Návod - REMAX CZ sro

'L[HOO
1iYRGNLQVWDODFLRREVOX]H;5&;5'
9SĜtSDGČ SRUXFK\ þLGOD WHUPRVWDWX MH RNDPåLN VWDUWX D ]DVWDYHQt NRPSUHVRUX
XUþHQSDUDPHWU\&2QD&2)
7(50267$7<352&+/$=(1Ë
;5&;5'
2%6$+
9ãHREHFQiXSR]RUQČQt
2EHFQêSRSLV
ět]HQt]iWČåH
3RYHO\QDýHOQtPSDQHOXSĜtVWURMH =i]QDPWHSORWQtFKDODUPĤIXQNFH+$&&3 +ODYQtIXQNFH 3DUDPHWU\ 'LJLWiOQtYVWXS\ ,QVWDODFHDPRQWiå
(OHNWULFNp]DSRMHQt
3RXåLWtSURJUDPRYpKRNOtþH+27.(<
6LJQDOL]DFHDODUPĤ 7HFKQLFNp~GDMH
6FKpPD]DSRMHQt +RGQRW\VWDQGDUGQtKRQDVWDYHQt 2'7É9É1Ì
2GWiYiQt VH SURYiGt MHGQRGXFKêP ]DVWDYHQtP NRPSUHVRUX 3DUDPHWU ³OG)´
ĜtGtLQWHUYDOXPH]LRGWiYDFtPLF\NO\DSDUDPHWU³0G)´GpONXRGWiYiQt
329(/<1$ý(/1Ë03$1(/83ěË6752-(
9â(2%(&1È832=251ċ1Ë
3Ĝ(',167$/$&Ì6,3Ĝ(þ7Č7(7(1720$18É/
x 7HQWR PDQXiO MH VRXþiVWt YêURENX D PČO E\ SURWR EêW SUR SĜtSDG SRWĜHE\
XORåHQYMHKREOt]NRVWL
x =DĜt]HQt QHVPt EêW SRXåLWR NMLQêP ~þHOĤP QHå MH GiOH SRSViQR 1HO]H MH
SRXåtYDWMDNRRFKUDQQp]DĜt]HQt
x 3ĜHG XYHGHQtP GR SURYR]X YČQXMWH SR]RUQRVW SURYR]QtP SDUDPHWUĤP
]DĜt]HQt
6(7
%(=3(þ12671Ì23$7Ĝ(1Ì
QDSiMHFtKRQDSČWtYL]7HFKQLFNp~GDMH
x 1HY\VWDYXMWHSĜtVWURMSĤVREHQtYRG\QHERYOKNRVWLětGtFtMHGQRWNXSRXåtYHMWH
x
x
x
x
x
WDNDE\QHE\O\SĜHNURþHQ\SURYR]QtSRGPtQN\DMHGQRWNDQHE\ODY\VWDYHQD
QiKOêP ]PČQiP WHSORW\ SĜL Y\VRNp YOKNRVWL VQiVOHGNHP NRQGHQ]DFH
Y]GXãQpYOKNRVWL
8SR]RUQČQt 3ĜHG SURYiGČQtP MDNpNROLY ~GUåE\ ]DĜt]HQt RGSRMWH YHãNHUi
HOHNWULFNiSĜLSRMHQt
ýLGORXPtVWČWHPLPRGRVDKNRQFRYpKRXåLYDWHOH=DĜt]HQtVHQHVPtRWHYtUDW
9SĜtSDGČ ]iYDG\ QHER QHVSUiYQp þLQQRVWL ]DĜt]HQt MH ]DãOHWH ]SČW
GLVWULEXWRURYLVGHWDLOQtPSRSLVHP]iYDG\
0ČMWHQD]ĜHWHOLPD[LPiOQtSURXGRYp]DWtåHQtMHGQRWOLYêFKUHOpYL]7HFKQLFNp
~GDMH
=DMLVWČWH DE\ PH]L SĜtYRG\ NþLGOĤP N SĜLSRMHQêP ]DĜt]HQtP D N QDSiMHQt
E\ODGRVWDWHþQiY]GiOHQRVWDDE\VHSĜtYRG\QHNĜtåLO\
9SĜtSDGČDSOLNDFHYSUĤP\VORYpPSURVWĜHGtGRSRUXþXMHPHSRXåtWVtĢRYêILOWU
QDSĜPRGHO)7
)XQNFHNRQWUROHNMHSRSViQDYQtåHXYHGHQpWDEXOFH
/(' 5(å,0
)81.&(
6YtWt
.RPSUHVRUYFKRGX
2%(&1é323,6
%OLNi
5HåLPSURJUDPRYiQtEOLNiOLL 8YROQČQt]SRåGČQtSURPLQLPiOQtF\NOXV
6YtWt
3UREtKiRGWiYiQt
%OLNi
5HåLPSURJUDPRYiQtEOLNiOL
3UREtKiRGNDSiYiQt
3RPRFQpUHOpVHSQXWR
7HSORWQtDODUP
$8; 6YtWt
6YtWt
=È=1$07(3/271Ë&+$/$50ģ)81.&(+$&&3
5HJXOiWRU ;5&' VLJQDOL]XMH D ]D]QDPHQiYi WHSORWQt DODUP\ MHMLFK GpONX D
PD[GRVDåHQRXWHSORWX9L]REU+RUQtWHSORWQtDODUP
ěË=(1Ë=È7ċä(
.2035(625
5HJXODFH VH SURYiGt SRGOH WHSORW\ QDPČĜHQp þLGOHP WHUPRVWDWX V SR]LWLYQtP
UR]GtOHPRGåiGDQpKRGQRW\.RPSUHVRUVHVSXVWtWHKG\Y]URVWHOLWHSORWDQDG
KRGQRWXVRXþWXåiGDQpKRGQRW\DK\VWHUH]H.G\åWHSORWDSRNOHVQHQDåiGDQRX
KRGQRWXNRPSUHVRUVHRSČWY\SQH
;5'
9ê=1$0-('127/,9ê&+.21752/(.
0RGHO\;5&RUR]PČUHFKuPP;5'QD',1OLãWXMVRXUHJXOiWRU\
RVD]HQp PLNURSURFHVRUHP YKRGQp ]HMPpQD SUR FKOD]HQt SĜL QRUPiOQtFK
WHSORWiFK-VRXY\EDYHQ\GYČPLUHOpRYêPLYêVWXS\SURRYOiGiQtNRPSUHVRUXD
DODUPX QHER MDNR SRPRFQp UHOp 3ĜtVWURMH PDMt URYQČå GLJLWiOQt YVWXS SUR
DODUPRYRX VLJQDOL]DFL SUR ]DStQiQt SRPRFQpKR YêVWXSX QHER SUR VSRXãWČQt
RGWiYiQt -VRX Y\EDYHQ\ YVWXSHP SUR WHSORWQt þLGOD 37& QHER 17& 3ĜtVWURMH
O]H SOQČ QDNRQILJXURYDW SRPRFt VSHFLiOQtFK SDUDPHWUĤ NWHUp O]H VQDGQR
QDSURJUDPRYDWNOiYHVQLFt
=REUD]HQt åiGDQp KRGQRW\ 9UHåLPX SURJUDPRYiQt VORXåt
NYêEČUXSDUDPHWUXQHERSRWYU]HQtRSHUDFH
'() =DKiMHQtUXþQtKRRGWiYiQt
¿83 =REUD]HQtSRVOHGQtKRDODUPRYpKRVWDYXDYUHåLPXSURJUDPRYiQt
VORXåt NSRK\EX YVH]QDPX SDUDPHWUĤ D NH]YČWãHQt ]REUD]HQp
KRGQRW\
À'2:1=REUD]HQtSRVOHGQtKRDODUPRYpKRVWDYXDYUHåLPXSURJUDPRYiQt
VORXåt NSRK\EX YVH]QDPX SDUDPHWUĤ D NH]PHQãHQt ]REUD]HQp
KRGQRW\
.20%,1$&(./É9(6
¿À
=DPNQXWtDRGHPNQXWtNOiYHVQLFH
6(7À 9VWXSGRUHåLPXSURJUDPRYiQt
6(7¿ 1iYUDWN]REUD]HQtKRGQRW\SURVWRURYpWHSORW\
x 3ĜHG ]DSRMHQtP SĜtVWURMH ]NRQWUROXMWH ]GD MH VSUiYQČ QDVWDYHQD KRGQRWD
x
;5&
'L[HOO
1iYRGNLQVWDODFLRREVOX]H;5&;5'
7HPSHUDWXUH
0D[
7HPSHUDWXUH
$/X
+LJKWHPSDODUP
6WLVNQČWHWODþtWNR6(7SUR]REUD]HQtMHKRKRGQRW\Q\QtEOLNiSRX]H 7ODþtWNHPÀQHER¿PĤåHWHWXWRKRGQRWX]PČQLW
6WLVNHPWODþtWND6(7XORåWHQRYRXKRGQRWXGRSDPČWLDSĜHMGČWHNGDOãtPX
SDUDPHWUX
8NRQÿHQt6WLVNHPWODþtWHN6(7¿QHERY\þNiQtPSRGREXV
-$. 3Ĝ(681287 3$5$0(75 =( 6.5<7e+2 0(18 '2 6(=1$08
3591ÌÓ5291Č$1$23$.
.DåGêSDUDPHWUXPtVWČQêYH6.5<7e00(18VHPĤåHRGVWUDQLWQHERXPtVWLW
GRVH]QDPX3591ËÒ5291ċXåLYDWHOVNêVH]QDPVWLVNHPWODþtWHN6(7DÀ
-HOL SDUDPHWU ]H 6.5<7e+2 0(18 Y VH]QDPX SUYQt ~URYQČ MH ]DSQXWD
GHVHWLQQiWHþND
;
;
;
6HW
6DIHIRRG]RQH
$//
/RZWHPSDODUP
$ODUPGXUDWLRQ
7LPH
=2%5$=(1Ì$/$508'e/.<$'26$å(1e0$;0,17(3/27<
3RNXG VYtWt NRQWUROND DODUPX
MH DODUP ]D]QDPHQiQ . ]REUD]HQt GUXKX
DODUPXPD[DPLQGRVDåHQpWHSORW\DGpONDDODUPXVHSRVWXSXMHQiVOHGRYQČ
6WLVNQČWHWODþtWNRÀQHER¿
1DGLVSOHMLVH]REUD]t]SUiYD³+$/³SURKRUQtWHSORWQtDODUPQHER³/$/³
SUR GROQt WHSORWQt DODUP D QiVOHGXMH 0D[ 0LQ GRVDæHQi WHSORWD 3RWRP
VH]REUD]t]SUiYD³WL0³WL0HDQiVOHGXMH'pONDYKRGLQiFKDPLQXWiFK
3RWRPSĜtVWURM]REUD]tPČĜHQRXWHSORWX
3R]Q3RNXGDODUPVWiOHWUYi]REUD]tSDU³WL0³þiVWHþQRXGpONX
3R]Q$ODUPMH]D]QDPHQiQSRNXGVHWHSORWDYUiWtGRQRUPiOQtFKKRGQRW
+\ +\VWHUH]HDåq&Dåq)+\VWHUH]HUHJXODþQtKR]iVDKX
SURåiGDQRXKRGQRWX.HVWDUWXNRPSUHVRUXGRMGHNG\åWHSORWDVWRXSQH
QD åiGDQRX KRGQRWX SOXV K\VWHUH]L +\ 9\SQXWt NRPSUHVRUX QDVWDQH
NG\åWHSORWDNOHVQHQDåiGDQRXKRGQRWX
/6 0LQLPXPåiGDQpKRGQRW\ q&Då6(7q)Då6(71DVWDYXMH
PLQLPiOQtDNFHSWRYDWHOQRXåiGDQRXKRGQRWX
86 0D[LPXP åiGDQp KRGQRW\ 6(7 Då q& 6(7 Då q)
1DVWDYXMHPD[LPiOQtDNFHSWRYDWHOQRXåiGDQRXKRGQRWX
2W .DOLEUDFHSURVWRURYpKRÿLGODWHUPRVWDWXDåq&Då
q)8PRåĖXMHNRPSHQ]RYDWSĜtSDGQêRIIVHWþLGODWHUPRVWDWX
2G6 =SRåGČQtYêVWXSĤUHJXODFHSR]DSQXWtSĜtVWURMHDåPLQ7DWR
IXQNFH VH DNWLYXMH SĜL ]DSQXWt SĜtVWURMH D ]DPH]XMH DNWLYDFL YêVWXSĤ SR
GREXQDVWDYHQRXWtPWRSDUDPHWUHP
$& 0LQLPiOQt F\NOXV NRPSUHVRUX Då PLQ 0LQLPiOQt LQWHUYDO PH]L
]DVWDYHQtPDRSČWRYQêPUR]EČKHPNRPSUHVRUX
&&W ýDV ]DSQXWt NRPSUHVRUX QHSĜHWUåLWê F\NOXV F\NOXV U\FKOpKR
]PUDåHQt ± KRGLQ SR PLQ 8PRåĖXMH QDVWDYLW GpONX
QHSĜHWUåLWpKRF\NOXNRPSUHVRUEČåtEH]SĜHUXãHQtSRGREX&&W3RXåtYi
VHQDSĜSĜLSOQČQtSURVWRUXQRYêPLYêUREN\
&2Q =DSQXWt NRPSUHVRUX SĜL YDGQp VRQGČ Då PLQ ýDV EČKHP
NWHUpKR EČåt NRPSUHVRU SĜL SRUXãH SURVWRURYpKR þLGOD 3ĜL &RQ NRPSUHVRUMHYåG\YFKRGX
&2) 9\SQXWt NRPSUHVRUX SĜL YDGQp VRQGČ Då PLQ ýDV EČKHP
NWHUpKR MH NRPSUHVRU Y\SQXW SĜL SRUXãH SURVWRURYpKR þLGOD 3ĜL &2) NRPSUHVRUYåG\YFKRGX
&+ 7\SUHJXODFH&/ FKOD]HQt+W WRSHQt
=2%5$=(1Ì52=/,ã(1Ì
=0Č1$åÉ'$1e+2'127<
3RGUåWHWODþtWNR6(7GpOHQHåV
=REUD]tVH~GDMåiGDQpKRGQRW\DNRQWUROND ]DþQHEOLNDW
1DVWDYHQRXKRGQRWXO]HPČQLWVWLVNHPWODþtWHNÀQHER¿GRV
1RYČQDVWDYHQRXKRGQRWXO]HXORåLWRSČWRYQêPVWLVNHPWODþtWND6(7QHER
DXWRPDWLFN\SRV
=$+É-(1Ì58þ1Ì+22'7É9É1Ì
6WLVNQČWHDSRGUåWHWODþtWNR'()GpOHQHåV
=$3187Ì1(%29<3187Ì3202&1e+25(/e2$& /+7
6WLVNQČWHDSRGUåWHWODþtWNRÀQHåVHUR]VYtWtQHER]KDVQHNRQWUROND$8;
=0Č1$+2'127</,%292/1e+23$5$0(758
6RXþDVQêP VWLVNHP WODþtWHN 6(7 D À SR GREX V VH SĜtVWURM SĜHSQH GR
UHåLPXSURJUDPRYiQtNRQWURON\
9\EHUWHåiGDQêSDUDPHWU
D
]DþQRXEOLNDW
6WLVNHPWODþtWND6(7]REUD]tWHDNWXiOQtKRGQRWXEOLNiSRX]HNRQWUROND 3RPRFtWODþtWHNÀQHER¿QDVWDYWHåiGDQRXKRGQRWX
6WLVNHP WODþtWND 6(7 KRGQRWX XORåtWH D SĜHVXQHWH VH NQiVOHGXMtFtPX
SDUDPHWUX
8NRQÿHQt6WLVNQČWHVRXþDVQČWODþtWND6(7D¿DQHERY\þNHMWHV
32=1É0.$.XORåHQtQRYpKRGQRW\GRMGHYRERXSĜtSDGHFK
6.5<7e0(18
&) -HGQRWN\PČĜHQtƒ& &HOVLXVƒ) )DKUHQKHLW
832=251ċ1Ë.G\åVH]PČQtMHGQRWN\PČĜHQtPXVtVH]NRQWURORYDWD
SĜtSDGQČ]PČQLWWpåSDUDPHWU\6(7+\/6862W$/8$//
U(6 5R]OLäHQtƒ&LQ ƒ&G( ƒ&]REUD]HQtGHVHWLQQêFKPtVW
2'7É9É1Ì
6NU\WpPHQXREVDKXMHYãHFKQ\SDUDPHWU\SĜtVWURMH
96783'26.5<7e+20(18
'RUHåLPXSURJUDPRYiQtYVWRXStWHVWLVNHPWODþtWHN6(7DÀSRGREXV
3$5$0(75<
3R]Q3DUDPHWU\SVDQpNXU]tYRXMVRXSRX]HYHVNU\WpPPHQX
5(*8/$&(
=2%5$=(1ÌÓ'$-(2åÉ'$1e+2'127Č
.UiWFHVWLVNQČWHWODþtWNR6(7DQDGLVSOHMLVH]REUD]tåiGDQiKRGQRWD
3URQiYUDWNDNWXiOQtWHSORWČRSČWNUiWFHVWLVNQČWH6(7QHERVSRþNHMWH
1(3Ĝ(75å,7ê&<./86
3RNXGQHQtYþLQQRVWLRGWiYiQtO]HVWLVNQXWtPWODþtWND¿QDGpOHQHåVVSXVWLW
QHSĜHWUåLWê F\NOXV .RPSUHVRU EXGH SUDFRYDW YQHSĜHWUåLWpP F\NOX GOH SDU
´&&W´0ĤåHEêWRSČWXNRQþHQSĜHGXSO\QXWtPQDVWDYHQpKRþDVXWODþtWNHP¿
+/$91Ë)81.&(
23Č7291e2'%/2.29É1Ì./É9(61,&(
3RGUåWHSRGREXDOHVSRĖVHNXQGVRXþDVQČWODþtWNDÀD¿QHåVH]REUD]t
]SUiYD32Q
6WLVNQČWHYUHåLPXSURKOtåHQtDODUPXWODþtWNR6(7QDGpOHQHåVQHåVH
]REUD]t]D]QDPHQDQêDODUP]REUD]tVHKOiãHQtU6W
3RWYUćWHRSHUDFLDKOiãHQtU6W]DþQHEOLNDW=REUD]tVHPČĜHQiWHSORWD
8=$0þ(1Ì./É9(61,&(
3RGUåWHSRGREXDOHVSRĖVVRXþDVQČWODþtWNDÀD¿
=REUD]tVH]SUiYD32)DNOiYHVQLFHMHX]DPþHQD1\QtMHPRåQpVOHGRYDW
SRX]HQDVWDYHQtåiGDQpKRGQRW\QHERPLQPD[]D]QDPHQDQRXWHSORWX
%XGHOLNWHUiNROLYNOiYHVDVWLVNQXWDGpOHQHåV]REUD]tVH]SUiYD32)
9<0$=É1Ì=$=1$0(1$1e+2$/$5081(%267É/(
$.7,91Ì+2$/$508
9\EHUWHSRåDGRYDQêSDUDPHWU
D ]DþQRXEOLNDW
.G\åVHSDUDPHWU]REUD]tQDGLVSOHMLGUåWHVWLVNQXWiWODþtWND6(7DÀSR
GREXGDOãtFKVHNXQG=REUD]tVHKOiãHQt3UDLKQHGSDUDPHWU+\
1<1Ì-67(9(6.5<7e00(18
,G) ,QWHUYDO RGWiYiQt Då KRG 8UþXMH þDVRYê LQWHUYDO PH]L GYČPD
]DþiWN\RGWiYDFtFKF\NOĤ
0G) 0D[LPiOQt GRED WUYiQt RGWiYiQt Då PLQ QDVWDYXMH PD[LPiOQt
GpONXRGWiYiQt
'L[HOO
1iYRGNLQVWDODFLRREVOX]H;5&;5'
G)G 7HSORWD ]REUD]HQi SĜL RGWiYiQt UW PČĜHQi WHSORWD LW WHSORWD QD
]DþiWNXRGWiYiQt6(W åiGDQiKRGQRWDG() KOiãHQt³G()´
G$G 0D[ ]SRåGČQt GLVSOHMH SR RGWiYiQt Då PLQ 1DVWDYXMH
PD[LPiOQt GREX PH]L NRQFHP RGWiYiQt D ]DþiWNHP ]REUD]HQt VNXWHþQp
WHSORW\
$/$50<
9Éå1ê$/$50,) %$/
3RNXG MH DNWLYRYiQ GLJLWiOQt YVWXS MHGQRWND þHNi SR GREX LQWHUYDOX GLG QHå
GRMGH NKOiãHQt DODUPX &$ 9êVWXSQt UHOp VH RGSRMt D DODUP EXGH XNRQþHQ
MDNPLOHSĜHVWDQHEêWDNWLYRYiQGLJLWiOQtYVWXS
$/&1DVWDYHQtW\SXDODUP$EU($E DEVROXWQtWHSORWDWHSORWDDODUPXMH
GiQD KRGQRWDPL $// QHER $/8 U( WHSORWD DODUPX MH Y]WDåHQD
NåiGDQp KRGQRWČ $ODUP VH DNWLYXMH NG\å WHSORWD SĜHNURþt KRGQRW\
³6(7$/8´QHER³6(7$//´
$/8 +RUQt WHSORWQt OLPLW SUR DODUP 6(7 Då ƒ& 6(7 Då ƒ) 3ĜL
GRVDåHQtWpWRWHSORW\GRMGHSRSURGOHYČ$/GNDNWLYDFLDODUPX
$// 'ROQt WHSORWQt OLPLW SUR DODUP ƒ& Då 6(7 ƒ) Då 6(7 3ĜL
GRVDåHQtWpWRWHSORW\GRMGHSRSURGOHYČ$/GNDNWLYDFLDODUPX
$/G=SRåGČQtWHSORWQtKRDODUPXDåPLQ,QWHUYDOPH]LGHWHNFtDODUPX
DMHKRVLJQDOL]DFt
G$2 =SRåGČQt Y\ORXþHQt DODUPX SR ]DSQXWt SĜtVWURMH Då KRG
'REDSR]DSQXWtSĜtVWURMHNG\MVRXY\ORXþHQ\YãHFKQ\WHSORWQtDODUP\
3202&1e5(/e$',*,7È/1Ë96783
7/$.29ê63Ì1$þ,) 3$/
3RNXG EČKHP þDVRYpKR LQWHUYDOX GLG SRþHW DNWLYDFt WODNRYpKR VStQDþH
GRViKQH KRGQRWX Q36 SRWRP VH ]REUD]t KOiãHQt &$ .RPSUHVRU EXGH
Y\SQXWD]DVWDYtVHSURFHVUHJXODFH.G\åMHGLJLWiOQtYVWXSDNWLYQtMHNRPSUHVRU
YåG\ Y\SQXW 3RNXG SRþHW DNWLYDFt YLQWHUYDOX GRVDåHQ Y\SQČWH D ]DSQČWH
SĜtVWURMDUHJXODFHVHUHVWDUWXMH
=$3187Ì3202&1e+25(/e,) /+7
3ĜLQDVWDYHQtSDUL) /+WMHPRåQRSRPRFQpUHOp]DStQDWDY\StQDW
638ã7Č1Ì2'7É9É1Ì,) ')5
3ĜLY\WYRĜHQtSRGPtQHNSURVSXãWČQtVH]DKiMtRGWiYiQt3RVNRQþHQtRGWiYiQt
VH QRUPiOQt UHJXODFH ]DSQH ]QRYXSRX]HWHKG\SRNXGMH]DEORNRYiQGLJLWiOQt
YVWXS-LQDNSĜtVWURMþHNiQDXSO\QXWtGRE\EH]SHþQpKRLQWHUYDOX³0GI³
WE$ 9\SQXWtSRPRFQpKRUHOpSURR$& $/UQ Y\SQXWRDODUPRYpUHOpVH
FKRYiGOHDODUPRYêFKSRGPtQHN\ ]DSQXWRDODUPRYpUHOpO]HY\SQRXW
]NOiYHVQLFHSĜLDODUPRYêFKSRGPtQNiFK
2$ .RQILJXUDFH SRPRFQpKR UHOp $/U DODUP /+W SRPRFQp RQ) YåG\]DSQXWRG())$Q QHY\EtUDW
$R3 3RODULWD DODUPRYpKR UHOp QDVWDYXMH VH SRNXG MH DODUPRYp UHOp
UR]HSQXWRQHERVHSQXWRSĜLDODUPXR3UR]HSQXWR&/VHSQXWR
L3 3RODULWD GLJLWiOQtKR YVWXSX R3 GLJLWiOQt YVWXS VH DNWLYXMH UR]SRMHQtP
NRQWDNWX&/GLJLWiOQtYVWXSVHDNWLYXMHVHSQXWtPNRQWDNWX
L) .RQILJXUDFH GLJLWiOQtKR YVWXSX ($/ H[WHUQt DODUP ]REUD]t VH
KOiãHQt ($ E$/ GYHĜQt NRQWDNW ]REUD]t VH KOiãHQt &$ 3$/ WODNRYê VStQDþ ]REUD]t VH KOiãHQt &$ G() DNWLYDFH RGWiYDFtKR
F\NOX /+W ]DStQi SRPRFQp UHOp SRNXG MH R$ /+W +WU SĜHSQXWt
UHåLPXFKOD]HQt±WRSHQt$86 QHQtYþLQQRVWL
GLG =SRæGčQt DODUPX GLJLWiOQtKR YVWXSX Då PLQ ]SRåGČQt PH]L
GHWHNFt VWDYX YQČMãtKR DODUPX L) ($/ QHER L) E$/ D MHKR
VLJQDOL]DFt ]SRåGČQt VLJQDOL]DFH RWHYĜHQt GYHĜt L) GRU D þDVRYê
LQWHUYDOSURVþtWiQtDNWLYDFtWODNRYpKRVStQDþHL) 3$/
Q36 3RÿHW ]DSQXWt WODNRYpKR VStQDÿH Då 3RþHW ]DSQXWt WODNRYpKR
VStQDþHYLQWHUYDOXGLGQHåVHY\KOiVtDODUPL) 3$/
RGF 6WDYNRPSUHVRUXDYHQWLOiWRUXSĜLRWHYĜHQtGYHĜtQR QRUPiOQt)DQ
YHQWLOiWRUY\SQH&3U NRPSUHVRUY\SQH)B& REDVHY\SQRX
'$/ãÌ
=0Č1$$.&(723(1̲&+/$=(1Ì,) +75
7DWRIXQNFHXPRåĖXMH]PČQXDNFHUHJXOiWRUX]FKOD]HQtQDWRSHQtDQDRSDN
32/$5,7$',*,7É/1Ì&+96783Ĥ
3RODULWDGLJLWiOQtFKYVWXSĤMH]iYLVOiQDSDUDPHWUHFK,3
&/ GLJLWiOQtYVWXSMHDNWLYRYiQSĜLVHSQXWtNRQWDNWX
23 GLJLWiOQtYVWXSMHDNWLYRYiQSĜLUR]HSQXWtNRQWDNWX
,167$/$&($0217Èä
;5&VHPRQWXMHGRSDQHOXGRY\Ĝt]QXWpKRRWYRUXRUR]PČUHFK[PPD
SĜLSHYĖXMH SRPRFt VSHFLiOQt REMtPN\ NWHUi MH VRXþiVWt GRGiYN\ 3UR GRVDåHQt
NU\Wt ,3 SRXåLMWH SRG þHOQt SDQHO WČVQČQt 5*& ;5' VH PRQWXMt QD ',1
OLãWX
3RYROHQê SUDFRYQt UR]VDK RNROQt WHSORW\ SUR EH]SRUXFKRYê SURYR] MH Då ƒ& =DĜt]HQt QHXPLVĢXMWH GR PtVW VYêVN\WHP VLOQêFK YLEUDFt QHY\VWDYXMWH MH
SĤVREHQt NRUR]LYQtFK SO\QĤ QDGPČUQêFK QHþLVWRW QHER YOKNRVWL 6WHMQi
GRSRUXþHQt SODWt L SUR SRXåLWi þLGOD =DMLVWČWH YROQp SURXGČQt Y]GXFKX RNROR
FKODGtFtFKRWYRUĤ
(/(.75,&.e=$32-(1Ë
-HGQRWN\ MVRX RVD]HQ\ ãURXERYDFt VYRUNRYQLFt XPRåĖXMtFt SĜLSRMLW YRGLþH R
SUĤĜH]XDåPP3ĜHGWtPQHå]DþQHWH]DSRMRYDWYRGLþHSĜHVYČGþWHVH]GD
SRXåLWp QDSiMHFt QDSČWt RGSRYtGi QDVWDYHQt MHGQRWN\ 3ĜtYRG\ RG þLGHO YHćWH
RGGČOHQČ RG QDSiMHFtFK YRGLþĤ RG YHGHQt NRYOiGDQêP VSRWĜHELþĤP D RG
VLORYêFK YHGHQt 'EHMWH DE\ QHGRãOR NSĜHNURþHQt PD[LPiOQt SRYROHQp ]iWČåH
UHOp9SĜtSDGČSRWĜHE\YêNRQQČMãtKRVStQiQtSRXåLMWHYKRGQpH[WHUQtUHOp
3E& 7\SÿLGOD8PRåĖXMHQDVWDYLWW\SþLGOD3W& 37&QW& 17&
U(/ 9HU]HVRIWZDUHSĜtVWURMH
3W% .yGWDEXON\SDUDPHWUĤSRX]HNHþWHQt
',*,7È/1Ë96783<
'LJLWiOQtNRQWDNWMHPRåQRSDUDPHWUHP³L)³QDSURJUDPRYDWQDSČWIXQNFt
3Ĝ,32-(1Ìþ,'/$
ýLGOR MH WĜHED PRQWRYDW ãSLþNRX Y]KĤUX DE\ VH ]DEUiQLOR SRãNR]HQt YOLYHP
QiKRGQpKR SUĤQLNX NDSDOLQ\ $E\ E\OR GRVDåHQR VSUiYQpKR PČĜHQt SUĤPČUQp
SURVWRURYpWHSORW\GRSRUXþXMHVHXPtVWLWþLGORVWUDQRXVLOQČMãtKRSURXGČQtY]GX
FKX
9678363Ì1$þ('9(ĜÌ,) '25
3ĜL YVWXSX VLJQiOX SRORK\ GYHĜt GR SĜtVWURMH DSRGOH QDVWDYHQp KRGQRW\
SDUDPHWUXRGFPRKRXEêWYêVWXS\UHOp]PČQČQ\WDNWR
QR)$Q QHGRMGHNRYOLYQČQtYHQWLOiWRUXDNRPSUHVRUX
&3U)B& NRPSUHVRUVHY\SQH
3RXSO\QXWtþDVRYpKRLQWHUYDOXQDVWDYHQpKRSDUDPHWUHPGLGVHSĜLRWHYĜHQt
GYHĜt DNWLYXMH DODUP QD GLVSOHML VH ]REUD]t VGČOHQt G$ D UHJXODFH VH
UHVWDUWXMH $ODUP VH Y\SQH SĜL GHDNWLYDFL GLJLWiOQtKR YVWXSX 3ĜL RWHYĜHQtGYHĜt
MVRXEORNRYiQ\DODUP\SURKRUQtDVSRGQtWHSORWX
328ä,7Ë352*5$029e+2./Ëý(+27.(<
-$.1$352*5$029$7./Ìþ´+27.(<µ=3ĜÌ6752-(þ7(1Ì
1DSURJUDPXMWHSĜtVWURMWODþtWN\
.G\åMHSĜtVWURM]DSQXW]DVXĖWHSURJUDPRYDFtNOtþ³+RWNH\´D
VWLVNQČWHWODþtWNR¿]REUD]tVHKOiãHQtX3/DUR]EOLNiVH³(QG´
6WLVNQČWHWODþtWNR³6(7´DKOiãHQt³(QG´SĜHVWDQHEOLNDW
9\SQČWHSĜtVWURMY\MPČWHSURJUDPRYDFtNOtþ³+RW.H\´DSĜtVWURM]QRYX
]DSQČWH
3R]Q3ĜLQHVSUiYQpPQDSURJUDPRYiQtDSĜHQRVXGDWVH]REUD]tKOiãHQt
(UU 9 WRPWR SĜtSDGČ VWLVNQČWH ]QRYX WODþtWNR ¿ SRNXG FKFHWH
UHVWDUWRYDWþWHQtQHERY\MPČWHNOtþ³+RWNH\´DRSHUDFHRSDNXMWH
9ã(2%(&1Č3/$71ê$/$50,) ($/
3RNXG MH DNWLYRYiQ GLJLWiOQt YVWXS MHGQRWND þHNi SR GREX LQWHUYDOX GLG QHå
GRMGH N KOiãHQt DODUPX ($/ 6WDY YêVWXSĤ VH QH]PČQt SRSODFK EXGH
XNRQþHQMDNPLOHSĜHVWDQHEêWDNWLYRYiQGLJLWiOQtYVWXS
-$.352*5$029$73ĜÌ6752-3202&Ì´+27.(<µ=É3,6
3ĜtVWURMY\SQČWH
'L[HOO
1iYRGNLQVWDODFLRREVOX]H;5&;5'
=DVXĖWHQDSURJUDPRYDQê³+RW.H\´GRNRQHNWRUX3,1DSĜtVWURM
]DSQČWH
=DYHGHQtSDUDPHWUĤ]³+RW.H\´GRSDPČWLSĜtVWURMHVHSURYHGH
DXWRPDWLFN\]REUD]tVHKOiãHQtGR/DUR]EOLNiVH³(QG´
3RVHNXQGiFKVHSĜtVWURMUHVWDUWXMHD]DþQHSUDFRYDWVQRYêPL
SDUDPHWU\
9\MPČWHSURJUDPRYDFtNOtþ³+RW.H\´
3R]Q3ĜLQHVSUiYQpPQDSURJUDPRYiQtDSĜHQRVXGDWVH]REUD]tKOiãHQt
(UU 9 WRPWR SĜtSDGČ SĜtVWURM Y\SQČWH D ]DSQČWH SRNXG FKFHWH
UHVWDUWRYDW]iSLVQHERY\MPČWHNOtþ³+RWNH\´DRSHUDFHRSDNXMWH
6&+e0$=$32-(1Ë
5RRP
;5&9VWĝ.2035(625$
$9
6,*1$/,=$&($/$50ģ
3
+$
/$
G$
($
&$
&$
3RUXFKDþLGODWHUPRVWDWX
+RUQtWHSORWQtDODUP
'ROQtWHSORWQtDODUP
'YHĜHRWHYĜHQ\
9QČMãtSRSODFK
9iåQêYQČMãtSRSODFK
L) E$/
9iåQêYQČMãtSRSODFK
L) 3$/
$X[ 1&
$ODUP
9ëVWXS\
3RGOHQDVWDYHQtSDUDPHWUĤ&RQD&2)
9êVWXSEH]H]PČQ
9êVWXSEH]H]PČQ
.RPSUHVRUDYHQWLOiWRUVHUHVWDUWXMt
9êVWXSEH]H]PČQ
9ãHFKQ\YêVWXS\Y\SQXW\
+RW.H\
&RPS
/LQH
1DSiMHQt9VWĝVVD9VWĝSĜLSRMLWQDVYRUN\
;5&9VWĝ.2035(625$
5RRP
+OiäHQt 3ĝtÿLQD
$9
9ãHFKQ\YêVWXS\Y\SQXW\
$9
1É35$9$67$98$/$508
$ODUP þLGOD 3 MH DNWLYRYiQ QČNROLN VHNXQG SR YêVN\WX DODUPX YþLGOH
.GHDNWLYDFL GRMGH SR FKYtOL NG\å VH REQRYt QRUPiOQt þLQQRVW þLGHO 3ĜHG
YêPČQRX þLGOD QHMSUYH ]NRQWUROXMWH ]DSRMHQt 7HSORWQt DODUP\ +$ D /$ VH
DXWRPDWLFN\ GHDNWLYXMt MDNPLOH VH WHSORW\ YUiWt GR QRUPiOX QHER VH VSXVWt
RGWiYiQt
$ODUP\ ($ D &$ L) E$/ VH LKQHG SR GHDNWLYDFL GLJLWiOQtKR YVWXSX D
DODUP&$L) 3$/SRY\SQXWtD]DSQXWtSĜtVWURMH
$9
$X[
1&
$ODUP
+RW.H\
&RPS
/LQH
;5'.2035(625$
3RZHUVXSSO\
9DF
7(&+1,&.eÒ'$-(
2EDOVDPR]KiãLWHOQêSODVW$%6
6Nĝtė;5&SĜHGQtSDQHOuPPKORXENDPP
;5'PRGXO\',1[PPKORXENDPP
0RQWiæ;5&GRSDQHOXVY\Ĝt]QXWêPRWYRUHPuPP
;5'PRQWiåGROLãW\',1
.U\WtÿHOQtKRSDQHOX;5&,3VþHOQtPWČVQČQtP5*&QDREMHGQiYNX
3ĝLSRMHQtãURXERYDFtVYRUNRYQLFHSURYRGLþHGRSUĤĜH]XPP
1DSiMHFtQDSčWt9VWĜVV“9VWĜ“+]
3ĝtNRQ9$PD[
'LVSOHMWĜtPtVWQêþHUYHQp/('YêãNDþtVOLFPP
9VWXS\þLGOR37&Dåƒ&QHER17&Dåƒ&
'DOätYVWXS\GLJLWiOQtEH]QDSČĢRYêNRQWDNW
9ëVWXS\UHOpNRPSUHVRU
VStQDFtUHOp$9VWĜ
VStQDFtUHOp$9VWĜ
SRPRFQp
SĜHStQDFtUHOp$9VWĜ
3DPčWGDW((3520
5R]VDKSUDFRYQtFKWHSORWDåƒ&
5R]VDKWHSORWSĝLVNODGRYiQtDåƒ&
5HODWLYQtYOKNRVWDåQHNRQGHQ]XMtFt
0čĝtFtDUHJXODÿQtUR]VDKGOHSRXåLWpKRþLGOD
.URNƒ&QHERƒ&QHERq)QDVWDYLWHOQp
3ĝHVQRVWSĝLWHSORWčRNROtƒ&“ƒ&“GLJLW
$9DF
$9DF
/LQH
&RPS
QF
QF
1DSiMHQt9VWĝVVD9VWĝSĜLSRMLWQDVYRUN\
;5'.2035(625$
3RZHUVXSSO\
9DF
$9DF $9DF
/LQH
&RPS
QF
1DSiMHQt9VWĝVVD9VWĝSĜLSRMLWQDVYRUN\
1DSiMHQt9VWĝVVD9VWĝSĜLSRMLWQDVYRUN\
'L[HOO
1iYRGNLQVWDODFLRREVOX]H;5&;5'
+2'127<67$1'$5'1Ë+21$67$9(1Ë
2]Q
3RSLV
6HW
+\
/6
äiGDQiKRGQRWD
+\VWHUH]H
0LQLPiOQtåiGDQiKRGQRWD
86
0D[LPiOQtåiGDQiKRGQRWD
2W
.DOLEUDFHSURVWRURYpKRþLGOD
2G6
$&
&&W
&RQ
&2)
&+
&)
U(6
,G)
0G)
G)G
G$G
$/F
=SRåGČQtUHJXODFHSRVWDUWX
0LQLPiOQtF\NOXVNRPSUHVRUX
&\NOXVU\FKOpKR]PUD]HQt
=DSQXWtNRPSUHVRUXSĜLYDGQpVRQGČ
9\SQXWtNRPSUHVRUXSĜLYDGQpVRQGČ
5HåLPUHJXODFH
0ČĜLFtMHGQRWND
5R]OLãHQt
,QWHUYDORGWiYiQt
0D[LPiOQtGREDWUYiQtRGWiYiQt
'LVSOHMSĜLRGWiYiQt
0D[LPiOQt]SRåGČQtGLVSOHMHSRRGWiYiQt
.RQILJXUDFHSRSODFKX
$/8
+RUQtWHSORWQtOLPLWSURSRSODFK
$//
'ROQtWHSORWQtOLPLWSURSRSODFK
$OG
G$2
WE$
R$
$R3
L3
L)
=SRåGČQtWHSORWQtKRSRSODFKX
=SRåGČQtSRSODFKXSĜLVWDUWX
9\SQXWtDODUPX
.RQILJXUDFHSRPRFQpKRUHOp
3RODULW\SRPRFQpKRUHOpR$ $OU
3RODULWDGLJLWiOQtKRYVWXSX
.RQILJXUDFHGLJLWiOQtKRYVWXSX
GLG
1SV
=SRåGČQtSRSODFKXGLJLWiOQtKRYVWXSX
'UXKDNFHSĜLL) E$/SRX]HPRGHO'
1SV
3RþHWDNWLYDFtWODNRYpKRVStQDþHSRX]H
PRGHO&
6WDYNRPSUHVRUXDYHQWLOiWRUXSĜL
RWHYĜHQêFKGYHĜtFKSRX]HPRGHO&
'UXKþLGODSRX]HPRGHO&
6SXãWČQtVRIWZDUH
.yGSUYNX
2GF
3E&
U(/
3W%
5R]VDK
q&q)
/6y86
yq&yq)
q&y6(7
q)y6(7
6(7yƒ&
6(7yƒ)
yƒ&
yƒ)
yPLQ
yPLQ
·K
yPLQ
yPLQ
&/ FKOD]HQt+W WRSHQt
q&q)
LQyG(
yKRG
yPLQ
UWLW6(W'()
·PLQ
U($E
UHODWLYQtDDEVROXWQt
6(7yƒ&
6(7·ƒ)
ƒ&y6(7
ƒ)6(7
yPLQ
yK¶
Q QH\ DQR
$OUG()/+WRQ))DQ
R3 UR]HSQXW&/ VHSQXW
R3 UR]HSQXW&/ VHSQXW
($/ YQČMãtSURVWĜHGt
E$/ EORNDFHUHJXODFH
3$/ WODNRYêVStQDþ
GRU GYHĜQtVStQDþ
G() RGWiYiQt
/+W ]DSQXWtSRPUHOp
+WU WRSHQtFKOD]HQt
·PLQ
VStQDþGYHĜt
EORNRYiQtUHJXODFH
· WODNRYêVStQDþ
·
QR)DQ QRUPiOQt
&3U)B& NRPSUHVRU
3WFQWF
&/
q&q)
G(
LW
$E
\
/+W
&/
&/
/+W
QR
3WF
±
6NU\WpSDUDPHWU\
'RYR]VHUYLVDWHFKQLFNpSRUDGHQVWYt
/2*,7521VUR
9ROXWRYi3UDKD
WHOID[
HPDLOVDOHV#ORJLWURQF]
ZZZORJLWURQF]