*9001240850* Ø Ú Þ â é 0RQWDJHDQOHLWXQJ ,QVWDOODWLRQ LQVWUXFWLRQV 1RWLFH GH PRQWDJH ,VWUX]LRQL SHU LO PRQWDJJLR ,QVWDOODWLHYRRUVFKULIW
% & PLQ PLQ
& % $ $ & & D % PLQ PLQ PLQ E
F
G D PP
E PP
F FOLFN
7
*< / *1 <( *< %1 / %8 %1 %. / %. 1 9 9 / 1a %.
D E F % % % !
D E F
9 9 1a 9 1 a 9 9 1a *< *< %1 %1 %1 %. %. %. %8 %8 *< %8 *1 <( 9 9 / 1a *1 <( *1 <( 9 9 1a *< %1 *1 <( %. *< %8 %1 %. %8 *1 <( 9 9 1a *1 <( *< *< %1 %8 %. %1 %. %8 *1 <( 9 1a *1 <( %1 %1 *< %8 %. %.
de Ø 0RQWDJHDQOHLWXQJ : :LFKWLJH 6LFKHUKHLWVKLQZHLVH 'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ 1XU GDQQ N|QQHQ 6LH ,KU *HUlW VLFKHU XQG ULFKWLJ EHGLHQHQ 'LH *HEUDXFKV XQG 0RQWDJHDQOHL WXQJ IU HLQHQ VSlWHUHQ *HEUDXFK RGHU IU 1DFKEHVLW]HU DXIEH ZDKUHQ 1XU EHL IDFKJHUHFKWHP (LQEDX HQWVSUHFKHQG GHU 0RQWDJHDQOHL WXQJ LVW GLH 6LFKHUKHLW EHLP *HEUDXFK JHZlKUOHLVWHW 'HU ,QVWDOOD WHXU LVW IU GDV HLQZDQGIUHLH )XQNWLRQLHUHQ DP $XIVWHOOXQJVRUW YHUDQWZRUWOLFK 7UlJHU YRQ HOHNWURQLVFKHQ ,PSODQWDWHQ 'DV *HUlW NDQQ 3H
)ODFKNDQlOH 'HU ,QQHQTXHUVFKQLWW PXVV GHP 'XUFKPHVVHU GHU 5XQGURKUH HQW VSUHFKHQ PP FD FP ■ )ODFKNDQlOH VROOWHQ NHLQH VFKDUIHQ 8POHQNXQJHQ KDEHQ ■ %HL DEZHLFKHQGHQ 5RKUGXUFKPHVVHUQ 'LFKWVWUHLIHQ HLQVHW]HQ 8POXIWEHWULHE +LQZHLV 'DV *HUlW GDUI QXU LP IHVW LQVWDOOLHUWHQ =XVWDQG XQG PLW DQJHVFKORVVHQHU 9HUURKUXQJ EHWULHEHQ ZHUGHQ (OHNWULVFKHU $QVFKOXVV 'LH HUIRUGHUOLFKHQ $QVFKOXVVGDWHQ VWHKHQ DXI GHP 7\SHQVFKLOG DP *HUlW 'LHVHV *HUlW HQWVSULFKW GHQ (* )XQNHQWVW|UEHVWLPPXQJHQ 1XU HLQ NRQ]HVV
2EHUHQ )ODFKNDQDOERJHQ PRQWLHUHQ %HL %HGDUI GLH 9HUOlQJHUXQJ DEKlQJLJ YRQ GHU 3RVLWLRQ GHV )L [LHUXQJVEOHFKV XQG GHU 0|EHOWLHIH ZlKOHQ -H OlQJHU GLH 9HUOlQ JHUXQJ XPVR WLHIHU NDQQ GLH 6FKXEODGH VHLQ 9HUOlQJHUXQJ PLW YLHU .XQVWVWRIIVFKUDXEHQ DQ GHU $XVODVV|IIQXQJ GHV .RFKIHOGV IHVWVFKUDXEHQ %LOG 2EHUHQ )ODFKNDQDOERJHQ DQ GHU $XVODVV|IIQXQJ GHV .RFKIHOGV RGHU DQ GHU 9HUOlQJHUXQJ IHVWVFKUDXEHQ 0|EHO XQG *HUlW IU $EOXIWEHWULHE YRUEHUHLWHQ 5HGX]LHUVWXW]HQ RGHU )ODFKNDQDOERJHQ PLW YLHU .
$Q]HLJH DXI $EOXIWEHWULHE RGHU 8POXIWEHWULHE XPVWHOOHQ )U GHQ $EOXIWEHWULHE XQG GHQ 8POXIWEHWULHE EHL %HGDUI GLH $Q]HLJH GHU HOHNWURQLVFKHQ 6WHXHUXQJ LQ GHQ *UXQGHLQVWHOOXQJHQ HQWVSUHFKHQG XPVWHOOHQ 'D]X .DSLWHO *UXQGHLQVWHOOXQJHQ LQ GHU *HEUDXFKVDQOHLWXQJ EHDFKWHQ *HUlW GHPRQWLHUHQ *HUlW YRP 6WURPQHW] WUHQQHQ m 6WURPVFKODJJHIDKU %HLP $ENOHPPHQ GHV .RFKIHOGHV YRP 6WURPQHW] N|QQHQ GLH .
5LVN RI GHDWK 5LVN RI SRLVRQLQJ IURP IOXH JDVHV EHLQJ GUDZQ EDFN LQ :KHQ LQVWDOOLQJ D YHQWLODWLRQ V\VWHP LQ DQ RSHQ IOXHG ERLOHU WKH HOHFWULFLW\ VXSSO\ WR WKH YHQWLODWLRQ V\VWHP PXVW EH SURYLGHG ZLWK D VXLWDEOH VDIHW\ VZLWFK 5LVN RI ILUH *UHDVH GHSRVLWV LQ WKH JUHDVH ILOWHU PD\ FDWFK ILUH 1HYHU ZRUN ZLWK QDNHG IODPHV FORVH WR WKH DSSOLDQFH H J IODPEpLQJ 'R QRW LQVWDOO WKH DSSOLDQFH QHDU D KHDW SURGXFLQJ DSSOLDQFH IRU VROLG IXHO H J ZRRG RU FRDO XQOHVV D FORVHG QRQ UHPRYDEOH FRYHU LV DYDLODEOH
3UHSDULQJ WKH XQLWV 0DNH WKH FXW RXW LQ WKH ZRUNWRS DV VKRZQ LQ WKH LQVWDOODWLRQ GUDZLQJ )LJ 1RWH 7KH DQJOH EHWZHHQ WKH FXW VXUIDFH DQG WKH ZRUNWRS PXVW EH 7KH FXW RXW HGJHV DW WKH VLGHV PXVW EH IODW )RU ODPLQDWH ZRUNWRSV LW PD\ EH QHFHVVDU\ WR VHFXUH VWULSV DW WKH VLGHV LQ WKH FXW RXW 7R HQVXUH WKDW WKH DSSOLDQFH ZRUNV FRUUHFWO\ WKH KRE PXVW EH VXIILFLHQWO\ YHQWLODWHG 7R GR WKLV PDNH DQ DLU RXWOHW ZLWK D PLQLPXP FURVV VHFWLRQ RI FPò LQ WKH EDVH XQLW &RPSO\ ZLWK WKH PLQLPXP FOH
fr &RQQHFWLQJ WKH DSSOLDQFH 1RWHV ■ )RU DLU H[WUDFWLRQ PRGH D EDFN SUHVVXUH IODS ZLWK D PD[LPXP RSHQLQJ SUHVVXUH RI 3D VKRXOG EH LQVWDOOHG ,I D EDFN SUHVVXUH IODS LV QRW LQFOXGHG ZLWK WKH DSSOLDQFH RQH FDQ EH RUGHUHG IURP D VSHFLDOLVW UHWDLOHU ■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF ZDOO ER[ VKRXOG EH XVHG &RQQHFWLQJ WKH DLU H[WUDFWRU $WWDFK WKH H[KDXVW DLU SLSH WR WKH IODW GXFW EHQG RU WKH UHGXFLQJ FRQQHFWRU )LJ &RQQHFW LW WR WKH H[KDXVW DLU RSHQLQJ 8V
'HPDQGH] WRXMRXUV FRQVHLO DX PDvWUH UDPRQHXU FRPSpWHQW TXL SRXUUD pYDOXHU O HQVHPEOH GX UpVHDX GH YHQWLODWLRQ GH OD PDLVRQ HW YRXV SURSRVHU OH PR\HQ OH PLHX[ DGDSWp SRXU O DpUDWLRQ 6L OD KRWWH DVSLUDQWH HVW XWLOLVpH H[FOXVLYHPHQW HQ PRGH UHF\FODJH OH IRQFWLRQQHPHQW HVW SRVVLEOH VDQV UHVWULFWLRQV 'DQJHU GH PRUW ,O H[LVWH XQ ULVTXH G LQWR[LFDWLRQ SDU UpDVSLUDWLRQ GHV JD] GH FRPEXVWLRQ /RUV GH O LQVWDOODWLRQ G XQH YHQWLODWLRQ DYHF XQ IR\HU H[SORLWDQW O DLU DPELDQW O DOLPHQWDWLRQ pOHFWULTXH GH OD YHQWLOD
/D FDSDFLWp GH FKDUJH HW OD VWDELOLWp HQ SDUWLFXOLHU HQ FDV GH SODQV GH WUDYDLO ILQV GRLYHQW rWUH DVVXUpHV SDU GHV VRXV VWUXFWXUHV DSSURSULpHV 3UHQH] HQ FRPSWH OH SRLGV GH O DSSDUHLO \ FRPSULV VD FKDUJH VXSSOpPHQWDLUH /H PDWpULDX GH UHQIRUFHPHQW XWLOLVp GRLW rWUH UpVLVWDQW j OD FKDOHXU HW j O KXPLGLWp ■ 6HORQ OD WX\DXWHULH HW OD SURIRQGHXU GX SODQ GH WUDYDLO OD SURIRQGHXU GHV WLURLUV HQ GHVVRXV GH O DSSDUHLO GRLW rWUH DGDSWpH /H WLURLU VXSpULHXU GRLW rWUH UHWLUp HW Q HVW SDV XWLOLVDEOH ■ /D GLVWDQ
0RQWHU O DSSDUHLO &RPPXWDWLRQ GH O·DIILFKDJH VXU OH PRGH eYDFXDWLRQ H[WpULHXUH RX OH PRGH 5HF\FODJH G DLU : 3RUWHXUV G LPSODQWV pOHFWURQLTXHV / DSSDUHLO SHXW FRQWHQLU GHV DLPDQWV SHUPDQHQWV TXL SHXYHQW LQIOXHU VXU GHV LPSODQWV pOHFWURQLTXHV SDU H[ VWLPXODWHXUV FDUGLDTXHV RX SRPSHV j LQVXOLQH 3RXU FHWWH UDLVRQ ORUV GX PRQWDJH UHVSHFWHU XQH GLVWDQFH PLQLPXP GH FP SDU UDSSRUW DX[ LPSODQWV pOHFWURQLTXHV : 5LVTXH GH FKRF pOHFWULTXH 'HV SLqFHV j O LQWpULHXU GH O DSSDUHLO SHXYHQW SUpVHQWHU GHV DUrWH
it â ,VWUX]LRQL SHU LO PRQWDJJLR : ,PSRUWDQWL DYYHUWHQ]H GL VLFXUH]]D /HJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SHU O XVR 6ROR FRVu q SRVVLELOH XWLOL]]DUH O DSSDUHFFKLR LQ PRGR VLFXUR H FRUUHWWR &XVWRGLUH FRQ OD PDVVLPD FXUD OH SUHVHQWL LVWUX]LRQL SHU O XVR H LO PRQWDJJLR LQ FDVR GL XQ XWLOL]]R IXWXUR R FHVVLRQH D WHU]L /D VLFXUH]]D GL XWLOL]]R q JDUDQWLWD VROR LQ FDVR GL LQVWDOOD]LRQH VHFRQGR OH UHJROH GL EXRQD WHFQLFD ULSRUWDWH QHOOH LVWUX]LRQL GL PRQWDJJLR / LQVWDOODWRUH q UHVSRQVDELOH GHO FRUUHWW
&DQDOL SLDWWL /D VH]LRQH LQWHUQD GHYH FRUULVSRQGHUH DO GLDPHWUR GHL WXEL URWRQGL PP FD FP ■ , FDQDOL SLDWWL QRQ GHYRQR SUHVHQWDUH ULQYLL WDJOLHQWL ■ 1HO FDVR GL GLDPHWUL GLYHUVL GHO WXER XWLOL]]DUH VWULVFH GL WHQXWD )XQ]LRQDPHQWR D ULFLUFROR G DULD $YYHUWHQ]D / DSSDUHFFKLR GHYH HVVHUH PHVVR LQ IXQ]LRQH VROR VH O LQVWDOOD]LRQH q DYYHQXWD LQ PDQLHUD ILVVD H LO FRQGRWWR q FROOHJDWR &ROOHJDPHQWR HOHWWULFR , GDWL QHFHVVDUL SHU O DOODFFLDPHQWR VL WURYDQR VXOOD WDUJKHWWD GL LGHQWLILFD]LRQH GHOO D
0RQWDJJLR GHOOD FXUYD GHO FDQDOH SLDWWR 6H QHFHVVDULR VFHJOLHUH OD SUROXQJD LQ IXQ]LRQH GHOOD SRVL]LRQH GHOOD ODPLHUD GL ILVVDJJLR H GHOOD SURIRQGLWj GHO PRELOH 3L q OXQJD OD SUROXQJD SL SURIRQGR SXz HVVHUH LO FDVVHWWR $YYLWDUH OD SUROXQJD FRQ TXDWWUR YLWL LQ SODVWLFD VXOO DSHUWXUD GL VFDULFR GHO SLDQR FRWWXUD ILJ $YYLWDUH OD FXUYD GHO FDQDOH SLDWWR VXSHULRUH VXOO DSHUWXUD GL VFDULFR GHO SLDQR FRWWXUD R VXOOD SUROXQJD 3UHSDUD]LRQH GHO PRELOH H GHOO DSSDUHFFKLR SHU OD PRGDOLWj GL DVSLUD]LRQH
nl 6PRQWDJJLR GHOO DSSDUHFFKLR 6WDFFDUH O DSSDUHFFKLR GDOOD UHWH HOHWWULFD é ,QVWDOODWLHYRRUVFKULIW m 3HULFROR GL VFRVVD HOHWWULFD : %HODQJULMNH YHLOLJKHLGVYRRUVFKULIWHQ 6WDFFDQGR LO IRUQR GDOOD UHWH GRPHVWLFD L FDYL SRVVRQR FDXVDUH XQD WHQVLRQH GL ULWRUQR / DOODFFLDPHQWR HOHWWULFR GHYH HVVHUH HVHJXLWR HVFOXVLYDPHQWH GD XQ WHFQLFR VSHFLDOL]]DWR DXWRUL]]DWR 5LPXRYHUH LO FDQDOH GL VFDULFR R L FROOHJDPHQWL GL ULFLUFROR G DULD (VWUDUUH O DSSDUHFFKLR VSLQJHQGROR GDO EDVVR $WWHQ]LRQH 'DQQL
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
$IKDQNHOLMN YDQ GH EXL]HQ HQ GH GLHSWH YDQ KHW ZHUNEODG PRHW GH GLHSWH YDQ GH ODGHQ RQGHU KHW DSSDUDDW ZRUGHQ DDQJHSDVW 'H ERYHQVWH ODGH PRHW YHUZLMGHUG ZRUGHQ HQ LV QLHW EUXLNEDDU ■ 'H DIVWDQG WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH ERYHQNDQW YDQ GH ODGH PRHW PP EHGUDJHQ ■ *HHQ RYHQV NRHODSSDUDWHQ YDDWZDVPDFKLQHV ZDVPDFKLQHV RI DQGHUH DSSDUDWHQ RQGHUERXZHQ $DQZLM]LQJ 3DV QD LQVWDOODWLH LQ GH LQERXZRSHQLQJ FRQWUROHUHQ RI KHW DSSDUDDW ZDWHUSDV LV 0HXEHO YRRUEHUHLGHQ 0DDN GH XLWVQLMGLQJ LQ
.RRNSODDW LQEUHQJHQ 'LVSOD\ RPVFKDNHOHQ QDDU OXFKWDIYRHU RI OXFKWFLUFXODWLH %HYHVWLJLQJVUDLOV DDQEUHQJHQ $IE D %LM ZHUNEODGHQ YDQ VWHHQ GH UDLOV YDVWOLMPHQ JHEUXLN KLHUYRRU KLWWHEHVWHQGLJH OLMP GLH JHVFKLNW LV YRRU KHW YHUOLMPHQ YDQ PHWDDO HQ VWHHQ +HW DSSDUDDW LQ GH XLWVQLMGLQJ YDQ KHW ZHUNEODG SODDWVHQ $IE E 'H PHHJHOHYHUGH EHYHVWLJLQJVNOHPPHQ DDQEUHQJHQ HQ YRRU]LFKWLJ YDVW]HWWHQ 'H NRRNSODDW PHW EHKXOS YDQ GH EHYHVWLJLQJVNOHPPHQ LQ ppQ OLMQ EUHQJHQ PHW KHW ZHUNYODN $IE F $DQZL