)RUP 1R +( :KHHO +RUVHX *D]RQ HQ WXLQWUDFWRU 0RGHOQXPPHUV ³ HQ KRJHU %HGLHQLQJVKDQGOHLGLQJ 'XWFK 1/
:DDUVFKXZLQJ %HQ]LQH HQ ROLH $DQEHYROHQ EHQ]LQH *HEUXLN YDQ VWDELOL]HU FRQGLWLRQHU %UDQGVWRIWDQN PHW EHQ]LQH YXOOHQ 0RWRUROLHSHLO FRQWUROHUHQ *HEUXLNVDDQZLM]LQJ 9HLOLJKHLG VWDDW YRRURS %HGLHQLQJVRUJDQHQ
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
9HLOLJKHLG (ONH EHVWXXUGHU PRHW HUYRRU ]RUJHQ GDW KLM RI ]LM SURIHVVLRQHOH HQ SUDNWLVFKH LQVWUXFWLH NULMJW %LM HHQ GHUJHOLMNH LQVWUXFWLH PRHW GH QDGUXN OLJJHQ RS %LM HHQ GHUJHOLMNH LQVWUXFWLH PRHW GH QDGUXN OLJJHQ RS ,QVWUXFWLHV YRRU YHLOLJH EHGLHQLQJ YDQ ULMGHQGH PDDLPDFKLQHV PHW ]LWWHQGH EHVWXXUGHU ]RUJYXOGLJKHLG HQ FRQFHQWUDWLH ELM KHW ZHUNHQ PHW WUDFWRUYRHUWXLJHQ DOV GH PDDLPDFKLQH RS HHQ KHOOLQJ EHJLQW WH JOLMGHQ NDQ GDW QLHW PHW GH UHP ZRUGHQ JHFRUULJHHUG 'H EHODQJULMNVWH RRU]DNHQ YRRU
8LWNLMNHQ YRRU YHUNHHU ELM KHW RYHUVWHNHQ HQ LQ GH EXXUW YDQ GH RSHQEDUH ZHJ 9HUYDQJ JHOXLGGHPSHUV GLH JHEUHNHQ YHUWRQHQ &RQWUROHHU GH PHVVHQ EHYHVWLJLQJVERXWHQ HQ KHW PDDLPHFKDQLVPH DOWLMG RS VSRUHQ YDQ VOLMWDJH RI EHVFKDGLJLQJ YRRU KHW JHEUXLN 9HUYDQJ YHUVOHWHQ RI EHVFKDGLJGH PHVVHQ HQ ERXWHQ DOWLMG DOV FRPSOHWH VHW RP HHQ JRHGH EDODQV WH EHKRXGHQ =HW GH PDDLPHVVHQ VWLO YRRUGDW X DQGHUH RSSHUYODNNHQ GDQ JUDVYHOGHQ RYHUVWHHNW %LM JHEUXLN YDQ ZHUNWXLJHQ QRRLW GH DIYRHURSHQLQJ QDDU RPVWDQGH
9HLOLJH %HGLHQLQJ 7RUR 5LMGHQGH 0DDLPDFKLQH 2QGHUKRXG HQ VWDOOLQJ 'UDDL DOOH PRHUHQ ERXWHQ HQ VFKURHYHQ UHJHOPDWLJ VWUDN DDQ ]RGDW GH PDFKLQH VWHHGV YHLOLJ LQ JHEUXLN LV 'H YROJHQGH OLMVW EHYDW YHLOLJKHLGVLQVWUXFWLHV GLH VSHFLILHN ]LMQ WRHJHVQHGHQ RS 7RUR SURGXFWHQ RI DQGHUH YHLOLJKHLGVLQVWUXFWLHV GLH QLHW ]LMQ RSJHQRPHQ LQ GH &(1 QRUP 6WDO GH PDFKLQH QRRLW PHW EUDQGVWRI LQ GH WDQN LQ HHQ JHERXZ ZDDU GDPSHQ RSHQ YODPPHQ RI YRQNHQ NXQQHQ EHUHLNHQ /DDW GH PRWRU DINRHOHQ YRRUGDW X GH PDDLPDFKLQH
+HOOLQJVGLDJUDP %5(1* '(=( 5$1' ,1 /,-1 0(7 ((1 9(57,&$$/ 233(59/$. %220 *(%28: 3$$/ (1= / $ 1 * 6 ' ( 5 $ 1 ' ' $ $ 5 7 2 ( 0 9 9 ( ( 2 7 5 2 * 5 2 ( % 0 / ( * , - ( ( .
HLOLJKHLGV HQ LQVWUXFWLHVWLFNHUV 9HLOLJKHLGVVWLFNHUV HQ YHLOLJKHLGVLQVWUXFWLHV ]LMQ JHPDNNHOLMN ]LFKWEDDU YRRU GH EHVWXXUGHU HQ EHYLQGHQ ]LFK ELM SODDWVHQ ZDDU JHYDDU NDQ RQWVWDDQ 9HUYDQJ DOOH EHVFKDGLJGH RI YHUGZHQHQ VWLFNHUV 2QGHUGHHOQU *HYDDU³OHHV GH 2P GH WUDFWRU WRU VWLOVWDQG WH /HGHPDWHQ NXQQHQ EHNQHOG XLWZHUSHQ³+RXG EUHQJHQ WUDSW X KHW UHP UDNHQ DIJHVQHGHQ ZRUGHQ³ ]RUJ HUYRRU GDW X GLH EHJULMSW RPVWDQGHUV RS HHQ DIVWDQG SHGDDO LQ .
2QGHUGHHOQU 2QGHUGHHOQU :LM]LJ KHW EHUHLN YDQ GH PDDLGHNKRRJWH GRRU GH 'UDDL KHW .H\FKRLFH VOHXWHOWMH RP DOV X ZLOW PDDLHQ LQ GH DFKWHUXLW SRHOLHV WH YHUDQGHUHQ UDDGSOHHJ GH JHEUXLNHUV KDQGOHLGLQJ 2QGHUGHHOQU 2QGHUGHHOQU /HGHPDWHQ NXQQHQ EH DFKWHUXLW ULMGW 6FKDNHO GH IXQFWLH YRRU QLHW ZHUNHQ LQ DFKWHUXLW ZRUGHQ³.
2QGHUGHHOQU :HUNWXLJ RSKHIIHQ :HUNWXLJ QHHUODWHQ 2QGHUGHHOQU 7UDQVPLVVLH LQVFKDNHOHQ 'H WUDFWRU PDJ QLHW ZRUGHQ JHVOHHSW RP GH WUDFWRU WH JHEUXLNHQ 7UDQVPLVVLH XLWVFKDNHOHQ RP GH WUDFWRU WH GXZHQ 2QGHUGHHOQU %HYDW ORRG :HUS GH DFFX +HUYHUZHUNHQ 'UDDJ RRJEHVFKHUPLQJ³ H[SORVLHYH JDVVHQ NXQQHQ *HHQ YRQNHQ RI YXXU HQ QLHW URNHQ QLHW LQ KHW DIYDO 2JHQ GLUHFW PHW ZDWHU 0LQLPXP YXOOLMQ VSRHOHQ HQ VQHO DUWV ,QVWUXFWLHV RP
2QGHUGHHOQU 5LVLFR YDQ H[SORVLH 'UDDJ RRJEHVFKHUPLQJ *HHQ YRQNHQ RI YXXU HQ 5DDGSOHHJ GH JHEUXLNHUV +RXG RPVWDQGHUV RS HHQ KDQGOHLGLQJ QLHW URNHQ 5LVLFR YDQ ELMWHQGH YORHL VWRI³EUDQGZRQGHQ RS DIVWDQG KDQGHQ HQ EHVFKDGLJLQJ YDQ YRRUZHUSHQ 2QGHUGHHOQU 6QHO /LFKWHQ /DQJ]DDP $DQ /RSHQ 0RWRU DI]HWWHQ 6WDUWHQ &KRNH $IWDNDV LQVFKDNHOHQ $DQ $IWDNDV XLWVFKDNHOHQ 6WRS 372 2QGHUGHHOQU /RFDWLH
%HQ]LQH HQ ROLH *HEUXLN YDQ VWDELOL]HU FRQGLWLRQHU $DQEHYROHQ EHQ]LQH *HEUXLN YDQ VWDELOL]HU FRQGLWLRQHU LQ GH PDFKLQH +RXGW GH EHQ]LQH YHUV JHGXUHQGH VWDOOLQJ YDQ GDJHQ RI PLQGHU $OV X GH PDDLPDFKLQH ODQJHU ZLOW VWDOOHQ PRHW X GH EHQ]LQH DIWDSSHQ *HEUXLN /22'95,-( QRUPDOH EHQ]LQH YRRU DXWR PRELHOHQ RFWDDQJHWDO PLQLPDDO *HORGH QRUPDOH EHQ]LQH NDQ ZRUGHQ JHEUXLNW DOV ORRGYULMH EHQ]LQH QLHW YHUNULMJEDDU LV +RXGW GH PRWRU WLMGHQV KHW JHEUXLN VFKRRQ 9RRUNRPW KDUVDFKWLJH DI]HWWLQJHQ LQ
*HEUXLNVDDQZLM]LQJ 3DUNHHUUHP LQ ZHUNLQJ VWHOOHQ 9HLOLJKHLG VWDDW YRRURS %HZHHJ GH SDUNHHUUHPKHQGHO )LJ RPKRRJ HQ ODDW KHW UHPSHGDDO ODQJ]DDP RSNRPHQ +HW UHPSHGDDO PRHW LQ GH LQJHWUDSWH YHUJUHQGHOGH VWDQG EOLMYHQ VWDDQ 7UDS KHW UHPSHGDDO )LJ LQ HQ KRXG GLW LQJHWUDSW /HHV DDQGDFKWLJ DOOH YHLOLJKHLGVLQVWUXFWLHV RS EODG]LMGH 0HW EHKXOS YDQ GH]H LQIRUPDWLH NXQW X OHWVHO YDQ XZ JH]LQVOHGHQ RPVWDQGHUV GLHUHQ HQ X ]HOI YRRUNRPHQ 3DUNHHUUHP YULM]HWWHQ 7UDS KHW UHPSHGDDO LQ )LJ
%HGLHQLQJ YDQ GH PDDLNRSSHOLQJVKHQGHO DIWDNDV 'UDDL KHW FRQWDFWVOHXWHOWMH RP HQ KRXG GLW LQ GH ´67$57µ SRVLWLH )LJ /DDW KHW VOHXWHOWMH ORV ]RGUD GH PRWRU DDQJHVODJHQ LV %HODQJULMN $OV GH PRWRU QD VHFRQGHQ FRQWLQXH VWDUWHQ QLHW DDQVODDW PRHW X KHW FRQWDFWVOHXWHOWMH RS ´8,7µ GUDDLHQ HQ GH VWDUWPRWRU VHFRQGHQ ODWHQ DINRHOHQ ]LH 6WRULQJHQ 2RU]DDN HQ 5HPHGLH EODG]LMGH 0HW GH PDDLNRSSHOLQJVKHQGHO DIWDNDV VFKDNHOW X GH DDQGULMYLQJ QDDU GH HOHNWULVFKH NRSSHOLQJ DDQ RI XLW $OV KHW FRQWDFWVO
+HW YHLOLJKHLGVV\VWHHP $OV X GH DIWDNDV PRHW JHEUXLNHQ WHUZLMO X DFKWHUXLW ULMGW NXQW X GH]H LQWHUORFNVFKDNHODDU XLW]HWWHQ PHW EHKXOS YDQ GH .H\&KRLFH VFKDNHODDU GLH ]LFK QDDVW GH EHXJHO YDQ GH EHVWXXUGHUVWRHO EHYLQGW )LJ 9RRU]LFKWLJ *HYDDU 1LHW DDQJHVORWHQ RI EHVFKDGLJGH LQWHUORFN VFKDNHODDUV NXQQHQ RQYHUZDFKWH JHYROJHQ KHEEHQ RS GH ZHUNLQJ YDQ GH PDFKLQH GLH OLFKDPHOLMN OHWVHO NXQQHQ YHURRU]DNHQ :DQQHHU X DFKWHUXLW ULMGW WHUZLMO GH PDDLPHVVHQ RI DQGHUH ZHUNWXLJHQ LQ JHEUXLN ]LMQ EHVWDDW KHW
ZRUGW DDQJHJHYHQ GDW GH DIWDNDV LV LQJHVFKDNHOG HQ KHW DIWDNDVODPSMH JDDW EUDQGHQ =HW KHW SHGDDO LQ GH DFKWHUXLW VWDQG 8 PRHW HHQ NOLN KRUHQ ZDDUPHH ZRUGW DDQJHJHYHQ GDW GH DIWDNDV LV XLWJHVFKDNHOG HQ KHW DIWDNDVODPSMH GRRIW 'UDDL KHW .H\&KRLFH VOHXWHOWMH RP (HQ URRG ODPSMH RS KHW YRRUVWH SDQHHO JDDW EUDQGHQ )LJ RP DDQ WH JHYHQ GDW GH LQWHUORFNVFKDNHODDU LV XLWJH]HW =HW GH SDUNHHUUHP YULM HQ GUDDL GH FRQWDFWVFKDNHODDU RS /23(1 ]RQGHU GH PRWRU WH VWDUWHQ =HW GH DIWDNDV VFKDNHODDU RS $$1
:HUNHQ LQ DFKWHUXLW 2P ODQJ]DPHU WH ULMGHQ ODDW X KHW WUDFWLHSHGDDO RSNRPHQ +HW ODPSMH ´ZHUNHQ LQ DFKWHUXLWµ JDDW EUDQGHQ DOV GH .H\&KRLFH VFKDNHODDU ZRUGW JHEUXLNW RP GH LQWHUORFN YRRU ´ZHUNHQ LQ DFKWHUXLWµ XLW WH VFKDNHOHQ +LHUPHH ZRUGW X HUDDQ KHULQQHUG GDW KHW LQWHUORFNV\VWHHP LV XLWJHVFKDNHOG +HW ODPSMH GRRIW DOV GH DIWDNDV ZRUGW XLWJHVFKDNHOG RI GH PRWRU ZRUGW DIJH]HW %HODQJULMN 2P VFKDGH DDQ GH WUDQVPLVVLH WH YRRUNRPHQ PRHW X DOWLMG GH SDUNHHUUHP YULM]HWWHQ YRRUGDW X KHW WUDFWLHSHGDDO JHEUXL
:HUNWXLJKHIKHQGHO %HVWXXUGHUVVWRHO LQVWHOOHQ 'H ZHUNWXLJKHIKHQGHO )LJ ZRUGW JHEUXLNW RP GLYHUVH ZHUNWXLJHQ RS WH KHIIHQ HQ QHHU WH ODWHQ 8 NXQW GH VWRHO QDDU YRUHQ HQ QDDU DFKWHUHQ YHUVFKXLYHQ 'H SRVLWLH YDQ GH VWRHO PRHW ]R ]LMQ GDW X GH PDFKLQH KHW EHVW NXQW EHGLHQHQ HQ GDW X FRPIRUWDEHO ]LW :HUNWXLJHQ RSKHIIHQ 7LO GH VWRHO RS HQ GUDDL GH LQVWHONQRSSHQ ORV )LJ 7UDS KHW UHPSHGDDO LQ RP GH PDFKLQH WH VWRSSHQ 9HUVFKXLI GH VWRHO LQ GH JHZHQVWH SRVLWLH HQ GUDDL GH NQRSSHQ ZHHU YDV
6WDQG YDQ KHW VWXXUZLHO LQVWHOOHQ &UXLVH FRQWURO XLWVFKDNHOHQ +RXG XZ YRHW VWLO RS KHW WUDFWLHSHGDDO HQ ]HW GH FUXLVH FRQWURO VFKDNHODDU )LJ LQ GH VWDQG ´217*5(1'(/'µ ´8,7µ +HW VWXXUZLHO NDQ LQ YLHU VWDQGHQ ZRUGHQ JHNDQWHOG =HW KHW VWXXUZLHO LQ HHQ VWDQG ZDDULQ X GH PDFKLQH KHW EHVW NXQW EHGLHQHQ HQ FRPIRUWDEHO ]LW +LHUPHH RQWJUHQGHOW X KHW WUDFWLHSHGDDO HQ NXQW X GLW PHW XZ YRHW EHGLHQHQ 7UHN GH KHQGHO RP KHW VWXXU WH NDQWHOHQ RPKRRJ RP GH YHUJUHQGHOLQJ ORV WH ]HWWHQ )LJ 2P
2QGHUKRXG $DQEHYROHE RQGHUKRXGVVFKHPD $DQEHYROHQ RQGHUKRXGVVFKHPD 1D KHW HHUVWH JHEUXLN 9RRU HON JHEUXLN 2QGHUKRXGVSURFHGXUH 2OLH YHUYHUVHQ 2OLHSHLO FRQWUROHUHQ 9HLOLJKHLGVV\VWHHP 5HP FRQWUROHUHQ %XLWHQNDQW YDQ GH PRWRU UHLQLJHQ 2P GH EHGULMIVXUHQ $FFX]XXU FRQWUROHUHQ 2P GH EHGULMIVXUHQ 2P GH EHGULMIVXUHQ &KDVVLV VPHUHQ 5LHPHQ RS VOLMWDJH VFKHXUWMHV FRQWUROHUHQ 2P GH EHGULMIVXUHQ 2OLH YHUYHUVHQ 3DSLHUILOWHU YHUYDQJHQ %UDQGVWRIILOWHU YHUYDQJHQ 2P GH
9RRU]LFKWLJ $OV X KHW VOHXWHOWMH LQ KHW FRQWDFW ODDW EHVWDDW GH NDQV GDW LHPDQG GH PRWRU SHU RQJHOXN VWDUW ZDDUGRRU X RI DQGHUH RPVWDQGHUV HUQVWLJ OHWVHO NXQQHQ RSORSHQ +DDO KHW VOHXWHOWMH XLW KHW FRQWDFW HQ PDDN GH ERXJLHNDEHO ORV YRRUGDW X RQGHUKRXGVZHUN]DDPKHGHQ XLWYRHUW DDQ GH PDFKLQH 'UXN GH NDEHO RS]LM ]RGDW KLM QLHW RQEHGRHOG FRQWDFW NDQ PDNHQ PHW GH ERXJLH /XFKWILOWHU 6FKXLI KHW VFKXLPILOWHU YRRU]LFKWLJ YDQ KHW SDSLHU HOHPHQW DI )LJ 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 'HNVHOPRHU OR
.ORS KHW ILOWHU YRRU]LFKWLJ WHJHQ HHQ YODN RSSHUYODN RP YXLO HQ VWRI WH YHUZLMGHUHQ )LJ *(%58,.
2OLH YHUYHUVHQ DIWDSSHQ 7DS GH PRWRUROLH DI ]LH 2OLH YHUYHUVHQ DIWDSSHQ EODG]LMGH 6WDUW GH PRWRU HQ ODDW KHP YLMI PLQXWHQ ORSHQ :DUPH ROLH NDQ EHWHU DIJHWDSW ZRUGHQ 9HUZLMGHU KHW RXGH ILOWHU HQ YHHJ GH SDNNLQJ YDQ GH ILOWHUWXVVHQVWXN )LJ VFKRRQ 3DUNHHU GH PDFKLQH ]R GDW GH DIWDSNDQW LHWV ODJHU VWDDW GDQ GH DQGHUH NDQW ]RGDW DOOH ROLH NDQ ZHJORSHQ 6FKDNHO YHUYROJHQV GH DIWDNDV XLW VWHO GH SDUNHHUUHP LQ ZHUNLQJ HQ GUDDL KHW FRQWDFWVOHXWHOWMH RS ´8,7µ RP GH PRWRU DI WH ]HWWHQ &
%RXJLH V PRQWHUHQ 9HUZLMGHU GH ERXJLH V &RQWUROHHU HHUVW GH HOHNWURGHQDIVWDQG &RQWUROHHU GH HOHNWURGHQDIVWDQG 'UDDL GH ERXJLH V YDVW PHW HHQ WRUVLH YDQ 1P 'UXN GH NDEHO V RS GH ERXJLH V )LJ 6OXLW GH PRWRUNDS 6PHUHQ 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 0 6PHHU GH PDFKLQH RP GH EHGULMIVXUHQ RI MDDUOLMNV ZDDUELM GH NRUWVWH SHULRGH PRHW ZRUGHQ DDQJHKRXGHQ +HW VPHUHQ PRHW YDNHU SODDWVYLQGHQ ELM JHEUXLN LQ ]HHU VWRIILJH RI ]DQGHULJH RPVWDQGLJKHGHQ )LJXXU %
5HP FRQWUROHUHQ 6PHHU KHW WUDFWLHSHGDDO YDQ PRGHOOHQ PHW HHQ K\GURVWDWLVFK V\VWHHP RI GH UHP HQ NRSSHOLQJV SHGDOHQ RS PRGHOOHQ PHW WDQGZLHORYHUEUHQJLQJ RS KHW SXQW ZDDU ]LM URQG HHQ EHYHVWLJLQJVDV EHZHJHQ )LJ 0DFKLQH RS HHQ KRUL]RQWDDO RSSHUYODN SDUNHUHQ DIWDNDV XLWVFKDNHOHQ SDUNHHUUHP LQ ZHUNLQJ VWHOOHQ HQ FRQWDFWVOHXWHOWMH RS ´8,7µ GUDDLHQ RP GH PRWRU DI WH ]HWWHQ &RQWDFWVOHXWHOWMH YHUZLMGHUHQ 'H DFKWHUZLHOHQ PRHWHQ EORNNHUHQ HQ VOLSSHQ ZDQQHHU X GH WUDFWRU YRRUXLW SUREHHUW WH GXZHQ
%UDQGVWRIWDQN 2SHQ GH PRWRUNDS 'UXN GH XLWHLQGHQ YDQ GH VODQJNOHP QDDU HONDDU WRH HQ VFKXLI GH VODQJNOHP RYHU GH EUDQGVWRIVODQJ QDDU GH EUDQGVWRIWDQN WRH )LJ $IWDSSHQ YDQ EHQ]LQH XLW GH EUDQGVWRIWDQN 7UHN GH EUDQGVWRIVODQJ YDQ KHW ILOWHU )LJ 2SHQ GH EUDQGVWRIDIVOXLWNOHS HQ ODDW GH EHQ]LQH LQ HHQ JRHGJHNHXUGH MHUU\FDQ ORSHQ *HYDDU 2QGHU EHSDDOGH RPVWDQGLJKHGHQ LV EHQ]LQH XLWHUVW RQWYODPEDDU HQ ]HHU H[SORVLHI %UDQG RI H[SORVLH YDQ EHQ]LQH NDQ OHWVHO YDQ X RI DQGHUHQ HQ VFKDGH DDQ H
%UDQGVWRIILOWHU 7RHVSRRU YRRUZLHO 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 9HUYDQJ KHW EUDQGVWRIILOWHU RP GH EHGULMIVXUHQ RI HON MDDU ZDDUELM GH NRUWVWH SHULRGH PRHW ZRUGHQ DDQJHKRXGHQ =RUJ HUYRRU GDW YRRUZLHOHQ KHW YRRUJHVFKUHYHQ WRHVSRRU KHEEHQ $OV GH EDQGHQ RQJHOLMNPDWLJ DIVOLMWHQ KHW JD]RQ YROOHGLJ ZRUGW ZHJJHPDDLG RI GH PDFKLQH PRHLOLMN EHVWXXUEDDU ZRUGW PRHW KHW WRHVSRRU ZRUGHQ DIJHVWHOG 6PHHU KHW WRHVSRRU RP GH EHGULMIVXUHQ RI MDDUOLMNV ZDDUELM GH NRUWVWH SH
7RHVSRRU DIVWHOOHQ &RQWUROHHU KHW WRHVSRRU YRRUGDW X GH]H DIVWHOW ]LH 7RHVSRRU PHWHQ EODG]LMGH 9HUZLMGHU GH NRJHOYHUELQGLQJ YDQ HHQ VWXXUKHIERRP )LJ 'UDDL GH PRHU ORV ZDDUPHH GH NRJHOYHUELQGLQJ LV EHYHVWLJG DDQ GH VWXXUVWDQJ 'UDDL GH NRJHOYHUELQGLQJ ppQ VODJ UHFKWVRP RP KHW WRHVSRRU JURWHU WH PDNHQ RI ppQ VODJ OLQNVRP RP KHW WRHVSRRU NOHLQHU WH PDNHQ )LJXXU +RXG GH YODNNH NDQWHQ YDQ GH NRJHOYHUELQGLQJ YRRU GH YODNNH NDQWHQ YDQ GH WUHNVWDQJ HQ GUDDL GH PRHU YDV
*ORHLODPS PRQWHUHQ $FFX YHUZLMGHUHQ $DQ GH ]LMNDQW YDQ GH ODPSYRHW ]LWWHQ PHWDOHQ SHQQHQ +RXG GH SHQQHQ YRRU GH VOHXYHQ LQ GH ODPSKRXGHU HQ VWHHN GH ODPSYRHW LQ GH KRXGHU )LJ 'H ODPS LQ GH KRXGHU GUXNNHQ HQ UHFKWVRP GUDDLHQ WRW GH DDQVODJ :DDUVFKXZLQJ $FFXSROHQ RI PHWDOHQ JHUHHGVFKDSSHQ NXQQHQ NRUWVOXLWLQJ PDNHQ PHW PHWDOHQ RQGHUGHOHQ YDQ GH WUDFWRU ZDDUGRRU YRQNHQ NXQQHQ RQWVWDDQ +LHUGRRU NXQQHQ DFFXJDVVHQ WRW RQWSORIILQJ NRPHQ GLH OLFKDPHOLMN OHWVHO NXQQHQ YHURRU]DNHQ =RUJ
=XXUSHLO FRQWUROHUHQ 9HUZLMGHU GH EHYHVWLJLQJVEDQG YDQ GH DFFX )LJ 9HUZLMGHU GH DFFX XLW GH WUDFWRU =HW GH PRWRU DI 2SHQ GH PRWRUNDS HQ JD QDDU GH SODDWV ZDDU GH DFFX ]LFK EHYLQGW .
$FFX ELMYXOOHQ PHW ZDWHU =RGUD GH DFFX YROOHGLJ LV RSJHODGHQ KDDOW X GH RSODGHU XLW KHW VWRSFRQWDFW HQ PDDNW X YHUYROJHQV GH RSODDGNDEHOV ORV YDQ GH DFFXNOHPPHQ )LJ 8 NXQW GH DFFX KHW EHVW ELMYXOOHQ PHW JHGHVWLOOHHUG ZDWHU QHW YRRUGDW X GH PDFKLQH JDDW JHEUXLNHQ +HW ZDWHU YHUPHQJW ]LFK GDQ JRHG PHW KHW DFFX]XXU 9HUZLMGHU GH DFFX XLW GH WUDFWRU 0DDN GH ERYHQNDQW YDQ GH DFFX VFKRRQ PHW HHQ WLVVXH 2SPHUNLQJ 9XO GH DFFX QRRLW ELM PHW JHGHVWLOOHHUG ZDWHU WHUZLMO GH DFFX QRJ
(OHNWULVFK VFKHPD ' ,2 /( ,1/ 8) 2 6 * /83 .5 $3 6 6 ( ' 2 & 5 2 / 2 & ( ,5 : . ,1 3 7 ( / ,2 9 ' 1 ( $ 5 7 ( 7 , + : 1 6(/ ,2 ,71 8' 2 * 8/ ,* 0 3 .5 $3 6 : 2 / / ( < 2 . , 3 5 7 9 :< .
5HLQLJLQJ HQ VWDOOLQJ 0RWRU RSQLHXZ VWDUWHQ HQ ODWHQ ORSHQ WRWGDW KLM DIVODDW %HGLHQ GH FKRNH RI KXOSVWDUWHU 6WDUW GH PRWRU WRWGDW KLM QLHW PHHU VWDUW %HGLHQ GH KXOSVWDUWHU LQGLHQ DDQZH]LJ GLYHUVH PDOHQ RP HU ]HNHU YDQ WH ]LMQ GDW HU ]LFK JHHQ EUDQGVWRI PHHU LQ GH KXOSVWDUWHU EHYLQGW $IWDNDV XLWVFKDNHOHQ SDUNHHUUHP LQ ZHUNLQJ VWHOOHQ HQ FRQWDFWVOHXWHOWMH RS ´8,7µ GUDDLHQ RP GH PRWRU DI WH ]HWWHQ &RQWDFWVOHXWHOWMH HQ .H\&KRLFH VOHXWHOWMH YHUZLMGHUHQ 8 PRHW EUDQGVWRI RS GH MXLVWH ZLM
6WRULQJHQ RRU]DDN HQ UHPHGLH 3UREOHHP 'H VWDUWPRWRU VODDW QLHW DDQ 'H PRWRU VWDUW QLHW VWDUW PRHLOLMN M RII VODDW O W DI I 0RWRU YHUOLHVW YHUPRJHQ J 0RJHOLMNH RRU]DNHQ 5HPHGLH 0DDLNRSSHOLQJVKHQGHO DIWDNDV LV ,1*(6&+$.(/' 0DDLNRSSHOLQJVKHQGHO DIWDNDV 8,76&+$.
3UREOHHP 0RWRU UDDNW RYHUYHUKLW $EQRUPDOH WULOOLQJHQ 0DFKLQH ULMGW QLHW 0RJHOLMNH RRU]DNHQ 5HPHGLH 0RWRU RYHUEHODVW 9HUPLQGHU GH ULMVQHOKHLG 2OLHSHLO LQ FDUWHU WH ODDJ &DUWHU ELMYXOOHQ PHW PRWRUROLH .RHOULEEHQ HQ OXFKWNDQDOHQ RQGHU PRWRUNRHOLQJKXLV YHUVWRSW .