Documente Academic
Documente Profesional
Documente Cultură
3,$ $),50(,
2ELHFWLYH
úLSLD DJOREDO
&XQRDúWHUHD VLVWHPXOXL GH LQGLFDWRUL FX DMXWRUXO F URUD VH SRDWH HYDOXD SLD D XQXL SURGXV
'XS FXP DP Y ]XW SLD D GH LQH UROXO úL ORFXO SULQFLSDO vQ VWUXFWXUD PHGLXOXL H[WHUQ DO
HYROX LLOHDFHVWRUD
3HQWUX RULFH vQWUHSULQGHUH SLD D UHSUH]LQW HOHPHQWXO GH UHIHULQ SHQWUX DFWLYLW LOH SH FDUH
OH GHVI úRDU ÌQ RSLQLD SURIHVRUXOXL &RQVWDQWLQ )ORUHVFX ©DWkW vQ HWDSD SUHDODELO D HODERU ULL
³SURJUDPXOXL³ DFWLYLW LL UHVSHFWLY D VWDELOLULL GLPHQVLXQLORU úL VWUXFWXULORU DFWLYLW LL FkW úL vQ
FRQWLQXDUH vQ GHVI úXUDUHD HL FRQFUHW úL DSRL vQ SURFHVXO ILQDO DO YHULILF ULL UH]XOWDWHORU vQ FDUH
DFHDVW DFWLYLWDWH D IRVW PDWHULDOL]DW SLD D VHUYHúWH vQWUHSULQGHULL vQ PRG VXFFHVLY FD VXUV GH
LQIRUPD LH WHUHQ GH FRQIUXQWDUH ³EDURPHWUX´ DO UHDOL] ULORU HIHFWLYH úL DO úDQVHORU YLLWRDUH HWFª
QLWDWHD úL HILFLHQ D DFWLYLW LL RULF UHL ILUPH SUHFXP úL D SURFHVXOXL GH GLULMDUH D IOX[XOXL GH P UIXUL
GHODSURGXF WRULODFRQVXPDWRUL
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VXQW PDL PXOWH XQJKLXUL GH DERUGDUH D SLH HL 'H DLFL úL
³,QGLIHUHQW GH VLWXD LH ± DU WD SURIHVRUXO 1 $O 3RS ± SLD D SUHVXSXQH H[LVWHQ D XQXL EXQ
HFRQRPLF FH FRQVWLWXLH RELHFWXO WUDQ]DF LHL GH YkQ]DUH FXPS UDUH D XQRU VXELHF L DL SURFHVXOXL
GH VFKLPE YkQ] WRU úL FXPS U WRU D XQXL FDGUX HFRQRPLFRJHRJUDILF XQGH DUH ORF WUDQ]DF LD
PDJD]LQ GHSR]LW EXUV GH P UIXUL EXUV GH DF LXQL HWF D XQXL WLPS GDW R DQXPLW SHULRDG
]L OXQ WULPHVWUX DQ HWF D XQHL FRQIUXQW UL SHQWUX VWDELOLUHD SUH XOXL GHWHUPLQDW GH
3LD D SRDWH IL DERUGDW DWkW OD QLYHO PDFURHFRQRPLF SLD D QD LRQDO FkW úL OD QLYHO
ÌQ DFFHS LXQHD GH SLD QD LRQDO SRDWH IL SLD D WXWXURU P UIXULORU úLVDX VHUYLFLLORU
FH LD IRVW DWULEXLW GH WHRULD HFRQRPLF úL DQXPH F ³SLD D HVWH FDWHJRULD HFRQRPLF D SURGXF LHL
GH P UIXUL vQ FDUH vúL J VHúWH H[SUHVLD WRWDOLWDWHD DFWHORU GH YkQ]DUHFXPS UDUH SULYLW vQ
XQLWDWH RUJDQLF FX UHOD LLOH SH FDUH OH JHQHUHD] úL vQ FRQH[LXQH FX VSD LXO vQ FDUH VH
GHVI úRDU ³ 'LF LRQDUXO GH HFRQRPLH SROLWLF $FHDVW GHILQL LH SRDWH IL vQWUHJLW FRQVLGHUkQG
FRQIUXQW ULL RIHUWHL úL D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH
FXPS UDUH
LQWHULRUXO JUDQL HORU XQHL UL FkW úL vQ DIDUD ORU IRUPkQG SLD D QD LRQDO úL UHVSHFWLY SLD D
LQWHUQD LRQDO 'DF OD GLPHQVLXQLOH SLH HL LQWHUQD LRQDOH VH DGDXJ GLPHQVLXQLOH SLH HORU
/D QLYHOXO ILUPHL SLD D UHSUH]LQW VSD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVHW
SUH]HQW FX SURGXVHOH úL VHUYLFLLOH VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO úL ILQDQFLDU vL
FXPS U WRU GH P UIXUL úL VHUYLFLL ÌQ FRQWLQXDUHD DERUG ULORU QRDVWUH QH YRP UHIHUL QXPDL OD
FDOLWDWHDGHRIHUWDQWDILUPHL
3ULQ RIHUWD VD ILUPD VH SRDWH DGUHVD XQHL PDVH HWHURJHQH GH DJHQ L HFRQRPLFL FRQVXPDWRUL
ILQDOL XWLOL]DWRUL LQWHUPHGLDUL LQVWLWX LL úL RUJDQLVPH SXEOLFH DJHQ L HFRQRPLFL GLQ DOWH UL
&RUHVSXQ] WRU DFHVWRU DJHQ L HFRQRPLFL VDX SURILODW WLSXULOH GH SLH H SUH]HQWDWH vQ ILJXUD
F URUDILUPDVHSRDWHDGUHVDFXRIHUWDVD
3LD DFRQVXPDWRULORU
ILQDOL
3LD DXWLOL]DWRULORU
ILQDOL
3LD DLQWHUPHGLDULORU
)LUPD
GHGLVWULEX LH
3LD DRUJDQLVPHORUúL
LQVWLWX LLORUSXEOLFH
H[WHUQ
)LJXUD7LSXULOHSULQFLSDOHGHSLH HSHFDUHILUPDvúLSRDWHODQVDRIHUWD
)LUPD SRDWH RSWD vQWUH DúL GHVIDFH P UIXULOH SH XQD VDX PDL PXOWH WLSXUL GH SLH H 'H
H[HPSOX 6& ³$YLFROD ,QWHUQD LRQDO³ %DF X 6$ PDUH SURGXF WRDUH GH FDUQH úL SUHSDUDWH GLQ
FDUQH GH SDV UH úL SRUF GLQ 5RPkQLD SRDWH V úL RIHUH SURGXVHOH VDOH GLUHFW FRQVXPDWRULORU
LQGLYLGXDOL PHQDMHOH SULQ SURSULD UH HD GH PDJD]LQH ILH V OH YkQG LQWHUPHGLDULORU DQJURVLúWL
úLVDX GHWDLOLúWL ILH V OH YkQG XQRU RUJDQLVPH úL LQVWLWX LL SXEOLFH SRSRWH FDQWLQH RUIHOLQDWH
F PLQH GH E WUkQL HWF ILH V OH GHVIDF OD H[SRUW )LUPD WUHEXLH V úL RULHQWH]H DVWIHO SURGXF LD
vQFkW V QX VH DGUHVH]H SLH HL JOREDOHDF UQLLúLSUHSDUDWHORUGLQFDUQHSULYLW FDRPDV DPRUI FL
V FDXWH V GHOLPLWH]H DQXPLWH JUXSXUL UHODWLY RPRJHQH GH FRQVXPDWRUL FDUH GRUHVF úL SRW DYHD
DFFHVODSURGXVHOHVDOHQXPLWHVHJPHQWHGHSLD
6HJPHQWXO GH SLD FRQVWLWXLH XQ VXEDQVDPEOX DO SLH HL JOREDOH IRUPDW GLQ
FXPS U WRUL GH DFHODúL IHO JUXSD L GXS XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD
WUHEXLQ HORU RELHFWXO úLVDX P ULPHD FXPS U WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH
FXPS UDUHHWF
ÌQ UDSRUW FX QDWXUD EXQXULORU úL VHUYLFLLORU SH FDUH OH IDEULF VDX OH FRPHUFLDOL]HD] R ILUP
RIHULWH GH ILUP UHSUH]LQW FRQVXPDWRULL V L DFWXDOL IRUPkQG SLD D DFWXDO D ILUPHL $FHDVW SLD
GHSLQGH FD P ULPH úL GH QXP UXO úL IRU D HFRQRPLF D FRQFXUHQ LORU FH SURGXF úLVDX GHVIDF
P UIXULGHDFHODúLIHO
6IHUD SLH HL XQHL ILUPH QX VH UHGXFH QXPDL OD FRWD SH FDUH R GH LQH vQ SLD D JOREDO D XQXL
SURGXV VDX D XQHL JUXSH GH SURGXVH FL YL]HD] DWkW DULD JHRJUDILF SH FDUHRDFRSHU SULQYkQ] ULOH
SURSULL FkW úL VHJPHQWHOH GH SLD úL QXP UXO FRQVXPDWRULORU XWLOL]DWRULORU FDUH OH FRPSXQ F URUD
VH DGUHVHD] FX RIHUWD VD ÌQ WLPS FH VSUH H[HPSOX 8]LQD GH $XWRWXULVPH GH 7HUHQ ³$UR³ 6$
&kPSXOXQJ GLVSXQH GH R DULH QD LRQDO D SLH HL VDOH ÌQWUHSULQGHUHD GH 3DQLILFD LH ³6SLFXO³ 6$
3LWHúWLDUHRDULHH[FOXVLYORFDO
3URILOXO SLH HL ILUPHL HVWH GDW GH WLSXO WLSXULOH GH DFWLYLWDWH DFWLYLW L SH FDUH R OH
GHVI úRDU 'LQ DFHVW SXQFW GH YHGHUH GHRVHELP ILUPH SURGXF WRDUH GH P UIXUL EXQXUL HFRQR
PLFH ILUPH SUHVWDWRDUH GH VHUYLFLL ILUPH VSHFLDOL]DWH vQ FRPHUFLDOL]DUHD P UIXULORU RUJDQL]D LL
QRQSURILW FH SURGXF VDX GHVIDF EXQXUL HFRQRPLFH VSLWDOH WHDWUH úFROL XQLYHUVLW L HWF 8QHOH
ILUPH DX XQ SURILO PL[W GH SURGXF LH úL FRPHUFLDOL]DUH FXP HVWH FD]XO IDEULFLL GH vQF O PLQWH
³$QWLORSD³ 6$ %XFXUHúWL VDX GH SURGXF LH GH P UIXUL úL GH VHUYLFLL FXP HVWH FD]XO 6&
³$UFWLF³6$ * HúWL FDUH SH OkQJ SURGXF LD GH IULJLGHUH GLVSXQH GH R UH HD QD LRQDO GH VHUYLFH
SURGXVHFkWúLVHUYLFLLWXULVWLFH
',0(16,81,/(3,( (,),50(,
ORFDOL]DUH
R VWUXFWXU IRDUWH FRPSOH[ 2 DQDOL] GH VXV vQ MRV DUERUHVFHQWGHVFUHVF WRDUH D VWUXFWXULL SLH HL
JOREDOH YD SXQH vQ HYLGHQ PDL vQWkL GHOLPLWDUHD HL vQ FHOH WUHL PDUL VHF LXQL SLD D P UIXULORU
EXQXULORU úL VHUYLFLLORU SLD D FDSLWDOXULORU úL SLD D IRU HL GH PXQF )LUPD SURGXF WRDUH vQ
GXEOD VD FDOLWDWH GH FXPS U WRU úL RIHUWDQW YD DYHD OHJ WXUL FX ILHFDUH GLQ FHOH WUHL SLH H DWkW vQ
SODQXO DSURYL]LRQ ULL FX UHVXUVHOH QHFHVDUH GHVI úXU ULL SURSULHL DFWLYLW L FkW úL vQ SODQXO YkQ] ULL
SURGXVHORUúLVDXVHUYLFLLORUSHFDUHOHUHDOL]HD]
3ULQFLSDOD VHF LXQH GH UHIHULQ SHQWUX DFWLYLWDWHD RULF UHL ILUPH HVWH SLD D P UIXULORU /D
UkQGXO HL DFHDVW SLD DúD FXP VH SRDWH REVHUYD vQ ILJXUD VH GHOLPLWHD] vQ GRX PDUL
'DF VH LQH VHDPD GH GHVWLQD LD SURGXFWLY VDX QHSURGXFWLY D SURGXVHORU úL D VHUYLFLLORU
GHRVHELP
SLD DEXQXULORUGHFRQVXP
úLUHVSHFWLY
SLD DVHUYLFLLORUGHFRQVXP
3LD D 3LD D
SURGXF LH
3LD D
EXQXULORU
PDWHULDOH
3LD D 3LD D
3LD D
JOREDO
3LD D 3LD D
SURGXF LH
3LD D
VHUYLFLLORU
3LD D 3LD D
'HOLPLW ULOH GXS GHVWLQD LD SURGXVHORU úL VHUYLFLLORU VXQW UHODWLYH GHRDUHFH XQXO úL DFHODúL
SURGXV SRDWH IL vQWkOQLW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW úL SH FHD D EXQXULORU GH FRQVXP
FXP HVWH FD]XO ]DK UXOXL I LQHL VDX D XQRU OHJXPH FDVWUDYH L DUGHL FDUH SRW DYHD DPEHOH
GHVWLQD LL
&RPSDUDWLY FX SLD D EXQXULORU GH FRQVXP SLD D PLMORDFHORU GH SURGXF LH HVWH FDUDFWHUL]DW
SULQ
SLH H SDUWLFXODUH VSHFLILFH ILHF UXL SURGXV VHUYLFLX LQGLYLGXDO 3LD D SURGXVXOXL VHUYLFLXOXL
6XQW IRDUWH SX LQH FD]XULOH FkQG SLD D XQXL SURGXV VDX VHUYLFLX HVWH RPRJHQ 'H UHJXO
SLD D SURGXVXOXL VHUYLFLXOXL DUH VWUXFWXUD VD LQWHUQ ILLQG DOF WXLW GLQ VHJPHQWH GH SLD
ÌPS U LUHD SLH HL vQ VHJPHQWH GH SLD DUH OD ED] SDUWLFXODULW LOH vQ DILUPDUHD úL PDQLIHVWDUHD
D F URU FHUHUH R SRDWH VDWLVIDFH ILUPD vúL GLIHUHQ LD] DF LXQLOH VDOH GH PDUNHWLQJ vQ UDSRUW FX
FHULQ HOHDFHVWRUD
$FHVWHD VXQW vQ HVHQ VWUXFWXULOH SLH HL OD FDUH VH UDSRUWHD] ILUPD vQ FDGUXO F UHLD vúL
ILQDOL]HD] DFWLYLWDWHD /LPLWkQGXVH IRDUWH UDU OD XQ VLQJXU SURGXV SLD D ILUPHL VH UHJ VHúWH GH
UHJXO SH PDL PXOWH FRPSRQHQWH VWUXFWXUDOH DOH SLH HL JOREDOH SH PDL PXOWH VHJPHQWH GH SLD VDX
SH SLH HOH PDL PXOWRU SURGXVH $úD HVWH vQ FD]XO XQHL vQWUHSULQGHUL IXUQL]RDUH GH XWLODMH úL PDúLQL
,QGLIHUHQW F HVWH YRUED GH VWUXFWXUD SLH HL JOREDOH VDX D SLH HL ILUPHL WUHEXLH I FXWH
SLD D WUHEXLH DERUGDW FD XQ WRW XQLWDU VHJPHQWHOH GH SLD QHILLQG DOWFHYD GHFkW FRPSRQHQWH
LQWHUGHSHQGHQWHDOHDFHOXLDúLWRWRUJDQLF
VWUXFWXUDSLH HLDUHXQFDUDFWHUGLQDPLF
&DSDFLWDWHD SLH HL &DSDFLWDWHD HIHFWLY D SLH HL XQHL ILUPH HVWH GDW GH YROXPXO
WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH DFHDVWD vQWUR SHULRDG GH WLPS GHWHUPLQDW
3ULQFLSDOLL LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS VXQW YROXPXO RIHUWHL YROXPXO FHUHULL YROXPXO
YkQ] ULORU YROXPXO H[SRUWXULOULPSRUWXULORU QXP UXO GH FRQVXPDWRUL XWLOL]DWRUL DL
SURGXVXOXL úL QXP UXO GH FOLHQ L OD ILUPHOH SUHVWDWRDUH GH VHUYLFLL &HO PDL FRQFOXGHQW LQGLFDWRU
vQ GHWHUPLQDUHD FDSDFLW LL SLH HL HIHFWLYH VD GRYHGLW D IL YROXPXO YkQ] ULORU H[HPSOX vQ ILJXUD
ÌQILJXUDVHREVHUY F GHúLYROXPXOFHUHULLGHYLQDIRVWPDLPDUHGHFkWRIHUWDQXPDLR
SDUWH GLQ HD VD PDWHULDOL]DW vQ YkQ] UL 2 VHULH GH FDX]H FD YDULHWDWHD VRUWLPHQWDO úL FDOLWDWHD
RIHUWHL P ULPHD SUH XOXL DPEDODMXO HWF QX DX SHUPLV FD vQWUHDJD RIHUW GH YLQ D ILUPHL V ILH
YkQGXW
QXP UXO FXPS U WRULORU XWLOL]DWRULORU SURGXVHORU úLVDX VHUYLFLLORU SH FDUH ILUPD OH IDEULF
úLVDXFRPHUFLDOL]HD] 1
IUHFYHQ D GH FXPS UDUH H[SULPDW SULQ QXP UXO PHGLX GH DFKL]L LRQ UL UHDOL]DWH vQWUR XQLWDWH
GHWLPSOXQ WULPHVWUXVHPHVWUXDQHWF)U
'HFL&HS 1[T[)U
KOYLQ
10.000 hl vin YkQ] ULOH
cererea
KOYLQ
8.000 hl vin RIHUWD
YkQ] ULOH
KOYLQ
7.000 hl vin
SURGXVH VDX D UDPXULL GLQ SLD D QD LRQDO VDX GLQ SLD D LQWHUQD LRQDO VH FXDQWLILF VXE IRUP GH
FRHILFLHQW FXSULQV vQWUH úL VDX SURFHQWH 'H H[HPSOX R ILUP SURGXF WRDUH GH FKHUHVWHD D
H[SRUWDW SH SLD D ULL ³;³ vQWUXQ DQ PF GH FKHUHVWHD ÌQ DQXO UHVSHFWLY YROXPXO WRWDO DO
YkQ] ULORU GH FKHUHVWHD GLQ DUD ³;³ D IRVW GH PF LDU WRWDOXO LPSRUWXULORU D IRVW GH
PF
&RWD GH SLD D ILUPHL UHSUH]LQW GLQ WRWDOXO YkQ] ULORU GH SH SLD D GH
UHIHULQ 'DF VH LDX FD UHIHULQ QXPDL LPSRUWXULOH DWXQFL &HS HVWH GH
$QDOL]D FRQ LQXWXOXL úL GLPHQVLXQLORU SLH HL QX VH OLPLWHD] OD SURFHVHOH HFRQRPLFH FDUH DX
ORF HIHFWLY FL WUHEXLH H[WLQV úL DVXSUD FHORU SRWHQ LDOH FDUH DU SXWHD DYHD ORF 'H DFHHD YRP IDFH
UHIHULUL úLODFDSDFLWDWHDSRWHQ LDO DSLH HLFDUHH[SULP YROXPXOPD[LPDOYkQ] ULORUSHFDUHOH
&DSDFLWDWHD SRWHQ LDO D SLH HL HVWH PDL PDUH GHFkW FDSDFLWDWHD HIHFWLY D DFHVWHLD 'LIHUHQ D
HVWH JHQHUDW GH QRQFRQVXPDWRULL UHODWLYL FH UHSUH]LQW SRWHQ LDOL XWLOL]DWRUL DL SURGXVHORU ILUPHL
GDU FDUH vQ SUH]HQW QX FRQVXP GLQ GLYHUVH PRWLYH FXPS UDUHD GH SURGXVH VLPLODUH GH OD
FRQFXUHQ OLSVD UHVXUVHORU ILQDQFLDUH GLVWULEX LD QHFRUHVSXQ] WRDUH D RIHUWHL vQ DULD SLH HL
QHFRQFRUGDQ D vQWUH SUH XO úL FDOLWDWHD RIHUWHL HWF 3HQWUX HYDOXDUHD FDSDFLW LL SRWHQ LDOH D SLH HL VH
SRWIRORVLXUP WRULLLQGLFDWRUL
SRWHQ LDOXO GH DEVRUE LH DO SLH HL FDUH HVWH GDW GH YROXPXO PD[LP FDQWLWDWLY VDX YDORULF DO
FXPS U ULORU FH DU SXWHD IL UHDOL]DWH GH FOLHQWHOD ILUPHL vQWUR SHULRDG SUHGHWHUPLQDW GH WLPS
vQ FD]XO ILUPHORU FH DF LRQHD] SH SLH HOH H[WHUQH WUHEXLH I FXW GLVWLQF LH vQWUH SRWHQ LDOXO WRWDO
H[SRUWXOXL
HFRQRPLFH úL VRFLRSURIHVLRQDOH DOH DFHVWRUD SUHFXP úL D PRWLYD LLORU FDUH VWDX OD ED]D
QHDSHO ULL OD RIHUWD ILUPHL vQ FDX] FRQVWLWXLH R FRQGL LH SHQWUX IXQGDPHQWDUHD DF LXQLORU GH
3LD D SRWHQ LDO LQFOXGH GHFL vQ DIDUD FRQVXPDWRULORU HIHFWLYL úL FDWHJRULD
D FDOHD H[WHQVLY FDUH SUHVXSXQH DúD FXP DP DU WDW PDL VXV DWUDJHUHD QRQFRQVXPDWRULORU
E FDOHD LQWHQVLY FDUH SUHVXSXQH VSRULUHD YROXPXOXL YkQ] ULORU vQ FRQGL LLOH PHQ LQHULL
QXP UXOXL GH FXPS U WRUL SH VHDPD FUHúWHULL FXPS U WXULL PHGLL úL D IUHFYHQ HL
FXPS U ULORU
ÌQ VSRULUHD FDSDFLW LL SLH HL FHOH GRX F L SRW DF LRQD vQ PRG DVRFLDWLY VDX VHSDUDW vQ
SURSRU LL úL VXFFHVLXQL GLIHULWH vQ IXQF LH GH vPSUHMXU UL FD úL GH SROLWLFD GH PDUNHWLQJ SURPRYDW
GHILUP
$ULD ORFDOL]DUHD SLH HL $LFL HVWH YRUED GH DERUGDUHD SLH HL vQ UDSRUW FX VSD LXO FX
SHULPHWUXOvQFDUHDUHORFFRQIUXQWDUHDFHUHULLFXRIHUWDvQIXQF LHGHFDUHFXQRDúWHIRUPHGLIHULWHGH
ORFDOL]DUH GHQVLW L JHRJUDILFH GLIHULWH SUHFXP úL SDUWLFXODULW L WHULWRULDOH vQ FKLDU FRQ LQXWXO úL
PRGXO GH UHDOL]DUH D WUDQ]DF LLORU GH SLD &XQRDúWHUHD DULHL SLH HL D GLPHQVLXQLL VSD LDOH D
VWDELOLUHD VWUXFWXULL RIHUWHL PLúFDUHD IL]LF D P UIXULORU DPSODVDUHDUH HOHLGHGLVWULEX LHDVSD LLORU
GHGHSR]LWDUHúLDPDJD]LQHORUGHYkQ]DUHGHGHWDLO
$FWLYLWDWHD GH SLD FXQRDúWH XQ JUDG ULGLFDW GH FRQFHQWUDUH WHULWRULDO vQ DQXPLWH FHQWUH
VDX ]RQH FRPHUFLDOH 3H SLD D LQWHUQD LRQDO R VHULH GH PDUL PHWURSROH GLQ UL SXWHUQLF GH]YROWDWH
vúL GHVI úRDU DFWLYLWDWHD UHQXPLWH EXUVH GH P UIXUL FXP HVWH FHD GLQ &KLFDJR SHQWUX FHUHDOH FHD
GH OD 6DR 3DXOR SHQWUX FDIHD FHD GH OD 1HZ <RUN SHQWUX FDIHD FDFDR úL ]DK U FHD GH OD 6LGQH\
OD/HLS]LJSHQWUXPRELO GHOD9LHQDSHQWUXEXQXULGHFRQVXPGHOD3DULVSHQWUXSURGXVHVSHFLILFH
LQGXVWULHL DHURQDXWLFH HWF 7HQGLQ D GH FRQFHQWUDUH D DFWLYLW LL GH SLD PDL DOHV OD EXQXULOH GH
FRQVXP DUH ORF úL vQ VSD LL PDL UHVWUkQVH vQ SHULPHWUXO XQRU SLH H QD LRQDOH VDX FKLDU ORFDOH
FHQWUHOH XUEDQH PDUL H[HUFLWkQG R IRU VSRULW ID GH ORFDOLW LOH PDL PLFL vQ FH SULYHúWH DWUDJHUHD
FHUHULL GLQ ]RQHOH vQYHFLQDWH $FHVW IHQRPHQ HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE
GHSRODUL]DUHFRPHUFLDO DRUDúXOXLVDXDDQXPLWRUILUPH&XQRDúWHUHDYROXPXOXLúLVWUXFWXULLFHUHULL
FDUH PLJUHD] SHUPLWH ILUPHORU FRPHUFLDOH V úL GLPHQVLRQH]H úL VWUXFWXUH]H RIHUWD DVWIHO vQFkW V
3LD D RULF UHL ILUPH QX HVWH LPXDELO (D vúL PRGLILF GLPHQVLXQLOH VXE LQIOXHQ D D GRX
3ULPLL IDFWRUL VXQW OHJD L GH SXWHUHD HFRQRPLF D ILUPHL SRWHQ LDOXO XPDQ PDWHULDO úL
ILQDQFLDU DO DFHVWHLD GDU úL GH HWDSD GLQ FLFOXO GH YLD DSDUL LH SH SLD FUHúWHUH PDWXULWDWH
3RWHQ LDOXO XPDQ DO ILUPHL HVWH GDW GH HIHFWLYXO úL VWUXFWXUD SURIHVLRQDO úL GH YkUVW DOH
VDODULD LORU GH QLYHOXO GH FDOLILFDUH úL GH LQWHOLJHQ D DFHVWRUD GH YHFKLPHD ORU vQ FDGUXO ILUPHL
WHKQRORJLLORU SUDFWLFDWH GH JUDGXO GH PHFDQL]DUH DXWRPDWL]DUH úL LQIRUPDWL]DUH D SURFHVHORU GH
PXQF LDU SRWHQ LDOXO ILQDQFLDU GH FDSDFLWDWHD GH D SURGXFH SURILW D ILUPHL GH GLVSRQLELOLW LOH
FDUH OH DUH SUHFXP úL GH VFDGHQ D DFHVWRUD SH GH R SDUWH úL GH YROXPXO FUHDQ HORU úL VFDGHQ D
DFHVWRUDSHGHDOW SDUWH
ÌQFDWHJRULDIDFWRULORUH[RJHQLVXQWFXSULQúL
HIHFWLYXO úL VWUXFWXUD FRQVXPDWRULORU SH VH[H YkUVWH XUEDQUXUDO SH SURIHVLL HWF vQ FD]XO
ILUPHORU FDUH SURGXF úLVDX FRPHUFLDOL]HD] EXQXUL GH FRQVXP VDX QXP UXO úL FDSDFLWDWHD GH
FXPS UDUH D XWLOL]DWRULORU vQ FD]XO ILUPHORU FDUH IDEULF úLVDX GHVIDF HFKLSDPHQW LQGXVWULDO VDX
PDWHULLSULPHPDWHULLúLPDWHULDOHHWF
SXWHUHD GH FXPS UDUH D SRSXOD LHL GDW GH FDQWLWDWHD GH EXQXUL SH FDUH R SRDWH FXPS UD R
SHUVRDQ FX VDODULXO PHGLX QHW SHQVLD PHGLH HWF FDUH UHSUH]LQW JUDGXO GH VROYDELOLWDWH D SLH HL
F UHLDLVHDGUHVHD] ILUPD
LQWHQVLWDWHD FRQVXPXOXL EXQXULORU úL VHUYLFLLORU RIHULWH GH ILUP GDW GH P ULPHD PHGLH D XQHL
VWDELOLWDWHD FRQVXPXOXL 8Q SURGXF WRU GH P UIXUL DOLPHQWDUH FX FHUHUH FXUHQW SkLQH ODSWH
]DK U HWF GLVSXQH GH H[HPSOX GH R SLD PXOW PDL VWDELO GHFkW XQ RIHUWDQW GH DSDUDWXU
HOHFWURQLF GHX]FDVQLF
IDFWRUL FRQMXQFWXUDOLVH]RQLHUL FRQIOLFWH PLOLWDUH LQXQGD LL FXWUHPXUH GH S PkQW HSLGHPLL
GH VSLULW WHPSHUDPHQWXO DúWHSW ULOH GHSULQGHULOH FRQúWLLQ D GH VLQH FDUH DX R LQIOXHQ
QDWXUD EXQXULORU SURGXVH GH ILUP úL FDWHJRULD GH QHYRL F URUD VH DGUHVHD] FX DFHVWH
EXQXUL vQ FD]XO EXQXULORU GH QDWXU LQGXVWULDO FD]DQH PHWDOLFH GH PDUL GLPHQVLXQL HFKLSDPHQW
JUHX GH WUDQVSRUW úL ULGLFDW HWF SLD D ILUPHL HVWH PXOW PDL ULJLG GH H[HPSOX ID GH FHD D XQHL
3,$ $352'868/8,
3HQWUX RULFH ILUP RELHFWXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH vO UHSUH]LQW EXQXULOH úLVDX
3LD D SURGXVXOXL UHSUH]LQW R VHF LXQH D SLH HL JOREDOH vQ FDUH VH PDQLIHVW úLVHUHDOL]HD]
RIHUWDúLFHUHUHDSHQWUXXQDQXPLWSURGXV
5HIHULWRU OD UDSRUWXO GLQWUH SLD D ILUPHL úL SLD D SURGXVXOXL vQ SUDFWLF VH vQWkOQHVF VLWXD LL
SURGXV SLD D ILUPHL UHVSHFWLYH VH SRDWH LGHQWLILFD FX FHD D SURGXVXOXL ÌQ DOWH VLWXD LL SLD D XQHL
ILUPH HVWH VXPD SLH HORU PDL PXOWRU SURGXVH 'H DVHPHQHD VH vQWkOQHVF FD]XUL FkQG SLD D XQXL
SURGXV VDX JUXS GH SURGXVH HVWH IRUPDW GLQ SLH HOH PDL PXOWRU ILUPH ÌQ FHOH PDL PXOWH FD]XUL
vQV SLH HOH ILUPHORU VH LQWHUIHUHD] FX SLH HOH SURGXVHORU ÌQWUH SLD D SURGXVXOXL úL SLD D JOREDO
HVWHXQUDSRUWGHODSDUWHODvQWUHJúLFDXUPDUHSLD DJOREDO UHSUH]LQW VXPDSLH HORUSURGXVHORUFH
RDOF WXLHVFUHVSHFWLY
37 ÇS
XQGH
S SLD DSURGXVXOXLL
XQHL DQXPLWH QHYRL FXP DU IL GH H[HPSOX vQWUH FDIHD úL ]DK U UHVSHFWLY SLD D FDIHOHL úL SLD D
HWF
GH FRQFXUHQ vQWUH HOH FXP HVWH GH H[HPSOX vQ FD]XO UDSRUWXULORU GLQWUH vQF O PLQWHD GLQ SLHOH
UHOD LL GH LQGLIHUHQ FkQG SLH HOH GLIHULWHORU SURGXVH QX VH LQIOXHQ HD] vQ QLFL XQ IHO FD GH
SDUIXPXULORUHWF
3HQWUXHYDOXDUHDSLH HLXQXLSURGXVVHIRORVHúWHXQVLVWHPGHLQGLFDWRULGLQWUHFDUHPDL
LPSRUWDQ LVXQW
JUDGXO GH U VSkQGLUH D SURGXVXOXL SH SLD GDW GH QXP UXO FXPS U WRULORU XWLOL]DWRULORU
SURGXVXOXLUHVSHFWLYvQWUXQDQXPLWLQWHUYDOGHWLPS
JUDGXO GH S WUXQGHUH D SURGXVXOXL vQ FRQVXP GDW GH P ULPHD PHGLH D XQHL FXPS U WXUL úL
YLWH]D GH GLIX]DUH D SURGXVXOXL vQ FRQVXP GDW GH UDSRUWXO GLQWUH DULD VSD LXOXL JHRJUDILF vQ
FDUHHVWHGHVI FXWSURGXVXOúLXQLQWHUYDOGHWLPSGDW
SURILWXO FOLHQWHOHL FH DFKL]L LRQHD] SURGXVXO GHWHUPLQDW GH FDUDFWHULVWLFLOH VRFLR
SURIHVLRQDOHGHPRJUDILFHHFRQRPLFHVDXVRFLDOHDOHFXPS U WRULORUSURGXVXOXLUHVSHFWLY
6XEOLQLHP F GDF SULPLL SDWUX LQGLFDWRUL VXQW GH QDWXU VWULFW FDQWLWDWLY H[SULPkQG
GLPHQVLXQLOH SLH HL vQ XQLW L GH P VXU QDWXUDOH IL]LFH úLVDX YDORULFHXOWLPLL GRL VXQW GH RUGLQ
FDOLWDWLYH[SULPkQGLQWHQVLWDWHDXQRUFDUDFWHULVWLFLDOHSLH HL
([WLQGHUHD vQ PRG SURILWDELO D SLH HL RULF UHL ILUPH VH SRDWH UHDOL]D SH WUHL F L FDOHD
&DOHD H[WHQVLY SUHVXSXQH FUHúWHUHD QXP UXOXL GH FXPS U WRUL DL SURGXVXOXL SURGXVHORU
ILUPHL ILH SULQ DWUDJHUHD FOLHQWHOHL FH DFKL]L LRQHD] SURGXVH VLPLODUH GH OD DOWH ILUPH ILH SULQ
FkúWLJDUHD GH QRL FXPS U WRUL SURYHQL L GLQ UkQGXO FHORU FDUH FXPS U SHQWUX SULPD RDU SURGXVXO
UHVSHFWLYGHFLGLQUkQGXOQRQFRQVXPDWRULORUUHODWLYL
GH R SHUVRDQ úLVDX SULQ P ULUHD IUHFYHQ HL GH FXPS UDUH $PEHOH F L SULYHVF QXPDL FXPS U WRULL
HIHFWLYLDLSURGXVXOXL
'DF OD SLD D SRWHQ LDO VH DGDXJ úL QRQFRQVXPDWRULL DEVROX L FHL FDUH QX YRU FRQVXPD
5H]XPDW
vQWLQV &XYkQWXO SLD HVWH XWLOL]DW vQ FRQWH[WH GLIHULWH úL VH UHIHU OD GLIHULWH JUXSXUL GH
FRQVXPDWRUL 0DUNHWLQJXO QX HVWH SUHRFXSDW vQV GH GHILQLUHD QR LXQLL ³SLD ³ FL GH VXUSULQGHUHD
FXDQWLILFDUHD úL HYDOXDUHD UHOD LLORU D UDSRUWXULORU FDUH VH VWDELOHVF vQWUH DFWRULL FDUH vúL GHVI úRDU
DFWLYLWDWHDvQFDGUXOVSHFLILFDOSLH HL
&XPS U WXUDPHGLHDQXDO
3LD DSRWHQ LDO
&DOHD
&DOHDLQWHQVLY
PL[W
&DOHDH[WHQVLY
&RQFHSWHFKHLH
3LD D 6IHUD FRQIUXQW ULL RIHUWHL úL D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH
FXPS UDUH
VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO úL ILQDQFLDU vL FRQIHU R DQXPLW LQIOXHQ XQ DQXPLW
SUHVWLJLX
6HJPHQWXO GH SLD 6XEDQVDPEOX DO SLH HL JOREDOH IRUPDW GLQ FXPS U WRUL GH DFHODúL IHO
JUXSD L GXS XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD WUHEXLQ HORU RELHFWXO úLVDX P ULPHD
&DSDFLWDWHD HIHFWLY D SLH HL ILUPHL 9ROXPXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH
DFHDVWDvQWURSHULRDG GHWLPSGHWHUPLQDW
&DSDFLWDWHD SRWHQ LDO D SLH HL ILUPHL 9ROXPXO PD[LP DO YkQ] ULORU SH FDUH OHDU SXWHD