOHHWGLVSRVHQW G¶XQHSXLVVDQFHPD[LPDOH
6LFHWWHSODJHGHSXLVVDQFHHVWGpSDVVpHDXPRPHQWGH ODPLVHHQPDUFKHG¶XQHSRVLWLRQGHFXLVVRQpOHYpHRXGH ODSRVLWLRQ3RZHUOH3RZHUPDQDJHPHQWUpGXLWODSRVLWLRQ GHFXLVVRQGHOD]RQHGHFXLVVRQFRQFHUQpHGXPRGXOH
7RXWG¶DERUGO¶DFKDJHGHFHWWH]RQHGHFXLVVRQFOLJQR WHO¶LQWHQVLWpPD[LPDOHGHFXLVVRQSRVVLEOHVHUDLQGLTXpH GHPDQLqUHFRQVWDQWH

8WLOLVDWLRQ

)

)RQFWLRQ*ULO
3RXUXWLOLVHUODIRQFWLRQ*ULOXWLOLVHUODSODTXH*ULO UHFRPPDQGpHSDU.SSHUVEXVFK

0HWWUHHQPDUFKHODWDEOHGHFXLVVRQ
3RXUFKRLVLUXQH]RQHGHFXLVVRQDFWLRQQHUO¶DFKDJH G¶DOOXUHGHFXLVVRQFRPPHWRXFKH/HSRLQWGH GLVSRQLELOLWpGHOD]RQHVpOHFWLRQQpHV¶DOOXPH
$SSXHUVXUODWRXFKH*ULO D¿QG¶DFWLYHUODIRQFWLRQ /HV]RQHVGHFXLVVRQDYDQWHWDUULqUHVRQWDORUV DFWLYpHVHQVHPEOH
7RXWGHVXLWHDSUqVDFWLRQQHUOHFKDPSVHQVLWLI 8QHDOOXUHGHFXLVVRQHVWDFWLYpH
3ODFHUODSODTXH*ULOVXUOD]RQHGHFXLVVRQHW GpSRVHUOHVDOLPHQWVjJULOOHU $OOXUHVSRXUOHVOpJXPHV $OOXUHVSRXUOHSRLVVRQ $OOXUHVSRXUODYLDQGH
3RXUFRXSHUODIRQFWLRQ*ULODFWLRQQHUODWRXFKH*ULO RXFRXSHUOD]RQHGHFXLVVRQ
&RQVLJQHV 1HSDVODLVVHUODWDEOHGHFXLVVRQVDQVVXUYHLOODQFH
5pJOHUOHVDOOXUHVGHFXLVVRQVHORQYRWUHSUpIpUHQFH

1HWWRDJHHWHQWUHWLHQ

)

1HWWRDJHHWHQWUHWLHQ
$YDQWOHQHWWRDJHpWHLJQH]ODWDEOHGHFXLVVRQHW ODLVVH]ODUHIURLGLU
/DWDEOHGHFXLVVRQHQYLWURFpUDPLTXHQHGRLWHQ DXFXQFDVrWUHQHWWRpHDYHFXQDSSDUHLOjYDSHXURX DYHFXQXVWHQVLOHVLPLODLUH
3HQGDQWOHQHWWRDJHYHLOOH]jSDVVHUWUqVUDSLGHPHQW VXUODWRXFKH0DUFKH$UUrW8QHPLVHHQPDUFKHLQYR ORQWDLUHVHUDDLQVLpYLWpH
7DEOHGHFXLVVRQYLWURFpUDPLTXH ,PSRUWDQW1
XWLOLVH]MDPDLVGHQHWWRDQWVDJUHVVLIVRX DEUDVLIVFRPPHSDUH[SRXGUHVjUpFXUHUpSRQJHV DEUDVLYHVRXPpWDOOLTXHVODLQHG
DFLHUSURGXLWDQWLURXLOOH SURGXLWGpWDFKDQWHWF
1HWWRDJHDSUqVO¶XWLOLVDWLRQ
1HWWRHUODWDEOHGHFXLVVRQORUVTX¶HOOHHVWVDOLH LGpDOHPHQWDSUqVFKDTXHXWLOLVDWLRQ3RXUFHIDLUH XWLOLVH]XQOLQJHKXPLGHHWXQSHXGHSURGXLWj YDLVVHOOH(QVXLWHHVVXHUODWDEOHGHFXLVVRQDYHFXQ OLQJHSURSUHHWVHFD¿QG¶pOLPLQHUWRXWUHVWHGHSURGXLW YDLVVHOOH
(QWUHWLHQKHEGRPDGDLUH
1HWWRH]HWHQWUHWHQH]VRLJQHXVHPHQWO¶HQVHPEOH GHODWDEOHGHFXLVVRQXQHIRLVSDUVHPDLQHDYHFXQ SURGXLWQHWWRDQWVSpFLDOYLWURFpUDPLTXHGXFRPPHUFH &RQIRUPH]YRXVLPSpUDWLYHPHQWDX[LQVWUXFWLRQV GXIDEULFDQW/HVSURGXLWVQHWWRDQWVODLVVHQWDX PRPHQWGHOHXUDSSOLFDWLRQXQ¿OPSURWHFWHXUTXL DJLWGHPDQLqUHKGURIXJHHWDQWLVDOLVVDQW7RXWHV OHVVDOLVVXUHVV¶DFFURFKHQWVXUFH¿OPSURWHFWHXU HWSHXYHQWrWUHHQOHYpHVSOXVIDFLOHPHQW(QVXLWH HVVXH]ODVXUIDFHDYHFXQOLQJHSURSUHHWVHF9HLOOH] jELHQpOLPLQHUWRXWUpVLGXGHSURGXLWQHWWRDQWD¿Q G¶pYLWHUWRXWHUpDFWLRQDJUHVVLYHjODPLVHHQPDUFKH VXLYDQWHHWDLQVLWRXWHPRGL¿FDWLRQGHODVXUIDFH YLWURFpUDPLTXH

6DOLVVXUHVUpVLVWDQWHV
/HVVDOLVVXUHVLPSRUWDQWHVHWWDFKHVWDFKHVGH FDOFDLUHWDFKHVEULOODQWHV©QDFUpHVª SHXYHQWIDFLOHPHQWrWUHpOLPLQpHV ORUVTXHODWDEOHGHFXLVVRQHVWHQFRUH WLqGH3RXUFHODXWLOLVH]XQSURGXLW QHWWRDQWGXFRPPHUFHHWUHVSHFWH] OHVFRQVLJQHVLQGLTXpHVDX SDUDJUDSKH
/HVUHVWHVDOLPHQWDLUHVSURYHQDQW GHGpERUGHPHQWVGRLYHQWG¶DERUGrWUHGpWUHPSpVDYHF XQOLQJHRXXQHpSRQJHKXPLGHSXLVrWUHUHWLUpVjO¶DLGH G¶XQJUDWWRLUVSpFLDOYLWURFpUDPLTXH1HWWRH]HQVXLWHOD VXUIDFHYLWURFpUDPLTXHVXLYDQWOHVLQGLFDWLRQVGRQQpHVDX SDUDJUDSKH
(QOHYH]LPPpGLDWHPHQWGXVXFUHFDUDPpOLVpHWGX SODVWLTXHIRQGX±HQFRUHFKDXGV±jO
DLGHG
XQJUDWWRLU VSpFLDOYLWURFpUDPLTXH1HWWRH]HQVXLWHODVXUIDFH YLWURFpUDPLTXHVXLYDQWOHVLQGLFDWLRQVGRQQpHVDX SDUDJUDSKH
/HVJUDLQVGHVDEOHWRPEpVVXUODWDEOHGHFXLVVRQ SHQGDQWO
pSOXFKDJHGHSRPPHVGHWHUUHRXGHVDODGH SHXYHQWHQWLUDQWOHVFDVVHUROHVSURYRTXHUGHVUDXUHV 9HLOOH]WRXMRXUVjODSURSUHWpGHODVXUIDFHYLWURFpUDPLTXH HWSDUWLFXOLqUHPHQWDX[JUDLQVGHVDEOH
8QFKDQJHPHQWGHFRXOHXUGHOD]RQHGHFXLVVRQQ
D SDVG
LQÀXHQFHVXUOHERQIRQFWLRQQHPHQWHWODVWDELOLWpGH ODSODTXHYLWURFpUDPLTXH,OQHV¶DJLWSDVG¶XQHDOWpUDWLRQ GXPDWpULDXPDLVGHUHVWHVFDOFLQpVTXLQ¶RQWSDVpWp HQOHYpV
‘HV]RQHVEULOODQWHVVXUJLVVHQWjODVXLWHGXIURWWHPHQW GXIRQGGHODFDVVHUROHHQSDUWLFXOLHUHQXWLOLVDQWGHV XVWHQVLOHVDYHFIRQGHQDOXPLQLXPRXGHVSURGXLWV QHWWRDQWVLQDGDSWpV(OOHVQHSHXYHQWrWUHUHWLUpHVTXH WUqVGLFLOHPHQWDYHFGHVQHWWRDQWVGXFRPPHUFH 5pSpWH]OHQHWWRDJHSOXVLHXUVIRLVOHFDVpFKpDQW /¶XWLOLVDWLRQGHSURGXLWVQHWWRDQWVDJUHVVLIVHWGH FDVVHUROHVjIRQGVUXJXHX[SHXWHQGRPPDJHUOHGpFRUHW GHVWDFKHVVRPEUHVVHIRUPHQW

4XHIDLUHHQFDVGHSUREOqPHV”

)

4XHIDLUHHQFDVGHSUREOqPHV”
/HVLQWHUYHQWLRQVRXUpSDUDWLRQVQRQTXDOL¿pHVVRQW GDQJHUHXVHVHOOHVSHXYHQWSURYRTXHUXQHpOHFWURFXWL RQRXXQFRXUWFLUFXLW(OOHVVRQWjSURVFULUHD¿QG¶pYLWHU WRXWGRPPDJHFRUSRUHOHWPDWpULHO&RQ¿H]WRXMRXUVFH WSHGHWUDYDLOjXQVSpFLDOLVWHFRPPHSH[OH6HUYLFH $SUqV9HQWH
1RWH] $XFDVRYRWUHDSSDUHLOPRQWUHGHVDQRPDOLHVYpUL¿H]j O¶DLGHGHODQRWLFHG¶XWLOLVDWLRQVLYRXVSRXYH]UHPpGLHU YRXVPrPH
9RXVWURXYHUH]FLDSUqVGHVFRQVHLOVSRXUpOLPLQHU YRXVPrPHGHVDQRPDOLHVGHIRQFWLRQQHPHQW /HVIXVLEOHVGLVMRQFWHQWSOXVLHXUVIRLVGHVXLWH” &RQWDFWH]XQ6HUYLFH$SUqV9HQWHWHFKQLTXHRXXQLQVWDO ODWHXUpOHFWULFLHQ
/DWDEOHGHFXLVVRQHVWIrOpHRXSUpVHQWHGHV¿VVXUHV” 5LVTXHGHFKRFpOHFWULTXHHQFDVGHEULVXUHGH¿VVXUHRX G¶DXWUHVHQGRPPDJHPHQWVGHODYLWURFpUDPLTXH0HWWUH DXVVLW{WO¶DSSDUHLOKRUVVHUYLFH&RXSHULPPpGLDWHPHQWOH IXVLEOHGRPHVWLTXHHWDSSHOHUOH6HUYLFH$SUqV9HQWH
/DWDEOHGHFXLVVRQjLQGXFWLRQQHVHPHWSDVHQ PDUFKH” /HIXVLEOHGHYRWUHLQVWDOODWLRQGRPHVWLTXHERLWHj
IXVLEOHVDGLVMRQFWp”
$YH]YRXVELHQEUDQFKpOHFRUGRQpOHFWULTXH”
/DVpFXULWpHQIDQWVHVWDFWLYpHFjGXQ/HVWDFKp”
/HVWRXFKHVVHQVLWLYHVVRQWSDUWLHOOHPHQWUHFRXYHUWHV SDUXQOLQJHKXPLGHGXOLTXLGHRXXQREMHWPpWDOOLTXH” 5HWLUH]OHV
‘HODYDLVVHOOHLQDGDSWpHHVWXWLOLVpH”9RLUFKDSLWUH ©9DLVVHOOHSRXUWDEOHGHFXLVVRQjLQGXFWLRQª
/DWDEOHGHFXLVVRQYRLUHOD]RQHGHFXLVVRQV¶DUUrWH VXELWHPHQW $YH]YRXVLQYRORQWDLUHPHQWDSSXpVXUODWRXFKH0DU
FKH$UUrW”
/HVWRXFKHVVHQVLWLYHVVRQWSDUWLHOOHPHQWUHFRXYHUWHV SDUXQOLQJHKXPLGHGXOLTXLGHRXXQREMHWPpWDOOLTXH” 8QVLJQDOVRQRUHUHWHQWLWLOHVWOLPLWpGDQVOHWHPSV /¶DUUrWVHIDLWDSUqVTXHOTXHVVHFRQGHV5HWLUH]O¶REMHW SRVpVXUOHVWRXFKHVVHQVLWLYHV
/HFRXSHFLUFXLWDXWRPDWLTXHGHVpFXULWpV¶HVWGpFOHQ FKpF¶HVWjGLUHXQHSRVLWLRQGHFXLVVRQDpWpXWLOLVpH VDQVDXFXQHPRGL¿FDWLRQSHQGDQWXQHGXUpHGpSDV VDQWXQFHUWDLQWHPSV”9RLUFKDSLWUH/LPLWDWLRQGX WHPSVGHIRQFWLRQQHPHQW
/HVPEROHGHFDVVHUROH V¶DFKH 8QH]RQHGHFXLVVRQDpWpPLVHHQPDUFKHHWHOOHDW
WHQGODPLVHHQSODFHGHODFDVVHUROHDGDSWpHGpWHFWL RQDXWRPDWLTXHGXUpFLSLHQWGHFXLVVRQ&¶HVWVHXOH PHQWjFHPRPHQWTXHODSXLVVDQFHVHUDDFKpH
/HVPEROHGHFDVVHUROH FRQWLQXHjV¶DFKHUELHQ TX¶XQUpFLSLHQWGHFXLVVRQDpWpSRVpVXUODSODTXH” /DFDVVHUROHQ¶HVWSDVDGDSWpHjO¶LQGXFWLRQRXVRQ
GLDPqWUHHVWLQVXVDQW
/¶LQGLFDWHXUGHFKDOHXUSRXUOD]RQHGHFXLVVRQRX O¶LQGLFDWHXUGHFKDOHXUUpVLGXHOOH+QHV
DOOXPHSDVRX VHXOHPHQWSDUWLHOOHPHQW $FKDJH/(‘GpIHFWXHXVH$SSHOH]OH6HUYLFH
$SUqV9HQWH5LVTXHGHEUOXUHFDUOHGDQJHUQ
HVW SOXVVLJQDOp

/HVPERO RX(UFOLJQRWHHWXQVLJQDOVRQRUH OLPLWpGDQVOHWHPSVUHWHQWLW ,OV¶DJLWG¶XQHDFWLYDWLRQHQFRQWLQXGHVWRXFKHVVHQVL
WLYHV7RXFK&RQWUROSDUGHVGpERUGHPHQWVG¶DOLPHQWV GHVXVWHQVLOHVGHFXLVLQHRXG¶DXWUHVREMHWV5HPqGH QHWWRHUODVXUIDFHRXHQOHYHUO¶REMHW3RXUHDFHUOH VPEROHDSSXHUVXUODPrPHWRXFKHRXDUUrWHUHW UHPHWWUHHQPDUFKHODWDEOHGHFXLVVRQ /HFRGHG¶HUUHXU(V¶DFKH” /¶pOHFWURQLTXHDWURSFKDXpH9pUL¿H]O¶HQFDVWUHPHQWGH ODWDEOHGHFXLVVRQHWHQSDUWLFXOLHUODYHQWLODWLRQGHFHWWH GHUQLqUH9RLUFKDSLWUH3URWHFWLRQHQFDVGHVXUFKDXH /HFRGHG¶HUUHXU(V¶DFKH $QRPDOLHDXQLYHDXGHODYHQWLODWLRQGURLWHRXJDXFKH /¶RXYHUWXUHG¶DVSLUDWLRQHVWEORTXpHRXUHFRXYHUWHRXOD YHQWLODWLRQHVWGpIHFWXHXVH 9pUL¿H]O¶HQFDVWUHPHQWGHODWDEOHGHFXLVVRQHWHQ SDUWLFXOLHUODYHQWLODWLRQGHFHWWHGHUQLqUH9RLUFKDSLWUH 9HQWLODWLRQ 3DVG
DFKDJHSDVGHIRQFWLRQ” /DWDEOHGHFXLVVRQQ¶HVWSDVUDFFRUGpHFRUUHFWHPHQW 5DFFRUGHUODERQQHWHQVLRQGHVHFWHXU 8QFRGHG¶HUUHXU(5[[RX([V¶DFKH” ,OV¶DJLWG¶XQGpIDXWWHFKQLTXH&RQWDFWH]OH6HUYLFH $SUqV9HQWH /DWDEOHGHFXLVVRQpPHWGHVEUXLWVFOLTXHWLVRX FUDTXHPHQWVRXDXPRPHQWGHODPLVHHQVHUYLFH GHODWDEOHGHFXLVVRQXQEUXLWGHURQURQQHPHQWHVW SHUFHSWLEOH” &HODHVWGjGHVUDLVRQVWHFKQLTXHVPDLVQ
DDXFXQH LQÀXHQFHVXUODTXDOLWpHWOHIRQFWLRQQHPHQW /DYHQWLODWLRQFRQWLQXHjIRQFWLRQQHUDSUqVO¶DUUrWGH O¶DSSDUHLO” &HFLHVWWRXWjIDLWQRUPDOHOOHVHUWjUHIURLGLUO¶pOHFWUR QLTXH /HVUpFLSLHQWVGHFXLVVRQXWLOLVpVSURGXLVHQWGHV EUXLWV” ,OV¶DJLWG¶XQSKpQRPqQHWHFKQLTXHLOQ¶DDXFXQ ULVTXHSRXUODWDEOHGHFXLVVRQjLQGXFWLRQQLSRXUOH UpFLSLHQW &RPSRUWHPHQWGHFXLVVRQjLPSXOVLRQV”
/HVpOpPHQWVFKDXDQWVjLQGXFWLRQQHSHXYHQWUpGXLUH OHXUSXLVVDQFHTXHMXVTX¶jXQHFHUWDLQHSRVLWLRQGHFXLV VRQ(QGHVVRXVGHFHWWHSRVLWLRQGHFXLVVRQO¶pOpPHQW FKDXDQWFRPPHQFHjWUDYDLOOHUSDULPSXOVLRQV&HOD VLJQL¿HTXHO¶pOpPHQWFKDXDQWjLQGXFWLRQHQFOHQFKHHW GpFOHQFKHjFHUWDLQVLQWHUYDOOHVLQGpSHQGDPPHQWGHOD SRVLWLRQGHFXLVVRQVpOHFWLRQQpH&HFRPSRUWHPHQWGH IRQFWLRQQHPHQWjLPSXOVLRQVHVWDXGLEOHHWSHQGDQWOD FXLVVRQYLVLEOHSDUODIRUPDWLRQGLVSDULWLRQGHEXOOHVVXU OHIRQGGHODFDVVHUROH/HFRPSRUWHPHQWGHFXLVVRQ SDULPSXOVLRQVVXUFHUWDLQHVSRVLWLRQVGHFXLVVRQHVW QRUPDOHWQ¶DSDVXQHLQÀXHQFHQpJDWLYHVXUOHUpVXOWDW GHODFXLVVRQ5HPqGH8WLOLVHULGpDOHPHQWGHVFDVVHUR OHVHWSRrOHVjIRQGpSDLVTXLJDUDQWLVVHQWXQHERQQH DFFXPXODWLRQHWXQHERQQHGLXVLRQGHODFKDOHXU’DQV ODPHVXUHGXSRVVLEOHIHUPH]WRXMRXUVOHVFDVVHUROHVj O¶DLGHG¶XQFRXYHUFOHDGDSWp8QHFXLVVRQjGpFRXYHUWIDLW SHUGUHEHDXFRXSG¶pQHUJLH
35

5DFFRUGHPHQWpOHFWULTXH

)

5DFFRUGHPHQWpOHFWULTXH
$77(17,21e1(5*,(e/(&75,48( ‘$1*(5′(0257
&HVPEROHHVWDSSRVpjSUR[LPLWpGH FRPSRVDQWVVRXVWHQVLRQ/HVFRXYHUFOHV PXQLVGHFHVPEROHGRLYHQWrWUHUHWLUpV XQLTXHPHQWSDUXQpOHFWULFLHQTXDOL¿p
/HEUDQFKHPHQWpOHFWULTXHQHGRLWrWUHHHFWXpTXHSDU XQVSpFLDOLVWHDJUpp
/HVUpJOHPHQWDWLRQVHWFRQGLWLRQVGHEUDQFKHPHQWGHV FRPSDJQLHVORFDOHVGHGLVWULEXWLRQG¶pOHFWULFLWpGRLYHQW HOOHVDXVVLrWUHUHVSHFWpHVGDQVOHXULQWpJUDOLWp
/RUVGXUDFFRUGHPHQWGHO¶DSSDUHLOSUpYRH]XQ GLVSRVLWLISHUPHWWDQWG¶LVROHUFHOXLFLGXUpVHDXDYHF XQLQWHUYDOOHGHFRXSXUHG¶DXPRLQVPPVXUWRXV OHVS{OHV/HVFRPPXWDWHXUV/6OHVFRXSHFLUFXLWHW OHVIXVLEOHVFRQVWLWXHQWGHVGLVSRVLWLIVGHVpSDUDWLRQ DGpTXDWV/RUVGHO¶LQVWDOODWLRQHWGHVWUDYDX[GH UpSDUDWLRQXWLOLVH]O¶XQGHFHVGLVSRVLWLIVSRXUPHWWUH O¶DSSDUHLOKRUVWHQVLRQ
/H¿OGHWHUUHGRLWrWUHVXVDPPHQWORQJSRXUTXHHQ FDVGHUXSWXUHGHODGpFKDUJHGHWUDFWLRQFH¿OQHVRLW VRXPLVjODWUDFWLRQTX¶DSUqVOHVFkEOHVFRQGXFWHXUV G¶pOHFWULFLWp
/¶H[FpGHQWGHFkEOHGRLWrWUHUHWLUpGHO¶HVSDFHHQ GHVVRXVGHO¶DSSDUHLO
9HLOOH]jFHTXHODWHQVLRQVHFWHXUSUpVHQWHVRLWFRQIRU PHjFHOOHGHO¶pWLTXHWWH
/¶HQFDVWUHPHQWGRLWrWUHUpDOLVpGHPDQLqUHj HPSrFKHUWRXWFRQWDFWDYHFO¶DSSDUHLO
$WWHQWLRQ8QPDXYDLVUDFFRUGHPHQWSHXWSURYRTXHUOD GHVWUXFWLRQGHO¶pOHFWURQLTXHGHSXLVVDQFH
3XLVVDQFHFRQQHFWpH 7HQVLRQVHFWHXU91a+] 7HQVLRQQRPLQDOHGHVFRPSRVDQWV9
$SSDUHLOOLYUpDYHFFRUGRQG¶DOLPHQWDWLRQ /DWDEOHGHFXLVVRQHVWpTXLSpHHQXVLQHG
XQFRUGRQ
pOHFWULTXHWKHUPRUpVLVWDQW /HUDFFRUGHPHQWDXUpVHDXVHIDLWG¶DSUqVOHVFKpPD
pOHFWULTXHVHXOOHFRUGRQGHUDFFRUGHPHQWHVWGpMj PXQLG¶XQHSULVHpOHFWULTXH 6LOHFRUGRQG¶DOLPHQWDWLRQGHFHWDSSDUHLOHVW HQGRPPDJpFHOXLFLGRLWrWUHUHPSODFpSDUXQFRUGRQ VSpFLDOQHXI3RXUpYLWHUWRXWGDQJHUOHFRUGRQQHSHXW rWUHUHPSODFpTXHSDUOHIDEULFDQWRXSDUVRQ6HUYLFH $SUqV9HQWH
3RVVLELOLWpVGHEUDQFKHPHQW

&DUDFWpULVWLTXHVWHFKQLTXHV

‘LPHQVLRQVGHODWDEOHGHFXLVVRQ

KDXWHXUODUJHXUSURIRQGHXUPP [[

=RQHVGHFXLVVRQ

$YDQWJDXFKHFPN: [

$UULqUHJDXFKHFPN: &HQWUHFPN: $UULqUHGURLWHFPN: DYDQWGURLWHFPN:

[

[
[

)RQFWLRQGHSRQWDJHFPN: [ 7DEOHGHFXLVVRQN:
3XLVVDQFHODSRVLWLRQ3RZHUpWDQWDFWLYpH

0LVHHQVHUYLFH
8QHIRLVODWDEOHGHFXLVVRQHQFDVWUpHHWEUDQFKpHUp VHDXXQDXWRWHVWGHO¶pOpPHQWGHFRPPDQGHHVWHHFWXp HWXQPHVVDJHGHVWLQpDX6HUYLFH$SUqV9HQWHV¶DFKH
,PSRUWDQW/RUVGXEUDQFKHPHQWYHLOOHUjFHTX¶DXFXQRE MHWQHVRLWSRVpVXUOHVWRXFKHVVHQVLWLYHVGX7RXFK&RQW URO

1HWWRHUUDSLGHPHQWODVXUIDFHGHODWDEOHGHFXLVVRQj O¶DLGHG¶XQHpSRQJHHWGHO¶HDXDGGLWLRQQpHGHSURGXLWj YDLVVHOOHSXLVO¶HVVXHUELHQDYHFXQOLQJHSURSUHHWVHF

QRLU EUXQ JULV EOHX YHUWMDXQH

0LVHKRUVVHUYLFHpOLPLQDWLRQ

)

0LVHKRUVVHUYLFHpOLPLQDWLRQ 0LVHKRUVVHUYLFH
/DPLVHKRUVVHUYLFHGHO
DSSDUHLOVXUYLHQWORUVTXHO
DSSD UHLOQ
HVWSOXVXWLOLVp &RXSHUOHVIXVLEOHVVXUO
LQVWDOODWLRQGXEkWLPHQWD¿Q
G
pYLWHUWRXWULVTXHG
pOHFWURFXWLRQ $SUqVVRQGpPRQWDJHPHWWUHODWDEOHGHFXLVVRQGH
PDQLqUHFRQIRUPHjODOpJLVODWLRQHQYLJXHXU
eOLPLQDWLRQGHO¶HPEDOODJH eOLPLQHUOHSOXVpFRORJLTXHPHQWSRVVLEOHO
HPEDOODJHGH WUDQVSRUW/HUHFFODJHGHVPDWpULDX[G
HPEDOODJHSHUPHW G
pFRQRPLVHUGHVPDWLqUHVSUHPLqUHVHWGHUpGXLUHOH YROXPHGHVGpFKHWV

eOLPLQDWLRQGHVDSSDUHLOVKRUVVHUYLFH
/HVPEROHVXUOHSURGXLWRXVRQHPEDOODJH LQGLTXHTXHFHSURGXLWQHSHXWrWUHWUDLWp FRPPHGpFKHWPpQDJHU,OGRLWSOXW{WrWUHUHPLV DXSRLQWGHUDPDVVDJHFRQFHUQpVHFKDUJHDQW GXUHFFODJHGXPDWpULHOpOHFWULTXHHWpOHFWUR QLTXH
9RWUHFRQWULEXWLRQjXQHpOLPLQDWLRQFRUUHFWHGHFHSURGXLW SHUPHWGHSURWpJHUO
HQYLURQQHPHQWHWODVDQWpGHYRV FRQWHPSRUDLQV8QHpOLPLQDWLRQLQFRUUHFWHHVWXQHPHQDFH SRXUO
HQYLURQQHPHQWHWODVDQWp3RXUREWHQLUSOXVGHGp WDLOVVXUOHUHFFODJHGHFHSURGXLWYHXLOOH]SUHQGUHFRQW DFWDYHFOHEXUHDXPXQLFLSDOGHYRWUHUpJLRQYRWUHVHUYLFH GHUpFXSpUDWLRQGHVGpFKHWVPpQDJHUVRXOHPDJDVLQR YRXVDYH]DFKHWpOHSURGXLW

Product codes
DNI93A110 DNI93A111 DNI93A120 DNI93A121 DNI93B110 DNI93B111 DNI93B120 DNI93B121 DNI93C110 DNI93C111 DNI93C120 DNI93C121

LABEL HERE

LIB30939 REV. 01 – 09/22

OPERA Hausgeräte GmbH Unterm Wolfsberg 9/9a 75177, Pforzheim – Germany +49 (0)7231-1677265 [email protected]
operahsg.com