Robopac S6 - Page 92

IT
EN
DE
FR
ES

FORCEblock
1250(63285/87,/,6$7,21(7/(175(7,(1 '(6%$77(5,(6)25&(EORFN
)5
'RQQpHVGHODEDWWHULH 7HQVLRQQRPLQDOH9

YRLUpWLTXHWWH
&DSDFLWpQRPLQDOH&



YRLUpWLTXHWWH
&RXUDQWQRPLQDOGHGpFKDUJH &


7HQVLRQGH¿QGHGpFKDUJH 9SF 7HPSpUDWXUHQRPLQDOH &
1RUPHVGHUpIpUHQFH (1&21',7,216'(6e&85,7e5(48,6(63285/(6%$77(5,(6'$&&808/$7(856(7/(85,167$//$7,21
/(6 %$77(5,(6 (7 /(6 e/e0(176 6217 /285'6 5(63(&7(5 /(6 5(&200$1'$7,216 '( 6e&85,7e (7 87,/,6(5 '(6 e48,3(0(176 $'e48$76 'XUDQWOHVRSpUDWLRQVVXUOHV EDWWHULHVSRUWHUGHVOXQHWWHVHWGHV YrWHPHQWVGHSURWHFWLRQ 1H SDV IXPHU 1H SDV XWLOLVHU GH ÀDPPHV QXHV pYLWHU OHV FRXUWV FLUFXLWV HW WRXWH DXWUH VRXUFH GpWLQFHOOHVj SUR[LPLWpGHOD EDWWHULH HWGDQVOD]RQHGHUHFKDUJH
/¶pOHFWURO\WHHVWXQOLTXLGHKDXWHPHQW FRUURVLI DFLGH VXOIXULTXH SRXYDQW SURYRTXHU GHV EUOXUHV JUDYHV (Q FDV GH FRQWDFW DFFLGHQWHO DYHF OHV \HX[RXODSHDXODYHUDERQGDPPHQW DYHFGHOHDXHWFRQVXOWHUXQPpGHFLQ /HV EDWWHULHV HQ FKDUJH pPHWWHQW XQ PpODQJH H[SORVLI GK\GURJqQH HW GR[\JqQH5LVTXHGH[SORVLRQVHWGH GpÀDJUDWLRQV 1H UHFKDUJHU OHVEDWWHULHVTXH GDQV GHV]RQHVYHQWLOpHV$YDQWGHIIHFWXHU OD UHFKDUJH RXYULU OH FRXYHUFOH GX ORJHPHQWGHODEDWWHULH
/H NLW GH SUHPLHU VHFRXUV HW OH[WLQFWHXU GRLYHQW rWUH UDQJpV GDQV XQ HQGURLW IDFLOHGDFFqV
$77(17,21 /HV SDUWLHV PpWDOOLTXHV GH OD EDWWHULH VRQW WRXMRXUV DFWLYHV $YDQW WRXWH RSpUDWLRQ VXU OD EDWWHULH HQOHYHU OHV REMHWV PpWDOOLTXHV HW VDVVXUHU TXDXFXQ REMHW QH SXLVVHWRPEHUVXUODEDWWHULHHOOHPrPH7RXMRXUVXWLOLVHUGHVpTXLSHPHQWVLVROpV1HSDV SODFHUGREMHWVVXUOHVEDWWHULHV
,QVWDOODWLRQGHEDWWHULHVFKDUJpHV 9pUL¿HUODFRQQH[LRQFRUUHFWHSRODULWpGHV FkEOHV HWOHVHUUDJHGHVYLV1P 5HFKDUJHUODEDWWHULHYRLUSRLQW 8WLOLVDWLRQ 6DVVXUHU TXH OHV IHQWHV GDpUDWLRQ QH VRQW SDV REVWUXpHV GXUDQW OXWLOLVDWLRQ 1H SDV RXYULU QL QH IHUPHU OHV FRQWDFWV GXUDQW OHV SKDVHV GH FKDUJH RXGHGpFKDUJHeYLWHUOHVGpFKDUJHVSURIRQGHVGH SOXVGHGHODFDSDFLWpQRPLQDOH/HVGpFKDUJHV SURIRQGHVFRPSURPHWWHQWOHERQIRQFWLRQQHPHQWHW OD GXUpH GHYLHGH OD EDWWHULH$SUqVOD SKDVH GH GpFKDUJHODEDWWHULH GRLW rWUHUHFKDUJpH GDQV OHV SOXVEUHIVGpODLV &KDUJH ¬OD¿QGHODSpULRGHGHWUDYDLOFKDUJHUODEDWWHULH GHODIDoRQVXLYDQWH HIIHFWXHU OD FKDUJH GDQV GHV HQGURLWV
H[FOXVLYHPHQW SUpYXV j FHW HIIHW HW ELHQ DpUpV FRQIRUPpPHQWjODQRUPH(1
RXYULUOHFRXYHUFOHGHOHPSODFHPHQWUpVHUYpjOD
EDWWHULH
/HVFDSRWVGHVGLIIpUHQWVpOpPHQWVGRLYHQWUHVWHU
IHUPpV
FKDUJHU OHV EDWWHULHV H[FOXVLYHPHQW DYHF OH
FKDUJHXUGp¿QLjODYDQFH
EUDQFKHUODEDWWHULHDXFKDUJHXUHQUHVSHFWDQWOHV
SRODULWpVHWODQFHUODFKDUJH
&KDUJHGpJDOLVDWLRQ /DFKDUJHGpJDOLVDWLRQ TXLGRLW rWUHHIIHFWXpH DX PRLQV GHX[ IRLV SDU PRLV j OD ¿Q GH OD FKDUJH QRUPDOH FRQWULEXH j SUpVHUYHU OHI¿FDFLWp GH OD EDWWHULH &HWWH FKDUJH HVW SDUWLFXOLqUHPHQW LQGLTXpH DSUqV GHV XWLOLVDWLRQV FDUDFWpULVpHV SDU GHV GpFKDUJHV LPSRUWDQWHV RX GHV UHFKDUJHV LQFRPSOqWHV eOHFWURO\WHEDWWHULHVRXYHUWHV9/$ /DGHQVLWpQRPLQDOHGHO¶pOHFWURO\WHj&HVWGH NJO 1% /HV WHPSpUDWXUHV VXSpULHXUHV j & UpGXLVHQW OD GHQVLWp GH OpOHFWURO\WH HW OHV WHPSpUDWXUHV LQIpULHXUHV ODXJPHQWHQW /H IDFWHXU GHFRUUHFWLRQHVWGHNJOSDUGHJUp& ([ j XQH GHQVLWp GH  NJO PHVXUpH j OD WHPSpUDWXUH GH & FRUUHVSRQG XQH GHQVLWp GH NJOj& 7HPSpUDWXUHV /D WHPSpUDWXUH QRPLQDOH HVW GH & HW VDXI pYDOXDWLRQ SUpDODEOH VSpFL¿TXH HOOH GRLW UHVWHU FRPSULVH HQWUH & HW & DX FRXUV GX IRQFWLRQQHPHQW 1%OHVKDXWHVWHPSpUDWXUHVUDFFRXUFLVVHQWOD GXUpHGHYLHGHODEDWWHULHWDQGLVTXHOHVEDVVHV WHPSpUDWXUHVHQUpGXLVHQWOHI¿FDFLWp (QWUHWLHQ 4XRWLGLHQ $SUqVXQHSKDVHGHGpFKDUJHUHFKDUJHUODEDWWHULH %DWWHULHV RXYHUWHV  9/$ VHXOHPHQW DSUqV XQH SpULRGH GH UHFKDUJH YpUL¿HU OH QLYHDX GH OpOHFWURO\WH HW VL QpFHVVDLUH UHPHWWUH j QLYHDX DYHFGHOHDXGpPLQpUDOLVpH
+HEGRPDGDLUH (IIHFWXHU XQH LQVSHFWLRQ YLVXHOOH GH OD EDWWHULH HW H[pFXWHUXQHFKDUJHGpJDOLVDWLRQ 7ULPHVWULHO 9pUL¿HU OH FRXSOH GH VHUUDJH GHV YLV GHV ERUQHV FRPPHH[SOLTXpGDQVOHSDUDJUDSKH %DWWHULHVRXYHUWHV9/$ $X WHUPH GXQH SKDVH GH FKDUJH GpJDOLVDWLRQ FRQWU{OHU HW QRWHU OD WHQVLRQ HW OD GHQVLWp GH FKDTXHpOpPHQWGHODEDWWHULH9pUL¿HUOHQLYHDXGH OpOHFWURO\WHGHWRXVOHVpOpPHQWV %DWWHULHV95/$ $X WHUPH GXQH SKDVH GH FKDUJH GpJDOLVDWLRQ YpUL¿HUHWQRWHUODWHQVLRQGHFKDTXHpOpPHQWGHOD EDWWHULH (Q FDV GH IRUWHV YDULDWLRQV SDU UDSSRUW j OD YpUL¿FDWLRQSUpFpGHQWH FRQWDFWHUOHVHUYLFH DSUqV YHQWH 1HWWR\HU VRLJQHXVHPHQW OD EDWWHULH YRLU SRLQW 9pUL¿HUOHERQpWDWGHOLVRODWLRQ 1HWWR\DJH /H QHWWR\DJH GH OD EDWWHULH HVW SDUWLFXOLqUHPHQW LPSRUWDQWSRXUVRQERQIRQFWLRQQHPHQW,OHVWGRQF QpFHVVDLUHGHQHWWR\HUHWGHVpFKHUVRLJQHXVHPHQW OHVFRXYHUFOHVHWWRXWHVOHVSDUWLHVH[WHUQHV %DWWHULHVVWRFNpHV /HV EDWWHULHV QRQ XWLOLVpHV GRLYHQW rWUH VWRFNpHV GDQVXQHQGURLWFRXYHUWjODEULGHOKXPLGLWpGHOD SRXVVLqUHHWGXJHO(IIHFWXHUGHVFRQWU{OHVHWGHV UHFKDUJHVSpULRGLTXHVDXPRLQVXQHIRLVSDUPRLV ,OHVWUHFRPPDQGpGHQHMDPDLVODLVVHUOHVEDWWHULHV GpFKDUJpHV SOXV GH  MRXUV DYHF XQH WHQVLRQ LQIpULHXUH j  9SF HW GHIIHFWXHU GHV FKDUJHV FRPSOqWHVDYDQWGHORQJXHVSpULRGHVGLQDFWLYLWp 0DXYDLVIRQFWLRQQHPHQWVHWGpIDXWV (QFDVGHPDXYDLVIRQFWLRQQHPHQWVRXGHGpIDXWV GHODEDWWHULH FRQWDFWHULPPpGLDWHPHQWOH VHUYLFH DSUqVYHQWH /HVYDOHXUV GH WHQVLRQ HWGHGHQVLWp UHOHYpHVYRLUSRLQWVHURQWXWLOHVD¿QGLGHQWL¿HU ODQRPDOLH /$*$5$17,((67$118/e((1&$6'(' 1RQUHVSHFW GHV SUpVHQWHV LQVWUXFWLRQV SRXU OXWLOLVDWLRQHWOHQWUHWLHQ ,QWHUYHQWLRQV HIIHFWXpHV SDU GX SHUVRQQHO QRQ DXWRULVp 8WLOLVDWLRQGHFRPSRVDQWVQRQGRULJLQH %DWWHULHV RXYHUWHV DGMRQFWLRQV GH VXEVWDQFHV FKLPLTXHV GDQV OpOHFWURO\WH DXWUHV TXH OHDX GpPLQpUDOLVpH %DWWHULHV95/$HQOqYHPHQWGHVYDQQHVRXYHUWXUH GHODEDWWHULH
1250$6'(862<0$17(1,0,(172 '(%$7(5Ë$67,32)25&(EORFN
(6
'DWRVEDWHUtD 7HQVLyQQRPLQDO9

YHUHWLTXHWD
&DSDFLGDGQRPLQDO&



YHUHWLTXHWD
&RUULHQWHQRPLQDOGHGHVFDUJD &


7HQVLyQGH¿QGHGHVFDUJD9SF 7HPSHUDWXUDQRPLQDO &
5HIHUHQFLDVQRUPDWLYDV (15(48,6,726'(6(*85,'$'3$5$%$7(5Ë$6'($&808/$'25(6<686,167$/$&,21(6
/$6 %$7(5Ë$6 < /26 (/(0(1726 621 3(6$'26 5(63(7$5 /$6 5(&20(1'$&,21(6'(6(*85,'$' <87,/,=$5(48,326$'(&8$'26 8WLOL]DUJDIDV\SUHQGDVGHSURWHFFLyQ SDUDWUDEDMDUHQODVEDWHUtDV 1R IXPDU 1R XWLOL]DU OODPDV OLEUHV HYLWDUFRUWRFLUFXLWRV\FXDOTXLHUIXHQWH GHFKLVSDVHQOD]RQDGHODEDWHUtD\ HQOD]RQDGHUHFDUJD
(O HOHFWUROLWR HV XQ OtTXLGR DOWDPHQWH FRUURVLYR iFLGR VXOI~ULFRTXHSXHGH SURYRFDUTXHPDGXUDVJUDYHV(QFDVR GHFRQWDFWR DFFLGHQWDOFRQ ORVRMRV R FRQODSLHOODYDUFRQDEXQGDQWHDJXD FRUULHQWH\FRQVXOWDUDXQPpGLFR /DV EDWHUtDV HQ FDUJD HPLWHQ XQD PH]FOD H[SORVLYD GH KLGUyJHQR \ R[tJHQR 5LHVJR GH H[SORVLRQHV \ GHÀDJUDFLRQHV /DV EDWHUtDV GHEHQ UHFDUJDUVH H[FOXVLYDPHQWH HQ iUHDV YHQWLODGDV
$QWHV GH LQLFLDU ODV RSHUDFLRQHV GH
UHFDUJDDEULUODWDSDGHODORMDPLHQWR GHODEDWHUtD
(O NLW GH SULPHURV DX[LOLRV \ HO H[WLQWRU GHEHQ HVWDU HQ XQ OXJDU IiFLOPHQWH DFFHVLEOH
£$7(1&,Ï1 7RGDV ODV SDUWHV PHWiOLFDV GH OD EDWHUtD VLHPSUH HVWiQ DFWLYDV $QWHV GH FXDOTXLHURSHUDFLyQHQODEDWHUtDUHWLUDUWRGRVORVREMHWRVPHWiOLFRV\DVHJXUDUVHGHTXH QLQJ~Q REMHWR SXHGD FDHU VREUH OD EDWHUtD 8WLOL]DU VLHPSUH KHUUDPLHQWDV DLVODGDV 1R DSR\DUREMHWRVVREUHODVEDWHUtDV
,QVWDODFLyQGHEDWHUtDVFDUJDGDV 9HUL¿FDU OD FRUUHFWD FRQH[LyQ SRODULGDG GH ORV FDEOHV WHUPLQDOHV \ HO DSULHWH GH ORV WRUQLOORV

1P 3URFHGHUDODFDUJDGHODEDWHUtDYHUHOSXQWR 8VR $VHJXUDUVH GH TXH GXUDQWH HO XVR ODV DEHUWXUDV GHDLUHDFLyQQRHVWpQREVWUXLGDV1RDEULURFHUUDU FRQWDFWRVGXUDQWHODV IDVHV GHFDUJD \ GHVFDUJD (YLWDUODVGHVFDUJDVSURIXQGDVVXSHULRUHVDO GHODFDSDFLGDGQRPLQDO/DVGHVFDUJDVSURIXQGDV SHUMXGLFDQHOEXHQIXQFLRQDPLHQWR\ODGXUDFLyQGH OD EDWHUtD'HVSXpVGH OD GHVFDUJD ODEDWHUtD VH GHEHUHFDUJDUFXDQWRDQWHV &DUJD $O¿QDOL]DUHOWXUQRGHWUDEDMRFDUJDUODEDWHUtDGH ODVLJXLHQWHPDQHUD HIHFWXDU OD FDUJD HQ OXJDUHV GHVWLQDGRV
H[FOXVLYDPHQWH SDUD WDO ¿Q \ ELHQ DLUHDGRV GH FRQIRUPLGDGFRQODQRUPD(1
DEULUODWDSDGHODORMDPLHQWRGHODEDWHUtD  /RVWDSRQHVGHEHQSHUPDQHFHUFHUUDGRV HIHFWXDUODFDUJDH[FOXVLYDPHQWHFRQHOFDUJDGRU
SUHYLDPHQWHGH¿QLGR
FRQHFWDU OD EDWHUtD DO FDUJDGRU UHVSHWDQGR ODV
SRODULGDGHV\FRPHQ]DUODFDUJD
&DUJDGHHFXDOL]DFLyQ /DFDUJDGH HFXDOL]DFLyQTXH GHEHHIHFWXDUVHDO PHQRV GRV YHFHVDOPHV DO WHUPLQDU OD IDVH GH FDUJD QRUPDOFRQWULEX\HD PDQWHQHU OD H¿FLHQFLD GHODEDWHUtD\HVSDUWLFXODUPHQWHLQGLFDGDGHVSXpV GHO XVR FRQ GHVFDUJDV SURIXQGDVRFRQ UHFDUJDV LQFRPSOHWDV (OHFWUROLWREDWHUtDVGHWLSRDELHUWR9/$ /D GHQVLGDG QRPLQDO GHO HOHFWUROLWR D & HV

NJ/ 1RWD/DVWHPSHUDWXUDVVXSHULRUHVD&UHGXFHQ OD GHQVLGDG GHO HOHFWUROLWR \ ODV WHPSHUDWXUDV LQIHULRUHV ODDXPHQWDQ (O IDFWRU GHFRUUHFFLyQHV GHNJ/SRUJUDGR& (MD XQDGHQVLGDGGHNJ/GHWHFWDGD DXQD WHPSHUDWXUDGH&FRUUHVSRQGHXQDGHQVLGDGGH NJ/D& 7HPSHUDWXUDV /D WHPSHUDWXUDQRPLQDO HV GH &\GHEH HVWDU FRPSUHQGLGD HQWUH & \ & GXUDQWH HO IXQFLRQDPLHQWR 1RWD /DV WHPSHUDWXUDV GHPDVLDGR HOHYDGDV DFRUWDQ OD GXUDFLyQ GH OD EDWHUtD \ ODV WHPSHUDWXUDV GHPDVLDGR EDMDV UHGXFHQ VX H¿FLHQFLD 0DQWHQLPLHQWR 'LDULR 'HVSXpV GH XQD IDVH GH GHVFDUJD UHFDUJDU OD EDWHUtD
%DWHUtDVGH WLSRDELHUWR9/$VyOR GHVSXpVGH XQDIDVHGHUHFDUJDYHUL¿FDUHOQLYHOGHOHOHFWUROLWR\ VLHVQHFHVDULRUHOOHQDUFRQDJXDGHVPLQHUDOL]DGD 6HPDQDO 5HDOL]DU XQD LQVSHFFLyQ YLVXDO GH OD EDWHUtD \ HIHFWXDUXQDFDUJDGHHFXDOL]DFLyQ 7ULPHVWUDO &RQWURODU HO SDU GH DSULHWH GH ORV WRUQLOORV GH ORV WHUPLQDOHVWRPDQGRFRPRUHIHUHQFLDHODSDUWDGR %DWHUtDVGHWLSRDELHUWR9/$ DO ¿QDO GH XQD IDVH GH FDUJD GH HFXDOL]DFLyQ YHUL¿FDU \ DQRWDU OD WHQVLyQ \ OD GHQVLGDG GH FDGD HOHPHQWR GH OD EDWHUtD 9HUL¿FDU HO QLYHO GHO HOHFWUROLWRGHWRGRVORVHOHPHQWRV %DWHUtDVWLSR95/$ DO ¿QDO GH XQD IDVH GH FDUJD GH HFXDOL]DFLyQ YHUL¿FDU \ DQRWDU OD WHQVLyQ GHFDGDHOHPHQWRGH ODEDWHUtD (QFDVRGH YDULDFLRQHVFRQVLGHUDEOHVUHVSHFWRGH ODYHUL¿FDFLyQDQWHULRUFRQWDFWDUFRQHOVHUYLFLRGH DVLVWHQFLD/LPSLDUELHQODEDWHUtDYHUHOSXQWR 9HUL¿FDUODLQWHJULGDGGHODLVODPLHQWR /LPSLH]D /D OLPSLH]D GH OD EDWHUtD HV SDUWLFXODUPHQWH LPSRUWDQWH SDUD VX EXHQ IXQFLRQDPLHQWR 3RU OR WDQWRHVQHFHVDULRVHFDU\OLPSLDUELHQODVWDSDV\ WRGDVODVSDUWHVH[WHUQDV %DWHUtDVHQDOPDFpQ /DV EDWHUtDV QR XWLOL]DGDV VH GHEHQ JXDUGDU HQ XQ DPELHQWH FXELHUWR VHFR QR SROYRULHQWR \ SURWHJLGR GH ODV KHODGDV 5HDOL]DU FRQWUROHV \ UHFDUJDV SHULyGLFDPHQWHDO PHQRV FDGD PHV6H UHFRPLHQGD QR GHMDU ODV EDWHUtDV PiV GH  GtDV GHVFDUJDGDVRFRQXQDWHQVLyQLQIHULRUD9SF\ HIHFWXDUFDUJDVFRPSOHWDVDQWHVGHODUJRVSHUtRGRV GHLQDFWLYLGDG 'HVSHUIHFWRVGHIXQFLRQDPLHQWR\GHIHFWRV (Q FDVR GH GHVSHUIHFWRV GH IXQFLRQDPLHQWR R GHIHFWRV HQ OD EDWHUtD FRQWDFWDU LQPHGLDWDPHQWH FRQHOVHUYLFLRGHDVLVWHQFLD/RVYDORUHVGHWHQVLyQ \ GHQVLGDG REVHUYDGRV YHU HO SXQWR  VHUiQ ~WLOHVSDUDLGHQWL¿FDUHOIDOOR
/$*$5$17Ë$48('$6,1()(&72(1&$62'( ,QFXPSOLPLHQWR GH HVWDV LQVWUXFFLRQHV GH XVR \ PDQWHQLPLHQWR ,QWHUYHQFLRQHVGHSHUVRQDOQRDXWRUL]DGR (PSOHRGHFRPSRQHQWHVQRRULJLQDOHV EDWHUtDV 9/$ DxDGLGR DO HOHFWUROLWR GH FXDOTXLHU VXVWDQFLD TXtPLFD TXH QR VHD DJXD GHVPLQHUDOL]DGD EDWHUtDV 95/$ GHVPRQWDMH GH ODV YiOYXODV DSHUWXUDGHODEDWHUtD
MIDAC
92/94