(YROXWLRQRI:KHHOHU(PLVVLRQ/HJLVODWLRQLQ

,QGLDYLVjYLVZLWK(XURSHDQ


3XEOLVKHG


$UXQ6LYDVXEUDKPDQL\DQ6ULUDP7DQG05DYL

$VKRN/H\ODQG/WG

&RS\ULJKW6$(,QWHUQDWLRQDO
GRL

$%675$&7
,QGLDQ %KDUDW 6WDJH %6 YHKLFXODU HPLVVLRQ QRUPV ZHUH
LQWURGXFHG LQ WKH \HDU  ZKLFK ZDV WZR HPLVVLRQ VWDJHV
EHKLQG(XURSH'XULQJODVWGHFDGH,QGLDKDVSURJUHVVHGIDVWHU
FRPSDUHG WR (XURSH DQG KDYH LPSOHPHQWHG %6,9 HPLVVLRQ
QRUPVLQZKLFKLVRQHVWDJHEHKLQG(XURSH7KLVSDSHU
UHYLHZV SURJUHVV RI ,QGLDQ YHKLFXODU HPLVVLRQV DQG 2Q
%RDUG 'LDJQRVWLF 2%' OHJLVODWLRQV )XUWKHU LW DOVR
H[SORUHV WKH WHFKQRORJ\ DGYDQFHPHQWV LQ HQJLQH HPLVVLRQ
FRQWURO GHYLFHV DQG )XHO TXDOLW\ KDSSHQHG GXH WR WLJKWHQLQJ
RIHPLVVLRQQRUPV

.H\ZRUGV
,QGLDQ(PLVVLRQ5HJXODWLRQV(XURSHDQ(PLVVLRQ
/HJLVODWLRQV%6,9%KDUDW6WDJH,9

,1752'8&7,21
:RUOGZLGH PDQ\ FRXQWULHV KDYH LPSOHPHQWHG YHKLFXODU
HPLVVLRQ OHJLVODWLRQV WR DGGUHVV WKH JURZLQJ SROOXWLRQV DQG
JOREDO ZDUPLQJ FKDOOHQJHV %URDGO\ WKUHH PDMRU UHJLRQV
86$ (XURSHDQ 8QLRQ DQG -DSDQ DUH IRUPXODWLQJ HPLVVLRQ
OHJLVODWLRQVDQGRWKHUGHYHORSLQJFRXQWULHVDUHDOLJQLQJZLWK
HLWKHURIWKHP
,Q ODVW  \HDUV ,QGLD KDV DFKLHYHG H[FHSWLRQDO JURZWK LQ
DXWRPRWLYH VHFWRU DQG ,QGLD KDV EHFRPH D NH\ DXWRPRELOH
PDUNHWLQWKHJOREDOPDS,QGLDKDVJURZQQRWRQO\LQYROXPH
RIYHKLFOHVEXWDOVRLQWKHHPLVVLRQDQGYHKLFOHWHFKQRORJLHV
7KRXJK ,QGLD LV D GHYHORSLQJ FRXQWU\ LW KDV VKRZQ LWV
UHVSRQVLELOLW\LQHQYLURQPHQWDOSURWHFWLRQDQGKHDOWK7KLVLV
HYLGHQW IURP KLVWRU\ RI ,QGLDQ HPLVVLRQ UHJXODWLRQV DV
H[SODLQHGLQWKHVXFFHHGLQJSDUDJUDSKV

2152$':+((/(5(0,66,21
12506
,QGLDKDVLQWURGXFHGILUVWWLPHHPLVVLRQOHJLVODWLRQLQWKH\HDU
 E\ LQWURGXFLQJ LGOH HPLVVLRQ OLPLWV IRU PRWRU YHKLFOHV
$IWHU,QWURGXFWLRQRILGOHHPLVVLRQUHJXODWLRQVLQ\HDU
,QGLDQ0DVV(PLVVLRQ6WDQGDUGVZHUHLQWURGXFHGLQIRU
SDVVHQJHU FDUV DQG OLJKW FRPPHUFLDO YHKLFOHV 6XEVHTXHQWO\
LQ WKH \HDU  HPLVVLRQ QRUPV IRU KHDY\ GXW\ HQJLQHV
ZHUH LQWURGXFHG 7KHUHDIWHU HPLVVLRQ OHJLVODWLRQV ZHUH
SURJUHVVHGIDVWHUDQGWKH%KDUDWVWDJH,QRUPVHTXLYDOHQWWR
(XURSHDQ(XUR,HPLVVLRQQRUPVZHUHLQWURGXFHGLQWKH\HDU
)LJXUHLOOXVWUDWHVWKHPDMRUPLOHVWRQHVRI+LVWRU\RI
,QGLDQHPLVVLRQQRUPV>@>@>@
'XULQJ ODVW GHFDGH ,QGLD KDV PRYHG  VWDJHV RI HPLVVLRQ
QRUPVDQGLPSOHPHQWHG%6,9QRUPVHTXLYDOHQWWR(XUR,9
LQWKH\HDU'XULQJWKHVDPHSHULRG(XURSHKDVPRYHG
 VWDJHV IURP (XUR,,, LQ  WR (XUR9 LQ  UHIHU
)LJXUH  7KLV VKRZV WKDW ,QGLD KDV SURJUHVVHG IDVWHU WKDQ
(XURSHGXULQJWKHODVWGHFDGH>@>@>@
(XURSHKDVPRYHGIURP(XUR,WR(XUR,9LQ\HDUV,QGLD
KDVPRYHGIURP%6,WR%6,9LQ\HDUV>@>@>@
'HWDLOHG LQIRUPDWLRQ DERXW HPLVVLRQ QRUPV IRU JDVROLQH
SDVVHQJHU FDUV DQG OLJKW FRPPHUFLDO YHKLFOHV DUH JLYHQ LQ
7DEOH
'HWDLOHG LQIRUPDWLRQ DERXW HPLVVLRQ QRUPV IRU GLHVHO
SDVVHQJHU FDUV DQG OLJKW FRPPHUFLDO YHKLFOHV DUH JLYHQ LQ
7DEOH>@>@>@

7DEOH3DVVHQJHU&DUV /&9(PLVVLRQ6WDQGDUGV
*DVROLQHYHKLFOHV,QGLD

)LJXUH&KURQRORJ\RI,QGLDQ(PLVVLRQ/HJLVODWLRQV

)LJXUH,PSOHPHQWDWLRQRIZKHHOHU(PLVVLRQ1RUPV
LQ,QGLDYLVjYLV(XURSH

7DEOH3DVVHQJHU&DUV /&9(PLVVLRQ6WDQGDUGV
'LHVHOYHKLFOHV

'HWDLOHGLQIRUPDWLRQDERXWHPLVVLRQQRUPVIRUHQJLQHVILWWHG
RQKHDY\GXW\FRPPHUFLDOYHKLFOHVDUHJLYHQLQ7DEOH
7DEOH+HDY\'XW\&RPPHUFLDO(QJLQH(PLVVLRQ
6WDQGDUGV

HPLVVLRQQRUPVKDVPRYHGWR%6,,,OHYHOZLWKLQDVSDQRI
\HDUV DQG DJULFXOWXUDO WUDFWRUV KDV PRYHG WR 7UHP ,,,$
ZLWKLQ D VSDQ RI  \HDUV 7DEOHV    JLYH GHWDLOV RI
HPLVVLRQ VWDQGDUGV IRU &(9 DQG $JULFXOWXUDO 7UDFWRUV
UHVSHFWLYHO\>@

21%2$5'',$*1267,&6<67(0
)252152$'9(+,&/(6

2))52$'9(+,&/((0,66,21
12506
2IIURDG YHKLFOH HPLVVLRQ VWDQGDUGV ZHUH LQWURGXFHG LQ WKH
\HDU  IRU &RQVWUXFWLRQ (TXLSPHQW 9HKLFOHV &(9 DQG
$JULFXOWXUDO 7UDFWRUV DQG LW ZDV LQWURGXFHG LQ  &(9
7DEOH&RQVWUXFWLRQ(TXLSPHQW9HKLFOH(PLVVLRQ
6WDQGDUGV

)XQFWLRQLQJ DQG HIIHFWLYHQHVV RI HPLVVLRQ UHODWHG

FRPSRQHQWV FDQ EH PRQLWRUHG ZLWK WKH KHOS RI 2Q%RDUG
'LDJQRVWLF 6\VWHP 2%' ,Q ,QGLD 2%' UHJXODWLRQV KDYH
EHHQLQWURGXFHGIRUSHWURODQGGLHVHOSDVVHQJHUFDUVDQGOLJKW
GXW\ YHKLFOHV 0 0 DQG 1 IURP $SULO  2%'
UHJXODWLRQV IRU /3* &1* GULYHQ SDVVHQJHU FDUV DQG OLJKW
GXW\YHKLFOHV00 1DQGKHDY\GXW\YHKLFOHV0
1DQG1KDYHEHHQLQWURGXFHGIURP$SULO$OVRWKH
PRQLWRULQJSDUDPHWHUVXQGHU2%'QRUPVIRU00 1
YHKLFOHVZHUHLQFUHDVHGIURP$SULO
7KH 2%' LPSOHPHQWDWLRQ GDWHV IRU GLIIHUHQW FDWHJRU\ RI
YHKLFOHV DUH JLYHQ LQ 7DEOH  ,PSOHPHQWDWLRQ GDWHV IRU
GLIIHUHQW 2%' PRQLWRULQJ SDUDPHWHUV IRU SRVLWLYH LJQLWLRQ
HQJLQHV DQG FRPSUHVVLRQ LJQLWLRQ HQJLQHV DV SHU &HQWUDO
0RWRUYHKLFOHUXOHVDUHJLYHQLQ7DEOHVDQG>@
7DEOH2%'V\VWHPIRUHPLVVLRQ&RQWURO

7DEOH3RVLWLYH,JQLWLRQYHKLFOHV2%'0RQLWRULQJ
,WHPV
7DEOH$JULFXOWXUDO7UDFWRU(PLVVLRQ6WDQGDUGV

7DEOH&RPSUHVVLRQYHKLFOHV2%'0RQLWRULQJ,WHPV

0DMRU&KDOOHQJHVWR,QGLDQ$XWR
,QGXVWU\
0DLQO\ LQGXVWU\ KDV WDNHQ WKUHH PDMRU FKDOOHQJHV LH
(PLVVLRQ QRUP WLJKWHQLQJ 7HFKQRORJ\ LPSURYHPHQWV WR
PHHWWKHQRUPVDQG([SDQVLRQRIFDSDFLW\IRUYROXPHVUHIHU
ILJXUH,QGXVWU\VXFFHHGHGLQDOOWKUHHFKDOOHQJHVLQWKHODVW
\HDUV

$'9$1&(0(176,19(+,&/($1'
(1*,1(7(&+12/2*,(6 )8(/
48$/,7<'8(72(0,66,21
67$1'$5'6
*URZWK7UHQGVRI,QGLDQ$XWR,QGXVWU\
:RUOGZLGH WKH YHKLFOH WHFKQRORJ\ KDV EHHQ XQGHU JUHDW
HYROXWLRQ DORQJ ZLWK WLJKWHQLQJ RI HPLVVLRQ VWDQGDUGV ,Q
(XURSHWKHYHKLFOHWHFKQRORJ\DGYDQFHPHQWVRFFXUUHGLQWKH
ODVW WZHQW\ \HDUV ZKHUHDV ,QGLD KDV DFKLHYHG WKH VLPLODU
WHFKQRORJ\ DGYDQFHPHQW ZLWKLQ ODVW WHQ \HDUV ,QGLDQ $XWR
,QGXVWU\ KDV JURZQ ERWK LQ YROXPHV DQG WHFKQRORJ\ GXULQJ
ODVWGHFDGHUHIHUILJXUH>@

)LJXUH3DVVHQJHU &RPPHUFLDO9HKLFOH3URGXFWLRQ
7UHQG

)LJXUH7KUHHPDMRU&KDOOHQJHVWR,QGLDQ$XWR
,QGXVWU\

3DVVHQJHU&DU /LJKW9HKLFOH
WHFKQRORJ\DGYDQFHPHQWV
3UHVHQW ,QGLDQ SDVVHQJHU FDU WHFKQRORJ\ LV DW SDU ZLWK
(XURSH 7KLV LV HYLGHQW IURP H[SRUW RI ,QGLDQ FDUV WR
(XURSHDQFRXQWULHVE\PHHWLQJWKHLUUHJXODWRU\UHTXLUHPHQWV
3DVVHQJHUFDUIXHOV\VWHPSURJUHVVHGZLWKLQVKRUWWLPHIURP
&DUEXUHWRU WR 0XOWL 3RLQW )XHO ,QMHFWLRQ 03), LQ SHWURO
YHKLFOHV DQG ,QOLQH SXPS WR +LJK SUHVVXUH &RPPRQ 5DLO
'LUHFW ,QMHFWLRQ &5', LQ GLHVHO YHKLFOHV DQG JDV PL[HU WR
LQMHFWLRQ V\VWHP LQ &1* YHKLFOHV UHIHU ILJXUH  $IWHU
WUHDWPHQWGHYLFHVVXFKDVFORVHGFRXSOHGFDWDO\WLFFRQYHUWHUV
ZHUH DOVR LQWURGXFHG LQ WKH ODVW WHQ \HDUV (QJLQH
WHFKQRORJLHV VXFK DV YDULDEOH YDOYH WLPLQJ YDULDEOH LJQLWLRQ
WLPLQJ  WR  YDOYHV SHU F\OLQGHU HQJLQH GHVLJQ
LPSURYHPHQWVWRUHGXFHIULFWLRQ ZHLJKWDQGWXUERFKDUJHUV
KDYHEHHQLQWURGXFHG>@>@>@

)LJXUH3DVVHQJHU&DU7HFKQRORJ\,PSURYHPHQW

&RPPHUFLDOYHKLFOHWHFKQRORJ\
DGYDQFHPHQWV
,Q FRPPHUFLDO YHKLFOH VHJPHQW WKHUH ZHUH JUHDW
DGYDQFHPHQWV LQ WHFKQRORJLHV IRU ODVW  \HDUV UHIHU ILJXUH
 $GYDQFHPHQWV KDYH EHHQ LQ HQJLQH V\VWHP DV ZHOO DV LQ
HPLVVLRQ DIWHUWUHDWPHQW GHYLFHV )XHO V\VWHP WHFKQRORJLHV
JURZQIURPLQOLQHIXHOLQMHFWLRQSXPSWRFRPPRQUDLOV\VWHP
ZLWKLQ D VKRUW VSDQ RI WLPH 6RPH RI WKH QRWDEOH HQJLQH
WHFKQRORJLHV LQWURGXFHG LV LPSURYHG FRPEXVWLRQ FKDPEHU
GHVLJQIRUEHWWHUDLUIXHOPL[LQJWXUERFKDUJHULQWHUFRROHU
YDOYHV SHU F\OLQGHU LPSURYHG SRZHUZHLJKW UDWLR HWF
(PLVVLRQ FRQWURO GHYLFHV OLNH ([KDXVW *DV 5HFLUFXODWLRQ
(*5'LHVHO2[LGDWLRQ&DWDO\VWV'2&'LHVHO3DUWLFXODWH
)LOWHU '3) DQG 6HOHFWLYH &DWDO\WLF 5HGXFWLRQ 6&5 KDYH
DOVREHHQLQWURGXFHG>@>@>@

7DEOH'LHVHO)XHO4XDOLW\,PSURYHPHQW

1219(+,&/(0($685(672
&21752/32//87,21
,Q WKH (XURSHDQ 8QLRQ (8 'LUHFWLYH UHJXODWHV ,QVSHFWLRQ
DQG 0DLQWHQDQFH SURJUDPV 7KH GLUHFWLYH VSHFLILHV YHKLFOHV
FODVVHV VWLSXODWHV WKH IUHTXHQF\ RI WKH LQVSHFWLRQV DQG VHWV
IRUWK HPLVVLRQ WHVW SURFHGXUHV DQG VWDQGDUGV +RZHYHU WKH
GLUHFWLYH DOVR DOORZV HDFK PHPEHU VWDWH WR VHW D KLJKHU
IUHTXHQF\ RI WHVWV PDNH WKH WHVWLQJ RI RSWLRQDO HTXLSPHQW
FRPSXOVRU\ H[SDQG WHVW UHTXLUHPHQWV WR RWKHU FODVVHV RI
YHKLFOHV DQG SUHVFULEH DGGLWLRQDO RU PRUH VWULQJHQW WHVWV
(XURSHKDVEHWWHUURDGLQIUDVWUXFWXUHWUDIILFPDQDJHPHQWDQG
GXVWFRQWUROWRUHGXFHDLUSROOXWLRQ>@
,W LV VXJJHVWHG WKDW ,QGLD VKRXOG LPSOHPHQW WKH IROORZLQJ
SROLF\PHDVXUHVWRFRQWUROWKHDLUSROOXWLRQ

)LJXUH&RPPHUFLDO9HKLFOH7HFKQRORJ\,PSURYHPHQW

)XHO4XDOLW\,PSURYHPHQWV
$ORQJZLWKWLJKWHQLQJHPLVVLRQQRUPVIXHOTXDOLW\KDVEHHQ
LPSURYHG LQ OLQH ZLWK (XURSHDQ IXHO TXDOLW\ VSHFLILFDWLRQV
0DMRUFKDQJHVLQIXHOTXDOLW\ZHUHGRQHGXULQJFKDQJHRYHU
IURP%6,,,WR%6,9OHYHOUHIHU7DEOHV 
,QJDVROLQH5HVHDUFK2FWDQH1XPEHU521ZHUHLQFUHDVHG
WR  QRUPDO JDVROLQH DQG  SUHPLXP JDVROLQH VXOIXU
OHYHO ZDV UHGXFHG WR  PJNJ DQG XQOHDGHG JDVROLQH ZDV
LQWURGXFHG
,Q 'LHVHO &HWDQH QXPEHU ZDV LQFUHDVHG IURP  WR  DQG
VXOIXUOHYHOUHGXFHGWRPJNJ>@>@
7DEOH*DVROLQH)XHO4XDOLW\,PSURYHPHQW

 ,QVSHFWLRQ DQG 0DLQWHQDQFH , 0 SURJUDPV ZLWK VWURQJ

HQIRUFHPHQW FHQWUDOL]HG WHVWLQJ SXEOLF DZDUHQHVV
DSSURSULDWHWHVWSURFHGXUHV VWDQGDUGV
, 0DXGLWVWRLPSURYHDLUTXDOLW\
 &XUE IXHO DGXOWHUDWLRQ LQ WKH PDUNHW ZKLFK LV DOVR D PDMRU
FKDOOHQJHLQ,QGLD
 ,QWURGXFH SROLFLHV RQ IOHHW PRGHUQL]DWLRQ DQG DFFHOHUDWHG
YHKLFOHUHWLUHPHQWSURJUDPVWRUHPRYHWKHROGYHKLFOHVIURP
WKH URDG DQG WR LQWURGXFH PRGHUQ OHVV SROOXWLQJ  VDIHU
YHKLFOHVRQURDG

&21&/86,216
,QWKLVSDSHUSURJUHVVRI,QGLDQYHKLFXODUHPLVVLRQVDQG2Q
%RDUG 'LDJQRVWLF 2%' OHJLVODWLRQV ZHUH H[SODLQHG WKH
WHFKQRORJ\ DGYDQFHPHQWV LQ HQJLQH  HPLVVLRQ FRQWURO
GHYLFHVZHUHH[SORUHG%DVHGRQWKHIDFWVJLYHQLQWKLVSDSHU
LW FDQ EH FRQFOXGHG WKDW ,QGLDQ HPLVVLRQ QRUPV KDYH
SURJUHVVHGIDVWHUWKDQ(XURSHLQODVWWHQ\HDUV7LJKWHQLQJRI
(PLVVLRQ VWDQGDUGV KDYH UHVXOWHG LQ PDQ\ DGYDQFHPHQWV LQ
HQJLQH WHFKQRORJLHV IXHO TXDOLW\ LPSURYHPHQWV HPLVVLRQ
FRQWURO GHYLFHV DQG RQERDUG GLDJQRVWLF WHFKQRORJLHV WR
PRQLWRU HPLVVLRQ UHODWHG SDUDPHWHUV ,QGLDQ $XWRPRELOH
,QGXVWU\ KDV WDNHQ DOO WKHVH FKDOOHQJHV SRVLWLYHO\ DQG
SURJUHVVHGUDSLGO\7KLVSDSHUDOVRVXJJHVWHGLPSOHPHQWDWLRQ
RI SROLFLHV OLNH , 0 FXUE IXHO DGXOWHUDWLRQ DQG IOHHW
PRGHUQL]DWLRQ

5()(5(1&(6
%RVFK$XWRPRWLYH+DQGERRN
:RUOGZLGH(PLVVLRQV6WDQGDUGV+HDY\'XW\DQG2II
+LJKZD\9HKLFOHV'HOSKL
$IWHU7UHDWPHQWV\VWHP'HVLJQIRU%69&RPSOLDQFH
(PLVVLRQ&RQWURO0DQXIDFWXUHUV$VVRFLDWLRQ
$GYDQFH(QJLQH7HFKQRORJ\+HLVOHU+HLQ]
&HQWUDO0RWRU9HKLFOHV5XOHV3XEOLVKHGE\0LQLVWU\RI
5RDG7UDQVSRUW +LJKZD\V0R57+*RYHUQPHQWRI
,QGLD
3ROOXWLRQ&RQWURO$FWV5XOHVDQG1RWLILFDWLRQV,VVXHG
7KHUHXQGHU&HQWUDO3ROOXWLRQ&RQWURO%RDUG0R()
*RYHUQPHQWRI,QGLD
*RYHUQPHQW*D]HWWHVQRWLILFDWLRQ3XEOLVKHGE\0R57+
*RYHUQPHQWRI,QGLD
,QGLDQ6WDQGDUG,60RWRU*DVROLQH6SHFLILFDWLRQ
%XUHDXRI,QGLDQ6WDQGDUGV
,QGLDQ6WDQGDUG,6$XWRPRWLYH'LHVHO)XHO
6SHFLILFDWLRQ%XUHDXRI,QGLDQ6WDQGDUGV
6,$0ZHEVLWHKWWSZZZVLDPLQGLDFRP
'LHVHO1HWZHEVLWHKWWSZZZGLHVHOQHWFRP
9HKLFOH,QVSHFWLRQDQG0DLQWHQDQFH3URJUDPV
,QWHUQDWLRQDO([SHULHQFHDQG%HVW3UDFWLFHV%XUHDXIRU
(FRQRPLF*URZWK$JULFXOWXUHDQG7UDGH86$JHQF\IRU
,QWHUQDWLRQDO'HYHORSPHQW:DVKLQJWRQ

&217$&7,1)250$7,21
0U$UXQ6
+HDG5HJXODWLRQV3URGXFW'HYHORSPHQW
$VKRN/H\ODQG/WG7HFKQLFDO&HQWUH
9HOOLYR\DOFKDYDGL0DQDOL1HZ7RZQ
&KHQQDL
$UXQ6LYDVXEUDKPDQL\DQ#DVKRNOH\ODQGFRP

7KH(QJLQHHULQJ0HHWLQJV%RDUGKDVDSSURYHGWKLVSDSHUIRUSXEOLFDWLRQ,WKDV
VXFFHVVIXOO\FRPSOHWHG6$(
VSHHUUHYLHZSURFHVVXQGHUWKHVXSHUYLVLRQRIWKHVHVVLRQ
RUJDQL]HU7KLVSURFHVVUHTXLUHVDPLQLPXPRIWKUHHUHYLHZVE\LQGXVWU\H[SHUWV
$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGVWRUHGLQD
UHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDO
SKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI6$(
,661

3RVLWLRQVDQGRSLQLRQVDGYDQFHGLQWKLVSDSHUDUHWKRVHRIWKHDXWKRUVDQGQRW
QHFHVVDULO\WKRVHRI6$(7KHDXWKRULVVROHO\UHVSRQVLEOHIRUWKHFRQWHQWRIWKHSDSHU
6$(&XVWRPHU6HUYLFH
7HOLQVLGH86$DQG&DQDGD
7HORXWVLGH86$
)D[
(PDLO&XVWRPHU6HUYLFH#VDHRUJ
6$(:HE$GGUHVVKWWSZZZVDHRUJ
3ULQWHGLQ86$