&KL6LDPR"
*LDQOXFD%RYROL
6RFLDO(QJDJHPHQWOHUHJROHGHOJLRFR
'DOSXQWRGLYLVWDGHOFRPXQLFDWRUHHGHOODQRUPDWLYD
XQLFRPBVPDX
3UHVLGHQWRI&KHUU\SLFNHU/DE
#ERYROL
)ORULDQD6WDJQLWWR
'LJLWDO6WUDWHJLVWDW7KH6QDNH
#IORULDQDVWJ
SHUFKH¶QRQ
SDUOHUHPRGL
180(5,"
&RVDVLJQLILFD
©HQJDJHPHQWª
SHUWH"
$FWLRQV
5HDFWLRQV
7UDQVDFWLRQ
7UDQVDFWLRQ
$FWLRQV
5HDFWLRQV
7UDQVDFWLRQV
7UDQVDFWLRQ
$PPHWWLDPRFKHO¶
HQJDJHPHQWVLD
$57q
PLVXUDELOH"
$57RIHQJDJHPHQW
2%,(77,92IDQDFTXLVLWLRQFXVWRPHUOR\DOW\
7$5*(7IDQVGL3XSD0LODQR
7,0(/,1(VHWWLPDQH
35(0,2VPDOWRGHOODJDPPD/DVWLQJ&RORU
6FHJOLOHJLXVWHPHWULFKH
5,68/7$7,DGRJJLFLUFDOLNHPDORGLHQJDJHPHQW
UDWH
$&7,21WDEGHGLFDWRDOO¶LQL]LDWLYDFRQFRXSRQVFDULFDELOHGDOOD
IDQSDJH/HXWHQWLVHOH]LRQDWDODSURIXPHULDSUHVHQWDYDQRLOFRXSRQ
VWDPSDWRSHURWWHQHUHORVPDOWRLQRPDJJLR
5($&7,21VWUDWHJLDFURVVPHGLDOHFKHKDFRLQYROWROHSURIXPHULH
DGHUHQWLDOO¶LQL]LDWLYD
75$16$&7,21O¶LQL]LDWLYDVHEEHQHDEELDDXPHQWDWRO¶DZDUHQHVVH
,IDQVGHOODSDJLQDQRQKDRWWHQXWRVLJQLILFDWLYLULVXOWDWLDOLYHOORGL
OR\DOW\HFXVWRPHUHQJDJHPHQW6LFRQWDQRLQIDWWLSRFKL8*&XVHU
JHQHUDWHGFRQWHQW
,I\RXORYHVRPHWKLQJ\RXVKDUHLW
&RPHSRVVRQR
OLNHVKDUHH
FRPPHQWLHVVHUH
GHJOL
2%,(77,9,"
&RPHSHU3HSVLORqLO
VXSHU%RZO
5LFHUFDGLYLVLELOLWjHSRFR
YDORUHFRQGLYLVR
&RQGLYLGHUHVXOVRFLDOZHEFRQWHQXWLFKH
KDQQRXQDVWUXWWXUDFRPSOHVVDGLFUHDWLYLWjH
VLDQRLQVHULWLLQXQH[SHULHQFH
2%,(77,92DXPHQWDUHO¶DZDUHQHVVWUDPLWHODYLUDOLWjGHOOD
FDPSDJQDLQWHUDWWLYDSHQVDWDDSSRVLWDPHQWHSHU<RX7XEHHOH
YHQGLWHGHOSURGRWWR
7$5*(76WXGHQWLGLWXWWHOHHWj
7,0(/,1(JLRUQL
5,68/7$7,YHQGLWH7LSSH[<RX7XEHFKDQQHOPLOOLRQ
YLHZV6KDUHGWLPHVRQVRFLDOPHGLDZLWKDYLUDOLW\UDWHRI
6KDUHVOLNHVDQGFRPPHQWVRQ)DFHERRNPLOOLRQ7ZHHWV
RQOLQHDUWLFOHV
$&7,219LGHRYLUDOHLQWHUDWWLYRFRQSLGLHVLODUDQWLILQDOLGLYHUVL
5($&7,21VWUDWHJLDLQWHUDWWLYDFKHKDGDWRPRGRDJOLVSHWWDWRULGL
VFHJOLHUHLOILQDOHGHOO¶LQFRQWURWUDO¶RUVRHLOFDFFLDWRUHHLOWLWRORGHO
³ORUR´HSLVRGLR
75$16$&7,21O¶LQL]LDWLYDKDVLFXUDPHQWHDXPHQWDWRO¶DZDUQHVV
JUD]LHDOODYLUDOLWjHDOO¶LQWHUDWWLYLWjGHOYLGHRFKHKDIDYRULWROD
FRQGLYLVLRQHGHLSURSULILQDOL,QROWUHKDUDIIRU]DWRODEUDQGLGHQWLW\
IDFHQGRDXPHQWDUHOHYHQGLWHGHOSURGRWWRGHO
2JQLXWHQWHKDSRWXWRFRFUHDUHLQVLHPHDOEUDQGODFDPSDJQDGHO
VXRSURGRWWR
&
qXQDWHQGHQ]DSHULO
PDUNHWLQJGLVHQWLUVLFRVu
VRSUDIIDWWLGDOOHPHWULFKHH
GDOODWHFQRORJLD
FKHSHUGHGLYLVWDGLFRVDL
FRQVXPDWRULKDQQRELVRJQR
2%,(77,92ODQFLDUHODQXRYDJLDFFDULIOHWWHQWHDWWUDYHUVROD
FXVWRPHUH[SHULHQFHVLDVWUHHWFKHVRFLDOHO¶HQJDJHPHQWJUD]LHDL
¼LQSDOLR
7$5*(7FOLHQWL1LNHHQRQDPDQWLSUDWLFDQWLGHOUXQQLQJ
7,0(/,1("XQJLRUQR"
35(0,2PLOD¼
5,68/7$7,DXPHQWRHVSRQHQ]LDOHGLDFFHVVLHFRQGLYLVLRQHGLIRWR
LQPHGLDPLQXWLWUDVFRUVLVXOVLWRGDLJLRFDWRULDOWRHQJDJHPHQW
KDSDUWHFLSDWRDQFKHOD1D]LRQDOHDXVWULDFDGLFDOFLR
$&7,21³IODVKUXQQHU´FKHLQGRVVDYDQRODQXRYDJLDFFDULIOHWWHQWH
LQJLURGLFRUVDSHUOHVWUDGHGL9LHQQD
5($&7,21JOLXWHQWLGHOVLWRHGHOO¶DSSGRYHYDQRIRWRJUDIDUHL
³IODVKUXQQHU´LQJLURSHU9LHQQDORFDOL]]DWLWUDPLWH*36H
FRQGLYLGHUHODIRWRSHUDYHUHODSRVVLELOLWjGLYLQFHUHLOSUHPLR
75$16$&7,21ODFDPSDJQDGLODQFLRKDVDSXWRFRQLXJDUHODEUDQG
H[SHULHQFHGHLSDUWHFLSDQWLSHUOHVWUDGHGL9LHQQDDOVRFLDO
HQJDJHPHQWGHJOLXWHQWLGLVLWRHDSSWUDPLWHODFRQGLYLVLRQHGLIRWR
/LVWHQ
0HDVXUH
(QJDJH
0RQLWRULQJ
0HWULFV
6WUDWHJ\
/LVWHQDQGWDNHDFWLRQ
%UDQG
6FDUVDFUHGLELOLWj
6RFLDO%UDQG
&RPPLWPHQW
)HHGEDFNOHQWLHQRQ
HIILFDFL
3DUWHFLSD]LRQH
0HWULFKHVHQ]D52,
,QQRYD]LRQH
6RFLDO0HGLD
&XOWXUDHSURFHVVL
3HUFKqLEUDQG
GRYUHEEHUR
DVFROWDUH"
&RVDVXFFHGH
TXDQGRXQEUDQG
LJQRUDLSURSUL
FRQVXPDWRUL"
&RPHSRVVLDPR
FROPDUHLO
JDS"
&XVWRPHUFDUH
5DFFRQWDUHLOQRVWUR
EUDQGDWWUDYHUVROH
HVSHULHQ]HGLDOWUL
FRQVXPDWRUL
GOLVWHQ
FR
FUHDWLRQ
UHDFW
HQJDJH
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
$VFROWDH$JLVFL
6FHJOLOHJXLVHPHWULFKH
'HILQLVFLRELHWWLYLEXVLQHVV
,GHQWLILFDRELHWWLYLVRFLDO
7URYDXQLGHDVHPSOLFH
'LVHJQDXQ¶H[SHULHQFHLQJDJJLDQWHLO
PDUNHWLQJQRQqDEEDVWDQ]D
ƒ &50
7RGROLVW'
4XLQGL«
&KHFRVDDEELDPR
LPSDUDWR
VXOVRFLDO
HQJDJHPHQW"
(QJDJHPHQWq$57
6FHJOLOHJLXVWHPHWULFKH
6LFRQGLYLGRQR
HPR]LRQL
/¶DXGLHQFHqLQILQLWR
$VFROWDUHSULPDGL
FRLQYROJHUH
(PSDWK\LVWKHNH\
/DWHFQRORJLDqXQ
IDFLOLWDWRUH
,OEUDQGqO¶HVSHULHQ]D
FRQGLYLVD
&RHUHQ]D
*OLXWHQWLDJJLXQJRQR
YDORUH
OH
5(*2/(
GHOJLRFR
'(),1,=,21(
1250$7,9$',5,)(5,0(172
/D³PDQLIHVWD]LRQHDSUHPLR´qXQTXDOVLDVLFRQFRUVRRG
RSHUD]LRQHULYROWDDOSXEEOLFRFRQVLVWHQWHQHOODSURPHVVDGL
SUHPLHGDYHQWHORVFRSRGLSURPXRYHUHODFRQRVFHQ]DGL
SURGRWWLVHUYL]LLQVHJQHRPDUFKLRODYHQGLWDGLGHWHUPLQDWL
SURGRWWLRODSUHVWD]LRQHGLVHUYL]LDYHQWLFRPXQTXHILQLDQFKH
LQSDUWHFRPPHUFLDOL
'35QGHORWWREUH
3RVVRQRHVVHUHFRQFRUVLRRSHUD]LRQLDSUHPLR$
GLVWLQJXHUOHVRQRO
REEOLJDWRULHWjGHOO
DFTXLVWRHRGHOODYHQGLWD
GHOSURGRWWRSURPR]LRQDWRQHOOHRSHUD]LRQLDSUHPLRO
DOHD
O
DELOLWjODFDSDFLWjSHUVRQDOHRGDOWUDHYHQWXDOLWjQHLFRQFRUVLD
SUHPLR
FLUFRODUHPLQLVWHULDOHHPHVVDGDO0LQLVWHURGHOOR6YLOXSSR
(FRQRPLFRJLj0LQLVWHURGHOOH$WWLYLWj3URGXWWLYHQGHO
PDU]R
GHFUHWRLQWHUGLULJHQ]LDOHGHOOXJOLRLQDWWXD]LRQHGHOO¶DUW
FRPPDOHWWRGHO'HFUHWR/HJJHQGHODSULOH
FRQYHUWLWRFRQPRGLILFD]LRQLFRQOD/HJJHQGHOJLXJQR
$QFKHSHUOHPDQLIHVWD]LRQLDSUHPLRRQOLQHWURYDDSSOLFD]LRQHOD
QRUPDWLYDJHQHUDOH
*/,(/(0(17,)21'$0(17$/,3520221/,1(
3ULQFLSLRGLWHUULWRULDOLWj
/¶DUWFRPPDGHO'35VWDELOLVFH³/DGLVFLSOLQD
VXOOHPDQLIHVWD]LRQLDSUHPLRLPSRQHFKHOHDWWLYLWjUHODWLYHDOOR
VYROJLPHQWRGHOOHPDQLIHVWD]LRQLDSUHPLRVLDQRHIIHWWXDWHQHO
WHUULWRULRGHOOR6WDWRDGHFFH]LRQHGHOOHDWWLYLWjFRQQHVVHDO
FRQIH]LRQDPHQWRGHLSURGRWWLUHDOL]]DWHDOGLIXRULGHOGHWWR
WHUULWRULR´
,O0LQLVWHURGHOOR6YLOXSSR(FRQRPLFRDSSOLFDLOVXGGHWWRSULQFLSLR
GLWHUULWRULDOLWjDOOHPDQLIHVWD]LRQLDSUHPLRRQOLQHLQPDQLHUD
ULJRURVDLPSRQHQGRFKHLOVHUYHUFKHRVSLWDLOVLWRZHEGLWDOH
SURPR]LRQHVLDFROORFDWRLQ,WDOLDRFKHQHOQRVWURSDHVHVLWURYL
DOPHQRXQVHUYHU±PLUURU
*/,(/(0(17,)21'$0(17$/,3520221/,1(
/DSHUL]LD
4XDORUDO¶DVVHJQD]LRQHGHLSUHPLHUHODWLYRDEELQDPHQWRGHL
YLQFLWRULDYYHQJDFRQPRGDOLWjFDVXDOLPHGLDQWHXWLOL]]RGLXQ
VLVWHPDVRIWZDUHHRKDUGZDUHFKHqSURJUDPPDWRSHUDVVHJQDUH
OHYLQFLWHLQXQDUFRWHPSRUDOHGHILQLWRGHYHHVVHUHDFTXLVLWDXQ¶
DSSRVLWDSHUL]LDDGRSHUDGLXQHVSHUWRTXDOLILFDWRDJDUDQ]LDGHOO¶
DIILGDELOLWjHQRQPDQRPHWWLELOLWjGHOORVWUXPHQWRXWLOL]]DWR
/DSHUL]LDWXWWDYLDQRQSXzFRVWLWXLUHSURYDFKHLOVRIWZDUHHWXWWRLO
VLVWHPDXWLOL]]DWRDEELDFRUUHWWDPHQWHIXQ]LRQDWRGXUDQWHOD
PHFFDQLFDGHOFRQFRUVRVHGXUDQWHORVWHVVRULVXOWLQRDQRPDOLH
0$1,)(67$=,21,$35(0,268)$&(%22.
/LQHH*XLGDXIILFLDOLGL)DFHERRN
6HVLXVD)DFHERRNSHULQYLDUHFRPXQLFD]LRQLRDPPLQLVWUDUH
XQDSURPR]LRQHDGHVHPSLRJDUHRFRQFRUVLDSUHPLRVLq
UHVSRQVDELOLGHOODOHJDOLWjGHOODSURPR]LRQHUHGLJHUHXQ
UHJRODPHQWRXIILFLDOHVHJXLUHOHQRUPHQD]LRQDOLGHOORVWDWRLQFXLVL
RSHUD
/HSURPR]LRQLVX)DFHERRNGHYRQRLQFOXGHUHXQDGLFKLDUD]LRQH
LQFXLFLDVFXQRGHJOLXWHQWLFKHSDUWHFLSDQRDOODSURPR]LRQHVROOHYD
)DFHERRNGDTXDOVLDVLUHVSRQVDELOLWjHFKHODSURPR]LRQHQRQqLQ
QHVVXQPRGRVSRQVRUL]]DWDDSSRJJLDWDRDPPLQLVWUDWDGD
)DFHERRNQpDVVRFLDWDD)DFHERRN
0$1,)(67$=,21,$35(0,268)$&(%22.
/LQHH*XLGDXIILFLDOLGL)DFHERRN
/HSURPR]LRQLSRVVRQRHVVHUHDPPLQLVWUDWHVXOOH3DJLQHR
DOO
LQWHUQRGLDSSOLFD]LRQLVX)DFHERRN,GLDULSHUVRQDOLQRQGHYRQR
HVVHUHXVDWLSHUDPPLQLVWUDUHOHSURPR]LRQLDGHVHPSLRQRQq
FRQVHQWLWRXVDUHGLFLWXUHFRPHFRQGLYLGLVXOWXRGLDULRSHU
SDUWHFLSDUHRFRQGLYLGLVXOGLDULRGLXQDPLFRSHUDYHUHXQD
FKDQFHLQSLGLYLQFHUH
0$1,)(67$=,21,$35(0,268)$&(%22.
2EEOLJKLGHO0LQLVWHURGHOOR6YLOXSSR(FRQRPLFR
0$1,)(67$=,21,$35(0,268)$&(%22.
/LQHH*XLGDSHUIDUOHVHFRQGRODOHJJHLWDOLDQD
/DQRUPDWLYDLQPDWHULDGLPDQLIHVWD]LRQLDSUHPLRHJOLLQGLUL]]L
GHWWDWLGDO0LQLVWHURGHOOR6YLOXSSR(FRQRPLFRLQWHPD)DFHERRN
YLHWDQRGL
7XWWLLFRQFRUVL)DFHERRNGHYRQRHVVHUHJHVWLWLDWWUDYHUVR
DSSOLFD]LRQLHVWHUQHFKHULVLHGRQRVXVHUYHUQHOWHUULWRULRLWDOLDQRH
QRQVLSRVVRQRTXLQGLXVDUHOHIXQ]LRQLSURSULHGHOVRFLDO
XWLOL]]DUHVHUYHUQRQDOORFDWLVXOWHUULWRULRLWDOLDQRSHUVDOYDUH
TXDOVLDVLGDWRUHODWLYRDOODPDQLIHVWD]LRQH
XWLOL]]DUHIXQ]LRQDOLWjGL)DFHERRNVHQ]DFKHLOVRFLDOQHWZRUNVL
DVVRFLDOODPDQLIHVWD]LRQH
%LVRJQDLQGLFDUHLQPDQLHUDPROWRFKLDUDFKH)DFHERRNQRQq
FRLQYROWDQHOO¶RUJDQL]]D]LRQHGHOFRQFRUVRQHWDQWRPHQRDVVRFLDWD
$OILQHGLHYLWDUHO¶DVVRFLD]LRQHFRQ)DFHERRN
6LSRVVRQRFUHDUHSLFDQDOLGLSDUWHFLSD]LRQHDGHVDQFKH
WUDPLWHXQZHEVLWH
1HOFDVR)%VLDO¶XQLFDPRGDOLWjGLSDUWHFLSD]LRQHELVRJQD
ULVHUYDUHODSDUWHFLSD]LRQHDJOLXWHQWLLVFULWWLD)%SULPDGHOO¶
LQL]LRGHOO¶RSHUD]LRQH
0$1,)(67$=,21,$35(0,268)$&(%22.
5LIOHVVLRQLVXLFRVLGGHWWL³*LYHDZD\´
0$1,)(67$=,21,$35(0,268)$&(%22.
6DQ]LRQL
,FRVLGGHWWL³*LYHDZD\´VRQRTXHOOHDWWLYLWj³SURPR]LRQDOL´LQFXLDOO¶
XWHQWHLQFDPELRGLDOFXQHVHPSOLFL³D]LRQL´FRPHDGHVHPSLR
FRPPHQWDUHXQDIRWRVFULYHUHXQDUWLFRORRSRVWDUHXQ¶LPPDJLQH
ULFHYRQRXQSUHPLR
"][gQhdIjj<gIfkIhjIhIZdYQEQgIO]YIE]Zd]gj<GQpIghQgQhEPQhQ<GQQZZ<OQ[I
Z<gXIjQ[OIGIE][]ZQEQ
,SURPRWRULGHL³*LYHDZD\´VRVWHQJRQRFKHQRQVLGHEEDDSSOLFDUHOD
QRUPDWLYDVXOOH0DQLIHVWD]LRQLDSUHPLRDSSHOODQGRVLDOO¶DUWGHO'3
5³0DQLIHVWD]LRQLHVFOXVH´IDFHQGROLULHQWUDUHR
,QFRQFRUVLUHODWLYLDOODSURGX]LRQHGLRSHUHOHWWHUDULHDUWLVWLFKHR
VFLHQWLILFKHLQFXLLOSUHPLRqDVVHJQDWRFRPHULFRQRVFLPHQWRGHO
ODYRURGHOO
DXWRUH
,QFRQFRUVLLQFXLLSUHPLVRQRRJJHWWLGLPLQLPRYDORUHHSHURWWHQHUOL
QRQGHYHHVVHUHDFTXLVWDWRLOSURGRWWRRVHUYL]LRSURPR]LRQDWR
"][gQhdIjj<gIYIYQ[IIOkQG<GQ<EID]]X¥gQE]gGQ<Z]Y]hIZdgIh]EQIj=
dgQp<j<GQGQgQjj]<Z<gQE<[]¦dk^N<gQ[E]ggIgI[IYY<gQZ]vQ][IGIYYI<jjQpQj=
[][QG][IINQ[]<YY<h]hdI[hQ][IGIYY<d<OQ[<
I[dQlOg<pQh][]Q[pIEIYIh<[vQ][QdIEk[Q<gQIdgIpQhjIG<Y!/dIgYI
pQ]Y<vQ][QGIYYIgIO]YIhkYYIZ<[QNIhj<vQ][Q<dgIZQ]EPIp<[[]G<k[ZQ[QZ]
GQÆÁÁÁÁIkg]<Gk[Z<hhQZ]GQÆÁÁÁÁÁIkg]dIgYIZ<[QNIhj<vQ][QdgQp<jI
/HUDJLRQLSHUFXLDEELDPRGXHRUHFFKLHHXQDVROD
ERFFDqFKHGREELDPRDVFROWDUHLOGRSSLRHSDUODUHOD
PHWj
DQWLFRSURYHUELR
*5$=,(
*LDQOXFD%RYROL
3UHVLGHQWRI&KHUU\SLFNHU/DE
\S
#ERYROLJLDQOXFD
ERYROL#FKHUU\SLFNHULW
)ORULDQD6WDJQLWWR
'LJLWDO6WUDWHJLVWDW7KH6QDNH
#IORULDQDVWJ
IORULDQDVWDJQLWWR#WKHVQDNHLW
© Copyright 2024 ExpyDoc
