U :KHHO +RUVHÇ FP µ JUDVPDDLHU 9RRU JD]RQ HQ WXLQWUDFWRUV 0RGHO QU ³ HQ KRJHU *HEUXLNHUVKDQGOHLGLQJ 'XWFK 1/
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
,QKRXG 9HLOLJKHLGV HQ LQVWUXFWLHSODDWMHV 0RQWDJH /RVVH RQGHUGHOHQ 9RRUEHUHLGLQJ YDQ GH PDDLHHQKHLG 0RQWHUHQ YDQ GH PDDLHHQKHLG ,QVWHOOLQJ YDQ GH WUDQVSRUWKRRJWH +RUL]RQWDDO VWHOOHQ YDQ GH PDDLHU GZDUVULFKWLQJ 6FKXLQVWDQG YDQ GH PDDLHU OHQJWHULFKWLQJ 9HUZLMG
9HLOLJKHLG 9HLOLJKHLGV HQ LQVWUXFWLHSODDWMHV 'H YHLOLJKHLGV HQ LQVWUXFWLHSODDWMHV ]LMQ GXLGHOLMN ]LFKWEDDU YRRU GH EHVWXXUGHU DDQJHEUDFKW LQ GH EXXUW YDQ HHQ PRJHOLMN JHYDDU 3ODDWMHV GLH EHVFKDGLJG RI YHUORUHQ ]LMQ GLUHFW YHUYDQJHQ 23 *5$6*(/(,'(5 2QGHUGHHOQU 23 *5$6*(/(,'(5 2QGHUGHHOQU &(175$$/ 23 $&+7(5=,-'( 0$$,((1+(,' 2QGHUGHHOQU
0RQWDJH /RVVH RQGHUGHOHQ 1% *HEUXLN KHW RQGHUVWDDQGH RYHU]LFKW RP GH RQGHUGHOHQ GLH YRRU KHW PRQWHUHQ ZRUGHQ JHEUXLNW WH LGHQWLILFHUHQ %(6&+5,-9,1* $$17$/ *UDVJHOHLGHU 9HHU 5LQJ PP µ 5 SHQ .XQVWVWRI ULQJ 5XEEHUHQ EXV 0RHU PP µ .
0RQWDJH 9RRUEHUHLGLQJ YDQ GH PDDLHHQKHLG 3ODDWV KHW NRUWH XLWHLQGH YDQ GH YHHU LQ KHW NOHLQH JDW YDQ GH JUDVJHOHLGHU )LJ 3ODDWV GH YHHU HQ GH JUDVJHOHLGHU RYHU GH VWHXQ DDQ GH DFKWHU]LMGH YDQ GH PDDLNDVW HQ ]HW GH]H YDVW PHW HHQ 5 SHQ )LJ 6FKXLI GH UXEEHUHQ EXV HQ GH NXQVWVWRI ULQJ RYHU GH VWRPS DDQ GH YRRU]LMGH YDQ GH PDDLHHQKHLG 3ODDWV GH JUDJHOHLGHU RYHU GH VWRPS HQ ]HW GH]H YDVW PHW HHQ WZHHGH NXQVWVWRI ULQJ HQ HHQ ERUJPRHU )LJ 02*(/,-.
0RQWDJH 0RQWHUHQ YDQ GH PDDLHHQKHLG 3DUNHHU GH PDFKLQH RS HHQ YODNNH HQ KRUL]RQWDOH RQGHUJURQG 0DDLNRSSHOLQJ DIWDNDV XLWVFKDNHOHQ SDUNHHUUHP LQ ZHUNLQJ VWHOOHQ HQ FRQWDFWVOHXWHO LQ GH VWDQG ´2))µ GUDDLHQ RP GH PRWRU DI WH ]HWWHQ &RQWDFWVOHXWHO YHUZLMGHUHQ 'UDDL GH YRRUZLHOHQ KHOHPDDO QDDU OLQNV HQ ]HW GH KHQGHO YDQ GH KHILQULFKWLQJ RPKRRJ WRW LQ GH YHUJUHQGHOVWDQG UDDGSOHHJ GH EHGLHQLQJV KDQGOHLGLQJ YDQ GH WUDFWRU 6FKXLI GH PDDLHHQKHLG YDQDI UHFKWV RQGHU GH WUDFWRU )LJ HQ OLMQ
0RQWDJH %HODQJULMN $OV HU JHEUXLN ZRUGW JHPDDNW YDQ HHQ ]HHU ODJH PDDLKRRJWH LQVWDOOHHU GH GULMIULHP YDQ GH PDDLHHQKHLG GDQ LQ GH RQGHUVWH PRWRUSRHOLH P )LJXXU +HIDUPHQ $FKWHUVWH NRSSHOLQJ 5LQJ PP µ 5LQJ PP µ +DDUVSHOGERUJSHQ JURRW +DDUVSHOGERUJSHQ NOHLQ +HILQULFKWLQJ )LJXXU %RYHQDDQ]LFKW 0RQWHHU GH YRRUVWH LQVWHOEDUH NRSSHOLQJ DDQ GH YRRUVWH KHIDUP PHW ULQJ HQ NOHLQH KDDUVSHOG ERUJSHQ )LJ P )LJ
0RQWDJH ,QVWHOOLQJ YDQ GH WUDQVSRUWKRRJWH PP µ µ 0DDLKRRJWHEHUHLN 'H WUDQVSRUWKRRJWH ZRUGW IDEULHNVPDWLJ LQJHVWHOG HQ KRHIW QLHW WH ZRUGHQ DDQJHSDVW DOV GH ULHPNDS LQ GH ERYHQVWH VWDQG HFKWHU LQ FRQWDFW NRPW PHW GH YRHW VWHXQ LV DDQSDVVLQJ QRRG]DNHOLMN ,QVWHOOLQJ YLQGW SODDWV GRRU GH WUDQVSRUW KRRJWHPRHU )LJ WH YHUGUDDLHQ RS KHW KHIPHFKDQLVPH UHFKWVRP RP GH PDDLHHQKHLG KRJHU WH YHUVWHOOHQ OLQNVRP RP ODJHU WH YHUVWHOOHQ 6WHO GH PRHU LQ WRW HU HHQ UXLPWH YDQ PP
0RQWDJH %HODQJULMN $OV GH KDQJEHXJHO DDQ HHQ ]LMGH WRW KHW HLQGH YDQ GH LQVWHOOLQJ LV JHGUDDLG HQ GH PDDLHHQKHLG VWDDW QLHW ZDWHUSDV VWHO GH KDQJEHXJHO DDQ GH DQGHUH ]LMGH LQ 6FKXLQVWDQG YDQ GH PDDLHU OHQJWHULFKWLQJ &RQWUROHHU HONH NHHU DOV X GH PDDLHHQKHLG LQVWDOOHHUW GH VFKXLQVWDQG YDQ GH PDDLHU OHQJWHULFKWLQJ 9RRUGDW X GH VFKXLQVWDQG FRQWUROHHUW EUHQJW X GH YRRU HQ DFKWHUEDQGHQ RS GH MXLVWH VSDQQLQJ SVL N3D $OV KHW XLWHLQGH YDQ KHW YRRUVWH PDDLPHV QLHW PP µ ODJHU LV GDQ K
0RQWDJH 9RRU]LMGH 3DUNHHU GH PDFKLQH RS HHQ YODNNH HQ KRUL]RQWDOH RQGHUJURQG 0DDLNRSSHOLQJ DIWDNDV XLWVFKDNHOHQ SDUNHHUUHP LQ ZHUNLQJ VWHOOHQ HQ FRQWDFWVOHXWHO LQ GH VWDQG ´2))µ GUDDLHQ RP GH PRWRU DI WH ]HWWHQ &RQWDFWVOHXWHO YHUZLMGHUHQ 'UDDL GH YRRUZLHOHQ KHOHPDDO QDDU OLQNV HQ ]HW GH KHQGHO YDQ GH KHILQULFKWLQJ RPKRRJ WRW LQ GH YHUJUHQGHOVWDQG UDDGSOHHJ GH EHGLHQLQJV KDQGOHLGLQJ YDQ GH WUDFWRU 9HUZLMGHU GH GULMIULHP YDQ GH PDDLHHQKHLG YDQ GH PRWRUSRHOLH 9HUZLMGHU KDD
0RQWDJH 9HUZLMGHU GH NOHLQH KDDUVSHOGERUJSHQ HQ GH ULQJ YDQ GH DFKWHUVWH NRSSHOLQJ HQ YHUZLMGHU YDQ GH KHIDUP )LJ 9HUZLMGHU KDDUVSHOGERUJSHQQHQ HQ ULQJHQ YDQ GH DFKWHUVWH KHIDUPHQ )LJ 6FKXLI KHW PDDLGHN QDDU UHFKWV YDQ GH DFKWHUVWH KHIDUPHQ DI )LJ P )LJXXU KHIDUPHQ $FKWHUVWH NRSSHOLQJ 5LQJ PP µ 5LQJ PP µ +DDUVSHOGERUJSHQ JURRW +DDUVSHOGERUJ NOHLQ +HILQULFKWLQJ =HW GH KHILQULFKWLQJ YROOHGLJ LQ GH
*HEUXLNVDDQZLM]LQJ =LMDIYRHU 02*(/,-.
*HEUXLNVDDQZLM]LQJ %HGLHQLQJVKHQGHO YRRU GH KHILQULFKWLQJ +HILQULFKWLQJ YRRU ZHUNWXLJHQ 'H EHGLHQLQJVKHQGHO YRRU GH KHILQULFKWLQJ )LJ ZRUGW JHEUXLNW RP ZHUNWXLJHQ WH KHIIHQ HQ WH ODWHQ ]DNNHQ :HUNWXLJ KHIIHQ 7UDS KHW UHPSHGDDO LQ RP GH WUDFWRU WH VWRSSHQ 7UHN GH EHGLHQLQJVKHQGHO QDDU DFKWHUHQ WRWGDW KLM YHUJUHQGHOG ZRUGW ,Q GH]H SRVLWLH KRXGW GH KHILQULFKWLQJ KHW ZHUNWXLJ LQ JHKHYHQ SRVLWLH 'H KHILQULFKWLQJ DOV RSWLH YHUNULMJEDDU RS VRPPLJH PRGHOOHQ )LJ ZRUGW JHEUXLNW RP ZHUNWXLJHQ
*HEUXLNVDDQZLM]LQJ $IVWHOOHQ YDQ GH ZHUNWXLJKRRJWH 'H GUDDLNQRS YRRU GH ZHUNWXLJKRRJWH )LJ ZRUGW JHEUXLNW RP KHW ZHUNWXLJ RS HHQ EHSDDOGH KRRJWH LQ GH KHILQULFKWLQJ WH KRXGHQ 'H NQRS ZRUGW JHGUDDLG RP GH DDQVODJ YDQ GH KHILQULFKWLQJ RPKRRJ RI RPODDJ WH EHZHJHQ 'XZ GH EHGLHQLQJVKHQGHO YRRU GH KHILQULFKWLQJ RPKRRJ ]LH :HUNWXLJ KHIIHQ ,Q GH JHKHYHQ SRVLWLH GUDDLW X GH NQRS )LJ RP GH KRRJWH YDQ GH DDQVODJ WH YHUDQGHUHQ 5HFKWVRP GUDDLHQ RP KHW ZHUNWXLJ KRJHU WH ]HWWHQ HQ OLQNVRP RP KHW ZHU
*HEUXLNVDDQZLM]LQJ 6WRSSHQ WLMGHQV KHW PDDLHQ $OV X GH PDFKLQH WHUZLMO GLH LQ EHZHJLQJ LV PRHW VWRSSHQ NDQ HU HHQ NORQW PDDLVHO RS KHW JD]RQ DFKWHUEOLMYHQ 'LW NXQW X DOV YROJW YRRUNRPHQ +RXG GH PDDLNRSSHOLQJ ´,1*(6&+$.(/'µ HQ ULMG QDDU HHQ GHHO GDW X DO JHPDDLG KHEW 2P KHW PDDLVHO JHOLMNPDWLJ WH YHUVSUHLGHQ ]HW X GH PDDLKRRJWH ppQ RI WZHH VWDQGHQ KRJHU WHUZLMO X YRRUXLW ULMGW PHW GH PDDLNRSSHOLQJ ´,1*(6&+$.
2QGHUKRXG 2QGHUKRXGVVFKHPD :HUN]DDPKHGHQ 9RRU HON JHEUXLN 0DDLPHV FRQWUROHUHQ (ONH XXU ; 0DDLGHN GRRUVPHUHQ (ONH 9yyU XXU VWDOOLQJ ; ; ; ; 'ULMIULHPHQ FRQWUROHUHQ RS VOLMWDJH EDUVWHQ 0DDLNDVW UHLQLJHQ $DQWHNHQLQJHQ ; ; ; ; /DNEHVFKDGLJLQJHQ ELMZHUNHQ %DQGHQVSDQQLQJ FRQWUROHUHQ 9RRUMDDU ; ; ; ; 02*(/,-. *(9$$5 $OV X GH VOHXWHO LQ GH FRQWDFWVFKDNHODDU ODDW ]LWWHQ ]RX LHPDQG GH PRWRU NXQQHQ VWDUWHQ :$7 (5 .
2QGHUKRXG 0DDLPHV 2P HHQ JRHG PDDLUHVXOWDDW WH EHKRXGHQ PDDLPHV VHQ VFKHUS KRXGHQ (HQ RI PHHU H[WUD PDDLPHVVHQ YHUJHPDNNHOLMNHQ KHW VOLMSHQ HQ YHUYDQJHQ 02*(/,-. *(9$$5 (HQ YHUVOHWHQ RI EHVFKDGLJG PDDLPHV NDQ EUHNHQ HQ VWXNMHV PHV NXQQHQ ZRUGHQ XLWJHZRUSHQ QDDU EHVWXXUGHU RI RPVWDQGHUV WLMGHQV JHEUXLN YDQ GH PDDLHU :$7 (5 .$1 *(%(85(1 8LWJHZRUSHQ VWXNMHV PHV NXQQHQ HUQVWLJ RI ]HOIV IDWDDO OHWVHO YDQ EHVWXXUGHU RI RPVWDQGHUV YHURRU]DNHQ *(9$$5/,-.( 6,78$7,(6 9225.
2QGHUKRXG 0DDLPHV VHQ VOLMSHQ 0DDLPHV VHQ PRQWHUHQ *HEUXLN HHQ YLMO RP GH VQLMUDQGHQ DDQ EHLGH XLWHLQGHQ YDQ KHW PHV WH VOLMSHQ )LJ +RXG GDDUELM GH RRUVSURQNHOLMNH KRHN LQ VWDQG +HW PHV EOLMIW LQ EDODQV DOV X YDQ EHLGH VQLMUDQGHQ GH]HOIGH KRHYHHOKHLG PDWHULDDO YHUZLMGHUW 0RQWHHU GH ULQJ KHW PDDLPHV GH NOHPULQJ HQ GH PHVPRHU )LJ %HODQJULMN +HW JHERJHQ GHHO YDQ KHW PDDLPHV PRHW QDDU GH ELQQHQNDQW YDQ GH PDDLHHQKHLG ZLM]HQ 'UDDL GH PHVPRHU DDQ PHW 1P IW OEV
2QGHUKRXG 6PHUHQ 0HVGULMIULHP 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 9HUZLMGHUHQ YDQ GH PHVGULMIULHP 'H PDFKLQH QD HONH EHGULMIVXUHQ RI MDDUOLMNV GRRUVPHUHQ ZDDUELM GH NRUWVWH SHULRGH PRHW ZRUGHQ DDQJHKRXGHQ +HW VPHUHQ PRHW YDNHU SODDWVYLQGHQ ELM JHEUXLN LQ ]HHU VWRIILJH RI ]DQGHULJH RPVWDQGLJKHGHQ 9HUZLMGHU GH PDDLHHQKHLG ]LH 9HUZLMGHUHQ YDQ GH PDDLHHQKHLG SDJLQD 9HUZLMGHU GH EHYHVWLJLQJVVFKURHYHQ HQ GH NDSSHQ YDQ EHLGH SRHOLHV YDQ GH PHVDDQGULMYLQJ )LJ 9HUZLMGHU GH ULHP YDQ G
2QGHUKRXG 6WDOOLQJ 9XLO HQ NDI YDQ EXLWHQNDQW YDQ FLOLQGHU FLOLQGHUNRSULEEHQ HQ YHQWLODWRUKXLV YHUZLMGHUHQ 9HUZLMGHU WHYHQV PDDLVHO YXLO HQ YHW YDQ GH EXLWHQNDQW YDQ GH JHKHOH PDFKLQH YHUZLMGHUHQ PHW QDPH YDQ GH PRWRU GH EHSODWLQJ HQ KHW ERYHQVWH JHGHHOWH YDQ GH PDDLHHQKHLG %HODQJULMN 'H PDFKLQH PHW HHQ ]DFKW ZDV PLGGHO HQ ZDWHU ZDVVHQ 'H PDFKLQH QLHW RQGHU KRJH GUXN VFKRRQPDNHQ *HEUXLN QLHW WH YHHO ZDWHU LQ GH EXXUW YDQ KHW EHGLHQLQJVSDQHHO GH YHUOLFKWLQJ GH PRWRU HQ GH DFFX 6FKUDDS
3UREOHPHQ RRU]DDN HQ UHPHGLH 352%/((0 $EQRUPDOH WULOOLQJHQ 0DDLPHV VHQ GUDDLW GUDDLHQ QLHW 2QUHJHOPDWLJH PDDLKRRJWH 02*(/,-.( 225=$$.