Plating equipment and accessories

buffoli Impianti
s.r.l.
Via Provinciale, 23/c
25050 Rodengo Saiano
(Brescia) Italy
Tel. ++39 030 6811062
Fax ++39 030 6811061
e-mail: [email protected]
buffoli F.lli
s.r.l.
Via G. Carducci, 34
25069 Villa Carcina
(Brescia) Italy
Tel. ++39 030 800565
Fax ++39 030 802195
e-mail: [email protected]
buffoli de Mexico S.A. de C.V.
Industria Siderurgica, 97
P.que Ind. Pesquerìa
C.P. 66650 Pesquerìa N.L. - Mexico
Tel. ++52 825 2440021
Fax ++52 825 2440145
e-mail: [email protected]
S3E Societe Europeenne d’Equipements Electrolytiques
Sales branches:
Rue Henri Farman, 62
93297 Tremblay en France
France
Tel. ++33 1 48609130
Fax. ++33 1 48615912
e-mail: [email protected]
Germany
Poland
Turkey
Egypt
Brazil
e-mail: [email protected]
Plating equipment and accessories
s.r.l.
buffoli impianti
65/
% EXIIROL%UDVLO
EW EXIIROL7XUNH\
,62
L’ Alliance des Compétences
ʓ
ʔ
%XIIROL*URXSSUHVHQWHVXOPHUFDWRGDO
qFRVWLWXLWRGDGXHVWDELOLPHQWLGLSURGX]LRQHLQ
,WDOLDXQµXQLWjSURGXWWLYDLQ0HVVLFRXQDFRQVR
FLDWDLQ)UDQFLDHGD¿OLDOLFRPPHUFLDOLLQGLYHUVH
DUHH JHRJUD¿FKH WUD OH TXDOL (XURSD 7XUFKLD
1RUG$IULFD%UDVLOHHFF
,OJUXSSRFRSUHO¶LQWHURDUFRGLHVLJHQ]HQHOVHWWRUH
GHLWUDWWDPHQWLVXSHU¿FLDOLHVLSURSRQHDOPHUFDWR
PRQGLDOH TXDOH SDUWQHU HOHWWLYR SHU OR VWXGLR H OD
UHDOL]]D]LRQHGLLPSLDQWL³FKLDYLLQPDQR´HGLWHODL
%XIIROL*URXSDFWLYHRQWKHPDUNHWVLQFH
KDVJRWWZRSURGXFWLRQXQLWVLQ,WDO\RQHLQ0H
[LFRDVLVWHU¿UPLQ)UDQFHDQGVDOHVEUDQFKHV
LQ GLIIHUHQW JHRJUDSKLFDO DUHDV (XURSH 7XU
NH\ 1RUWK$IULFD DQG %UD]LO DPRQJ WKH RWKHUV
7KHJURXSFRYHUVWKHZKROHUDQJHRIQHHGVLQWKH
¿HOGRIVXUIDFHWUHDWPHQWVDQGSURSRVHVLWVHOIRQWKH
ZRUOGPDUNHWDVDQHOHFWLYHSDUWQHUIRUERWKGHVLJQ
DQG PDQXIDFWXULQJ RI ³WXUQNH\´ SODQWV DQG UDFNV
8QQRPHLQFUHVFLWD
$JURZLQJEUDQG
8QQRPHQFRQVWDQWHqYROXWLRQ (LQQDPHLPZDFKVHQ
%XIIROL *URXS SUpVHQW VXU OH PDUFKp GHSXLV
VHFRPSRVHGHGHX[VLWHVGHSURGXFWLRQ
HQ ,WDOLH XQH XQLWp GH SURGXFWLRQ DX 0H[LTXH
XQH¿OLDOHHQ)UDQFHDLQVLTXHGHV¿OLDOHVFRP
PHUFLDOHV GDQV GLYHUVHV ]RQHV JpRJUDSKLTXHV
GH O¶(XURSH HQ 7XUTXLH HQ$IULTXH GX 1RUG DX
%UpVLOHWF
/H*URXSHFRXYUHO¶LQWpJUDOLWpGHVEHVRLQVHQpTXL
SHPHQWVGXVHFWHXUGHVWUDLWHPHQWVGHVXUIDFHVVXU
OHPDUFKpPRQGLDOHWHVWUHFRQQXFRPPHSDUWHQDLUH
LGpDOSRXUO¶pWXGHHWODUpDOLVDWLRQG¶LQVWDOODWLRQV³FOpV
HQPDLQ³HWG¶RXWLOODJHV
ʕ
'LH %XIIROL *URXS LVW VHLW DXI GHP 0DUNW XQG
EHVWHKWDXV]ZHL3URGXNWLRQVEHWULHEHQLQ,WDOLHQHLQHU
3URGXNWLRQVDQODJH LQ 0H[LNR HLQHP YHUHLQLJWHQ 8Q
WHUQHKPHQLQ)UDQNUHLFKXQG+DQGHOVQLHGHUODVVXQJHQ
LQYHUVFKLHGHQHQJHRJUDSKLVFKHQ*HELHWHQGDUXQWHU
(XURSD 7UNHL 1RUGDIULND %UDVLOLHQ XQG ZHLWHUH
'LH *UXSSH GHFNW GHQ JDQ]HQ %HGDUI DXI GHP
*HELHW GHU 2EHUÀlFKHQEHKDQGOXQJ DE XQG VWHO
OW VLFK DXI GHP :HOWPDUNW DOV DXVJHZlKOWHU 3DUW
QHU IU GLH (QWZLFNOXQJ XQG 8PVHW]XQJ NRPSOHW
WHU VFKOVVHOIHUWLJHU $QODJHQ XQG *HVWHOOH YRU
ʖ
/DQRVWUDVRFLHWjKDDGRWWDWRLOVLVWHPDGLTXD
OLWjSUHYLVWRGDOODQRUPD81,(1,62
HVLSRQHFRPHRELHWWLYRSULRULWDULRODFRPSOHWD
VRGGLVID]LRQHGHOFOLHQWH
6H DEELDPR UDJJLXQWR TXHVWR WUDJXDUGR q SHU
FKpLQWXWWLTXHVWLDQQLQRQFLVLDPRPDLIHUPDWL
7HQDFLFXULRVLHGDWWHQWLDEELDPRVHPSUHGDWRLO
PDVVLPRHVSHVVRSHUVRGGLVIDUHOHHVLJHQ]HSL
FRPSOHVVHFLVLDPRLPSHJQDWLQHOODULFHUFDVXSH
UDQGRLQRVWULVWHVVLRELHWWLYL
/D VSHULPHQWD]LRQH GL QXRYH WHFQRORJLH GL WUDWWD
PHQWRHO¶DSSOLFD]LRQHGLQXRYLFRPSRQHQWLFLSHU
PHWWHGLDJJLRUQDUHFRVWDQWHPHQWHOHVROX]LRQLGD
RIIULUHDLFOLHQWL
2XU FRPSDQ\ DGRSWHG D &HUWL¿HG 4XDOL
W\ 6\VWHP LQ DFFRUGDQFH ZLWK 81, (1 ,62
VWDQGDUGV KDYLQJ DV PDLQ DLP
WKH VDWLVIDFWRU\ IXO¿OOPHQW RI FXVWRPHU QHHGV
7KLV JRDO FRXOG EH UHDFKHG WKDQNV WR
RXU DFWLYH HQJDJHPHQW DQG GHYHORS
PHQW LQ WHFKQRORJLHV GXULQJ DOO WKHVH \HDUV
'RJJHG FXULRXV DQG DWWHQWLYH ZH GLG RXU EHVW
WR PHHW WKH PRVW FRPSOLFDWHG QHHGV DQG HQJD
JHGLQWKHUHVHDUFKJRLQJHYHQEH\RQGRXUJRDOV
7KH UHVHDUFK RI QHZ WUHDWPHQW WHFKQROR
JLHV DV ZHOO DV WKH DSSOLFDWLRQ RI QHZ FRP
SRQHQWV DOORZ XV WR FRQVWDQWO\ XSGDWH WKH
VROXWLRQV WR EH RIIHUHG WR RXU FXVWRPHUV
5LFHUFDHTXDOLWjFHUWL¿FDWD
5HVHDUFKDQGFHUWL¿HGTXDOLW\V\VWHP
5HFKHUFKHHWTXDOLWpFHUWL¿pH
1RWUHVRFLHWpDDGRSWpOHV\VWqPHGHTXDOLWpGHODQRU
PH81,(1,62FDUQRWUHREMHFWLISULRULWDLUH
HVWODVDWLVIDFWLRQWRWDOHGXFOLHQW
6LQRXVDYRQVDWWHLQWFHWREMHFWLIF¶HVWSDUFHTXHGXUDQW
WRXWHV FHV DQQpHV QRXV DYRQV WUDYDLOOp VDQV UHOkFKH
7HQDFHVFXULHX[HWDWWHQWLIVQRXVDYRQVWRXMRXUVGRQ
QpOHPD[LPXPHWVRXYHQWSRXUVDWLVIDLUHOHVH[LJHQFHV
WRXMRXUVSOXVFRPSOH[HVGHQRVFOLHQWVQRXVQRXVVRP
PHVHQJDJpVGDQVODUHFKHUFKHTXLQRXVDSHUPLVG¶DOOHU
ELHQDXGHOjGHQRVSURSUHVREMHFWLIV
/¶H[SpULPHQWDWLRQ GH QRXYHOOHV WHFKQRORJLHV GH WUDLWH
PHQW HW O¶DSSOLFDWLRQ GH QRXYHDX[ FRPSRVDQWV RX SUR
FpGpVQRXVSHUPHWWHQWG¶RIIULUjQRVFOLHQWVGHVVROXWLRQV
HQFRQVWDQWHpYROXWLRQ
ʗ
=HUWL¿NDWLRQIUIRUVFKXQJXQGTXDOLWlW
8QVHUH*HVHOOVFKDIWKDWVHLWHLQLJHQ-DKUHQGDVYRQGHU5LFKWOLQLH81,
(1,62YRUJHVFKULHEHQH4XDOLWlWVV\VWHPEHUQRPPHQXQG
VLFKGLHXPIDVVHQGH=XIULHGHQKHLWGHV.XQGHQ]XP+DXSW]LHOJHVHW]W
:LU KDEHQ GHVKDOE GLHVHQ 6WDQG HUUHLFKW ZHLO ZLU LQ DOO GHQ -DK
UHQ QLFKW VWHKHQJHEOLHEHQ VLQG +DUWQlFNLJ LQWHUHVVLHUW XQG DX
IPHUNVDP KDEHQ ZLU VWHWV +|FKVWOHLVWXQJHQ JHERWHQ XQG QDFK
/|VXQJHQ JHVXFKW XP GLH XQWHUVFKLHGOLFKVWHQ %HGUIQLVVH ]X
HUIOOHQ 'DEHL KDEHQ ZLU XQVHUH HLJHQHQ =LHOH EHUWURIIHQ
'DV ([SHULPHQWLHUHQ PLW QHXHQ %HKDQGOXQJVWHFKQRORJLHQ
XQG GLH $QZHQGXQJ QHXHU .RPSRQHQWHQ HUODXEHQ XQV XQ
VHUHQ .XQGHQ VWlQGLJ HUZHLWHUWH /|VXQJHQ DQ]XELHWHQ
(YROX]LRQHVWUXWWXUDOH
&RQVWDQWVWUXFWXUDO
eYROXWLRQVWUXFWXUHOOH
6WlQGLJHVWUXNWXUHOOH
,OQRVWURSURJUDPPDGLSURGX]LRQHqSDUWLFRODUPHQWHFRPSOHWRHGqLQJUD
GRGLVRGGLVIDUHRJQLWLSRGLHVLJHQ]DDQFKHODSLFRPSOHVVDLQPDWHULD
GLWUDWWDPHQWRVXSHU¿FLDOH
/DFRQWLQXDHYROX]LRQHVWUXWWXUDOHODVSHULPHQWD]LRQHGLQXRYHWHFQROR
JLHHQXRYLFRPSRQHQWLXQLWDPHQWHDOODFRQVROLGDWDHVSHULHQ]DPDWXUDWD
GDOJUXSSRQHLWUDWWDPHQWLJDOYDQLFLSHUPHWWRQRDOOD%XIIROL*URXSGLHVVH
UHFRQVLGHUDWDXQSDUWQHU³HVFOXVLYR´
2XUSURGXFWLRQSURJUDPLVSDUWLFXODUO\ZLGHDQGDEOHWRPHHWDOOFXVWR
PHU¶VQHHGVLQUHJDUGWRVXUIDFHWUHDWPHQWV7KHFRQVWDQWVWUXFWXUDOHYR
OXWLRQDQGWKHXVHRIQHZWHFKQRORJLHVDQGFRPSRQHQWVWRJHWKHUZLWK
WKHH[SHULHQFHJDLQHGLQJDOYDQLFWUHDWPHQWVDOORZ%XIIROL*URXSWREH
FRQVLGHUHGDV³H[FOXVLYHSDUWQHUV´
Principali tecnologie costruttive
Production technology
Principales technologies constructives
Hauptbautechnologie
Ambiente
Impiantistica
Electroplating plants
Installations
Anlagen
Environment
Environnement
Umwelt
Trattamento Fumi
Trattamenti superficiali
Fumes treatment
Traitement des vapeurs
Rauchbehandlung
Surface treatments
Traitements de surfaces
Oberflächenbehandlung
Impianti manuali
Impianti automatici
Manual plants
Installations manuelles
manuelle Anlagen
Automatic plants
Installations automatiques
automatische Anlagen
Impianti a bracci Impianti in linea
Arm-type plants
Installations Caroussel
Arm-Anlagen
Torri di lavaggio
Washing towers
Tours de lavage
Waschtürme
Impianti transfer
In-line plants
Installations en ligne
Linienanlagen
Transfer plants
Installations transfer
Transferanlagen
A roto barili
A telai
Barrel plating
Aux tonneaux
mit Trommeln
Rack plating
Aux cadrex
mit Gestellen
Abbattitori a secco
Dry scrubber system
Dévisiculeurs
Trockenabbau
A letto statico
A letto flottante
Static bed scrubbers
Flexible bed scrubbers
À lit statique
Festbett - Füllkörper Waschturm
À lit flottant
Schwebebett - Füllkörper Waschturm
ʘ
FRQWLQXD
HYROXWLRQ
FRQWLQXH
HQWZLFNOXQJ
1RWUH JDPPH GH SURGXFWLRQ SDUWLFXOLqUHPHQW FRPSOqWH HVW HQ PHVXUH
8QVHU3URGXNWLRQVSURJUDPPLVWXPIDVVHQGXQGLQGHU/DJHMHGH$UWYRQ%HGU
GHVDWLVIDLUH FKDTXH W\SH G¶H[LJHQFH PrPH OD SOXV FRPSOH[H HQPDWLqUH
IQLVVHQDXFKVHKUXPIDQJUHLFKHDXIGHP*HELHWGHU2EHUÀlFKHQEHKDQGOXQJ
G¶pTXLSHPHQWVGHWUDLWHPHQWVGHVXUIDFHV/¶pYROXWLRQVWUXFWXUHOOHFRQWLQXH
]XHUIOOHQ
O¶H[SpULPHQWDWLRQ GH QRXYHOOHV WHFKQRORJLHV HW O·XWLOLVDWLRQ GH QRXYHDX[
'LH VWlQGLJH VWUXNWXUHOOH (QWZLFNOXQJ GDV $QZHQGHQ QHXHU 7HFKQRORJLHQ
FRPSRVDQWVDOOLpHVjODFRQVROLGDWLRQG¶XQHH[SpULHQFHP€ULHDX¿OGHVDQ
XQGQHXHU.RPSRQHQWHQ]XVDPPHQPLWGHQODQJMlKULJHQ(UIDKUXQJHQDXI
QpHVGXJURXSHGDQVOHVWUDLWHPHQWVGHVXUIDFHVSHUPHWWHQWj%XIIROL*URXS
GHP*HELHWGHUJDOYDQLVFKHQ2EHUÀlFKHQEHKDQGOXQJHUODXEHQGHU%XIIROL
G¶rWUHFKRLVLFRPPHSDUWHQDLUHSULYLOpJLp³H[FOXVLI³
*URXSDOVÄ([NOXVLY3DUWQHU³EHWUDFKWHW]XZHUGHQ
Automazione
Telai
Prodotti chimici
Accessori
Automation
Automatisme
Automation
Racks
Montages
Gestelle
Chemical product
Produits chimiques
chemische Produkte
Accessories
Accessoires
Zubehör
Hardware
Software
Per galvanica
Quadri
di comando
Programmi
di lavoro
Control boards
Working programs
Armoire de
commande
Programmes
de production
Schalttafeln
Arbeitsprogramme
ʙ
Per cataforesi
For galvanic
For cataphoresis
Pour galvanoplastie
für galvanische
Bearbeitung
Pour cataphorèse
für kataphoresische
Bearbeitung
Prodotti per galvanica e cataforesi
Rivendita accessori
Chemicals for electroplating and cataphoresis
Complementary accessories
Produits pour galvanoplastie et cataphorèse
Distribution accessoires
Produkte für galvanische und kataphoresische Verfahren
Per verniciatura
Werkauf von Zubehör
For painting
Pour peinture
Vendita
Assistenza tecnica
für Anstriche
Sale office
Vente
Verkauf
Technical support
Assistance technique
technischer Kundendienst
ʚ
/D%XIIROL,PSLDQWLSURJHWWDHUHDOL]]DLPSLDQWL
SHU WUDWWDPHQWL VXSHUÀFLDOL GHL PHWDOOL ³FKLD
YL LQ PDQR´ QHO SLHQR ULVSHWWR GHOOH QRUPH DP
ELHQWDOL YLJHQWL 2JQL LQVWDOOD]LRQH q UHDOL]]DWD
VHFRQGR OH VSHFL¿FKH HVLJHQ]H GHO FOLHQWH H OD
VFHOWD GHOOD WLSRORJLD G¶LPSLDQWR YLHQH HIIHWWXDWD
WHQHQGRFRQWRGHOODSURGX]LRQHHGHOQXPHURGL
¿QLWXUHULFKLHVWH
%XIIROL ,PSLDQWL GHVLJQV DQG PDQXIDFWXUHV
WXUQNH\ PHWDO VXUIDFH WUHDWPHQW SODQWV
LQ DFFRUGDQFH ZLWK DOO FXUUHQW HQYLURQPHQ
WDO UHJXODWLRQV (DFK VLQJOH SODQW LV VWXGLHG
IROORZLQJ WKH FXVWRPHU VSHFL¿F UHTXLUHPHQWV
WKH FKRLFH UHJDUGLQJ WKH W\SH RI SODQW IRO
ORZV WKH FOLHQW SURGXFWLRQ DQG ¿QLVKLQJ QHHGV
5DSLGDHPHUVLRQH
6WLOOHPHUJLQJ
ePHUJHQFH
6FKQHOOHZHLWHUHQWZLFNOXQJ
/D6RFLpWp%XIIROL,PSLDQWLpWXGLHHWUpDOLVHGHV
LQVWDOODWLRQV SRXU OHV WUDLWHPHQWV GH VXUID
FHVGHVPpWDX[³FOpHQPDLQ´GDQVOHUHVSHFW
GHV QRUPHV HQYLURQQHPHQWDOHV HQ YLJHXU &KD
TXH LQVWDOODWLRQ HVW UpDOLVpH VHORQ OHV H[LJHQFHV
VSpFL¿TXHVGXFOLHQWHWOHFKRL[GHODW\SRORJLHGH
O¶LQVWDOODWLRQGpFRXOHGHODSURGXFWLRQHWGXQRPEUH
GH¿QLWLRQVGHPDQGpHV
ʛ
'LH )LUPD %XIIROL ,PSLDQWL HQWZLFNHOW XQG UHD
OLVLHUW VFKOVVHOIHUWLJH $QODJHQ IU GLH 2EHU
ÁlFKHQEHKDQGOXQJ YRQ 0HWDOOHQ XQWHU YROOHU
%HUFNVLFKWLJXQJ GHU JHOWHQGHQ 1RUPHQ IU
GHQ 8PZHOWVFKXW] -HGH$QODJH ZLUG QDFK GHQ
VSH]LHOOHQ %HGUIQLVVHQ GHV .XQGHQ XPJHVHW]W
XQG GLH$QODJHQDUW ZLUG MH QDFK 3URGXNWLRQ XQG
GHUJHZQVFKWHQ$Q]DKOGHU+HUVWHOOXQJJHZlKOW
6HWWRUHDUPL
,PSLDQWLSHUYDULH¿QLWXUHWUDOHTXDOLEUXQL
WXUDIRVIDWD]LRQHRVVLGD]LRQHDQRGLFDH
ULSRUWLFRQFURPRGXUR6RQRSUHYLVWHVSH
FLDOLDWWUH]]DWXUHHGLVSRVLWLYLSHUJDUDQWLUH
ODPDVVLPDXQLIRUPLWjGHJOLVSHVVRULVHFRQ
GRLFDSLWRODWL
6HWWRUHDHURVSD]LDOH
,PSLDQWL SHU FRQYHUVLRQH FKLPLFD RV
VLGD]LRQH GL OHJKH OHJJHUH IUHVDWXUD
FKLPLFD GL VWUXWWXUH YHOLYROL LQ DOOXPLQLR
H WLWDQLR HFF H OLQHH SHU WUDWWDPHQWL GL
HOHWWURGHSRVL]LRQH GL PHWDOOL H OHJKH VX
PRWRUL )RQGDPHQWDOH SHU TXHVWD WLSROR
JLD G¶LPSLDQWL q O¶DXWRFHUWL¿FD]LRQH WRWDOH
GHLSURFHVVL
:HDSRQ,QGXVWU\
6HFWHXU$UPHPHQW
3ODQWV IRU GLIIHUHQW W\SHV RI ¿QLVKLQJ
,QVWDOODWLRQV SRXU GLYHUV WUDL
DPRQJ ZKLFK EODFNHQLQJ SKRVSKDWLQJ
WHPHQWV WHOV TXH EUXQLVVDJH
DQRGL]LQJ DQG FRDWLQJ ZLWK KDUG FKUR
SKRVSKDWDWLRQ R[\GDWLRQ DQR
PLXPSODWLQJ6SHFLDOHTXLSPHQWVDQG GLTXH HW GpS{W pSDLV GH FKURPH
GHYLFHV DUH SURYLGHG WR DVVXUH WKH GXU &HV LQVWDOODWLRQV LQWqJUHQW
PD[LPXPVPRRWKQHVVRIWKLFNQHVVHV
GHVpTXLSHPHQWVHWGHVV\VWqPHV
SXUVXDQWWRVSHFL¿FDWLRQV
VSpFL¿TXHVSRXUJDUDQWLUO¶XQLIRUPL
WpGHVpSDLVVHXUVGHPDQGpHVGDQV
OHVFDKLHUVGHVFKDUJHV
$HURVSDFH,QGXVWU\
3ODQWV IRU FKHPLFDO FRQYHUVLRQ
OLJKW DOOR\ R[LGL]LQJ FKHPLFDO
PLOOLQJ RI DOXPLQXP DQG WLWDQLXP
VWUXFWXUHV RI DLUFUDIWV HWF DQG
LQOLQH SODQWV IRU HOHFWURSODWLQJ RI
PHWDOV DQG DOOR\V RQ HQJLQHV (V
VHQWLDOIRUWKLVNLQGRISODQWVLVWKH
WRWDOVHOIFHUWL¿FDWLRQRISURFHVVHV
6HFWHXU$pURVSDWLDOH
,QVWDOODWLRQV GH FRQYHUVLRQ FKL
PLTXH R[\GDWLRQ GHV DOOLDJHV
OpJHUV IUDLVDJH FKLPLTXH G¶pOp
PHQWV GH VWUXFWXUHV G¶DYLRQV
HQ DOXPLQLXP HW HQ WLWDQH HWF
HW OLJQHV G¶pOHFWURGpSRVLWLRQ VXU
SLqFHV GH PRWHXUV G¶DYLRQ /¶DX
WRFHUWL¿FDWLRQ WRWDOH GHV SURFHVV
HVW IRQGDPHQWDOH SRXU FH W\SH
G¶LQVWDOODWLRQV
:DIIHQ
$QODJHQ IU YHUVFKLHGHQH %HDUEHLWXQ
JHQ GDUXQWHU 3ROLWXU 3KRVSKDWLHUXQJ
DQRGLVFKH2[LGDWLRQXQG+DUWFKURPDXI
WUDJXQJ (V VLQG VSH]LHOOH $QODJHQ XQG
9RUULFKWXQJHQ YRUJHVHKHQ XP GLH PD
[LPDOH(LQKHLWOLFKNHLWGHU6WlUNHJHPl‰
3ÀLFKWHQKHIW]XJDUDQWLHUHQ
/XIWXQG5DXPIDKUW
$QODJHQ IU GLH FKHPLVFKH 8PZDQ
GOXQJ2[LGDWLRQOHLFKWHU/HJLHUXQJHQ
FKHPLVFKH )UlVXQJ YRQ )OXJ]HXJ
EDXWHLOHQ DXV $OXPLQLXP XQG 7LWDQ
XVZ VRZLH$QODJHQ IU GLH %HDUEHL
WXQJYRQ0HWDOOJDOYDQLVLHUXQJHQXQG
/HJLHUXQJHQEHL0RWRUHQ9RUDOOHP
IUGLHVH$UWYRQ$QODJHQEHVWHKWHLQ
XPIDVVHQGHV 6HOEVW]HUWL¿]LHUXQJ
VYHUIDKUHQIUVlPWOLFKH3UR]HVVH
ʓʒ
6HWWRUHWHOHFRPXQLFD]LRQLHOHWWULFRHG 7HOHFRPPXQLFDWLRQ HOHFWULF DQG
HOHWWURQLFRLQJHQHUH
HOHFWURQLFÀHOGVLQJHQHUDO
,PSLDQWL SHU ¿QLWXUH VX FRQQHWWRUL FLUFXLWL 3ODQWV IRU ¿QLVKLQJ RQ FRQQHFWRUV
VWDPSDWL LQWHUUXWWRUL GL EDVVD H JUDQGH
SULQWHGFLUFXLWERDUGVORZDQGKLJK
SRWHQ]D ,Q JHQHUH VL GHSRVLWDQR PHWDOOL
YROWDJH VZLWFKHV 8VXDOO\ ZHOGDEOH
VDOGDELOLFRPHORVWDJQRSLRPERRSHUDS
PHWDOV OLNH WLQ DQG OHDG DUH WKRVH
SOLFD]LRQL VSHFLDOL QLFKHO FKLPLFR DUJHQWR
XVHG WR EH GHSRVLWHG RU LQ FDVH RI
HRUR
VSHFLDO DSSOLFDWLRQV HOHFWUROHVV QL
FNHOVLOYHUDQGJROG
7UDWWDPHQWRDOOXPLQLRHOHJKHOHJJHUH
,PSLDQWL SHU RVVLGD]LRQH DQRGLFD RVVL
GD]LRQH DQRGLFD GXUD EULOODQWDWXUD FR
ORUD]LRQH FKLPLFD HG HOHWWURFRORUH FRQ
YDVFKHGLJUDQGLGLPHQVLRQLSHUSUR¿ODWL
HGDFFHVVRULSHULQGXVWULDQDXWLFDHGLOL
]LDHPHFFDQLFD
ʓʓ
$OXPLQXPDQG/LJKW$OOR\7UHDWPHQW
3ODQWV IRU DQRGL]LQJ WUHDWPHQW KDUG
DQRGL]LQJ SROLVKLQJ FKHPLFDO FROR
ULQJ DQG HOHFWURFRORU ZLWK WDQNV RI
ELJ GLPHQVLRQV IRU VHFWLRQ EDUV DQG
DFFHVVRULHV IRU QDXWLFDO EXLOGLQJ
DQGPHFKDQLFDOLQGXVWULHV
6HFWHXUV 7pOpFRPPXQLFDWLRQ
eOHFWULTXH HW eOHFWURQLTXH HQ
JpQpUDO
,QVWDOODWLRQV SRXU OH WUDLWHPHQW GH
FRQQHFWHXUV FLUFXLWV LPSULPpV LQ
WHUUXSWHXUVGHEDVVHHWJUDQGHSXLV
VDQFH HWF (Q JpQpUDO RQ GpSRVH
GHV PpWDX[ VRXGDEOHV FRPH O¶pWDLQ
SORPERXSRXUGHVDSSOLFDWLRQVVSp
FLDOHV OH QLFNHO FKLPLTXH O¶DUJHQW RX
O¶RU
7HOHNRPPXQLNDWLRQHOHNWULVFKH
XQG HOHNWURQLVFKH $QODJHQ
$QODJHQ IU GLH %HVFKLFKWXQJ
YRQ 6WHFNHUQ /HLWHUSODWWHQ 1LH
GULJ XQG 6WDUNVWURPVFKDOWHU ,P
$OOJHPHLQHQ PLW VFKZHL‰EDUHQ
0HWDOOHQ ZLH =LQQ%OHL RGHU IU
VSH]LHOOH $QZHQGXQJHQ PLW &KH
PLVFK 1LFNHO 6LOEHU XQG *ROG
7UDLWHPHQW GH O·DOXPLQLXP HW $OXPLQLXPEHDUEHLWXQJ XQG OHLFKWH
/HJLHUXQJHQ
GHVDOOLDJHVOpJHUV
,QVWDOODWLRQV G¶R[\GDWLRQ DQRGL $QODJHQ IU GLH DQRGLVFKH 2[LGDWLRQ
TXH R[\GDWLRQ DQRGLTXH GXUH KDUWDQRGLVFKH 2[LGDWLRQ +RFKJODQ
EULOODQWDJHFRORUDWLRQVFKLPLTXHV ]SROLWXU FKHPLVFKH XQG HOHNWURWHFK
HW pOHFWURO\WLTXHV FRPSRVpHV GH QLVFKH )lUEXQJ PLW JUR‰HQ :DQQHQ
FXYHVGHJUDQGHVGLPHQVLRQVSRXU IU3UR¿OHXQG=XEHK|UIUGLH6FKLII
OHWUDLWHPHQWGHVSUR¿OpVHWDFFHV IDKUW *HElXGH XQG 0HFKDQLNLQGX
VRLUHVGHO¶LQGXVWULHQDXWLTXHO¶LQGX VWULH
VWULHGXEkWLPHQWHWPpFDQLTXH
7UDWWDPHQWR$%6RSODVWLFDLQJHQHUH
4XHVWL LPSLDQWL YHQJRQR XWLOL]]DWL SUHYD
OHQWHPHQWH QHL VHWWRUL DXWRPRELOLVWLFR HG
LGURVDQLWDULR H JDUDQWLVFRQR XQ¶HOHYDWD
SURGXWWLYLWj HG XQD QRWHYROH ÀHVVLELOLWj UL
VXOWDQGR SDUWLFRODUPHQWH LQGLFDWL QHO FDVR
VLDQRULFKLHVWH¿QLWXUHVXSHU¿FLDOLGLIIHUHQWL
6HWWRUHDXWRPRWLYH
,PSLDQWLSURJHWWDWLHUHDOL]]DWLQHOULVSHWWR
GHLFDSLWRODWLGHOOHFDVHDXWRPRELOLVWLFKH
HPRWRULVWLFKH
/H FDUDWWHULVWLFKH SHFXOLDUL GL TXHVWH LP
SLDQWLVRQRVHPSOLFLWjFRPSDWWH]]DHFR
QRPLFLWjVLFXUH]]DGXUDWDHYHUVDWLOLWj
$%6RUSODVWLFWUHDWPHQWVLQJHQHUDO 7UDLWHPHQWV$%6RX3ODVWLTXH
7KHVHSODQWVDUHXVHGPDLQO\LQWKHDX HQJpQpUDO
WRPRWLYH DQG VDQLWDU\ ¿HOGV DQG JXD &HVLQVWDOODWLRQVVRQWSULQFLSDOH
UDQWHHDKLJKSURGXFWLYLW\DQGDJUHDW PHQWXWLOLVpHVGDQVOHVVHFWHXUV
ÀH[LELOLW\ EHLQJ SDUWLFXODUO\ VXLWDEOH $XWRPRELOH 5RELQHWWHULH HW &RV
ZKHQ GLIIHUHQW VXUIDFH ¿QLVKLQJ DUH PpWLTXH (OOHV VRQW WUqV SURGXF
UHTXLUHG
WLYHV WUqV ÀH[LEOHV HW FRPSRUWHQW
XQ JUDQG QRPEUH GH WUDLWHPHQWV
GLIIpUHQWV
$XWRPRWLYH,QGXVWU\
3ODQWV GHVLJQHG DQG PDQXIDF
WXUHG LQ DFFRUGDQFH ZLWK WKH
VSHFL¿FDWLRQV RI FDU DQG PRWRU
LQGXVWULHV
7KH SHFXOLDU IHDWXUHV RI WKHVH
SODQWV DUH HDV\WRXVH FRPSDFW
QHVVHFRQRP\VDIHW\OLIHWLPHDQG
YHUVDWLOLW\
6HFWHXU$XWRPRELOH
,QVWDOODWLRQV pWXGLpHV HW UpDOLVpHV
GDQV OH UHVSHFW GHV FDKLHUV GHV
FKDUJHV GHV FRQVWUXFWHXUV DXWR
PRELOHVHWPRWHXUV/HVSULQFLSDOHV
FDUDFWpULVWLTXHV GH FHV LQVWDOODWLRQV
VRQWVLPSOLFLWpFRPSDFLWp¿DELOLWp
VpFXULWpORQJpYLWpHWÀH[LELOLWp
$%6 RGHU .XQVWVWRIIEHKDQGOXQJ
LP$OOJHPHLQHQ
'LHVH$QODJHQZHUGHQYRUDOOHPLP
%HUHLFK GHU $XWRPRELOLQGXVWULH XQG
LPVDQLWlUHQ%HUHLFKYHUZHQGHWXQG
JDUDQWLHUHQ HLQH HUK|KWH 3URGXNWL
YLWlW XQG HLQH KRKH )OH[LELOLWlW GLH
YRU DOOHP EHL YHUVFKLHGHQHQ 2EHU
ÀlFKHQEHKDQGOXQJHQ HUIRUGHUOLFK
VLQG
$XWRPRELO6HNWRU
$QODJHQ GLH LQ %H]XJ DXI
$QIRUGHUXQJHQ YRQ$XWRPRELO
XQG 0RWRUVSRUWLQGXVWULH HQWZL
FNHOWXQGXPJHVHW]WZXUGHQ
'LH EHVRQGHUHQ (LJHQVFKDIWHQ
GLHVHU$QODJHQVLQG(LQIDFKKHLW
.RPSDNWKHLW :LUWVFKDIWOLFKNHLW
6LFKHUKHLW %HVWlQGLJNHLW XQG
9LHOVHLWLJNHLW
ʓʔ
3URFHVVLVSHFLDOL
3URJHWWLDPRLPSLDQWLSHUSURFHVVLVSHFLDOL
TXDOLGHFDSDJJLRPHWDOOLWUDWWDPHQWRYHU
JHOOH EUXQLWXUD IRVIDWD]LRQH QLFKHODWXUD
FKLPLFDVWULSSLQJHFF
6HWWRUHLGURVDQLWDULR
4XHVWD WLSRORJLD G¶LPSLDQWR JDUDQWLVFH
PDVVLPDSURGXWWLYLWjFRQVSD]LRFFXSDWL
ULGRWWLJDUDQWHQGRLQRJQLFDVRODSRVVL
ELOLWjGLJHVWLUHFRQWHPSRUDQHDPHQWHFLFOL
GLSURGX]LRQHGLYHUVL
ʓʕ
6SHFLDO3URFHVVHV
:H GHVLJQ SODQWV IRU VSHFLDO SUR
FHVVHV VXFK DV PHWDO SLFNOLQJ
ZLUH URG WUHDWPHQW EODFNHQLQJ
SKRVSKDWLQJ HOHFWUROHVV QLFNHO
VWULSSLQJHWF
6DQLWDU\,QGXVWU\
7KLVNLQGRISODQWJUDQWVWKHPD
[LPXP SURGXFWLYLW\ ZLWK UHGXFHG
VSDFHVDVVXULQJLQDQ\FDVHWKH
RSSRUWXQLW\WRFRQWUROVHYHUDOZRU
NLQJF\FOHVDWWKHVDPHWLPH
3URFHVV6SpFLDX[
1RXV pWXGLRQV HW UpDOLVRQV GHV
LQVWDOODWLRQV SRXU WRXV W\SHV GH
SURFHVV VSpFLDX[ 'pFDSDJH GHV
PpWDX[7UDLWHPHQWVGHERELQHVGH
¿O PDFKLQH %UXQLVVDJH 3KRVSKD
WDWLRQ1LFNHO&KLPLTXH6WULSSLQJ
HWF
6HFWHXU5XELQHWWHULH
&H W\SH G¶LQVWDOODWLRQV JDUDQWLW OH
PD[LPXPGHSURGXFWLYLWpGDQVXQ
PLQLPXPG¶HVSDFHRFFXSpDXVRO
WRXWHQJDUDQWLVVDQWODSRVVLELOLWp
GH JpUHU HQ PrPH WHPSV GHV
F\FOHVGHSURGXFWLRQGLIIpUHQWV
6SH]LHOOH3UR]HVVH
:LUKDEHQ$QODJHQIUVSH]LHOOH
3UR]HVVH HQWZLFNHOW ZLH ]XP
%HLVSLHO 0HWDOOEHL]H %HDUEHL
WXQJYRQ:DO]GUlKWHQ3ROLHUHQ
3KRVSKDWLHUXQJ FKHPLVFKHV
9HUQLFNHOQ6WULSSLQJXVZ
6DQLWlU6HNWRU
'LHVH$UW YRQ$QODJHQ JDUDQWLHUW
PD[LPDOH 3URGXNWLYLWlW PLW UHGX
]LHUWHP 3ODW]EHGDUI GLH GLH JOHL
FK]HLWLJH 6WHXHUXQJ YHUVFKLHGH
QHU3URGXNWLRQV]\NOHQHUP|JOLFKW
ʓʖ
,O FHQWUR GL DXWRPD]LRQH RSHUDQWH SUHVVR OD QRVWUD VHGH q LQ JUDGR GL
VRGGLVIDUH WXWWH OH HVLJHQ]H GL SURGX]LRQH JUD]LH DOOD UHDOL]]D]LRQH HG
LPSOHPHQWD]LRQH GL WXWWL L FRPSRQHQWL KDUGZDUH H VRIWZDUH D PLVXUD
GHOFOLHQWH
7XWWLLQQRVWULSURJUDPPLVRQRSUHGLVSRVWLSHUODJHVWLRQHLQWHJUDWDGHL
SDUDPHWUL GL ODYRUR QHOO¶RWWLFD GL XQD FHUWL¿FD]LRQH GHO SURFHVVR H GL
FRQVHJXHQ]D GHO SURGRWWR FRQWUROOR VWDWLVWLFR GHO SURFHVVR FHUWL¿FD
]LRQHGHLVLQJROLORWWLGLSURGX]LRQHHFF
,PSRUWDQWHQHOFDVRGLDYDULDLPSLDQWRROWUHDOODWHOHDVVLVWHQ]DqOD
ULOHYD]LRQHDYLGHRGLXQDJXLGDSUDWLFDGLULFHUFDGHOJXDVWRSHUIDYR
ULUHODULSUHVDUDSLGDGHOSURFHVVR
/¶DXWRPD]LRQHSXzLQWHJUDUHDQFKHLOSURFHVVRGLFDULFRYHUL¿FDGHL
ORWWLLQFDULFRWUDPLWHOHWWRULGLFRGLFLDEDUUHYHUL¿FDGHLSHVLFDULFDWL
LQVHULPHQWRGLWHOHFDPHUHGLULFRQRVFLPHQWRSH]]LJHVWLRQHGLURERW
GLFDULFRRVLVWHPLGLFDULFRVFDULFRDXWRPDWLFL
2XUDXWRPDWLRQFHQWUHFDQPHHWDQ\SURGXFWLRQQHHG
WKDQNVWRWKHUHDOL]DWLRQDQGLPSOHPHQWDWLRQRIKDU
GZDUHDQGVRIWZDUHFRPSRQHQWVWDLORUPDGHIRUHDFK
FXVWRPHU$OORXUSURJUDPVSURYLGHDQLQWHJUDWHGPD
QDJHPHQWRIRSHUDWLQJSDUDPHWHUVLQFRQVLGHUDWLRQRI
SURFHVVDQGFRQVHTXHQWO\SURGXFWFHUWL¿FDWLRQVWDWLVWLF
SURFHVV FRQWURO FHUWL¿FDWLRQ RI HDFK SURGXFWLRQ ORW ,Q FDVH RI SODQW EUHDNGRZQ LQ DGGLWLRQ WR RXU
VHUYLFH RI WHOHDVVLVWDQFH WKH FXVWRPHU LV SUR
YLGHG ZLWK D SUDFWLFDO YLGHRJXLGH IRU WKH UHVH
DUFK RI IDLOXUHV WR KHOS WKH SURFHVV UDSLG UHVWDUW
$XWRPDWLRQ DOVR LQYROYHV WKH ZKROH ORDGLQJ SURFHVV FKH
FNLQJGLIIHUHQWORWVWKURXJKEDUFRGHUHDGHUVFKHFNLQJGLIIH
UHQWORDGLQJZHLJKWVVLQJOHSDUWVLGHQWL¿FDWLRQFDPHUDVFRQ
WURORIORDGLQJURERWRUDXWRPDWLFORDGLQJXQORDGLQJV\VWHPV
7HFQRORJLDLQPRYLPHQWR
6WLOOGHYHORSLQJWHFKQRORJLHV
/DWHFKQRORJLHHQPRXYHPHQW
)RUWVFKUHLWHQGHWHFKQRORJLH
$YHFXQVHUYLFHG·DXWRPDWLVDWLRQLQWpJUpjO¶HQWUHSULVH%XIIROL,P
8QVHU$XWRPDWLVLHUXQJV]HQWUXPLVWLQGHU/DJHDOOH%HGUIQLVVHGHU3URGX
SLDQWLHVWHQPHVXUHGHVDWLVIDLUHWRXWHVOHVH[LJHQFHVGHSURGXFWLRQ
NWLRQGDQNGHU5HDOLVLHUXQJXQG(LQEH]LHKXQJDOOHU.RPSRQHQWHQYRQ+DUG
HQUpDOLVDQWXQYUDLVXUPHVXUHSRXUFKDTXHFOLHQW
XQG6RIWZDUHNXQGHQJHUHFKW]XHUIOOHQ
7RXVQRVSURJUDPPHVVRQWpWXGLpVSRXUREWHQLUXQHJHVWLRQFRPSOqWH
$OOHXQVHUH3URJUDPPHVLQGDXIHLQHLQWHJULHUWH9HUZDOWXQJGHU$UEHLWVSD
GHVSDUDPqWUHVGHSURGXFWLRQGDQVO¶RSWLTXHG¶XQHFHUWL¿FDWLRQGXSUR
UDPHWHU PLW +LQEOLFN DXI HLQH =HUWL¿]LHUXQJ GHV 3UR]HVVHV XQG VRPLW GHU
FHVVHWSDUFRQVpTXHQWGXSURGXLWFRQWU{OHVWDWLVWLTXHGXSURFHVVFHUWL
3URGXNWH DXVJHULFKWHW VWDWLVWLVFKH .RQWUROOH GHU 3UR]HVVH =HUWL¿]LHUXQJ
¿FDWLRQLQGLYLGXHOOHGHVORWVGHSURGXFWLRQHWF
HLQ]HOQHU3URGXNWLRQVDEVFKQLWWHXVZ
,PSRUWDQWHQFDVGHSDQQHHQSOXVGHODWpOpDVVLVWDQFHQRXVDYRQVLQ
:LFKWLJEHLP$XVIDOOHLQHU$QODJHLVWQHEHQGHP)HUQ]XJULIIGLHSUDNWLVFKH
WpJUpGDQVQRVSURJUDPPHVODYLVXDOLVDWLRQjO¶pFUDQG¶XQJXLGHSUDWLTXH
(UPLWWOXQJGHV6FKDGHQVPLWWHOV9LGHRDQDO\VHGLHGLHVFKQHOOH:LHGHUDX
GHUHFKHUFKHGHSDQQHVSRVVLEOHVSRXUIDYRULVHUODUHGpPDUUDJHUDSLGH
IQDKPHGHV3UR]HVVHVEHJQVWLJW
GHODSURGXFWLRQ
'LH$XWRPDWLVLHUXQJNDQQDXFKGHQ%HODGXQJVSUR]HVVHLQEH]LHKHQ6LH
1RV SURJUDPPHV G¶DXWRPDWLVDWLRQ LQWqJUHQW pJDOHPHQW WRXW OH SURFHVV
EHUSUIWGLHEHODGHQHQ$EVFKQLWWHPLWWHOV%DUFRGHOHVHUNRQWUROOLHUWGDV
G¶DOLPHQWDWLRQGHODOLJQHLGHQWL¿FDWLRQGHVORWVRXGHVSLqFHVSDUOHFWHXU
*HZLFKW GHU /DGXQJ GHQ (LQVDW] YRQ .DPHUDV ]XP :LHGHUHUNHQQHQ
FRGHEDUUHVJHVWLRQGXSRLGVGHFKDUJHPHQWDYHFRSWLPLVDWLRQGHODFKDUJH
GHU7HLOHGLH/HLWXQJGHV%HODGXQJVURERWHUVRGHUGDVDXWRPDWLVFKH%H
SRXUOHWUDLWHPHQWDX[WRQQHDX[UHFRQQDLVVDQFHGHVSLqFHVSDUFDPpUDJH
XQG(QWODGXQJVV\VWHP
VWLRQGHURERWVVSpFL¿TXHVDXFKDUJHPHQWGpFKDUJHPHQWDXWRPDWLTXHGHV
SLqFHVVXUOHVPRQWDJHVHWF
ʓʗ
ʓʘ
3RLFKp OD %XIIROL ,PSLDQWL q SDUWLFRODUPHQWH
VHQVLELOH DOOD WXWHOD GHOO¶DPELHQWH GXUDQWH OD
SURJHWWD]LRQHGHJOLLPSLDQWLYLHQHSUHVWDWDSDU
WLFRODUHFXUDDOWUDWWDPHQWRGHLIXPLVYLOXSSDWL
GDOOHVROX]LRQLJDOYDQLFKH2JQLLPSLDQWRGLDVSL
UD]LRQHYLHQHSURJHWWDWRHUHDOL]]DWRLQFRQIRUPLWj
DOOHQRUPHYLJHQWLFRQWHPSODQGRVHQHFHVVDULR
DGHJXDWLVLVWHPLSHUO¶DEEDWWLPHQWRGHLIXPLSULPD
GHOORURULODVFLRLQDWPRVIHUD
,OWUDWWDPHQWRYLHQHUHDOL]]DWRWUDPLWHDEEDWWLWRULD
VHFFR RSSXUHPHGLDQWHWRUULGLODYDJJLRDXWRPDWL
FKHFKHJDUDQWLVFRQRO¶DEEDWWLPHQWRRODQHXWUDOL]
]D]LRQHFRQWLQXDGHLIXPL
%HLQJ %XIIROL ,PSLDQWL SDUWLFXODUO\ DWWHQWLYH WR
HQYLURQPHQWDO VDIHJXDUG D VSHFLDO FDUH LV
WDNHQ XSRQ GHVLJQ RI WKH IXPHV WUHDWPHQW
JHQHUDWHG E\ WKH JDOYDQLF VROXWLRQV (DFK
V\VWHP LV GHVLJQHG DQG PDQXIDFWXUHG DFFRU
GLQJ WR FXUUHQW HQYLURQPHQWDO VWDQGDUGV IXPHV
IURP JDOYDQLF WUHDWPHQW OLQHV DUH JURXSHG LQWR
KRPRJHQRXV W\SHV DQG VFUXEEHG LI QHFHVVD
U\ EHIRUH EHLQJ UHOHDVHG LQWR WKH DWPRVSKHUH
)XPHVDUHJHQHUDOO\WUHDWHGWKURXJKGU\VFUXEEHU
V\VWHPVRUWRWDOO\DXWRPDWLFZDVKLQJWRZHUVLQRU
GHUWRJXDUDQWHHDFRQVWDQWVFUXEELQJRUQHXWUDOL]LQJ
*UDQGHDVSLUD]LRQH
$JUHDWJRDO
*UDQGHVDVSLUDWLRQV
$EVDXJV\VWHP
3DUWLFXOLqUHPHQWVHQVLEOHjODSURWHFWLRQGHO¶HQ
YLURQQHPHQW%XIIROL,PSLDQWLSRUWDQWXQHDWWHQ
WLRQWRXWHSDUWLFXOLqUHDXSUREOqPHGHVUHMHWVDW
PRVSKpULTXHVOLpVDX[SURGXLWVFKLPLTXHVXWLOLVpV
GDQVOHVWUDLWHPHQWVGHVXUIDFHVDPLVDXSRLQW
GHVpTXLSHPHQWVGHWUDLWHPHQWGHVYDSHXUVSDUWL
FXOLqUHPHQWHI¿FDFHV&KDTXHLQVWDOODWLRQG¶DVSLUD
WLRQHVWpWXGLpHHWUpDOLVpHHQWRWDOHFRQIRUPLWpDYHF
OHVQRUPHVHQYLJXHXUHWORUVTXHF¶HVWQpFHVVDLUH
DYDQWUHMHWGDQVO¶DWPRVSKqUHOHVYDSHXUVVXELVVHQW
XQWUDLWHPHQW
/HWUDLWHPHQWHVWUpDOLVpSDUO¶LQWHUPpGLDLUHGHGpYLVL
FXOHXUVRXGHWRXUVGHODYDJHDXWRPDWLTXHVJDUDQWLV
VDQWXQHQHXWUDOLVDWLRQFRQWLQXHGHVYDSHXUV
ʓʙ
'LH%XIIROL,PSLDQWLLVWEHVRQGHUVDP8PZHOWVFKXW]LQWHUHV
VLHUW%HLGHU3ODQXQJGHU$QODJHQZLUGGHU(QWVRUJXQJGHV
5DXFKHVGHUVLFKGXUFKGLHJDOYDQLVFKHQ/|VXQJHQHQWZL
FNHOWEHVRQGHUH$XIPHUNVDPNHLWJHZLGPHW
-HGH$EVDXJDQODJHZLUGLQhEHUHLQVWLPPXQJPLWJHOWHQGHQ
1RUPHQHQWZLFNHOWXQGZHQQQRWZHQGLJPLWHLQHPHQWVSUH
FKHQGHQ6\VWHP]XU+HUDEVHW]XQJGHV5DXFKHVXPJHVHW
]WEHYRUHULQGLH$WPRVSKlUHJHODQJW
'LHVHV 9HUIDKUHQ ZLUG PLWWHOV 7URFNHQDEEDX RGHU PLWWHOV
NRPSOHWW DXWRPDWLVFKHU :DVFKWUPH UHDOLVLHUW GLH HLQH
VWlQGLJH+HUDEVHW]XQJXQG1HXWUDOLVLHUXQJGHV5DXFKHV
JDUDQWLHUHQ
ʓʚ
,WHODLSURGRWWLGD%XIIROL)OOLJUD]LHDJOLVWDQGDUGTXDOLWDWLYL
RUPDL UDJJLXQWL VRQR LQ JUDGR GL VRGGLVIDUH OH HVLJHQ]H GL
RJQLWLSRGLFOLHQWHOD
4XDVL DQQL GL HVSHULHQ]D OD FRQWLQXD ULFHUFD GL LQQRYD
]LRQHWHFQRORJLFDO¶XWLOL]]RGHLPLJOLRULPDWHULDOLLWHFQLFLHOD
PDQRGRSHUDTXDOL¿FDWDSHUPHWWRQRODFRVWUX]LRQHGLDWWUH]
]DWXUHGHVWLQDWHDGXUDUHQHOWHPSR
/D%XIIROL)OOLKDVWXGLDWRHUHDOL]]DWRXQDVHULHGLPDFFKLQH
DXWRPDWLFKHDFRQWUROORQXPHULFROHTXDOLDWWUDYHUVRVRIWZD
UHGHGLFDWLSHUPHWWRQRXQDSUHFLVLRQHQHOWDJOLRQHOODIRUDWXUD
HQHOODSUHSDUD]LRQHGHLJDQFLWDOLGDJDUDQWLUHXQSURGRWWRYHUD
PHQWHDOO¶DYDQJXDUGLD
3HUODSODVWL¿FD]LRQH%XIIROL)OOLGLVSRQHGLGXHJUDQGLIRUQLFRP
SOHWDPHQWHDXWRPDWL]]DWLDGRSSLDHQWUDWDHGLXQIRUQRPDQXDOH
SHUSLFFROLORWWL,QTXHVWRPRGRODFHOHULWjQHOOHFRQVHJQHqVHP
SUHJDUDQWLWD
7KDQNVWRWKHDFKLHYHGTXDOLW\VWDQGDUGV%XIIROL)OOLUDFNV
FDQPHHWDOOFXVWRPHUQHHGVDQGVSHFL¿FGHPDQGV2YHU
\HDUVRIH[SHULHQFHWKHFRQWLQXRXVUHVHDUFKDQGWHFKQROR
JLFDOLQQRYDWLRQWKHXVHRIEHVWPDWHULDOVDQGRXUTXDOL¿HG
ZRUNHUVSHUPLWWRPDQXIDFWXUHORQJODVWLQJUDFNV
%XIIROL)OOLVWXGLHGDQGGHYHORSHGDVHULHVRIDXWRPDWLF
&1&PDFKLQHVZKLFKE\PHDQVRIGHGLFDWHGVRIWZDUH
SURYLGHVXFKDFXWWLQJDQGGULOOLQJSUHFLVLRQDVZHOODVD
SUHFLVHDUUDQJLQJRIWKHKRRNVWRJXDUDQWHHDVWDWHRI
WKHDUWSURGXFW
)RU SODVWLF FRDWLQJ %XIIROL )OOL KDV JRW WZR ELJ RYHQV
FRPSOHWHO\DXWRPDWHGZLWKGRXEOHDFFHVVDVZHOODV
DPDQXDORYHQIRUVPDOOORWV,QWKLVZD\DIDVWGHOLYHU\
WLPHLVHDVLO\JXDUDQWHHG
)OHVVLELOLWjGLDQFRUDJJLR
)OH[LEOHMLJJLQJ
)Op[LELOLWpG¶DQFUDJH
/HV RXWLOODJHV SURGXLWV SDU %XIIROL )OOL JUDFH j OD PLVH HQ SODFH GH
VWDQGDUGVTXDOLWDWLIVWUqVULJRXUHX[VRQWHQPHVXUHGHVDWLVIDLUHWRX
WHVOHVH[LJHQFHVGHO¶HQVHPEOHGHVFOLHQWV
DQQpHV G¶H[SpULHQFH DMRXWpH j OD UHFKHUFKH FRQWLQXH G¶LQQRYD
WLRQVWHFKQRORJLTXHV jO¶XWLOLVDWLRQ GHVPHLOOHXUVPDWpULDX[HWG¶XQH
PDLQG¶RHXYUH KDXWHPHQW TXDOL¿pH SHUPHWWHQW OD FRQVWUXFWLRQ
G·pTXLSHPHQWVGHVWLQpVjGXUHUGDQVOHWHPSV
%XIIROL )OOL V¶HVW pTXLSp G¶XQH VpULH GH PDFKLQHV DXWRPDWLTXHV j
FRPPDQGH QXPpULTXH TXL RQW XQH WHOOH SUpFLVLRQ GDQV OD FRXSH
OH SHUoDJH HW OD SUpSDUDWLRQ GHV pSLQJOHV TX¶HOOHV QRXV SHUPHWWHQW
GHSURGXLUHGHVPRQWDJHVG¶DYDQWJDUGHDYHFXQUDSSRUWTXDOLWpSUL[
H[FHSWLRQQHO
3RXU OD SODVWL¿FDWLRQ %XIIROL )OOL HVW pTXLSp GH GHX[ JUDQGV IRXUV
FRPSOqWHPHQWDXWRPDWLVpVjGRXEOHHQWUpHHWG¶XQIRXUPDQXHOSRXU
OHVSHWLWVORWV'HFHWWHIDoRQQRXVSRXYRQVJDUDQWLUGHVGpODLVGH
OLYUDLVRQHQSDUIDLWHDGpTXDWLRQDYHFOHVEHVRLQVGHQRVFOLHQWV
ʓʛ
)OH[LELOLWlWGHUJHVWHOOH
'LH*HVWHOOHGLHYRQGHU%XIIROL)OOLSURGX]LHUWZHUGHQN|QQHQGDQN
GHV KRKHQ HUUHLFKWHQ 4XDOLWlWVVWDQGDUGV MHGH$UW YRQ %HGUIQLV GHU
.XQGHQHUIOOHQ
)DVW-DKUH(UIDKUXQJGLHDQGDXHUQGH(UIRUVFKXQJWHFKQRORJLVFKHU
1HXHUXQJHQGLH9HUZHQGXQJGHUEHVWHQ0DWHULDOLHQGLH7HFKQLNHUXQG
GLHTXDOL¿]LHUWHQ$UEHLWHUHUODXEHQGLH+HUVWHOOXQJYRQ$XVUVWXQJHQ
PLWODQJHU/HEHQVGDXHU
%XIIROL)OOLKDWHLQH5HLKHYRQDXWRPDWLVFKHQGLJLWDOJHVWHXHUWHQ0D
VFKLQHQHQWZLFNHOWXQGHQWZRUIHQGLHEHUHLQHVSH]LHOOH6RIWZDUHHLQH
JUR‰H3Ul]LVLRQEHLP6FKQHLGHQEHLGHU%RKUXQJXQGEHLGHU%HDUEHLWXQJ
YRQ+DNHQJHZlKUOHLVWHQXQGVRHLQZLUNOLFKIRUWVFKULWWOLFKHV3URGXNWHUP|
JOLFKHQ
)UGLH3ODVWLI]LHUXQJYHUIJW%XIIROL)OOLEHU]ZHLJUR‰HNRPSOHWWDXWRPDWL
VFKHgIHQPLW=ZHLIDFKHLQJDQJXQGHLQHQNOHLQHQPDQXHOOEHWULHEHQHQ2IHQ
IUNOHLQHUH0HQJHQ6RZLUGVWHWVHLQHVFKQHOOH/LHIHUXQJJHZlKUOHLVWHW
&RQXQSDUFRFOLHQWLVXSHULRUHDOOHXQLWj%XIIROL)OOLSUR
GXFHWHODLSHUWXWWLLVHWWRULHSHUWXWWHOHÀQLWXUHVXSHUÀFLDOL
/¶DJJDQFLR GHL SH]]L q VWXGLDWR GDL QRVWUL WHFQLFL LQ PRGR GD
ULVXOWDUH³VLFXUR´PDDOORVWHVVRWHPSR³PRUELGR´VLDSHUDJH
YRODUHLOFDULFRVLDSHUHYLWDUHVXVSHFL¿FKHODYRUD]LRQLFRPH
TXHOOHSHUO¶$%6ODGHIRUPD]LRQHGHOSDUWLFRODUHVWHVVR
/D VH]LRQH GHL PDWHULDOL GD XWLOL]]DUH HG LO SRVL]LRQDPHQWR GHO
SH]]LVXOWHODLRYHQJRQRVWXGLDWLFRQO¶DXVLOLRGLXQDSSRVLWRIRJOLR
HOHWWURQLFRDO¿QHGLGLVWULEXLUHLOSLXQLIRUPHPHQWHSRVVLELOHOD
FRUUHQWH
%XIIROL)OOLUHDOL]]DLSURSULWHODLVLDLQPRGRFODVVLFRFRQODFLDQ
IULQDWXUDGHLJDQFLQHLYDULVSH]]RQLPHWDOOLFLRSSXUHLQEDVHDOOH
HVLJHQ]H GHO FOLHQWH DYYLWDQGR L JDQFL VXO PHWDOOR DO ¿QH GL
JDUDQWLUQHXQDPDJJLRUHHODVWLFLWj
%XIIROL)OOLXWLOL]]DEHQGLYHUVLWLSLGLSODVWLFDOHTXDOLVWXGLD
WHHGDQDOL]]DWHQHOQRVWURODERUDWRULRFROODERUDQGRGLUHWWDPHQ
WHFRQLOSURGXWWRUHVRQRRJQXQDVSHFL¿FDSHULOWUDWWDPHQWRFKH
LOFOLHQWHGHYHDIIURQWDUH
1HOFRUVRGHJOLDQQLQXPHURVLVRQRVWDWLJOLDWWHVWDWLGDSDUWHGHL
QRVWULFOLHQWLULJXDUGDQWLODTXDOLWjGHOODQRVWUDSODVWLFD
:LWKDQXPEHURIFXVWRPHUVRYHUXQLWV%XIIROL)OOLPDQX
IDFWXUHVUDFNVIRUDOOÀHOGVDQGVXUIDFHÀQLVKLQJ
7KHKRRNLQJRIWKHSLHFHVLVGHVLJQHGE\RXUHQJLQHHUVLQVXFK
DZD\WREH³VDIH´EXWDWWKHVDPHWLPH³VPRRWK´ERWKWRPDNH
WKHORDGRSHUDWLRQVHDVLHUDQGWRDYRLGLQVSHFL¿FSURFHVVHVLH
$%6WKHGHIRUPDWLRQRIWKHSLHFHLWVHOI
7KHVHFWLRQRIWKHPDWHULDOVWREHXVHGDQGWKHSRVLWLRQLQJRIWKH
SLHFHVRQWKHUDFNDUHVWXGLHGZLWKWKHKHOSRIDSURSHUVRIWZDUHLQ
RUGHUWRGLVWULEXWHWKHFXUUHQWLQWKHPRVWUHJXODUZD\
%XIIROL )OOL PDQXIDFWXUHV LWV UDFNV ERWK DFFRUGLQJ WR WKH FODVVLF
PHWKRGZLWKWKHFDXONLQJRIWKHKRRNVDORQJWKHGLIIHUHQWPHWDOOLF
SDUWVRUSXUVXDQWWRWKHFXVWRPHU¶VQHHGVE\VFUHZLQJWKH
KRRNVRQWKHPHWDOLQRUGHUWRDVVXUHWKHEHVWHODVWLFLW\
%XIIROL )OOL XVHV GLIIHUHQW W\SHV RI SODVWLF FRDWLQJV WKH\ DUH
VWXGLHGDQGWHVWHGLQRXUODERUDWRU\ZLWKWKHFRRSHUDWLRQRIWKH
PDQXIDFWXUHUVRWKDWWKH\FDQEHVSHFL¿FIRUHDFKWUHDWPHQWD
FXVWRPHUKDVWRFDUU\RXW
,Q WKH \HDUV ZH UHFHLYHG VHYHUDO GHFODUDWLRQV E\ FXVWRPHUV
VWDWLQJWKHTXDOLW\RIRXUSODVWLF
ʔʒ
3OXVGHLQGXVWULHOVXWLOLVHQWDXTXRWLGLHQOHVPRQWDJHV
%XIIROL )OOL GDQV WRXV OHV VHFWHXUV G·DFWLYLWp HW SRXU WRXV
W\SHVGHWUDLWHPHQWVGHVXUIDFHV
/¶DFFURFKDJHGHVSLqFHVHVWpWXGLpSDUQRVWHFKQLFLHQVGHPD
QLqUHjREWHQLUXQHDFFURFKHGHVSLqFHVŽV€UHŽHWŽVRXSOHŽjOD
IRLVWDQWSRXUIDFLOLWHUODPLVHHQSODFHGHVSLqFHVVXUOHVPRQ
WDJHVTXHSRXUpYLWHUFRPPHSRXUOHVWUDLWHPHQWVGHO¶$%6OD
GpIRUPDWLRQGHVSLqFHVjWUDLWHU
/HV VHFWLRQV GHV GLYHUV FRPSRVDQWV GHV PRQWDJHV DLQVL TXH OH
SRVLWLRQQHPHQWGHVSLqFHVjWUDLWHUVRQWpWXGLpVSRXUFKDFXQGHV
PRGqOHVVHORQGHVVWDQGDUGVTXDOLWDWLIVUHJURXSpVVXUGHVIHXLOOHV
GH FDOFXO pOHFWURQLTXH SRXU REWHQLU XQH GLVWULEXWLRQ GX FRXUDQW OD
SOXVXQLIRUPHSRVVLEOH
)UPHKUDOV.XQGHQSURGX]LHUW%XIIROL)OOL*HVWHOOHIU
DOOH%HUHLFKHXQGIUDOOH2EHUÁlFKHQEHDUEHLWXQJHQ
'LH .RSSOXQJ GHU :HUNVWFNH ZLUG YRQ XQVHUHQ 7HFKQLNHUQ
DXILKUHÄ6LFKHUKHLW³DEHUJOHLFK]HLWLJDXFKDXILKUHÄ)OH[LELOLWlW³
EHUSUIW'LHVJHVFKLHKWVRZRKOEHLGHU)|UGHUXQJYRQ/DVWHQ
ZLHDXFKXP]XYHUPHLGHQGDVVVLFKEHLVSH]LHOOHQ$UEHLWHQZLH
PLWGHP$%6GDV0DWHULDOYHUIRUPW
'LH 3UIXQJ GHU ]X YHUZHQGHQGHQ 0DWHULDOLHQ XQG GLH 3RVLWLR
QLHUXQJ GHU :HUNVWFNH DXI GHP *HVWHOO HUIROJHQ PLW +LOIH HLQHU
VSH]LHOOHQ 7DEHOOHQNDONXODWLRQ XP HLQHQ P|JOLFKVW HLQKHLWOLFKHQ
0DWHULDOÀXVV]XJHZlKUOHLVWHQ
%XIIROL)OOLVHW]WVHLQHHLJHQHQ*HVWHOOHVRZRKODXINODVVLVFKH:HL
VHPLW6FKZHL‰YHUELQGXQJHQGHU+DNHQLQGHQYHUVFKLHGHQHQ0H
ʔʓ
%XIIROL)OOLUpDOLVHOHVFDGUHVSRUWHSLqFHVVRLWDYHFGHVpSLQ
JOHVVHUWLHVSRXUDYRLUXQSDVVDJHGHFRXUDQWDXFRHXUGHOD
PDWLqUHVRLWDYHFGHVpSLQJOHVERXORQQpHVSRXUREWHQLUXQH
pODVWLFLWpPD[LPXPGHO¶DFFURFKH
3RXUODSODVWL¿FDWLRQ%XIIROL)OOLDVpOHFWLRQQpW\SHVGHSODVWL
TXHVGLIIpUHQWVOHVTXHOVRQWpWppWXGLpVDQDO\VpVHWWHVWpVHQ
ODERUDWRLUHHQFROODERUDWLRQGLUHFWHDYHFOHVSURGXFWHXUVHWSRXU
FKDTXHVSpFL¿FLWpjODTXHOOHOHFOLHQWHVWFRQIURQWp
&HWWHULJXHXUHVWUpFRPSHQVpHSDUOHVQRPEUHXVHVDWWHVWDWLRQV
GHQRVFOLHQWVVDWLVIDLWVSDUODTXDOLWpGHQRVSODVWLTXHV
WDOOWHLOHQXPDOVDXFKHQWVSUHFKHQGGHQ$QIRUGHUXQJHQGHV
.XQGHQ LQGHP 0HWDOOKDNHQ YHUVFKUDXEW ZHUGHQ XP GLH
K|FKVWH(ODVWL]LWlW]XJHZlKUOHLVWHQ
%XIIROL)OOLYHUZHQGHWYHUVFKLHGHQH$UWHQYRQ.XQVWVWRII
GLH LQ XQVHUHP /DERU HQWZLFNHOW XQG DQDO\VLHUW ZHUGHQ 'DEHL
DUEHLWHQZLUGLUHNWPLWGHP+HUVWHOOHU]XVDPPHQXQGN|QQHQVR
GLHVSH]LHOOHQ$QIRUGHUXQJHQGHV.XQGHQHUIOOHQ
,P/DXIHGHU-DKUHKDEHQXQVXQVHUH.XQGHQGLH4XDOLWlWXQVH
UHV.XQVWVWRIIVLPPHUZLHGHUEHVWlWLJW
,VHWWRULGHO39'HGHOODYHUQLFLDWXUDVRQRDOFHQWURGHLSHQVLHULGL
%XIIROL)OOL
$WWUH]]DWDSHUODODYRUD]LRQHGHO¿ORPHWDOOLFRUHDOL]]DJDQFLLQIHU
URDFFLDLRLQR[HUDPHGLTXDOVLDVLGLDPHWURROWUHFKHELODQFHOOH
FRPSOHWHSHULO39'HODYHUQLFLDWXUD
3UHSDUD]LRQHHSURIHVVLRQDOLWjXQLWHDOO¶XWLOL]]RGLPDFFKLQDULHWHFQR
ORJLHG¶DYDQJXDUGLDFRQVHQWRQRGLVYLOXSSDUHXQDSURGX]LRQHHVWUH
PDPHQWHYHUVDWLOHHLQJUDGRGLULVSRQGHUHSLHQDPHQWHDOOHHVLJHQ]H
GHJOLRSHUDWRULFKHXWLOL]]DQRTXHVWLSURFHVVL
/¶DXWRPDWL]]D]LRQH GL WXWWR LO SURFHVVR KD SHUPHVVR GL DEEDWWHUH
PROWRLFRVWLGLSURGX]LRQHDXPHQWDQGRQHOFRQWHPSRODTXDOLWjGHO
SURGRWWR¿QLWR
/HVVHFWHXUVGXWUDLWHPHQWVRXVYLGH39'HWGHODSHLQWXUH
VRQWDXFHQWUHGHVSUpRFFXSDWLRQVGH%XIIROL)OOLeTXLSpVSRXU
OHWUDYDLOGX¿OPpWDOOLTXHQRXVUpDOLVRQVGHVpSLQJOHVHQDFLHU
HQLQR[HWHQFXLYUHGHWRXVGLDPqWUHVDLQVLTXHGHVEDODQFHO
OHVFRPSOqWHVSRXUOH39'HWODSHLQWXUH
([SpULHQFHHWSURIHVVLRQDOLVPHFRQMXJXpVjO¶XWLOLVDWLRQGHPD
FKLQHV HW WHFKQRORJLHV G¶DYDQWJDUGH SHUPHWWHQW GH GpYHORSSHU
XQHSURGXFWLRQH[WUrPHPHQWpFOHFWLTXHHWUpSRQGDQWSDUIDLWHPHQW
DX[H[LJHQFHVGHVXWLOLVDWHXUVGHFHVSURFHVV
/¶DXWRPDWLVDWLRQGHODIDEULFDWLRQDIDLWEDLVVHUG¶XQHPDQLqUHWUqV
LQWpUHVVDQWHOHVFR€WVGHSURGXFWLRQWRXWHQDXJPHQWDQWODTXDOLWp
GXSURGXLW¿QL
39'DQGSDLQWLQJ¿HOGVDUHNH\IDFWRUVDW%XIIROL)OOL¶V
(TXLSSHGIRUPHWDOOLFZLUHPDQXIDFWXULQJ%XIIROLSURGXFHVLURQ
VWDLQOHVVVWHHODQGFRSSHUKRRNVRIDQ\GLDPHWHUDVZHOODV
FRPSOHWHUDFNVIRU39'DQGSDLQWLQJ
4XDOL¿FDWLRQDQGSURIHVVLRQDOLVPWRJHWKHUZLWKWKHXVHRIVWDWH
RIWKHDUWPDFKLQHVDQGWHFKQRORJLHVDOORZWKHGHYHORSPHQWRIDQ
H[WUHPHO\YHUVDWLOHSURGXFWLRQDEOHWRPHHWLQGHWDLOVWKHQHHGVRI
WKHRSHUDWRUVZKRXVHWKHVHSURFHVVHV
7KH DXWRPDWLRQ RI WKH ZKROH SURFHVV DOORZHG WR UHGXFH FRQVLGH
UDEO\WKHSURGXFWLRQFRVWVDQGWRLQFUHDVHDWWKHVDPHWLPHWKH
TXDOLW\RIWKHPDQXIDFWXUHGJRRGV
'LH 6HNWRUHQ 39' XQG /DFNLHUXQJ EH¿QGHQ VLFK LP 0LWWHO
SXQNWGHV,QWHUHVVHVEHL%XIIROL)OOL
$XVJHVWDWWHW IU GLH %HDUEHLWXQJ YRQ 0HWDOOGUlKWHQ SURGX
]LHUHQ ZLU +DNHQ DXV (LVHQ (GHOVWDKO XQG .XSIHU MHGHQ
'XUFKPHVVHUVVRZLHNRPSOHWWH.LSSZDQQHQIU39'XQG/D
FNLHUXQJ
'LH 9RUEHUHLWXQJ XQG 3URIHVVLRQDOLWlW LQ 9HUELQGXQJ PLW GHU
9HUZHQGXQJIRUWVFKULWWOLFKHU0DVFKLQHQXQG7HFKQRORJLHQHUP|
JOLFKHQ XQV YLHOVHLWLJH 3URGXNWH KHU]XVWHOOHQ VRZLH VFKQHOO DXI
GLH$QIRUGHUXQJHQGHUMHQLJHQGLHGLHVH3UR]HVVHQXW]HQHLQ]X
JHKHQ
'LH $XWRPDWLVLHUXQJ GHV JHVDPWHQ 3UR]HVVHV KDW HV XQV HUP|
JOLFKWGLH3URGXNWLRQVNRVWHQGDXHUKDIW]XVHQNHQXQGGLH4XDOLWlW
GHV(QGSURGXNWVLP/DXIHGHU=HLWQRFK]XHUK|KHQ
ʔʔ
8QQXRYRVHWWRUHQHOTXDOH%XIIROL)OOLqHQWUDWDQHJOLXOWLPLDQQLqTXHOOR
GHOULYHVWLPHQWRSODVWLFRSURWHWWLYR
(¶VWDWRUHDOL]]DWRXQQXRYRLPSLDQWRLOTXDOHKDSHUPHVVRGLLQVHULUVLLQ
TXHVWRVHWWRUHGHGLWRDOODSODVWL¿FD]LRQHLQGLYHUVLFRORULGLPDQXIDWWL
FRPH XWHQVLOL DWWUH]]L GD ODYRUR PROOH HFF LO WXWWR SUHYLH SURYH
UHDOL]]DWHLQODERUDWRULR
/¶LPSLDQWR SHUPHWWH GL ODYRUDUH DQFKH VX SLFFROL ORWWL JDUDQWHQGR OH
FRQVHJQHLQEDVHDOOHHVLJHQ]HGHOFOLHQWH
6RQRGLVSRQLELOLLQROWUHDOWULWLSLGLULYHVWLPHQWLXWLOL]]DWLSHUWUDWWDPHQ
WLSDUWLFRODUL
5LYHVWLPHQWLDEDVHGL5LOVDQELDQFRHQHURSROLPHURSODVWLFRD
EDVHGL1\ORQ
5LYHVWLPHQWLDEDVHGL7HÁRQUHVLVWHQWLDOOHDOWHWHPSHUDWXUH
&HVGHUQLqUHVDQQpHV%XIIROL)OOLHVWHQWUppJDOHPHQWGDQV
XQQRXYHDXVHFWHXUG¶DFWLYLWpTXLHVWFHOXLGXUHYrWHPHQWSOD
VWLTXHSURWHFWHXU
(QLQYHVWLVVDQWGDQVXQHQRXYHOOHXQLWpGHSURGXFWLRQ%XIIROL
)OOLV¶HVWLQVpUpGDQVFHVHFWHXUGHODSODVWL¿FDWLRQSURWHFWULFH
HQRIIUDQWXQJUDQGFKRL[GHFRXOHXUVGHVSURGXLWVPDQXIDF
WXUpVFRPPHOHVXVWHQVLOHVOHVRXWLOVGHWUDYDLOOHVUHVVRUWV
HWFOHWRXWDSUqVDYRLUVXELGHVWHVWVULJRXUHX[HQODERUDWRLUH
&HWWH LQVWDOODWLRQ SHUPHW GH SURGXLUH pJDOHPHQW GHV SHWLWV ORWV
HQJDUDQWLVVDQWGHVGpODLVGHOLYUDLVRQHQDGpTXDWLRQDYHFOHV
H[LJHQFHVGXFOLHQW
5pDOLVDWLRQ pJDOHPHQW G¶DXWUHV W\SHV GH UHYrWHPHQWV XWLOLVpV
SRXUGHVSURFHVVVSpFL¿TXHV
5HYrWHPHQWVjEDVHGH5LOVDQEODQFRXQRLUSRO\PqUHSODVWLTXH
jEDVHGH1\ORQ
5HYrWHPHQWVjEDVHGH7pÁRQUpVLVWDQWjGHKDXWHVWHPSpUDWXUHV
ʔʕ
,QWKHODVW\HDUV%XIIROL)OOLHQWHUHGDQHZ¿HOGSODVWLFSUR
WHFWLYHFRDWLQJ
$IWHU SURSHU WHVWV FDUULHG RXW LQ RXU ODERUDWRULHV D QHZ SODQW
ZDVPDQXIDFWXUHGDQGDOORZHGXVWRJRLQWRWKH¿HOGRISODVWLF
FRDWLQJLQGLIIHUHQWFRORUVRIPDQXIDFWXUHVOLNHXWHQVLOVZRU
NLQJWRROVVSULQJVHWF
7KHSODQWDOORZVWRZRUNDOVRRQVPDOOORWVDVVXULQJGHOLYHU\WL
PHVLQDFFRUGDQFHZLWKWKHFXVWRPHU¶VQHHGV
2WKHUFRDWLQJVIRUVSHFLDOWUHDWPHQWVDUHDOVRDYDLODEOH
5LOVDQZKLWHDQGEODFNFRDWLQJ1\ORQEDVHSODVWLFSRO\PHU
7HÁRQFRDWLQJIRUKLJKWHPSHUDWXUHUHVLVWDQFH
(LQ QHXHU 6HNWRU GHQ VLFK %XIIROL )OOL LQ GHQ OHW]WHQ -DKUHQ
HUVFKORVVHQKDWLVWGLH.XQVWVWRIIEHVFKLFKWXQJ
'DV8QWHUQHKPHQKDWHLQHQHXH$QODJHLP%HUHLFKGHU3ODVWL
¿]LHUXQJLQYHUVFKLHGHQHQ)DUEHQYRQ*HUlWHQZLH:HUN]HX
JHQ$UEHLWVJHUlWHQ)HGHUQXVZHQWZRUIHQGLHVRUJIlOWLJLP
/DERUJHSUIWZXUGHQ
'LH$QODJHHUP|JOLFKWDXFKNOHLQH6WFN]DKOHQKHU]XVWHOOHQXQG
VRQRFKEHVVHUDXIGLH$QIRUGHUXQJHQGHU.XQGHQHLQJHKHQ]X
N|QQHQ
$X‰HUGHPVWHKHQDXFKDQGHUH$UWHQGHU%HVFKLFKWXQJIUVSH]LHO
OH%HKDQGOXQJHQ]XU9HUIJXQJ
%HVFKLFKWXQJHQDXI5LOVDQ%DVLVZHLVVXQGVFKZDU].XQVWVWRIISR
O\PHUDXI1\ORQ%DVLV
%HVFKLFKWXQJHQDXI7HÁRQ%DVLVZLGHUVWDQGVIlKLJEHLKRKHQ7HP
SHUDWXUHQ
ʔʖ
/DSURGX]LRQHGHOOD%XIIROL*URXSqLQWHJUDWDGDOODFRP
PHUFLDOL]]D]LRQHGLXQDFRPSOHWDJDPPDGLDFFHVVRUL
DOFXQL GHL TXDOL LQGLVSHQVDELOL SHU JDUDQWLUH XQD TXDOLWj
FRVWDQWHQHOODSURGX]LRQH
,QRVWULWHFQLFLVRQRLQJUDGRGLFRQVLJOLDUHOHVROX]LRQL
SLLGRQHHSHUIDUIURQWHDWXWWHOHQHFHVVLWj
$YDVWUDQJHRIFRPSOHPHQWDU\V\VWHPDFFHVVRULHVVWDQGVDV
DJXDUDQWHHRIDFRPSOHWHWHFKQLFDODVVLVWDQFHVHUYLFH2XU
VWDIILVDEOHWR¿QGWKHEHVWVROXWLRQWRWKHFXVWRPHUQHHGV
6HUYL]LRFRPSOHPHQWDUH
&RPSOHPHQWDU\VHUYLFH
6HUYLFH
(UJlQ]HQGHUVHUYLFH
%XIIROL*URXSDLQWpJUpGDQVVRQDFWLYLWpODFRPPHUFLDOLVDWLRQG¶XQH
JDPPH FRPSOqWH G·DFFHVVRLUHV HW GH SpULSKpULTXHV LQGLVSHQVD
EOHVjO¶REWHQWLRQG¶XQHTXDOLWpGHSURGXFWLRQFRQVWDQWH1RVWHFK
QLFLHQVYRXVSURSRVHURQWOHVPHLOOHXUHVVROXWLRQVSRXUIDLUHIDFHj
WRXVYRVLPSpUDWLIV
ʔʗ
'LH3URGXNWLRQGHU%XIIROL*URXSELHWHWHLQNRPSOHWWHV$QJHERWDQ
=XEHK|U DXI GHP 0DUNW DQ ZRYRQ HLQLJHV XQHUOlVVOLFK LVW XP GLH
VWlQGLJH4XDOLWlWGHU3URGXNWLRQ]XJHZlKUOHLVWHQ
8QVHUH7HFKQLNHUVLQGLQGHU/DJHGLHJHHLJQHWH/|VXQJIUDOOH%HGU
IQLVVH]X¿QGHQ
ʔʘ
$OOD%XIIROL*URXSGDVHPSUHDEELDPRDYXWRXQRFFKLR
GL ULJXDUGR SHU LO VHUYL]LR GL DVVLVWHQ]D WHFQLFD SHU
TXHVWRVLDPRLQJUDGRGLJDUDQWLUHODGLVSRQLELOLWjGLWHF
QLFLVSHFLDOL]]DWLVXOWHUULWRULRQD]LRQDOHHGHVWHUR
,QROWUHJUD]LHDOO¶DWWLYD]LRQHGLFRQQHVVLRQLGHGLFDWHSHU
OD WHOHDVVLVWHQ]D q SRVVLELOH LQWHUYHQLUH GLUHWWDPHQ
WH GDOOD VHGH SHU PRGL¿FDUH RG DJJLRUQDUH LO VRIWZDUH
RSHUDWLYRGHJOLLPSLDQWLRIIUHQGRFRVuTXHOODFRQWLQXLWjGL
GLDORJRFRQLOFOLHQWHFKHSHUPHWWHGLULGXUUHDOPLQLPR
RJQLHYHQWXDOHIHUPRPDFFKLQD
&LqVHPSUHSLDFLXWRYL]LDUHLQRVWULFOLHQWL
%XIIROL*URXSGLGDOZD\VWUHDWWHFKQLFDOVXS
SRUWZLWKJUHDWFDUHWKURXJKVNLOOHGWHFKQLFLDQV
FRYHULQJ ERWK GRPHVWLF DQG IRUHLJQ PDUNHWV
7KDQNV WR GHGLFDWHG WHOHDVVLVWDQFH FRQQHF
WLRQV ZH FDQ GLUHFWO\ XSGDWH WKH SODQW RSHUD
WLQJ VRIWZDUH D FRQVWDQW FRPPXQLFDWLRQ ÀRZ
EHWZHHQ %XIIROL *URXS DQG RXU FXVWRPHUV LV
UHTXLUHGWRSUHYHQWXQQHFHVVDU\GRZQWLPHVDQG
LQFUHDVH SURGXFWLRQ HI¿FLHQF\ DW WKH VDPH WLPH
:H¶YH DOZD\V OLNHG WR SDPSHU RXU FXVWRPHUV
&RQWLQXLWjGLGLDORJR
&XVWRPHUVHUYLFH
3HUPDQHQWHUNXQGHQGLDORJ
&RQWLQXLWpGXGLDORJXH
'HSXLV WRXMRXUV FKH] %XIIROL *URXS QRXV DWWDFKRQV
XQHJUDQGHLPSRUWDQFHDX6HUYLFHG·$VVLVWDQFH7HFK
QLTXH1RXVVRPPHVDLQVLHQPHVXUHGHJDUDQWLUOD
GLVSRQLELOLWpGHQRVWHFKQLFLHQVVSpFLDOLVpVWDQWVXUOH
WHUULWRLUHQDWLRQDOTXHLQWHUQDWLRQDO
'HSOXVJUDFHjQRWUHVHUYLFHLQWHUQHGHWpOpDVVLVWDQ
FH LO QRXV HVW SRVVLEOH G¶LQWHUYHQLU j GLVWDQFH SRXU
PRGL¿HURXPHWWUHjMRXUOHVRIWZDUHRSpUDWLRQQHOGHV
LQVWDOODWLRQVHQRIIUDQWDLQVLFHWWHFRQWLQXLWpGHGLDOR
JXHSULPRUGLDOHSRXUPLQLPLVHUODGXUpHG¶XQpYHQWXHO
DUUrWPDFKLQH
1RXVDYRQVWRXMRXUVDLPpJkWHUQRVFOLHQWV
ʔʙ
'LH %XIIROL *URXS KDW VFKRQ LPPHU EHVRQGH
UHQ :HUW DXI GHQ WHFKQLVFKHQ .XQGHQGLHQVW
JHOHJW GHVKDOE JDUDQWLHUHQ ZLU GLH %HUHLWVWHO
OXQJ VSH]LDOLVLHUWHU 7HFKQLNHU LP ,Q XQG $XVODQG
$X‰HUGHP LVW HV GDQN GHV )HUQ]XJULIIV P|JOLFK GL
UHNWYRQGHU)LUPDDXVHLQ]XJUHLIHQGLHRSHUDWLYH6RI
WZDUH GHU$QODJH ]X YHUlQGHUQ RGHU DXI GHQ QHXHVWHQ
6WDQG ]X EULQJHQ $XI GLHVH :HLVH ELHWHQ ZLU XQVHUHQ
.XQGHQ HLQHQ SHUPDQHQWHQ 'LDORJ PLW XQV DQ XQG N|Q
QHQ EHL HLQHP HYHQWXHOOHQ 6WLOOVWDQG GHU 0DVFKLQH VRIRUW
UHDJLHUHQ XP GHQ$XVIDOO DXI HLQ 0LQLPXP ]X UHGX]LHUHQ
:LU KDEHQ XQVHUH .XQGHQ VFKRQ LPPHU JHUQH YHUZ|KQW
3HUYHGHUFL
3HUUDJJLXQJHUFL
3HUFRQWDWWDUFL
$ERXWXV
+RZWRJHWWKHUH
&RQWDFWLQIRUPDWLRQ
3RXUQRXVFRQQDvWUH
3RXUQRXVUHQGUHYLVLWH
3RXUQRXVFRQWDFWHU
/HUQHQVLHXQVNHQQHQ
6RN|QQHQVLHXQVHUUHLFKHQ
6RNRQWDNWLHUHQVLHXQV
ZZZEXIIROLJURXSFRP
ʔʚ