2012 / 2013 - : : : : : ...........................: : / ) - ( / ) - ( / ) - (
!"#$%&'( !)*'(2012/2013
+%,-$ ./0%1 !#$%& -!21-3
-""*4'( 5326 3 !"-%&4'( 3 !"/%0417( 532#'( !"28
-""*4'( 5326 5*1
!"#$%&' (")*&+, -'./' 0123'4 1&+"' 05"67 89:2";)<5
=>.9)?> :-<@"AB C 199D&?> EF$G H-<5"I&J> EF$G
-#KL?> :199D&?> EF$G
MIN&?> :-%+F&)?> C 019OI?> !"D+P)?> 199DB
/(/69 :$!,'%;'(:5"-<-"= :,
:(3)#,:
Q<@"&R "S$G !T9UV C WLJF:...........................:
05"D?> X' -:F*)?> -SA$?> E"'V:
@F&2.?>0/YSZZZ' ;:FOD')01["\' 0]"&+V--$J@C "R1' _.`"J -K'"U(a@9"D
]"&+b> /c9%?> .)\' d<C5)1["\' ]"&+V --$J@C "R1' _.`"J -K'"U(e1L'Z"
0]"&+b> /;ZZZ'f+ 019S')01["\' 0]"&+V --$J@C "R1' _.`"J -K'"U("LJ"S'
!**>$ !'%? !*(-/<3@-A-B4, C3)&'(
50
!"""#$%&"""'()*+,-
.-/01-............................................................................................III
$23,-............................................................................................IV
456+,-............................................................................................
V
7#$ !
%&'()*+,-..................................................................................VII
78+9&:
;<-/=,-...................................................................................VIII
;&2>?-78+9&:..................................................................................VIII
78+9&:
@AB+,-....................................................................................VIII
8C/D+,-..............................................................................................
;<?-7EFG,- :8'$HI,-7%&JKL?-8JDJMN),-7<..............................................01
/J +O.............................................................................................
02
;<?-7P*M+,- :7%&JKL?-
8'$HI,-...................................................................03
51
;<?-7Q6N+,- :7R( GC
8JS&)T1-...............................................................03
!"#$%&'()& :*+,-./0&!12#34...........................................................03
5-6%&!"#$%& :*+,-./0&!7!8#9:;&!<=&>3%&..................................................04
?%-6%&!"#$%& :!<@&A=!(!*+,-./0&!BCD!(!E-+F!G#H-IJ+CD.............................05
UT&V,-7Q6N+,-:US(,(I2),-7W-/K1-7R( GC....................................................08
'()&!"#$%& :K,>%>JL.%&!"&AM0&!12#34................................................08
5-6%&!"#$%& :*CN:;&!OPQ!K,>%>JL.%&!"&AMR%!*2S-T.FU&!V-9W&...........................10
UT&V,-7P*M+,- :7%&JKL?-
8JDJMN),-..................................................................11
;<?-7Q6N+,- :US(,(I2),-7W-/K1-7;(A7%&X-YL.............................................11
X()&!*N&VA%&...........................................................................11
*+/-6%&!*N&VA%&...........................................................................13
*6%-6%&!*N&VA%&...........................................................................14
UT&V,-7 Q6N+,- :7;(A7 %&X-YL
8JS&)T1-.........................................................15
'()&!*N&VA%&..........................................................................15
*+/-6%&!*N&VA%&...........................................................................15
EFG,-78ZB[....................................................................................17
UT&V,-7EFG,-:78X-Y/,-
8JT-/J+,-................................................................18
52
/J +O.............................................................................................
19
;<?-7P*M+,- :7<78D'$N,-
%-<L?-.................................................................20
;<?-7Q6N+,- :7R/5)\+,-7] I+,-
8X-Y/6,......................................................20
!()&!"#$%&' :*N&VA%&!YIJ=.............................................................20
5-6%&!"#$%&:N&VA%&!Z&(S -[U-\!(!*....................................................20
UT&V,-7Q6N+,- :7E*C78IJ^,-
8X-Y/,-.............................................................21
'()&!"#$%& :]A^4*CN:;&.............................................................21
5-6%&!"#$%& :*CN:_P%!K_+`J.%&!<L+a&..................................................22
P,&V,-7Q6N+,-:7456C
%&T&JM,-..............................................................22
UT&V,-7P*M+,- :7<7]9&)I,-
83:&I+,-....................................................................23
;<?-7Q6N+,- :*N&VA%&!<b!*CN:;-M!*c-d&!Ye-.J%&!f#Q......................................23
'()&!"#$%& :g>Jh&!8>iV!*CN:=!7!*+,-./0&...........................................23
5-6%&!"#$%& :g>Jh&!8>iV!*CN:=!7!K,>%>JL.%&!"&AM0&.................................30
?%-6%&!"#$%& :*CN:;-M!*+,-./0&!BCD!OPQ!K,>%>JL.%&!"&AM0&!#9 ........................32
53
UT&V,-7 Q6N+,- :7E*C7 8\X_+,&K7 8Z&5,-7 ]9&)I,-7 83:&IC
8X-Y/,-....................................33
EFG,-78ZB[....................................................................................35
8+O&5,-............................................................................................
36
`S-$+,-...........................................................................................
40
@AB+,-...........................................................................................
45
!"#$$%&'
'()!*
!"#$%&'($)*+,-'./$0,1/$23*$4'5$678,93:/$ +,-'.$;5,<3=69>?@ABC#,DEF5$
G%&-($)HE6'5$2!IJ$K,LM,LNLO$PEQ,9,R )LST<U)LTV'($)*+,-'./$>U2)L<,T'W/$>X23S(B,M)X23($
)L9,V($,YV9 .,Z2[\/]L^_C;W6(6V`'($U a3b'($!c,d$e*ef2g$6Eh$i9XjM)56k($3.,*+ClQmSM
#,*3fG3*3W0nRU a,9C#,DEF5$ .)Ao$692[(n(>Y\U 3b^3+,-'./$;5,k($K6Y"X,LWCG3*3Wi9
#,DEF5$G%&-($p($?<,H'E$U G+,q'E/$i9#$4LZ$nRrs6($>3*3t$un($vTD*X6-w,xyS<) ek5$
z2{K2X6M3($2U X$69h$lQg$6Eh$G%A`($ _|3=$2 .U23.eY"}6:3*3Wi90nR#,DEF5$G%&-($
>G3c$e($)Tc,b($yS<}$3x~$#,LW6(6V`'($2>G3*3t$p($2�S'�$,^j'MU ,*eR6Wi<,�jLI9%�)L<$3x~$
)*3LSb'($2.
$U_,TsU!WCUi92g6D($U Ug6q'(U�3bOUXjMUi9U2U!.CU+6YN�U)N'V5$U#$3=6($Ui9Ui`ZU+3<U�oC
!.CU+K$695$U#$%&'($U)Ao$69U2U>U]L^U��VOUun($U�L�$U U)<K,D'UyS<U�W6O#,DEF5$U)HE6'5$U2UG%&-($
UX6-w$U�DfU U�R,DOU,*$49UyS<>,Y'LW,':QU�e&($U$ndU2U�NSOU!9$6k($Ui9U3*3kS(U#,DEF5$Ui9U}6V($U$nR
,YV9G+6t$2}$3x~$U2U):2e5$>U2U%Mh$U$nRRU�RCU�xUi9U3k*nU2UG%&-($U#,DEF5$U,YLS<U4`OeOUp($U!9$6k($U0
B,MU)HE6'5$)]V9;W6(6V`'($U}$3x~$.
+.,-."#/%("0123:
U_CUi`�Ua3bOU,ZU,.jH:$)L(,'($U�@A($U)L(,`\QUr�::
/0&/4'&/56/578"891:"#/;#'<=#/%!>0?&@(?-*%AB8:!"#/C/DE(FG"#/H0?BI!"#/%(70:J3K
!"#$$%&'
!
)L<eq($U)S�Eh$U�e�UlQU)L(,`\~$U0nRU,:+6bOU2:
a6Yq9U6RU,9)LW,':~$U!IT'OU,TL^U2,YVLDfU#,L(|)HE6'5$U2UG%&-($U#,DEF5$U �
U,99U}$3x~$Ua6Yq;RU,9U2U;W6(6V`'($)DEF5$U U]bLAHOU)(,=U U]V<U)AOP5$UK,��$)HE6'5$U2UG%&-($�
.$2U 6RU ,9)HE6'5$U 2U G%&-($U #,DEF5$U U ;W6(6V`'($U }$3x~$U rU}$3x~$U �R,EU �39U uCU lQU 2U �
�,Y'LW,':QUi9Ur e($U U;W6(6V`'($
L.,-."#/H0(ME6:
U!LSfU�SH'*)L(,`\~$;RU#,Lseq($Ui9U)<6T�UK,A'M$U)E$K3($U!�:
U�`kO)LW,':~$UG�,qoUGK$+QU)HE6'5$U2UG%&-($U)DEF5$=,'5$U+$65$UXj&'E$U U!�^CUyS<UX6-@S(U)
i`ZU8,':Q�
UK6H'(U )(,k^U G$+CU;W6(6V`'($U}$3x~$U3k*U )DEF5$U Ue�F*U6Y^U�,'(,xU2U )HE6'5$U2U ,YV9U G%&-($U )B,M
,Y�,�:�
U�6Vt$UG6�KU)DEF5,oU3.U2U)L(,<U)LW,':Q[(�U U�AEU;W6(6V`'($U}$3x~$U_.
H.,-."#/%(!>+:
U2U;W6(6V`'($U}$3x~$Ua6Yq9U�xU�xe($U)(2,�UXjMUi9U)L CU�@A($U$nRU�D'`*)LW,':QU2UG%&-($U#,DEF5$
)HE6'5$$3-.U;W6(6V`'($U}$3x~$U]AkS*Uun($UK23($U) ek5U%Mh$U U!B6'($�DfU $nRU)LW,':QUi9U}6V($
#,DEF5$.
!"#$$%&'
"
N.,-."#/O#'>+:
)L(,'($U¡$3Rh$UmLbfUlQU�@A($U$nRUykD*:
�)HE6'5$U2UG%&-($U)DEF5$U U;W6(6V`'($U}$3x~$U)L CU¢$exQ
U)(2,�9U3*3f)LW,':~Ua6Yq,R3T'kOUp($U�L*,b5$U_,LAOU2�
UK2+U¢$exQU)(2,�}$3x~$U;W6(6V`'($U �Df$U)LW,':Q)HE6'5$U2UG%&-($U#,DEF5.
P.;8M8!"#/Q0(:R#/S6#CT/C/H#QE.&:
U6k\"U U)B,MU}6s65$U)TL.U2U>)L �xU,:K:/$U!�#,DEF5$Ui9U}6V($U$ndU)(23($U�<+U2U>u+,-'./$U�,'q
£-¤'($U�`¥DOU£-¤'xU)SBU](U}6s65,^)HE6'5$U2UG%&-($U#,DEF5$U%L.
U.,-."#/V)9&:
¦(U2U�@A($U )L(,`\QUi<U)x,WK,A'M$#,Lseq($U )@Bi`�U3T'<$U)L&xU;SLS@'($U§YV5$U2U >;qB6($U§YV5$
U2U>ue¨V($U�:,t$U)�,LBU2U>}6s65$U$nRU4c,oKU�3bO5$U§YVU;SLS@'($U!WCUi9U)DEFTS(U)ADV(,xU©kxUª,bEQ
)E$K3($U!�U)DEF5$UyS<U)*e¨V($U#,96Sk5$.
U2U!c,E6($,Y9$3¤'E$Ui`�Up($;R:
�«'`5$UvD5$
�)A'`5,xU)B,¬$Umc,�6($
Sx,b5$U,TLE/U,UX6Tk5$U�@A($U#$2+C)¨=j5$U>).
W.%B#Q'"#/TC'X:
!"#$$%&'
#
%(J01!"#/TC'-"# :$Ua,LbS(U0,:PM$Uun($U®,`5$UX,¯$Ue-'.MCU2U)HE6'9U)DEF9UyS<U)L:$3L5$U)E$K3(,xnU,:
U)DEF9G6�K#eb'xU�6Vt$,dU!IZU8�6TVo.
%(J0&Y"#/TC'-"#:U)L&x)�,=~$U2U�@A($U)L(,`\°x!B6'($seq($U)@BU;qVOU2CU?AIOU§c,':UlQLU#,U3b^
#e-'.$,V'E$K+xK±(rU#$6VEG%Mh$)DEF5$Uª,�V(UG3'T5$UGPq($UXjMUuCU>Ui92008UlQ2012.
T.%B#Q'"#/H0<8Z[:
�)E$K3($U�$e�QU U,:3<,DOUp($Umc,�6($U©kA(U)DEF5$U�3bOUa3<
eqD($U�`¥U�(2FD5$U©kxU)Sx,b9Ui9Ui`T'($Ua3<UKe`'5$�
U�$eWQUi`T5$Ui9U_,o_,LA'E$U²U)B,MU¡2e¨(U2U]:CU/QU)HE6'5$U2UG%&-($U#,DEF5$Ui9U)VL<UyS<
U[(�Ui9Ui`T':.
\.,-."#/]1(>:
�S-^UlQ }6s65$U$nRU,VTD.U3b^U)=2eH5$U)L(,`\~$U)t,k9U)L&xU2:
C_#/]G`"# :#,Lx+h$U U!IJ*e¨V($)LbLAH'($U2)2Uue¨V($U3kA($UX2,VOUX2h$U�@A5$U�I@A9UlQU�D.
U i9U !`(;W6(6V`'($U }$3x~$U 2U )LW,':~$>®,I($U �@A5$U ,9CX2,V'^'($U 3kA($U#,E$K3($U !IT'5$2U ;bLAH
)bx,D($.
5J0a"#/]G`"#:U)L:$3L5$U)E$K3($U U!IJ9UlQU%Mh$U$nRU�D.U�L=b*eH($UiT�'*UX2h$U�I@A)U#$2+h$U2
.,V5$2U§c,'V($U !LSfUX2,V'*U®,I($U�@A5$U 2U�@AS(U )93¤'D5$U ,V'E$K+UXjMUi9U ,YL(QU !B6'5$U )�)(,w
#eb'xU�6Vt$UG6�KU)DEF9 .
!"#$$%&'
$
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
2
7*89::
!" #$%&'() *!%+) , -+. /01 2)34 5607() 809':;) , )%<)= )=!8 #>43'() ! ?@A9+) B0C4D() E7FG
HIJ K#L$0M+) *!%+)B)@AG N$ O3L+) P07+) Q%IRS 0( -+.! K?5&'C$ @T 0U0V!" WL7G #LX3+3MYG! #S809':)
$ #U=0C' ZJ8 0[ B0C4D() Q\] /" ^_ 0`0a'M$ bCc *de N$ f7g+) 0Ih7i jJ0MGKG !" 0]5S3>G 0]@A
#U%g$ /3YG /" k" 0IX0'l_ m5>+0I'LX0'l_ N$ bCn'+) , @eo) )\] #p0C$ ! .
?@A9+) B0C4D() qFU r57'+) #Lp" stG uF>M() )\] N$ ! k\+) =!%+) ! K0`0LX0'l_ bCc ! #>43'() !
-+. , HX3+3MY'+) v)%iw) xg7FS .
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
3
!"#$%&'()# :*+,-.)#$/0+'1"#
%&'$6;<49#$ :-*=)5>?$6@A8"B
%7G 0L404" 5yD$ #LX0'lw)#C4D() =3>'+ B%]0X zF{U %&J -+\+ K |L} K0IMLCn'+ m5~ v0gGw
ko H404o) r%�) zng6"0]0Mg'G #LaLG)�4_ .
%&'$6C/"#$ :-*=)5>?$6D./E:
HnF>9$ bi uS5�'+) N$ %i; #LX0'lw) O3I�( m5>'+) �g: !�0'lw)#LX0'lw) !. 3]! *!o0J�0'lw)" ^_ @RS
Bde%() N$ ?%})! ?%}! �Y+ #a'M() B0X5�() v3{�."1 0{MLi �F>9$ @RS ^_ #$0U #�9i #LX0'lw)
KBde%() ^_ B0X5�() #gCl2 �L+0YG !" 0I'�FYG !" �{7+) B0U04 Bde%() �{'RG !�0'lw) �L+0YG ! K
#L:3C+) #9�) K�e%+) KB07Lg() qFU B0X5�() �{'RG 0{MLi B)%7() ! B;�).3
-+\1 r57G!#LX0'lw)0�" qFU "8=)3() bi #:d7+) H])INPUTS ( �0'lw #LX0'lw) #LF{7+) , #$%�'C()
�G0M+) bi ! #$%e !" #ML7$ #7F4)OUTPUTS (#LF{7+) -FG N$".4
^_ B0X5�{F+ H<0IM+) �G0M+) #gCl NU ?=0gU H] #LX0'lw) /" �'M'Cl /" NY� #&i0C+) �S=07'+) *de N$
() NS3YG , #Fe)%+) 560M7+)�'M 3Y() Bde%(0i q{CS 0$ !"/" k" 0� #l :
6-*=)5>?$ =()=/F9#$ /
(GH79#$
1. http//www.mk.edu.ms /prductivity.pdf consulte le 13/01/2013 2
. !"#$% &'() *"+,-./ (+/0)./ 1+2- 0-3 (0)$) 4567) 1*"+(829:/ 1*";)<=./ +/(./ 1*;-6 >0(- 1*"9?<8%./ @A")./2007 B 1333
./ *;)<= 1<"#"+?C &<), D<"(<7%E/ *F=) 1*"9?<8%./ @A")./ !"#$% 0 *"=<%8:/ !"#$% G? <H%")I3 0 *"+,-./ (+/0)./ *")8% 1*)";8 J+<- ((;./ 1KF,. B 1L"+<% >0(- 1M-<9./279
4.8%./ 1>"(./ AN ><)"F9 1*"=<%8:/ 0 G)9+./ +"O P"Q ?51\$0LJ)5T3�%+) ! v0{'X;) �FU , @'CX0$) @TM$?=3R(#ML>MC: Kk=3M'$ #7$0X KK2007 -2008 � K
71
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
4
HFS 0$ *de N$ Bde%()! B0X5�() bi #LgCM+) #:d7+) *de N$ #LFY+) #LX0'lw) ?80S� u&c!:1
1.Bde%() , ?80S�+) N$ �1" #gCMi B0X5�() 8)8�G 0$%MU.
2.#'i0� B0X5�() 20&i Z$ Bde%() f��MG 0$%MU.
3. 8)8�G 0$%MU#'i0� Bde%() 20&i Z$ B0X5�().
4.B0X5�() �0��) N$ �1" #gCMi Bde%() f��MG 0$%MU.
! , ��{'G ! #LX0'lw) O3I�� �gG5G �+) K�L]0�() ! B0nF>9() N$ #U3{� �0M]:
IJ)KK"L#$ : ! B0��X5�() N��$ N��Y[ ���1 ���1" �0��'lw Bde%��() ! 8=)3��() N��$ N��Y[ ���1 ���:" O)%�'��4) �<0��'M+)
#i3T5()."2Bde%() N$ NY[ %} �8ti B0X5�() qFU" uL&c H] !"3
.
-*#)E"#$ :0IJ)%]o #C4D() uL&c �%$ H]4 , 0IJ)%]" uL&c qFU #C4D() ?=%: 0�ti *3&+) NY� !" K
8=)3() #L{MG ! 2d{7+) ! bF$07+) 0V= uL&c ! K#L:3C+) #9�) KB07Lg() �a} ?80S� �Yy #S5Rg+)
#L�5+) ! 3{M+) uL&c ^_ #J0Vw0i.5
-*=)5>?$6 IJ)"L#$: -FG N$ �G0M+) bi ! K#LX0'lw) #LF{7+) , #$%�'C() 8=)3() #L{1 bi #:d7+) H]
8=)3() N$ O%�'C() �G0M+) #gCl z7�G=) 0{F1 #LX0'lw) ?20�Y+) Z�G5G -+\i ! K#LF{7+).
M>)N#$6C/"#$ :6 B$AE#$-*=)5>?$6MO6I/PQ9#$
#LFe)%+) ! #LX=0�) �$)37+) #U3{� , ��{'G HFS 0{1 0]854 NY� K:
1.1D<99R)./ *"=<%8C M?+ G? >"02%./ +0( 1S<6<6 &<)2 , @'CX0$ ?51\$@LC'+) O3FU) @TM$?=3R( K5<)��) #7$0X K2003-2004 � K116)2
.�) B0{ M() , H{L M'+) @LA'+) v)%iw) K#{ M() 2)8" N$ ZJ5+) , Q=!8 ! v)%iw) #L{MG K/0M} ¡) m�= KO04! HFg4K#{LIJ HCS%i H$3S K?%LFg+) EF}8 %74 #7$0X K#�S%18-19 k0$2011 � K12
3- Leon C Megginson et al, Management: concepts and applications, second édition; Harper a Row publichers,
N. Y,1986, P: 13 4
. 1*"+(829:/ 1@("(=./ *";)<=./ +/(./ 1D<"F);./ 0 T<%8U/ @+/(C 1&V- &"N<)9C ()$)2004 B 1325
. 1*99R)./ W/(3 G? <I+0( 0 *"=%/+%9:/ 1@+"=I +<#",?51\$ , @'CX0$@LC'+) O3FU) @TM$?=3R(K5<)��) #7$0X K2004-2005 � K105
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
5
1. B$AE#$-*=R)F#$ :/_�0M]%S%7+)N$�$)37+)#LX=0�)�+)5�DGqFU�3'C$#LX0'lw)�+)!NY�0]51.
HFS 0{1:1
B$AE#$-*S)*T#$:H] !�$)37+)�+)¢5>GN$*deB)=)5&+)B07S5R'+)!B)2)5Xw)!bl)3&+)!
B0{LF7'+)!0I}5>G �+)#+!%+)qFUB0C4D()!�+)�{7GqFU@�tG@g1,#7Lg~#LX0'lw)#&&£)
B$AE#$-.,)!5UV$:N{YG!Q\]�$)37+),B)@A'+),#7Lg~m)34o)�e%+)!�F'�()#CJ0M()!0]@T!
N$�57+01 �$)37+)EF>+)!#L+¤!Km3C+)�+)�{7GqFU@�tG*07JqFU�3'C$#LX0'lw).
B$AE#$-*W)95=V$:#¥LgF+#LU0{'X;)!#gL1�+)#Ll0YC+)?=)8¦+jM�01*0{Uo)!�3'C()!H{LF7'+)
B)=%&+)!#J0Vw0i #LMI()^_B)807+)%L+0&'+)!r)5Uo)!0IF15�DGqFU#LX0'lw)0$_§0¨w0i!"
EFC+0i.
2.-*<H$7#$6 B$AE#$:#S5Ri �5e" ! #S80$ �$)3U K�$)37+) N$ bU3l �L©.
-.,)9#$6 B$AE#$: , ��{'G �+) !:2 KB)�LIa'+) ! B)%7() KB0a'M() v)3l" K#:0>+) ! O0�) 8)3()
0LX3+3MY'+).
-*>)T>?$6 B$AE#$:, ��{'G �+) !:3)�{7+) � l ! �L M'+) K8)5Jo K�{7+) m5~ K#S=)8w) ?80L&+) ! ?=)8w).
X#)N#$6C/"#$ :)81*TY:6 H$7B6&6-*=)5>?$6Z*TY:6&6[)*U6\/]
HFS 0{LJ #LX0'lw) ª0L: #Lp" �LV3G NY�:
«�Y1 ¬~3+) 809':;) �3'C$ qFU !" #C4D() �3'C$ qFU /01 2)34 B)=)5&+) %Ly�+ #FL4! 0�31
=3Xo) #40L4 �4= qFU %U0CG«B0¥J0Y() ! �J)3�) �M$!
1 . 1*690%)./ 0 @+"X7./ D<99R)./ G? T<%8U/ 6"6'% >"9$% 1<Y+ G8/0IA?51\$ , @'CX0$@LC'+) O3FU) @TM$?=3R( K#F:=! K¢0i5$ k%60: #7$0X K
2006 -2007 � � K33-342
. B B 1!-<9 M=+) 1>"(./ AN ><)"F992-933
. B B 1!-<9./ M=+)./94-95
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
6
«2)8o) �LL&G |L} N$ #S=)8_ #LF{71 #i0:5+) #+!)�$ , #LX0'lw) jLS0&$ %U0CG
« #L�5+) qFU B)5yD() �]" #LX0'lw) jLS0&$ ��
=074o) %S%c , #$0�) j4o) %}" �7G #LX0'lw) B040L: /_.
{LJ #{ M$ #Sti #LX0'lw) ª0L: N$ r%�) ��{'S HFS 0:1
G %U0C'lw) �0��)! �7V §0g4" #J57$! %S%c ,«#LX0
bCc �$)5i ¢0® �%$ qFU r3:3+) N$ ?=)8w) NY #LX0'lw) ª0L: #7i0'$ /_#LX0'lw)«
7+) ZJ%+ �J)3�) �$)5i �L{9G , #LX0'lw) B040L: %U0CG�I'LX0'l¯i 20&G=;) qFU bF$0.
#{ M() #LX0'l_ ª0L: �'S#L<��) #LX0'lw) K#LFY+) #LX0'lw) 0p jLS0&() N$ bU3l *de N$.
1.-*<L#$6 -*=)5>?$:() #gCM+) NU #LFY+) #LX0'lw) �7G¥ v3{� #{C: N$ 0ILFU �9° �+) #S3
Bde%() v3{� qFU B0X5�().2
2.-* _`#$6 -*=)5>?$: 0IJ5U %&+)Evans ( qFU #LFY+) B0X5�() *%7$ 0�ti N$ %})! 59MU
Bde%().3
c , @g1 O0{']) O3L+) ?=)8w) ±3G#LX0'lw) bC 5S3>G �'7S ._ Kw)�]o) r%�) 3] 0`80S� ! #LX0'l
x&L&c ^_ ?=)8w) q7CG k\+)#L+0'+) �e)%() 51\l #LX0'lw) bCc m5~ bi N$ !:
1.-*=)5>?$6 Z*TY5#6M9*015#$6 H79#$: bCc /_ ?=)8_ ?83X NU �7S �>² ! � M$ KxX3$ #LX0'lw)
=)5{'40i #LX0'lw) bCc 3] ?%L�) ?=)8¦+ H404o) r%�) ! K 0I$%&G �%$ ! ?tRM().1
1 .1!,)( *;)<= 1*"=<%8:/ >"9$% 0 T<%8:/ 1+0(- (8H) B13http://www.tahasoft.com
2.D<"F);./ 0 T<%8:/ @+/(C 1G%<"-./ G.0+2, @+")3 1G)V./ (0/( P9<E ><9O )*")20 *"?+;) D/A2%+)( 1><)N 1M"A0%./ 0 +,8F. S+0A<"./ +/( 1
1>(+Z/2008 B 1413
. @+/(C 1<Y+ S()$ P<,I 1>(+Z/ 1><)N 1M"A0%./ 0 +,8F. *"/+./ +/( 1*;-6 >0(- 1D<"F);./ 0 T<%8:/2010 B 117
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
7
2.-*=)5>?$6Z*TY:6 -*`*:$/5Sa : B)3>�0i ?tRM() , #LX0'lw) bCc #L³)�4_ B)3>e 5 %S%n'i #S)%i
?tRM() r)%]"K=0C() ES39G ! #>�) �<0'l �LL&G ! #7i0'� #S0� !.2
3.-*#)9Sb/#$6,R$A9#$6-*=)5>a6Z*TY:: K0I'�FYG v0�G=; )5 l #60e #S0MU un'CG #L+0´"5+) 8=)3() /" -y;
8=)3() #LX0'l_ bCc B;0� �]" N$! K ?tRM() qFU 0LgCl ?@g1 %<)3�i 837S 0I'LX0'l_ bCc /0J µ N$!
HFS 0$ #L+0´"5+) : 8=)3() , Z<0h+) ! %:0�+) fL�¶- 0ILFU # J0£) ! #:0>+) %Ly5G - #l0L9+) bCc -
?83�) bCc.
4.-./c3#$6dA2#$6-*=)5>a6Z*TY:: /" #+·+ x$)%�'4) §3F4" ! �{7F+ x<)8" #&S5>i ZL>'CS 85�+) /o -+.
0`). #+�) #LX0'l_ qFU 0i0¨_ !" 0gF4 5�DS0I$80&G !" #+�) O%: xG=0I� �37S /" 85�+) ZL>'CS |L} K !
0I'LX0'l_ �7V.3
5.-*=)5>?$6 Z*TY:6 &6 I7.7`#$6 )*=A#A1L5#$ :+0J-+\+ K0L404" )59MU �� 0LX3+3MY' 0LX3+3MY'+) =3>'J
Yi0R'() ! #LU)%'() Q=0�" ¸%¹#G)!8" ! xF<04! ! �0'lw) 560MU ! º0RM+) B;0� �1 , , »} ! x
�I<)8" �3'C$ ! bF$07+) 8)5Jo).4
M>)N#$6;<49#$ :M=A#A1L5#$6C$7+?$6@A8"B
1. B 1!-<9 M=+) 1>"(./ AN ><)"F9742
. B 1!-<9 M=+) 1S<6<6 &<)2773
. B 1!-<9 M=+) 1>"(./ AN ><)"F9814
. B 1!-<9 M=+) 1S<6<6 &<)283
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
8
k809':;) r5~ N$ ?5$ *!o |S%�) ¼7(0i HX3+3MY'+) v)%iw) �F>9$ �{7'4"Josef
Schumpeter #M41939 ! ! KHX3+3MY'+) v)%i¦+ �S57G 20>U_ *!0° r34 EF>() )\] *de N$
xU)3l" �]" qFU r57'+).
%&'$6C/"#$:M=A#A1L5#$6C$7+?$6D./E:
1.6-.,)!5UV$6-*915#$&6e&)E5#$6-901B6f5O/W)OCDE ( /ti " : B0a'M() H>AG #LX3+3MY'+) B0U)%iw)
K#LM�+) EL+04½+! B0a'M{F+ #{I() #LX3+3MY'+) B)@LA'+) 0hS"! K?%S%�) #LM�+) EL+04o)! ?%S%�)
m3CF+ x+0e8_ �'S 0$%MU HX3+3MY'+) v)%iw) �{'YS!)�'M() v)%i_ ( �0'lw) EL+04" , x+0{7'4) !")v)%i_
EL+04o)(¾)._ K #LX3+3MY'+) K#L{F7+) B0~0RM+) *0Yy" �1 �e%G ^_ k8DG #LX3+3MY'+) B0U)%iw0J
#S=0a'+)! #L+0() K#L{L M'+)."1
2.M=A#A1L5#$6 C$7+?$6g/E. ":#Li0¨w) B)%a'C(0i uF7'G �+) #LF{7+) -FG xl"2 B0a'M() ¿¶ �+) ! K
�0'l;) EL+04" -+\1 ! 0IU)3l" �F'��."3
3.U r57S 0{1 xl) qF" 3] HX3+3MY'+) v)%iw0J K�'M$ !" ?5YJ �0'lw) ?%7() �<0À3+) ! B0~0RM+) #U3{�
?%L�$ �{U #&S5~ !" #7J0l #$%e !" #7F4 ^_ 0IFS3c! 0IL+_ �63'() #LU)%iw) ! =0YJo0i -C{'+)."4
EL+04" ! KB0a'M() , @g1 !" @A6 bCc �1 !" %S%X �1 3] HX3+3MY'+) v)%iw) /¯J xLFU !�0'lw) !
HU0Á !" k85J 83I� #>4)3i xLFU �9¹ k\+).
1.+) �aM$3i K2)5]�+) #{~0J #L&S0:=*0{Uo) B0{ M$ , Â%'C() HCJ0M'+) �L{'+) uL&c ! v)%iw) #S0à �U8 , v)�e;) ?2)5i #p0C$ K%L7C: @LA'+) ! v)%iw) K5<)��) Z:)!
K?%LFg+) KEF}8 %74 #7$0X K#�S%�) *0{Uo) B0{ M$ , H{L M'+)12-13 k0$2010 � K102
Said.Ouikl, économie et gestion de l’innovation technologique (recherché et développement), office des publications
universitaires, Alger, 1995,p :17 3
.#S809':;) #C4D{F+ #LCJ0M'+) ?�L() Kr!Ä5+) %gU �0a} :$ K0I'L{MG , HX3+3MY'+) v)%iw) =!8 ! 0]=809$@LC'+) O3FU , @'CX0$ ?51\)?=3RM$ @T( #7$0X K20 B!"55 K?%YLY4 K2006-2007 � K70
4 ., B0C4D() 20Rl_ ?%U0C$ ! �U8 B0L+¤ K#>43'() ! ?@A9+) B0C4D() , HX3+3MY'+) v)%iw) �U8 , 5<)��) #i5³ KÂ5Y+) %gU O0I45<)��) : #7$0X Ku<)37+) ! �5�+)
K5hLe %{Å O0S" K?5YCi03/04/05 k0$2011 � K02
!"#$%&'$()*+,'$-./01#$-*2*345#$6&
9
M=A#A1L5#$6C$7+?$6%)Lhb: 3+3MY'+) v)%iw) �LC&G NY� #7Lg~ EC} Kb404" bF$0U EC} HX v)%iw)
#X=8 EC} ! HX3+3MY'+)HX3+3MY'+) v)%iw).
! !"#"$%&#'()'*+,'(-./01(234 : !"#$%&' ()*+,# -./#/*0)#1 213451 67 89/: ;"<=$):51
1.5&$67#( !"#"$%&#'( )'*+,': 3>3. =/)*? @$ABC D4 3EF> ')G?3A 'H GI,% (J/K#1 LC1 ME)N
O3.1/)P1 QRA&1 S$T)*P$4 G:U$F? 3>3T)#$4.2()*P1 V 2134W# 21/:H GXYX 84 Z"[\)#1 ]0^ _#`4 ':
3
()*+,# G"\"a/#1 Gb"cd#1 2134C-()*+,# G"./#/*0)#1 Gb"cd#1 2134C -=/)*P1 e3FN fg$EA h"iN 2134C.
2.(2/#89:( !"#"$%&#'()'*+,';8&<,' :G+g$j JRk 8Kl 'H O3>3. =$):C GF>Rk m13n)%1 /74 JRk o
p1 e3FN V o3>3q1 =/)*P1 V $r*9 sI? t/0N tH !u v#1 GT")*#1 ' O3>3. S$T)*? 6",KN 'H S$?3
G\,0N 'H ()*P1 OB/.=$):51w>x/)#1 '.5
(-!=>(234)'*+,' !"#"$%&#' :F*>K8+Kj LC yU'34 6:
1.)'*+,'?/@A#'(BC( DEF#'( !"#"$%&#': 'H z3*rP1 ${ |/F> v#1 G"?/"#1 S$*"Kn)#$4 2/*#1 1`7 },I)>
JRk 'H ()*P1 V 8Kn)#1 1`7 t$cH ~1/% $I? $�Yc 'H Z?$I#1=$):51O3.1/)P1.6
2.*G8$#'(BC(H=*F#'( !"#"$%&#'()'*+,' : � ]? ' O3>3. G",+9 ' G"%3*7 �%H �,9 213451 1`7 |/F>
O3>3. =�$< �,9 |/F> /r�O3>3. G+�:H LC G�$�C G\,)� S$"*FN' O3>3. R�$*9 !,�)> '.1
1 .Sèverine le loarne, Sylvie Blanco, management d’innovation, Pearson Education, France, 2009, P : 21
2 . oRg1;q1 V G+�*P1 ~1BH �,9 yhX�N ' -./#/*0)#1 213451 wj1' o}"�/N �'$+T� ot$*� }N$9 ]4&#'(I//J&#'(B()'*+,'-KL*M#'(N86O:'(P86Q$R( G( 6/Q$ 3I% GI?$. o
oO3",b#1 o!,�B12-13 �$?2010 � o063
.Rg1;q$4 G�%/)P1 ' OhiE#1 S$K%�P1 V 2134�1 wj1' ot$�R#1 3b9 d*9 ]4 : oG":13"? G%1UB(*7F6#'(-/<"<8S#'(B(-L>8T&UV'(W"7.7#(XYR>(-.R8!(-7FR24 o}�?B GI?$. o
o@'&1 B3I#12008 � o1504
.oG+�*+,# -K�$*)#1 ;cRP1 6"93N V -./#/*0)#1 213451 G�$K? o!*>x -cd#1 ]4 o�$7/#1 3b9 G0>R4 ]4-KL*M#'(N86O:'(P86Q$R( G( 6/Q$&#'(I//J&#'(B()'*+,' GI?$. o
oO3",b#1 o!,�B 3I%12-13 �$?2010� o075
. � o}4$% w.R? ot$�R#1 3b9 d*9 ]41506
. ORc ? oG�%/)P1 ' OhiE#1 S$K%�P1 G"K�$*N 69B V 21dA�1 O~1R4 U'B o~$�H t$�U?h"K)#1 |/,9 V h)K.$) h�OU/�*?( oz1BR?/4 oORj/4 3�H GI?$. o2008-
2009 � o51
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
10
<8K#'()I@#' :-39[6#'(\7O( !"#"$%&#'()'*+]#(-L>8T&UV'(=8^_'
$%$%H �bNRN -7 ' oG\,)� ' O3>39 $"./#/*0)#1 S$913451 R>/�N ' B/.' ]? ()*N tH ]0^ v#1 U$X�1 tC
G\E4 G>B$E)j�1 G"+*)#1 'H /+*#$4G?$9.221/:H GXYX LC D+"KFN w"�)K: ':
1.=8^_'\7O-@7%&#'-/D8`$#':Rr�N'y`7U$X�1]?@YA8)#$�$�2$\NU16T�=$):51�3N'G\,0N
=$):CO3�/#1.
!)8@a='bF4;8&<,':tC@$ABCS$"*FNO3>3.VG",+9=$):513jt/0>D�37OB$>xB39S13�/#1
GT)*P1@YAOd�G"*?xoG*"I?�HOB$>xG>B'BRP1�$)#$4'�"\�G\,0)#1.3
!c/@da-@7%&#'-LB*4"#';"&$67# : M"#$0)#1 f",FN /7 -./#/*0)#1 213451 G",+I# -%$%&1 �3�1 tC
@YA ]? OR�1 GK�$*P1 ]? GK%�P1 80� G"i4 oG�$A G\E4 G>'3�/#1 G\,0)#1' G?$9 G\E4 t$"N51
]+[> $� scH ?1/7 }"Fl' G".$):51 G",+I#1 3"¡RN $r)T"): t/0N' oS$T)*P1 V S1h"i)#1' S$*"Kn)#$4
O3>3. S1U$+¢)%1 }>Rk ]9 GK%�P1 G>U1R+)%1' ~$F4.4
2.=8^_'\7Oef`&9V'N86.&9V'B:
1.)P1 ' OhiE#1 w>U$�P1 V G"£1d%51 OB$>R,# ZA3+c 213451 ' U$0)4�1 o¤9;#1 ¥Y� -,9 otBU&1 V G�%/ID'EF#'( G(P839[6#'(g8Y<h(i*O83R(B(bO>(P8/#j :(kXD'".#'(B(lI@#'
|$>H oOR0K4 oR["A 3+¦ GI?$.03/04/05 �$?2011 � o11
2 . oRg1;q1 ot/*09 ]4 oG"I?$q1 S$9/b�P1 t1/>B oGIbk t'34 o-./#/*0)#1 213451 h"KN ' B$E)j1 oZ"c'H 3"IK#1 3+¦1994 � o37
3. oRg1;q1 V G93bP1 OhiE#1 S$K%�P1 G"jRN ' 69B V G"*F)#1 @$+9&1 S$*�$� G"�H o�$�j ]4 3�H Rc ? Oh"K)#1 |/,9 V h)K.$?)*?OU/�( o�$"�/4 3+¦ GI?$. o
oG,"KP12006 -2007 � o224
. o@'3#1' S$K%�P1 G"K�$*N z$"F# R¡�? 21dA�1 O~1R4 o!"�#1 3+¦ �>'B Rc ? O V h)K.$?#1 |/,IG>B$E)j�1)*?OU/�( oG,jU' o¥$4R? �3�$j GI?$. o2004-2005 o
�57
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
11
=$):�1 !"#$%H ]? R¢cH S$T)*P$4 },I)N U$X�1 y`7o 3>3T)#$� V 8Kn)#1'w,K#1 ]+[> tH !u G?Y%
§Yr)%�11 oGI,K#1 GI"bk !K� @$+I)%�1 'Ho G?Y%' =$):51 G",+9 @YA @$+I#1 G?Y% LC 1`c'
§Yr)%�1 G",+9 @YA _,r)KP1o()*P1 OB/. ]+� Z?1/I#1 y`7 Zc =U3N'.2
3.=8^_'\7OIL*T&#':
tCm13�CS1h"iNG"4$uC�,9S$T)*P1!"#$%H'=$):51�B�>LC�"\�VM"#$0)#1G"g$r*#1S$T)*+,#
8Kl'VG"9/:S$T)*P1OB$>x'VS$I"b?GK%�P1$��B�>yU'34LCZI.S$T)*?GK%�P1R¢cHOU3j�,9
GK�$*P1VJ/K#1o-.U$p1V'GF"F�1t¨�RXH213451-./#/*0)#1�RE)F>�,9R>3ENscHG"+co!Kn�
Z4V'R>3ENscHG+"j]?S$T)*P1v#1;"+)NS$\�1/©G"./#/*0NG?3F)?.3
!"#$%&'()*%& :+,-,#./%& 0),#12&
NB:'(27A6#' : !"#"$%&#'()'*+,'(N"4(P89'=>
\#B:'( -9'=*#' :�. V ORX�P1 G"+"�*)#1 ' G"./#/*0)#1 Z?1/I#1 o�R?$I#1 ]K¦ �3rP1 ª$�213451
-./#/*0)#1" oG":BU&1 G"9$*E#1 S$cR�#1 ]? G*"9 �,9 G":13"? G%1UB ' G>B$E)j�1 |/,I,# }�?B GI?$. G,«
3,¬1 G":/:$F#121 o�$¢#1 B3I#1 o}�?B GI?$. o2005G%1U3#1 �37 3F# ' oLC:4
! |/r\? ®"�/N213451G>R�: 6"7$\? ]? D4 },I)> $? ' -./#/*0)#1¯
1 . !"#$%"&'(&'$)%)*+,%"&-"./0"&12.345&2.45)/&1 678&9 678 :&1:6/8&;6< (&=476$&1 335,%"&>)?8&)&=3.6@,AB"&>)?4%"&=?$7&1C6(D&)&EA")
&1F%6G%"&..4%"&1H3I52004&J&1512
.:3).&J&1C/65&E$ 7&1K3I%"&.7<7573
. � o}4$% w.R? o�$�j ]4 3�H224
.-./#/*0)#1 213451 V ORX�P1 G"+"�*)#1 ' G"./#/*0)#1 Z?1/I#1 o�R?$I#1 ]K¦ �3rP1 ª$�" oG":BU&1 G"9$*E#1 S$cR�#1 ]? G*"9 �,9 G":13"? G%1UB(W"7.7#(XYR>(-.R8!(-7FR
#'(-/<"<8S#'(B(-L>8T&UV'(*7F621 o�$¢#1 B3I#1 o}�?B GI?$. o2005 � o139
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
12
! G"*\#1 Z?1/I#1 RXH t$"bNq1 w? t'$I)#1 ' $"./#/*0)#1 Z¢? S$rG"^B$c&1 V G,?$c S$:$"4 391/j B/.' '
213451¯-./#/*0)#1
! V G"+"�*)#1 Z?1/I#1 �I4 RXH 3>3l213451 69B Z¢? -./#/*0)#1OU1B51$7h� ' ;"\n)#1 ' o$",I#1.
� 3j ':$"b#1 �,9 @/E�1 V B$+)9�1 $t$"b)%�1 OU$+)%1 -F"b�)#1 !:$q$4 G�$p1 S$ . G%1U3#1 E,A 3j '
G,° LC hA&1 VS$.$)*)%�1G"#$)#1:1
! ±$�: tC213451P1 R�$*9 ]? /7 D4 |$+)7�1 ]? 34� z$%&1 1`7 �,9 ' o|/"#1 $*P$9 V G"%$%&1 GK�$*
R>/�)#1 ' ²nb#1 |$Kj& 69B w? oD# G"�$c @1/?H 3�U'.
!�H o-./#/*0)#1 213451 }"Fl ' G"9$*E#1 O��*P1 R+9 84 GjY9 §$*7 tH G":13"P1 G%1U3#1 (g$): SRraH
R¢cH S$9134C OhA&1 y`7 ,T% $+,c Z>/k O��*P1 R+9 t$c $+,c.
!¯-./#/*0)#1 213451 ' R>/�)#1 ' ²nb#1 6Kj B/.' 84 G>/j GjY9 §$*7 tH G%1U3#1 )bXH
! )bXH¯-./#/*0)#1 213451 }"Fl 84 ' S$T)*P1 6T� 84 G"4$u1 GjY9 §$*7 tH G%1U3#1
!¯²nb#1 G*"9 G"9$*E#1 GcR�#1 V G"./#/*0N S$9134C Z"TKN V RX�N GI+)« G"*\#1 Z?1/I#1 tH $n�1' Rra
!G*"9 R�: Gr.' !K� -./#/*0)#1 x$³�1 }"Fl V ´$u1 RXH $",I#1 OU1B51 693# tCG%1U3#1.
-9'=*#'( *S< : 213451 ;"\l V $",I#1 OU1B51 DbI,N �`#1 U'3#1 �,9 hbc Z0�4 G%1U3#1 y`7 S;cU 3F#
213451 1`7 ]9 ()*> �/% �`#1 $? ®"�/N LC 3+IN µ ' oGK%�+,# -./#/*0)#1 . �/% 1`7 $*¢¶ V $+*"4
G"913451 G",+I#1 ]9 RT*N v#1 (g$)*#1 8b: tH @'$· 6T� ]? Z",F)#1 ¸I© oG".$):51 V 8Kn)#1 -7 '
S$.R¹P1 6T� ]? w�R#1 ' SYA3P1.
1.�R?$I#1 ]K¦ �3rP1 ª$� � � o}4$% w.R? o173-174
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
13
-/<8K#'( -9'=*#': hX�N o�/%/P1 M,A G"�9213451 GcR�#1 S$T)*? R>/�N V -./#/*0)#1 G9$*E,# G?$I#1
]?$¢#1 B3I#1 oB13i4 GI?$. oB$E)j�1 ' OU1B51 G,« oG"g$4Rr0#1 G9$*E,# G?$I#1 GcR�#1 V G#$� G%1UB G"g$4Rr0#1
ot/IbK#1 '2009 . º 3j 'U$")A1G*"9 ~1U3?GcR�#1G?$I#1S$9$*E,#G"g$4Rr0#1]?|$Kj&1G"#$)#1 :
8,¢+)P1'VR>3?²nb#1oR>/�)#1'6Kj'GbI�#1oG"*\#16Kj'=$):51�I4']?�'�K?!I�#1]?|$Kj&1
GF4$K#1. �37 3j 'y`7LC G%1U3#1:1
!®"�/N|/r\?213451-./#/*0)#1$?'},I)>D4]?6"7$\?G>R�:¯
!t$"4GjY9Z?1/I#1G"*\#12134W#-./#/*0)#1G,¢+)P1]?@YA6"+ENo()*P18Kl'()*P1o�$�16"+EN
8Kl'G",+I#1G".$):51R>/�)4S$T)*?GcR�#1¯
!3>3l�I4Z?1/I#1G"+"�*)#1V213451-./#/*0)#1Z¢?69BOU1B51o$",I#1;"\n)#1'o693#1'6,I)#1'
!>U3)#1'¯
!�RI)#1�,9Q/)K?213451VGcR�#1G?$I#1S$9$*E,#G"g$4Rr0#1]?@YA$r"*bN��A8Kn)#1R>/�)#
S$T)*?GcR�#1 .
� 3jOU$)¹P1 G*"I#1 ]? G?/,IP1 �,9 @/E�1 V t$"b)%�1 OU$+)%1 �,9 B$+)9�1 $. hA&1 V G%1U3#1 E,A '
G"#$)#1 S$.$)*)%�1 G,° LC:
!U$F)�1�I48,?$I#1S1U$rP1 LCOB3I)P1'6�$ABCV(?1R4G"b>U3Nt/0NO3"I46»$EE� ]9¯
!3>3l§/,%8,?$I#1]?@YA}"b�NH3b?G>;cRP1V391/F#1S1~1R.51 'ZA1BGcR�#1v#1't/0N13¡R?
LC6rc/,%ZA1BGcR�#1¯
1 .-./#/*0)#1 213451 hX�N o�/%/P1 M,A G"�9 oB$E)j�1 ' OU1B51 G,« oG"g$4Rr0#1 G9$*E,# G?$I#1 GcR�#1 V G#$� G%1UB G"g$4Rr0#1 G9$*E,# G?$I#1 GcR�#1 S$T)*? R>/�N V
ot/IbK#1 ' ]?$¢#1 B3I#1 oB13i4 GI?$.2009 � o55
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
14
!fF:Z>/+)#1-EF)#U$0�&1G93bP1Q3#8,?$I#1�HtHGcR�#1�fE�$)j'$"�$c-IK#~1U'U$0�&1
G93bP1$rI�''w?M"0)#1S1hi)PG¼"b#1R+)KP1V}"Fl213451¯-./#/*0)#1 .
!-I%GcR�#1R>/�)#S$T)*P1OB/./P1]?@YA@$ABCS1U/�)#1O3>3q1Gb%$*)?w?Z?1/I#1QRA&1$P
$�]?hX�N�,9!:$q1-913451VGcR�#1 .
-9'=*#'(*S<: _#� t¨� -./#/*0)#1 213451 }"b�)4 ?$j /# GK%�P1 tH 8b> tH ²�$b#1 @'$� G%1U3#1 y`7 V
GcR�#1 S$T)*? R>/�)4 ' D:H 8b> µ ²�$b#1 tH h� oGcR�#1 S$T)*? R>/�N V hbc Z0�4 ' 67$K> �/%
G".$):51 ]? ]K½ �/% .
*)%1UB @YA ]? ' �,9 Z+I*% G"#$�1 $1GjYI#1 B$. ()*P1 R>/�N 'H 8Kl 84 ' �,9 D%$0I:1G".$):51 .
-K#8K#'(-9'=*#':t1/*I4 ²¶ o�'¾R#1 3b9 =$T�" 213451 U'B ' $7UB$E? G>B$E)j�1 GK%�+,# G"K�$*)#1 O;"P1
B1/#$4 U/�I#1 G9$*E# B'U/#1 ®g1'U GcR¡ V G":13"? G%1UB $r)"+*N V -./#/*0)#1"ORc ? o$+0)%� G?3F? @
OB$r¡ S$b,�)?P1.$ h"K)#1 |/,9 V h)K GI?$. o20 S'H55 oO30"0% o2006-2007.
'B x1R4C ' G"K�$*N O;"? �,9 G>B$E)j�1 GK%�P1 @/�' G":$0?C �,9 �RI)#1 LC G%1U3#1 �37 213451 U
' o$r)"+*N V -./#/*0)#1� 3j ' G��YP1 oS1~$E�51 ]? Zc �,9 S$?/,IP1 �,9 @/E�1 V B$+)9�1 $
G,4$FP1 .N '�/ 3j ' ;"+)? S$T)*? �< ]? G"K�$*N O;"? U/�I#1 G9$*E# B'U/#1 ®g1'U GcR¡ tH LC G%1U3#1 ,
-./#/*0)#1 213451 67$%G�$A oG"K�$*)#1 $»;"? G"+*N VP1 V -./#/*0)#1 213451()*
-9'=*#'(*S<:²�$b#1 @'$�`#1 U'3#1 ¿> tH G%1U3#1 y`7 V DbI,> �213451./#/*0)#1 GK%�P1 ~$�9C V -
RE)F> -./#/*0)#1 213451 tH ¸I> � D:H h� oG"K�$*N O;"? �F� 1`7 ' �F� G"K�$*N O;"? GK%�P1 ~$�9C �,9
$*)¶ @YA ]? D*"b: �/% $?.
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
15
<8K#'(27A6#' :-/!8&<,'(N"4(P89'=>
\#B:'(-9'=*#':o�$k$k @$+c t1/*I4 ²¶"S$K%�P1 G".$):C w�U V ]>/0)#1 U'B"o @$+0)%� G?3F? ORc ?
h"K)#1 |/,I#1 V h)K.$P1 OB$r¡ S$b,�)? ooRg1;q1 GI?$.2003-2004 . �,9 �RI)#1 LC G%1U3#1 �37
GK%�P1 $rIb)N v#1 JR�#1$7B1R�H G"jd#6»$".$):C ]? w�R#1 Z.H ]? 1`7 ' o 6rg1BH 8Kl ' o� 3j ' $
t$"b)%�1 OU$+)%1 -F"b�)#1 !:$q$4 G�$p1 S$:$"b#1 �,9 @/E�1 V B$+)9�1 G%1U3#1 y`7 G%1U3#1 ,�/N '
hA&1 V1R�&1 ]>/0N G",+I# tH LCBC �0I*> $? U'`4 1`7 'o6»1U3j R>/�N V |$7 U'Bu,9 $"4$G".$):51 �.1
-9'=*#'(*S<:´$u1 Z0�4 B/I"% _#� tH M"c ' D*>/0N G"�H ' Z?$I#1 �,9 G%1U3#1 y`7 S;cU G".$):C �,9
V OU1B51 �Rk ]? $r,bFN �,9 ' G"9134C U$0�H },A �,9 Z?$I#1 ;"\l U'B 8bN µ G%1U3#1 tH �C GK%�P1
G".$):51 8Kl . 8Kl V U'B 213451 ;"\n)# M"c D:H Rr�: tH @'$· �/% 1`7 $*¢¶ @YA ]? '
G".$):51.
-/<8K#'( -9'=*#':z$b9 ]K�1 3b9 -,9o)#1h"iG+�*P1 G".$):C V yhX�N' -./#/*0)#1G%1UB R�#1 V G#$� Gc
À$b*#1 S/>;#1 G9$*E# G?$I#1 V h)K.$? ORc ? o1' G"#$P1 |/,I#1G"�REPo~Y4Rc GI?$.oG*% t'34. �3»
-./#/*0)#1 h"i)#1 U'B z$"j LC |$9 Z0�4 G%1U3#1%1UB @YA ]? G".$):51 V 3�& G#$� G GcR�#1 w:$E?
G?$I#1G"N$b*#1 S/>;#1 G9$*E#J1RI#1 VG"#$)#1 S$.$)*)%�1 LC hA&1 V G%1U3#1 ,�/N 3F# ' o : n�'H
h"i)#1 S1R¡�?_,N 6"j 8Kl V 6rP1 $7U'B y3I4' -./#/*0)#1 h"i)#1 }"b�N Zbj -./#/*0)#1V S1R¡�P1
1 G*"9 w*EP1G%1U3# . $+cj S1R¡�? n�'Hw*EP1 V G".$):51 z$" -./#/*0)#1 h"i)#1 3I4 G%1U3#1 G*"9
Od\,#)2000-2002 (-./#/*0)#1 h"i)#1 tH ²"�%$V 67G".$):51 6"j V S1h"iN }"Fl.2
1 .C/65&E$ 7&196I6I&L67+
2.z$b9 ]K�1 3b9 -,9oh"i)#1 V yhX�N' -./#/*0)#1G+�*P1 G".$):CG%1UB R�#1 V G#$�À$b*#1 S/>;#1 G9$*E# G?$I#1 Gc V h)K.$? ORc ? oG"#$P1 |/,I#11'G"�REPoGI?$.
~Y4RcG*% t'34 o
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
16
-9'=*#'(*S<: t$c ~1/% G".$):51 �,9 -./#/*0)#1 h"i)#1 DX3½ �`#1 RX&1 z$"j �,9 |$9 Z0�4 G%1U3#1 S;cU
1`7Z0�4 h"i)#11u$´ DX3½ �`#1 U'3#1 $*)%1UB V $*EEA $+*"4 oS$%1U3#1 w�/? GcR�#1 V ¤,% 'H
G�%/)P1 ' OhiE#1 S$K%�P$4 G".$):51 8Kl V -./#/*0)#1 213451
-mfnZT@#':
w4$�,# D:H @/F#1 ]0^ }b% $��$A G�%/)P1 ' OhiE#1 S$K%�P1 D4 ;"+)N �`#1 �$p1G G#/r%
]>/0)#1h"iN 'H 3T)K? �H w? $rk$�: 6,j�N ' o�$A Gi#$4 G"�H -K)0N $r*? ZI. $r�"¦ V m3½ 3jG V
ZT@#'NB:'P8/+>:'-LIQ$#'-/S/0A&#'(B
17
]71R#1 j/#1"./#/*0N G93b? ' O;"+)? t/0N tH ]? $� 34 � t$c OxU$4 t/0N Á� ' o$ $? 1`7 ' $*#'$�
@YA ]? Dn"�/NZE\#1 1`7 @YA ]? ÂRI)#1-./#/*0)#1 213451 M>RIN LC ' GbNdP1 G>B$E)j�1 U$X�1
oD*9 G".$):51 JRk ' $r\>RIN$r*"Kl. @/� GF4$K#1 S$%1U3#1 �I4 �,9 ~/[#1 �",K)4 $*+j $+c2/�/P1 '
$� B$F):�1 D"./N.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
19
-.0/1:
!"#$%&'()*+ , -&./.01(/+ 2+!#*+ 34 56 7.894 :;< =>"(/+ , ?#'@/+ 5A9/+ B $C>D0/+ E%F'9G+ H>< I
-J%KL(/+ MNO+ +PF B Q,'R =.SB $%&'()*+ :;< -&./.01(/+ 2+!#*+ >TU VW6 $S+X!/+ 5Y $@SZG+
)[.0O+ \.]X $@SZ4 (+ $%^U :;< =>"(/+ , I$@SZG+ 5_+` -&./.01(/+ 2+!#*a_b+ +PF cU V%6 , EF'@C
I'd'%&'()e f@g B$%/'(/+ >h'0"/+ ie j>L(/+ Qk_ 34 l/m ,:
n$S+X!;/ 7!o(@G+ p80G+
$S+X!/+ 5Y $0%"/+ :;< =>"(/+ )[.0O+ \.]X $@SZ4 VC>"q(n
34 '8%;< 5Ar(G+ ps'(0/+ EFU H><5%;r(/+ Qk_'8(Wt'04 ,.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
20
!"#$%&'()# :*#!+"#$!$,-./0)#
234%&567/$% :*+%,-6$&8-9:;/$%&<0=/$%
234%&>?)$%:*+%,-$%&<0=@
')!u(<+ !J/B -J%KL(/+ MNO+$S+X!/+ 34 -9h./+ p80G+ :;< v'Sb'# !u("C wP/+ $%)+!%G+ $S+X!/+ p804 :;<
E@J/+ B ps'() 34 x%/e 5h.(/+ y '4 :;< '8z'JSe , '8;%;g , I$6>W/+ 3< \>{.(G+ |'%L"G+ $S+X!/ -;%;r(/+
w>D0/+.
!"#$%&>?)$%:"01A"B@&3&*+%,-$%&C%3DE
()e 5%;g X'ze B '04!o(S+ $S+X!/+ 5Y $@SZG+ $%&'$%/'(/+ |+,`b+:
+C%F"(GH :*+ |'%L"G+ V;(} B 5~u(q ,��'()�+ , $KS'�+ -u@t 34 $&>o(@G+ $%s'A $0u�(G+ ,
Q,+!O+ , ?s'T./+ V;(} B \�9;/ ps'(0/+ |'#'@� Q,!& I$%)+N%4 342010-2012 |')'%K/+ �"# , I
$%u1# $h'�+.
*6I"J/$% :$S+X!/+ 5Y $@SZG'# �'()�+ E@t Q,Z@4 �4 �C>&U �/+ , $;�Sb+ �"# :;< $#'&*+ +!At
\X+`*+ =>z 34 $4!JG+ |'%L"G+ 5%;g , a@9q :;< ')!<'@q �/+.
*KGL/$%: l/P6 |+!"4 , |�� 34 $%&'()�+ $%;u"/+ B $4!o(@G+ 5s'S./+ V;(} \!F'W4 Qk_ 34
'u"(S+\X+`*+ 5Kt 34 �6'{ , Vq+.F I�� 7k<e 34 5h+.(/+ |N8&U Q.
&2"B/$% !"M/$% :+SZu;/ -;_+!/+ �%�+ :;< 2.�.u;/ '0(S+X` |>A(t$@.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
21
!"@N$%&2"B/$%: '0(S+X` ce$%&'()*O+ \.]X $@SZ4X,!/+ , |>J(# [.0&./.01(/+ 2+!#*+ xK";C wP/+-
|+.0@/+ :;< |>A(t+ '80%@g B�#Xb+ Qk_ wU I\a_b+\�9/+ 34 \!(uG+2008 ie2012.
*;+O/$%&,".:P%&C%,?Q@:I$S+X!/+ 2.�.4 $@SZG+ :;< ')X'%(_+ �t, �{+,!/+ ie +`'0(S+$%/'(/+:
!n$S+X!;/ $#.;LG+ >h'0"/+ :;< 'F>{.q , $@SZG+ �t.4
!X'K(<'#n'd'�(04 �C.0q ie :"@q $@SZG+ cU
! ZG+ -"S \!s+X c.1q cU ie 5h+.(G+ $@S'8&'()e Q'� B \N%u(4 ,.
!"#$%&567/$%:*+%,-$%&'R@&*=.S$%
234%&>?)$%:*;+O/$%&TU-J1
$0S [.0O+ \.]X $@SZ4 �@S�q1983M'6>� $(S 5Kt 34 -9)'& B -;"9/+ '8z'W) |U!# ,1985
vU># �X!t Q'435w>s+N& X'0C` c.%;4%/,Z@4 |+m $@SZ4 3< \X'K< -F ,$� �Jq I\ ,!Y$JL0 �'W0/+
-<'0A/+ �+.� '%/'� '�'u< `!< [X'JC |>J(#21554'<. 5C.g , $<'0h B -@%s>/+ '8z'W) 5~u(C
'd'�(04 f# 34 , Ip09Sb+ '804 >6P)m $�>{b+$%/'< \ .& |+ I �#+.0/+ |+m $�>{b+ I$"%{X $%<.) �s+>�
8<+.)�# $%�09Se' ,p09Sb+ $LS+.# '8(<'0h 31� �/+ Q'1�b+ V;(}.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
22
!"#$%&>?)$% :*;+O/6$& /.K=:$%&'M.0$%
TV,&'MW$%)1.2( :XY=B$%&ZY[,&*;+O/$& /.K=:$%&'M.0$%&\]YU&^79@
,-(/$% :&*Q$"7$%&D%-_`a":!A%&T;V&2bO;@&c@&'I"J@&d_
e$"#$%&567/$%:C"!".Q$%&f96@
TV,&23-B$%)1.2 (&Z?:)$%&2LP&*B:=/$%&*./M$%2008-2012)Z-G3(
,-(/$% :C"!".I*;+O/$"I&a":!H%&T;V
23-B$%&\.1")@
65 :p(0G+ Q.z ie aWq
20.16g05 :p(0G+ H>< ie aWq
B:$9;]U w.g �/+ $�>{b+ Qe N4>C
Nakla:�#+.0/+ |+m $�>{b+
$&� NG+
C%Y=;$%
*S6;$%
20082009201020112012
65/201759065255505536431566
65/161640525551933532929570
65/05235202012203015458543
B168825149871410606676
B2012483198797216168344
Nakla8252071101411042
*U?U-/$%
, $KS'�+ E@t
�+!$%<'u(&�+ |'4
�'()�+ E@t |'C�WG+ E@t E@t$4'"/+ 5s'S./+ �%K/+ E@t
p09Sb+ �'()e $r;A4
$�>{b+ �'()e $r;A4
�������oG+
$r;A43CNo(/+
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
23
&23-B$%TV,)2.2( :&\]YU&23-h*.Q+"R/$%&C"!".Q$%*;+O/$"I&*i"9$%
d.@-9:;/$%&jU,"(@ Z-_";/$%&C"@-9$%&*/.V 8"9$%&D%Y/$%&*/.V & 6M$%&<1"=$%&*/.V)aD( D,%Y/$%&*/.V)&Da( C%Y=;$%
${,>"4 a] ${,>"4 a] ${,>"4 a] 730.866.862.54 635.146.243.12 2008
${,>"4 a] ${,>"4 a] ${,>"4 a] 204.442.344.65 162.125.242.35 2009
2.302.696.99 2.183.065.64 292.536.621.11 356.204.820.73 297.022.383.73 2010
3.012.212.52 5.152.632.74 382.332.653.25 457.117.100.18 390.447.498.40 2011
4.012.254.52 61.525.632.40 682.323.553.25 810.235.210.00 747.861.440.10 2012
,-(/$% :*Q+"R/$%&T;V&3&*;+O/$"I&k"9$%&<l":=$%&C"I";G&23-h
0$%d.JI";$%&d.$3-B$%&d@&m-:
$@SZG+ =>z 34 p(0q �/+ 2+.)b+ �"# :;< =>"(/+n
|+.0@;/ $@SZG+ =>z 34 $�(0G+ |'%u1/+ �K(q 342008 $C'] ie2012 [P#P(/+ 5%;g , �`'�+
�'()�+ B$%&'()*+ ['@� $%�#n
n$%&'()*+ ['@� B '0q!<'@4 +!At '&'()e 'F>~6U , $@SZG+ |'�(04 EFU :;< =>"(/+
$%;1/+ X+.G+ $u%t ${>"4$%&'()*+ ['@� +!At -;1/+ pq'0/+ ,n$%;1/+
\!<'@G+ |'4!�+ I7'�+ `+.G+ $u%t ${>"4f4!o(@G+ =X'A4 , ['@� $%;u< 34 5%8@(/+ ['@� $%�#
$%sNO+ $%&'()*+.
!"#$%&'()*$% :&+,-"!*$%&.&/0"1!$%
234%&567/$% :*+%,-$%&'R@&*;+O/$"I&*i"9$%&<l":=$%&n?_
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
24
234%&>?)$% :%*.h":!HXY=B$%&ZY[,&*;+O@& o
1.&*;+O/$"I&a":!A%&*$"G:
[P#Pq �'()*+ E�� =>< $0S 34 wU $S+X!;/ 'F')�_+ �/+ \�9/+ Qk_2008 $C'] ie2012 l� � ,
ie ."C l/m cU7!t� +|+N%8�(/+ �"# 7!t , |�'()*'# $h'�+ X'K(<'# $0S '8s'W)e !04 , $@SZG+ cU
1983 $/� ¡.S 5_!q ¢ , p09Sb+ 5C.g , $<'0A/ $0S2002$�%K;/ $JC!h $/� -F , 5Kt wU \�9/+
|'%K;L/+ 5J0# $h'�+ |'0�'W/+ 5~4 5J0/+ 5s'S, 34 !C!"/+ l;(£ $@SZG+ cU a] I $S+X!;/ \`!�+ ,
Q,!O+ EtX)1.2($@SZG+ |'�(04 �"K/ $�(0G+ |'%u1/+ ��.C I.
¤'0F cU ¥�k) Q,!O+ Qk_ 34 \!(uG+ \�9/+ Qk_ $@SZG+ =>z 34 $�(0G+ |'%u1/+ B =k(_+$S+X!;/
2008-2012F'D/'{> ¤'0F cU i,b+ $;F.;/H'9¦+ |'�(0G+ E�� B aK6 $0S 342008 ie
2009 ie l/m §KS �&>C ,M'¨e =>z $@SZG+ �)'6 �/+ , ©X �u� f# , '80%# $us't �)'6 �/+ $6+>W/+
x%{Q'G+ vUX $u%t :;< >TU �X,P# +PF , M'6>W/+ `!< 5t �'(/'# , >u~(@G+ +PF >u(@C ,H'9¦�+ $C'] ie
$0S2010 $0S �'()�+ E�� 'F!"# �9qa/ I2011 $C'] ie >u(@C ,2012. �'()*+ X'@4 �K(q 31� ,
�'(/+ ª'%K/+ «r0G+ Qk_ 34 $@SZG+ B:
&TV,&'MW$%)2.2:(*;+O/$%&C"B:=@&pSQ$&a":!A%&*$"G&\]YU& !".I&q=R=@
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
25
51W/+ �%q'9465 :p(0G+ Q.z ie aWq20.16g05 :p(0G+ H>< ie aWqB :$9;]U w.g �/+ $�>{b+ Qe N4>CNakla:�#+.0/+ |+m $�>{b+$&� NG+
f<.0/+ 34 $�(0G+ $%u1/+ cU Q.J) cU 31� «r0G+ Qk_ 34"65/20 " ,"65/16 " B $"9q>4 �)'6
2008 ��9¦+ ¬ '4 +PF , ©X �u� �4 $6+>W/+ ¥{ ie i,b+ $&X!/'# , l/m B §K@/+ ."C ,�1")+
'�+ Q'G+ vU>/ $K@0/'# $@SZG+ :;< 'K/'S . cU a] «r0G+ Qk_ 34 l/m ¥�kC, ' �+.q !%"(@q |U!#
34 $C+!#2011 $C'] ie2012 \`'CN# B l/m >@9) cU 31� , ®%�I$@SZG'# $h'�+ Q+.4b+ v, X B
Q!"4 °;#`'CN/+\Q'G+ vUX B%41 $0S �4 $)X'J42010§;L/+ §@� p(0q $@SZG+ X'K(<'# l/m , I.
2.0/+ +m f�(0u;/ $K@0/'# '4U" B16 "," B20 " '¨U ¥�k0{ $9;]b+ ,U $%L]b+ |+m $�>{b'# :u@q '4 ,U
!t ¡>_b+ -F|!8�H'9¦+ aK6 B2008 $C'] ie2009�&>C , >6m wP/+ §K@/+ �9) ie >4b+
ie ¡`UH'9¦+ $@SZG+ cU 'u6 IfJ#'@/+ f�(0G+ B $0S B ,2009 34 p(0G+ :;< |+a�(/+ �"K# �4't
�� 34 `+� '4 +PF , I'%/'LCe , !)kC'q 34 ±'uJ/+ X.(@q �rKhU ®%² '8�(0G -&X'�+ =k�/+ $%�') E
x0< p() wP/+ , V%/'1(/+2'9qX+ ¡`U '³ 'F'�(04 X'"SU B $C'] ie H'9¦�+ +PF >u(S+ , §;L/+ B ´J)
2010 �0S B �'()�+ 'F!"# �9qa/2011 ,2012 v, X \`'C� .F l/m B §K@/+ c.1C cU �&>C ,
0
5000
10000
15000
20000
25000
30000
35000
2008 2009 2010 2011 2012
65/20
65/16
65/05
B16
B20
Nakla
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
26
$h'�+ Q+.4b+) \>u~(@G+ (\`'G+ M+>� \`'C� B EF'S 'FX,!# �/+ , �'()�+ E�� B \`'CN/+ �'(/'# , $%/,b+ B
�'()�+.
:;< ?KL0C ?#'@/+ 5%;r(/+ �9) , �.(04" Nakla"C p(04 .F ,&, NG+ $�>{b+ ie N4>$ ie ${'�e x)U a]
5Ar(q �/+ , �#+.0/+ $9;1q x%/e ='�C =k�/+ $9;1q '8%;<'%/'LCe 34 $@SZG+.
2.q6_&Z?rO/$%&'@%YS$%&d.;R1*;+O/$"I&*.h":!H%:1
n$JL0G+ B \!s+>/+ '804 5"& j.@;/ 'FX'1(�+ , I\ .O+ 54'"# $@SZG+ 7'u(F+
n'd�� , 'd+!"G \>u(@G+ $)'%A/'# $@SZG+ 7'u(F+
7'u(F+ $%/,b+ `+.G+ $%<.0# $@SZG+ 7.Jq �oG '86k(4+ Qk_ 34 l/m , Ip09S�+ $<'0h B $4!o(@G+
5Kt 'd .& 34 !6�(;/ $%/,b+ \`'G+ $0C'"� x%{n¤k8(Sk/ 5#'t p(04 ie '8;C.g
Ix(D�k4 y '4 +PF , I�0AG+ B $CX,` |�.µ f/,Z@G+ 7'%t Qk_ 34 '4'F +X,` $@SZG'# \X+`*+ §";q
!6ZC '4 .F , ie p(0G+ �0h $C+!# !04 �'()�+ $%;u"/ 3@�+ a@/+ 34 !6�(/+ :;< \X+`*+ >8S :;< '�CU
n5%u";/ x%;ug $C']
wX,` 51W# �@%/ 31/ , >_� ie f� 34 M'96b+ 5u"/+ �"K/ \�{'14 , I$C`'4 N{+.� $@SZG+ =>Aq
f"4 E%D0(/ ��¶ ,U.
3.*;+O/$"I&*.h":!s$& 6M$%&t".J$%:
1 . !"#$% !&'()*+ ,'-# .//012 34%(5+ 6/7 8'0/1 841) 9:/*+ ;1 .<24$115/05/2013
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
27
U 34+ a@9q $%;u< 5%8@q 5& I '8%;< Q.A�+ 31� �/+ ps'(0/y §@� $%;1/+ $%&'()*+ ['@�
$%/'(/+ $tk"/+ :&*.6M$%&*.h":!H% =&C"h?9/$%& $"/h`"&CLP-/$%& $"/h`cU ®%�:
·e'-;1/+ pq'0/+ $u%t B 5~u(q |'&>oG+ �.X+.G+ $u%t B 5~u(q |k_!G+ �'·e I,Qk_ 34O+Q,!
EtX02$%/'(/+ ps'(0/+ ie '0;h.q:
*+ $%&'() $%;1/+$0@/2008=1.150.706.425�
*+ $%&'() $%;1/+ $0@/2009=1.261.014.890�
*+ $%&'() $0@/ $%;1/+2010=1.199.252.448�
*+ $%&'()$0@/ $%;1/+2011=1.170.601.865�
*+ $%&'() $0@/ $%;1/+2012=1.083.402.842�
&TV,&'MW$%)3.2:(&\]YU& !".I&q=R=@*;+O/6$&*.6M$%&*.h":!H%
950
1000
1050
1100
1150
1200
1250
1300
2008 2009 2010 2011 2012
!"#$%& !'()*+%) !"#$%×0.001&!(
!"#$%& !'()*+%),-./$%×0.0010-(
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
28
!"#$%&'()*+#,-.*+#/012#345# !"#3672/%#89':# 3(;-*+#3(<'=9>+#?@2008#'A@#BCD#8672E+#345
2009#345#D#F'72EG+# H6%#I;J#K(L20099.6%#345#M%#39E'N%2008O#P)5#QR6S#'TE#U#VW#X*Y
#ZE#M[\#M%#3:+/.*+#'0]'AW#P)^J#'07(*'-2#$%#3^5_`+#,(;N2#'aH6J#QR6=*'7bG+#VW#345#c2010#K(L
# H6%#dE'e'0f'7b+4.9%#345#M%#39E'N%2009#/[=^(*#'aH6J'7bG+c#345#3S'C#VW2012#K(L
#345#D#I;J2011#c'7bG+# H6%2.32%#345#M%#39E'N%2010D#I;JU#3452012#c'7bG+# H6%
#gJ7.45%#345#M%#39E'N%2011#h=i/j#kl*+#ERaH=*+#3*'L#/^79#?@#$-m#U3(<'=9>+n'"#3(;-*+3#/"o#D
#p!"H`+#3[(e#F'72E+#VW#q=45 )#D#,r[=2#s*+#Ut'=9u*#3(;-*+#v(*'-=*+(#+la#U#O#$%#wC/*'J#xL!`+#F'72EG+
Up'</y`+# 3[(N*# /[=^`+# $-m# U# OF'<EW# z]'=4*+# {la#p'%H|+# U# 3-;0=^`+#p'S}.`+# 3[(e# F'72E+# VW
#U#3(<E'|+'(:!0=5G+p~/"�+3^5_[;*.#/�_%#��62#G#'0(;j#,��=`+#z]'=4*+# {la#h9@# RN*+#$-m#'[:
3^5_[;*#H(< .
4.&0".1*.2"3!4%*5+6/$"7&*.89:$%:
;"<$%&=%>/$%&*.2"3!? =p'</y`+#�'�W)�;-*+#z2'4*+#3[(e( /�'|+#Q+R`+#3[(e
#weE# UH<#�;j#3NJ'^*+#3e!6*+#�'N5W# !"#$%)2.2 (3(*'=*+#z]'=4*+#VW#'4;nR2:
#34^*#�'|+#Q+R`+#3(<'=9W2008=1.217.641.810tQ
#34^*#�'|+#Q+R`+#3(<'=9W2008=1.195.600.471tQ
#34^*#�'|+#Q+R`+#3(<'=9W2008=1.187.467.812tQ
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
29
!"#$%'0(;j#,��=`+#z]'=4*+#39E'NT#U#O3(<'=9>+#�'4a#?@#xL!9#�B"�+#p+R45#3�!r*c'7b+#D3(<'=9W
#U#O�'|+#Q+R`+QR6S#P)^J#�N4*+�+/5>+#D�+Hy=5+#R`++Q#3^5_`+#3%'e#s*+#3�();*#3NSH�*+#3*�*#3)^4*'J#'%@
#345#D#'0%+Hy=5'J2002#�+/5>+#3[(e#$%#,;N=*#89':# s*+#U#M[�[;*#'0=(-;%#pQ'j#HNi .#�6S#+la#U
3(;-*+#3(<'=9>+#c'7b+#d')5@#$%#�a#3(<'=9>+#{la#?@.
%&@"A-<$%&*.2"3!?B-C"5/$:
&B-C"5/$%&@"A-<$%&*.2"3!? =�Wp'</y`+#�')�;-*+#z2'4*+#3[(e( /#�Hj'^`+#p'%H|+#�'�W
5W# !"#$%#weE# UH<#�;j#3NJ'^*+#3e!6*+#�'N)2.2 (3(*'=*+#z]'=4*+#VW#'4;nR2:
#34^*#�Hj'^`+#p'%H|+#3(<'=9W2010=163.167.251.70tQ
#34^*#�Hj'^`+#p'%H|+#3(<'=9W2011=88.715.249.69tQ
#34^*#�Hj'^`+#p'%H|+#3(<'=9W2012=13.169.067.56tQ
$% !"#'0;j#,��=`+#z]'=4*+#�'4a#?@#xL!9+c'7b#�Hj'^`+#p'%H|+#3(<'=9W#D#O~/"@#VW#345#$%#U
c'7bG+#+laB)-*+'0f'7b+#D#wa'5#'�#3(;-*+#3(<'=9>+#�;j#/�@#$%#�H=[`+#�}7*+# !"2010 -2012 .
*$"/D$%&*.2"3!? :ER<�+#$%#E'4SH*+#3[(e#3(<'=9W#d'^L#�;j#/�=N9#�R5
,"EF-$%&*.2"3!? =p'</y`+#�'�W)�;-*+#z2'4*+#3[(e( /#ER<�+#�'�W
#weE# UH<#�;j#3NJ'^*+#3e!6*+#�'N5W# !"#$%)2.2 (3(*'=*+#z]'=4*+#VW#'4;nR2:
#3(<'=9W*#ER<�+#$%#E'4SH*+#34^2010=154.690.270tQ
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
30
3(<'=9WER<�+#$%#E'4SH*+#34^*2011=151.754.598#tQ
3(<'=9WER<�+#$%#E'4SH*+#34^*2012=201.440.132.7tQ
$% !"#,��=`+#z]'=4*+xL!9+#�'4a#?@#$%#ER<�+#$%#E'4SH*+#3(<'=9W#D#c'7b#3452010#3S'C#VW
2011wa'5#'�#Dc'7b+3(<'=9>+#'A@#BC#�}7*+#X;2# !"#3(;-*+pQU'jF'72E!*#D2012#wa'5#'�
#MiE#D3(<'=9>+#3(;-*+�}7*+#�79# !".
31L!%:#3^5_`+#?@#E')=j'J#X*Y#U#3*'[6*+#w�L#dlJl2#VW#QR6S#ER<�+#3;=:# D#F'72EG+#U#c'7bG+#?W
t'=9G+#w�L#P^�#w07�R2.
!"#$%&GH)$%:I>E:$%&B>J,&*5+6A& K& 2>$>EL3$%&G%-74%
#H[=62#E'-i�+#U#t'=9G+#35'(5#�;j#35+EH*+#,�#3^5_`+3(j+HJ>+#$%#{'41LG#'`#3�(=9#X*Y#U#OFR42#D
|#3�(=9#U#'�'<R=% '�+#+la#D#3;SR�*+#'��.
1.G%-74%@":3E/$%& K:#R=4%#3�%#$%#/r:@#z=42#'A@#K(L#'�'�=4%#MSR42#�;j#35+EH*+#,�#3^5_`+#,[62#Ot
#P^L#X*Y#UH6=`+#pG'[6=5G+z475�*#�Q.
#'04]'J�#p')C/*#'NiU#X*Y#U#Oz475G+#'�#,-.=S#'A@#$-m#s*+# '-��+#v;=�#t'=9W#VW#3^5_`+#�6^2#'[:
3JR;�`+#p'([-*'J#U#'0]![j#U.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
31
2.MNO%HA:#/mF+HJ>+�;S#'[:#'0�(y;2#$-m#,L+/%#3�!rJ#35+EH*+#,�#3^5_`'J#p'�=4`+#D:
�/-7*+#��|#X*l:# U#'0]![j#U#'04]'J�#p')C/*#3�(=9#?R-2#'%# ')*'C#s*+#U'J#q*U_^`+#+la#D#3^5_`
'�+#E')=jG+#q6J#l"_2#,%'6*+#'0%HNS#s*+ �H(�+#�/-7*+#?@#'[:#O
�/¡#$%#�/-7*+#¢e'42v(*'-=*+#w�L#/SHN=*#3^5_`+#�E+QWt'=9u*#3(;-*+
#$%#U#O�/-7*+#�;j#£Q'�S�;67*+#¤()�=*+#3;L/%#VW#EU/`+#¥@#t'=9G+#3;L/%#VW#k.
�'=*':#'a/:l9#,L+/%#3�!rJ#/¦ 'aEUlJ#~/"�+#�a#tR=4`+#M4n#3(;[j#?@#'[::
#Q+R`+#�QR<#$%#H:§=*+#/%�+#3S+HJ#D#w=S3(*U�+ �y`+#�/¡#$%#z475G+#3j'4n#D#3%Hy=^`+
#3(*U�+#�Q'`+# '"QW#'aH6J#w=S#3j'4�*#3���#3*o#Dz475G+
#B"�+#D#U#�N*+# 3�;�%#VW# h;SR¨#w=S#z475G+#�;j#,��=*+#H6J#,(�7=*+#U@#VW# h6(�N2#w=S#$S@
2#©]+/�q6%#,-�#U#Xª#U# R�J#�QH�#?R-
,L+/`+#VW#'=i'f«i#�!¬J#?R-2#s*+#3�/i�+#3)^4*'J#'%@#�!C#?UHJ#3�/i�+#D#?R-2#,L+/`+#+la#3NJ'^*+
`+#p'�=4`+# '5EW#w=S#3i'fW#w=S#$S@#v(;¬=*+#3�;�%#�a#~/"@#3�;�%#VW#�N*+#3�;�%#$%#'0(;j#,��=
37;C@#3jR4=%P;�*+#P^�#X*Y#U#tR=4[;*.
3.&PA&QR"/!G>E3$%Q>3E/$%& K:
l"§`+ )H]'5R*+ (�+#v;=yT '-��+#U#�'�L
E'[j�+#v;=yT# '7¡�+#3��y`+#3�/i�+
q¬*')*+#'y��*#3��y`+#3�/i�+
q<U®=[;*#3<UQ®`+#3�/i�+.
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
32
&*SFHT& K&G%-74%Q"3!4%:
#/SR�2#VW#'%UQ#�6^2#t'=9G+#3�;�%#M%#¤(^4=*'J#U#35+EH*+#,�#3^5_`+#?«i#Op'�=4`+#D#F+HJ>+#P9'<#VW
#'�'�=4%#D#FR4=*+#?@#'NJ'5#'47;5@#'[:# U#h9@#K(L#'�'�=4%#q^¨#U]'`+#£'i3#s*+#3;J'N`+#P^L#+la#U#z=4%
#3�;�%#/SH%#M%#8S/<@t'=9>+3(46`+#3^5_`'J.
&*SFHT& K&G%-74%&PA&QR"/!Q"3!4% :#'0(;j#@/¡#s*+#p'�=4`+#qJ#$%�;S#'%#'04%#/:l9#q^¨:
#FR4*+#$%#3�/i�+20/65#U16/65#VW#B.S#{E'^S#�;j#U#X[^*+#q[(*+#�;j#kl*+#we/*+#/.S#K(L
#37;C@#3i'fW#qjR4*+#$Sla#t'=9W#VW#3i'f>'J#¯#K(L#Oc/6*+#°'[N*+#$%#3jR4�%#?+R*@#p+Y#U#3jR4=%
37;=�# U3(*'j# �QR<# 345#$%# 3S+HJ#X*Y#?':# U2009# QER=^2# 3^5_`+#8�)n@#K(L#$%#°'[N*+
9!S'2H#'(*'�SW#U#+#z=4`+#w5'J#'04j#�6%#©)�=*B16#U B20#z=4`+#+la#3S'±#�;j#3^5_`+#,[62#'[:# O
tR=4`+#3i!C@#�E'19#�;j#xi'¨#²L#3(-=5!J#37;C@#3�5+RJ
#3([^2#'0(;j#¤;�S#s*+#U#3<UQ®`+#3�/i�+"3;y4*+ "#U#³J+R9#�;j#~R=´#h9R-J#®([=S#z=4`+#+la�®(�#37;C@
#345# !" h*#zSU}*+#D#3^5_`+#p@HJ#kl*+#U2004-2005.
+#q^¨#D MeR=%# +Ra#'[:# wa'^S#µ#q^�=*+# +la#?@#BC�'f@#{E')=j'J#X*Y#U#3(;-*+# 3(<'=9>#v(*'-2
#'aQER=^2#s*+#U#z475�+#3j'4n#D#�Hy=^2#s*+ 3(*U�+#Q+R`+#v(*'-2#$j#X(a'9 3^5_[;*#3(i'fW$%#tE'|+
)#'(*'�SW#U#'(9')5W(~Q@#'%#X*Y#O3(<'=9>+#c'7b+#�'=*'J#U#p!"H`+#3[(e#�Q'S�#VW3(;-*+.
U$"#$%&GH)$% :&*5+6/$"7&*.2"3!4%&P.5VW&XNC& 2>$>EL3$%&G%-74%&HYZ
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
33
G")W,%@"2H</$%& [:O:# M)=2# H6J# U# �;-*+# t'=9G+# 3[(N*# '0(;j# ,��=`+# z]'=4*+# !"# $%#$%# p+R4^*+
2008-2012LG3n'"#p'</y`+#w�L#D#F'72E+#'41#345#$%#3S+HJ2010#¶@E#3^5_[;*#©)n@#$S@
62#D#p@HJ#U#O'�#'"# '%'#�;j#p!SH62# '"Q«J#34^*+#�79#D#8%'e#'[:# OQH<#$SQER%#M%#�HSH<#p!%
#q�=4`'J#'|+#�!¬*+#B¬=:#'�'�=4%#³6JB16#U B2.
#'%@#3)^4*'Ji#t'=9G+#v(*'-=*'9H2#$%#$-[=2#µ#3^5_`(#'0=�'�'�=4%#D#·Q'¸+#FR4=*+#wCE#$%#xLR*#+la#U
()*+# !"'3^5_`+#,)e#$%#'0(;j#,��=`+#p'9VU�+#3<EH*'J#QR6S#X*Y#U#O#3(*U�+#Q+R`+#v(*'-2#F'72E+#VW
D#3^5_`+# 'aH0.2#s*+# 3^i'4`+#3;e#?@# '[:# OtE'|+#$%#�QER=^`+#G# '0;6<# '�+# +la#$j#K�)2#3;(5U
#U#E'65�+#MiE#¤S/¡#$j#v(*'-=*+#3(�¬2# U'¨#U#�QR�+#E'(6%#�;j#H[=62#3^5_`'i#t'=9G+#v(*'-2#³(7y=*
'�+#+la#D#3^i'4`+#3;e#$%#�H(7=^%.
&\N]/$% !"#$% :*+%,-$%&'VA&*5+6/$"7&*^"<$%&_8"3E$%&*`1"EA
��=`+#z]'=4*+#c/j#H6J#$%# '0(;j#, !"# 35+EH*+#,�# 3^5_`+)dR4�+# �RCE (*+#P;�`+#D#�R5#¤J'^
2#P;�`+#+la#D# U'¹#'aB^7º»+#VW#'4;nR2#He#U#O:
#,[jF+HJ>+�<R*R4-=*+#3^5_`'Jz=4`'J#'|+#F+HJ>+#�"@#U#t'=9G+#w�L#$%#Mi/*+#�;j )p!"H`+ (#U
# !"#3^5_`+ p'�=4% ³6J#ER�2#,L+/`#M)==*+#H6J#+la#U#p'6()`+#w�L#D#�Q'S®*+#�'=*'JMJE�+#p+R45
,¼7J#+la#U#�B"�+:
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
34
'�'�=4%#�-;0=^%#U@#'0]![j#½'�*#P;¡#k�#3J'�=5G+#U#'�QR¾#'0%'[=a+#U#O'�'�=4`#3^5_`+#MSR42
@#$%#�Q'7=5G+3^5_`+#�H¿#U#�H(7%#�B"�+#{la#89':#+YW#'%#3*'L#D#'�#l"�+#U# '[6*+#E'-i.
#�-69+#'� '0<'=9W#v(*'-2#D#w-�=*+#�Hj#$%#&'62#89':# 3^5_`+#?@#'41LG#8eR*+#�79#D#U#h9@#BC
#+la#U ~/"@#VW#345#$%#'0j'72E+#VW#~Q@#U#'�!"H%#3[(e#�;j#');5#P)^J:
3^5_`+#�/¡#$%#3-;0=^`+#p'S}.`+#3[(e#F'72E+3n'"#3)^9#?@#U80 %#�QER=^%#3(*U�+#'aQE+R%#$%
#tE'|+#$% )O'(*'�SW#O'(9')5WH9!S'2( 1
~/"�+#p':!0=5G+#U#3(<E'|+#p'%H|+#3[(e#F'72E+.
#3[(e#D#w-�=*+#�Hj#U#p'</y`+#3[(e#F'72E'J#Up!"H`+#h4j#z=9b+c'73^5_[;*#3(;-*+#3(<'=9>+#D.
#z]'=4*+#,(;¨#H6J#U%#?@# RN*+#$-m#'0(*W#,nR=`+#D#X*Y#'4^`#He#U#3jH)%#3^5_%#�a#dR4�+#�RCE#3^5_
'6%#X;0=^ +#U#,([6*+#ÀGU#U#3N�#P^:# '0;;"#$%# U'¨#s*+#'�'�=4%#QH62#U#FR42.#'[:9@#{l�#3^5_`+#,[6
#3NS/�*+"z=4`+#FR42"t'=9G+#�Q'S�#D#wa'5 '[j�+#weE#D#�Q'S�#h4j#�-69+#'�#µ#h9@#BC#h(;j#$]'J®*+# ')eW#U
=9W#$%#q^�=*+#D#B):#,-.J#wa'^S#F'72E+#P^J#+la#U#3^5_`+#3(<'v(*'-2t'=9>+.
1 .OdR4�+#�RCE#3^5_T#t'=9G+#3�;�%#/SH%#M%#3;J'N%#$j20/05/2013
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
35
'()$%&*^ab:
#EUQ# RL#'�#'4[e#s*+#3(9+H(`+#35+EH*+#�;j#À'4J#�B¬�*+#p'^5_`+#3(<'=9W#q^¨#D#�<R*R4-=*+#F+HJ>+
�+#3j'4�*#dR4�+#�RCE#3^5_%#3*'L#35+EQ#U#O3�5R=`+#U#'A@# 3^5_`+#$j# RN*+# '44-m#h9«i#Op/N=J#z475
*+#z]'=4*+#��2#'[4(J#O�<R*R4-=*+#F+HJ>+#¶E'¦#'(0i#+YW#'0<'=9W#£/¡#$%#q^�=*+#U#'�'�=4%#FR42#�;j#,[62#s
#'0(;j#'4;�¨#'0=(<'=9W#w�L#D#dHJH2#$%#&'62#89':# 3^5_`+#?@3n'"#}7*+#D�#35+EH;*#�QHÁ+2008-
!"#$%&'()$% :&*+%,-$%
*.!%-./$%
36
2012#'�'</�#3[(e#?@#$%#wC/*'J#+la#U )kR4^*+#t'=9G+ (#D#89':+#+la#?@#BC#~/"@#VW#345#$%#F'72E
#v(*'-=*+#D#/r:@#w-¨#h)L'�S#µ#F'72EG+ )QE+R`+# 3[(e (@#3[(e#qJ# 3SQ/¡#3e!j#�'4a#89':# h9@#Â6T#k
!"H`+#3[(e#U#p'</y`+p.
!"#$%&&'
37
!" #$%&'( #)(*+ ,-.'( (/0 1%2 34 56'758#9:5;<=( 7>(?"=( !'75@ AB:C'C6D;'(E(F"G (/0 *7+
HIJK #L)(C" M'N 7 #L)C;O( 7 PHQR'( S5T)UO( #9:5;<G !TV W H2X(>(?"=( 7 YC;6Z[' B:C'C6D;'(
9'5)X\ ][^ Y5;<_(#9:5;<=(5`69TV abFc 3^.
dFe'( 34 fg: ?hUb 54 5`64 ij5;6'( 34 # CZk lG m'%2 34 56R[2 ?n' 7 Be6b 54 5`64 7 #8onO( S59
X( 50pg:F2 . 7 S59qC;'( r&" s?n;" tCn6) m9[^ f56" 758(o$_(S uh5vO( r&.' %8 5`n.LK W wF< x'(
q52 #eR" Y5;<_( yT$ 7 #45^ #eR" #T)UO( 5`64 z5&K x'( # 7 A H2X( Wn;< {F|X( r&"a)(*?' S5
4 #$%^ 5} x'( 7 #9[.n;T\<(C~ �F&;< � >CdCO( 34 wF2p5`9'G(/0 56�� W.
1.()*$%+,-"./ :
#9'5;'( ij5;6'( lG #)(*?'( �/0 �R[2:
- ?&K#9:5;<=(S5T)UO( {5� W 5450 (FR6^#L)C;O( 7 5`64 PHQR'( #q52 A 5�*?$ 7 34 #b*(FZ;)_( ][^
�9)CK (/h 7 AS5T)UO( W �(/'( *5Z�;)_( 7 A�5�pF'( 3bCD;[' 5450 (*?R4 u�� x'( {5"*X( a9nV 1%2
?�( 7 �[T'( s?n;" M'N 7 �CT'( �5L<9n9.L;'( #9856'( 34 7 m<p H� A�Z;�( S5:58 >5.�= S54# �p ?�
nV W ��6K � #)(*?'( u@ #T)UO(5`:5;<G �9'5DK W ?9�( 5`ZDV t?&' M'N 7 #9'5^ #9:5;<G a9 34 y�F'5"
5`:5;<G y�8 >5eK*(. �.�b 54 C0 7 34 17X( FLv'(l7X( #9dFe'(z5�'( FLv'( Be6b 7.
!"#$%&&'
38
- �;&b=( (?">'C6D;'(P(+p B:C#'5&|5`6^ F�6b FbCLK' (/0 7 A S5�;6Z[ *CL;'( 7 \[L'( P+5bE lG �+Ub
�&b 54W P+5bg'(y�8_( Y5;<#T)UO( �5v< y^+ W y05Tb (C`| M'/" 7 . #9dFe'( #-q ?hUb 54 (/0 7
#�'5�'(.
- #9:5;<G �C6�( PC�* #T)UO �p i;6;T< #9<(?9O( #)(*?'( 34 5$%L<(59jg: #�e�64 A34 y�F'5"4 y05T
#q52 B:C'C6D;'( >(?"=(%2 34 5`;9Z6K W i;6O( >(?"GY5;<_( wC;T4 P+5bE W H2X( (/0 #�5T4 1
)S5:F�O( (A#T)UZ[' AS5�;6O( W >C6K 7<p H�7 m' ?9�( yD-;'( t?& #T)UO( �Fc 34 Y5;<_( �9'5D;'
#9'7X( +(CO( �9'5DK #q525`;9:5;<G wC;T4 �5e�( f(*7 �5h.
#9dFe'( 34 17X( FLv'( Be6b 54 C0 7#&"(F'(5`64 z5�'( FLv'( �.�b 7 A.
2.'0%12$%+3"45.67:
r&" t?n< �p 3D Fh/'( #e'5T'( ij5;6'( ][^ f56"58(o$_(S#9'5;'( S59qC;'( 7:
�G=( !TV W F�hp yDV 5�bp m.85Rb u" 5�5:F¡ P+5bg" ¢n| an-;b _ #T)UO( W #9:5;< #Z9$
5`64 u9[n;'( #'75@ 7 S%2?O(.
G#�b?8 S(?&4 7 S_£ 152+G �=( !TV W u�|p uDv" y05Tb ?$#9:5;<.
64 H|CK ][^ uZ&'(=( {7* gbg&K 7 A15Z&[' yj%4 ¤5¥7*?4 7 y¦64 uDv" y0g9eV 7 >(?".
DvK #|5dG 7p �hp uDv" S5�;6O( #[9DvK �bC6Kp NG M'N 7 A3D4p 5Z[h P?b?: S%9 #qF| � !TV
7 S5�;64 ubCV7 s?nK lG �+Ub (/0 7 �hp �CD;) P?b?: *5D|p s?nK>(?"G>C6;4.
9§(o)( �.K ][^ g9ho'( #9[Z^ �4 u45&;[' #-d(7 7 #"CT@ S5 #9Z6K>(?"=( #|+5RZ[' ob �p 3D %| A
©( \T8 7p5 #9dF&'( S_PFZ;T4 7 #)7*?4 A#Z¦64 #9�`64 #'58 m[&: 7.
!"#$%&&'
39
'0%12$%+8"9::
7�?ª �9d(CO S59'5D�G �CDK �p �[RK ?$ 5«p 5`9| wF< x'( �5|¬( r&" {on< ,-.'( �5L< �9)CK
#9[.n;T4 C�:
*7+>(?"=(K W B:C'C6D;'(9§(o)G y9^?#�9'5D;'5" PFL9T'(.
Y5;<_( P+C: !TV W B:C'C6D;'( >(?"=( *7+.
*7+>(?"=(B:C'C6D;'(15Z&'( #9:5;<G !TV W.
41
!"#$%"&'$()*
+,--'./"#0%"&'12%)/:
-.345%":
1. !"#$% & '"()*+ ',-./012+ 3")4 $5+'67+"(8/9+ :/;<=>?+ @+<A. &B(=C @$'6 &DE<*<FG1*+ H6 &B
&IJ+K9+ &@<FG;1994.
2. LM6&:/"N,(*+ $ O/1PQ+ RS+.T & !";/UT ',-&B(=C @$'6 &BAS'FGV7+ &R'A'9+ B"(8/9+ S+'*+2004.
3.WV/2 @/)X:/"N,(*+ $ O/1PQ+ RS+.T &Y/"=*+ Z$IG[ R38% &D8M*+ .$+. )B",#$ B"\I(8 :+KG4I8( & @$'6
&B(=C &@.S]+ &@/,; &^A_<1*+ $ I`FN* aS$_/"*+ S+.2008.
4.*+ S+. &B(=C @$'6 &:/"N,(*+ $ O/1PQ+ RS+.T &/bS a'c d/`e &@.S]+ &@/,; &^A_<1*+ $ I`FN* BA+I
2010..
5. &B"(8/9+ S+'*+ &B(=C @$'6 &B")\/F1*+ RK"?+ f"gh !i'8 BAI`=*+ .S+<?+ &IG6 <6% .<,- jk>08
&BAS'FGV7+2007.
6.'.$20%"&7()8#%":
1. &IJ+K9+ l B;'=?+ R3m0*+ :/)Vn?+ B"2I4 $ W;. l B"Fg1*+ L/,;]+ :/Fb/o B"p% & 'c% q/>2 H6
I#r83")1*+ d<N; l 31)E/8) 3XRS<`F8( <6 ',- B(8/E & &BN")?+ &q/"b2006-2007.
2.BA./012Q+ B)Vn,N* B")\/F1*+ RK"?+ &q$sI*+ '=; O/to :G1*+ 5+'67+ S$. $ /eS./08 &/u1",F4 l DE<*<F
3")1*+ d<N; l 31)E/8 RI#r8) 3XRS<`F8( B(8/E &20 :$%55 &R'G"GV &2006-2007.
42
3. RI#r8 &L$'*+$ :/)Vn?+ B")\/F4 v/"g* I[n8 5+wiQ+ Rx+I6 &y">*+ ',- zA$.8 d<N(*+ l 31)E/
BA./012Q+) 3XRS<`F8( &BN2S$ &{/6I8 a'|/2 B(8/E &2004 -2005.
4./cSRI#r8 &B>V<1?+ $ R3m0*+ :/)Vn?+ B")\/F4 W;. l 5+wiQ+ Rx+I6 S$. &x/U% @ d<N(*+ l 31)E/8
3")1*+) 3XRS<`F8( &v+.I8<6 &RI2<6 'c% B(8/E &2008-2009.
5. &B>V<1?+ $ R3m0*+ :/)Vn?+ l O/1PQ+ }">~ �)h &/bS �+<e_ :/=N>18 L/,G1VQ B8'g8 RI#r8
R./u[3")1*+ d<N(*+ l 31)E/?+) 3XRS<`F8( &BN2S$ &{/6I8 a'|/2 B(8/E &2006-2007.
6. &HA'*+ K; @/,"NV8 &B"E/1P7+ $ DUI*+ 3X W"�F1*+8 RI#rN; l 31)E/ 5/,1EQ+ W $/"\+IX<�'*+) 3X
RS<`F8( &BF">F)2 &aS<F18 B(8/E &2007-2008.
7. &B)Vn?+ x+.% l /eS$. $ B"�+wV7+ &R3te S/g"[3")1*+ d<N(*+ l 31)E/8 RI#r8) 3XRS<`F8( B(8/E &
&IJ+K9+2004-2005
8.&:/)Vn?+ B"E/1PT ^\S l HA<G1*+ S$. & L/,# a/C/C RI#r883")1*+ d<N(*+ l 31)E/) 3XRS<`F8(&
&IJ+K9+ B(8/E2003-2004.
9. H)�+ '=; DN;v/=;&3"m1*+B,�F?+ B"E/1PT l �3��4$ DE<*<FG1*+BV+S. B;/F0* B8/(*+ B#I`*+ l B*/o
Y/=F*+ :<AK*+ l 31)E/8 RI#r8 &B"\I0?+$ B"*/?+ d<N(*+)RS<`F8(&xM6I# B(8/E&BFV @$'6
9."9"#$:;$%"&,&9).<42$%:
1. Bp/)8 &yFA_ D#w*+ H6 &�/e<*+ '=; BGAI6 H65+'67+&B,�F,N* D)\/F1*+ K#I?+ W";'4 l DE<*<FG1*+
"&=>?&@%,A%"&B<42$%'CDAE%"&=)$FG"&9)$HIJ&@K&@$.HI4%"&#..14%"&,&L"A/M" &yNo. '(V B(8/E &
&R'"N=*+12-13 a/82010.
43
2.B,"u\ D)A'6& B",F4 &@/Fo �+ �_S &d/V$ DN=V5+'67++ l �S$. $ &B,�F?+ x+.% H8 ^\I*+&@%,A%"&B<42$%
&=>?&L"A/M"&,'CDAE%"&9)$HI$%"&@K&@$.HI4%"& #..14%" D8<A &R'"N=*+ yNo. '(V B(8/E &18-19
a/82011.
3. &IJ+K9+ l B,�F?+ x+.% jN; �3��4 $ DE<*<FG1*+ 5+'67+ ^2+$ &f"\<4 a$/,to &@/Fo f4/; H6+&B<42$%
&=>?&@%,A%"&9)$HIJ&@K&@$.HI4%"&#..14%"&,&L"A/M"'CDAE%"&=)$FG" &R'"N=*+ &yNo. '(V B(8/E &
12 -13 a/82010.
4. D)\/F1*+ K",1*+ f"gh $ 5+'67+ BA/c W;. l 5+wiQ+ Rx+I6 Bp/)8 &'"()*+ !tF8<6 &x+IeK*+ B,C/\ B"gA/2S
�'1)?+L/,;]+ :/,�F8 l:+ &IJ+K9+ ^2+$&=>?&@%,A%"&B<42$%&@K&@$.HI4%"&#..14%"&,&L"A/M"&9)$HIJ
'CDAE%"&=)$FG" &R'"N=*+ &yNo. '(V B(8/E &12-13 a/82010.
5. �IG*+ '=; &B>V<1?+ $ R3m0*+ :/)Vn?+ l DE<*<FG1*+ 5+'67+ W;. l IJ+K9+ B6I� & d/uV&N)DG"
& '.:+,)<$%"&=>?& '.$20%"#("OP%"& @K&9)Q8;$%"& R)STU& VAF)QJ&,&WFX&9).%Y :Z(">0%"& ,&[#\%" &
- B(8/E d/A% &RIG)6 &I�"i ',03/04/05 a/82011.
6. $ S/G16Q+ &�;K*+ {M\ DN;5+'67+ &@.S]+ l B>V<1?+ $ R3m0*+ ^AS/`?+ l B"�+wVQ+ R./AIN* !i',#
&'.:+,)<$%"&=>?&'.%,A%"&'.$20%"&N)DG"#("OP%"&@K&9)Q8;$%"&R)STU&VAF)QJ&,&WFX&9).%Y :&,&[#\%"
&]Z(">0%" B(8/E d/A% &RIG)6 &I�"i ',-03/04/05 a/82011.
^.9)D_,A%"&,&9`P$%":
1. &B")\/F1*+ RK"?+ f"gh $ B"E/1P7+ f"gh l /u1"p% $ BAI`=*+ .S+<?+ B",F4 &B,"(P �S/6&9)DX)a4*"&'2PJ
&=)$b).<D#KU&�N`*+ B(8/E &�AS/4 @$'6 &^6/)*+ .'(*+.
44
2. ^2+$ &@/cI*+ '=; wF; H65+'67+IJ+K9/6 B>V<1?+ $ R3m0*+ :/)Vn?+ l : &B"P+'"8 BV+S.&'0J)!&'2PJ
&A2P$%"&'.T>T)<%"&,&'DX)a4*+"&N>202%&ZSJX24(8/E & &L$]+ .'(*+ &f`8. B2008.
3.IJ+K9+ l DE<*<FG1*+ 5+'67+ &R'"(V R'(V<6 &S/,; aS/,; : d<N; $ BA./012Q+ d<N(*+ BN� &�/\� $ ^2+$
/E &3")1*+ &�*/�*+ .'(*+ &�">V &v/=; :/oI\ B(82004.
4.DE<*<FG1*+ 5+'67+ l RI�n?+ B","�F1*+ $ B"E<*<FG1*+ !8+<(*+ &aI8/(*+ H)- a'u?+ �/|" B"P+'"8 BV+S.
&B"P.S]+ B";/F0*+ :/#I`*+ H8 BF"; jN;&A2P$%"& '.T>T)<%"& ,& 'DX)a4*+"& N>202%& ZSJX& '0J)!& '2PJ
21 &f`8. B(8/E & &�/�*+ .'(*+2005.
).T)c-'.dI!G"&'12%)/
1. Leon C Megginson et al, Management: concepts and applications,
second édition; Harper a Row publichers, N. Y,1986.
2. Ouikl M Said, économie et gestion de l’innovation technologique
(recherché et développement), office des publications
universitaires, Alger, 1995.
3. Sèverine le loarne, Sylvie Blanco, management d’innovation,
Pearson Education, France, 2009.
)C%)c-9)T#4TG"& *">J:
1.f`8. B(8/E &B"E/1P7+ �)h $ O/1P7+ &S$'6 'Fu8:
:47):30/01/2013 à 16(dathttp://www.tahasoft.com
2. http//www.mk.edu.ms /prductivity.pdf(dat :13/01/2013 à 16 :45)
III
!"#$!
%&'()!*'+,-./01...2343.+,-&5+,60&!
789:3;<-=>...7'?@5!8+,A&!
+,B+-C6DEF8GH/)2I2.+J> ...
+,B8+-&KEGLBMK; ...
L0N8OP+AN ...
"2)GOJ&+Q&! " 8"2NGRJS4&!"
T;TU&!V2W8XV2.+J>VY;/1V8V?@"&!VZJI@V%&'
%&'"UNV@K3&!V[/;V<&V\]&!V26D^P
%&'LB!V/I!_2./`G2N@+DEG8 ..LBa,`+N
KI+1VO6b+cV_!/IGVLBV%&'
%&'LB +DE"de!/B]&+NVfgGV8V?+S>e!8
h!K6 V2`+ScVO=;":&!
<;@VH/JgV(N
IV
5!/0iC&!
78G/01Gj!k",>G8hG2l")GHK=&+NZJIKC&!8F+,B$
!]#L,U&!
M"=.G8/0i&+N/;"=C&!8h+3C)7!8%&'\*+C`G<;/0&!
m;8_RJn&!V",4)\]&!<&LoS;p26cqb+:3&+N5!_+1@$!8
2.*+C`GV%&'VY&]BV/0i&!VL;TrNVaWK.GV8
%3)V2lKQA)
h8_hG%AlGLB()2l"c+`2IX+rl!!]#L,U&!()V !K`
"JUNV()V8GVR;/E.
+,BM"=.G/0i&+NL0&()%U`%&' !/s'k]#H/B],&!q:3&+N
_+1@$!8...%6c8<-`G@ +tcGO3r&OiE+3,&!(J)/C4,&!
V
!"#$%:
!"#$%&' () *+*,-' ./01 234-' 56"78*9 :0$ ;"<= >= 5?$@A&' B "CD) 8EF"AG= () H#/A- :0#-' IJK HL ()B M"N" OF@-@DPA-' Q'*LR' BSJ-' TU,+
V#WSchumpeter XGYL" ZU[ B\ !"]AD&' ^ Q@D1_"AGR'`a"b cAD) H#d B\ *+*F cAD) ef7 B\"'JK T@$ 23A-'S;%+8gBUh-"L8;"+i >=^
_"AGR')!"FUj&'.(
*b Bkl*KIJKmg 5#$%) ^ 5EF"AGR' H#/AL OF@-@DPA-' Q'*LR' 5bn9 oEp@1 5-B"q >= 5$'g*-' 5E3L B M5?$@A) 5#$%) 27r' IJK g"0A9"L s@Dt' 8@
) 5$'g; k+UF\ u-v >= :6@A-' wLgx- 5EG'*E!'@D$5#$%&' y"zG () 827r' B 5{Wn) () !")@f,&' w| ^ O}f,-' ./0-' s@f$\ ~f9 ;"}A9�"L u-v B
5fL"�).
N"]AD) ^ Q*01 5#$%&' �\ "CEf9 :4/A&' ca"AD-' !UC�\ *b B_"AG= ~f9 �Ud OK B M"CF"AG= 5�+U[ ^ B "M"Cb@$ ^ *+*F @K ") :� XEl 8*a'g �@P1 �\ 5E3L
�P,G' ") @K B "CF"AG= �E-"P1 ~f9 8U?E#-' *��1 "Cf,F "N"]AD) 8;@F ~f9 5#$%&' UC$ �\ 2m "CAEF"AG= ~f9 "0f$.
&'()*+#$%,-)#".$% :,/&012*#$%,3,45'67$%,-)819#$%:)*;<%/=>2$2?.*$%,@%AB<%,/&'>)*;<%
résumé:
Recherché nombreuses institutions , en particular les petites et moyennes à trouver des moyens de
plusieurs pour améliorer la Antegeadtha , Parmi ces moyens innovation technologique et qui est
connu par Schumpeter comme « la diversité des produits ou des méthodes de production ou de
créer un nouveau produit ou améliorent le produit à base de " Ce changement n'entraînera pas
nécessairement une augmentation de la production(sortie).
Et peut viser de cette étude pour tenter de clarifier la relation entre l'innovation technologique pour
améliorer la productivité dans la mousse de l'institution au sud que ce dernier moyen de l'institution
, et pour l'atteindre a mené une étude sur le terrain de quatre ans , la dernière activité de
l'organisation , et que selon la méthode de la recherche scientifique pour recueillir des informations
de la note et entrevue.
Ont montré que les résultats obtenus par l'institution d'exceller dans leurs produits et dans la
méthode de production , et sont prêts à produire tout ce qui est nouveau sur le marché , afin d'être
un chef de file dans c'est l'institution de ce mois sur la qualité de ses produits leur faire perdre le
contrôle de ses coûts de production et se traduit négativement sur la productivity.
Mots clés: les petites et moyennes entreprises, la production, la productivité, l'innovation
technologique
VI
-)CCCD2*E#$%,F5CCCGH
I%AJ<%............................................................................................III
5.K$%............................................................................................IV
!"#$%............................................................................................
V
,F5GH
-)D2*E#$%...................................................................................VI
,&#L)M
N3%AO$%....................................................................................VII
N).PQ%,&#L)M....................................................................................IX
,&#L)M
R(S#$%......................................................................................IX
&TAU#$%..............................................................................................
\
N3Q%,V7+$% :&D5W?$%,-)'BXQ%&'U'Y0*$%,3..............................................01
A'G#Z.............................................................................................
02
N3Q%,[EY#$% :,-)'BXQ%
&D5W?$%...................................................................03
VII
N3Q%,\"0#$% :,]2G+T
&'>)*;<%...............................................................03
�Br' QU�-' :5EF"AGR' �+U,1...........................................................03
�"�-' QU�-' :5EF"AGR' ^ 8U�%&' :)'@,-'..................................................04
.-"�-' QU�-' :"CDE#d :7'*) B 5EF"AGR' H#d B �"Eb ZU[.............................05
=;)^$%,\"0#$% :=>2$2?.*$%,@%AB<%,]2G+T....................................................08
�Br' QU�-' :OF@-@DPA-' Q'*LR' �+U,1................................................08
�"�-' QU�-' :5#$%&' ~f9 OF@-@DPA-' Q'*L�- 5+;"4Ab�' g"��'...........................10
=;)^$%,[EY#$% :,-)'BXQ%
&'U'Y0*$%..................................................................11
N3Q%,\"0#$% :=>2$2?.*$%,@%AB<%,N2(,-)1%_X.............................................11
>Br' 5$'g*-'...........................................................................11
5EG"�-' 5$'g*-'...........................................................................13
5�-"�-' 5$'g*-'...........................................................................14
=;)^$%, \"0#$% :,N2(, -)1%_X
&'>)*;<%.........................................................15
�Br' 5$'g*-'..........................................................................15
5EG"�-' 5$'g*-'...........................................................................15
V7+$%,&`Sa....................................................................................17
=;)^$%,V7+$%:,&1%_A$%
&';%A'#$%................................................................18
VIII
A'G#Z.............................................................................................
19
N3Q%,[EY#$% :,3,&UD50$%
-%3XQ%.................................................................20
N3Q%,\"0#$% :,]A!*8#$%,bG?#$%
&1%_A"$......................................................20
'�Br' QU�- :5$'g*-' cCD).............................................................20
�"�-' QU�-':"N�"� B 5$'g*-' !'B;\....................................................20
=;)^$%,\"0#$% :,VET,&?'c$%
&1%_A$%.............................................................21
�Br' QU�-' :5#$%&' �*�1.............................................................21
�"�-' QU�-' :5#$%}f- O}E{DA-' :PE�'..................................................22
[$)^$%,\"0#$% :, !"T
-);)'Y$%..............................................................22
=;)^$%,[EY#$% :,3,bL)*?$%
&KM)?#$%....................................................................23
N3Q%,\"0#$% : 56"�' ca"AD-' �U95$'g*-' :q 5#$%&"L......................................23
�Br' QU�-' :s@Dt' 8@mg 5#$%) ^ 5EF"AGR'...........................................23
�"�-' QU�-' :s@Dt' 8@mg 5#$%) ^ OF@-@DPA-' Q'*LR'.................................30
.-"�-' QU�-' :5#$%&"L 5EF"AGR' H#d ~f9 OF@-@DPA-' Q'*LR' U�\........................32
IX
=;)^$%, \"0#$% :,VET, &819#$)B, &`)!$%, bL)*?$%, &KM)?T
&1%_A$%....................................33
V7+$%,&`Sa....................................................................................35
&#Z)!$%............................................................................................
36
d>%5#$%...........................................................................................
40
R(S#$%...........................................................................................
45
N3%AO$%,&#L)M
&E+7$% N3AO$%,e%2?f N3AO$%,gM_
X
22 8��-' �n7 5]AD&' 5E}P-'2008-2012 1.2
23 5#$%&"L 56"�' 5E0$"�' !"G"E0-' 2.2
,&#L)MN).PQ%
&E+7$% V.K$%,e%2?f V.K$%,gM_
22 s@Dt' 8@mg 5#$%& O}E{DA-' :PE�' op@+ �?� 1.2
24 5#$%&' !"]AD) �,0- _"AG�' 5-"W op@+ �"EL �/D) 2.2
R(S#$%,&#L)M
&E+7$% ,RE"#$%,e%2?f ,RE"#$%,gM_
46 �B*Fca"AD-' s"#W 8��f-2010 -2012 1.2