Novamatic EKI6014.2NFL Manuel utilisateur
Vous trouverez ci-dessous des informations sur Novamatic ΕΚΙ 6014.2 NF R, Novamatic ΕΚΙ 6014.2 NF L. Ce mode d'emploi fournit des instructions d'installation, de sécurité et d'utilisation pour votre réfrigérateur-congélateur intégré. Il couvre également l'entretien, le dépannage et les données techniques. Découvrez comment régler la température, utiliser les fonctions FastCool et FastFreeze, activer le mode Vacances et bien plus encore, pour une utilisation optimale de votre appareil.
PDF
Télécharger
Document
(.,1)5
(.,1)/
1RWLFHG XWLOLVDWLRQ
,VWUX]LRQLSHUOಬXVR
5«IULJ«UDWHXUFRQJ«ODWHXU
Réfrigérateur-congélateur
intégré
)ULJR&RQJHODWRUH
Frigorifero
incorporato
2
7$%/('(60$7,5(6
,QIRUPDWLRQVGHV«FXULW«
&RQVLJQHVGHV«FXULW«
,QVWDOODWLRQ
%DQGHDXGHFRPPDQGH
8WLOLVDWLRQTXRWLGLHQQH
&RQVHLOV
(QWUHWLHQHWQHWWR\DJH
'«SDQQDJH
%UXLWV
'RQQ«HVWHFKQLTXHV
,QIRUPDWLRQVSRXUOHVLQVWLWXWVGHWHVW
6RXVU«VHUYHGHPRGLILFDWLRQV
9,6,7(=1275(6,7(:(%3285
2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV
LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV
KWWSVZZZIXVWFKUHSDUDWXU
,1)250$7,216'(6&85,7
$YDQWG LQVWDOOHUHWG XWLOLVHUFHWDSSDUHLOOLVH]
VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH
SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHWG«J¤WV
U«VXOWDQWG XQHPDXYDLVHLQVWDOODWLRQRXXWLOLVDWLRQ
&RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQOLHXV½UHW
DFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW
6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHVYXOQ«UDEOHV
ವ
ವ
ವ
ವ
&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWV¤J«VG DX
PRLQVDQVHWSDUGHVSHUVRQQHVD\DQWGHVFDSDFLW«V
SK\VLTXHVVHQVRULHOOHVRXPHQWDOHVU«GXLWHVRXG«QX«HV
GಬH[S«ULHQFHRXGHFRQQDLVVDQFHV LOVVRQWFRUUHFWHPHQW
VXUYHLOO«VRXVLGHVLQVWUXFWLRQVUHODWLYHV¢O XWLOLVDWLRQGH
O DSSDUHLOHQWRXWHV«FXULW«OHXURQW«W«GRQQ«HVHWVಬLOV
FRPSUHQQHQWOHVULVTXHVHQFRXUXV
/HVHQIDQWVGH¢DQVSHXYHQWFKDUJHUHWG«FKDUJHU
OಬDSSDUHLO¢FRQGLWLRQTXಬLOVDLHQWUH©XGHVLQVWUXFWLRQV
DSSURSUL«HV
&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVSHUVRQQHVVRXIIUDQW
GHKDQGLFDSVWUªVLPSRUWDQWVHWFRPSOH[HV¢FRQGLWLRQV
TXಬHOOHVDLHQWUH©XGHVLQVWUXFWLRQVDSSURSUL«HV
/HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢O «FDUW
GHO DSSDUHLO¢PRLQVG ¬WUHVXUYHLOO«VHQSHUPDQHQFH
3
ವ
ವ
ವ
1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO DSSDUHLO
/HQHWWR\DJHHWO HQWUHWLHQQHGRLYHQWSDV¬WUHHIIHFWX«V
SDUGHVHQIDQWVVDQVVXUYHLOODQFH
1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWVHW
MHWH]OHVFRQYHQDEOHPHQW
6«FXULW«J«Q«UDOH
ವ
ವ
ವ
ವ
ವ
ವ
&HWDSSDUHLOHVWFRQ©XSRXUXQXVDJHGRPHVWLTXHHWGHV
DSSOLFDWLRQV«TXLYDOHQWHVQRWDPPHQW
ದ E¤WLPHQWVGHIHUPHFXLVLQHVU«VHUY«HVDX[HPSOR\«V
GDQVOHVPDJDVLQVEXUHDX[HWDXWUHVOLHX[GHWUDYDLO
ದ O XWLOLVDWLRQSDUOHVFOLHQWVGHVK¶WHOVPRWHOVGHV
HQYLURQQHPHQWVGXW\SHFKDPEUHVGಬK¶WHVHWDXWUHV
HQYLURQQHPHQWV¢FDUDFWªUHU«VLGHQWLHO
3RXU«YLWHUODFRQWDPLQDWLRQGHVDOLPHQWVUHVSHFWH]OHV
LQVWUXFWLRQVVXLYDQWHV
ದ QಬRXYUH]SDVODSRUWHSHQGDQWGHORQJXHVGXU«HV
ದ QHWWR\H]U«JXOLªUHPHQWOHVVXUIDFHVSRXYDQW¬WUHHQ
FRQWDFWDYHFOHVDOLPHQWVHWOHVV\VWªPHVGಬ«YDFXDWLRQ
DFFHVVLEOHV
ದ FRQVHUYH]ODYLDQGHHWOHSRLVVRQFUXVGDQVGHV
U«FLSLHQWVDSSURSUL«VGDQVOHU«IULJ«UDWHXUDILQTXಬLOVQH
VRLHQWSDVHQFRQWDFWRXQHFRXOHQWSDVVXUGಬDXWUHV
DOLPHQWV
$9(57,66(0(179HLOOH]¢FHTXHOHVRULILFHVGH
YHQWLODWLRQVLWX«VGDQVO HQFHLQWHGHO DSSDUHLORXGDQVOD
VWUXFWXUHLQW«JU«HQHVRLHQWSDVREVWUX«V
$9(57,66(0(171ಬXWLOLVH]DXFXQGLVSRVLWLIP«FDQLTXH
RXDXWUHPR\HQSRXUDFF«O«UHUOHSURFHVVXVGHG«JLYUDJH
KRUPLVFHX[UHFRPPDQG«VSDUOHIDEULFDQW
$9(57,66(0(171 HQGRPPDJH]SDVOHFLUFXLWGH
U«IULJ«UDWLRQ
$9(57,66(0(171 XWLOLVH]SDVG DSSDUHLOV«OHFWULTXHV
¢O LQW«ULHXUGHVFRPSDUWLPHQWVGHFRQVHUYDWLRQGHV
DOLPHQWVGHO DSSDUHLOVDXIV LOVVRQWGXW\SHUHFRPPDQG«
SDUOHIDEULFDQW
4
ವ
ವ
ವ
ವ
ವ
1HSXOY«ULVH]SDVG HDXQLGHYDSHXUSRXUQHWWR\HU
O DSSDUHLO
1HWWR\H]O DSSDUHLODYHFXQFKLIIRQGRX[KXPLGH8WLOLVH]
XQLTXHPHQWGHVG«WHUJHQWVQHXWUHV1 XWLOLVH]SDVGH
SURGXLWVDEUDVLIVGHWDPSRQV¢U«FXUHUGHVROYDQWVQL
G REMHWVP«WDOOLTXHV
6LOಬDSSDUHLOHVWYLGHSHQGDQWXQHORQJXHGXU«H«WHLJQH]
OHG«JLYUH]OHQHWWR\H]OHV«FKH]OHHWODLVVH]ODSRUWH
RXYHUWHSRXUHPS¬FKHUOHG«YHORSSHPHQWGHPRLVLVVXUH
GDQVOಬDSSDUHLO
1HFRQVHUYH]SDVGHVXEVWDQFHVH[SORVLYHVGDQVFHW
DSSDUHLOWHOOHVTXHGHVD«URVROVFRQWHQDQWXQJD]
SURSXOVHXULQIODPPDEOH
6LOHF¤EOHG DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH
UHPSODF«SDUOHIDEULFDQWVRQVHUYLFHDSUªVYHQWHDJU««
RXGHVSHUVRQQHVDX[TXDOLILFDWLRQVVLPLODLUHVDILQG «YLWHU
WRXWGDQJHU
&216,*1(6'(6&85,7
,QVWDOODWLRQ
$9(57,66(0(17/ DSSDUHLO
GRLW¬WUHLQVWDOO«XQLTXHPHQW
SDUXQSURIHVVLRQQHOTXDOLIL«
ವ 5HWLUH]O LQW«JUDOLW«GHO HPEDOODJH
ವ 1 LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ
DSSDUHLOHQGRPPDJ«
ವ 3RXUGHVUDLVRQVGHV«FXULW«Q XWLOLVH]
SDVO DSSDUHLODYDQWGHO DYRLULQVWDOO«
GDQVODVWUXFWXUHHQFDVWU«H
ವ 6XLYH]VFUXSXOHXVHPHQWOHV
LQVWUXFWLRQVG LQVWDOODWLRQIRXUQLHVDYHF
O DSSDUHLO
ವ 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV
G«SODFH]O DSSDUHLOFDULOHVWORXUG
8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW«
HWGHVFKDXVVXUHVIHUP«HV
ವ $VVXUH]YRXVTXHO DLUFLUFXOHDXWRXUGH
O DSSDUHLO
ವ /RUVGHODSUHPLªUHLQVWDOODWLRQRX
DSUªVDYRLULQYHUV«ODSRUWHDWWHQGH]
DXPRLQVKHXUHVDYDQWGHEUDQFKHU
ವ
ವ
ವ
ವ
ವ
ವ
O DSSDUHLOVXUOHVHFWHXU&HODSHUPHW¢
O KXLOHGHUHIRXOHUGDQVOHFRPSUHVVHXU
$YDQWWRXWHRS«UDWLRQVXUO DSSDUHLO SDU
H[LQYHUVLRQGHODSRUWH G«EUDQFKH]
ODILFKHGHODSULVHGHFRXUDQW
1 LQVWDOOH]SDVO DSSDUHLO¢SUR[LPLW«
G XQUDGLDWHXUG XQHFXLVLQLªUHG XQ
IRXURXG XQHWDEOHGHFXLVVRQ
1 H[SRVH]SDVO DSSDUHLO¢ODSOXLH
1 LQVWDOOH]SDVO DSSDUHLOGDQVXQ
HQGURLWH[SRV«¢ODOXPLªUHGLUHFWHGX
VROHLO
1 LQVWDOOH]SDVO DSSDUHLOGDQVXQH
SLªFHWURSKXPLGHRXWURSIURLGH
/RUVTXHYRXVG«SODFH]O DSSDUHLO
YHLOOH]¢OHVRXOHYHUSDUO DYDQWSRXU
«YLWHUGHUD\HUOHVRO
%UDQFKHPHQW«OHFWULTXH
$9(57,66(0(175LVTXH
G LQFHQGLHRXG «OHFWURFXWLRQ
5
$9(57,66(0(17/RUVTXH
YRXVLQVWDOOH]O DSSDUHLO
DVVXUH]YRXVTXHOHF¤EOH
G DOLPHQWDWLRQQ HVWSDVFRLQF«
RXHQGRPPDJ«
$9(57,66(0(171 XWLOLVH]
SDVG DGDSWDWHXUVPXOWLSULVHVQL
GHUDOORQJHV
ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH
ವ $VVXUH]YRXVTXHOHVSDUDPªWUHV
ILJXUDQWVXUODSODTXHVLJQDO«WLTXH
FRUUHVSRQGHQWDX[GRQQ«HV«OHFWULTXHV
QRPLQDOHGHOಬDOLPHQWDWLRQVHFWHXU
ವ 8WLOLVH]WRXMRXUVXQHSULVHGHFRXUDQW
GHV«FXULW«FRUUHFWHPHQWLQVWDOO«H
ವ 9HLOOH]¢QHSDVHQGRPPDJHUOHV
FRPSRVDQWV«OHFWULTXHVWHOVTXHOD
ILFKHVHFWHXUOHF¤EOHG DOLPHQWDWLRQRX
OHFRPSUHVVHXU&RQWDFWH]OHVHUYLFH
DSUªVYHQWHDJU««RXXQ«OHFWULFLHQ
SRXUFKDQJHUOHVFRPSRVDQWV
«OHFWULTXHV
ವ /HF¤EOHG DOLPHQWDWLRQGRLWUHVWHUHQ
GHVVRXVGXQLYHDXGHODILFKHVHFWHXU
ವ 1HEUDQFKH]ODILFKHVHFWHXUGDQVOD
SULVHVHFWHXUTX ¢ODILQGHO LQVWDOODWLRQ
$VVXUH]YRXVTXHODSULVHVHFWHXUHVW
DFFHVVLEOHDSUªVO LQVWDOODWLRQ
ವ 1HWLUH]SDVVXUOHF¤EOHVHFWHXUSRXU
G«EUDQFKHUO DSSDUHLO7LUH]WRXMRXUVVXU
ODILFKHGHODSULVHVHFWHXU
8WLOLVDWLRQ
$9(57,66(0(175LVTXHGH
EOHVVXUHVGHEU½OXUHV
G «OHFWURFXWLRQRXG LQFHQGLH
/ DSSDUHLOFRQWLHQWXQJD]
LQIODPPDEOHO LVREXWDQH 5D XQJD]
QDWXUHOD\DQWXQQLYHDX«OHY«GH
FRPSDWLELOLW«HQYLURQQHPHQWDOH9HLOOH]¢
QHSDVHQGRPPDJHUOHFLUFXLWIULJRULILTXH
FRQWHQDQWGHO LVREXWDQH
ವ 1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHVGH
FHWDSSDUHLO
ವ 1HSODFH]DXFXQDSSDUHLO«OHFWULTXH
VRUEHWLªUHHWF GDQVO DSSDUHLOHQ
O DEVHQFHG LQGLFDWLRQVGXIDEULFDQW
ವ 6LOHFLUFXLWIULJRULILTXHHVWHQGRPPDJ«
DVVXUH]YRXVGHO DEVHQFHGHIODPPHV
HWGHVRXUFHVG LJQLWLRQGDQVODSLªFH
$«UH]ODSLªFH
ವ YLWH]WRXWFRQWDFWG «O«PHQWVFKDXGV
DYHFOHVSDUWLHVHQSODVWLTXHGH
O DSSDUHLO
ವ 1HSODFH]MDPDLVGHERLVVRQV
JD]HXVHVGDQVOHFRQJ«ODWHXU&HOD
HQJHQGUHUDLWXQHSUHVVLRQVXUOH
U«FLSLHQWGHODERLVVRQ
ವ 1HVWRFNH]MDPDLVGHJD]RXGHOLTXLGH
LQIODPPDEOHGDQVO DSSDUHLO
ವ 1HSODFH]SDVGHSURGXLWV
LQIODPPDEOHVRXG «O«PHQWVLPELE«VGH
SURGXLWVLQIODPPDEOHV¢O LQW«ULHXURX¢
SUR[LPLW«GHO DSSDUHLOQLVXUFHOXLFL
ವ 1HWRXFKH]SDVOHFRPSUHVVHXUQLOH
FRQGHQVHXU,OVVRQWFKDXGV
ವ 1HUHWLUH]SDVHWQHWRXFKH]SDVOHV
«O«PHQWVGXFRPSDUWLPHQWFRQJ«ODWHXU
DYHFOHVPDLQVPRXLOO«HVRXKXPLGHV
ವ 1HUHFRQJHOH]MDPDLVXQDOLPHQWTXLD
«W«G«FRQJHO«
ವ 5HVSHFWH]OHVLQVWUXFWLRQVGHVWRFNDJH
ILJXUDQWVXUO HPEDOODJHGHVDOLPHQWV
VXUJHO«V
ವ (PEDOOH]OHVDOLPHQWVGDQVXQ
HPEDOODJHDGDSW«DXFRQWDFWDYHFGHV
DOLPHQWVDYDQWGHOHVSODFHUGDQVOH
FRPSDUWLPHQWFRQJ«ODWHXU
FODLUDJHLQW«ULHXU
$9(57,66(0(175LVTXH
G «OHFWURFXWLRQ
ವ &RQFHUQDQWODOHVODPSH V ¢OಬLQW«ULHXU
GHFHSURGXLWHWOHVODPSHVGH
UHFKDQJHYHQGXHVV«SDU«PHQW&HV
ODPSHVVRQWFRQ©XHVSRXUU«VLVWHU¢
GHVFRQGLWLRQVSK\VLTXHVH[WU¬PHV
GDQVOHVDSSDUHLOV«OHFWURP«QDJHUV
WHOOHVTXHODWHPS«UDWXUHOHV
YLEUDWLRQVOಬKXPLGLW«RXVRQWFRQ©XHV
SRXUVLJQDOHUGHVLQIRUPDWLRQVVXUOH
VWDWXWRS«UDWLRQQHOGHOಬDSSDUHLO(OOHV
QHVRQWSDVGHVWLQ«HV¢¬WUHXWLOLV«HV
GDQVG DXWUHVDSSOLFDWLRQVHWQH
6
FRQYLHQQHQWSDV¢Oಬ«FODLUDJHGHV
SLªFHVGಬXQORJHPHQW
(QWUHWLHQHWQHWWR\DJH
$9(57,66(0(175LVTXHGH
EOHVVXUHFRUSRUHOOHRXGH
GRPPDJHVPDW«ULHOV
ವ $YDQWWRXWHRS«UDWLRQG HQWUHWLHQ
«WHLJQH]O DSSDUHLOHWG«EUDQFKH]OD
ILFKHGHODSULVHVHFWHXU
ವ &HWDSSDUHLOFRQWLHQWGHV
K\GURFDUEXUHVGDQVVRQFLUFXLWGH
U«IULJ«UDWLRQ/ HQWUHWLHQHWODUHFKDUJH
GXFLUFXLWGHU«IULJ«UDWLRQGRLYHQW¬WUH
HIIHFWX«VSDUXQSURIHVVLRQQHOTXDOLIL«
ವ ([DPLQH]U«JXOLªUHPHQWO «FRXOHPHQW
GHO DSSDUHLOHWVLQ«FHVVDLUHQHWWR\H]
OH6LO RULILFHHVWERXFK«O HDX
SURYHQDQWGXG«JLYUDJHV «FRXOHUDHQ
EDVGHO DSSDUHLO
6HUYLFH
ವ 3RXUU«SDUHUO DSSDUHLOFRQWDFWH]XQ
VHUYLFHDSUªVYHQWHDJU««8WLOLVH]
H[FOXVLYHPHQWGHVSLªFHVG RULJLQH
ವ 9HXLOOH]QRWHUTXಬXQHDXWRU«SDUDWLRQRX
XQHU«SDUDWLRQQRQSURIHVVLRQQHOOH
SHXYHQWDYRLUGHVFRQV«TXHQFHVVXUOD
V«FXULW«HWDQQXOHUODJDUDQWLH
0LVHDXUHEXW
$9(57,66(0(175LVTXHGH
EOHVVXUHRXG DVSK\[LH
ವ '«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ
«OHFWULTXH
ವ &RXSH]OHF¤EOHG DOLPHQWDWLRQHW
PHWWH]OHDXUHEXW
ವ 5HWLUH]ODSRUWHSRXUHPS¬FKHUOHV
HQIDQWVHWOHVDQLPDX[GHV HQIHUPHU
GDQVO DSSDUHLO
ವ /HFLUFXLWIULJRULILTXHHWOHVPDW«ULDX[
G LVRODWLRQGHFHWDSSDUHLOSU«VHUYHQWOD
FRXFKHG R]RQH
ವ /DPRXVVHLVRODQWHFRQWLHQWXQJD]
LQIODPPDEOH&RQWDFWH]YRWUHVHUYLFH
PXQLFLSDOSRXUREWHQLUGHVLQIRUPDWLRQV
VXUODPDUFKH¢VXLYUHSRXUPHWWUH
O DSSDUHLODXUHEXW
ವ 1 HQGRPPDJH]SDVODSDUWLHGXFLUFXLW
GHU«IULJ«UDWLRQVLWX«H¢SUR[LPLW«GX
FRQGHQVHXUWKHUPLTXH
,167$//$7,21
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
$9(57,66(0(17&RQVXOWH]
OHVLQVWUXFWLRQVG LQVWDOODWLRQ
SRXULQVWDOOHUYRWUHDSSDUHLO
$9(57,66(0(17)L[H]
OಬDSSDUHLOFRQIRUP«PHQWDX[
LQVWUXFWLRQVGಬLQVWDOODWLRQSRXU
«YLWHUWRXWULVTXHGಬLQVWDELOLW«GH
OಬDSSDUHLO
7
D3
D1
'LPHQVLRQV
W3
A
H1
D2
W1
B
W2
'LPHQVLRQVKRUVWRXW{
(VSDFHWRWDOUHTXLVHQVHUYLFHu
+
PP
+ $%
PP
:
PP
:
PP
'
PP
'
PP
{KDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLOVDQVODSRLJQ«HQLOHVSLHGV
+ $%
PP
:
PP
uKDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH
Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU
GHUHIURLGLVVHPHQWSOXVOಬHVSDFH
Q«FHVVDLUHSRXUDXWRULVHUOಬRXYHUWXUHGHOD
SRUWH¢OಬDQJOHPLQLPDOSHUPHWWDQWOH
UHWUDLWGHWRXVOHV«TXLSHPHQWVLQWHUQHV
'
PP
(PSODFHPHQW
$
PP
%
PP
3RXUJDUDQWLUODPHLOOHXUHIRQFWLRQQDOLW«GH
OಬDSSDUHLOYRXVQHGHYH]SDVLQVWDOOHU
OಬDSSDUHLO¢SUR[LPLW«GಬXQHVRXUFHGH
FKDOHXU IRXUVSR¬OHVUDGLDWHXUV
FXLVLQLªUHVRXSODTXHVGHFXLVVRQ QLGDQV
XQOLHXH[SRV«¢ODOXPLªUHGLUHFWHGX
(VSDFHUHTXLVHQVHUYLFHt
tKDXWHXUODUJHXUHWSURIRQGHXUGH
OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH
Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU
GHUHIURLGLVVHPHQW
8
VROHLO$VVXUH]YRXVTXHOಬDLUSHXWFLUFXOHU
OLEUHPHQWDXWRXUGHOಬDUULªUHGXPHXEOH
&HWDSSDUHLOGRLW¬WUHLQVWDOO«GDQVXQOLHX
VHFHWELHQYHQWLO«¢OಬLQW«ULHXU
&HWDSSDUHLOHVWGHVWLQ«¢¬WUHXWLOLV«¢
XQHWHPS«UDWXUHDPELDQWHFRPSULVHHQWUH
r&HWr&
6HXOOHUHVSHFWGHODSODJHGH
WHPS«UDWXUHVVS«FLIL«HSHXW
JDUDQWLUXQERQIRQFWLRQQHPHQW
GHO DSSDUHLO
(QFDVGHGRXWHFRQFHUQDQWOH
OLHXG LQVWDOODWLRQGHO DSSDUHLO
YHXLOOH]FRQWDFWHUOHYHQGHXU
QRWUHVHUYLFHDSUªVYHQWHRXOH
FHQWUHGHU«SDUDWLRQDJU««OH
SOXVSURFKH
/ DSSDUHLOGRLWSRXYRLU¬WUH
G«EUDQFK«GHO DOLPHQWDWLRQ
«OHFWULTXH& HVWSRXUTXRLOD
SULVH«OHFWULTXHGRLW¬WUH
IDFLOHPHQWDFFHVVLEOHDSUªV
O LQVWDOODWLRQ
%UDQFKHPHQW«OHFWULTXH
ವ $YDQWGHEUDQFKHUO DSSDUHLODVVXUH]
YRXVTXHODWHQVLRQHWODIU«TXHQFH
LQGLTX«HVVXUODSODTXHVLJQDO«WLTXH
FRUUHVSRQGHQW¢FHOOHVGXU«VHDX
«OHFWULTXHGRPHVWLTXH
ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH/D
ILFKHGXF¤EOHG DOLPHQWDWLRQFRPSRUWH
XQFRQWDFW¢FHWHIIHW6LODSULVHGH
FRXUDQWQ HVWSDVPLVH¢ODWHUUH
EUDQFKH]O DSSDUHLO¢XQHPLVH¢OD
WHUUHV«SDU«HFRQIRUP«PHQWDX[
U«JOHPHQWDWLRQVHQYLJXHXUHQ
FRQVXOWDQWXQ«OHFWULFLHQVS«FLDOLV«
ವ /HIDEULFDQWG«FOLQHWRXWH
UHVSRQVDELOLW«HQFDVGHQRQUHVSHFW
GHVFRQVLJQHVGHV«FXULW«FLGHVVXV
ವ &HWDSSDUHLOHVWFRQIRUPHDX[
GLUHFWLYHV&((
([LJHQFHVHQPDWLªUHGH
YHQWLODWLRQ
/HIOX[GಬDLUVLWX«GHUULªUHOಬDSSDUHLOGRLW
¬WUHVXIILVDQW
5 cm
min.
200 cm2
min.
200 cm2
$77(17,215HSRUWH]YRXV
DX[LQVWUXFWLRQVUHODWLYHV¢
OಬLQVWDOODWLRQ
,QYHUVLRQGXVHQVG RXYHUWXUH
GHODSRUWH
9HXLOOH]YRXVUHSRUWHUDXGRFXPHQW
V«SDU«FRQWHQDQWGHVLQVWUXFWLRQVVXU
O LQVWDOODWLRQHWOಬLQYHUVLRQGXVHQV
GಬRXYHUWXUHGHODSRUWH
$77(17,21FKDTXH«WDSH
GHU«YHUVLELOLW«GHODSRUWH
SURW«JH]OHVROSRXU«YLWHUOHV
UD\XUHVGXHVDX[PDW«ULDX[
GXUV
9
%$1'($8'(&200$1'(
1
8
7
6
$IILFKHXU
7RXFKHG DXJPHQWDWLRQGHOD
WHPS«UDWXUHGXFRQJ«ODWHXU
7RXFKHGHGLPLQXWLRQGHOD
WHPS«UDWXUHGXFRQJ«ODWHXU
2.
)XQFWLRQV
7RXFKHG DXJPHQWDWLRQGHOD
WHPS«UDWXUHGXU«IULJ«UDWHXU
5
4
3
2
7RXFKHGHGLPLQXWLRQGHOD
WHPS«UDWXUHGXU«IULJ«UDWHXU
212))
3RXUPRGLILHUODWRQDOLW«SU«G«ILQLHGHV
WRXFKHVDSSX\H]VLPXOWDQ«PHQWVXUOD
WRXFKH)XQFWLRQVHWODWRXFKHGH
GLPLQXWLRQGHODWHPS«UDWXUHSHQGDQW
SOXVLHXUVVHFRQGHV&HFKDQJHPHQWHVW
U«YHUVLEOH
$IILFKDJH
A
B
C
D E F
G
Off
min
L
K J
I
H
0LVHHQPDUFKH
%UDQFKH]ODILFKH«OHFWULTXHGH
O DSSDUHLO¢ODSULVHGHFRXUDQW
$SSX\H]VXUODWRXFKH212))GH
O DSSDUHLOVLO DIILFKDJHHVW«WHLQW/HV
LQGLFDWHXUVGHWHPS«UDWXUHLQGLTXHQWOD
WHPS«UDWXUHSURJUDPP«HSDUG«IDXW
3RXUV«OHFWLRQQHUXQHWHPS«UDWXUH
GLII«UHQWHUHSRUWH]YRXVDXSDUDJUDSKH
m5«JODJHGHODWHPS«UDWXUH}
$ 9R\DQWGXFRPSDUWLPHQWU«IULJ«UDWHXU
% ,QGLFDWHXUGXPLQXWHXU
,QGLFDWHXUGHWHPS«UDWXUH
& 9R\DQW212))
' )RQFWLRQ)DVW&RRO
( 0RGH+ROLGD\
) )RQFWLRQ)DVW)UHH]H
* ,QGLFDWHXUGHWHPS«UDWXUH
+ 9R\DQWGXFRPSDUWLPHQWFRQJ«ODWHXU
, 9R\DQWGಬDODUPH
- )RQFWLRQ&KLOG/RFN
. )RQFWLRQ'ULQNV&KLOO
/ )RQFWLRQ9HQWLODWHXU
6LG(0RV DIILFKHUHSRUWH]YRXVDX
FKDSLWUHm'«SDQQDJH}
0LVH¢O DUU¬W
$SSX\H]VXUODWRXFKH212))GH
O DSSDUHLOSHQGDQWVHFRQGHV
/ DIILFKDJHV «WHLQW
'«EUDQFKH]O DSSDUHLO«OHFWULTXHPHQW
10
5«JODJHGHODWHPS«UDWXUH
5«JOH]ODWHPS«UDWXUHGHO DSSDUHLOHQ
DSSX\DQWVXUOHVWRXFKHVGHWHPS«UDWXUH
/DWHPS«UDWXUHU«JO«HUHFRPPDQG«HSDU
G«IDXWHVW
ವ r&GDQVOHU«IULJ«UDWHXU
ವ r&GDQVOHFRQJ«ODWHXU
/DSODJHGHWHPS«UDWXUHSHXWYDULHUHQWUH
r&HWr&SRXUOHFRQJ«ODWHXUHW
HQWUHr&HWr&SRXUOHU«IULJ«UDWHXU
/HVLQGLFDWHXUVGHWHPS«UDWXUHDIILFKHQW
ODWHPS«UDWXUHSURJUDPP«H
/DWHPS«UDWXUHSURJUDPP«H
VHUDDWWHLQWHVRXVKHXUHV
$SUªVXQHFRXSXUHGHFRXUDQW
ODWHPS«UDWXUHSURJUDPP«H
UHVWHHQUHJLVWU«H
0LVHHQIRQFWLRQQHPHQWGX
U«IULJ«UDWHXU
3RXUDOOXPHUOHU«IULJ«UDWHXULOYRXVVXIILW
G DSSX\HUVXUODWRXFKHGHU«JODJHGHOD
WHPS«UDWXUHGXU«IULJ«UDWHXU3RXUDOOXPHU
OHU«IULJ«UDWHXUG XQHDXWUHID©RQ
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTXಬ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWVಬDIILFKH
/ LQGLFDWHXU2))GXU«IULJ«UDWHXUFOLJQRWH
$SSX\H]VXU2.SRXUFRQILUPHU
/ಬLQGLFDWHXUGXU«IULJ«UDWHXU2))Vಬ«WHLQW
HWOHFRPSDUWLPHQWGXU«IULJ«UDWHXUHVWPLV
HQPDUFKH
3RXUV«OHFWLRQQHUXQH
WHPS«UDWXUHGLII«UHQWH
UHSRUWH]YRXVDXSDUDJUDSKH
m5«JODJHGHODWHPS«UDWXUH}
0LVH¢O DUU¬WGXU«IULJ«UDWHXU
,OHVWSRVVLEOHGಬ«WHLQGUHXQLTXHPHQWOH
FRPSDUWLPHQWGXU«IULJ«UDWHXUHQ
PDLQWHQDQWOHFRQJ«ODWHXUDOOXP«
$SSX\H]VXU)XQFWLRQVMXVTXಬ¢FHTXH
OಬLQGLFDWHXUGXFRPSDUWLPHQWGX
U«IULJ«UDWHXUDSSDUDLVVH
/ LQGLFDWHXU2))GXU«IULJ«UDWHXUHWOH
YR\DQWGXFRPSDUWLPHQWU«IULJ«UDWHXU
FOLJQRWHQW
/ LQGLFDWHXUGHWHPS«UDWXUHGX
U«IULJ«UDWHXUDIILFKHGHVWLUHWV
$SSX\H]VXU2.SRXUFRQILUPHU
/ಬLQGLFDWHXU2))GXU«IULJ«UDWHXUHVW
DIILFK«HWOHFRPSDUWLPHQWGXU«IULJ«UDWHXU
HVW«WHLQW
)DVW&RRO)RQFWLRQ
6LYRXVGHYH]LQV«UHUXQHJURVVHTXDQWLW«
G DOLPHQWVFKDXGVGDQVOHFRPSDUWLPHQW
GXU«IULJ«UDWHXUSDUH[HPSOHDSUªVDYRLU
IDLWYRVFRXUVHVQRXVFRQVHLOORQVG DFWLYHU
ODIRQFWLRQ)DVW&RROSRXUUHIURLGLUSOXV
UDSLGHPHQWOHVSURGXLWVWRXWHQ«YLWDQWOH
U«FKDXIIHPHQWGHVDXWUHVDOLPHQWVG«M¢
SU«VHQWVGDQVOHU«IULJ«UDWHXU
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTX ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWV DIILFKH
/ LQGLFDWHXU)DVW&RROFOLJQRWH
$SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU)DVW&RROV DIILFKH/H
YHQWLODWHXUVಬDFWLYHDXWRPDWLTXHPHQW
SHQGDQWODGXU«HGHODIRQFWLRQ
/DIRQFWLRQVಬDUU¬WHDXWRPDWLTXHPHQWDX
ERXWGಬHQYLURQKHXUHV
9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ
)DVW&RRODYDQWVDILQDXWRPDWLTXHHQ
U«S«WDQWODSURF«GXUHRXHQV«OHFWLRQQDQW
XQHDXWUHWHPS«UDWXUHGXU«IULJ«UDWHXU
+ROLGD\0RGH
&HPRGHYRXVSHUPHWGHFRQVHUYHUOH
FRPSDUWLPHQWGXU«IULJ«UDWHXUYLGH
SHQGDQWXQHORQJXHS«ULRGH SDUH[HPSOH
GHVYDFDQFHV HQU«GXLVDQWODIRUPDWLRQ
GHPDXYDLVHVRGHXUVWDQGLVTXHOH
FRPSDUWLPHQWGXFRQJ«ODWHXUSHXW
IRQFWLRQQHUQRUPDOHPHQW
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTX ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWV DIILFKH
/ LQGLFDWHXU+ROLGD\FOLJQRWH/ LQGLFDWHXU
GHWHPS«UDWXUHLQGLTXHODWHPS«UDWXUH
SURJUDPP«H
$SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU+ROLGD\V DIILFKH
11
/HPRGHVHG«VDFWLYHORUVTXH
YRXVV«OHFWLRQQH]XQH
WHPS«UDWXUHGLII«UHQWH
)DVW)UHH]H)RQFWLRQ
/DIRQFWLRQ)DVW)UHH]HVHUW¢HIIHFWXHU
XQHSU«FRQJ«ODWLRQHWXQHFRQJ«ODWLRQ
UDSLGHHQV«TXHQFHGDQVOHFRPSDUWLPHQW
GXFRQJ«ODWHXU&HWWHIRQFWLRQDFF«OªUHOD
FRQJ«ODWLRQGHVDOLPHQWVIUDLVHWSURWªJH
HQP¬PHWHPSVOHVGHQU«HVG«M¢
HQWUHSRV«HVG XQU«FKDXIIHPHQW
LQG«VLUDEOH
3RXUFRQJHOHUGHVDOLPHQWV
IUDLVDFWLYH]ODIRQFWLRQ
)DVW)UHH]HDXPRLQV
KHXUHVDYDQWGHSODFHUOHV
DOLPHQWVSRXUHIIHFWXHUXQH
SU«FRQJ«ODWLRQ
3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H]
VXUODWRXFKH)XQFWLRQVMXVTX ¢FHTXH
OHV\PEROHFRUUHVSRQGDQWV DIILFKH
/ LQGLFDWHXU)DVW)UHH]HFOLJQRWH
$SSX\H]VXUODWRXFKH2.SRXU
FRQILUPHU
/ LQGLFDWHXU)DVW)UHH]HV DIILFKH
&HWWHIRQFWLRQV DUU¬WHDXWRPDWLTXHPHQW
DXERXWGHKHXUHV
9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ
)DVW)UHH]HDYDQWVDILQDXWRPDWLTXHHQ
U«S«WDQWODSURF«GXUHMXVTXಬ¢FHTXH
OಬLQGLFDWHXU)DVW)UHH]HVಬ«WHLJQHRXHQ
V«OHFWLRQQDQWXQHDXWUHWHPS«UDWXUH
9HQWLODWHXUIRQFWLRQ
/HFRPSDUWLPHQWU«IULJ«UDWHXUHVW«TXLS«
GಬXQGLVSRVLWLITXLSHUPHWOH
UHIURLGLVVHPHQWUDSLGHGHVDOLPHQWVHWTXL
\PDLQWLHQWXQHWHPS«UDWXUHSOXV
KRPRJªQH
&HGLVSRVLWLIVಬDFWLYHDXWRPDWLTXHPHQWHQ
FDVGHEHVRLQ9RXVSRXYH]«JDOHPHQW
OಬDFWLYHUPDQXHOOHPHQW
3RXUDFWLYHUODIRQFWLRQ
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTXಬ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWDSSDUDLVVH
/ಬLQGLFDWHXU9HQWLODWHXUFOLJQRWH
$SSX\H]VXUODWRXFKH2.SRXU
FRQILUPHU
/ಬLQGLFDWHXU9HQWLODWHXUVಬDIILFKH
3RXUG«VDFWLYHUODIRQFWLRQU«S«WH]OD
SURF«GXUHMXVTXಬ¢FHTXH9HQWLODWHXU
OಬLQGLFDWHXUVಬ«WHLJQH
6LODIRQFWLRQHVWDFWLY«H
DXWRPDWLTXHPHQW9HQWLODWHXU
OಬLQGLFDWHXUQHVಬDIILFKHSDV
YRLUm8WLOLVDWLRQ
TXRWLGLHQQH} /ಬDFWLYDWLRQGHODIRQFWLRQ
9HQWLODWHXUDXJPHQWHOD
FRQVRPPDWLRQ«OHFWULTXH
/HYHQWLODWHXUVಬDUU¬WHORUVTXHODSRUWHHVW
RXYHUWHHWUHG«PDUUHLPP«GLDWHPHQW
DSUªVODIHUPHWXUHGHODSRUWH
&KLOG/RFN)RQFWLRQ
$FWLYH]ODIRQFWLRQ&KLOG/RFNSRXU
YHUURXLOOHUOHVWRXFKHVHW«YLWHUWRXWH
RS«UDWLRQDFFLGHQWHOOH
$SSX\H]VXUODWRXFKH)XQFWLRQV
MXVTXಬ¢FHTXHOHV\PEROH
FRUUHVSRQGDQWVಬDIILFKH
/ LQGLFDWHXU&KLOG/RFNFOLJQRWH
$SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU&KLOG/RFNV DIILFKH
3RXUG«VDFWLYHUODIRQFWLRQ&KLOG/RFN
U«S«WH]ODSURF«GXUHMXVTX ¢FHTXHOH
YR\DQW&KLOG/RFNV «WHLJQH
'ULQNV&KLOO)RQFWLRQ
/DIRQFWLRQ'ULQNV&KLOOGRLW¬WUHXWLOLV«H
SRXUOHU«JODJHG XQHDODUPHVRQRUH¢XQH
KHXUHVRXKDLW«HFHTXLHVWXWLOHSDU
H[HPSOHORUVTXHO RQVRXKDLWHUHIURLGLU
XQHSU«SDUDWLRQSHQGDQWXQFHUWDLQWHPSV
GDQVOHFDGUHG XQHUHFHWWHGHFXLVLQH
(OOHHVW«JDOHPHQWXWLOHORUVTXHYRXVDYH]
EHVRLQG XQUDSSHOSRXUQHSDVRXEOLHU
TXHYRXVDYH]SODF«GHVERXWHLOOHVRXGHV
FDQHWWHVGDQVOHFRQJ«ODWHXUSRXUOHV
UHIURLGLUUDSLGHPHQW
$SSX\H]VXU)XQFWLRQVMXVTXಬ¢FHTXH
OHV\PEROHFRUUHVSRQGDQWVಬDIILFKH
12
/ LQGLFDWHXU'ULQNV&KLOOFOLJQRWH
/HPLQXWHXULQGLTXHSHQGDQWTXHOTXHV
VHFRQGHVODYDOHXUSURJUDPP«H
PLQXWHV $SSX\H]VXUODWRXFKHGHU«JODJHGH
ODPLQXWHULHSRXUPRGLILHUODYDOHXU
SURJUDPP«H GH¢PLQXWHV $SSX\H]VXU2.SRXUFRQILUPHU
/ LQGLFDWHXU'ULQNV&KLOOV DIILFKH
/HPLQXWHXUVHPHW¢FOLJQRWHU PLQ 8QHIRLVODGXU«HSURJUDPP«H«FRXO«H
OಬLQGLFDWHXUmPLQ}FOLJQRWHHWXQVLJQDO
VRQRUHUHWHQWLW$SSX\H]VXUODWRXFKH2.
SRXUDUU¬WHUOHVLJQDOVRQRUHHWG«VDFWLYHU
ODIRQFWLRQ
3RXUG«VDFWLYHUODIRQFWLRQU«S«WH]OD
SURF«GXUHMXVTX ¢FHTXH'ULQNV&KLOO
V «WHLJQH
,OHVWSRVVLEOHGHPRGLILHUOD
GXU«H¢WRXWPRPHQWHWDYDQW
ODILQGXG«FRPSWHHQDSSX\DQW
VXUODWRXFKHGHGLPLQXWLRQGH
ODWHPS«UDWXUHHWVXUODWRXFKH
G DXJPHQWDWLRQGHOD
WHPS«UDWXUH
$ODUPHKDXWHWHPS«UDWXUH
(QFDVGಬDXJPHQWDWLRQGHODWHPS«UDWXUH
GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU SDU
H[HPSOHHQUDLVRQGಬXQHFRXSXUHGH
FRXUDQWDQW«ULHXUH OHVYR\DQWVGಬDODUPH
HWGHWHPS«UDWXUHGXFRQJ«ODWHXU
FOLJQRWHQWHWOHVRQUHWHQWLW
87,/,6$7,214827,',(11(
3RVLWLRQQHPHQWGHV«WDJªUHVGH
SRUWH
3RXUSHUPHWWUHODFRQVHUYDWLRQ
GಬHPEDOODJHVDOLPHQWDLUHVGHGLII«UHQWHV
WDLOOHVOHVEDOFRQQHWVGHODSRUWHSHXYHQW
¬WUHSODF«V¢GHVKDXWHXUVGLII«UHQWHV
6RXOHYH]GRXFHPHQWOHEDOFRQQHW
MXVTXಬ¢FHTXಬLOVHG«WDFKH
5HSRVLWLRQQH]FRPPHVRXKDLW«
3RXUG«VDFWLYHUOಬDODUPH
$SSX\H]VXUXQHWRXFKHTXHOFRQTXH
/HVRQVHFRXSH
/ LQGLFDWHXUGHWHPS«UDWXUHGX
FRQJ«ODWHXUDIILFKHSHQGDQWTXHOTXHV
VHFRQGHVODWHPS«UDWXUHODSOXV
«OHY«HDWWHLQWHSXLVOಬDIILFKHXULQGLTXH
¢QRXYHDXODWHPS«UDWXUHU«JO«H
/HYR\DQWG DODUPHFRQWLQXHGH
FOLJQRWHUMXVTX ¢FHTXHOHV
FRQGLWLRQVQRUPDOHVVRLHQW
UHVWDXU«HV
6LYRXVQಬDSSX\H]VXUDXFXQH
WRXFKHOHVRQVHFRXSH
DXWRPDWLTXHPHQWDSUªV
HQYLURQXQHKHXUHSRXUQHSDV
G«UDQJHU
$ODUPHGHSRUWHRXYHUWH
6LODSRUWHGXU«IULJ«UDWHXUUHVWHRXYHUWH
SHQGDQWHQYLURQPLQXWHVOHVRQHVW
DFWLY«HWOHYR\DQWGಬDODUPHFOLJQRWH
/ DODUPHV LQWHUURPSWGªVTXHYRXVIHUPH]
ODSRUWH/RUVTXHO DODUPHVHG«FOHQFKHOH
VRQSHXW¬WUHG«VDFWLY«HQDSSX\DQWVXU
Q LPSRUWHTXHOOHWRXFKH
6LYRXVQಬDSSX\H]VXUDXFXQH
WRXFKHOHVRQVHFRXSH
DXWRPDWLTXHPHQWDSUªV
HQYLURQXQHKHXUHSRXUQHSDV
G«UDQJHU
13
1
2
1HPRGLILH]SDVO HPSODFHPHQW
GHODFOD\HWWHHQYHUUHVLWX«H
DXGHVVXVGXEDF¢O«JXPHV
DILQGHJDUDQWLUXQHFLUFXODWLRQ
G DLURSWLPDOH
&HPRGªOHHVW«TXLS«GಬXQFRPSDUWLPHQW
GHUDQJHPHQWYDULDEOHTXLSHXW¬WUH
G«SODF«ODW«UDOHPHQW
%DF¢O«JXPHV
&OD\HWWHVDPRYLEOHV
3RXUUHWLUHUOHEDF SDUH[HPSOHSRXUOH
QHWWR\HU /HVSDURLVGXU«IULJ«UDWHXUVRQW«TXLS«HV
G XQHV«ULHGHJOLVVLªUHVDILQTXHOHV
FOD\HWWHVSXLVVHQW¬WUHSRVLWLRQQ«HV
FRPPHYRXVOHVRXKDLWH]
/HEDFFRQYLHQW¢ODFRQVHUYDWLRQGHV
IUXLWVHWGHVO«JXPHV
7LUH]OHEDFYHUVO H[W«ULHXUHW
VRXOHYH]OH
&HWDSSDUHLOHVW«JDOHPHQWGRW«G XQH
FOD\HWWHFRPSRV«HGHGHX[SDUWLHV/D
SDUWLHDYDQWGHODFOD\HWWHSHXW¬WUH
UDEDWWXHHWSODF«HVRXVODVHFRQGHSDUWLH
SRXUXQHPHLOOHXUHXWLOLVDWLRQGHO HVSDFH
3RXUUDEDWWUHODFOD\HWWH
6RUWH]GRXFHPHQWODSDUWLHDYDQW
)DLWHVODJOLVVHUGDQVOHUDLOLQI«ULHXU
VRXVODVHFRQGHPRLWL«
5HSRXVVH]OHVUDLOVYHUVO LQW«ULHXUGH
O DSSDUHLOSRXU«YLWHUGHO HQGRPPDJHU
ORUVGHODIHUPHWXUHGHODSRUWH
14
6RUWH]¢QRXYHDXOHEDFHW
Y«ULILH]TX LOHVWFRUUHFWHPHQW
SRVLWLRQQ«VXUOHVFURFKHWV
DYDQWHWDUULªUH
&RQWU¶OHGHO KXPLGLW«
/DFOD\HWWHLQI«ULHXUHHQYHUUHHVW«TXLS«H
G XQGLVSRVLWLIPXQLGHIHQWHVGRQWOHV
RXYHUWXUHVVRQWU«JODEOHV¢O DLGHG XQ
OHYLHUFRXOLVVDQWDILQGHU«JXOHUO KXPLGLW«
GXEDF¢O«JXPHV
5HPRQWDJH
7LUH]VXUOHVUDLOVSRXUOHVIDLUHVRUWLU
/DSRVLWLRQGXFRQWU¶OHGHOಬKXPLGLW«
G«SHQGGXW\SHHWGHODTXDQWLW«GHIUXLWV
HWGHO«JXPHV
3RVH]ODSDUWLHDUULªUHGXEDF VXU
OHVUDLOV
1
2
0DLQWHQH]O DYDQWGXEDF VRXOHY«
WRXWHQOHSRXVVDQWYHUVO LQW«ULHXUGH
O DSSDUHLO
$SSX\H]O DYDQWGXEDFYHUVOHEDV
ವ )HQWHVIHUP«HVUHFRPPDQG«HQ
SU«VHQFHGಬXQHSHWLWHTXDQWLW«GHIUXLWV
HWGHO«JXPHV$LQVLOಬKXPLGLW«
QDWXUHOOHGHVIUXLWVHWGHVO«JXPHVHVW
SU«VHUY«HSOXVORQJWHPSV
ವ )HQWHVRXYHUWHVUHFRPPDQG«HQ
SU«VHQFHGಬXQHJURVVHTXDQWLW«GH
IUXLWVHWGHO«JXPHV$LQVLXQH
FLUFXODWLRQGಬDLUDFFUXHHQWUD°QHXQ
QLYHDXLQI«ULHXUGಬKXPLGLW«GHOಬDLU
9HQWLODWHXU
/HFRPSDUWLPHQWU«IULJ«UDWHXUHVW«TXLS«
GಬXQGLVSRVLWLITXLSHUPHWOH
UHIURLGLVVHPHQWUDSLGHGHVDOLPHQWVHWTXL
\PDLQWLHQWXQHWHPS«UDWXUHSOXV
KRPRJªQH
&HGLVSRVLWLIVಬDFWLYHDXWRPDWLTXHPHQWHQ
FDVGHEHVRLQ
15
&RQVHUYDWLRQGHVSODWVVXUJHO«V
/RUVGHODPLVHHQVHUYLFHRXDSUªVXQ
DUU¬WSURORQJ«HWDYDQWGಬLQWURGXLUHOHV
SURGXLWVGDQVOHFRPSDUWLPHQWODLVVH]
IRQFWLRQQHUOಬDSSDUHLODXPRLQVKHXUHV
DYHFODIRQFWLRQ)DVW)UHH]HDOOXP«H
9RXVSRXYH]«JDOHPHQWDFWLYHU
PDQXHOOHPHQWOHGLVSRVLWLIVLQ«FHVVDLUH
UHSRUWH]YRXVDXFKDSLWUHm)RQFWLRQ
9HQWLODWHXU} /HYHQWLODWHXUQHIRQFWLRQQH
TXHORUVTXHODSRUWHHVW
IHUP«H
&RQJHOHUGHVDOLPHQWVIUDLV
/HFRPSDUWLPHQWGXFRQJ«ODWHXUHVW
SDUIDLWSRXUFRQJHOHUGHVGHQU«HVIUD°FKHV
HWFRQVHUYHU¢ORQJWHUPHGHVDOLPHQWV
VXUJHO«VRXFRQJHO«V
3RXUFRQJHOHUGHVDOLPHQWVIUDLVDFWLYH]
ODIRQFWLRQ)DVW)UHH]HDXPRLQV
KHXUHVDYDQWGHSODFHUOHVDOLPHQWV¢
FRQVHUYHUGDQVOHFRPSDUWLPHQWGH
FRQJ«ODWLRQ
&RQVHUYH]OHVDOLPHQWVIUDLVU«SDUWLV
XQLIRUP«PHQWGDQVOHWURLVLªPH
FRPSDUWLPHQWRXOHWURLVLªPHEDFHQ
SDUWDQWGXKDXW
/DTXDQWLW«PD[LPDOHG DOLPHQWVSRXYDQW
¬WUHFRQJHO«VVDQVDMRXWHUG DXWUHV
DOLPHQWVIUDLVSHQGDQWKHXUHVILJXUH
VXUODSODTXHVLJQDO«WLTXH «WLTXHWWHVLWX«H
¢O LQW«ULHXUGHO DSSDUHLO 8QHIRLVOHSURFHVVXVGHFRQJ«ODWLRQ
WHUPLQ«O DSSDUHLOUHYLHQW
DXWRPDWLTXHPHQWDXU«JODJHGH
WHPS«UDWXUHSU«F«GHQW YRLUm)RQFWLRQ
)DVW)UHH]H} /HVWLURLUVGXFRQJ«ODWHXUSHUPHWWHQWGH
UHWURXYHUUDSLGHPHQWHWIDFLOHPHQWOHV
DOLPHQWVTXHYRXVUHFKHUFKH]6LYRXV
GHYH]FRQVHUYHUXQHJUDQGHTXDQWLW«
GಬDOLPHQWVUHWLUH]WRXVOHVWLURLUVHWSODFH]
OHVDOLPHQWVVXUOHVFOD\HWWHV
/HVDOLPHQWVQHGRLYHQWSDV¬WUHSODF«V¢
PRLQVGHPPGHODSRUWH
$77(17,21(QFDVGH
G«FRQJ«ODWLRQDFFLGHQWHOOH
FDXV«HSDUXQHFRXSXUHGH
FRXUDQWSDUH[HPSOHVLOD
GXU«HGHODPLVHKRUVWHQVLRQ
HVWVXS«ULHXUH¢ODYDOHXU
LQGLTX«HVXUODSODTXH
VLJQDO«WLTXHVRXVm$XWRQRPLH
GHIRQFWLRQQHPHQW}OHV
DOLPHQWVG«FRQJHO«VGRLYHQW
¬WUHFRQVRPP«VUDSLGHPHQW
RXFXLWVLPP«GLDWHPHQWDYDQW
Gಬ¬WUHUHIURLGLVSXLV
UHFRQJHO«V&RQVXOWH]OH
SDUDJUDSKHm$ODUPHKDXWH
WHPS«UDWXUH}
'«FRQJ«ODWLRQ
$YDQWGಬ¬WUHFRQVRPP«VOHVDOLPHQWV
VXUJHO«VRXFRQJHO«VSHXYHQW¬WUH
G«FRQJHO«VDXU«IULJ«UDWHXURXGDQVXQ
VDFKHWHQSODVWLTXHVRXVGHOಬHDXIURLGH
&HWWHRS«UDWLRQG«SHQGGXWHPSV
GLVSRQLEOHHWGXW\SHGಬDOLPHQWV/HVSHWLWV
PRUFHDX[SHXYHQWP¬PH¬WUHFXLWV
WRXMRXUVFRQJHO«V
)DEULFDWLRQGHJOD©RQV
&HWDSSDUHLOHVW«TXLS«G XQRXSOXVLHXUV
EDFV¢JOD©RQV
1 XWLOLVH]SDVG LQVWUXPHQWV
P«WDOOLTXHVSRXUG«FROOHUOHV
EDFVGXFRQJ«ODWHXU
16
5HPSOLVVH]OHVEDFVDYHFGHO HDX
3ODFH]OHVEDFV¢JOD©RQVGDQVOH
FRPSDUWLPHQWFRQJ«ODWHXU
&216(,/6
&RQVHLOVSRXU«FRQRPLVHU
Oൄ«QHUJLH
ವ &RQJ«ODWHXU/DFRQILJXUDWLRQLQWHUQH
GHOಬDSSDUHLOHVWFHOOHTXLDVVXUH
OಬXWLOLVDWLRQODSOXVHIILFDFHGHOಬ«QHUJLH
ವ 5«IULJ«UDWHXU/ಬXWLOLVDWLRQODSOXV
HIILFDFHGHOಬ«QHUJLHHVWDVVXU«HGDQV
ODFRQILJXUDWLRQDYHFOHVWLURLUVGDQVOD
SDUWLHLQI«ULHXUHGHOಬDSSDUHLOHWOHV
FOD\HWWHVU«SDUWLHVXQLIRUP«PHQW/D
SRVLWLRQGHVFRPSDUWLPHQWVGHSRUWH
QಬDIIHFWHSDVODFRQVRPPDWLRQ
Gಬ«QHUJLH
ವ YLWH]G RXYULUIU«TXHPPHQWODSRUWHHW
QHODODLVVH]RXYHUWHTXHOHWHPSV
Q«FHVVDLUH
ವ &RQJ«ODWHXU3OXVOHU«JODJHGHOD
WHPS«UDWXUHHVWEDVSOXVOD
FRQVRPPDWLRQ«OHFWULTXHHVW«OHY«H
ವ 5«IULJ«UDWHXU1HU«JOH]SDVXQH
WHPS«UDWXUHWURS«OHY«HSRXU
«FRQRPLVHUOಬ«QHUJLHVDXIVLFHODHVW
UHTXLVSDUOHVFDUDFW«ULVWLTXHVGHV
DOLPHQWV
ವ 6LODWHPS«UDWXUHDPELDQWHHVW«OHY«H
TXHOHWKHUPRVWDWHVWU«JO«VXUXQH
WHPS«UDWXUHEDVVHHWTXHOಬDSSDUHLOHVW
SOHLQOHFRPSUHVVHXUIRQFWLRQQHHQ
U«JLPHFRQWLQXFHTXLSURYRTXHXQH
IRUPDWLRQGHJLYUHRXGHJODFHVXU
Oಬ«YDSRUDWHXU'DQVFHFDVU«JOH]OH
WKHUPRVWDWVXUXQHWHPS«UDWXUHSOXV
«OHY«HSRXUSHUPHWWUHOHG«JLYUDJH
DXWRPDWLTXHHWGRQFGಬ«FRQRPLVHUGH
Oಬ«QHUJLH
ವ $VVXUH]XQHERQQHYHQWLODWLRQ1H
FRXYUH]SDVOHVJULOOHVRXOHVRULILFHV
GHYHQWLODWLRQ
ವ $VVXUH]YRXVTXHOHVSURGXLWV
DOLPHQWDLUHV¢OಬLQW«ULHXUGHOಬDSSDUHLO
SHUPHWWHQWODFLUFXODWLRQGHOಬDLUSDUOHV
RULILFHVG«GL«V¢OಬDUULªUHGHOಬLQW«ULHXU
GHOಬDSSDUHLO
&RQVHLOVSRXUODFRQJ«ODWLRQ
ವ $FWLYH]ODIRQFWLRQ)DVW)UHH]HDX
PRLQVKHXUHVDYDQWGHSODFHUOHV
DOLPHQWV¢OಬLQW«ULHXUGXFRPSDUWLPHQW
GXFRQJ«ODWHXU
ವ $YDQWGHFRQJHOHUHPEDOOH]HWIHUPH]
OHVDOLPHQWVIUDLVGDQVSDSLHU
DOXPLQLXPILOPRXVDFKHWVHQ
SODVWLTXHU«FLSLHQWVKHUP«WLTXHVDYHF
FRXYHUFOH
ವ 3RXUXQHFRQJ«ODWLRQHWXQH
G«FRQJ«ODWLRQSOXVHIILFDFHVV«SDUH]
OHVDOLPHQWVHQSHWLWHVSRUWLRQV
ವ ,OHVWUHFRPPDQG«GHPHWWUHGHV
«WLTXHWWHVHWGHVGDWHVVXUWRXVYRV
DOLPHQWVFRQJHO«V&HODSHUPHWWUD
GಬLGHQWLILHUOHVDOLPHQWVHWGHVDYRLU
TXDQGLOVSHXYHQW¬WUHFRQVRPP«V
DYDQWOHXUG«W«ULRUDWLRQ
ವ /HVDOLPHQWVGRLYHQW¬WUHIUDLVORUVTXಬLOV
VRQWFRQJHO«VSRXUSU«VHUYHUOHXU
TXDOLW«(QSDUWLFXOLHUOHVIUXLWVHWOHV
O«JXPHVGRLYHQW¬WUHFRQJHO«VDSUªV
OHXUU«FROWHSRXUSU«VHUYHUWRXVOHXUV
QXWULPHQWV
ವ 1HFRQJHOH]SDVGHVERXWHLOOHVRXGHV
FDQHWWHVDYHFGHVOLTXLGHVHQ
SDUWLFXOLHUGHVERLVVRQVFRQWHQDQWGX
GLR[\GHGHFDUERQHHOOHVSRXUUDLHQW
H[SORVHUSHQGDQWODFRQJ«ODWLRQ
ವ 1 LQWURGXLVH]SDVG DOLPHQWVFKDXGV
GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU
/DLVVH]OHVUHIURLGLU¢WHPS«UDWXUH
DPELDQWHDYDQWGHOHVSODFHUGDQVOH
FRPSDUWLPHQW
ವ 3RXU«YLWHUG DXJPHQWHUODWHPS«UDWXUH
GHVDOLPHQWVG«M¢VXUJHO«VQHSODFH]
SDVG DOLPHQWVIUDLVQRQFRQJHO«V
GLUHFWHPHQW¢SUR[LPLW«3ODFH]OHV
DOLPHQWV¢WHPS«UDWXUHDPELDQWHGDQV
ODSDUWLHGXFRPSDUWLPHQWGX
FRQJ«ODWHXUR»LOQಬ\DSDVGಬDOLPHQWV
FRQJHO«V
ವ 1HPDQJH]SDVOHVJOD©RQVOHVJODFHV
¢O HDXRXOHVE¤WRQQHWVJODF«VGªVOHXU
17
VRUWLHGXFRQJ«ODWHXU5LVTXHGH
JHOXUH
ವ 1HUHFRQJHOH]SDVGHVDOLPHQWV
G«FRQJHO«V6LOHVDOLPHQWVVRQW
G«FRQJHO«VFXLVH]OHVODLVVH]OHV
UHIURLGLUSXLVFRQJHOH]OHV
ವ ,OHVWLPSRUWDQWGಬHPEDOOHUOHVDOLPHQWV
GHPDQLªUH¢HPS¬FKHUOಬHDX
OಬKXPLGLW«RXODFRQGHQVDWLRQGH
S«Q«WUHU¢OಬLQW«ULHXU
&RQVHLOVSRXUOHVWRFNDJHGHV
SODWVVXUJHO«V
$SUªVYRVFRXUVHV
ವ /HFRPSDUWLPHQWFRQJ«ODWHXUHVW
PDUTX«GH
ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL
JDUDQWLWODFRQVHUYDWLRQGHVSURGXLWV
DOLPHQWDLUHVFRQJHO«VHVWXQH
WHPS«UDWXUHLQI«ULHXUHRX«JDOH¢
r&
8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢
OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU
XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH
ವ /ಬHQVHPEOHGXFRPSDUWLPHQWGX
FRQJ«ODWHXUHVWDGDSW«¢OD
FRQVHUYDWLRQGHSURGXLWVDOLPHQWDLUHV
FRQJHO«V
ವ /DLVVH]VXIILVDPPHQWGಬHVSDFHDXWRXU
GHVDOLPHQWVSRXUSHUPHWWUH¢OಬDLUGH
FLUFXOHUOLEUHPHQW
ವ 3RXUXQHFRQVHUYDWLRQDG«TXDWH
FRQVXOWH]Oಬ«WLTXHWWHGHOಬHPEDOODJHGHV
DOLPHQWVSRXUFRQQD°WUHODGXU«HGH
FRQVHUYDWLRQGHVDOLPHQWV
&RQVHLOVSRXUYRVFRXUVHV
ವ $VVXUH]YRXVTXHOಬHPEDOODJHQಬHVW
SDVHQGRPPDJ«OHVDOLPHQWV
SRXUUDLHQW¬WUHG«W«ULRU«V6L
OಬHPEDOODJHHVWJRQIO«RXPRXLOO«LOQಬD
SHXW¬WUHSDV«W«FRQVHUY«GDQVGHV
FRQGLWLRQVRSWLPDOHVHWOD
G«FRQJ«ODWLRQDSHXW¬WUHG«M¢
FRPPHQF«
ವ 3RXUOLPLWHUOHSURFHVVXVGH
G«FRQJ«ODWLRQDFKHWH]OHVSURGXLWV
FRQJHO«V¢ODILQGHYRVFRXUVHVHW
WUDQVSRUWH]OHVGDQVXQVDFLVRWKHUPH
ವ 3ODFH]OHVDOLPHQWVFRQJHO«VGDQVOH
FRQJ«ODWHXULPP«GLDWHPHQWDSUªV¬WUH
UHYHQXGHYRVFRXUVHV
ವ 6LOHVDOLPHQWVVRQWG«FRQJHO«VP¬PH
SDUWLHOOHPHQWQHOHVUHFRQJHOH]SDV
&RQVRPPH]OHVGªVTXHSRVVLEOH
ವ 5HVSHFWH]ODGDWHGಬH[SLUDWLRQHWOHV
LQIRUPDWLRQVGHFRQVHUYDWLRQVXU
OಬHPEDOODJH
'XU«HGHFRQVHUYDWLRQSRXUOHFRPSDUWLPHQWGXFRQJ«ODWHXU
7\SHGൄDOLPHQW
'XU«HGHFRQVHUYD഻
WLRQ PRLV
3DLQ
)UXLWV VDXIDJUXPHV
/«JXPHV
5HVWHV VDQVYLDQGH
3URGXLWVODLWLHUV
%HXUUH
)URPDJH¢S¤WHPROOH SH[PR]]DUHOOD
)URPDJH¢S¤WHGXUH SH[SDUPHVDQFKHGGDU
)UXLWVGHPHU
18
7\SHGൄDOLPHQW
'XU«HGHFRQVHUYD഻
WLRQ PRLV
3RLVVRQJUDV SH[VDXPRQPDTXHUHDX
3RLVVRQPDLJUH SH[FDELOODXGOLPDQGH
&UHYHWWHV
3DORXUGHVHWPRXOHVG«FRUWLTX«HV
3RLVVRQFXLW
9LDQGH
9RODLOOH
%ĕXI
3RUF
$JQHDX
6DXFLVVH
-DPERQ
5HVWHV DYHFYLDQGH
&RQVHLOVSRXUODU«IULJ«UDWLRQ
GHVDOLPHQWVIUDLV
&RQVHLOVSRXUODU«IULJ«UDWLRQ
GHVDOLPHQWV
ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL
JDUDQWLWODFRQVHUYDWLRQGHVDOLPHQWV
IUDLVHVWXQHWHPS«UDWXUHLQI«ULHXUHRX
«JDOH¢r&
8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢
OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU
XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH
GHVDOLPHQWV
ವ &RXYUH]OHVDOLPHQWVDYHFXQ
HPEDOODJHSRXUFRQVHUYHUOHXU
IUD°FKHXUHWOHXUDU¶PH
ವ 8WLOLVH]WRXMRXUVGHVU«FLSLHQWVIHUP«V
SRXUOHVOLTXLGHVHWOHVDOLPHQWVDILQ
Gಬ«YLWHUOHVVDYHXUVRXOHVRGHXUVGDQV
OHFRPSDUWLPHQW
ವ 3RXU«YLWHUODFRQWDPLQDWLRQFURLV«H
HQWUHOHVDOLPHQWVFXLWVHWOHVDOLPHQWV
FUXVFRXYUH]OHVDOLPHQWVFXLWVHW
V«SDUH]OHVGHVDOLPHQWVFUXV
ವ ,OHVWFRQVHLOO«GHG«FRQJHOHUOHV
DOLPHQWV¢OಬLQW«ULHXUGXU«IULJ«UDWHXU
ವ 1 LQV«UH]SDVG DOLPHQWVFKDXGVGDQV
OಬDSSDUHLO$VVXUH]YRXVTXಬLOVRQW
UHIURLGL¢WHPS«UDWXUHDPELDQWHDYDQW
GHOHVLQV«UHU
ವ 3RXU«YLWHUOHJDVSLOODJHGHVDOLPHQWV
OHQRXYHDXVWRFNGಬDOLPHQWVGRLW
WRXMRXUV¬WUHSODF«GHUULªUHOಬDQFLHQ
ವ /HFRPSDUWLPHQWGHVDOLPHQWVIUDLVHVW
FHOXLLQGLTX« VXUODSODTXH
VLJQDO«WLTXH SDU
ವ 9LDQGH WRXVW\SHV HQYHORSSH]OD
GDQVXQHPEDOODJHDSSURSUL«HWSODFH]
ODVXUO «WDJªUHHQYHUUHDXGHVVXVGX
EDF¢O«JXPHV1HFRQVHUYH]ODYLDQGH
TXHRXMRXUVDXSOXV
ವ )UXLWVHWO«JXPHVQHWWR\H]
VRLJQHXVHPHQW UHWLUH]ODWHUUH HW
SODFH]OHVGDQVXQEDFVS«FLDO EDF¢
O«JXPHV ವ ,OHVWFRQVHLOO«GHQHSDVFRQVHUYHUOHV
IUXLWVH[RWLTXHVWHOVTXHOHVEDQDQHV
OHVPDQJXHVOHVSDSD\HVHWFGDQVOH
U«IULJ«UDWHXU
ವ /HVO«JXPHVWHOVTXHOHVWRPDWHVOHV
SRPPHVGHWHUUHOHVRLJQRQVHWO DLOQH
GRLYHQWSDV¬WUHFRQVHUY«VGDQVOH
U«IULJ«UDWHXU
ವ %HXUUHHWIURPDJHSODFH]OHVGDQVXQ
U«FLSLHQW«WDQFKH¢O DLURX
HQYHORSSH]OHVGDQVXQHIHXLOOH
G DOXPLQLXPRXXQVDFKHWHQ
SRO\«WK\OªQHSRXUOHVWHQLUDXWDQWTXH
SRVVLEOH¢O DEULGHO DLU
ವ %RXWHLOOHVIHUPH]OHVDYHFXQ
ERXFKRQHWSODFH]OHVVXUOHSRUWH
19
ERXWHLOOHVRX V LOHVWLQVWDOO« GDQVOH
EDOFRQQHW¢ERXWHLOOHVGHODSRUWH
ವ $ILQG DFF«O«UHUOHUHIURLGLVVHPHQWGHV
GHQU«HVLOHVWFRQVHLOO«G DFWLYHUOH
YHQWLODWHXU/ DFWLYDWLRQGX9HQWLODWHXU
SHUPHWXQHPHLOOHXUHKRPRJ«Q«LW«GHV
WHPS«UDWXUHVLQWHUQHV
ವ &RQVXOWH]WRXMRXUVODGDWHG H[SLUDWLRQ
GHVSURGXLWVSRXUVDYRLUFRPELHQGH
WHPSVOHVFRQVHUYHU
(175(7,(1(71(772<$*(
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
1HWWR\DJHGHOൄLQW«ULHXU
$YDQWG XWLOLVHUO DSSDUHLOSRXUODSUHPLªUH
IRLVQHWWR\H]O LQW«ULHXUHWWRXVOHV
DFFHVVRLUHVDYHFGHO HDXWLªGH
VDYRQQHXVH SRXUVXSSULPHUWRXWHRGHXU
GHQHXI SXLVV«FKH]OHVVRLJQHXVHPHQW
O DSSDUHLODXGHVVXVGXFRPSUHVVHXU
G R»HOOHV «YDSRUH
,OHVWLPSRUWDQWGHQHWWR\HUU«JXOLªUHPHQW
O RULILFHG «FRXOHPHQWGHODJRXORWWH
G «YDFXDWLRQGHO HDXGHG«JLYUDJHVLWX«H
DXPLOLHXGXFRPSDUWLPHQWU«IULJ«UDWHXU
SRXUHPS¬FKHUO HDXGHG«ERUGHUHWGH
FRXOHU¢O LQW«ULHXUGHO DSSDUHLO
3RXUFHIDLUHXWLOLVH]ODWLJHGHQHWWR\DJH
GHODJRXORWWHIRXUQLHDYHFOಬDSSDUHLO
$77(17,211 XWLOLVH]MDPDLV
GHG«WHUJHQWVGHSURGXLWV
DEUDVLIVGHQHWWR\DQWV¢EDVH
GHFKORUHRXG KXLOHFDULOV
SRXUUDLHQWHQGRPPDJHUOH
UHY¬WHPHQW
$77(17,21/HVSLªFHVHW
DFFHVVRLUHVGHO DSSDUHLOQH
GRLYHQWSDV¬WUHODY«VDXODYH
YDLVVHOOH
1HWWR\DJHS«ULRGLTXH
/ DSSDUHLOGRLW¬WUHQHWWR\«U«JXOLªUHPHQW
1HWWR\H]O LQW«ULHXUHWOHVDFFHVVRLUHV
DYHFGHO HDXWLªGHHWGXVDYRQQHXWUH
9«ULILH]U«JXOLªUHPHQWOHVMRLQWVGH
SRUWHHWHVVX\H]OHVSRXUYRXVDVVXUHU
TX LOVVRQWSURSUHVHWQHFRQWLHQQHQW
SDVGHU«VLGXV
5LQFH]HWV«FKH]VRLJQHXVHPHQW
'«JLYUDJHGXU«IULJ«UDWHXU
/HJLYUHHVWDXWRPDWLTXHPHQW«OLPLQ«GH
Oಬ«YDSRUDWHXUGXFRPSDUWLPHQWGX
U«IULJ«UDWHXUHQXWLOLVDWLRQQRUPDOH/ HDX
GHG«JLYUDJHHVWFROOHFW«HGDQVXQ
U«FLSLHQWVS«FLDOVLWX«¢O DUULªUHGH
'«JLYUDJHGXFRQJ«ODWHXU
/HFRPSDUWLPHQWFRQJ«ODWHXUHVWJDUDQWL
VDQVJLYUH&HODVLJQLILHTX LOQ \DDXFXQH
IRUPDWLRQGHJLYUHORUVTX LOHVWHQPDUFKH
QLVXUOHVSDURLVLQW«ULHXUHVQLVXUOHV
DOLPHQWV
3«ULRGHGHQRQXWLOLVDWLRQ
6LO DSSDUHLOQ HVWSDVXWLOLV«SHQGDQWXQH
ORQJXHS«ULRGHSUHQH]OHVSU«FDXWLRQV
VXLYDQWHV
'«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ
«OHFWULTXH
5HWLUH]WRXVOHVDOLPHQWV
1HWWR\H]O DSSDUHLOHWWRXVOHV
DFFHVVRLUHV
20
/DLVVH]OHVSRUWHVRXYHUWHVSRXU«YLWHU
ODIRUPDWLRQG RGHXUVG«VDJU«DEOHV
'3$11$*(
$9(57,66(0(175HSRUWH]
YRXVDX[FKDSLWUHVFRQFHUQDQW
ODV«FXULW«
4XHIDLUHVL
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/ಬDSSDUHLOQHIRQFWLRQQHSDV
/ಬDSSDUHLOHVW«WHLQW
0HWWH]OಬDSSDUHLOHQPDUFKH
/DILFKHGಬDOLPHQWDWLRQQಬHVW
SDVFRUUHFWHPHQWEUDQFK«H
¢ODSULVHGHFRXUDQW
%UDQFKH]ODILFKHVHFWHXU
VXUODSULVHGHFRXUDQW
,OQಬ\DSDVGHWHQVLRQGDQV
ODSULVHGHFRXUDQW
%UDQFKH]XQDXWUHDSSDUHLO
VXUODSULVHGHFRXUDQW&RQಣ
WDFWH]XQ«OHFWULFLHQTXDOLIL«
/ಬDSSDUHLOHVWEUX\DQW
/ಬDSSDUHLOQಬHVWSDVSRVLWLRQಣ
Q«FRUUHFWHPHQW
9«ULILH]TXHOಬDSSDUHLOHVW
VWDEOH
/HVVLJQDX[VRQRUHVRXYLಣ
VXHOVVRQWDFWLY«V
/HPHXEOHD«W«DOOXP«U«ಣ
FHPPHQW
&RQVXOWH]OHSDUDJUDSKH
m$ODUPHSRUWHRXYHUWH}RX
m$ODUPHKDXWHWHPS«UDWXಣ
UH}
/DWHPS«UDWXUH¢OಬLQW«ULHXU
GHOಬDSSDUHLOHVWWURS«OHY«H
&RQVXOWH]OHSDUDJUDSKH
m$ODUPHSRUWHRXYHUWH}RX
m$ODUPHKDXWHWHPS«UDWXಣ
UH}
/DSRUWHHVWODLVV«HRXYHUWH
5HIHUPH]ODSRUWH
/HFRPSUHVVHXUIRQFWLRQQH
HQSHUPDQHQFH
/DWHPS«UDWXUHHVWPDOU«ಣ
JO«H
5HSRUWH]YRXVDXFKDSLWUH
m%DQGHDXGHFRPPDQGH}
7URSGಬDOLPHQWVRQW«W«LQWURಣ
GXLWVVLPXOWDQ«PHQW
$WWHQGH]TXHOTXHVKHXUHVHW
Y«ULILH]GHQRXYHDXODWHPಣ
S«UDWXUH
/DWHPS«UDWXUHDPELDQWH
HVWWURS«OHY«H
5HSRUWH]YRXVDXFKDSLWUH
m,QVWDOODWLRQ}
/HVDOLPHQWVSODF«VGDQV
OಬDSSDUHLO«WDLHQWWURS
FKDXGV
/DLVVH]UHIURLGLUOHVDOLPHQWV
¢WHPS«UDWXUHDPELDQWH
DYDQWGHOHVUDQJHU
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
21
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/DIRQFWLRQ)DVW)UHH]HHVW
DFWLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW)UHH]H}
/DIRQFWLRQ)DVW&RROHVWDFಣ
WLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW&RRO}
/HFRPSUHVVHXUQHG«PDUUH
SDVLPP«GLDWHPHQWDSUªV
DYRLUDSSX\«VXUODWRXFKH
m)DVW)UHH]H}RXm)DVWಣ
&RRO}RXDSUªVDYRLUPRGLಣ
IL«ODWHPS«UDWXUH
/HFRPSUHVVHXUG«PDUUHDX
ERXWGಬXQFHUWDLQWHPSV
&ಬHVWQRUPDODXFXQHHUUHXU
QಬHVWVXUYHQXH
/DSRUWHHVWPDODOLJQ«HRX
LQWHUIªUHDYHFOHJULOGHYHQಣ
WLODWLRQ
/ಬDSSDUHLOQಬHVWSDV
GಬDSORPE
&RQVXOWH]OHVLQVWUXFWLRQV
GಬLQVWDOODWLRQ
/DSRUWHHVWGLIILFLOH¢RXYULU
9RXVDYH]HVVD\«GHURXYULU
ODSRUWHLPP«GLDWHPHQW
DSUªVOಬDYRLUIHUP«H
$WWHQGH]TXHOTXHVVHFRQಣ
GHVDSUªVDYRLUIHUP«OD
SRUWHSRXUODURXYULU
/ಬ«FODLUDJHQHIRQFWLRQQH
SDV
/ಬ«FODLUDJHHVWHQPRGHYHLOಣ
OH
)HUPH]HWRXYUH]ODSRUWH
/ಬ«FODLUDJHHVWG«IHFWXHX[
&RQWDFWH]OHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
,O\DWURSGHJLYUHHWGHJODಣ
FH
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/HMRLQWHVWG«IRUP«RXVDOH
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/HVDOLPHQWVQHVRQWSDV
FRUUHFWHPHQWHPEDOO«V
(PEDOOH]PLHX[OHVDOLಣ
PHQWV
/DWHPS«UDWXUHHVWPDOU«ಣ
JO«H
5HSRUWH]YRXVDXFKDSLWUH
m%DQGHDXGHFRPPDQGH}
/ಬDSSDUHLOHVWFRPSOªWHPHQW
FKDUJ«HWU«JO«VXUODWHPಣ
S«UDWXUHODSOXVEDVVH
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«H5HSRUWH]
YRXVDXFKDSLWUHm%DQGHDX
GHFRPPDQGH}
/DWHPS«UDWXUHU«JO«HGDQV
OಬDSSDUHLOHVWWURSEDVVHHWOD
WHPS«UDWXUHDPELDQWHHVW
WURS«OHY«H
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«H5HSRUWH]
YRXVDXFKDSLWUHm%DQGHDX
GHFRPPDQGH}
'HOಬHDXVಬ«FRXOHVXUODSODಣ
TXHDUULªUHGXU«IULJ«UDWHXU
3HQGDQWOHG«JLYUDJHDXWRಣ
PDWLTXHOHJLYUHIRQGVXUOD
SODTXHDUULªUH
&ಬHVWQRUPDO
22
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
7URSGಬHDXVಬHVWFRQGHQV«H
VXUODSDURLDUULªUHGXU«IULಣ
J«UDWHXU
/DSRUWHD«W«RXYHUWHWURS
IU«TXHPPHQW
1ಬRXYUH]ODSRUWHTXಬHQFDV
GHQ«FHVVLW«
/DSRUWHQಬHVWSDVHQWLªUHಣ
PHQWIHUP«H
$VVXUH]YRXVTXHODSRUWH
HVWHQWLªUHPHQWIHUP«H
/HVDOLPHQWVFRQVHUY«VQH
VRQWSDVHPEDOO«V
(QYHORSSH]OHVDOLPHQWV
GDQVXQHPEDOODJHDGDSW«
DYDQWGHOHVUDQJHUGDQV
OಬDSSDUHLO
'HOಬHDXVಬ«FRXOHVXUOHVRO
/DVRUWLHGಬHDXGHG«JLYUDJH
QಬHVWSDVUDFFRUG«HDXEDF
Gಬ«YDSRUDWLRQVLWX«DXGHVಣ
VXVGXFRPSUHVVHXU
)L[H]ODVRUWLHGHOಬHDXGH
G«JLYUDJHDXSODWHDXGಬ«YDಣ
SRUDWLRQ
/DWHPS«UDWXUHQHSHXWSDV
¬WUHU«JO«H
/Dm)DVW)UHH]HIRQFWLRQ}
RXODm)DVW&RROIRQFWLRQ}
HVWDFWLY«H
WHLJQH]ODm)DVW)UHHಣ
]HIRQFWLRQ}RXm)DVWಣ
&RROIRQFWLRQ}PDQXHOOHಣ
PHQWRXDWWHQGH]TXHOD
IRQFWLRQVHU«LQLWLDOLVHDXWRಣ
PDWLTXHPHQWDYDQWGHU«JOHU
ODWHPS«UDWXUH5HSRUWH]
YRXVDXSDUDJUDSKHm)DVWಣ
)UHH]H)RQFWLRQ}RXm)DVWಣ
&RRO)RQFWLRQ}
/DWHPS«UDWXUH¢OಬLQW«ULHXU
GHOಬDSSDUHLOHVWWURSEDVVH
«OHY«H
/DWHPS«UDWXUHQಬHVWSDVU«ಣ
JO«HFRUUHFWHPHQW
6«OHFWLRQQH]XQHWHPS«UDಣ
WXUHSOXV«OHY«HSOXVEDVVH
/DSRUWHQಬHVWSDVFRUUHFWHಣ
PHQWIHUP«H
5HSRUWH]YRXV¢ODVHFWLRQ
m)HUPHWXUHGHODSRUWH}
/DWHPS«UDWXUHGHVDOLPHQWV
HVWWURS«OHY«H
/DLVVH]OHVDOLPHQWVUHIURLGLU
¢WHPS«UDWXUHDPELDQWH
DYDQWGHOHVFRQVHUYHU
7URSGಬDOLPHQWVRQW«W«FRQಣ
VHUY«VVLPXOWDQ«PHQW
&RQVHUYH]PRLQVGHSURಣ
GXLWVHQP¬PHWHPSV
/DSRUWHD«W«RXYHUWHVRXಣ
YHQW
1ಬRXYUH]ODSRUWHTXHVLQ«ಣ
FHVVDLUH
/DIRQFWLRQ)DVW)UHH]HHVW
DFWLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW)UHH]H}
/DIRQFWLRQ)DVW&RROHVWDFಣ
WLY«H
&RQVXOWH]OHSDUDJUDSKH
m)RQFWLRQ)DVW&RRO}
23
3UREOªPH
&DXVHSRVVLEOH
6ROXWLRQ
/ಬDLUIURLGQHFLUFXOHSDV
GDQVOಬDSSDUHLO
$VVXUH]YRXVTXHOಬDLUIURLG
FLUFXOHGDQVOಬDSSDUHLO5Hಣ
SRUWH]YRXVDXFKDSLWUH
m&RQVHLOV}
'(02VಬDIILFKH
/ಬDSSDUHLOHVWHQPRGHG«ಣ
PRQVWUDWLRQ
0DLQWHQH]ODWRXFKH2.HQಣ
IRQF«HSHQGDQWHQYLURQ
VHFRQGHVMXVTXಬ¢FH
TXಬXQORQJVLJQDOVRQRUHUHಣ
WHQWLVVHHWTXHOಬDIILFKDJH
Vಬ«WHLJQHSHQGDQWXQFRXUW
LQVWDQW
8QV\PEROH RX RX
DSSDUD°W¢ODSODFHGHVFKLIಣ
IUHVVXUOಬ«FUDQGHWHPS«UDಣ
WXUH
3UREOªPHGHFDSWHXUGH
WHPS«UDWXUH
&RQWDFWH]OHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
OHV\VWªPHGHU«IULJ«UDWLRQ
FRQWLQXHGHPDLQWHQLUOHVDOLಣ
PHQWVDXIUDLVPDLVOHU«ಣ
JODJHGHODWHPS«UDWXUH
QಬHVWSDVSRVVLEOH 6LFHVFRQVHLOVQಬDSSRUWHQWSDV
OHU«VXOWDWVRXKDLW«YHXLOOH]
FRQVXOWHUOHVHUYLFHDSUªV
YHQWHDJU««OHSOXVSURFKH
5HPSODFHPHQWGHO «FODLUDJH
/ DSSDUHLOHVW«TXLS«G XQ«FODLUDJH¢/('
ORQJXHGXU«H
/HUHPSODFHPHQWGXGLVSRVLWLIG «FODLUDJH
GRLWXQLTXHPHQW¬WUHHIIHFWX«SDUXQ
WHFKQLFLHQGXVHUYLFHDSUªVYHQWH
&RQWDFWH]YRWUHVHUYLFHDSUªVYHQWH
DJU««
)HUPHWXUHGHODSRUWH
1HWWR\H]OHVMRLQWVGHODSRUWH
6LQ«FHVVDLUHDMXVWH]ODSRUWH
&RQVXOWH]OHVLQVWUXFWLRQV
G LQVWDOODWLRQ
6LQ«FHVVDLUHUHPSODFH]OHVMRLQWVGH
SRUWHG«IHFWXHX[&RQWDFWH]OHVHUYLFH
DSUªVYHQWHDJU««
24
%58,76
SSSRRR!
BRRR!
CLICK!
HISSS!
BLUBB!
'211(67(&+1,48(6
/HVFDUDFW«ULVWLTXHVWHFKQLTXHVILJXUHQW
VXUODSODTXHVLJQDO«WLTXHDSSRV«HVXUOH
F¶W«LQW«ULHXUGHOಬDSSDUHLOHWVXUOಬ«WLTXHWWH
«QHUJ«WLTXH
7HQVLRQ
)U«TXHQFH
a9
+]
,1)250$7,2163285/(6,167,7876'(7(67
/ಬLQVWDOODWLRQHWODSU«SDUDWLRQGHOಬDSSDUHLO
SRXUXQHY«ULILFDWLRQ(FR'HVLJQGRLYHQW
¬WUHFRQIRUPHV¢ODQRUPH(1/HV
H[LJHQFHVGHYHQWLODWLRQOHVGLPHQVLRQV
GHV«YLGHPHQWVHWOHVG«JDJHPHQWV
DUULªUHPLQLPXPGRLYHQWFRUUHVSRQGUHDX[
LQGLFDWLRQVGXFKDSLWUHGHFHPDQXHO
GಬXWLOLVDWLRQ9HXLOOH]FRQWDFWHUOHIDEULFDQW
SRXUGHSOXVDPSOHVLQIRUPDWLRQV
QRWDPPHQWOHVSODQVGHFKDUJHPHQW
:$55$17<&86720(56(59,&(
)RUHDFKSURGXFWZHSURYLGHDWZR\HDU
JXDUDQWHHIURPWKHGDWHRISXUFKDVHRU
GHOLYHU\WRWKHFRQVXPHU ZLWKD
JXDUDQWHHFHUWLILFDWHLQYRLFHRUVDOHV
UHFHLSWVHUYLQJDVSURRI 25
7KHJXDUDQWHHFRYHUVWKHFRVWVRI
PDWHULDOVODERXUDQGWUDYHO7KH
JXDUDQWHHZLOOODSVHLIWKHRSHUDWLQJ
LQVWUXFWLRQVDQGFRQGLWLRQVRIXVHDUHQRW
DGKHUHGWRLIWKHSURGXFWLVLQFRUUHFWO\
LQVWDOOHGRULQWKHHYHQWRIGDPDJH
FDXVHGE\H[WHUQDOLQIOXHQFHVIRUFH
PDMHXUHLQWHUYHQWLRQE\WKLUGSDUWLHVRU
WKHXVHRIQRQJHQXLQHFRPSRQHQWV
&21',7,216'(*$5$17,(6(59,&(
1RXVRFWUR\RQVVXUFKDTXHSURGXLWDQV
GHJDUDQWLH¢SDUWLUGHODGDWHGHOLYUDLVRQ
RXGHODPLVHHQVHUYLFHDX
FRQVRPPDWHXU GRFXPHQW«DXPR\HQ
GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX
GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH
FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH
G«SODFHPHQWDLQVLTXHOHVSLªFHVGH
UHFKDQJH
/HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV
YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV
QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH
UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH
PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢
OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU
GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV
H[W«ULHXUHVRXGHIRUFHPDMHXUH
*$5$17,(%(',1*81*(1.81'(1',(167
)¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE
9HUNDXIE]Z/LHIHUGDWXPDQGHQ
(QGYHUEUDXFKHUHLQH*DUDQWLHYRQ
-DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ
)DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ
I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW
'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL
1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ
XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU
,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ
GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW
(LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ
1LFKW2ULJLQDO7HLOHQ
&21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$
3HURJQLSURGRWWRFRQFHGLDPRXQD
JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL
FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH
)DVWDWRODGDWDGHOODIDWWXUDGHO
FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR
GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH
OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO
PDWHULDOH
'DOODFRSHUWXUDVRQRHVFOXVLLO
ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL
HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL
ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D
GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG
LVWUX]LRQLSHUOಬXVR
(10$7,5('(3527(&7,21'(/ (19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOHV\PEROH
'«SRVH]OHVHPEDOODJHVGDQVOHV
FRQWHQHXUVSU«YXV¢FHWHIIHW&RQWULEXH]
¢ODSURWHFWLRQGHO HQYLURQQHPHQWHW¢
YRWUHV«FXULW«UHF\FOH]YRVSURGXLWV
«OHFWULTXHVHW«OHFWURQLTXHV1HMHWH]SDV
OHVDSSDUHLOVSRUWDQWOHV\PEROH DYHF
OHVRUGXUHVP«QDJªUHV(PPHQH]XQWHO
SURGXLWGDQVYRWUHFHQWUHORFDOGH
UHF\FODJHRXFRQWDFWH]YRVVHUYLFHV
PXQLFLSDX[
26
3RXUOD6XLVVH
2»DOOHUDYHFOHVDSSDUHLOV
XVDJ«V"
3DUWRXWR»GHVDSSDUHLOVQHXIV
VRQWYHQGXVPDLVDXVVLGDQV
XQFHQWUHGHFROOHFWHRXXQH
HQWUHSULVHGHU«FXS«UDWLRQ
RIILFLHOV6(16
/DOLVWHGHVFHQWUHVGHFROOHFWH
RIILFLHOV6(16HVWGLVSRQLEOH
VRXVZZZHUHF\FOLQJFK
27
,1',&(
,QIRUPD]LRQLGLVLFXUH]]D
,VWUX]LRQLGLVLFXUH]]D
,QVWDOOD]LRQH
3DQQHOORGHLFRPDQGL
8WLOL]]RTXRWLGLDQR
&RQVLJOLHVXJJHULPHQWLXWLOL
3XOL]LDHFXUD
5LVROX]LRQHGHLSUREOHPL
5XPRUL
'DWLWHFQLFL
,QIRUPD]LRQLSHUJOLLVWLWXWLGLSURYD
&RQULVHUYDGLPRGLILFKH
9,6,7$,/1267526,72:(%3(5
5LFHYHUHFRQVLJOLVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH
RWWHQHUHLQIRUPD]LRQLVXOO DVVLVWHQ]DHODULSDUD]LRQH
KWWSVZZZIXVWFKUHSDUDWXU
,1)250$=,21,',6,&85(==$
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLIRUQLWHSULPDGLLQVWDOODUH
HXWLOL]]DUHO DSSDUHFFKLDWXUD,SURGXWWRULQRQVRQR
UHVSRQVDELOLGLHYHQWXDOLOHVLRQLRGDQQLGHULYDQWLGD
XQ LQVWDOOD]LRQHRXQXVRVFRUUHWWL&RQVHUYDUHVHPSUHOH
LVWUX]LRQLLQXQOXRJRVLFXURHDFFHVVLELOHSHUSRWHUOH
FRQVXOWDUHLQIXWXUR
6LFXUH]]DGHLEDPELQLHGHOOHSHUVRQHYXOQHUDELOL
ವ
ವ
ವ
ವ
ವ
4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQLD
SDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢ILVLFKH
VHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]DRFRQRVFHQ]D
VXOO XVRGHOO DSSDUHFFKLDWXUDVRODPHQWHVHVRUYHJOLDWLRVH
LVWUXLWLUHODWLYDPHQWHDOO XVRGHOO DSSDUHFFKLDWXUDHVH
KDQQRFRPSUHVRLULVFKLFRLQYROWL
,EDPELQLGLHW¢FRPSUHVDWUDLHJOLDQQLSRVVRQR
FDULFDUHHVFDULFDUHO DSSDUHFFKLRDFRQGL]LRQHFKHVLDQR
VWDWLDGHJXDWDPHQWHLVWUXLWL
4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDSHUVRQHFRQ
GLVDELOLW¢GLIIXVHHFRPSOHVVHVHGHELWDPHQWHLVWUXLWH
7HQHUHORQWDQLGDOO DSSDUHFFKLDWXUDLEDPELQLDOGLVRWWRGHL
DQQLVHQRQFRVWDQWHPHQWHVXSHUYLVLRQDWL
1RQFRQVHQWLUHDLEDPELQLGLJLRFDUHFRQ
O DSSDUHFFKLDWXUD
28
ವ
ವ
,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH
PDQXWHQ]LRQHVXOO DSSDUHFFKLDWXUDVHQ]DHVVHUH
VXSHUYLVLRQDWL
7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQ
PRGRDGHJXDWR
6LFXUH]]DJHQHUDOH
ವ
ವ
ವ
ವ
ವ
ವ
ವ
ವ
4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDOO XVRGRPHVWLFRH
DSSOLFD]LRQLVLPLOLWUDFXL
ದ &DVHGLFDPSDJQDFXFLQHGLQHJR]LXIILFLHDOWUL
DPELHQWLGLODYRUR
ದ &OLHQWLGLKRWHOPRWHOEHGDQGEUHDNIDVWHDOWULDPELHQWL
UHVLGHQ]LDOL
3HUHYLWDUHODFRQWDPLQD]LRQHGHJOLDOLPHQWLULVSHWWDUHOH
VHJXHQWLLVWUX]LRQL
ದ QRQDSULUHODSRUWDSHUOXQJKLSHULRGL
ದ SXOLUHUHJRODUPHQWHOHVXSHUILFLFKHSRVVRQRYHQLUHD
FRQWDWWRFRQJOLDOLPHQWLHLVLVWHPLGLGUHQDJJLR
DFFHVVLELOL
ದ FRQVHUYDUHODFDUQHHLOSHVFHFUXGRLQFRQWHQLWRUL
DGHJXDWLLQIULJRULIHURLQPRGRFKHQRQYHQJDD
FRQWDWWRFRQDOWULDOLPHQWLHQRQJRFFLROLVXDOWULDOLPHQWL
$99(57(1=$9HULILFDUHFKHOHDSHUWXUHGLYHQWLOD]LRQH
VLDVXOO DSSDUHFFKLDWXUDFKHQHOODVWUXWWXUDGDLQFDVVR
VLDQROLEHUHGDRVWUX]LRQL
$99(57(1=$1RQXVDUHGLVSRVLWLYLHOHWWULFLRDOWULPH]]L
DUWLILFLDOLQRQUDFFRPDQGDWLGDOSURGXWWRUHDOORVFRSRGL
DFFHOHUDUHLOSURFHVVRGLVEULQDPHQWR
$99(57(1=$1RQGDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWH
$99(57(1=$1RQXWLOL]]DUHDSSDUHFFKLDWXUHHOHWWULFKH
DOO LQWHUQRGHLFRPSDUWLGLFRQVHUYD]LRQHGHJOLDOLPHQWLDG
HFFH]LRQHGLTXHOOLFRQVLJOLDWLGDOFRVWUXWWRUH
1RQQHEXOL]]DUHDFTXDQ«XWLOL]]DUHYDSRUHSHUSXOLUH
O DSSDUHFFKLDWXUD
3XOLUHO DSSDUHFFKLDWXUDFRQXQSDQQRLQXPLGLWRHPRUELGR
8WLOL]]DUHVRORGHWHUJHQWLQHXWUL1RQXVDUHSURGRWWL
DEUDVLYLVSXJQHWWHDEUDVLYHVROYHQWLRGRJJHWWLPHWDOOLFL
29
ವ
ವ
ವ
4XDQGRO DSSDUHFFKLDWXUDUHVWDYXRWDSHUXQOXQJRSHULRGR
GLWHPSRVSHJQHUODVEULQDUODSXOLUODDVFLXJDUODHODVFLDUH
ODSRUWDDSHUWDSHUHYLWDUHODIRUPD]LRQHGLPXIIDDOVXR
LQWHUQR
1RQFRQVHUYDUHLQTXHVWDDSSDUHFFKLDWXUDVRVWDQ]H
HVSORVLYHFRPHERPEROHWWHVSUD\FRQWHQHQWLXQ
SURSHOOHQWHLQILDPPDELOH
6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYHHVVHUH
VRVWLWXLWRGDOSURGXWWRUHGDO&HQWURGL$VVLVWHQ]D
$XWRUL]]DWRRGDXQDSHUVRQDTXDOLILFDWDSHUHYLWDUH
VLWXD]LRQLGLSHULFROR
,6758=,21,',6,&85(==$
,QVWDOOD]LRQH
$99(57(1=$/ಬLQVWDOOD]LRQH
GHOO DSSDUHFFKLDWXUDGHYH
HVVHUHHVHJXLWDGDSHUVRQDOH
TXDOLILFDWR
ವ 5LPXRYHUHWXWWLLPDWHULDOLGL
LPEDOODJJLR
ವ 1RQLQVWDOODUHRXWLOL]]DUH
O DSSDUHFFKLDWXUDVHªGDQQHJJLDWD
ವ 1RQXVDUHO DSSDUHFFKLDWXUDSULPDGL
LQVWDOODUODQHOODVWUXWWXUDDLQFDVVRGDWH
OHPLVXUHGLVLFXUH]]D
ವ $WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH
DOO DSSDUHFFKLDWXUD
ವ 3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL
VSRVWDPHQWRGHOO DSSDUHFFKLDWXUDGDWR
FKHªSHVDQWH8VDUHVHPSUHLJXDQWL
GLVLFXUH]]DHOHFDO]DWXUHDGHJXDWH
ವ $VVLFXUDUVLFKHO DULDSRVVDFLUFRODUH
OLEHUDPHQWHDWWRUQRDOO DSSDUHFFKLDWXUD
ವ ,QIDVHGLSULPDLQVWDOOD]LRQHRGRSR
DYHUJLUDWRODSRUWDDWWHQGHUHDOPHQR
RUHSULPDGLFROOHJDUHO DSSDUHFFKLDWXUD
DOODVRUJHQWHGLDOLPHQWD]LRQH4XHVWR
VHUYHDFRQVHQWLUHDOO ROLRGLIOXLUH
QXRYDPHQWHQHOFRPSUHVVRUH
ವ 3ULPDGLHVHJXLUHHYHQWXDOLRSHUD]LRQL
VXOO DSSDUHFFKLDWXUD DGHVHPSLR
LQYHUWLUHODSRUWD WRJOLHUHODVSLQDGDOOD
SUHVDGLFRUUHQWH
ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDLQ
SURVVLPLW¢GLUDGLDWRULIRUQHOOLIRUQLR
SLDQLGLFRWWXUD
ವ 1RQHVSRUUHO DSSDUHFFKLDWXUDDOOD
SLRJJLD
ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDGRYH
VLDHVSRVWDDOODOXFHVRODUHGLUHWWD
ವ 1RQLQVWDOODUHTXHVWDDSSDUHFFKLDWXUD
LQDUHHWURSSRXPLGHRWURSSRIUHGGH
ವ 4XDQGRVLVSRVWDO DSSDUHFFKLDWXUD
VROOHYDUODGDOERUGRDQWHULRUHFRV®GD
QRQJUDIILDUHLOSDYLPHQWR
&ROOHJDPHQWRHOHWWULFR
$99(57(1=$5LVFKLRGL
LQFHQGLRHVFRVVDHOHWWULFD
$99(57(1=$,QIDVHGL
SRVL]LRQDPHQWR
GHOO DSSDUHFFKLDWXUDYHULILFDUH
FKHLOFDYRGLDOLPHQWD]LRQH
QRQVLDLQWUDSSRODWRR
GDQQHJJLDWR
$99(57(1=$1RQXWLOL]]DUH
SUHVHPXOWLSOHHSUROXQJKH
ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD
PHVVDDWHUUD
ವ 9HULILFDUHFKHLSDUDPHWULVXOOD
WDUJKHWWDVLDQRFRPSDWLELOLFRQOH
LQGLFD]LRQLHOHWWULFKHGHOO DOLPHQWD]LRQH
30
ವ 8WLOL]]DUHVHPSUHXQDSUHVDHOHWWULFD
FRQFRQWDWWRGLSURWH]LRQH
FRUUHWWDPHQWHLQVWDOODWD
ವ $FFHUWDUVLGLQRQGDQQHJJLDUHL
FRPSRQHQWLHOHWWULFL DGHVODVSLQDGL
DOLPHQWD]LRQHLOFDYRGLDOLPHQWD]LRQH
LOFRPSUHVVRUH &RQWDWWDUHLO&HQWURGL
$VVLVWHQ]D$XWRUL]]DWRRXQHOHWWULFLVWD
SHUVRVWLWXLUHLFRPSRQHQWLHOHWWULFL
ವ ,OFDYRGLDOLPHQWD]LRQHGHYHULPDQHUH
VRWWRLOOLYHOORGHOODVSLQDGL
DOLPHQWD]LRQH
ವ ,QVHULUHODVSLQDGLDOLPHQWD]LRQHQHOOD
SUHVDVRORDOWHUPLQHGHOO LQVWDOOD]LRQH
9HULILFDUHFKHODVSLQDGLDOLPHQWD]LRQH
ULPDQJDDFFHVVLELOHGRSR
O LQVWDOOD]LRQH
ವ 1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHU
VFROOHJDUHOಬDSSDUHFFKLDWXUD7LUDUH
VHPSUHGDOODVSLQD
8WLOL]]DUH
$99(57(1=$5LVFKLRGL
OHVLRQLVFRWWDWXUHRVFRVVH
HOHWWULFKH
/ DSSDUHFFKLDWXUDFRQWLHQHJDV
LQILDPPDELOHLVREXWDQR 5D XQJDV
QDWXUDOHFRQXQDOWROLYHOORGLFRPSDWLELOLW¢
DPELHQWDOH)DUHDWWHQ]LRQHDQRQ
GDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWHFKH
FRQWLHQHLVREXWDQR
ವ 1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH
GHOO DSSDUHFFKLDWXUD
ವ 1RQLQWURGXUUHDSSDUHFFKLDWXUH
HOHWWULFKH DGHVJHODWLHUH
QHOO DSSDUHFFKLDWXUDVHQRQ
VSHFLILFDPHQWHFRQVHQWLWRGDO
SURGXWWRUH
ವ 1HOFDVRGLGDQQRDOFLUFXLWR
UHIULJHUDQWHDVVLFXUDUVLFKHQRQVL
VYLOXSSLQRILDPPHOLEHUHHVFLQWLOOHQHO
ORFDOH$HUDUHEHQHO DPELHQWH
ವ 1RQDSSRJJLDUHRJJHWWLLQFDQGHVFHQWL
VXOOHSDUWLLQSODVWLFD
GHOO DSSDUHFFKLDWXUD
ವ 1RQLQWURGXUUHEHYDQGHDQDOFROLFKHQHO
YDQRFRQJHODWRUH6LYHUU¢DFUHDUHXQD
ವ
ವ
ವ
ವ
ವ
ವ
ವ
SUHVVLRQHQHOFRQWHQLWRUHGHOOD
EHYDQGD
1RQFRQVHUYDUHJDVHOLTXLGL
LQILDPPDELOLQHOO DSSDUHFFKLDWXUD
1RQDSSRJJLDUHRWHQHUHOLTXLGLR
PDWHULDOLLQILDPPDELOLQ«RJJHWWL
IDFLOPHQWHLQFHQGLDELOL
VXOO DSSDUHFFKLDWXUDDOVXRLQWHUQRR
QHOOHLPPHGLDWHYLFLQDQ]H
1RQWRFFDUHLOFRPSUHVVRUHRLO
FRQGHQVDWRUH6RQRLQFDQGHVFHQWL
1RQWRJOLHUHRWRFFDUHJOLRJJHWWLQHO
YDQRFRQJHODWRUHFRQOHPDQLEDJQDWH
RXPLGH
1RQULFRQJHODUHGHOFLER
SUHFHGHQWHPHQWHVFRQJHODWR
$WWHQHUVLDOOHLVWUX]LRQLSHUOD
FRQVHUYD]LRQHULSRUWDWHVXOOD
FRQIH]LRQHGHOFLERVXUJHODWR
$YYROJHUHJOLDOLPHQWLFRQPDWHULDOLSHU
XVRDOLPHQWDUHSULPDGLPHWWHUOLQHOOR
VFRPSDUWRGHOFRQJHODWRUH
,OOXPLQD]LRQHLQWHUQD
$99(57(1=$3HULFRORGL
VFRVVHHOHWWULFKH
ವ 3HUTXDQWRULJXDUGDODODPSDGDROH
ODPSDGHDOO LQWHUQRGLTXHVWRSURGRWWRH
OHODPSDGHGLULFDPELRYHQGXWH
VHSDUDWDPHQWH4XHVWHODPSDGHVRQR
GHVWLQDWHDUHVLVWHUHDFRQGL]LRQL
ILVLFKHHVWUHPHQHJOLHOHWWURGRPHVWLFL
FRPHWHPSHUDWXUDYLEUD]LRQLXPLGLW¢
RVRQRGHVWLQDWHDVHJQDODUH
LQIRUPD]LRQLVXOORVWDWRRSHUDWLYR
GHOO DSSDUHFFKLR1RQVRQRGHVWLQDWH
DGHVVHUHXWLOL]]DWHLQDOWUHDSSOLFD]LRQL
HQRQVRQRDGDWWHSHUO LOOXPLQD]LRQHGL
DPELHQWLGRPHVWLFL
3XOL]LDHFXUD
$99(57(1=$9LªLOULVFKLR
GLIHULUVLRGDQQHJJLDUH
O DSSDUHFFKLDWXUD
ವ 3ULPDGLHVHJXLUHTXDOXQTXHLQWHUYHQWR
GLPDQXWHQ]LRQHVSHJQHUH
O DSSDUHFFKLDWXUDHGHVWUDUUHODVSLQD
GDOODSUHVD
31
ವ / XQLW¢UHIULJHUDQWHGLTXHVWD
DSSDUHFFKLDWXUDFRQWLHQHLGURFDUEXUL
/ಬXQLW¢GHYHHVVHUHULFDULFDWDHG
LVSH]LRQDWDHVFOXVLYDPHQWHGD
SHUVRQDOHTXDOLILFDWR
ವ &RQWUROODUHUHJRODUPHQWHORVFDULFR
GHOO DSSDUHFFKLDWXUDHVHQHFHVVDULR
SXOLUOR/ RVWUX]LRQHGHOORVFDULFRSX´
FDXVDUHXQGHSRVLWRGLDFTXDGL
VEULQDPHQWRVXOIRQGR
GHOO DSSDUHFFKLDWXUD
$VVLVWHQ]D7HFQLFD
ವ 3HUULSDUDUHO DSSDUHFFKLDWXUD
FRQWDWWDUHXQ&HQWURGL$VVLVWHQ]D
$XWRUL]]DWR8WLOL]]DUHHVFOXVLYDPHQWH
ULFDPELRULJLQDOL
ವ 7HQHUHSUHVHQWHFKHODULSDUD]LRQH
DXWRQRPDRQRQSURIHVVLRQDOHSRVVRQR
DYHUHFRQVHJXHQ]HVXOODVLFXUH]]DH
SRWUHEEHURLQYDOLGDUHODJDUDQ]LD
6PDOWLPHQWR
$99(57(1=$5LVFKLRGL
OHVLRQLRVRIIRFDPHQWR
ವ 6WDFFDUHODVSLQDGDOO DOLPHQWD]LRQH
HOHWWULFD
ವ 7DJOLDUHLOFDYRGLUHWHHVPDOWLUOR
ವ 5LPXRYHUHODSRUWDSHUHYLWDUHFKH
EDPELQLHDQLPDOLGRPHVWLFLULPDQJDQR
FKLXVLDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD
ವ ,OFLUFXLWRUHIULJHUDQWHHLPDWHULDOLGL
LVRODPHQWRGLTXHVWDDSSDUHFFKLDWXUD
ULVSHWWDQRO R]RQR
ವ /DVFKLXPDLVRODQWHFRQWLHQHJDV
LQILDPPDELOL&RQWDWWDUHOHDXWRULW¢
ORFDOLSHUULFHYHUHLQIRUPD]LRQLVXFRPH
VPDOWLUHFRUUHWWDPHQWH
O DSSDUHFFKLDWXUD
ವ 1RQGDQQHJJLDUHLFRPSRQHQWL
GHOO XQLW¢UHIULJHUDQWHFKHVLWURYDQR
YLFLQRDOORVFDPELDWRUHGLFDORUH
,167$//$=,21(
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
$99(57(1=$3HU
O LQVWDOOD]LRQHGHOO DSSDUHFFKLR
IDUHULIHULPHQWRDOGRFXPHQWR
GLLVWUX]LRQLSHUO LQVWDOOD]LRQH
$99(57(1=$)LVVDUH
O DSSDUHFFKLRVHFRQGROH
LVWUX]LRQLGLLQVWDOOD]LRQHSHU
HYLWDUHLOULVFKLRGLLQVWDELOLW¢
GHOO DSSDUHFFKLR
32
D3
D1
'LPHQVLRQL
W3
A
H1
D2
W1
B
W2
SL»ORVSD]LRQHFHVVDULRSHUODOLEHUD
FLUFROD]LRQHGHOOಬDULDGLUDIIUHGGDPHQWR
'LPHQVLRQLFRPSOHVVLYH{
+
PP
:
PP
6SD]LRFRPSOHVVLYRQHFHVVDULRGXUDQWH
OൄXVRu
'
PP
+ $%
PP
:
PP
'
PP
{OಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLDWXUDVHQ]DOಬLPSXJQDWXUD
HLSLHGLQL
6SD]LRQHFHVVDULRGXUDQWHOൄXVRt
+ $%
PP
:
PP
'
PP
$
PP
%
PP
tOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLRFRPSUHVDODPDQLJOLD
uOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢
GHOOಬDSSDUHFFKLDWXUDFRPSUHVDOD
PDQLJOLDSL»ORVSD]LRQHFHVVDULRSHUOD
OLEHUDFLUFROD]LRQHGHOOಬDULDGL
UDIIUHGGDPHQWRSL»ORVSD]LRQHFHVVDULR
SHUFRQVHQWLUHOಬDSHUWXUDGHOODSRUWDFRQ
OಬDQJROD]LRQHPLQLPDFKHSHUPHWWHOD
ULPR]LRQHGLWXWWHOHDSSDUHFFKLDWXUH
LQWHUQH
/XRJR
3HUJDUDQWLUHODPLJOLRUHIXQ]LRQDOLW¢
GHOO DSSDUHFFKLDWXUDQRQVLGRYUHEEH
33
LQVWDOODUHO DSSDUHFFKLRQHOOHYLFLQDQ]H
GHOODIRQWHGLFDORUH IRUQRVWXIH
WHUPRVLIRQLIRUQHOOLRSLDQLGLFRWWXUD RLQ
XQOXRJRFRQOXFHVRODUHGLUHWWD
&RQWUROODUHFKHVXOUHWURGHOOಬDSSDUHFFKLR
VLDJDUDQWLWDXQಬDGHJXDWDFLUFROD]LRQH
GHOOಬDULD
4XHVWDDSSDUHFFKLDWXUDGHYHHVVHUH
LQVWDOODWDLQXQDSRVL]LRQHLQWHUQDDVFLXWWD
HEHQYHQWLODWD
4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDG
HVVHUHXWLOL]]DWDDWHPSHUDWXUHDPELHQWH
FKHYDQQRGDr&Dr&
,OFRUUHWWRIXQ]LRQDPHQWR
GHOO DSSDUHFFKLDWXUDSX´
HVVHUHJDUDQWLWRVRORQHO
ULVSHWWRGHOOHWHPSHUDWXUH
LQGLFDWH
,QFDVRGLGXEELVXOOXRJRGL
LQVWDOOD]LRQH
GHOO DSSDUHFFKLDWXUDFRQWDWWDUH
LOYHQGLWRUHLOQRVWUR&HQWURGL
$VVLVWHQ]DRLOULYHQGLWRUH
DXWRUL]]DWRSL»YLFLQR
'HYHHVVHUHSRVVLELOH
VFROOHJDUHO DSSDUHFFKLDWXUD
GDOODUHWHHOHWWULFD(VHJXLUH
SHUFL´O LQVWDOOD]LRQHIDFHQGRV®
FKHODVSLQDULPDQJD
IDFLOPHQWHDFFHVVLELOH
&ROOHJDPHQWRHOHWWULFR
ವ 3ULPDGLLQVHULUHODVSLQDYHULILFDUHFKH
ODWHQVLRQHHODIUHTXHQ]DULSRUWDWH
VXOODWDUJKHWWDGLLGHQWLILFD]LRQH
FRUULVSRQGDQRDTXHOOHGHOO LPSLDQWR
GRPHVWLFR
ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD
PHVVDDWHUUD/DVSLQDGHOFDYRGL
DOLPHQWD]LRQHªGRWDWDGLXQDSSRVLWR
FRQWDWWR6HODSUHVDGLFRUUHQWH
GHOO LPSLDQWRGRPHVWLFRQRQªFROOHJDWD
DWHUUDDOODFFLDUHO DSSDUHFFKLDWXUDD
XQDSUHVDGLWHUUDVHSDUDWDLQ
FRQIRUPLW¢DOOHQRUPHLQYLJRUH
ULYROJHQGRVLDXQHOHWWULFLVWDTXDOLILFDWR
ವ ,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLW¢
TXDORUDOHVXGGHWWHSUHFDX]LRQLGL
VLFXUH]]DQRQYHQJDQRULVSHWWDWH
ವ 4XHVWDDSSDUHFFKLDWXUDªFRQIRUPH
DOOHGLUHWWLYH&((
5HTXLVLWLGLYHQWLOD]LRQH
$VVLFXUDUHXQIOXVVRG DULDVXIILFLHQWH
GLHWURO DSSDUHFFKLDWXUD
5 cm
min.
200 cm2
min.
200 cm2
$77(1=,21(&RQVXOWDUHOH
LVWUX]LRQLSHUO LQVWDOOD]LRQH
3RVVLELOLW¢GLLQYHUWLUHODSRUWD
)DUHULIHULPHQWRDOGRFXPHQWRVHSDUDWR
FRQOHLVWUX]LRQLSHUO LQVWDOOD]LRQHH
O LQYHUVLRQHGHOODSRUWD
$77(1=,21(,QRJQLIDVHGL
LQYHUVLRQHGHOODSRUWD
SURWHJJHUHLOSDYLPHQWRGD
JUDIILFRQXQPDWHULDOH
UHVLVWHQWH
34
3$11(//2'(,&20$1',
1
8
7
6
'LVSOD\
7DVWR7HPSHUDWXUDSL»FDOGD
FRQJHODWRUH
7DVWR7HPSHUDWXUDSL»IUHVFD
FRQJHODWRUH
2.
)XQFWLRQV
7DVWR7HPSHUDWXUDSL»FDOGDIULJRULIHUR
5
4
3
2
7DVWR7HPSHUDWXUDSL»IUHVFD
IULJRULIHUR
212))
SRVVLELOHPRGLILFDUHOHLPSRVWD]LRQL
DXGLRSUHGHILQLWHGHLWDVWLSUHPHQGR
FRQWHPSRUDQHDPHQWHLOWDVWR)XQFWLRQVH
LOWDVWRWHPSHUDWXUDSL»IUHVFDSHUSRFKL
VHFRQGL/DPRGLILFDªUHYHUVLELOH
'LVSOD\
A
B
C
D E F
G
Off
min
L
K J
I
H
$FFHQVLRQH
,QVHULUHODVSLQDQHOODSUHVDGL
DOLPHQWD]LRQH
3UHPHUHLOWDVWR212))
GHOO DSSDUHFFKLDWXUDVHLOGLVSOD\ª
VSHQWR*OLLQGLFDWRULGLWHPSHUDWXUD
YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD
SUHGHILQLWD
3HUVHOH]LRQDUHXQDWHPSHUDWXUDGLYHUVD
IDUHULIHULPHQWRDOODVH]LRQH5HJROD]LRQH
GHOODWHPSHUDWXUD
$ 6SLDYDQRIULJRULIHUR
% 6SLDWLPHU
6SLDGHOODWHPSHUDWXUD
& ,QGLFDWRUH212))
' )DVW&RROIXQ]LRQH
( +ROLGD\PRGDOLW¢
) )DVW)UHH]HIXQ]LRQH
* ,QGLFDWRUHGHOODWHPSHUDWXUD
+ 6SLDYDQRFRQJHODWRUH
, 6SLDDOODUPH
- &KLOG/RFNIXQ]LRQH
. 'ULQNV&KLOOIXQ]LRQH
/ 9HQWRODIXQ]LRQH
6HVXOGLVSOD\DSSDUHG(0RIDUH
ULIHULPHQWRDOODVH]LRQH5LVROX]LRQHGHL
SUREOHPL
6SHJQLPHQWR
3UHPHUHLOWDVWR212))
GHOO DSSDUHFFKLDWXUDSHUVHFRQGL
,OGLVSOD\VLVSHJQH
6FROOHJDUHODVSLQDGDOODSUHVDGL
FRUUHQWH
35
5HJROD]LRQHGHOODWHPSHUDWXUD
)DVW&RROIXQ]LRQH
,PSRVWDUHODWHPSHUDWXUD
GHOO DSSDUHFFKLDWXUDSUHPHQGRLUHJRODWRUL
GHOODWHPSHUDWXUD
/DWHPSHUDWXUDSUHGHILQLWDFRQVLJOLDWD
LPSRVWDWDª
ವ r&SHULOIULJRULIHUR
ವ r&SHULOFRQJHODWRUH
/DJDPPDGLWHPSHUDWXUDSX´YDULDUHWUD
r&Hr&SHULOFRQJHODWRUHHWUDr&
Hr&SHULOIULJRULIHUR
*OLLQGLFDWRULGHOODWHPSHUDWXUD
YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD
6HRFFRUUHLQVHULUHXQDJUDQGHTXDQWLW¢GL
DOLPHQWLQHOORVFRPSDUWRIULJRULIHURSHU
HVHPSLRDOULWRUQRGDOODVSHVDª
FRQVLJOLDELOHDWWLYDUHODIXQ]LRQH)DVW&RRO
SHUUDIIUHGGDUHSL»UDSLGDPHQWHJOL
DOLPHQWLLQWURGRWWLQHOIULJRULIHURHQRQ
LQWLHSLGLUHLFLELJL¢SUHVHQWLDOVXRLQWHUQR
/DWHPSHUDWXUDLPSRVWDWDYHUU¢
UDJJLXQWDHQWURRUH
'RSRXQ LQWHUUX]LRQHGL
FRUUHQWHODWHPSHUDWXUD
LPSRVWDWDULPDQHLQPHPRULD
$FFHQVLRQHGHOIULJRULIHUR
3HUDFFHQGHUHLOIULJRULIHURªVXIILFLHQWH
SUHPHUHLOUHJRODWRUHGHOODWHPSHUDWXUD
GHOIULJRULIHUR3HUDFFHQGHUHLOIULJRULIHUR
QHOO DOWURPRGR
3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD2))GHOIULJRULIHURODPSHJJLD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD2))GHOIULJRULIHURVFRPSDUHHOD
VSLDGHOYDQRIULJRULIHURFRPSDUH
3HUVHOH]LRQDUHXQD
WHPSHUDWXUDGLYHUVDIDUH
ULIHULPHQWRDOODVH]LRQH
5HJROD]LRQHGHOOD
WHPSHUDWXUD
6SHJQLPHQWRGHOIULJRULIHUR
SRVVLELOHVSHJQHUHVRORLOYDQRIULJR
PDQWHQHQGRLOFRQJHODWRUHDFFHVR
3UHPHUH)XQFWLRQVILQRDTXDQGRQRQ
DSSDUHO LQGLFDWRUHGHOYDQRIULJRULIHUR
/DVSLD2))GHOIULJRULIHURHODVSLDGHO
YDQRIULJRULIHURODPSHJJLDQR
/ LQGLFDWRUHGHOODWHPSHUDWXUDGHO
IULJRULIHURYLVXDOL]]DGHLWUDWWLQL
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD2))GHOIULJRULIHURDSSDUHHOD
VSLDGHOYDQRIULJRULIHURODPSHJJLDQR
3UHPHUH)XQFWLRQVILQFK«DSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD)DVW&RROODPSHJJLD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD)DVW&RROYLHQHYLVXDOL]]DWD/D
YHQWRODVLDWWLYDDXWRPDWLFDPHQWHSHUOD
GXUDWDGHOODIXQ]LRQH
4XHVWDIXQ]LRQHVLDUUHVWD
DXWRPDWLFDPHQWHGRSRFLUFDRUH
SRVVLELOHGLVDWWLYDUHODIXQ]LRQH
)DVW&RROSULPDGHOODVXDILQHDXWRPDWLFD
ULSHWHQGRODSURFHGXUDRVHOH]LRQDQGR
XQDGLYHUVDWHPSHUDWXUDLPSRVWDWDGHO
IULJRULIHUR
+ROLGD\PRGDOLW¢
4XHVWDPRGDOLW¢FRQVHQWHGLPDQWHQHUHLO
YDQRIULJRULIHURYXRWRGXUDQWHXQOXQJR
SHULRGRGLYDFDQ]DULGXFHQGROD
IRUPD]LRQHGLFDWWLYLRGRULPHQWUHLOYDQR
IUHH]HUSX´IXQ]LRQDUHQRUPDOPHQWH
3UHPHUH)XQFWLRQVILQFK«DSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD+ROLGD\ODPSHJJLD/ LQGLFDWRUH
GHOODWHPSHUDWXUDPRVWUDODWHPSHUDWXUD
LPSRVWDWD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD+ROLGD\YLHQHYLVXDOL]]DWD
4XHVWDPRGDOLW¢VLVSHJQH
GRSRDYHUVHOH]LRQDWRXQD
WHPSHUDWXUDGLYHUVD
)DVW)UHH]HIXQ]LRQH
)DVW)UHH]HYLHQHXWLOL]]DWRSHUHVHJXLUHLO
SUHFRQJHODPHQWRHLOFRQJHODPHQWR
UDSLGRLQVHTXHQ]DGHOYDQRFRQJHODWRUH
/DIXQ]LRQHDFFHOHUDLOFRQJHODPHQWRGL
DOLPHQWLIUHVFKLHDOWHPSRVWHVVR
36
SURWHJJHJOLDOLPHQWLJL¢FRQVHUYDWLGD
ULVFDOGDPHQWLLQGHVLGHUDWL
3HUFRQJHODUHDOLPHQWLIUHVFKL
DWWLYDUHODIXQ]LRQH)DVW)UHH]H
DOPHQRRUHSULPDGL
LQWURGXUOLQHOYDQRFRQJHODWRUH
3HUDWWLYDUHTXHVWDIXQ]LRQHSUHPHUHLO
WDVWR)XQFWLRQVILQFK«QRQDSSDUH
OಬLFRQDFRUULVSRQGHQWH
/DVSLD)DVW)UHH]HODPSHJJLD
3UHPHUHLOWDVWR2.SHUFRQIHUPDUH
/DVSLD)DVW)UHH]HYLHQHYLVXDOL]]DWD
4XHVWDIXQ]LRQHVLDUUHVWD
DXWRPDWLFDPHQWHGRSRRUH
SRVVLELOHGLVDWWLYDUHODIXQ]LRQH
)DVW)UHH]HSULPDGHOODVXDILQH
DXWRPDWLFDULSHWHQGRODSURFHGXUDR
ILQFK«OಬLQGLFDWRUH)DVW)UHH]HVLVSHJQHR
VHOH]LRQDQGRXQDGLYHUVDWHPSHUDWXUD
LPSRVWDWD
9HQWRODIXQ]LRQH
,OYDQRIULJRULIHURªGRWDWRGLXQGLVSRVLWLYR
FKHFRQVHQWHLOUDIIUHGGDPHQWRUDSLGR
GHJOLDOLPHQWLHPDQWLHQHSL»XQLIRUPHOD
WHPSHUDWXUDGHOYDQR
4XHVWRGLVSRVLWLYRVLDWWLYD
DXWRPDWLFDPHQWHTXDQGRQHFHVVDULR
RSSXUHSX´HVVHUHDWWLYDWRPDQXDOPHQWH
3HUDWWLYDUHODIXQ]LRQH
3UHPHUHLOWDVWR)XQFWLRQVILQFK«QRQ
DSSDUHOಬLFRQDFRUULVSRQGHQWH
/DVSLD9HQWRODODPSHJJLD
3UHPHUHLOWDVWR2.SHUFRQIHUPDUH
/DVSLD9HQWRODYLHQHYLVXDOL]]DWD
3HUGLVDWWLYDUHODIXQ]LRQHULSHWHUHOD
SURFHGXUDILQRDOOR9HQWRODVSHJQLPHQWR
GHOODVSLD
6HODIXQ]LRQHYLHQHDWWLYDWD
DXWRPDWLFDPHQWHODVSLD
9HQWRODQRQYLHQHYLVXDOL]]DWD
IDUHULIHULPHQWRDಯ8WLOL]]R
TXRWLGLDQRರ /ಬDWWLYD]LRQHGHOODIXQ]LRQH
9HQWRODDXPHQWDLOFRQVXPRGL
HQHUJLD
/DYHQWRODVLDUUHVWDTXDQGRODSRUWDª
DSHUWDHVLULDYYLDLPPHGLDWDPHQWHGRSR
ODFKLXVXUDGHOODVXGGHWWD
&KLOG/RFNIXQ]LRQH
$WWLYDUHODIXQ]LRQH&KLOG/RFNSHUHYLWDUH
FKHLWDVWLYHQJDQRSUHPXWL
DFFLGHQWDOPHQWH
3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD&KLOG/RFNODPSHJJLD
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD&KLOG/RFNYLHQHYLVXDOL]]DWD
3HUGLVDWWLYDUHODIXQ]LRQH&KLOG/RFN
ULSHWHUHODSURFHGXUDILQFK«ODVSLD
&KLOG/RFNVLVSHJQH
'ULQNV&KLOOIXQ]LRQH
/DIXQ]LRQH'ULQNV&KLOOVHUYHSHU
LPSRVWDUHXQVHJQDOHDFXVWLFRLQXQ
SUHFLVRPRPHQWRXWLOHSHUHVHPSLR
TXDQGRXQDSLHWDQ]DULFKLHGHLO
UDIIUHGGDPHQWRGLXQDOLPHQWRSHUXQ
FHUWRSHULRGRGLWHPSR
XWLOHDQFKHTXDQGRªQHFHVVDULRXQ
SURPHPRULDSHUQRQGLPHQWLFDUHOH
ERWWLJOLHROHODWWLQHVLVWHPDWHQHO
FRQJHODWRUHSHUXQUDSLGRUDIIUHGGDPHQWR
3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH
O LFRQDFRUULVSRQGHQWH
/DVSLD'ULQNV&KLOOODPSHJJLD
,OWLPHUYLVXDOL]]DLOYDORUHLPSRVWDWR PLQXWL SHUDOFXQLVHFRQGL
3UHPHUHLOWDVWR5HJRODWRUHWLPHUSHU
PRGLILFDUHLOYDORUHLPSRVWDWRGDD
PLQXWL
3UHPHUH2.SHUFRQIHUPDUH
/DVSLD'ULQNV&KLOOYLHQHYLVXDOL]]DWD
,O7LPHULQL]LDDODPSHJJLDUH PLQ $OWHUPLQHGHOFRQWRDOODURYHVFLDODVSLD
ಯPLQಯODPSHJJLDHYLHQHHPHVVRXQ
VHJQDOHDFXVWLFR3UHPHUH2.SHU
VSHJQHUHLOVHJQDOHDFXVWLFRHSRUUHILQH
DOODIXQ]LRQH
3HUWHUPLQDUHODIXQ]LRQHULSHWHUHOD
SURFHGXUDILQFK«'ULQNV&KLOOVLVSHJQH
37
SRVVLELOHPRGLILFDUHO RUDLQ
TXDOVLDVLPRPHQWRGXUDQWHLO
FRQWRDOODURYHVFLDHDOODILQH
SUHPHQGRLOWDVWR7HPSHUDWXUD
SL»IUHVFDHGLO7DVWR
WHPSHUDWXUDSL»FDOGD
/DVSLDGLDOODUPHFRQWLQXDD
ODPSHJJLDUHILQRDOULSULVWLQR
GHOOHFRQGL]LRQLQRUPDOL
,QTXHVWRPRGRXQDPDJJLRUH
FLUFROD]LRQHGHOO DULDVLWUDGXFH
LQXQDPLQRUHXPLGLW¢GHOO DULD
$OODUPHGLDOWDWHPSHUDWXUD
$OODUPHSRUWDDSHUWD
4XDQGRF ªXQDXPHQWRGLWHPSHUDWXUD
QHOYDQRFRQJHODWRUH SHUHVHPSLRD
FDXVDGLXQ LQWHUUX]LRQHGLFRUUHQWH
SUHFHGHQWH JOLLQGLFDWRULGLDOODUPHHGL
WHPSHUDWXUDGHOFRQJHODWRUHODPSHJJLDQR
HLOVXRQRªDFFHVR
3HUGLVDWWLYDUHOಬDOODUPH
6HODSRUWDGHOIULJRULIHURYLHQHODVFLDWD
DSHUWDSHUFLUFDPLQXWLVLDYYLDO DOODUPH
DFXVWLFRHODVSLDDOODUPHODPSHJJLD
3UHPHUHXQWDVWRTXDOVLDVL
,OVHJQDOHDFXVWLFRYLHQHGLVDWWLYDWR
/ LQGLFDWRUHGHOODWHPSHUDWXUDGHO
FRQJHODWRUHYLVXDOL]]DSHUDOFXQL
VHFRQGLODWHPSHUDWXUDSL»DOWD
UDJJLXQWDTXLQGLQXRYDPHQWHOD
WHPSHUDWXUDLPSRVWDWD
/ DOODUPHVLIHUPDGRSRODFKLXVXUDGHOOD
SRUWD'XUDQWHO DOODUPHLOVHJQDOH
DFXVWLFRSX´HVVHUHGLVDWWLYDWRSUHPHQGR
TXDOVLDVLWDVWR
,QTXHVWRPRGRXQDPDJJLRUH
FLUFROD]LRQHGHOO DULDVLWUDGXFH
LQXQDPLQRUHXPLGLW¢GHOO DULD
87,/,==24827,',$12
3RVL]LRQDPHQWRGHLULSLDQLGHOOD
SRUWD
3HUFRQVHQWLUHODFRQVHUYD]LRQHGL
FRQIH]LRQLSHUDOLPHQWLGLYDULHGLPHQVLRQL
LULSLDQLSHUSRUWDSRVVRQRHVVHUH
SRVL]LRQDWLDGDOWH]]HGLIIHUHQWL
7LUDUHJUDGXDOPHQWHLOULSLDQRILQRD
FKHQRQVLOLEHUD
5LSRVL]LRQDUHFRPHQHFHVVDULR
4XHVWRPRGHOORªGRWDWRGLXQDFDVVHWWD
SHUDOLPHQWLYDULFKHSX´HVVHUHVSRVWDWD
ODWHUDOPHQWH
38
5LSLDQLULPRYLELOL
/HJXLGHSUHVHQWLVXOOHSDUHWLGHO
IULJRULIHURSHUPHWWRQRGLSRVL]LRQDUHL
ULSLDQLDGLYHUVHDOWH]]H
/ DSSDUHFFKLDWXUDªDQFKHGRWDWDGLXQ
ULSLDQRFRPSRVWRGLGXHSDUWL/DPHW¢
DQWHULRUHGHOULSLDQRSX´HVVHUHFROORFDWD
VRWWRDOODVHFRQGDSHUXVDUHPHJOLROR
VSD]LR
3HUSLHJDUHLOULSLDQR
(VWUDUUHGHOLFDWDPHQWHODPHW¢
DQWHULRUH
)DUODVFRUUHUHQHOELQDULRLQIHULRUHH
VRWWRDOVHFRQGRULSLDQR
6SLQJHUHLELQDULQHOPRELOHWWRSHU
HYLWDUHGLGDQQHJJLDUH
O DSSDUHFFKLDWXUDLQIDVHGLFKLXVXUD
GHOODSRUWD
1
2
3HUJDUDQWLUHXQDFRUUHWWD
FLUFROD]LRQHGHOO DULDQRQ
VSRVWDUHLOULSLDQRGLYHWUR
SRVWRVRSUDLOFDVVHWWRGHOOH
YHUGXUH
&DVVHWWRSHUYHUGXUD
4XHVWRFDVVHWWRªSDUWLFRODUPHQWHDGDWWR
SHUODFRQVHUYD]LRQHGLIUXWWDHYHUGXUD
3HUULPXRYHUHLOFDVVHWWR SHUHVHPSLRSHU
OHRSHUD]LRQLGLSXOL]LD (VWUDUUHLOFDVVHWWRHVROOHYDUOR
3HUULPRQWDUH
(VWUDUUHLELQDUL
39
&ROORFDUHODSDUWHSRVWHULRUHGHO
FDVVHWWR VXLELQDUL
1
2
IUXWWDHYHUGXUD,QTXHVWRPRGRLO
FRQWHQXWRQDWXUDOHGLXPLGLW¢QHOOD
IUXWWDHQHOODYHUGXUDVLFRQVHUYDSL»D
OXQJR
ವ $OORJJLDPHQWLDSHUWLFRQVLJOLDWR
TXDQGRF ªXQDJUDQGHTXDQWLW¢GL
IUXWWDHYHUGXUD,QTXHVWRPRGRXQD
PDJJLRUHFLUFROD]LRQHGHOO DULDVL
WUDGXFHLQXQDPLQRUHXPLGLW¢GHOO DULD
9HQWROD
,OYDQRIULJRULIHURªGRWDWRGLXQGLVSRVLWLYR
FKHFRQVHQWHLOUDIIUHGGDPHQWRUDSLGR
GHJOLDOLPHQWLHPDQWLHQHSL»XQLIRUPHOD
WHPSHUDWXUDGHOYDQR
7HQHUHVROOHYDWDODSDUWHDQWHULRUHGHO
FDVVHWWR PHQWUHVLSUHPHLO
FDVVHWWRDOO LQWHUQR
3UHPHUHODSDUWHDQWHULRUHGHOFDVVHWWR
YHUVRLOEDVVR
4XHVWRGLVSRVLWLYRVLDWWLYD
DXWRPDWLFDPHQWHTXDQGRQHFHVVDULR
(VWUDUUHQXRYDPHQWHLO
FDVVHWWRHFRQWUROODUHFKHVLD
SRVL]LRQDWRFRUUHWWDPHQWHVLD
VXLJDQFLSRVWHULRULFKHVX
TXHOOLDQWHULRUL
&RQWUROORGHOO XPLGLW¢
,OULSLDQRLQYHWURLQFRUSRUDXQGLVSRVLWLYR
DIHVVXUHUHJRODELOLSHUPH]]RGLXQDOHYD
VFRUUHYROHFKHFRQVHQWHGLUHJRODUH
O XPLGLW¢GHOFDVVHWWRRGHLFDVVHWWLGHOOH
YHUGXUH
,OGLVSRVLWLYRSX´HVVHUHDFFHVRDQFKH
PDQXDOPHQWHVHQHFHVVDULR IDUH
ULIHULPHQWRDOODIXQ]LRQH9HQWROD /DYHQWRODIXQ]LRQDVROR
TXDQGRODSRUWDYLHQHFKLXVD
&RQJHODPHQWRGLDOLPHQWL
IUHVFKL
/RVFRPSDUWRFRQJHODWRUHªDGDWWRDO
FRQJHODPHQWRGLDOLPHQWLIUHVFKLHDOOD
FRQVHUYD]LRQHGLDOLPHQWLFRQJHODWLH
VXUJHODWLDOXQJR
/DSRVL]LRQHGHOFRQWUROORGHOO XPLGLW¢
GLSHQGHGDOWLSRHGDOODTXDQWLW¢GLIUXWWDH
YHUGXUD
ವ $OORJJLDPHQWLFKLXVLFRQVLJOLDWR
TXDQGRF ªXQDSLFFRODTXDQWLW¢GL
3HUFRQJHODUHDOLPHQWLIUHVFKLDWWLYDUHOD
)XQ]LRQH)DVW)UHH]HDOPHQRRUHSULPD
GLLQWURGXUOLQHOYDQRFRQJHODWRUH
&RQVHUYDUHJOLDOLPHQWLIUHVFKLGLVWULEXLWL
XQLIRUPHPHQWHQHOWHU]RVFRPSDUWRR
FDVVHWWRGDOOಬDOWR
40
/DTXDQWLW¢PDVVLPDGLFLERFKHSX´
HVVHUHFRQJHODWDVHQ]DOಬDJJLXQWDGLDOWUL
DOLPHQWLIUHVFKLSHURUHªLQGLFDWDVXOOD
WDUJKHWWD XQಬHWLFKHWWDVLWXDWDDOOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUD $OWHUPLQHGHOSURFHVVRGLFRQJHODPHQWR
OಬDSSDUHFFKLDWXUDULWRUQDDXWRPDWLFDPHQWH
DOODSUHFHGHQWHLPSRVWD]LRQHGHOOD
WHPSHUDWXUD YHGHUHODಯ)XQ]LRQH
)DVW)UHH]Hರ &RQVHUYD]LRQHGLFLELFRQJHODWL
$OSULPRDYYLRRGRSRXQSHULRGRGLQRQ
XWLOL]]RODVFLDUHLQIXQ]LRQH
OಬDSSDUHFFKLDWXUDSHUDOPHQRRUH
DWWLYDQGRODIXQ]LRQH)DVW)UHH]HSULPDGL
LQWURGXUUHJOLDOLPHQWL
,FDVVHWWLGHOFRQJHODWRUHFRQVHQWRQRGL
WURYDUHUDSLGDPHQWHHIDFLOPHQWHOD
FRQIH]LRQHGLDOLPHQWLGHVLGHUDWD3HU
FRQVHUYDUHJUDQGLTXDQWLW¢GLFLER
ULPXRYHUHWXWWLLFDVVHWWLHFROORFDUHJOL
DOLPHQWLVXLULSLDQL
,OFLERGHYHWURYDUVLDGXQDGLVWDQ]DGL
PPGDOODSRUWD
6FRQJHODPHQWR
,FLELVXUJHODWLRFRQJHODWLSULPDGLHVVHUH
FRQVXPDWLSRVVRQRHVVHUHVFRQJHODWLLQ
IULJRULIHURRDOO LQWHUQRGLXQVDFFKHWWRGL
SODVWLFDVRWWRO DFTXDIUHGGD
4XHVWDRSHUD]LRQHGLSHQGHGDOWHPSRD
GLVSRVL]LRQHHGDOWLSRGLDOLPHQWR/H
SLFFROHSRU]LRQLSRVVRQRHVVHUHFXFLQDWH
GLUHWWDPHQWHVHQ]DHVVHUHSULPD
VFRQJHODWL
3URGX]LRQHGLFXEHWWLGL
JKLDFFLR
4XHVWDDSSDUHFFKLDWXUDªGRWDWDGLXQDR
SL»YDVFKHWWHSHUODSURGX]LRQHGLFXEHWWL
GLJKLDFFLR
1RQXVDUHVWUXPHQWLPHWDOOLFL
SHUHVWUDUUHOHYDVFKHWWHGDO
YDQRFRQJHODWRUH
5LHPSLUHGಬDFTXDOHYDVFKHWWH
,QWURGXUUHOHYDVFKHWWHSHULOJKLDFFLR
QHOYDQRFRQJHODWRUH
$77(1=,21(,QFDVRGL
VFRQJHODPHQWRDFFLGHQWDOHDG
HVHPSLRDFDXVDGL
XQಬLQWHUUX]LRQHGLFRUUHQWHVH
ODFRUUHQWHªULPDVWDVSHQWDSL»
DOXQJRGHOYDORUHLQGLFDWRVXOOD
WDUJKHWWDVRWWRಯWHPSRGL
ULVDOLWDರJOLDOLPHQWLVFRQJHODWL
GHYRQRHVVHUHFRQVXPDWL
UDSLGDPHQWHRFRWWL
LPPHGLDWDPHQWHSRL
UDIIUHGGDWLHTXLQGLULFRQJHODWL
9HGHUH$OODUPHGLDOWD
WHPSHUDWXUD
&216,*/,(68**(5,0(17,87,/,
&RQVLJOLSHULOULVSDUPLR
HQHUJHWLFR
ವ &RQJHODWRUH/ಬXVRSL»HIILFLHQWH
GHOOಬHQHUJLDGLSHQGHGDOOD
FRQILJXUD]LRQHLQWHUQD
GHOOಬDSSDUHFFKLDWXUD
ವ )ULJRULIHUR/ಬXVRSL»HIILFLHQWH
GHOOಬHQHUJLDªJDUDQWLWRGDOOD
FRQILJXUD]LRQHFRQLFDVVHWWLQHOODSDUWH
LQIHULRUHGHOOಬDSSDUHFFKLDWXUDHLULSLDQL
GLVWULEXLWLXQLIRUPHPHQWH/DSRVL]LRQH
GHJOLVFRPSDUWLVXOODSRUWDQRQLQIOXLVFH
VXOFRQVXPRHQHUJHWLFR
41
ವ 1RQDSULUHIUHTXHQWHPHQWHODSRUWDH
OLPLWDUHLOSL»SRVVLELOHLWHPSLGL
DSHUWXUD
ವ &RQJHODWRUH3L»IUHGGDª
OಬLPSRVWD]LRQHGHOODWHPSHUDWXUD
PDJJLRUHªLOFRQVXPRGLHQHUJLD
ವ )ULJRULIHUR1RQLPSRVWDUHXQD
WHPSHUDWXUDWURSSRDOWDSHUULVSDUPLDUH
HQHUJLDDPHQRFKHQRQVLDULFKLHVWD
GDOOHFDUDWWHULVWLFKHGHOOಬDOLPHQWR
ವ 6HODWHPSHUDWXUDDPELHQWHªHOHYDWD
LOFRQWUROORGHOODWHPSHUDWXUDª
LPSRVWDWRVXXQYDORUHEDVVRH
OಬDSSDUHFFKLDWXUDªDSLHQRFDULFRLO
FRPSUHVVRUHSX´IXQ]LRQDUHLQ
PDQLHUDLQLQWHUURWWDFDXVDQGROD
IRUPD]LRQHGLEULQDRGLJKLDFFLR
VXOOಬHYDSRUDWRUH,QTXHVWRFDVR
LPSRVWDUHLOFRQWUROORGHOODWHPSHUDWXUD
VXXQDSRVL]LRQHSL»HOHYDWDSHU
FRQVHQWLUHORVEULQDPHQWRDXWRPDWLFRH
ULGXUUHFRV®LOFRQVXPRGLHQHUJLD
ವ *DUDQWLUHXQDEXRQDYHQWLOD]LRQH1RQ
FRSULUHOHJULJOLHRLIRULGLYHQWLOD]LRQH
ವ $VVLFXUDUVLFKHLSURGRWWLDOLPHQWDUL
DOOಬLQWHUQRGHOOಬDSSDUHFFKLRSHUPHWWDQR
ODFLUFROD]LRQHGHOOಬDULDDWWUDYHUVR
DSSRVLWLIRULQHOODSDUWHSRVWHULRUH
LQWHUQDGHOOಬDSSDUHFFKLR
&RQVLJOLSHULOFRQJHODPHQWR
ವ $WWLYDUHODIXQ]LRQH)DVW)UHH]HDOPHQR
RUHSULPDGLLQVHULUHJOLDOLPHQWLQHO
YDQRFRQJHODWRUH
ವ 3ULPDGLFRQJHODUHDYYROJHUHHVLJLOODUH
JOLDOLPHQWLIUHVFKLLQIRJOLRGLDOOXPLQLR
SHOOLFRODGLSODVWLFDRVDFFKHWWL
FRQWHQLWRULHUPHWLFLFRQFRSHUFKLR
ವ 3HUFRQJHODUHHVFRQJHODUHLQPRGR
SL»HIILFDFHVXGGLYLGHUHJOLDOLPHQWLLQ
SLFFROHSRU]LRQL
ವ 6LUDFFRPDQGDGLPHWWHUHHWLFKHWWHH
GDWHVXWXWWLJOLDOLPHQWLVXUJHODWL
4XHVWRDLXWHU¢DLGHQWLILFDUHJOLDOLPHQWL
HDVDSHUHTXDQGRGHYRQRHVVHUH
XWLOL]]DWLSULPDGHOORURGHWHULRUDPHQWR
ವ ,OFLERGHYHHVVHUHIUHVFRTXDQGR
YLHQHFRQJHODWRSHUSUHVHUYDUQHOD
EXRQDTXDOLW¢6RSUDWWXWWRIUXWWDH
YHUGXUDGRYUHEEHURHVVHUHFRQJHODWH
ವ
ವ
ವ
ವ
ವ
GRSRLOUDFFROWRSHUSUHVHUYDUHWXWWHOH
ORURVRVWDQ]HQXWULWLYH
1RQFRQJHODUHERWWLJOLHRODWWLQHFRQ
OLTXLGLLQSDUWLFRODUHEHYDQGH
FRQWHQHQWLDQLGULGHFDUERQLFD
SRWUHEEHURHVSORGHUHGXUDQWHLO
FRQJHODPHQWR
1RQPHWWHUHFLELFDOGLQHOFRQJHODWRUH
5DIIUHGGDUOLDWHPSHUDWXUDDPELHQWH
SULPDGLFROORFDUOLDOO LQWHUQRGHOOR
VFRPSDUWR
$OILQHGLHYLWDUHJOLDXPHQWLGL
WHPSHUDWXUDGLDOLPHQWLJL¢FRQJHODWL
QRQPHWWHUHDOLPHQWLIUHVFKLVFRQJHODWL
QHOOHLPPHGLDWHYLFLQDQ]H&ROORFDUHJOL
DOLPHQWLDWHPSHUDWXUDDPELHQWHQHOOD
SDUWHGHOORVFRPSDUWRGHOFRQJHODWRUH
GRYHQRQFLVRQRFLELVXUJHODWL
1RQPDQJLDUHLFXEHWWLGLJKLDFFLRL
JKLDFFLROLRJUDQLWHVXELWRGRSRDYHUOL
WROWLGDOFRQJHODWRUH5LVFKLRGLVLQWRPL
GDFRQJHODPHQWR
1RQFRQJHODUHQXRYDPHQWHLOFLER
VFRQJHODWR6HLOFLERVLªVFRQJHODWR
FXRFHUORUDIIUHGGDUORHSRLFRQJHODUOR
&RQVLJOLSHUODFRQVHUYD]LRQHGL
FLELFRQJHODWL
ವ ,OYDQRFRQJHODWRUHªTXHOOR
FRQWUDVVHJQDWRFRQ
ವ 8QDEXRQDLPSRVWD]LRQHGHOOD
WHPSHUDWXUDFKHJDUDQWLVFHOD
FRQVHUYD]LRQHGHJOLDOLPHQWLFRQJHODWL
ªXQDWHPSHUDWXUDLQIHULRUHRXJXDOHD
r&
/ಬLPSRVWD]LRQHGLXQDWHPSHUDWXUDSL»
HOHYDWDDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD
SX´SRUWDUHDXQDPLQRUHGXUDWDGL
FRQVHUYD]LRQH
ವ /ಬLQWHURVFRPSDUWRGHOFRQJHODWRUHª
DGDWWRDOODFRQVHUYD]LRQHGLSURGRWWL
DOLPHQWDULVXUJHODWL
ವ /DVFLDUHDEEDVWDQ]DVSD]LRLQWRUQRDO
FLERSHUSHUPHWWHUHDOOಬDULDGLFLUFRODUH
OLEHUDPHQWH
ವ 3HUXQDFRQVHUYD]LRQHDGHJXDWDIDUH
ULIHULPHQWRDOOಬHWLFKHWWDVXOODFRQIH]LRQH
GHOOಬDOLPHQWRSHUYHGHUHODGXUDWDGL
FRQVHUYD]LRQHGHJOLDOLPHQWL
42
ವ LPSRUWDQWHDYYROJHUHLOFLERLQPRGR
WDOHGDHYLWDUHFKHOಬDFTXDOಬXPLGLW¢R
ODFRQGHQVDSHQHWULQRDOOಬLQWHUQR
&RQVLJOLSHUOൄDFTXLVWR
'RSRDYHUDFTXLVWDWRDOLPHQWL
ವ $VVLFXUDUVLFKHO LPEDOODJJLRQRQVLD
GDQQHJJLDWRLOFLERSRWUHEEH
GHWHULRUDUVL6HODFRQIH]LRQHªJRQILD
REDJQDWDSRWUHEEHQRQHVVHUHVWDWD
FRQVHUYDWDQHOOHFRQGL]LRQLRWWLPDOLHOR
VEULQDPHQWRSRWUHEEHHVVHUHJL¢
LQL]LDWR
ವ 3HUOLPLWDUHLOSURFHVVRGL
VFRQJHODPHQWRDFTXLVWDUHLSURGRWWL
VXUJHODWLDOODILQHGHOODVSHVDH
WUDVSRUWDUOLLQXQVDFFKHWWRWHUPLFRH
LVRODWR
ವ 0HWWHWHLVXUJHODWLLPPHGLDWDPHQWHQHO
FRQJHODWRUHGRSRHVVHUHWRUQDWLGDO
QHJR]LR
ವ 6HLOFLERVLªVFRQJHODWRDQFKHVROR
SDU]LDOPHQWHQRQFRQJHODUORGLQXRYR
&RQVXPDUORLOSULPDSRVVLELOH
ವ 5LVSHWWDUHODGDWDGLVFDGHQ]DHOH
LQIRUPD]LRQLGLFRQVHUYD]LRQHVXOOD
FRQIH]LRQH
3HULRGRGLFRQVHUYD]LRQHSHUVFRPSDUWRFRQJHODWRUH
7LSRGLFLER
3HULRGRGLFRQVHU഻
YD]LRQH PHVL
3DQH
)UXWWD DHFFH]LRQHGHJOLDJUXPL
9HUGXUH
$YDQ]LVHQ]DFDUQH
/DWWLFLQL
%XUUR
)RUPDJJLRDSDVWDPROOH DGHVPR]]DUHOOD
)RUPDJJLRDSDVWDGXUD DGHVSDUPLJLDQRFKHGGDU
)UXWWLGLPDUH
3HVFLJUDVVL DGHVVDOPRQHVJRPEUR
3HVFLPDJUL DGHVPHUOX]]RSODWHVVD
*DPEHUHWWL
9RQJROHHFR]]HVJXVFLDWH
3HVFHFRWWR
&DUQH
3ROODPH
0DQ]R
0DLDOH
$JQHOOR
6DOVLFFLD
3URVFLXWWR
$YDQ]LFRQFDUQH
43
&RQVLJOLSHUODUHIULJHUD]LRQH
GHLFLELIUHVFKL
ವ 8QDEXRQDLPSRVWD]LRQHGHOOD
WHPSHUDWXUDFKHJDUDQWLVFHOD
FRQVHUYD]LRQHGHJOLDOLPHQWLIUHVFKLª
XQDWHPSHUDWXUDLQIHULRUHRXJXDOHD
r&
/ LPSRVWD]LRQHGLXQDWHPSHUDWXUDSL»
HOHYDWDDOO LQWHUQRGHOO DSSDUHFFKLRSX´
SRUWDUHDXQDPLQRUHGXUDWDGL
FRQVHUYD]LRQHGHJOLDOLPHQWL
ವ &RSULUHLOFLERFRQXQLPEDOODJJLRSHU
SUHVHUYDUQHODIUHVFKH]]DHO DURPD
ವ 8WLOL]]DUHVHPSUHFRQWHQLWRULFKLXVLSHU
OLTXLGLHSHUDOLPHQWLSHUHYLWDUHVDSRUL
RRGRULQHOORVFRPSDUWR
ವ 3HUHYLWDUHODFRQWDPLQD]LRQH
LQFURFLDWDWUDFLERFRWWRHFUXGRFRSULUH
LOFLERFRWWRHVHSDUDUORGDTXHOOR
FUXGR
ವ 6LFRQVLJOLDGLVFRQJHODUHLOFLER
DOO LQWHUQRGHOIULJRULIHUR
ವ 1RQLQVHULUHFLERFDOGRDOO LQWHUQR
GHOO DSSDUHFFKLDWXUD$VVLFXUDUVLFKHVL
VLDUDIIUHGGDWRDWHPSHUDWXUDDPELHQWH
SULPDGLLQVHULUOR
ವ 3HUHYLWDUHORVSUHFRGLFLERODQXRYD
VFRUWDGLFLERGRYUHEEHHVVHUHVHPSUH
FROORFDWDGLHWURDTXHOODYHFFKLD
&RQVLJOLSHUODUHIULJHUD]LRQH
GHLFLEL
ವ &DUQH WXWWLLWLSL GHYHHVVHUHDYYROWD
LQDSSRVLWLVDFFKHWWLHFROORFDWDVXO
ULSLDQRGLYHWURVRSUDLOFDVVHWWRGHOOH
YHUGXUH/DFDUQHSX´HVVHUH
FRQVHUYDWDDOPDVVLPRSHUJLRUQL
ವ )UXWWDHYHUGXUDSXOLUHDFFXUDWDPHQWH
HOLPLQDUHORVSRUFR HULSRUUH
QHOOಬDSSRVLWRFDVVHWWR FDVVHWWRSHUOD
YHUGXUD ವ 6LFRQVLJOLDGLQRQFRQVHUYDUHLQ
IULJRULIHURLIUXWWLHVRWLFLFRPHEDQDQH
PDQJKLSDSDLHHFF
ವ /HYHUGXUHFRPHSRPRGRULSDWDWH
FLSROOHHDJOLRQRQGHYRQRHVVHUH
FRQVHUYDWHLQIULJRULIHUR
ವ %XUURHIRUPDJJLRULSRUOLLQXQDSSRVLWR
FRQWHQLWRUHVRWWRYXRWRRSSXUH
DYYROJHUOLLQXQIRJOLRGLDOOXPLQLRRLQ
XQVDFFKHWWRGLSROLHWLOHQHSHUOLPLWDUHLO
SL»SRVVLELOHODSUHVHQ]DGLDULD
ವ %RWWLJOLHFKLXGHUOHFRQXQWDSSRH
FRQVHUYDUOHQHOULSLDQRSRUWDERWWLJOLH
GHOODSRUWDR VHSUHVHQWH VXOODJULJOLD
SRUWDERWWLJOLH
ವ 3HUDFFHOHUDUHLOUDIIUHGGDPHQWRGHJOL
DOLPHQWLVLFRQVLJOLDGLDFFHQGHUHOD
YHQWROD/ಬDWWLYD]LRQHGL9HQWROD
FRQVHQWHXQDPDJJLRUH
RPRJHQHL]]D]LRQHGHOOHWHPSHUDWXUH
LQWHUQH
ವ )DUHVHPSUHULIHULPHQWRDOODGDWDGL
VFDGHQ]DGHLSURGRWWLSHUVDSHUHSHU
TXDQWRWHPSRFRQVHUYDUOL
ವ ,OFRPSDUWRDOLPHQWLIUHVFKLªTXHOOR
FRQWUDVVHJQDWR VXOODWDUJKHWWDGHLGDWL
FRQ
38/,=,$(&85$
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
3XOL]LDGHOO LQWHUQR
3ULPDGLXWLOL]]DUHO DSSDUHFFKLDWXUDSHUOD
SULPDYROWDODYDUHO LQWHUQRHJOLDFFHVVRUL
FRQDFTXDWLHSLGDHVDSRQHQHXWURSHU
HOLPLQDUHLOWLSLFRRGRUHGHLSURGRWWLQXRYL
TXLQGLDVFLXJDUHDFFXUDWDPHQWH
$77(1=,21(1RQXVDUH
GHWHUJHQWLSROYHULDEUDVLYH
GHWHUJHQWLDEDVHGLFORURRG
ROLRGDWRFKHSRWUHEEHUR
GDQQHJJLDUHOHILQLWXUH
$77(1=,21(*OLDFFHVVRULH
LFRPSRQHQWL
GHOOಬDSSDUHFFKLDWXUDQRQVRQR
ODYDELOLLQODYDVWRYLJOLH
44
3XOL]LDSHULRGLFD
6EULQDPHQWRGHOFRQJHODWRUH
/ DSSDUHFFKLDWXUDGHYHHVVHUHSXOLWD
UHJRODUPHQWH
,OYDQRFRQJHODWRUHªIURVWIUHH&L´
VLJQLILFDFKHQRQVLIRUPDEULQDGXUDQWHLO
QRUPDOHIXQ]LRQDPHQWRVXOOHSDUHWL
LQWHUQHGHOO DSSDUHFFKLDWXUDRVXJOL
DOLPHQWL
/DYDUHO LQWHUQRHJOLDFFHVVRULFRQ
DFTXDWLHSLGDHVDSRQHQHXWUR
,VSH]LRQDUHUHJRODUPHQWHOH
JXDUQL]LRQLGHOODSRUWDHGHOLPLQDUH
FRQXQSDQQRXPLGRWUDFFHGLVSRUFRH
UHVLGXL
5LVFLDFTXDUHHDVFLXJDUH
DFFXUDWDPHQWH
6EULQDPHQWRGHOIULJRULIHUR
'XUDQWHLOQRUPDOHXWLOL]]RODEULQDYLHQH
HOLPLQDWDDXWRPDWLFDPHQWH
GDOO HYDSRUDWRUHGHOORVFRPSDUWRGHO
IULJRULIHUR/ DFTXDGLVEULQDPHQWRJLXQJH
DWWUDYHUVRXQFRQGRWWRLQXQDSSRVLWR
UHFLSLHQWHSRVWRVXOUHWUR
GHOO DSSDUHFFKLDWXUDVRSUDLO
PRWRFRPSUHVVRUHGRYHHYDSRUD
3HULRGLGLQRQXWLOL]]R
6HO DSSDUHFFKLDWXUDQRQYLHQHXWLOL]]DWD
SHUXQOXQJRSHULRGRDGRWWDUHOHVHJXHQWL
SUHFDX]LRQL
6FROOHJDUHO DSSDUHFFKLDWXUDGDOODUHWH
HOHWWULFD
(VWUDUUHWXWWLJOLDOLPHQWL
3XOLUHO DSSDUHFFKLDWXUDHWXWWLJOL
DFFHVVRUL
/DVFLDUHODSRUWHVRFFKLXVDHSHU
HYLWDUHODIRUPD]LRQHGLRGRUL
VJUDGHYROL
LPSRUWDQWHSXOLUHSHULRGLFDPHQWHLOIRUR
GLVFDULFRGHOO DFTXDGLVEULQDPHQWR
VLWXDWRDOFHQWURGHOFDQDOHVXOODSDUHWH
SRVWHULRUHSHUHYLWDUHFKHO DFTXD
IXRULHVFDVXJOLDOLPHQWL
$WDOILQHXVDUHLOSXOLVFLWXERIRUQLWRLQ
GRWD]LRQHFRQOಬDSSDUHFFKLDWXUD
5,62/8=,21('(,352%/(0,
$99(57(1=$)DUH
ULIHULPHQWRDLFDSLWROLVXOOD
VLFXUH]]D
45
&RVDIDUHVH
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
/ಬDSSDUHFFKLDWXUDQRQIXQಣ
]LRQD
/ಬDSSDUHFFKLDWXUDªVSHQWD
$FFHQGHUHO DSSDUHFFKLDWXಣ
UD
/DVSLQDQRQªFROOHJDWD
FRUUHWWDPHQWHDOODSUHVD
HOHWWULFD
&ROOHJDUHFRUUHWWDPHQWHOD
VSLQDDOODSUHVDHOHWWULFD
/DSUHVDHOHWWULFDQRQKD
WHQVLRQH
&ROOHJDUHXQಬDSSDUHFFKLDWXಣ
UDHOHWWULFDGLYHUVDDOODSUHಣ
VDGLDOLPHQWD]LRQH&RQWDWಣ
WDUHXQHOHWWULFLVWDTXDOLILFDಣ
WR
/ಬDSSDUHFFKLDWXUDªUXPRURಣ
VD
/ಬDSSDUHFFKLDWXUDQRQª
VXSSRUWDWDFRUUHWWDPHQWH
&RQWUROODUHFKHO DSSDUHFಣ
FKLDWXUDDEELDXQDSRVL]LRQH
VWDELOH
/ DOODUPHDFXVWLFRRYLVLYRª
DWWLYR
,OPRELOHWWRªVWDWRDFFHVRGL
UHFHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ
ODUPHGLDOWDWHPSHUDWXUDರ
/DWHPSHUDWXUDDOO LQWHUQR
GHOO DSSDUHFFKLDWXUDªWURSಣ
SRDOWD
)DUHULIHULPHQWRDOODVH]LRQH
ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ
ODUPHGLDOWDWHPSHUDWXUDರ
/DSRUWDªVWDWDODVFLDWD
DSHUWD
&KLXGHUHODSRUWD
,OFRPSUHVVRUHIXQ]LRQDLQ
PRGRFRQWLQXR
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
)DUHULIHULPHQWRDOFDSLWROR
ಯ3DQQHOORGLFRQWUROORರ
6RQRVWDWLLQWURGRWWLPROWLDOLಣ
PHQWLFRQWHPSRUDQHDPHQWH
$WWHQGHUHDOFXQHRUHHULಣ
FRQWUROODUHODWHPSHUDWXUD
/DWHPSHUDWXUDDPELHQWHª
WURSSRDOWD
)DUHULIHULPHQWRDOFDSLWROR
ಯ,QVWDOOD]LRQHರ
*OLDOLPHQWLLQWURGRWWLQHOO DSಣ
SDUHFFKLDWXUDHUDQRWURSSR
FDOGL
3ULPDGLLQWURGXUUHJOLDOLಣ
PHQWLODVFLDUOLUDIIUHGGDUHD
WHPSHUDWXUDDPELHQWH
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DIXQ]LRQH)DVW)UHH]Hª
DWWLYD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW)UHH]H
/DIXQ]LRQH)DVW&RROªDWWLಣ
YD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW&RRO
46
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
,OFRPSUHVVRUHQRQVLDYYLD
LPPHGLDWDPHQWHGRSRDYHUH
SUHPXWRLOWDVWR)DVW)UHHಣ
]HR)DVW&RRORSSXUHGRಣ
SRDYHUHPRGLILFDWRODWHPಣ
SHUDWXUD
,OFRPSUHVVRUHVLDYYLDGRSR
XQFHUWRSHULRGRGLWHPSR
QRUPDOHQRQVLWUDWWDGL
XQಬDQRPDOLDGLIXQ]LRQDಣ
PHQWR
/DSRUWDQRQªDOOLQHDWDRLQಣ
WHUIHULVFHFRQODJULJOLDGL
YHQWLOD]LRQH
/ಬDSSDUHFFKLDWXUDQRQª
SHUIHWWDPHQWHLQSLDQR
)DUHULIHULPHQWRDOOHLVWUX]LRಣ
QLGLLQVWDOOD]LRQH
/DSRUWDQRQVLDSUHIDFLOಣ
PHQWH
6LªFHUFDWRGLULDSULUHOD
SRUWDVXELWRGRSRDYHUOD
FKLXVD
$WWHQGHUHDOFXQLVHFRQGLIUD
ODFKLXVXUDGHOODSRUWDHOD
VXDULDSHUWXUD
/DODPSDGLQDQRQIXQ]LRQD
/DODPSDGLQDªLQPRGDOLW¢
VWDQGE\
&KLXGHUHHDSULUHODSRUWD
/DODPSDGLQDªGLIHWWRVD
&RQWDWWDUHLO&HQWURGL$VVLಣ
VWHQ]D$XWRUL]]DWRSL»YLFLಣ
QR
&ಬªXQDTXDQWLW¢HFFHVVLYD
GLEULQDHJKLDFFLR
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DJXDUQL]LRQHªGHIRUPDWD
RVSRUFD
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
*OLDOLPHQWLQRQVRQRVWDWL
DYYROWLLQPDQLHUDLGRQHD
$YYROJHUHPHJOLRJOLDOLPHQಣ
WL
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
)DUHULIHULPHQWRDOFDSLWROR
ಯ3DQQHOORGLFRQWUROORರ
/ DSSDUHFFKLDWXUDªFRPSOHಣ
WDPHQWHFDULFDHGªLPSRಣ
VWDWDVXOODWHPSHUDWXUDSL»
EDVVD
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUH)DUHULIHULPHQWR
DOFDSLWRORಯ3DQQHOORGLFRQಣ
WUROORರ
/DWHPSHUDWXUDLPSRVWDWD
QHOO DSSDUHFFKLDWXUDªWURSಣ
SREDVVDHODWHPSHUDWXUD
DPELHQWHªWURSSRDOWD
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUH)DUHULIHULPHQWR
DOFDSLWRORಯ3DQQHOORGLFRQಣ
WUROORರ
6XOODSLDVWUDSRVWHULRUHGHO
IULJRULIHURVFRUUHOಬDFTXD
'XUDQWHORVEULQDPHQWRDXಣ
WRPDWLFRODEULQDVLVFLRJOLH
VXOSDQQHOORSRVWHULRUH
&L´ªFRUUHWWR
6LªFRQGHQVDWDWURSSDDFಣ
TXDVXOODSDUHWHSRVWHULRUH
GHOIULJRULIHUR
/DSRUWDªVWDWDDSHUWDFRQ
HFFHVVLYDIUHTXHQ]D
$SULUHODSRUWDVRORVHQHಣ
FHVVDULR
47
3UREOHPD
&DXVDSRVVLELOH
6ROX]LRQH
/DSRUWDQRQªVWDWDFKLXVD
FRPSOHWDPHQWH
&RQWUROODUHFKHODSRUWDVLD
FKLXVDFRPSOHWDPHQWH
,OFLERFRQVHUYDWRQRQªVWDಣ
WRDYYROWRQHOO DSSRVLWRPDಣ
WHULDOH
$YYROJHUHJOLDOLPHQWLLQXQ
LPEDOODJJLRDGHJXDWRSULPD
GLULSRUOLDOOಬLQWHUQRGHOOಬDSSDಣ
UHFFKLDWXUD
/ಬDFTXDVFRUUHVXOSDYLPHQಣ
WR
/RVFDULFRGHOOಬDFTXDGLVEULಣ
QDPHQWRQRQªFROOHJDWRDOಣ
ODYDVFKHWWDGLHYDSRUD]LRQH
SRVWDDOGLVRSUDGHOFRPಣ
SUHVVRUH
&ROOHJDUHORVFDULFRGHOOಬDFಣ
TXDGLVEULQDPHQWRDOODYDಣ
VFKHWWDGLHYDSRUD]LRQH
1RQªSRVVLELOHLPSRVWDUHOD
WHPSHUDWXUD
/DIXQ]LRQH)DVW)UHH]HR
ODIXQ]LRQH)DVW&RROªDWWLಣ
YD
'LVDWWLYDUHPDQXDOPHQWHOD
IXQ]LRQH)DVW)UHH]HROD
IXQ]LRQH)DVW&RRORSSXUH
DWWHQGHUHILQFK«ODIXQ]LRQH
VLGLVDWWLYDDXWRPDWLFDPHQWH
SHULPSRVWDUHODWHPSHUDWXಣ
UD9HGHUHODVH]LRQHIXQಣ
]LRQH)DVW)UHH]HRIXQ]LRಣ
QH)DVW&RRO
/DWHPSHUDWXUDDOOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUDªWURSಣ
SREDVVDWURSSRDOWD
/DWHPSHUDWXUDQRQªLPSRಣ
VWDWDFRUUHWWDPHQWH
,PSRVWDUHXQDWHPSHUDWXUD
VXSHULRUHLQIHULRUH
/DSRUWDQRQªFKLXVDFRUಣ
UHWWDPHQWH
)DUHULIHULPHQWRDOODVH]LRQH
ಯ&KLXVXUDGHOODSRUWDರ
/DWHPSHUDWXUDGHJOLDOLPHQಣ
WLªWURSSRDOWD
3ULPDGLLQWURGXUUHJOLDOLಣ
PHQWLODVFLDUOLUDIIUHGGDUHD
WHPSHUDWXUDDPELHQWH
6RQRVWDWLLQWURGRWWLPROWLDOLಣ
PHQWLFRQWHPSRUDQHDPHQWH
,QWURGXUUHPHQRDOLPHQWLSRಣ
FRDOODYROWDDOORVWHVVRWHPಣ
SR
/DSRUWDYLHQHDSHUWDIUHಣ
TXHQWHPHQWH
$SULUHODSRUWDVRORVHQHಣ
FHVVDULR
/DIXQ]LRQH)DVW)UHH]Hª
DWWLYD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW)UHH]H
/DIXQ]LRQH)DVW&RROªDWWLಣ
YD
9HGHUHODVH]LRQH)XQ]LRಣ
QH)DVW&RRO
48
3UREOHPD
'(02FRPSDUHVXOGLVSOD\
$SSDUHLOVLPEROR
R
R
DQ]LFK«LQXPHULVXOGLಣ
VSOD\GHOODWHPSHUDWXUD
&DXVDSRVVLELOH
6ROX]LRQH
1HOOಬDSSDUHFFKLDWXUDQRQFLUಣ
FRODOಬDULDIUHGGD
9HULILFDUHFKHOಬDULDIUHGGD
FLUFROLQHOOಬDSSDUHFFKLDWXUD
)DUHULIHULPHQWRDOFDSLWROR
ಯ&RQVLJOLHVXJJHULPHQWLXWLಣ
OLರ
/ಬDSSDUHFFKLDWXUDªLQPRಣ
GDOLW¢GLGLPRVWUD]LRQH
0DQWHQHUHSUHPXWRLOWDVWR
2.SHUFLUFDVHFRQGLILQಣ
FK«QRQYLHQHHPHVVRXQ
VHJQDOHVRQRURSUROXQJDWRH
LOGLVSOD\VLVSHJQHSHUTXDOಣ
FKHLVWDQWH
3UREOHPDDOVHQVRUHGHOOD
WHPSHUDWXUD
&RQWDWWDUHLO&HQWURGL$VVLಣ
VWHQ]D$XWRUL]]DWRSL»YLFLQR
LOVLVWHPDGLUDIIUHGGDPHQWR
FRQWLQXHU¢DPDQWHQHUHJOL
DOLPHQWLIUHGGLPDQRQVDU¢
SRVVLELOHUHJRODUHODWHPSHಣ
UDWXUD 6HLOVXJJHULPHQWRQRQGDL
ULVXOWDWLDXVSLFDWLFRQWDWWDUHLO
&HQWURGL$VVLVWHQ]D
$XWRUL]]DWRSL»YLFLQR
6RVWLWX]LRQHGHOODODPSDGLQD
/ DSSDUHFFKLDWXUDªGRWDWDGLXQD
ODPSDGLQDLQWHUQDD/('DOXQJDGXUDWD
6RORDO&HQWURGL$VVLVWHQ]DªSHUPHVVR
VRVWLWXLUHO LPSLDQWRG LOOXPLQD]LRQH
&RQWDWWDUHXQ&HQWUR$VVLVWHQ]D
DXWRUL]]DWR
&KLXVXUDGHOODSRUWD
3XOLUHOHJXDUQL]LRQLGHOODSRUWD
6HQHFHVVDULRUHJRODUHODSRUWD)DUH
ULIHULPHQWRDOOHLVWUX]LRQLGL
LQVWDOOD]LRQH
6HQHFHVVDULRVRVWLWXLUHOHJXDUQL]LRQL
GLIHWWRVH&RQWDWWDUHLO&HQWUR
$VVLVWHQ]D$XWRUL]]DWR
49
58025,
SSSRRR!
BRRR!
CLICK!
HISSS!
BLUBB!
'$7,7(&1,&,
,GDWLWHFQLFLVRQRULSRUWDWLVXOODWDUJKHWWD
GHLGDWLDSSOLFDWDVXOODWRHVWHUQR
GHOOಬDSSDUHFFKLDWXUDHVXOOಬHWLFKHWWDGHL
YDORULHQHUJHWLFL
7HQVLRQH
)UHTXHQ]D
9
+]
,1)250$=,21,3(5*/,,67,787,',3529$
/ LQVWDOOD]LRQHHODSUHSDUD]LRQH
GHOO DSSDUHFFKLDWXUDSHUTXDOVLDVLYHULILFD
GL(FR'HVLJQGHYRQRHVVHUHFRQIRUPLD
(1,UHTXLVLWLGLYHQWLOD]LRQHOH
GLPHQVLRQLGHOO LQFDYRHOHGLVWDQ]H
PLQLPHGDOODSDUWHSRVWHULRUHGHYRQR
HVVHUHFRQIRUPLDTXDQWRLQGLFDWRQHO
SUHVHQWHPDQXDOHG XVRDOFDSLWROR6L
SUHJDGLFRQWDWWDUHLOSURGXWWRUHSHU
TXDOVLDVLDOWUDLQIRUPD]LRQHFRPSUHVLL
SLDQLGLFDULFR
:$55$17<&86720(56(59,&(
)RUHDFKSURGXFWZHSURYLGHDWZR\HDU
JXDUDQWHHIURPWKHGDWHRISXUFKDVHRU
GHOLYHU\WRWKHFRQVXPHU ZLWKD
JXDUDQWHHFHUWLILFDWHLQYRLFHRUVDOHV
UHFHLSWVHUYLQJDVSURRI 50
7KHJXDUDQWHHFRYHUVWKHFRVWVRI
PDWHULDOVODERXUDQGWUDYHO7KH
JXDUDQWHHZLOOODSVHLIWKHRSHUDWLQJ
LQVWUXFWLRQVDQGFRQGLWLRQVRIXVHDUHQRW
DGKHUHGWRLIWKHSURGXFWLVLQFRUUHFWO\
LQVWDOOHGRULQWKHHYHQWRIGDPDJH
FDXVHGE\H[WHUQDOLQIOXHQFHVIRUFH
PDMHXUHLQWHUYHQWLRQE\WKLUGSDUWLHVRU
WKHXVHRIQRQJHQXLQHFRPSRQHQWV
&21',7,216'(*$5$17,(6(59,&(
1RXVRFWUR\RQVVXUFKDTXHSURGXLWDQV
GHJDUDQWLH¢SDUWLUGHODGDWHGHOLYUDLVRQ
RXGHODPLVHHQVHUYLFHDX
FRQVRPPDWHXU GRFXPHQW«DXPR\HQ
GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX
GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH
FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH
G«SODFHPHQWDLQVLTXHOHVSLªFHVGH
UHFKDQJH
/HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV
YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV
QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH
UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH
PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢
OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU
GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV
H[W«ULHXUHVRXGHIRUFHPDMHXUH
*$5$17,(%(',1*81*(1.81'(1',(167
)¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE
9HUNDXIE]Z/LHIHUGDWXPDQGHQ
(QGYHUEUDXFKHUHLQH*DUDQWLHYRQ
-DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ
)DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ
I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW
'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL
1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ
XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU
,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ
GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW
(LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ
1LFKW2ULJLQDO7HLOHQ
&21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$
3HURJQLSURGRWWRFRQFHGLDPRXQD
JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL
FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH
)DVWDWRODGDWDGHOODIDWWXUDGHO
FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR
GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH
OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO
PDWHULDOH
'DOODFRSHUWXUDVRQRHVFOXVLLO
ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL
HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL
ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D
GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG
LVWUX]LRQLSHUOಬXVR
&216,'(5$=,21,68// $0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR %XWWDUHO LPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD
SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQDH
DULFLFODUHULILXWLGHULYDQWLGD
DSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH
1RQVPDOWLUHOHDSSDUHFFKLDWXUHFKH
ULSRUWDQRLOVLPEROR LQVLHPHDLQRUPDOL
ULILXWLGRPHVWLFL3RUWDUHLOSURGRWWRDO
SXQWRGLULFLFODJJLRSL»YLFLQRRFRQWDWWDUH
LOFRPXQHGLUHVLGHQ]D
51
3HUOD6YL]]HUD
'RYHSRUWDUHJOLDSSDUHFFKL
IXRULXVR"
,QTXDOVLDVLQHJR]LRFKHYHQGH
DSSDUHFFKLQXRYLRSSXUHVL
UHVWLWXLVFRQRDLFHQWULGL
UDFFROWDXIILFLDOLGHOOD6(16
RSSXUHDLULFLFODWRULXIILFLDOL
GHOOD6(16
/DOLVWDGHLFHQWULGLUDFFROWD
XIILFLDOLGHOOD6(16ªYLVLELOH
QHOVLWRZZZHUHF\FOLQJFK
52
Unsere Kundendienst-Telefonnummer:
Le numéro de téléphone de notre service après-vente:
Il nostro numero di telefono del servizio clientela:
Our customer service telephone number:
0848 559 111
oder unter
ou sur Internet
oppure su Internet
or in the internet
www.fust.ch
53
54
55
$
">
Lien public mis à jour
Le lien public vers votre chat a été mis à jour.
Caractéristiques clés
- Fonction FastCool pour un refroidissement rapide des aliments.
- Fonction FastFreeze pour une congélation rapide.
- Mode Vacances pour économiser l'énergie pendant les absences prolongées.
- Contrôle de l'humidité dans le bac à légumes.
- Alarme de porte ouverte pour éviter le gaspillage d'énergie.
- Technologie NoFrost pour éviter la formation de givre.
Questions fréquemment posées
Réglez la température en appuyant sur les touches de température. Il est recommandé de régler à 4°C pour le réfrigérateur et -18°C pour le congélateur.
Appuyez sur la touche Fonctions jusqu'à ce que le symbole FastCool s'affiche, puis confirmez avec OK.
Il vous suffit d'appuyer sur la touche de réglage de la température du réfrigérateur. Sinon, appuyez sur la touche « Fonctions » jusqu'à ce que le symbole coorespondant s'affiche.
Appuyez sur une touche quelconque pour couper le son. L'indicateur de température du congélateur affichera la température la plus élevée atteinte pendant quelques secondes, puis l'afficheur indique à nouveau la température réglée.