II. ORGANIZACJE KOMERCYJNE I NIEKOMERCYJNE W GOSPODARCE RYNKOWEJ
Andrzej Lis * ZEWN75=1(8:$581.2:$1,$ 5(6758.785<=$&-,35=('6,%,2567:32/6.,(*2 35=(0<6Ê82%5211(*2:35=<6=Ê2Ý&, :Ý:,(7/(%$'$Í(03,5<&=1<&+ (;7(51$/&21',7,2162)32/,6+'()(1&( &203$1,(6n5(6758&785,1*,17+()8785( %$6('217+((03,5,&$/5(6($5&+ 6XPPDU\
7KH DLP RI WKLV DUWLFOH LV WR LGHQWLI\ DQG DQDO\]H NH\ H[WHUQDO IDFWRUV which may possibly determine the future situation and restructuring proc-esses of Polish defence industry companies. The following driving forces have been discussed: the predicted demand for armaments and military equipment RQWKH3ROLVKLQWHUQDOPDUNHWSRVVLELOLWLHVRILQFUHDVLQJWKHPLOLWDU\H[SRUWDV well as the influence and challenges connected with the accession of Poland to The Code of Conduct on Defence Procurement of the EU Member States 3DUWLFLSDWLQJLQWKH(XURSHDQ'HIHQFH$JHQF\7KHDQDO\VLVLVEDVHGRQWKH empirical research conducted in defense companies (questionnaires) support-HGE\H[SHUWRSLQLRQVLQFOXGLQJEXVLQHVVJRYHUQPHQWDJHQFLHVVFLHQWLVWVDQG HFRQRPLFMRXUQDOLVWV7KHDUWLFOHGLVFXVVHVDOVRWKHGLUHFWLRQDQGPHWKRGVRI further scientific research within this area.
8ZDJLZVWÌSQH
3URFHV\UHVWUXNWXU\]DFMLSU]HGVLÖELRUVWZZDUXQNRZDQHVÌZLHORPDF]\QQL NDPLNW¿UHSU]\F]\QLDMÌVLÖGRSRZRG]HQLDZGUDÔDQ\FK]PLDQEÌGÒMHXWUXG QLDMÌ &]\QQLNL EÖGÌFH VW\PXODWRUDPL OXE EDULHUDPL UHVWUXNWXU\]DFML SU]HG GU=DNÊDG(NRQRPLL:\G]LDÊ6SRÊHF]QR(NRQRPLF]Q\:\ÔV]D6]NRÊD*RVSRGDUNLZ%\GJRV]F]\
VLÖELRUVWZ PRJÌ PLHÐ FKDUDNWHU ]DU¿ZQR HJ]R MDN L HQGRJHQQ\ : GXÔ\P XSURV]F]HQLXSU]\MPRZDQHMHVW]DÊRÔHQLHÔHLVWQLHMHZ\VRNLHSUDZGRSRGRELHØ VWZRRGQLHVLHQLDVXNFHVXZSURFHVLHUHVWUXNWXU\]DFMLMHÔHOL]DFKRZDQD]RVWD QLHQLHU¿ZQRÎÐ %1RJDOVNL=.UHIW V SRU $1DOHSND V
V]DQVHVLOQHVWURQ\!]DJURÔHQLDVÊDEHVWURQ\
&HOHP DUW\NXÊX MHVW LGHQW\ILNDFMD L DQDOL]D ]HZQÖWU]Q\FK GHWHUPLQDQ W¿Z UHVWUXNWXU\]DFML SROVNLHJR SU]HP\VÊX REURQQHJR Z SU]\V]ÊRÎFL RUD] SU¿ ED ZVND]DQLD NLHUXQN¿Z GDOV]HM HNVSORUDFML QDXNRZHM WHJR Z\FLQND EDGDQHM U]HF]\ZLVWRÎFL =LGHQW\ILNRZDQLH SRWHQFMDOQ\FK XZDUXQNRZDØ UHVWUXNWXU\ ]DFMLSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRZSU]\V]ÊRÎFLE\ÊRMHG Q\P]FHO¿ZSURJUDPXEDGDZF]HJR5HVWUXNWXU\]DFMDSU]HGVLÖELRUVWZSROVNLH JRSU]HP\VÊXREURQQHJRSR URNX%DGDQLDHPSLU\F]QHSU]HSURZDG]RQH ]RVWDÊ\ZURNX3URMHNWEDGDZF]\UHDOL]RZDQ\E\ÊZUDPDFKVHPLQDULXP GRNWRUVNLHJRZ.DWHGU]H3RGVWDZRZ\FK3UREOHP¿Z=DU]ÌG]DQLDQD:\G]LDOH 1DXN(NRQRPLF]Q\FKL=DU]ÌG]DQLD8QLZHUV\WHWX0LNRÊDMD.RSHUQLNDZ7R UXQLX V]HU]HMSDWU] $/LVVq $/LVVq 3RGF]DV UHDOL]DFMLWHJR]DGDQLDEDGDZF]HJRSRVÊXÔRQRVLÖNRPELQDFMÌPHWRG\DQNLHWR ZHMLPHWRG\Z\ZLDGX]HNVSHUWDPL
%DGDQLHP DQNLHWRZ\P REMÖWR ZV]\VWNLH VS¿ÊHN SURGXNF\MQ\FK SU]H P\VÊRZHJRSRWHQFMDÊXREURQQHJR6SRÎU¿GSU]HGVLÖELRUVWZGRNW¿U\FKZ\VÊD QRNZHVWLRQDULXV]HDQNLHW\]JRGÖQDSU]HSURZDG]HQLHEDGDØX]\VNDQRZ SRGPLRWDFK6WDQRZLWRFRSUDZGDW\ONR EDGDQHMSRSXODFMLDOHEDGD QHSU]HGVLÖELRUVWZDZURNX]DWUXGQLDÊ\ZV]\VWNLFKSUDFRZQLN¿Z ZVHNWRU]HDLFKXG]LDÊZSU]\FKRGDFK]HVSU]HGDÔ\ZV]\VWNLFKVS¿ÊHNSUR GXNF\MQ\FKSROVNLHJRSU]HP\VÊRZHJRSRWHQFMDÊXREURQQHJRZ\QRVLÊ :EDGDQLXSU]HSURZDG]RQ\PPHWRGÌZ\ZLDGX]HNVSHUWDPLXF]HVWQLF]\ÊR HNVSHUW¿ZUHSUH]HQWXMÌF\FK
p NDGUÖ NLHURZQLF]Ì RUD] VSHFMDOLVW¿Z GV UHVWUXNWXU\]DFML SU]HGVLÖ ELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJR
p VS¿ÊNL]DU]ÌG]DMÌFHJUXSDPLNDSLWDÊRZ\PLSU]HP\VÊXREURQQHJR p RUJDQ\DGPLQLVWUDFMLU]ÌGRZHM]ZLÌ]DQH]VHNWRUHP
p LQVW\WXFMHSR]DU]ÌGRZHLRUJDQL]DFMHVDPRU]ÌGXJRVSRGDUF]HJR]U]H V]DMÌFHILUP\VHNWRUDREURQQHJR
p SUDFRZQLN¿Z QDXNRZ\FK ]DMPXMÌF\FK VLÖ SUREOHPDW\NÌ SU]HP\VÊX REURQQHJRRUD]G]LHQQLNDU]\SUDV\VSHFMDOLVW\F]QHM $QDOL]DXZDUXQNRZDØIXQNFMRQRZDQLDLGDOV]HMUHVWUXNWXU\]DFMLSU]HGVLÖ ELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRZSU]\V]ÊRÎFLREHMPRZDÊDQDVWÖSXMÌFH DVSHNW\ p V]DQVHL]DJURÔHQLDZRWRF]HQLXSU]HGVLÖELRUVWZRUD]LFKVLOQHLVÊDEH VWURQ\ PDFLHU]6:27
p SU]HZLG\ZDQ\SRS\WQDNUDMRZ\PU\QNXX]EURMHQLDLVSU]ÖWXZRMVNR ZHJR 8L6: RUD]PRÔOLZRÎFL]ZLÖNV]HQLDSR]LRPXSROVNLHJRHNVSRU WXVSHFMDOQHJR
p Z\]ZDQLD]ZLÌ]DQH]SU]\VWÌSLHQLHPSU]H]3ROVNÖZURNXGR.R GHNVX 3RVWÖSRZDQLD (XURSHMVNLHM $JHQFML 2EURQ\ ('$ Z ]DNUHVLH ]DP¿ZLHØSXEOLF]Q\FKZVHNWRU]H]DRSDWU\ZDQLDREURQQHJR &RGHRI &RQGXFW $QDOL]D6:27 1D SRGVWDZLH RGSRZLHG]L DQNLHWRZDQ\FK SU]HGVLÖELRUVWZ ZVND]DQ\FK ZS\WDQLXRWZDUW\PRUD]RSLQLLHNVSHUW¿Z]LGHQW\ILNRZDQH]RVWDÊ\]DVDGQLF]H F]\QQLNLPRJÌFHGHWHUPLQRZDÐV\WXDFMÖSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊX REURQQHJRZSU]\V]ÊRÎFLRUD]LFKGDOV]ÌUHVWUXNWXU\]DFMÖ V]DQVHZRWRF]HQLX ]DJURÔHQLD Z RWRF]HQLX VLOQH VWURQ\ SU]HGVLÖELRUVWZ VSU]\MDMÌFH G]LDÊDQLRP UHVWUXNWXU\]DF\MQ\PRUD]VÊDEHVWURQ\SU]HGVLÖELRUVWZqZHZQÖWU]QHEDULHU\ UHVWUXNWXU\]DFML1DSRGVWDZLH]LGHQW\ILNRZDQ\FKGHWHUPLQDQW¿Z]EXGRZDQR PDFLHU]6:27SU]HGVWDZLRQÌZWDEHOL Tabela 1.8ZDUXQNRZDQLDUHVWUXNWXU\]DFMLSU]HGVLÖELRUVWZSROVNLHJRSU]HP\ VÊXREURQQHJRZSU]\V]ÊRÎFLqDQDOL]D6:27 6]DQVHZRWRF]HQLX 6LOQHVWURQ\SU]HGVLÖELRUVWZ 2WRF]HQLHRJ¿OQH pXPRZ\RIIVHWRZH pPRGHUQL]DFMDWHFKQLF]QD6LÊ=EURMQ\FK53 pXWZRU]HQLHZVS¿OQHJRHXURSHMVNLHJRU\QNX 8L6:('$ pPLÖG]\QDURGRZHSURJUDP\EDGDZF]R UR]ZRMRZH 2WRF]HQLHNRQNXUHQF\MQH pZVS¿ÊSUDFDSURGXNF\MQD]ILUPDPL ]DJUDQLF]Q\PL pZ]URVWSRS\WXQD8L6:]ZÊDV]F]DQD U\QNDFK]DJUDQLF]Q\FK pZHMÎFLHSROVNLFKSU]HGVLÖELRUVWZ ]HNVSRUWHP8L6:QDQRZHU\QNL ]DJUDQLF]QH pZVSDUFLHSU]HGVLÖELRUVWZ]HVWURQ\JUXS NDSLWDÊRZ\FK pZ\VRNLHNZDOLILNDFMHSUDFRZQLN¿Z pVWRVXQNRZRQRZRF]HVQHGRVWRVRZDQHGR SRWU]HEU\QNXLNRQNXUHQF\MQHFHQRZR SURGXNW\ pGXÔHGRÎZLDGF]HQLHSURGXNF\MQHLU\QNRZH SU]HGVLÖELRUVWZ pVWRVRZDQHWHFKQRORJLH pZGURÔHQLHV\VWHP¿Z]DU]ÌG]DQLD MDNRÎFLÌRUD]Z\VRNDMDNRÎÐSURGXNW¿Z SRWZLHUG]RQHFHUW\ILNDWDPL pZÊDVQH]DSOHF]HEDGDZF]RUR]ZRMRZH
=DJURÔHQLDZRWRF]HQLX 6ÊDEHVWURQ\SU]HGVLÖELRUVWZ 2WRF]HQLHRJ¿OQH pSU]\VWÌSLHQLHSU]H]3ROVNÖqEH]ÔDGQ\FK RNUHV¿ZSU]HMÎFLRZ\FKqGR.RGHNVX('$ pEUDNZVSDUFLDILQDQVRZHJRUHVWUXNWXU\]DFML SU]HGVLÖELRUVWZ]HVWURQ\U]ÌGX 2WRF]HQLHNRQNXUHQF\MQH pZ]URVWNRQNXUHQFMLZSU]HP\ÎOHREURQQ\P QDÎZLHFLH pVSDGHNLEUDNVWDELOQRÎFL]DP¿ZLHØ021 QDGRVWDZ\8L6: pZ]URVWDWUDNF\MQRÎFLLRWZDUFLHNUDMRZHJR U\QNX8L6:GODNRQNXUHQW¿Z]]DJUDQLF\ pVLOQDNRQNXUHQFMD]HVWURQ\SURGXFHQW¿Z cQLVNRNRV]WRZ\FKo pEUDNÎURGN¿ZILQDQVRZ\FKQDLQZHVW\FMH G]LDÊDOQRÎÐEDGDZF]RUR]ZRMRZÌRUD] UHVWUXNWXU\]DFMÖ pZ\VRNDGHNDSLWDOL]DFMDPDMÌWNX SURGXNF\MQHJRLSU]HVWDU]DÊ\SDUN PDV]\QRZ\ pOXNDWHFKQRORJLF]QDZSRU¿ZQDQLX ]OLGHUDPLZÎZLDWRZ\PSU]HP\ÎOH REURQQ\P pZ\VRNLSR]LRPNRV]W¿ZZÊDVQ\FK pRS¿UVSRÊHF]Q\ZREHF]PLDQ
ÑU¿GÊR 2SUDFRZDQLH ZÊDVQH QD SRGVWDZLH Z\QLN¿Z EDGDQLD DQNLHWRZHJR L Z\ZLDG¿Z ]HNVSHUWDPL
6SRÎU¿G ]HZQÖWU]Q\FK F]\QQLN¿Z PRJÌF\FK GHWHUPLQRZDÐ VXNFHV EÌGÒ SRUDÔNÖSURFHV¿ZUHVWUXNWXU\]DFMLSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQ QHJRZSU]\V]ÊRÎFL]LGHQW\ILNRZDQ\FKZPDFLHU]\6:27SRJÊÖELRQHMDQDOL ]\Z\PDJDMÌWU]\SUREOHP\
p SU]HZLG\ZDQ\SR]LRPSRS\WXQDNUDMRZ\PU\QNX8L6: p PRÔOLZRÎFL]ZLÖNV]HQLDSROVNLHJRHNVSRUWXVSHFMDOQHJR
p V]DQVH L ]DJURÔHQLD GOD SROVNLHJR SU]HP\VÊX REURQQHJR ]ZLÌ]DQH ]SU]\VWÌSLHQLHPSU]H]3ROVNÖGR.RGHNVX3RVWÖSRZDQLD(XURSHMVNLHM$JHQ FML2EURQ\ ('$ Z]DNUHVLH]DP¿ZLHØSXEOLF]Q\FKZVHNWRU]H]DRSDWU\ZDQLD REURQQHJR
3U]HZLG\ZDQ\SR]LRPSRS\WXQDNUDMRZ\PU\QNX8L6:
:HGÊXJ HNVSHUW¿Z ELRUÌF\FK XG]LDÊ Z EDGDQLX ZDUWRÎÐ SROVNLHJR U\Q NX 8L6: Z QDMEOLÔV]\FK ODWDFK GR RNRÊR URNX V]DFRZDQD MHVW QD SR ]LRPLH q POG HXUR URF]QLH :DUWRÎÐ SRWHQFMDOQ\FK ]DP¿ZLHØ VSUDZLD ÔHqXZ]JOÖGQLDMÌFLPSRUW8L6:NW¿UHQLHMHVWSURGXNRZDQHZ3ROVFHqNUD MRZ\U\QHNMHVW]E\WPDÊ\DE\]DSHZQLÐIXQNFMRQRZDQLHSU]HGVLÖELRUVWZRP SROVNLHJRSU]HP\VÊXREURQQHJR:SURJQR]RZDQLXSRS\WXQDNUDMRZ\PU\QNX 8L6:QDOHÔ\XZ]JOÖGQLDÐQLHW\ONR]DP¿ZLHQLD021SU]H]QDF]RQHQDELHÔÌ FHSRWU]HE\6LÊ=EURMQ\FK53DOHU¿ZQLHÔQDSURGXNFMÖQDSRF]HWURWRZDQ\FK ]DSDV¿ZPRELOL]DF\MQ\FKGRVWDZ\GODX]EURMRQ\FKIRUPDFML06:L$ 3ROLFMD 6WUDÔ *UDQLF]QD 0LQLVWHUVWZD 6SUDZLHGOLZRÎFL 6ÊXÔED :LÖ]LHQQD 6ÊXÔE\ 2FKURQ\.ROHLDJHQFMLRFKURQ\LLQQ\FKIRUPDFMLX]EURMRQ\FK
:QDMEOLÔV]\FKqODWDFKQDOHÔ\VSRG]LHZDÐVLÖNRQLHF]QRÎFLSU]H]EUR MHQLD6LÊ=EURMQ\FK53]HVSU]ÖWX]RNUHVX8NÊDGX:DUV]DZVNLHJRQDVSU]ÖW QRZHMJHQHUDFMLGRVWRVRZDQ\GRZ\PDJDØ1$72DZ]ZLÌ]NX]W\PZ]URVWX XG]LDÊXZVWUXNWXU]H]DNXS¿Z021VSU]ÖWXRWHFKQRORJLDFKHXURSHMVNLFK]D VWÖSXMÌFHJRVSU]ÖWSRUDG]LHFNL:V]\VWNRZVND]XMHQDWRÔHURVQÌÐEÖGÌZ\ PDJDQLD]HVWURQ\QDV]HJRZRMVNDNW¿UHRF]HNLZDÐEÖG]LHX]EURMHQLDLVSU]ÖWX PRÔOLZLHQDMZ\ÔV]HMMDNRÎFL,QQ\PLVÊRZ\qRGVWURQ\LORÎFLRZHMEÖG]LHPQLHM ]DP¿ZLHØ OHF] MHGQRF]HÎQLH ]DPDZLDQH EÖG]LH X]EURMHQLH PRÔOLZLH QDMQR ZRF]HÎQLHMV]HLFRUD]EDUG]LHMVNRPSOLNRZDQH7\PZ\PRJRPEÖG]LHPXVLDÊ VSURVWDÐQDV]SU]HP\VÊREURQQ\ZSU]HFLZQ\PZ\SDGNX0LQLVWHUVWZR2EURQ\ 1DURGRZHM ]PXV]RQH EÖG]LH ]DPDZLDÐ X]EURMHQLH X SURGXFHQW¿Z ]DJUDQLF] Q\FKW\PEDUG]LHMÔHQDOHÔ\VSRG]LHZDÐVLÖZ]URVWXZDONLNRQNXUHQF\MQHMQD SROVNLPU\QNX8L6:Z]ZLÌ]NX]SU]\VWÌSLHQLHP3ROVNLGR.RGHNVX3RVWÖ SRZDQLD('$
6WUXNWXUDSRS\WXQDNUDMRZ\PU\QNX8L6:Z]QDF]Q\PVWRSQLX]DOHÔHÐ EÖG]LHRGUHDOL]RZDQHJRSURJUDPXPRGHUQL]DFML6LÊ=EURMQ\FK53LZ\VRNR ÎFL ÎURGN¿Z Z EXGÔHFLH 021 SU]HZLG]LDQ\FK QD WHQ FHO :ÎU¿G SUDZGRSR GREQ\FKZLÖNV]\FK]DP¿ZLHØZVND]DÐQDOHÔ\NRQWUDNWÎPLJÊRZFRZ\0RÔQD RF]HNLZDÐU¿ZQLHÔ]ZLÖNV]RQ\FKQDNÊDG¿ZQDDNW\ZQH8L6:PDWHULDÊ\Z\ EXFKRZHÊÌF]QRÎÐLQIRUPDW\NÖLHOHNWURQLNÖ :GDMÌFHMVLÖSU]HZLG]LHÐSU]\V]ÊRÎFLEÖG]LHGRPLQRZDÊWUHQGGRSR]\VNL ZDQLDSU]H]021SURGXNWXcFXVWRPHUWDLORUHGoqZPDÊ\FKVHULDFKSURGXN F\MQ\FKPRGXÊRZHJRZZLHOXZDULDQWDFKIXQNFMRQDOQ\FKLRZ\VRNLHM]ÊRÔR QRÎFLMHGQRVWNRZHM1D]QDF]HQLXEÖGÌ]\VNLZDÐPRGHUQL]DFMH F]ÖVWRPDMÌFH ]DRZRFRZDÐVNRNRZÌSRSUDZÌSDUDPHWU¿Z MXÔHNVSORDWRZDQHJRX]EURMHQLD 6LÊ\=EURMQH53EÖGÌVWRSQLRZR]ZLÖNV]DÐVZHRF]HNLZDQLDGRW\F]ÌFHSR]\ VNLZDQLDV\VWHP¿Z ]ÊRÔRQ\FK]ZLHOXSURGXNW¿Z ]GROQ\FKGRIXQNFMRQRZD QLDZ]ÊRÔRQ\FKDUFKLWHNWXUDFKIXQNFMRQDOQ\FK:VWUXNWXU]HSU]\V]ÊHJRSRS\ WXQDNUDMRZ\PU\QNX8L6:QDOHÔ\XZ]JOÖGQLÐU¿ZQLHÔSU]H]EUDMDQLH:RMVN /ÌGRZ\FKQDVSU]ÖWOHNNLSU]H]QDF]RQ\GRG]LDÊDØVWDELOL]DF\MQ\FKRUD]XSR GDEQLDQLHVLÖZ]DNUHVLHX]EURMHQLDLZ\SRVDÔHQLDSRGRGG]LDÊ¿Z:RMVN/ÌGR Z\FKRUD]IRUPDFMLW\SXSROLF\MQHJR SRGRGG]LDÊ\SUHZHQFML3ROLFMLRGG]LDÊ\ VSHFMDOQHÓDQGDUPHULL:RMVNRZHM 1DNUDMRZ\U\QHN8L6:WU]HEDSDWU]HÐU¿ZQLHÔSU]H]SU\]PDWHZHQWXDO Q\FKNRU]\ÎFLGODSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJR]ZLÌ]DQ\FK ]XPRZDPLRIIVHWRZ\PLQDGRVWDZ\8L6:GOD6LÊ=EURMQ\FK53]DNXSLRQH JR ]D JUDQLFÌ :\GDMH VLÖ ÔH Z W\P REV]DU]H RNUHV QDMZLÖNV]\FK V]DQV GOD SU]HGVLÖELRUVWZ SROVNLHJR SU]HP\VÊX REURQQHJR ]ZLÌ]DQ\FK ] PRGHUQL]DFMÌ 6LÊ=EURMQ\FK53]DNRØF]\ÊVLÖZUD]]UR]VWU]\JQLÖFLHPSU]HWDUJ¿ZQDVDPR ORW ZLHOR]DGDQLRZ\ L NRÊRZ\ WUDQVSRUWHU RSDQFHU]RQ\ :QDMEOLÔV]\FK ODWDFK MHG\QÌLVWRWQÌV]DQVÌRIIVHWRZÌGODVHNWRUDREURQQHJRZW\P]ZÊDV]F]DEUDQÔ\
ORWQLF]HMPRÔHE\ÐSU]HWDUJÎPLJÊRZFRZ\RF]\ZLÎFLHSRGZDUXQNLHPZ\QH JRFMRZDQLDNRU]\VWQ\FKXP¿ZRIIVHWRZ\FK
0RåOLZRßFL]ZLÌNV]HQLDSR]LRPXSROVNLHJRHNVSRUWX VSHFMDOQHJR
=H Z]JOÖGX QD QLHZLHONLH ]QDF]HQLH 3ROVNL QD PLÖG]\QDURGRZ\P U\QNX 8L6:RUD]VLOQÌNRQNXUHQFMÖV]DFRZDQLHHNVSRUWRZ\FKPRÔOLZRÎFLSU]HGVLÖ ELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRSRZLQQRRGE\ZDÐVLÖ]GXÔÌRVWURÔ QRÎFLÌ:\GDMHVLÖMHGQDNÔHREHFQLH]HZ]JOÖGXQDUHGHILQLFMÖ]DJURÔHØSHU VSHNW\Z\HNVSRUWXGODSROVNLHJRSU]HP\VÊXREURQQHJRVÌOHSV]HQLÔNLONDODW WHPX3RRNUHVLHIDVF\QDFMLV\VWHPDPLSUHF\]\MQHJRUDÔHQLDLVLÊDPLOHNNLPL RUD]URVQÌFHJR]QDF]HQLDZWHFKQLFHZRMVNRZHMWHFKQRORJLLKLJKWHFKRGF]DVX ]DPDFK¿ZWHUURU\VW\F]Q\FKQD1RZ\-RUNZURNXPRÔQD]DREVHUZRZDÐ UHGHILQLFMÖSRWU]HEVLÊ]EURMQ\FKSURZDG]ÌF\FKG]LDÊDQLDERMRZRVWDELOL]DF\MQH ZZDUXQNDFKNRQIOLNWXDV\PHWU\F]QHJR3U]HÊRÔ\ÊRVLÖWRQDZ]URVWSRS\WXQD EURØVWU]HOHFNÌXU]ÌG]HQLDGRUR]PLQRZDQLDWHUHQXV\VWHP\RFKURQ\RVREL VWHM NDPL]HONLNXORRGSRUQH L]ELRURZHM GRSDQFHU]HQLHSRMD]G¿Z SU]HGUD ÔHQLHP]EURQLVWU]HOHFNLHMLPLQDPL'UXJLPREV]DUHPSRWHQFMDOQ\FKV]DQV GODSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRMHVWPRGHUQL]DFMDV]HURNR UR]SRZV]HFKQLRQHJRQDÎZLHFLHX]EURMHQLDLVSU]ÖWXZRMVNRZHJRSURGXNFMLUD G]LHFNLHM 5\QNDPLQDNW¿U\FKPRÔQDXSDWU\ZDÐQDMZLÖNV]HV]DQVHHNVSRUWRZHGOD SU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRVÌSDØVWZDQDOHÔÌFHGR URNX GR VWUHI\ ZSÊ\Z¿Z E\ÊHJR =655 NW¿U\FK VLÊ\ ]EURMQH Z\SRVDÔRQH VÌ ZVSU]ÖWSRUDG]LHFNLLZNW¿U\FKSROVNLHILUP\PDMÌGREUHNRQWDNW\KDQGORZH SDØVWZDDUDEVNLH'DOHNL:VFK¿G &]\QQLNLHPVSU]\MDMÌF\PHNVSRUWRZLSRO VNLHJR8L6:GRSDØVWZ$IU\NL3¿ÊQRFQHML'DOHNLHJR:VFKRGXMHVWGREUDRSL QLDSROVNLFKSURGXFHQW¿ZQDWDPWHMV]\FKU\QNDFK3RQDGWRPQLHMV]D]ÊRÔRQRÎÐ SROVNLFKSURGXNW¿ZVSHFMDOQ\FKZSRU¿ZQDQLX]SURGXNFMÌDPHU\NDØVNÌL]D FKRGQLRHXURSHMVNÌVSUDZLDÔHSROVNLH8L6:MHVWÊDWZLHMV]HZREVÊXG]HLPD QLÔV]HFHQ\ 'EDMÌFRGREUHUHODFMHKDQGORZHQDGRW\FKF]DVRZ\FKWUDG\F\MQ\FKU\QNDFK HNVSRUWRZ\FKSU]HGVLÖELRUVWZDSROVNLHJRSU]HP\VÊXREURQQHJRSRZLQQ\DN W\ZQLHSRV]XNLZDÐQRZ\FKU\QN¿ZGODVZRLFKSURGXNW¿ZQDSU]\NÊDGQD%DÊ NDQDFKZSDØVWZDFKDIU\NDØVNLFKF]\Z$PHU\FH3RÊXGQLRZHM:SODQDFK HNVSRUWRZ\FKQDOHÔ\XZ]JOÖGQLDÐZ]URVWNRQNXUHQFMLQDU\QNXSURGXNFMLVSH FMDOQHMZW\PWDNÔHZVHJPHQFLH]DMPRZDQ\PSU]H]SROVNLHSU]HGVLÖELRUVWZD JG]LHRERNVLOQHMSR]\FMLILUPURV\MVNLFKZ]UDVWDLQWHQV\ZQRÎÐNRQNXUHQFML]H VWURQ\ SURGXFHQW¿Z cQLVNRNRV]WRZ\FKo WDNLFK MDN &KLQ\ ,QGLH F]\ 0HNV\N 1D U\QNX NRQWUDNW¿Z QD PRGHUQL]DFMÖ VSU]ÖWX SURUDG]LHFNLHJR GRGDWNRZ\P
F]\QQLNLHP]ZLÖNV]DMÌF\PNRQNXUHQFMÖMHVWZHMÎFLHZWHQREV]DUU\QNXILUP ]DFKRGQLRHXURSHMVNLFK 3RWHQFMDOQ\FKV]DQVHNVSRUWRZ\FKPRÔQDXSDWU\ZDÐU¿ZQLHÔQDZVS¿OQ\P U\QNX8L6:8QLL(XURSHMVNLHMZW\P]ZÊDV]F]DZ]DNUHVLHNRRSHUDFMLSUR GXNF\MQHM]ILUPDPL]DFKRGQLRHXURSHMVNLPL:\NRU]\VWDQLHW\FKV]DQVZ\PD JDÐMHGQDNEÖG]LHVLOQHJRZVSDUFLD]HVWURQ\SROVNLHJRU]ÌGXRUD]ZÊÌF]HQLD VLÖSU]HGVLÖELRUVWZSU]HP\VÊXREURQQHJRZVWUXNWXU\HXURSHMVNLHSRSU]H]SR ZLÌ]DQLDRUJDQL]DF\MQHNDSLWDÊRZHLSURGXNF\MQH :RFHQLHHNVSHUW¿ZELRUÌF\FKXG]LDÊZEDGDQLXZDUXQNDPLUR]ZRMXSRO VNLHJRHNVSRUWXVSHFMDOQHJRVÌ
p XVSUDZQLHQLH PHFKDQL]P¿Z GÊXJRIDORZHJR SODQRZDQLD L SURMHNWRZD QLDSURGXNFML p GDOV]DPRGHUQL]DFMDRIHURZDQ\FKSURGXNW¿ZLUR]Z¿MQRZ\FKSURGXN W¿ZWDNDE\RIHURZDÐSURGXNW\NRQNXUHQF\MQHQDGDQ\PU\QNXLRU\ JLQDOQH FKRÐQLHNRQLHF]QLHQDMEDUG]LHMQRZRF]HVQHF]\]ÊRÔRQH p UR]Z¿MNRRSHUDFMLSURGXNF\MQHM p REQLÔHQLHNRV]W¿ZSURGXNFMLDZHIHNFLHFHQZ\URE¿Z p ZVSDUFLH]HVWURQ\U]ÌGXSRSU]H]SURPRFMÖSROVNLHJR8L6: ]ZÊDV]F]D 021 LNUHG\W\HNVSRUWRZH :\]ZDQLDZ\QLNDM°FH]SU]\VW°SLHQLDSU]H]3ROVNÌGR .RGHNVX3RVWÌSRZDQLD('$
1LH]Z\NOH LVWRWQ\P D E\Ð PRÔH NOXF]RZ\P F]\QQLNLHP ZDUXQNXMÌF\P V\WXDFMÖSROVNLHJRSU]HP\VÊXREURQQHJRZQDMEOLÔV]\FKODWDFKEÖG]LHG]LDÊDO QRÎÐ(XURSHMVNLHM$JHQFML2EURQ\ (XURSHDQ'HIHQFH$JHQF\q('$ XWZR U]RQHM Z URNX Z UDPDFK UHIRUP LQVW\WXFMRQDOQ\FK 8QLL (XURSHMVNLHM (XURSHMVND$JHQFMD2EURQ\PDE\ÐMHGQ\P]QDU]ÖG]L(XURSHMVNLHM3ROLW\NL %H]SLHF]HØVWZDL2EURQ\RUD]VÊXÔ\ÐXPDFQLDQLXUR]SURV]RQHJRLQLHGRLQZH VWRZDQHJRHXURSHMVNLHJRSU]HP\VÊXREURQQHJR'HF\]MÌ5DG\6WHUXMÌFHM(X URSHMVNLHM$JHQFML2EURQ\]OLVWRSDGDURNXRGOLSFDURNXQD REV]DU]H8QLL(XURSHMVNLHMZSURZDG]RQ\]RVWDÊ.RGHNV3RVWÖSRZDQLDZ]D NUHVLHXG]LHODQLD]DP¿ZLHØSXEOLF]Q\FKZVHNWRU]H]DRSDWU\ZDQLDREURQQHJR 7KH&RGHRI&RQGXFWRQ'HIHQFH3URFXUHPHQWRIWKH(80HPEHU6WDWHV3DU WLFLSDWLQJLQWKH(XURSHDQ'HIHQFH$JHQF\ &HOHPZGURÔHQLD.RGHNVX3RVWÖSRZDQLD('$MHVWVWZRU]HQLHNRQNXUHQ F\MQHJRPLÖG]\QDURGRZHJRHXURSHMVNLHJRU\QNX8L6:RUD]Z]PRFQLHQLH(X URSHMVNLHM2EURQQHM%D]\7HFKQRORJLF]QHML3U]HP\VÊRZHM (XURSHDQ'HIHQFH 7HFKQRORJLFDODQG,QGXVWULDO%DVH .RGHNVWHQZVSRV¿EGREURZROQ\LQD]DVD G]LHZ]DMHPQRÎFLZSURZDG]DRWZDUWÌPLÖG]\QDURGRZÌNRQNXUHQFMÖQDREV]D U]HSDØVWZNW¿UHSU]\VWÌSLÊ\GR.RGHNVX3RGMÖFLHSU]H]SROVNLU]ÌGGHF\]ML
RSU]\VWÌSLHQLXGR.RGHNVX3RVWÖSRZDQLD('$]GQLHPOLSFDURNXEH] ÔDGQ\FK RJUDQLF]HØ L RNUHV¿Z SU]HMÎFLRZ\FK VWZDU]D SROVNLP SU]HGVLÖELRU VWZRPPRÔOLZRÎFLXELHJDQLDVLÖRNRQWUDNW\ZLQQ\FKSDØVWZDFKXF]HVWQLF]Ì F\FKZW\PSURJUDPLHDOHU¿ZQRF]HÎQLHR]QDF]DRWZDUFLHNUDMRZHJRU\QNX 8L6:GODHXURSHMVNLFKILUP]EURMHQLRZ\FKQD]DVDGDFKZROQHMNRQNXUHQFML 'HF\]MDSROVNLHJRU]ÌGXRSU]\VWÌSLHQLXGR.RGHNVX3RVWÖSRZDQLD('$ EH]]DFKRZDQLDRNUHVXSU]HMÎFLRZHJRZ]EXG]DOLF]QHHPRFMHLVSRU\ZÎURGR ZLVNDFK]ZLÌ]DQ\FK]SROVNLPSU]HP\VÊHPREURQQ\P3RGREQLHMDNZVND]XMÌ Z\QLNL SURZDG]RQ\FK EDGDØ SRG]LHORQH E\Ê\ RSLQLH XF]HVWQLF]ÌF\FK Z QLP HNVSHUW¿Z1DOHÔ\SU]\W\P]DXZDÔ\ÐÔHQLHNW¿U]\HNVSHUFLZ\PLHQLDOLSU]\ VWÌSLHQLH3ROVNLGR.RGHNVX3RVWÖSRZDQLD('$]DU¿ZQRSRVWURQLHV]DQVMDN L]DJURÔHØGODSROVNLHJRSU]HP\VÊXREURQQHJR&]ÖÎÐHNVSHUW¿ZNU\W\NXMÌFD SU]\VWÌSLHQLH3ROVNLGR.RGHNVX3RVWÖSRZDQLD('$ZVND]\ZDÊDÔHGHF\]MD U]ÌGXE\ÊDSU]HGZF]HVQDLQLHSU]\QLHVLHQLHRQDÔDGQ\FKNRU]\ÎFLGODNUDMR ZHJRSU]HP\VÊXREURQQHJRDZUÖF]SU]HFLZQLHVWZDU]DUHDOQH]DJURÔHQLHGOD GDOV]HJRIXQNFMRQRZDQLDWHJRVHNWRUD:RSLQLLWHMJUXS\HNVSHUW¿Z]QDMGX MÌF\VLÖZID]LHJÊÖERNLHMLZLHORDVSHNWRZHMUHVWUXNWXU\]DFMLSROVNLSU]HP\VÊ REURQQ\QLHW\ONRQLHPDV]DQVQDZ\JU\ZDQLHSU]HWDUJ¿ZZSDØVWZDFKcVWDUHM 8QLLoDOHPRÔHXWUDFLÐU\QHNNUDMRZ\QDU]HF]VNRQVROLGRZDQ\FKNRQFHUQ¿Z ]DFKRGQLRHXURSHMVNLFKNW¿UHJUXQWRZQHSURFHV\UHVWUXNWXU\]DF\MQH]DNRØF]\ Ê\ZGUXJLHMSRÊRZLHODWG]LHZLÖÐG]LHVLÌW\FKXELHJÊHJRZLHNX 'RGDWNRZ\PF]\QQLNLHPNW¿U\QDOHÔ\Z]LÌÐSRGXZDJÖMHVWIDNWÔHSRO VNLH 021 PXVL UHDOL]RZDÐ ]DNXS\ cJUXEHJRo 8L6: VSHÊQLDMÌFHJR VWDQGDU G\ 1$72 SRGF]DV JG\ VLÊ\ ]EURMQH SDØVWZ (XURS\ =DFKRGQLHM PXV]Ì MHG\ QLHX]XSHÊQLDÐLHZHQWXDOQLHPRGHUQL]RZDÐVSU]ÖWSRVLDGDQ\QDZ\SRVDÔHQLX 3U]\VWÌSLHQLHGR.RGHNVXPRÔHXWUXGQLDÐSU]HGVLÖELRUVWZRPSROVNLHJRSU]H P\VÊXREURQQHJRSR]\VNLZDQLHNRQWUDNW¿ZQDU\QNDFKSDØVWZWU]HFLFK:ZD UXQNDFK EUDNX Z 3ROVFH VNRQVROLGRZDQHM VWUXNWXU\ KROGLQJRZHM SU]HP\VÊX REURQQHJR PRÔQD SU]HZLG\ZDÐ WDNÔH F]ÖÎFLRZH SU]HMÖFLH U\QNX GRVWDZ NR RSHUDF\MQ\FKSU]H]ILUP\]DFKRGQLRHXURSHMVNLHLZHIHNFLHcZ\FLHNo]DJUD QLFÖ ÎURGN¿Z ILQDQVRZ\FK SU]H]QDF]RQ\FK QD ]DNXS\ 8L6: 1HJDW\ZQHJR ZSÊ\ZXGHF\]MLRSU]\VWÌSLHQLX3ROVNLGR.RGHNVX3RVWÖSRZDQLD('$QDOHÔ\ RF]HNLZDÐSU]HGHZV]\VWNLPZSHUVSHNW\ZLHNU¿WNRRNUHVRZHM
1DOHÔ\]DXZDÔ\ÐÔHF]ÖÎÐDQNLHWRZDQ\FKHNVSHUW¿ZSU]\VWÌSLHQLHSU]H] 3ROVNÖGR.RGHNVX3RVWÖSRZDQLD('$WUDNWXMHSU]HGHZV]\VWNLPMDNRV]DQ VÖQLHW\ONRQDHZHQWXDOQHSR]\VNDQLHNRQWUDNW¿Z]DJUDQLF]Q\FKDOHU¿ZQLHÔ MDNR F]\QQLN VSU]\MDMÌF\ LQWHJUDFML SROVNLFK SU]HGVLÖELRUVWZ ] HXURSHMVNLP SU]HP\VÊHPREURQQ\PRUD]GHWHUPLQDQWÖJÊÖERNLFKLZLHORDVSHNWRZ\FK]PLDQ RFKDUDNWHU]HUHVWUXNWXU\]DF\MQ\P
&]\]DWHPXWZRU]HQLH('$RUD]ZGURÔHQLHHXURSHMVNLHJR.RGHNVX3RVWÖ SRZDQLDQDU\QNX8L6:VWDQLHVLÖV]DQVÌF]\]DJURÔHQLHPGODSU]HGVLÖELRUVWZ
SROVNLHJRSU]HP\VÊXREURQQHJR"-DNLHVWUDWHJLF]QHGHF\]MHSRZLQQ\E\ÐSRGMÖ WHZW\PNRQWHNÎFLHSU]H]U]ÌGRUD]SU]HGVLÖELRUVWZD"=QDOH]LHQLHRGSRZLHG]L QDWHS\WDQLDZ\GDMHVLÖE\ÐMHGQ\P]NOXF]\GRVXNFHVXEÌGÒSRUDÔNLSU]HG VLÖELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRZSU]\V]ÊRÎFL .LHUXQNLGDOV]\FKEDGDÎ 8Z]JOÖGQLDMÌF]QDF]HQLHGODV\WXDFMLSU]HGVLÖELRUVWZSROVNLHJRSU]HP\VÊX REURQQHJRF]\QQLN¿ZRWRF]HQLD]HZQÖWU]QHJR]LGHQW\ILNRZDQ\FKLVFKDUDNWH U\]RZDQ\FKSRZ\ÔHMZRFHQLHDXWRUD]DVDGQ\PE\ÊRE\SRGMÖFLHGDOV]HMHNV SORUDFMLQDXNRZHMWHJRREV]DUX'RUHDOL]DFMLWHJR]DGDQLDSURSRQXMHVLÖUR]ZD ÔHQLHQDVWÖSXMÌFHJRPRGHOXSURFHGXU\EDGDZF]HM p SRZW¿U]HQLHEDGDQLDDQNLHWRZHJRLZ\ZLDGX]HNVSHUWDPLFHOHP]ZH U\ILNRZDQLDF]\QQLN¿ZGHWHUPLQXMÌF\FKV\WXDFMÖSU]HGVLÖELRUVWZSRO VNLHJRSU]HP\VÊXREURQQHJRZSU]\V]ÊRÎFLRUD]LFKGDOV]ÌUHVWUXNWXU\ ]DFMÖ]LGHQW\ILNRZDQ\FKZEDGDQLX]URNX p SU]HSURZDG]HQLHDQDOL]\6:27ZXMÖFLXG\QDPLF]Q\PSRSU]H]SR U¿ZQDQLHV]DQVZRWRF]HQLX]DJURÔHØZRWRF]HQLXVLOQ\FKVWURQSU]HG VLÖELRUVWZVSU]\MDMÌF\FKG]LDÊDQLRPUHVWUXNWXU\]DF\MQ\PRUD]VÊDE\FK VWURQSU]HGVLÖELRUVWZqZHZQÖWU]Q\FKEDULHUUHVWUXNWXU\]DFML
p SRGMÖFLH SU¿E\ GRNRQDQLD GÊXJRWHUPLQRZHM SURJQR]\ ]HZQÖWU]Q\FK XZDUXQNRZDØV\WXDFMLSROVNLHJRSU]HP\VÊXREURQQHJR]DSRPRFÌPH WRGVFHQDULXV]RZ\FK VFHQDULXV]HPRÔOLZ\FK]GDU]HØVFHQDULXV]HVWD Q¿ZRWRF]HQLD
p SU]HSURZDG]HQLH q ]D SRPRFÌ DQNLHWRZDQLD SU]HGVLÖELRUVWZ Z\ZLD G¿Z ] HNVSHUWDPL RUD] DQDOL]\ GDQ\FK VWDW\VW\F]Q\FK L GRNXPHQWD FMLSU]HWDUJRZHMqSRJÊÖELRQHMDQDOL]\ZSÊ\ZXLZ\]ZDØ]ZLÌ]DQ\FK ] SU]\VWÌSLHQLHP 3ROVNL GR &RGH RI &RQGXFW (XURSHMVNLHM $JHQFML 2EURQ\ :RFHQLHDXWRUDZVND]DQHSRZ\ÔHMREV]DU\PDMÌQLH]Z\NOHLVWRWQH]QD F]HQLHGODSURGXFHQW¿ZX]EURMHQLDLVSU]ÖWXZRMVNRZHJR]ZÊDV]F]DZNRQWHN ÎFLHSU]HNV]WDÊFHØVWUXNWXUDOQ\FKUHDOL]RZDQ\FKZUDPDFK6WUDWHJLLNRQVROLGD FMLLZVSLHUDQLDUR]ZRMXSROVNLHJRSU]HP\VÊXREURQQHJRZODWDFKq RUD]URVQÌFHJRSR]LRPXZDONLNRQNXUHQF\MQHMZVHNWRU]H 8ZDJLNRÎFRZH 5HDVXPXMÌFUR]ZDÔDQLDQDWHPDWXZDUXQNRZDØUHVWUXNWXU\]DFMLSU]HGVLÖ ELRUVWZSROVNLHJRSU]HP\VÊXREURQQHJRZSU]\V]ÊRÎFLQLHVSRV¿EQLH]ZU¿FLÐ XZDJLQDV]F]HJ¿OQÌSR]\FMÖMDNÌZVWRVXQNXGRWHJRVHNWRUDJRVSRGDUNLRG JU\ZDSDØVWZR3RPLPRSRVWÖSXMÌFHJRXPLÖG]\QDURGRZLHQLDRUD]SU\ZDW\
]DFML VHNWRUD REURQQHJR QD ÎZLHFLH SDØVWZR QDURGRZH ZFLÌÔ SR]RVWDMH NOX F]RZ\PcJUDF]HPoZREV]DU]HSU]HP\VÊXREURQQHJR3DØVWZRMHVWQLHW\ONR q SRSU]H] VZRMH VLÊ\ ]EURMQH q JÊ¿ZQ\P RGELRUFÌ SURGXNFML VSHFMDOQHM DOH U¿ZQLHÔEDUG]RZSÊ\ZRZ\PcUHJXODWRUHPoG]LDÊDOQRÎFLVHNWRUDRUD]QLHU]DG NRJÊ¿ZQ\PZÊDÎFLFLHOHPSU]HGVLÖELRUVWZ3RSU]H]VZRMHGHF\]MHSROLW\F]QH PLOLWDUQHLJRVSRGDUF]HSDØVWZRPRÔHZUDG\NDOQ\VSRV¿E]PLHQLDÐZDUXQNL IXQNFMRQRZDQLDSU]HGVLÖELRUVWZ1DMOHSV]\PSU]\NÊDGHPWDNLHMV\WXDFMLZRG QLHVLHQLXGRNUDMRZHJRSU]HP\VÊXREURQQHJRMHVWGHF\]MDU]ÌGXRSU]\VWÌSLHQLX 3ROVNLGR.RGHNVX3RVWÖSRZDQLD('$ 6WÌGWHÔNOXF]RZ\PGODSURFHV¿ZGDOV]HMUHVWUXNWXU\]DFMLSU]HGVLÖELRUVWZ SROVNLHJRSU]HP\VÊXREURQQHJRZ\GDMHVLÖVWZRU]HQLHZÊDÎFLZHJRcNOLPDWXUH VWUXNWXU\]DFMLoNW¿UHJRHOHPHQWDPLEÖGÌSURUHVWUXNWXU\]DF\MQDSROLW\NDVHN WRURZD SDØVWZD Z REV]DU]H SU]HP\VÊX REURQQHJR RUD] ZHZQÖWU]QH GÌÔHQLH SU]HGVLÖELRUVWZGRSRGHMPRZDQLDZLHORDVSHNWRZ\FK]PLDQUHVWUXNWXU\]DF\M Q\FKZFHOXXPDFQLDQLDNRQNXUHQF\MQRÎFL
/LWHUDWXUD
$QDOL]DVHNWRURZDNRQZHUVMLSU]HP\VãX]EURMHQLRZHJRZ3ROVFHZRNUH-VLH WUDQVIRUPDFML JRVSRGDUNL QD V\VWHP U\QNRZ\ ODWD x
SUDFD]ELRURZDSRGUHG0'DQLOXND:1(8::DUV]DZD *LHUV]HZVND*5RPDQRZVND0$QDOL]DVWUDWHJLF]QDSU]HGVL§ELRUVWZD
3:(:DUV]DZD
,QIRUPDFMD R Z\QLNDFK NRQWUROL UHVWUXNWXU\]DFML VHNWRUD REURQQHJR 1,.:DUV]DZD
/LV $ .LHUXQNL GDOV]HM UHVWUXNWXU\]DFML SU]HGVL§ELRUVWZ SROVNLHJR
SU]HP\VãXREURQQHJRZ¢ZLHWOHEDGDHPSLU\F]Q\FKc3U]HJOÌG2UJD
QL]DFMLoQU
/LV $ .LHUXQNL L WUHQG\ UHVWUXNWXU\]DFML SU]HGVL§ELRUVWZ SU]HP\VãX
REURQQHJRZ6WDQDFK=MHGQRF]RQ\FKL(XURSLH=DFKRGQLHMc3U]HJOÌG
2UJDQL]DFMLoQU
/LV $ :\EUDQH DVSHNW\ UHVWUXNWXU\]DFML SU]HGVL§ELRUVWZ SROVNLHJR
SU]HP\VãXREURQQHJRZ¢ZLHWOHEDGDHPSLU\F]Q\FK>Z @2UJDQL]DFMH NRPHUF\MQHLQLHNRPHUF\MQHZREHFZ]PRRQHMNRQNXUHQFMLLZ]UDVWDMc-F\FKZ\PDJDNRQVXPHQWÕZSRGUHG$1DOHSNL:6%1/81RZ\
6ÌF]
1DOHSND $ 5HVWUXNWXU\]DFMD SU]HGVL§ELRUVWZD =DU\V SUREOHPDW\NL 3:1:DUV]DZDq.UDN¿Z
1RJDOVNL%.UHIW=6]DQVHL]DJURHQLDZSURFHVLHUHVWUXNWXU\]DFML
6WUDWHJLDNRQVROLGDFMLLZVSLHUDQLDUR]ZRMXSROVNLHJRSU]HP\VãXREURQ-QHJRZODWDFKxGRNXPHQWSU]\MÖW\SU]H]5DGÖ0LQLVWU¿Z
ZGQLXVLHUSQLDU0LQLVWHUVWZR*RVSRGDUNL:DUV]DZDVLHU SLHØ
6WUDWHJLD SU]HNV]WDãFH VWUXNWXUDOQ\FK SU]HP\VãRZHJR SRWHQFMDãX
REURQQHJRZODWDFKxGRNXPHQWSU]\MÖW\SU]H]5DGÖ0LQL
VWU¿ZZGQLXPDMDU0LQLVWHUVWZR*RVSRGDUNL:DUV]DZDPDM
