Home >Documents >Zi de zi 6 septembrie

Zi de zi 6 septembrie

Date post:07-Mar-2016
Category:
View:226 times
Download:4 times
Share this document with a friend
Description:
O parte din viata ta
Transcript:
  • 3DJ 3DJ 3DJ 3DJ 3DJWXULVP HFRQRPLF VSRUW vQYPkQW DGPLQLVWUDLH

    'DQDUHJKLQHDQFDGHOD+RHUELJHU9LHQD

    +RWHO%XVLQHVVJUDGGHRFXSDUHGH

    %RJGDQFDPSLRQLODSUREDFRPSOHW

    6LWXDLHJUHDSHQWUXFROLOHGLQ*XUJKLX

    =LOHOH&KLKHUXOXLvQSUHJWLUH

    GLUHFWRUIRQGDWRU$XUHOLDQ*5$0$

    LQFXUVGHDXGLWDUH%5$7ZZZ]LGH]LUR

    RSDUWHGLQYLDDWD7J0XUH5HJKLQ6LJKLRDUD

    0HWHR &XUVYDOXWDU

    7kUJX0XUH12$37($

    &&&&&

    5HJKLQ6LJKLRDUD/XGX7kUQYHQL

    HXU URQXVG URQ

    URQJUDXU=,8$&

    -RLVHSWHPEULH$QXO9,,,QU

    SDJLQL

    $GUHVDUHGDFWLHL

    $ERQDPHQWH

    6WU3ULPULHLQU7DUJX0XUHV7HOUHGDFWLD#]LGH]LURSXEOLFLWDWH#]LGH]LUR

    3HQWUXDERQDPHPWHLWLVWDPODGLVSR]LWLHODVHGLXOUHGDFWLHLVDXODWHOHIRQ

    :::=,'(=,52,QWUHEDUHD]LOHL /DLQWUHEDUHDGHLHUL

    9RUDMXQJHODSDFHFRQGXFHULOHDHURSRUWXULORUGLQ&OXM1DSRFDL7kUJX0XUH"5VSXQVXULOHYRDVWUHDXIRVW

    '$ 18

    9DLvQFKHLDWDVLJXUDUHDREOLJDWRULHDORFXLQHL"

    'HFODUDWLD]LOHL

    'DQLHO,VLO

    QWRWGHDXQDVXQWELQHYHQLLMXFWRULLGHYDORDUH$FHWLDWUHEXLHVHvQVFHUWLWXGLQLOXFUXPDLJUHXDFXPFkQGSHULRDGDGHWUDQVIHUXULVDvQFKHLDW

    67,5,LQWHUHVDQWH

    HGLQH SHQWUX SRVWXULOHGLQvQYPkQW*UDFXO HGLQHORU SXEOLFH UHIHULWRDUH OD FRPSOHWULOH GH FDWHGUSHQWUXWLWXODULSHQWUXDQXOFRODU FDUH DX GHSXV GRVDU SUHYHGH FD vQ VHSWHPEULHvQWkOQLUHD V DLE ORF OD *UXSXOFRODU&RQVWDQWLQ%UkQFXLVDODIHVWLYvQWUHRUHOH'HDVHPHQHDVHYDRUJDQL]DRHGLQGHVSUH GHWDULOH OD FHUHUH SULQFRQFXUV vQGDWDGH VSHWHPEULHODDFHHDLXQLWDWHFRODUvQLQWHUYDOXORUDU20

    %DQLSXLQLSHQWUXSHUVRDQHOHFXKDQGLFDS%DQLL DORFDL 3ULPULHL 7kUJX0XUHODUHFWLFDUHDEXJHWDUVXQWSXLQLDGHFODUDWLHULSULPDUXO'RULQ)ORUHD'LQFHLGHPLOLDUGHGH OHL YHFKL VROLFLWDL QHFHVDULSHQWUXLQGHPQL]DLLOHvQVRLWRULORUSHUVRDQHORU FX KDQGLFDS VDXSULPLW GRDU $VLJXUDUHD VXPHORUSHQWUXSHUVRDQHOHFXKDQGLFDS HVWH R SUREOHP VHULRDV'DU QX SRL V ODL DXWRULWLOHORFDOH QHDX YHQLW D GHFODUDW'RULQ)ORUHD$FHVWDDSURPLVFYDJVLVROXLLSHQWUXSODWDLQGHPQL]DLLORU$0

    &DGRXULSHQWUXYLLWRDUHOHPPLFL9LLWRDUHOHPPLFLSRWEHQHFLDGHXQ FDUQHHO GH YRXFKHUH SHQWUXGLIHULWH RIHUWH SURPRLRQDOH RIHULWHGHIDUPDFLLOH6HQVLEOXODSURGXVHOHGHVWLQDWHvQJULMLULLFRSLLORUL KUDQHL SHQWUX EHEHOXL 2IHUWHOHVXQWYDODELOHSkQODVIkULWXODQXOXL Q 7kUJX0XUH FDPSDQLD VH GHUXOHD] vQ PDWHUQLWLOH6SLWDOXOXL&OLQLF-XGHHDQ0XUH6SLWDOXOXL &OLQLF -XGHHDQ GH8UJHQ 7kUJX0XUH L 1RYD9LWD 5HJXODPHQWXO FDPSDQLHLSRDWHYL]XDOL]DWSHVLWHXOZZZVHQVLEOXFRP$0

    6FDQGDOvQWRDWUHJXODvQEXFWULDLQWHUQD6WXGLRXOXL7HULWRULDO7957kUJX0XUHSXVSHMDUGHXQUDSRUWDQRQLP$XGLHQHOHGH]DVWUXRDVH LPDQDJHPHQWXO VWHULOSXVH OD ]LG$SDUDWXUGHXQPLOLRQGHHXURvQFRQVHUYDUH1RL WLP FLQH H DXWRUXO UDSRUWXOXL OD XQPRPHQW GDW QHRILFLDO LD DVXPDWFKHVWLXQHDDVWDDGHFODUDW9DVLOH%UDLFDQJDMDWDO7953RWULYLWUHJXOLORUGLQ795QXDYHPYRLHVGPGHFODUDLLvQSUHVDVSXV,RDQ&HDXHVFXDFX]DWGHFROHJLGHvQWRFPLUHDGRFXPHQWXOXL

    )DFLOLWLSHQWUXDFKL]LLRQDUHDWHUHQXULORU3ULPDUXOPXQLFLSLXOXL7kUJX0XUH'RULQ)ORUHDLQWHQLRQHD]VRIHUHXQVHWGHIDFLOLWLFHORUFDUHGRUHVFVDFKL]LLRQH]HWHUHQXULVDXDFFL]HQHFHVDUHPHGLXOXL SULYDW SRWULYLW XQXLDQXQIFXWGHDFHVWDLHULvQFDGUXOXQHLFRQIHULQHGHSUHV(GLOXO HVWH GLVSXV V RIHUH DJHQLORU HFRQRPLFL FDUH GRUHVF V vLH[WLQG DIDFHUHD SRVLELOLWDWHD GH DDFKL]LLRQDPDLPXOWWHUHQ$JHQLLFDUHGRUHVFVvLUH]ROYHRVHULHGHSUREOHPHSDWULPRQLDOHFHLFDUHDXSUREOHPH GH UH]ROYDW FX 3ULPULDSHQWUX DQXPLWH WHUHQXUL EXFHOHPLFL GH WHUHQXUL FHL FDUH GRUHVFVDFKL]LLRQH]H vQH[WLQGHUHVDX vLLQWHUHVHD]RDQXPLWGH]YROWDUHDPHGLXOXLGHDIDFHULVVHDGUHVH]HGH XUJHQ GRPHQLXOXL SXEOLF LDUKLWHFWXOXLHIFXRFHUHUHvQDFHVWHVHQVSHQWUXFVXQWHPGLVSXL vQDFHDVW SHULRDG V GP R VHULHGH IDFLOLWL L PDL DOHV vQOHVQLULVFDOH SHQWUX FHL FDUH GRUHVF VvL GHVYkUHDVF SURSULHWLOH LV vL IDF H[WLQGHUH VLJXU UHVSHFWkQG OHJHD D GHFODUDW 'RULQ )OR

    UHD VSHUkQG F L FRQVLOLHULL ORFDOLYRU GH DFRUG FX SURSXQHUHD VD9RPPHUJH FX IDFLOLWL GH SODWDGLF EDQLL vL OXP RULFXP GDUHWDSL]DW 2 V QH DGUHVP FHORUFDUH DX WHUHQXUL SULQ FXUL FHORUFDUH DX EXFHOH GH WHUHQXUL VIDF FHUHUH OD SULPULH L vQWUXQPRG IRDUWH IDFLO GDF DX SRVLELOLWDWHD XQRU FRQWLQXLWL DWXQFL VHSRDWHDERUGDOHJHDSHQWUXYkQ]DUHVDX OLFLWDUH FX vQFUHGLQDUHGLUHFWVDXGDFQXSULQOLFLWDLHSXEOLFH[DFW FXP SUHYHGH OHJHD SULQWURSURFHGXUSHFDUHPLDGRULRIRDUWHVLPSOLFDWDH[SOLFDW)ORUHD

    $ULQD02/'29$1

    (GLWRULDO

    $GHYUXOGHVSUH9DWUDQFLIUHQXODPHQWUL$OH[727+

    3URSXV GH SUHHGLQWHOH &RQVLOLXOXL -XGHHDQ 0XUH SHQWUX UHRUJDQL]DUH DOWXUL GH SXEOLFDLD/DWR UHYLVWD 9DWUD D VFSDWGHRFDPGDWGHFHHDFHXQLLSRHLL VFULLWRUL VH SOkQJHDX F HVWH RLQWHUYHQLHEUXWDODSROLWLFXOXL vQDFWXOGHFXOWXU6HYHKLFXODFKLDUWHUPHQXOGHGHVLQDUHQFHOHGLQXUPSURLHFWXODIRVWUHWUDVGHSHRUGLQHDGH]LDHGLQHLGH&RQVLOLX-XGHHDQGHMRLDWUHFXW&RWLGLDQXO =L GH =L D RELQXWLHULFkWHYDGDWHLQWHUHVDQWHGHVSUHSHUIRUPDQHOH UHYLVWHL 9DWUD vQDQXLLL$VWIHOSRWULYLWXQHL DGUHVH UHPLV GH &RQVLOLXO-XGHHDQ 0XUH FD UVSXQV OD RVROLFLWDUHGHDQRDVWUDPDDWFvQVDXYkQGXWGHEXFLLDUvQSULPHOHDVHOXQLGLQDXIRVWFXPSUDWHGHH[HPSODUH&HHD FH vQ SURFHQWH vQVHDPQYkQ]ULGHUHVSHFWLYGLQ WRWDOXO SURGXFLHL /D FDUH VH

    DGDXJ GH DERQDPHQWH YkQGXWHvQLvQDFHVWDQ'DFFLIUHOHUHVSHFWLYHFDUHPLHIUVVXSUSHQLPHQLPLVHSDUPLFLVHvQUHJLVWUDXODRSXEOLFDLHSULYDWUH]XOWDWXOVDUQXPLWIDOLPHQWQVvQFD]XOSURLHFWXOXLGHUHRUJDQL]DUHDFHORUGRXUHYLVWHQXPLDPLQWHVFV IRORVLW FLQHYD FXYkQWXOGHVLQDUHLQLFLQX FUHG F FLQHYD vL GRUHWHDFHVWOXFUX5HYLVWHOHGHFXOWXUWUHEXLH VXVLQXWH GLQ EDQL SXEOLFL vQVQLFLQXWUHEXLHVQHDPJLPFWRWXOHUR]SHOD9DWUD$QDOL]kQG FLIUHOH H FODU F RVFKLPEDUH VH LPSXQH LDU FHL FDUHVH ODPHQWHD] F QLWH FRPXQLWLYRUVGHVLQH]HUHYLVWDDUWUHEXLV QX XLWH F UH]LVWHQD OD VFKLPEDUHDWXQFLFkQGVLWXDLDRLPSXQHH VSHFLF WRFPDL FRPXQLWLORULDU FDSLWDOLVP vQVHDPQ SULQWUHDOWHOH DGDSWDELOLWDWH L FDSDFLWDWH GH UHRUJDQL]DUH GDF DFHDVWDvQVHDPQVXSUDYLHXLUH

    7957kUJX0XUHDXGLHQVFDQGDO

    3DJ

    OHL

  • $'0,1,675$,(VHSWHPEULH

    IDFHERRNFRP]LGH]L

    *RRJOH6WUHHW9LHZOD6LJKLRDUD

    %LFLFOHWD*RRJOH6WUHHW9LHZVHDGHGRX]LOH OD 6LJKLRDUD SHQWUX FDUWRJUDHUHDVWU]LORU GLQ &HWDWHD 0HGLHYDO %LFLFOHWDGRWDWFXXQDSDUDWGH IRWRJUDDWVWUEDWHVWU]LOHGLQFHWDWHFXVFRSXOGHDFDSWDLPDJLQLGLQORFXULvQFDUHQXVHSRDWHDMXQJHFXPDLQD6WUHHW9LHZSHQWUX*RRJOH0DSVDIRVWODQVDWvQGHFHPEULHLQGSULPXOVHUYLFLXORFDOL]DWLQWURGXVGXSGHVFKLGHUHDELURXOXL *RRJOH GLQ 5RPkQLD vQ QRLHPEULH ,QLLDO 6WUHHW 9LHZ D DFRSHULWRSW RUDH PDUL GLQ 5RPkQLD SULQFLSDOHOHVWDLXQL GH VFKL GH SH 9DOHD 3UDKRYHL LOLWRUDOXO0ULL 1HJUH RIHULQG XWLOL]DWRULORUSRVLELOLWDWHD GH D YL]XDOL]D L QDYLJD SULQLPDJLQL SDQRUDPLFH GH GH JUDGH DOHXQRURUDHPDULGLQ5RPkQLDSULQWUHFDUH%XFXUHWL$UDG2UDGHD%UDRY7LPLRDUD&OXM 6LELX L &RQVWDQD 1RXD FDPSDQLHGHFDSWDUHGHLPDJLQLODQVDWGH*RRJOHvQ5RPkQLDODMXPWDWHDOXQLLLXOLHDDFHVWXLDQYDH[WLQGHDFRSHULUHD6WUHHW9LHZFXvQFGHRUDHSULQWUHFDUH&UDLRYD)RFDQL%DLD0DUH 5kPQLFX 9kOFHD $OED ,XOLD *DODL'HYD+XQHGRDUD6IkQWX*KHRUJKH=DOXDGXJkQG SHVWH NP OD DFRSHULUHDLQLLDOGHGHNLORPHWULGLQ5RPkQLDD*RRJOH6WUHHW9LHZ6$

    6HDUURFNvQ-%&OXE'XPLQLF VHSWHPEULH vQFHSkQG FXRUD VXQWHL LQYLWDL OD R VHDU URFNvQ -D]] %OXHV &OXE GLQ 7kUJX0XUH3URWDJRQLWLL VHULL VXQW WUXSHOH0\+DQGVLQ&KDLQV02+9HFNHU&DSWLYXV%h6=L&RUD[*D]GDVHULLHVWH.YiUL$WWLOD3UHXOXQXLELOHWHVWHOHL$=

    WLULLQWHUHVDQWH

    'HLOHJHDSUHYHGHDPHQGDUHDFHWHQLORUFDUHQXLDXDVLJXUDWORFXLQHOHvPSRWULYD FDODPLWLORU QDWXUDOH FRQGXFHUHD3ULPULHL7kUJX0XUHQXLQWHQLRQHD]VDSOLFHDPHQ]LWkUJXPXUHHQLORUFLVGLDORJKH]HFXHLSHQWUXDLGHWHUPLQDVFRQWLHQWL]H]HLPSRUWDQDDVLJXUULORU

    6ROXLDFHDEXQHGXFDUHD(GLOXOORFDO'RULQ)ORUHDDSUHFL]DWLHULvQFDGUXOXQHLFRQIHULQHGHSUHVFDSULPLW R DGUHV GLQ SDUWHD 3UHIHFWXULL0XUHvQFDUHLVDFHUXWVWUHDFODDSOLFDUHD GH PVXUL vPSRWULYD FHWHQLORUFDUHDXRPLVVLDVLJXUHORFXLQHOHGHLWHUPHQXOSUHY]XWGHOHJHHUDGDWDGHLXOLH6LJXUOHJHDWUHEXLHUHSHFWDWGDUQXPvPSLHGLFQLPHQLVVSXQFHVWHROHJHSURDVW1XSRLVIDFLWXROHJHLHXFDSULPDUVPGXFVVSXQPHUJHLLDVLJXUDLYODSULYDWXO;FDPIFXWROHJHSHQWUXHO(XFUHGFSULQHGXFDLHVXVLQXW SULQ FDPSDQLL VHULRDVH GHFRQWLHQWL]DUHDSRSXODLHLODIHOLSULQJDUDQWDUHD F VRFLHWLOH GH DVLJXUULSURFHGHD] FRUHFW L QX WUDFDVHD] RDPHQLL OD QHFD]XUL RDPHQLL VH YRU GXFHLHVWHXQURGDOFLYLOL]DLHLLHGXFDLHLV VH DVLJXUH 'DU V SXL SULPDUXO VDPHQGH]HRDPHQLLPLVHSDUHXQSLFH[DJHUDWDGHFODUDW'RULQ)ORUHDQRSLQLDHGLOXOXL ORFDO VROXLD FHDPDLEXQHVWHVJVHDVFPHWRGHGHDHGXFDWkUJXPXUHHQLLVFRQWLHQWL]H]HQHFHVLWDWHD DVLJXUULL ORFXLQHORU LDU OHJHDDU WUHEXL PRGLFDW 2 V vQFHUFPPRGDOLWL OHJDOH GH D GLDORJD FXSRSXODLDVvLGHWHUPLQPVvLDOHDJVRFLHWDWHDGHDVLJXUUL3UHIHUVQXGLVFXW GH DPHQ]L FX FHWHQLL GLQ 7kUJX0XUH D PDL VSXV SULPDUXO PXQLFLSLXOXL 7kUJX0XUH VXEOLQLLQG F GLQYDORDUHD DPHQ]LORU VDU vQWUHSWD

    VSUHEXJHWXOFHQWUDOVSUH&RPLVLDGH6XSUDYHJKHUHD$VLJXUULORULDUDUUPkQHODEXJHWXOORFDO

    $VLJXUULPDLVFXPSHGLQVHSWHPEULH&HWHQLLFDUHQXLDXDVLJXUDW ORFXLQHOHSkQODGDWDGHVHSWHPEULHYRUVFRDWHPDLPXOLEDQLGLQEX]XQDU'DFSkQDFXPDVLJXUULOHIDFXOWDWLYHDFRSHUHDXLULVFXULOHSUHY]XWHH[SUHVGHOHJHSHQWUXDDVLJXUDWH FXWUHPXUH LQXQGDLL L DOXQHFUL GHWHUHQ vQFHSkQG FX OXQD VHSWHPEULH VXQWREOLJDL V vQFKHLH R SROL GH DVLJXUDUHREOLJDWRULHSHQWUXDFHVWH ULVFXULSH OkQJFHD IDFXOWDWLY 3ROLHOH IDFXOWDWLYH vQFKHLDWHDQWHULRUGDWHLGHVHSWHPEULHVHYRUGHUXODIUQLFLRPRGLFDUHSkQODH[SLUDUHDDFHVWRUD8OWHULRUSURSULHWDULLDDLvQDVWIHOGHVLWXDLLYRUWUHEXLVvLDVLJXUHORFXLQHOH vQ SULPXO UkQG SHQWUX ULVFX

    ULOHLVXPHOHDVLJXUDWHSUHY]XWHvQ/HJHDQU SULQ vQFKHLHUHD XQHL SROLHREOLJDWRULL &HL FDUH YRU GRUL R SURWHFLHVXSOLPHQWDU UHVSHFWLYPDLPXOWH ULVFXULDFRSHULWH SHQWUX R VXP DVLJXUDW PDLPDUHGHFkWQLYHOXOPLQLPVWDELOLWSULQOHJHDSULYLQGDVLJXUDUHDREOLJDWRULHDORFXLQHORUSRWvQFKHLDRDVLJXUDUHIDFXOWDWLYVHDUDWvQFRPXQLFDWXOWUDQVPLVGH&RPLVLDGH6XSUDYHJKHUH D $VLJXUULORU GLQ 5RPkQLD'HDVHPHQHD vQFHSkQGFXGDWDGHVHSWHPEULHWRDWHVRFLHWLOHGHDVLJXUDUHDXWRUL]DWHVVXEVFULHULVFXULGHFDWDVWURIQDWXUDO YRU SXWHD vQFKHLD DVLJXUUL IDFXOWDWLYHGRDUSHQWUXVXPHDVLJXUDWHFDUHH[FHGFHORUDFRSHULWHSULQSROLDREOLJDWRULHSHQWUX ORFXLQH UHVSHFWLY GHHXURVDX GH HXUR OD WDULIHOH VWDELOLWHSULQOHJHDSULYLQGDVLJXUDUHDREOLJDWRULHDORFXLQHORU

    $ULQD02/'29$1

    )UDPHQ]LSHQWUXORFXLQHOHQHDVLJXUDWHvQ7kUJX0XUH

    &HWHQLLFXORFXLQHOHQHDVLJXUDWHYRUHGXFDLVFRQWLHQWL]H]HLPSRUWDQDDVLJXUULORU

  • (9(1,0(17

    QVFULHULSHQWUXDGPLWHUHDOD80)8QLYHUVLWDWHD GH 0HGLFLQ L)DUPDFLH 80) 7kUJX0XUHRUJDQL]HD]XQQRXH[DPHQGHDGPLWHUHvQOXQDVHSWHPEULHSRWULYLWXQXLDQXQSRVWDWSHVLWHXOXQLWLLGH vQYPkQW1XPUXOGH ORFXULVFRDVHODFRQFXUVSHQWUXVSHFLDOL]DUHD(GXFDLH]LFLVSRUWLYVXQWGHORFXULVXQWRIHULWHSHQWUXVSHFLDOL]DUHD)DUPDFLHLSHQWUX$VLVWHQGHIDUPDFLH3HULRDGDGHvQVFULHUHHVWHVHSWHPEULHLDUSH GDWD GH VHSWHPEULH DUH ORFSURED VFULV SHQWUX VSHFLDOL]ULOH)DUPDFLH L $VLVWHQ )DUPDFLHLDUSHGDWDGHVHSWHPEULHSUREDSUDFWLF SHQWUX (GXFDLH ]LF LVSRUWLYLSHQWUXDFHDVWVHVLXQHVH PHQLQH 0HWRGRORJLD GH RUJDQL]DUHLGHVIXUDUHDFRQFXUVXOXLGLQOXQDLXOLH$0

    3URLHFWSHQWUXSDWULPRQLXOD6DVFKL]&RPXQD 6DVFKL] MXGHXO 0XUHvQSDUWHQHULDWFX8QLYHUVLWDWHDGH$UKLWHFWXUL8UEDQLVP,RQ0LQFXGLQ%XFXUHWLLPSOHPHQWHD]vQSHULRDGDDXJXVWQRLHPEULHSURLHFWXOFXOWXUDO%XQHSUDFWLFL SHQWUX SURWHMDUHD SDWULPRQLXOXL FRQVWUXLW vQ VLWXO UXUDO6DVFKL] vQVFULV vQ/LVWD SDWULPRQLXOXL PRQGLDO 81(6&2 FXQDQDUH GH OD $)&1 /DQVDUHDRFLDODSURLHFWXOXLLGH]EDWHUHDSXEOLF SULYLQG LPSRUWDQDSURWHMULL DUKLWHFWXULL ORFDOH YRUDYHD ORF vQ GDWD GH VHSWHPEULHRUDvQVDOD&',D*LPQD]LXOXLGH6WDW,RQ'DFLDQ6DVFKL]20

    ,QIRUPDUHGHVSUHEROLOHFDUGLRYDVFXODUH0XUHHQLLFDUHDXFDUG&HQWURIDUPEHQHFLD]GHVHUYLFLLPHGLFDOHJUDWXLWH GH SUHYHQLH vQ FDGUXO FDPSDQLHL GH SUHYHQLUH L LQIRUPDUHSULYLQGEROLOHFDUGLRYDVFXODUHGHUXODWHvQIDUPDFLLOH&HQWURIDUPSkQODGDWDGHVHSWHPEULH2ELHFWLYXO FDPSDQLHL HVWH GH D LGHQWLFDSHUVRDQHOHFXSRWHQLDOULVFGHEROLFDUGLRYDVFXODUH L GH D OH LQIRUPDGHVSUHSUHYHQLD L FRQWUROXODFHVWRU EROL 'RULWRULL SRW EHQHFLDGH PVXUDUHD WHQVLXQLL DUWHULDOHFRQVXOW PHGLFDO GH VSHFLDOLWDWH FXVWHWRVFRSXO 3URJUDPULOH VH SRWUHDOL]D vQ RULFDUH GLQWUH IDUPDFLLOH&HQWURIDUPVDXOD7HO9HUGH/LQLDHVWHDFWLYGH OXQLSkQ YLQHUL vQWUH RUHOH $0

    WHIDQ%DOLQWDFFHSWPRGLFDUHD%DFXOXL,QWURGXFHUHD EDFDODXUHDWXOXL GLIHUHQLDW GHLQH VXVLQWRUL GLQ UkQGXO GLUHFWRULORU XQLWLORU FRODUHPXUHHQH(VWHIRDUWHELQHYHQLWLGHHD HX D PHUJH PDL GHSDUWHSULQ LQWURGXFHUHD RELHFWHORU GHVSHFLDOLWDWH GDU L D RELHFWHORU GHVWXGLXFDUHVXQWJHQHUDOH(VWHELQHWLXW F FHL FDUH VH GXF OD JUXSXULFRODUH YRU V IDFPHVHULH $FRORDU WUHEXL V H[LVWHPRGLFUL L vQSURJUDPDGHFODUDWWHIDQ%DOLQWGLUHFWRUDO/LFHXOXL7HRUHWLF%RO\DL)DUNDVGLQ 7kUJX0XUH $FHVWD DLQXWVSUHFL]H]HFQXHVWHYRUEDGH GLVFULPLQDUH FL HYHQWXDO GH RGLVFULPLQDUH SR]LWLY $GHYUDWDUHIRUP DU SUHVXSXQH L GHVFRQJHVWLRQDUHD PDWHULDOXOXL GHFL DSURJUDPHORU FRODUH QX GRDU ODRELHFWHOHGHVWXGLXGHEDFDODXUHDWFLODWRDWHRELHFWHOHHVWHGHSUHUHWHIDQ%DOLQW20

    WLULLQWHUHVDQWH

    6FDQGDO vQ WRDW UHJXOD vQ LQWHULRUXO6WXGLRXOXL7HULWRULDO7957kUJX0XUHSXVSH MDUGH XQ UDSRUW DQRQLP H[SHGLDW FWUH FRQGXFHUHD6RFLHWLL5RPkQHGH7HOHYL]LXQHGHOD%XFXUHWL'RFXPHQWXO HVWH QHVHPQDW L SUH]LQW GHWDOLLGHVSUHPDQDJHPHQWXOGLQXOWLPLLDQLDOVWXGLRXOXL GLQ7kUJX0XUH GLQ FDUH DPLQWLP SUEXLUHD DXGLHQHL DSURDSH GH FRWD]HURDEX]XULSHFXQLDUHFDUHDU FRPLVHGHDQXPLL DQJDMDL FX IXQFLL GH FRQGXFHUH LQHIRORVLUHD DSDUDWXULL GH XQPLOLRQ GH HXURH[LVWHQW vQ VWXGLRXO GLQ 3DUFXO 0XQLFLSDOvQGHWULPHQWXOVWXGLRXOXLGHSHVWUDGD%ULODXQGHVHDFKLWRFKLULHDQXDO vQYDORDUHGHGHHXUR

    $XGLHQGH]DVWUXRDV]LOQLF3RWULYLW UDSRUWXOXLGHL vQPDL GDWOD FDUH VD vQFHSXW DFWLYLWDWHD HFKLSD 7957kUJX0XUH HUD DOFWXLW GLQ FHL PDL EXQLSURIHVLRQLWL H[LVWHQL SH SLD OD DFHD RU vQSUH]HQWFDOLWDWHDDFHVWRUDVDGLOXDWIDSWFRQFUHWL]DWvQSUEXLUHDDXGLHQHLDSURDSHGHFRWDPLQLPDGLF]HURQQRXOXQLSRUQLQGGHODXQ]HURDEVROXWDXIRVWULGLFDWHGRXVHGLLDIRVWIRUPDWRHFKLSLDGHYHQLWSULQFLSDODWHOHYL]LXQH GLQ ]RQ GHL QXPDL vQ 7kUJX0XUH IXQFLRQDX OD DFHD YUHPH DSWH WHOHYL]LXQL7UHLDQLPDL WkU]LXDSURDSH MXPWDWHGLQRUDQLFLPFDUQXPDLWLHFH[LVWP/DvQLQDUHD VWXGLRXOXL DX IRVW VHOHFWDL FHLPDLEXQL RDPHQL GLQ FHOHODOWH WHOHYL]LXQL DFXP DDMXQVXQIHOGHPDPDUQLLORUFXPUPkQHFLQHYDIUVHUYLFLXLDUHRFXQRWLQvQFRQGXFHUHD7957kUJX0XUHVDXRIHUXQFRQWUDVHUYLFLXHDGXVFDLFRODERUDWRU8UPHD]DSRL vQ IXQFLH GH LQWHJUDUHD vQ FROHFWLYGHPHUVXULOH SHQWUX DQJDMDUH VH VSHFLF vQGRFXPHQW &RQIRUP XQXL VWXGLX UHFHQW FRPDQGDWGH795LFDUHVHUHIHUHDLODVWXGLRXULOHWHULWRULDOHGRDUGLQRDPHQLLGLQ]RQVHXLW]LOQLF OD7957kUJX0XUHLGRDUVHXLWVSWPkQDOQVFKLPEDPDYXWIHHGEDFNXULSHDQXPLWHHPLVLXQLFKLDUGLQVWULQWDWH$XVWULD 3DOHVWLQD *HUPDQLD Q GHFHPEULHDYHDDSUR[LPDWLYGLQSLDVHPDLVSXQHvQUDSRUW

    3RPSLHUUHDOL]DWRU793OXVGHOHJDLL'HDVHPHQHDDXWRUXOVDXDXWRULLUDSRUWXOXLDFX]OLSVDFXGHVYkULUHDSUHRFXSULORUOHJDWHGHPDQDJHPHQWXOFDULHUHLGLQFDGUXOVWXGLRXOXL GH OD 7kUJX0XUH L SUH]LQW GHWDOLLLQFUHGLELOHFXPDUDQJDMDUHDXQXLSRPSLHUSHSRVWGHUHDOL]DWRUGHHPLVLXQHLH[LVWHQDXQRUGHOHJDLLH[WUHPGHFRVWLVLWRDUHQSDWUXDQLQLFLXQDQJDMDWQXDHYROXDWvQVFKHPFXH[FHSLDFRRUGRQDWRULORUGHVHUYLFLLFDUHDXRFXSDWSULQFRQFXUVIXQFLLOHGLQRUJDQLJUDP1XDH[LVWDWQLFLRSUHRFXSDUHSHQWUXULGLFDUHDQLYHOXOXL SURIHVLRQDO GDF vQ DX SDUWLFLSDWODFXUVXULOHRUJDQL]DWHGH795SHUVRDQHvQXUPWRULLWUHLDQLQXDPDLIRVWWULPLVQLFLXQXO$ELDvQOXQDPDLDXIRVWWULPLLGRLDQJDMDL ODFXUVXULXQXO OD,DLLXQXO OD&KLLQX$OLGRLDXUHXLW VSDUWLFLSHSULQUHVXUVH SURSULL OD FXUVXUL OD %UX[HOOHV L OD%XFXUHWL QWUH WLPS vQV IRVWXO FRRUGRQDWRUDOVWXGLRXOXLDIRVWODXQFXUV&,5&20RVSWPkQ OD /RQGUD L D XUPDW XQ FXUV GHSDWUXOXQLOD676vQ%XFXUHWLVDODULXODIRVWSOWLWvQVGHOD7957kUJX0XUHVHVSXQHvQGRFXPHQW$VLJXUDUHDXQRUDYDQWDMHSHQWUX FHL REHGLHQL VDX FDUH VDX DOLDW JWLL([HPSOH 0LURQ &RVWLQ HVWH MXPWDWH GLQWLPS OD 6LELX GDU SULPHWH VDODULXO LQWHJUDOOD QRL SHQWUX /DFULPD %DOLQW UHVSRQVDELOFXWLULOHDIRVWDGXVFDLFRODERUDWRUORJRGQLFXOGHSURIHVLHSRPSLHUVUHDOL]H]HFRQWUDFRVW R HPLVLXQH VSRQVRUL]DW GRFXPHQWDUVSWPkQDO0HWHUXOFDVHLHDvQVLEHQHFLLQGGHXQSURJUDPGHPXQFSULYLOHJLDWSDWUXDVHRUH]L9DVLOH%UDLFDSULPLW]HFLGHPLOLRDQHFDGUHSWXULGHDXWRUSHQWUXUHDOL]DUHDXQRUOPHGHSUH]HQWDUHDWULEXLWH',5(&7GH&'vQFLXGDIDSWXOXLFSURGXVHOHQDOHDXIRVWOLYUDWHFXvQWkU]LHULXQHRULGHSHVWHXQDQLIUH[FHSLHQXDXPXOXPLWEHQHFLDULLDFHHDLSHUVRDQHVWHPHQLQXWGHSHVWHWUHLDQLvQIXQFLDGHFRRUGRQDWRUDO5HGDFLHL3URJUDPHvQFLXGDIDSWXOXLFQXLvQGHSOLQHWHQLFLXQ VIHUW GLQ DFHVWH DWULEXLL SULPH DFRU

    GDWHXQRUSHUVRDQHSHQWUXPHULWHGLVFXWDELOH([FRUSXOUHGDFLRQDOQXDSULPLWQXDSULPLWDFHVWHVSRUXULWLPSGHWUHLDQLvQVFKLPEOHDXSULPLWIUH[FHSLHRIHULLSRUWDULLHFKLSDGHOD UHJLD GH HPLVLH DSUREDUHD XQRU GHSODVULH[FHVLYH LQHMXVWLFDWH(['DQLHO9LVWRURYVFKL FRRUGRQDWRU VSWPkQDO OD %XFXUHWLWLPSGHDSURDSHGRLDQLFRVWXULDSURDSHPLOLRDQHOHLYHFKL9DVLOH%UDLFVSWPkQDOvQGHOHJDLHFkWHGRXWUHL]LOHSHQWUXUHDOL]DUHDXQRU HPLVLXQL FDUH DMXQJ IRDUWH UDU SH SRVW0LURQ&RVWLQvQMXGHHFDUHQXVHDvQDULDQRDVWUGHDFRSHULUHvQVSHFLDO6LELX5HGDFLD0LQRULWLGHSODVULvQ$UDG%LKRUVDXFKLDU%XFXUHWLDVHPDLSUHFL]HD]vQLQIRUPDUHDFWUHFRQGXFHUHD795%XFXUHWL

    'HWXUQULGHIRQGXUL"'H]YOXLULOHQXVHWHUPLQDLFLvQUDSRUWLQGSUH]HQWDWH L LQIRUPDLL SULYLQG GHWXUQDUHDXQRU IRQGXULSULQSUHOXDUHDHFRQRPLLORU UHDOL]DWHODXQHOHHPLVLXQLLWUDQVIHUDUHDODDOWHOHXQGHH[LVWDXGHSLULFXPRGLFDUHDGHYL]HORUL&RQYHQLLORUGHSURGXFLHIUFDUHDOL]DWRUXOVHPFDULQIRUPDW'HLDUWUHEXLWFRQIRUP5HJXODPHQWXOXL,QWHUQLDSURFHGXULORUV VHPQH]HQRLOHGHYL]H L&RQYHQLL ([ 3H0XUHLSH7kUQDYHGHFHPEULH8QFD]DSDUWHVFKLPEDUHDGHVWLQDLHLDPLOLRDQHOHLYHFKLvQGHFHPEULHGHODFRQIHFLRQDUHGHFRUXULODSURWRFROSHQWUXLQDXJXUDUHDFOGLULLQRLFDUHQLFLPFDUQXHUDWHUPLQDWVHDUDWvQGRFXPHQW

    %DWHULLFXPSUDWHFXEDQLGHDFDV8Q DOW VXELHFW DERUGDW HVWH UHIX]XO VDX OLSVDGH LQWHUHV D FRQGXFHULL vQ D DVLJXUD FRQGLLLPLQLPH GH PXQF L UHFRPSHQVDUH D DFHVWHLD8QHRULFKLDUFX vQFOFDUHD OHJLVODLHL vQYLJRDUHVXEHWHUQDMXVWLFDUH1XVXQWEDQL([HPSOHXQDQL MXPWDWHFDPHUDPDQLLDXFXPSUDW EDWHULL SHQWUX PLFURIRDQH L ODYDOLHUHGLQEDQLL ORU FDPHUDPDQLL FDUH FRQGXFLDXWRWXULVPHOHHFKLSHGHOPDUHVXEGLPHQVLRQDWHQHDVLJXUDUHDGUHSWXOXLGHFD]DUHGDFOPDUHD VH SUHOXQJHWH L REOLJDUHD HFKLSHLVUHYLQODVHGLXXQHRULGHODGLVWDQHIRDUWHPDULYH]LDFFLGHQW0LNXODM6DQGRUODRUDGLPLQHDD UHYHQLUHD GH OD 7RSOLD NPGXSRUDDVHSUHFL]HD]vQUDSRUW

    /LSVDFXWGHSHUVRQDODQJDMULEORFDWHQQHSHWDSHWDIRVWSXVLSUREOHPDOLSVHLDFXWHGHSHUVRQDOSXVSHVHDPDQHRUJDQL]ULLFRQFXUVXULORU SHQWUX SRVWXULOH GLVSRQLELOH5HGDFLDWLULQXH[LVWGHLLQFOXGHUHDHLvQRUJDQLJUDP D IRVW DSUREDW GH &$ DO 6579vQF GLQ LXOLH SRVWXUL H[LVW GRDUGRLRIHULODWUHLUHGDFLLDOWHWUHLSRVWXULDSUREDWH GH &$ H[LVW GRDU DSWH FDPHUDPDQLSHQWUXWRDWHSURJUDPHOHSRVWXULGLVSRQLELOHGRXYDFDQWDWHSULQSOHFULDOWHWUHLDSUREDWHGH&$FLQFLHGLWRULLPDJLQHWUHLSRVWXULQRLDSUREDWHGH&$FLQFLRSHUDWRUL579SRVWXULQRLDSUREDWHGH&$QXH[LVWQLFLXQHOHFWULFLDQXQSRVWDSUREDWGH&$VHSRDWHFLWLvQUDSRUW

    $SDUDWXUGHXQPLOLRQGHHXURvQFRQVHUYDUH7RWRGDW XQ VXELHFW IRDUWH LQWHUHVDQW vOUHSUH]LQWLFHOUHIHULWRUODQHIRORVLUHDVWXGLRXULORUQRLH[LVWHQWHvQVHGLXOLQDXJXUDWvQFLQHYDSUHIHUkQGVHSDUHIRORVLUHDVWXGLRXOXLGHSHVWUDGD%ULODXQGHVHDFKLWRFKLULHOXQDUvQYDORDUHGHGHHXUR1HIRORVLUHDVWXGLRXULORU QRL HFKLSDPHQW GH XQ PLOLRQ HXURL GRX VWXGLRXUL GH OPDUH VWDX QHIRORVLWHvQ FRQVHUYDUH FRQIRUP GLVSR]LLHL GH OD%XFXUHWL GH DSURDSH GRL DQL Q DFHVW WLPSSOWLPHXURFKLULHSHQWUXVWXGLRXOYHFKLLDU]LOQLFDGHSODVDUHGHODXQVHGLXODDOWXOSURGXFHFRVWXUL VXSOLPHQWDUHLGLVIXQFLRQDOLWLvQRUJDQL]DUHLFKLDUvQUHDOL]DUHDXQRUHPLVLXQLVHVSXQHvQGRFXPHQWQ DFHODL UDSRUW VH PDL YRUEHWH L GHVSUHLQH[LVWHQDGHFRUXULORUDVWIHOFPXOWHHPLVLXQLVXQWvQUHJLVWUDWHvQGLYHUVHORFXULSXEOLFH7RDWHHPLVLXQLOHGHVWXGLRFXH[FHSLD-XUQDOXOXLUHJLRQDOVHGHUXOHD]vQGRXGHFRUXULUHDOL]DWHvQSHQWUXHPLVLXQLFRPSOH[HVXQWHPQHYRLLVDSHOPODEXQYRLQDXQRULQVWLWXLL 6H PDL OPHD] vQ VSDLLOH GH OD%LEOLRWHF6DODGH&RQVLOLXVDXFKLDUvQKROVHVSHFLFvQGRFXPHQW

    &RQFOX]LDUDSRUWXOXL"6WXGLRXO 7HULWRULDO 795 7kUJX0XUH DUHUHVXUVH XPDQH WHKQLFH L FKLDU QDQFLDUHSHQWUX GH]YROWDUH FX FRQGLLD HODERUULL LDSOLFULL XQRU VWUDWHJLL FRHUHQWH SH WHUPHQVFXUWPHGLXLOXQJGDUPDLDOHVFXFRQGLLDUHVSHFWULL 5HJXODPHQWHORU L SURFHGXULORU6579SUHFXPLDOHJDOLWLL

    0LURQ&RVWLQ(RDEHUDLH'HFHDODOWSDUWHSHUVRDQHOHDOHFURUQXPHVXQWDPLQWLWH vQUDSRUWDXFRQWHVWDWYHKHPHQWYHULGLFLWDWHD LQIRUPDLLORU GHVSUH FDUH DX DUPDWFVXQWQHDGHYUDWHvQSURSRULHGH&XPVHDGHYUDW FkQGHXGLQPDPPXWDWLVWDXvQ5HJKLQ",DUGLQvPLFRQVWUXLHVFFDVOD6kQJHRUJLX&UHGHLFSXWHDPIDFHQDYHWDOD6LELX"(RDEHUDLHVDvQWUHEDWUHWRULF0LURQ&RVWLQ&HOFDUHDVFULVHVWHXQRPUXLQWHQLRQDWDVWDHVWH3HVWHGLQLQIRUPDLLOHGLQDFHOUDSRUWQXVXQWDGHYUDWHDFRPSOHWDW0LURQ&RVWLQFDUHDHYLWDWVGH]YOXLHQXPHOHFHOXLFDUHDvQWRFPLWGRFXPHQWXO

    9DVLOH%UDLF1XHVWHDGHYUDW8Q DOW DQJDMDW DO 795 7kUJX0XUH GHVSUHFDUH VH VFULH vQ UDSRUW 9DVLOH %UDLF D GHFODUDW F DXWRUXO GRFXPHQWXOXL HVWH ,RDQ&HDXHVFX 1X HVWH DGHYUDW FH VH VFULH vQUDSRUW1LFLQXSUHDDPFHFRPHQWDDDUPDW 9DVLOH %UDLF 1RL WLP FLQH H DXWRUXOUDSRUWXOXL ODXQPRPHQWGDWQHRFLDO LDDVXPDW FKHVWLXQHD DVWD(VWH FROHJXO QRVWUX&HDXHVFXFDUHDIRVWFRRUGRQDWRUXOVWXGLRXOXLLFDUHWkQMHWHGXSIXQFLHLIDFHRULFHFDVvLvQGHSOLQHDVFVFRSXO$VWDHH[SOLFDLDDDGXJDW9DVLOH%UDLF

    /DFULPD%DOLQW6XQWQLWHLQHSLL'H DVHPHQHD /DFULPD %DOLQW D UHVSLQVDXWHQWLFLWDWHD LQIRUPDLLORU GLQ GRFXPHQWGHVSUH FDUH D DUPDW F VXQW VLPSOH LQHSLLFDUH IDFUXWHOHYL]LXQLLSXEOLFH(YLGHQWFQXHQLPLFDGHYUDWDFRORVXQWQLWHLQHSLLDUXQFDWH SH KkUWLH vQWUXQ PRPHQW IRDUWHSURVW SHQWUX 795 L 795 7kUJX0XUH DDUPDW/DFULPD%DOLQW

    ,RDQ&HDXHVFX(VWHXQUDSRUWDO6LQGLFDWXOXL)RVWXO FRRUGRQDWRU DO 795 7kUJX0XUH,RDQ &HDXHVFX D HYLWDW V FRPHQWH]H SHPDUJLQHD GRFXPHQWXOXL LQYRFkQG UHJXOLOHSULYLQG FRPXQLFDUHD vQPDVVPHGLD LPSXVHGH UHJXODPHQWHOH LQWHULRDUHDOH7HOHYL]LXQLL3RWULYLWUHJXOLORUGLQ795QXDYHPYRLHVGPGHFODUDLLvQSUHV(VWHXQUDSRUWDO6LQGLFDWXOXL XQ UDSRUW DQDOL]DW LPDLPXOW GHDWkWDQXWLXFQXVDGDWQLFLXQIHOGHFRQFXUVDVSXV,RDQ&HDXHVFX

    $OH[727+DOH[WRWK#]LGH]LUR

    7957kUJX0XUHDXGLHQVFDQGDO

    'HLGLVSXQGHXQVHGLXXOWUDOX[RVMXUQDOLWLLGH OD 795 7kUJX0XUH XWLOL]HD] XQ DOWVWXGLRXDDWSHVWUDGD%ULOD

  • (&2120,&VHSWHPEULH

    IDFHERRNFRP]LGH]L

    6HFHWDGLQDFHVWDQDUHFDHIHFWLVFXPSLUHDIXUDMHORUFX FRQVHFLQH QHJDWLYH DVXSUD SURGXFWRULORU GHFDUQHFDUHVHYGQHYRLLVvLVWDELOHDVFSUHXOLvQIXQFLHGHDFHVWDVSHFW&XPSUHXOIXUDMHORUDWRWFUHVFXWSURGXFWRULLVHYGQHYRLLVIDFDFHODL OXFUXFXPHVWHLFD]XOSURGXFWRULORUGHFDUQHGHSDVUH

    )XUDMHOHGLQFRVWXOSHNLORJUDPXOGHFDUQH'LQ SFDWH DFHDVW VLWXDLH QH DIHFWHD]] vQWUXQPRGIRDUWHGLUHFWGHRDUHFHGLQFRVWXOFUQLLGHSDVUHFDP H IXUDMXO0DLH[DFW MXPWDWHGLQFRVWXULOH SHQWUX XQ NLORJUDP GH FDUQH GH SDVUH VXQWIXUDMHOH'LQOXQDPDLSkQDVW]LFRVWXOIXUDMHORUDFUHVFXWFXDSUR[LPDWLY$VWDSUHVXSXQHFDSUHXOFUQLLDFXPLvQSHULRDGDXUPWRDUHVFUHDVFFXGHSURFHQWH(XQFDOFXODULWPHWLFSHFDUHvOSRDWHIDFHRULFLQHQHDGHFODUDW2SUHD(PDQRLODGPLQLVWUDWRUXO2SUHD$YLFRP&ULVWHWL

    6FXPSLULODJUkXLSRUXPE&XPvQFRPSRQHQDIXUDMHORULQWUJUkXOLSRUXPEXOFUHWHUHD VHPQLFDWLY D SUHXOXL OD DFHVWH SURGXVHIDFH FD ODQXO VFXPSLULORU V SHUVLVWH 'HRFDPGDWQHDVLJXUPIXUDMHOHGLQLQWHUQFXPSUPGLQLQWHUQ3UREOHPDQXHvQSULPXOUkQGODFHUHDOHHDYLQHGLQUHHWD GH IXUDMH SRUXPE L JUkX IXUDMXO H IFXW GLQDFHVWHSURGXVHLGDFYHGHLFSRUXPEXODDMXQVODOHLGHODGHEDQLLJUkXOGHDVHPHQHDDVXIHULWVFXPSLULYGDLVHDPDGHXQGHVDUSUHXULOH&DX]DSULQFLSDORUHSUH]LQWVHFHWDSUHOXQJLWGLQDFHVWDQFDUHVHYDUVIUkQJHLDVXSUDFXOWXULLGHDQXOWUHFXWLYGDLVHDPDGHJUDYLWDWHDVLWXDLHL3UHXULOHODFHUHDOHDXFUHVFXWLFXVLJXUDQYRUPDLFUHWH3UHXULOHvQDFHVWPRPHQWvQDLQWHDUHFROWULLVXQWVSHFXODWLYHODFHUHDOHHLIULFDLSDQLFDSHQWUXSHULRDGDUHFROWULLGLQDFHVWDQFDUHIDFFDSUHXULOHVH[SORGH]HDSUHFL]DW2SUHD(PDQRLO

    ,QHYLWDELOHOHVFXPSLULODFDUQHDGHSDVUH9HWLOHQXDUDWELQHQLFLSHQWUXFRQVXPDWRUL FDUHDXPDULDQVHVJVHDVFSHUDIWSUHXULPDLPDULODSURGXVHOHGLQFDUQH1RLGHMDVXQWHPSHSLHUGHUHLQXDSXWHDVFXDQWLFH[DFWFkW/DSUHXOODFDUHHDFXPFDUQHDGHSDVUHVXQWHPFXODVXWVXEFRVWXULOHGHSURGXFLH'DFFDUQHD GH SRUF VD VFXPSLW XQGHYD FX OD VXWOXQDWUHFXWLDUvQOXQDVHSWHPEULHYDPDLQHYRLHGHvQFODVXWFDVSRDWDFRSHULWH MXPWDWHGLQ FRVWXUL FDUH MXPWDWH vO UHSH]LQW IXUDMHOH LDWXQFLFDUQHDGHSDVUHDUWUHEXLVVHVFXPSHDVFFXFHOSXLQODVXW'LQSFDWHFUHWHUHDDIRVWSUHDEUXVF FD VSRL VPHUJLSHSUHXULOH YHFKL1RLvQFHUFPVIDFHPDFHDVWFUHWHUHWUHSWDWSHQWUXFDFRQVXPDWRUXOQDOVQXVLPWEUXVFDFHDVWFUHWHUHGHSUHDSUHFL]DW2SUHD(PDQRLO

    $OLQ=$+$5,(

    3UHXOIXUDMHORUXPSUHXOFUQLLGHSDVUH

    8QDGLQWUHSUREOHPHOHVHVL]DWHGHFWUHFRQVLOLHULLORFDOLGLQPXQLFLSLXO5HJKLQHVWHSUHVLXQHDVF]XWDDSHLSHXQHOHGLQWUHVWU]LOHDIHUHQWH]RQHLFHQWUDOHDPXQLFLSLXOXL3ULPULDFRQVLGHUFYLQDDSDULQHH[FOXVLYRSHUDWRUXOXLLDUUHSUH]HQWDQLLFRPSDQLHL$TXDVHUYVXEOLQLD]QHYRLDGHLQYHVWLLLXQDVSHFWFDUHHVWHUHVSRQVDELOLWDWHDSURSULHWDUXOXLDGLFD3ULPULHL5HJKLQ

    )USUHVLXQHGDWRULWSUHOXQJLULORU6WU]LOH FXSUREOHPH vQ FHHD FHSULYHWHSUHVLXQHD DSHLVXQW 3RPHWXOXL L 9LLORU ([LVW R QHFRQFRUGDQ vQUHJODUHD VWDLLORU GH SRPSDUH H R SUREOHP YHFKH FDUHVDUH]ROYDWvQXOWLPXOWLPS$TXDVHUYLDVFKLPEDWPRGXOGHDGLVWULEXLDSDHVWHRSUREOHPDRSHUDWRUXOXLvQH[FOXVLYLWDWHDGHFODUDW0DULD3UHFXSSULPDUXOPXQLFLSLXOXL5HJKLQ5HSUH]HQWDQLL$TXDVHUYH[SOLFIDSWXOFvQ]RQDUHVSHFWLYQXH[LVWSUHVLXQHVSUHFDSWXOUHHOHLGDWRULWIDSWXOXLFVDXIFXWSUHOXQJLULDOHUHHOHLvQUHJLH SURSULH GH FWUH ORFXLWRULL GLQ ]RQHOH UHVSHFWLYH LDUFRQGXFWHOH QX DX GLDPHWUXO VXFLHQW GHPDUH FHHD FHGXFHODDFHVWHVXJUXPUL

    0ULUHDSUHVLXQLLRVROXLHULVFDQWQFHHDFHSULYHWHPULUHDSUHVLXQLLFRPSDQLD$TXDVHUYSRDWHVPUHDVFSUHVLXQHDSHUHHDvQVWDLDGHSRPSDUH GDU GDF IDFHP DFHVW OXFUX DXWRPDW YRU DSUHDIRDUWH PXOWH DYDULL SH UHHD GHRDUHFH FRQGXFWHOH PDLDOHVvQ]RQDFHQWUDOVXQWYHFKLGHSHVWHGHDQL6XQWGLQ D]ERFLPHQW L ULVF V FUDSH DFHVW IDSW LPSOLFkQG

    DOWHSUREOHPHD GHFODUDW1LFX7RPXOHLXSXUWWRUGHFXYkQWDOFRPSDQLHLQDFHVWVHQVRULFHDYDULHQHFHVLWVSWXUDVFKLPEDUHDFRQGXFWHLLDVIDOWDUH$FHDVWSUREOHPQXSRDWHUH]ROYDWGHFkWGH3ULPULDPXQLFLSLXOXL5HJKLQ FDUHHVWH LSURSULHWDUD UHHOHORU'HFLUHHOHOHVXQWSURSULHWDWHD&RQVLOLXOXLORFDO5HJKLQQRLVXQWHPRSHUDWRULSHDFHVWHUHHOHFDUHVXQWGDWH vQFRQFHVLXQH$FHVWHD DU WUHEXL VFKLPEDWH FD V VH SRDWPULLSUHVLXQHD7RWFHSXWHPQRL IDFHHVWHVPULPSUHVLXQHDGDUIRDUWHSXLQSHQWUXFDFHVWOXFUXQXYDRULFXPVXFLHQWDDGXJDW1LFX7RPXOHLX

    &RQLFWXO3ULPULH$TXDVHUYVFDGHSUHVLXQHDDSHL

    OD5HJKLQ5HVSHFWLYHOHFRQGXFWHDXSHVWHGHDQLQXOWLPXOWLPSVDUHJkQGLWRDOWPHWRGGHDOLPHQWDUH D SULL GH VXV D RUDXOXL SH FDUH WUHEXLH V LRSXQODSXQFW(VWHDEVROXWSUREOHPDRSHUDWRUXOXLQXGHLQHP SkUJKLL QX DYHP QHYRLH GH LQYHVWLLL D GHFODUDW0DULD3UHFXSvQFDGUXOHGLQHL&RQVLOLXOXLORFDOQRSLQLDUHSUH]HQWDQWXOXL$TXDVHUYUHHDXDDUHQHYLHGH LQYHVWLLL GDWRULW YHFKLPLL FRQGXFWHORU Q RSLQLDQRDVWUDYHPQHYRLHGHvQYHVWLLLDYkQGvQYHGHUHIDSWXOFUHVSHFWLYHOHFRQGXFWHDXSHVWHGHDQLQFRQGLLLOHvQFDUHUHHDXDHVWHSURSULHWDWHDFXLYDUHVSHFWLYXOHVWHUHVSRQVDELO L SHQWUX LQYHVWLLL &RPSDQLD $TXDVHUYSOWHWH UHGHYHQ SHQWUX XWLOL]DUHD UHHOHL FRQIRUPFRQWUDFWXOXLGHFRQFHVLXQHDH[SOLFDW7RPXOHLX

    3URLHFWGHSHVWHPLOLRDQHGHHXUR&RPSDQLD$TXDVHUYDUHXLWVDFFHVH]HXQSURJUDPGHLQYHVWLLLHVWHYRUEDGH3URJUDPXO3260HGLXGHH[WLQGHUHLUHDELOLWDUHDUHHOHLGHDSX]DWLDSSRWDELO$FHVWSURJUDPVHUHIHUvQSULQFLSDOODUHHDXDGHDSX]DW(VWHXQSURLHFWvQYDORDUHGHSHVWHPLOLRDQHGHHXURvQFDUHHVWHFXSULQVLPXQLFLSLXO5HJKLQ(VWHFHOPDLPDUHSURLHFWGLQMXGHXO0XUHvQGRPHQLXODSHLLDOFDQDOL]ULLLQXQXPDLDFRQFKLV1LFX7RPXOHLX

    2DQD05*,1($1

    1LFX7RPXOHLXSXUWWRUGHFXYkQWDOFRPSDQLHL$TXDVHUY

  • 785,60

    &856,163(&7251'20(1,8/6(&85,7,,,617,,1081&1,9(/'(%$=RUH

    &21',,,'(3$57,&,3$5($QJDMDWRULFXVWXGLLPLQLPOLFHDOHSUROUHDOVDXWHKQLFDLVRFLHWLORUFRPHUFLDOHFXSDQDODDQJDMDLVRFLHWLDOFDURURELHFWGHDFWLYLWDWHQXVHUHJVHVWHLQDQH[DODQRUPHOHPHWRGRORJLFH5HSUH]HQWDQLDLOXFUWRULORUFXUVSXQGHULVSHFLFHLQ&660FXVWXGLLPLQLPOLFHDOHSUROUHDOVDXWHKQLF/RFGHGHVIXUDUH&&,0XUHVWU3ULPULHLQU6DODGH&RQVLOLX3URJUDPXO]LOHLQ]LOHOHGHOXQLPDULPLHUFXULMRLLYLQHULGHODRUHOH

    &856,163(&7251'20(1,8/6(&85,7,,,617,,1081&1,9(/0(',8RUH

    &21',,,'(3$57,&,3$5(/XFUWRULGHVHPQDLFXVWXGLLPLQLPOLFHDOHSUROUHDOVDXWHKQLF/RFGHGHVIXUDUH&&,0XUHVWU3ULPULHLQU6DODGH&RQVLOLX3URJUDPXO]LOHLQ]LOHOHGHOXQLPDULPLHUFXULMRLLYLQHULGHODRUHOH

    3HQWUXvQVFULHUHWUHEXLHDGXVHGLQWLPSXUPWRDUHOHDFWH&RSLH[HUR[GXSDDFWXOGHLGHQWLWDWHFHUWLFDWGHFVWRULHGDFDHFD]XO&RSLH[HUR[GXSGLSORPDVWXGLLORUGRYHGLWRDUHFRQGLLHLGHSDUWLFLSDUH$GHYHULQGHODPHGLFXOGHIDPLOLH

    /HFWRULLQVSHFWRUL,70&HUWLFDWHOHGHDEVROYLUHDOVFXUVXULORUVXQWHPLVHVXEHJLGD00)(6L0(&

    ,QIRUPDLLLvQVFULHUL]LOQLFvQWUHRUHOHODVHGLXO&&,0XUHGLQ7J0XUH VWU3ULPULHLQU VDX ODQXPHUHOHGH WHOHIRQ ID[PRELOHPDLOIRUPDUH#FFLDPVURVDXRQOLQHZZZFFLDPVUR

    $/7(&85685,$8725,=$7(

    &$'587(+1,&&8$75,%87,,36,RUHGLQRFWRPEULH5(63216$%,/'(0(',8RUHGLQRFWRPEULH,163(&7255()(5(175(6856(80$1(RUH$8',7251'20(1,8/&$/,7,,RUH$8',725'(0(',8RUH $8',725'( 6,67(0'(0$1$*(0(17 3(1758 617$7( ,6(&85,7$7(2&83$,21$/RUH0$1$*(5'(352,(&7RUH(;3(57$&+,=,,,38%/,&(RUH$*(17,02%,/,$5RUH,163(&7253527(&,(&,9,/RUH

    6HIDFvQVFULHULSHUPDQHQW&XUVXULOHYRUGHPDUDvQPRPHQWXOvQFDUHYRUH[LVWDPLQLPSDUWLFLSDQLFXUV,QIRUPDLLVXSOLPHQWDUHSHZZZFFLDPVUR

    $QXOVHDQXQDXQXOIRDUWHEXQSHQWUXFHOHWUHLKRWHOXULGHLQXWHGHIDPLOLD9ODVvQ7kUJX0XUHDFHVWHDDYkQGXQJUDGPHGLXGHRFXSDUHGHvQSHULRDGD LDQXDULH VHSWHPEULH GXS FXPXUPHD]SHQWUX+RWHO%XVLQHVVLSHQWUX+RWHO&LDRL+RWHO3OD]D

    JUDGGHRFXSDUHOD3OD]D0DQDJHUXO JHQHUDO DO FHORU WUHL KRWHOXUL'DFLDQ9ODVDGHFODUDWSHQWUX=LGH=LUHIHULQGXVHOD+RWHOXO3OD]DFDFHVWDDvQUHJLVWUDWRFUHWHUHvQFHHDFHSULYHWHJUDGXO GH RFXSDUH GH OD vQ OD vQ SULPHOH RSW OXQL DOH DFHVWXL DQRELHFWLYXOSURSXVSHQWUXLQGGHFHOSXLQGHSURFHQWH$QXOSULPXODQGH ODGHVFKLGHUH ODPQDOL]DW FXXQJUDG GH RFXSDUH GH LDU DQXO DFHVWDSkQvQSUH]HQWVXQWHPODGLQFDX]DOXQLLDXJXVWFDUHHROXQPDLVODE(VWLPH]SkQODVIkULWXOOXLVDMXQJHPOD FRQIRUP WDUJHWXOXL LPSXV ODvQFHSXWXODQXOXLDSUHFL]DW'DFLDQ9ODV5HIHULQGXVH ODSULQFLSDODRIHUWSHFDUH+RWHO 3OD]D R SURSXQH FOLHQLORU 'DFLDQ 9ODV D VXEOLQLDW FRQFHSWXO GH KRWHOGHVLJQ SRWULYLW FUXLD HFDUH FOLHQW vLDOHJHFDPHUDvQFDUHYUHDVVWHDSUHFXPLJUDWXLWDWHOD$TXD'D\6SDSHSHULRDGDVIkULWXOXL GH VSWPkQ 6XQWHP VLQJXUXOKRWHOGLQ5RPkQLD vQFDUHSULQ LQWHUPHGLXOXQXLWRXFKVFUHHQGLQUHFHSLHHFDUH FOLHQW vL DOHJH FDPHUD vQ FDUHGRUHWHVVWHD1XDYHPRRIHUWDQXPHGHRDUHFH RUDXO QX SUH]LQW XQ LQWHUHVDQXPHSHQWUXYL]LWDWRULvQVFKLPEDYHPXQDWXLPSRUWDQW&HQWUXO6SDGLQFDGUXO+RWHO %XVLQHVV 2IHULP vQ SHULRDGD

    ZHHNHQGXOXL FOLHQLORU FD]DL OD 3OD]DDFFHVJUDWXLWOD$TXD'D\6SDGLQFDGUXO+RWHOXOXL %XVLQHVV D H[SOLFDW PDQDJHUXOJHQHUDODO+RWHOXOXL3OD]D

    ,QGLFDWRULUHFRUGOD%XVLQHVVQ FHHD FH SULYHWH JUDGXO GH RFXSDUH DO+RWHOXOXL %XVLQHVV DFHVW LQGLFDWRU DFXQRVFXW R FUHWHUH GH DSWH SURFHQWHvQ FRPSDUDWLY FX DQXO DQWHULRU*UDGXOGHRFXSDUHDIRVWGHvQDQXO$QXODFHVWDVXQWHPSkQvQSUH]HQWODPLUDFXORVXOvQFLXGDDWHSWULORU&RQVLGHU F +RWHO %XVLQHVV UHSUH]LQWXQH[HPSOXGHEXVLQHVVKRWHOLHUQXGRDUSHQWUX 7kUJX0XUHV FL SHQWUX vQWUHDJDDUDDUWDW'DFLDQ9ODV3RWULYLWDFHVWXLDSULQFLSDODRIHUWSHFDUH+RWHO%XVLQHVVRSURSXQHFOLHQLORUVLFRQVWvQSDFKHWHVSHFLDOHGHFD]DUHSOXV

    VSDFRQVLGHUDWHDRDWUDFLHIRDUWHPDUHSHQWUX WXULWL QFD]XO+RWHOXOXL %XVLQHVV &HQWUXO $TXD 'D\ 6SD RIHU XQDYDQWDM HQRUP GH DFHHD L DFHVWH JUDGHGHRFXSDUH&UHGLVXQWVLJXUFQXPvQHOFQXPDLHVWHXQKRWHO vQ7kUJX0XUHQLFLPFDU V VH DSURSLHGH DFHVWJUDGGHRFXSDUH(GUHSWVXQWGRDUGHFDPHUHGDUHRSHUIRUPDQVIDFLJUDGGHRFXSDUHSHXQDQGHSHVWHRULXQGH

    vQ OXPH QX QXPDL vQ 7kUJX0XUH DVXEOLQLDWPDQDJHUXOJHQHUDODO+RWHOXOXL%XVLQHVV

    5H]XOWDWHvQJUDFLOD&LDR5H]XOWDWHIRDUWHEXQHDRELQXWL+RWHOXO&LDRFDUHvQVHPHVWUXO,DOH[HUFLLXOXLQDQFLDUDvQUHJLVWUDWXQJUDGGHRFXSDUHGH *UDGXO GH RFXSDUH DO +RWHOXOXL &LDR vQ D IRVW GH LDUvQSHULRDGD LDQXDUH LXOLHHVWHGHDGHFODUDW&RVPLQ7LPRFHDGLUHFWRU GH YkQ]UL DO +RWHOXOXL &LDR7DULIHOHXQHLFDPHUHFXPLFGHMXQvQFXUVXO VSWPkQLL vQFHSH GH OD OHL WDULISHQWUX R SHUVRDQ FX PLF GHMXQ LQFOXVL SRDWH V DMXQJ SkQ OD OHL WDULISHQWUXGRXSHUVRQDHFXDFFHVOD6SDvQFDGUXOFRPSOH[XOXL$TXD'D\6SDDO+RWHOXOXL%XVLQHVV2IHUWDVSHFLDOFHDPDLDJUHDWGHFOLHQLHVWHRIHUWDGHZHHNHQGSULQFDUHFOLHQLLFD]DLOD+RWHO&LDRDXDFFHVQHOLPLWDW OD$TXD'D\6SDFXGRDU OHLSHUVRDQ DVWIHO R FDPHU SHQWUXGRXSHUVRDQHFRVWOHLDFRPSOHWDW&RVPLQ7LPRFHD

    $OH[727+DOH[WRWK#]LGH]LUR

    +RWHO%XVLQHVVJUDGGHRFXSDUHGHvQ

    +RWHO 7LQHUHWXOXL GLQ 7kUJX0XUHD vQUHJLVWUDW vQ SHULRDGD LDQXDULH LXOLH XQ JUDG GH RFXSDUH GH D DQXQDW SHQWUX FRWLGLDQXO =L GH =L7HRGRUX0RFDGLUHFWRUXODGMXQFWDO6HUYLFLXOXL 3XEOLF GH 8WLOLWL 0XQLFLSDOH6380 GLQ FDGUXO 3ULPULHL 7kUJX0XUH *UDGXO GH RFXSDUH DO KRWHOXOXL vQDQXODIRVWGHLDU vQSHULRDGDLDQXDULHLXOLHDIRVWGHDSUHFL]DW7HRGRUX0RFD

    3URWQHWGHOHLvQQFHHDFHSULYHWHSURWXOQHWRELQXWGH+RWHO7LQHUHWXOXLvQSULPHOHDSWHOXQLDOHDQXOXLDFHVWDVDFLIUDWODVXPDGH OHL 3URWXO QHW DO KRWHOXOXLSHQWUX DQXO D IRVW GH OHLLDUSHQWUXSHULRDGDLDQXDULHLXOLHDIRVWGHOHLDH[SOLFDW7HRGRUX0RFD&KHOWXLHOLOHGHvQWUHLQHUHDOH KRWHOXOXL vQ SHULRDGD LDQXDULH LXOLH DX IRVW GH OHL DFRPSOHWDW GLUHFWRUXO DGMXQFW DO 63807kUJX0XUH

    7DULIHLRIHUWH3RWULYLW +RWUkULL &RQVLOLXOXL /RFDOQU GLQ QRLHPEULH FDUHUHJOHPHQWHD]RIHUWD WXULVWLFD+RWHOXOXL 7LQHUHWXOXL WDULIHOH GH FD]DUH VXQWXUPWRDUHOH FDPHU FX GRX SDWXULH[FOXV HWDMXO ,9 GH OHL]L vQ WLPSXOVSWPkQLL L GH OHL]L VkPEW LGXPLQLFFDPHUFXGRXSDWXULHWDMXO,9GHOHL]LvQWLPSXOVSWPkQLLLGHOHL]LVkPEWLGXPLQLFDSDUWDPHQWGHOHL]LvQWLPSXOVSWPkQLLL GH OHL]L VkPEW L GXPLQLFFDPHU vQ UHJLPVLQJOH H[FOXVHWDMXO ,9GH OHL]L vQ WLPSXOVSWPkQLLLGH OHL]L VkPEW L GXPLQLF FDPHUvQUHJLPVLQJOHHWDMXO,9GHOHL]LvQWLPSXOVSWPkQLLLGHOHL]LVkPEWL GXPLQLF 'H DVHPHQHD WDULIHOH GHFD][DUHVXSRUWDWHGHPXQLFLSDOLWDWHVXQW

    XUPWRDUHOH GH OHLORF]L SHQWUX RFDPHU FX GRX SDWXUL GH OHLORF]LSHQWUXRFDPHUFXXQSDWLGH OHLDSDUWDPHQW]LSHQWUXDSDUWDPHQW3RWULYLWDFHOHLDLKRWUkULWDULIHOHGHFD]DUH FRQLQ FRQWUDYDORDUHD ERQXOXL GHPLFGHMXQvQYDORDUHGHOHLSHUVRDQLDU D ]HFHD QRDSWH D XQXL WXULVW HVWHJUDWXLW 3HQWUX JUXSXUL PDL PDUL GH]HFHSHUVRDQH VHDFRUGR UHGXFHUHGHODWDULIXOGHFD]DUH3HQWUXJUXSXULOHGH WXULWLPDLPDUL GH SHUVRDQH VHDFRUG R UHGXFHUH GH OD WDULIXO GHFD]DUH 3HQWUX JUXSXULOH GH WXULWLPDLPDULGHSHUVRDQHVHDFRUGRUHGXFHUHGHODWDULIXOGHFD]DUH3HQWUXWXULVPXO GH FRQIHULQ VH DFRUG R UHGXFHUHGH OD WDULIXO GH FD]DUH VHPDLDUDWvQGRFXPHQW

    &ODVLFDWODGRXVWHOH+RWHO 7LQHUHWXOXL GLQ 7kUJX0XUHHVWH FODVLFDW OD FDWHJRULD GRX VWHOHDUHR FDSDFLWDWHGHGH FDPHUH LXQDSDUWDPHQW LDU vQ LQFLQWD DFHVWXLDIXQFLRQHD]XQUHVWDXUDQWFXEDULWHUDVHFXRFDSDFLWDWHWRWDOGHGHORFXUL$GUHVDKRWHOXOXLHVWHVWUDGD1LFRODH*ULJRUHVFQU

    $OH[727+DOH[WRWK#]LGH]LUR

    JUDGGHRFXSDUHOD+RWHO7LQHUHWXOXL

    $GUHVDKRWHOXOXLHVWH7kUJX0XUHVWUDGD1LFRODH*ULJRUHVFQU

    'DFLDQ9ODVPDQDJHUXOJHQHUDODOKRWHOXULORU%XVLQHVV&LDRL3OD]D

  • 6 ECONOMIC6 septembrie 2012

    WWW.ZI-DE-ZI.RO

    2ULJLQDU GLQ 5HJKLQ FROLW OD 6LELX LDSRL OD &OXM 1DSRFD 'DQD /D]U XUPHD]XQ PDVWHUDW vQ GRPHQLLOH 0DUNHWLQJXOXL,QWHUQDLRQDO L 0DQDJHPHQWXOXL ,QRYDLHLL 7HKQRORJLHL OD 8QLYHUVLWDWHD GLQ 9LHQDPHWURSRO XQGH vL GHVIRDU DFWLYLWDWHD vQ FDGUXO FRPSDQLHL +RHUELJHU XQXOGLQFHLPDL LPSRUWDQL MXFWRULGHSHSLDDPRQGLDO D YHQWLOHORU SHQWUX FRPSUHVRDUHLDOWRUDFFHVRULLSHQWUXUDQULLOHGHSHWURO

    De la Reghin la Sibiu, apoi Cluj9RUELQGGHVSUH HGXFDLDSULPLW vQ5RPkQLDUHJKLQHDQFDPUWXULVHWHFDDOHVGXSDEVROYLUHDOLFHXOXLVvLFRQWLQXHVWXGLLOHOD)DFXOWDWHDGHWLLQH(FRQRPLFHGLQFDGUXO8QLYHUVLWLL%DEHV%RO\DLGLQ&OXM1DSRFDXQGH DYHD SRVLELOLWDWHD V vQYHH vQ OLPEDJHUPDQ$PvQYDWODVHFLDJHUPDQD/LFHXOXL%UXNHQWKDOGLQ6LELXSHXUPPDPKRWUkW V IDF )DFXOWDWHD GH WLLQH (FRQRPLFHLPDPGHFLVVPHUJOD&OXMSHQWUXFDFRORHUDL OLQLHJHUPDQ$DPDPvQVFULVOD8QLYHUVLWDWHD%DEHV%RO\DLVSHFLDOL]DUHD$IDFHUL,QWHUQDLRQDOHUHPHPRUHD]'DQD /D]U 0DMRULWDWHD SURIHVRULORU FDUHSUHGDXODVHFLDJHUPDQHUDXGLQ*HUPDQLDLFKLDU$XVWULDvLDPLQWHWHUHJKLQHDQFDvQYkUVWGHGHDQL

    %XUVvQ*HUPDQLDPDVWHUDWvQ$XVWULD7kQUD D DYXW SULOHMXO V IDF FXQRWLQFX VLVWHPXO GH vQYPkQW VXSHULRU GLQ*HUPDQLD vQ DQXO GRL GH IDFXOWDWH FkQG DEHQHFLDW GH R EXUV GH VWXGLX (UDVPXVvQ+RI Q DQXO GRL DPSULPLW R EXUV GHVWXGLX vQ *HUPDQLD SH SHULRDGD XQXL VHPHVWUX$PPHUV vQ+RI R MXPWDWH GH DQLPLDSOFXWGHRDUHFHFRPSHWLLDHUDPXOWPDLPDUH FRPSDUDWLY FX FHDGLQ5RPkQLD$WXQFLDPGHFLVVFRQWLQXLFXPDVWHUDWXOvQVWULQWDWH0DPLQWHUHVDWGHODPDLPXOWHXQLYHUVLWL L PLD SOFXW PXOW SURJUDPD8QLYHUVLWLL GLQ9LHQD DVWIHO FPDP vQVFULV DFROR GXS DEVROYLUHD IDFXOWLL $PDOHVFDVSHFLDOL]UL0DUNHWLQJ,QWHUQDLRQDOFDUH VH ED]HD] PDL PXOW SH FHUFHWDUH GHSLDLVWDWLVWLFL0DQDJHPHQWXO,QRYDLHLL 7HKQRORJLHL FDUH VH SRWULYHWH GHVWXO GHELQHFX0DUNHWLQJXO,QWHUQDLRQDOH[SOLF'DQD /D]U 9LHQD H XQ RUD IRDUWH IUXPRV /D vQFHSXW PL VD SUXW IRDUWH JUHXOD IDFXOWDWH FXP HUD GLIHUHQ PDUH vQWUHPRGXULOH GH SUHGDUH GLQ 5RPkQLD L $XVWULD$SRLPDPRELQXLW6WXGHQLLHUDXGLQWRDWH]RQHOHOXPLLLFHPDVXUSULQVSR]LWLYHUDX IRDUWHPXOL URPkQLVSXQHYLHQH]DRULJLQDUGLQ5HJKLQ

    Job la compania Hoerbiger'XS XQ DQ GH VWXGLX UHJKLQHDQFD D DSOLFDWFXVXFFHVSHQWUXXQDQGHSUDFWLFWRWvQDFHODL GRPHQLX LDU OD DEVROYLUHD IDFXOWLLLDVWDJLXOXLGHSUDFWLFLVDRIHULWXQMREvQ0DUNHWLQJ6WUDWHJLFL&RQWUROLQJODFRPSDQLD+RHUELJHUGLQ9LHQD&RPSDQLDSHQWUXFDUH OXFUH]DUH VHGLXO FHQWUDO vQ9LHQDSURGXFH YHQWLOH SHQWUX FRPSUHVRDUH SHQWUXUDQULLGHSHWUROLHVWHOLGHUGHSLD3RWULYLW HL SRVWXOXL IDF FRQWUROLQJ SH YkQ]ULDGLFPRQLWRUL]H]YkQ]ULOHGHSHVWH WRWGLQOXPH GLQ HFDUH UHJLXQH ,DX GDWHOH GLQVLVWHPGXSFDUHOHFRQWUROH]OHWUHFvQWUXQSURJUDP VSHFLDO XQGH DFHVWHD VH SRW WUDQVIRUPD vQ JUDFH SH FDWHJRULL GH SURGXVH LFOLHQL /D QDO IDF R SUH]HQWDUH SH FDUH RSUHGDX HIXOXL PHX 'H DVHPHQHD SH VHJPHQWXOFHUFHWULLGHSLDWUHEXLHVIDFFRQVWDQWPRQLWRUL]DUHDFRQFXUHQHLDFOLHQLORULDSLHHLDUP'DQD/D]U'HRFDPGDWYUHDXVUPkQvQFRPSDQLDDFHDVWDQDFHVWVHQV DP vQFHSXW XQ WUDLQLQJ LQWHUQDLRQDO

    YRL VWD R MXPWDWH GH DQ vQ 9LHQD SHQWUX DPSHUIHFLRQDSHSDUWHDGH&RQWUROLQJDSRLDVHOXQLYRLPHUJHvQWUXQDOWVHGLXDOUPHLH OD 6LQJDSRUH H OD )ORULGD SH XUP YRLIDFHXQVHPHVWUXvQ*HUPDQLDOD6WXWWJDUWFRPSOHWHD]WkQUD

    'HRFDPGDWQXUHYLQHDFDV5HIHULQGXVH OD YLLWRU UHJKLQHDQFD VSXQHFSHQWUXPRPHQWQXVHJkQGHWHODRUHYHQLUH vQ 5RPkQLD DFROR XQGH D EHQHFLDWQHFRQGLLRQDWGHWRWVSULMLQXOIDPLOLHL)DPLOLDPDVXVLQXWvQRULFHGHFL]LHDPOXDWLFkQGPDPGHFLVVPHUJOD9LHQDVDXEXFXUDW SHQWUXPLQH1X VH WLH QLFLRGDW SRDWHSHYLLWRURVJVHVFFHYDFDUHRVPDWUDJDFDV 'DF P YRL vQWRDUFH vQ 5RPkQLDPYRL vQWRDUFHvQVOD5HJKLQVDXOD7kUJX0XUH 'HRFDPGDWP VLPW ELQH OD 9LHQDvPLSODFHODORFXOGHPXQFLQXSUHDDPPRWLYHVPvQWRUFSUHFL]HD]'DQD/D]U

    $OH[727+DOH[WRWK#]LGH]LUR

    'DQD/D]UUHJKLQHDQFDde la Hoerbiger Viena

    QSUH]HQW'DQD/D]UvLIDFHPDVWHUDWXOOD8QLYHUVLWDWHDGLQ9LHQD

    $OWXULGHFkLYDFROHJLGLQHFKLSDGHPDQDJHPHQWDFRPSDQLHL+RHUELJHU9LHQDIRWR3HWUD6SLROD

  • 63257

    0RGLFULvQSURJUDPXO%&0XUH'LYL]LRQDUD $ GH EDVFKHW PDVFXOLQ YDSDUWLFLSD vQ SHULRDGD VHSWHPEULHODXQSXWHUQLFWXUQHXOD%UD]LDOWXULGHIRUPDLLOH &68 3ORLHWL &60 %XFXUHWLL0HJD9L]XUD%HOJUDG3kQ OD WXUQHXOGHOD%UD]LPXUHHQLLYRUVXVLQHYLQHUL VHSWHPEULH XQ DOW MRF FX R IUXQWD DFDPSLRQDWXOXL *D] 0HWDQ 0HGLD vQGHSODVDUH XUPDW GH XQ MRF SH WHUHQSURSULXVkPEWVHSWHPEULHFX3HUOD+DUJKLWHL 0LHUFXUHD &LXF Q VFKLPESDUWLGD DPLFDO DQXQDW SH GDWD GH VHSWHPEULHvQFRPSDQLDFHORUGHOD&686LELXLWXUQHXOSURJUDPDWvQ8QJDULDVHDQXOHD]XUPkQGFDDFHVWHD VH vQORFXLWHFXDOWHDGYHUVDUH'HEXWXORFLDODOVH]RQXOXL YD DYHD ORF vQ VHSWHPEULH FkQG%&0XUH YD HYROXD vQ &XSD5RPkQLHLvQWURJUXSFX3HUOD+DUJKLWHL 0LHUFXUHD &LXF (QHUJLD 5RYLQDUL L&602UDGHD09

    $YkQWXOVHSRDWHLQVWDODvQIUXQWHQ HWDSD D GRXD GLQ /LJD ,,, GH IRWEDO vQ 6HULD 9, VLQJXUD UHSUH]HQDQWPXUHHDQ $YkQWXO 5HJKLQ SULPHWHPkLQH YLQHUL VHSWHPEULH GH OD RUD YL]LWD IRUPDLHL VLELHQH 6HYLXOHOLPEU5HJKLQHQLLVHD vQIDDXQHLQHFXQRVFXWH 6HYLXO LQG R DGYHUVDUQRXFDUHQDMXFDWvQSULPDHWDS$GYHUVDUD )&0 7kUJRYLWH D FkWLJDW ODPDVD YHUGH SDUWLGD GHRDUHFH VLELHQLLQDXSXWXWDVLJXUDFRQGLLLOHGHVIXUULLSDUWLGHL 'XS SULPD HWDS OD IHO FD vQVH]RDQHOH SUHFHGHQWH $YkQWXO VH SRDWHLQVWDOD vQ IUXQWHD FODVDPHQWXOXL XQGHVH D GXS SULPD HWDS GDF QX VHLQH FRQW GH SDUWLGD QHGLVSXWDW GH ODHOLPEU09

    WLULLQWHUHVDQWH

    Q &XSD 5RPkQLHL OD FRQFXUVXO FRPSOHW GH FOULH GLVSXWDW OD ED]D KLSLF5RPVLOYD GLQ 7kUJX0XUH OD VIkULWXOVSWPkQLLMRFKHXOFOXEXOXL6FRULOOR%RJGDQ0LODFRQ D vQYLQV vQ SURED R VWHDDYDQVDL FX FDOXO 5XVWLF GH 6DQWDQD (OLD GHSLW vQ DFHVW FODVDPHQW SURIHVRUXO GH OD FOXEXO 6FRULOOR 9LRUHO %XEXFX FDOXO $UFLWLF FODVDW SH ORFXO VHFXQG7kQUXO VSRUWLY GH OD FOXEXO GLQ 6kQWDQDGH0XUHDFRQUPDWDVWIHOWLWOXOQDLRQDORELQXW vQ XUP FX GRX VSWPkQL OD1DLRQDOHOHGH WLQHUHW L LD OXDW UHYDQDSHQWUX SURED 1RYLFL vQFHSWRUL $LFL DGHVFKLV FRQFXUVXO FX FDOXO +HOOLRV GDU DRELQXWDOWUHLOHDWLPSvQSUREDGHGUHVDMLQGGHSLWGHFOXMHDQXO&OLQ1HPHFX(URVGHOD7DUD[DFXPLGH2OLYLX'HOHVFXGHOD5DUXO%DFXvPSUHXQFXFDOXO'R

    ,W &HL WUHL DX IRVW L VLQJXULL FDUH DX vQFKHLDW SUREHOH GH REVWDFROH L &URVV IUQLFLXQSXQFWSHQDOL]DUH$VWIHO LHUDUKLDDIRVWVWDELOLWGXSSULPDSURE/D&1&RVWHD0LODFRQLDOXDWUHYDQDLDvQFKHLDWWUDVHXOODGUHVDMFXDSURDSHRVHFXQGvQIDDOXL9LRUHO%XEX$PELLDXvQFKHLDWXUPWRDUHOHGRXSUREHIUSHQDOL]DUHODIHOFDL&LEL/RUDQGGH ODFOXEXO&DLGH/HJHQG 5GXL 3H ORFXO ,9 VD FODVDW0GOLQD+HQWHGHODFOXEXORUJDQL]DWRUFDUHDIRVWLGLUHFWRUGHFRQFXUVFXFDOXO

  • (&2120,&VHSWHPEULH

    :::=,'(=,52

    'LUHFWRULQRLOD3HGDJRJLFL(OHFWURPXUH3ULQWUH FHOH GH VFKLPEUL FDUHDXDYXWORFODFRQGXFHUHDXQLWLORUFRODUH GLQ MXGHXO 0XUH VHQXPU /LFHXO 3HGDJRJLF 0LKDL(PLQHVFXDOFUXLGLUHFWRU0LUFHD3UR]DQDIRVWvQORFXLWFX6WDQGDYLG%HDWULFHLDUGLUHFWRUXODGMXQFW)DUNDV -XGLW FX 6]LODJKL $QGUDV 'HDVHPHQHDODFRQGXFHUHD*UXSXOXLFRODU(OHFWURPXUHVHD*KHRUJKH 0LURDQX vQ ORFXO 6XVDQHL*DQ20

    6WU]LPRGHUQL]DWHOD6kQJHRUJLXGH3GXUH3ULPULD RUDXOXL 6kQJHRUJLXGH 3GXUH LQWHQLRQHD] V FRQWUDFWH]H OXFUUL GH PRGHUQL]DUHD VWU]LORU GLQ ORFDOLWDWH 3RWULYLW XQXL DQXQ SRVWDW SH VLWHXOKWWSZZZOLFLWDWLDSXEOLFDURVXQW SUHY]XWH OXFUUL SHQWUXPRGHUQL]DUHDDVWU]LGLQRUD

    vQ OXQJLPH WRWDO GH NP([HFXLD OXFUULORU GH PRGHUQL]DUH YD DVLJXUD FLUFXODLD vQFRQGLLL GH VLJXUDQ L FRQIRUWVSRULW DWkW SHQWUX YHKLFXOH FkW LSHQWUX SLHWRQL 8Q GUXP EXQ FXDVSHFWHVWHWLFFLYLOL]DWDUHXQHIHFWFUHDWLY QHFRQIRUWDQW L vQWkU]LHDSDULLDIHQRPHQHORUGHRERVHDOSH FkQG XQ GUXP vQWUR VWDUHWHKQLF UHD FX SUDI QRURL JURSLHWF SURGXFH QHUYR]LWDWH FRQVXP VSRULW GH HQHUJLH RERVHWHXWLOL]DWRULL L OH GLPLQXHD] FDSDFLWDWHD GH FUHDLH L GHPXQF0RGHUQL]DUHD VWU]LORU IDFLOLWHD]DFFHVXO OD VWU]LOH H[LVWHQWH ODGUXPXO MXGHHDQ '- 6kQJHRUJLX GH 3GXUH%H]LG&ULVWXUX 6HFXLHVFL ODGUXPXOQDLRQDO'1$ %OXHUL0LHUFXUHD &LXF VHDUDW vQ FDLHWXO GH VDUFLQL9DORDUHD HVWLPDW D OXFUULORU VH ULGLFODVXPDGHOHLLDURIHUWHOHSRWGHSXVHSkQ ODGDWDGHVHSWHPEULH$0

    WLULLQWHUHVDQWH

    IDFHERRNFRP]LGH]L

    $QXQ6&)5$02520$1,$65/FXVHGLXOLQ-DEHQLWDQU$MXG0XUHVDQXQFDVROLFLWDW OD$JHQLDSHQWUX 3URWHFLD 0HGLXOXL 0XUH 7J 0XUH VWU3RGHQLQUMXGHXO0XUHUHYL]XLUHD$XWRUL]DLHLLQWHJUDWH GHPHGLX QU 6% GLQ SHQWUX IXQFLRQDUHD)HUPHLGHSDVDUL JDLQL RXDWRDUH VLWLQHUHWLQORFXLUHQU*XUJKLXSUHY]XWvQ$QH[DD28*QU FXPRGLFULOH L FRPSOHWULOHXOWHULRDUHvQFDWHJRULDOLWHUDD,QVWDODLHSHQWUXFUHWHUHDLQWHQVLYDSVULORUDYkQGRFDSDFLWDWHPDLPDUHGHGHORFXULSHQWUXSVULSHDPSODVDPHQWXOGLQ*XUJKLXIQH[WUDYLODQ,QIRUPDLLSULYLQGLPSDFWXOSRWHQLDODVXSUDPHGLXOXLDODFWLYLWLLSHQWUXFDUHVHVROLFLWUHYL]XLUHDDXWRUL]DLHLLQWHJUDWHGHPHGLXSRWFRQVXOWDWHvQWLPSXOSURJUDPXOXLGHOXFUXODVHGLXO$300XUH7kUJX0XUHVWU3RGHQLQUMXGHXO0XUH2EVHUYDLLOH VXJHVWLLOH SURSXQHULOH SXEOLFXOXL VHSULPHVFvQVFULVODVHGLXO$300XUH7kUJX0XUHVWU3RGHQLQUMXGHXO0XUHVDXHOHFWURQLFODDGUHVDGHHPDLORIFH#DSPPVDQSPURD$300XUHvQWHUPHQGH]LOHOXFUWRDUHGHODGDWDSXEOLFULLDQXQXOXL

    $GPLQLVWUDWRU/DJKL9DOHULR

    (/(&213/86

    DQJDMHD]SHQWUXDFWLYLWDWHGHDQWLHU

    LQVWDODLL

    LQJLQHUHOHFWULFLQJLQHULQVWDODLLHOFWULFLHQLLQVWDODWRULWHKQLFLDQLQVWDODLLVHFUHWDUFXQRVFWRDUHGHOLPEDHQJOH]D

    7HOHPDLORIFH#HOHFRQUR

    $1816&02/520$1,$3(752/(80352'8&7665/ FX VHGLXO vQ &OXM 1DSRFD &DOHD 'RUREDQLORUQU WHOID[ GRUHWH V RELQDXWRUL]DLH GH PHGLX SHQWUX SXQFWXO GH OXFUX GLQFRP(UQHLQU%MXG0XUHXQGHVHGHVIRDUDFWLYLWLOH &$(1 FRPHU FX DPQXQWXO DOFDUEXUDQLORU SHQWUX DXWRYHKLFXOH vQ PDJD]LQH VSHFLDOL]DWH&$(1&$(1&$(1&$(1 &$(1&$(1 DYkQGFDSULQFLSDODFWLYLWDWHGLVWULEXLDGHFDUEXUDQL0VXULOHGHSURWHFWLHDIDFWRULORUGHPHGLX$SDVHSDUDWRUSURGXVHSHWUROLHUH$HUYHQWLODUHVLVWHPHUHFXSHUDUHYDSRUL6ROSODWIRUPHEHWRQDWH*HVWLXQHDGHHXULORUHXURSXEHOH2EVHUYDLLOHSXEOLFXOXLIRUPXODWHvQVFULVLQIRUPDLLOHSULYLQGSRWHQLDOXOLPSDFWDVXSUDPHGLXOXLVHGHSXQSRW FRQVXOWDWH OD VHGLXO $JHQLHL SHQWUX 3URWHFLD0HGLXOXL 0XUH VWU 3RGHQL QU 7kUJX 0XUHWHOvQWLPSGH]HFH]LOHOXFUWRDUHGXSGDWDSXEOLFULLSUH]HQWXOXLDQXQ

    6&%(7210,;65/ FX VHGLXO vQ2UDGHD VWUDGD2JRUXOXL$WLWXODUDSODQXOXLXUEDQLVWLF]RQDO38=FDUHFUHD]FDGUXOSHQWUXFRQVWUXLUHD$PHQDMULL+LGURHQHUJHWLFHGHPLFSXWHUH6HFXVSHDPSODVDPHQWXOGLQ ORFDOLWDWHD ,EQHWL DQXQSXEOLFXO LQWHUHVDWFvQHGLQD&RPLWHWXOXL6SHFLDOFHDDYXWORFOD$300XUHvQGDWDGHVDGHFLVFSODQXO18DUH HIHFW VHPQLFDWLY DVXSUDPHGLXOXL SULQ XUPDUH18 HVWH QHFHVDU HIHFWXDUHD UDSRUWXOXL GH PHGLX3ODQXO XUPHD] V H VXSXV SURFHGXULL GH DGRSWDUHIUDYL]GHPHGLX'RFXPHQWDLD FDUH D VWDW OD ED]D GHFL]LHL SRDWH FRQVXOWDW OD VHGLXO$JHQLHL SHQWUX3URWHFLD0HGLXOXL0XUHVWU3RGHQLQU]LOQLFvQWUHRUHOH2EVHUYDLLOHMXVWLFDWHDOHSXEOLFXOXLSHQWUXUHFRQVLGHUDUHDGHFL]LLORUOXDWHFDXUPDUHDSDUFXUJHULLHWDSHLGH vQFDGUDUH VHSULPHVF]LOQLF OD VHGLXO$JHQLHLGH3URWHFLD0HGLXOXL0XUH

    'H YkQ]DUH DSDUWDPHQW FX FDPHUHEXFWULHEDLH PSFX WHUDV vQ]RQFHQWUDO,QIRUPDLLODWHO

    9kQGFHGH]FDXWDVRFLDWSHSURLHFW)($'5PVXUD

    DWHOLHUUHSDUDLLVHUYLFHVWDLH,73FXKDOLGRWULDWHOLHUWLQLFKLJHULHYRSVLWRULHKDOVLGRWUL

    QHUDPEXUVDELOvQORFDOLWDWHD3HWHOHD

    ,QIRUPDLLODWHOHIRQ

    6&6,/(7,1$,03(;65/6&75$163257/2&$/6$$62&,(5($3(175875$16325785%$17*085(75*8085(6WU%(*$1U7HOHIRQ)D[

    &2081,&$7'(35(66WLPDLHOHYLLSULQL

    $GXFHPODFXQRWLQD'YVFQRLOHDERQDPHQWH GH WUDQVSRUW VXEYHQLRQDWH YDODELOHSHR VLQJXU OLQLHSHQWUXHOHYLL FXGRPLFLOLXO VDXUHHGLQDvQPXQLFLSLXO7vUJX0XUHVHHOEHUHD]vQFHSkQGGLQGDWDGH 1RLOH DERQDPHQWH YRU YDODELOH vQSHULRDGDVHSWHPEULHGHFHPEULHLVHSRWIRORVLGRDUvQ]LOHOHOXFUWRDUHvQWUHRUHOH&HLFDUHVROLFLWXQDVHPHQHDDFWWUHEXLHVSUH]LQWHXUPWRDUHOHGRFXPHQWH&HUHUHWLSVHSRDWHSURFXUDODFJLRFXULOHGHDERQDPHQWHVDXGHSHSDJLQDGHZHEZZZVLOHWLQDUR&RSLH%,&,VDXFHUWLFDWGHQDWHUHDHOHYXOXL&RSLHGXS%,&,DSULQWHOXLVDXWXWRUHOXLOHJDOSHQWUXHOHYLLVXEYkUVWDGHDQL$GHYHULQGHODXQLWDWHDGHvQYPkQWSHFDUHRIUHFYHQWHD]HOHYXO)RWRJUDHWLSEXOHWLQSHQWUXFHLFDUHVROLFLWSHQWUXSULPDRDUXQDERQDPHQWGHWUDQVSRUW $ERQDPHQWHOHGHFOWRULHJUDWXLWHYDODELOHSHRVLQJXUOLQLHVHHOLEHUHD]ODFKLRFXULOHGH ELOHWH L DERQDPHQWH DOH $VRFLHULL 6& 7UDQVSRUW/RFDO6$6&6LOHWLQD ,PSH[65/GLQ&HQWUX'kPEX3LHWURV7XGRU)DYRULWL&RPSOH[XO$XFKDQ

    &20,7(78/'(',5(&,(

    6& )RUDM 6RQGH 6$ (UQHL DRELQXW vQ SULPHOH DVH OXQLDOH H[HUFLLXOXL QDQFLDU XQ SURW QHW GH OHL vQVFGHUHFXFRPSDUDWLYFXDFHHDL SHULRDG D DQXOXL WUHFXWFkQGSURWXOQHWDOVRFLHWLLVDFLIUDWODVXPDGHOHL

    &LIUDGHDIDFHULvQVFGHUHFX'H DVHPHQHD 6& )RUDM 6RQGH6$(UQHLDFXQRVFXWLRGLPLQXDUHDFLIUHLGHDIDFHULQHWHGHODPLOLRDQH OHL OD GDWD GH LXQLH OD PLOLRDQH OHLOD VIkULWXO OXQLL LXQLH QVWUXFWXUD YHQLWXULORU GLQ H[SORDWDUH VH UHPDUF R VFGHUH DFLIUHLGHDIDFHUL FXFRPSDUDWLYFXSHULRDGDGHUHIHULQDFHDVWDULGLFkQGXVHODRYDORDUHGH OHL $FHDVW GLPLQXDUHHVWHGHWHUPLQDWGHUHGXFHUHD YHQLWXULORU GLQ SURGXFLDYkQGXWvQYDORDUHGHOHL vQSHULRDGDDQDOL]DW IDGH

    SHULRDGD VLPLODU D DQXOXL DQWHULRU (YROXLD vQUHJLVWUDW ODQLYHOXO YHQLWXULORU GLQ YkQ]DUHDPUIXULORU vQ YDORDUH GH OHL VH FRQFUHWL]HD] SULQWURFUHWHUH FX OHL ID GHDFHHDL SHULRDG D DQXOXL SUHFHGHQW &LIUD GH DIDFHUL D IRVW

    UHDOL]DW vQ VHPHVWUXO , vQWUXQ SURFHQW GH GLQDFWLYLWDWHDGHIRUDMDVRQGHORUGHJD]PHWDQLSHWUROGLIHUHQDGHLQGDFRSHULWGHYHQLWXULOHGLQYkQ]DUHDPUIXULORUDSUHFL]DW vQWUXQ UDSRUW UHPLV FWUH%XUVDGH9DORUL%XFXUHWLGULQJ9DVLOH$URQGLUHFWRUXOJHQHUDODO6&)RUDM6RQGH6$(UQHL

    9DVLOH$URQGLQDFLXQL/DGDWDGHLXQLHVWUXFWXUDDFLRQDULDWXOXL HUD XUPWRDUHD9DVLOH$URQFX6& ,27'RVFR65/%XFXUHWLFX)RUDGH[ 6XG 65/ %XFXUHWL FXLDOLDFLRQDULFX/DDFHDLGDWFDSLWDOXOVRFLDODO6& )RUDM 6RQGH 6$ (UQHL DYHDYDORDUHDGH OHLSHQWUXXQQXPUWRWDOGHDFLXQLGHOHL

    $OH[727+DOH[WRWK#]LGH]LUR

    3URWPDLPLFFXOD)RUDM6RQGH(UQHL

    'ULQJ9DVLOH$URQGLUHFWRUXOJHQHUDODO6&)RUDM6RQGH6$(UQHL

  • 9 617$7(

    :::=,'(=,52

    6HPRGHUQL]HD]vQFGHVWU]L8QQXPUGHGHVWU]LGLQPXQLFLSLXO7kUJX0XUHXUPHD]VHUHDELOLWDWH 3ULPULD 7kUJX0XUH D SRVWDWSH VLWHXO KWWSZZZOLFLWDWLDSXEOLFDURXQDQXQGHDFKL]LLHSULYLQG/XFUULGHPRGHUQL]DUHVWUDGDOODQLYHOXO0XQLFLSLXOXL7kUJX0XUH WUDQD ,, FXSULQVHvQ3ODQXO,QWHJUDWGH'H]YROWDUHXUEDQ D 0XQLFLSLXOXL 7kUJX0XUHQDQDW SULQ 3URJUDPXO 2SHUDLRQDO5HJLRQDO $[D SULRULWDU 6SULMLQLUHD GH]YROWULL GXUDELOHD RUDHORU SROL XUEDQL GH FUHWHUH'RPHQLXO PDMRU GH LQWHUYHQLH 3ODQXUL LQWHJUDWH GH GH]YROWDUH VXEGRPHQLXO3ROL GH GH]YROWDUH XUEDQ3URLHFWXO FXSULQGH PRGHUQL]DUHDXQXL QXPU GH VWU]L WURQVRDQHGHVWU]LLDUHHOHLGHDOLPHQWDUHFXDSSHGH VWU]LGLQ FHOH9DORDUHD HVWLPDW IU 79$ D SURLHFWXOXLVH ULGLF OD VXPD GH OHL7HUPHQXOGHGHSXQHUHDRIHUWHORUHVWHGDWDGHRFWRPEULH(A.M.)

    Invazie de japonezi pe scena Filarmonicii6KLQ\D 2]DNL GLULMRU -DSRQLD'RPDKLGL=VX]VDDXW'iYLG7DPiVYLRDU

  • 10 SPORT6 septembrie 2012

    facebook.com/zidezi

    Baseball la Ungheni!Q]LOHOHGHLVHSWHPEULH&OXEXO6SRUWLYGH%DVHEDOOL6RIWEDOO0XUHRUJDQL]HD])LQDOD &DPSLRQDWXOXL 1DLRQDO OD %DVHEDOOOD FDWHJRULD -XQLRUL ,, FDGHL DQL*D]GD DFHVWXL WXUQHX QDO YD 3ULPULD8QJKHQLFDUHDSXVODGLVSR]LLHWHUHQXULOHGHGHVIXUDUHDFRPSHWLLHLWHUHQXOGHDQWUHQDPHQW FDUH VH D YL]DYLGHSHQVLXQHD7HUUDLVWDGLRQXO9LLWRUXOGLQ8QJKHQLIRVW8QLUHD(FKLSDJD]G&6%DVHEDOO6RIWEDOO0XUHYDDYHDFDDGYHUVDUH IRUPDLLOH&6%RWRDQL &6 7kUJX1HDP &6 &OUDLL/36&65RPDQ'LQSDUWLGHOHGLVSXWDWHSkQvQSUH]HQWFXRVLQJXUvQIUkQJHUH&6GH %DVHEDOO 6RIWEDOO 0XUH VH VLWXHD] vQSUH]HQWSHORFXO,,SVWUvQGDQVHSHQWUXWLWOXQWUXFkWPHFLXULOHGHEDVHEDOOQXVHSRWWHUPLQDODHJDOLWDWHSRWLQWHUYHQLPRGLFULvQ SURJUDP FDX]DWH GH vQWkU]LHUL DOH XQRUPHFLXULVDXGLQFDX]HPHWHR (M.V.)

    'HEXWvQIRUSHQWUXFDPSLRQL6D VWDELOLW SURJUDPXO WXUXOXL vQ FDPSLRQDWXO/LJLL,GH IXWVDOFDUHYDGHEXWD vQVHSWHPEULH &DPSLRDQD 5RPkQLHL &LW\XV7kUJX0XUH FDUH vQ DFHVWH ]LOH GLVSXWSDUWLGHOHGLQ8()$)XWVDO&XSYDHYROXDvQSULPDHWDSSHWHUHQSURSULX vQFRPSDQLDFHORUGHOD&))&OXMDQD&OXM1DSRFD'XSRVSWPkQHFKLSDOXL.DFVR(QGUHYDIDFHGHSODVDUHD OD'HYDXQGH vQWkOQHVFPDLYHFKHD ULYDO &6 'DYD 9D XUPD SDUWLGD GHSH WHUHQ SURSULX vQ VHSWHPEULH FX YLFHFDPSLRDQDHGLLHLWUHFXWH6SLFRP6IkQWX*KHRUJKH(M.V.)

    %DQLSHQWUXFXOWXULVSRUWla Reghin&RQVLOLHULL UHJKLQHQL DX DSUREDW VXPDGHGHOHLvQYHGHUHDGHVIXUULLFHOHLGHD 9,D HGLLH D )HVWLYDOXOXL PXOWLFXOWXUDO ,QWHUQDLRQDO $UV 0DULV FDUH VHYDGHVIXUD vQSHULRDGDRFWRPEULH 'H DVHPHQHD FOXEXO VSRUWLY 0DVWHU.DUDWH'R5HJKLQDIRVWVSULMLQLWFXGHOHLvQYHGHUHDSDUWLFLSULLOD&DPSLRQDWXO (XURSHDQ GH .DUDWH6KRWRNDQGLQ 5XVLD vQ SHULRDGD RFWRPEULH7RWRGDW VD DSUREDW L VXPD GH GHOHLSHQWUX$VRFLDLD)DQIDUDPXQLFLSLXOXL5HJKLQ(O.M.)

    *UXSQRXGHMXQLRULOD)&0&OXEXOGHIRWEDO)&0XQLFLSDO7kUJX0XUHRUJDQL]HD] VHOHFLH SHQWUX R QRX JUXSSHQWUX WLQHUHOH WDOHQWH (VWH YRUED GHVSUHJUXSD GH FRSLL QVFXL vQ DQLL $FHDVWDYDSUHJWLWGH0DULXV2ODUXFDUHD SUHJWLW vQ VH]RDQHOH WUHFXWH JUXSH PDLPDULGLQFDGUXOFOXEXOXLLHFKLSDVHFXQGFDUHVDGHVLQDW6HOHFLLOHYRURUJDQL]DWHvQ]LOHOHGHOXQLPLHUFXULLYLQHULvQWUHRUHOH SH WHUHQXO VLQWHWLF GLQ FRPSOH[XO:HHNHQG&HLLQWHUHVDLSRWVOFRQWDFWH]HSHDQWUHQRUODIDDORFXOXLFXVSHFLFDLDFFHLFDUHVHSUH]LQWODVHOHFLHWUHEXLHVDLEDVXSUDORUHFKLSDPHQWVSRUWLY (M.V.)

    WLULinteresante

    (FKLSD )& 0XQLFLSDO 7kUJX0XUH DGHEXWDW FX VWkQJXO vQQRXDHGLLH D OLJLL VHFXQGH GH IRWEDO OD 'DPLOD0FLXFD QRX SURPRYDW vQ /LJD 1RXODQWUHQRUHVWH'DQLHO,VLOFDUHDSUHOXDWHFKLSDvQXUPFXRVSWPkQ%UDRYHDQ OD RULJLQL QRXO WHKQLFLDQD vQFHSXW FD MXFWRU OD MXQLRULL ,&,0%UDRY QWUH L D DMXQV vQ/LJD ,, OD 7UDFWRUXO GXS FDUH D XUPDWXQDQOD)&%UDRY7UHFHUHDGHOD7UDFWRUXOOD)&%UDRYDIRVWFRQWLQXDWSkQ vQ FkQG D DMXQV OD 5DSLG$ vQFKHLDW FD MXFWRU WRW OD )&%UDRYvQFkQGDGHEXWDWFDDQWUHQRU OD3UHFL]LD6FHOH$IRVWDSRLVHFXQGXOOXL5]YDQ/XFHVFXDOOXL9LRUHO0ROGRYDQL&RQFHLFDRODHFKLSDGHVXE7kPSDQ D SUHOXDW 6SRUWXO 6WXGHQHVF GHFDUHVDGHVSULWYHQLQGODFkUPD)&03ULPHOHLPSUHVLLGXSGHEXWvQWUXQLQWHUYLXDFRUGDWFRWLGLDQXOXL=LGH=L

    5HSRUWHU &RQVLGHUDL SUHOXDUHD)&0XQSDVvQDLQWH"'DQLHO ,VLO 1LFL vQDLQWH QLFLvQDSRL 3HQWUXPLQH vQVHDPQ R QRXHWDSRQRXSURYRFDUHLRYRLWUDWDFDDWDUH(VWHPXQFDSHFDUHRIDFFXSDVLXQH HVWHPHVHULDSH FDUHPLRGRUHVFVR SUDFWLF SXQ VXHW GDX WRWXO LSUHWLQGWRWXO

    5HS &XP FRQVLGHUDL YDORDUHDORWXOXL"', 3DUH XQ ORW HFKLOLEUDW 6XQWPXOL WLQHUL GH SHUVSHFWLY WDOHQWDLFX FDOLWL DOWXUL GH MXFWRUL H[SH

    ULPHQWDL (VWH vQV SUHPDWXU V HYDOXH]YDORDUHDGHDQVDPEOXGXSGRDURVSWPkQ1LFLQXPHOHORUQXOHFXQRVFVXFLHQWGDUWLXFDYHPPXOWGHOXFUX 6FKLPEDUHD PDUH SHQWUX PLQHHVWHFOD6SRUWXODPDYXWXQORWIRUPDWGLQ MXFWRUL GH FkPS DELD SXWHDPIDFHRHFKLSLDUDLFLDPSOXVWUHLSRUWDUL

    5HS 'HEXWXO QHIDYRUDELO SRDWHFRQVLGHUDWDFFLGHQW"',6SHUGLQWRWVXHWXOGDUPSXQHSH JkQGXUL (VWH R SUREOHP VLVWHPXOIRORVLW vQDLQWHD YHQLULL PHOH VD MXFDWSHUPDQHQWFXWUHLIXQGDLFHQWUDOLVLVWHP FRQWUDU FRQFHSLHL PHOH $PVXIHULWLvQPHFLXOGH&XSD5RPkQLHLGHOD'HM$PDYXWGRDUXQGHEXWEXQGXS FDUH DP WUHPXUDW $YHP QHYRLHGHWLPSSHQWUXDQHVFKLPEDFRQFHSLDGH MRF 3UROXO ORWXOXL HUD GHMD IFXW

    DFHVWDFXSULQGHDIXQGDLFHQWUDOLLDWUHEXLWVUHQXQPODXQLLGLQWUHHL

    5HS &RQVLGHUDL F HFKLSDPDLDUHSRVWXULGHFLWDUH"', QWRWGHDXQD VXQW ELQHYHQLLMXFWRULL GH YDORDUH $FHWLD WUHEXLHV H vQV FHUWLWXGLQL OXFUX PDL JUHXDFXPFkQGSHULRDGDGHWUDQVIHUXULVDvQFKHLDW 'H DFXP VH SRW DGXFH GRDUMXFWRULOLEHULGHFRQWUDFWFDUHQXVXQWQHDSUDW OLSVLL GH YDORDUH GDU HVWHR SUREOHP L DGDSWDUHD DFHVWRUD QVFKLPE YD WUHEXL V DOFWXLP FXSOXULGH DWDFDQL 3kQ DFXP VD IRORVLW WRWVLVWHPXOFXXQVLQJXUYkUI

    5HS &H PHVDM DYHL SHQWUX VXSRUWHUL"', 6SHU V QH H DOWXUL $P IRVWvQ FkWHYD UkQGXUL SH VWDGLRQXO GLQ7kUJX0XUH L DP UHPDUFDW DWPRVIHUDSOFXWGLQWULEXQH3HUVRQDOPLDSXUWDWQRURFDPMXFDWDLFLLvQFDOLWDWHGHJD]GFX*D]0HWDQ0HGLDFkQGDYHDP WHUHQXO VXVSHQGDW )& %UDRY*D]0HWDQQU0HVDMXOPHXDUVDLEUEGDUHQXVHSRWSURGXFHPLQXQL SHVWH QRDSWH 9RP SXWHD RELQHUH]XOWDWH FX WRLL vPSUHXQ (X VXQWXQRPGLUHFWGHVFKLV DPYHQLW V IDFWUHDELVSHUVUHXHVF/DQRLVHLQWUvQSDQLFGXSGRXUH]XOWDWHQHJDWLYH$DFXPDPYHQLWDDSRWLSOHFDGDFDDVHYDFRQVLGHUDGDUvQSULPXOUkQGHVWHQHYRLHGHUEGDUH

    $FRQVHPQDW0LKDL9(5(

    'DQLHO,VLO(XGDXWRWXOLSUHWLQGWRWXO

    &DPSLRDQD 5RPkQLHL OD IXWVDO&LW\XV7kUJX0XUHDGHEXWFXYLFWRULH vQ WXUQHXO 8()$ )XWVDO &XS0DLQ 5RXQG J]GXLW GH RUDXO FHK&KUXGLPQSDUWLGDGLVSXWDWPDULGXSDPLD]D &LW\XV D vQYLQV FXVFRUXO GH FDPSLRDQD %RVQLHL/HRWDU7UHELQMH

    0DUFDWRUL)ORULQ0DWHLL0LPL6WRLFD*ROXULOH IRUPDLHLQRDVWUHDXIRVW vQVFULVHGH)ORULQ0DWHL vQPLQXWHOHL L0LPL 6WRLFD vQPLQXWXO 3DUWLGDFX/HRWDU7UHELQMHDIRVWDDFXP HUD GH DWHSWDW XQD GLFLO XQDGYHUVDUFDUHSULQVWDWXUD MXFWRULORUSUHD R HFKLS GH EDVFKHW L FDUH VHvQFKLGH ELQH vQ ]RQD SURSULHL SRUL*ROXULOHDXYHQLWGHVWXOGHJUHXFKLDU GDF)ORULQ0DWHLDGHVFKLVVFRUXO vQ

    PLQXWXOFXXQXWGLQYROHvQXUPDXQHL SDVH GLQ FRUQHU %RVQLDFLL DXUHXLWHJDODUHDvQSHQXOWLPXOPLQXWDOSULPHLUHSUL]HvQXUPDXQHLQHDWHQLLvQDSUDUHDQRDVWUQGHEXWXOSULLD GRXD )ORULQ 0DWHL D UHXLW GXEODLDUSHVWHSDWUXPLQXWHXWXOH[FHOHQWH[SHGLDW GH 0LPL 6WRLFD vQ GUHDSWDSRUWDUXOXLIUUHSOLFSHQWUX%HUDNDVWDELOLWVFRUXOQDO

    Primele 3 puncte n grupa de foc3kQ OD vQFKHLHUHD MRFXOXL &LW\XV DUHXLW RELQXLWD SRVHVLH VXSHULRDUD EDORQXOXL GDU VDX vQUHJLVWUDW LPDLPXOWHUDWULvQFRQWXOORUGLQWUHFDUHLGRXXWXUL vQEDU5H]XOWDWQDO &LW\XV 7kUJX0XUH /HRWDU7UHELQMH L SULPHOH SXQFWH vQJUXSDGHIRF$QWUHQRUXO .DFVR (QGUH D vQFHSXWSDUWLGDFX/DV]OR.OHLQ)ORULQ0DWHL5]YDQ/XSX)ORULQ,JQDWL&RVPLQ *KHUPDQ 3H SDUFXUVXO MRFXOXL

    DXPDL LQWUDW&ULVWLDQ0DWHL'DQLHO5D\PRQG0XQWHDQ0LPL'XPLWUX6WRLFD&VRPD$OSDUL5]YDQ5DGX

    (UD3DFN&KUXGLP(QHUJLD/YRYQ FHDODOW SDUWLG D SULPHL ]LOHFDPSLRDQD &HKLHL (UD 3DFN &KUXGLPDvQYLQVODOLPLWFDPSLRDQD8FUDLQHL(QHUJLD/YRY$IRVWSDUWLGHFKLOLEUDWvQFDUHFHKLLDXFRQGXVFXIRUPDLDGLQ/YRYUHXLQGHJDODUHD VSUH QDOXO MRFXOXL &X PLQXWHvQDLQWHGHQDOXOWLPSXOXLGHMRFEUD]LOLDQXO0D[DDGXVYLFWRULDJD]GHORU'XSSULPHOHMRFXULDOHJUXSHLvQFODVDPHQW FRQGXFH OD JRODYHUDM &LW\XVFX SXQFWH XUPDW GH (UD 3DFN&KUXGLP Q D GRXD ]L D WXUQHXOXL&LW\XV7vUJX0XUHD vQWkOQLW DVHDUPLHUFXUL VHSWHPEULH SH (QHUJLD/YRY Q XOWLPD HWDS YLQHUL VHSWHPEULH YRU VXVLQHSDUWLGD FXJD]GDJUXSHL(UD3DFN&KUXGLP

    0LKDL9(5(

    &LW\XVYLFWRULHvQ8()$)XWVDO&XS

    Cityus - Leotar Trebinje 3-1 la futsal

  • 19017

    1RWHPDLPLFLSHQWUXGHOXFUULQXUPDUHHYDOXULLFHORUFRQWHVWDLLGHSXVH GH FHL FDUH QX DX SURPRYDW FHGHDGRXDVHULHDH[DPHQXOXLGHEDFDODXUHDWGLQDFHVWDQSURFHQWXOGHSURPRYDELOLWDWHD vQUHJLVWUDWRFUHWHUHGH6DXGHSXVFRQWHVWDLLVDXDSUREDW FRQWHVWDLLOH OD GH OXFUUL$XSULPLWQRWHPDLPDULXQQXPUGHGH OXFUUL'HDVHPHQHDXQQXPUGH GH OXFUUL DX SULPLW QRWH PDLPLFL D GHFODUDW ,OOHV ,OGLNR LQVSHFWRU FRODU JHQHUDO DGMXQFW 3URFHQWXOGH SURPRYDELOLWDWH DO H[DPHQXOXL GHEDFDODXUHDW D FUHVFXW GH OD vQDLQWHGH FRQWHVWDLL OD GXSDDUHDUH]XOWDWHORUDFHVWRUD$VWIHOVDvQUHJLVWUDWRXRDUFUHWHUHGH3URFHQWXO HVWHPDLPDUH FX VDX ID GH DQXO WUHFXW GHFL HVWH R XRDUvPEXQWLUH D DGXJDW LQVSHFWRUXOFRODU Q MXGHXO 0XUH vQ VHVLXQHD

    GH WRDPQ VDX vQVFULV vQ YHGHUHDVXVLQHULLH[DPHQXOXLGHPDWXULWDWHXQQXPUGHGHHOHYLGLQFDUHDXSDUWLFLSDW GLQWUH DFHWLD 'H DVHPHQHD DVH DEVROYHQL DX IRVW HOLPLQDL$XRELQXWQRWGHWUHFHUHGHHOHYLvQDLQWHGHFRQWHVWDLL3URPRYDELOLWDWHDGXS SULPD VHVLXQH D H[DPHQXOXL GHPDWXULWDWHDIRVWGH20

    3HWUHFHUHFX.RV]LND7KH+RW6KRWV9 HUD GRU GH R GLVWUDFLH SH FLQVWH"-D]] %OXHV &OXE Y YLQH vQ DMXWRUJ]GXLQGMRLVHSWHPEULHRUDXQ FRQFHUW GH H[FHSLH 3URWDJRQLWLLVHULL VXQW PHPEULL WUXSHL .RV]LND 7KH +RW 6KRWV FDUH SURPLW R SHWUHFHUH GH QHXLWDW 9RU DQLPD GLVWUDFLD.RV]LNDYRFH&ULVWLQDFODSH%DQGLND FKLWDU EDVV&VDELND FKLWDUL$MWRQ\NDSHUFXLH3UHXOELOHWXOXLGHLQWUDUHHVWHGHOHL$=

    WLULLQWHUHVDQWH

    5201,$-8'(8/085(&216,/,8/-8'(($1

    7vUJX0XUH6WU3ULPULHLQU7HO)D[KWWSZZZFMPXUHVUR

    7vUJX0XUHVHSWHPEULH

    &2081,&$7'(35(6$VRFLDLD=RQD0HWURSROLWDQ7vUJX0XUH

    DUHXQQRX&RQVLOLX'LUHFWRU

    0DULVHSWHPEULHvQ6DOD0LFGHHGLQHD3DODWXOXL $GPLQLVWUDWLY D DYXW ORF HGLQD RUGLQDU D $VRFLDLHL=RQD0HWURSROLWDQ7vUJX0XUH HGLQ D FUHL2UGLQH GH ]LDFXSULQV5DSRUWXO&RQVLOLXOXL'LUHFWRUSHQWUXSHULRDGDSUHFXPL$OHJHUHDQRXOXL&RQVLOLX'LUHFWRU $VRFLDLD =RQD 0HWURSROLWDQ 7vUJX0XUH D IRVWvQLQDW vQ DQXO vQ YHGHUHD GH]YROWULL UHODLLORU HFRQRPLFH VRFLDOH FXOWXUDOH WXULVWLFH L VSRUWLYH H[LVWHQWH vQWUHDXWRULWLOH DGPLQLVWUDLHL SXEOLFH ORFDOH FRPSRQHQWH DOH ]RQHL2UJDQXO VXSUHPGH FRQGXFHUHDO$VRFLDLHL HVWH$GXQDUHD*HQHUDOD$VRFLDLORU$*$QXPLW&RQVLOLXO0HWURSROLWDQLDUKRWUkULOH DFHVWXLD VXQW SXVH vQ DSOLFDUH GH&RQVLOLXO'LUHFWRU$VRFLDLL VXQW XUPWRULL &RQVLOLXO -XGHHDQ 0XUH &RQVLOLXO/RFDO0XQLFLSDO7J0XUH&RQVLOLXO /RFDO8QJKHQL L&RQVLOLLOH/RFDOH DOH FRPXQHORU$FDUL&HXDXGH&kPSLH&RUXQFD&UFLXQHWL &ULVWHWL (UQHL *KHRUJKH 'RMD /LYH]HQL 3QHW6kQFUDLXGH0XUH6kQJHRUJLXGH0XUHL6kQSDXO $YkQGvQYHGHUHUH]XOWDWHOHDOHJHULORUORFDOHGLQLXQLHLIDSWXOFPHPEULL&RQVLOLXOXL'LUHFWRUVXQWDOHLSHGXUDWDPDQGDWXOXLHOHFWRUDOSUHY]XWGH/HJHDQUDIRVWQHFHVDUDOHJHUHDXQXLDQRX&RQVLOLXO'LUHFWRUQXUPDYRWXOXLGHVIXUDW vQ FRQIRUPLWDWH FX SUHYHGHULOH 6WDWXWXOXL $VRFLDLHL=RQD 0HWURSROLWDQ 7vUJX0XUH QRXD FRPSRQHQ D &RQVLOLXOXL 'LUHFWRU HVWH XUPWRDUHD 3UHHGLQWH &LSULDQ 'REUH9LFHSUHHGLQL%DUWKD0LKiO\L6yIDOYL6]DEROFV 1RXDFRQGXFHUHD[DWSULRULWLOH L FDOHQGDUXOSHQWUXUHDOL]DUHDRELHFWLYHORUGLQWUHFDUHDPLQWLP 5HDOL]DUHD XQHL UHHOH GH WUDQVSRUW SXEOLF LQWHJUDWDOWXULGHRLQIUDVWUXFWXUHGLOLWDU QLQDUHD XQXL FRPSDUWLPHQW GH XUEDQLVP FDUH VYLQvQDMXWRUXOFRPXQHORUFDUHQXDXDUKLWHFWvQDSDUDWXOGHVSHFLDOLWDWHDOSULPULLORU (OLPLQDUHD GLVFULPLQULL GLQWUH PXQLFLSLX L ]RQDSHULXUEDQvQFHHDFHSULYHWHGLIHUHQHOHGHSUHXULODDSFDQDOL]DUHWUDQVSRUWSXEOLFHWF2 DOW SUREOHP LPSRUWDQW VHPQDODW GH QRXO SUHHGLQWH VHUHIHUODvPEXQWLUHDUHODLHLFXPXQLFLSLXO7vUJX0XUHGHRDUHFHDFHVWDHVWHPRWRUXOFDUHDUWUHEXLVJHQHUH]HGH]YROWDUHD]RQHLPHWURSROLWDQH

    %LURXOGHSUHVDO&-0XUH

    6LWXDLHGLFLOSHQWUXFROLOHGLQ*XUJKLX

    &ODVHOHSUHJWLWRDUHGLQMXGHXO0XUHVXQWJDWD SHQWUX QRXO DQ FRODU FX VSDLLOH LGRWULOHQHFHVDUHGDULGLQSXQFWGHYHGHUHDOHIHFWLYXOXLGHFDGUHGLGDFWLFH3URJUDPXOGHIRUPDUHHVWHvQGHUXODUH LDUvQGHFXUVXOVSWPkQLLYLLWRDUHPDWHULDOHOHQHFHVDUHGHOD0LQLVWHUXO(GXFDLHLYRUDMXQJHvQMXGH

    RUHSH]LQFODVHOHSUHJWLWRDUHVHOXFUHD]GXSXQSODQFDGUXPHGLDSURJUDPXOXLHVWHGHSDWUXRUHSH]LSURJUDPDVSWPkQDOFXSULQ]kQGGHRUH'XUDWDRUHLGHFXUVHVWHGHGHPLQXWHGLQFDUHSHGXUDWDDGHPLQXWHVHYRUHIHFWXDDFWLYLWLGLUHFWHFXHOHYLLLDUWLPSGHPLQXWHDFWLYLWLGHMRF&RSLLLQXYRUDYHDPDQXDOHQXYRU SULPL FDOLFDWLYH OD VIkULWXO DQXOXL FRODUXUPkQGDVHFRPSOHWDRGHFWUHHGXFDWRULRGHHYDOXDUHDvQWUHJLLDFWLYLWL$FWLYLWLOHVHGHVIRDUvQJHQHUDOSHXQLWLGHvQYDUHLQWHUGLVFLSOLQDU LQWHJUDWH[LVWkQG WHPHSHQWUXHFDUH GLVFLSOLQ GLQ DULLOH FXUULFXODUH D GHFODUDW'XPLWUX2URVDQLQVSHFWRUFRODUSHQWUXvQYPkQWXOSULPDU

    6OLOHHFKLSDWHFRUHVSXQ]WRUQ MXGHXO 0XUH VLWXDLD VOLORU vQFDUH vL YRU GHVIXUD DFWLYLWDWHD FODVHOHSUHJWLWRDUHHVWHXQDEXQQPDUHSDUWHDFHVWHD VXQW HFKLSDWH FRUHVSXQ]WRU SHQWUX vQFHSHUHDQRXOXLDQFRODUQJHQHUDOVOLOHGHFODVVXQWSUHJWLWHDYHPLPRELOLHUDFXPDWHSWPVYLQPDWHULDOHOHFDUHVXQW WULPLVHGH0LQLVWHURSDUWHGLQWUHHOH

    VXQWGHMD vQGHSR]LWDOWHOHYRUYHQL vQFXUVXOVSWPkQLLLYD WUHEXLV OHGLVWULEXLPODFROLDGHFODUDW'XPLWUX2URVDQ0DWHULDOHOH FRQLQHGH OXFUXDX[LOLDUHPDSHWUXVHLVDOWHOHSHQWUXDFWLYLWLOHGHMRF

    )RUPDUHDFDGUHORUvQGHVIXUDUH'H DVHPHQHD vQ DFHDVW SHULRDG VH GHVIRDU IRUPDUHDFHORUGHFDGUHGLGDFWLFH9RUGHFODVHSUHJWLWRDUHLGHFDGUHGLGDFWLFHODFDUHVHDGDXJLFHLFDUHOXFUHD]vQUHJLPVLPXOWDQFXPVXQWFHLGLQPHGLXO UXUDO 6SWPkQD WUHFXW DX IRVWIRUPDWHFDGUHOHGLGDFWLFHFDUHYRUSUHGD ODFODVDSUHJWLWRDUH IRUPDUHD FRQWLQXSkQYLQHULVSWPkQDDFHDVWDQWRWDOYRUIRUPDWHSULQDFHVWHDFWLYLWLXQQXPUGHGH FDGUH GLGDFWLFH D DGXJDW LQVSHFWRUXOFRODU&XUVXULOHDXORFvQLQWHUYDOXOLVHGHVIRDUOD*UXSXOFRODU,RQ9ODVLXGLQ7kUJX0XUHODFRDOD*HQHUDO1U /XGX L OD*UXSXO FRODU GH ,QGXVWULH 8RDU GLQ 6LJKLRDUD &HOH WUHL JUXSHSULPHVFRPDVODSUkQ]

    2DQD05*,1($1

    &ODVHOHSUHJWLWRDUHDWHDSWvQFHSHUHDFROLL

    )LQDQDUHDSHHOHYDFUHDWRVLWXDLHGLFLO SHQWUX XQLWLOH FRODUH GLQ FRPXQD*XUJKLX 8QHOH OXFUUL GH PRGHUQL]DUHQX VXQW WHUPLQDWH IRQGXULOH VXQW PLFLLDUSULPULDQXSRDWH V LQWHUYLQFXXQDMXWRUQDQFLDUGHFkWSHQWUXLQYHVWLLLLUHSDUDLLQXLSHQWUXVDODULL

    FROLOHDXXQEXJHWPLFVHGHVFXUFJUHX6XQWYUHRDVHFROLLYUHRDVHJUGLQLHSOXV &ROHJLXO 6LOYLF 'DWRULW IRQGXULORUDORFDWHSULQQRXDOHJHSHQWUXIXQFLRQDUHL vQWUHLQHUH FROLOH VXQW LQGHSHQGHQWHGHSULPULHDXXQEXJHWPLFVHGHVFXUFJUHX DGHFODUDW/DXUHQLX%RDUSULPDUXO FRPXQHL *XUJKLX 2 DOW SUREOHPFXFDUHVHFRQIUXQWXQLWLOHFRODUHGLQVDWHLFRPXQHHVWHQXPUXOPLFGHHOHYL1XPUXOHOHYLORUGHODDUHVWHGLQFHvQFHPDLPLF0XOLGLQWUHHLVXQWSOHFDLvQVWULQWDWH FXSULQL FX WRW1DWDOLWDWHDDVF]XWIRDUWHPXOWDH[SOLFDWSULPDUXO

    L3ULPULDRGXFHGHVWXOGHSURVWQ FRPXQ WUDQVSRUWXO FRODU VH UHDOL]HD] FRPDVDW 7UDQVSRUWP FRSLLL GHOD SDWUX FROL OD FRDOD GLQ FHQWUX LDUFKHOWXLHOLOH OH VXSRUWP QRL vQFKLULHUHDPDLQLORU L H[LVW DQJDMDL GRL RIHUL2IHULPLOHPQXOGHIRFDOWIHOQXDUIDFHIDDH[SOLFDW/DXUHQLX%RDUFDUHVSHUvQWURPRGLFDUHDOHJLLSHQWUXFDVDODULLOHGDVFOLORUVQXDLEGHVXIHULW$PDYXWFHYDLQYHVWLLLPDLPLQRUHGHH[HPSOXvQDFHDVWYDUDPGDWGHPLL&ROHJLXOXL6LOYLFFDUHDUHSDUDWWURWXDUHOHSHQWUXSDUFDUH1XQHSHUPLWHPQLFLQRLSUHDPXOWSHQWUXFVDOXDWWRWGLQEXJHWXOORFDOLOHJHD QX QH PDL SHUPLWH V IDFHP SOLSHQWUX FROL SHQWUX IXQFLRQDUH SHQWUXLQYHVWLLL L UHSDUDLL DP PDL SXWHD VLDMXWPQXPDLFLQRLRGXFHPGHVWXOGHSURVWDSUHFL]DWSULPDUXOFRPXQHL

    ([WLQGHUHODFRDOD*HQHUDOvQFHSXWvQQ FRPXQ H[LVW R H[WLQGHUH vQFHSXW

    vQF GLQ DQXO OD FRDOD *HQHUDO(VWHYRUEDGHDVHVOLGHFODVFDUHDUQHFHVDUH GHRDUHFH SDWUX GLQWUH FODVHOHSULPDUH vL GHVIRDU SURJUDPXO GXSPDVD 3URLHFWXO HVWH vQFHSXW vQ LHVWHQHQDOL]DWGDWRULW IDSWXOXLFHUDRLQYHVWLLHSULQ0LQLVWHUH[SOLF%RDU'HDVHPHQHDvQFRPXQHVWHvQGHUXODUHXQ SURLHFW GH H[WLQGHUH DOLPHQWDUH DSSRWDELOvQORFDOLWLOH*OMULH3XORDLD&DYD &RPRUL $FXP YUHDX V IDF XQSURLHFW FX QDQDUH HXURSHDQ 31'5SH GUXPXUL IRUHVWLHUH 6H QDQHD]PD[LP GH HXUR FRQGLLD H VDLVXSUDIDGHSGXUHGHGHKDQDFHVW DQ DPPDL IFXW QLWH DVIDOWUL SHVWU]L ODWHUDOH SLHWUXLUL GH GUXPXUL FRPXQDOHLVWU]LODWHUDOHSHQWUXFDFRORXQGH DP H[WLQV UHHDXD GH DS GUXPXULOH VDX GHWHULRUDW L WUHEXLH V OH UHIDFHP D GHFODUDW SULPDUXO FRPXQHL*XUJKLX $FHVWD LQWHQLRQHD] FD SH YLLWRUVJVHDVFRPVXUGHQDQDUHDSURLHFWXOXLSULQPVXUDSHLQIUDVWUXFWXUFDUHFXSULQGHFDQDOL]DUHLDVIDOWDUHVWU]LODWHUDOHFRQVWUXFLDXQHLJUGLQLHLWHUPLQDUHD OXFUULORU OD &PLQXO &XOWXUDOGLQ*XUJKLX

    2DQD05*,1($1

    /DXUHQLX%RDUVSHUvQWURPRGLFDUHDOHJLLSHQWUXFDVDODULLOHGDVFOLORUVQXDLEGHVXIHULW

  • (9(1,0(17VHSWHPEULH

    :::=,'(=,52:::=,$58/'(085(652

    &HDGHD9,,DHGLLHD=LOHORU&KLKHUXOXLGH-RVVHYDGHVIXUDvQDFHVWDQvQSHULRDGD VHSWHPEULH FX VSULMLQXO3ULPULHL L&RQVLOLXOXL/RFDO&KLKHUXOGH-RVLDVSRQVRULORU6&=ROYDV65/2URYD6&(OHFWULFD6$5HJKLQ6&9HUD65/5HJKLQ6& )$+$ ,PSRUW([SRUW L DO RPXOXLGHDIDFHUL0DWHL,RDQXDOVDWXOXLVWDELOLWOD %UDRY'LQ SURJUDPXO VUEWRULL GHGLFDW LORU VDWXOXL FDUH QX LDX XLWDW ORFXOQDWDOUGFLQLOHLDX vQFHUFDWGHD OXQJXOYLHLLVDGXJHFHYD OD vQRULUHDFRPXQHLvQFDUHDXFRSLOULWVDXFDUH LD IRUPDWFDRDPHQLQXYDOLSVLPX]LFDGHFDOLWDWHPRPHQWHOH YHVHOH GDQVXULOH SRSXODUH PkQFDUHDWUDGLLRQDODFRUGDUHDGHGLSORPHGHGHOLWDWHGLQSDUWHDRUJDQL]DWRULORULIRFXULOHGHDUWLFLL3UH]HQWDWRUXOHYHQLPHQWXOXLYDLvQDFHVWDQFRQVWHDQXOLSULHWHQXOWXWXURUFKLKHUHQLORU2FWDYLDQ8UVXOHVFX

    QWUHFHULVSRUWLYHFRPHPRUULGLSORPHGHGHOLWDWHLIRFXULGHDUWLFLL(YHQLPHQWXO YD GHEXWD VkPEW VHSWHPEULH ODRUDFXHGLLDD,,DD &XSHL 3RS $OH[DQGUX OD PLQLIRWEDOSH WHUHQXO *LPQD]LXOXL GH 6WDW ,XOLX*UDPDGLQ&KLKHUXGH-RV/DRUD=LOHOH&KLKHUXOXLYRUFRQWLQXDFXvQWkOQLUHDODGLVFRWHFDWLQHULORUGLQORFDOLWLOH&KLKHUXO GH -RV L &KLKHUXO GH 6XV OD&PLQXO&XOWXUDOGLQFHQWUXOGHFRPXQSkQODRUD'XPLQLFVHSWHPEULH SURJUDPXO VUEWRULL GHGLFDWH FKLKHUHQLORU YD vQFHSH OD RUD FX SDUWLFLSDUHDRFLDOLWLORULDLORUVDWXOXLOD

    6QWHOH/LWXUJKLLRFLDWHvQ%LVHULFLOHGLQ&KLKHUXGH-RVL&KLKHUXGH6XV/DRUDYDDYHD ORFVQLUHDVWDWXLLEXVWDSUHRWXOXLSURWRSRS,XOLX*UDPDGLQSDUFXO *LPQD]LXOXL GH 6WDW GLQ &KLKHUX GH-RVLQVWLWXLHFDUHSRDUWQXPHOHQXPHOHLOXVWUXOXLvQDLQWDLXQGHDVW]L vQYDFLUFDGHHOHYL

    3UHRWXO,XOLX*UDPDDSDUWLFLSDWOD0DUHD8QLUH9UHDX V SXQHP XQ DFFHQW GHRVHELWSH VQLUHD EXVWXOXL PRQXPHQW FDUHDSDULQH SUHRWXOXLSURWRSRS JUHFRFDWROLF ,XOLX *UDPD FDUH D WULW vQ SHULRDGD'HL VDQVFXW vQ ORFDOLWDWHDHUEHQL LD OHJDW YLDD GH FRPXQD&KLKHUXXQGHVDvPSOLQLWIDPLOLDOLVDUHPDUFDWFDXQSUHRWGHRVHELWLQGDSUHFLDWDWkWGHHQRULDLFkWLGHVXSHULRUL$LFLSUHRWXO SURWRSRS D UHXLW V FRQVWUXLDVELVHULFDGLQ&KLKHUXOGH6XVvQLQGXQDGLQWUHFHOHPDLIUXPRDVHELVHULFLGLQMXGH(VWHGHPHQLRQDWIDSWXOFSUHRWXOQXDFHUXWQLFLXQEDQGHODFUHGLQFLRLLDDFLRQDWvQDDIHOvQFkWYDORULFDUHDXQHLFDQWLWL GH PDWHULDO OHPQRV V VXSRUWHWRDWH FKHOWXLHOLOH 3UHRWXO ,XOLX *UDPD DIRVW XQPDUHQDLRQDOLVW L FKLDU D RUJDQL]DW*U]LOH1DLRQDOHvQPXOWHORFDOLWLGLQMXGHLDPRELOL]DWURPkQLGLQPXOWHORFDOLWL OD0DUHD8QLUHGH OD 'HFHPEULH HO vQVXL LQG SDUWLFLSDQW ODHYHQLPHQWvQFDOLWDWHGHPHPEUXDO&RQVLOLXOXL-XGHHDQ0XUH7XUGDDOWXULGHDOLPDULSDWULRLDL$UGHDOXOXLDH[SOLFDWSULPDUXOFRPXQHL(PDQRLO+XUGXJDFL

    0DUDWRQIROFORULFGHGLFDWLORUVDWXOXL/D RUD $QVDPEOXO GH GDQVXULSRSXODUH DO &DVHL GH &XOWXU *HRUJH(QHVFX 'RLQD 0XUHXOXL YD GDVWDUWXO SURJUDPXOXL DUWLVWLF SH VFHQ6SHFWDFROXO YD FRQWLQXD FX XQ UHFLWDOVXVLQXW GH2UFKHVWUD&DVHL GH&XOWXU(XJHQ 1LFRDU GLQ 5HJKLQ FRQGXVGH GLULMRUXO ,RDQ &RQLX /D RUHOH RUJDQL]DWRULL YRU DFRUGD PXOWDWHSWDWHOH'LSORPHGHILGHOLWDWHSHQWUXFXSOXULOHFHDQLYHUVHD]vQDFHVWDQ GH DQL GH FVWRULHPRPHQW XUPDWGH R VHULH GH GLVFXUVXUL VXVLQXWH GHSHUVRQDOLWLOH SUH]HQWH OD HYHQLPHQW/D RUD YRU XUFD SH VFHQ DUWLWLLGHPX]LFSRSXODU/DXUD2OWHDQ$OLQ%RFD 'RULQ 3LQWHD L 0LKDHOD %RWRFDUH YRU DVLJXUD YRLD EXQ SkQ OD RUDFkQGVSHFWDWRULLYRUSXWHDVVDYXUH]HPRPHQWHFRPLFHFX6SLWDOXOGHXUJHQ GLQ%XFXUHWL LQVSLUDWH GLQYLDLGLQSLD6SHFWDFROXOYDFRQWLQXDFX/LYLD+DUSDGHODRUDFDUHYD VXVLQH XQ UHFLWDO GH GHPLQXWHFDUH YD FXSULQGH FHOH PDL vQGUJLWHPHORGLL GLQ ]RQD FRPXQHL 'HGD DOHVROLVWHL QVFXWH QX GHSDUWH GH 3RLDQD7RPLL R SRDUW SULQFLSDO GH LQWUDUHvQ &OLPDQL SH 9DOHD &XLHMGLXOXL &DSHWHOHGHDILDFHOHLGHD9,,DHGLLLD=LOHORU&KLKHUHQHVXQWvQDFHVWDQVRLLLVROLWLLGHPX]LFSRSXODU&LSULDQL0LKDHOD ,VWUDWH FDUH YRU LQWHUSUHWD XQEXFKHWGLQFHOHPDLvQGUJLWHFkQWHFHSRSXODUH GH SH 0XUH L 7vUQDYH ,DU

    VHDUD=LOHORU&KLKHUHQHVHYDvQFKHLDODRUDFXXQVXSHUEIRFGHDUWLILFLL

    5REHUW0$7(,

    =LOHOH&KLKHUXOXLHGLLDD9,,D3UH]LQW2FWDYLDQ8UVXOHVFX

    (PDQRLO+XUGXJDFLXQSULPDUFDUHvLSUHXLHWHLVDWXOXLFRPXQHLLvQSHULRDGDGHFUL]HFRQRPLF

Popular Tags: