podrecznik audytu wewnetrznego w administracji publicznej (2)

background image



32'5 &=1,.

$8'<78:(:1 75=1(*2

: $'0,1,675$&-,38%/,&=1(-

0,1,67(567:2),1$16Ï:0$5=(&

background image





:67 3 

 :

352:$'=(1,(



 .

21752/$),1$162:$,$8'<7:(:1 75=1<:$'0,1,675$&-,38%/,&=1(-



 6

<67(0.21752/,:(:1 75=1(-



 '

(),1,&-$$8'<78:(:1 75=1(*2



 =

$.5(6$8'<78:(:1 75=1(*2



 &

(/($8'<78:(:1 75=1(*2



 2

'32:,('=,$/12 û =$$8'<7:(:1 75=1<





.20Ï5.$$8'<78:(:1 75=1(*2 .$: 

 3

2=<&-$:(:1 75=25*$1,=$&-,,1,(=$/( 12 û



 6

.à$'.20Ï5.,$8'<78:(:1 75=1(*2



 =

$à2 (1,$23(5$&<-1($8'<78:(:1 75=1(*2



 =DGDQLDNRPyUNLDXG\WXZHZQ WU]QHJR .$: 

 5HODFMH]NLHURZQLNDPLLSHUVRQHOHPLQQ\FKNRPyUHNRUJDQL]DF\MQ\FK

 6WRVXQNL]DXG\WRUDPLNRQWUROHUDPL]HZQ WU]Q\PL

 6SHFMDOQH]OHFHQLD

 3U]HJO G VSUDZG]DM F\UHDNFMDQDVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

ZHZQ WU]QHJR 

 =

$6$'<'=,$à$1,$$8'<78:(:1 75=1(*2



 :\VRNDMDNR ü DXG\WX

 3U]HáR HQLH]DVREyZ.$:QDREV]DU\U\]\ND

 3URIHVMRQDOL]PDXG\WRUyZ

 2GSRZLHG]LDOQR ü NLHURZQLFWZD]DNRQWURO 

 8NLHUXQNRZDQLHQDSRSUDZ G]LDáDOQR FLMHGQRVWNL

 3R]LRPLVWRWQR FL

 2ELHNW\ZL]P

 6ZRERGQ\RELHJLQIRUPDFMLVZRERGDSRUR]XPLHZDQLDVL 

 8VWDZLF]QHGRVNRQDOHQLH]DZRGRZHSUDFRZQLNyZ 

 1

$/( <7$67$5$112 û



 .

,(52:1,..20Ï5.,$8'<78:(:1 75=1(*2

.

,(52:1,.

.$: 

 .

225'<1$725=$'$1,$$8'<72:(*2

.=$ 

 $

8'<7252'32:,('=,$/1<





352&('85<,7(&+1,.,$8'<78

 3

/$12:$1,($8'<78



 2FHQDU\]\ND 

 3ODQVWUDWHJLF]Q\DXG\WX 

 5RF]Q\SODQDXG\WX

 =

$'$1,($8'<72:(



 3ODQRZDQLH]DGDQLDDXG\WRZHJR 

 &]\QQR FLDXG\WRZH 

 6SUDZR]GDZF]R ü 

 $

.7$$8'<78



6WDáHDNWDDXG\WX 

 %LH FHDNWDDXG\WX

 3U]HJO G MDNR FLDNWDXG\WX

 6

35$:2='$:&=2 û 1$7(0$7<1,(=:, =$1(%(=32 5('1,2==$'$1,$0,

$8'<72:<0,



 3

252=80,(:$1,(6,



background image



 &

=<112 &,635$:'=$- &(

$8'<7635$:'=$- &<



 3U]HJO G MDNR FL]DGDQLDDXG\WX

 3

5$:2'22':2à$1,$6, '2262%<75=(&,(-





.:$/,),.$&-(,52=:Ï-=$:2'2:<$8'<725Ï:

:(:1 75=1<&+

 6

=.2/(1,(



 2

3,6

6

7$12:,6.$

± .

,(52:1,.

.$:

 2

3,667$12:,6.$



)81.&-,

 .

225'<1$725

=

$'$1,$

$

8'<78



 2

3,667$12:,6.$

 $

8'<725

:

(:1 75=1<



 2

3,667$12:,6.$

 $

6<67(17

$

8'<78





=$à &=1,., 

 =

$à &=1,.

2&(1$5<=<.$$8'<78



=

$/ &=1,.



$

 0

(72'<2&(1<5<=<.$



 =

$à &=1,.

2&(1$6<67(08.21752/,:(:1 75=1(- 

 =

$à &=1,.

3/$1$8'<78:(:1 75=1(*2

 =

$à &=1,.

832:$ 1,(1,('235=(352:$'=$1,$$8'<78

:(:1 75=1(*2 

 =

$à &=1,.

:1,26(.232:2à$1,(5=(&=2=1$:&<'28'=,$à8:

=$'$1,8$8'<72:<0

 =

$à &=1,.

=(67$:,(1,((7$3Ï:=$'$1,$$8'<72:(*2 

 =

$à &=1,.

)2508/$5=35=<'=,$à8=$'$1,$$8'<72:(*2

 =

$à &=1,.

)2508/$5=:1,26.82=0,$1 +$50212*5$08 

 =

$à &=1,.

(:,'(1&-$:<.25=<67$1,$&=$68

 =

$à &=1,.

/,67$:(5<),.$&<-1$&(/Ï:,3/$12:$1,$

=$'$1,$$8'<72:(*2 

 =

$à &=1,.

=$/(&(1,$'27<&= &(*5$),&=1(-$1$/,=<

352&(6Ï: 

 =

$à &=1,.

352*5$0=$'$1,$$8'<72:(*2

 =

$à &=1,.

$5.86=867$/( $8'<78

 =

$à &=1,.

35272.Ïà=:<:,$'8 52=02:< 

 =

$à &=1,.

'2.80(17$&-$52%2&=$

 =

$à &=1,.

35272.Ïà1$5$'<=$0<.$- &(-

 =

$à &=1,.

:=Ï5635$:2='$1,$=35=(352:$'=(1,$$8'<78



 =

$à &=1,.

'2.80(17=$0.1, &,$=$'$1,$$8'<72:(*2

 =

$à &=1,.

/,67$:(5<),.$&<-1$2&(1<-$.2 &,:<.21$1,$

=$'$1,$

 =

$à &=1,.

325$'1,.-$.3252=80,(:$û6, =

$8'<72:$1<0,,=.,(52:1,&7:(0 

 =

$à &=1,.

)2508/$5=/,67<:(5<),.$&<-1(-=$'$1,$

$8'<72:(*2 

 =

$à &=1,.

)2508/$5=35=(*/ '832$8'<72:(*2 

 =

$à &=1,.

.:(67,21$5,86=$1.,(7<32$8'<72:(-

background image



 :VW S

 :SURZDG]HQLH

3RGU F]QLN DXG\WX ZHZQ WU]QHJR Z DGPLQLVWUDFML SXEOLF]QHM VWDQRZL

SRGVWDZRZH UyGáRLQIRUPDFMLGODMHGQRVWHNVHNWRUDILQDQVyZSXEOLF]Q\FKZ3ROVFH

REHMPXM FH ]DJDGQLHQLD ]ZL ]DQH ]DUyZQR ] RUJDQL]DFM

NRPyUHN DXG\WX

ZHZQ WU]QHJRMDNLSURZDG]HQLHPDXG\WX ZHZQ WU]QHJR &HOHP 3RGU F]QLND MHVW

GRVWDUF]HQLH NLHURZQLNRP MHGQRVWNL VHNWRUD ILQDQVyZ SXEOLF]Q\FK -6)3



RUD]

DXG\WRURP ZHZQ WU]Q\P D WDN H LQQ\P ]DLQWHUHVRZDQ\P RVRERP ]DVDG L

ZVND]yZHNPDM F\FKVáX \ü LPZLFKELH FHMG]LDáDOQR FL:DUWRMHGQDNSRGNUH OLü

H Z\PDJDM RQHGDOV]HJRXV]F]HJyáRZLHQLDQDSR]LRPLHND GHMMHGQRVWNLERZLHP

QLHMHVWPR OLZHXZ]JO GQLHQLHZWHJRURG]DMXRSUDFRZDQLXFDáHMUy QRURGQR FLIRUP

L VSRVREyZZMDNLFKG]LDáDM MHGQRVWNLVHNWRUDILQDQVyZSXEOLF]Q\FK:]ZL ]NX]

W\P]DOHFDVL RSUDFRZDQLHQDED]LHQLQLHMV]HJRSRGU F]QLNDRSUDFRZDQLHZáDVQHM

SLVHPQHM V]F]HJyáRZHM PHWRG\NL REHMPXM FHM FDáR ü OXE F] ü ]DJDGQLH

RPDZLDQ\FKZSRGU F]QLNX

=DVDG\LSURFHGXU\ZVND]\ZDQHZSRGU F]QLNXXZ]JO GQLDM SU]HSLV\SUDZQH

GRW\F] FHDXG\WXZHZQ WU]QHJRRUD]SRZV]HFKQLHX]QDZDQHVWDQGDUG\3RGU F]QLN

MHVW SRQDGWR GRVWRVRZDQ\ GR VSHF\ILNL VHNWRUD SXEOLF]QHJR 5R]ZL ]DQLD Z QLP

]DSURSRQRZDQHV ]DOHFDQHQLHVWDQRZL MHGQDNZ\á F]QHJRPRGHOXPR OLZ\FKGR

]DVWRVRZDQLD UR]ZL ]D ± SRG ZDUXQNLHP H WH E G ]JRGQH ] SUDZHP RUD]

SRZV]HFKQLHX]QDZDQ\PLVWDQGDUGDPLRUD]E G VáX \á\FHORPGODMDNLFKSURZDG]L

VL DXG\WZHZQ WU]Q\

2UJDQHP DGPLQLVWUDFML U] GRZHM ZáD FLZ\P Z VSUDZLH NRRUG\QDFML NRQWUROL

ILQDQVRZHM LDXG\WX ZHZQ WU]QHJR Z -6)3 MHVW 0LQLVWHU )LQDQVyZ 1LQLHMV]\

SRGU F]QLNMHVWMHGQ ] V]HUHJXSXEOLNDFML]ZL ]DQ\FK]Z\SHáQLDQLHPSU]H]0LQLVWUD

)LQDQVyZQDáR RQHJRSUDZHPRERZL ]NX

 .RQWURODILQDQVRZDLDXG\WZHZQ WU]Q\ZDGPLQLVWUDFMLSXEOLF]QHM

=JRGQLH]DUWDXVWDZ\]OLVWRSDGDURILQDQVDFKSXEOLF]Q\FK ']8]

 U 1U SR] ]H ]P RGSRZLHG]LDOQR ü ]D SURZDG]HQLH JRVSRGDUNL

ILQDQVRZHM-6)3ZW\PNRQWUROLILQDQVRZHMVSRF]\ZD QD NLHURZQLNX ND GHM -6)3

3U]HSLV\ DUW E XVW  L  ZVSRPQLDQHM Z\ HM XVWDZ\ ZSURZDG]Lá\ RERZL ]HN

VWZRU]HQLD SU]H] NLHURZQLND -6)3 VWZRU]HQLD SLVHPQ\FK SURFHGXU NRQWUROL

ILQDQVRZHM NWyUH PDM

GRW\F]\ü SURFHVyZ ]ZL ]DQ\FK ] JURPDG]HQLHP L

UR]G\VSRQRZDQLHP URGNyZSXEOLF]Q\FKRUD]JRVSRGDURZDQLHPPLHQLHP



: GDOV]\FKSDUWLDFKWHNVWXSRGU F]QLNDVNUyWWHQE G]LH]DVW SRZDáSHáQ QD]Z ÄMHGQRVWNLVHNWRUD

ILQDQVyZSXEOLF]Q\FK´

background image



3URFHGXU\WHVWDQRZL QLH]E GQ F] ü V\VWHPXNRQWUROLZHZQ WU]QHMLVWQLHM FHJRZ

ND GHM -6)3  ]ELRUX ]DVDG L PHFKDQL]PyZ VáX F\FK ]DSHZQLHQLX SUDZLGáRZHJR

G]LDáDQLDMHGQRVWNL





'ODNLHURZQLNDMDNRRVRE\RGSRZLHG]LDOQHM]DJRVSRGDUN ILQDQVRZ MHGQRVWNLMHVW

]DWHP QLH]Z\NOH LVWRWQH ZáD FLZH G]LDáDQLH V\VWHPX NRQWUROL ZHZQ WU]QHM D Z

V]F]HJyOQR FL MHM SRGV\VWHPX ± ZHZQ WU]QHM NRQWUROL ILQDQVRZHM 1LH]DOH Q\

SURIHVMRQDOQ\ L RELHNW\ZQ\ DXG\W ZHZQ WU]Q\ MHVW GOD NLHURZQLND SRGVWDZRZ\P

UyGáHP LQIRUPDFML R SRGOHJáHM MHGQRVWFH ']L NL LQIRUPDFML X]\VNDQHM RG DXG\WRUD

NLHURZQLN PR H RFHQLü F]\ ZGUR RQ\ SU]H] QLHJR V\VWHP NRQWUROL ZHZQ WU]QHM

VSHáQLDVZRMH]DGDQLD
= WHJR SRZRGX ]GHF\GRZDQR VL ZSURZDG]Lü RERZL ]HN SRZDG]HQLD DXG\WX

ZHZQ WU]QHJR Z ]QDF]QHM F] FL SROVNLHM DGPLQLVWUDFML SXEOLF]QHM =H Z]JO GX QD

ZVND]DQ\SRZ\ HM FLVá\]ZL ]HNSUREOHPDW\NLDXG\WXZHZQ WU]QHJR]V\VWHPHP

NRQWUROLILQDQVRZHMZ-6)3SRGVWDZRZHGHILQLFMH]DVDG\RUD]WU\ESU]HSURZDG]DQLD

DXG\WX ZHZQ WU]QHJR ]RVWDá\ ]DZDUWH Z UR]G]LDOH  G]LDáX , XVWDZ\ R ILQDQVDFK

SXEOLF]Q\FKRERNSU]HSLVyZGRW\F] F\FKNRQWUROLILQDQVRZHM

 6\VWHPNRQWUROLZHZQ WU]QHM

1D V\VWHP NRQWUROL ZHZQ WU]QHM VNáDGDM VL

URGRZLVNR NRQWUROL L PHFKDQL]P\

NRQWUROL

URGRZLVNRNRQWUROLVWDQRZLUDP\ZNWyU\FKG]LDáDM Uy QH LQQH HOHPHQW\ NRQWUROL

2EHMPXMH VW\O ]DU] G]DQLD Z W\P VWUXNWXU RUJDQL]DF\MQ RUD] VSRVyE SU]\G]LDáX

RERZL ]NyZ L IXQNFML NRQWUROL  NXOWXU

LQVW\WXFML L ZLDGRPR ü ]DZRGRZ

SUDFRZQLNyZ RUD] LFK RJyOQH QDVWDZLHQLH RUD] ZLDGRPR ü R G]LDáDQLDFK

NLHURZQLFWZDZG]LHG]LQLHNRQWUROLZHZQ WU]QHM
0HFKDQL]P\ NRQWUROL WR ZV]\VWNLH URGNL NRQWUROL ZHZQ WU]QHM PDM FH QD FHOX

]DSRELHJDQLH Z\NU\ZDQLH L QDSUDZLDQLH QLHSUDZLGáRZR FL SU]\M WH SU]H]

NLHURZQLFWZRMHGQRVWNLZFHOX
 SUDNW\F]QHJR ]DEH]SLHF]HQLD XSRU] GNRZDQHJR L VNXWHF]QHJR SURZDG]HQLD

G]LDáDOQR FL
 ]JRGQR FL]SU]\M W SROLW\N ZHZQ WU]Q 
]DEH]SLHF]HQLDPDM WNX
Z\NU\ZDQLDRV]XVWZLQLHSUDZLGáRZR FL
SURZDG]HQLDGRNáDGQHMLU]HWHOQHMNVL JRZR FL
SU]\JRWRZDQLDQDF]DVU]HWHOQ\FKLQIRUPDFMLILQDQVRZ\FK



6]HU]HMRV\VWHPLHNRQWUROLZHZQ WU]QHMLQIRUPXMHQDVW SQ\UR]G]LDáQLQLHMV]HJRSRGU F]QLND

background image



 'HILQLFMDDXG\WXZHZQ WU]QHJR

=JRGQLH]XVWDZ R ILQDQVDFKSXEOLF]Q\FK
$XG\WHP ZHZQ WU]Q\P MHVW RJyá G]LDáD  SU]H] NWyUH NLHURZQLN MHGQRVWNL

X]\VNXMHRELHNW\ZQ L QLH]DOH Q RFHQ IXQNFMRQRZDQLDMHGQRVWNLZ]DNUHVLH

JRVSRGDUNL ILQDQVRZHM SRG Z]JO GHP OHJDOQR FL JRVSRGDUQR FL FHORZR FL

U]HWHOQR FLDWDN H SU]HMU]\VWR FLLMDZQR FL
'HILQLFM W QDOH \ SRVWU]HJDüSRSU]H]SU\]PDW6WDQGDUGyZ3URIHVMRQDOQHM3UDNW\NL

$XG\WX :HZQ WU]QHJR RSUDFRZDQ\FK SU]H]  ,QVW\WXW $XG\WRUyZ :HZQ WU]Q\FK

NWyUHQDVW SXM FRGHILQLXM DXG\WZHZQ WU]Q\
Ä$XG\W ZHZQ WU]Q\ VWDQRZL QLH]DOH QH RELHNW\ZQH G]LDáDQLD R FKDUDNWHU]H

]DSHZQLDM F\P L GRUDGF]\P ]DSURMHNWRZDQH Z FHOX SU]\VSRU]HQLD GRGDWNRZHM

ZDUWR FLLXVSUDZQLHQLDG]LDáDOQR FLGDQHMLQVW\WXFML3RPDJDRQGDQHMRUJDQL]DFMLZ

RVL JDQLX MHM FHOyZ SRSU]H] ZSURZDG]HQLH V\VWHPDW\F]QHJR ]G\VF\SOLQRZDQHJR

SRGHM FLD GR RFHQ\ L SRSUDZ\ VNXWHF]QR FL Z ]DNUHVLH SURFHVyZ ]DU] G]DQLD

U\]\NLHPNRQWUROLLNLHURZDQLD JRYHUQDQFH RUJDQL]DFM ´
$XG\W ZHZQ WU]Q\ MHVW QDU] G]LHP ]DU] G]DQLD VáX F\P NLHURZQLNRZL -6)3 GR

X]\VNDQLDUDFMRQDOQHJR]DSHZQLHQLDF]\
” FHOHSRVWDZLRQHSU]HGMHGQRVWNDV Z\NRQ\ZDQH
” ]DVDG\LSURFHGXU\Z\QLNDM FH]SU]HSLVyZSUDZDSRZV]HFKQLHRERZL ]XM FHJR

OXESU]\M WHSU]H]NLHURZQLNDMHGQRVWNLV ZGUD DQHLSU]HVWU]HJDQH

” PHFKDQL]P\LSURFHGXU\VWDQRZL FHV\VWHPNRQWUROLZHZQ WU]QHMV DGHNZDWQHL

VNXWHF]QHGODSUDZLGáRZHJRG]LDáDQLDMHGQRVWNL

']LDáDQLD.$:



SRZLQQ\E\üSURZDG]RQHZVSRVyENWyU\Z]DGRZDODM F\PVWRSQLX

]DSHZQLL SUDFHDXG\WXSURZDG]RQHV ]JRGQLH]
” SU]HSLVDPLSUDZQ\PLGRW\F] F\PLDXG\WXZHZQ WU]QHJR
” VWDQGDUGDPLDXG\WXZHZQ WU]QHJR
” ZHZQ WU]Q\PL SURFHGXUDPL VáX F\PL HIHNW\ZQR FL L VNXWHF]QR FL

]DSURMHNWRZDQ\PLZGDQHMMHGQRVWFHGRNRQWURORZDQLDSUDF.$:RLOHWHRVWDWQLH

LVWQLHM 



: GDOV]\FKSDUWLDFKWHNVWXSRGU F]QLNDVNUyWWHQE G]LH]DVW SRZDáSHáQ QD]Z ÄNRPyUNDDXG\WX

ZHZQ WU]QHJR´

background image



 =DNUHVDXG\WXZHZQ WU]QHJR

$XG\WZHZQ WU]Q\REHMPXMHZV]HONLHG]LDáDQLDSURZDG]RQHSU]H]GDQ RUJDQL]DFM 

E G SU]H] MHGQRVWNL ]D NWyUH GDQD RUJDQL]DFMD MHVW RGSRZLHG]LDOQD 2ERZL ]NL

.LHURZQLND NRPyUNL GR VSUDZ DXG\WX ZHZQ WU]QHJR .$:  REHMPXM EDGDQLH L

LGHQW\ILNRZDQLH ]DNUHVX REV]DUX SRGOHJDM FHJR DXG\WRZL RUD] SRGHMPRZDQLH

G]LDáD ]PLHU]DM F\FKGRSRV]HU]HQLDWHJRREV]DUXZUD]LHSRWU]HE\
$XG\W ZHZQ WU]Q\PR H E\üSU]HSURZDG]DQ\ZSRVWDFL
” %DGDQLD ZLDU\JRGQR ü VSUDZR]GDQLD ILQDQVRZHJR RUD] VSUDZR]GDQLD  ]

Z\NRQDQLD
EXG HWX SU]H] VSUDZG]HQLH SU]HVWU]HJDQLD ]DVDG UDFKXQNRZR FL ]JRGQR FL

]DSLVyZ Z NVL JDFK UDFKXQNRZ\FK ] GRZRGDPL NVL JRZ\PL ]JRGQR FL

VSUDZR]GDQLDILQDQVRZHJRRUD]VSUDZR]GDQLD]Z\NRQDQLDEXG HWX]]DSLVDPL

Z NVL JDFKUDFKXQNRZ\FK DXG\WILQDQVRZ\ 

” 2FHQ\DGHNZDWQR FLHIHNW\ZQR FLLVNXWHF]QR FLV\VWHPyZNRQWUROL]DU] G]DQLD

U\]\NLHP L NLHURZDQLD JRYHUQDQFH  MHGQRVWN VHNWRUD ILQDQVyZ SXEOLF]Q\FK

DXG\WV\VWHPX 

” 2FHQ\ SU]HVWU]HJDQLD ]DVDG\ FHORZR FL L RV]F] GQR FL Z GRNRQ\ZDQLX

Z\GDWNyZ X]\VNLZDQLD PR OLZLH QDMOHSV]\FK HIHNWyZ  Z UDPDFK  SRVLDGDQ\FK

URGNyZ RUD]  SU]HVWU]HJDQLD WHUPLQyZ UHDOL]DFML ]DGD

L ]DFL JQL W\FK

]RERZL ]D DXG\WJRVSRGDUQR FL 

 &HOHDXG\WXZHZQ WU]QHJR

&HODPLDXG\WXZHZQ WU]QHJRV 
” DQDOL]D U\]\N SU]HG MDNLPL VWRL GDQD RUJDQL]DFMD RUD] URGRZLVND NRQWUROL

ZHZQ WU]QHM GOD XVWDOHQLDSURJUDPXDXG\WX RSDUWHJR QD RFHQLH U\]\ND RUD] Z

V]F]HJyOQR FLRFHQDHIHNW\ZQR FLSURFHVX]DU] G]DQLDU\]\NLHP

” VNáDGDQLHVSUDZR]GD ] SRF]\QLRQ\FKXVWDOH  RUD]WDPJG]LHMHVWWRZáD FLZH

SU]HGVWDZLDQLHXZDJLZQLRVNyZGRW\F] F\FKSRSUDZ\ ]DOHFH 

” Z\UD DQLH RSLQLL QD WHPDW VNXWHF]QR FL PHFKDQL]PyZ NRQWUROQ\FK Z EDGDQ\P

V\VWHPLH

” GRVWDUF]HQLH Z RSDUFLX R RFHQ V\VWHPX NRQWUROL ZHZQ WU]QHM UDFMRQDOQHJR

]DSHZQLHQLD H MHGQRVWNDG]LDáDSUDZLGáRZR







DQJUHDVRQDEOHDVVXUDQFH±WHUPLQPDM F\QDFHOXZ\MD QLHQLHL QLHFKRG]LWRRDEVROXWQ  VWX

SURFHQWRZ SHZQR ü

background image



 2GSRZLHG]LDOQR ü ]DDXG\WZHZQ WU]Q\

.LHURZQLN ND GHM -6)3 MHVW RGSRZLHG]LDOQ\ ]D XVWDQRZLHQLH .$: NWyUD MHVW

IXQNFMRQDOQLH QLH]DOH QD RG SR]RVWDá\FK NRPyUHN GDQHM RUJDQL]DFML RUD] NWyUHM

NLHURZQLNSRGOHJDEH]SR UHGQLRZáD QLHNLHURZQLNRZLGDQHM-6)3
0LQLVWHU )LQDQVyZ RGSRZLDGD ]D NRRUG\QDFM IXQNFMRQRZDQLD NRPyUHN DXG\WX

ZHZQ WU]QHJR Z DGPLQLVWUDFML U] GRZHM ]D Z\GDZDQLH RGSRZLHGQLFK VWDQGDUGyZ

Z\W\F]Q\FK RUD] SRGU F]QLNyZ GOD DXG\WRUyZ ZHZQ WU]Q\FK MDN UyZQLH ]D

GRUDG]DQLHLPZVSUDZDFKLFKZáD FLZHJRV]NROHQLD

background image



 .RPyUNDDXG\WXZHZQ WU]QHJR .$:

 3R]\FMDZHZQ WU]RUJDQL]DFMLLQLH]DOH QR ü

.RPyUND DXG\WX ZHZQ WU]QHJR SRGOHJD EH]SR UHGQLR NLHURZQLNRZL -6)3 'R

.LHURZQLND -6)3 QDOH \ ]DSHZQLHQLH RUJDQL]DF\MQHM QLH]DOH QR FL DXG\WRUyZ

ZHZQ WU]Q\FK $E\ ]DSHZQLü QLH]DOH QR ü .$: QLH PR QD SR]ZROLü QD

XF]HVWQLFWZRMHMSUDFRZQLNyZG]LDáDQLDFK]ZL ]DQ\FK]]DU] G]DQLHPMHGQRVWN 
.LHURZQLN .$: MHVW QLH]DOH Q\ Z ]DNUHVLH SODQRZDQLD SUDF\ GDQHM NRPyUNL

SU]HSURZDG]DQLDDXG\WXLVNáDGDQLDVSUDZR]GD ] MHJRXVWDOH 
.$: SRGOHJD EH]SR UHGQLR NLHURZQLNRZL GDQHM MHGQRVWNL RUD] ZVSRPDJD M Z

UHDOL]DFML FHOyZ L IXQNFML Z\]QDF]RQ\FK SU]H] GRW\F] FH MHM SU]HSLV\ SUDZD

SRZV]HFKQLHRERZL ]XM FHJRDNW\SUDZDZHZQ WU]QHJRDWDN H LQQHGRNXPHQW\R

FKDUDNWHU]H SURJUDPRZ\P .$: RGSRZLDGD ZREHF NLHURZQLND -6)3 ]D UHDOL]DFM

IXQNFML]ZL ]DQ\FK]DXG\WHPZHZQ WU]Q\P=GUXJLHMVWURQ\DXG\WRU]\ZHZQ WU]QL

PXV] ]DFKRZ\ZDüVZRM QLH]DOH QR ü LSRVW SRZDü]JRGQLH]XVWDORQ\PLQRUPDPL

HW\NL]DZRGRZHMLVWDQGDUGDPLDXG\WXZHZQ WU]QHJR





 6NáDGNRPyUNLDXG\WXZHZQ WU]QHJR

3HUVRQHO .$: ZLQLHQ VNáDGDü VL ] NLHURZQLND GDQHM NRPyUNL RUD] WDNLHM OLF]E\

DXG\WRUyZ ZHZQ WU]Q\FK NWyUD XPR OLZLD UHDOL]DFM FHOyZ RNUH ORQ\FK Z NDUFLH

FKDUWHU .RPyUNL $XG\WX :HZQ WU]QHJR ]DWZLHUG]RQHM SU]H] NLHURZQLND -6)3 :

SU]\SDGNX MHGQRVWHN R RJUDQLF]RQ\P ]DNUHVLH G]LDáDQLD MH OL QLH VSU]HFLZLDM VL

WHPX LVWQLHM FH SU]HSLV\ SUDZD DXG\W ZHZQ WU]Q\ PR H E\ü Z\NRQ\ZDQ\ SU]H]

SRMHG\QF]HJR DXG\WRUD DOER SU]H] NRPyUN DXG\WX VáX F ZL FHM QL MHGQHM

MHGQRVWFH/LF]ED]DGD DXG\WRZ\FKNWyUDMHVWZ\VWDUF]DM FDGRWHJRDE\]DSHZQLü

Z VWRSQLX UR]V GQ\P SUDZLGáRZH G]LDáDQLH MHGQRVWNL MHVW X]DOH QLRQD RG ZLHONR FL

GDQHMLQVW\WXFMLZLHONR FLE G F\FKZG\VSR]\FML URGNyZILQDQVRZ\FKLMHMPDM WNX

RUD] RG LQQ\FK F]\QQLNyZ VSHáQLDM F\FK SRWU]HE\ GDQHM MHGQRVWNL Z\]QDF]RQ\FK

SU]H]MHMNLHURZQLND

 =DáR HQLDRSHUDF\MQHDXG\WXZHZQ WU]QHJR



=DGDQLDNRPyUNLDXG\WXZHZQ WU]QHJR .$:

']LDáDOQR ü DXG\WX ZHZQ WU]QHJR REHMPXMH SU]HGH ZV]\VWNLP SU]HJO G RFHQ L



6WDQGDUG\DXG\WXZHZQ WU]QHJRRSXEOLNRZDQHSU]H]0LQLVWUD)LQDQVyZVWDQGDUG\,QVW\WXWX

$XG\WRUyZ:HZQ WU]Q\FK ,,$ L0L G]\QDURGRZHM2UJDQL]DFML1DF]HOQ\FK2UJDQyZ$XG\WX

,1726$, Z\W\F]QHLVWDQGDUG\DXG\WXZHZQ WU]QHJRZ\GDZDQHSU]H]0LQLVWUD)LQDQVyZ

background image



ZHU\ILNDFM VWRSQLD SU]HVWU]HJDQLD HIHNW\ZQR FL RUD] DGHNZDWQR FL PHFKDQL]PyZ

NRQWUROL -HVW WR IXQNFMD R FKDUDNWHU]H GRUDGF]\P ]DWHP .$: QLH G\VSRQXMH

XSUDZQLHQLDPLZáDGF]\PLZREHFLQQ\FKRVyEZHZQ WU]GDQHMRUJDQL]DFMLLNWyUDQLH

XVWDQDZLD DQL QLH ZGUD D ]DVDG L SURFHGXU .$: PR H GRNRQ\ZDü MHG\QLH

SU]HJO GX]DVDGSODQyZSURFHGXURUD]LQQ\FKPHFKDQL]PyZNRQWUROLZHZQ WU]QHM

Z ]DNUHVLH NRPSHWHQFML GDQHM MHGQRVWNL RUD] VNáDGDü VSUDZR]GDQLD ] XVWDOHQLDPL

GRW\F] F\PLPR OLZ\FKLFKPR OLZ\FKXOHSV]H  $XG\WZHZQ WU]Q\Z DGHQVSRVyE

QLH ]ZDOQLDLQQ\FKRVyEZHZQ WU]GDQHMRUJDQL]DFML]RERZL ]NyZLPSU]\SLVDQ\FK

&RZL FHMDXG\WRU]\ZHZQ WU]QLSRZLQQLSRPDJDüRLOHWRSRWU]HEQHSUDFRZQLNRP

-6)3 Z ]UR]XPLHQLX IDNWX H VDPL SUDFRZQLF\ RGSRZLHG]LDOQL ]D PHFKDQL]P\

NRQWUROL L QLH SRZLQQL SROHJDü MHG\QLH QD XVWDOHQLDFK DXG\WX Z NZHVWLL WZRU]HQLD

PHFKDQL]PyZNRQWUROQ\FK


5HODFMH]NLHURZQLNDPLLSHUVRQHOHPLQQ\FKNRPyUHNRUJDQL]DF\MQ\FK

=DVDG RERZL ]XM F

Z DXG\FLH ZHZQ WU]Q\P MHVW SU]HSURZDG]DQLH ]DGD

DXG\WRZ\FK Z VSRVyE NRQVWUXNW\ZQ\ =DZV]H NLHG\ MHVW WR PR OLZH WU]HED

Z\VW SRZDüRSRPRF]HVWURQ\SHUVRQHOXGDQHJRGHSDUWDPHQWXSU]\SODQRZDQLXL

Z\NRQ\ZDQLX GDQHJR ]DGDQLD  VáXFKDü LFK RSLQLL L ZVND]yZHN 3RVWDZD WDND QLH

PR H MHGQDNSRGZD DüIDNWX H DXG\WRU]\ZHZQ WU]QLPXV] PLHü]DJZDUDQWRZDQ\

QLHRJUDQLF]RQ\ GRVW S GR ZV]HONLFK GRNXPHQWyZ ZV]\VWNLFK SUDFRZQLNyZ RUD]

ZV]HONLFKLQQ\FK UyGHáLQIRUPDFMLSRWU]HEQ\FKGRSU]HSURZDG]HQLDDXG\WX:UD]LH

SRWU]HE\ QDOH \ SRGM ü RGSRZLHGQLH NURNL GOD XPR OLZLHQLD ]EDGDQLD LQIRUPDFML

SRXIQ\FK OXE WDMQ\FK 3U]HG UR]SRF] FLHP ND GHJR ]DGDQLD DXG\WRZHJR QDOH \

RGSRZLHGQLRSRLQIRUPRZDüNLHURZQLNDZáD FLZHMNRPyUNLRSODQRZDQ\FKG]LDáDQLDFK

DXG\WX


6WRVXQNL]DXG\WRUDPLNRQWUROHUDPL]HZQ WU]Q\PL

.LHURZQLN.$:SRZLQLHQE\üRGSRZLHG]LDOQ\]DNRRUG\QDFM VWRVXQNyZMHGQRVWNL]

DXG\WRUDPL]HZQ WU]Q\PLF]\NRQWUROHUDPL
3RVWDZD ZVSyáG]LDáDQLD L ZVSyáSUDF\ WR QDMOHSV]H RNUH OHQLH UHODFML Z\VW SXM F\FK

SRPL G]\DXG\WHPZHZQ WU]Q\PLDXG\WRUDPLNRQWUROHUDPL]HZQ WU]Q\PL
: FHOX ]DSHZQLHQLD NRRUG\QDFML SUDF DXG\WX NLHURZQLN NRPyUNL DXG\WX

ZHZQ WU]QHJRLDXG\WRU]\NRQWUROHU]\]HZQ WU]QLSRZLQQLXWU]\P\ZDüEH]SR UHGQLH

RUD]ZPLDU PR OLZR FL VWDáHNRQWDNW\
.RRUG\QDFMDG]LDáD DXG\WXZHZQ WU]QHJR]DXG\WRUDPLNRQWUROHUDPL]HZQ WU]Q\PL

SRZLQQDSROHJDü]DVDGQLF]RQDZ]DMHPQ\PVSUDZG]DQLXLZ]DMHPQHMZVSyáSUDF\

FHOHP]DSHZQLHQLD
” X]\VNDQLDSRNU\FLDPDNV\PDOQHJR]DNUHVXVSUDZSU]H]G]LDáDQLDDXG\WX
” Z\PLDQ\LQIRUPDFML
” XQLNDQLDGXEORZDQLDZ\VLáNyZLNRV]WyZSR ZL FDQ\FKQDUXW\QRZHHWDS\SUDF\

Z ]DNUHVLHDXG\WX

: PLDU PR OLZR FL QDOH \ SU]HSURZDG]Dü RNUHVRZH VSRWNDQLD ] XG]LDáHP

NLHURZQLNDNRPyUNLDXG\WXZHZQ WU]QHJRLDXG\WRUyZNRQWUROHUyZ]HZQ WU]Q\FKZ

FHOX XVWDOHQLD ZáD FLZ\FK REV]DUyZ Z]DMHPQHJR ZVSLHUDQLD VL OXE PR OLZR FL

background image



ZVSyOQHM UHDOL]DFML RNUH ORQ\FK FHOyZ QS ZH ZVSyOQ\FK ]HVSRáDFK  : PLDU

SRWU]HE QDOH \ RSUDFRZ\ZDü VNRRUG\QRZDQH OXE ]LQWHJURZDQH SURJUDP\ DXG\WX

3U]\NáDGREV]DUyZNWyUHPRJ E\üSU]HGPLRWHPZVSyáSUDF\SRPL G]\DXG\WRUDPL

ZHZQ WU]Q\PL L ]HZQ WU]Q\PL VWDQRZLü PRJ ]DJDGQLHQLD PHFKDQL]PyZ NRQWUROL

NWyUH PRJ REHMPRZDüLVWRWQHVáDER FLEá G\LQLHSUDZLGáRZR FL ZV\VWHPLHNRQWUROL

G]LDáDQLD EH]SUDZQH RFHQ\ NLHURZQLFWZD LVWRWQH UR]ZL ]DQLD RUJDQL]DF\MQH

GRW\F] FH DXG\WX VSRU\ ] NLHURZQLFWZHP DOER WUXGQR FL QDSRW\NDQH SU]\

SU]HSURZDG]DQLX DXG\WyZ 7HPDW\ GR G\VNXVML REHMPRZDü PRJ WDN H WHFKQLNL L

PHWRG\DXG\WXRUD]VSRVRE\GRERUXSUyEGREDGD 
=H Z]JO GX QD Z\VW SXM FH Uy QLFH FHOyZ PLHG]\ ZVSRPQLDQ\PL LQVW\WXFMDPL QLH

PR QD QDWRPLDVW GRSX FLü GR WHJR DE\ DXG\W ZHZQ WU]Q\ Z\NRQ\ZDá Z\á F]QLH

]DGDQLDXVáXJRZHZREHFDXG\WRUDF]\NRQWUROHUD]HZQ WU]QHJR
3RQDGWR QDOH \ SDPL WDü H QLHNWyU]\ DXG\WRU]\ ]HZQ WU]QL ± QD SU]\NáDG ELHJOL

UHZLGHQFL  ]DLQWHUHVRZDQL V F] VWR Z\á F]QLH GRURF]Q\P EDGDQLHP URF]Q\FK

VSUDZR]GD  NWyUHSU]\MPXMHIRUP ZHU\ILNDFMLVWDQXDNW\ZyZPDM WNXL]RERZL ]D

ZJVWDQXQDRNUH ORQ\G]LH  RUD]WDN DQDOL] UDFKXQNXZ\QLNyZILQDQVRZ\FKNWyUD

XPR OLZLLPZ\UD HQLHRSLQLLQDWHPDWU]HWHOQR FLVSUDZR]GD ILQDQVRZ\FK=DNUHV

WDNLHJR EDGDQLD SRZLQLHQ REHMPRZDü SU]HJO G HOHPHQWyZ V\VWHPX NRQWUROL

ZHZQ WU]QHM GRW\F] F\FK JáyZQLH ]DEH]SLHF]HQLD GEDáR FL R SRVLDGDQH VNáDGQLNL

PDM WNX DNW\ZD  RUD] ZLDU\JRGQR FL L U]HWHOQR FL HZLGHQFML ILQDQVRZRNVL JRZHM

7\PF]DVHP Z RGUy QLHQLXRGSRZ\ V]HJR DXG\W ZHZQ WU]Q\ SROHJD QD UHDOL]DFML

]DGD XPLHV]F]RQ\FKURF]Q\PSODQLHDXG\WXNWyUHGRW\F] QLHW\ONRVIHU\ILQDQVRZR

 NVL JRZHM DOH UyZQLH

VSUDZG]DM

HIHNW\ZQR ü SUDF\ MHGQRVWNL L MHM

SRV]F]HJyOQ\FKNRPyUHNSU]HVWU]HJDQLHZV]\VWNLFK]DVDGLSURFHGXU


6SHFMDOQH]OHFHQLD

6SRUDG\F]QLHSUDFRZQLF\.$:PRJ E\üQD \F]HQLHNLHURZQLND-6)3NLHURZDQLGR

SUDF\EH]SR UHGQLRQDU]HF]LQQ\FKGHSDUWDPHQWyZQDGVSHFMDOQ\PL]DGDQLDPLQLH

PDM F\PL DGQHJR ]ZL ]NX ] FHODPL .$: L ]DGDQLDPL Z\QLNDM F\PL ] URF]QHJR

SODQXDXG\WX3RGF]DV Z\NRQ\ZDQLD WDNLFK ]OHFH GDQ\ DXG\WRU SUDFRZQLN .$:

SRGOHJDüE G]LH]OHFDM FHMNRPyUFHRUJDQL]DF\MQHMZVSUDZDFKGRW\F] F\FKGDQHJR

]OHFHQLD URERF]HJR MHGQDN H Z SR]RVWDá\FK VSUDZDFK QDWXU\ DGPLQLVWUDF\MQHM

DXG\WRU ZLQLHQ ]ZUDFDü VL R ZVND]yZNL GR NLHURZQLND .$: 3UDFRZQLN .$:

DXG\WRUZHZQ WU]Q\ SRZLQLHQ]DGEDüRWRDE\]DGDQLDPXSRZLHU]RQHZWUDNFLH

VSHFMDOQHJR]OHFHQLDQLHSRZRGRZDá\QDUXV]HQLDVWDQGDUGyZDXG\WXZHZQ WU]QHJR

]ZáDV]F]D W\FK GRW\F] F\FK EH]VWURQQR FL L RELHNW\ZQR FL DXG\WRUD RUD] XQLNDQLD

NRQIOLNWXLQWHUHVyZ
3UREOHPRZL Z\NRQ\ZDQLD SU]H] DXG\WRUD G]LDáD QLH ]ZL ]DQ\FK ] DXG\WHP

SR ZL FRQ\MHVWWDN H UR]G]LDáÄ2ELHNW\ZL]P´QLQLHMV]HJRSRGU F]QLND


3U]HJO G VSUDZG]DM F\UHDNFMDQDVSUDZR]GDQLH]SU]HSURZDG]HQLD

DXG\WXZHZQ WU]QHJR

=DVDG SU]\ SURZDG]HQLX DXG\WX ZHZQ WU]QHJR MHVW RVL JQL FLH SRUR]XPLHQLD ]

SUDFRZQLNDPL MHGQRVWNL FR GR SUDZG]LZR FL VWZLHUG]RQ\FK IDNWyZ ]ZL ]DQ\FK ]

XVWDOHQLDPL DXG\WX SU]HG UR]SRZV]HFKQLHQLHP VSUDZR]GDQLD ] DXG\WX

ZHZQ WU]QHJR7DPJG]LHMHVWWRZáD FLZHQDOH \ XVWDOLüG]LDáDQLDNRU\JXM FHMDNLH

QDOH DáRE\ SRGM ü L XZ]JO GQLü MH Z VSUDZR]GDQLX &]DVDPL SHUVRQHO DXG\WX

background image



ZHZQ WU]QHJR PR H SUDFRZDü ] DXG\WRZDQ\PL QDG SRV]XNLZDQLHP QDMOHSV]\FK

UR]ZL ]D GODXQLNQL FLDQLHGRFL JQL ü VWZLHUG]RQ\FKZWRNXDXG\WX
-H HOL ]DZLRG LQQH VSRVRE\ RVL JQL FLD SRUR]XPLHQLD ] DXG\WRZDQ\PL XVWDOHQLD

]DGDQLDDXG\WRZHJRNWyUHPDM E\ü ]DPLHV]F]RQHZVSUDZR]GDQLXSRGGDZDQHV

SU]HJO GRZL VSUDZG]DM FHPX ] XG]LDáHP NLHURZQLND -6)3 OXE RVRE\ SU]H] QLFK

Z\]QDF]RQHM 2WU]\PXM RQL QDVW SQLH HJ]HPSODU] SURMHNWX VSUDZR]GDQLD ]

SU]HSURZDG]HQLDDXG\WXGRVSUDZG]HQLDSU]HGMHJRUR]SURZDG]HQLHP
3R XSHZQLHQLX VL SU]H] NLHURZQLND .$: H VSUDZR]GDQLH MHVW DGHNZDWQH GR

Z\VW SXM F\FK RNROLF]QR FL QDVW SXMH RVWDWHF]QD G\VWU\EXFMD VSUDZR]GDQLD

]JRGQLH ] XVWDORQ SURFHGXU L ZHGáXJ SU]\M WHJR UR]G]LHOQLND (J]HPSODU]H

VSUDZR]GDQLDOXEZ\M WNL]HVSUDZR]GD DXG\WXPRJ E\üSU]HND]DQHRGSRZLHGQLP

SUDFRZQLNRP ]D SR UHGQLFWZHP LFK SU]HáR RQ\FK E G

WDN H GR LQQ\FK

]DLQWHUHVRZDQ\FKRVyE
-H HOLUHDNFMHDXG\WRZDQ\FK SRGHMPRZDQHOXESODQRZDQHG]LDáDQLDLV]DFXQNRZ\

WHUPLQ LFK UHDOL]DFML  GRW\F] FH ]DOHFH DXG\WX QLH ]RVWDá\ ]DPLHV]F]RQH Z

NR FRZ\PVSUDZR]GDQLXNLHURZQLN.$:RUD]]DLQWHUHVRZDQLF]áRQNRZLHSHUVRQHOX

DXG\WX ZLQQL SRGM ü ZVSyOQ SUDF ] GDQ\P NLHURZQLNLHP GHSDUWDPHQWX QDG

XVWDOHQLHPZ]DMHPQLH]DGRZDODM F\FKG]LDáD Z RGSRZLHG]LQDZVND]DQLDDXG\WX

7DNLH SODQ\ G]LDáDQLD QDOH \ QDVW SQLH SU]HND]Dü SLHUZRWQ\P DGUHVDWRP

VSUDZR]GDQLD]DXG\WX
1D NLHURZQLNX .$: VSRF]\ZD RVWDWHF]QD RGSRZLHG]LDOQR ü ]D RFHQ UHDNFML

]DLQWHUHVRZDQHM NRPyUNL RUJDQL]DF\MQHM F]\ MHGQRVWNL .$: SRZLQLHQ

ZVSyáSUDFRZDü ] NLHURZQLNLHP GDQHM NRPyUNL RUJDQL]DF\MQHM ZH ZáD FLZ\ VSRVyE

]JRGQLH]]DNUHVHPNRPSHWHQFMLQDGUR]ZL ]DQLHPHZHQWXDOQHJRVSRUX
=DNUHVG\VWU\EXFMLVSUDZR]GD ] SU]HSURZDG]HQLD]DXG\WXMHVWRJUDQLF]RQ\LZ\QLND

] SU]HSLVyZSUDZD1LHQDOH \ LFKSRZLHODüDQLSU]HND]\ZDüLQQ\PDGUHVDWRPEH]

Z\UD QHM]JRG\NLHURZQLNDNRPyUNLDXG\WXZHZQ WU]QHJR

 =DVDG\G]LDáDQLDDXG\WXZHZQ WU]QHJR

$E\ ]DSHZQLü VSHáQLHQLH FHOX DXG\WX ZHZQ WU]QHJR SROHJDM FHJR QD HIHNW\ZQ\P

VáX HQLX SRWU]HERP NLHURZQLND GDQHM -6)3 QDOH \ SU]\M ü V]HUHJ SRGVWDZRZ\FK

]DVDGG]LDáDQLDWDNLFKMDN
” ]DSHZQLHQLHZ\VRNLHMMDNR FLDXG\WX
” SU]HáR HQLH]DVREyZ.$:QDREV]DU\U\]\ND
” SURIHVMRQDOL]PDXG\WRUyZ
” RGSRZLHG]LDOQR ü NLHURZQLND-6)3]DV\VWHPNRQWUROLZHZQ WU]QHM
” XNLHUXQNRZDQHSRGHM FLHQDSRSUDZ G]LDáDQLDMHGQRVWNL
” Z\]QDF]HQLHSR]LRPXLVWRWQR FL
” RELHNW\ZL]P
” VZRERGQ\RELHJLQIRUPDFML±VZRERGDSRUR]XPLHZDQLDVL 

background image



” XVWDZLF]QHGRVNRQDOHQLH]DZRGRZHSUDFRZQLNyZ


:\VRNDMDNR ü DXG\WX

:\VRND MDNR ü DXG\WX SROHJD QD G HQLX GR GRVWDUF]HQLD NLHURZQLFWZX XVáXJ

SU]\QRV] F\FK ZDUWR ü GRGDQ  : VSUDZR]GDQLDFK ] SU]HSURZDG]HQLD DXG\WX

QDOH \ SU]HGVWDZLDü SU]HMU]\VWH RFHQ\ L SRND]Dü Z MDNLP ]DNUHVLH PR QD

ZSURZDG]DüXVSUDZQLHQLD
8G]LDá\ SRV]F]HJyOQ\FK SUDFRZQLNyZ .$: Z Z\NRQDQLX ]DGDQLD DXG\WRZHJR

SRZLQQ\XNáDGDüVL Z MHGQ FDáR ü ²EH]OXNEH]WDUüEH]GXEORZDQLDSUDF\
=DGDQLD DXG\WRZH QDOH \ ]DZV]H UHDOL]RZDü Z VSRVyE U]HWHOQ\ ] ]DFKRZDQLHP

]DVDGHW\NL
1DND G\ DXG\WSU]H]QDF]DVL RNUH ORQ LOR ü GQL RVRERGQL SUDF\DNRRUG\QDWRU

]DGDQLD DXG\WRZHJR SRZLQLHQ ZH  ZVSyáSUDF\ ] ]HVSRáHP  UHDOL]XM F\P ]DGDQLH

DXG\WRZH RSUDFRZDü SODQ PR OLZLH QDMOHSV]HJR Z\NRU]\VWDQLD WHJR F]DVX GOD

RVL JQL FLD X]JRGQLRQ\FK FHOyZ  ]DGDQLD DXG\WRZHJR 3ODQ WHQ SRZLQLHQ ]RVWDü

]DWZLHUG]RQ\ SU]H] NLHURZQLND .$: 1DOH \ Z\]QDF]\ü WHUPLQ VSRU] G]HQLD

VSUDZR]GDQLD ] DXG\WX .RQLHF]QH Z\GDMH VL XVWDOHQLH MDNLH URGNL ]RVWDQ

]DVWRVRZDQH GR SRPLDUX HIHNW\ZQR FL SRV]F]HJyOQ\FK DXG\WRUyZ Z RVL JDQLX

X]JRGQLRQ\FKFHOyZ


3U]HáR HQLH]DVREyZ.$:QDREV]DU\U\]\ND

-HGHQ ] 0L G]\QDURGRZ\FK 6WDQGDUGyZ 3URIHVMRQDOQHM 3UDNW\NL $XG\WX

:HZQ WU]QHJRVWDQRZL H Ä$XG\WRU]\ZHZQ WU]QLSRZLQQLRFHQLDüJRVSRGDUQR ü L

HIHNW\ZQR ü Z\NRU]\VWDQLD ]DVREyZ´ :D Q\P MHVW DE\ DXG\WRU]\ ZHZQ WU]QL

SDPL WDOL R W\P H RGSRZLHG]LDOQR ü ]DJRVSRGDUQH L HIHNW\ZQH Z\NRU]\VWDQLH

]DVREyZMHGQRVWNLDXG\WRZDQHMGRW\F]\UyZQLH G]LDáDOQR FLSURZDG]RQHMSU]H]QLFK

VDP\FK
&]DV SUDF\ SUDFRZQLNyZ DXG\WX ZHZQ WU]QHJR MHVW RJUDQLF]RQ\ = WHJR SRZRGX

SRGVWDZRZH ]QDF]HQLH PD WDNLH SU]H]QDF]HQLH L Z\NRU]\VWDQLH F]DVX NWyUH

SU]\QRVL QDMZL NV]H NRU]\ FL GDQHM RUJDQL]DFML $E\ ]DSODQRZDü HIHNW\ZQH

Z\NRU]\VWDQLH XPLHM WQR FL L F]DVX DXG\WRUyZ RUD] PDWHULDáyZ SRWU]HEQ\FK GR

Z\NRQDQLD]DGDQLDDXG\WRZHJR.$:GRNRQXMHRFHQ\U\]\ND.OXF]RZH]QDF]HQLH

GOD ZáD FLZHJR Z\NRU]\VWDQLD ]DVREyZ .$: PD XVWDOHQLH SULRU\WHWyZ REV]DUyZ

U\]\ND D ZL F WDN H NROHMQR FL Z MDNLHM ]RVWDQ SRGGDQH DXG\WRZL >]RVWDáR RQR

RSLVDQHZUR]G]LDOHÄ2FHQDU\]\NDQLQLHMV]HJRSRGU F]QLND´


3URIHVMRQDOL]PDXG\WRUyZ

3UDFRZQLNRP .$: QDOH \ VWDZLDü Z\VRNLH Z\PDJDQLD GRW\F] FH XPLHM WQR FL

]DZRGRZ\FK XPLHM WQR FL SRVW SRZDQLD ] OXG PL QD ZV]\VWNLFK V]F]HEODFK

RUJDQL]DFML RUD] ]GROQR FL GR WZyUF]HJR P\ OHQLD $XG\WRZDQL RFHQLDM G]LDáDQLH

.$: L LQVW\WXFM DXG\WX ZHZQ WU]QHJR QD SRGVWDZLH NRQWDNWyZ ] SRV]F]HJyOQ\PL

DXG\WRUDPL3RVWDZDDXG\WRUDNWyU\QLHVSHáQLD]DNáDGDQ\FKZ\VRNLFKVWDQGDUGyZ

Z\NRQ\ZDQLDWHJR]DZRGXPR H ]DV]NRG]LüZL]HUXQNRZL.$:
$XG\WRU SRZLQLHQ XPLHü SU]\VWRVRZDü VL GR QLHXVWDQQLH ]PLHQLDM FHJR VL

URGRZLVND ] NWyU\P VSRW\ND VL Z UDPDFK Z\NRQ\ZDQLD Uy QRURGQ\FK ]DGD

background image



DXG\WRZ\FKDWDN H V]\ENR]GRE\ZDüZLHG]HGRW\F] FDQRZ\FKWHFKQLNLQRZ\FK

XVáXJ MDNLH ZLDGF]\ DGPLQLVWUDFMD .RQLHF]QH Z\GDMH VL  DE\ DXG\WRU Z

VSRU] G]DQ\FK SU]H] VLHELH GRNXPHQWDFK L VSUDZR]GDQLX SRWUDILá SU]HGVWDZLü

SURVW\PSU]HMU]\VW\PM ]\NLHPSUREOHP\RSLVDQHVSHFMDOLVW\F]Q\PWHFKQLF]Q\PF]\

XU] GQLF]\P DUJRQHP
$XG\WRUSRZLQLHQ]DFKRZ\ZDüVL WDNWRZQLHL]V]DFXQNLHPZREHFDXG\WRZDQ\FKL

NROHJyZ  LQQ\FK DXG\WRUyZ 3RVWDZD WDND SRPR H ]GRE\ü V]DFXQHN L ]DXIDQLH

DXG\WRZDQ\FK RUD] XQLNQ ü SRGHMU]H L RVNDU H  $XG\WRURZL SRWU]HEQD MHVW

GHWHUPLQDFMD Z UDG]HQLX VRELH ] WUXGQ\PL SUREOHPDPL RUD] ZNUDF]DQLX Z QRZH

REV]DU\ SRGGDZDQH EDGDQLX 3RZLQLHQ E\ü RGSRUQ\ QD QDFLVNL RUD] VNáRQQ\ GR

Z\W RQHM L GáXJRWUZDáHM SUDF\ MDNLHM Z\PDJD XVWDOHQLH IDNWyZ ]GROQ\ GR

XGRNXPHQWRZDQLD Z WHQ VSRVyE DE\ QDGDZDá\ VL RQH GR SU]\M FLD SU]H]

NLHURZQLFWZR
=DOHFHQLD VIRUPXáRZDQH Z WUDNFLH Z\NRQ\ZDQLD ]DGDQLD DXG\WRZHJR SRZLQQ\

RSLHUDü VL QD IDNWDFK ]D IDNW\ QLH PRJ ]RVWDü SR]EDZLRQHJR ZáD FLZHJR LP

NRQWHNVWX $XG\WRU PXVL GRNRQDü RELHNW\ZQH F]\OL SR]EDZLRQHM G HQLD GR

RVL JQL FLDMDNLFKNROZLHNZáDVQ\FKRVRELVW\FKFHOyZRFHQ\LVWRWQR FLXVWDOH  MDNLH

SU]\QLRVáR]DGDQLDDXG\WRZHJR


2GSRZLHG]LDOQR ü NLHURZQLFWZD]DNRQWURO

$XG\WRU]\ ZHZQ WU]QL QLH SRZLQQL E\ü XSUDZQLHQL GR SRGHMPRZDQLD GHF\]ML R

FKDUDNWHU]H ZáDGF]\PL 1LH SRZLQQL RQL UyZQLH RGSRZLHGDü ]D MDNLNROZLHN URG]DM

G]LDáDOQR FLGDQHM-6)3MDNLMHVWSRGGDZDQ\DXG\WRZL1LHPRJ WH SR]DZáDVQ

MHGQRVWN SHáQLü DGQ\FK RERZL ]NyZ ZL ]DQ\FK ] G\VSRQRZDQLHP URGNDPL

SXEOLF]Q\PL NWyUH WR RERZL ]NL PRJá\E\ Z\PDJDü Z\NRQDQLD DXG\WX  .$: ]H

Z]JO GX QD NRQLHF]QR ü ]DFKRZDQLD RELHNW\ZL]PX L EH]VWURQQR FL QLH PR H

SU]\MPRZDü QD VLHELH RGSRZLHG]LDOQR FL ]D G]LDáDQLD RSHUDF\MQH MHGQRVWNL 0XVL

WDN H XQLNDüSU]HSURZDG]DQLDDXG\WXZáDVQ\FKZ\QLNyZSUDF\
.LHURZQLFWZR-6)3MHVWRGSRZLHG]LDOQH]DXVWDQRZLHQLHHOHPHQWyZV\VWHPXNRQWUROL

ZHZQ WU]QHM PHFKDQL]P\ NRQWUROL RUD] URGRZLVNR NRQWUROL  RUD] ]DSHZQLDQLH

DGHNZDWQR FL HIHNW\ZQR FL L VNXWHF]QR FL VWRVRZDQ\FK PHFKDQL]PyZ NRQWUROL

0HFKDQL]P\ NRQWUROL QLH SRZLQQ\ E\ü ZGUD DQH Z\á F]QLH Z QDVW SVWZLH ]DOHFH

DXG\WRUD -H HOL ]DOHFHQLD DXG\WRUD V MHG\Q\P X]DVDGQLHQLHP GOD ZSURZDG]HQLD

OXEPRG\ILNDFMLGDQHJRPHFKDQL]PXNRQWUROLPR H WRE\üV\JQDá H RGSRZLHG]LDOQL

NLHURZQLF\QLHV Z\VWDUF]DM FRSU]HNRQDQLRNRQLHF]QR FL LFKZSURZDG]HQLD$E\

XQLNQ ü WDNLHM V\WXDFML DXG\WRU QLH PR H GRVWDUF]Dü NLHURZQLNRZL -6)3 JRWRZ\FK

UR]ZL ]D .LHURZQLN QD SRGVWDZLH LQIRUPDFML X]\VNDQ\FK RG DXG\WRUD SRZLQLHQ

]DSURMHNWRZDü RGSRZLHGQLH SURFHGXU\ L PHFKDQL]P\ :VSRPQLDQH HOHPHQW\

V\VWHPX NRQWUROL ZHZQ WU]QHM VWDQRZL VSRVyE ZGUR HQLD RJyOQ\FK ]DáR H

NLHURZQLFWZDGRW\F] F\FK]DU] G]DQLD-6)3GRSUDNW\NLG]LDáDOQR FLMHGQRVWNL


8NLHUXQNRZDQLHQDSRSUDZ G]LDáDOQR FLMHGQRVWNL

=H Z]JO GX QD IDNW H DXG\WRU]\ ]DMPXM VL WHVWRZDQLHP L RFHQ HOHPHQWyZ

V\VWHPXNRQWUROLZHZQ WU]QHM]DLQWHUHVRZDQLV  DE\LFKXVWDOHQLDSU]\F]\QLá\VL GR

SRSUDZ\G]LDáDOQR FLMHGQRVWNLDXG\WRZDQHMZSU]\V]áR FL:D QHMHVWDE\DXG\WRU]\

QLHZ\NRU]\VW\ZDOLEá GyZZ\NU\W\FKZWUDNFLHVZRLFKEDGD GRRFHQLDQLDRVyE]D

QLH RGSRZLHG]LDOQ\FK %á G\ MHG\QLH XMDZQLDM VWDQ U]HF]\ OH F\ X LFK UyGáD

background image



$XG\WRUyZ ZHZQ WU]Q\FK SRZLQQR LQWHUHVRZDü ]QDF]QLH EDUG]LHM VNRU\JRZDQLH

LVWQLHM FHJRSUREOHPXQL SRV]F]HJyOQHEá G\


3R]LRPLVWRWQR FL

DGHQ HOHPHQW G]LDáDOQR FL -6)3 QLH MHVW ] ]DVDG\ ZROQ\ RG Eá GyZ $XG\WRU

ZHZQ WU]Q\ SRZLQLHQ XVWDOLü MDNL PDUJLQHV Eá GyZ QLH VWZDU]D ]DJUR HQLD GOD

G]LDáDOQR FLMHGQRVWNLDW\PVDP\PMHVWDNFHSWRZDOQ\GODSRWU]HEDXG\WX
$XG\WRU SRZLQLHQ VNáRQLü NLHURZQLFWZR GR VWZRU]HQLD VWRVRZQ\FK PHFKDQL]PyZ L

SURFHGXU VáX F\FK Z\NU\ZDQLX L ]DSRELHJDQLX Eá GRP JG\ Z\NU\MH Z WUDNFLH

]DGDQLDDXG\WRZHJR H
” SR]LRPQDVLOHQLDEá GyZ]DF]\QDVWDZDüVL Z QLHX]DVDGQLRQ\PVWRSQLXZ\VRNL
” OLF]EDEá GyZLVWRWQLHVL SRZL NV]DVWDM VL FRUD]SRZD QLHMV]H
” Eá G\SRFL JDM ]DVRE VNXWNLILQDQVRZHLVWRWQ\FKUR]PLDUyZ
.OXF]RZH MHVW ]D ND G\P UD]HP XVWDOHQLH SU]H] DXG\WRUD ZH ZVSyáSUDF\ ]

NLHURZQLNLHP -6)3 MDNLH VNXWNL ILQDQVRZH OXE MDNL SR]LRP  Z\VW SRZDQLD Eá GyZ

]RVWDQ X]QDQH]DLVWRWQH
= NROHLEDUG]RQLHZLHONLHQDVLOHQLHEá GyZZGDQ\PURG]DMXG]LDáDOQR FL-6)3PR H

VNáDQLDüDXG\WRUDGRZQLRVNX H PHFKDQL]P\NRQWUROLV QDGPLHUQLHUR]EXGRZDQH

Z VWRVXQNXGRSRWU]HE


2ELHNW\ZL]P

$XG\WRU SRZLQLHQ G \ü GR Z\NRQ\ZDQLD VZRLFK RERZL ]NyZ VZRLFK XVWDOH Z

VSRVyE RELHNW\ZQ\ 6ZRMH XVWDOHQLD L ]DOHFHQLD PXVL RSU]Hü QD IDNWDFK D QLH QD

ZUD HQLDFKMDNLPXOHJáZF]DVLHGRNRQ\ZDQLDEDGD  3RZLQLHQ SDPL WDü H MHJR

G]LDáDOQR ü MHVW W\ONR XVáXJ

ZLDGF]RQ NLHURZQLFWZX NWyUH PD PLHü ]DXIDQLH GR

Z\QLNyZMHJRSUDF\
$XG\WRU]\ ZHZQ WU]QL QLH SRZLQQL GRVWRVRZ\ZDü VZRLFK RFHQ Z VSUDZDFK

GRW\F] F\FKDXG\WXGRRF]HNLZD LQQ\FKRVyE.RQLHF]QHDE\F]XOLVL SU]HNRQDQL

H GRVWDUF]DM SURGXNW R Z\VRNLHM MDNR FL L H QLH SRF]\QLOL Z WHM NZHVWLL DGQ\FK

]QDF] F\FKXVW SVWZ=DGDQLDDXG\WRZHPXV] E\üZ\NRQ\ZDQHZWDNLVSRVyEDE\

DXG\WRU]\ ZHZQ WU]QL QLH E\OL VWDZLDQL Z V\WXDFMDFK Z NWyU\FK F]XOLE\ VL

QLH]GROQ\PLGRZ\GDZDQLDRELHNW\ZQ\FK]JRGQ\FK]LFKXPLHM WQR FLDPLLZLHG]D

]DZRGRZ RSLQLL SURIHVVLRQDOMXGJHPHQW 
=DGDQLD GOD SHUVRQHOX .$: PXV] E\ü Z\]QDF]DQH Z WDNL VSRVyE DE\ XQLNQ ü

SRWHQFMDOQ\FKLU]HF]\ZLVW\FKNRQIOLNWyZLQWHUHVyZRUD]XSU]HG]H F]\VWURQQLF]R FL

-H HOL Z\VW SL V\WXDFMD NRQIOLNWX LQWHUHVyZ RG DXG\WRUyZ RF]HNXMH VL VNáDGDQLD

VSUDZR]GD .RRUG\QDWRURZL =DGDQLD $XG\WX .RRUG\QDWRU DOER .LHURZQLN .$:

UR]SDWU]\ GDQ V\WXDFM NRQIOLNW L SRQRZQLH Z\]QDF]\ DXG\WRUyZ GR Z\NRQDQLD

]DGDQLD MH HOL X]QD WR ]D VWRVRZQH $XG\WRU]\ SRZLQQL SRGOHJDü UXW\QRZHM URWDFML

SRPL G]\REV]DUDPLSRGGDZDQ\PLDXG\WRZLLNRPyUNDPLDXG\WRZDQ\PLZ-6)3FR

SRZLQQR VSU]\MDü V]NROHQLX UR]ZRMRZL NDULHU\ ]DZRGRZHM RUD] RJUDQLF]Dü U\]\NR

Z\VW SLHQLDNRQIOLNWXLQWHUHVyZ
$XG\WRU]\ZHZQ WU]QL]D]Z\F]DMQLHPRJ SRGHMPRZDüRERZL ]NyZ]ZL ]DQ\FK]

background image



RSHUDF\MQ G]LDáDOQR FL -6)3-H HOL]GDU]DVL F]DVHP H DXG\WRU]\ZHZQ WU]QL

Z\NRQXM SUDF QLHSROHJDM F QDDXG\FLHWR]DNáDGDVL  H QLHG]LDáDM RQLZUROL

DXG\WRUyZZHZQ WU]Q\FK$XG\WRU]\QLHPRJ DQJD RZDüVL Z DXG\WMDNLFKNROZLHN

G]LDáD  ZVSUDZDFKZNWyU\FKG\VSRQRZDOLNRPSHWHQFMDPLZáDGF]\PLOXE]DNWyUH

SRQRVLOLRGSRZLHG]LDOQR ü ZFL JXSRSU]HGQLFKPLHVL F\
3UDFRZQLF\SU]HQLHVLHQLOXE]DWUXGQLHQLF]DVRZRZ.$:QLHSRZLQQLSU]HSURZDG]Dü

DXG\WXW\FKG]LDáD  NWyUHSRSU]HGQLRVDPLZ\NRQ\ZDOLGRSyNLQLHXSá\QLHUR]V GQLH

SU]\M W\RNUHVF]DVX1DOH \ ]DáR \ü H SUDFRZQLF\WDF\PRJ QLHE\üEH]VWURQQL

SU]\SURZDG]HQLXEDGDQLD3U]\Z\NRQ\ZDQLXQDG]RUXQDGSUDFDPL.$:RUD]SU]\

VNáDGDQLX VSUDZR]GD ] ]DGD DXG\WRZ\FK WU]HED ]ZUDFDü XZDJ  F]\ DXG\WRU

ZHZQ WU]Q\MDNLSUDFHZ-6)3Z\NRQ\ZDáZF]H QLHMDXG\WRUZHZQ WU]Q\
.RRUG\QDWRU RUD]OXE .LHURZQLN .RPyUNL $XG\WX :HZQ WU]QHJR RGSRZLDGDM ]D

VSUDZG]HQLH ZV]HONLFK Z\QLNyZ SUDF\ DXG\WX SU]HG ]áR HQLHP NR FRZHJR

VSUDZR]GDQLD Z FHOX XSHZQLHQLD VL  F]\ SU]\ MHJR RSUDFRZ\ZDQLX ]DFKRZDQR

EH]VWURQQR ü


6ZRERGQ\RELHJLQIRUPDFMLVZRERGDSRUR]XPLHZDQLDVL

3UDFD ]HVSRáRZD FKDUDNWHU\VW\F]QD GOD .$: Z\PDJD VZRERGQHJR RELHJX

LQIRUPDFMLZVSRVyEIRUPDOQ\MDNLQLHIRUPDOQ\]DUyZQRZJyU MDNLZGyáKLHUDUFKLL

RUJDQL]DF\MQHM-6)3MDNUyZQLH SRPL G]\SUDFRZQLNDPL.$:


8VWDZLF]QHGRVNRQDOHQLH]DZRGRZHSUDFRZQLNyZ

.LHURZQLN .$: RUD] .LHURZQLN -6)3 SRZLQQL VSU]\MDü UR]ZRMRZL ]DZRGRZHPX

SUDFRZQLNyZ.$:SRSU]H]
” ]DFK FDQLH GR ]GRE\ZDQLD ZLHG]\ L XPLHM WQR FL Z UDPDFK MDN L QD ]HZQ WU]

GDQHM-6)3SRSU]H]XG]LDáZV]NROHQLDFKZL]\WDFKVWXG\MQ\FKVWXGLDFKVWD DFK

LWS

” RIHURZDQLH ]DGD

E G F\FK Z\]ZDQLHP GOD DXG\WRUyZ ZHZQ WU]Q\FK

]DSHZQLHQLH Z PLDU PR OLZR FL Uy QRURGQR FL WHPDW\NL ]DGD DXG\WRZ\FK

GODXWU]\PDQLD PR OLZLH MDN QDMZ\ V]HJR SR]LRPX ]DLQWHUHVRZDQLD DXG\WRUyZ

SUDF 

” Z\PDJDQLH ]DZRGRZHJR SRGHM FLD GR Z\NRQ\ZDQLD RERZL ]NyZ RUD]

QDJUDG]DQLH L SURSDJRZDQLH SRVWDZ NWyUH ZLDGF] R Z\VRNLFK VWDQGDUGDFK

XSUDZLDQLD]DZRGX

 1DOH \WDVWDUDQQR ü

=DFKRZDQLH QDOH \WHM VWDUDQQR FL ]DZRGRZHM SU]H] DXG\WRUD R]QDF]D VWDUDQQH L

VSUDZQH SRVáXJLZDQLH VL XPLHM WQR FLDPL DXG\WRUVNLPL Z WDNL VSRVyE MDNLHJR

RF]HNLZDü PR QD RG UR]ZD QHJR L NRPSHWHQWQHJR DXG\WRUD ZHZQ WU]QHJR

G]LDáDM FHJRZWDNLFKVDP\FKOXESRGREQ\FKRNROLF]QR FLDFK
6WDQGDUG QDOH \WHM VWDUDQQR FL Z\PDJD ]DFKRZDQLD UDFMRQDOQLH X]DVDGQLRQHJR

VWRSQLD GEDáR FL L NRPSHWHQFML QLH ]DSHZQLD MHGQDN QLHRP\OQR FL F]\ WH

QDG]Z\F]DMQ\FKZ\QLNyZG]LDáDQLD:]ZL ]NX]W\PDXG\WRUZHZQ WU]Q\QLHPR H

Z VSRVyEEH]Z]JO GQ\]DSHZQLü H SU]\SDGNLEá GyZ OXEQLHSUDZLGáRZR FLZRJyOH

background image



QLH Z\VW SXM  1LH QDOH \ ]DSRPLQDü H DXG\WRU ]D]Z\F]DM QLH G\VSRQXMH WDNLP

]DVREHPZLHG]\VSHFMDOLVW\F]QHMMDNLFKDUDNWHU\]XMHSUDFRZQLNyZPHU\WRU\F]Q\FK
6WDUDQQR ü ]DZRGRZD SRZLQQD E\ü RGSRZLHGQLD GR VWRSQLD ]áR RQR FL

SU]HSURZDG]DQHJR DXG\WX ']LDáDQLH ] QDOH \W ]DZRGRZ VWDUDQQR FL Z\PDJD

]DWHPDE\SU]\Z\NRQ\ZDQLXGDQHJR]DGDQLDDXG\WRZHJRWDN]DSODQRZDü]DNUHV

SUDF DE\ E\áR PR OLZH RVL JQL FLH FHOyZ DXG\WX &]\QQR FL ]DZRGRZH DXG\WRUD

PXV] E\ü RGSRZLHGQLH GR ]QDF]HQLD REV]DUX SRGGDQHJR DXG\WRZL GOD -6)3

SUDZGRSRGRELH VWZD Z\VW SLHQLD Eá GyZ L QLHSUDZLGáRZR FL HIHNW\ZQR FL

VWRVRZDQHJR V\VWHPX NRQWUROL ZHZQ WU]QHM ']LDáDQLH ] QDOH \W VWDUDQQR FL

Z\PDJD UyZQLH ]DSHZQLHQLD DE\ NRU]\ FL ]ZL ]DQH ] UHDOL]DFM

]DGDQLD

DXG\WRZHJRE\á\ZL NV]HOXEUyZQHSRQLHVLRQ\PQDNáDGRP
=DJDGQLHQLHP ]ZL ]DQ\P ] ]DSHZQLHQLHP QDOH \WHJR VWRSQLD ]DZRGRZHM

VWDUDQQR FLMHVWNRQLHF]QR ü VWDáHJRSRGQRV]HQLDZLHG]\XPLHM WQR FLLNZDOLILNDFML

SU]H] DXG\WRUyZ 2ERZL ]NLHP .LHURZQLND .$: D WDN H .RRUG\QDWRUD =DGDQLD

$XG\WRZHJR MHVW GEDQLH R ]DFKRZ\ZDQLH QDOH \WHM VWDUDQQR FL SU]H] SRGOHJá\FK

E G QDG]RURZDQ\FKSUDFRZQLNyZ
1DOH \WD VWDUDQQR ü Z\UD D VL

Z SRVW SRZDQLX ]JRGQ\P ] SU]\M W\PL

ZVND]yZNDPLPHWRG\F]Q\PLRUD]VWRVRZDQLXVL GRRJyOQLHSU]\M W\FKVWDQGDUGyZ

2FHQDF]\DXG\WRU]\G]LDáDM ZHZVND]DQ\VSRVyESRZLQQDE\üGRNRQ\ZDQDSU]H]

.LHURZQLND .$: F]\ .RRUG\QDWRUD =DGDQLD $XG\WRZHJR QS SU]\ ]DWZLHUG]DQLX

SODQXDXG\WXF]\VSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WX

 .LHURZQLNNRPyUNLDXG\WXZHZQ WU]QHJR .LHURZQLN.$:

.LHURZQLN.$:MHVWRGSRZLHG]LDOQ\]D]DU] G]DQLHNRPyUN DXG\WXZHZQ WU]QHJR

(IHNW\ZQH]DU] G]DQLHZ\PDJDDE\
” SUDFD.$:UHDOL]RZDáDFHOHLRERZL ]NL]DWZLHUG]RQHSU]H]NLHURZQLND-6)3
” ]DVRE\NRPyUNLE\á\HIHNW\ZQLHLVNXWHF]QLHZ\NRU]\VW\ZDQH
” SUDFD DXG\WXE\áD]JRGQD]SUDZHPRUD]VWDQGDUGDPLDXG\WXZHZQ WU]QHJR
.LHURZQLN.$:RGSRZLDGD]DQDVW SXM FH]DGDQLD
” ]DWZLHUG]DQLH FHOyZ SODQyZ L ]DNUHVX ]DGDQLD DXG\WRZHJR ]JRGQ\FK ]H NDUW

GDQHM.$:RFHQ U\]\NDRUD]SRWU]HEDPLDXG\WX

” XVWDOHQLH ]DVDG L SURFHGXU ]ZL ]DQ\FK ] NLHURZDQLHP .$: RUD] VSUDZRZDQLH

QDG]RUXQDGLFKSU]HVWU]HJDQLHPSU]H]SUDFRZQLNyZ.$:

” QDG]yU QDG SUDFRZQLNDPL Z ]DNUHVLH Z\NRQ\ZDQLD SRZLHU]RQ\FK LP ]DGD 

]ZáDV]F]D QDG SU]\JRWRZDQLHP VL GR SU]HSURZDG]HQLD ]DGDQLD DXG\WRZHJR L

QDG SU]HVWU]HJDQLHP RERZL ]XM F\FK ]DVDG L WU\EX SU]HSURZDG]DQLD DXG\WX

ZHZQ WU]QHJRRUD]MHJR]JRGQR FL]HVWDQGDUGDPLPL G]\QDURGRZ\PL

” GRNRQ\ZDQLH]DWZLHUG]DQLHZVW SQHMDQDOL]\REV]DUyZU\]\ND
” X]JRGQLHQLHSODQXDXG\WX]NLHURZQLNLHP-6)3
” SRGHMPRZDQLH GHF\]ML R SU]HSURZDG]HQLX DXG\WX SR]D SODQHP QD ZQLRVHN

background image



NLHURZQLND -6)3 D Z V\WXDFML MH HOL SU]HSURZDG]HQLH DXG\WX ZHZQ WU]QHJR

SR]DSODQHPDXG\WXZHZQ WU]QHJRVWZRU]\]DJUR HQLHGODUHDOL]DFMLWHJRSODQX

]DZLDGDPLD R W\P QD SL PLH NLHURZQLND MHGQRVWNL D Z SU]\SDGNX MHGQRVWHN R

NWyU\FK PRZD Z DUW G XVW  SNW  ± XVWDZ\ WDN H *áyZQHJR ,QVSHNWRUD

$XG\WX:HZQ WU]QHJR

” ]DWZLHUG]DQLH GRNXPHQWX SU]\G]LHODM FHJR SUDFRZQLNyZ .$: GR ]DGDQLD

DXG\WRZHJR RUD] Z SU]\SDGNDFK NLHG\ ]DGDQLH DXG\WRZH E G]LH UHDOL]RZDQH

SU]H] GZX OXE ZL FHM DXG\WRUyZ Z\]QDF]DQLH .RRUG\QDWRUD =DGDQLD

$XG\WRZHJR

” RVWDWHF]QH ]DWZLHUG]DQLH VSRU] G]DQ\FK SURJUDPyZ ]DGD DXG\WRZ\FK RUD]

VSUDZR]GD ] SU]HSURZDG]HQLD DXG\WX RUD] GEDQLH R WR DE\ GRNRQDQD Z

VSUDZR]GDQLX RFHQD DXG\WRZDQHM G]LDáDOQR FL E\áD U]HWHOQD ]D

XGRNXPHQWRZDQLHZ\QLNyZDXG\WXE\áRSUDZLGáRZH

” VSUDZRZDQLHQDG]RUXQDGRSUDFRZDQLHPLSURZDG]HQLHPVWDá\FKDNWDXG\WX
” XVWDQRZLHQLHLSURZDG]HQLHSURJUDPXQDERUXLUR]ZRMX]DVREyZOXG]NLFK.$:
” NRRUG\QDFM SUDF DXG\WX ZHZQ WU]QHJR L ]HZQ WU]QHJR GOD ]DSHZQLHQLD

RGSRZLHGQLHJR ]DNUHVX DXG\WX PLQLPDOL]RZDQLD ]DNUHVX GXEORZDQLD SUDF

DXG\WRUyZ ]HZQ WU]Q\FK L ZHZQ WU]Q\FK L ]ZL ]DQHJR ] W\P RJUDQLF]HQLD

NRV]WyZ

” SU]\M FLHLUHDOL]RZDQLHSURJUDPX]DSHZQLHQLDMDNR FL
.LHURZQLN.$:UHDOL]XM F SURJUDP]DSHZQLHQLDMDNR FLG]LDáD .$:SRZLQLHQGEDü

R WRDE\WDNLSURJUDPSU]\F]\QLDáVL GRXVSUDZQLHQLDG]LDáDOQR FL.$:%H]FHORZH

MHVWXWU]\P\ZDQLHSURJUDPX]DSHZQLHQLDMDNR FLMH HOLQLHSU]\QRVLRQVNXWNyZ:

W\P FHOX .LHURZQLN .$: SRZLQLHQ ZSURZDG]Lü V\VWHP PRQLWRURZDQLD L RFHQ\

HIHNW\ZQR FL SURJUDPX MDNR FL 6\VWHP WHQ SRZLQLHQ XZ]JO GQLDü UyZQLH RFHQ\

ZHZQ WU]QHL]HZQ WU]QHGRNRQ\ZDQHZ.$:2FHQDZHZQ WU]QDPR H SROHJDüQD

GRNRQ\ZDQLXELH F\FKSU]HJO GyZG]LDáDOQR FL.$:SU]H]NLHURZQLNDOXEZGURG]H

VDPRRFHQ\SU]H]SUDFRZQLND.$:2FHQD]HZQ WU]QDPR H E\üGRNRQ\ZDQDSU]H]

Z\NZDOLILNRZDQ RVRE OXE]HVSyáVSR]DRUJDQL]DFML

 .RRUG\QDWRU]DGDQLDDXG\WRZHJR .=$

$XG\WRU PR H E\ü Z\]QDF]RQ\ .RRUG\QDWRUHP =DGDQLD $XG\WRZHJR Z SU]\SDGNX

UHDOL]DFML ]DGDQLD DXG\WRZHJR SU]H] GZLH OXE ZL FHM RVyE : WDNLP SU]\SDGNX

.RRUG\QDWRU =DGDQLD $XG\WRZHJR RGSRZLHG]LDOQ\ MHVW ]D RSUDFRZDQLH SODQyZ

DXG\WX ZHZQ WU]QHJR SU]HSURZDG]DQLH ]DGD DXG\WRZ\FK RUD] ]D VNáDGDQLH

VSUDZR]GD

] DXG\WX ZHZQ WU]QHJR VSRU] G]DQ\FK Z UDPDFK REV]DUyZ

SU]\]QDQHJR MHPX ]DNUHVX RGSRZLHG]LDOQR FL ]D DXG\W =DNUHV W\FK RERZL ]NyZ

REHMPXMHQDVW SXM FH]DGDQLD
” RSUDFRZDQLHSURJUDPX]DGDQLDDXG\WRZHJR
” XVWDOHQLH KDUPRQRJUDPX ]DGDQLD DXG\WRZHJR Z\]QDF]HQLH SRWU]HEQ\FK

]DVREyZ RUD] GRSLOQRZDQLH DE\ ]DWZLHUG]RQ\ SURJUDP ]DGDQLD DXG\WRZHJR

]RVWDá Z\NRQDQ\

background image



” SU]HSURZDG]HQLHQDUDG\RWZLHUDM FHM
” ]DSHZQLHQLHSUDZLGáRZHJRLWHUPLQRZHJRSU]HSURZDG]HQLD]DGDQLDDXG\WRZHJR
” QDG]RURZDQLH SU]HSURZDG]DQLD DXG\WyZ RUD] VSUDZG]DQLH Z\NRQDQ\FK SUDF

FHOHPXSHZQLHQLDVL FRGRZáD FLZHJR ]DNUHVXDXG\WX DGHNZDWQR FL X \W\FK

WHFKQLNEDGDZF]\FKRUD]SUHF\]MLX]\VNDQ\FKZQLRVNyZ

” SU]\JRWRZ\ZDQLH OLVW ]DGD GR Z\NRQDQLD DOER GRUDG]DQLH Z\]QDF]RQ\P

SUDFRZQLNRPZVSUDZDFKSU]HSURZDG]DQLDGRGDWNRZ\FKWHVWyZUHGDJRZDQLDL

GDOV]HMGRNXPHQWDFMLX]QDQHM]DNRQLHF]Q 

” VSUDZRZDQLHQDG]RUXQDGSURZDG]HQLHPELH F\FKDNWDXG\WX
” UHSUH]HQWRZDQLH DXG\WRUyZ UHDOL]XM F\FK ]DGDQLH DXG\WRZH ZREHF NLHURZQLND

MHGQRVWNLDXG\WRZDQHM

” NRPXQLNRZDQLHVL ] SUDFRZQLNDPLFDáHMMHGQRVWNLD]ZáDV]F]D]SUDFRZQLNDPL

W\FK NRPyUHN NWyUH SRGGDZDQH V DXG\WRZL FHOHP UR]ZL ]\ZDQLD SUREOHPyZ

]ZL ]DQ\FK ] SU]HSURZDG]DQLHP DXG\WX L X]\VNDQLD SR GDQ\FK G]LDáD

NRU\JXM F\FK

” SU]HND]\ZDQLH SRF]\QLRQ\FK Z WUDNFLH DXG\WX XVWDOH F]áRQNRP NLHURZQLFWZD

NRPyUNLRUJDQL]DF\MQHM

” ELH FHLQIRUPRZDQLH.LHURZQLND.$:RVWDQLHSRVW SyZSURZDG]RQ\FK]DGD

DXG\WRZ\FK

” VSRU] G]DQLHSURMHNWXVSUDZR]GDQLD]DXG\WX
” XVWDOHQLHF]\FHOHDXG\WX]RVWDá\RVL JQL WH
” SU]HGVWDZLDQLH L NRPXQLNRZDQLH XVWDOH DXG\WX QD QDUDG]LH ]DP\NDM FHM

SR ZL FRQHM SU]HJO GRZL Z\QLNyZ DXG\WX RUD] UHGDJRZDQLH RGSRZLHG]L QD

]DVWU]H HQLD  NLHURZQLFWZD NRPyUNL SRGGDZDQHM DXG\WRZL ]DPLHV]F]DQ\FK Z

VSUDZR]GDQLX]SU]HSURZDG]HQLDDXG\WX

2ERZL ]NL .RRUG\QDWRUD =DGDQLD $XG\WRZHJR Z ]DNUHVLH QDG]RURZDQLD UHDOL]DFML

NRQNUHWQHJR]DGDQLDDXG\WRZHJRREHMPXM RNUHVRGSODQRZDQLDGDQHJR]DGDQLDSR

SU]HSURZDG]HQLHHZHQWXDOQHJRDXG\WXVSUDZG]DM FHJR6WRSLH QDG]RUXE G]LHVL

ZDKDü ]DOH QLH RG XPLHM WQR FL DXG\WRUyZ RUD] VWRSQLD WUXGQR FL ]DGD DXG\WX

'RNXPHQWDFMD ] Z\NRQ\ZDQLD IXQNFML QDG]RUF]\FK WDND MDN QRWDWNL ] SU]HJO GyZ

VSUDZG]DM F\FK OLVW\ ]DGD

GR Z\NRQDQLD OLVW\ ZHU\ILNDF\MQH SU]HJO GX

GRNXPHQWyZURERF]\FKDXG\WXSRZLQQDE\ü]DFKRZDQDMDNRHZHQWXDOQDSRGVWDZD

RFHQ\MDNR FLZ\NRQ\ZDQLDQDG]RUXQDGDXG\WRUDPL1DG]yUREHMPXMHQDVW SXM FH

HOHPHQW\
” SU]\G]LHOHQLHRERZL ]NyZSRV]F]HJyOQ\PDXG\WRURPXF]HVWQLF] F\PZ]DGDQLX

DXG\WRZ\P

” UR]VWU]\JDQLHUR]ELH QR FLPL G]\DXG\WRUDPLZHZQ WU]Q\PLXF]HVWQLF] F\PLZ

]DGDQLX DXG\WRZ\P Z\QLNáH QD WOH GRNRQDQ\FK XVWDOH OXE VSRVREX XM FLD

XVWDOH VSUDZR]GDQLX

” PRQLWRURZDQLH FRG]LHQQ\FK SRVW SyZ Z\]QDF]RQHM SUDF\ ZVWU]\PXM F

background image



QLHX]DVDGQLRQH SUDFH RUD] SU]\G]LHODM F GRGDWNRZH SUDFH WDP JG]LH WR

NRQLHF]QH 

” VSUDZG]DQLHGRNXPHQWyZURERF]\FKDXG\WXVSRU] G]DQ\FKSU]H]Z\]QDF]RQ\FK

SUDFRZQLNyZ L SDUDIRZDQLH WDNLFK GRNXPHQWyZ GOD ]D]QDF]HQLD H ]RVWDá\

SU]HMU]DQHLSUDZLGáRZRZ\NRQDQH

” XVWDOHQLHF]\GRNXPHQW\URERF]HX]DVDGQLDM SU]\M WHXVWDOHQLD
” GEDQLHRWRDE\]DWZLHUG]RQ\SURJUDP]RVWDáZ\NRQDQ\
” GEDQLH R WR DE\ VSUDZR]GDQLD E\á\ GRNáDGQH RELHNW\ZQH MDVQH ]ZL ]áH

NRQVWUXNW\ZQHLWHUPLQRZRVSRU] G]RQH

” RFHQDZ\QLNyZSUDF\DXG\WRUyZ
” XáDWZLDQLH SURFHVX SURZDG]HQLD DXG\WX SRSU]H] UR]ZL ]\ZDQLH SUREOHPyZ L

NZHVWLL REVDG\ SHUVRQDOQHM Z WRNX FRG]LHQQ\FK SRVW SyZ SUDF Z ]DNUHVLH

SURZDG]RQ\FKDXG\WyZ

” VSUDZRZDQLH RERZL ]NyZ DGPLQLVWUDF\MQ\FK GHOHJRZDQ\FK SU]H] .LHURZQLND

.$:

” RFHQDZNáDGXSUDF\LZ\VLáNX Z\]QDF]RQ\FKSUDFRZQLNyZX]XSHáQLDQLHGREU]H

Z\NRQDQ\FK SUDF RUD] NRQVWUXNW\ZQD NU\W\ND SUDF Z\PDJDM F\FK SRSUDZ\ L

X]XSHáQLHQLD

” SU]\JRWRZDQLH

IRUPXODU]\

RFHQ\

SUDFRZQLNyZ

]JRGQLH

]

Z\PDJDQLDPLRWU]\PDQ\PLSROHFHQLDPL

: SU]\SDGNXPQLHMV]\FK.$:RERZL ]NLNRRUG\QDWRUDVSHáQLD.LHURZQLN.$:

 $XG\WRURGSRZLHG]LDOQ\

$XG\WRU UHDOL]XM F\ ]DGDQLH DXG\WRZH RGSRZLDGD ]D SU]HSURZDG]HQLH F]\QQR FL

DXG\WRUVNLFKZUDPDFK]DGDQLDDXG\WRZHJR
=DNUHVRERZL ]NyZDXG\WRUDREHMPXMH
” SU]HSURZDG]DQLH F]\QQR FL DXG\WRZ\FK ]JRGQLH ] ]DVDGDPL L WU\EHP

SU]HZLG]LDQ\P Z SU]HSLVDFK SUDZQ\FK SRZV]HFKQLH X]QDZDQ\PL VWDQGDUGDPL

RUD]PHWRG\N SU]\M W Z GDQHM.$:

” GRNRQ\ZDQLHZVSRVyERELHNW\ZQ\XVWDOH RUD]U]HWHOQHLFKGRNXPHQWRZDQLH
” VSRU] G]DQLHZV]HONLFKGRNXPHQWyZZWUDNFLHUHDOL]DFML]DGDQLDDXG\WRZHJR

”

Z\NRQ\ZDQLHLQQ\FK]DGD ]OHFRQ\FKSU]H].RRUG\QDWRUD]DGDQLDDXG\WRZHJR



background image



 3URFHGXU\LWHFKQLNLDXG\WX

6]F]HJyáRZHSURFHGXU\DXG\WXZHZQ WU]QHJRSURFHVDXG\WXSRZLQQ\REHMPRZDü

QDVW SXM FH]DJDGQLHQLD
” 3ODQRZDQLHDXG\WXLRFHQDU\]\ND
” $XG\WRZDQLHEDGDQLHRFHQD
” .RPXQLNRZDQLHZ\QLNyZVSUDZR]GDZF]R ü
” 3y QLHMV]HF]\QQR FLVSUDZG]DM FHRFHQDZ\NRQDQLD]DOHFH DXG\WX

 3ODQRZDQLHDXG\WX

3UDFHZ]DNUHVLHDXG\WXZUDPDFK.$:SRZLQQ\RSLHUDüVL QDRFHQLHGRNRQDQHM

SU]H] .$: GRW\F] FHM U\]\ND LVWRWQ\FK Eá GyZ Z REV]DUDFK PDM F\FK E\ü

SRGGDQ\PLDXG\WRZL2SLHUDVL RQDQD NU\WHULDFKGRW\F] F\FK LVWRWQR FL L U\]\ND

7DN MDNX \ZDVL MHMZW\PSU]\SDGNXRFHQDU\]\NDVWDQRZLWHFKQLN VWRVRZDQ GR

EDGDQLDSRWHQFMDOQ\FK]DGD DXG\WXRUD]GRZ\ERUXW\FK]DGD  NWyUHV QDUD RQH

QD QDMZL NV]H U\]\NR .LHURZQLN .$: SU]HSURZDG]D RFHQ U\]\ND GRW\F] FHJR

URGRZLVNDDXG\WX



2FHQDU\]\ND

2FHQD U\]\ND SRZLQQD E\ü REHFQD QD ND G\P HWDSLH SUDF\ DXG\WRUD

SRSU]HG]DM F\P RSUDFRZDQLH VSUDZR]GDQLD ] SU]HSURZDG]HQLD DXG\WX

3U]HSURZDG]HQLHRFHQ\U\]\NDSRZLQQRZV]F]HJyOQR FLSRSU]HG]DüVSRU] G]HQLH

URF]QHJRSODQXDXG\WXZHZQ WU]QHJR
5\]\NRMHVWSUDZGRSRGRELH VWZHPZ\VW SLHQLDGRZROQHJR]GDU]HQLDG]LDáDQLDOXE

EUDNXG]LDáDQLDNWyUHJRVNXWNLHPPR H E\üV]NRGDZPDM WNXOXEZL]HUXQNXGDQHM

MHGQRVWNLOXENWyUHSU]HV]NRG]LZRVL JQL FLXZ\]QDF]RQ\FKMHMFHOyZL]DGD  -DNR

SU]\NáDG\ WDNLHJR QLHSR GDQHJR ]GDU]HQLD PR QD Z\PLHQLü QS SRGM FLH Eá GQHM

GHF\]ML Z\QLNDM FH ]Z\NRU]\VWDQLD QLHSUDZG]LZ\FK QLHDNWXDOQ\FK F]\ QLHSHáQ\FK

LQIRUPDFML QLHZáD FLZH ]DNVL JRZDQLH URGNyZ SU]HND]DQLH QLHQDOH QHM GRWDFML

=GDU]HQLDWHPRJ SU]\QLH ü QLHSR GDQHVNXWNLGODMHGQRVWNLLSRQRV] FHJR]DQL

RGSRZLHG]LDOQR ü NLHURZQLND QS ]ZURW URGNyZ ILQDQVRZ\FK GR EXG HWX SD VWZD

OXE EXG HWX MHGQRVWNL VDPRU] GX WHU\WRULDOQHJR NU\W\F]Q\ UDSRUW DXG\WRUD

]HZQ WU]QHJR QS1DMZ\ V]HM,]E\.RQWUROL F]\ZUHV]FLHQHJDW\ZQ\REUD]MHGQRVWNL

Z RF]DFKRSLQLLSXEOLF]QHM
2JUDQLF]HQLH U\]\ND Z ]DNUHVLH G]LDáDOQR FL MHGQRVWNL MHVW SRGVWDZRZ\P FHOHP

DXG\WXZHZQ WU]QHJR

background image



: SURFHVLHRFHQ\U\]\NDPR QDZ\Uy QLüGZDHWDS\
v LGHQW\ILNDFMDREV]DUyZU\]\ND
v DQDOL]D U\]\ND Z Z\QLNX NWyUHM ]RVWDM XV]HUHJRZDQH REV]DU\ U\]\ND SRG

Z]JO GHP LFK ZD QR FL GOD G]LDáDQLD MHGQRVWNL D Z NRQVHNZHQFML XVWDORQD

NROHMQR ü SU]HSURZDG]DQLD]DGD DXG\WRZ\FK

 ,GHQW\ILNDFMDREV]DUyZU\]\ND
$XG\WRU ZHZQ WU]Q\ LGHQW\ILNXMH ZHGOH ZáDVQHM ]DZRGRZHM RFHQ\ SURIHVVLRQDO

MXGJHPHQW REV]DU\ U\]\ND F]\OL SURFHV\ ]MDZLVND OXE SUREOHP\ Z\PDJDM FH

SU]HSURZDG]HQLD DXG\WX 1DOH \ SRGNUH OLü H QLH LVWQLHMH XQLZHUVDOQ\ ]ELyU

REV]DUyZ U\]\ND ,FK UR]SR]QDQLH ]DZV]H ]DOH Hü E G]LH RG ZLHG]\ DXG\WRUD 

]QDMRPR FL FHOyZ G]LDáD  VWUXNWXU\ GDQHM MHGQRVWNL ]DNUHVyZ RGSRZLHG]LDOQR FL

SUDFRZQLNyZLWSRUD]RGMHJRLQWXLFML
=ELHUDM F LQIRUPDFMHQLH]E GQHSU]\LGHQW\ILNDFMLREV]DUyZU\]\NDDXG\WRUSRZLQLHQ

EUDüSRGXZDJ 
” FHOHL]DGDQLDMHGQRVWNL
” SU]HSLV\ SUDZQH GRW\F] FH G]LDáDQLD MHGQRVWNL HZHQWXDOQH ]PLDQ\ Z W\FK

SU]HSLVDFK 

” Z\QLNLZF]H QLHMSU]HSURZDG]RQHJRDXG\WXOXENRQWUROL
” Z\QLNL ZF]H QLHM GRNRQ\ZDQ\FK LQQ\FK RFHQ DGHNZDWQR FL HIHNW\ZQR FL L

VNXWHF]QR FL SURFHGXU L PHFKDQL]PyZ Z MHGQRVWFH V\VWHPyZ NRQWUROL

ZHZQ WU]QHM 

” VSUDZR]GDQLDILQDQVRZHRUD]VSUDZR]GDQLD]Z\NRQDQLDEXG HWX
” Z\QLNL UR]PyZ MDNLH SU]HSURZDG]Lá ] NLHURZQLFWZHP NLHURZQLNDPL NRPyUHN L

LQQ\PLSUDFRZQLNDPLMHGQRVWNL

” S\WDQLDLZQLRVNLMDNLHNLHUXM GRQLHJRSUDFRZQLF\MHGQRVWNL
” DQNLHW\LNZHVWLRQDULXV]HEDGDM FHRSLQL SUDFRZQLNyZMHGQRVWNL
” LQIRUPDFMH GRW\F] FH MHGQRVWNL RSXEOLNRZDQH Z SUDVLH UDGLX WHOHZL]ML QD

VWURQDFKLQWHUQHWRZ\FKF]\OLVWDFKG\VNXV\MQ\FKLWS

:D QHZ\GDMHVL  HE\DXG\WRU]DSHZQLáVRELHGRVW S GRLVWRWQ\FK UyGHáLQIRUPDFML

R ZV]\VWNLPW\PFRGRW\F]\MHGQRVWNL.RQLHF]QHMHVW OHG]HQLHZV]HONLFK]PLDQZ

RUJDQL]DFML MHGQRVWNL  SRZRá\ZDQLH QRZ\FK NRPyUHN F]\ JUXS ]DGDQLRZ\FK

:VND]DQH MHVW DE\ DXG\WRU  ]DSR]QDZDá VL

] KDUPRQRJUDPDPL SUDF

SRV]F]HJyOQ\FK NRPyUHN RUJDQL]DF\MQ\FK ]ELHUDá L F]\WDá GRNXPHQW\

Z\NRU]\VW\ZDQHSU]H]WHNRPyUNLGRPRQLWRURZDQLDSRVW SXVZRLFKSUDFLRVL JDQLD

FHOyZ QS VNáDGDQH F\NOLF]QLH VSUDZR]GDQLD  $XG\WRU SRZLQLHQ ]DGEDü R WR DE\

SU]\ ]ELHUDQLX LQIRUPDFML RGQRV] F\FK VL GR REV]DUX U\]\ND PLHü PR OLZR ü

RGE\ZDQLDUR]PyZ]NOXF]RZ\PLRVREDPL]DMPXM F\FKVL GDQ\FKSUREOHPHPPLHü

PR OLZR ü SU]HJO GDQLDNRUHVSRQGHQFMLDWDN H SURWRNyáyZVSRWND L QDUDG-H HOL

MHVW WR PR OLZH Z GDQHM MHGQRVWFH DXG\WRU SRZLQLHQ XF]HVWQLF]\ü Z VSRWNDQLDFK

NLHURZQLFWZD

background image



3RPRFQHGODDXG\WRUDSU]\EDGDQLXREV]DUyZU\]\NDPRJ E\üWDN H VSUDZR]GDQLD

L LQQD GRNXPHQWDFMD NRQWUROL GRNRQ\ZDQ\FK SU]H] NRPyUN NRQWUROL ZHZQ WU]QHM

LQVSHNF\MQHM GDQHMMHGQRVWNLMDNUyZQLH GRGDWNRZHXVWQHLQIRUPDFMHX]\VNDQHRG

NRQWUROHUyZ
1DMZD QLHMV]\P UyGáHP LQIRUPDFML PRJ VL Z SUDNW\FH RND]Dü UR]PRZ\ ]

SUDFRZQLNDPLMHGQRVWNL$XG\WRUSRZLQLHQRND]DüVZRLPUR]PyZFRPMDNQDMZL NV]H

]DXIDQLHZ\VáXFKDüLFKQLHQDU]XFDüVZRLFKZQLRVNyZ]DáR RQ\FK]JyU\1DOH \

SDPL WDü H SUDFRZQLF\ MHGQRVWNL QD RJyá ZLHG] ]QDF]QLH ZL FHM QL DXG\WRU R

RNUH ORQ\PSUREOHPLHLPRJ ]DSURSRQRZDüMHJRUR]ZL ]DQLH$XG\WRUSRZLQLHQE\ü

GOD QLFK ZLDU\JRGQ\P UR]PyZF  0XVL ]GRE\ü ]DXIDQLH L SRGNUH ODü H VNXWNLHP

]ELHUDQLD SU]H] QLHJR LQIRUPDFML QLH E G UHSUHVMH ]H VWURQ\ NRQWUROHUyZ F]\

NLHURZQLFWZDDMHG\QLHHZHQWXDOQHSRGM FLHG]LDáD SUHZHQF\MQ\FKGOD]DSHZQLHQLD

SUDZLGáRZHJR G]LDáDQLD MHGQRVWNL 1LH PR QD SU]\ W\P ]DNáDGDü H UR]PRZD

SU]\QLHVLH]DZV]HNRQNUHWQHSR GDQHSU]H]DXG\WRUDXVWDOHQLD
$XG\WRU PXVL GRNRQDü NU\W\F]QHJR EDGDQLD VZRLFK UyGHá , WDN QD SU]\NáDG

SRZLQLHQ ]EDGDü FR VSRZRGRZDáR HZROXFM F] VWRWOLZR FL L WUH FL VSUDZR]GD

VNáDGDQ\FK SU]H] NRPyUNL RUJDQL]DF\MQH $XG\WRU PXVL ]DGDü VRELH S\WDQLH R

SU]\F]\Q GHF\]ML NWyUHM WUH ü MHVW ]DZDUWD Z GRNXPHQFLH F]\ R WUDIQR ü

VSRVWU]H H ]DZDUW\FK Z SU]HJO GDQ\FK QRWDWNDFK VáX ERZ\FK : SU]\SDGNX

LQIRUPDFML SRFKRG] F\FK ] DQNLHW\ LPLHQQHM UR]SLVDQHM Z UyG SUDFRZQLNyZ QDOH \

]DVWDQRZLüVL  F]\V RQHNRPSHWQHLU]HWHOQH1DOH \ ZW\PSU]\SDGNXZ]L ü SRG

XZDJ REDZ\SUDFRZQLNyZSU]HGLFK]ZLHU]FKQLNDPLDOEREUDNF]DVXLQLHFK ü GR

XG]LHODQLDZ\F]HUSXM F\FKZ\MD QLH QDSL PLH.RQLHF]QHPR H RND]DüVL WDN H

SRUyZQDQLH LQIRUPDFML X]\VNDQHM Z WUDNFLH Z\ZLDGX ] LQQ LQIRUPDFM X]\VNDQ

XVWQLH
 $QDOL]DU\]\ND
'RNRQXM F DQDOL]\QDSá\ZDM F\FKLQIRUPDFMLDXG\WRU]ZUDFDXZDJ QDQHZUDOJLF]QH

ZUD OLZHSXQNW\]ZL ]DQH]G]LDáDOQR FL MHGQRVWNLNWyU\PLPRJ E\üSU]\NáDGRZR
” G]LDáDQLDMHGQRVWNLNWyUHPRJ ZSá\ZDüQDRSLQL SXEOLF]Q 
” FHOHL]DGDQLDMHGQRVWNL
” SU]HSLV\SUDZQHGRW\F] FHG]LDáDQLDMHGQRVWNL
” OLF]EDURG]DMLZLHONR ü GRNRQ\ZDQ\FKRSHUDFMLILQDQVRZ\FK
” ZLHONR ü PDM WNXNWyU\PG\VSRQXMHMHGQRVWND
” V\WXDFMDILQDQVRZDMHGQRVWNL
” PR OLZR ü G\VSRQRZDQLDSU]H]MHGQRVWN URGNDPLSRFKRG] F\PL]H UyGHá

]DJUDQLF]Q\FKQLHSRGOHJDM F\FK]ZURWRZLSU]\XZ]JO GQLHQLXZ\PRJyZGDZF\

” OLF]EDLNZDOLILNDFMHSUDFRZQLNyZMHGQRVWNL
” XZDJLSUDFRZQLNyZMHGQRVWNL
” ZDUXQNLSUDF\ZMHGQRVWFH
” SRVWDZ\HW\F]QHSUDFRZQLNyZLFKQDVWDZLHQLHLPRW\ZDFMDGRUHDOL]DFML]DGD

background image



MHGQRVWNL

” SU]HZLG\ZDQH]PLDQ\SU]HSLVyZSUDZQ\FK
” ]PLDQD]DNUHVXU]HF]RZHJROXEWHU\WRULDOQHJRG]LDáDQLDMHGQRVWNL
” ]PLDQ\VSRVREXG]LDáDOQR FL]PLDQ\SHUVRQHOXVWUXNWXU\RUJDQL]DF\MQHMV\VWHPX

LQIRUPDW\F]QHJR

” VSHF\ILF]QHU\]\ND]ZL ]DQH]HVSUDZDPLNWyU\PL]DMPXMHVL Z\EUDQ\

GHSDUWDPHQWZ\G]LDáLWS

” MDNR ü LEH]SLHF]H VWZRX \ZDQ\FKV\VWHPyZLQIRUPDW\F]Q\FK
” MDNR ü NLHURZDQLDGDQ NRPyUN ± GR ZLDGF]HQLHNZDOLILNDFMHLFKNLHURZQLNyZ

GHOHJRZDQLHNRPSHWHQFML

” Z\QLNLZF]H QLHMSU]HSURZDG]RQHJRDXG\WXOXENRQWUROL
” XSá\ZF]DVXRGSRSU]HGQLHJRDXG\WXOXENRQWUROL
” DNFHSWDFMDXVWDOH SRSU]HGQLHJRDXG\WXOXENRQWUROLZGDQHMNRPyUFHF]\

MHGQRVWFHSRGM WHG]LDáDQLDQDSUDZF]H

” VSUDZR]GDQLDILQDQVRZHRUD]VSUDZR]GDQLD]Z\NRQDQLDEXG HWX
.LHURZQLN .$: SRZLQLHQ RSUDFRZDü XMHGQROLFRQH Z\W\F]QH GOD RFHQ U\]\ND L

QDGDZDQLD ]QDF]HQLD SRV]F]HJyOQ\P REV]DURP U\]\ND 2SLQLD NLHURZQLND .$:

GHF\GXMH MDNL F]\QQLN E G]LH PLDá GHF\GXM F\ ZSá\Z QD Z\EyU SHZQHJR REV]DUX

G]LDáDOQR FL MHGQRVWNL GR DXG\WX $XG\WRU]\ ZHZQ WU]QL SU]HGVWDZLDM SURSR]\FMH

RFHQ\ U\]\ND Z REV]DUDFK NWyU\PL VL ]DMPXM  L RVWDWHF]QLH GRNRQXM RFHQ\

ZD QR FL U\]\ND NRU]\VWDM F ] XMHGQROLFRQ\FK NU\WHULyZ ZDJ  SU]HGVWDZLRQ\FK LP

SU]H].LHURZQLND.$:
$XG\WRUZHZQ WU]Q\PR H Z\NRU]\VWDüZLHOHPHWRGRFHQ\U\]\ND0R H XVWDOLüMHJR

]QDF]HQLH Z\á F]QLH QD SRGVWDZLH RSLVX U\]\ND 0R H UyZQLH WZRU]\ü PDWU\FH

RFHQ\RSHUXM FHZLHORPDNU\WHULDPLGRNWyU\FKSU]\SLVDQDMHVWRGSRZLHGQLDZDJD

OXE SXQNWDFMD  3U]\NáDGRZR NU\WHULDPL ]DVWRVRZDQ\PL SU]\ OLF]HQLX LVWRWQR FL

U\]\ND Z PDWU\F\ PRJ E\ü XSá\Z F]DVX RG SRSU]HGQLHJR DXG\WX OXE NRQWUROL

]QDF]HQLHREV]DUXU\]\NDSULRU\WHW\NLHURZQLND-6)3LWG
: ]Dá F]QLNXLDRSLVDQRV]H ü PHWRGRFHQ\U\]\NDGODDXG\WXZHZQ WU]QHJR
: ]Dá F]QLNX  SRGDQR SU]\NáDG PHWRG\ GR RFHQ\ V\VWHPX NRQWUROL ZHZQ WU]QHM

2FHQD WDND PR H E\ü SU]HSURZDG]RQD Z UDPDFK SU]\JRWRZ\ZDQLD SURJUDPX

]DGDQLDDXG\WRZHJROXEQDSRF] WNRZ\PHWDSLH]DGDQLDDXG\WRZHJR
,QQ\PL PHWRGDPL MDNLHDXG\WRU ZHZQ WU]Q\ PR H Z\NRU]\VWDü SU]\ RFHQLH U\]\ND

V  PDSDU\]\NDLNZHVWLRQDULXV]RFHQ\U\]\ND
0DSDU\]\NDNODV\ILNXMHREV]DU\U\]\NDZHGáXJLFK]QDF]HQLDLSUDZGRSRGRELH VWZD

Z\VW SLHQLD Z ND G\P REV]DU]H QLHSR GDQ\FK ]GDU]H  .ODV\ILNDFML U\]\ND

GRNRQXMHVL WXZIRUPLHPDWU\F\6]F]HJyOQ\P]DLQWHUHVRZDQLHPDXG\WRUDSRZLQQD

E\ü REGDU]RQDWDF] ü PDWU\F\ZNWyUHMXM WHV SURFHV\RGX \P]QDF]HQLXGOD

MHGQRVWNL L JG]LH ]DUD]HP Z\VW SXMH Z\VRNLH SUDZGRSRGRELH VWZR Z\VW SLHQLD

background image



Eá GyZ LQLHSUDZLGáRZR FL
.ZHVWLRQDULXV] RFHQ\ U\]\ND SU]\JRWRZDQ\ SU]H] DXG\WRUD MHVW UR]V\áDQ\

SUDFRZQLNRP MHGQRVWNL GR Z\SHáQLHQLD -H OL DXG\WRU X]QD WR VWRVRZQH PR H

SRSURVLü SUDFRZQLNyZ R Z\SHáQLHQLH JR DQRQLPRZR 0R H RQ VáX \ü ]GRE\FLX

LQIRUPDFMLRRSLQLLSUDFRZQLNyZQDWHPDW
” NXOWXU\RUJDQL]DF\MQHMMHGQRVWNL
” Z\NRQ\ZDQLDRERZL ]XM F\FKZQLHMSURFHGXU
” NRPXQLNDFMLPL G]\SUDFRZQLNDPLDNLHURZQLFWZHPF]\PL G]\SRV]F]HJyOQ\PL

NRPyUNDPLRUJDQL]DF\MQ\PL

:V]HONLHLVWRWQHREV]DU\U\]\NDPXV] ]RVWDüXV]HUHJRZDQHSRGZ]JO GHPVWRSQLD

LFKSULRU\WHWXQDSRWU]HE\VWUDWHJLF]QHJR GáXJRRNUHVRZHJR SODQXDXG\WX±RLOHWDNL

LVWQLHMHRUD]URF]QHJRSODQXDXG\WX
:D Q\PMHVWDE\ZUDPDFKSUDF\QDGXVWDOHQLHPSULRU\WHWyZX]\VNDüRGSRZLHG QD

S\WDQLHNWyUHU\]\NDV DNFHSWRZDQHSU]H].LHURZQLND-6)3ZFDáR FLDNWyUHGR

SHZQHJR SR]LRPX .LHURZQLN -6)3 PR H ERZLHP GRM ü GR ZQLRVNX H V WDNLH

U\]\NDNWyU\FKZ\VW SLHQLHQLH]DJUD D ZLVWRWQ\VSRVyEIXQNFMRQRZDQLXMHGQRVWNL

L Z\NRQ\ZDQLXSU]H]QL ]DGD  D]DSRELH HQLHLPSRFKáRQ áRE\]E\WZLHOH URGNyZ

ILQDQVRZ\FKF]\QDNáDGXSUDF\


3ODQVWUDWHJLF]Q\DXG\WX

3ODQVWUDWHJLF]Q\DXG\WXMHVW]DOHFDQ\OHF]QLHMHVWZ\PDJDQ\SU]H]SU]HSLV\SUDZD

3ODQ WDNLSRZLQLHQQDNUH ODüIXQNFMHLREV]DU\SUDF\.$:ZSHUVSHNW\ZLH UHGQLR

RNUHVRZHM L GáXJRRNUHVRZHM 3RZLQLHQ E\ü VSRU] G]RQ\ QD FR QDMPQLHM WU]\ ODWD L

SRZLQLHQ SRGOHJDü FRURF]QHPX SU]HJO GRZL RUD] DNWXDOL]DFML Z PLDU SRWU]HE

3RZLQLHQ EUDü SRG XZDJ

UHODFMH SRPL G]\ GRVW SQ\PL ]DVREDPL L

]LGHQW\ILNRZDQ\PL SULRU\WHWDPL DXG\WX Z\QLNL DXG\WX RUD] QRZH V\VWHP\ L LQQH

]PLDQ\ZGDQHM-6)33ODQVWUDWHJLF]Q\DXG\WXZHZQ WU]QHJRSRZLQLHQE\ü FL OH

]ZL ]DQ\]SODQHPVWUDWHJLF]Q\PGDQHM-6)3RLOHSODQWDNLLVWQLHMH
.LHURZQLN .$: RSUDFRZXMH VWUDWHJLF]Q\ SODQ DXG\WX NWyU\ PR H ]DZLHUDü

QDVW SXM FHHOHPHQW\

” &HOHGáXJRRNUHVRZHLNUyWNRRNUHVRZHGOD.$:
” 2SLVG]LDáD NRPyUNLDXG\WXZHZQ WU]QHJR
” 3ODQ\UR]ZRMXIXQNFMLDXG\WX
” :V]HONLH SODQRZDQH VIHU\ DXG\WX NWyUH PDM

E\ü SRGGDQH DXG\WRZL

XV]HUHJRZDQHZHGáXJVWRSQLDSULRU\WHWX]HZ]JO GXQDRFHQ U\]\ND

” &] VWRWOLZR ü DXG\WyZZSRV]F]HJyOQ\FKVIHUDFK

3ODQVWUDWHJLF]Q\SRZLQLHQ]RVWDü ]DWZLHUG]RQ\ SU]H] .LHURZQLND -6)3 .LHURZQLN

-6)3 SRZLQLHQ SU]HGVWDZLü ]DWZLHUG]RQ\ SODQ VWUDWHJLF]Q\ DXG\WX *áyZQHPX

,QVSHNWRURZL$XG\WX:HZQ WU]QHJR

background image





5RF]Q\SODQDXG\WX

$XG\WZHZQ WU]Q\SRZLQLHQE\üSURZDG]RQ\ZHGáXJURF]QHJRSODQXDXG\WXLRSLHUDü

VL QD RFHQLHU\]\ND:V]F]HJyOQLHX]DVDGQLRQ\FKSU]\SDGNDFKDXG\WZHZQ WU]Q\

QDOH \ SURZDG]LüSU]H]RNUHVZ\NUDF]DM F\SR]D]DVL J URF]QHJRSODQXDXG\WX
.LHURZQLN.$:SRZLQLHQSU]\JRWRZDüURF]Q\SODQDXG\WXRERZL ]XM F\GODDXG\WX

Z QDVW SQ\PURNX=DQLP]RVWDQLHSRGM WDGHF\]MDRSU]\M FLXSODQXDXG\WXQDOH \

SU]HSURZDG]LüNRQVXOWDFMH].LHURZQLNLHPGDQHM-6)3.LHURZQLN.$:]DWZLHUG]D

SODQ VZRLP SRGSLVHP QLH Sy QLHM QL GR NR FD SD G]LHUQLND 5RF]Q\ SODQ DXG\WX

QDOH \ WDN H SU]HVáDüGR*áyZQHJR,QVSHNWRUD$XG\WX:HZQ WU]QHJR:]Dá F]QLNX

 ]DPLHV]F]RQRVWUXNWXU URF]QHJRSODQXDXG\WX
5RF]Q\ SODQ DXG\WX SRZLQLHQ SU]HGVWDZLDü RJyOQ\ RSLV WHJR FR NRPyUND DXG\WX

ZHZQ WU]QHJR ]DPLHU]D GRNRQDü Z FL JX URNX =DGDQLD DXG\WX GRELHUD VL Z

RSDUFLXRRFHQ U\]\NDRUD]XZ]JO GQLDM F RF]HNLZDQLD.LHURZQLNDGDQHM-6)3MDN

UyZQLH ELRU F SRGXZDJ GRVW SQHIXQGXV]HL]DVRE\OXG]NLH3ODQDXG\WXSRZLQLHQ

REHMPRZDüZV]F]HJyOQR FL
” 5\]\NRGRW\F] FHSR]\VNLZDQLDLZ\GDWNRZDQLD URGNyZ]IXQGXV]\SXEOLF]Q\FK
” 7HPDW\ REV]DU\ DXG\WXZHZQ WU]QHJR
” 3URSRQRZDQ\KDUPRQRJUDPDXG\WXZHZQ WU]QHJR
” 7HPDW\ REV]DU\  ]DSODQRZDQH GR SU]HSURZDG]HQLD DXG\WX ZHZQ WU]QHJR QD

SU]HVWU]HQLNROHMQ\FKODW

'R]DGD Z\PDJDM F\FKV]F]HJyOQ\FKNZDOLILNDFML .LHURZQLN .$:PR H ]DWUXGQLü

HNVSHUWyZ]]HZQ WU]-H HOLSRWU]HEQHNZDOLILNDFMHIDFKRZHGRVW SQHV Z LQQ\FK

GHSDUWDPHQWDFK GDQHJR XU] GX QDOH \ QDMSLHUZ Z\NRU]\VWDü WDNLFK VSHFMDOLVWyZ

]DQLPVL JQLHVL SRZ\QDM FLHHNVSHUWyZ]]HZQ WU]
-H HOL X]DVDGQLDM WR RNUH ORQH RNROLF]QR FL URF]Q\ SODQ DXG\WX PR H ]RVWDü

]PLHQLRQ\
2 WDNLFK ]PLDQDFK L X]DVDGQLHQLDFK NRUHNW\ SODQX GHF\GXMH .LHURZQLN .$: D

]DWZLHUG]D.LHURZQLNGDQHM-6)3*áyZQ\,QVSHNWRU$XG\WX:HZQ WU]QHJRSRZLQLHQ

E\üLQIRUPRZDQ\R]PLDQDFKEH]QLHSRWU]HEQHM]ZáRNL
'RNR FDPDUFDND GHJR URNX.LHURZQLN.$:SU]HGVWDZLD.LHURZQLNRZL-6)3RUD]

*áyZQHPX,QVSHNWRURZL$XG\WX:HZQ WU]QHJRVSUDZR]GDQLH]Z\NRQDQLDURF]QHJR

SODQXDXG\WX]DSRSU]HGQLURN

background image



 =DGDQLHDXG\WRZH

: =Dá F]QLNXSU]HGVWDZLRQR=HVWDZLHQLHHWDSyZ]DGDQLDDXG\WRZHJR SRF]\QDM F

RG SODQRZDQLD DXG\WX NR F] F QD F]\QQR FLDFK VSUDZG]DM F\FK DXG\W

VSUDZG]DM F\ 


3ODQRZDQLH]DGDQLDDXG\WRZHJR

 3U]\G]LHOHQLH]DGDQLD
3U]\G]LHOHQLH ]DGDQLD ]Z\NOH SU]\JRWRZDQH SU]H] .=$ L ]DWZLHUG]RQH SU]H]

.LHURZQLND.$:UR]SRF]\QDZ\NRQ\ZDQLH]DGDQLDDXG\WRZHJR1DOH \ MHSRGSLVDü

MHV]F]HSU]HGUR]SRF] FLHPGDQHJR]DGDQLD3U]\G]LHOHQLH]DGDQLD]DZLHUDQD]Z L

QXPHU SRGDMH ZVND]yZNL FR GR FHOyZ GDQHJR ]DGDQLD RUD] HZHQWXDOQ\FK

V]F]HJyOQ\FKX]DVDGQLRQ\FKREDZOXELQQ\FKVSUDZZ\PDJDM F\FKXZ]JO GQLHQLD

XVWDOD RNUHV WUZDQLD DXG\WX RUD] Z\]QDF]D DXG\WRUyZ L KDUPRQRJUDP 3U]\NáDG

Z]RUFRZHJR IRUPXODU]D SU]\G]LHOHQLD ]DGDQLD DXG\WX ]QDOH ü PR QD Z

=Dá F]QLNX
6]DFXQNRZ\KDUPRQRJUDP]RVWDMHZVW SQLHRNUH ORQ\QDSRGVWDZLHURF]QHJRSODQX

DXG\WX :V]HONLH SURSR]\FMH ]PLDQ SU]HZLG]LDQ\FK Z KDUPRQRJUDPLH RSDUWH QD

ZQLRVNDFK ]H ZVW SQ\FK SUDF WDNLFK MDN SU]HJO G GRW\FKF]DVRZ\FK GRNXPHQWyZ

URERF]\FK MDN UR]PRZ\ ] .LHURZQLNLHP GDQHM -6)3 LWS QDOH \ ]JáDV]Dü SU]\

SRPRF\ IRUPXODU]D ZQLRVNX R ]PLDQ SODQX KDUPRQRJUDPX RUD] (ZLGHQFML

:\NRU]\VWDQLD&]DVXSU]HGVWDZLRQ\FKZ=Dá F]QLNDFKL
 ,GHQW\ILNDFMD]DNUHVXFHOyZLELH FHJRU\]\ND]DGDQLDDXG\WRZHJR
/LVW ZHU\ILNDF\MQ FHOyZ L SODQRZDQLD ]DGDQLD DXG\WRZHJR =Dá F]QLN   PR QD

Z\SHáQLü MHV]F]H SU]HG UR]SRF] FLHP ]DGDQLD .RRUG\QDWRU NWyU\ MHVW

RGSRZLHG]LDOQ\ ]D GDQH ]DGDQLH DXG\WRZH RGSRZLDGD ]D WHUPLQRZH Z\SHáQLHQLH

WDNLHM OLVW\NRQWUROQHM&HOHPOLVW\ZHU\ILNDF\MQHMMHVWXGRNXPHQWRZDQLHQDVW SXM F\FK

LQIRUPDFMLGRW\F] F\FKSODQRZDQLD
” SU]HJO GX ZF]H QLHMV]\FK GRNXPHQWyZ URERF]\FK DXG\WX ]DNUHVX

GRW\FKF]DVRZ\FKDXG\WyZLVSUDZR]GD ] SU]HSURZDG]HQLDDXG\WXRUD]XVWDOH

QDWHPDWZ\PDJDQ\FKNRQNUHWQ\FKG]LDáD QDVW SF]\FK

” SU]HJO GX RNUHVX WUZDQLD SRSU]HGQLFK DXG\WyZ Z ]HVWDZLHQLX ] XVWDOHQLDPL

L ]DOHFHQLDPL Z\QLNDM F\PL ] SRSU]HGQLFK VSUDZR]GD ] SU]HSURZDG]HQLD

DXG\WyZRUD]XVWDOHQLDLFKZSá\ZXQDELH FH]DGDQLHDXG\WRZH

” RFHQ\ U\]\ND ELH FHJR ]DGDQLD DXG\WRZHJR RUD] LGHQW\ILNDFML VSUDZ

Z]EXG]DM F\FKV]F]HJyOQHREDZ\]SXQNWXZLG]HQLDELH FHJRDXG\WX

” ]QDMRPR FLG]LDáDOQR FLRSHUDF\MQHMNRPyUNLSRGGDZDQHM]DGDQLXDXG\WRZHPX
” NRRUG\QDFMLDXG\WX]DXG\WRUDPL]HZQ WU]Q\PLRUD]XVWDOHQLDZSá\ZXLFKSUDF\

QD]DNUHVELH FHJR]DGDQLDDXG\WRZHJR

” XVWDOHQLDNRQNUHWQ\FKFHOyZ]DGDQLDDXG\WRZHJR
” RV]DFRZDQLD F]DVX L ]DVREyZ NRQLHF]Q\FK GR RVL JQL FLD FHOyZ ]DGDQLD

background image



DXG\WRZHJR : UD]LH SRWU]HE\ QDOH \ SRZRáDü HNVSHUWD GR SU]HSURZDG]HQLD

QLHNWyU\FKHOHPHQWyZ]DGDQLDDXG\WRZHJR

” RSUDFRZDQLDL]DWZLHUG]HQLDV]F]HJyáRZHJRSURJUDPX]DGDQLDDXG\WRZHJR
” NRPXQLNRZDQLDVL ]HZV]\VWNLPLRVREDPLNWyUHPDM LQWHUHVZ]D]QDMDPLDQLD

VL ] SURFHVHPDXG\WX

” GRNXPHQWRZDQLD SRZRGyZ ]DDQJD RZDQLD LQIRUPRZDQLD  RGSRZLHGQLHJR

V]F]HEOD NLHURZQLFWZD GOD ]DSHZQLHQLD DE\ Z\EUDQ\ V]F]HEHO NLHURZDQLD

G\VSRQRZDá RGSRZLHGQLPL XSUDZQLHQLDPL GR ZGUR HQLD X]JRGQLRQ\FK G]LDáD

QDSUDZF]\FK

” NRPXQLNRZDQLD VL ] NLHURZQLFWZHP EDGDQHM NRPyUNL QD WHPDW FHOyZ ]DGDQLD

DXG\WRZHJR RUD] X]\VNLZDQLH MHJR XZDJ L VXJHVWLL XáDWZLDM F\FK RVL JQL FLH

SR]\W\ZQ\FKZ\QLNyZ]DGDQLDDXG\WRZHJR

” Z UD]LH SRWU]HE\ ]PLDQ\ V]F]HJyáRZHJR SURJUDPX ]DGDQLD DXG\WRZHJR GOD

RG]ZLHUFLHGOHQLDZ\QLNyZNRPXQLNRZDQLDVL ] NLHURZQLFWZHPEDGDQHMNRPyUNL

E G GODRG]ZLHUFLHGOHQLDZ\QLNyZSU]HJO GXQDPLHMVFX

” ]DWZLHUG]HQLDGRFHORZHMGDW\]DNR F]HQLD]DGDQLDDXG\WRZHJR
3U]HG UR]SRF] FLHP DXG\WX PR QD WDN H SU]HSURZDG]Lü ZVW SQ\ SU]HJO G -HJR

FHOHP MHVW X]\VNDQLH LQIRUPDFML SRWU]HEQ\FK GR RSUDFRZDQLD SURJUDPX ]DGDQLD

DXG\WRZHJR


:VW SQ\SU]HJO G

-HGQ ] EDUG]LHM X \WHF]Q\FK PHWRG Z\NRU]\VW\ZDQ\FK QD HWDSLH ]ELHUDQLD

LQIRUPDFML L SR]QDZDQLD G]LDáDOQR FL MHGQRVWNL MHVW ZVW SQ\ SU]HJO G :VW SQ\

SU]HJO G SROHJDQD]ELHUDQLXLQIRUPDFMLREDGDQHMG]LDáDOQR FLEH]LFKV]F]HJyáRZHM

ZHU\ILNDFML'RJáyZQ\FKFHOyZWDNLHJRSU]HJO GXQDOH 
ˆ ]UR]XPLHQLHEDGDQHMG]LDáDOQR FL
ˆ Z\RGU EQLHQLH LVWRWQ\FK REV]DUyZ Z\PDJDM F\FK V]F]HJyOQHM XZDJL Z WUDNFLH

]DGDQLDDXG\WRZHJR

ˆ ]LGHQW\ILNRZDQLHLVWQLHM F\FKPHFKDQL]PyZNRQWUROL
ˆ X]\VNDQLHLQIRUPDFMLXáDWZLDM F\FKSU]HSURZDG]HQLH]DGDQLDDXG\WRZHJR
ˆ XVWDOHQLH F]\ NRQLHF]QH MHVW SU]HSURZDG]DQLH ]DGDQLD DXG\WRZHJR Z GDQ\P

REV]DU]H

3U]HJO G SR]ZDODQD]DSODQRZDQLHLSU]HSURZDG]HQLHSUDFDXG\WRUVNLFKZRSDUFLXR

SRVLDGDQH LQIRUPDFMH -HVW WH QDU] G]LHP XPR OLZLDM F\P QDMEDUG]LHM HIHNW\ZQH

Z\NRU]\VWDQLH]DVREyZ.$:3U]HJO G SU]HSURZDG]DQ\MHVWQDSRGVWDZLHSURJUDPX

ZVW SQHJR SU]HJO GX NWyU\ VSRU] G]DQ\ MHVW SU]H] DXG\WRUD.RRUG\QDWRUD L

]DWZLHUG]DQ\ SU]H] .LHUXM FHJR DXG\WHP ZHZQ WU]Q\P 3U]HJO GX GRNRQXMH

Z\]QDF]RQ\SU]H].LHUXM FHJRDXG\WHPZHZQ WU]Q\PDXG\WRU
3U]HJO G PR H VL ZL ]Dü]]DVWRVRZDQLHPQDVW SXM F\FKWHFKQLN
ˆ UR]PyZ]SUDFRZQLNDPLGDQHMNRPyUNLRUJDQL]DF\MQHM

background image



ˆ UR]PyZ ] RVREDPL QD NWyUH DXG\WRZDQD G]LDáDOQR ü Z\ZLHUD ZSá\Z QS

] X \WNRZQLNDPLZ\QLNyZJHQHURZDQ\FKSU]H]DXG\WRZDQ G]LDáDOQR ü

ˆ REVHUZDFMLQDPLHMVFXRJO G]LQ
ˆ DQDOL]\ VSUDZR]GD L LQQ\FK GRNXPHQWyZ SU]\JRWRZ\ZDQ\FK GOD NLHURZQLFWZD

NRPyUNL

ˆ SURFHGXUDQDOLW\F]Q\FK
ˆ VFKHPDWyZZ\NUHVyZ
ˆ WHVWyZNURF] F\FK ZDONWKURXJK 
ˆ ]DSURMHNWRZDQLXNZHVWLRQDULXV]\NRQWUROLZHZQ WU]QHM
=HEUDQH QD W\P HWDSLH LQIRUPDFMH VWDQRZL GOD DXG\WRUD SRGVWDZ GR RSLVDQLD

SURFHVX



 NWyU\ PD E\ü SRGGDQ\ EDGDQLX Z WUDNFLH ]DGDQLD DXG\WRZHJR

'RNXPHQWDFMDZSRVWDFLRSLVRZHMOXEDQDOL]\JUDILF]QHMSURFHVPR H XOHFGDOV]\P

PRG\ILNDFMRP QD HWDSLH RFHQ\ V\VWHPX NRQWUROL ZHZQ WU]QHM 2VWDWHF]QD ZHUVMD

GRNXPHQWDFML SURFHVX SRZLQQD ]RVWDü Zá F]RQD ]DUyZQR GR DNW VWDá\FK MDN L

ELH F\FK
$NWXDOL]DFMDGRNXPHQWDFMLSURFHVyZ ]DZDUW\FK ZDNWDFKVWDá\FK ZMHGQRVWFH MHVW

]DGDQLHP DXG\WRUD RGSRZLHG]LDOQHJR ]D SU]\G]LHORQH PX Z UDPDFK MHJR

RERZL ]NyZ VáX ERZ\FK RNUH ORQH SURFHV\ 'R QLHJR QDOH \ VSUDZG]HQLH F]\ Z

GDQ\PSURFHVLH]DV]á\MDNLH ]PLDQ\LF]\HZHQWXDOQLHQLHMHVWNRQLHF]QHRSLVDQLH

QRZHJR SURFHVX GRW\FKF]DV QLH XZ]JO GQLRQHJR 'RNXPHQWXM F GDQ\ SURFHV

DXG\WRUPR H SRVáXJLZDüZLHORPDWHFKQLNDPLDZW\PRSLVHPVFKHPDWHPVWUXNWXU\

RUJDQL]DF\MQHM JUDILF]Q DQDOL] SURFHVyZ D WDN H NZHVWLRQDULXV]HP NRQWUROL

ZHZQ WU]QHM





 7HFKQLNLEDGDQLD
2SLVDQH SRQL HM WHFKQLNL EDGDQLD PR QD VWRVRZDü QD HWDSLH SODQRZDQLD ]DGDQLD

DXG\WRZHJR MDN UyZQLH Z WUDNFLH F]\QQR FL DXG\WRUVNLFK QDPLHMVFX $XG\WRU]\

SRZLQQL VWRVRZDü W\ONR WH WHFKQLNL NWyUH V SRWU]HEQH GR UHDOL]DFML NRQNUHWQHJR

SURJUDPX OXE G]LDáDOQR FL VWDQRZL FHM SU]HGPLRW EDGDQLD $XG\WRU]\ SRZLQQL VWDOH

G \üGRRSUDFRZ\ZDQLDQRZ\FKLEDUG]LHMHIHNW\ZQ\FKWHFKQLN3U]\GRNRQ\ZDQLX

Z\ERUX QDMOHSV]HM PHWRG\ EDGDQLD GDQHM NRQNUHWQHM G]LDáDOQR FL DXG\WRU SRZLQLHQ

VWRVRZDü WDNLH WHFKQLNL NWyUH GRSURZDG] GR SR GDQHJR Z\QLNX XZ]JO GQLDM F

]ZL ]DQH]W\PNRV]W\
5R]PRZDZ\ZLDG
5R]PRZD MHVW MHGQ ] SRGVWDZRZ\FK WHFKQLN EDGDQLD 1DOH \ SDPL WDü R



3U]H] SURFHV QDOH \ UR]XPLHü SHZLHQ XSRU] GNRZDQ\ ORJLF]QLH FL J F]\QQR FL G]LDáD  GHF\]ML L

X]JRGQLH  NWyU\FK HIHNWHP MHVW SRZVWDQLH SHZQHM ZDUWR FL GRGDQHM Z SRVWDFL GDM FHM VL RNUH OLü

]PLDQ\Z URGRZLVNX]HZQ WU]Q\PNWyU RNUH ODüE G]LHP\HIHNWHPSUDF\MHGQHMOXENLONXNRPyUHN

RUJDQL]DF\MQ\FKMHGQRVWNL



6áX \ RQUDF]HMRFHQLHQL GRNXPHQWDFMLSURFHVX0R QDMHGQDNWDNVIRUPXáRZDüS\WDQLDE\

RGSRZLHG]LZ\PDJDá\IRUP\RSLVRZHM

background image



VWRVRZDQLXSRGVWDZRZ\FK]DVDGSU]\SU]HSURZDG]DQLXUR]PRZ\
ˆ 8VWDOHQLHFHOyZUR]PRZ\
ˆ =DSODQRZDQLHRUJDQL]DF\MQHUR]PRZ\
ˆ 8GRNXPHQWRZDQLHMHMLVWRWQ\FKZ\QLNyZ
$QDOL]DSRUyZQDZF]D
3ROHJD RQD QD SRUyZQ\ZDQLX GDQ\FK F]DVDPL SRFKRG] F\FK ] Uy Q\FK UyGHá

FHOHP LGHQW\ILNDFML QLHW\SRZ\FK V\WXDFML OXE RGFK\OH RG V\WXDFML SR GDQHM -H HOL

GDQH ]QDMGXM VL QD HOHNWURQLF]Q\FK QR QLNDFK LQIRUPDFML QD RJyá PR QD

]DSURJUDPRZDüNRPSXWHUGRSU]HSURZDG]DQLDDQDOL]SRUyZQDZF]\FK
*UDILF]QDDQDOL]DSURFHVyZ IORZFKDUWLQJ
2]QDF]DWRSRVáXJLZDQLHVL VLDWN JUDILF]Q GRVSRU] G]DQLDZ\NUHVXOXEVFKHPDWX

F]\QQR FL NWyUH PXV] ]RVWDü Z\NRQDQH DE\ GDQH ]DGDQLH OXE F]\QQR ü PR QD

E\áR ] SRZRG]HQLHP GRSURZDG]Lü GR NR FD 7HFKQLND WD PR H E\ü DXG\WRURZL

V]F]HJyOQLH X \WHF]QD GR LGHQW\ILNDFML PR OLZ\FK VáDER FL PHFKDQL]PyZ NRQWUROL

ZHZQ WU]QHM OXE Z VNLFK JDUGHá Z G]LDáDOQR FL RSHUDF\MQHM : =Dá F]QLNX 

]DPLHV]F]RQR=DOHFHQLDGRW\F] FHJUDILF]QHMDQDOL]\SURFHVyZ
3URFHGXU\DQDOLW\F]QH
6WDQRZL RQH GOD DXG\WRUD QDU] G]LH GR RFHQ\ LQIRUPDFML ]HEUDQ\FK Z WUDNFLH

EDGDQLD 3ROHJDM

QD DQDOL]LH UHODFML SRPL G]\ GDQ\PL ILQDQVRZ\PL OXE

QLHILQDQVRZ\PL ] Uy Q\FK RNUHVyZ OXE Uy Q\FK MHGQRVWHN GRNRQ\ZDQHM Z FHOX

VWZLHUG]HQLD ]JRGQR FL L SU]HZLG\ZDQ\FK WHQGHQFML OXE ]QDF] F\FK RGFK\OH L

QLHVSRG]LHZDQ\FK]ZL ]NyZ
3U]\NáDG\  SRUyZQ\ZDQLH Z\QLNyZ WDNLFK MDN SU]\FKRG\ Z\GDWNL LWS WHM VDPHM

NRPyUNLMHGQRVWNLRUJDQL]DF\MQHMSURJUDPX]RNUHVXQDRNUHV

 RFHQD]PLDQZ\QLNyZNWyUHV X]DOH QLRQHOXESRGOHJDM ZSá\ZRPLQQ\FK

F]\QQLNyZ -H HOL QD SU]\NáDG OLF]ED SUDFRZQLNyZ ]ZL NV]\áD VL Z VWRVXQNX GR

SRSU]HGQLHJR RNUHVX NRV]W\ Z\QDJURG]H SRZLQQ\ UyZQLH Z]URVQ ü RERN LFK

QRUPDOQHJR]ZL NV]HQLDQDVNXWHNSRGZ\ HN LQIODFMLLWS
7HVW\NURF] FH ZDONWKURXJK
-HVW WR SRZWDU]DQLH NRQNUHWQ\FK PHFKDQL]PyZ NRQWUROL NWyUH XPR OLZLDM

VSUDZG]HQLH SURFHVX RG MHJR SRF] WNX GR NR FD 0DM

RQH SRWZLHUG]Lü

SUDZLGáRZR ü RSLVX V\VWHPX MDNLP G\VSRQXMH DXG\WRU L ]DJZDUDQWRZDü SHáQH

]UR]XPLHQLH]DVDGV\VWHPXSU]HGUR]SRF] FLHP]DGDQLDDXG\WRZHJR:\NRQXMHVL

MHSRSU]H]]EDGDQLHQLHZLHONLHMLOR FLRSHUDFML
5R]SR]QDZF]HEDGDQLHSUyEHN
0HWRGD UR]SR]QDZF]HJR EDGDQLD SUyEHN SRVáXJXMH VL SRELHUDQLHP SUyEHN

ORVRZ\FK MDNR QDU] G]LHP GRVW SQ\P GR Z\NRU]\VWDQLD Z SRá F]HQLX ] ZLHORPD

LQQ\PL WHVWDPL $E\ PR QD E\áR VWRVRZDü WR QDU] G]LH PXV] E\ü VSHáQLRQH

QDVW SXM FHNU\WHULD
” :\ND] HOHPHQWyZ SRSXODFML MHVW NRPSOHWQ\ DNWXDOQ\ L PR OLZ\ GR

background image



]LGHQW\ILNRZDQLD

” 'RSU]HSURZDG]HQLDZ\ERUXRELHNWyZVWDQRZL F\FKSU]HGPLRWWHVWXQDSRWU]HE\

DXG\WXGDVL ]DVWRVRZDüV\VWHPOLF]EORVRZ\FK

” 0R QDXVWDOLüSR]LRPXGRSXV]F]DOQHJREá GX
0R QDZ\Uy QLüQDVW SXM FHSRGVWDZRZHPHWRG\GRERUXSUyE\
 /RVRZDQLH VWDW\VW\F]QH :\PDJD VSHáQLHQLD ZDUXQNX DE\ ZV]\VWNLH MHGQRVWNL

SRSXODFMLPLDá\UyZQ V]DQV Z\ERUXGRSUyE\'RGRERUXX \ZDVL WDEOLFOLF]E

ORVRZ\FKE G RGSRZLHGQLFKSURJUDPyZNRPSXWHURZ\FK

 /RVRZDQLH LQWXLF\MQH 'RNRQDQLH GRERUX RGE\ZD VL QD SRGVWDZLH ]DZRGRZHM

RFHQ\DXG\WRUDLPR H E\üX]DVDGQLRQHSU]H]QSZDUWR ü MHGQRVWHNSRSXODFML

SR]LRPU\]\NDSR]LRPUHSUH]HQWDF\MQR FL

 /RVRZDQLH V\VWHPDW\F]QH :\PDJD Z\OLF]HQLD VWDáHJR SU]HG]LDáX ORVRZDQLD

W]ZLQWHUZDáX,QWHUZDá Z\]QDF]DVL G]LHO F SRSXODFM SU]H] OLF]HEQR ü SUyE\

3LHUZV] MHGQRVWN GR SUyE\ Z\ELHUDP\ ORVRZR ] SU]HG]LDáX RG  GR ZDUWR FL

LQWHUZDáX-H OLLQWHUZDáR]QDF]\P\MDNR³L´SLHUZV]DMHGQRVWN GRSUyE\MDNR³S´

D OLF]HEQR ü SUyE\MDNR³Q´WRZyZF]DVGRSUyE\WUDIL MHGQRVWNLRQXPHUDFKS

SLSLSLS Q L

 /RVRZDQLH ÄQD FK\ELá WUDILá´ 6WRVXMH VL MH ZWHG\ JG\ WUXGQR ]DVWRVRZDü LQQH

PHWRG\ QS NLHG\ MHGQRVWNRP SRSXODFML QLH PR QD SU]\SRU] GNRZDü NROHMQ\FK

QXPHUyZ

2EVHUZDFMDRJO G]LQ\
:L]\WDFMD SRPLHV]F]H

NRPyUNL RUJDQL]DF\MQHM SRGGDZDQHM EDGDQLX PR H

SU]\QLH ü XMDZQLHQLH LVWRWQ\FK VáDER FL Z MHM G]LDáDQLX 7HFKQLND WD PR H WDN H

SROHJDüQDREVHUZRZDQLXZ\NRQ\ZDQLD]DGD SU]H]SUDFRZQLNyZMHGQRVWNL
 3URJUDP]DGDQLDDXG\WRZHJR
3URJUDP ]DGDQLD DXG\WRZHJR SRZLQLHQ ]RVWDü RSUDFRZDQ\ SU]H] .RRUG\QDWRUD

=DGDQLD $XG\WX RUD] VSUDZG]RQ\ L ]DWZLHUG]RQ\ SU]H] .LHURZQLND .$: SR

]DNR F]HQLX SODQRZDQLD GDQHJR ]DGDQLD 3URJUDP ]DGDQLD DXG\WRZHJR VWDQRZL

V]F]HJyáRZ\ SODQ SUDF\ GR Z\NRQDQLD Z WRNX GDQHJR ]DGDQLD 3URJUDP DXG\WX

SRZLQLHQ]DZLHUDüQDVW SXM FHHOHPHQW\

  R]QDF]HQLH]DGDQLDDXG\WRZHJR]HZVND]DQLHPMHJRQXPHUXLWHPDWX

  FHO]DGDQLDDXG\WRZHJR

  DQDOL] U\]\ND

  SRGPLRWRZ\LSU]HGPLRWRZ\]DNUHV]DGDQLDDXG\WRZHJR

  ZVND]yZNLPHWRG\F]QHZW\P

D  WHFKQLNLSU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR

E  VSRVyESU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR

F  SUREOHP\QDNWyUHQDOH \ ]ZUyFLüV]F]HJyOQ XZDJ Z EDGDQLDFK

G  GRZRG\QLH]E GQHGRGRNRQDQLDXVWDOH L VSRVyELFKEDGDQLD

H  ZVND]yZNLRFKDUDNWHU]HWHFKQLF]QR±RUJDQL]DF\MQ\P

background image



I Z]RU\Z\ND]yZL]HVWDZLH 

  ]DáR HQLDRUJDQL]DF\MQH

  KDUPRQRJUDPSU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR

1LH Sy QLHM QL QD GZD W\JRGQLH SU]HG SODQRZDQ\P UR]SRF] FLHP ]DGDQLD

DXG\WRZHJR DXG\WRU SRZLQLHQ SU]HGáR \ü .LHURZQLNRZL .$: SLVHPQH

SRZLDGRPLHQLHR]DGDQLXDXG\WRZ\PSU]HGVWDZLDM FH
” 3U]HGPLRWDXG\WX
” &]DVWUZDQLD
” ,PLRQDLQD]ZLVNDDXG\WRUyZ
'REU]HVNRQVWUXRZDQ\SURJUDPXPR OLZLD
‡

V\VWHPDW\F]QHSODQRZDQLHND GHJRHWDSXSUDF\NWyUHPR QD]DSUH]HQWRZDü

ZV]\VWNLP]DLQWHUHVRZDQ\PSUDFRZQLNRPDXG\WX

‡

LVWQLHQLHQDU] G]LVDPRRFHQ\G]LDáD ZáDVQ\FKDXG\WRUyZ

‡

LVWQLHQLH LQVWUXPHQWyZ ]D SRPRF

NWyU\FK .=$ PR H VSUDZG]Dü L

SRUyZQ\ZDüZ\QLNLSUDF\]]DWZLHUG]RQ\PLSODQDPL

‡

SRPRF Z V]NROHQLX QLHGR ZLDGF]RQ\FK SUDFRZQLNyZ L ]DSR]QDZDQLX LFK

] ]DNUHVHPFHODPLLF]\QQR FLDPLURERF]\PLDXG\WX

‡

SRGVWDZ GRVXPDU\F]QHJRGRNXPHQWRZDQLDU]HF]\ZL FLHZ\NRQDQ\FKSUDF

‡

LVWQLHQLH QDU] G]L ZVSRPDJDM F\FK .=$ XPR OLZLDM F\FK RJUDQLF]HQLH

EH]SR UHGQLHJR]DDQJD RZDQLDVL Z SURZDG]HQLHQDG]RUX

‡

SRPRF Z ]DSR]QDQLX VL SU]H] NROHMQ\FK SUDFRZQLNyZ DXG\WX ] LVWRW

SRSU]HGQLRZ\NRQDQ\FKSUDF

3URJUDPVNáDGDVL ] NRQNUHWQ\FKZVND]yZHNGRW\F] F\FKSU]HSURZDG]HQLDGDQHJR

]DGDQLD'ODND GHJRREV]DUXDXG\WXSURJUDPZUDPDFKDQDOL]\U\]\NDSRZLQLHQ

 Z\V]F]HJyOQLDü U\]\ND NWyUH PXV] E\ü XZ]JO GQLRQH Z W\P REV]DU]H 

SU]HGVWDZLDüGODND GHJRU\]\NDHOHPHQW\V\VWHPXNRQWUROL PHFKDQL]P\NRQWUROL 

NWyUH LVWQLHM OXE NWyUH V SRWU]HEQH MDNR ]DEH]SLHF]HQLH SU]HG ZVND]DQ\P

U\]\NLHP   SU]HGVWDZLDü GOD ND GHJR ] Z\V]F]HJyOQLRQ\FK PHFKDQL]PyZ

NRQWUROL F]\QQR FL DXG\WRUVNLH SRWU]HEQH GR VSUDZG]HQLD HIHNW\ZQR FL W\FK

PHFKDQL]PyZ DOER SU]HGVWDZLDü ]DOHFHQLD NWyU\FK VSHáQLHQLH E G]LH Z\PDJDQH

GODVWZRU]HQLDSRWU]HEQ\FKPHFKDQL]PyZNRQWUROLRUD]  SU]HZLG\ZDüPLHMVFHQD

]DPLHV]F]DQLHRGQLHVLH GRSRZL ]DQ\FKGRNXPHQWyZURERF]\FKDXG\WX
3U]\NáDGRZ VWUXNWXU SURJUDPX ]DGDQLD DXG\WRZHJR ]DPLHV]F]RQR Z =Dá F]QLNX


 1DUDGDRWZLHUDM FD
3R ]DNR F]HQLX ZVW SQ\FK HWDSyZ SODQRZDQLD ]DGDQLD DXG\WRZHJR RUD] SU]HG

UR]SRF] FLHP F]\QQR FL DXG\WRUVNLFK QD PLHMVFX  SU]HSURZDG]D VL QDUDG

RWZLHUDM F ] XG]LDáHPDXG\WRUyZ Zá F]QLH].RRUG\QDWRUHP=DGDQLD$XG\WRZHJR

RUD]SU]HGVWDZLFLHOLGDQHMNRPyUNLRUJDQL]DF\MQHMNWyUDPDE\üSRGGDQDDXG\WRZL

background image



3RGF]DV QDUDG\ RWZLHUDM FHM DXG\WRU ZHZQ WU]Q\ SU]HGVWDZLD FHO WHPDW\N L

]DáR HQLD RUJDQL]DF\MQH ]DGDQLD DXG\WRZHJR Z FHOX PLQLPDOL]DFML PR OLZ\FK

]DEXU]H Z SUDF\ SRGGDZDQHJR DXG\WRZL NRPyUNL RUJDQL]DF\MQHM RUD] X]\VNDQLD

RJyOQ\FK LQIRUPDFML QD WHPDW GDQHM NRPyUNL RUJDQL]DF\MQHM :V]HONLH HZHQWXDOQH

]DVWU]H HQLD L VSU]HFLZ\ PXV] E\ü ]DPLHV]F]RQH Z DNWDFK DXG\WX Z F] FL

GRW\F] FHM GRNXPHQWyZ QD WHPDW SURJUDPX ]DGDQLD DXG\WRZHJR 1DUDGD

RWZLHUDM FD VWDQRZL RND]M GR UR]SRF] FLD EXGRZDQLD GREU\FK VWRVXQNyZ 'R

VSUDZNWyUHQDOH \ RPyZLüZWUDNFLHQDUDG\QDOH QDVW SXM FHVSUDZ\

D

7HPDW\N

L FHOH ± SU]HJO G SRGVWDZRZHJR ]DNUHVX L FHOyZ

]DSODQRZDQ\FK GOD GDQHJR ]DGDQLD DXG\WRZHJR =DU\VRZDQLH

RJyOQHJR SODQX SUDF\ DXG\WX 3RGNUH OHQLH H FHOHP DXG\WX MHVW

ZVSRPR HQLHNLHURZQLFWZDSRSU]H]GRVWDUF]HQLHDQDOL]RFHQ]DOHFH 

RUD]LQIRUPDFMLGRW\F] F\FKEDGDQ\FKG]LDáD 

E

=DáR HQLD RUJDQL]DF\MQH±Z\MD QLHQLHZMDNLVSRVyESRVW SRZDüVL

E G]LH ] XVWDOHQLDPL DXG\WX QS UR]ZL ]DQLH VSUDZ ]ZL ]DQ\FK ]

GUREQ\PL XVWDOHQLDPL RPDZLDQLH ZV]\VWNLFK XVWDOH QD ELH FR DE\

XPR OLZLü NOLHQWRZL DXG\WX SRGM FLH Z SRU G]LDáD QDSUDZF]\FK

QDUDGD ]DP\NDM FD SR ]DNR F]HQLX F]\QQR FL DXG\WRUVNLFK QD

PLHMVFX  SU]HJO G VSUDZG]DM F\ SURMHNW VSUDZR]GDQLD RUD]

G\VWU\EXFMD IRUPDOQHJR VSUDZR]GDQLD ] SU]HSURZDG]HQLD DXG\WX

2PyZLHQLHDNWXDOQHJRVWDQXSRSU]HGQLFKXVWDOH DXG\WX

F

3RVW S\ DXG\WX ± GRSURZDG]HQLH GR MDVQHJR SRUR]XPLHQLD ]

NLHURZQLFWZHP NRPyUNL SRGGDZDQHM DXG\WRZL QD WHPDW ELH FHJR

LQIRUPRZDQLDLFKSHUVRQHOXRSRVW SDFKLXVWDOHQLDFKDXG\WX8VWDOHQLH

F] VWRWOLZR FL SU]HND]\ZDQLD DNWXDOL]XM F\FK LQIRUPDFML R SRVW SDFK

DXG\WX RUD] V]F]HEOL NLHURZQLF]\FK GR NWyU\FK E G NLHURZDQH

LQIRUPDFMHDNWXDOL]XM FHQDWHPDWSRVW SyZLXVWDOH DXG\WX

G

:NáDG ]H VWURQ\ NOLHQWD DXG\WX ± ]ZUyFHQLH VL R SRGDQLH VXJHVWLL

GRW\F] F\FKREV]DUyZSUREOHPRZ\FKZNWyU\FK DXG\WRU]\ PRJ E\ü

SRPRFQL GOD NLHURZQLFWZD NRPyUNL SRGGDZDQHM DXG\WRZL 1DOH \

VWDUDQQLHUR]ZD \üZV]HONLHVXJHVWLHL \F]HQLDDE\XSHZQLüVL  F]\

U]HF]\ZL FLH ]DFKRG]L SRWU]HED VNLHURZDQLD XZDJL DXG\WX QD WH

VSUDZ\1LHQDOH \ DQJD RZDüVL Z G]LDáDOQR ü RSHUDF\MQ 

H

:VSyáSUDFD DGPLQLVWUDF\MQD ± LQIRUPDFMH QD WHPDW JRG]LQ SUDF\

GRVW SX GR DNW PLHMVFD GR SUDF\ GOD XF]HVWQLF] F\FK DXG\WRUyZ

Z\PRJyZ GRFKRZDQLD WHUPLQyZ URERF]\FK Z G]LDáDOQR FL NRPyUNL

SRGGDQHMDXG\WRZLRUD]X]\VNDQLDLQQ\FKLQIRUPDFMLNWyUHPRJ E\ü

SRPRFQH GR XVWDOHQLD KDUPRQRJUDPX G]LDáD

DXG\WX WDN DE\

GRSDVRZDü MH GR WU\EX SUDF\ EDGDQHM NRPyUNL L DE\ MDN QDMPQLHM

]DNáyFDüMHMSUDF 

I

3U]HGVWDZLHQLH VL

L ZL]\WDFMD ± =RUJDQL]RZDQLH VSRWNDQLD ]

SR]RVWDá\P SHUVRQHOHP ] NWyU\P DXG\WRU E G]LH SUDFRZDü Z WUDNFLH

DXG\WX ]RUJDQL]RZDQLH ZL]\WDFML REHM FLD SRPLHV]F]H

GOD

]D]QDMRPLHQLD VL

] IL]\F]Q\P URGRZLVNLHP SUDF\ (IHNW\ZQD

NRPXQLNDFMDQDSRF] WNXDXG\WXPR H LVWRWQLHZSá\Q ü QDDWPRVIHU 

Z NWyUHMSURZDG]RQ\MHVWFDá\DXG\W0R H WRR]QDF]DüUy QLF

background image





&]\QQR FLDXG\WRZH

 :VW SQDRFHQDV\VWHPXNRQWUROLZHZQ WU]QHM EDGDQLHV\VWHPyZ
2FHQD V\VWHPX NRQWUROL ZHZQ WU]QHM PR H E\ü SU]HSURZDG]RQD MDNR F] ü RFHQ\

U\]\ND Z\VW SXM FHJR Z GDQHM RUJDQL]DFML QD HWDSLH SODQRZDQLD URF]QHJR DXG\WX

MDN UyZQLH Z WUDNFLH Uy Q\FK ID] SODQRZDQLD L UHDOL]DFML GDQHJR ]DGDQLD

DXG\WRZHJR
2FHQDPHFKDQL]PyZNRQWUROLZHZQ WU]QHMSRZLQQDGRVWDUF]\üUR]V GQHJRFKRFLD

QLH DEVROXWQHJR ]DSHZQLHQLD H SRGVWDZRZH HOHPHQW\ V\VWHPX V Z\VWDUF]DM FH

GR RVL JQL FLD LFK ]DPLHU]RQ\FK FHOyZ %DGDQLH L RFHQD ZLQQ\ E\ü Z\VWDUF]DM FR

XGRNXPHQWRZDQH RUD] U]HWHOQLH SRSDUWH Z\QLNDPL WHVWyZ REVHUZDFML L EDGD 

:\NRU]\VWDQLH PHWRG HOHNWURQLF]QHJR SU]HWZDU]DQLD GDQ\FK NWyUH PR H U]XWRZDü

QD ZLDU\JRGQR ü GRNáDGQR ü F]\ WH SU]\GDWQR ü GDQ\FK ILQDQVRZ\FK OXE

VWDW\VW\F]Q\FK RUD] VSUDZR]GD  ZLQQR E\ü XZ]JO GQLRQH MDNR F] ü EDGDQLD L

RFHQ\ MHJR Z\QLNyZ : =Dá F]QLNX  SU]HGVWDZLRQ\ MHVW SU]\NáDG RFHQ\ V\VWHPX

NRQWUROLZHZQ WU]QHM&HOHPZV]HONLFKSUDFDXG\WRUVNLFKZHZQ WU]QHJRMHVWRFHQD

V\VWHPX NRQWUROLZHZQ WU]QHM
0HFKDQL]P\ NRQWUROL ZHZQ WU]QHM SRGGDZDQH V RFHQLH SU]H] FDá\ F]DV WUZDQLD

EDGD DXG\WX .=$ SRZLQLHQ RSUDFRZDü Z\W\F]QH SRPDJDM FH Z\]QDF]RQ\P

SUDFRZQLNRPZZ\NRQ\ZDQLXWHJRDVSHNWXSUDFDXG\WX:\W\F]QHWHZá F]RQHV GR

SURJUDPX ]DGDQLD DXG\WRZHJR Z IRUPLH SR GDQ\FK FHFK PHFKDQL]PyZ NRQWUROL

ZHZQ WU]QHM NZHVWLRQDULXV]\ NRQWUROL ZHZQ WU]QHM OLVW NRQWUROQ\FK RUD]

V]F]HJyáRZ\FK WHVWyZ L SURFHGXU DXG\WX :SUDZG]LH Z\W\F]QH GOD DXG\WX

VSRU] G]RQH QD SL PLH VWDQRZL EH]FHQQH URGNL ZVSRPDJDM FH OHF] .=$ PXVL

GEDüRWRDE\ND G\]Z\]QDF]RQ\FKSUDFRZQLNyZE\á]D]QDMRPLRQ\]]DNUHVHPL

FHODPLSU]HJO GXV\VWHPXNRQWUROLZHZQ WU]QHM
%DGDM F V\VWHPNRQWUROLZHZQ WU]QHMDXG\WRUPR H SRVáX \üVL NZHVWLRQDULXV]DPL

NRQWUROLOXEOLVWDPLNRQWUROQ\PL 6WDQRZL RQHGODDXG\WRUDSRPRFGRX]\VNLZDQLD

SRWU]HEQ\FK LQIRUPDFML RG SUDFRZQLNyZ EDGDQHM NRPyUNL QD WHPDW PHFKDQL]PyZ

NRQWUROLZHZQ WU]QHM.ZHVWLRQDULXV]HWDNLHV VNRQVWUXRZDQHZWDNLVSRVyE HE\

RGSRZLHG]L QHJDW\ZQH ZVND]\ZDá\ QD SRWHQFMDOQLH VáDEH SXQNW\ NRQWUROL

ZHZQ WU]QHM1HJDW\ZQDRGSRZLHG E G]LHSRZRGRZDü H DXG\WRUE G]LHVL VWDUDá

XVWDOLü F]\ LVWQLHM NRPSHQVDF\MQH HOHPHQW\ NRQWUROL NWyUH NRPSHQVRZDá\E\

QHJDW\ZQ RGSRZLHG 
1DU] G]LDPL ZVSRPDJDM F\PL  SUDF DXG\WRUD QD W\P HWDSLH V QRWDWNL RSLVRZH



RUD]JUDILF]QDDQDOL]DSURFHVyZRSUDFRZ\ZDQHQDHWDSLHZVW SQHJRSU]HJO GX
2SUyF] SRGDQ\FK SRZ\ HM QDU] G]L ZLHOH LQIRUPDFML DXG\WRU X]\VNXMH SRGF]DV

UR]PyZ ] SUDFRZQLNDPL NRPyUHN RUJDQL]DF\MQ\FK SRGGDZDQ\FK DXG\WRZL

,QIRUPDFMH WH RUD] Z\QLNáH ] QLFK XVWDOHQLD L ZQLRVNL V WDN H GRNXPHQWRZDQH Z

GRNXPHQWDFKURERF]\FK'RNXPHQWDFMDWDNDREHMPXMHLGHQW\ILNRZDQHVLOQHLVáDEH

VWURQ\ PHFKDQL]PyZ NRQWUROL RUD] LFK RGQLHVLHQLD GR RGSRZLHGQLFK WHVWyZ

ZLDU\JRGQR FL



2SLVXM RQHPHFKDQL]P\NRQWUROLZHZQ WU]QHM

background image



: RFHQLH PHFKDQL]PyZ NRQWUROL ZHZQ WU]QHM DXG\WRU SRZLQLHQ EUDü SRG XZDJ

QDVW SXM FHF]\QQLNL


W\S\Eá GyZLQLHSUDZLGáRZR FLNWyUHPRJ Z\VW SRZDü



SURFHGXU\ PHFKDQL]PyZ NRQWUROL VáX FH ]DSRELHJDQLX L Z\NU\ZDQLX WDNLFK

Eá GyZLQLHSUDZLGáRZR FL



F]\]RVWDá\SU]\M WHVWRVRZQHSURFHGXU\LF]\V ]DGRZDODM FRSU]HVWU]HJDQH



VáDEH VWURQ\ NWyUH PRJá\E\ XPR OLZLDü Z\P\NDQLH VL

Eá GyZ L

QLHSUDZLGáRZR FLLVWQLHM F\PPHFKDQL]PRPNRQWUROL



ZSá\ZW\FKVáDE\FKVWURQQDFKDUDNWHUUR]áR HQLHZF]DVLHLVWRSLH QDVLOHQLD

WHFKQLNDXG\WXNWyUHWU]HED]DVWRVRZDü

'RNXPHQWDFMD ZVSRPDJD ]UR]XPLHQLH SU]H] DXG\WRUD PHFKDQL]PyZ NRQWUROL

ZHZQ WU]QHM 'RNXPHQW\ URERF]H DXG\WX GRVWDUF]DM X]DVDGQLH ZQLRVNyZ GR

NWyU\FK GRV]HGá DXG\WRU Z ]DNUHVLH EDGDQLD L RFHQ\ PHFKDQL]PyZ NRQWUROL

ZHZQ WU]QHM 7\ONR WH IXQNFMH PHFKDQL]PyZ NRQWUROL ZHZQ WU]QHM NWyUH ]RVWDQ

X]QDQH]DNU\W\F]QHDOERZD QHGOD]DFKRZDQLDVLá\RNUH ORQHJRF\NOXWUDQVDNFML

SRZLQQ\E\üWHVWRZDQHLRFHQLDQH'RNXPHQW\URERF]HSRZLQQ\E\üRSUDFRZ\ZDQH

GOD QD ZLHWOHQLD W\FK FHFK PHFKDQL]PyZ NRQWUROL ZHZQ WU]QHM Z UDPDFK W\FK

SURFHVyZ NWyUH PDM

E\ü SRGGDQH RFHQLH :\QLNL RFHQ SRV]F]HJyOQ\FK

PHFKDQL]PyZ NRQWUROL SRZLQQ\ E\ü GRNXPHQWRZDQH Z DUNXV]X XVWDOH  NWyUHJR

SU]\NáDGRZ\IRUPDW]QDMGXMHVL Z ]Dá F]QLNX
 7HVWRZDQLH
7HVWRZDQLH SROHJD QD RNUH OHQLX L GRERU]H UHSUH]HQWDW\ZQHM SUyENL RSHUDFML

]EDGDQLX LFK SRUyZQDQLX Z\QLNyZ ] RF]HNLZDQLDPL RUD] GRNRQDQLX HNVWUDSRODFML

Z\QLNyZQDEDGDQ SRSXODFM  6WRVRZDQLHSUyEVWDW\VW\F]Q\FKLORVRZ\FKRSDUW\FK

QD WHRULL SUDZGRSRGRELH VWZD SR]ZDOD DXG\WRURZL QD VWDZLDQLH WH] GRW\F] F\FK

ZL NV]\FK]ELRUyZ]RNUH ORQ\PVWRSQLHPSHZQR FLQDSRGVWDZLHEDGDQLDSHZQHM

F] FL SURFHQWRZHMZV]\VWNLFKHOHPHQWyZ,VWQLHM GZDSRGVWDZRZHURG]DMHWHVWyZ
7HVW\ ]JRGQR FL SU]HSURZDG]D VL GOD X]\VNDQLD Z\VWDUF]DM F\FK GRZRGyZ H

GDQ\ V\VWHP G]LDáD ]JRGQLH ] UR]XPLHQLHP DXG\WRUD X]\VNDQ\P SRSU]H] RFHQ

V\VWHPX NRQWUROL ZHZQ WU]QHM F]\OL H PHFKDQL]P\ NRQWUROL V VWRVRZDQH

3U]HSURZDG]D VL MH GODW\FK SURFHVyZ PHFKDQL]PyZ NRQWUROL QD NWyU\FK DXG\WRU

SRVWDQRZLá SROHJDü



 , RGZURWQLH MH HOL DXG\WRU XVWDOL H QD SHZQ\FK

PHFKDQL]PDFKV\VWHPXNRQWUROLQLHPR QD SROHJDü]Z\NOHQLHSU]HSURZDG]DVL Z

VWRVXQNX GR QLFK WHVWyZ ]JRGQR FL :D QH MHVW DE\ MHGQRVWNL SRSXODFML E G FHM

SU]HGPLRWHP WHVWRZDQLD PLDá\ WDN VDPD FHFK GRW\F] F PHFKDQL]PX NRQWUROL

%á GHPE G]LHND GHRGVW SVWZRRGWDNLHJRPHFKDQL]PX
5RG]DM UR]NáDG F]DVRZ\ L QDVLOHQLH WHVWyZ ]JRGQR FL V EOLVNR ]ZL ]DQH ]

PHFKDQL]PDPLNRQWUROLEDGDQ\PLSU]H] DXG\WRUD 3RQDGWR DXG\WRU PXVL EUDüSRG

XZDJ

GRVW SQR ü PDWHULDáyZ GRZRGRZ\FK RUD] ZNáDG SUDF\ DXG\WRUVNLHM

NRQLHF]QHM GR SU]HWHVWRZDQLD ]JRGQR FL 5R]SDWUXM F NRQLHF]Q\ ZNáDG SUDF\



:SUDNW\FHWHVW]JRGQR FLPR H SROHJDüQDIL]\F]Q\PVSUDZG]HQLXF]\GDQ\PHFKDQL]PNRQWUROL

QSDXWRU\]DFMDZ\GDWNX ]RVWDáZU]HF]\ZLVWR FLSU]HSURZDG]RQ\

background image



DXG\WRUVNLHM DXG\WRU RFHQLD F]\ SRPLQL FLH RNUH ORQ\FK WHVWyZ ]JRGQR FL QLH

]PQLHMV]\ZVSRVyELVWRWQ\]DXIDQLDGRGDQ\FKPHFKDQL]PyZNRQWUROLRUD]F]\WDND

RJUDQLF]RQDZLDU\JRGQR ü LVWRWQLHZSá\QLHQDNROHMQHWHVW\LSURFHGXU\DXG\WX
.=$SRZLQLHQ]DWZLHUG]LüURG]DMQDVLOHQLHLUR]NáDGZF]DVLHWHVWyZ]JRGQR FLGOD

SRWU]HE DXG\WX SR SU]HMU]HQLX L VSUDZG]HQLX RGSRZLHGQLFK NZHVWLRQDULXV]\ OLVW

ZHU\ILNDF\MQ\FK SLVHPQ\FK RSLVyZ RUD] DQDOL] JUDILF]Q\FK 3RQDGWR WHVW\ L

SURFHGXU\ DXG\WX ZLQQ\ E\ü DGHNZDWQLH RSDWU]RQH NU]\ RZ\PL RGQLHVLHQLDPL GR

ZVW SQHJR SU]HJO GXLZVW SQHMRFHQ\PHFKDQL]PyZNRQWUROLZHZQ WU]QHM

7HVW\ ZLDU\JRGQR FL U]HF]RZH  SU]HSURZDG]D VL SR SU]HSURZDG]HQLX WHVWyZ

]JRGQR FL



 3ROHJDM RQHQDVSUDZG]HQLXF]\LQIRUPDFMH]DZDUWHZGRNXPHQWDFML

V NRPSOHWQH GRNáDGQH L F]\ RG]ZLHUFLHGODM VWDQ IDNW\F]Q\ =D]Z\F]DM WHVW\ WH

SU]HSURZDG]D VL

QD SRV]F]HJyOQ\FK RSHUDFMDFK FHOHP VWZLHUG]HQLD LFK

SRSUDZQR FL -H OL DXG\WRU QD SRGVWDZLH WHVWyZ ]JRGQR FL VWZLHUG]L VWRVRZDQLH

GDQ\FK PHFKDQL]PyZ NRQWUROL WHVW\ ZLDU\JRGQR FL SU]HSURZDG]DQH V QD PDá\FK

SUyEDFK RJUDQLF]RQH WHVW\ ZLDU\JRGQR FL  : SU]\SDGNX VWZLHUG]HQLD H

PHFKDQL]P\ NRQWUROL QLH V VWRVRZDQH WHVW\ ZLDU\JRGQR FL SURZDG]L VL QD

RGSRZLHGQLR]ZL NV]RQ\FKSUyEDFK UR]V]HU]RQHWHVW\ZLDU\JRGQR FL 
 3RGVXPRZDQLH
5HDVXPXM FF]\QQR FLDXG\WRUVNLHPRJ REHMPRZDü


:VW SQ\ SU]HJO G GOD X]\VNDQLD ZHZQ WU]QHJR ]DSR]QDQLD VL ] RJyOQ

RUJDQL]DFM  G]LDáDQLHP L PHFKDQL]PDPL NRQWUROL Z\VW SXM F\PL X NOLHQWD

DXG\WX
8VWDOHQLH MDNLH XVWDQRZLRQR PHFKDQL]P\ NRQWUROL :VW SQH SUyE\

]DU\VRZDQLD VFKHPDWyZ RUJDQL]DF\MQ\FK DQDOL] JUDILF]Q\FK SURFHVyZ RUD]

QRWDWNLRSLVXM FHSURFHGXU\

7HVW\ NURF] FH ± 3U]H OHG]HQLH SU]HELHJX Z\EUDQ\FK RSHUDFML SU]H] FDá\

V\VWHP GODSRWZLHUG]HQLDF]\U]HF]\ZL FLH IXQNFMRQXM WDNMDNWRRSLVDQR

 

:VW SQ RFHQ PHFKDQL]PyZNRQWUROL
'RNXPHQWRZDQLH ± XNR F]HQLH NRPSOHWRZDQLD VFKHPDWyZ RUJDQL]DF\MQ\FK

DQDOL]JUDILF]Q\FKSU]HELHJXSURFHVyZRUD]QRWDWHNRSLVXM F\FKSURFHGXU\

2FHQ ± 'RNRQDQLH ZVW SQHM SUyE\ RFHQ\ HIHNW\ZQR FL PHFKDQL]PyZ

NRQWUROLZHZQ WU]QHM







7HVWRZDQLHLSRQRZQ RFHQ ± 3RWZLHUG]HQLHPRG\ILNDFMDDOERRGU]XFHQLH

ZVW SQHM SUyE\ RFHQ\ V\VWHPX PHFKDQL]PyZ NRQWUROL ZHZQ WU]QHM SRSU]H]



'RSXV]F]DOQHMHVWWDN H SRá F]HQLHW\FKGZyFKURG]DMyZWHVWyZZWUDNFLHMHGQHJRFL JXF]\QQR FL



=UHJXá\GRNRQXMHVL MHMQDZRSDUFLXRLQIRUPDFMHX]\VNDQHQDSRGVWDZLHNZHVWLRQDULXV]DNRQWUROL

ZHZQ WU]QHM

background image



]DVWRVRZDQLH WHVWyZ QD Z\EUDQ\FK SUyEDFK 8GRNXPHQWRZDQLH Z\QLNyZ

WDNLFK WHVWyZ L ZQLRVNyZ GRW\F] F\FK HIHNW\ZQR FL V\VWHPX PHFKDQL]PyZ

NRQWUROLZHZQ WU]QHM

-HGQRF]H QLHQDOH \ VWZLHUG]Lü H XM FLHFKURQRORJLF]QHF]\QQR FLDXG\WRUVNLFKZ

SUDNW\FHPR H VL QLHFRUy QLüRGSRZ\ V]HJRPRGHOX=DZRGRZ\RV G DXG\WRUD

MHJRGR ZLDGF]HQLHVSHF\ILNDEDGDQHJRREV]DUXOXEGRJá EQDZLHG]DDXG\WRUDQD

MHJR WHPDW PRJ

X]DVDGQLDü RGHM FLH RG QLHNWyU\FK F]\QQR FL E G

SU]HSURZDG]HQLHLFKZLQQHMNROHMQR FL
 &HFK\ZáD FLZLHRSUDFRZDQ\FKXVWDOH DXG\WX
6WZLHUG]HQLHVWDQXLVWQLHM FHJR &RMHVW
.U\WHULD &RSRZLQQRE\ü
6NXWHN &R]WHJRZ\QLND"
3U]\F]\QD 'ODF]HJRWDNVL VWDáR"
=DOHFHQLH &RQDOH \ ]URELü"

6WZLHUG]HQLH VWDQX LVWQLHM FHJR 6WZLHUG]HQLH VWDQX RNUH OD URG]DM L ]DNUHV

XVWDOHQLDE G QLH]DGRZDODM FHJRVWDQX&] VWRVWDQRZLRGSRZLHG QDS\WDQLH&R

E\áR OH"=D]Z\F]DMMDVQHLGRNáDGQHVWZLHUG]HQLHVWDQXZ\áDQLDVL ] SRUyZQD L

Z\QLNyZX]\VNDQ\FKSU]H]DXG\WRUDZRGQLHVLHQLXGRRGSRZLHGQLFKNU\WHULyZRFHQ\

.U\WHULD7DFHFKDSROHJDQDXJUXQWRZDQLXSUDZRPRFQR FLGDQHJRXVWDOHQLD

SRSU]H] LGHQW\ILNDFM NU\WHULyZ RFHQ\ RUD] RGSRZLDGD QD S\WDQLH 1DSRGVWDZLH

MDNLFK QRUP ]RVWDáR WR RV G]RQH" : SU]\SDGNX DXG\WyZ ILQDQVRZ\FK L DXG\WyZ

]JRGQR FL WDNLH NU\WHULD VWDQRZLü PRJ GRNáDGQR ü LVWRWQR ü FL JáR ü L VWDáR ü

PHWRGDOER]JRGQR ü ] RERZL ]XM F\PL ]DVDGDPL UDFKXQNRZR FL RUD] Z\PRJDPL

DNWyZ SUDZQ\FK : SU]\SDGNX DXG\WyZ HIHNW\ZQR FL L JRVSRGDUQR FL

VNXWHF]QR FL  NU\WHULD PRJ E\ü ]GHILQLRZDQH Z RNUH OHQLDFK PLVML G]LDáDOQR FL

DOER IXQNFML VWDQGDUGDFK L QRUPDFK Z\QLNyZ RUD] NRV]WyZ Z\PDJDQLDFK

RNUH ORQ\FK Z ]RERZL ]DQLDFK SUDZQ\FK FHODFK GDQHJR SURJUDPX SU]\M W\FK

]DVDGDFK SURFHGXUDFK RUD] LQQ\FK SROHFHQLDFK VáX ERZ\FK DOER WH Z LQQ\FK

]HZQ WU]Q\FK UyGáDFKNU\WHULyZ
6NXWHN7DFHFKDRNUH ODU]HF]\ZLVW\OXESRWHQFMDOQ\ZSá\ZQDLVWQLHM F\VWDQL

RGSRZLDGDQDS\WDQLH-DNLWRPLDáRVNXWHN"=QDF]HQLHGDQHJRVWDQXU]HF]\MHVW

]Z\NOH RFHQLDQH SRSU]H] MHJR VNXWNL : SU]\SDGNX DXG\WyZ RSHUDF\MQ\FK

G]LDáDOQR FLRJUDQLF]HQLHHIHNW\ZQR FLLJRVSRGDUQR FLDOERQLHRVL JQL FLHFHOyZ

GDQHJRSURJUDPX VNXWHF]QR ü VWDQRZL ZáD FLZHPLDU\VNXWNX&] VWR]QDMGXM

RQHZ\UD]ZXM FLXLOR FLRZ\PQS URGNyZSLHQL Q\FKOLF]E\]DWUXGQLRQ\FKRVyE

LOR FLPDWHULDáyZOLF]E\ WUDQVDNFML DOERXSá\ZX F]DVX -H HOL U]HF]\ZLVWHJR VNXWNX

QLHGDVL XVWDOLüSRWHQFMDOQHOXEQLHZ\PLHUQHVNXWNLPRJ E\üF]DVDPLSU]\GDWQH

GRSRND]DQLD]QDF]HQLDGDQHJRVWDQXU]HF]\
3U]\F]\QD&]ZDUW\FHFKDRNUH ODSRZRG\OH FHXSRGáR D QLH]DGRZDODM FHJR

VWDQX U]HF]\OXEXVWDOHQLDLRGSRZLDGDQDS\WDQLH'ODF]HJRWDNVL VWDáR"
-H HOLGDQ\VWDQU]HF]\XWU]\P\ZDáVL SU]H]GáX V]\F]DVDOERQDVLODVL  QDOH \

background image



WDN H RSLVDüSU]\F]\Q\ZSá\ZDM FHQDWDNLHFHFK\GDQHJRVWDQXIDNW\F]QHJR
,GHQW\ILNDFMD SU]\F]\Q\ QLH]DGRZDODM FHJR VWDQX U]HF]\ OXE RNUH ORQ\FK XVWDOH 

VWDQRZL ZVW SQ\ ZDUXQHN VIRUPXáRZDQLD ]QDF] F\FK ]DOHFH GRW\F] F\FK G]LDáD

QDSUDZF]\FK 3U]\F]\QD PR H E\ü FDáNLHP RF]\ZLVWD MH HOL ]DOHFHQLD DXG\WX

ZVND]XM QD NRQNUHWQ\ L SUDNW\F]Q\ VSRVyE SRSUDZ\ GDQHJR VWDQX U]HF]\

-HGQDN H EUDN LGHQW\ILNDFML SU]\F]\Q\ Z UDPDFK GDQHJR XVWDOHQLD PR H UyZQLH

R]QDF]Dü H SU]\F]\QD QLH ]RVWDáD XVWDORQD ] SRZRGX RJUDQLF]H OXE ZDG SUDF\

DXG\WX DOER H ]RVWDáD SRPLQL WD DE\ XQLNQ ü EH]SR UHGQLHM NRQIURQWDFML ]

XU] GQLNDPLRGSRZLHG]LDOQ\PL]DQLHSR GDQ\VWDQ
=DOHFHQLD7HQRVWDWQLDWU\EXWRNUH ODVXJHURZDQHG]LDáDQLD]DUDGF]HLRGSRZLDGD

QD S\WDQLH &R QDOH \ ]URELü" 5HODFMD SRPL G]\ ]DOHFHQLHP DXG\WX D OH F X

MHJRSRGáR D SU]\F]\Q GDQHJRVWDQXU]HF]\ZLQQDE\üMDVQDLORJLF]QD-H HOLWDNL

]ZL ]HN LVWQLHMH ]DOHFDQH G]LDáDQLH E G]LH QDMSUDZGRSRGREQLHM Z\NRQDOQH L

ZáD FLZLH XNLHUXQNRZDQH =DOHFHQLD ]DZDUWH Z VSUDZR]GDQLX ] SU]HSURZDG]HQLD

DXG\WX SRZLQQ\ SUHF\]\MQLH RNUH ODü FR WU]HED ]PLHQLü OXE QDSUDZLü 6SRVyE

GRNRQDQLD]PLDQQDOH \ GRRERZL ]NyZNOLHQWD%DUG]LHMRJyOQH]DOHFHQLD QSDE\

]ZUyFLü ZL NV] XZDJ  SRQRZQLH SRGNUH OLü ZDJ NRQNUHWQ\FK PHFKDQL]PyZ

NRQWUROL FR SU]HDQDOL]RZDü DOER UR]SDWU]\ü  QLH SRZLQQ\ E\ü VWRVRZDQH Z

VSUDZR]GDQLX ] SU]HSURZDG]HQLD DXG\WX OHF] E\ZDM F]DVDPL VWRVRZDQH Z

VNUyWRZ\FK  VSUDZR]GDQLDFK NLHURZDQ\FK EH]SR UHGQLR GR NLHURZQLFWZD

QDMZ\ V]HJRV]F]HEODGOD]ZUyFHQLDMHJRXZDJLQDXVWDOHQLDZVSUDZLH]JRGQR FL ]

SUDZHPSODQDPLFHODPLLWS XMDZQLRQHZV]HUHJXREV]DUyZ
.RU]\ FLSá\Q FH]SRGM FLD]DOHFDQ\FKG]LDáD QDOH \ Z\V]F]HJyOQLüFK\ED H V

RQH ]XSHáQLH RF]\ZLVWH .RV]W ZGUR HQLD L XWU]\PDQLD ]DOHFH QDOH \ ]DZV]H

SRUyZQDü ] RGSRZLHGQLP U\]\NLHP =DOHFHQLD QDOH \ NLHURZDü GR RVRE\

SRVLDGDM FHMNRPSHWHQFMHGRSRGM FLDRGSRZLHGQLFKG]LDáD 
 'RNXPHQWRZDQLHF]\QQR FLDXG\WRZ\FK
$XG\WRUZHZQ WU]Q\PDQLHW\ONRSUDZRZJO GXGRGRNXPHQWyZLLQQ\FKPDWHULDáyZ

]ZL ]DQ\FK ] IXQNFMRQRZDQLHP EDGDQHM NRPyUNL DOH WDN H PR H VSRU] G]Dü

QLH]E GQH RGSLV\ NRSLH OXE Z\FL JL MDN UyZQLH ]HVWDZLHQLD L REOLF]HQLD Z W\P

]DZDUW\FK QD HOHNWURQLF]Q\FK QR QLNDFK LQIRUPDFML =HVWDZLHQLD L REOLF]HQLD

GRNRQ\ZDQH QD SRGVWDZLH GRNXPHQWyZ SU]H] SUDFRZQLNyZ EDGDQHM NRPyUNL

]DWZLHUG]D NLHURZQLN WHM NRPyUNL 2GSLV\ L NRSLH SRZLQQ\ E\ü SRWZLHUG]RQH SU]H]

SUDFRZQLNyZEDGDQHMNRPyUNL
2GSLV\ NRSLH OXE Z\FL JL MDN UyZQLH ]HVWDZLHQLD L REOLF]HQLD RWU]\PDQH OXE

RSUDFRZDQHZWUDNFLH]DGDQLDDXG\WRZHJRQDOH \ XPLH FLüZHZáD FLZ\PUR]G]LDOH

DNWDXG\WX$E\]DSHZQLüSUDZLGáRZ L SHáQ LOXVWUDFM GDQHJR]DGDQLDDXG\WRZHJR

Z DNWDFK DXG\WX DXG\WRU SRZLQLHQ GRNXPHQWRZDü ZV]HONLH X]\VNDQH LQIRUPDFMH L

Zá F]DüMHGRDNWDXG\WX
1DOH \ GRNXPHQWRZDü ZV]HONLH LQIRUPDFMH X]\VNDQH Z WUDNFLH SURZDG]RQ\FK

VSRWND  Zá F]QLH]UR]PRZDPLWHOHIRQLF]Q\PLQDUDGDPLLZ\ZLDGDPL
3U]HELHJ QDUDG\ RWZLHUDM FHM ]DP\NDM FHM RUD] LQQ\FK QDUDG Z WUDNFLH ]DGDQLD

DXG\WRZHJR GRNXPHQWXMH VL SURWRNRáHP 3URWRNyá ] QDUDG\ PXVL ]DZLHUDü

LQIRUPDFMHRFHOXSU]HELHJXLZ\QLNXQDUDG\

background image



3URWRNyá ] UR]PRZ\  ]Dá F]QLN   VWDQRZL GRNXPHQW NWyU\ SRZLQLHQ E\ü

VSRU] G]RQ\ZHGáXJMHGQROLWHJRZ]RUXEH]SR UHGQLRSRUR]PRZLHOXEMHV]F]HZMHM

WUDNFLH2JyOQH]DOHFHQLDGRW\F] FHDUFKLZL]RZDQLDGRNXPHQWyZURERF]\FKRSLVDQR

Z =Dá F]QLNX  =DOHFD VL  DE\ NRSL SURWRNRáX UR]PRZ\ SU]HGVWDZLü RVRELH ]

NWyU SU]HSURZDG]RQRGDQ\Z\ZLDG]ZáDV]F]DMH HOLPLDáDZWHG\PLHMVFHG\VNXVMD

QD WHPDW LVWRWQ\FK VSUDZ 'RNXPHQWRZDQLH UR]PyZ XáDWZLD SURFHV DXG\WX L

ZVSRPDJD RSUDFRZDQLH ZQLRVNyZ L ]DOHFH  3URWRNyá ] UR]PRZ\ SRZLQLHQ ]RVWDü

SRGSLVDQ\ SU]H] DXG\WRUD D WDN H Z SU]\SDGNDFK NLHG\ MHVW WR ZáD FLZH SU]H] ]

NWyU SU]HSURZDG]DQRUR]PRZ 


6SUDZR]GDZF]R ü

&HOHP VSUDZR]GD VNáDGDQ\FK .LHURZQLNRZL -6)3 SU]H] DXG\WRUD ZHZQ WU]QHJR

MHVWGRVWDUF]HQLHRELHNW\ZQ\FKLQIRUPDFMLL]DOHFH  NWyU\FKFHOHPMHVWXPR OLZLHQLH

SRGHMPRZDQLD ZáD FLZ\FK GHF\]ML 2VWDWHF]QH VSUDZR]GDQLH ] SU]HSURZDG]HQLD

DXG\WX VWDQRZL Z\QLN NR FRZ\ ND GHJR ]DGDQLD DXG\WRZHJR L QDOH \ GR

RERZL ]NyZ.LHURZQLND.$:
 3URMHNWVSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WX ]DGDQLDDXG\WRZHJR
'OD ND GHJR ]DNR F]RQHJR ]DGDQLD DXG\WRZHJR DXG\WRU SRZLQLHQ RSUDFRZDü

SURMHNW VSUDZR]GDQLD Z NWyU\P LQIRUPXMH R XVWDOHQLDFK XZDJDFK L ZQLRVNDFK

]DOHFHQLDFK  L LFK ZGUR HQLX .LHURZQLN .$: SRZLQLHQ GRSLOQRZDü DE\

VSUDZR]GDQLH E\áR GRNáDGQH RELHNW\ZQH SU]HMU]\VWH ]ZL ]áH NRQVWUXNW\ZQH

NRPSOHWQHRUD]WHUPLQRZH
&HOHP RSUDFRZ\ZDQLD SURMHNWX VSUDZR]GDQLD ] SU]HSURZDG]HQLD DXG\WX MHVW

XSHZQLHQLH VL  H DXG\WRU SUDZLGáRZR ]UR]XPLDá F] FL VNáDGRZH V\VWHPX RUD]

]DSHZQLHQLH NOLHQWRZL DXG\WX PR OLZR FL XVWRVXQNRZDQLD VL

L RFHQ\ WHJR

VSUDZR]GDQLDDWDN H GRZ\UD HQLDZáDVQ\FKRFHQLRSLQLL3URMHNWVSUDZR]GDQLD]

SU]HSURZDG]HQLD DXG\WX QDOH \ SU]HGVWDZLü NLHURZQLNRZL NRPyUNL SRGGDQHM

DXG\WRZLDZ\QLNLDXG\WXSRGGDüSRGG\VNXVM Z WUDNFLHQDUDG\]DP\NDM FHM.OLHQW

DXG\WXPDWDN H SUDZRGRSU]HGVWDZLHQLDZ\MD QLH GRW\F] F\FKZ\QLNyZ3URMHNW

VSUDZR]GDQLDSRZLQLHQRGSRZLHGQLRREHMPRZDüWHVDPHHOHPHQW\FRVSUDZR]GDQLH

RVWDWHF]QH
 1DUDGD]DP\NDM FD
(OHPHQWHPNR F] F\P]DGDQLHDXG\WRZHMHVWQDUDGD]DP\NDM FD2GE\ZDVL M Z

FHOX SU]HGVWDZLHQLD ZVW SQ\FK XVWDOH

L ZQLRVNyZ ]DZDUW\FK Z SURMHNFLH

VSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WX3URMHNWWDNLQDOH \ GRVWDUF]\üNLHURZQLNRZL

NRPyUNLSRGGDZDQHMEDGDQLXZWHUPLQLHXPR OLZLDM F\PPXXVWRVXQNRZDQLHVL GR

MHJRWUH FL
.RRUG\QDWRU =DGDQLD $XG\WRZHJR RGSRZLDGD ]D XVWDOHQLH WHUPLQX QDUDG\

]DP\NDM FHM : QDUDG]LH ]DP\NDM FHM ELRU XG]LDá DXG\WRU]\ SU]HSURZDG]DM F\

]DGDQLHDZUD]LHSRWU]HE\WDN H .LHURZQLN.$:RUD]NLHURZQLNEDGDQHMNRPyUNLL

ZVND]DQLSU]H]QLHJRSUDFRZQLF\$XG\WRUZHZQ WU]Q\PR HQDZQLRVHNNLHURZQLND

NRPyUNLZNWyUHMMHVWSU]HSURZDG]RQ\DXG\WZHZQ WU]Q\]DSURVLüGRXF]HVWQLF]HQLD

Z QDUDG]LH]DP\NDM FHMRVRE\VSUDZXM FHQDG]yUQDGG]LDáDOQR FL NRPyUNL
3U]HG QDUDG ]DP\NDM F  QDOH \ SU]\JRWRZDü VWUDWHJL SUH]HQWDFML 3RZL ]DQH

VSUDZ\PR QDSRá F]\üRUD]QDOH \ RSUDFRZDüNROHMQR ü SUH]HQWDFML1DOH \ XQLNDü

background image



WDNLFK SXQNWyZ QD SRF] WNX SUH]HQWDFML NWyUH ZSURZDG]Dá\E\ HOHPHQW\ PRJ FH

Z\ZRáDü VSU]HFLZ SUDFRZQLNyZ NRPyUNL SRGGDZDQHM DXG\WRZL 8VWDOHQLD QDOH \

SRJUXSRZDüZGZLHNDWHJRULHLSU]HGVWDZLüMHZQDVW SXM F\PSRU] GNX


,VWRWQHXVWDOHQLDDGUHVRZDQHGRNLHURZQLFWZDQDMZ\ V]HJRV]F]HEOD



8ZDJL±VSUDZ\PQLHMZD QHNWyUH]RVWDQ SU]HGVWDZLRQHXVWQLHOXEZIRUPLH

QLHIRUPDOQHM QRWDWNL RVRERP RGSRZLHG]LDOQ\P ]D QDG]yU ZREHF NOLHQWD

DXG\WX

&HOHP QDUDG\ MHVW SRLQIRUPRZDQLH NLHURZQLFWZD NRPyUNL SRGGDQHM DXG\WRZL R

Z\QLNDFKDXG\WXLRSURFHVLHVSUDZR]GDZF]\PRVL JQL FLHSRUR]XPLHQLDQDWHPDW

XVWDOH  RUD] ]DSR]QDQLH ] G]LDáDQLDPL QDSUDZF]\PL ]DSODQRZDQ\PL OXE MX

SRGM W\PL Z FHOX SRSUDZ\ HZHQWXDOQ\FK QLHGRFL JQL ü XMDZQLRQ\FK SU]H] DXG\W

.=$ SRZLQLHQ GRNRQDü SU]HJO GX FHOyZ L ]DNUHVX ]DGDQLD DXG\WRZHJR RUD]

SURFHVXVSUDZR]GDZF]HJRSU]HGSRGM FLHPG\VNXVMLRXVWDOHQLDFKDXG\WXZPLDU

PR OLZR FLXVWDOHQLDL]DOHFHQLDDXG\WXSRZLQQ\QDVW SQLH]RVWDüRPyZLRQHSU]H]

RVRE  NWyUDRSUDFRZDáDXVWDOHQLDDXG\WXOXESURZDG]LáD]DGDQLHDXG\WRZHZGDQ\P

REV]DU]H 1DOH \ UyZQLH Z]L ü SRG XZDJ RND]M SU]HGVWDZLHQLH SR]\W\ZQ\FK

PHFKDQL]PyZ NRQWUROL ZHZQ WU]QHM L ]DU] G]DQLD ]LGHQW\ILNRZDQ\FK SRGF]DV

SU]HSURZDG]DQLDDXG\WX-HGHQ]SUDFRZQLNyZDXG\WXZLQLHQ]RVWDüZ\]QDF]RQ\

GR ]DSLV\ZDQLD L GRNXPHQWRZDQLD ZV]HONLFK G\VNXVML Z WUDNFLH QDUDG\ 1DOH \

VSRU] G]Lü SURWRNyá ] QDUDG\ ]DP\NDM FHM ]Dá F]QLN   GOD ND GHJR XVWDOHQLD

RPDZLDQHJRQDQDUDG]LH]DP\NDM FHM
 6SUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX
3RQDUDG]LH]DP\NDM FHM.=$VSRU] G]DVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

:V]\VF\ DXG\WRU]\ ZHZQ WU]QL NWyU]\ XF]HVWQLF]\OL Z F]\QQR FLDFK DXG\WX

SRGSLVXM VSUDZR]GDQLH SRWZLHUG]DM F W\P VDP\P H GDQH NWyUH SU]HGVWDZLOL V

GRNáDGQH2VRE\RUD]OXENLHURZQLNRGSRZLHG]LDOQ\]DNRPyUN SRGGDQ DXG\WRZL

UyZQLH SRGSLVXM VSUDZR]GDQLHNR FRZHGODSRWZLHUG]HQLD H MHJRWUH ü ]RVWDáDLP

SU]HGVWDZLRQDL H RWU]\PDOLMHGHQHJ]HPSODU]WHJRVSUDZR]GDQLD
6SUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WXSRZLQQR]DZLHUDüQDVW SXM FHHOHPHQW\
 R]QDF]HQLH]DGDQLDDXG\WRZHJR
 GDW VSRU] G]HQLD
 QD]Z L DGUHVNRPyUNLZNWyUHMMHVWSU]HSURZDG]DQ\DXG\WZHZQ WU]Q\
 LPL L QD]ZLVNRDXG\WRUyZZHZQ WU]Q\FKXF]HVWQLF] F\FKZ]DGDQLXDXG\WRZ\P

RUD]QXPHULPLHQQHJRXSRZD QLHQLDGRSU]HSURZDG]DQLDDXG\WXZHZQ WU]QHJR

 NUyWNLHVWUHV]F]HQLH
 FHOSU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR
 ]DNUHVSU]HGPLRWRZ\]DGDQLDDXG\WRZHJR
 SRGM WHG]LDáDQLDL]DVWRVRZDQHWHFKQLNLSU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR
 WHUPLQZNWyU\PSU]HSURZDG]RQRDXG\WZHZQ WU]Q\
]ZL ]á\RSLVG]LDáD NRPyUNLMHMVWUDWHJLLLFHOyZ]ZáDV]F]DZREV]DU]H

background image



SRGGDQ\PDXG\WRZLZHZQ WU]QHPX

XVWDOHQLDVWDQXIDNW\F]QHJR
RNUH OHQLHRUD]DQDOL] SU]\F]\QLVNXWNyZXFK\ELH 
XZDJLLZQLRVNLZVSUDZLHXVXQL FLDVWZLHUG]RQ\FKXFK\ELH 
SRGSLV\DXG\WRUyZZHZQ WU]Q\FKXF]HVWQLF] F\FKZ]DGDQLXDXG\WRZ\P
]DWZLHUG]HQLHSU]H].LHURZQLND.$:
OLVWDRVyERWU]\PXM F\FKVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

-DVQHRNUH OHQLHFHOX]DGDQLDDXG\WRZHJRMHVWNRQLHF]QHGODSUDZLGáRZHMRFHQ\

MHJRZ\QLNyZ-H OL]DLVWQLHMHWDNDSRWU]HEDZWHMF] FLVSUDZR]GDQLDPR QD

SRLQIRUPRZDüGODF]HJRSU]HSURZDG]RQR]DGDQLHDXG\WRZH F]\Z\QLNDáRRQR]

SODQXF]\E\áRG]LDáDQLHPDGKRF LMDNLFKZ\QLNyZRF]HNLZDQR
:VND]DQLH]DNUHVXDXG\WXXPR OLZLDF]\WHOQLNRZLVSUDZR]GDQLDQD]RULHQWRZDQLH

VL MDNLHJRREV]DUXG]LDáDOQR FLMHGQRVWNLGRW\F]\áREDGDQLH$E\SUHF\]\MQLHRNUH OLü

JUDQLFH]DNUHVXPR QDUyZQLH Z\PLHQLüURG]DMHG]LDáDOQR FLSRZL ]DQH]

EDGDQ\PLREV]DUDPL
: VSUDZR]GDQLXSRZLQQ\]QDOH ü VL WHXVWDOHQLHVWDQXIDNW\F]QHJR VWZLHUG]RQH

IDNW\ NWyUHV NRQLHF]QHGRX]DVDGQLHQLDOXEZ\MD QLHQLDXZDJLZQLRVNyZ
$QDOL]DSU]\F]\QLVNXWNyZ]QDOH]LRQ\FKXFK\ELH WRVSRU] G]RQDSU]H]DXG\WRUD

ZHZQ WU]QHJR RFHQD ZSá\ZX XVWDOHQLD VWDQX IDNW\F]QHJR QD EDGDQ\ URG]DM

G]LDáDOQR FL L QD FDá MHGQRVWN  1DOH \ MHGQDN SDPL WDü DE\ Z SU]\SDGNX QLH

]QDOH]LHQLDLVWRWQ\FKXFK\ELH Z\UD QLHZVND]Dü H V\VWHPIXQNFMRQXMHZVSRVyE

SUDZLGáRZ\
8ZDJLLZQLRVNL ]DOHFHQLD ZVSUDZLHVWZLHUG]RQ\FKXFK\ELH VWDQRZL ]DOHFHQLD

XOHSV]H RUD]SODQG]LDáD QDSUDZF]\FK
.LHURZQLN NRPyUNL SRGGDQHM DXG\WRZL Z SRUR]XPLHQLX ] DXG\WRUHP RNUH OL WDN H

F]DVSU]HZLG]LDQ\QDZGUR HQLHLRVRE\RGSRZLHG]LDOQH]DZSURZDG]HQLHZ \FLH

XVWDOH L ]DOHFH VIRUPXáRZDQ\FK Z NR FRZ\P VSUDZR]GDQLX ] SU]HSURZDG]HQLD

DXG\WX

=DVWU]H HQLD]HVWURQ\SRGGDQHJRDXG\WRZLNRPyUNLRUJDQL]DF\MQHMPXV] ]DZV]H

E\ü VNáDGDQH Z SRVWDFL SLVHPQHM RUD] ]RVWDü ]Dá F]RQH GR DNW DXG\WX .LHURZQLN

.$: WDN H SRGSLVXMH VSUDZR]GDQLH NR FRZH ] SU]HSURZDG]HQLD DXG\WX RUD]

]DWZLHUG]RQHVSUDZR]GDQLHNR FRZH]DXG\WXMDNUyZQLH KDUPRQRJUDPZGUR HQLD

MHJR ]DOHFH  NWyUH ]RVWDM SU]HGáR RQH .LHURZQLNRZL GDQHM -6)3 =DWZLHUG]RQH

VSUDZR]GDQLHNR FRZH]RVWDMH]Dá F]RQHGRDNW
: SU]\SDGNX JG\E\ SR GZyFK PLHVL FDFK RG RWU]\PDQLD ZHZQ WU]QHJR

VSUDZR]GDQLDQLHSRGM WR DGQ\FKNURNyZ]PLHU]DM F\FKGRSRSUDZ\PHFKDQL]PyZ

NRQWUROL L ]DU] G]DQLD .LHURZQLN GDQHM -6)3 SRZLQLHQ SRLQIRUPRZDü *áyZQHJR

,QVSHNWRUD$XG\WX:HZQ WU]QHJRRUD].LHURZQLND.$:LZ\MD QLüSU]\F]\Q WDNLHM

background image



V\WXDFML

:]yU NR FRZHJR VSUDZR]GDQLD ] DXG\WX SU]\NáDG\ :]yU 6SUDZR]GDQLD

] 3U]HSURZDG]HQLD $XG\WX SRGDQR Z =Dá F]QLNX   SRZLQQ\ ]RVWDü RSUDFRZDQH

L ZSURZDG]RQHSU]H].LHURZQLND.$::]yUWDNLPR H E\üUy Q\]DOH QLHRGFHOyZ

L ]DNUHVXDXG\WXLWS

$NWD DXG\WX PRJ ]RVWDü ]DPNQL WH SR ]DWZLHUG]HQLX NR FRZHJR VSUDZR]GDQLD

] SU]HSURZDG]HQLD DXG\WX SU]H] .LHURZQLND GDQHM -6)3 6SUDZG]DQLH Z\NRQDQLD

]DOHFH WUDNWXMH VL MDNR RGU EQH G]LDáDQLH 'RNXPHQW ]DPNQL FLD DNW DXG\WX

VSRU] G]RQ\SU]H]DXG\WRUD L VSUDZG]RQ\ SU]H] .LHURZQLND .$:QDOH \ XPLH FLü

MDNRRVWDWQLGRNXPHQWZDNWDFK =Dá F]QLN'RNXPHQW=DPNQL FLD$XG\WX 

:V]\VWNLHVSUDZR]GDQLDSRZLQQ\PLHüV]H ü QDVW SXM F\FKFHFK
'RNáDGQR ü ± :V]HONLHVSUDZR]GDQLDPXV] E\üSRSDUWHIDNWDPL-HVWQLH]PLHUQLH

ZD Q\P GOD ZLDU\JRGQR FL .$: L ND GHJR DXG\WRUD DE\ ]DFKRZDü QDMZ\ V]\

SR]LRPU]HF]RZHMEH]VWURQQHMLRELHNW\ZQHMVSUDZR]GDZF]R FL
-DVQR ü ± :V]HONLH VSUDZR]GDQLD PXV] E\ü MDVQH ]UR]XPLDáH , QLH SRZLQQ\

Z\PDJDüNRQLHF]QR FLLFKLQWHUSUHWRZDQLDDQLXVWQ\FKZ\MD QLH 
.ZDQW\ILNDFMD±:V]HONLHXZDJLSRZLQQ\PLHüSRGDQ\ZPDNV\PDOQ\PPR OLZ\P

VWRSQLX Z\PLDU LOR FLRZ\ DE\ SR]ZROLü QD XVWDOHQLH ZDJL L VNXWNyZ RGG]LDá\ZDQLD

ZVND]DQ\FK SXQNWyZ 3U]\NáDG\ NZDQW\ILNDFML VWDQRZL LOR FL OLF]E\ RGFK\OH Z

WHVWDFKRUD]]DNUHVXWHVWRZDQLD
=ZL ]áR ü ± :V]HONLHVSUDZR]GDQLDPXV] E\üWUDIQHLGRW\F]\üSU]HGPLRWXDXG\WX

1LHNRQLHF]QLHR]QDF]DWR H PDM E\üNUyWNLH
5]HWHOQR ü ± :V]HONLH VSUDZR]GDQLD ZLQQ\ ]DFKRZDü UyZQRZDJ  ELRU F SRG

XZDJ ZUD OLZR FL NOLHQWyZDXG\WX1DFLVNQDOH \ SRáR \üQDZDUXQNLSRSUDZ\D

QLHQDNU\W\N RVyEOXE]GDU]H ] SU]HV]áR FL
7HUPLQRZR ü ± :V]HONLH VSUDZR]GDQLD PXV] E\ü Z\GDZDQH QD F]DV SR

]DNR F]HQLXGDQHJR]DGDQLD3RGVXPRZDQLHSRGVWDZRZHMWHPDW\NLEDGDQLD$XG\WX

=Dá F]QLN   PR QD VSRU] G]Lü GOD ND GHJR VSUDZR]GDQLD ] SU]HSURZDG]HQLD

DXG\WX
3U]\SLVDQLH RGSRZLHG]LDOQR FL GR NRQNUHWQ\FK RVyE ± :V]HONLH VSUDZR]GDQLD

PXV] SRGDZDüNWRMDNLNLHG\PDSRGHMPRZDüG]LDáDQLDQDSUDZF]H
-H HOL VSUDZR]GDQLH MHVW GRNáDGQH MDVQH ]ZL ]á\ U]HWHOQ\ WHUPLQRZH L ]DZLHUD

NRQNUHWQLHZ\]QDF]RQHRERZL ]NLZ]UDVWDMHJRZDUWR üMDNRZLDU\JRGQHJR UyGáD

LQIRUPDFML

 $NWDDXG\WX

$E\ ]DSHZQLü Z\VRN MDNR ü DXG\WX L XSUR FLü RSUDFRZ\ZDQLH GRNXPHQWyZ

background image



URERF]\FKJURPDG]RQ\FKZWUDNFLHDXG\WXMDNUyZQLH DE\XPR OLZLüGRVW S VWURQ

WU]HFLFK GR LQIRUPDFML QD WHPDW SU]HELHJX DXG\WX ZV]HONLH GRNXPHQW\ URERF]H

SRZLQQ\ E\ü ]DPLHV]F]RQH Z DNWDFK DXG\WX $NWD DXG\WX QDOH \ XNáDGDü ZHGáXJ

MHGQROLW\FKZ\PRJyZ

.D GDWHF]NDDNWDXG\WXSRZLQQDE\ü]DRSDWU]RQDZQDVW SXM FHLQIRUPDFMH

 1XPHUDNW
 1D]ZDDNW
 1D]ZD.$:
 1D]ZDNRPyUNLSRGGDQHMDXG\WRZL
 &]DVWUZDQLDF]\QQR FL]ELHUDQLDDNW

:V]HONLH GRNXPHQW\ DXG\WX SU]HG Zá F]HQLHP LFK GR WHF]NL DNW DXG\WX QDOH \

SRQXPHURZDüRUD]]DUHMHVWURZDüZRGSRZLHGQLPIRUPXODU]X6SLVGRNXPHQWyZQD

SRF] WNX ND GHJR UR]G]LDáX GRVWDUF]D LQIRUPDFML R ZV]\VWNLFK GRNXPHQWDFK

]DPLHV]F]RQ\FKZGDQ\PUR]G]LDOH
$NWD DXG\WXSU]HQRVLVL GRDUFKLZXP]JRGQLH]SU]HSLVDPLSUDZDRERZL ]XM F\PL

Z 5]HF]\SRVSROLWHM3ROVNLHM



6WDáHDNWDDXG\WX

.$: SRZLQQD SURZDG]Lü VWDáH DNWD NWyUD ]DZLHUDM GRNXPHQW\ FKDUDNWHU\]XM FH

GDQ -HGQRVWN 6HNWRUD )LQDQVyZ 3XEOLF]Q\FK MDNR FDáR ü RUD]OXE MHM VWUXNWXU

ZHGáXJ SRG]LDáXQDNRPyUNLRUJDQL]DF\MQH

6WDáH DNWDREHMPXM Z V]F]HJyOQR FL
 DNW\QRUPDW\ZQHRUD]LQQHDNW\SUDZQH]ZL ]DQH]]DNUHVHPG]LDáDQLDMHGQRVWNL

RUD]UHJXOXM FHMHMIXQNFMRQRZDQLH

 GRNXPHQW\]DZLHUDM FHRSLVSURFHGXUNRQWUROLZW\PNRQWUROLILQDQVRZHMLPDM FH

ZSá\ZQDV\VWHPNRQWUROLILQDQVRZHM

 SODQ\DXG\WXZHZQ WU]QHJR

 LQQHLQIRUPDFMHPRJ FHPLHüZSá\ZQDSU]HSURZDG]DQLHDXG\WXZHZQ WU]QHJRL

DQDOL] U\]\ND

$NWD VWDáH PRJ E\ü Z\NRU]\VWDQH GR SU]HSURZDG]HQLD ]DGD DXG\WRZ\FK Z

SU]\V]áR FL RUD] SRVáX

MDNR FHQQH LQIRUPDFMH ZSURZDG]DM FH GOD QRZ\FK

DXG\WRUyZZHZQ WU]Q\FK$NWDWHQDOH \ VWDOHDNWXDOL]RZDü

background image





%LH FHDNWDDXG\WX

%LH FH DNWD ]DZLHUDM LQIRUPDFMH QLH]E GQH GR VIRUPXáRZDQLD XZDJ L ZQLRVNyZ

NWyUH E G ]DZDUWH Z VSUDZR]GDQLX ] SU]HSURZDG]HQLD DXG\WX ZHZQ WU]QHJR

3URZDG]L VL MH GOD GRNXPHQWRZDQLD SU]HELHJX L Z\QLNyZ NRQNUHWQHJR ]DGDQLD

DXG\WRZHJR
3RZLQQ\VNáDGDüVL FRQDMPQLHM]SL FLXF] FLREHMPXM F\FK



'RNXPHQW\ ]JURPDG]RQH SU]HG UR]SRF] FLHP ]DGDQLD DXG\WRZHJR Z W\P

PDWHULDáyZNWyUHVWDQRZL SRGVWDZ UR]SRF] FLD]DGDQLD QSDQDOL]DU\]\ND

VHNWRUD RUD] LPLHQQH XSRZD QLHQLD GR SU]HSURZDG]DQLD DXG\WX

ZHZQ WU]QHJR



'RNXPHQW\ NWyUH SU]\QDOH

GR F]\QQR FL SODQRZDQLD L SURMHNWRZDQLD

SURJUDPX DXG\WX PLQ SURJUDPX DXG\WX ZV]HONLFK HZHQWXDOQ\FK NRUHNW

SURJUDPXSURWRNyá]QDUDG\RWZLHUDM FHMZ\EUDQDPHWRG\NDDXG\WX 



0DWHULDá\GRRFHQ\LGRZRGyZZW\PZV]HONLHPDWHULDá\VSRU] G]RQHSU]H]

DXG\WRUD OXE RWU]\PDQH RG VWURQ WU]HFLFK RUD] R ZLDGF]HQLD SUDFRZQLNyZ

EDGDQHM NRPyUNL NWyUH Z\ZLHUDM ZSá\Z QD RFHQ V\VWHPyZ ]DU] G]DQLD L

NRQWUROL ILQDQVRZHM SURWRNRá\ QDUDG IRWRNRSLH GRNXPHQWyZ Z\QLNL WHVWyZ

LWS 



6SUDZR]GDQLD Z W\P SURMHNW VSUDZR]GDQLD SRGQRV]RQH ]DVWU]H HQLD L

]DWZLHUG]RQHNR FRZHVSUDZR]GDQLH



&]\QQR FL VSUDZG]DM F\FK Z W\P QRWDWN

LQIRUPDF\MQ

] F]\QQR FL

VSUDZG]DM F\FK

.LHG\NR FRZHVSUDZR]GDQLH]RVWDQLH]DWZLHUG]RQHZV]HONLHQLHLVWRWQHGRNXPHQW\

]DZDUWH Z DNWDFK DXG\WX QDOH \ XVXQ ü ] DNW 'RNXPHQW\ ZHU\ILNXM FH XVWDOHQLD

DXG\WX FLH NDDXG\WX RUD]PHWRG\DXG\WXPXV] ]RVWDü]DUHMHVWURZDQHZDNWDFK

QDWUZDOH.LHURZQLN.$:RGSRZLDGD]DRSUDFRZDQLHZ\W\F]Q\FKJURPDG]HQLDDNWL

LFKDUFKLZL]DFML



3U]HJO G MDNR FLDNWDXG\WX

:D Q F] FL RFHQ\ MDNR FL .RPyUNL $XG\WX :HZQ WU]QHJR VWDQRZL RNUHVRZ\

L JUXQWRZQ\ SU]HJO G DNW RUD] GRNXPHQWyZ URERF]\FK DXG\WX GRNRQ\ZDQ\ SU]H]

.LHURZQLND.$:L.RRUG\QDWRUD=DGDQLD$XG\WRZHJR&HOHPSU]HJO GXDNWDXG\WX

MHVW RFHQD DGHNZDWQR FL Z\NRQDQ\FK SUDF DXG\WRUVNLFK RUD] VSUDZG]HQLH F]\

XVWDORQH ] JyU\ FHOH DXG\WX ]RVWDá\ RVL JQL WH 2NUH OHQLH GRNXPHQW URERF]\

DXG\WX GRW\F]\ Z W\P NRQWHN FLH ]DUyZQR SDSLHURZ\FK NRSLL GRNXPHQWyZ

URERF]\FKMDNLHOHNWURQLF]Q\FKZHUVMLGRNXPHQWyZURERF]\FKSU]HFKRZ\ZDQ\FK]D

SRPRF NRPSXWHUD
'RNXPHQW\URERF]HDXG\WXPXV] VWDQRZLü]HVWDZVDPRG]LHOQ\FKGRNXPHQWyZQD

SRGVWDZLH NWyU\FK F]\WHOQLN E G]LH Z VWDQLH ]LGHQW\ILNRZDü G]LDáDQLD

SU]HSURZDG]RQH SU]H] DXG\WRUD yZ  GOD VSHáQLHQLD FHOyZ SURJUDPX ]DGDQLD

background image



DXG\WRZHJRLSU]\JRWRZDQLDVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX0XVLLVWQLHü

MDVQD FLH NDGRNXPHQWXM FDDXG\W

'RNXPHQWDFMD SU]HJO GX GRNXPHQWyZ URERF]\FK VWDQRZL RERZL ]HN .LHURZQLND

.$:RUD]ZáD FLZHJR.RRUG\QDWRUD=DGDQLD$XG\WRZHJR/LVWDZHU\ILNDF\MQDRFHQ\

MDNR FL Z\NRQDQLD ]DGDQLD DXG\WRZHJR SU]\NáDG Z =Dá F]QLNX   SRZLQQD E\ü

VWRVRZDQDGRMHGQROLWHMGRNXPHQWDFML]DGDQLD:\PRJL GODSRV]F]HJyOQ\FK IXQNFML

GRW\F] FHSU]HJO GXGRNXPHQWyZURERF]\FKRNUH ORQRSRQL HM

.RRUG\QDWRU=DGDQLD$XG\WRZHJR
.=$ RGSRZLDGD ]D RNUHVRZH SU]HJO G\ GRNXPHQWyZ URERF]\FK Z WUDNFLH WUZDQLD

]DGDQLDDXG\WRZHJR&RGRUHJXá\SU]HJO G WDNLSRZLQLHQQDVW SRZDüZPLDU MDN

]RVWDM ]DNR F]RQH SRV]F]HJyOQH F] FL SURJUDPX ]DGDQLD DXG\WRZHJR &HOHP

WDNLHJRSU]HJO GXMHVW]DSHZQLHQLHLVWQLHQLD

$

$GHNZDWQHM GRNXPHQWDFML ZV]HONLFK XVWDOH

] RGSRZLHGQLPL

RGQLHVLHQLDPLGRNRQNUHWQ\FKGRNXPHQWyZURERF]\FK.D GHXVWDOHQLH

SRZLQQR]QDMGRZDüSRSDUFLHZ$UNXV]X8VWDOH $XG\WX =Dá F]QLN 

%

8VWDORQ\FK Z\PRJyZ RSUDFRZ\ZDQLD ND GHJR ]DOHFHQLD WDN DE\

]DSHZQLü GRNáDGQR ü Z XZ]JO GQLDQLX ZV]HONLFK HOHPHQWyZ GDQHJR

XVWDOHQLD RUD] Z\ND]\ZDQLH SURIHVMRQDOL]PX Z IRUPXáRZDQLX W\FK

XVWDOH 

&

.RQVHNZHQWQHM FL JáR FL Z V\VWHPLH LQGHNVRZDQLD FHOHP XWU]\PDQLD

]DSLVX FLH NLDXG\WX

'

2GQRWRZDQLD ZV]HONLFK HOHPHQWyZ SURJUDPX ]DGDQLD DXG\WRZHJR

NWyUHZGDOV]\PFL JXSR]RVWDM QLHXNR F]RQH

(

2GSRZLHGQLFK GRNXPHQWyZ]HVWDZLH

URERF]\FK ]DZLHUDM F\FK

ZVND]DQLD UyGHá GDQ\FK SRGVWDZ RNUH OHQLD L GRERUX SUyEHN ]DSLV

Z\NRQDQ\FKSUDFRUD]ZQLRVNyZ3RQDGWRZV]HONLHPDM FH]QDF]HQLH

Z GDQ\P Z\SDGNX DUNXV]H URERF]H]HVWDZLHQLD SRZLQQ\ ]DZLHUDü

RGQLHVLHQLH GR NRQNUHWQ\FK SRVXQL ü SURJUDPX ]DGDQLD DXG\WRZHJR

RUD]GRZáD FLZHJR=HVWDZLHQLD8VWDOH $XG\WXMH HOLX]DVDGQLDM RQH

GDQHXVWDOHQLHDXG\WX

)

1LH]E GQ\FK RGQLHVLH GOD ]DSHZQLHQLD SHáQHJR SRZL ]DQLD ]H

ZV]\VWNLPL VWURQDPL GRNXPHQWyZ URERF]\FK GOD ]DFKRZDQLD

NRPSOHWQHM FLH NLDXG\WX DXGLWWUDLO 

.LHURZQLN.$:
.LHURZQLN .$: GRNRQXMH RFHQ\ SU]HJO GX GRNXPHQWyZ URERF]\FK Z\NRQDQHJR

SU]H] DXG\WRUyZ SU]HSURZDG]DM F\FK ]DGDQLH DXG\WRZH =RVWDMH WR RVL JQL WH ]D

background image



SRPRF SU]HJO GXGRNXPHQWyZURERF]\FKSRGN WHPQLHNWyU\FKVSR UyGNU\WHULyZ

Z\PLHQLRQ\FK Z\ HM 3U]HJO G SU]H] .=$ SRZLQLHQ ]RVWDü ]DNR F]RQ\ ZUD] ]

]DNR F]HQLHPF]\QQR FLDXG\WRUVNLFKDSU]HGSU]HJO GHPSURMHNWXVSUDZR]GDQLD]

SU]HSURZDG]HQLD DXG\WX ] XG]LDáHP NOLHQWyZ DXG\WX : SU]\SDGNX JG\ DXG\W

Z\NRQ\ZDQ\ E\á Z\á F]QLH SU]H] DXG\WRUD E G FHJR MHGQRF]H QLH .=$ SU]HJO G

GRNXPHQWyZ DXG\WX SRZLQLHQ E\ü SU]HSURZDG]RQ\ SRGF]DV WUZDQLD ]DGDQLD

DXG\WRZHJRQLHF]HNDM F QD]DNR F]HQLHF]\QQR FLDXG\WRUVNLFKLQDVSRU] G]HQLH

SURMHNWX VSUDZR]GDQLD 2ERN VSUDZ Z\V]F]HJyOQLRQ\FK LVWRWQH GOD SU]HJO GX

GRNRQ\ZDQHJR SU]H] .=$ .LHURZQLN .$: SRZLQLHQ E\ü WDN H EUDü SRG XZDJ

QDVW SXM FHHOHPHQW\

$

'RNáDGQR ü  $XG\WRU PXVL ]DZV]H SDPL WDü H VSUDZR]GDQLH PXVL

E\ü FDáNRZLFLH RSDUWH QD IDNWDFK .D GH VWZLHUG]HQLH ND GD OLF]ED

RUD] ND GH RGQLHVLHQLH PXVL E\ü RSDUWH QD U]HF]RZ\FK GRZRGDFK

6WZLHUG]HQLD IDNWyZ PXV] ZL ]Dü VL ] ]DSHZQLHQLHP H DXG\WRU

RVREL FLH ]DREVHUZRZDá OXE ]ZHU\ILNRZDá ND G\ IDNW VWZLHUG]RQ\ Z

VSUDZR]GDQLX

%

-DVQR ü ±-DVQR ü R]QDF]DSU]HND]DQLHF]\WHOQLNRZLWHJRFRDXG\WRU

PLDá QD P\ OL SLV] F VSUDZR]GDQLH -H HOL DXG\WRU QLH Z\VWDUF]DM FR

]DSR]QDá

VL

] GDQ\P WHPDWHP SU]HSURZDG]Lü ZL FHM SUDF Z WHUHQLH OXE GDOV]\FK

EDGD 

&

=ZL ]áR ü ± =ZL ]áR ü R]QDF]D SR]E\ZDQLH VL

QDGPLHUQLH

UR]EXGRZDQ\FK HOHPHQWyZ RUD] HOLPLQRZDQLH WHJR FR MHVW QLHLVWRWQH

OXEEH]]QDF]HQLDGODSU]HGPLRWXDXG\WX6áRZD]GDQLDLDNDSLW\NWyUH

QLHVáX DXG\WRURZLGRSU]HND]DQLDJáyZQHJRZ WNXVSUDZR]GDQLDQLH

SRZLQQ\]QDOH ü VL Z VSUDZR]GDQLX

'

- ]\N VSUDZR]GDQLD ± DXG\WRU SRZLQLHQ ]DVWDQRZLü VL

QDG

RGG]LDá\ZDQLHP VSUDZR]GDQLD QD REV]DU E G F\ SU]HGPLRWHP

EDGDQLD : VSUDZR]GDQLX QDOH \ ]DZV]H XQLNDü SRVáXJLZDQLD VL

DUJRQHP L WHUPLQDPL WHFKQLF]Q\PL NWyUH QLH E G ]UR]XPLDáH GOD

ZV]\VWNLFKRVyERWU]\PXM F\FKVSUDZR]GDQLH

0RJ Z\VW SRZDü V\WXDFMH Z NWyU\FK .LHURZQLN .$:SRZLQLHQ Z]L ü SRG XZDJ

SRWU]HE SU]HJO GXGRNXPHQWyZURERF]\FKZWRNX]DGDQLDDXG\WRZHJR]ZáDV]F]D

MH HOLQLHNWyU]\VSR UyGZ\GHOHJRZDQ\FKDXG\WRUyZV QRZ\PLSUDFRZQLNDPLDOER

MH HOLQDZF]HVQ\PHWDSLH]DGDQLDDXG\WRZHJRV\JQDOL]RZDQHV LVWRWQHXVWDOHQLD

 6SUDZR]GDZF]R ü QDWHPDW\QLH]ZL ]DQHEH]SR UHGQLR]]DGDQLDPL

DXG\WRZ\PL

2ERN VSUDZR]GD

] SU]HSURZDG]HQLD DXG\WX PR QD WDN H VSRU] G]Dü

³6SUDZR]GDQLH ,QIRUPDF\MQH´ QD WHPDW LVWRWQ\FK REVHUZDFML GRNRQDQ\FK SU]H]

DXG\WRUyZ NWyUH QLH PDM ]ZL ]NX ] ]DGDQLHP DXG\WRZ\P 6SUDZR]GDQLH WDNLH

PR H E\üWDN H ]DVWRVRZDQHGRGRNXPHQWRZDQLDZ\QLNyZVSHFMDOQ\FK]OHFH  NWyUH

background image



ZSUDZG]LH ]ZL ]DQH V ] EDGDQLHP L UR]ZL ]\ZDQLHP GDQHJR SUREOHPX QS

SRGHMU]H R RV]XVWZR DOHQLHV UR]SDWU\ZDQHZUDPDFKDXG\WXZHZQ WU]QHJR

6SUDZR]GDQLH SRZLQQR ]DZLHUDü QDVW SXM FH LQIRUPDFMH MH HOL ]RVWDMH X \WH GR

XGRNXPHQWRZDQLDEDGDQLDLUR]ZL ]DQLDVSHF\ILF]QHJRSUREOHPX

 2NUH OHQLHSUREOHPX

 :\QLNLSU]HJO GX EDGDQLD

 :QLRVNLUR]ZL ]DQLH

 =DOHFHQLD
6SUDZR]GDQLH SU]H]QDF]RQH MHVW SU]HGH ZV]\VWNLP GR X \WNX ZHZQ WU] .RPyUNL

$XG\WX:HZQ WU]QHJRLFRGRUHJXá\QLHSRZLQQ\E\üXGRVW SQLDQHLQQ\PRVRERP

-H HOL MHGQDN .LHURZQLN .$: X]QD ]D VWRVRZQH DE\ UR]SRZV]HFKQLü GDQH

LQIRUPDFMHSRZLQQR]RVWDüWR]URELRQHSRSU]H]SU]HVáDQLHNRSLLVSUDZR]GDQLDOXE

RGG]LHOQHM QRWDWNL ]DOH QLH RG WHJR NWyUH UR]ZL ]DQLH X]QDQH ]RVWDQLH ]D EDUG]LHM

RGSRZLHGQLH

 3RUR]XPLHZDQLHVL

1LH]Z\NOH ZD QH MHVW DE\ DXG\WRU]\ SRVLDGDOL XPLHM WQR ü VNXWHF]QHJR

NRPXQLNRZDQLD VL  -HVWWR V]F]HJyOQLH LVWRWQH ]H Z]JO GX QD WR L QLH PRJ RQL

Z\GDZDüSROHFH VáX ERZ\FKNRQLHF]Q\FKGRSRGHMPRZDQLHG]LDáD NRU\JXM F\FK

Eá G\ VWZLHUG]RQHZWRNXLFKDXG\WyZ2]QDF]DWR H DXG\WRU]\PXV] SR]RVWDZDü

Z NRQWDNFLH ] RVREDPL SRVLDGDM F\PL WDNLH NRPSHWHQFMH L SU]HNRQ\ZDü LFK R

SRWU]HELH RGSRZLHGQLHJR G]LDáDQLD 6SRVyE RVL JDQLD WDNLHJR SRUR]XPLHQLD SU]H]

DXG\WRUyZ]DOH \ RGNRQNUHWQ\FKRNROLF]QR FL
,VWQLHM F]WHU\SRGVWDZRZHDVSHNW\NRPXQLNRZDQLDVL 


:\EyUVSRVREXNRPXQLNDFMLXVWQHMOXESLVHPQHM



3RVáXJLZDQLHVL M ]\NLHPNWyU\Z\ZRáXMHVNáRQQR ü GRZVSyáSUDF\]HVWURQ\

NLHURZQLFWZD



3UH]HQWRZDQLHXVWDOH Z VSRVyERELHNW\ZQ\



8 \ZDQLHMDVQHJRSURVWHJRM ]\ND XQLNDQLH DUJRQX 

3U]\NáDG\GREU\FKPHWRGNRPXQLNRZDQLDVL  ]RVWDá\]DZDUWHZ=Dá F]QLNX

 &]\QQR FLVSUDZG]DM FH DXG\WVSUDZG]DM F\

&]\QQR FL VSUDZG]DM FH WR  ]HVSyá F]\QQR FL Z\NRQ\ZDQ\FK SU]H] DXG\WRUD

ZHZQ WU]QHJRZFHOXVSUDZG]HQLDF]\LZMDNLPVWRSQLXNLHURZQLFWZRGDQHM-6)3

SRGM áR NURNL ]PLHU]DM FH GR ZSURZDG]HQLD Z \FLH ]DOHFH XZDJ L ZQLRVNyZ

background image



XG]LHORQ\FK Z Z\QLNX DXG\WX OXE F]\ NLHURZQLFWZR RFHQLáR U\]\NR ]ZL ]DQH ] QLH

ZGUR HQLHPGDQHJR]DOHFHQLD

:HZQ WU]QHSURFHGXU\.$:SRZLQQ\RNUH ODüVSRVyESU]HSURZDG]DQLDF]\QQR FL

VSUDZG]DM F\FKXZ]JO GQLDM F QDVW SXM FHF]\QQLNL
 ]QDF]HQLHXVWDOH  XZDJLZQLRVNyZ ]DOHFH 
 VNDO Z\VLáNyZLNRV]WyZSRWU]HEQ\FKGRZ\SHáQLHQLD]DOHFH 
 VNXWNL]ZL ]DQH]U\]\NLHPQLHZ\SHáQLHQLD]DOHFH 
 ]áR RQR ü ]DOHFH L F]DVLFKZ\NRQDQLD

&]\QQR FL VSUDZG]DM FH PRJ REHMPRZDü NDWHJRULH G]LDáD R Uy QHM VNDOL RG

NUyWNLHM UR]PRZ\ WHOHIRQLF]QHM SRSU]H] ]EDGDQLH RNUH ORQHM SURFHGXU\ D SR

UHDOL]DFM RGSRF] WNXSURFHVX]DGDQLDDXG\WRZHJR

3ODQRZDQLH KDUPRQRJUDPX DXG\WX VSUDZG]DM FHJR PR QD UR]SRF] ü NLHG\

G]LDáDQLD QDSUDZF]H ]RVWDQ SRWZLHUG]RQH SU]H] DNFHSWDFM GDQHJR ]DOHFHQLD

DXG\WXOXENLHG\NLHURZQLFWZRZ\ELHU]HSRGM FLH U\]\NDQLHZSURZDG]HQLD Z \FLH

GDQHJR]DOHFHQLD1DSRGVWDZLHU\]\NDLZFKRG] FHJRZJU ]DJUR HQLDSU]H]QLH

MDN UyZQLH VWRSQLD WUXGQR FL RVL JQL FLD ]DOHFDQHJR G]LDáDQLD ]DUDGF]HJR

F]\QQR FLDXG\WXVSUDZG]DM FHJRQDOH \ WDN]DSODQRZDüDE\PRQLWRURZDüV\WXDFM

DOER SRWZLHUG]Lü ZSURZDG]HQLH ]PLDQ NWyUH E\á\ ]DSODQRZDQH 7H VDPH F]\QQLNL

QDOH \ XVWDOLüQLH]DOH QLHRGWHJRF]\Z\VWDUF]\áDE\]Z\NáDUR]PRZDWHOHIRQLF]QD

F]\WH Z\PDJDQHE\á\E\GDOV]HSURFHGXU\DXG\WX

:\QLNL F]\QQR FL VSUDZG]DM F\FK SRZLQQ\ E\ü  SU]HGVWDZLRQH Z QRWDWFH

LQIRUPDF\MQHMNWyUDSU]HND]XMHVL NLHURZQLNRZLMHGQRVWNLRUD]NLHURZQLNRZLEDGDQHM

NRPyUNL VL Z VSUDZR]GDQLX ] DXG\WX VSUDZG]DM FHJR 6SUDZR]GDQLH ] DXG\WX

VSUDZG]DM FHJRQDOH \ SU]HVáDü.LHURZQLNRZL.$:RUD]RVRELHRGSRZLHG]LDOQHM]D

NRPyUN SRGGDQ DXG\WRZL &R URNX .LHURZQLN .$: SRZLQLHQ SU]HGVWDZLü

.LHURZQLNRZL GDQHM -6)3 VSUDZR]GDQLH ] F]\QQR FL VSUDZG]DM F\FK ]D SRSU]HGQL

URN 6SUDZR]GDQLH WR RG]ZLHUFLHGOD ZV]HONLH XVWDOHQLD ELH FHJR RNUHVX ZUD] ]

RGSRZLHGQLPLXZDJDPLGODRGGDQLDVWDQXU]HF]\QDNRQLHFURNX



3U]HJO G MDNR FL]DGDQLDDXG\WX

: SU]\SDGNXV]F]HJyOQLHZD Q\FK]DGD DXG\WXDOERNLHG\.LHURZQLN.$:X]QDWR

]D NRQLHF]QH QDOH \ SU]HSURZDG]Lü RFHQ MDNR FL ]DGDQLD : =Dá F]QLNX 

SU]HGVWDZLRQR /LVW :HU\ILNDF\MQ =DGDQLD $XG\WRZHJR D Z =Dá F]QLNX 

)RUPXODU]SU]HJO GX

background image



2FHQ\]HVSRáyZDXG\WRUyZSU]HSURZDG]DM F\FKDXG\W
2FHQ\ ]HVSRáyZ SU]HSURZDG]D VL

SR RSUDFRZDQLX VSUDZR]GDQLD ]

SU]HSURZDG]HQLDDXG\WX:RFHQLHXF]HVWQLF]\.LHURZQLN.$:.=$RUD]ZV]\VF\

F]áRQNRZLH ]HVSRáX DXG\WX 2FHQD SRZLQQD PLHü IRUP LQWHUDNF\MQHM G\VNXVML

VNRQFHQWURZDQHMQDQDVW SXM F\FKNZHVWLDFK

 

&]\ ]DGDQLH DXG\WRZH SU]HSURZDG]RQR ]JRGQLH ] ]DáR RQ\P

KDUPRQRJUDPHP"

 

&R]HVSyáZ\NRQDáGREU]H"

 

&R]HVSyáPyJáZ\NRQDüOHSLHM"

 

2FHQD ZNáDGX SUDF\ ]HVSRáX GRNRQ\ZDQD SU]H] .RRUG\QDWRUD =DGDQLD

$XG\WX QD HWDSLH SODQRZDQLD F]\QQR FL DXG\WRUVNLFK QD PLHMVFX  L

VSUDZR]GDZF]R FL
 

&]\ SR]LRP NRPXQLNRZDQLD VL

SRPL G]\ F]áRQNDPL ]HVSRáX E\á

Z\VWDUF]DM F\ GOD XQLNQL FLD GXEORZDQLD SUDF\ D ]DUD]HP SR]ZDODM F\ QD

SHáQH]EDGDQLHSRWHQFMDOQ\FKXVWDOH DXG\WX"

 

&]\MDNR ü UHODFML]NOLHQWHPDXG\WXE\áDGREUDXPLDUNRZDQDVáDED"

 

&]\RVL JQL WRGREU\SR]LRPSRUR]XPLHQLD"

.=$RGSRZLDGD]XU] GX]D]RUJDQL]RZDQLHLSU]HZRGQLFWZR]HEUD SR ZL FRQ\FK

RFHQLH]HVSRáX:\QLNLRFHQ\SRZLQQ\VNáDGDüVL ] SUDNW\F]Q\FKVXJHVWLLQDWHPDW

ÄMDN WR URELü´ VáX F\FK SRSUDZLH SU]\V]á\FK DXG\WyZ 3RZLQQR WR E\ü

XGRNXPHQWRZDQH SU]H] .=$ :\QLNáH ] WDNLHJR ]HEUDQLD VXJHVWLH SRZLQQ\ PLHü

IRUP VWZLHUG]H Z SRVWDFL]ZL ]á\FKSXQNWyZ

=DSHZQLHQLHMDNR FL]DGDQLDDXG\WRZHJRZREHFNRPyUNLSRGGDZDQHM

DXG\WRZL
3R ]DNR F]HQLX ND GHJR ]DGDQLD DXG\WX NRPyUND SRGGDQD DXG\WRZL SRZLQQD

RWU]\PDü GR Z\SHáQLHQLD NZHVWLRQDULXV] -HJR FHOHP MHVW ]DSHZQLHQLH Z\VRNLHM

MDNR FLZ\QLNyZDXG\WX3DWU]=Dá F]QLN

 3UDZRGRRGZRáDQLDVL GRRVRE\WU]HFLHM

$E\ ]DSHZQLü QLH]DOH QR ü L RELHNW\ZL]P ZV]\VF\ SUDFRZQLF\ .RPyUHN $XG\WX

:HZQ WU]QHJRPDM SUDZRGRVZRERGQHJRZ\UD DQLDVZRLFKRSLQLLZW\PUy QLF\

background image



]GD ZREHF RVyE ]QDMGXM F\FK VL Z ]DOH QR FL VáX ERZHM  5y QLFH WDNLH QDOH \

SU]HGVWDZLDüQDSL PLH

'OD XPR OLZLHQLD UR]ZL ]\ZDQLD Uy QLF Z\UD DQ\FK RSLQLL QDOH \ ZSURZDG]Lü

SU]HMU]\VW\

L QLHRJUDQLF]RQ\RGZRáD GRRVRE\WU]HFLHMZQDVW SXM F\PXNáDG]LH

5y QLFH

]GD

Z

VWRVXQNXGR

2VRED WU]HFLD GR NWyUHM

QDOH \ VL ]ZUyFLü

$XG\WRUZHZQ WU]Q\

.RRUG\QDWRU

=DGDQLD

$XG\WRZHJR

.RRUG\QDWRU

=DGDQLD

$XG\WRZHJR

.LHURZQLN.$:

.LHURZQLN.$:

*áyZQ\ ,QVSHNWRU $XG\WX

:HZQ WU]QHJR

5R]ZL ]\ZDQLH Uy QLF ]GD PXVL QDVW SRZDü ]JRGQLH ] Z\ HM SU]HGVWDZLRQ\P

SRU] GNLHP-H HOL Uy QLFH]GD XWU]\PXM VL SRRGZRáDQLXGRSLHUZV]HJRV]F]HEOD

RGZRáDZF]HJR PR QD UR]ZD \ü SRGM FLH SUyE\ UR]VWU]\JQL FLD Uy QLF\ ]GD QD

NROHMQ\PZ\ V]\PV]F]HEOX:ND G\PSU]\SDGNXGDQ\SUDFRZQLNPXVLGRSLOQRZDü

DE\RVRED]NWyU SRZVWDáVSyUE\áDZSHáQL ZLDGRPD H QDVW SXMHRGZRáDQLHVL

GRUR]VWU]\JQL FLDRVRE\WU]HFLHM

1LHGRSXV]F]DOQH MHVW DE\ ]ZUDFDQLD VL R UR]VWU]\JQL FLH RVRE\ WU]HFLHM E\áR

SRZRGHP Z\FL JDQLD QHJDW\ZQ\FK NRQVHNZHQFML ZREHF GDQHJR SUDFRZQLND

]ZUDFDM FHJRVL R UR]VWU]\JQL FLH

background image



 .ZDOLILNDFMHLUR]ZyM]DZRGRZ\DXG\WRUyZ

ZHZQ WU]Q\FK

 6]NROHQLH

5HJXODUQH V]NROHQLH DXG\WRUyZ XPR OLZLD LP QDE\FLH XPLHM WQR FL L ZLHG]\

Z\PDJDQ\FK Z SUDF\ DXG\WX ZHZQ WU]QHJR 2ERZL ]NLHP .LHURZQLND .$: MHVW

]DSHZQLHQLHUHJXODUQHJRSRGQRV]HQLDNZDOLILNDFML]DZRGRZ\FKSUDFRZQLNyZZP\ O

RSUDFRZDQ\FKSODQyZV]NROHQLD.$:ZLQQDSU]\JRWRZ\ZDüURF]QHSODQ\V]NROHQLD

L UR]ZRMX]DZRGRZHJR3ODQ\WHQDOH \ EUDüSRGXZDJ SU]\VSRU] G]DQLXURF]QHJR

SODQXDXG\WXDVSUDZR]GDQLH]LFKZ\NRQDQLDQDOH \ ]Dá F]\üGRVSUDZR]GDQLD]

Z\NRQDQLDSODQXDXG\WX]DURNSRSU]HGQLSU]HGVWDZLDQHJR*áyZQHPX,QVSHNWRURZL

$XG\WX:HZQ WU]QHJR
.LHURZQLN.$:SRZLQLHQGRNRQ\ZDüSU]HJO GXSODQXV]NROH L UR]ZRMXNZDOLILNDFML

]DZRGRZ\FK Z UHJXODUQ\FK RGVW SDFK F]DVX 0LQLVWHUVWZR )LQDQVyZ GRVWDUF]Dü

E G]LHSRUDGZNZHVWLLNRQLHF]Q\FKLGRVW SQ\FKV]NROH 

 2SLV6WDQRZLVND±.LHURZQLN.$:

2VRE\Z\]QDF]RQHQDWRVWDQRZLVNR]DU] G]DM L NLHUXM G]LDáDQLDPL.$:3UDFDWD

Z\PDJD IDFKRZHM ]QDMRPR FL REV]DUyZ DXG\WX ZHZQ WU]QHJR L ]HZQ WU]QHJR

Zá F]QLH]IXQNFMDPLDXG\WXILQDQVRZHJRLRSHUDF\MQHJR
2VRE\ SRZRáDQH QD WR VWDQRZLVNR SRZLQQ\ Z\ND]\ZDü ZáDVQ LQLFMDW\Z RUD]

SRVáXJLZDüVL ZáDVQ\PRFHQ ZREHFRSUDFRZDQ\FKPHWRGLSURFHGXUMDNUyZQLH

Z XNLHUXQNRZ\ZDQLXG]LDáD SUDFRZQLNyZDXG\WX

=DVDGQLF]HRERZL ]NLL]DNUHVRGSRZLHG]LDOQR FL

” :\]QDF]DQLH SODQyZ L QDG]RURZDQLH SUDF\ DXG\WRUyZ L LQQ\FK

SRGZáDGQ\FKZ]DNUHVLHZ\NRQ\ZDQLDDXG\WyZ

” .RQVXOWRZDQLH ] NLHURZQLFWZHP GDQHM -6)3 ]DVDG SURFHGXU L G]LDáD

.$: IRUPXáRZDQLH ]DOHFH

GRW\F] F\FK NRQNUHWQ\FK REV]DUyZ

G]LDáDOQR FL

” 2SUDFRZ\ZDQLH L DNWXDOL]RZDQLH SURJUDPyZ L OLVW ZHU\ILNDF\MQ\FK ]DGD

DXG\WRZ\FK SODQRZDQLH L PRQLWRURZDQLH KDUPRQRJUDPyZ SUDF\ DXG\WX

RUD] Z\SUDFRZ\ZDQLH L UHNRPHQGRZDQLH ZGUR H GRW\F] F\FK IRUP

V\VWHPyZ

L SURFHGXUUHDOL]DFMLRERZL ]NyZLRVL JDQLDFHOyZ.$:

” 'EDQLH R SU]HVWU]HJDQLH SU]\M W\FK ]DVDG L VWDQGDUGyZ UDFKXQNRZR FL L

DXG\WX RUD] RFHQLDQLH DGHNZDWQR FL L HIHNW\ZQR FL SURFHGXU

background image



UDFKXQNRZR FL RUD] V\VWHPyZ RSHUDF\MQ\FK L PHFKDQL]PyZ NRQWUROL

ZHZQ WU]QHM

” 6SRW\NDQLH VL ] NLHURZQLFWZHP GDQHM -6)3 QD ZV]\VWNLFK V]F]HEODFK

]DU] G]DQLD ]DOH QLH RG SRWU]HE FHOHP RPDZLDQLD SODQyZ L Z\QLNyZ

DXG\WX RUD] SU]HGVWDZLDQLD ]DOHFH VáX F\FK UR]ZL ]\ZDQLX VSUDZ

Z\QLNá\FK]XVWDOH DXG\WXZ\PDJDM F\FKG]LDáD QDSUDZF]\FK

” 1DG]RURZDQLH VSUDZG]DQLH L XF]HVWQLFWZR Z V]NROHQLX SUDFRZQLNyZ

.$:

” :\NRQ\ZDQLH V]F]HJyOQ\FK ]DGD ]ZL ]DQ\FK ] DXG\WHP GR NWyU\FK

]RVWDQLH Z\]QDF]RQ\ .LHURZDQLH SU]\JRWRZDQLHP ZQLRVNyZ .$:

GRW\F] F\FK]DSRWU]HERZD ILQDQVRZ\FK

” :\NRQ\ZDQLHLQQ\FK]OHFRQ\FKPXRERZL ]NyZ

 2SLVVWDQRZLVNDIXQNFML.RRUG\QDWRU=DGDQLD$XG\WX

2GSRZLDGD ]D SUDFH PHU\WRU\F]QH L DGPLQLVWUDF\MQH ZVSRPDJDM F .LHURZQLND

.$:3RGRJyOQ\PNLHUXQNLHP.LHURZQLND.$:.=$NLHUXMHQDG]RUXMHLZVSRPDJD

DXG\WRUyZ ]DDQJD RZDQ\FK Z Z\NRQ\ZDQLH NRQNUHWQ\FK ]DGD DXG\WRZ\FK

'RSLOQRZXMH DE\ ]DGDQLD DXG\WRZH REHMPRZDá\ REV]DU\ V]F]HJyOQLH ZUD OLZH ]

SXQNWX ZLG]HQLD FHOyZ RUD] Z\ZLHUDQLD ZSá\ZX Z UDPDFK UR]PDLW\FK SURJUDPyZ

JRVSRGDUF]\FK ILQDQVRZ\FK L U]HWHOQHJR ]DU] G]DQLD ILQDQVRZHJR 6SUDZG]D

Z\NRQ\ZDQHSUDFHSRGN WHPRVL JQL FLDFHOyZ]DSRPRF VWRVRZQ\FKVSRWND L

VSUDZR]GD  : UD]LH SRWU]HE\ UHSUH]HQWXMH >]DVW SXMH@ .LHURZQLND .$: :

SU]\SDGNX NLONXRVRERZ\FK VNáDGDM F\FK VL

] SUDFRZQLNyZ R SRGREQ\P

GR ZLDGF]HQLX L XPLHM WQR FLDFK .$: QDOH \ UR]ZD \ü SRZLHU]DQLH IXQNFML .=$

ND GRUD]RZRLQQHMRVRELHZUy Q\FK]DGDQLDFKDXG\WRZ\FK,WDNZMHGQ\P]DGDQLX

DXG\WRZ\P Z NWyU\P XF]HVWQLF]\ GZyFK DXG\WRUyZ MHGHQ ] QLFK PR H SHáQLü

IXQNFMH.=$QDWRPLDVWZNROHMQ\P]DGDQLXIXQNFMH.=$PR H SHáQLüGUXJLDXG\WRU

=DVDGQLF]HRERZL ]NLL]DNUHVRGSRZLHG]LDOQR FL

” :VSRPDJD .LHURZQLND .$: Z SODQRZDQLX L RUJDQL]RZDQLX G]LDáDOQR FL

.$: D Z W\P Z V]F]HJyOQR FL Z D  SU]\JRWRZDQLX URF]QHJR SODQX

DXG\WX FR QDOH \ GR RERZL ]NyZ .$: E  XVWDODQLH KDUPRQRJUDPX L

SU]\G]LDáSUDFZWDNLVSRVyEDE\GRWU]\PDüWHUPLQyZLFKZ\NRQDQLDRUD]

F RV]DFRZDQLD]DSRWU]HERZDQLDQDRGSRZLHGQLH]DVRE\L URGNL

” 1DG]RUXMH DXG\WRUyZ ZHZQ WU]Q\FK L SRGOHJá\FK SUDFRZQLNyZ

PHU\WRU\F]Q\FK

” =DSHZQLD XWU]\PDQLH Z\VRNLFK VWDQGDUGyZ Z .$: L MDNR FL Z\NRQDQLD

]DGD DXG\WX SRSU]H] D  ZHU\ILNDFM L ]DWZLHUG]DQLH SURJUDPyZ L

KDUPRQRJUDPyZ DXG\WX L E  ZGUD DQLH ]DVDG L XVWDQDZLDQLH SURFHGXU

GRW\F] F\FK ]DNUHVX DXG\WyZ F  ZHU\ILNDFM L RFHQ GRNXPHQWyZ

URERF]\FK Z\NRQDQ\FK ]DGD FHOHP XSHZQLHQLD VL  H ]JURPDG]RQR

background image



VWRVRZQ GRNXPHQWDFM  RUD] H GRNXPHQW\ URERF]H GRNXPHQWXM L

]DSHZQLDM

DGHNZDWQ

SRGVWDZ

GOD VSUDZR]GDZF]R FL RUD] G

ZHU\ILNDFM

SURMHNWyZ VSUDZR]GD

] SU]HSURZDG]HQLD DXG\WX Z

SRZL ]DQLX ] GRNXPHQWDPL URERF]\PL GOD ]DJZDUDQWRZDQLD SHáQHM

L NRPSOHWQHM VSUDZR]GDZF]R FL VSRU] G]RQHM Z SURIHVMRQDOQ\ VSRVyE

SU]HG]DWZLHUG]HQLHPSU]H].LHURZQLND

” .RRUG\QXMH ]DNUHV SUDF ] XG]LDáHP QLH]DOH Q\FK DXG\WRUyZNRQWUROHUyZ

]HZQ WU]Q\FK

” 8]JDGQLD GRUDG]D LQLFMXMH L NRRUG\QXMH ] LQQ\PL NRPyUNDPL

RUJDQL]DF\MQ\PLVSUDZ\GRW\F] FHSU]\M W\FK]DVDGLSURFHGXU

” 2SUDFRZXMH WHVW\ VáX FH GR XVWDOHQLD F]\ SR GDQH Z\QLNL L NRU]\ FL

UHDOL]RZDQ\FKSURJUDPyZV U]HF]\ZL FLHRVL JDQH

” ,GHQW\ILNXMH L DQDOL]XMH SU]\F]\Q\ QLHJRVSRGDUQ\FK L QLHHIHNW\ZQ\FK

SUDNW\N2FHQLDDOWHUQDW\ZQHUR]ZL ]DQLDNWyUHPRJ SU]\QLH ü SR GDQH

Z\QLNL

” 'ED R VSUDZG]DQLD QDVW SVWZ XVWDOH

DXG\WX FHOHP ]DSHZQLHQLD

VWRVRZQ\FK

L WHUPLQRZ\FKG]LDáD QDSUDZF]\FK

” 3UH]HQWXMHXVWDOHQLDL]DOHFHQLDGRW\F] FHREV]DUXSRGGDQHJRDXG\WRZL

.LHURZQLNRZL.$:

” .RRUG\QXMHG]LDáDQLDDXG\WX]LQQ\PLNRPyUNDPLRUJDQL]DF\MQ\PL ZFHOX

]DSHZQLHQLD ]DVREyZ SRWU]HEQ\FK GR RFHQ\ SURJUDPyZ L

SU]HSURZDG]DQLDDXG\WyZ

” :\NRQXMHLQQHZ\]QDF]RQHPXRERZL ]NL

 2SLVVWDQRZLVND$XG\WRU:HZQ WU]Q\

3RG RJyOQ\P NLHUXQNLHP .=$ SURJUDPXMH L Z\NRQXMH SUDFH DXG\WX QD

SURIHVMRQDOQ\PSR]LRPLHSUDFXM F LQG\ZLGXDOQLHOXEMDNRNLHUXM F\]DGDQLHPDXG\WX

SROHJDM FHQDSU]HJO GRZ\PVSUDZG]DQLXFHOyZZ\QLNyZZRVL JDQLXFHOyZRUD]

VNXWNyZUR]PDLW\FKSURJUDPyZJRVSRGDUF]\FKILQDQVRZ\FKL]DU] G]DQLDZP\ O

SU]\M W\FK]DVDGLSURFHGXUDGPLQLVWUDF\MQ\FK

=DVDGQLF]HRERZL ]NLL]DNUHVRGSRZLHG]LDOQR FL

” 3URJUDPXMH NLHUXMH RUD] XF]HVWQLF]\ Z Z\NRQ\ZDQLX DXG\WX Z

Z\]QDF]RQ\PREV]DU]H]DNWyU\RGSRZLDGD

” ,QWHUSUHWXMH ]DVDG\ L SURFHGXU\ RUD] VWRVXMH SURIHVMRQDOQH ]DVDG\ L

VWDQGDUG\ UDFKXQNRZR FL L DXG\WX GR WHVWRZDQLD L RFHQ\ ]áR RQ\FK

V\VWHPyZ HZLGHQFMLILQDQVRZHMLV\VWHPyZRSHUDF\MQ\FK

background image



” ,GHQW\ILNXMH L DQDOL]XMH SU]\F]\Q\ QLHHNRQRPLF]Q\FK L QLHHIHNW\ZQ\FK

SUDNW\N RFHQLDDOWHUQDW\ZQHUR]ZL ]DQLDNWyUHPRJ SU]\QLH ü SR GDQH

UH]XOWDW\

” 2SUDFRZXMH ]DOHFHQLD Z FHOX GRSURZDG]HQLD SURJUDPyZ L G]LDáD GR

]JRGQR FL

] FHODPL L ]DGDQLDPL RUD] UHGDJXMH VSUDZR]GDQLD GRNXPHQWXM FH

XVWDOHQLD

” 3U]HSURZDG]D EDGDQLD Z FHOX LGHQW\ILNDFML L VWUHV]F]HQLD XVWDZ L

UR]SRU] G]H OXE SU]HJO GX SRGU F]QLNyZ SUDZQ\FK DE\ XVWDOLü F]\

RFHQLDQ\SURJUDPMHVW]JRGQ\]SUDZHP

” 3RVáXJXMHVL NRPSXWHUHPGRZ\NRQ\ZDQLDVWDW\VW\F]Q\FKDQDOL]GDQ\FK
” 3U]\JRWRZXMHGRNXPHQW\URERF]H]HVWDZLHQLDLSRGVXPRZDQLD
” :\NRQXMHLQQH]OHFRQHRERZL ]NL

 2SLVVWDQRZLVND$V\VWHQW$XG\WX

3RGRJyOQ\PQDG]RUHP.=$DOERDXG\WRUDZHZQ WU]QHJRZ\NRQXMHSUDFHELXURZH

QDWXU\DGPLQLVWUDF\MQHMLXU] GQLF]HMZVSLHUDM F SU]\W\PDXG\WRUyZ

=DVDGQLF]HRERZL ]NLL]DNUHVRGSRZLHG]LDOQR FL

” 6SRU] G]DVNRPSXWHU\]RZDQH]HVWDZLHQLDLJHQHUXMHDQDOL]\JUDILF]QHGR

]DGD DXG\WX

” :VSRPDJDDXG\WRUyZZ\NRQXM F Z\]QDF]RQH]DGDQLDZHU\ILNDFMLDXG\WX
” %DGD RGFK\OHQLD ]DREVHUZRZDQH Z SURFHVLH SU]HJO GX VSUDZG]DM FHJR

GDQH ZVND]XMH .=$ OXE DXG\WRURZL ZHZQ WU]QHPX RGFK\OHQLD RG

RF]HNLZDQ\FK XVWDOH  PR H UHGDJRZDü VSUDZR]GDQLD SR ]DNR F]HQLX

GDQHJR ]DGDQLD 0R H

UHNRPHQGRZDü RNUH ORQH UR]ZL ]DQLD

]DREVHUZRZDQ\FKSUREOHPyZ

” :\NRQXMHLQQH]OHFRQHPXRERZL ]NL

background image



 =Dá F]QLNL

 =Dá F]QLN2&(1$5<=<.$$8'<78

3RGU F]QLN$XG\WX:HZQ WU]QHJR

2&(1$5<=<.$

3UDNW\F]Q\SU]\NáDGWHFKQLNL

&HOHP VWRVRZDQLD PRGHOX U\]\ND MHVW RSW\PDOL]DFMD SU]\G]LDáX URGNyZ DXG\WX

SRSU]H]NRPSOHNVRZ DQDOL]

URGRZLVNDDXG\WXLF]\QQLNyZU\]\ND]ZL ]DQ\FK]

MHJRHOHPHQWDPL

3RF]\QDM F RG URF]QHJR SODQX DXG\WX QDOH \ RNUH ODü RFHQ

U\]\ND

SRV]F]HJyOQ\FK NRPyUHN DXG\WX VWRVXM F PRGHO U\]\ND DXG\WX +DUPRQRJUDP

DXG\WyZ Z\]QDF]D VL ZHGáXJ LFK SULRU\WHWyZ 7\P VDP\P RGFKRG]L VL RG

ZF]H QLHMV]HM SUDNW\NL SROHJDM FHM QD PQLHM IRUPDOQHM RFHQLH U\]\ND D UDF]HM

XZ]JO GQLDM FHMXSá\ZF]DVXRGSRSU]HGQLHJRDXG\WX
1RZ\PRGHOU\]\NDRSLHUDVL QDQDVW SXM F\FKV]H FLXF]\QQLNDFKOXEHOHPHQWDFK

U\]\ND

8VWDOHQLDSRSU]HGQLFKDXG\WyZ
2FHQDZUD OLZR FL
 URGRZLVNRNRQWUROQH
 =DXIDQLHGRNLHURZQLFWZDRSHUDF\MQHJR
 =PLDQ\ZOXG]LDFKOXEV\VWHPDFK
 =áR RQR ü

3RV]F]HJyOQH HOHPHQW\ XQLZHUVXP DXG\WX RFHQLD VL ZHGáXJ SRZ\ V]\FK V]H FLX

F]\QQLNyZ Z QDVW SXM FHM VNDOL QXPHU\F]QHM RG   SUDZGRSRGREQLH QLH PD

SUREOHPX SU]H]   PR OLZ\ SUREOHP GR   QLHXQLNQLRQ\ SUREOHP :V]\VWNLH

REV]DU\RFHQLRQHQDOXEQDOH \ SRGGDüGDOV]HMDQDOL]LH

background image



'RRSLVDQHMSRZ\ HMRFHQ\QDOH \ ZSURZDG]LüF]\QQLNXSá\ZXF]DVX2EV]DURP

QLH SRGGDZDQ\P DXG\WRZL RG GáX V]HJR F]DVX QDOH \ VL SLHUZV]H VWZR SU]HG

REV]DUDPLDXG\WRZDQ\PLQLHGDZQR

:SUDZG]LHVWRVRZDQLHPRGHOXU\]\NDQDGDOZ\PDJDRFHQ\SRV]F]HJyOQHRFHQ\V

MHGQDN GRNXPHQWRZDQH RUD] SRGOHJDM NU\W\F]QHPX SU]HJO GRZL L G\VNXVML 0RGHO

WHQ VSU]\MDMHGQROLWHMGHILQLFML URGRZLVNDDXG\WXZSRV]F]HJyOQ\FKREV]DUDFK1DGDO

MHGQDN F]\QQLNL U\]\ND DXG\WX Z Uy Q\FK PLHMVFDFK PR QD SRUyZQDü W\ONR QD

]DVDG]LHLQWXLF\MQHM

3U]HGRFHQ U\]\NDQDOH \ RNUH OLü URGRZLVNRDXG\WX URGRZLVNRDXG\WXNWyUHJR

GRW\F]\ü E G]LH GDQD RFHQD U\]\ND RNUH ODM .RRUG\QDWRU]\ =DGD $XG\WX RUD]

.LHURZQLN NRPyUNL DXG\WX ZHZQ WU]QHJR .$:  QD SRGVWDZLH ]QDMRPR FL SODQX

VWUDWHJLF]QHJR L G]LDáDOQR FL LQVW\WXFML SU]HJO GX VFKHPDWyZ RUJDQL]DF\MQ\FK RUD]

]DNUHVyZNRPSHWHQFMLLRERZL ]NyZZV]\VWNLFKMHMNRPyUHNRUJDQL]DF\MQ\FKDWDN H

UR]PyZ]RGSRZLHG]LDOQ NDGU NLHURZQLF] 

:\W\F]QHNU\WHULyZRFHQ\U\]\ND

8VWDOHQLD SRSU]HGQLFK DXG\WyZ  8VWDOHQLD SRSU]HGQLFK DXG\WyZ ZLDGF] R

G\VF\SOLQLH V\VWHPX NRQWUROL ZHZQ WU]QHM Z LQVW\WXFML ,VWRWQH RGVW SVWZD ]QDF]QH

NRUHNW\ZL NV]D QL ]Z\NOH OLF]ED ZQLRVNyZ RUD] LFK EH]VNXWHF]QD SRZWDU]DOQR ü

F] VWR ]QDPLRQXM SUREOHP\ 2GZURWQLH EUDN ZQLRVNyZ DOER EH]]ZáRF]QD UHDNFMD

QD

SRSU]HGQLH

XVWDOHQLD

ZLDGF]\

R G\VF\SOLQLHV\VWHPXNRQWUROLZHZQ WU]QHM

:UD OLZR ü  -HVW WR PLDUD ZáD FLZHJR U\]\ND ]ZL ]DQHJR ] RFHQLDQ MHGQRVWN 

F]\OL WHJR FR PR H VL QLH XGDü L MDNLH WR VSRZRGXMH NRQVHNZHQFMH 0R H WR E\ü

U\]\NR

]ZL ]DQH

] XWUDW OXE XV]NRG]HQLHP PDM WNX QLH Z\NU\W\P Eá GHP QLH]QDQ\P OXE Eá GQLH

VNDONXORZDQ\P ]RERZL ]DQLHP OXE U\]\NR QLHNRU]\VWQHM RSLQLL SXEOLF]QHM

RGSRZLHG]LDOQR FL SUDZQHM LWS 2FHQD ZUD OLZR FL SRZLQQD WDN H XZ]JO GQLDü

ZLHONR ü HOHPHQWXXQLZHUVXPZSRUyZQDQLX]MHJRLQQ\PLHOHPHQWDPLSRWHQFMDOQH

]DJUR HQLH LMHJRSUDZGRSRGRELH VWZR

URGRZLVNR NRQWUROQH  URGRZLVNR NRQWUROQH UHSUH]HQWXMH á F]QLH ]DVDG\

SURFHGXU\ UXW\Q\ ]DEH]SLHF]HQLD IL]\F]QH RUD] ]DDQJD RZDQ\ SHUVRQHO :

NRU]\VWQ\P URGRZLVNX NRQWUROQ\P QDMZD QLHMV]H MHVW QDVWDZLHQLH NLHURZQLFWZD

SU]HVWU]HJDQLH XGRNXPHQWRZDQ\FK ]DVDG L SURFHGXU QLH]DZRGQH V\VWHP\

EH]]ZáRF]QH Z\NU\ZDQLH L QDSUDZD Eá GyZ RGSRZLHGQL SHUVRQHO R NRQWURORZDQHM

URWDFML 2GZURWQLH EUDN QDG]RUX OLF]QH Eá G\ EUDN GRNXPHQWDFML QLHNRQWURORZDQH

]DOHJáR FL Z SUDF\ Z\VRND URWDFMD RUD] QLH UXW\QRZH WUDQVDNFMH WR REMDZ\ ]áHJR

background image



URGRZLVNDNRQWUROQHJR

=DXIDQLH GR NLHURZQLFWZD RSHUDF\MQHJR  .U\WHULXP WR RG]ZLHUFLHGOD ]DXIDQLH

MDNLP NLHURZQLFWZRDXG\WXGDU]\NDGU NLHURZQLF] EH]SR UHGQLRRGSRZLHG]LDOQ ]D

GDQ MHGQRVWN DXG\WXLMHM]DDQJD RZDQLHZV\VWHP F]\OLPHFKDQL]P\LHOHPHQW\

NRQWUROL ZHZQ WU]QHM &KDUDNWHU\]XM MH F]\QQLNL WDNLH MDN ZVSyáG]LDáDQLH SU]\

SRSU]HGQLFKDXG\WDFKSUDNW\NDNDGU\NLHURZQLF]HMZGDQ\P URGRZLVNXSUDF\RUD]

ZUD HQLDFRGRMDNR FLLSR]LRPXSHUVRQHOX

=PLDQ\ Z OXG]LDFKV\VWHPDFK  'R ZLDGF]HQLH XF]\ H ]PLDQ\ Z\ZLHUDM GX \

ZSá\ZQDV\VWHPNRQWUROLZHZQ WU]QHMLVSUDZR]GDZF]R ü ILQDQVRZ  =Z\NOH]PLDQ\

Z\ZLHUDM NRU]\VWQH VNXWNL GáXJRWHUPLQRZH DOH F] VWR PLHZDM NUyWNRWHUPLQRZH

VNXWNL XERF]QH NWyUH Z\PDJDM QDVLOHQLD SUDF DXG\WRZ\FK =PLDQ\ WDNLH WR

UHRUJDQL]DFMH QDJáH L F] VWH ZDKDQLD REFL HQLD SUDF  QRZH V\VWHP\ SU]HM FLD

SR]E\ZDQLH VL RERZL ]NyZ QRZH SU]HSLV\ OXE XVWDZ\ RUD] URWDFMD SHUVRQHOX

-HGQRVWNL RUJDQL]DF\MQH QLHSRGOHJDM FH ]PLDQRP Z\PDJDM PQLHMV]HJR QDVLOHQLD

SUDFDXG\WRZ\FK

=áR RQR ü  &]\QQLNU\]\NDNWyU\RG]ZLHUFLHGODPR OLZR ü SU]HRF]HQLDEá GyZOXE

QLHSUDZLGáRZR FL ] SRZRGX ]áR RQR FL URGRZLVND 2FHQD ]áR RQR FL ]DOH \ RG

ZLHOX F]\QQLNyZ =DNUHV DXWRPDW\]DFML VNRPSOLNRZDQH REOLF]HQLD Z]DMHPQLH

SRZL ]DQH

L ZVSyá]DOH QHG]LDáDQLDOLF]EDXVáXJKRU\]RQWF]DVRZ\V]DFXQNyZX]DOH QLHQLHRG

RVyE WU]HFLFK RF]HNLZDQLD RSLQLL SXEOLF]QHM F]DV SU]HWZDU]DQLD RGQR QH SUDZD L

SU]HSLV\RUD]ZLHOHLQQ\FKF]\QQLNyZZW\PF]\QQLNLQLHX ZLDGDPLDQHZSá\ZDQD

RFHQ ]áR RQR FLGDQHJRDXG\WX

'RVNRQDOHQLHSRZ\ V]HJRPRGHOXRFHQ\U\]\NDSR]RVWDMHVWDá\P]DGDQLHPDXG\WX

ZHZQ WU]QHJR 3ROHJD RQR UyZQLH QD RSW\PDOQ\P SU]\G]LDOH URGNyZ DXG\WX

] XZ]JO GQLHQLHPVWRSQLDU\]\NDLZLHONR FLRV]F] GQR FLOXE]ZURWX

background image



=Dá F]QLND0(72'<2&(1<5<=<.$

0DWHPDW\F]QDPHWRGDDQDOL]\U\]\ND

3U]HSURZDG]HQLHDQDOL]\U\]\NDZFHOXZ\EUDQLD]DGD DXG\WRZ\FKGRZ\NRQDQLDZ

SODQLH URF]Q\P =DVWRVRZDQD PHWRGD PDWHPDW\F]QD ] Z\NRU]\VWDQLHP DUNXV]D

NDONXODF\MQHJR

 3XQNWHPZ\M FLDMHVWLGHQW\ILNDFMDZV]\VWNLFKPR OLZ\FK]DGD DXG\WRZ\FKF]\OL

Z\NRQDQLHRFHQ\ SRWU]HEDXG\WX :V]\VWNLH]DGDQLDZ\OLF]RQHV Z NROXPQLH

1D]ZD]DGDQLDDXG\WRZHJR 

background image



 1DVW SQLHQDOH \ RNUH OLüMHGQRVWNLRUJDQL]DF\MQHRGSRZLHG]LDOQH]DSUDZLGáRZ\

SU]HELHJGDQHJRSURFHVX NROXPQDÄ1D]Z\MHGQRVWHNDXG\WRZDQ\FK´ 

 3R ]DVL JQL FLX RSLQLL NLHURZQLFWZD MHGQRVWNL RUJDQL]DF\MQHM RGSRZLHG]LDOQHM ]D

GDQ\SURFHVRUD]NLHURZQLFWZDRUJDQL]DFMLRNUH ODQ\MHVWSULRU\WHWNLHURZQLFWZD

NROXPQD3ULRU\WHWNLHURZQLFWZD 'ODND GHJR]SULRU\WHWyZSU]\]QDZDQHV

ZDJL NWyUH ]RVWDQ X \WH Z PRGHOX : ]DOH QR FL RG ]QDF]HQLD MDNLH .$:

SU]\ZL ]XMH GR RSLQLL NLHURZQLFWZD SU]\]QDQH ZDJL PRJ VL ]PLHQLDü :

SUH]HQWRZDQ\PPRGHOXSU]\]QDQHGODSULRU\WHWXNLHURZQLFWZDZDJLZ\QRV] 
” GX \  WM 
”

UHGQL WM 

” QLVNL WM 

 :NROXPQLHXZ]JO GQLDQ\MHVWF]\QQLNU\]\ND±F]DVMDNLXSá\Q á RGRVWDWQLHJR

DXG\WX NROXPQD  Ä'DWD SRSU]HGQLHJR DXG\WX´  : SUH]HQWRZDQ\P PRGHOX

SU]\]QDQHZDJLZ\QRV] 
” QLJG\ WM
”  WM
”  WM
” ± WM

 2NUH OHQLHZDJGODNU\WHULyZU\]\NDZPRGHOX3RPRFQDMHVWWDEHOD]NU\WHULDPL

U\]\ND 6XPD SRV]F]HJyOQ\FK ZDJ PXVL Z\QRVLü  :DJL GOD SRV]F]HJyOQ\FK

NU\WHULyZ XVWDODQH V SU]H] DXG\WRUD QD SRGVWDZLH SURIHVMRQDOQHJR RV GX

SURIHVVLRQDOMXGJHPHQW  :DJLSRV]F]HJyOQ\FKNU\WHULyZU\]\NDPDM ZSá\ZQD

Z\QLNREOLF]H ZVND]DQ\ZNROXPQLHÄ2FHQDSRXZ]JO GQLHQLXNU\WHULyZ´

 3U]\]QDQLH SXQNWyZ GOD SU]\M W\FK Z W\P PRGHOX NDWHJRULL U\]\ND Z PRGHOX

3XQNW\ GOD SRV]F]HJyOQ\FK NU\WHULyZ SU]\]QDZDQH V SU]H] DXG\WRUyZ QD

SRGVWDZLH LFK SURIHVMRQDOQHJR RV GX 3XQNW\    OXE   SU]\]QDQH GOD

SRV]F]HJyOQ\FK NDWHJRULL SR XZ]JO GQLHQLX ZDJ SNW   V Z\NRU]\VWDQH GR

REOLF]HQLDUH]XOWDWXZNROXPQLHÄ2FHQDSRXZ]JO GQLHQLXNDWHJRULLU\]\N´

 .ROXPQDÄ2FHQDSRXZ]JO GQLHQLXNDWHJRULL´$OJRU\WPREOLF]H MHVWQDVW SXM F\

> ZDJDLVWRWQR ü [ OLF]EDSXQNWyZ 
ZDJDMDNR ü ]DU] G]DQLD[ OLF]EDSXQNWyZ 
ZDJDNRQWURODZHZQ WU]QD[OLF]EDSXQNWyZ 
ZDJDF]\QQLNL]HZQ WU]QH[ OLF]EDSXQNWyZ 
ZDJDF]\QQLNLRSHUDF\MQH[ OLF]EDSXQNWyZ @
 WRZDUWR ü PDNV\PDOQDMDN PR QDSU]\]QDüGODGDQHJRNU\WHULXP 
2EOLF]HQLDGOD]DGDQLDDXG\WRZHJRQU
>  [  [  [  [  [ @  

background image



 2FHQDU\]\ND ZHGáXJ GDW\ RVWDWQLHJR DXG\WX 2EOLF]HQLD XZ]JO GQLDM Z\QLN Z

NROXPQLHRUD]GDW SU]HSURZDG]HQLDRVWDWQLHJRDXG\WX Z\QLNZNROXPQLH 

$OJRU\WP REOLF]H MHVW QDVW SXM F\ Z\QLN NROXPQD   ZDUWR ü ZDJL ] SNW 

SU]\]QDQDGODGDQHJRRNUHVXZNROXPQLH 
2EOLF]HQLDGOD]DGDQLDDXG\WRZHJRQU
 U±WM  

 2FHQD U\]\ND ZHGáXJ SULRU\WHWX NLHURZQLFWZD 2EOLF]HQLD XZ]JO GQLDM Z\QLN Z

NROXPQLH  RUD] GRGDWNRZR SULRU\WHW NLHURZQLFWZD $OJRU\WP REOLF]H MHVW

QDVW SXM F\
:\QLN]NROXPQ\ Ä2FHQDU\]\NDSRXZ]JO GQLHQLXSULRU\WHWXNLHURZQLFWZD´ 

:\QLN]NROXPQ\ZDUWR ü OLF]ERZDRGSRZLDGDM FDSULRU\WHWRZLNLHURZQLFWZD
2EOLF]HQLDGOD]DGDQLDDXG\WRZHJRQU
 GX \ ±WM  

6SURZDG]HQLH X]\VNDQ\FK Z\QLNyZ SURFHQWRZ\FK GR ZVSyOQHJR PLDQRZQLND

:\QLN]DSLVDQ\MHVWZNROXPQLH NR FRZDRFHQDU\]\ND $OJRU\WPREOLF]H

MHVWQDVW SXM F\
2EOLF]HQLDGOD]DGDQLDDXG\WRZHJRQU
  
MHVWZDUWR FL PDNV\PDOQ MDN PR H X]\VNDüZDQDOL]LHU\]\ND]DGDQLH

DXG\WRZH.D GH]DGDQLHPR H X]\VNDüRG [ GR

 

 .ROXPQD  ÄLOR ü GQL URERF]\FK´  SR]ZDOD SU]\SRU] GNRZDü SRV]F]HJyOQ\P

]DGDQLRPDXG\WRZ\PRGSRZLHGQL LOR ü GQLURERF]\FK
GRQDMZ\ V]\SULRU\WHW±GQLURERF]\FK
 GRZ\VRNLSULRU\WHW±GQLURERF]\FK
 GR UHGQLSULRU\WHW±GQLURERF]\FK
SRQL HM±GQLURERF]\FK

8:$*,
3RZ\ V]D PHWRGD Z\PDJD REOLF]H ]JRGQLH ] SU]\M W\P DOJRU\WPHP 3U]\

VWRVRZDQLXWHMPHWRG\LVWQLHMHSUDZGRSRGRELH VWZRZ\VW SLHQLDEá GyZ PRJ F\FK

U]XWRZDü QD PHU\WRU\F]Q WUH ü SODQX DXG\WX =DOHFD VL  DE\ REOLF]HQLD ]RVWDá\

]ZHU\ILNRZDQHSU]H]LQQHJRDXG\WRUDZHZQ WU]QHJR

background image



0HWRGDV]DFXQNRZDDQDOL]\U\]\ND±PHWRGDGHOILFND JUXSD

HNVSHUFND

 $XG\WRUZHZQ WU]Q\PDGRNRQDüZ\ERUXVSR UyG]DGD DXG\WRZ\FK
 =DGDQLRPDXG\WRZ\P]RVWDM SU]\SLVDQHNROHMQHQXPHU\
 'R GRNRQDQLD Z\ERUX Z\]QDF]RQD ]RVWDMH JUXSD DXG\WRUyZ Z RPDZLDQ\P

SU]\NáDG]LH 

 .D G\ DXG\WRU QLH X]JDGQLDM F VZRLFK RFHQ ] LQQ\PL WZRU]\ ZáDVQ OLVW

UDQNLQJRZ 

 =DGDQLH DXG\WRZH NWyUH SRZLQQR E\ü ]UHDOL]RZDQH MDNR SLHUZV]H QDMZL NV]H

U\]\NR RWU]\PXMHSXQNWyZ

 .D GH NROHMQH RWU]\PXMH R MHGHQ SXQNW PQLHM 2VWDWQLH ]DGDQLH QD OL FLH

RWU]\PXMHSXQNW

 3XQNW\ RWU]\PDQH RG ND GHJR DXG\WRUD V VXPRZDQH L WZRU]RQ\ MHVW UDQNLQJ

]DGD SRF] ZV]\RGWHJRNWyUHRWU]\PDáRQDMZL FHMSXQNWyZ

 $E\ Z\UD]Lü RWU]\PDQ\ Z\QLN Z Ä´ G]LHOL VL LOR ü SXQNWyZ NWyUH RWU]\PDáR

ND GH]DGDQLHá F]QLHSU]H]LOR ü SXQNWyZNWyU RWU]\PDáR]DGDQLHSLHUZV]HQD

OL FLH

 3LHUZV]HQDOL FLH]DGDQLHPDU\]\NRUyZQH  ND GHQDVW SQHPDPQLHM

QL -HVWPR OLZHX]\VNDQLHSU]H]GZDOXEZL FHM]DGD WDNLHJRVDPHJR

Z\QLNXSXQNWRZHJR

3U]\NáDG

$XG\WRU]\

$

%

&

'

(

6XPD

X]\VNDQ\F

KSNW

3R]\FMDZ

UDQNLQJX

2FHQD

U\]\ND

=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH

















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH 















=DGDQLHDXG\WRZH



 













=DGDQLHDXG\WRZH



















=DGDQLHDXG\WRZH



 













background image



,QWHUSUHWDFMDZ\QLNX
$XG\WZHZQ WU]Q\GRNRQDáZ\ERUX]DGD DXG\WRZ\FKQU
8:$*,
3RZ\ V]D PHWRGD MHVW SURVWV]D RG 0HWRG\ PDWHPDW\F]QHM QDWRPLDVW Z\PDJD RG

DXG\WRUyZGX HJRGR ZLDGF]HQLD]DZRGRZHJR$XG\WRU]\WZRU] VZRMHZáDVQHOLVW\

UDQNLQJRZH SU]\SLVXM F SR]LRP U\]\ND GOD ND GHJR ZF]H QLHM Z\EUDQHJR ]DGDQLD

DXG\WRZHJR1DMF] FLHM SU]\MPRZDQ\PRGHOREHMPXMHZ\NRQDQLHDQDOL]\U\]\NDD

QDVW SQLH RNUH ODQD MHVW LOR ü ]DGD DXG\WRZ\FK  NWyUH QDOH \ VNRU\JRZDü

XZ]JO GQLDM F SRVLDGDQH ]DVRE\ 0HWRGD Z\PDJD GOD VZHM ZLDU\JRGQR FL

SU]HSURZDG]HQLDSU]H]NLONXRVRERZ\]HVSyáDXG\WRUyZ

0HWRGDPLHV]DQDDQDOL]\U\]\ND



(WDS\

” SU]\SLVDQLH ZDJ  ]LGHQW\ILNRZDQ\P Z UDPDFK SURFHVX F]\QQLNRP U\]\ND

DXG\WRUSU]\SLVXMHZDJ  6XPDZDJPXVLZ\QRVLü&]\QQLNU\]\NDPXVL

Z\QRVLü SU]\QDMPQLHM  3U]\SLVDQLH ZDJ PXVL RG]ZLHUFLHGODü ZD QR ü L

]QDF]HQLD GDQHJR F]\QQLND U\]\ND ] XZ]JO GQLHQLHP RSLQLL NLHURZQLFWZD

MHGQRVWNLLNRPyUNLDXG\WRZDQHMLSR]LRPXDNFHSWDFMLU\]\ND

” RFHQD U\]\ND  ZDUWR ü QDW HQLD GDQHJR F]\QQLND U\]\ND Z SURFHVLH

SU]\MPXM F VNDO F]WHURVWRSQLRZ  JG]LH  R]QDF]D QLVNL  ± UHGQL  ±

Z\VRNL±EDUG]RZ\VRNL

” REOLF]HQLHU\]\NDZD RQHJR±LORF]\QND GHJRF]\QQLNDZ\QLNXRFHQ\U\]\NDL

SU]\SLVDQHMZDJL3U]HGVWDZLHQLHZ\QLNyZZIRUPLHWDEHODU\F]QHM



1D]ZDSURFHVX

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

%

D[E F













6XPD



0HWRGDRSUDFRZDQDSU]H]%LXUR$XG\WX:HZQ WU]QHJR0LQLVWHUVWZD)LQDQVyZ

background image



” REOLF]HQLH UHGQLHJR SR]LRPX U\]\ND ZD RQHJR GOD ND GHJR SURFHVX Z

GDQ\P REV]DU]H ± ]VXPRZDQLH Z UDPDFK SURFHVX Z\OLF]RQ\FK ZDUWR FL

U\]\ND ZD RQHJR L SRG]LHOHQLH SU]H] LOR ü RFHQLDQ\FK F]\QQLNyZ

3U]HGVWDZLHQLHZIRUPLHWDEHODU\F]QHM



1D]ZDREV]DUX

OS 1D]ZD

SURFHVX

6XPDU\]\N

ZD RQ\FK

,OR ü F]\QQLNyZU\]\ND 5\]\NR ZD RQH

GODSURFHVX

G

(

GH I













6XPD

” SRZWyU]HQLH SRZ\ V]\FK F]\QQR FL Z RGQLHVLHQLX GR ZV]\VWNLFK

]LGHQW\ILNRZDQ\FKREV]DUyZ

” SU]\SRU] GNRZDQLHSURFHVyZGRSRV]F]HJyOQ\FKREV]DUyZ
” Z\OLF]HQLHU\]\NDZD RQHJRGODREV]DUX±VXPDU\]\NZD RQ\FKZ\OLF]RQ\FK

GODSURFHVyZZGDQ\PREV]DU]HLLORUD]VXP\SU]H]LOR ü SURFHVyZ

OS 1D]ZD

REV]DUX

6XPDU\]\N

ZD RQ\FK

,OR ü SURFHVyZZ

REV]DU]H

5\]\NR

ZD RQH

GOD

REV]DUX

I

*

IJ





” XSRU] GNRZDQLHREV]DUyZPDOHM FRZJZDUWR FLU\]\NDZD RQHJR

background image



3U]\NáDG

$ (WDSSODQRZDQLD

=DáR HQLD
'ZD REV]DU\G]LDáDQLDMHGQRVWNL

 2EV]DU,
 2EV]DU,,

,OR ü SURFHVyZZSRV]F]HJyOQ\FKREV]DUDFK
2EV]DU,±GZDSURFHV\
3URFHV
3URFHV
2EV]DU,,±WU]\SURFHV\
3URFHV
3URFHV
3URFHV
,OR ü F]\QQLNyZU\]\NDZSRV]F]HJyOQ\FKSURFHVDFK
3URFHV±WU]\F]\QQLNLU\]\ND
” F]\QQLN$
” F]\QQLN%
” F]\QQLN&
3URFHV±SL ü F]\QQLNyZU\]\ND
” F]\QQLN'
” F]\QQLN(
” F]\QQLN)
” F]\QQLN*
” F]\QQLN+
3URFHV±GZDF]\QQLNLU\]\ND
” F]\QQLN-
” F]\QQLN.
3URFHV±F]WHU\F]\QQLNLU\]\ND
” F]\QQLN/

background image



” F]\QQLNà
” F]\QQLN0
” F]\QQLN1
3URFHV±F]WHU\F]\QQLNLU\]\ND
” F]\QQLN2
” F]\QQLN3
” F]\QQLN5
” F]\QQLN6
$QDOL]DU\]\ND

,

3U]\SLVDQR QDVW SXM FH ZDUWR FL ZDJ L ZDUWR FL QDW HQLD F]\QQLNRP

U\]\ND]DFKRZXM F ]DVDG  L VXPDZDJPXVLZ\QRVLüDF]\QQLN

U\]\ND PXVL PLHü SU]\QDMPQLHM  7DEHOH VSRU] G]RQR RGG]LHOQLH GOD

ND GHJRSURFHVX



1D]ZDSURFHVX3URFHV

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

E

D[E F



F]\QQLN$







 F]\QQLN%







 F]\QQLN&







6XPD

1D]ZDSURFHVX3URFHV

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

E

D[E F



F]\QQLN'







 F]\QQLN(







 F]\QQLN)







 F]\QQLN*







 F]\QQLN+







6XPD

background image





1D]ZDSURFHVX3URFHV

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

E

D[E F



F]\QQLN-







 F]\QQLN.







6XPD

1D]ZDSURFHVX3URFHV

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

E

D[E F



F]\QQLN/







 F]\QQLNà







 F]\QQLN0







 F]\QQLN1







6XPD

1D]ZDSURFHVX3URFHV

OS &]\QQLNU\]\ND

:DJD

2FHQDU\]\ND

5\]\NRZD RQH

D

E

D[E F



F]\QQLN2







 F]\QQLN3







 F]\QQLN5







 F]\QQLN6







6XPD

,,

2EOLF]HQLH UHGQLHJR SR]LRPX U\]\ND ZD RQHJR GOD ND GHJR SURFHVX Z

GDQ\PREV]DU]H=DRNU JODP\GRGUXJLHJRPLHMVFDSRSU]HFLQNX

background image





1D]ZDREV]DUX2EV]DU,

OS 1D]ZD

SURFHVX

6XPDU\]\N

ZD RQ\FK

,OR ü F]\QQLNyZU\]\ND 5\]\NR ZD RQH

GOD SURFHVX

G

H

GH I



3URFHV







 3URFHV







6XPD

1D]ZDREV]DUX2EV]DU,,

OS 1D]ZD

SURFHVX

6XPD

U\]\N

ZD RQ\FK

,OR ü F]\QQLNyZU\]\ND 5\]\NR ZD RQH

GOD SURFHVX

G

H

GH I



3URFHV







 3URFHV







 3URFHV







6XPD

,,,

:\OLF]HQLHU\]\NDZD RQHJRGODREV]DUX

OS 1D]ZD

REV]DUX

6XPDU\]\N

ZD RQ\FK

,OR ü SURFHVyZZ

REV]DU]H

5\]\NR

ZD RQH

GOD

REV]DUX

I

J

IJ



2EV]DU,







 2EV]DU,,







,9

:QLRVNL

: URF]Q\P SODQLH DXG\WX QDOH \ Z SLHUZV]HM NROHMQR FL 2EV]DU ,, DE\ RNUH OLü

]DNUHV]DGDQLDDXG\WRZHJRQDOH \ Z]L ü SRGXZDJ DQDOL] U\]\NDZRGQLHVLHQLX

GR3URFHVyZLF]\QQLNyZ:REV]DU]H,,SURFHV\PR QDXV]HUHJRZDüZNROHMQR FL

background image



  3URFHV
  3URFHV

 

3URFHV

&]\QQLNLZ3URFHVLHPR QD XV]HUHJRZDü

  &]\QQLN-
  &]\QQLN.

7DN ZL F SLHUZV]H QDMLVWRWQLHMV]H ]DGDQLH DXG\WRZH PXVL  REHMPRZDü VZ\P

]DNUHVHPSU]\QDMPQLHMF]\QQLN-Z3URFHVLH2F]\ZL FLH ]DGDQLHDXG\WRZHPR H

REM ü ]DNUHVHP ZV]\VWNLH F]\QQLNL Z 3URFHVLH  MHGQDN H DXG\WRU PXVL PLHü QD

XZDG]HL F]\QQLN-MHVWZD QLHMV]\
7DN VDP DQDOL] DXG\WRUSU]HSURZDG]DGODSURFHVyZLZ2EV]DU]H,,DWDN H

ZV]\VWNLFK SURFHVyZ Z 2EV]DU]H , DE\ ]EXGRZDü SODQ ]DGD DXG\WRZ\FK

XV]HUHJRZDQ\FKSRGN WHPZD QR FL
: SU]\SDGNXJG\GDQH]DGDQLHQLHPLH FLVL Z URF]Q\PSODQLH]XZDJLQD]DVRE\

NRPyUNLDXG\WX]DGDQLHWDNLHSU]HFKRG]LQDQDVW SQ\URNWZRU] F SODQVWUDWHJLF]Q\

% (WDSSURJUDPRZDQLD

,

$QDOL]D U\]\ND QD HWDSLH SURJUDPRZDQLD GRW\F]\ REV]DUX Z\EUDQHJR Z

WUDNFLH SODQRZDQLD URF]QHJR L VWUDWHJLF]QHJR $QDOL]D WD MHVW EDUG]LHM

V]F]HJyáRZDJG\ RGQRVLVL GRNRQNUHWQ\FKQLHSUDZLGáRZR FLSRZVWDá\FK

Z Z\QLNXG]LDáDQLDF]\QQLNDU\]\ND

1S
=DGDQLHDXG\WRZH]DZLHUDVL  ]JRGQLH]SRSU]HGQLPLZ\QLNDPLDQDOL]\U\]\NDZ

2EV]DU]H ,, 3URFHV  L REHMPXMH F]\QQLN - L F]\QQLN . $XG\WRU GOD ND GHJR

]LGHQW\ILNRZDQHJR

U\]\ND

SU]\SLVXMH

ZDUWR FL

]H

Z]JO GX

QDSUDZGRSRGRELH VWZR L VNXWHN  Z VNDOL V]H FLRVWRSQLRZHM RSLHUDM F VL QD

PDFLHU]\U\]\ND

&]\QQLN-SRZRGXMHWU]\U\]\NDNWyU\PSU]\SLVDQRQDVW SXM FHZDUWR FLVNXWNXL

SUDZGRSRGRELH VWZD

5\]\NR±WVNXWHNSUDZGRSRGRELH VWZR
5\]\NR±VVNXWHNSUDZGRSRGRELH VWZR
5\]\NR±ZVNXWHNSUDZGRSRGRELH VWZR

background image



&]\QQLN . SRZRGXMH F]WHU\ U\]\ND NWyU\P SU]\SLVDQR QDVW SXM FH ZDUWR FL

VNXWNXLSUDZGRSRGRELH VWZD
5\]\NR±[VNXWHNSUDZGRSRGRELH VWZR
5\]\NR±\VNXWHNSUDZGRSRGRELH VWZR
5\]\NR±]VNXWHNSUDZGRSRGRELH VWZR
5\]\NR±XVNXWHNSUDZGRSRGRELH VWZR

,, 5\]\NDDXG\WRUXPLHV]F]DQDPDSLHU\]\ND

 

S

U 



X

D

Z

G 



V



]

R

S

R 

[

G

R

E 



W

L

H



\

Z

V

W

Z 

R







VNXWHN

,,,

1DSRGVWDZLHZ\QLNyZX]\VNDQ\FK]PDSRZDQLDDXG\WRUGODND GHJRU\]\ND

SU]\SLVXMHRFHQ  ZVNDOLF]WHURVWRSQLRZHMU\]\NDNWyUH]QDOD]á\VL QDOLQLL

JUDQLF]QHMNZDOLILNXMHVL GRZ\ V]HMZDUWR FLWDNZL F

5\]\NR±WRWU]\PXMHZDUWR ü
5\]\NR±VRWU]\PXMHZDUWR ü
5\]\NR±ZRWU]\PXMHZDUWR ü
5\]\NR±[RWU]\PXMHZDUWR ü 

background image



5\]\NR±\RWU]\PXMHZDUWR ü
5\]\NR±]RWU]\PXMHZDUWR ü
5\]\NR±XRWU]\PXMHZDUWR ü

,9

:UDPDFKMHGQHJRF]\QQLNDU\]\NDDXG\WRUVXPXMHZ\QLNLRFHQ\ZV]\VWNLFK

U\]\NVSRZRGRZDQ\FKGDQ\PF]\QQLNLHP

&]\QQLN-  
&]\QQLN.  

9

:FHOXX]\VNDQLDRFHQ\F]\QQLNDU\]\NDDXG\WRUG]LHOLX]\VNDQ\Z\QLNSU]H]

LOR ü ]LGHQW\ILNRZDQ\FKU\]\N

&]\QQLN-  
&]\QQLN.  

9,

:FHOXX]\VNDQLDU\]\NDZD RQHJRGODGDQHJRF]\QQLNDQDOH \ F]\QQLNRZL

QDGDü ZDJ  Z VNDOL    ]DFKRZXM F ]DVDG  L VXPD ZDJ PXVL

Z\QRVLüLSU]HPQR \üSU]H]RFHQ F]\QQLND

OS &]\QQLN

:DJD

2FHQD

F]\QQLND

5\]\NR

ZD RQH

 &]\QQLN-







 &]\QQLN.







9,, :QLRVNL

= SU]HSURZDG]RQHMDQDOL]\Z\QLNDL RGF]DVXGRNRQDQHMZWUDNFLHSODQRZDQLD

DQDOL]\U\]\NDZL NV]HU\]\NRZD RQHPDMHGQDN&]\QQLN.6SRZRGRZDQHWR

PRJáRE\ü]PLDQDPLZRUJDQL]DFML]PLDQDPLSU]HSLVyZSURFHGXULWS:]ZL ]NX

] W\P SURJUDP ]DGDQLD DXG\WRZHJR QDOH \ WDN VNRQVWUXRZDü DE\ SU]HGH

ZV]\VWNLP

]EDGDü

SR]LRP

]DEH]SLHF]HQLD

NRPyUNLNRPyUHN

RUJDQL]DF\MQHMRUJDQL]DF\MQ\FK SU]HG ZSá\ZHP &]\QQLND . F]\OL SU]HG

QHJDW\ZQ\PLVNXWNDPLMDNLHWHQF]\QQLNQLHVLH]DVRE 

& (7$3=$'$1,$$8'<72:(*2

$QDOL]DU\]\NDQDW\PHWDSLHRSLHUDVL QDVXPLH]HEUDQ\FKLQIRUPDFMLRXMDZQLRQ\FK

Z WUDNFLH DXG\WX QLHSUDZLGáRZR FLDFK F]\OL NRQNUHWQ\FK F]\QQLNDFK U\]\ND OXE

]DLVWQLDá\FKMX VNXWNDFK

background image



=DáR HQLD
=DGDQLHDXG\WRZHSRWZLHUG]LáRLVWQLHQLH&]\QQLND-L&]\QQLND.MHGQDN H DXG\WRU

]LGHQW\ILNRZDáGRGDWNRZR&]\QQLN=
3U]\M WRQDVW SXM FHNU\WHULD
5\]\NR EDUG]R Z\VRNLH ± MHVW SRZD Q\P ]DJUR HQLHP GOD IXQNFMRQRZDQLD

SURFHVX SURZDG]L OXE GRSURZDG]LáR GR VWUDW ILQDQVRZ\FK SU]H] FR ZSá\ZD QD

NOXF]RZ

G]LDáDOQR ü 0LQLVWHUVWZD QDOH \ SRGM ü QDW\FKPLDVWRZH G]LDáDQLD

QDSUDZF]H
5\]\NR  Z\VRNLH ± ZL H VL ] SRZD Q\PL EUDNDPL Z URGRZLVNX NRQWUROQ\P L

SURFHGXUDFKNRQWUROQ\FKNWyUHPRJ SRWHQFMDOQLHZSá\Q ü QDNOXF]RZ G]LDáDOQR ü

0LQLVWHUVWZDQLH]E GQHV G]LDáDQLDQDSUDZF]H
5\]\NR UHGQLH±QLHSUHF\]\MQHSURFHGXU\NWyUHZSU]\SDGNXEUDNX]PLDQZFL

PRJ Z\ZLHUDüZSá\ZQDNOXF]RZ G]LDáDOQR ü 0LQLVWHUVWZDQDOH \ PRQLWRURZDüL

VSUDZG]Dü
5\]\NRQLVNLH±SRMHG\QF]HEá G\LEUDNLZGRNXPHQWDFMLQLH]PLHQLDM FHREUD]X

FDáHJR SURFHVX SRVLDGDM FH QLHZLHONLH ]QDF]HQLH GOD RUJDQL]DFML QDOH \

PRQLWRURZDüLZPLDU SRWU]HE\VSUDZG]DüF]\MHVWSUDZLGáRZRNRQWURORZDQH

3U]\NáDGRZRF]\QQLNLPR QD ]DNZDOLILNRZDüQDVW SXM FR
&]\QQLN-Z\SHáQLDNU\WHULDU\]\ND UHGQLHJR
&]\QQLN.Z\SHáQLDNU\WHULDU\]\NDZ\VRNLHJR
&]\QQLN=Z\SHáQLDNU\WHULDU\]\ND UHGQLHJR

0DSDU\]\NDZDQDOL]LHU\]\ND

0DSD U\]\ND NODV\ILNXMH URG]DMH U\]\ND ZHGáXJ ]QDF]HQLD L SUDZGRSRGRELH VWZD L

XPLHV]F]DMHQDPDSLHZMHGQ\P]F]WHUHFKNZDGUDWyZ
1DSRF] WNXWU]HEDSU]HSURZDG]LüRFHQ U\]\ND SDWU]WDEHODQDQDVW SQHMVWURQLH 

=DUyZQR RFHQD ]QDF]HQLD MDN L SUDZGRSRGRELH VWZD SRZLQQD E\ü GRNRQDQD EH]

EUDQLDSRGXZDJ SURFHVyZLNRQWUROLMDNLHRUJDQL]DFMDVWRVXMHE\]DU] G]DüW\PL

U\]\NDPL
1DVW SQLHGODND GHJRU\]\NDQDOH \ RGF]\WDüZVSyáU] GQH±Ä]QDF]HQLH´QDRVL<

RUD] ÄSUDZGRSRGRELH VWZR´ QD RVL ; 1DOH \ VSUDZG]Lü Z NWyU\P NZDGUDFLH

]QDMGXMH VL U\]\NR 3R]\FMD Z RNUH ORQ\P NZDGUDFLH SRPDJD XVWDOLü ZD QR ü

U\]\ND 2NUH OD WDN H MDN ZLHOH Z\VLáNX L XZDJL SRZLQQR E\ü SR ZL FRQH

RJUDQLF]HQLX WHJR U\]\ND ELRU F SRG XZDJ SRWHQFMDOQ\ ZSá\Z MDNL PD RQR QD

]GROQR ü RUJDQL]DFMLGRSURZDG]HQLDVZRMHMVWUDWHJLLG]LDáDQLD

background image



0DSD U\]\ND XPLHV]F]D ND GH U\]\NR Z MHGQ\P ] F]WHUHFK QDVW SXM F\FK

NZDGUDWyZ
,

³=DSRELHJDMX UyGáD´

5RG]DMHU\]\NDZW\PNZDGUDFLH]DOLF]DM VL GRSRGVWDZRZ\FKLQDMZD QLHMV]\FK

6 WR WDNLH URG]DMH U\]\ND NWyUH ]DJUD DM RVL JQL FLX FHOyZ RUJDQL]DFML 6 RQH

]QDF] FHMH OLFKRG]LRNRQVHNZHQFMHDSUDZGRSRGRELH VWZRLFKZ\VW SLHQLDMHVW

]QDF]QH 3RZLQQ\ E\ü ]UHGXNRZDQH OXE Z\HOLPLQRZDQH SRSU]H] ]DVWRVRZDQLH

NRQWUROL]DSRELHJDZF]\FK.RQWUROHWHSRZLQQ\SRGOHJDüRFHQLHLEDGDQLX

,,

³:\NU\MLPRQLWRUXM´

5RG]DMH U\]\ND Z W\P NZDGUDFLH V ]QDF] FH DOH SUDZGRSRGRELH VWZR LFK

Z\VW SLHQLDMHVWPQLHMV]H7HURG]DMHU\]\NDSRZLQQ\E\üF\NOLF]QLHPRQLWRURZDQH

E\ XSHZQLüVL  H V ZáD FLZLH]DU] G]DQHSU]H]RUJDQL]DFM L SUDZGRSRGRELH VWZR

LFKZ\VW SLHQLDSR]RVWDQLHQLVNLH3RZLQQRVL ]DVWRVRZDüNRQWUROHZ\NU\ZDM FHE\

]DSHZQLü H URG]DMHU\]\NDRGX \P]QDF]HQLXE G Z\NU\WH]DQLPSRMDZL VL LFK

NRQVHNZHQFMH7DJUXSDU\]\NDMHVWGUXJDFRGRZD QR FL

,,,

³0RQLWRUXM´

5RG]DMHU\]\NDZW\PNZDGUDFLHPDM PQLHMV]H]QDF]HQLHDOHSUDZGRSRGRELH VWZR

LFKZ\VW SLHQLDMHVWGX H3RZLQQ\E\üPRQLWRURZDQHE\]DSHZQLü H V ZáD FLZLH

]DU] G]DQHRUD] H LFK ]QDF]HQLH QLH Z]UR QLH SU]\ ]PLHQLDM F\FK VL ZDUXQNDFK

G]LDáDQLD

,9

³0LQLPDOQDNRQWUROD´

5RG]DMH U\]\ND Z W\P NZDGUDFLH QLH V ]QDF] FH L SUDZGRSRGRELH VWZR LFK

Z\VW SLHQLD MHVW QLVNLH :\PDJDM PLQLPDOQHJR PRQLWRULQJX L NRQWUROL FK\ED H

QDVW SQDRFHQDU\]\NDZ\ND H H SU]HV]á\GRLQQHMNDWHJRULL

=QDF]HQLH

6NDODJG]LH

R]QDF]D

QDMZ\ V]HU\]\NR

ND GDOLF]EDPR H

E\üX \WDUD]

3UDZGRSRGRELH VWZR

Z\VW SLHQLD

6NDODJG]LHR]QDF]D

SHZQR ü Z\VW SLHQLDD

H UDF]HMQLHZ\VW SL

5\]\NR

2SLVU\]\ND

background image



.ZDGUDW,,

Z\NU\MLPRQLWRUXM

.ZDGUDW,

]DSRELHJDMX UyGáD

.ZDGUDW,9

PLQNRQWUROD

.ZDGUDW,,,

PRQLWRUXM

35$:'232%,( 67:2























=1

$&

=(

1

,(

1L

VNL

H

:

\VR

NL

H

1LVNLH

:\VRNLH

$XG\WRU]\ SU]HSURZDG]DM F\ DQDOL] U\]\ND ]JRGQLH ] SRZ\ V] PHWRG SRZLQQL

G\VSRQRZDü GX \P ]DVREHP ZLHG]\ SURIHVMRQDOQHM RUD] GRJá EQ ]QDMRPR FL

]DNUHVXG]LDáDQLDMHGQRVWNLDXG\WRZDQHM
8:$*,
3RZ\ V]\ SRG]LDá PDS\ U\]\ND QD F]WHU\ NZDGUDW\ QLH MHVW RERZL ]NRZ\ L PR H

]RVWDü UR]V]HU]RQ\ GR G]LHZL FLX ]DSHZQLDM F

MHGQRF]H QLH ZL NV]

V]F]HJyáRZR ü $XG\WRU]\ VWRVXM F\ W PHWRG SRZLQQL G\VSRQRZDü GX \P

]DVREHP ZLHG]\ RU] GRJá EQ

]QDMRPR FL

]DNUHVX G]LDáDQLD MHGQRVWNL

DXG\WRZDQHM G]L NL F]HPX E G Z VWDQLH ZLDU\JRGQLH ]LGHQW\ILNRZDü U\]\ND L

SRJUXSRZDü MH Z ]DOH QR FL RG LFK ]QDF]HQLD VNXWNX  RUD] SUDZGRSRGRELH VWZD

Z\VW SLHQLD

background image



&]\QQLNLU\]\NDZDQDOL]LHU\]\ND

3URFHGXUDRFHQ\U\]\NDMHVWQDVW SXM FD

 :\PLHQLüF]\QQLNLU\]\ND
 .D GHPXF]\QQLNRZLQDGDüZDJ  RG]ZLHUFLHGODM F MHJR]QDF]HQLH
 2FHQLüSR]LRPU\]\ND]ZL ]DQ\]ND G\PF]\QQLNLHPU\]\ND
QS1LVNLHU\]\NR

UHGQLH



=QDF]QH



:\VRNLH



 2EOLF]\ü RJyOQ\ Z\QLN L QD WHM SRGVWDZLH ]DGHF\GRZDü MDN F] VWR GDQD

G]LDáDOQR ü PDE\üEDGDQD

QS ]DNáDGDM F H RJyOQD RFHQD PR H Z\QRVLü RG  GR  PR QD SU]\M ü

QDVW SXM FH]DVDG\

 ±

DXG\WFR±ODWD

 ±

DXG\WFR±URNX

 ±

DXG\WFR±ODWD

 ±

DXG\WFRGRPLHVL F\

&]\QQLNU\]\ND

:DJD

2FHQD

SR]LRPX

U\]\ND

:\QLN

D

E

D [ E

2JyOQ\Z\QLN

8:$*,
0HWRGDZ\PDJDGX HJRGR ZLDGF]HQLD]DZRGRZHJRRGDXG\WRUD3U]\]QDQLHZDJ

RUD]RNUH OHQLHF] VWRWOLZR FLSU]HSURZDG]DQLDDXG\WXGRNRQ\ZDQHMHVWZRSDUFLXR

GR ZLDGF]HQLH]DZRGRZHDXG\WRUD

background image



 =Dá F]QLN2&(1$6<67(08.21752/,:(:1 75=1(-

3RGU F]QLN$XG\WX:HZQ WU]QHJR

2&(1$6<67(08.21752/,:(:1 75=1(-

2FHQD WD ]DZLHUD Z\QLNL UR]PyZ ] Uy Q\PL SUDFRZQLNDPL GRW\F] FH V\VWHPyZ

SRGGDZDQ\FK DXG\WRZL DQDOL] GRNXPHQWDFML RERZL ]XM F\FK ]DVDG L SURFHGXU D

WDN H EDGDQLH GRVW SQHM GRNXPHQWDFML RGQRV] FHM VL GR REV]DUyZ REM W\FK

]DNUHVHP DXG\WX $E\ SURFHV WHQ E\á SU]HMU]\VW\ DXG\WRU RSUDFRZXMH ]HVWDZLHQLH

RFHQ\ V\VWHPX NRQWUROL ZHZQ WU]QHM $UNXV] RFHQ\ V\VWHPX NRQWUROL ZHZQ WU]QHM

SURMHNWXMHVL ]JRGQLH]SODQRZDQ\P]DNUHVHPDXG\WXLFHODPLNRQWUROLLSRGOHJDRQ

SU]HJO GRZL.LHURZQLND.$:

6<*1$785$

*áyZQH

F]\QQLNL

U\]\ND

2EHFQHL

SRWU]HEQH

PHFKDQL]P\

NRQWUROLU\]\ND

2FHQD

]DSRWU]HERZDQ

LDQD

PHFKDQL]P\

NRQWUROQH

2NUH OHQLHPHWRG\

WHVWRZHM

3R]LRP

LVWRWQR ü U\]\ND

8ZDJLRFHQD













1D F]\P

SROHJD

U\]\NR"

-DN PR QD



QHXWUDOL]RZDü

U\]\NR"

:VW SQD RFHQD

DXG\WRUyZ GRW

REHFQ\FK

URGNyZ

NRQWUROL

-DNLH WHVW\ QDOH \

SU]HSURZDG]Lü DE\

RNUH OLüVNXWHF]QR ü

URGNyZNRQWUROL

:\VRNL

UHGQL

F]\QLVNL"
&R VL

VWDQLH

JG\ VSHáQL VL

U\]\NR"

3RGDQH XVWDOHQLD

RFHQ\L]DOHFHQLD

3U]\JRWRZDá

6SUDZG]Lá



*áyZQHF]\QQLNLU\]\ND

background image



'OD SRV]F]HJyOQ\FK REV]DUyZ NRQWUROQ\FK LGHQW\ILNXMH VL PR OLZH F]\QQLNL U\]\ND

RUD] URGNL ]DSRELHJDM FH Z\VW SLHQLX U\]\ND DOER MH RJUDQLF]DM FH $XG\WRU

SRZLQLHQ XZ]JO GQLü F]\QQLNL U\]\ND L ]LGHQW\ILNRZDü SURFHV\ NWyUH PRJ

]DV]NRG]LüRVL JQL FLXFHOyZNRQWUROL

2EHFQHLSRWU]HEQHPHFKDQL]P\NRQWUROLU\]\ND
0HFKDQL]P\NRQWUROLWRNRQNUHWQHVSRVRE\]DSRELHJDQLDPR OLZHPXU\]\NXOXEMHJR

RJUDQLF]HQLD 1D SRF] WNX ]DGDQLD DXG\WRZHJR DXG\WRU SRZLQLHQ ]LGHQW\ILNRZDü

REHFQH PHFKDQL]P\ NRQWUROL 3ROHJDM F QD ZF]H QLHMV]HM ZLHG]\ R NRQNUHWQ\P

V\VWHPLH GR ZLDGF]HQLDFK SUDNW\F]Q\FK RUD] ZLHG]\ QDE\WHM Z WUDNFLH V]NROHQLD

DXG\WRUyZ DXG\WRU SRZLQLHQ ]LGHQW\ILNRZDü PHFKDQL]P\ NRQWUROL NWyUH QDOH \

XUXFKRPLüZFHOX]DSRELH HQLDU\]\NX

2FHQD]DSRWU]HERZDQLDQDPHFKDQL]P\NRQWUROQH
1DSRGVWDZLHNRQNUHWQ\FKIDNWyZLSUDNW\NL]DZRGRZHMDXG\WRUSRZLQLHQ GRNRQDü

XGRNXPHQWRZDQHM RFHQ\ ZV]\VWNLFK PHFKDQL]PyZ NRQWUROL ]LGHQW\ILNRZDQ\FK Z

NROXPQLHL]DSLVDüW RFHQ Z NROXPQLH3RPR H WR]LGHQW\ILNRZDüQDMVáDEV]H

PHFKDQL]P\NRQWUROLZV\VWHPLHLSULRU\WHW\DXG\WX:WUDNFLHSURFHVXRFHQ\DXG\WRU

SRZLQLHQXZ]JO GQLüZV]HONLHZDUXQNLNWyUHPRJ ZSá\ZDüQDVNXWHF]QR ü GDQHJR

PHFKDQL]PXNRQWUROL
$E\ Z\UD QLHXVWDOLüREHFQ\SR]LRPNRQWUROLRUD]]LGHQW\ILNRZDüVáDER FLV\VWHPX

SRMHJRRFHQLHDXG\WRUPR H RSUDFRZDüVFKHPDWJUDILF]Q\DXG\WX

2NUH OHQLHPHWRG\DQDOL]\
3U]\ RSUDFRZDQLX VWUDWHJLL DQDOL]\ DXG\WRU PR H VNRU]\VWDü ] Uy Q\FK PHWRG QD

SU]\NáDG

” Z\ZLDG\
” EDGDQLHLDQDOL]DGRNXPHQWDFMLSURFHGXULGRNXPHQWyZUHJXODF\MQ\FK
” DQNLHW\
” WHVW\ LWS

0HWRG Z\ZLDGX QDOH \ Z\EUDü QD SRGVWDZLH RFHQ\ QLH]E GQ\FK PHFKDQL]PyZ

NRQWUROL:\EUDQDPHWRGDSRZLQQD]DSHZQLüVWZLHUG]HQLH

” REHFQR FLPHFKDQL]PyZNRQWUROLLFKVNXWHF]QR FLLSU]HVWU]HJDQLD
” REHFQR FL]DVWRVRZDQLDLVNXWHF]QR FLPHFKDQL]PyZNRQWUROQ\FK

background image



” U]HF]\ZLVW\FKOXESRWHQFMDOQ\FKVáDER FLV\VWHPXNRQWUROL
” REV]DUyZV\VWHPXRQDMZ\ V]\PSR]LRPLHU\]\ND

:\EyUPHWRG\Z\ZLDGX]DOH \ RGVSHF\ILNLDXG\WX=Z\NOHZSUDF\DXG\WXVWRVXMH

VL Uy QH PHWRG\ :\EUDQH PHWRG\ Z\ZLDGX RUD] SURFHV LFK VWRVRZDQLD QDOH \

Z\UD QLHRSLVDüZNROXPQLHWDEHOLRFHQ\NRQWUROLZHZQ WU]QHM=DSHZQLWRMHGQROLWH

SRGHM FLHGRSU]HJO GXV\VWHPyZNRQWUROQ\FK3ODQXM F Z\ZLDG\DXG\WRUSRZLQLHQ

ZVND]DüLFKUHVSRQGHQWyZRUD]PHFKDQL]P\NRQWUROQHSRGGDZDQHVSUDZG]HQLXD

WDN H ZV]HONLHLQQHLQIRUPDFMHNWyUHQDOH \ ]HEUDüZLFKWUDNFLH

3R]LRPU\]\NDLLVWRWQR FL
2FHQLDM F V\VWHP NRQWUROL ZHZQ WU]QHM DXG\WRU SRZLQLHQ RFHQLDü U\]\NR ZHGáXJ

NU\WHULyZZ\EUDQ\FKSU]H].LHURZQLND.$:QSQDVW SXM F\FK

” =QDF]QHU\]\NR
” 8PLDUNRZDQHU\]\NR
” 1LVNLHU\]\NR

$XG\WRUSRZLQLHQWDN H SRVWDUDüVL SU]HDQDOL]RZDüF]\QQLNLU\]\NDZDVSHNFLHLFK

LVWRWQR FLQSZJQDVW SXM F\FKNU\WHULyZ
” .ZRWD ZDUWR ü URGNyZILQDQVRZ\FKZGDQ\PSURFHVLH
” 6]NRGD QDZL]HUXQNXLQVW\WXFML
” =ZL ]HN]FHODPLLQVW\WXFML

 8ZDJLLRFHQ\

: NROXPQLH  PR QD VNRPHQWRZDü LQQH VXJHVWLH XVWDOHQLD L Z\QLNL NWyUH PRJ SU]\GDü VL GR

DXG\WX:XVWDOHQLDFKQDOH \ SRGDüF]\PHFKDQL]P\VáX FHGRNRQWUROLV XUXFKRPLRQHLG]LDáDM  D

Z SU]\SDGNXLFKQLHVNXWHF]QR FLSU]\F]\Q\WHJRVWDQXU]HF]\L URGNLMDNLHQDOH \ SRGM üDE\JR

SRSUDZLü

1D NRQLHF DXG\WRU SRGSLVXMH ]HVWDZLHQLH RFHQ\ V\VWHPX NRQWUROL ZHZQ WU]QHM L

SU]HGVWDZLD JR GR SU]HJO GX .LHURZQLNRZL .$: 8ZDJL .LHURZQLND .$: QDOH \

ZSURZDG]LüGRUR]G]LDáX³3U]HJO G DNWDXG\WX´

background image



 =Dá F]QLN3/$1$8'<78:(:1 75=1(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$



QD]ZDLDGUHVMHGQRVWNL
VHNWRUDILQDQVyZSXEOLF]Q\FK

3/$1$8'<78:(:1 75=1(*21$52.

,QIRUPDFMHRMHGQRVWFHVHNWRUDILQDQVyZSXEOLF]Q\FKLVWRWQHGOD

SU]HSURZDG]HQLDDXG\WXZHZQ WU]QHJR

$QDOL]DU\]\ND

&KDUDNWHU\VW\NDREV]DUXSRGGDZDQHJRDXG\WRZLZHZQ WU]QHPX
0HWRG\DQDOL]\U\]\ND
:\QLNLDQDOL]\U\]\ND
2EV]DU\U\]\NDXVWDORQH]HZ]JO GXQDVWRSLH LFKZD QR FL

/S

2EV]DUU\]\ND

8ZDJL







background image



=DGDQLDDXG\WRZHGRSU]HSURZDG]HQLDZURNX

 =DNUHVWHPDW\F]Q\LRUJDQL]DFMD]DGD DXG\WRZ\FK

/S 7HPDW]DGDQLD

DXG\WRZHJR

3ODQRZDQ\

WHUPLQ

SU]HSURZD

G]HQLD
DXG\WX

ZHZQ WU]Q

HJR

1LH]E GQH

]DVRE\ OLF]ED

RVRERGQL

LQQH

2EV]DU

U\]\ND

(ZHQWXDOQD

SRWU]HED

SRZRáDQLD

U]HF]R]QDZF\

]DNUHV

SUDF\

SODQRZDQ\

F]DVSUDF\

8ZDJL









3ODQRZDQHREV]DU\NWyUHSRZLQQ\]RVWDüREM WHDXG\WHPZHZQ WU]Q\PZ
 NROHMQ\FKODWDFK

/S 2EV]DUDXG\WX

ZHZQ WU]QHJR

3ODQRZDQ\URN

SU]HSURZDG]HQLD

2EV]DU

U\]\ND

8ZDJL





background image




2UJDQL]DFMDSUDF\NRPyUNLDXG\WXZHZQ WU]QHJR

/S =DGDQLD

=DVRE\
OXG]NLH
OLF]EDRVRERGQL

=DVRE\U]HF]RZH

8ZDJL



3U]HSURZDG]DQLH

]DGD DXG\WRZ\FK
2SUDFRZDQLH

WHFKQLN

SU]HSURZDG]DQLD

]DGDQLD

DXG\WRZHJR


3U]HSURZDG]DQLH

F]\QQR FL

VSUDZG]DM F\FK
:VSyáSUDFD]

LQQ\PLVáX EDPL

NRQWUROQ\PL
&]\QQR FL

RUJDQL]DF\MQHZ

W\PSODQL

VSUDZR]GDZF]R ü
6]NROHQLDL

UR]ZyM]DZRGRZ\
8UORS\F]DV

GRVW SQ\
,QQHG]LDáDQLDZ

W\PDXG\W

ZHZQ WU]Q\SR]D

SODQHPDXG\WX

ZHZQ WU]QHJR

background image









'DWD  SRGSLVDXG\WRUD

ZHZQ WU]QHJR







'DWD  SRGSLVNLHURZQLNDMHGQRVWNL



VHNWRUDILQDQVyZ

SXEOLF]Q\FK

background image



 =Dá F]QLN832:$ 1,(1,('235=(352:$'=$1,$$8'<78

:(:1 75=1(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR



 GDWDLPLHMVFHZ\VWDZLHQLD

SLHF] ü QDJáyZNRZDMHGQRVWNL
VHNWRUDILQDQVyZSXEOLF]Q\FK



QXPHUXSRZD QLHQLD

8SRZD QLHQLHGRSU]HSURZDG]DQLDDXG\WXZHZQ WU]QHJR

1DSRGVWDZLHDUWJXVWXVWDZ\]GQLDOLVWRSDGDURILQDQVDFK

SXEOLF]Q\FK ']81USR]]U1USR]1USR]1U

SR]L1USR]]U1USR]1USR]1USR]

1USR]1USR]L1USR]RUD]]U1U

SR]1USR]1USR]1USR]1USR]1U

SR]1USR]L1USR]RUD]]U1USR]L

L1USR]
XSRZD QLDVL 3DQD3DQL




LPL  QD]ZLVNRLVWDQRZLVNRVáX ERZH





GR SU]HSURZDG]HQLDDXG\WXZHZQ WU]QHJR]JRGQLH]SODQHPDXG\WX

ZHZQ WU]QHJRSR]DSODQHPDXG\WXZHZQ WU]QHJR

Z

QD]ZDLDGUHVNRPyUNLZNWyUHMMHVWSU]HSURZDG]DQ\DXG\WZHZQ WU]Q\

8SRZD QLHQLHMHVWZD QH]DRND]DQLHPGRZRGXRVRELVWHJROHJLW\PDFML

VáX ERZHM



QURUD]SR ZLDGF]HQLDEH]SLHF]H VWZD

QUXSRZD QLDM FHJRGRGRVW SXGRLQIRUPDFMLQLHMDZQ\FK

R]QDF]RQ\FKNODX]XO 

background image



7HUPLQZD QR FLXSRZD QLHQLDXSá\ZD]GQLHP


SLHF] WNDLSRGSLVNLHURZQLNDMHGQRVWNLVHNWRUDILQDQVyZSXEOLF]Q\FK

:D QR ü XSRZD QLHQLDSU]HGáX D VL GRGQLD


SLHF] WNDLSRGSLVNLHURZQLNDMHGQRVWNLVHNWRUDILQDQVyZSXEOLF]Q\FK



1LHSRWU]HEQHVNUH OLü

background image



 =Dá F]QLN:1,26(.232:2à$1,(5=(&=2=1$:&<'28'=,$à8:

=$'$1,8$8'<72:<0

3RGU F]QLN$XG\WX:HZQ WU]QHJR



QD]ZDLDGUHVMHGQRVWNLVHNWRUDILQDQVyZSXEOLF]Q\FK

GQLD
 PLHMVFRZR ü

:QLRVHNRSRZRáDQLHU]HF]R]QDZF\GRXG]LDáXZ]DGDQLXDXG\WRZ\P

1D SRGVWDZLHDUWJXVWXVWDZ\]GQLDOLVWRSDGDURILQDQVDFK

SXEOLF]Q\FK ']81USR]]U1USR]1USR]1U

 SR]L1USR]]U1USR]1USR]1USR]

1USR]1USR]L1USR]RUD]]U1U

SR] 1USR]1USR]1USR]1USR]1U

SR]1USR]L1USR]RUD]]U1USR]L

 L1USR] SRZRáXM U]HF]R]QDZF Z G]LHG]LQLH

ZRVRELH
GRXG]LDáXZGQLXGQLDFK



Z 
PLHMVFHSU]HGPLRWL]DNUHVF]\QQR FLDXG\WRZ\FKZNWyU\FKPDZ]L ü XG]LDá

U]HF]R]QDZFD

5]HF]R]QDZFDGRNRQXMHF]\QQR FLDXG\WRZ\FKVDPRG]LHOQLHZHZVSyáSUDF\]

DXG\WRUDPLZHZQ WU]Q\PLXF]HVWQLF] F\PLZ]DGDQLXDXG\WRZ\P


 SRGSLVDXG\WRUDZHZQ WU]QHJR

background image





SRGSLVNLHURZQLNDMHGQRVWNLVHNWRUDILQDQVyZSXEOLF]Q\FK



1LHSRWU]HEQHVNUH OLü

background image



 =Dá F]QLN=(67$:,(1,((7$3Ï:=$'$1,$$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

=(67$:,(1,((7$3Ï:=$'$1,$$8'<72:(*2

3/$12:$1,(=$'$1,$$8'<78
=DGDQLHDXG\WRZHRNUH OHQLHFHOXNU\WHULyZKDUPRQRJUDPX
3U]HSURZDG]HQLHQDUDG\RWZLHUDM FHM
:VW SQ\ SU]HJO G LGRNXPHQWDFMDV\VWHPyZ
0HWRG\NDDXG\WXWHFKQLNLEDGDZF]H
3URJUDP ]DGDQLDDXG\WRZHJR

 &=<112 &,$8'<72:(
:VW SQD RFHQDV\VWHPXNRQWUROLZHZQ WU]QHM
7HVWRZDQLH

635$:2='$1,(=35=(352:$'=(1,$$8'<78
2SUDFRZDQLHSURMHNWXVSUDZR]GDQLD]DXG\WX
1DUDGD]DP\NDM FD
2VWDWHF]QHVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

 :(:1 75=1$2&(1$-$.2 &,
.LHURZQLN.$:
.UyWNDQRWDWNDGRDNW

 &=<112 &,635$:'=$- &(

=$0.1, &,($.7=$'$1,$$8'<72:(*2

background image



 =Dá F]QLN)2508/$5=35=<'=,$à8=$'$1,$$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

)2508/$5=35=<'=,$à8=$'$1,$$8'<72:(*2

1D]ZD]DGDQLD

1U]DGDQLD

3ODQRZDQDOLF]ED

JRG]LQ

UR]OLF]HQLRZ\FK

'DWD

SU]\G]LDáX

8ZDJLRJyOQH

&HOH]DGDQLD

DXG\WRZHJR

,QVWUXNFMHVSHFMDOQH

background image



3U]\G]LDáSHUVRQHOXDXG\WXZHZQ WU]QHJR

.RRUG\QDWRU=DGDQLD$XG\WRZHJR$XG\WRU

RGSRZLHG]LDOQ\

3U]\JRWRZDá

'DWD

6SUDZG]Lá

'DWD

=DWZLHUG]Lá

'DWD

background image



 =Dá F]QLN)2508/$5=:1,26.82=0,$1 +$50212*5$08

3RGU F]QLN$XG\WX:HZQ WU]QHJR

+DUPRQRJUDPQDOH \ VNRU\JRZDüJG\W\ONRRND H VL  H Z\NRQ\ZDQH]DGDQLHDXG\WRZHUy QLVL

RGSODQRZDQHJRZIRUPXODU]XSU]\G]LHOHQLD]DGDQLD*HQHUDOQLHURELVL WRSRSU]HJO G]LHZVW SQ\PL

VSRU] G]HQLXSURJUDPXDXG\WXFKRüF]\QQLNL]PXV]DM FHGRNRUHNW\EXG HWXPRJ VL SRMDZLDüQD

ND G\PHWDSLH]DGDQLD

:QLRVHNSU]\JRWRZXMHDXG\WRURGSRZLHG]LDOQ\VSUDZG]D.=$]DWZLHUG]D]D OXERGU]XFD.LHURZQLN

.$:

6<*1$785$

)2508/$5=:1,26.82=0,$1 +$50212*5$08

1,(2%/,*$725<-1<

:QLRVHNR]PLDQ KDUPRQRJUDPX

1XPHU]DGDQLD

à F]QDOLF]EDJRG]LQUR]OLF]HQLRZ\FK

:QLRVHNR]PLDQ 

3RSUDZLRQDOLF]EDJRG]LQ

3RZRG\ZQLRVNXRSRSUDZNL

3U]\JRWRZDá



'DWD

background image



6SUDZG]Lá

'DWD

=DWZLHUG]LáRGU]XFLá



'DWD

background image



 =Dá F]QLN(:,'(1&-$:<.25=<67$1,$&=$68

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

(:,'(1&-$:<.25=<67$1,$&=$68

1D]ZD

]DGDQLD

1U

]DGDQLD

2U\JLQDOQLH

3R ]PLDQLH

KDUPRQRJUDPX

2VWDWHF]Q\

F]DV

U]HF]\ZLVW\

5]HF]\ZL FL

H

SRQDGSRQL

HM

KDUPRQRJUD

PX

3ODQRZDQLH

3ODQRZDQLH

ZVW SQH

%DGDQLHZVW SQH

3URJUDP]DGDQLD

DXG\WRZHJR

&]\QQR FLDXG\WX

2EV]DU

background image



2EV]DU 

2EV]DU

2FHQD
.LHURZQLND.$:

2SUDFRZDQLH

VSUDZR]GDQLD

2FHQDDXG\WX

GRNRQ\ZDQDSU]H]

.OLHQWD$XG\WX

5D]HP

background image



 =Dá F]QLN/,67$:(5<),.$&<-1$&(/Ï:,3/$12:$1,$=$'$1,$

$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

/,67$:(5<),.$&<-1$&(/Ï:,3/$12:$1,$=$'$1,$

$8'<72:(*2

1D]ZD

]DGDQLD

DXG\WRZHJR

3ODQRZDQ\WHUPLQ

UR]SRF] FLD

3ODQRZDQ\WHUPLQ

]DNR F]HQLD

7HUPLQZ\NRQDQLD



3U]HJO G VSUDZR]GDQLD]SRSU]HGQLHJR

]DGDQLDDXG\WRZHJRRUD]IRUPXODU]DSU]HJO GX

SRDXG\WRZHJR

Z FHOXRNUH OHQLDLXGRNXPHQWRZDQLDZV]HONLFK

QLH]E GQ\FKV]F]HJyOQ\FKG]LDáD

NRQW\QXDF\MQ\FK

background image





3U]HJO G UR]OLF]HQLDF]DVXSRSU]HGQLHJR

DXG\WXZNRQWHN FLHSU]HGVWDZLRQ\FKXVWDOH

L ZQLRVNyZ'RNXPHQWDFMDVXJHVWLLHZHQWXDOQ\FK

NRUHNW ]DNUHVXDXG\WX

Z NRQVHNZHQFMLZ\QLNyZSRSU]HGQLFKDXG\WyZ



'RNXPHQWDFMD

ZV]HONLFK

]PLDQ

ZSURZDG]DQ\FK GR RFHQ\ U\]\ND DXG\WX

SRGDQHM Z GRNXPHQWDFK URERF]\FK

SRSU]HGQLFKDXG\WyZ



.RQWDNW

]

DXG\WRUDPLNRQWUROHUDPL

]HZQ WU]Q\PL DE\ VSUDZG]Lü F]\ PDM

MDNLH NRQNUHWQH ]DVWU]H HQLD Z ]ZL ]NX

W\P DXG\WHP OXE \F] VRELH Z\NRQDQLD

MDNLHJR

NRQNUHWQHJR WHVWX ] ]DNUHVX

DXG\WXZHZQ WU]QHJR



=ZL ]áH SLVHPQH VIRUPXáRZDQLH FHOyZ

]DGDQLDDXG\WRZHJRDE\VNXSLüZ\VLáNLQD

LFK

RVL JQL FLX

D QDVW SQLHXáDWZLüRFHQ  F]\DXG\WVSHáQLá

VZyM FHO :VND]yZND JHQHUDOQLH FHOH

DXG\WX PR QD IRUPXáRZDü Z NRQWHN FLH

RFHQ\

ZLDU\JRGQR FL L XF]FLZR FL GDQ\FK

]DUHMHVWURZDQ\FKRSHUDFML

background image



]JRGQR FL]]DVDGDPLG\UHNW\ZDPL

SURFHGXUDPL SODQDPL SUDZHP OXE

SU]HSLVDPL

]DEH]SLHF]HQLDPDM WNX

RV]F] GQHJR

L

HIHNW\ZQHJR

X \WNRZDQLD]DVREyZ
Z\NRQDQLDSODQXLRVL JQL FLDFHOyZ

SURJUDPyZOXERSHUDFML



3U]\JRWRZDQLH L Z\V\áND ]DZLDGRPLHQLD

R DXG\FLH GR ZV]\VWNLFK NWyU]\ SRZLQQL R

QLP ZLHG]LHü ] SRGDQLHP WHUPLQX RUD]

FHOyZDXG\WX



1D QDUDG]LH RWZLHUDM FHM SRZLDGRPLHQLH

NDGU\NLHURZQLF]HMNOLHQWDRFHODFKDXG\WX

=HEUDQLH

L GRNXPHQWDFMD LFK XZDJ L VXJHVWLL FR GR

WHJR MDNXáDWZLüSR]\W\ZQHZ\QLNLDXG\WX



2SUDFRZDQLH

SURJUDPX

]DGDQLD

DXG\WRZHJR

V]F]HJyáRZHJR



3U]\JRWRZDQLH (ZLGHQFML :\NRU]\VWDQLD

&]DVX



:UD]LHSRWU]HE\SU]\JRWRZDQLHIRUPXODU]D

ZQLRVNX

R

]PLDQ

KDUPRQRJUDPX

QLHREOLJDWRU\MQH

background image



 =Dá F]QLN=$/(&(1,$'27<&= &(*5$),&=1(-$1$/,=<

352&(6Ï:

3RGU F]QLN$XG\WX:HZQ WU]QHJR

=$/(&(1,$'27<&= &(*5$),&=1(-$1$/,=<352&(6Ï:

$XG\WZHZQ WU]Q\]RERZL ]DQ\MHVWGRVSRU] G]HQLDJUDILF]QHMDQDOL]\SURFHVyZ

SU]HWZDU]DQLDWUDQVDNFMLZ$GPLQLVWUDFML=DGDQLHWRVáX \ Sy QLHMV]HPXVNUyFHQLX

á F]QHJRF]DVXWUZDQLDDXG\WX&KRüQDSRF] WNXWU]HED]DLQZHVWRZDüZL FHM

F]DVXZNRQVHNZHQFMLF]DVDXG\WXVNUyFLVL GRSURFHVXDNWXDOL]DFML]

RJUDQLF]RQ\PSURJUDPHPWHVWyZWDPJG]LHPHFKDQL]P\NRQWUROLV GRVWDWHF]QHL

QLH]PLHQLá\VL 

3URFHGXUDQLQLHMV]DRSLVXMHRJyOQHSRGHM FLHIRUPDWRUD]]DVWRVRZDQLHV\PEROLL

RJyOQ\FK]DVDGGRNXPHQWDFMLZ\NRU]\VW\ZDQ\FKSU]H]$XG\W:HZQ WU]Q\GR

GRNXPHQWRZDQLDJáyZQ\FKV\VWHPyZNRQWUROL=ZUDFDP\XZDJ  H GRQDE\FLDV

SURJUDP\NRPSXWHURZHGRVSRU] G]DQLDJUDILF]QHMDQDOL]\SURFHVyZ

*áyZQHV\VWHP\SU]HWZDU]DQLDWUDQVDNFMLGHILQLXMHVL MDNRJUXS\OXEF\NOHWUDQVDNFML

WDNLHMDN

SU]\FKRG\
]DNXS\Z\SáDW\
VSUDZR]GDZF]R ü SáDFRZRNDGURZD
VSUDZR]GDZF]R ü SURGXNF\MQRPDJD]\QRZD

URGNLWUZDáHXWU]\PDQLH

*áyZQ\PFHOHPVSRU] G]DQLDVFKHPDWXJUDILF]QHJRMHVWLGHQW\ILNDFMDNOXF]RZ\FK

DWU\EXWyZNRQWUROQ\FKW\FKG]L NLNWyU\PRVL JDVL FHOHNRQWUROQH,GHQW\ILNDFMD

WDND PR H VNXWHF]QLHZVND]DüSU]\SDGNLQLHGRVWDWHF]Q\FKOXEQDGPLHUQ\FK

PHFKDQL]PyZNRQWUROLRUD]QDGPLDURZ\FKUH]HUZSURGXNF\MQ\FK=

XGRNXPHQWRZDQLDJáyZQ\FKV\VWHPyZNRQWUROLLSU]HWZDU]DQLDWUDQVDNFML]SRGDQLHP

SU]HSá\ZXWUDQVDNFMLLNOXF]RZ\FKSXQNWyZNRQWUROQ\FKVNRU]\VWDM VDPRG]LHOQL

NVL JRZL$GPLQLVWUDFMLNRQWUROHU]\RUD]$XG\W:HZQ WU]Q\

6SRU] G]DQDSU]H]$XG\W:HZQ WU]Q\JUDILF]QDDQDOL]DWUDQVDNFMLNRQFHQWUXMHVL

background image



QDSL FLXJHQHUDOQ\FKFHODFKNRQWUROQ\FKMDNLHUHDOL]RZDüSRZLQLHQV\VWHP

UDFKXQNRZR FL DE\]DVDGQLH]DSHZQLDüZLDU\JRGQR üGRNáDGQR ü LNRPSOHWQR ü

LQIRUPDFMLILQDQVRZ\FK6 WR

$XWRU\]DFMD 7UDQVDNFMHZ\NRQXMHVL ]JRGQLH]]DPLDUDPLNLHURZQLFWZD

=DSLV\ZDQLH:V]HONLHDXWRU\]RZDQHWUDQVDNFMH]DSLVXMHVL QDZáD FLZ\FK

NRQWDFKZHZáD FLZ\FKNZRWDFKLRNUHVDFKUR]UDFKXQNRZ\FK

=DEH]SLHF]HQLH2ERZL ]HNIL]\F]QHMGEDáR FLRPDM WHNVSRF]\ZDQDNRQNUHWQ\FK

SUDFRZQLNDFKQLH]DOH Q\FKRGRGQR Q\FKIXQNFMLNVL JRZ\FK

8]JDGQLDQLH =DSLV\NVL JRZHSRUyZQXMHVL ] RGQR Q\PLDNW\ZDPLGRNXPHQWDPL

OXEUDFKXQNDPL

:\FHQD =DSLVDQHNZRW\ZHU\ILNXMHVL SRGZ]JO GHPXWUDW\ZDUWR FL RGSLV\]D 

SRWU FHQLDOXELQQHNRUHNW\]DSLVXMHVL ]JRGQLH]Z\PDJDQLDPLNVL JRZ\P

$E\SURPRZDüZ\GDMQR ü LMHGQROLWR ü SU]\VSRU] G]DQLXVFKHPDWyZJUDILF]Q\FK

RUD]XáDWZLüSURFHVLFKSU]HJO GDQLDQDOH \ RSUDFRZDü]QRUPDOL]RZDQ\IRUPDW

UHSUH]HQWDFMLJUDILF]QHM1RUPDWDSRZLQQD]DZLHUDüRJyOQHZ\W\F]QHVSRU] G]DQLD

JUDILF]QHMDQDOL]\WUDQVDNFMLNRQWURO MDNR FLUHSUH]HQWDFMLJUDILF]QHMVSHF\ILF]QH

WHFKQLNLVSRU] G]DQLDVFKHPDWyZRUD]V]DEORQ\HOHPHQWyZVFKHPDWX*UDILF]Q

DQDOL] WUDQVDNFMLQDOH \ VSRU] G]DüZ$XG\FLH:HZQ WU]Q\P]JRGQLH]

SU]HGVWDZLRQ\PL]ZDF]DMDPLLGRNXPHQWDFM  DWDN H ORJLF]QLH]ZL OHLZ\UD QLH

2JyOQHZ\W\F]QHVSRU] G]DQLDVFKHPDWyZJUDILF]Q\FK

$

:SUH]HQWDFMLQDMZD QLHMV]DMHVWMDVQR ü LSURVWRWD%á GQHXZ]JO GQLHQLH

VNUDMQ\FKV]F]HJyáyZPR H UDF]HM]DFLHPQLüQL SRND]DüNOXF]RZHVSUDZ\

=DZLáR FLWDNLHMDNPHFKDQL]P\NRQWUROLZ\M WNyZOHSLHMZ\MD QLüZ]Dá F]QLNDFK

-HGQDN H RSLV\SRZLQQ\E\üNUyWNLH:ZL NV]R FLSU]\SDGNyZSRá F]HQLHVFKHPDWX

JUDILF]QHJR

L VáRZQHJRRSLVXZ\GDMHVL ]QDF]QLHSU]HZ\ V]DüND G\]W\FKGRNXPHQWyZ

] RVREQD

%

:\ND]\ZDüQDOH \ W\ONRRSHUDFMHGRNXPHQW\PDM FH]QDF]HQLHNRQWUROQH

W]Q NRQWUROXM FHDXWRU\]DFM  ]DSLV]DEH]SLHF]HQLHX]JDGQLDQLHLZ\FHQ 

: RJyOQR FLPR QDWRRVL JQ ü XZ]JO GQLDM F W\ONRWHG]LDáDQLDZUDPDFKDSOLNDFML

background image



JG]LHLQLFMXMHVL GDQH]PLHQLDMHOXESU]HQRVLGRLQQ\FKZ\G]LDáyZ3RGGDZDQ\

UHSUH]HQWDFMLJUDILF]QHMSURFHVQDOH \ SRG]LHOLüQDF] FLVNáDGRZHF]\OLG]LDáDQLD

L GHF\]MH3U]\ND G\PG]LDáDQLXQDOH \ WDN H SRGDüQD]ZLVNDLVWDQRZLVNDRVyE

Z\NRQXM F\FKGDQ WUDQVDNFM  : UyGV\PEROLWDNLHJRGRNXPHQWXQDOH \ XZ]JO GQLü

WDN H QD]Z\ZV]\VWNLFKGRNXPHQWyZ

&

$XG\WRU]\]Z\NOHX]\VNXM LQIRUPDFMHQLH]E GQHGRVSRU] G]HQLDOXE

DNWXDOL]DFMLJUDILF]QHMDQDOL]\WUDQVDNFML]Z\ZLDGyZ]SHUVRQHOHPZSRV]F]HJyOQ\FK

NRPyUNDFKGRW\F] F\FKSU]HVWU]HJDQ\FKSU]H]H SURFHGXURUD]]SU]HJO GX

SRGU F]QLNyZSURFHGXUREHFQ\FKVFKHPDWyZJUDILF]Q\FKLLQQHMGRNXPHQWDFML

V\VWHPX=ELHUDVL SUyENLGRNXPHQWyZLS\WDZND G\P]DXG\WRZDQ\FKNRPyUHNR

MHMV]F]HJyOQHRERZL ]NL3\WDQLDWDNLH]DGDZDüPR QDUyZQRF]H QLH]

Z\NRQ\ZDQLHPSU]HJO GXWUDQVDNFML]ZáDV]F]DJG\DNWXDOL]XMHVL VFKHPDW\

2FHQDMDNR FLJUDILF]QHM DQDOL]\WUDQVDNFML

8VWDOHQLDDXG\WRUyZRGQR QLHSURFHGXUNRQWUROQ\FKRUD]ZVW SQHZQLRVNLVXJHVWLH

FR GRSRSUDZ\QDOH \ SU]HWHVWRZDüSRSU]H]WHVW\NURF] FHLRSLVDüZGRNXPHQWDFK

URERF]\FK3RQLHZD V\VWHP\QDMOHSLHM]QDM LFKX \WNRZQLF\RVSUDZG]HQLH

GRNáDGQR FLVFKHPDWyZLRGQR QHXZDJLDXG\WRU]\SRZLQQLSRSURVLüRGSRZLHGQLFK

SUDFRZQLNyZ

background image



 =Dá F]QLN352*5$0=$'$1,$$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

352*5$0=$'$1,$$8'<72:(*2

7(0$7=$'$1,$

$8'<72:(*2

15=$'$1,$$8'<78

à &=1$/,&=%$35=<=1$1<&+'1,

3/$1$8'<78
3/$12:$1<7(50,152=32&= &,$

$8'<78
3/$12:$1<7(50,1

6325= '=(1,$352-(.78

635$:2='$1,$=

35=(352:$'=(1,$$8'<78
3/$12:$1<7(50,12*à26=(1,$

267$7(&=1(*2635$:2='$1,$=

35=(352:$'=(1,$$8'<78

3RGSLV.LHURZQLND.$:

'DWD LPLHMVFHSRGSLVDQLD

&(/=$'$1,$$8'<72:(*2

=$.5(6=$'$1,$

$8'<72:(*2

background image



0(72'<.$$8'<78 WHFKQLNL

SU]HSURZDG]DQLD]DGDQLD

DXG\WRZHJRVSRVyE

SU]HSURZDG]DQLD]DGDQLD

DXG\WRZHJRSUREOHP\QDNWyUH

QDOH \ ]ZUyFLüV]F]HJyOQ XZDJ

Z EDGDQLDFKGRZRG\QLH]E GQH

GRGRNRQDQLDXVWDOH L VSRVyELFK

EDGDQLDZVND]yZNLRFKDUDNWHU]H

WHFKQLF]QR±RUJDQL]DF\MQ\P

Z]RU\Z\ND]yZL]HVWDZLH
$1$/,=$5<=<.$,.21752/,

:(:1 75=1(-

3/$12:$1<&=$675:$1,$

=$'$1,$$8'<72:(*2

1$=:,6.$$8'<725Ï:

:<.218- &<&+$8'<7

.=$

8:$*,

background image



 =Dá F]QLN$5.86=867$/( $8'<78

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

$5.86=867$/( $8'<78

1D]ZD

]DGDQLD

1U

]DGDQLD

3U]\JRWRZDá



'DWD

6SUDZG]Lá

'DWD

20Ï:,(1,(67$181,(.25=<671(*26WZLHUG]HQLHRGVW SVWZ

X]DVDGQLDM FHMHIDNW\LZ\QLNLWHVWyZDWDN H VNXWHNGDQHJRVWDQX SRZRG\]PLDQ\

QDUXV]RQHQRUP\ 2LOHWRPR OLZHSRGDQLHSU]\F]\Q\RGVW SVWZDLZ\MD QLHQLH

GODF]HJRX]QDQRMH]DXVWDOHQLHDXG\WX QSVSU]HF]QR ü ]]DSLVDQ SURFHGXU  LWS 

67$1

6WDQ VWZLHUG]RQRQDSRGVWDZLH

=$/(&(1,(-DNQDMOHSLHMQDSUDZLüW V\WXDFM QD SRGVWDZLHDNFHSWRZDOQ\FK

NU\WHULyZX]JRGQLRQ\FK]]DLQWHUHVRZDQ\PSHUVRQHOHP"

background image



=DOHFHQLHQDSRGVWDZLH

5($.&-$6WZLHUG]HQLHF]\]DLQWHUHVRZDQ\SHUVRQHO]JDG]DVL  F]\WH QLH

]JDG]D

] GDQ\PXVWDOHQLHPRUD]UHNRPHQGDFM  :SU]\SDGNXQLH]JRG\ZVND]XMH

VWDQRZLVNR]DM WHSU]H]DXG\WRZDQ NRPyUN 

1$5$'$=$0<.$- &$3UH]HQWDFMDRVWDWHF]QHMRSLQLLNZHVWLLRWZDUW\FK

VSRUQ\FKLQWHUSUHWDFMLSRF] WNRZ\FKUHDNFMLSR]\FMLGRVHNFMLWáRLQIRUPDF\MQH

=$=1$&=-('12=321, 6=<&+

:á F]\üGRRVWDWHF]QHJRVSUDZR]GDQLD
1LHZá F]DüGRRVWDWHF]QHJRVSUDZR]GDQLD SRGDüSRZRG\SRQL HM

background image



 =Dá F]QLN35272.Ïà=:<:,$'8 52=02:<

3RGU F]QLN$XG\WX:HZQ WU]QHJR

35272.Ïà=:<:,$'8 52=02:<

15=$'$1,$$8'<78,1$=:$

.20Ï5.,$8'<72:$1(-

1$=:$=$'$1,$$8'<72:(*2

'$7$

35=('0,27:<:,$'8





3U]\JRWRZDá

6SUDZG]Lá

background image



 =Dá F]QLN'2.80(17$&-$52%2&=$

3RGU F]QLN$XG\WX:HZQ WU]QHJR

'2.80(17$&-$52%2&=$

:V]HONLHLQIRUPDFMH ZW\PQRWDWNL]UR]PyZWHOHIRQLF]Q\FKVSRWND

L NZHVWLRQDULXV]\ GRW\F] FHDXG\WXZ\NRU]\VWDQHSU]\Z\FL JDQLXZQLRVNyZ

IRUPXáRZDQLX]DOHFH  RFHQLHU\]\NDSODQRZDQLXDXG\WyZLWSPXV] E\ü

GRNXPHQWRZDQHZV\VWHPDW\F]Q\PSRU] GNXQDGRZyGWHJR H DXG\WRU]\

ZHZQ WU]QLZ\NRQDOLVZ SUDF ]JRGQLH]]DVDGDPL'RNXPHQW\URERF]HVáX MDNR

QDU] G]LHSUDF\DXG\WRUDDOHWDN H SLVHPQHMGRNXPHQWDFMLSUDF\SRGVXPRZDQHMZ

VSUDZR]GDQLX]DXG\WX,QIRUPDFMH]DZDUWHZGRNXPHQWDFKURERF]\FKSRZLQQ\E\ü

Z\VWDUF]DM FH NRPSHWHQWQHLVWRWQHLSU]\GDWQHMDNRU]HWHOQDSRGVWDZDXVWDOH L

]DOHFH DXG\WX0L G]\QDURGRZH6WDQGDUG\3URIHVMRQDOQHM3UDNW\NL$XG\WX

:HZQ WU]QHJRQDVW SXM FRGHILQLXM Z\VWDUF]DOQR üNRPSOHWQR üLVWRWQR ü L

SU]\GDWQR ü

 

Z\VWDUF]DM F MHVWLQIRUPDFMDIDNW\F]QDDGHNZDWQDLSU]HNRQXM FDWDN H

ND GD UR]V GQDLSRLQIRUPRZDQDRVREDZ\FL JQ áDE\]QLHMWHQVDPZQLRVHNFR

DXG\WRU

 

NRPSHWHQWQ MHVWLQIRUPDFMDZLDU\JRGQDLQDMáDWZLHMGRVW SQDSRSU]H]

]DVWRVRZDQLHZáD FLZHMWHFKQLNLDXG\WX

 

LVWRWQ MHVWLQIRUPDFMDSRWZLHUG]DM FDXVWDOHQLDL]DOHFHQLDDXG\WXL]JRGQD]

MHJRFHODPL

 

SU]\GDWQ MHVWLQIRUPDFMDSRPDJDM FDLQVW\WXFMLRVL JQ ü MHMFHOH

'RNXPHQW\URERF]HSR]DW\P H VáX MDNRPDWHULDá\ UyGáRZHZ\NRU]\VW\ZDQHGR

SU]\JRWRZDQLDVSUDZR]GDQLD]XVWDOH OXERGSRZLHG]LQDS\WDQLDPRJ WDN H

RND]DüVL SRWU]HEQHLQQ\PRVRERP

 

.=$NRU]\VWD]GRNXPHQWyZURERF]\FKSU]\RFHQLHMDNR FLZ\NRQDQLD

]DGDQLDDXG\WRZHJRRUD]RFHQLHSHUVRQHOXDXG\WX

background image



 

.LHURZQLFWZRDXG\WRZDQHMNRPyUNLPR H Z\NRU]\VWDüGDQH]DZDUWHZ

GRNXPHQWDFKURERF]\FKSU]\ZGUD DQLXG]LDáD QDSUDZF]\FKOXESU]\

NZHVWLRQRZDQLXVWZLHUG]HQLDSUREOHPX

 

:\ V]DNDGUDNLHURZQLF]DOXELQQHRVRE\NWyUHZQRVLá\RSU]HSURZDG]HQLH

DXG\WXZ\PDJDM WHUPLQRZHJRVNáDGDQLDVSUDZR]GD  'REU]HSURZDG]RQD

GRNXPHQWDFMDURERF]DPR H SRPyFVL ] WHJRZ\ZL ]Dü

 

.RQWUROHU]\$XG\WRU]\]HZQ WU]QLGRNRQXM SU]HJO GXSUDF\Z\NRQDQHMSU]H]

.$:LRFHQLDM VNXWNLMHJRG]LDáD GODV\VWHPXNRQWUROLZHZQ WU]QHMLQVW\WXFML

 

3HZQHRUJDQ\UHJXODF\MQHPRQLWRUXM G]LDáDOQR ü LQVW\WXFMLZUDPDFKVZRLFK

SXEOLF]Q\FKRERZL ]NyZLGRNXPHQWDFMDURERF]D.$:PR H E\üSRGGDQDLFK

RFHQLHLQVSHNFML$NWD]U]HWHOQ GRNXPHQWDFM V QDMZD QLHMV]HJG\RGSRZLDGDVL

QDS\WDQLDFKW\FKF]\LQQ\FKHZHQWXDOQ\FKLQVSHNWRUyZ]HZQ WU]Q\FK

&HFK\GREUHMGRNXPHQWDFMLURERF]HM

.RPSOHWQR ü

'RNXPHQW\URERF]HPXV] EURQLüVL VDPH2]QDF]DWR H WU]HED

RGSRZLHG]LHüQDZV]\VWNLHS\WDQLDZ\MD QLüZV]HONLHZ WSOLZR FLDXG\WRUDL

Z\FL JQ ü ORJLF]QHSU]HP\ ODQHZQLRVNLZND G\PVHJPHQFLHDXG\WX

=ZL ]áR ü

'RNXPHQWDFM URERF] QDOH \ RJUDQLF]\üZ\á F]QLHGRWHMNWyUDVáX \

X \WHF]QHPXFHORZL

-HGQROLWR ü

:V]\VWNLHGRNXPHQW\URERF]HSRZLQQ\PLHüWHQVDPIRUPDWLZ\JO G

0QLHMV]HQDOH \ ]V]\ZDü]H]QRUPDOL]RZDQ\PLDUNXV]DPLZL NV]HVNáDGDüGR

Z\PDJDQ\FKZ\PLDUyZ

background image



àDG

: GRNXPHQWDFKURERF]\FKQLHPR H E\ü FLVNX1DND GH]HVWDZLHQLHQDOH \

SU]H]QDF]\üGR ü PLHMVFDDE\RGQR QHLQIRUPDFMHPR QDE\áRZQLP]DZU]Hü

Z ORJLF]Q\LV\VWHPDW\F]Q\VSRVyE=GUXJLHMVWURQ\GRNXPHQW\URERF]HPXV] E\ü

RV]F] GQH1DOH \ XZ]JO GQLDüW\ONRIRUPXODU]HLSURFHGXU\LVWRWQHGODDXG\WXOXE

MHJR]DOHFH  1DOH \ WDN H VWDUDüVL XQLNDüQLHSRWU]HEQ\FKZ\ND]yZL]HVWDZLH 

.D GH]HVWDZLHQLHSRZLQQRPLHüFHOGRW\F] F\SURFHGXUOXE]DOHFH DXG\WX

7HFKQLNLVSRU] G]DQLDGRNXPHQWyZURERF]\FK



,QIRUPDFMHZQDJáyZNDFK

:V]\VWNLHGRNXPHQW\URERF]HPXV] QRVLüSLHF] ü DXG\WX]DZLHUDüQD]Z

DXG\WXQXPHU]DGDQLDDXG\WRZHJRV\JQDWXUHW\WXáGRNXPHQWXURERF]HJRLQLFMDá\

DXWRUDGDW VSRU] G]HQLD UyGáRLQIRUPDFMLRUD]FHOGRNXPHQWXURERF]HJR



2]QDF]QLNL

$XG\WRU]\VWRVXM ZLHOHUy Q\FKV\PEROLQDR]QDF]HQLHZ\NRQDQHMSUDF\

3RZV]HFKQLHQD]\ZDVL MHSWDV]NDPL3RQLHZD SWDV]NLVDPHZVRELHQLHPDM

DQLVSHFMDOQHJRDQLMHGQROLWHJR]QDF]HQLDND G\RGKDF]RQ\SWDV]HNQDOH \

REMD QLüZ]HVWDZLHQLXZNWyU\PVL SRMDZLD



2GV\áDF]H

2GV\áDF]HGRGRNXPHQWyZURERF]\FK OXELLFKV\JQDWXU SRZLQQ\E\ü

NRPSOHWQHLGRNáDGQH'RGRNXPHQWyZURERF]\FKRGV\áDVL Z 8VWDOHQLDFK$XG\WX

GRQLFK]NROHLZQRWDWFH]QDUDG\]DP\NDM FHMRUD]OXEZVSUDZR]GDQLX]

SU]HSURZDG]HQLDDXG\WXDE\ZVND]DüRVWDWHF]Q RSLQL Z GDQHMVSUDZLH

2GV\áDF]HQDOH \ ]D]QDF]DüQDPDUJLQHVDFKZHUVMLURERF]\FKVSUDZR]GD ]

SU]HSURZDG]HQLDDXG\WX2GV\áDF]HWDNLHSR]ZDODM QDW\FKPLDVWRGQDOH ü RGQR QH

GRNXPHQW\URERF]H



6\JQDWXU\

6\VWHPV\JQRZDQLDGRNXPHQWyZURERF]\FKDXG\WXSRZLQLHQE\üSURVW\D

background image



MHGQDNXPR OLZLDüSHZQ HODVW\F]QR ü2EV]DU\DXG\WXQDOH \ R]QDF]DüZLHONLPL

OLWHUDPLF\IUDPLDUDEVNLPL]D VSUDZ\ZUDPDFKREV]DUyZ



.RQW\QXDFMD

$XG\WRUSRZLQLHQZSHáQLZ\NRU]\VWDüGRNXPHQWDFMHURERF] SRSU]HGQLHJR

DXG\WX*UDILF]QHDQDOL]\SURFHVyZRSLV\V\VWHPyZLLQQHGDQHPRJ E\üQDGDO

DNWXDOQH1DGDOSU]\GDWQHGRNXPHQW\QDOH \ Zá F]\üGRGRNXPHQWDFMLURERF]HM

REHFQHJRDXG\WX1DOH \ MH]DNWXDOL]RZDüELH F\PL LQIRUPDFMDPLQDQRZR

SRQXPHURZDQH]DRSDWU]RQHZRGQR QLNLRUD]SRGSLVDQHLGDWRZDQHSU]H]

REHFQHJRDXG\WRUD

7\S\ GRNXPHQWyZURERF]\FK

:V]\VWNLHGRNXPHQW\URERF]HQDOH \ SU]HFKRZ\ZDüZVHJUHJDWRUDFK=HVWDZLHQLD

DQDOL]\GRNXPHQW\JUDILF]QHDQDOL]\SURFHVyZRUD]RSLV\QDOH \ ZSLQDüZ

]QRUPDOL]RZDQHVNRURV]\W\'RNXPHQW\RQLH]QRUPDOL]RZDQ\FKZ\PLDUDFKQDOH \

SU]\WZLHUG]DüGRDUNXV]\SDSLHUX]QRUPDOL]RZDQHJRIRUPDWXDOERXPLHV]F]DüZ

QLH]QRUPDOL]RZDQ\FKVNRURV]\WDFKZVND]DQ\FKZRGSRZLHGQLFKRGV\áDF]DFK



=HVWDZLHQLDLDQDOL]\

=HVWDZLHQLDLDQDOL]\SU]\GDM VL SU]\LGHQW\ILNRZDQLXWUHQGyZ

VWDW\VW\F]Q\FKZHU\ILNRZDQLXGRNáDGQR FLGDQ\FKRSUDFRZDQLXSURMHNFMLOXE

V]DFXQNyZRUD]VWZLHUG]DQLXQDOH \WHJRZ\NRQDQLD]DGD OXE]DSLVyZ.D G\

SU]HJO G ]DSLVyZ]HVWDZLHQLHGDQ\FKOXEDQDOL]DSRZLQLHQ]DZLHUDüQDVW SXM FH

SR]\FMH



Z\MD QLHQLHFHOX RGQLHVLHQLHGRNURNXDXG\WX 



PHWRG\ND]DVWRVRZDQDSU]\SUyENRZDQLXREOLF]HQLDFKLWS



NU\WHULDSU]\M WHGRRFHQ\GDQ\FK



UyGáRGDQ\FKLXZ]JO GQLRQ\KRU\]RQWF]DVRZ\

background image





SRGVXPRZDQLHZ\QLNyZDQDOL]\



ZQLRVNLDXG\WRUD

'RNXPHQW\

.RSLLU]HF]\ZLVW\FKSUyEHNUy Q\FKGRNXPHQWyZPR QDX \ZDüMDNR

Z\MD QLDM FHSU]\NáDG\RUD]MDNRGRZRG\U]HF]RZHVáXV]QR FLZQLRVNXOXELVWQLHQLD

SUREOHPX0RJ WRE\üQRWDWNLVáX ERZHVSUDZR]GDQLDZ\GUXNLNRPSXWHURZH

SURFHGXU\IRUPXODU]HIDNWXU\VFKHPDW\JUDILF]QHNRQWUDNW\OXEZLHOHLQQ\FK

SR]\FML.D G\NRSLRZDQ\GRNXPHQWSRZLQLHQVáX \üMDNLHPX X \WHF]QHPXFHORZL

DXG\WX

3RQL V]HZ\W\F]QHGRW\F] SU]\JRWRZ\ZDQLDGRNXPHQWDFMLURERF]HM

] Z\NRU]\VWDQLHPGRNXPHQWyZ



3RGDZDM]DUyZQRRVRE RUD]OXEDNWDRG]NWyU\FKSRFKRG]LGDQ\

GRNXPHQW



.RSLXML]Dá F]DMW\ONRWHQIUDJPHQWVSUDZR]GDQLDQRWDWNLSURFHGXU\

LWGNWyU\SRWU]HEQ\MHVWZFHOXZ\MD QLHQLDOXEMDNRGRNXPHQWDFMDSRWHQFMDOQHJR

XVWDOHQLD2LOHQLHMHVWWRDEVROXWQLHNRQLHF]QHQLHZá F]DMGRGRNXPHQWDFMLURERF]HM

FDá\FKGRNXPHQWyZ



:SHáQLREMD QLDMWHUPLQRORJL L VNUyW\Z\VW SXM FHZGRNXPHQFLHRUD]

LFK]DVWRVRZDQLH7RV]F]HJyOQLHZD QHSU]\Zá F]DQLXGRGRNXPHQWDFMLPDS

U\VXQNyZWHFKQLF]Q\FKOXEVFKHPDWyZJUDILF]Q\FK2EMD QLHQLDWHPR QDXPLH FLü

QDSRSU]HGQLHMVWURQLHOXEQDVDP\PGRNXPHQFLH



.D G\GRNXPHQWQDOH \ ]DRSDWU]\üZRGV\áDF]HDOERGRGDQHMVWURQ\

DOERGRRGU EQHMDQDOL]\JG]LHJRRPyZLRQR



1RWDWNLRSLVRZHLJUDILF]QHDQDOL]\SURFHVyZ

: SU]\SDGNXZLHOXDXG\WyZNRQLHF]QHMHVWRSLVDQLHV\VWHPyZOXESURFHVyZ

VWRVRZDQ\FKSU]H]NOLHQWD0R QDGRWHJRX \üQRWDWHNRSLVRZ\FKOXEJUDILF]Q\FK

background image



DQDOL]DOERSHZQHMNRPELQDFMLLFKREX:\EyUPHWRG\]DOH \ RGMHMVNXWHF]QR FL

Z RGQLHVLHQLXGR]áR RQR FLRSLV\ZDQHJRV\VWHPX

1RWDWNLRSLVRZHV F] VWRáDWZLHMV]HGRVIRUPXáRZDQLDLQDOH \ ]QLFK

NRU]\VWDüMH OLV\VWHPOXESURFHVGDVL MDVQRL]ZL OHRSLVDü*G\E\MHGQDN

QRWDWNDRSLVRZDPLDáDE\üUR]ZOHNáDDRSLV\RGQR Q\FKSXQNWyZNRQWUROQ\FKWUXGQR

SRá F]\üZRSRZLH üZyZF]DVZáD FLZ\PUR]ZL ]DQLHPE G]LHSUH]HQWDFMD

JUDILF]QD OXEMHMNRPELQDFMD]QRWDWN RSLVRZ 1DJUDILF]Q\FKVFKHPDWDFKáDWZR

RGZ]RURZDü]áR RQHXZDUXQNRZDQLDSRQLHZD REMD QLHQLDVáRZQHUHGXNXMHVL WX

GRREUD]XV\VWHPX6 RQH]ZL ]áHLF] VWRáDWZLHMMHDQDOL]RZDüQL QRWDWNLRSLVRZH



5R]PRZ\:\ZLDG\

1DMZL FHMLQIRUPDFMLX]\VNXMHVL ] IRUPDOQ\FKZ\ZLDGyZSURZDG]RQ\FK

RVREL FLHOXEWHOHIRQLF]QLH1DMEDUG]LHMSR GDQHV IRUPDOQHZ\ZLDG\SRQLHZD

UHVSRQGHQFLZLHG]  H LFKZ\SRZLHG]LE G X \WHZDXG\FLHMHGQDN H ZD Q\FK

LQIRUPDFMLPRJ GRVWDUF]\üZ\ZLDG\DGKRFDQDZHWSU]\SDGNRZHUR]PRZ\

:V]\VWNLHLQIRUPDFMHVáRZQHNWyUHPRJ SRWZLHUG]LüMDNL ZQLRVHNZGRNXPHQWDFML

URERF]HMDXG\WXQDOH \ XGRNXPHQWRZDü:\ZLDG\SU]\GDM VL SU]\LGHQW\ILNRZDQLX

REV]DUyZSUREOHPyZQDE\ZDQLXRJyOQHMZLHG]\RSU]HGPLRFLHDXG\WX]ELHUDQLX

GDQ\FKZIRUPLHQLHXGRNXPHQWRZDQHMRUD]GRNXPHQWRZDQLXRSLQLLRFHQOXE

SRZRGyZGRG]LDáDQLDNOLHQWyZDXG\WX1RWDWNL]Z\ZLDGyZSRZLQQ\]DZLHUDü

Z\á F]QLHIDNW\SU]HGVWDZLRQHSU]H]UHVSRQGHQWDDQLHRSLQLHDXG\WRUD

:\W\F]QHZVSUDZLHSU]\JRWRZDQLDGRNXPHQWDFMLURERF]HM]

SU]HSURZDG]RQ\FKZ\ZLDGyZ



1LH]DSRPQLMSRGDüQD]ZLVNLVWDQRZLVNZV]\VWNLFKRVyEXG]LHODM F\FK

LQIRUPDFML'RW\F]\WRWDN H GDQ\FK]ELHUDQ\FKZWUDNFLHSU]\SDGNRZ\FKUR]PyZ



3RGDZDMJG]LHLNLHG\RGE\áRVL VSRWNDQLH



*G\W\ONRWRPR OLZHVHJUHJXMQRWDWNLZHGáXJWHPDWyZ



3RGDZDMF\WRZDQHSU]H]UHVSRQGHQWyZ UyGáDLQIRUPDFML



2EVHUZDFMH

background image



7RFRDXG\WRU]DREVHUZXMHPR H VáX \üWHPXVDPHPXFHORZLFRZ\ZLDG\

2EVHUZDFMHNWyUHPRJ E\üX \WHQDSRWZLHUG]HQLHZQLRVNyZQDOH \

XGRNXPHQWRZDü%\ZDM V]F]HJyOQLHSU]\GDWQHSU]\ZHU\ILNDFMDFKIL]\F]Q\FK

2EVHUZDFMHVáX FHMDNRGRNXPHQWDFMDGRZRGRZDSRZLQQ\ZRJyOQR FL

]DZLHUDüQDVW SXM FHSR]\FMH



&]DVLPLHMVFHREVHUZDFML



*G]LHGRNRQDQRREVHUZDFML"



.WRWRZDU]\V]\áDXG\WRURZLZWUDNFLHREVHUZDFML"



&R]DREVHUZRZDQR"7DPJG]LH]DVWRVRZDQRWHVW\GRGRNXPHQWDFML

URERF]HMQDOH \ Zá F]\üZ\EyUSUyEHNLSRGVWDZ SUyENRZDQLD



8VWDOHQLD

:V]\VWNLHXVWDOHQLDDXG\WXQDOH \ XGRNXPHQWRZDüZGRNXPHQWDFMLURERF]HM

Z =HVWDZLHQLX8VWDOH $XG\WX=Dá F]QLNQLH]DOH QLHRGWHJRF]\]RVWDQ

Zá F]RQHGRVSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WX:V]\VWNLHXVWDOHQLDSRZLQQ\

E\üGRNXPHQWRZDQHQDW\FKPLDVWSRVWZLHUG]HQLXGDQHMV\WXDFMLSU]H]DXG\WRUD

background image



 =Dá F]QLN35272.Ïà1$5$'<=$0<.$- &(-

3RGU F]QLN$XG\WX:HZQ WU]QHJR

6<*1$785$

35272.Ïà1$5$'<=$0<.$- &(-

1D]ZD]DGDQLD

DXG\WRZHJR

1U]DGDQLD

7HUPLQQDUDG\

&HOQDUDG\

2EHFQL.$:

2EHFQL.OLHQFLDXG\WX

2GQLHVLHQLHGRGRNXPHQWXURERF]HJR 5HIV\JQDWXUDGRNXPHQWXURERF]HJR

8VWDOHQLH &KDUDNWHUVáDER FLPHFKDQL]PXNRQWUROQHJR

=DOHFHQLH

0R OLZ\ZSá\ZVáDER FLQDFKDUDNWHUL]DNUHVSURFHGXUDXG\WRZ\FK

background image



8VWDOHQLHZá F]\üGRVSUDZR]GDQLD

Ž7DN Ž1LH SRGDMSRZyG

5HDNFMD NLHURZQLFWZDNRPyUNLDXG\WRZDQHMZW\PHZHQWXDOQHSURSRQRZDQH

G]LDáDQLDQDSUDZF]H

background image



 =Dá F]QLN:=Ï5635$:2='$1,$=35=(352:$'=(1,$$8'<78

3RGU F]QLN$XG\WX:HZQ WU]QHJR

:=Ï5635$:2='$1,$=35=(352:$'=(1,$$8'<78

=DVDGQLF]DWUH ü LXNáDGRVWDWHF]QHJRVSUDZR]GDQLD]DXG\WX%DUG]LHMV]F]HJyáRZ\PRGHORNUH OL

.LHURZQLN.$:

67521$7<78à2:$
1D]ZDLQXPHU R]QDF]HQLH ]DGDQLDDXG\WRZHJR
,PLRQDLQD]ZLVNDDXG\WRUyZZHZQ WU]Q\FKXF]HVWQLF] F\FKZ]DGDQLXDXG\WRZ\P

RUD]QXPHULPLHQQHJRXSRZD QLHQLDGRSU]HSURZDG]DQLDDXG\WXZHZQ WU]QHJR
&HO SU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR
=DNUHV]DGDQLDDXG\WRZHJR
7HUPLQZNWyU\PSU]HSURZDG]RQRDXG\WZHZQ WU]Q\
2NUHV SRGGDZDQ\EDGDQLX
'DWDVSRU] G]HQLD
1D]ZDLDGUHVNRPyUNLZNWyUHMMHVWSU]HSURZDG]DQ\DXG\WZHZQ WU]Q\RUD]LPL L

QD]ZLVNRMHMNLHURZQLND

63,675( &, ZW\POLF]EDVWURQGRNXPHQWX

675(6=&=(1,(
:D QHXVWDOHQLD
:D QHZQLRVNL
=DOHFHQLD XZDJLLZQLRVNL 

7à2,1)250$&<-1(
=ZL ]á\RSLVG]LDáD NRPyUNLMHMVWUDWHJLLLFHOyZ]ZáDV]F]DZREV]DU]HSRGGDQ\P

DXG\WRZLZHZQ WU]QHPX

background image



1D]ZLVNDLVWDQRZLVNDRVyEVWRM F\FKQDF]HOHGDQHM-HGQRVWNL6HNWRUD)LQDQVyZ

3XEOLF]Q\FK>-6)3@ZWUDNFLHEDGDQHJRRNUHVXRUD]RVRE\RGSRZLHG]LDOQHM]D

DXG\WRZDQ\REV]DU
.WRLNLHG\RVWDWQLRDXG\WRZDáGDQ\REV]DUG]LDáDOQR FLRUD]EUDNLZ\ND]DQHZ

WUDNFLHWHJRDXG\WXLF]\]RVWDá\Z\HOLPLQRZDQH
3RGM WHG]LDáDQLDL]DVWRVRZDQHWHFKQLNLSU]HSURZDG]DQLD]DGDQLDDXG\WRZHJR

867$/(1,$67$18)$.7<&=1(*2
:\PLHQLRQHZNROHMQR FLLFKZD QR FL

$1$/,=$35=<&=<1,6.87.Ï:

8:$*,,:1,26., =$/(&(1,$
7UH ü ]áR RQ\FK]DOHFH
&]DVQDZGUR HQLH LRVREDRGSRZLHG]LDOQD

32'6802:$1,(

2&(1$

/,&=%$$1(.6Ï:,(*=(03/$5=<267$7(&=1(*2635$:2='$1,$

32'3,6<$8'<725Ï::(:1 75=1<&+8&=(671,&= &<&+:=$'$1,8

$8'<72:<0

:<.$=$'5(6$7Ï:267$7(&=1(*2635$:2='$1,$

:<.$=2'12 1,.Ï:

background image



 =Dá F]QLN'2.80(17=$0.1, &,$=$'$1,$$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

'2.80(17=$0.1, &,$=$'$1,$$8'<72:(*2

1$=:$=$'$1,$$8'<72:(*2



15=$'$1,$$8'<72:(*2 

=$/(&(1,$

32'3,6



, '$7$

$XG\WRU

635$:'=,à'$7$ 
.LHURZQLN.$:

background image



 =Dá F]QLN/,67$:(5<),.$&<-1$2&(1<-$.2 &,:<.21$1,$

=$'$1,$

3RGU F]QLN$XG\WX:HZQ WU]QHJR

/,67$:(5<),.$&<-1$2&(1<-$.2 &,:<.21$1,$=$'$1,$

=DGDQLH

DXG\WRZH

1U]DGDQLD

6SUDZG]Lá

$XG\WRU2GSRZLHG]LDOQ\'DWD

6SUDZG]Lá

.LHURZQLN.$:'DWD

:\W\F]QHDXG\WXSURJUDP
=DGDQLDDXG\WRZHJR

7DN

1LH

$XG2GS



.LHU



&]\ZV]\VWNLHF]\QQR FL

SURJUDPX]DGDQLDDXG\WRZHJR

]DNR F]RQRLSDUDIRZDQRQD]QDN

]DNR F]HQLD"

Ž

Ž

Ž

Ž



&]\Z\UD QLH

XGRNXPHQWRZDQRSRZRG\ZV]HONLFK

SRPLQL ü QLHNWyU\FKF]\QQR FL"

Ž

Ž

Ž

Ž



&]\SRZRG\WHX]DVDGQLDM

SRPLQL FLD"

Ž

Ž

Ž

Ž



&]\ZV]\VWNLHSRPLQL FLD

]DWZLHUG]LáDRVREDQDG]RUXM FD

Ž

Ž

Ž

Ž

background image



DXG\W"

=HVWDZLHQLH8VWDOH $XG\WX



&]\ZHZV]\VWNLFKDUNXV]DFKSRGDQR

 'DW "

Ž

Ž

Ž

Ž

 2GV\áDF]GRGRNXPHQWDFML

URERF]HM"

Ž

Ž

Ž

Ž

 1D]ZLVNRDXWRUD"

Ž

Ž

Ž

Ž

 6\JQDWXU "

Ž

Ž

Ž

Ž



&]\ZV]\VWNLHXVWDOHQLD

L ]DOHFHQLDSRSDUWHV PDWHULDáHP

GRZRGRZ\P"

Ž

Ž

Ž

Ž



&]\ZV]\VWNLH]HVWDZLHQLD

XVWDOH Z\VWDUF]DM FRDQDOL]XM

SU]\F]\Q\XVWDOH "

Ž

Ž

Ž

Ž



&]\ZV]\VWNLH]HVWDZLHQLD

XVWDOH V NRPSOHWQHL]DZLHUDM

NU\WHULDVWDQSU]\F]\Q  VNXWHN

]DOHFHQLDLUHDNFM "

Ž

Ž

Ž

Ž



&]\MDNLFK XVWDOH QLH

]DNZDOLILNRZDQRMDNRPQLHMZD QH

FKRüQDOH DáRE\"

Ž

Ž

Ž

Ž



&]\QDZV]\VWNLFKDUNXV]DFK

SRGDQR]NLPRPyZLRQRXVWDOHQLD"

Ž

Ž

Ž

Ž

background image





&]\DUNXV]HV MDVQH]ZL ]áH

L F]\RG]ZLHUFLHGODM SRSUDZQ\

RELHNW\ZQ\WRQ"

Ž

Ž

Ž

Ž

6]F]HJyáRZDGRNXPHQWDFMDURERF]D



&]\QDZV]\VWNLFKVWURQDFKMHVW

Â:áD FLZDQXPHUDFMD

XZ]JO GQLDM FDVWURQ\QLH]DSLVDQH"

Ž

Ž

Ž

Ž

 'DWD \ SU]\JRWRZDQLD"

Ž

Ž

Ž

Ž

 ,PL L QD]ZLVNRDXWRUD"

Ž

Ž

Ž

Ž

 :áD FLZ\QDJáyZHNL

RGV\áDF]GRQXPHUXF]\QQR FL]

SURJUDPX]DGDQLD"

Ž

Ž

Ž

Ž

 UyGáR D GDQ\FKLQIRUPDFML"

Ž

Ž

Ž

Ž

 3RGVWDZDZ\ERUX"

Ž

Ž

Ž

Ž

 /HJHQGD2]QDF]QLNyZ´"

Ž

Ž

Ž

Ž

 6WRVRZQHZQLRVNL"

Ž

Ž

Ž

Ž

 :áD FLZHRGV\áDF]H"

Ž

Ž

Ž

background image



Ž

7DN

1LH

$XG2GS



.LHU

 6WZLHUG]HQLHVSUDZG]HQLD

SU]H]2GSRZLHG]LDOQHJR$XG\WRUD"

Ž

Ž

Ž

Ž



&]\ZV]\VWNLHXVWDOHQLD

] GRNXPHQWyZURERF]\FK]RVWDá\

SRGDQHZ=HVWDZLHQLDFK8VWDOH

$XG\WXOXERGSRZLHGQLRUR]ZL ]DQH

Z GRNXPHQWDFMLURERF]HM"

Ž

Ž

Ž

Ž



&]\ZV]\VWNLHGRNXPHQW\

URERF]HRGSRZLDGDM F]\QQR FLRP

SURJUDPX]DGDQLDSRGZ]JO GHP

]DVL JXWHVWyZL]DNUHVXDXG\WX"

Ž

Ž

Ž

Ž



&]\GRNXPHQWDFM URERF]

DXG\WXSU]\JRWRZDQRVNXWHF]QLH

Z\NRU]\VWXM F GDQHLQIRUPDFMH

GRVW SQHXNOLHQWDWDNDE\QLHWUDFLü

F]DVXQDWZRU]HQLHF]HJR  FRMX

LVWQLHMH"

Ž

Ž

Ž

Ž



&]\GRNXPHQWDFMDURERF]D

QLH ]DZLHUDMDNLFK QLHLVWRWQ\FKOXE

QLHSRWU]HEQ\FKVWURQOXE

GRNXPHQWyZ"

Ž

Ž

Ž

Ž



&]\GRNXPHQW\URERF]HV

F]\WHOQHVFKOXGQHLORJLF]QLH

XáR RQH]JRGQLH]UR]ZRMHP

LQIRUPDFMLRGRJyOQHMGR

V]F]HJyáRZHM"

Ž

Ž

Ž

Ž



&]\DNWDRGSRZLHGQLR

]DNWXDOL]RZDQRLF]\DNWXDOL]DFMHWH

SRGSLVDá2GSRZLHG]LDOQ\$XG\WRU"

Ž

Ž

Ž

Ž

background image





&]\]DNWXVXQL WR

QLHSRWU]HEQHGRNXPHQW\URERF]H"

Ž

Ž

Ž

Ž

2JyOQDRFHQD]DGDQLDDXG\WRZHJR



&]\SURMHNWVSUDZR]GDQLD]

DXG\WX]DZLHUDRGV\áDF]HGR

RGQR Q\FK=HVWDZLH 8VWDOH

$XG\WX"

Ž

Ž

Ž

Ž



&]\]DGDQLHZ\NRQDQR

RELHNW\ZQLHLVDPRG]LHOQLH"

Ž

Ž

Ž

Ž



&]\]DGDQLHRVL JQ áRFHOH

XVWDORQHZUDPDFKSURFHVX

SODQRZDQLD"

Ž

Ž

Ž

Ž



&]\FR QDOH \ ]PLHQLü

Z SURJUDPLH]DGDQLDSU]HG

SRQRZQ\PZ\NRQDQLHPSRGREQHJR

]DGDQLD"&]\XGRNXPHQWRZDQRWH

]PLDQ\"

Ž

Ž

Ž

Ž



&]\V MDNLH REV]DU\ZDUWH

]EDGDQLDNWyU\PLQLH]DMPRZDQRVL

Z W\PDXG\FLH

D SRZLQQ\]RVWDüXZ]JO GQLRQHZ

UDPDFKV\VWHPDW\F]QHMRFHQ\

U\]\ND"&]\XGRNXPHQWRZDQRMH"

Ž

Ž

Ž

Ž



&]\SURMHNWVSUDZR]GDQLD]

SU]HSURZDG]HQLDDXG\WXRGGDMH

ZáD FLZ\WRQF]\OLVáX \ SRSUDZLHD

QLHNU\W\FH"

Ž

Ž

Ž

Ž



&]\F]DVWUZDQLD]DGDQLD

DXG\WRZHJRE\á]JRGQ\]SODQHP

Ž

Ž

Ž

background image



F]\SRWU]HEQHE\áRZ\MD QLHQLH

RGVW SVWZRGKDUPRQRJUDPX"

Ž



&]\DXG\WRU ]\ VNXWHF]QLH

NRU]\VWDOL]GRVW SQHJRVSU] WX

L RSURJUDPRZDQLDNRPSXWHURZHJR"

Ž

Ž

Ž

Ž



&]\GRNXPHQW\URERF]H

VWZRU]RQHQDNRPSXWHU]H]RVWDá\

VNRSLRZDQHQDG\VNLHWNDFKRUD]

]DRSDWU]RQHZHZáD FLZHHW\NLHW\L

R]QDF]HQLD"

Ž

Ž

Ž

Ž



&]\ZV]\VWNLHSR]\FMH]OLVW\

VSUDZGR]DáDWZLHQLDLQRWDWHN

] SU]HJO GX]RVWDá\]DGRZDODM FR

UR]ZL ]DQH"

Ž

Ž

Ž

Ž

background image



 =Dá F]QLN325$'1,.-$.3252=80,(:$û6, = $8'<72:$1<0,,

= .,(52:1,&7:(0

3RGU F]QLN$XG\WX:HZQ WU]QHJR

3RUDGQLN-$.3252=80,(:$û6, = $8'<72:$1<0,,=

.,(52:1,&7:(0

5R]G]LDá2JyOQHZVND]yZNL
1LH]Z\NOHZD QHMHVWDE\DXG\WRUSRWUDILáSU]HNRQDüNLHURZQLND-6)3F]\V]HID

RGSRZLHGQLHMNRPyUNLRUJDQL]DF\MQHMGRG]LDáD VáX F\FKQDSUDZLHEUDNyZ

GRVWU]H RQ\FKZWUDNFLH]DGD DXG\WRZ\FK8PLHM WQR ü WDMHVWW\PZD QLHMV]D H

MDNSRGNUH ODQRZQLQLHMV]\PSRGU F]QLNXDXG\WRUQLHPR H PLHü DGQ\FK

ZáDGF]\FKXSUDZQLH Z MHGQRVWFH
= WHJRZ]JO GXXPLHV]F]RQRZ3RGU F]QLNXDXG\WXZHZQ WU]QHJRZDGPLQLVWUDFML

SXEOLF]QHMQLQLHMV]\SRUDGQLNNWyU\MHVWSUyEDXSRU] GNRZDQLDZVND]yZHN

GRW\F] F\FKNRPXQLNRZDQLDVL ] NLHURZQLNDPLLDXG\WRZDQ\PL
$XG\WRUPXVLRFHQLüMDNDPHWRGDSU]HND]DQLDVZRLFKXVWDOH L ZQLRVNyZ

NLHURZQLNRZLE G]LH VNXWHF]QLHMV]DUR]PRZD EH]SR UHGQLDOXEWHOHIRQLF]QD F]\

VSUDZR]GDQLHQDSL PLH3RZLQLHQVZRMHXZDJLSU]HGVWDZLüZVSRVyEEH]VWURQQ\Z

RGSRZLHGQLP±VSRNRMQ\POHF]SU]HNRQXM F\PWRQLHX \ZDM F MDVQHJRL

SU]HMU]\VWHJRM ]\ND
:\EyUQDMOHSV]HMPHWRG\SRUR]XPLHZDQLDVL
: NRQNUHWQHMVSUDZLHQDMOHSLHMMHVWVNRU]\VWDü]NLONXPHWRGSU]HND]DQLDLQIRUPDFML

1DSRF] WNXPR QD NUyWNRSRLQIRUPRZDüNLHURZQLNDWHOHIRQLF]QLHRQDMZD QLHMV]\FK

XVWDOHQLDFK1DVW SQLH JG\NLHURZQLNSRWU]HEXMHZL FHMLQIRUPDFMLOXENRQLHF]QHMHVW

SU]HG\VNXWRZDQLHXVWDOH ] V]HIDPLNRPyUHNRUJDQL]DF\MQ\FKQDOH \

]DSURSRQRZDü]ZRáDQLHQDUDG\:VND]DQHMHVWWDN HDE\DXG\WRUVSRU] G]Lá

QRWDWN VáX ERZ  F]\WRSRGVXPRZXM F XVWDOHQLDDXG\WXF]\X]JRGQLHQLD]DSDGáH

Z F]DVLHZVSRPQLDQHMQDUDG\
2NROLF]QR FLDPLNWyUHVSUDZLDM  H QLH]E GQHMHVW]áR HQLHV]\ENRLQIRUPDFMLQD

SL PLHV 



SRWU]HEDXSHZQLHQLDVL SU]H]DXG\WRUD H SR GDQHG]LDáDQLD]RVWDQ

U]HF]\ZL FLHSRGM WH
 

XVWDOHQLDLSRVW SRZDQLHDXG\WRUDE G RFHQLDQDSRGZ]JO GHP]JRGQR FL]

SU]HSLVDPLSUDZDVWDQGDUGDPL]DVDGDPLHW\F]Q\PLLGREU\PLZ]RUDPLSUDF\

DXG\WRUyZZHZQ WU]Q\FK
 

RXVWDOHQLDFKLSRWU]HELHG]LDáD NLHURZQLNDSRZLQQ\E\üSRZLDGRPLRQHLQQH

RVRE\
 

SRWU]HEQHE G]LHVSUDZG]HQLHOXENRQW\QXDFMDRGSRZLHGQLHJRG]LDáDQLD

 

DXG\WRURF]HNXMHQDSLVHPQDRGSRZLHG NLHURZQLND

background image



7RQ
:\GDMHVL  H DXG\WRU]\RSLVXM SUDNW\NLLSURFHGXU\X \ZDM F QHJDW\ZQ\FK

VIRUPXáRZD  WDNLFKMDNEUDNVáDER üEá GQDJDQQ\QLHVNXWHF]Q\QLHGRNáDGQ\LWS

:yZF]DVPLHMVFRZHNLHURZQLFWZR]DMPXMHSR]\FMHREURQQHLNLHUXMHVZHZ\VLáNLQD

Z\MD QLDQLHLREURQ V\WXDFML]SRZRGXNWyUHMMHVWNU\W\NRZDQH$XG\WRU]\SRZLQQL

UR]ZD \üF]\PRJ VRELHSR]ZROLüQDX \ZDQLHZRSLVLHVXJHVW\ZQ\FK

VIRUPXáRZD RGPDORZXM F\FKV\WXDFM Z EDGDQHMNRPyUFHF]\MHGQRVWFHMDNR]á L

Z\PDJDM F QDSUDZ\ WDNLFKMDNEUDNQLHSUDZLGáRZR üVáDER üEá GQDJDQQ\

QLHVNXWHF]Q\QLHGEDá\QLHFKOXMQ\LWS 1DOH \ SDPL WDü]HEDUG]RNU\W\F]Q\REUD]

V\WHPX NRQWUROLZHZQ WU]QHMZGDQHMNRPyUFHPR H ]RVWDüSRWUDNWRZDQ\MDNRDWDN

QDMHMNLHURZQLND:yZF]DVPR QDVL VSRG]LHZDüDXG\WRZDQLVNLHUXM VZHZ\VLáNL

QD REURQ VZRLFKSRF]\QD  DQDZHWPRJ VWDUüVL ]G\VNUHG\WRZDüSRVW SRZDQLHL

RVRE DXG\WRUDZRF]DFKNLHURZQLNDMHGQRVWNL8WUXGQLWRSURFHVX]JDGQLDQLDWUH FL

VSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WXLVSRZRGXMHNRQLHF]QR ü PHGLDFML

NLHURZQLNDMHGQRVWNL.RQIURQWDFMD]DXG\WRZDQ\PLPR H ]DV]NRG]LüRSLQLL.$:Z

MHGQRVWFHVSRZRGRZDü]DFKZLDQLH]DXIDQLDSUDFRZQLNyZMHGQRVWNLGRDXG\WRUyZ
3U]HGVWDZLHQLHEDGDQ\FKRSHUDFMLMHGQRVWNL]SXQNWXZLG]HQLDNLHURZQLNyZ
$XG\WRU]\MH OLFKF GR X]QDQLDZDUWR FLVZ\FKXZDJSU]HNRQDüJáyZQHJR

NVL JRZHJROXEVNDUEQLNDPXV]DSRWUDILüRSLVDüOXEREMD QLüWRMDNLFKVXJHVWLH

SU]\F]\QL VL GRRVL JQL FLDFHOyZ*G\E\RJUDQLF]\OLVZ SHUVSHNW\Z GR SXQNWX

ZLG]HQLDJáyZQHJRNVL JRZHJROXEVNDUEQLNDMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR

ZyZF]DVLFKXZDJRPEUDNE\áRE\V\QFKURQL]DFML]SRWU]HEDPLNLHURZQLNDMHGQRVWNL

7R ZáD QLHZ]DMHPQHVWRVXQNLL]DOH QR FLSRPL G]\Z\G]LDáDPLQDOH \ SRGNUH ODü

DE\]DVNDUELüVRELHZVSyáSUDF ZV]\VWNLFK]DLQWHUHVRZDQ\FK
$XG\WRU]\SRZLQQLRSLVDüVZRMHXVWDOHQLDWDNDE\SU]HNRQDüNRQNUHWQHJR

NLHURZQLNDNRPyUNL QSJáyZQHJRNVL JRZHJROXEVNDUEQLNDMHGQRVWNLVDPRU] GX

WHU\WRULDOQHJR  H ZSURZDG]HQLHW\FKXVWDOH RGSRZLDGD]DGDQLRPSRVWDZLRQ\P

ZáD FLZHMNRPyUFH3RZLQQLMHGQDN H ]DGEDüRWRDE\WHXZDJLXZ]JO GQLDá\

UyZQLH SXQNWZLG]HQLDNLHURZQLNyZLQQ\FKGHSDUWDPHQWyZF]\Z\G]LDáyZ0XV]

G \üGRZVSyáSUDF\]HZV]\VWNLPL]DLQWHUHVRZDQ\PLRVREDPL
%XGRZDVSUDZR]GDQLDOXEQRWDWNL
$XG\WRUPXVLSU]HND]DüVZRMHXVWDOHQLDZWDNLVSRVyEDE\VNXSLüQDQLFKXZDJ

NLHURZQLND7U]HEDSDPL WDü H DXG\WRUNRQNXUXM R FKZLO XZDJLVZRMHJR

]ZLHU]FKQLND]ZLHORPDLQQ\PLRVREDPL3RZLQLHQ]DWHPUR]SRF] ü RG

SU]HGVWDZLHQLDZVSRVyEZ\UD Q\QDMZD QLHMV]\FKXVWDOH  ]DUyZQRMH OLFKRG]LR

VSRVyEVIRUPXáRZDQLDMDNLXNáDGJUDILF]Q\WHNVWX.LHURZQLNQLHPR H PLHü

Z WSOLZR FLFRZVSUDZR]GDQLX]DXG\WXF]\QRWDWFHMHVWQDMZD QLHMV]H7HNVW

SRZLQLHQE\üNUyWNL1DOH \ SDPL WDü H NLHURZQLNPR H ]EUDNXF]DVXQLH

SU]HF]\WDüSU]HGáR RQHJRWHNVWXOXEREDUF]\üDXG\WRUDGRGDWNRZ SUDF  SROHFLü

VSRU] G]HQLHGRGDWNRZHJRNUyWNLHJRVWUHV]F]HQLDF]\QRWDWNL
1DOH \ ]DGEDüDE\XVWDOHQLD]DZDUWHZWHN FLHE\á\Z]DMHPQLHSRZL ]DQHLPLDá\

ORJLF]Q\]ZL ]HN]HVRE  8áDWZLWR]UR]XPLHQLHSRUXV]DQ\FKVSUDZ]DFKHFLGR

SU]\M FLDZQLRVNyZDXG\WRUDLSRGM FLDRGSRZLHGQLFK]DGD 
']LHVL ü SRVWXODWyZGRW\F] F\FK]UR]XPLDáHJRL]ZL ]áHJRSLVDQLD

background image





1DOH \ SLVDüNUyWNLPL]GDQLDPL-HGQDN H DE\WHNVWE\ááDWZLHMV]\GRF]\WDQLD

L PQLHMPRQRWRQQ\PR QDSRNLONX]GDQLDFKNUyWNLFKX \ü]GDQLDGáX V]HJR


1DOH \ XQLNDü DUJRQXF]\WRXU] GQLF]HJRF]\]ZL ]DQHJR]WHFKQLN 

:VND]DQHMHVWX \ZDQLH]UR]XPLDá\FKGODF]\WHOQLNyZSURVW\FKSRM ü


'ODXQLNQL FLD]QX HQLDF]\WHOQLNDZDUWR]DVW SRZDüVáRZDF] VWRX \ZDQHZ

WHN FLHLFKV\QRQLPDPLRLOHWRPR OLZH


1DOH \ XQLNDüSLVDQLDUR]ZOHNá\FKWHNVWyZ7HNVWSRZLQLHQE\ü]ZL ]á\D

ND GH VáRZRPXVLPLHüVZRM ZDJ 


1LHQDOH \ QDGX \ZDüVWRVRZDQLD]QDGX \ZDQLDVWURQ\ELHUQHM

F]DVRZQLNyZ3UR] PR QDSLVDüLEH]RVRERZRLZVWURQLHF]\QQHM


:VND]DQHMHVWNRU]\VWDQLH]RNUH OH  NWyU\FKWUH ü F]\WHOQLNPR H VRELH

Z\REUD]Lü7HUPLQ\DEVWUDNF\MQHPRJ Z\GDZDüVL QXGQHLPJOLVWH


$QDOL]XM F LQVW\WXFMHF]\SRM FLDZDUWRRGZRáDüVL GR WHUPLQyZ]QDQ\FKMX

F]\WHOQLNRZL


:VSUDZR]GDQLDFKLQRWDWNDFKQDOH \ XQLNDüSLVDQLDZVSRVyEQDSXV]RQ\MDN

UyZQLH Z\NRU]\VW\ZDQLDW\SRZ\FKIRUPXáSLVPXU] GQLF]\FK1LHZVND]DQHMHVW

UyZQLH ] GUXJLHMVWURQ\X \ZDQLHZWHN FLHZ\UD H NRORNZLDOQ\FK


'REU]HMHVW]DGEDüRUy QRURGQR ü VW\OXSRV]F]HJyOQ\FK]GD  DE\QLH

]QX \üF]\WHOQLNDSRZWyU]HQLDPL


7HNVW\SLVDQ\SU]H]DXG\WRUDQLHPR H PLHüQDFHOXLPSRQRZDQLD

F]\WHOQLNRZLHUXG\FM  F]\VNRPSOLNRZDQ\PVW\OHP0\ OLSRZLQQ\E\ü

SU]HGVWDZLRQHSURVWRLEH]SR UHGQLR1DMOHSV]HZUD HQLHURELDXWRUNWyU\XPLH

SURVWRZ\UD]Lü]áR RQH NRQFHSFMH
']LHVL ü VXJHVWLLFRGRWHJRMDNGREU]HSRUR]XPLHZDüVL ] NLHURZQLNDPL

DXG\WRZDQ\PL
:QLRVNLDXG\WRUDRVL JDM VNXWHNW\ONRJG\SRZRGXM SR GDQ UHDNFM LQQ\FKOXG]L

: VZHMSUDF\DXG\WRU]\SRUR]XPLHZDM VL ] SUDFRZQLNDPLZáDVQHMMHGQRVWNLQLH

W\ONR VáRZDPLDOHSRSU]H]VZRMHF]\Q\LSRVWDZ 



3U]HGUR]PRZ F]\Z\VáDQLHPVSUDZR]GDQLDZDUWRSRNXVLüVL R

SU]HP\ OHQLHMDNLFHO]DPLHU]DP\RVL JQ ü PDM L MDNLFKSRVWDZPR QDVL

VSRG]LHZDüSRDGUHVDWDFK



3U]HGUR]PRZ F]\QDSLVDQLHPWHNVWXWU]HEDRNUH OLüFHONWyUHFKFH

VL RVL JQ ü X]\VNDQLHLQIRUPDFMLZV]F] FLHG]LDáDQLDF]\]PLDQ QDVWDZLHQLD

LQQ\FKRVyE,PEDUG]LHMSUHF\]\MQLHZ\]QDF]RQ\FHOW\PZL NV]DV]DQVDQD

VXNFHV



1DOH \ SDPL WDüRRNROLF]QR FLDFKZMDNLFKUR]PDZLDVL ]

NLHURZQLNLHPNRPyUNLF]\LQQ\PSUDFRZQLNLHP7HRNROLF]QR FLSR]ZDODM RE\GZX

VWURQRP]DFKRZ\ZDüVL PQLHMOXEEDUG]LHMVZRERGQLHXG]LHODüWDNLFKDQLHLQQ\FK

LQIRUPDFML



3ODQXM F UR]PRZ ] NLHURZQLFWZHPOXE]DXG\WRZDQ\PLSLV] F

background image



QRWDWN F]\VSUDZR]GDQLHZDUWR]DVL JDüRSLQLLLQQ\FKDXG\WRUyZ:\PLDQD

LQIRUPDFMLUDGDNROHJLPR H XPR OLZLü]DM FLHRELHNW\ZQHJRVWDQRZLVND



:WUDNFLHUR]PRZ\QDOH \ SDPL WDüR]QDF]HQLXJHVWyZWRQX

VáRZQLFWZDMDNLHJRX \ZDQDVUR]PyZFD:DUWRSDPL WDü H DXG\WRUSRZLQLHQ

X \ZDüSHZQ\FKRGSRZLHGQLHQLHZHUEDOQH]DFKRZD GODX]\VNDQLDSR GDQ\FK

UHDNFMLUR]PyZF\



:DUWR]DELHJDüRNRQWDNW\]DXG\WRZDQ\PVWDUDüVL XG]LHODüLP

SR \WHF]Q\FKSRUDGLLQIRUPDFML:DUWRSU]HNRQDüLFKGRWHJR H DXG\WRUVáX \ LP

SRPRF  ]GRE\üSU]\FK\OQR ü SUDFRZQLNyZXU] GX



:VND]DQHMHVWDE\DXG\WRU]DFK FDáUHVSRQGHQWyZGRMDVQHJR

Z\UD DQLDVZ\FKRSLQLLLLQQ\FKUHDNFMLQDVSUDZR]GDQLH1DOH \ SRGWU]\P\ZDü

NRQWDNW\]DXG\WRZDQ\PLGODVWZLHUG]HQLDF]\XZDJL]RVWDá\ZSHáQL]UR]XPLDQHL

VSRZRGRZDá\RGSRZLHGQLHG]LDáDQLH



$XG\WRUSRZLQLHQSDPL WDü H LQIRUPDFMHLVXJHVWLHNWyUH]DPLHU]D

SU]HND]DüNLHURZQLNRPNRPyUHNPXV] E\üVSyMQHLRGZRá\ZDüVL GRFHOyZMDNLH

PDM ]RVWDüRVL JQL WHZSU]\V]áR FL1LHPR QDRGVXZDüZQLHRNUH ORQDSU]\V]áR ü

UR]PRZ\RVSUDZDFKWUXGQ\FK1LHMHVWáDWZRRWZDUFLHNRPXQLNRZDüVL Z VSUDZDFK

WDNLFKMDNPDUQHZ\QLNLSUDF\OXEQLHGRFL JQL FLDORMDOQHJRSRGZáDGQHJRDOH

RSy QLDQLHWDNLHJRQLHSU]\MHPQHJRNRPXQLNDWXQDGáX V] PHW W\ONRXWUXGQLDMHJR

SU]\M FLHLZLVWRFLHMHVWQLHXF]FLZHZREHFSRGZáDGQ\FKLLQVW\WXFML



$XG\WRUPXVL]DGEDüDE\MHJRSRVWDZDQLHSU]HF]\áDMHJRVáRZRP

*G\ E G]LHSRVW SRZDáLQDF]HME G]LHOHNFHZD RQ\SU]H]SUDFRZQLNyZXU] GX



3UDFDDXG\WRUDZ\PDJDE\FLDGREU\PVáXFKDF]HPZUD OLZ\P

]ZáDV]F]DQDWRQZ\SRZLHG]LJHVW\QLHGRSRZLHG]LDQHVáRZD

5R]G]LDá&HFK\FKDUDNWHU\VW\F]QHZáD FLZLHRSUDFRZDQ\FK]DOHFH

DXG\WX
7R F]\]DOHFHQLDV NRQVWUXNW\ZQH]DOH \ RGZáD FLZHJRRNUH OHQLDSU]\F]\Q

Eá GyZ F]\QLHSUDZLGáRZR FL-H OLZLDGRPRGODF]HJRFR VL VWDáR]DOHFDQH

UR]ZL ]DQLH]\VNXMHQDZLDU\JRGQR FL-H OLSU]\F]\QDMHVWQLHZ\MD QLRQDNLHURZQLN

MHGQRVWNLPR H PLHüZ WSOLZR FLFRGRVWDUDQQR FLEDGDQLDLRVWDWHF]QLHXWUDFLü

]DXIDQLHGR.$:RUD]RGU]XFLüFDáHVSUDZR]GDQLH
3URSRQRZDQH]DáR HQLD]DOHFH DXG\WX
6WDQRSLV SUREOHPX
 1DF]\PSROHJDSUREOHP"
 &RVL ]HSVXáR"
 &]HJREUDN"
 1DF]\PSROHJDEá G"
 &]\SUREOHPWHQMHVWRGRVREQLRQ\F]\SRZV]HFKQ\"
6WZLHUG]HQLHVWDQXIDNW\F]QHJR:V]\VWNLHMHJRVNáDGQLNLPXV] E\üGRNáDGQH

GREU]HXGRNXPHQWRZDQHLZ\UD RQHWDNMDVQRLSUHF\]\MQLHMDNWRPR OLZH

background image



3U]\F]\QD±XVWDOHQLHGODF]HJRZ\VW SLáGDQ\VWDQ
 3U]\F]\Q\VWDQX"
 .WRRGSRZLDGD]DEUDN"
 8G]LHOHQLHRGSRZLHG]LQDS\WDQLDNWRFRNLHG\JG]LHGODF]HJRLMDN
.U\WHULD
1DOH \ XVWDOLüMDN PLDU PLHU]\P\GRMDNLFK]DVDGF]\SU]HSLVyZVL

RGZRáXMHP\"0LDU\F]\RGQLHVLHQLDVWRVRZDQHSU]H]SHUVRQHO.$:PXV] E\ü

XMHGQROLFRQH

3U]\NáDG6WDQREHFQ\MHVWVSU]HF]Q\]SRVWDQRZLHQLDPLSUDZDF]\L

XPRZ\
(IHNW
&R]WHJRZ\QLNáR"&R]QDF]\GDQHQLHGRFL JQL FLHZNDWHJRULDFKNRV]WyZ

Z\GDMQR FLSUDF\LWS":DUWRSU]HGVWDZLüQLHZ\NRU]\VWDQH]DVRE\HZHQWXDOQH

VWUDW\ZSLHQL G]XZMHGQRVWNDFKF]DVXZOLF]ELHSURFHGXUOXEWUDQVDNFML
=DOHFHQLH
3RZLQQR]DZLHUDüRJyOQLHVIRUPXáRZDQHSURSR]\FMHG]LDáD QDSUDZF]\FK

:GUR HQLHUHNRPHQGDFML]DOH \ RGSRWHQFMDOQ\FKNRU]\ FLMDNLHPRJ RQHSU]\QLH ü

NLHURZQLFWZX.RU]\ FLWHQDOH \ Z\UD QLHSRGDüLREMD QLü
5R]G]LDá.U\WHULDRFHQ\WHNVWyZ
3RQL HM]DSURSRQRZDQROLVW ZHU\ILNDF\MQ ]DZLHUDM FHNU\WHULDRFHQ\JRWRZ\FK

VSUDZR]GD SRGZ]JO GHPLFKF]\WHOQR FLSRSUDZQR FLLVWRVRZQR FLZVND]DQH

MHVWDE\OLVW\WHVáX \á\SRPRF SU]\RFHQLHVSUDZR]GD ]DUyZQRDXWRURPMDNL

VSUDZG]DM F\PVSUDZR]GDQLDSRZ\NRQDQLXDXG\WX6SUDZG]DM F\PMHVWNLHURZQLN

.$:3RZLQLHQRQNRU]\VWDü]MHGQDNRZ\FKOLVWF]\NU\WHULyZRFHQ\VSUDZR]GD

SU]\ZV]\VWNLFK]DGDQLDFKDXG\WRZ\FK
 &]\VSUDZR]GDQLHMHVWRGSRZLHGQLHGR]DNáDGDQHJRSR]LRPXZLDGRPR FL

F]\WHOQLND
 F]\QLHMHVWSU]HáDGRZDQHVSHFMDOLVW\F]Q\PLV]F]HJyáDPL"
 F]\]DNáDGDXSU]HGQL ]QDMRPR ü SU]HGPLRWX
 F]\VSUDZR]GDQLHQLHRSRZLDGDZLHORNURWQLHU]HF]\RF]\ZLVW\FK
-DNV ]EXGRZDQH]GDQLD
 F]\GáXJLH]áR RQH]GDQLDQLHV X \ZDQH]E\WF] VWR
 F]\MHVW]DFKRZDQ\SRU] GHNSRGPLRWRU]HF]HQLHGRSHáQLHQLH
 F]\VW\OQLHMHVW]E\WFKURSDZ\
%XGRZDDNDSLWyZ
 F]\DNDSLW\PDM W\WXá\

background image



 F]\ZGDQ\PDNDSLFLHQLHSRUXV]DVL ]E\WZLHOXZ WNyZ
 F]\DNDSLW\QLHV ]E\WGáXJLH
6áRZQLFWZR
 &]\QLHMHVWX \ZDQ\ DUJRQF]\M ]\NQLHMHVWSUHWHQVMRQDOQ\
 F]\VáRZQLFWZRQLHMHVWQLHSRWU]HEQLHDEVWUDNF\MQH
6WHURZDQLHSURFHVHPF]\WDQLD
 F]\ZWHN FLHV SRU] GNXM FHRPyZLHQLDUR]G]LDáyZQLH
 F]\á F]QLNLSRPL G]\DNDSLWDPL]DZLHUDM F\PLRSLVVWDQXLZQLRVNDPLV

Z\VWDUF]DM FH

 F]\ZWHN FLH]QDMGXM VL SRGVXPRZDQLDUR]G]LDáyZXPR OLZLDM FH F]\WHOQLNRZL

VSUDZG]HQLHF]\GREU]H]UR]XPLDáWUH ü UR]G]LDáX
3RSUDZQR ü
 *UDPDW\ND
6SUDZG]HQLHSRSUDZQR FLJUDPDW\F]QHMZW\PLQWHUSXQNFML
)RUPD
- F]\X \WRVWRVRZDQHJRZ.$:IRUPXODU]D
- F]\WHNVWZ\JO GDM F]\WHOQLH
- F]\]DFKRZDQRRGSRZLHGQLH ZLDWáRPL G]\DNDSLWDPL
- F]\QDJáyZNLDNDSLWyZLDNDSLW\]QDMGXM VL QDW\FKVDP\FKVWURQDFK
- F]\XWU]\PDQRMHGQROLWHRGVW S\PL G]\ZLHUV]DPLLDNDSLWDPL
- F]\QXPHUDFMDQDJáyZNyZRGV\áDF]\LSU]\SLVyZMHVWZáD FLZD
- F]\WHNVWQLH]DZLHUD]E\WZLHOXZHZQ WU]Q\FKRGZRáD 
6SyMQR ü WHNVWX
 F]\]GDQLDV ORJLF]QLHVNRQVWUXRZDQHF]\]DZLHUDM P\ OLSRZL ]DQH]HVRE 
 F]\G]L NLGREU]HSRZL ]DQ\P]HVRE DNDSLWRPF]\WHOQLNE G]LHPLDáZUD HQLH

SRVW SXZUR]XPLHQLXSUREOHPX
 8]DVDGQLHQLH
 F]\UHNRPHQGDFMHZ\QLNDM ] XVWDOH RSDUW\FKQDIDNWDFK
 F]\V MDVQRIRUPXáRZDQHLQLH]DZLHUDM QLHLVWRWQ\FKV]F]HJyáyZ
3UH]HQWDFMDWUH FLXVWDOH ]DGDQLDDXG\WRZHJR
 -DNLFHOFKFHRVL JQ ü DXWRUVSUDZR]GDQLD
 F]\GDQH]RVWDá\]HEUDQHSU]HDQDOL]RZDQHLSU]HGVWDZLRQHZVSRVyEZáD FLZ\

background image



 F]\]DNUHV]DGDQLDQLH]RVWDáSU]HNURF]RQ\
$QDOL]DWUH FLVSUDZR]GDQLD
 F]\QLH]RVWDá\SRPLQL WHZD QHGRZRG\QDVNXWHNSRZLHU]FKRZQHJREDGDQLD

GDQ\FK
 F]\QLHSU]HRF]HQLHRF]\ZLVW\FKZQLRVNyZZ\QLNDM F\FK]SU]HGVWDZLRQ\FK

GDQ\FK
 F]\QLH]RVWDá\SU]HGVWDZLRQHNRQNOX]MHQLHSRSDUWHGRZRGDPL
 F]\WZLHUG]HQLDFRGRNWyU\FKVáXV]QR FLDXWRUQLHMHVWSU]HNRQDQ\]RVWDá\

RSDWU]RQH]DVWU]H HQLDPLF]\QDOH \FLHX]DVDGQLRQRSU]\M WH]DáR HQLD
 F]\WHNVWQLHXMDZQLDXSU]HG]H DXWRUyZNWyUHPRJ GRSURZDG]LüF]\WHOQLNDGR

P\OQHMLQWHUSUHWDFMLGDQ\FK
6WRVRZQ\WRQZ\SRZLHG]L
7DNW
 F]\XZ]JO GQLRQRUy QLFHVWDQRZLVNRUD]ZLHNXLVWD X SUDF\DXWRUDLRGELRUF\
 F]\WRQMHVWXSU]HMP\
 F]\WHNVWQLH]DZLHUDHOHPHQWyZ ZLDGF] F\FKRDURJDQFMLL]DGXIDQLXDXWRUD
F]\WHNVWQLH]DZLHUDXZDJRVRELVW\FK
2SLQLD
 F]\QLH]E\WZLHOHZQLRVNyZZ\GDQRQDSRGVWDZLHEDGD  NWyUHPR QDX]QDü]D

Z\VWDUF]DM FH GRZ\GDQLDRSLQLLSU]H]DXG\WRUD
 F]\ZQLRVNLV RSDUWHQDZ\VWDUF]DM F\FKIDNWDFKLZ\VWDUF]DM F\P]DNUHVLH

EDGDQLD
 F]\Z\UD QLH]D]QDF]RQRFRMHVWRSLQL DXG\WRUD
3RVWDZD
 F]\ZQLRVNLDXG\WRUDQLHVSHáQLDM ] JyU\]DáR RQ\FK]DáR H NLHURZQLFWZDDQLH

Z\GDQLHEH]VWURQQHMRSLQLL
 F]\DXG\WRUQLH]DMPXMHREURQQHMSRVWDZ\ZREHFNLHURZQLNDLERLVL

Z\SRZLHG]LHüRF]\ZLVW\FKZQLRVNyZ
 6XJHVW\ZQR ü

 F]\ZQLRVNLQLHV EDUG]LHMSU]HNRQXM FHRGVDP\FKIDNWyZ

 F]\]NROHLZQLRVNLV PQLHMRGZD QHQL Z\QLNDWR]IDNWyZ
 F]\VSUDZR]GDQLHQLHPDRF]\ZLVWHJR]DPLDUXSURSDJDQGRZHJR
 F]\]DOHFHQLDRG]ZLHUFLHGODM SXQNWZLG]HQLDPHQDG HUD
 F]\VSUDZR]GDQLHQLHMHVW]E\WREFHVRZHWDPJG]LHEDUG]LHMSU]\GDáDE\VL

background image



G\SORPDFMD
 F]\XM WRZWHN FLH]DOH QR ü PL G]\NRV]WDPLZSURZDG]HQLD]DOHFH D

NRU]\ FLDPL]QLFK
5R]G]LDá7HFKQLNLNRUHNWRUVNLH
8ZDJLRJyOQH


:áD FLZLHZ\NRQDQDNRUHNWDWHNVWXZ\PDJDZLHOHF]DVX1DOH \ SDPL WDü H

ZLHOHRVyEMHVWVNáRQQ\FKURELüNRUHNW ]E\W V]\ENR]ZáDV]F]DMH OL]QDM WHNVWER

JR SU]HGWHPQDSLVDOLOXESU]HSLVDOL:GRGDWNXWHUPLQ\PRJ VNáDQLDüNRUHNWRUyZGR

SR SLHFKX


.RUHNWDQDVW SXMHZFKZLOLZ\GDMHVL MX E\üGHILQLW\ZQLH]DPNQL WH0R H

WR Z\ZRá\ZDüQLHFK ü GRSRZWyUQHJR]DMPRZDQLDVL WHNVWHPVSUDZR]GDQLDJG\

SUDFRZQLNyZ.$:RF]HNXM MX QRZH]DGDQLD
3R]DNRUHNW RUWRJUDILLLEá GyZPDV]\QRZ\FKVSUDZR]GDQLDQDOH \ VSUDZG]DüSRG

Z]JO GHPSRSUDZQR FLPDWHPDW\F]QHMMDVQR FLJUDPDW\F]QHMLEXGRZ\]GD 

]DWZLHUG]RQHJRIRUPDWXL]JRGQR FL ]QRUPDPL]DZRGRZ\PL6XJHUXMHWR

]DVWRVRZDQLH]áR RQHMZLHORSR]LRPRZHMSURFHGXU\NRUHNW\0DWRVáX \ü
XQLNQL FLXNZHVWLRQRZDQLDSU]H]SRGZáDGQHJRWUH FLOXEQRUPX \W\FKSU]H]

SU]HáR RQHJR
REFL DQLDSRGZáDGQHJRRGSRZLHG]LDOQR FL ]DVSUDZG]HQLHQDSR]LRPLH

SU]HNUDF]DM F\PZLHG] Z\PDJDQ QDMHJRVWDQRZLVNX


3URFHGXUDNRUHNW\ZDXG\FLHZHZQ WU]Q\P

$XG\WRUZHZQ WU]Q\ RGSRZLHG]LDOQ\]DZ\NRQDQLH]DGDQLDDXWRUVSUDZR]GDQLD 
&]\WDVSUDZR]GDQLHFRQDMPQLHMGZXNURWQLH
 3RSUDZLDEá GyZRUWRJUDILF]QHPDV]\QRZHGRW\F] FHZLHONR FLOLWHULRF]\ZLVWH

Eá GyZ JUDPDW\F]Q\FK.RU]\VWDSU]\W\P]PHFKDQL]PXVSUDZG]DQLDSLVRZQL

ZEXGRZDQHJRZHG\WRUWHNVWXNRPSXWHUDNODV\3&:HZV]\VWNLFK]Dá F]QLNDFK

]HVWDZLHQLDFKLGRNXPHQWDFMLGRZRGRZHMQDOH \ GRNRQDüVSUDZG]HQLDSRSUDZQR FL

OLF]RQ\FKGDQ\FKSU]\SRPRF\DUNXV]DNDONXODF\MQHJR3RVSUDZG]HQLXZVND]DQH

MHVWSDUDIRZDQLHWHNVWX
 3RQRZQHVSUDZG]HQLHHOHPHQWyZSU]HMU]DQ\FKSU]\SLHUZV]\PVSUDZG]DQLX

=DNUHVNRUHNW\QDOH \ UR]V]HU]\üR]UR]XPLDáR ü WUH FLIUD]HRORJL RUD]]JRGQR ü ]

]DWZLHUG]RQ\PIRUPDWHPLQRUPDPL]DZRGRZ\PL
=DOHFDVL NRUHNW SU]H]MHV]F]HMHGQHJRDXG\WRUDRLOHVWDUF]DQDWRF]DVX
.LHURZQLN.$:

2VWDWQLHF]\WDQLHVSUDZR]GDQLDSU]HG]áR HQLHPRGSRZLHG]LZáDG]RP

.RUHNWDZ]DVDG]LHWDNDVDPDMDNDXWRUVND1DOH \ SDPL WDü H QLHNLHG\

F]\WHOQLNRZLSRVLDGDM FHPXG\VWDQVGRWHNVWXáDWZLHMMHVWZ\NU\üWH]DáR HQLDDXWRUD

NWyUHPRJ ZSURZDG]LüZEá G F]\WHOQLND
5R]G]LDá5R]SRZV]HFKQLDQLHVSUDZR]GD ] DXG\WX

background image



1DOH \ SDPL WDü H ZV]\VWNLHVSUDZR]GDQLDPXV] E\üUR]SRZV]HFKQLDQH]JRGQLH

] SU]HSLVDPLSUDZDL]DVDGDPLX]JRGQLRQ\PLZF]H QLHM]NLHURZQLNLHP-6)3

,QIRUPDFMH]DZDUWHZVSUDZR]GDQLXV SRXIQHLSRZLQQ\E\üGRVWHSQHW\ONRGROD

RNUH ORQHJRZF]H QLHMNU JXRGELRUFyZ
5R]G]LDá3LVPDLQRWDWNLVNLHURZDQHGRLQQ\FKGHSDUWDPHQWyZ Z\G]LDáyZ
:V]\VWNLHLVWRWQHSLVPDNLHURZDQHSR]D.$:SRZLQQ\E\ü]DWZLHUG]DQHSU]H]

NRRUG\QDWRUD]DGDQLDDXG\WXOXENLHURZQLND.$:SRWRDE\
 

NLHURZQLNF]\NRRUG\QDWRU]DGDQLDDXG\WXZZLHG]LDáRNRUHVSRQGHQFML

Z\FKRG] FHM].$:
 

XQLNQ ü QLHSRUR]XPLH FRGRDXWRUVWZDFRPRJáRE\VL ]GDU]\üMH OL

SRGZáDGQ\IRUPXáXMHVXJHVWL Z WDNLVSRVyE H PR QDM RGF]\WDüMDNRSROHFHQLH

VZRMHJRNLHURZQLND
&] ü NRUHVSRQGHQFML.$:QSSLVPDSU]HZRGQLHGRVSUDZR]GD ] DXG\WXPR H

SRGSLV\ZDüDXG\WRUZHZQ WU]Q\Z\NRQXM F\]DGDQLHZ]DVW SVWZLHNRRUG\QDWRUD

]DGDQLDDXG\WX

background image



 =Dá F]QLN)2508/$5=/,67<:(5<),.$&<-1(-=$'$1,$

$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

)2508/$5=/,67<:(5<),.$&<-1(-=$'$1,$

$8'<72:(*2

1D]ZD

]DGDQLD

1U

]DGDQLD

'DWD

,QLFMDá\

RVRE\

RGSRZLHG]L

DOQHM

3/$12:$1,(



3U]\JRWRZDQLHIRUPXODU]D]DGDQLDDXG\WRZHJR



3U]HJO G VSUDZR]GDQLD]SRSU]HGQLHJRDXG\WX

RGSRZLHG]LNOLHQWDDXG\WXLGRNXPHQWDFMLURERF]HM



3U]\JRWRZDQLHSRGVXPRZDQLDXVWDOH ]

SRSU]HGQLHJRDXG\WXLRGQRWRZDQLHG]LDáD QDSUDZF]\FK

SRGDQ\FK

Z RGSRZLHG]LDFKNOLHQWDDXG\WX



3U]HJO G )RUPXODU]D3U]HJO GX3RDXG\WRZHJR



:VW SQHXVWDOHQLHFHOyZL]DNUHVX]DGDQLD

DXG\WRZHJR

background image



:67 31<35=(*/ '



3U]HSURZDG]HQLHQDUDG\RWZLHUDM FHMZFHOX

RPyZLHQLDSUREOHPyZNOLHQWDDXG\WXLVSUDZG]HQLD

ZVW SQ\FKFHOyZDXG\WX



=DSR]QDQLHVL ] FHODPLNRPyUHNMDNVL MH

RVL JD PRQLWRUXMHLMDNRNUH ODUH]XOWDW\



=DSR]QDQLHVL ] G]LDáDOQR FL GHSDUWDPHQWXL

SU]HJO G MHMV\VWHPXNRQWUROL



8]\VNDQLHNRSLLSLVHPQ\FKSURFHGXURUD]ZUD]LH

SRWU]HE\LFKDNWXDOL]DFMD-H OLLFKEUDN

XGRNXPHQWRZDQLHSU]HVWU]HJDQ\FKSUDNW\NQDSL PLH

Z GRNXPHQWDFMLURERF]HM



2EVHUZDFMDLGRNXPHQWDFMDRSHUDFML SU]HSá\ZX

LQIRUPDFMLLVSUDZR]GD 



8]\VNDQLHRJyOQ\FKLQIRUPDFML OLF]ED

REVáXJLZDQ\FKGRNXPHQWyZSLHQL G]HL UyGáD

ILQDQVRZDQLDOLF]ED]DWUXGQLRQ\FK 



,GHQW\ILNDFMDZV]HONLFKRGQR Q\FKQXPHUyZNRQW

OXE IXQGXV]\RUD]UHMHVWUDFMDGDQ\FKILQDQVRZ\FKGR

SU]HJO GXLWHVWyZ



:VW SQHZ\FL JQL FLHZQLRVNyZFRGR

Z\VWDUF]DOQR FLV\VWHPXNRQWUROLLVNXWHF]QR FLMHJR

IXQNFMRQRZDQLD



6SRU] G]HQLHZ\ND]XREV]DUyZU\]\ND



6SUDZG]HQLHZVW SQ\FKFHOyZL]DNUHVX]DGDQLD

background image



DXG\WRZHJR



3U]\JRWRZDQLHSURJUDPX]DGDQLDDXG\WRZHJR



8]\VNDQLH]DWZLHUG]HQLD

SURJUDPX ]DGDQLDDXG\WRZHJRSU]H]RVRE QDG]RUXM F 

&=<112 &,$8'<72:(:7(5(1,(



3U]HSURZDG]HQLHLXGRNXPHQWRZDQLHSU]HJO GyZ

L WHVWyZSU]HZLG]LDQ\FKSURJUDPHPDXG\WXLDQDOL]DLFK

Z\QLNyZ



8ZDJDQDVSRVREQR FLREQL NLNRV]WyZL

XVSUDZQLH V\VWHPX



3U]HJO G LXGRNXPHQWRZDQLHVWDWXVXXVWDOH

] SRSU]HGQLHJRDXG\WX



3U]\JRWRZDQLHSRGVXPRZDQLDXVWDOH  LFK

SU]HJO G

] NOLHQWHPUHMHVWUDFMDXZDJNOLHQWDRUD]SODQRZDQ\FKOXE

SRGM W\FKG]LDáD QDSUDZF]\FK

(7$3.2 &2:<



3U]HJO G GRNXPHQWDFMLURERF]HMSRGZ]JO GHP

]JRGQR FL]SR]\FMDPLZ\PLHQLRQ\PLZ/L FLH

ZHU\ILNDF\MQHMRFHQ\MDNR FLDXG\WX



8]\VNDQLH]DWZLHUG]HQLDGRNXPHQWDFMLURERF]HM

SU]H]NRRUG\QDWRUD]DGDQLDDXG\WX

background image





3U]\JRWRZDQLHSURMHNWXVSUDZR]GDQLDLMHJR

SU]HJO G ]NRRUG\QDWRUHP]DGDQLDDXG\WX



3U]HJO G SURMHNWXVSUDZR]GDQLD]NOLHQWHP

DXG\WX



0RG\ILNDFMHSURMHNWXVSUDZR]GDQLDRUD]

Z UD]LHSRWU]HE\SU]HJO G SRSUDZLRQHMZHUVMLSURMHNWX]

RVREDQDG]RUXM F L X]\VNDQLHRVWDWHF]QHJR

]DWZLHUG]HQLDVSUDZR]GDQLD



6SRU] G]HQLH(ZLGHQFML:\NRU]\VWDQLD&]DVX



3U]\JRWRZDQLH)RUPXODU]D3U]HJO GX

3RDXG\WRZHJR



3U]\JRWRZDQLHIRUPXODU]D$QNLHW\.OLHQWD$XG\WX

L Z\VáDQLHJRGRNOLHQWDDXG\WX

$XG\WRU2GSRZLHG]LDOQ\

.LHURZQLN$XG\WX

background image



 =Dá F]QLN)2508/$5=35=(*/ '832$8'<72:(*2

3RGU F]QLN$XG\WX:HZQ WU]QHJR

)2508/$5=35=(*/ '832$8'<72:(*2

1D]ZD

]DGDQLD

1U

]DGDQLD

3\WDQLH2GSRZLHG SRGDüSRZRG\

&]\QDOH \ SRZWyU]\üWR]DGDQLHDXG\WRZH

Ž7DN Ž1LH

-H OLWDN
3RMDNLPF]DVLH"
&]\QDOH \ MHSRá F]\ü]LQQ\P]DGDQLHP"

-DNL]DOHFDVL EXG HW

GOD]DGDQLDZSHáQ\P]DNUHVLH"
GODVNUyFRQHJRSU]HJO GX EDGDQLD "

-H OLQLHGODF]HJRQLH"

.WyUHF] FL]DGDQLDDXG\WRZHJR

 QDOH \ SRGGDüEDGDQLXSU]HM FLRZHPX"

PXV] E\üXZ]JO GQLRQHOXEZ\PDJDM VSHFMDOQHMXZDJLSU]\SU]\V]á\FK

EDGDQLDFK"

background image



 QDOH \ Z\HOLPLQRZDü]SU]\V]á\FKEDGD "

&R]DVXJHURZDáE\ DXG\WRURZLSURZDG] FHPXQDVW SQHEDGDQLHWHJRREV]DUX"

&]\XMDZQLRQRMDNLH VSUDZ\NWyUHZ\PDJDM SU]HJO GXZWUDNFLHLQQ\FK]DGD

DXG\WRZ\FK"-H OLWDN±WRNWyUH"

$XG\WRU RGSRZLHG]LDOQ\

'DWD

.RRUG\QDWRU=DGDQLD

$XG\WX

'DW

D

background image



 =Dá F]QLN.:(67,21$5,86=$1.,(7<32$8'<72:(-

3RGU F]QLN$XG\WX:HZQ WU]QHJR

.:(67,21$5,86=$1.,(7<32$8'<72:(-

6SUDZR]GDQLH]]DGDQLDDXG\WRZHJR1U««««««
'DWD««««««

8ZDJD

3URVLP\RFHQLüHIHNW\ZQR ü SURFHVX]DGDQLDDXG\WRZHJRSU]\ND GHM

SR]\FML]DNUH ODM F ZáD FLZ RGSRZLHG  % G]LHP\]RERZL ]DQL]DSLVHPQHXZDJLZ

RVWDWQLPUR]G]LDOH]HV]F]HJyOQ\PXZ]JO GQLHQLHPRGSRZLHG]L1LH]JDG]DPVL  L

6WDQRZF]RQLH]JDG]DPVL 

6WDQRZF]R 6WDQRZF]R

=JDG]DPVL

]JDG]DPVL QLH]JDG]DPVL

1LH]JDG]DPVL

3/$12:$1,(
&]\SRZLDGRPLRQRFL R ]DGDQLXDXG\WRZ\PQDW\OH
DE\WZyMSHUVRQHOPyJáVL RGSRZLHGQLRSU]\JRWRZDü
L DE\GRPLQLPXPRJUDQLF]\ü]DNáyFHQLDZZDV]HMSUDF\

=DNUHVLFHO]DGDQLDDXG\WRZHJRMDVQRSRGDQRQDSL PLH
L ]QDQ\E\áSU]HZLG\ZDQ\F]DVSRE\WXDXG\WRUyZ

0LDáH VSRVREQR ü RPyZLü
] DXG\WRUDPLVZHREDZ\FRGR
HZHQWXDOQHJRZá F]HQLDRSHUDFML
GR]DNUHVX]DGDQLDDXG\WRZHJR

3U]HGUR]SRF] FLHP]DGDQLD
$XG\WRU]\]QDOLIXQNFMRQRZDQLHLQVW\WXFML

background image



Z\VWDUF]DM FR GREU]HDE\QLHWUDFLüQLHSRWU]HEQLH

F]DVX NLHURZQLFWZDQDZ\MD QLDQLHSRGVWDZ

&=<112 &,$8'<72:(

$XG\WRU]\]DZV]HZ\MD QLDOL

VHQVS\WD ]DGDZDQ\FKWRELH

L WZHPXSHUVRQHORZL

$E\ HIHNW\ZQLHZ\NRU]\VWDüF]DV

QD VSRWNDQLDFK]NLHURZQLFWZHP

DXG\WRU]\VWDUDOLVL RPDZLDü

SRNLONDVSUDZOXEWHPDWyZ

$XG\WRU]\RNUHVRZRLQIRUPRZDOL

NLHURZQLFWZRRSRVW SDFKDXG\WX

6WDQRZF]R 6WDQRZF]R

=JDG]DPVL

]JDG]DPVL QLH]JDG]DPVL

1LH]JDG]DPVL

: PLDU SRVW SyZDXG\WX

DXG\WRU]\SU]HGVWDZLDOL

RGSRZLHG]LDOQ\PRVRERPQDG]RUXM F\P

L NLHURZQLFWZX

SLVHPQHUHNRPHQGDFMH]DXG\WX

8]JRGQLRQHUR]ZL ]DQLDXVWDOH DXG\WX

] RVWDWHF]QHJRVSUDZR]GDQLD]DXG\WX

E\á\UR]ZL ]DQLDPLQDMOHSV]\PL]PR OLZ\FK

Z GDQ\FKRNROLF]QR FLDFKLPLDáH VSRVREQR ü

SU]\F]\QLüVL GRLFKRSUDFRZ\ZDQLD

$XG\WRU]\]ZUyFLOLZV]\VWNLH

RU\JLQDá\GRNXPHQWyZSRZ\NRU]\VWDQLX

1$5$'$=$0<.$- &$

']LH L JRG]LQ VSRWNDQLDX]JRGQLRQR

background image



RGSRZLHGQLRZF]H QLH]ZV]\VWNLPL

ZáD FLZ\PLNLHURZQLNDPL

&DáNRZLFLHZ\MD QLRQRFHOVSRWNDQLD

:HUVM URERF] VSUDZR]GDQLD]SU]HSURZDG]HQLDDXG\WX

GRVWDUF]RQRFRQDMPQLHMJRG]

SU]HG VSRWNDQLHP

$XG\WRU]\E\OLGREU]HSU]\JRWRZDQL

L GREU]H]QDOLRPDZLDQHQDVSRWNDQLXREV]DU\

=DOHFHQLD]DXG\WXG\VNXWRZDQR

RWZDUFLHLRELHNW\ZQLHDDXG\WRU]\

UHDJRZDOLQDXZDJLNLHURZQLFWZD

635$:2='$1,(=35=(352:$'=(1,$$8'<78

2VWDWHF]QHVSUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

ZáD FLZLHRG]ZLHUFLHGOD

Z\QLNLDXG\WXLVSRWNDQLD]DPNQL FLD

6SUDZR]GDQLH]SU]HSURZDG]HQLDDXG\WX

QDSLVDQRU]HWHOQLH

L XZ]JO GQLRQRZV]\VWNLHLVWRWQHIDNW\

6WDQRZF]R 6WDQRZF]R

=JDG]DPVL

]JDG]DPVL QLH]JDG]DPVL

1LH]JDG]DPVL

635$:2='$1,(67$18

3LVHPQHLQVWUXNFMHSU]\JRWRZDQLDVSUDZR]GDQLDVWDQXZWU\ELHNRQW\QXDFML IROORZ

XS DXG\WXE\á\]UR]XPLDáHSRGDQRMHSU]\RVWDWHF]Q\PVSUDZR]GDQLX]DXG\WX

L ZUD]LHSRWU]HE\REMD QLRQR

background image



2*Ï/1,(

$XG\WE\áSU]\GDWQ XVáXJ 

$XG\WRU]\E\OLSURIHVMRQDOQL

XSU]HMPLLRELHNW\ZQL

$XG\WE\áNRPSOHNVRZ\LZ\ZD RQ\

QLHUR]ZRG]LáVL QDGGUXJRU] GQ\PLREV]DUDPL

$XG\WRU]\EUDOLSRGXZDJ

REDZ\L]DVWU]H HQLD

SRGQRV]RQHSU]H]NLHURZQLFWZR

8:$*,.,(52:1,&7:$

&]\FR  FRGRW\F]\áRDXG\WXV]F]HJyOQLHVSRGREDáRFLVL "

&]\FR  FRGRW\F]\áRDXG\WXQLHVSRGREDáRFLVL "

-H OLRGF]XZDáH VSRZRGRZDQHDXG\WHP]DNáyFHQLDZSUDF\MDNPR QDE\

RJUDQLF]\üMHZSU]\V]áR FL"

-DNPR QDE\SRSUDZLüQDVW SQ\DXG\WWZRMHJRREV]DUX"

background image



3RQL HMSURVLP\ZSLVDüZV]HONLHLQQHXZDJL

 3RQL HMSURVLP\Z\MD QLüZV]\VWNLH 1,(:<-$ 1,21('27 ' 32:< (-

RGSRZLHG]L³1,(=*$'=$06, ´ L³67$12:&=21,(=*$'=$06, ´

1D]ZLVNRLLPL UHVSRQGHQWD

GUXNRZDQ\PLOLWHUDPL «««««««««««««««««

3RGSLV««««««««««««««

'DWD««««««««««««


Wyszukiwarka

Podobne podstrony:
podrecznik audytu wewnetrznego w administracji publicznej
Kontrola wewnetrzna a audyt wewnetrzny w administracji publicznej
Kontrola wewnetrzna administracji publicznej NSP 2010
Kontrola wewnetrzna a audyt wewnetrzny w administracji publicznej
ODPOWIEDZIALNOSC CYWILNA PRACOWNIKOW ADMINISTRACJI PUBLICZNEJ, Bezpieczeństwo Wewnętrzne - Administr
Glosariusz terminow dotyczacych kontroli i audytu w administracji publicznej Babula, Prawo
Administracja Publiczna skrypt, Podręczniki, Administracja Publiczna
glosariusz terminow dotyczacych kontroli i audytu w administracji publicznej (2)
ODPOWIEDZIALNOSC CYWILNA PRACOWNIKOW ADMINISTRACJI PUBLICZNEJ, Bezpieczeństwo Wewnętrzne - Administr
glosariusz terminow dotyczacych kontroli i audytu w administracji publicznej
Zarządzanie w Administracji Publicznej Rzeszów właściwe
Wykład 5 Rodzaje audytu wewnetrznegoSTUDENCIZAO
i 14 0 Pojecie administracji publicznej
informacja na temat kontroli finansowej i audytu wewnętrznego

więcej podobnych podstron