SlideShare a Scribd company logo
1 of 32
Download to read offline
$548,7(&785$3238/$5 /(6$%$1(6'(92/7$$-81('$
7255(17*8$6+1Ò5,$Q%7;


,1752'8,Ï


-867,),$,Ï'(/75(%$//
(QDUULEDUDTXHVWDQD/HV+HXUHVHPYDYHQLUGHQRXHOGHXUHGHIHUHOWUHEDOOGH
UHFHUFD 'HJXW D OD PHYD GHVRULHQWDFLy HO FDS G
HVWXGLV 5DPRQ )RQROOHW  HP YD
VXJJHULU GLYHUVRV WHPHV HQWUH HOV TXDOV YDLJ HVFROOLU HO G
DUTXLWHFWXUD SRSXODU
FRQFUHWDPHQW OHV FDEDQHV GH YROWD SHU OD SUR[LPLWDW TXH KL WLQF L SHUTXq DTXHVW
WHPDHVSRGULDWD[DUG
REOLGDW
eVXQDOOjVWLPDTXHXQHVFRQVWUXFFLRQVWDQWYDOXRVHVLFDUDFWHUtVWLTXHVGHODQRVWUD
FRPDUFD /HV *DUULJXHV YDJLQ GHVDSDUHL[HQW SURJUHVVLYDPHQW SHU XQD EDQGD
GHJXWDOVWUHEDOOVGHUHSODQDPHWPDVVLXVGHWHUUHVSHUSDUWGHO
KRPHHOTXDOIRX
TXL OHV FRQVWUXt HQ HO VHX PRPHQW 3HU O
DOWUD EDQGD KDQ HVWDW REOLGDGHV VRWD HOV
HIHFWHVQRFLXVGHODLQWHPSqULHTXHFDGDFRSOHVYDGHJUDGDQWPpV
3HUDTXHVWDUDyKHGHFLGLWIHUXQPRGHVWLQYHQWDULSHUILFDUHOPHXJUDQHWGHVRUUD
D DTXHVWD WDVFD GH UHFXSHUDFLy GH OD FXOWXUD GH OD SHGUD VHFD TXH HOV QRVWUHV
DQFHVWUHV YDQ GXU D WHUPH DPE WDQWD PLQXFLRVLWDW L VHQVH WHQLU FRQHL[HPHQWV
G
DUTXLWHFWXUD


2%-(7,86
D
HUFDELEOLRJUjILFDVREUHOHVFRQGLFLRQVGHYLGDD-XQHGD
E
,QYHQWDULPLWMDQoDQWILW[HVGHFDEDQHVGHYROWDDOWHUPHPXQLFLSDOGH-XQHGD
F
(VWXGLDUODWqFQLFDFRQVWUXFWLYD
G
/DVHYDXWLOLWDW


+,3Ñ7(6,
D
/HV FDEDQHV GH YROWD IRUHQ FRQVWUXwGHV SHU SHUVRQHV DQzQLPHV SDJHVRV GHO
SURSL WHUPH PXQLFLSDO R G
DOJXQ WHUPH YHt VHQVH FRQHL[HPHQWV DFDGqPLFV VREUH
WqFQLTXHV FRQVWUXFWLYHV
E
/D ILQDOLWDW GH OHV FDEDQHV GH YROWD HUD SHU XQD EDQGD VHUYLU GH UHIXJL D
SHUVRQHV DQLPDOV L HLQHV GHO FDPS HQ GLHV SOXMRVRV R HQ OHV qSRTXHV KLYHUQDOV
PpV GXUHV TXDQ HO UHWRUQ D FDVD GHVSUpV G
XQD OODUJD MRUQDGD GH WUHEDOO IHLD
SHULOODU OD VDOXW GHOV KRPHV L GRQHV L OD GHOV DQLPDOV 3HU O
DOWUD EDQGD HVWDYD
HQFDPLQDGDDREWHQLUXQPLOORUUHQGLPHQWGHODSURSLHWDWMDTXHHQODPHVXUDTXH
DMXGHQO
KRPHLHOVDQLPDOVGHFRQUHXHQO
LPSUHVFLQGLEOHGHVFDQVItVLFFRUUHVSRQD
XQDPDMRU FDSDFLWDWGHWUHEDOO
F
/D WqFQLFD FRQVWUXFWLYD HQ OHV FDEDQHV GH YROWD pV VLPLODU HQ WRWHV HOOHV
$TXHVWHVDOWHUPHPXQLFLSDOGH-XQHGDHVWUDFWHQGHFRQVWUXFFLRQVGHSHGUDVHFD
GHSODQWD~QLFDLUHFWDQJXODUOHVTXDOVHVWDQFREHUWHVDPEXQDYROWDGH SHGUDGH
FDQy


0(72'2/2*,$
D
HUFDELEOLRJUjILFD)LW[HVELEOLRJUjILTXHVDO
DQQH[GHOWUHEDOO
E
9LVLWHV DO IRQV GRFXPHQWDOV GHO RQVHOO RPDUFDO GH OHV *DUULJXHV D OD
%LEOLRWHFD3~EOLFDGH-XQHGDLDOROÂOHJLG
$UTXLWHFWHVGH/OHLGD
F
7UHEDOOGHFDPS(ODERUDFLyGHILW[HVGHOHVFDEDQHVGHYROWD


$*5$Í0(176
$TXHVW WUHEDOO QR KDXULD HVWDW SRVVLEOH VHQVH O
DMXW GH PROWHV SHUVRQHV D TXL YXOO
DJUDLUODVHYDFROÂODERUDFLy
 $O
$QWRQL0DWHXVTXHP
KDRULHQWDWSHUWUREDULQIRUPDFLyVREUH HOWHPD
 $O PHX SDUH 6DOYDGRU 7RUUHQW DSGHYLOD L DO -RVHS 3HUHUD 0DWHXV TXH HV YDQ
SRVDU HQ FRQWDFWH DPE OD IDPtOLD HQFDUUHJDGD GH OD ILQFD GH O
$UDQy L HP YDQ
DFRPSDQDUDIHUO
LQYHQWDULLODPHGLFLyGHOHVFDEDQHV
 $O-RDQ)DUUpILOOGHOVPDVRYHUVHQFDUUHJDWVGHOHVWHUUHVGHOFDVDOGHO
$UDQyHO
TXDO HQV YD IHU GH JXLD HQV YD PRVWUDU O
LQFUHwEOH FRQWRUQ L SDLVDWJH GH OD ILQFD L
HQVYDDFRPSDQDUDIHUO
HVPHQWDWLQYHQWDULLODPHGLFLyGHOHVFDEDQHV
 $O PHX JHUPj 6DOYDGRU 7RUUHQW *XDVFK TXH P
KD DMXGDW GDYDQW OD PHYD
LQH[SHULqQFLDDPEO
RUGLQDGRU
 $O-DXPH0LOj%HjSHUHVFDQHMDUPHOHVIRWRJUDILHVTXHKHHODERUDW
 $OPHXWXWRUGHOWUHEDOOGHUHFHUFD5DPRQ)RQROOHWHOTXDOHPYDRULHQWDUVREUH
DTXHVW WHPD TXDQ YDLJ DUULEDU D /HV +HXUHV L KD HVWDW GLVSRVDW D DMXGDUPH D
RUJDQLW]DUOHVWDVTXHVGXUDQWHOSURFpVGHOWUHEDOOFDGDFRSTXHO
KLKHGHPDQDW
'(6(192/80$0(1775(%$//


$548,7(785$3238/$5/(6216758,216'(3('5$6($
/D FRQVWUXFFLy GH OD SHGUD HQ VHF UHIHULGD D OHV DSOLFDFLRQV PpV XVXDOVGHO QRVWUH
SDtV VyQ OHV SDUHWV PDUJHV WDQTXHV L PXUDGHV TXH DEDQFDOHQ HOV WHUUHQV GH
FXOWLXSHUWDOGHUHWHQLUOHVWHUUHVLOHVDLJHVRFDQDOLW]DUOHVEDUUDQFDGHVRGLYLGLU
HOV FDPSV L HOV FDPLQV VHJRQV HO FDV OHV FDEDQHV RUULV R SDOOLVVHV HO IROUDW GH
PLQHV GHVJXDVVRVSRXVFLVWHUQHVVtQLHV HWFSUHVHQWHQXQDH[WHQVLyWDQWJUDQ
DOSXQWGHFDUDFWHULW]DUSDLVDWJHVDJUtFROHVGHPROWHVFRPDUTXHVVHQFHUHV
3HUz OD VHYD LPSRUWjQFLD H[FHGHL[ O
DEDVW G
DTXHVWHV DSOLFDFLRQV GLQV HOV OtPLWV GH
O
DUTXLWHFWXUDSRSXODUFDWDODQDLPHGLWHUUjQLD/DVHYDFDUDFWHUtVWLFDIRQDPHQWDOpV
ODGHFRQVWLWXLUXQVLVWHPDFRQVWUXFWLXGHSHFHVLQGHSHQGHQWVRQWRWHVOHVVHYHV
MXQWHVVHSDUDGRUHVVLJQLILTXHVXQHVDOWUHV]RQHVGHUHVLVWqQFLDQXOÂODDOVWUHEDOOVD
WHQVLy GRQFV KDXUHP GH SRVDU GLQV GH OD PDWHL[D FODVVLILFDFLy GH FRQVWUXFFLy GH
SHGUD VHFD HOVH[HPSOHVPpV GHVWDFDWVG
DUTXLWHFWXUDPRQXPHQWDOTXHYHULILTXHQ
DTXHVWVLVWHPDFRPVyQO
DUTXLWHFWXUDPHJDOtWLFDXQD
JUDQSDUWGHOHVHJtSFLHVJUHJXHVLURPDQHVTXHQRHVWLJXLQJUDSDGHVLWDPEpOD
PDMRUSDUWGHO
LQFDLGHO
DUTXLWHFWXUDPLOLWDUMDSRQHVD
$TXHVWDXQLYHUVDOLWDWKLVWzULFDLJHRJUjILFDG
DTXHVWVLVWHPDFRQVWUXFWLXGyQDXQD
DWHPSRUDOLWDW D O
DUTXLWHFWXUD TXH GHWHUPLQD OD TXDO FRVD ID TXH SXJXHP
FRQVLGHUDU OD WqFQLFD GH FRQVWUXFFLy GH SHGUD HQ VHF FRP XQD KHUHYD GLUHFWD GH
O
DUTXLWHFWXUDPHJDOtWLFDTXHWDQDGPLUDEOHVH[HPSOHVKDQGHL[DWDFDVDQRVWUDLD
OHV,OOHV%DOHDUV
/HV FDEDQHV JDUULJXHQTXHV GH SHGUD VHFD TXH GLQWUH GH OD JHQHUDOLWDW HQ TXq HV
WUREHQ SHU WRW HO QRVWUH SDtV L DUUHX GH OD 0HGLWHUUjQLD WHQHQ XQHV SDUWLFXODULWDWV
EHQ GHILQLGHV WDQW FRQVWUXFWLYDPHQW FRP DUTXLWHFWzQLFDPHQW 3HU DTXHVWD UDy
WHQHQXQLQWHUqVUHOOHYDQWLRFXSHQXQDSRVLFLyGHWUDQVLFLyHQWUHOHVPDQLIHVWDFLRQV
GH SHGUD VHFD DO 3HQHGqV R DO DPS GH 7DUUDJRQD SHU H[HPSOH TXDQ VyQ
XWLOLW]DGHV SHU IHU OHV FDEDQHV DGRSWHQ OD IRUPD GH FREHUWD GH YROWD FzQLFD R GH
IDOVD F~SXOD HQ ILODGHV VXFFHVVLYHV GLVSRVDGHV HVJODRQDGDPHQW SHU FREULU O
HVSDL
(QFDQYLOHVFDEDQHVGHOHV*DUULJXHVDEDVHGHSHGUHVPpVUHJXODUVSULVPjWLTXHV
VyQ FREHUWHV DPE YROWD FLOtQGULFD R GH FDQy GH SODQWD UHFWDQJXODU VHPSUH L
VHPLHQWHUUDGHV
/HVFRPDUTXHVFDWDODQHVRQPpVDEXQGHQDTXHVWHVHGLILFDFLRQVVyQO
$OW(PSRUGj
HO %DJHV O
$QRLD HO %DL[ /OREUHJDW O
$OW L HO %DL[ 3HQHGqV HO *DUUDI OD RQFD GH
%DUEHUjO
$OWLHO%DL[DPSHO7DUUDJRQqVODSDUWVHFDGHO6HJULjOD1RJXHUDOD
6HJDUUDLOHV*DUULJXHV
6HJRQVHOOORFRQIRUHQEDVWLGHVOHVFDEDQHVV
DQRPHQHQ
 $OHV,OOHV%DOHDUVEDUUDFDGHSRUTXLPSRQWGHEHVWLDULEDUUDFDV
 $9DOqQFLDPROORQVRFDW[HUXWHWV
 $OD0DQ[DWyPERORV
 $OHV,OOHVDQjULHVWDJRUDV
 $UHWDPLWDWDV
 $O
DQWLJD,XJRVOjYLDEXQMDV
 $7XQtVVLDNVDUV
 $OVXGGH)UDQoDERULHV
 $3RUWXJDOFDEDQDVPRQWHVLQKDVRIRUQRVGHSDVWRU
 $,WjOLDFORFKiQ
 $ODSHQtQVXODGHO6LQDtQDXDPLV
$TXHVWHV FDEDQHV VyQ WHVWLPRQLV DOWDPHQW TXDOLILFDWV G
XQD HVFROD ORFDO GH JUDQV
SLFDSHGUHUVG
RULJHQUXUDOLDJUtFRODFRPHOGHOD)ORUHVWD
$OOjRQHOVDIORUDPHQWVGHURFDPHUHQDEXQGRVRVLHOVSDJHVRVSHUDUWLJDUHOVVHXV
FDPSV FDOLD TXH DGTXLULVVLQ XQD SUjFWLFD GHO WUHEDOO GH OD SHGUD FDGD FRS PpV
HILFDoUHILQDGDLSURGXFWLYDHVIRUPDUHQXQVQXFOLVG
HVSHFLDOLVWHVSURJUHVVLYDPHQW
YDORUDWV $ FDXVD GHO GHVRFXSDPHQW WHPSRUDO TXH HO WUHEDOO DJUtFROD L D
O
DQRPHQDGDSULPHUFRPDUFDOLGHVSUpVUHJLRQDOTXHHOVVHXWUHEDOOWLQJXpHQWUDUHQ
HQXQFHUFOHGHPHUFDWFDGDYHJDGDPpVDPSOHTXHYDHVWHQGUHODVHYDGHPDQGD
DODYHJDGDTXHDXJPHQWDYDODVHYDFRPSHWqQFLDLHVSHFLDOLWDW


$4XqFDOHQWHQGUHSHUFRQVWUXFFLRQVGHSHGUDVHFD
(QWHQHPSHUFRQVWUXFFLRQVHQSHGUDVHFDDTXHOOHVHQTXqV
XVD~QLFDPHQWODSHGUD
FRP D PDWHULDO EjVLF VHQVHTXHQ
KLLQWHUYLQJXLFDSDOWUH SHUDODVXEMHFFLyGHOHV
SHFHV HQWUH VL TXH DFWXw G
HOHPHQW FRKHVLRQDQW FRP VXFFHHL[ HQ OD FRQVWUXFFLy
PRGHUQD (Q HO QRVWUH FDV OHV SHGUHV HV VXEMHFWHQ XWLOLW]DQW IDOTXHV GH SHGUD HQ
TXH HOV FRQVWUXFWRUV LQWURGXwHQ D SUHVVLy PLWMDQoDQW FRSV GH PDFHWD DFRQVHJXLQW
G
DTXHVWDPDQHUDODULJLGHVDTXHGHVLWJHVVLQGHOFRQMXQWGHO
REUD
(QPROWHVRFDVLRQVV
XWLOLW]DYDO
DUJLODQDWXUDOREpWHUUDDUJLORVDDPEODTXDOFRVD
V
REWHQLDO
HVWDELOLWDWGHOHVSHFHVMDTXHO
DUJLODDFWXDYDGHMDoLDEVRUELDHQERQD
SDUW OD LUUHJXODULWDW GH OHV FDUHVMXQW SHU XQ DOWUH FRVWDW WDPEp DFWXDYD FRP
LPSHUPHDELOLW]DQWGLVPLQXLQWGHIRUPDSURXVDWLVIDFWzULDO
DFFLyGHOHVILOWUDFLRQVGH
O
DLJXDOHVTXDOVHVGHYHQHQHOSULQFLSDOHQHPLFGHWRWDFRQVWUXFFLy7RWLDL[zO
~V
GH O
DUJLOD L OD VHYD IXQFLy HVSHFtILFD QR KD GH IHU YDULDU HO FRQFHSWH GH SHGUD
VHFD
/DSRVVLELOLWDWGHJDXGLUHQTXDQWLWDWLOOLPLWDGDG
XQPDWHULDOGHFRQVWUXFFLyGHWDQW
DOWD TXDOLWDW JHQHUD REUHV GH PpV GLYHUVD JDPPD L O
DEDVWDPHQW G
REMHFWHV G
~V
TXRWLGLjTXHSRGLHQDQDUGHVG
XQDSLFDSHULQWURGXLUKLO
ROLILQVXQVDIDUHLJSHUIHU
KLODEXJDGD
/
KRPHLODSHGUDHQWHVDFRPXQPDWHULDOG
XVSUjFWLFPpVHQOOjGHOSURSLKDELWDWJH
FRPHQFHQDFRQYLXUHDPEODFRQGXFFLyLSRVVLEOHHPPDJDW]HPDPHQWGHOHV DLJHV
G
HVFRUUHQWLD HO SDV IXJDo GH OHV TXDOV FDOLD FRQWURODU L  UHWHQLU HQ EHQHILFL GHOV
SRWHQFLDOVXVXDULV


%/DFXOWXUDGHODSHGUD
(O IHXGDOLVPH YD GRQDU SDV D OD EXUJHVLD GH OD TXDO VH
Q GHULYHQ HOV JUDQV
WHUUDWLQHQWV DUULEDGD DTXHVWD VLWXDFLy HOV SDJHVRV HPSUHQHQ OD PpV JUDQ
UHYROXFLy VRFLDO PDL LPDJLQDGD PLWMDQoDQW OD TXDO HOV ODWLIXQGLV YDQ HVGHYHQLU
PLQLIXQGLV
4XDQ DUULED DTXHVWD VLWXDFLy pV WDPEp DUULEDW HO PRPHQW GH SURGXLUVH O
HVFODW
PpVUHLYLQGLFDWGHODFXOWXUDGHODSHGUDDOHVQRVWUHVUXUDOLHVDOVFDPSVDPpVGH
ODJUDQTXDQWLWDWGHPDUJHVV
KLFRQVWUXHL[HQJUDQTXDQWLWDWGHFDEDQHVGHYROWDL
DOWUHVKDELWDFOHVOHVEDVVHVOHVFDGROOHUHVHOVUHFHUVHOVDL[RSOXFVOHVFRYHVHWF
WUHEDOOV IHWV HQ SHGUD VHFD DOJXQV GHOV TXDOV PROW EHQ UHDOLW]DWV HOV TXDOV D PpV
G
HPEHOOLUHOSDLVDWJHWDPEpO
KXPDQLW]HQLFRQWULEXHL[HQDIHUPpVVXSRUWDEOHD
PROWHVSHUVRQHVHOFRQUHXGHO
ROLYHUD
+LKDTXLHQFDUDUHFRUGDHOVFDPSVSOHQVGHJHQWHVSHFLDOPHQWDOWHPSVGHFROOLU
OHV ROLYHV KRPHV L GRQHV GH WRWD HGDW L FRQGLFLy GHVDILDYHQ OD LQWHPSqULH -D GH
ERQ PDWt V
DGUHoDYHQ FDS D OHV ILQTXHV SHU D UHFROOLU HO IUXLW (OV FDPLQV VHPSUH
WUDQVLWDWVSHUJHQWTXHDQDYDLYHQLDHOGULQJDUGHOVSLFDUGHVGHOVDQLPDOVHOFDQW
GHOV OODXUDGRUV TXH PDWLQHMDYHQ DO WHPSV GHO FRQUHX OD [HUUDPHFD GHOV
HVSRUJDGRUVHUHQHQGHILQLWLYDVLJQHG
DFWLYLWDWFRQVWDQWLGHYLGD
/DILQDOLWDWG
DTXHVWHVFRQVWUXFFLRQVHVWjHQFDPLQDGDDREWHQLUXQPLOORUUHQGLPHQW
GHODSURSLHWDWMDTXHHQODPHVXUDTXHDMXGHQ O
KRPHLHOVDQLPDOVGHFRQUHXHQ
O
LPSUHVFLQGLEOHGHVFDQVItVLFFRUUHVSRQDXQDPDMRUFDSDFLWDWGHWUHEDOO
$QUHUDDQHOVFDPSVGHOHV*DUULJXHVHVYDSREODQWGHFDEDQHVGHYROWDODVHYD
SUHVqQFLDpVGLVFUHWDLV
LGHQWLILFDDPEHOPHGLDPELHQWTXHO
HQYROWDGHWDOPDQHUD
TXHHOVHXEDVWLPHQWFRPSRUWDYDGHIRUPDJDLUHEpDXWRPjWLFDODFRQVWUXFFLyGH
OD EDVVD FRUUHVSRQHQW TXH JDUDQWLD HO VXEPLQLVWUDPHQW GH O
DLJXD TXH SHUVRQHV L
DQLPDOVQHFHVVLWDYHQSHUFRQUHDUODWHUUD




                                                 8QD GH OHV SHWLWHV EDVVHV GH O
$UDQy
                                                 DPEO
DEHXUDGRUGHOVDQLPDOV


                                                 $ OHV *DUULJXHV TXDQ DUULEDYHQ OHV
                                                 WHPSRUDGHVKLYHUQDOVFRPHQoDYDODFROOLWD
                                                 GHO
ROLYDODTXDOHOVDQVTXHHUDzSWLPD
V
DOODUJDYD ILQV EHQ HQWUDW HO PpV G
DEULOTXDQ QR KR HUDWDQW DUULEDYDDOYROWDQW
GH PDUo L VL OD FROOLWD HUD SqVVLPD HO ILQDO HV SUHFLSLWDYD DPE HOV FRQVHJHQWV
ODPHQWV GHOV WUHEDOODGRUV TXH YHLHQ LQMXVWDPHQW PDO SDJDW HO GXU WUHEDOO GH WRW
O
DQ(QDTXHVWGDUUHUFDVHOVSREUHVWUHEDOODGRUVDO
KLYHUQWUREDYHQIHLQDDIHU
PDUJHVREpFRQVWUXLUFDEDQHVSHUDOVPDMRUVWHUUDWLQHQWVVLQRDOPDWHL[SREOHDOV
SREOHVYHwQV
/DFXOWXUDGHODSHGUDDOHV*DUULJXHVHQVYHGHOODUJDWUDGLFLyDUULEDDOVHXSXQW
jOJLF D SDUWLU GHO GDUUHU WHUo GHO VHJOH SDVVDW L SULPHUV YLQW DQV GHO SUHVHQW ILQV
O
HVFODWGHODJXHUUDGHOTXHPDUFDHOFRPHQoDPHQWGHODGDYDOODGDILQVDUULEDUD
ODGqFDGDGHOVGHODTXDOSRGHPGLUTXHPRUGHILQLWLYDPHQWXQDILORVRILDGHYLGD
XQV FRVWXPV L XQV FRPSRUWDPHQWV GRQDQW SDV D XQ QRX SODQWHMDPHQW VRFLDO OD
VRFLHWDWGHFRQVXPTXHYHDVXEVWLWXLUODPLOÂOHQjULDHFRQRPLDGHVXSHUYLYqQFLD
$SRFDSRFWRWYDFDQYLDQWDOVFDPSVGHOHV*DUULJXHV0LOHUVG
ROLYHUHVKDQHVWDW
DUUDQFDGHVGHVRFDUHOVHQWVXEVWLWXwGHVSHOFRQUHXG
DPHWOOHUVREpSHOFHUHDOLXQ
QRPEUH WDPEp FRQVLGHUDEOH V
KD GHL[DW GH FRQUHDU OHV XQHV SHU OD GLILFXOWDW
G
DFFpVGHODPRGHUQDPjTXLQDDJUtFRODLOHVDOWUHVSHUPDQFDGHJHQWGLVSRVDGD
DFXOWLYDUOHV
'
DTXHOOD UHYROXFLy VRFLDO MD QR TXHGD SUjFWLFDPHQW UHV MD TXH OD JHQW MRYH
PDMRULWjULDPHQWQRWpFDSLQWHUqVSHUSRVVHLUWHUUHVHOVHXSODQWHMDPHQWWHzULFpV
OD WHUUD SHO TXL OD YXOJXL 7RW VHPEOD WRUQDU DO FRPHQoDPHQW pV D GLU D OD
FRPDUFDKLKDSUHFHGHQWVGHFRQFHQWUDFLyGHODSURSLHWDWXQDDOWUDYHJDGD¢(QWUH
WRWVVHUHPFDSDoRVGHIHUDOJXQDFRVDSHUVDOYDUOD




,19(17$5,'($%$1(6'(92/7$$/7(50(081,,3$/'(-81('$
8QD DFWLYLWDW WDQ GLQjPLFD FRP HUHQ OHV PDVVLYHV SODQWDFLRQV G
ROLYHUHV DPE OD
FRQVHJHQW WUDQVIRUPDFLy GHO WHUULWRUL L OHV FRQVHTqQFLHV VRFLDOV HFRQzPLTXHV L
KXPDQHVTXHJHQHUDYHQXQHVDOWUHVQHFHVVLWDWVLQRYHVH[LJqQFLHVGHWHUPLQHQOD
SUHVqQFLD FUHL[HQW G
DQLPDOV GH FRQUHX D OHV OODUV GHOV SDJHVRV $ PHVXUD TXH OD
SURSLHWDWHVYDGLYLGLQWSHUO
DFFpVGHODJHQWGHFODVVHKXPLOLGHIRUPDSDUDOÂOHOD
HVGHVHQYROXSDHOVHQWLWGHODLQGHSHQGqQFLDODPXODSULQFLSDOPHQWSHUzHQHOVHX
GHIHFWH O
DVH R Ep HO PXO DFDEHQ SHU IHUVH LPSUHVFLQGLEOHV HQ OD QRYD HVWUXFWXUD
ILQVDOSXQWTXHVHQVHHOVHXFRQFXUVQRKDXULDHVWDWSRVVLEOHHOFRQUHXGHODWHUUD
HOFDUUHWHLJGHOVIUXLWVLGHOVDGREVRUJjQLFVFDVRODQVHOWUDQVSRUWGHODSHGUDSHU
IHUHOVPDUJHVHWFSURFODPHQODQHFHVVLWDWG
DTXHVWPRWRUG
HILFjFLDLUHQGLPHQW




                                    ,PDWJH G
XQD PXOD DPE HO FRUUHVSRQHQW
                                    FDUUR


                                    /
~QLF SUREOHPD TXH WHQLD O
DQLPDO HUD HO SUHX GH
                                    FRPSUD HQ WRWD qSRFD L PRPHQW YD FRVWDU XQD
TXDQWLWDWGHGLQHUVVHULRVDTXHILFDYDHQDOHUWDURMDO
HFRQRPLDGHODFDVDSHUXQD
ERQD WHPSRUDGD MD TXH GLItFLOPHQW HV SRGLD SDJDU DO FRPSWDW H[FHSWH HOV
SURSLHWDULV DPE ERQD UHVHUYD PRQHWjULD RP D FRQVHTqQFLD G
DL[z V
KDYLD GH
GHGLFDU D O
DQLPDO XQHV DWHQFLRQV HQFDPLQDGHV D PDQWHQLUOL O
HVWDW ItVLF HQ OHV
PLOORUV FRQGLFLRQV SHU WDO G
DFRQVHJXLU XQ Pj[LP GH UHQGLPHQW L GH GXUDGD 8QD
G
DTXHVWHV DWHQFLRQV HUD OD GHO VHX GHVFDQV TXDQ O
DQLPDO HV WUREDYD D IRUD L OD
IDWLJDDFXPXODGDSHUOHVKRUHVGHWUHEDOOH[LJLDXQUHSzVEHQPHUHVFXWGHL[DUORD
O
DLUHOOLXUHVRWDHOVULJRUVFOLPjWLFVLGHOVLQVHFWHVHUDDOPHQVLPSUXGHQWMDTXH
XQ DQLPDO VXDW HUD SURSHQV DO UHIUHGDW 7DPSRF HUD DFRQVHOODEOH WHQLUOR D FDPS
UDV DTXHOOHV WHPSRUDGHV KLYHUQDOV GH OD UHFROOLGD GHO IUXLW D OD WDUGD MD TXH OD
PDMRULD GHOV GLHV HUHQ IUHGV L HOV DQLPDOV TXLHW SRGLD VRIULU OHV FRQVHTqQFLHV
QHJDWLYHVGHODLQDFWLYLWDWHQDTXHVWHVFRQGLFLRQVFDOLD GRQFVWUREDUXQKDELWDFOH
LGHDO SHU D DTXHVWHV VLWXDFLRQV L HO PLOORU GH WRWV IRX OD FDEDQD GH YROWD (O IHW
G
pVVHU FRQVWUXwGD WRWD GH SHGUD OD FREHUWD IHWD D YROWD GH FDQy EHQ DEULJDGD
H[WHULRUPHQW DPE DUJLOD SHU HYLWDU ILOWUDFLRQV OD EDL[D UHODFLy VXSHUItFLH  YROXP
GHWHUPLQDGDSHUODSUzSLDIRUPDLODQRH[LVWqQFLDGHILQHVWUHVTXHDIDYRULVVLQFDS
FRUUHQWG
DLUHGRQDYDOORFDXQDHVWDELOLWDWGHODWHPSHUDWXUDLQWHULRUTXHO
DQLPDO
DJUDwDLODUHVWDG
XVXDULVWDPEp$TXHVWDSHFXOLDULWDWFRQVWUXFWLYD GHWHUPLQDYDTXH
IRVVLQFDOGHMDGHVDO
KLYHUQLIUHVTXHVDO
HVWLXGHJXWDO
DwOODPHQWWqUPLFDPELHQWDO
TXHRIHUHL[DTXHVWWLSXVG
KDELWDFOH
/
RULJHQ G
DTXHVW WLSXV GH FRQVWUXFFLRQV HQ OD UHIHUqQFLD KLVWzULFD GH OHV QRVWUHV
FRQWUDGHV HV GHVFRQHL[ 8QV GLXHQ TXH pV RULJLQjULD GHO PDWHL[ LQGUHW JHRJUjILF
G
RQ SURFHGLHQ OHV ROLYHUHV OD 0HGLWHUUjQLDRULHQWDODOWUHVGLXHQTXHVyQG
RULJHQ
URPj EDVDQWVH DPE OD SUHVqQFLD G
DTXHVWHV HGLILFDFLRQV HQ DOWUHV LQGUHWV
G
LQIOXqQFLD URPDQD R D OD YRUD G
RQ HVWDYHQ REHUWHV LPSRUWDQWV YLHV GH SDV
URPDQHVKLKDTXLDILUPDTXHOHVFDEDQHVGHYROWDVyQODWUDQVSRVLFLyDOFDPSGHO
PRGHOGHFHOOHUVG
DTXHVWHVWLOWDQKDELWXDODOHVFDVHVGHOHVQRVWUHVFRQWUDGHV7RW
LDL[zOHVFDEDQHVGHYROWDQRV
LQFRUSRUHQDOPyQGHODQRVWUDSDJHVLDILQVDOILQDO
GHOVHJOH;9,,,LHOVGHVWLQDWDULVLQLFLDOVHUHQHOVDQLPDOVGHODERU
(Q OD PHVXUD TXH SDVVD HO WHPSV OHV FDEDQHV GH YROWD HV GLVVHQHQ PpV JUDQV
LQFRUSRUDQWKL XQD SHWLWD OODU GH IRF TXH GyQD HVFDOI DOV XVXDULVTXDQ HO WHPSV HV
SUHVHQWDGXUSHUWDQWV
KDGHSHQVDUTXHO
KRPHQRWpFDSLQFRQYHQLHQWG
KDELWDUD
ODYRUDGHOVDQLPDOVQLDOFDPSQLDFDVDMDTXHpVXQDSDUWGHOVHXYLXUHTXRWLGLj
DSDODPHLWDWGHOVHJOH;,;MDVyQPROWVHOVKDELWDFOHVG
DTXHVWHVFDUDFWHUtVWLTXHV
HVFDPSDWVSHUWRWDODFRPDUFDSHUzO
HVFODWFRQVWUXFWLXPpVLPSRUWDQWHVSURGXHL[
D SDUWLU GHO GDUUHU WHUo G
DTXHVW VHJOH ILQV DOV SULPHUV YLQWLFLQF DQV GH O
DFWXDO
7DPEp HQ WHPSV GH OD SRVWJXHUUD VH
Q YD IHU DOJXQHV SHUz MD OD FDEDQD GHWHXOD
JXDQDYDSURJUHVVLYDPHQWWHUUHQDODGHYROWDWRWLTXHOHVSDUHWVODWHUDOVVHJXLHQ
IHQWVHDPESHGUD
$OV SULPHUV WHPSV SHU FRQVWUXLU OHV FDEDQHV GH YROWD V
DSURILWDYHQ OHV SHGUHV
VROWHV HVFDPSDGHV  SHU WRW DUUHX PpV HQGDYDQW TXDQ JUjFLHV D O
HQVLQLVWUDPHQW
HQ O
DUW GH WDOODU OD SHGUD OHV SHFHV TXH V
KDQ G
XWLOLW]DU DVVROHL[HQ IRUPHV
JHRPqWULTXHVGHOtQLHV PROWPpV HVWULFWHVFRVDTXHDEXQGDYDHQEHQHILFLILQDOGH
O
REUD3HUDL[zSHUODTXDOLWDWGHOVDFDEDWVHVYHXDVLPSOHYLVWDTXLQHVFDEDQHVGH
YROWD HUHQ IHWHV SHU JHQW WRW MXVW LQLFLDGD HQ DTXHVW DUW L TXLQHV KR IRUHQ SHU
HVSHFLDOLVWHV


*HQHUDOPHQW OHV FDEDQHV GH YROWD D OHV *DUULJXHV HVWDQ WRWDOPHQW LQWHJUDGHV DO
SDLVDWJH SHU DL[z VL QR HV GLYLVHQ SHU OD SDUW IURQWDO OD VHYD SUHVqQFLD QR VHULD
SHUFHEXGD WRW L WUREDUQRVKL D SRFD GLVWjQFLD MD TXH OD WHUUD L OD YHJHWDFLy OHV
FDPXIOHQSHUIHFWDPHQW
$7qFQLFDGHFRQVWUXFFLyGHOHVFDEDQHVGHYROWD




                                            (VWUXFWXUD H[WHULRU GH OD FDEDQD GH
                                            YROWD


                                            3HU D FRQVWUXLU XQD FDEDQD G
DTXHVW HVWLO
                                            SULPHU GH WRW V
HVFROOLD O
LQGUHW PpV DGHTXDW
                                            RQ XELFDUOD HO TXDO JDLUHEp VHPSUH YH
                                            GHWHUPLQDWSHUODSUR[LPLWDWGHODSHGUDTXH
HVQHFHVVjULDDO
REUD GHWDOPDQHUDTXHODPDMRULDG
DTXHVWVKDELWDFOHVWHQHQHO
MDFLPHQWDOFRVWDWPDWHL[DOJXQHVILQVLWRWSULPHUHVWDOODYDODSHGUDLO
HVSDLTXH
HVGHL[DYDOOLXUHHQO
H[WUDFFLyV
KLXELFDYDODFDEDQD


                    8QFRSIHWVHOVIRQDPHQWVVLQ
KLFDOLDHVSXMDYHQOHVGXHVSDUHWV
                    ODWHUDOVILQVDUULEDUDO
DOoDGDSUHYLVWDSHUO
DUUHQFDGDGH ODYROWD
                    (O WUDFWDPHQW GRQDW D OD SHGUD GHOHV SDUHWVODWHUDOVpVG
LQIHULRU
                    TXDOLWDWDODGHOHVSHFHVTXHIRUPHQODYROWD
                    /
HVSDLGHOLPLWDWSHUDPEGXHVSDUHWVV
RPSOLDGHWHUUDJUDVVDpV
                   D GLU VHQVH SHGUHV L V
DPXQWHJDYD ILQV D DFRQVHJXLU O
DOWXUD
                   GHILQLWLYD GRQDQWOL OD IRUPD GH OD YROWD $ PHVXUD TXH V
DQDYD
                   DPXQWHJDQWODWHUUDHVSLFRQDYDSHUTXqWLQJXpVFRQVLVWqQFLDLHV

                    SROLDODIRUPDGHODPDQHUDPpVDFXUDGDSRVVLEOHMDTXHDTXHVW
                    FDUDPXOO KDYLD GH VHU HO PRWOOH TXH GRQDULD IRUPD D OD FREHUWD
                    $PEFRUGLOOVEHQWHQVDWVHQVHQWLWORQJLWXGLQDOFRPDUXGLPHQWDULV
QLYHOOVHOVFRQVWUXFWRUVIHLHQOHVHVWLPDFLRQVSHUD
                  DFRQVHJXLU OD Pj[LPD SHUIHFFLyG
DTXHVW PRWOOH MD TXH G
DTXHVWD
                  WDVFD GHSHQLD O
q[LW GH O
REUDPHQW GH OD YROWD /HV SHGUHV TXH
                  O
KDYLHQ GH FRPSRQGUH HV FROÂORFDYHQ SHU ILODGHV DOWHUQDWLYDPHQW


                      DFDGDFRVWDWILQVWUREDUVHDOPLJGHODFREHUWDRQODILODGDTXH
                      OD WDQFDYD HV IHLD D PLGD L HV UHFRO]DYD DPE WRWD FXUD SHU
                      WDQFDUOD FRP FDO L HYLWDU PRYLPHQWV SRVWHULRUV TXH HUHQ
                            GHVDIRUWXQDWVSHUDO
HVWUXFWXUDGHO
HGLILFL
                            /HV SHFHV GH OD YROWD QR WHQLHQ OD IRUPD GH GRYHOOHV MD
                            TXHOHVFDUHVGHMXQWHUHQSUjFWLFDPHQWSDUDOOHOHVMDTXH
                            HOFRQFHSWHWqFQLFGHO
LQWUDGyVLO
H[WUDGyVQRH[LVWLDHQWUH
                           HOV FRQVWUXFWRUV GH OHV FDEDQHV GH YROWD VLPSOHPHQW
                           SROLHQODFDUDYLVWDLO
REHUWXUDTXHTXHGDYDHQWUHSHFHVD

                           ODEDQGDH[WHULRUO
H[WUDGyV
O¶HVWUHEDYHQLQWURGXLQWKL
                           IDOTXHV GH SHGUD D SUHVVLy JDUDQWLQW G
DTXHVWD PDQHUD OD
                           SHUIHFWDVXEMHFFLyGHODYROWDTXHPDLQRYDGHVGLUWRWL QR
                           pVVHUIHWDDPEGRYHOOHV
/
HVWUHEDPHQW GHILQLWLX GH OHV SHGUHV HQWUH VL HV IHLD XQ FRS OD YROWD MD HVWDYD
WDQFDGD D FRSV GH PDOO R Ep GH PDUWHOO OHV IDOTXHV HQWUDYHQ D OHV MXQWHV
DFRQVHJXLQW G
DTXHVWD PDQHUD OD PpV FRPSOHWD LPPRELOLWDW FRP VL O
KDJXHVVLQ
VROGDGDODYROWDHVSRWGLUTXHHUDWRWDXQDSHoD


                              ,QWHULRU GH OD FDEDQD GHWDOO GH OD YROWD L OD
                              PHQMDGRUD
                              4XDQODFREHUWDMDHVGRQDYDSHUDFDEDGDHVSURFHGLD
                              DO UHIRUoDPHQW GH OHV SDUHWV ODWHUDOV DPE SHGUHV FRP
                              PpV JURVVHV PLOORU L EHQ FROÂORFDGHV DQRPHQDGHV
HVWUHSVSHUWDOGHFRQWUDUHVWDUO
HPSHQWDGHODYROWD(OVHVWUHSVDPHVXUDTXHHV
GHVSODoDYHQ GHO FHQWUH GLVPLQXwHQ O
DOoDGD DPE OD TXDO FRVD GRQDYHQ D OD SHoD
XQDVLOXHWDPROWPpVDWUDFWLYD
(OVHJHQWSDVFRQVLVWLDDEXLGDUO
HGLILFLGHODWHUUDTXHKDYLDVHUYLWGHPRWOOHDPE
ODTXDOHVWDSDYDODEDQGDH[WHULRUGHODFREHUWDVLDPEDTXHVWDWHUUDQLQ
KLKDYLD
SURX V
KL DIHJLD OD TXH KL IDOWDYD ILQV GHL[DUOD VXILFLHQWPHQW FROJDGD HUD PROW
LPSRUWDQW ILFDUQ
KL XQ ERQ JUXL[ SHU HYLWDU OHV ILOWUDFLRQV G
DLJXD FDS D O
LQWHULRU L
TXHHVSRJXpVHVFyUUHUSHUOHVMXQWHVGHODFREHUWDFUHDQWPROHVWHVJRWHUHV
8QDYHJDGDO
HVWDQoDKDYLDTXHGDWQHWDV
KLLQVWDOÂODYDODFRUUHVSRQHQWPHQMDGRUD
SHUO
DQLPDORDQLPDOV*HQHUDOPHQWOHVPHQMDGRUHVHVIHLHQDPESHFHVGHSHGUD
GH YHJDGHV PROW OODUJXHV L SRGLHQ XELFDUVH R Ep DO FRVWDW R DO IRQV D XQD DOWXUD
TXHUHVXOWpVFzPRGDSHUO
XVXDULLDO
LQGUHWRQSHUWRFDYDV
KLFODYDYDHVWDTXHVR
EpDUQHOOHVGHIHUURSHUWDOGHVXEMHFWDUORV
/
REUDPHQWGHODIDoDQDHVSRWGLUTXHHUDODIDVHILQDOGHODFRQVWUXFFLyFRQVLVWLDD
IHUKLODSDUHWSHUUHFRO]DUODYROWDLGHL[DUKLO
REHUWXUDDODSRUWD$ODOOLQGDDOJXQV
WHQLHQODFXULRVLWDWGHGDWDUODSHUUHFRUGDUDOHVJHQHUDFLRQVIXWXUHVO
DQHQ TXH
HV YD DFDEDU DTXHOOD REUD 8QD FRQVWDQW HQ DTXHVWHV HGLILFDFLRQV pV HO
GHVFHQWUDPHQW GH OD SRUWD UHVSHFWH GH O
HL[ GH OD IDoDQD HQ OD VHYD YHUWLFDO WDQW
FDS DO FRVWDW GUHW FRP FDS D O
HVTXHUUH /D UDy G
DL[z pV OD G
DFRQVHJXLUXQ HVSDL
LQWHULRUVXILFLHQWSHULQVWDOÂODUKLODOODUGHIRFVHQVHTXHO
REHUWXUDGHODSRUWDFUHpV
XQ UDFy PRUW VHQVH XWLOLWDW 7DPEp KL KD H[HPSODUV DPE OD SRUWD DO FHQWUH SHUz
DPEXQPtQLPSHUFHQWDWJH


                                 9LVWDGHODSRUWDGHVGHO
LQWHULRU
                                 (OUHPDWDPHQWG
DTXHVWDIDVH FRQVWUXFWLYDV
DFRQVHJXLD
                                 FROÂORFDQWHQODSDUWVXSHULRUGHODIDoDQDXQYRODGtVIHW
                                 DPE OORVHV SULPHV TXH D PRGH GH UjIHF HO TXDO SHU
XQD EDQGD HYLWDYD TXH O
DLJXD GH OD SOXMD V
HVFRUUHJXpV D UDQ GH OD SDUHW L OD
PDOPHWpV L SHU O
DOWUD HUDXQ HOHPHQW GHPLOORUDPHQWHVWqWLF'HYHJDGHVWDPEp
V
KLFROÂORFDYDXQUXGLPHQWDULUHOORWJHGHVRO
)LQDOPHQWLDPRGHGHULWXDODOGDYDQWREpDOFRVWDWGHODFDEDQDV
KLSODQWDYDXQ
SL GHO TXDO HV WHQLDFXUD DPE PROWDGHGLFDFLy$PEHOVDQVDTXHVWDUEUHGRQDYD
XQDJHQHURVDRPEUDDOVSDJHVRVFDQVDWVTXHV
DMHLHQDOVHXUHFHU/
DWHQFLyTXHHV
GHGLFDYD D DTXHVWV DUEUHV YD JHQHUDU XQV H[HPSODUV UHDOPHQW DGPLUDEOHV SHU OHV
VHYHV SURSRUFLRQV SHUz DOJXQV VHPEODQW DO TXH SDVVD DPE OHV FDEDQHV TXH
RPEUHJHQ VyQ YtFWLPHV GH O
REOLW L OD GHL[DGHVD L HQ HO SUHVHQW KDYHQW SHUGXW OD
YLJRURVLWDW GHOV PLOORUV WHPSV HVGHYHQHQ WDPEp VLJQH GH OD GHFDGqQFLD TXH
V
HQWUHYHXDOVFDPSVJDUULJXHQFV
/
RULHQWDFLy GH OHV FDEDQHV GH YROWD pV PDMRULWjULDPHQW FDS D O
HVW L HO VXG L
QDWXUDOPHQW HOV SXQWV LQWHUPHGLV 7DPSRF QR pV UDU WUREDUQH G
HQFDUDGHV FDS DO
QRUG SHUz VL FDS D O
RHVW $TXHVWD GLUHFFLy YH GRQDGD SHU OD GLUHFFLy GHOV DLUHV
KLYHUQDOV MD TXH D OD QRVWUD FRPDUFD HOV TXH YHQHQ GH SRQHQW VyQ HQ DTXHOOD
qSRFDHOVPpVIUHTHQWVLHOVPpVIUHGVSHUWDQWHOVTXHFDOHYLWDU
7RW L TXH HO SODQWHMDPHQW WqFQLF SHU D OD FRQVWUXFFLy GH OHV FDEDQHV GH YROWD pV
VHPSUHHOPDWHL[KLKDXQVGHWDOOVHVWUXFWXUDOVTXHHVWDEOHL[HQXQHVGLIHUqQFLHV
'
XQD EDQGD VHPEOD TXH OD YROWD SUzSLDPHQW GLWD V
DMXVWD DPE XQ FHUWULJRU D OD
YROWDGHFDQyRGHPLJSXQWHQODTXDOHOWHzULFUDGLTXHODGHVFULXFRUUHVSRQDOD
PHLWDW GH O
DPSODGD LQWHULRU GH O
HGLILFL SHUz KL KD H[HPSODUV TXH WHQHQ OD
FRQVLGHUDFLyGHYROWDSODQDHTXLYDOHQDO
DUFUHEDL[DWSHULOOyVSHUO
HPSHQWDGHOD
YROWDMDTXHWHQGHL[DREULUVHSHUODPHLWDWSHUzODVzOLGDFRQVWUXFFLyGHOVHVWUHSV
OL KR LPSHGHL[HQ 1
KL KD G
DOWUHV HQ TXH OD YROWD pV DSXQWDGD FRP VL HV WUDFWpV
G
XQDPHQDG
DUFJzWLFSHUzDTXHVWHVWLOWpXQDYDQWDWJHODSRFDRJDLUHEpQXOÂOD
HPSHQWDODWHUDOGHODYROWDSHUWDQWHOVHVWUHSVQRFDOLHQVHUWDQWUHIRUoDWV
8QDDOWUDGLIHUqQFLDpVODYROWDSUzSLDPHQWGLWDIRVTXLQDIRVODVHYDIRUPDPHQWUH
HQXQDOWSHUFHQWDWJHOHVSHGUHVTXHODIRUPHQVyQYLVLEOHV GHVGHO
H[WHULRULSHU
WDQW IjFLO G
LGHQWLILFDU HO VHX HVWLO V
HQ FRQVWUXwD DOWUHV HQ TXq OD YROWD HVWDYD
WRWDOPHQWRFXOWDSHUODSDUHWGHODIDoDQDODTXDOKDYLDGHVHUPROWPpVJUXL[XGD
TXHODTXHHVGHGLFDYD~QLFDPHQWDGRQDUVXSRUWDODYROWD
3HO TXH ID D O
HPPDUFDPHQW GH O
REHUWXUD GH OD SRUWD PHQWUH XQHV WHQHQ XQV
PXQWDWV EHQ DIDLoRQDWV DPE O
HQFDL[ LQWHULRU FRUUHVSRQHQW SHU DO FRUUHFWH
DMXVWDPHQW GH OD SRUWD L VXSRUWHQ OD OOLQGD WDPEp VH
Q WURED RQ DTXHVW HOHPHQW
GHVFDQVDGLUHFWDPHQWVREUHOHVSHGUHVGHODSDUHWGHODIDoDQDTXHGHWHUPLQHQHO
EXLWFRUUHVSRQHQWD OD SRUWD $TXHVW VLVWHPDpVPROWPpV IjFLOLHFRQzPLFTXHHOV
PXQWDWVSHUzPpVDXVWHUHVWqWLFDPHQWLPHQVUHVLVWHQWHQODSUjFWLFD
/D VXSHUItFLH PLWMDQD GH O
LQWHULRU G
DTXHVWV KDELWDFOHV SRW HVWDU HQWUH HOV 
PHWUHV TXDGUDWV D OD ]RQD GH OHV %RUJHV  -XQHGD L GH OD *UDQDGHOOD DS D OHV
*DUULJXHVFHQWUDOVLSDUWGHO
RHVWOHVGLPHQVLRQVDXJPHQWHQQRWDEOHPHQWLWDPEp
OD GHQVLWDW RQ QR pV VRUSUHQHQW GH WUREDU H[HPSODUV GH PpV GH TXDUDQWD PHWUHV
ILQVLWRWGHPpVGHFLQTXDQWD
/D SODQWD GH OHV FDEDQHV GH YROWD pV VHPSUH UHFWDQJXODU HQ XQD SURSRUFLy TXH
V
DSURSDDO[/
DOoDGDPj[LPDDO
LQWHULRUYDULDHQWUHDOVLHOVPHWUHVLVyQ
PROWSRTXHVOHVTXHVREUHSDVVHQDTXHVWHVGLPHQVLRQV
4XDQODILQFDHUDPROWJUDQLHVWUREDYDDOOXQDGDGHOSREOHDO
qSRFDGHOVFRQUHXV
L GH OD UHFROOLGD  GHOV IUXLWV OD JHQW SUHIHULD TXHGDUVH D GRUPLU D OD FDEDQD
JXDQDYHQ WHPSV L V
HVWDOYLDYHQ HO FDQVDPHQW DIHJLW TXH KDJXpV VXSRVDW WDQW D
SHUVRQHVFRPDDQLPDOVHOGHVSODoDPHQWGHSURSGHGXHVKRUHVGHFDPtGHVSUpV
G
XQMRUQTXHMDUHVXOWDYDSURXFDQVDW
7DPSRFHUDJHQVDJUDGDEOHVRUWLUO
HQGHPjDOPDWtDPEOOXPG
HVWHOVSHUWRUQDUD
ODIHLQDUHFRUGDQWTXHDO
qSRFDIORULGDGHOFXOWLXGHO
ROLYHUDHOVWUDVOODWVDQDYHQD
FRPSWHGHOWUHEDOODGRU


/HV FDEDQHV DPE GHSDUWDPHQWV 3UHYHLHQW DTXHVWV IHWV OHV FDEDQHV HV
GLVVHQDYHQPpVJUDQVLHQPROWVFDVRVDOPRPHQWGHFRQVWUXLUOHVDO
LQWHULRUV
KL
IHLDXQGHSDUWDPHQWRQHOVDQLPDOVHVWDYHQDwOODWVGHOHVSHUVRQHVVLODVXSHUItFLH
LQWHULRU KR SHUPHWLD GH YHJDGHV HQ OORF G
XQ HQYj VH Q
KL IHLD GRV G
DTXHVWD
PDQHUDODFDEDQDTXHGDYDGLYLGLGDHQWUHVHVWDQFHVO
XQDVHUYLDG
HVWDEOHO
DOWUD
GH PDJDW]HP SHU DOV HVWULV L OD WHUFHUD VHUYLD GH FXLQD  PHQMDGRU L GRUPLWRUL
'
DTXHVW PRGHO HQ GHLHQ FDEDQHV GHSDUWDPHQWDGHV LWHQLHQO
DYDQWDWJHTXHHOV
HQYDQVHVGHYHQLHQERQVSXQWDOVTXHVXSRUWDYHQODYROWD


/HVFDEDQHV DPE GRUPLGRU (Q DOWUHVFDVRVHVFRQVWUXwDXQSHWLWGHSDUWDPHQW
DQQH[HQTXDOVHYROGHOVFRVWDWVLDOPDWHL[SODGHOVzOG
XQDVXSHUItFLHDSUR[LPDGD
DOVVLVPHWUHVTXDGUDWVLXQPHWUHG
DOoDGDFREHUWWDPEpDPEHOVLVWHPDGHYROWDDO
TXDOV
KLDFFHGLDDWUDYpVG
XQIRUDWG
XQVFPG
DPSODGDLG
DOWXUDG
DTXHVW
GHSDUWDPHQWHQGHLHQHOGRUPLGRUHOTXDOWHQLDO
DYDQWDWJHTXHHQHOSRVVLEOHFDV
TXH O
DQLPDO HV GHVIHUPpV GXUDQW OD QLW QR KL KDYLD FDS ULVF GH SRGHU IHU PDO D
QLQJ~MDTXHSHUO
REHUWXUDGLVSRQLEOHSHUDFFHGLUDOGRUPLGRUODPXODQRKLSRGLD
HQWUDU


/HV FDEDQHV DPE WUHVSRO /D FDEDQD TXHGDYD GLYLGLGD HQ GXHV SDUWV SHUz
DTXHVWD YHJDGD KR HUD HQ VHQWLW KRULW]RQWDO GH WDO PDQHUD TXH DOV EDL[RV V
KL
LQVWDOÂODYDO
DQLPDOLHOVHVWULVLODSDUWVXSHULRUHVGHGLFDYDDO
KDELWDFOHKXPjDPE
OD FRUUHVSRQHQW FXLQD L GRUPLWRUL 8QD ILQHVWUD REHUWD D OD IDoDQD  SHUPHWLD
O
HQWUDGD  GH OD OOXP L OD YHQWLODFLy $TXHVWD FRQVWUXFFLy WHQLD GH SRVLWLX HO IHW GH
SRGHU JDXGLU GHO GREOH GH VXSHUItFLH ~WLO HQ XQD VROD SODQWD SHUz WHQLD
O
LQFRQYHQLHQW G
KDYHUOD GH IHU PROW PpV DOWD SHU WDO GH IHU SRVVLEOH OD SODQWD
VXSHULRUODTXDOFRVDREOLJDYDDXQUHIRUoDPHQWH[WUDRUGLQDULGHOVHVWUHSVLHOSHULOO
G
HQGHUURFKLHUDSUHVHQW
1RKLKDJDLUHVGDGHVUHVSHFWHDOFRVWGHOHVFDEDQHVGHYROWDHQWUHDOWUHVFDXVHV
SHUTXq HOV FRQWUDFWHV HV EDVDYHQ HQ HO YDORU GH OD SDUDXOD 6H VDS TXH XQD SHoD
HQRUPH G
XQV  PHWUHV TXDGUDWV GH VXSHUItFLH ~WLO DO ILQDO GHO VHJOH SDVVDW
FRVWDYDWUHVFHQWHV SHVVHWHV pV D GLUD VLVSHVVHWHV HO PHWUH TXDGUDW 1R VH VDS
DPE FHUWHVD OHV FRQGLFLRQV D TXq REOLJDYD HO FRQWUDFWH SHUz V
HQWpQ TXH HO
SURSLHWDUL GH OD ILQFD RQ HV IHLD O
REUD SDUWLFLSDYD HQ OD FRQVWUXFFLy G
XQD R DOWUD
PDQHUDRVLPpVQRDPEODSDUWLFLSDFLyGHOPRVVRGHODFDVD




%DEDQHVGHYROWDD-XQHGDO
$UDQy



$548,7(785$3238/$5$%$1(6'(92/7$

)LW[D                                          3REODFLy                 -XQHGD

1RPFDEDQD                 UDFy    GH   OHV 'DWD                    
                        *XLQHXV
'DWDGD                                          8ELFDFLy                 /¶$UDQy

3URSLHWDUL             *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO              0LTXHO7RUUHV
RULJLQDO
0LGHV                   $PSODGDP          /ODUJDGDP        $OoDGDP

$OWUHV                  $OoDGD LQLFL YROWD 6XSHUItFLH LQWHULRU 3RUWD  P [
                        P                  P                P
                        $OoDGD                  /ODUJ                  0HQMDGP[
                        IDVoDQDP           IDVoDQDP          P
0DWHULDO                3HGUDVHFD

3URWHFFLy               DEDQDDPEFREHUWDGHYROWDGHFDQy

RQVHUYDFLy             (VWjIRUoDYHQFRQVHUYDGDDPEPROWDYHJHWDFLyDOVHXVRVWUH
                        TXHDMXGDDLPSHGLUOHVILOWUDFLRQVG¶DLJXD
'HVFULSFLyGHODVHYDIXQFLyRULJLQDO
$TXHVWDFRQVWUXFFLyUHVSRQDODQHFHVVLWDWGHOSDJqVGHFRQVWUXLUXQOORFG¶DL[RSOXF
SHU D HOO L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOV GLVSRQLEOHV L
GHOFOLPDVHF(QDTXHVWDKLGHYLDKDYHUTXDWUHDQLPDOVGHFjUUHJDHVYHXSHUOHV
SHGUHVTXHKLKDXELFDGHVDVREUHGHODPHQMDGRUD
2EVHUYDFLRQV

$ OD GUHWD GH OD IDoDQD HV YHX XQ FRQWUDIRUW TXH HV SHUOORQJD XQV FP FDS D
O¶LQWHULRUGHODFDEDQD
/¶LQWHULRUTXHGDXQDPLFDHQIRQVDWUHVSHFWHHOWHUUDGHO¶H[WHULRU
/HVSDUHWVGDYDQWHUDLSRVWHULRUVyQGHFRQVWUXFFLyPpVEDVWDTXHODYROWDHQVL
)RWRJUDILD




                                         DEDQD 


DEDQD  /D SULPHUD OD WUREHPDOUDFyGHOHV JXLQHXVHQFDUDGDDOVXGFREHUWD
DPEXQDYROWDGHFDQyXQ[LFSODQD7pODSRUWDTXHPHVXUDPG
DOoDGDSHU
PG
DPSODGDGHVSODoDGDDOODWHUDOHVTXHUUHSHUWDOTXHJXDQLHVSDLHOUDFy
GH OD IXPHUD DO ODWHUDO RSRVDW WUHV PXQWDQWV SHU EDQGD HPPDUTXHQ OD SRUWD
FRURQDGDSHUXQDELJDDPDQHUDGHOOLQGD$ODGUHWDGHODIDoDQDGHPGH
OODUJDGDSHUPG
DOoDGDSRGHPYHXUHXQFRQWUDIRUWTXHDPRGHGHFROXPQD
HV SHUOORQJD XQV  FP FDS D O
LQWHULRU GH OD FDEDQD 'LQV GH OD FDEDQD L D
FRQWLQXDFLyG
DTXHVWUHIRUoWUREHPXQWURQFTXHHQSRVLFLyYHUWLFDOLFRURQDWDPE
XQD IXVWDSRVDGDHQSRVLFLySODQDIDGHVXSRUWDXQHVSHGUHVGHYROWDSHUHYLWDU
TXHFDLJXLQ$ODIDoDQDHQWUHHOFRQWUDIRUWLODSRUWDDPLWMDDOoDGDSRGHPYHXUH
XQDSHGUDTXHVXUWPpVTXHOHVDOWUHVDPEXQIRUDWDOPLJSHUIHUPDUO
DQLPDOGH
FjUUHJD
/
LQWHULRUGHP LPG
DOoDGDTXHGDXQDPLFDHQIRQVDWUHVSHFWHHOWHUUD
GH O
H[WHULRU /D PDJQtILFD PHQMDGRUD HPSODoDGD DO ODWHUDO GUHW GH OD FDEDQD
PHVXUD  P GH OODUJDGD L  P G
DOoDGD +L SRGHP YHXUH GXHV SDUWV
FODUDPHQWGLIHUHQFLDGHVODEDVHIHWDDPESHGUHVPpV SHWLWHVTXHOHVTXHIRUPHQ
OD YROWD L HO UHFHSWDFOH IRUPDW SHU  SHGUHV PROW EHQ WUHEDOODGHV 6REUH OD
PHQMDGRUD SRGHP YHXUH  SHGUHV HTXLGLVWDQWV TXH VXUWHQ PpV TXH OHV DOWUHV
IRUDGDGHVSHOPLJSHUPHWLHQWHQLUHOVDQLPDOVGHFjUUHJDIHUPDWV$TXHVWHVSHGUHV
HQVGLXHQHOQRPEUHG
DQLPDOVGHFjUUHJDTXHDEDVWDYDODPHQMDGRUD
/D YROWD Wp HO VHX LQLFL D  P GHO WHUUD L OD VHYD DOWXUD Pj[LPD pV GH  P
7DQW OD EDVH FRP OD YROWD WHQHQ OD PDWHL[D FRQVWUXFFLy DFXUDGD OHV SHGUHV PpV
JUDQV OHV YHLHP D OHV ILOHV PpV SURSHUHV DO WHUUD L YDQ SHUGHQW DOWXUD SHUz
PDQWHQLQW OD OODUJDGD FRQIRUPH V
DWDQVHQ D OD ILOHUD FHQWUDO TXH FORX OD YROWD /HV
SDUHWVGDYDQWHUDLSRVWHULRUVyQGHFRQVWUXFFLyPpVEDVWDTXHODYROWDHQVL



$548,7(785$3238/$5$%$1(6'(92/7$

)LW[D                                            3REODFLy                  -XQHGD

1RPFDEDQD               DEDQD O¶KHUD GHO 'DWD                           
                         PHVWUHW
'DWDGD                                        8ELFDFLy                  /¶$UDQy           SOD
                                                                             FDVHWD
3URSLHWDUL              *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO                0LTXHO7RUUHV
RULJLQDO
0LGHV                    $PSODGDP           /ODUJDGDP          $OoDGDP

$OWUHV                   $OoDGD LQLFL YROWD 6XSHUItFLH LQWHULRU 3RUWD          P      [
                         P                    P                  P
                         $OoDGD        IDoDQD /ODUJDGD        IDoDQD 0HQMDG P [
                         P                    P                    P
0DWHULDO                 3HGUDVHFD

3URWHFFLy                DEDQDDPEFREHUWDGHYROWDGHFDQy

RQVHUYDFLy              eV XQD FDEDQD PROW YHQ FRQVHUYDGD DPE PROWD YHJHWDFLy DO
                         VHXYROWDQW
'HVFULSFLyGHODVHYDIXQFLyRULJLQDO

$TXHVWDFRQVWUXFFLyUHVSRQDODQHFHVVLWDWGHOSDJqVG¶REUDUXQOORFG¶DL[RSOXFSHUD
HOO L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOV GLVSRQLEOHV L GHO
FOLPD VHF HQ FRQFUHW (Q DTXHVWD FDEDQD KL KDYLD FDSDFLWDW SHU WUHV DQLPDOV GH
FjUUHJDMDTXHVREUHODPHQMDGRUDKLKDWUHVSHFHVSHUDIHUPDUORV
2EVHUYDFLRQV

6REUHODIDoDQDHVSRWYHXUHODSDUWH[WHULRUGHODIXPHUDGHFRQVWUXFFLyPRGHUQD
IHWDG¶REUD
$O¶LQWHULRUXQDILOHUDGHSHGUHVDOWHUUDVHSDUDODSDUWGHVWLQDGDDOVDQLPDOVGHOD
SDUWRFXSDGDSHOSDJqV
$ VREUH L D PLWMD DOoDGD KL KD XQD ELJD WUDQVYHUVDO L TXDWUH GH ORQJLWXGLQDOV XQV
FDQLVVRV VREUH OHV ELJXHV SHUPHWLD HPPDJDW]HPDU SDOOD SHU DOV DQLPDOV L VL HUD
FRQYHQLHQWGRUPLUKL
)RWRJUDILD




                                           DEDQD


DEDQD  /D VHJHQWFDEDQD OD WUREHP DO SODGH ODFDVHWDDQRPHQDGDO
HUD GHO
0HVWUHWHQFDUDGDDO
HVW7pODIDoDQDDPEPROWERQHVWDW6REUHODPDJQtILFDYROWD
GHFDQyKLWUREHPXQSHWLWUjIHFGHOORVHVTXHSURWHJHL[OHVSHGUHVFHQWUDOVGH
OD YROWD OD SRUWD G
 P G
DOoDGD SHU  P G
DPSODGD GHVSODoDGD D
O
HVTXHUUD HPPDUFDGD SHU  PXQWDQWV SHU EDQGD FRURQDWV SHU XQD HVSOqQGLGD
OOLQGDVHPLFLUFXODUHQODTXDOSRGHPYHXUHJUDYDGDHQODVHYDSDUWH[WHULRUODGDWD
GH FRQVWUXFFLy GH OD FDEDQD  (QWUH OD SRUWD L OD YROWD D PLWMD DOoDGD YHLHP
XQDSHGUDTXHVXUWGHODIDoDQDTXHIRUDGDGDSHOPLJSHUPHWLDIHUPDUO
DQLPDOGH
FjUUHJD6REUHODIDoDQDGHPGHOODUJDGDSHUPG
DOoDGDSRGHPYHXUH
ODSDUWH[WHULRUGHODIXPHUDGHFRQVWUXFFLyPRGHUQDIHWDG
REUD
$O
LQWHULRUGHODFDEDQDGHP GHVXSHUItFLHKLYHLHPODPHQMDGRUDGH
PGHOODUJDGDSHUPG
DOoDGDTXHRFXSDODPHLWDWSRVWHULRUGHOODWHUDOGUHW


                              'HWDOOGHO
LQWHULRUGHODFDEDQD
                              (O UHFHSWDFOH GH OD PHQMDGRUD HO IRUPHQ GXHV ~QLTXHV L
                              PDJQtILTXHVSHGUHVUHFRO]DGHVHQXQDSHWLWDEDVHWDPEp
                              GHSHGUDVREUHODPHQMDGRUDWUHVSHGUHVGHODYROWDTXH
SUHVHQWHQXQDFDEDWHQIRUPDG
DQVDSHUPHWLHQIHUPDUHOVDQLPDOV
8QDILOHUDGHSHGUHVDOWHUUDVHSDUDODSDUWGHVWLQDGDDOVDQLPDOVGHODSDUWRFXSDGD
SHO SDJqV 6REUH DTXHVWHV SHGUHV L D PLWMD DOoDGD XQD ELJD WUDQVYHUVDO ID GH
VXSRUW D TXDWUH ELJXHV PpV HQFDVWDGHV D OD SDUHW GHO IRQV GH OD FDEDQD XQV
FDQLVVRVVREUHOHVELJXHVSHUPHWLDHPPDJDW]HPDUSDOODSHUDOVDQLPDOVLGRUPLU
KLVLHUDHOFDV
$ OD SDUW RFXSDGD SHO SDJqV DO ODWHUDO GUHW WUREHP GRV IRUDWV UHFWDQJXODUV D OD
SDUHWHQIRUPDG
DUPDULDOPpVJUDQDUUDQGHWHUUDV
KLJXDUGDYDHOFjQWLURVHOOy
MDTXHHOFRQWDFWHDPEHOWHUUDPDQWHQLDO
DLJXDPpVIUHVFD$VREUHLVHSDUDWVSHU
XQD JUDQ SHGUD WUREHP O
DOWUH DUPDUL D O
DOWUD EDQGD SRGHP YHXUH OD IXPHUD
JXL[DGD
/D SDUHW GH OD EDVH L OD YROWD TXH FRPHQoD D  P GHO WHUUD L G
XQD DOoDGD
Pj[LPDGHPWHQHQXQDFRQVWUXFFLyXQLIRUPHDPESHGUHVTXHGLVPLQXHL[HQ
GHYROXPFRQIRUPHV
DWDQVHQDODILOHUDFHQWUDOTXHFORXODFDEDQD
$548,7(785$3238/$5$%$1(6'(92/7$
)LW[D                                          3REODFLy                -XQHGD
1RPFDEDQD              DEDQD G¶HQ 3HS 'DWD                          
                        G¶$UWHVD
'DWDGD                                          8ELFDFLy                /¶$UDQy          SOD
                                                                         FDVHWD
3URSLHWDUL             *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO             0LTXHO7RUUHV
RULJLQDO
0LGHV                   $PSODGDP          /ODUJDGDP        $OoDGDP
$OWUHV                  3RUWD     P      [                        
                        P
                                                                       
0DWHULDO                3HGUDVHFD
3URWHFFLy               DEDQDDPEFREHUWDGHYROWDGHFDQy
RQVHUYDFLy             (VWjPROWPDOPHVDWpODSDUWGUHWDGHODYROWDPLJHQVRUUDGD
'HVFULSFLyGHODVHYDIXQFLyRULJLQDO
/DFDEDQDUHVSRQDOHVQHFHVVLWDWVGHOSDJqVGHFRQVWUXLUXQOORFG¶DL[RSOXFSHUDHOO
L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOVGLVSRQLEOHV L GHO FOLPD
VHF+LKDGXHVSHGUHVIRUDGDGHVVREUHOHVUHVWHVGHODPHQMDGRUDTXHHQVSHUPHW
VDEHUTXHKLKDXQDFDSDFLWDWSHUDGRVDQLPDOVGHFjUUHJD
2EVHUYDFLRQV
/DSDUWSRVWHULRUGHODYROWDHVUHFRO]DVREUHXQWDO~VVHQVHSDUHW(OSULPHUPHWUH
GHSDUHWILQVDO¶LQLFLGHODYROWDpVGHFRQVWUXFFLyPpVEDVWDTXHODPDWHL[DYROWD$
ODGUHWDGHODFDEDQDHVSRWYHXUHHOPDJQtILFSLTXHHVSODQWDYDXQFRSDFDEDGDOD
FDEDQDDPRGHGHULWXDO
)RWRJUDILD




                                        DEDQD

More Related Content

What's hot

100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly 100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly P6P
 
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Abdulsalam Taha
 
La guerra de las plantas alelopatia
La guerra de las plantas alelopatiaLa guerra de las plantas alelopatia
La guerra de las plantas alelopatiaunellezvipi
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslimzakir2012
 
Balzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoiseBalzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoisedreamytang
 
Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basicsnecromen
 
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D  AgapitosSfantul Nectarie, Sfantul Iubirii, Iosif D  Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitossokoban
 
Bulletin, ICOPMAS (from 1990-2018) published by PMO
Bulletin, ICOPMAS (from 1990-2018) published by PMOBulletin, ICOPMAS (from 1990-2018) published by PMO
Bulletin, ICOPMAS (from 1990-2018) published by PMOKabir Sadeghi
 

What's hot (16)

100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly 100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
 
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
 
Fiqh us sunnah_zakat_fasting
Fiqh us sunnah_zakat_fastingFiqh us sunnah_zakat_fasting
Fiqh us sunnah_zakat_fasting
 
Mates5
Mates5Mates5
Mates5
 
Toxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic ProductsToxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic Products
 
2nd book dr rahul & heena tiwari- how to write an article and publish it - c...
2nd book  dr rahul & heena tiwari- how to write an article and publish it - c...2nd book  dr rahul & heena tiwari- how to write an article and publish it - c...
2nd book dr rahul & heena tiwari- how to write an article and publish it - c...
 
La guerra de las plantas alelopatia
La guerra de las plantas alelopatiaLa guerra de las plantas alelopatia
La guerra de las plantas alelopatia
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslim
 
Balzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoiseBalzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoise
 
Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basics
 
9146art9
9146art99146art9
9146art9
 
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D  AgapitosSfantul Nectarie, Sfantul Iubirii, Iosif D  Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
 
Razonamientomatematico
RazonamientomatematicoRazonamientomatematico
Razonamientomatematico
 
1st book dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
1st book  dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery1st book  dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
1st book dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
 
1490-ONDERZOEK HISTORISCHE SPANTEN-smallprint
1490-ONDERZOEK HISTORISCHE SPANTEN-smallprint1490-ONDERZOEK HISTORISCHE SPANTEN-smallprint
1490-ONDERZOEK HISTORISCHE SPANTEN-smallprint
 
Bulletin, ICOPMAS (from 1990-2018) published by PMO
Bulletin, ICOPMAS (from 1990-2018) published by PMOBulletin, ICOPMAS (from 1990-2018) published by PMO
Bulletin, ICOPMAS (from 1990-2018) published by PMO
 

Viewers also liked

Higiene icf 20130001
Higiene icf 20130001Higiene icf 20130001
Higiene icf 20130001Julio Carte
 
PROTECTOR DE PANTALLA
PROTECTOR DE PANTALLAPROTECTOR DE PANTALLA
PROTECTOR DE PANTALLAJULIETA-0404
 
Christmas in germany ppt nikola
Christmas in germany ppt nikolaChristmas in germany ppt nikola
Christmas in germany ppt nikolaRoxie Goulden
 
Fort Bragg Off Limits List
Fort Bragg Off Limits ListFort Bragg Off Limits List
Fort Bragg Off Limits ListFortBraggNC
 
Februari
FebruariFebruari
Februariupidbph
 
Symmetrieerkennung in Theorie und Praxis
Symmetrieerkennung in Theorie und PraxisSymmetrieerkennung in Theorie und Praxis
Symmetrieerkennung in Theorie und PraxisMarcus Riemer
 
viaprinto motivkalender #6
viaprinto motivkalender #6viaprinto motivkalender #6
viaprinto motivkalender #6viaprinto
 
Letter m
Letter mLetter m
Letter mcaro999
 
SFA Sprachreisen Intensiv-Sprachwochen 2011
SFA Sprachreisen Intensiv-Sprachwochen 2011SFA Sprachreisen Intensiv-Sprachwochen 2011
SFA Sprachreisen Intensiv-Sprachwochen 2011SFASprachreisen
 
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014Expercash GmbH
 
Modul 4 mit Ideen zur Unterstützung der Textanalyse mit i desk
Modul 4 mit  Ideen zur Unterstützung der Textanalyse mit i deskModul 4 mit  Ideen zur Unterstützung der Textanalyse mit i desk
Modul 4 mit Ideen zur Unterstützung der Textanalyse mit i deskIngo15
 
FAL in Extbase-Extensions
FAL in Extbase-ExtensionsFAL in Extbase-Extensions
FAL in Extbase-Extensionsin2code
 
I pad 2011 kkg fobi 2
I pad 2011 kkg fobi 2I pad 2011 kkg fobi 2
I pad 2011 kkg fobi 2Ingo15
 
dock dich an - Kulturhaus und Ideenplattform in Hamburg
dock dich an - Kulturhaus und Ideenplattform in Hamburgdock dich an - Kulturhaus und Ideenplattform in Hamburg
dock dich an - Kulturhaus und Ideenplattform in HamburgGeoffrey Hildbrand
 
Vision Zurich IT Valley
Vision Zurich IT ValleyVision Zurich IT Valley
Vision Zurich IT Valleyzurichitvalley
 
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...Barbara Braehmer
 
Imslp23389 pmlp53369-schumann marchenerzahlungen
Imslp23389 pmlp53369-schumann marchenerzahlungenImslp23389 pmlp53369-schumann marchenerzahlungen
Imslp23389 pmlp53369-schumann marchenerzahlungenSah Ya
 
Plan601E Session 1 Precedents
Plan601E Session 1 PrecedentsPlan601E Session 1 Precedents
Plan601E Session 1 PrecedentsMichael Haggerty
 

Viewers also liked (20)

Higiene icf 20130001
Higiene icf 20130001Higiene icf 20130001
Higiene icf 20130001
 
PROTECTOR DE PANTALLA
PROTECTOR DE PANTALLAPROTECTOR DE PANTALLA
PROTECTOR DE PANTALLA
 
Christmas in germany ppt nikola
Christmas in germany ppt nikolaChristmas in germany ppt nikola
Christmas in germany ppt nikola
 
Fort Bragg Off Limits List
Fort Bragg Off Limits ListFort Bragg Off Limits List
Fort Bragg Off Limits List
 
Februari
FebruariFebruari
Februari
 
Symmetrieerkennung in Theorie und Praxis
Symmetrieerkennung in Theorie und PraxisSymmetrieerkennung in Theorie und Praxis
Symmetrieerkennung in Theorie und Praxis
 
viaprinto motivkalender #6
viaprinto motivkalender #6viaprinto motivkalender #6
viaprinto motivkalender #6
 
Letter m
Letter mLetter m
Letter m
 
SFA Sprachreisen Intensiv-Sprachwochen 2011
SFA Sprachreisen Intensiv-Sprachwochen 2011SFA Sprachreisen Intensiv-Sprachwochen 2011
SFA Sprachreisen Intensiv-Sprachwochen 2011
 
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014
Convenience Payment Wallet Lösungen - Expercash Vortrag Internet Word 2014
 
Modul 4 mit Ideen zur Unterstützung der Textanalyse mit i desk
Modul 4 mit  Ideen zur Unterstützung der Textanalyse mit i deskModul 4 mit  Ideen zur Unterstützung der Textanalyse mit i desk
Modul 4 mit Ideen zur Unterstützung der Textanalyse mit i desk
 
FAL in Extbase-Extensions
FAL in Extbase-ExtensionsFAL in Extbase-Extensions
FAL in Extbase-Extensions
 
Chemie bw strukturdaten2015
Chemie bw strukturdaten2015Chemie bw strukturdaten2015
Chemie bw strukturdaten2015
 
I pad 2011 kkg fobi 2
I pad 2011 kkg fobi 2I pad 2011 kkg fobi 2
I pad 2011 kkg fobi 2
 
dock dich an - Kulturhaus und Ideenplattform in Hamburg
dock dich an - Kulturhaus und Ideenplattform in Hamburgdock dich an - Kulturhaus und Ideenplattform in Hamburg
dock dich an - Kulturhaus und Ideenplattform in Hamburg
 
Vision Zurich IT Valley
Vision Zurich IT ValleyVision Zurich IT Valley
Vision Zurich IT Valley
 
Visual analytics
Visual analyticsVisual analytics
Visual analytics
 
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...
TECH-BOOTCAMP - DAS Praxistraining für ITK-Recruiter - Social Recruiting und ...
 
Imslp23389 pmlp53369-schumann marchenerzahlungen
Imslp23389 pmlp53369-schumann marchenerzahlungenImslp23389 pmlp53369-schumann marchenerzahlungen
Imslp23389 pmlp53369-schumann marchenerzahlungen
 
Plan601E Session 1 Precedents
Plan601E Session 1 PrecedentsPlan601E Session 1 Precedents
Plan601E Session 1 Precedents
 

Similar to Les cabanes de volta a juneda

A Survey On Leukemia Detection Using Image Processing Techniques
A Survey On Leukemia Detection Using Image Processing TechniquesA Survey On Leukemia Detection Using Image Processing Techniques
A Survey On Leukemia Detection Using Image Processing TechniquesJoe Osborn
 
CSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessCSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessDr. Rakesh Ainapur
 
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfLos derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfyenifferdenisseoband1
 
Sfantul nectarie sfintul iubirii, minuni necunoscute
Sfantul nectarie   sfintul iubirii, minuni necunoscuteSfantul nectarie   sfintul iubirii, minuni necunoscute
Sfantul nectarie sfintul iubirii, minuni necunoscutegedeona19
 
Capítulo 0. Programa de Capacitación en Esterilización Hospitalaria
Capítulo 0.  Programa de Capacitación en Esterilización HospitalariaCapítulo 0.  Programa de Capacitación en Esterilización Hospitalaria
Capítulo 0. Programa de Capacitación en Esterilización HospitalariaRigoberto José Meléndez Cuauro
 
Iosif D'Agapitos - Sf.Nectarie
Iosif D'Agapitos - Sf.NectarieIosif D'Agapitos - Sf.Nectarie
Iosif D'Agapitos - Sf.NectarieDanMarian3
 
Remax condo and townhome reports for Paris911 focused cities
Remax condo and townhome reports for Paris911 focused citiesRemax condo and townhome reports for Paris911 focused cities
Remax condo and townhome reports for Paris911 focused citiesConnor T. MacIVOR
 
Concentration distribution in turbulent flow corrosion equation
Concentration distribution in turbulent flow   corrosion equationConcentration distribution in turbulent flow   corrosion equation
Concentration distribution in turbulent flow corrosion equationNithya M
 
Conditions and System of Government/Official Information in some NATO Countries
Conditions and System of Government/Official Information in some NATO Countries Conditions and System of Government/Official Information in some NATO Countries
Conditions and System of Government/Official Information in some NATO Countries Ivan Zary
 
marcela_paz_Los_pecosos.pdf
marcela_paz_Los_pecosos.pdfmarcela_paz_Los_pecosos.pdf
marcela_paz_Los_pecosos.pdfandrea771906
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issuesLoveofpeople
 

Similar to Les cabanes de volta a juneda (20)

A Survey On Leukemia Detection Using Image Processing Techniques
A Survey On Leukemia Detection Using Image Processing TechniquesA Survey On Leukemia Detection Using Image Processing Techniques
A Survey On Leukemia Detection Using Image Processing Techniques
 
CSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessCSR and Global Citizenship in the global business
CSR and Global Citizenship in the global business
 
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfLos derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
 
Sfantul nectarie sfintul iubirii, minuni necunoscute
Sfantul nectarie   sfintul iubirii, minuni necunoscuteSfantul nectarie   sfintul iubirii, minuni necunoscute
Sfantul nectarie sfintul iubirii, minuni necunoscute
 
Apostila sisvarmanual
Apostila sisvarmanualApostila sisvarmanual
Apostila sisvarmanual
 
Orografía 4
Orografía 4Orografía 4
Orografía 4
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslim
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslim
 
RESUME
RESUMERESUME
RESUME
 
IEC 2014_Wera Supa
IEC 2014_Wera  SupaIEC 2014_Wera  Supa
IEC 2014_Wera Supa
 
Capítulo 0. Programa de Capacitación en Esterilización Hospitalaria
Capítulo 0.  Programa de Capacitación en Esterilización HospitalariaCapítulo 0.  Programa de Capacitación en Esterilización Hospitalaria
Capítulo 0. Programa de Capacitación en Esterilización Hospitalaria
 
Iosif D'Agapitos - Sf.Nectarie
Iosif D'Agapitos - Sf.NectarieIosif D'Agapitos - Sf.Nectarie
Iosif D'Agapitos - Sf.Nectarie
 
Module 1.pdf
Module 1.pdfModule 1.pdf
Module 1.pdf
 
Remax condo and townhome reports for Paris911 focused cities
Remax condo and townhome reports for Paris911 focused citiesRemax condo and townhome reports for Paris911 focused cities
Remax condo and townhome reports for Paris911 focused cities
 
Concentration distribution in turbulent flow corrosion equation
Concentration distribution in turbulent flow   corrosion equationConcentration distribution in turbulent flow   corrosion equation
Concentration distribution in turbulent flow corrosion equation
 
Suzy
SuzySuzy
Suzy
 
Conditions and System of Government/Official Information in some NATO Countries
Conditions and System of Government/Official Information in some NATO Countries Conditions and System of Government/Official Information in some NATO Countries
Conditions and System of Government/Official Information in some NATO Countries
 
Capítulo 8. Los Agentes Químicos sobre las Bacterias
Capítulo 8.  Los Agentes Químicos sobre las BacteriasCapítulo 8.  Los Agentes Químicos sobre las Bacterias
Capítulo 8. Los Agentes Químicos sobre las Bacterias
 
marcela_paz_Los_pecosos.pdf
marcela_paz_Los_pecosos.pdfmarcela_paz_Los_pecosos.pdf
marcela_paz_Los_pecosos.pdf
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issues
 

More from Antoni Aixalà

The flood of santa tecla - l' aiguat de santa tecla, 1874
The flood of santa tecla -  l' aiguat de santa tecla, 1874The flood of santa tecla -  l' aiguat de santa tecla, 1874
The flood of santa tecla - l' aiguat de santa tecla, 1874Antoni Aixalà
 
La Rubinada de Santa Tecla 23 setembre 1874
La Rubinada de Santa Tecla 23 setembre 1874La Rubinada de Santa Tecla 23 setembre 1874
La Rubinada de Santa Tecla 23 setembre 1874Antoni Aixalà
 
Relleu peninsula ibèrica animació
Relleu peninsula ibèrica animacióRelleu peninsula ibèrica animació
Relleu peninsula ibèrica animacióAntoni Aixalà
 
Documentos Históricos de España Año I, n° 08, julio de 1938
Documentos Históricos de España Año I, n° 08, julio de 1938Documentos Históricos de España Año I, n° 08, julio de 1938
Documentos Históricos de España Año I, n° 08, julio de 1938Antoni Aixalà
 
Documentos Históricos de España Año I, n° 07, junio de 1938
Documentos Históricos de España Año I, n° 07, junio de 1938Documentos Históricos de España Año I, n° 07, junio de 1938
Documentos Históricos de España Año I, n° 07, junio de 1938Antoni Aixalà
 
Documentos Históricos de España Año I n° 06, mayo de 1938
Documentos Históricos de España Año I n° 06, mayo de 1938Documentos Históricos de España Año I n° 06, mayo de 1938
Documentos Históricos de España Año I n° 06, mayo de 1938Antoni Aixalà
 
Documentos Históricos de España Año I, n° 05, marzo de 1938
Documentos Históricos de España Año I, n° 05, marzo de 1938Documentos Históricos de España Año I, n° 05, marzo de 1938
Documentos Históricos de España Año I, n° 05, marzo de 1938Antoni Aixalà
 
Documentos Históricos de España Año I, n° 04, enero de 1938
Documentos Históricos de España Año I, n° 04, enero de 1938Documentos Históricos de España Año I, n° 04, enero de 1938
Documentos Históricos de España Año I, n° 04, enero de 1938Antoni Aixalà
 
Documentos Históricos de España Año i, n° 03, diciembre de 1937
Documentos Históricos de España Año i, n° 03, diciembre de 1937Documentos Históricos de España Año i, n° 03, diciembre de 1937
Documentos Históricos de España Año i, n° 03, diciembre de 1937Antoni Aixalà
 
Documentos Históricos de España Año i, n° 02, noviembre de 1937
Documentos Históricos de España Año i, n° 02, noviembre de 1937 Documentos Históricos de España Año i, n° 02, noviembre de 1937
Documentos Históricos de España Año i, n° 02, noviembre de 1937 Antoni Aixalà
 
Documentos Históricos de España Año I, n° 01, octubre de 1937
Documentos Históricos de España Año I, n° 01, octubre de 1937Documentos Históricos de España Año I, n° 01, octubre de 1937
Documentos Históricos de España Año I, n° 01, octubre de 1937Antoni Aixalà
 
Activitats història +25
Activitats història +25Activitats història +25
Activitats història +25Antoni Aixalà
 
Mapa físic península ibèrica
Mapa físic península ibèricaMapa físic península ibèrica
Mapa físic península ibèricaAntoni Aixalà
 
016 La Transició democràtica a Espanya i Catalunya
016 La Transició democràtica a Espanya i Catalunya016 La Transició democràtica a Espanya i Catalunya
016 La Transició democràtica a Espanya i CatalunyaAntoni Aixalà
 

More from Antoni Aixalà (20)

Temari EOE PACFGS
Temari EOE PACFGSTemari EOE PACFGS
Temari EOE PACFGS
 
The flood of santa tecla - l' aiguat de santa tecla, 1874
The flood of santa tecla -  l' aiguat de santa tecla, 1874The flood of santa tecla -  l' aiguat de santa tecla, 1874
The flood of santa tecla - l' aiguat de santa tecla, 1874
 
La Rubinada de Santa Tecla 23 setembre 1874
La Rubinada de Santa Tecla 23 setembre 1874La Rubinada de Santa Tecla 23 setembre 1874
La Rubinada de Santa Tecla 23 setembre 1874
 
Juneda cadastre 1723
Juneda cadastre 1723Juneda cadastre 1723
Juneda cadastre 1723
 
Activitats ESO 4
Activitats ESO 4Activitats ESO 4
Activitats ESO 4
 
Activitats ESO 1
Activitats ESO 1Activitats ESO 1
Activitats ESO 1
 
Relleu peninsula ibèrica animació
Relleu peninsula ibèrica animacióRelleu peninsula ibèrica animació
Relleu peninsula ibèrica animació
 
Documentos Históricos de España Año I, n° 08, julio de 1938
Documentos Históricos de España Año I, n° 08, julio de 1938Documentos Históricos de España Año I, n° 08, julio de 1938
Documentos Históricos de España Año I, n° 08, julio de 1938
 
Documentos Históricos de España Año I, n° 07, junio de 1938
Documentos Históricos de España Año I, n° 07, junio de 1938Documentos Históricos de España Año I, n° 07, junio de 1938
Documentos Históricos de España Año I, n° 07, junio de 1938
 
Documentos Históricos de España Año I n° 06, mayo de 1938
Documentos Históricos de España Año I n° 06, mayo de 1938Documentos Históricos de España Año I n° 06, mayo de 1938
Documentos Históricos de España Año I n° 06, mayo de 1938
 
Documentos Históricos de España Año I, n° 05, marzo de 1938
Documentos Históricos de España Año I, n° 05, marzo de 1938Documentos Históricos de España Año I, n° 05, marzo de 1938
Documentos Históricos de España Año I, n° 05, marzo de 1938
 
Documentos Históricos de España Año I, n° 04, enero de 1938
Documentos Históricos de España Año I, n° 04, enero de 1938Documentos Históricos de España Año I, n° 04, enero de 1938
Documentos Históricos de España Año I, n° 04, enero de 1938
 
Documentos Históricos de España Año i, n° 03, diciembre de 1937
Documentos Históricos de España Año i, n° 03, diciembre de 1937Documentos Históricos de España Año i, n° 03, diciembre de 1937
Documentos Históricos de España Año i, n° 03, diciembre de 1937
 
Documentos Históricos de España Año i, n° 02, noviembre de 1937
Documentos Históricos de España Año i, n° 02, noviembre de 1937 Documentos Históricos de España Año i, n° 02, noviembre de 1937
Documentos Históricos de España Año i, n° 02, noviembre de 1937
 
Documentos Históricos de España Año I, n° 01, octubre de 1937
Documentos Históricos de España Año I, n° 01, octubre de 1937Documentos Históricos de España Año I, n° 01, octubre de 1937
Documentos Históricos de España Año I, n° 01, octubre de 1937
 
Comentari de text
Comentari de textComentari de text
Comentari de text
 
Activitats història +25
Activitats història +25Activitats història +25
Activitats història +25
 
Mapa físic Catalunya
Mapa físic CatalunyaMapa físic Catalunya
Mapa físic Catalunya
 
Mapa físic península ibèrica
Mapa físic península ibèricaMapa físic península ibèrica
Mapa físic península ibèrica
 
016 La Transició democràtica a Espanya i Catalunya
016 La Transició democràtica a Espanya i Catalunya016 La Transició democràtica a Espanya i Catalunya
016 La Transició democràtica a Espanya i Catalunya
 

Les cabanes de volta a juneda

  • 1. $548,7(&785$3238/$5 /(6$%$1(6'(92/7$$-81('$ 7255(17*8$6+1Ò5,$Q%7; ,1752'8,Ï -867,),$,Ï'(/75(%$// (QDUULEDUDTXHVWDQD/HV+HXUHVHPYDYHQLUGHQRXHOGHXUHGHIHUHOWUHEDOOGH UHFHUFD 'HJXW D OD PHYD GHVRULHQWDFLy HO FDS G HVWXGLV 5DPRQ )RQROOHW HP YD VXJJHULU GLYHUVRV WHPHV HQWUH HOV TXDOV YDLJ HVFROOLU HO G DUTXLWHFWXUD SRSXODU FRQFUHWDPHQW OHV FDEDQHV GH YROWD SHU OD SUR[LPLWDW TXH KL WLQF L SHUTXq DTXHVW WHPDHVSRGULDWD[DUG REOLGDW eVXQDOOjVWLPDTXHXQHVFRQVWUXFFLRQVWDQWYDOXRVHVLFDUDFWHUtVWLTXHVGHODQRVWUD FRPDUFD /HV *DUULJXHV YDJLQ GHVDSDUHL[HQW SURJUHVVLYDPHQW SHU XQD EDQGD GHJXWDOVWUHEDOOVGHUHSODQDPHWPDVVLXVGHWHUUHVSHUSDUWGHO KRPHHOTXDOIRX TXL OHV FRQVWUXt HQ HO VHX PRPHQW 3HU O DOWUD EDQGD KDQ HVWDW REOLGDGHV VRWD HOV HIHFWHVQRFLXVGHODLQWHPSqULHTXHFDGDFRSOHVYDGHJUDGDQWPpV 3HUDTXHVWDUDyKHGHFLGLWIHUXQPRGHVWLQYHQWDULSHUILFDUHOPHXJUDQHWGHVRUUD D DTXHVWD WDVFD GH UHFXSHUDFLy GH OD FXOWXUD GH OD SHGUD VHFD TXH HOV QRVWUHV DQFHVWUHV YDQ GXU D WHUPH DPE WDQWD PLQXFLRVLWDW L VHQVH WHQLU FRQHL[HPHQWV G DUTXLWHFWXUD 2%-(7,86 D
  • 6. /HV FDEDQHV GH YROWD IRUHQ FRQVWUXwGHV SHU SHUVRQHV DQzQLPHV SDJHVRV GHO SURSL WHUPH PXQLFLSDO R G DOJXQ WHUPH YHt VHQVH FRQHL[HPHQWV DFDGqPLFV VREUH WqFQLTXHV FRQVWUXFWLYHV E
  • 7. /D ILQDOLWDW GH OHV FDEDQHV GH YROWD HUD SHU XQD EDQGD VHUYLU GH UHIXJL D SHUVRQHV DQLPDOV L HLQHV GHO FDPS HQ GLHV SOXMRVRV R HQ OHV qSRTXHV KLYHUQDOV
  • 8. PpV GXUHV TXDQ HO UHWRUQ D FDVD GHVSUpV G XQD OODUJD MRUQDGD GH WUHEDOO IHLD SHULOODU OD VDOXW GHOV KRPHV L GRQHV L OD GHOV DQLPDOV 3HU O DOWUD EDQGD HVWDYD HQFDPLQDGDDREWHQLUXQPLOORUUHQGLPHQWGHODSURSLHWDWMDTXHHQODPHVXUDTXH DMXGHQO KRPHLHOVDQLPDOVGHFRQUHXHQO LPSUHVFLQGLEOHGHVFDQVItVLFFRUUHVSRQD XQDPDMRU FDSDFLWDWGHWUHEDOO F
  • 9. /D WqFQLFD FRQVWUXFWLYD HQ OHV FDEDQHV GH YROWD pV VLPLODU HQ WRWHV HOOHV $TXHVWHVDOWHUPHPXQLFLSDOGH-XQHGDHVWUDFWHQGHFRQVWUXFFLRQVGHSHGUDVHFD GHSODQWD~QLFDLUHFWDQJXODUOHVTXDOVHVWDQFREHUWHVDPEXQDYROWDGH SHGUDGH FDQy 0(72'2/2*,$ D
  • 11. 9LVLWHV DO IRQV GRFXPHQWDOV GHO RQVHOO RPDUFDO GH OHV *DUULJXHV D OD %LEOLRWHFD3~EOLFDGH-XQHGDLDOROÂOHJLG $UTXLWHFWHVGH/OHLGD F
  • 12. 7UHEDOOGHFDPS(ODERUDFLyGHILW[HVGHOHVFDEDQHVGHYROWD $*5$Í0(176 $TXHVW WUHEDOO QR KDXULD HVWDW SRVVLEOH VHQVH O DMXW GH PROWHV SHUVRQHV D TXL YXOO DJUDLUODVHYDFROÂODERUDFLy $O $QWRQL0DWHXVTXHP KDRULHQWDWSHUWUREDULQIRUPDFLyVREUH HOWHPD $O PHX SDUH 6DOYDGRU 7RUUHQW DSGHYLOD L DO -RVHS 3HUHUD 0DWHXV TXH HV YDQ SRVDU HQ FRQWDFWH DPE OD IDPtOLD HQFDUUHJDGD GH OD ILQFD GH O $UDQy L HP YDQ DFRPSDQDUDIHUO LQYHQWDULLODPHGLFLyGHOHVFDEDQHV $O-RDQ)DUUpILOOGHOVPDVRYHUVHQFDUUHJDWVGHOHVWHUUHVGHOFDVDOGHO $UDQyHO TXDO HQV YD IHU GH JXLD HQV YD PRVWUDU O LQFUHwEOH FRQWRUQ L SDLVDWJH GH OD ILQFD L HQVYDDFRPSDQDUDIHUO HVPHQWDWLQYHQWDULLODPHGLFLyGHOHVFDEDQHV $O PHX JHUPj 6DOYDGRU 7RUUHQW *XDVFK TXH P KD DMXGDW GDYDQW OD PHYD LQH[SHULqQFLDDPEO RUGLQDGRU $O-DXPH0LOj%HjSHUHVFDQHMDUPHOHVIRWRJUDILHVTXHKHHODERUDW $OPHXWXWRUGHOWUHEDOOGHUHFHUFD5DPRQ)RQROOHWHOTXDOHPYDRULHQWDUVREUH DTXHVW WHPD TXDQ YDLJ DUULEDU D /HV +HXUHV L KD HVWDW GLVSRVDW D DMXGDUPH D RUJDQLW]DUOHVWDVTXHVGXUDQWHOSURFpVGHOWUHEDOOFDGDFRSTXHO KLKHGHPDQDW
  • 13. '(6(192/80$0(1775(%$// $548,7(785$3238/$5/(6216758,216'(3('5$6($ /D FRQVWUXFFLy GH OD SHGUD HQ VHF UHIHULGD D OHV DSOLFDFLRQV PpV XVXDOVGHO QRVWUH SDtV VyQ OHV SDUHWV PDUJHV WDQTXHV L PXUDGHV TXH DEDQFDOHQ HOV WHUUHQV GH FXOWLXSHUWDOGHUHWHQLUOHVWHUUHVLOHVDLJHVRFDQDOLW]DUOHVEDUUDQFDGHVRGLYLGLU HOV FDPSV L HOV FDPLQV VHJRQV HO FDV OHV FDEDQHV RUULV R SDOOLVVHV HO IROUDW GH PLQHV GHVJXDVVRVSRXVFLVWHUQHVVtQLHV HWFSUHVHQWHQXQDH[WHQVLyWDQWJUDQ DOSXQWGHFDUDFWHULW]DUSDLVDWJHVDJUtFROHVGHPROWHVFRPDUTXHVVHQFHUHV 3HUz OD VHYD LPSRUWjQFLD H[FHGHL[ O DEDVW G DTXHVWHV DSOLFDFLRQV GLQV HOV OtPLWV GH O DUTXLWHFWXUDSRSXODUFDWDODQDLPHGLWHUUjQLD/DVHYDFDUDFWHUtVWLFDIRQDPHQWDOpV ODGHFRQVWLWXLUXQVLVWHPDFRQVWUXFWLXGHSHFHVLQGHSHQGHQWVRQWRWHVOHVVHYHV MXQWHVVHSDUDGRUHVVLJQLILTXHVXQHVDOWUHV]RQHVGHUHVLVWqQFLDQXOÂODDOVWUHEDOOVD WHQVLy GRQFV KDXUHP GH SRVDU GLQV GH OD PDWHL[D FODVVLILFDFLy GH FRQVWUXFFLy GH SHGUD VHFD HOVH[HPSOHVPpV GHVWDFDWVG DUTXLWHFWXUDPRQXPHQWDOTXHYHULILTXHQ DTXHVWVLVWHPDFRPVyQO DUTXLWHFWXUDPHJDOtWLFDXQD JUDQSDUWGHOHVHJtSFLHVJUHJXHVLURPDQHVTXHQRHVWLJXLQJUDSDGHVLWDPEpOD PDMRUSDUWGHO LQFDLGHO DUTXLWHFWXUDPLOLWDUMDSRQHVD $TXHVWDXQLYHUVDOLWDWKLVWzULFDLJHRJUjILFDG DTXHVWVLVWHPDFRQVWUXFWLXGyQDXQD DWHPSRUDOLWDW D O DUTXLWHFWXUD TXH GHWHUPLQD OD TXDO FRVD ID TXH SXJXHP FRQVLGHUDU OD WqFQLFD GH FRQVWUXFFLy GH SHGUD HQ VHF FRP XQD KHUHYD GLUHFWD GH O DUTXLWHFWXUDPHJDOtWLFDTXHWDQDGPLUDEOHVH[HPSOHVKDQGHL[DWDFDVDQRVWUDLD OHV,OOHV%DOHDUV /HV FDEDQHV JDUULJXHQTXHV GH SHGUD VHFD TXH GLQWUH GH OD JHQHUDOLWDW HQ TXq HV WUREHQ SHU WRW HO QRVWUH SDtV L DUUHX GH OD 0HGLWHUUjQLD WHQHQ XQHV SDUWLFXODULWDWV EHQ GHILQLGHV WDQW FRQVWUXFWLYDPHQW FRP DUTXLWHFWzQLFDPHQW 3HU DTXHVWD UDy WHQHQXQLQWHUqVUHOOHYDQWLRFXSHQXQDSRVLFLyGHWUDQVLFLyHQWUHOHVPDQLIHVWDFLRQV GH SHGUD VHFD DO 3HQHGqV R DO DPS GH 7DUUDJRQD SHU H[HPSOH TXDQ VyQ XWLOLW]DGHV SHU IHU OHV FDEDQHV DGRSWHQ OD IRUPD GH FREHUWD GH YROWD FzQLFD R GH IDOVD F~SXOD HQ ILODGHV VXFFHVVLYHV GLVSRVDGHV HVJODRQDGDPHQW SHU FREULU O HVSDL (QFDQYLOHVFDEDQHVGHOHV*DUULJXHVDEDVHGHSHGUHVPpVUHJXODUVSULVPjWLTXHV VyQ FREHUWHV DPE YROWD FLOtQGULFD R GH FDQy GH SODQWD UHFWDQJXODU VHPSUH L VHPLHQWHUUDGHV
  • 14. /HVFRPDUTXHVFDWDODQHVRQPpVDEXQGHQDTXHVWHVHGLILFDFLRQVVyQO $OW(PSRUGj HO %DJHV O $QRLD HO %DL[ /OREUHJDW O $OW L HO %DL[ 3HQHGqV HO *DUUDI OD RQFD GH %DUEHUjO $OWLHO%DL[DPSHO7DUUDJRQqVODSDUWVHFDGHO6HJULjOD1RJXHUDOD 6HJDUUDLOHV*DUULJXHV 6HJRQVHOOORFRQIRUHQEDVWLGHVOHVFDEDQHVV DQRPHQHQ $OHV,OOHV%DOHDUVEDUUDFDGHSRUTXLPSRQWGHEHVWLDULEDUUDFDV $9DOqQFLDPROORQVRFDW[HUXWHWV $OD0DQ[DWyPERORV $OHV,OOHVDQjULHVWDJRUDV $UHWDPLWDWDV $O DQWLJD,XJRVOjYLDEXQMDV $7XQtVVLDNVDUV $OVXGGH)UDQoDERULHV $3RUWXJDOFDEDQDVPRQWHVLQKDVRIRUQRVGHSDVWRU $,WjOLDFORFKiQ $ODSHQtQVXODGHO6LQDtQDXDPLV $TXHVWHV FDEDQHV VyQ WHVWLPRQLV DOWDPHQW TXDOLILFDWV G XQD HVFROD ORFDO GH JUDQV SLFDSHGUHUVG RULJHQUXUDOLDJUtFRODFRPHOGHOD)ORUHVWD $OOjRQHOVDIORUDPHQWVGHURFDPHUHQDEXQGRVRVLHOVSDJHVRVSHUDUWLJDUHOVVHXV FDPSV FDOLD TXH DGTXLULVVLQ XQD SUjFWLFD GHO WUHEDOO GH OD SHGUD FDGD FRS PpV HILFDoUHILQDGDLSURGXFWLYDHVIRUPDUHQXQVQXFOLVG HVSHFLDOLVWHVSURJUHVVLYDPHQW YDORUDWV $ FDXVD GHO GHVRFXSDPHQW WHPSRUDO TXH HO WUHEDOO DJUtFROD L D O DQRPHQDGDSULPHUFRPDUFDOLGHVSUpVUHJLRQDOTXHHOVVHXWUHEDOOWLQJXpHQWUDUHQ HQXQFHUFOHGHPHUFDWFDGDYHJDGDPpVDPSOHTXHYDHVWHQGUHODVHYDGHPDQGD DODYHJDGDTXHDXJPHQWDYDODVHYDFRPSHWqQFLDLHVSHFLDOLWDW $4XqFDOHQWHQGUHSHUFRQVWUXFFLRQVGHSHGUDVHFD (QWHQHPSHUFRQVWUXFFLRQVHQSHGUDVHFDDTXHOOHVHQTXqV XVD~QLFDPHQWODSHGUD FRP D PDWHULDO EjVLF VHQVHTXHQ KLLQWHUYLQJXLFDSDOWUH SHUDODVXEMHFFLyGHOHV SHFHV HQWUH VL TXH DFWXw G HOHPHQW FRKHVLRQDQW FRP VXFFHHL[ HQ OD FRQVWUXFFLy PRGHUQD (Q HO QRVWUH FDV OHV SHGUHV HV VXEMHFWHQ XWLOLW]DQW IDOTXHV GH SHGUD HQ TXH HOV FRQVWUXFWRUV LQWURGXwHQ D SUHVVLy PLWMDQoDQW FRSV GH PDFHWD DFRQVHJXLQW G DTXHVWDPDQHUDODULJLGHVDTXHGHVLWJHVVLQGHOFRQMXQWGHO REUD
  • 15. (QPROWHVRFDVLRQVV XWLOLW]DYDO DUJLODQDWXUDOREpWHUUDDUJLORVDDPEODTXDOFRVD V REWHQLDO HVWDELOLWDWGHOHVSHFHVMDTXHO DUJLODDFWXDYDGHMDoLDEVRUELDHQERQD SDUW OD LUUHJXODULWDW GH OHV FDUHVMXQW SHU XQ DOWUH FRVWDW WDPEp DFWXDYD FRP LPSHUPHDELOLW]DQWGLVPLQXLQWGHIRUPDSURXVDWLVIDFWzULDO DFFLyGHOHVILOWUDFLRQVGH O DLJXDOHVTXDOVHVGHYHQHQHOSULQFLSDOHQHPLFGHWRWDFRQVWUXFFLy7RWLDL[zO ~V GH O DUJLOD L OD VHYD IXQFLy HVSHFtILFD QR KD GH IHU YDULDU HO FRQFHSWH GH SHGUD VHFD /DSRVVLELOLWDWGHJDXGLUHQTXDQWLWDWLOOLPLWDGDG XQPDWHULDOGHFRQVWUXFFLyGHWDQW DOWD TXDOLWDW JHQHUD REUHV GH PpV GLYHUVD JDPPD L O DEDVWDPHQW G REMHFWHV G ~V TXRWLGLjTXHSRGLHQDQDUGHVG XQDSLFDSHULQWURGXLUKLO ROLILQVXQVDIDUHLJSHUIHU KLODEXJDGD / KRPHLODSHGUDHQWHVDFRPXQPDWHULDOG XVSUjFWLFPpVHQOOjGHOSURSLKDELWDWJH FRPHQFHQDFRQYLXUHDPEODFRQGXFFLyLSRVVLEOHHPPDJDW]HPDPHQWGHOHV DLJHV G HVFRUUHQWLD HO SDV IXJDo GH OHV TXDOV FDOLD FRQWURODU L UHWHQLU HQ EHQHILFL GHOV SRWHQFLDOVXVXDULV %/DFXOWXUDGHODSHGUD (O IHXGDOLVPH YD GRQDU SDV D OD EXUJHVLD GH OD TXDO VH Q GHULYHQ HOV JUDQV WHUUDWLQHQWV DUULEDGD DTXHVWD VLWXDFLy HOV SDJHVRV HPSUHQHQ OD PpV JUDQ UHYROXFLy VRFLDO PDL LPDJLQDGD PLWMDQoDQW OD TXDO HOV ODWLIXQGLV YDQ HVGHYHQLU PLQLIXQGLV 4XDQ DUULED DTXHVWD VLWXDFLy pV WDPEp DUULEDW HO PRPHQW GH SURGXLUVH O HVFODW PpVUHLYLQGLFDWGHODFXOWXUDGHODSHGUDDOHVQRVWUHVUXUDOLHVDOVFDPSVDPpVGH ODJUDQTXDQWLWDWGHPDUJHVV KLFRQVWUXHL[HQJUDQTXDQWLWDWGHFDEDQHVGHYROWDL DOWUHVKDELWDFOHVOHVEDVVHVOHVFDGROOHUHVHOVUHFHUVHOVDL[RSOXFVOHVFRYHVHWF WUHEDOOV IHWV HQ SHGUD VHFD DOJXQV GHOV TXDOV PROW EHQ UHDOLW]DWV HOV TXDOV D PpV G HPEHOOLUHOSDLVDWJHWDPEpO KXPDQLW]HQLFRQWULEXHL[HQDIHUPpVVXSRUWDEOHD PROWHVSHUVRQHVHOFRQUHXGHO ROLYHUD +LKDTXLHQFDUDUHFRUGDHOVFDPSVSOHQVGHJHQWHVSHFLDOPHQWDOWHPSVGHFROOLU OHV ROLYHV KRPHV L GRQHV GH WRWD HGDW L FRQGLFLy GHVDILDYHQ OD LQWHPSqULH -D GH ERQ PDWt V DGUHoDYHQ FDS D OHV ILQTXHV SHU D UHFROOLU HO IUXLW (OV FDPLQV VHPSUH WUDQVLWDWVSHUJHQWTXHDQDYDLYHQLDHOGULQJDUGHOVSLFDUGHVGHOVDQLPDOVHOFDQW GHOV OODXUDGRUV TXH PDWLQHMDYHQ DO WHPSV GHO FRQUHX OD [HUUDPHFD GHOV HVSRUJDGRUVHUHQHQGHILQLWLYDVLJQHG DFWLYLWDWFRQVWDQWLGHYLGD
  • 16. /DILQDOLWDWG DTXHVWHVFRQVWUXFFLRQVHVWjHQFDPLQDGDDREWHQLUXQPLOORUUHQGLPHQW GHODSURSLHWDWMDTXHHQODPHVXUDTXHDMXGHQ O KRPHLHOVDQLPDOVGHFRQUHXHQ O LPSUHVFLQGLEOHGHVFDQVItVLFFRUUHVSRQDXQDPDMRUFDSDFLWDWGHWUHEDOO $QUHUDDQHOVFDPSVGHOHV*DUULJXHVHVYDSREODQWGHFDEDQHVGHYROWDODVHYD SUHVqQFLDpVGLVFUHWDLV LGHQWLILFDDPEHOPHGLDPELHQWTXHO HQYROWDGHWDOPDQHUD TXHHOVHXEDVWLPHQWFRPSRUWDYDGHIRUPDJDLUHEpDXWRPjWLFDODFRQVWUXFFLyGH OD EDVVD FRUUHVSRQHQW TXH JDUDQWLD HO VXEPLQLVWUDPHQW GH O DLJXD TXH SHUVRQHV L DQLPDOVQHFHVVLWDYHQSHUFRQUHDUODWHUUD 8QD GH OHV SHWLWHV EDVVHV GH O $UDQy DPEO DEHXUDGRUGHOVDQLPDOV $ OHV *DUULJXHV TXDQ DUULEDYHQ OHV WHPSRUDGHVKLYHUQDOVFRPHQoDYDODFROOLWD GHO ROLYDODTXDOHOVDQVTXHHUDzSWLPD V DOODUJDYD ILQV EHQ HQWUDW HO PpV G DEULOTXDQ QR KR HUDWDQW DUULEDYDDOYROWDQW GH PDUo L VL OD FROOLWD HUD SqVVLPD HO ILQDO HV SUHFLSLWDYD DPE HOV FRQVHJHQWV ODPHQWV GHOV WUHEDOODGRUV TXH YHLHQ LQMXVWDPHQW PDO SDJDW HO GXU WUHEDOO GH WRW O DQ(QDTXHVWGDUUHUFDVHOVSREUHVWUHEDOODGRUVDO KLYHUQWUREDYHQIHLQDDIHU PDUJHVREpFRQVWUXLUFDEDQHVSHUDOVPDMRUVWHUUDWLQHQWVVLQRDOPDWHL[SREOHDOV SREOHVYHwQV /DFXOWXUDGHODSHGUDDOHV*DUULJXHVHQVYHGHOODUJDWUDGLFLyDUULEDDOVHXSXQW jOJLF D SDUWLU GHO GDUUHU WHUo GHO VHJOH SDVVDW L SULPHUV YLQW DQV GHO SUHVHQW ILQV O HVFODWGHODJXHUUDGHOTXHPDUFDHOFRPHQoDPHQWGHODGDYDOODGDILQVDUULEDUD ODGqFDGDGHOVGHODTXDOSRGHPGLUTXHPRUGHILQLWLYDPHQWXQDILORVRILDGHYLGD XQV FRVWXPV L XQV FRPSRUWDPHQWV GRQDQW SDV D XQ QRX SODQWHMDPHQW VRFLDO OD VRFLHWDWGHFRQVXPTXHYHDVXEVWLWXLUODPLOÂOHQjULDHFRQRPLDGHVXSHUYLYqQFLD $SRFDSRFWRWYDFDQYLDQWDOVFDPSVGHOHV*DUULJXHV0LOHUVG ROLYHUHVKDQHVWDW DUUDQFDGHVGHVRFDUHOVHQWVXEVWLWXwGHVSHOFRQUHXG DPHWOOHUVREpSHOFHUHDOLXQ QRPEUH WDPEp FRQVLGHUDEOH V KD GHL[DW GH FRQUHDU OHV XQHV SHU OD GLILFXOWDW G DFFpVGHODPRGHUQDPjTXLQDDJUtFRODLOHVDOWUHVSHUPDQFDGHJHQWGLVSRVDGD DFXOWLYDUOHV
  • 17. ' DTXHOOD UHYROXFLy VRFLDO MD QR TXHGD SUjFWLFDPHQW UHV MD TXH OD JHQW MRYH PDMRULWjULDPHQWQRWpFDSLQWHUqVSHUSRVVHLUWHUUHVHOVHXSODQWHMDPHQWWHzULFpV OD WHUUD SHO TXL OD YXOJXL 7RW VHPEOD WRUQDU DO FRPHQoDPHQW pV D GLU D OD FRPDUFDKLKDSUHFHGHQWVGHFRQFHQWUDFLyGHODSURSLHWDWXQDDOWUDYHJDGD¢(QWUH WRWVVHUHPFDSDoRVGHIHUDOJXQDFRVDSHUVDOYDUOD ,19(17$5,'($%$1(6'(92/7$$/7(50(081,,3$/'(-81('$ 8QD DFWLYLWDW WDQ GLQjPLFD FRP HUHQ OHV PDVVLYHV SODQWDFLRQV G ROLYHUHV DPE OD FRQVHJHQW WUDQVIRUPDFLy GHO WHUULWRUL L OHV FRQVHTqQFLHV VRFLDOV HFRQzPLTXHV L KXPDQHVTXHJHQHUDYHQXQHVDOWUHVQHFHVVLWDWVLQRYHVH[LJqQFLHVGHWHUPLQHQOD SUHVqQFLD FUHL[HQW G DQLPDOV GH FRQUHX D OHV OODUV GHOV SDJHVRV $ PHVXUD TXH OD SURSLHWDWHVYDGLYLGLQWSHUO DFFpVGHODJHQWGHFODVVHKXPLOLGHIRUPDSDUDOÂOHOD HVGHVHQYROXSDHOVHQWLWGHODLQGHSHQGqQFLDODPXODSULQFLSDOPHQWSHUzHQHOVHX GHIHFWH O DVH R Ep HO PXO DFDEHQ SHU IHUVH LPSUHVFLQGLEOHV HQ OD QRYD HVWUXFWXUD ILQVDOSXQWTXHVHQVHHOVHXFRQFXUVQRKDXULDHVWDWSRVVLEOHHOFRQUHXGHODWHUUD HOFDUUHWHLJGHOVIUXLWVLGHOVDGREVRUJjQLFVFDVRODQVHOWUDQVSRUWGHODSHGUDSHU IHUHOVPDUJHVHWFSURFODPHQODQHFHVVLWDWG DTXHVWPRWRUG HILFjFLDLUHQGLPHQW ,PDWJH G XQD PXOD DPE HO FRUUHVSRQHQW FDUUR / ~QLF SUREOHPD TXH WHQLD O DQLPDO HUD HO SUHX GH FRPSUD HQ WRWD qSRFD L PRPHQW YD FRVWDU XQD TXDQWLWDWGHGLQHUVVHULRVDTXHILFDYDHQDOHUWDURMDO HFRQRPLDGHODFDVDSHUXQD ERQD WHPSRUDGD MD TXH GLItFLOPHQW HV SRGLD SDJDU DO FRPSWDW H[FHSWH HOV SURSLHWDULV DPE ERQD UHVHUYD PRQHWjULD RP D FRQVHTqQFLD G DL[z V KDYLD GH GHGLFDU D O DQLPDO XQHV DWHQFLRQV HQFDPLQDGHV D PDQWHQLUOL O HVWDW ItVLF HQ OHV PLOORUV FRQGLFLRQV SHU WDO G DFRQVHJXLU XQ Pj[LP GH UHQGLPHQW L GH GXUDGD 8QD G DTXHVWHV DWHQFLRQV HUD OD GHO VHX GHVFDQV TXDQ O DQLPDO HV WUREDYD D IRUD L OD IDWLJDDFXPXODGDSHUOHVKRUHVGHWUHEDOOH[LJLDXQUHSzVEHQPHUHVFXWGHL[DUORD O DLUHOOLXUHVRWDHOVULJRUVFOLPjWLFVLGHOVLQVHFWHVHUDDOPHQVLPSUXGHQWMDTXH XQ DQLPDO VXDW HUD SURSHQV DO UHIUHGDW 7DPSRF HUD DFRQVHOODEOH WHQLUOR D FDPS
  • 18. UDV DTXHOOHV WHPSRUDGHV KLYHUQDOV GH OD UHFROOLGD GHO IUXLW D OD WDUGD MD TXH OD PDMRULD GHOV GLHV HUHQ IUHGV L HOV DQLPDOV TXLHW SRGLD VRIULU OHV FRQVHTqQFLHV QHJDWLYHVGHODLQDFWLYLWDWHQDTXHVWHVFRQGLFLRQVFDOLD GRQFVWUREDUXQKDELWDFOH LGHDO SHU D DTXHVWHV VLWXDFLRQV L HO PLOORU GH WRWV IRX OD FDEDQD GH YROWD (O IHW G pVVHU FRQVWUXwGD WRWD GH SHGUD OD FREHUWD IHWD D YROWD GH FDQy EHQ DEULJDGD H[WHULRUPHQW DPE DUJLOD SHU HYLWDU ILOWUDFLRQV OD EDL[D UHODFLy VXSHUItFLH YROXP GHWHUPLQDGDSHUODSUzSLDIRUPDLODQRH[LVWqQFLDGHILQHVWUHVTXHDIDYRULVVLQFDS FRUUHQWG DLUHGRQDYDOORFDXQDHVWDELOLWDWGHODWHPSHUDWXUDLQWHULRUTXHO DQLPDO DJUDwDLODUHVWDG XVXDULVWDPEp$TXHVWDSHFXOLDULWDWFRQVWUXFWLYD GHWHUPLQDYDTXH IRVVLQFDOGHMDGHVDO KLYHUQLIUHVTXHVDO HVWLXGHJXWDO DwOODPHQWWqUPLFDPELHQWDO TXHRIHUHL[DTXHVWWLSXVG KDELWDFOH / RULJHQ G DTXHVW WLSXV GH FRQVWUXFFLRQV HQ OD UHIHUqQFLD KLVWzULFD GH OHV QRVWUHV FRQWUDGHV HV GHVFRQHL[ 8QV GLXHQ TXH pV RULJLQjULD GHO PDWHL[ LQGUHW JHRJUjILF G RQ SURFHGLHQ OHV ROLYHUHV OD 0HGLWHUUjQLDRULHQWDODOWUHVGLXHQTXHVyQG RULJHQ URPj EDVDQWVH DPE OD SUHVqQFLD G DTXHVWHV HGLILFDFLRQV HQ DOWUHV LQGUHWV G LQIOXqQFLD URPDQD R D OD YRUD G RQ HVWDYHQ REHUWHV LPSRUWDQWV YLHV GH SDV URPDQHVKLKDTXLDILUPDTXHOHVFDEDQHVGHYROWDVyQODWUDQVSRVLFLyDOFDPSGHO PRGHOGHFHOOHUVG DTXHVWHVWLOWDQKDELWXDODOHVFDVHVGHOHVQRVWUHVFRQWUDGHV7RW LDL[zOHVFDEDQHVGHYROWDQRV LQFRUSRUHQDOPyQGHODQRVWUDSDJHVLDILQVDOILQDO GHOVHJOH;9,,,LHOVGHVWLQDWDULVLQLFLDOVHUHQHOVDQLPDOVGHODERU (Q OD PHVXUD TXH SDVVD HO WHPSV OHV FDEDQHV GH YROWD HV GLVVHQHQ PpV JUDQV LQFRUSRUDQWKL XQD SHWLWD OODU GH IRF TXH GyQD HVFDOI DOV XVXDULVTXDQ HO WHPSV HV SUHVHQWDGXUSHUWDQWV KDGHSHQVDUTXHO KRPHQRWpFDSLQFRQYHQLHQWG KDELWDUD ODYRUDGHOVDQLPDOVQLDOFDPSQLDFDVDMDTXHpVXQDSDUWGHOVHXYLXUHTXRWLGLj DSDODPHLWDWGHOVHJOH;,;MDVyQPROWVHOVKDELWDFOHVG DTXHVWHVFDUDFWHUtVWLTXHV HVFDPSDWVSHUWRWDODFRPDUFDSHUzO HVFODWFRQVWUXFWLXPpVLPSRUWDQWHVSURGXHL[ D SDUWLU GHO GDUUHU WHUo G DTXHVW VHJOH ILQV DOV SULPHUV YLQWLFLQF DQV GH O DFWXDO 7DPEp HQ WHPSV GH OD SRVWJXHUUD VH Q YD IHU DOJXQHV SHUz MD OD FDEDQD GHWHXOD JXDQDYDSURJUHVVLYDPHQWWHUUHQDODGHYROWDWRWLTXHOHVSDUHWVODWHUDOVVHJXLHQ IHQWVHDPESHGUD $OV SULPHUV WHPSV SHU FRQVWUXLU OHV FDEDQHV GH YROWD V DSURILWDYHQ OHV SHGUHV VROWHV HVFDPSDGHV SHU WRW DUUHX PpV HQGDYDQW TXDQ JUjFLHV D O HQVLQLVWUDPHQW HQ O DUW GH WDOODU OD SHGUD OHV SHFHV TXH V KDQ G XWLOLW]DU DVVROHL[HQ IRUPHV JHRPqWULTXHVGHOtQLHV PROWPpV HVWULFWHVFRVDTXHDEXQGDYDHQEHQHILFLILQDOGH
  • 19. O REUD3HUDL[zSHUODTXDOLWDWGHOVDFDEDWVHVYHXDVLPSOHYLVWDTXLQHVFDEDQHVGH YROWD HUHQ IHWHV SHU JHQW WRW MXVW LQLFLDGD HQ DTXHVW DUW L TXLQHV KR IRUHQ SHU HVSHFLDOLVWHV *HQHUDOPHQW OHV FDEDQHV GH YROWD D OHV *DUULJXHV HVWDQ WRWDOPHQW LQWHJUDGHV DO SDLVDWJH SHU DL[z VL QR HV GLYLVHQ SHU OD SDUW IURQWDO OD VHYD SUHVqQFLD QR VHULD SHUFHEXGD WRW L WUREDUQRVKL D SRFD GLVWjQFLD MD TXH OD WHUUD L OD YHJHWDFLy OHV FDPXIOHQSHUIHFWDPHQW $7qFQLFDGHFRQVWUXFFLyGHOHVFDEDQHVGHYROWD (VWUXFWXUD H[WHULRU GH OD FDEDQD GH YROWD 3HU D FRQVWUXLU XQD FDEDQD G DTXHVW HVWLO SULPHU GH WRW V HVFROOLD O LQGUHW PpV DGHTXDW RQ XELFDUOD HO TXDO JDLUHEp VHPSUH YH GHWHUPLQDWSHUODSUR[LPLWDWGHODSHGUDTXH HVQHFHVVjULDDO REUD GHWDOPDQHUDTXHODPDMRULDG DTXHVWVKDELWDFOHVWHQHQHO MDFLPHQWDOFRVWDWPDWHL[DOJXQHVILQVLWRWSULPHUHVWDOODYDODSHGUDLO HVSDLTXH HVGHL[DYDOOLXUHHQO H[WUDFFLyV KLXELFDYDODFDEDQD 8QFRSIHWVHOVIRQDPHQWVVLQ KLFDOLDHVSXMDYHQOHVGXHVSDUHWV ODWHUDOVILQVDUULEDUDO DOoDGDSUHYLVWDSHUO DUUHQFDGDGH ODYROWD (O WUDFWDPHQW GRQDW D OD SHGUD GHOHV SDUHWVODWHUDOVpVG LQIHULRU TXDOLWDWDODGHOHVSHFHVTXHIRUPHQODYROWD / HVSDLGHOLPLWDWSHUDPEGXHVSDUHWVV RPSOLDGHWHUUDJUDVVDpV D GLU VHQVH SHGUHV L V DPXQWHJDYD ILQV D DFRQVHJXLU O DOWXUD GHILQLWLYD GRQDQWOL OD IRUPD GH OD YROWD $ PHVXUD TXH V DQDYD DPXQWHJDQWODWHUUDHVSLFRQDYDSHUTXqWLQJXpVFRQVLVWqQFLDLHV SROLDODIRUPDGHODPDQHUDPpVDFXUDGDSRVVLEOHMDTXHDTXHVW FDUDPXOO KDYLD GH VHU HO PRWOOH TXH GRQDULD IRUPD D OD FREHUWD $PEFRUGLOOVEHQWHQVDWVHQVHQWLWORQJLWXGLQDOFRPDUXGLPHQWDULV
  • 20. QLYHOOVHOVFRQVWUXFWRUVIHLHQOHVHVWLPDFLRQVSHUD DFRQVHJXLU OD Pj[LPD SHUIHFFLyG DTXHVW PRWOOH MD TXH G DTXHVWD WDVFD GHSHQLD O q[LW GH O REUDPHQW GH OD YROWD /HV SHGUHV TXH O KDYLHQ GH FRPSRQGUH HV FROÂORFDYHQ SHU ILODGHV DOWHUQDWLYDPHQW DFDGDFRVWDWILQVWUREDUVHDOPLJGHODFREHUWDRQODILODGDTXH OD WDQFDYD HV IHLD D PLGD L HV UHFRO]DYD DPE WRWD FXUD SHU WDQFDUOD FRP FDO L HYLWDU PRYLPHQWV SRVWHULRUV TXH HUHQ GHVDIRUWXQDWVSHUDO HVWUXFWXUDGHO HGLILFL /HV SHFHV GH OD YROWD QR WHQLHQ OD IRUPD GH GRYHOOHV MD TXHOHVFDUHVGHMXQWHUHQSUjFWLFDPHQWSDUDOOHOHVMDTXH HOFRQFHSWHWqFQLFGHO LQWUDGyVLO H[WUDGyVQRH[LVWLDHQWUH HOV FRQVWUXFWRUV GH OHV FDEDQHV GH YROWD VLPSOHPHQW SROLHQODFDUDYLVWDLO REHUWXUDTXHTXHGDYDHQWUHSHFHVD ODEDQGDH[WHULRUO H[WUDGyV
  • 21. O¶HVWUHEDYHQLQWURGXLQWKL IDOTXHV GH SHGUD D SUHVVLy JDUDQWLQW G DTXHVWD PDQHUD OD SHUIHFWDVXEMHFFLyGHODYROWDTXHPDLQRYDGHVGLUWRWL QR pVVHUIHWDDPEGRYHOOHV / HVWUHEDPHQW GHILQLWLX GH OHV SHGUHV HQWUH VL HV IHLD XQ FRS OD YROWD MD HVWDYD WDQFDGD D FRSV GH PDOO R Ep GH PDUWHOO OHV IDOTXHV HQWUDYHQ D OHV MXQWHV DFRQVHJXLQW G DTXHVWD PDQHUD OD PpV FRPSOHWD LPPRELOLWDW FRP VL O KDJXHVVLQ VROGDGDODYROWDHVSRWGLUTXHHUDWRWDXQDSHoD ,QWHULRU GH OD FDEDQD GHWDOO GH OD YROWD L OD PHQMDGRUD 4XDQODFREHUWDMDHVGRQDYDSHUDFDEDGDHVSURFHGLD DO UHIRUoDPHQW GH OHV SDUHWV ODWHUDOV DPE SHGUHV FRP PpV JURVVHV PLOORU L EHQ FROÂORFDGHV DQRPHQDGHV HVWUHSVSHUWDOGHFRQWUDUHVWDUO HPSHQWDGHODYROWD(OVHVWUHSVDPHVXUDTXHHV GHVSODoDYHQ GHO FHQWUH GLVPLQXwHQ O DOoDGD DPE OD TXDO FRVD GRQDYHQ D OD SHoD XQDVLOXHWDPROWPpVDWUDFWLYD (OVHJHQWSDVFRQVLVWLDDEXLGDUO HGLILFLGHODWHUUDTXHKDYLDVHUYLWGHPRWOOHDPE ODTXDOHVWDSDYDODEDQGDH[WHULRUGHODFREHUWDVLDPEDTXHVWDWHUUDQLQ KLKDYLD SURX V KL DIHJLD OD TXH KL IDOWDYD ILQV GHL[DUOD VXILFLHQWPHQW FROJDGD HUD PROW
  • 22. LPSRUWDQW ILFDUQ KL XQ ERQ JUXL[ SHU HYLWDU OHV ILOWUDFLRQV G DLJXD FDS D O LQWHULRU L TXHHVSRJXpVHVFyUUHUSHUOHVMXQWHVGHODFREHUWDFUHDQWPROHVWHVJRWHUHV 8QDYHJDGDO HVWDQoDKDYLDTXHGDWQHWDV KLLQVWDOÂODYDODFRUUHVSRQHQWPHQMDGRUD SHUO DQLPDORDQLPDOV*HQHUDOPHQWOHVPHQMDGRUHVHVIHLHQDPESHFHVGHSHGUD GH YHJDGHV PROW OODUJXHV L SRGLHQ XELFDUVH R Ep DO FRVWDW R DO IRQV D XQD DOWXUD TXHUHVXOWpVFzPRGDSHUO XVXDULLDO LQGUHWRQSHUWRFDYDV KLFODYDYDHVWDTXHVR EpDUQHOOHVGHIHUURSHUWDOGHVXEMHFWDUORV / REUDPHQWGHODIDoDQDHVSRWGLUTXHHUDODIDVHILQDOGHODFRQVWUXFFLyFRQVLVWLDD IHUKLODSDUHWSHUUHFRO]DUODYROWDLGHL[DUKLO REHUWXUDDODSRUWD$ODOOLQGDDOJXQV WHQLHQODFXULRVLWDWGHGDWDUODSHUUHFRUGDUDOHVJHQHUDFLRQVIXWXUHVO DQHQ TXH HV YD DFDEDU DTXHOOD REUD 8QD FRQVWDQW HQ DTXHVWHV HGLILFDFLRQV pV HO GHVFHQWUDPHQW GH OD SRUWD UHVSHFWH GH O HL[ GH OD IDoDQD HQ OD VHYD YHUWLFDO WDQW FDS DO FRVWDW GUHW FRP FDS D O HVTXHUUH /D UDy G DL[z pV OD G DFRQVHJXLUXQ HVSDL LQWHULRUVXILFLHQWSHULQVWDOÂODUKLODOODUGHIRFVHQVHTXHO REHUWXUDGHODSRUWDFUHpV XQ UDFy PRUW VHQVH XWLOLWDW 7DPEp KL KD H[HPSODUV DPE OD SRUWD DO FHQWUH SHUz DPEXQPtQLPSHUFHQWDWJH 9LVWDGHODSRUWDGHVGHO LQWHULRU (OUHPDWDPHQWG DTXHVWDIDVH FRQVWUXFWLYDV DFRQVHJXLD FROÂORFDQWHQODSDUWVXSHULRUGHODIDoDQDXQYRODGtVIHW DPE OORVHV SULPHV TXH D PRGH GH UjIHF HO TXDO SHU XQD EDQGD HYLWDYD TXH O DLJXD GH OD SOXMD V HVFRUUHJXpV D UDQ GH OD SDUHW L OD PDOPHWpV L SHU O DOWUD HUDXQ HOHPHQW GHPLOORUDPHQWHVWqWLF'HYHJDGHVWDPEp V KLFROÂORFDYDXQUXGLPHQWDULUHOORWJHGHVRO )LQDOPHQWLDPRGHGHULWXDODOGDYDQWREpDOFRVWDWGHODFDEDQDV KLSODQWDYDXQ SL GHO TXDO HV WHQLDFXUD DPE PROWDGHGLFDFLy$PEHOVDQVDTXHVWDUEUHGRQDYD XQDJHQHURVDRPEUDDOVSDJHVRVFDQVDWVTXHV DMHLHQDOVHXUHFHU/ DWHQFLyTXHHV GHGLFDYD D DTXHVWV DUEUHV YD JHQHUDU XQV H[HPSODUV UHDOPHQW DGPLUDEOHV SHU OHV VHYHV SURSRUFLRQV SHUz DOJXQV VHPEODQW DO TXH SDVVD DPE OHV FDEDQHV TXH RPEUHJHQ VyQ YtFWLPHV GH O REOLW L OD GHL[DGHVD L HQ HO SUHVHQW KDYHQW SHUGXW OD YLJRURVLWDW GHOV PLOORUV WHPSV HVGHYHQHQ WDPEp VLJQH GH OD GHFDGqQFLD TXH V HQWUHYHXDOVFDPSVJDUULJXHQFV / RULHQWDFLy GH OHV FDEDQHV GH YROWD pV PDMRULWjULDPHQW FDS D O HVW L HO VXG L QDWXUDOPHQW HOV SXQWV LQWHUPHGLV 7DPSRF QR pV UDU WUREDUQH G HQFDUDGHV FDS DO
  • 23. QRUG SHUz VL FDS D O RHVW $TXHVWD GLUHFFLy YH GRQDGD SHU OD GLUHFFLy GHOV DLUHV KLYHUQDOV MD TXH D OD QRVWUD FRPDUFD HOV TXH YHQHQ GH SRQHQW VyQ HQ DTXHOOD qSRFDHOVPpVIUHTHQWVLHOVPpVIUHGVSHUWDQWHOVTXHFDOHYLWDU 7RW L TXH HO SODQWHMDPHQW WqFQLF SHU D OD FRQVWUXFFLy GH OHV FDEDQHV GH YROWD pV VHPSUHHOPDWHL[KLKDXQVGHWDOOVHVWUXFWXUDOVTXHHVWDEOHL[HQXQHVGLIHUqQFLHV ' XQD EDQGD VHPEOD TXH OD YROWD SUzSLDPHQW GLWD V DMXVWD DPE XQ FHUWULJRU D OD YROWDGHFDQyRGHPLJSXQWHQODTXDOHOWHzULFUDGLTXHODGHVFULXFRUUHVSRQDOD PHLWDW GH O DPSODGD LQWHULRU GH O HGLILFL SHUz KL KD H[HPSODUV TXH WHQHQ OD FRQVLGHUDFLyGHYROWDSODQDHTXLYDOHQDO DUFUHEDL[DWSHULOOyVSHUO HPSHQWDGHOD YROWDMDTXHWHQGHL[DREULUVHSHUODPHLWDWSHUzODVzOLGDFRQVWUXFFLyGHOVHVWUHSV OL KR LPSHGHL[HQ 1 KL KD G DOWUHV HQ TXH OD YROWD pV DSXQWDGD FRP VL HV WUDFWpV G XQDPHQDG DUFJzWLFSHUzDTXHVWHVWLOWpXQDYDQWDWJHODSRFDRJDLUHEpQXOÂOD HPSHQWDODWHUDOGHODYROWDSHUWDQWHOVHVWUHSVQRFDOLHQVHUWDQWUHIRUoDWV 8QDDOWUDGLIHUqQFLDpVODYROWDSUzSLDPHQWGLWDIRVTXLQDIRVODVHYDIRUPDPHQWUH HQXQDOWSHUFHQWDWJHOHVSHGUHVTXHODIRUPHQVyQYLVLEOHV GHVGHO H[WHULRULSHU WDQW IjFLO G LGHQWLILFDU HO VHX HVWLO V HQ FRQVWUXwD DOWUHV HQ TXq OD YROWD HVWDYD WRWDOPHQWRFXOWDSHUODSDUHWGHODIDoDQDODTXDOKDYLDGHVHUPROWPpVJUXL[XGD TXHODTXHHVGHGLFDYD~QLFDPHQWDGRQDUVXSRUWDODYROWD 3HO TXH ID D O HPPDUFDPHQW GH O REHUWXUD GH OD SRUWD PHQWUH XQHV WHQHQ XQV PXQWDWV EHQ DIDLoRQDWV DPE O HQFDL[ LQWHULRU FRUUHVSRQHQW SHU DO FRUUHFWH DMXVWDPHQW GH OD SRUWD L VXSRUWHQ OD OOLQGD WDPEp VH Q WURED RQ DTXHVW HOHPHQW GHVFDQVDGLUHFWDPHQWVREUHOHVSHGUHVGHODSDUHWGHODIDoDQDTXHGHWHUPLQHQHO EXLWFRUUHVSRQHQWD OD SRUWD $TXHVW VLVWHPDpVPROWPpV IjFLOLHFRQzPLFTXHHOV PXQWDWVSHUzPpVDXVWHUHVWqWLFDPHQWLPHQVUHVLVWHQWHQODSUjFWLFD /D VXSHUItFLH PLWMDQD GH O LQWHULRU G DTXHVWV KDELWDFOHV SRW HVWDU HQWUH HOV PHWUHV TXDGUDWV D OD ]RQD GH OHV %RUJHV -XQHGD L GH OD *UDQDGHOOD DS D OHV *DUULJXHVFHQWUDOVLSDUWGHO RHVWOHVGLPHQVLRQVDXJPHQWHQQRWDEOHPHQWLWDPEp OD GHQVLWDW RQ QR pV VRUSUHQHQW GH WUREDU H[HPSODUV GH PpV GH TXDUDQWD PHWUHV ILQVLWRWGHPpVGHFLQTXDQWD /D SODQWD GH OHV FDEDQHV GH YROWD pV VHPSUH UHFWDQJXODU HQ XQD SURSRUFLy TXH V DSURSDDO[/ DOoDGDPj[LPDDO LQWHULRUYDULDHQWUHDOVLHOVPHWUHVLVyQ PROWSRTXHVOHVTXHVREUHSDVVHQDTXHVWHVGLPHQVLRQV 4XDQODILQFDHUDPROWJUDQLHVWUREDYDDOOXQDGDGHOSREOHDO qSRFDGHOVFRQUHXV L GH OD UHFROOLGD GHOV IUXLWV OD JHQW SUHIHULD TXHGDUVH D GRUPLU D OD FDEDQD
  • 24. JXDQDYHQ WHPSV L V HVWDOYLDYHQ HO FDQVDPHQW DIHJLW TXH KDJXpV VXSRVDW WDQW D SHUVRQHVFRPDDQLPDOVHOGHVSODoDPHQWGHSURSGHGXHVKRUHVGHFDPtGHVSUpV G XQMRUQTXHMDUHVXOWDYDSURXFDQVDW 7DPSRFHUDJHQVDJUDGDEOHVRUWLUO HQGHPjDOPDWtDPEOOXPG HVWHOVSHUWRUQDUD ODIHLQDUHFRUGDQWTXHDO qSRFDIORULGDGHOFXOWLXGHO ROLYHUDHOVWUDVOODWVDQDYHQD FRPSWHGHOWUHEDOODGRU /HV FDEDQHV DPE GHSDUWDPHQWV 3UHYHLHQW DTXHVWV IHWV OHV FDEDQHV HV GLVVHQDYHQPpVJUDQVLHQPROWVFDVRVDOPRPHQWGHFRQVWUXLUOHVDO LQWHULRUV KL IHLDXQGHSDUWDPHQWRQHOVDQLPDOVHVWDYHQDwOODWVGHOHVSHUVRQHVVLODVXSHUItFLH LQWHULRU KR SHUPHWLD GH YHJDGHV HQ OORF G XQ HQYj VH Q KL IHLD GRV G DTXHVWD PDQHUDODFDEDQDTXHGDYDGLYLGLGDHQWUHVHVWDQFHVO XQDVHUYLDG HVWDEOHO DOWUD GH PDJDW]HP SHU DOV HVWULV L OD WHUFHUD VHUYLD GH FXLQD PHQMDGRU L GRUPLWRUL ' DTXHVW PRGHO HQ GHLHQ FDEDQHV GHSDUWDPHQWDGHV LWHQLHQO DYDQWDWJHTXHHOV HQYDQVHVGHYHQLHQERQVSXQWDOVTXHVXSRUWDYHQODYROWD /HVFDEDQHV DPE GRUPLGRU (Q DOWUHVFDVRVHVFRQVWUXwDXQSHWLWGHSDUWDPHQW DQQH[HQTXDOVHYROGHOVFRVWDWVLDOPDWHL[SODGHOVzOG XQDVXSHUItFLHDSUR[LPDGD DOVVLVPHWUHVTXDGUDWVLXQPHWUHG DOoDGDFREHUWWDPEpDPEHOVLVWHPDGHYROWDDO TXDOV KLDFFHGLDDWUDYpVG XQIRUDWG XQVFPG DPSODGDLG DOWXUDG DTXHVW GHSDUWDPHQWHQGHLHQHOGRUPLGRUHOTXDOWHQLDO DYDQWDWJHTXHHQHOSRVVLEOHFDV TXH O DQLPDO HV GHVIHUPpV GXUDQW OD QLW QR KL KDYLD FDS ULVF GH SRGHU IHU PDO D QLQJ~MDTXHSHUO REHUWXUDGLVSRQLEOHSHUDFFHGLUDOGRUPLGRUODPXODQRKLSRGLD HQWUDU /HV FDEDQHV DPE WUHVSRO /D FDEDQD TXHGDYD GLYLGLGD HQ GXHV SDUWV SHUz DTXHVWD YHJDGD KR HUD HQ VHQWLW KRULW]RQWDO GH WDO PDQHUD TXH DOV EDL[RV V KL LQVWDOÂODYDO DQLPDOLHOVHVWULVLODSDUWVXSHULRUHVGHGLFDYDDO KDELWDFOHKXPjDPE OD FRUUHVSRQHQW FXLQD L GRUPLWRUL 8QD ILQHVWUD REHUWD D OD IDoDQD SHUPHWLD O HQWUDGD GH OD OOXP L OD YHQWLODFLy $TXHVWD FRQVWUXFFLy WHQLD GH SRVLWLX HO IHW GH SRGHU JDXGLU GHO GREOH GH VXSHUItFLH ~WLO HQ XQD VROD SODQWD SHUz WHQLD O LQFRQYHQLHQW G KDYHUOD GH IHU PROW PpV DOWD SHU WDO GH IHU SRVVLEOH OD SODQWD VXSHULRUODTXDOFRVDREOLJDYDDXQUHIRUoDPHQWH[WUDRUGLQDULGHOVHVWUHSVLHOSHULOO G HQGHUURFKLHUDSUHVHQW
  • 25. 1RKLKDJDLUHVGDGHVUHVSHFWHDOFRVWGHOHVFDEDQHVGHYROWDHQWUHDOWUHVFDXVHV SHUTXq HOV FRQWUDFWHV HV EDVDYHQ HQ HO YDORU GH OD SDUDXOD 6H VDS TXH XQD SHoD HQRUPH G XQV PHWUHV TXDGUDWV GH VXSHUItFLH ~WLO DO ILQDO GHO VHJOH SDVVDW FRVWDYDWUHVFHQWHV SHVVHWHV pV D GLUD VLVSHVVHWHV HO PHWUH TXDGUDW 1R VH VDS DPE FHUWHVD OHV FRQGLFLRQV D TXq REOLJDYD HO FRQWUDFWH SHUz V HQWpQ TXH HO SURSLHWDUL GH OD ILQFD RQ HV IHLD O REUD SDUWLFLSDYD HQ OD FRQVWUXFFLy G XQD R DOWUD PDQHUDRVLPpVQRDPEODSDUWLFLSDFLyGHOPRVVRGHODFDVD %DEDQHVGHYROWDD-XQHGDO $UDQy $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD UDFy GH OHV 'DWD *XLQHXV 'DWDGD 8ELFDFLy /¶$UDQy 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV $OoDGD LQLFL YROWD 6XSHUItFLH LQWHULRU 3RUWD P [ P P P $OoDGD /ODUJ 0HQMDGP[ IDVoDQDP IDVoDQDP P 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy (VWjIRUoDYHQFRQVHUYDGDDPEPROWDYHJHWDFLyDOVHXVRVWUH TXHDMXGDDLPSHGLUOHVILOWUDFLRQVG¶DLJXD 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO
  • 26. $TXHVWDFRQVWUXFFLyUHVSRQDODQHFHVVLWDWGHOSDJqVGHFRQVWUXLUXQOORFG¶DL[RSOXF SHU D HOO L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOV GLVSRQLEOHV L GHOFOLPDVHF(QDTXHVWDKLGHYLDKDYHUTXDWUHDQLPDOVGHFjUUHJDHVYHXSHUOHV SHGUHVTXHKLKDXELFDGHVDVREUHGHODPHQMDGRUD 2EVHUYDFLRQV $ OD GUHWD GH OD IDoDQD HV YHX XQ FRQWUDIRUW TXH HV SHUOORQJD XQV FP FDS D O¶LQWHULRUGHODFDEDQD /¶LQWHULRUTXHGDXQDPLFDHQIRQVDWUHVSHFWHHOWHUUDGHO¶H[WHULRU /HVSDUHWVGDYDQWHUDLSRVWHULRUVyQGHFRQVWUXFFLyPpVEDVWDTXHODYROWDHQVL )RWRJUDILD DEDQD DEDQD /D SULPHUD OD WUREHPDOUDFyGHOHV JXLQHXVHQFDUDGDDOVXGFREHUWD DPEXQDYROWDGHFDQyXQ[LFSODQD7pODSRUWDTXHPHVXUDPG DOoDGDSHU PG DPSODGDGHVSODoDGDDOODWHUDOHVTXHUUHSHUWDOTXHJXDQLHVSDLHOUDFy GH OD IXPHUD DO ODWHUDO RSRVDW WUHV PXQWDQWV SHU EDQGD HPPDUTXHQ OD SRUWD FRURQDGDSHUXQDELJDDPDQHUDGHOOLQGD$ODGUHWDGHODIDoDQDGHPGH OODUJDGDSHUPG DOoDGDSRGHPYHXUHXQFRQWUDIRUWTXHDPRGHGHFROXPQD HV SHUOORQJD XQV FP FDS D O LQWHULRU GH OD FDEDQD 'LQV GH OD FDEDQD L D FRQWLQXDFLyG DTXHVWUHIRUoWUREHPXQWURQFTXHHQSRVLFLyYHUWLFDOLFRURQDWDPE XQD IXVWDSRVDGDHQSRVLFLySODQDIDGHVXSRUWDXQHVSHGUHVGHYROWDSHUHYLWDU TXHFDLJXLQ$ODIDoDQDHQWUHHOFRQWUDIRUWLODSRUWDDPLWMDDOoDGDSRGHPYHXUH XQDSHGUDTXHVXUWPpVTXHOHVDOWUHVDPEXQIRUDWDOPLJSHUIHUPDUO DQLPDOGH FjUUHJD / LQWHULRUGHP LPG DOoDGDTXHGDXQDPLFDHQIRQVDWUHVSHFWHHOWHUUD GH O H[WHULRU /D PDJQtILFD PHQMDGRUD HPSODoDGD DO ODWHUDO GUHW GH OD FDEDQD PHVXUD P GH OODUJDGD L P G DOoDGD +L SRGHP YHXUH GXHV SDUWV
  • 27. FODUDPHQWGLIHUHQFLDGHVODEDVHIHWDDPESHGUHVPpV SHWLWHVTXHOHVTXHIRUPHQ OD YROWD L HO UHFHSWDFOH IRUPDW SHU SHGUHV PROW EHQ WUHEDOODGHV 6REUH OD PHQMDGRUD SRGHP YHXUH SHGUHV HTXLGLVWDQWV TXH VXUWHQ PpV TXH OHV DOWUHV IRUDGDGHVSHOPLJSHUPHWLHQWHQLUHOVDQLPDOVGHFjUUHJDIHUPDWV$TXHVWHVSHGUHV HQVGLXHQHOQRPEUHG DQLPDOVGHFjUUHJDTXHDEDVWDYDODPHQMDGRUD /D YROWD Wp HO VHX LQLFL D P GHO WHUUD L OD VHYD DOWXUD Pj[LPD pV GH P 7DQW OD EDVH FRP OD YROWD WHQHQ OD PDWHL[D FRQVWUXFFLy DFXUDGD OHV SHGUHV PpV JUDQV OHV YHLHP D OHV ILOHV PpV SURSHUHV DO WHUUD L YDQ SHUGHQW DOWXUD SHUz PDQWHQLQW OD OODUJDGD FRQIRUPH V DWDQVHQ D OD ILOHUD FHQWUDO TXH FORX OD YROWD /HV SDUHWVGDYDQWHUDLSRVWHULRUVyQGHFRQVWUXFFLyPpVEDVWDTXHODYROWDHQVL $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD DEDQD O¶KHUD GHO 'DWD PHVWUHW 'DWDGD 8ELFDFLy /¶$UDQy SOD FDVHWD
  • 28. 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV $OoDGD LQLFL YROWD 6XSHUItFLH LQWHULRU 3RUWD P [ P P P $OoDGD IDoDQD /ODUJDGD IDoDQD 0HQMDG P [ P P P 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy eV XQD FDEDQD PROW YHQ FRQVHUYDGD DPE PROWD YHJHWDFLy DO VHXYROWDQW 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO $TXHVWDFRQVWUXFFLyUHVSRQDODQHFHVVLWDWGHOSDJqVG¶REUDUXQOORFG¶DL[RSOXFSHUD HOO L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOV GLVSRQLEOHV L GHO FOLPD VHF HQ FRQFUHW (Q DTXHVWD FDEDQD KL KDYLD FDSDFLWDW SHU WUHV DQLPDOV GH FjUUHJDMDTXHVREUHODPHQMDGRUDKLKDWUHVSHFHVSHUDIHUPDUORV
  • 29. 2EVHUYDFLRQV 6REUHODIDoDQDHVSRWYHXUHODSDUWH[WHULRUGHODIXPHUDGHFRQVWUXFFLyPRGHUQD IHWDG¶REUD $O¶LQWHULRUXQDILOHUDGHSHGUHVDOWHUUDVHSDUDODSDUWGHVWLQDGDDOVDQLPDOVGHOD SDUWRFXSDGDSHOSDJqV $ VREUH L D PLWMD DOoDGD KL KD XQD ELJD WUDQVYHUVDO L TXDWUH GH ORQJLWXGLQDOV XQV FDQLVVRV VREUH OHV ELJXHV SHUPHWLD HPPDJDW]HPDU SDOOD SHU DOV DQLPDOV L VL HUD FRQYHQLHQWGRUPLUKL )RWRJUDILD DEDQD DEDQD /D VHJHQWFDEDQD OD WUREHP DO SODGH ODFDVHWDDQRPHQDGDO HUD GHO 0HVWUHWHQFDUDGDDO HVW7pODIDoDQDDPEPROWERQHVWDW6REUHODPDJQtILFDYROWD GHFDQyKLWUREHPXQSHWLWUjIHFGHOORVHVTXHSURWHJHL[OHVSHGUHVFHQWUDOVGH OD YROWD OD SRUWD G P G DOoDGD SHU P G DPSODGD GHVSODoDGD D O HVTXHUUD HPPDUFDGD SHU PXQWDQWV SHU EDQGD FRURQDWV SHU XQD HVSOqQGLGD OOLQGDVHPLFLUFXODUHQODTXDOSRGHPYHXUHJUDYDGDHQODVHYDSDUWH[WHULRUODGDWD GH FRQVWUXFFLy GH OD FDEDQD (QWUH OD SRUWD L OD YROWD D PLWMD DOoDGD YHLHP XQDSHGUDTXHVXUWGHODIDoDQDTXHIRUDGDGDSHOPLJSHUPHWLDIHUPDUO DQLPDOGH FjUUHJD6REUHODIDoDQDGHPGHOODUJDGDSHUPG DOoDGDSRGHPYHXUH ODSDUWH[WHULRUGHODIXPHUDGHFRQVWUXFFLyPRGHUQDIHWDG REUD $O LQWHULRUGHODFDEDQDGHP GHVXSHUItFLHKLYHLHPODPHQMDGRUDGH PGHOODUJDGDSHUPG DOoDGDTXHRFXSDODPHLWDWSRVWHULRUGHOODWHUDOGUHW 'HWDOOGHO LQWHULRUGHODFDEDQD (O UHFHSWDFOH GH OD PHQMDGRUD HO IRUPHQ GXHV ~QLTXHV L PDJQtILTXHVSHGUHVUHFRO]DGHVHQXQDSHWLWDEDVHWDPEp GHSHGUDVREUHODPHQMDGRUDWUHVSHGUHVGHODYROWDTXH
  • 30. SUHVHQWHQXQDFDEDWHQIRUPDG DQVDSHUPHWLHQIHUPDUHOVDQLPDOV 8QDILOHUDGHSHGUHVDOWHUUDVHSDUDODSDUWGHVWLQDGDDOVDQLPDOVGHODSDUWRFXSDGD SHO SDJqV 6REUH DTXHVWHV SHGUHV L D PLWMD DOoDGD XQD ELJD WUDQVYHUVDO ID GH VXSRUW D TXDWUH ELJXHV PpV HQFDVWDGHV D OD SDUHW GHO IRQV GH OD FDEDQD XQV FDQLVVRVVREUHOHVELJXHVSHUPHWLDHPPDJDW]HPDUSDOODSHUDOVDQLPDOVLGRUPLU KLVLHUDHOFDV $ OD SDUW RFXSDGD SHO SDJqV DO ODWHUDO GUHW WUREHP GRV IRUDWV UHFWDQJXODUV D OD SDUHWHQIRUPDG DUPDULDOPpVJUDQDUUDQGHWHUUDV KLJXDUGDYDHOFjQWLURVHOOy MDTXHHOFRQWDFWHDPEHOWHUUDPDQWHQLDO DLJXDPpVIUHVFD$VREUHLVHSDUDWVSHU XQD JUDQ SHGUD WUREHP O DOWUH DUPDUL D O DOWUD EDQGD SRGHP YHXUH OD IXPHUD JXL[DGD /D SDUHW GH OD EDVH L OD YROWD TXH FRPHQoD D P GHO WHUUD L G XQD DOoDGD Pj[LPDGHPWHQHQXQDFRQVWUXFFLyXQLIRUPHDPESHGUHVTXHGLVPLQXHL[HQ GHYROXPFRQIRUPHV DWDQVHQDODILOHUDFHQWUDOTXHFORXODFDEDQD
  • 31. $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD DEDQD G¶HQ 3HS 'DWD G¶$UWHVD 'DWDGD 8ELFDFLy /¶$UDQy SOD FDVHWD
  • 32. 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV 3RUWD P [ P 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy (VWjPROWPDOPHVDWpODSDUWGUHWDGHODYROWDPLJHQVRUUDGD 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO /DFDEDQDUHVSRQDOHVQHFHVVLWDWVGHOSDJqVGHFRQVWUXLUXQOORFG¶DL[RSOXFSHUDHOO L SHU D O¶DQLPDO GH FjUUHJD DOV FRQGLFLRQDQWV GHOV PDWHULDOVGLVSRQLEOHV L GHO FOLPD VHF+LKDGXHVSHGUHVIRUDGDGHVVREUHOHVUHVWHVGHODPHQMDGRUDTXHHQVSHUPHW VDEHUTXHKLKDXQDFDSDFLWDWSHUDGRVDQLPDOVGHFjUUHJD 2EVHUYDFLRQV /DSDUWSRVWHULRUGHODYROWDHVUHFRO]DVREUHXQWDO~VVHQVHSDUHW(OSULPHUPHWUH GHSDUHWILQVDO¶LQLFLGHODYROWDpVGHFRQVWUXFFLyPpVEDVWDTXHODPDWHL[DYROWD$ ODGUHWDGHODFDEDQDHVSRWYHXUHHOPDJQtILFSLTXHHVSODQWDYDXQFRSDFDEDGDOD FDEDQDDPRGHGHULWXDO )RWRJUDILD DEDQD
  • 33. DEDQD$OPDWHL[SODGHODFDVHWDWUREHPODWHUFHUDFDEDQDHQFDUDGDDO HVWL FREHUWDDPEXQDYROWDGHFDQy$TXHVWDFDEDQDPROWPDOPHVDWpODSDUWGUHWDGH OD YROWD PLJ HQVRUUDGD HQWUDUKL UHSUHVHQWD XQ YHULWDEOH SHULOO PRWLX SHO TXDO YD VHUGLItFLODPLGDUOD /D SDUW GH OD YROWD TXH HV UHFRO]D DPE OD IDoDQD HVWj LQWDFWD DL[t PDWHL[ WRW HO ODWHUDOHVTXHUUHUjIHFLQFOzVODSRUWDG PG DPSODGDGHVSODoDGDFDSDDTXHVW PDWHL[FRVWDWQRWpPXQWDQWVSHGUHVIRUPDQWXQDUFUHEDL[DWIDQOHVIXQFLRQV GH OOLQGD $ OD SDUW H[WHULRU GH OD YROWD OD ODWHUDO HVTXHUUD SRGHP YHXUH D PLWMD DOoDGDXQDSHGUDTXHVXUWPpVTXHOHVDOWUHVDPEHOFRUUHVSRQHQWIRUDWSHUOOLJDU O DQLPDO 9LVWDGHO LQWHULRUGHODFDEDQD $ O LQWHULRU GH P GH OODUJ SHU P G DPSOHLPG DOoDGDWUREHPOHVUHVWHV GH OD EDVH GH OD PHQMDGRUDTXH RFXSDTXDVL WRW HO ODWHUDO GUHW GH OD FDEDQD /HV SHGUHV WUHEDOODGHV TXH IRUPHQ OD FDYLWDW KDQ GHVDSDUHJXW 6REUH OD PHQMDGRUD OHV FRUUHVSRQHQWVSHGUHVIRUDGDGHVSHUPHWLHQOOLJDUHOVDQLPDOV /D SDUW SRVWHULRU GH OD FDEDQD HV UHFRO]D VREUH XQ WDO~V VHQVH SDUHW (O SULPHU PHWUHGHSDUHWILQVDO LQLFLGHODYROWDpVGHFRQVWUXFFLyPpVEDVWDTXHODPDWHL[D YROWD
  • 34. $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD DEDQD GHO UDFy 'DWD IRVF 'DWDGD 8ELFDFLy /¶$UDQy 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV 3RUWD P [ P 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy (VWj IRUoD YHQ FRQVHUYDGD WUHW GH OD SDUW SRVWHULRU TXH GHVFDQVDVREUHXQWDO~VPLJHQVRUUDWTXHGHL[DYHXUHHO FHO 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO $TXHVWDFRQVWUXFFLyUHVSRQDODQHFHVVLWDWGHOSDJqVGHFRQVWUXLUXQOORFG¶DL[RSOXF SHUDHOOLSHUDO¶DQLPDOGHFjUUHJDDOVFRQGLFLRQDQWVGHOVPDWHULDOVGLVSRQLEOHVLGHO FOLPDVHF(QDTXHVWDKLKDYLDFDSDFLWDWSHUDWUHVDQLPDOVMDTXHKLKDWUHVSHGUHV IRUDGDGHVVREUHODPHQMDGRUDSHUSRGHUORVIHUPDU 2EVHUYDFLRQV /D SRUWD HVWj FHQWUDGD DO PLJ GH OD YROWD GH FDQy /D YROWD L OD EDVH GH OD FDEDQD HVWDQ FRQVWUXwGHV DFXUDGDPHQW (Q DTXHVW FDV OD FDEDQD HVWj HQYROWDGD G¶DUEUHV QRVRODPHQWG¶XQSL )RWRJUDILD DEDQD
  • 35. DEDQD/DTXDUWDFDEDQDODORFDOLW]HPDOUDFyIRVFHQFDUDGDDOVROQDL[HQW$ OD IDoDQD OD YROWD YLVWD Wp HO VHX LQLFL D PLWMD DOoDGD DO ODWHUDO GUHW HQ OD SDUW H[WHULRU GH OD YROWD L VREUH OD SULPHUD SHGUD G DTXHVWD SRGHP YHXUH OD SHGUD IRUDGDGD SHU OOLJDU O DQLPDO /D SRUWD G P G DPSODGD OD SRGHP YHXUH FHQWUDGDDOEHOOPLJGHODYROWDGHFDQyVHQVHPXQWDQWVFRURQDGDSHUXQDUFPROW SODIRUPDWSHUVHWSHGUHVGHOUjIHFQRHQTXHGDUDVWUH 9LVWD LQWHULRU GH OD FDEDQD DPE OD SDUW SRVWHULRUPLJGHVFREHUWD $ O LQWHULRU GH P GH OODUJDGD SHU P G DPSOH L P G DOoDGD WUREHP OD PHQMDGRUDRFXSDQWODSDUWSRVWHULRUGHOODWHUDO GUHWVREUHDTXHVWDWUHVSHGUHVIRUDGDGHVHQV GLXHQHOQRPEUHGHPXOHVTXHKLSRGLHQPHQMDUDOKRUD(OGHWDOOG DTXHVWHVSHGUHV IRUDGDGHV OD XELFDFLy GH OD PHQMDGRUD L OD FRQVWUXFFLy HQ JHQHUDO HQV IDQ SHQVDU TXHOHVTXDWUHFDEDQHVSRGULHQHVWDUFRQVWUXwGHVSHUODPDWHL[DSHUVRQDMDTXHDO SREOH YHt GH OHV %RUJHV %ODQTXHV TXH VREUHSDVVD EDVWDQW OHV FDEDQHV HQV VREUDULHQGLWVGHODPjSHUFRPSWDUHOVH[HPSODUVRQWUREHPDTXHVWGHWDOOGHOHV SHGUHV IRUDGDGHV SHU OOLJDU HOV DQLPDOV GH FjUUHJD (O PpV FRUUHQW HUD SRVDUKL HVWDTXHV GH IXVWD )UHJDQW OD PHQMDGRUD WUREHP GRV IRUDWV D OD SDUHW D PRGH G DUPDULVHOPpVJUDQDUUDQGHWHUUDLO DOWUDVREUHVHSDUDWVSHUXQDSHGUDJURVVD 9LVWDSRVWHULRUGHO H[WHULRUGHODFDEDQD DSRLDGDVREUHHOWDO~V /DYROWDLODEDVHG DTXHVWDFDEDQDSUHVHQWHQ OD PDWHL[D FRQVWUXFFLy DFXUDGD OD SDUW SRVWHULRU GHVFDQVD VREUH XQ WDO~V PLJ HQVRUUDWTXHGHL[DYHXUHHOFHO
  • 36. $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD DEDQD GHO UDFy 'DWD G¶HQ%DOGULF,,
  • 37. 'DWDGD 8ELFDFLy /¶$UDQy 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy /D SDUW GDYDQWHUD GH OD FDEDQD HVWj WRWDOPHQW HQVRUUDGD QRPpVHVFRQVHUYDODSDUWSRVWHULRU 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO 5HVSRQ D OD QHFHVVLWDW GHO SDJqV GH FRQVWUXLU XQ OORF G¶DL[RSOXF SHU D HOO L SHU D O¶DQLPDOGHFjUUHJDDOVFRQGLFLRQDQWVGHOVPDWHULDOVGLVSRQLEOHVLDOFOLPDVHF1RVH VDSTXDQWVDQLPDOVKLFDELHQSHUzSHUOHVVHYHVGLPHQVLRQVHVSRGULDGLUTXHHUD GHVWLQDGDDDQLPDOVGHFjUUHJDUHODWLYDPHQWSHWLWVFRPHOV UXFV 2EVHUYDFLRQV $O¶HVWDUODSDUWGHOGDYDQWGHODYROWDFDLJXGDHQVSHUPHWYHXUHFRPV¶HQFDVWDYHQ OHVSHGUHVLOHVFRUUHVSRQHQWVIDOTXHV $O¶H[WHULRULDO¶HVTXHUUDGHODFDEDQDHVSRGHQYHXUHOHVUHVWHVG¶XQDQWLFIRUQ )RWRJUDILD DEDQD
  • 38. DEDQD$OUDFyG HQ%DOGULFKWUREHPODFLQTXHQDFDEDQDODSDUWGDYDQWHUDGH OD TXDO pV WRWDOPHQW HQVRUUDGD VROV TXHGD HQ SHX OD SDUW SRVWHULRU 3HU WDQW QRPpV KHP SRJXW PHVXUDU HO TXH VH Q FRQVHUYD P GH OODUJDGD SHU P G DPSODGD L P G DOoDGD $ O HVWDU OD SDUW GHO GDYDQW GH OD YROWD FDLJXGD HQV SHUPHW FRQWHPSODU HO GHWDOO GH FRP V HQFDVWDYHQ OHV SHGUHV L OHV VHYHV FRUUHVSRQHQWVIDOTXHV 'HWDOOGHO LQWHULRU $O ODWHUDO GUHW SRGHP YHXUH XQ DUPDUL D OD SDUHWDUUDQGHWHUUDHQFDQYLODPHQMDGRUDQR HVFRQVHUYD 6HJXUDPHQWODILQDOLWDWG DTXHVWDFDEDQDHUDOD GH UHVJXDUGDU HOV DQLPDOV GH FjUUHJD GH OD LQWHPSqULH FRQFUHWDPHQW DVHV SHUTXq pV G XQHVGLPHQVLRQVPROWPHQXGHV
  • 39. $548,7(785$3238/$5$%$1(6'(92/7$ )LW[D 3REODFLy -XQHGD 1RPFDEDQD DEDQD GHO UDFy 'DWD G¶HQ%DOGULF,
  • 40. 'DWDGD 8ELFDFLy /¶$UDQy 3URSLHWDUL *HUPDQHV)LJXHUROD 3URSLHWDULDFWXDO 0LTXHO7RUUHV RULJLQDO 0LGHV $PSODGDP /ODUJDGDP $OoDGDP $OWUHV $OoDGD LQLFL YROWD 6XSHUItFLH LQWHULRU 3RUWD P [ P P P $OoDGD IDoDQD /ODUJDGD IDoDQD 0HQMDGRUD P P P[P 0DWHULDO 3HGUDVHFD 3URWHFFLy DEDQDDPEFREHUWDGHYROWDGHFDQy RQVHUYDFLy (VWjPROWYHQFRQVHUYDGDSHUzKLPDQFDHOUjIHFTXHSURWHJLD ODIDoDQD 'HVFULSFLyGHODVHYDIXQFLyRULJLQDO $TXHVWD FRQVWUXFFLy UHVSRQ D OHV QHFHVVLWDWV GHO SDJqV GH FRQVWUXLU XQ OORF G¶DL[RSOXFSHUDHOO LO¶DQLPDOGHFjUUHJDDOVFRQGLFLRQDQWVGHOVPDWHULDOVGLVSRQLEOHV LGHOFOLPDVHF1RVHVDSGHOFHUWTXDQWVDQLPDOVKLFDELHQDODFDEDQDSHUTXqOHV SHGUHVIRUDGDGHVSHUIHUPDUORVKDQHVWDWVXEVWLWXwGHVSHUHVWDTXHVGHIXVWD 2EVHUYDFLRQV eVODPpV PRQXPHQWDOGHOHVVLVFDEDQHVXQDHVSHFWDFXODUYROWDGHFDQyODSRUWD DPE PXQWDQWV L OOLQGD L XQV HVWUHSV TXH SHUGHQ DOoDGD FRQIRUPH V¶DOOXQHQ GH OD FDEDQDDMXGHQDIRUPDUXQFRQMXQWGHPDJQtILFDHVWqWLFD )RWRJUDILD DEDQD
  • 41. DEDQD $O PDWHL[ UDFy WUREHP OD PpV PRQXPHQWDO GH OHV VLV FDEDQHV XQD HVSHFWDFXODUYROWDGHFDQyODSRUWDDPEHVSOqQGLGVPXQWDQWVLOOLQGDLXQVHVWUHSV TXH SHUGHQ DOoDGD FRQIRUPH V DOOXQHQ GH OD FDEDQD IRUPHQ XQ FRQMXQW GH PDJQtILFDHVWqWLFD /D SRUWD G P G DOoDGD SHU P G DPSODGD FHQWUDGD DO PLJ GH OD YROWD DPEWUHVPXQWDQWVSHUEDQGDLDPEXQDOOLQGDTXHDPEGLILFXOWDWDUULEDDDEDVWDU HOVPXQWDQWVHQVGLXO DQGHFRQVWUXFFLyGHODFDEDQD $OV GRV PXQWDQWV VXSHULRUV GH SHGUD SRGHP YHXUH XQ IRUDW HQ OD VHYD DUHVWD LQIHULRUODILQDOLWDWGHOVTXDOVHUDSRGHUKLIHUPDUO DQLPDOGHFjUUHJD /D IDoDQD ID P GH OODUJDGD SHU P G DOoDGD OD SRUWD GyQD SDV D XQ DPSOLLQWHULRUGHP SHUPG DOoDGDODPHQMDGRUDGHPGHOODUJDGD OD WUREHP DO FRVWDW FRQWUDUL GH OHV DOWUHV FDEDQHV DO ODWHUDO HVTXHUUH VREUH OD PHQMDGRUD XQHV HVWDTXHV GH IXVWD SHUPHWLHQ WHQLU HOV DQLPDOV OOLJDWV $ O H[WUHP GH OD PHQMDGRUD PpV SURSHU GH OD SRUWD SRGHP YHXUH XQ IRUDW D OD SDUHW TXH ID G DUPDULG DTXHVWVDUPDULVHQWUREHPPpVUHSDUWLWVSHUOHVSDUHWVWDQWDQLYHOOGH WHUUDFRPDPLWMDDOoDGD/DEDVHGHODSRUWDGHPG DOoDGDLODYROWDWHQHQ XQD FRQVWUXFFLyPROWDFXUDGD DPE JUDQV SHGUHV D OHV ILOHUHV GH OD EDVH TXHVyQ PpV SHWLWHV FRQIRUPH JXDQHQ DOoDGD /D SDUHW GDYDQWHUD L SRVWHULRU VyQ GH FRQVWUXFFLyPpVPDWXVVHUD (OV WUDoRV FRQVWUXFWLXV G DTXHVWD FDEDQD VyQ FODUDPHQW GLIHUHQFLDWV GH OHV DOWUHV TXHKHPYLVWHQDTXHVWDILQFDDTXtV KDWLQJXWPROWDFXUDGHODSDUWHVWqWLFDGHO FRQMXQW )LQVLWRWDO HVTXHUUDGHO H[WHULRUGHODFDEDQDKLKDYLDXQIRUQGHSDHO TXDODFWXDOPHQWHVSRWYHXUHSHUzHQGHUURFDW (OVWUHEDOOVGH UHSOHQDPHQWGH WHUUHV SHU WDO GH SRGHU UHJDUHO VHFjYDIHUSHUGUH OHVFDEDQHVGHOHVILQTXHVDIHFWDGHVDL[zPDWHL[GHJXpSDVVDUDOWHUPHGH-XQHGD TXH GH EHQ VHJXU DQWLJDPHQW FRPSWDYD DPE PROWV PpV H[HPSODUV G DTXHVWV WLSXVGHFRQVWUXFFLRQV
  • 43. /HV FDEDQHV GH YROWD L DOWUHV FRQVWUXFFLRQV GH SHGUD VHFD HUHQ REUDGHV SHOV SURSLV SDJHVRV HOV TXDOV QR WHQLHQ FRQHL[HPHQWV WHzULFV VREUH OHV WqFQLTXHV FRQVWUXFWLYHV 4XDQ DUULEDYHQ OHV WHPSRUDGHV KLYHUQDOV FRPHQoDYD OD FROOLWD GH O ROLYD (OV DQV TXH HUD SqVVLPD HO ILQDO HV SUHFLSLWDYD DPE HOV FRQVHJHQWV ODPHQWV GHOV WUHEDOODGRUVTXHYHLHQLQMXVWDPHQWPDOSDJDWHOGXUWUHEDOOGHWRWO DQ$L[tGRQFV HOVSDJHVRVKDYLHQGHEXVFDUIHLQDSHUDFDEDUGHSDVVDUO KLYHUQLKDELWXDOPHQWHQ WUREDYHQ SHU FRQVWUXLU FDEDQHV GH YROWD L DOWUHV KDELWDFOHV EDVVHV FDGROOHUHV UHFHUV DL[RSOXFV FRYHV PDUJHV HWF SHU DOV PDMRUV WHUUDWLQHQWV VL QR DO PDWHL[ SREOHDOVSREOHVYHwQV E
  • 44. /D ILQDOLWDW GH OHV FDEDQHV GH YROWD HUDOD G DL[RSOXJDU DOVDQLPDOVGHFjUUHJDL WDPEp DOV SDJHVRV VREUHWRW TXDQ OHV FRQGLFLRQV FOLPjWLTXHV HUHQ DGYHUVHV $L[z HUDGHJXW DO SUREOHPD TXH VXSRVDYDFRPSUDUXQ DQLPDOHO SUHX HO TXDOHQ WRWD qSRFD FRVWDYD XQD TXDQWLWDW GH GLQHUV VHULRVD TXH IHLD PLQYDU O HFRQRPLD GH OD FDVD SHU XQD ERQD WHPSRUDGD 3HU DL[z FDOLD GRWDU D O DQLPDO WRWHV OHV DWHQFLRQV SRVVLEOHV HQWUH HOOHV HO VHX GHVFDQV SHU WDO G DFRQVHJXLUQH HO Pj[LP GH UHQGLPHQWLGHGXUDGD 6LODILQFD HUDPROWJUDQLHVWUREDYDDOOXQDGDGHOSREOHDO qSRFDGHOVFRQUHXVL GH OD FROOLWD GHOV IUXLWV OD JHQW SUHIHULD TXHGDUVH D GRUPLU D OD FDEDQD MD TXH JXDQDYHQ WHPSV L V HVWDOYLDYHQ HO FDQVDPHQW DIHJLW TXH VXSRVDYD WDQW SHU D SHUVRQHV FRP SHU D DQLPDOV HO GHVSODoDPHQW GH JDLUHEp GXHV KRUHV GH FDPt GHVSUpVG XQDMRUQDGDGHWUHEDOOTXHMDUHVXOWDYDSURXFDQVDGD F
  • 45. /D WqFQLFD FRQVWUXFWLYD HPSUDGD SHU D O REUDPHQW GH OHV FDEDQHV GH YROWD HV EDVD HQ OD LGzQLD FROÂORFDFLy GH OHV SHGUHV TXH ID TXH DTXHVWV DFWXwQ FRP XQ VRO HOHPHQW /D ULJLGHVD GH OD FRQVWUXFFLy V DFRQVHJXLD IDOFDQW OHV SHGUHV JUDQV DPE G DOWUHV GH PpV SHWLWHV REWHQLQW XQD FRQVWUXFFLy VzOLGD HVWqWLFDPHQW DJUDGDEOH L PROWIXQFLRQDO3HU FRQVWUXLUOD HV EXVFDYDXQ OORF DGLHQW GLQV ODILQFD DPESHGUD DEXQGDQWPLUDQWGHQRRFXSDUWHUUDGHFXOWLX
  • 46. %,%/,2*5$),$ $XWRU%DUULV'XUDQ-RUGL /DPDVLD0LUDYDOO )RQROO 5HYLVWDPHQVXDOGH-XQHGD
  • 47. $XWRU *DUFtD%LRVFD-RDQ(XVHEL (OVRUtJHQVGHOWHUPHGH/OHLGD $XWRUV0DUWtQ9LODVHFD)qOL[ 6HUUD%DWOOH5DPRQ /DFRQVWUXFFLyGHSHGUDVHFDDODFRPDUFDGH/HV*DUULJXHV $XWRU6ROp%RQHW-RVHS0DULD -XQHGDLHOVHXWHUPH $XWRUV6ROp%RQHW-RVHS0DULD 0DVEHUQDWDPt5DPRQ 6ROp0DWHXV-RDQ- -XQHGDLPDWJHVSHUDOUHFRUG
  • 49. $11(;)LW[HVELEOLRJUjILTXHV $8725$VVRFLDFLyXOWXUDO)RQROO 7Ë72/)RQROOQ~P(VSHFLDOq$QLYHUVDUL (',7$(GLWRULDO)RQROO-XQHGD 5(680(OYROXPHVWjFRPSRVWSHUXQFRQMXQWG DSDUWDWV(OSULPHUEORFpVHOTXH IDUHIHUqQFLDDOHVSUHVHQWDFLRQV(OVHJHQWDSDUWDWpVHOUHODFLRQDWDPEHOSDVVDW GHODUHYLVWDRQPHQFLRQDXQDDOWUDHQWLWDWTXHWDPEpFHOHEUDSDUDOÂOHODPHQWHOVHX q DQLYHUVDUL HO RQFXUV GH DVVROHV GH 7URV SUHVHQWDW SHO FRQHJXW MXQHGHQF -RVHS 0DULD $OEDLJpV (O WHUFHU DSDUWDW pV HO UHODFLRQDW DPE OHV FROÂODERUDFLRQV HVSHFLDOV SHU DTXHVW YROXP KL WUREDUHP O DUWLFOH UHFXOO GHO ILOzOHJ MXQHGHQF -RDQ RUQXGHOODLHOWUHEDOOGH-RDQ-RVHS6ROpVREUHOHVSXEOLFDFLRQVORFDOVTXHV KDQIHW DO OODUJ GHO VHJOH ;; $ FRQWLQXDFLy SUHVHQWHQ DO S~EOLF MXQHGHQF TXDWUH WUHEDOOV PpVHOGH-RVHS3UHL[HQVHOGHO $OEHUW%DUUXIHWHOGHOSURIHVVRUGHOD8QLYHUVLWDW GH /OHLGD -RDQ -RVHS %XVTXHWD L ILQDOPHQW XQ UHFXOO IRWRJUjILF GH -RVHS ,JQDVL 5RGUtJXH] $8725%DUULV'XUDQ-RUGL 7Ë72//DPDVLD0LUDYDOO (',7$3XEOLFDFLRQVGHO $EDGLDGH0RQWVHUUDW%DUFHORQDPDUo 5(680/ DXWRUDSDUWLUG XQPDQXVFULWGHODPDVLD0LUDYDOORQHVIHLDXQHVWDWGH FRPSWHVTXHYDFRPSUDUSHUFDVXDOLWDWDOV(QFDQWVGHOHV*OzULHVD%DUFHORQDYD YHXUH OD SRVVLELOLWDW GH IHU XQ WUHEDOO KLVWzULF DPE OD PXOWLWXG GH GDGHV L LQIRUPDFLRQV TXH HO GRFXPHQWDSRUWDYD HO WH[WPDQXVFULWIRX HODERUDWSHU-DXPH 5RVVHOOPDVRYHUGH0LUDYDOOLUHVSRQVDEOHGHODVHYDH[SORWDFLyDJUjULDO DQ /D PDVLD 0LUDYDOO HQFDUD H[LVWHQW DYXL HQ GLD HV WURED HQWUH -XQHGD L %RUJHV %ODQTXHVSURSGHODQDOG 8UJHOOLGHODYLDGHWUHQGH/OHLGDD%DUFHORQDTXHHQ DTXHVWD GDWD MD WHQLD HVWDFLy D -XQHGD $ ILQDOV GHO VHJOH ;,; IRUPDYD SDUW G XQD YDVWDSURSLHWDWGHODIDPtOLDDUUHUDVKDELWDQWVGH%DUFHORQDTXHLQFORwDWDPEpOD PDVLDGHO $UDQyDFWXDOPHQWWDPEpH[LVWHQW/DPDVLD0LUDYDOOLHOVHXPDVRYHU -DXPH 5RVHOO HUHQ HO FHQWUH GH O H[SORWDFLy DJUjULD GH WRWD OD SURSLHWDW $ SDUWLU G DTXHVWOOLEUHHVSRWUHFRQVWUXLUPROWVDVSHFWHVGHODYLGDTXRWLGLDQDGHODVRFLHWDW UXUDO FDWDODQD YXLWFHQWLVWD )LUHV L PHUFDWV DOLPHQWV GH FDGD GLD RUJDQLW]DFLy GHO
  • 50. WUHEDOOFLFOHV DJUDULV HWF HV SRGHQ DQDU DQDOLW]DQW DO OODUJ GH O HVWDW GHFRPSWHV GHODPDVLD0LUDYDOOGH-XQHGD $8725*DUFtD%LRVFD-RDQ(XVHEL 7Ë72/(OVRUtJHQVGHOWHUPHGH/OHLGD (',7$'LDULR/D0DxDQD6$/OHLGD 5(680$TXHVWOOLEUHSDUODVREUHODIRUPDFLyGHOWHUPHGH/OHLGD)DUHIHUqQFLDDOV HVWXGLVGHOVGRFXPHQWVDOVWHVWLPRQLVLDODFRQWH[WXDOLW]DFLyGHOV7HUPLQL$QWLTXL ,OHUGH 7DPEp D OD JqQHVL GHOV 7HUPLQL $QWLTXL LWDWLV ,OHUGH FRP OD LPDWJH GH OD IURQWHUD,ILQDOPHQWDOHVHWDSHVGHIRUPDFLyGHO7HUPLQXV,OHUGHDQWHULRUDOL HOVHOHPHQWVFRQWLQJXWVDOV7HUPLQLLODVHYDIXQFLy $872560DUWtQ9LODVHFD)qOL[ 6HUUD%DWOOH5DPRQ 7Ë72//DFRQVWUXFFLyGHODSHGUDVHFDDODFRPDUFDGH/HV*DUULJXHV (',7$3DJqVHGLWRUV 5(680 (OV DXWRUV G DTXHVW OOLEUH H[SOLTXHQ MXQWDPHQW D O DQjOLVL GH OHV FDUDFWHUtVWLTXHV FRQVWUXFWLYHV GHOV PDUJHV L FDEDQHV OHV IRUPHV GH YLGD SDJHVD TXH SHUPHWHQ FRQVWUXLU DTXHVW LPPHQV SDWULPRQL GH SHGUD DSURILWDQW OHV KRUHV PRUWHV GH OD WDUGRU L O KLYHUQ L IHUQRV GHVFREULU HO VLJQLILFDW VRFLDO L SROtWLF G DTXHVWHVREUHVWHVWLPRQLVGHODUHYROXFLyVRFLDOPpVJUDQTXHPDLV KDSURGXwWD DWDOXQD HQ FRQYHUWLUVH HQ SHWLWV SURSLHWDULV DTXHOOV TXH WUHEDOODYHQ GXUDQW KRUHV OHV WHUUHV GHOVJUDQV WHUUDWLQHQWV JUjFLHV DO GHVDUPDPHQW GH/HV*DUULJXHV FRQYHUWLGHVHQWURVVRVGHWHUUDSURGXFWLXV $87256ROp%RQHW-RVHS0DULD 7Ë72/-XQHGDLHOVHXWHUPH (',7$RPLVVLyDVVROHVGH7URV-XQHGD 5(680 eV XQ HVWXGL VREUH -XQHGD L HO VHX WHUPH TXH FRQVWD GH GXHV SDUWV OD SULPHUD VRWD HO WtWRO 3LQ]HOODGHV GH *HRJUDILD ORFDO HQV GyQD XQD VqULH GH FRQHL[HPHQWVEjVLFVGHJHRJUDILDJHQHUDOOtPLWVH[WHQVLyDOWLPHWULDHWF
  • 52. $872566ROp%RQHW-RVHS0DULD 0DVEHUQDWDPt5DPRQ 6ROp0DWHXV-RDQ- 7Ë72/-XQHGDLPDWJHVSHUDOUHFRUG (',7$RPLVVLyDVVROHVGH7URV-XQHGD 5(680$TXHVWOOLEUHDSRUWDXQJUDQYDORUGRFXPHQWDOLFRQWULEXHL[DUHFXSHUDUOD PHPzULD SHUGXGD SHU DOJXQV MXQHGHQFV MD TXH HOV DXWRUV SUHWHQHQ IHU XQD DSUR[LPDFLy D OD KLVWzULD GH OD QRVWUD YLOD PLWMDQoDQW XQD VqULH G LPDWJHV IRWRJUjILTXHV GH GLIHUHQWVqSRTXHV L OORFV GHO VHJOHDFWXDO(OOOLEUHKDHVWDWGLYLGLW HQWHPHVXUEDQLVPHHQVHQDPHQWLFXOWXUDDJULFXOWXUDHVJOpVLDSDUURTXLDODFWHV LFHOHEUDFLRQVHVSRUWVYDULVLSDQRUjPLTXHV