ZANUSSI ZHM743X Instrukcja obsługi

KUCHNIA
ELEKTRYCZNA
ZHM-743
INSTRUKCJA OBS£UGI
63,675( &,
:6.$=Ï:.,'27<&= &(%(=3,(&=( 67:$
23,685= '=(1,$
3,(.$51,.(/(.75<&=1< 3,(5:6=(:à &=(1,(85= '=(1,$ 867$:,(1,(=(*$5$(/(.7521,&=1(*2 3,(&=(1,(:3,(.$51,.8:,(/2)81.&<-1<0:6.$=Ï:.,35$.7<&=1( 7$%(/$&=$6Ï:3,(&=(1,$ 0<&,(,.216(5:$&-$
868:$1,(867(5(.
$8725<=2:$1<6(5:,6 '$1(7(&+1,&=1( ,167$/$&-$
32'à &=(1,('2,167$/$&-,(/(.75<&=1(- :6.$=Ï:.,'27<&= &(%(=3,(&=( 67:$
3U]HG SU]\VW SLHQLHP GR SRGá F]H
QLD L HNVSORDWDFML XU] G]HQLD SURVL
P\ R GRNáDGQH ]DSR]QDQLH VL ] LQ
VWUXNFM REVáXJL
QDOH \ ]H]ZDODü G]LHFLRP QD
SU]HE\ZDQLH Z SREOL X XU] G]H
QLD
” 3RGá F]DM F
LQQH XU] G]HQLD
HOHNWU\F]QHGRJQLD]GND]DVLODM FHJR Z SREOL X NXFKQL QDOH \
]ZUyFLü XZDJ DE\ SU]HZyG ]D
VLODM F\QLHGRW\NDáJRU F\FKSyO
JU]HMQ\FK Sá\W\ GR JRWRZDQLD L
QLH ]RVWDá SU]\WU]D QL W\ GU]ZLD
PLSLHNDUQLND
: LQVWUXNFML REVáXJL ]DPLHV]F]RQH
V ZD QH ZVND]yZNL L SRUDG\ GRW\
F] FH SUDZLGáRZHM L EH]SLHF]QHM
HNVSORDWDFMLXU] G]HQLD
,QVWUXNFM REVáXJLQDOH \]DFKRZDü
DE\ SRGF]DV X \WNRZDQLD XU] G]H
QLD PyF Z ND GHM FKZLOL ] QLHM VNR
U]\VWDü
3UDFD
,QVWDODFMD
” .XFKQLD SU]H]QDF]RQD MHVW Z\á F]
” 0RQWD L SRGá F]HQLH XU] G]HQLD
QLH GR JRWRZDQLD RUD] SLHF]HQLD
SRWUDZLQLHZROQRX \ZDüMHMGRLQ
Q\FKFHOyZ
GR LQVWDODFML HOHNWU\F]QHM PR H Z\
NRQDü Z\á F]QLH LQVWDODWRU ] RGSR
ZLHGQLPL XSUDZQLHQLDPL ]JRGQLH ]
RERZL ]XM F\PLSU]HSLVDPL
” $E\ Z\áDSDü WáXV]F]
FLHNDM F\
SRGF]DV SLHF]HQLD QD JULOOX OXE Z
SLHNDUQLNX QDOH \ ZVWDZLü QLVNL L
RGSRUQ\ QD Z\VRN WHPSHUDWXU
SRMHPQLN ] ZRG : WHQ VSRVyE
PR QD ]DSRELHF WZRU]HQLX VL G\
PXLVSDODQLXVL WáXV]F]X
” : SU]\SDGNX NRQLHF]QR FL Z\NR
QDQLD PRG\ILNDFML LQVWDODFML HOHN
WU\F]QHM QDOH \ SRZLHU]\ü WDNLH
SUDFHXSUDZQLRQHPXHOHNWU\NRZL
” :V]HONLH ]PLDQ\ OXE PRG\ILNDFMH
” 1DF]\QLD DURRGSRUQH OXE JDUQNL
XU] G]HQLD VWZDU]DM SRZD QH ]D
JUR HQLHGODX \WNRZQLND
QDOH \ Z\MPRZDü ] SLHNDUQLND
X \ZDM FU NDZLF]NLRFKURQQHM
” : SU]\SDGNX ]DVWRVRZDQLD IROLL
%H]SLHF]H VWZRG]LHFL
DOXPLQLRZHM GR SU]\JRWRZDQLD SR
WUDZ Z SLHNDUQLNX QLH ZROQR GRSX
FLü GR EH]SR UHGQLHJR NRQWDNWX
SURGXNWX RZLQL WHJR Z IROL ]H
VSRGHPSLHNDUQLND
” 8U] G]HQLH SU]H]QDF]RQH MHVW GR
REVáXJL Z\á F]QLH SU]H] RVRE\ GR
URVáH 1LH QDOH \ ]H]ZDODü G]LH
FLRPQDPDQLSXORZDQLHHOHPHQWDPL
VWHUXM F\PL E G ]DEDZ XU] G]H
QLHP
” 3RGF]DVF]\V]F]HQLDNXFKQLQDOH \
]DFKRZDü GX RVWUR QR ü 1LH
GRSX FLü GR VSU\VNDQLD JU]DáHN L
F]XMQLNDWHUPRVWDWX
” 3RGF]DV SUDF\ SLHNDUQLN QDJU]HZD
VL 1LH ]H]ZDODü G]LHFLRP QD
SU]HE\ZDQLH Z SREOL X XU] G]HQLD
3R Z\á F]HQLX QDOH \ SDPL WDü H
GU]ZL SLHNDUQLND SR]RVWDM MHV]F]H
SU]H]GáX V]\F]DVJRU FH
” 5HJXODUQH F]\V]F]HQLH ]DSRELHJD
QLV]F]HQLX VL ZHZQ WU]Q\FK SR
ZLHU]FKQL SLHNDUQLND 5yZQLH VD
PRF]\V]F] FH Sá\W\ NDWDOLW\F]QH
MH HOL Z\VW SXM QDOH \ F]\ FLü Z
UHJXODUQ\FKRGVW SDFKF]DVX
” 3RGF]DV SLHF]HQLD FLDVWD Z SLH
NDUQLNXOXEPL VDQDJULOOXGU]ZL
SLHNDUQLND L LQQH HOHPHQW\ JULOOD
V EDUG]R JRU FH GODWHJR QLH
:SU]\SDGNXRGVW SLHQLDOXEVSU]H
GD \ XU] G]HQLD QDOH \ SDPL WDü
UyZQLH RSU]HND]DQLXLQVWUXNFMLRE
VáXJLQRZHPXX \WNRZQLNRZL
:VND]yZNL L ]DOHFHQLD SRGDQR ]
P\ O R3D VWZDEH]SLHF]H VWZLH
” 3U]HGSU]\VW SLHQLHPGRF]\V]F]H
QLD QDOH \ Z\á F]\ü NXFKQL OXE
Z\M üZW\F]N ]JQLD]GND
-H OL QLH X \ZDM 3D VWZR XU] G]H
QLDSRNU WáDQDOH \XVWDZLüZSR]\
FMLÄ:<à &=21<´
2EMD QLHQLHV\PEROLX \ZDQ\FK
ZLQVWUXNFMLREVáXJL
8U] G]HQLH SU]H]QDF]RQH MHVW GR
SRGá F]HQLDID]\]SU]HZRGHP]H
URZ\P GR 9 3RGá F]HQLH GR NLO
NX ID] EH] SU]HZRGX ]HURZHJR
9 GRSURZDG]L GR XV]NRG]HQLD
NXFKQL
:VND]yZNLGRW\F] FHEH]SLH
F]H VWZD
.ROHMQR üF]\QQR FL
” =ZUyFLüXZDJ DE\XU] G]HQLHQLH
5DG\
VWDáRQDSU]HZRG]LH]DVLODM F\P
” -H OL XU] G]HQLH QLH E G]LH X \WNR
ZDQH QDOH \ Z\M ü ] JQLD]GND
ZW\F]N SU]HZRGX ]DVLODM FHJR
DE\ QLH GRSX FLü GR QLH]DPLHU]R
QHJRZá F]HQLDNXFKQL
,QIRUPDFMHGRW\F] FH URGRZLVND
QDWXUDOQHJR
8U] G]HQLH VSHáQLD QRUP\ 8QLL
(XURSHMVNLHM
'\UHNW\ZD1UZ\W\F]QH
GRWQLVNLFKQDSL ü
6HUZLV
” :V]HONLH QDSUDZ\ QDOH \ SRZLH
'\UHNW\ZD1UZ\W\F]QH(09
U]Dü Z\á F]QLH SHUVRQHORZL DXWRU\
]RZDQ\FK SODFyZHN VHUZLVRZ\FK
ZVND]DQ\FK SU]H] SURGXFHQWD 'R
QDSUDZ VWRVRZDQH V W\ONR RU\JL
QDOQHF] FL]DPLHQQH
” : SU]\SDGNX Z\VW SLHQLD XVWHUHN
QLHQDOH \XVXZDüLFKZHZáDVQ\P
]DNUHVLHJG\ PR QDVSRZRGRZDü
VWUDW\ U]HF]RZH MDN UyZQLH
XV]NRG]HQLDFLDáD
'\UHNW\ZD1URJyOQHZ\W\F]QH
á F]QLH]H]PLDQDPL
85= '=(1,(
=$%(=3,(&=$- &(
:V]\VWNLHXU] G]HQLDPDUNL
=$1866,VSHáQLDM HXURSHMVNLH
Z\PRJLEH]SLHF]H VWZD
: FHOX ]DSHZQLHQLD SHáQHJR EH]SLH
F]H VWZD X \WNRZQLND D Z V]F]HJyOQR
FL PDM F QD XZDG]H FDáNRZLWH Z\HOLPL
QRZDQLH ]DJUR HQLD GOD PDá\FK G]LHFL
QS ]DJUR HQLH RSDU]HQLD NXFKQL
PR QDZ\SRVD \üZVSHFMDOQHXU] G]H
QLH ]DEH]SLHF]DM FH Z\SRVD HQLH GR
GDWNRZH NWyUH ]DSRELHJD QLH]DPLHU]R
QHPXGRWNQL FLXGU]ZLF]HNSLHNDUQLND
8U] G]HQLHWRPR QD]DPyZLüZDXWR
U\]RZDQ\P ]DNáDG]LH VHUZLVRZ\P SR
GDM FPRGHOLQXPHUIDEU\F]Q\NXFKQL
NWyU\ SRGDQR QD WDEOLF]FH ]QDPLRQR
ZHM 'R XU] G]HQLD EH]SLHF]H VWZD
GRá F]RQD MHVW UyZQLH LQVWUXNFMD LQ
VWDODFML
8W\OL]DFMDVWDUHJRXU] G]HQLD
q : SU]\SDGNX NRQLHF]QR FL XVXQL FLDVWDUHJRXU] G]HQLDQDOH \MH
DE\
Z\NOXF]\ü
HZHQWXDOQH]DJUR HQLHZ\SDGNX
q : W\P FHOX QDOH \ RGFL ü SU]HZyG
]DVLODM F\UD]HP]ZW\F]N q 2GVWDZLüXU] G]HQLHGRZ\]QDF]R
QHJRPLHMVFDXW\OL]DFML]JRGQLH]
q RERZL ]XM F\PLSU]HSLVDPL
q XQLHUXFKRPLü
,QVWUXNFM REVáXJLQDOH \]DFKRZDü
DE\SRGF]DVX \WNRZDQLDXU] G]HQLD
PyFZND GHMFKZLOL]QLHMVNRU]\VWDü
23,685= '=(1,$
5\V
3DQHO]HOHPHQWDPLVWHUXM F\PL
3RNU WáRSRODJU]HMQHJRSU]yGSUDZDVWURQD
3RNU WáRSRODJU]HMQHJRW\áSUDZDVWURQD
3RNU WáRSRODJU]HMQHJRW\áOHZDVWURQD
3RNU WáRSRODJU]HMQHJRSU]yGOHZDVWURQD
3RNU WáRUHJXODWRUDWHPSHUDWXU\WHUPRVWDW
3RNU WáRZ\ERUXIXQNFML
/DPSNDNRQWUROQDSUDF\
/DPSNDNRQWUROQDWHUPRVWDWXUHJXODWRUDWHPSHUDWXU\
=HJDUHOHNWURQLF]Q\
*ULOO
:HQW\ODWRU
2 ZLHWOHQLHNRPRU\SLHNDUQLND
3,(.$51,.(/(.75<&=1<
32.5 7à2:<%258
)81.&-,
6<0%2/(1$32.5 7/(
:<%258)81.&-,
3RNU FDM F SRNU WáHP Z\ERUX IXQNFML
U\V PR QD XVWDZLü Z\EUDQ RSFM
QDJU]HZDQLD D SRNU WáHP WHUPRVWDWX
U\V XVWDZLD VL Z\EUDQ WHPSH
UDWXU ZHZQ WU]QH R ZLHWOHQLH SLH
NDUQLND
JU]DáND JyUQD L GROQD ± Zá F]RQD
QDJU]HZDQLH ] QDZLHZHP JR
U FHJR SRZLHWU]D L UR]PUD D
QLH
JULOO
75<%<35$&<3,(.$51,.$
75$'<&<-1(1$*5=(:$1,(
*Ï51 ,'2/ *5=$à.
3RNU WáR Z\ERUX IXQNFML XVWDZLü QD
SR]\FM 3RNU WáR WHUPRVWDWX XVWDZLü QD Z\
EUDQ WHPSHUDWXU 1$*5=(:$1,(=1$:,(:(0
*25 &<032:,(75=(0
3RNU WáR Z\ERUX IXQNFML XVWDZLü QD
3RNU WáR WHUPRVWDWX XVWDZLü QD Z\
EUDQ WHPSHUDWXU 52=05$ $1,(
$E\ XVWDZLü IXQNFM UR]PUD DQLD QD
OH \XVWDZLüSRNU WáRZ\ERUXIXQNFMLQD
: WHM SR]\FML SURGXNW XOHJD Z NUyWNLP
F]DVLH UR]PUR HQLX G]L NL QDZLHZRZL
]LPQHJRSRZLHWU]D
5\V
8:$*$
-H OL SRNU WáR Z\ERUX IXQNFML ]QDM
GXMH VL QD SR]\FML OXE QD SR]\
FML
ZWHG\SRNU WáRWHUPRVWDWX
QDOH \XVWDZLüQDSR]\FM ”!!
*5,//
3RNU WáR WHUPRVWDWX XVWDZLü QD Z\
$E\ XQLNQ ü SU]HJU]DQLD VL ZHQ
W\ODWRU VFKáDG]DM F\ SUDFXMH SR
Z\á F]HQLX VL SLHNDUQLND GR PR
PHQWX RVL JQL FLD EH]SLHF]QHM
WHPSHUDWXU\
/$03.$.21752/1$
7(50267$78R&
32.5 7à$3à<7<'2
*272:$1,$
3RNU WáR Z\ERUX IXQNFML XVWDZLü QD
EUDQ WHPSHUDWXU 1DSDQHOXVWHUXM F\P]QDMGXM VL SR
NU WáD SU]HZLG]LDQH GOD F]WHUHFK HOH
PHQWyZJU]HMQ\FKSá\W\GRJRWRZDQLD
/DPSND NRQWUROQD WHUPRVWDWX JD QLH
MH OL XVWDZLRQD WHPSHUDWXUD Z SLHNDU
QLNX ]RVWDQLH RVL JQL WD L SRQRZQLH
]DSDOD VL NLHG\ SLHNDUQLN MHVW QD
JU]HZDQ\
UHJXORZDQH
3ROD
JU]HMQH
V WDNWRZ\P SU]Há F]QLNLHP U\V ]
F]HJRZ\NRU]\VWXMHVL VWRSQLPRF\
/$03.$.21752/1$35$&<
/DPSND NRQWUROQD SUDF\ ZVND]XMH
JU]DáN NWyUD SUDFXMH Z W\P PR
PHQFLH
:\á F]RQ\
0LQLPXP
0DNVLPXP
7(50267$7
%(=3,(&=( 67:$
: FHOX XQLNQL FLD QDGPLHUQHJR QD
JU]DQLD VL ZVNXWHN QLHSUDZLGáRZHM
REVáXJL XU] G]HQLD OXE XV]NRG]HQLD
MDNLHJR HOHPHQWXNXFKQL Z\SRVD R
QR Z WHUPRVWDW EH]SLHF]H VWZD NWyU\
RGá F]DGRSá\ZHQHUJLLHOHNWU\F]QHM
3RQRZQH Zá F]HQLH XU] G]HQLD QDVW SXMH DXWRPDW\F]QLH SR VSDGNX WHPSH
UDWXU\
-H OL WHUPRVWDW EH]SLHF]H VWZD ]D
G]LDáDZVNXWHNQLHSUDZLGáRZHJR]DVWR
VRZDQLD XU] G]HQLD Z\VWDUF]\ H SR
RFKáRG]HQLX NXFKQL ]RVWDQLH XVXQL WD
SU]\F]\QD Eá GX -H OL MHGQDN WHUPR
VWDW EH]SLHF]H VWZD ]DG]LDáD ZVNXWHN
XV]NRG]HQLD MDNLHM F] FL ZWHG\
XVWHUN QDOH \ ]JáRVLü Z DXWRU\]RZD
Q\PSXQNFLHVHUZLVRZ\P
5\V
8:$*$
3RGF]DV VPD HQLD QD ROHMX OXE
WáXV]F]X QS VPD HQLH IU\WHN QDOH
\ QDG]RURZDü SURFHV NXOLQDUQ\
JG\ UR]JU]DQ\ ROHM PR H VL áDWZR
]DSDOLü
:(17</$725&+à2'= &<
:HQW\ODWRU SU]H]QDF]RQ\ MHVW GR
VFKáDG]DQLD F] FL HOHNWU\F]Q\FK SR
NU WHáLXFKZ\WXGU]ZLSLHNDUQLND
:á F]DQLH L Z\á F]DQLH ZHQW\ODWRUD
QDVW SXMH DXWRPDW\F]QLH SR XUXFKR
PLHQLXSRNU WáDZ\ERUXIXQNFML
63(&-$/1<),/75
7à86=&=2:<
3RGF]DVSLHF]HQLDVWRVXMHVL VSHFMDO
Q\ILOWUWáXV]F]RZ\U\VNWyU\RJUDQL
F]D ]DQLHF]\V]F]HQLH ZHQW\ODWRUD
]QDMGXM FHJR VL Z W\OQHM FLDQFH SLH
NDUQLND 3R ]DNR F]HQLX SLHF]HQLD
QDOH \ILOWU]GM üLXP\ü
: W\P FHOX QDOH \ QDFLVQ ü VSU
ILOWUDGRJyU\L]GM üILOWU
\Q
=DNáDGDQLH ILOWUD QLH MHVW NRQLHF]QH
SRGF]DVSLHF]HQLDFLDVWD
5\V
3,(5:6=(:à &=(1,(85= '=(1,$
3R ]DLQVWDORZDQLX XU] G]HQLD QD
$E\ RWZRU]\ü GU]ZL SLHNDUQLND QD
OH \ ]DZV]H SU]\WU]\PDü XFKZ\W QD
URGNXMDNSRND]DQRQDU\VXQNX
OH \
D SRNU WáR WHUPRVWDWX XVWDZLü QD SR
]\FM 0$;
E SRNU WáR Z\ERUX IXQNFML XVWDZLü QD
QDJU]HZDQLH JyUQ L GROQ JU]DáN
F Zá F]\ü SXVW\ SLHNDUQLN QD RN PLQXW
G SRPLHV]F]HQLH Z\ZLHWU]\ü RWZR
U]\üRNQR
3RGF]DVSLHUZV]HJRZá F]HQLDSLHNDU
QLND PR H E\ü Z\F]XZDOQ\ QLHSU]\
MHPQ\ ]DSDFK -HVW WR VSRZRGRZDQH
Z\SDODQLHP VL UHV]WHN ZDUVWZ\ WáXV]
F]X SR]RVWDáHJR SR SURFHVLH SURGXN
F\MQ\P -HVW WR FDáNRZLFLH QRUPDOQH
]MDZLVNR 3R QDJU]DQLX SXVWHJR SLH
NDUQLND QDOH \ SR]RVWDZLü JR GR RVW\
JQL FLD QDVW SQLH XP\ü PL NN
V]PDWN ]DPRF]RQ Z áDJRGQ\P
URGNXGRP\FLD
5\V
:\SRVD HQLHSLHNDUQLNDEODFK\QDOH
\ VWDUDQQLH XP\ü SU]HG SLHUZV]\P
SLHF]HQLHP
867$:,(1,(=(*$5$(/(.7521,&=1(*2
867$:,(1,($.78$/1(*2'=,1<JRG]LQ\
: SU]\SDGNX EUDNX GRSá\ZX
SU GX ZV]\VWNLH XVWDZLHQLD DNWXDO
QDJRG]LQDXVWDZLRQHSURJUDP\OXE
SURJUDP\ E G FH Z WRNX ]RVWDM
SU]HUZDQH -H OL GRSá\Z SU GX ]R
VWDQLH Z]QRZLRQ\ SXOVXM ODPSNL
NRQWUROQH V\JQDOL]XM FH H QDOH \
SRQRZQLHXVWDZLü]HJDU
1DFLVQ ü MHGQRF]H QLH
SU]\FLVN $ RUD] % L
REUDFDM F SRNU WáR (
ZSURZDG]Lü DNWXDOQ
JRG]LQ &=$63,(&=(1,$
35$&$:75<%,(5 &=1<0
1DFLVQ ü SU]\FLVN % L
REUDFDM F SRNU WáR (
ZSURZDG]Lü NRQLHF]Q\
F]DV 3R SUDZHM VWURQLH
QD Z\ ZLHWODF]X ]HJDUD
SRMDZL VL ZVND]DQLH Ä$872´ 1D
VW SQLHXVWDZLüZ\EUDQ WHPSHUDWXU L
IXQNFM SLHNDUQLND 3R ]DNR F]HQLX
F]DVX SLHF]HQLD UR]EU]PLHZD V\JQDá
DNXVW\F]Q\SU]H]RNPLQXW\
1DFLVQ ü SU]\FLVN ' Z FHOX
SU]HVWDZLHQLD SLHNDUQLND QD
U F]Q\WU\ESUDF\
867$:,(1,(0,1871,.$
1DFLVQ ü SU]\FLVN $ L
REUDFDM F SRNU WáR (
XVWDZLü Z\EUDQ\ F]DV
PDNVJRG]LQ\L
PLQXW 3R XVWDZLHQLX
Z\EUDQHJR F]DVX ]HJDU E G]LH ZVND
]\ZDá SRQRZQLH DNWXDOQ JRG]LQ 3R
XSá\ZLH XVWDZLRQHJR F]DVX UR]
EU]PLHZD SU]H] RN PLQXW\ V\JQDá
DNXVW\F]Q\ $E\ Z\á F]\ü V\JQDá QD
OH \ QDFLVQ ü SU]\FLVN $ D SRNU WáR
Z\ERUX IXQNFML RUD] UHJXODWRUD WHPSH
UDWXU\ XVWDZLü QD SR]\FM Ä:<à &=21<´
$E\ Z\á F]\ü V\JQDá QDOH \ QDFLVQ ü
SU]\FLVN $ D SRNU WáR Z\ERUX IXQNFML
RUD] WHUPRVWDWX XVWDZLü QD SR]\FM
Ä:<à &=21<´
IXQNFML L WHUPRVWDWX XVWDZLü QD RGSR
ZLHGQLHMSR]\FML3U]HGZá F]HQLHPVL
SLHNDUQLND QLH ]D ZLHFL VL ODPSND
NRQWUROQD WHPSHUDWXU\ DQL R ZLHWOHQLH
SLHNDUQLND 3R ]DNR F]HQLX F]DVX SLH
F]HQLD SXOVXMH Ä$872´ L SU]H] RN PLQXW\ UR]EU]PLHZD V\JQDá DNXVW\F]
Q\ : FHOX Z\á F]HQLD V\JQDáX QDOH \
QDFLVQ üSU]\FLVN$DSRNU WáRZ\ERUX
IXQNFMLLWHUPRVWDWXXVWDZLüQDSR]\FM
Ä:<à &=21<´
867$:,(1,(=(*$5$$8720$
7<&=1(*2:à &=$1,$ 1DFLVQ ü SU]\FLVN % L
SRNU FDM F SRNU WáHP (
XVWDZLü Z\EUDQ\ F]DV
SLHF]HQLD
1DVW SQLH
QDFLVQ ü SU]\FLVN & L
SRNU WáHP(ZSURZDG]Lü
F]DV ]DNR F]HQLD SLH
F]HQLD 3RNU WáR Z\ERUX
3,(&=(1,( : 3,(.$51,.8 :,(/2)81.&<-1<0
:6.$=Ï:.,35$.7<&=1(
']L NL QRZRF]HVQ\P SDUDPHWURP
WHFKQLF]Q\P XU] G]HQLD X]\VNXMH VL
GRVNRQDáH HIHNW\ JRWRZDQLD L SLHF]H
QLD
UR]G]LHODQH Z SLHNDUQLNX ']L NL WHPX
PR QD SLHF MHGQRF]H QLH QD NLONX SR
]LRPDFKUy QHSRWUDZ\
3RSU]H] FL Já\ UXFK SRZLHWU]D QLH QD
VW SXMH SU]HQRV]HQLH ]DSDFKyZ OXE
VPDNyZ QDZHW SU]\ Uy Q\FK SRWUD
ZDFK
75$'<&<-1(1$*5=(:$1,(
*Ï51 ,'2/1 *5=$à.
3U]\ SLHF]HQLX OXE GXV]HQLX PL VD
]DOHFD VL X \ZDQLH W\ONR MHGQHJR SR
]LRPX D Z FHOX XáDWZLHQLD REVHUZDFML
QDOH \ZVXQ üEODFK GRGROQHMOLVWZ\
3RNU WáR Z\ERUX IXQNFML XVWDZLü QD
V\PERO
D SRNU WáHP WHUPRVWDWX
Z\EUDü ZáD FLZ WHPSHUDWXU : WHM
RSFML QDJU]HZDQLD SUDFXMH JyUQD L GRO
QD JU]DáND 3LHF]HQLH MHVW PR OLZH QD
MHGQ\P SR]LRPLH -H OL NRQLHF]QD MHVW
Z\ V]D WHPSHUDWXUD QD SLHF]RQD SR
WUDZ NLHURZDQD ] GRáX OXE ] JyU\
ZWHG\ QDOH \ ZVXQ ü RGSRZLHGQLR
EODFK ZQL V]\OXEZ\ V]\SR]LRP
7HQ URG]DM QDJU]HZDQLD QDGDMH VL
V]F]HJyOQLH GR SDVWHU\]DFML L VXV]HQLD
JU]\EyZE G RZRFyZ
3,(&=(1,(1$*5,//8
3RNU WáRZ\ERUXIXQNFMLXVWDZLüQDSR
]\FM 3,(&=(1,(=1$:,(:(0
*25 &(*232:,(75=$
3RNU WáR WHUPRVWDWX XVWDZLü QD Z\EUD
Q WHPSHUDWXU 3RNU WáR Z\ERUXIXQNFML SLHNDUQLND QDOH
\ XVWDZLü QD V\PEROX QDJU]HZDQLD ]
QDZLHZHP JRU FHJR SRZLHWU]D 7HUPR
VWDWHPXVWDZLüZ\EUDQ WHPSHUDWXU 0L VR L U\E\ QDOH \ SU]HG SU]\VW SLH
QLHPGRSLHF]HQLDQDJULOOXSRVPDURZDü
ROHMHP L XáR \ü QD UXV]FLH ,P EDUG]LHM
SáDVNL MHVW SURGXNW W\P EOL HM JU]DáHN
JULOOD SRZLQLHQ E\ü XPLHV]F]RQ\ L RG
ZURWQLH : WHQ VSRVyE PR QD XQLNQ ü
VSDOHQLDVL JyUQHMSRZLHU]FKQL
3U]HQRV]HQLHFLHSáDQDVW SXMHSRSU]H]
JRU FH SRZLHWU]H NWyUH ]RVWDMH UR]
SURZDG]RQH SU]H] ZHQW\ODWRU ]QDMGX
M F\ VL Z W\OQHM FLDQFH SLHNDUQLND
NRQZHNFMD Z\PXV]RQD : WHQ VSR
VyE FLHSáR MHVW V]\ENR L UyZQRPLHUQLH
6SUDZG]Lü F]\ UXV]W MHVW SUDZLGáRZR
ZáR RQ\GROLVWZ\
3UDZLHZV]\VWNLHURG]DMHPL VDQDGDM
VL GR SLHF]HQLD QD JULOOX ] Z\M WNLHP
FKXGHJR PL VD ] G]LF]\]Q\ L PL VD
PLHORQHJR
%LDáHPL VRGUyELU\E\SLHF]HVL QD
WRPLDVW Z QL V]\FK WHPSHUDWXUDFK
R&
&LHPQHPL VRNWyUHGREU]HRSLHNDVL
QD]HZQ WU]OHF]Z URGNXPXVLSR]R
VWDüUy RZHOXEF]HUZRQHQDOH \SLHF
Z Z\ V]HM WHPSHUDWXU]H R&
VNUDFDM FQLHFRF]DVSLHF]HQLD
52=05$ $1,(
3RNU WáR Z\ERUX IXQNFML XVWDZLü QD
V\PEROX D SRNU WáR WHUPRVWDWX QD
SR]\FM Ä:\á F]RQ\´ V\PERO :HQW\ODWRU SUDFXMH EH] QDJU]HZDQLD L
GRSURZDG]D SRZLHWU]H R WHPSHUDWXU]H
RWRF]HQLD GR ZQ WU]D SLHNDUQLND FR
SU]\ SLHV]D SURFHV UR]PUD DQLD SUR
GXNWyZ
3,(&=(1,(&,$67$
3LHF]HQLH FLDVWD Z\PDJD ] UHJXá\ Z\
VRNLHMWHPSHUDWXU\R&LGODWH
JR SU]HG ZáR HQLHP FLDVWD ]DOHFD VL
ZVW SQHQDJU]HZDQLHSLHNDUQLNDSU]H]
RNPLQXW
3U]H] FDá\ F]DV SLHF]HQLD QLH ZROQR
RWZLHUDü GU]ZL SLHNDUQLND FLDVWR RE
VHUZRZDüSU]H]V]\E ZGU]ZLDFKSLH
NDUQLND
3,(&=(1,(1$*5,//8
0L VR L U\E\ QDOH \ SRVPDURZDü
ROHMHP SU]HG SU]\VW SLHQLHP GR
SLHF]HQLD QD JULOOX D QDVW SQLH XáR
\üQDUXV]FLH
:RSFMLSLHF]HQLDQDJULOOXSURGXNWQD
JU]HZDQ\ MHVW SU]H] JyUQ JU]DáN GODWHJR SR]LRP ZVXQL FLD UXV]WX MHVW
X]DOH QLRQ\ RG JUXER FL SODVWUyZ PL VDOXEU\E\
3DPL WDü R ZVXQL FLX EU\WIDQQ\ QD
SLHUZV]\ SR]LRP L ZODü GR QLHM WUR
FK ZRG\
1DJU]HZDQLHWUDG\F\MQH
L]QDZLHZHP
:VND]yZNL
3RGDQH F]DV\ SLHF]HQLD GRW\F]
]LPQHJR SLHNDUQLND EH] QDJU]H
ZDQLD ZVW SQHJR : SU]\SDGNX
SLHF]HQLD VáRGNLFK SRWUDZ SL]]\ L
FKOHED ]DOHFD VL ZVW SQH QDJU]H
ZDQLHSLHNDUQLNDSU]H]PLQXW
3R]LRP\ OLVWHZ NWyUH SRGDQR Z
QDZLDVDFK RGQRV] VL GR SLHF]H
QLDQDNLONXSR]LRPDFK
5\V
3,(&=(1,(0, 6$,5<%
0L VR OXE U\E\ ZáR \ü GR DURRGSRU
QHJRQDF]\QLDNWyUHQDOH \XVWDZLüQD
UXV]FLH3DPL WDü HEU\WIDQQ QDOH \
XPLH FLü QD SLHUZV]\P SR]LRPLH RG
GRáXLZODüGRQLHMWURFK ZRG\
3LHF]HQLH PXVL RGE\ZDü VL SU]\
]DPNQL W\FKGU]ZLNDFKSLHNDUQLND
&]DV\JRWRZDQLDLSLHF]HQLD
&]DV\ JRWRZDQLD ]DOH RG ZáD FLZR
FLLLOR FLSRWUDZ\
=DOHFD VL QDG]RURZDQLH SLHUZV]\FK
SURFHVyZ JRWRZDQLD RUD] SLHF]HQLD L
QRWRZDQLH VZRLFK REVHUZDFML GRW\F] F\FK F]DVX JRWRZDQLD RUD] SLHF]HQLD
SRV]F]HJyOQ\FKSRWUDZ
:WDEHOLSRGDQRF]DV\JRWRZDQLDRUD]
SLHF]HQLD L WHPSHUDWXU GOD Uy Q\FK
SRWUDZ
*ULOO
:VXQ ü GR SLHUZV]HM GROQHM OLVWZ\
EU\WIDQQ GRZ\áDS\ZDQLD FLHNDM FHJRWáXV]F]X=DOHFDVL QDODQLHò
OLWUDZRG\GREU\WIDQQ\
3LHF]HQLH PXVL RGE\ZDü VL SU]\
]DPNQL W\FKGU]ZLDFKSLHNDUQLND
7$%(/$&=$6Ï:3,(&=(1,$
0(72'$75$'<&<-1$*Ï51$,'2/1$*5=$à.$
3,(&=(1,(=1$:,(:(0*25 &(*232:,(75=$7(5022%,(*
3LHF]HQLH
*yUQDGROQDJU]DâND
,OR ý
ZJ
3RWUDZD
&]DVSLHF]HQLD
ZPLQXWDFK
]WHUPRRELHJLHP
7HPS
ZR&
7HPS
ZR&
8ZDJL
&LDVWR
&LDVWRXFLHUDQH
±
'UR G RZH
±
.UXFKHWRUWRZH
±
6HUQLN
±
-DEáHF]QLN
±
6WUXFOD
±
&LDVWNDNUXFKH
±
0DáHFLDVWHF]ND
±
+HUEDWQLNL
±
%H]\
&KOHELSL]]D
%LDá\FKOHE
±
ERFKHQHN
\WQLFKOHE
±
IRUHPND
%XáNL
±
V]WXNQD
3L]]D
EODV]FH
6XIOHW
0 F]Q\
-DU]\QRZ\
±
±
4XLFKH
±
/DVDJQH
±
3LHF]HQLH
*yUQDGROQDJU]DâND
,OR ý
ZJ
3RWUDZD
&]DVSLHF]HQLD
ZPLQXWDFK
]WHUPRRELHJLHP
7HPS
ZR&
7HPS
ZR&
8ZDJL
0L VRLGUyE
3LHF]H ZRáRZD
±
1DUXV]FLH
3LHF]H ZLHSU]RZD
±
1DUXV]FLH
3LHF]H FLHO FD
±
1DUXV]FLH
5RVWEHISRDQJLHOVNX
±
1DUXV]FLH
3LHF]H ]MDJQL FLD
±
.XUF]DN
±
:FDáR FL
,QG\N
±
:FDOR FL
.DF]ND
±
:FDáRVFL
*
:FDáR FL
=DM F
±
:NDZDáNDFK
V]WXNL
ILOHW\
8G]LHF
5\E\
&DáHU\E\
±
)LOHW\
3,(&=(1,(1$*5,//8
3,(&=(1,(1$*5,//80(72' 75$'<&<-1 &]DVSLHF]HQLD
ZPLQXWDFK
,OR ü
ZJ
/LVWZD
SR]LRPUXV]WX
7HPSHUDWXUD
ZR&
3LHUVL]NXUF]DND
0D[
7RVW\
0D[
.LHáEDVNLSLHF]RQH
0D[
.RWOHW\
0D[
5\E\ILOHW\
0D[
3RWUDZD
*yUD
'yá
0<&,(,.216(5:$&-$
3U]HG SU]\VW SLHQLHP GR F]\V]F]H
QLD XU] G]HQLD QDOH \ MH Z\á F]\ü L
SR]RVWDZLüGRRVW\JQL FLD
&=<6=&=(1,('5=:,
3,(.$51,.$
$E\ XáDWZLü XP\FLH GU]ZL SLHNDUQLND
]DOHFDVL LFK]GM FLH
.XFKQLQLHZROQRP\üXU] G]HQLDPL
GR F]\V]F]HQLD ]D SRPRF JRU FHM
SDU\
: W\P FHOX QDOH \ Z\NRQDü
QDVW SXM FHF]\QQR FL
8:$*$
D FDáNRZLFLHRWZRU]\üGU]ZL
3U]HG SU]\VW SLHQLHP GR P\FLD L
LQQ\FK F]\QQR FL NRQVHUZDF\MQ\FK
QDOH \ XU] G]HQLH RGá F]\ü RG ]D
VLODQLDHOHNWU\F]QHJR
E XVWDOLü ]DZLDV\ WU]\PDM FH GU]ZL
SLHNDUQLNDU\V
F PDáH G ZLJQLH ]QDMGXM FH VL QD
REX]DZLDVDFKSROX]RZDüLREUyFLü
U\V
&=<6=&=(1,(3,(.$51,.$
: FHOX SU]HGáX HQLD \ZRWQR FL
G SU]\WU]\PDüGU]ZLSROHZHMLSUDZHM
VWURQLH D QDVW SQLH REUyFLü SRZROL
ZNLHUXQNXSLHNDUQLNDGRPRPHQWX
D SLHNDUQLN E G]LH GR SRáRZ\ ]D
PNQL W\
XU] G]HQLD NRQLHF]QH V UHJXODU
QHSUDFHNRQVHUZDF\MQH
” XU] G]HQLHP\üNLHG\MHVW]LPQH
H GHOLNDWQHZ\M üGU]ZLU\V
” F] FL HPDOLRZDQH P\ü UR]WZRUHP
I RGVWDZLü GU]ZL Z EH]SLHF]QH PLHM
VFH
]P\GáHP
” GR P\FLD QLH VWRVRZDü URGNyZ
V]RUXM F\FK
6]\E XP\ü FLHSá ZRG L Z\WU]Hü
PL NN V]PDWN ” F] FL]HVWDOLV]ODFKHWQHMLV]\E Z
GU]ZLDFKSLHNDUQLNDZ\FLHUDüVXFK
LPL NN V]PDWN 3R XP\FLX SRQRZQLH ]DPRQWRZDü
GU]ZL Z\NRQXM F RSLVDQH Z\ HM F]\Q
QR FLZRGZURWQHMNROHMQR FL
” GR XVXZDQLD SODP VWRVRZDü RGSR
ZLHGQLH URGNL GR F]\V]F]HQLD VWDOL
V]ODFKHWQHMOXEFLHSá\RFHW
(PDOLD SLHNDUQLND MHVW EDUG]R WUZDáD L
RGSRUQD *RU FH NZDV\ RZRFRZH ]
F\WU\Q\ OLZHNLWSPRJ VSRZRGRZDü
PDWRZH SODP\ QD SRZLHU]FKQL HPDOLR
ZDQHM7HJRW\SXSODP\QDSRZLHU]FK
QL HPDOLRZDQHM QLH ZSá\ZDM MHGQDN
XMHPQLHQDIXQNFMRQRZDQLHSLHNDUQLND
3LHNDUQLN QDOH \ F]\ FLü SR ND GRUD
]RZ\P X \FLX JG\ ZWHG\ ]DEUXG]H
QLD PR QD QDMV]\EFLHM L QDMáDWZLHM XVX
Q ü:WHQVSRVyEXQLNDVL NROHMQ\FK
SU]\SDOH 5\V
86=&=(/.$'5=:,
3,(.$51,.$
6SUDZG]Dü UHJXODUQLH F]\ XV]F]HOND
QLH ]RVWDáD XV]NRG]RQD : SU]\SDGNX
XV]NRG]HQLDXV]F]HONLQLHQDOH \Zá F]Dü NXFKQL GR F]DVX XVXQL FLD XVWHU
NL 1DVW SQLH ]JáRVLü DZDUL Z DXWRU\
]RZDQ\P SXQNFLH VHUZLVRZ\P 'R
Z\PLDQ\ VWRVXMH VL Z\á F]QLH RU\JL
QDOQHF] FL]DPLHQQH
'R F]\V]F]HQLD XV]F]HONL QLH ZROQR
VWRVRZDü URGNyZV]RUXM F\FK
:<0,$1$ $5Ï:.,
:3,(.$51,.8
5\V
DUyZND PXVL SRVLDGDü QDVW SXM FH
SDUDPHWU\
” 3U]HG SU]\VW SLHQLHP GR Z\PLDQ\
DUyZNL QDOH \ XU] G]HQLH Z\á F]\ü]VLHFL
D VWUXNWXUD RGSRUQD QD Z\VRN WHP
SHUDWXU GRR&
E QDSL FLHF] VWRWOLRZ ü9
+]
F PRF:
G FRNyá(
” 2GNU FLüRVáRQ V]NODQ LZ\PLHQLü
XV]NRG]RQ DUyZN U\V
868:$1,(867(5(.
$E\ XVXQ ü GUREQH XVWHUNL Z\VWDUF]\ QLHNLHG\ Z\NRQDü SURVWH F]\QQR FL VSUDZ
G]DM FH : WDEHOL SRGDQR QLHZLHONLH XVWHUNL NWyUH X \WNRZQLN PR H VDPRG]LHOQLH
XVXQ üEH]NRQLHF]QR FLZ]\ZDQLDVHUZLVDQWD
867(5.$
52=:, =$1,(
‰ 6SUDZG]LüF]\XU] G]HQLHMHVWXVWDZLRQHQDU F]Q\WU\ESUDF\LSRNU WáD
XVWDZLRQHV QDRNUH ORQ IXQNFM LWHPSHUDWXU IXQNFMRQXMH
‰ 6SUDZG]LüF]\XU] G]HQLHMHVWSUDZLGáRZRZá F]RQHZW\F]NDMHVWZ
JQLD]GNXF]\QDVW SLáDSU]HUZDZGRSá\ZLHSU GXF]\SLHNDUQLNMHVWXVWD
ZLRQ\QDÄ:à &=21<´
‰ 7HUPRVWDWXVWDZLüQDZ\EUDQ WHPSHUDWXU /DPSNDNRQWUROQD
WHUPRVWDWXSLHNDUQL ‰ 3RNU WáRZ\ERUXIXQNFMLXVWDZLüQDZ\EUDQ IXQNFM NDQLH ZLHFLVL DUyZNDSLHNDUQLND ‰ 3RNU WáRZ\ERUXIXQNFMLXVWDZLüQDZ\EUDQ IXQNFM ‰ .XSLüQRZ DUyZN RRGSRZLHGQLFKSDUDPHWUDFKZSXQNFLHVHUZLVRZ\PL
QLH ZLHFLVL Z\PLHQLüM ]JRGQLH]HZVND]yZNDPLSRGDQ\PLZLQVWUXNFMLREVáXJL
&]DVSLHF]HQLDMHVW]E\W ‰ 3U]HF]\WDüZVND]yZNLGRW\F] FHF]DVyZSLHF]HQLD
GáXJLOXE]E\WNUyWNL
:HZQ WU]SLHNDUQL ‰ 1LHSR]RVWDZLDüSRWUDZSRXSLHF]HQLXZSLHNDUQLNXGáX HMQL PLQXW
NDLQDSRWUDZDFK
RVDG]DVL VNURSOR
QDZRGD
” 8U] G]HQLHQLH
”
”
”
”
$8725<=2:$1<6(5:,6
-H OL SR Z\NRQDQLX RSLVDQ\FK Z SR
SU]HGQLP UR]G]LDOH F]\QQR FL VSUDZ
G]DM F\FK XU] G]HQLH QDGDO QLH IXQN
FMRQXMHXVWHUN QDOH \]JáRVLüZDXWR
U\]RZDQ\P SXQNFLH VHUZLVRZ\P 3U]\
]JáRV]HQLX QDOH \ RSLVDü REMDZ\
XVWHUNLSRGDüPRGHOQXPHUSURGXNWXL
QXPHU VHU\MQ\ XU] G]HQLD 'DQH WH
]QDMGXM VL QDWDEOLF]FH]QDPLRQRZHM
&HUDPLF]QDSá\WDGRJRWRZDQLD
7\S=*5=*51=*5:
=*5;
à F]QDZDUWR üSRGá F]HQLDN:
1DSL FLH+]9
&HUDPLF]QDSá\WDGRJRWRZDQLD
7\S=*5=*51=*5:
=*5;
'RQDSUDZQDOH \VWRVRZDüZ\á F]QLH
RU\JLQDOQHF] FL]DPLHQQH
à F]QDZDUWR üSRGá F]HQLDN:
1DSL FLH+]9
*:$5$1&-$
&HUDPLF]QDSá\WDGRJRWRZDQLD
8U] G]HQLH SRVLDGD JZDUDQFM XGR
NXPHQWRZDQ NDUW JZDUDQF\MQ NWyUD
Z\GDZDQD MHVW ZUD] ] LQVWUXNFM SU]\
VSU]HGD \ XU] G]HQLD : SU]\SDGNX
EUDNX NDUW\ JZDUDQF\MQHM QDOH \ ]D GDü MHM RG VSU]HGDZF\ L QDQLH ü GDW
VSU]HGD \ PRGHO QXPHU IDEU\F]Q\
'DQH WH ]QDMGXM VL QD WDEOLF]FH
]QDPLRQRZHM
7\S=*5+/=*51+/
=*5:+/=*5;+/
à F]QDZDUWR üSRGá F]HQLDN:
1DSL FLH+]9
&HUDPLF]QDSá\WDGRJRWRZDQLD
7\S=*5=*5:
à F]QDZDUWR üSRGá F]HQLDN:
1DSL FLH+]9
.DUW JZDUDQF\MQ QDOH \ ]DFKRZDü L
Z SU]\SDGNX QDSUDZ\ RND]Dü M SHU
VRQHORZL DXWRU\]RZDQHJR SXQNWX VHU
ZLVRZHJR ZUD] ] UDFKXQNLHP ]DNXSX
: SU]\SDGNX MH OL 3D VWZR QLH RND
NDUW\ JZDUDQF\MQHM QDSUDZD E G]LH
Z\NRQDQDRGSáDWQLH
0RF]QDPLRQRZDJU]DQLD
3LHNDUQLNHOHNWU\F]QDSá\WDGR
JRWRZDQLDN:
3LHNDUQLNFHUDPLF]QDSá\WDGR
JRWRZDQLDN:
3LHNDUQLNFHUDPLF]QDSá\WDGR
JRWRZDQLDN:
:DUXQNL JZDUDQFML SRGDQR QD NDUFLH
JZDUDQF\MQHM NWyU QDOH \ SU]HGáR \ü
VHUZLVDQWRZL ZUD] ] GRZRGHP ]DNXSX
Z SU]\SDGNX NRQLHF]QR FL Z\NRQDQLD
QDSUDZ\ZUDPDFKJZDUDQFML
3LHNDUQLNFHUDPLF]QDSá\WDGR
JRWRZDQLDN:
3LHNDUQLNFHUDPLF]QDSá\WDGR
JRWRZDQLDN:
3LHNDUQLN GR ]DEXGRZ\ PR H ZVSyá
SUDFRZDü ] QDVW SXM F\PL Sá\WDPL GR
HOHNWU\F]Q\PL JRWRZDQLD OXE Sá\WDPL
FHUDPLF]Q\PL
(OHNWU\F]QDSá\WDGRJRWRZDQLD
7\S =0( 9' =0) 9' =0):9'=069'
à F]QDZDUWR üSRGá F]HQLDN:
1DSL FLH+]9
'$1(7(&+1,&=1(
3$5$0(75<(/(.75<&=1(
0RFQDJU]HZDQLD
'ROQDJU]DáND
:
*yUQDJU]DáND
:
3LHNDUQLN
:
*ULOO]SURPLHQLDPLSRGF]HUZRQ\PL
:
2 ZLHWOHQLHSLHNDUQLND
:
6LOQLNQDZLHZXJRU FHJRSRZLHWU]D
:
6LOQLNZHQW\ODWRUDFKáRG] FHJR
:
à F]QDZDUWR üSRGá F]HQLD
:
1DSL FLHVLHFLRZH+]
9
:<0,$5<2%8'2:<
:\VRNR ü
FP
6]HURNR ü
FP
*á ERNR ü
FP
:<0,$5<3,(.$51,.$
:\VRNR ü
FP
6]HURNR ü
FP
*á ERNR ü
FP
3RMHPQR üX \WNRZD
O
,167$/$&-$
PHEODFKGR]DEXGRZ\RRGSRZLHGQLFK
Z\PLDUDFK
:V]\VWNLH F]\QQR FL ]ZL ]DQH ] LQ
VWDODFM XU] G]HQLD QDOH \ Z\NRQDü
FL OHZHGáXJ RERZL ]XM F\FK SU]H
SLVyZ EH]SLHF]H VWZD 3UDFH LQVWD
ODF\MQH PRJ Z\NRQ\ZDüZ\á F]QLH
RVRE\ ] RGSRZLHGQLPL NZDOLILND
FMDPL
1DOH \ ]DSHZQLü RFKURQ SU]HG GR
WNQL FLHP F] FL HOHNWU\F]Q\FK SRG
QDSL FLHP OXE L]RODFML SRSU]H] SUDZL
GáRZ ]DEXGRZ XU] G]HQLD ZHGáXJ
RERZL ]XM F\FKSU]HSLVyZ
=JRGQLH ] RERZL ]XM F\PL SU]HSLVDPL
ZV]\VWNLH HOHPHQW\ ]DEH]SLHF]DM FH
SU]HG GRWNQL FLHP SU]HZRGyZ SRG
QDSL FLHP L F] FL L]RODF\MQ\FK PXV]
E\ü Z WDNL VSRVyE ]DPRFRZDQH DE\
867$:,(1,(:=$%8'2:,(
:FHOX]DSHZQLHQLDEH]DZDU\MQHMSUD
F\XU] G]HQLDQDOH \]DPRQWRZDüMHZ
QLH PR QD E\áR LFK ]GHPRQWRZDü EH]
X \FLD QDU] G]L 'RW\F]\ WR UyZQLH
F] FL ERF]Q\FK QD SRF] WNX L NR FX
OLQLL]DEXGRZ\
-H OL E G]LH LQVWDORZDQD HOHNWU\F]QD
Sá\WD GR JRWRZDQLD ZWHG\ HOHNWU\F]QH
SRGá F]HQLH Sá\W\ L SLHNDUQLND PXVL
QDVW SLü RGG]LHOQLH ]DUyZQR ]H
Z]JO GyZ EH]SLHF]H VWZD MDN L ]
XZDJL QD IDNW H SLHNDUQLN PR QD áD
WZLHMZ\VXQ ü
5\V
5\V
=$%8'2:$'2/1(32'67$:<
32'à &=(1,('2
,167$/$&-,(/(.75<&=1(-
1DU\VXQNXSRND]DQRZ\PLDU\ZQ NL
GR]DEXGRZ\GROQHM
3U]HG SU]\VW SLHQLHP GR SRGá F]HQLD
QDOH \ VSUDZG]Lü F]\ ]RVWDá\ VSHáQLR
QHQL HMSRGDQHZDUXQNL
” =DEH]SLHF]HQLH L LQVWDODFMD GRPRZD
PXVL RGSRZLDGDü PDNV\PDOQHPX
REFL HQLXNXFKQLSDWU]ZDUWR FLQD
WDEOLF]FH]QDPLRQRZHM
” ,QVWDODFMD GRPRZD PXVL SRVLDGDü
X]LHPLHQLH ]JRGQLH ] RERZL ]XM F\PLSU]HSLVDPLZW\P]DNUHVLH
” *QLD]GNR OXE ZLHORELHJXQRZ\ Z\
á F]QLNPXVLE\üGRVW SQ\SR]DLQ
VWDORZDQLXXU] G]HQLD
8U] G]HQLH GRVWDUF]RQH MHVW EH]
SU]HZRGX ]DVLODM FHJR JG\ Z ]DOH QR FL RG URG]DMX ]DVLODQLD NRQLHF]Q\
MHVW SU]HZyG ] RGSRZLHGQL ZW\F]N
SU]\VWRVRZDQ GR REFL HQLD SRGDQH
JRQDWDEOLF]FH]QDPLRQRZHM
5\V
=$02&2:$1,(:0(%/$&+
8U] G]HQLHZVXQ üGRRWZRUXZV]DIFH
1DVW SQLHRWZRU]\üGU]ZLF]NLSLHNDUQL
NDL]DSRPRF UXESDVXM F\FKGR
NáDGQLH GR RWZRUyZ UDP\ SU]\PRFR
ZDüNXFKQL GRPHEOLU\V
-H OL QDVW SLáR SRGá F]HQLH EH] ZW\F]
NL OXE ZW\F]ND MHVW QLHGRVW SQD QDOH
\ ]DPRQWRZDü SRPL G]\ XU] G]H
QLHP L LQVWDODFM VLHFLRZ ZLHORELHJX
QRZ\ Z\á F]QLN QS ]DEH]SLHF]HQLH
SU]Há F]QLN /6 ] UR]ZDUFLHP VW\NyZ
PLQLPXP PP 3U]HZyG X]LHPLDM F\
yáWR]LHORQ\ QLH PR H ]RVWDü SU]H
UZDQ\SU]H]Z\á F]QLN
(/(.75<&=1(32à &=(1,(
=3à<7 '2*272:$1,$
8U] G]HQLH PR QD SRGá F]\ü GR RNUH
ORQ\FK Sá\W GR JRWRZDQLD PRGHOH
SRGDQRZLQQHMF] FLLQVWUXNFML
*QLD]GNR GR SRGá F]HQLD Sá\W\ GR JR
WRZDQLD ]QDMGXMH VL QD REXGRZLH
XU] G]HQLD=Sá\W\GRJRWRZDQLDQDOH
\ Z\SURZDG]Lü SU]HZRG\ SRá F]HQLR
ZH HOHPHQWyZ JU]HMQ\FK L SU]HZyG
X]LHPLDM F\ 3U]HZRG\ WH Z\SRVD RQH
V ZH ZW\F]N :W\F]N L SU]HZyG
SRá F]HQLRZ\ QDOH \ ZáR \ü GR RGSR
ZLHGQLHJRJQLD]GNDNXFKQL
3U]HZyG ]DVLODM F\ PXVL SRVLDGDü WDNL
SU]HNUyM DE\ Z DGQ\P SXQNFLH QLH
]RVWDáDRVL JQL WDWHPSHUDWXUDZ\ V]D
QL R& SRZ\ HM WHPSHUDWXU\ RWRF]H
QLD 3R Z\NRQDQLX SRGá F]HQLD QDOH \
VSUDZG]LüZV]\VWNLHHOHPHQW\JU]HMQH
Zá F]DM FMHQDRNPLQXW\
: WHQ VSRVyE Z\NOXF]D VL PR OL
ZR üQLHSUDZLGáRZHJRSRá F]HQLD
3URGXFHQW ]DVWU]HJD VRELH SUDZR
ZSURZDG]DQLD ]PLDQ WHFKQLF]Q\FK
RUD] SDUDPHWUyZ X \WNRZ\FK EH]
ZF]H QLHMV]HJRSRZLDGRPLHQLD
3URGXFHQW QLH SRQRVL RGSRZLHG]LDO
QR FL ]D V]NRG\ VSRZRGRZDQH
ZVNXWHN QLHSU]HVWU]HJDQLD RERZL ]XM F\FK SU]HSLVyZ EH]SLHF]H VWZD
3U]HZRG\ SRGá F]HQLRZH SRZLQQ\ RG
SRZLDGDü QDVW SXM F\P W\SRP ]
XZ]JO GQLHQLHP NRQLHF]QHJR SU]H
NURMX]QDPLRQRZHJR
+51)
+51)
+55)
+99)
32'à &=(1,('2,167$/$&-,(/(.75<&=1(3URVLP\R]DSR]QDQLHLQVWDODWRUD]SRQL V] LQIRUPDFM 8U] G]HQLD NXFKHQQH R VXPDU\F]QHM PRF\ SU]HNUDF]DM FHM N: SRGá F]DP\ GR
LQVWDODFMLWUyMID]RZHM
2F]\ZL FLHLVWQLHMHWHFKQLF]QDPR OLZR üSRGá F]HQLDGRMHGQHMID]\OXEGZyFKID]
DOHREFL HQLHMHGQHM]ID]PRF QSN:]XSHáQLHQRUPDOQHSU]\Zá F]HQLXF]WH
UHFKSyOSRGF]DVJRWRZDQLDRELDGXQLH]DZV]HMHVWPR OLZHD]SHZQR FL XWUXG
QLDNRU]\VWDQLH]LQQ\FKRGELRUQLNyZHQHUJLLHOHNWU\F]QHMLMHVWQLHSUDNW\F]QH
'RWU]HFKID]SRGá F]DP\]JRGQLH]U\V
3LHNDUQLN Z\SRVD RQ\ Z SRNU WáD GR UHJXODFML Sá\W\
HOHNWU\F]QHM
6WHURZQLN]DVLODM F\Sá\W HOHNWU\F]Q 3á\W HOHNWU\F]Q Z\SRVD RQ Z SRNU WáD E G VWHUR
ZDQLH
GRW\NRZH
8:$*$
-H OLRERNVW\NXLVWQLHMHVW\Ná F]\P\MHPRVWNLHP
'RVW\NyZ±PR QDSRGá F]\üZ\á F]QLHSU]HZyG]HURZ\
32'à &=(1,()$=<*52=,63$/(1,(085= '=(1,$
8:$*$ 3U]HZRG\ ID]RZH PRJ PLHü NRORU QS F]DUQ\ OXE EU ]RZ\ 1LHGRSXV]F]DOQH MHVW
SURZDG]HQLHID]SU]HZRGHPQLHELHVNLPD]ZáDV]F]D yáWR]LHORQ\P
'R GZyFK ID] SRGá F]DP\ ]JRGQLH]U\V
Sá\W HOHNWU\F]Q ] IDEU\F]QLH Z\
SURZDG]RQ\P QD ]HZQ WU] SU]HZR
GHP
'RMHGQHMID]\SRGá F]DP\]JRGQLH]U\V
SLHNDUQLNMDNRVDPRG]LHOQHXU] G]HQLH
1LHSUDZLGáRZHSRGá F]HQLHXU] G]HQLDGRLQVWDODFMLHOHNWU\F]QHMSRZRGXMH
]Z\NOHVSDOHQLHMHJRHOHPHQWyZZHZQ WU]Q\FKFRSRFL JD]DVRE GRGDWNRZH
NRV]WDLSR]EDZLDSUDZDNRU]\VWDQLD]XSUDZQLH JZDUDQFML
)LUPD(OHFWUROX[3RODQGQLHSRQRVLRGSRZLHG]LDOQR FL
]DQLHSUDZLGáRZHSRGá F]HQLHXU] G]HQLDLHZHQWXDOQHNRQVHNZHQFMH