0666 Bis

fi
zi
ce
lo
r
ne
PARTEA I
Miercuri, 2 septembrie 2015
pe
rs
oa
LEGI, DECRETE, HOTRRI I ALTE ACTE
Pagina
rm
ar
ii
SUMAR
st
in
at
ex
cl
us
iv
in
fo
Anexa la Ordinul ministrului energiei, ntreprinderilor mici i

mijlocii i mediului de afaceri nr. 1.009/2015 privind
aprobarea Procedurii de implementare a schemei
transparente de ajutor de minimis prevzute n cadrul
Programului pentru stimularea nfiinrii i dezvoltrii
microntreprinderilor de ctre ntreprinztorii debutani n
afaceri ........................................................................
De
Anul 183 (XXVII) Nr. 666 bis
359
MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015
ACTE ALE ORGANELOR DE SPECIALITATE

ALE ADMINISTRAIEI PUBLICE CENTRALE
MINISTERUL ENERGIEI, NTREPRINDERILOR MICI
I MIJLOCII I MEDIULUI DE AFACERI
fi
zi
ce
ORDIN
privind aprobarea Procedurii de implementare a schemei transparente de ajutor de minimis
prevzute n cadrul Programului pentru stimularea nfiinrii i dezvoltrii microntreprinderilor
de ctre ntreprinztorii debutani n afaceri*)
lo
r
Avnd n vedere prevederile Legii bugetului de stat pe anul 2015 nr. 186/2014, cu modificrile i completrile ulterioare,
i ale art. 25 din Legea nr. 346/2004 privind stimularea nfiinrii i dezvoltrii ntreprinderilor mici i mijlocii, cu modificrile i
completrile ulterioare,
n temeiul art. 8 alin. (6) din Hotrrea Guvernului nr. 42/2015 privind organizarea i funcionarea Ministerului Energiei,
ntreprinderilor Mici i Mijlocii i Mediului de Afaceri, cu modificrile ulterioare,
oa
ne
ministrul energiei, ntreprinderilor mici i mijlocii i mediului de afaceri emite urmtorul ordin:
Art. 2. Direcia politici antreprenoriale i implementare
programe pentru IMM din cadrul Ministerului Energiei,
ntreprinderilor Mici i Mijlocii i Mediului de Afaceri i oficiile
teritoriale pentru ntreprinderi mici i mijlocii i cooperaie vor
duce la ndeplinire prezentul ordin.
Art. 3. Prezentul ordin se public n Monitorul Oficial al
Romniei, Partea I.
rm
ar
ii
pe
rs
Art. 1. Se aprob Procedura de implementare a

schemei transparente de ajutor de minimis prevzute n cadrul
Programului pentru stimularea nfiinrii i dezvoltrii
microntreprinderilor de ctre ntreprinztorii debutani n
afaceri, cuprins n anexa care face parte integrant din
prezentul ordin.
us
iv
in
fo
p. Ministrul energiei, ntreprinderilor mici i mijlocii i mediului de afaceri,

Anca-Laura Ionescu,
secretar de stat
De
st
in
at
ex
cl
Bucureti, 6 august 2015.

Nr. 1.009.
*) Ordinul nr. 1.009/2015 a fost publicat n Monitorul Oficial al Romniei, Partea I, nr. 666 din 2 septembrie 2015 i este reprodus i n acest numr bis.
ANEX
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce

32,3
5HYL]LD

3URFHGXUDGHLPSOHPHQWDUHDVFKHPHLWUDQVSDUHQWHGHDMXWRUGHPLQLPLV
SUHY]XWvQFDGUXO3URJUDPXOXLSHQWUXVWLPXODUHDvQILLQULLLGH]YROWULL
PLFURvQWUHSULQGHULORUGHFWUHvQWUHSULQ]WRULLGHEXWDQLvQDIDFHUL

2ELHFWLYXO3URJUDPXOXL
3URJUDPXO SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORU GH FWUH
vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL GHQXPLW vQ FRQWLQXDUH 3URJUDP HVWH XQ SURJUDP GH
vQFXUDMDUH L GH VWLPXODUH D vQILLQULL L GH]YROWULL vQWUHSULQGHULORU PLFL L PLMORFLL
LPSOHPHQWDW GH FWUH 0LQLVWHUXO (QHUJLHL QWUHSULQGHULORU 0LFL L 0LMORFLL L 0HGLXOXL GH
$IDFHUL0(,000$SULQ'LUHFLD3ROLWLFL$QWUHSUHQRULDOHL,PSOHPHQWDUH3URJUDPHSHQWUX
,00 '3$,3,00 L 2ILFLLOH 7HULWRULDOH SHQWUX QWUHSULQGHUL 0LFL L 0LMORFLL L &RRSHUDLH
27,00&vQFRQIRUPLWDWHFX
SUHYHGHULOH /HJLL QU SULYLQG VWLPXODUHD vQILLQULL L GH]YROWULL
vQWUHSULQGHULORUPLFLLPLMORFLLFXPRGLILFULOHLFRPSOHWULOHXOWHULRDUH
SUHYHGHULOH +RWUkULL *XYHUQXOXL QU SULYLQG vQILLQDUHD RUJDQL]DUHD L
IXQFLRQDUHD0LQLVWHUXOXL(QHUJLHLQWUHSULQGHULORU0LFLL0LMORFLLL0HGLXOXLGH$IDFHUL
SUHYHGHULOH 28* QU SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL
PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL FX PRGLILFULOH L
FRPSOHWULOH XOWHULRDUH DSUREDWH SULQ /HJHD QU SULYLQG PRGLILFDUHD L FRPSOHWDUHD
2UGRQDQHL GH XUJHQ D *XYHUQXOXL QU SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL
PLFURvQWUHSULQGHULORUGHFWUHvQWUHSULQ]WRULLGHEXWDQLvQDIDFHUL
SUHYHGHULOH +* QU SULYLQG DSUREDUHD QRUPHORU PHWRGRORJLFH GH DSOLFDUH D
2UGRQDQHL GH XUJHQ D *XYHUQXOXL QU SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL
PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL FX PRGLILFULOH L
FRPSOHWULOHXOWHULRDUH
3UH]HQWD SURFHGXU LQVWLWXLH R VFKHP WUDQVSDUHQW GH DMXWRU GH PLQLPLV $FRUGDUHD
DMXWRDUHORUGHPLQLPLVvQFDGUXO3URJUDPXOXLVHYDIDFHQXPDLFXUHVSHFWDUHDFULWHULLORUSULYLQG
DMXWRUXOGHPLQLPLVSUHY]XWHGH5HJXODPHQWXO&(QUSULYLQGDSOLFDUHDDUWL
GLQ7UDWDWXOSULYLQGDMXWRDUHOHGHPLQLPLVSXEOLFDWvQ-XUQDOXO2ILFLDODO8QLXQLL(XURSHQH
QU/
2ELHFWLYXO SULQFLSDO DO VFKHPHL GH PLQLPLV vO FRQVWLWXLH VWLPXODUHD vQILLQULL GH QRL
PLFURvQWUHSULQGHUL FUHWHUHD SRWHQLDOXOXL GH DFFHVDUH D VXUVHORU GH ILQDQDUH L GH]YROWDUHD
DSWLWXGLQLORU DQWUHSUHQRULDOH DOH vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL vQ VFRSXO LPSOLFULL
DFHVWRUDvQVWUXFWXULHFRQRPLFHSULYDWH
3UH]HQWD VFKHP QX LQWU VXE LQFLGHQD REOLJDLHL GH QRWLILFDUH FWUH &RPLVLD
(XURSHDQvQFRQIRUPLWDWHFXSUHYHGHULOH5HJXODPHQWXOXL&(QUSULYLQGDSOLFDUHD
DUWLGLQ7UDWDWXOSULYLQGDMXWRDUHOHGHPLQLPLV
6FKHPDVHDSOLFSHvQWUHJWHULWRULXO5RPkQLHLvQWRDWHFHOHUHJLXQLGHGH]YROWDUH

%XJHWXOVFKHPHLGHPLQLPLVLPRGDOLWDWHDGHDFRUGDUHDDMXWRDUHORUGHPLQLPLV

%XJHWXO DORFDW VFKHPHL GH PLQLPLV SHQWUX DQXO EXJHWDU DSUREDW SULQ DQH[D QU
OD /HJHD QU D %XJHWXOXL GH 6WDW SH DQXO HVWH GH OHL FX
SRVLELOLWDWHDVXSOLPHQWULLSHQWUXDFRUGDUHDGHDORFDLLILQDQFLDUHQHUDPEXUVDELOH

3ULQLPSOHPHQWDUHDSURJUDPXOXLvQDQXOVHHVWLPHD]DFRUGDUHDGHDMXWRUGHPLQLPLVXQXL
QXPUGHPLQLPEHQHILFLDUL
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
%HQHILFLDULLGHDMXWRUGHPLQLPLVvQFDGUXO3URJUDPXOXL
3ULQ SURJUDP VH DFRUG IDFLOLWL SHQWUX PLFURvQWUHSULQGHULOH QRXvQILLQDWH FRQGXVH GH
vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL FDUH GHVIRDU SHQWUX SULPD GDW DFWLYLWDWH HFRQRPLF
SULQLQWHUPHGLXOXQHLVRFLHWLFXUVSXQGHUHOLPLWDWGHEXWDQW65/'
1RLXQHD GH vQWUHSULQGHUH XQLF LQFOXGH WRDWH vQWUHSULQGHULOH vQWUH FDUH H[LVW FHO SXLQ
XQDGLQWUHUHODLLOHXUPWRDUH
DRvQWUHSULQGHUHGHLQH PDMRULWDWHDGUHSWXULORUGHYRWDOHDFLRQDULORUVDXDOHDVRFLDLORU
XQHLDOWHvQWUHSULQGHUL
E R vQWUHSULQGHUH DUH GUHSWXO GH D QXPL VDX UHYRFD PDMRULWDWHD PHPEULORU RUJDQHORU GH
DGPLQLVWUDUHGHFRQGXFHUHVDXGHVXSUDYHJKHUHDOHXQHLDOWHvQWUHSULQGHUL
FRvQWUHSULQGHUHDUHGUHSWXOGHDH[HUFLWDRLQIOXHQGRPLQDQWDVXSUDDOWHLvQWUHSULQGHUL
vQ WHPHLXO XQXL FRQWUDFW vQFKHLDW FX vQWUHSULQGHUHD vQ FDX] VDX vQ WHPHLXO XQHL SUHYHGHUL
GLQFRQWUDFWXOGHVRFLHWDWHVDXGLQVWDWXWXODFHVWHLD
GRvQWUHSULQGHUHFDUHHVWHDFLRQDUVDXDVRFLDWDOXQHLDOWHvQWUHSULQGHULLFDUHFRQWUROHD]
VLQJXUvQED]DXQXLDFRUGFXDOLDFLRQDULVDXDVRFLDLDLDFHOHLvQWUHSULQGHULPDMRULWDWHD
GUHSWXULORUGHYRWDOHDFLRQDULORUVDXDOHDVRFLDLORUvQWUHSULQGHULLUHVSHFWLYH
QWUHSULQGHULOH FDUH vQWUHLQ FX XQD VDX PDL PXOWH vQWUHSULQGHUL UHODLLOH OD FDUH VH IDFH
UHIHULUHODOLWHUHOHDGVXQWFRQVLGHUDWHvQWUHSULQGHULXQLFH

3RWvQUHJLVWUDVRFLHWLFXUVSXQGHUHOLPLWDWGHWLS65/'SHUVRDQHOHIL]LFHGHQXPLWHvQ
FRQWLQXDUH vQWUHSULQ]WRUL GHEXWDQL vQ DIDFHUL FDUH vQGHSOLQHVF FXPXODWLY XUPWRDUHOH FULWHULL
GHHOLJLELOLWDWH
DDXFDSDFLWDWHMXULGLFGHSOLQGHH[HUFLLX
EDQWHULRUGDWHLvQPDWULFXOULLVRFLHWLLvQUHJLVWUXOFRPHUXOXLQXDXPDLGHLQXWLQXGHLQ
FDOLWDWHDGHDFLRQDUVDXDVRFLDWDOXQHLvQWUHSULQGHULFRQVWLWXLWHvQ6SDLXO(FRQRPLF(XURSHDQ
FvQILLQHD]SHQWUXSULPDGDWRVRFLHWDWHFXUVSXQGHUHOLPLWDWvQFRQGLLLOH/HJLLQU
SULYLQG VRFLHWLOH FRPHUFLDOH UHSXEOLFDW FX PRGLILFULOH L FRPSOHWULOH XOWHULRDUH L DOH
RUGRQDQHLGHXUJHQ
GFRPSOHWHD]RGHFODUDLHSHSURSULDUVSXQGHUHVXEVDQFLXQHDOHJLLSHQDOHFvQGHSOLQHWH
FRQGLLLOHSUHY]XWHODOLWESHFDUHRGHSXQHODUHJLVWUXOFRPHUXOXLRGDWFXFHUHUHDGH
vQPDWULFXODUHDVRFLHWLL
3HQWUX vQFDGUDUHD vQ 3URJUDP PLFURvQWUHSULQGHUHD vQILLQDW GH vQWUHSULQ]WRUXO
GHEXWDQWWUHEXLHVvQGHSOLQHDVFFXPXODWLYXUPWRDUHOHFRQGLLL
D HVWH VRFLHWDWH FRPHUFLDO FX UVSXQGHUH OLPLWDWGHEXWDQW 65/' FDUH IXQFLRQHD] SH
GXUDWQHGHWHUPLQDWvQFRQGLLLOH/HJLLQUSULYLQGVRFLHWLOHFRPHUFLDOHUHSXEOLFDW
FXPRGLILFULOHLFRPSOHWULOHXOWHULRDUHLDOHRUGRQDQHLGHXUJHQQUGLQ
E VH vQFDGUHD] vQ FDWHJRULD PLFURvQWUHSULQGHULORU vQ FRQGLLLOH /HJLL QU SULYLQG
VWLPXODUHD vQILLQULL L GH]YROWULL vQWUHSULQGHULORU PLFL L PLMORFLL FX PRGLILFULOH L
FRPSOHWULOHXOWHULRDUHLDOH2UGRQDQHLGH8UJHQQUGLQFXPRGLILFULOHL
F HVWH vQILLQDW GH XQ vQWUHSULQ]WRU GHEXWDQW FD DVRFLDW XQLF VDX GH FHO PXOW FLQFL
vQWUHSULQ]WRULGHEXWDQLDVRFLDL&RQGLLLOHSHQWUXvQWUHSULQ]WRUXOGHEXWDQWWUHEXLHvQGHSOLQLWH
GHILHFDUHGLQWUHDVRFLDLDDFXPVHSUHYHGHvQSFWDOSUH]HQWHLSURFHGXUL
G HVWHDGPLQLVWUDWGHDVRFLDWXOXQLFVDXGHXQXOVDXPDLPXOLDGPLQLVWUDWRULGLQWUHDVRFLDL
$ORFDLDILQDQFLDUDQHUDPEXUVDELODSHQWUXDQXOHVWHGHOHLSHQWUXXQFXUVHXURODGHOHL

De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
H DUHvQRELHFWXOGHDFWLYLWDWHFHOPXOWFLQFLJUXSHGHDFWLYLWDWHSUHY]XWHGHFODVLILFDUHD

DFWLYLWLORUGLQHFRQRPLDQDLRQDODvQYLJRDUH&$(15HY
Q FHOH FLQFL JUXSH GH DFWLYLWDWH QX SRW IL LQFOXVH FD RELHFW GH DFWLYLWDWH DO VRFLHWLL
XUPWRDUHOH
$ LQWHUPHGLHULILQDQFLDUHLDVLJXUUL
,QWHUPHGLHUHPRQHWDU
$FWLYLWLDOHKROGLQJXULORU
)RQGXULPXWXDOHLDOWHHQWLWLILQDQFLDUHVLPLODUH
$OWH DFWLYLWL GH LQWHUPHGLHUL ILQDQFLDUH H[FOXVLY DFWLYLWL GH DVLJXUUL L
IRQGXULGHSHQVLL
$FWLYLWLGHDVLJXUUL
$FWLYLWLGHUHDVLJXUDUH
$FWLYLWL DOH IRQGXULORU GH SHQVLL FX H[FHSLD FHORU GLQ VLVWHPXO SXEOLF GH
DVLJXUULVRFLDOH
$FWLYLWL DX[LOLDUH LQWHUPHGLHULORU ILQDQFLDUH FX H[FHSLD DFWLYLWLORU GH
DVLJXUULLIRQGXULGHSHQVLL
$FWLYLWLDX[LOLDUHGHDVLJXUULLIRQGXULGHSHQVLL
$FWLYLWDWLGHDGPLQLVWUDUHDIRQGXULORU
% WUDQ]DFLLLPRELOLDUH
&XPSUDUHDLYkQ]DUHDGHEXQXULLPRELOLDUHSURSULL
QFKLULHUHDLVXEvQFKLULHUHDEXQXULORULPRELOLDUHSURSULLVDXvQFKLULDWH
$FWLYLWLLPRELOLDUHSHED]GHFRPLVLRQVDXFRQWUDFW
& DFWLYLWLGHMRFXULGHQRURFLSDULXUL
' SURGXFLH VDX FRPHUFLDOL]DUH GH DUPDPHQW PXQLLL H[SOR]LELOL WXWXQ DOFRRO VXEVWDQH
DIODWHVXEFRQWUROQDLRQDOSODQWHVXEVWDQHLSUHSDUDWHVWXSHILDQWHLSVLKRWURSH
)DEULFDUHD EXWXULORU FX H[FHSLD FODVHL 3URGXFLD GH EXWXUL
UFRULWRDUHQHDOFRROLFHSURGXFLDGHDSHPLQHUDOHLDOWHDSHvPEXWHOLDWH
)DEULFDUHDSURGXVHORUGLQWXWXQ
)DEULFDUHDDUPDPHQWXOXLLPXQLLHL
)DEULFDUHDH[SOR]LYLORU
&RPHUFXULGLFDWDDOSURGXVHORUGLQWXWXQ
&RPHUFXDPQXQWXODOEXWXULORUvQPDJD]LQHVSHFLDOL]DWH
&RPHUFXDPQXQWXODOSURGXVHORUGLQWXWXQvQPDJD]LQHVSHFLDOL]DWH
SUHFXPLDFWLYLWLOHH[FOXVHGHQRUPHOHHXURSHQHSHQWUXFDUHQXVHSRDWHDFRUGDDMXWRUGHVWDW
UHVSHFWLY
$
DFWLYLWL GH SHVFXLW L DFYDFXOWXU DFRSHULWH GH 5HJXODPHQWXO &RQVLOLXOXL &( QU

3HVFXLWXO
$FYDFXOWXUD
%
DFWLYLWLOHJDWHGHSURGXFLDSULPDUDSURGXVHORUDJULFROHDDFXPVXQWHQXPHUDWHvQ
DQH[DOD7UDWDWXOGHLQVWLWXLUHD&RPXQLWLL(XURSHQHFXH[FHSLDSURGXVHORURELQXWH
GLQSHVFXLWLDFYDFXOWXUSUHY]XWHvQ5HJXODPHQWXO&(QU
&XOWLYDUHDSODQWHORUQHSHUPDQHQWH
&XOWLYDUHDSODQWHORUGLQFXOWXULSHUPDQHQWH
&XOWLYDUHDSODQWHORUSHQWUXvQPXOLUH
&UHWHUHDDQLPDOHORU
$FWLYLWLvQIHUPHPL[WHFXOWXUDYHJHWDOFRPELQDWFXFUHWHUHDDQLPDOHORU

5HJXODPHQWXO &( QU DO &RQVLOLXOXL GLQ GHF SULYLQG RUJDQL]DUHD FRPXQ D SLHHORU vQ VHFWRUXO
SURGXVHORUSHVFUHWLLGHDFYDFXOWXU

De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
$FWLYLWLDX[LOLDUHDJULFXOWXULLLDFWLYLWLGXSUHFROWDUH
9kQWRDUH FDSWXUDUHD FX FDSFDQH D YkQDWXOXL L DFWLYLWL GH VHUYLFLL DQH[H
YkQWRULL
&
DFWLYLWL GH SUHOXFUDUH L FRPHUFLDOL]DUH D SURGXVHORU DJULFROH OLVWDWH vQ DQH[D OD
7UDWDWXOGHLQVWLWXLUHD&RPXQLWLL(XURSHQHvQXUPWRDUHOHFD]XUL
FkQG YDORDUHD DMXWRUXOXL HVWH VWDELOLW SH ED]D SUHXOXL VDX D FDQWLWLL SURGXVHORU GH
DFHVW WLS DFKL]LLRQDWH GH OD SURGXFWRULL SULPDUL VDX LQWURGXVH SH SLD GH RSHUDWRULL
HFRQRPLFLUHVSHFWLYL
FkQG DMXWRUXO HVWH FRQGLLRQDW GH D IL SDULDO VDX LQWHJUDO WUDQVIHUDW SURGXFWRULORU
SULPDULIHUPLHUL
3ULQSUHOXFUDUHDSURGXVHORUDJULFROHVHvQHOHJHRULFHRSHUDLXQHHIHFWXDWDVXSUDXQXLSURGXV
DJULFRO FDUH DUH GUHSW UH]XOWDW XQ SURGXV FDUH HVWH WRW XQ SURGXV DJULFRO FX H[FHSLD DFWLYLWLORU
GHVIXUDWHvQH[SORDWDLLOHDJULFROHQHFHVDUHvQYHGHUHDSUHJWLULLXQXLSURGXVGHRULJLQHDQLPDOVDX
YHJHWDOSHQWUXSULPDYkQ]DUH
3ULQ FRPHUFLDOL]DUHD SURGXVHORU DJULFROH VH vQHOHJH GHLQHUHD VDX H[SXQHUHD XQXL SURGXV
DJULFROvQYHGHUHDYkQ]ULLDSXQHULLvQYkQ]DUHDOLYUULLVDXDRULFUHLDOWHIRUPHGHLQWURGXFHUHSH
SLDFXH[FHSLDSULPHLYkQ]ULGHFWUHXQSURGXFWRUSULPDUFWUHUHYkQ]WRULVDXSUHOXFUWRULLD
RULFUHLDOWHDFWLYLWLGHSUHJWLUHDSURGXVXOXLSHQWUXDFHDVWSULPYkQ]DUHRYkQ]DUHHIHFWXDWGH
FWUHXQSURGXFWRUSULPDUFWUHFRQVXPDWRULILQDOLHVWHFRQVLGHUDWFRPHUFLDOL]DUHvQFD]XOvQFDUHVH
GHVIRDUvQORFDOXULGLVWLQFWHUH]HUYDWHDFHVWHLDFWLYLWL
'
DFWLYLWL OHJDWH GH H[SRUW FWUH VWDWH WHUH VDX VWDWH PHPEUH L DQXPH DMXWRDUHOH
OHJDWHGLUHFWGHFDQWLWLOHH[SRUWDWHGHvQILLQDUHDLIXQFLRQDUHDXQHLUHHOHGHGLVWULEXLH
VDXSHQWUXDOWHFKHOWXLHOLFXUHQWHOHJDWHGHDFWLYLWDWHDGHH[SRUW
(
DMXWRDUHOH FRQGLLRQDWH GH XWLOL]DUHD SUHIHUHQLDO D SURGXVHORU QDLRQDOH ID GH
SURGXVHOHLPSRUWDWH
)
DMXWRDUHOHGHVWLQDWHDJHQLORUHFRQRPLFLFDUHDFWLYHD]vQVHFWRUXOFDUERQLIHUDDFXP
HVWH GHILQLW vQ 5HJXODPHQWXO &( QU SULYLQG DMXWRUXO GH VWDW SHQWUX LQGXVWULD
FUEXQHOXL&$(15HY
([WUDFLDFUEXQHOXLVXSHULRU
([WUDFLDFUEXQHOXLLQIHULRU
([WUDFLDSHWUROXOXLEUXW
([WUDFLDJD]HORUQDWXUDOH
([WUDFLDPLQHUHXULORUGHXUDQLXLWRULX
([WUDFLDWXUEHL
$FWLYLWLGHVHUYLFLLDQH[HH[WUDFLHLSHWUROXOXLEUXWLJD]HORUQDWXUDOH
$FWLYLWLGHVHUYLFLLDQH[HSHQWUXH[WUDFLDPLQHUDOHORU
*
DMXWRDUHOH SHQWUX DFKL]LLRQDUHD YHKLFXOHORU GH WUDQVSRUW UXWLHU GH PDUI DFRUGDWH
DJHQLORUHFRQRPLFLFDUHDXFDRELHFWGHDFWLYLWDWHSUHVWDUHDGHVHUYLFLLGHWUDQVSRUWUXWLHU
GHPDUIvQFRQWXOWHULORUVDXFRQWUDFRVW
I QX DX EHQHILFLDW GH DORFDLH ILQDQFLDU QHUDPEXUVDELO vQ FDGUXO 3URJUDPXOXL vQ DQLL
DQWHULRUL
J QX DX GHSLW SODIRQXO GH PLQLPLV GH (XUR SH GXUDWD D WUHL H[HUFLLL ILQDQFLDUH
SHQWUX R vQWUHSULQGHUH XQLF DD FXP HVWH DFHVWD GHILQLW GH 5HJXODPHQWXO 8( QU
DO&RPLVLHLGLQGHFHPEULHSULYLQGDSOLFDUHDDUWLFROHORULGLQ
7UDWDWXOSULYLQGIXQFLRQDUHD8QLXQLL(XURSHQHDMXWRDUHORUGHPLQLPLVL(XURSH
GXUDWDDWUHLH[HUFLLLILQDQFLDUHSHQWUXEHQHILFLDULLFDUHGHVIRDUDFWLYLWLGHWUDQVSRUWGH
PUIXULvQFRQWXOWHULORUVDXFRQWUDFRVW3ODIRDQHOHVHDSOLFLQGLIHUHQWGHIRUPDDMXWRUXOXL
GHPLQLPLVVDXGHRELHFWLYXOXUPULWLLQGLIHUHQWGDFDMXWRUXOHVWHDFRUGDWGLQIRQGXULGH
ODEXJHWXOGHVWDWVDXGLQIRQGXULFRPXQLWDUH

QFD]XOvQFDUHYDORDUHDWRWDODDMXWRDUHORUGHPLQLPLVDFRUGDWHXQHLvQWUHSULQGHULXQLFHSH
RSHULRDGGHWUHLDQLILVFDOLFRQVHFXWLYLFXPXODWFXYDORDUHDDORFULLILQDQFLDUHDFRUGDWH
vQ FRQIRUPLWDWH FX SUHYHGHULOH SUH]HQWHL VFKHPH GHSHWH SODIRDQHOH GH PLQLPLV
PHQLRQDWHODOLWHUDJvQWUHSULQGHUHDVROLFLWDQWQXSRDWHEHQHILFLDGHSUHYHGHULOHVFKHPHL
QLFLFKLDUSHQWUXDFHDIUDFLHGLQDMXWRUFDUHQXGHSHWHDFHVWHSODIRDQH
rs
oa
ne
lo
r
fi
zi
ce
K QXDXGDWRULLODEXJHWXOJHQHUDOFRQVROLGDWLODEXJHWHOHORFDOHDWkWSHQWUXVHGLXOVRFLDOFkW
L SHQWUX WRDWH SXQFWHOH GH OXFUX 6ROLFLWDQLL FDUH DX GDWRULL HDORQDWH QX VXQW HOLJLELOL
SHQWUXDDFFHVD3URJUDPXO
L QXVHDIOvQVWDUHGHGL]ROYDUHUHRUJDQL]DUHMXGLFLDUOLFKLGDUHH[HFXWDUHVLOLWvQFKLGHUH
RSHUDLRQDOLQVROYHQIDOLPHQWVDXVXVSHQGDUHWHPSRUDUDDFWLYLWLL
M QXVXQWvQGLILFXOWDWHvQFRQIRUPLWDWHFXSUHYHGHULOH2ULHQWULSULYLQGDMXWRDUHOHGHVWDW
SHQWUXVDOYDUHDLUHVWUXFWXUDUHDvQWUHSULQGHULORUQHILQDQFLDUHDIODWHvQGLILFXOWDWHSXEOLFDWH
vQ-XUQDOXO2ILFLDODO8QLXQLL(XURSHQHQU&
N QX DX IRVW VXELHFWXO XQHL GHFL]LL D &RPLVLHL (XURSHQH 27,00& GH UHFXSHUDUH D XQXL
DMXWRUGHVWDWDMXWRUGHPLQLPLVVDXvQFD]XOvQFDUHDXIFXWRELHFWXOXQHLDVWIHOGHGHFL]LL
DFHDVWDDIRVWGHMDH[HFXWDWLFUHDQDLQWHJUDOUHFXSHUDW
fo
rm
ar
ii
pe
QFD]XO IX]LXQLORU VDXD DFKL]LLLORU DWXQFL FkQG VHVWDELOHWH GDF XQ QRX DMXWRU GH PLQLPLV
DFRUGDWXQHLvQWUHSULQGHULQRLVDXvQWUHSULQGHULLFDUHIDFHDFKL]LLDGHSHWHSODIRQXOUHOHYDQW
VH LDX vQ FRQVLGHUDUH WRDWH DMXWRDUHOH GH PLQLPLV DQWHULRDUH DFRUGDWH WXWXURU vQWUHSULQGHULORU
FDUH IX]LRQHD] $MXWRDUHOH GH PLQLPLV DFRUGDWH OHJDO vQDLQWH GH IX]LXQH VDX DFKL]LLH UPkQ
OHJDODFRUGDWH
ex
cl
us
iv
in
QFD]XOvQFDUHRvQWUHSULQGHUHvLGHVIRDUDFWLYLWDWHDDWkWvQWUXQXOGLQVHFWRDUHOHH[FHSWDWH
FkWLvQXQXOVDXPDLPXOWHVHFWRDUHVDXGRPHQLLGHDFWLYLWDWHLQFOXVHvQGRPHQLXOGHDSOLFDUH
DOH SUH]HQWHL VFKHPH SUHYHGHULOH DFHVWHLD VH DSOLF DMXWRDUHORU DFRUGDWH SHQWUX VHFWRDUHOH
QHH[FHSWDWH 3HQWUX D EHQHILFLD GH SUHYHGHULOH VFKHPHL vQWUHSULQGHUHD vQ FDX] WUHEXLH V VH
DVLJXUH SULQ PLMORDFH FRUHVSXQ]WRDUH SUHFXP VHSDUDUHD DFWLYLWLORU VDX R GLVWLQFLH vQWUH
FRVWXULFDFWLYLWLOHGHVIXUDWHvQVHFWRDUHOHH[FOXVHGLQGRPHQLXOGHDSOLFDUHQXEHQHILFLD]
GHDMXWRDUHGHPLQLPLVDFRUGDWHvQFRQIRUPLWDWHFXSUH]HQWDVFKHP
De
st
in
at
Q FD]XO vQ FDUH R vQWUHSULQGHUH VH vPSDUWH vQ GRX VDX PDL PXOWH vQWUHSULQGHUL VHSDUDWH
DMXWRDUHOHGH PLQLPLVDFRUGDWHvQDLQWH GH VHSDUDUH VH DORF vQWUHSULQGHULL FDUHDEHQHILFLDWGH
DFHVWHDLDQXPHvQSULQFLSLXvQWUHSULQGHULLFDUHSUHLDDFWLYLWLOHSHQWUXFDUHDXIRVWXWLOL]DWH
DMXWRDUHOH GH PLQLPLV Q FD]XO vQ FDUH R DVWIHO GH DORFDUH QX HVWH SRVLELO DMXWRDUHOH GH
PLQLPLV VH DORF SURSRULRQDO SH ED]D YDORULL FRQWDELOH D FDSLWDOXOXL VRFLDO DO QRLORU
vQWUHSULQGHULODGDWDODFDUHVHSDUDUHDSURGXFHHIHFWH
3HQWUX IX]LXQLOH LVDX D DFKL]LLLOH FH PRGLILF VWDWXWXO FRQWUROXOXL vQ FD]XO GHSLULL
SODIRDQHORU YDORULFH SUHY]XWH GH DUW GLQ /HJHD FRQFXUHQHL QU UHSXEOLFDW FX
PRGLILFULOH L FRPSOHWULOH XOWHULRDUH DFHVWHD YRU IL QRWLILFDWH &RQVLOLXOXL &RQFXUHQHL
SXQHUHD vQ DSOLFDUH D WUDQ]DFLHL GH QDWXUD FRQFHQWUULL HFRQRPLFH ILLQG SRVLELO GRDU GXS
RELQHUHDXQHLGHFL]LLGHDXWRUL]DUHGLQSDUWHDDXWRULWLLGHFRQFXUHQ$VSHFWXOSRDWHYL]DL
WUDQ]DFLLOH GH GLYL]DUH PHQLRQDWH PDL VXV vQ FD]XO vQ FDUH DFWLYHOH LVDX vQWUHSULQGHUHD FX
IXQFLRQDUHGHSOLQUH]XOWDWHGHSHVFSUDJXULOHYDORULFHSUHY]XWHGH/HJHDFRQFXUHQHL

$MXWRUXO GH PLQLPLV DFRUGDW SULQ SUH]HQWD PVXU SRDWH IL FXPXODW FX DMXWRDUHOH GH PLQLPLV
DFRUGDWHvQFRQIRUPLWDWHFX5HJXODPHQWXO8(QUDO&RPLVLHLvQOLPLWDSODIRQXOXL
VWDELOLWvQUHJXODPHQWXOUHVSHFWLY
fi
zi
ce
$MXWRDUHOH GH PLQLPLV QX VH FXPXOHD] FX DMXWRDUHOH GH VWDW DFRUGDWH SHQWUX DFHOHDL FRVWXUL
HOLJLELOH VDX FX DMXWRDUHOH GH VWDW DFRUGDWH SHQWUX DFHHDL PVXU GH ILQDQDUH SULQ FDSLWDO GH
ULVFGDFXQDVWIHOGHFXPXODUGHSLLQWHQVLWDWHDVDXYDORDUHDPD[LPUHOHYDQWDDMXWRUXOXL
VWDELOLW SHQWUX FRQGLLLOH VSHFLILFH DOH ILHFUXL FD] GH XQ UHJXODPHQW VDX GH R GHFL]LH GH
H[FHSWDUHSHFDWHJRULLDGRSWDWGH&RPLVLH$MXWRDUHOHGHPLQLPLVFDUHQXVHDFRUGSHQWUXVDX
QXVXQWOHJDWHGHFRVWXULHOLJLELOHVSHFLILFHSRWILFXPXODWHFXDOWHDMXWRDUHGHVWDWDFRUGDWHvQ
WHPHLXOXQXLUHJXODPHQWGHH[FHSWDUHSHFDWHJRULLVDXDOXQHLGHFL]LLDGRSWDWHGH&RPLVLH
rm
ar
ii
pe
rs
oa
ne
lo
r
1X SRW EHQHILFLD GH $)1 vQ FDGUXO 3URJUDPXOXL RSHUDWRULL HFRQRPLFL vQ VLWXDLD vQ FDUH
H[LVW OHJWXUL vQWUH VWUXFWXULOH DFLRQDULDWXOXL EHQHILFLDUXOXL L RIHUWDQLL DFHVWXLD vQWUH
SHUVRQDOXO GLQ FDGUXO 0(,000$27,00& LPSOLFDW vQ LPSOHPHQWDUHD 3URJUDPXOXL UXGHOH
DFHVWRUD L RIHUWDQL DWXQFL FkQG RIHUWDQWXO FkWLJWRU GHLQH SDFKHWXO PDMRULWDU GH DFLXQL vQ
GRX ILUPH SDUWLFLSDQWH SHQWUX DFHODL WLS GH DFKL]LLH vQ FDGUXO DFKL]LLLORU UHDOL]DWH GH
VROLFLWDQLL SULYDL DL IRQGXULORU QHUDPEXUVDELOH VDX vQ VLWXDLD vQ FDUH H[LVW OHJWXUL vQWUH
VWUXFWXULOH DFLRQDULDWXOXL EHQHILFLDUXOXL L SHUVRQDOXO GLQ FDGUXO 0(,000$27,00& L
UXGHOH DFHVWXLD SkQ OD JUDGXO ,, LQFOXVLY UHVSHFWLYL DILQL $SOLFDQWXO YD GHSXQH OD GHFRQW R
GHFODUDLH vQ DFHVW VHQV DWDDW GRVDUXOXL GH DFKL]LLH FRQIRUP OHJLVODLHL vQ YLJRDUH SULYLQG
FRQIOLFWXOGHLQWHUHVH
De
st
in
at
ex
cl
us
iv
in
fo
Not referitoare la conflictul de interese :

/HJLVODLHFRQH[/HJHDQUSHQWUXSUHYHQLUHDGHVFRSHULUHDLVDQFLRQDUHDIDSWHORUGH
FRUXSLH/HJHDQUSULYLQGFRGXOGHFRQGXLWDSHUVRQDOXOXLFRQWUDFWXDOGLQLQVWLWXLLOH
LDXWRULWLOHSXEOLFH&RGXO3HQDODO5RPkQLHL

Q DIDUD REOLJDLLORU VWDELOLWH SULQ DFWHOH QRUPDWLYH vQ YLJRDUH DSOLFDELOH RULFUXL RSHUDWRU
HFRQRPLF PLFURvQWUHSULQGHUHD DSDULQkQG vQWUHSULQ]WRUXOXL GHEXWDQW vQ DIDFHUL DUH L
XUPWRDUHOHREOLJDLLVSHFLILFH
D
V QRWLILFH vQ VFULV FX SULYLUH OD vQILLQDUH 2ILFLXO 7HULWRULDO SHQWUX ,00 L
&RRSHUDLH27,00&vQDFUXLUD]GHFRPSHWHQvLDUHVHGLXOvQWHUPHQGHFHOPXOW
]LOHOXFUWRDUHGHODvQUHJLVWUDUHvQYHGHUHDOXULLvQHYLGHQ/LVWD27,00&VHJVHWH
vQDQH[DQUODSUH]HQWDSURFHGXUD
E
VDQJDMH]HFXFRQWUDFWGHPXQFSHGXUDWQHGHWHUPLQDWFXQRUPvQWUHDJL
VPHQLQvQDFWLYLWDWHFHOSXLQVDODULDLGHODPRPHQWXORELQHULLIDFLOLWLORUSUHY]XWHOD
DUW OLW D LVDX E SkQ OD SLHUGHUHD FDOLWLL GH PLFURvQWUHSULQGHUH DSDULQkQG
vQWUHSULQ]WRUXOXLGHEXWDQWvQDIDFHUL
F
V UHLQYHVWHDVF DQXDO FHO SXLQ GLQ SURILWXO UHDOL]DW vQ DQXO ILVFDO
SUHFHGHQW
G
VGHSXQOD27,00&vQDFUXLUD]GHFRPSHWHQvLDUHVHGLXOVLWXDLLOH
ILQDQFLDUH VHPHVWULDOH L DQXDOH FX GRYDGD vQUHJLVWUULL DFHVWRUD OD DXWRULWLOH FRPSHWHQWH
SUHFXPLXQUDSRUWVHPHVWULDOGHSURJUHVSHRSHULRDGGHDQLvQFHSkQGFXDQXOvQFDUHVD
RELQXWDMXWRUXOQHUDPEXUVDELO

5(*8/$0(178/8(15$/&20,6,(,GLQDSULOLHSULYLQGDSOLFDUHDDUWLFROHORULGLQ
7UDWDWXOSULYLQGIXQFLRQDUHD8QLXQLL(XURSHQHvQFD]XODMXWRDUHORUGHPLQLPLVDFRUGDWHvQWUHSULQGHULORUFDUHSUHVWHD]
VHUYLFLLGHLQWHUHVHFRQRPLFJHQHUDODUWDOLQ9DORDUHDWRWDODDMXWRDUHORUGHPLQLPLVDFRUGDWHXQHLvQWUHSULQGHUL
FDUHSUHVWHD]VHUYLFLLGHLQWHUHVHFRQRPLFJHQHUDOQXGHSHWH(85SHQWUXRSHULRDGGHWUHLDQLILVFDOL

De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce

7LSXULOHGHDMXWRUILQDQFLDU

0LQLVWHUXOXL(QHUJLHLQWUHSULQGHULORU0LFLL0LMORFLLL0HGLXOXLGH$IDFHULSULQ'LUHFLD
3ROLWLFL $QWUHSUHQRULDOH L ,PSOHPHQWDUH 3URJUDPH SHQWUX ,00 DGPLQLVWUHD] JHVWLRQHD] L
GHUXOHD]GLUHFWVDXSULQ LQWHUPHGLXORUJDQL]DLLORURULLQVWLWXLLORUGHGUHSWSULYDWSURJUDPHOH
GHvQFXUDMDUHLVWLPXODUHDvQILLQULLLGH]YROWULLvQWUHSULQGHULORUPLFLLPLMORFLLILQDQDWHGH
ODEXJHWXOGHVWDWODQLYHOQDLRQDOLODQLYHOORFDOSULQLQWHUPHGLXO2ILFLLORU7HULWRULDOHSHQWUX
QWUHSULQGHUL 0LFL L 0LMORFLL L &RRSHUDLH GHQXPLWH vQ FRQWLQXDUH 27,00& L DVLJXU
PDQDJHPHQWXOILQDQFLDULVDXWHKQLFDOIRQGXULORUDORFDWHGHODEXJHWXOGHVWDWFRQIRUP/HJLL
QU SULYLQG VWLPXODUHD vQILLQULL L GH]YROWULL vQWUHSULQGHULORU PLFL L PLMORFLL FX
PRGLILFULOHLFRPSOHWULOHXOWHULRDUHFDUHWUDQVSXQHvQOHJLVODLDQDLRQDO5HFRPDQGDUHD&(
QUGLQGDWDPDLSXEOLFDWvQ-XUQDOXO2ILFLDODO8(QU/GLQGDWDGHPDL

3ULQ3URJUDPVHILQDQHD]LPSOHPHQWDUHD3ODQXULORUGH$IDFHULvQRUGLQHDGHVFUHVFWRDUH
DSXQFWDMHORURELQXWHvQXUPWRDUHOHFRQGLLL
- $ORFDLH )LQDQFLDU 1HUDPEXUVDELO PD[LP GLQ YDORDUHD FKHOWXLHOLORU HOLJLELOH
DIHUHQWHSURLHFWXOXLGDUQXPDLPXOWGHOHLEHQHILFLDU
- &RQWULEXLH SURSULH VDX FUHGLW EDQFDU PLQLP GLQ YDORDUHD FKHOWXLHOLORU HOLJLELOH
DIHUHQWHSURLHFWXOXL

2ELHFWXOILQDQULLWUHEXLHVVHvQFDGUH]HvQXQDVDXPDLPXOWHGLQXUPWRDUHOHFDWHJRULL
HOLJLELOH
,19(67,,,/(1$&7,9(&25325$/(UHIHULWRDUHOD
D 7HUHQXULSHQWUXUHDOL]DUHDGHFRQVWUXFLLDPHQDMDUH HIHFWXDWH vQFDGUXOSURLHFWXOXLGHVWLQDWH
DFWLYLWLL SHQWUX FDUH VD VROLFLWDW ILQDQDUHD DFKL]LLRQDUHD GH WHUHQXUL IU
FRQVWUXFLHDPHQDMDUH HIHFWXDWH vQ FDGUXO SURLHFWXOXL QX UHSUH]LQW FKHOWXLDO HOLJLELO vQ
3URJUDP DPHQDMDUDUHD SH WHUHQXUL vQFKLULDWH FRQFHVLRQDWH SHQWUX UHDOL]DUHD DFWLYLWLORU
SURLHFWXOXL UHSUH]LQW FKHOWXLDO HOLJLELO QXPDL SHQWUX UHDOL]DUHD DFWLYLWLORU VSRUWLYH
UHFUHDWLYHLGLVWUDFWLYHGLYL]LXQHD
E &RQVWUXFLLSHQWUXGHVIXUDUHDDFWLYLWLLSHQWUXFDUHVDVROLFLWDWILQDQDUHD
F $FKL]LLRQDUHD GH VSDLL GHVWLQDWH UHDOL]ULL DFWLYLWLL SHQWUX FDUH VD VROLFLWDW ILQDQDUH
&RVWXULOHGHVSDLXFXSULQG
6SDLXGHELURXUL
6SDLXGHSURGXFLH

6SDLXGHGHVIXUDUHDFWLYLWLFRPHUFLDOHLSUHVWULVHUYLFLL
6SDLXGHGHSR]LWDUH
G $FKL]LLRQDUHDGHPRELOLHUSHQWUXGRWDUHDVSDLLORUDPHQDMDWHGHVWLQDWHDFWLYLWLLSHQWUXFDUH
VDVROLFLWDWILQDQDUHD
H (FKLSDPHQWHWHKQRORJLFHPDLQLXWLODMHLLQVWDODLLGHOXFUXDSDUDWHLLQVWDODLLGHPVXU
FRQWUROLUHJODUHWHKQLFGHFDOFXOHWF
I $FKL]LLRQDUHD GH DXWRXWLOLWDUH GLQ FDWHJRULD 1 1 1 FX H[FHSLD YHKLFXOHORU GH WHUHQ
VLPERO*FRQIRUP2UGLQXOXL0/37/FXPRGLILFULOHLFRPSOHWULOHXOWHULRDUHUHVSHFWLY
6HLDXvQFRQVLGHUDUHFKHOWXLHOLOHDIHUHQWHUHDOL]ULLXQHLFRQVWUXFLLGRDUvQFD]XOvQFDUHDFHDVWDVHUHDOL]HD]FXR
vQWUHSULQGHUHDXWRUL]DWvQGRPHQLX
9DORDUHD DFWLYXOXL FRUSRUDO DFKL]LLRQDW vQ FDGUXO SURJUDPXOXL VH YD VWDELOL SH ED]D XQHL HYDOXUL DO XQXL H[SHUW HYDOXDWRU
$1(9$5
$FWLYHOHGLQFDGUXODFHVWHLFDWHJRULLQXWUHEXLHVDLEGHVWLQDLHORFDWLY

FXH[FHSLDYHKLFXOHORUGHWUDQVSRUWUXWLHUGHPUIXULvQFRQWXOWHULORUVDXFRQWUDFRVWVROLFLWDWHGH
vQWUHSULQGHULOHFDUHHIHFWXHD]WUDQVSRUWUXWLHUGHPUIXULvQFRQWXOWHULORUVDXFRQWUDFRVW
QFD]XOvQFDUHvQWUHSULQGHUHDEHQHILFLDUGHDMXWRUGHPLQLPLVSHOkQJDFWLYLWDWHDHOLJLELOSHQWUX
FDUHVROLFLWVSULPHDVFDMXWRUvQFDGUXOVFKHPHLGHPLQLPLVGHVIRDULDFWLYLWLGHWUDQVSRUW
GH PUIXUL vQ FRQWXO WHULORU VDX FRQWUD FRVW QX SRDWH XWLOL]D DMXWRUXO GH PLQLPLV SHQWUX
DFKL]LLRQDUHDGHPLMORDFHGHWUDQVSRUWPDUIGHFkWGDFVHDVLJXUSULQVHSDUDUHDDFWLYLWLORUVDX
R GLVWLQFLH FODU vQWUH FRVWXUL F DFWLYLWDWHD H[FOXV GLQ GRPHQLXO GH DSOLFDUH DO VFKHPHL QX
EHQHILFLD]GHDMXWRDUHGHPLQLPLV
6XQWHOLJLELOHvQFDGUXOSURJUDPXOXLDXWRXWLOLWDUHGLQFDWHJRULD111FXH[FHSLDYHKLFXOHORU
GHWHUHQVLPERO*FRQIRUP2UGLQXOXL0/37/FXPRGLILFULOHLFRPSOHWULOHXOWHULRDUHvQ
OHJWXU GLUHFW FX IOX[XO VXEDFWLYLWLORU DSURYL]LRQDUHSURPRYDUH DFWLYLWDWHD FRGXOXL &$(1
GLVWULEXLHYkQ]DUH FDUH VXQW QHFHVDUH GHVIXUULL DFWLYLWLORU FRGXOXL &$(1 DXWRUL]DW SHQWUX
FDUH VH VROLFLW ILQDQDUH DD FXP VXQW GHWDOLDWH DFWLYLWDWLOH FRGXOXL &$(1 vQ &ODVLILFDUHD
DFWLYLWLORUGLQHFRQRPLDQDLRQDO&$(15HY
QFD]XOvQFDUHODFHUWLILFDUHVHFRQVWDWFDXWRXWLOLWDUHOHDFKL]LLRQDWHQXIDFSDUWHGLQFDWHJRULLOH
HQXQDWHPDLVXVQXVHYDSURFHGDODDFRUGDUHD$)1
J DFKL]LLRQDUHD GH LQVWDODLL GH vQFO]LUH VDX FOLPDWL]DUH DIHUHQWH VSDLXOXL GH
SURGXFLHVHUYLFLLFRPHU

,19(67,,,/( 1 $&7,9( 1(&25325$/( UHIHULWRDUH OD EUHYHWH GH LQYHQLH GHVLJQ
LQGXVWULDO PUFL GH SURGXVH L VHUYLFLL IUDQFL]H HWLFKHWDUH HFRORJLF OLFHQH VL VRIWZDUH HWF
UHDOL]DUH VLWH PD[LP OHL SHQWUX SUH]HQWDUHD DFWLYLWLL VROLFLWDQWXOXL LDSURGXVHORU VDX
VHUYLFLLORU SURPRYDWH LQFOXVLY FKHOWXLHOL vQUHJLVWUDUH GRPHQLX IU KRVWLQJ SHQWUX RSHUDWRULL
HFRQRPLFLFDUHQXGHLQDOWVLWHLFDUHWUHEXLHVILHIXQFLRQDOODGDWDGHSXQHULLFHUHULLGHHOLEHUDUH
D$)1
0LFURvQWUHSULQGHULOH65/'WUHEXLHVvQGHSOLQHDVFFRQIRUPFULWHULLORUGHHYDOXDUHDSODQXOXLGH
DIDFHUL DQH[ OD QRUPHOH PHWRGRORJLFH GH DSOLFDUH D 2UGRQDQHL GH XUJHQ D *XYHUQXOXL QU
SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL
GHEXWDQL vQ DIDFHUL FULWHULXO PLQLP REOLJDWRULX SULYLQG SRQGHUHD LQYHVWLLLORU FRUSRUDOH L
QHFRUSRUDOHGHPLQLPGLQWRWDOXOFKHOWXLHOLORUHOLJLELOHQHUHVSHFWDUHDDFHVWXLDFRQGXFkQGOD
UHVSLQJHUHDSODQXOXLGHDIDFHUL
$/7(&26785,'(23(5$5(UHIHULWRDUHOD
D &RVWXULFXUHQWH

0DWHULLSULPHPUIXUL

0DWHULDOHFRQVXPDELOHPDWHULDOHDX[LOLDUH
E &RVWXULGHSHUVRQDOVDODULLFRVWXULDVLJXUULVRFLDOH
F &RVWXULGHWUDLQLQJLIRUPDUHSHUVRQDO
G 6HUYLFLLH[WHUQH

&RQWDELOLWDWH

&RQVXOWDQILVFDO

&RQVXOWDQMXULGLF

&RQVXOWDQvQPDQDJHPHQW

&RQVXOWDQ,7

&RQVXOWDQW35

&RQVXOWDQSHQWUXvQWRFPLUHDSODQXOXLGHDIDFHULDFHDVWDILLQGVLQJXUDFKHOWXLDOFDUH
VHSRDWHUHDOL]DvQDLQWHGHVHPQDUHDFRQWUDFWXOXLGHILQDQWDUH
&KHOWXLHOLOHFXVHUYLFLLOHGHFRQVXOWDQGHRULFHWLSQXSRWGHSLGLQYDORDUHDWRWDOHOLJLELOD
SURLHFWXOXLPDLSXLQFRQVXOWDQD
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
10

11
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
)XUQL]RULL GH VHUYLFLL GH FRQVXOWDQ HOLJLELOL vQ FDGUXO 3URJUDPXOXL SRW IL QXPDL VRFLHWL VDX
RUJDQL]DLLIXUQL]RDUHGHFRQVXOWDQDXWRUL]DWHDYkQGFDDFWLYLWDWHDXWRUL]DWXQDGLQWUHDFWLYLWLOH
LQFOXVHvQFRG&$(1FODVD
H &RVWXULOH OHJDWH GH vQFO]LUH JD] HOHFWULFLWDWH FXUHQLH UHSDUDLL DVLJXUDUH DSFDQDO
JXQRL
I
&RVWXULOHJDWHGHSURFHVXOGHYkQ]DUH
J &RVWXULDGPLQLVWUDWLYH
K &KLULL SHQWUX VSDLL GH ELURXUL SURGXFLH GH GHVIXUDUH DFWLYLWL FRPHUFLDOH L SUHVWUL
VHUYLFLLGHSR]LWDUHVROLFLWDQWXOYDIDFHGRYDGDvQFKLULHULLVSDLXOXLSHQWUXFDUHVROLFLWFKLULDSHR
SHULRDGGHPLQLPDQL
L
$OWHFRVWXULFRQH[HOHJDWHGHFRGXO&$(1DFFHVDWvQFDGUXO3URJUDPXOXL
UDFRUGDUHDODXWLOLWLDSJD]HOHFWULFLWDWHFDQDOL]DUH
LQIUDVWUXFWXUDQHFHVDUUDFRUGULLODXWLOLWLGUXPGHDFFHVUHDELOLWULDPHQDMUL
DVLJXUDUHDQRUPHORUGHSURWHFLDPXQFLLGHSURWHFLDPHGLXOXL
M &RPLVLRQXO GH JDUDQWDUH DIHUHQW DQXOXL DFRUGULL JDUDQLHL GDWRUDW )RQGXOXL 1DLRQDO GH
*DUDQWDUH D &UHGLWHORU SHQWUX QWUHSULQGHUL 0LFL L 0LMORFLL 6$ ,)1 )1*&,00 vQ
FD]XOJDUDQLLORUDFRUGDWHSHQWUXFUHGLWHOHFRQWUDFWDWHGHEHQHILFLDULvQYHGHUHDUHDOL]ULLSODQXULORU
GHDIDFHULDFFHSWDWHvQFDGUXO3URJUDPXOXLSHQWUXVROLFLWDQLLFDUHDVLJXUFRQWULEXLDSURSULHGLQ
FUHGLW

6ROLFLWDQWXO YD IDFH GRYDGD GHLQHULL vQ SURSULHWDWH D WHUHQXOXL SH FDUH XUPHD] V VH UHDOL]H]H
FRQVWUXFLDDPHQDMDUHDVDXDGHLQHULLXQXLGUHSWGHX]XIUXFWFRQWUDFWGHFRQFHVLXQHRULvQFKLULHUH
DWHUHQXOXLUHVSHFWLYYDODELOSHRSHULRDGGHPLQLPXPDQLGHODILQDOL]DUHDLQYHVWLLHL
3HQWUXDILLQFOXVHvQLQYHVWLLDHOLJLELODFWLYHOHFRUSRUDOHLQHFRUSRUDOHWUHEXLHVvQGHSOLQHDVF
XUPWRDUHOHFRQGLLL
DVUPkQvQSURSULHWDWHDPLFURvQWUHSULQGHULL65/'FDUHDEHQHILFLDWGHDMXWRUGHPLQLPLVFHO
SXLQDQLvQFHSkQGFXDQXOXUPWRUDFRUGULLGH$)1
EVILHFRQVLGHUDWHDFWLYHPLMORDFHIL[HVDXRELHFWHGHLQYHQWDU
FVILHDFKL]LLRQDWHvQFRQGLLLGHSLDUHVSHFWLYVILHvQWRFPLWXQGRVDUGHDFKL]LLHFRQIRUP
SXQFWXOXLGLQSUH]HQWDSURFHGXU
G V ILH LQFOXVH vQ FDWHJRULD DFWLYHORU SURSULL DOH PLFURvQWUHSULQGHULL 65/' V UPkQ vQ
ORFDLDDFHVWHLDSHQWUXFHOSXLQDQLvQFHSkQGFXDQXOXUPWRUDFRUGULLGH$)1LVILHXWLOL]DWH
SHQWUXGHUXODUHDDFWLYLWLLILQDQDWH
1X VH DGPLW IXUQL]RUL FDUH DX vQ VWUXFWXUD DFLRQDULDWXOXL DGPLQLVWUDWRULDFLRQDULDVRFLDLDVRFLDL
XQLFLDLVRFLHWLORUGHEXWDQWHVROLFLWDQWHUXGHLDILQLSkQODJUDGXO,,LQFOXVLY
Q SODQXO GH DIDFHUL RQOLQH WUHEXLH MXVWLILFDW ILHFDUH FKHOWXLDO vQ YHGHUHD GHPRQVWUULL
QHFHVLWLL DFHVWHLD vQ GHVIXUDUHD DFWLYLWLORU SH FDUH VH DFFHVHD] ILQDQDUHD &KHOWXLHOLOH
HIHFWXDWHGH FWUHRSHUDWRUXO HFRQRPLF WUHEXLH V ILH vQOHJWXUGLUHFW FX IOX[XO VXEDFWLYLWLORU
DSURYL]LRQDUHSURPRYDUH DFWLYLWDWHD FRGXOXL &$(1 GLVWULEXLHYkQ]DUH FDUH VXQW QHFHVDUH
GHVIXUULL DFWLYLWLORU FRGXOXL &$(1 DXWRUL]DW SHQWUX FDUH VH VROLFLW ILQDQDUH DD FXP VXQW
GHWDOLDWH DFWLYLWLOH FRGXOXL &$(1vQ &ODVLILFDUHD DFWLYLWLORU GLQ HFRQRPLD QDLRQDO &$(1
5HY
&KHOWXLHOLOH SULYLQG 79$ WD[H DYL]H FRPLVLRDQH DPEDODMXO WUDQVSRUWXO SXQHUHD vQ IXQFLXQH
LQVWUXLUHDSHUVRQDOXOXLSHQWUXXWLOL]DUHDFHORUDFKL]LLRQDWHQXVXQWHOLJLELOH
$FWLYHOH DFKL]LLRQDWH PLMORDFH IL[H VDX RELHFWH GH LQYHQWDU WUHEXLH V ILH QRL LDU SHQWUX
DFHVWHDQXVHDSOLFDPRUWL]DUHDDFFHOHUDWSUHY]XWvQ/HJHDQUSULYLQG&RGXOILVFDO
FXPRGLILFULOHLFRPSOHWULOHXOWHULRDUH
$FWLYHOH DFKL]LLRQDWH SRW IL PLMORDFH IL[H VDX RELHFWH GH LQYHQWDU FRQIRUP OHJLVODLHL vQ
YLJRDUH 1X VH SHUPLWH DFKL]LLRQDUHD EXQXULORU FDUH DX FRQVWLWXLW RELHFWXO XQHL
VXEYHQLRQULILQDQULQHUDPEXUVDELOHGLQDOWHVXUVHLQLFLDFKL]LLRQDUHDvQVLVWHPOHDVLQJ

6ROLFLWDQLL SRW EHQHILFLD GH ILQDQDUHD QHUDPEXUVDELO RELQXW vQ FDGUXO 3URJUDPXOXL R
VLQJXU GDW 1X VH DFRUG DMXWRU ILQDQFLDU SHQWUX VRFLHWLOH DL FURU DVRFLDLDGPLQLVWUDWRUL DX
FDOLWDWHD GH DVRFLDLDFLRQDULDGPLQLVWUDWRUL vQ FDGUXO DOWRU VRFLHWL EHQHILFLDUH GH DORFDLH
ILQDQFLDUQHUDPEXUVDELOODRULFDUHGLQ3URJUDPHOHGHUXODWHGHFWUH0LQLVWHUXO(QHUJLHL,00L
0HGLXOGH$IDFHULvQDQXO
%HQHILFLDULLVXQWREOLJDLVDVLJXUHEXQXULOHDFKL]LLRQDWHSULQ3URJUDPvQIDYRDUHD27,00&
vPSRWULYDWXWXURUULVFXULORUSHRSHULRDGGHDQLLVFHVLRQH]HWRDWHGUHSWXULOHSHFDUHOHYRU
GREkQGLvQWHPHLXODVLJXUULLFWUHDGPLQLVWUDWRUXOSURJUDPXOXL
$SOLFDUHDSUHYHGHULORUUHIHULWRDUHODDFKL]LLRQDUHDvQFRQGLLLGHSLD
6ROLFLWDQLL FDUH DX VHPQDW FRQWUDFWXO GH ILQDQDUH DX REOLJDWLYLWDWHD GH D DFKL]LLRQD EXQXULOH L
VHUYLFLLOH HOLJLELOH vQ FRQGLLL GH SLD FX UHVSHFWDUHD SULQFLSLLORU SUHY]XWH vQ 28*
SULYLQGDFKL]LLLOHSXEOLFHUHVSHFWLYVvQWRFPHDVFXQGRVDUGHDFKL]LLHFDUHVFXSULQGFHUHUL
GH RIHUW PLQLP WUHL RIHUWHOH SULPLWH XQ SURFHV YHUEDO VHPQDW GH UHSUH]HQWDQWXO OHJDO DO
vQWUHSULQGHULL SULQ FDUH V ILH MXVWLILFDW DOHJHUHD RIHUWHL FkWLJWRDUH FRQWUDFWXOFRQWUDFWHOH FX
IXUQL]RUXOIXUQL]RULLFXH[FHSLDDFWLYHORUFRUSRUDOHGHODSFWVXESFWOLWESHQWUXFDUHVH
YDSUH]HQWDXQUDSRUWGHHYDOXDUHDXQXLH[SHUWHYDOXDWRU$1(9$5$FHVWGRVDUYDILSUH]HQWDW
GXSvQFKHLHUHDFRQWUDFWXOXLODPRPHQWXOGHSXQHULLGHFRQWXOXLvPSUHXQFXGHFODUDLDSHSURSULD
UVSXQGHUH GLQ FDUH V UH]XOWH F VROLFLWDQWXO QX VH DIO vQ FD]XULOH SUHY]XWH OD DUW GLQ
3URFHGXU
ii
3URFHGXUDGHvQVFULHUHvQ3URJUDP

QVFULHUHD vQ SURJUDP VROLFLWDUHD DFRUGXOXL GH SULQFLSLX SHQWUX ILQDQDUH L FRPSOHWDUHD
SODQXOXLGHDIDFHULvQYHGHUHDRELQHULLILQDQULLVHIDFRQOLQHSHVLWHXOZZZDLSSLPPUR
'DWDGHODFDUHHVWHDFWLYvQUHJLVWUDUHDRQOLQHVHFRPXQLFSHVLWHXOLQVWLWXLHLFXFHOSXLQ
]LOHvQDLQWHGHGDWDvQFHSHULLSURFHVXOXLGHvQUHJLVWUDUHSURSULX]LV
3HQWUX SDUWLFLSDUHD OD SURJUDP ILHFDUH VROLFLWDQW WUHEXLH V VH vQUHJLVWUH]H FX XVHU L SDURO
'XSFUHDUHDFRQWXOXLGHvQVFULHUHDSOLFDLDYDWULPLWHDXWRPDWSHDGUHVDGHHPDLODVROLFLWDQWXOXL
XQPHVDMLXQOLQNGHFRQILUPDUH'XSFRQILUPDUHDSOLFDLDGHvQUHJLVWUDUHDSODQXOXLGHDIDFHUL
YD GHYHQL DFWLY SHQWUX FRPSOHWDUHD RQOLQH D SODQXOXL GH DIDFHUL L vQFUFDUHD vQ DSOLFDLH D
GRFXPHQWHORUVROLFLWDWHFRQIRUPDQH[HLQUODSUH]HQWDSURFHGXUQYHGHUHDvQVFULHULLvQFDGUXO
3URJUDPXOXLRSHUDWRUXOHFRQRPLFYDFRPSOHWDLWUDQVPLWHRQOLQHSODQXOGHDIDFHULvQFHSkQGFX
RUD D SULPHL ]LOH GH vQVFULHUH WLPS GH ]LOH FDOHQGDULVWLFH GH OD GHPDUDUHD vQVFULHULL vQ
3URJUDPSkQODRUDDXOWLPHL]LOHGHvQVFULHUHFXSRVLELOLWDWHDGHSUHOXQJLUHDWHUPHQXOXL
SkQODHSXL]DUHDEXJHWXOXL
Q FD]XO vQ FDUH QX VXQW FRPSOHWDWH FRHUHQW L FX GHWDOLL WRDWH SXQFWHOH L VXESXQFWHOH GLQ FDGUXO
ILHFUHLVHFLXQLDSODQXOXLGHDIDFHULDSOLFDQWXOYDSULPLVFULVRDUHGHUHVSLQJHUH
&DOFXODUHDSXQFWDMXOXLSODQXOXLGHDIDFHULVHIDFHvQWLPSUHDOLWUDQVSDUHQWODWUDQVPLWHUHDGH
FWUH DSOLFDQL D VHFLXQLORUGLQ DSOLFDLDVRIWZDUHFRQIRUP JULOHLGH HYDOXDUH DQH[DWH SODQXOXL GH
DIDFHUL
3XQFWDMXO PLQLP SHQWUX D IL DFFHSWDW GH SULQFLSLX vQ YHGHUHD YHULILFULL DGPLQLVWUDWLYH L D
HOLJLELOLWLLHVWHGHGHSXQFWHGLQPD[LPGHSXQFWHSRVLELOH
Q PRPHQWXO VDOYULL L WULPLWHULL GDWHORU vQUHJLVWUDWH vQ DSOLFDLH vQ FDGUXO SODQXOXL GH
DIDFHULRQOLQHVROLFLWDQWXOYDDYHDGLVSRQLELORSLXQHDGHWLSULUHDGDWHORUvQUHJLVWUDWHvQDSOLFDLH
$SOLFDLDVRIWZDUHYDJHQHUDDXWRPDWVROLFLWDQWXOXLXQPHVDMGHFRQILUPDUHDHIHFWXULLvQUHJLVWUULL
LFXGDWHOHFRUHVSXQ]WRDUHFRPSOHWDWHGHFWUHDFHVWDPHVDMFDUHYDDMXQJHDXWRPDWSHDGUHVDGH
HPDLODVROLFLWDQWXOXLLPHGLDWGXSWULPLWHUHDGDWHORU
'XS H[SLUDUHD WHUPHQXOXL SUHY]XW OD VXESFW L vQ FRQIRUPLWDWH FX SXQFWDMXO RELQXW vQ
XUPD SUHVHOHFWULL VROLFLWDQLORU '3$,3,00 YD IDFH SXEOLF SH VLWHXO LQVWLWXLHL OD DGUHVD
ZZZDLSSLPPUR OLVWD FX VROLFLWDQLL DFFHSWDL vQ YHGHUHD YHULILFULL DGPLQLVWUDWLYH L D
HOLJLELOLWLL vQ FDGUXO 3URJUDPXOXL SUHFXP L OLVWD FX VROLFLWDQLL UHVSLQL FDUH QX DX RELQXW
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
pe
rs
oa
ne
lo
r
fi
zi
ce
12

13
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
SXQFWDMXOPLQLPGHGHSXQFWH$GPLWHUHDvQ3URJUDPVHYDIDFHvQRUGLQHDSXQFWDMXOXLRELQXW
ODHYDOXDUHDSODQXULORUGHDIDFHULRQOLQH/DSXQFWDMHHJDOHYDSUHYDOD
QXPUXOGHORFXULGHPXQFFHXUPHD]DILFUHDWHvQFDGUXO3URJUDPXOXL
DFKL]LLDGHHFKLSDPHQWHWHKQRORJLFH
DFWLYLWDWHDSHFDUHDFFHVHD]SURJUDPXO
FXUVGHDQWUHSUHQRULDW
$VRFLDWXODGPLQLVWUDWRUXO65/'DDYXWFDOLWDWHDGHRPHUVDXDEVROYHQWvQDQXOSUHFHGHQW
vQUHJLVWUULL65/'OD5HJLVWUXO&RPHUXOXL
'DWDLRUDvQVFULHULLvQSURJUDP
'XSDFHDVWHWDSDSOLFDLDHOHFWURQLFYDJHQHUDXQQXPUGHLGHQWLILFDUHSHQWUXILHFDUHSURLHFW
GHQXPLWQXPU58(
6ROLFLWDQLLDFFHSWDLvQYHGHUHDYHULILFULLDGPLQLVWUDWLYHYRUWUDQVPLWHvQWHUPHQGH]LOH
OXFUWRDUHGHODGDWDSXEOLFULLOLVWHLFRQIRUPSFWOD27,00&GHFDUHDSDULQHMXGHXOvQ
FDUH HVWH vQUHJLVWUDW ILUPD VROLFLWDQW FHUHUHD GH ILQDQDUH $QH[D VHPQDW L WDPSLODW GH
DGPLQLVWUDWRUXOVRFLHWLLvQVRLWGHXUPWRDUHOHGRFXPHQWHMXVWLILFDWLYH
D 6LWXDLLOH ILQDQFLDUH DOH VROLFLWDQWXOXL vQUHJLVWUDWH OD XQLWLOH WHULWRULDOH DOH 0LQLVWHUXOXL
)LQDQHORU 3XEOLFH SH D FURU UD] vL DX VHGLXO RSHUDWRULL HFRQRPLFL $UW,,, GLQ 28* QU
SHQWUX PRGLILFDUHD L FRPSOHWDUHD /HJLL QU SULYLQG VRFLHWLOH FRPHUFLDOH
ELODQFRQWDELOFRQWXOGHSURILWLSLHUGHUHGDWHLQIRUPDWLYHDQH[HEDODQDGHYHULILFDUHVDX
GHFODUDLD GH LQDFWLYLWDWH OD 'HFHPEULH vQ FRSLH FHUWLILFDW SHQWUX VRFLHWLOH
vQILLQDWH SkQ OD VDX XOWLPD EDODQ GH YHULILFDUH SHQWUX VRFLHWLOH vQILLQDWH vQ
DQXO
E FHUWLILFDWFRQVWDWDWRULQFOXVLYRQOLQHHPLVGH2ILFLXO5HJLVWUXOXL&RPHUXOXLGHSHOkQJ
WULEXQDOXOXQGHvLDUHVHGLXOVRFLHWDWHDvQFDUHVVHPHQLRQH]HDFLRQDULLUHSUH]HQWDQLLOHJDOL
DL VRFLHWLL SXQFWHOH GH OXFUX GRPHQLLOH GH DFWLYLWDWH SUHFXP L DFWLYLWLOH DXWRUL]DWH DOH
VRFLHWLL vQ WHUPHQ GH YDODELOLWDWH OD GDWD GHSXQHULL FHUHULLWLS GH DFRUG GH SULQFLSLX SHQWUX
ILQDQDUH
F GHFODUDLHFXSULYLUHDMXWRDUHOHGHVWDWLGHPLQLPLVSULPLWHDQH[DQU
G GHFODUDLHSHSURSULDUVSXQGHUHFVRFLHWDWHDQXDUHGDWRULLODEXJHWXOJHQHUDOFRQVROLGDWL
ODEXJHWHOHORFDOHDWkWSHQWUXVHGLXOVRFLDOFkWLSHQWUXWRDWHSXQFWHOHGHOXFUX
H GRFXPHQWXO FDUH V DWHVWH F DVRFLDWXO DGPLQLVWUDWRUXO D XUPDWXUPHD] XQ FXUV GH
DQWUHSUHQRULDW6HDFFHSWFXUVXUL GH DQWUHSUHQRULDWRUJDQL]DWHGHFWUHXQRUJDQLVPDXWRUL]DW
UHFXQRVFXWGHHGXFDLHDQWUHSUHQRULDO
I GRFXPHQWXOFDUHVDWHVWHF$VRFLDWXODGPLQLVWUDWRUXO65/'DDYXWFDOLWDWHDGHRPHUVDX
DEVROYHQWvQDQXOSUHFHGHQWLVDXDQXOFXUHQWvQUHJLVWUULL65/'OD5HJLVWUXO&RPHUXOXL
QWUHDJD GRFXPHQWDLH YD IL GHSXV H[HPSODUH RULJLQDO L IRWRFRSLL FHUWLILFDWH SH
ILHFDUH H[HPSODU VSHFLILFkQGXVH GDF HVWH RULJLQDO VDX FRSLH FRQIRUP VFULVRULL GH vQWLLQDUH SH
FDUH DSOLFDLD R YD WUDQVPLWH HOHFWURQLF ILHFUXL DSOLFDQW vQWUXQ SOLF VLJLODW vQ FDUH VH YRU UHJVL
&HUHUHDGHILQDQDUHDQH[DQUvQVRLWGHGRFXPHQWHOHMXVWLILFDWLYHFRQIRUPSXQFWXOXLGLQ
SUH]HQWDSURFHGXUSOLFFDUHVSRDUWHPHQLXQHD'RFXPHQWDLHDGPLQLVWUDWLYQXPU58(
3HSOLFXOVLJLODWYRUWUHEXLWUHFXWHXUPWRDUHOHFRRUGRQDWH
,'HVWLQDWDU
27,00&DGUHVDDQH[DQUODSUH]HQWDSURFHGXU
836(& 3URJUDPXO SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORU GH FWUH
vQWUHSULQ]WRULLGHEXWDQLvQDIDFHUL
,,([SHGLWRU

YRU IL OXDWH vQ FRQVLGHUDUH GLSORPHOH RELQXWH vQ XUPD HIHFWXULL FXUVXULORU RUJDQL]DWH GH FWUH XQ RUJDQLVP DXWRUL]DW
UHFXQRVFXWGHHGXFDLHDQWUHSUHQRULDO

14
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
QUGHvQUHJLVWUDUHGLQ5HJLVWUXO8QLF(OHFWURQLFDO3URJUDPXOXL
GHQXPLUHDFRPSOHWDRSHUDWRUXOXLHFRQRPLFVROLFLWDQWQXPHLSUHQXPHVROLFLWDQW
QUGHvQUHJLVWUDUHOD25&GDFHVWHFD]XO
&8,FRGXOGHvQUHJLVWUDUHILVFDO&13VROLFLWDQW
VXPD$)1VROLFLWDW
DGUHVDEHQHILFLDUXOXLLQFOXVLYMXGHXO

3ULQFRSLHFHUWLILFDWvQFDGUXODFHVWXL3URJUDPVHvQHOHJHIRWRFRSLHFXWDPSLODRSHUDWRUXOXL
HFRQRPLF L VHPQWXUD UHSUH]HQWDQWXOXL OHJDO vPSXWHUQLFLWXOXL FX PHQLXQHD FRQIRUP FX
RULJLQDOXO

3OLFXOYDILGHSXVODVHGLLOH27,00&GHFDUHDSDULQHMXGHXOvQFDUHHVWHvQUHJLVWUDWILUPD
VROLFLWDQW DQH[D OD SUH]HQWD 3URFHGXU L YD IL vQUHJLVWUDW GHSXQHUHD vQ 5HJLVWUXO 8QLF
(OHFWURQLFDO3URJUDPXOXL

9HULILFDUHDLVHOHFLDEHQHILFLDULORU

9HULILFDUHDGLQSXQFWGHYHGHUHDGPLQLVWUDWLYLDOHOLJLELOLWLLVHYDIDFHvQWHUPHQGH
]LOH OXFUWRDUH GH OD GDWD H[SLUULL WHUPHQXOXL SUHY]XW OD SFW GHSXVH GH FWUH VROLFLWDQLL
GHFODUDL DGPLL VH UHDOL]HD] GH FWUH 8QLWLOH GH 3URJUDPDUH 6HOHFWDUH (YDOXDUH L
&RQWUDFWDUH836(&GLQFDGUXO27,00&
9HULILFDUHDYHULGLFLWLLLFRHUHQHLLQIRUPDLLORUvQVFULVHvQSODQXOGHDIDFHULFRPSOHWDUHD
H[SOLFLW L FX GHWDOLL VSHFLILFH FHULQHORU WXWXURU FkPSXULORU 3ODQXOXL GH DIDFHUL $QH[D
FRGXO&$(1HOLJLELOLQFOXVLYD OHJWXULL DFWLYHORU DFKL]LLRQDWHFXDFWLYLWLOHFRGXOXL&$(1
SH FDUH VH DFFHVHD] SURJUDPXO VH UHDOL]HD] GH FWUH 8QLWLOH GH 3URJUDPDUH 6HOHFWDUH
(YDOXDUH L &RQWUDFWDUH 836(& GLQ FDGUXO 27,00& vQ WHUPHQ GH ]LOH OXFUWRDUH GH OD
GDWD H[SLUULL WHUPHQXOXL SUHFL]DW OD SFW DOLQ vQ OLPLWD EXJHWXOXL DORFDW 3HVWH OLPLWD
EXJHWXOXL DSUREDW YHULILFDUHD SODQXULORU GH DIDFHUL VH HIHFWXHD] vQ FD]XO vQ FDUH DSOLFDQLL
DGPLLODILQDQDUHvQOLPLWDEXJHWXOXLGHSXQFHUHUHWLSGHUHQXQDUHWRWDOSDULDOODILQDQDUH
DQH[D QU vQ FD]XO vQ FDUH 27,00& FRQVWDW F VROLFLWDQLL DFFHSWDL QX SUH]LQW GRYH]L
FHUWHSULYLQGFDSDFLWDWHDGHFRILQDQDUHDSURLHFWXOXLVDXQXVHPQHD]FRQWUDFWXOGHILQDQDUHvQ
WHUPHQXOVSHFLILFDWSUHFXPLvQVLWXDLDVXSOLPHQWULLEXJHWXOXLDORFDW3URJUDPXOXL$YL]DUHD
YHULILFULORU GH FWUH 'LUHFLD 3ROLWLFL $QWUHSUHQRULDOH L ,PSOHPHQWDUH 3URJUDPH SHQWUX
QWUHSULQGHUL0LFLL0LMORFLLLRELQHUHDXQXLSXQFWDMPLQLPDFFHSWDWFRQGXFODDSUREDUHDGH
SULQFLSLX D ILQDQULL SODQXOXL GH DIDFHUL 'DF vQ XUPD DQDOL]HL SODQXOXL GH DIDFHUL GH FWUH
836(&VHFRQVWDWFLQIRUPDLLOHGHFODUDWHGHVROLFLWDQWvQSODQXOGHDIDFHULRQOLQHQXVXQW
FRUHFWHUHDOH F QX VH UHVSHFW FHULQHOH SUH]HQWHL SURFHGXUL SUHFXP L vQ VLWXDLD FRQVWDWULL
XQXL SXQFWDM GLIHULW GH FHO JHQHUDW GH DSOLFDLH VROLFLWDQWXO YD SULPL VFULVRDUH GH vQWLLQDUH D
UHVSLQJHULLSODQXOXLGHDIDFHUL
$QDOL]DGLQFDGUXO27,00&DUHFDILQDOLWDWHVWDELOLUHDXQHLDGLQXUPWRDUHOHGHFL]LL
D DFFHSWDUHD GLQ SXQFW GH YHGHUH DGPLQLVWUDWLY L DO HOLJLELOLWLL SURLHFWXOXL 836(& YD
WUDQVPLWHVROLFLWDQLORUDGPLLGLQSXQFWGHYHGHUHDGPLQLVWUDWLYLDOHOLJLELOLWLLYHULGLFLWLL
L FRQIRUPLWLL R VFULVRDUH GH DSUREDUH GH SULQFLSLX D SURLHFWXOXL GLQ SXQFW GH YHGHUH
DGPLQLVWUDWLYLDHOLJLELOLWLLVHPQDWLVWDPSLODWGHHIXO27,00&
E UHVSLQJHUHD SURLHFWXOXL vQ FD]XO vQ FDUH vQ XUPD YHULILFULL VH FRQVWDW QHvQGHSOLQLUHD
FULWHULLORUPHQLRQDWHODSFWVROLFLWDQWXOXLILLQGXLWUDQVPLVScrisoarea de respingere GH
FWUH836(&GLQFDGUXO27,00&VHPQDWLVWDPSLODWGHHIXO27,00&

15
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
F VROLFLWDUHDGHFODULILFULDSOLFDQWXOXLILLQGXLWUDQVPLV6FULVRDUHGHVROLFLWDUHFODULILFUL
VHPQDWLWDPSLODWGHHIXO27,00&&RPSOHWULOHVROLFLWDWHVHGHSXQOD27,00&vQ
GHRUHGHODvQWLLQDUH1HGHSXQHUHDFODULILFULORUVROLFLWDWHvQWHUPHQFRQGXFHODUHVSLQJHUHD
SURLHFWXOXL
)LQDQDUHDSODQXULORUGHDIDFHULVHYDIDFHvQRUGLQHDSXQFWDMXOXLRELQXWvQXUPDYHULILFULL
SODQXOXL GH DIDFHUL GH FWUH 836(& GLQ FDGUXO 27,00& L D DYL]ULL YHULILFULL GH FWUH
'3$,3,00vQOLPLWDEXJHWXOXLDORFDW3XQFWDMXOPLQLPSHQWUXILQDQDUHDSODQXULORUGHDIDFHUL
vQFDGUXOSURJUDPXOXLHVWHGHSXQFWHLDUSXQFWDMXOPD[LPFHVHSRDWHRELQHHVWHGHGH
SXQFWH
QFRQIRUPLWDWHFXGLVSR]LLLOH/HJLLQUDFRQWHQFLRVXOXLDGPLQLVWUDWLYvQVLWXDLD
vQ FDUH VROLFLWDQWXO VH FRQVLGHU YWPDW vQWUXQ GUHSW DO VX VDX vQWUXQ LQWHUHV OHJLWLP SULQ
SULPLUHDscrisorii de respingereGHOD836(&DFHVWDDUHGUHSWXOGHDXUPDSURFHGXUDSUHY]XW
vQDFHVWHVLWXDLL
6ROLFLWDQWXO VH SRDWH DGUHVD 27,00& IRUPXOkQG R FRQWHVWDLH vQ WHUPHQ GH ]LOH
OXFUWRDUHGHODGDWDSULPLULLscrisorii de respingereSHQWUXQHvQGHSOLQLUHDFRQGLLLORUGLQSXQFW
GHYHGHUHDGPLQLVWUDWLYLDOHOLJLELOLWLLYHULGLFLWLLLFRQIRUPLWLLFHORUvQVFULVHvQ3ODQXOGH
DIDFHUHRQOLQHFXGRFXPHQWHOHMXVWLILFDWLYHGHSXVH
&RQWHVWDLDVHIRUPXOHD]vQVFULVLYDFXSULQGH

GDWHOHGHLGHQWLILFDUHDOHVROLFLWDQWXOXL

RELHFWXOFRQWHVWDLHL

PRWLYHOHGHIDSWLGHGUHSWSHFDUHVHvQWHPHLD]FRQWHVWDLD

GRYH]LOHSHFDUHVHvQWHPHLD]

VHPQWXUDUHSUH]HQWDQWXOXLOHJDOLWDPSLOD
3HQWUX VROXLRQDUHD FRQWHVWDLLORU VH YD FRQVWLWXL R &RPLVLH GH FRQWHVWDLH GLQ FDGUXO
27,00&IRUPDWGLQPHPEULLFDUHQXDXSDUWLFLSDWODSURFHVXOGHHYDOXDUH
7HUPHQXO GH VROXLRQDUH HVWH GH ]LOH GH OD GDWD SULPLULL FRQWHVWDLHL &RPXQLFDUHD
VROXLRQULLFRQWHVWDLHLVHYDIDFHSULQID[HPDLOVDXSULQSRWFXFRQILUPDUHGHSULPLUH
Q WHUPHQ GH ]LOH OXFUWRDUH GH OD GDWD SULPLULL 6FULVRULL GH DFFHSWDUH GH SULQFLSLX
SHQWUXILQDQDUHvQOLPLWDEXJHWXOXLDSOLFDQLLFDUHQXRSWHD]SHQWUXFUHGLWEDQFDUYRUVHPQD
OD VHGLXO 27,00& &RQWUDFWXO GH ILQDQDUH DQH[D QU OD SUH]HQWD 3URFHGXU 3HQWUX
vQWRFPLUHD &RQWUDFWHORU GH )LQDQDUH EHQHILFLDULL WUHEXLH V SUH]LQWH GRYH]L FHUWH SULYLQG
FDSDFLWDWHD GH FRILQDQDUH D SURLHFWXOXL UHVSHFWLY SUH]HQWDUHD GH VFULVRDUH GH FRQIRUW
DQJDMDQW H[WUDV GH FRQW FDUH V GHPRQVWUH]H F EHQHILFLDUXO GLVSXQH GH VXPD QHFHVDU
FRILQDQULLFRQWUDFWOLQLHGHFUHGLWHPLVHGHRLQVWLWXLHILQDQFLDUEDQFDUGLQ5RPDQLDL
FDUH YRU DFRSHUL FHO SXLQ YDORDUHD ILQDQULL SURSULL D SURLHFWXOXL UHVSHFWLY SURFHQWXO GH
FRILQDQDUH GLQ FKHOWXLHOLOH HOLJLELOH 'RYDGD FDSDFLWLL GH ILQDQDUHFRILQDQDUH D SURLHFWXOXL
YD IL SUH]HQWDW OD VHGLXO 27,00& OD PRPHQWXO VHPQULL FRQWUDFWXOXL GH ILQDQDUH GH FWUH
SUL
$SOLFDQLLDOHFURUSODQXULGHDIDFHULVHLPSOHPHQWHD]FXFRPSRQHQWGHFUHGLWLFDUHDX
IRVWvQWLLQDLFXSULYLUHODDFFHSWDUHDGHSULQFLSLXODILQDQDUHvQXUPDYHULILFULORUHIHFWXDWH
FRQIRUPDOLQYRUvQFKHLDvQWHUPHQGHFHOPXOW]LOHFDOHQGDULVWLFHGHODGDWDSULPLULL
SULQSRWDHOHFWURQLFDQRWLILFULLSULYLQGDFRUGXOGHSULQFLSLXSHQWUXILQDQDUHFRQWUDFWXOGH
ILQDQDUH FX 27,00& GXS SUH]HQWDUHD GRYH]LL FRILQDQULL FRQWUDFWXO GH FUHGLW HPLV GH XQ
ILQDQDWRU GH FUHGLW DXWRUL]DW GRYH]LOH FHUWH SULYLQG FDSDFLWDWHD GH FRILQDQDUH D SURLHFWXOXL
UHVSHFWLYSUH]HQWDUHDGHVFULVRDUHGHFRQIRUWDQJDMDQWH[WUDVGHFRQWFDUHVGHPRQVWUH]H
F EHQHILFLDUXO GLVSXQH GH VXPD QHFHVDU FRILQDQULL FRQWUDFW OLQLH GH FUHGLW HPLVH GH XQ
ILQDQDWRU GH FUHGLW DXWRUL]DW GLQ 5RPDQLD L FDUH YRU DFRSHUL FHO SXLQ YDORDUHD ILQDQULL
SURSULL D SURLHFWXOXL UHVSHFWLY SURFHQWXO GH FRILQDQDUH GLQ FKHOWXLHOLOH HOLJLELOH Q DFHDVW
SHULRDGGH]LOHDSOLFDQLLSRWVROLFLWDSHQWUXLPSOHPHQWDUHDSODQXOXLGHDIDFHULDSUREDUHD
27,00&SHQWUXvQORFXLUHDFRPSRQHQWHLGHFUHGLWFXFRPSRQHQWGHDSRUWSURSULXQDFHDVW

16
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
VLWXDLH YRU VHPQD FRQWUDFWXO GH ILQDQDUH vQ WHUPHQ GH ]LOH OXFUWRDUH GH OD GDWD SULPLULL
DSUREULL
0LFURvQWUHSULQGHUHD65/'FDUHLPSOHPHQWHD]SODQXOGHDIDFHULFXFRPSRQHQWGHFUHGLW
YD VHPQD FX ILQDQDWRUXO GH FUHGLW DXWRUL]DW FRQWUDFWXO GH FUHGLW GXS FDUH VH YD SUH]HQWD OD
27,00&GLQUD]DWHULWRULDODVHGLXOXLVRFLDOvQWHUPHQGH]LOHGHODVHPQDUHDFRQWUDFWXOXL
GHFUHGLWSHQWUXVHPQDUHDFRQWUDFWXOXLGHILQDQDUHIUDGHSLWHUPHQXOSUHY]XWODSXQFWXO
DOLQ
QPD[LPGH]LOHFDOHQGDULVWLFHGHODVHPQDUHDFRQWUDFWXOXLGDUQXPDLWkU]LXGH
QRLHPEULHEHQHILFLDUXOHVWHREOLJDWVHIHFWXH]HFKHOWXLHOLOHLVGHSXQGRFXPHQWDLDGH
GHFRQW OD VHGLXO 27,00& &KHOWXLHOLOH HOLJLELOH SHQWUX FDUH VH YRU DORFD IRQGXUL GLQ FDGUXO
3URJUDPXOXLYRUILFHUWLILFDWHSULQYL]LWDODIDDORFXOXLDUHSUH]HQWDQLORU80&5GLQFDGUXO
27,00&vQWHUPHQGH]LOHOXFUWRDUHGHODGHSXQHUHDGHFRQWXOXLGDUQXPDLWkU]LXGH
'HFHPEULH 5HSUH]HQWDQLL 80&5 YRU IDFH YHULILFUL OD IDD ORFXOXL FRQVHPQkQG FHOH
FRQVWDWDWHvQWUXQSURFHVYHUEDOFRQWUDVHPQDWGHEHQHILFLDUvQWRFPLWvQGRXH[HPSODUHFkWH
XQXOSHQWUXILHFDUHSDUWH
/D FHUHUHD VROLFLWDQWXOXL SULQWUR DGUHV FWUH 27,00& GH FDUH DSDULQH VH DFFHSW R
VLQJXUGDWUHDORFDUHDVXPHORU$)1GHODHOHPHQWHOHGHFRVWUHQXQDWHFXFRQGLLDUHVSHFWULL
FXVWULFWHHDSODQXOXLGHDIDFHULQXVHSRWDGXJDHOHPHQWHGHFRVWVXSOLPHQWDUHIDGHFHOH
SUHY]XWH LQLLDO vQ SODQXO GH DIDFHUL LDU HOHPHQWXO GH FRVW OD FDUH UHQXQ WUHEXLH VD ILH
DFKL]LLRQDWSULQDOWHVXUVHDSRUWSURSULXFUHGLWEDQFDUvQFKLULHUHSHSHULRDGDGHLPSOHPHQWDUH
DSURLHFWXOXLFXUHVSHFWDUHDSURFHQWXOXLGHPLQLPLQYHVWLLLLPD[LP$)1
1X VH SRW UHDORFD VXPHOH DFFHSWDWH GH SULQFLSLX SHQWUX DFWLYH FRUSRUDOH L QHFRUSRUDOH
SHQWUXFKHOWXLHOLOHSUHY]XWHODDOWHFRVWXULGHRSHUDUH
%HQHILFLDULL$)1QXSRWVFKLPEDODDFKL]LLRQDUHHOHPHQWHOHGHFRVWSHQWUXFDUHDXSULPLW
DFRUGXOGHSULQFLSLX
Q VLWXDLD QHHIHFWXULL FKHOWXLHOLORU vQ WHUPHQHOH VWDELOLWH GH SUH]HQWD SURFHGXU VDX vQ
FD]XOvQFDUHFKHOWXLHOLOHQXFRUHVSXQGFXHOHPHQWHOHGHFRVWDSUREDWHSULQQRWLILFDUHDLQLLDO
VDXHFKLSDPHQWHOHDFKL]LLRQDWHQXVXQWQRLLSXVHvQIXQFLXQHEHQHILFLDUXOHVWHUHVSLQVGHOD
ILQDQDUH
3HQWUXSOLOHHIHFWXDWHvQYDOXWVHYDXWLOL]DFXUVXOYDOXWDUDILDWGH%DQFD1DLRQDOD
5RPkQLHLGLQGDWDGH
&KHOWXLHOLOHHIHFWXDWHLQFOXVLYIDFWXULOHHPLVHvQDLQWHDvQFKHLHULL&RQWUDFWXOXLGHILQDQDUH
QX VXQW HOLJLELOH FX H[FHSLD FKHOWXLHOLORU FX FRQVXOWDQD SHQWUX HODERUDUHD SODQXULORU GH
DIDFHUL
7HUPHQXOSUHY]XWODSXQFWXODOLQVHSRDWHSUHOXQJLGRDUFXDFRUGXO'3$,3,00OD
SURSXQHUHD 27,00& SHQWUX VLWXDLL H[FHSLRQDOH GH H[HPSOX vQWkU]LHUL OD WUDQVSRUWXO VDX
OLYUDUHDHFKLSDPHQWHORUGLQPRWLYHLQGHSHQGHQWHGHEHQHILFLDUXO$)13UHOXQJLUHDVHDFRUGR
VLQJXUDGDWDSHED]DXQHLFHUHULGHSXVHGHFWUHVROLFLWDQWODVHGLXO27,00&FXFHOSXLQ
]LOHvQDLQWHGHH[SLUDUHDWHUPHQXOXLOLPLWGHGHSXQHUHDGHFRQWXOXLIUDGHSLGDWDGH
1RLHPEULH
$FRUGDUHD$)1GHFWUH8QLWLOHGHSODW83GLQFDGUXO27,00&VHIDFHSHED]D
FHUHULLWLSGHHOLEHUDUHD$)1DQH[DQUODSUH]HQWDSURFHGXUSHFDUHEHQHILFLDUXOWUHEXLH
VRGHSXQVSUHDSUREDUHOD27,00&vQVRLWGHXUPWRDUHOHGRFXPHQWHvQGRVDULDWH
D IRUPXODUXOGHGHFRQWSUHY]XWvQDQH[DQUODSUH]HQWDSURFHGXU
E GRFXPHQWHOH MXVWLILFDWLYH FDUH vQVRHVF IRUPXODUXO GH GHFRQW vQ RULJLQDO L IRWRFRSLL
FHUWLILFDWH vQ RUGLQHD DFWLYLWLORU FRPSOHWDWH vQ IRUPXODUXO GH GHFRQW FRQIRUPLWDWHD FX
RULJLQDOXODGRFXPHQWHORUMXVWLILFDWLYHVHYDIDFHGHFWUH836(&SULQVHPQWXUDLWDPSLOD
UHSUH]HQWDQWXOXL836(&
F UDSRUW$1(9$5LH[WUDVGHFDUWHIXQFLDUGDFHVWHFD]XO
G GHFODUDLH SH SURSULD UVSXQGHUH D EHQHILFLDUXOXL F DFWLYXODFWLYHOH DFKL]LLRQDW
DFKL]LLRQDWHHVWHVXQWQRXQRLLSXVHvQIXQFLXQHODORFXOLPSOHPHQWULLSURLHFWXOXLLFQX

17
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
DSOLF SHQWUX DFHVWDDFHVWHD DPRUWL]DUHD DFFHOHUDW SUHY]XW vQ /HJHD QU SULYLQG
&RGXOILVFDOFXPRGLILFULOHLFRPSOHWULOHXOWHULRDUH
H FRSLHFHUWLILFDWGHSHILDGHDPRUWL]DUHDDFWLYXOXLDFKL]LLRQDWFXFRGXOGHFODVLILFDUHDO
DFHVWXLD
I DQJDMDPHQWXOEHQHILFLDUXOXLGHDUDSRUWDHIHFWHOHSDUWLFLSULLvQ3URJUDPSHRSHULRDGGH
DQL vQFHSkQG FX DQXO FWUH 8QLWDWHD 0RQLWRUL]DUH &RQWURO L 5DSRUWDUH GLQ FDGUXO
27,00&FRQIRUPDQH[HLQUODSUH]HQWDSURFHGXU
J GRYDGDvQUHJLVWUULLEUHYHWXOXLGHLQYHQLHPUFLLGHSURGXVHWFOD26,0
J FRQWUDFWSROLGHDVLJXUDUHSHQWUXEXQXULOHDFKL]LLRQDWHSULQSURJUDPFHVLRQDWvQIDYRDUHD
27,00&
K FDUWHDGHLGHQWLWDWHDYHKLFXOXLDFKL]LLRQDWGLQFDUHVUH]XOWHFDWHJRULDGHIRORVLQ
L GRVDUXO GH DFKL]LLH FRQIRUP SFW 3HQWUX WRDWH GRFXPHQWHOH SURYHQLWH GLQ VWULQWDWH
YRUILSUH]HQWDWHWUDGXFHULDXWRUL]DWH
O SHQWUX IUDQFL]H FRQWUDFWXO FX IUDQFL]RUXO WUDGXV vQ OLPED URPkQ GH FWUH XQ WUDGXFWRU
DXWRUL]DW IDFWXUD ILVFDO WUDGXV vQ OLPED URPkQ GH FWUH XQ WUDGXFWRU DXWRUL]DW FRSLD
PDQXDOXOXL RSHUDLRQDOGH RSHUDLXQL GRYDGD vQUHJLVWUULL PUFLL IUDQFL]DWH OD RUJDQLVPXO
DELOLWDWGLQ5RPkQLDVDXGLQDUDGHRULJLQHFXWUDGXFHUHDXWRUL]DWvQOLPEDURPDQ
P SHQWUX OLFHQH L VRIWZDUH FRQWUDFWXO FX IXUQL]RUXO WUDGXV vQ OLPED URPkQ GH FWUH XQ
WUDGXFWRUDXWRUL]DWSHQWUXIXUQL]RULH[WHUQLIDFWXUDILVFDOWUDGXVvQOLPEDURPkQGHFWUH
XQWUDGXFWRUDXWRUL]DWSHQWUXIXUQL]RULH[WHUQL
Q SHQWUX HWLFKHWDUH HFRORJLF GRFXPHQWH FDUH V DWHVWH FHUWLILFDUHD HWLFKHWULL HFRORJLFH GH
FWUHXQRUJDQLVPDELOLWDW
RSHQWUXWUDLQLQJLIRUPDUHSHUVRQDOFRQWUDFWXOGHSUHVWULVHUYLFLLFXIXUQL]RUXOGHVHUYLFLL
GHIRUPDUHVLGRYDGDDXWRUL]ULLIDFWXUILVFDOvQRULJLQDOLFRSLHFHUWLILFDWFRSLHFHUWLILFDW
GXSGRFXPHQWXOGHDEVROYLUH
SSHQWUXFRQVXOWDQSHQWUXvQWRFPLUHDGRFXPHQWDLHLvQYHGHUHDRELQHULLILQDQULLvQFDGUXO
SURJUDPXOXL FRQWUDFWXO GH SUHVWUL VHUYLFLL FX IXUQL]RUXO GH VHUYLFLL GH FRQVXOWDQ
FHUWLILFDWXOFRQVWDWDWRUDOIXUQL]RUXOXLGHFRQVXOWDQFXFRGXODXWRUL]DWGLQ&$(1FODVDvQ
FRSLHFHUWLILFDWIDFWXUILVFDOvQRULJLQDOLFRSLHFHUWLILFDWSURFHVYHUEDOSULYLQGH[HFXLD
FRQWUDFWXOXLGHFRQVXOWDQ
USHQWUXORFXULOHGHPXQFDQRXFUHDWHvQFDGUXOSURLHFWXOXLGRYDGDFUHULLDFHVWRUDVHYDIDFH
OD GHSXQHUHD GHFRQWXOXL FX FRQWUDFWXO LQGLYLGXDO GH PXQF vQUHJLVWUDW FX QRUP vQWUHDJ
vQFKHLDWSHSHULRDGDQHGHWHUPLQDWLXOWHULRUSHWRDWSHULRDGDGHUDSRUWDUHVHYDIDFHGRYDGD
PHQLQHULL DFHVWRUD FX GRFXPHQWHOH SUHY]XWH GH OHJLVODLD vQ YLJRDUH H[WUDV 5(*(6 GLQ
5(9,6$/VL5DSRUWVDODULDLGLQ5(9,6$/
6H SRW VROLFLWD FODULILFUL DSOLFDQWXOXL ILLQGXL WUDQVPLV 6FULVRDUH GH VROLFLWDUH FODULILFUL
VHPQDWLWDPSLODWGHHIXO27,00&&RPSOHWULOHVROLFLWDWHVHGHSXQOD27,00&vQ
GHRUHGHODvQWLLQDUH1HGHSXQHUHDFODULILFULORUVROLFLWDWHvQWHUPHQFRQGXFHODUHVSLQJHUHD
SURLHFWXOXL
/RFXULOHGHPXQFFUHDWHYRUILFRQVLGHUDWHHOLJLELOHGRDUvQFD]XOvQFDUHDFHVWHDVXQWFUHDWH
GXSVHPQDUHDFRQWUDFWXOXLGHILQDQDUH
VSHQWUXFRPLVLRQXOGHJDUDQWDUHGRYDGDSOLLFRPLVLRQXOXLGHJDUDQWDUHvQRULJLQDOLFRSLH
FHUWLILFDW
QWUHDJD GRFXPHQWDLH YD IL GHSXV vQ H[HPSODUH RULJLQDO L IRWRFRSLL FHUWLILFDWH
'RFXPHQWHOHRULJLQDOHYRUILUHVWLWXLWHEHQHILFLDULORUGXSYHULILFDUHDFRQIRUPLWLLIRWRFRSLLORU
L SULPLUHD FRQILUPULL SOLL $)1 FWUH IXUQL]RUL ILH SULQ ULGLFDUHD ORU GH FWUH RSHUDWRULL
HFRQRPLFL GH OD VHGLXO 27,00& ILH SULQ WUDQVPLWHUH SULQ SRW OD FHUHUHD H[SUHV D
EHQHILFLDULORU

QFRQWUDFWVHYDSUHFL]DSHULRDGDGHGHVIXUDUHDDFWLYLWLLLRELHFWXOVHUYLFLLORUGHFRQVXOWDQIXUQL]DWH

18
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
9LUDUHD HIHFWLY D VXPHL FDUH FRQVWLWXLH DMXWRU GH PLQLPLV VH IDFH GH FWUH 83 SH ED]D
GHFL]LHL RUGRQDWRUXOXL GH FUHGLWH DO ILHFUXL 27,00& L D FHUHULL GH SODW D DMXWRUXOXL GH
PLQLPLVLDGRVDUXOXLGHGHFRQWGHSXVGHEHQHILFLDUvQFRQWXOGHYLUDPHQW'LVSRQLELO
GLQWUDQVIHUXULLVXEYHQLLDOEHQHILFLDUXOXLGHVFKLVODXQLWDWHD7UH]RUHULHL6WDWXOXLvQDFUHL
UD] WHULWRULDO vL DX VHGLXO vQ FRQIRUPLWDWH FX SUHYHGHULOH DUW DOLQ GLQ 2UGRQDQD GH
8UJHQ D *XYHUQXOXL QU SULYLQG IRUPDUHD L XWLOL]DUHD UHVXUVHORU UHSXEOLFDW FX
PRGLILFULOHLFRPSOHWULOHXOWHULRDUH
27,00&QXSRDWHDFRUGDSODWD$)1SDULDOVDXvQDYDQV

7RDWHFHOHH[HPSODUHDOHGRVDUHORUFRQLQkQGDFHODLQXPUGHGRFXPHQWHYRUILSXVH
vQWUXQSOLFVLJLODWLGHSXVHODVHGLLOH27,00&DQH[DQUODSUH]HQWDSURFHGXU FDUHV
FRQLQXUPWRDUHOHLQIRUPDLL
,'HVWLQDWDU
27,00&DGUHVDDQH[DQUODSUH]HQWDSURFHGXU
836(&3URJUDPXOSHQWUXVWLPXODUHDvQILLQULLLGH]YROWULLPLFURvQWUHSULQGHULORUGHFWUH
vQWUHSULQ]WRULLGHEXWDQLvQDIDFHUL
,,([SHGLWRU
QUGHvQUHJLVWUDUHGLQ5HJLVWUXO8QLF(OHFWURQLFDO3URJUDPXOXL
GHQXPLUHDFRPSOHWDRSHUDWRUXOXLHFRQRPLFVROLFLWDQW
QUGHvQUHJLVWUDUHOD25&
&8,FRGXOGHvQUHJLVWUDUHILVFDO
VXPD$)1VROLFLWDW
DGUHVDEHQHILFLDUXOXLLQFOXVLYMXGHXO
Q FD]XO vQ FDUH VXQW QHFHVDUH FODULILFUL SULYLQG FKHOWXLHOLOH SHQWUX FDUH VH VROLFLW ILQDQDUH
DSOLFDQWXOXL L VH WUDQVPLWH 6FULVRDUH GH VROLFLWDUH FODULILFUL VHPQDW L WDPSLODW GH HIXO
27,00& &RPSOHWULOH VROLFLWDWH VH GHSXQ OD 27,00& vQ GH RUH GH OD vQWLLQDUH
1HGHSXQHUHD FODULILFULORU VROLFLWDWH vQ WHUPHQ FRQGXFH OD UHVSLQJHUHD SURLHFWXOXL VDX D
FKHOWXLHOLLSHQWUXFDUHVDVROLFLWDWFODULILFDUH
1XVHDGPLWFRPSHQVULvQWUHYDORULOHXQLWDUHDOHDFWLYHORUFXSULQVHvQQRWLILFDUH1XVH
DGPLWH PRGLILFDUHD SURFHQWHORU GH ILQDQDUH PHQLRQDWH vQ VFKHPD GH ILQDQDUH GLQ SODQXO GH
DIDFHUL
%HQHILFLDULL$)1QXSRWVFKLPEDODDFKL]LLRQDUHDFWLYHOHSHQWUXFDUHDXSULPLWDFRUGXO
GHSULQFLSLX
27,00&YDLQIRUPDvQVFULVEHQHILFLDUXOFXSULYLUHODFXDQWXPXOPD[LPDODMXWRUXOXLL
FDUDFWHUXO GH PLQLPLV DO DFHVWXLD IFkQG vQ PRG H[SOLFLW WULPLWHUH OD 5HJXODPHQWXO QU
DO &RPLVLHL (XURSHQH SULYLQG DSOLFDUHD DUWLFROHORU L GLQ 7UDWDWXO SULYLQG
IXQFLRQDUHD8QLXQLL(XURSHQHDMXWRDUHORUGHPLQLPLVSXEOLFDWvQ -XUQDOXO2ILFLDO DO 8QLXQLL
(XURSHQHQU/GLQPHQLRQkQGWLWOXODFHVWXLDLODUHIHULQDGHSXEOLFDUHGLQ
-XUQDOXO2ILFLDODO8QLXQLL(XURSHQH
Q YHGHUHD LPSOHPHQWULL L PRQLWRUL]DULL 3URJUDPXOXL vQ FDGUXO 27,00& VH YD
FRQVWLWXL8QLWDWHD0RQLWRUL]DUH&RQWUROL5DSRUWDUHGHQXPLWvQFRQWLQXDUH80&5DOFUHL
QXPUGHSHUVRDQHDWULEXLLLUHVSRQVDELOLWLYRUILVWDELOLWHSULQGHFL]LDRUGRQDWRUXOXLWHULDU
GHFUHGLWHDOILHFUXL27,00&
'XSHIHFWXDUHDFKHOWXLHOLORUDSUREDWHEHQHILFLDUXOYDSUH]HQWD27,00&IRUPXODUXOGH
GHFRQW DQH[D vQ YHGHUHD DSUREULL GH FWUH 836(& L 80&5 GLQ FDGUXO 27,00& L
IDFWXULOH ILVFDOH RULJLQDOH 3HQWUX SOLOH HIHFWXDWH vQ YDOXW FRQYHUVLD VH IDFH XWLOL]kQGXVH
FXUVXOGHVFKLPEFRPXQLFDWGH%DQFD1DLRQDOD5RPkQLHLODGDWDGH
Q FD]XO vQ FDUH EHQHILFLDULL HOLJLELOL UHQXQ OD ILQDQDUH SHQWUX XQD VDX PDL PXOWH
DFWLYLWL SHQWUX FDUH 836(& GLQ FDGUXO 27,00& D WUDQVPLV VROLFLWDQLORU FRQWUDFWXO GH
ILQDQDUH vQVRLW GH QRWLILFDUHD SULYLQG DFRUGXO GH SULQFLSLX SHQWUX ILQDQDUH DQH[ OD
FRQWUDFWXO GH ILQDQDUH DFHWLD DX REOLJDLD GH D WUDQVPLWH OD 27,00& SHUVRQDO SULQ SRW

19
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
VDXFXULHUFHUHUHDWLSGHUHQXQDUHWRWDOSDULDOODILQDQDUHFRQIRUP$QH[HLQUODSUH]HQWD
SURFHGXUQVLWXDLDvQFDUHDSOLFDQWXODGPLVODILQDQDUHUHQXQODLPSOHPHQWDUHDSODQXOXLGH
DIDFHUL IU D GHSXQH FHUHUHWLS GH UHQXQDUH WRWDOSDULDO DFHVWD QX YD PDL EHQHILFLD GH
ILQDQDUHvQFDGUXOSURJUDPHORUQDLRQDOHvQXUPWRULLDQLILVFDOL
%HQHILFLDULLYRUSULPL$)1QXPDLSHQWUXDFWLYLWLOHLFKHOWXLHOLOHUPDVHQHPRGLILFDWHvQ
XUPDFHUHULLGHUHQXQDUHSDULDOODILQDQDUHIRUPXODWHFRQIRUPDOLQ
%HQHILFLDULL SRW UHQXQD OD DFWLYLWLOH SHQWUX FDUH DX SULPLW QRWLILFDUH QXPDL GDF SULQ
DFHDVW PRGLILFDUH SXQFWDMXO RELQXW OD FRPSOHWDUHD RQOLQH D SODQXOXL GH LQYHVWLLL QX VH
PRGLILF
&HUHUHDWLSGHUHQXQDUHWRWDOSDULDOODILQDQDUHSHQWUXFDUHH[LVWDFRUGXOGHSULQFLSLX
VH FRPSOHWHD] vQ OLPED URPkQ SULQ WHKQRUHGDFWDUH L SRDUW VHPQWXUD vQ RULJLQDO D
UHSUH]HQWDQWXOXLOHJDOVDXDvPSXWHUQLFLWXOXLEHQHILFLDUXOXLHOLJLELO

0RQLWRUL]DUHDLFRQWUROXOEHQHILFLDULORU3URJUDPXOXLLUHFXSHUDUHD$)1

0RQLWRUL]DUHDLFRQWUROXOEHQHILFLDULORUSURJUDPXOXLVHYDIDFHGHFWUH80&5GLQFDGUXO
27,00&
5HSUH]HQWDQLL27,00&DXGUHSWXOVYHULILFHDQXQDWLQRSLQDWDWkWODVHGLXORSHUDWRULORU
HFRQRPLFLFkWLODFHODOIXUQL]RULORUYHULGLFLWDWHDLFRQIRUPLWDWHDGHFODUDLLORUDFWLYLWLORUL
FKHOWXLHOLORUIFXWHvQFDGUXO3URJUDPXOXL%HQHILFLDUXO$)1WUHEXLHVDFFHSWHLVIDFLOLWH]H
FRQWUROXOUHSUH]HQWDQWXOXL27,00&DVXSUDXWLOL]ULL$)1DFRUGDWHSULQ3URJUDP
9HULILFDUHDODIDDORFXOXLYL]HD]VWDGLXOGHUHDOL]DUHDLQYHVWLLHLUHDOLWDWHDOHJDOLWDWHDL
UHJXODULWDWHDRSHUDLXQLORUHFRQRPLFRILQDQFLDUH3HGXUDWDHIHFWXULLFRQWUROXOXLODDGUHVDXQGH
vQWUHSULQGHUHDDUHDOL]DWLQYHVWLLDLODVHGLXOVRFLDOHFKLSDGHFRQWUROWUHEXLHVDLEDFFHVOD
GRFXPHQWHOH FRQWDELOH vQ RULJLQDO FDUH IDF RELHFWXO ILQDQULL Q FD]XO vQ FDUH vQ XUPD
FRQWURDOHORUHIHFWXDWHGHUHSUH]HQWDQLL27,00&VDXODVHVL]DUHDRUJDQHORUGHFRQWURODELOLWDWH
DOH VWDWXOXL VH FRQVWDW F EHQHILFLDULL DX IFXW GHFODUDLL LQFRPSOHWH LVDX QHFRQIRUPH FX
UHDOLWDWHDSHQWUXDRELQH$)1VDXDXVFKLPEDWGHVWLQDLDDFHVWHLDVDXVHFRQVWDWFQXPDL
VXQW vQGHSOLQLWH FRQGLLLOH SUHY]XWH vQ FRQWUDFW 80&5 YD SURSXQH UHFXSHUDUHD WRWDO VDX
SDULDO D DMXWRUXOXL GH PLQLPLV DFRUGDW L YD DQXQD '3$,3,00 F D IRVW GHFODQDW
UHFXSHUDUHDDMXWRUXOXLGHPLQLPLV
6XPHOHFDUHUH]XOWGLQUHFXSHUDUHDIDFLOLWLORUDFRUGDWHSULQSURJUDPDXUHJLPXOMXULGLF
GH FUHDQH ILVFDOH 3HQWUX UHFXSHUDUHD DFHVWRUD VH DSOLF vQ PRG FRUHVSXQ]WRU GLVSR]LLLOH
2UGRQDQHL *XYHUQXOXL QU UHSXEOLFDW FX PRGLILFULOH L FRPSOHWULOH XOWHULRDUH
SULYLQG&RGXOGH3URFHGXU)LVFDOFRURERUDWFX25'21$1'(85*(1QUGLQ
GHFHPEULHSULYLQGSURFHGXULOHQDLRQDOHvQGRPHQLXODMXWRUXOXLGHVWDWSUHFXPLSHQWUX
PRGLILFDUHD L FRPSOHWDUHD /HJLL FRQFXUHQHL QU DSUREDW SULQ /HJHD QU
6XPHOH vQFDVDWH SRWULYLW SUH]HQWXOXL DUWLFRO FRQVWLWXLH YHQLWXUL DOH EXJHWXOXL GH VWDW L VH
vQFDVHD]vQWUXQFRQWGHYHQLWXULEXJHWDUHGLVWLQFW
%HQHILFLDULL DORFDLLORU ILQDQFLDUH QHUDPEXUVDELOH DX REOLJDLD GH D UDSRUWD HIHFWHOH
SDUWLFLSULLOD3URJUDPFWUH80&5GLQFDGUXO27,00&SHQWUXRSHULRDGGHDQLvQFHSkQG
FXDQXOXUPWRUDFRUGULLDORFDLHLILQDQFLDUHQHUDPEXUVDELOHSULQFRPSOHWDUHDLWUDQVPLWHUHD
SULQSRWVDXID[FXFRQILUPDUHGHSULPLUHDIRUPXODUXOXLSUHY]XWvQDQH[DQUODSUH]HQWD
3URFHGXUvQFRQIRUPLWDWHFXDQJDMDPHQWXOGHUDSRUWDUHDQH[DQU3HULRDGDGHWUDQVPLWHUH
D IRUPXODUXOXL GH UDSRUWDUH WHKQLF HVWH LXQLH D DQXOXL XUPWRU H[SLUULL H[HUFLLXOXL
ILQDQFLDUGHUHIHULQ
Q FD]XO QHvQGHSOLQLULL DFHVWHL SUHYHGHUL RSHUDWRUXO HFRQRPLF QX YD PDL SXWHD EHQHILFLD GH
QLFLXQXOGLQWUHSURJUDPHOHQDLRQDOHSHQWUXRSHULRDGGHDQL
9HULILFDUHD SH WHUHQ VH UHDOL]HD] GH FWUH 80&5 FHO SXLQ R GDW SH DQ WLPS GH DQL
vQFHSkQGFXDQXOXUPWRUDFRUGULL$)1

20
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
80&5 PRQLWRUL]HD] vQGHSOLQLUHD LQGLFDWRULORU VWDELOLL SULQ FHUHUHD GH ILQDQDUH SHQWUX
PVXUDUHDDWLQJHULLUH]XOWDWHORULRELHFWLYHORUSURLHFWXOXL
1HUHVSHFWDUHD SUHYHGHULORU DFWXDOHL SURFHGXUL GH FWUH EHQHILFLDULL GH $)1 GXFH OD
UHFXSHUDUHDDMXWRUXOXLDFRUGDW
Q VLWXDLD vQ FDUH vQ SHULRDGD FRQWUDFWXDO SUHFXP L SH GXUDWD FHORU DQL vQ FDUH
PLFURvQWUHSULQGHUHD HVWH VXSXV PRQLWRUL]ULL EHQHILFLDUXO DMXQJH vQ VLWXDLD GH IDOLPHQW
GL]ROYDUHVDXLQVROYHQVHYDSURFHGDODUHFXSHUDUHDEXQXULORUDFKL]LLRQDWHSULQ3URJUDP

3UHYHGHULUHIHULWRDUHODUDSRUWDUHDLPRQLWRUL]DUHDDMXWRDUHORUGHPLQLPLV

%HQHILFLDUXO ILQDQULL QHUDPEXUVDELOH YD GD R GHFODUDLH SULYLQG DMXWRDUHOH GH VWDW L
DMXWRDUHOH GH PLQLPLV vQ FRQIRUPLWDWH FX SUHYHGHULOH 5HJXODPHQWXOXL &( QU
SULYLQG DSOLFDUHD DUW L DOH 7UDWDWXOXL &( SXEOLFDW vQ / GH FDUH D
EHQHILFLDW SH SDUFXUVXO SUHFHGHQLORU DQL ILVFDOL L DO DQXOXL vQ FXUV DQH[D /D 3UH]HQWD
3URFHGXU
6FKHPDGHDMXWRUGHPLQLPLVYDILSXEOLFDWLQWHJUDOSHVLWHXO0(,000$'3$,3,00
ODDGUHVDZZZDLSSLPPUR
5DSRUWDUHD L PRQLWRUL]DUHD DMXWRDUHORU DFRUGDWH vQ ED]D SUH]HQWHL VFKHPH VH IDFH vQ
FRQIRUPLWDWHFXOHJLVODLDFRPXQLWDULFXSUHYHGHULOH5HJXODPHQWXOXLSULYLQGSURFHGXULOHGH
PRQLWRUL]DUH D DMXWRDUHORU GH VWDW SXV vQ DSOLFDUH SULQ 2UGLQXO 3UHHGLQWHOXL &RQVLOLXOXL
&RQFXUHQHL QU SXEOLFDW vQ 0RQLWRUXO 2ILFLDO DO 5RPkQLHL 3DUWHD , QU GLQ GDWD GH

)XUQL]RUXO GH DMXWRU GH VWDW SVWUHD] HYLGHQD GHWDOLDW D DMXWRDUHORU DFRUGDWH vQ ED]D
SUH]HQWHLVFKHPHSHRGXUDWGHDQLGHODGDWDODFDUHXOWLPDDORFDUHVSHFLILFDIRVWDFRUGDW
vQED]DSUH]HQWHLVFKHPH$FHDVWHYLGHQWUHEXLHVFRQLQWRDWHLQIRUPDLLOHQHFHVDUHSHQWUX
DGHPRQVWUDUHVSHFWDUHDFRQGLLLORULPSXVHGHOHJLVODLDFRPXQLWDUvQGRPHQLXODMXWRUXOXLGH
VWDW
)XUQL]RUXOGHDMXWRUGHVWDWDUHREOLJDLDGHDVXSUDYHJKHDSHUPDQHQWDMXWRDUHOHDFRUGDWH
DIODWHvQGHUXODUHLGHDGLVSXQHPVXULOHFDUHVHLPSXQvQFD]XOvQFOFULLFRQGLLLORULPSXVH
SULQ SUH]HQWD VFKHP VDX SULQ OHJLVODLD QDLRQDO VDX HXURSHDQ DSOLFDELO OD PRPHQWXO
UHVSHFWLY
)XUQL]RUXO GH DMXWRU GH VWDW DUH REOLJDLD GH D WUDQVPLWH &RQVLOLXOXL &RQFXUHQHL vQ
IRUPDWXO L vQ WHUPHQXO SUHY]XW GH 5HJXODPHQWXO SULYLQG SURFHGXULOH GH PRQLWRUL]DUH D
DMXWRDUHORUGHVWDWWRDWHGDWHOHLLQIRUPDLLOHQHFHVDUHSHQWUXPRQLWRUL]DUHDDMXWRDUHORUGHVWDW
ODQLYHOQDLRQDO
QFD]XOvQFDUHH[LVWvQGRLHOLVHULRDVHFXSULYLUHODGDWHOHWUDQVPLVHGHFWUH)XUQL]RUXO
GHDMXWRUGHVWDW&RQVLOLXO&RQFXUHQHLSRDWHVVROLFLWHGDWHLLQIRUPDLLVXSOLPHQWDUHLGXS
FD]VIDFYHULILFULODIDDORFXOXL
)XUQL]RUXOGHDMXWRUGHVWDWYDWUDQVPLWHVSUHLQIRUPDUH&RQVLOLXOXL&RQFXUHQHLSUH]HQWD
VFKHPvQWHUPHQGH]LOHGHODGDWDDGRSWULLDFHVWHLDFRQIRUPDUWDO25'21$1(,'(
85*(1QUGLQGHFHPEULHSULYLQGSURFHGXULOHQDLRQDOHvQGRPHQLXODMXWRUXOXL
GH VWDW SUHFXP L SHQWUX PRGLILFDUHD L FRPSOHWDUHD /HJLL FRQFXUHQHL QU DSUREDW
SULQ/HJHDQU
3H ED]D XQHL FHUHUL VFULVH )XUQL]RUXO GH DMXWRU GH VWDW YD WUDQVPLWH &RPLVLHL (XURSHQH
SULQ LQWHUPHGLXO &RQVLOLXOXL &RQFXUHQHL vQ GH ]LOH OXFUWRDUH VDX vQ WHUPHQXO IL[DW vQ
FHUHUH WRDWH LQIRUPDLLOH SH FDUH &RPLVLD (XURSHDQ OH FRQVLGHU QHFHVDUH SHQWUX HYDOXDUHD
UHVSHFWULLFRQGLLLORUDFHVWHLVFKHPHGHDMXWRUGHPLQLPLV

5HJXODPHQWXO SULYLQG SURFHGXULOH GH PRQLWRUL]DUH D DMXWRDUHORU GH VWDW SXV vQ DSOLFDUH SULQ 2UGLQXO 3UHHGLQWHOXL
&RQVLOLXOXL&RQFXUHQHLQUSXEOLFDWvQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQGDWDGH

21
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
27,00& YD LQIRUPD vQ VFULV SULQ LQWHUPHGLXO QRWLILFULL GH DFRUG GH SULQFLSLX SHQWUX
ILQDQDUH RSHUDWRULL HFRQRPLFL EHQHILFLDUL FX SULYLUH OD SUDJXO PD[LP DO DMXWRUXOXL L OD
FDUDFWHUXO GH PLQLPLV DO DFHVWXLD vQ FRQIRUPLWDWH FX SUHYHGHULOH 5HJXODPHQWXOXL &(
QU SULYLQG DSOLFDUHD DUW L 7UDWDWXOXL &( SULYLQG DMXWRDUHOH GH PLQLPLV
SXEOLFDWvQ-XUQDOXO2ILFLDODO8QLXQLL(XURSHQHQU/
27,00& YD DFRUGD XQ DMXWRU GH PLQLPLV GXS FH YD YHULILFD SH ED]D GHFODUDLHL SH
SURSULD UVSXQGHUH D RSHUDWRUXOXL HFRQRPLF F HVWH UHVSHFWDW UHJXOD FXPXOXOXL SUHFXP L
IDSWXO F VXPD WRWDO D DMXWRDUHORU GH PLQLPLV SULPLWH SH SDUFXUVXO XQHL SHULRDGH GH DQL
ILVFDOLLQFOXVLYDQXOILVFDOvQFXUVILHGLQVXUVHDOHVWDWXOXLVDXDOHDXWRULWLORUORFDOHILHGLQ
VXUVH FRPXQLWDUH QX GHSHWH OD QLYHOXO vQWUHSULQGHULL XQLFH SUDJXO GH HXUR
HFKLYDOHQWXOvQOHLUHVSHFWLYHXURSHQWUXvQWUHSULQGHULOHFHvLGHVIRDUDFWLYLWDWHDvQ
GRPHQLXOWUDQVSRUWXOXLGHPUIXULvQFRQWXOWHULORUVDXFRQWUDFRVWDQH[D
0(,000$'3$,3,00 YD UHDOL]D L PHQLQH R HYLGHQ D DMXWRDUHORU DFRUGDWH vQ
ED]D 3URJUDPXOXL SH ED]D UDSRDUWHORU WUDQVPLVH GH 27,00& DVWIHO vQFkW V ILH SRVLELO
LGHQWLILFDUHD YDORULL PRPHQWXOXL DFRUGULL PRGDOLWLL GH DFRUGDUH SURYHQLHQHL ILQDQULL
GXUDWHL L PHWRGHL GH FDOFXO DO DMXWRDUHORU DFRUGDWH $FHDVW HYLGHQ YD IL SVWUDW OD
0(,000$'3$,3,00WLPSGHDQLGHODGDWDXOWLPHLDORFULvQFDGUXO3URJUDPXOXL
3HQWUXUHDOL]DUHDDFHVWHLHYLGHQH27,00&YRUWUDQVPLWHFWUH0(,000$'3$,3,00
WRDWHGDWHOHVROLFLWDWHGHDFHDVWDODWHUPHQHOHFHYRUILSUHY]XWH
2SHUDWRULL HFRQRPLFL EHQHILFLDUL GH DMXWRU vQ FDGUXO 3URJUDPXOXL YRU LQH R HYLGHQ
VSHFLILFDDMXWRDUHORUSULPLWHFRQIRUPSUH]HQWHLVFKHPHDDOWRUVFKHPHGHPLQLPLVLDDOWRU
DMXWRDUHGHVWDW$FHWLDVXQWREOLJDLVDUKLYH]HHYLGHQDVSHFLILFLVRSVWUH]HRSHULRDG
GHDQL
0RQLWRUL]DUHD LPSOHPHQWULL DFHVWHL VFKHPH GH DMXWRU GH PLQLPLV FRQIRUP
5HJXODPHQWXOXL &RQVLOLXOXL &RQFXUHQHL SULYLQG SURFHGXULOH GH PRQLWRUL]DUH D DMXWRUXOXL GH
VWDW SXV vQ DSOLFDUH SULQ 2UGLQXO 3UHHGLQWHOXL &RQVLOLXOXL &RQFXUHQHL QU SXEOLFDW vQ
0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQGDWDGHUHYLQH0(,000$
'3$,3,00 FDUH YD WUDQVPLWH &RQVLOLXOXL &RQFXUHQHL LQIRUPDLLOH QHFHVDUH vQ YHGHUHD
vQWRFPLULLLQYHQWDUXOXLDMXWRDUHORUGHVWDWUDSRUWXOXLDQXDOSULYLQGDMXWRDUHOHGHVWDWDFRUGDWHvQ
5RPkQLDLDUHJLVWUXOXLDMXWRDUHORUGHPLQLPLV

&RQILGHQLDOLWDWH
'RFXPHQWHOH MXVWLILFDWLYH GHSXVH GH FWUH VROLFLWDQL vQ FDGUXO 3URJUDPXOXL VXQW
FRQILGHQLDOH PHPEULL 27,00& L 8&6(& DYkQG REOLJDLD GH D QX GH]YOXL LQIRUPDLL
PHQLRQDWH vQ DFHVWHD FWUH WHUH SHUVRDQH FX H[FHSLD FD]XOXL vQ FDUH LQIRUPDLLOH VXQW
IXUQL]DWHRUJDQHORUDELOLWDWHDOHVWDWXOXLvQH[HUFLWDUHDDWULEXLLORUFHOHUHYLQ
0(,000$'3$,3,00L27,00&VXQWDXWRUL]DWHVSXEOLFHvQRULFHIRUPLPHGLX
LQFOX]kQGLQWHUQHWXOLQIRUPDLLOHUHIHULWRDUHODQXPHOHEHQHILFLDUXOXLVXPDLVDXVFRSXO$)1
DFRUGDWHDH]DUHDJHRJUDILFDSURLHFWXOXLORFDOLWDWHDLMXGHXO

3UHFL]UL
'RFXPHQWHOH RULJLQDOH GHSXVH GH FWUH EHQHILFLDUL vQ YHGHUHD HOLEHUULL $)1 vQ FDGUXO
3URJUDPXOXLYRUILSVWUDWHODVHGLXO27,00&ODGLVSR]LLDRSHUDWRULORUHFRQRPLFLvQYHGHUHD
ULGLFULLGHFWUHDFHWLDSkQFHOWkU]LXODGDWDGHPDUWLH
3UH]HQWDSURFHGXUVHDSURESULQ2UGLQGH0LQLVWUXLYDILSXEOLFDWvQ0RQLWRUXO2ILFLDODO
5RPkQLHL

22
7,7/8/352,(&78/8,
fi
zi
ce
02'(/3/$1$)$&(5,

,1)250$,,*(1(5$/(35,9,1'0,&52175(35,1'(5($65/'
$QH[DQU
32,3
5HYL]LD
1UGHLQUHJLVWUDUHOD25&
&RPSOHWDLFXDGUHVDSRWDODVHGLXOXLSULQFLSDO
pe
-XGHWXO
rs
$GUHVVROLFLWDQW
ne
oa
&RG8QLFGHQUHJLVWUDUH
lo
r
&RPSOHWDLFXGHQXPLUHDFRPSOHWDVROLFLWDQWXOXLDDFXPDSDUH
vQDFWHOHFRQVWLWXWLYH65/'
'HQXPLUHVROLFLWDQW
1UWHOHIRQ
1UID[HPDLO
$GUHVGHHPDLO
&RPSOHWDL FX DGUHVD GH SRW HOHFWURQLF JHQHUDO D RUJDQL]DLHL

VDXDUHSUH]HQWDQWXOXLOHJDOVDXDSHUVRDQHLGHFRQWDFW
in
fo
rm
ar
ii
&RGSRVWDO
us
cl
SURLHFWXOXL
at
/RFDLD
LPSOHPHQWULL
$GUHVWHOHIRQID[
in
st
3HUVRDQGHFRQWDFW
$GUHVWHOHIRQID[HPDLO
ex
&2'&$(1DIHUHQWSURLHFWXOXL

6HGLXVRFLDODGUHVWHOHIRQID[

3XQFWHGHOXFUXDGUHVWHOHIRQID[
iv
&2'&$(1DIHUHQWDFWLYLWLLSULQFLSDOH
De
9UXJPVvQFUFDLvQIRUPDW3')XUPWRDUHOHGRFXPHQWH
$7(17,(7RDWHGRFXPHQWHOHQXWUHEXLHVDDLEDPDLPXOWGH0%
&HUWLILFDWGHvQPDWULFXODUH65/'
&RSLH%,&,
&HUHUHWLSGHDFRUGGHSULQFLSLXSHQWUXILQDQDUHDQH[D
0LFURvQWUHSULQGHUHD65/'HVWH
SOWLWRDUHGH79$
'D
1X

23

9DORDUH WRWDO D SURLHFWXOXL IU 79$
/(,

3URFHQWGLQYDORDUHWRWDOSURLHFW
9DORDUHFUHGLWOHL
9DORDUHFRQWULEXLHSURSULHOHL
fi
zi
ce
9DORDUH$)1OHL

&RPSOHWDWLVXPHOHIRORVLQGIRUPDSDUWHDLQWUHDJD]HFLPDOHVXEIRUPD[[[[[[[
3HQWUXVXPHFDUHQXDX]HFLPDOHFRPSOHWDWLVXPDVXEIRUPD[[[[[
3URFHQWHOHVHFDOFXOHD]DDXWRPDW
ne
lo
r
Nota: 7RDWHFDPSXULOHVXQWREOLJDWRULL
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
6ROLFLWDQLLFDUHRSWHD]SHQWUXFRQWULEXLHSURSULHFRPSOHWHD]9DORDUH$)1L9DORDUHFRQWULEXLHSURSULHLDUOD
9DORDUHFUHGLWWUHF

6ROLFLWDQLLFDUHRSWHD]SHQWUXFUHGLWFRPSOHWHD]9DORDUHD$)1L9DORDUHFUHGLWLDUOD9DORDUHFRQWULEXLHSURSULHWUHF
vQFD]XOSURLHFWHORUFXRYDORDUHHFKLYDOHQWvQ/HLDPD[LP(XURPD[LP(XUR$)1LPLQLP(XUR
&UHGLW

3URFHQWXOGHPLQLPFUHGLWQXHVWHREOLJDWRULXSHQWUXSURLHFWHFXYDORDUHHOLJLELOPDLPDUHGHFkWHFKLYDOHQWXOvQ/HL
D(XURVFKHPDGHILQDQDUHILLQG$)1HFKLYDOHQWXOvQ/HLDPD[LP(XUR&UHGLWHFKLYDOHQWXOvQ/HLD
PLQLP(XUR&RQWULEXLHSURSULHSkQODDFRSHULUHDYDORULLHOLJLELOHDSURLHFWXOXL

24

'(6&5,(5($0,&52175(35,1'(5,,65/','20(1,8/'($&7,9,7$7(1
&$5(6(5($/,=($=,19(67,,$

6HUYLFLL

&RPHULDOWHDFWLYLWL
lo
r
7XULVP
ne

oa
rs
3URJUDPDUH,73URGXFLH
'RPHQLXOGHDFWLYLWDWHHFRQRPLF
&RGXO&$(1
'HVFULHUHFODV&$(1
ii
pe

fi
zi
ce
'HVFULHUHDPLFURvQWUHSULQGHULL65/'
'RPHQLXOGHDFWLYLWDWHDO65/'
Descriere clas CAEN
rm
ar
XXXX
fo
Scurt descriere a firmei, viziune, misiune, strategie
De
st
in
at
ex
cl
us
iv
in
Specificai domeniul de activitate (clasa CAEN) vizat de investiia propus prin acest program. Clasa CAEN
reprezint codul format din 4 cifre, conform Ordinului Institutului Naional de Statistic nr. 337/2007 privind
actualizarea Clasificrii activitilor din economia naional- CAEN.
La momentul depunerii cererii de finanare, domeniul de activitate trebuie s fie deja nscris n actul constitutiv,
indiferent dac acesta reprezint activitatea principal sau secundar a ntreprinderii.
'HWDOLDLDFWLYLWDWHDSULQFLSDOSHFDUHDFFHVDLSURJUDPXO)DFWRULLSHFDUHvLFRQVLGHUDLUHOHYDQLSHQWUXDIDFHUHDGYV
H[ORFDOL]DUHDXWRHYDOXDUHDWHKQRORJLHLSHFDUHRYHLXWLOL]DH[SHULHQDDQWHULRDUDvQWUHSULQ]WRUXOXLWkQUHWF
Atenie! Solicitantul trebuie s aib dreptul s desfoare activitatea economic n care se realizeaz investiia
propus prin proiect (identificat mai sus), la sediul (principal sau secundar punct de lucru) identificat ca loc de
implementare a proiectului.
De regul, aceste informaii sunt nscrise n Certificatul constatator emis de oficiul registrul comerului. n caz
contrar, ele trebuie s reias fie din actul constitutiv i/sau modificrile ulterioare, fie dintr-o hotrre a adunrii
generale a acionarilor/ consiliului de administraie etc., conform legislaiei n vigoare.
'HVFULHUHDSURLHFWXOXL
2ELHFWLYHOHSURLHFWXOXL
Menionai obiectivele specifice, i opional, obiectivul general urmrite prin realizarea proiectului/
investiiei.
Obiectivele specifice reflect rezultatele imediate ce vor fi obinute dup implementarea proiectului.
Realizarea obiectivelor trebuie s poat fi verificat dup finalizarea proiectului. Astfel, acestea trebuie s fie
precise, clare (s identifice exact ceea ce se dorete a se realiza)
cuantificabile (s poat fi msurate)
25

realizabile (se recomand evitarea stabilirii unor obiective prea ambiioase, cu anse reduse de a fi atinse)
realiste (n condiiile resurselor disponibile: umane, financiare, materiale, de timp)
stabilite n timp (cnd vor fi atinse obiectivele? Ex: la x luni de la finalizarea investiiei)
&LIUDGHDIDFHUL
/(,
3URILW
/(,
1XPU
SHUVRDQH
1XPUGHVDODULDL
$QXO
$QXO
rm
ar
ne
$QXO
oa
80
rs
2ELHFWLYHFXDQWLILFDELOH
,QGLFDWRULLQW
pe
ii
lo
r
fi
zi
ce
Nu confundai obiectivele proiectului cu activitile proiectului! Achiziia echipamentului A nu poate fi obiectivul

proiectului (ci o activitate/aciune). n schimb, creterea produciei/ profitului/ cifrei de afaceri/ productivitii cu X%,
n termen de N luni de la finalizarea proiectului, poate reprezenta un obiectiv specific al proiectului.Obiectivul
general poate fi formulat n legtur cu impactul estimat al proiectului (respectiv rezultatele pe termen lung). Avnd
n vedere caracterul mai general al acestui obiectiv, el nu este neaprat o consecin direct a acestui proiect, putnd
fi un rezultat al mai multor proiecte, iniiative, aciuni ale solicitantului. De regul, obiectivul general este mai greu
de msurat.
fo
3RWHQLDOLLEHQHILFLDULDLSURLHFWXOXL
iv
'XUDWDGHLPSOHPHQWDUHDSURLHFWXOXL
in
Indicai grupurile / entitile care vor beneficia de rezultatele proiectului, direct sau indirect.
us
Durata de implementare a proiectului, n luni (de la semnarea contractului de finanare).
ex
cl

$FWLYLWLOHSURLHFWXOXL
in
at
Descriei activitile i subactivitile prevzute prin prezentul proiect.

Se vor prezenta activitile i subactivitile prevzute n cadrul proiectului, etape n realizarea activitilor. Includei, de
asemenea, activitatea de selectare i angajare a personalului ce va ocupa locurile de munc permanente nou create n cadrul
microntreprinderii (conform pct. B)
st
De
5HVXUVHOHPDWHULDOHLPSOLFDWHvQUHDOL]DUHDSURLHFWXOXL
Precizai dotrile, echipamentele utilizate pentru implementarea proiectului.
Descriei spaiul (spaiile) de producie/prestare servicii n care urmeaz s fie instalate bunurile (echipamentele,
utilajele etc. Menionai, printre altele, suprafaa, utilitile, facilitile disponibile.
26

/2&85,'(081&3(50$1(17(1&$'58/0,&52175(35,1'(5,,65/'
1XPUXOGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHHVWHPDLPDUHVDXHJDOFX
fi
zi
ce
lo
r

0$1$*(0(178/,5(6856(/(80$1($/(0,&52175(35,1'(5,,65/'
in
fo
rm
ar
ii
pe
rs
oa
ne
'HVFULHUHDUHVXUVHORUXPDQH
ncercai s evideniai felul n care cunotinele/specializrile/experiena fiecruia dintre ntreprinztorii
tineri va influena n mod pozitiv evoluia microntreprinderii S.R.L. D.
Descriei i explicai, n detaliu, politica de resurse umane, atribuii, responsabiliti, strategia de dezvoltare
a resurselor umane (e.g. politica de instruire). Descriei calificrile, expertiza personalului angajat n
activitatea microntreprinderii, pe activiti desfurate.
Care sunt/vor fi responsabilitile ntreprinztorilor tineri (responsabilitile fiecrui ntreprinztor tnr
pentru noua activitate/noul produs
'HWDOLHUHSHDFWLYLWL

$FWLYLWDWHD
1XPUGHVDODULDL
3UHJWLUHDSURIHVLRQDO
$FWLYLWDWHD

$FWLYLWDWHD

cl
us
iv
De
st
in
at
ex

&LQHHVWHDQJDMDWXOFKHLHDGLFSHUVRDQDFDUHSULQFXQRWLQHOHSHFDUHOHGHLQHSRDWHLQIOXHQD
PHUVXODIDFHULLGDFHVWHFD]XO"

321'(5($,19(67,,,/251&+(/78,(/,/($)(5(17(3/$18/8,'($)$&(5,

3RQGHUHDLQYHVWLLLORUSHVWH

27

'HVFULHUHDLQYHVWLLHLSURSXVH
fi
zi
ce
V rugm s dai informaii clare i exacte privind tipul investitiei, echipamentele, adresa construciei, etc. i
ataai orice contracte de vnzare/cumprare, oferte de preuri sau facturi, dac avei:

$WDHD]ILLHUH
Se accepta doar fisiere imagine (jpg, png) sau documente (word, pdf)
rs
rm
ar
$)1

in

>=

=
cl
&UHGLW
SHQWUX
FKHOWXLDO
HOLJLELO
us

pe
vQQXPHUDU
ii
IU79$

7RWDO
oa
$SRUWXOSURSULX
iv

&RVWXO
HOHPHQWXOXL
fo
(OHPHQWXOGHFRVW
'HQXPLUHD
HOHPHQWXOXLGHFRVW
HVWHGHQXPLUHD
WHKQLFFRPSOHWD
DFHVWXLD
ne
lo
r

&RVWXOWRWDODOSURLHFWXOXL

9UXJPVFRPSOHWDLXUPWRUXOWDEHOLQGLFkQGFRVWXOWRWDODOILHFUXLHOHPHQWLPSOLFDWvQSURLHFWLVXUVD
GHILQDQDUHDILHFUXLHOHPHQWGHLQYHVWLLH9DORDUHDILHFUXLHOHPHQWGHFRVWDUHGRXFRPSRQHQWH$)1
PD[LPGLQYDORDUHDRELHFWXOXLILQDQDWIU79$FUHGLWPLQLPGLQYDORDUHDRELHFWXOXLILQDQDWIU
79$DSRUWSURSULXPLQLPGLQYDORDUHDRELHFWXOXLILQDQDWIU79$

at
(FKLSDPHQWHWHKQRORJLFHvQSRQGHUHGHSHVWH
GLQYDORDUHDSODQXOXLGHDIDFHUL
(FKLSDPHQWHWHKQRORJLFHvQSRQGHUHGHSHVWH
GLQYDORDUHDSODQXOXLGHDIDFHUL
in

st
ex
7,38/&+(/78,(/,/25$)(5(17(3/$18/8,'($)$&(5,

De

6XUVHSHQWUXDSRUWXOSURSULX
$SRUWXOvQQXPHUDU
Cash: de unde provin banii pentru contribuia proprie la proiect? Economii personale, mprumuturi, cash
din afacere ? alte surse?
6XUVHSHQWUXILQDQDUHD79$LDDOWRUFKHOWXLHOLQHHOLJLELOHDIHUHQWHSURLHFWXOXL
VXUVHSURSULLFUHGLW
28
/2&$/,=$5($$&7,9,7,,0,&52175(35,1'(5,,65/'

0HGLXOUXUDO

0HGLXOXUEDQ
fi
zi
ce

'$7(35,9,1'/2&$,$'(,03/(0(17$5(6,128/352'866(59,&,8
lo
r
Adresa complet a locului de implementare a proiectului.
ne
oa
'85$%,/,7$7($352,(&78/8,
rm
ar
ii
pe
rs
Argumentai cum proiectul se va autosusine financiar dup ncetarea finanrii solicitate prin prezentul plan
de afaceri, capacitatea de a asigura operarea i ntreinerea investiiei dup finalizare (entiti responsabile,
fonduri, activiti, orizont de timp), continuarea activitii economice aferente investiiei, precum i de
meninere a locurilor de munc permanente nou create, dup finalizarea proiectului i ncetarea finanrii
nerambursabile.
Prezentai msurile ntreprinse, sursele financiare prevzute, resursele umane pe toat durata de analiz.
fo
32=,,$3(3,$$),50(,
in
)851,=25,
De
st
in
at
ex
cl
us
iv
9UXJPVFRPSOHWDLSHQWUXILHFDUHIXUQL]RUFDUHGHLQHFHOSXLQGLQFRVWXULOHPDWHULHLSULPH
)851,=259,,725 ',1727$/
&()851,=($= &21',,,'(3/$7
'(&1'"

&/,(1,
(V rugm s completai pentru fiecare client care deine cel puin de 15% din vnzrile lunare )

9,,725
91=5,
352'86(91'87( &21',,,'(3/$7 '(&1'"

&21&85(1$
D&kWHILUPHRIHUSURGXVHVHUYLFLLLGHQWLFHVDXVLPLODUHSHVHJPHQWXO'YVGHSLD"(QXPHUDLSULQFLSDOHOHILUPH
FRQFXUHQWHLQWHUQHVDXH[WHUQHGDFHVWHFD]XO

E3ULQFHYGHRVHELLGHFRQFXUHQ"(QXPHUDLSXQFWHOHIRUWHLSXQFWHOHVODEHDOHSURSULHLDIDFHULFRPSDUDWLY
FXDOHFRQFXUHQHL

29
fi
zi
ce

F&HDUWUHEXLVIDFHLSHQWUXDYvPEXQWLSR]LLDSHSLD"

G&XPVHFRPSDUSUHXULOH'YVIDGHFHOHDOHFRQFXUHQHL"
oa
ne
lo
r
Care este piaa int? Ct de mare estimai a fi aceast pia? Care este procentul deinut de Dvs. din
pia?
Descriei schimbrile ce vor avea loc pe pia i cum anume se va adapta firma Dvs. la aceste schimbri:
Creterea concurenei pe piaa intern? Creterea cererii? Schimbri n legislaie? Ali factori care pot
influena piaa?
pe
ii
rs
st
in
at
ex
cl
us
iv
in
fo
rm
ar

$62&,$78/$'0,1,675$7258/$850$781&856'($175(35(125,$7

$VRFLDWXODGPLQLVWUDWRUXODXUPDWXUPHD]XQFXUV
GHDQWUHSUHQRULDW

$VRFLDWXODGPLQLVWUDWRUXOQXDXUPDWQXXUPHD]
XQFXUVGHDQWUHSUHQRULDW

De
$62&,$78/$'0,1,675$7258/65/'$$987&$/,7$7($'(20(56$8$%62/9(171
$18/35(&('(17,6$8$18/&85(1715(*,6755,,65/'/$5(*,6758/&20(58/8,

$VRFLDWXODGPLQLVWUDWRUXO65/'DDYXWFDOLWDWHD
GHRPHUVDXDEVROYHQWvQDQXOSUHFHGHQW
LVDXDQXOFXUHQWvQUHJLVWUULL65/'OD
5HJLVWUXO&RPHUXOXL
$VRFLDWXODGPLQLVWUDWRUXO65/'18DDYXW
FDOLWDWHDGHRPHUVDXDEVROYHQWvQDQXO
SUHFHGHQWLVDXDQXOFXUHQWvQUHJLVWUULL65/'
OD5HJLVWUXO&RPHUXOXL
30

87,/,=$5($12,/257(+12/2*,,,352029$5($62&,(7,,,1)250$,21$/(
SURLHFWXOSURSXVVHvQFDGUHD]vQSROLWLFDRUJDQL]DLHLGHSURWHFLHLvPEXQWLUHDPHGLXOXLvQFRQMXUWRU
fi
zi
ce
62&,(7$7($,1)250$,21$/,12,/(7(+12/2*,,
lo
r
Explicai modul n care proiectul contribuie la introducerea noilor tehnologii i/sau a soluiilor informatice
sau la creterea gradului de utilizare a noilor tehnologi/ soluiilor informaticei n procesul de
producie/prestare servicii/ construcii
352'868/6(59,&,8/
in
fo
rm
ar
ii
pe
rs
oa
ne
Descriei i explicai, n detaliu, produsul/serviciul ce face obiectul investiiei propuse n proiect.

Descrierea produsului: caracteristici fizice (mrime, form, culoare, design, capaciti), tehnologia utilizat n
producerea/ dezvoltarea lui (materii prime, echipamente, fora de munc, patente etc localizai, la nivel de
regiune de dezvoltare/jude, sursa acestor elemente).
Descrierea serviciului: ce reprezint, ce nevoi satisface, care sunt materialele i echipamentele necesare
prestrii serviciului, etape n procesul de prestare a serviciului, beneficii pentru clieni.
Prezentai modul n care tehnologiile noi, moderne vor fi utilizate n producerea/ meninerea/ dezvoltarea
produsului/ serviciului.
Evideniai noutatea, caliti/avantaje ale produsului/ serviciului dvs. fa de cel al competitorilor.
Punctele tari ale afacerii (produsului/ serviciului), avantaje oferite fa de competitori.
Riscuri identificate i msurile prevzute pentru diminuarea efectelor n cazul materializrii acestor riscuri.
cl
us
iv
352'86(/(12,GHVFULHLWLSXOGHSURGXVHVHUYLFLLLFDUDFWHULVWLFLSURFHQWXOGLQWRWDOYkQ]ULSUH
YkQ]DUH

3URGXV
3RQGHUHvQYkQ]ULOHWRWDOH
ex
,03$&78/$6835$0(',8/8,,(),&,(1$(1(5*(7,&
De
st
in
at
'HVFULHLFXPSRDWHSURLHFWXODIHFWDPHGLXOLFHVROXLLDLJkQGLWSHQWUXHOLPLQDUHDDFHVWRUHIHFWH([SOLFDL
PRGXOvQFDUHSURLHFWXOFRQWULEXLHODPD[LPL]DUHDEHQHILFLLORULUHGXFHUHDHIHFWHORUQHJDWLYHDVXSUDPHGLXOXL
vQFRQMXUWRULQFOXVLYPVXULGHSURPRYDUHDHILFLHQHLHQHUJHWLFH8QGHHVWHFD]XOSUH]HQWDLPRGXOvQFDUH
SURLHFWXOSURSXVVHvQFDGUHD]vQSROLWLFDRUJDQL]DLHLGHSURWHFLHLvPEXQWLUHDPHGLXOXLvQFRQMXUWRU
31

352,(&,,),1$1&,$5(

)$&,/,7,$&25'$7(0,&52175(35,1'(5,,65/'
&RPSOHWDWLVXPDVROLFLWDWDSHQWUX$)1
D $FRUGDUH$ORFDLH)LQDQFLDUD1HUDPEXUVDELOH
*DUDQLHDFRUGDWDGH)RQGXO1DLRQDOGH*DUDQWDUHDO
E &UHGLWHORUSHQWUXQWUHSULQGHUL0LFLL0LMORFLL6$,)1
)1*&,00
fi
zi
ce
6FXWLUHDGHODSODWDWD[HORUSHQWUXRSHUDLXQLOHGH
vQPDWULFXODUHHIHFWXDWHOD2ILFLLOH5HJLVWUXOXL&RPHUXOXL
SHQWUXvQUHJLVWUDUHDPLFURvQWUHSULQGHULL
lo
r
G
(VWLPDLYDORDUHDWRWDODVDODULLORUSH
SDUFXUVXOGHUXOULLSURJUDPXOXLDQL
SHQWUXFDUHVHVROLFLWVFXWLUHGH
LPSR]LW
&RPSOHWDWLVXPDWRWDODWD[HORUSHQWUX
RSHUDLXQLOHGHvQPDWULFXODUHHIHFWXDWH
OD2ILFLLOH5HJLVWUXOXL&RPHUXOXL
SHQWUXvQUHJLVWUDUHDPLFURvQWUHSULQGHULL
pe
rs
oa
ne
F
6FXWLUHDGHODSODWDFRQWULEXLLORUGHDVLJXUULVRFLDOHGDWRUDWH
GHDQJDMDWRULSRWULYLWOHJLLSHQWUXYHQLWXULOHDIHUHQWH
WLPSXOXLOXFUDWGHFHOPXOWSDWUXVDODULDLDQJDMDLSH
SHULRDGQHGHWHUPLQDW
&RPSOHWDWLYDORDUHDFUHGLWXOXLVROLFLWDW
7RWDO
/HL
in
at
ex
cl
us
iv
in
fo
rm
ar
ii

6&+(0$'(),1$1$5(

6FKHPDGHILQDQDUHFXFUHGLWEDQFDU

6FKHPDGHILQDQDUHIUFUHGLWEDQFDU

3/$1'(),1$1$5($,19(67,,(,

6XPD
&UHGLWHEDQFDUH

$)1

$OWHVXUVH

727$/

&+(/78,(/,$18$/('(352'8&,((;3/2$7$5(
'HWDOLDL FKHOWXLHOLOH GLUHFWH L LQGLUHFWH DQXDOH DOH DFWLYLWLL FH VH YD GHVIXUD vQ XUPD LPSOHPHQWULL
SURLHFWXOXLODFDSDFLWDWHDPD[LP
6XPD/HL

0DWHULLSULPH
0DWHULDOHDX[LOLDUH
0DQRSHUGLUHFWVDODULLWD[HLFRQWULEXLLVRFLDOH
(QHUJLHDOWHXWLOLWL
6XEDQVDPEOH
6HUYLFLLVDXOXFUULVXEFRQWUDFWDWH
$OWHFKHOWXLHOLGLUHFWH
De
st
&KHOWXLHOLGHSURGXFLHH[SORDWDUH

6XPHOHYRUILWUHFXWHvQ/(,IU79$
32

$GPLQLVWUDLH0DQDJHPHQW
&KHOWXLHOLGH%LURX6HFUHWDULDW
&KHOWXLHOLGH7UDQVSRUWWUDQVSRUWLQWHUQPDQLSXODUHDSURGXVHORUvQFDGUXO
DFWLYLWLLLFXFHIRUHVHUHDOL]HD]
&KHOWXLHOLGHSURWHFLDPXQFLLLDPHGLXOXL
$OWHFKHOWXLHOLLQGLUHFWH
727$/
lo
r
fi
zi
ce
&KHOWXLHOLGHSURGXFLHLQGLUHFWH

De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
9(1,785,$18$/(35(&21,=$7(
'HWDOLDL YROXPXO YkQ]ULORU DQXDOH SHQWUX ILHFDUH FDWHJRULH GH SURGXVVHUYLFLL RIHULWH SULQ LPSOHPHQWDUHD
SURLHFWXOXLODFDSDFLWDWHDPD[LPDHFKLSDPHQWHORU

9kQ]ULODFDSDFLWDWHDPD[LP
3RQGHUHvQYkQ]ULOHWRWDOH
3URGXVXO

3URGXVXO

3URGXVXO

727$/

%,/$135(6&857$7

0LL
/(,
,,,,02%,/,=5,),1$1&,$5(FW

$&7,9(,02%,/,=$7(727$/UGOD
De
%$&7,9(&,5&8/$17(

st
,672&85,FW
in

at

ex

cl

us
,,&5($1(
iv
,,, ,19(67,,, 3( 7(50(1 6&857 FW

,9&$6$,&21785,/$%1&,
FW
$&7,9(&,5&8/$17(727$/UGOD
&&+(/78,(/,1$9$16FW
' '$725,, 680(/( &$5( 75(%8,( 3/7,7(
17523(5,2$''(31/$81$1
FW

($&7,9( &,5&8/$17( 1(7('$725,, &85(17(
1(7(UG
) 727$/ $&7,9( 0,186 '$725,, &85(17( UG

,, ,02%,/,=5, &25325$/( FW

$ $&7,9(,02%,/,=$17(
,,02%,/,=$5, 1(&25325$/( FW

rm
fo
in
pe
rs
ne
lo
r

oa

ar
i
i

1

5G

fi
zi
ce
3URLHFLL
1
1

33
9,352),78/6$83,(5'(5($
62/'&
17523(5,2$'0$,0$5('(81$1
FW

+.3529,=,2$1(FW
De
,9(1,785,1$9$16UGGLQFDUH

st
6XEYHQLLSHQWUXLQYHVWLLLFW
in
9HQLWXULvQUHJLVWUDWHvQDYDQVFWWRWDO
at
UGGLQFDUH
6XPHGHUHOXDWvQWURSHULRDGGHSkQODXQDQe
xc
FW
lu
6XPHGHUHOXDWvQWURSHULRDGPDLPDUHGHXQDQ
si
FW
v
)RQGXOFRPHUFLDOQHJDWLYFW
-&$3,7$/,5(=(59(
,&$3,7$/UGODGLQFDUH
FDSLWDOVXEVFULVYUVDWFW
FDSLWDOVXEVFULVQHYUVDWFW
SDWULPRQLXOUHJLHLFW
,,35,0('(&$3,7$/FW
,,,5(=(59(',15((9$/8$5(FW
,95(=(59(FW
$FLXQLSURSULLFW
&kWLJXUL OHJDWH GH LQVWUXPHQWHOH GH FDSLWDOXUL SURSULL FW

3LHUGHULOHJDWHGHLQVWUXPHQWHOHGHFDSLWDOXULSURSULLFW
9352),78/6$83,(5'(5($
62/'&

5(3257$7
FW
62/''
* '$725,, 680(/( &$5( 75(%8,( 3/7,7(
rm
fo
in
ne
lo
r

ar
i
i

fi
zi

ce

oa

rs

pe

34
st
De
at
in
iv
us
cl
ex
rm
fo
in

(;(5&,,8/8,),1$1&,$5FW
62/''
5HSDUWL]DUHDSURILWXOXLFW
&$3,7$/85,35235,,727$/UG

3DWULPRQLXOSXEOLFFW
&$3,7$/85,727$/UG
&RQWXULGHUHSDUWL]DWGXSQDWXUDHOHPHQWHORUUHVSHFWLYH
6ROGXULGHELWRDUHDOHFRQWXULORUUHVSHFWLYH
6ROGXULFUHGLWRDUHDOHFRQWXULORUUHVSHFWLYH
rs
ar
ii

oa
ne
lo
r

pe

fi
zi
ce

35
36

$1(;/$3/$18/'($)$&(5,
&5,7(5,,'((9$/8$5($3/$18/8,'($)$&(5,
&ULWHULL

'RPHQLXOGHDFWLYLWDWHDO65/'
3URJUDPDUH,73URGXFLH

7XULVP

$
6HUYLFLL

&RPHUWLDOWHDFWLYLWL

3ODQXOGHDIDFHULFRQGXFHODFUHDUHDGHQRLORFXULGHPXQFSHUPDQHQWHvQFDGUXOPLFURvQWUHSULQGHULL
65/'
1XPUXOGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHHVWHPDL

PDUHVDXHJDOFX
%

PDUHVDXHJDOFX

PDUHVDXHJDOFX
pe
rs
oa
ne
lo
r
fi
zi
ce
1UFUW
ii
3RQGHUHDLQYHVWLLLORUvQFKHOWXLHOLOHDIHUHQWH3ODQXOXLGHDIDFHUL
ar
&

fo
rm
7LSXOFKHOWXLHOLORUDIHUHQWH3ODQXOXLGHDIDFHUL
(FKLSDPHQWH WHKQRORJLFH Q SRQGHUH GH SHVWH GLQ YDORDUHD SODQXOXL GH
DIDFHUL
(FKLSDPHQWH WHKQRORJLFH Q SRQGHUH GH SHVWH GLQ YDORDUHD SODQXOXL GH

DIDFHUL

us
iv
'
in

$VRFLDWXODGPLQLVWUDWRUXODXUPDWXUPHD]XQFXUVGHDQWUHSUHQRULDW
ex

(
cl
$VRFLDWXODGPLQLVWUDWRUXODXUPDWXQFXUVGHDQWUHSUHQRULDW

$VRFLDWXODGPLQLVWUDWRUXOQXDXUPDWQXXUPHD]XQFXUVGHDQWUHSUHQRULDW
$VRFLDWXODGPLQLVWUDWRUXO65/'HVWHVRPHUVDXDEVROYHQWGLQDQXOSUHFHGHQWODGDWDLQVFULHULLOD
5HJLVWUXO&RPHUWXOXL
$VRFLDWXODGPLQLVWUDWRUXO65/' DDYXWFDOLWDWHDGHRPHUVDXDEVROYHQWvQ
DQXO SUHFHGHQW LVDX DQXO FXUHQW vQUHJLVWUULL 65/' OD 5HJLVWUXO
&RPHUXOXL

)
$VRFLDWXODGPLQLVWUDWRUXO65/'18DDYXWFDOLWDWHDGHRPHUVDXDEVROYHQW
vQ DQXO SUHFHGHQW LVDX DQXO FXUHQW vQUHJLVWUULL 65/' OD 5HJLVWUXO
&RPHUXOXL

Total puncte obinute
De
st
in
at

3XQFWDMXOPD[LPFDUHVHSRDWHRELQHHVWHGHSXQFWH
3XQFWDMXOPLQLPFDUHVHSRDWHRELQHHVWHGHSXQFWH
3XQFWDMXOPLQLPSHQWUXDFFHVDUHDSURJUDPXOXLHVWHGHSXQFWH
/DSXQFWDMHHJDOHYDSUHYDOD
QXPUXOGHORFXULGHPXQFFHXUPHD]DILFUHDWHvQFDGUXO3URJUDPXOXL
DFKL]LWLDGHHFKLSDPHQWHWHKQRORJLFH
DFWLYLWDWHDSHFDUHDFFHVHD]SURJUDPXO
FXUVGHDQWUHSUHQRULDW
$VRFLDWXODGPLQLVWUDWRUXO65/'HVWHRPHUVDXDEVROYHQWGLQDQXOSUHFHGHQWODGDWDLQVFULHULLOD5HJLVWUXO
&RPHUWXOXL
'DWDVLRUDLQVFULHULLLQSURJUDP
37
$QH[D
32,3
5HYL]LD
$FWLYLWL
HOLJLELOH
oa
rs
pe
ii
ar
rm
fo
in
iv
us
cl
ex
at
in
st
De

5HDOL]DUHD
GHLQYHVWLLL
vQ
LPRELOL]UL
FRUSRUDOHQHFRUSRUDOH
SUHFXPLDOWHFRVWXULGH
RSHUDUHSUHY]XWHODSFW
FDWHJRULLOHGH
FKHOWXLHOLHOLJLELOHGLQ
SURFHGXU
ne
lo
r
fi
zi
ce
1U
FUW
$&7,9,7,/(,&+(/78,(/,/((/,*,%,/(
&$5(&2167,78,(2%,(&78/),1$15,,
&KHOWXLHOLHOLJLELOH
'RFXPHQWH
'RFXPHQWHMXVWLILFDWLYH
MXVWLILFDWLYH
FRQWUDFWGHSUHVWULVHUYLFLL
FRQWUDFWGHDFKL]LLHDDFWLYHORUFRUSRUDOH
IDFWXUILVFDOLLQVWUXPHQWHGHSODWDOHDFHVWHLDRUGLQHGHSODW
FKLWDQFRWRUILO&(&IRDLHGHYUVPkQWELOHWODRUGLQWUHFXWSULQ
EDQFDGLVSR]LLLGHSODWH[WHUQHvQFD]XOLPSRUWXULORUWUDGXVHvQOLPED
URPkQLOHJDOL]DWHRULJLQDOGXSFD]
FRSLHFHUWLILFDWGXSH[WUDVXOGHFRQW
GRFXPHQWHGLQFDUHVUH]XOWHDFKL]LLRQDUHDvQFRQGLLLGHSLDFX
H[FHSLDDFWLYHORUFRUSRUDOHGHODSFWVESFWOLWEGLQSURFHGXUD
SHQWUXFDUHVHYDSUH]HQWDXQUDSRUWGHHYDOXDUHDXQXLH[SHUWHYDOXDWRU
$1(9$5QFDGUXOOXFUULORUGHFRQVWUXFLHVHYDSUH]HQWDGHYL]GH
OXFUULODGHFRQW
GHFODUDLHSHSURSULDUVSXQGHUHDEHQHILFLDUXOXLFDFWLYXODFWLYHOH
DFKL]LLRQDWDFKL]LLRQDWHVWHVXQWQRXQRLLFQXDSOLFSHQWUX
DFHVWDDFHVWHDDPRUWL]DUHDDFFHOHUDWSUHY]XWvQ/HJHDQU
FKHOWXLHOLHOLJLELOH
SULYLQG&RGXOILVFDOFXPRGLILFULOHLFRPSOHWULOHXOWHULRDUH
SHQWUXUHDOL]DUHDGH
FRSLH FHUWLILFDW GH SH ILD GH DPRUWL]DUH D DFWLYXOXL DFKL]LLRQDW FX
LQYHVWLLLvQDFWLYH
FRGXOGHFODVLILFDUHDODFHVWXLD
FRUSRUDOH
FRQWUDFWGHDVLJXUDUHvQIDYRDUHD27,00&SHQWUXEXQXULOH
DFKL]LLRQDWHSULQSURJUDP
GRYDGD SURSULHWLLGUHSWXOXL GH IRORVLQ DVXSUD WHUHQXOXL VDX DOWH
IRUPHDVLPLODWHSHQWUXRSHULRDGGHFHOSXLQDQL
FHUWLILFDWGHXUEDQLVPGXSFD]
DXWRUL]DLDGHFRQVWUXFLHGXSFD]
H[WUDVXOGHFDUWHIXQFLDUGXSFD]
SURFHVYHUEDOGHUHFHSLHDDFWLYHORUGXSFD]
SURFHVYHUEDOGHSXQHUHvQIXQFLXQHGXSFD]
GHFODUDLHSHSURSULDUVSXQGHUHFRQIRUPFUHLDvQVWUXFWXUD
DFWLRQDULDWXOXLVRFLHWLLIXUQL]RDUHQXH[LVWUXGHLDILQLSkQODJUDGXO
,,LQFOXVLYFXDFLRQDULLDVRFLDLLXQLFLDLVRFLHWLORUGHEXWDQWHVROLFLWDQWH
FDUWHDGHLGHQWLWDWHDYHKLFXOXLDFKL]LLRQDWGLQFDUHVUH]XOWH
FDWHJRULDGHIRORVLQ
FRQWUDFWGHYkQ]DUHFXPSDUDUH
FRQWUDFWSULQFDUHVHGREkQGHVFGUHSWXULOHGHSURSULHWDWHLQWHOHFWXDO
GXSFD]
GRFXPHQWHGLQFDUHVUH]XOWHDFKL]LLRQDUHDvQFRQGLLLGHSLD
GRYDGDLQUHJLVWUDULLEUHYHWXOXLGHLQYHQWLHPUFLLGHSURGXVHWFOD
26,0
SHQWUX IUDQFL]H FRQWUDFWXO FX IUDQFL]RUXO WUDGXV vQ OLPEDURPkQ GH
FWUHXQWUDGXFWRUDXWRUL]DWIDFWXUDILVFDOWUDGXVvQOLPEDURPkQGH
FWUHXQWUDGXFWRUDXWRUL]DWFRSLDPDQXDOXOXLRSHUDLRQDOGHRSHUDLXQL
GRYDGDvQUHJLVWUULLPUFLLIUDQFL]DWHODRUJDQLVPXODELOLWDWGLQ5RPkQLD
VDXGLQDUDGHRULJLQHFXWUDGXFHUHDXWRUL]DWvQOLPEDURPDQ
SHQWUX OLFHQH L VRIWZDUH FRQWUDFWXO FX IXUQL]RUXO WUDGXV vQ OLPED
URPkQGHFWUHXQWUDGXFWRUDXWRUL]DWSHQWUXIXUQL]RULH[WHUQLIDFWXUD
ILVFDOWUDGXVvQOLPEDURPkQGHFWUHXQWUDGXFWRUDXWRUL]DWSHQWUX
IXUQL]RULH[WHUQL
SHQWUX HWLFKHWDUH HFRORJLF GRFXPHQWH FDUH V DWHVWH FHUWLILFDUHD
HWLFKHWULLHFRORJLFHGHFWUHXQRUJDQLVPDELOLWDW
FRQWUDFWGHYkQ]DUHFXPSUDUHGXSFD]
FRQWUDFWGHvQFKLULHUHGXSFD]
FRQWUDFWGHSUHVWULVHUYLFLLGXSFD]
SURFHVYHUEDOGHSUHGDUHDOXFUULORUVDXVHUYLFLLORUH[HFXWDWHGXS
FD]
SURFHVYHUEDOGHSXQHUHvQIXQFLXQHvQWUHH[HFXWDQWLEHQHILFLDUGXS
FD]
SURFHVYHUEDOGHUHFHSLHDOXFUULORUH[HFXWDWHVDXDVHUYLFLLORUSUHVWDWH
FRQWUDFWGHXWLOLWLGXSFD]
FRQWUDFWGHPXQFDLGRYDGDvQUHJLVWUULLvQ5(9,6$/
VWDWGHSODWDDVDODULLORUGXSFD]
GRFXPHQWHGLQFDUHVUH]XOWHDFKL]LLRQDUHDvQFRQGLLLGHSLDGXS
FD]
SURFHVYHUEDOGHUHFHSLHDPDWHULLORUSULPHLPDWHULDOHORU
FRQVXPDELOHDX[LOLDUHPUIXULORUHWFGXSFD]
&HUWLILFDWFRQVWDWDWRUHOLEHUDWGH25&vQFDUHFRGXO&$(1FODVDV
ILHDXWRUL]DWODGHFRQWXOFKHOWXLHOLORUGHFRQVXOWDQGXSFD]
FRQWUDFWXOGHSUHVWULVHUYLFLLFXIXUQL]RUXOGHVHUYLFLLGHIRUPDUH
SHQWUXFXUVXULGHGH]YROWDUHDDELOLWLORUDQWUHSUHQRULDOHVLGRYDGD
DXWRUL]ULLIDFWXUILVFDOvQRULJLQDOLFRSLHFHUWLILFDWFRSLH
FHUWLILFDWGXSGLSORPDGHDEVROYLUH
SHQWUXFRPLVLRQXOGHJDUDQWDUHGRYDGDSOLLFRPLVLRQXOXLGH
JDUDQWDUHvQRULJLQDOLFRSLHFHUWLILFDW
fi
zi
ce
38
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
FKHOWXLHOLHOLJLELOH
SHQWUXUHDOL]DUHDGH
LQYHVWLLLvQDFWLYH
QHFRUSRUDOH
De
st
in
at
DOWHFRVWXULGH
RSHUDUH
39
oa
ne
lo
r
fi
zi
ce
$QH[DQU
32,3
5HYL]LD

&2175$&7'(),1$1$5(1(5$0%856$%,/

1UBBBBBBBGDWDBBBBBBBBBBBBBB

Q FRQIRUPLWDWH FX SUHYHGHULOH 28* QU SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL
PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL FX PRGLILFULOH L FRPSOHWULOU
XOWHULRDUH L +* QU SULYLQG DSUREDUHD 1RUPHORU PHWRGRORJLFH FX PRGLILFULOH L
FRPSOHWULOHXOWHULRDUHLvQFRQIRUPLWDWHFX2UGLQXO0LQLVWUXOXLQUBBBBBBSHQWUXDSUREDUHD
SURFHGXULL GH LPSOHPHQWDUH D VFKHPHL WUDQVSDUHQWH GH DMXWRU GH PLQLPLV SUHY]XW vQ FDGUXO
3URJUDPXOXLSHQWUXVWLPXODUHDvQILLQULLLGH]YROWULLPLFURvQWUHSULQGHULORUGHFWUHvQWUHSULQ]WRULL
GHEXWDQLvQDIDFHULVHvQFKHLHSUH]HQWXOFRQWUDFWGHILQDQDUHvQWUH
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs

2ILFLXO 7HULWRULDO SHQWUX QWUHSULQGHUL 0LFL L 0LMORFLL L &RRSHUDLH FX VHGLXO vQ
VWU QU VHFWRUXO WHOHIRQ ID[ UHSUH]HQWDW SULQ
RUGRQDWRUGHFUHGLWHL&RRUGRQDWRU8QLWDWH3URJUDPDUH6HOHFLH(YDOXDUHL
&RQWUDFWDUHvQFDOLWDWHGH$'0,1,675$725'(352*5$0

L

6& FX VHGLXO vQ
WHOHIRQ ID[ vQUHJLVWUDW VXE QU OD 2ILFLXO 5HJLVWUXOXL
&RPHUXOXL FRG ILVFDO QU FRQW FXUHQW QU UHSUH]HQWDW
OHJDO SULQ DYkQG IXQFLD GH vQ FDOLWDWH GHL GHQXPLW vQ
FRQWLQXDUH%(1(),&,$5

,2ELHFWXOFRQWUDFWXOXL
$UW2ELHFWXOFRQWUDFWXOXLvOFRQVWLWXLHDMXWRUXOILQDQFLDUQHUDPEXUVDELODFRUGDWGHODEXJHWXOGHVWDW
SULQ 3URJUDPXO SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL
GHEXWDQLvQDIDFHULGHQXPLWvQFRQWLQXDUH3URJUDP0LQLVWHUXO(QHUJLHLQWUHSULQGHULORU0LFLL0LMORFLL
L 0HGLXOXL GH $IDFHUL 0(,000$ SULQ 2ILFLXO 7HULWRULDO SHQWUX QWUHSULQGHUL 0LFL L 0LMORFLL L
&RRSHUDLH27,00&
,,'XUDWDFRQWUDFWXOXL
$UW 3UH]HQWXO FRQWUDFW LQWU vQ YLJRDUH OD GDWD VHPQULL L DWULEXLULL QXPUXOXL GH FRQWUDFW GH FWUH
27,00&
3HULRDGD PD[LP GH LPSOHPHQWDUH L GH HIHFWXDUH D FKHOWXLHOLORU HVWH FXSULQV vQWUH GDWD VHPQULL
FRQWUDFWXOXLLGDWDGHBBBBBBBBGDUQXPDLWkU]LXGHQRLHPEULH
'XUDWDGHH[HFXWDUHDFRQWUDFWXOXLHVWHGHDQLGHODGDWDVHPQULLFRQWUDFWXOXLGHDPEHOHSUL
,,,9DORDUHDFRQWUDFWXOXL
$UW 3ULQ 3URJUDP EHQHILFLDUXO HOLJLELO SULPHWH R YDORDUH D DORFDLHL ILQDQFLDUH QHUDPEXUVDELOH
$)1 GH PD[LPXP GLQ YDORDUHD FKHOWXLHOLORU HOLJLELOH GDU QX PDL PXOW GH OHL
UHSUH]HQWDQGHXURODFXUVXOGHOHLHXURFXUV%15OD
9DORDUHDFRQWUDFWXOXLGHILQDQDUHHVWHGHOHL
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
,90RGDOLWLOHGHSODW
$UW %HQHILFLDULL SURJUDPXOXL WUHEXLH V GHVFKLG FRQW FDUH YD FXSULQGH JUXSXO GH FLIUH
'LVSRQLELOGLQWUDQVIHUXULLVXEYHQLLDOEHQHILFLDUXOXLGHVFKLVODXQLWDWHD7UH]RUHULHL6WDWXOXLvQDFUHL
UD] WHULWRULDO vL DX VHGLXO vQ FRQIRUPLWDWH FX SUHYHGHULOH DUW DOLQ GLQ 2UGRQDQD GH 8UJHQ D
*XYHUQXOXL QU SULYLQG IRUPDUHD L XWLOL]DUHD UHVXUVHORU UHSXEOLFDW FX PRGLILFULOH L
&KHOWXLHOLOH HIHFWXDWH LQFOXVLY IDFWXULOH HPLVH vQDLQWHD vQFKHLHULL SUH]HQWXOXL FRQWUDFW QX VXQW
HOLJLELOHFXH[FHSLDFKHOWXLHOLORUGHFRQVXOWDQSHQWUXHODERUDUHDSODQXOXLGHDIDFHUL
&KHOWXLHOLOHHOLJLELOHSHQWUXFDUHVDSULPLWQRWLILFDUHHIHFWXDWHGHEHQHILFLDUVHYRUSOWLvQFRQWXO
EHQHILFLDUXOXL SH ED]D &RQWUDFWXOXL GH ILQDQDUH D FHUHULLWLS GH HOLEHUDUH D DORFDLHL ILQDQFLDUH
QHUDPEXUVDELOHDQH[DQUODSURFHGXUDSURJUDPXOXLLDQRWLILFULLSULYLQGDFFHSWDUHDGHSULQFLSLXOD
ILQDQDUHvQVRLWGHGRFXPHQWHOHMXVWLILFDWLYHFRQIRUPDQH[HLQUODSURFHGXUDSURJUDPXOXL
3ODWDYDILIFXWSURSRULRQDOFRQIRUPDUWGLQSUH]HQWXOFRQWUDFW

9'UHSWXULLREOLJDLL
$GPLQLVWUDWRUXOGHSURJUDP
YD DVLJXUD ILQDQDUHD SURLHFWXOXL vQ FRQGLLLOH FRQWUDFWXOXL L vQ OLPLWD IRQGXULORU DSUREDWH SHQWUX
3URJUDPFXSULQVHvQEXJHWXODQXDODODFHVWXLD
YDPRQLWRUL]DvQGHSOLQLUHDHWDSHORUSUHY]XWHvQFRQWUDFWLvQJKLGXOVROLFLWDQWXOXLSHRSHULRDGGH
DQL
YD PRQLWRUL]D HIHFWHOH SDUWLFLSDULL OD 3URJUDP SH R SHULRDG GH DQL vQFHSDQG FX DQXO XUPWRU
DFRUGULLDORFDLHLILQDQFLDUHQHUDPEXUVDELOH
YDGHFODQDSURFHGXUDGHUHFXSHUDUHDDMXWRUXOXLGHPLQLPLVvQFD]XOvQFDUHVHFRVWDWFIDFLOLWLOHGH
FDUH D EHQHILFLDW DX IRVW DFRUGDWH QHFXYHQLW FRQIRUP VLWXDLLORU GHILQLWH vQ DUW GLQ 28* QU
SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORU GH FWUH vQWUHSULQ]WRULL GHEXWDQL vQ
DIDFHUL

$UW
%HQHILFLDUXO
YDSXQHODGLVSR]LLD27,00&WRDWHGRFXPHQWHOHSUHY]XWHGHSURFHGXUDSURJUDPXOXL
$GPLQLVWUDWRUXOGHSURJUDPSRDWHFHUHRULFkQGLQIRUPDLLLGRFXPHQWHVXSOLPHQWDUHFHWUHEXLHIXUQL]DWH
vQFHOPXOW]LOHGHODVROLFLWDUHDDFHVWRUD
HVWHREOLJDWVUHVSHFWHWRDWHFRQGLLLOHSUHY]XWHvQSURFHGXUDSURJUDPXOXL
HVWHREOLJDWVDFKL]LLRQH]HvQFRQGLLLGHSLDDFWLYHOHFRUSRUDOHLQHFRUSRUDOHLVvQWRFPHDVFXQ
GRVDU GH DFKL]LLH FDUH V FXSULQG FHUHUL GH RIHUW PLQLP WUHL RIHUWHOH SULPLWH DFHVWHD WUHEXLH V
FXSULQG L GDWHOH GH LGHQWLILFDUH DOH RIHUWDQWXOXL XQ SURFHV YHUEDO VHPQDW GH UHSUH]HQWDQWXO OHJDO DO
vQWUHSULQGHULLSULQFDUHVILHMXVWLILFDWDOHJHUHDRIHUWHLFDWLJWRDUH
HVWHREOLJDWVDQJDMH]HFXFRQWUDFWGHPXQFDFXQRUPvQWUHDJSHGXUDWDQHGHWHUPLQDWDLVPHQLQD
vQ DFWLYLWDWH SH R SHULRDG GH WUHL DQL vQFHSkQG FX DQXO XUPWRU DFRUGULL $)1 DQJDMDLL FRQIRUP
QXPUXOXLGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHSULQLQWHUPHGLXOSURJUDPXOXL
SHQWUX FDUH D SULPLW SXQFWDM vQ SODQXO GH DIDFHUL FXPXODW FX QXPUXO GH ORFXUL GH PXQF H[LVWHQW OD
PRPHQWXOGHVFKLGHULLDSOLFDLHL
HVWH REOLJDW V PHQLQ vQ SURSULHWDWHD ILUPHL LQYHVWLLD SHQWUX FDUH SULPHWH DORFDLD ILQDQFLDU
QHUDPEXUVDELOvQFDGUXO3URJUDPXOXLRSHULRDGGHPLQLPXPDQLvQFHSkQGFXDQXOXUPWRUDFRUGULL
$)1LQXYDDSOLFDDPRUWL]DUHDDFFHOHUDWSHQWUXDFWLYHOHDFKL]LLRQDWHvQFDGUXO3URJUDPXOXL
HVWHREOLJDWVUHLQYHVWHDVFDQXDOFHOSXLQGLQSURILWXOUHDOL]DWvQDQXOILVFDOSUHFHGHQW
HVWH REOLJDW V GHSXQ OD 27,00& VLWXDLLOH ILQDQFLDUH VHPHVWULDOH L DQXDOH FX GRYDGD vQUHJLVWUULL
DFHVWRUDODDXWRULWLOHFRPSHWHQWHSUHFXPLXQUDSRUWVHPHVWULDOGHSURJUHV
HVWHREOLJDWVUDSRUWH]H HIHFWHOHSDUWLFLSULL OD SURJUDP FWUH27,00&SHQWUX RSHULRDGDGH
DQLvQFHSkQGFXDQXOXUPWRUDFRUGULL$)1

De
40
41
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce

9,*DUDQLL
$UWQYHGHUHDJDUDQWULLDORFDLHLILQDQFLDUHQHUDPEXUVDELOHSHRSHULRDGGHDQLEHQHILFLDUXOVH
REOLJ
VQXvQVWULQH]HLVQXVFKLPEHGHVWLQDLDEXQXULORUDFKL]LLRQDWHvQFDGUXO3URJUDPXOXLWLPSGH
DQL
V GHSXQ GLOLJHQD XQXL EXQ SURSULHWDU SHQWUX FRQVHUYDUHD vQ EXQH FRQGLLL IL]LFH L MXULGLFH D
EXQXULORUDFKL]LLRQDWHvQFDGUXO3URJUDPXOXL
VSHUPLWDGPLQLVWUDWRUXOXLSURJUDPXOXLVLQVSHFWH]HEXQXULOHFHIDFRELHFWXOSUH]HQWXOXLFRQWUDFW
V DVLJXUH vQ IDYRDUHD DGPLQLVWUDWRUXOXL SURJUDPXOXL EXQXULOH DFKL]LLRQDWH SULQ SURJUDP vPSRWULYD
WXWXURUULVFXULORUSHRSHULRDGGHDQLLVFHVLRQH]HWRDWHGUHSWXULOHSHFDUHOHYDGREkQGLvQWHPHLXO
DVLJXUULLFWUHDGPLQLVWUDWRUXOSURJUDPXOXL
VQXVHRSXQODYkQ]DUHDGHFWUHDGPLQLVWUDWRUXOSURJUDPXOXLDEXQXULORUDIHFWDWHJDUDQLHLSHQWUX
DLUHFXSHUDDORFDLDILQDQFLDUQHUDPEXUVDELOvQFD]XOQHUHVSHFWULLFRQGLLLORUSUH]HQWXOXLFRQWUDFWGH
FWUHEHQHILFLDU

9,,5VSXQGHUHDFRQWUDFWXDO
$UW$GPLQLVWUDWRUXOGHSURJUDPQXUVSXQGHvQQLFLRVLWXDLHLSHQWUXQLFLXQPRWLYSHQWUXSDJXEHOH
VDX SUHMXGLFLLOH VXIHULWH GH SHUVRQDOXO VDX SURSULHWDWHD EHQHILFLDUXOXL vQ WLPSXO GHUXOULL FRQWUDFWXOXL L
QLFLQXSRDWHDFFHSWDYUHRSUHWHQLHGHFRPSHQVDUHVDXFHUHUHGHSODWOHJDWGHDFHVWHVLWXDLL
$UW Q FD]XO vQ FDUH SULQ EXJHWXO GH VWDW QX VH DFRSHU VXPHOH QHFHVDUH ILQDQULL SURLHFWXOXL
DGPLQLVWUDWRUXOGHSURJUDPHVWHH[RQHUDWGHRULFHUVSXQGHUH
$UW $GPLQLVWUDWRUXO GH SURJUDP HVWH H[RQHUDW GH RULFH UVSXQGHUH DVRFLDW RULFUHL SUHWHQLL VDX
DFLXQLFDX]DWHGHvQFOFDUHDUHJXOLORUUHJOHPHQWULORUVDXOHJLVODLHLGHFWUHEHQHILFLDUDQJDMDLLDFHVWXLD
VDXGHSHUVRDQHOHFDUHUVSXQGGHDFHWLDQJDMDLSUHFXPLFDXUPDUHDvQFOFULLGUHSWXULORUDSDULQkQG
WHUHORUSUL
$UW%HQHILFLDUXOvLDVXPUHVSRQVDELOLWDWHDvQIDDWHUHORUSULLQFOXVLYUVSXQGHUHDSHQWUXIDSWHVDX
SUHMXGLFLLGHRULFHIHOFDX]DWHGHDFHVWDvQOLPLWDGHUXOULLFRQWUDFWXOXL&RQWUDFWXODQJDMHD]UVSXQGHUHD
VROLGDU D EHQHILFLDUXOXL L D VXFFHVRULORU VL SH GH R SDUWH LDU SH GH DOW SDUWH D DGPLQLVWUDWRUXOXL GH
SURJUDPLDVXFFHVRULORUDFHVWXLD
$UW
5HSUH]HQWDQLL 27,00& DX GUHSWXO V YHULILFH DWkW OD VHGLXO RSHUDWRULORU
HFRQRPLFL FkW L OD FHO DO IXUQL]RULORU YHULGLFLWDWHD L FRQIRUPLWDWHD GHFODUDLLORU DFWLYLWLORU L
FKHOWXLHOLORUIFXWHvQFDGUXO3URJUDPXOXL
%HQHILFLDUXO DORFDLHL WUHEXLH V DFFHSWH L V IDFLOLWH]H FRQWUROXO UHSUH]HQWDQLORU
27,00&DVXSUDXWLOL]ULLDORFDLHLILQDQFLDUHQHUDPEXUVDELOHDFRUGDWHSULQDFHVWSURJUDP
$UW 9HULILFDUHD OD IDD ORFXOXL YL]HD] VWDGLXO GH UHDOL]DUH D LQYHVWLLHL UHDOLWDWHD OHJDOLWDWHD L
UHJXODULWDWHD RSHUDLXQLORU HFRQRPLFRILQDQFLDUH 3H GXUDWD HIHFWXULL FRQWUROXOXL OD DGUHVD XQGH
vQWUHSULQGHUHD D UHDOL]DW LQYHVWLLD L OD VHGLXO VRFLDO HFKLSD GH FRQWURO WUHEXLH V DLE DFFHV OD
GRFXPHQWHOHFRQWDELOHvQRULJLQDODOHvQWUHSULQGHULL
$UW
Q FD]XO vQ FDUH vQ XUPD FRQWURDOHORU HIHFWXDWH GH UHSUH]HQWDQLL 27,00& VDX OD
VHVL]DUHD RUJDQHORU GH FRQWURO DELOLWDWH DOH VWDWXOXL VH FRQVWDW XQHOH QHUHJXOL SUHFXP HIHFWXDUHD GH
GHFODUDLL LQFRPSOHWH LVDX QHFRQIRUPH FX UHDOLWDWHD SHQWUX D RELQH $)1 VFKLPEDUHD GHVWLQDLHL
EXQXULORU DFKL]LLRQDWH VDX QHvQGHSOLQLUHD DOWRU FRQGLLL SUHY]XWH vQ DFRUG 836(& YD SURSXQH
RUGRQDWRUXOXLGHFUHGLWHUHFXSHUDUHDWRWDOVDXSDULDODDMXWRUXOXLGHPLQLPLVDFRUGDW
3ULQQHUHJXOvQDFFHSLXQHDSUH]HQWXOXLFRQWUDFWVHvQHOHJHRULFHDEDWHUHGHODOHJDOLWDWHUHJXODULWDWH
L FRQIRUPLWDWH SUHFXP L RULFH QHUHVSHFWDUH D SUHYHGHULORU FRQWUDFWXOXL GH ILQDQDUH FD] vQ FDUH
FKHOWXLDODHVWHQHHOLJLELOLDUHFDHIHFWSUHMXGLFLHUHDDEXJHWHORUDGPLQLVWUDWHGHDFHVWHDRULvQQXPHOHORU
LDEXJHWXOXLQDLRQDO

42
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
5HFXSHUDUHD DMXWRUXOXL GH VWDW VH UHDOL]HD] FRQIRUP SUHYHGHULORU 2UGRQDQHL *XYHUQXOXL QU
UHSXEOLFDW FX PRGLILFULOH L FRPSOHWULOH XOWHULRDUH SULYLQG &RGXO GH 3URFHGXU )LVFDO
FRURERUDWFX2UGRQDQDGH8UJHQQUGLQGHFHPEULHSULYLQGSURFHGXULOHQDLRQDOHvQGRPHQLXO
DMXWRUXOXL GH VWDW SUHFXP L SHQWUX PRGLILFDUHD L FRPSOHWDUHD /HJLL FRQFXUHQHL QU DSUREDW
SULQ /HJHD QU 6XPHOH FDUH UH]XOW GLQ UHFXSHUDUHD IDFLOLWLORU DFRUGDWH SULQ SURJUDP DX
UHJLPXO MXULGLF GH FUHDQH ILVFDOH 6XPHOH vQFDVDWH SRWULYLW SUH]HQWXOXL DUWLFRO FRQVWLWXLH YHQLWXUL DOH
EXJHWXOXLGHVWDWLVHvQFDVHD]DvQWUXQFRQWGHYHQLWXULEXJHWDUHGLVWLQFW

9,,,&RQIOLFWGHLQWHUHVH
$UW%HQHILFLDUXOVHDQJDMHD]VLDWRDWHPVXULOHQHFHVDUHSHQWUXDHYLWDFRQIOLFWHOHGHLQWHUHVHLYD
LQIRUPD LPHGLDW DGPLQLVWUDWRUXO GH SURJUDP GHVSUH RULFH VLWXDLH FDUH FDX]HD] VDX DU SXWHD FDX]D XQ
DVHPHQHDFRQIOLFW

,;&ODX]DGHFRQILGHQLDOLWDWH
$UW3ULOHFRQYLQFWHUPHQHOHLFODX]HOHSUH]HQWXOXLFRQWUDFWVXQWFRQILGHQLDOHILHFDUHGLQWUHSUL
REOLJkQGXVH V QX WUDQVPLW WHULORU GRFXPHQWH GDWH VDX LQIRUPDLL UH]XOWDWH GLQ GHUXODUHD DFHVWXLD FX
H[FHSLDFD]XOXLvQFDUHLQIRUPDLLOHVXQWIXUQL]DWHRUJDQHORUDELOLWDWHDOHVWDWXOXLvQH[HUFLWDUHDDWULEXLLORU
FHOHUHYLQ
$UW 3ULOH VH REOLJ V QX GH]YOXLH SH GXUDWD FRQWUDFWXOXL L QLFL V XWLOL]H]H YUHR LQIRUPDLH
FRQILGHQLDOVDXVHFUHWRELQXWSHSDUFXUVXOFRQWUDFWXOXLvQOHJWXUFXFHDODOWSDUWH
$UWQvQHOHVXOSUH]HQWXOXLFRQWUDFWLQIRUPDLLFRQILGHQLDOHVDXVHFUHWHLQFOXGGDWHOHUHIHULWRDUHOD
LQIRUPDLLOH SUHY]XWH vQ SODQXO GH DIDFHUL L vQ VLWXDLLOH ILQDQFLDUH DOH EHQHILFLDUXOXL DD FXP VXQW HOH
SUH]HQWDWHvQGRFXPHQWHOHFRQWDELOHGHSXVH
$UW 3ULOH YRU OXD PVXULOH FDUH VH LPSXQ SHQWUX UHVSHFWDUHD GH FWUH SHUVRQDOXO SURSULX D
SUHYHGHULORUDUW

;0RGLILFDUHDFRQWUDFWXOXL
$UW2ULFHPRGLILFDUHDSUH]HQWXOXLFRQWUDFWVHIDFHSULQDFWDGLLRQDOSDUWHLQWHJUDQWGLQFRQWUDFW
7HUPHQHOH VWDELOLWH SULQ FRQWUDFW SRW IL SUHOXQJLWH FX DFRUGXO SULORU QXPDL SHQWUX FD]XUL WHPHLQLF
MXVWLILFDWH
3UH]HQWXO &RQWUDFW vQ LQWHJUDOLWDWHD VD SUHFXP L WRDWH GUHSWXULOH L REOLJDLLOH GHFXUJkQG GLQ
LPSOHPHQWDUHDDFHVWXLDQXSRWIDFHRELHFWXOFHVLXQLLFWUHWHUHSHUVRDQH
$UW9DORDUHDWRWDODFRQWUDFWXOXLSRDWHILPRGLILFDWGHFWUHDGPLQLVWUDWRUXOGHSURJUDPGDUQXPDL
vQVHQVXOGLPLQXULLvQFD]XOFRQVWDWULLQHUHVSHFWULLGHFWUHEHQHILFLDUDFODX]HORUFRQWUDFWXOXL VDXvQ
FD]XOVROLFLWULLH[SUHVHDEHQHILFLDUXOXL

;,QFHWDUHDFRQWUDFWXOXL
$UW&RQWUDFWXOvQFHWHD]GHGUHSWODVIkULWXOSHULRDGHLSUHY]XWHvQDUWDOLQ
$UW&RQWUDFWXOSRDWHvQFHWDSULQUH]LOLHUHODLQLLDWLYDDGPLQLVWUDWRUXOXLSURJUDPXOXLIUDFRUGDUHD
QLFLXQXL SUHDYL] IU D SOWL QLFL XQ IHO GH FRPSHQVDLH L IU QLFL R DOW IRUPDOLWDWH DWXQFL FkQG
EHQHILFLDUXO
DQXvLvQGHSOLQHWHRULFDUHGLQWUHREOLJDLLOHDVXPDWHSULQFRQWUDFW
EDIRVWGHVFKLVSURFHGXUDUHRUJDQL]ULLMXGLFLDUHLDIDOLPHQWXOXLDIRVWGHFODUDWLQVROYDELO
FDIFXWGHFODUDLLIDOVHVDXLQFRPSOHWHSHQWUXDRELQHILQDQDUHDSUHY]XWvQFRQWUDFWVDXIXUQL]HD]
UDSRDUWHFHQXUHSUH]LQWUHDOLWDWHD
G FRPLWH QHUHJXOL GH RUGLQ ILQDQFLDU VDX DFWH GH FRUXSLH vQ OHJWXU FX SURLHFWXO VWDELOLWH SULQWUR
KRWUkUHMXGHFWRUHDVFGHILQLWLY
HQXWUDQVPLWHGHSXQHOD27,00&SkQODGDWDGHFHUHUHDWLSGHHOLEHUDUHD
DORFDLHLILQDQFLDUHQHUDPEXUVDELOHDQH[DQUODSURFHGXUDSURJUDPXOXL
43
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
IQXWUDQVPLWHGHSXQH OD27,00&SkQODGDWDGH&HUHUHDWLSGHUHQXQDUH

WRWDOODILQDQDUHSUHY]XWvQDQH[DQUODSURFHGXUDSURJUDPXOXL
$UW5H]LOLHUHDFRQWUDFWXOXLFRQGXFHODH[FOXGHUHDEHQHILFLDUXOXLGHODSRVLELOLWDWHDGHDEHQHILFLD
GH VSULMLQ ILQDQFLDU GH OD EXJHWXO GH VWDW vQ FDGUXO 3URJUDPXOXL SH R SHULRDG GH GH OXQL GH OD GDWD
FRQVWDWULLQHvQGHSOLQLULLFRQGLLLORUFDUHDXFRQGXVODvQFHWDUHDFRQWUDFWXOXLLODUHVWLWXLUHDvQvQWUHJLPHD
VXPHORUGHFDUHDEHQHILFLDWFXGREkQ]LOHLSHQDOLWLOHDIHUHQWHGDWRUDWHGHODGDWDSOLLSkQmODGDWD
UHFXSHUULLVDXDUDPEXUVULL
&RQWUDFWXOYDILUH]LOLDWLILQDQDUHDQHUDPEXUVDELODFRUGDWYDILUHFXSHUDWLvQFD]XOvQFD]XO
vQ FDUH RELHFWHOH EXQXULOH ILH HOH PRELOH VDX LPRELOH ILQDQDWH vQ FDGUXO SUH]HQWXOXL FRQWUDFW QX VXQW
IRORVLWH FRQIRUP VFRSXOXL GHVWLQDW SUHFXP L vQ FD]XO vQ FDUH DFHVWHD VXQW YkQGXWH vQFKLULDWH VDX
vQVWULQDWH VXE RULFH IRUP SUHY]XW GH OHJLVODLD vQ YLJRDUH RULFkQG SH SHULRDGD GH YDODELOLWDWH D
SUH]HQWXOXLFRQWUDFWDDFXPHVWHVWDELOLWODDUWDOLQ

;,,5H]ROYDUHDLVROXLRQDUHDOLWLJLLORU
$UW3UH]HQWXOFRQWUDFWVHVXSXQHOHJLVODLHLURPkQHWL
$UW(YHQWXDOHOHOLWLJLLLYLWHvQOHJWXUFXSUH]HQWXOFRQWUDFWYRUILVROXLRQDWHSHFDOHDPLDELO
Q FD]XO vQ FDUH DFHVW OXFUX QX HVWH SRVLELO OLWLJLXO YD IL DGXV VSUH VROXLRQDUH LQVWDQHL MXGHFWRUHWL
FRPSHWHQWH

;,,,)RUDPDMRU
$UW)RUDPDMRUH[RQHUHD]SULOHGHUVSXQGHUHvQFD]XOLPSRVLELOLWLLGHUXOULLFRQWUDFWXOXLDO
H[HFXWULLQHFRUHVSXQ]WRDUHVDXFXvQWkU]LHUHDREOLJDLLORUDVXPDWHSULQDFHVWD
$UW 3ULQ IRU PDMRU VH vQHOHJH XQ HYHQLPHQW LQGHSHQGHQW GH YRLQD SULORU LPSUHYL]LELO RUL
LQVXUPRQWDELO DSUXW GXS vQFKHLHUHD FRQWUDFWXOXL FDUH vPSLHGLF SULOH V vL H[HFXWH REOLJDLLOH
DVXPDWH
$UW&D]XULOHGHIRUPDMRUYRUILFHUWLILFDWHGHFWUH&DPHUDGH&RPHUL,QGXVWULHD5RPkQLHLLD
0XQLFLSLXOXL%XFXUHWLvQFRQGLLLOHOHJLL
$UW3DUWHDFDUHLQYRFIRUDPDMRUHVWHREOLJDWVQRWLILFHFHOHLODOWHSULvQWHUPHQGH]LOHSULQ
ID[VFULVRDUHUHFRPDQGDWH[LVWHQDLGDWDGHvQFHSHUHDHYHQLPHQWXOXLVDXvPSUHMXUULOHFRQVLGHUDWHFD
IRU PDMRU ILLQG REOLJDW V LD WRDWH PVXULOH SRVLELOH SHQWUX OLPLWDUHD FRQVHFLQHORU SURGXVH GH XQ
DVHPHQHDFD]
;,9'LVSR]LLLILQDOH
$UW3UH]HQWXOFRQWUDFWUHSUH]LQWYRLQDSULORULvQOWXURULFHDOWvQHOHJHUHYHUEDOGLQWUHDFHVWHD
DQWHULRDUVDXXOWHULRDUOXL
$UW3UH]HQWXOFRQWUDFWVHFRPSOHWHD]FXSUHYHGHULOHSURFHGXULLSURJUDPXOXLDSUREDWSULQ2UGLQGH
0LQLVWUX
3UH]HQWXOFRQWUDFWXODIRVWvQFKHLDWvQH[HPSODUHRULJLQDOHXQH[HPSODUSHQWUX$'0,1,675$7258/
'( 352*5$0 L XQ H[HPSODU SHQWUX %(1(),&,$5 DYkQG DFHHDL YDORDUH ILHFDUH VHPQDWH GH
UHSUH]HQWDQLLOHJDOLDLFHORUGRXSULFRQWUDFWDQWH

3UH]HQWXOFRQWUDFWVDvQFKHLDWD]LODVHGLXO27,00&
2ILFLXO7HULWRULDOSHQWUXQWUHSULQGHUL
%HQHILFLDU
0LFLL0LMORFLLL&RRSHUDLH

5HSUH]HQWDQWOHJDOIXQFLD
2UGRQDWRUGHFUHGLWH

QXPHOHLSUHQXPHOHvQFODU
QXPHOHLSUHQXPHOHvQFODUVHPQWXUDLWDPSLOD
VHPQWXUDLWDPSLOD
&RQWUROILQDQFLDUSUHYHQWLYSURSULX

44

&RPSDUWLPHQWHFRQRPLFMXULGLF
UHVXUVHXPDQHLDGPLQLVWUDWLY

&RRUGRQDWRU836(&
fi
zi
ce

De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
ar
ii
pe
oa
rs
Valoarea finantarii
aprobate de principiu
- lei -
rm
fo
in
Denumirea achizitiei

a)
Terenuri pentru realizarea de construcii/amenajare efectuate n
De solicitat finanarea;

cadrul
proiectului, destinate activitii pentru care s-a
sefectuate
achiziionarea
de
terenuri
fr
construcie/amenajare

ti n cadrulpe
proiectului nu reprezint cheltuial eligibil n Program; amenajararea

na
terenuri nchiriate /concesionate pentru realizarea activitilor

proiectului reprezint cheltuial eligibil numai pentru realizareat
activitilor
ex
sportive, recreative i distractive(diviziunea 93);
b)
Construcii pentru desfurarea activitii pentru care s-a
cl

solicitat finanarea ;
us
Achiziionarea de spaii destinate realizrii activitii pentru care
c)
iv
s-a solicitat
finanare
.
Costurile
de
spaiu
cuprind:

Spaiu de birouri;
Spaiu de producie;
Spaiu de desfurare activiti comerciale i prestri servicii;
Spaiu de depozitare.
d)
Achiziionarea de mobilier pentru dotarea spaiilor amenajate
destinate activitii pentru care s-a solicitat finanarea;
Echipamente tehnologice, maini, utilaje i instalaii de lucru,
e)
aparate i instalaii de msur, control i reglare, tehnic de calcul, etc;
f)
Achiziionarea de autoutilitare din categoria N1, N2, N3, cu
excepia vehiculelor de teren simbol G conform Ordinului MLPTL
cu modificrile i completrile ulterioare, respectiv cu excepia
211/2003
vehiculelor
de transport rutier de mrfuri n contul terilor sau contra
cost, solicitate de ntreprinderile care efectueaz transport rutier de

mrfuri n contul terilor sau contra cost.
n cazul n care ntreprinderea beneficiar de ajutor de minimis, pe lng
activitatea
eligibil pentru care solicit s primeasc ajutor n cadrul
schemei de minimis, desfoar i activiti de transport de mrfuri n

contul terilor sau contra cost, nu poate utiliza ajutorul de minimis pentru

achiziionarea
de mijloace de transport marf, dect dac se asigur,
prin separarea
activitilor sau o districie clar ntre costuri, c

activitatea exclus din domeniul de aplicare al schemei nu beneficiaz de

ajutoare de minimis.

g) achiziionarea
de instalaii de nclzire sau climatizare aferente
spaiului de producie/servicii/comer;
1. ACTIVE CORPORALE
Denumirea activitatii
ne
lo
r
fi
zi
ce
Valoare credit
- lei -
Valoare contributie
proprie
- lei -
Anexa la Contractul de finanare nr

45
st
De
at
in
iv
us
cl
ex
a)
Costuri curente:
Materii prime, mrfuri;
Materiale consumabile, materiale auxiliare;
b)
Costuri de personal (salarii, costuri asigurri sociale);
c)
Costuri de training i formare personal;
d)
Servicii externe:
Contabilitate;
Consultan fiscal;
Consultan juridic;
Consultan n management;
Consultan IT;
Consultant PR;
Consultan pentru ntocmirea planului de afaceri, aceasta
fiind singura cheltuial care se poate realiza nainte de semnarea
contractului de finantare.
Cheltuielile cu serviciile de consultan de orice tip nu pot depi 4%
din valoarea total eligibil a proiectului, mai puin consultana.
e)
Costurile legate de nclzire, gaz, electricitate, curenie,
reparaii, asigurare, ap/canal, gunoi;
f)
Costuri legate de procesul de vnzare;
g)
Costuri administrative;
h)
Chirii pentru spaii de birouri, producie, de desfurare
activiti comerciale i prestri servicii, depozitare (solicitantul va
face dovada nchirierii spaiului pentru care solicit chiria pe o
perioad de minim 3 ani);
i)
Alte costuri conexe legate de codul CAEN accesat n cadrul
Programului:
racordarea la utiliti: ap, gaz, electricitate, canalizare;
infrastructura necesar racordarii la utiliti: drum de acces,
reabilitri, amenajri;
asigurarea normelor de protecia muncii, de protecia
mediului.
m)
Comisionul de garantare aferent anului acordrii garaniei,
datorat Fondului Naional de Garantare a Creditelor pentru
ntreprinderi Mici i Mijlocii - S.A. - I.F.N. (F.N.G.C.I.M.M.) n cazul
garaniilor acordate pentru creditele contractate de beneficiari n
vederea realizrii planurilor de afaceri acceptate n cadrul
Programului, pentru solicitanii care asigur contribuia proprie din
credit;
ALTE COSTURI DE OPERARE ELIGIBILE N CADRUL

PROGRAMULUI
2. Investitiile in ACTIVE NECORPORALE referitoare la brevete de

invenie, design industrial, mrci de produse i servicii (francize,
etichetare ecologic, etc.); realizare site (maxim 10.000 lei).
rm
fo
in

ar
ii
pe
oa
rs
ne
lo
r
fi
zi
ce
46
/LVWD2ILFLLORU7HULWRULDOHSHQWUXQWUHSULQGHUL0LFLL0LMORFLLL&RRSHUDLH27,00&
$'5(6$
7(/()21)$;(0$,/
lo
r
fi
zi
ce
6WU7XUQXOXLQU&ODGLUHD WHO
$-2)0(W%UDRY&3 ID[

ZZZDLSSLPPURRILFLXEUDVRY#LPPJRYUR
WHO
ID[
ZZZDLSSLPPURRILFLXFOXM#LPPJRYUR
%G7RPLVQUHW
&RQVWDQD&3
WHO
ID[
ZZZDLSSLPPUR
RILFLXFRQVWDQWD#LPPJRYUR
in
fo
rm
ar
ii
pe
rs
oa
ne
6WU+RUHDQUHW&OXM
1DSRFD&3
WHOID[
ZZZDLSSLPPUR
RILFLXFUDLRYD#LPPJRYUR

ex
cl
us
iv
6WUWHIDQFHO0DUHQU
HW&UDLRYD&3
at
6WU'RDPQD(OHQDQU$
HW,DL&3
in
1U
27,00&
FUW -XGHHDURQGDWH
%5$29
%UDRY
&RYDVQD
6LELX
&/8-1$32&$
%LKRU
%LVWULD1VXG
&OXM
0DUDPXUH
6DWX0DUH
6ODM
&2167$1$
%ULOD
%X]X
&RQVWDQD
*DODL
7XOFHD
9UDQFHD
&5$,29$
'ROM
*RUM
0HKHGLQL
2OW
9kOFHD
,$,
%DFX
%RWRDQL
,DL
1HDP
6XFHDYD
9DVOXL
3/2,(7,
$UJH
%XFXUHWL
&OUDL
'kPERYLD
*LXUJLX
,DORPLD
,OIRY
3UDKRYD
7HOHRUPDQ
75*8085(
$OED
+DUJKLWD
0XUH
st
$QH[DQU
32,3
5HYL]LD
WHOID[
WHO
ZZZDLSSLPPUR
RILFLXLDVL#LPPJRYUR
De
47
3ORLHWL6WU7UHL,HUDUKL
1UMXGHW3UDKRYD
WHO
ID[
ZZZDLSSLPPUR
RILFLXSORLHVWL#LPPJRYUR
3LDD9LFWRULHLQUHW
7kUJX0XUH&3
WHO
ID[
ZZZDLSSLPPUR
RILFLXWDUJXPXUHV#LPPJRYUR


WHO
ID[
ZZZDLSSLPPUR
RILFLXWLPLVRDUD#LPPJRYUR
%G(URLORUGHOD7LVD
QU7LPLRDUD
&3

st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
7,0,2$5$
$UDG
&DUD6HYHULQ
+XQHGRDUD
7LPL

De

fi
zi
ce
48

49

$QH[DQU
32,3
5HYL]LD
fi
zi
ce
$1*$-$0(17
lo
r
ne
6XEVHPQDWXODGRPLFLOLDWvQ
oa
LGHQWLILFDW FX %,&, VHULD QU HOLEHUDW GH OD GDWD GH
pe
rs
DGPLQLVWUDWRUDVRFLDWXQLFDO6&'
FX VHGLXO vQ P REOLJ SULQ SUH]HQWXO
ii
DQJDMDPHQWVUDSRUWH]
rm
ar
o HIHFWHOH SDUWLFLSULL OD 3URJUDPXO SHQWUX VWLPXODUHD vQILLQULL L GH]YROWULL PLFURvQWUHSULQGHULORUGH
fo
FWUH vQWUHSULQ]WRULL GHEXWDQL vQ DIDFHUL FWUH 8QLWDWHD 0RQLWRUL]DUH &RQWURO L 5DSRUWDUH GLQ
in
FDGUXO27,00&SHRSHULRDGDGHWUHLDQLvQFHSkQGFXDQXOXUPWRUDFRUGULL

DORFDLHLQHUDPEXUVDELOHSULQFRPSOHWDUHDLWUDQVPLWHUHDSULQSRWVDXSULQID[D)RUPXODUXOXLGH
us
iv
UDSRUWDUHWHKQLFDQH[D
cl
o VLWXDLLOHILQDQFLDUHVHPHVWULDOHLDQXDOHFXGRYDGDvQUHJLVWUULLDFHVWRUDODDXWRULWLOHFRPSHWHQWH
ex
SUHFXPLXQUDSRUWVHPHVWULDOGHSURJUHV
in
at
6HPQWXUD
De
st
QXPHOHLIXQFLD
'DWDvQWRFPLULL

6HPQWXUD

WDPSLOD

50
$QH[DQU
32,3
5HYL]LD
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
&(5(5(7,3'($&25''(35,1&,3,83(1758),1$1$5(
6HFRPSOHWHD]WRDWHUXEULFLOHvQOLPEDURPkQSULQWHKQRUHGDFWDUH
6XEVHPQDWXOD6XEVFULVD
'HQXPLUHDVRFLHWLLFRPHUFLDOH6&'
$GUHVD
7HOHIRQ)D[(PDLO
'DWDvQUHJLVWUULLVRFLHWLLFRPHUFLDOH
1XPUXOGHvQPDWULFXODUHOD2ILFLXO5HJLVWUXOXL&RPHUXOXL
&RGXOILVFDO
&RGXOXQLFGHvQUHJLVWUDUH
&RQWGHVFKLVODEDQFD
VROLFLW DFRUGDUHD $)1 OHL UHSUH]HQWkQG PD[LPXP GLQ YDORDUHD WRWDO D
SURLHFWXOXLOHLGLQFDUHFUHGLWOHLLVDXDSRUWSURSULXOHL

&RG&$(1DIHUHQWDFWLYLWLLSULQFLSDOH
&RG&$(1DIHUHQWSURLHFWXOXL
/RFDLDLPSOHPHQWULLSURLHFWXOXLDGUHVWHOHIRQID[
3HUVRDQDGHFRQWDFWWHOHIRQ

5HSUH]HQWDQWXOOHJDOvPSXWHUQLFLWXORSHUDWRUXOXLHFRQRPLF
1XPHOH
)XQFLD
6HPQWXUD'DWDVHPQULL
WDPSLOD
127
5HSUH]HQWDQLL27,00&SRWGLVFXWDFXVROLFLWDQLLWRDWHVDXGRDURSDUWHGLQHOHPHQWHOHDFHVWHLFHUHULGDU
OHHVWHLQWHU]LVVFRPSOHWH]HFHUHUHDvQORFXODFHVWRUD
QFDGUXO3URJUDPXOXLYRUILDFFHSWDWHQXPDLFHUHULOHWLSGHDFRUGGHSULQFLSLXSHQWUXILQDQDUHFDUHVXQW
FRPSOHWDWHvQPRGFRUHFWRULFHPRGLILFDUHDFRQLQXWXOXLDFHVWHLDIDGHYDULDQWDSXEOLFDWSHVLWHDQH[OD
JKLGXOVROLFLWDQWXOXLDWUJkQGGXSVLQHUHVSLQJHUHDGHODILQDQDUH

'HFODU SH SURSULD UVSXQGHUH F DFWLYLWLOH SHQWUX FDUH VROLFLW ILQDQDUHD SULQ SUH]HQWXO SURJUDP QX IDF
RELHFWXODOWXLSURJUDPGHILQDQDUHGHPLQLPLVvQDQXOEXJHWDUvQFXUVLFYRLUDSRUWDDQXDOSHRSHULRDGGH
DQLFWUH80&5GLQFDGUXO27,00&HIHFWHOHSDUWLFLSULLOD3URJUDPFRQIRUPSUHYHGHULORUGLQSURFHGXUD
GHLPSOHPHQWDUHDSURJUDPXOXL
'HFODUSHSURSULDUVSXQGHUHFWRDWHLQIRUPDLLOHIXUQL]DWHLFRQVHPQDWHvQSUH]HQWDFHUHUHVXQWFRUHFWHL
FRPSOHWH L vQHOHJ F RULFH RPLVLXQH VDX LQFRUHFWLWXGLQH vQ SUH]HQWDUHD LQIRUPDLLORU vQ VFRSXO GH D RELQH
DYDQWDMHSHFXQLDUHHVWHSHGHSVLWFRQIRUPOHJLL

6HPQWXUDDXWRUL]DWLWDPSLODVROLFLWDQWXOXLWDPSLOD
1XPHOH
6HPQWXUD
'DWDVHPQULL

51
$QH[DQU
32,3
5HYL]LD
&(5(5(7,3'((/,%(5$5($$/2&$,(,),1$1&,$5(1(5$0%856$%,/(
6HFRPSOHWHD]WRDWHUXEULFLOHGLQIRUPXODUXOWLSvQOLPEDURPkQSULQWHKQRUHGDFWDUH
lo
r
fi
zi
ce
6XEVFULVDDYkQG GDWHOH GH LGHQWLILFDUH PHQLRQDWH PDL

MRV UHSUH]HQWDW OHJDO SULQ GOGQD LGHQWLILFDW FX %,&,
VHULDQUHOLEHUDW OD GDWD GH FX GRPLFLOLXO vQ ORFDOLWDWHD
VWUQUEOVFDSVHFWRUXOMXGHXO
FRGSRWDOVROLFLW HOLEHUDUHDDORFDLHLILQDQFLDUHQHUDPEXUVDELOH
vQFRQGLLLOHSUHYHGHULORU3URJUDPXOXLDSUREDWSULQ2UGLQXO0LQLVWUXOXLQU
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
'DWHOHGHLGHQWLILFDUHDOHRSHUDWRUXOXLHFRQRPLF
'HQXPLUHDRSHUDWRUXOXLHFRQRPLF
'DWDvQUHJLVWUULL
1UGHRUGLQHOD2ILFLXO5HJLVWUXOXL&RPHUXOXL
6HGLXO$GUHVD
7HOHIRQ)D[(PDLO
1U FRQW vQ FDUH VH VROLFLW WUDQVIHUDUHD $)1 52 GHVFKLV OD
7UH]RUHULD
1U3ODQXOXLGHLQYHVWLLLQXPU58(
1U1RWLILFULLSULYLQG$FRUGXOGHSULQFLSLXSHQWUXILQDQDUH

$QH[H]ODSUH]HQWDGRFXPHQWHOHMXVWLILFDWLYHSUHY]XWHvQDQH[DQUODSUH]HQWDSURFHGXU

SHQWUXRSHUDWRULLHFRQRPLFLFDUHvQGHSOLQHVFWRDWHFRQGLLLOHGHHOLJLELOLWDWHvQFRQWXOFHFXSULQGHJUXSXOGHFLIUHGHVFKLVODXQLWDWHD7UH]RUHULHL6WDWXOXLvQ
D FUHL UD] WHULWRULDO vL DX VHGLXO VDX OD FDUH VXQW OXDL vQ HYLGHQ ILVFDO LQ FRQGLLLOH 2UGRQDQHL GH *XYHUQ QU UHSXEOLFDW FX PRGLILFULOH L

727$/
st
De
&RGXOGH
FODVLILFDUH
in
at
iv
us
cl
rm
fo
in
9DORDUH
IDFWXUFX
79$
9DORDUH
IDFWXUIU
79$
,QVWUXPHQWHGHSODW
ar
ii
pe
oa
rs
ne
lo
r
9DORDUH$)1
DSUREDW836(&
fi
zi
ce
9DORDUH
$)1
VROLFLWDW
9DORDUH$)1
DSUREDW
80&5
3HQWUXSOLOHHIHFWXDWHvQYDOXWVHYDXWLOL]DFXUVXOYDOXWDUDILDWGH%DQFD1DLRQDOD5RPkQLHLGLQGDWDGH
6HYDFRPSOHWDGH27,00&
2UGLQHGHSODWFKLWDQFRWRUILO&(&IRDLHGHYUVPkQWELOHWODRUGLQGLVSR]LLLGHSODWH[WHUQHvQFD]XOLPSRUWXULORUWUDGXVHvQOLPEDURPkQLOHJDOL]DWH
8QGHHVWHFD]XO
6HYDFRPSOHWDXQGHHVWHFD]XOFXGHQXPLUHDWHKQLFLQXPUXOGHEXFL
/DSUH]HQWXOGHFRQWVHYRUDQH[DGRFXPHQWHOHMXVWLILFDWLYHvQRULJLQDOLvQFRSLHFHUWLILFDWSUHY]XWHvQDQH[DQUODSURFHGXU

1XPHOHWDPSLOD
)XQFLD
6HPQWXUD
'DWDVHPQULL
ex
5HSUH]HQWDQWXOOHJDOPSXWHUQLFLWXORSHUDWRUXOXLHFRQRPLF

'HQXPLUHD
DFWLYLWLL
'DWDIDFWXULL
)DFWXUD
)HOXO
GRFXPHQWXOXL
1U&UW
1U
1U)DFWXU
)2508/$58/'('(&217
'DWD
9DORDUHFX
79$
52
6HPQWXUD
'DWD
%XQGHSODWOHL
1XPHLSUHQXPH
es
6HPQWXUD
ti
'DWD
na
$SUREDWOHL
1XPHLSUHQXPH

rm
fo
in
ar
9L]D80&5
cl

u&RRUGRQDWRU
si
ex

9L]D836(&

&RRUGRQDWRU
ii
pe
oa
rs
ne
lo
r
fi
zi
ce

9HULILFDWRU

9HULILFDWRU
9HULILFDWRU

9HULILFDWRU

53
54

)2508/$5'(5$3257$5(
$1(;$
32,3
5HYL]LD
fi
zi
ce
3(1758352*5$08/3(175867,08/$5($1),,15,,,'(=92/75,,
0,&52175(35,1'(5,/25'(&75(175(35,1=725,,'(%87$1,1$)$&(5,
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
Se completeaz toate rubricile n limba romn, prin tehnoredactare

3HULRDGDSHQWUXUDSRUWDUH DQXO

'DWHOHGHLGHQWLILFDUHDRSHUDWRUXOXLHFRQRPLF
$GUHVD
7HOHIRQ)D[(PDLO&RGSRWDO
'DWDvQUHJLVWUULLRSHUDWRUXOXLHFRQRPLF
1XPUXOGHvQPDWULFXODUHvQ5HJLVWUXOFRPHUXOXLGXSFD]
$PDFFHVDWSURJUDPXOvQDQXO
&RQWUDFWXOGHILQDQDUHQXPUXOGLQ

&ULWHULLREOLJDWRULLFDUHDXQXIRVWUHDOL]DWH
'D
1X
2SHUDWRUXO HFRQRPLF VH vQFDGUHD]D vQ FDWHJRULD PLFURvQWUHSULQGHULORU vQ

FRQGLLLOHOHJLLQUFXPRGLILFULOHLFRPSOHWULOHXOWHULRDUH
2SHUDWRUXO HFRQRPLF HVWH UHSUH]HQWDW GH XQ DVRFLDW XQLF VDX GH FHO PXOW

vQWUHSULQ]WRULGHEXWDQLDVRFLDL
0LFURvQWUHSULQGHUHDDUHvQRELHFWXOGHDFWLYLWDWHFHOPXOWJUXSHGHDFWLYLWDWH

GH FODVLILFDUHD DFWLYLWLORU GLQ HFRQRPLD QDLRQDO vQ YLJRDUH DOWHOH GHFDW
FHOHFRQVLGHUDWHQHHOLJLELOHGLQJKLG
0LFURvQWUHSULQGHUHD D FUHDW XQ QXPDU GH PLQLP DQJDMDWL FX FRQWUDFW GH

PXQFSHGXUDWQHGHWHUPLQDWFXQRUPvQWUHDJDFHODVLQXPDUGHDQJDMDWL
FDVLLQSODQXOGHDIDFHULUHDOL]DW
2SHUDWRUXO HFRQRPLF D GHSXV FRQIRUP 28* QU GLQ VLWXDLLOH

ILQDQFLDUHVHPHVWULDOHLDQXDOH
2SHUDWRUXOHFRQRPLFDPHQWLQXWVHGLXOVRFLDOLLPSOHPHQWDUHDSURLHFWXOXLLQ

PHGLXOXUEDQUXUDO
&RGXULOH &$(1 DIHUHQWH SURLHFWXOXL DX IRVW PHQLQXWH vQ FHUWLILFDWXO GH

LQPDWULFXODUHSHSHULRDGDGHUXOULLSURLHFWXOXL
2SHUDWRUXO HFRQRPLF PHQWLQH LQ SURSULHWDWHD VD DFWLYHOH FRUSRUDOH VLVDX

QHFRUSRUDOHDFKL]LWLRQDWHSHSURJUDPSHRSHULRDGDGHFHOSXWLQDQLGHOD
ILQDOL]DUHDLQYHVWLWLHL

6HFRPSOHWHD]SHQWUXXUPWRULLDQLEXJHWDULvQFHSkQGFXDQXO
55
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce

'DWHGHUDSRUWDUH

- &LIUDGHDIDFHUL: OHL
&UHWHUHDFLIUHLGHDIDFHULIDGHDQXODQWHULRU
3URILWXOEUXW OHL
- &UHWHUHDSURILWXOEUXWIDGHDQXODQWHULRU
- 1XPUXOPHGLXDQXDOGHSHUVRQDO:
&UHWHUHDQXPUXOPHGLXDQXDOIDGHDQXODQWHULRU
1XPUFRQWUDFWHvQFKHLDWH
&UHWHUHDQXPUFRQWUDFWHvQFKHLDWHIDGHDQXODQWHULRU

6XEVHPQDWXO6XEVHPQDWD LGHQWLILFDWLGHQWLILFDW FX DFWXO GH LGHQWLWDWH VHULD
QU HOLEHUDW GH OD GDWD GH FX GRPLFLOLXO vQ ORFDOLWDWHD
VWUQUEOVFDS
VHFWRUXOMXGHXO vQ FDOLWDWH GH UHSUH]HQWDQW OHJDO DO RSHUDWRUXOXL HFRQRPLF
GHFODU SH SURSULD UVSXQGHUH F WRDWH LQIRUPDLLOH IXUQL]DWH L FRQVHPQDWH vQ SUH]HQWXO IRUPXODU VXQW
FRUHFWHLFRPSOHWH


1XPHOHWDPSLOD
)XQFLD
6HPQWXUD
'DWDVHPQULL

&HUHULOHLWRDWHFHOHODOWHGRFXPHQWHYRUILVHPQDWHGHDFHHDLSHUVRDQUHSUH]HQWDQWOHJDOVDXvPSXWHUQLFLW
56
$1(;$QU
32,3
5HYL]LD

&(5(5(7,3'(5(181$5(727$/6$83$5,$/$),1$15,,3(1758
&$5((;,67$&25''(35,1&,3,8
fi
zi
ce
6HFRPSOHWHD]vQFD]XOPRGLILFULLXQHLDGLQWUHFRQGLLLOHvQFDUHVDRELQXWDFRUGXOGHSULQFLSLX
DVXSUDILQDQULL

oa
ne
lo
r
6XEVFULVDDYkQG GDWHOH GH LGHQWLILFDUH PHQLRQDWH OD

VHFLXQHD$UHSUH]HQWDWOHJDOSULQGOGQD
DYkQGFDOLWDWHDGHUHQXQODILQDQDUHDSHQWUXFDWHJRULLOH
GHFKHOWXLHOLSUH]HQWDWHvQVHFLXQHD%
us
iv
in
fo
rm
ar
ii
pe
rs

6(&,81($$3UH]HQWDUHDRSHUDWRUXOXLHFRQRPLF

$GUHVD
7HOHIRQ)D[(PDLO&RGSRWDO
'DWDvQUHJLVWUULL
1UGHRUGLQHvQ5HJLVWUXO&RPHUXOXL
1UFRQWUDFW

9DORDUHDWRWDOSHQWUXFDUHVHVROLFLWUHQXQDUHDODILQDQDUH
De
st
in
at
ex
cl

1XPHOHWDPSLOD
)XQFLD
6HPQWXUD
'DWDVHPQULL

1RWDFHDVWFHUHUHVHFRPSOHWHD]QXPDLvQFD]XOvQFDUHVHUHQXQvQWRWDOLWDWHODFHOSXLQXQDGLQ
DFWLYLWL

57

6(&,81($%
&KHOWXLHOLSHQWUXFDUHVHVROLFLWUHQXQDUHDODILQDQDUHvQFDGUXO3URJUDPXOXL
'HQXPLUHDDFWLYLWLL
fi
zi
ce
ne
lo
r
727$/

6(&,81($&

9DORDUHD
ILQDQULLSHQWUX
FDUHVHVROLFLW
UHQXQDUHD
OHL
oa
'HFODUDLHSHSURSULDUVSXQGHUH
rs
pe
ii
iv
in
fo
rm
ar
6XEVHPQDWXOD LGHQWLILFDW FX %,&,

VHULDQUHOLEHUDW OD GDWD GH FX GRPLFLOLXO vQ
ORFDOLWDWHDVWUQUEOVFDS
VHFWRUXOMXGHXO vQ FDOLWDWH GH UHSUH]HQWDQW OHJDO DO RSHUDWRUXOXL
HFRQRPLF GHFODU SH SURSULD UVSXQGHUH F UHQXQ WRWDO
VDXSDULDOODILQDQDUHDvQYDORDUHGHOHLSHQWUXFDUHDPVHPQDWFRQWUDFWXOQU
GLQGDWD
De
st
in
at
ex
cl
us


1XPHOHWDPSLOD
)XQFLD
6HPQWXUD
'DWDVHPQULL

6HYDFRPSOHWDXQGHHVWHFD]XOFXGHQXPLUHDWHKQLFLQXPUXOGHEXFL

58
$1(;$QU
32,3
5HYL]LD
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe
rs
oa
ne
lo
r
fi
zi
ce
'HFODUDLHSHSURSULDUVSXQGHUH
6XEVHPQDWXO6XEVHPQDWD LGHQWLILFDWLGHQWLILFDW FX DFWXO GH LGHQWLWDWH VHULD
QU HOLEHUDW GH OD GDWD GH FX GRPLFLOLXO vQ ORFDOLWDWHD
VWUQUEOVFDS
VHFWRUXOMXGHXOvQFDOLWDWHGHUHSUH]HQWDQWOHJDODO
GHFODUSHSURSULDUVSXQGHUHFWRDWHLQIRUPDLLOHIXUQL]DWHLFRQVHPQDWHvQSUH]HQWDFHUHUHVXQWFRUHFWHL
FRPSOHWH
QHOHJ F RULFH RPLVLXQH VDX LQFRUHFWLWXGLQH vQ SUH]HQWDUHD LQIRUPDLLORU vQ VFRSXO GH D RELQH DYDQWDMH
SHFXQLDUHHVWHSHGHSVLWFRQIRUPOHJLL

$ 'HFODU SH SURSULD UVSXQGHUH F DFWLYLWLOH SHQWUX FDUH VROLFLW ILQDQDUHD SULQ SUH]HQWXO SURJUDP QX IDF
RELHFWXODOWXLDMXWRUGHVWDW'HFODUSHSURSULDUVSXQGHUHFvQXOWLPLLWUHLDQL

QXDPEHQHILFLDWGHDMXWRUGHVWDWLGHDMXWRDUHGHPLQLPLV

DPEHQHILFLDWGHXUPWRDUHOHDMXWRDUHGHVWDWLGHDMXWRDUHGHPLQLPLV
$FWXOQRUPDWLYvQ

$QXO DFRUGULL )RUPD
)XUQL]RUXO
&XDQWXPXO
ED]DFUXLDD
1U DMXWRUXOXL
GH DMXWRUXOXL
GH DMXWRUXOXLGH
DMXWRUXOXL
EHQHILFLDWGH
&UW VWDW
VWDW
VWDW
DFRUGDW
ILQDQDUH

727$/

vQ FRQIRUPLWDWH FX SUHYHGHULOH 5HJXODPHQWXOXL &( QU SULYLQG DSOLFDUHD DUW L DOH
7UDWDWXOXL&(SXEOLFDWvQ-XUQDOXO2ILFLDODO&RPLVLHL(XURSHQH/
%'HFODUSHSURSULDUVSXQGHUHF

vQWUHSULQGHUHDQXVHDIOvQSURFHGXUGHH[HFXWDUHVLOLWUHRUJDQL]DUHMXGLFLDUIDOLPHQWvQFKLGHUH
RSHUDLRQDOGL]ROYDUHOLFKLGDUHLQVROYHQVDXDGPLQLVWUDUHVSHFLDO
vQWUHSULQGHUHDQXDUHDFWLYLWLOHVXVSHQGDWHVDXDOWHVLWXDLLVLPLODUHUHJOHPHQWDWHGHOHJH
vQWUHSULQGHUHDQXDEHQHILFLDWGHDMXWRDUHLOHJDOH
vQWUHSULQGHUHDQXVHDIOvQGLILFXOWDWHvQFRQIRUPLWDWHFXSUHYHGHULOH&RPXQLFULL&RPLVLHL/LQLL
GLUHFWRDUHFRPXQLWDUHSULYLQGDMXWRUXOGHVWDWSHQWUXVDOYDUHDLUHVWUXFWXUDUHDvQWUHSULQGHULORUDIODWH
vQGLILFXOWDWHSXEOLFDWvQ-28(QU&
vPSRWULYD vQWUHSULQGHULL QX DX IRVWHPLVH GHFL]LL GHUHFXSHUDUH DXQXLDMXWRUGH VWDWVDXvQ FD]XO vQ
FDUHDVHPHQHDGHFL]LLDXIRVWHPLVHDFHVWHDDXIRVWH[HFXWDWH

6HFRQVLGHUXOWLPLLDQLDQXOILVFDOvQFXUVLDQLDQWHULRULVROLFLWULLFHUHULLGHILQDQDUH
$MXWRULOHJDOvQVHDPQXQDMXWRUGHVWDWQRXSXVvQDSOLFDUHFXvQFOFDUHDFRQGLLLORUSUHY]XWHODDUWLFROXODOLQHDWXOGLQ
WUDWDWvQFRQIRUPLWDWHFXDUWDOLQGLQ7UDWDWRULFHSODQXULGHDFRUGDUHDXQXLQRXDMXWRUWUHEXLHQRWLILFDWH&RPLVLHLLSXVH
vQDSOLFDUHQXPDLGXSDXWRUL]DUHDORUGHFWUH&RPLVLHvQWUXFkWSHQWUXDDVLJXUDUHVSHFWDUHDDUWLFROXOXLGLQWUDWDWvQVSHFLDOD
REOLJDLHLGHQRWLILFDUHLDFODX]HLVXVSHQVLYHSUHY]XWHODDUWLFROXODOLQHDWXO&RPLVLDWUHEXLHVH[DPLQH]HWRDWHFD]XULOH
GHDMXWRULOHJDO

59
lo
r
fi
zi
ce

&'HFODUSHSURSULDUVSXQGHUHF
6RFLHWDWHDGHLQHXQVLWHSHQWUXSUH]HQWDUHDDFWLYLWLLLDSURGXVHORUVDXVHUYLFLLORUSURPRYDWH

6RFLHWDWHD18GHLQHXQVLWHSHQWUXSUH]HQWDUHDDFWLYLWLLLDSURGXVHORUVDXVHUYLFLLORUSURPRYDWH

''HFODUSHSURSULDUVSXQGHUHFVRFLHWDWHDDSOLFDQWDEHQHILFLDWQXDEHQHILFLDWGHDORFDLHILQDQFLDU
QHUDPEXUVDELOvQFDGUXO3URJUDPXOXLvQDQLLDQWHULRULLDUHQXDUHDVRFLDLDFLRQDULVDXDGPLQLVWUDWRULFDUH
GHLQ VDX DX GHLQXW FDOLWDWHD GH DVRFLDLDFLRQDULDGPLQLVWUDWRUL DL DOWRU VRFLHWL FRPHUFLDOH FDUH DX
EHQHILFLDWGHDORFDLHILQDQFLDUQHUDPEXUVDELOvQFDGUXO3URJUDPXOXLvQDQLLDQWHULRUL

('HFODUSHSURSULDUVSXQGHUHF

1XH[LVWFDOLWDWHDGHDVRFLDLDGPLQLVWUDWRULFDUHDXFDOLWDWHDGHDVRFLDLDFLRQDULDGPLQLVWUDWRULvQ
ne
oa
rs
6HPQWXUDDXWRUL]DWLWDPSLODVROLFLWDQWXOXL
1XPHOH
6HPQWXUD
'DWDVHPQULL
De
st
in
at
ex
cl
us
iv
in
fo
rm
ar
ii
pe

FDGUXO DOWRU VRFLHWL EHQHILFLDUH GH DORFDLH ILQDQFLDU QHUDPEXUVDELO OD RULFDUH GLQ 3URJUDPHOH
GHUXODWHGHFWUH0LQLVWHUXO(QHUJLHL,00L0HGLXOGH$IDFHULvQDQXO

7RDWHFHUHULOHGHSXVHSHQWUXDFHVWSURJUDPYRUILVHPQDWHGHDFHHDLSHUVRDQDXWRUL]DWVUHSUH]LQWHOHJDOVRFLHWDWHD
fi
zi
ce
lo
r
ne
oa
rs
pe
ii
ar
rm
fo
in
iv
us
cl
ex
at
in
st
De
EDITOR: GUVERNUL ROMNIEI

Monitorul Oficial R.A., Str. Parcului nr. 65, sectorul 1, Bucureti; C.I.F. RO427282,
IBAN: RO55RNCB0082006711100001 Banca Comercial Romn S.A. Sucursala Unirea Bucureti
i IBAN: RO12TREZ7005069XXX000531 Direcia de Trezorerie i Contabilitate Public a Municipiului Bucureti
(alocat numai persoanelor juridice bugetare)
Tel. 021.318.51.29/150, fax 021.318.51.15, e-mail: marketing@ramo.ro, internet: www.monitoruloficial.ro
Adresa pentru publicitate: Centrul pentru relaii cu publicul, Bucureti, os. Panduri nr. 1,
bloc P33, parter, sectorul 5, tel. 021.401.00.70, fax 021.401.00.71 i 021.401.00.72
Tiparul: Monitorul Oficial R.A.
Monitorul Oficial al Romniei, Partea I, nr. 666 bis/2.IX.2015 conine 60 de pagini.
Preul: 30 lei
Acest numr al Monitorului Oficial al Romniei a fost tiprit n afara abonamentului.
&JUYDGY|837966]
ISSN 14534495

0666 Bis

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

0666 Bis

Încărcat de

Drepturi de autor:

Formate disponibile

fi

Miercuri, 2 septembrie 2015

LEGI, DECRETE, HOTRRI I ALTE ACTE

Anexa la Ordinul ministrului energiei, ntreprinderilor mici i

Anul 183 (XXVII) Nr. 666 bis

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

ACTE ALE ORGANELOR DE SPECIALITATE

Art. 1. Se aprob Procedura de implementare a

p. Ministrul energiei, ntreprinderilor mici i mijlocii i mediului de afaceri,

Bucureti, 6 august 2015.

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

H DUHvQRELHFWXOGHDFWLYLWDWHFHOPXOW FLQFL JUXSHGHDFWLYLWDWHSUHY]XWHGHFODVLILFDUHD

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

Not referitoare la conflictul de interese :

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

&RPSOHWDL FX DGUHVD GH SRW HOHFWURQLF JHQHUDO D RUJDQL]DLHL

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

Descriere clas CAEN

Scurt descriere a firmei, viziune, misiune, strategie

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

Nu confundai obiectivele proiectului cu activitile proiectului! Achiziia echipamentului A nu poate fi obiectivul

Durata de implementare a proiectului, n luni (de la semnarea contractului de finanare).

Descriei activitile i subactivitile prevzute prin prezentul proiect.

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

 1XPUXOGHORFXULGHPXQFSHUPDQHQWH FXQRUPvQWUHDJ QRXFUHDWHHVWHPDLPDUHVDXHJDOFX

 1XPUXOGHORFXULGHPXQFSHUPDQHQWH FXQRUPvQWUHDJ QRXFUHDWHHVWHPDLPDUHVDXHJDOFX

 1XPUXOGHORFXULGHPXQFSHUPDQHQWH FXQRUPvQWUHDJ QRXFUHDWHHVWHPDLPDUHVDXHJDOFX

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

 =     

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

Adresa complet a locului de implementare a proiectului.

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

Descriei i explicai, n detaliu, produsul/serviciul ce face obiectul investiiei propuse n proiect.

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

,, ,02%,/,=5, &25325$/( FW      

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

* '$725,, 680(/( &$5( 75(%8,( 3/7,7(

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

MONITORUL OFICIAL AL ROMNIEI, PARTEA I, Nr. 666 bis/2.IX.2015

H DUHvQRELHFWXOGHDFWLYLWDWHFHOPXOWFLQFLJUXSHGHDFWLYLWDWHSUHY]XWHGHFODVLILFDUHD

1XPUXOGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHHVWHPDLPDUHVDXHJDOFX

1XPUXOGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHHVWHPDLPDUHVDXHJDOFX

1XPUXOGHORFXULGHPXQFSHUPDQHQWHFXQRUPvQWUHDJQRXFUHDWHHVWHPDLPDUHVDXHJDOFX

=

,, ,02%,/,=5, &25325$/( FW

* '$725,, 680(/( &$5( 75(%8,( 3/7,7(

IQXWUDQVPLWHGHSXQH OD27,00&SkQODGDWDGH&HUHUHDWLSGHUHQXQDUH

6XEVHPQDWXODGRPLFLOLDWvQ

FDGUXO27,00&SHRSHULRDGDGHWUHLDQLvQFHSkQGFXDQXOXUPWRUDFRUGULL

6XEVFULVDDYkQG GDWHOH GH LGHQWLILFDUH PHQLRQDWH PDL

6XEVFULVDDYkQG GDWHOH GH LGHQWLILFDUH PHQLRQDWH OD

6XEVHPQDWXOD LGHQWLILFDW FX %,&,