Sie sind auf Seite 1von 30

$,DQG53$LQ

,QWHUQDO$XGLW
3KLO0HQQLH

,,$$QQXDO&RQIHUHQFH$EX'KDEL
0DUFK
$JHQGD

,QWURGXFWLRQ :KDWLV53$

 
5HVSRQVLEOH$,

 

3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO
3KLO0HQQLH'LUHFWRU'LJLWDO7UXVW

3KLO0HQQLHLVDGLUHFWRULQ3Z&¶V'LJLWDO7UXVWWHDPDQGKHOHDGV3Z&¶VGDWDFDSDELOLWLHVDFURVVLWV0LGGOH(DVW
3KLO0HQQLHLVDGLUHFWRULQ3Z&¶V'LJLWDO7UXVWWHDPDQGKHOHDGV3Z&¶VGDWDFDSDELOLWLHVDFURVVLWV0LGGOH(DVW
$ VVXUDQFH EXVLQHVV +H KDV  \HDUV¶ H[SHULHQFH KHOSLQJ KLV FOLHQWV PDQDJH WHFKQRORJ\ DQG GLJLWDO ULVN DQG GULYH
$VVXUDQFHEXVLQHVV+HKDV\HDUV¶H[SHULHQFHKHOSLQJKLVFOLHQWVPDQDJHWHFKQRORJ\DQGGLJLWDOULVNDQGGULYH
YDOXHWKURXJKLQVLJKWVLQWRWKHLUGDWD
3KLOLVDSXEOLVKHGDXWKRUKDYLQJZULWWHQWKHZRUOG¶VILUVWERRNRQHQWHUSULVHVRFLDOPHGLDULVNPDQDJHPHQW³6RFLDO
0HGLD5LVN *RYHUQDQFH0DQDJLQJ(QWHUSULVH5LVN´ .RJDQ3DJH +HLVDWKRXJKWOHDGHURQGLJLWDODQG
WHFKQRORJ\ULVNDQGDUHJXODUNH\QRWHVSHDNHUDWDYDULHW\RIWHFKQRORJ\FRQIHUHQFHVDURXQGWKHZRUOG
3KLO¶VEDFNJURXQGLVLQSURJUDPPLQJDQGGDWDDQDO\WLFV+HKDVGHOLYHUHGODUJHDQGFRPSOH[GLJLWDOWUXVWSURMHFWVLQ
DZLGHYDULHW\RILQGXVWULHVDFURVVWKH0LGGOH(DVW

3KLO0HQQLH
'LUHFWRU'LJLWDO7UXVW
SKLOPHQQLH#SZFFRP

OLQNHGLQFRPLQSKLOPHQQLH
#SKLOPHQQLH
3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO

,QWURGXFWLRQ
7KH)XWXUH

³
:HDOZD\VRYHUHVWLPDWHWKHFKDQJHWKDWZLOO
RFFXULQWKHQH[WWZR\HDUVDQG
XQGHUHVWLPDWHWKHFKDQJHWKDWZLOORFFXULQ
WKHQH[WWHQ

'RQ¶WOHW\RXUVHOIEHOXOOHGLQWRLQDFWLRQ

´
%LOO*DWHV)RXQGHU&KDLUPDQ0LFURVRIW



8SWRERRVWLQ*'3IRUORFDOHFRQRPLHVIURP$,E\

WU
3RWHQWLDOFRQWULEXWLRQWRWKHJOREDOHFRQRP\E\IURP$,

a
$,XVHFDVHVLGHQWLILHGDQGUDWHGDUHFDSWXUHGLQRXU$,,PSDFW,QGH[


RI&(2VWKLQNWKDW$,DQGDXWRPDWLRQZLOOKDYHDQHJDWLYHLPSDFWRQ
VWDNHKROGHUWUXVWLQWKHLULQGXVWU\RYHUWKHQH[W\HDUV


'LIIHUHQWIRUPVRIDXWRPDWLRQ

7KHXVHRIGDWDDQGDOJRULWKPVWRDXWRPDWHSURFHVVHVDQGGULYHGHFLVLRQPDNLQJLQEXVLQHVVLVOHDGLQJWRJUHDWHU
HIILFLHQF\DQGDFFXUDF\0DFKLQHVDUHEHFRPLQJVPDUWHUDQGPRUHLQGHSHQGHQWIURPDOJRULWKPVWKDWFDQOHDUQDQGPDNH
SUHGLFWLRQVIURPVWUXFWXUHGDQGXQVWUXFWXUHGGDWD

+XPDQLQWKHORRS 1RKXPDQLQWKHORRS
$VVLVWHG,QWHOOLJHQFH $XWRPDWLRQ
+DUGZLUHG
8VLQJGDWDDQGDQDO\WLFVWRGULYH $XWRPDWLQJEXVLQHVVSURFHVVHV
VSHFLILF
:KDWLV$," EXVLQHVVLQVLJKWVZLWKLQH[LVWLQJ SUHYLRXVO\SHUIRUPHGE\KXPDQV
V\VWHPV
GHFLVLRQVDQGDFWLRQV
,QRXUEURDGGHILQLWLRQ$,LVDFROOHFWLYHWHUPIRU
FRPSXWHUV\VWHPVWKDWFDQVHQVHWKHLUHQYLURQPHQWV
WKLQNOHDUQDQGWDNHDFWLRQLQUHVSRQVHWRZKDW
WKH\¶UHVHQVLQJDQGWKHLUREMHFWLYHV
$XJPHQWHG,QWHOOLJHQFH $XWRQRPRXV,QWHOOLJHQFH
$GDSWLYH 1HZZD\VIRUFRPSXWHUVDQGKXPDQV 6\VWHPVWKDWDUHDGDSWLYHDQGFDQ
V\VWHPV WRFROODERUDWHLQPDNLQJEHWWHU DXWRQRPRXVO\FDUU\RXWWDVNVZLWKRXW
GHFLVLRQVDQGWDNLQJPRUHHIIHFWLYH KXPDQLQWHUYHQWLRQ
DFWLRQV

3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO 

:KDWLV53$"
:KDWLV5RERWLF3URFHVV$XWRPDWLRQ"

53$LV« 53$LVQRW«

&RQILJXUDWLRQVWKDWDXWRPDWH µ6RIWZDUHURERWV¶WKDWSOXJLQWRDQG $KXPDQRLGURERW 6RPHWKLQJWKDWUHSOLFDWHVKXPDQ


PDQXDOUHSHDWDEOHWDVNV DFFHVVH[LVWLQJEXVLQHVVVRIWZDUH FRJQLWLYHIXQFWLRQV«\HW

$OJRULWKPVWKDWVROYH :RUNIORZHQDEOHGLQWHUDFWLRQ 6RPHWKLQJWKDWFDQHQWLUHO\ 3XUHO\MXVWDQRWKHUFRVWSOD\


VSHFLILFSUREOHPV UHSODFHKXPDQV

5RERWLFV3URFHVV$XWRPDWLRQ 53$ LQYROYHVDSSOLFDWLRQVVRIWZDUHWKDWFRQILJXUHRULQWHUDFWZLWKWKHFRPSXWHUVRIWZDUHWRFDSWXUHDQGLQWHUSUHWLQIRUPDWLRQ


IURPDSSOLFDWLRQVV\VWHPVWKHUHE\HQDEOLQJWUDQVDFWLRQSURFHVVLQJGDWDWUDQVIHUGDWDFRPSDULVRQHWF

5RERWLFV3URFHVV$XWRPDWLRQFDQEHXVHGE\WHDPVRULQGLYLGXDOVZKR

8QGHUWDNHVWUXFWXUHG 3HUIRUPFRPSOH[ $FFHVVPRUHWKDQRQH 'RLQIRUPDWLRQVHDUFK 8VHZRUNIORZHQDEOHG


UHSHDWDEOHDQG GHFLVLRQVEDVHGRQ V\VWHPWRFRPSOHWHWKH FROODWLRQRUXSGDWLRQ LQWHUDFWLRQZLWKSHRSOH
FRPSXWHUEDVHGWDVNV DOJRULWKPV SURFHVV

3Z& $XWRPDWLRQHQDEOHG)LQDQFHIXQFWLRQ 
7KH53$7HFKQRORJ\&RQWLQXXP
7RGD\ )XWXUH

7KH7HFKQRORJ\&RQWLQXXPUHSUHVHQWVDIRUZDUGORRNLQJ $OJRULWKPLF%XVLQHVV
SHUVSHFWLYHRQWKHHYROXWLRQRI53$FDSDELOLWLHVRYHUWLPH ‡ ,QGXVWULDOL]HGXVHRIFRPSOH[
PDWKHPDWLFDODOJRULWKPVWRGULYH
7KHFRQWLQXXPH[WHQGVIURPFRPPRQWHFKQRORJLHVLQXVH LPSURYHGEXVLQHVVGHFLVLRQVRU
SURFHVVDXWRPDWLRQIRU
WRGD\WRSRWHQWLDOUHSODFHPHQWWHFKQRORJLHVWREHDGRSWHGLQ FRPSHWLWLYHGLIIHUHQWLDWLRQ
,QWHOOLJHQW3URFHVV
WZRWRILYH\HDUV RUPRUH LQWKHIXWXUH7KHFRQWLQXXPLV $XWRPDWLRQ ,3$
IXUWKHUFDWHJRUL]HGLQWR&XUUHQW6WDWH7UHQGLQJDQG $OLDVHV&RJQLWLYH&RPSXWLQJ +RZGR53$DQG,3$GLIIHU"
6PDUW:RUNIORZV
)XWXUH6WDWHWHFKQRORJLHVDORQJLWVD[LV 53$GLUHFWO\PLPLFVKXPDQEHKDYLRU
‡ &RPELQLQJ53$ZLWKDUWLILFLDO
LQWHOOLJHQFHWHFKQRORJLHVWR
,QS 2XWS
LGHQWLI\SDWWHUQVOHDUQRYHUWLPH XW
3URJUDP
XW
DQGRSWLPL]HZRUNIORZV
5RERWLF3URFHVV$XWRPDWLRQ
‡ 7KURXJKµVXSHUYLVHG¶DQG
53$ µXQVXSHUYLVHG¶OHDUQLQJDOJRULWKPV
$OLDV5RERWLF'HVNWRS$XWRPDWLRQ PDNHSUHGLFWLRQVDQGSURYLGH ,3$OHDUQVKRZWREHFRPHPRUH
5'$ LQVLJKWVRQUHFRJQL]HGSDWWHUQV HIILFLHQW
%XVLQHVV3URFHVV ‡ $XWRPDWLQJODERULQWHQVLYH ‡ :LWK,3$URERWVFDQUHSODFH
UHSHWLWLYHDFWLYLWLHVDFURVV PDQXDOFOLFNV 53$ LQWHUSUHW ,QS 3URJUDP 2XWS
$XWRPDWLRQ %3$ XW XW
0DFURVDQG6FULSWV PXOWLSOHV\VWHPVDQGLQWHUIDFHV WH[WKHDY\FRPPXQLFDWLRQV
‡ 5HHQJLQHHULQJH[LVWLQJ E\WUDLQLQJDQGRUSURJUDPPLQJ QDWXUDOODQJXDJHSURFHVVLQJ 
‡ 5XOHVEDVHGDXWRPDWLRQZLWKLQ WKLUGSDUW\VRIWZDUHWRUHSOLFDWHD PDNHUXOHEDVHGGHFLVLRQVWKDW
EXVLQHVVSURFHVVHVE\XVLQJ
DVSHFLILFDSSOLFDWLRQ HJ XVHU¶VZRUNIORZ GRQ¶WKDYHWREHSUHSURJUDPPHG
VRIWZDUHLQWHJUDWLQJV\VWHPVDQG
([FHO WRSURYLGHXVHUVZLWKDZD\ PDFKLQHOHDUQLQJ DQGRIIHU /HDUQLQJ
UHVWUXFWXULQJODERUWRRSWLPL]H ‡ 2SHUDWHVDWWKHSUHVHQWDWLRQOD\HU
WRDXWRPDWHDUHSHDWDEOHSURFHVV FXVWRPHUVVXJJHVWLRQV
ZRUNIORZVDQGPLQLPL]HFRVWV ZLWKRXWWKHQHHGWRFKDQJH
ZLWKKLJKO\VWUXFWXUHGGDWD FRJQLWLYHDJHQWV
H[LVWLQJV\VWHPV
‡ 8VHUVLQWHUYHQHWRKDQGOH
H[FHSWLRQVDVWKH\DULVH 7HFKQRORJ\6WDWH &XUUHQW6WDWH 7UHQGLQJ )XWXUHVWDWH

3Z& $XWRPDWLRQHQDEOHG)LQDQFHIXQFWLRQ 
7KH53$7HFKQRORJ\&RQWLQXXP

0DFURVDQG6FULSWV %XVLQHVV3URFHVV 5RERWLF3URFHVV ,QWHOOLJHQW3URFHVV $OJRULWKPLF%XVLQHVV


$XWRPDWLRQ %3$ $XWRPDWLRQ 53$ $XWRPDWLRQ ,3$
([DPSOH
$FFHVV _([FHO 6SLFHFVP _.RID[ $XWRPDWLRQ$Q\ZKHUH :RUN)XVLRQ_*RRJOH 1$
3URYLGHUV
3HJD 8L3DWK_EOXHSULVP 'HHSPLQG_,%0:DWVRQ

$SSOLFDELOLW\ $FWLYLWLHVWKDWDUHUHSHDWDEOH 3URFHVVHVWKDWXVHPXOWLSOH /DERULQWHQVLYHUHSHWLWLYH 8VHRIDUWLILFLDOLQWHOOLJHQFHLV ,QWHUQDOO\GHYHORSHGDQG


ZLWKLQDVSHFLILFDSSOLFDWLRQ V\VWHPVWRJHWKHUZLWK DFWLYLWLHVWKDWQHHGVLJQLILFDQW LQFUHDVLQJLQDUHDVZKHUHD H[WHUQDOO\VRXUFHGDOJRULWKPV
HJ([FHO SURYLGLQJWKH VSHFLILHGORJLFHJSURYLGLQJ DPRXQWRIGDWDSURFHVVLQJ YDVWDUUD\RIGDWDSURFHVVLQJ XVHGLQPXOWLSOHEXVLQHVV
XVHUZLWKDZD\WRDXWRPDWH FXVWRPHUVHUYLFHE\ ZLOOEHQHILWWKURXJK53$ LVUHTXLUHGWRPDNHGHFLVLRQV VLWXDWLRQV±IURPSURYLGLQJ
DUHSHDWDEOHSURFHVVZLWK GLIIHUHQWWHDPV ZLWKRXWWKHQHHGWRFKDQJH ZKLOHFRQVLGHULQJWKH FXVWRPHUZLWKFXVWRPL]HG
KLJKO\VWUXFWXUHGGDWD H[LVWLQJV\VWHPV RYHUDOOFRQWH[W SURGXFWVWRSURFHVVLQJ
EDFNRIILFHWUDQVDFWLRQV

8VHFDVHV ,PSRUWPDQLSXODWLRQDQG ,QWHJUDWLRQRILQWHUQDO $XWRPDWLQJFRPPRQWDVNVLQ 7UDQVDFWLRQPRQLWRULQJDQG $LUOLQH\LHOGPDQDJHPHQW


H[SRUWRIFXVWRPHUSXUFKDVH EXVLQHVVIXQFWLRQVVXFKDV FXVWRPHUVHUYLFHFHQWHUV IUDXGSUHYHQWLRQE\ SURJUDPVFRQVWDQWO\
KLVWRULHVWRFRQGXFWEDVLF )LQDQFH+5DQG0DUNHWLQJ VXFKDVLQFLGHQW LGHQWLI\LQJSDWWHUQVLQ PRQLWRULQJVXSSO\DQG
DQDO\VHV WRVWUHDPOLQHRSHUDWLRQVDQG PDQDJHPHQWELOOLQJTXHULHV EHKDYLRXUWKDWFRXOGLQGLFDWH GHPDQGWRPD[LPL]HUHYHQXH
UHGXFHFRVW XVHUDGPLQDQG IUDXGXOHQWSD\PHQWDFWLYLW\ IRUDJLYHQVHDWLQYHQWRU\
XSGDWLQJUHFRUGV

3Z& $XWRPDWLRQHQDEOHG)LQDQFHIXQFWLRQ 
/HYHUDJLQJ53$ZLWKLQ,QWHUQDO$XGLW

)RULQWHUQDODXGLW53$EULQJVVLJQLILFDQWRSSRUWXQLW\

‡ 7UDFNLQJSURJUHVVDJDLQVWWKHDQQXDODXGLWSODQRUWUDFNLQJDQGPRQLWRULQJNH\ULVNLQGLFDWRUV .5,V
‡ (YDOXDWLQJGDWDTXDOLW\LQDQ\V\VWHPVXFKDVLQPDVWHUGDWDILOHVFKHFNLQJIRUFRPSOHWHQHVVRIILHOGVGXSOLFDWHV
DQGYDOLGDWLRQ
‡ 3RSXODWLRQJDWKHULQJGXULQJVDPSOLQJDQGLQLWLDOHYLGHQFHJDWKHULQJIRUVWDQGDUGHYLGHQFHIRUFRQWUROV
‡ $XWRPDWLQJWHVWLQJWRPRYHIURPVDPSOLQJWRIXOOHUSRSXODWLRQVRIGDWD7KLVSURYLGHVJUHDWHUFRQILGHQFHWKDW
FRQWUROVDUHGHVLJQHGDQGRSHUDWLQJHIIHFWLYHO\
‡ ,GHQWLI\LQJRSHQLWHPVVHQGLQJIROORZXSHPDLOVDQGGRFXPHQWLQJVWDWXVHWF
‡ $XWRPDWLFDOO\FUHDWLQJZRUNSDSHUDWWDFKPHQWVDQGILOOLQJRXWVWDQGDUGLVHGWHPSODWHVDQGKHDGLQJVLQZRUNSDSHUV
VWUHDPOLQLQJFURVVUHIHUHQFHVDQGLVVXHVDQGFUHDWLQJUHSRUWV
‡ 'HSDUWPHQWDOWDVNVFDQEHDXWRPDWHGWKURXJK53$H[SDQGLQJLQWHUQDODXGLW¶VFDSDFLW\DQGIUHHLQJDXGLWRUVWR
IRFXVRQPRUHYDOXHDGGHGDFWLYLW\

3Z& 
µ%RWV¶LQDFWLRQ
7LPH6DYHU
5HGXFHWLPHWRSHUIRUPWDVNVE\

&RPSOLDQFHDQG4XDOLW\
5HGXFLQJKXPDQHUURUVDQGQRQFRPSOLDQFH

,QWHJUDWLRQ
5XQVRQWRSRIH[LVWLQJ,7LQIUDVWUXFWXUHDQG
UHTXLUHVQR,7WUDQVIRUPDWLRQSURMHFWV

6FDODEOH6ROXWLRQV
6FDODEOHVROXWLRQVWKDWILWLQWRDFXUUHQW
VHWXS

3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO 
:KDWFDQEHDXWRPDWHGDQGVKRXOGLWEHDXWRPDWHG«"

&DQGLGDWHSURFHVVRSSRUWXQLWLHVZLOOEHVSOLWLQWRDFWLYLWLHVDQGWKRVHDFWLYLWLHVHYDOXDWHGWKURXJKDGHFLVLRQPDWUL[7KH
SURFHVVEHORZRXWOLQHV3Z&¶VDVVHVVPHQWDSSURDFKIRUGHWHUPLQLQJZKLFKDFWLYLWLHVVKRXOGEHFRQVLGHUHGIRUDXWRPDWLRQ

&DQLWEHDXWRPDWHG" 6KRXOGLWEHDXWRPDWHG"
3URFHVV6WDELOLW\
WLPHVSURFHVVFKDQJHVSHU\HDU
6XLWDELOLW\
0HDVXUHVSRWHQWLDO ,PSDFWRQ&RQWURO(QYLURQPHQW
FRQVWUDLQWVRUFRQWURO 6XLWDELOLW\
EHQHILWVWRWKHSURFHVV 5DWLQJ
7LPHIUDPHIRU$GRSWLRQRI3URFHVV$FWLYLW\LQWR6WUDWHJ\$SSOLFDWLRQ

$PRXQWRI8QGHUO\LQJ
2SHUDWLRQDO5LVN

&RPSOH[LW\ $SSOLFDWLRQV8VHG
6SOLW -XGJHPHQWRU 0HDVXUHVKRZFRPSOH[D
1R &RPSOH[LW\
3URFHVVLQWR 8QVWUXFWXUHG 5RERWEXLOGZRXOGEH
3URFHVV5H'HVLJQ5HTXLUHG
$FWLYLWLHV 'DWD" UHTXLUHGWRDFFRPPRGDWH 5DWLQJ
WKHSURFHVV
<HV $FWLYLWLHVEHLQJ$XWRPDWHG

7LPH$XWRPDWHG
9DOXH
1RW ,QFOXGHV(UURUVUHZRUNHWF
4XDQWLILHVWKHVDYHIURP 9DOXH
$XWRPDWDEOH
DXWRPDWLRQ
&RVWSHU)7(

3Z& 
&RQILGHQWLDOLQIRUPDWLRQIRUWKHVROHEHQHILWDQGXVHRI3Z&¶VFOLHQW
6DPSOHRXWSXWRIDSURFHVVDQDO\VLVDQGLQLWLDOVXLWDELOLW\DVVHVVPHQW

%R[HVDUHFRORUFRGHGEDVHG
RQVXLWDELOLW\IRUDXWRPDWLRQ

$FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\


1DPH 1DPH 1DPH 1DPH 1DPH 1DPH
$FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\ $FWLYLW\
'HVFULSWLRQ 'HVFULSWLRQ 'HVFULSWLRQ 'HVFULSWLRQ 'HVFULSWLRQ 'HVFULSWLRQ

'HVFULSWLRQRI 'HVFULSWLRQRI 'HVFULSWLRQRI 'HVFULSWLRQRI 'HVFULSWLRQRI 'HVFULSWLRQRI +RZ5RERWFDQVXSSRUW


KRZDURERWFDQ KRZDURERWFDQ KRZDURERWFDQ KRZDURERWFDQ KRZDURERWFDQ KRZDURERWFDQ DXWRPDWLRQGHVFULEHGEHORZ
VXSSRUWDFWLYLW\ VXSSRUWDFWLYLW\ VXSSRUWDFWLYLW\ VXSSRUWDFWLYLW\ VXSSRUWDFWLYLW\ VXSSRUWDFWLYLW\ WKHDFWLYLWLHV
LISRVVLEOH LISRVVLEOH LISRVVLEOH LISRVVLEOH LISRVVLEOH LISRVVLEOH

$FWLYLWLHVDUHFRORUFRGHG
EDVHGRQVXLWDELOLW\IRU 0DQXDO$FWLYLW\± 0DQXDO$FWLYLW\± 0DQXDO$FWLYLW\±
$OUHDG\DXWRPDWHG
DXWRPDWLRQ +LJK53$6XLWDELOLW\ 0HGLXP53$6XLWDELOLW\ /RZ53$6XLWDELOLW\

2YHUDOO3URFHVV6FRUH

6XLWDELOLW\ &RPSOH[LW\ 9DOXH


3URFHVV6WDELOLW\ 3URFHVV&RPSOH[LW\ )UHTXHQF\
,PSDFWRQ&RQWURO(QYLURQPHQW 6\VWHPV 6\VWHPV,QFOXGLQJ06 $QQXDO)7(&RVW
$SSV
7LPHIUDPHWKDW6ROXWLRQFDQEH%XLOWRQ 3URFHVV5HHJLQHHULQJ5HTXLUHG ([HFXWLRQ7LPH0RQWK
6WUDWHJLF3ODWIRUP
8QGHUO\LQJ2SHUDWLRQDO5LVN $ELOLW\WRDFKLHYHEHQHILWV

3Z& 
&RQILGHQWLDOLQIRUPDWLRQIRUWKHVROHEHQHILWDQGXVHRI3Z&¶VFOLHQW
3Z&¶VDJLOHURERWGHOLYHU\PHWKRGRORJ\

3URGXFWLRQ
,QLWLDWH 'HVLJQ 8$7 5ROO2XW
%XVLQHVV
%XVLQHVV
3URFHVV2ZQHU
HVV2 $XWRPDWLRQ
$XWRPDWLRQ %XVLQHVV
%XVLQHVV 3URGXFWLRQ
'HYHORSHU 3URFHVV2ZQHU %XVLQHVV 6XSSRUW
3URFHVV2ZQHU

3URMHFW 3URFHVV
3URFHVV
0DQDJHU $QDO\VW60(>V@ 7HVW3ODQQLQJ %XVLQHVV
60(>V@
3URFHVV2ZQHU
3URFHVV
3URFHVV
3URFHVV
3URFHVV 3URFHVV
3URFHVV 60(>V@
$UFKLWHFW
$UFKLWHFW $UFKLWHFW
$XWRPDWLRQ
$XWRPDWLRQ
'HYHORSHU 7HVW$QDO\VW>V@ *RYHUQDQFH
%RDUG
7HVW
7HVW
'HILQH $QDO\VW>V@

3URMHFW
0DQDJHU

,QLWLDWLRQ'RF 3URFHVV 3'' 6ROXWLRQ'HVLJQ 6ROXWLRQ'HVLJQ 8$7&DVHV ,PSOHPHQWDWLRQ


%HQHILWV%XV 'HILQLWLRQ &RPSOHWH" 'RF ,QLWLDO 'RF )LQDO &RPSOHWHG 3ODQ
&DVH 'RFXPHQW
.H\'HOLYHUDEOHV

<HV

1R %&3

&RQILJXUHG 2SHUDWLRQDO
*R1R*R
3URFHVV +DQGERRN
&KHFNOLVW

3Z& 
&RQILGHQWLDOLQIRUPDWLRQIRUWKHVROHEHQHILWDQGXVHRI3Z&¶VFOLHQW
&ULWLFDOVXFFHVVIDFWRUV

3URFHVV 7HFKQRORJ\ &KDQJHDQGFRPPXQLFDWLRQ 3HRSOH


7KLQNHQGWRHQGEXWLGHQWLI\ &RQVLGHUWHFKQRORJ\HDUO\ ,QYHVWLQVWDNHKROGHU )RFXVRQEXLOGLQJFDSDELOLW\DQG
µQRUHJUHWV¶53$RSSRUWXQLWLHV HQJDJHPHQWDQGFRQVLGHUFKDQJHV HQJDJHHDUO\
EH\RQGWHFKQRORJ\
 53$FDQEHXVHGWRGULYH  'HYHORS\RXUWHFKQRORJ\  (QJDJHVWDNHKROGHUVHDUO\DQG  'HYHORSFDSDELOLWLHV
VWDQGDUGLVDWLRQRILQSXWV DSSURDFKHDUO\ RIWHQWRIDFLOLWDWHXQGHUVWDQGLQJ
DQGEX\LQ  6HFXUHWKHULJKWUHVRXUFHVWR
 0RYHDWSDFHDQGIDLOIDVW  ([SHFWWKDWWHFKQRORJ\SURWRFROV HQDEOHNQRZOHGJHWUDQVIHU
ZLOOKDYHWRFKDQJHWRHQDEOH  )RFXVWRSGRZQVSRQVRUVKLSDQGD
 &URVVIXQFWLRQDOJRYHUQDQFHLV GHSOR\PHQW PDQGDWHIRUFKDQJHDQGVDYLQJV  6HWXSWKHULJKWJRYHUQDQFH
QHHGHGWRPDNHGHFLVLRQVVWLFN VWUXFWXUHWRUHYLHZDQGVLJQRII
 9HQGRUSDUWQHUVKLSVDUHRQJRLQJ  'HVLJQWKHRSHUDWLQJPRGHO NH\PLOHVWRQHV
DQGQRWDRQHRII PRUHWKDQ XSIURQW
RQHVRIWZDUH
 &RQVLGHUKRZHQGXVHUUROHVQHHG
WRFKDQJH

3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO 
2XUDSSURDFK
:HIROORZDVWUXFWXUHGDSSURDFKWR,QWHUQDO$XGLWDXWRPDWLRQ7KLVVWULNHVDEDODQFHEHWZHHQPDQDJHPHQW¶VIRFXVRQWKHFKDQJH
: H IROORZ D VWUXFWXUHG DSSURDFK WR ,QWHUQDO $XGLW DXWRPDWLRQ 7KLV VWULNH
EXLOGLQJPRPHQWXPDQGIDFLOLWDWLQJNQRZOHGJHWUDQVIHU

$XWRPDWLRQVWUDWHJ\ %XLOGH[HFXWHDQGHYDOXDWHSLORW ,PSOHPHQWDWLRQSODQ


DQGH[HFXWLRQURDGPDS

3URFHVVVFDQ $XWRPDWLRQ3URFHVVSUHSDUDWLRQ 3LORWDXWRPDWLRQEXLOGVSULQWV &DSWXUHOHVVRQVOHDUQHG


/HYHUDJH3Z&¶VWRROVDQG ‡ 7RROVHOHFWLRQ ‡ 'HWHUPLQHDQGSURYLVLRQGLJLWDOZRUNHU
FULWHULDWRDVVHVVWKHWHVWLQJ ‡ $XWRPDWLRQHQYLURQPHQWVHWXS DFFHVVUHTXLUHPHQWV
5HILQHDQGGRFXPHQW
SURFHVVHVDQGNH\FRQWUROV ‡ %XLOGDQGFRQILJXUHGLJLWDOZRUNHU
‡ 3URFHVVGHHSGLYHDQGDXWRPDWLRQDQDO\VLV \RXUVWUDWHJ\
LQVWUXFWLRQ V
2SSRUWXQLW\DVVHVVPHQW ‡ 2UJDQLVDWLRQDOGHVLJQ
‡ 9DOLGDWHDSSURSULDWHWROOJDWLQJQRWLILFDWLRQ
3Z&¶V2SSRUWXQLW\$VVHVVPHQW ‡ 8SGDWHRI,$DSSURDFK
DQGFRQWUROSRLQWV
0HWKRGRORJ\DVVHVVLQJZKHWKHU PHWKRGRORJ\
HDFKWDUJHWSURFHVVFDQDQG ‡ 8VHUDFFHSWDQFHWHVWLQJDQGGHSOR\PHQW
± 2QJRLQJ$VVXUDQFH
VKRXOGEHDXWRPDWHG
‡ &RQWLQXRXV$XGLWLQJ

%XVLQHVVFDVHGHYHORSPHQW 5HDGLQJDQGUHDFWLQJWRGDWD 'HILQH\RXUIXWXUHVWDWH


DQGSULRULWLVDWLRQ ‡ ([HFXWHSLORWDQGHYDOXDWHUHVXOWV 7UDLQLQJDQGIXWXUHVWDWH
,GHQWLI\LQJWKHH[SHFWHGUHWXUQ ‡ &RPPXQLFDWHUHVXOWVDQGSRWHQWLDOIRUDXWRPDWLRQDWVFDOH DXGLWLQJPRGHO
RXWFRPHRIWKHDXWRPDWHG
SURFHVVDQGWKHSULRULW\RIWKH
DXWRPDWLRQSLSHOLQH

$XWRPDWLRQWRROVHOHFWLRQ 'HYHORSURDGPDS
3Z&¶VOHDGLQJQH[WJHQHUDWLRQ
DSSURDFKGHVLJQHGWRLPSOHPHQW
UHSHDWDEOHFRQWUROWHVWLQJ
XVLQJ53$
3Z& 
3Z&3URYHQ53$H[SHULHQFH
:HKDYHDVWURQJWUDFNUHFRUGRIVXFFHVVIXOO\H[HFXWLQJDQGLPSOHPHQWLQJ53$XVLQJRXUXQLTXHDSSURDFKEULQJLQJVLJQLILFDQWVDYLQJVLQDVKRUW
DPRXQWRIWLPH
2XUPDUNHWSRVLWLRQ
'HHS%XVLQHVV ‡ 'HHSH[SHUWLVHLQWKHEXVLQHVVSURFHVVHVPRVWVXLWDEOHIRU5RERWLF3URFHVV
.QRZOHGJH $XWRPDWLRQ Ɣ 3Z&LVUHFRJQLVHGDVWKH1R
‡ 5DSLGSULRULWL]DWLRQRI³TXLFNZLQV´WRSURYHYDOXHDQGEXLOGPRPHQWXP 3URIHVVLRQDO6HUYLFHVILUPIRU
‡ 52,IRFXVHG WDUJHW  'LJLWDO6WUDWHJ\ *DUWQHU
Ɣ 3Z&LVUHFRJQLVHGDVWKH1R
3URIHVVLRQDO6HUYLFHVILUPIRU
'HSOR\PHQW ‡ JOREDOFRQVXOWDQWVDQGGHYHORSHUVRIZKLFKEDVHGLQ0LGGOH(DVWZLWK %XVLQHVV7UDQVIRUPDWLRQDQG
6SHHG H[SHULHQFHLQGHSOR\LQJPDMRU53$VRIWZDUH FKDQJH .HQQHG\
‡ ,QLWLDODVVHVVPHQWZHHNV Ɣ 3Z&UDQNHG'LJLWDO2SHUDWLRQV
‡ 'HOLYHUVDPDUNHWOHDGLQJV\VWHPDJQRVWLFVHUYLFH FRQVXOWLQJ:RUOGZLGH/HDGHU
,'&
+ROLVWLF ‡ 2SHUDWLQJ0RGHODSSURDFK±HQGWRHQGSURFHVVYLHZWRPD[LPL]HEHQHILWV
Ɣ 3Z&UDQNHG'LJLWDO2SHUDWLRQV
$SSURDFK ZLWKDGGLWLRQDOOHYHUV HJ/HDQZRUNORDGEDODQFLQJ
FRQVXOWLQJ:RUOGZLGH/HDGHU
‡ ([SHULHQFHVWDQGLQJXSJRYHUQDQFHDQGFKDQJHPDQDJHPHQWIRU
,'&
FRQVLVWHQF\DQGVFDOHHPEHGGLQJFDSDELOLWLHVDQGFRQWLQXRXVLPSURYHPHQW
Ɣ 6WUDWHJLFDOOLDQFHSDUWQHUVIRU
‡ ,QGXVWU\OHDGLQJULVNDQGUHJXODWRU\WHDP OHDGLQJ53$VRIWZDUHYHQGRUV
5LVNDQG
&RQWURO ‡ 8QGHUVWDQGWKHQXDQFHVRIHQVXULQJFRQWUROVDUHHPEHGGHGWKURXJKRXWWKH
([SHUWLVH 5RERWLFSURFHVV
:HKDYHDVWURQJWUDFNUHFRUGLQ
9HQGRUDJQRVWLFZLWKH[SHULHQFHLQGLIIHUHQW53$WRROV
'LJLWDODQG$XWRPDWLRQ $, $XWRPDWLRQ 3URJUDP0DQDJHPHQW

)LQDQFLDO7UDQVIRUPDWLRQ 2SHUDWLQJ0RGHO'HVLJQ &XOWXUDO&KDQJH

3Z& $,DQG53$LQ,QWHUQDO$XGLW,,$$QQXDO&RQIHUHQFH$SULO 
:HRSHUDWHDVSDUWRIDJOREDOQHWZRUN

7KH3Z&QHWZRUNVHUYLFHGHOLYHU\PRGHO
:HKDYHSDUWQHUVKLSH[SHULHQFH
3RODQG ZLWKGLIIHUHQWSURYLGHUV
$XWRPDWLRQ
8L3DWK
$Q\ZKHUH
8$('XEDL

EOXHSULVP ,3VRIW
8QLWHG6WDWHV
8QLWHG &KLQD+.
.LQJGRP
1LFH ';&WHFKQRORJ\

6LQJDSRUH .RID[

6SDLQ ,QGLD 3Z&¶V$FDGHP\0(


7UDLQHGE\3Z&

$XVWUDOLD

3Z& 
7DEOHJURXSH[HUFLVH

,Q\RXUWDEOHJURXSV
 )LUVWJRURXQGWKHWDEOHDQGLQWURGXFH\RXUVHOYHVWRHDFKRWKHU
 'LVFXVVZKLFKDXGLWVRUDFWLYLWLHV\RXFXUUHQWO\SHUIRUPZKLFK\RX
WKLQNPLJKWEHVXLWDEOHIRUDXWRPDWLRQWKURXJK53$
 3UHVHQW\RXULGHDVEDFNWRWKHJURXSJLYLQJUHDVRQVZK\\RXKDYH
FKRVHQWKRVHDFWLYLWLHV

3Z&

5HVSRQVLEOH$,
3Z&¶V5HVSRQVLEOH$,)UDPHZRUN

2XU5HVSRQVLEOH$,
)UDPHZRUNLVGHVLJQHGWR
SURYLGHWUDQVSDUHQF\RYHU
WKHYLDELOLW\RIWKH$,
LPSOHPHQWDWLRQDQG
FRQILGHQFHWKDWFRQWUROV
DUHLQSODFH


3Z&¶V5HVSRQVLEOH$,)UDPHZRUN

2XU5HVSRQVLEOH$,
)UDPHZRUNLVGHVLJQHGWR
SURYLGHWUDQVSDUHQF\RYHU
WKHYLDELOLW\RIWKH$,
LPSOHPHQWDWLRQDQG
FRQILGHQFHWKDWFRQWUROV
DUHLQSODFH


$QHZDSSURDFKIRUDXGLWLQJ$,

$OLJQLQJZLWK\RXUVWUDWHJLFJRDOV

'RQ¶WH[SHFWPDJLF

&OHDUDERXW\RXUSDUWQHUV

6WUDWHJ\ 2SHQLQJXSWRVFUXWLQ\

'HPRQVWUDWLQJUHJXODWRU\FRPSOLDQFH

2UJDQLVDWLRQDOVWUXFWXUH

3Z&'LJLWDODQG7HFKQRORJ\5LVN
$QHZDSSURDFKIRUDXGLWLQJ$,

2SHQLQJXSWKHEODFNER[

&UHDWLQJDFRPSHOOLQJXVHU
'HVLJQ H[SHULHQFH

(PEHGGLQJWKHFRQWURO
IUDPHZRUN

3Z&'LJLWDODQG7HFKQRORJ\5LVN
$QHZDSSURDFKIRUDXGLWLQJ$,

5HWKLQNLQJSURJUDPPHPDQDJHPHQW

0DQDJLQJGDWDGHSHQGHQF\

'HYHORSPHQW
7DNLQJWKHWLPHWRWHVWDQGWUDLQ

6HWWLQJFRQILGHQFHWKUHVKROGV

3Z&'LJLWDODQG7HFKQRORJ\5LVN
$QHZDSSURDFKIRUDXGLWLQJ$,

&XUELQJXQLQWHQWLRQDOELDV

*XDUGLQJDJDLQVWDWWDFNV

2SHUDWLQJ$, 5HFRJQLVLQJWKHUROHRIGDWDDV
\RXUNH\LQWHOOHFWXDOSURSHUW\

/RRNLQJRXWIRUV\VWHPLFULVNV

3Z&'LJLWDODQG7HFKQRORJ\5LVN
3Z&¶V5HVSRQVLEOH$,)UDPHZRUN

2XU5HVSRQVLEOH$,
)UDPHZRUNLVGHVLJQHGWR
SURYLGHWUDQVSDUHQF\RYHU
WKHYLDELOLW\RIWKH$,
LPSOHPHQWDWLRQDQG
FRQILGHQFHWKDWFRQWUROV
DUHLQSODFH


4XHVWLRQV GLVFXVVLRQV
3KLO0HQQLH
'LUHFWRU'LJLWDO7UXVW
SKLOPHQQLH#SZFFRP

OLQNHGLQFRPLQSKLOPHQQLH
#SKLOPHQQLH

ZZZSZFFRPPH

‹3ULFHZDWHUKRXVH&RRSHUV//3$OOULJKWVUHVHUYHG3Z&UHIHUVWRWKH8.PHPEHUILUPDQGPD\VRPHWLPHVUHIHUWRWKH3Z&QHWZRUN
(DFKPHPEHUILUPLVDVHSDUDWHOHJDOHQWLW\3OHDVHVHHZZZSZFFRPVWUXFWXUHIRUIXUWKHUGHWDLOV

Das könnte Ihnen auch gefallen