Descargar

Anuncio
LQ
5HF\FOHUŠ
)RUP 1R 5HY $
/DZQ 0RZHU
0RGHO 1R ²6HULDO 1R DQG 8S
2SHUDWRU
V 0DQXDO
5HSODFHPHQW SDUWV DUH DYDLODEOH IURP DQ $XWKRUL]HG 6HUYLFH 'HDOHU RU DW ZZZVKRSWRURFRP
,QWURGXFWLRQ
7KLV URWDU\EODGH ZDONEHKLQG ODZQ PRZHU LV LQWHQGHG
WR EH XVHG E\ UHVLGHQWLDO KRPHRZQHUV ,W LV GHVLJQHG
SULPDULO\ IRU FXWWLQJ JUDVV RQ ZHOOPDLQWDLQHG ODZQV
RQ UHVLGHQWLDO SURSHUWLHV ,W LV QRW GHVLJQHG IRU FXWWLQJ
EUXVK RU IRU DJULFXOWXUDO XVHV
5HDG WKLV LQIRUPDWLRQ FDUHIXOO\ WR OHDUQ KRZ WR RSHUDWH DQG
PDLQWDLQ \RXU SURGXFW SURSHUO\ DQG WR DYRLG LQMXU\ DQG
SURGXFW GDPDJH <RX DUH UHVSRQVLEOH IRU RSHUDWLQJ WKH
SURGXFW SURSHUO\ DQG VDIHO\
<RX PD\ FRQWDFW 7RUR GLUHFWO\ DW ZZZ7RURFRP IRU SURGXFW
DQG DFFHVVRU\ LQIRUPDWLRQ KHOS ÀQGLQJ D GHDOHU RU WR UHJLVWHU
\RXU SURGXFW
:KHQHYHU \RX QHHG VHUYLFH JHQXLQH 7RUR SDUWV RU DGGLWLRQDO
LQIRUPDWLRQ FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU RU 7RUR
&XVWRPHU 6HUYLFH DQG KDYH WKH PRGHO DQG VHULDO QXPEHUV RI
\RXU SURGXFW UHDG\ )LJXUH LGHQWLÀHV WKH ORFDWLRQ RI WKH
PRGHO DQG VHULDO QXPEHUV RQ WKH SURGXFW
0RGHO DQG VHULDO QXPEHU SODWH
:ULWH WKH SURGXFW PRGHO DQG VHULDO QXPEHUV LQ WKH VSDFH
EHORZ
0RGHO 1R
6HULDO 1R
7KLV PDQXDO LGHQWLÀHV SRWHQWLDO KD]DUGV DQG KDV VDIHW\
PHVVDJHV LGHQWLÀHG E\ WKH VDIHW\ DOHUW V\PERO )LJXUH ‹ ²7KH 7RURŠ &RPSDQ\
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 )LJXUH 6DIHW\ DOHUW V\PERO
7KLV PDQXDO XVHV ZRUGV WR KLJKOLJKW LQIRUPDWLRQ
,PSRUWDQW FDOOV DWWHQWLRQ WR VSHFLDO PHFKDQLFDO LQIRUPDWLRQ
DQG 1RWH HPSKDVL]HV JHQHUDO LQIRUPDWLRQ ZRUWK\ RI VSHFLDO
DWWHQWLRQ
:$51,1*
&$/,)251,$
3URSRVLWLRQ :DUQLQJ
7KLV SURGXFW FRQWDLQV D FKHPLFDO RU FKHPLFDOV
NQRZQ WR WKH 6WDWH RI &DOLIRUQLD WR FDXVH FDQFHU
ELUWK GHIHFWV RU UHSURGXFWLYH KDUP
7KH HQJLQH H[KDXVW IURP WKLV SURGXFW
FRQWDLQV FKHPLFDOV NQRZQ WR WKH 6WDWH RI
&DOLIRUQLD WR FDXVH FDQFHU ELUWK GHIHFWV
RU RWKHU UHSURGXFWLYH KDUP
,W LV D YLRODWLRQ RI &DOLIRUQLD 3XEOLF 5HVRXUFH &RGH
6HFWLRQ RU WR XVH RU RSHUDWH WKH HQJLQH RQ DQ\
IRUHVWFRYHUHG EUXVKFRYHUHG RU JUDVVFRYHUHG ODQG XQOHVV
WKH HQJLQH LV HTXLSSHG ZLWK D VSDUN DUUHVWHU DV GHÀQHG LQ
6HFWLRQ PDLQWDLQHG LQ HIIHFWLYH ZRUNLQJ RUGHU RU WKH
HQJLQH LV FRQVWUXFWHG HTXLSSHG DQG PDLQWDLQHG IRU WKH
SUHYHQWLRQ RI ÀUH
)LJXUH ZKLFK VLJQDOV D KD]DUG WKDW PD\ FDXVH VHULRXV LQMXU\ RU GHDWK
LI \RX GR QRW IROORZ WKH UHFRPPHQGHG SUHFDXWLRQV
5HJLVWHU DW ZZZ7RURFRP
7KLV VSDUN LJQLWLRQ V\VWHP FRPSOLHV ZLWK &DQDGLDQ ,&(6
7KH HQFORVHG (QJLQH 2ZQHU
V 0DQXDO LV VXSSOLHG IRU
LQIRUPDWLRQ UHJDUGLQJ WKH 86 (QYLURQPHQWDO 3URWHFWLRQ
$JHQF\ (3$ DQG WKH &DOLIRUQLD (PLVVLRQ &RQWURO
5HJXODWLRQ RI HPLVVLRQ V\VWHPV PDLQWHQDQFH DQG
ZDUUDQW\ 5HSODFHPHQWV PD\ EH RUGHUHG WKURXJK WKH
HQJLQH PDQXIDFWXUHU
1HW 7RUTXH 7KH JURVV RU QHW WRUTXH RI WKLV HQJLQH ZDV
ODERUDWRU\ UDWHG E\ WKH HQJLQH PDQXIDFWXUHU LQ DFFRUGDQFH
ZLWK WKH 6RFLHW\ RI $XWRPRWLYH (QJLQHHUV 6$( -
2ULJLQDO ,QVWUXFWLRQV (1
3ULQWHG LQ WKH 86$
$OO 5LJKWV 5HVHUYHG 9 6DIHW\
$V FRQÀJXUHG WR PHHW VDIHW\ HPLVVLRQ DQG RSHUDWLQJ
UHTXLUHPHQWV WKH DFWXDO HQJLQH WRUTXH RQ WKLV FODVV RI PRZHU
ZLOO EH VLJQLÀFDQWO\ ORZHU
7KLV PDFKLQH KDV EHHQ GHVLJQHG LQ DFFRUGDQFH ZLWK $16,
%
&RQWHQWV
*HQHUDO 6DIHW\
,QWURGXFWLRQ 6DIHW\ *HQHUDO 6DIHW\ 6DIHW\ DQG ,QVWUXFWLRQDO 'HFDOV 6HWXS $VVHPEOLQJ DQG 8QIROGLQJ WKH +DQGOH ,QVWDOOLQJ WKH 5HFRLO6WDUWHU 5RSH LQ WKH 5RSH
*XLGH )LOOLQJ WKH (QJLQH ZLWK 2LO $VVHPEOLQJ WKH *UDVV %DJ 3URGXFW 2YHUYLHZ 2SHUDWLRQ %HIRUH 2SHUDWLRQ %HIRUH 2SHUDWLRQ 6DIHW\ )LOOLQJ WKH )XHO 7DQN &KHFNLQJ WKH (QJLQH2LO /HYHO $GMXVWLQJ WKH +DQGOH +HLJKW $GMXVWLQJ WKH &XWWLQJ +HLJKW 'XULQJ 2SHUDWLRQ 'XULQJ 2SHUDWLQJ 6DIHW\
6WDUWLQJ WKH (QJLQH 8VLQJ WKH 6HOI3URSHO 'ULYH 6WRSSLQJ WKH (QJLQH 5HF\FOLQJ WKH &OLSSLQJV %DJJLQJ WKH &OLSSLQJV 2SHUDWLQJ WKH %DJRQ'HPDQG /HYHU 6LGH'LVFKDUJLQJ WKH &OLSSLQJV
2SHUDWLQJ 7LSV $IWHU 2SHUDWLRQ $IWHU 2SHUDWLQJ 6DIHW\ &OHDQLQJ WKH 0DFKLQH
)ROGLQJ WKH +DQGOH 0DLQWHQDQFH 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOHV 0DLQWHQDQFH 6DIHW\
3UHSDULQJ IRU 0DLQWHQDQFH
6HUYLFLQJ WKH $LU &OHDQHU &KDQJLQJ WKH (QJLQH 2LO 5HSODFLQJ WKH %ODGH $GMXVWLQJ WKH 6HOI3URSHO 'ULYH 6WRUDJH 3UHSDULQJ WKH 0DFKLQH IRU 6WRUDJH 5HPRYH WKH 0DFKLQH IURP 6WRUDJH
7KLV SURGXFW LV FDSDEOH RI DPSXWDWLQJ KDQGV DQG IHHW DQG
RI WKURZLQJ REMHFWV $OZD\V IROORZ DOO VDIHW\ LQVWUXFWLRQV WR
DYRLG VHULRXV SHUVRQDO LQMXU\
8VLQJ WKLV SURGXFW IRU SXUSRVHV RWKHU WKDQ LWV LQWHQGHG XVH
FRXOG SURYH GDQJHURXV WR \RX DQG E\VWDQGHUV
‡ 5HDG DQG XQGHUVWDQG WKH FRQWHQWV RI WKLV 2SHUDWRU·V 0DQXDO
EHIRUH \RX VWDUW WKH HQJLQH (QVXUH WKDW HYHU\RQH XVLQJ
WKLV SURGXFW NQRZV KRZ WR XVH LW DQG XQGHUVWDQGV WKH
ZDUQLQJV
‡ 'R QRW SXW \RXU KDQGV RU IHHW QHDU PRYLQJ FRPSRQHQWV
RI WKH PDFKLQH
‡ 'R QRW RSHUDWH WKH PDFKLQH ZLWKRXW DOO JXDUGV DQG RWKHU
VDIHW\ SURWHFWLYH GHYLFHV LQ SODFH DQG ZRUNLQJ RQ WKH
PDFKLQH
‡ .HHS FOHDU RI DQ\ GLVFKDUJH RSHQLQJ .HHS E\VWDQGHUV D
VDIH GLVWDQFH IURP WKH PDFKLQH
‡ .HHS FKLOGUHQ RXW RI WKH RSHUDWLQJ DUHD 1HYHU DOORZ
FKLOGUHQ WR RSHUDWH WKH PDFKLQH
‡ 6WRS WKH PDFKLQH DQG VKXW RII WKH HQJLQH EHIRUH VHUYLFLQJ
IXHOLQJ RU XQFORJJLQJ WKH PDFKLQH
,PSURSHUO\ XVLQJ RU PDLQWDLQLQJ WKLV PDFKLQH FDQ UHVXOW
LQ LQMXU\ 7R UHGXFH WKH SRWHQWLDO IRU LQMXU\ FRPSO\ ZLWK
WKHVH VDIHW\ LQVWUXFWLRQV DQG DOZD\V SD\ DWWHQWLRQ WR WKH
VDIHW\DOHUW V\PERO ZKLFK PHDQV &DXWLRQ :DUQLQJ RU
'DQJHU³SHUVRQDO VDIHW\ LQVWUXFWLRQ )DLOXUH WR FRPSO\ ZLWK
WKHVH LQVWUXFWLRQV PD\ UHVXOW LQ SHUVRQDO LQMXU\ RU GHDWK
<RX FDQ ÀQG DGGLWLRQDO LWHPV RI VDIHW\ LQIRUPDWLRQ LQ WKHLU
UHVSHFWLYH VHFWLRQV WKURXJKRXW WKLV PDQXDO
6DIHW\ DQG ,QVWUXFWLRQDO 'HFDOV
,PSRUWDQW 6DIHW\ DQG LQVWUXFWLRQ GHFDOV DUH ORFDWHG QHDU DUHDV RI SRWHQWLDO GDQJHU 5HSODFH GDPDJHG GHFDOV
0DQXIDFWXUHU
V 0DUN
,QGLFDWHV WKH EODGH LV LGHQWL¿HG DV D SDUW IURP WKH RULJLQDO
PDFKLQH PDQXIDFWXUHU
/RFN
8QORFN
±
5HF\FOLQJ RQ
%DJJLQJ RQ
6HWXS
,PSRUWDQW 5HPRYH DQG GLVFDUG WKH SURWHFWLYH SODVWLF
VKHHW WKDW FRYHUV WKH HQJLQH
$VVHPEOLQJ DQG 8QIROGLQJ WKH
+DQGOH
1R 3DUWV 5HTXLUHG
3URFHGXUH
5HPRYH DQG VDYH WKH KDQGOH NQREV DQG FDUULDJH
EROWV IURP WKH KDQGOH EUDFNHWV )LJXUH 7UDFWLRQ $GMXVWPHQW
$WWHQWLRQ UHDG WKH 2SHUDWRU
V 0DQXDO² /RRVHQ WKH
NQRE E\ WXUQLQJ LW FRXQWHU FORFNZLVH 3XOO WKH FDEOHV
DZD\ IURP WKH HQJLQH WR GHFUHDVH WKH WUDFWLRQ RU SXVK
WKH FDEOHV WRZDUG WKH HQJLQH WR LQFUHDVH WKH WUDFWLRQ 7LJKWHQ WKH NQRE E\ WXUQLQJ LW FORFNZLVH
)LJXUH ±
:DUQLQJ²UHDG WKH 2SHUDWRU
V 0DQXDO
&XWWLQJGLVPHPEHUPHQW KD]DUG RI KDQG RU IRRW PRZHU
EODGH²VWD\ DZD\ IURP PRYLQJ SDUWV NHHS DOO JXDUGV DQG
VKLHOGV LQ SODFH
&XWWLQJGLVPHPEHUPHQW KD]DUG RI KDQG RU IRRW PRZHU
EODGH²GLVFRQQHFW WKH VSDUNSOXJ ZLUH DQG UHDG WKH
LQVWUXFWLRQV EHIRUH VHUYLFLQJ RU SHUIRUPLQJ PDLQWHQDQFH
7KURZQ REMHFW KD]DUG²NHHS E\VWDQGHUV D VDIH GLVWDQFH
IURP WKH PDFKLQH VWRS WKH HQJLQH EHIRUH OHDYLQJ WKH
RSHUDWLQJ SRVLWLRQ SLFN XS DQ\ GHEULV EHIRUH PRZLQJ
&XWWLQJGLVPHPEHUPHQW KD]DUG RI KDQG RU IRRW PRZHU
EODGH²GR QRW RSHUDWH XS DQG GRZQ VORSHV RSHUDWH VLGH WR
VLGH RQ VORSHV ORRN EHKLQG \RX ZKHQ EDFNLQJ XS
+DQGOH NQRE
&DUULDJH EROW
,QVWDOO WKH KDQGOH HQGV RQWR WKH PRZHU KRXVLQJ VR WKDW
WKH SLQ DWWDFKHG WR HDFK KDQGOH EUDFNHW LV LQ WKH ORZHU
KROH RI LWV UHODWHG KDQGOH HQG )LJXUH )LJXUH 3LQ
+DQGOH HQG
1RWH 7KH SLQV ZLOO QRW VKRZ WKURXJK WKH KROHV LQ WKH
KDQGOH HQGV ZKHQ WKH KDQGOH LV LQ WKH IROGHG SRVLWLRQ
8QIROG WKH KDQGOH WR WKH RSHUDWLQJ SRVLWLRQ E\ URWDWLQJ
LW UHDUZDUG )LJXUH ,QVWDOOLQJ WKH 5HFRLO6WDUWHU
5RSH LQ WKH 5RSH *XLGH
1R 3DUWV 5HTXLUHG
3URFHGXUH
,PSRUWDQW <RX PXVW LQVWDOO WKH UHFRLOVWDUWHU URSH LQ
WKH URSH JXLGH
+ROG WKH EODGHFRQWURO EDU WR WKH XSSHU KDQGOH DQG SXOO WKH
UHFRLOVWDUWHU URSH WKURXJK WKH URSH JXLGH RQ WKH KDQGOH
)LJXUH )LJXUH )ROGHG SRVLWLRQ
2SHUDWLQJ SRVLWLRQ
,QVHUW WKH FDUULDJH EROW ZLWK WKH EROW KHDG WRZDUG
WKH LQVLGH WKURXJK WKH XSSHU RU ORZHU VTXDUH KROH LQ
KDQGOH EUDFNHW DQG WKH XSSHU KROH LQ WKH KDQGOH HQG
)LJXUH )LJXUH 5HFRLOVWDUWHU URSH
5RSH JXLGH
)LOOLQJ WKH (QJLQH ZLWK 2LO
1R 3DUWV 5HTXLUHG
)LJXUH +DQGOH NQRE
&DUULDJH EROW
/RRVHO\ LQVWDOO WKH KDQGOH NQREV RQWR WKH FDUULDJH EROWV
5HIHU WR VWHSV WKURXJK RI $GMXVWLQJ WKH +DQGOH
+HLJKW SDJH 3URFHGXUH
,PSRUWDQW <RXU PDFKLQH GRHV QRW FRPH ZLWK RLO LQ
WKH HQJLQH EXW LW GRHV FRPH ZLWK D ERWWOH RI RLO %HIRUH
VWDUWLQJ WKH HQJLQH ÀOO WKH HQJLQH ZLWK RLO
0D[ ÀOO / R] W\SH 6$( GHWHUJHQW RLO ZLWK DQ
$3, VHUYLFH FODVVLÀFDWLRQ RI 6) 6* 6+ 6- 6/ RU KLJKHU
1RWH :KHQ WKH FUDQNFDVH LV HPSW\ SRXU DERXW RI
WKH FUDQNFDVH FDSDFLW\ RI RLO LQ WKH FUDQNFDVH WKHQ GR WKH
IROORZLQJ
0RYH WKH PDFKLQH WR D OHYHO VXUIDFH
5HPRYH WKH GLSVWLFN E\ URWDWLQJ WKH FDS
FRXQWHUFORFNZLVH DQG SXOOLQJ LW RXW )LJXUH $VVHPEOLQJ WKH *UDVV %DJ
1R 3DUWV 5HTXLUHG
3URFHGXUH
6OLS WKH JUDVV EDJ RYHU WKH IUDPH DV VKRZQ LQ )LJXUH )LJXUH 'LSVWLFN
:LSH WKH GLSVWLFN FOHDQ ZLWK D FOHDQ FORWK
,QVHUW WKH GLSVWLFN LQWR WKH RLOÀOO WXEH EXW GR QRW
VFUHZ LW LQ WKHQ UHPRYH WKH GLSVWLFN
5HDG WKH RLO OHYHO RQ WKH GLSVWLFN )LJXUH ‡ ,I WKH RLO OHYHO LV ORZ VORZO\ SRXU D VPDOO DPRXQW RI
)LJXUH RLO LQWR WKH RLOÀOO WXEH ZDLW PLQXWHV DQG UHSHDW
VWHSV WKURXJK XQWLO WKH RLO OHYHO RQ WKH GLSVWLFN
LV FRUUHFW
+DQGOH
)UDPH
*UDVV EDJ
‡ ,I WKH RLO OHYHO LV KLJK GUDLQ WKH H[FHVV RLO XQWLO WKH
RLO OHYHO RQ WKH GLSVWLFN LV FRUUHFW UHIHU WR &KDQJLQJ
WKH (QJLQH 2LO SDJH 1RWH 'R QRW VOLS WKH EDJ RYHU WKH KDQGOH )LJXUH ,PSRUWDQW ,I WKH RLO OHYHO LQ WKH FUDQNFDVH LV WRR
ORZ RU WRR KLJK DQG \RX UXQ WKH HQJLQH \RX PD\
GDPDJH WKH HQJLQH
,QVWDOO WKH GLSVWLFN VHFXUHO\
,PSRUWDQW &KDQJH WKH HQJLQH RLO DIWHU WKH ÀUVW RSHUDWLQJ KRXUV FKDQJH LW \HDUO\ WKHUHDIWHU 5HIHU
WR &KDQJLQJ WKH (QJLQH 2LO SDJH +RRN WKH ERWWRP FKDQQHO RI WKH EDJ RQWR WKH ERWWRP
RI WKH IUDPH )LJXUH 3URGXFW 2YHUYLHZ
)LJXUH )LJXUH +RRN WKH WRS DQG VLGH FKDQQHOV RI WKH EDJ RQWR WKH WRS
DQG VLGHV RI WKH IUDPH UHVSHFWLYHO\ )LJXUH +DQGOH
5HFRLOVWDUW KDQGOH
*UDVV EDJ
$LU FOHDQHU
)XHOWDQN FDS
+DQGOH NQRE 5HDU GHÀHFWRU
%DJRQGHPDQG OHYHU
$GMXVWPHQW NQRE IRU WKH
VHOISURSHO GULYH
2LO ¿OOGLSVWLFN
%ODGHFRQWURO EDU
6LGHGLVFKDUJH GRRU
6LGHGLVFKDUJH GHÀHFWRU
&XWWLQJKHLJKW OHYHU 6SDUN SOXJ
2SHUDWLRQ
)LOOLQJ WKH )XHO 7DQN
‡ )RU EHVW UHVXOWV XVH RQO\ FOHDQ IUHVK OHVV WKDQ GD\V
%HIRUH 2SHUDWLRQ
ROG XQOHDGHG JDVROLQH ZLWK DQ RFWDQH UDWLQJ RI RU
KLJKHU 50 UDWLQJ PHWKRG
‡ 2[\JHQDWHG IXHO ZLWK XS WR HWKDQRO RU 07%(
%HIRUH 2SHUDWLRQ 6DIHW\
E\ YROXPH LV DFFHSWDEOH
‡ (WKDQRO *DVROLQH ZLWK XS WR HWKDQRO JDVRKRO
*HQHUDO 6DIHW\
RU 07%( PHWK\O WHUWLDU\ EXW\O HWKHU E\ YROXPH
LV DFFHSWDEOH (WKDQRO DQG 07%( DUH QRW WKH VDPH
*DVROLQH ZLWK HWKDQRO ( E\ YROXPH LV QRW
DSSURYHG IRU XVH 1HYHU XVH JDVROLQH WKDW FRQWDLQV
PRUH WKDQ HWKDQRO E\ YROXPH VXFK DV (
FRQWDLQV HWKDQRO ( FRQWDLQV HWKDQRO RU
( FRQWDLQV XS WR HWKDQRO 8VLQJ XQDSSURYHG
JDVROLQH PD\ FDXVH SHUIRUPDQFH SUREOHPV DQGRU HQJLQH
GDPDJH ZKLFK PD\ QRW EH FRYHUHG XQGHU ZDUUDQW\
‡ %HFRPH IDPLOLDU ZLWK WKH VDIH RSHUDWLRQ RI WKH HTXLSPHQW
‡
‡
‡
‡
RSHUDWRU FRQWUROV DQG VDIHW\ VLJQV
&KHFN WKDW DOO JXDUGV DQG VDIHW\ GHYLFHV VXFK DV GHÁHFWRUV
DQGRU JUDVV FDWFKHU DUH LQ SODFH DQG ZRUNLQJ SURSHUO\
$OZD\V LQVSHFW WKH PDFKLQH WR HQVXUH WKDW WKH EODGHV
EODGH EROWV DQG FXWWLQJ DVVHPEO\ DUH QRW ZRUQ RU
GDPDJHG
,QVSHFW WKH DUHD ZKHUH \RX ZLOO XVH WKH PDFKLQH DQG
UHPRYH DOO REMHFWV WKDW WKH PDFKLQH FRXOG WKURZ
$GMXVWLQJ WKH FXWWLQJ KHLJKW PD\ EULQJ \RX LQWR FRQWDFW
ZLWK WKH PRYLQJ EODGH FDXVLQJ VHULRXV LQMXU\
² 6KXW RII WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR
VWRS
² 'R QRW SXW \RXU ÀQJHUV XQGHU WKH KRXVLQJ ZKHQ
DGMXVWLQJ WKH FXWWLQJ KHLJKW
‡ 'R QRW XVH JDVROLQH FRQWDLQLQJ PHWKDQRO
‡ 'R QRW VWRUH IXHO HLWKHU LQ WKH IXHO WDQN RU LQ IXHO
FRQWDLQHUV RYHU WKH ZLQWHU XQOHVV D IXHO VWDELOL]HU LV XVHG
‡ 'R QRW DGG RLO WR JDVROLQH
,PSRUWDQW 7R UHGXFH VWDUWLQJ SUREOHPV DGG IXHO
VWDELOL]HU WR WKH IXHO DOO VHDVRQ PL[LQJ LW ZLWK JDVROLQH
OHVV WKDQ GD\V ROG
)XHO 6DIHW\
'$1*(5
)XHO LV H[WUHPHO\ ÁDPPDEOH DQG KLJKO\ H[SORVLYH
$ ÀUH RU H[SORVLRQ IURP IXHO FDQ EXUQ \RX DQG
RWKHUV DQG FDQ GDPDJH SURSHUW\
‡ 7R SUHYHQW D VWDWLF FKDUJH IURP LJQLWLQJ WKH IXHO
SODFH WKH FRQWDLQHU DQGRU PDFKLQH GLUHFWO\ RQ
WKH JURXQG EHIRUH ÀOOLQJ QRW LQ D YHKLFOH RU RQ
DQ REMHFW
‡ )LOO WKH IXHO WDQN RXWGRRUV LQ DQ RSHQ DUHD ZKHQ
WKH HQJLQH LV FROG :LSH XS DQ\ IXHO WKDW VSLOOV
‡ 'R QRW KDQGOH IXHO ZKHQ VPRNLQJ RU DURXQG DQ
RSHQ ÁDPH RU VSDUNV
‡ 6WRUH IXHO LQ DQ DSSURYHG FRQWDLQHU DQG NHHS LW
RXW RI WKH UHDFK RI FKLOGUHQ
)LJXUH :$51,1*
)XHO LV KDUPIXO RU IDWDO LI VZDOORZHG /RQJWHUP
H[SRVXUH WR YDSRUV FDQ FDXVH VHULRXV LQMXU\ DQG
LOOQHVV
‡ $YRLG SURORQJHG EUHDWKLQJ RI YDSRUV
‡ .HHS \RXU KDQGV DQG IDFH DZD\ IURP WKH QR]]OH
DQG WKH IXHOWDQN RSHQLQJ
‡ .HHS IXHO DZD\ IURP \RXU H\HV DQG VNLQ
&KHFNLQJ WKH (QJLQH2LO /HYHO
$GMXVWLQJ WKH +DQGOH +HLJKW
6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\
<RX FDQ UDLVH RU ORZHU WKH KDQGOH LQ RI SRVLWLRQV WKDW LV
PRUH FRPIRUWDEOH IRU \RX )LJXUH 1RWH 0D[ ÀOO / R] W\SH 6$( GHWHUJHQW
RLO ZLWK DQ $3, VHUYLFH FODVVLÀFDWLRQ RI 6) 6* 6+ 6- 6/
RU KLJKHU
0RYH WKH PDFKLQH WR D OHYHO VXUIDFH
5HPRYH WKH GLSVWLFN )LJXUH )LJXUH )LJXUH 'LSVWLFN
:LSH WKH GLSVWLFN FOHDQ ZLWK D FOHDQ FORWK
,QVHUW WKH GLSVWLFN LQWR WKH RLOÀOO WXEH EXW GR QRW
VFUHZ LW LQ WKHQ UHPRYH WKH GLSVWLFN
5HDG WKH RLO OHYHO RQ WKH GLSVWLFN )LJXUH /RRVHQ ERWK KDQGOH NQREV XQWLO \RX FDQ SXVK WKH
VTXDUH HGJHV RI WKH FDUULDJH EROWV RXW RI WKH VTXDUH
KROHV LQ WKH KDQGOH EUDFNHWV
3XVK WKH NQREV XQWLO WKH\ DUH ORRVH
0RYH WKH KDQGOH WR WKH XSSHU RU ORZHU KHLJKW SRVLWLRQ
3XOO WKH NQREV XQWLO WKH VTXDUH HGJHV RI HDFK FDUULDJH
EROW ÀWV LQWR LWV UHODWHG VTXDUH KROH
7LJKWHQ WKH KDQGOH NQREV DV WLJKW DV \RX FDQ
$GMXVWLQJ WKH &XWWLQJ +HLJKW
$GMXVW WKH FXWWLQJ KHLJKW DV GHVLUHG 6HW WKH IURQW ZKHHOV WR
WKH VDPH KHLJKW DV WKH UHDU ZKHHOV )LJXUH 1RWH 7R UDLVH WKH PDFKLQH PRYH WKH IURQW FXWWLQJKHLJKW
OHYHUV UHDUZDUG DQG WKH UHDU FXWWLQJKHLJKW OHYHUV IRUZDUG
7R ORZHU WKH PDFKLQH PRYH WKH IURQW FXWWLQJKHLJKW OHYHUV
IRUZDUG DQG WKH UHDU FXWWLQJKHLJKW OHYHUV UHDUZDUG
‡ ,I WKH RLO OHYHO LV ORZ VORZO\ SRXU D VPDOO DPRXQW RI
RLO LQWR WKH RLOÀOO WXEH ZDLW PLQXWHV DQG UHSHDW
VWHSV WKURXJK XQWLO WKH RLO OHYHO RQ WKH GLSVWLFN
LV FRUUHFW
‡ ,I WKH RLO OHYHO LV KLJK GUDLQ WKH H[FHVV RLO XQWLO WKH
RLO OHYHO RQ WKH GLSVWLFN LV FRUUHFW UHIHU WR &KDQJLQJ
WKH (QJLQH 2LO SDJH ,PSRUWDQW ,I WKH RLO OHYHO LQ WKH FUDQNFDVH LV WRR
ORZ RU WRR KLJK DQG \RX UXQ WKH HQJLQH \RX PD\
GDPDJH WKH HQJLQH
,QVWDOO WKH GLSVWLFN VHFXUHO\
)LJXUH 5DLVH WKH PDFKLQH
/RZHU WKH PDFKLQH
1RWH 7KH FXWWLQJKHLJKW VHWWLQJV DUH PP LQFK PP LQFKHV PP LQFKHV PP 6WDUWLQJ WKH (QJLQH
LQFKHV PP LQFKHV PP LQFKHV PP
LQFKHV PP LQFKHV DQG PP LQFKHV
'XULQJ 2SHUDWLRQ
+ROG WKH EODGHFRQWURO EDU DJDLQVW WKH KDQGOH )LJXUH
'XULQJ 2SHUDWLQJ 6DIHW\
*HQHUDO 6DIHW\
‡ :HDU DSSURSULDWH FORWKLQJ LQFOXGLQJ H\H SURWHFWLRQ
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
VOLSUHVLVWDQW VXEVWDQWLDO IRRWZHDU DQG KHDULQJ
SURWHFWLRQ 7LH EDFN ORQJ KDLU VHFXUH ORRVH FORWKLQJ DQG
GR QRW ZHDU MHZHOU\
'R QRW RSHUDWH WKH PDFKLQH ZKLOH LOO WLUHG RU XQGHU WKH
LQÁXHQFH RI DOFRKRO RU GUXJV
7KH EODGH LV VKDUS FRQWDFWLQJ WKH EODGH FDQ UHVXOW LQ
VHULRXV SHUVRQDO LQMXU\ 6KXW RII WKH HQJLQH DQG ZDLW IRU
DOO PRYLQJ SDUWV WR VWRS EHIRUH OHDYLQJ WKH RSHUDWLQJ
SRVLWLRQ
:KHQ \RX UHOHDVH WKH EODGHFRQWURO EDU WKH HQJLQH VKRXOG
VKXW RII DQG WKH EODGH VKRXOG VWRS ZLWKLQ VHFRQGV ,I
QRW VWRS XVLQJ \RXU PDFKLQH LPPHGLDWHO\ DQG FRQWDFW DQ
$XWKRUL]HG 6HUYLFH 'HDOHU
2SHUDWH WKH PDFKLQH RQO\ LQ JRRG YLVLELOLW\ DQG
DSSURSULDWH ZHDWKHU FRQGLWLRQV 'R QRW RSHUDWH WKH
PDFKLQH ZKHQ WKHUH LV WKH ULVN RI OLJKWLQJ
:HW JUDVV RU OHDYHV FDQ FDXVH VHULRXV LQMXU\ LI \RX VOLS DQG
FRQWDFW WKH EODGH 0RZ RQO\ LQ GU\ FRQGLWLRQV
8VH H[WUHPH FDUH ZKHQ DSSURDFKLQJ EOLQG FRUQHUV
VKUXEV WUHHV RU RWKHU REMHFWV WKDW PD\ EORFN \RXU YLHZ
:DWFK IRU KROHV UXWV EXPSV URFNV RU RWKHU KLGGHQ
REMHFWV 8QHYHQ WHUUDLQ FRXOG FDXVH D VOLSDQGIDOO
DFFLGHQW
6WRS WKH PDFKLQH DQG LQVSHFW WKH EODGHV DIWHU VWULNLQJ DQ
REMHFW RU LI WKHUH LV DQ DEQRUPDO YLEUDWLRQ LQ WKH PDFKLQH
0DNH DOO QHFHVVDU\ UHSDLUV EHIRUH UHVXPLQJ RSHUDWLRQ
%HIRUH OHDYLQJ WKH RSHUDWLQJ SRVLWLRQ VKXW RII WKH HQJLQH
UHPRYH WKH NH\ DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS
,I WKH HQJLQH KDV EHHQ UXQQLQJ WKH PXIÁHU ZLOO EH KRW DQG
FDQ VHYHUHO\ EXUQ \RX .HHS DZD\ IURP WKH KRW PXIÁHU
&KHFN WKH JUDVV FDWFKHU FRPSRQHQWV DQG WKH GLVFKDUJH
JXDUG IUHTXHQWO\ DQG UHSODFH WKHP ZLWK WKH PDQXIDFWXUHU·V
UHFRPPHQGHG SDUWV ZKHQ QHFHVVDU\
8VH DFFHVVRULHV DQG DWWDFKPHQWV DSSURYHG E\ WKH 7KH
7RURŠ &RPSDQ\ RQO\
)LJXUH %ODGHFRQWURO EDU
3XOO WKH UHFRLOVWDUW KDQGOH )LJXUH OLJKWO\ XQWLO
\RX IHHO UHVLVWDQFH WKHQ SXOO LW VKDUSO\ DQG DOORZ LW WR
UHWXUQ WR WKH URSH JXLGH RQ WKH KDQGOH VORZO\
)LJXUH 1RWH ,I WKH PDFKLQH GRHV QRW VWDUW DIWHU VHYHUDO
DWWHPSWV FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU
8VLQJ WKH 6HOI3URSHO 'ULYH
7R RSHUDWH WKH VHOISURSHO GULYH VLPSO\ ZDON ZLWK \RXU KDQGV
RQ WKH XSSHU KDQGOH DQG \RXU HOERZV DW \RXU VLGHV DQG WKH
PDFKLQH ZLOO DXWRPDWLFDOO\ NHHS SDFH ZLWK \RX )LJXUH 6ORSH 6DIHW\
‡ 0RZ DFURVV WKH IDFH RI VORSHV QHYHU XS DQG GRZQ 8VH
‡
‡
)LJXUH H[WUHPH FDXWLRQ ZKHQ FKDQJLQJ GLUHFWLRQ RQ VORSHV
'R QRW PRZ RQ H[FHVVLYHO\ VWHHS VORSHV 3RRU IRRWLQJ
FRXOG FDXVH D VOLSDQGIDOO DFFLGHQW
'R QRW PRZ QHDU GURSRIIV GLWFKHV RU HPEDQNPHQWV
<RX FRXOG ORVH \RXU IRRWLQJ RU EDODQFH
1RWH ,I WKH PDFKLQH GRHV QRW IUHHO\ UROO EDFNZDUG DIWHU
VHOISURSHOOLQJ VWRS ZDONLQJ KROG \RXU KDQGV LQ SODFH DQG
DOORZ WKH PDFKLQH WR UROO D FRXSOH RI FHQWLPHWHUV LQFKHV
,QVWDOOLQJ WKH *UDVV %DJ
IRUZDUG WR GLVHQJDJH WKH ZKHHO GULYH <RX FDQ DOVR WU\
UHDFKLQJ MXVW XQGHU WKH SHUVRQDO SDFH KDQGOH WR WKH PHWDO
KDQGOH DQG SXVK WKH PDFKLQH IRUZDUG D FRXSOH RI FHQWLPHWHUV
LQFKHV ,I WKH PDFKLQH VWLOO GRHV QRW UROO EDFNZDUG HDVLO\
FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU
5DLVH DQG KROG XS WKH UHDU GHÁHFWRU )LJXUH ,QVWDOO WKH JUDVV EDJ HQVXULQJ WKDW WKH SLQV RQ WKH EDJ
UHVW LQ WKH QRWFKHV RQ WKH KDQGOH )LJXUH 6WRSSLQJ WKH (QJLQH
7R VWRS WKH HQJLQH UHOHDVH WKH EODGHFRQWURO EDU
,PSRUWDQW :KHQ \RX UHOHDVH WKH EODGHFRQWURO EDU
ERWK WKH HQJLQH DQG EODGH VKRXOG VWRS ZLWKLQ VHFRQGV
,I WKH\ GR QRW VWRS SURSHUO\ VWRS XVLQJ \RXU PDFKLQH
LPPHGLDWHO\ DQG FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU
5HF\FOLQJ WKH &OLSSLQJV
<RXU PDFKLQH FRPHV IURP WKH IDFWRU\ UHDG\ WR UHF\FOH WKH
JUDVV DQG OHDI FOLSSLQJV EDFN LQWR WKH ODZQ
,I WKH JUDVV EDJ LV RQ WKH PDFKLQH DQG WKH EDJRQGHPDQG
OHYHU LV LQ WKH EDJJLQJ SRVLWLRQ PRYH WKH OHYHU WR WKH UHF\FOLQJ
SRVLWLRQ UHIHU WR 5HF\FOLQJ WKH &OLSSLQJV SDJH EHIRUH
UHF\FOLQJ WKH FOLSSLQJV ,I WKH VLGHGLVFKDUJH FKXWH LV RQ WKH
PDFKLQH UHPRYH LW UHIHU WR 5HPRYLQJ WKH 6LGH'LVFKDUJH
&KXWH SDJH EHIRUH UHF\FOLQJ WKH FOLSSLQJV
%DJJLQJ WKH &OLSSLQJV
8VH WKH JUDVV EDJ ZKHQ \RX ZDQW WR FROOHFW JUDVV DQG OHDI
FOLSSLQJV IURP WKH ODZQ
,I WKH VLGHGLVFKDUJH FKXWH LV RQ WKH PDFKLQH UHPRYH LW UHIHU
WR 5HPRYLQJ WKH 6LGH'LVFKDUJH &KXWH SDJH EHIRUH
EDJJLQJ WKH FOLSSLQJV ,I WKH EDJRQGHPDQG OHYHU LV LQ WKH
UHF\FOLQJ SRVLWLRQ PRYH LW WR WKH EDJJLQJ SRVLWLRQ UHIHU WR
2SHUDWLQJ WKH %DJRQ'HPDQG /HYHU SDJH )LJXUH 1RWFK 5HDU GHÀHFWRU
*UDVV EDJ SLQ /RZHU WKH UHDU GHÁHFWRU
5HPRYLQJ WKH *UDVV %DJ
7R UHPRYH WKH EDJ UHYHUVH WKH VWHSV DERYH
2SHUDWLQJ WKH %DJRQ'HPDQG
/HYHU
6LGH'LVFKDUJLQJ WKH
&OLSSLQJV
7KH EDJRQGHPDQG IHDWXUH DOORZV \RX WR HLWKHU FROOHFW RU
UHF\FOH JUDVV DQG OHDI FOLSSLQJV ZKLOH WKH JUDVV EDJ LV DWWDFKHG
WR WKH PDFKLQH
8VH VLGHGLVFKDUJLQJ IRU FXWWLQJ YHU\ WDOO JUDVV
,I WKH JUDVV EDJ LV RQ WKH PDFKLQH DQG WKH EDJRQGHPDQG
OHYHU LV LQ WKH EDJJLQJ SRVLWLRQ PRYH WKH OHYHU WR WKH UHF\FOLQJ
SRVLWLRQ UHIHU WR 2SHUDWLQJ WKH %DJRQ'HPDQG /HYHU SDJH
‡ 7R EDJ WKH JUDVV DQG OHDI FOLSSLQJV SUHVV WKH EXWWRQ
RQ WKH EDJRQGHPDQG OHYHU DQG PRYH WKH OHYHU IRUZDUG
XQWLO WKH EXWWRQ RQ WKH OHYHU SRSV XS )LJXUH ,QVWDOOLQJ WKH 6LGH'LVFKDUJH &KXWH
/LIW XS WKH VLGH GHÁHFWRU DQG LQVWDOO WKH VLGHGLVFKDUJH FKXWH
)LJXUH )LJXUH %DJRQGHPDQG OHYHU LQ
WKH UHF\FOLQJ SRVLWLRQ
%DJRQGHPDQG OHYHU LQ
WKH EDJJLQJ SRVLWLRQ
‡ 7R UHF\FOH RU VLGHGLVFKDUJH WKH JUDVV DQG OHDI
FOLSSLQJV SUHVV WKH EXWWRQ RQ WKH OHYHU DQG PRYH WKH
OHYHU UHDUZDUG XQWLO WKH EXWWRQ RQ WKH OHYHU SRSV XS
)LJXUH ,PSRUWDQW )RU SURSHU RSHUDWLRQ UHPRYH DQ\ JUDVV
FOLSSLQJV DQG GHEULV IURP WKH EDJRQGHPDQG GRRU
DQG WKH VXUURXQGLQJ RSHQLQJ )LJXUH EHIRUH \RX
PRYH WKH EDJRQGHPDQG OHYHU IURP RQH SRVLWLRQ
WR DQRWKHU
5HPRYLQJ WKH 6LGH'LVFKDUJH &KXWH
7R UHPRYH WKH VLGHGLVFKDUJH FKXWH OLIW XS WKH VLGH GHÁHFWRU
UHPRYH WKH VLGHGLVFKDUJH FKXWH DQG ORZHU WKH VLGHGLVFKDUJH
GHÁHFWRU
2SHUDWLQJ 7LSV
*HQHUDO 0RZLQJ 7LSV
‡ &OHDU WKH DUHD RI VWLFNV VWRQHV ZLUH EUDQFKHV DQG RWKHU
GHEULV WKDW WKH EODGH FRXOG KLW
‡ $YRLG VWULNLQJ VROLG REMHFWV ZLWK WKH EODGH 1HYHU
)LJXUH GHOLEHUDWHO\ PRZ RYHU DQ\ REMHFW
&OHDQ KHUH
‡ ,I WKH PDFKLQH VWULNHV DQ REMHFW RU VWDUWV WR YLEUDWH
LPPHGLDWHO\ VWRS WKH HQJLQH GLVFRQQHFW WKH ZLUH IURP
WKH VSDUN SOXJ DQG H[DPLQH WKH PDFKLQH IRU GDPDJH
‡ )RU EHVW SHUIRUPDQFH LQVWDOO D QHZ EODGH EHIRUH WKH
FXWWLQJ VHDVRQ EHJLQV
‡ 5HSODFH WKH EODGH ZKHQ QHFHVVDU\ ZLWK D 7RUR
UHSODFHPHQW EODGH
&XWWLQJ *UDVV
‡ $OORZ WKH HQJLQH WR FRRO EHIRUH VWRULQJ WKH PDFKLQH LQ
DQ\ HQFORVXUH
‡ &XW RQO\ DERXW D WKLUG RI WKH JUDVV EODGH DW D WLPH 'R QRW
‡ 1HYHU VWRUH WKH PDFKLQH RU IXHO FRQWDLQHU ZKHUH WKHUH LV
FXW EHORZ WKH PP LQFK VHWWLQJ XQOHVV WKH JUDVV
LV VSDUVH RU LW LV ODWH IDOO ZKHQ JUDVV JURZWK EHJLQV WR VORZ
GRZQ 5HIHU WR $GMXVWLQJ WKH &XWWLQJ +HLJKW SDJH DQ RSHQ ÁDPH VSDUN RU SLORW OLJKW VXFK DV RQ D ZDWHU
KHDWHU RU RQ RWKHU DSSOLDQFHV
‡ :KHQ FXWWLQJ JUDVV RYHU FP LQFKHV WDOO PRZ DW WKH
+DXOLQJ 6DIHW\
KLJKHVW FXWWLQJKHLJKW VHWWLQJ DQG ZDON VORZHU WKHQ PRZ
DJDLQ DW D ORZHU VHWWLQJ IRU WKH EHVW ODZQ DSSHDUDQFH ,I
WKH JUDVV LV WRR ORQJ WKH PDFKLQH PD\ SOXJ DQG FDXVH
WKH HQJLQH WR VWDOO
‡ 8VH FDUH ZKHQ ORDGLQJ RU XQORDGLQJ WKH PDFKLQH LQWR D
WUDLOHU RU WUXFN
‡ 0RZ RQO\ GU\ JUDVV RU OHDYHV :HW JUDVV DQG OHDYHV WHQG
‡ 8VH IXOOZLGWK UDPSV IRU ORDGLQJ WKH PDFKLQH LQWR D
‡ %H DZDUH RI D SRWHQWLDO ÀUH KD]DUG LQ YHU\ GU\ FRQGLWLRQV
‡ 7LH WKH PDFKLQH GRZQ VHFXUHO\ XVLQJ VWUDSV FKDLQV FDEOH
WUDLOHU RU WUXFN 'R QRW H[FHHG D ƒ DQJOH EHWZHHQ WKH
UDPS DQG WKH WUDLOHU RU WUXFN
WR FOXPS RQ WKH \DUG DQG FDQ FDXVH WKH PDFKLQH WR SOXJ
RU WKH HQJLQH WR VWDOO
RU URSHV %RWK IURQW DQG UHDU VWUDSV VKRXOG EH GLUHFWHG
GRZQ DQG RXWZDUG IURP WKH PDFKLQH
IROORZ DOO ORFDO ÀUH ZDUQLQJV DQG NHHS WKH PDFKLQH IUHH
RI GU\ JUDVV DQG OHDI GHEULV
‡ $OWHUQDWH WKH PRZLQJ GLUHFWLRQ 7KLV KHOSV GLVSHUVH WKH
&OHDQLQJ WKH 0DFKLQH
FOLSSLQJV RYHU WKH ODZQ IRU HYHQ IHUWLOL]DWLRQ
‡ ,I WKH ÀQLVKHG ODZQ DSSHDUDQFH LV XQVDWLVIDFWRU\ WU\ 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\
RU PRUH RI WKH IROORZLQJ
:$51,1*
² 5HSODFH WKH EODGH RU KDYH LW VKDUSHQHG
² :DON DW D VORZHU SDFH ZKLOH PRZLQJ
² 5DLVH WKH FXWWLQJ KHLJKW RQ \RXU PDFKLQH
7KH PDFKLQH PD\ GLVORGJH PDWHULDO IURP XQGHU WKH
PDFKLQH
² &XW WKH JUDVV PRUH IUHTXHQWO\
‡ :HDU H\H SURWHFWLRQ
² 2YHUODS FXWWLQJ VZDWKV LQVWHDG RI FXWWLQJ D IXOO VZDWK
ZLWK HDFK SDVV
‡ 6WD\ LQ WKH RSHUDWLQJ SRVLWLRQ EHKLQG WKH
KDQGOH ZKHQ WKH HQJLQH LV UXQQLQJ
² 6HW WKH FXWWLQJ KHLJKW RQ WKH IURQW ZKHHOV D QRWFK
ORZHU WKDQ WKH UHDU ZKHHOV )RU H[DPSOH VHW WKH IURQW
ZKHHOV DW PP LQFKHV DQG WKH UHDU ZKHHOV
DW PP LQFKHV
‡ 'R QRW DOORZ E\VWDQGHUV LQ WKH DUHD
)RU EHVW UHVXOWV FOHDQ WKH PDFKLQH VRRQ DIWHU \RX KDYH
FRPSOHWHG PRZLQJ
&XWWLQJ /HDYHV
‡ $IWHU FXWWLQJ WKH ODZQ HQVXUH WKDW KDOI RI WKH ODZQ VKRZV
WKURXJK WKH FXW OHDI FRYHU <RX PD\ QHHG WR PDNH PRUH
WKDQ D VLQJOH SDVV RYHU WKH OHDYHV
/RZHU WKH PDFKLQH WR LWV ORZHVW FXWWLQJKHLJKW VHWWLQJ
5HIHU WR $GMXVWLQJ WKH &XWWLQJ +HLJKW SDJH 0RYH WKH PDFKLQH RQWR D ÁDW SDYHG VXUIDFH
:DVK RXW WKH DUHD XQGHU WKH UHDU GHÁHFWRU ZKHUH WKH
FOLSSLQJV JR IURP WKH KRXVLQJ WR WKH JUDVV EDJ
‡ ,I WKHUH DUH PRUH WKDQ FP LQFKHV RI OHDYHV RQ WKH
ODZQ VHW WKH IURQW FXWWLQJ KHLJKW RU QRWFKHV KLJKHU
WKDQ WKH UHDU FXWWLQJ KHLJKW
1RWH :DVK RXW WKH DUHD ZLWK WKH EDJRQGHPDQG
OHYHU LQ ERWK WKH IXOO\ IRUZDUG DQG IXOO\ UHDUZDUG
SRVLWLRQV
‡ 6ORZ GRZQ \RXU PRZLQJ VSHHG LI WKH PDFKLQH GRHV QRW
FXW WKH OHDYHV ÀQHO\ HQRXJK
$IWHU 2SHUDWLRQ
$IWHU 2SHUDWLQJ 6DIHW\
*HQHUDO 6DIHW\
‡ &OHDQ JUDVV DQG GHEULV IURP WKH PDFKLQH WR KHOS SUHYHQW
ÀUHV &OHDQ XS RLO RU IXHO VSLOOV
$WWDFK D JDUGHQ KRVH WKDW LV FRQQHFWHG WR D ZDWHU
VXSSO\ WR WKH ZDVKRXW SRUW RQ WKH PDFKLQH )LJXUH )LJXUH :DVKRXW SRUW
7XUQ WKH ZDWHU RQ
6WDUW WKH HQJLQH DQG UXQ LW XQWLO WKHUH DUH QR PRUH
FOLSSLQJV WKDW FRPH RXW IURP XQGHU WKH PDFKLQH
6WRS WKH HQJLQH
6KXW RII WKH ZDWHU DQG GLVFRQQHFW WKH JDUGHQ KRVH
IURP WKH PDFKLQH
6WDUW WKH HQJLQH DQG UXQ LW IRU D IHZ PLQXWHV WR GU\ WKH
XQGHUVLGH RI WKH PDFKLQH WR SUHYHQW LW IURP UXVWLQJ
)LJXUH +DQGOH NQRE
&DUULDJH EROW
)ROG WKH KDQGOH E\ URWDWLQJ LW IRUZDUG )LJXUH $OORZ WKH HQJLQH WR FRRO EHIRUH VWRULQJ WKH PDFKLQH
LQ DQ HQFORVHG DUHD
)ROGLQJ WKH +DQGOH
)LJXUH :$51,1*
)ROGLQJ RU XQIROGLQJ WKH KDQGOH LPSURSHUO\ FDQ
GDPDJH WKH FDEOHV FDXVLQJ DQ XQVDIH RSHUDWLQJ
FRQGLWLRQ
‡ 'R QRW GDPDJH WKH FDEOHV ZKHQ IROGLQJ RU
XQIROGLQJ WKH KDQGOH
2SHUDWLQJ SRVLWLRQ
)ROGHG SRVLWLRQ
,QVHUW WKH FDUULDJH EROW ZLWK WKH EROW KHDG WRZDUG WKH
LQVLGH WKURXJK WKH KDQGOH EUDFNHW DQG WKH XSSHU KROH
LQ WKH KDQGOH HQG (QVXUH WKDW WKH VTXDUH HGJHV RI HDFK
FDUULDJH EROW ÀWV LQWR WKH XSSHU RU ORZHU VTXDUH KROH LQ
LWV UHODWHG KDQGOH EUDFNHW )LJXUH ‡ ,I D FDEOH LV GDPDJHG FRQWDFW DQ $XWKRUL]HG
6HUYLFH 'HDOHU
5HPRYH DQG VDYH WKH KDQGOH NQREV DQG FDUULDJH
EROWV IURP WKH KDQGOH EUDFNHWV )LJXUH ,PSRUWDQW 5RXWH WKH FDEOHV WR WKH RXWVLGH RI WKH
KDQGOH NQREV DV \RX IROG WKH KDQGOH
)LJXUH +DQGOH NQRE
&DUULDJH EROW
/RRVHO\ LQVWDOO WKH KDQGOH NQREV DQG FDUULDJH EROWV RQ
WKH KDQGOH EUDFNHWV
7R XQIROG WKH KDQGOH UHIHU WR $VVHPEOLQJ DQG
8QIROGLQJ WKH +DQGOH SDJH 0DLQWHQDQFH
1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ
5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOHV
0DLQWHQDQFH 6HUYLFH
,QWHUYDO
0DLQWHQDQFH 3URFHGXUH
$IWHU WKH ¿UVW KRXUV
‡ &KDQJH WKH HQJLQH RLO
%HIRUH HDFK XVH RU GDLO\
%HIRUH VWRUDJH
<HDUO\
‡ &KHFN WKH HQJLQHRLO OHYHO
‡ (QVXUH WKDW WKH HQJLQH VWRSV ZLWKLQ VHFRQGV DIWHU UHOHDVLQJ WKH EODGHFRQWURO EDU
‡ &OHDQ JUDVV FOLSSLQJV DQG GLUW IURP XQGHU WKH PDFKLQH
‡ (PSW\ WKH IXHO WDQN EHIRUH DQQXDO VWRUDJH
‡ &OHDQ WKH DLU FRROLQJ V\VWHP FOHDQ LW PRUH IUHTXHQWO\ LQ GXVW\ RSHUDWLQJ FRQGLWLRQV
5HIHU WR \RXU HQJLQH RZQHU
V PDQXDO
‡ 6HUYLFH WKH DLU FOHDQHU
‡ &KDQJH WKH HQJLQH RLO
‡ 5HSODFH WKH EODGH RU KDYH LW VKDUSHQHG PRUH IUHTXHQWO\ LI WKH HGJH GXOOV TXLFNO\
‡ 5HIHU WR \RXU HQJLQH RSHUDWRU
V PDQXDO IRU DQ\ DGGLWLRQDO \HDUO\ PDLQWHQDQFH
SURFHGXUHV
,PSRUWDQW 5HIHU WR \RXU HQJLQH RZQHU
V PDQXDO IRU DGGLWLRQDO PDLQWHQDQFH SURFHGXUHV
1RWH 5HSODFHPHQW SDUWV DUH DYDLODEOH IURP DQ $XWKRUL]HG 6HUYLFH 'HDOHU JR WR ZZZWRURFRP WR ÀQG WKH QHDUHVW GHDOHU
RU DW ZZZVKRSWRURFRP
0DLQWHQDQFH 6DIHW\
‡ 'LVFRQQHFW WKH VSDUNSOXJ ZLUH IURP WKH VSDUN SOXJ
EHIRUH SHUIRUPLQJ DQ\ PDLQWHQDQFH SURFHGXUH
‡ :HDU JORYHV DQG H\H SURWHFWLRQ ZKHQ VHUYLFLQJ WKH
PDFKLQH
‡ 7KH EODGH LV VKDUS FRQWDFWLQJ WKH EODGH FDQ UHVXOW LQ
VHULRXV SHUVRQDO LQMXU\ :HDU JORYHV ZKHQ VHUYLFLQJ WKH
EODGH
‡ 1HYHU WDPSHU ZLWK VDIHW\ GHYLFHV &KHFN WKHLU SURSHU
)LJXUH RSHUDWLRQ UHJXODUO\
‡ 7LSSLQJ WKH PDFKLQH PD\ FDXVH WKH IXHO WR OHDN )XHO LV
ÁDPPDEOH DQG H[SORVLYH DQG FDQ FDXVH SHUVRQDO LQMXU\
5XQ WKH HQJLQH GU\ WR UHPRYH WKH IXHO ZLWK D KDQG SXPS
QHYHU VLSKRQ WKH IXHO
,PSRUWDQW %HIRUH WLSSLQJ WKH PDFKLQH WR FKDQJH
WKH RLO RU UHSODFH WKH EODGH DOORZ WKH IXHO WDQN WR
UXQ GU\ WKURXJK QRUPDO XVDJH ,I \RX PXVW WLS
WKH PDFKLQH SULRU WR UXQQLQJ RXW RI IXHO XVH D
KDQG IXHO SXPS WR UHPRYH WKH IXHO $OZD\V WLS WKH
PDFKLQH RQWR LWV VLGH ZLWK WKH GLSVWLFN GRZQ
3UHSDULQJ IRU 0DLQWHQDQFH
6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS
'LVFRQQHFW WKH VSDUN SOXJ ZLUH IURP WKH VSDUN SOXJ
)LJXUH EHIRUH SHUIRUPLQJ DQ\ PDLQWHQDQFH
SURFHGXUH
$IWHU SHUIRUPLQJ WKH PDLQWHQDQFH SURFHGXUHV
FRQQHFW WKH VSDUN SOXJ ZLUH WR WKH VSDUN SOXJ
6HUYLFLQJ WKH $LU &OHDQHU
&KDQJLQJ WKH (QJLQH 2LO
6HUYLFH ,QWHUYDO <HDUO\
6HUYLFH ,QWHUYDO $IWHU WKH ÀUVW KRXUV
3UHVV GRZQ RQ WKH ODWFK WDEV RQ WRS RI WKH DLUFOHDQHU
FRYHU )LJXUH <HDUO\
5XQ WKH HQJLQH D IHZ PLQXWHV EHIRUH FKDQJLQJ WKH RLO WR ZDUP
LW :DUP RLO ÁRZV EHWWHU DQG FDUULHV PRUH FRQWDPLQDQWV
0RYH WKH PDFKLQH WR D OHYHO VXUIDFH
5HIHU WR 3UHSDULQJ IRU 0DLQWHQDQFH SDJH 5HPRYH WKH GLSVWLFN )LJXUH )LJXUH /DWFK WDEV
3DSHU DLU ¿OWHU
)RDP SUH¿OWHU
)LJXUH 2SHQ WKH FRYHU
5HPRYH WKH SDSHU DLU ÀOWHU DQG WKH IRDP SUHÀOWHU
)LJXUH ,QVSHFW WKH IRDP SUHÀOWHU DQG UHSODFH LW LI LW LV
GDPDJHG RU H[FHVVLYHO\ GLUW\
,QVSHFW WKH SDSHU DLU ÀOWHU
'LSVWLFN
7LS WKH PDFKLQH RQWR LWV VLGH ZLWK WKH GLSVWLFN GRZQ WR
GUDLQ WKH XVHG RLO RXW WKURXJK WKH RLOÀOO WXEH )LJXUH
‡ ,I WKH DLU ÀOWHU LV GDPDJHG RU LV ZHW ZLWK RLO RU IXHO
UHSODFH LW
‡ ,I WKH DLU ÀOWHU LV GLUW\ WDS LW RQ D KDUG VXUIDFH
VHYHUDO WLPHV RU EORZ FRPSUHVVHG DLU OHVV WKDQ N3D SVL WKURXJK WKH VLGH RI WKH ÀOWHU WKDW IDFHV
WKH HQJLQH
1RWH 'R QRW EUXVK WKH GLUW RII WKH ÀOWHU EUXVKLQJ
IRUFHV GLUW LQWR WKH ÀEHUV
)LJXUH 5HPRYH WKH GLUW IURP WKH DLUFOHDQHU ERG\ DQG WKH
FRYHU XVLQJ D PRLVW UDJ
,PSRUWDQW 'R QRW ZLSH GLUW LQWR WKH DLU GXFW
5HWXUQ WKH PDFKLQH WR WKH RSHUDWLQJ SRVLWLRQ
,QVWDOO WKH IRDP SUHÀOWHU DQG WKH SDSHU DLU ÀOWHU LQWR
WKH DLU FOHDQHU
,QVWDOO WKH FRYHU
3RXU DERXW RI WKH FUDQNFDVH FDSDFLW\ RI RLO LQ WKH
FUDQNFDVH
1RWH 0D[ ÀOO / TW RU R] W\SH 6$(
GHWHUJHQW RLO ZLWK DQ $3, VHUYLFH FODVVLÀFDWLRQ RI
6) 6* 6+ 6- 6/ RU KLJKHU
:DLW DERXW PLQXWHV IRU WKH RLO WR VHWWOH LQ WKH
FUDQNFDVH
:LSH WKH GLSVWLFN FOHDQ ZLWK D FOHDQ FORWK
,QVHUW WKH GLSVWLFN LQWR WKH RLOÀOO WXEH EXW GR QRW
VFUHZ LW LQ WKHQ UHPRYH WKH GLSVWLFN
5HDG WKH RLO OHYHO RQ WKH GLSVWLFN )LJXUH ‡ ,I WKH RLO OHYHO LV ORZ VORZO\ SRXU D VPDOO DPRXQW RI
RLO LQWR WKH RLOÀOO WXEH DQG UHSHDW VWHSV WKURXJK
XQWLO WKH RLO OHYHO RQ WKH GLSVWLFN LV FRUUHFW
)LJXUH ‡ ,I WKH RLO OHYHO LV KLJK GUDLQ WKH H[FHVV RLO XQWLO WKH
RLO OHYHO RQ WKH GLSVWLFN LV FRUUHFW
,PSRUWDQW ,I WKH RLO OHYHO LQ WKH FUDQNFDVH LV WRR
ORZ RU WRR KLJK DQG \RX UXQ WKH HQJLQH \RX PD\
GDPDJH WKH HQJLQH
,QVWDOO WKH GLSVWLFN VHFXUHO\
5HF\FOH WKH XVHG RLO SURSHUO\
5HPRYH WKH EODGH VDYLQJ DOO PRXQWLQJ KDUGZDUH
)LJXUH ,QVWDOO WKH QHZ EODGH DQG DOO PRXQWLQJ KDUGZDUH
)LJXUH 5HSODFLQJ WKH %ODGH
6HUYLFH ,QWHUYDO <HDUO\
,PSRUWDQW <RX ZLOO QHHG D WRUTXH ZUHQFK WR LQVWDOO WKH
EODGH SURSHUO\ ,I \RX GR QRW KDYH D WRUTXH ZUHQFK RU
DUH XQFRPIRUWDEOH SHUIRUPLQJ WKLV SURFHGXUH FRQWDFW
DQ $XWKRUL]HG 6HUYLFH 'HDOHU
([DPLQH WKH EODGH ZKHQHYHU \RX UXQ RXW RI JDVROLQH ,I WKH
EODGH LV GDPDJHG RU FUDFNHG UHSODFH LW LPPHGLDWHO\ ,I WKH
EODGH HGJH LV GXOO RU QLFNHG KDYH LW VKDUSHQHG DQG EDODQFHG
RU UHSODFH LW
:$51,1*
7KH EODGH LV VKDUS FRQWDFWLQJ WKH EODGH FDQ UHVXOW
LQ VHULRXV SHUVRQDO LQMXU\
:HDU JORYHV ZKHQ VHUYLFLQJ WKH EODGH
5HIHU WR 3UHSDULQJ IRU 0DLQWHQDQFH SDJH 7LS WKH PDFKLQH HLWKHU RQWR LWV VLGH ZLWK WKH GLSVWLFN
GRZQ
)LJXUH ,PSRUWDQW 3RVLWLRQ WKH FXUYHG HQGV RI WKH EODGH
WR SRLQW WRZDUG WKH PDFKLQH KRXVLQJ
8VH D EORFN RI ZRRG WR KROG WKH EODGH VWHDG\ )LJXUH
8VH D WRUTXH ZUHQFK WR WLJKWHQ WKH EODGH EROW WR
1P IWOE
,PSRUWDQW $ EROW WRUTXHG WR 1P IWOE LV
YHU\ WLJKW :KLOH KROGLQJ WKH EODGH ZLWK D EORFN
RI ZRRG SXW \RXU ZHLJKW EHKLQG WKH UDWFKHW RU
ZUHQFK DQG WLJKWHQ WKH EROW VHFXUHO\ 7KLV EROW LV
YHU\ GLIÀFXOW WR RYHUWLJKWHQ
$GMXVWLQJ WKH 6HOI3URSHO 'ULYH
:KHQHYHU \RX LQVWDOO D QHZ VHOISURSHO FDEOH RU LI WKH
VHOISURSHO GULYH LV RXW RI DGMXVWPHQW DGMXVW WKH VHOISURSHO
GULYH
7XUQ WKH DGMXVWPHQW NQRE FRXQWHUFORFNZLVH WR ORRVHQ
WKH FDEOH DGMXVWPHQW )LJXUH )LJXUH +DQGOH OHIW VLGH
$GMXVWPHQW NQRE
6HOISURSHOGULYH FDEOH
$GMXVW WKH WHQVLRQ RQ WKH FDEOH )LJXUH E\ SXOOLQJ LW
EDFN RU SXVKLQJ LW IRUZDUG DQG KROGLQJ WKDW SRVLWLRQ
1RWH 3XVK WKH FDEOH WRZDUG WKH HQJLQH WR LQFUHDVH
WKH WUDFWLRQ SXOO WKH FDEOH DZD\ IURP WKH HQJLQH WR
GHFUHDVH WKH WUDFWLRQ
7XUQ WKH DGMXVWPHQW NQRE FORFNZLVH WR WLJKWHQ WKH
FDEOH DGMXVWPHQW
1RWH 7LJKWHQ WKH NQRE ÀUPO\ E\ KDQG
6WRUDJH
)LOO WKH IXHO WDQN ZLWK IUHVK JDVROLQH UHIHU WR )LOOLQJ WKH
)XHO 7DQN SDJH 6WRUH WKH PDFKLQH LQ D FRRO FOHDQ GU\ SODFH
&RQQHFW WKH ZLUH WR WKH VSDUN SOXJ
3UHSDULQJ WKH 0DFKLQH IRU
6WRUDJH
:$51,1*
*DVROLQH YDSRUV FDQ H[SORGH
‡ 'R QRW VWRUH JDVROLQH PRUH WKDQ GD\V
‡ 'R QRW VWRUH WKH PDFKLQH LQ DQ HQFORVXUH QHDU
DQ RSHQ ÁDPH
‡ $OORZ WKH HQJLQH WR FRRO EHIRUH VWRULQJ LW
2Q WKH ODVW UHIXHOLQJ RI WKH \HDU DGG IXHO VWDELOL]HU WR
WKH IXHO DV GLUHFWHG E\ WKH HQJLQH PDQXIDFWXUHU
'LVSRVH RI DQ\ XQXVHG IXHO SURSHUO\ 5HF\FOH LW
DFFRUGLQJ WR ORFDO FRGHV RU XVH LW LQ \RXU DXWRPRELOH
1RWH 2OG IXHO LQ WKH IXHO WDQN LV WKH OHDGLQJ FDXVH RI
KDUG VWDUWLQJ 'R QRW VWRUH IXHO ZLWKRXW VWDELOL]HU PRUH
WKDQ GD\V DQG GR QRW VWRUH VWDELOL]HG IXHO PRUH WKDQ
GD\V
5XQ WKH PDFKLQH XQWLO WKH HQJLQH VWRSV IURP UXQQLQJ
RXW RI IXHO
6WDUW WKH HQJLQH DJDLQ
$OORZ WKH HQJLQH WR UXQ XQWLO LW VWRSV :KHQ \RX FDQ
QR ORQJHU VWDUW WKH HQJLQH LW LV VXIÀFLHQWO\ GU\
'LVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ
5HPRYH WKH VSDUN SOXJ DGG PO R] RI RLO WKURXJK
WKH VSDUN SOXJ KROH DQG SXOO WKH VWDUWHU URSH VORZO\
VHYHUDO WLPHV WR GLVWULEXWH RLO WKURXJKRXW WKH F\OLQGHU
WR SUHYHQW F\OLQGHU FRUURVLRQ GXULQJ WKH RIIVHDVRQ
/RRVHO\ LQVWDOO WKH VSDUN SOXJ
7LJKWHQ DOO QXWV EROWV DQG VFUHZV
5HPRYH WKH 0DFKLQH IURP
6WRUDJH
&KHFN DQG WLJKWHQ DOO IDVWHQHUV
5HPRYH WKH VSDUN SOXJ DQG VSLQ WKH HQJLQH UDSLGO\ E\
SXOOLQJ WKH UHFRLOVWDUW KDQGOH WR EORZ WKH H[FHVV RLO
IURP WKH F\OLQGHU
,QVWDOO WKH VSDUN SOXJ DQG WLJKWHQ LW ZLWK D WRUTXH
ZUHQFK WR 1P IWOE
3HUIRUP DQ\ PDLQWHQDQFH SURFHGXUHV UHIHU WR
0DLQWHQDQFH SDJH &KHFN WKH HQJLQHRLO OHYHO UHIHU WR &KHFNLQJ WKH
(QJLQH2LO /HYHO SDJH 7KH 7RUR :DUUDQW\
LQ 5HF\FOHUŠ
$ <HDU )XOO :DUUDQW\ 'D\ /LPLWHG :DUUDQW\ IRU &RPPHUFLDO 8VH
LQ 0XOFKHU%DJJHU
7KH 7RUR *76 6WDUWLQJ *XDUDQWHH
:DON 3RZHU 0RZHUV
$ <HDU )XOO :DUUDQW\ 1RW $SSOLFDEOH IRU &RPPHUFLDO 8VH
&RQGLWLRQV DQG 3URGXFWV &RYHUHG
7KH 7RUR &RPSDQ\ DQG LWV DI¿OLDWH 7RUR :DUUDQW\ &RPSDQ\ SXUVXDQW WR
DQ DJUHHPHQW EHWZHHQ WKHP MRLQWO\ SURPLVH WR UHSDLU WKH 7RUR 3URGXFW
OLVWHG EHORZ LI XVHG IRU UHVLGHQWLDO SXUSRVHV LI LW LV GHIHFWLYH LQ PDWHULDOV
RU ZRUNPDQVKLS RU LI LW VWRSV IXQFWLRQLQJ GXH WR WKH IDLOXUH RI D FRPSRQHQW
RU LI WKH 7RUR *76 *XDUDQWHHG WR 6WDUW HQJLQH ZLOO QRW VWDUW RQ WKH ¿UVW RU
VHFRQG SXOO SURYLGHG WKH URXWLQH PDLQWHQDQFH UHTXLUHG LQ WKH 2SHUDWRU
V
0DQXDO KDYH EHHQ SHUIRUPHG
7KLV ZDUUDQW\ FRYHUV WKH FRVW RI SDUWV DQG ODERU EXW \RX PXVW SD\
WUDQVSRUWDWLRQ FRVWV
7KH IROORZLQJ WLPH SHULRGV DSSO\ IURP WKH RULJLQDO GDWH RI SXUFKDVH
3URGXFWV
LQ 5HF\FOHU DQG LQ
0XOFKHU%DJJHU DQG $WWDFKPHQWV
*76 *XDUDQWHHG WR 6WDUW
(QJLQH
%DWWHU\
:DUUDQW\ 3HULRG
\HDU IXOO ZDUUDQW\
\HDU IXOO ZDUUDQW\
\HDU IXOO ZDUUDQW\
\HDU IXOO ZDUUDQW\
,WHPV DQG &RQGLWLRQV 1RW &RYHUHG
7KHUH LV QR RWKHU H[SUHVV ZDUUDQW\ H[FHSW IRU VSHFLDO HPLVVLRQ V\VWHP
FRYHUDJH DQG HQJLQH ZDUUDQW\ FRYHUDJH RQ VRPH SURGXFWV 7KLV H[SUHVV
ZDUUDQW\ GRHV QRW FRYHU WKH IROORZLQJ
‡
‡
‡
‡
‡
/LPLWHG :DUUDQW\ IRU &RPPHUFLDO 8VH
*DVSRZHUHG 7RUR 3URGXFWV XVHG IRU FRPPHUFLDO LQVWLWXWLRQDO RU UHQWDO
XVH DUH ZDUUDQWHG IRU GD\V DJDLQVW GHIHFWV LQ PDWHULDOV RU ZRUNPDQVKLS
&RPSRQHQWV IDLOLQJ GXH WR QRUPDO ZHDU DUH QRW FRYHUHG E\ WKLV ZDUUDQW\
‡
7KH 7RUR *76 *XDUDQWHHG WR 6WDUW 6WDUWLQJ *XDUDQWHH GRHV QRW DSSO\
ZKHQ WKH SURGXFW LV XVHG FRPPHUFLDOO\
,QVWUXFWLRQV IRU 2EWDLQLQJ :DUUDQW\ 6HUYLFH
,I \RX WKLQN WKDW \RXU 7RUR 3URGXFW FRQWDLQV D GHIHFW LQ PDWHULDOV RU
ZRUNPDQVKLS RU LI D QRUPDO DEOHERGLHG DGXOW FDQ QR ORQJHU VWDUW \RXU
SURGXFW
V HQJLQH LQ RQH RU WZR SXOOV IROORZ WKLV SURFHGXUH
&RQWDFW DQ\ $XWKRUL]HG 7RUR 6HUYLFH 'HDOHU WR DUUDQJH VHUYLFH DW
WKHLU GHDOHUVKLS 7R ORFDWH D GHDOHU FRQYHQLHQW WR \RX DFFHVV RXU ZHE
VLWH DW ZZZ7RURFRP <RX PD\ DOVR FDOO WKH QXPEHUV OLVWHG LQ LWHP WR XVH WKH KRXU 7RUR 'HDOHU ORFDWRU V\VWHP
%ULQJ WKH SURGXFW DQG \RXU SURRI RI SXUFKDVH VDOHV UHFHLSW WR WKH
6HUYLFH 'HDOHU 7KH GHDOHU ZLOO GLDJQRVH WKH SUREOHP DQG GHWHUPLQH LI
LW LV FRYHUHG XQGHU ZDUUDQW\
,I IRU DQ\ UHDVRQ \RX DUH GLVVDWLV¿HG ZLWK WKH 6HUYLFH 'HDOHU¶V
DQDO\VLV RU ZLWK WKH DVVLVWDQFH SURYLGHG FRQWDFW XV DW
7KH 7RUR &RPSDQ\
&XVWRPHU &DUH 'HSDUWPHQW 5/& 'LYLVLRQ
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 7ROO IUHH DW 86 FXVWRPHUV
7ROO IUHH DW &DQDGLDQ FXVWRPHUV
2ZQHU 5HVSRQVLELOLWLHV
<RX PXVW PDLQWDLQ \RXU 7RUR 3URGXFW E\ IROORZLQJ WKH PDLQWHQDQFH
SURFHGXUHV GHVFULEHG LQ WKH 2SHUDWRU
V 0DQXDO 6XFK URXWLQH PDLQWHQDQFH
ZKHWKHU SHUIRUPHG E\ D GHDOHU RU E\ \RX LV DW \RXU H[SHQVH
‡
&RVW RI UHJXODU PDLQWHQDQFH VHUYLFH RU SDUWV VXFK DV ¿OWHUV IXHO
OXEULFDQWV RLO FKDQJHV VSDUN SOXJV DLU ¿OWHUV EODGH VKDUSHQLQJ RU ZRUQ
EODGHV FDEOHOLQNDJH DGMXVWPHQWV RU EUDNH DQG FOXWFK DGMXVWPHQWV
$Q\ SURGXFW RU SDUW ZKLFK KDV EHHQ DOWHUHG RU PLVXVHG RU QHJOHFWHG
RU UHTXLUHV UHSODFHPHQW RU UHSDLU GXH WR DFFLGHQWV RU ODFN RI SURSHU
PDLQWHQDQFH
3LFNXS DQG GHOLYHU\ FKDUJHV
5HSDLUV RU DWWHPSWHG UHSDLUV E\ DQ\RQH RWKHU WKDQ DQ $XWKRUL]HG 7RUR
6HUYLFH 'HDOHU
5HSDLUV QHFHVVDU\ GXH WR IDLOXUH WR IROORZ UHFRPPHQGHG IXHO
SURFHGXUH FRQVXOW 2SHUDWRU
V 0DQXDO IRU PRUH GHWDLOV
±
5HPRYLQJ FRQWDPLQDQWV IURP WKH IXHO V\VWHP LV QRW FRYHUHG
±
8VH RI ROG IXHO PRUH WKDQ RQH PRQWK ROG RU IXHO ZKLFK FRQWDLQV
PRUH WKDQ HWKDQRO RU PRUH WKDW 07%(
±
)DLOXUH WR GUDLQ WKH IXHO V\VWHP SULRU WR DQ\ SHULRG RI QRQXVH
RYHU RQH PRQWK
5HSDLUV RU DGMXVWPHQWV WR FRUUHFW VWDUWLQJ GLI¿FXOWLHV GXH WR WKH
IROORZLQJ
±
)DLOXUH WR IROORZ SURSHU PDLQWHQDQFH SURFHGXUHV RU UHFRPPHQGHG
IXHO SURFHGXUH
±
5RWDU\ PRZHU EODGH VWULNLQJ DQ REMHFW
6SHFLDO RSHUDWLRQDO FRQGLWLRQV ZKHUH VWDUWLQJ PD\ UHTXLUH PRUH WKDQ
WZR SXOOV
±
)LUVW WLPH VWDUWV DIWHU H[WHQGHG SHULRG RI QRQXVH RYHU WKUHH
PRQWKV RU VHDVRQDO VWRUDJH
±
&RRO WHPSHUDWXUH VWDUWV VXFK DV WKRVH IRXQG LQ HDUO\ VSULQJ DQG
ODWH DXWXPQ
±
,PSURSHU VWDUWLQJ SURFHGXUHV LI \RX DUH KDYLQJ GLI¿FXOW\ VWDUWLQJ
\RXU XQLW SOHDVH FKHFN WKH 2SHUDWRU
V 0DQXDO WR HQVXUH WKDW
\RX DUH XVLQJ WKH FRUUHFW VWDUWLQJ SURFHGXUHV 7KLV FDQ VDYH DQ
XQQHFHVVDU\ YLVLW WR DQ $XWKRUL]HG 7RUR 6HUYLFH 'HDOHU
*HQHUDO &RQGLWLRQV
$OO UHSDLUV FRYHUHG E\ WKHVH ZDUUDQWLHV PXVW EH SHUIRUPHG E\ DQ $XWKRUL]HG
7RUR 6HUYLFH 'HDOHU XVLQJ 7RURDSSURYHG UHSODFHPHQW SDUWV 5HSDLU E\ DQ
$XWKRUL]HG 7RUR 6HUYLFH 'HDOHU LV \RXU VROH UHPHG\ XQGHU WKLV ZDUUDQW\
1HLWKHU 7KH 7RUR &RPSDQ\ QRU 7RUR :DUUDQW\ &RPSDQ\ LV OLDEOH IRU
LQGLUHFW LQFLGHQWDO RU FRQVHTXHQWLDO GDPDJHV LQ FRQQHFWLRQ ZLWK WKH
XVH RI WKH 7RUR 3URGXFWV FRYHUHG E\ WKHVH ZDUUDQWLHV LQFOXGLQJ DQ\
FRVW RU H[SHQVH RI SURYLGLQJ VXEVWLWXWH HTXLSPHQW RU VHUYLFH GXULQJ
UHDVRQDEOH SHULRGV RI PDOIXQFWLRQ RU QRQXVH SHQGLQJ FRPSOHWLRQ RI
UHSDLUV XQGHU WKHVH ZDUUDQWLHV
6RPH VWDWHV GR QRW DOORZ H[FOXVLRQV RI LQFLGHQWDO RU FRQVHTXHQWLDO
GDPDJHV VR WKH DERYH H[FOXVLRQV PD\ QRW DSSO\ WR \RX
7KLV ZDUUDQW\ JLYHV \RX VSHFL¿F OHJDO ULJKWV DQG \RX PD\ DOVR KDYH RWKHU
ULJKWV ZKLFK YDU\ IURP VWDWH WR VWDWH
&RXQWULHV 2WKHU WKDQ WKH 8QLWHG 6WDWHV RU &DQDGD
7KLV ZDUUDQW\ LV QRW YDOLG LQ 0H[LFR &XVWRPHUV ZKR KDYH SXUFKDVHG 7RUR SURGXFWV H[SRUWHG IURP WKH 8QLWHG 6WDWHV RU &DQDGD VKRXOG FRQWDFW WKHLU 7RUR
'LVWULEXWRU 'HDOHU WR REWDLQ JXDUDQWHH SROLFLHV IRU \RXU FRXQWU\ SURYLQFH RU VWDWH ,I IRU DQ\ UHDVRQ \RX DUH GLVVDWLV¿HG ZLWK \RXU 'LVWULEXWRU
V VHUYLFH RU
KDYH GLI¿FXOW\ REWDLQLQJ JXDUDQWHH LQIRUPDWLRQ FRQWDFW WKH 7RUR LPSRUWHU ,I DOO RWKHU UHPHGLHV IDLO \RX PD\ FRQWDFW XV DW 7RUR :DUUDQW\ &RPSDQ\
$XVWUDOLDQ &RQVXPHU /DZ $XVWUDOLDQ FXVWRPHUV ZLOO ¿QG GHWDLOV UHODWLQJ WR WKH $XVWUDOLDQ &RQVXPHU /DZ HLWKHU LQVLGH WKH ER[ RU DW \RXU ORFDO 7RUR
'HDOHU
5HVLGHQWLDO SXUSRVHV PHDQV XVH RI WKH SURGXFW RQ WKH VDPH ORW DV \RXU KRPH 8VH DW PRUH WKDQ RQH ORFDWLRQ RU LQVWLWXWLRQDO RU UHQWDO XVH LV FRQVLGHUHG
FRPPHUFLDO XVH DQG WKH FRPPHUFLDO XVH ZDUUDQW\ ZRXOG DSSO\
5HY )
&RUWDFpVSHG
5HF\FOHUŠ
FP )RUP 1R 5HY $
1ž GH PRGHOR ²1ž GH VHULH \ VXSHULRUHV
0DQXDO GHO RSHUDGRU
3XHGH DGTXLULU SLH]DV GH UHSXHVWR HQ XQ 6HUYLFLR 7pFQLFR $XWRUL]DGR R HQ ZZZVKRSWRURFRP
,QWURGXFFLyQ
(VWH FRUWDFpVSHG GLULJLGR GH FXFKLOODV URWDWLYDV HVWi
GLVHxDGR SDUD VHU XVDGR SRU XVXDULRV GRPpVWLFRV
(VWi GLVHxDGR SULQFLSDOPHQWH SDUD VHJDU FpVSHG
ELHQ PDQWHQLGR HQ ]RQDV YHUGHV UHVLGHQFLDOHV 1R
HVWi GLVHxDGR SDUD FRUWDU PDOH]D R SDUD DSOLFDFLRQHV
DJUtFRODV
/HD HVWH PDQXDO GHWHQLGDPHQWH SDUD DSUHQGHU D XWLOL]DU \
PDQWHQHU FRUUHFWDPHQWH VX SURGXFWR \ SDUD HYLWDU OHVLRQHV
\ GDxRV DO SURGXFWR 8VWHG HV HO UHVSRQVDEOH GH XWLOL]DU HO
SURGXFWR GH IRUPD FRUUHFWD \ VHJXUD
8VWHG SXHGH SRQHUVH HQ FRQWDFWR GLUHFWDPHQWH FRQ 7RUR HQ
ZZZ7RURFRP VL GHVHD REWHQHU LQIRUPDFLyQ VREUH SURGXFWRV
\ DFFHVRULRV R VL QHFHVLWD ORFDOL]DU XQ GLVWULEXLGRU R UHJLVWUDU
VX SURGXFWR
&XDQGR QHFHVLWH DVLVWHQFLD WpFQLFD SLH]DV JHQXLQDV 7RUR R
LQIRUPDFLyQ DGLFLRQDO SyQJDVH HQ FRQWDFWR FRQ XQ 6HUYLFLR
7pFQLFR $XWRUL]DGR R FRQ $VLVWHQFLD DO &OLHQWH 7RUR \ WHQJD
D PDQR ORV Q~PHURV GH PRGHOR \ VHULH GH VX SURGXFWR )LJXUD
LGHQWLÀFD OD XELFDFLyQ GH ORV Q~PHURV GH PRGHOR \ VHULH
HQ HO SURGXFWR
)LJXUD 3ODFD FRQ ORV Q~PHURV GH PRGHOR \ GH VHULH
$QRWH D FRQWLQXDFLyQ ORV Q~PHURV GH PRGHOR \ GH VHULH GH
VX SURGXFWR
1ž GH PRGHOR
1ž GH VHULH
‹ ²7KH 7RURŠ &RPSDQ\
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 (VWH PDQXDO LGHQWLÀFD SHOLJURV SRWHQFLDOHV \ FRQWLHQH
PHQVDMHV GH VHJXULGDG LGHQWLÀFDGRV SRU HO VtPEROR GH DOHUWD
GH VHJXULGDG )LJXUD TXH VHxDOD XQ SHOLJUR TXH SXHGH
FDXVDU OHVLRQHV JUDYHV R OD PXHUWH VL XVWHG QR VLJXH ODV
SUHFDXFLRQHV UHFRPHQGDGDV
)LJXUD 6tPEROR GH DOHUWD GH VHJXULGDG
(VWH PDQXDO XWLOL]D SDODEUDV SDUD UHVDOWDU LQIRUPDFLyQ
,PSRUWDQWH OODPD OD DWHQFLyQ VREUH LQIRUPDFLyQ PHFiQLFD
HVSHFLDO \ 1RWD UHVDOWD LQIRUPDFLyQ JHQHUDO TXH PHUHFH XQD
DWHQFLyQ HVSHFLDO
$'9(57(1&,$
&$/,)251,$
$GYHUWHQFLD GH OD 3URSXHVWD (VWH SURGXFWR FRQWLHQH XQD R PiV VXVWDQFLDV
TXtPLFDV TXH HO (VWDGR GH &DOLIRUQLD FRQVLGHUD
FDXVDQWHV GH FiQFHU GHIHFWRV FRQJpQLWRV R
WUDVWRUQRV GHO VLVWHPD UHSURGXFWRU
/RV JDVHV GH HVFDSH GH HVWH SURGXFWR FRQWLHQHQ
SURGXFWRV TXtPLFRV TXH HO (VWDGR GH &DOLIRUQLD
VDEH TXH FDXVDQ FiQFHU GHIHFWRV FRQJpQLWRV
X RWURV SHOLJURV SDUD OD UHSURGXFFLyQ
(O XVR R OD RSHUDFLyQ GHO PRWRU HQ FXDOTXLHU WHUUHQR IRUHVWDO
GH PRQWH R FXELHUWR GH KLHUED D PHQRV TXH HO PRWRU HVWp
HTXLSDGR FRQ SDUDFKLVSDV FRQIRUPH D OD GHÀQLFLyQ GH
OD VHFFLyQ PDQWHQLGR HQ EXHQDV FRQGLFLRQHV GH
IXQFLRQDPLHQWR R TXH HO PRWRU KD\D VLGR IDEULFDGR HTXLSDGR
\ PDQWHQLGR SDUD OD SUHYHQFLyQ GH LQFHQGLRV FRQVWLWX\H XQD
LQIUDFFLyQ GH OD OHJLVODFLyQ GH &DOLIRUQLD &DOLIRUQLD 3XEOLF
5HVRXUFH &RGH 6HFWLRQ R (VWH VLVWHPD GH HQFHQGLGR SRU FKLVSD FXPSOH OD QRUPD
FDQDGLHQVH ,&(6
(O 0DQXDO GHO SURSLHWDULR GHO PRWRU DGMXQWR RIUHFH
LQIRUPDFLyQ VREUH ODV QRUPDV GH OD $JHQFLD GH
SURWHFFLyQ DPELHQWDO GH ((88 86 (QYLURQPHQWDO
3URWHFWLRQ $JHQF\(3$ \ GH OD 1RUPD GH FRQWURO
GH HPLVLRQHV GH &DOLIRUQLD &DOLIRUQLD (PLVVLRQ
5HJLVWUH VX SURGXFWR HQ ZZZ7RURFRP
7UDGXFFLyQ GHO RULJLQDO (6
,PSUHVR HQ ((88
5HVHUYDGRV WRGRV ORV GHUHFKRV 9 &RQWURO 5HJXODWLRQ VREUH VLVWHPDV GH HPLVLRQHV
PDQWHQLPLHQWR \ JDUDQWtD 3XHGH VROLFLWDUVH XQ PDQXDO
QXHYR DO IDEULFDQWH GHO PRWRU
'HVSXpV GHO DOPDFHQDPLHQWR 6HJXULGDG
3DU QHWR(O SDU EUXWR R QHWR GH HVWH PRWRU IXH GHWHUPLQDGR
HQ HO ODERUDWRULR SRU HO IDEULFDQWH GHO PRWRU FRQ DUUHJOR D OD
QRUPD - GH OD 6RFLHW\ RI $XWRPRWLYH (QJLQHHUV 6$(
'HELGR D TXH HO PRWRU HVWi FRQÀJXUDGR SDUD FXPSOLU ORV
UHTXLVLWRV GH VHJXULGDG HPLVLRQHV \ RSHUDFLyQ VX SRWHQFLD
UHDO HQ HVWH WLSR GH FRUWDFpVSHG VHUi VLJQLÀFDWLYDPHQWH PHQRU
(VWD PiTXLQD KD VLGR GLVHxDGD FRQ DUUHJOR D OR HVWLSXODGR HQ
OD QRUPD $16, %²
6HJXULGDG HQ JHQHUDO
&RQWHQLGR
(VWH SURGXFWR HV FDSD] GH DPSXWDU PDQRV \ SLHV \ GH ODQ]DU
REMHWRV DO DLUH 6LJD VLHPSUH WRGDV ODV LQVWUXFFLRQHV GH
VHJXULGDG FRQ HO ÀQ GH HYLWDU OHVLRQHV SHUVRQDOHV JUDYHV
,QWURGXFFLyQ 6HJXULGDG 6HJXULGDG HQ JHQHUDO 3HJDWLQDV GH VHJXULGDG H LQVWUXFFLRQHV 0RQWDMH &yPR HQVDPEODU \ GHVSOHJDU HO PDQLOODU ,QVWDODFLyQ GH OD FXHUGD GH DUUDQTXH HQ OD JXtD GH
OD FXHUGD /OHQDGR GHO FiUWHU GH DFHLWH (QVDPEODMH GH OD EROVD GH UHFRJLGD (O SURGXFWR 2SHUDFLyQ $QWHV GHO IXQFLRQDPLHQWR 6HJXULGDG DQWHV GHO XVR &yPR OOHQDU HO GHSyVLWR GH FRPEXVWLEOH &RPSUREDFLyQ GHO QLYHO GH DFHLWH GHO PRWRU $MXVWH GH OD DOWXUD GHO PDQLOODU $MXVWH GH OD DOWXUD GH FRUWH 'XUDQWH HO IXQFLRQDPLHQWR 6HJXULGDG GXUDQWH HO XVR
$UUDQTXH GHO PRWRU 8VR GH OD WUDQVPLVLyQ DXWRSURSXOVDGD
&yPR SDUDU HO PRWRU 5HFLFODGR GH ORV UHFRUWHV
(QVDFDGR GH ORV UHFRUWHV )XQFLRQDPLHQWR GH OD SDODQFD GH HQVDFDGR D
GHPDQGD
'HVFDUJD ODWHUDO GH ORV UHFRUWHV &RQVHMRV GH RSHUDFLyQ 'HVSXpV GHO IXQFLRQDPLHQWR 6HJXULGDG GHVSXpV GHO XVR
/LPSLH]D GH OD PiTXLQD &yPR SOHJDU HO PDQLOODU
0DQWHQLPLHQWR &DOHQGDULR UHFRPHQGDGR GH PDQWHQLPLHQWR 6HJXULGDG HQ HO PDQWHQLPLHQWR
3UHSDUDFLyQ SDUD HO PDQWHQLPLHQWR 0DQWHQLPLHQWR GHO OLPSLDGRU GH DLUH &yPR FDPELDU HO DFHLWH GHO PRWRU &yPR FDPELDU OD FXFKLOOD
$MXVWH GH OD WUDQVPLVLyQ DXWRSURSXOVDGD $OPDFHQDPLHQWR 3UHSDUDFLyQ GH OD PiTXLQD SDUD HO
DOPDFHQDPLHQWR (O XVR GH HVWH SURGXFWR SDUD RWURV SURSyVLWRV TXH ORV
SUHYLVWRV SRGUtD VHU SHOLJURVR SDUD XVWHG \ SDUD RWUDV SHUVRQDV
‡ /HD \ FRPSUHQGD HO FRQWHQLGR GH HVWH 0DQXDO GHO RSHUDGRU
DQWHV GH DUUDQFDU HO PRWRU $VHJ~UHVH GH TXH WRGDV ODV
SHUVRQDV TXH XWLOLFHQ HVWH SURGXFWR VHSDQ FyPR XWLOL]DUOR
\ FRPSUHQGDQ ODV DGYHUWHQFLDV
‡ 1R SRQJD ODV PDQRV R ORV SLHV FHUFD GH ORV FRPSRQHQWHV
PyYLOHV GH OD PiTXLQD
‡ 1R KDJD IXQFLRQDU OD PiTXLQD VL QR HVWiQ FRORFDGRV
\ IXQFLRQDQGR WRGRV ORV SURWHFWRUHV \ GLVSRVLWLYRV GH
VHJXULGDG
‡ 1R VH DFHUTXH D ORV RULÀFLRV GH GHVFDUJD 0DQWHQJD D
RWUDV SHUVRQDV D XQD GLVWDQFLD SUXGHQFLDO GH OD PiTXLQD
‡ 0DQWHQJD D ORV QLxRV DOHMDGRV GH OD ]RQD GH WUDEDMR
1XQFD SHUPLWD D ORV QLxRV XWLOL]DU OD PiTXLQD
‡ 3DUH OD PiTXLQD \ SDUH HO PRWRU DQWHV GH UHDOL]DU WDUHDV
GH PDQWHQLPLHQWR R UHSRVWDMH \ DQWHV GH HOLPLQDU
REVWUXFFLRQHV HQ OD PiTXLQD
(O XVR R PDQWHQLPLHQWR LQFRUUHFWR GH HVWD PiTXLQD SXHGH
FDXVDU OHVLRQHV 3DUD UHGXFLU HO SHOLJUR GH OHVLRQHV FXPSOD
HVWDV LQVWUXFFLRQHV GH VHJXULGDG \ SUHVWH DWHQFLyQ VLHPSUH
DO VtPEROR GH DOHUWD GH VHJXULGDG TXH VLJQLÀFD &XLGDGR
$GYHUWHQFLD R 3HOLJUR ² LQVWUXFFLyQ UHODWLYD D OD VHJXULGDG
SHUVRQDO (O LQFXPSOLPLHQWR GH HVWDV LQVWUXFFLRQHV SXHGH GDU
OXJDU D OHVLRQHV SHUVRQDOHV R OD PXHUWH
3XHGH HQFRQWUDU LQIRUPDFLyQ GH VHJXULGDG DGLFLRQDO HQ WRGR
HVWH PDQXDO HQ ODV VHFFLRQHV FRUUHVSRQGLHQWHV
3HJDWLQDV GH VHJXULGDG H LQVWUXFFLRQHV
,PSRUWDQWH +D\ SHJDWLQDV GH VHJXULGDG H LQVWUXFFLRQHV FRORFDGDV FHUFD GH ]RQDV GH SRWHQFLDO SHOLJUR 6XVWLWX\D
FXDOTXLHU SHJDWLQD GDxDGD
0DUFD GHO IDEULFDQWH
,QGLFD TXH OD FXFKLOOD KD VLGR LGHQWL¿FDGD FRPR SLH]D GHO
IDEULFDQWH RULJLQDO GH OD PiTXLQD
%ORTXHDU
'HVEORTXHDU
±
5HFLFODGR DFWLYDGR
(QVDFDGR DFWLYDGR
0RQWDMH
,PSRUWDQWH 5HWLUH \ GHVHFKH OD KRMD SURWHFWRUD GH
SOiVWLFR TXH FXEUH HO PRWRU
&yPR HQVDPEODU \ GHVSOHJDU
HO PDQLOODU
1R VH QHFHVLWDQ SLH]DV
3URFHGLPLHQWR
5HWLUH \ JXDUGH ORV SRPRV GHO PDQLOODU \ ORV SHUQRV
GH FXHOOR FXDGUDGR GH ORV VRSRUWHV GHO PDQLOODU )LJXUD
$MXVWH GH OD WUDFFLyQ
$WHQFLyQ OHD HO 0DQXDO GHO RSHUDGRU ± $ÀRMH HO SRPR
JLUiQGROR HQ VHQWLGR DQWLKRUDULR 7LUH GHOGH ORV FDEOHV
SDUD UHGXFLU OD WUDFFLyQ R HPSXMH HOORV FDEOHV KDFLD
HO PRWRU SDUD DXPHQWDU OD WUDFFLyQ $SULHWH HO SRPR
JLUiQGROR HQ VHQWLGR KRUDULR
)LJXUD 3RPR GHO PDQLOODU
3HUQR
±
$GYHUWHQFLD ± OHD HO 0DQXDO GHO RSHUDGRU
3HOLJUR GH FRUWHGHVPHPEUDPLHQWR GH PDQR R SLH SRU OD
FXFKLOOD GHO FRUWDFpVSHG ± QR VH DFHUTXH D ODV SLH]DV HQ
PRYLPLHQWR PDQWHQJD FRORFDGRV WRGRV ORV SURWHFWRUHV
3HOLJUR GH FRUWHGHVPHPEUDPLHQWR GH PDQR R SLH FXFKLOOD
GHO FRUWDFpVSHG ± GHVFRQHFWH HO FDEOH GH OD EXMtD \ OHD
ODV LQVWUXFFLRQHV DQWHV GH UHDOL]DU FXDOTXLHU WDUHD GH
PDQWHQLPLHQWR
3HOLJUR GH REMHWRV DUURMDGRV ± PDQWHQJD D RWUDV SHUVRQDV D
XQD GLVWDQFLD SUXGHQFLDO GH OD PiTXLQD SDUH HO PRWRU DQWHV
GH DEDQGRQDU HO SXHVWR GHO RSHUDGRU UHFRMD FXDOTXLHU
UHVLGXR DQWHV GH VHJDU
3HOLJUR GH FRUWHGHVPHPEUDPLHQWR GH PDQR R SLH
FXFKLOOD GHO FRUWDFpVSHG ± QR VLHJXH ODV SHQGLHQWHV KDFLD
DUULEDDEDMR VLHJXH ODV SHQGLHQWHV GH WUDYpV SDUH HO PRWRU
DQWHV GH DEDQGRQDU HO SXHVWR GHO RSHUDGRU PLUH KDFLD
DWUiV PLHQWUDV FRQGXFH HQ PDUFKD DWUiV
,QVWDOH ORV H[WUHPRV GHO PDQLOODU HQ OD FDUFDVD GHO
FRUWDFpVSHG GH PRGR TXH HO SDVDGRU LQVWDODGR HQ FDGD
VRSRUWH GHO PDQLOODU VH HQFXHQWUH HQ HO RULÀFLR LQIHULRU
GH VX H[WUHPR GHO PDQLOODU UHODFLRQDGR )LJXUD )LJXUD 3RVLFLRQHV GHO
([WUHPR GHO PDQLOODU
)LJXUD 1RWD /RV SHUQRV QR VH PRVWUDUiQ D WUDYpV GH ORV
RULÀFLRV GH ORV H[WUHPRV GHO PDQLOODU FXDQGR HO PDQLOODU
HVWp HQ OD SRVLFLyQ GH GREODGR
'HVSOLHJXH HO PDQLOODU D OD SRVLFLyQ GH RSHUDFLyQ
JLUiQGROR KDFLD DWUiV )LJXUD 3RPR GHO PDQLOODU
3HUQR
6LQ DMXVWDUORV LQVWDOH ORV SRPRV GHO PDQLOODU HQ ORV
SHUQRV GH FXHOOR FXDGUDGR
&RQVXOWH ORV SDVRV D GH $MXVWH GH OD DOWXUD GHO
PDQLOODU SiJLQD ,QVWDODFLyQ GH OD FXHUGD GH
DUUDQTXH HQ OD JXtD GH OD
FXHUGD
)LJXUD 3RVLFLyQ GH GREODGR
1R VH QHFHVLWDQ SLH]DV
3RVLFLyQ GH RSHUDFLyQ
3URFHGLPLHQWR
,QVHUWH HO SHUQR GH FXHOOR FXDGUDGR FRQ OD FDEH]D GHO
SHUQR KDFLD HO LQWHULRU D WUDYpV GHO RULÀFLR FXDGUDGR
VXSHULRU R LQIHULRU GHO VRSRUWH GHO PDQLOODU \ GHO RULÀFLR
VXSHULRU GHO H[WUHPR GHO PDQLOODU )LJXUD ,PSRUWDQWH 'HEH LQVWDODU OD FXHUGD GHO DUUDQFDGRU GH
UHWURFHVR HQ OD JXtD GH OD FXHUGD
6XMHWH OD EDUUD GH FRQWURO GH ODV FXFKLOODV FRQWUD HO PDQLOODU
VXSHULRU \ SDVH OD FXHUGD GH DUUDQTXH D WUDYpV GH OD JXtD GHO
PDQLOODU )LJXUD )LJXUD &XHUGD GH DUUDQTXH
*XtD GH OD FXHUGD
HVSHUH PLQXWRV \ UHSLWD ORV SDVRV D KDVWD TXH
HO QLYHO GH DFHLWH OOHJXH DO QLYHO FRUUHFWR GH OD YDULOOD
‡ 6L HO QLYHO GH DFHLWH HV DOWR GUHQH HO H[FHVR GH DFHLWH
KDVWD TXH HO QLYHO GH DFHLWH HQ OD YDULOOD VHD FRUUHFWR
FRQVXOWH &yPR FDPELDU HO DFHLWH GHO PRWRU SiJLQD
/OHQDGR GHO FiUWHU GH DFHLWH
,PSRUWDQWH 6L HO QLYHO GH DFHLWH GHO PRWRU HV
GHPDVLDGR EDMR R GHPDVLDGR DOWR \ XVWHG DUUDQFD
HO PRWRU SXHGH GDxDU HO PRWRU
1R VH QHFHVLWDQ SLH]DV
3URFHGLPLHQWR
,PSRUWDQWH /D PiTXLQD VH VXPLQLVWUD VLQ DFHLWH HQ
HO PRWRU SHUR LQFOX\H XQD ERWHOOD GH DFHLWH $QWHV GH
DUUDQFDU HO PRWRU OOHQH HO PRWRU GH DFHLWH
,PSRUWDQWH &DPELH HO DFHLWH GHO PRWRU GHVSXpV
GH ODV SULPHUDV KRUDV GH RSHUDFLyQ \ GHVSXpV
FDGD DxR &RQVXOWH &yPR FDPELDU HO DFHLWH GHO
PRWRU SiJLQD &DSDFLGDG Pi[LPD O RQ]DV WLSR DFHLWH GHWHUJHQWH
6$( FRQ FODVLÀFDFLyQ GH VHUYLFLR $3, 6) 6* 6+ 6- 6/
R VXSHULRU
1RWD 6L HO FiUWHU HVWi YDFtR YLHUWD DSUR[LPDGDPHQWH WUHV
FXDUWDV SDUWHV GH OD FDSDFLGDG WRWDO GH DFHLWH HQ HO FiUWHU \
OXHJR KDJD OR VLJXLHQWH
/OHYH OD PiTXLQD D XQD VXSHUÀFLH QLYHODGD
5HWLUH OD YDULOOD JLUDQGR HO WDSyQ HQ HO VHQWLGR FRQWUDULR
D ODV DJXMDV GHO UHORM \ WLUDQGR GHO PLVPR )LJXUD )LJXUD 9DULOOD
/LPSLH OD YDULOOD FRQ XQ SDxR OLPSLR
,QWURGX]FD OD YDULOOD HQ HO WXER GH OOHQDGR GH DFHLWH
SHUR QR OD HQURVTXH OXHJR UHWLUH OD YDULOOD
2EVHUYH HQ OD YDULOOD HO QLYHO GH DFHLWH )LJXUD 9XHOYD D FRORFDU OD YDULOOD ÀUPHPHQWH
‡ 6L HO QLYHO GH DFHLWH HV EDMR YLHUWD OHQWDPHQWH XQD
SHTXHxD FDQWLGDG GH DFHLWH HQ HO WXER GH OOHQDGR
(QVDPEODMH GH OD EROVD GH
UHFRJLGD
1R VH QHFHVLWDQ SLH]DV
3URFHGLPLHQWR
&RORTXH OD EROVD GH UHFRJLGD VREUH HO EDVWLGRU VHJ~Q
VH PXHVWUD HQ OD )LJXUD )LJXUD )LJXUD 0DQLOODU
%DVWLGRU
%ROVD GH UHFRJLGD
1RWD 1R FRORTXH OD EROVD VREUH HO PDQLOODU )LJXUD (QJDQFKH HO FDQDO LQIHULRU GH OD EROVD HQ OD SDUWH
LQIHULRU GHO EDVWLGRU )LJXUD (QJDQFKH ORV FDQDOHV VXSHULRUHV \ ODWHUDOHV GH OD EROVD
HQ OD SDUWH VXSHULRU \ HQ ORV ODWHUDOHV GHO EDVWLGRU
UHVSHFWLYDPHQWH )LJXUD (O SURGXFWR
2SHUDFLyQ
$QWHV GHO
IXQFLRQDPLHQWR
6HJXULGDG DQWHV GHO XVR
6HJXULGDG HQ JHQHUDO
‡ )DPLOLDUtFHVH FRQ OD RSHUDFLyQ VHJXUD GHO HTXLSR ORV
FRQWUROHV GHO RSHUDGRU \ ODV VHxDOHV GH VHJXULGDG
‡ &RPSUXHEH TXH WRGRV ORV SURWHFWRUHV \ GLVSRVLWLYRV GH
VHJXULGDG FRPR SRU HMHPSOR GHÁHFWRUHV \R UHFRJHGRUHV
HVWiQ FRORFDGRV \ TXH IXQFLRQDQ FRUUHFWDPHQWH
‡ ,QVSHFFLRQH VLHPSUH OD PiTXLQD SDUD DVHJXUDUVH GH TXH
ODV FXFKLOODV ORV SHUQRV GH ODV FXFKLOODV \ HO FRQMXQWR GH
FRUWH QR HVWiQ GHVJDVWDGRV R GDxDGRV
‡ ,QVSHFFLRQH OD ]RQD HQ OD TXH YD D XWLOL]DU OD PiTXLQD
\ UHWLUH FXDOTXLHU REMHWR TXH SXGLHUD VHU DUURMDGR SRU OD
PiTXLQD
‡ $O DMXVWDU OD DOWXUD GH FRUWH XVWHG SRGUtD WRFDU OD FXFKLOOD
)LJXUD 0DQLOODU
$UUDQFDGRU
/LPSLDGRU GH DLUH
%ROVD GH UHFRJLGD
3RPR GHO PDQLOODU 7DSyQ GHO GHSyVLWR GH
FRPEXVWLEOH
'HÀHFWRU WUDVHUR
3DODQFD GH HQVDFDGR D
GHPDQGD
9DULOODRUL¿FLR GH OOHQDGR GH DFHLWH
3XHUWD GH GHVFDUJD ODWHUDO HQ PRYLPLHQWR OR TXH SRGUtD FDXVDUOH JUDYHV OHVLRQHV
%XMtD
² 3DUH HO PRWRU \ HVSHUH D TXH VH GHWHQJDQ WRGDV ODV
SLH]DV HQ PRYLPLHQWR
² 1R SRQJD ORV GHGRV GHEDMR GH OD FDUFDVD DO DMXVWDU OD
DOWXUD GH FRUWH
3RPR GH DMXVWH
GH OD WUDQVPLVLyQ
DXWRSURSXOVDGD
6HJXULGDG ± &RPEXVWLEOH
%DUUD GH FRQWURO GH OD
FXFKLOOD
'HÀHFWRU GH GHVFDUJD
ODWHUDO
3(/,*52
(O FRPEXVWLEOH HV H[WUHPDGDPHQWH LQÁDPDEOH \
DOWDPHQWH H[SORVLYR 8Q LQFHQGLR R XQD H[SORVLyQ
SURYRFDGRV SRU HO FRPEXVWLEOH SXHGH FDXVDUOH
TXHPDGXUDV D XVWHG \ D RWUDV SHUVRQDV DVt FRPR
GDxRV PDWHULDOHV
3DODQFD GH DOWXUD GH FRUWH
‡ 3DUD HYLWDU TXH XQD FDUJD HVWiWLFD LQFHQGLH
HO FRPEXVWLEOH FRORTXH HO UHFLSLHQWH \R OD
PiTXLQD GLUHFWDPHQWH VREUH HO VXHOR DQWHV GH
UHSRVWDU QR HQ XQ YHKtFXOR R VREUH RWUR REMHWR
‡ /OHQH HO GHSyVLWR GH FRPEXVWLEOH HQ HO H[WHULRU
HQ XQD ]RQD DELHUWD \ FRQ HO PRWRU IUtR /LPSLH
FXDOTXLHU FRPEXVWLEOH GHUUDPDGR
‡ 1R PDQHMH FRPEXVWLEOH VL HVWi IXPDQGR QL
FHUFD GH XQD OODPD GHVQXGD R FKLVSDV
‡ $OPDFHQH HO FRPEXVWLEOH HQ XQ UHFLSLHQWH
KRPRORJDGR \ PDQWpQJDOR IXHUD GHO DOFDQFH GH
ORV QLxRV
$'9(57(1&,$
(O FRPEXVWLEOH HV GDxLQR R PRUWDO VL HV LQJHULGR
/D H[SRVLFLyQ D ODUJR SOD]R D ORV YDSRUHV SXHGH
FDXVDU OHVLRQHV \ HQIHUPHGDGHV JUDYHV
‡ (YLWH OD UHVSLUDFLyQ SURORQJDGD GH ORV YDSRUHV
‡ 0DQWHQJD ODV PDQRV \ OD FDUD DOHMDGDV GH
OD ERTXLOOD \ GH OD DEHUWXUD GHO GHSyVLWR GH
FRPEXVWLEOH
‡ 0DQWHQJD DOHMDGR HO FRPEXVWLEOH GH ORV RMRV \
OD SLHO
&yPR OOHQDU HO GHSyVLWR GH
FRPEXVWLEOH
)LJXUD ‡ 3DUD REWHQHU ORV PHMRUHV UHVXOWDGRV XWLOLFH VRODPHQWH
JDVROLQD IUHVFD FRPSUDGD KDFH PHQRV GH GtDV
VLQ SORPR GH R PiV RFWDQRV PpWRGR GH FiOFXOR
50
&RPSUREDFLyQ GHO QLYHO GH
DFHLWH GHO PRWRU
‡ 6RQ DFHSWDEOHV ORV FRPEXVWLEOHV R[LJHQDGRV FRQ KDVWD HO
,QWHUYDOR GH PDQWHQLPLHQWR &DGD YH] TXH VH XWLOLFH R
GLDULDPHQWH
GH HWDQRO R HO GH 07%( SRU YROXPHQ
‡ (WDQRO (V DFHSWDEOH HO XVR GH JDVROLQD FRQ KDVWD HO
1RWD &DSDFLGDG Pi[LPD O RQ]DV WLSR DFHLWH
GHWHUJHQWH 6$( FRQ FODVLÀFDFLyQ GH VHUYLFLR $3, 6) 6*
6+ 6- 6/ R VXSHULRU
GH HWDQRO JDVRKRO R HO GH 07%( pWHU PHWLO
WHUWEXWtOLFR SRU YROXPHQ (O HWDQRO \ HO 07%( QR VRQ
OR PLVPR 1R HVWi DXWRUL]DGR HO XVR GH JDVROLQD FRQ HO
GH HWDQRO ( SRU YROXPHQ 1R XWLOLFH QXQFD
JDVROLQD TXH FRQWHQJD PiV GHO GH HWDQRO SRU
YROXPHQ FRPR SRU HMHPSOR OD ( FRQWLHQH HO GH HWDQRO OD ( FRQWLHQH HO GH HWDQRO R OD (
FRQWLHQH KDVWD HO GH HWDQRO (O XVR GH JDVROLQD
QR DXWRUL]DGD SXHGH FDXVDU SUREOHPDV GH UHQGLPLHQWR R
GDxRV HQ HO PRWRU TXH SXHGHQ QR HVWDU FXELHUWRV EDMR OD
JDUDQWtD
/OHYH OD PiTXLQD D XQD VXSHUÀFLH QLYHODGD
5HWLUH OD YDULOOD )LJXUD ‡ 1R XWLOLFH JDVROLQD TXH FRQWHQJD PHWDQRO
‡ 1R JXDUGH FRPEXVWLEOH HQ HO GHSyVLWR GH FRPEXVWLEOH
R HQ UHFLSLHQWHV GH FRPEXVWLEOH GXUDQWH HO LQYLHUQR D
PHQRV TXH KD\D DxDGLGR XQ HVWDELOL]DGRU
‡ 1R DxDGD DFHLWH D OD JDVROLQD
,PSRUWDQWH 3DUD UHGXFLU ORV SUREOHPDV GH DUUDQTXH
DxDGD HVWDELOL]DGRU GH FRPEXVWLEOH DO FRPEXVWLEOH
GXUDQWH WRGD OD WHPSRUDGD PH]FOiQGROR FRQ JDVROLQD
FRPSUDGR KDFH PHQRV GH GtDV
)LJXUD 9DULOOD
/LPSLH OD YDULOOD FRQ XQ SDxR OLPSLR
,QWURGX]FD OD YDULOOD HQ HO WXER GH OOHQDGR GH DFHLWH
SHUR QR OD HQURVTXH OXHJR UHWLUH OD YDULOOD
2EVHUYH HQ OD YDULOOD HO QLYHO GH DFHLWH )LJXUD ‡ 6L HO QLYHO GH DFHLWH HV EDMR YLHUWD OHQWDPHQWH XQD
SHTXHxD FDQWLGDG GH DFHLWH HQ HO WXER GH OOHQDGR
HVSHUH PLQXWRV \ UHSLWD ORV SDVRV D KDVWD TXH
HO QLYHO GH DFHLWH OOHJXH DO QLYHO FRUUHFWR GH OD YDULOOD
‡ 6L HO QLYHO GH DFHLWH HV DOWR GUHQH HO H[FHVR GH DFHLWH
KDVWD TXH HO QLYHO GH DFHLWH HQ OD YDULOOD VHD FRUUHFWR
FRQVXOWH &yPR FDPELDU HO DFHLWH GHO PRWRU SiJLQD
ODV SDODQFDV GH DOWXUD GH FRUWH GHODQWHUDV KDFLD GHODQWH \ ODV
WUDVHUDV KDFLD DWUiV
,PSRUWDQWH 6L HO QLYHO GH DFHLWH GHO PRWRU HV
GHPDVLDGR EDMR R GHPDVLDGR DOWR \ XVWHG DUUDQFD
HO PRWRU SXHGH GDxDU HO PRWRU
,QVWDOH OD YDULOOD ÀUPHPHQWH
)LJXUD $MXVWH GH OD DOWXUD GHO PDQLOODU
8VWHG SXHGH HOHYDU R EDMDU HO PDQLOODU HQ GH SRVLFLRQHV
TXH OH VHD PiV FyPRGD )LJXUD (OHYDU OD PiTXLQD
%DMDU OD PiTXLQD
1RWD /RV DMXVWHV GH DOWXUD GH FRUWH VRQ PP PP
PP õ PP PP ó
PP PP ô PP \ PP
'XUDQWH HO
IXQFLRQDPLHQWR
6HJXULGDG GXUDQWH HO XVR
6HJXULGDG HQ JHQHUDO
‡ /OHYH URSD DGHFXDGD LQFOX\HQGR SURWHFFLyQ RFXODU
FDO]DGR UHVLVWHQWH \ DQWLGHVOL]DQWH \ SURWHFFLyQ DXGLWLYD
6L WLHQH HO SHOR ODUJR UHFyMDVHOR UHPHWD OD URSD VXHOWD \ QR
OOHYH SUHQGDV R MR\DV VXHOWDV
)LJXUD ‡ 1R XWLOLFH OD PiTXLQD VL HVWi HQIHUPR FDQVDGR R EDMR OD
$ÁRMH DPERV SRPRV GHO PDQLOODU KDVWD TXH SXHGD
WLUDU GH ORV ERUGHV FXDGUDGRV GH ORV SHUQRV GH FXHOORV
FXDGUDGR \ VDFDUORV GH ORV RULÀFLRV FXDGUDGRV GH ORV
VRSRUWHV GHO PDQLOODU
(PSXMH ORV SRPRV KDVWD TXH TXHGHQ ÁRMRV
0XHYD HO PDQLOODU D OD SRVLFLyQ GH DOWXUD VXSHULRU R
LQIHULRU
7LUH GH ORV SRPRV KDVWD TXH ORV ERUGHV FXDGUDGRV GH
FDGD SHUQR GH FXHOOR FXDGUDGR HQWUH HQ VX RULÀFLR
FXDGUDGR UHODFLRQDGR
$SULHWH WRGR OR TXH SXHGD ORV SRPRV GHO PDQLOODU
LQÁXHQFLD GH DOFRKRO R GURJDV
‡ /D FXFKLOOD HVWi PX\ DÀODGD FXDOTXLHU FRQWDFWR FRQ OD
FXFKLOOD SXHGH FDXVDU OHVLRQHV SHUVRQDOHV JUDYHV 3DUH
HO PRWRU \ HVSHUH D TXH VH GHWHQJDQ WRGDV ODV SLH]DV HQ
PRYLPLHQWR DQWHV GH DEDQGRQDU HO SXHVWR GHO RSHUDGRU
‡ &XDQGR VXHOWD OD EDUUD GH FRQWURO GH OD FXFKLOOD HO PRWRU
GHEH SDUDUVH \ OD FXFKLOOD GHEH GHWHQHUVH HQ VHJXQGRV R
PHQRV 6L QR GHMH GH XVDU OD PiTXLQD LQPHGLDWDPHQWH \
SyQJDVH HQ FRQWDFWR FRQ XQ 6HUYLFLR 7pFQLFR $XWRUL]DGR
‡ 8WLOLFH OD PiTXLQD ~QLFDPHQWH FRQ EXHQD YLVLELOLGDG \
HQ FRQGLFLRQHV PHWHRUROyJLFDV DSURSLDGDV 1R XVH OD
PiTXLQD FXDQGR KD\ ULHVJR GH UD\RV
$MXVWH GH OD DOWXUD GH FRUWH
‡ /D KLHUED PRMDGD R ODV KRMDV PRMDGDV SXHGHQ FDXVDUOH
$MXVWH OD DOWXUD GH FRUWH VHJ~Q GHVHH $MXVWH ODV UXHGDV
GHODQWHUDV D OD PLVPD DOWXUD TXH ODV WUDVHUDV )LJXUD JUDYHV OHVLRQHV VL XVWHG UHVEDOD \ WRFD OD FXFKLOOD 6LHJXH
VRODPHQWH HQ FRQGLFLRQHV VHFDV
‡ ([WUHPH OD SUHFDXFLyQ DO DFHUFDUVH D HVTXLQDV FLHJDV
1RWD 3DUD HOHYDU OD PiTXLQD PXHYD ODV SDODQFDV GH DOWXUD
GH FRUWH GHODQWHUDV KDFLD DWUiV \ ODV SDODQFDV GH DOWXUD GH
FRUWH WUDVHUDV KDFLD DGHODQWH 3DUD EDMDU OD PiTXLQD PXHYD
DUEXVWRV iUEROHV X RWURV REMHWRV TXH SXHGDQ WDSDUOH OD
YLVWD
‡ (VWp DOHUWD D DJXMHURV VXUFRV PRQWtFXORV URFDV X RWURV
REMHWRV RFXOWRV /RV WHUUHQRV GHVLJXDOHV SXHGHQ FDXVDU
FDtGDV \ UHVEDORQHV
‡ 3DUH OD PiTXLQD H LQVSHFFLRQH ODV FXFKLOODV GHVSXpV GH
JROSHDU XQ REMHWR R VL VH SURGXFH XQD YLEUDFLyQ DQRUPDO
HQ OD PiTXLQD +DJD WRGDV ODV UHSDUDFLRQHV QHFHVDULDV
DQWHV GH YROYHU D XWLOL]DU OD PiTXLQD
‡ $QWHV GH DEDQGRQDU HO SXHVWR GHO RSHUDGRU SDUH HO PRWRU
UHWLUH OD OODYH \ HVSHUH D TXH VH GHWHQJDQ WRGDV ODV SLH]DV
HQ PRYLPLHQWR
)LJXUD ‡ 6L HO PRWRU KD HVWDGR HQ PDUFKD HO VLOHQFLDGRU HVWDUi PX\
FDOLHQWH \ SXHGH FDXVDUOH TXHPDGXUDV JUDYHV 0DQWpQJDVH
DOHMDGR GHO VLOHQFLDGRU VL pVWH HVWi FDOLHQWH
1RWD 6L OD PiTXLQD QR DUUDQFD GHVSXpV GH YDULRV
LQWHQWRV SyQJDVH HQ FRQWDFWR FRQ HO 6HUYLFLR 7pFQLFR
$XWRUL]DGR
‡ &RPSUXHEH IUHFXHQWHPHQWH ORV FRPSRQHQWHV GHO
UHFRJHGRU \ HO SURWHFWRU GH GHVFDUJD \ VXVWLW~\DORV
SRU SLH]DV UHFRPHQGDGDV SRU HO IDEULFDQWH FXDQGR VHD
QHFHVDULR
8VR GH OD WUDQVPLVLyQ
DXWRSURSXOVDGD
‡ 8WLOLFH ~QLFDPHQWH DFFHVRULRV \ DSHURV KRPRORJDGRV SRU
7KH 7RURŠ &RPSDQ\
3DUD DFWLYDU HO VLVWHPD GH DXWRSURSXOVLyQ VLPSOHPHQWH
FDPLQH FRQ ODV PDQRV VREUH HO PDQLOODU VXSHULRU \ ORV FRGRV
MXQWR DO FXHUSR \ OD PiTXLQD PDQWHQGUi DXWRPiWLFDPHQWH VX
PLVPD YHORFLGDG )LJXUD 6HJXULGDG HQ ODV SHQGLHQWHV
‡ 6LHJXH GH WUDYpV ODV FXHVWDV \ SHQGLHQWHV QXQFD KDFLD
DUULED R KDFLD DEDMR ([WUHPH ODV SUHFDXFLRQHV DO FDPELDU
GH GLUHFFLyQ HQ FXHVWDV R SHQGLHQWHV
‡ 1R VLHJXH SHQGLHQWHV \ FXHVWDV H[FHVLYDPHQWH HPSLQDGDV
6L QR SLVD ÀUPH SXHGH UHVEDODU \ FDHUVH
‡ 1R VLHJXH FHUFD GH WHUUDSOHQHV IRVDV R WDOXGHV 8VWHG
SRGUtD SHUGHU HO HTXLOLEUR R UHVEDODU
$UUDQTXH GHO PRWRU
6XMHWH OD EDUUD GH FRQWURO GH ODV FXFKLOODV FRQWUD HO
PDQLOODU )LJXUD )LJXUD 1RWD 6L OD PiTXLQD QR UXHGD OLEUHPHQWH KDFLD DWUiV GHVSXpV
GH XVDU OD DXWRSURSXOVLyQ GHWpQJDVH GHMH ODV PDQRV HQ VX
VLWLR \ GHMH TXH OD PiTXLQD UXHGH XQRV FHQWtPHWURV KDFLD
DGHODQWH SDUD GHVHQJUDQDU OD WUDQVPLVLyQ GH ODV UXHGDV
7DPELpQ SXHGH SRQHU OD PDQR VREUH HO PDQLOODU PHWiOLFR
VLWXDGR MXVWR GHEDMR GH OD EDUUD GH DXWRSURSXOVLyQ \ HPSXMDU
OD PiTXLQD XQRV FHQWtPHWURV KDFLD DGHODQWH 6L OD PiTXLQD
QR UXHGD IiFLOPHQWH KDFLD DWUiV SyQJDVH HQ FRQWDFWR FRQ HO
6HUYLFLR 7pFQLFR $XWRUL]DGR
)LJXUD %DUUD GH FRQWURO GH ODV FXFKLOODV
&yPR SDUDU HO PRWRU
7LUH VXDYHPHQWH GHO DUUDQFDGRU GH UHWURFHVR )LJXUD
KDVWD TXH QRWH UHVLVWHQFLD OXHJR WLUH FRQ IXHU]D
\ GHMH TXH YXHOYD OHQWDPHQWH D OD JXtD GH FXHUGD GHO
PDQLOODU
3DUD SDUDU HO PRWRU VXHOWH OD EDUUD GH FRQWURO GH OD FXFKLOOD
,PSRUWDQWH &XDQGR XVWHG VXHOWH OD EDUUD GH FRQWURO
GH OD FXFKLOOD HO PRWRU \ OD FXFKLOOD GHEHUiQ GHWHQHUVH
HQ VHJXQGRV R PHQRV 6L QR VH SDUDQ FRUUHFWDPHQWH
GHMH GH XVDU OD PiTXLQD LQPHGLDWDPHQWH \ SyQJDVH HQ
FRQWDFWR FRQ XQ 6HUYLFLR 7pFQLFR $XWRUL]DGR
5HFLFODGR GH ORV UHFRUWHV
6X PiTXLQD YLHQH SUHSDUDGD GH IiEULFD SDUD UHFLFODU ORV
UHFRUWHV GH KLHUED \ KRMDV \ GHYROYHUORV DO FpVSHG
6L OD EROVD GH UHFRJLGD HVWi LQVWDODGD HQ OD PiTXLQD \ OD
SDODQFD GH HQVDFDGR D GHPDQGD HVWi HQ OD SRVLFLyQ GH
HQVDFDGR PXHYD OD SDODQFD D OD SRVLFLyQ GH UHFLFODGR
FRQVXOWH 5HFLFODGR GH ORV UHFRUWHV SiJLQD DQWHV GH UHFLFODU
ORV UHFRUWHV 6L HO FRQGXFWR GH GHVFDUJD HVWi LQVWDODGR HQ
OD PiTXLQD UHWtUHOR FRQVXOWH &yPR UHWLUDU HO FRQGXFWR GH
GHVFDUJD ODWHUDO SiJLQD DQWHV GH UHFLFODU ORV UHFRUWHV
(QVDFDGR GH ORV UHFRUWHV
8WLOLFH OD EROVD GH UHFRJLGD VL GHVHD UHFRJHU ORV UHFRUWHV GH
KLHUED \ KRMDV GHO FpVSHG
6L HO FRQGXFWR GH GHVFDUJD HVWi LQVWDODGR HQ OD PiTXLQD
UHWtUHOR FRQVXOWH &yPR UHWLUDU HO FRQGXFWR GH GHVFDUJD ODWHUDO
SiJLQD DQWHV GH HQVDFDU ORV UHFRUWHV 6L OD SDODQFD GH
HQVDFDGR D GHPDQGD HVWi HQ OD SRVLFLyQ GH UHFLFODGR PXpYDOD
D OD SRVLFLyQ GH HQVDFDGR FRQVXOWH )XQFLRQDPLHQWR GH OD
SDODQFD GH HQVDFDGR D GHPDQGD SiJLQD ,QVWDODFLyQ GH OD EROVD GH UHFRJLGD
/HYDQWH \ VXMHWH HO GHÁHFWRU WUDVHUR )LJXUD ,QVWDOH OD EROVD GH UHFRJLGD DVHJXUiQGRVH GH TXH ORV
SDVDGRUHV GH OD EROVD GHVFDQVDQ HQ ODV PXHVFDV GHO
PDQLOODU )LJXUD )LJXUD 0XHVFD 'HÀHFWRU WUDVHUR
3DVDGRU GH OD EROVD GH
UHFRJLGD %DMH HO GHÁHFWRU WUDVHUR
&yPR UHWLUDU OD EROVD GH UHFRJLGD
3DUD UHWLUDU OD EROVD VLJD ORV PLVPRV SDVRV HQ VHQWLGR LQYHUVR
)XQFLRQDPLHQWR GH OD SDODQFD
GH HQVDFDGR D GHPDQGD
/D IXQFLyQ GH HQVDFDGR D GHPDQGD OH SHUPLWH UHFRJHU R
UHFLFODU ORV UHFRUWHV GH KLHUED \ KRMDV FRQ OD EROVD GH UHFRJLGD
LQVWDODGD HQ OD PiTXLQD
‡ 3DUD HQVDFDU ORV UHFRUWHV GH KLHUED \ KRMDV SUHVLRQH
HO ERWyQ GH OD SDODQFD GH HQVDFDGR D GHPDQGD \ PXHYD
OD SDODQFD KDFLD GHODQWH KDVWD TXH VDOWH HO ERWyQ GH OD
SDODQFD )LJXUD )LJXUD 3DODQFD GH HQVDFDGR D
GHPDQGD HQ OD SRVLFLyQ
GH UHFLFODGR
3DODQFD GH HQVDFDGR D
GHPDQGD HQ OD SRVLFLyQ
GH HQVDFDGR
)LJXUD ‡ 3DUD UHFLFODU R GHVFDUJDU ODWHUDOPHQWH ORV UHFRUWHV GH
KLHUED \ KRMDV SUHVLRQH HO ERWyQ GH OD SDODQFD \ PXHYD OD
SDODQFD KDFLD DWUiV KDVWD TXH VDOWH HO ERWyQ GH OD SDODQFD
&yPR UHWLUDU HO FRQGXFWR GH GHVFDUJD
ODWHUDO
,PSRUWDQWH 3DUD DVHJXUDU XQ IXQFLRQDPLHQWR
FRUUHFWR UHWLUH FXDOTXLHU UHFRUWH GH KLHUED \ RWURV
UHVLGXRV GH OD WDSD GH HQVDFDGR D GHPDQGD \ GHO
KXHFR DG\DFHQWH )LJXUD DQWHV GH PRYHU OD
SDODQFD GH HQVDFDGR D GHPDQGD GH XQD SRVLFLyQ D
OD RWUD
3DUD UHWLUDU HO FRQGXFWR GH GHVFDUJD ODWHUDO OHYDQWH HO GHÁHFWRU
ODWHUDO UHWLUH HO FRQGXFWR GH GHVFDUJD ODWHUDO \ EDMH HO GHÁHFWRU
GHO FRQGXFWR GH GHVFDUJD ODWHUDO
&RQVHMRV GH RSHUDFLyQ
&RQVHMRV JHQHUDOHV GH VLHJD
‡ 'HVSHMH OD ]RQD GH SDORV SLHGUDV DODPEUHV UDPDV \ RWURV
UHVLGXRV TXH SRGUtDQ VHU JROSHDGRV SRU OD FXFKLOOD
‡ (YLWH JROSHDU REMHWRV VyOLGRV FRQ OD FXFKLOOD 1R VLHJXH
QXQFD SRU HQFLPD GH REMHWR DOJXQR
‡ 6L OD PiTXLQD JROSHD XQ REMHWR R HPSLH]D D YLEUDU SDUH
LQPHGLDWDPHQWH HO PRWRU GHVFRQHFWH HO FDEOH GH OD EXMtD H
LQVSHFFLRQH OD PiTXLQD HQ EXVFD GH GDxRV
)LJXUD ‡ 3DUD REWHQHU HO PHMRU UHQGLPLHQWR LQVWDOH XQD FXFKLOOD
/LPSLDU DTXt
QXHYD DQWHV GH TXH HPSLHFH OD WHPSRUDGD GH VLHJD
‡ 6XVWLWX\D OD FXFKLOOD FXDQGR VHD SUHFLVR SRU XQD FXFKLOOD
GH UHSXHVWR 7RUR
'HVFDUJD ODWHUDO GH ORV
UHFRUWHV
&yPR FRUWDU OD KLHUED
8WLOLFH OD GHVFDUJD ODWHUDO DO FRUWDU KLHUED PX\ DOWD
‡ &RUWH VRODPHQWH XQ WHUFLR GH OD KRMD GH KLHUED FDGD YH]
1R FRUWH FRQ XQ DMXVWH LQIHULRU D PP ó D PHQRV
TXH OD KLHUED VHD HVFDVD R D ÀQDOHV GHO RWRxR FXDQGR
HO ULWPR GH FUHFLPLHQWR GH OD KLHUED HPSLH]D D GHFDHU
&RQVXOWH $MXVWH GH OD DOWXUD GH FRUWH SiJLQD 6L OD EROVD GH UHFRJLGD HVWi LQVWDODGD HQ OD PiTXLQD \ OD SDODQFD
GH HQVDFDGR D GHPDQGD HVWi HQ OD SRVLFLyQ GH HQVDFDGR PXHYD
OD SDODQFD D OD SRVLFLyQ GH UHFLFODGR FRQVXOWH )XQFLRQDPLHQWR
GH OD SDODQFD GH HQVDFDGR D GHPDQGD SiJLQD ‡ &XDQGR FRUWH KLHUED GH PiV GH FP GH DOWR VLHJXH
,QVWDODFLyQ GHO FRQGXFWR GH GHVFDUJD
ODWHUDO
SULPHUR XVDQGR OD DOWXUD GH FRUWH PiV DOWD \ FDPLQH
GHVSDFLR OXHJR VLHJXH GH QXHYR D XQD DOWXUD PHQRU SDUD
REWHQHU HO PHMRU DVSHFWR GHO FpVSHG 6L OD KLHUED HV
GHPDVLDGR ODUJD SXHGH DWDVFDU OD PiTXLQD \ KDFHU TXH
VH FDOH HO PRWRU
/HYDQWH HO GHÁHFWRU ODWHUDO H LQVWDOH HO FRQGXFWR GH GHVFDUJD
ODWHUDO )LJXUD ‡ 6LHJXH VRODPHQWH KLHUED X KRMDV VHFDV /D KLHUED PRMDGD
SLORWR SRU HMHPSOR HQ XQ FDOHQWDGRU GH DJXD X RWUR
HOHFWURGRPpVWLFR
\ ODV KRMDV PRMDGDV WLHQGHQ D SHJDUVH DO VXHOR \ SXHGHQ
DWDVFDU OD PiTXLQD R KDFHU TXH VH FDOH HO PRWRU
6HJXULGDG GXUDQWH HO WUDQVSRUWH
‡ (VWp DWHQWR DO SRVLEOH ULHVJR GH LQFHQGLR HQ FRQGLFLRQHV
PX\ VHFDV VLJD WRGDV ODV DGYHUWHQFLDV ORFDOHV SDUD FDVRV
GH LQFHQGLR \ PDQWHQJD OD PiTXLQD OLEUH GH KLHUED VHFD
\ UHVLGXRV GH KRMDV
‡ 7HQJD FXLGDGR DO FDUJDU R GHVFDUJDU OD PiTXLQD HQGHVGH
XQ UHPROTXH R XQ FDPLyQ
‡ $OWHUQH OD GLUHFFLyQ GH FRUWH (VWR D\XGD D GLVSHUVDU ORV
‡ 8WLOLFH UDPSDV GH DQFKR FRPSOHWR SDUD FDUJDU OD PiTXLQD
‡ 6L HO DVSHFWR ÀQDO GHO FpVSHG QR HV VDWLVIDFWRULR SUXHEH
‡ $PDUUH OD PiTXLQD ÀUPHPHQWH FRQ FRUUHDV FDGHQDV
HQ XQ UHPROTXH R XQ FDPLyQ 1R VXSHUH XQ iQJXOR GH JUDGRV HQWUH OD UDPSD \ HO UHPROTXH R FDPLyQ
UHFRUWHV HQ WRGR HO FpVSHG GDQGR XQD IHUWLOL]DFLyQ PiV
KRPRJpQHD
FDEOHV R FXHUGDV 7DQWR ODV FRUUHDV GHODQWHUDV FRPR
ODV WUDVHUDV GHEHQ RULHQWDUVH KDFLD DEDMR \ KDFLD IXHUD
UHVSHFWR D OD PiTXLQD
FRQ XQD R PiV GH ODV WpFQLFDV VLJXLHQWHV
² &DPELDU OD FXFKLOOD R PDQGDUOD D DÀODU
² &DPLQDU PiV GHVSDFLR PLHQWUDV VLHJD
/LPSLH]D GH OD PiTXLQD
² (OHYDU OD DOWXUD GH FRUWH GH OD PiTXLQD
² &RUWDU HO FpVSHG FRQ PiV IUHFXHQFLD
,QWHUYDOR GH PDQWHQLPLHQWR &DGD YH] TXH VH XWLOLFH R
GLDULDPHQWH
² 6RODSDU ORV SDVLOORV GH FRUWH HQ OXJDU GH FRUWDU XQ
SDVLOOR FRPSOHWR HQ FDGD SDVDGD
$'9(57(1&,$
² $MXVWDU OD DOWXUD GH FRUWH XQD PXHVFD PHQRV HQ ODV
UXHGDV GHODQWHUDV TXH HQ ODV WUDVHUDV 3RU HMHPSOR
DMXVWH ODV UXHGDV GHODQWHUDV D PP \ ODV
WUDVHUDV D PP ó
3XHGH VROWDUVH PDWHULDO GH GHEDMR GH OD PiTXLQD
‡ /OHYH SURWHFFLyQ RFXODU
‡ 3HUPDQH]FD HQ OD SRVLFLyQ GH RSHUDFLyQ GHWUiV
GHO PDQLOODU FXDQGR HO PRWRU HVWi HQ PDUFKD
&yPR FRUWDU KRMDV
‡ 1R SHUPLWD OD SUHVHQFLD GH RWUDV SHUVRQDV HQ
OD ]RQD
‡ 'HVSXpV GH VHJDU HO FpVSHG DVHJ~UHVH GH TXH OD PLWDG GHO
FpVSHG VH YH D WUDYpV GH OD FREHUWXUD GH KRMDV FRUWDGDV
(V SRVLEOH TXH WHQJD TXH KDFHU PiV GH XQD SDVDGD SRU
HQFLPD GH ODV KRMDV
3DUD REWHQHU UHVXOWDGRV ySWLPRV OLPSLH OD PiTXLQD
LQPHGLDWDPHQWH GHVSXpV GH WHUPLQDU OD VLHJD
‡ 6L KD\ PiV GH FP GH KRMDV HQ HO FpVSHG DMXVWH OD
DOWXUD GH FRUWH GH ODV UXHGDV GHODQWHUDV XQD PXHVFD R GRV
PiV DOWD TXH OD GH ODV UXHGDV WUDVHUDV
‡ 6LHJXH PiV GHVSDFLR VL OD PiTXLQD QR FRUWD ODV KRMDV
VXÀFLHQWHPHQWH ÀQDV
%DMH OD PiTXLQD D OD DOWXUD GH FRUWH PiV EDMD &RQVXOWH
$MXVWH GH OD DOWXUD GH FRUWH SiJLQD /OHYH OD PiTXLQD D XQD VXSHUÀFLH SODQD SDYLPHQWDGD
/DYH OD ]RQD TXH HVWi GHEDMR GHO GHÁHFWRU WUDVHUR SRU
GRQGH SDVDQ ORV UHFRUWHV HQ VX FDPLQR GHVGH OD FDUFDVD
KDVWD OD EROVD GH UHFRJLGD
'HVSXpV GHO
IXQFLRQDPLHQWR
1RWD /DYH OD ]RQD FRQ OD SDODQFD GH HQVDFDGR D
GHPDQGD WRWDOPHQWH KDFLD DGHODQWH \ OXHJR WRWDOPHQWH
KDFLD DWUiV
6HJXULGDG GHVSXpV GHO XVR
6HJXULGDG HQ JHQHUDO
‡ /LPSLH ORV UHFRUWHV GH KLHUED \ ORV UHVLGXRV GH OD PiTXLQD
SDUD D\XGDU D SUHYHQLU LQFHQGLRV /LPSLH FXDOTXLHU DFHLWH
R FRPEXVWLEOH GHUUDPDGR
‡ (VSHUH D TXH VH HQIUtH HO PRWRU DQWHV GH JXDUGDU OD
PiTXLQD HQ XQ UHFLQWR FHUUDGR
‡ 1R JXDUGH QXQFD OD PiTXLQD R XQ UHFLSLHQWH GH
FRPEXVWLEOH FHUFD GH XQD OODPD GHVQXGD FKLVSD R OODPD
&RQHFWH XQD PDQJXHUD GH MDUGtQ TXH HVWp FRQHFWDGD D
XQ JULIR DO RULÀFLR GH ODYDGR GH OD PiTXLQD )LJXUD )LJXUD 2UL¿FLR GH ODYDGR
$EUD HO JULIR GH OD PDQJXHUD
$UUDQTXH HO PRWRU \ KiJDOR IXQFLRQDU KDVWD TXH QR
VDOJDQ PiV UHFRUWHV GH GHEDMR GH OD PiTXLQD
3DUH HO PRWRU
&LHUUH HO JULIR \ GHVFRQHFWH OD PDQJXHUD GH OD PiTXLQD
$UUDQTXH HO PRWRU \ KiJDOR IXQFLRQDU GXUDQWH XQRV
PLQXWRV SDUD TXH VH VHTXH OD SDUWH LQIHULRU GH OD
PiTXLQD \ HYLWDU TXH VH R[LGH
(VSHUH D TXH VH HQIUtH HO PRWRU DQWHV GH JXDUGDU OD
PiTXLQD HQ XQ OXJDU FHUUDGR
)LJXUD &yPR SOHJDU HO PDQLOODU
3HUQR
'REOH HO PDQLOODU JLUiQGROR KDFLD DGHODQWH )LJXUD )LJXUD $'9(57(1&,$
6L SOLHJD R GHVSOLHJD HO PDQLOODU GH IRUPD
LQFRUUHFWD SXHGHQ GDxDUVH ORV FDEOHV FUHDQGR XQDV
FRQGLFLRQHV GH RSHUDFLyQ LQVHJXUDV
‡ 1R GDxH ORV FDEOHV DO SOHJDU R GHVSOHJDU HO
PDQLOODU
‡ 6L XQ FDEOH HVWi GDxDGR SyQJDVH HQ FRQWDFWR
FRQ HO 6HUYLFLR 7pFQLFR $XWRUL]DGR
3RPR GHO PDQLOODU
5HWLUH \ JXDUGH ORV SRPRV GHO PDQLOODU \ ORV SHUQRV
GH FXHOOR FXDGUDGR GH ORV VRSRUWHV GHO PDQLOODU )LJXUD
,PSRUWDQWH $VHJ~UHVH GH TXH ORV FDEOHV TXHGDQ
SRU IXHUD GH ORV SRPRV GHO PDQLOODU DO SOHJDU OD
VHFFLyQ VXSHULRU
3RVLFLyQ GH RSHUDFLyQ
3RVLFLyQ GH GREODGR
,QVHUWH HO SHUQR GH FXHOOR FXDGUDGR FRQ OD FDEH]D
GHO SHUQR KDFLD HO LQWHULRU D WUDYpV GHO VRSRUWH
GHO PDQLOODU \ GHO RULÀFLR VXSHULRU GHO H[WUHPR GHO
PDQLOODU $VHJ~UHVH GH TXH ORV ERUGHV FXDGUDGRV GH
FDGD SHUQR GH FXHOOR FXDGUDGR HQWUH HQ HO RULÀFLR
FXDGUDGR VXSHULRU R LQIHULRU GH VX VRSRUWH GHO PDQLOODU
UHODFLRQDGR )LJXUD )LJXUD 3RPR GHO PDQLOODU
3HUQR
6LQ DMXVWDUORV LQVWDOH ORV SRPRV GHO PDQLOODU \ ORV
SHUQRV GH FXHOOR FXDGUDGR HQ ORV VRSRUWHV GHO PDQLOODU
3DUD GHVSOHJDU HO PDQLOODU FRQVXOWH &yPR HQVDPEODU
\ GHVSOHJDU HO PDQLOODU SiJLQD 0DQWHQLPLHQWR
1RWD /RV ODGRV GHUHFKR H L]TXLHUGR GH OD PiTXLQD VH GHWHUPLQDQ GHVGH OD SRVLFLyQ QRUPDO GHO RSHUDGRU
&DOHQGDULR UHFRPHQGDGR GH PDQWHQLPLHQWR
,QWHUYDOR GH PDQWHQL
PLHQWR \ VHUYLFLR
3URFHGLPLHQWR GH PDQWHQLPLHQWR
'HVSXpV GH ODV SULPHUDV
KRUDV
‡ &DPELH HO DFHLWH GHO PRWRU
&DGD YH] TXH VH XWLOLFH
R GLDULDPHQWH
‡ &RPSUREDFLyQ GHO QLYHO GH DFHLWH GHO PRWRU
‡ $VHJ~UHVH GH TXH HO PRWRU VH SDUD HQ HO SOD]R GH VHJXQGRV GHVSXpV GH VROWDU OD
EDUUD GH FRQWURO GH OD FXFKLOOD
‡ /LPSLH ORV UHFRUWHV GH KLHUED \ OD VXFLHGDG GH GHEDMR GH OD PiTXLQD
$QWHV GHO DOPDFHQDPLHQWR
&DGD DxR
‡ 9DFtH HO GHSyVLWR GH FRPEXVWLEOH DQWHV GHO DOPDFHQDPLHQWR DQXDO
‡ /LPSLH HO VLVWHPD GH OLPSLH]D GH DLUH OtPSLHOR FRQ PiV IUHFXHQFLD HQ FRQGLFLRQHV
GH PXFKR SROYR &RQVXOWH HO PDQXDO GHO SURSLHWDULR GHO PRWRU
‡ 5HYLVH HO OLPSLDGRU GH DLUH
‡ &DPELH HO DFHLWH GHO PRWRU
‡ &DPELH OD FXFKLOOD R KDJD TXH OD D¿OHQ PiV D PHQXGR VL VH GHVD¿OD UiSLGDPHQWH
‡ &RQVXOWH HQ HO 0DQXDO GHO RSHUDGRU GHO PRWRU FXDOTXLHU SURFHGLPLHQWR DGLFLRQDO GH
PDQWHQLPLHQWR DQXDO
,PSRUWDQWH &RQVXOWH HQ HO PDQXDO GHO SURSLHWDULR GHO PRWRU ORV SURFHGLPLHQWRV DGLFLRQDOHV GH PDQWHQLPLHQWR
1RWD 3XHGH DGTXLULU SLH]DV GH UHSXHVWR HQ XQ 6HUYLFLR 7pFQLFR $XWRUL]DGR YD\D D ZZZWRURFRP SDUD HQFRQWUDU HO
GLVWULEXLGRU PiV FHUFDQR R HQ ZZZVKRSWRURFRP
6HJXULGDG HQ HO PDQWHQLPLHQWR
‡ 'HVFRQHFWH HO FDEOH GH OD EXMtD DQWHV GH UHDOL]DU FXDOTXLHU
SURFHGLPLHQWR GH PDQWHQLPLHQWR
‡ /OHYH JXDQWHV \ SURWHFFLyQ RFXODU DO UHDOL]DU HO
PDQWHQLPLHQWR GH OD PiTXLQD
‡ /D FXFKLOOD HVWi PX\ DÀODGD FXDOTXLHU FRQWDFWR FRQ OD
FXFKLOOD SXHGH FDXVDU OHVLRQHV SHUVRQDOHV JUDYHV /OHYH
JXDQWHV DO UHDOL]DU HO PDQWHQLPLHQWR GH OD FXFKLOOD
‡ 1R PDQLSXOH QXQFD ORV GLVSRVLWLYRV GH VHJXULGDG
)LJXUD &RPSUXHEH UHJXODUPHQWH TXH IXQFLRQDQ FRUUHFWDPHQWH
‡ $O YROFDU OD PiTXLQD SXHGH KDEHU IXJDV GH FRPEXVWLEOH
(O FRPEXVWLEOH HV LQÁDPDEOH \ H[SORVLYR \ SXHGH FDXVDU
OHVLRQHV SHUVRQDOHV 'HMH IXQFLRQDU HO PRWRU KDVWD TXH QR
TXHGH FRPEXVWLEOH R UHWLUH OD JDVROLQD FRQ XQD ERPED GH
PDQR QXQFD XWLOLFH XQ VLIyQ
,PSRUWDQWH $QWHV GH LQFOLQDU OD PiTXLQD SDUD
FDPELDU HO DFHLWH R VXVWLWXLU OD FXFKLOOD GHMH TXH
VH YDFtH HO GHSyVLWR GH FRPEXVWLEOH FRQ HO XVR
QRUPDO 6L HV LPSUHVFLQGLEOH LQFOLQDU OD PiTXLQD
DQWHV GH TXH VH DFDEH HO FRPEXVWLEOH XWLOLFH
XQD ERPED PDQXDO SDUD UHWLUDU HO FRPEXVWLEOH
6LHPSUH FRORTXH OD PiTXLQD GH ODGR FRQ OD YDULOOD
GH DFHLWH KDFLD DEDMR
3UHSDUDFLyQ SDUD HO
PDQWHQLPLHQWR
3DUH HO PRWRU \ HVSHUH D TXH VH GHWHQJDQ WRGDV ODV
SLH]DV HQ PRYLPLHQWR
'HVFRQHFWH HO FDEOH GH OD EXMtD )LJXUD DQWHV GH
UHDOL]DU FXDOTXLHU SURFHGLPLHQWR GH PDQWHQLPLHQWR
'HVSXpV GH UHDOL]DU HOORV SURFHGLPLHQWRV GH
PDQWHQLPLHQWR FRQHFWH HO FDEOH GH OD EXMtD D OD EXMtD
0DQWHQLPLHQWR GHO OLPSLDGRU
GH DLUH
&yPR FDPELDU HO DFHLWH GHO
PRWRU
,QWHUYDOR GH PDQWHQLPLHQWR &DGD DxR
&RORTXH OD WDSD
3UHVLRQH KDFLD DEDMR ORV FLHUUHV GH OD SDUWH VXSHULRU GH
OD WDSD GHO OLPSLDGRU GH DLUH )LJXUD ,QWHUYDOR GH PDQWHQLPLHQWR 'HVSXpV GH ODV SULPHUDV KRUDV
&DGD DxR
+DJD IXQFLRQDU HO PRWRU GXUDQWH XQRV PLQXWRV DQWHV GH
FDPELDU HO DFHLWH SDUD FDOHQWDU HO DFHLWH (O DFHLWH FDOLHQWH ÁX\H
PHMRU \ WUDQVSRUWD PiV FRQWDPLQDQWHV
/OHYH OD PiTXLQD D XQD VXSHUÀFLH QLYHODGD
&RQVXOWH 3UHSDUDFLyQ SDUD HO PDQWHQLPLHQWR SiJLQD
5HWLUH OD YDULOOD )LJXUD )LJXUD &LHUUHV
)LOWUR GH DLUH GH SDSHO
3UH¿OWUR GH JRPDHVSXPD
$EUD OD WDSD
5HWLUH HO ÀOWUR GH DLUH GH SDSHO \ HO SUHÀOWUR GH
JRPDHVSXPD )LJXUD ,QVSHFFLRQH HO SUHÀOWUR GH JRPDHVSXPD \ FiPELHOR VL
HVWi GDxDGR R H[FHVLYDPHQWH VXFLR
,QVSHFFLRQH HO ÀOWUR GH DLUH GH SDSHO
‡ 6L HO ÀOWUR GH DLUH HVWi GDxDGR R KXPHGHFLGR FRQ
DFHLWH R FRPEXVWLEOH VXVWLW~\DOR
‡ 6L HO ÀOWUR GH DLUH HVWi VXFLR JROSpHOR YDULDV YHFHV
HQ XQD VXSHUÀFLH GXUD R SDVH DLUH FRPSULPLGR D
PHQRV GH N3D SVL D WUDYpV GHO ODGR GHO
ÀOWUR TXH HVWi IUHQWH DO PRWRU
)LJXUD 9DULOOD
&RORTXH OD PiTXLQD GH ODGR FRQ OD YDULOOD GH DFHLWH
KDFLD DEDMR SDUD GUHQDU HO DFHLWH XVDGR D WUDYpV GHO WXER
GH OOHQDGR GH DFHLWH )LJXUD 1RWD 1R XWLOLFH XQ FHSLOOR SDUD OLPSLDU HO ÀOWUR HO
FHSLOODGR REOLJD D OD VXFLHGDG D SHQHWUDU HQ ODV ÀEUDV
(OLPLQH FXDOTXLHU VXFLHGDG GHO FXHUSR GHO OLPSLDGRU GH
DLUH \ OD WDSD FRQ XQ SDxR K~PHGR
,PSRUWDQWH 1R GHMH TXH OD VXFLHGDG SHQHWUH HQ
HO FRQGXFWR GH DLUH
)LJXUD ,QVWDOH HO SUHÀOWUR GH JRPDHVSXPD \ HO ÀOWUR GH DLUH GH
SDSHO HQ HO OLPSLDGRU GH DLUH
3RQJD OD PiTXLQD HQ OD SRVLFLyQ QRUPDO GH WUDEDMR
9LHUWD DSUR[LPDGDPHQWH WUHV FXDUWDV SDUWHV GH OD
FDSDFLGDG WRWDO GH DFHLWH HQ HO FiUWHU
1RWD &DSDFLGDG Pi[LPD O FXDUWRV y
RQ]DV WLSR DFHLWH GHWHUJHQWH 6$( FRQ
FODVLÀFDFLyQ GH VHUYLFLR $3, 6) 6* 6+ 6- 6/ R
VXSHULRU
(VSHUH XQRV PLQXWRV SDUD TXH HO DFHLWH VH DVLHQWH
HQ HO FiUWHU
/LPSLH OD YDULOOD FRQ XQ SDxR OLPSLR
,QWURGX]FD OD YDULOOD HQ HO WXER GH OOHQDGR GH DFHLWH
SHUR QR OD HQURVTXH OXHJR UHWLUH OD YDULOOD
2EVHUYH HQ OD YDULOOD HO QLYHO GH DFHLWH )LJXUD )LJXUD ‡ 6L HO QLYHO GH DFHLWH HV EDMR YLHUWD OHQWDPHQWH XQD
SHTXHxD FDQWLGDG GH DFHLWH HQ HO WXER GH OOHQDGR \
UHSLWD ORV SDVRV D KDVWD TXH HO QLYHO GH DFHLWH
OOHJXH DO QLYHO FRUUHFWR GH OD YDULOOD
5HWLUH OD FXFKLOOD FRQVHUYDQGR WRGRV ORV KHUUDMHV GH
PRQWDMH )LJXUD ‡ 6L HO QLYHO GH DFHLWH HV DOWR GUHQH HO H[FHVR GH DFHLWH
,QVWDOH OD FXFKLOOD QXHYD \ WRGRV ORV KHUUDMHV GH PRQWDMH
)LJXUD KDVWD TXH HO QLYHO GH DFHLWH HQ OD YDULOOD VHD FRUUHFWR
,PSRUWDQWH 6L HO QLYHO GH DFHLWH GHO PRWRU HV
GHPDVLDGR EDMR R GHPDVLDGR DOWR \ XVWHG DUUDQFD
HO PRWRU SXHGH GDxDU HO PRWRU
,QVWDOH OD YDULOOD ÀUPHPHQWH
5HFLFOH FRUUHFWDPHQWH HO DFHLWH XVDGR
&yPR FDPELDU OD FXFKLOOD
,QWHUYDOR GH PDQWHQLPLHQWR &DGD DxR
,PSRUWDQWH 8VWHG QHFHVLWDUi XQD OODYH GLQDPRPpWULFD
SDUD LQVWDODU OD FXFKLOOD FRUUHFWDPHQWH 6L QR GLVSRQH
GH XQD OODYH GLQDPRPpWULFD R SUHÀHUH QR UHDOL]DU HVWH
SURFHGLPLHQWR SyQJDVH HQ FRQWDFWR FRQ HO 6HUYLFLR
7pFQLFR $XWRUL]DGR
([DPLQH OD FXFKLOOD FDGD YH] TXH VH DFDEH OD JDVROLQD 6L OD
FXFKLOOD HVWi GDxDGD R DJULHWDGD VXVWLW~\DOD LQPHGLDWDPHQWH
6L HO ÀOR GH OD FXFKLOOD HVWi URPR R PHOODGR PDQGH D DÀODU
OD FXFKLOOD R FiPELHOD
$'9(57(1&,$
)LJXUD /D FXFKLOOD HVWi PX\ DÀODGD FXDOTXLHU FRQWDFWR FRQ
OD FXFKLOOD SXHGH FDXVDU OHVLRQHV SHUVRQDOHV JUDYHV
,PSRUWDQWH &RORTXH OD FXFKLOOD FRQ ORV H[WUHPRV
FXUYRV RULHQWDGRV KDFLD OD FDUFDVD GH OD PiTXLQD
/OHYH JXDQWHV DO UHDOL]DU HO PDQWHQLPLHQWR GH OD
FXFKLOOD
&RQVXOWH 3UHSDUDFLyQ SDUD HO PDQWHQLPLHQWR SiJLQD
&RORTXH OD PiTXLQD GH ODGR FRQ OD YDULOOD GH DFHLWH
KDFLD DEDMR
8WLOLFH XQ EORTXH GH PDGHUD SDUD LQPRYLOL]DU OD FXFKLOOD
)LJXUD 8WLOLFH XQD OODYH GLQDPRPpWULFD SDUD DSUHWDU HO
SHUQR GH OD FXFKLOOD D 1ăP SLHVOLEUD
,PSRUWDQWH 8Q SHUQR DSUHWDGR D 1ăP
SLHVOLEUD TXHGD PX\ ÀUPH 0LHQWUDV VXMHWD
OD FXFKLOOD FRQ XQ EORTXH GH PDGHUD DSOLTXH WRGD
VX IXHU]D D OD OODYH \ DSULHWH HO SHUQR ÀUPHPHQWH
6HUi PX\ GLItFLO DSUHWDU HVWH SHUQR GHPDVLDGR
$MXVWH GH OD WUDQVPLVLyQ
DXWRSURSXOVDGD
&DGD YH] TXH LQVWDOH XQ QXHYR GH OD WUDQVPLVLyQ
DXWRSURSXOVDGD R VL OD WUDQVPLVLyQ DXWRSURSXOVDGD HVWi PDO
DMXVWDGD DMXVWH HO FDEOH GH OD WUDQVPLVLyQ DXWRSURSXOVDGD
*LUH HO SRPR GH DMXVWH HQ VHQWLGR DQWLKRUDULR SDUD
DÁRMDU HO FDEOH )LJXUD )LJXUD 0DQLOODU ODGR L]TXLHUGR
3RPR GH DMXVWH
&DEOH GH OD WUDQVPLVLyQ
DXWRSURSXOVDGD
$MXVWH OD WHQVLyQ GHO FDEOH )LJXUD WLUDQGR GHO
PLVPR KDFLD DWUiV R HPSXMiQGROR KDFLD DGHODQWH \
VXMpWHOR HQ HVD SRVLFLyQ
1RWD (PSXMH HO FDEOH KDFLD HO PRWRU SDUD DXPHQWDU
OD WUDFFLyQ WLUH GHO FDEOH SDUD UHGXFLU OD WUDFFLyQ
*LUH HO SRPR HQ VHQWLGR KRUDULR SDUD DSUHWDU HO DMXVWH
GHO FDEOH
1RWD $SULHWH HO SRPR ÀUPHPHQWH D PDQR
$OPDFHQDPLHQWR
'HVSXpV GHO DOPDFHQDPLHQWR
$OPDFHQH OD PiTXLQD HQ XQ OXJDU IUHVFR OLPSLR \ VHFR
3UHSDUDFLyQ GH OD PiTXLQD
SDUD HO DOPDFHQDPLHQWR
$'9(57(1&,$
/RV YDSRUHV GH OD JDVROLQD SXHGHQ H[SORVLRQDU
‡ 1R JXDUGH OD JDVROLQD GXUDQWH PiV GH GtDV
‡ 1R JXDUGH HO FRUWDFpVSHG HQ XQ OXJDU FHUUDGR
FHUFD GH XQD OODPD GHVQXGD
‡ 'HMH TXH VH HQIUtH HO PRWRU DQWHV GH JXDUGDUOR
(Q HO ~OWLPR UHSRVWDMH GHO DxR DxDGD HVWDELOL]DGRU DO
FRPEXVWLEOH VLJXLHQGR ODV LQVWUXFFLRQHV GHO IDEULFDQWH
GHO PRWRU
'HVHFKH DGHFXDGDPHQWH FXDOTXLHU FRPEXVWLEOH
VREUDQWH 5HFtFOHOR VHJ~Q OD QRUPDWLYD ORFDO R XWLOtFHOR
HQ VX DXWRPyYLO
1RWD /D SUHVHQFLD GH FRPEXVWLEOH YLHMR HQ HO GHSyVLWR
GH FRPEXVWLEOH HV OD SULQFLSDO FDXVD GH GLÀFXOWDGHV HQ
HO DUUDQTXH 1R JXDUGH FRPEXVWLEOH VLQ HVWDELOL]DGRU
GXUDQWH PiV GH GtDV \ QR DOPDFHQH FRPEXVWLEOH
HVWDELOL]DGR GXUDQWH PiV GH GtDV
+DJD IXQFLRQDU OD PiTXLQD KDVWD TXH HO PRWRU VH SDUH
SRU KDEHUVH TXHGDGR VLQ JDVROLQD
$UUDQTXH HO PRWRU GH QXHYR
'HMH TXH IXQFLRQH HO PRWRU KDVWD TXH VH SDUH &XDQGR
\D QR VH SXHGH DUUDQFDU HO PRWRU HVWi VXÀFLHQWHPHQWH
VHFR
'HVFRQHFWH HO FDEOH GH OD EXMtD
5HWLUH OD EXMtD DxDGD PO RQ]D GH DFHLWH D WUDYpV
GHO RULÀFLR GH OD EXMtD \ WLUH GH OD FXHUGD GH DUUDQTXH
OHQWDPHQWH YDULDV YHFHV SDUD TXH VH GLVWULEX\D HO DFHLWH
SRU HO FLOLQGUR FRQ HO ÀQ GH HYLWDU OD FRUURVLyQ GXUDQWH
HO SHULRGR GH LQDFWLYLGDG
,QVWDOH OD EXMtD VLQ DSUHWDUOD
$SULHWH WRGRV ORV SHUQRV WXHUFDV \ WRUQLOORV
&RPSUXHEH \ DSULHWH WRGRV ORV FLHUUHV
5HWLUH OD EXMtD \ KDJD JLUDU HO PRWRU UiSLGDPHQWH XVDQGR
HO DUUDQFDGRU GH UHWURFHVR SDUD HOLPLQDU HO H[FHVR GH
DFHLWH GHO FLOLQGUR
,QVWDOH OD EXMtD \ DSULpWHOD FRQ XQD OODYH GLQDPRPpWULFD
D 1ăP SLHVOLEUD
/OHYH D FDER FXDOTXLHU SURFHGLPLHQWR GH
PDQWHQLPLHQWR FRQVXOWH 0DQWHQLPLHQWR SiJLQD &RPSUXHEH HO QLYHO GH DFHLWH GHO PRWRU FRQVXOWH
&RPSUREDFLyQ GHO QLYHO GH DFHLWH GHO PRWRU SiJLQD /OHQH HO GHSyVLWR GH FRPEXVWLEOH FRQ JDVROLQD IUHVFD
FRQVXOWH &yPR OOHQDU HO GHSyVLWR GH FRPEXVWLEOH
SiJLQD &RQHFWH HO FDEOH D OD EXMtD
/D *DUDQWtD 7RUR
5HF\FOHUŠ GH FP 8QD JDUDQWtD FRPSOHWD GH DxRV *DUDQWtD OLPLWDGD GH GtDV SDUD HO XVR FRPHUFLDO
/D *DUDQWtD GH $UUDQTXH *76 GH 7RUR
3LFDGRUHQVDFDGRU GH FP &RUWDFpVSHGHV GLULJLGRV
8QD JDUDQWtD FRPSOHWD GH DxRV QR DSOLFDEOH DO XVR FRPHUFLDO
&RQGLFLRQHV \ SURGXFWRV FXELHUWRV
7KH 7RUR &RPSDQ\ \ VX D¿OLDGR 7RUR :DUUDQW\ &RPSDQ\ EDMR XQ DFXHUGR HQWUH Vt SURPHWHQ
FRQMXQWDPHQWH UHSDUDU HO SURGXFWR 7RUR QRPEUDGR D FRQWLQXDFLyQ TXH KD\D VLGR XVDGR FRQ
SURSyVLWRV UHVLGHQFLDOHV VL WLHQH GHIHFWRV GH PDWHULDOHV R PDQR GH REUD R VL GHMD GH IXQFLRQDU
GHELGR D OD IDOOD GH XQ FRPSRQHQWH R VL HO PRWRU 7RUR *76 *XDUDQWHHG WR 6WDUW ± *DUDQWtD
GH $UUDQTXH QR DUUDQFD HQ HO SULPHU R VHJXQGR LQWHQWR VLHPSUH TXH VH KD\D UHDOL]DGR WRGR HO
PDQWHQLPLHQWR UXWLQDULR LQGLFDGR HQ HO 0DQXDO GHO RSHUDGRU
(VWD JDUDQWtD FXEUH HO FRVWH GH SLH]DV \ PDQR GH REUD SHUR XVWHG GHEH SDJDU ORV FRVWHV GH
WUDQVSRUWH
/RV VLJXLHQWHV SOD]RV VRQ DSOLFDEOHV GHVGH OD IHFKD GH OD FRPSUD RULJLQDO
‡
‡
‡
‡
‡
(O FRVWR GH PDQWHQLPLHQWR UHJXODU VHUYLFLR R SLH]DV FRPR SRU HMHPSOR ¿OWURV FRPEXVWLEOH
OXEULFDQWHV FDPELRV GH DFHLWH EXMtDV ¿OWURV GH DLUH D¿ODGR GH FXFKLOODV R FXFKLOODV
GHVJDVWDGDV DMXVWHV GH FDEOHVDFRSODPLHQWRV R DMXVWHV GH IUHQRV \ HPEUDJXHV
&XDOTXLHU SURGXFWR R SLH]D TXH KD\D VXIULGR PRGL¿FDFLRQHV DEXVRV R QHJOLJHQFLD \ TXH
QHFHVLWH VHU VXVWLWXLGR R UHSDUDGR GHELGR D DFFLGHQWH R IDOWD GH PDQWHQLPLHQWR DGHFXDGR
&RVWRV GH UHFRJLGD \ HQWUHJD
5HSDUDFLRQHV R LQWHQWRV GH UHSDUDFLyQ SRU SDUWH GH SHUVRQDV QR SHUWHQHFLHQWHV D XQ 6HUYLFLR
7pFQLFR 7RUR $XWRUL]DGR
5HSDUDFLRQHV QHFHVDULDV SRU QR KDEHU VHJXLGR HO SURFHGLPLHQWR UHFRPHQGDGR UHVSHFWR DO
FRPEXVWLEOH FRQVXOWH HO 0DQXDO GHO RSHUDGRU SDUD REWHQHU PiV GHWDOOHV
3URGXFWRV
3HULRGR GH JDUDQWtD
±
/D HOLPLQDFLyQ GH FRQWDPLQDQWHV GHO VLVWHPD GH FRPEXVWLEOH QR HVWi FXELHUWD
5HF\FOHU GH SXOJDGDV \ 3LFDGRU(QVDFDGRU
GH SXOJDGDV \ $FFHVRULRV
*76 *XDUDQWHHG WR 6WDUW
0RWRU
%DWHUtD
*DUDQWtD FRPSOHWD GH DxRV
±
(O XVR GH FRPEXVWLEOH YLHMR GH PiV GH XQ PHV GH HGDG R FRPEXVWLEOH TXH FRQWHQJD
PiV GHO GH HWDQRO R HO GH 07%(
±
(O QR GUHQDU HO VLVWHPD GH FRPEXVWLEOH DQWHV GH XQ SHULRGR GH LQDFWLYLGDG GH PiV
GH XQ PHV
*DUDQWtD FRPSOHWD GH DxRV
*DUDQWtD FRPSOHWD GH DxRV
*DUDQWtD FRPSOHWD GH DxR
‡
*DUDQWtD OLPLWDGD SDUD HO XVR FRPHUFLDO
/RV SURGXFWRV GH JDVROLQD 7RUR XWLOL]DGRV FRQ SURSyVLWRV FRPHUFLDOHV LQVWLWXFLRQDOHV R GH
DOTXLOHU HVWiQ JDUDQWL]DGRV GXUDQWH GtDV FRQWUD GHIHFWRV HQ PDWHULDOHV R PDQR GH REUD /RV
FRPSRQHQWHV TXH IDOODQ GHELGR DO XVR \ GHVJDVWH QRUPDOHV QR HVWiQ FXELHUWRV SRU HVWD JDUDQWtD
/D *DUDQWtD GH DUUDQTXH 7RUR *76 QR HV DSOLFDEOH FXDQGR HO SURGXFWR HV XVDGR FRQ ¿QHV
FRPHUFLDOHV
,QVWUXFFLRQHV SDUD REWHQHU DVLVWHQFLD EDMR OD JDUDQWtD
6L XVWHG FUHH TXH VX 3URGXFWR 7RUR WLHQH XQ GHIHFWR GH PDWHULDOHV R PDQR GH REUD R VL XQ DGXOWR
GH FDSDFLGDG QRUPDO \D QR SXHGH DUUDQFDU HO PRWRU GH VX SURGXFWR FRQ XQR R GRV LQWHQWRV VLJD
HVWH SURFHGLPLHQWR
3yQJDVH HQ FRQWDFWR FRQ FXDOTXLHU 'LVWULEXLGRU $XWRUL]DGR 7RUR SDUD FRQFHUWDU HO
PDQWHQLPLHQWR HQ VXV LQVWDODFLRQHV 3DUD ORFDOL]DU XQ GLVWULEXLGRU FHUFDQR YLVLWH QXHVWUD
SiJLQD ZHE ZZZ7RURFRP 7DPELpQ SXHGH OODPDU D ORV Q~PHURV TXH DSDUHFHQ HQ HO
DSDUWDGR SDUD XVDU HO VLVWHPD GH ORFDOL]DFLyQ GH 'LVWULEXLGRUHV 7RUR ODV KRUDV DO GtD
/OHYH HO SURGXFWR \ VX SUXHED GH FRPSUD UHFLER R IDFWXUD GH YHQWD DO 'LVWULEXLGRU (O
GLVWULEXLGRU GLDJQRVWLFDUi HO SUREOHPD \ GHWHUPLQDUi VL HVWi FXELHUWR SRU OD JDUDQWtD
6L SRU DOJXQD UD]yQ XVWHG QR HVWi VDWLVIHFKR FRQ HO DQiOLVLV GHO 'LVWULEXLGRU R FRQ OD DVLVWHQFLD
UHFLELGD SyQJDVH HQ FRQWDFWR FRQ QRVRWURV HQ OD GLUHFFLyQ VLJXLHQWH
7KH 7RUR &RPSDQ\
&XVWRPHU &DUH 'HSDUWPHQW 5/& 'LYLVLRQ
‡
5HSDUDFLRQHV R DMXVWHV SDUD FRUUHJLU SUREOHPDV GH DUUDQTXH GHELGRV D OR VLJXLHQWH
±
1R VH KDQ VHJXLGR ORV SURFHGLPLHQWRV FRUUHFWRV GH PDQWHQLPLHQWR R HO SURFHGLPLHQWR
UHFRPHQGDGR UHVSHFWR DO FRPEXVWLEOH
±
8QD FXFKLOOD GHO FRUWDFpVSHG URWDWLYR KD JROSHDGR XQ REMHWR
&RQGLFLRQHV GH RSHUDFLyQ HVSHFLDOHV TXH SXHGHQ UHTXHULU PiV GH GRV LQWHQWRV GH DUUDQTXH
±
3ULPHU DUUDQTXH GHVSXpV GH XQ SHULRGR H[WHQGLGR GH LQDFWLYLGDG VXSHULRU D WUHV PHVHV
R GH DOPDFHQDPLHQWR HVWDFLRQDO
±
$UUDQTXH D EDMD WHPSHUDWXUD SRU HMHPSOR DO LQLFLR GH OD SULPDYHUD R DO ¿QDO GHO RWRxR
±
3URFHGLPLHQWRV GH DUUDQTXH LQFRUUHFWRV ± VL WLHQH GL¿FXOWDG DO DUUDQFDU VX XQLGDG UHYLVH
HO 0DQXDO GHO RSHUDGRU SDUD DVHJXUDUVH GH TXH HVWi VLJXLHQGR ORV SURFHGLPLHQWRV GH
DUUDQTXH FRUUHFWRV (VWR SXHGH DKRUUDUOH XQD YLVLWD LQQHFHVDULD DO 6HUYLFLR 7pFQLFR
$XWRUL]DGR 7RUR
&RQGLFLRQHV JHQHUDOHV
7RGDV ODV UHSDUDFLRQHV FXELHUWDV SRU HVWDV JDUDQWtDV GHEHQ VHU UHDOL]DGDV SRU XQ 6HUYLFLR 7pFQLFR
7RUR $XWRUL]DGR XVDQGR SLH]DV GH UHSXHVWR DSUREDGRV SRU 7RUR /D UHSDUDFLyQ SRU XQ 'LVWULEXLGRU
$XWRUL]DGR 7RUR HV VX ~QLFR UHPHGLR EDMR HVWD JDUDQWtD
1L 7KH 7RUR &RPSDQ\ QL 7RUR :DUUDQW\ &RPSDQ\ VRQ UHVSRQVDEOHV GH GDxRV LQGLUHFWRV
LQFLGHQWDOHV R FRQVHFXHQWHV UHVSHFWR DO XVR GH ORV SURGXFWRV 7RUR FXELHUWRV SRU HVWDV
JDUDQWtDV LQFOX\HQGR FXDOTXLHU FRVWH R JDVWR SRU OD SURYLVLyQ GH HTXLSRV GH VXVWLWXFLyQ
R VHUYLFLR GXUDQWH SHULRGRV UD]RQDEOHV GH PDO IXQFLRQDPLHQWR R QR XWLOL]DFLyQ KDVWD OD
WHUPLQDFLyQ GH UHSDUDFLRQHV EDMR HVWDV JDUDQWtDV
$OJXQRV HVWDGRV QR SHUPLWHQ H[FOXVLRQHV GH GDxRV LQFLGHQWDOHV R FRQVHFXHQWHV GH PDQHUD TXH
ODV H[FOXVLRQHV DUULED FLWDGDV SXHGHQ QR VHU DSOLFDEOHV D XVWHG
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 (VWD JDUDQWtD OH RWRUJD D XVWHG GHUHFKRV OHJDOHV HVSHFt¿FRV HV SRVLEOH TXH XVWHG WHQJD RWURV
GHUHFKRV TXH YDUtDQ GH XQ HVWDGR D RWUR
7HOpIRQR JUDWXLWR FOLHQWHV GH (( 88
7HOpIRQR JUDWXLWR FOLHQWHV GH &DQDGi
5HVSRQVDELOLGDGHV GHO SURSLHWDULR
8VWHG GHEH PDQWHQHU VX 3URGXFWR 7RUR VLJXLHQGR ORV SURFHGLPLHQWRV GH PDQWHQLPLHQWR GHVFULWRV
HQ HO 0DQXDO GHO RSHUDGRU 'LFKR PDQWHQLPLHQWR UXWLQDULR VHD UHDOL]DGR SRU XQ GLVWULEXLGRU R SRU
XVWHG PLVPR HV SRU FXHQWD GH XVWHG
(OHPHQWRV \ FRQGLFLRQHV QR FXELHUWRV
1R KD\ RWUD JDUDQWtD H[SUHVD VDOYR OD FREHUWXUD HVSHFLDO GH VLVWHPDV GH HPLVLyQ \ OD JDUDQWtD VREUH
PRWRUHV HQ DOJXQRV SURGXFWRV (VWD JDUDQWtD H[SUHVD QR FXEUH
3DtVHV IXHUD GH (VWDGRV 8QLGRV R &DQDGi
(VWD JDUDQWtD QR HV YiOLGD HQ 0p[LFR /RV FOLHQWHV TXH FRPSUDURQ SURGXFWRV 7RUR H[SRUWDGRV GH ORV (VWDGRV 8QLGRV R &DQDGi GHEHQ SRQHUVH HQ FRQWDFWR FRQ VX 'LVWULEXLGRU &RQFHVLRQDULR 7RUR SDUD
REWHQHU SyOL]DV GH JDUDQWtD SDUD VX SDtV SURYLQFLD R HVWDGR 6L SRU FXDOTXLHU UD]yQ XVWHG QR HVWi VDWLVIHFKR FRQ HO VHUYLFLR RIUHFLGR SRU VX GLVWULEXLGRU R VL WLHQH GL¿FXOWDG HQ REWHQHU LQIRUPDFLyQ VREUH OD
JDUDQWtD SyQJDVH HQ FRQWDFWR FRQ HO LPSRUWDGRU 7RUR 6L IDOODQ WRGRV ORV GHPiV UHFXUVRV SXHGH SRQHUVH HQ FRQWDFWR FRQ QRVRWURV HQ 7RUR :DUUDQW\ &RPSDQ\
/H\ GH &RQVXPR GH $XVWUDOLD /RV FOLHQWHV DXVWUDOLDQRV HQFRQWUDUiQ LQIRUPDFLyQ VREUH OD /H\ GH &RQVXPR GH $XVWUDOLD GHQWUR GH OD FDMD R D WUDYpV GH VX GLVWULEXLGRU 7RUR ORFDO
³3URSyVLWR UHVLGHQFLDO´ VLJQL¿FD HO XVR GHO SURGXFWR HQ OD PLVPD SDUFHOD HQ TXH VH HQFXHQWUD VX YLYLHQGD (O XVR HQ PiV GH XQ OXJDU R HO XVR LQVWLWXFLRQDO R DOTXLOHU VH FRQVLGHUD FRPR XVR
FRPHUFLDO \ VHUtD DSOLFDEOH OD JDUDQWtD GH XVR FRPHUFLDO
5HY )
7RQGHXVH
5HF\FOHUŠ
)RUP 1R 5HY $
GH FP SR
1ƒ GH PRGqOH ²1ƒ GH VpULH HW VXLYDQWV
0DQXHO GH O
XWLOLVDWHXU
9RXV SRXYH] YRXV SURFXUHU GHV SLqFHV GH UHFKDQJH FKH] Q
LPSRUWH TXHO GpSRVLWDLUH DJUpp
RX VXU OH VLWH ZZZVKRSWRURFRP
,QWURGXFWLRQ
&HWWH WRQGHXVH j ODPH URWDWLYH DXWRWUDFWpH HVW GHVWLQpH
DX JUDQG SXEOLF (OOH HVW SULQFLSDOHPHQW FRQoXH SRXU
WRQGUH OHV SHORXVHV HQWUHWHQXHV UpJXOLqUHPHQW GDQV OHV
WHUUDLQV SULYpV (OOH Q
HVW SDV FRQoXH SRXU FRXSHU OHV
EURXVVDLOOHV QL SRXU XQ XVDJH DJULFROH
/LVH] DWWHQWLYHPHQW FHWWH QRWLFH SRXU DSSUHQGUH FRPPHQW
XWLOLVHU HW HQWUHWHQLU FRUUHFWHPHQW YRWUH SURGXLW HW pYLWHU GH
O
HQGRPPDJHU RX GH YRXV EOHVVHU 9RXV rWHV UHVSRQVDEOH GH
O
XWLOLVDWLRQ V€UH HW FRUUHFWH GX SURGXLW
9RXV SRXYH] FRQWDFWHU 7RUR GLUHFWHPHQW j ZZZ7RURFRP
SRXU WRXW UHQVHLJQHPHQW FRQFHUQDQW XQ SURGXLW RX XQ
DFFHVVRLUH SRXU REWHQLU O
DGUHVVH GHV GpSRVLWDLUHV RX SRXU
HQUHJLVWUHU YRWUH SURGXLW
3RXU REWHQLU GHV SUHVWDWLRQV GH VHUYLFH GHV SLqFHV
7RUR G
RULJLQH RX GHV UHQVHLJQHPHQWV FRPSOpPHQWDLUHV
PXQLVVH]YRXV GHV QXPpURV GH PRGqOH HW GH VpULH GX SURGXLW
HW FRQWDFWH] XQ GpSRVLWDLUHUpSDUDWHXU RX OH VHUYLFH FOLHQW
7RUR DJUpp /D )LJXUH )LJXUH LQGLTXH O
HPSODFHPHQW GHV
QXPpURV GH PRGqOH HW GH VpULH GX SURGXLW
/HV PLVHV HQ JDUGH GH FH PDQXHO VRXOLJQHQW OHV GDQJHUV
SRWHQWLHOV HW VRQW VLJQDOpHV SDU OH V\PEROH GH VpFXULWp )LJXUH
TXL LQGLTXH XQ GDQJHU SRXYDQW HQWUDvQHU GHV EOHVVXUHV
JUDYHV RX PRUWHOOHV VL OHV SUpFDXWLRQV UHFRPPDQGpHV QH VRQW
SDV UHVSHFWpHV
)LJXUH &H PDQXHO XWLOLVH GHX[ WHUPHV SRXU IDLUH SDVVHU GHV
UHQVHLJQHPHQWV HVVHQWLHOV ,PSRUWDQW SRXU DWWLUHU O
DWWHQWLRQ
VXU GHV UHQVHLJQHPHQWV PpFDQLTXHV VSpFLÀTXHV HW 5HPDUTXH
SRXU LQVLVWHU VXU GHV UHQVHLJQHPHQWV G
RUGUH JpQpUDO PpULWDQW
XQH DWWHQWLRQ SDUWLFXOLqUH
$77(17,21
&$/,)251,(
3URSRVLWLRQ $YHUWLVVHPHQW
&H SURGXLW FRQWLHQW XQH RX GHV VXEVWDQFHV
FKLPLTXHV FRQVLGpUpHV SDU O
pWDW GH &DOLIRUQLH
FRPPH FDSDEOHV GH SURYRTXHU GHV FDQFHUV
GHV DQRPDOLHV FRQJpQLWDOHV RX G
DXWUHV
WURXEOHV GH OD UHSURGXFWLRQ
/HV JD] G
pFKDSSHPHQW GH FH SURGXLW
FRQWLHQQHQW GHV VXEVWDQFHV FKLPLTXHV
FRQVLGpUpHV SDU O
pWDW GH &DOLIRUQLH FRPPH
VXVFHSWLEOHV GH SURYRTXHU GHV FDQFHUV
GHV PDOIRUPDWLRQV FRQJpQLWDOHV HW DXWUHV
WURXEOHV GH OD UHSURGXFWLRQ
)LJXUH 3ODTXH GHV QXPpURV GH PRGqOH HW GH VpULH
1RWH] OHV QXPpURV GH PRGqOH HW GH VpULH GX SURGXLW GDQV
O
HVSDFH FLGHVVRXV 1ƒ GH PRGqOH
1ƒ GH VpULH
‹ ²7KH 7RURŠ &RPSDQ\
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 6\PEROH GH VpFXULWp
9RXV FRPPHWWH] XQH LQIUDFWLRQ j OD VHFWLRQ RX GX &RGH GHV UHVVRXUFHV SXEOLTXHV GH &DOLIRUQLH VL YRXV
XWLOLVH] FHWWH PDFKLQH GDQV XQH ]RQH ERLVpH EURXVVDLOOHXVH RX
UHFRXYHUWH G
KHUEH j PRLQV GH O
pTXLSHU G
XQ SDUHpWLQFHOOHV
HQ ERQ pWDW WHO TXH GpÀQL GDQV OD 6HFWLRQ RX VDQV TXH
OH PRWHXU VRLW FRQVWUXLW pTXLSp HW HQWUHWHQX FRUUHFWHPHQW
SRXU SUpYHQLU OHV LQFHQGLHV
&H V\VWqPH G
DOOXPDJH SDU pWLQFHOOH HVW FRQIRUPH j OD QRUPH
FDQDGLHQQH ,&(6
(QUHJLVWUH] YRWUH SURGXLW j ZZZ7RURFRP
7UDGXFWLRQ GX WH[WH G
RULJLQH )5
,PSULPp DX[ eWDWV8QLV
7RXV GURLWV UpVHUYpV 9 /H 0DQXHO GX SURSULpWDLUH GX PRWHXU FLMRLQW HVW IRXUQL j
WLWUH LQIRUPDWLI FRQFHUQDQW OD UpJOHPHQWDWLRQ GH O
$JHQFH
DPpULFDLQH SRXU OD SURWHFWLRQ GH O
HQYLURQQHPHQW (3$
HW OD UpJOHPHQWDWLRQ DQWLSROOXWLRQ GH O
pWDW GH &DOLIRUQLH
UHODWLYH DX[ V\VWqPHV DQWLSROOXWLRQ j OHXU HQWUHWLHQ HW j
OHXU JDUDQWLH 9RXV SRXYH] YRXV HQ SURFXUHU XQ QRXYHO
H[HPSODLUH HQ YRXV DGUHVVDQW DX FRQVWUXFWHXU GX PRWHXU
5pJODJH GH O
DXWRSURSXOVLRQ 5HPLVDJH 3UpSDUDWLRQ GH OD PDFKLQH DX UHPLVDJH 5HPLVH HQ VHUYLFH GH OD PDFKLQH DSUqV
UHPLVDJH 6pFXULWp
&RXSOH QHW /H FRXSOH EUXW RX QHW GH FH PRWHXU D pWp FDOFXOp
HQ ODERUDWRLUH SDU OH FRQVWUXFWHXU GX PRWHXU VHORQ OD QRUPH
6$( - GH OD 6RFLHW\ RI $XWRPRWLYH (QJLQHHUV eWDQW
FRQÀJXUp SRXU VDWLVIDLUH DX[ QRUPHV GH VpFXULWp DQWLSROOXWLRQ
HW G
H[SORLWDWLRQ OH PRWHXU PRQWp VXU FHWWH FODVVH GH WRQGHXVH
DXUD XQ FRXSOH HIIHFWLI QHWWHPHQW LQIpULHXU
&HWWH PDFKLQH HVW FRQoXH HQ FRQIRUPLWp DYHF OD QRUPH $16,
%²
6pFXULWp JpQpUDOH
7DEOH GHV PDWLqUHV
&H SURGXLW SHXW VHFWLRQQHU OHV PDLQV RX OHV SLHGV HW SURMHWHU
GHV REMHWV 5HVSHFWH] WRXMRXUV WRXWHV OHV FRQVLJQHV GH VpFXULWp
SRXU pYLWHU GHV EOHVVXUHV JUDYHV
,QWURGXFWLRQ 6pFXULWp 6pFXULWp JpQpUDOH $XWRFROODQWV GH VpFXULWp HW G
LQVWUXFWLRQ 0LVH HQ VHUYLFH $VVHPEODJH HW GpSOLDJH GX JXLGRQ 0RQWDJH GX FkEOH GX ODQFHXU GDQV OH
JXLGH 3OHLQ G
KXLOH PRWHXU 0RQWDJH GX EDF j KHUEH 9XH G
HQVHPEOH GX SURGXLW 8WLOLVDWLRQ $YDQW O
XWLOLVDWLRQ 6pFXULWp DYDQW O
XWLOLVDWLRQ 5HPSOLVVDJH GX UpVHUYRLU GH FDUEXUDQW &RQWU{OH GX QLYHDX G
KXLOH PRWHXU 5pJODJH GH OD KDXWHXU GX JXLGRQ 5pJODJH GH OD KDXWHXU GH FRXSH 3HQGDQW O
XWLOLVDWLRQ 6pFXULWp SHQGDQW O
XWLOLVDWLRQ
'pPDUUDJH GX PRWHXU
8WLOLVDWLRQ GH O
DXWRSURSXOVLRQ
$UUrW GX PRWHXU 5HF\FODJH GH O
KHUEH FRXSpH 5DPDVVDJH GH O
KHUEH FRXSpH
8WLOLVDWLRQ GX OHYLHU GH UDPDVVDJH VXU
GHPDQGH
eMHFWLRQ ODWpUDOH GH O
KHUEH FRXSpH &RQVHLOV G
XWLOLVDWLRQ $SUqV O
XWLOLVDWLRQ 6pFXULWp DSUqV O
XWLOLVDWLRQ
1HWWR\DJH GH OD PDFKLQH
3OLDJH GX JXLGRQ
(QWUHWLHQ 3URJUDPPH G
HQWUHWLHQ UHFRPPDQGp &RQVLJQHV GH VpFXULWp SHQGDQW O
HQWUHWLHQ 3UpSDUDWLRQ j O
HQWUHWLHQ
(QWUHWLHQ GX ÀOWUH j DLU 9LGDQJH GH O
KXLOH PRWHXU 5HPSODFHPHQW GH OD ODPH /
XWLOLVDWLRQ GH FH SURGXLW j G
DXWUHV ÀQV TXH FHOOH TXL HVW
SUpYXH SHXW rWUH GDQJHUHXVH SRXU O
XWLOLVDWHXU HW OHV SHUVRQQHV
j SUR[LPLWp
‡ 9RXV GHYH] OLUH HW FRPSUHQGUH OH FRQWHQX GH FH PDQXHO GH
O
XWLOLVDWHXU DYDQW GH GpPDUUHU OH PRWHXU $VVXUH]YRXV
TXH WRXV OHV XWLOLVDWHXUV GH FH SURGXLW HQ FRQQDLVVHQW OH
PDQLHPHQW HW FRPSUHQQHQW OHV PLVHV HQ JDUGH
‡ 1
DSSURFKH] SDV OHV PDLQV RX OHV SLHGV GHV FRPSRVDQWV
PRELOHV GH OD PDFKLQH
‡ 1
XWLOLVH] SDV OD PDFKLQH VL WRXV OHV FDSRWV HW DXWUHV
GLVSRVLWLIV GH SURWHFWLRQ DSSURSULpV QH VRQW SDV HQ SODFH
HW HQ ERQ pWDW GH PDUFKH
‡ 1H YRXV WHQH] SDV GHYDQW O
RXYHUWXUH G
pMHFWLRQ 7HQH]
WRXW OH PRQGH j XQH GLVWDQFH VXIÀVDQWH GH OD PDFKLQH
‡ 1
DGPHWWH] SDV OHV HQIDQWV GDQV OD ]RQH GH WUDYDLO 1H
FRQÀH] MDPDLV O
XWLOLVDWLRQ GH OD PDFKLQH j XQ HQIDQW
‡ $UUrWH] OD PDFKLQH HW FRXSH] OH PRWHXU DYDQW GH IDLUH
O
HQWUHWLHQ GH IDLUH OH SOHLQ GH FDUEXUDQW RX GH GpERXFKHU
OD PDFKLQH
/
XVDJH RX O
HQWUHWLHQ LQFRUUHFW GH FHWWH PDFKLQH SHXW
RFFDVLRQQHU GHV DFFLGHQWV 3RXU UpGXLUH OHV ULVTXHV G
DFFLGHQWV
HW GH EOHVVXUHV UHVSHFWH] OHV FRQVLJQHV GH VpFXULWp TXL VXLYHQW
7HQH] WRXMRXUV FRPSWH GHV PLVHV HQ JDUGH VLJQDOpHV SDU OH
V\PEROH GH VpFXULWp HW OD PHQWLRQ 3UXGHQFH $WWHQWLRQ RX
'DQJHU 1H SDV UHVSHFWHU FHV LQVWUXFWLRQV F
HVW ULVTXHU GH
YRXV EOHVVHU SDUIRLV PRUWHOOHPHQW
9RXV WURXYHUH] G
DXWUHV FRQVLJQHV GH VpFXULWp GDQV OHV GLYHUVHV
VHFWLRQV GH FH PDQXHO
$XWRFROODQWV GH VpFXULWp HW G
LQVWUXFWLRQ
,PSRUWDQW /HV DXWRFROODQWV GH VpFXULWp HW G
LQVWUXFWLRQ VRQW SODFpV SUqV GHV HQGURLWV SRWHQWLHOOHPHQW GDQJHUHX[
5HPSODFH] OHV DXWRFROODQWV HQGRPPDJpV
0DUTXH GX IDEULFDQW
,GHQWL¿H OD ODPH FRPPH SLqFH G
RULJLQH
9HUURXLOODJH
'pYHUURXLOODJH
5HF\FODJH DFWLYp
5DPDVVDJH DFWLYp
0LVH HQ VHUYLFH
,PSRUWDQW 5HWLUH] HW PHWWH] DX UHEXW OD SHOOLFXOH GH
SODVWLTXH TXL SURWqJH OH PRWHXU
$VVHPEODJH HW GpSOLDJH GX
JXLGRQ
$XFXQH SLqFH UHTXLVH
3URFpGXUH
5HWLUH] HW FRQVHUYH] OHV ERXWRQV HW OHV ERXORQV GH
FDUURVVHULH GX VXSSRUW GX JXLGRQ )LJXUH 5pJODJH GH OD WUDFWLRQ
$WWHQWLRQ ± OLVH] OH 0DQXHO GH O
XWLOLVDWHXU ± 'HVVHUUH] OH
ERXWRQ HQ OH WRXUQDQW GDQV OH VHQV DQWLKRUDLUH eORLJQH]
OHV FkEOHV GX PRWHXU SRXU UpGXLUH OD WUDFWLRQ RX
UDSSURFKH]OHV GX PRWHXU SRXU DXJPHQWHU OD WUDFWLRQ
6HUUH] OH ERXWRQ HQ OH WRXUQDQW GDQV OH VHQV KRUDLUH
)LJXUH $WWHQWLRQ ± OLVH] OH 0DQXHO GH O
XWLOLVDWHXU
5LVTXH GH FRXSXUHPXWLODWLRQ GHV PDLQV HW SLHGV SDU OD
ODPH ± QH YRXV DSSURFKH] SDV GHV SLqFHV PRELOHV HW
JDUGH] WRXWHV OHV SURWHFWLRQV HQ SODFH
5LVTXH GH FRXSXUHPXWLODWLRQ GHV PDLQV RX GHV SLHGV SDU
OD ODPH GX WDEOLHU GH FRXSH ± GpEUDQFKH] OH ¿O GH OD ERXJLH
HW OLVH] OHV LQVWUXFWLRQV DYDQW G
HQWUHSUHQGUH XQ HQWUHWLHQ
RX XQH UpYLVLRQ
5LVTXH GH SURMHFWLRQ G
REMHWV ± WHQH] OHV VSHFWDWHXUV j
ERQQH GLVWDQFH GH OD PDFKLQH FRXSH] OH PRWHXU DYDQW
GH TXLWWHU OD SRVLWLRQ G
XWLOLVDWLRQ UDPDVVH] OHV GpEULV
pYHQWXHOOHPHQW SUpVHQWV DYDQW GH WRQGUH
5LVTXH GH FRXSXUHPXWLODWLRQ GHV PDLQV RX GHV SLHGV SDU
OD ODPH GH OD WRQGHXVH ± QH WUDYDLOOH] SDV GDQV OH VHQV GH
OD SHQWH PDLV WUDQVYHUVDOHPHQW UHJDUGH] GHUULqUH YRXV
DYDQW GH IDLUH PDUFKH DUULqUH
%RXWRQ GX JXLGRQ
%RXORQ GH FDUURVVHULH
0RQWH] OHV H[WUpPLWpV GX JXLGRQ VXU OH FDUWHU GH OD
WRQGHXVH GH WHOOH VRUWH TXH OD JRXSLOOH À[pH j FKDTXH
VXSSRUW GX JXLGRQ VRLW LQVpUpH GDQV OH WURX LQIpULHXU GH
O
H[WUpPLWp DVVRFLpH )LJXUH )LJXUH *RXSLOOH
([WUpPLWp GX JXLGRQ
)LJXUH 5HPDUTXH /HV JRXSLOOHV QH VRQW SDV YLVLEOHV GDQV
OHV WURXV DX[ H[WUpPLWpV GX JXLGRQ ORUVTXH OH JXLGRQ
HVW UHSOLp
'pSOLH] OH JXLGRQ HQ DUULqUH j OD SRVLWLRQ G
XWLOLVDWLRQ
)LJXUH %RXWRQ GX JXLGRQ
%RXORQ GH FDUURVVHULH
0RQWH] VDQV OHV VHUUHU OHV ERXWRQV GX JXLGRQ VXU OHV
ERXORQV GH FDUURVVHULH
9RLU OHV RSpUDWLRQV j GH 5pJODJH GH OD KDXWHXU GX
JXLGRQ SDJH 0RQWDJH GX FkEOH GX ODQFHXU
GDQV OH JXLGH
)LJXUH 3RVLWLRQ UHSOLpH
$XFXQH SLqFH UHTXLVH
3RVLWLRQ G
XWLOLVDWLRQ
3URFpGXUH
,QVpUH] OH ERXORQ GH FDUURVVHULH OD WrWH GX ERXORQ YHUV
O
LQWpULHXU GDQV OH WURX FDUUp LQIpULHXU RX VXSpULHXU GX
VXSSRUW GH JXLGRQ HW GDQV OH WURX VXSpULHXU j O
H[WUpPLWp
GX JXLGRQ )LJXUH ,PSRUWDQW ,O HVW QpFHVVDLUH GH PRQWHU OH FkEOH GX
ODQFHXU GDQV OH JXLGH
0DLQWHQH] OD EDUUH GH FRPPDQGH GH OD ODPH FRQWUH OD SDUWLH
VXSpULHXUH GX JXLGRQ HW WLUH] OH FkEOH j WUDYHUV OH JXLGH VXU OH
JXLGRQ )LJXUH )LJXUH &kEOH GX ODQFHXU
*XLGH GX ODQFHXU
MXVTX
j FH TXH OD MDXJH LQGLTXH OH QLYHDX G
KXLOH
FRUUHFW
‡ 6L OH QLYHDX G
KXLOH HVW WURS pOHYp YLGDQJH]
O
H[FpGHQW G
KXLOH MXVTX
j REWHQWLRQ GX QLYHDX
G
KXLOH FRUUHFW VXU OD MDXJH YRLU 9LGDQJH GH O
KXLOH
PRWHXU SDJH 3OHLQ G
KXLOH PRWHXU
,PSRUWDQW 6L YRXV IDLWHV WRXUQHU OH PRWHXU DORUV
TXH OH QLYHDX G
KXLOH GDQV OH FDUWHU HVW WURS EDV RX
WURS pOHYp YRXV ULVTXH] G
HQGRPPDJHU OH PRWHXU
$XFXQH SLqFH UHTXLVH
3URFpGXUH
,PSRUWDQW ­ OD OLYUDLVRQ GH OD PDFKLQH OH FDUWHU
PRWHXU HVW YLGH PDLV XQ ELGRQ G
KXLOH PRWHXU HVW
IRXUQL $YDQW GH PHWWUH OH PRWHXU HQ PDUFKH IDLWHV OH
SOHLQ G
KXLOH PRWHXU
5HYLVVH] OD MDXJH IHUPHPHQW HQ SODFH
,PSRUWDQW &KDQJH] O
KXLOH PRWHXU DSUqV OHV
SUHPLqUHV KHXUHV GH IRQFWLRQQHPHQW SXLV XQH
IRLV SDU DQ 9RLU 9LGDQJH GH O
KXLOH PRWHXU SDJH
5HPSOLVVDJH PD[ O R] W\SH KXLOH GpWHUJHQWH
6$( GH FODVVH GH VHUYLFH $3, 6) 6* 6+ 6- 6/ RX
VXSpULHXUH
5HPDUTXH 4XDQG OH FDUWHU PRWHXU HVW YLGH UHPSOLVVH]OH
HQYLURQ DX[ SXLV SURFpGH] FRPPH VXLW $PHQH] OD PDFKLQH VXU XQ VRO SODW HW KRUL]RQWDO
0RQWDJH GX EDF j KHUEH
7RXUQH] OH ERXFKRQ GDQV OH VHQV DQWLKRUDLUH HW VRUWH]
OD MDXJH )LJXUH $XFXQH SLqFH UHTXLVH
3URFpGXUH
*OLVVH] OH EDF VXU O
DUPDWXUH FRPPH PRQWUp j OD )LJXUH
)LJXUH -DXJH GH QLYHDX
(VVX\H] OD MDXJH VXU XQ FKLIIRQ SURSUH
,QVpUH] OD MDXJH DX IRQG GX JRXORW GH UHPSOLVVDJH
PDLV VDQV OD YLVVHU SXLV UHVVRUWH]OD
2EVHUYH] OH QLYHDX G
KXLOH LQGLTXp SDU OD MDXJH )LJXUH
)LJXUH 3RLJQpH
$UPDWXUH
%DF j KHUEH
5HPDUTXH 1H SDVVH] SDV OH EDF SDU GHVVXV OD
SRLJQpH )LJXUH ‡ 6L OH QLYHDX HVW WURS EDV YHUVH] OHQWHPHQW XQH SHWLWH
TXDQWLWp G
KXLOH GDQV OH JRXORW GH UHPSOLVVDJH
SDWLHQWH] PLQXWHV HW UpSpWH] OHV RSpUDWLRQV j
$FFURFKH] OD JOLVVLqUH LQIpULHXUH GX EDF DX EDV GH
O
DUPDWXUH )LJXUH 9XH G
HQVHPEOH GX
SURGXLW
)LJXUH )LJXUH $FFURFKH] OD JOLVVLqUH VXSpULHXUH HW OHV JOLVVLqUHV
ODWpUDOHV GX EDF DX VRPPHW HW VXU OHV F{WpV GH O
DUPDWXUH
UHVSHFWLYHPHQW )LJXUH %RXJLH
*XLGRQ
3RLJQpH GX ODQFHXU
)LOWUH j DLU
%DF j KHUEH
%RXWRQ GX JXLGRQ %RXFKRQ GX UpVHUYRLU GH
FDUEXUDQW
'pÀHFWHXU DUULqUH
/HYLHU GH FRPPDQGH GH
UDPDVVDJH VXU GHPDQGH
%RXWRQ GH UpJODJH GH
O
DXWRSURSXOVLRQ
%RXFKRQ GH
UHPSOLVVDJHMDXJH
%DUUH GH FRPPDQGH GHV
ODPHV
9ROHW G
pMHFWLRQ ODWpUDOH
'pÀHFWHXU G
pMHFWLRQ
ODWpUDOH
/HYLHU GH KDXWHXU GH
FRXSH 8WLOLVDWLRQ
$77(17,21
/H FDUEXUDQW HVW WR[LTXH YRLUH PRUWHO HQ FDV
G
LQJHVWLRQ /
H[SRVLWLRQ SURORQJpH DX[ YDSHXUV GH
FDUEXUDQW SHXW FDXVHU GHV EOHVVXUHV HW GHV PDODGLHV
JUDYHV
$YDQW O
XWLOLVDWLRQ
6pFXULWp DYDQW O
XWLOLVDWLRQ
‡ eYLWH] GH UHVSLUHU OHV YDSHXUV GH FDUEXUDQW GH
IDoRQ SURORQJpH
6pFXULWp JpQpUDOH
‡ 1
DSSURFKH] SDV OH YLVDJH RX OHV PDLQV GX
SLVWROHW QL GH O
RXYHUWXUH GX UpVHUYRLU GH
FDUEXUDQW
‡ )DPLOLDULVH]YRXV DYHF OH PDQLHPHQW FRUUHFW GX PDWpULHO
OHV FRPPDQGHV HW OHV V\PEROHV GH VpFXULWp
‡ 9pULÀH] WRXMRXUV TXH OHV FDSRWV HW GLVSRVLWLIV GH VpFXULWp
‡ 1
DSSURFKH] SDV OH FDUEXUDQW GHV \HX[ HW GH OD
SHDX
‡ 9pULÀH] WRXMRXUV VL OHV ODPHV OHV ERXORQV GH ODPH HW
5HPSOLVVDJH GX UpVHUYRLU GH
FDUEXUDQW
FRPPH OHV GpÁHFWHXUV HWRX OH EDF j KHUEH VRQW HQ SODFH
HW IRQFWLRQQHQW FRUUHFWHPHQW
O
HQVHPEOH GH FRXSH QH VRQW SDV XVpV RX HQGRPPDJpV
‡ ,QVSHFWH] OD ]RQH GH WUDYDLO HW HQOHYH] WRXW REMHW SRXYDQW
rWUH SURMHWp SDU OD PDFKLQH
‡ 3RXU DVVXUHU OH IRQFWLRQQHPHQW RSWLPDO GH OD PDFKLQH
XWLOLVH] XQLTXHPHQW GH O
HVVHQFH VDQV SORPE SURSUH HW
IUDvFKH VWRFNpH GHSXLV PRLQV G
XQ PRLV D\DQW XQ LQGLFH
G
RFWDQH GH RX SOXV PpWKRGH GH FDOFXO >50@
‡ 3HQGDQW OH UpJODJH GH OD KDXWHXU GH FRXSH YRXV ULVTXH]
GH WRXFKHU OD ODPH HQ PRXYHPHQW HW GH YRXV EOHVVHU
JUDYHPHQW
‡ /
XWLOLVDWLRQ GH FDUEXUDQW R[\JpQp FRQWHQDQW MXVTX
j ² &RXSH] OH PRWHXU HW DWWHQGH] O
DUUrW FRPSOHW GH
WRXWHV OHV SLqFHV PRELOHV
G
pWKDQRO RX GH 07%( SDU YROXPH HVW DFFHSWDEOH
‡ eWKDQRO GH O
HVVHQFH FRQWHQDQW MXVTX
j ² 1H PHWWH] SDV OHV GRLJWV VRXV OH FDUWHU GX WDEOLHU GH
FRXSH TXDQG YRXV UpJOH] OD KDXWHXU GH FRXSH
G
pWKDQRO HVVHQFHDOFRRO RX GH 07%( pWKHU
PpWK\OWHUWLREXW\OLTXH SDU YROXPH SHXW rWUH XWLOLVpH
/
pWKDQRO HW OH 07%( VRQW GHX[ SURGXLWV GLIIpUHQWV
/
XWLOLVDWLRQ G
HVVHQFH FRQWHQDQW G
pWKDQRO ( SDU
YROXPH Q
HVW SDV DJUppH 1
XWLOLVH] MDPDLV G
HVVHQFH
FRQWHQDQW SOXV GH G
pWKDQRO SDU YROXPH FRPPH
( TXL FRQWLHQW G
pWKDQRO ( TXL FRQWLHQW G
pWKDQRO RX ( TXL FRQWLHQW MXVTX
j G
pWKDQRO
/
XWLOLVDWLRQ G
HVVHQFH QRQ DJUppH SHXW HQWUDvQHU GHV
SUREOqPHV GH SHUIRUPDQFHV HWRX GHV GRPPDJHV DX
PRWHXU TXL SHXYHQW QH SDV rWUH FRXYHUWV SDU OD JDUDQWLH
6pFXULWp UHODWLYH DX FDUEXUDQW
'$1*(5
/H FDUEXUDQW HVW H[WUrPHPHQW LQÁDPPDEOH HW
KDXWHPHQW H[SORVLI 8Q LQFHQGLH RX XQH H[SORVLRQ
FDXVpH SDU GX FDUEXUDQW SHXW YRXV EU€OHU DLQVL
TXH OHV SHUVRQQHV VH WHQDQW j SUR[LPLWp HW FDXVHU
GHV GRPPDJHV PDWpULHOV
‡ 1
XWLOLVH] SDV G
HVVHQFH FRQWHQDQW GX PpWKDQRO
‡ 3RXU pYLWHU TXH O
pOHFWULFLWp VWDWLTXH Q
HQÁDPPH
OH FDUEXUDQW SRVH] OH UpFLSLHQW HWRX OD PDFKLQH
GLUHFWHPHQW VXU OH VRO SDV GDQV XQ YpKLFXOH RX
VXU XQ VXSSRUW TXHOFRQTXH DYDQW GH UHPSOLU OH
UpVHUYRLU
‡ 1H VWRFNH] SDV OH FDUEXUDQW GDQV OH UpVHUYRLU RX GDQV GHV
ELGRQV GH FDUEXUDQW SHQGDQW O
KLYHU j PRLQV G
XWLOLVHU XQ
VWDELOLVDWHXU GH FDUEXUDQW
‡ 1
DMRXWH] SDV G
KXLOH j O
HVVHQFH
,PSRUWDQW 3RXU UpGXLUH OHV SUREOqPHV GH GpPDUUDJH
DMRXWH] XQ VWDELOLVDWHXU j FKDTXH SOHLQ HW XWLOLVH] GH
O
HVVHQFH VWRFNpH GHSXLV PRLQV G
XQ PRLV
‡ )DLWHV OH SOHLQ GX UpVHUYRLU GH FDUEXUDQW j
O
H[WpULHXU GDQV XQ HQGURLW ELHQ GpJDJp ORUVTXH
OH PRWHXU HVW IURLG (VVX\H] WRXW FDUEXUDQW
UpSDQGX
‡ 1H IXPH] SDV ORUVTXH YRXV PDQLSXOH] GX
FDUEXUDQW HW WHQH]YRXV j O
pFDUW GHV ÁDPPHV
QXHV RX VRXUFHV G
pWLQFHOOHV
‡ &RQVHUYH] OH FDUEXUDQW GDQV XQ UpFLSLHQW
KRPRORJXp HW KRUV GH OD SRUWpH GHV HQIDQWV
2EVHUYH] OH QLYHDX G
KXLOH LQGLTXp SDU OD MDXJH )LJXUH
‡ 6L OH QLYHDX HVW WURS EDV YHUVH] OHQWHPHQW XQH SHWLWH
TXDQWLWp G
KXLOH GDQV OH JRXORW GH UHPSOLVVDJH
SDWLHQWH] PLQXWHV HW UpSpWH] OHV RSpUDWLRQV j
MXVTX
j FH TXH OD MDXJH LQGLTXH OH QLYHDX G
KXLOH
FRUUHFW
‡ 6L OH QLYHDX G
KXLOH HVW WURS pOHYp YLGDQJH]
O
H[FpGHQW G
KXLOH MXVTX
j REWHQWLRQ GX QLYHDX
G
KXLOH FRUUHFW VXU OD MDXJH YRLU 9LGDQJH GH O
KXLOH
PRWHXU SDJH ,PSRUWDQW 6L YRXV IDLWHV WRXUQHU OH PRWHXU DORUV
TXH OH QLYHDX G
KXLOH GDQV OH FDUWHU HVW WURS EDV RX
WURS pOHYp YRXV ULVTXH] G
HQGRPPDJHU OH PRWHXU
)LJXUH 5HYLVVH] OD MDXJH IHUPHPHQW HQ SODFH
5pJODJH GH OD KDXWHXU GX
JXLGRQ
&RQWU{OH GX QLYHDX G
KXLOH
PRWHXU
9RXV SRXYH] pOHYHU RX DEDLVVHU OH JXLGRQ j O
XQH GHV GHX[
SRVLWLRQV SURSRVpHV VHORQ FHOOH TXL YRXV FRQYLHQW OH PLHX[
)LJXUH 3pULRGLFLWp GHV HQWUHWLHQV ­ FKDTXH XWLOLVDWLRQ RX XQH IRLV
SDU MRXU
5HPDUTXH 5HPSOLVVDJH PD[ O R] W\SH KXLOH
GpWHUJHQWH 6$( GH FODVVH GH VHUYLFH $3, 6) 6* 6+ 6-
6/ RX VXSpULHXUH
$PHQH] OD PDFKLQH VXU XQ VRO SODW HW KRUL]RQWDO
5HWLUH] OD MDXJH )LJXUH )LJXUH )LJXUH 'HVVHUUH] OHV GHX[ ERXWRQV GH JXLGRQ MXVTX
j FH TX
LO
VRLW SRVVLEOH GH SRXVVHU OHV ERUGV FDUUpV GHV ERXORQV
GH FDUURVVHULH KRUV GHV WURXV FDUUpV GDQV OHV VXSSRUWV
GX JXLGRQ
3RXVVH] OHV ERXWRQV MXVTX
j FH TX
LOV VRLHQW GpJDJpV
5pJOH] OH JXLGRQ j OD KDXWHXU VXSpULHXUH RX LQIpULHXUH
7LUH] VXU OHV ERXWRQV MXVTX
j FH TXH OHV ERUGV FDUUpV
GH FKDTXH ERXORQ GH FDUURVVHULH V
HQJDJH GDQV OH WURX
FDUUp FRUUHVSRQGDQW
6HUUH] OHV ERXWRQV GX JXLGRQ DXWDQW TXH SRVVLEOH
-DXJH GH QLYHDX
(VVX\H] OD MDXJH VXU XQ FKLIIRQ SURSUH
,QVpUH] OD MDXJH DX IRQG GX JRXORW GH UHPSOLVVDJH
PDLV VDQV OD YLVVHU SXLV UHVVRUWH]OD
3HQGDQW O
XWLOLVDWLRQ
5pJODJH GH OD KDXWHXU GH
FRXSH
6pFXULWp SHQGDQW O
XWLOLVDWLRQ
&KRLVLVVH] OD KDXWHXU GH FRXSH YRXOXH 5pJOH] OHV URXHV DYDQW
j OD PrPH KDXWHXU TXH OHV URXHV DUULqUH )LJXUH 6pFXULWp JpQpUDOH
5HPDUTXH 3RXU pOHYHU OD PDFKLQH GpSODFH] OHV OHYLHUV GH
KDXWHXU GH FRXSH DYDQW YHUV O
DUULqUH HW OHV OHYLHUV GH KDXWHXU
GH FRXSH DUULqUH YHUV O
DYDQW 3RXU DEDLVVHU OD PDFKLQH
GpSODFH] OHV OHYLHUV GH KDXWHXU GH FRXSH DYDQW YHUV O
DYDQW HW
OHV OHYLHUV GH KDXWHXU GH FRXSH DUULqUH YHUV O
DUULqUH
‡ 3RUWH] GHV YrWHPHQWV DSSURSULpV \ FRPSULV GHV
OXQHWWHV GH SURWHFWLRQ GHV FKDXVVXUHV VROLGHV j VHPHOOH
DQWLGpUDSDQWH HW GHV SURWHFWHXUV G
RUHLOOHV $WWDFKH] OHV
FKHYHX[ ORQJV HW OHV YrWHPHQWV DPSOHV HW QH SRUWH] SDV
GH ELMRX[
‡ 1
XWLOLVH] SDV OD PDFKLQH VL YRXV rWHV PDODGH RX IDWLJXp QL
VRXV O
HPSULVH GH O
DOFRRO GH GURJXHV RX GH PpGLFDPHQWV
‡ /D ODPH HVW WUDQFKDQWH HW YRXV SRXYH] YRXV EOHVVHU
JUDYHPHQW j VRQ FRQWDFW &RXSH] OH PRWHXU HW DWWHQGH]
O
DUUrW FRPSOHW GH WRXWHV OHV SLqFHV PRELOHV DYDQW GH
TXLWWHU OD SRVLWLRQ G
XWLOLVDWLRQ
‡ /RUVTXH YRXV UHOkFKH] OD EDUUH GH FRPPDQGH GH OD
ODPH OH PRWHXU HW OD ODPH GRLYHQW V
DUUrWHU HQ PRLQV GH
VHFRQGHV 6L FH Q
HVW SDV OH FDV FHVVH] LPPpGLDWHPHQW
G
XWLOLVHU OD PDFKLQH HW FRQWDFWH] XQ GpSRVLWDLUHUpSDUDWHXU
DJUpp
)LJXUH eOHYHU OD PDFKLQH
$EDLVVHU OD PDFKLQH
‡ 1
XWLOLVH] OD PDFKLQH TXH VL OD YLVLELOLWp HVW VXIÀVDQWH HW
GDQV GH ERQQHV FRQGLWLRQV PpWpRURORJLTXHV 1
XWLOLVH]
SDV OD PDFKLQH VL OD IRXGUH PHQDFH
5HPDUTXH /H WDEOLHU GH FRXSH SHXW rWUH UpJOp DX[ KDXWHXUV
VXLYDQWHV PP SR PP SR PP
SR PP SR PP SR PP
SR PP SR PP SR HW PP
SR
‡ (Q WUDYDLOODQW VXU O
KHUEH RX OHV IHXLOOHV KXPLGHV YRXV
ULVTXH] GH JOLVVHU HW GH YRXV EOHVVHU JUDYHPHQW VL YRXV
WRXFKH] OD ODPH HQ WRPEDQW 1H WRQGH] TXH VL O
KHUEH
HVW VqFKH
‡ 6R\H] SDUWLFXOLqUHPHQW SUXGHQW j O
DSSURFKH GH WRXUQDQWV
VDQV YLVLELOLWp GH EXLVVRQV G
DUEUHV RX G
DXWUHV REMHWV
VXVFHSWLEOHV GH PDVTXHU OD YXH
‡ 0pÀH]YRXV GHV WURXV RUQLqUHV ERVVHV URFKHUV RX DXWUHV
REVWDFOHV FDFKpV /HV LUUpJXODULWpV GH WHUUDLQ SHXYHQW YRXV
IDLUH GpUDSHU HW SURYRTXHU YRWUH FKXWH
‡ $UUrWH] OD PDFKLQH HW YpULÀH] O
pWDW GHV ODPHV VL YRXV
KHXUWH] XQ REVWDFOH RX VL OD PDFKLQH YLEUH GH PDQLqUH
LQKDELWXHOOH (IIHFWXH] WRXWHV OHV UpSDUDWLRQV QpFHVVDLUHV
DYDQW GH UpXWLOLVHU OD PDFKLQH
‡ $YDQW GH TXLWWHU OD SRVLWLRQ G
XWLOLVDWLRQ FRXSH] OH
PRWHXU HQOHYH] OD FOp GH FRQWDFW HW DWWHQGH] O
DUUrW GH
WRXWHV OHV SLqFHV PRELOHV
‡ 6L OH PRWHXU YLHQW GH WRXUQHU OH VLOHQFLHX[ HVW WUqV FKDXG
HW SHXW YRXV EU€OHU JUDYHPHQW 1H YRXV DSSURFKH] SDV
GX VLOHQFLHX[ HQFRUH FKDXG
‡ 9pULÀH] IUpTXHPPHQW O
pWDW GHV FRPSRVDQWV GX EDF j
KHUEH HW GX GpÁHFWHXU G
pMHFWLRQ HW UHPSODFH] OHV SLqFHV
TXL HQ RQW EHVRLQ SDU GHV SLqFHV UHFRPPDQGpHV SDU OH
FRQVWUXFWHXU
‡ 8WLOLVH] XQLTXHPHQW OHV DFFHVVRLUHV HW pTXLSHPHQWV DJUppV
SDU 7KH 7RURŠ &RPSDQ\
8WLOLVDWLRQ GH O
DXWRSURSXOVLRQ
&RQVLJQHV GH VpFXULWp SRXU O
XWLOLVDWLRQ
VXU GHV SHQWHV
3RXU DFWLRQQHU O
DXWRSURSXOVLRQ LO YRXV VXIÀW G
DYDQFHU OHV
PDLQV SRVpHV VXU OD SDUWLH VXSpULHXUH GX JXLGRQ HW OHV FRXGHV
VHUUpV OD PDFKLQH DYDQFH DXWRPDWLTXHPHQW j YRWUH U\WKPH
)LJXUH ‡ 7UDYDLOOH] WUDQVYHUVDOHPHQW j OD SHQWH MDPDLV YHUV OH KDXW
RX YHUV OH EDV 6R\H] H[WUrPHPHQW SUXGHQW ORUVTXH YRXV
FKDQJH] GH GLUHFWLRQ VXU XQ WHUUDLQ HQ SHQWH
‡ 1H WRQGH] SDV GH SHQWHV WURS UDLGHV 9RXV SRXUULH]
JOLVVHU HW YRXV EOHVVHU HQ WRPEDQW
‡ 1H WRQGH] SDV j SUR[LPLWp GH IRUWHV GpQLYHOODWLRQV GH
IRVVpV RX GH EHUJHV 9RXV SRXUULH] JOLVVHU RX SHUGUH
O
pTXLOLEUH
'pPDUUDJH GX PRWHXU
0DLQWHQH] OD EDUUH GH FRPPDQGH GH OD ODPH FRQWUH OH
JXLGRQ )LJXUH )LJXUH 5HPDUTXH 6L YRXV DYH] GHV GLIÀFXOWpV j IDLUH UHFXOHU
OD PDFKLQH DSUqV DYRLU XWLOLVp O
DXWRSURSXOVLRQ DUUrWH] GH
PDUFKHU QH GpSODFH] SDV YRV PDLQV HW ODLVVH] OD PDFKLQH
URXOHU HQ DYDQW VXU TXHOTXHV FHQWLPqWUHV SRXFHV SRXU
GpVHQJDJHU OD WUDQVPLVVLRQ DX[ URXHV 9RXV SRXYH] DXVVL
HVVD\HU GH SDVVHU MXVWH VRXV OD SRLJQpH 3HUVRQDO 3DFH SRXU
DWWHLQGUH OD SRLJQpH HQ PpWDO HW SRXVVHU OD PDFKLQH HQ DYDQW
GH TXHOTXHV FHQWLPqWUHV SRXFHV 6L OD PDFKLQH D WRXMRXUV GHV
GLIÀFXOWpV j UHFXOHU FRQWDFWH] XQ GpSRVLWDLUHUpSDUDWHXU DJUpp
)LJXUH %DUUH GH FRPPDQGH GH OD ODPH
$UUrW GX PRWHXU
7LUH] OpJqUHPHQW OD SRLJQpH GX ODQFHXU )LJXUH MXVTX
j FH TXH YRXV VHQWLH] XQH UpVLVWDQFH SXLV WLUH]
YLJRXUHXVHPHQW HW ODLVVH] OH FkEOH VH UpWUDFWHU OHQWHPHQW
MXVTX
DX JXLGH VXU OH JXLGRQ
3RXU DUUrWHU OH PRWHXU UHOkFKH] OD EDUUH GH FRPPDQGH GH
OD ODPH
,PSRUWDQW /RUVTXH YRXV UHOkFKH] OD EDUUH GH
FRPPDQGH GH OD ODPH OH PRWHXU HW OD ODPH GRLYHQW
V
DUUrWHU HQ PRLQV GH VHFRQGHV 6L FH Q
HVW SDV OH
FDV FHVVH] LPPpGLDWHPHQW G
XWLOLVHU OD PDFKLQH HW
DGUHVVH]YRXV j XQ GpSRVLWDLUHUpSDUDWHXU DJUpp
5HF\FODJH GH O
KHUEH FRXSpH
­ OD OLYUDLVRQ YRWUH PDFKLQH HVW SUrWH j UHF\FOHU O
KHUEH HW OHV
IHXLOOHV FRXSpHV SRXU QRXUULU YRWUH SHORXVH
6L OH EDF j KHUEH HVW PRQWp VXU OD PDFKLQH HW VL OH OHYLHU GH
UDPDVVDJH VXU GHPDQGH HVW HQ SRVLWLRQ GH UDPDVVDJH SODFH]
OH OHYLHU HQ SRVLWLRQ GH UHF\FODJH YRLU 5HF\FODJH GH O
KHUEH
FRXSpH SDJH DYDQW GH SURFpGHU DX UHF\FODJH GHV GpFKHWV
G
KHUEH 6L OD JRXORWWH ODWpUDOH HVW LQVWDOOpH GpSRVH]OD DYDQW
GH SURFpGHU DX UHF\FODJH GH O
KHUEH YRLU 5HWUDLW GH O
pMHFWHXU
ODWpUDO SDJH )LJXUH 5HPDUTXH 6L OH PRWHXU QH GpPDUUH SDV DSUqV
SOXVLHXUV WHQWDWLYHV FRQWDFWH] XQ GpSRVLWDLUHUpSDUDWHXU
DJUpp
8WLOLVDWLRQ GX OHYLHU GH
UDPDVVDJH VXU GHPDQGH
5DPDVVDJH GH O
KHUEH FRXSpH
8WLOLVH] OH EDF j KHUEH SRXU UHFXHLOOLU O
KHUEH HW OHV IHXLOOHV
FRXSpHV j OD VXUIDFH GH OD SHORXVH
/D IRQFWLRQ GH UDPDVVDJH VXU GHPDQGH YRXV SHUPHW GH
UDPDVVHU RX GH UHF\FOHU OHV GpFKHWV G
KHUEH HW GH IHXLOOHV
TXDQG OH EDF j KHUEH HVW PRQWp VXU OD PDFKLQH
6L OD JRXORWWH ODWpUDOH HVW LQVWDOOpH GpSRVH]OD DYDQW GH
SURFpGHU DX UDPDVVDJH GH O
KHUEH YRLU 5HWUDLW GH O
pMHFWHXU
ODWpUDO SDJH 6L OH OHYLHU GH UDPDVVDJH VXU GHPDQGH HVW HQ
SRVLWLRQ GH UHF\FODJH SODFH]OH HQ SRVLWLRQ GH UDPDVVDJH YRLU
8WLOLVDWLRQ GX OHYLHU GH UDPDVVDJH VXU GHPDQGH SDJH ‡ 3RXU UDPDVVHU OHV GpFKHWV G
KHUEH HW GH IHXLOOHV
DSSX\H] VXU OH ERXWRQ GX OHYLHU GH UDPDVVDJH VXU
GHPDQGH HW GpSODFH] OH OHYLHU FRPSOqWHPHQW HQ DYDQW
MXVTX
j FH TXH OH ERXWRQ UHVVRUWH )LJXUH 0RQWDJH GX EDF j KHUEH
6RXOHYH] OH GpÁHFWHXU DUULqUH HW JDUGH]OH GDQV FHWWH
SRVLWLRQ )LJXUH 0RQWH] OH EDF j KHUEH HQ YHLOODQW j SODFHU OHV HUJRWV
GDQV OHV FUDQV GX JXLGRQ )LJXUH )LJXUH /HYLHU GH UDPDVVDJH VXU
GHPDQGH SRVLWLRQ GH
UHF\FODJH
/HYLHU GH UDPDVVDJH VXU
GHPDQGH SRVLWLRQ GH
UDPDVVDJH
‡ 3RXU UHF\FOHU OHV GpFKHWV G
KHUEH HW GH IHXLOOHV
DSSX\H] VXU OH ERXWRQ GX OHYLHU HW GpSODFH] OH OHYLHU HQ
DUULqUH MXVTX
j FH TXH OH ERXWRQ UHVVRUWH
,PSRUWDQW 3RXU TXH OH UDPDVVDJH V
HIIHFWXH
FRUUHFWHPHQW HQOHYH] OHV GpFKHWV G
KHUEH HW DXWUHV
TXL VH WURXYHQW VXU OH YROHW GH UDPDVVDJH VXU
GHPDQGH HW O
RXYHUWXUH )LJXUH DYDQW GH FKDQJHU
OD SRVLWLRQ GX OHYLHU GH UDPDVVDJH VXU GHPDQGH
)LJXUH &UDQ 'pÀHFWHXU DUULqUH
(UJRW GH EDF j KHUEH )LJXUH $EDLVVH] OH GpÁHFWHXU DUULqUH
5HWUDLW GX EDF j KHUEH
3RXU UHWLUHU OH EDF j KHUEH LQYHUVH] OD SURFpGXUH GH PRQWDJH
GpFULWH SOXV KDXW
1HWWR\HU LFL
/D WRQWH
eMHFWLRQ ODWpUDOH GH O
KHUEH
FRXSpH
‡ 1H WRQGH] O
KHUEH TXH VXU XQ WLHUV GH VD KDXWHXU j FKDTXH
IRLV 1
XWLOLVH] SDV XQH KDXWHXU GH FRXSH LQIpULHXUH j
PP SR VDXI VL O
KHUEH HVW FODLUVHPpH RX j OD ÀQ
GH O
DXWRPQH TXDQG OD SRXVVH FRPPHQFH j UDOHQWLU 9RLU
5pJODJH GH OD KDXWHXU GH FRXSH SDJH 8WLOLVH] O
pMHFWLRQ ODWpUDOH TXDQG YRXV WRQGH] GH O
KHUEH WUqV
KDXWH
6L OH EDF j KHUEH HVW PRQWp VXU OD PDFKLQH HW VL OH OHYLHU GH
UDPDVVDJH VXU GHPDQGH HVW HQ SRVLWLRQ GH UDPDVVDJH SODFH]
OH OHYLHU HQ SRVLWLRQ GH UHF\FODJH YRLU 8WLOLVDWLRQ GX OHYLHU GH
UDPDVVDJH VXU GHPDQGH SDJH ‡ 6L O
KHUEH IDLW SOXV GH FP SR HIIHFWXH] G
DERUG XQ
SUHPLHU SDVVDJH j YLWHVVH UpGXLWH j OD KDXWHXU GH FRXSH
OD SOXV KDXWH (IIHFWXH] HQVXLWH XQ GHX[LqPH SDVVDJH j
XQH KDXWHXU GH FRXSH LQIpULHXUH SRXU REWHQLU XQH FRXSH
SOXV HVWKpWLTXH /
KHUEH WURS KDXWH ULVTXH G
REVWUXHU OD
PDFKLQH HW GH IDLUH FDOHU OH PRWHXU
3RVH GH OD JRXORWWH G
pMHFWLRQ ODWpUDOH
‡ 1H WRQGH] TXH VL O
KHUEH RX OHV IHXLOOHV VRQW VqFKHV
6RXOHYH] OH GpÁHFWHXU ODWpUDO HW PRQWH] OD JRXORWWH G
pMHFWLRQ
ODWpUDOH )LJXUH /
KHUEH HW OHV IHXLOOHV KXPLGHV RQW WHQGDQFH j V
DJJORPpUHU
VXU OD SHORXVH HW SHXYHQW REVWUXHU OD PDFKLQH HW IDLUH
FDOHU OH PRWHXU
‡ 6R\H] FRQVFLHQW GHV ULVTXHV G
LQFHQGLH SDU WHPSV WUqV
VHF UHVSHFWH] WRXV OHV DYHUWLVVHPHQWV ORFDX[ UHODWLIV DX[
LQFHQGLHV HW QH ODLVVH] SDV O
KHUEH HW OHV IHXLOOHV VqFKHV
V
DFFXPXOHU VXU OD PDFKLQH
‡ $OWHUQH] OD GLUHFWLRQ GH OD WRQWH &HOD SHUPHW GH
GLVSHUVHU OHV GpFKHWV SOXV XQLIRUPpPHQW HW G
REWHQLU XQH
IHUWLOLVDWLRQ SOXV KRPRJqQH
‡ 6L O
DVSHFW GH OD SHORXVH WRQGXH Q
HVW SDV VDWLVIDLVDQW
HVVD\H] XQH RX SOXVLHXUV GHV VROXWLRQV VXLYDQWHV ² 5HPSODFH] OD ODPH RX IDLWHVOD DLJXLVHU
² 7RQGH] HQ DYDQoDQW SOXV OHQWHPHQW
² $XJPHQWH] OD KDXWHXU GH FRXSH
)LJXUH ² 7RQGH] SOXV VRXYHQW
² (PSLpWH] VXU OHV SDVVDJHV SUpFpGHQWV SRXU WRQGUH
XQH ODUJHXU GH EDQGH UpGXLWH
5HWUDLW GH O
pMHFWHXU ODWpUDO
² 5pJOH] OD KDXWHXU GH FRXSH GHV URXHV DYDQW XQ FUDQ
HQ GHVVRXV GH FHOOH GHV URXHV DUULqUH 3DU H[HPSOH
UpJOH] OHV URXHV DYDQW j PP SR HW OHV URXHV
DUULqUH j PP SR
3RXU HQOHYHU O
pMHFWHXU ODWpUDO VRXOHYH] OH GpÁHFWHXU ODWpUDO
HQOHYH] O
pMHFWHXU HW DEDLVVH] OH GpÁHFWHXU
&RQVHLOV G
XWLOLVDWLRQ
+DFKDJH GH IHXLOOHV
‡ $SUqV OD WRQWH GH OD SHORXVH GRLW rWUH YLVLEOH VRXV
&RQVHLOV GH WRQWH JpQpUDX[
OD FRXFKH GH IHXLOOHV KDFKpHV ­ FHW HIIHW YRXV GHYUH]
SHXWrWUH UHSDVVHU SOXVLHXUV IRLV VXU OHV IHXLOOHV
‡ 'pEDUUDVVH] OD ]RQH GH WUDYDLO GHV EUDQFKHV SLHUUHV
FkEOHV EkWRQV HW DXWUHV GpEULV TXL SRXUUDLHQW rWUH
UDPDVVpV HW SURMHWpV SDU OD ODPH
‡ 6L OD FRXFKH GH IHXLOOHV IDLW SOXV GH FP SR
G
pSDLVVHXU UpJOH] OHV URXHV DYDQW RX FUDQV SOXV KDXW
TXH OHV URXHV DUULqUH
‡ eYLWH] GH KHXUWHU GHV REVWDFOHV DYHF OD ODPH 1H SDVVH]
MDPDLV LQWHQWLRQQHOOHPHQW VXU XQ REMHW TXHO TX
LO VRLW
‡ 5DOHQWLVVH] OD YLWHVVH GH GpSODFHPHQW VL OHV IHXLOOHV QH VRQW
‡ 6L OD PDFKLQH D KHXUWp XQ REVWDFOH RX FRPPHQFH j YLEUHU
SDV KDFKpHV DVVH] PHQXHV
FRXSH] LPPpGLDWHPHQW OH PRWHXU GpEUDQFKH] OD ERXJLH
HW YpULÀH] VL OD PDFKLQH Q
HVW SDV HQGRPPDJpH
‡ 3RXU GH PHLOOHXUV UpVXOWDWV PRQWH] XQH ODPH QHXYH DX
GpEXW GH OD VDLVRQ GH WRQWH
‡ 5HPSODFH] OD ODPH GqV TXH QpFHVVDLUH SDU XQH ODPH 7RUR
$SUqV O
XWLOLVDWLRQ
%UDQFKH] XQ WX\DX G
DUURVDJH UHOLp j XQH DUULYpH G
HDX
DX UDFFRUG GH ODYDJH GH OD PDFKLQH )LJXUH 6pFXULWp DSUqV O
XWLOLVDWLRQ
6pFXULWp JpQpUDOH
‡ 3RXU pYLWHU OHV ULVTXHV G
LQFHQGLH HQOHYH] OHV EULQV G
KHUEH
HW DXWUHV GpEULV TXL VRQW DJJORPpUpV VXU OD PDFKLQH
1HWWR\H] OHV FRXOpHV pYHQWXHOOHV G
KXLOH RX GH FDUEXUDQW
/DLVVH] UHIURLGLU OH PRWHXU DYDQW GH UDQJHU OD PDFKLQH
GDQV XQ ORFDO IHUPp
1H MDPDLV UHPLVH] SDV OD PDFKLQH QL OHV ELGRQV GH
FDUEXUDQW j SUR[LPLWp G
XQH ÁDPPH QXH G
XQH VRXUFH
G
pWLQFHOOHV RX G
XQH YHLOOHXVH WHOOH FHOOH G
XQ FKDXIIHHDX
RX G
DXWUHV DSSDUHLOV
‡
‡
)LJXUH 6pFXULWp UHODWLYH DX WUDQVSRUW
‡ 3URFpGH] DYHF SUXGHQFH SRXU FKDUJHU OD PDFKLQH VXU XQH
UHPRUTXH RX XQ FDPLRQ DLQVL TXH SRXU OD GpFKDUJHU
8WLOLVH] GHV UDPSHV G
XQH VHXOH SLqFH SRXU FKDUJHU OD
PDFKLQH VXU XQH UHPRUTXH RX XQ YpKLFXOH /
DQJOH HQWUH
OD UDPSH HW OD UHPRUTXH RX OH FDPLRQ QH GRLW SDV GpSDVVHU
GHJUpV
$UULPH] VROLGHPHQW OD PDFKLQH DX PR\HQ GH VDQJOHV
FKDvQHV FkEOHV RX FRUGHV /HV VDQJOHV DYDQW HW DUULqUH
GRLYHQW rWUH GLULJpHV YHUV OH EDV HW O
H[WpULHXU GH OD PDFKLQH
‡
‡
1HWWR\DJH GH OD PDFKLQH
3pULRGLFLWp GHV HQWUHWLHQV ­ FKDTXH XWLOLVDWLRQ RX XQH IRLV
SDU MRXU
$77(17,21
/DYH] OH GHVVRXV GX GpÁHFWHXU DUULqUH DX SRLQW R
O
KHUEH FRXSpH SDVVH GX FDUWHU DX EDF GH UDPDVVDJH
0HWWH] OH PRWHXU HQ PDUFKH HW ODLVVH]OH WRXUQHU MXVTX
j
FH TX
LO QH UHVWH SOXV G
KHUEH VRXV OD PDFKLQH
&RXSH] OH PRWHXU
&RXSH] O
HDX HW GpEUDQFKH] OH WX\DX G
DUURVDJH GH OD
PDFKLQH
0HWWH] OH PRWHXU HQ PDUFKH HW ODLVVH]OH WRXUQHU
TXHOTXHV PLQXWHV SRXU VpFKHU OD GHVVRXV GH OD PDFKLQH
HW O
HPSrFKHU GH URXLOOHU
/DLVVH] UHIURLGLU OH PRWHXU DYDQW GH UDQJHU OD PDFKLQH
GDQV XQ ORFDO IHUPp
9RXV ULVTXH] G
HQGRPPDJHU OHV FkEOHV HW GH UHQGUH
OD PDFKLQH GDQJHUHXVH j XWLOLVHU VL YRXV SOLH] RX
GpSOLH] PDO OH JXLGRQ
‡ 9HLOOH] j QH SDV HQGRPPDJHU OHV FkEOHV HQ SOLDQW
RX GpSOLDQW OH JXLGRQ
‡ 6L XQ FkEOH HVW HQGRPPDJp DGUHVVH]YRXV j XQ
UpSDUDWHXU DJUpp
$EDLVVH] OD PDFKLQH j OD KDXWHXU GH FRXSH OD SOXV EDVVH
5HSRUWH]YRXV j 5pJODJH GH OD KDXWHXU GH FRXSH SDJH
3ODFH] OD PDFKLQH VXU XQH VXUIDFH SODQH HW UHYrWXH
2XYUH] O
DUULYpH G
HDX
$77(17,21
3RXU REWHQLU GHV UpVXOWDWV RSWLPDX[ QHWWR\H] UDSLGHPHQW OD
PDFKLQH DSUqV OD WRQWH
3OLDJH GX JXLGRQ
'HV GpEULV SHXYHQW rWUH GpORJpV HW pMHFWpV GH VRXV
OD PDFKLQH
‡ 3RUWH] XQH SURWHFWLRQ RFXODLUH
‡ 5HVWH] j OD SRVLWLRQ GH FRQGXLWH GHUULqUH OH
JXLGRQ TXDQG OH PRWHXU HVW HQ PDUFKH
‡ 1H ODLVVH] SHUVRQQH SpQpWUHU GDQV OD ]RQH GH
WUDYDLO
5DFFRUG GH ODYDJH
5HWLUH] HW FRQVHUYH] OHV ERXWRQV HW OHV ERXORQV GH
FDUURVVHULH GX VXSSRUW GX JXLGRQ )LJXUH ,PSRUWDQW )DLWHV SDVVHU OHV FkEOHV j O
H[WpULHXU
GHV ERXWRQV SHQGDQW TXH YRXV SOLH] OH JXLGRQ
5HPDUTXH /DYH] OD ]RQH DXWRXU GX OHYLHU GH
UDPDVVDJH VXU GHPDQGH HQ OH GpSODoDQW DX[ SRVLWLRQV
DYDQW HW DUULqUH PD[LPDOHV
)LJXUH )LJXUH %RXWRQ GX JXLGRQ
%RXORQ GH FDUURVVHULH
5HSOLH] OH JXLGRQ HQ OH IDLVDQW SLYRWHU HQ DYDQW )LJXUH
)LJXUH 3RVLWLRQ G
XWLOLVDWLRQ
3RVLWLRQ UHSOLpH
,QVpUH] OH ERXORQ GH FDUURVVHULH OD WrWH GX ERXORQ
YHUV O
LQWpULHXU GDQV OH VXSSRUW GX JXLGRQ HW GDQV
OH WURX VXSpULHXU j O
H[WUpPLWp GX JXLGRQ 9pULÀH]
TXH OHV ERUGV FDUUpH GH FKDTXH ERXORQ GH FDUURVVHULH
V
HQJDJHQW GDQV OH WURX FDUUp VXSpULHXU RX LQIpULHXU GX
VXSSRUW GH JXLGRQ FRUUHVSRQGDQW )LJXUH %RXWRQ GX JXLGRQ
%RXORQ GH FDUURVVHULH
0RQWH] VDQV OHV VHUUHU OHV ERXWRQV HW OHV ERXORQV GH
FDUURVVHULH VXU OHV VXSSRUWV GX JXLGRQ
3RXU GpSOLHU OH JXLGRQ YRLU $VVHPEODJH HW GpSOLDJH
GX JXLGRQ SDJH (QWUHWLHQ
5HPDUTXH /HV F{WpV JDXFKH HW GURLW GH OD PDFKLQH VRQW GpWHUPLQpV G
DSUqV OD SRVLWLRQ G
XWLOLVDWLRQ QRUPDOH
3URJUDPPH G
HQWUHWLHQ UHFRPPDQGp
3pULRGLFLWp G
HQWUHWLHQ
$SUqV OHV SUHPLqUHV
KHXUHV GH IRQFWLRQQHPHQW
¬ FKDTXH XWLOLVDWLRQ RX
XQH IRLV SDU MRXU
$YDQW OH UHPLVDJH
8QH IRLV SDU DQ
3URFpGXUH G
HQWUHWLHQ
‡ 9LGDQJH] O
KXLOH PRWHXU
‡ &RQWU{OH] OH QLYHDX G
KXLOH PRWHXU
‡ 9pUL¿H] TXH OH PRWHXU V
DUUrWH GDQV OHV VHFRQGHV VXLYDQW OH UHOkFKHPHQW GH OD
EDUUH GH FRPPDQGH GH OD ODPH
‡ (QOHYH] O
KHUEH FRXSpH HW DXWUHV GpEULV DFFXPXOpV VRXV OD PDFKLQH
‡ 9LGH] OH UpVHUYRLU GH FDUEXUDQW DYDQW OH UHPLVDJH DQQXHO
‡ 1HWWR\H] OH V\VWqPH GH UHIURLGLVVHPHQW QHWWR\H]OH SOXV VRXYHQW VL YRXV WUDYDLOOH]
GDQV XQH DWPRVSKqUH SRXVVLpUHXVH 5HSRUWH]YRXV DX PDQXHO GX SURSULpWDLUH
GX PRWHXU
‡ )DLWHV O
HQWUHWLHQ GX ¿OWUH j DLU
‡ 9LGDQJH] O
KXLOH PRWHXU
‡ 5HPSODFH] OD ODPH RX IDLWHVOD DLJXLVHU SOXV VRXYHQW VL HOOH V
pPRXVVH UDSLGHPHQW
‡ 5HSRUWH]YRXV DX PDQXHO G
XWLOLVDWLRQ GX PRWHXU SRXU WRXWHV SURFpGXUHV G
HQWUHWLHQ
DQQXHOOHV VXSSOpPHQWDLUHV
,PSRUWDQW 5HSRUWH]YRXV DX PDQXHO GX SURSULpWDLUH GX PRWHXU SRXU WRXWHV SURFpGXUHV G
HQWUHWLHQ VXSSOpPHQWDLUHV
5HPDUTXH 9RXV SRXYH] YRXV SURFXUHU GHV SLqFHV GH UHFKDQJH FKH] Q
LPSRUWH TXHO GpSRVLWDLUHUpSDUDWHXU DJUpp UHQGH]YRXV
VXU ZZZWRURFRP SRXU WURXYHU OH GpSRVLWDLUH OH SOXV SURFKH RX HQ FRQVXOWDQW OH VLWH ZZZVKRSWRURFRP
&RQVLJQHV GH VpFXULWp SHQGDQW
O
HQWUHWLHQ
‡ 'pEUDQFKH] OH ÀO GH OD ERXJLH DYDQW GH SURFpGHU j XQ
TXHOFRQTXH HQWUHWLHQ
‡ 3RUWH] GHV JDQWV HW XQH SURWHFWLRQ RFXODLUH SRXU IDLUH
O
HQWUHWLHQ GH OD PDFKLQH
‡ /D ODPH HVW WUDQFKDQWH HW YRXV SRXYH] YRXV EOHVVHU
JUDYHPHQW j VRQ FRQWDFW 3RUWH] GHV JDQWV SRXU HIIHFWXHU
O
HQWUHWLHQ GH OD ODPH
‡ 1
HQOHYH] SDV HW QH PRGLÀH] SDV OHV GLVSRVLWLIV GH VpFXULWp
9pULÀH] UpJXOLqUHPHQW TX
LOV IRQFWLRQQHQW FRUUHFWHPHQW
‡ 'X FDUEXUDQW SHXW V
pFKDSSHU ORUVTXH OD PDFKLQH HVW
EDVFXOpH VXU OH F{Wp /H FDUEXUDQW HVW LQÁDPPDEOH HW
H[SORVLI HW SHXW FDXVHU GHV EOHVVXUHV /DLVVH] WRXUQHU
OH PRWHXU MXVTX
j FH TX
LO V
DUUrWH IDXWH GH FDUEXUDQW RX
YLGDQJH] OH UHVWH GH FDUEXUDQW DYHF XQH SRPSH PDQXHOOH
QH VLSKRQQH] MDPDLV OH FDUEXUDQW
3UpSDUDWLRQ j O
HQWUHWLHQ
&RXSH] OH PRWHXU HW DWWHQGH] O
DUUrW GH WRXWHV OHV SLqFHV
PRELOHV
'pEUDQFKH] OD ERXJLH )LJXUH DYDQW GH SURFpGHU j
XQ TXHOFRQTXH HQWUHWLHQ
)LJXUH /DQJXHWWHV GH YHUURXLOODJH
eOpPHQW HQ SDSLHU GX ¿OWUH
j DLU
3Up¿OWUH HQ PRXVVH
2XYUH] OH FRXYHUFOH
5HWLUH] O
pOpPHQW HQ SDSLHU HW OH SUpÀOWUH HQ PRXVVH
)LJXUH 9pULÀHU O
pWDW GX SUpÀOWUH HQ PRXVVH HW UHPSODFH]OH V
LO
HVW HQGRPPDJp RX H[FHVVLYHPHQW HQFUDVVp
([DPLQH] O
pOpPHQW HQ SDSLHU
‡ 5HPSODFH] OH ÀOWUH j DLU V
LO HVW HQGRPPDJp RX
KXPLGLÀp SDU GH O
KXLOH RX GH O
HVVHQFH
‡ 6L OH ÀOWUH j DLU HVW HQFUDVVp WDSRWH]OH j SOXVLHXUV
)LJXUH UHSULVHV VXU XQH VXUIDFH GXUH RX VRXIÁH] GH O
DLU
FRPSULPp j PRLQV GH EDU SVL SDU OH FRWp
GX ÀOWUH TXL HVW IDFH DX PRWHXU
/RUVTXH O
HQWUHWLHQ HVW WHUPLQp UHEUDQFKH] OD ERXJLH
5HPDUTXH 1H EURVVH] SDV OH ÀOWUH SRXU OH
GpEDUUDVVHU GHV LPSXUHWpV FDU FHOD DXUD SRXU HIIHW
G
LQFUXVWHU OHV LPSXUHWpV GDQV OHV ÀEUHV
,PSRUWDQW $YDQW GH EDVFXOHU OD PDFKLQH SRXU
YLGDQJHU O
KXLOH RX UHPSODFHU OD ODPH ODLVVH] OH
PRWHXU HQ PDUFKH MXVTX
j FH TX
LO V
DUUrWH IDXWH
GH FDUEXUDQW 6L YRXV QH SRXYH] SDV DWWHQGUH
TXH OH PRWHXU V
DUUrWH SDU PDQTXH GH FDUEXUDQW
XWLOLVH] XQH SRPSH PDQXHOOH SRXU YLGHU OH UHVWH
GH FDUEXUDQW %DVFXOH] WRXMRXUV OD PDFKLQH VXU OH
F{Wp DYHF OD MDXJH HQ EDV
,PSRUWDQW 1H IDLWHV SDV SpQpWUHU GH SRXVVLqUH
GDQV OH FRQGXLW G
DLU
(QWUHWLHQ GX ¿OWUH j DLU
3pULRGLFLWp GHV HQWUHWLHQV 8QH IRLV SDU DQ
$YHF XQ FKLIIRQ KXPLGH HVVX\H] OD SRXVVLqUH VXU OH
FRUSV HW OH FRXYHUFOH GX ÀOWUH j DLU
$SSX\H] VXU OHV ODQJXHWWHV GH YHUURXLOODJH HQ KDXW GX
FRXYHUFOH GX ÀOWUH j DLU )LJXUH 3ODFH] OH SUpÀOWUH HQ PRXVVH HW O
pOpPHQW HQ SDSLHU
GDQV OH ÀOWUH j DLU
5HSRVH] OH FRXYHUFOH
9LGDQJH GH O
KXLOH PRWHXU
5HPDUTXH 5HPSOLVVDJH PD[ O SWH RX
R] W\SH KXLOH GpWHUJHQWH 6$( GH FODVVH GH
VHUYLFH $3, 6) 6* 6+ 6- 6/ RX VXSpULHXUH
3pULRGLFLWp GHV HQWUHWLHQV $SUqV OHV SUHPLqUHV KHXUHV GH
IRQFWLRQQHPHQW
8QH IRLV SDU DQ
)DLWHV WRXUQHU OH PRWHXU SHQGDQW TXHOTXHV PLQXWHV DYDQW OD
YLGDQJH SRXU UpFKDXIIHU O
KXLOH /
KXLOH FKDXGH V
pFRXOH SOXV
IDFLOHPHQW HW HQWUDvQH SOXV G
LPSXUHWpV
$PHQH] OD PDFKLQH VXU XQ VRO SODW HW KRUL]RQWDO
9RLU 3UpSDUDWLRQ j O
HQWUHWLHQ SDJH 5HWLUH] OD MDXJH )LJXUH $WWHQGH] PLQXWHV TXH O
KXLOH VH VWDELOLVH GDQV OH FDUWHU
(VVX\H] OD MDXJH VXU XQ FKLIIRQ SURSUH
,QVpUH] OD MDXJH DX IRQG GX JRXORW GH UHPSOLVVDJH
PDLV VDQV OD YLVVHU SXLV UHVVRUWH]OD
2EVHUYH] OH QLYHDX G
KXLOH LQGLTXp SDU OD MDXJH )LJXUH
‡ 6L OH QLYHDX HVW WURS EDV YHUVH] OHQWHPHQW XQH
SHWLWH TXDQWLWp G
KXLOH GDQV OH JRXORW GH UHPSOLVVDJH
HW UpSpWH] OHV RSpUDWLRQV j MXVTX
j FH TXH OD
MDXJH LQGLTXH OH QLYHDX G
KXLOH FRUUHFW
‡ 6L OH QLYHDX G
KXLOH HVW WURS pOHYp YLGDQJH]
O
H[FpGHQW G
KXLOH MXVTX
j REWHQWLRQ GX QLYHDX
G
KXLOH FRUUHFW VXU OD MDXJH
,PSRUWDQW 6L YRXV IDLWHV WRXUQHU OH PRWHXU DORUV
TXH OH QLYHDX G
KXLOH GDQV OH FDUWHU HVW WURS EDV RX
WURS pOHYp YRXV ULVTXH] G
HQGRPPDJHU OH PRWHXU
5HYLVVH] OD MDXJH IHUPHPHQW HQ SODFH
5HF\FOH] O
KXLOH XVDJpH FRUUHFWHPHQW
5HPSODFHPHQW GH OD ODPH
3pULRGLFLWp GHV HQWUHWLHQV 8QH IRLV SDU DQ
,PSRUWDQW 9RXV DXUH] EHVRLQ G
XQH FOp
G\QDPRPpWULTXH SRXU PRQWHU OD ODPH FRUUHFWHPHQW 6L
YRXV Q
HQ SRVVpGH] SDV RX VL YRXV QH YRXV VHQWH] SDV
FDSDEOH G
HIIHFWXHU FHWWH SURFpGXUH DGUHVVH]YRXV j XQ
GpSRVLWDLUHUpSDUDWHXU DJUpp
)LJXUH -DXJH GH QLYHDX
([DPLQH] O
pWDW GH OD ODPH FKDTXH IRLV TXH OH UpVHUYRLU
G
HVVHQFH HVW YLGH 6L OD ODPH HVW HQGRPPDJpH RX IrOpH
UHPSODFH]OD LPPpGLDWHPHQW 6L OD ODPH HVW pPRXVVpH RX
pEUpFKpH IDLWHVOD DLJXLVHU HW pTXLOLEUHU RX UHPSODFH]OD
,QFOLQH] OD PDFKLQH VXU OH F{Wp MDXJH HQ EDV SRXU
YLGDQJHU O
KXLOH XVDJpH SDU OH JRXORW GH UHPSOLVVDJH
)LJXUH $77(17,21
/D ODPH HVW WUDQFKDQWH HW YRXV SRXYH] YRXV EOHVVHU
JUDYHPHQW j VRQ FRQWDFW
3RUWH] GHV JDQWV SRXU HIIHFWXHU O
HQWUHWLHQ GH OD
ODPH
)LJXUH 5HGUHVVH] OD PDFKLQH j OD SRVLWLRQ QRUPDOH G
XWLOLVDWLRQ
9HUVH] HQYLURQ GH OD FDSDFLWp G
KXLOH WRWDOH GDQV OH
FDUWHU PRWHXU
9RLU 3UpSDUDWLRQ j O
HQWUHWLHQ SDJH %DVFXOH] OD PDFKLQH VXU OH F{Wp DYHF OD MDXJH HQ EDV
,PPRELOLVH] OD ODPH DYHF XQ PRUFHDX GH ERLV )LJXUH
5pJODJH GH O
DXWRSURSXOVLRQ
/RUVTXH YRXV UHPSODFH] XQ FkEOH GH FRPPDQGH
G
DXWRSURSXOVLRQ RX TXH O
DXWRSURSXOVLRQ HVW GpUpJOpH YRXV
GHYH] UpJOHU O
DXWRSURSXOVLRQ
7RXUQH] OH ERXWRQ GH UpJODJH GDQV OH VHQV DQWLKRUDLUH
SRXU GHVVHUUHU OH UpJODJH GX FkEOH )LJXUH )LJXUH 'pSRVH] OD ODPH PDLV QH MHWH] SDV OHV À[DWLRQV )LJXUH
0RQWH] OD QRXYHOOH ODPH HW WRXWHV OHV À[DWLRQV )LJXUH
)LJXUH *XLGRQ F{Wp JDXFKH
%RXWRQ GH UpJODJH
&kEOH G
DXWRSURSXOVLRQ
$MXVWH] OD WHQVLRQ GX FkEOH )LJXUH HQ OH WLUDQW HQ
DUULqUH RX HQ OH SRXVVDQW HQ DYDQW SXLV HQ OH PDLQWHQDQW
j FHWWH SRVLWLRQ
5HPDUTXH 3RXVVH] OH FkEOH YHUV OH PRWHXU SRXU
DFFURvWUH OD WUDFWLRQ HW pORLJQH]OH GX PRWHXU SRXU
UpGXLUH OD WUDFWLRQ
7RXUQH] OH ERXWRQ GH UpJODJH GDQV OH VHQV KRUDLUH SRXU
VHUUHU OH UpJODJH
5HPDUTXH 6HUUH] IHUPHPHQW OH ERXWRQ j OD PDLQ
)LJXUH ,PSRUWDQW /HV H[WUpPLWpV UHOHYpHV GH OD ODPH
GRLYHQW rWUH GLULJpHV YHUV OH FDUWHU GH OD PDFKLQH
­ O
DLGH G
XQH FOp G\QDPRPpWULTXH VHUUH] OH
ERXORQ GH OD ODPH j 1ăP SLOE
,PSRUWDQW 8Q ERXORQ YLVVp j 1ăP SLOE
HVW WUqV VHUUp %ORTXH] OD ODPH DYHF XQH FDOH HQ
ERLV DSSX\H] GH WRXW YRWUH SRLGV VXU OH URFKHW
RX OD FOp HW VHUUH] OH ERXORQ VROLGHPHQW ,O HVW
SUDWLTXHPHQW LPSRVVLEOH GH WURS VHUUHU FH ERXORQ
5HPLVDJH
5HPLVH HQ VHUYLFH GH OD
PDFKLQH DSUqV UHPLVDJH
5HPLVH] OD PDFKLQH GDQV XQ ORFDO IUDLV SURSUH HW VHF
&RQWU{OH] HW UHVVHUUH] WRXWHV OHV À[DWLRQV
5HWLUH] OD ERXJLH HW IDLWHV WRXUQHU OH PRWHXU UDSLGHPHQW
HQ WLUDQW OD SRLJQpH GX ODQFHXU SRXU pOLPLQHU O
H[FpGHQW
G
KXLOH GDQV OH F\OLQGUH
5HSRVH] HW VHUUH] OD ERXJLH j 1ăP SLOE j O
DLGH
G
XQH FOp G\QDPRPpWULTXH
/HV YDSHXUV G
HVVHQFH VRQW H[SORVLYHV
(IIHFWXH] OHV HQWUHWLHQV UHTXLV YRLU (QWUHWLHQ SDJH ‡ 1H FRQVHUYH] SDV O
HVVHQFH SOXV G
XQ PRLV
‡ 1H UHPLVH] SDV OD PDFKLQH GDQV XQ ORFDO IHUPp
R VH WURXYH XQH ÁDPPH QXH
&RQWU{OH] OH QLYHDX G
KXLOH PRWHXU YRLU &RQWU{OH GX
QLYHDX G
KXLOH PRWHXU SDJH ‡ /DLVVH] UHIURLGLU OH PRWHXU DYDQW GH UHPLVHU OD
PDFKLQH
5HPSOLVVH] OH UpVHUYRLU GH FDUEXUDQW G
HVVHQFH QHXYH
YRLU 5HPSOLVVDJH GX UpVHUYRLU GH FDUEXUDQW SDJH %UDQFKH] OH ÀO GH OD ERXJLH
3UpSDUDWLRQ GH OD PDFKLQH DX
UHPLVDJH
$77(17,21
/RUV GX GHUQLHU SOHLQ GH OD VDLVRQ DMRXWH] XQ
VWDELOLVDWHXU DX FDUEXUDQW VHORQ OHV LQVWUXFWLRQV GX
FRQVWUXFWHXU GX PRWHXU
'pEDUUDVVH]YRXV FRUUHFWHPHQW GX FDUEXUDQW LQXWLOLVp
5HF\FOH]OH FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ ORFDOH
RX XWLOLVH]OH GDQV XQH YRLWXUH
5HPDUTXH /D SUpVHQFH GH FDUEXUDQW WURS YLHX[
GDQV OH UpVHUYRLU HVW OD SULQFLSDOH FDXVH GHV SUREOqPHV
GH GpPDUUDJH 1H FRQVHUYH] SDV OH FDUEXUDQW QRQ WUDLWp
SOXV GH MRXUV HW OH FDUEXUDQW WUDLWp SOXV GH MRXUV
/DLVVH] WRXUQHU OH PRWHXU GH OD PDFKLQH MXVTX
j FH TX
LO
V
DUUrWH IDXWH GH FDUEXUDQW
5HPHWWH] OH PRWHXU HQ PDUFKH
/DLVVH] WRXUQHU OH PRWHXU MXVTX
j FH TX
LO V
DUUrWH /H
PRWHXU HVW VXIÀVDPPHQW VHF ORUVTX
LO Q
\ D SOXV PR\HQ
GH OH IDLUH GpPDUUHU
'pEUDQFKH] OH ÀO GH OD ERXJLH
'pSRVH] OD ERXJLH HW YHUVH] PO R] G
KXLOH
GDQV O
RXYHUWXUH ODLVVpH SDU OD ERXJLH 7LUH] HQVXLWH OD
SRLJQpH GX ODQFHXU OHQWHPHQW j SOXVLHXUV UHSULVHV SRXU
ELHQ UpSDUWLU O
KXLOH j O
LQWpULHXU GX F\OLQGUH HW HPSrFKHU
FHOXLFL GH URXLOOHU SHQGDQW OH UHPLVDJH GH OD PDFKLQH
5HSRVH] OD ERXJLH VDQV OD VHUUHU
6HUUH] WRXV OHV pFURXV ERXORQV HW YLV
5HPDUTXHV
/D JDUDQWLH 7RUR
5HF\FOHUŠ FP SR
8QH JDUDQWLH LQWpJUDOH GH DQV JDUDQWLH OLPLWpH GH MRXUV SRXU XVDJH FRPPHUFLDO
/D JDUDQWLH GH GpPDUUDJH *76 7RUR
'pFKLTXHWHXUFROOHFWHXU GH FP
SRXFHV
7RQGHXVHV DXWRWUDFWpHV
8QH JDUDQWLH LQWpJUDOH GH DQV QH V
DSSOLTXH SDV j O
XVDJH FRPPHUFLDO
&RQGLWLRQV HW SURGXLWV FRXYHUWV
&H TXH OD JDUDQWLH QH FRXYUH SDV
7KH 7RUR &RPSDQ\ HW VD ¿OLDOH 7RUR :DUUDQW\ &RPSDQ\ HQ YHUWX G
XQ DFFRUG PXWXHO V
HQJDJHQW
FRQMRLQWHPHQW j UpSDUHU OH SURGXLW 7RUR FLGHVVRXV V
LO HVW HPSOR\p SRXU XQ XVDJH UpVLGHQWLHO
V
LO SUpVHQWH XQ GpIDXW GH PDWpULDX[ RX GH IDEULFDWLRQ RX V
LO FHVVH GH IRQFWLRQQHU SDU VXLWH GH OD
GpIDLOODQFH G
XQ FRPSRVDQW RX VL OH PRWHXU 7RUR *76 *XDUDQWHHG WR 6WDUW ± 'pPDUUDJH JDUDQWL QH
GpPDUUH SDV j OD SUHPLqUH RX j OD GHX[LqPH WHQWDWLYH DX ODQFHXU j FRQGLWLRQ TXH O
HQWUHWLHQ FRXUDQW
UHTXLV GDQV OH 0DQXHO GH O
XWLOLVDWHXU DLW pWp HIIHFWXp
,O Q
H[LVWH DXFXQH DXWUH JDUDQWLH H[SUHVVH j SDUW OD JDUDQWLH VSpFLDOH GX V\VWqPH DQWLSROOXWLRQ HW GX
PRWHXU SRXU FHUWDLQV SURGXLWV &HWWH JDUDQWLH H[SUHVVH QH FRXYUH SDV &HWWH JDUDQWLH FRXYUH OH FR€W GHV SLqFHV HW GH OD PDLQG
°XYUH PDLV OH WUDQVSRUW HVW j YRWUH FKDUJH
'XUpHV GH OD JDUDQWLH j SDUWLU GH OD GDWH G
DFKDW G
RULJLQH 3URGXLWV
3pULRGH GH JDUDQWLH
5HF\FOHU GH FP SRXFHV HW
GpFKLTXHWHXUFROOHFWHXU GH FP SRXFHV
HW DFFHVVRLUHV
*76 *XDUDQWHHG WR 6WDUW GpPDUUDJH JDUDQWL
0RWHXU
%DWWHULH
*DUDQWLH LQWpJUDOH GH DQV
*DUDQWLH LQWpJUDOH GH DQV
*DUDQWLH LQWpJUDOH GH DQV
*DUDQWLH LQWpJUDOH GH DQ
‡
‡
‡
‡
‡
*DUDQWLH OLPLWpH SRXU XVDJH FRPPHUFLDO
/HV SURGXLWV 7RUR j PRWHXU j HVVHQFH XWLOLVpV j GHV ¿QV FRPPHUFLDOHV SDU GHV LQVWLWXWLRQV RX
GRQQpV HQ ORFDWLRQ VRQW FRXYHUWV FRQWUH WRXW GpIDXW GH IDEULFDWLRQ RX GH PDWpULDX SHQGDQW XQH
SpULRGH GH MRXUV /HV GpIDLOODQFHV GH FRPSRVDQWV GXHV j XQH XVXUH QRUPDOH QH VRQW SDV
FRXYHUWHV SDU FHWWH JDUDQWLH
‡
/D JDUDQWLH GH GpPDUUDJH 7RUR *76 QH V
DSSOLTXH SDV VL OH SURGXLW HVW XWLOLVp j GHV ¿QV
FRPPHUFLDOHV
&RPPHQW IDLUH LQWHUYHQLU OD JDUDQWLH
6L YRXV SHQVH] TXH YRWUH SURGXLW 7RUR SUpVHQWH XQ GpIDXW GH IDEULFDWLRQ RX GH PDWpULDX RX V
LO QH
GpPDUUH SOXV DSUqV XQ RX GHX[ HVVDLV HIIHFWXpV SDU Q
LPSRUWH TXHO DGXOWH SK\VLTXHPHQW DSWH
VXLYH] OD SURFpGXUH FLGHVVRXV 'HPDQGH] j XQ GpSRVLWDLUHUpSDUDWHXU 7RUR DJUpp GH SUHQGUH HQ FKDUJH YRWUH SURGXLW 3RXU
WURXYHU OH GpSRVLWDLUH OH SOXV SURFKH FRQVXOWH] QRWUH VLWH ZHE j ZZZ7RURFRP 9RXV SRXYH]
DXVVL DSSHOHU OHV QXPpURV LQGLTXpV DX SRLQW SRXU FRQVXOWHU QRWUH V\VWqPH SHUPDQHQW GH
ORFDOLVDWLRQ GHV GpSRVLWDLUHV 7RUR
/RUVTXH YRXV YRXV UHQGH] FKH] OH GpSRVLWDLUHUpSDUDWHXU DSSRUWH] OH SURGXLW HW XQH SUHXYH
G
DFKDW UHoX /H GpSRVLWDLUHUpSDUDWHXU GLDJQRVWLTXHUD OH SUREOqPH HW GpWHUPLQHUD V
LO HVW
FRXYHUW SDU OD JDUDQWLH
6L SRXU XQH UDLVRQ TXHOFRQTXH YRXV Q
rWHV SDV VDWLVIDLW GX GLDJQRVWLF GH YRWUH
GpSRVLWDLUHUpSDUDWHXU RX GHV FRQVHLOV SURGLJXpV Q
KpVLWH] SDV j QRXV FRQWDFWHU j O
DGUHVVH
VXLYDQWH ‡
/HV IUDLV QRUPDX[ G
HQWUHWLHQ HW GH UHPSODFHPHQW GH SLqFHV WHOOHV TXH OHV ¿OWUHV OH FDUEXUDQW
OHV OXEUL¿DQWV OHV YLGDQJHV G
KXLOH OHV ERXJLHV OHV ¿OWUHV j DLU O
DII€WDJH GHV ODPHV OHV ODPHV
XVpHV OH UpJODJH GHV FkEOHVGH OD WULQJOHULH RX OH UpJODJH GHV IUHLQV HW GH O
HPEUD\DJH
/HV SURGXLWV RX SLqFHV D\DQW VXEL GHV PRGL¿FDWLRQV GH PDXYDLV WUDLWHPHQWV RX XQ XVDJH
DEXVLI RX QpFHVVLWDQW XQ UHPSODFHPHQW RX XQH UpSDUDWLRQ HQ UDLVRQ G
XQ DFFLGHQW RX G
XQ
GpIDXW G
HQWUHWLHQ
/HV IUDLV GH SULVH j GRPLFLOH HW GH OLYUDLVRQ
/HV UpSDUDWLRQV RX WHQWDWLYHV GH UpSDUDWLRQ SDU TXLFRQTXH DXWUH TX
XQ GpSRVLWDLUHUpSDUDWHXU
7RUR DJUpp
/HV UpSDUDWLRQV UHTXLVHV HQ UDLVRQ GX QRQ UHVSHFW GH OD SURFpGXUH UHFRPPDQGpH UHODWLYH DX
FDUEXUDQW FRQVXOWH] OH 0DQXHO GH O
XWLOLVDWHXU SRXU SOXV GH GpWDLOV
±
/D GpFRQWDPLQDWLRQ GX V\VWqPH G
DOLPHQWDWLRQ Q
HVW SDV FRXYHUWH
±
/
XWLOLVDWLRQ GH FDUEXUDQW WURS DQFLHQ YLHX[ GH SOXV G
XQ PRLV RX GH FDUEXUDQW
FRQWHQDQW SOXV GH G
pWKDQRO RX SOXV GH GH 07%(
±
/
RPLVVLRQ GH OD YLGDQJH GX V\VWqPH G
DOLPHQWDWLRQ DYDQW WRXWH SpULRGH GH QRQ
XWLOLVDWLRQ GH SOXV G
XQ PRLV
/HV UpSDUDWLRQV RX UpJODJHV QpFHVVDLUHV SRXU FRUULJHU OHV SUREOqPHV GH GpPDUUDJH FDXVpV
SDU ±
/H QRQ UHVSHFW GHV SURFpGXUHV G
HQWUHWLHQ FRUUHFWHV RX GH OD SURFpGXUH UHFRPPDQGpH
UHODWLYH DX FDUEXUDQW
±
OHV GRPPDJHV VXELV SDU OD ODPH GH OD WRQGHXVH TXL KHXUWH XQ REVWDFOH
&HUWDLQHV FRQGLWLRQV GH GpPDUUDJH H[LJHQW XQ RX SOXVLHXUV HVVDLV QRWDPPHQW ±
/H SUHPLHU GpPDUUDJH DSUqV XQH SpULRGH GH QRQ XWLOLVDWLRQ GH SOXV GH WURLV PRLV RX
DSUqV OH UHPLVDJH VDLVRQQLHU
±
/HV GpPDUUDJHV SDU WHPSV IURLG SDU H[HPSOH DX GpEXW GX SULQWHPSV HW j OD ¿Q GH
O
DXWRPQH
±
'HV PpWKRGHV GH GpPDUUDJH LQFRUUHFWHV ± VL YRXV DYH] GHV GLI¿FXOWpV j GpPDUUHU OH
PRWHXU YpUL¿H] GDQV OH 0DQXHO GH O
XWLOLVDWHXU TXH YRXV VXLYH] ELHQ OHV SURFpGXUHV
GH GpPDUUDJH FRUUHFWHV 9RXV pYLWHUH] SHXWrWUH DLQVL XQH YLVLWH LQXWLOH FKH] XQ
GpSRVLWDLUHUpSDUDWHXU 7RUR DJUpp
&RQGLWLRQV JpQpUDOHV
7RXWHV OHV UpSDUDWLRQV FRXYHUWHV SDU OHV SUpVHQWHV JDUDQWLHV GRLYHQW rWUH HIIHFWXpHV SDU XQ
GpSRVLWDLUHUpSDUDWHXU 7RUR DJUpp j O
DLGH GH SLqFHV GH UHFKDQJH DJUppHV SDU 7RUR /D UpSDUDWLRQ
SDU XQ GpSRVLWDLUHUpSDUDWHXU 7RUR DJUpp HVW OH VHXO GpGRPPDJHPHQW DXTXHO FHWWH JDUDQWLH GRQQH
GURLW
7KH 7RUR &RPSDQ\
&XVWRPHU &DUH 'HSDUWPHQW 5/& 'LYLVLRQ
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01 eWDWV8QLV
7KH 7RUR &RPSDQ\ HW 7RUR :DUUDQW\ &RPSDQ\ GpFOLQHQW WRXWH UHVSRQVDELOLWp HQ FDV GH
GRPPDJHV VHFRQGDLUHV RX LQGLUHFWV OLpV j O
XWLOLVDWLRQ GHV SURGXLWV 7RUR FRXYHUWV SDU
FHV JDUDQWLHV QRWDPPHQW TXDQW DX[ FR€WV HW GpSHQVHV HQFRXUXV SRXU VH SURFXUHU XQ
pTXLSHPHQW RX XQ VHUYLFH GH VXEVWLWXWLRQ GXUDQW XQH SpULRGH UDLVRQQDEOH SRXU FDXVH GH
GpIDLOODQFH RX G
LQGLVSRQLELOLWp HQ DWWHQGDQW OD UpSDUDWLRQ VRXV JDUDQWLH
1XPpUR YHUW DX[ eWDWV8QLV
1XPpUR YHUW DX &DQDGD
5HVSRQVDELOLWpV GX SURSULpWDLUH
/
HQWUHWLHQ GH YRWUH SURGXLW 7RUR GRLW rWUH FRQIRUPH DX[ SURFpGXUHV GpFULWHV GDQV OH 0DQXHO GH
O
XWLOLVDWHXU &HW HQWUHWLHQ FRXUDQW HVW j YRV IUDLV TX
LO VRLW HIIHFWXp SDU YRXVPrPH RX SDU XQ
GpSRVLWDLUHUpSDUDWHXU
/
H[FOXVLRQ GH OD JDUDQWLH GHV GRPPDJHV VHFRQGDLUHV RX LQGLUHFWV Q
HVW SDV DXWRULVpH GDQV FHUWDLQV
pWDWV RX SD\V HW SHXW GRQF QH SDV V
DSSOLTXHU GDQV YRWUH FDV
&HWWH JDUDQWLH YRXV DFFRUGH GHV GURLWV VSpFL¿TXHV DX[TXHOV SHXYHQW V
DMRXWHU G
DXWUHV GURLWV
TXL YDULHQW VHORQ OHV pWDWV
$XWUHV SD\V TXH OHV eWDWV8QLV HW OH &DQDGD
&HWWH JDUDQWLH Q
HVW SDV YDOLGH DX 0H[LTXH 3RXU OHV SURGXLWV 7RUR H[SRUWpV GHV eWDWV8QLV RX GX &DQDGD GHPDQGH] j YRWUH GLVWULEXWHXU GpSRVLWDLUH 7RUR OD SROLFH GH JDUDQWLH DSSOLFDEOH GDQV YRWUH
SD\V UpJLRQ RX pWDW 6L SRXU XQH UDLVRQ TXHOFRQTXH YRXV Q
rWHV SDV VDWLVIDLW GHV VHUYLFHV GH YRWUH GLVWULEXWHXU RX VL YRXV DYH] GX PDO j YRXV SURFXUHU GHV UHQVHLJQHPHQWV FRQFHUQDQW OD JDUDQWLH
DGUHVVH]YRXV j O
LPSRUWDWHXU 7RUR (Q GHUQLHU UHFRXUV DGUHVVH]YRXV j 7RUR :DUUDQW\ &RPSDQ\
'URLWV GHV FRQVRPPDWHXUV DXVWUDOLHQV /HV FOLHQWV DXVWUDOLHQV WURXYHURQW GHV UHQVHLJQHPHQWV FRQFHUQDQW OH 'URLW DXVWUDOLHQ GH OD FRQVRPPDWLRQ j O
LQWpULHXU GH O
HPEDOODJH RX DXSUqV GH OHXU
GpSRVLWDLUH 7RUR ORFDO
/
XVDJH UpVLGHQWLHO QRUPDO GpVLJQH O
XWLOLVDWLRQ GX SURGXLW VXU OH WHUUDLQ R VH WURXYH YRWUH GRPLFLOH /
XWLOLVDWLRQ GDQV SOXVLHXUV OLHX[ RX SDU GHV LQVWLWXWLRQV RX OD ORFDWLRQ HVW FRQVLGpUpH FRPPH XQ
XVDJH FRPPHUFLDO FRXYHUW SDU OD JDUDQWLH FRPPHUFLDOH
5HY )
Descargar