Professional Documents
Culture Documents
Cultura Costisa Contextul Epocii Bronzului Romania 2001 PDF
Cultura Costisa Contextul Epocii Bronzului Romania 2001 PDF
ro
&8/785$&267,ù$Ì1&217(;78/(32&,,%521=8/8,
',1520Æ1,$
7+(&267,ù$&8/785(:,7+,17+(520$1,$1%521=(
$*(&8/785$/&217(;7
&$7$/2*'((;32=,ğ,(
www.cimec.ro / www.mncr.ro
/XFUDUHILQDQĠDWăGH
0,1,67(58/&8/785,,ù,&8/7(/25
úL
&216,/,8/-8'(ğ($11($0ğ
www.cimec.ro / www.mncr.ro
&RPSOH[XO0X]HDO-XGHĠHDQ 0X]HXO&DUSDĠLORU5ăVăULWHQL
1HDPĠ 6IkQWX*KHRUJKH
%7.674#
%156+Ĩ#
Ì1&217(;78/(32&,,%521=8/8,',1520Æ1,$
&RRUGRQDWRUL
9$/(5,8&$958&ù,*+(25*+('80,752$,$
www.cimec.ro / www.mncr.ro
0X]HXOGH,VWRULH3LDWUD1HDPĠ
(GLWRU
*KHRUJKH'XPLWURDLD
)LúHRELHFWH
'DQ%X]HD(OHQD5R[DQD0XQWHDQX
7HKQRUHGDFWDUH
9DOHULX&DYUXF(OHQD5R[DQD0XQWHDQX
'RULQ1LFROD*LO&ROREDQHD
7UDGXFHULvQOLPEDHQJOH]ă
0LKDHOD*DERU
(OHQD5R[DQD0XQWHDQX'RULQ1LFROD
9DOHULX&DYUXF1HFXODL%RORKDQ
)RWRJUDILL
9DOHULX&DYUXF
3URFHVDUHLPDJLQL
9DOHULX&DYUXF*LO&ROREDQHD0DULXV'ăQLOă
+DUWă
&RQVWDQWLQ3UHRWHDVD
'HVFULHUHD&,3D%LEOLRWHFLL1DĠLRQDOHD5RPkQLHL
&XOWXUD&RVWLúDvQFRQWH[WXOHSRFLLEURQ]XOXLGLQ5RPkQLDFRRUG9DOHULX
&DYUXF*KHRUJKH'XPLWURDLD
3LDWUD1HDPĠ(GLWXUDÄ&RQVWDQWLQ0DWDVă´
SFP±
%LEOLRJU
,6%1
,&DYUXF9DOHULXFRRUG
,,'XPLWURDLD*KHRUJKHFRRUG
&RPSOH[XO0X]HDO-XGHĠHDQ1HDPĠ
VWU0LKDL(PLQHVFXQU3LDWUD1HDPĠMXG1HDPĠ
0X]HXO&DUSDĠLORU5ăVăULWHQL
3LDĠD/LEHUWăĠLLQU6IkQWX*KHRUJKHMXG&RYDVQD
(GLWXUDÄ&RQVWDQWLQ0DWDVă´
,6%1
www.cimec.ro / www.mncr.ro
&835,16
&89Æ17Ì1$,17(9&DYUXF*K'XPLWURDLD
3(5,2$'$0,-/2&,($(32&,,%521=8/8,/$(67ù,9(67'(&$53$ğ,,
5Ă6Ă5,7(1,$O9XOSH
&216,'(5$ğ,, $6835$ &8/785,, &267,ù$.20$529 '( 3(
7(5,725,8/02/'29(,*K'XPLWURDLD
,VWRULFXOGHVFRSHULULORU $ULD GHUăVSkQGLUHS$úH]ăULOHS
/RFXLQĠHúLYHWUHS0RUPLQWHS&HUDPLFDS7RSRDUH
GHDUDPăúLEURQ]$OWHRELHFWHGHLQYHQWDU/HJăWXULGDWDUHS
$úH]ăULQHFURSROHúLPDWHULDOHDUKHRORJLFH
6DW%RUOHúWLFRP%RUOHúWLMXG1HDPĠ*K'XPLWURDLD
6DW&RUOăWHQLFRP&RUOăWHQLMXG%RWRúDQL(50XQWHDQX
6DW&RVWLúDFRP&RVWLúDMXG1HDPĠ$3RSHVFX
6DW&RWkUJDFLFRP5RPDMXG%RWRúDQL(50XQWHDQX
6DW&UDVQDOHXFDFRP&RĠXúFDMXG%RWRúDQL(50XQWHDQX
6DW/XQFDFRP9kQăWRUL1HDPĠMXG1HDPĠ*K'XPLWURDLD
D 6SHFLILFXOGHSXQHULORUGLQVWDĠLXQHD3RLDQD6ODWLQHL
E 6WUDWLJUDILDGHSXQHULLGLQHSRFDEURQ]XOXL
6DW0LKRYHQLFRPùFKHLDMXG6XFHDYD93%DWDULXF
6DW3RGXULFRP3RGXULMXG%DFăX*K'XPLWURDLD
6DW3UăMHQLFRP3UăMHQLMXG%RWRúDQL*K'XPLWURDLD
6DW6LOLúWHDFRP5RPkQLMXG1HDPĠ1%RORKDQ(50XQWHDQX
6DW9ăOHQLFRP%RWHúWLMXG1HDPĠ(50XQWHDQX
$OWHGHVFRSHULUL(50XQWHDQX
/(*Ă785, Ì175( 02/'29$ ù, 6( 75$16,/9$1,(, Ì1 %521=8/
0,-/2&,89&DYUXF
6LWXULúLPDWHULDOHDUKHRORJLFH
6DW3ăXOHQLFRP3ăXOHQLMXG+DUJKLWD9&DYUXF
6DW=ROWDQFRP*KLGIDOăXMXG&RYDVQD9&DYUXF
0XQLFLSLXO%UDúRYMXG%UDúRY9&DYUXF
&XOWXUD&RVWLúDLQFRQWH[WXOHSRFLLEURQ]XOXLGLQ5RPkQLD(QJOLVKYHUVLRQ
$EUHYLHUL
,OXVWUDĠLD
www.cimec.ro / www.mncr.ro
(1*/,6+9(56,21&217(176
)25(:25'9&DYUXF*K'XPLWURDLD
0,''/( %521=( $*( 3(5,2' ($67 $1' :(67 2) ($67(51
&$53$7+,$16$O9XOSH
&216,'(5$7,216 29(5 &267,ù$.20$529 &8/785( ,1 02/'$9,$
*K'XPLWURDLD
7KH GHYHORSHPHQW RI UHVHDUFKHV 7HUULWRU\ S 6HWWOHPHQWV S
+RXVHV DQG RYHQV 7RPEV S 3RWWHU\ S &RSSHU DQG EURQ]H
D[HV2WKHULQYHQWRU\REMHFWV&XOWXUDOUHODWLRQVGDWLQJS
6HWWOHPHQWVQHFURSROLVDQGDUFKDHRORJLFDOPDWHULDOV
%RUOHúWLYLOODJH%RUOHúWLFRPPXQH1HDPĠFRXQW\*K'XPLWURDLD
&RUOăWHQLYLOODJH&RUOăWHQLFRPPXQH%RWRúDQLFRXQW\(50XQWHDQX
&RVWLúDYLOODJH&RVWLúDFRPPXQH1HDPĠFRXQW\$3RSHVFX
&RWkUJDFLYLOODJH5RPDFRPPXQH%RWRúDQLFRXQW\(50XQWHDQX
&UDVQDOHXFDYLOODJH&RĠXúFDFRPPXQH%RWRúDQLFRXQW\(50XQWHDQX
/XQFDYLOODJH9kQăWRUL1HDPĠFRPPXQH1HDPĠFRXQW\*K'XPLWURDLD
D7KHIHDWXUHVRIWKH3RLDQD6ODWLQHLOD\HUV
E7KHVWUDWLJUDSK\RIWKH%URQ]H$JHOD\HUV
0LKRYHQLYLOODJHùFKHLDFRPPXQH6XFHDYDFRXQW\93%DWDULXF
3RGXULYLOODJH3RGXULFRPPXQH%DFăXFRXQW\*K'XPLWURDLD
3UăMHQLYLOODJH3UăMHQLFRPPXQH%RWRúDQLFRXQW\*K'XPLWURDLD
6LOLúWHDYLOODJH5RPkQLFRPPXQH1HDPĠFRXQW\1%RORKDQ(50XQWHDQX
9ăOHQLYLOODJH%RWHúWLFRPPXQH1HDPĠFRXQW\(50XQWHDQX
2WKHUILQGLQJV(50XQWHDQX
02/'$9,$ $1' 6287+($67(51 75$16</9$1,$ 5(/$7,216 ,1 7+(
0,''/(%521=($*(9&DYUXF
6LWHVDQGDUFKDHRORJLFDOPDWHULDOV
3ăXOHQLYLOODJH3ăXOHQLFRPPXQH+DUJKLWDFRXQW\9&DYUXF
=ROWDQYLOODJH*KLGIDOăXFRPPXQH&RYDVQDFRXQW\9&DYUXF
7KH0XQLFLSDOLW\RI%UDúRY%UDúRYFRXQW\9&DYUXF
$EEUHYLDWLRQV
,OOXVWUDWLRQ
www.cimec.ro / www.mncr.ro
&89Æ17Ì1$,17(
3HULRDGD PLMORFLH D HSRFLL EURQ]XOXL FDUH FRUHVSXQGH FX DSUR[LPDĠLH SULPHL
MXPăWăĠL D PLOHQLXOXL ,, v +U HVWH UHFXQRVFXWă SULQ PRGLILFăULOH PDMRUH SH FDUH OH
DGXFH vQ SHLVDMXO HWQRFXOWXUDO DO (XURSHL FHQWUDOH úL GH VXGHVW 3H GH R SDUWH vQ
VSHFLDO vQ WHULWRULLOH VLWXDWH OD YHVW GH 3UXW VH LQWHQVLILFă FULVWDOL]DUHD XQRU HQWLWăĠL
HWQRFXOWXUDOH GH VLQH VWăWăWRDUH SURFHV IDYRUL]DW vQ SULQFLSDO GH DFFHQWXDUHD
VHGHQWDUL]ăULLFRPXQLWăĠLORUúLGHXQDQXPLWSURJUHVWHKQLFúLHFRQRPLFLDUSHGHDOWă
SDUWH FRPSOH[LWDWHD GLQ FH vQ FH PDL FUHVFkQGă D YLHĠLL HFRQRPLFH úL VRFLDOH
IDYRUL]HD]ă LQWHQVLILFDUHD UHODĠLLORU GLQWUH FRPXQLWăĠLOH XPDQH 3H OkQJă DFHDVWD
WUHEXLH DUăWDW Fă DSDULĠLD OD H[WUHPLWăĠLOH (XURSHL GH VXGHVW úL GH HVW vQ DFHDVWă
SHULRDGă D XQRU SROL GH FLYLOL]DĠLL DYDQVDWH GLQWUH FDUH FHOH PDL VWUăOXFLWH HUDX FHD
PLFHQLDQăvQVXGXO%DOFDQLORUúL6LQWDúWDvQ]RQD8UDOLORUDDYXWRLQIOXHQĠăvVHPQDWă
DVXSUDFXOWXULORUGLQYHFLQăWDWHDPXQĠLORU&DUSDĠL
ÌQXOWLPXOGHFHQLXHSRFDEURQ]XOXLGHSHWHULWRULXO5RPkQLHLúLGLQĠăULOHvQYHFLQDWH
D FRQVWLWXLW VXELHFWXO FkWRUYD DFĠLXQL FXOWXUDOúWLLQĠLILFH LPSRUWDQWH GLQWUH FDUH DPLQWLP
H[SR]LĠLLOH úL FRORFYLLOH GH OD &ăOăUDúL &RPSOH[XO FXOWXUDO 1RXD6DEDWLQRYND
&RVORJHQL%XFXUHúWL&RPRULDOHHSRFLLEURQ]XOXLGLQ5RPkQLD$OED,XOLD
3HULRDGDWLPSXULHúLPLMORFLHDHSRFLLEURQ]XOXLvQED]LQXOFDUSDWLF%DLD0DUH
6SDĠLXOQRUGFDUSDWLFvQEURQ]XOWkU]LXúDvQVRĠLWHGHFDWDORDJHVDXYROXPHGHVWXGLLúL
FHUFHWăUL 8Q PRPHQW FX WRWXO H[FHSĠLRQDO D IRVW RUJDQL]DUHD PDULL H[SR]LĠLL *RGV DQG
+HURHVRIWKH%URQ]H$JH(XURSHDWWKHWLPHRI8O\VVHVFXFRODERUDUHDDSHVWHGRXă]HFL
GH ĠăUL HXURSHQH ILQDQĠDWă GH FăWUH &RQVLOLXO (XURSHL úL LWLQHUDWă OD &RSHQKDJD %RQQ
3DULV úL$WHQDvQSHULRDGD GHFHPEULHPDLvQFDUHVDXUHJăVLWDSURDSHWRDWH
FXOWXULOHHSRFLLEURQ]XOXLFXSULQVHvQWUH&DUSDĠLúL$WODQWLF
&X WRDWH DFHVWHD GLQ SăFDWH D UăPDV vQ FRQXO GH XPEUă XQD GLQWUH FHOH PDL
LQWHUHVDQWH PDQLIHVWăUL DOH EURQ]XOXL FODVLFFRPSOH[XO FXOWXUDO &RVWLúD.RPDURY
%LDá\3RWRN5ăVSkQGLWă SHWHULWRULXOĠăULORUULYHUDQH &DUSDĠLORU5ăVăULWHQL5RPkQLD
8FUDLQD úL 5HSXEOLFD 0ROGRYD FX OHJăWXUL VWUkQVH úL UHPLQLVFHQĠH VXEVWDQĠLDOH SH
WHULWRULXO3RORQLHLúL6ORYDFLHLDFHDVWăHQWLWDWHGHúLVDEXFXUDWGHXQUHDOLQWHUHVúLGH
HIRUWXULVXVĠLQXWHDOHDUKHRORJLORUQXHVWHvQFăGHILQLWăFRUHVSXQ]ăWRUvQOLWHUDWXUDGH
VSHFLDOLWDWHúLUăPkQHDSURDSHQHFXQRVFXWăDWkWVSHFLDOLúWLORUFkWúLPDUHOXLSXEOLFÌQ
DFHVWVHQVSDUHUHOHYDQWIDSWXOFăvQYROXPXO7KH7U]FLQLHFDUHDRIWKH(DUO\%URQ]H
$JH&LYLOLVDWLRQ%&DSăUXWvQDQXOOD3R]QDQvQSUHVWLJLRDVDVHULH
%DOWLF3RQWLF6WXGLHVvQQLFLXQVWXGLXQXVHIDFHUHIHULUHODGHVFRSHULULGHSHWHULWRULXO
5RPkQLHL úL 5 0ROGRYD LDU vQ QRWHOH ELEOLRJUDILFH OLSVHVF FX GHVăYkUúLUH WLWOXULOH
UHIHULWRDUHODEURQ]XOPLMORFLXGLQDFHVWHVSDĠLL
www.cimec.ro / www.mncr.ro
&DX]HOHDFHVWHLVWăULGHOXFUXULVXQWIăUăGLVFXĠLHVWDGLXOSUHFDUDOFHUFHWăULORU
VLVWHPDWLFHYDORULILFDUHDDFHVWRUDFkWúLOLSVDXQHLFRRSHUăULGLQWUHVSHFLDOLúWL
'LQDFHVWPRWLYFRQVLGHUăPFăLQLĠLDWLYDRUJDQL]ăULLXQXLFRORFYLXLQWHUQDĠLRQDO
FX WHPD &DUSDĠLL 5ăVăULWHQL vQ HSRFD EURQ]XOXL &RPSOH[XO FXOWXUDO &RVWLúD
.RPDURY%LDá\ 3RWRN SUHFXP úL D XQHL H[SR]LĠLL LQWLWXODWH &XOWXUD &RVWLúD vQ
FRQWH[WXO HSRFLL EURQ]XOXL GLQ 5RPkQLD UHSUH]LQWă XQ SDV LPSRUWDQW vQ GLUHFĠLD
VWDELOLULLXQHLFRODERUăULIUXFWXRDVHvQWUHVSHFLDOLúWLLGLQĠăULOHDPLQWLWHFXVSHUDQĠDFă
GHPHUVXOQRVWUXYDILXUPDWDWkWGHDFĠLXQLVLPLODUHvQDOWHFHQWUHFkWúLGHUHODQVDUHD
FHUFHWăULORUSULYLQGEURQ]XOPLMORFLXvQ&DUSDĠLL2ULHQWDOL
&RQĠLQkQG FYDVLWRWDOLWDWHD PDWHULDOHORU DUKHRORJLFH GHVFRSHULWH DFXP SDWUX
GHFHQLLvQVWDĠLXQHDHSRQLPăFkWúLYHVWLJLLOHLHúLWHODOXPLQăvQXOWLPLLFLQFLVSUH]HFH
DQLvQVLWXULOHGHOD/XQFDúL6LOLúWHDMXG1HDPĠ3RGXULMXG%DFăX3ăXOHQLMXG
+DUJKLWDVDXRVHULHGHGHVFRSHULULvQWkPSOăWRDUHH[SR]LĠLDWHPSRUDUăYDFRQVWLWXLvQ
SULPXO UkQG SHQWUX VSHFLDOLúWL XQ EXQ SULOHM GH FXQRDúWHUH GLUHFWă úL FRPSDUDUH D
GLIHULWHORUWLSXULGHPDWHULDOHFDUHVXQWSUH]HQWDWHLDWăSHQWUXSULPDGDWăvPSUHXQă
/D UHDOL]DUHD DFHVWXL SURLHFW úLDX GDW FRQFXUVXO SH OkQJă LQVWLWXĠLLOH RUJDQL]DWRDUH
PX]HHOH GLQ %DFăX %UDúRY %RWRúDQL 5RPDQ úL 6XFHDYD FDUH DX UăVSXQV FX
VROLFLWXGLQHLQYLWDĠLHLQRDVWUHGHFRODERUDUH
ÌQVRĠLWH GH XQ VXEVWDQĠLDO FDWDORJ FH FRQĠLQH FRQVLGHUDĠLL JHQHUDOH DVXSUD
SHULRDGHLPLMORFLLDHSRFLLEURQ]XOXLILúHGHVWDĠLXQLúLRELHFWHSODQúHFXLPDJLQLDOH
XQRU VLWXUL úL D FHOHL PDL PDUL SăUĠL D H[SRQDWHORU ELEOLRJUDILH FDUH SRDWH IL XQ XWLO
LQVWUXPHQWGHOXFUXSHQWUXFROHJLLLQWHUHVDĠLúLXQJKLGSHQWUXSXEOLFXOLQLĠLDWH[SR]LĠLD
úLFRORFYLXOLQWHUQDĠLRQDORUJDQL]DWHGH&RPSOH[XO0X]HDO-XGHĠHDQ1HDPĠúL0X]HXO
&DUSDĠLORU5ăVăULWHQLGLQ6IkQWX*KHRUJKHQXDUILIRVWSRVLELOHIăUăVSULMLQXOJHQHURV
DOXQRUSHUVRDQHúLDODOWRULQVWLWXĠLLFăURUDOHDGUHVăPVLQFHUHPXOĠXPLUL
ÌQWkLGH WRDWHĠLQHP Vă DGXFHPXQUHVSHFWXRVRPDJLXGRPQXOXLSURI XQLY GU
$O 9XOSH PHPEUX FRUHVSRQGHQW DO $FDGHPLHL 5RPkQH GLUHFWRUXO ,QVWLWXWXOXL GH
$UKHRORJLHÄ9DVLOH3kUYDQ´GLQ%XFXUHúWLFDUHDGHVFRSHULWúLGHILQLWFXOWXUD&RVWLúD
)ăUăDFRUGXOVăXSUH]HQWDUHDSLHVHORULQHGLWHvQH[SR]LĠLHúLvQFDWDORJXODFHVWHLDQXDU
IL IRVWSRVLELOăğLQkQGFRQWGHUHODĠLLOHVSHFLDOHSH FDUHGRPQXO$O 9XOSHOHDUHFX
PX]HXO GLQ 3LDWUD1HDPĠ GH PDL ELQH GH SDWUX GHFHQLL GH LQWHUHVXO SH FDUH vO
PDQLIHVWă IDĠă GH LQVWLWXĠLD PX]HDOă FUHDWă GH &RQVWDQWLQ 0DWDVă LQLĠLDWRUXO úL
VSULMQLWRUXO FHUFHWăULORU GH OD &RVWLúD GRULP VăL WUDQVPLWHP FX DFHVW SULOHM PXOWă
VăQăWDWHúLXQFăOGXURVÄ/DPXOĠLDQL´ODDQLYHUVDUHDDúDSWHGHFHQLLGHYLDĠă
$FHOHDúLPXOĠXPLULFăOGXURDVHDGUHVăPúLGRPQXOXLSURIXQLYGU3HWUH,5RPDQ
GLUHFWRUXO ,QVWLWXWXOXL 5RPkQ GH 7UDFRORJLH GLQ %XFXUHúWL FDUH vQ XOWLPLL ]HFH DQL úLD
vQGUHSWDW SHUPDQHQW DWHQĠLD úL VSULMLQXO FăWUH FHUFHWăULOH HIHFWXDWH GH FHOH GRXă LQVWLWXĠLL
RUJDQL]DWRDUHvQGLUHFĠLDFXQRDúWHULLHSRFLLEURQ]XOXL3HQWUXFRODERUDUHDVDGH]LQWHUHVDWă
úLVSLULWXOFROHJLDOPDQLIHVWDWHvODVLJXUăPGHvQWUHDJDQRDVWUăVWLPăúLJUDWLWXGLQH
(YLGHQWRUJDQL]DUHDPDQLIHVWăULORUVXVDPLQWLWHúLWLSăULUHDFDWDORJXOXLQXDUIL
IRVWSRVLELOHIăUăVSULMLQXOGHVSHFLDOLWDWHDOFROHJLORUQRPLQDOL]DĠLvQSDJLQDDDFHVWXL
YROXP úL FHO ILQDQFLDU DO 0LQLVWHUXOXL &XOWXULL úL &XOWHORU úL DO &RQVLOLXOXL -XGHĠHDQ
1HDPĠFăWUHFDUHVHvQGUHDSWăUHFXQRúWLQĠDQRDVWUă
9DOHULX&DYUXF*KHRUJKH'XPLWURDLD
www.cimec.ro / www.mncr.ro
3(5,2$'$0,-/2&,($(32&,,%521=8/8,
/$(67ù,9(67'(&$53$ğ,,5Ă6Ă5,7(1,
'LQ FHOH PDL YHFKL WLPSXUL úL SkQă vQ ]LOHOH QRDVWUH &DUSDĠLL 5ăVăULWHQL QDX
UHSUH]HQWDWXQREVWDFROvQFDOHDUHODĠLLLORUGLQWUHFRPXQLWăĠLOHRPHQHúWL
&XOPLOHGRPRDOHQXPHURDVHOHSDVXULXúRUGHWUHFXWDXIDYRUL]DWGLQWRWGHDXQD
VWUkQVH OHJăWXUL úL SHUPDQHQWH FRQWDFWH GLQWUH FHL FH ORFXLDX SH SRYkUQLúXULOH úL
GHDOXULOHDPELORUYHUVDQĠL$FHDVWăVLWXDĠLHSHFDUHQLPHQLQXRSXQHODvQGRLDOăHVWH
ELQHGRFXPHQWDWăvQFăGLQSHULRDGHOHSUHLVWRULFHSULQGHVFRSHULULOHDUKHRORJLFHDVWă]L
VXEVWDQĠLDOQXPHURDVHUH]XOWDWDOFHUFHWăULORUVLVWHPDWLFHGLQXOWLPDMXPăWDWHGHYHDF
(VWH GH DMXQV Vă DPLQWLP UăVSkQGLUHD FRPSOH[XOXL $ULXúG&XFXWHQL7ULSROLH FH
FXSULQGHD vQWUHDJD ]RQă D GHSUHVLXQLORU LQWUDPRQWDQH HVWWUDQVLOYăQHQH úL FDUH SULQ
IRUPHOHGHFXOWXUăFHUDPLFăXQHOWHWLSXULGHORFXLQĠăHWFFRQVWLWXLDRPDQLIHVWDUH
vQOLQLLPDULXQLWDUăFHFDUDFWHUL]DQHROLWLFXOFDUSDWRQLSURYLDQ
7HPDFDUHIDFHRELHFWXOH[SR]LĠLHLDUKHRORJLFHúLDOFDWDORJXOXLGHIDĠăLOXVWUHD]ă
úL SHQWUX SHULRDGD PLMORFLH D HSRFLL EURQ]XOXL FDUSDWRGXQăUHDQ DFHHDúL UHDOLWDWH ÌQ
VFXUWDLQWURGXFHUHGHIDĠăQHYRPPăUJLQLODSUH]HQWDUHDJUXSXULORUFXOWXUDOHGLQ]RQăúL
ODHYRFDUHDSULQFLSDOHORUSUREOHPHDOHVWDGLXOXLDFWXDODOFHUFHWăULL
3HULRDGD PLMORFLH D HSRFLL EURQ]XOXL VH FDUDFWHUL]HD]ă vQ VXGHVWXO (XURSHL vQ
JHQHUDOúLvQDULDFDUHQHLQWHUHVHD]ăvQVSHFLDOSULQUăVSkQGLUHDXQRUJUXSXULFXOWXUDOH
UHODWLYVWDELOHFXDULLJHRPRUIRORJLFHELQHFRQWXUDWHvQFDUHVHGH]YROWăPDQLIHVWăUL
VSHFLILFHFRQVLVWHQWGHILQLWH'HúLQXWRĠLDUKHRORJLLDXDMXQVODXQFRQVHQVvQFHHDFH
SULYHúWHFURQRORJLDDEVROXWăHVWHVLJXUFăSHULRDGDSHFDUHRSUH]HQWăPDLFLFXSULQGH
FHD PDL PDUH SDUWH D PLOHQLXOXL DO ,,OHD v +U 3RWULYLW FURQRORJLHL REĠLQXWH SULQ
PHWRGD WLSRORJLFFRPSDUDWLYă D FRQWDFWHORU GLQ DSURDSH vQ DSURDSH FX FLYLOL]DĠLLOH
LVWRULFHDOH2ULHQWXOXL$SURSLDWQHVLWXăPDSUR[LPDWLYvQWUHúLv+U
'DWăULOHFXDMXWRUXOUDGLRFDUERQXOXLGLQ]RQDGHIDĠăQXSRVHGăPvQFăGDWHILDELOHúL
DO GHQGRFURQRORJLHL DX ÄULGLFDW´ FX FkWHYD VHFROH DFHDVWă GDWDUH vQWUH DSUR[LPDWLY
úLv+U
&HD PDL ELQH FXQRVFXWă PDQLIHVWDUH DUKHRORJLFă DWHVWDWă vQ ]RQă HVWH FXOWXUD
0RQWHRUX D FăUHL SHULRGL]DUH VH vQWHPHLD]ă SH REVHUYDĠLLOH VWUDWLJUDILFH PLQXĠLRDVH
HIHFWXDWH GH ,RQ 1HVWRU vQ DúH]DUHD GH OD 6ăUDWD0RQWHRUX MXG %X]ăX $ULD GH
UăVSkQGLUHDDFHVWHLFXOWXULFXSULQGH]RQDGHGHDOXULD&DUSDĠLORUGH&XUEXUăúLDVXG
YHVWXOXL0ROGRYHLSkQăvQED]LQXO7URWXúXOXLÌQFXUVXOXQHLID]HPLMORFLLGHQXPLWă
SULQWHUPHQXOWHKQLF,&WLSXULOHFHUDPLFHFHFDUDFWHUL]HD]ăDFHDVWăFXOWXUăVHH[WLQG
www.cimec.ro / www.mncr.ro
úL vQ DULD ED]LQXOXL %LVWULĠHL DULH vQ FDUH VH GH]YROWă JUXSXO FXOWXUDO &RVWLúD
'HVFRSHULUL VSHFLILFH GLIHULWHORUID]H DOH FXOWXULL 0RQWHRUX DX IRVW DWHVWDWH úL vQ VXG
HVWXO7UDQVLOYDQLHLvQVSHFLDOvQMXGHĠHOH%UDúRYúL&RYDVQDÌQJHQHUDOHVWHYRUEDGH
PDWHULDOHFHUDPLFHDIODWHvQVLWXULDOHDOWRUPDQLIHVWăULFXOWXUDOH
ÌQ ]RQD GH GHDOXUL VXEFDUSDWLFH PDL DOHV FHOH DOH MXGHĠHORU 1HDPĠ úL %DFăX VH
GH]YROWăFXOWXUD&RVWLúDGHQXPLWăDVWIHOGXSăFHUDPLFDVSHFLILFăGHFRUDWăvQVSHFLDOFX
WULXQJKLXULVDXURPEXULKDúXUDWHGHVFRSHULWăvQFXUVXOVăSăWXULORUIăFXWHGH$OH[DQGUX
9XOSHúL0LKDL=DPRúWHDQXvQSH&HWăĠXLDGHOD&RVWLúDMXG1HDPĠ
6LWXULvQWUXWRWXODVHPăQăWRDUHFDPDQLIHVWDUHFXOWXUDOăFXFHDGHOD&RVWLúDVXQW
UHODWLY SXĠLQH úL PăUJLQLWH OD R ]RQă UHVWUkQVă vQ ED]LQXO PLMORFLX DO %LVWULĠHL YH]L
UHFHQW FHUFHWDWD DúH]DUH GH OD 6LOLúWHD MXG 1HDPĠ DIODWă OD GRDU NP GHSăUWDUH vQ
OLQLHGUHDSWăGH&RVWLúD3HGHDOWăSDUWHvQVăFHUDPLFăDOFăUHLVSHFLILFHVWHDSURSLDW
GHFHODOPDWHULDOHORUGHVFRSHULWHOD&RVWLúDDIRVWDWHVWDWăúLvQQRUGXO0ROGRYHLvQ
MXGHĠHOH6XFHDYD%RWRúDQLúL,DúLÌQGHSUHVLXQLOHLQWUDPRQWDQHHVWWUDQVLOYăQHQHVDX
LGHQWLILFDWVLWXULGLQFDUHGHDVHPHQHDVDFXOHVRFHUDPLFăIRDUWHDURSLDWăFDIRUPHúL
GHFRUGH FHDGHOD&RVWLúDDFHVWHGHVFRSHULULDXIRVWvQ PRGQHMXVWLILFDWFRQVLGHUDWH
PDL GH PXOW R FXOWXUă DSDUWH ± FXOWXUD &LRPRUWDQ GXSă DúH]DUHD GH OD &LRPRUWDQ
&VLNVRPRUWiQ3ăXOHQLMXG+DUJKLWD
$VSHFWXO&LRPRUWDQDOFXOWXULL&RVWLúDVDGH]YROWDWSUREDELOSHIRQGXOFXOWXUDO
DO EURQ]XOXL WLPSXULX GLQ GHSUHVLXQHD &LXFXOXL LOXVWUDW SULQ JUXSXO -LJRGLQ FX
FHUDPLFă GHFRUDWă FX VIRDUD úQXUXO GHVFRSHULWă PDL DOHV vQ XUPD VăSăWXULORU
HIHFWXDWHVXEFRQGXFHUHDOXL3HWUH5RPDQOD/HOLFHQLOkQJă0LHUFXUHD&LXF0DWHULDOH
VSHFLILFH DOH DFHVWXL GLQ XUPă JUXS FXOWXUDO DX IRVW DWHVWDWH VSRUDGLF úL vQ 0ROGRYD
PDLDOHVvQED]LQXO7URWXúXOXL7RWXúLIRQGXOFXOWXUDODQWHULRUFXOWXULL&RVWLúDFDUHDU
WUHEXLVăH[SOLFHIRUPDUHDDFHVWHLFXOWXULQXHVWHvQFăGHSOLQFXQRVFXW
&HUFHWăULOHvQWUHSULQVHúLUHFHQWYDORULILFDWHGH*KHRUJKH'XPLWURDLDOD/XQFD
FRP9kQăWRULMXG1HDPĠUHSUH]LQWăSkQăDFXPFHDPDLLPSRUWDQWăFRQWULEXĠLHGH
OD VăSăWXULOH GH OD &RVWLúD vQFRDFH OD HOXFLGDUHD SUREOHPHL IRQGXOXL FXOWXUDO FDUH D
SUHFHGDWFXOWXUD&RVWLúD$FRORvQSXQFWXO3RLDQD6ODWLQHLVDXFRQWXUDWvQPRGFODU
GRXăQLYHOXULSHFDUHDXWRUXOOHDDWULEXLWJUXSXOXLFXOWXUDOGHQXPLWSHGUHSWVDXSH
QHGUHSWUăPkQHGHYă]XW.RPDURY&RVWLúD)UDJPHQWHOHFHUDPLFHDIODWHvQQLYHOXO
LQIHULRU QX SUH]LQWă DQDORJLL FX FHUDPLFD FXOWXULL &RVWLúD 0DWHULDOH DVHPăQăWRDUH
GDUQXLGHQWLFHDXIRVWDWHVWDWHDELDvQQLYHOXOVXSHULRU
3RWULYLWLPSUHVLHLFHOXLFHVHPQHD]ăDFHVWHUkQGXULIRUPHOHúLGHFRUXOFHUDPLFLL
QLYHOXOXL LQIHULRU GH OD /XQFD VH UHJăVHVF vQ SDUWH úL SH YDVH GLQ QRUGXO %DVDUDELHL
JUXSXO (GLQHĠ GDU úL GLQ 7UDQVLOYDQLD JUXSXO ,HUQXW DPEHOH DSDUĠLQkQG IRQGXOXL
FXOWXUDO DO EURQ]XOXL WLPSXULX 6DU FRQWXUD DVWIHO R ODUJă DULH FXOWXUDOă DOH FăURU
PDQLIHVWăULDUSXWHDH[SOLFDJHQH]DFXOWXULL&RVWLúDúLDOHIDFLHVXULORUvQUXGLWHGLQDULD
&DUSDĠLORU5ăVăULWHQL
8OWLPD PDQLIHVWDUH DUKHRORJLFă DWHVWDWă vQ ]RQă HVWH FXOWXUD :LHWHQEHUJ
GHQXPLWă DVWIHO GXSă WRSRQLPXO JHUPDQ DO 'HDOXOXL 7XUFXOXL GLQ PDUJLQHD
6LJKLúRDUHL &HUDPLFD ERJDW GHFRUDWă GH WLS :LHWHQEHUJ HVWH UăVSkQGLWă vQ WRDWă
7UDQVLOYDQLDGDUSLHVHFXGHFRUVSHFLILFVHUHJăVHVFvQPDLWRDWHDúH]ăULOH]RQHORUGLQ
DSURSLHUH 6DX JăVLW IUDJPHQWH GHFRUDWH vQ PDQLHUă :LHWHQEHUJ OD &RVWLúD OD
www.cimec.ro / www.mncr.ro
%RJGăQHúWL úL 5ăFăFLXQL %DFăX HWF &HD PDL LPSRUWDQWă GHVFRSHULUH D IRVW IăFXWă
UHFHQW GH 9DOHULX &DYUXF FX SULOHMXO VăSăWXULORU GH SH FHWăĠXLD GH OD 3ăXOHQL
&LRPRUWDQXQGHVDREVHUYDWFXPRJURDSăVDXXQERUGHLFXFHUDPLFă:LHWHQEHUJ
D IRVW VăSDWă vQ SăPkQWXO YDOXOXL GH DSăUDUH DO ORFXLULL DSDUĠLQkQG FXOWXULL &RVWLúD
IDFLHVXO &LRPRUWDQ 6D FRQILUPDW DVWIHO UDSRUWXO FURQRORJLF SUHVXSXV PDL GH PXOW
vQWUHFHOHGRXăFXOWXUL
&HHDFHVDSUH]HQWDWPDLVXVVXEGHQXPLUHDGHFXOWXULDUKHRORJLFHFRQVWLWXLH
vQ SULQFLSDO JUXSXUL GH PDWHULDOH FHUDPLFH GHILQLWH vQ SULQFLSDO SULQ IRUPHOH úL
GHFRUXO YDVHORU ÌQ VSDWHOH DFHVWRU PDQLIHVWăUL VH DVFXQG vQVă FRPXQLWăĠL XPDQH FX
PRGXUL GH YLDĠă VSHFLILFH SRVLELO úL FKLDU SUREDELO GH HWQLL GLIHULWH $UKHRORJLD FX
PHWRGHOH GLQ ]LOHOH QRDVWUH QX HVWH vQ PăVXUă Vă UHFRQVWLWXLH GHFkW LSRWHWLF LVWRULD
DFHVWRUFRPXQLWăĠL(DSRDWHvQVăVăQHOăPXUHDVFăDVXSUDHFRQRPLHLDYLHĠLLVSLULWXDOH
úLDOHPLMORDFHORUGHVXE]LVWHQĠăDUHVSHFWLYHORUFRPXQLWăĠL
3HQWUX D UHFRQVWLWXL SH GHSOLQ PRGXO GH YLDĠă DO SXUWăWRULORU FXOWXULORU PDL VXV
SRPHQLWH DP DYHD QHYRLH GH GDWH PDL FRQVLVWHQWH GHVSUH RFXSDĠLLOH DFHVWRU RDPHQL
UHVSHFWLY GDWH DUKHRERWDQLFH DUKHR]RRORJLFH HWF 3H ED]D LQIRUPDĠLLORU H[LVWHQWH
SXWHPVăDGPLWHPFăXQUROvQVHPQDWvQ]RQăODMXFDWFUHúWHUHDDQLPDOHORUDJULFXOWXUD
VLWXkQGXVH SH ORFXO DO GRLOHD FHO SXĠLQ DFHDVWă VLWXDĠLH HVWH VXJHUDWă GH VLWXULOH
RFXSDWH SH SHULRDGH GH VFXUWă GXUDWă PDL DOHV vQ FXSULQVXO FXOWXULORU &RVWLúD úL
:LHWHQEHUJ $úH]ăUL FD FHOH GH OD 3ăXOHQL &LRPRUWDQ &RVWLúD SRDWH úL 6LOLúWHD DU
SXWHDUHSUH]HQWDFHQWUHDOHSXWHULLVRFLDOH(OHHUDXWRWRGDWăELQHIRUWLILFDWHúLVLWXDWH
vQ ORFXUL FH GRPLQDX UHJLXQHD vQFRQMXUăWRDUH 6LOLúWHD GRPLQD R ODUJă SRUĠLXQH GLQ
YDOHD6LUHWXOXLLDU&RVWLúDYDOHD%LVWULĠHL
'DFă PRGXO GH YLDĠă SDVWRUDO HUD vQWUDGHYăU SUHFXPSăQLWRU DWXQFL FRQWDFWHOH
vQWUH FRPXQLWăĠL VDU SXWHD H[SOLFD vQ PDUH PăVXUă SULQ SURFHVXO WUDQVKXPDQĠHL
VH]RQLHUH $úD DU SXWHD IL LQWHUSUHWDWH PDWHULDOHOH FHUDPLFH VSHFLILFH XQHL FXOWXUL
GHVFRSHULWH vQ FXSULQVXO FXOWXULORU YHFLQH YH]L PDWHULDOH :LHWHQEHUJ vQ FXOWXULOH
0RQWHRUXúL&RVWLúDYH]LGRXăFHúWLFX GHFRUWLSLF&RVWLúDGHVFRSHULWHvQFăGHPXOW
SH:LHWHQEHUJOD6LJKLúRDUDúLDPSXWHDFLWDvQFăPXOWHDVWIHOGHH[HPSOH
'RXă FD]XUL PHULWă R DWHQĠLH VSHFLDOă 6ODWLQD GH OD /XQFD FRPXQD9kQăWRUL
1HDPĠúL&HWăĠXLDGHOD&RVWLúDÌQSULPXOFD]VLWXDĠLDHVWHOLPSHGHVXUVDGHVDUHGLQ
3RLDQD6ODWLQHLH[SOLFăDJORPHUDUHDGHPDWHULDOFHUDPLFGLQQHROLWLFXOYHFKLSkQăvQ
HSRFDILHUXOXLúLFKLDUPDLWkU]LXLDUREVHUYDĠLLOHVWUDWLJUDILFHIăFXWHDLFLVXQWGHPDUH
DMXWRU SHQWUX FURQRORJLD UHODWLYă D GLIHULWHORU DVSHFWH FXOWXUDOH LGHQWLILFDWH 3HQWUX D
REĠLQH SUHĠLRDVD VDUH JUXSXULOH XPDQH VWDĠLRQDX XQ VFXUW UăVWLPS vQ DFHVW ORF SRDWH
FKLDUIRDUWHSUREDELOvQWLPSXOWUDQVKXPDQĠHLVH]RQLHUH
$O GRLOHD FD] D vQWkPSLQDW XQHOH GLILFXOWăĠL vQ LQWHUSUHWDUHD FXOWXUDOLVWRULFă
&HOH GRXă FXOWXUL UHSUH]HQWDWH SH &HWăĠXLD GH OD &RVWLúD VDX DIODW R YUHPH vQ UHODĠLL
UHFLSURFH 2EVHUYDĠLLOH VWUDWLJUDILFH IăFXWH FX PLQXĠLR]LWDWH DX RIHULW GRDU vQ FkWHYD
VLWXDĠLL IDYRUDELOH REVHUYDUHD XQHL VXSUDSXQHUL PDL DOHV vQ VHFWRUXO GH QRUGHVW DO
www.cimec.ro / www.mncr.ro
DúH]ăULLúLDXFRQILUPDWSUH]HQĠDSXUWăWRULORUFHUDPLFLL&RVWLúDDQWHULRUFHORUDLFXOWXULL
0RQWHRUX 7HOHVFRSDUHD VWUDWXULORUSDYDMHORU GLQ SLHWUH GH UkX FX GHSXQHUHD GH
FHUDPLFăGHWLS&RVWLúDQXDSHUPLVREĠLQHUHDXQRUSURILOHFODUH$FHVWOXFUXDSXWXWIL
GRYHGLWGRDUvQFHOHFkWHYDFD]XULXQGHVDXVXSUDSXVYHWUHOH'DFăUDSRUWXOFURQRORJLF
vQWUHFHOHGRXăFXOWXUL±0RQWHRUXúL&RVWLúDDIRVWOăPXULWVHSXQHvQWUHEDUHDIRVWD
&HWăĠXLD GH OD &RVWLúD FXFHULWă GH WULEXUL YHQLWH GLQVSUH VXG" 6HPQDWDUXO DFHVWRU
UkQGXUL FUHGH Fă vQ DFHVW FD] RDUHFXP VLQJXODU DFHDVWD DU IL FHD PDL SODX]LELOă
H[SOLFDĠLH3LHWUHURWXQGHXWLOL]DWHFDSURLHFWLOHGHSUDúWLHDIODWHSHIXQGXOúDQĠXOXLGH
DSăUDUHIDSWXOFăPDMRULWDWHDXUPHORUGHORFXLUHGHWLS&RVWLúDDXFă]XWSUDGăIRFXOXL
úL QX vQ XOWLPXO UkQG IDSWXO Fă FHL FH DX DGXV DLFL FHUDPLFD GH WLS 0RQWHRUX HUDX
DSUR[LPDWLYFRQWHPSRUDQLFXFHLDLFXOWXULL&RVWLúDVXQWDUJXPHQWHFăFHWDWHDDIRVW
RFXSDWăGHSXUWăWRULLFXOWXULL0RQWHRUXSULQYLROHQĠă2FRQYLHĠXLUHFKLDUúLSDUĠLDOăD
FHORU GRXă FRPXQLWăĠL R FRQVLGHUăP H[WUHP GH JUHX GH H[SOLFDW 6H FXYLQH WRWXúL
DWUDVăDWHQĠLDFăDFHVWFD]GHRFDPGDWăL]RODWGHLQWHUSUHWDUHvQVHQVFXOWXUDOLVWRULFQX
WUHEXLH vQĠHOHV FD H[SUHVLH D XQHL FRQIUXQWăUL vQWUH FHHD FH VDU SXWHD QXPL WULEXULOH
FXOWXULL0RQWHRUXFXFHOHDOHFXOWXULL&RVWLúD'HIDSWOD&RVWLúDQHDIOăPvQIDĠDXQHL
VLWXDĠLLVSHFLDOHRFRQIUXQWDUHvQWUHGRXăFRPXQLWăĠLRPHQHúWLGHVSUHFDUHQLFLPăFDU
QX SXWHP úWL GDFă HUDX GH HWQLL GLIHULWH VDX GH DFHHDúL HWQLH FKLDU GDFă SURGXVHOH
FHUDPLFLLORUQHvQIăĠLúHD]ăGRXăPDQLIHVWăULGLIHULWH
&HOH H[SXVH SkQă DLFL QH SUH]LQWă VXFFLQW XQ WDEORX vQ FDUH VXQW HYLGHQĠLDWH
PXOWLSOH WUăVăWXUL FRPXQH UHIOHFWkQG UHODĠLL UHFLSURFH vQWUH FRPXQLWăĠLOH DIODWH SH
DPELL YHUVDQĠL DL &DUSDĠLORU vQ XQHOH FD]XUL ± FD]XO FXOWXULL &RVWLúD FX IDFLHVXO
&LRPRUWDQ±FKLDUDXQHLXQLWăĠLFXOWXUDOH$FHDVWăWHQGLQĠăVSUHRXQLWDWHFXOWXUDOăYD
IL úL PDL UHSUH]HQWDWLY LOXVWUDWă vQ D GRXD MXPăWDWH D PLOHQLXOXL DO ,,OHD vQ SHULRDGD
WkU]LH D HSRFLL EURQ]XOXL vQ FD]XO FXOWXULL 1RXD DWHVWDWă vQWUXQ YDVW WHULWRULX GLQ
SăUĠLOH&OXMXOXLúLDOH'HYHLSkQăOD1LVWUX
$OH[DQGUX9XOSH
www.cimec.ro / www.mncr.ro
&216,'(5$ğ,,$6835$&8/785,,&267,ù$.20$529
'(3(7(5,725,8/02/'29(,
3HQWUXFXQRDúWHUHDFRPXQLWăĠLORUFDUHDXORFXLWSHSDUFXUVXOSHULRDGHLPLMORFLL
D HSRFLL EURQ]XOXL vQ 0ROGRYD FHQWUDOă úL GH QRUG XQ LPSRUWDQW URO vO DX vQGHRVHEL
PDWHULDOHOHDUKHRORJLFHDúH]ăULOHúLPRUPLQWHOHFXOWXULL&RVWLúD.RPDURY
ÌQWUXFkW FXOWXUD &RVWLúD D IRVW FRQVLGHUDWă vQFă GH OD GHVFRSHULUHD VD GUHSW
YDULDQWăORFDOăDFXOWXULL.RPDURYDúDGXSăFXPDIRVWFDWDORJDWăúLF%MDá\3RWRN
VDU LPSXQH SRDWH FRQVHPQDUHD FDUDFWHULVWLFLORU FRPSOH[XOXL &RVWLúD ± .RPDURY ±
%MDá\3RWRNIRUPDWGLQPRQXPHQWHRDUHFXPDVHPăQăWRDUHGHSHWHULWRULXO5RPkQLHL
GHHVWQRUGXO%DVDUDELHL8FUDLQHLGHYHVWúL3RORQLHLGHVXGHVW
,6YHãQLNRYDVWDELOLWSHED]HWLSRORJLFHFRQFUHWHFăDúD]LVDFXOWXUă.RPDURY
VD IRUPDW vQ 8FUDLQD GH YHVW 3RGROLD 9ROK\QLD úL ]RQD VXEFDUSDWLFă SH ED]D
YDULDQWHORUUHJLRQDOHDOHFXOWXULLFHUDPLFLLúQXUDWHGHPRQVWUDĠLDIăFXWăDYkQGODED]ă
DQDORJLLOH H[LVWHQWH vQWUH IRUPHOH GH YDVH úL VLVWHPHOH GH RUQDPHQWDUH $FHODúL
FHUFHWăWRU D vPSăUĠLW FXOWXUD .RPDURY vQ WUHL ID]H D ID]D WLPSXULH FDUH HVWH
UHSUH]HQWDWă SULQ IRUPH FHUDPLFH úL GHFRU DVHPăQăWRDUH FHUDPLFLL úQXUDWH SODVDWă OD
VIkUúLWXOEURQ]XOXLWLPSXULXúLvQFHSXWXOEURQ]XOXLPLMORFLXEID]DPLMORFLHFDUHHVWH
UHSUH]HQWDWăvQVSHFLDOSULQYDVHvQIRUPăGHODOHDFXSHYDVHERUFDQNDQWKDURLFHúWL
FX WULXQJKLXUL KDúXUDWH LQFOXVLY GH R VHULH GH YDVH FX LQIOXHQĠH :LHWHQEHUJ úL
0RQWHRUXFID]D WkU]LH FDUDFWHUL]DWăSULQ DSDULĠLDYDVHORUERUFDQFXEUkXVXEEX]ă
VLQFURQăFXOWXULL1RXD
$WkWGHVFRSHULULOH.RPDURYFkWúLFHOHGHIDFWXUă7U]þLQLHFFXFDUHDOFăWXLHVF
XQ FRPSOH[ FXOWXUDO PDL ODUJ VH FDUDFWHUL]H]ă SULQ HOHPHQWH FRPXQH OD QLYHOXO
GLYHUVHORUFDWHJRULLGHPDWHULDOHJăVLWHvQDúH]ăULúLPRUPLQWHFkWúLvQFHHDFHSULYHúWH
WLSRORJLDORFXLQĠHORU
&XWRDWHFăH[LVWăúLXQHOHRSLQLLFRQWUDUHSRWULYLWFăURUDFXOWXULOH.RPDURYúL
7U]þLQLHFVXQWGLIHULWHVDXSRWILvPSăUĠLWHvQPDLPXOWHJUXSHVDXYDULDQWHORFDOHHVWH
HYLGHQWFăvQLQWHUYDOXOGHWLPSPHQĠLRQDWvQ]RQDDSURSLDWăSăUĠLLGHQRUGHVWDĠăULL
QRDVWUH D H[LVWDW R FRPXQLWDWH FXOWXUDOLVWRULFă XQLWDUă GLQ FDUH DX IăFXW SDUWH úL
SXUWăWRULLFXOWXULL&RVWLúD
ğLQkQG FRQW GH RSLQLLOH H[SULPDWH vQ OHJăWXUă FX RULJLQHD HYROXĠLD úL UDSRUWXO
FXOWXUDOFURQRORJLFGLQWUHGHVFRSHULULOH&RVWLúD.RPDURYúL%MDá\3RWRNGHWLSRORJLD
PDWHULDOHORU JăVLWH vQ WHULWRULXO VWXGLDW VWDGLXO DFWXDO DO FHUFHWăULORU VLVWHPDWLFH úL DO
SXEOLFăULL VăSăWXULORU DQWHULRDUH DP FRQVLGHUDW QX GH PXOW Fă vQ PRPHQWXO GH IDĠă
IRORVLUHDGHQXPLULLGH.RPDURY±&RVWLúDVDX&RVWLúD±.RPDURYSHQWUXGHVFRSHULULOH
GHSHWHULWRULXO0ROGRYHLHVWHSRWULYLWăGHúLH[LVWăXQHOHGHRVHELULvQFHHDFHSULYHúWH
www.cimec.ro / www.mncr.ro
FHUDPLFD FDUH ELQHvQĠHOHV Fă HVWH GLIHULWă GH OD R DúH]DUH OD DOWD vQ IXQFĠLH GH
LQIOXHQĠHOHSULPLWHGLQSDUWHDFXOWXULORUGLQMXUúLGHYHFKLPHDDúH]ăULORU
,VWRULFXOGHVFRSHULULORU
0HULWXOHYLGHQĠLHULLúLSXQHULLvQYDORDUH DGHVFRSHULULORUGHIDFWXUă&RVWLúDGH
SHWHULWRULXO0ROGRYHLUHYLQHSURI$O9XOSHFDUHDvQWUHSULQVFHUFHWăULvQDQLL
úLvQVWDĠLXQHDGHYHQLWăHSRQLPăSHED]DFăURUDDIRVWSRVLELOăLQWURGXFHUHD
vQOLWHUDWXUDDUKHRORJLFăURPkQHDVFăDWHUPHQXOXLGHFXOWXUD&RVWLúD
3kQăvQDFHOPRPHQWSHWHULWRULXOHVWFDUSDWLFIXVHVHUăGHVFRSHULWHvQWkPSOăWRU
SH FDOH SHULHJKHWLFă VDX SULQ VăSăWXUL VLVWHPDWLFH GLYHUVH PDWHULDOH DVHPăQăWRDUH OD
+RURGQLFXO GH -RV %ăLFHQL&XFXWHQL &RVWLúD 3LDWUD ùRLPXOXL &DOX+RURGLúWHD
%RGHúWL)UXPXúLFD 7UXúHúWL &RUOăWHQL úD vQVă GDWRULWă VWDGLXOXL FHUFHWăULORU QX DX
IRVWvQFDGUDWHFRUHVSXQ]ăWRU
ÌQ DQLL úL DX PDL IRVW vQWUHSULQVH DOWH VRQGDMH OD 9ăOHQL%RWHúWL úL
/XPLQLú,DSD'HOHQLUăPDVHLQHGLWHSkQăODDFHDVWăGDWăLDUvQDQXOVDHIHFWXDW
RVăSăWXUăGHPLFăDPSORDUHvQDúH]DUHDGHOD%RUOHúWL'HDOXO5XQFX
'HúL GLVFXĠLLOH SXUWDWH SH ED]D SULQFLSDOHORU GHVFRSHULUL &RVWLúD úL %RUOHúWL
UHXúHDX Vă DWUDJă DWHQĠLD DVXSUD IHQRPHQHORU FXOWXUDOH FDUH VDX SHWUHFXW OD QLYHOXO
EURQ]XOXL PLMORFLX SH WHULWRULXO 0ROGRYHL úL FKLDU Vă LPSXQă FRQFHSWXO GH FXOWXUă
&RVWLúDvQFRQGLĠLLOHQHSXEOLFăULLLQWHJUDOHDUH]XOWDWHORULQYHVWLJDĠLLORUVLVWHPDWLFHúLD
FXQRDúWHULLXQXLQXPăUUHGXVGHVLWXULH[LVWDXSUHDSXĠLQHLQIRUPDĠLL
&XWLPSXOQXPăUXOGHVFRSHULULORUDFUHVFXWVHPQDOăULOHFXSULQVHvQUHSHUWRULLOH
UHJLQDOH VDX MXGHĠHQH DSăUXWH vQ DQLL úL SUHFXP úL XQHOH
GHVFRSHULUL vQWkPSOăWRDUH VDX VăSăWXUL VLVWHPDWLFH OăUJLQG VIHUD GH FXQRDúWHUH
6HPQLILFDWLYHDXIRVWFHUFHWăULOHGHGXSăGHOD3RGXUL+vUWRS3UăMHQLúLPDLDOHV
/XQFDFDUHDXvPERJăĠLWED]DGRFXPHQWDUăDVWIHOvQFkWODRUDDFWXDOăGHVFRSHULULOHGH
IDFWXUă&RVWLúD.RPDURYVXQWPXOWPDLHGLILFDWRDUH
ğLQkQGFRQWGHFRODERUDUHDvQFHSXWăvQDQXOvQWUH0X]HXOGH,VWRULH3LDWUD
1HDPĠ úL 0X]HXO &DUSDĠLORU 5ăVăULWHQL GLQ 6IkQWX*KHRUJKH vQ FHHD FH SULYHúWH
FHUFHWDUHD VLWXULORU GH OD /XQFD úL 3ăXOHQL GH LQYHVWLJDĠLLOH GH OD 6LOLúWHD FDUH DX
GHEXWDW vQ DQXO úL VăSăWXULOH GLQ GH OD &RVWLúD VH SRDWH VSXQH Fă OD RUD
DFWXDOă H[LVWă úDQVHOH FODULILFăULL PXOWRUD GLQWUH DVSHFWHOH UHIHULWRDUH OD EURQ]XO
PLMORFLXGLQ0ROGRYD
$UL DGH UăVSkQGL UH
ÌQPRPHQWXOGHIDĠăVXQWVHPQDODWHSHVWHGHDúH]ăULQHFURSROHVDXSXQFWHFX
PDWHULDOH&RVWLúD.RPDURYYH]LKDUWDDOăWXUDWă
$úH]ăUL PDL LPSRUWDQWH FX VWUDWLJUDILH YHUWLFDOă VDX RUL]RQWDOă FDUH GRYHGHVF
ORFXLUL GH GXUDWă LQFOXVLY XQ SXQFW GH REĠLQHUH D VăULL GLQ DSD L]YRDUHORU VăUDWH VH
JăVHVFPDLDOHVvQ]RQDVXEFDUSDWLFăvQMXG1HDPĠúL%DFăX$OăWXULGHDFHVWHDFDUH
RIHUă PDWHULDOXO FHO PDL UHOHYDQW SHQWUX UHOLHIDUHD WUăVăWXULORU FXOWXULL H[LVWă úL DOWH
VLWXULGHODYHVWGH6LUHWvQFDUHVDXJăVLWSXĠLQHIUDJPHQWHFHUDPLFHGHFHUWăIDFWXUă
&RVWLúD.RPDURY
www.cimec.ro / www.mncr.ro
ÌQSULYLQĠDFRPSOH[HORUIXQHUDUHDFHVWHDVHJăVHVFDSURDSHvQWRWDOLWDWHvQQRUGXO
0ROGRYHLWUHLvQMXG6XFHDYD úLWUHLvQMXG%RWRúDQLSHFkQGFHOGHDOúDSWHOHDHVWH
GRFXPHQWDWODOLPLWDGHVXGDWHULWRULXOXLVWXGLDWúLDODUHDOXOXLFXOWXULL&RVWLúD
1XPDLSXĠLQLPSRUWDQWHVWHIDSWXOFăvQWUXQQXPăUVHPQLILFDWLYGHDúH]ăUL1RXD
VDX JăVLW IUDJPHQWH FHUDPLFH GH WUDGLĠLH &RVWLúD.RPDURY 2 FDUWDUH UHFHQWă D
RELHFWLYHORU QHD UHOHYDW H[LVWHQĠD XQRU VLWXUL 1RXD FX WUDGLĠLL FHUDPLFH PDL YHFKL
vQGHRVHELvQSDUWHDHVWLFăvQWLPSFHvQ]RQDVXEFDUSDWLFăXQGHVXQWFXQRVFXWHFHOHPDL
FODUHGHVFRSHULULWLS&RVWLúDQXH[LVWăGHFkWGRXăDúH]ăUL1RXDFXFHUDPLFăGHWUDGLĠLH
&RVWLúD.RPDURY (YLGHQW DFHDVWD UHOHYă R VLWXDĠLH LQYHUVă FHOHL H[LVWHQWH SHQWUX
DúH]ăULOHDúD]LVÄFODVLFH´DOHEURQ]XOXLPLMORFLXGLQMXPăWDWHDGHQRUGD0ROGRYHL
$ú H] ăULOH
$VHPHQHD VLWXULORU GLQ DULLOH .RPDURY úL %MDá\ 3RWRN DúH]ăULOH GH IDFWXUă
&RVWLúD.RPDURYGLQMXPăWDWHDGHQRUGD0ROGRYHLRFXSăVXSUDIHĠHUHGXVHGHWHUHQúL
VH JăVHVF VLWXDWH SH IRUPH GH UHOLHI GLIHULWH 0DMRULWDUH SDU D IL VLWXULOH GLQ DSURSLHUHD
vQăOĠLPLORU VDX GH SH WHUDVH GRPLQDQWH vQ WLPS FH QXPăUXO RELHFWLYHORU GH LQWHUHV
DUKHRORJLFGHSHWHUHQXULMRDVHHVWHPDLUHGXV
ğLQkQG FRQW GH GLILFXOWăĠLOH GH GRFXPHQWDUH FDUH H[LVWă GDWRUDWH LQIRUPDĠLLORU
LQFRPSOHWH GLQ WHUHQúLDVWDGLXOXLGHFHUFHWDUH DVLWXULORUODDFHDVWăRUăQXVH SRDWH
vQWRFPLRWLSRORJLHDDúH]ăULORUGLQWUH&DUSDĠLúL3UXWSHQWUXEURQ]XOPLMORFLXVLWXDĠLH
FDUHHVWHYDODELOăúLSHQWUXVLWXULOHFXOWXULL.RPDURYGLQ8FUDLQD
$úH]DUHD GH OD &RVWLúD FDUH D DYXW GXUDWD GH ORFXLUH FHD PDL vQGHOXQJDWă VH
JăVHúWH SH WHUDVD vQDOWă GLQ VWkQJD UkXOXL %LVWULĠD SH XQ WăSúDQ GH IRUPă HOLSVRLGDOă
GHQXPLW&HWăĠXLDPăUJLQLWGHUkSLDGkQFLúLOHJDWGHUHVWXOWHUDVHLSULQWURúDWăLDWăvQ
DQWLFKLWDWHGHGRXăúDQĠXULGHDSăUDUHXQDOWúDQĠGHDFHODúLIHOH[LVWkQGúLSHODWXUDGH
697RDWHFHOHWUHLúDQĠXULGHIHQVLYHDXIRVWVăSDWHXOWHULRUORFXLULL&RVWLúDSUREDELOvQ
WLPSXOFXOWXULL0RQWHRUX6HFRQVLGHUăFăvQYHFKLPHDXIRVWIRORVLWHDWkWFHWăĠXLDFkW
úLúDXDGHOHJăWXUăFXWHUDVD
&RPXQLWăĠLOHFDUHDXORFXLWWHPSRUDUVWDĠLXQHDSULQFLSDOăGHOD%RUOHúWL'HDOXO
5XQFX GHSHWHUDVD SkUkXOXL 1HFKLWDYHDX YL]LELOLWDWH DVXSUDWHUHQXULORUGLQMXU GDU
FRQGLĠLLOHGHDSăUDUHQXHUDXFDFHOHGHOD&RVWLúD(VWHSUREDELOFD'HDOXO)OXWXUHOXL
VLWXDWODFFDNPGHSăUWDUHSXQFWvQFDUHVHPHQĠLRQHD]ăH[LVWHQĠDXQRUPDWHULDOHGLQ
HSRFD EURQ]XOXL GH FăWUH & 0DWDVă Vă IL FRQVWLWXLW XQ ORF GH UHIXJLX SHQWUX
FRPXQLWăĠLOHGHSH'HDOXO5XQFXFDUHDXSăUăVLWORFXODOHVQXPXOWWLPSGXSăYHQLUH
6LWXDWă WRW vQ ]RQD VXEFDUSDWLFă D 0ROGRYHL OD DSUR[ NP GH %RUOHúWL SH
WHUDVD VXSHULRDUă GLQ GUHDSWD UkXOXL 7D]OăXO 6ăUDW VWDĠLXQHD GH OD 3RGXULvQWUXQHúWH
FDUDFWHULVWLFLOH XQHL PLFL FHWăĠXL $SăUDWă GLQ SXQFW GH YHGHUH QDWXUDO GH SDQWH
DEUXSWHúLDUWLILFLDOGHXQúDQĠGHDSăUDUHPDLYHFKLVLWXOGHSH'HDOXO*KLQGDUXD
IRVW IRORVLW úL GH FRPXQLWăĠLOH FXOWXULL &RVWLúD 'HúL FRPSOH[HOH GH ORFXLUH JăVLWH
SkQăODDFHDVWăGDWăQXVXQWQXPHURDVH H[LVWHQĠDúDQĠXOXLFLUFXODUGHDSURDSHúDVH
PHWULDGkQFLPHúLDULQJXOXLGHSLDWUăGRYHGHúWHXQLQWHUHVGHRVHELWSHQWUXDFHOORF
8QHOH H[SOLFDĠLL DU SXWHD IL GDWH GH SRVLELOLWăĠLOH GH DSăUDUH RIHULWH GH 'HDOXO
*KLQGDUXúLGHLQWHUHVXOGHDFRQWURODFDOHDGHDFFHVVSUHGHSUHVLXQHD7URWXú&DúLQ
úLFKLDUVSUH7UDQVLOYDQLDFkWúLDL]YRDUHORUGHVODWLQăGLQLPHGLDWDDSURSLHUH
www.cimec.ro / www.mncr.ro
6WDĠLXQHDGHOD6LOLúWHD3H&HWăĠXLDFDUHVHJăVHúWHIRDUWHDSURDSHGHDúH]DUHD
HSRQLPăUHSUH]LQWăXQDOWVLWLQWHUHVDQW'LQSODWRXOSDUĠLDOvPSăGXULWDIODWODFFD
P DOWLWXGLQH D IRVW GHVSULQVă GLQ YHFKLPH SULQ VăSDUHD XQXL úDQĠ GH DSăUDUH R
VXSUDIDĠăWULXQJKLXODUăFXOXQJLPHDGHFLUFDP$úH]DUHDDVWIHOGHOLPLWDWăDSăUDWă
QDWXUDOSHFHOHODOWHGRXăODWXULDUHRSR]LĠLHGRPLQDQWăúLSUH]LQWăREXQăYL]LELOLWDWH
'DFă DYHPvQYHGHUH FăúLVWDĠLXQHDGHOD /XQFD3RLDQD 6ODWLQHLVHJăVHúWH OD
DOWLWXGLQHFFDPLDU&HWăĠXLD2JOLQ]LGLQDSURSLHUHHVWHSURWHMDWăGHXQúDQĠGH
DSăUDUHSXWHPVSXQHFăWRDWHDúH]ăULOHLPSRUWDQWHFDUHDSDUĠLQFRPSOH[XOXL&RVWLúD
.RPDURYGLQ0ROGRYDVHJăVHVFSHvQăOĠLPLúLVXQWSUHYă]XWHFXúDQĠXULGHIHQVLYH6H
SDUHFăSXUWăWRULLDFHVWHLFLYLOL]DĠLLFăUHLDvLDSDUĠLQHúLDúH]DUHDGHOD3ăXOHQL'HDOXO
&HWăĠLL MXG +DUJKLWD XQGH VXQW GRFXPHQWDWH XQ YDO úL úDQĠXUL GH DSăUDUH DYHDX
PRWLYHWHPHLQLFHGHDúLFRQVWUXLIRUWLILFDĠLLvQMXUXODúH]ăULORU
6LQJXUHOH DPăQXQWH FDUH DU PDL SXWHD DYHD LPSRUWDQĠă SHQWUX UHOLHIDUHD
FDUDFWHULVWLFLORUSULQFLSDOHDOHDúH]ăULORUEURQ]XOXLPLMORFLXGLQ0ROGRYDVXQWFHOH
GH OD 9ăOHQL úL %RWRúDQDVLWXDWH vQVă SH WHUHQXUL PDLMRDVH GHFkW FHOH FLQFL VLWXUL
DPLQWLWHPDLVXV
&XP LQIRUPDĠLLOH ELEOLRJUDILFH VXQW GHVWXO GH VXPDUH OD IHO FD úL SHQWUX
VWDĠLXQHDGHOD0LKRYHQLvQVWDGLXODFWXDODOFHUFHWăULORUQXSXWHPDSUHFLDVSHFLILFXO
WXWXURUDúH]ăULORUFXOWXULLGHFDUHQHRFXSăP8QOXFUXGHFDUHVXQWHPVLJXULHVWHDFHOD
FăOD /XQFD VHJăVHúWHXQ SXQFWGH H[SORDWDUH D VăULLLDUSHQWUXFHOHODOWH VWDĠLXQLvQ
FDUH VDX JăVLW IUDJPHQWH FHUDPLFH QX VH SRDWH YRUEL GHRFDPGDWă GH DúH]ăUL
SURSULX]LVH
/RFXLQĠHúLYHW UH
'HVFRSHULULOHDUKHRORJLFHFDUHDXIRVWIăFXWHSkQăODDFHDVWăGDWăQXDXVFRVOD
LYHDOă PDWHULDOH FRQFOXGHQWH UHIHULWRDUH OD ORFXLQĠHOH FRPXQLWăĠLORU &RVWLúD.RPDURY
GLQ MXPăWDWHD GH QRUG D 0ROGRYHL FXQRúWLQĠHOH GHVSUH DFHVW FDSLWRO VLWXkQGXVH OD
DFHODúLQLYHOGHDFXPGHDQL
3HQWUX VWDĠLXQHD &RVWLúD VD GRFXPHQWDW H[LVWHQĠD XQHL ORFXLQĠH GH IRUPă
UHFWDQJXODUăFXSRGLQăGHOXWGRDUSHED]DUHVWXULORUGHFKLUSLFDUVFDUHSăVWUDXXUPHDOH
DPSUHQWHORUGHQXLHOHDXQXLFROĠGHSHUHWHúLDXQRUSRUĠLXQLGHOLSLWXUăDUVH
/D%RUOHúWLDIRVWLGHQWLILFDWăRORFXLQĠăIăUăSODWIRUPăFXGLPHQVLXQLOHGHDSUR[
P FDUH D DYXW SHUHĠLL VXEĠLUL SUREDELO GLQ OHPQ VXVĠLQXĠL SH R WHPHOLH GLQ
SLDWUăGHUkX$FRSHULúXOIăFXWGLQQXLHOHúLUHVWXULYHJHWDOHDIRVWVSULMLQLWSHSDULFX
GLDPHWUXOvQWUHP
/D 3RGXUL DX IRVW VXUSULQVH XUPHOH XQXL FRPSOH[ GH ORFXLUH GH VXSUDIDĠă FX
SRGHDXD XúRU DGkQFLWă FX R VWUXFWXUă XúRDUă UHSUH]HQWkQG SUREDELO R FROLEă FX
GLDPHWUXO GH DSURDSH P vQ FDUH VDX JăVLW YDVH IUDJPHQWDUH SLHWUH úL UHVWXUL
RVWHRORJLFH
ğLQkQGFRQWFăúLGDWHOHRIHULWHSHQWUXXQHOHFRPSOH[HGHORFXLUHGHOD9ăOHQL
VXQWODIHOGHSXĠLQHGLILFDWRDUHLDUGHVSUHFHOHODOWHDúH]ăULQXH[LVWăQLFLRLQIRUPDĠLH
HVWHHYLGHQWFăvQPRPHQWXOGHIDĠăQXSRWILIRUPXODWHFRQFOX]LLGHILQLWLYHFXSULYLUH
ODVSHFLILFXOúLWLSRORJLDORFXLQĠHORUDFHVWHLFXOWXUL
www.cimec.ro / www.mncr.ro
ÌQ SULYLQĠD YHWUHORU LQIRUPDĠLLOH H[LVWHQWH VXQW OD IHO GH ODFXQDUH 1LYHOXOXL
&RVWLúDGLQDúH]DUHDHSRQLPăvLDSDUĠLQSULPDOLSLWXUăDYHWUHLGLQVHFĠLXQHD,,,úLYDWUD
GLQVHFĠLXQHD,9FXGRXăUHIDFHUL$PEHOHFRPSOH[H9úL9DXDYXWFUXVWHVXEĠLUL
úLVIăUkPLFLRDVH
/D%RUOHúWLvQSDUWHDGHQRUGYHVWDORFXLQĠHLVDFHUFHWDWRYDWUăGHDSUR[
PIăFXWăGLQERORYDQLúLFXJDUGLQăOkQJăFDUHHUDXGRXăUkúQLĠHFHUDPLFăR
GăOWLĠă GH EURQ] úL GRXă FRVRDUH GH JUHVLH /D FLUFD P GH FRPSOH[XO GH ORFXLUH D
PDLIRVWJăVLWăRYDWUăGHIRUPăXúRURYDOăIăFXWăGLQSLHWUHSODWHDúH]DWHSHXQVWUDW
GH SLHWULú 3H FHD GHD GRXD YDWUă VDX JăVLW IUDJPHQWH GLQ GRXă FHúWL XQ FRVRU GH
JUHVLHúLXQYkUIGHVLOH[FXED]DFRQFDYă
2DOWăYDWUăFDUHSRDWHILDWULEXLWăFXOWXULL&RVWLúDDIRVWGHVFRSHULWăOD'XOFHúWL
*UăGLQD GH =DU]DYDW $ IRVW REVHUYDWă vQ PDOXO SkUkXOXL 9DOHD 1HDJUă FX SULOHMXO
VăSăWXULORUGHVDOYDUHGLQODRDGkQFLPHGHDSUR[P3HVXSUDIDĠDYHWUHLGLQ
FDUHVHPDLSăVWUDRSRUĠLXQHFXGLDPHWUXOGHFFDPúLJURVLPHDGHPVD
JăVLWXQIUDJPHQWFHUDPLFFXWULXQJKLKDúXUDW
0RUPLQWH
3kQă OD vQFHSXWXO DQLORU
DL VHFROXOXL WUHFXW QX VD SXWXW YRUEL GH H[LVWHQĠD
XQRU QHFURSROH VDX PRUPLQWH DSDUĠLQkQG FRPSOH[XOXL &RVWLúD.RPDURY%MDá\ 3RWRN
SHWHULWRULXO0ROGRYHLÌQWUHWLPSXUPDUHDFHUFHWăULORUGHVFRSHULULOHVDXvQPXOĠLWúL
FX WRDWă SUHFDULWDWHD GDWHORU úL LQIRUPDĠLLORU GLQ OLWHUDWXUD GH VSHFLDOLWDWH SRW IL
vQWUHYă]XWHXQHOHFDUDFWHULVWLFLDOHSUDFWLFLORUIXQHUDUH
(VWHHYLGHQWFăDQDOL]DUHDFRPSOH[HORUIXQHUDUHGLQQRUGXO0ROGRYHLQXSRDWHIL
IăFXWăGHFkWvQIXQFĠLHGHUHDOLWăĠLOHH[LVWHQWHvQDULDFXOWXULL.RPDURYvQSULPXOUkQG
'XSă FXP VD GHPRQVWUDW GH FăWUH DUKHRORJLL SRORQH]L úL XFUDLQHQL VSHFLILFH DFHVWHL
FLYLOL]DĠLLVXQWDWkWQHFURSROHOHWXPXODUHFkWúLFHOHSODQH1HFURSROHOHWXPXODUHDúDFXP
HVWHFHDGHOD.RPDURYvQFDUHVDXVăSDWSHVWHGHPRYLOHFRQĠLQGHRELFHLXQVLQJXU
PRUPkQWGHvQKXPDĠLHFXXQXOGRXăVDXPDLPXOWHVFKHOHWHvQSR]LĠLDvQWLQVSHVSDWHVDX
FKLUFLWGDUúLPRUPLQWHGHLQFLQHUDĠLHFDUHvQJHQHUDOQXVHDIOăODDGkQFLPLPDUL
'HVHRULVDREVHUYDWFăvQMXUXOVFKHOHWHORUGLQPRUPLQWHOHGHvQKXPDĠLHVHDIOă
UHVWXULGHOHPQLDUXQHRULSHOkQJăPRUPLQWHOHFHQWUDOHDOHXQRUEăUEDĠLRULHQWDĠLFX
FDSXOVSUHYHVWVHJăVHVFVFKHOHWHGHIHPHLVDXFRSLLÌQXQLLWXPXOLFXPRUPLQWHGH
LQFLQHUDĠLHVDFRQVWDWDWFăWUXSXULOHGHIXQFĠLORUQXDXIRVWDUVHSHORFvQWLPSFHOkQJă
XQHOH PRUPLQWH VDX REVHUYDW UHVWXUL GH DUVXUă 7XPXOLL vQ FDUH HVWH DWHVWDW ULWXO
LQFLQHUDĠLHL FRQĠLQ XQXO VDX PDL PXOWH PRUPLQWH vQ XUQH VDX JUXSăUL GH RDVH DUVH
vPSUHXQăFXUHVWXULDOHUXJXOXLFLQHUDU
ÌQ JUXSXO %MDá\ 3RWRN SHQWUX FDUH VXQW VSHFLILFH vQ PDUH PăVXUă QHFURSROHOH
SODQHVFKHOHWHOHVHDIODXvQJURSLVLPSOHVDXvQJUăGLWHFXOHVSH]LGHSLDWUăGHJURVLPL
GLIHULWH &D LQYHQWDU IXQHUDU DX IRVW UHPDUFDWH FHUDPLFD VLOH[XO XQHOH RELHFWH GH
SRGRDEăGLQPHWDORDVHGHDQLPDOHGRPHVWLFH
ÌQ0ROGRYDSkQăODDFHDVWăGDWăVXQWFXQRVFXWHXQQXPăUGHúDSWHGHVFRSHULUL
DVXSUD FăURUD H[LVWă vQVă XQHOH VHPQH GH vQWUHEDUH (VWH YRUED GH PRUPLQWHOH GH OD
&RWkUJDFL+kUWRS+RURGQLFGH-RV3RGXUL3UăMHQLùHUEăQHúWLúL9OăVLQHúWLJUXSDWH
vQFHDPDLPDUHSDUWHvQMXGHĠHOH%RWRúDQLúL6XFHDYDvQWUR]RQăDSURSLDWăGLQSXQFW
GHYHGHUHJHRJUDILFGHXQHOHFLPLWLUHDOHFXOWXULL.RPDURYGHSHWHULWRULXO8FUDLQHL
www.cimec.ro / www.mncr.ro
0RUPLQWHOH VHPQDODWH SkQă OD DFHDVWă GDWă GRFXPHQWHD]ă DWkW ULWXO vQKXPDĠLHL
FkWúLDOLQFLQHUDĠLHLILHvQQHFURSROHSODQHILHvQWXPXOLGDUUDSRUWXOH[LVWHQWvQWUHFHOH
GRXăFDWHJRULLQXDUHQLFLRUHOHYDQĠăSHQWUXPRPHQWGDWILLQGVWDGLXOFHUFHWăULORU
&HOH PDL VLJXUH GHVFRSHULUL VXQW FHOH GH OD 3UăMHQL/XWăULH DWkW GLQ SXQFW GH
YHGHUH DO FRQGLĠLLORU GH GHVFRSHULUH FkW úL DO DWULEXLULL FXOWXUDOH $VWIHO 0 FRQĠLQHD
SRUĠLXQLGLQSLFLRDUHOHFKLUFLWHSHGUHDSWDDOHXQXLVFKHOHWGLVWUXVGLQFDUHVDXSăVWUDWúL
DOWH RDVH GLVSDUDWH 'LVSXV SUREDELO FX FDSXO OD VXG FHO vQKXPDW D DYXW OD SLFLRDUH R
ÄFHDúFăELWURQFRQLFăFXGRXăWRUĠL´GLQSDVWăFXQLVLSFLREXULúLFRFKLOLLSLVDWHGHFRUDWă
FX WULXQJKLXUL ÌQ 0 FDUH VD SăVWUDW PDL ELQH D IRVW XQ VFKHOHW DúH]DW SH SDUWHD
GUHDSWăFXFDSXOVSUHHVWSLFLRDUHOHFKLUFLWHúLEUDĠXOGUHSWDGXVvQIDĠă/kQJăJDPEHVH
DIOD R FHDúFă FX GRXă WRUĠL VLPSOH VXSUDvQăOĠDWH OXFUDWă GLQ SDVWă FRQĠLQkQG QLVLS FX
EREXO PDUH DUVă LQHJDO $FHDVWD FD úL YDVXO GLQ 0 VXQW WLSLFH FRPSOH[XOXL &RVWLúD
.RPDURYùL0DUSXWHDILDWULEXLWDFHOXLDúLFRPSOH[ĠLQkQGFRQWGHIUDJPHQWXOFHUDPLF
JăVLWvQ]RQDSLFLRDUHORUFkWúLGHXQHOHHOHPHQWHGHULWXDOúLVWUDWLJUDILH6FKHOHWXOJăVLWvQ
0 VHDIODSHSDUWHDVWkQJăFXSLFLRDUHOHIRDUWHFKLUFLWHúLFDSXOVSUH(1(%UDĠXOGUHSW
HUDvQWLQVSHOkQJăFRUS FXSDOPHOHSHVWHSLFLRDUHOHvQGRLWHLDUPkQDVWkQJăHUDvQGRLWă
GLQFRWvQIDĠDJHQXQFKLXOXLGUHSW$OăWXULGHDFHVWHFRPSOH[HOD3UăMHQLVHSDUHFăDXIRVW
úL DOWH PRUPLQWH DVHPăQăWRDUH FDUH DX IăFXW SDUWH GLQWUR QHFURSROă SODQă GLVWUXVă GH
ORFXLULOHXOWHULRDUHúLGHFHLFDUHDXOXDWOXWSHQWUXFRQVWUXFĠLL
ÌQFDWHJRULDPRUPLQWHORUSODQHVHvQVFULHúLPRUPkQWXOGHOD9OăVLQHúWLXQGHVD
VHPQDODWWRWXQVFKHOHWvQSR]LĠLHFKLUFLWăDYkQGFDLQYHQWDURFHDúFă&RVWLúD.RPDURY
ÌQ FHHD FH SULYHúWH vQKXPăULOH GLQ WXPXOLL QU úL GH OD &RWkUJDFL DVXSUD
FăURUD vQVXúL GHVFRSHULWRUXO OHD DWULEXLW FX UH]HUYH FRPSOH[XOXL .RPDURY&RVWLúD
%MDá\3RWRNWUHEXLHVFDYXWHvQYHGHUHFkWHYDOXFUXULÌQSULPXOUkQGVFKHOHWHOHDYHDXR
SR]LĠLH DWLSLFă PRUPLQWHORU GLQ HSRFD EURQ]XOXL PLMORFLX úL vQ PRG VSHFLDO
FRPSOH[HORU IXQHUDUH GH WLS .RPDURY%MDá\ 3RWRN 3R]LĠLD VFKHOHWHORU vQ DPEHOH
FD]XUL vQWLQVH SH VSDWH FX SLFLRDUHOH FKLUFLWH HVWH FDUDFWHULVWLFă vQGHRVHEL EURQ]XOXL
WLPSXULXÌQDOGRLOHDUkQGvQDPEHOHPRUPLQWHQXVDJăVLWQLFLXQIHOGHLQYHQWDUÌQ
VIkUúLWYDVXOGLQWXPXOXOQUúLWRSRUXOGLQWXPXOXOQUDWULEXLWHFXOWXULL.RPDURYGH
FăWUH DXWRUXO VăSăWXULORU FRPSRUWă VHPQH GH vQWUHEDUH ( 0RVFDOX D LQWHUSUHWDW
RUQDPHQWXOGHSHYDVXOGLQWXPXOXOúLDDGPLVvQFDGUDUHDVDvQFXOWXUD.RPDURYGHúL
DIODVHúLSăUHUHDOXL$O9XOSH2UQDPHQWXODPLQWHúWHPDLPXOWVLVWHPXOGHGHFRUDUHDO
YDVHORUFXOWXULL:LHWHQEHUJLDUDQDORJLLDOHYDVXOXLvQFXOWXUD.RPDURYQXH[LVWă7LSXO
WRSRUXOXL GLQ WXPXOXO LQGLIHUHQW GH IDSWXO Fă D H[LVWDW úL vQ FXOWXUD .RPDURY QX
FRQVWLWXLHRJDUDQĠLHvQOHJăWXUăFXUDSRUWDUHDFRQFUHWăODDFHDVWăFLYLOL]DĠLH
ÌQ FHHD FH SULYHúWH ULWXO LQFLQHUDĠLHL DFHVWD HVWH UHSUH]HQWDW DSURDSH VLJXU GH
PRUPkQWXO SODQ vQ FXWLH GH SLDWUă GH OD +kUWRS úL FX PDL SXĠLQă SUREDELOLWDWH GH
PRUPLQWHOHWXPXODUHGHODùHUEăQHúWLúL+RURGQLFXOGH-RV
/D +kUWRS HVWH YRUED GH XQ PRUPkQW GH LQFLQHUDĠLH vQ FXWLH GH SLDWUă vQ FDUH
DOăWXUL GH UHVWXULOH GH RDVH XPDQH DX IRVW JăVLWH úL RDVH GH DQLPDOH &RQVWUXLW GLQ
OHVSH]L GH SURYHQLHQĠă ORFDOă FDUH DX VXIHULW PLFL GHSODVăUL GLQ FDX]D SUHVLXQLL
SăPkQWXOXL PRUPkQWXO GH OD +kUWRS HUD RULHQWDW SH GLUHFĠLD 16 &RQĠLQXWXO VăX
FRQVWD vQ UHVWXUL GH RDVH DUVH úL IUDJPHQWH FHUDPLFH GHSXVH PDL DOHV VSUH FHQWUXO úL
MXPăWDWHDQRUGLFăDFLVWXOXLRSDUWHDPDWHULDOXOXLDUKHRORJLFILLQGJăVLWVXEOHVSHGHD
GHIXQGÌQDIDUăGHIUDJPHQWHOHFHUDPLFHDOWHHOHPHQWHFDUHDXFRQGXVODDWULEXLUHD
DFHVWRUGHVFRSHULULFRPSOH[XOXL&RVWLúD.RPDURYĠLQGHULWXOIXQHUDU
www.cimec.ro / www.mncr.ro
$PSODVDW vQ PDUJLQHD XQXLD GLQ FHL FkĠLYD WXPXOL GH SH WHUDVD VXSHULRDUă D
6LUHWXOXLGLQ]RQDVDWXOXLùHUEăQHúWLPRUPkQWXOSXEOLFDWGH0,JQDWúL'3RSRYLFL
QXSRDWHILDWULEXLWFXVLJXUDQĠăFRPSOH[XOXL&RVWLúD.RPDURY%MDá\3RWRN6LWXDWăSH
GLUHFĠLDHVWYHVWFXWLDPRUPkQWXOXLGHODùHUEăQHúWLvQFDUHVDXJăVLWUHVWXULGHRDVH
LQFLQHUDWHúLIUDJPHQWHFHUDPLFHDWLSLFHDDYXWIRUPăGUHSWXQJKLXODUăvQSODQúLDIRVW
FRQVWUXLWăGLQOHVSH]LGHSLDWUăGHSURYHQLHQĠăORFDOă3HUHĠLLFLVWHLFDUHHUDXGXEOLDX
VXIHULW XQHOH GHSODVăUL GLQ FDX]D SUHVLXQLL SăPkQWXOXL /LSVLW GH LQYHQWDU DFHVW
FRPSOH[ D IRVW DSURSLDW SH ED]D HOHPHQWHORU GH ULW IXQHUDU GH XQHOH GHVFRSHULUL GLQ
DULLOH.RPDURY0RQWHRUXúLFKLDU*OLQD,,,6FKQHNHQEHUJ
ÌQ OHJăWXUă FX WXPXOLL VHPQDODĠL vQFă GH OD VIkUúLWXO VHFROXOXL DO ;,;OHD vQWUH
5ăGăXĠL úL 9LFRY vQ FDUH VDX JăVLW FkWHYD PRUPLQWH GH LQFLQHUDĠLH úL vQKXPDĠLH vQ
GHPQHGHOXDWvQVHDPăVXQWREVHUYDĠLLOHGU0,JQDW$VWIHOvQWUXQPRUPkQW
VLWXDW vQ XQXO GLQ WXPXOLL FDUH VH PDL SăVWUDX DFXP GRXă GHFHQLL SH UD]D VDWXOXL
+RURGQLFXO GH -RV VDX JăVLW UHVWXUL GH RDVH LQFLQHUDWH GHSXVH GLUHFW SH VRO XQ YDV
JOREXODU úL R DúFKLH GH VLOH[ FDUH DGăXJDWH LQIRUPDĠLLORU PDL YHFKL RIHUă XQHOH
DUJXPHQWHSHQWUXGDWDUHD QHFURSROHL3HED]DWUăVăWXULORUULWXOXLúLULWXDOXOXLIXQHUDU
FkW úL D LQYHQWDUXOXL VD DSUHFLDW Fă QHFURSROD WXPXODUă GH OD +RURGQLF SRDWH IL
vQFDGUDWăvQFXOWXUD.RPDURY'LQSăFDWHQXH[LVWăDPăQXQWHFDUHVă FRQWULEXLHODR
vQFDGUDUHPDLILQăDDFHVWRUGHVFRSHULUL
ÌQ FHHD FH SULYHúWH PRUPkQWXO GH LQFLQHUDĠLH GH OD 3RGXUL DFHVWD FRQVWLWXLH R
GHVFRSHULUH VLQJXODUă SHQWUX ]RQD GH VXG D DUHDOXOXL FHUFHWDW GDFă DYHP vQ YHGHUH
VSHFLILFXOVăX*ăVLWvQODRDGkQFLPHGHPvQWUHXOWLPHOHGHSXQHULGLQWHOOXO
GH SH 'HDOXO *KLQGDUX DFHVW PRUPkQW D IRVW FRQVLGHUDW SRVWHULRU FRQVWUXFĠLHL
ULQJXOXL GH SLDWUă FDUH DFRSHUHD úDQĠXO VHPLFLUFXODU GH P DGkQFLPH 8UQD FX
UHVWXULGHRDVH DUVHSURYHQLWHGLQWUXSXOLQFLQHUDWDOXQXLFRSLOGHDQLHVWHXQ
YDVWLSLFFXOWXULL&RVWLúD3LHWUHOHGLQULQJvQWUHFDUHVHJăVHDXUQDSXUWDXXUPHGH
DUGHUHSUREDELOGHODUXJXOIXQHUDU
6LQWHWL]kQGSXWHPVSXQHFăFHOHPLQLPXPPRUPLQWHVHPQDODWHvQMXPăWDWHD
GHQRUGD0ROGRYHLUHSUH]LQWăvQPRGVDWLVIăFăWRUFHOHúDSWHDúH]ăULPDLLPSRUWDQWHúL
SXQFWH vQ FDUH VD JăVLW FHUDPLFă WLS &RVWLúD.RPDURY 'LQWUH FHOH úDVH PRUPLQWH
SODQH GH vQKXPDĠLH FHO SXĠLQ WUHL 3UăMHQL úL 9OăVLQHúWL DSDUĠLQ FX VLJXUDQĠă
FRPSOH[XOXL FXOWXUDO OD FDUH QH UHIHULP vQ WLPS FH GLQWUH PRUPLQWHOH GH LQFLQHUDĠLH
VLJXUHVXQWFRPSOH[HOHGHOD+kUWRSúL3RGXUL&HHDFHDWUDJHDWHQĠLDvQPRGGHRVHELW
VXQWVFKHOHWHOHGHFRSLL00 úL0 GHOD3UăMHQLFDUHQXSRWILMXGHFDWHWRWXúL
GHFkWSULQSULVPDKD]DUGXOXLGHVFRSHULULORU
&H UDPLFD
ÌQ VLWXULOH &RVWLúD.RPDURY GH SH WHULWRULXO 0ROGRYHL H[LVWă FkWHYD FDWHJRULL
FHUDPLFHSHED]DFăURUDSRWILVWDELOLWHDWkWDVHPăQăULOHFkWúLGHRVHELULOHGLQWUHFHOH
GRXăDULLGHVXGúLGHQRUGFDUHDSDUĠLQDFHVWXLFRPSOH[FXOWXUDOHVWFDUSDWLF
'LQ SXQFW GH YHGHUH DO SDVWHL DSURDSH WRDWă FHUDPLFD &RVWLúD FRQĠLQH FD
GHJUHVDQĠL QLVLS VLOH[ VDX SLDWUă SLVDWH 6XSUDIHĠHOH YDVHORU VXQW vQ JHQHUDO EUXQ
FăUăPL]LLGHDVSHFW]JUXQĠXURVúLSRURDVHvQFD]XOYDVHORUGHWLSJURVLHUúLFXXUPHGH
OXVWUXLUH vQ FD]XO YDVHORU GLQ FDWHJRULD FHUDPLFLL ILQH )RDUWH UHFHQW D IRVW SXVă vQ
www.cimec.ro / www.mncr.ro
HYLGHQĠăFHUDPLFDFXGHFRUVWULDWGHVFRSHULWăDFXPFkWHYDGHFHQLLFDUHGXSăFXPVD
VSXVDUVWDODED]DXQRUDGLQWUHFXOWXULOHEURQ]XOXLPLMORFLX&HUDPLFDWLS%HVHQVWULFK
HVWH DWHVWDWă SkQă vQ SUH]HQW OD &RVWLúD /XPLQLú'HOHQL 9ăOHQL 3RGXUL úL 6LOLúWHD
DYkQGOHJăWXULVWUkQVHFXFHUDPLFDGHOD3ăXOHQL&LRPRUWDQGLQHVWXO7UDQVLOYDQLHL
]RQăvQFDUHDH[LVWDWDQWHULRUJUXSXOFXOWXUDO=ROWDQ
&D IRUPH PHQĠLRQăP YDVH GH GLPHQVLXQL PDUL FX FRUSXO JOREXODU JkWXO
FLOLQGULFúLEX]DHYD]DWăVSUHH[WHULRUYDVHGHGLPHQVLXQLPDULFXSHUHĠLLGUHSĠLVDX
XúRURYDOLEX]DLQWHULRDUăURWXQMLWăYDVHGHGLPHQVLXQLPDULúLPLMORFLLFXSHUHĠLL
DUFXLĠLúLEX]DHYD]DWăDYkQGSDUWHDVXSHULRDUăRUL]RQWDOăYDVHvQIRUPăGHODOHD
YDVHWURQFRQLFHDPIRUHúLDPIRUHWHFDVWURDQHFHúWLúLNDQWKDURL
2UQDPHQWXO FRQVWă GH RELFHL PDL DOHV OD YDVHOH GH PăULPL PHGLL GLQ
WULXQJKLXULFXXQXOGLQWUHYkUIXULvQMRVKDúXUDWHúLOLPLWDWHGHOLQLLRUL]RQWDOHLQFL]DWH
8QHRUL OLQLLOH LQFL]DWH VXQW DVRFLDWH FX FUHVWăWXUL GHFRU WLS ÄGLQĠL GH OXS´ úD ÌQ
JHQHUDO GHFRUXO FHUDPLFLL &RVWLúD HVWH SXĠLQ YDULDW DúD FXP GHPRQVWUHD]ă FHUDPLFD
GLQVWDĠLXQHDHSRQLPăúLFHDGHOD%RUOHúWLILLQGFXSUHFăGHUHFRPSXVGLQWULXQJKLXUL
KDúXUDWHDSOLFDWHSHXPăUXOYDVHORUúLDVRFLDWHFXEHQ]LGHOLQLLRUL]RQWDOHLQFL]DWH/D
3RGXUL vQGHRVHEL DX IRVW UHPDUFDWH SVHXGRWULXQJKLXUL XPSOXWH FX SXQFWH DVHPHQL
YDVHORUGHOD3ăXOHQL'HDOXO&HWăĠLL
0XOWHSLHVHFHUDPLFHGLQXQHOHVLWXULGLQSDUWHDGHQRUGD0ROGRYHLDXDQDORJLLvQ
FXOWXUD.RPDURY DúD FXPVXQWvQGHRVHEL PDWHULDOHOHGHOD /XQFD FXWULXQJKLXULúLOLQLL
RUL]RQWDOHLQFL]DWHUHSUH]HQWkQGYDVHWLSODOHDúD7RWOD/XQFDH[LVWăIUDJPHQWHFHUDPLFH
SH FDUH WULXQJKLXULOH KDúXUDWH VH SODVHD]ă SH PDUJLQHD VXSHULRDUă D EX]HL HYD]DWH FDUH
vPSUHXQăFXIUDJPHQWHOHGHYDVHFXLQFL]LLSHJkWGDUúLIUDJPHQWHOHGHYDVHFXFDQHOXUL
ODUJL EUkXUL úL EX]H FUHVWDWH DX DQDORJLL vQ ID]D D GRXD D FXOWXULL .RPDURY 9DVHOH FX
FRUSXOJOREXODUJkWXOvQIRUPăGHSkOQLHúLEX]DSXWHUQLFHYD]DWăDXDQDORJLLúLvQFXOWXULOH
FHUDPLFHúQXUDWHVDXvQVLWXULOHHWDSHLWLPSXULLDFXOWXULL.RPDURYGLQ8FUDLQDGHYHVWGDU
úLvQFRPSOH[XO7U]FLQLHF.RPDURY2UQDPHQWXOÄGLQĠLGHOXS´DIRVWvQWkOQLWSHFHUDPLFD
GHVFRSHULWăOD/XQFD%RUOHúWL%RWRúDQDúL&RUOăWHQL
7RSRD UHGH DUDPăú LEURQ]
'HSHVXSUDIDĠDXQRUDúH]ăULúLGLQGLYHUVHSXQFWHXQHOHQHSUHFL]DWHSURYLQPDL
PXOWHWRSRDUHGHDUDPăúLEURQ]FDUHDXIRVWGDWDWHODVIvUúLWXOEURQ]XOXLWLPSXULXúLvQ
EURQ]XO PLMORFLX 2 SDUWH GLQ DFHVWHD SRW IL DWULEXLWH FRPSOH[XOXL &RVWLúD.RPDURY
%RUOHúWL'HDOXO5XQFX&RVWLúD3RGXUL
$O W HRELHFWHGHLQY HQWDU
$VXSUD FHORUODOWH RELHFWH FDUH VDX JăVLW DOăWXUL GH FHUDPLFă QX H[LVWă GHFkW
LQIRUPDĠLLVXPDUHvQOLWHUDWXUDGHVSHFLDOLWDWHÌQSOXVXOWLPHOHVăSăWXULúLFHUFHWăULGH
VXSUDIDĠăQXDXRIHULWSULOHMXOGHVFRSHULULLXQXLQXPăUVHPQLILFDWLYGHXQHOWHRELHFWH
GHSRGRDEăDUPHHWF
/DPRGXOJHQHUDOVHPQDOăPH[LVWHQĠDXUPăWRDUHORUFDWHJRULLGHDUWHIDFWH
RELHFWH GH SLDWUă úL VLOH[ UkúQLĠH SHUFXWRDUH IUHFăWRDUH WRSRDUH GH GLRULW FX
JDXUă GH IL[DUH D FR]LL FRVRDUH YkUIXUL GH VăJHDWă &RVWLúD %RUOHúWL 6LOLúWHD
%RWRúDQD3RGXUL
www.cimec.ro / www.mncr.ro
RELHFWHGHOXWDUVIXVDLROHJUHXWăĠLOLQJXUL&RVWLúD%RWRúDQD
RELHFWHGHRVvPSXQJăWRDUHVSDWXOHYkUIXULGHVăJHĠL&RVWLúD/XQFD%RUOHúWL
3RGXUL
DOWH RELHFWH GH DUDPă úL EURQ] RELHFWH GH SRGRDEă 6LOLúWHD 3RGXUL GăOWLĠH
vPSXQJăWRDUHúLSXPQDOH%RUOHúWL&RVWLúD
/HJăWXUL GDWDUH
'LQSUH]HQWDUHDGHPDLVXVUHLHVHGHVWXOGHFODUH[LVWHQĠDXQRUHOHPHQWHFRPXQH
ODWRDWHFDWHJRULLOHGHPDWHULDOHJăVLWHvQVLWXULOHGLQMXPăWDWHDGHQRUGD0ROGRYHLFDUH
VH DVHDPăQă GDU úL VH GHRVHEHVF GH GHVFRSHULULOH GH IDFWXUă &LRPRUWDQ GLQ VXGHVWXO
7UDQVLOYDQLHLúLFHOHGLQDULD.RPDURYGHODQRUG
$FXP SDWUX GHFHQLL SURI $O 9XOSH GDWD FXOWXUD &RVWLúD OD vQFHSXWXO SULPHL
MXPăWăĠLDEURQ]XOXLPLMORFLXvQWUXQLQWHUYDOGHWLPSFRUHVSXQ]ăWRUID]HORU,&±,&
úL,&±,DDOHFXOWXULL0RQWHRUX'RPQLDVDFRQVLGHUDFăDúD]LVDFXOWXUă&RVWLúDVD
IRUPDWvQ3RGROLDúL]RQDVXEFDUSDWLFăSHED]DYDULDQWHORUORFDOHDOHFXOWXULLFHUDPLFLL
úQXUDWH GHVFRSHULULOH GLQ0ROGRYD ILLQG FRQVLGHUDWH PDL WLPSXULL GHFkW ID]HOH , úL ,,
DOHFXOWXULL.RPDURYODPRPHQWXOUHVSHFWLY$FHDVWăRSLQLHDIRVWSULYLWăFXUH]HUYHGH
XQLLFHUFHWăWRULvQWUXFkWVDFRQVLGHUDWFăQXVDXDGXVDUJXPHQWHFRQYLQJăWRDUHFDUH
Vă GHPRQVWUH]H Fă PDWHULDOHOH &RVWLúD FRQĠLQ HOHPHQWH FRPXQH IRUPH FHUDPLFH úL
GHFRU vQGHRVHEL FX FXOWXUD FHUDPLFLL úQXUDWH $WkW VăSăWXULOH YHFKL &RVWLúD úL
%RUOHúWLFkWúLFHOHGHGDWăUHFHQWă3UăMHQL3RGXUL/XQFDVDX6LOLúWHDQXDXGXVOD
GHVFRSHULUHDXQRUPDWHULDOHFHUDPLFHRUQDPHQWDWHFXúQXUXOVDXSVHXGRúQXUXOúLvQ
SOXV H[LVWă QXPHURDVH DQDORJLL WLSRORJLFH FDUH GHPRQVWUHD]ă XQLWDWHD GLQWUH
GHVFRSHULULOHWLS&RVWLúDGLQ0ROGRYDFXFHOHGLQID]HOHFODVLFHDOHFXOWXULL.RPDURY
&HUFHWăWRDUHD0DULOHQD)ORUHVFXDREVHUYDWOHJăWXULOHWLSRORJLFHH[LVWHQWHvQWUH
GHVFRSHULULOHGHOD&RVWLúDúL%RUOHúWLFXFHOHGLQ3RGROLDúL9ROK\QLDGDULSRWH]DVD
FRQIRUP FăUHLD FXOWXUD &RVWLúD VH GLYL]HD]ă vQ GRXă ID]H RDUHFXP DVLQFURQH D IRVW
FRQVLGHUDWă SXĠLQ FUHGLELOă 'XSă 0 )ORUHVFX ID]D WLPSXULH D FXOWXULL &RVWLúD
UHSUH]HQWDWă GH VLWXO GH OD %RUOHúWL FRQĠLQH HOHPHQWH SUHOXDWH GLQ FXOWXUD 0RQWHRUX
WULXQJKLXULOHKDúXUDWHúLÄGLQĠLLGHOXS´RVHULHGHYDVHFXXQDVDXGRXăWRUĠLSHFkQG
FHD GHD GRXD ID]ă D FXOWXULL &RVWLúD HVWH UHSUH]HQWDWă vQGHRVHEL GH PDWHULDOHOH GLQ
DúH]DUHDHSRQLPăFDUHDXOHJăWXULPDLVWUkQVHFXUHDOLWăĠLOHDUKHRORJLFHGLQQRUGXOĠăULL
QRDVWUH$FRUGkQGSULRULWDWHFURQRORJLFăGHVFRSHULULORUGLQ5RPkQLDGU0)ORUHVFXD
vQFHUFDW Vă DFUHGLWH]H LGHHD Fă FLYLOL]DĠLD &RVWLúD IRUPHD]ă VXEVWUDWXO JHQHWLF DO
FRPSOH[XOXL Ä%MDá\ 3RWRN&RVWLúD.RPDURY´ DGXFkQG FD DUJXPHQWH YDVHOH FX GRXă
WRUĠLFDUHDUILWUDQVPLVHGLQFXOWXUD0RQWHRUX
$FHDVWăLSRWH]ăDIRVWFRPEăWXWăGH,6YHãQLNRYFDUHDUăWDFăVLWXULOHFXOWXULL
.RPDURYQXSRWILGDWDWHPDLWkU]LXGHFkWFHOHGHOD&RVWLúDLDUYDVHOHFXGRXăWRUĠL
SHFDUH0)ORUHVFXOHFRQVLGHUDFDRULJLQDUHGLQDULDFXOWXULL0RQWHRUXDXDQDORJLLvQ
JUXSHOHUHJLRQDOHDOHFXOWXULLFHUDPLFLLúQXUDWH3HGHDOWăSDUWHDUKHRORJXOXFUDLQHDQ
QXQHJDRVHULHGHDSRUWXULGDWRUDWHFRPXQLWăĠLORUVXGFDUSDWLFHODIRUPDUHDDVSHFWHORU
UHJLRQDOH DOH FXOWXULL .RPDURY ĠLQkQG FRQW Fă WULXQJKLXULOH FX YkUIXO vQ MRV FD úL
FDQHOXULOH DX R RULJLQH VXGEDOFDQLFă HOH ILLQG SUHOXDWH úL GH FXOWXULOH 0RQWHRUX úL
:LHWHQEHUJ
www.cimec.ro / www.mncr.ro
&kW SULYHúWH H[LVWHQĠD XQRU LQWHUIHUHQĠH vQWUH FRPXQLWăĠLOH 0RQWHRUX úL &RVWLúD
VXQWFXQRVFXWH DSUHFLHULOHIăFXWHGH$O9XOSHvQFDUHVLWXDX DVSHFWXO&RVWLúDOD
QLYHOXOID]HL0RQWHRUX,&GXUDWDFXOWXULLPHQĠLRQDWHH[WLQ]kQGXVHSkQăvQPRPHQWXO
SăWUXQGHULL VSUH QRUG D IDFLHVXOXL 0RQWHRUX ,&,D 0DWHULDOHOH JăVLWH vQ DOWH VLWXUL
&RVWLúD FDUH VH DIOă OD ÄKRWDUXO´ GLQWUH FHOH GRXă FXOWXUL 6LOLúWHD 3RGXUL úL 3RGHL
GHPRQVWUHD]ă H[LVWHQĠD XQHL FRDELWăUL FHO SXĠLQ WHPSRUDUH vQWUH FRPXQLWăĠLOH FXOWXULL
0RQWHRUXúL&RVWLúDODQLYHOXODFHOXLDúLSDOLHUFURQRORJLF
2FKHVWLXQHLQWHUHVDQWăODFDUHFHUFHWăULOHvQFXUVGHGHVIăúXUDUHGHOD3ăXOHQL
&LRPRUWDQ DGXF FODULILFăUL LPSRUWDQWH HVWH OHJDWă GH UDSRUWXO H[LVWHQW vQWUH FXOWXUD
&RVWLúDúLFHHDFHVDGHQXPLWDILFXOWXUD&LRPRUWDQGLQHVWXO7UDQVLOYDQLHLğLQkQG
FRQWGHWLSRORJLDFHUDPLFLLJăVLWăvQVLWXULOHGLQDFHD]RQăDSUHFLHPFăDúD]LVDFXOWXUă
&LRPRUWDQ QX UHSUH]LQWă GH IDSW GHFkW XQ DVSHFW ORFDO DO FRPSOH[XOXL FXOWXUDO
&RVWLúD.RPDURYOHJăWXULOHFX]RQDVXEFDUSDWLFăD0ROGRYHLILLQGHYLGHQWH
2 SUREOHPă QRXă D DSăUXW RGDWă FX VăSăWXULOH HIHFWXDWH OD /XQFD3RLDQD
6ODWLQHL vQ VWDĠLXQHD FRQVLGHUDWă GH QRL D IL GUHSW SXQFW GH H[SORDWDUH D VăULL XQGH
FHUDPLFD FRQVWLWXLH XQ HOHPHQW GH QRXWDWH IDĠă GH UHVWXO GHVFRSHULULORU VLPLODUH GLQ
HVWXO5RPkQLHL$VWIHOFHOHPDLDSURSLDWHDQDORJLLSHQWUXYDVHOHFXJkWXOvQIRUPăGH
SkOQLHEX]DHYD]DWăúLRUQDPHQWHGLQOLQLLLQFL]DWHFRPELQDWHFXFUHVWăWXULÄGLQĠLGH
OXS´úLWULXQJKLXULKDúXUDWHDSDUúLvQDOWHDúH]ăULGHSHWHULWRULXO0ROGRYHLGH1RUG
vPSUHXQă FX FDUH DOFăWXLHVF XQ IDFLHV FH SRDWH IL GLIHUHQĠLDW GH FHO vQ FDUH VH
vQFDGUHD]ăGHVFRSHULULOHGHOD%RUOHúWL&RVWLúDVDX3RGXUL7UHEXLHVHPQDODWFăVLWXO
DUKHRORJLF vQ SULPXO UkQG GDU úL IUDJPHQWHOH FHUDPLFH FX JkWXO FLOLQGULF úL EX]D
UăVIUkQWă GLQ DFHDVWă DúH]DUH DX DQDORJLL FX VLWXO úLPDWHULDOHOH GH OD /RHYD XQGH VH
DIOăWRWXQSXQFWGHH[SORDWDUHDVăULL
$YkQGvQYHGHUHFăvQ]RQDVXEFDUSDWLFăD0ROGRYHLQXVXQWFXQRVFXWHSkQăvQ
SUH]HQWHOHPHQWHDOHFXOWXULLFHUDPLFLL úQXUDWHLDUGHVFRSHULULOHGLQEURQ]XOPLMORFLX
HQXPHUDWHPDLVXVDXDVHPăQăULWLSRORJLFHFXFHOHGLQDULDFODVLFăDFXOWXULL.RPDURY
DSUHFLHP Fă VLWXULOH GH IDFWXUă &RVWLúD&LRPRUWDQ.RPDURY GLQ 0ROGRYD úL HVWXO
7UDQVLOYDQLHL DOFăWXLHVF R YDULDQWă UHJLRQDOă SUREDELO VLQFURQă FX ID]D D GRXD GH
GH]YROWDUHDFXOWXULL.RPDURYGDUFDUHFRPSRUWăGRXăDVSHFWH
%LEOLRJUDILH JHQHUDOă $O 9XOSH . YRSURVX R SHULRGL]DFLL EURQ]RYRJR YHND Y
0ROGDYH vQ 'DFLD 16 9 S $O 9XOSH 0 =DPRúWHDQX 6ăSăWXULOH GH OD
&RVWLúDU%XKXúLUHJ%DFăXvQ0DWHULDOH9,,,S,6ZLHV]QLNRZ.XOWXUD
.RPDURZVND QD SRGVWDZLD PDWHULDORZ ] 3RGNDUSDWFLD L ]DFK :RO\QLD vQ $UFKHRORJLD
3ROVNL ;,, S 0 )ORUHVFX 3UREOqPHV GH OD FLYLOLVDWLRQ GH &RVWLúD j OD
OXPLqUH GX VRQGDJH GH %RUOHúWL vQ 'DFLD 16 ;,9 S = 6]pNHO\ &XOWXUD
&LRPRUWDQ vQ $OXWD ,, S ( 6YHãQLNRY 3OHPHQD .RPDULZVNRL .XO¶WXU\
VWDURYRGQLSRVHOHQMD3ULNDUSDWMDL9ROLQLS-'DEURZVNL7U]þLQLHF.RPDURZ
6RVQLFD$&XOWXUH&\FOHIURPWKH(DUO\DQG0LGGOH%URQ]H$JHvQ$UFKHRORJLD3ROVNL;9,
S 66 %HUH]DQVNDMD 6HYHUQDMD 8NUDLQD Y HSRKX EURQ]\ .LHY ,GHP
.RPDURYVNDMDNXO¶WXUDvQ$UNKHRORJLD8665S9$'HUJDþHY0ROGRYLMDL
6RVGHQLH WHUULWRULL Y HSRKX EURQ]\ &KLúLQăX ( 6DYD (SRFD EURQ]XOXL ± SHULRDGD
PLMORFLH úL WkU]LH VHF ;9,,;,, v+U vQ 7KUDFR 'DFLFD ;9 S *K
'XPLWURDLD &RPXQLWăĠL SUHLVWRULFH GLQ QRUGHVWXO 5RPkQLHL 'H OD FXOWXUD &XFXWHQL SkQă vQ
EURQ]XOPLMORFLX3LDWUD1HDPĠS
*KHRUJKH'XPLWURDLD
www.cimec.ro / www.mncr.ro
$úH]ăULQHFURSROHúLPDWHULDOHDUKHRORJLFH
6DW%RUOHúWLFRP%RUOHúWLMXG1HDPĠ
'LQWUH GHVRSHULULOH HSRFLL EURQ]XOXL GH SH WHULWRULXO ORFDOLWăĠLL XQ ORF
LPSRUWDQWvORFXSăDúH]DUHDGHSH'HDOXO5XQFX$LFLDXIRVWJăVLWHLQLĠLDOvQPRG
vQWkPSOăWRUPDLPXOWHWRSRDUHGHFXSUXúLEURQ]FDUHDXIRVWvQFDGUDWHvQYDULDQWD
%RUOHúWLDWLSXOXL0RQWHRUX
6RQGDMXO HIHFWXDW vQ DQXO D SULOHMXLW vQUHJLVWUDUHD XQRU GDWH LPSRUWDQWH
SULYLQG VWUDWLJUDILD VLVWHPXO GH FRQVWUXFĠLL LQYHQWDUXO úL VSHFLILFXO FHUDPLFLL XQHLD
GLQWUHSXĠLQHOHVLWXULFHUFHWDWHSkQăvQSUH]HQWvQDIDUăGHDúH]DUHDHSRQLPă
$IRVWHYLGHQĠLDWăRORFXLQĠăGHIRUPăUHFWDQJXODUăFXSHUHĠLLVXVĠLQXĠLGHSLHWUH
GH UkX úL FX DFRSHULúXO VSULMLQLW GH SDUL vQILSĠL vQ SăPkQW FDUH DYHD vQ LQWHULRU R YDWUă
UHFWDQJXODUăIăFXWăGLQERORYDQLLDUvQH[WHULRURYDWUăRYDOăFHFRQĠLQHDvQOLSLWXUDVD
IUDJPHQWHFHUDPLFHúLXQHOWHGLQSLDWUă3HED]DDQDOL]HLGHWDOLDWHDFHUDPLFLLFDUHDIRVW
FRPSDUDWăFXGHVFRSHULULOHGHOD&RVWLúDúLGLQ3RGROLDDXWRDUHDFHUFHWăULORUFRQVLGHUă
FăDúH]DUHDGHOD%RUOHúWLUHSUH]LQWăID]DLQLĠLDOăDFULVWăOL]ăULLFXOWXULL&RVWLúD
%LEOLRJUDILH 0 =DPRúWHDQX 'HSR]LWXO GH WRSRDUH GH EURQ] GH OD %RUOHúWL UDLRQXO
%XKXúL UHJ %DFăX vQ $UK0ROG ,,,,, S $O 9XOSH 'LH b[WH XQG %HLOH LQ
5XPDQLHQ , 3%) ,; S 0 )ORUHVFX 3UREOqPHV GH OD FLYLOLVDWLRQ GH
&RVWLúDjODOXPLqUHGXVRQGDJHGH%RUOHúWLvQ'DFLD16;,9S
*KHRUJKH'XPLWURDLD
&DWDORJ
1U &XODPD]YHOWăúLWăLúXOOăĠLWFRQYH[FXWUHLQHUYXULvQ
7RSRUGHEURQ]WLS0RQWHRUXYDULDQWD%RUOHúWL UHOLHI SH WXEXO GH SULQGHUH D FR]LL $UH VHFĠLXQHD
/ FP + FP O WăLú FP *UHXWDWH KH[DJRQDOăLDUSHFHDIăVHREVHUYăRFUHDVWăOăĠLWă
NJ &X ODPD ]YHOWă úL WăLúXO OăĠLW GUHSW FX WUHL vQ SDUWD LQIHULRDUă 7ăLúXO FH SUH]LQWă XUPH GH
QHUYXUL vQ UHOLHI SH WXEXO GH SULQGHUH D FR]LL $UH XWLOL]DUH HVWH FLRELW OD SDUWHD VD LQIHULRDUă 3DWLQă
VHFĠLXQHD KH[DJRQDOă LDU SH FHDIă ± R FUHDVWă YHUGH GHVFKLV %LEOLRJUDILH 0 =DPRúWHDQX vQ
YL]LELOă GRDU OD H[WUHPLWăĠL 7ăLúXO SUH]LQWă XUPH GH $UK0ROG,,,,,SILJ$O9XOSHvQ3%)
XWLOL]DUH 3DWLQă YHUGH vQFKLV SDUĠLDO SăVWUDWă ,;S7DI0,317QULQYF3O
%LEOLRJUDILH 0 =DPRúWHDQX vQ $UK0ROG ,,,,,
S ILJ $O 9XOSH vQ 3%) ,; S 1U
7DI0,317QULQYE3O 7RSRUGHDUDPăWLS0RQWHRUXYDULDQWD%RUOHúWL
/ FP+ FPOWăLú FP*UHXWDWH
1U NJ &X ODPD ]YHOWă úL WăLúXO OăĠLW FRQYH[ FX WUHL
7RSRUGHEURQ]WLS0RQWHRUXYDULDQWD%RUOHúWL QHUYXUL vQ UHOLHI SH WXEXO GH SULQGHUH D FR]LL $UH
/ FP + FP O WăLú FP *UHXWDWH VHFĠLXQHD KH[DJRQDOă 7ăLúXO SUH]LQWă XUPH GH
NJ &X ODPD ]YHOWă úL WăLúXO OăĠLW FRQYH[ FX WUHL XWLOL]DUH 3DWLQă YHUGH vQFKLV SDUĠLDO vQGHSăUWDWă
QHUYXUL vQ UHOLHI SH WXEXO GH SULQGHUH D FR]LL $UH %LEOLRJUDILH 0 =ăPRúWHDQX vQ $UK0ROG ,,,,,
VHFĠLXQHDKH[DJRQDOăLDUSHFHDIă±RFUHDVWăPDL S ILJ $O 9XOSH vQ 3%) ,; S
OXQJă GHFkW WXEXO OăĠLWă OD SDUWHD LQIHULRDUă 7ăLúXO 7DI0,317QULQYD3O
SUH]LQWă XUPH GH XWLOL]DUH 3DWLQăYHUGHvQFKLV SDUĠLDO
vQGHSăUWDWă%LEOLRJUDILH0 =DPRúWHDQX vQ $UK0ROG 1U
,,,,,SILJ$O9XOSHvQ3%),;S 7RSRUGHEURQ]WLS0RQWHRUXYDULDQWD%RUOHúWL
7DI0,317QULQYH3O / FP+ FPOWăLú FP*UHXWDWH
NJ &X ODPD ]YHOWă úL WăLúXO OăĠLW FRQYH[ FX WUHL
1U QHUYXUL vQ UHOLHI SH WXEXO GH SULQGHUH D FR]LL $UH
7RSRUGHDUDPăWLS0RQWHRUXYDULDQWD%RUOHúWL VHFĠLXQHDKH[DJRQDOăLDUSHFHDIă±RFUHDVWăPDL
/ FP+ FPOWăLú FP*UHXWDWH NJ OXQJă GHFkW WXEXO OăĠLWă OD SDUWHD LQIHULRDUă 7ăLúXO
www.cimec.ro / www.mncr.ro
SUH]LQWă XUPH GH XWLOL]DUH 3DWLQă YHUGH vQFKLV ORFXUL UXSW 3DWLQă YHUGH vQFKLV 0,317 QU LQY
%LEOLRJUDILH 0 =ăPRúWHDQX vQ $UK0ROG ,,,,, 3O
S ILJ $O 9XOSH vQ 3%) ,; S
7DI0,317QULQYG3O 1U
7RSRUGHEURQ]FXGLVFWLSXO%YDULDQWD%LNDFV
1U %RUOHúWL
7RSRUGHEURQ]WLS0RQWHRUXYDULDQWD%RUOHúWL / FP + WXE FP + ODPă O WăLú
/ FP + FP OWăLú FP &XODPD ]YHOWă FP 7RSRU GH OXSWă FX GLVFFRQYH[ 7ăLúXO SUH]LQWă
úLWăLúXO OăĠLW GUHSWFXWUHLQHUYXULvQ UHOLHISHWXEXO XUPHGHXWLOL]DUH3DWLQăYHUGHGHVFKLV%LEOLRJUDILH
GH SULQGHUH D FR]LL $UH VHFĠLXQHD KH[DJRQDOă LDU $O 9XOSH vQ 'DFLD 16 S $EE D
SH FHDIă ± R FUHDVWă 7ăLúXO SUH]LQWă XUPH GH D,GHPvQ3%),;S7DI0,317QU
XWLOL]DUHLDUWXEXOGHSULQGHUHDFR]LLHVWHvQFkWHYD LQY3O
6DW&RUOăWHQLFRP&RUOăWHQLMXG%RWRúDQL
/DHVWGHVDWSHSDUWHDVWkQJăD-LMLHLVXE'HDOXO&HWăĠLLSHRWHUDVăMRDVăFDUH
FRERUă VSUH -LMLD vQ SXQFWXO 3H ğDULQă DX IRVW HIHFWXDWH vQWUH úL VăSăWXUL
VLVWHPDWLFHvQWURDúH]DUHFXPDLPXOWHQLYHOXULGHORFXLUH$XIRVWLGHQWLILFDWHYHVWLJLL
GLQ ID]D &XFXWHQL $% HSRFD EURQ]XOXL FX GRXă HWDSH SHULRDGD KDOOVWDWWLDQă
WLPSXULHúLGLQVHFROXO,9G+U
'LQWUHQLYHOXULOHHSRFLLEURQ]XOXLFHOLQIHULRUDIRVWDWULEXLWGHFăWUH$O9XOSH
FXOWXULL&RVWLúD QLYHOXOXLVXSHULRUDSDUĠLQkQGFXOWXULL1RXD$& )ORUHVFX FRQVLGHUă
vQVă DPEHOH QLYHOXUL GLQ HSRFD EURQ]XOXLFXOWXUD 1RXD FHO LQIHULRU UHSUH]HQWkQG XQ
PRPHQWLQFLSLHQW1RXD,VDX3URWR1RXDGHLQGLYLGXDOL]DUHDDFHVWHLFXOWXULvQWLPS
FHQLYHOXOVXSHULRUDUDSDUĠLQHID]HL1RXD,,
ÌQ]RQăPDLVXQWVHPQDODWHúLDOWHSXQFWHFXGHVFRSHULULGLQHSRFDEURQ]XOXLvQ
VSHFLDOGLQEURQ]XOWLPSXULX'HDOXO6WDGROH'HDOXO&HWăĠLL
%LEOLRJUDILH,1HVWRUúLFRODE6ăSăWXULOHGHSHúDQWLHUXO9DOHD-LMLHL,DúL%RWRúDQL
'RURKRL vQ DQXO 6&,9 ,, S $O 9XOSH . YRSURVX R SHULRGL]DFLL
EURQ]RYRJRYHNDY0ROGDYHvQ'DFLD169S$&)ORUHVFX5HSHUWRULXOFXOWXULL
1RXD&RVORJHQLGLQ5RPkQLD$úH]ăULúLQHFURSROHvQ&&'-&ăOăUDúL,;S
(OHQD5R[DQD0XQWHDQX
)LúHFDWDORJ
1U 1U
)UDJPHQWH SURYHQLQG GH OD EX]D XúRU HYD]DWă D )UDJPHQWH SURYHQLQG GH OD FHúWL ELWURQFRQLFH FX
XQRU YDVH ERUFDQ GHFRUDWH LPHGLDW GHGHVXEWXO WRUĠLvQEDQGăGHFRUDWHVXEEX]ăúLODED]DJkWXOXL
DFHVWHLDFXXQUHJLVWUXGHOLQLLLQFL]DWHúLFXúLUXULGH FXLQFL]LLúLvPSXQVăWXULúLFXXQúLUGHWULXQJKLXULSH
vPSXQVăWXUL &XORDUH FDIHQLH FX SHWH EUXQH XPăU 7ULXQJKLXULOH DX FkPSXO KDúXUDW LQFL]LL VDX
%LEOLRJUDILH 1HVWRU úL FRODE vQ 6&,9 S vPSXQVăWXULVXFFHVLYHLDUvQXQHOHFD]XULODYkUIXO
$O 9XOSH vQ 'DFLD 16 S ORU VXQW WUDVDWH DOWH FkWHYD LQFL]LL %LEOLRJUDILH
$&)ORUHVFX vQ &&'- S 0-%7 IăUă QU 1HVWRUúLFRODEvQ6&,9S$O9XOSH
LQY3O vQ'DFLD16S$&)ORUHVFXvQ&&'-
S0-%7IăUăQULQY3O
6DW&RVWLúDFRP&RVWLúDMXG1HDPĠ
6WDĠLXQHDHVWHVLWXDWăvQPDUJLQHDGHHVWDVDWXOXL&RVWLúD2FXSăDWkWSODWRXOGH
IRUPă HOLSVRLGDOă [ P DO SURPRQWRULXOXL QXPLW &HWăĠXLD FkW úL úDXD FDUH
www.cimec.ro / www.mncr.ro
OHDJăDFHVWSURPRQWRULXGHWHUDVDvQDOWăD%LVWULĠHLSODQúD/DWXULOHGH96úL(DOH
SURPRQWRULXOXLVXQWDEUXSWHPDLOLQăILLQGSDQWDGH1FDUHFRERDUăSHúD&HWăĠXLDHVWH
vQFRQMXUDWăSHODWXULOHGH9úL6GHXQúDQĠGHDSăUDWHDOWúDQĠDIRVWVăSDWvQ]RQDQRUGLFă
PDLDFFHVLELOăDSURPRQWRULXOXL$OWUHLOHDúDQĠGHOLPLWHD]ăúDXDGHWHUDVD%LVWULĠHL
3ULPHOHVRQGDMHDXIRVWHIHFWXDWHvQDQXOGHFăWUH59XOSHúL&0DWDVă
ILLQG LGHQWLILFDWă FHUDPLFă GH XQ DVSHFW QHFXQRVFXW OD DFHD GDWă 6ăSăWXULOH DX IRVW
UHOXDWH vQ DQLL úL GH FăWUH $O 9XOSH úL 0 =DPRúWHDQX FkQG VD
FHUFHWDWPDLPXOWGHMXPăWDWHGLQSODWRXO&HWăĠXLL]RQD$úLVDXWUDVDWGRXăVHFĠLXQL
vQ FUXFH SH úD ]RQD % 6D REVHUYDW Fă FHOH PDL ERJDWH XUPH GH ORFXLUH VH DIOă SH
SODWRXO &HWăĠXLL ùDXD D IRVW GH DVHPHQHD ORFXLWă vQ SUHLVWRULH GDU HVWH SRVLELO FD
GHSXQHULOH DUKHRORJLFH Vă IL IRVW DIHFWDWH GH OXFUăULOH DJULFROH 1X DX IRVW VXUSULQVH
UHVWXULGHORFXLUHSHSDQWHOH&HWăĠXLL
1LYHOXULOHGHORFXLUHQXVHGLVWLQJ vQWRWGHDXQDIRDUWHELQHDVWIHOvQFkWQXVDX
SXWXWIDFH REVHUYDĠLLVWUDWLJUDILFHSUHFLVHvQWRDWH VHFĠLXQLOHFHUFHWDWH([LVWăvQVăúL
VLWXDĠLL VWUDWLJUDILFH PDL FODUH vQ ]RQD GH 6( D DúH]ăULL XQGH DX IRVW GHVFRSHULWH
VXSUDSXQHUL DOH FRPSOH[HORU GH ORFXLUH YHWUH FKLUSLFL FDUH DX SHUPLV FRQVWDWDUHD
XUPăWRDUHLVXFFHVLXQLGHSXQHUHDSUHFXFXWHQLDQăFXRJURVLPHGHPDIRVW
DFRSHULWăSHDORFXULGHRGHSXQHUHGHFFDPDSDUĠLQkQGFXOWXULL&XFXWHQLID]D
$8UPHD]ăRGHSXQHUHGLQHSRFDEURQ]XOXLGLYL]DWăvQGRXăQLYHOXULLQIHULRUFXR
JURVLPHYDULLQGvQWUHPúLVXSHULRUJURVGHFFDP
ÌQ GHSXQHUHD SUHFXFXWHQLDQă DX IRVW GHVFRSHULWH EXFăĠL PDVLYH GH FKLUSLFL FX
XUPHGHSDULJURúLSURYHQLQGSUREDELOGHODFRQVWUXFĠLLGHVXSUDIDĠăDFăURUIRUPăQXD
SXWXWILGHWHUPLQDWă0DWHULDOXOFHUDPLFHVWHUHGXVFDQWLWDWLYGHVWXOGHQXPHURDVHDX
IRVWRDVHOHGHDQLPDOHSUHGRPLQDQWHILLQGFHOHGHYLWă
1LYHOXOLQIHULRUDSDUĠLQkQGHSRFLLEURQ]XOXLVHGHOLPLWHD]ăGHORFXLUHDQHROLWLFă
SULQYHWUHúLFKLUSLFL9HWUHOHFXRIRUPăDSUR[LPDWLYFLUFXODUăúLGLDPHWUXOvQMXUGH
P DYHDX FUXVWD VXEĠLUH úL VIăUkPLFLRDVă DúH]DWă GLUHFW SH SăPkQW ÌQ
DSURSLHUHDYHWUHORUDXIRVWGHVFRSHULWHEXFăĠLGHFKLUSLFLXQHOHPDVLYHQXPDLvQGRXă
FD]XULVDSXWXWFRQVWDWDRGLVSXQHUHvQXQJKLDDFHVWRUDSXWkQGXVHSUHVXSXQHDVWIHO
H[LVWHQĠDXQRUFRQVWUXFĠLLGHIRUPăUHFWDQJXODUă
)RUPHOHFHUDPLFHúLPRGXOORUGHRUQDPHQWDUHDXSHUPLVGHILQLUHDXQXLQRXVWLO
FHUDPLFDSDUĠLQkQGHSRFLLEURQ]XOXLFXQRVFXWvQOLWHUDWXUDGHVSHFLDOLWDWHVXEQXPHOHGH
FXOWXUD&RVWLúD&HUDPLFDFXSULQGHGRXăFDWHJRULLSULQFLSDOHSULPDGHFDOLWDWHEXQăFX
PLFăSLHWULFHOH úL FLREXUL SLVDWHvQSDVWă HVWHGHQVă úLELQH DUVă DGRXD FDWHJRULHGH
IDFWXUă JURVLHUă FRQĠLQH SLHWULFHOH HVWH OXFUDWă PDL QHvQJULMLW ILLQG DGHVHRUL FKLDU
VIăUkPLFLRDVă'LQSDVWăEXQăVXQWOXFUDWHFHúWLFXGRXăWRUĠLúLDPIRUHDFHVWHDGLQXUPă
DXJkWVXEĠLUHFRUSSkQWHFRVFXGRXăWRUĠLWUDVHGLQEX]ăúLVSULMLQLWHSHXPăUVDXDXGRXă
WRUWLĠHWXEXODUHvQ]RQDGLDPHWUXOXLPD[LP&HOHPDLIUHFYHQWHPRWLYHFDUHRUQDPHQWHD]ă
FRUSXOFHúWLORUúLDPIRUHORUSkQăvQ]RQDGLDPHWUXOXLPD[LPVXQWWULXQJKLXULOHLQFL]DWHFX
YkUIXOvQMRVúLKDúXUDWHREOLFOLQLLOHLQFL]DWHDúH]DWHvQXQJKLDVWIHOvQFkWVăIRUPH]HXQ
WULXQJKLFXYkUIXOvQMRVJUXSXULGHFkWHOLQLLGLVSXVHYHUWLFDO&DWHJRULHLJURVLHUHvL
DSDUĠLQFDVWURDQHOHFXFRUSWURQFRQLFFXGRXăWRUWLĠHWUDVHGLQEX]ăúLYDVHOHERUFDQFX
PDUJLQHD GUHDSWă VDX VWUkQVă úL FRUSXO DOXQJLW &DVWURDQHOH úL YDVHOHERUFDQ VXQW
GHFRUDWHFXVWULXULREOLFHSHWRDWăVXSUDIDĠDIUDJPHQWHGHEUkXDOYHRODWVDXJUXSXULGH
FkWHWUHLSURHPLQHQĠHPLFLFRQLFHGLVSXVHLPHGLDWVXEEX]ă
www.cimec.ro / www.mncr.ro
1LYHOXOVXSHULRUFH FRQĠLQH FHUDPLFăvQ VWLO0RQWHRUXDSDUH DVRFLDW FXSLHWUH
GHUkXFDUHIRUPHD]ăXQSDYDMGHVWXOGHGHQV$XIRVWLGHQWLILFDWHYHWUHFXGLDPHWUXO
YDULLQGvQWUHPDFăURUOLSLWXUăHUDDúH]DWăSHXQVWUDWGHIUDJPHQWHFHUDPLFH
FDUHOD UkQGXO VăXVHVLWXDSHXQVWUDWGHSUXQGLú$XIRVWREVHUYDWH VXSUDSXQHULGH
YHWUHPRQWHRUHQHIDSWFHDUUHSUH]HQWDXQLQGLFLXSHQWUXDSUHVXSXQHH[LVWHQĠDDGRXă
QLYHOXULvQFDGUXOORFXLULL0RQWHRUX
ÌQ IXQFĠLH GH SUHOXFUDUH FHUDPLFD 0RQWHRUX SRDWH IL vPSăUĠLWă vQ WUHL FDWHJRULL
SULQFLSDOH R FDWHJRULH IRDUWH ILQă ELQH IUăPkQWDWă úL DUVă GHQVă SHUHĠLL YDVHORU ILLQG
VXEĠLULRDOWăFDWHJRULHGHFDOLWDWHEXQăFHFRQĠLQHSLHWULFHOHSLVDWHPăUXQWúLUăVSkQGLWH
GHVWXOGHXQLIRUPvQSDVWăELQHDUVăúLRDWUHLDFDWHJRULHJURVLHUăFXSLHWULFHOHPXOWHvQ
SDVWă FDUHL GDX XQ DVSHFW ]JUXQĠXURV )RUPHOH FHUDPLFH GHV vQWkOQLWH VXQW FDVWURQXO
ELWURQFRQLF FX EX]D OăĠLWă ERUFDQHOH FX EX]D OăĠLWă JkWXO vQ SkOQLH úL FRUSXO URWXQMLW
EROXULOHFXPDUJLQHDGUHDSWăVDXXúRUHYD]DWăJkWXOVFXUWúLELQHPDUFDWFRUSXWURWXQMLW
FHúWLOHFXGRXăWRUĠLFXúDúLSUDJVDXWRUĠLOăĠLWHúLDOELDWHIăUăSUDJDPIRUHOHFXFRUSXO
HWDMDWúLIXQGXODVFXĠLWIăUăDIRUPDvQVăXQFRQYDVHOHDVNRL'HFRUXOHVWHVLPSOXIRUPDW
vQ SULQFLSDO GLQ OLQLL LQFL]DWH OD ED]D JkWXOXL WUDQVYHUVDO SH WRUĠL VDX REOLF SH EXUWD
FDVWURDQHORU'HVWXOGHUDUVHvQWkOQHVFSHFRUSXOYDVHORUOLQLLvQUHOLHIVDXLQFLVHGLVSXVHvQ
XQJKLVXEIRUPăGHFăSULRUL(OHPHQWHOHGHFRUDWLYHPHQĠLRQDWHVXQWWLSLFHVWLOXULORU,&,E
DOHFXOWXULL0RQWHRUXÌQDúH]DUHDGHOD&RVWLúDQXVDREVHUYDWRGLIHUHQĠLHUHVWUDWLJUDILFă
vQWUHFHUDPLFD0RQWHRUXFXGHFRUvQUHOLHIúLFHDFXGHFRULQFL]DW
3HED]D VWXGLHULLVLWXDĠLHLVWUDWLJUDILFHLGHQWLILFDWăvQDúH]DUHD GHOD &RVWLúDVH
SRDWHDGPLWHH[LVWHQĠDXQHLSHULRDGHGHFRQWDFWvQWUHFRPXQLWăĠLOHGHWLS&RVWLúDúLFHOH
0RQWHRUXvQDLQWHGHVWDELOLUHDSH&HWăĠXLDGHOD&RVWLúDDDFHVWRUDGLQXUPăvQFăGHOD
QLYHOXO ID]HL 0RQWHRUX ,& &HOH GRXă PDQLIHVWăUL FXOWXUDOH DX IRVW SUREDELO
FRQWHPSRUDQH úL vQ SHULRDGD GH vQFHSXW D ID]HL 0RQWHRUX ,& $FHDVWD DU SXWHD IL
HYLGHQĠLDWăGHGHVFRSHULUHDvQQLYHOXO&RVWLúDDXQRUIUDJPHQWHGHFHDúFăDYkQGWRDUWă
FX úD úL SUDJ GDU FX GHFRU FDUDFWHULVWLF FHUDPLFLL &RVWLúD ± WULXQJKLXUL LQFL]DWH FX
YkUIXO vQ MRV )UDJPHQWH FHUDPLFH FX GHFRU GH WLS &RVWLúD DX IRVW JăVLWH vQ QLYHOXO
0RQWHRUX,&DODúH]ăULORUGHOD%RJGăQHúWL1ăVWăVHQL5XJLQHúWLMXG%DFăX7RDWH
DFHVWHD FRQVWLWXLH DUJXPHQWH SHQWUX H[LVWHQĠD XQHL SHULRDGH GH FRQWDFW GDU úL D XQHL
VXFFHVLXQLUDSLGHDFHORUGRXăPDQLIHVWăULFXOWXUDOH
ÌQDQXODXIRVWUHOXDWHVăSăWXULOHVLVWHPDWLFHvQVLWXOGHSH&HWăĠXLD3O
%LEOLRJUDILH&0DWDVă &HUFHWăULGLQSUHLVWRULDMXGHĠXOXL1HDPĠvQ%&0,
SILJ$O9XOSH.YRSURVXRSHULRGL]DFLLEURQ]RYRJRYHNDY0ROGDYHvQ
'DFLD 16 9 S $O 9XOSH 0 =DPRúWHDQX 6ăSăWXULOH GH OD &RVWLúD U
%XKXúL UHJ %DFăX vQ 0DWHULDOH 9,,, S $ 3RSHVFX &HUDPLFD FX GHFRU
VWULDW GH OD &RVWLúD úL 'HOHQL vQ $QJXVWLD S *K 'XPLWURDLD &RPXQLWăĠL
SUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQăvQEURQ]XOPLMORFLX3LDWUD
1HDPĠSILJ
$QFD3RSHVFX
&DWDORJ
1U WUDVHGLQEX]ăúLOLSLWHSHXPăU)ăUăGHFRU&XORDUH
$PIRUHWă EUXQă FX SHWH FDIHQLL %LEOLRJUDILH 9 &DYUXF *K
&HUDPLFă ILQă + FP 'P FP 'H IRUPă 'XPLWURDLDvQ$QJXVWLD3O;9,,0,317
ELWURQFRQLFă FX EX]D XúRU HYD]DWă WRUĠL vQ EDQGă QULQY3O
www.cimec.ro / www.mncr.ro
1U DWkW JkWXO FkW úL WRUĠLOH VXQW UXSWH GLQ YHFKLPH
6WUDFKLQă 'HFRU UHJLVWUX GH WULXQJKLXUL SUHOXQJL FX FkPSXO
&HUDPLFă ILQă + FP 'P FP 'H IRUPă KDúXUDW SH XPăUXO YDVXOXL vQWUHUXSW GH EHQ]L
ELWURQFRQLFăFXPDUJLQHDXúRULQYD]DWăúLFXSDWUX IRUPDWH GLQ LQFL]LL YHUWLFDOH &XORDUH EUXQQHDJUă
WRUWLĠH WXEXODUH LPHGLDW VXE EX]ă 'HFRU ± SH OLQLD FXSHWHFDIHQLLFXOXFLXODH[WHULRU,QHGLWă0,317
GLDPHWUXOXL PD[LP HVWH DSOLFDWă R EDQGă vQ UHOLHI QULQY3O
GHGHVXEWXO FăUHLDVH DIOă SDWUXJUXSXULGHPLFLOLQLL
vQ UHOLHI GLVSXVH DVLPHWULF &XORDUH FăUăPL]LH FX 1U
SHWHEUXQH,QHGLWă0,317QULQY3O &HDúFă
&HUDPLFăILQă+ FP'P FP'HIRUPă
1U ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă
$PIRUHWă XúRU VXSUDvQăOĠDW 'HFRU UHJLVWUX GH WULXQJKLXUL FX
&HUDPLFă ILQă + FP 'P FP 'H IRUPă FkPSXOKDúXUDWvQWUHED]DJkWXOXLúLOLQLDGLDPHWUXOXL
ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă PD[LP ÌQ GUHSWXOWRUĠLORU WULXQJKLXULOH VXQW vQORFXLWH
WUDVHGLQEX]ăúLOLSLWHSHXPăU)ăUăGHFRU&XORDUH FX LQFL]LL YHUWLFDOH &XORDUH FăUăPL]LH FX SHWH
EUXQă FX SHWH FăUăPL]LL ,QHGLWă 0,317 QU LQY EUXQH%LEOLRJUDILH$O9XOSHvQ0&$9,,,S
3O úLILJ0,317QULQY3O
1U 1U
&HDúFă $PIRUă
&HUDPLFă ILQă + FP 'P FP 'H IRUPă &HUDPLFăILQă+ FP'P FP'HIRUPă
ELWURQFRQLFă FX GRXă WRUĠL VXSUDvQăOĠDWH DQVD ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă
OXQDWD 'HFRU UHJLVWUX GH WULXQJKLXUL FX FkPSXO WUDVH GLQ EX]ă úL OLSLWH SH XPăU'HFRU UHJLVWUX GH
KDúXUDW SH XPăUXO YDVXOXL vQWUHUXSW vQ GUHSWXO WULXQJKLXUL vQWUH JkW úL OLQLD GLDPHWUXOXL PD[LP
WRUĠLORU GH OLQLL YHUWLFDOH &XORDUH EUXQFDIHQLH PăUJLQLWGHSDUWHDVXSHULRDUăGHWUHLLQFL]LL6LPHWULF
%LEOLRJUDILH $O 9XOSH vQ 'DFLD 16 9 S VXQW LQWHUFDODWH vQWUH WULXQJKLXUL EHQ]L GH LQFL]LL
ILJ,GHPvQ0&$9,,,SúLILJ WHUPLQDWH FX FkWH GRL EXWRQL DSOLFDĠL &XORDUH
0,317QULQY3O FăUăPL]LH FX SHWH EUXQH ,QHGLWă 0,317 QU LQY
3O
1U
&HDúFă 1U
&HUDPLFă ILQă + FP 'P FP 'H IRUPă &HDúFă
ELWURQFRQLFă FX PDUJLQHD XúRU HYD]DWă FX GRXă &HUDPLFă ILQă + FP 'P FP 'H IRUPă
WRUĠL vQ EDQGă GLQ FDUH VH SăVWUHD]ă GRDU XQD ELWURQFRQLFă FX GRXă WRUĠL vQ EDQGă 'HFRU UHJLVWUX
'HFRU UHJLVWUX GH WULXQJKLXUL LQFL]DWH SH XPăUXO GH WULXQJKLXUL FX FkPSXO KDúXUDW SH XPăUXO YDVXOXL
YDVXOXL DYkQG LQWHUFDODWH SDWUX JUXSXUL GH LQFL]LL FXED]DGHOLPLWDWăGHWUHLOLQLL&XORDUHEUXQăFXSHWH
YHUWLFDOH &XORDUH FDIHQLH FX SHWH EUXQH ,QHGLWă FDIHQLL %LEOLRJUDILH $O 9XOSH vQ 'DFLD 16 9
0,317QULQY SILJ0,317QULQY3O
1U 1U
6WUDFKLQă $PIRUă
&HUDPLFăILQă+ FP'P FP7URQFRQLFăFX &HUDPLFăILQă+ FP'P FP'HIRUPă
GRXă WRUWLĠH vQ EDQGă FH SRUQHVF GLQ EX]ă 'HFRU ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă
EUkXUL DOYHRODWH DSOLFDWH GH R SDUWH úL GH DOWD D WUDVH GLQ EX]ă úL OLSLWH SH XPăU'HFRU UHJLVWUX GH
WRUWLĠHORU&XORDUHEUXQăFXSHWHFDIHQLLFXOXFLXSH WULXQJKLXULSUHOXQJLvQWUHJkWúLGLDPHWUXOPD[LPFX
DPEHOH IHĠH %LEOLRJUDILH $O 9XOSH vQ 0&$ 9,,, FkPSXO XPSOXW FX KDúXUL 6XE WRUĠL EHQ]L YHUWLFDOH
SILJ0,317QULQY3O GH LQFL]LL LDU SH EX]ă vQ SXQFWXO GH IRUPDUH D
WRUĠLORU LQFL]LL VFXUWH 6SDĠLXO GLQWUH EHQ]LOH LQFL]DWH
1U HVWH XPSOXW FX vPSXQVăWXUL &XORDUH FăUăPL]LH FX
&HDúFă SHWHEUXQH,QHGLWă0,317QULQY3O
&HUDPLFă ILQă + FP 'P FP 'H IRUPă
ELWURQFRQLFă FX GRXă WRUĠL vQ EDQGă XúRU 1U
VXSUDvQăOĠDWH GH FXORDUH EUXQă FX SHWH FăUăPL]LL &HDúFă
'HFRU LQFL]DW ± úLU GH WULXQJKLXUL FX FkPSXO XPSOXW &HUDPLFăILQă+ FP'P FP'HIRUPă
FXKDúXULFXGRXăOLQLLSDUDOHOHODED]ă'HFRUXOVH ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă
vQWUHUXSH vQ GUHSWXO WRUĠLL &XORDUH EUXQFDIHQLH WUDVH GLQ EX]ă úL OLSLWH SH XPăU'HFRU UHJLVWUX GH
,QHGLWă0,317QULQY WULXQJKLXUL FX FkPSXO KDúXUDW SUHOXQJL vQWUH JkW úL
OLQLD GLDPHWUXOXL PD[LP ÌQWUH WULXQJKLXUL VXQW
1U LQWHUFDODWH OLQLL YHUWLFDOH GHGHVXEWXO WRUĠLORU
$PIRUă &XORDUH FăUăPL]LH FX SHWH EUXQH %LEOLRJUDILH $O
&HUDPLFă ILQă + FP 'P FP 'H IRUPă 9XOSH vQ 'DFLD 16 9 S ILJ
ELWURQFRQLFă FX JkWXO vQDOW FX GRXă WRUĠL vQ EDQGă 0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U ED]D JăWXOXL VH DIOă GRXă LQFL]LL &XORDUH FăUăPL]LH
)UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDLQIHULRDUă %LEOLRJUDILH $O 9XOSH vQ 'DFLD 16 9 S
D XQXL YDV PDUH FDVWURQ" GHFRUDW OD H[WHULRU FX ILJ0,317QULQY3O
PăWXULĠD/PD[ FPO FP&XORDUHFăUăPL]LH
FX SHWH FDIHQLL %LEOLRJUDILH 9&DYUXF *K 1U
'XPLWURDLD vQ$QJXVWLD 3O;;0,317 $PIRUHWă
QULQY3O &HUDPLFăJURVLHUă+ FP'P FP'HIRUPă
ELWURQFRQLFă FX JkWXO vQDOW PDUJLQHD GUHDSWă FX
1U GRXă WRUĠL vQ EDQGă WUDVH GLQ EX]ă )ăUă GHFRU
)UDJPHQW GH YDV FDVWURQ" &HUDPLFă JURVLHUă &XORDUH FăUăPL]LH FX SHWH FDIHQLL %LEOLRJUDILH &
/ FPO FP3URYLQHGHODSDUWHDLQIHULRDUă 0DWDVăvQ%&0,ILJ9&DYUXF*K
D XQXL YDVFX GHVFKLGHUH ODUJă GHFRUDW OD H[WHULRU 'XPLWURDLDvQ$QJXVWLD3O;9,,0,317
FX PăWXULĠD &XORDUH FDIHQLH FX SHWH FăUăPL]LL &X QULQY3O
XUPH GH DUGHUH VHFXQGDUă LQWHQVă ,QHGLW 0,317
QULQY3O 1U
$PIRUHWă
1U &HUDPLFă JURVLHUă + FP 'P FP 'H
)UDJPHQWFHUDPLFSURYHQLQGGLQFRUSXOXQXLYDVGH IRUPă ELWURQFRQLFă FX R VLQJXUă WRDUWă WUDVă GLQ
GLPHQVLXQL PDUL FDVWURQ" GHFRUDW OD H[WHULRU FX EX]ă úL OLSLWă SH XPăU )ăUă GHFRU &XORDUH EUXQă
PăWXULĠD / FP O FP &XORDUH FDIHQLH OD FX SHWH FăUăPL]LL ,QHGLWă 0,317 QU LQY
H[WHULRU úL FăUăPL]LH OD LQWHULRU ,QHGLW 0,317 QU 3O
LQY3O
1U
1U &HDúFă
)UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDLQIHULRDUă &HUDPLFă ILQă + FP 'P FP 'H IRUPă
D XQXL YDV GH GLPHQVLXQL PDUL GHFRUDW OD H[WHULRU ELWURQFRQLFă FX R WRDUWă XúRU VXSUDvQăOĠDWă vQ
FXPăWXULĠD/ FPO FP&XORDUHFDIHQLHFX EDQGă 'HFRU LQFL]DW úLU GH WULXQJKLXUL FX FkPSXO
SHWH FăUăPL]LL úL EUXQH ,QHGLW 0,317 QU LQY KDúXUDW FX GRXă OLQLL SDUDOHOH OD ED]ă 'HFRUXO VH
3O vQWUHUXS vQ GUHSWXO WRUĠLL &XORDUH EUXQă ,QHGLWă
0,317QULQY
1U
)UDJPHQWFHUDPLFSURYHQLQGGLQFRUSXOXQXLYDVGH 1U
GLPHQVLXQL PDUL GHFRUDW OD H[WHULRU FX PăWXULĠD &HDúFă
/ FP O FP &XORDUH FăUăPL]LH FDIHQLH &HUDPLFă ILQă + FP 'P FP 'H IRUPă
%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ$QJXVWLD ELWURQFRQLFă FX R WRDUWă " WUDVă GLQ EX]ă XúRU
3O;;0,317QULQY3O VXSUDvQăOĠDWă 'HFRU LQFL]LL REOLFH SH XPăUXO
YDVXOXL FX ED]D SH XQ EUkX IRUPDW GLQ GRXă OLQLL
1U 'HFRUXO VH vQWUHUXSH vQ GUHSWXO WRUĠLL &XORDUH
)UDJPHQWFHUDPLFSURYHQLQGGHODEX]DXQXLFDVWURQ FăUăPL]LH FX SHWH FDIHQLL ,QHGLWă 0,317 QU LQY
GHGLPHQVLXQLPDULGHFRUDWODH[WHULRUFXPăWXULĠD2 3O
SDUWH GLQ EX]ă HVWH GHIRUPDWă GH IRF / FP
O FP &XORDUH FăUăPL]LH OD H[WHULRU úL EUXQ 1U
QHDJUăODLQWHULRU,QHGLW0,317QULQY &HDúFă
&HUDPLFă ILQă + FP 'P FP 'H IRUPă
1U ELWURQFRQLFăFX JkW vQDOW XúRU LQYD]DW úL PDUJLQHD
)UDJPHQW GH FDVWURQ &HUDPLFă JURVLHUă / GUHDSWă FX GRXă WRUĠL XúRU VXSUDvQăOĠDWH 'HFRU
FP O FP 3URYLQH GH OD XQ YDV GH GLPHQVLXQL vPSXQVăWXUL LQFL]LL úLU GH vPSXQVăWXUL VXE EX]ă
PDUL 6H SăVWUHD]ă SDUWHD LQIHULRDUă D XQHL WRUĠL UHJLVWUXGHWULXQJKLXULFXFkPSXOKDúXUDWvQWUHJkWúL
'HGHVXEWXO DFHVWHLD IUDJPHQWXO HVWH GHFRUDW FX OLQLD GLDPHWUXOXL PD[LP vQWUHUXSW GH ³EUăGXĠL´
PăWXULĠD&XORDUHFăUăPL]LH%LEOLRJUDILH9&DYUXF &XORDUH EUXQă FX SHWH FăUăPL]LL ,QHGLWă 0,317
*K 'XPLWURDLD vQ $QJXVWLD 3O ;; QULQY3O
0,317QULQY3O
1U
1U &HDúFă
&HDúFă &HUDPLFă ILQă + FP 'P FP 'H IRUPă
&HUDPLFă ILQă + FP 'P FP 'H IRUPă ELWURQFRQLFă FX PDUJLQHD XúRU HYD]DWă FX GRXă
ELWURQFRQLFăFXJkWXOvQDOWúLPDUJLQHDXúRUHYD]DWă WRUĠLvQEDQGăXúRUVXSUDvQăOĠDWH'HFRUUHJLVWUXGH
FX GRXă WRUĠL VXSUDvQăOĠDWH DQVD OXQDWD FX XPăUXO WULXQJKLXUL FX FkPSXO KDúXUDW SH XPăUXO YDVXOXL
ELQH PDUFDW úL IXQGXO GHWUPLQDW GH R DOYHRODUH %D]DWULQJKLXULORUEUkXGLQWUHLOLQLLLQFL]DWH&XORDUH
'HFRU UHJLVWUX FRPSXV GLQ JUXSXUL GH SDWUX OLQLL FăUăPL]L FX SHWH FDIHQLL ,QHGLWă 0,317 QU LQY
LQFL]DWH vQWUH XPăU úL OLQLD GLDPHWUXOXL PD[LP /D 3O
www.cimec.ro / www.mncr.ro
1U 1U
$PIRUHWă &HDúFăGLQQLYHOXO0RQWHRUX
&HUDPLFă JURVLHUă + FP 'P FP 'H &HUDPLFă ILQă + FP 'P FP 6HPLVIHULFă
IRUPăELWURQFRQLFăFXJkWXOvQDOWXúRULQYD]DWúLFX FX PDUJLQHD XúRU HYD]DWă úL IXQGXO PDUFDW SULQWUR
R VLQJXUă WRDUWă " WUDVă GLQ EX]ă )ăUă GHFRU DOYHRODUHDUHGRXăWRUĠLVXSUDvQăOĠDWHFXúD'HFRU
&XORDUH FDIHQLH 9 &DYUXF *K 'XPLWURDLD vQ EUkX GLQ WUHL OLQLL LQFL]DWH vQ ]RQD GH SULQGHUH D
$QJXVWLD 3O;9,,0,317 QU LQY WRUĠLORUOD SDUWHDVXSHULRDUăD WRUĠLORU GRXăJUXSXUL D
3O FkWH WUHL LQFL]LL &XORDUH EUXQă FX SHWH FăUăPL]LL
,QHGLWă0,317QULQY3O
1U
$PIRUHWă 1U
&HUDPLFăJURVLHUă+ FP'P FP'HIRUPă $PIRUă
ELWURQFRQLFă FX JkWXO vQDOW úL GRXă WRUĠL WUDVH GLQ &HUDPLFă ILQă + FP 'P FP 'H IRUPă
EX]ă)ăUăGHFRU&XORDUHFăUăPL]LHFXSHWHEUXQH ELWURQFRQLFă FX JkWXO vQDOW FX GRXă WRUĠL vQ EDQGă
9&DYUXF*K'XPLWURDLDvQ$QJXVWLD3O WUDVH GLQ EX]ă úL OLSLWH SH XPăU'HFRU UHJLVWUX GH
;9,,0,31QULQY3O WULXQJKLXUL SUHOXQJL FX FkPSXO KDúXUDW SH XPăUXO
YDVXOXLFXED]DSHXQEUkXGLQWUHLOLQLLLQFL]DWH3H
1U OLQLD GLDPHWUXOXL PD[LP SDWUX JUXSXUL D FkWH WUHL
$PIRUHWă EXWRQLÌQGUHSWXOWRUĠLORUUHJLVWUXOGHWULXQJKLXULHVWH
&HUDPLFă JURVLHUă + FP 'P FP 'H IRUPă vQWUHUXSW GH R EDQGă GH WULXQJKLXUL GLVSXVH GRXă
ELWURQFRQLFă FX JkWXO vQDOW úL FXR WRDUWă vQ EDQGă FkWH GRXă YHUWLFDO vQFDGUDWH GH LQFL]LL &XORDUH
WUDVă GLQ EX]ă úL OLSLWă SH XPăU&XORDUH FăUăPL]LH FDIHQLH %LEOLRJUDILH $O 9XOSH vQ 'DFLD 16 9
FXSHWH EUXQH)ăUăGHFRU ,QHGLWă0,317QU LQY S ILJ ,GHP vQ 0&$ 9,,, S
3O úLILJ0,317QULQY3O
1U 1U
$PIRUHWă &HDúFăGLQQLYHOXO0RQWHRUX
&HUDPLFăJURVLHUă+ FP'P FP'HIRUPă &HUDPLFăILQă+ FP'P FP6HPLVIHULFă
ELWURQFRQLFă FX JkWXO vQDOW GUHSW FX R VLQJXUă FX GRXă WRUĠL VXSUDvQăOĠDWH FX úD vQ LQWHULRUXO
WRDUWăWUDVăGLQEX]ăvQEDQGăXúRUVXSUDvQăOĠDWă YDVXOXL ± XQ SHUHWH GHVSăUĠLWRU FX XQ RULILFLX
)ăUăGHFRU&XORDUHFăUPL]LHFXSHWHEUXQHFDIHQLL DSURDSH GH ED]ă 'HFRU GH OD ED]D WRUĠLORU EUkX
9&DYUXF*K'XPLWURDLDvQ$QJXVWLD3O GLQ GRXă OLQLL LQFL]DWH &XORDUH QHDJUă FX SHWH
;9,,0,317QULQY3O FăUăPL]LL%LEOLRJUDILH$O9XOSHvQ0&$9,,,
SILJ0,317QULQY3O
1U
&HDúFă 1U
&HUDPLFă ILQă + FP 'P FP 'H IRUPă &HDúFăGLQQLYHOXO0RQWHRUX
ELWURQFRQLFă FX JkWXO XúRU HYD]DW FX GRXă WRUĠL &HUDPLFă ILQă + FP 'P FP 6HPLVIHULFă
WUDVH GLQ EX]ă XúRU VXSUDvQăOĠDWH 'HFRU UHJLVWUX FX PDUJLQHD XúRU LQYD]DWă FX GRXă WRUĠL
GH WULXQJKLXUL LQFL]DWH FX FkPSXO KDúXUDW SH VXSUDvQăOĠDWH 'HFRU EUkX GLQ SDWUX OLQLL LQFL]DWH vQ
XPăUXOYDVXOXLvQWUHUXSWGHFkWHWUHLLQFL]LLYHUWLFDOH ]RQDGHSULQGHUHDWRUĠLORULDUSHSDUWHDVXSHULRDUă
GHGHVXEWXOWRUĠLORU&XORDUHFDIHQLH,QHGLWă0,317 D DFHVWRUD JUXSXUL GH SDWUX LQFL]LL &XORDUH EUXQă
QULQY ,QHGLWă0,317QULQY3O
1U 1U
&HDúFă &HDúFăGLQQLYHOXO0RQWHRUX
&HUDPLFă ILQă + FP 'P FP 'H IRUPă &HUDPLFă ILQă + FP 'P FP 'H IRUPă
ELWURQFRQLFă FX JkWXO XúRU LQYD]DW úL GRXă WRUĠL vQ VHPLVIHULFă FX GRXă WRUĠL VXSUDvQăOĠDWH FX úD
EDQGă XúRU VXSUDvQăOĠDWH )ăUă GHFRU &XORDUH 'HFRU ± GRXă OLQLL vQ UHOLHI vQ ]RQD GH SULQGHUH D
FăUăPL]LH FX SHWH EUXQH FDIHQLL 9 &DYUXF *K WRUĠLORU &XORDUH EUXQă %LEOLRJUDILH $O 9XOSH vQ
'XPLWURDLDvQ$QJXVWLD3O;9,,0,317 'DFLD169SILJ0,317QULQY
QULQY 3O
1U 1U
3LFLRUGHOXW &HDúFăGLQQLYHOXO0RQWHRUX
+ FPO FP3LFLRUFHSURYLQHSUREDELOGH &HUDPLFăILQă+ FP'P FP6HPLVIHULFă
OD R VWDWXHWă /D ED]D VD HVWH PRGHODWă R OLQLH vQ FX PDUJLQHD XúRU HYD]DWă úLIXQGXO PDUFDW SULQWUR
UHOLHI FH SRDWH UHSUH]HQWD XQ SDSXF FX YkUIXO vQ DOYHRODUHFXGRXăWRUĠLVXSUDvQăOĠDWHFXúD'HFRU
VXV &XORDUH EUXQă FX SHWH FăUăPL]LL ,QHGLW EUkX GLQ SDWUX OLQLL LQFL]DWH vQ ]RQD GH SULQGHUH D
0,317QULQY3O WRUĠLORU &XORDUH EUXQă FX SHWH FăUăPL]LL ,QHGLWă
0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U VXSHULRDUă&XORDUHFDIHQLHFXSHWHEUXQH,QHGLWă
9DVGHRIUDQGăGLQQLYHOXO0RQWHRUX 0,317QULQY3O
&HUDPLFă ILQă + FP 'P FP *kW
WURPSHWLIRUP FRUS FX HWDM VXSHULRU RJLYDO FX FHO 1U
LQIHULRUFRQLFVHSDUDWHSULQWRUFDQHODUFXRWRDUWă 3XPQDO
WXEXODUă GHGHVXEWXO DFHVWXLD 'HFRU vQ UHOLHI %URQ]/ FP/ODPHL FPO FP3XPQDO
URPEXUL ]LJ]DJXUL EUkXUL /D ED]D JkWXOXL ± XQ FX OLPEă OD PkQHU FX QHUYXUă PHGLDQă úL XPăUXO
PLF EUkX FX DOYHROH &XORDUH FăUăPL]LH FX SHWH SURILODW3DWLQăYHUGHGHVFKLV0,317QULQY
FDIHQLL %LEOLRJUDILH $O 9XOSH vQ 'DFLD 16 9 3O
SILJ,GHP vQ0&$9,,, S
ILJ0,317QULQY3O 1U
&HDúFă
1U &HUDPLFă ILQă + FP 'P FP 'H IRUPă
&XĠLWHFXUEH ELWURQFRQLFă FX PDUJLQHD XúRU HYD]DWă FX GRXă
3LDWUă D/ FP O FP E/ FPO WRUĠL XúRU VXSUDvQăOĠDWH 7RUĠLOH vQ EDQGă DX
FP F/ FP O FP &X XUPH GH FLRSOLUH SH PDUJLQLOH ULGLFDWH 'HFRU vPSXQVăWXUL VXE EX]ă úL
PXFKLL SHQWUX WRDWH WUHL ,QHGLWH 0,317 QU LQY vQMXUXOIXQGXOXL3HXPăU±UHJLVWUXGHWULXQJKLXULFX
DEF3O FkPSXO KDúXUDW GHOLPLWDW VXSHULRU úL LQIHULRU GH
LQFL]LL3DUWHDLQIHULRDUăGHFRUDWăFXSDWUXEHQ]LGH
1U LQFL]LLvQFUXFHGLQVSUHIXQGVSUHGLDPHWUXOPD[LP
*UHXWDWH &XORDUH EUXQă FX SHWH FDIHQLL ,QHGLWă 0,317 QU
/XW+ FPO FP'HIRUPDXQXLWUXQFKLGH LQY3O
SLUDPLGă FX R SHUIRUDĠLH WUDQVYHUVDOă vQ MXPăWDWHD
6DW&RWkUJDFLFRP5RPDMXG%RWRúDQL
ÌQ MXUXO VDWXOXL &RWkUJDFL HUDX VHPQDODWH FX SULOHMXO vQWRFPLULL 5HSHUWRULXOXL
$UKHRORJLF DO -XGHĠXOXL %RWRúDQL PDL PXOWH PRYLOH JUXSDWH GHD OXQJXO GUXPXOXL
&RWkUJDFL ± 5RPD úL vQWUH &RWkUJDFL úL FăWXQXO /D %XFRYLQHQL &HL WXPXOL DX IRVW
FHUFHWDĠLSULQVăSăWXULGHVDOYDUHILLQGGHVFRSHULWHPRUPLQWHFXVFKHOHWHvQSR]LĠLH
FKLUFLWă GDWkQG GLQ SHULRDGD GH WUDQ]LĠLH OD HSRFD EURQ]XOXL úL GLQ HSRFD EURQ]XOXL
GLQWUH FDUH R DWHQĠLH GHRVHELWă PHULWă vQ FDGUXO GH IDĠă GHVFRSHULULOH GLQ 7 úL
$FHúWLGRLWXPXOLIRUPkQGXQJUXSL]RODWIDĠăGHUHVWXOQHFURSROHLFRQĠLQHDXILHFDUH
FkWHXQPRUPkQWvQJURDSăUHFWDQJXODUăFXVFKHOHWHOHFXOFDWHSHVSDWHPkLQLOHvQWLQVH
SHOkQJăFRUSúLSLFLRDUHOHFKLUFLWHSHSDUWHDGUHDSWă9DVHOHGHSXVHvQJURDSăVDXvQ
PDQWDXDWXPXOLORUVXQWDWULEXLWHGXSăGHFRUFXOWXULL.RPDURY
%LEOLRJUDILH ( 0RVFDOX 6ăSăWXULOH GH VDOYDUH GH OD &RWkUJDFL FRP 5RPD MXG
%RWRúDQLvQ+LHUDVXV9,,9,,,S
(OHQD5R[DQD0XQWHDQX
)LúăFDWDORJ
)UDJPHQWHFHUDPLFHSURYHQLQGGHODFHúWLGHFRUDWH JkWXOXL&XORDUHFDIHQLH,QHGLWH0-%7IăUăQULQY
SH XPăU FX UHJLVWUH GH WULXQJKLXUL LQFL]DWH FX 3O
FkPSXO KDúXUDW úL FX úLUXUL GH vPSXQVăWXUL OD ED]D
6DW&UDVQDOHXFDFRP&RĠXúFDMXG%RWRúDQL
ÌQXUPDFHUFHWăULORUGHVXSUDIDĠăvQWUHSULQVH SHWHULWRULXOVDWXOXL&UDVQDOHXFD D
IRVW LGHQWLILFDW OD DSUR[LPDWLY NP 969 GH PDUJLQHD VDWXOXL vQ SXQFWXO 'HDOXO
&RúHULLXQWXPXO&HUFHWDUHDSULQVRQGDMHD]RQHLGLQDSURSLHUHDWXPXOXOXLOD6(GH
DFHVWD D GXV OD GHVFRSHULUHD XQHL QHFURSROH GLQ HSRFD EURQ]XOXL GLQ FDUH DX IRVW
www.cimec.ro / www.mncr.ro
FHUFHWDWH SkQă vQ SUH]HQW GRDU SDWUX PRUPLQWH GH LQKXPDĠLH FX VFKHOHWHOH GHSXVH vQ
SR]LĠLHFKLUFLWă9DVXOGLQPRUPkQWXORFHDúFăOXFUDWăGLQWURSDVWăDYkQGVLOH[vQ
FRPSR]LĠLHGHFRUDWăFXWULXQJKLXULFXFkPSXOKDúXUDW±vPSUHXQăFXYDVHOHGLQ0
FX R SDVWă DVHPăQăWRDUH DX SHUPLV vQFDGUDUHD QHFURSROHL vQ EURQ]XO PLMORFLX
FXOWXUD.RPDURY
3HWHULWRUXOVDWXOXL±VLWXDWvQWUXQFRWIRUPDWGH3UXW±DXPDLIRVWVHPQDODWHúL
DOWHGHVFRSHULULGLQHSRFDEURQ]XOXLDSDUĠLQkQGvQSULQFLSDOFXOWXULL1RXD
%LEOLRJUDILH / 'DVFăOX ) %XUWăQHVFX &UDVQDOHXFD MXG %RWRúDQL vQ &&$
%XFXUHúWLS
(OHQD5R[DQD0XQWHDQX
)LúHFDWDORJ
1U 1U
&HDúFă 9DVVDF
&HUDPLFă JURVLHUă + FP 'P FP 'H &HUDPLFă JURVLHUă + FP 'P FP 9DVVDF
IRUPă ELWURQFRQLFă FX GRXă WRUĠL vQ EDQGă XúRU GH GLPHQVLXQL PLFL GHFRUDW FX XQ EUkX VLPSOX vQ
VXSUDvQăOĠDWH GHFRUDWă SH JkW FX EHQ]L LQFL]DWH úL UHOLHI OD ED]D JkWXOXL 3DVWD FRQĠLQH PXOW VLOH[
FX XQ úLU GH WULXQJKLXUL LQFL]DWH SH XPăU 3DVWD &XORDUH FDIHQLH FX SHWH EUXQH FX XUPH GH OXFLX
FRQĠLQH PXOW VLOH[ &XORDUH FDIHQLH %LEOLRJUDILH / %LEOLRJUDILH / 'DVFăOX ) %XUWăQHVFX vQ &&$
'DVFăOX)%XUWăQHVFXvQ&&$S0-%7 S0-%7IăUăQULQY3O
IăUăQULQY3O
6DW/XQFDFRP9kQăWRUL1HDPĠMXG1HDPĠ
6WDĠLXQHDDUKHRORJLFăGLQ3RLDQD6ODWLQHL3OIDFHSDUWHGLQFDWHJRULDFHORUPDL
YDORURDVHGHVFRSHULULFDUHDXDYXWORFODHVWGH&DUSDĠLvQXOWLPHOHGHFHQLLÌPSUHXQăFX
VWDĠLXQHD 2JOLQ]L&HWăĠXLDGLQLPHGLDWD DSURSLHUHSUH]LQWăRLPSRUWDQĠă DSDUWHSHQWUX
VWXGLHUHDSUHLVWRULHLMXPăWăĠLLGHQRUGD0ROGRYHL6ăSăWXULOHVLVWHPDWLFHHIHFWXDWHGXSă
vQGHSXQHULOHGDWRUDWHFRPXQLWăĠLORUQHRHQHROLWLFHúLDOHHSRFLLEURQ]XOXLFDUHDX
H[SORDWDWLQWHQVL]YRDUHOHGHDSăVăUDWăDWkWSHQWUXFRQVXPXOSURSULXFkWúLDOWULEXULORU
DIODWHODGLVWDQĠăDXVFRVODLYHDOăXQPDWHULDODUKHRORJLFGHPDUHLQWHUHVúWLLQĠLILF
7UHEXLH UHPDUFDW Fă L]YRDUHOH GH DSă VăUDWă GH SH YHUVDQWXO HVWLF DO &XOPLL
3OHúXOXLUHVSHFWLY&RUXJHD%ăLOH2JOLQ]L6OăWLRU3RLDQD6ODWLQHL6ăUăWXULúL3RLDQD
VH DIOă SH ]RQD GH DIORULPHQW D VăULL DFYLWDQLHQH OD FRQWDFWXO GLQWUH PLRFHQXO XQLWăĠLL
SHULFDUSDWLFHúLGHSR]LWHOHVDUPDĠLHQHDOHSODWIRUPHLPROGRYHQHúWL0DLH[DFWHOHSXQvQ
HYLGHQĠă]ăFăPkQWXOGHVDUHGHOD2JOLQ]LFXRJURVLPHGHFFDPúLOXQJLPHDGH
FFDNPvPSUHMXUXOFăUXLDVHJăVHVFXQQXPăUGHSHVWHGHDúH]ăULVWUăYHFKL
D6SHFLILFXOGHSXQHULORUGLQVWDĠLXQHD3RLDQD6ODWLQHL
6WDĠLXQHD/XQFD3RLDQD6ODWLQHLFDUHFRQVWLWXLHXQXOGLQFHOHPDLEXQHH[HPSOH
vQDFHVWVHQVVHDIOăVLWXDWăOkQJăFHOPDLDEXQGHQWL]YRUGHVODWLQăGHSHYHUVDQWXOHVWLF
DO&XOPLL3OHúXOXL3O$IODWODRDOWLWXGLQHGHDSUR[PIDĠăGHQLYHOXOPăULLúLFX
R VXSUDIDĠă GH PD[ KD VLWXO GH OD /XQFD SUH]LQWă WUHL ]RQH GLVWLQFWH GDU OD IHO GH
LPSRUWDQWH FX SDUWLFXODULWăĠL FH ĠLQ GH DSDUWHQHQĠD FXOWXUDOă VXFFHVLXQHD VWDUHD GH
FRQVHUYDUHúLGLVSXQHUHDvQSODQDGHSXQHULORU
=RQD$3OFDUHFRQVWLWXLHVHFWRUXOFHOPDLLPSRUWDQWDOVWDĠLXQLLSULYLWGLQ
www.cimec.ro / www.mncr.ro
SXQFW GH YHGHUH DO PDWHULDOHORU FDUH IDF RELHFWXO DFHVWXL FDWDORJ VH JăVHúWH vQ
DSURSLHUHD LPHGLDWă D IkQWkQLL GH VODWLQă 'H IRUPD XQHL PRYLOH DOXQJLWH FX
GLPHQVLXQLOHGHDSUR[POXQJLPHPOăĠLPHúLPvQăOĠLPHDFHDVWă]RQăHVWH
GHVSăUĠLWă GH SăGXUHD GLQ SDUWHD QRUGLFă D SRLHQLL GH XQ WHUHQ POăúWLQRV vQ DQLL FX
SUHFLSLWDĠLL ERJDWH vQ FDUH VDX DGXQDW DOXYLXQLOH DGXVH GH XQ WRUHQW SkUkLDú FDUH
FRQVWLWXLHSUDFWLFREkUúLDSkUkXOXL6DVFD'HIkQWkQDGHVODWLQăFDUHVHJăVHúWHODVXG
HVWH GHVSăUĠLWă GH XQ úDQĠ QDWXUDO GHVWXO GH DGkQF SH IXQGXO FăUXLD VH VFXUJH DSD
UH]XOWDWăGLQL]YRUXOGHVODWLQăDWXQFLFkQGQXHVWHIRORVLWFDUHGHYHUVHD]ăvQ6DVFDÌQ
FHOHúDVHFDPSDQLLGHVăSăWXULVLVWHPDWLFHHIHFWXDWHFDUHDXDYXWvQRELHFWLYDFHVWVLW
VDX HYLGHQĠLDW GHSXQHUL FRQVLVWHQWH DSDUĠLQkQG FXOWXULORU 6WDUþHYR&ULú 3UHFXFXWHQL
&RVWLúD.RPDURY 1RXD úL HSRFLL +DOOVWDWW DOăWXUL GH FDUH VH DIODX UHVWXUL VSRUDGLFH
OLQLDU FHUDPLFH &XFXWHQL GLQ SHULRDGD GH WUDQ]LĠLH FXOWXULOH FDUSLFă úL 6kQWDQD GH
0XUHúVHF99,,;;,,úL;9,;9,,
'HSXQHUHD 6WDUþHYR&ULú 3O GLQ ]RQD $ FRQVWLWXLH vPSUHXQă FX FHD GLQ
HSRFD EURQ]XOXL 3O FHD PDL LQWHUHVDQWă GHVFRSHULUH SULQ FDUDFWHUXO VăX ILLQG
XQLFăSHQWUX5RPkQLD
ÌQ FăXWDUHD VăULL GH FDUH DYHDX QHYRLH R SDUWH GLQ FRPXQLWăĠLOH 6WDUþHYR&ULú
GLQ YHFLQăWDWH DX DMXQV FăWUH VIkUúLWXO ID]HL ,,, % úL vQ 3RLDQD 6ODWLQHL XQGH VDX
DúH]DWvQSULQFLSDOSHRULGLFăWXUăQDWXUDOăGHWHUHQGLQDSURSLHUHDL]YRUXOXLGHVODWLQă
úLVDXRFXSDWFXREĠLQHUHDVăULLIRORVLQGSURFHGHXOILHEHULLDFHVWHLD
$úD VDX SHWUHFXW OXFUXULOH úL vQ WLPSXO FXOWXULL 3UHFXFXWHQL GXSă FXP
GHPRQVWUHD]ă DSUHFLDELOD GHSXQHUH FH VH JăVHúWH VSUH FDSăWXO HVWLF DO GHSR]LWXOXL
DUKHRORJLF
'HODVIkUúLWXOID]HL3UHFXFXWHQL,,úLSkQăODILQDOXOEURQ]XOXLWLPSXULXvQ]RQD
$ D VWDĠLXQLL GH OD /XQFD QX VXQW GRFXPHQWDWH GHFkW SXĠLQH IUDJPHQWH FHUDPLFH
3UHFXFXWHQL,,,úL&XFXWHQL
'HSXQHUHDFRUHVSXQ]ăWRDUHHSRFLLEURQ]XOXLGHSHFDSăWXOPRYLOHLGLQ]RQD$D
RFXSDWRVXSUDIDĠăGHWHUHQFXGLPHQVLXQLOHGHDSUR[PODED]ăFDUHFXWLPSXO
VD UHVWUkQV vQ SDUWHD VXSHULRDUă 'DWRULWă OLPLWHORU vQWLQVH DOH SRUĠLXQLL GH WHUHQ úL FD
XUPDUHDIRORVLULLLQWHQVHDDFHVWXLSXQFWvQFDUHSHOkQJăUHVWXULOHDSUHFLDELOHGHFHQXúă
FăUEXQLDUVXUăúLFHUDPLFăVDXDGăXJDWYHWUHOHGHSLDWUăVDXXQHOHQLYHOăULVDXUHIDFHUL
DOHLQVWDODĠLLORUGHIRFIRORVLWHSHQWUXUHGXFHUHDVODWLQHLSkQăODVWDGLXOGHKXVFăVDXVDUH
VROLGăVDDFXPXODWRGHSXQHUHDQWURSLFăFHGHSăúHúWHvQXQHOHORFXULGRLPHWULJURVLPH
6RQGDMXOHIHFWXDWvQ]RQD%DSHUPLVvQUHJLVWUDUHDXUPăWRDUHLVLWXDĠLLVWUDWLJUDILFH
vQWUH±úL±PDGkQFLPHVHDIODXQFRQVLVWHQWQLYHO6WDUþHYR&ULú
vQWUH±úL±PDGkQFLPHVHJăVHDXPDWHULDOHSUHFXFXWHQLHQHúLDOHFXOWXULL
FHUDPLFLLOLQLDUH
vQWUHDSUR[±úL±PDGkQFLPHVDXJăVLWPDWHULDOH3UHFXFXWHQL,,,
GH OD FFD ± P úL SkQă OD DSUR[ ± P R GHSXQHUH HQHROLWLFă vQ FDUH VDX
GLVWLQVWRDWHFHOHWUHLID]HGHHYROXĠLHDFXOWXULL&XFXWHQL
vQ QLYHOXO VLWXDW vQWUH ± P DGkQFLPH VDX JăVLW PDWHULDOH GLQ HSRFD
EURQ]XOXLúLHSRFDILHUXOXL
ÌQFHHDFHSULYHúWH]RQD&SkQăvQSUH]HQWVDGRFXPHQWDWRGHSXQHUHGH
PJURVLPHFRQĠLQkQGPDLPXOWHQLYHOXULFDUHDSDUĠLQSULPHLID]HD/D7pQHXOXLJHWR
GDFLF
www.cimec.ro / www.mncr.ro
&XQRVFXWă úL ORFXLWă GH FăWUH R SDUWH GLQ FRPXQLWăĠLOH FDUH VDX RFXSDW vQ
SUHLVWRULHGHH[SORDWDUHDL]YRUXOXLGLQ3RLDQD6ODWLQHL&HWăĠXLDGLQDSURSLHUH3O
VLWXDWă OD DSUR[ NP QRUG SH WHULWRULXO VDWXOXL 2JOLQ]L XUPD Vă DLEă SUREDELO XQ
LPSRUWDQWUROGHIHQVLYvQHSRFDEURQ]XOXL&HOSXĠLQDúDGHPRQVWUHD]ăúDQĠXOGHDSăUDUH
FDUH HVWH XOWHULRU ORFXLULORU QHRHQHROLWLFH GDWDW SH ED]D XQRU IUDJPHQWH FHUDPLFH vQ
EURQ]XO PLMORFLX GDU FDUH QX D PDL SURWHMDW SH FHL FDUH ODX FRQVWUXLW GLQ PRWLYH
QHFXQRVFXWH)RORVLQGXVHGHFRQILJXUDĠLDWHUHQXOXLFRPXQLWăĠLOHFDUHDXHIHFWXDWDFHVW
úDQĠSHODWXUDGHVXGD&HWăĠXLLGHSHFDUHSXWHDXILVXSUDYHJKHDWHL]YRDUHOHGHVODWLQăúL
WHUHQXULOH GLQ ]RQă VDX FDUH SXWHD IL IRORVLWă FD ORF GH UHIXJLX VDX úHGHUH PDL
vQGHOXQJDWă QX DX IăFXW GHFkW Vă VDSH R SRUĠLXQH GH WHUHQ GH FLUFD P OăĠLPH vQ
VSDĠLXOFDUHIăFHDWUHFHUHDvQWUHWHUHQXODSUR[LPDWLYSODQúLSURPRQWRULXOQDWXUDO
E6WUDWLJUDILDGHSXQHULLGLQHSRFDEURQ]XOXL
'HSR]LWXODUKHRORJLFVLWXDWvQFDSăWXOPRYLOHLDQWURSLFHGLQ]RQD$VHGLVWLQJH
SULQWURVWUDWLJUDILHGHRVHELWăvQFDUHSRWILHYLGHQĠLDWHSDWUXGHSXQHULSULQFLSDOHGLQ
FDUHWUHLVXQWVSHFLILFHHSRFLLEURQ]XOXLSO
'HDVXSUD SăPkQWXOXL JDOEHQ VWHULO GLQ SXQFW GH YHGHUH DUKHRORJLF VLWXDW OD R
DGkQFLPH GH FFD P IDĠă GH FHO PDL vQDOW SXQFW DO QLYHOXOXL GH FăOFDUH DFWXDO VH
JăVHúWHXQVWUDWIRDUWHVXEĠLUHGHSăPkQWFHQXúLXEUXQFHFRQĠLQHIUDJPHQWHFHUDPLFH
L]RODWH6WDUþHYR&ULúúL3UHFXFXWHQL,,
3ULPDGHSXQHUHSURSULX]LVăGH FLUFDP JURVLPH DUH FXORDUH FHQXúLHURúFDWă
6HSDUHFăQXPHURDVHOHúLFRQVLVWHQWHOHSkQ]HGHDUVXUăURúLHFDUHVHvQWLQGSHVXSUDIHĠH
GHFkĠLYDPHWULFHQXúDúLFăUEXQHOHVXQWFHOHFDUHDXLQIOXHQĠDWFXORDUHDGHSXQHULLGHúL
QX HVWHOLSVLWGHLPSRUWDQĠăIDSWXOFăQXPHURDVHOHIUDJPHQWH FHUDPLFH VXQWGHFXORDUH
URúLDWLFă &HUDPLFD UHFROWDWă vQ DFHVW QLYHO vQ PDUH SDUWH vQ DSURSLHUHD VWUDWXULORU GH
DUVXUăúLFHQXúă±UăPăúLĠHDOHXQRUYHWUHIăUăVWUXFWXULELQHGHILQLWH±SRDWHILGDWDWăvQ
ID]D.RPDURY,,FHOHPDLDSURSLDWHDQDORJLLH[LVWkQGOD0LKRYHQLúL&RUOăWHQL
'HSXQHUHD XUPăWRDUH FX R JURVLPH YDULDELOă VLWXDWă vQWUH P VD
UHPDUFDW SULQ FXORDUHD FHQXúLXURúLDWLFă D GHSR]LWXOXL DUKHRORJLF SULQ IUDJPHQWHOH
FHUDPLFH GHFRUDWH FX WULXQJKLXUL KDúXUDWH úL QDWXUD GHJUHVDQWXOXL 'HúL QX VH SRDWH
YRUEL GH H[LVWHQĠD XQRU YHWUH SURSULX]LVH VH UHPDUFă UHVWXULOH XQRU UXJXUL GHVFKLVH
SXVHvQHYLGHQĠăGHSRUĠLXQLGHSăPkQWDUVODQHJUXúLDUVXUăURúLHDYkQGvQSUHDMPă
IUDJPHQWHFHUDPLFH 3ULQWLSRORJLDFHUDPLFLLQLYHOXO,, GHOD /XQFDSRDWHILDWULEXLW
GXSăSăUHUHDQRDVWUăXQHLHWDSHPDLWkU]LLDID]HL.RPDURY,,
3HVWHDFHDVWăGHSXQHUHVHDIODXQVWUDWDSUR[LPDWLYXQLIRUPFXJURVLPHDvQWUH
PGHDVSHFWFHQXúRVFDUHFRQĠLQHDHOHPHQWHFHUDPLFHGHIDFWXUă.RPDURY
,,,1RXDÌQVSHFLDOvQ]RQDFHQWUDOăVDXJăVLWQXPHURDVHSLHWUHSODWHGHUkXSXVH
XQDOkQJăDOWDJUXSDWHvQWUHL]RQHGLVWLQFWHFXVXSUDIHĠHOHGHSHVWHPFRQVLGHUDWH
GHQRLFDYHWUH3HYHWUHGDUúLvPSUHMXUXOORUVHDIODXFDQWLWăĠLPDULGHFHQXúăDUVXUă
URúLH úL FăUEXQH FDUH XQHRUL HUDX GHRVHELW GH FRPSDFWH DVHPăQăWRDUH XQRU OLSLWXUL
/kQJă SULPD YDWUă VD JăVLW R JURDSă FX GLDPHWUXO GH FFD P úL DGkQFLPHD GH
DSUR[PFăSWXúLWăFXDUJLOăJDOEHQăSOLQăFXIUDJPHQWHFHUDPLFH1RXD$OGRLOHD
FRPSOH[9FXGLDPHWUXOGHDSUR[±PHUDPXOWPDLFRPSDFWúLvQMXUXO
VăXVDXREVHUYDWFKLDUUHVWXULOHXQXLVWUDWGHOLSLWXUăDUVăODURúX6HSDUHFăDFHDVWă
www.cimec.ro / www.mncr.ro
YDWUăDIRVWIRORVLWăLQWHQVPDLPXOWăYUHPHIDSWGRYHGLWGHPDUHDFDQWLWDWHGHFHQXúă
úL FHUDPLFă GLQ MXU 9DWUD DVHPăQăWRDUH FHORUODOWH GRXă D IXQFĠLRQDW DQWHULRU ÌQ
SUHDMPDVDVDXJăVLWRFDQWLWDWHDSUHFLDELOăGHFHQXúăúLIUDJPHQWHFHUDPLFH
5HPDUFDELOFăQLFLvQDFHDVWăGHSXQHUHQXVDXJăVLWDOWHFDWHJRULLGHPDWHULDOH
VSHFLILFHXQHLDúH]ăULRELúQXLWHFHHDFHGRYHGHúWHFăvQ3RLDQDGHOD/XQFDDIRVWXQ
SXQFWGHH[SORDWDUHDVODWLQHLúLQXRORFXLUHSURSULX]LVă
ÌQ VIkUúLW GHSXQHUHD FDUH VXSUDSXQHD QLYHOXULOH FRUHVSXQ]ăWRDUH HSRFLL
EURQ]XOXL GH FXORDUH FHQXúLHQHDJUă úL FX R JURVLPH YDULDELOă vQWUH P
FRQĠLQHDIUDJPHQWHFHUDPLFHWLS&RUOăWHQLúL&DQOLDÌQDFHVWQLYHODIRVWREVHUYDWăR
JURDSăKDOOVWDWWLDQă
6ROXO YHJHWDO DFWXDO FHQXúLXQHJUX FRQĠLQH IUDJPHQWH FHUDPLFH GLQ HSRFD
ILHUXOXLúLGLQVHF;;,,
&HUDPLFD GLQ QLYHOXO ,, GH OD /XQFD vQGHRVHEL YDVHOH GH GLPHQVLXQL PHGLL FX
GRXăWRUĠLFXWULXQJKLXULXPSOXWHFXOLQLLLQFL]DWHúLFXSXQFWHWULXQJKLXULUHDOL]DWHGLQ
vPSXQVăWXUL VXFFHVVLYH WULXQJKLXUL FX YkUIXO vQ VXV VDX URPEXUL GHOLPLWDWH GH EX]D
YDVXOXL SULQ OLQLL FRQWLQXH VDX SXQFWH LQFL]DWH DUH OHJăWXUL HYLGHQWH FX GHVFRSHULULOH
GLQDULD.RPDURYILLQGWRWXúLOHJDWHúLGHGHVFRSHULUHDGHOD&RVWLúD
%LEOLRJUDILH*K'XPLWURDLD/DVWDWLRQDUFKHRORJLTXHGH/XQFD3RLDQD6ODWLQLLvQ/D
FLYLOLVDWLRQ GH&XFXWHQL HQFRQWH[WHHXURSpHQ,DúLS ,GHP 'HSXQHULOH QHR
HQHROLWLFHGHOD/XQFDúL2JOLQ]LMXG1HDPĠvQ0HP$QWLT;,;S0$OH[LDQX
*K'XPLWURDLD'0RQDK([SORDWDUHDVXUVHORUGHDSăVăUDWăGLQ0ROGRYDRDERUGDUHHWQR
DUKHRORJLFăvQ7';,,S*K'XPLWURDLD&RPXQLWăĠLSUHLVWRULFHGLQ QRUG
HVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQăvQEURQ]XOPLMORFLX3LDWUD1HDPĠS
ILJ
*KHRUJKH'XPLWURDLD
)LúHFDWDORJ
1U 1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV GH PDUL )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
GLPHQVLXQLSUREDELORDPIRUăGHFRUDWăSHXPăUFX VXSHULRDUăDXQXLYDVERUFDQFXEX]DXúRUHYD]DWă
XQ ³RPHJD´ vQ UHOLHI &XORDUH FDIHQLH / FP GHFRUDW LPHGLDW GHGHVXEWXO DFHVWHLD FX úLUXUL GH
O FP,QHGLW0,317QULQY3O vPSXQVăWXUL PDUL WULXQJKLXODUH úL FX OLQLL UHDOL]DWH
SULQ vPSXQVăWXUL VXFFHVLYH &XORDUH FDIHQLH OD
1U H[WHULRU EUXQ OD LQWHULRU / FP O FP ,QHGLW
)UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV 0,317QULQY3O
ELWURQFRQLF GH GLPHQVLXQLPDUL FX JkWXO vQDOW XúRU
HYD]DW úL EX]D vQJURúDWă WHúLWă 3H JkW SUH]LQWă R 1U
PLFă WRDUWă vQ EDQGă GH OD ED]D FăUHLD SOHDFă XQ )UDJPHQW SURYHQLQG GH OD SDUWHD LQIHULRDUă D XQHL
PLF EUkX vQ UHOLHI &XORDUH FDIHQLH OD H[WHULRU WRUĠL vQ EDQGă GHFRUDWă FX GRXă úLUXUL GH ³EUăGXĠL´
EUXQQHJUX OD LQWHULRU FX OXFLX / FP O FP SHPDUJLQLOHVXSUDIHĠHLH[WHULRDUH&XORDUHFDIHQLH
'J FP,QHGLW0,317QULQY / FP O FP ,QHGLW 0,317 QU LQY 3O
1U
)UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDVXSHULRDUăD 1U
XQXL YDV ERUFDQ GH GLPHQVLXQL UHODWLY PDUL 'J )UDJPHQWFHUDPLFSURYHQLQGGHODJkWXOWURQFRQLFDO
FPFXJkWXOXúRUHYD]DWúLEX]DvQJURúDWăWHúLWăFX XQXL YDV GH GLPHQVLXQL PHGLL GHFRUDW VXE EX]ă úL
R IDĠHWă VXSHULDRUă REOLFă 3H JkWXO YDVXOXL D IRVW OD ED]D JkWXOXL FX úLUXUL GH vPSXQVăWXUL úL FX XQ
H[HFXWDWXQUHJLVWUXGHLQFL]LLRUL]RQWDOHODWHvQWUHUXSW UHJLVWUX GH WULXQJKLXUL LQFL]DWH FX FkPSXO KDúXUDW
GH XQ ³EUăGXĠ´ YHUWLFDO FXORDUH FDIHQLH OD H[WHULRU
&XORDUHFDIHQLH/ FPO FP,QHGLW0,317QU
EUXQQHJUX OD LQWHULRU / FP O FP ,QHGLW
LQY3O
0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U VHFXQGDUă / FP O FP %LEOLRJUDILH *K
)UDJPHQWFHUDPLFSURYHQLQGGHSHXPăUXOXQXLYDV 'XPLWURDLD&RPXQLWăĠLILJ0,317
JOREXODU GHFRUDW FX XQ UHJLVWUX GH WULXQJKLXUL
LQFL]DWHFXFkPSXOKDúXUDWWULXQJKLXULOHvúLDXED]D 1U
SHROLQLHLQFL]DWăúLSHXQúLUGHvPSXQVăWXULREOLFH )UDJPHQW FHUDPLF SURYHQLQG GLQ EXUWD XQXL YDV
&XORDUH EUXQă FX OXFLX / FP O FP ,QHGLW ELWURQFRQLFSUREDELOFDVWURQSUH]HQWkQGvQSXQFWXO
0,317QULQY3O PD[LPDOFXUEXULLRWRDUWăRUL]RQWDOăGHDVXSUDWRUĠLL
VH REVHUYă R SRUĠLXQH GLQWUXQ ]LJ]DJ UHDOL]DW SULQ
1U vPSXQVăWXUL VXFFHVLYH &XORDUH FDIHQLH / FP
)UDJPHQWFHUDPLFSURYHQLQGGHODEX]DXQXL O FP,QHGLW0,317QULQY3O
YDVERUFDQSUHYă]XWFXRDSXFăWRDUHRUL]RQWDOăFX
GRXă SHUIRUDĠLL 'LQ GUHSWXO DSXFăWRULL SRUQHúWH XQ 1U
PLFEUkXvQUHOLHI&XORDUHFDIHQLHODH[WHULRUEUXQă )UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D vQJURúDWă
OD LQWHULRU / FP O FP %LEOLRJUDILH *K UăVIUkQWăDXQXLYDVERUFDQ)DĠHWDVXSHULRDUăHVWH
'XPLWURDLD&RPXQLWăĠL«ILJ0,317QULQY GHFRUDWă FX LQFL]LL VFXUWH 3H JkWXO YDVXOXL VH
3O REVHUYă R DOWă OLQLH LQFL]DWă &XORDUH FDIHQLH /
FPO FP,QHGLW0,317QULQY3O
1U
)UDJPHQWFHUDPLFSURYHQLQGGHSHXPăUXOXQXLYDV 1U
ELWURQFRQLFJOREXODU"GHGLPHQVLXQLPHGLLGHFRUDW )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
FX GRL PLFL EXWRQL úL FX XQ PRWLY vQ ³RPHJD´ GH VXSHULRDUăDXQHLFHúWLVHPLVIHULFHFXJkWXOvQDOWúL
DVHPHQHD vQ UHOLHI &XORDUH FDIHQLH / FP O PDUJLQHDXúRUHYD]DWă,PHGLDWVXEEX]DYDVXOXLúL
FP,QHGLW0,317QULQY3O OD ED]D JăWXOXL D IRVW UHDOL]DW FkWH XQ úLU GH
LPSUHVLXQL REOLFH GXSă FDUH SH XPăUXO YDVXOXL D
1U IRVW H[HFXWDW SULQ LQFL]LH DGkQFă XQ UHJLVWUX GH
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO XQXL YDV WULXQJKLXUL DYkQG FkPSXO XPSOXW FX OLQLL FDUH
ELWURQFRQLF SUHYă]XW FX R DSXFăWRDUH RUL]RQWDOă FRQYHUJVSUHYkUI&XORDUHFDIHQLH/ FPO FP
VWUăSXQVă GH GRXăSHUIRUDĠLL'LQGUHSWXODSXFăWRULL ,QHGLW0,317QULQY3O
SRUQHúWHXQEUăXIRUPDWGLQGRXăOLQLLGHLPSUHVLXQL
&XORDUH FDIHQLH FX SHWH EUXQH / FP O FP 1U
%LEOLRJUDILH*K'XPLWURDLD&RPXQLWăĠLILJ )UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D XQXL YDV
0,317QULQY3O ERUFDQ XúRU HYD]DWă vQJURúDWă FX R IDĠHWă ODWă OD
SDUWHD VXSHULRDUă GHFRUDWă FX GRXă OLQLL LQFL]DWH
1U &XORDUHFDIHQLHODH[WHULRUQHDJUăODLQWHULRU/
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO XQXL YDV FPO FP,QHGLW0,317QULQY3O
ERUFDQGHFRUDWFXXQEUkXVLPSOXvQUHOLHIGHGHVXEWXO
FăUXLDVH REVHUYă úLUXULGHvPSXQVăWXULSUHOXQJLúL GH 1U
OLQLL LQFL]DWH &XORDUH FDIHQLH / FP O FP )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
,QHGLW0,317QULQY3O VXSHULRDUăDXQXLYDVERUFDQFXEX]DHYD]DWăXúRU
vQJURúDWă OD H[WHULRU ,PHGLDW VXE EX]ă D IRVW
1U UHDOL]DWXQGHFRUGLQOLQLLLQFL]DWHEUkXFRPSXVGLQ
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD GRXă OLQLL FX LQWHUVSDĠLXO XPSOXW FX PLFL LQFL]LL
VXSHULRDUă D XQXL YDV ERUFDQ FX EX]D GUHDSWă /D REOLFH GHGHVXEWXO FăUXLD XUPHD]ă XQ UHJLVWUX GH
FkĠLYD FHQWLPHWULGHGHVXEWXO EX]HL DIRVWDSOLFDWă R DUFDGH &XORDUH FDIHQLH FX SHWH EUXQH / FP
DSXFăWRDUHRUL]RQWDOăFXGRXăSHUIRUDĠLLLDUvQMXUXO O FP,QHGLW0,317QULQY3O
DFHVWHLD D IRVW UHDOL]DW XQ GHFRU GLQ OLQLL LQFL]DWH
RUL]RQWDOH&XORDUHFDIHQLH/ FPO FP,QHGLW 1U
0,317QULQY3O )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
VXSHULRDUăDXQXLYDVERUFDQFXJkWXOXúRUHYD]DW
1U úLPDUJLQHDvQJURúDWăUăVIUkQWă*kWXOYDVXOXLHVWH
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO HYD]DW DO GHFRUDWFXXQUHJLVWUXGHOLQLLLQFL]DWHvQWUHUXSWHGH
XQXLYDVGHGLPHQVLXQLPHGLLFXPDUJLQHDIDĠHWDWă R FUHDVWă EUkXYHUWLFDO DSOLFDW &XORDUH FDIHQLH OD
3H EX]ă úL OD ED]D JkWXOXL VH REVHUYD XUPD XQHL H[WHULRU EUXQăFHQXúLH OD LQWHULRU / FP O
WRUĠL vQ EDQGă UXSWă GLQ YHFKLPH 'HFRU úLUXUL GH FP,QHGLW0,317QULQY3O
vPSXQVăWXULVXFFHVLYHLPHGLDWVXEEX]ăDOWHUQkQG
FXXQúLUGH vPSXQVăWXULVLPSOHúLOD ED]D JkWXOXL 1U
/D SDUWHD VXSHULRDUă D EX]HL DFHODúL WLS GH GHFRU )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
vPSXQVăWXUL VXFFHVLYH vQ ]LJ]DJ 7RDUWD D IRVW VXSHULRDUă D XQXL YDV ERUFDQ GH GLPHQVLXQL PDUL
GHFRUDWă vQ DFHHDúL PDQLHUă FX vPSXQVăWXUL 'J FPFXPDUJLQHDXúRUHYD]DWăGHFRUDWSH
VXFFHVLYH &XORDUH FDIHQLH / FP O FP JkW FX GRXă EUăXUL VLPSOH WUDVH GLQ SDVWD YDVXOXL
,QHGLW0,317QULQY3O &XORDUHEUXQă/ FPO FP,QHGLW0,317
'LQ DFHODúL YDV VH PDL SăVWUHD]ă XQ IUDJPHQW GH QULQY3O
EX]ă SUH]HQWkQG R SDWă FăUăPL]LH GH OD DUGHUHD
www.cimec.ro / www.mncr.ro
1U VH REVHUYă XQ GHFRU IRUPDW GLQWUXQ úLU GH
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD vPSXQVăWXUL URWXQGH úL GLQ OLQLL LQFL]DWH LQFL]LL ODWH
VXSHULRDUă D XQXL YDV JOREXODU FX EX]D GUHDSWă SXĠLQDGkQFL&XORDUHFDIHQLHFXSHWHQHJUH/
IDĠHWDWăREOLFODH[WHULRUúLFXXPăUXOGHFRUDWFXXQ FPO FP,QHGLW0,317QULQY3O
UHJLVWUX GH OLQLL LQFL]DWH VDX UHDOL]DWH SULQ
vPSXQVăWXULVXFFHVLYHFXVSDĠLXOGLQWUHOLQLL XPSOXW 1U
FX FUHVWăWXUL REOLFH &XORDUHD FDIHQLH OD H[WHULRU )UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV ERUFDQ
QHDJUăODLQWHULRUFXOXFLX/ FPO FP'J GH GLPHQVLXQL PHGLL FX SHUHĠLL ERPEDĠL úL JkWXO
FP,QHGLW0,317QULQY3O GUHSW FX R PLFă WRUWLĠă vQ EDQGă VLWXDWă SH JkWXO
YDVXOXL )ăUă GHFRU 'H FXORDUH FDIHQLH 'P
1U FP,QHGLW0,317QULQY3O
'RXă IUDJPHQWH FHUDPLFH SURYHQLQG SUREDELO GH OD
GRXă FHúWL GHFRUDWH FX LQFL]LL FH DFRSHUă WRDWă 1U
VXSUDIDĠD H[WHULRDUă WULXQJKLXUL FX FkPSXO XPSOXW FX )UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL
OLQLL LQFL]DWH RUL]RQWDOH VSDĠLXO GLQWUH WULXQJKLXUL ILLQG FHúWL GH GLPHQVLXQL PDUL 6H SăVWUHD]ă R SRUĠLXQH
RFXSDWGHDOWHOLQLLREOLFHDSUR[LPDWLYSDUDOHOHFXXQD GLQ EX]ă úL SDUWHD VXSHULRDUă D XQHL WRUĠL vQ EDQGă
GLQODWXULOHWULXQJKLXULORU;FP; VXSUDvQăOĠDWă FX PDUJLQLOH ULGLFDWH XúRU 'HFRUXO
FP,QHGLWH0,317QULQY3O HVWHUHDOL]DWSULQvPSXQVăWXULúLLQFL]LL±OLQLLLQFL]DWH
YHUWLFDOHúLRUL]RQWDOHFHOHRUL]RQWDOHFXLQWHUVSDĠLXO
1U XPSOXW FX vPSXQVăWXUL vPSXQVăWXUL SH EX]ă
)UDJPHQWGHWRDUWăvQEDQGăGHFRUDWăVSUHPDUJLQL &XORDUH FDIHQLH OD H[WHULRU FX SHWH EUXQH úL
FX LQFL]LL ORQJLWXGLQDOH úL úLUXUL GH vPSXQVăWXUL URúLDWLFH DUGHUH VHFXQGDUă / FP O FP
&XORDUHFăUăPL]LHFXSHWHFDIHQLL/ FPO FP ,QHGLW0,317QULQY3O
,QHGLW0,317QULQY3O
1U
1U )UDJPHQWSURYHQLQGGHODPDUJLQHDHYD]DWăDXQXL
)UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D vQJURúDWă YDV FX EX]D ODWă IDĠHWDWă /D H[WHULRU GHFRU
WHúLWăDXQXLYDVERUFDQVDXFDVWURQGHGLPHQVLXQL FRPSXV GLQ GRXă úLUXUL GH vPSXQVăWXUL GLVSXVH
UHODWLY PDUL 'HGHVXEWXO EX]HL YDVXO D IRVW GHFRUDW RUGRQDW XUPDWH GH XQ EUăX GH OLQLL LQFL]DWH /
FX PDL PXOWH úLUXUL GH vPSXQVăWXUL UHFWDQJXODUH FP O FP &XORDUH FDIHQLH %LEOLRJUDILH *K
GLVSXVH RUGRQDW &XORDUH FDIHQLH OD H[WHULRU 'XPLWURDLD &RPXQLWăĠL ILJ 0,317 QU LQY
FăUăPL]LH OD LQWHULRU / FP O FP ,QHGLW 3O
0,317QULQY3O
1U
1U )UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV ERUFDQ
)UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D XúRU GHGLPHQVLXQLPDUL'J FPFXPDUJLQHDXúRU
HYD]DWăD XQXL YDV ERUFDQ 3RUĠLXQHDGHVXEEX]D HYD]DWă3HJkWXOYDVXOXLDIRVWUHDOL]DWXQEUkXFX
YDVXOXL HVWH GHFRUDWă FX UHJLVWUH VXFFHVLYH GH DOYHROH&XORDUH FDIHQLHEUXQă / FPO FP
WULXQJKLXUL úL URPEXUL LQFL]DWH 7ULXQJKLXULOH DX ,QHGLW0,317QULQY3O
FkPSXO XPSOXW FX KDúXUL &XORDUHD FDIHQLH OD
H[WHULRU EUXQă OD LQWHULRU / FP O FP 1U
%LEOLRJUDILH *K 'XPLWURDLD &RPXQLWăĠL ILJ )UDJPHQWFHUDPLFSURYHQLQGGHODJkWXOHYD]DWDOXQXL
0,317QULQY3O YDVERUFDQGHGLPHQVLXQLPHGLLFXRWRDUWăvQEDQGă
3HSDUWHDH[WHULRDUăWRDUWDSUH]LQWăWUHLQHUYXULvQMXUXO
1U WRUĠLL VH REVHUYă XQ FKHQDU IRUPDW GLQ vPSXQVăWXUL
)UDJPHQW SURYHQLQG SUREDELO GH OD R DPIRUă ' *kWXO YDVXOXL D IRVW GHFRUDW FX XQ UHJLVWUX GH LQFL]LL
FPGHFRUDWăSHXPăUFXURPEXULDYkQGFkPSXO SDUDOHOH vQWUHUXSWvQGUHSWXOWRUĠLL &XORDUH JULFDIHQLH
KDúXUDW &XORDUH EUXQFDIHQLH / FP O FP OD H[WHULRU QHDJUă OD LQWHULRU / FP O FP
,QHGLW0,317QULQY3O %LEOLRJUDILH *K 'XPLWURDLD &RPXQLWăĠL ILJ
0,317QULQY3O
1U
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL 1U
FHúWLFXPDUJLQHDXúRUHYD]DWăúLSUREDELOFXWRUĠL )UDJPHQW GLQWUXQ YDV ERUFDQ GH GLPHQVLXQL PDUL
VXSUDvQăOĠDWH ,PHGLDW VXE EX]ă D IRVW UHDOL]DW XQ 'J DSUR[ FP FX EX]D UăVIUkQWă úL SHUHĠLL XúRU
GHFRUFXXQúLUGHvPSXQVăWXULREOLFHúLXQUHJLVWUX ERPEDĠL ,PHGLDW VXE EX]ă R EDQGă GH vPSXQVăWXUL
GH PLFL WULXQJKLXUL LQFL]DWH &XORDUH EUXQă / GLVSXVH RUGRQDW FXORDUH FăUăPL]LH OD H[WHULRU
FPO FP,QHGLW0,317QULQY3O EUXQQHJUXODLQWHULRU
/ FPO FP,QHGLW0,317QULQY3O
1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D XQXL YDV 1U
ERUFDQ vQJURúDWă XúRU HYD]DWă 3H JvWXO YDVXOXL )UDJPHQW GH OD SDUWHD VXSHULRDUă D XQXL YDV
www.cimec.ro / www.mncr.ro
WURQFRQLF FX EX]D GUHDSWă UăVIUkQWă GHFRUDW 1U
LPHGLDW GHGHVXEWXO DFHVWHLD FX XQ UHJLVWUX GH )UDJPHQWFHUDPLFSUREDELOGLQSDUWHDVXSHULRDUăD
WULXQJKLXUL FX FkPSXO KDúXUDW UHDOL]DWH SULQ LQFL]LL XQXL YDV ELWURQFRQLF JOREXODU" FX JkWXO GUHSW
DGkQFL %D]D WULXQJKLXULORU R FRQVWLWXLH R OLQLH GH GHFRUDW LPHGLDW GHGHVXEWXO EX]HL FX R EDQGă GH
LPSUHVLXQLDGkQFL&XORDUHDFDIHQLHPDLvQFKLVăOD WULXQJKLXUL UHDOL]DWH SULQ vPSXQVăWXUL VXFFHVLYH FX
LQWHULRU / FP O FP %LEOLRJUDILH *K FkPSXOXPSOXWFXWULXQJKLXULWUDVDWHvQDFHODúLPRG
'XPLWURDLD&RPXQLWăĠLSILJ0,317 'HDVXSUD WULXQJKLXULORU VH DIOă R OLQLH LQFL]DWă
QULQY3O &XORDUH EUXQă / FP O FP 'J FP
%LEOLRJUDILH *K 'XPLWURDLD &RPXQLWăĠL ILJ
1U 0,317QULQY3O
)UDJPHQW FHUDPLF SURYHQLQG GLQ EXUWD XQXL YDV GH
GLPHQVLXQLPDUL'P DSUR[FPELWURQFRQLF 1U
DPIRUă" GHFRUDW GHDVXSUD OLQLHL GLDPHWUXOXL )UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDLQIHULRDUă
PD[LPFX XQ úLU GH vPSXQVăWXULSUHOXQJL úLFX OLQLL DXQHLDPIRUHGHFRUDWăFXEHQ]LYHUWLFDOHGHLQFL]LL
LQFL]DWH SDUDOHOH vQWUHUXSWH GH PLFL vPSXQVăWXUL úL vPSXQVăWXUL $FHODúL GHFRU D IRVW UHDOL]DW úL vQ
JUXSDWH FkWH GRXă &XORDUH FDIHQLH / FP O MXUXO IXQGXOXL YDVXOXL &XORDUH JULFDIHQLH FX SHWH
FP,QHGLW0,317QULQY3O FăUăPL]LL / FP O FP 'I FP ,QHGLW
0,317QULQY
1U
7RDUWă GH OD R DPIRUă GH GLPHQVLXQL PHGLL FX 1U
PDUJLQHD XúRU HYD]DWă úL JkW WURQFRQLF 7RDUWD vQ )UDJPHQWFHUDPLFGLQSDUWHDVXSHULRDUăDXQXLYDV
EDQGă XúRU VXSUDvQăOĠDWă GHFRUDWă SH PDUJLQH FX ERUFDQ FX PDUJLQHD GUHDSWă XúRU vQJURúDWă
PLFLFUHVWăWXULREOLFHODIHOFDúLEX]DYDVXOXL&XORDUH 'HGHVXEWXO EX]HL YDVXO HVWH GHFRUDW FX OLQLL ODWH
FDIHQLH/ FPO FP%LEOLRJUDILH*K'XPLWURDLD LQFL]DWH FDUH VH vQWUHUXS vQ GUHSWXO XQRU SHUIRUDĠLL
&RPXQLWăĠLILJ1ULQY3O GRXă SăVWUDWH GRXă YL]LELOH vQ UXSWXUă &XORDUH
FDIHQLH + FP O FP ,QHGLW 0,317 QU LQY
1U 3O
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO XQXL YDV
ELWURQFRQLF GHFRUDW FX XQ EUkX vQ UHOLHI úL FX R 1U
EDQGă GXEOă GH vPSXQVăWXUL REOLFH vQ ³EUăGXĠ´ )UDJPHQW FHUDPLF SURYHQLQG GH OD XPăUXO XQXL YDV
&XORDUH FăUăPL]LH OD H[WHULRU FHQXúLH FX SHWH JOREXODUFXJkWXOGUHSWGHGLPHQVLXQLPHGLL8PăUXO
EUXQH OD LQWHULRU / FP O FP ,QHGLW0,317 YDVXOXL D IRVW GHFRUDW FX FDQHOXUL YHUWLFDOH vQJXVWH
QULQY3O &XORDUH QHDJUă FX OXFLX OD H[WHULRU / FP O
FP' FP,QHGLW0,317QULQY3O
1U
)UDJPHQWFHUDPLFGLQSDUWHDVXSHULRDUăDXQXLYDV 1U
ERUFDQFXJăWXOXúRUHYD]DWúLPDUJLQHDUăVIUkQWă )UDJPHQW FHUDPLF SURYHQLQG GH OD R FHDúFă GH
(VWHGHFRUDWSHEX]ăFXLQFL]LLvQ]LJ]DJLDUSHJkW GLPHQVLXQL PHGLL 'P DSUR[ FP VHPLVIHULFă
FX XQ EUkX IRUPDW GLQ PDL PXOWH OLQLL LQFL]DWH FX JkWXO vQDOW FX R WRDUWă vQ EDQGă XúRU
SDUDOHOH 'HFXORDUH FDIHQLHOD H[WHULRU JUL JDIHQLH VXSUDvQăOĠDWăSHXPăUHVWHGHFRUDWăFXXQUHJLVWUX
ODLQWHULRUFXOXFLX/ FPO FP0,317QULQY GHWULXQJKLXULFXFkPSXOKDúXUDWFXED]DSHXQúLU
3O GHvPSXQVăWXUL'HGHVXEWXOWRUĠLLVHDIOăGRXăEHQ]L
vQ ³EUăGXĠ´ &XORDUH FăUăPL]LH FX SHWH EUXQH úL
1U FDIHQLL + FP O FP %LEOLRJUDILH *K
)UDJPHQW FHUDPLF GLQ EXUWD XQHL FHúWL GHFRUDWă FX 'XPLWURDLD&RPXQLWăĠLILJ0,317QULQY
URPEXUL DYkQG FkPSXO KDúXUDW FX vPSXQVăWXUL úL FX 3O
OLQLLVLPSOHLQFL]DWH&XORDUHFDIHQLXEUXQă/ FP
O FP %LEOLRJUDILH *K 'XPLWURDLD &RPXQLWăĠL 1U
ILJ0,317QULQY3O )UDJPHQW FHUDPLF GH OD R FHDúFă GH IRUPă
ELWURQFRQLFă GHFRUDWă vQ ]RQD GLDPHWUXOXL PD[LP
1U FX FHUFXUL FRQFHQWULFH UHDOL]DWH SULQ FDQHODUH
)UDJPHQWFHUDPLFSURYHQLQGGHODEX]DLQYD]DWăD 'HDVXSUDDFHVWRUDODED]DJkWXOXLVHDIOăXQúLUGH
XQHL VWUăFKLQL ELWURQFRQLFH GH GLPHQVLXQL PHGLL /D vPSXQVăWXUL &XORDUH FDIHQLH OD H[WHULRU FX OXFLX
H[WHULRUEX]DHVWHvQJURúDWăILLQGGHFRUDWăFXXQúLU EUXQăODLQWHULRU+ FPO FP,QHGLW0,317QU
GHWULXQJKLXULLQFL]DWHFXFkPSXOKDúXUDWFXYkUIXO LQY3O
VSUH EX]D YDVXOXL 'HGHVXEWXO DFHVWRU WULXQJKLXUL
XUPHD]ăXQEUkXGHOLQLLLQFL]DWHGXSăFDUHSDUHVă 1U
vQFHDSăXQDOGRLOHDUHJLVWUXGHWULXQJKLXUL&XORDUH )UDJPHQWFHUDPLFGLQWURFHDúFăGHGLPHQVLXQLPHGLL
FăUăPL]LH FX SHWH FDIHQLL úL EUXQH / FP O VHPLVIHULFăFX JkWXO vQDOWXúRULQYD]DW %XUWDYDVXOXL
FP %LEOLRJUDILH *K 'XPLWURDLD &RPXQLWăĠL ILJ HVWHGHFRUDWăFXFHUFXULFRQFHQWULFHFDQHODWH/DED]D
0,317QULQY3O JkWXOXLVH DIOă XQúLU GH vPSXQVăWXUL 6H SăVWUHD]ăúL
www.cimec.ro / www.mncr.ro
XUPD XQHL WRUĠL vQ EDQGă &XORDUH QHDJUă FX SHWH SRUQHúWH RPLFă WRDUWăvQEDQGăFX PDUJLQLOHXúRU
FDIHQLL FăUăPL]LL FX OXFLX + FP O FP ,QHGLW ULGLFDWH/DED]DJkWXOXLGHRSDUWHúLGHDOWDDWRUĠLL
0,317QULQY3O VHREVHUYăXUPDXQXLGHFRUFRPSXVGLQPDLPXOWH
OLQLL RUL]RQWDOH LQFL]DWH &XORDUH FDIHQLXFăUăPL]LH
1U / FP O FP 'J FP ,QHGLW 0,317 QU
)UDJPHQW FHUDPLF SURYHQLQG SUREDELO GH OD R LQY3O
VWUDFKLQăvQDOWăGHIRUPăELWURQFRQLFăGHFRUDWăSH
OLQLD GLDPHWUXOXL PD[LP FX JKLUODQGH LQFL]DWH 1U
'HDVXSUD JKLUODQGHORU D IRVW WUDVDW XQ EUkX IRUPDW )UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D XQXL
GLQ PDL PXOWH OLQLL LQFL]DWH vQWUHUXSW vQ GRXă úLUXUL FDVWURQUăVIUkQWăGHFRUDWăFXGRXăúLUXULGHLQFL]LL
GH vPSXQVăWXUL &XORDUH EUXQă FX SHWH FDIHQLL VFXUWHREOLFH$FHODúLGHFRUVHREVHUYăLPHGLDWVXE
'P DSUR[FP/ FPO FP,QHGLW0,317 EX]ă &XORDUH FDIHQLH / FP O FP ,QHGLW
QULQY3O 0,317QULQY3O
1U 1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD )UDJPHQWFHUDPLFSURYHQLQGGHODXPăUXOXQXLYDV
VXSHULRDUă D XQXL YDVERUFDQ FX JkWXO vQDOW XúRU JOREXODU FX JăWXO GUHSW 'HFRUXO FRQVWă vQWUXQ úLU
HYD]DW úL PDUJLQHD UăVIUkQWă /D ED]D JkWXOXL VH GH WULXQJKLXUL LQFL]DW FX FkPSXO XPSOXW FX OLQLL
REVHUYă XQ GHFRU FX OLQLL LQFL]DWH RUL]RQWDOH úL REOLFH DOWHUQkQG FX úLUXUL GH vPSXQVăWXUL /D ED]D
YHUWLFDOH DVRFLDWH FX XQ úLU GH vPSXQVăWXUL /D JkWXOXLDIRVWWUDVDWXQúLUGHvPSXQVăWXULVXFFHVLYH
SDUWHD VXSHULRDUă D EX]HL DX IRVW WUDVDWH LQFL]LL vQVRĠLW GH R OLQLH LQFL]DWă &XORDUH EUXQăQHDJUă OD
REOLFH&XORDUHFDIHQLHODH[WHULRUEUXQăODLQWHULRU LQWHULRU FDIHQLH vQFKLVă OD H[WHULRU 3H DPEHOH IHĠH
,QHGLW0,317QULQY SUH]LQWă OXFLX / FP O FP %LEOLRJUDILH *K
'XPLWURDLD&RPXQLWăĠLILJ0,317QULQY
1U 3O
)UDJPHQW FHUDPLF GLQ XPăUXO XQXL YDV ELWURQFRQLF
JOREXODU" FX JkWXO GUHSW 8PăUXO HVWH GHFRUDW FX 1U
FDQHOXULREOLFHGHOLPLWDWHODSDUWHDVXSHULRDUăGHX )UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDVXSHULRDUă
EUkX VLPSOX vQ UHOLHI &XORDUH QHDJUă / FP O D XQXL YDV ERUFDQ FX JkWXO vQDOW XúRU HYD]DW úL
FP,QHGLW0,317QULQY3O PDUJLQHD vQJURúDWă WHúLWă 'HFRUXO FRQVWă vQWUXQ
EUkX VLPSOX WUDV GLQ SDVWD YDVXOXL OD ED]D JkWXOXL
1U / FPO FP,QHGLW0,317QULQY
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO XQXL YDV
ERUFDQ XúRU HYD]DW úL FX PDUJLQH UăVIUkQWă *kWXO 1U
YDVXOXLHVWHGHFRUDWFXXQUHJLVWUXODWIRUPDWGLQOLQLL )UDJPHQW GH OD JXUD XQXL YDVERUFDQ GHFRUDW
LQFL]DWH RUL]RQWDOH vQWUHUXSWH GH LQFL]LL YHUWLFDOH LPHGLDWGHGHVXEWXODFHVWHLDFXúLUXULGHLQFL]LLúLGH
'HDVXSUD LQFL]LLORU VH DIOă GRXă úLUXUL GH vPSXQVăWXUL &XORDUH FDIHQLH + FP O FP
vPSXQVăWXUL GLVSXVH RUGRQDW &XORDUH FDIHQLH / ,QHGLW0,317QULQY3O
FPO FP,QHGLW0,317QULQY3O
1U
1U )UDJPHQWGHODJXUDXQXLYDVERUFDQGHFRUDWLPHGLDW
)UDJPHQWFHUDPLFGLQSDUWHDVXSHULRDUăDXQXLYDV GHGHVXEWXO DFHVWHLD FX úLUXUL YHUWLFDOH GH vPSXQVăWXUL
ERUFDQ FX JkWXOvQDOW HYD]DW 6XE EX]ă IUDJPHQWXO úL FX OLQLL RUL]RQWDOH &XORDUH FDIHQLH + FP O
SUH]LQWă FLQFL SHUIRUDĠLL LDU vQ ]RQD JkWXOXL GHFRUXO FP,QHGLW0,317QULQY3O
FRQVWă vQ GRXă EUkXUL VLPSOH vQ UHOLHI WUDVH GLQ
SDVWD YDOXOXL / FP O FP %LEOLRJUDILH *K 1U
'XPLWURDLD &RPXQLWăĠL ILJ 0,317 QU LQY )UDJPHQW GH OD JXUD XQXL YDVERUFDQ GHFRUDW
3O LPHGLDW GHGHVXEWXO DFHVWHLD FX XQ úLU GH
vPSXQVăWXULúL OLQLL LQFL]DWH&XORDUH FDIHQLH+
1U FPO FP,QHGLW0,317QULQY3O
)UDJPHQW FHUDPLF SURYHQLQG GLQ EX]D XQXL YDV
ERUFDQ FX SHUHĠLL XúRU ERPEDĠL EX]D YDVXOXL HVWH 1U
WHúLWă vQJURúDWă ,PHGLDW GHGHVXEWXO DFHVWHLD DX )UDJPHQW GH OD SDUWHD VXSHULRDUă D XQXL YDV
IRVWUHDOL]DWHWUHLSHUIRUDĠLLGLQFDUHXQDLQFRPSOWă ERUFDQGHFRUDWODED]DJkWXOXLFXLQFL]LLREOLFHODWH
DOWD YL]LELOă vQ UXSWXUD SHUHWHOXL YDVXOXL LDU úL FX úLUXUL GH vPSXQVăWXUL &XORDUH FDIHQLH +
GHGHVXEW D IRVW WUDVDW XQ UHJLVWUX GH OLQLL LQFL]DWH FPO FP,QHGLW0,317QULQY3O
&XORDUHFDIHQLH/ FPO FP,QHGLW0,317
QULQY3O 1U
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQXL
1U YDVERUFDQ FX SHUHĠLL DSURDSH GUHSĠL GHFRUDW
)UDJPHQW FHUDPLF SURYHQLQG GH OD JkWXO HYD]DW DO GHGHVXEWXO EX]HL FX XQ EUkX FX DOYHROH úL FX
XQXL YDV GH GLPHQVLXQL PHGLL SUREDELO ELWURQFRQLF FUHVWăWXULREOLFHSHEX]ă&XORDUHFDIHQLH+ FP
VDX JOREXODU ,PHGLDW GHGHVXEWXO EX]HL IDĠHWDWă O FP,QHGLW0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQW GH OD SDUWHD VXSHULRDUă D XQXL YDV )UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă
ERUFDQFXSHUHĠLLDSURDSHGUHSĠLDYkQGGHGHVXEWXO vQJURúDWă GHFRUDW SH JkW FX XQ UHJLVWUX GH OLQLL
EX]HL R DSXFăWRDUH RUL]RQWDOă FX GRXă SHUIRUDĠLL LQFL]DWH&XORDUHQHDJUă+ FPO FP,QHGLW
&XORDUH FDIHQLH + FP O FP ,QHGLW 0,317QULQY3O
0,317QULQY
1U
1U )UDJPHQW GH OD XQ YDVERUFDQ FX EX]D XúRU
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQXL HYD]DWăvQJURúDWăGHFRUDWSHJkWFXXQUHJLVWUXGH
YDVERUFDQ FX PDUJLQHD XúRU HYD]DWă GHFRUDW SH OLQLL LQFL]DWH úL FX úLUXUL YHUWLFDOH GH vPSXQVăWXUL
JkW FX XQ UHJLVWUX GH OLQLL LQFL]DWH úL FX úLUXUL &XORDUH FDIHQLH FX SHWH FăUăPL]LL + FP O
YHUWLFDOH GH vPSXQVăWXUL &XORDUH EUXQă + FP FP,QHGLW0,317QULQY3O
O FP,QHGLW0,317QULQY3O
1U
1U )UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă
)UDJPHQW FHUDPLF FDUH SURYLQH GH OD XQ YDV FX vQJURúDWă GHFRUDW SH JkW FX XQ UHJLVWUX GH OLQLL
JkWXOvQIRUPăGHODOHDGLQQLYHOXO,$IRVWOXFUDWGLQ LQFL]DWH&XORDUHFDIHQLH+ FPO FP,QHGLW
SDVWăILQăELQHDUVăGHFXORDUHFăUăPL]LXFHQXúLH 0,317QULQY
FXLQFL]LL RUL]RQWDOHVXEEX]ă 0DUJLQHD VXSHULRDUă
D YDVXOXL D IRVW IDĠHWDWă vQ LQWHURLRU DYkQG R 1U
FDQHOXUă UHODWLY DGkQFă %LEOLRJUDILH *K )UDJPHQW GHOD XQ YDVERUFDQ FX PDUJLQHD LQYD]DWă
'XPLWURDLD&RPXQLWăĠLSILJ0,317QU GHFRUDW LPHGLDW GHGHVXEWXO DFHVWHLD FX XQ EUkX FX
LQY3O DOYHROH&XORDUHFDIHQLHFXSHWHFăUăPL]LL+ FP
O FP,QHGLW0,317QULQY3O
1U
)UDJPHQW GH OD SDUWHD VXSHULRDUă D XQXL YDV 1U
ERUFDQ FX JkWXO HYD]DW úL EX]D WHúLWă vQJURúDWă )UDJPHQW GH OD XQ FDVWURQ WURQFRQLF FX PDUJLQHD
GHFRUDW SH JkW FX GRXă QHUYXUL vQ UHOLHI &XORDUH IDĠHWDWă FX R DSXFăWRDUH RUL]RQWDOă GHGHVXEWXO
FDIHQLH + FP O FP ,QHGLW 0,317 QU LQY EX]HL&XORDUHFDIHQLH+ FPO FP,QHGLW
3O 0,317QULQY3O
1U 1U
)UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă )UDJPHQW GH YDVERUFDQ FX EX]D HYD]DWă
vQJURúDWă GHFRUDW SH JkW FX XQ UHJLVWUX GH OLQLL vQJURúDWăGHFRUDWSHJkWFXROLQLDvQUHOLHI&XORDUH
LQFL]DWH &XORDUH FHQXúLH FX SHWH PDURQLL + FăUăPL]LH+ FPO FP,QHGLW0,317QULQY
FPO FP,QHGLW0,317QULQY 3O
1U 1U
)UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă )UDJPHQW SURYHQLQG GH OD XQ YDVERUFDQ FX EX]D
vQJURúDWă GHFRUDW SH JkW FX XQ UHJLVWUX GH OLQLL XúRUHYD]DWăGHFRUDWSHJkWFXRQHUYXUăYHUWLFDOă
LQFL]DWH&XORDUHFDIHQLH+ FPO FP,QHGLW úLFXXQ EUkXODED]DDFHVWXLD &XORDUHFDIHQLH FX
0,317QULQY3O SHWH PDURQLL + FP O FP ,QHGLW 0,317 QU
LQY3O
1U
)UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă 1U
vQJURúDWăGHFRUDWVXEEX]ăFXXQúLUGHSHUIRUDĠLLúL )UDJPHQW GH YDVERUFDQ FX EX]D XúRU HYD]DWă
FXRQHUYXUăSHJkW&XORDUHFăUăPL]LH+ FP vQJURúDWă GHFRUDW SH JkW FX XQ EUkX VLPSOX vQ
O FP,QHGLW0,317QULQY3O UHOLHI &XORDUH FDIHQLH FX SHWH PDURQLL + FP
O FP,QHGLW0,317QULQY3O
1U
)UDJPHQW SURYHQLQG GH OD XQ YDV ELWURQFRQLF FX 1U
PDUJLQHD GUHDSWă FX R WRDUWă vQ EDQGă SH JkW )UDJPHQWSURYHQLQG GH ODXQYDV JOREXODU GHFRUDW
GHFRUDW FX R OLQLH vQ UHOLHI OD ED]D JkWXOXL &XORDUH VXEEX]ăFXXQúLUGHvPSXQVăWXULúLFXXQUHJLVWUX
FăUăPL]LH + FP O FP ,QHGLW 0,317 QU GH LQFL]LLSHJkWGHGHVXEWXOFăUXLD SRUQHúWH XQ úLU
LQY3O GH WULXQJKLXUL &XORDUH FDIHQLH + FP O FP
,QHGLW0,317QULQY3O
1U
)UDJPHQW GH YDV GH IRUPă ELWURQFRQLFă YDV 1U
ERUFDQ" JOREXODU" FX EX]D XúRU HYD]DWă )UDJPHQW GH OD R FHDúFă GHFRUDWă OD ED]D JkWXOXL
vQJURúDWă GHFRUDW SH JkW FX XQ UHJLVWUX GH LQFL]LL FXOLQLLLQFL]DWHúLFXXQUHJLVWUXGHvPSXQVăWXULúLFX
QHXQLIRUPH &XORDUH FDIHQLH + FP O FP WULXQJKLXUL KDúXUDWH SH XPăU &XORDUH FDIHQLH
,QHGLW0,317QULQY3O + FPO FP,QHGLW0,317QULQY
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQW GH OD R FHDúFă GHFRUDWă SH JkW FX XQ )UDJPHQWGHODXQYDVFHDúFă"GHFRUDWFXROLQLH
UHJLVWUX YHUWLFDO GH vPSXQVăWXUL úL FX ³EUăGXĠL´ SH vQ UHOLHI vQVRĠLWă GH GRXă úLUXUL GH vPSXQVăUXWL
XPăU &XORDUH FDIHQLH + FP O FP ,QHGLW &XORDUHFDIHQLH + FPO FP,QHGLW0,317
0,317QULQY3O QULQY3O
1U 1U
)UDJPHQWGHODRFHDúFăGHFRUDWăVXEEX]ăFXXQ )UDJPHQW GH YDVERUFDQ FX R WRDUWă vQ EDQGă SH
úLU GH WULXQJKLXUL FX FkPSXO KDúXUDW úL FX LQFL]LL OD JkW GHFRUDW OD ED]D JkWXOXL úLUXUL GH vPSXQVăWXUL
ED]DJkWXOXL&XORDUHFHQXúLHFDIHQLH+ FPO &XORDUH FDIHQLXPDURQLH + FP O FP ,QHGLW
FP,QHGLW0,317QULQY3O 0,317QULQY3O
1U 1U
)UDJPHQW GH OD R FHDúFă GHFRUDWă FX WULXQJKLXUL )UDJPHQWFHUDPLFSURYHQLQGGHODJkWXOXQXLYDVGH
KDúXUDWH SH XPăU úL FX úLUXUL GH LQFL]LL úL GLPHQVLXQL PHGLL FX PDUJLQHD IDĠHWDWă 'HFRU
vPSXQVăWXUL &XORDUH FDIHQLH + FP O FP úLUXUL GH vPSXQVăWXUL VXFFHVLYH LPHGLDW VXE EX]ă
,QHGLW0,317QULQY3O DOWHUQkQG FX XQ úLU GH vPSXQVăWXUL VLPSOH úL OD
ED]D JkWXOXL /D SDUWHD VXSHULRDUă D EX]HL DFHODúL
1U WLS GH GHFRU vPSXQVăWXUL VXFFHVLYH vQ ]LJ]DJ
)UDJPHQWSURYHQLQGGHODXQYDVERUFDQGHFRUDWFX &XORDUHFDIHQLH + FP O FP,QHGLW0,317
XQ úLU GH vPSXQVăWXUL GHGHVXEWXO EX]HL &XORDUH QULQY3O
FăUăPL]LH + FP O FP ,QHGLW 0,317 QU
LQY3O 1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV FX JkWXO
1U vQIRUPăGHODOHDGLQQYHOXO,$IRVWOXFUDWGLQSDVWă
)UDJPHQW GH OD XQ YDVERUFDQ GHFRUDW FX XQ ILQă DUVă OD FăUăPL]LX FHQXúLX 3H JkWXO YDVXOXL DX
UHJLVWUX GH LQFL]LL úL vPSXQVăWXUL &XORDUH FDIHQLH IRVW LQFL]DWH OLQLL SDUDOHOH RUL]RQWDOH ,QHGLW 0,317
FHQXúLH + FP O FP ,QHGLW 0,317 QU 1ULQY3O
LQY3O
1U
1U )UDJPHQW FHUDPLF SURYHQLQG SUREEDELO GH OD R
)UDJPHQW SURYHQLQG GH OD R FHDúFă GH GLPHQVLXQL FHDúFă FX SkQWHFHOH URWXQMLW GLQ SDVWă DUVă
PDUL GHFRUDWă SH XPăU FX WULXQJKLXUL KDúXUDWH FăUăPL]LX FHQXúLX GHFRUDWă FX LQFL]LL RUL]RQWDOH úL
LQFL]DWHúLFXúLUXULGHvPSXQVăWXUL&XORDUHFDIHQLH SXQFWH SH JkW úL FX JKLUODQGH VXE DFHVWHD ,QHGLW
FX SHWH EUXQH + FP O FP ,QHGLW 0,317 QU 0,3171ULQY3O
LQY
6DW0LKRYHQLFRPùFKHLDMXG6XFHDYD
6WDĠLXQHD DUKHRORJLFă GH OD 0LKRYHQL&DKOD 0RULL D IRVW GHVFRSHULWă vQ YDUD
DQXOXLGHFăWUH 0LUFHD,JQDW'DQ /ăFăWXúúL$GULDQ0XUDUXÌQ FHOHWUHLGHFHQLL
FDUH DX WUHFXW GH OD GHVFRSHULUHD DúH]ăULL GH DLFL DX IRVW vQWUHSULQVH FLQFL FDPSDQLL GH
FHUFHWăULVLVWHPDWLFHvQDQLLúLSUHFXPúLQXPHURDVHSHULHJKH]H
$úH]DUHD GH OD &DKOD 0RULL VH DIOă VLWXDWă SH GUXPXO MXGHĠHDQ '- $ OD
MXPăWDWHD GLVWDQĠHL GLQWUH VDWHOH ùFKHLD úL 0LKRYHQL SH WHUDVD VXSHULRDUă GH GUHDSWD D
UkXOXL 6XFHDYD úL RFXSă R VXSUDIDĠă GH DSUR[LPDWLY KD &HUFHWDUHD DUKHRORJLFă
vQWUHSULQVăDGXVODGHVFRSHULUHDXQHLDúH]ăULSOXULVWUDWLILFDWHFDUHvúLvQFHSHH[LVWHQĠDvQ
SUHLVWRULHúLFRQWLQXăSkQăvQHYXOPHGLX$XIRVWLGHQWLILFDWHXUPHGHORFXLUHDSDUĠLQkQG
SDOHROLWLFXOXL VXSHULRU JUDYHWWLDQ QHRHQHROLWLFXOXL FXOWXULOH FHUDPLFLL OLQLDUH
3UHFXFXWHQL ,,, &XFXWHQL % úL % SHULRDGD GH WUDQ]LĠLH OD HSRFD EURQ]XOXL FXOWXUD
+RURGLúWHD(UELFHQL HSRFD EURQ]XOXL FXOWXUD .RPDURY +DOOVWDWW FXOWXUD *DYD
+ROLKUDG\DVSHFWXOFXOWXUDO*UăQLFHúWL/D7qQHVHFROHOH,,,,,úL,9G+UVHF;,,,;9
0DWHULDOXOFHUDPLFGLQEURQ]XOPLMORFLXVHvQVFULHSHED]DFDUDFWHULVWLFLORUVDOH
GHFRU GLQ OLQLL úL SXQFWH LQFL]DWH VXE EX]D YDVXOXL vQ ID]D .RPDURY ,, ILLQG IRDUWH
DSURSLDWHGLQSXQFWGHYHGHUHWLSRORJLFGHGHVFRSHULULOHGHOD/XQFD3RLDQD6ODWLQHL
www.cimec.ro / www.mncr.ro
%LEOLRJUDILH 1 8UVXOHVFX 93 %DWDULXF &HUFHWăULOH DUKHRORJLFH GH OD 0LKRYHQL
6XFHDYD vQ 6XFHDYD 9,9,, S *K 'XPLWURDLD &RPXQLWăĠL
SUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQăvQEURQ]XOPLMORFLX3LDWUD
1HDPĠSILJSILJS
9LFWRULD3DUDVFKLYD%DWDULXF
)LúHFDWDORJ
1U
)UDJPHQWGLQEX]DXQXLYDVERUFDQFXJkWXOHYD]DW 1U
GHFRUDW FX XQ UHJLVWUX GH OLQLL vQFDGUDW GH úLUXUL GH )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
vPSXQVăWXUL &XORDUH EUXQFăUăPL]LH + FP VXSHULRDUăDXQHLFHúWLELWURQFRQLFHFXJkWXOvQDOWúL
'P FP,QHGLW01%IăUăQULQY3O PDUJLQHD GUHDSWă WHúLWă 6XE EX]ă DX IRVW
H[HFXWDWHLQFL]LLLvQIRUPăGH9FXYkUIXOvQVXVLDU
1U GHGHVXEWXO DFHVWRUD ± OLQLL LQFL]DWH RUL]RQWDOH +
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL SăVWUDWă FPO FP%LEOLRJUDILH*K'XPLWURDLD
FHúWL " ELWURQFRQLFH FX EX]D XúRU HYD]DWă &RPXQLWăĠL«ILJ01%IăUăQULQY3O
GHFRUDWă OD ED]D JkWXOXL FX XQ úLU GH vPSXQVăWXUL
&XORDUH FDIHQLH FX SHWH URúLDWLFH + FP 1U
'P FP,QHGLW01%IăUăQULQY3O )UDJPHQW FHUDPLF SURYHQLQG GH OD JXUD XQXL
FDVWURQ GH GLPHQVLXQL PDUL GHFRUDW LPHGLDW
GHGHVXEWXO PDUJLQLL FX XQ EUkX DSOLFDW FX DOYHROH
1U &XORDUHFăUăPL]LH+ FPO FP,QHGLW01%
)UDJPHQWGLQEX]DXúRUHYD]DWăDXQXLYDVERUFDQ IăUăQULQY3O
3HJkWVHREVHUYăXQGHFRUFRPSXVGLQWUXQúLUGH
vPSXQVăWXULúLGLQPDLPXOWHOLQLLRUL]RQWDOHLQFL]DWH 1U
&XORDUHEUXQă + FP O FP%LEOLRJUDILH*K )UDJPHQWGLQSDUWHDVXSHULRDUăDXQXLYDVERUFDQ
'XPLWURDLD &RPXQLWăĠL« ILJ 01% IăUă ,PHGLDWGHGHVXEWXOEX]HLDIRVWDSOLFDWXQPLFEUkX
QULQY3O FX DOYHROH VXE FDUH VH REVHUYă GRXă SHUIRUDĠLL
DGkQFL &XORDUH EUXQă FX SHWH FăUăPL]LL + FP
1U O FP,QHGLW01%IăUăQULQY3O
7RDUWăvQEDQGăFXFUHDVWăWUDQVYHUVDOăvQSXQFWXO
PD[LPHL vQăOĠLPL SURYHQLQG GH OD R FHDúFă GH 1U
GLPHQVLXQL PDUL GH WLSXO FX GRXă WRUĠL &XORDUH )UDJPHQW FHUDPLF SURYHQLQG GH OD EX]D XQXL YDV
EUXQă + FPO FP ,QHGLWă 01% IăUă QU ELWURQFRQLF SUREDELO R FHDúFă GH GLPHQVLXQL PDUL
LQY3O FX JăWXO XúRU LQYD]DW úL FX PDUJLQHD GUHDSWă 3H
JkW YDVXO HVWH GHFRUDW FX XQ úLU GH WULXQJKLXUL FX
1U YkUIXO vQ VXV FX FkPSXO KDúXUDW &XORDUH FDIHQLH
)UDJPHQWGHFHDúFăVHPLVIHULFăFXJkWXOvQDOWGH + FP O FP %LEOLRJUDILH *K 'XPLWURDLD
WLSXOFXGRXă WRUĠL6HSăVWUHD]ă R WRDUWă vQ EDQGă &RPXQLWăĠL«ILJ01%IăUăQULQY3O
XúRUVXSUDvQăOĠDWă&XORDUHEUXQăFXSHWHFDIHQLL+
SăVWUDWă FP'P FP,QHGLW01%IăUăQULQY 1U
3O )UDJPHQW FHUDPLF SURYHQLQG GH OD R FHDúFă
VHPLVIHULFă DYkQG XPăUXO GHFRUDW FX OLQLL LQFL]DWH
1U GLVSXVH REOLF IRUPkQG XQ ]LJ]DJ úL FX LQFL]LL
)UDJPHQW GH WRDUWă vQ EDQGă GHFRUDW SH SDUWHD RUL]RQWDOH OD ED]D JkWXOXL &XORDUH FDIHQLH +
H[WHULRDUă FX GRXă OLQLL LQFL]DWH ORQJLWXGLQDOH FP O FP %LEOLRJUDILH *K 'XPLWURDLD
vQVRĠLWH GH GRXă úLUXUL GH vQSXQVăWXUL &XORDUH &RPXQLWăĠL«ILJ01%IăUăQULQY3O
FDIHQLH / FP O FP %LEOLRJUDILH *K
'XPLWURDLD &RPXQLWăĠL« ILJ 01% IăUă QU 1U
LQY3O )UDJPHQW FHUDPLF RYHQLQG GH OD ED]D XQHL FHúWL
ELWURQFRQLFH ,PHGLDW GHGHVXEWXO EX]HL D IRVW
1U H[HFXWDW XQ úLU GH vPSXQVăWXUL DOXQJLWH LDU VXE
)UDJPHQW FHUDPLF SURYHQLQG SUREDELO GH OD JkWXO DFHVWHD DX IRVW WUDVDWH SULQ LFQL]LH WULXQJKLXUL FX
XQXLYDVERUFDQGHFRUDWFXOLQLLRUL]RQWDOHLQFL]DWH YkUIXO vQ VXV FX FkPSXO XPSOXW FX OLQLL LQFL]DWH FH
úLFXXQúLUGHvPSXQVăWXULSUHOXQJL&XORDUHEUXQă FRQYHUJ VSUH YkUI &XORDUH FăUăPL]LH + FP
+ FP O FP *K 'XPLWURDLD &RPXQLWăĠL O FP %LEOLRJUDILH *K 'XPLWURDLD
ILJ01%IăUăQULQY3O &RPXQLWăĠL«ILJ01%IăUăQULQY3O
www.cimec.ro / www.mncr.ro
6DW3RGXULFRP3RGXULMXG%DFăX
3HWHUDVDGLQGUHDSWD7D]OăXOXL6ăUDWvQSXQFWXO'HDOXO*KLQGDUX3OGH
SH WHULWRULXO IRVWXOXL VDW 5XVăLHúWL VH JăVHúWH XQD GLQWUH FHOH PDL LPSRUWDQWH VWDĠLXQL
DUKHRORJLFHQHRHQHROLWLFHGLQ5RPkQLD6HPQDODWăvQDQXOúLFHUFHWDWVLVWHPDWLF
FXXQHOHvQWUHUXSHULGLQúLSkQăvQSUH]HQWWHOOXOHQHROLWLFGHOD3RGXULDUHR
JURVLPHGHDSURDSHPúLRVXSUDIDĠăGHDSUR[LPDWLYPS&RQĠLQHFRQVLVWHQWH
QLYHOXUL3UHFXFXWHQL,,,,,úL,,,WkU]LX&XFXWHQL$HWDSHOHvQVSHFLDO&XFXWHQL
$%úL%FDUHFXSULQGQXPHURDVHFRPSOH[HGHORFXLUHVDQFWXDUHúLJURSLFXXQERJDW
LQYHQWDUDUKHRORJLFGHRPDUHYDORDUHúWLLQĠLILFăúLPX]HLVWLFă
7HOOXOHQHROLWLFGHSH'HDOXO*KLQGDUXFRQĠLQHLPSRUWDQWHFRPSOH[HGLQWLPSXO
EURQ]XOXLPLMORFLXUHVSHFWLYFXOWXUD&RVWLúD3ULPHOHGHVFRSHULULDXIRVWIăFXWHvQDQXO
FkQGDIRVWJăVLWăXUQDGHLQFLQHUDĠLHDXQXLFRSLOGHDQLFDUHIXVHVHGHSXVă
SULQWUHERORYDQLLXQHLFRQVWUXFĠLLGHVSUHFDUHvQDFHOPRPHQWQXVHúWLDFHUHSUH]LQWă
ÌQDQLLRGDWăFXDGkQFLUHDVHFĠLXQLORU,,,,,VDYă]XWFăúDQĠXOXPSOXWvQ
YHFKLPHFXSLDWUăGHUkXDUHIRUPăVHPLFLUFXODUăSDUWHDGLQVSUHQRUGDIRVWGLVWUXVă
SUREDELO vQ WLPS RGDWă FX HURGDUHD WHUHQXOXL ÌQ XPSOXWXUD úDQĠXOXL FDUH DYHD
OăUJLPHD OD JXUă GH DSUR[ P úL DGkQFLPHD PD[LPă GH P VDX JăVLW
IUDJPHQWHFHUDPLFH&RVWLúDFDUHDXSHUPLVGDWDUHDFRQVWUXFĠLHL7UHEXLHUHPDUFDWFă
SkQăvQvQSHULPHWUXOVWDĠLXQLLúLSULQWUHXOWLPHOHGHSXQHUL&XFXWHQL%IXVHVHUă
JăVLWH XQ WRSRU GH PHWDO DUDPă" FDUH VH vQFDGUHD]ă vQ WLSXO 'DUDEDQL GXSă
FODVLILFDUHD OXL $O 9XOSH GRXă YkUIXUL GH VăJHĠL GH RV IOrFKHVVW\OHWHV FX SDWUX
PXFKLL XQ YkUI GH VăJHDWă GH VLOH[ FX ED]D FRQFDYă R PăUJLFă GH FKLKOLPEDU úL XQ
IUDJPHQW GH EUăĠDUă FX SURHPLQHQĠH SUREDELO GH EURQ] ÌQ FkQG VD WUHFXW OD
FHUFHWDUHD VWDĠLXQLL SULQ WUDVDUHD úL H[FDYDUHD XQRU VHFĠLXQL PDUL [ P D IRVW
SRVLELOă GHVFRSHULUHD SULPXOXL FRPSOH[ GH ORFXLUH (VWH YRUED GH XUPHOH XQHL
FRQVWUXFĠLL GH VXSUDIDĠă SUREDELO R FROLEă FX SRGHDXD XúRU DGkQFLWă GLQ FDUH VDX
SăVWUDW SXĠLQH UHVWXUL vQ DIDUă GH PDWHULDOXO FHUDPLF SUHSRQGHUHQW 3ULQ WLSRORJLD VD
SDVWă DUGHUH IRUPH GHFRU FHUDPLFD UHFROWDWă DUH R YDORURDUH úWLLĠLILFă GHRVHELWă
DSURSLHUHD VD GH PDWHULDOXO GH OD &RVWLúD úL 3ăXOHQL ILLQG HYLGHQWă 5HSUH]HQWkQG
ÄH[WUHPD VXGLFă´ D DUHDOXOXL RFXSDW GH FRPSOH[XO &RVWLúD.RPDURY DúH]DUHD GH OD
3RGXUL SUH]LQWă R LPSRUWDQĠă GHRVHELWă SHQWUX FXQRDúWHUHD OHJăWXULORU H[LVWHQWH FX
FXOWXUD0RQWHRUXGHODVXGúLFHHDFHVDGHQXPLWDILFXOWXUD&LRPRUWDQGHODYHVW
%LEOLRJUDILH'0RQDK6$QWRQHVFX$%XMRU5DSRUWSUHOLPLQDUDVXSUDFHUFHWăULORU
DUKHRORJLFH GLQ FRPXQD 3RGXUL MXG %DFăX vQ 0&$ ;,9 7XOFHD S 6
$QWRQHVFX7RSRUXOFXJDXUăGHvQPăQXúDUHWUDQVYHUVDOăGHVFRSHULWOD3RGXULMXG%DFăXvQ
6&,,,S'0RQDK'3RSRYLFL*K'XPLWURDLDùW&XFRú$%XMRU5DSRUW
SUHOLPLQDU DVXSUD VăSăWXULORU DUKHRORJLFH GH OD 3RGXUL'HDOXO *KLQGDUX vQ
0HP$QWLT ;9;9,,, S *K 'XPLWURDLD ' 0RQDK 'HFRXYHUWHV GX %URQ]H
0R\HQ GDQV OD VWDWLRQ GH 3RGXUL'HDOXO *KLQGDUX vQ 7:&& %XFXUHúWL S
*K'XPLWURDLD&RPXQLWăĠLSUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQă
vQEURQ]XOPLMORFLX3LDWUD1HDPĠSILJ
*KHRUJKH'XPLWURDLD
www.cimec.ro / www.mncr.ro
)LúHFDWDORJ
1U GLPHQVLXQL PDUL FX PDUJLQHD HYD]DWă GHFRUDW FX
$PIRUăIUDJPHQWDUă DOYHROHSHEX]ăúLFXPLFLEUkXULREOLFHFXDOYHROH
&HUDPLFăILQă+SăVWUDWă FP'J FP SHXPăU&XORDUHFDIHQLXFăUăPL]LH,QHGLW0,317
3URYLQH GH OD SDUWHD VXSHULRDUă D XQHL DPIRUH FX QULQY3O
GRXă WRUĠL vQ EDQGă WUDVH GLQ EX]ă 'HFRUDWă SH
XPăU FX XQ úLU GH WULXQJKLXUL FX FkPSXO XPSOXW FX 1U
vPSXQVăWXUL vQWUHUXSW GH EHQ]L GH WULXQJKLXUL 9DVELWURQFRQLF
RUL]RQWDOH FX FkPSXO KDúXUDW &XORDUH PDURQLH &HUDPLFă JURVLHUă + FP 'P FP 9DV
%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ$QJXVWLD FXJkWXOvQDOWFXGRXăWRUĠLWXEXODUHVLWXDWHSHOLQLD
3O;9,,, *K 'XPLWURDLD &RPXQLWăĠL« GLDPHWUXOXL PD[LP GHFRUDW FX PăWXULĠD &XORDUH
ILJ0,317QULQY3O PDURQLH%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ
$QJXVWLD 3O;9,,, 0,317 QU LQY
1U 3O
9DVELWURQFRQLF
&HUDPLFăJURVLHUă+ FP'P FP9DVFX 1U
JXUD ODUJă HYD]DWă FX GRXă WRUĠL WXEXODUH SH OLQLD 9DVERUFDQ
GLDPHWUXOXL PD[LP GHFRUDW FX XQ úLU GH WULXQJKLXUL &HUDPLFă JURVLHUă + FP 'P FP 'H
LQFL]DWHSHXPăU&XORDUHPDURQLH%LEOLRJUDILH*K GLPHQVLXQL PHGLL FX PDUJLQHD HYD]DWă úL SHUHĠLL
'XPLWURDLD &RPXQLWăĠL« ILJ 0,317 QU XúRUERPEDĠL$VLPHWULFGHFRUDWSHWRDWăVXSUDIDĠD
LQY3O FXPăWXULĠD&XORDUHFDIHQLH,QHGLW0,317QULQY
3O
1U
$PIRUă 1U
&HUDPLFă ILQă + FP 'P FP 'H IRUPă 9DVELWURQFRQLF
ELWURQFRQLFă GH GLPHQVLXQL PHGLL GHFRUDWă SH &HUDPLFă JURVLHUă + SăVWUDWă FP 'P
XPăU FX XQúLU GH WULXQJKLXUL FX FkPSXO KDúXUDW$ FP 9DV IUDJPHQWDU GH GLPHQVLXQL PDUL FX GRXă
IRVWIRORVLWăGUHSWXUQă*kWXOúLWRUĠLOHVXQWUHWH]DWH WRUĠLvQ EDQGă WXEXODUH SH OLQLDGLDPHWUXOXLPD[LP
&XORDUH FDIHQLH FX SHWH EUXQH FX OXFLX &XORDUHPDURQLH)ăUăGHFRU,QHGLW0,317QULQY
%LEOLRJUDILH0RQDKúLFRODEvQ0&$;,9ILJ 3O
*K 'XPLWURDLD &RPXQLWăĠL« ILJ
0-%&QULQY3O 1U
)UDJPHQWGHVWUDFKLQă
1U &HUDPLFăJURVLHUă+ FP'J FP6WUDFKLQăGH
)UDJPHQWFHUDPLFGLQXPăUXOXQHLDPIRUHGHFRUDWă IRUPăWURQFRQLFăFXIXQGXOSURILODWGHFRUDWăFXúLUXUL
FXXQúLUGHWULXQJKLXULFXFkPSXOKDúXUDW&XORDUH GH vPSXQVăWXUL RUL]RQWDOH VDX vQ ]LJ]DJ &XORDUH
FDIHQLH%LEOLRJUDILH *K 'XPLWURDLD&RPXQLWăĠL« FăUăPL]LH,QHGLW0,317QULQY3O
ILJ0,317QULQY
1U
1U )UDJPHQWSURYHQLQGGHODEX]DXQXLYDVERUFDQFX
9DVELWURQFRQLF JkWXO XúRU HYD]DW úL PDUJLQHD vQJURúDWă GHFRUDWă
&HUDPLFă JURVLHUă + FP 'P FP &X FX FUHVWăWXUL &XORDUH FDIHQLH ,QHGLW 0,317 QU
GRXă WRUĠL vQ EDQGă WUDVH GLQ EX]D YDVXOXL VH LQY3O
SăVWUHD]ăGRDUXQDFXXPăUXOGHFRUDWFXXQúLUGH
WULXQJKLXULFXYkUIXOURWXQMLWXPSOXWHFXvPSXQVăWXUL 1U
úL FX R EDQGă GH vPSXQVăWXUL OD ED]D JkWXOXL 7RDUWăvQEDQGă
%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ$QJXVWLD &HUDPLFăJURVLHUă+ FPO FP&XPDUJLQLOH
3O;9,,,0,317QULQY3O XúRU ULGLFDWH &XORDUH FDIHQLH FX SHWH FăUăPL]LL
3URYLQHSUREDELOGHODXQFDVWURQVDXGHODXQYDV
1U ELWURQFRQLF GH GLPHQVLXQLPDUL ,QHGLWă0,317QU
&XSă LQY
&HUDPLFă ILQă + FP ' P FP 'H IRUPă
VHPLVIHULFă GHFRUDWă VXE EX]ă FX XQ úLU GH 1U
WULXQJKLXUL FX YkUIXO URWXQMLW FX FkPSXO XPSOXW FX 7RDUWăWXEXODUă
vPSXQVăWXUL &XORDUH FDIHQLXFHQXúLH ,QHGLWă &HUDPLFăJURVLHUă+ FPO FP3URYLQHGHOD
0,317QULQY3O XQ YDV GH PDUL GLPHQVLXQL ± ELWURQFRQLF VDX
FDVWURQ(VWHGHFRUDWăFXLQFL]LLYHUWLFDOHFXVSDĠLXO
1U GLQWUH DFHVWHD XPSOXW FX FUHVWăWXUL 3DVWD FRQĠLQH
9DVERUFDQ QLVLS úL FDOFDU &XORDUH FăUăPL]LXFDIHQLH ,QHGLWă
&HUDPLFăJURVLHUă+ FP'P FP9DVGH 0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQWGHWRDUWă 9kUIGHVăJHDWă
&HUDPLFăILQăÌQEDQGă SURYHQLQG SUREDELO GH OD 2V / FP 9kUI vQ SDWUX PXFKLL FX SHGXQFXO
R DPIRUă FX SDUWHD H[WHULRDUă GHFRUDWă vQ WHKQLFD %LEOLRJUDILH'0RQDKúLFRODEvQ0HP$QWLT;9
vPSXQVăWXULORU VXFFHVLYH &XORDUH FăUăPL]LX ;9,,SILJ0,317QULQY
FDIHQLH,QHGLW0,317QULQY3O 3O
1U 1U
7RSRUGHDUDPă"WLS'DUDEDQL 9kUIGHVăJHDWă
/ FP K ODPă FP K WăLú FP 7RSRU FX 2V DUV / FP 9kUI FX VHFĠLXQHD WUDQVYHUVDOă
WăLúXOFRQYH[ FX ODPD ]YHOWă 7ăLúXO SUH]LQWă XUPH URWXQGă FX SHGXQFXO %LEOLRJUDILH ' 0RQDK úL
GH FLRFăQLUH OD IHO úL ODPD %LEOLRJUDILH 6 FRODE vQ 0HP$QWLT ;9;9,, S ILJ
$QWRQHVFXvQ6&,,,S0-%&QULQY 0,317QULQY3O
3O 3O
6DW3UăMHQLFRP3UăMHQLMXG%RWRúDQL
&X SULOHMXO VRQGDMXOXL HIHFWXDW vQ vQ SXQFWXO /XWăULH FDUH HVWH VLWXDW OD
PDUJLQHD QRUGYHVWLFă D FRPXQHL vQ VWkQJD SkUkXOXL 0LOHWLQ DX IRVW GHVFRSHULWH SH
OkQJă UHVWXULOH XQHL ORFXLQĠH &XFXWHQL % IUDJPHQWH FHUDPLFH GLQ +DOOVWDWWXO
WLPSXULXúLGLQVHF,,,,,G+UFkWHYDPRUPLQWHGHLQKXPDĠLHGLQFDUHFHOSXĠLQGRXă
0úL0GDWHD]ăGLQEURQ]XOPLMORFLX
0FRQĠLQHDGRDUSRUĠLXQLGLQWUXQVFKHOHWRULHQWDWFXFDSXOODVXGúLSLFLRDUHOH
FKLUFLWH VSUH GUHDSWD /kQJă ODEHOH SLFLRDUHORU VH DIOD R FHDúFă ELWURQFRQLFă FX GRXă
WRUĠL vQ EDQGă XúRU VXSUDvQăOĠDWH IăFXWă GLQWUR DUJLOă FX QLVLS FLREXUL úL FRFKLOLL
SLVDWH'HFRUXOFRQVWDGLQWUXQúLUGHWULXQJKLXULKDúXUDWHFXYkUIXOvQMRV0SăVWUDW
vQFRQGLĠLLPDLEXQHDYHD VFKHOHWXODúH]DWWRWSHSDUWHD GUHDSWăFXSLFLRDUHOHIRDUWH
FKLUFLWH RULHQWDWH VSUH HVW úL FDSXO VSUH YHVW ÌQ IDĠD JDPEHORU DYHD R FHDúFă
QHGHFRUDWăFXSURILOURWXQMLWúLFXGRXăWRUĠLVLPSOHVXSUDvQăOĠDWHOXFUDWăGLQSDVWăFDUH
FRQĠLQHDQLVLSFXEREXOPDUH$OWUHLOHDPRUPkQW0FDUHQXDFRQĠLQXWLQYHQWDUD
IRVW DWULEXLW FX UH]HUYH FXOWXULL PHQĠLRQDWH GHúL D IRVW JăVLW vQ ]RQD SLFLRDUHORU XQ
IUDJPHQW FHUDPLF &RVWLúD ÌQ JURDSD RYDOWUDSH]RLGDOă VD JăVLW XQ VFKHOHW FXOFDW SH
SDUWHDVWkQJăFXSLFLRDUHOHIRDUWHFKLUFLWHúLFDSXOVSUH(1(6HSDUHFăDFHVWHPRUPLQWH
DXIăFXWSDUWHGLQWURQHFURSROăSODQăGHvQKXPDĠLHFDUHDIRVWGLVWUXVă
%LEOLRJUDILH18UVXOHVFX3ùDGXUVFKL'%RWH]DWX0RUPLQWHOHGHLQKXPDĠLHGHWLS
&RVWLúDGHVFRSHULWHOD3UăMHQLMXG%RWRúDQLvQ6&,9$S
*KHRUJKH'XPLWURDLD
)LúăFDWDORJ
&HDúFă FkPSXOKDúXUDWSHXPăU&XORDUHFDIHQLHFXSHWH
&HUDPLFăILQă+ FP'P FP'HIRUPă %LEOLRJUDILH 1 8UVXOHVFX 3 ùDGXUVFKL '
ELWURQFRQLFă FX GRXă WRUĠL vQ EDQGă XúRU %RWH]DWX vQ 6&,9$ S ILJ úL
VXSUDvQăOĠDWHGHFRUDWăLPHGLDWVXEEX]ăúLODED]D 0-%7IăUăQULQY3O
JkWXOXL FX LQFL]LL úL vPSXQVăWXUL úL FX WULXQJKLXUL FX
6DW6LOLúWHDFRP5RPkQLMXG1HDPĠ
'DWRULWă FRQGLĠLLORU GH PHGLX úL D SRVLELOLWăĠLORU GH H[SORDWDUH D VROXOXL
GHSUHVLXQHD&UDFăX%LVWULĠDDFRQVWLWXLWGLQWRWGHDXQDR]RQăSULHOQLFăSHQWUXVLWXDUHD
www.cimec.ro / www.mncr.ro
DúH]ăULORU XPDQHÌQFDGUXODFHVWHLVXEXQLWăĠLJHRJUDILFHvQH[WUHPLWDWHDVXGLFăHVWH
VLWXDWă DúH]DUHD IRUWLILFDWă DSDUĠLQkQG EURQ]XOXL PLMORFLX GH OD 6LOLúWHD vQWUR ]RQă
vQDOWăFHIRUPHD]ăLQWHUIOXYLXO%LVWULĠD6LUHWODDSUR[LPDWLYNPGHUkXO%LVWULĠDúLOD
NPGHYDOHDUkXOXL6LUHW
6WDĠLXQHD DUKHRORJLFă 3H &HWăĠXLD HVWH VLWXDWă vQ YHFLQăWDWHD VXGHVWLFă D
IRVWXOXLVDW%kUMRYHQLXQLILFDWDVWă]LFX6LOLúWHDRFXSkQGSURPRQWRULXOQRUGYHVWLFDO
3LVFXOXL &HWăĠXLD%kUMRYHQL VLWXDW OD P DOWLWXGLQH 3O 'H QRWDW Fă OD
DSUR[LPDWLYNP69SHWHUDVDvQDOWăDUkXOXL%LVWULĠDHVWHVLWXDWăDúH]DUHDHSRQLPăD
FXOWXULL&RVWLúDÌQDFHODúLWLPSPHULWăPHQĠLRQDWIDSWXOFăDúH]DUHDIRUWLILFDWăVHDIOă
ODMXPăWDWHDGLVWDQĠHLGLQWUHGRXăFXUVXULGHDSă6LUHWúL%LVWULĠDFDUHDXFRQVWLWXLWFăL
SULQFLSDOHGHSăWUXQGHUHDFRPXQLWăĠLORU0RQWHRUXVSUHFHQWUXOúLQRUGXO0ROGRYHL
3URPRQWRULXO3H&HWăĠXLDDUHRULHQWDUHD11966(SUH]LQWăSDQWHDEUXSWHVSUH
1(úL9FRQVWLWXLQGXQORFFXSR]LĠLHDYDQWDMRDVăSHQWUXVLWXDUHDXQHLDúH]ăULFDUHDU
IL SXWXW FRQWUROD XQ WHULWRULX $úH]DUHD SURSULX]LVă RFXSă H[WUHPLWDWHD QRUGLFă D
SODWRXOXLGHSH&HWăĠXLDVXSUDIDĠDDFWXDOăILLQGvQSURSRUĠLHGHvPSăGXULWă6SUH6
OLPLWD DúH]ăULL HVWH UHSUH]HQWDWă GH XQ úDQĠ GH DSăUDUH FDUH vPSDUWH SODWRXO vQ GRXă
VXSUDIHĠHDSUR[LPDWLYHJDOHLDUVSUH(1úL9HVWHGHOLPLWDWăQDWXUDOGHSDQWHDEUXSWH
úL GH DOELD XQXL SkUkX FX FDUDFWHU VHPLSHUPDQHQW QXPLW SkUkXO ùDUSHOH /LSRYHQL
DIOXHQW DO SkUkXOXL 5RPkQL ÌQ SODQ DúH]DUHD DUH IRUPă WULXQJKLXODUă FX YkUIXO
vQGUHSWDWVSUH119DYkQGGLPHQVLXQLOHDSUR[LPDWLYHGH[PÌQH[WUHPLWDWHD
VXGLFăDDúH]ăULLVHREVHUYăXUPHOHXQXLúDQĠGHDSăUDUHFXGHVFKLGHUHDDFWXDOăGH
P úL DGkQFLPHD DFWXDOă GH P 6SUH 9 úL ( FDSHWHOH úDQĠXOXL VH SLHUG SH SDQWHOH
DEUXSWHDOHGHDOXOXL
3UH]HQĠD XQRU YHVWLJLL DUKHRORJLFH 3H &HWăĠXLD D IRVW VHPQDODWă GH SUHRWXO &
0DWDVăDQWHULRUDQXOXL8OWHULRULQIRUPDĠLLOHDXIRVWSUHOXDWHGHFăWUHùW&XFRú
vQ0HP$QWLT;9,,, &HUFHWăULOHVLVWHPDWLFH DXGHEXWDWvQDQXOvQXUPD
XQHLVHPQDOăULIăFXWHGHVWXGHQWD5DOXFD1HGHOFXGHOD)DFXOWDWHDGH,VWRULHGLQ,DúL
0DWHULDOXODUKHRORJLFFROHFWDWSUHFXPúLSURSULLOHQRDVWUHREVHUYDĠLLODIDĠDORFXOXLDX
SHUPLVvQFDGUDUHDDFHVWXLVLWvQSHULRDGDPLMORFLHDHSRFLLEURQ]XOXL0HULWăPHQĠLRQDW
IDSWXO Fă RELHFWLYXO DUKHRORJLF GH OD 6LOLúWHD 3H &HWăĠXLH VH DIOă OD ÄJUDQLĠD´ GLQWUH
FXOWXULOH&RVWLúDúL0RQWHRUX
ÌQXUPDREVHUYDĠLLORUvQUHJLVWUDWHvQWLPSXOFHORUGRXăFDPSDQLLvQWUHSULQVHúLD
SUHOXFUăULLSDUĠLDOHDPDWHULDOXOXLDUKHRORJLFSXWHPFRQFOX]LRQDXUPăWRDUHOH
D H[LVWHQĠD XQXL úDQĠ GH DSăUDUH vQ SDUWHD VXGLFă D DúH]ăULL D FăUXL DGkQFLPH
HVWH GH P GH OD QLYHOXO DFWXDO GH FăOFDUH 3O 8PSOXWXUD úDQĠXOXL HVWH
FRQVWLWXLWăGLQWUXQVWUDWGHSăPkQWGHFXORDUHFDIHQLHvQFKLVăFDUHFRQĠLQHvQSDUWHD
LQIHULRDUă JUHVLL GH FXORDUH DOEJăOEXLH IRDUWH SXĠLQH IUDJPHQWH FHUDPLFH FkWHYD
IUDJPHQWH GH OLSLWXUă 6D REVHUYDW Fă vQ XQHOH SRUĠLXQL WDOX]XULOH úDQĠXOXL DX IRVW
SODFDWHFXJUHVLLGHFXORDUHDOEJăOEXLH
EFRQVLGHUăPFăvQSUR[LPLWDWHDúDQĠXOXLvQLQWHULRUXODúH]ăULLVDDIODWúLXQYDO
GH DSăUDUH FDUH vQ FXUVXO WLPSXOXL D IRVW DSODWL]DW FRQVWLWXLQG PDUH SDUWH GLQ
XPSOXWXUDúDQĠXOXL
F vQ SRUĠLXQHD FHUFHWDWă GLQ DúH]DUH DX IRVW GH]YHOLWH FkWHYD ORFXLQĠH GH
VXSUDIDĠăFXSRGHDXDDPHQDMDWăGLQJUHVLL8QHOHGLQWUHDFHVWHJUHVLLVXQWDUVHODURúX
FHHDFHvPSUHXQăFXSUH]HQĠDSLJPHQĠLORUGHDUVXUăVHPQDOHD]ăSUH]HQĠDXQRUYHWUH
www.cimec.ro / www.mncr.ro
SUREDELODPHQDMDWHSHDFHVWHJUHVLLIăUăOLSLWXUăGHOXWÌQDIDUăGHÄSDYDMHOH´GHJUHVLL
H[LVWHQĠDDFHVWRUORFXLQĠHPDLHVWHLQGLFDWăúLGHDUWHIDFWHOHGHVFRSHULWHIUDJPHQWHGH
YDVHGLQWUHFDUHXQHOHVSDUWHSHORFUkúQLĠHGLQSLDWUăGHUkXXQHOWHGLQSLDWUăúLGHRV
IUDJPHQWH GH OLSLWXUă 3kQă vQ SUH]HQW QX VH FXQRVF IRUPD úL GLPHQVLXQLOH DFHVWRU
ORFXLQĠHH[LVWHQĠDORUILLQGGHGXVăGLQFRQWH[W'DWăILLQGJURVLPHDQLYHOXOXLGHJUHVLL
±FDUHDWLQJHvQXQHOHORFXULP±FRQVLGHUăPFăvQFDGUXOORFXLULLDXH[LVWDWPDL
PXOWHID]HGHDPHQDMDUHDORFXLQĠHORUODGLVWDQĠHPLFLvQWLPSXQDGHDOWD
GvQFDGUXODúH]ăULLDXIRVWVXUSULQVHSkQăvQSUH]HQWWUHLFRPSOH[HLQVLWXFăURUD
OHDWULEXLPXQFDUDFWHUULWXDO±SRVLELOHULWXDOXULGHIXQGDUH'RXăGLQWUHDFHVWHDFRQVWDX
vQYDVHvQWUHJL±FDUHSRWILDWULEXLWHSHED]DIRUPHLúLDSDVWHLFXOWXULL&RVWLúD±GHSXVH
GHGHVXEWXOQLYHOXOXLGHJUHVLLDOWUHLOHDILLQGUHSUH]HQWDWGHXQFUDQLXGHERYLGHXDúH]DW
GHDVXSUDXQXLIUDJPHQWGLQWURFHDúFă0RQWHRUXGHGHVXEWXOXQHLOHVSH]LGHJUHVLH
HDXIRVWLGHQWLILFDWHWUHLRELHFWHGHSRGRDEăGLQFXSUX1RSSHQULQJHFDUHSH
ED]D DQDORJLLORU SRW IL SXVH vQ OHJăWXUă FX RELHFWHOH VLPLODUH DSDUĠLQkQG EURQ]XOXL
WLPSXULXGLQ(XURSD&HQWUDOă
ISHED]DDQDOL]HLROăULHLIRUPăSDVWăGHFRUDXIRVWLGHQWLILFDWHXUPăWRDUHOH
WLSXULSULQFLSDOHFDWHJRULHLJURVLHUHvLDSDUĠLQYDVHOHGHSURYL]LLGHGLPHQVLXQLPDUL
FDVWURDQHWURQFRQLFHFXVDXIăUăWRUĠLYDVHERUFDQFHUDPLFDILQăHVWHUHSUH]HQWDWăGH
DPIRUH ELWURQFRQLFH FX JkWXO vQDOW úL GRXă WRUĠL vQ EDQGă WUDVH GLQ EX]ă FHúWL
ELWURQFRQLFH VDX VHPLVIHULFH FX WRUĠL vQ EDQGă VDX FX WRUĠL VXSUDvQăOĠDWH FX úD
DPIRUHWH0RWLYHOHGHFRUDWLYHúLWHKQLFDUHDOL]ăULLDFHVWRUDVXQWFHOHVSHFLILFHFXOWXULL
&RVWLúDúLSULPHORUID]HDOHFXOWXULL0RQWHRUX
JDIRVWFHUFHWDWXQVLQJXUQLYHOGHORFXLUHSHFDUHvODWULEXLPSHED]DDQDOL]HL
ROăULHL úL D FHORUODOWH DUWHIDFWH RELHFWH GLQ SLDWUă úL RV FXOWXULL &RVWLúD vQ DFHODúL
QLYHODSăUkQGGHDVHPHQHDIUDJPHQWH FHUDPLFHVSHFLILFHFXOWXULL0RQWHRUX,&,&
$FHVWHGDWHQHvQGUHSWăĠHVFVăSRVWXOăPLGHHDXQHLÄFRDELWăUL´vQWUHID]HOHLQLĠLDOHDOH
FXOWXULL0RQWHRUXGLQ0ROGRYDúLFXOWXUD&RVWLúD
%LEOLRJUDILH&0DWDVă &HUFHWăULGLQSUHLVWRULDMXGHĠXOXL1HDPĠvQ%&0,
S ùW &XFRú &RQWULEXĠLL OD UHSHUWRULXO DUKHRORJLF DO MXGHĠXOXL 1HDPĠ vQ
0HP$QWLT ;9,,, S 1 %RORKDQ ( 0XQWHDQX *K 'XPLWURDLD 6LOLúWHD FRP
5RPkQLMXG1HDPĠvQ&&$6XFHDYDSSO
1HFXODL%RORKDQ
(OHQD5R[DQD0XQWHDQX
)LúHFDWDORJ
1U
9DVERUFDQ 1U
&HUDPLFă JURVLHUă GH FXORDUH EUXQă + FP %LOăGHSUDúWLH
'P FP&XGRXăWRUĠLvQEDQGăWUDVHGLQEX]ă 3LDWUă ' FP 6IHULFă FX XUPH GH FLRSOLUH SH
úL OLSLWH SH XPăU FX EX]D HYD]DWă )ăUă GHFRU WRDWă VXSUDIDĠD ,QHGLW 0,317 QU LQY 3O
,QHGLW0,317QULQY3O
1U 1U
&XĠLWFXUE )UHFăWRUGHUkúQLĠă"
3LDWUă/ FPO FP'LQJUHVLHFXXUPHGH 3LDWUă / FP ' FP 3UH]LQWă XUPH GH
SUHOXFUDUHSHDPEHOHPXFKLL,QHGLW0,317QULQY IRORVLUH OD DPEHOH FDSHWH 'H IRUPă FLOLQGULFă
3O ,QHGLW0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDVXSHULRDUăD 7RDUWă vQ EDQGă VXSUDvQăOĠDWă GH OD R FHDúFă GH
XQHL DPIRUH GHFRUDWă FX WULXQJKLXUL FX FkPSXO GLPHQVLXQL PLFL ÌQ SXQFWXO PD[LPHL vQăOĠLPL WRDUWD
KDúXUDW &XORDUH FăUăPL]LH FX SHWH FDIHQLL / FP HVWH PXOW OăĠLWă &XORDUH EUXQ FăUăPL]LH / FP
O FP,QHGLW0,317QULQY3O O FP,QHGLWă0,317QULQY3O
1U 1U
)UDJPHQW FHUDPLF GLQWUR FHDúFă FX FRUSXO )UDJPHQWFHUDPLFSURYHQLQGGHODRDPIRUăGHFRUDWă
ELWURQFRQLF GHFRUDWă SH XPăU FX XQ úLU GH vQ ]RQD GLDPHWUXOXL PD[LP FX XQ EUkX FX DOYHROH
WULXQJKLXUL LQFL]DWH FX FkPSXO KDúXUDW &XORDUH vQWUHUXSWGHDVXSUDFăUXLDVHDIOăXQPRWLYFXFHUFXUL
EUXQă/ FPO FP'P FP%LEOLRJUDILH FRQFHQWULFH LQFL]DWH vQFRQMXUDWH GH XQ FHUF GH
1 %RORKDQ úL FRODE vQ &&$ ILJ vPSXQVăWXULúLOLQLLREOLFHDUFDGH"&XORDUHEUXQă/
0,317QULQY3O FPO FP,QHGLW0,317QULQY3O
1U 1U
7RDUWăvQEDQGăFXúDVXSUDvQăOĠDWăSURYHQLQGGH )UDJPHQWFHUDPLFSURYHQLQGGHODSDUWHDLQIHULRDUă
OD R FHDúFă GH GLPHQVLXQL UHODWLY PDUL /D SDUWHD DXQHLDPIRUHWHGHFRUDWăFXXQúLUGHvPSXQVăWXUL
VXSHULRDUăDWRUĠLLDIRVWUHDOL]DWXQPLFSUDJGLQWUHL vQMXUXOIXQGXOXLúLFXEHQ]LIRUPDWHGLQOLQLLLQFL]DWH
OLQLLvQUHOLHI&XORDUHEUXQFăUăPL]LH/ FPO úLvPSXQVăWXULYHUWLFDOH&XORDUHFDIHQLHODH[WHULRU
FP,QHGLW0,317QULQY3O EUXQă OD LQWHULRU + SăVWUDWă FP O FP 'I
FP,QHGLW0,317QULQY
1U
)UDJPHQW FHUDPLF SURYHQLQG GLQ FRUSXO XQHL 1U
DPIRUH GHFRUDWă FX XQ UHJLVWUX GH OLQLL LQFL]DWH )UDJPHQW FHUDPLF SUREDELO GH OD XQ YDV ERUFDQ
YHUWLFDOH FX VSDĠLXO GLQWUH DFHVHD XPSOXW FX LQFL]LL JOREXODU"0RQWHRUXGHFRUDWFXROLQLHvQUHOLHIvQ
RUL]RQWDOH &XORDUH FDIHQLH / FP O FP ]LJ]DJúLFXSDVWLOHDSOLFDWODSDUWDLQIHULRDUăD]LJ
,QHGLW0,317QULQY3O ]DJXOXL &XORDUH FăUăPL]LH FX SHWH EUXQH ,QHGLW
0,317QULQY3O
1U
)UDJPHQW FHUDPLF SURYHQLQG GLQ XPăUXO XQHL 1U
DPIRUHGHFRUDWăFXWULXQJKLXULLQFL]DWH'HFXORDUH )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
EUXQă,QHGLW0,317QULQY VXSHULRDUă D XQXL YDV ERUFDQ GH GLPHQVLXQL PDUL
FX JkWXO XúRU HYD]DW GHFRUDW FX DOYHROH OD SDUWHD
1U VXSHULRDUăDEX]HLúLFXXQEUkXVLPSOXvQUHOLHIOD
)UDJPHQW FHUDPLF SURYHQLQG GLQWUR FHDúFă ED]D JkWXOXL &XORDUH FăUăPL]LH / FP O FP
ELWURQFRQLFă GHFRUDWă FX WULXQJKLXUL FX FkPSXO ,QHGLW0,317QULQY3O
XPSOXW FX OLQLL FH FRQYHUJ VSUH YkUI &XORDUH
FHQXúLHODH[WHULRUFDIHQLHODLQWHULRU/ FPO 1U
FP %LEOLRJUDILH 1 %RORKDQ úL FRODE vQ &&$ )UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD
ILJ0,317QULQY VXSHULRDUă D XQXL YDV ERUFDQ FX JkWXO GUHSW
GHFRUDWODED]DDFHVWXLDFXXQEUkXFXDOYHROHLDU
1U SHEX]ăWRWFXDOYHROH&XORDUHFăUăPL]LH/ FP
)UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV GH O FP,QHGLW0,317QULQY
GLPHQVLXQLPDULGHFRUDWFXOLQLLLQFL]DWHVXSUDSXVH
GLVSXVH GH]RUGRQDW &XORDUH FăUăPL]LH OD H[WHULRU 1U
EUXQăOD LQWHULRU / FPO FP%LEOLRJUDILH 1 )UDJPHQW FHUDPLF GH OD SDUWHD LQIHULRDUă D XQHL
%RORKDQ úLFRODEvQ&&$ ILJ 0,317 DPIRUH GHFRUDWă FX EHQ]L GLQ OLQLL LQFL]DWH
QULQY3O YHUWLFDOH&XORDUHEUXQă/ FPO FP,QHGLW
0,317QULQY3O
1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD R FHDúFă 1U
ELWURQFRQLFă FX PDUJLQHD GUHDSWă GHFRUDWă FX XQ )UDJPHQW FHUDPLF SURYHQLQG GH OD XQ YDV GH
EUkX GH OLQLL LQFL]DWH SH JkW GHGHVXEWXO FăUXLD VH GLPHQVLXQL PDUL GHFRUDW FX PăWXULĠD &XORDUH
DIOăEHQ]LGHFkWHWUHLLQFL]LLYHUWLFDOH&XORDUHEUXQ EUXQăFXSHWHFăUăPL]LL/ FPO FP,QHGLW
FDIHQLH + SăVWUDWă FP 'P FP ,QHGLW 0,317QULQY
0,317QULQY
1U
1U )UDJPHQW FHUDPLF GLQWUXQ FDVWURQ vQDOW GH
)UDJPHQW FHUDPLF GLQWUXQ YDVERUFDQ GHFRUDW SH GLPHQVLXQLPDULGHFRUDWFXPăWXULĠDFXXQEUkXFX
XPăUFXGRXăOLQLLVLPSOHvQUHOLHI&XORDUHEUXQă/ DOYHROHvQWUHUXSW GHGHVXEWXO EX]HL &XORDUH EUXQă
FPO FP,QHGLW0,317QULQY3O + SăVWUDWă FP 'J FP ,QHGLW 0,317 QU
LQY3O
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD )UDJPHQW FHUDPLF GLQWUXQ FDVWURQ GH GLPHQVLXQL
VXSHULRDUăDXQXLYDVERUFDQFXPDUJLQHDGUHDSWă PDUL WURQFRQLF FX PDUJLQHD HYD]DWă 'HFRUXO FRQVWă
GHFRUDW LPHGLDW GHGHVXEWXODFHVWHLDFXXQEUkX FX vQWUR OLQLH vQ UHOLHI GHGHVXEWXO EX]HL &XORDUH EUXQă
DOYHROH vQWUHUXSW &XORDUH FăUăPL]LH / FP O / FPO FP,QHGLW0,317QULQY3O
FP'J FP,QHGLW0,317QULQY
1U
1U 9DVELWURQFRQLF
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD &HUDPLFă JURVLHUă + FP 'P FP &X R
VXSHULRDUă D XQXL YDV JOREXODU FX R WRDUWă vQ WRDUWă vQ EDQGă WUDVă GLQ EX]ă FX PDUJLQHD
EDQGă DSOLFDWă VXE EX]ă )ăUă GHFRU &XORDUH HYD]DWă GHFRUDW SH XPăU FX WUHL EXWRQL GLVSXúL OD
FăUăPL]LH/ FPO FP,QHGLW0,317QULQY GLVWDQĠHHJDOHIDĠăGHWRDUWă&XORDUHEUXQă,QHGLW
3O 0,317QULQY3O
1U 1U
)UDJPHQW FHUDPLF GLQWUR FHDúFă VHPLVIHULFă FX )UDJPHQW FHUDPLF SURYHQLQG GH OD R FHDúFă
PDUJLQHD GUHDSWăGHFRUDWăFX WUHL OLQLLvQUHOLHISH GHFRUDWă vQ ]RQD GLDPHWUXOXL PD[LP FX WULXQJKLXUL
XPăU&XORDUHFăUăPL]LH / FPO FP,QHGLW FX FkPSXO KDúXUDW &XORDUH FăUăPL]LH FX SHWH
0,317QULQY3O FHQXúLL,QHGLW0,317QULQY3O
1U 1U
)UDJPHQW FHUDPLF GLQWUR FHDúFă VHPLVIHULFă FX )UDJPHQWH SURYHQLQG GH OD SDUWHD VXSHULRDUă D XQRU
PDUJLQHD GUHDSWă GHFRUDWă FX WUHL OLQLL vQ UHOLHI SH DPIRUH 'HFRUXO FRQVWă vQ EUkXUL vQ UHOLHI OD ED]D
XPăU &XORDUH FDIHQLH FX SHWH FăUăPL]LL + JkWXOXLvQVRĠLWHVDXQXGHvPSXQVăWXUL&XORDUHEUXQă
SăVWUDWă FP 'P FP ,QHGLW 0,317 QU LQY ,QHGLWH 0,317 QU LQY 3O úL
3O
1U 1U
)UDJPHQW FHUDPLF SURYHQLQG GH OD SDUWHD )UDJPHQW GLQWUXQ YDV GH GLPHQVLXQL PDUL YDV GH
VXSHULRDUă D XQXL FDVWURQ ELWURQFRQLF GH RIUDQGă " GHFRUDW FX OLQLL vQ UHOLHI GUHSWH VDX vQ
GLPHQVLXQL PDUL GHFRUDW FX XQ PLF EUkX FX ]LJ]DJ &XORDUH QHDJUă ,QHGLW 0,317 QU LQY
FUHVWăWXUL &XORDUH FăUăPL]LH FX SHWH FDIHQLL + 3O
SăVWUDWă FP,QHGLW0,317QULQY
1U
1U )UDJPHQWH SURYHQLQG GH OD SDUWHD VXSHULRDUă D
)UDJPHQW FHUDPLF GLQ FRUSXO XQHL DPIRUH GLQ ]RQD XQHL FHúWL VHPLVIHULFH GHFRUDWă SH JkW FX XQ
GLDPHWUXOXL PD[LP GHFRUDW FX XQ EUkX vQWUHUXSW FX UHJLVWUX GH OLQLL vQ UHOLHI &XORDUH QHDJUă ,QHGLWH
DOYHROH&XORDUHEUXQăODH[WHULRUFăUăPL]LHODLQWHULRU 0,317QULQY3O
/ FPO FP,QHGLW0,317QULQY
1U
1U )UDJPHQW GLQ FRUSXO XQHL DPIRUH GHFRUDWă vQ ]RQD
)UDJPHQW FHUDPLF SURYHQLQG GH OD XPăUXO XQHL GLDPHWUXOXL PD[LP FX XQ EUkX vQWUHUXSW FX DOYHROH
DPIRUH 6H SăVWUHD]ă XUPD XQHL WRUĠL vQ EDQGă úL FX XQ UHJLVWUX YHUWLFDO GH LQFL]LL úL vPSXQVăWXUL
GHGHVXEWXO FăUHLD D IRVW H[HFXWDW XQ GHFRU GH OLQLL GHDVXSUD DFHVWXLD &XORDUH FăUăPL]LH ,QHGLW
LQFL]DWH YHUWLFDOH FX VSDĠLXO GLQWUH HOH XPSOXW FX 0,317QULQY3O
PLFL LQFL]LL RUL]RQWDOH &XORDUH FăUăPL]LH / FP
O FP,QHGLW0,317QULQY3O 1U
7RDUWăWXEXODUăvQEDQGăFHDDSDUĠLQXWSUREDELOXQXL
1U YDV ELWURQFRQLF VDX XQXL YDV GH RIUDQGă &XORDUH
)UDJPHQW FHUDPLF GH OD SDUWHD VXSHULRDUă D XQXL FăUăPL]LH,QHGLWă0,317QULQY3O
YDVERUFDQ FX JkWXO XúRU HYD]DW GHFRUDW FX
FDQHOXUL REOLFH úL FX EX]D GHFRUDWă FX DOYHROH 1U
&XORDUH EUXQă OD LQWHULRU FX SHWH FăUăPL]LL / )UDJPHQWSURYHQLQGSUREDELOGHODEX]DHYD]DWăD
FPO FP,QHGLW0,317QULQY3O XQXL FDVWURQ SUHYă]XW FX R DSXFăWRDUH YHUWLFDOă
GHGHVXEWXO EX]HL &XORDUH FHQXúLH ,QHGLW 0,317
1U QULQY
)UDJPHQW FHUDPLF SURYHQLQG SUREDELO GLQ FRUSXO
XQXL FDVWURQ WURQFRQLF GHFRUDW FX EHQ]L REOLFH GH 1U
OLQLL vQ UHOLHI DIODWH GHGHVXEWXO XQHL DSXFăWXUL 7RDUWăvQEDQGăWUDVăGHVXEEX]DXúRUHYD]DWăD
RUL]RQWDOH&XORDUHQHDJUă/ FPO FP,QHGLW XQXL YDV SUREDELO R DPIRUă &XORDUH FăUăPL]LH
0,317QULQY3O ,QHGLWă0,317QULQY3O
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQW SURYHQLQG GH OD SDUWHD VXSHULRDUă D XQXL 2ELHFW GH SRGRDEă FHUFHO"WLS1RSSHQULQJH GLQ
YDVERUFDQFXJkWXOHYD]DWGHFRUDWODED]DDFHVWXLD VkUPă GH FXORDUH URúLDWLFă vQ GRXă VSLUH FX
FXXQEUkXVLPSOXvQUHOLHI&XORDUHFăUăPL]LHFXSHWH FDSHWHOH UăVXFLWH úL vQGRLWH $UH SULQVH GH HO GRXă
FDIHQLL,QHGLW0,317QULQY YHULJL PLFL UHDOL]DWHWRWGLQVkUPă GHFXSUX,QHGLW
0,31QULQY3O
1U
)UDJPHQW GLQWUXQ FDVWURQ WURQFRQLF GHFRUDW SH 1U
EX]ă FX XQ EUkX FX DOYHROH vQWUHUXSW &XORDUH 2ELHFW GH SRGRDEă FHUFHO" WLS 1RSSHQULQJH GLQ
FăUăPL]LH,QHGLW0,317QULQY VkUPăGHDUDPăGHFXORDUHURúLDWLFăvQGRXăVSLUHFX
² FDSHWHOHUăVXFLWH,QHGLW0,31QULQY3O
1U
2ELHFW GH SRGRDEă FHUFHO " WLS 1RSSHQULQJH 1U
GLQVkUPăGHDUDPăGHFXORDUHURúLDWLFăvQGRXă )UDJPHQW FHUDPLF SURYHQLQG SUREDELO GLQWUR
VSLUH FX FDSHWHOH UăVXFLWH ,QHGLW 0,31 QU LQY FHDúFă FX GRXă WRUĠL 'LQ SDVWă JăOEXL PDURQLH FX
3O LQFL]LL FX WUHL OLQLL vQ EHQ]L OLQLDUH GLVSXVH GHDVXSUD
XPăUXOXL úL EHQ]L GH WUHL OLQLL YHUWLFDOH SH SkQWHF
,QHGLW 0,31 QU LQY 3O
6DW9ăOHQLFRP%RWHúWLMXG1HDPĠ
'HSHWHULWRULXOVDWXOXL9ăOHQLSURYLQGHVFRSHULULDSDUĠLQkQGFXOWXULL&RVWLúDGLQ
SXQFWHOH'HDOXOOXL'ăQLOăúL/D0RDUă
/DVXGGHVDWXO9ăOHQLGLQFRORGHSkUkXOùDUSHOXLvQSXQFWXO'HDOXOOXL'ăQLOă
D IRVW FHUFHWDWă SDUĠLDO GH FăWUH SURI $O 9XOSH vQ DQXO R DúH]DUH D FXOWXULL
&RVWLúD 6RQGDMXO D GXV OD GH]YHOLUHD FkWRUYD ORFXLQĠH úL D XQXL PDWHULDO FHUDPLF
IUDJPHQWDU 6LWXO DUKHRORJLF FX PDL PXOWH QLYHOXUL GH ORFXLUH ± HQHROLWLF HSRFD
EURQ]XOXL SHULRDGD KDOOVWDWWLDQă HSRFD PHGLHYDOă ± D IRVW vQ FHD PDL PDUH SDUWH
GLVWUXVGHOXFUăULOHDJULFROH
ÌQSXQFWXO/D0RDUăvQSDUWHDGH(1(D VDWXOXLSHRSDQWăGHGHDO vQFOLQDWă
VSUHVXGúLGHOLPLWDWăVSUHVXGGHSkUkXOùDUSHOXLLDUVSUH919GHYDOHD$GkQFDWDD
IRVWFHUFHWDWăR DúH]DUH FXPDLPXOWHQLYHOXULGH ORFXLUHGLQFDUHQLYHOXODSDUĠLQkQG
VHFROHORU,,,,,G+UHVWHFHOPDLERJDW3ULQWUHYHVWLJLLOHDSDUĠLQkQGFXOWXULL1RXDGH
DLFLVHQXPăUăúLXQHOHIUDJPHQWHFHUDPLFHFXGHFRUWLSLF&RVWLúD
%LEOLRJUDILH 9 8UVDFKL &HUFHWăUL DUKHRORJLFH HIHFWXDWH GH 0X]HXO GH ,VWRULH GLQ
5RPDQ vQ ]RQD UkXULORU 6LUHW úL 0ROGRYD vQ &DUSLFD , S úL LGHP
6ăSăWXULOHDUKHRORJLFHGHOD9ăOHQLvQ0&$,;S
(OHQD5R[DQD0XQWHDQX
)LúHFDWDORJ
1U &XORDUH FăUăPL]LH + SăVWUDWă FP O FP
)UDJPHQW GLQWUXQ YDV GH GLPHQVLXQL PDUL GHFRUDW ,QHGLW0,5QULQY3O
FX PăWXULĠD &XORDUH FăUăPL]LH FX SHWH FDIHQLL +
SăVWUDWă FP O FP ,QHGLW 0,5 QU LQY 1U
3O )UDJPHQW FHUDPLF GH OD R DPIRUă GH GLPHQVLXQL
PDUL GHFRUDWă SH XPăU FX WULXQJKLXUL LQFL]DWH FX
1U FkPSXO KDúXUDW GHDVXSUD FăURUD VH DIOă R EDQGă
)UDJPHQW GLQ SDUWHD VXSHULRDUă D XQHL FHúWL GH GH LQFL]LL úL vPSXQVăWXUL úL GRXă EUkXUL vQ UHOLHI
GLPHQVLXQL PDUL FX EX]D GUHDSWă GHFRUDWă SH &XORDUH FăUăPL]LH FX SHWH FDIHQLL + FP O
XPăUFXWULXQJKLXULLQFL]DWHFXFkPSXOKDúXUDWúLFX FP,QHGLW0,5QULQY3O
R EDQGă GH LQFL]LL úL vPSXQVăWXUL OD ED]D JkWXOXL
www.cimec.ro / www.mncr.ro
1U 1U
)UDJPHQW SURYHQLQG GH OD R DPIRUă GH GLPHQVLXQL )UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL
PHGLL GHFRUDWă SH XPăU FX WULXQJKLXUL LQFL]DWH FHúWL VHPLVIHULFH FX JkWXO vQDOW GLQ WLSXO FX GRXă
SUHOXQJLFXFkPSXOKDúXUDWLDUGHGHVXEWXOWRUĠLLFX WRUĠLvQEDQGăVXSUDvQăOĠDWHVHSăVWUHD]ăRWRDUWă
LQFL]LL YHUWLFDOH úLUXUL GH vPSXQVăWXUL úL ³EUăGXĠL´ 'HFRUXO FRQVWă vQ EHQ]L GH OLQLL LQFL]DWH YHUWLFDOH
&XORDUH QHDJUă + FP O FP ,QHGLW SH XPăUXO YDVXOXL úL GLQ LQFL]LL RUL]RQWDOH OD ED]D
0,5QULQY3O JkWXOXL&XORDUHEUXQQHDJUă+ FPO FP
,QHGLW0,5QULQY3O
1U
)UDJPHQW SURYHQLQG GH OD EX]D XQXL FDVWURQ 1U
WURQFRQLF GHFRUDW FX XQ EUkX vQWUHUXSW FX DOYHROH )UDJPHQW GH OD SDUWHD VXSHULRDUă D XQHL FHúWL
LPHGLDW VXE EX]ă úL SH UHVWXO FRUSXOXL FX PăWXULĠD ELWURQFRQLFH GHFRUDWă SH XPăU FX WULXQJKLXUL FX
&XORDUHFăUăPL]LHODH[WHULRUFHQXúLHODLQWHULRU+ FkPSXOKDúXUDWúLFXOLQLLLQFL]DWHYHUWLFDOH&XORDUH
FPO FP,QHGLW0,5QULQY3O FăUăPL]LH + SăVWUDWă FP O FP ,QHGLW
0,5QULQY
1U
)UDJPHQW SURYHQLQG GLQWUR FHDúFă GH GLPHQVLXQL 1U
PDUL FX WRUĠL vQ EDQGă VH SăVWUHD]ă GRDU XQD )UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL
GHFRUDWă GHGHVXEWXO WRUĠLL FX XQ UHJLVWUX YHUWLFDO GH FHúWL GH GLPHQVLXQL PHGLL GHFRUDWă SH XPăU FX
LQFL]LLvPSXQVăWXULúLSUREDELOFXWULXQJKLXULLQFL]DWH WULXQJKLXUL FX FkPSXO KDúXUDW &XORDUH FDIHQLH FX
SH XPăU &XORDUH FDIHQLH FX SHWH FăUăPL]LL + SHWHFăUăPL]LL+SăVWUDWă FPO FP,QHGLW
FPO FP,QHGLW0,5QULQY3O 0,5QULQY
1U 1U
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQXL )UDJPHQWGLQFRUSXO XQHL DPIRUH GHFRUDWă SH OLQLD
YDV ERUFDQ GH GLPHQVLXQL PDUL DYkQG VXSUDIDĠD GLDPHWUXOXL PD[LP FX XQ EUkX FX DOYHROH &XORDUH
GHFRUDWă FX PăWXULĠD &XORDUH FDIHQLH OD H[WHULRU FăUăPL]LH + SăVWUDWă FP O FP ,QHGLW
EUXQă OD LQWHULRU + FP O FP ,QHGLW 0,5QULQY
0,5QULQY3O
1U
1U )UDJPHQW FHUDPLF GLQ SDUWHD LQIHULRDUă D XQXL YDV
)UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQXL GH GLPHQVLXQL PDUL ERUFDQ" FDVWURQ" FX
YDVERUFDQGHFRUDWLPHGLDWGHGHVXEWXOEX]HLFXXQ ]JkULHWXUL &XORDUH EUXQă OD H[WHULRU FHQXúLH OD
EUkX FX DOYHROH vQWUHUXSW UHVWXO FRUSXOXL ILLQG LQWHULRU+SăVWUDWă FPO FP,QHGLW0,5
DFRSHULWFXGHFRUFXPăWXULĠD&XORDUHFăUăPL]LHOD QULQY
H[WHULRU EUXQă OD LQWHULRU + FP O FP
,QHGLW0,5QULQY3O 1U
)UDJPHQWH GLQ XPăUXOXQRU DPIRUH GHFRUDWH FX XQ
1U úLU GH WULXQJKLXUL LQFL]DWH FX FkPSXO KDúXUDW
)UDJPHQW FHUDPLF GH OD R FHDúFă ELWURQFRQLFă FX &XORDUHFDIHQLH,QHGLWH0,5QULQY
JkWXO GUHSW GHFRUDWă SH XPăU FX WULXQJKLXUL FX SOSOSO
FkPSXOKDúXUDWúLFXOLQLLLQFL]DWHRUL]RQWDOHODED]D
JkWXOXL &XORDUH FăUăPL]LH + FP O FP 1U
,QHGLW0,5QULQY3O )UDJPHQWH SURYHQLQG GH OD SDUWHD VXSHULRDUă D
XQRUDPIRUHGHFRUDWHFXPRWLYLQFL]DWVDXUHDOL]DW
1U SULQ vPSXQVăWXUL &XORDUH EUXQFDIHQLH ,QHGLWH
)UDJPHQWGLQWURFHDúFăELWURQFRQLFăFXEX]DXúRU 0,5 QU LQY SO SO
HYD]DWă GH WLSXO FX GRXă WRUĠL vQ EDQGă VH
SăVWUHD]ă XQD GLQ DFHVWHD 'HFRUXO FRQVWă vQ
WULXQJKLXUL LQFL]DWH SH XPăUXO YDVXOXL FX FkPSXO 1U
XPSOXWFXOLQLLFHFRQYHUJVSUHYkUIúLFXREDQGăGH )UDJPHQWHGHFHúWLELWURQFRQLFHFXXPăUXOGHFRUDW
LQFL]LL úL vPSXQVăWXUL OD ED]D JkWXOXL &XORDUH FXXQúLUGHWULXQJKLXULLQFL]DWHFXFkPSXOKDúXUDW
FăUăPL]LH+ FP'P FP,QHGLW0,5QU &XORDUH EUXQFDIHQLH ,QHGLWH 0,5 QU LQY
LQY3O 3O
1U 1U
)UDJPHQWGHWRDUWăvQEDQGăFXPDUJLQLOHULGLFDWHúL )UDJPHQW SURYHQLQG SUREDELO GH OD R DPIRUă
FX SDUWHD H[WHULRDUă GHFRUDWă FX OLQLL ORQJLWXGLQDOH GHFRUDWă SH XPăU FX XQ PRWLY vQ UHOLHI XQ EUkX FX
LQFL]DWHúLFXXQúLUGHvPSXQVăWXUL&XORDUHEUXQă FUHVWăWXUL úL R EDQGă ODWăYHUWLFDOă &XORDUH EUXQă FX
+ FPO FP,QHGLW0,5QULQY3O SHWHFDIHQLLODH[WHULRUFDIHQLHODLQWHULRU+SăVWUDWă
FPO FP,QHGLW0,5QULQY3O
www.cimec.ro / www.mncr.ro
1U FăUăPL]LH ILQă DYkQG FD GHFRU OLQLL LQFL]DWH úL
7RSRU VăSăOLJă" GH SLDWUă GH FXORDUH FHQXúLH SXQFWH,QHGLW0,51ULQY3O
FXJăXUăGHSULQGHUHDFR]LLDYkQGSDUWHDDFWLYă
QHSUHOXFUDWă ,QHGLW 0,5 QU LQY 3O 1U
)UDJPHQWH FHUDPLFH SURYHQLQG GH OD YDVH OXFUDWH
GLQ SDVWă JURVLHUă GHFRUDWH OD H[WHULRU FX PăWXULĠD
1U %HVHQVWULFK ,QHGLWH 0,5 QU LQY
)UDJPHQW GLQ JkWXO XQHL FHúWL GLQ SDVWă FHQXúLH GRXăEXFIăUăQULQY3O
$OWHGHVFRSHULUL
'HD OXQJXO WLPSXOXL OD HVW GH &DUSDĠL DX IRVW GHVFRSHULWH úL DOWH PDWHULDOH
DUKHRORJLFH FDUH SXQ vQ HYLGHQĠă SUH]HQĠD XQRU DúH]ăUL úL QHFURSROH GHVSUH FDUH QX
H[LVWăGHRFDPGDWăFHUWLWXGLQL$OăWXULGHDFHVWHDPDLSRWILOXDWHvQFRQVLGHUDUHXQHOH
GHVFRSHULUL FDUH VXQW PDL WkU]LL GHFkW FXOWXUD &RVWLúD .RPDURY GDU FDUH YăGHVF
SXWHUQLFHLQIOXHQĠHDOHDFHVWHLFXOWXUL
D6DW%ăUFăQHúWLFRP&kQGHúWLMXG1HDPĠ
'HSHWHULWRULXOVDWXOXLGLQWUXQSXQFWQHSUHFL]DWSURYLQHXQWRSRUQDYLIRUPGH
SLDWUăDQGH]LWFXWăLúXOOăĠLWúLFHDIDFLOLQGULFăFXGLVFIăUăJDXUăGHSULQGHUHDFR]LL
6DWXO %ăUFăQHúWL VH DIOă OD DSUR[LPDWLY PLMORFXO GLVWDQĠHL GLQWUH &RVWLúD úL %RUOHúWL
/ FPOWăLú FP0,317QULQY3O
%LEOLRJUDILH*K'XPLWURDLDvQ0HP$QWLT;;,SILJ
E 6DW%RGHúWLLGH-RVFRP%RGHúWLMXG1HDPĠ
ÌQXOWLPHOHQLYHOXULDOHVLWXOXLDUKHRORJLFGHSH&HWăĠXLD)UXPXúLFDDOăWXULGH
PDL PXOWH IUDJPHQWH FHUDPLFH GLQ EURQ]XO PLMORFLX VD JăVLW XQ FRUQ GHFRUDW FX
WULXQJKLXULLQFL]DWHFXFkPSXOKDúXUDWGLVSXVHORQJLWXGLQDOVSHFLILFHFXOWXULL&RVWLúD
/ FP0,317QULQY
%LEOLRJUDILH&0DWDVă)UXPXúLFD9LOODJHSUHKLVWRULTXHjFHUDPLTXHSHLQWHGDQVOD
0ROGDYLHGX1RUG5RXPDQLH%XFXUHúWLSILJ
F 6DW%UăHúWLFRP%UăHúWLMXG%RWRúDQL
ÌQ DQLL D IRVW FHUFHWDWă SDUĠLDO vQ YDWUD VDWXOXL %UăHúWL RQHFURSROă
1RXD , 'LQ FHOH PRUPLQWH FHUFHWDWH D IRVW UHFXSHUDW XQ LQYHQWDU FRQVWkQG vQ
SULQFLSDO GLQ FHUDPLFă 9DVHOH GLQ PRUPLQWHOH úL VXQW GHFRUDWH FX PRWLYH
FRQVLGHUDWHGHDXWRDUHDVăSăWXULLGHWUDGLĠLH0RQWHRUX&RVWLúDúL6UXEQDLD
'H PHQĠLRQDW Fă QHFURSROD GH OD %UăHúWL VH DIOă OD QXPDL NP GLVWDQĠă GH
VWDĠLXQHDGHOD&RUOăWHQL3HğDULQăúLODNPGHQHFURSRODWXPXODUăGHOD&RWkUJDFL
SXQFWHvQFDUHDXIRVWGHDVHPHQHDGHVFRSHULWHIUDJPHQWHGHYDVH1RXD,GHWUDGLĠLH
&RVWLúDVDXDSDUĠLQkQGFXOWXULL&RVWLúD3O
%LEOLRJUDILH/'DVFăOX3UREOHPHDOHEURQ]XOXLWkU]LX vQQRUGHVWXO5RPkQLHL5LWúL
ULWXDOIXQHUDUvQFXOWXUD1RXDvQ+LHUDVXV,;S
G 6DW&KLQWLQLFLFRP5R]QRYMXG1HDPĠ
3H'HDOXO&KLQWLQLFLGHODVXGGHVDWVSUH%RUOHúWLVDJăVLWXQWRSRUGHSLDWUă
SUREDELODQGH]LWQDYLIRUPFXWăLúXOOăĠLWúLFHDIDFLOLQGULFăFXJDXUăGHSULQGHUHD
www.cimec.ro / www.mncr.ro
FR]LL FX GLVF DSURDSH LGHQWLF FX FHO GH OD %ăUFăQHúWL / FP O WăLú FP
0,317QULQY3O
%LEOLRJUDILH*K'XPLWURDLDvQ0HP$QWLT;;,SILJ
H6DW&RQFHúWLFRP&RQFHúWLMXG%RWRúDQL
'HSHWHULWRULXOFRPXQHLGLQWUXQORFQHSUHFL]DWSURYLQHXQIUDJPHQWFHUDPLF
WLSLFFXOWXULL&RVWLúD.RPDURY(VWHYRUEDGHXQIUDJPHQWGLQWURFHDúFăGHFRUDWăSH
XPăU FX UHJLVWUH REOLFH GH OLQLL LQFL]DWH úL úLUXUL GH vPSXQVăWXUL &XORDUH FăUăPL]LH
0-%7IăUăQULQY3O
%LEOLRJUDILH$O3ăXQHVFX3ùDGXUVFKL9&KLULFD5$-%YRO,SSFW,;
I6DW&ULVWHúWLFRP&ULVWHúWLMXG%RWRúDQL
/DNP VXGGHIRVWXOVDW*KLOăQHúWLDFWXDOPHQWHvQJOREDWVDWXOXL&ULVWHúWLvQ
SXQFWXO 'XPEUăYLĠD SH SDQWD VXG HVWLFă D GHDOXOXL 8QJXURDLD VDX GHVFRSHULW OD
VXSUDIDĠD VROXOXL DOăWXUL GH PDWHULDOH DUKHRORJLFH HQHROLWLFH IUDJPHQWH FHUDPLFH
&RVWLúD.RPDURY SURYHQLQG GH OD FHúWL GHFRUDWH SH XPăU FX EHQ]L GLQ OLQLL LQFL]DWH
YHUWLFDOHúLRUL]RQWDOHWULXQJKLXULKDúXUDWHSULQvPSXQVăWXULVXFFHVLYH0-%7IăUăQU
LQY3O
%LEOLRJUDILH3ùDGXUVFKL5H]XOWDWHOHVRQGDMXOXLDUKHRORJLFGHOD*KLOăQHúWL%RWRúDQL
vQ+LHUDVXV,;SILJ
J 6DW'XOFHúWLFRP'XOFHúWLMXG1HDPĠ
8QWRSRUFLRFDQGHSLDWUăFXFHDIDFLOLQGULFăúLWăLúXOXúRUOăĠLWSUH]HQWkQGúWLUELWXUL
GLQYHFKLPHDIRVWJăVLWODVXGYHVWGHVDWvQWUR]RQăvQFDUHVXQWDWHVWDWHXUPHGHORFXLUH
&RVWLúD'LPHQVLXQL/ FPK FP,QHGLW0,317QULQY
K 6DW'ROKHúWL0DULFRP'ROKHúWLMXG6XFHDYD
ÌQWUHPDWHULDOHOHFHUDPLFH FHGDWHSHQWUXVWXGLXFROHJHL /'DVFăOXGHFăWUHGU
(XJHQLD =DKDULD VH DIOă úL XQ IUDJPHQW FHUDPLF &RVWLúD.RPDURY DYkQG FD PDUFDM
ORFDOLWDWHD'ROKHúWL(VWHYRUEDGHXQIUDJPHQWGHFHDúFăGHFRUDWăVXEEX]ăúLSHXPăU
FX LQFL]LL úL vPSXQVăWXUL úL FX WULXQJKLXUL LQFL]DWH FX FkPSXO KDúXUDW GH FXORDUH
FăUăPL]LH1XVHFXQRVFDOWHGHWDOLLSULYLQGORFXOGHVFRSHULULL3O
L 6DW,]YRDUHFRP'XPEUDYD5RúLHMXG1HDPĠ
3H WHULWRULXO ORFDOLWăĠLL D IRVW GHVFRSHULW XQ WRSRU GH EURQ] FX GLVF WLSXO %
YDULDQWD%LNDFV±%RUOHúWL0DUJLQHDGLVFXOXLúLRSDUWHDPDQúRQXOXLVXQWUHWH]DWHGLQ
YHFKLPH7ăLúXOGUHSWSUH]LQWăXUPHGHXWLOL]DUH3DWLQăYHUGHvQFKLV/ FP+
WXE FP+ODPă FPOWăLú FP0,317QULQY3O
%LEOLRJUDILH$O9XOSHvQ'DFLD16S$EEEE,GHPvQ3%)
,;S7DI
M 6DW0LKăOăúHQLFRP0LKăOăúHQLMXG%RWRúDQL
'LQ SHULPHWUXO FXQRVFXWHL QHFURSROH 6kQWDQD GH 0XUHú GLQ ùHVXO %DúHXOXL
FHUFHWDWă GH 2 ùRYDQ SURYLQ PDL PXOWH IUDJPHQWH FHUDPLFH FX GHFRU &RVWLúD
.RPDURY )UDJPHQWXO SUH]HQWDW vQ H[SR]LĠLH D IăFXW SDUWH GLQWUR FHDúFă GH IRUPă
www.cimec.ro / www.mncr.ro
ELWURQFRQLFă GHFRUDWă VXE EX]ă úL OD ED]D JkWXOXL FX OLQLL UHDOL]DWH vQ WHKQLFD
vPSXQVăWXULORUVXFFHVLYHúLFXXQUHJLVWUXGHWULXQJKLXULSHXPăULQFL]DWHFXFkPSXO
KDúXUDWWRWSULQvPSXQVăWXULVXFFHVLYH(VWHGHFXORDUHEUXQăFXSHWHFăUăPL]LL,QHGLW
0-%7IăUăQULQY3O
%LEOLRJUDILH3ùDGXUVFKL5H]XOWDWHOHVRQGDMXOXLDUKHRORJLFGHOD*KLOăQHúWL%RWRúDQL
vQ+LHUDVXV,;SQRWD
N 0XQLFLSLXO3LDWUD1HDPĠMXG1HDPĠ
7RSRUGHSLDWUăDQGH]LWSURYHQLWGLQWURGHVFRSHULUHvQWkPSOăWRDUH/ FP
K FP1DYLIRUPFXFHDIDFLOLQGULFăFXGLVF3LHVDHVWHvQJURúDWăvQGUHSWXOJăXULL
SHQWUXSULQGHUHDFR]LLúLDUHvQSURILOORQJLWXGLQDORIRUPăFRQYH[ă0,317QULQY
3O
O 6DW5DFRYDFRP5DFRYDMXG%DFăX
3H WHULWRULXO VDWXOXL vQWUXQ SXQFW QHSUHFL]DW VD JăVLW XQ WRSRU GH SLDWUă
QDYLIRUPFXODPDXúRUOăĠLWăUXSWGLQYHFKLPHvQ GUHSWXOJăXULLGHSULQGHUHD FR]LL
FDUHDUSXWHDILvQFDGUDWvQEURQ]XOPLMORFLX'LPHQVLXQL/ FPKWăLú FP
0,317QULQY3O
%LEOLRJUDILH&0DWDVăvQ%&0,SILJ
P 2UDú7J2FQDMXG%DFăX
3XQFWXO/D3RGHLHVWHVLWXDWODVXGGHRUDúSHXQSURPRQWRULXGHWDúDWGLQWHUDVD
vQDOWăPGHSHGUHDSWD7URWXúXOXL
6WDĠLXQHD D IRVW FHUFHWDWă GH & 0DWDVă vQ DQLL úL FDUH D
GHVFRSHULW XQ FRQVLVWHQW QLYHO &XFXWHQL % FX R JURVLPH GH P PDWHULDOH
0RQWHRUXID]D,&úL/D7qQH
&HUDPLFD DSDUĠLQkQG FXOWXULL 0RQWHRUX HVWH UHSUH]HQWDWă GH IUDJPHQWH
SURYHQLQG GH OD YDVH GH GLPHQVLXQL PDUL vQGHRVHEL FDVWURDQH VDX YDVH VDF FX EX]D
vQJURúDWă úL GH OD FHúWL VHPLVIHULFH FX WRUĠL VXSUDvQăOĠDWH ÌQ FHH FH SULYHúWH GHFRUXO
DFHVWDFRQVWăvQWULXQJKLXULFXFkPSXOXPSOXWFXLQFL]LLRUL]RQWDOHVDXFXvPSXQVăWXUL
DGkQFL URWXQGH LQFL]LL vQ ]LJ]DJ 3O FHUFXUL FRQFHQWULFH LQFL]DWH QHUYXUL
FUHVWăWXUL SH EX]D YDVHORU úL vPSXQVăWXUL VDX LQFL]LL SH IDĠHWD VXSHULRDUă D EX]HL
5HPDUFDELOH VXQW IUDJPHQWHOH GHFRUDWH FX WULXQJKLXUL DYkQG FkPSXO XPSOXW FX
vPSXQVăWXULFDUHVHUHJăVHVFSHFHUDPLFDGLQDúH]ăULOHDSDUĠLQkQGFXOWXULL&RVWLúDGH
OD3RGXUL'HDOXO*KLQGDUXúL3ăXOHQL&LRPRUWDQ
$FHVWH DSURSLHUL QX VXQW OLSVLWH GH LPSRUWDQĠă GDWă ILLQG VLWXDUHD FHORU WUHL
VWDĠLXQL DúH]DUHD GH OD 3RGXUL VH DIOă FD úL FHD GH OD 7J 2FQD vQ GHSUHVLXQHD
VXEFDUSDWLFă 7D]OăX&DúLQ vQ WLPS FH DFFHVXO GH FHDODOWă SDUWH D &DUSDĠLORU VSUH
3ăXOHQLVHUHDOL]HD]ăSHYDOHD7URWXúXOXLúLSULQSDVXO*KLPHú
6WDELOLUHDXQHLFRPXQLWăĠLDOHHSRFLLEURQ]XOXLODLHúLUHDGLQPXQĠLD7URWXúXOXL
VH OHDJă SUREDELO GH FRQWURODUHD DFHVWHL FăL GH DFFHV VSUH 7UDQVLOYDQLD GDU úL GH
SUH]HQĠDDLFLDUHVXUVHORUGHVDUH'HDVHPHQHDVWDĠLXQHDPDUFKHD]ăXQDGLQFăLOHGH
SăWUXQGHUHDSXUWăWRULORUFXOWXULL0RQWHRUXVSUHQRUGVSUHED]LQXO%LVWULĠHL
%LEOLRJUDILH & 0DWDVă $úH]DUHD HQHROLWLFă &XFXWHQL % GH OD 7kUJX 2FQD3RGHL
UDLRQXO7J2FQDUHJ%DFăXvQ$UK0ROG,,,,,S
www.cimec.ro / www.mncr.ro
Q 6DW9OăVLQHúWLFRP9OăVLQHúWLMXG%RWRúDQL
ÌQ YDWUD VDWXOXL 9OăVLQHúWL D IRVW GHVFRSHULW vQWkPSOăWRU vQ DQXO XQ
PRUPkQW DWULEXLW FXOWXULL &RVWLúD VFKHOHW vQ SR]LĠLH FKLUFLWă DYkQG GUHSW LQYHQWDU R
FHDúFă FX R WRDUWă VXSUDvQăOĠDWă GHFRUDWă FX WULXQJKLXULLQFL]DWH 'LPHQVLXQL +
FP 'P FP 3RVLELOFD vQ DFHVW ORF Vă H[LVWH XQ vQWUHJ FLPLWLU ILLQG VHPQDODWH
GHVFRSHULULDVHPăQăWRDUHúLvQJUăGLQLOHGLQMXU
%LEOLRJUDILH)$SURWRVRDLHvQ'LQWUHFXWXOMXGHĠXOXL%RWRúDQLSILJ
0-%7QULQY$O3ăXQHVFX3ùDGXUVFKL9&KLULFD5$-%S
(OHQD5R[DQD0XQWHDQX
www.cimec.ro / www.mncr.ro
/(*Ă785,Ì175(02/'29$ù,68'(678/75$16,/9$1,(,
Ì1%521=8/0,-/2&,8
&DUSDĠLL2ULHQWDOL UHSUH]LQWăXQXOGLQWUHFHOH PDLLPSRUWDQWHUHSHUH JHRJUDILFH
GLQ(XURSD)LHFăDXVHSDUDWHQWLWăĠLHWQRFXOWXUDOHGLIHULWHUHVSHFWLYFHOHGHVRUJLQWH
FHQWUDO VXGHVW úL HVWHXURSHDQă ILH Fă OD XQ PRPHQW GDW DX FRQVWLWXLW D[XO XQRU
PDQLIHVWăULHWQRFXOWXUDOHRPRJHQHDFHúWLPXQĠLDXDWUDVGLQWRWGHDXQDSRSXODĠLLOHGLQ
]RQHOH vQYHFLQDWH =RQă GH FRQIOXHQĠH VXSUDSXQHUL úL GLYHUVLWDWH HWQRFXOWXUDOă
SHUPDQHQWă&DUSDĠLL2ULHQWDOLDXJHQHUDWXQHRULIHQRPHQHFXOWXUDOHRULJLQDOHFDUHDX
DVLJXUDWOHJăWXULOHvQWUH(XURSDFHQWUDOăúLHVWLFă
3ULQ QXPHURDVHOH SDVXUL úL WUHFăWRUL FRPXQLWăĠLOH VWUăEăWHDX FXUHQW &DUSDĠLL
ÌQFHSkQGGLQHQHROLWLFFkWPDLDOHVvQHSRFDEURQ]XOXLSRSXODĠLLOHH[WUDFDUSDWLFHSDU
VăILIRVWPXOWPDLDFWLYHGHFkWFHOHLQWUDFDUSDWLFH$FHVWIDSWVDGDWRUDWGXSăWRDWH
DSDUHQĠHOH Qă]XLQĠHORU SRSXODĠLLORU UăVăULWHQH GH D DFFHGH SH GH R SDUWH OD ERJDWHOH
UHVXUVHQDWXUDOHGLQ7UDQVLOYDQLDSULQWUHFDUHFHOHPDLLPSRUWDQWHHUDXFXSUXOVDUHDúL
DXUXOLDUSHGHDOWăSDUWH±ODUHĠHDXDWUDQVHXURSHDQăGHFLUFXODĠLHDFRVLWRUXOXLQHFHVDU
REĠLQHULL EURQ]XOXL GH FDOLWDWH LQGLVSHQVDELO XQRU SRSXODĠLL SXWHUQLF GHSHQGHQWH GH
Uă]ERL ÌQ DFHVW VHQV PHQĠLRQăP ERJDWHOH UHVXUVH GH VDUH GLQ ]RQD 3UDLG ± 6RYDWD
2FODQG úL DOWHOH SUHFXP úL ERJDWHOH ]ăFăPLQWH GH FXSUX GH OD OD %ăODQ ± XQD GLQWUH
SRVLELOHOHVXUVHGHFXSUXSHQWUXSRSXODĠLLOHGHSHDPEHOHSăUĠLDOH&DUSDĠLORU
'LQWRWGHDXQDVXGHVWXO7UDQVLOYDQLHLDIRVWSXWHUQLFOHJDWGH0ROGRYD$FHDVWă
]RQăIăFHDGHVHRULSDUWHGLQHQWLWăĠLOHFXOWXUDOHDOHFăURUDULLGHED]ăVHDIODXODHVWGH
&DUSDĠL DúD FXP HVWH GH H[HPSOX FD]XO FXOWXULORU $ULXúG&XFXWHQL &RVWLúD
&LRPRUWDQ1RXD6kQWDQDGH 0XUHúýHUQMDKRY úLDOWHOH'DU úLDWXQFLFkQG&DUSDĠLL
2ULHQWDOLVHSDUDXDULLOHFXOWXUDOHUHODĠLLOHGLQWUHHQWLWăĠLOHHWQRFXOWXUDOHDIODWHODHVWúL
YHVW GH &DUSDĠL GH FHOH PDL PXOWH RUL DX IRVW GHRVHELW GH LQWHQVH (YLGHQW VXQW úL
H[FHSĠLL GDWRUDWH XQHRUL SRDWH úL LQVXILFLHQĠHL FHUFHWăULL $VWIHO SXUWăWRULL FXOWXULL
&RĠRIHQLFDúLFRPXQLWăĠLOHJUXSXOXL=ROWDQSDUVăQXILDYXWFRQWDFWHLPSRUWDQWHFX
YHFLQLLORUGLQ0ROGRYD
ÌQ SUDJXO HSRFLL EURQ]XOXL PLMORFLX VXGHVWXO 7UDQVLOYDQLHL D IRVW RFXSDW GH
JUXSXO =ROWDQ SDUWH FRPSRQHQWă D XQXL FHUF FXOWXUDO FDUDFWHUL]DW SULQ FHUDPLFD
GHFRUDWă FX VWULDĠLL úL DPSUHQWH WH[WLOH %HVHQVWULFK XQG 7H[WLOPXVWHU .HUDPLN VWLO
FHUDPLFGHVRUJLQWHFHQWUDOHXURSHDQăFXQRVFXWSkQăQXGHPXOWGRDUvQHVWXO8QJDULHL
úL6ORYDFLHLYHVWXO8FUDLQHLSUHFXPúLvQSăUĠLOHYHVWLFHDOH5RPkQLHL%DQDW2OWHQLD
JUXSXO6LOHD2UOHúWLSUHFXPúLvQMXPăWDWHDGHYHVWD7UDQVLOYDQLHLJUXSXO,HUQXW
'DFă vQ ILQDOXO EURQ]XOXL WLPSXULX VXGHVWXO 7UDQVLOYDQLHL DSDUĠLQHD XQHL DULL
FXOWXUDOH FX OHJăWXUL SUHGRPLQDQW YHVWLFH OD vQFHSXWXO EURQ]XOXL PLMORFLX D FUHVFXW
www.cimec.ro / www.mncr.ro
VHPQLILFDWLYSRQGHUHDIDFWRUXOXLHVWFDUSDWLFSULQSăGUXQGHUHDGHGLQFRORGH&DUSDĠLD
XQRUFRPXQLWăĠLDOHFXOWXULL&RVWLúDÌQSUH]HQWDFHVWHLFXOWXULvQHVWXO7UDQVLOYDQLHLvL
SRDWHILDWULEXLWFXFHUWLWXGLQHGRDUXQVLQJXUVLW±FHOGHOD3ăXOHQL&LRPRUWDQ'LQ
DFHHDúLSHULRDGăSDUHVăGDWH]HúLPRUPkQWXOGHOD3RLDQMXG&RYDVQD±VLQJXUXOvQ
7UDQVLOYDQLDDSDUĠLQkQGDFHVWHLFXOWXUL2SLQLLOHVSHFLDOLúWLORUGLIHUăvQFHHDFHSULYHúWH
vQFDGUDUHD FXOWXUDOă D DFHVWRU YHVWLJLL vQ WLPS FH XQLL DXWRUL VXVĠLQ H[LVWHQĠD XQHL
FXOWXUL GLVWLQFWH ± Ä&LRPRUWDQ´ FX OHJăWXUL vQ EURQ]XO PLMORFLX GLQ 0ROGRYD DYvQG
vQVăúL UăGăFLQLvQHVWXO7UDQVLOYDQLHL FXOWXUD 6FKQHFNHQEHUJ-LJRGLQDOĠLLSULQWUH
FDUHúLDXWRUXODFHVWRUUkQGXULFRQVLGHUăFăGHIDSWQLYHOXOGHORFXLUHGHODvQFHSXWXO
EURQ]XOXL PLMORFLX GH OD 3ăXOHQL DSDUĠLQH FXOWXULL &RVWLúD ÌQ VWDGLXO DFWXDO DO
FXQRDúWHULL HVWH JUHX GH DSUHFLDW GDFă WRW VXGHVWXO 7UDQVLOYDQLHL OD vQFHSXWXO
EURQ]XOXL PLMORFLX IăFHD SDUWH GLQ DULD FXOWXULL &RVWLúD VDX GDFă HVWH YRUED GRDU GH
SăWUXQGHULL]RODWHúLGHRSUH]HQĠăHSLVRGLFăDLFLDXQRUFRPXQLWăĠLH[WUDFDUSDWLFH&HUW
HVWHGRDUFăORFXLUHD&RVWLúDGHOD3ăXOHQL&LRPRUWDQQXDUHQLFLXQHOHPHQWFDUHVă
VXVĠLQăLQIOXHQĠHGLQSDUWHDFXOWXULL:LHWHQEHUJSUHFXPúLIDSWXOFăHDSUHFHGHQLYHOXO
GH ORFXLUH :LHWHQEHUJ 'DFă DFHVW UDSRUW vQWUH QLYHOXULOH GH ORFXLUH GLQ HSRFD
EURQ]XOXLPLMORFLXvQDúH]DUHD3ăXOHQLHVWHYDODELOSHQWUXWRDWă'HSUHVLXQHD&LXFXOXL
VDXFKLDUSHQWUXWRWVXGHVWXO7UDQVLOYDQLHLHVWHRSUREOHPăFDUHQXDUHvQFăVXILFLHQWH
WHPHLXUL SHQWUX XQ UăVSXQV GHILQLWLY 6H SDUH WRWXúL Fă DSDULĠLD FRPXQLWăĠLORU FXOWXULL
:LHWHQEHUJ vQ HVWXO 7UDQVLOYDQLHL D DYXW ORF OD VFXUW WLPS GXSă SULPD SăWUXQGHUHD
DWHVWDWăvQDFHDVWă]RQăDFXOWXULL&RVWLúD
'XSăH[WLQGHUHDFXOWXULL:LHWHQEHUJSkQăOD&DUSDĠLL2ULHQWDOLPRPHQWGXSăFDUH
DFHDVWă FXOWXUă SkQă OD ILQDOXO EURQ]XOXL PLMORFLX GRPLQă WRDWă 7UDQQVLOYDQLD
PDQLIHVWăULOH GH IDFWXUD &RVWLúD DSDU vQ 7UDQVLOYDQLD vQ FRPELQDĠLH FX DOWH HOHPHQWH
FXOWXUDOH$VWIHOvQDúH]DUHD=ROWDQMXG&RYDVQDGHSXQHUHDFXFHUDPLFăGHWLS&RVWLúD
VXSUDSXQH XQ FRPSOH[ GLQ ILQDOXO EURQ]XOXL WLPSXULX úL HVWH DVRFLDWă FX FHUDPLFD GH
IDFWXUă 0RQWHRUX ,& & úL vQ VSHFLDO ,E 7HL , 7HL%XQJHWX úL 7HL&ăĠHOX /D
%UDúRY ± /XWăULD/HKPJUXEH +DQJHVWHLQ R FDQă GH WLS &RVWLúD SDUH Vă SURYLQă GLQ
FRQWH[W7HL,,,8QYDVGHWLS&RVWLúD.RPDURYGHOD6LJKLúRDUDSURYLQHGLQWURDúH]DUH
DFXOWXULL:LHWHQEHUJID]HOH,,úL,,,/D3HWHQLMXG&RYDVQDRDPIRUăFRPSDUDELOăFX
FHOHFDUDFWHULVWLFHFXOWXULL&RVWLúDGXSă6]HNHO\=VDIRVWGHVFRSHULWăvQWURDúH]DUHD
FXOWXULL1RXD&HUDPLFDGHWUDGLĠLH.RPDURYHVWHFXQRVFXWăvQQHFURSROD-LJRGLQMXG
+DUJKLWDúLvQDúH]DUHD5RWEDYMXG%UDúRYDWULEXLWHGH$&)ORUHVFX1RXD,$VWIHO
SXĠLQHOH YHVWLJLL GH IDFWXUă &RVWLúD.RPDURY GLQ 7UDQVLOYDQLD OD IHO FD úL FHOH GLQ
0ROGRYD FXSULQG DSURDSH WRDWD SHULRDGD PLMORFLH D HSRFLL EURQ]XOXL &DUWRJUDILHUHD
YHVWLJLLORU DFHVWHL FXOWXUL vQ 7UDQVLOYDQLD DUDWă Fă GH FHOH PDL PXOWH RUL HOH VH DIOă vQ
DSURSLHUHDFHORUPDLLPSRUWDQWHFăLGHOHJăWXUăFX0ROGRYD*KLPHúúL2LWX]GHXQGHV
DUăVSkQGLWPDLGHSDUWHSHYDOHD2OWXOXLúL5kXOXL1HJUX
ÌQ DFHHDúL SHULRDGă vQ VXGHVWXO 7UDQVLOYDQLHL vúL IDF DSDULĠLD PDQLIHVWăULOH
FXOWXULL0RQWHRUX&RQWH[WHOHDUKHRORJLFHGLQFDUHSURYLQPDQLIHVWăULOHDFHVWHLFXOWXUL
VXQW vQVă GH FHOH PDL PXOWH RUL FRQIX]H 'HVHRUL DSDU GRDU HOHPHQWH L]RODWH
IUDJPHQWHFHUDPLFHYDVHXQPRUPkQWúLSkQăvQSUH]HQWQLFLRDúH]DUHVLJXUă(VWH
UHOHYDQWFăPDMRULWDWHDGHVFRSHULUORUGHWLS0RQWHRUXvQVXGHVWXO7UDQVLOYDQLHLDXIRVW
DWHVWDWHvQGUHSWXOSDVXOXL2LWX]DSRLvQYDOHD5kXOXL1HJUX%UHĠFX&HUQDW&ăWăOLQD
/HĠ 6kQ]LHQL 7kUJX 6HFXLHVF 7XULD LDU DSRL GHD OXQJXO 2OWXOXL %UDúRY ±
www.cimec.ro / www.mncr.ro
%DUWRORPHX 3RLDQD 0ăUXOXL 6HOLVWDW 7HOLX =ROWDQ SkQă OD ]RQD 6LELXOXL
ğLFKLQGHDO FHHD FH LQGLFă XQD GLQWUH FHOH PDL LPSRUWDQWH FăL GH SăWUXQGHUH D
SURGXVHORU DFHVWHL FXOWXUL vQ 7UDQVLOYDQLD 'HVFRSHULULOH FXOWXULL 0RQWHRUX GLQ
7UDQVLOYDQLD GDWHD]ă vQFHSkQG GLQ ID]D ,& SkQă OD ID]D %DOLQWHúWL DGLFă SkQă vQ
SUDJXOEURQ]XOXLWkU]LX2DSDULĠLHL]RODWăGHOD%DQFXMXG+DUJKLWDSDUH VăLQGLFH
SUH]HQĠD XQRU HOHPHQWH 0RQWHRUX úL vQ 'HSUHVLXQHD &LXFXOXL GXSă WRDWH
SUREDELOLWăĠLOHvQID]D,D
3UREDELOGLQFDX]DXQRUSUHVLXQLDVXSUD0XQWHQLHLH[HUFLWDWHGLQVWHSHOH1RUG
3RQWLFH vQ VXGHVWXO 7UDQVLOYDQLHL SăWUXQG úL FRPXQLWăĠL DOH FXOWXULL 7HL PDL DOHV vQ
ID]D7HL,,,GXSă9/HDKXDWHVWDWHSkQăDFXPvQSULQFLSDOvQğDUD%kUVHL
6WDGLXODFWXDODOFHUFHWăULORUQXQHSHUPLWHVăGHVOXúLPWRDWHDVSHFWHOHSULYLQG
UDSRUWXULOH GLQWUH FRPXQLWăĠLOH :LHWHQEHUJ &RVWLúD 0RQWHRUX úL 7HL vQ VXGHVWXO
7UDQVLOYDQLHL &HUW HVWH vQVă IDSWXO Fă DFHVW WHULWRULX RIHUă DUKHRORJLHL URPkQHúWL R
úDQVă UDUă ± FHD GH D UHJăVL SH XQ WHULWRULX UHVWUkQV vQ FRQWH[WH GHVHRUL FRQMXJDWH
PDQLIHVWăULFXOWXUDOHGHVRUJLQWHGLIHULWă
%LEOLRJUDILH (XJHQLD =DKDULD 'HVFRSHULUL DOH FXOWXULL 0RQWHRUX vQ VXGHVWXO
7UDQVLOYDQLHL vQ 7KUDFR'DFLFD ;, S 9 /HDKX &XOWXUD 7HL vQ VXGHVWXO
7UDQVLOYDQLHL vQ $QJXVWLD S &U ) 6FKXVWHU &XOWXUD 7HL úL VXGHVWXO
7UDQVLOYDQLHL vQ $QJXVWLD S 9 &DYUXF &RQVLGHUDĠLL SULYLQG VLWXDĠLD
HWQRFXOWXUDOăvQVXGHVWXO7UDQVLOYDQLHLvQHSRFDEURQ]XOXLPLMORFLXvQ$QJXVWLDS
9DOHULX&DYUXF
6LWXULúLPDWHULDOHDUKHRORJLFH
6DW3ăXOHQLFRP3ăXOHQLMXG+DUJKLWD
$úH]DUHD VH DIOă ODFFDNPQRUGHVWGHVDWXOùRLPHQLFRPXQD3ăXOHQLMXGHĠXO
+DUJKLWDvQORFXOQXPLWGHORFDOQLFL9iUGRPE'kPEXO&HWăĠLL3O/RFXOSHFDUHVH
DIOă DúH]DUHD D DSDUĠLQXW GLQWRWGHDXQD VDWXOXL 3ăXOHQL vQVă GDWRULWă DSURSLHULL GH VDWXO
ùRLPHQL&VLNFVRPRUWiQ\vQPDJKLDUăUHJUHWDWXO6]pNHO\=ROWiQDSUHIHUDWVăIRORVHDVFă
GHQXPLUHDPDJKLDUăDORFDOLWăĠLLSHFDUHDWUDQVOLWHUDWRvQURPkQHúWHÄ&LRPRUWDQ´
6LWXODUKHRORJLFRFXSăXQSURPRQWRULXQDWXUDOVLWXDWvQWUXQORFIHULWODFFD
NPHVWGH2OWODSRDOHOH0XQĠLORU&LXFXOXLúLODFFDNPVXGYHVWGH3DVXO*KLPHúúL
L]YRUXO7URWXúXOXLXQDGLQWUHFHOHPDLLPSRUWDQWHFăLGHOHJăWXUăvQWUH'HSUHVLXQHD
&LXFXOXL úL 0ROGRYD 3UH]LQWă LQWHUHV GH DVHPHQHD úL VLWXDUHD VD vQ GUHSWXO SDVXOXL
9OăKLĠD FDUH IDFH OHJăWXUD vQWUH 'HSUHVLXQHD &LXFXOXL úL YDOHD 7kUQDYHL 0DUL úL
UHVSHFWLY FHQWUXO 7UDQVLOYDQLHL $úH]DUHD VH DIOă GHFL vQWUXQ SXQFW VWUDWHJLF
DVLJXUkQG FRQWUROXO DVXSUD XQHLD GLQWUH FHOH PDL LPSRUWDQWH FăL GH OHJăWXUă vQWUH
0ROGRYDúL7UDQVLOYDQLD
ÌQSODQDúH]DUHDDUHIRUPDRYDOăúLRFXSăRVXSUDIDĠăGHFFD[P(DHVWH
DSăUDWă DWkW QDWXUDO FkW úL SULQ FRQVWUXFĠLL GH IRUWLILFDĠLH 6SUH VXG HVWH GHOLPLWDWă
QDWXUDO GH SDQWD DFFHQWXDWă úL DGkQFă D YăLL SkUkXOXL 5HPHWHD DIOXHQW DO 2OWXOXLLDU
VSUHQRUGGHDOELDXQXLSkUkXPDLPLFDIOXHQWDOSkUkXOXL5HPHWHD$FFHVXOvQDúH]DUH
GLQVSUHYHVWHVWHSRVLELOGRDUSULQWURúDvQJXVWăFDUHDIRVWEDUDWăvQYHFKLPHGHGRXă
úDQĠXUL'LQYHVWQRUGúLHVWDúH]DUHDHVWHIRUWLILFDWăFXYDOúLFXXQúDQĠvQIRUPăGH
www.cimec.ro / www.mncr.ro
SRWFRDYă 'LIHUHQĠD PD[LPă GH QLYHO vQWUH FRDPD YDOXOXL úL H[WHULRUXO DúH]ăULL HVWH
YL]LELOă vQ SDUWHD VD GH HVW ± FFD P 3ODWRXO GkPEXOXL SH FDUH VH DIOă DúH]DUHD
SUH]LQWăRXúRDUăSDQWăVSUHVXG&XH[FHSĠLDVHFWRUXOXLVăXGHHVWSDQWDLQWHULRDUăD
YDOXOXL HVWH DWkW GH OLQă vQFkW WUHFHUHD GH OD LQFLQWă OD YDO HVWH DELD VHVL]DELOă 'LQ
H[WHULRU vQVă SDQWD YDOXOXLHVWH SXWHUQLF DFFHQWXDWă ÌQ SDUWHD GH VXG D IRVW SUREDELO
DPHQDMDWă R vPSUHMPXLUH FDUH D DOXQHFDW vQ WLPS VSUH YDOHD SkUkXOXL 5HPHWHD OD
VXSUDIDĠăREVHUYkQGXVHGRDURXúRDUăGHQLYHODUH
ÌQSDUWHDGHHVWVXGHVWvQWUHYDOXOúLúDQĠXODúH]ăULLVHLQWHUFDOHD]ăRWHUDVă
GH IRUPă DSUR[LPDWLY WULXQJKLXODUă ODWă SkQă OD FFD P OXQJă GH FFD P úL
vQDOWăGHFFDP
6LWXO D IRVW GHVFRSHULW vQ SHULRDGD LQWHUEHOLFă GH $O )HUHQF]L FDUH OD LQFOXV vQ
UHSHUWRULXO FHWăĠLORU GDFLFH GLQ 7UDQVLYDQLD ÌQ DQLL úL D HIHFWXDW DLFL
VăSăWXUL 6]pNHO\ =ROWiQ FDUH D WUDVDW FLQFL VHFĠLXQL úL GRXă FDVHWH VXSUDIDĠD FHUFHWDWă
DMXQJkQGSkQăODFFDPS&XRFD]LDDFHORUFHUFHWăULVDFRQVWDWDWFăDúH]DUHDDIRVW
ORFXLWăvQHQHROLWLFFXOWXUD&XFXWHQL$ULXúGvQSHULRDGDGHWUDQ]LĠLHGHODHQHROLWLFOD
HSRFD EURQ]XOXL FXOWXUD &RĠRIHQL úL vQ HSRFD EURQ]XOXL FXOWXULOH &LRPRUWDQ úL
:LHWHQEHUJÌQ FHHD FHSULYHúWH VLVWHPXOGHDSăUDUHVD DMXQVOD FRQFOX]LD Fă YDOXOD
IRVW ULGLFDW vQ HSRFD EURQ]XOXL &HO PDL QRWDELO UH]XOWDW DO FHUFHWăULORU OD FRQVWLWXLW
GHVFRSHULUHD XQXL DVSHFW FXOWXUDO LQHGLW LQWURGXV vQ OLWHUDWXUD GH VSHFLDOLWDWH GUHSW
ÄFXOWXUD&LRPRUWDQ´vQFDGUDWăODvQFHSXWXOSHULRDGHLPLMORFLLDHSRFLLEURQ]XOXL
'DWHILLQGVXSUDIHĠHOHUHGXVHFDUHDXIRVWFHUFHWDWHSUHFXPúLSXEOLFDUHDVXPDUăD
UH]XOWDWHORU PXOWH DVSHFWH OHJDWH GH DFHDVWă DúH]DUH DX UăPDV QHOăPXULWH $VWIHO
QLYHOXULOHGHORFXLUHGLQHQHROLWLFúLSHULRDGDGHWUDQ]LĠLHDELDDXIRVWDWLQVH1XDIRVW
VWDELOLWFXFHUWLWXGLQHUDSRUWXOFURQRORJLFGLQWUHPDWHULDOHOHGHWLS&LRPRUWDQúLFHOHGH
WLS:LHWHQEHUJDGPLĠkQGXVHIăUăVăILIRVWVXUSULQVXQFRQWH[WVWUDWLJUDILFFRQFOXGHQW
H[LVWHQĠD D GRXă QLYHOXUL GH ORFXLUH GLQ HSRFD EURQ]XOXL úL UHVSHFWLY Fă QLYHOXO
:LHWHQEHUJDUILXOWHULRUFHOXLGHWLS&LRPRUWDQ$OWăSUREOHPăRFRQVWLWXLDIL]LRQRPLD
H[DFWă D ÄFXOWXULL &LRPRUWDQ´ GLQ PDWHULDOXO DUKHRORJLF SXEOLFkQGXVH FX SUHGLOHFĠLH
FHUDPLFD ILQă RUQDPHQWDWă FX WULXQJKLXUL XPSOXWH FX vPSXQVăWXUL VDX KDúXUDWH
FRQVLGHUDWăGHDWXQFLHPEOHPDWLFăSHQWUXÄFXOWXUD&LRPRUWDQ´,OXVWUDĠLLOHSXEOLFDWHDX
GDW LPSUHVLD XQHL VLPLOLWXGLQL SURQXQĠDWH FX FHUDPLFD FXOWXULL &RVWLúD GLQ YHVWXO
0ROGRYHLDVWIHOvQFkWXQLLFHUFHWăWRULDGPLWFăGHIDSWÄFXOWXUD&LRPRUWDQ´UHSUH]LQWă
XQ DVSHFW DO FXOWXULL &RVWLúD 5ăPăVHVH QHSUHFL]DWă úL SUREOHPD vQFDGUăULL IRUWLILFDĠLHL
'HúLvQSULPDFRQVHPQDUHúWLLQĠLILFăVLWXODIRVWPHQĠLRQDWGUHSWFHWDWHGDFLFăLDUXOWHULRU
VăSăWXULOH QHDXWRUL]DWH DX VFRV OD LYHDOă IUDJPHQWH FHUDPLFH úL PRQHGH ÄGDFLFH´
VăSăWXULOHOXL6]pNHO\=QXDXIXUQL]DWPDWHULDODUKHRORJLFGHIDFWXUăGDFLFă
ÌQ VFRSXO DSURIXQGăULL FHUFHWăULORU FDUH DU SXWHD Vă FRQWULEXLH OD UH]ROYDUHD
SUREOHPHORU PHQĠLRQDWH vQ DQLL úL DX IRVW UHOXDWH VăSăWXULOH vQ DFHDVWă
DúH]DUH GH FăWUH XQ FROHFWLY IRUPDW GLQ UHSUH]HQWDQĠLL PDL PXOWRU LQVWLWXĠLL 0X]HXO
&DUSDĠLORU 5ăVăULWHQL 9DOHULX &DYUXF ± FRRUGRQDWRU 'DQ %X]HD *DOLQD &DYUXF
0X]HXO 1DĠLRQDO GH ,VWRULH D 7UDQVLOYDQLHL *KHRUJKH /D]DURYLFL úL 0LKDL 5RWHD
0X]HXO GH ,VWRULH 3LDWUD1HDPĠ *KHRUJKH 'XPLWURDLD úL ,QVWLWXWXO 5RPkQ GH
7UDFRORJLH6]pNHO\=VROW$úH]DUHDDIRVWVHFĠLRQDWăSHOLQLDVXG±QRUGLDUvQSDUWHD
VDGHHVWDIRVWFHUFHWDWăSULQVHFĠLXQLFXVXSUDIHĠHPDUL
www.cimec.ro / www.mncr.ro
&HUFHWăULOHDXGHPRQVWUDWFăLQLĠLDOSHORFXODúH]ăULLDH[LVWDWXQSURPRQWRULX
QDWXUDODOFăUXLvQăOĠLPHPD[LPăGHFFDPHUDvQSDUWHDVDGHHVW1RLOHVăSăWXULDX
FRQILUPDWFRQVWDWDUHDDQWHULRDUăFăFHDPDLYHFKHORFXLUHvQDúH]DUHDSDUĠLQHFXOWXULL
&XFXWHQL$ULXúG9HVWLJLLOHDFHVWHLFXOWXULXUPHGHORFXLQĠHPDWHULDOFHUDPLFERJDW
ILJXULQH DQWURSRPRUIH úL ]RRPRUIH XQHOWH DX DSăUXW vQ WRDWH VHFĠLXQLOH úL FDVHWHOH
VăSDWHDWkWvQLQFLQWăFkWúLVXEYDOXODúH]ăULL&HOHPDLLPSRUWDQWHGHVFRSHULULSULYLQG
DFHDVWăORFXLUHVDXIăFXWVXEYDO$LFLSHPDUJLQHDGHQRUGDSURPRQWRULXOXLDIRVW
GHVFRSHULWă úL vQ EXQă SDUWH GH]YHOLWă R ORFXLQĠă GH VXSUDIDĠă FDUH DWkW FkW VH SRDWH
FRQVWDWD vQ VWDGLXO DFWXDO DO FHUFHWăULL DYHD IRUPă WUDSH]RLGDOă FX ODWXUD PDUH VSUH
H[WHULRUXO DúH]ăULL $FHDVWD HUD FRQVWUXLWă GLQ VWUXFWXUă GH OHPQ PDVLY úL QXLHOH
DFRSHULWă FX PXOW OXW DUV 0DUHD PDMRULWDWHD D PDWHULDOXOXL FHUDPLF GLQ ORFXLQĠă VH
vQFDGUHD]ăvQID]D&XFXWHQL$
0DWHULDOXO HQHROLWLF GHVFRSHULW vQ LQFLQWD DúH]ăULL HVWH PDL VăUDF $LFL DX IRVW
GHVFRSHULWHXUPH DOHXQRUFRPSOH[HGHVXSUDIDĠă8QXOGLQWUHHOHPDLELQHFRQVHUYDW
HUDGHIRUPăGUHSWXQJKLXODUăDYHDSHULPHWUXOPDUFDWGHúLUXULGHJURSLGHVWkOSLúLSDUL
ÌQ LQWHULRUXO ORFXLQĠHL VDX JăVLW EXFăĠL GH OLSLWXUă FX DPSUHQWH GH SDUL úL QXLHOH
0DWHULDOXO FHUDPLF GH WLS $ULXúG&XFXWHQL GHVFRSHULW vQ SHULPHWUXO úL vQ MXUXO DFHVWXL
FRPSOH[HVWHPDLVăUDFGHFkWFHOGHVFRSHULWVXEYDOFHUDPLFDSLFWDWăDSDUHvQSURSRUĠLL
PXOWPDLUHGXVH1XHVWH H[FOXVFDDFHVWGLQXUPă FRPSOH[ Vă DSDUĠLQăXQHL ID]HPDL
WkU]LLDFXOWXULL&XFXWHQL$ULXúGRUL]RQWGLQFDUHSURYLQSUREDELOúLFkWHYDIUDJPHQWH
FHUDPLFHL]RODWHGHWLS%RGURJNHUHV]W~U8QPLFVRQGDMHIHFWXDWvQDSURSLHUHDGkPEXOXL
DVFRVvQHYLGHQĠăDOWHXUPHGHORFXLUHHQHROLWLFăvQDIDUDDúH]ăULLSURSULX]LVH
8UPăWRUXO QLYHO GH ORFXLUH DSDUĠLQH FXOWXULL &RĠRIHQL 'HSXQHUHD &RĠRIHQL VD
FRQVHUYDWFHOPDLELQHVXEYDOXOGHQRUGDODúH]ăULLVXSUDSXQkQGGLUHFWVWUDWXOHQHROLWLF
ÌQ]RQDVDGHPD[LPăFRQFHQWUDUHDXIRVWVXUSULQVHXUPHDOHXQHLORFXLQĠHSUREDELOGH
WLSVăODúFXRYDWUăDPHQDMDWăGLQSDYDMGHSLHWUHSODWHDFRSHULWGHXQVWUDWGHOXWDUVÌQ
LQFLQWD DúH]ăULL vQ DIDUD YDOXOXL GHúL DSDU IUDJPHQWH FHUDPLFH L]RODWH GH WLS &RĠRIHQL
VWUDWLJUDILFQXDIRVWVXUSULQVXQQLYHOGHORFXLUHDSDUĠLQkQGDFHVWHLFXOWXULÌQOLQLLPDUL
PDWHULDOXOFHUDPLF&RĠRIHQLGHOD3ăXOHQLVHvQFDGUHD]ăvQID]D,DDFHVWHLFXOWXUL
/D vQFHSXWXO EURQ]XOXL PLMORFLX DúH]DUHD D IRVW ORFXLWă GH SXUWăWRULL FXOWXULL
&RVWLúDFDUHSUREDELODXDPHQDMDWSULPHOHIRUWLILFDĠLL$FHDVWăFRQVWDWDUHUH]XOWăGLQ
IDSWXO Fă VWUDWXO &RĠRIHQL HVWH VXSUDSXV GH YDOXO GH QRUG DO DúH]ăULL LDU FRPSOH[HOH
FXOWXULL :LHWHQEHUJ vQ PDUHD ORU PDMRULWDWH VH DIOă SH YDOXO DúH]ăULL úL VXSUDSXQ
FRPSOH[HOH DSDUĠLQkQGD FHHD FH VDQXPLWDVSHFWXOFXOWXUDO &LRPRUWDQ3UHFL]ăP Fă
SkQă DFXP QX VD JăVLW QLFL XQ HOHPHQW FDUH Vă LQGLFH R ORFXLUH SRVW&RĠRIHQL
DQWHULRDUăFXOWXULL&RVWLúD&LRPRUWDQ
,QIUDVWUXFWXUDYDOXOXLDFRQVWDWGLQWURFDUFDVăIRUPDWăGLQúLUXULGHVWkOSLPDVLYL
vQILSĠL vQ SăPkQW FDUH DX SHUIRUDW ORFXLQĠHOH $ULXúG úL &RĠRIHQL 6SDĠLLOH GLQWUH
UkQGXULOH GH VWkOSL DX IRVW XPSOXWH DSRL FX SăPkQW ÌQ SUH]HQW vQăOĠLPHD PD[LPă D
YDOXOXLHVWHGHPGHODED]ă8PSOXWXUDYDOXOXLGLQWUHUkQGXULOHGHVWkOSLSUH]LQWă
PDLPXOWHVHFYHQĠHVWUDWLJUDILFH$FHVWHDUHIOHFWăGRDUVXFFHVLXQHDvQFDUHvQFDGUXO
DFHOHLDúL SHULRDGH ± VD GHSXV SăPkQWXO H[WUDV GH OD GLIHULWH DGkQFLPL úL GLQ GLYHUVH
ORFXUL ÌQ WRDWH VHFYHQĠHOH VWUDWLJUDILFH vQ SURILOHOH YDOXOXL VDX JăVLW ODRODOWă vQ
SR]LĠLH VHFXQGDUă IUDJPHQWH FHUDPLFH DSDUĠLQkQG GRDU FXOWXULORU &XFXWHQL$ULXúG
%RGURJNHUHV]W~UúL&RĠRIHQL
www.cimec.ro / www.mncr.ro
ÌQ H[WHULRUXO YDOXOXL SULQ VăSăWXUL DX IRVW VXUSULQVH GRXă FDYLWăĠL XQD vQ
LPHGLDWD DSURSLHUH D ORFXLQĠHL &XFXWHQL SH SDQWD GH QRUG D GkPEXOXL UHSUH]LQWă XQ
FRPSOH[DFăUXLGHVWLQDĠLHQXRSXWHPGHILQLFXFHUWLWXGLQHLDUDOWDDIODWăPDLMRVOD
SRDOHOHSURPRQWRULXOXLUHSUH]LQWăFXVLJXUDQĠăúDQĠXOGHDSăUDUH
3HSDQWDLQWHULRDUăDYDOXOXLDIRVWVXUSULQVXQFXORDUODWGHPRULHQWDW
VXGQRUGSUREDELOGHDFFHVGLQVSUHLQWHULRUXODúH]ăULLVSUHPLMORFXOYDOXOXLVDXSRDWH
FKLDUVSUHH[WHULRUXODúH]ăULL3HDPEHOHODWXULFXORDUXODIRVWFRQVROLGDWFXVWkOSLvQILSĠL
vQ SăPkQW 6XE FRDPD YDOXOXL DFHVW FXORDU LQWUD vQWUR FRQVWUXFĠLH GLQ OHPQ PDVLY
SRVLELOXQWXUQ3RUĠLXQHDGHFRQVWUXFĠLHVXUSULQVăvQSURILOXOORQJLWXGLQDODOYDOXOXLúLvQ
LPHGLDWD VD DSURSLHUH D IRVW SXWHUQLF DUVă VWUXFWXUD GH OHPQ D IRVW FDUERQL]DWă LDU
SăPkQWXO GLQ LQWHULRU OXW vQ DPHVWHF FX SLHWULú LGHQWLF FX VWUDWXULOH VXSHULRDUH DOH
YDOXOXLD FăSăWDWSHWRDWăOăĠLPHD FRQVWUXFĠLHL FXORDUHDURúLHGLQ FDX]DWHPSHUDWXULL
ULGLFDWH ÌQ XPSOXWXUD FXORDUXOXL SUHFXP úL D FRQVWUXFĠLHL WXUQXOXL" DX IRVW JăVLWH
PXOWH IUDJPHQWH FHUDPLFH WLS &RVWLúD&LRPRUWDQ PDMRULWDWHD GLQWUH HOH SURYHQLQG GLQ
]RQD SXWHUQLF DUVă 2EVHUYDĠLLOH GH PDL VXV VXE UH]HUYD Fă FHUFHWăULOH QX VXQW vQFă
ILQDOL]DWHLQGLFăH[LVWHQĠDDLFLDXQHLFRQVWUXFĠLLFDUHSOHFDSUREDELOGHODED]DYDOXOXLúL
VH ULGLFD GHDVXSUD DFHVWXLD 3UREDELO Fă UHVSHFWLYD FRQVWUXFĠLH FRQVWLWXLD XQXO GLQWUH
WXUQXULOHDúH]ăULLFDUHDIRVWLQFHQGLDWHYHQWXDOvQWLPSXOXQXLDVHGLX
/D FDSăWXO GH VXG DO FXORDUXOXL OD SRDOHOH YDOXOXL D IRVW GHVFRSHULW XQ DOW
FRPSOH[ DSDUĠLQkQG DúD]LVXOXL DVSHFW FXOWXUDO &LRPRUWDQ $FHVWD HUD XúRU DGkQFLW
DYHD IRUPD QHUHJXODWă DOXQJLWă ILLQG GLVSXV SHUSHQGLFXODU IDĠă GH FXORDU 'LQ
XPSOXWXUD OXL SURYLQ PXOWH IUDJPHQWH GH RDVH GH DQLPDOH PDMRULWDWHD GH OD SRUFLQH
WLQHUH GRXă IUDJPHQWH GH RDVH XPDQH XQ IUDJPHQW GH PDQGLEXOă úL DOWXO GH FDORWă
FUDQLDQă SUHFXP úL QXPHURDVH IUDJPHQWH FHUDPLFH &RVWLúD&LRPRUWDQ $FHVWXL
FRPSOH[vLDSDUĠLQúLFkWHYDJURSLGHVWkOSLFDUHDXVXVĠLQXWSUREDELODFRSHULúXO$WkW
DFHVW FRPSOH[ FkW úL R SDUWH GLQ FXORDU DX IRVW VXSUDSXVH GH XQD GLQWUH ORFXLQĠHOH
FXOWXULL:LHWHQEHUJ
0DWHULDOXO FHUDPLF &RVWLúD&LRPRUWDQ GHVFRSHULW OD 3ăXOHQL LQFOXGH SDWUX
FDWHJRULLPDUL
6SHFLD JURVLHUă HVWH UHSUH]HQWDWă GH IUDJPHQWHOH XQRU UHFLSLHQWH GH
GLPHQVLXQLPDULúLPLMORFLLFXJXUDODUJGHVFKLVăGHFRUDWHXQHRULFXEUkXULvQUHOLHI
GLVSXVH VXE EX]ă úLVDX SH H[WHULRUXO EX]HL $FHVWHL FDWHJRULL vL DSDUĠLQH R JDPă
vQWUHDJă GH IRUPH úL WLSXUL XQHOH GLQWUH HOH VXQW SXWHUQLF SURILODWH DYkQG FRUSXO
SkQWHFRVvQWLPSFHDOWHOHDXSHUHĠLLGUHSĠL
&HUDPLFD JURVLHUă RUQDPHQWDWă OD H[WHULRU GH PXOWH RUL úL OD LQWHULRU FX
PăWXULFD%HVHQVFKWULFKGHFRUDVRFLDWXQHRULFXEUkXULvQUHOLHIVDXEXWRQLÌQXQHOH
FD]XULDFHVWGHFRUDFRSHUăWRDWăVXSUDIDĠDUHFLSLHQWHORUvQWLPSFHRSDUWHGLQHOHDX
VWULDĠLL QXPDL SH SDUWHD ORU LQIHULRDUă 3URSRUĠLD ULGLFDWă D FHUDPLFLL VWULDWH vQ FDGUXO
JUXSXOXL &LRPRUWDQ UHSUH]LQWă R QRXWDWH vQWUXFkW vQ SXEOLFDĠLLOH GH SkQă DFXP
SUH]HQĠDPDVLYăDDFHVWHLFDWHJRULLFHUDPLFHQXDIRVWFRQVHPQDWă$FHVWHLFDWHJRULLvL
DSDUĠLQ PDMRULWDWHD IUDJPHQWHORU FHUDPLFH UHSUH]HQWkQG PDL PXOWH IRUPH úL WLSXUL
FHUDPLFHRSDUWHGLQWUHHOHHUDXGHSURSRUĠLLMRDVHFXJXUDODUJGHVFKLVăFDVWURDQH
DOWHOHHUDXSXWHUQLFSURILODWHDYkQGFRUSXOSkQWHFRVIXQGXOvQJXVWúLJkWXOELQHSURILODW
RDOH LDU DOWHOH DYHDX SHUHĠLL PDL SXĠLQ SURILODĠL FX JkWXO QHHYLGHQĠLDW VDX XúRU
SURILODWERUFDQH
www.cimec.ro / www.mncr.ro
&HUDPLFLL VHPLILQH vL DSDUĠLQ UHFLSLHQWHOH GH GLPHQVLXQL PDUL úL PLMORFLL
GLQWUH FDUH FHO SXĠLQ R SDUWH DX IRVW SUREDELO DPIRUH VLPLODUH FHORU GLQ DúH]DUHD
HSRQLPă D FXOWXULL &RVWLúD $VWIHO GH YDVH DYHDX FRUSXO JOREXODU IXQGXO GUHSWJkWXO
FLOLQGULF vQJXVW úL vQDOW 8QHRUL UHFLSLHQWHOH VXQW RUQDPHQWDWH FX WULXQJKLXUL LQFL]DWH
GLVSXVH GH RELFHL vQ UHJLVWUH RUL]RQWDOH VDX YHUWLFDOH KDúXUDWH VDX XPSOXWH FX
vPSXQVăWXULPRWLYHFDUHQXDXIRVWFRQVHPQDWHvQSXEOLFDĠLLOHDQWHULRDUH1XOLSVHúWH
QLFL EUkXO vQ UHOLHI XQHRUL FUHVWDW 8Q IUDJPHQW FHUDPLF HVWH GHFRUDW OD H[WHULRU FX
WULXQJKLXUL LQFL]DWH LDU vQ LQWHULRU FX PăWXULFD 3H FkWHYD IUDJPHQWH VH REVHUYă
RUQDPHQWHH[HFXWDWHvQWHKQLFDvPSXQVăWXULORUVXFFHVLYH
&DWHJRULHLGHFHUDPLFăILQăvLDSDUĠLQUHFLSLHQWHGHGLPHQVLXQLPLMORFLLúLPLFL
SULQWUH FDUH VH HYLGHQĠLD]ă WUHL IRUPH SULQFLSDOH D DPIRUH ± UHFLSLHQWH GH GLPHQVLXQL
PLMORFLLSkQăODFFDOLWULFXFRUSXOELWURQFRQLFJkWXOFLOLQGULFúLGRXăWRDUWHvQEDQGă
SULQVH GH XPăU úL EX]ă GHFRUDWH SH XPăU úL FRUS FX WULXQJKLXUL LQFL]DWH XPSOXWH FX
vPSXQVăWXUL VDX KDúXUDWH LDU VXE WRUĠL FX EHQ]L IRUPDWH GLQ GRXă UkQGXUL GH LQFL]LL
YHUWLFDOHFXSULQ]kQGWULXQJKLXULúLURPEXULXPSOXWHFXvPSXQVăWXULVDXKDúXULEDPIRUHWH
±GLQFDUHFkWHYDH[HPSODUHVXQWvQWUHJLúLvQWUHJLELOH±UHFLSLHQWHGHGLPHQVLXQLPLFL+
FFD FPFXFRUSXOVIHULFJkWXOvQJXVWúLvQDOW FXXQDGRXăWRUĠLFXVHFĠLXQHDRYDOă
SULQVHGHEX]ăúL FRUS8QHOHH[HPSODUH VXQWGHFRUDWH FXWULXQJKLXULLQFL]DWHGLVSXVHvQ
UHJLVWUHRUL]RQWDOHFFăQLOHúLFHúWLOHFXWRUĠLvQEDQGăVXSUDvQăOĠDWHGHVHRULRUQDPHQWDWH
FXWULXQJKLXULLQFL]DWHGLVSXVHvQUHJLVWUHRUL]RQWDOHKDúXUDWHVDXXPSOXWHFXvPSXQVăWXUL
FRPSOHWHD]ăJDPDIRUPHORUúLWLSXULORUFHUDPLFHDOHFDWHJRULHLILQH
$WkWFkWSHUPLWHVWDGLXODFWXDODOFXQRDúWHULLPDWHULDOXOXLFHUDPLFGLQVăSăWXULOH
vQWUHSULQVHSUHFXPúLDFHOXLGLQDúH]ăULOHEURQ]XOXLPLMORFLXGLQ0ROGRYDDSUHFLHP
Fă FHUDPLFD WLS &LRPRUWDQ GHVFRSHULWă SkQă DFXP OD 3ăXOHQL SUH]LQWă VLPLOLWXGLQL
LPSRUWDQWH FX FHUDPLFD FXOWXULL &RVWLúD &HOH PDL DSURSLDWH DQDORJLL VH FRQVWDWă vQ
DúH]ăULOHGHOD&RVWLúD/XPLQLú3RGXULúL/XQFD8QDGLQWUHGHRVHELULOHUHSHUWRULXOXL
FHUDPLFGHOD3ăXOHQLRUHSUH]LQWăSURSRUĠLDPXOWPDLULGLFDWăDFHUDPLFLLRUQDPHQWDWH
vQVWLOXO%HVHQVWULFKDWHVWDWăGHDOWIHOvQSURSRUĠLLGLIHULWHvQDSURDSHWRDWHDúH]ăULOH
FXOWXULL &RVWLúD 3UH]HQĠD DFHVWXL JHQ GH FHUDPLFă OD 3ăXOHQL SRDWH DYHD GUHSW
H[SOLFDĠLHSODX]LELOăIDSWXOFăvQSHULRDGDLPHGLDWDQWHULRDUăvQVXGHVWXO7UDQVLOYDQLHL
DIRVWUăVSkQGLWJUXSXO=ROWDQFDUDFWHUL]DWSULQWUHDOWHOHúLSULQWURSURSRUĠLHULGLFDWă
D FHUDPLFLL VWULDWH OD =ROWDQ DFHDVWD FRQVWLWXLH FFD GLQ WRW ORWXO FHUDPLF
GHVFRSHULW$OWHOHPHQWVSHFLILFFHUDPLFLLGHOD&LRPRUWDQvOUHSUH]LQWăWULXQJKLXULOH
LQFL]DWH XPSOXWH FX SXQFWH H[HFXWDWH XQHRUL vQ WHKQLFD vPSXQVăWXULORU VXFFHVLYH
HOHPHQW GH GHFRU UHSUH]HQWDW vQ SURSRUĠLL PXOW PDL UHGXVH vQ JUXSXO =ROWDQ úL vQ
FXOWXULOH0RQWHRUXúL&RVWLúDvQGHRVHELOD3RGXUL
3UHFL]ăPFăXQHOHGLQWUHDúH]ăULOHFXOWXULL&RVWLúDGHODHVWGH&DUSDĠLSUH]LQWă
VLPLOLWXGLQLPDLDFFHQWXDWHFXVWDĠLXQHDGHOD3ăXOHQLGHFkWFXDOWHDúH]ăULDOHFXOWXULL
&RVWLúDGLQ0ROGRYDIDSWGDWRUDWSUREDELOGLIHUHQĠHORUFURQRORJLFHúLORFDOHvQFDGUXO
DFHVWHL FXOWXUL FDUH GLQFROR GH PXQĠL SDUH Vă IL HYROXDW SH WRDWD GXUDWD EURQ]XOXL
PLMORFLXÌQOXPLQDDFHVWHLSUHFL]ăULVHSRDWHHQXQĠDFăDúH]DUHDGHOD3ăXOHQLDSDUĠLQH
WRWFXOWXULL&RVWLúD(OHPHQWHOHDFHVWHLFXOWXULDXIRVWVXUSULQVHúLvQDOWHFkWHYDDúH]ăUL
GLQ VXGHVWXO 7UDQVLOYDQLHL GLQ 'HSUHVLXQHD &LXFXOXL SkQă vQ ğDUD %kUVHL =ROWDQ
3HWHQL 5RWEDY %UDúRY ± /XWăULD R SDUWH GLQWUH HOH GDWkQG GLQ SHULRDGD LPHGLDW
DQWHULRDUăSăWUXQGHULLúLVWDELOLULLvQ]RQăDFXOWXULL:LHWHQEHUJvQWLPSFHDOWHOHSDUVă
ILIRVWFRQWHPSRUDQHFXDFHDVWăFXOWXUă
www.cimec.ro / www.mncr.ro
1XVDXFRQILUPDWGHRFDPGDWăLQIRUPDĠLLOHSULYLQGSUH]HQĠDvQDúH]DUHD3ăXOHQL
FHUDPLFLLGHWLS0RQWHRUXSUHFXPúLDFHUDPLFLLWH[WLOHLQIRUPDĠLLFDUHGHDOWIHOQX
UHLHúHDXQLFLGLQLOXVWUDĠLLOHSXEOLFDĠLLORUDQWHULRDUHUHIHULWRDUHODÄFXOWXUD&LRPRUWDQ´
ÌQFHHDFHSULYHúWHvQFDGUDUHDFURQRORJLFăDQLYHOXOXL&RVWLúD&LRPRUWDQGHOD3ăXOHQL
ĠLQkQG FRQW GH DQDORJLLOH FHOH PDL DSURSLDWH SUHFXP úL GH VLWXDĠLD VWDWLJUDILFă
VXUSULQVă vQ DúH]DUHD HSRQLPă D FXOWXULL &RVWLúD DFHVWD SRDWH IL FRQVLGHUDW
FRQWHPSRUDQFX0RQWHRUX,&7HL,:LHWHQEHUJ,úLLPHGLDWXOWHULRUJUXSXOXL=ROWDQ
&RQGLĠLLOHVWUDWLJUDILFHGH DFHDVWăGDWăIRDUWH FODUH DUDWăFăQLYHOXOGHORFXLUH
&RVWLúD&LRPRUWDQHVWHDQWHULRUFHOXLDSDUĠLQkQGFXOWXULL:LHWHQEHUJ
8QDGLQWUHSUREOHPHOHPDMRUHOHJDWHGHÄJUXSXO&LRPRUWDQ´vOUHSUH]LQWăIDSWXO
Fă FHO SXĠLQ GHRFDPGDWă DúH]DUHD GH OD 3ăXOHQL &LRPRUWDQ UăPkQH R SUH]HQĠă
VLQJXODUă D FXOWXULL &RVWLúDvQ7UDQVLOYDQLDGLQDOWH DúH]ăULSURYHQLQGGRDUHOHPHQWH
L]RODWHGHVFRSHULWHvQFRQWH[WHDUKHRORJLFHPDLSXĠLQFODUH
'HVFRSHULULOH DSDUĠLQkQG FXOWXULL :LHWHQEHUJ GLQ DúH]DUHD GH OD 3ăXOHQL VXQW
UHSUH]HQWDWH GH FHO SXĠLQ FLQFL FRPSOH[H ELQH FRQVHUYDWH SUHFXP úL GH XQ PDWHULDO
FHUDPLF ERJDW úL GH SLHVH SURYHQLQG DWkW GLQ FRPSOH[H FkW úL GLQ VWUDWXO GH FXOWXUă
3ULPXOFRPSOH[:LHWHQEHUJDIRVWGHVFRSHULWvQvQLQFLQWDDúH]ăULLvQDSURSLHUHD
YDOXOXLGHQRUGúLDFRQVWDWGLQWURGHSXQHUHSUREDELOULWXDOăFRPSXVăGLQGRXăYDVH
3ULPXOYDVHVWHRDPIRUăFXFRUSXOSkQWHFRVEX]DHYD]DWăPDUJLQHDWăLDWăREOLF
VSUHH[WHULRUXPHULLSXWHUQLFUHOLHIDĠLúLIXQGXOGUHSW9DVXOHVWHOXFUDWGLQSDVWăELQH
IUăPkQWDWăELQHQHWH]LWăGHFXORDUHFHQXúLHVSUHQHJUXDYkQGVXSUDIDĠDDFRSHULWăFX
VOLS vQ FHD PDL PDUH SDUWH Fă]XW 3H XPăU DUH FDQHOXUL REOLFH GLVWDQĠDWH VFXUWH
VFRELWHFHSRUQHVFILHFDUHGLQWURDOYHROăRYDOăÌQLQWHULRUXODFHVWXLYDVHUDGHSXVăR
URWLĠăGHFDUPLQLDWXUDOFXEXWXFSURILODWSHDPEHOHODWXULOXFUDWăGLQSDVWăVHPLILQă
OXWQLVLSILQFXSDLHWHGHPLFăSLHWULFHOHFLREXULSLVDWHGHFXORDUHJăOEXLFăUăPL]LH
FXSHWHGHFXORDUHQHDJUă
&HOGHDOGRLOHDUHFLSLHQWSăVWUDWSDUĠLDOHVWHSUREDELOWRWRDPIRUăOXFUDWăGLQ
SDVWă PXOW PDL ILQă FX SHUHĠLL VXEĠLUL GH FXORDUH QHDJUă OD H[WHULRU úL JăOEXL
FăUăPL]LHODLQWHULRU([WHULRUXOUHFLSLHQWXOXLHVWHDFRSHULWFXVOLSILQ
ÌQ FDPSDQLD GH VăSăWXUL GLQ DQXO DX IRVW GHVFRSHULWH WUHL FRQVWUXFĠLL GH
VXSUDIDĠăúLRJURDSăULWXDOăFDUHVHDIODXSHSDQWDLQWHULRDUăDYDOXOXLGHQRUG
8QD GLQWUH ORFXLQĠH D IRVW ELQH FRQVHUYDWă úL GH]YHOLWă FRPSOHW $FHDVWD
VXSUDSXQHD GLUHFW FRPSOH[HOH DSDUĠLQkQG QLYHOXOXL &RVWLúD&LRPRUWDQ 3HQWUX
QLYHODUHDORFXOXLXQGHDIRVWDPSODVDWăORFXLQĠDvQSDUWHDGLQVSUHFRDPDYDOXOXLDIRVW
VăSDWă R WUHDSWă GH FFD FP VHFĠLRQkQG XQ FRPSOH[ &RVWLúD&LRPRUWDQ ÌQ
VXSUDIDĠD GHYHQLWă DVWIHO DSURDSH RUL]RQWDOă SH XQ SHULPHWUX GUHSWXQJKLXODU GH
DSUR[LPDWLY[PDXIRVWvQILSĠLVWkOSLúLSDULHOHPHQWHGHLQIUDVWUXFWXUăDFăURU
JURSL DX IRVW VXUSULQVH vQ SULQFLSDO SH ODWXUD GH QRUG $WkW FkW VH SRDWH MXGHFD GXSă
DPSUHQWHOH GH SH QXPHURDVHOH EXFăĠL GH OLSLWXUă GH OXW DUV SH OkQJă VWkOSLL úL SDULL
vQILSĠL vQ SăPkQW H[LVWDX úL DOĠL SDUL PDL VXEĠLUL GLVSXúL RUL]RQWDO SUHFXP úL QXLHOH
vPSOHWLWH *ROXULOH FDUFDVHL GH OHPQ DX IRVW XPSOXWH FX OXW DPHVWHFDW FX QLVLS LDU
VXSUDIHĠHOHSHUHĠLORUDXIRVWOXWXLWHúLELQHQHWH]LWH3H D[XOORQJLWXGLQDODOORFXLQĠHL
VXEGăUkPăWXULOHSHUHĠLORUDXIRVWGHVFRSHULWHWUHLYHWUHFLUFXODUH3ULQWUHQXPHURDVHOH
EXFăĠLGHOLSLWXUăDIRVWUHFXSHUDWXQERJDWPDWHULDOFHUDPLFLDUGHSHSRGHDvQVSHFLDO
GHOkQJăYHWUHPDLPXOWHYDVHvQWUHJLVDXvQWUHJLELOHUkúQLĠHúLDOWHSLHVH
www.cimec.ro / www.mncr.ro
&HDGHDGRXDORFXLQĠăVLPLODUăFXSULPDVHDIODvQLPHGLDWDDSURSLHUHWRWSH
SDQWD LQWHULRDUă D YDOXOXL 'LQ HD D IRVW GH]YHOLW QXPDL FROĠXO YHVWLF úL LQWHUFHSWDW
SUREDELOFROĠXOGHVXGHVWUHVWXOFRPSOH[XOXLDIOkQGXVHvQSRUĠLXQHDvQFăQHFHUFHWDWă
8UPHOHFHOXLGHDOWUHLOHDFRPSOH[GHVXSUDIDĠăSUREDELODQH[DSULPHLORFXLQĠH
DX IRVW VXUSULQVH vQ LPHGLDWD DSURSLHUH D DFHVWHLD GLQ XUPă PDL DSURDSH GH FRDPD
YDOXOXL(OVHSUH]HQWDFDRDJORPHUDUHGHIUDJPHQWHFHUDPLFHúLYDVHvQWUHJLELOHJăVLWH
vQSHULPHWUXOXQHLFRQVWUXFĠLLXúRDUHGHODFDUHDXUăPDVGRDUQLúWHJURSLGHSDUL'LQ
FHUDPLFD GHVFRSHULWă vQ DFHVW FRPSOH[ PHQĠLRQăP FăQL FX WRUĠL VXSUDvQăOĠDWH
RUQDPHQWDWH SH XPHUL FX FDQHOXUL REOLFH LDU XQHRUL úL FX WULXQJKLXUL LPSULPDWH R
DPIRUă FX JkWXOvQDOW úL EX]D XúRU HYD]DWă RUQDPHQWDWă OD ED]D JkWXOXL SULQWUR OLQLH
RUL]RQWDOă LQFL]DWă VXE FDUH SH XPHULL YDVXOXL HVWH UHDOL]DWă OLQLD GXEOă vQ ]LJ]DJ
IUDJPHQWH GH YDVH JURVLHUH RUQDPHQWDWH FX EUkXUL vQ UHOLHI DOYHRODWH úL PDL UDU FX
XUPHYHUWLFDOHGHSLHSWHQH.DPPVFKWULFK
ÌQLQWHULRUXODQH[HLvQSDUWHDVDGHYHVWDIRVWGHVFRSHULWăRJURDSăFLUFXODUăvQ
LQWHULRUXO FăUHLD VD JăVLW VFKHOHWXO XQXL FRSLO GH FFD OXQL $FHVWD HUD GHSXV vQ
SR]LĠLHFKLUFLWăSHSDUWHDVWkQJăFXFDSXOVSUHQRUGYHVWÌQXPSOXWXUDJURSLLVDJăVLW
FHUDPLFăDSDUĠLQkQGFXOWXULL:LHWHQEHUJ'LQWUHIUDJPHQWHOHFHUDPLFHOHPHQĠLRQăP
SH FHOH DOH XQXL YDV PRGHODW GLQ SDVWă ILQă RUQDPHQWDW SH FRUS FX R UHĠHD GLQ OLQLL
REOLFH LQFL]DWH IUDJPHQWH DOH XQRU YDVH JURVLHUH RUQDPHQWDWH FX EUkXUL DOYHRODWH
IUDJPHQWHGHEX]ăGHODXQYDVJURVLHURUQDPHQWDWFXGRXăUkQGXULGHEUkXULFUHVWDWH
XQLWHSULQWUXQDOWEUkXREOLF$FHVWFRPSOH[UHSUH]LQWăSUREDELOXUPHOHXQXLPRPHQW
ULWXDOFDUHDLPSOLFDWúLXQVDFULILFLXXPDQ
&HUDPLFD FXOWXULL :LHWHQEHUJ GHVFRSHULWă vQ DúH]DUHD 3ăXOHQL&LRPRUWDQ VH
vQFDGUHD]ăvQWUHLFDWHJRULLJURVLHUăVHPLILQăúLILQă
&HUDPLFD JURVLHUă HVWH OXFUDWă GLQWUR SDVWă FH FRQĠLQH FDQWLWăĠL DSUHFLDELOH GH
GHJUHVDQW QLVLS FX SLHWULFHOH úL SDLHWH GH PLFă PDWHULH RUJDQLFă FHUDPLFă úL FDOFDU
SLVDWHSHUHĠLLUHFLSLHQWHORUVXQWJURúLLDUQHWH]LUHD QHJOLMHQWă-XGHFkQGGXSă FXORDUHD
FHUDPLFLL JăOEXLH úL FăUăPL]LH DUGHUHD YDVHORU VD IăFXW GH FHOH PDL PXOWH RUL vQ
PHGLXR[LGDQWvQVSDĠLLGHVFKLVH5HFLSLHQWHOHDFHVWHLFDWHJRULLFXSXĠLQHH[FHSĠLLRDOH
GH GLIHULWH GLPHQVLXQL úL IRUPH VXQW RUQDPHQWDWH FX DSOLFDĠLL vQ UHOLHI EUkXUL VLPSOH
DOYHRODWHVDXFUHVWDWHEXWRQLSURHPLQHQĠHFRQLFHGDUDSDUHPDLUDUúLGHFRUXOLQFL]DW
)LQLVDMXOSHUHĠLORUDVSULODSLSăLWGDWRULWăFDQWLWăĠLLPDULGHGHJUHVDQWHVWHQHJOLMHQWPDL
FXVHDPăSHSDUWHDLQWHULRUă&kWHYDIUDJPHQWHFHUDPLFHVXQWGHFRUDWHFXVWULXUL
&HUDPLFD VHPLILQăHVWHUHDOL]DWăGLQWURSDVWăPDLEXQăSURSRUĠLD GLQWUHOXWúL
GHJUHVDQWDFHODúLFDODFDWHJRULDDQWHULRDUăGDUPDLILQILLQGDSURDSHRSWLPă3HUHĠLL
UHFLSLHQWHORUDXJURVLPHGHSkQăODFPVXQWELQHQHWH]LĠLDGHVHDDFRSHULĠLFXVOLS
OXVWUXLW(VWH FDWHJRULDFHUDPLFă DOH FăUHLUHFLSLHQWH VWUăFKLQLFDVWURDQH FăQL FHúWL
VXQWDSURDSHvQWRDWHFD]XULOHGHFRUDWHILHSULQLQFL]LLILHSULQFDQHODUH0DLUDUDSDU
úLEUkXULvQUHOLHI'RPLQăWRQXULOHGHJăOEXLúLDOEXUPDWHGHFHOHFăUăPL]LLRULEUXQH
&HUDPLFD ILQă HVWH FDWHJRULD FHD PDL RPRJHQă GLQ SXQFW GH YHGHUH WHKQLF
PRUIRORJLF úL VWLOLVWLF GDU SXĠLQ UHSUH]HQWDWă SULQ GHVFRSHULUL )UDJPHQWHOH FDUH R
FRPSXQVXQWDUVHDWkWUHGXFăWRUFkWúLR[LGDQWDXVOLSOXVWUXLWúLDSDUĠLQXQRUVWUăFKLQL
FăQL VDX FHúWL 'HFRUXO HVWH UHDOL]DW SULQ LQFL]LL ILQH 6WDUHD IUDJPHQWDUă D FHUDPLFL
GHVFRSHULWHSHUPLWHGRDUREVHUYDĠLLSUHOLPLQDUH
www.cimec.ro / www.mncr.ro
6WUăFKLQLOH VXQW GHVWXO GH QXPHURDVH ([LVWă GRXă WLSXUL SULQFLSDOH VLPSOH úL
OREDWH 9DULDQWHOH SULPXOXL WLS VXQW GH GLPHQVLXQL PLFL VDX PHGLL UHSUH]LQWă IRUPH
WURQFRQLFH FX PDUJLQHD XúRU HYD]DWă IRUPH VHPLVIHULFH FX PDUJLQHD vQJURúDWă VDX
FRUSXO SURILODW JkW vQDOW úL EX]D XúRU HYD]DWă $FHVWH WLSXUL VXQW GHFRUDWH FX LQFL]LL
GLVSXVH vQ UHĠHD WULXQJKLXUL FX ODWXULOH PDUFDWH XPSOXWH FX KDúXUL REOLFH úLVDX
FDQHOXULGHOăĠLPHPHGLHVDXPDUHQHGLVWDQĠDWHFXSUDJSURHPLQHQWVDXXúRUSURILODW
GLVSXVHREOLF VDXYHUWLFDO 1XOLSVHVFQLFL FDQHOXULOHvQJXVWHVFRELWHúăQĠXOHĠHOH ODWH
OXVWUXLWHúLDOYHROHOHWLSÄERDEHGHJUkX
&DVWURDQHOH QX VXQW SUH]HQĠH QXPHURDVH FHOH H[LVWHQWH DX FRUSXO WURQFRQLF
PDUJLQHDGUHDSWăúLIXQGSODW
&HúWLOHúLFăQLOHQXPHURDVHVXQWIRUPHPDLPXOWvQDOWHGHFkWVFXQGHFXEX]D
GUHDSWăVDXXúRUHYD]DWăFRUSERPEDWvQ]RQDXPăUXOXLXQHRULFXFLRFGHVFXUJHUHúL
FX WRDUWă VXSDvQăOĠDWă 8QD GLQWUH WRUĠL DUH DSOLFDW OD SDUWHD VD VXSHULRDUă XQ GLVF
RUQDPHQWDW HOHPHQW GHFRUDWLY XQLF vQ FDGUXO FXOWXULL :LHWHQEHUJ 0HQĠLRQăP úL
SUH]HQĠD XQHL FăQL VLPSOH WURQFRQLFH &DQHOXULOH GH GLIHULWH WLSXUL úăQĠXOHĠH ODWH
OXVWUXLWHDOYHROHOHGHWLS ÄERDEHGH JUkX PDL UDU PRWLYHOHLQFL]DWH DFRSHUăXPHULL
SDQVDRULPDUJLQHDDFHVWRUUHFLSLHQWH
$PIRUHOH VXQW FXQRVFXWH SULQ WUHL H[HPSODUH vQWUHJL VDX vQWUHJLELOH 3ULPXO
SURYLQHGLQFRPSOH[XOQU&HOGHDOGRLOHDFXFRUSVIHULFEX]ăGUHDSWăSDWUXWRUWLĠH
GLVSXVH vQ ]RQD JkWXOXL GHFRUDW SH XPHUL FX PLFL FUHVWăWXUL D IRVW GHVFRSHULW VXE
GăUkPăWXULOH ORFXLQĠHL QU 8OWLPXO FX EX]ă HYD]DWă JkWXO VFXUW úL FRUSXO ERPEDW
ERJDW GHFRUDW SH EX]ă FX WULXQJKLXUL FX GRXă ODWXUL PDUFDWH úL XPSOXWH FX KDúXUL
REOLFH SH XPăU FX WULXQJKLXUL GH DFHODúL WLS LDU SH FRUS FX EDVWRQDúH FRQWLQXL
UHDOL]DWH GLQ LQFL]LL GXEOH XPSOXWH FX LPSUHVLXQL FLUFXODUH PăUJLQLWH SH SDUWHD
LQIHULRDUăGHREDQGăLQFL]DWăvQIRUPăGH6XULFXOFDWHXPSOXWăFXKDúXULREOLFH
2DOHOHGHGLYHUVHPăULPLDXSURILOXOvQIRUPDOLWHUHL6'HFRUXOvQUHOLHIEUkXUL
FUHVWDWHúLDOYHRODWHVHJPHQWHGHEUkXULFUHVWDWHEXWRQLVLPSOLFUHVWDĠLVDXDOYHRODĠL
HVWH DVRFLDW FX LQFL]LL GLVSXVH REOLF RUL FD WULXQJKLXUL úL FăSULRUL FHO PDL DGHVHD SH
SDUWHDLQWHULRDUăDEX]HL
9DVHOH SHQWUX DWkUQDW FX EX]D OREDWă vQ GUHSWXO RULILFLXOXL GH VXVĠLQHUH VXQW
DSDULĠLLUDUHOD3ăXOHQLFDGHDOWIHOvQvQWUHJXODUHDODOFXOWXULL:LHWHQEHUJ
$X IRVW GHVFRSHULWH úL FkWHYD FDSDFH 8QXO GLQWUH HOH D IRVW GHFRUDW FX EHQ]L
LQFL]DWHvQUHĠHDúLSUHYă]XWFXSDWUXSHUIRUDĠLLSHQWUXSULQGHUHDGHYDV$OWXOPRGHODW
FDXQGLVFVLPSOXDIRVWGHFRUDWFXRÄFUXFH´LQFL]DWăVXPDU
ÌQ DúH]DUH DX IRVW GHVFRSHULWH QXPHURDVH SLHVH GLQ OXW DUV GLQWUH FDUH
PHQĠLRQăP R IXVDLROă ELWURQFRQLFă SUHFXP úL QXPHURDVH úL YDULDWH ÄFDSHWH GH
EăĠ´ UHDOL]DWH DWkW GLQ SDVWă JURVLHUă FkW PDL DOHV VHPLILQă vQ DFHVW FD] DWHQW
QHWH]LWH úL FX VOLS OXVWUXLW 6XQW SUH]HQWH XUPăWRDUHOH WLSXUL WURQFRQLFH FX SDUWHD
VXSHULRDUă URWXQMLWă WURQFRQLFH FX SHUHĠL DUFXLĠL úL FX SDUWHD LQIHULRDUă OăĠLWă
SLULIRUPHVFXQGHVDXvQDOWH
ÌQFRQFOX]LHVHSRWFRQVWDWDXUPăWRDUHOH
$úH]DUHD:LHWHQEHUJGHOD3ăXOHQLHVWHGHWLSFHWăĠXLH6LVWHPXOGHIRUWLILFDĠLH
UHDOL]DW vQ WLPSXO ORFXLULL&RVWLúD&LRPRUWDQ D IRVW GRDU IRORVLW úL vQWUHĠLQXWGH FăWUH
SXUWăWRULLFXOWXULL:LHWHQEHUJ
www.cimec.ro / www.mncr.ro
*UXSXO FXOWXUDO &LRPRUWDQ úL FXOWXUD :LHWHQEHUJ VXQW GRXă HQWLWăĠL FXOWXUDOH
GLQVWLFWH3RVWHULRULWDWHDORFXLULL:LHWHQEHUJGHOD3ăXOHQLIDĠăGHQLYHOXO&LRPRUWDQ
LQWXLWăPDLGHPXOWGHPDMRULWDWHDFHUFHWăWRULORUSUHRFXSDĠLGHDFHDVWăSUREOHPăDIRVW
FRQILUPDWăGHDFHDVWăGDWăGHFRQVWDWăULVWUDWLJUDILFHLQGXELWDELOH
3OHFkQGGHODVLPLOLWXGLQHDIRDUWHPDUHGLQWUHFHUDPLFDGHWLS&LRPRUWDQFXFHD
DSDUĠLQkQG FXOWXULL &RVWLúD GLQ DúH]DUHD HSRQLPă SUHFXP úL GH VLWXDĠLD VWUDWLJUDILFă
VXUSULQVă DFROR FRQVWDWăP Fă RUL]RQWXO 0RQWHRUX ,& UHSUH]LQWă PRPHQWXO WHUPLQXV
SRVW TXHP SHQWUX ORFXLUHD :LHWHQEHUJ GH OD 3ăXOHQL $OW UHSHU FURQRORJLF vQ VSDĠLXO
H[WUDFDUSDWLFvOSRDWHFRQVWLWXLXQXOGLQWUHQLYHOXULOH&RVWLúDGHOD/XQFDMXG1HDPĠ
GHXQGHSURYLQHXQIUDJPHQWFHUDPLFGHFRUDWFXXQ6FXOFDWHOHPHQWSkQăDFXPXQLFvQ
WRDWă DULD &RVWLúD ± .RPDURY 'XSă WRDWH SUREDELOLWăĠLOH DFHVW HOHPHQW GHFRUDWLY D IRVW
SUHOXDWGLQPHGLXOFXOWXULL:LHWHQEHUJ5ăPkQHWRWXúLVăDúWHSWăPDSDULĠLDXQHLSHULRGL]ăUL
DFXOWXULL&RVWLúDúLDXQHLvQFDGUăULFkWPDLSUHFLVHDQLYHOXOXLUHVSHFWLYGHOD/XQFD
6D FRQVWDWDW SkQă DFXP Fă SULPHOH HOHPHQWH GH IDFWXUă :LHWHQEHUJ OD HVW GH
&DUSDĠLDSDUvQPHGLX0RQWHRUX,&0DWHULDOXOGHIDFWXUă:LHWHQEHUJGLQ0ROGRYD
SUH]LQWă FDUDFWHULVWLFL GHMD ELQH FRQWXUDWH LDU XQHOH GLQWUH IUDJPHQWHOH FHUDPLFH GH
DFROR vúL JăVHVF DQDORJLL DSURSLDWH FHORU GH OD 3ăXOHQL 7RDWH DFHVWH REVHUYDĠLL
VXJHUHD]ă Fă QLYHOXO :LHWHQEHUJ GH OD 3ăXOHQL HVWH IRDUWH DSURSLDW vQ WLPS QLYHOXOXL
&LRPRUWDQ(VWHSRVLELOSULQ XUPDUHFD DúH]DUHDGHOD3ăXOHQLVăILIRVWFXFHULWăGH
SXUWăWRULLFXOWXULL:LHWHQEHUJLDUSXWHUQLFHOHXUPHGHDUVXUăDOHVWUXFWXULORUGHOHPQ
GLQYDOVăUHSUH]LQWHXUPHOHDFHVWHLGLVWUXJHUL
$YkQGvQYHGHUHFHOHVXVPHQĠLRQDWHFkWúLIDSWXOFăFHOHPDLDSURSLDWHDQDORJLL
GLQ SXQFW GH YHGHUH DO IRUPHORU GHFRUXULORU úL WHKQRORJLHL GH UHDOL]DUH D YDVHORU OH
UHJăVLPOD'HUúLGDQLYHOXULOHúLFDúLvQQHFURSRODGHOD7XULDúLvQDúH]DUHDGHOD
6XDWX DSUHFLHP Fă QLYHOXO :LHWHQEHUJ GH OD 3ăXOHQL VH vQFDGUHD]ă vQ SHULRDGD
WLPSXULHDDFHVWHLFXOWXUL
ÌQFXSULQVXODúH]ăULLDXIRVWGHVFRSHULWHúLIUDJPHQWHFHUDPLFDL]RODWHGHIDFWXUă
GDFLFă $FHVWH XUPH GHPRQVWUHD]ă XWLOL]DUHD IRUWLILFDĠLHL úL vQ SHULRDGD
FRUHVSXQ]ăWRDUHFLYLOL]DĠLHLGDFLFHSRVLELOFDXQSXQFWGHREVHUYDĠLHPHQLWVăDVLJXUH
H[HUFLWDUHDFRQWUROXOXLDVXSUDXQHLDGLQWUHFăLOHGHDFFHVGLQ0ROGRYDvQ'HSUHVLXQHD
&LXFXOXLXQGHSDUHVăILH[LVWDWRIRUPDĠLXQHSROLWLFRPLOLWDUăGDFLFăLPSRUWDQWă
%LEOLRJUDILH 6]pNHO\ = &XOWXUD &LRPRUWDQ vQ $OXWD S ILJ $O
9XOSH &XOWXUD &RVWLúD &RVWLúD &XOWXUH vQ &RPRUL DOH HSRFLL EURQ]XOXL GLQ 5RPkQLD
7UHDVXUHV RI WKH %URQ]H $JH LQ 5RPDQLD %XFXUHúWL S (XJHQLD =DKDULD
&XOWXUD &LRPRUWDQ &LRPRUWDQ &XOWXUH vQ &RPRUL DOH HSRFLL EURQ]XOXL GLQ 5RPkQLD
7UHDVXUHV RI WKH %URQ]H $JH LQ 5RPDQLD S 6]pNHO\ =V 3HULRDGD WLPSXULH úL
vQFHSXWXO FHOHL PLMORFLL D HSRFLL EURQ]XOXL vQ VXGHVWXO 7UDQVLOYDQLHL %XFXUHúWL 9
&DYUXF 1RL FHUFHWăUL vQ DúH]DUHD GH OD 3ăXOHQL 5DSRUW SUHOLPLQDU 3UH]HQWDUH
JHQHUDOă vQ $QJXVWLD S 9 &DYUXF *K 'XPLWURDLD 'HVFRSHULULOH
DSDUĠLQkQGDVSHFWXOXL&LRPRUWDQGHOD3ăXOHQLvQ$QJXVWLDS9&DYUXF
0 5RWHD /RFXLUHD :LHWHQEHUJ GH OD 3ăXOHQL vQ $QJXVWLD S *K
'XPLWURDLD&RPXQLWăĠLSUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLODEURQ]XO
PLMORFLX3LDWUD1HDPĠS
9DOHULX&DYUXF
www.cimec.ro / www.mncr.ro
)LúHFDWDORJ
1U 1U
$PIRUăFXOWXUD:LHWHQEHUJ 2DOăFXOWXUD:LHWHQEHUJ
&HUDPLFă+SăVWUDWă FP'J FP/XFUDWă &HUDPLFă+SăVWUDWă FP'J FP6D
GLQ SDVWă VHPLILQă DYkQG FD GHJUHVDQW QLVLS úL SăVWUDWGRDURSDUWHGLQEX]ăúLSURILOHVWHOXFUDWăGLQ
SLHWULFHOH%X]D HVWH HYD]DWă JkWXO VFXUWúL XPăUXO SDVWăJURVLHUăFXEX]DXúRUHYD]DWăúLFUHVWDWăVXE
ERPEDW 'HFRUDWă SH EX]ă FX WULXQJKLXUL FX GRXă HDVHDIOăXQEUkXDOYHRODUWUDVGLQSDVWDYDVXOXLSH
ODWXULPDUFDWHúLXPSOXWHFXKDúXULREOLFHSHXPăU FDUHVXQWDSOLFDĠLSDWUXEXWRQLFRQLFLGLVSXúLVLPHWULF
FX WULXQJKLXUL GH DFHODúL WLS LDU SH FRUS FX $UH FXORDUHD FăUăPL]LH FX SHWH IXPXULL (VWH
EDVWRQDúH FRQWLQXH UHDOL]DWH GLQ LQFL]LL GXEOH QHJOLMHQWQHWH]LWă,QHGLWă0&5QULQY
XPSOXWHFXLPSUHVLXQLFLUFXODUHPăUJLQLWHSHSDUWHD
LQIHULRDUăFXREDQGăLQFL]DWăvQIRUPăGH³6´±XUL 1U
FXOFDWH XPSOXWă FX KDúXUL REOLFH %LELOLRJUDILH 9 2DOăFXOWXUD:LHWHQEHUJ
&DYUXF05RWHDvQ$QJXVWLDS &HUDPLFă+SăVWUDWă FP$UHSURILOXOvQIRUPă
3O9,,,9&DYUXFúLFRODEvQ&&$S GH ³6´ SăVWUDWă IUDJPHQWDU OXFUDWă GLQ SDVWă
3O0&5QULQY3O JURVLHUă FX SLHWULFHOH úL FLREXUL SLVDWH EX]D XúRU
HYD]DWă úL XQ EUkX DOYHRODW DSOLFDW SH FRUSXO
1U YDVXOXL 1HWH]LUHD HVWH QHJOLMHQW UHDOL]DWă ,QHGLWă
$PIRUăFXOWXUD:LHWHQEHUJ 0&5QULQY
&HUDPLFă + FP 'J FP 'I FP
/XFUDWă GLQ SDVWă VHPLILQă DUH EX]D HYD]DWă 1U
PDUJLQHD WăLDWă REOLF VSUH H[WHULRU XPHULL SXWHUQLF &DSăWGHEăĠFXOWXUD:LHWHQEHUJ
UHOLHIDĠL úL IXQGXO GUHSW $UH FXORDUHD FHQXúLH VSUH &HUDPLFă + FP (VWH WURQFRQLF FX SHUHĠLL
QHJUXELQHQHWH]LWăúLHVWHFXVOLSXOGHJUDGDW(VWH DUFXLĠLúLFXSDUWHD LQIHULRDUăOăĠLWăOXFUDWGLQSDVWă
GHFRUDWă SH XPăU FX FDQHOXUL REOLFH FH SRUQHVF ILQăQHWH]LWăRUQDPHQWDWFXLQFL]LLGLVSXVHFLUFXODU
ILHFDUHGLQWURDOYHROăRYDOă%LEOLRJUDILH9&DYUXF vQMXUXOSHUIRUDĠLHL$UHFXORDUHDFăUăPL]LHFXXUPH
05RWHDvQ$QJXVWLDS3O9 GH SHWH IXPXULL %LEOLRJUDILH 9 &DYUXF 0 5RWHD
9 &DYUXFúL FRODE vQ &&$ S 3O vQ $QJXVWLD S 3O 9,,, 0&5
0&5QULQY3O QULQY3O
1U 1U
$PIRUăFXOWXUD:LHWHQEHUJ &DSăWGHEăĠFXOWXUD:LHWHQEHUJ
&HUDPLFă+SăVWUDWă FP'I FP3ăVWUDWă &HUDPLFă + FP /XFUDW GLQ SDVWă JURVLHUă
SDUĠLDO(VWHOXFUDWăGLQSDVWăILQăFXSHUHĠLLVXEĠLULGH GDUELQHQHWH]LWăDUHIRUPăELWURQFRQLFăúLFXORDUHD
FXORDUH QHDJUă OD H[WHULRU úL JăOEXLFăUăPL]LH OD FăUăPL]LH HVWH SHUIRUDW vQWUR VLQJXUăSDUWH,QHGLW
LQWHULRU DFRSHULĠL FX VOLS OXVWUXLW 7RUĠLOH VXQW SODVDWH 0&5QULQY3O
vQSDUWHDLQIHULRDUăDYDVXOXL%LEOLRJUDILH9&DYUXF
0 5RWHD vQ $QJXVWLD S 3O 9 1U
0&5QULQY3O &DSăWGHEăĠFXOWXUD:LHWHQEHUJ
&HUDPLFă + FP 'P FP $UH IRUPă
1U ELWURQFRQLFăFXSDUWHDQHSHUIRUDWăWăLDWăGUHSWDUH
5RWLĠăGHFDUPLQLDWXUDOFXOWXUD:LHWHQEHUJ DVSHFWXO XQXL IXQG GH YDV GH FXORDUH FHQXúLH
&HUDPLFă'P FP/XFUDWăGLQSDVWăVHPLILQă FRQIHFĠLRQDW GLQ SDVWă JURVLHUă QHJOLMHQW ILQLVDWă
GH FXORDUH JăOEXLFăUăPL]LH FX SHWH GH FXORDUH ,QHGLW0&5QULQY
QHDJUă$UHEXWXFSHDPEHOHSăUĠLúLXUPHHYLGHQWH
GH X]XUă %LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ 1U
$QJXVWLDS3O99&DYUXFúL &DSăWGHEăĠFXOWXUD:LHWHQEHUJ
FRODEvQ&&$S3O0&5QU &HUDPLFă 'P FP 'H IRUPă ELWURQFRQLFă
LQY3O OXFUDW GLQ SDVWă VHPLILQă ELQH QHWH]LW FX SDUWHD
QHSHUIRUDWăXúRUURWXQMLWă$UHFXORDUHFăUăPL]LHFX
1U SHWHQHJUH,QHGLW0&5QULQY
$PIRUăFXOWXUD:LHWHQEHUJ
&HUDPLFă + FP 'J FP 'I FP 1U
$UH FRUSXO VIHULF EX]D GUHDSWă úL SDWUX WRUWLĠH &DSăWGHEăĠFXOWXUD:LHWHQEHUJ
GLVSXVH vQ ]RQD JkWXOXL (VWH GHFRUDW SH XPăU FX &HUDPLFă + FP $UH IRUPă WURQFRQLFă FX
FUHVWăWXUL %LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ SDUWHD VXSHULRDUă URWXQMLWă HVWH OXFUDW GLQ SDVWă
$QJXVWLD S 3O 9,,, 0&5 QU ILQă ELQH QHWH]LWă GH FXORDUH FăUăPL]LH
LQY3O %LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ $QJXVWLD
S3O9,,,0&5QULQY
www.cimec.ro / www.mncr.ro
1U RUQDPHQWDWăSHFRUSXOVIHULFFXFDQHOXULODWHGLVSXVH
&DSăWGHEăĠFXOWXUD:LHWHQEHUJ REOLF /XFUDWă GLQ SDVWă ILQă FX PXOW QLVLS DUH
&HUDPLFă + FP $UH IRUPă GH SDUă HVWH FXORDUHDFăUăPL]LHúLHVWHELQHQHWH]LWă%LEOLRJUDILH
OXFUDW GLQ SDVWă JURVLHUă GH FXORDUH FăUăPL]LH 9 &DYUXF 0 5RWHD vQ $QJXVWLD S
vQFKLVă VSUH QHJUX %LEOLRJUDILH 9 &DYUXF 0 3O;,0&5QULQY3O
5RWHD vQ $QJXVWLD S 3O 9,,,
0&5QULQY 1U
9DVPLQLDWXUDOFXOWXUD:LHWHQEHUJ
1U &HUDPLFă + FP 'J FP 'H IRUPă
&HDúFăFXOWXUD:LHWHQEHUJ WURQFRQLFă FX JXUD ODUJ GHVFKLVă úL IXQGXO XúRU
&HUDPLFă + FP 'J FP 'I FP URWXQMLW OXFUDW vQ SDVWă ILQă FX SHUHĠLL VXEĠLUL GH
'H IRUPă ELWURQFRQLFă FX EX]D GUHDSWă úL WRDUWD FXORDUHFăUăPL]LHELQHQHWH]LĠL,QHGLW0&5QULQY
VXSUDvQăOĠDWăFRUSXOHVWHERPEDWvQ]RQDXPăUXOXL 3O
úL RUQDPHQWDW FX FDQHOXUL REOLFH (VWH OXFUDWă GLQ
SDVWă ILQă GH FXORDUH FăUăPL]LH FX SHWH QHJUH 1U
%LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ $QJXVWLD &DSDFFXOWXUD:LHWHQEHUJ
S3O;,0&5QULQY &HUDPLFă + SăVWUDWă FP 'J SăVWUDW
FP &X EXWRQ GH SULQGHUH GHOLPLWDW SULQWUR OLQLH
1U LQFL]DWăvQFDUHVHDIOăRSHUIRUDĠLHGHFDUHSUREDELO
&DQăFXOWXUD:LHWHQEHUJ HUD OHJDW $UH FXORDUHD FHQXúLH úL HVWH OXFUDW GLQ
&HUDPLFă+ FP'J FP'I FP SDVWă VHPLILQă ELQH QHWH]LWă ,QHGLW 0&5 QU LQY
$UH IRUPă ELWURQFRQLFă FX EX]D XúRU HYD]DWă úL 3O
FRUSXO ERPEDW vQ ]RQD XPăUXOXLIXQGXO HVWH GUHSW
(VWH RUQDPHQWDWă SH XPHUL FX FDQHOXUL REOLFH úL 1U
DOYHROH GH WLSXO ERDEHORU GH OLQWH´ /XFUDWă GLQ &DQăFXOWXUD:LHWHQEHUJ
SDVWă VHPLILQă GH FXORDUH FăUăPL]LH FX SHWH &HUDPLFă + FP 'J FP 'I FP
IXPXULL,QHGLWă0&5QULQY &DQă WURQFRQLFă VLPSOă FX R VLQJXUă WRDUWă GLQ
SăFDWHSLHUGXWăOXFUDWăGLQSDVWăVHPLILQăGHFXORDUH
1U FHQXúLH ELQH QHWH]LWă RUQDPHQWDWă SH EX]ă FX OLQLL
&ăQLĠăFXOWXUD:LHWHQEHUJ LQFL]DWH GLVSXVH vQ IRUPă GH WULXQJKL %LEOLRJUDILH 9
&HUDPLFă + FP 'J FP 'I FP &DYUXF05RWHDvQ$QJXVWLDS3O
$UH IRUPD ELWURQFRQLFă FX EX]D LQYD]DWă 3DUWHD ;,0&5QULQY3O
LQIHULRDUă HVWH PDL OXQJă GHFkW FHD VXSHULRDUă
XPăUXO ILLQG ELQH UHOLHIDW (VWH OXFUDWă GLQ SDVWă 1U
VHPLILQă FX SHUHĠLL ELQH QHWH]LĠL GH FXORDUH 6WUDFKLQăOREDWăIUDJPHQWDUăFXOWXUD:LHWHQEHUJ
FăUăPL]LXvQFKLVă,QHGLWă0&5QULQY &HUDPLFă +SăVWUDWă FP'RDUXQIUDJPHQW
D DYXW R IRUPă VHPLVIHULFă FX SDWUX OREL FX
1U PDUJLQHD OăĠLWă VSUH H[WHULRU úL RUQDPHQWDWă FX
&DQăFXOWXUD:LHWHQEHUJ EHQ]L LQFL]DWH GHVSăUĠLWH vQWUH HOH GH FDQHOXLUL ILQH
&HUDPLFă + FP 'J FP 'I FP (VWHELQHOXVWUXLWăFXDVSHFWGHVOLSPHWDOLFOXFUDWă
%X]DHVWHXúRUHYD]DWăWRDUWDVXSUDvQăOĠDWăFRUSXO GLQ SDVWă ILQă GH FXORDUH QHDJUă %LEOLRJUDILH 9
HVWH ERPEDW vQ]RQDXPăUXOXL(VWH RUQDPHQWDWFX &DYUXF05RWHDvQ$QJXVWLDS
FDQHOXULREOLFHVXEFDUHVHDIOăREDQGăRUL]RQWDOă 3O9,,9&DYUXFúLFRODEvQ&&$S
LQFL]DWăGHOLPLWkQG]RQDLQIHULRDUăDYDVXOXLFDUHD 3O0&5QULQY3O
UăPDVQHGHFRUDWă$UGHUHDúLQHWH]LUHDVXQWEXQH
FXORDUHD HVWH FăUăPL]LH FX SHWH QHJUH ,QHGLWă 1U
0&5QULQY3O 7RDUWăFXOWXUD:LHWHQEHUJ
&HUDPLFă /XFUDWă GLQ SDVWă ILQă GH FXORDUH
1U FăUăPL]LX JăOEXLH FX SDWUX SHUIRUDĠLL ODED]ă(VWH
&DQăFXOWXUD:LHWHQEHUJ RUQDPHQWDWăFXGRXăOLQLLLQFL]DWHGLVSXVHSDUDOHOSH
&HUDPLFă + FP 'J FP )XQG URWXQMLW SDUWHDH[WHULRDUă,QHGLW0&5QULQY3O
*kWXO HVWH XúRU DOXQJLW úL IXQGXO GUHSW FRUSXO HVWH
VIHULF GLQ FDUH SOHDFă R WRDUWă VXSUDvQăOĠDWă 1U
/XFUDWă GLQ FHUDPLFă VHPLILQă GH FXORDUH &DSDFFXOWXUD:LHWHQEHUJ
FăUăPL]LH QHRUQDPHQWDWă VODE QHWH]LWă ,QWHULRUXO &HUDPLFă+SăVWUDWă FP'P FP'H
HVWH GH FXORDUH QHDJUă FX XUPH SXWHUQLFH GH IRUPă FLUFXODUă GHFRUDW FX SDWUX EHQ]L LQFL]DWH vQ
DUVXUă,QHGLW0&5QULQY UHĠHD úL SUHYă]XW FX SDWUX SHUIRUDĠLL REOLFH SHQWUX
SULQGHUHD GH YDV GLQWUH FDUH VDX SăVWUDW GRDU
1U GRXă (VWH OXFUDW GLQ SDVWă ILQă ELQH QHWH]LWă GH
&HDúFăFXOWXUD:LHWHQEHUJ FXORDUH FHQXúLH %LEOLRJUDILH9 &DYUXF0 5RWHD
&HUDPLFă+ FP'J FP'I FP$UH vQ $QJXVWLD S 3O 9,,, 0&5
EX]D FX FLRF GH VFXUJHUH úL R VLQJXUă WRDUWă HVWH QULQY3O
www.cimec.ro / www.mncr.ro
1U &HUDPLFă /XFUDW GLQ SDVWă ILQă RUQDPHQWDW SH
'LVFSODWFXOWXUD:LHWHQEHUJ FRUS FX ÄSODVă´ FRPSXVă GLQ OLQLL REOLFH LQFL]DWH
&HUDPLFă'P FP$DYXWRIRUPăFLUFXODUăFX SHUHĠLLVXQWVXEĠLULGHFXORDUHQHDJUăELQHOXVWUXLWă
SDWUX SHUIRUDĠLL YHUWLFDOH GLQ FDUH VDX SăVWUDW GRDU %LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ $QJXVWLD
WUHL HVWH OXFUDW GLQ FHUDPLFă VHPLILQă GH FXORDUH S3O;,,0&5QULQY
FăUăPL]LH,QHGLW0&5QULQYSO
1U
1U )UDJPHQWLGROFXOWXUD:LHWHQEHUJ
2DOăOREDWăFXOWXUD:LHWHQEHUJ &HUDPLFă /SăVWUDWă FP 5HDOL]DW GLQ SDVWă
&HUDPLFă+ SăVWUDWă FP6DSăVWUDWGRDU R ILQă ELQH QHWH]LWă GH FXORDUH FHQXúLH úL
SDUWH GLQ EX]D OREDWă GHFRUDWă VXE HD FX R OLQLH RUQDPHQWDW FX vPSXQVăWXUL FLUFXODUH ,QHGLW 0&5
LQFL]D]ăGLQFDUHSOHFDXWULXQJKLXULLQFL]DWHDúH]DWH QULQY
FX YkUIXO vQ MRV $ IRVW OXFUDWă GLQ SDVWă ILQă ELQH
QHWH]LWă,QHGLW0&5QULQY3O 1U
3LHVă"FXOWXUD:LHWHQEHUJ
1U &HUDPLFă / SăVWUDWă FP 3UREDELO HVWH XQ
%XWRQGHWRDUWăFXOWXUD:LHWHQEHUJ IUDJPHQW GH WRSRUDú PLQLDWXUDO UHDOL]DW GLQ OXW GLQ
&HUDPLFă+ FP(VWHRUQDPHQWDWFXXQGLVF FDUHVDSăVWUDWGRDUMXPăWDWH(VWHOXFUDWGLQSDVWă
SH SDUWHDVXSHULRDUă LQFL]DW FX XQ FHUF vPSăUĠLWvQ VHPLILQă ELQH QHWH]LWă GHFXORDUH QHDJUă ,QHGLWă
SDWUX UHJLVWUH HOHPHQW XQLF vQ FDGUXO FXOWXULL 0&5QULQY
:LHWHQEHUJ %LEOLRJUDILH 9 &DYUXF 0 5RWHD vQ
$QJXVWLD S 3O ; 0&5 QU 1U
LQY3O )UDJPHQWWRDUWăFXOWXUD:LHWHQEHUJ
&HUDPLFă/XFUDWăGLQSDVWăVHPLILQăELQHQHWH]LWă
1U GH FXORDUH FăUăPL]LH úL RUQDPHQWDWă FX úLUXUL GHL
1DVWXUHFXOWXUD:LHWHQEHUJ vPSXQVăWXUL vQ IRUPD ÄERDEHORU GH JUkX´ ,QHGLW
&HUDPLFă'P FP$UHIRUPD URWXQGăOXFUDWGLQ 0&5QULQY3O
SDVWăJURVLHUăFXSLHWULFHOHHVWHSODWFXGRXăSHUIRUDĠLL
DOăWXUDWH,QHGLW0&5QULQY3O 1U
)UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ
1U &HUDPLFă (VWH LQYD]DWă úL RUQDPHQWDWă FX FDQHOXUL
9DVPLQLDWXUDOFXOWXUD:LHWHQEHUJ REOLFHDIRVWOXFUDWăGLQSDVWăVHPLILQăELQHQHWH]LWă
&HUDPLFă + FP 'J FP 'I FP GHFXORDUHFăUăPL]LH,QHGLW0&5QULQY
'HWLSÄGHJHWDU´FXIRUPăWURQFRQLFăSHEX]ăHVWH
RUQDPHQWDW FX LQFL]LL REOLFH úL FX R DSXFăWRDUH 1U
VFXUWăLHúLWăGLQDFHDVWD/XFUDWGLQSDVWăVHPLILQă 9DVFXOWXUD:LHWHQEHUJ
ELQH QHWH]LWă GH FXORDUH FăUăPL]LH FX SHWH QHJUH &HUDPLFă + SăVWUDWă FP 6D SăVWUDW GRDU
,QHGLW0&5QULQY SDUWHD VXSHULRDUă D XQXL YDV FX EX]D OREDWă FX
RULILFLX GH VXVĠLQHUH OXFUDW GLQ SDVWă ILQă ELQH
1U QHWH]LWăGHFXORDUHFHQXúLH%LEOLRJUDILH9&DYUXF
)UDJPHQWGHYDVFXOWXUD:LHWHQEHUJ 0 5RWHD vQ $QJXVWLD S 3O
&HUDPLFă /XFUDW GLQ FHUDPLFă VHPLILQă 9,,0&5QULQY3O
RUQDPHQWDW FX EHQ]L LQFL]DWH RUL]RQWDOH XQLWH vQWUH
HOHGHDOWHOHREOLFH$UHFXORDUHDFăUăPL]LHFXSHWH 1U
QHJUH,QHGLW0&5QULQY )UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ
&HUDPLFă 2UQDPHQWDWă FX LQFL]LL XúRU DGkQFLWH
1U UHDOL]DWH vQ IRUPă GH WULXQJKLXUL XQLWH vQWUH HOH OD
)UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ FDSHWH/XFUDWăGLQSDVWăVHPLILQăGHFXORDUHFHQXúLX
&HUDPLFă (VWH XúRU HYD]DWă GHFRUDWă FX EUkX VSUHQHJUXELQHQHWH]LWă,QHGLW0&5QULQY
DOYHRODU SH JkW FX EHQ]L LQFL]DWH úL WULXQJKLXUL FX
YkUIXO vQ VXV UHDOL]DWH WRW GLQ LQFL]LL SH FRUS 3DVWă 1U
VHPLILQă GH FXORDUH FăUăPL]LH FX QHWH]LUH EXQă )UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ
,QHGLW0&5QULQY &HUDPLFă (VWH RUQDPHQWDWă FX LQFL]LL vQ IRUPă GH
WULXQJKL VXE FDUH VH JăVHúWH R OLQLH GH FHUFXOHĠH
1U LPSULPDWH5HDOL]DWăGLQSDVWăVHPLILQăELQHQHWH]LWă
2DOăFXOWXUD:LHWHQEHUJ GHFXORDUHFăUăPL]LH,QHGLW0&5QULQY
&HUDPLFă 3ăVWUDWă IUDJPHQWDU FX R WRDUWă FH
SOHDFă GLQ EX]ă GLUHFW SH XPăUXO YDVXOXL DYHD R 1U
IRUPăJOREXODUăOXFUDWăGLQSDVWăVHPLILQăFXORDUH )UDJPHQWSHUHWHFXOWXUD:LHWHQEHUJ
FăUăPL]LHELQHQHWH]LWă,QHGLW0&5QULQY &HUDPLFă 2UQDPHQWDW FX LQFL]LL WULXQJKLXODUH úL
FHUFXOHĠH LPSULPDWH OXFUDWă GLQ SDVWă VHPLILQă
1U ELQH QHWH]LWă GH FXORDUH FăUăPL]LH ,QHGLW 0&5
%X]ăYDVFXOWXUD:LHWHQEHUJ QULQY
www.cimec.ro / www.mncr.ro
1U &HUDPLFă + FP O LQIHULRDUă FP O
)UDJPHQWYDVFXOWXUD:LHWHQEHUJ VXSHULRDUă FP $UH IRUPD XQXL WUXQFKL GH
&HUDPLFă (VWH RUQDPHQWDW FX EDQGă ODWă LQFL]DWă SLUDPLGă FX R SHUIRUDĠLH RUL]RQWDOă vQ SDUWHD
SH FRUSXO VăX OXFUDW GLQ SDVWă VHPLILQă QHWH]LWă VXSHULRDUă (VWH OXFUDWă GLQ SDVWă JURVLHUă ELQH
GHFXORDUHFăUăPL]LH,QHGLW0&5QULQY QHWH]LWă GH FXORDUH FăUăPL]LH FX SHWH QHJUH
%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ$QJXVWLD
1U S3O;,,0&5QULQY3O
)UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ
&HUDPLFă$UHEX]DGUHDSWăFRUSXOVIHULFRUQDPHQWDW 1U
FX FDQHOXUL REOLFH OXFUDW GLQ SDVWă ILQă ELQH QHWH]LWă )UDJPHQWJUHXWDWHGHOXWFXOWXUD&RVWLúD&LRPRUWDQ
GHFXORDUHFăUăPL]LH,QHGLW0&5QULQY $UHIRUPDXQXLWUXQFKLGHSLUDPLGăGDUVDSăVWUDW
GRDU SDUWHD LQIHULRDUă $ IRVW OXFUDWă WRW GLQ SDVWă
1U JURVLHUăELQHQHWH]LWăGHFXORDUHFăUăPL]LH,QHGLW
)UDJPHQW GLQ EX]D XQXL YDV FX WRUWLĠă FXOWXUD 0&5QULQY
:LHWHQEHUJ
&HUDPLFă /XFUDW GLQ SDVWă ILQă GH FXORDUH QHJUă 1U
ELQH QHWH]LW GH IRUPă FLOLQGULFă ,QHGLW 0&5 QU )UDJPHQWDPIRUăFXOWXUD&RVWLúD&LRPRUWDQ
LQY &HUDPLFă$YHDFRUSXOERPEDWJkWXOvQJXVWúLvQDOW
RUQDPHQWDW FX OLQLL LQFL]DWH úL FX vPSXQVăWXUL
1U FLUFXODUH GLVSXVH JUXSDW SH FRUSXO YDVXOXL /XFUDW
)UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ GLQ SDVWă VHPLILQă ELQH QHWH]LWă GH FXORDUH
&HUDPLFă+ FP/ FP/XFUDWăGLQSDVWăILQă FăUăPL]LH FX SHWH QHJUH %LEOLRJUDILH 9 &DYUXF
OXVWUXLWă RUQDPHQWDWă FX FDQHOXUL REOLFH FH SOHDFă *K 'XPLWURDLD vQ $QJXVWLD S
GLQ LQFL]LL UHDOL]DWH VXE IRUPD ERDEHORU GH OLQWH $UH 3O,3O;90&5QULQY3O
FXORDUHDQHDJUă,QHGLW0&5QULQY
1U
1U )UDJPHQWYDVFXOWXUD&RVWLúD&LRPRUWDQ
2DOăFXOWXUD:LHWHQEHUJ (VWH RUQDPHQWDW FX EDQGă ODWă DOFăWXLWă GLQ OLQLL
&HUDPLFă+SăVWUDWă FP'J FP'H LQFL]DWH GLVWDQĠDWH vQWUH HOH úL VWUăSXQVH GH
PăULPHPHGLHvQWUHJLELOăFXSURILOXOvQIRUPDOLWHUHL WULXQJKLXUL FX YkUIXO vQ VXV JRDOH vQ LQWHULRU /XFUDW
³6´ 'HFRUXO HVWH UHDOL]DW FX GRXă EUkXUL DOYHRODUH GLQ SDVWă VHPLILQă QHWH]LWă GH FXORDUH FăUăPL]LH
UHDOL]DWH vQ UHOLHI VXE EX]D XúRU HYD]DWă úL FX SHWH QHJUH %LEOLRJUDILH 9 &DYUXF *K
RUQDPHQWDWă D YDVXOXL (VWH OXFUDW GLQ SDVWă 'XPLWURDLD vQ $QJXVWLD S 3O
VHPLILQă QHWH]LWă GH FXORDUH FăUăPL]LH ,QHGLWă ,;3O;99&DYUXFúLFRODEvQ&&$S
0&5QULQY 3O0&5QULQY3O
1U 1U
)UDJPHQWEX]ăFXOWXUD:LHWHQEHUJ )UDJPHQWYDVFXOWXUD&RVWLúD&LRPRUWDQ
&HUDPLFă+SăVWUDWă FP(VWHRUQDPHQWDWFX 3URYLQH GH OD XQ JkW GH RDOă GH PDUL GLPHQVLXQL
GRXă EUkXUL DOYHRODUH vQ UHOLHI GLVSXVH RUL]RQWDO RUQDPHQWDWăFXGRXăOLQLLLQFL]DWHFDUHGHOLPLWHD]ă
XQLWH vQWUH HOH GH DOWHOH GLVSXVH REOLF /XFUDWă GLQ JkWXO GH FRUSXO YDVXOXL (VWH OXFUDW GLQ SDVWă
FHUDPLFăJURVLHUăFXQHWH]LUHQHJOLMHQWăGHFXORDUH JURVLHUă ELQH QHWH]LWă GH FXORDUH FăUăPL]LH FX
FHQXúLH vQFKLV VSUH QHJUX %LEOLRJUDILH 9&DYUXF SHWHQHJUH%LEOLRJUDILH9&DYUXF*K'XPLWURDLD
05RWHDvQ$QJXVWLDS3O,; vQ$QJXVWLDS3O;90&5QU
3O;,,0&5QULQY LQY3O
1U 1U
)UDJPHQWHGHYDVFXOWXUD:LHWHQEHUJ )UDJPHQWHFHUDPLFHFXOWXUD&RVWLúD&LRPRUWDQ
6XQWRUQDPHQWDWHFXREDQGăGHFDQHOXULREOLFHODWH 3URYLQH GLQWUR DPIRUă FX WRUĠL RUQDPHQWDWă FX
FRQWXUDWHGHXQúLUGHDOYHROHURWXQMLWHGHRSDUWHúL WULXQJKLXUL XPSOXWH FX SXQFWH LQFL]DWH /XFUDWă GLQ
GHDOWD/XFUDWHGLQSDVWăVHPLILQăQHJOLMHQWQHWH]LWă SDVWăVHPLILQă ELQH QHWH]LWăGHFXORDUH FăUăPL]LH
GHFXORDUHFăUăPL]LH,QHGLWH0&5QULQY FX SHWH QHJUH %LEOLRJUDILH 9&DYUXF *K
'XPLWURDLD vQ $QJXVWLD S 3O
1U ,;3O,,,E0&5QULQY
)UDJPHQWHGHYDVFXOWXUD:LHWHQEHUJ
&HUDPLFăJURVLHUăEXFăĠLGLQWUXQYDVOXFUDWGLQ 1U
SDVWă JURVLHUă GH FXORDUH SRUWRFDOLH ELQH )UDJPHQWSHUHWHFXOWXUD&RVWLúD&LRPRUWDQ
QHWH]LWăRUQDPHQWDWăFXEUkXULDOYHRODUH,QHGLWH /XFUDW GLQ SDVWă JURVLHUă RUQDPHQWDWă FX EUkX
0&5QULQY DOYHRODUVXEFDUHVHDIOăWUHLEXWRQLFLUFXODULLHúLĠLvQ
UHOLHI 1HWH]LUHD D IRVW QHJOLMHQWă LDU FXORDUHD
1U FăUăPL]LH,QHGLW0&5QULQY3O
*UHXWDWHOXWFXOWXUD&RVWLúD&LRPRUWDQ
www.cimec.ro / www.mncr.ro
1U OXFUDWă GLQ SDVWă ILQă ELQH QHWH]LWă GH FXORDUH
)UDJPHQWHFHUDPLFHFXOWXUD&RVWLúD&LRPRUWDQ FăUăPL]LH,QHGLW0&5QULQY
IUDJPHQWH FHUDPLFH FDUH DSDUĠLQ VSHFLHL
VHPLILQH úL ILQH IUXPRV RUQDPHQWDWH FX WULXQJKLXUL 1U
LQFL]DWHGLVSXVHGHRELFHLvQUHJLVWUHRUL]RQWDOHGDU )UDJPHQWDPIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
XQHRUL úL YHUWLFDOH KDúXUDWH VDX XPSOXWH FX +SăVWUDWă FP'J FP$YHD GRXăWRUĠL
vPSXQVăWXUL&XORDUHDHVWHvQFHOHPDLPXOWHFD]XUL XúRU VXSUDkQăOĠDWH OXFUDWă GLQ SDVWă ILQă
FăUăPL]LH GDU QX OLSVHVF QXDQĠHOH GH FHQXúLX RUQDPHQWDWă FX LQFL]LL FDUH DELD VH PDL YăG SH
0DMRULWDWHD IUDJPHQWHORU DSDUĠLQ XQRU UHFLSLHQWH GH VXSUDIDĠD UXODWă D YDVXOXL )UDJPHQWXO SăVWUDW DUH
GLPHQVLXQL PDUL úL PLMORFL GLQWUH FDUH FHO SXĠLQ R FXORDUH FăUăPL]LH FX SHWH QHJUH %LEOLRJUDILH
SDUWH DX IRVW DPIRUH %LEOLRJUDILH 9&DYUXF *K 9&DYUXF *K 'XPLWURDLD vQ $QJXVWLD S
'XPLWURDLDvQ$QJXVWLDS0&5 3O;,0&5QULQY
QULQY
1U
$PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
1U &HUDPLFă + FP 'J FP 'I FP
)UDJPHQWHFHUDPLFHFXOWXUD&RVWLúD&LRPRUWDQ 5HFLSLHQW vQWUHJLELO GH GLPHQVLXQL PLFL FX FRUSXO
)UDJPHQWH FDUH DSDUĠLQ XQRU UHFLSLHQWH GH VIHULFIXQGXOGUHSWúLFXGRXăWRUĠLFHSOHDFăGLQEX]ă
GLPHQVLXQL PLFL ERJDW RUQDPHQWDWH FX WULXQJKLXUL SHXPăUXOYDVXOXL(VWHQHRUQDPHQWDWGDUDIRVWELQH
LQFL]DWH GLVSXVH GH RELFHL vQ UHJLVWUH RUL]RQWDOH QHWH]LWSDUWHDVXSHULRDUă DUHFXORDUHDFăUăPă]LHLDU
KDúXUDWH VDX XPSOXWH FX vPSXQVăWXUL SH FkWHYD FHDLQIHULRDUăHVWHQHDJUă%LEOLRJUDILH9&DYUXF*K
IUDJPHQWH VH REVHUYă WHKQLFD vPSXQVăWXULORU 'XPLWURDLD vQ $QJXVWLD S 3O;,
VXFFHVLYH XQHOH IUDJPHQWH FHUDPLFH GLQ DFHDVWă 0&5QULQY3O
FDWHJRULH GLQ H[WHULRU VXQW GHFRUDWH FX WULXQJKLXUL
LDU GLQ LQWHULRU FX PăWXULFD 6XSUDIDĠD H[WHULRDUă 1U
HVWH ELQH OXVWUXLWă DYkQG DVSHFWXO GH VOLS PHWDOLF $PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
%LEOLRJUDILH9&DYUXF*K'XPLWURDLDvQ$QJXVWLD &HUDPLFă + FP 'J FP 'I FP
S 0&5 QU LQY (VWHOXFUDWăGLQFHUDPLFăILQăDUHFRUSXOWURQFRQLF
úLIXQGXOGUHSWGLQEX]ăVXQWWUDVHGRXăWRUĠLDUFXLWH
FHVHRSUHVFSHSDUWHDVXSHULRDUăDFRUSXOXLJkWXO
1U ILLQGGHOLPLWDWGHDFHVWHDúLGHFkWHXQEXWRQUHOLHIDW
)UDJPHQWHFHUDPLFHFXOWXUD&RVWLúD&LRPRUWDQ GHRSDUWHúLGHDOWDDYDVXOXL$IRVWELQHQHWH]LWă
IUDJPHQWH FHUDPLFH OXFUDWH GLQ SDVWă JURVLHUă GH FXORDUH FăUăPL]LH FX SHWH QHJUH %LEOLRJUDILH
FDUH DX DSDUĠLQXW XQRU YDVH GH GLPHQVLXQL PDUL úL 9&DYUXF *K 'XPLWURDLD vQ $QJXVWLD S
PLMORFLL GHFRUDWH vQ H[WHULRU FX PăWXULFD 3O;,0&5QULQY3O
%HVHQVWULFK úL FX EUkXUL LHúLWH vQ UHOLHI SH EX]ă
úLVDX SH H[WHULRUXO EX]HL 6WULXULOH VXQW GLVSXVH 1U
RUL]RQWDO YHUWLFDO úLVDXREOLF %LEOLRJUDILH 9&DYUXF $PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
*K 'XPLWURDLD vQ $QJXVWLD S &HUDPLFă + FP 'J FP 'I FP
3O9 3O 9, 3O 9,,, 0&5 QU LQY $UH FRUSXO VIHULF úL IXQGXO XúRU URWXQMLW WRUĠLOH VXQW
DUFXLWHWUDVHGLQEX]ăGLUHFWSHFRUSXOYDVXOXLFDUH
D IRVW OXFUDW GLQ SDVWă GH EXQă FDOLWDWH ELQH
1U QHWH]LWă %LEOLRJUDILH 9&DYUXF *K 'XPLWURDLD vQ
)UDJPHQWDPIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ $QJXVWLD S 3O;, 3O ;,,
&HUDPLFă+SăVUWDWă FP6DSăVWUDWRSDUWH 0&5QULQY3O
GLQ EX]ă úL GLQ FRUSXO ERPEDW HVWH OXFUDWă GLQ
FHUDPLFă ILQă ELQH QHWH]LWă GH FXORDUH FăUăPL]LH 1U
VSUH URúX 3UREDELO Fă D DYXW R VLQJXUă WRDUWă $PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
,QHGLW0&5QULQY &HUDPLFă + FP 'J FP 'I FP
&HOHGRXăWRUĠLVXQWXúRUvQăOĠDWHGHDVXSUDEX]HLúL
1U VHRSUHVFvQSDUWHDVXSHULRDUăDFRUSXOXLERPEDWDO
)UDJPHQWWRDUWăDPIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ YDVXOXL)XQGXOHVWHUHODWLYGUHSWúLJkWXOVFXUW(VWH
&HUDPLFă3RUQHúWHGHVXEEX]ăSHXPăUXOYDVXOXL OXFUDWă GLQ SDVWă ILQă ELQH QHWH]LWă GH FXORDUH
GHOLPLWkQG SUDFWLF JkWXO FLOLQGULF DO DFHVWXLD (VWH FăUăPL]LH FX SHWH QHJUH ,QHGLWă 0&5 QU
OXFUDWăGLQSDVWăILQăELQHQHWH]LWă,QHGLW0&5QU LQY3O
LQY
1U
1U $PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ
)UDJPHQWWRDUWăDPIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ &HUDPLFă+ FP'J FP'I FP$UH
&HUDPLFă3RUQHúWHGHVXEEX]ăSHXPăUXOYDVXOXL FRUSXO VIHULF IXQGXO GUHSW úL EX]D XúRU HYD]DWă GLQ
GHOLPLWkQG SUDFWLF JkWXO FLOLQGULF DO DFHVWXLD (VWH FDUH VXQW WUDVH GRXă WRUĠL SH FRUSXO YDVXOXL (VWH
www.cimec.ro / www.mncr.ro
IUXPRVRUQDPHQWDWăFXWULXQJKLXULGLVSXVHFXYkUIXOvQ &HUDPLFă + FP 'J FP 'I FP
MRVUHDOL]DWHGLQOLQLLLQFL]DWH/DED]DJkWXOXLDUHGRXă &RUSXO YDVXOXL HVWH GH IRUPă ELWURQFRQLFă JkWXO
OLQLLSDUDOHOHLQFL]DWHGLQFDUHSOHDFăDFHVWHWULXQJKLXUL VXEĠLUH úL DOXQJLW IXQGXO GUHSW GLQ EX]ă VXQW WUDVH
SHSDUWHDVXSHULRDUăDFRUSXOXL%LEOLRJUDILH9&DYUXF GRXă WRUĠL SH SDUWHD VXSHULRDUă /XFUDWă GLQ SDVWă
*K 'XPLWURDLD vQ $QJXVWLD S ILQă ELQH QHWH]LWă GH FXORDUH FHQXúLH VSUH QHJUX
3O;,0&5QULQY3O &RUSXO HVWH IUXPRV RUQDPHQWDW FX WULXQJKLXUL
XPSOXWH FX LQFL]LL YkUIXULOH DFHVWRUD VH SUHOXQJHVF
1U GHSăúLQG SUDFWLF FRQWXUXO ORU ,QHGLWă 0&5 QULQY
$PIRUHWăFXOWXUD&RVWLúD&LRPRUWDQ 3O
6DW=ROWDQFRP*KLGIDOăXMXG&RYDVQD
$úH]DUHDVHDIOăODPDUJLQHDGHQRUGDVDWXOXLSHWHUDVDvQDOWăD2OWXOXL3O
OD FFD P HVW GH DOELD VD DFWXDOă $ IRVW GHVFRSHULWă GH ORFDOQLFL vQ WLPSXO
OXFUăULORUGH H[SORDWDUH D FDULHUHL GH QLVLSÌQ DQLL úL GU 6]pNHO\ =ROWDQ D
HIHFWXDW DLFL SULPHOH VăSăWXUL FRQVWDWkQG FX DFHO SULOHM H[LVWHQĠD XQHL DúH]ăUL
DSDUĠLQkQGFXOWXULL1RXDÌQDQLLDXIRVWHIHFWXDWHFHUFHWăULVLVWHPDWLFHGH
XQFROHFWLYGHFHUFHWDUHGHOD0X]HXO&DUSDĠLORU5ăVăULWHQL9&DYUXF±UHVSRQVDELO
*&DYUXFúL'%X]HD±PHPEULÌQXUPDFHUFHWăULORUVDVWDELOLWFăDúH]DUHDRFXSă
VXSUDIDĠDGHFFD[PSHFXSULQVXOFăUHLDDXIRVWLGHQWLILFDWHXUPHGHORFXLUH
GLQ HQHROLWLF SHULRDGD GH WUDQ]LĠLH OD HSRFD EURQ]XOXL ID]D ILQDOă D HSRFLL EURQ]XOXL
WLPSXULXSUHFXPúLSHULRDGHOHPLMORFLHúLWkU]LHDOHHSRFLLEURQ]XOXL
(QHROLWLFXOXLvLDSDUĠLQIUDJPHQWHFHUDPLFHL]RODWHGHWLS&XFXWHQL$ULXúG'LQ
SHULRDGD GH WUDQ]LĠLH GDWHD]ă XUPH GH ORFXLUH GH WLS &RĠRIHQL GHSLVWDWH SH R ]RQD
UHVWUkQVăGHFFD[PODVXSUDIDĠDWHUHQXOXL8UPHGHORFXLUHGLQID]DILQDOăD
HSRFLLEURQ]XOXLWLPSXULXDIRVWGHSLVWDWHSHWRWFXSULQVXODúH]ăULLVăSăWXULOHDXVFRV
ODLYHDOăRJURDSăGHPDULGLPHQVLXQLFFD[PDGkQFăGHFFDPvQFRQMXUDWă
GHUHVWXULOHXQHLFRQVWUXFĠLLGHSLDWUăFRPSOH[FDUHDIXUQL]DWFHOPDLUHSUH]HQWDWLYORW
GH FHUDPLFă VWULDWă &HUDPLFD WLS %HVHQVWULFK VH JăVHúWH vQ SURSRUĠLH ULGLFDWă FFD
DOăWXUL GH DFHDVWD JăVLQGXVH úL FHUDPLFă RUQDPHQWDWă FX DPSUHQWH WH[WLOH
7H[WLOPXVWHU.HUDPLN
1LYHOXOXL GH ORFXLUH GLQ EURQ]XO PLMORFLX vL DSDUĠLQ R GHSXQHUH VXUSULQVă vQWUH
XPSOXWXUDGLQILQDOXOEURQ]XOXLWLPSXULXúLRYDWUăDXQXLFRPSOH[DSDUĠLQkQGFXOWXULL
1RXDÌQSODQGHSXQHUHDGLQEURQ]XOPLMORFLXHUDUăVSkQGLWăSHRVXSUDIDĠDGHFFD[
P JURVLPHD VD PD[LPă ILLQG GH FFD P 0DWHULDOXO DUKHRORJLF HVWH SXWHUQLF
IUDJPHQWDW QLPLF QX SăUHD Vă VH IL DIODW LQ VLWX úL QX VDX REVHUYDW XUPHOH YUHXQRU
OXFUăUL GH DPHQDMDUH 0DWHULDOXO FHUDPLF GHVFRSHULW HVWH FRPSXV GLQ WUHL FDWHJRULL
PDULJURVLHUăVHPLILQăúLILQă
6SHFLD JURVLHUă DUH XQ DVSHFW FRPXQ ILLQG FDUDFWHULVWLFă PDL PXOWRU FXOWXUL DOH
EURQ]XOXLPLMORFLXGLQ(XURSD&HQWUDOăúLGH6XG(VWRDOHúLERUFDQHGHFRUDWHXQHRULFX
EUkXULvQUHOLHI5HOHYDQWHVXQWFkWHYDIUDJPHQWHDOHXQRUDúD]LVHÄYDVHFXSWRU´FDUHvQ
WHULWRULLOHDGLDFHQWHvúLJăVHVFFHOHPDLDSURSLDWHDQDORJLLvQFDGUXOFXOWXULL:LHWHQEHUJ
6SHFLD VHPLILQă UHSUH]HQWDWă GH UHFLSLHQWH GH GLPHQVLXQL PLMORFLL VH
FDUDFWHUL]HD]ă SULQ SDVWă DPHVWHFDWă FX FLREXUL SLVDWH PăUXQW FX VXSUDIDĠD QHWH]LWă
XQHRULFXVOLSSUHGRPLQDQWGHFXORDUHQHDJUăVDXFHQXúLH'LQFDX]DFDUDFWHUXOXLVăX
IUDJPHQWDU GH IRDUWH SXĠLQH RUL VDX SXWXW UHFRQVWLWXL IRUPH vQWUHJL 3ULQWUH IRUPHOH
vQWUHJLELOHVHUHPDUFăRDODFXJkWXOvQJXVWúLFRUSXOSXWHUQLFERPEDWRUQDPHQWDWăVXE
JkWFXXQEUkXvQUHOLHI
www.cimec.ro / www.mncr.ro
6SHFLHL ILQH vL DSDUĠLQH FHUDPLFD SUHGRPLQDQW QHDJUă úL OXVWUXLWă QXPăUXO
IUDJPHQWHORU FHUDPLFH GH QXDQĠH PDL GHVFKLVH JăOEXL úL FHQXúLX ILLQG PDL PLF ùL
DFHDVWăFDWHJRULHHVWHUHSUH]HQWDWăGHXQPDWHULDOSXWHUQLFIUDJPHQWDWDVWIHOvQFkWGRDU
FkWHYDIRUPHDOHUHFLSLHQWHORUSRWILUHFRQVWLWXLWH
± DPIRUHFXFRUSELWURQFRQLFJkWFLOLQGULFvQDOWFXGRXăWRUĠLvQEDQGăWUDVHGLQ
EX]ăúLSULQVHGHFRUSFXDQDORJLLvQFXOWXUD&RVWLúD
± FăQLFXXQDVDXGRXăWRUĠLVXSUDvQăOĠDWH
± FDSDFH UHSUH]HQWDWH SULQWUXQ VLQJXU IUDJPHQW FX DQDORJLL vQ FXOWXUD
0RQWHRUXSHULRDGD,&
'HVHRUL FHUDPLFD ILQă HVWH RUQDPHQWDWă SULQ LQFL]LH vQFUXVWDUH LPSULPDUH
vPSXQVăWXULVDXFDQHODUH
8QHOHWHKQLFLúLPRWLYHGHFRUDWLYH VXQWvQWkOQLWHvPSUHXQă DúD FXP HVWH FD]XO
XQXL IUDJPHQW PDUH GH YDV SH FDUH VXQW GLVSXVH DOWHUQDWLY ÄEUD]GHOH VHPăQDWH´ SH
DPEHOH MXPăWăĠL DOH FRUSXOXL UHFLSLHQWXOXL úL ÄEUăGXĠL´ ± QXPDL SH MXPăWDWHD
VXSHULRDUăDYDVXOXL7HKQLFLOHúLPRWLYHOHRUQDPHQWDOHVXVPHQĠLRQDWHvúLJăVHVFFHOH
PDL DSURSLDWH DQDORJLL vQ FXOWXULOH &RVWLúD .RPDURY 0RQWHRUX 7HL úL :LHWHQEHUJ
SUHFXPúLvQXQHOHVLWXULDWULEXLWHDúD]LVHLID]HL3URWR1RXD1RXD,
3HQWUX EHQ]LOH KDúXUDWH DQDORJLL PXOWLSOH úL DSURSLDWH VH FXQRVF vQ FDGUXO FXOWXULL
7HL±ID]HOH&ăĠHOX úL&ăĠHOX1RX3HQWUXPRWLYXOÄEUăGXĠXOXL´SRWIL FLWDWHXUPăWRDUHOH
DQDORJLLFXOWXUD0RQWHRUX,E±6ăUDWD0RQWHRUXFXOWXUD7HL±ID]D7HL&ăĠHOXOD*UHFL
&ăĠHOX1RX8OPHQL7ăXúDúL%XQJHWX±QLYHOXO,,FXOWXUD&RVWLúD&RVWLúDúL/XQFD
$OWH DQDORJLL SRW IL JăVLWH vQ FDGUXO ID]HL 3URWR1RXD vQ 0ROGRYD OD 3RGX
,ORDLHL 7UXúHúWL VWUDWXO , 5ăXVHQL 9DOHD /XSXOXL ,DúL 7kUSHúWL úL *kUERYăĠ vQ
7UDQVLOYDQLDOD5RWEDY
3HQWUXPRWLYXORUQDPHQWDOÄEUD]GHVHPăQDWHFHOHPDLDSURSLDWHDQDORJLLVXQW
FXQRVFXWH vQ FXOWXULOH &RVWLúD 0RQWHRUX :LHWHQEHUJ úL 7HL vQ JUXSXO %MDá\ 3RWRN
1RXD,GHWUDGLĠLH&RVWLúDSUHFXPúLvQID]DWLPSXULHDFXOWXULL&RVORJHQL
ÌQ FHHD FH SULYHúWH WHKQLFD FDQHOăULL WUHEXLH VSHFLILFDW Fă GLIHULWH YDULDQWH DOH
DFHVWHL WHKQLFL RUQDPHQWDOH DX DQDORJLL vQ FXOWXUL GLIHULWH $VWIHO FDQHOXULOH ODWH úL
REOLFHSDU DILPDL FXUkQGGHRULJLQH :LHWHQEHUJ&DQHOXULOHYHUWLFDOHDX DQDORJLLvQ
FDGUXOFXOWXULORU&RVWLúDúL0RQWHRUXvQWLPSFHFDQHOXULOHRUL]RQWDOHúLFLUFXODUHPDL
DOHV FHOH DVRFLDWH FX úLUXUL GH vPSXQVăWXUL VDX FX LQFL]LL REOLFH VFXUWH DX FHOH PDL
DSURSLDWHDQDORJLLvQFXOWXULOH0RQWHRUXúL1RXDID]D3URWR1RXD
&HUDPLFD GLQ EURQ]XL PLMORFLX GH OD =ROWDQ Yă]XWă vQ DQVDPEOX QXúL JăVHúWH
DQDORJLLvQQLFLRHQWLWDWHFXOWXUDOăFXQRVFXWăSkQăvQSUH]HQW9D]XWHvQVăVHSDUDWSUDFWLF
WRDWH HOHPHQWHOH vúL JăVHVF DQDORJLL PDL DOHV vQ FXOWXULOH GLQ EURQ]XO PLMORFLX &RVWLúD
0RQWHRUX:LHWHQEHUJúL7HLSUHFXPúLvQPRQXPHQWHOHDWULEXLWHID]HL3URWR1RXD
7UHEXLHSUHFL]DWFăGHSXQHUHDGLQEURQ]XOPLMORFLXGHOD=ROWDQQXUHSUH]LQWăXQ
FRPSOH[vQFKLVLDUOLPLWHOHVDOHVWUDWLJUDILFHVXQWSUHDODUJLGHODVIkUúLWXOEURQ]XOXL
WLPSXULXSkQăODvQFHSXWXOEURQ]XOXLWkU]LXFHHDFHIDFHSRVLELOFDVWUDWXOUHVSHFWLYVă
FRQĠLQă PDWHULDOH GLQ PDL PXOWH ID]H DOH EURQ]XOXL PLMORFLX ÌQ FHHD FH SULYHúWH
DQDORJLLOH FLWDWH PDL VXV WUHEXLH DYXWH vQ YHGHUH XUPăWRDUHOH FLUFXPVWDQĠH
3DUDOHOLVPHOH FX FXOWXUD &RVWLúD vQ VWDGLXO DFWXDO GH FHUFHWDUH QX SRW FRQWULEXL OD
SUHFL]DUHD vQFDGUăULL FHUDPLFLL GH OD =ROWDQ vQWUXFkW DFHDVWă FXOWXUă D HYROXDW GH OD
vQFHSXWXOEURQ]XOXLPLMORFLXFHUDPLFDGHWLS0RQWHRUX,&vQFRQWH[W&RVWLúDSkQăvQ
www.cimec.ro / www.mncr.ro
SUDJXO EURQ]XOXL WkU]LX HOHPHQWHOH GH WLS &RVWLúD vQ FHUDPLFD GH WLS 1RXD , LDU
SHULRGL]DUHD HL vQFă QX HVWH HODERUDWă &HUDPLFD GH WLS :LHWHQEHUJ GHVFRSHULWă vQ
DFHODúLFRQWH[WHVWHGHXQDVSHFWDWkWGHFRPXQvQFkWQXVHSRDWHSUHFL]DFăUHLDGLQWUH
ID]HOH DFHVWHL FXOWXUL vL DSDUĠLQH 3UH]HQĠD ÄYDVHORUFXSWRDUH IDFH SRVLELOă GRDU R
SUHFL]DUHFHUDPLFDGHWLS:LHWHQEHUJQXSRDWHILPDLWLPSXULHGHFkWID]DD,,D%
(OHPHQWHOH GH WLS 7HL VXQW GH WLS %XQJHWX úL &ăĠHOX ,D ,E GXSă 9/HDKX &kW
SULYHúWH HOHPHQWHOH VSHFLILFH H[FOXVLY FXOWXULL 0RQWHRUX DQDORJLLOH VH vQFDGUHD]ă vQ
ID]HOH&&úLPDLDOHV,E
8Q QXPăU VHPQLILFDWLY GH IUDJPHQWH FHUDPLFH GLQ EURQ]XO PLMORFLX úL GH OD
vQFHSXWXO EURQ]XOXL WkU]LX D IRVW GHVFRSHULW vQ DIDUD XQXL FRQWH[ VWUDWLJUDILF FHUW 'LQ
DFHVWHDVHUHPDUFăIUDJPHQWHOHXQXLYDVPDUHFXRWRDUWăVDXWRUĠL"VXSUDvQăOĠDWăFX
FRUSXOERPEDWRUQDWSHXPHULFXWULXQJKLXULUHDOL]DWHSULQFDQHOXULXPSOXWHFXDOYHROH
FLUFXODUH FDUH DX DQDORJLL DSURSLDWH vQ ID]D WkU]LH D FXOWXULL :LHWHQEHUJ $OW IUDJPHQW
FHUDPLF D IRVW GHFRUDW vQ WHKQLFD =DKQJHVWHPSHOOXQJ LDU GRXă IUDJPHQWH DX IRVW
RUQDPHQWDWHFX ÄGLQĠLGHOXS´'LQGHSXQHUHDLQIHULRDUăD ÄFHQXúDUXOXL´FXOWXULL1RXD
SURYLQHXQQXPăUUHGXVGHIUDJPHQWHFHUDPLFHGHWLS1RXD,GHWUDGLĠLH0RQWHRUX&HOH
PDL DSURSLDWH DQDORJLL SHQWUX DFHDVWă FHUDPLFă VXQW FXQRVFXWH vQ ]RQD DGLDFHQWă GH
SHVWH&DUSDĠLOD&kQGHúWLSUHFXPúLvQ0XQWHQLDvQID]DD,9DDFXOWXULL7HL
3UREDELOFăPDWHULDOHOHDUKHRORJLFHGLQFHOGHDOGRLOHDVWUDWGHOD=ROWDQDSDUĠLQ
XQXL DVSHFW FXOWXUDO VLQFUHWLF QHFXQRVFXW SkQă DFXP UH]XOWDW GLQ FRQWDFWHOH GLQWUH
FXOWXULOH 0RQWHRUX &RVWLúD 7HL úL :LHWHQEHUJ vQ VXGHVWXO 7UDQVLOYDQLHL 1X VH
H[FOXGHWRWRGDWăúLSRVLELOLWDWHDFDFHOSXĠLQRSDUWHGLQDFHVWHPDWHULDOHDUKHRORJLFHVă
DSDUĠLQăGLIHULWHORUID]HDOHEURQ]XOXLPLMORFLXúLDVWIHOVăGRFXPHQWH]HRVXFFHVLXQH
GHSăWUXQGHULVDXGRDUGHSXQHUL"GLQVSDĠLLOHH[WUDFDUSDWLFH
'HVFRSHULULOH GH OD =ROWDQ DWHVWă SHQWUX SULPD GDWă SRQGHUHD LPSRUWDQWă D
HOHPHQWHORUGHWLS&RVWLúDFRQWHPSRUDQHDLFLSUREDELOFX0RQWHRUX,EvQVXGHVWXO
7UDQVLOYDQLHLÌQOXPLQDDFHVWXLIDSWVHSRDWHHQXQĠDFăúLFHUDPLFDDVHPăQăWRDUHGHOD
5RWEDY FLWDWă GH $& )ORUHVFX FD DSDUĠLQkQG SHULRDGHL 1RXD , DSDUĠLQH GH IDSW
FXOWXULL &RVWLúD 7UHEXLH PHQĠLRQDWH WRWXúL úL XQHOH GHRVHELUL GLQWUH FHUDPLFD GH WLS
&RVWLúDGHOD=ROWDQúLFHDGHWLS&RVWLúDGLQ0ROGRYDSULPDHVWHPXOWPDLILQOXFUDWă
LDU vQ FHHD FH SULYHúWH FXORDUHD FHUDPLFLL ILQH úL VHPLILQH OD =ROWDQ SUHGRPLQă FHD
QHDJUăvQWLPSFHvQ0ROGRYDDFHDVWăFDWHJRULHGHFHOHPDLPXOWHRULHVWHGHQXDQĠH
JăOEXLFăUăPL]LLúLJUL$OWHOHPHQWVSHFLILFDOFHUDPLFLLGHWLS&RVWLúDGHOD=ROWDQvO
FRQVWLWXLH SURSRUĠLD ULGLFDWă D RUQDPHQWDĠLHL vQ WHKQLFD vQFUXVWăULL 1X VH H[FOXGH Fă
DFHDVWăSDUWLFXODULWDWHVăILIRVWGHWHUPLQDWăGHLQIOXHQĠHOHFXOWXULL7HL
%LEOLRJUDILH$3UR['LH7HL.XOWXULP%XU]HODQGvQ0LWWHLOXQJHQGHV%XU]HQODQGHU
VlKLVFKHQ 0X]HXP ,9 S 6]pNHO\ = &RQWULEXĠLL SULYLQG HSRFD EURQ]XOXL vQ
6XGHVWXO7UDQVLOYDQLHLvQ$OXWD9,,,;±S±9&DYUXF7KH)LQDO6WDJHRI
WKH (DUO\ %URQ]H $JH LQ 6RXWK(DVWHUQ 7UDQV\OYDQLD LQ WKH OLJKW RI QHZ H[FDYDWLRQV DW
=ROWDQvQ7';9,,,±S±9&DYUXF*DOLQD&DYUXF$úH]DUHDGLQHSRFD
EURQ]XOXL WLPSXULX GH OD =ROWDQ vQ $QJXVWLD S 6]pNHO\ =V 3HULRDGD
WLPSXULH úL vQFHSXWXO FHOHL PLMORFLL D HSRFLL EURQ]XOXL vQ VXGHVWXO 7UDQVLOYDQLHL %XFXUHúWL
5HSHUWRULXOMXGHĠXOXL&RYDVQDUHGDFWRU9&DYUXF6IkQWX*KHRUJKH9&DYUXF
&RQVLGHUDĠLL SULYLQG VLWXDĠLD HWQRFXOWXUDOă vQ VXGHVWXO 7UDQVLOYDQLHL vQ HSRFD EURQ]XOXL
PLMORFLXvQ$QJXVWLDS
9DOHULX&DYUXF
www.cimec.ro / www.mncr.ro
)LúHFDWDORJ
1U 9&DYUXFvQ$QJXVWLDILJ0&5QU
&HDúFă LQY3O
+ FP 'P FP )UDJPHQWDUă GH IRUPă
VHPLVIHULFă FX JkWXO SURILODW úL PDUJLQHD HYD]DWă 1U
FX R WRUWLĠă LPHGLDW GHGHVXEWXO EX]HL GHFRUDWă SH )UDJPHQW GH OD SDUWHD VXSHULRDUă D XQHL FHúWL
XPăUFXXQúLUGHFDQHOXULREOLFH&XORDUHFăUăPL]LH VHPLVIHULFH FX PDUJLQHD HYD]DWă GHFRUDWă SH
FXSHWH EUXQH%LEOLRJUDILH9&DYUXFvQ$QJXVWLD XPăU FX UHJLVWUH YHUWLFDOH GH LQFL]LL úL ÄEUăGXĠL´
ILJ0&5QULQY3O &XORDUH QHDJUă FX OXFLX + FP ' J FP
%LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD ILJ
1U 0&5QULQY3O
)UDJPHQW SURYHQLQG GH OD EX]D XQXL YDV WURQFRQLF
GHFRUDWLPHGLDWGHGHVXEWXODFHVWHLDúLODED]DJkWXOXL 1U
FX FkWH XQ úLU GH vPSXQVăWXUL REOLFH úL FX XQ úLU GH )UDJPHQW GH OD XPăUXO XQXL YDV ELWURQFRQLF
URPEXUL FXFkPSXOKDúXUDW&XORDUHQHDJUă FXOXFLX VWUDFKLQă" FHDúFă" GHFRUDWă FX XQ úLU GH
+ FPO FP%LEOLRJUDILH9&DYUXFvQ$QJXVWLD FDQHOXUL REOLFH úL FX úLUXUL GH vPSXQVăWXUL DOXQJLWH
ILJ0&5QULQY3O SHJkW&XORDUHQHDJUăFXOXFLX+ FP'J
FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
1U ILJ0&5QULQY3O
)UDJPHQWGHODEX]DXQXLYDVVDFGHFRUDWSHWRDWă
VXSUDIDĠD FX PăWXULĠD úL FX XQ EUkX vQWUHUXSW FX 1U
DOYHROH GHGHVXEWXO EX]HL &XORDUH EUXQă FX SHWH )UDJPHQW GH OD EX]D HYD]DWă OREDWă D XQXL YDV
FăUăPL]LL + FP 'J FP,QHGLW0&5 QU LQY FHDúFă" GHFRUDW SH XPăU FX XQ úLU GH
3O vPSXQVăWXUL &XORDUH QHDJUă FX OXFLX + FP
O FP,QHGLW0&5QULQY3O
1U
)UDJPHQW GH YDV ELWURQFRQLF FHDúFă" GHFRUDW vQ 1U
]RQD GLDPHWUXOXL PD[LP FX XQ EUkX vQ UHOLHI FX )UDJPHQW GH OD EX]D HYD]DWă OREDWă D XQXL YDV
DOYHROHúLFXPRWLYHLQFL]DWHvQÄEUăGXĠ´GHGHVXEWXO FHDúFă" GHFRUDW SH XPăUúLVXE EX]ă FXFkWH XQ
DFHVWXLD&XORDUHQHDJUăFXOXFLX+ FPO úLU GH vPSXQVăWXUL &XORDUH QHDJUă FX OXFLX +
FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD FP O FP %LEOLRJUDILH9&DYUXFvQ $QJXVWLD
ILJ0&5QULQY3O ILJ0&5QULQY3O
1U 1U
)UDJPHQW SURYHQLQG GH OD XQYDV ELWURQFRQLF YDV )UDJPHQWSURYHQLQGGHODSDUWHDVXSHULRDUăDXQHL
ERUFDQ" FX JkWXO HYD]DW GHFRUDW OD ED]D JkWXOXL FHúWL GHFRUDWă OD ED]D JkWXOXL FX LQFL]LL úL
FX OLQLL LQFL]DWH úL FX XQ úLU GH vPSXQVăWXUL REOLFH vPSXQVăWXUL úL FX FDQHOXUL YHUWLFDOH SH XPăU
&XORDUHQHDJUăFXOXFLX+ FPO FP,QHGLW &XORDUH QHDJUă FX OXFLX + FP O FP
0&5QULQY3O %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD ILJ
0&5QULQY3O
1U
)UDJPHQWGHODSDUWHDVXSHULRDUăDXQHLDPIRUHFX 1U
GRXă WRUĠL vQ EDQGă VXSUDvQăOĠDWH VH SăVWUHD]ă )UDJPHQW SURYHQLQG GH OD SDUWHD LQIHULRDUă D XQXL
XUPD XQHL WRUĠL GHFRUDWă SH XPăU FX UHJLVWUH YDVELWURQFRQLFGHGLPHQVLXQLPHGLL'HFRUXOFRQVWă
YHUWLFDOH GH LQFL]LL úL vPSXQVăWXUL &XORDUH QHDJUă vQÄEUăGXĠL´&XORDUHQHDJUăFXOXFLX+ FPO
FX OXFLX + FP ' J FP %LEOLRJUDILH 9 FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
&DYUXF vQ $QJXVWLD ILJ 0&5 QU ILJ0&5QULQY3O
LQY3O
1U
1U )UDJPHQWSURYHQLQGGHODXPăUXOXQHLFHúWLGHFRUDWă
)UDJPHQWGHODXPăUXOXQHLDPIRUHFXGRXăWRUĠLvQ FX UHJLVWUH GH LQFL]LL YHUWLFDOH úL FX OLQLL RUL]RQWDOH OD
EDQGăVXSUDvQăOĠDWHVHSăVWUHD]ăXUPDXQHLWRUĠL ED]DJvWXOXL&XORDUHQHDJUăFXOXFLX+ FPO
GHFRUDWă SH XPăU FX UHJLVWUH YHUWLFDOH GH LQFL]LL úL FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
vPSXQVăWXUL &XORDUH QHDJUă FX OXFLX + FP O ILJ0&5QULQY3O
FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
ILJ0&5QULQY3O 1U
)UDJPHQW GH OD EX]D XQHL FHúWL GHFRUDWă FX OLQLL
1U LQFL]DWHúLFXúLUXLGHvPSXQVăWXUL&XORDUHQHDJUă
)UDJPHQW GH OD XPăUXO XQHL DPIRUH GHFRUDWă SH FX OXFLX + FP O FP %LEOLRJUDILH 9
XPăU FX LQFL]LL úL vPSXQVăWXUL vQ ÄEUăGXĠ´ &XORDUH &DYUXF vQ $QJXVWLD ILJ 0&5 QU
QHDJUă FXOXFLX+ FP'J FP%LEOLRJUDILH LQY3O
www.cimec.ro / www.mncr.ro
1U &DYUXFvQ$QJXVWLDILJ0&5QULQY
)UDJPHQW GLQ XPăUXO XQHL FHúWL GHFRUDWă FX UHJLVWUH 3O
GHLQFL]LLYHUWLFDOHúLFXOLQLLRUL]RQWDOHODED]DJvWXOXL
&XORDUH QHDJUă FX OXFLX + FP O FP 1U
%LEOLRJUDILH9&DYUXFvQ$QJXVWLDILJ )UDJPHQWGHWRDUWăGHFRUDWăFXÄEUăGXĠL´úLFXUHJLVWUH
0&5QULQY3O GH vPSXQVăWXUL &XORDUH QHDJUăEUXQă + FP
O FP%LEOLRJUDILH9&DYUXFvQ$QJXVWLD
1U ILJ0&5QULQY3O
)UDJPHQW SURYHQLQG SkQWHFHOH XQHL FHúWL GHFRUDWă
FX UHJLVWUH GH LQFL]LL YHUWLFDOH úL ÄEUăGXĠL´ &XORDUH 1U
QHDJUă FX OXFLX + FP O FP,QHGLW 0&5 )UDJPHQW GLQ XPăUXO XQHL FHúWL GHFRUDWă FX
QULQY3O WULXQJKLXUL LQFL]DWH FX FkPSXO XPSOXW FX
vPSXQVăWXUL &XORDUH QHDJUă FX OXFLX + FP O
1U FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
)UDJPHQW SURYHQLQG GLQ SkQWHFHOH XQHL FHúWL ILJ0&5QULQY3O
GHFRUDWă FX FDQHOXUL FRQFHQWULFH úL FX XQ FHUF GH
vPSXQVăWXUL SH PDUJLQH &XORDUH QHDJUă + 1U
FP O FP %LEOLRJUDILH9&DYUXFvQ$QJXVWLD )UDJPHQW SURYHQLQG SkQWHFHOH XQHL FHúWL GHFRUDWă
ILJ0&5QULQY3O FX UHJLVWUH GH LQFL]LL YHUWLFDOH úL ÄEUăGXĠL´ &XORDUH
QHDJUă FX OXFLX + FP O FP %LEOLRJUDILH9
1U &DYUXFvQ$QJXVWLDILJ0&5QULQY
)UDJPHQWGLQJkWXOXQHLFHúWLGHFRUDWăFXDOYHROH 3O
vQFRQMXUDWH GH vPSXQVăWXUL &XORDUH QHDJUă FX
OXFLX + FP O FP %LEOLRJUDILH 9 1U
&DYUXFvQ$QJXVWLDILJ0&5QU )UDJPHQW GH OD SDUWHD LQIHULRDUă D XQHL DPIRUH
LQY3O GHFRUDWă SH XPăU FX UHJLVWUH YHUWLFDOH GH LQFL]LL úL
vPSXQVăWXUL úL vQ MXPăWDWHD LQIHULRDUă FX EHQ]L
DVHPăQăWRDUH FH FRQYHUJ VSUH IXQG &XORDUH
1U QHDJUăFXSHWHFDIHQLLFXOXFLX+ FP'P
)UDJPHQW GH WRDUWă GHFRUDWă FX ÄEUăGXĠL´ &XORDUH FP %LEOLRJUDILH 9 &DYUXF vQ $QJXVWLD
QHDJUăFXOXFLX/ FPO FP%LEOLRJUDILH9 ILJ0&5QULQY3O
0XQLFLSLXO%UDúRYMXGHĠXO%UDúRY
'LQ SXQFWXO /XWăULD/HKPJUXEH +DQJHVWHLQ DIODW vQ SUH]HQW vQ FDUWLHUXO
6SUHQJKL OD SHULIHULD RUDúXOXL VSUH &ULVWLDQ GLQWUXQ FRQWH[W DUKHRORJLF SXĠLQ
GRFXPHQWDW SURYLQH FHUDPLFD DWULEXLWă FXOWXULL 7HL ID]D D ,,,D 2 FHDúFă FX GRXă
WRUĠLSXEOLFDWă vQ GH$OIUHG 3UR[ FD DSDUĠLQkQG FXOWXULL 7HLSUH]LQWă PDL PXOWH
DILQLWăĠL vQ FHHD FH SULYHúWH IRUPD úL GHFRUXO FX ROăULD FXOWXULL &RVWLúD &HDúFD GH
IRUPă ELWURQFRQLFă HVWH GHFRUDWă FX UHJLVWUH YHUWLFDOH GH vPSXQVăWXUL VXFFHVLYH
0-%9QULQY3O
%LEOLRJUDILH $OIUHG 3UR[ 'LH 7HL &XOWXU LP %XU]HODQG vQ 0LWWHLOXQJHQ GHV
%XU]HQODQGHU6lKLVFKHQ0X]HXP,9S
9DOHULX&DYUXF
www.cimec.ro / www.mncr.ro
&267,ù$&8/785(
:,7+,17+(
520$1,$1%521=($*(&8/785$/&217(;7
)25(:25'
7KH 0LGGOH %URQ]H $JH FRUUHVSRQGLQJ URXJKO\ WR WKH ILUVW KDOI RI WKH QG
PLOOHQQLXP%&LVZHOONQRZQIRUWKHPDMRUPRGLILFDWLRQVRFFXUUHGLQWKH&HQWUDODQG
(DVWHUQ (XURSHDQ IUDPHZRUN 2Q WKH RQH KDQG WKH FU\VWDOOLVDWLRQ SURFHVV RI WKH
HWKQLF DQG FXOWXUDO HQWLWLHV LQ WKH WHUULWRULHV ZHVW RI 3UXWK HVSHFLDOO\ EHFDPH PRUH
LQWHQVH DV FRPPXQLWLHV JUHZ OHVV PRELOH DQG WKH\ DOVR EHJDQ WR UHFRUG D UHOHYDQW
HFRQRPLF SURJUHVV 2Q WKH RWKHU KDQG HFRQRPLF DQG VRFLDO OLIH LQFUHDVLQJO\ JUHZ
PRUHFRPSOH[ZKLFKDOVRIDYRXUHGWKHGHYHORSPHQWRIWKHUHODWLRQVEHWZHHQKXPDQ
FRPPXQLWLHVLQWKLVSDUWRI(XURSH,WLVZRUWKPHQWLRQLQJWKHRFFXUUHQFHRIDGYDQFHG
FLYLOLVDWLRQ SROHV DW WKH H[WUHPLWLHV RI VRXWKHDVWHUQ (XURSH VXFK DV WKH H[TXLVLWH
0\FHQHDQ RQH VRXWK RI WKH %DONDQV DQG 6LQWDVKWD LQ WKH 8UDOV DUHD 7KHVH
FLYLOLVDWLRQV PRVW SRVLWLYHO\ FRQWULEXWHG WR SURJUHVV DFFHOHUDWLRQ DV ZHOO DV WR
HVWDEOLVKLQJPRUHFORVHUHODWLRQVEHWZHHQWKHFRPPXQLWLHVLQWKH&DUSDWKLDQVDUHD
7KH%URQ]HLQ5RPDQLDDQGLQWKHQHLJKERXULQJFRXQWULHVKDVEHHQWKHWRSLFRI
LQWHUHVWRIVHYHUDOFXOWXUDODQGVFLHQWLILFHYHQWVGXULQJWKHODVWGHFDGHDPRQJZKLFK
ZHPHQWLRQWKHH[KLELWLRQVDQGFROORTXLHVLQ&ăOăUDúL&RPSOH[XOFXOWXUDO1RXD
6DEDWLQRYND&RVORJHQL %XFKDUHVW &RPRUL DOH HSRFLL EURQ]XOXL GLQ 5RPkQLD
$OED ,XOLD 3HULRDGD WLPSXULH úL PLMORFLH D HSRFLL EURQ]XOXL vQ ED]LQXO FDUSDWLF
%DLD 0DUH 6SDĠLXO QRUGFDUSDWLF vQ EURQ]XO WkU]LX DQG RWKHUV WRJHWKHU ZLWK
FDWDORJXHVDQGYROXPHVRIVFLHQWLILFSDSHUV$QRXWVWDQGLQJHYHQWZDVWKHRUJDQLVDWLRQRI
WKHKXJHH[KLELWLRQ*RGVDQG+HURHVRIWKH%URQ]H$JH(XURSHDWWKHWLPHRI8O\VVHV±
ZLWK WKH FRRSHUDWLRQ RI RYHU WZHQW\ (XURSHDQ FRXQWULHV )LQDQFHG E\ WKH &RXQFLO RI
(XURSHWKHH[KLELWLRQWRXUHGLQ&RSHQKDJHQ%RQQ3DULVDQG$WKHQVEHWZHHQ'HFHPEHU
DQG0D\DQGSURYLGHGDFRPPRQPHHWLQJSODFHIRUDOO%URQ]H$JHFXOWXUHV
EHWZHHQWKH&DUSDWKLDQVDQGWKH$WODQWLF2FHDQWRPHHW
1RWZLWKVWDQGLQJ RQH RI WKH PRVW LQWHUHVWLQJ PDQLIHVWDWLRQV RI WKH FODVVLFDO
%URQ]H $JH ± LH &RVWLúD.RPDURY%LDá\ 3RWRN FXOWXUDO FRPSOH[ KDG EHHQ
RYHUORRNHG GHVSLWH LWV EHLQJ VSUHDG RQ WKH WHUULWRULHV RI WKH FRXQWULHV ERUGHULQJ WKH
(DVWHUQ &DUSDWKLDQV 5RPkQLD 8NUDLQH DQG WKH 5HSXEOLF RI 0ROGRYD 7KLV FXOWXUDO
FRPSOH[LVDOVRFORVHO\WLHGWRDQGKDVVXEVWDQWLDODPRXQWRIUHPDLQVRQWKHWHUULWRU\
RI 3RODQG DQG 6ORYDNLD 7KLV FXOWXUDO HQWLW\ KDV QRW EHHQ VXIILFLHQWO\ GHILQHG LQ WKH
OLWHUDWXUH DQG KDV UHPDLQV DOPRVW XQNQRZQ ERWK WR VSHFLDOLVWV DQG WR WKH SXEOLF QR
PDWWHUKRZLQWHUHVWLQJLWZHUHDQGKRZJUHDWWKHHIIRUWVRIWKHDUFKDHRORJLVWV
+HQFH LW LV UHOHYDQW WKDW LQ 7KH 7U]FLQLHF DUHD RI WKH (DUO\ %URQ]H $JH
&LYLOLVDWLRQ %& LVVXHG LQ 3R]QDQ LQ XQGHU WKH YDOXDEOH VHULHV
%DOWLF3RQWLF6WXGLHVWKHUHLVQRUHIHUHQFHWRGLVFRYHULHVRQWKHWHUULWRU\RI5RPDQLD
www.cimec.ro / www.mncr.ro
DQG WKH 5HSXEOLF RI 0ROGRYD DV WR WKH ELEOLRJUDSKLFDO QRWHV WKH\ FRPSOHWHO\ ODFN
UHIHUHQFHVWRWKH0LGGOH%URQ]H$JHLQWKHVHJHRJUDSKLFDODUHDV
7KHUHDVRQVIRUWKLVVLWXDWLRQDUHXQGRXEWHGO\WREHIRXQGLQWKHSUHFDULRXVVWDWH
RIWKHV\VWHPDWLFUHVHDUFKVKDULQJRIWKHUHVXOWVDVZHOODVWKHODFNRIDQ\FRRSHUDWLRQ
DPRQJWKHVSHFLDOLVWVUHSUHVHQWLQJWKHFRXQWULHVZKHUHVXFKUHPDLQVDUHIRXQG
7KHUHIRUHZHWKLQNWKHLQLWLDWLYHRIRUJDQLVLQJDQLQWHUQDWLRQDOFROORTXLXPRQWKH
WKHPH(DVWHUQ&DUSDWKLDQVDWWKH%URQ]H$JH&RVWLúD.RPDURY%LDá\3RWRN&XOWXUDO
&RPSOH[DVZHOODVDQH[KLELWLRQHQWLWOHG&XOWXUD&RVWLúDZLWKLQWKH5RPDQLDQ%URQ]H
$JH&XOWXUDO&RQWH[WUHSUHVHQWVDQLPSRUWDQWVWHSIRUZDUGWRHVWDEOLVKLQJDFRRSHUDWLQJ
QHWZRUNRQWKHWRSLFDPRQJWKHVSHFLDOLVWVRIWKHDERYHPHQWLRQHGFRXQWULHV0RUHRYHU
ZHKRSHRXUHQGHDYRXUZLOOVHWDQH[DPSOHIRUVLPLODUHYHQWVWREHRUJDQLVHGLQRWKHU
FHQWUHVDQGPRUHLPSRUWDQWO\WKDWLWZRXOGEHWKHVWDUWLQJSRLQWIRUWKHUHODXQFKRIWKH
UHVHDUFKRIWKH0LGGOH%URQ]H$JHLQWKH(DVWHUQ&DUSDWKLDQV
$V WKH WHPSRUDU\ H[KLELWLRQ KRXVHG E\ WKH +LVWRU\ 0XVHXP LQ 3LDWUD 1HDPW
FRQWDLQV DOPRVW DOO WKH DUFKDHRORJLFDO PDWHULDOV GLVFRYHUHG LQ WKH HSRQ\PRXV VLWH
VRPHIRXUGHFDGHVDJRDVZHOODVWKHUHPDLQVEURXJKWWROLJKWLQWKHVLWHGRI/XQFD
DQG6LOLúWHD1HDPĠFRXQW\3RGXUL%DFăXFRXQW\3ăXOHQL+DUJKLWDFRXQW\GXULQJ
WKH ODVW ILIWHHQ \HDUV RU RZLQJ WR D VHULHV RI UDQGRP GLVFRYHULHV ZH KRSH LW ZLOO
SURYLGHDQH[FHOOHQWRSSRUWXQLW\IRUWKHVSHFLDOLVWVWRNQRZDQGFRPSDUHYDULRXVW\SHV
RIH[KLELWVILUVWKDQGDVWKH\DUHQRZEHLQJSUHVHQWHGWRJHWKHUIRUWKHILUVWWLPH
7KHFDWDORJXHRIWKHH[KLELWLRQZLOOVXEVWDQWLDWHWKHLQIRUPDWLRQVKDUHGDWWKLV
HYHQWDQGLWPD\DOVRIXQFWLRQDVDXVHIXOWRROIRURXUIHOORZVLQWHUHVWHGLQWKHWRSLFDV
ZHOODVDJXLGHIRUWKHLQLWLDWHGSXEOLF
7KHH[KLELWLRQDQGWKHLQWHUQDWLRQDOFROORTXLXPMRLQWO\RUJDQLVHGE\WKH1HDPW
&RXQW\0XVHXP&RPSOH[DQGWKH(DVWHUQ&DUSDWKLDQV0XVHXPLQ6IkQWX*KHRUJKH
FRXOGQRWKDYHEHHQSRVVLEOHZLWKRXWWKHJHQHURXVILQDQFLDOVXSSRUWRIVHYHUDOSHRSOH
DQGLQVWLWXWLRQV:HDUHJHQXLQHO\JUDWHIXO
)LUVWDQGIRUHPRVWZHZRXOG OLNHWRSD\WULEXWHWR3URIHVVRU'U$O9XOSHD
FRUUHVSRQGHQW PHPEHU RI WKH 5RPDQLDQ $FDGHP\ GLUHFWRU RI ³9DVLOH 3kUYDQ´
$UFKDHRORJLFDO ,QVWLWXWH LQ %XFKDUHVW ZKR GLVFRYHUHG DQG GHILQHG &RVWLúD FXOWXUH
:LWKRXWKLVNLQGDSSURYDOWKHGLVSOD\RIWKHXQSXEOLVKHGLWHPVDQGWKHLUSUHVHQWDWLRQ
LQ WKH FDWDORJXH FRXOG QRW KDYH EHHQ SRVVLEOH ZKLFK LQ WKH ORQJ UXQ ZRXOG KDYH
JUHDWO\DIIHFWHGRXUJRDO6KRXOGZHFRQVLGHUWKHVSHFLDOUHODWLRQV3URIHVVRU9XOSHKDV
KDG ZLWK RXU LQVWLWXWLRQ IRU RYHU IRXU GHFDGHV KLV LQWHUHVW LQ WKH PXVHXP &RVWDQWLQ
0DWDVă±DSLRQHHUDQGVXSSRUWHURIWKH&RVWLúDUHVHDUFK±FUHDWHGZHZRXOGOLNHWR
H[SUHVVRXUEHVWZLVKHVWR3URIHVVRU9XOSHRQKLVWKELUWKGD\
2XU ZDUPHVW WKDQNV DOVR JR WR 3URIHVVRU 'U 3HWUH , 5RPDQ GLUHFWRU RI WKH
5RPDQLDQ,QVWLWXWHRI7UDFKRORJ\LQ%XFKDUHVWZKRKDVEHHQFRQVWDQWO\FRQFHUQHGDQG
KDV VXSSRUWHGWKURXJKWKH \HDUV WKHUHVHDUFKRQWKH %URQ]H $JHXQGHUWDNHQE\WKHWZR
RUJDQLVHUV)RUKLVXQVHOILVKFROODERUDWLRQDQGWHDPZRUNLQJVNLOOVZHDUHJUDWHIXO
,WJRHVZLWKRXWVD\LQJWKDWZHFRXOGQRWKDYHRUJDQLVHGWKLVHYHQWDQGSXEOLVK
WKHFDWDORJXHZLWKRXWWKHH[SHUWLVHRIRXUFROOHDJXHVSOHDVHVHHSDJHDQGZLWKRXW
WKH ILQDQFLDO VXSSRUW RI WKH 0LQLVWU\ RI &XOWXUH DQG &XOWV DQG WKH 1HDPW &RXQW\
&RXQFLOWRZKRPZHH[SUHVVRXUGHHSJUDWLWXGH
9DOHULX&DYUXF*KHRUJKH'XPLWURDLD
www.cimec.ro / www.mncr.ro
0,''/(%521=($*(($67$1':(67
2)($67(51&$53$7+,$16
(DVWHUQ&DUSDWKLDQVKDYHQHYHUEHHQDKLQGUDQFHWRWKHUHODWLRQVEHWZHHQKXPDQ
FRPPXQLWLHV 7KHLU PLOG VORSHV WKHLU PDQ\ HDVLO\ DFFHVVLEOH SDVVHV KDYH IDYRXUHG
VWURQJ ERXQGVDQGSHUPDQHQWFRQWDFWVEHWZHHQWKHLQKDELWDQWVRIHLWKHUVLGHV1RRQH
KDVHYHUDUJXHGDJDLQVWDQGWKHKLVWRULFDOHUDVDUHVWURQJO\VXSSRUWHGE\WKHVXEVWDQWLDO
DUFKDHRORJLFDOGLVFRYHULHVDVDUHVXOWRIV\VWHPDWLFUHVHDUFKWKURXJKRXWWKHODWHVWKDOIRI
WKHFHQWXU\,WZRXOGEH VXIILFLHQWWRTXRWHWKHVSUHDGLQJRI$ULXúG&XFXWHQL7ULSRO\H
FRPSOH[ ZKLFK FRYHUHG WKH HQWLUH DUHD RI HDVW7UDQV\OYDQLDQ LQWUDDOSLQH GHSUHVVLRQV
DQG ZKLFK ZDV ± EHDULQJ LQ PLQG LWV FXOWXUDO DVSHFWV LH FHUDPLF W\SHV RI GZHOOLQJ
HWF±DXQLWDU\PDQLIHVWDWLRQFKDUDFWHULVLQJWKH1HROLWKLFZLWKLQWKH&DUSDWKLDQ'QLHSU
DUHD7KHFRUHWRSLFDWWKHKHDUWRIWKHDUFKDHRORJLFDOH[KLELWLRQDQGRIWKHFDWDORJXH±
LOOXVWUDWHVWKHVDPHUHDOLW\IRUWKH0LGGOH%URQ]H$JHZLWKLQWKH&DUSDWKLDQV±'DQXEH
DUHD+HUHZHVKDOOPHUHO\LQWURGXFHWKHFXOWXUDOJURXSVLQWKHDUHDDQGZHVKDOORQO\
UHPLQGWKHPDLQGLIILFXOWLHVRIWKHFXUUHQWVWDWXVRIUHVHDUFK
$VDUXOHWKH0LGGOH%URQ]H$JHLVFKDUDFWHULVHGLQVRXWKHDVWHUQ(XURSHDQG
LQ WKH IRFXVHG DUHD E\ WKH VSUHDGLQJ RI UHODWLYHO\ VWDEOH FXOWXUDO JURXSV ZLWK ZHOO
GHILQHG JHRPRUSKRORJLFDO DUHDV ZKHUH VSHFLILF PDQLIHVWDWLRQV GHYHORSHG 'HVSLWH
WKH IDFW WKDW QRW DOO DUFKDHRORJLVWV KDYH UHDFKHG D FRQVHQVXV ZLWK UHJDUG WR DEVROXWH
FKURQRORJ\WKHSHULRGSUHVHQWHGKHUHLQSRVLWLYHO\LQFOXGHVWKHJUHDWHVWSDUWRIWKHQG
PLOOHQQLXP %& $FFRUGLQJ WR WKH FKURQRORJ\ UHVXOWHG IURP WKH W\SRORJLFDO
FRPSDUDWLYH PHWKRG DOVR UHVXOWHG IURP WKH VWHSE\VWHS FRQWDFWV ZLWK WKH KLVWRULFDO
0LGGOH(DVWFLYLOLVDWLRQVZHDUHZHDUHVRPHZKHUHEHWZHHQDQG%&
5DGLRFDUERQGDWLQJ±XQIRUWXQDWHO\WKHUHDUHQRUHOLDEOHGDWDDYDLODEOHIURPWKHDUHD
XQGHUGLVFXVVLRQ±DQGRIGHQGURFKURQRORJ\KDYH³SXVKHGEDFN´E\VHYHUDOFHQWXULHV
WKLVGDWLQJLHEHWZHHQDSSUR[LPDWHO\DQG%&
7KHEHVWNQRZQDUFKDHRORJLFDOPDQLIHVWDWLRQGDWHGLQWKHDUHDLVWKH0RQWHRUX
FXOWXUHZKRVHGLYLVLRQLQWRSHULRGVLVEDVHGRQWKHPLQXWHVWUDWLJUDSKLFREVHUYDWLRQRI
,RQ1HVWRUDWWKH6ăUDWD0RQWHRUXVHWWOHPHQW%X]ăXFRXQW\7KHVSUHDGLQJDUHDRI
WKLV FXOWXUH FRYHUV WKH &XUYDWXUH &DUSDWLDQV KLOOV DQG VRXWKHDVW 0ROGDYLD XS WR WKH
7URWXú5LYHUEDVLQ'XULQJDPLGGOHVWDJHWHFKQLFDOO\FDOOHG,&WKHFHUDPLFW\SHV
FKDUDFWHULVWLF WR WKLV FXOWXUH UHDFK HYHQ WKH %LVWULĠD 5LYHU EDVLQ DQ DUHD ZKHUH WKH
&RVWLúD FXOWXUDO JURXS GHYHORSV 'LVFRYHULHV VSHFLILF WR YDULRXV VWDJHV RI WKH
0RQWHRUX FXOWXUH ZHUH DVFHUWDLQHG LQ VRXWKHDVWHUQ 7UDQV\OYDQLD DV ZHOO PDLQO\ LQ
WKH %UDúRY DQG &RYDVQD GLVWULFWV $V D UXOH WKH\ DUH FHUDPLF PDWHULDOV ZLWKLQ RWKHU
www.cimec.ro / www.mncr.ro
FXOWXUDOPDQLIHVWDWLRQVLWHV,QWKHSLHGPRQWDUHDRIWKH&DUSDWKLDQVHVSHFLDOO\LQWKH
1HDPW DQG %DFăX GLVWULFWV WKH &RVWLúD FXOWXUH GHYHORSHG ,W EHDUV WKH QDPH RI WKH
VSHFLILF FHUDPLF PDLQO\ GHFRUDWHG ZLWK KDWFKHG WULDQJOHV DQG UKRPEL GLVFRYHUHG
GXULQJ WKH GLJJLQJV $OH[DQGUX 9XOSH DQG 0LKDL =DPRúWHDQX PDGH RQ WKH &RVWLúD
³&HWăĠXLD´KLOO1HDPĠGLVWULFWEHWZHHQ
6LWHV ± FRPSOHWHO\ VLPLODU WR WKH &RVWLúD RQH IURP WKH SRLQW RI YLHZ RI WKH
FXOWXUDOPDQLIHVWDWLRQDUHUDWKHUVFDUFHDQGUHVWULFWHGWRDUHGXFHDUHDLQWKHPLGGOHRI
WKH%LVWULĠDEDVLQSOHDVHVHHWKHUHFHQWO\UHVHDUFKHG6LOLúWHDVHWWOHPHQW1HDPĠGLVWULFW
RQO\NPLQDVWUDLJKWOLQHIURP&RVWLúD2QWKHRWKHUKDQGFHUDPLFZKRVHVSHFLILF
WUDLWVDUHFORVHWRWKHRQHRIWKHPDWHULDOVGLVFRYHUHGDW&RVWLúDZDVDWWHVWHGLQWKHQRUWK
0ROGDYLDDVZHOOLQWKH6XFHDYD%RWRúDQLDQG,DúLGLVWULFWV)XUWKHUPRUHLQWKHHDVW
7UDQV\OYDQLDQLQWUDPRXQWDLQGHSUHVVLRQVVLWHVZKHUHFHUDPLFYHU\VLPLODULQVKDSHDQG
GHFRUDWLRQ WR WKH &RVWLúD RQH ZHUH LGHQWLILHG 7KHVH GLVFRYHULHV ZHUH JURXQGOHVVO\
FRQVLGHUHGWREHPRUHWKDQDGLVWLQFWFXOWXUH±WKH&LRPRUWDQFXOWXUHQDPHGIURPWKH
&LRPRUWDQVHWWOHPHQW&VLNFVRPRUWiQFRPPXQHRI3ăXOHQL+DUJKLWDGLVWULFW
7KH&LRPRUWDQDVSHFWRIWKH&RVWLúDFXOWXUHPD\KDYHGHYHORSHGRQWKHFXOWXUDO
EDFNJURXQGRIWKH(DUO\%URQ]H$JHLQWKH&LXF'HSUHVVLRQLOOXVWUDWHGE\WKH-LJRGLQ
JURXSZLWK&RUGHGFHUDPLFGLVFRYHUHGPDLQO\DVDFRQVHTXHQFHRIWKHGLJJLQJVOHGE\
3HWUH 5RPDQ DW /HOLFHQL QHDU 0LHUFXUHD &LXF 0DWHULDOV VSHFLILF WR WKLV JURXS ZHUH
VSRUDGLFDOO\ DWWHVWHG LQ 0ROGDYLD DV ZHOO HVSHFLDOO\ LQ WKH 7URWXú 5LYHU EDVLQ
1HYHUWKHOHVVWKHFXOWXUDOEDFNJURXQGSULRUWR&RVWLúDFXOWXUHZKLFKVKRXOGH[SODLQLWV
IRUPDWLRQ KDV QRW EHHQ WKRURXJKO\ NQRZQ \HW 5HVHDUFKHV XQGHUWDNHQ DQG UHFHQWO\
YDOXHG E\ *KHRUJKH 'XPLWURDLD DW /XQFD FRPPXQH RI 9kQăWRUL 1HDPĠ GLVWULFW
UHSUHVHQWWKHPRVWLPSRUWDQWFRQWULEXWLRQHYHUVLQFH&RVWLúDGLJJLQJVWRWKHFOHDULQJXS
RIWKHFXOWXUDOEDFNJURXQGLVVXHSULRUWR&RVWLúDFXOWXUH7KHUHDW3RLDQD6ODWLQHLVSRW
WZROHYHOVZHUHFOHDUO\RXWOLQHGZKLFKWKHDXWKRUDWWULEXWHGWRWKHFXOWXUDOJURXSQDPHG
ZKHWKHU ULJKWO\ RU ZURQJO\ LV D PDWWHU RI GHEDWH .RPDURY&RVWLúD 7KH FHUDPLF
IUDJPHQWV IRXQG DW OHYHO ORZHU GRHV QRW GLVSOD\ DQDORJLHV WR WKH &RVWLúD FXOWXUH
FHUDPLF6LPLODUWKRXJKQRWLGHQWLFDOPDWHULDOVZHUHRQO\DWWHVWHGDWOHYHOXSSHU%\
P\MXGJHPHQWWKHVKDSHVDQGGHFRUDWLRQRIWKHORZHUOHYHOFHUDPLFFDQEHSDUWO\IRXQG
RQ QRUWK %HVVDUDELD YHVVHOV (GLQHĠ JURXS DV ZHOO DV RQ 7UDQV\OYDQLD RQHV ,HUQXW
JURXS ERWK EHORQJLQJ WR WKH (DUO\ %URQ]H $JH FXOWXUDO EDFNJURXQG 7KXV RQH FDQ
RXWOLQH D ZLGH FXOWXUDO DUHD ZKRVH PDQLIHVWDWLRQV ZRXOG KHOS H[SODLQLQJ WKH &RVWLúD
FXOWXUHJHQHVLVDQGLWVUHODWHGDVSHFWVLQWKH(DVWHUQ&DUSDWKLDQVDUHD
7KH ODWHVW DUFKDHRORJLFDO PDQLIHVWDWLRQ DWWHVWHG LQ WKH DUHD LV WKH :LHWHQEHUJ
FXOWXUH ,W WRRN WKH *HUPDQ QDPH RI 'HDOXOXL 7XUFXOXL RQ WKH 6LJKLúRDUD RXWVNLUWV
7KHULFKO\GHFRUDWHGFHUDPLFRIWKH:LHWHQEHUJW\SHLVVSUHDGDOORYHU7UDQV\OYDQLD
EXW LWHPV ZLWK VSHFLILF GHFRUDWLRQ FDQ EH IRXQG LQ DOPRVW DOOQHLJKERXULQJ DUHDV
:LHWHQEHUJOLNHGHFRUDWHGIUDJPHQWVZHUHGXJDW&RVWLúD%RJGăQHúWLDQG5ăFăFLXQL
%DFăX HWF 9DOHULX &DYUXF KDV UHFHQWO\ PDGH WKH PRVW LPSRUWDQW GLVFRYHU\ ZKLOH
XQGHUWDNLQJGLJJLQJVRQWKH&LRPRUWDQKLOO$:LHWHQEHUJFHUDPLFSLWRUDKXWKDG
EHHQ GXJ LQ WKH GHIHQVLYH ZDOO RI WKH &RVWLúD FXOWXUH VHWWOHPHQW &LRPRUWDQ DVSHFW
+HQFH WKH SUHYLRXVO\ DVVXPHG FKURQRORJLFDO UHODWLRQ EHWZHHQ WKH WZR FXOWXUHV KDV
EHHQFRQILUPHG
www.cimec.ro / www.mncr.ro
7KH µDUFKDHRORJLFDO FXOWXUH¶ SKUDVH LQWURGXFHG KHUHLQ PDLQO\ UHIHUV WR FHUDPLF
PDWHULDOJURXSVHVSHFLDOO\GHILQHGE\YHVVHOVKDSHDQGGHFRUDWLRQ1RQHWKHOHVVWKHVH
PDQLIHVWDWLRQVXQYHLOKXPDQ FRPPXQLWLHV ZLWKVSHFLILFOLIHVW\OHV ZKLFKPD\ FRXOG
KDYH EHHQ RI GLIIHUHQW HWKQLF EDFNJURXQGV $UFKDHRORJ\ DQG , PHDQ RXU DYDLODEOH
PHDQV FDQ EXW K\SRWKHWLFDOO\ UHFRQVWUXFW WKH KLVWRU\ RI WKRVH FRPPXQLWLHV ,W FDQ
HQOLJKWHQXVWKRXJKRQWKHHFRQRPLFVSLULWXDODQGPDWHULDOOLIHRIWKRVHFRPPXQLWLHV
,Q RUGHU WR FRPSOHWHO\ UHFRQVWUXFW WKH OLIH VW\OH RI WKH EHDUHUV RI WKH DERYH
PHQWLRQHG FXOWXUHV ZH ZRXOG QHHG PRUH FRQVLVWHQW GDWD RQ WKHLU RFFXSDWLRQV LH
DUFKDHRERWDQLFDODUFKDHR]RRORJLFDOGDWDHWF7KHOLWWOHZHNQRZDOORZVXVWRDFFHSW
WKDWOLYHVWRFNUHDULQJSOD\HGDVLJQLILFDQWUROHLQWKHDUHDZKHUHDVDJULFXOWXUHUDQNHG
VHFRQG 7KLV LV VXJJHVWHG E\ WKH VLWHV ZKLFK VHHP WR KDYH EHHQ RFFXSLHG UDWKHU
VKRUWO\PDLQO\ZLWKLQWKH&RVWLúDDQG:LHWHQEHUJFXOWXUHV6HWWOHPHQWVVXFKDVWKRVH
DW&LRPRUWDQ&RVWLúDPD\EH6LOLúWHDWRRFRXOGVWDQGIRUVRFLDOSRZHUFHQWUHV7KH\
ZHUH ZHOO IRUWLILHG DQG ORFDWHG RQ VSRW ZKLFK GRPLQDWHG WKH VXUURXQGLQJ DUHD HJ
6LOLúWHDGRPLQDWHGDZLGHDUHDRIWKH6LUHW9DOOH\DQG&RVWLúDWKH%LVWULĠD9DOOH\
,I WKH SDVWRUDO VW\OH ZDV SUHYDLOLQJ LQGHHG WKHQ WKH WUDQVKXPDQFH VHDVRQDO
SURFHVV FRXOG ODUJHO\ H[SODLQ FRQWDFWV EHWZHHQ FRPPXQLWLHV +HQFH FHUDPLF
PDWHULDOVVSHFLILFWRDFHUWDLQFXOWXUHGLVFRYHUHGZLWKLQWKHQHLJKERXULQJFXOWXUHDUHD
SOHDVHVHH:LHWHQEHUJPDWHULDOVZLWKLQWKH0RQWHRUXDQG&RVWLúDFXOWXUHVWZRFXSV
ZLWK W\SLFDO &RVWLúD GHFRUDWLRQ GLVFRYHUHG ORQJ RQ :LHWHQEHUJ LQ 6LJKLúRDUD DQG
PDQ\PRUHH[DPSOHVDOLNHFRXOGEHJLYHQ
6WLOO WKHUH DUH WZR FDVHV ZKLFK GHVHUYH VSHFLDO DWWHQWLRQ 6ODWLQD DW /XQFD
9kQăWRULDQGWKH&RVWLúDKLOO7KHIRUPHULVFOHDU7KHVDOWUHVRXUFHDW3RLDQD6ODWLQHL
FDQH[SODLQWKHODUJHDPRXQWRIFHUDPLFPDWHULDOGDWLQJIURPWKHROG1HROLWKLFWRWKH
,URQ $JH DQG HYHQ ODWHU 0RUHRYHU WKH VWUDWLJUDSKLF REVHUYDWLRQV PDGH WKHUH DUH
FUXFLDOIRUWKHUHODWLYHFKURQRORJ\RIWKHGLIIHUHQWFXOWXUDODVSHFWVLGHQWLILHG,QRUGHU
WR REWDLQ WKH VR PXFK QHHGHG VDOW WKH KXPDQ JURXSV ZRXOG VHWWOH IRU D VKRUW ZKLOH
WKHUHPRVWOLNHO\GXULQJWKHVHDVRQDOWUDQVKXPDQFH
7KHODWWHUFDVHZDVVRPHZKDWGLIILFXOWWRLQWHUSUHWIURPDFXOWXUDODQGKLVWRULFDO
SRLQWRIYLHZ7KHWZRFXOWXUHVUHSUHVHQWHGRQWKH&RVWLúDKLOOKDGPXWXDOUHODWLRQVIRUD
ZKLOH 'HVSLWH WKH PLQXWHQHVV RI WKH VWUDWLJUDSKLF REVHUYDWLRQV WKHUH ZHUH RQO\ WZR
IDYRXUDEOHVLWXDWLRQV$QRYHUODSZDVUHYHDOHGPDLQO\LQWKHQRUWKHDVWHUQVHFWRURIWKH
VHWWOHPHQWZKLFKFRQILUPHGWKHSUHVHQFHRIWKH&RVWLúDFHUDPLFEHDUHUVSULRUWRWKRVHRI
WKH 0RQWHRUX FXOWXUH 7HOHVFRSLQJ WKH VWRQHSHEEOH OD\HUV ZLWK &RVWLúDW\SH FHUDPLF
GHSRVLWGLGQRWKDYHFOHDUSURILOHVDVDUHVXOW7KLVZDVRQO\SURYHGLQIHZFDVHVZKHUH
RYHQV RYHUODSSHG 6KRXOG ZH DVVXPH WKDW WKH FKURQRORJLFDO UHODWLRQ EHWZHHQ WKH
0RQWHRUXDQG&RVWLúDFXOWXUHVZDVPDGHFOHDUZHDUHOHIWZLWKDTXHVWLRQDVWR&RVWLúD
KDGWKHIRUWUHVVWDNHQE\WULEHVFRPLQJIURPWKHVRXWK"7KHDXWKRURIWKHVHOLQHVWKLQNV
WKDW ZLWK UHVSHFW WR WKLV VRPHZKDW XQLTXH FDVH WKLV ZRXOG EH WKH PRVW SODXVLEOH
H[SODQDWLRQ5RXQGVWRQHVXVHGDVVOLQJSURMHFWLOHIRXQGRQWKHERWWRPRIWKHGHIHQVLYH
GLWFKWKHIDFWWKDWPRVWRIWKH&RVWLúDW\SHGZHOOLQJWUDFHVKDGEHHQFRQVXPHGE\WKH
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
&216,'(5$7,21629(5&267,ù$.20$529&8/785(
,102/'$9,$
7KH&RVWLúDFXOWXUHDUFKDHRORJLFDOPDWHULDOVHWWOHPHQWVDQGWRPEV±KDYHDQ
RXWVWDQGLQJ UROH LI RQH ZRXOG OLNH WR EHWWHU XQGHUVWDQG WKH 0LGGOH %URQ]H $JH
FRPPXQLWLHVWKDWLQKDELWHGWKHFHQWUDODQGQRUWKHUQ0ROGDYLD
$VWKLVFXOWXUHKDVEHHQYLHZHGIURPWKHYHU\EHJLQQLQJDVDORFDOYDULDQWRI
WKH .RPDURY FXOWXUH DV ZHOO DV %MDá\ 3RWRN FXOWXUH LW LV LPSRUWDQW WR RXWOLQH WKH
IHDWXUHV RI WKH &RVWLúD.RPDURY%MDá\ 3RWRN FRPSOH[ IRUPHG E\ IDLUO\ VLPLODU
PRQXPHQWV RQ WKH WHUULWRU\ RI (DVW 5RPDQLD 1RUWKHUQ %HVVDUDELD :HVWHUQ
8NUDLQHDQGVRXWKHDVWHUQ3RODQG
, 6YHãQLNRY HVWDEOLVKHG RQ FHUWDLQ W\SRORJLFDO EDVLV WKDW WKH VRFDOOHG
.RPDURYFXOWXUHZDVIRUPHGLQWKHZHVWHUQ8NUDLQH3RGROLD9ROK\QLDDQGWKHVXE
&DUSDWKLDQDUHD+DYLQJDVDVWDUWLQJSRLQWWKHUHJLRQDOYDULDQWVRIWKH&RUGHG:DUH
KLV GHPRQVWUDWLRQ FRQVLGHUHG WKH H[LVWLQJ DQDORJLHV EHWZHHQ WKH IRUP RI WKH YHVVHOV
DQGWKHGHFRUDWLRQVW\OHV+HDOVRGLYLGHGWKH.RPDURYFXOWXUHLQWRWKUHHVWDJHVDWKH
HDUO\RQHUHSUHVHQWHGE\SRWWHU\VKDSHVDQGGHFRUDWLRQVW\OHUHVHPEOLQJWRWKH&RUGHG
:DUH SODFHG DW WKH HQG RI WKH (DUO\ %URQ]H $JH DQG WKH EHJLQQLQJ RI WKH 0LGGOH
%URQ]H$JHSHULRGEWKHPLGGOHRQHUHSUHVHQWHGHVSHFLDOO\E\WXOLSVKDSHGYHVVHOV
FXSVMDUVNDQWKDURLFXSVGHFRUDWHGZLWKKDWFKHGWULDQJOHVLQFOXGLQJHYHQDVHULHVRI
YHVVHOVZLWK:LHWHPEHUJDQG0RQWHRUXLQIOXHQFHVFWKHODWHRQHV\QFKURQLVHGWRWKH
1RXDFXOWXUHFKDUDFWHULVHGE\WKHSUHVHQFHRIWKHMDUVZLWKULEERQXQGHUWKHULP
7KH.RPDURYILQGLQJVDVZHOODVWKRVHRI7U]FLQLHFVW\OHZKLFKIRUPWRJHWKHUD
ODUJHUFXOWXUDOFRPSOH[DUHFKDUDFWHULVHGE\FRPPRQHOHPHQWVLIGLIIHUHQWFDWHJRULHV
RI UHFRUGV XQFRYHUHG LQ WRPEV DQG VHWWOHPHQWV DUH FRQFHUQHG ZKLFK LV WKH VDPH DV
ZHOOIRUWKHKRXVHVW\SRORJ\
'HVSLWHVRPHFRQWUDU\RSLQLRQVDFFRUGLQJWRZKLFKWKH.RPDURYDQG7U]FLQLHF
FXOWXUHVDUHGLIIHUHQWRUWKH\FDQIDOOLQWRPDQ\JURXSVRUORFDOYDULDQWVLWLVREYLRXV
WKDW LQ WKH DERYHPHQWLRQHG VSDQ D FXOWXUDOO\ DQG KLVWRULFDOO\ XQLWDU\ FRPPXQLW\
OLYHGLQWKHDUHDQHLJKERXULQJWKHQRUWKHDVWHUQSDUWRIRXUFRXQWU\ZKLFKWKHEHDUHUV
RIWKH&RVWLúDFXOWXUHEHORQJHGWR
6KRXOGRQHFRQVLGHUWKHVKDUHGRSLQLRQVUHJDUGLQJWKHRULJLQHYROXWLRQDQGWKH
FXOWXUDO DQG FKURQRORJLFDO UHODWLRQ EHWZHHQ WKH &RVWLúD.RPDURY DQG %MDá\ 3RWRN
GLVFRYHULHV WKH W\SH RI WKH PDWHULDO IRXQG LQ WKH UHVHDUFKHG WHUULWRU\ WKH DFWXDO
V\VWHPDWLFUHVHDUFKHVDQGWKHSXEOLFDWLRQRIIRUPHUH[FDYDWLRQVUHSRUWZHFDQDVVXPH
WKDWWKHXVHRI&RVWLúD.RPDURYQDPHIRUWKHILQGLQJVRQWKH0ROGDYLDQWHUULWRU\LV
PRUHDSSURSULDWHGHVSLWHWKHH[LVWLQJVOLJKWGLIIHUHQFHVPDLQO\ZLWKUHVSHFWWRSRWWHU\
www.cimec.ro / www.mncr.ro
7KHGHYHORSPHQWRIUHVHDUFKHV
7KH PHULW RI SRLQWLQJ RXW WKH &RVWLúD FXOWXUH GLVFRYHULHV LQ 0ROGDYLD EHORQJV WR
3URI$O9XOSHZKRSHUIRUPHGWKHGLJJLQJVRQWKHHSRQ\PRXVVLWHLQ7KXVKH
LQWURGXFHGWKHWHUPRIWKH´&RVWLúDFXOWXUH´LQWKH5RPDQLDQDUFKDHRORJLFDOOLWHUDWXUH
8QWLO WKDW PRPHQW GLIIHUHQW VLPLODU PDWHULDOV KDG EHHQ IRXQG RQ WKH HDVW
&DUSDWKLDQ WHUULWRU\ DV D UHVXOW RI ILHOG VXUYH\V RU V\VWHPDWLF H[FDYDWLRQV DW
+RURGQLFXO GH -RV %ăLFHQL&XFXWHQL &RVWLúD 3LDWUD ùRLPXOXL &DOX %RGHúWL
)UXPXúLFD7UXúHúWL&RUOăWHQLZKLFKZHUHQRWGDWHGDSSURSULDWHO\GXHWRWKHFXUUHQW
VWDWHRIUHVHDUFKHV
,Q DQG VRPH UHVHDUFK ZDV PDGH DW 9ăOHQL %RWHúWL DQG /XPLQLú
,DSD'HOHQL ZKRVH UHVXOWV KDYH QRW EHHQ SXEOLVKHG \HW DQG LQ D VPDOO
H[FDYDWLRQZDVLQWKH%RUOHúWL'HDOX5XQFXVHWWOHPHQW
$OWKRXJK WKH GLVFXVVLRQV FRQFHUQLQJ WKH PDLQ UHPDLQV &RVWLúD %RUOHúWL
VXFFHHGHG LQ GUDZLQJ WKH DWWHQWLRQ RQ WKH %URQ]H $JH FXOWXUDO SKHQRPHQRQ LQ
0ROGDYLD0RUHRYHUWKH\PDQDJHGWRLPSRVHWKHFRQFHSWRI&RVWLúDFXOWXUHDOWKRXJK
DOOWKHUHVXOWVRIWKHV\VWHPDWLFLQYHVWLJDWLRQVKDGQRWEHHQSXEOLVKHGDQGRQO\DVPDOO
QXPEHURIVLWHVKDGEHHQNQRZQWKHUHZHUHIDUWRRLQVXIILFLHQWGDWD
,QWLPHWKHQXPEHURIILQGLQJVJURZLQJWKHUHSRUWVJDWKHUHGLQWKHUHSHUWRLUHV
SXEOLVKHG LQ DQG DV ZHOO DV VRPH DFFLGHQWDO GLVFRYHULHV RU
V\VWHPDWLFH[FDYDWLRQVHQULFKHGWKHDYDLODEOHGDWD7KHUHZHUHVLJQLILFDQWUHVHDUFKHV
SHUIRUPHG DIWHU DW 3RGXUL +kUWRS 3UăMHQL DQG HVSHFLDOO\ /XQFD ZKLFK KDYH
FRQWULEXWHGWRLPSURYLQJWKHGDWD+HQFHWKH&RVWLúD.RPDURYFXOWXUHHYLGHQFHKDV
EHFRPHPXFKPRUHFRQFOXVLYH
6KRXOG ZH FRQVLGHU WKH FROODERUDWLRQ VWDUWHG EHWZHHQ WKH +LVWRU\ 0XVHXP LQ
3LDWUD 1HDPĠ DQG WKH (DVWHUQ &DUSDWKLDQV 0XVHXP LQ 6IkQWX*KHRUJKH LQ ZLWK
UHJDUGWRWKHUHVHDUFKRIWKH/XQFDDQG3ăXOHQLVLWHVWKHLQYHVWLJDWLRQVDW6LOLúWHDDQG
WKHH[FDYDWLRQVDW&RVWLúDLQZHFDQDVVXPHWKDWFXUUHQWO\WKHUHDUHKHDY\FKDQFHV
WRFODULI\PDQ\RIWKHDVSHFWVFRQFHUQLQJWKH0LGGOH%URQ]H$JHLQ0ROGDYLD
7KHWH UULWRU\
7KHUH DUH RYHU VHWWOHPHQWV FHPHWHULHV DQG RWKHU SODFHV ZLWK &RVWLúD
.RPDURYW\SHUHFRUGVFXUUHQWO\UHSRUWHG
6HWWOHPHQWVRIJUHDWLPSRUWDQFHHVSHFLDOO\WKRVHZLWKKRUL]RQWDODQGRUYHUWLFDO
VWUDWLJUDSK\ SURYLQJ ORQJ WHUP KDELWDWLRQ LQFOXGLQJ RQH SODFH ZLWK WUDFHV RI VDOW
H[SORULQJ ZHUH IRXQG LQ WKH VXE&DUSDWKLDQ DUHD 1HDPĠ DQG %DFăX GLVWULFWV
%HVLGHVWKHUHZHUHDOVRGLVFRYHUHGRWKHUVLWHVORFDWHGRQWKHZHVWRIWKH6LUHW5LYHU
VKHOWHULQJ&RVWLúD.RPDURYW\SHSRWWHU\7KH\RIIHUWKHPRVWUHOHYDQWGDWDLQVXSSRUW
RILWVFXOWXUDOIHDWXUHV
,QDVIDUDVIXQHUDOILQGLQJVDUHFRQFHUQHGLWVKRXOGEHSRLQWHGRXWWKDWDOPRVW
DOORIWKHPZHUHDWWHVWHGLQQRUWKHUQ0ROGDYLDWKUHHLQ6XFHDYDDQGWKUHH%RWRúDQL
GLVWULFWV DQG WKH VHYHQWK DW WKH VRXWKHUQ OLPLW RI WKH DUHD XQGHU VXUYH\ LH RI WKH
&RVWLúDFXOWXUHDUHD
www.cimec.ro / www.mncr.ro
,WLVHTXDOO\UHOHYDQWWKDWLQDQXPEHURI1RXDFXOWXUHVHWWOHPHQWSRWWHU\RIWKH
&RVWLúD.RPDURY WUDGLWLRQ ZHUH IRXQG ,W ZDV QRWLFHG WKDW WKH PDMRULW\ RI WKH 1RXD
FXOWXUHPRQXPHQWVZLWK&RVWLúD.RPDURYOLNHSRWWHU\DUHSODFHGLQWKHHDVWHUQSDUWRI
0ROGDYLDZKLOHLQWKHVXE&DUSDWKLDQDUHDWKHUHKDYHRQO\EHHQWZRVXFKGLVFRYHULHV
2EYLRXVO\WKLVVKRZVHDVWZDUGPRYLQJRIWKH&RVWLúDWUDGLWLRQEHDUHUV
6HWWOHPHQWV
$OLNHWKHVLWHVLQWKH.RPDURYDQG%MDO\3RWRNDUHDVWKH0LGGOH%URQ]H$JH
VHWWOHPHQWVLQQRUWKHUQ0ROGDYLDDUHVPDOOVL]HGDQGDUHORFDWHGLQGLIIHUHQWODQGVFDSH
FRQGLWLRQV0RVWRIWKHPZHUHSODFHGQHDUKHLJKWVRURQWHUUDFHVZKLOHRQO\IHZRI
WKHPDUHVLWXDWHGLQYDOOH\V
,IRQHFRQVLGHUVWKHPRGHVWGHJUHHRIUHVHDUFKHVLWLVGLIILFXOWWRFODVVLI\DOOWKH
0LGGOH%URQ]H$JHVHWWOHPHQWVEHWZHHQWKH&DUSDWKLDQVDQGWKH3UXWK8QIRUWXQDWHO\
FLUFXPVWDQFHVDUHDOLNHLQ8NUDLQH
7KH&RVWLúDVHWWOHPHQWWKHPRVWGXUDEOHRQHOLHVRQWKHKLJKWHUUDFHRQWKHOHIW
VLGHRIWKH%LVWULĠD5LYHURQDRYDOVKDSHGKLOOFDOOHG&HWăĠXLD6WHHSVORSHVQDWXUDOO\
SURWHFWLW,WLVOLQNHGWRWKHUHVWRIWKHWHUUDFHE\DVDGGOHFXWE\WZRGHIHQFHWUHQFKHV
7KHWKLUGWUHQFKZDVGXJLQWKHVRXWKZHVWHUQSDUWRIWKHVHWWOHPHQW$OOWKHGHIHQFH
WUHQFKHVKDGEHHQGXJDIWHUWKH&RVWLúDKDELWDWLRQSUREDEO\E\WKH0RQWHRUXSHRSOH
,WLVFRQVLGHUHGWKDWLQWKHROGWLPHVERWKWKHIRUWUHVVDQGVDGGOHZHUHLQKDELWHG
7KHFRPPXQLWLHVWHPSRUDULO\LQKDELWLQJWKHPDLQVHWWOHPHQWLQ%RUOHúWL'HDOX
5XQFXVLWXDWHGRQWKH1HFKLWFUHHNWHUUDFHKDG JRRGYLVLELOLW\RYHUWKHVXUURXQGLQJ
WHUULWRULHV EXW WKHLU GHIHQFH FRQGLWLRQV ZHUH GLIIHUHQW IURP WKRVH DW &RVWLúD 7KH
'HDOXO )OXWXUHOXL ORFDWHG DW VRPH NP ZKHUH &RQVWDQWLQ 0DWDVă PHQWLRQHG WKH
H[LVWHQFH RI WKH %URQ]H $JH UHFRUGV PD\ KDYH IXQFWLRQHG DV D UHIXJH IRU WKH
FRPPXQLWLHVIURP'HDOX5XQFX
7KHVHWWOHPHQWDW3RGXUL±DOVRORFDWHGLQWKHVXE&DUSDWKLDQDUHDRI0ROGDYLD
DWVRPHNPIURP%RUOHúWLRQWKHXSSHUWHUUDFHRQWKHULJKWVLGHRIWKH7D]OăXO6ăUDW
5LYHU GLVSOD\V DOO WKH FKDUDFWHULVWLFV RI D VPDOO IRUWUHVV 1DWXUDOO\ DQG DUWLILFLDOO\
GHIHQGHG E\ VWHHS VORSHV DQG E\ DQ ROGHU GHIHQFH WUHQFK WKH VLWH RQ WKH 'HDOX
*KLQGDUX KDV EHHQ DOVR LQKDELWHG E\ WKH &RVWLúD FXOWXUH FRPPXQLWLHV $OWKRXJK WKH
GZHOOLQJV GLVFRYHUHG XQWLO QRZ DUH QRW VR QXPHURXV WKH H[LVWHQFH RI WKH VL[PHWUH
GHHSFLUFXODUWUHQFKDQGRIWKHVWRQHULQJSURYHVDVSHFLDOLQWHUHVWIRUWKDWSODFH7KH
GHIHQVLYHIHDWXUHVRIWKH'HDOX*KLQGDUXVHWWOHPHQWFRXOGEHH[SODLQHGE\WKHLQWHUHVW
LQFRQWUROOLQJWKHDFFHVVZD\VWR7UDQV\OYDQLDWKURXJKWKH7URWXú&DúLQ'HSUHVVLRQ
$QRWKHULPSRUWDQWVLWHZKLFKLVORFDWHGLQWKHSUR[LPLW\RIWKHHSRQ\PRXVVLWH
LV WKH 6LOLúWHD&HWăĠXLD VHWWOHPHQW $ PHWUH ORQJ WULDQJXODU VXUIDFH KDG EHHQ
VHSDUDWHGIURPWKHSDUWO\DIIRUHVWHGSODWHDXORFDWHGDWPDOWLWXGHE\DGHIHQVLYH
WUHQFK,WKDVDGRPLQDQWSRVLWLRQDQGGLVSOD\VDJRRGYLVLELOLW\
6KRXOGZHFRQVLGHUWKDWWKHVHWWOHPHQWDW/XQFD3RLDQD6ODWLQHLOLHVDWP
DOWLWXGHDQGWKDWDGHIHQFHWUHQFKSURWHFWHGWKHQHLJKERXULQJ&HWăĠXLD2JOLQ]LZHFDQ
DVVXPHWKDWDOOWKHLPSRUWDQW&RVWLúD.RPDURYVHWWOHPHQWVDUHORFDWHGRQKHLJKWVDQG
DUHIRUWLILHG7KHEHDUHUVRIWKLVFXOWXUHDSSHDUWRKDYHEXLOWIRUWLILFDWLRQVDURXQGWKHLU
VHWWOHPHQWV 7KH VHWWOHPHQW DW 3ăXOHQL'HDOXO &HWăĠLL GLVWULFW RI +DUJKLWD ZKHUH D
YDOOXPDQGGHIHQFHWUHQFKHVDUHUHSRUWHGDOVREHORQJVWRWKLVFXOWXUH
www.cimec.ro / www.mncr.ro
,QRUGHUWRXQGHUOLQHWKHIHDWXUHVRIWKH&RVWLúDVHWWOHPHQWVWKH0LGGOH%URQ]H
$JH VLWHV DW 9ăOHQL DQG %RWRúDQD ± VLWXDWHG UDWKHU RQ ORZHU WHUUDLQ WKDQ WKH ILIWK
DERYHPHQWLRQHG VLWHV ± DUH DOVR UHOHYDQW 6LQFH WKH SXEOLVKHG GDWD DUH TXLWH VFDUFH
IRUWKH0LKRYHQLVHWWOHPHQWDVZHOOLWLVQRWSRVVLEOHIRUXVWRHVWDEOLVKWKHIHDWXUHVRI
WKH &RVWLúD VHWWOHPHQWV :H FDQ RQO\ DVFHUWDLQ IRU D IDFW WKDW WKHUH ZDV D VDOW
H[SORLWDWLRQDW/XQFDZKLOHIRUWKHRWKHUVHWWOHPHQWVZKHUHSRWVKHUGVZHUHIRXQG
ZHFDQQRWPHQWLRQWKHPDVSURSHUVHWWOHPHQWVDWOHDVWIRUWKHWLPHEHLQJ
+RX VHVDQGRYHQV
7KH DUFKDHRORJLFDO GLVFRYHULHV PDGH XQWLO QRZ KDG QRW EURXJKW WR OLJKW
FRQFOXVLYH PDWHULDOV UHIHUULQJ WR WKH KRXVHV RI &RVWLúD.RPDURY FRPPXQLWLHV LQ WKH
QRUWKKDOIRI0ROGDYLDWKHLQIRUPDWLRQZLWKUHVSHFWWRWKLVVXEMHFWVKRZLQJWKHVDPH
OHYHODV\HDUVDJR
7KHH[LVWHQFHRIDUHFWDQJXODUKRXVHZLWKFOD\IORRURQO\RQWKHEDVLVRIWKH
EDNHGFOD\UHPDLQVZKLFKNHSWWUDFHVRILPSULQWHGZDWWOHRIDFRUQHURIRQHZDOODQG
RIVRPHEDNHGSLHFHVRIEUD]LQJZHUHGRFXPHQWHGIRUWKH&RVWLúDVHWWOHPHQW
$W%RUOHúWLD[PKRXVHZLWKRXWSODWIRUPZKLFKKDGYHU\WKLQSUREDEOH
ZRRGHQZDOOVVXVWDLQHGRQDULYHUVWRQHIRXQGDWLRQZDVLGHQWLILHG7KHURRIPDGHRI
ZDWWOHVDQGYHJHWDOUHPDLQVZDVVXVWDLQHGRQSLOHVZLWKDPGLDPHWHU
$W3RGXULWUDFHVRIDVXUIDFHGZHOOLQJFRPSOH[ZLWKDVOLJKWO\GHHSHQHGIORRU
D OLJKW VWUXFWXUH SUREDEO\ UHSUHVHQWLQJ D PHWUH GLDPHWHU KXW ZHUH XQFRYHUHG
ZKHUHIUDJPHQWDU\YHVVHOVVWRQHVDQGERQHVFUDSVZHUHIRXQG
&RQVLGHULQJ WKDW WKH GDWD RIIHUHG IRU VRPH GZHOOLQJ FRPSOH[HV DW 9ăOHQL DUH
DOVROLWWOHVLJQLILFDQWDQGRQWKHRWKHUVHWWOHPHQWVWKHUHLVQRLQIRUPDWLRQLWLVREYLRXV
WKDWSUHVHQWO\ILQDOFRQFOXVLRQVFRXOGQRWEHGUDZQUHJDUGLQJWKHVSHFLILFLW\DQGWKH
W\SRORJ\RIWKHKRXVHVRIWKLVFXOWXUH
:LWK UHVSHFW WR WKH RYHQV WKH H[LVWHQW GDWD DUH DOVR YHU\ VFDUFH 7KH ILUVW
EUD]LQJRIWKHRYHQLQVHFWLRQ,,,DQGWKHRYHQ LQWKHVHFWLRQ,9ZLWKWZRUHPDNHV
EHORQJ WR WKH &RVWLúD OHYHO DW WKH HSRQ\PRXV VLWH %RWK FRPSOH[HV 2 DQG 2 KDG
WKLQDQGIUDLOFUXVWV
$W %RUOHúWL DQ RYHQ RI DSSUR[LPDWHO\ P ZDV VWXGLHG RQ WKH QRUWK
ZHVWHUQVLGHRIWKHKRXVH,WZDVPDGHRISHEEOHVZLWKFKLPHDQGWZRKDQGJULQGLQJ
PLOOVSRWWHU\DEURQ]HFKLVHODQGWZRNUXPPHVVHUVZHUHIRXQGQHDULW$WDERXW
PIURPWKHGZHOOLQJFRPSOH[DQRYDORYHQZDVIRXQGRIDVOLJKWO\RYDOVKDSHPDGH
RISODWHVWRQHVODLGRQDJUDYHOOHYHO2QWKHVHFRQGRYHQSRWVKHUGVRIWZRFXSVRQH
NUXPPHVVHUDQGDFRQFDYHEDVHGIOLQWSRLQWZHUHIRXQG
$QRWKHU RYHQ WKDW FRXOG EH DWWULEXWHG WR WKH &RVWLúD FXOWXUH ZDV IRXQG DW
'XOFHúWL*UăGLQDGH=DU]DYDW,WZDVQRWLFHGLQWKH9DOHD1HDJUă5LYHUEDQNRQWKH
RFFDVLRQ RI WKH VDYLQJ H[FDYDWLRQV LQ DW DSSUR[LPDWHO\ P GHSWK 2Q WKH
VXUIDFHRIWKHRYHQRIZKLFKDVPDOOVXUIDFHPGLDPHWHUDQGPWKLFND
SRWVKHUGGHFRUDWHGZLWKKDWFKHGWULDQJOHVZDVIRXQG
7RPEV
8QWLO WKH HDUO\ V LW ZDV QRW SRVVLEOH WR VSHDN RI WKH H[LVWHQFH RI VRPH
QHFURSROLVHVRUWRPEVEHORQJLQJWRWKH&RVWLúD.RPDURY%MDá\3RWRNFRPSOH[RQWKH
www.cimec.ro / www.mncr.ro
WHUULWRU\ RI 0ROGDYLD 0HDQZKLOH DV D UHVXOW RI WKH UHVHDUFKHV WKH QXPEHU RI
GLVFRYHULHVKDVJURZQ DQGGHVSLWHWKHVFDUFHGDWD DQGLQIRUPDWLRQLQWKHVSHFLDOLVHG
OLWHUDWXUHVRPHFKDUDFWHULVWLFVRIWKHEXULDOSUDFWLFHVFDQEHVHHQ
,W LV REYLRXV WKDW WKH EXULDO FRPSOH[HV LQ WKH QRUWKHUQ 0ROGDYLD FRXOG EH
DQDO\VHGRQO\E\FRQVLGHULQJWKHH[LVWLQJUHDOLWLHVLQWKHDUHDRIWKH.RPDURYFXOWXUH
WR EHJLQ ZLWK $V WKH 3ROLVK DQG 8NUDLQLDQ DUFKDHRORJLVWV GHPRQVWUDWHG ERWK WKH
WXPXOXV DQG WKH SODQH QHFURSROLVHV DUH VSHFLILF WR WKLV FLYLOLVDWLRQ 7KH WXPXOXV
QHFURSROLVHVDVWKHRQHLQ.RPDURYZKHUHRYHUPRXQGVZHUHXQFRYHUHGXVXDOO\
FRQWDLQVDVLQJOHLQKXPDWLRQWRPEZLWKRQHWZRRUPDQ\VNHOHWRQVODLGRQLWVEDFNRU
FURXFKHGEXWDOVRFUHPDWLRQWRPEVZKLFKJHQHUDOO\DUHQRWGHHS
:RRGHQ UHPDLQV ZHUH RIWHQ QRWLFHG DURXQG WKH VNHOHWRQV LQ WKH LQKXPDWLRQ
WRPEV DQG VRPHWLPHV ZRPHQ RU FKLOGUHQ VNHOHWRQV QHDU WKH FHQWUDO WRPEV RI ZHVW
IDFLQJPHQVNHOHWRQV,QVRPHFUHPDWLRQWRPEWXPXOLWKHERGLHVRIWKHGHFHDVHGZHUH
QRWLFHGQRWWRKDYHEHHQEXUQWRQVLWHZKLOHQHDUVRPHRWKHUWRPEVWUDFHVRIEXUQZHUH
UHSRUWHG7KHWXPXOLZKHUHWKHFUHPDWLRQULWHZDVDVFHUWDLQHGFRQWDLQRQHRUPDQ\XUQ
WRPEVRUJURXSVRIEXUQHGERQHVWRJHWKHUZLWKVFUDSVRIWKHFUHPDWLRQVWDNH
,QWKH%MDá\3RWRNJURXSWRZKLFKWKHSODQHQHFURSROLVHVDUHVSHFLILFWRDJUHDW
H[WHQWWKHVNHOHWRQVZHUH SODFHGLQVLPSOH SLWVRUSLWVERUGHUHGZLWKVWRQHSODWHVRI
GLIIHUHQWWKLFNQHVV$VEXULDOLQYHQWRU\WKHUHZHUHUHPDUNHGSRWWHU\IOLQWVRPHPHWDO
RUQDPHQWVERQHVRIGRPHVWLFDQLPDOV
,Q0ROGDYLDWKHUHKDYHEHHQNQRZQVHYHQGLVFRYHULHVZKLFKQRQHWKHOHVVDUH
VRPHZKDWTXHVWLRQDEOH,WLVDERXWWKHWRPEVDW&RWkUJDFL+kUWRS+RURGQLFGH-RV
3RGXUL 3UăMHQL ùHUEăQHúWL DQG 9OăVLQHúWL PDLQO\ JURXSHG LQ WKH GLVWULFWV RI
%RWRúDQL DQG 6XFHDYD JHRJUDSKLFDOO\ ORFDWHG QHDU WKH DUHD RI VRPH 8NUDLQH
.RPDURYFXOWXUHFHPHWHULHV
7KHWRPEVUHSRUWHGXSWRWKLVGDWHVKRZWKHLQKXPDWLRQULWHDVZHOODVWKHLQFLQHUDWLRQ
RQH HLWKHU RQ SODQH RU RQ WXPXOXV FHPHWHULHV EXW WKH H[LVWLQJ UHODWLRQ EHWZHHQ WKH WZR
FDWHJRULHVLVLUUHOHYDQWIRUWKHPRPHQWJLYHQWKHSUHVHQWVWDJHRIUHVHDUFK
7KHPRVWFHUWDLQGLVFRYHULHVDUHWKRVHDW3UăMHQL/XWăULHERWKIURPWKHSRLQWRI
YLHZ RI WKH FLUFXPVWDQFHV RI WKH GLVFRYHU\ DQG IURP WKDW RI WKH FXOWXUDO DWWULEXWLRQ
+HQFH7FRQWDLQHGSDUWVRIWKHULJKWOHJVFURXFKHGRQWKHULJKWVLGHRIDGHVWUR\HG
VNHOHWRQ7KHUH DUH DOVRVHSDUDWHGERQHV7KHGHFHDVHGPD\KDYHEHHQODLGZLWKWKH
KHDG WRZDUG WKH VRXWK $W KLV OHJV WKHUH ZHUH DOVR D VDQGEDVHG SDVWH WZRKDQGOHG
ELWUXQFDWHG FXS VKHUGV DQG SRXQGHG VKHOOV GHFRUDWHG ZLWK WULDQJOHV ,Q WKH PXFK
EHWWHUSUHVHUYHG7WKHUHZDVDULJKWVLGHGHDVWKHDGHGVNHOHWRQZLWKFURXFKHGOHJV
DQG WKH ULJKW DUP EURXJKW LQ IURQW 1HDU KLV VKDQNV WKHUH ZDV DQ HYHQO\ EDNHG FXS
ZLWKWZRVLPSOHRYHUUDLVHGKDQGOHVPDGHRIDSDVWHZLWKJUHDWJUDLQVDQG7KLVRQH
ZHOO DV WKH 7 YHVVHO LV W\SLFDO WR WKH &RVWLúD.RPDURY FRPSOH[ 7 FRXOG DOVR EH
DWWULEXWHGWRWKHVDPH FRPSOH[LIRQHFRQVLGHUVWKHVKHUGIRXQGLQWKHOHJVDUHDDQG
VRPHULWXDODQGVWUDWLJUDSKLFHOHPHQWV7KHVNHOHWRQIRXQGLQ7ZDVODLGRQWKHOHIW
VLGHLQDFRQWUDFWHGSRVLWLRQKHDGHGHDVWQRUWKHDVW+LVULJKWDUPZDVODLGDORQJWKH
ERG\KLVSDOPVRYHUWKHEHQWOHJVKLVOHIWKDQGEHQWIURPWKHHOERZLQIURQWRIWKH
ULJKWNQHH$W3UăMHQLQHDUWKHVHFRPSOH[HVWKHUHVHHPWRKDYHEHHQVLPLODUWRPEV
ZKLFKEHORQJHGWRDSODQHQHFURSROLVGHVWUR\HGE\WKHODWHUKDELWDWLRQVDQGE\WKRVH
ZKRWRRNFOD\IRUFRQVWUXFWLRQV
www.cimec.ro / www.mncr.ro
7KH9OăVLQHúWLWRPEFDQDOVREHSODFHGLQWKHSODQHWRPEFDWHJRU\DVDVNHOHWRQ
LQWKHFURXFKHGSRVLWLRQKDYLQJD&RVWLúD.RPDURYFXSIRULQYHQWRU\ZDVUHSRUWHG
:LWK UHJDUG WR WKH LQKXPDWLRQV DW WKH DQG WXPXOL DW &RWkUJDFL ZKLFK WKH
IRXQGHU KLPVHOI SURQRXQFHG DV EHLQJ SDUW RI &RVWLúD.RPDURY%MDá\ 3RWRN FRPSOH[
RQH VKRXOG FRQVLGHU VRPH GHWDLOV )LUVWO\ WKH VNHOHWRQV¶ SRVLWLRQ ZDV DW\SLFDO WR WKH
0LGGOH %URQ]H $JH WRPEV DQG HVSHFLDOO\ WR WKH .RPDURY%MDá\ 3RWRNW\SH EXULDO
FRPSOH[HV7KHVNHOHWRQV¶SRVLWLRQEDFNVLGHGLQERWKFDVHVZLWKFURXFKHGOHJVLV
FKDUDFWHULVWLFPDLQO\WRWKHHDUO\%URQ]H$JH6HFRQGO\WKHUHZDVQRVLJQRILQYHQWRU\
LQERWKJUDYHV7KLUGO\WKHYHVVHOLQPRXQGQRDQGWKHD[HLQPRXQGQRDWWULEXWHG
WR WKH .RPDURY FXOWXUH E\ WKH DXWKRU RI WKH H[FDYDWLRQ DUH GHEDWDEOH ( 0RVFDOX
LQWHUSUHWHGWKHRUQDPHQWDWLRQRQWKHYHVVHOLQPRXQGQRDQGKHDGPLWWHGWRLWVGDWLQJ
LQWKH.RPDURYFXOWXUHDOWKRXJKKHZDVDZDUHRI$O9XOSH¶VRSLQLRQ7KHDGRUQPHQW
VW\OH UHPLQGV UDWKHU RI WKH GHFRUDWLRQ VW\OH FKDUDFWHULVWLF WR WKH :LHWHQEHUJ FXOWXUH
YHVVHOVDQGWKHUHDUHQRDQDORJLHVIRUWKLVYHVVHOLQWKH.RPDURYFXOWXUH7KHW\SHRI
WKH D[H LQ PRXQG QR HYHQ LI LW DOVR H[LVWHG LQ WKH .RPDURY FXOWXUH GRHV QRW
FRQVWLWXWHDZDUUDQW\UHJDUGLQJWKHFRQFUHWHUHODWLRQWRWKLVFLYLOLVDWLRQ
:LWKUHJDUGWRWKHLQFLQHUDWLRQFXVWRP WKLVLVDOPRVWFHUWDLQO\UHSUHVHQWHGE\
WKH SODQH WRPE LQ VWRQH FLVW DW +kUWRS DQG OHVV FHUWDLQO\ UHSUHVHQWHG E\ WKH WXPXOXV
WRPEVDWùHUEăQHúWLDQG+RURGQLFXOGH-RV
$FUHPDWLRQWRPELVDVFHUWDLQHGDW+kUWRSZKHUHLQWKHFLVWQHDUWKHKXPDQERQH
VFUDSV DQLPDOERQHVZHUHDOVRIRXQG0DGHRIORFDOVWRQHSODWHVZKLFKKDYHVXIIHUHG
VPDOO PRYHPHQWV EHFDXVH RI WKH HDUWK SUHVVXUH WKH JUDYH DW +kUWRS LV QRUWKVRXWK
RULHQWHG,WVLQYHQWRU\FRQVLVWVRIEXUQWERQHVFUDSVDQGSRWWHU\VKHUGVGHSRVLWHGPDLQO\
WRZDUGWKHFHQWUHDQGWKHQRUWKHUQKDOIRIWKHFLVWDSDUWRIWKHDUFKDHRORJLFDOPDWHULDO
EHLQJIRXQGXQGHUWKHERWWRPVWRQHSODWH%HVLGHVWKHSRWVKHUGVWKHUHVWRIWKHHOHPHQWV
UHODWLQJWKHVHILQGLQJVWRWKH&RVWLúD.RPDURYFRPSOH[FRQFHUQWKHEXULDOULWH
3ODFHGDWWKHHGJHRIRQHRIWKHWXPXOLVLWXDWHGRQWKHXSSHUWHUUDFHRIWKH6LUHW
ULYHULQWKHùHUEăQHúWLYLOODJHDUHDWKHWRPESXEOLVKHGE\0,JQDWDQG'3RSRYLFL
FDQ QRW EH FHUWDLQO\ DWWULEXWHG WR WKH &RVWLúD.RPDURY%MDá\ 3RWRN FRPSOH[ (DVW
ZHVWRULHQWHGWKHFLVWRIWKHWRPE DWùHUEăQHúWLZKHUHLQFLQHUDWHGERQHVFUDSVDQG
SRWVKHUGV ZHUH IRXQG KDG D UHFWDQJXODU SODQ EHLQJ PDGH RI ORFDO VWRQH SODWHV 7KH
ZDOOVRIWKHFLVWZKLFKZHUHGRXEOHXQGHUZHQWVHYHUDOGLVSODFHPHQWVGXHWRWKHHDUWK
SUHVVXUH +DYLQJ QR LQYHQWRU\ WKLV FRPSOH[ KDV EHHQ UHODWHG EDVHG RQ WKH EXULDO
ULWXDO HOHPHQWV WR VRPH ILQGLQJV IURP WKH .RPDURY 0RQWHRUX DQG HYHQ *OLQD ,,,
6FKQHNHHPEHUJDUHDV
:LWKUHVSHFWWRWKHWXPXOLUHSRUWHGHYHQEHIRUHWKHHQGRIWKHWKFHQWXU\EHWZHHQ
5ăGăXĠLDQG9LFRYZKHUHVRPHFUHPDWLRQDQGLQKXPDWLRQWRPEVZHUHIRXQGLQWKH
REVHUYDWLRQVRI'U0,JQDWDUHZRUWKPHQWLRQLQJ7KXVLQDWRPEORFDWHGLQRQHRIWKH
PRXQGVVWLOOSUHVHUYHGWZRGHFDGHVDJRLQWKHSHULPHWHURI+RURGQLFXOGH-RVUHPQDQWV
RILQFLQHUDWHGERQHVGHSRVLWHGGLUHFWO\RQWKHJURXQGDJOREXODUYHVVHODQGIOLQWGHEULV
ZHUHIRXQG$GGHGWRROGHULQIRUPDWLRQWKHVHILQGLQJVRIIHUVRPHDUJXPHQWVLQRUGHUWR
GDWH WKH QHFURSROLV %DVHG RQ WKH IHDWXUHV RI WKH EXULDO ULWXDO DQG RI WKH LQYHQWRU\ WKH
WXPXOXVQHFURSROLVDW+RURGQLFFRXOGEHLQFOXGHGLQWKH.RPDURYFXOWXUH8QIRUWXQDWHO\
WKHUHDUHQRGHWDLOVWRFRQWULEXWHWRDFORVHUGDWLQJRIWKLVILQGLQJV
www.cimec.ro / www.mncr.ro
:LWKUHJDUGWRWKHFUHPDWLRQWRPEDW3RGXULWKLVFRQVWLWXWHVDXQLTXHILQGLQJIRU
WKH VRXWKHUQ SDUW RI WKH UHVHDUFKHG DUHD VKRXOG ZH FRQVLGHU LWV IHDWXUHV )RXQG LQ
DWDPGHSWKEHWZHHQWKHODVWOD\HUVRIWKHPRXQGDW'HDOXO*KLQGDUXWKLV
JUDYHKDVEHHQGDWHGDIWHUWKHFRQVWUXFWLRQRIWKHULQJVWRQHFRYHULQJWKHPGHHS
VHPLFLUFXODU GLWFK 7KH XUQ FRQWDLQLQJ WKH EXUQW ERQH UHPDLQV RI D \HDU ROG
LQFLQHUDWHG FKLOG UHSUHVHQWV D W\SLFDO YHVVHO IRU WKH &RVWLúD FXOWXUH 7KH ULQJ VWRQHV
DPRQJZKLFKWKHXUQODLGSUHVHQWHGEXUQWUDFHVSUREDEO\IURPWKHEXULDOVWDNH
6\QWKHVLVLQJ ZH FDQ DVVXPH WKDW WKRVH PLQLPXP JUDYHV UHSRUWHG LQ WKH
QRUWKHUQ KDOI RI 0ROGDYLD VXIILFLHQWO\ UHSUHVHQW WKH PRUH LPSRUWDQW VHWWOHPHQWV DQG
VSRWV ZKHUH &RVWLúD.RPDURY W\SH SRWWHU\ ZDV IRXQG )URP WKH SODQH LQKXPDWLRQ
WRPEVDWOHDVWLH3UăMHQLDQG9OăVLQHúWLDUHFHUWDLQO\SDUWRIWKHFXOWXUDOFRPSOH[ZH
UHIHUWRLQWKLVSDSHUZKLOHDPRQJWKHLQFLQHUDWLRQWRPEVRQO\WKRVHDW+kUWRSDQG3RGXUL
DUH FHUWDLQ &KLOGUHQ VNHOHWRQV DUH YHU\ LPSRUWDQW 7 7 7 DW 3UăMHQL 1RQHWKHOHVV
WKH\FDQRQO\EHDVVHVVHGE\WKHIRUWXLWRXVFLUFXPVWDQFHVRIWKHLUGLVFRYHU\
3RWWHU\
,Q WKH &RVWLúD.RPDURY VLWHV RQ WKH 0ROGDYLDQ WHUULWRU\ WKHUH DUH VRPH SRWWHU\
FDWHJRULHVZKLFKFDQOHDGWRHVWDEOLVKLQJWKHVLPLODULWLHVDQGWKHGLIIHUHQFHVEHWZHHQWKH
WZRDUHDVWKHVRXWKDQGWKHQRUWKRQHEHORQJLQJWRWKLVHDVW&DUSDWKLDQFXOWXUDOFRPSOH[
)URPWKHSDVWHSRLQWRIYLHZDOPRVWDOOWKH&RVWLúDSRWWHU\FRQWDLQVVDQGIOLQW
RUSRXFKHGVWRQHVDVDGHJUHDVLQJVXEVWDQFH*HQHUDOO\WKHYHVVHOVXUIDFHVDUHEURZQ
EULFNUHGGLVK URXJK DQG VSRQJ\ LQ WKH FDVH RI &RDUVH :DUH SUHVHQWLQJ SROLVKLQJ
WUDFHV LQ WKH FDVH RI WKH ILQH ZDUH 5HFHQWO\ WKH %HVHQVWULFK SRWWHU\ IRXQG VRPH
GHFDGHVDJRZDVSRLQWHGRXW,WLVWREHWKHVWDUWLQJSRLQWIRUVRPH0LGGOH%URQ]H$JH
FXOWXUHV8QWLOQRZ%HVHQVWULFKSRWWHU\KDVEHHQUHFRUGHGDW&RVWLúD/XPLQLú'HOHQL
9ăOHQL 3RGXUL DQG 6LOLúWHD EHLQJ FORVHO\ UHODWHG WR 3ăXOHQL&LRPRUWDQ SRWWHU\ LQ
HDVWHUQ7UDQV\OYDQLDZKHUHWKH=ROWDQFXOWXUDOJURXSZDVUHSRUWHG
7KH VKDSHV IRXQG DUH MDUV ZLWK JOREXODU ERG\ F\OLQGULFDO QHFN DQG HYHUWHG
ULP MDUV ZLWK VWUDLJKW RU VOLJKWO\ RYRLG ERG\ DQG URXQGHG LQQHU ULP MDUV DQG
PLGGOHVL]HGYHVVHOVZLWKDUFKHGERG\DQGHYHUWHGIODWWHGULPWXOLSVKDSHGYHVVHOV
WUXQFDWHGFRQHVKDSHGYHVVHOVDPSKRUDHERZOVFXSVDQGNDQWKDURL
8VXDOO\ WKH PLGGOHVL]HG YHVVHOV DGRUQPHQW FRQVLVWV RI LQFLVHG KDWFKHG
WULDQJOHV ERUGHUHG E\ KRUL]RQWDO OLQHV 6RPHWLPHV WKH LQFLVHG OLQHV DUH DVVRFLDWHG
ZLWKFXWVDQGZROIWHHWKOLNHDGRUQPHQW&RVWLúDSRWWHU\GHFRUDWLRQVFDUFHO\YDU\DV
ZHFDQVHHDW&RVWLúDDQG%RUOHúWLEHLQJPDLQO\UHSUHVHQWHGE\WKHKDWFKHGWULDQJOHV
RQ WKH YHVVHO VKRXOGHU DVVRFLDWHG ZLWK KRUL]RQWDO LQFLVHG OLQH UHJLVWHUV $W 3RGXUL
HVSHFLDOO\ SVHXGRWULDQJOHV ILOOHG ZLWK GRWV UHVHPEOLQJ WR WKH 3ăXOHQL&LRPRUWDQ
YHVVHOVZHUHUHFRUGHG
0DQ\ YHVVHOV LQ VRPH QRUWKHUQ 0ROGDYLDQ SDUW VLWHV GLVSOD\ DQDORJLHV WR WKH
.RPDURYSRWWHU\DVLWLVSRLQWHGRXWE\WKH/XQFDILQGLQJVZLWKLQFLVHGWULDQJOHVDQG
OLQHV UHSUHVHQWLQJ WXOLSVKDSHG YHVVHOV 6WLOO DW /XQFD WKHUH DUH VRPH VKHUGV ZKRVH
KDWFKHG WULDQJOHV ZHUH SODFHG RQ WKH XSSHU HGJH RI WKH HYHUWHG ULP ZKLFK WRJHWKHU
ZLWKWKHVKHUGVVKRZLQJQHFNLQFLVLRQVDQGDOVRZLWKWKHVKHUGVZLWKODUJHFKDQQHOV
ULEERQVDQGGHQWHGULPVKDYHDQDORJLHVLQWKHVHFRQG.RPDURYFXOWXUHVWDJH*OREXODU
www.cimec.ro / www.mncr.ro
YHVVHOV ZLWK IXQQHO QHFN DQG HYHUWHG ULP KDYH DOVR DQDORJLHV LQ WKH &RUGHG :DUH
FXOWXUHV RULQWKHHDUO\.RPDURY VLWHVLQZHVWHUQ8NUDLQHEXWDOVRLQWKH7U]FLQLHF
.RPDURYFRPSOH[7KHZROIWHHWKOLNHGHFRUDWLRQVW\OHZDVGLVFRYHUHGRQWKHSRWWHU\
DW/XQFD%RUOHúWL%RWRúDQDDQG&RUOăWHQL
&RS SHUDQGEURQ]H D[HV
)URP WKH VXUIDFH RI VRPH VHWWOHPHQWV DV ZHOO DV IURP GLIIHUHQW IHZ RWKHU
XQUHJLVWHUHGVSRWVVHYHUDOFRSSHUDQGEURQ]HD[HVGDWHGDWWKHHQGRIWKH(DUO\%URQ]H
$JH DQG LQ WKH 0LGGOH %URQ]H $JH ZHUH JDWKHUHG 3DUW RI WKHP FDQ EH FHUWDLQO\
DWWULEXWHGWR&RVWLúD.RPDURYFRPSOH[%RUOHúWL'HDOXO5XQFX&RVWLúD3RGXUL
2WKHULQYHQWRU\ REMHFWV
:LWK UHIHUHQFH WR WKH RWKHU REMHFWV IRXQG QHDU WKH SRWWHU\ WKHUH LV EXW VFDUFH
LQIRUPDWLRQ LQ WKH DUFKDHRORJLFDO OLWHUDWXUH 7KH ODWHVW H[FDYDWLRQV DQG ILHOG VXUYH\V
GLGQRWFRPHXSZLWKQHZGLVFRYHULHV
$VDUXOHZHPHQWLRQWKHIROORZLQJFDWHJRULHVRIDUWLIDFWV
VWRQHDQGIOLQWREMHFWVKDQGJULQGLQJPLOOVSHUIRUDWHGGLRULWHD[HNUXPPHVVHU
DUURZKHDGV&RVWLúD%RUOHúWL6LOLúWHD%RWRúDQD3RGXUL
FOD\REMHFWVVSLQGOHZKRUOVZHLJKWVVSRRQV&RVWLúD%RWRúDQD
ERQHREMHFWVWKUXVWLQJREMHFWVVSDWXODVDUURZKHDGV&RVWLúD/XQFD%RUOHúWL
3RGXUL
RWKHU FRSSHU DQG EURQ]H REMHFWV HDUULQJV 6LOLúWHD FKLVHOV WKUXVWLQJ REMHFWV
DQGSUREDEO\GDJJHUV%RUOHúWL&RVWLúD
&XOWXUDO UHODWLRQV GDWLQJ
)URPWKHDERYHGLVFXVVLRQWKHH[LVWHQFHRIVRPHFRPPRQHOHPHQWVIRUDOOWKH
DUWLIDFWV IRXQG LQWKH QRUWKHUQ 0ROGDYLDQ VLWHV LV IDLUO\ REYLRXV 7KHVH HOHPHQWV DUH
ERWKUHVHPEOLQJDQGGLIIHUHQWIURPWKHILQGLQJVRIWKHQRUWK.RPDURYDUHDDQWWKRVH
RI&LRPRUWDQVW\OHLQWKHVRXWKHDVW7UDQV\OYDQLD
)RXUGHFDGHVDJR3URI$O9XOSHGDWHGWKH&RVWLúDFXOWXUHDWWKHHDUO\ILUVWKDOI
RIWKH0LGGOH%URQ]H$JHFRUUHVSRQGLQJWR0RQWHRUX,&,&DQG,&,VWDJHV+H
FRQVLGHUHG WKDW WKH VRFDOOHG &RVWLúD FXOWXUH KDG IRUPHG LQ 3RGROLD DQG LQ WKH VXE
&DUSDWKLDQ DUHD RQ WKH EDVLV RI &RUGHG :DUH ORFDO YDULDQWV WKH 0ROGDYLDQ ILQGLQJV
EHLQJFRQVLGHUHGHDUOLHUWKDQWKHVWDQGQG.RPDURYFXOWXUHVWDJHVDWWKDWWLPH1RW
DOO WKH UHVHDUFKHUV DFFHSWHG WKLV RSLQLRQ DV WKH\ FRQVLGHUHG WKDW WKHUH ZHUH QRW
VXIILFLHQWDUJXPHQWVWRVKRZWKDW&RVWLúDPDWHULDOVVKDUHFRPPRQHOHPHQWVPDLQO\
SRWWHU\ VKDSHV DQG GHFRUDWLRQV ZLWK WKH &RUGHG :DUH %RWK WKH ROG H[FDYDWLRQV
&RVWLúDDQG%RUOHúWLDQGWKHPRUHUHFHQWRQHV3UăMHQL3RGXUL/XQFDRU6LOLúWHDGLG
QRW FRPH RXW ZLWK FRUGHG RU SVHXGRFRUGHG SRWWHU\ YHVVHOV DQG EHVLGHV WKHUH DUH
QXPHURXV W\SRORJLFDO DQDORJLHV WR GHPRQVWUDWH WKH XQLW\ EHWZHHQ WKH &RVWLúDW\SH
ILQGLQJVLQ0ROGDYLDEHWZHHQWKHFODVVLF.RPDURYFXOWXUHVWDJHV
'U0DULOHQD)ORUHVFXQRWLFHGWKHW\SRORJLFDOUHODWLRQVEHWZHHQWKHILQGLQJV DW
www.cimec.ro / www.mncr.ro
&RVWLúDDQG%RUOHúWLDQGWKRVHDW3RGROLDDQG9ROK\QLDEXWKHUK\SRWKHVLVDFFRUGLQJ
WR ZKLFK &RVWLúD FXOWXUH GLYLGHV LQWR WZR DV\QFKURQH VWDJHV ZDV FRQVLGHUHG
LQFRQFOXVLYH$FFRUGLQJWR0DULOHQD )ORUHVFXWKHILUVW&RVWLúD VWDJHUHSUHVHQWHGE\
WKH %RUOHúWL VLWH FRQWDLQV 0RQWHRUX LQVSLUHG HOHPHQWV KDWFKHG WULDQJOHV DQG ZROI
WHHWKOLNHGHFRUDWLRQVDVHULHVRIVLQJOHRUWZRKDQGOHGYHVVHOVZKHUHDVWKHVHFRQG
&RVWLúDVWDJHLVPDLQO\UHSUHVHQWHGE\WKHHSRQ\PRXVVLWHPDWHULDOVZKLFKDUHPRUH
FORVHO\ UHODWHG WR WKH DUFKDHRORJLFDO UHDOLWLHV LQ WKH QRUWKHUQSDUW RI RXU FRXQWU\ %\
JLYLQJFKURQRORJLFDOSULRULW\WR5RPDQLDQILQGLQJV0)ORUHVFXWULHGWRLQWURGXFHWKH
LGHD WKDW WKH &RVWLúD FLYLOLVDWLRQ FRQVWLWXWHV WKH JHQHWLF EDFNJURXQG RI &RVWLúD
.RPDURY%MDá\3RWRNFRPSOH[,QVXSSRUWRIKHUWKHRU\'U)ORUHVFXEULQJVWKHWZR
KDQGOHGYHVVHOVZKLFKVHHPWREHWUDQVPLWWHGIURPWKH0RQWHRUXFXOWXUH
,6YHãQLNRYDUJXHGWKLVK\SRWKHVLVE\VKRZLQJWKDWWKH.RPDURYFXOWXUHVLWHV
FRXOG QRW EH GDWHG ODWHU WKDQ WKH &RVWLúD RQHV DQG WKH WZRKDQGOHG YHVVHOV WKDW 0
)ORUHVFXFRQVLGHUHGDVRULJLQDWLQJLQWKH0RQWHRUXFXOWXUHDUHDKDYHDQDORJLHVLQWKH
UHJLRQDOJURXSVRI WKH&RUGHG:DUH2QWKHRWKHUKDQGWKH8NUDLQLDQDUFKDHRORJLVW
GLGQRWGHQ\DVHULHVRIFRQWULEXWLRQVRIWKHVXE&DUSDWKLDQFRPPXQLWLHVWRWKHELUWK
RI WKH UHJLRQDO YDULDQWV RI .RPDURY FXOWXUH FRQVLGHULQJ WKDW WKH WULDQJOHV DQG WKH
FKDQQHOV KDYH D VRXWK %DONDQ RULJLQ DQG ZHUH DOVR HPEUDFHG E\ WKH 0RQWHRUX DQG
:LHWHPEHUJFXOWXUHV
$V WR WKH H[LVWHQFH RI VRPH LQWHUIHUHQFH EHWZHHQ WKH 0RQWHRUX DQG &RVWLúD
FRPPXQLWLHV$O9XOSH¶VFRQVLGHUDWLRQV±PDGHLQDUHZHOONQRZQ+HSODFHG
WKH&RVWLúDYDULDQWDWWKH,&OHYHORI0RQWHRUXVWDJHV7KHDERYHPHQWLRQHGFXOWXUH
H[WHQGHGXQWLOWKHPRPHQWRIWKH0RQWHRUX,&,DIDFHVSHQHWUDWLRQWRWKHQRUWK7KH
PDWHULDOIRXQGLQRWKHU&RVWLúD VLWHV VLWXDWHGRQWKHWZR FXOWXUHV³IURQWLHU´6LOLúWHD
3RGXUL DQG 3RGHL GHPRQVWUDWHV WKDW WKH 0RQWHRUX DQG &RVWLúD FRPPXQLWLHV FR
H[LVWHGDWOHDVWWHPSRUDULO\DWWKHVDPHFKURQRORJLFDOOHYHO
$Q LQWHUHVWLQJ WRSLF XSRQ ZKLFK WKH FXUUHQW H[FDYDWLRQV DW 3ăXOHQL&LRPRUWDQ
EULQJ LPSRUWDQW HQOLJKWHQPHQW UHJDUG WKH H[LVWLQJ UHODWLRQ EHWZHHQ &RVWLúD DQG ZKDW
ZDV WR EH FDOOHG WKH &LRPRUWDQ FXOWXUH LQ WKH HDVWHUQ 7UDQV\OYDQLD &RQVLGHULQJ WKH
W\SRORJ\RIWKHSRWWHU\GLVFRYHUHGLQWKHVLWHVRIWKDWDUHDZHDVVXPHWKDWWKHVRFDOOHG
&LRPRUWDQ FXOWXUH PHUHO\ UHSUHVHQWV D ORFDO YDULDQW RI WKH &RVWLúD.RPDURY FXOWXUDO
FRPSOH[DVLWVUHODWLRQVZLWKWKHVXE&DUSDWKLDQDUHDRI0ROGDYLDDUHREYLRXV
$QHZLVVXHDURVHZKLOHGLJJLQJDW/XQFD3RLDQD6ODWLQHLZKLFKZHFRQVLGHUD
VDOW H[SORLWDWLRQ ZKHUH SRWWHU\ LV D QRYHOW\ DV FRPSDUHG WR WKH RWKHU VLPLODU
GLVFRYHULHV LQ HDVWHUQ 5RPDQLD +HQFH WKH FORVHVW DQDORJLHV IRU WKH IXQQHO YHVVHOV
ZLWK HYHUWHG ULP DQG LQFLVHG OLQHV DGRUQPHQWV FRPELQHG ZLWK ZROI WHHWKOLNH
GHFRUDWLRQVDQGKDWFKHGWULDQJOHVDSSHDUDOVRLQRWKHUQRUWKHUQ0ROGDYLDVHWWOHPHQWV
7RJHWKHU WKH\ FRQVWLWXWH D IDFH WKDW FDQ EH GLIIHUHQWLDWHG IURP WKH RQH UHXQLWLQJ WKH
ILQGLQJV DW %RUOHúWL &RVWLúD DQG 3RGXUL 0HQWLRQ VKRXOG EH PDGH WKDW WKH
DUFKDHRORJLFDOVLWHILUVWDQGIRUHPRVWDVZHOODVWKHVKHUGVZLWKF\OLQGULFDOQHFNDQG
HYHUWHGULPDWWKLVVHWWOHPHQWGLVSOD\ DQDORJLHVZLWKWKHVLWHDQGPDWHULDOV DW /RHYD
VWLOODVDOWH[WUDFWLRQ
,IZHWDNHLQWRDFFRXQWWKDWQR&RUGHG:DUHHOHPHQWVKDYHEHHQUHFRUGHGIRU
WKH VXE&DUSDWKLDQ DUHD RI 0ROGDYLD DQG WKDW WKH 0LGGOH %URQ]H $JH ILQGLQJV
PHQWLRQHG KHUHLQ GLVSOD\ W\SRORJLFDO UHVHPEODQFH ZLWK WKRVH LQ WKH FODVVLF WKH
www.cimec.ro / www.mncr.ro
.RPDURY FXOWXUH DUHD ZH DVVXPH WKH VLWHV RI &RVWLúD&LRPRUWDQ.RPDURY VW\OH LQ
0ROGDYLD DQG WKH HDVW 7UDQV\OYDQLD FRQVWLWXWH WR EH D WZRIDFHWHG UHJLRQDO YDULDQW
SUREDEO\V\QFKURQRXVZLWKWKHVHFRQGGHYHORSPHQWVWDJHRIWKH.RPDURYFXOWXUH
%LEOLRJUDSK\ $O 9XOSH . YRSURVX R SHULRGL]DFLL EURQ]RYRJR YHND Y 0ROGDYH LQ
'DFLD 16 9 S $O 9XOSH 0 =DPRúWHDQX 6ăSăWXULOH GH OD &RVWLúD U
%XKXúL UHJ %DFăX LQ 0DWHULDOH 9,,, S , 6ZLHV]QLNRZ .XOWXUD
.RPDURZVND QD SRGVWDZLD PDWHULDORZ ] 3RGNDUSDWFLD L ]DFK :RO\QLD LQ $UFKHRORJLD
3ROVNL ;,, S 0 )ORUHVFX 3UREOqPHV GH OD FLYLOLVDWLRQ GH &RVWLúD j OD
OXPLqUH GX VRQGDJH GH %RUOHúWL LQ 'DFLD 16 ;,9 S = 6]pNHO\ &XOWXUD
&LRPRUWDQ LQ $OXWD ,, S ( 6YHãQLNRY 3OHPHQD .RPDULZVNRL .XO¶WXU\
VWDURYRGQLSRVHOHQMD3ULNDUSDWMDL9ROLQLS-'DEURZVNL7U]þLQLHF.RPDURZ
6RVQLFD$&XOWXUH&\FOHIURPWKH(DUO\DQG0LGGOH%URQ]H$JHLQ$UFKHRORJLD3ROVNL;9,
S 66 %HUH]DQVNDMD 6HYHUQDMD 8NUDLQD Y HSRKX EURQ]\ .LHY ,GHP
.RPDURYVNDMDNXO¶WXUDLQ$UNKHRORJLD8665S9$'HUJDþHY0ROGRYLMDL
6RVGHQLH WHUULWRULL Y HSRKX EURQ]\ &KLúLQăX ( 6DYD (SRFD EURQ]XOXL ± SHULRDGD
PLMORFLH úL WkU]LH VHF ;9,,;,, v+U LQ 7KUDFR 'DFLFD ;9 S *K
'XPLWURDLD &RPXQLWăĠL SUHLVWRULFH GLQ QRUGHVWXO 5RPkQLHL 'H OD FXOWXUD &XFXWHQL SkQă vQ
EURQ]XOPLMORFLX3LDWUD1HDPĠS
*KHRUJKH'XPLWURDLD
6HWWOHPHQWVQHFURSROLVHVDQGDUFKDHRORJLFDOPDWHULDOV
%RUOHúWLYLOODJH%RUOHúWLFRPPXQH1HDPĠFRXQW\
$PRQJWKH%URQ]H$JHILQGLQJVRQWKLVYLOODJHWHUULWRU\DQLPSRUWDQWSDUWLV
SOD\HGE\WKHVHWWOHPHQWORFDWHGRQ'HDOXO5XQFX7KHUHVHYHUDOFRSSHUDQGEURQ]H
D[HV FODVVLILHG LQWR WKH %RUOHúWL YDULDQW RI WKH 0RQWHRUX W\SH ZHUH LQLWLDOO\
GLVFRYHUHGE\DFFLGHQW
7KH H[FDYDWLRQ DOORZHG IRU WKH UHFRUGLQJ RI VRPH LPSRUWDQW GDWD ZLWK
UHJDUG WR VWUDWLJUDSK\ EXLOGLQJ V\VWHP LQYHQWRU\ DQG SRWWHU\ VSHFLILF WR RQH RI WKH
IHZVLWHVUHVHDUFKHGVRIDUEHVLGHVWKHHSRQ\PRXVVHWWOHPHQW
$UHFWDQJXODUKRXVHZLWKSHEEOHVXSSRUWHGZDOOVDQGWKHZDWWOHURRIVXSSRUWHG
E\ SROHV SRLQWHG LQWR WKH JURXQG ZDV XQFRYHUHG ,QVLGH WKH KRXVH WKHUH ZDV D
UHFWDQJXODUVWRQHRYHQZKHUHDVRXWVLGHWKHUHZDVDQRYDORYHQZLWKVKHUGVDQGVWRQH
WRROVDURXQG6WDUWLQJIURPDGHWDLOHGDQDO\VLVRIWKHSRWWHU\ZKLFKZDVFRPSDUHGZLWK
WKHILQGLQJVDW&RVWLúDDQGWKRVHDW3RGROLDWKHDXWKRURIWKHVHUHVHDUFKHVFRQVLGHUVWKDW
WKHVHWWOHPHQWDW%RUOHúWLUHSUHVHQWVWKHLQLWLDOVWDJHRI&RVWLúDFXOWXUHDSSHDUDQFH
%LEOLRJUDSK\0 =ăPRúWHDQX'HSR]LWXO GH WRSRDUH GH EURQ] GHOD %RUOHúWLUDLRQXO
%XKXúL UHJ %DFăX LQ $UK0ROG ,,,,, S $O 9XOSH 'LH b[WH XQG %HLOH LQ
5XPDQLHQ , LQ 3%) ,; S 0 )ORUHVFX 3UREOHPHV GH OD FLYLOLVDWLRQ GH
&RVWLúDDODOXPLHUHGXVRQGDJHGH%RUOHúWLLQ'DFLD16;,9S
*KHRUJKH'XPLWURDLD
www.cimec.ro / www.mncr.ro
&DWDORJXHQRWHV
1R NJ $ VOLP ZLGHQHG EODGH VWUDLJKW HGJH DQG WKUHH
0RQWHRUXW\SHEURQ]HD[H%RUOHúWLYDULDQW ULEV RQ WKH SLSH +H[DJRQDO LQ FURVV VHFWLRQ KDV D
/ FP + FP O HGJH FP :HLJKW FRPERQWKHVXPPLW7UDFHVRIXVHFDQEHVHHQRQ
NJ $ VOLP ZLGHQHG EODGH VWUDLJKW HGJH DQG WKUHH WKH HGJH 'DUN JUHHQ SDUWLDOO\ SUHVHUYHG SDWLQD
ULEVRQWKHSLSH+H[DJRQDOLQFURVVVHFWLRQLWKDV %LEOLRJUDSK\ 0 =ăPRúWHDQX LQ $UK0ROG ,,,,,
DFRPERQWKHVXPPLW7UDFHVRIXVHFDQEHVHHQ S ILJ $O 9XOSH LQ 3%) ,; S
RQWKHHGJH'DUNJUHHQSDUWLDOO\SUHVHUYHGSDWLQD 7DI0,317,QYQRD3O
%LEOLRJUDSK\ 0 =ăPRúWHDQX LQ $UK0ROG ,,,,,
S ILJ $O 9XOSH LQ 3%) ,; S 1R
7DI0,317,QYQRE3O 0RQWHRUX W\SH FRSSHU D[H %RUOHúWL YDULDQW /
FP + FP O HGJH FP :HLJKW NJ $
1R VOLPZLGHQHGEODGHVWUDLJKWHGJHDQGWKUHHULEVRQ
0RQWHRUXW\SHEURQ]HD[H%RUOHúWLYDULDQW WKHSLSH+H[DJRQDOLQFURVVVHFWLRQKDVDFRPERQ
/ FP+ FPOHGJH FP:HLJKW WKH VXPPLW 7UDFHV RI XVH FDQ EH VHHQ RQ WKH
NJ $ VOLP ZLGHQHG EODGH VWUDLJKW HGJH DQG WKUHH HGJH 'DUN JUHHQ SDUWLDOO\ SUHVHUYHG SDWLQD
ULEV RQ WKH SLSH +H[DJRQDO LQ FURVV VHFWLRQ KDV D %LEOLRJUDSK\ 0 =ăPRúWHDQX LQ $UK0ROG ,,,,,
FRPERQWKHVXPPLWORQJHUWKDQWKHSLSH7UDFHV S ILJ $O 9XOSH LQ 3%) ,; S
RI XVH FDQ EH VHHQ RQ WKH HGJH 'DUN JUHHQ 7DI0,317,QYQRG3O
SDUWLDOO\ SUHVHUYHG SDWLQD %LEOLRJUDSK\ 0
=ăPRúWHDQXLQ$UK0ROG,,,,,SILJ 1R
$O 9XOSH LQ 3%) ,; S 7DI 0,317 0RQWHRUXW\SHEURQ]HD[H%RUOHúWLYDULDQW
,QYQRH3O / FP+ FPOHGJH FP$VOLPZLGHQHG
EODGH VWUDLJKW HGJH DQG WKUHH ULEV RQ WKH SLSH
1R +H[DJRQDO LQ FURVV VHFWLRQ KDV D FRPE RQ WKH
0RQWHRUXW\SHEURQ]HD[H%RUOHúWLYDULDQW VXPPLW 7UDFHV RI XVH FDQ EH VHHQ RQ WKH HGJH
/ FP + FP O HGJH FP :HLJKW WKH SLSH LV GDPDJHG 'DUN JUHHQ SDUWLDOO\
NJ $ VOLP ZLGHQHG EODGH VWUDLJKW HGJH DQG WKUHH SUHVHUYHGSDWLQD0,317,QYQR3O
ULEV RQ WKH SLSH +H[DJRQDO LQ FURVV VHFWLRQ KDV D
FRPERQWKHVXPPLW7UDFHVRIXVHFDQEHVHHQRQ 1R
WKH HGJH D SDUW RI WKH HGJH ZDV EURNHQ /LJKW %W\SHEURQ]HD[H%LNDFV%RUOHúWLYDULDQW
JUHHQ SDUWLDOO\ SUHVHUYHG SDWLQD %LEOLRJUDSK\ 0 / FP + SLSH FP + EODGH FP O
=ăPRúWHDQX $UK0ROG ,,,,, S ILJ HGJH FP )LJKWLQJ D[H ZLWK D GLVF RQ WKH
$O 9XOSH 3%) ,; S 7DI 0,317 VXPPLW7UDFHVRIXVHFDQEHVHHQRQWKHHGJH
,QYQRF3O /LJKW JUHHQ SDWLQD %LEOLRJUDSK\ $O 9XOSH LQ
'DFLD16S$EEDD,ELGLQ
1R 3%),;S7DI0,317,QYQR
0RQWHRUXW\SHFRSSHUD[H%RUOHúWLYDULDQW 3O
/ FP+ FPOHGJH FP:HLJKW
&RUOăWHQLYLOODJH&RUOăWHQLFRPPXQH%RWRúDQLFRXQW\
$PXOWLSOH VWUDWDVHWWOHPHQWZDVXQFRYHUHGRQWKHOHIWEDQNRIWKH-LMLD5LYHU
HDVWRIWKHYLOODJHQH[WWRWKH'HDOXO&HWăĠLLRQDORZWHUUDFHGHVFHQGLQJWRWKHULYHU
DW D VSRW FDOOHG 3H ğDULQă GXULQJ WKH LQYHVWLJDWLRQV PDGH LQ DQG
$UFKDHRORJLFDOUHPDLQVEHORQJLQJWRWKH&XFXWHQLFXOWXUHWKH$%VWDJHWKH%URQ]H
$JHWZROHYHOVWKH(DUO\+DOOVWDWWDQGGDWLQJIURPWKHWKFHQWXU\ZHUHLGHQWLILHG
$O 9XOSH DVVLJQHG WKH ORZHU OHYHO RI WKH %URQ]H $JH WR WKH &RVWLúD FXOWXUH
FRQVLGHULQJ WKDW WKH XSSHU OHYHO EHORQJV WR WKH 1RXD FXOWXUH $& )ORUHVFX RQ WKH
FRQWUDU\ FRQVLGHUV ERWK %URQ]H $JH OD\HUV DV EHORQJLQJ WR WKH 1RXD FXOWXUH WKH
ORZHUUHSUHVHQWLQJDQLQLWLDOPRPHQWRIWKHFXOWXUH1RXD,RU3URWR1RXDZKLOHWKH
XSSHUVKRXOGEHORQJWRWKHQG1RXDVWDJH
7KHUH ZHUH DOVR UHFRUGHG RWKHU %URQ]H $JH ILQGLQJV LQ WKH DUHD PRVWO\
DVVLJQHGWRWKH(DUO\%URQ]H$JH'HDOXO6WDGROH'HDOXO&HWăĠLL
www.cimec.ro / www.mncr.ro
%LEOLRJUDSK\ , 1HVWRU HW DO 6ăSăWXULOH GH SH úDQWLHUXO 9DOHD -LMLHL ,DúL%RWRúDQL
'RURKRLLQDQXOLQ6&,9,,SS$O9XOSH.YRSURVXRSHULRGL]DFLL
EURQ]RYRJRYHNDY0ROGDYHLQ'DFLD169S$&)ORUHVFX5HSHUWRULXOFXOWXULL
1RXD&RVORJHQLGLQ5RPkQLD$úH]ăULúLQHFURSROHLQ&&'-,;S
(OHQD5R[DQD0XQWHDQX
&DWDORJXHQRWHV
1R 1R
(YHUWHGULPSRWVKHUGVGHFRUDWHGXQGHUWKHULPZLWK %LWUXQFDWHG FXS VKHUGV ZLWK ULEERQ KDQGOHV
URZVRILQFLVLRQVDQGVWLWFKHV/LJKWEURZQZLWKGDUN GHFRUDWHG XQGHU WKH ULP DQG RQ WKH QHFN PDUJLQ
EURZQLVK VSRWV %LEOLRJUDSK\ , 1HVWRU HW DO LQ ZLWKURZVRILQFLVLRQVDQGVWLWFKHVDQGZLWKDURZRI
6&,9 S $O 9XOSH LQ 'DFLD 16 KDWFKHG WULDQJOHV RQ WKH VKRXOGHU VRPHWLPHV ZLWK
S $&)ORUHVFX LQ &&'- S 0-%7 RYHUODSSLQJ HQGV %LEOLRJUDSK\ , 1HVWRU HW DO LQ
1RLQYQR3O 6&,9 S $O 9XOSH LQ 'DFLD 16
S $&)ORUHVFX LQ &&'- S 0-%7
1RLQYQR3O
&RVWLúDYLOODJH&RVWLúDFRPPXQH1HDPĠFRXQW\
7KH VHWWOHPHQW LV VLWXDWHG LQ WKH HDVWHUQ SDUW RI WKH &RVWLúD YLOODJH ,W FRYHUV
ERWKWKHHOOLSVRLGDOSODWHDXDSSUR[PRIWKHSURPRQWRU\FDOOHG&HWăĠXLDDQG
WKH VDGGOH ZKLFK OLQNV WKLV SURPRQWRU\ WR WKH KLJK %LVWULĠD WHUUDFH 7KH ZHVWHUQ
VRXWKHUQDQGVRXWKHDVWHUQERUGHUVRIWKHSURPRQWRU\DUHVWHHSPXFKJHQWOHEHLQJWKH
QRUWKVORSHZKLFKJRHVGRZQRQWKHVDGGOH$GHIHQVLYHWUHQFKVXUURXQGV&HWăĠXLDRQ
WKHZHVWHUQDQGVRXWKHUQSDUWVDQRWKHURQHZDVGXJLQWKHPRUHDFFHVVLEOHQRUWKHUQ
DUHD RI WKH SURPRQWRU\ 7KH WKLUG GHIHQVLYH WUHQFK ERUGHUHG WKH VDGGOH IURP WKH
%LVWULĠDWHUUDFH7KHVHWKUHHWUHQFKHVZHUHPDGHLQWKH%URQ]H$JH
'XULQJWKHLUILUVWH[FDYDWLRQVPDGHLQ59XOSHDQG&0DWDVăLGHQWLILHG
DQXQNQRZQSRWWHU\YDULDQWIRUWKDWWLPH7KHH[FDYDWLRQVZHUHUHVWDUWHGLQ
DQG E\ $O 9XOSH DQG 0 =DPRúWHDQX ZKHQ PRUH WKDQ KDOI RI WKH &HWăĠXLD
SODWHDX ]RQH $ ZDV UHVHDUFKHG DQG WZR FURVVVKDSHG VHFWLRQV ZHUH WUDFHG RQ WKH
VDGGOH]RQH%7KHULFKHVWGZHOOLQJWUDFHVZHUHQRWLFHGRQWKH&HWăĠXLDSODWHDX7KH
VDGGOHZDVDOVRLQKDELWHGVLQFHSUHKLVWRULFWLPHVEXWWKHDUFKDHRORJLFDOGHSRVLWVFRXOG
QRWKDYHEHHQGLVWXUEHGE\WKHDJULFXOWXUDODFWLYLWLHV7KHUHZHUHQRVLJQVRIGZHOOLQJ
RQWKH&HWăĠXLDVORSHV
7KH GZHOOLQJ OHYHOV DUH QRW DOZD\V YHU\ ZHOO GLVWLQJXLVKHG VR WKDW LW ZDV QRW
SRVVLEOH WR PDNH SUHFLVH VWUDWLJUDSKLF REVHUYDWLRQV LQ DOO WKH UHVHDUFKHG VHFWLRQV
1RQHWKHOHVV WKHUH DUH VRPH FOHDUHU VWUDWLJUDSKLF VLWXDWLRQV LQ WKH VRXWKHDVW DUHD RI
WKHVHWWOHPHQWZKHUHWKHGZHOOLQJFRPSOH[HVRYHQVEUD]LQJVFUDSVZHUHVXSHUSRVHG
ZKLFK IDYRXUHG WKH REVHUYDWLRQ RI WKH IROORZLQJ VWUDWLJUDILF VHTXHQFH WKH 3UH
&XFXWHQL P WKLFN OD\HU ZDV FRYHUHG RQ VRPH SDUWV E\ D P OD\HU
EHORQJLQJWRWKH&XFXWHQL$FXOWXUH7KHIROORZLQJ%URQ]H$JHOD\HUKDVWZROHYHOVD
PWKLFNORZHURQHDQGDPXSSHURQH
7KH3UH&XFXWHQLOHYHOFRQWDLQVJUHDWDGREHIUDJPHQWVZLWKWKLFNSROHVWUDFHV±
UHPDLQV RI VRPH VXUIDFH GZHOOLQJ RI XQFHUWDLQ VKDSH 3RWWHU\ LV UDWKHU VFDUFH PRUH
IUHTXHQWDUHWKHDQLPDOERQHVPDLQO\FDWWOH
7KH ORZHU %URQ]H $JH OHYHO LV GLIIHUHQWLDWHG IURP WKH 1HROLWKLF OD\HU E\ WKH
RYHQVDQGE\OXPSVRIDGREH7KHVHPGLDPHWHUVRPHZKDWURXQGHGRYHQVO\LQJ
www.cimec.ro / www.mncr.ro
GLUHFWO\RQWKHJURXQGZHUHFRYHUHGZLWKDWKLQIULDEOHFUXVW$GREHIUDJPHQWVVRPHRI
WKHPRIODUJHVL]HZHUHIRXQGQHDUWKHRYHQVRQO\WZRRIWKHVHIUDJPHQWVZHUHODLGLQ
DQDQJOHZKLFKDOORZVXVWRLQWHUSUHWWKHPDVSDUWVRIDUHFWDQJXODUVWUXFWXUH
7KH SRWWHU\ VKDSHV DQG GHFRUDWLRQV DW WKLV OHYHO GHILQHG D QHZ %URQ]H $JH
FXOWXUDOSKHQRPHQRQ±WKH&RVWLúDFXOWXUH7KHUHDUHWZRZDUHJURXSVWKHILQHZDUH
ZHOO EXUQW PDGH RI PLFD JUDYHO DQG SRXQGHG VKHUGV ZHUH XVHG DV GHJUHDVLQJ
VXEVWDQFHV WKH FRDUVH ZDUH PRXOGHG LQ D ORRVH PDQQHU IULDEOH ZLWK JUDYHO DV
GHJUHDVLQJ VXEVWDQFHV 7KH ILQH FDWHJRU\ LQFOXGHV WZRKDQGOHG FXSV DQG VWUDLJKW
QHFNHG ELWUXQFDWHG DPSKRUDH KDYLQJ WZR ULEERQ KDQGOHV RQ WKH QHFN RU DW WKH
PD[LPXP GLDPHWHU SRLQW 0RVW RIWHQ WKH ILQH YHVVHOV DUH GHFRUDWHG ZLWK KDWFKHG
WULDQJOHVRQWKHVKRXOGHUDQJXODULQFLVLRQVRUJURXSVRIYHUWLFDOOLQHV7KHWUXQFDWHG
ERZOVUHSUHVHQWVWKHFRDUVHZDUHZLWKWZRWXEXODUKDQGOHVXQGHUWKHULPDQGSRWVZLWK
D VWUDLJKW RU ZLGHRSHQHG ULP 7KH ERZOV DQG WKH SRWV DUH VRPHWLPHV GHFRUDWHG LQ
%HVHQVFWLFKVW\OHIUDJPHQWDU\ULEERQVRUZLWKJURXSVRINQREVDSSOLHGXQGHUWKHULP
7KHXSSHUOHYHOFRQWDLQLQJ0RQWHRUXZDUHFRQVLVWVRQULYHUVWRQHSDYHPHQWV
)HZPGLDPHWHURYHQVZHUHDOVRLGHQWLILHG7KHLUFUXVWOLHVRQDEHGRIVKHUGV
DQGJUDYHO6LQFHWKHUHDUHVRPHFDVHVRIWZRVXSHUSRVLQJRYHQVZHDVVXPHWKDWKHUH
ZHPLJKWKDYHFRPHDFURVVWZRGLIIHUHQW0RQWHRUXOHYHOV)URPWKHWHFKQLFDODVSHFW
YLHZSRLQW WKH 0RQWHRUX SRWWHU\ IURP WKLV OD\HU IDOOV LQWR JURXSV )LUVWO\ WKH ZHOO
EDNHGWKLFNZDOOHGYHVVHOVUHSUHVHQWLQJWKHILQHZDUHWKHPHGLXPFDWHJRU\VHPLILQH
ZDUHKDVJUDYHOLQWKHZHOOEDNHGSDVWHWKHWKLUGFDWHJRU\FRQWDLQVWKHFRDUVHZDUH
RI URXJK DVSHFW 7KH PRVW IUHTXHQWO\ PHW VKDSHV DUH WKH IODUHULPPHG ELWUXQFDWHG
ERZO RU WKH VWUDLJKW ERZOV WKH IXQQHOQHFNHG RYRLG SRWV WZR FXSV ZLWK WZR RYHU
UDLVHG VDGGOHG KDQGOHV WKH RIIHULQJ YHVVHOV WKH DVNRLYHVVHOV 7KH 0RQWHRUX
GHFRUDWLRQVW\OHFRQVLVWVRILQFLVLRQVRUULEVRQYHVVHOVKRXOGHURQWKHKDQGOHVRURQ
WKH ERZO ULP ZKLFK LV VSHFLILF WR WKH 0RQWHRUX ,&,% VWDJHV RI GHYHORSPHQW
$QDO\VLV RI WKH 0RQWHRUX ZDUH DW &RVWLúD GLVSOD\V QR WHFKQLFDO GLIIHUHQFHV EHWZHHQ
WKHYHVVHOVGHFRUDWHGZLWKLQFLVLRQVDQGLQWKHUHOLHIVW\OH
%DVHGRQVWUDWLJUDSKLFDOREVHUYDWLRQVZHFDQDVVXPHWKHUHZDVDFRQWDFWSHULRG
EHWZHHQ WKH &RVWLúD DQG WKH 0RQWHRUX FRPPXQLWLHV EHIRUH DQ HIIHFWLYH SUHVHQFH RI
WKHODWWHURQ&HWăĠXLDGXULQJ0RQWHRUX,&WLPHV7KHVHWZRFXOWXUDOSKHQRPHQDPD\
KDYH EHHQ FRQWHPSRUDQHRXV GXULQJ 0RQWHRUX ,& VWDJH 7KLV DVVXPSWLRQ FDQ EH
VXSSRUWHGE\WKHSUHVHQFHRI0RQWHRUXW\SHKDQGOHVRYHUUDLVHGVDGGOHGRQ&RVWLúD
FXSV GHFRUDWHG ZLWK KDWFKHG WULDQJOHV 6KHUGV ZLWK &RVWLúD GHFRUDWLYH SDWWHUQ ZHUH
IRXQGDW%RJGăQHúWL1ăVWăVHQL5XJLQHúWLZLWKLQ0RQWHRUX,&FRQWH[WKHQFH WKH\
FRQILUPWKHH[LVWHQFHRIDFRQWDFWSHULRGDQGRIDQLPPHGLDWHVXSHUSRVLWLRQ
%LEOLRJUDSK\&0DWDVă&HUFHWăULGLQSUHLVWRULDMXGHĠXOXL1HDPĠLQ%&0,
SILJ$O9XOSH.YRSURVXRSHULRGL]DFLLEURQ]RYRJRYHNDY0ROGDYHLQ
'DFLD 16 9 S $O 9XOSH 0 =DPRúWHDQX 6ăSăWXULOH GH OD &RVWLúD U
%XKXúL UHJ %DFăX LQ 0DWHULDOH 9,,, S $ 3RSHVFX &HUDPLFD FX GHFRU
VWULDW GH OD &RVWLúD úL 'HOHQL LQ $QJXVWLD S *K 'XPLWURDLD&RPXQLWăĠL
SUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQăvQEURQ]XOPLMORFLX3LDWUD
1HDPĠSILJ
$QFD3RSHVFX
www.cimec.ro / www.mncr.ro
&DWDORJXHQRWHV
1R XQGHU WKH KDQGOHV %URZQ 8QSXEOLVKHG 0,317
6PDOODPSKRUD ,QYQR
)LQHZDUH+ FP'P FP%LWUXQFDWHGZLWK
DQ HYHUWHG ULP DQG WZR ULEERQ KDQGOHV 1R 1R
GHFRUDWLRQ %URZQ ZLWK OLJKWHU VSRWV %LEOLRJUDSK\ $PSKRUD
9&DYUXF*K'XPLWURDLDLQ$QJXVWLD3O )LQH ZDUH + FP 'P FP /RQJQHFNHG
;9,,0,317,QYQR3O ELWUXQFDWHG ZLWK WZR ULEERQ KDQGOHV ERWKWKH QHFN
DQGWKHKDQGOHV DUH ULSSHGRII'HFRUDWLRQ URZ RI
1R ORQJLQFLVHGKDWFKHGWULDQJOHVVSOLWE\IRXUJURXSVRI
%RZO YHUWLFDO LQFLVLRQV 'DUNEURZQEODFNLVK ZLWK OLJKWHU
)LQHZDUH+ FP'P FP%LWUXQFDWHGZLWK VSRWV7KHVXUIDFHLVSROLVKHG8QSXEOLVKHG0,317
IRXU WXEXODU KDQGOHV XQGHU WKH ULP 'HFRUDWLRQ D ,QYQR3O
VLPSOH ULE RQ WKH PD[LPXP GLDPHWHU OLQH DQG IRXU
JURXSV RI LQFOLQHG ULEV XQGHU LW %ULFN UHG ZLWK 1R
EURZQLVKVSRWV8QSXEOLVKHG0,317,QYQR &XS
3O )LQH ZDUH + FP 'P FP /RQJQHFNHG
ELWUXQFDWHG ZLWK WZR VOLJKWO\ RYHUUDLVHG ULEERQ
1R KDQGOHV'HFRUDWLRQURZRILQFLVHGKDWFKHGWULDQJOHV
6PDOODPSKRUD RQ WKH YHVVHO VKRXOGHU 8QGHU WKH KDQGOHV YHUWLFDO
)LQH ZDUH + FP 'P FP /RQJQHFNHG LQFLVLRQV UHSODFH WKH WULDQJOHV %URZQ VSRWWHG
ELWUXQFDWHGZLWKWZRULEERQKDQGOHV1RGHFRUDWLRQ %LEOLRJUDSK\ $O 9XOSH 0&$ 9,,, S
%URZQ ZLWK VSRWV 8QSXEOLVKHG 0,317 DQGWKHILJ0,317,QYQR3O
,QYQR3O
1R
1R $PSKRUD
&XS )LQH ZDUH + FP 'P FP /RQJQHFNHG
)LQH ZDUH+ FP'P FP %LWUXQFDWHG ZLWK ELWUXQFDWHG DQG WZR ULEERQ KDQGOHV 'HFRUDWLRQ
WZR RYHUUDLVHG KDQGOHV DQVD OXQDWD 'HFRUDWLRQ URZ RI LQFLVHG KDWFKHG WULDQJOHV RQ WKH VKRXOGHU
URZ RI LQFLVHG KDWFKHG WULDQJOHV RQ WKH VKRXOGHU 2QWKHPD[LPXPGLDPHWHUOLQHIRXUJURXSVRINQREV
DQG YHUWLFDO OLQHV XQGHU WKH KDQGOHV %URZQ ZHUH DSSOLHG %ULFNUHGGLVK ZLWK EURZQ VSRWV
%LEOLRJUDSK\$O9XOSH'DFLD169S 8QSXEOLVKHG0,317,QYQR3O
ILJ,ELG0&$9,,,SDQGWKHILJ
0,317,QYQR3O 1R
&XS
1R )LQH ZDUH + FP 'P FP %LWUXQFDWHG ZLWK
&XS WZR ULEERQ KDQGOHV 'HFRUDWLRQ URZ RI LQFLVHG
)LQHZDUH+ FP'P FP%LWUXQFDWHGZLWK KDWFKHG WULDQJOHV RQ WKH VKRXOGHU %URZQ ZLWK OLJKW
VOLJKWO\ HYHUWHG ULP ZLWK WZR ULEERQ KDQGOHV RI EURZQ VSRWV %LEOLRJUDSK\ $O 9XOSH 'DFLD 16
ZKLFK RQO\ RQH LV SUHVHUYHG 'HFRUDWLRQ URZ RI 9SILJ0,317,QYQR3O
LQFLVHG KDWFKHG WULDQJOHV DQG YHUWLFDO OLQHV /LJKW
EURZQ ZLWK GDUNEURZQVSRWV8QSXEOLVKHG0,317 1R
,QYQR $PSKRUD
)LQH ZDUH + FP 'P FP /RQJQHFNHG
1R ELWUXQFDWHGZLWKWZRULEERQKDQGOHV'HFRUDWLRQURZ
%RZO RI ORQJ KDWFKHG WULDQJOHV RQ WKH VKRXOGHU YHUWLFDO
)LQH ZDUH + FP'P FP7UXQFDWHG ZLWK WZR LQFLVLRQVXQGHU WKH KDQGOHV DQG WZRJURXSV RIVKRUW
VPDOOULEERQKDQGOHVIURPWKHULP'HFRUDWLRQVPDOO LQFLVLRQVXQGHUWKHKDQGOHV%ULFNUHGGLVKZLWKEURZQ
FHOOHG ULEERQ RQ ERWK VLGHV RI WKH KDQGOHV %URZQ VSRWV8QSXEOLVKHG0,317,QYQR3O
ZLWK OLJKWEURZQ VSRWV %RWK VLGHV GLVSOD\ SROLVKLQJ
WUDFHV %LEOLRJUDSK\ $O 9XOSH 0&$ 9,,, S 1R
ILJ0,317,QYQR3O &XS
)LQH ZDUH + FP 'P FP /RQJQHFNHG
1R ELWUXQFDWHG ZLWK WZR ULEERQ KDQGOHV 'HFRUDWLRQ
&XS URZ RI ORQJ KDWFKHG WULDQJOHV YHUWLFDO LQFLVLRQV LQ
)LQHZDUH+ FP'P FP%LWUXQFDWHGZLWK EHWZHHQ %ULFNUHGGLVK ZLWK EURZQ VSRWV
WZRVOLJKWO\RYHUUDLVHGULEERQKDQGOHV'HFRUDWLRQ %LEOLRJUDSK\ $O 9XOSH LQ 'DFLD 16 9 S
URZ RI LQFLVHG KDWFKHG WULDQJOHV DQG WZR LQFLVHG ILJ0,317,QYQR3O
OLQHV DW WKH QHFN PDUJLQ 7KH GHFRUDWLRQ VSOLWV
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
VOLJKWO\ HYHUWHG ULP DQG WZR VOLJKWO\ RYHUUDLVHG GHFRUDWLRQ LV GLYLGHG LQWR IRXU JURXSV RI YHUWLFDO
VDGGOHGKDQGOHV'HFRUDWLRQVWLWFKHVXQGHUWKHULP LQFLVLRQV %URZQ ZLWK OLJKWHU VSRWV &RVWLúD 'HDOXO
DQG DURXQG WKH QHFN URZ RI KDWFKHG WULDQJOHV RQ OXL )LOLS &RVWLúD FRPPXQH 1HDPĠ FRXQW\
WKH VKRXOGHU ERUGHUHG E\ LQFLVHG OLQHV 7KH 8QSXEOLVKHG0,317,QYQR3O
&RWkUJDFLYLOODJH5RPDFRPPXQH%RWRúDQLFRXQW\
7KH$UFKDHRORJLFDO5HSHUWRU\RI%RWRúDQLFRXQW\UHFRUGHGDURXQGWKH&RWkUJDFL
YLOODJH VHYHUDO PRXQGV VLWXDWHG RQ WKH &RWkUJDFL5RPD URDG DQG EHWZHHQ WKH YLOODJH
DQG WKH /D %XFRYLQHQL KDPOHW 7KH PRXQGV ZHUH LQYHVWLJDWHG LQ ZKHQ
JUDYHV ZHUH GLVFRYHUHG ZLWK VNHOHWRQV LQ D FRQWUDFWHG SRVLWLRQ GDWLQJ IURP WKH
WUDQVLWLRQSHULRGIURP1HROLWKLFWRWKH%URQ]H$JHDQGIURPWKH%URQ]H$JHSURSHU,Q
WKHFRQWH[WRIWKLVSDSHUDVSHFLDOUHIHUHQFHVKRXOGEHPDGHWRWKH7DQG77KHVHWZR
WXPXOLIRUPLQJDQLVRODWHGJURXSRIWKHDERYHPHQWLRQHGFHPHWHU\ZHUHUDLVHGHDFKIRU
RQHEXULDO7KHVNHOHWRQVDUHODLGRQWKHLUEDFNDUPVDORQJWKHERG\OHJVFURXFKHGRQ
WKH ULJKW VLGH ± HDFK LQ D UHFWDQJXODU SLW 7KH YHVVHOV DVVRFLDWHG ZLWK WKH WZR EXULDOV
ZHUHDWWULEXWHGDFFRUGLQJWRWKHGHFRUDWLRQWRWKH.RPDURYFXOWXUH
%LEOLRJUDSK\ ( 0RVFDOX 6ăSăWXULOH GH VDOYDUH GH OD &RWkUJDFL FRP 5RPD MXG
%RWRúDQLLQ+LHUDVXV9,,9,,,S
(OHQD5R[DQD0XQWHDQX
&DWDORJXHQRWHV
1R RQ WKH QHFN %URZQ 8QSXEOLVKHG 0-%7 1R LQY
6KHUGVRIWZRFXSVGHFRUDWHGRQWKHVKRXOGHUZLWK QR
URZV RI LQFLVHG KDWFKHG WULDQJOHV DQG ZLWK VWLWFKHV
&UDVQDOHXFDYLOODJH&RĠXúFDFRPPXQH%RWRúDQLFRXQW\
$V D FRQVHTXHQFH RI WKH ILHOG VXUYH\V ZLWKLQ WKH WHUULWRU\ RI WKH &UDVQDOHXFD
YLOODJH D PRXQG ZDV UHFRUGHG DW NP :6: IURP WKH YLOODJH RQ 'HDOXO &RúHULL
$URXQG LW H[FDYDWLRQV ZHUH PDGH DQG IRXU JUDYHV ZLWK FURXFKHG VNHOHWRQV IURP D
%URQ]H $JH FHPHWHU\ ZHUH LGHQWLILHG 7KH YHVVHO IURP * ± D FXS GHFRUDWHG ZLWK
KDWFKHG WULDQJOHV ZLWK WKH SDVWH FRQWDLQLQJ SRXQGHG IOLQW DV GHJUHDVLQJ VXEVWDQFH ±
DORQJ ZLWK WKH SRWWHU\ LQ * ZLWK D VLPLODU SDVWH DOORZHG IRU WKH GDWLQJ RI WKH
QHFURSROLVWRWKH0LGGOH%URQ]H$JHWKH.RPDURYFXOWXUH
1HDUE\RQWKHYLOODJHWHUULWRU\±VLWXDWHGLQDPHDQGHURIWKH3UXW5LYHU±RWKHU
%URQ]H$JHGLVFRYHULHVZHUHUHFRUGHGPDLQO\DVVLJQHGWRWKH1RXDFXOWXUH
%LEOLRJUDSK\ / 'DVFăOX )O %XUWăQHVFX &UDVQDOHXFD MXG %RWRúDQL LQ &&$
%XFXUHúWLS
(OHQD5R[DQD0XQWHDQX
&DWDORJXHQRWHV
1R URZRIKDWFKHGWULDQJOHVRQWKHVKRXOGHU7KHSDVWH
&XS KDVSRXQGHGIOLQWDVGHJUHDVLQJVXEVWDQFH%URZQ
&RDUVH ZDUH + FP 'P FP %LWUXQFDWHG %LEOLRJUDSK\ / 'DVFăOX ) %XUWăQHVFX LQ &&$
ZLWK WZR VOLJKWO\ RYHUUDLVHG ULEERQ KDQGOHV S0-%71RLQYQR3O
GHFRUDWHGRQWKHQHFNZLWKLQFLVHGOLQHVDQGZLWKD
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
)URPWKHHQGRIWKHQG 3UHFXFXWHQLVWDJHXQWLOWKHHQGRIWKH(DUO\%URQ]H$JH
LQWKLVVHFWRUIHZ3UHFXFXWHQLWKH,,,UGVWDJHDQG&XFXWHQLSRWVKHUGVDUHIRXQG
)LUVW WKH %URQ]H $JH OD\HU RFFXSLHG D VXUIDFH RI DERXW [ P WKDW
GLPLQLVKHGLQWLPH7KLVDUHDZDVUHGXFHGDQGWKHVDOWVSULQJZDVLQWHQVHO\H[SORLWHG
7KH VDPH DUHD ZDV UHXVHG DQG WKH RYHQV ZHUH UHEXLOW WKDW LV ZK\ D OHYHO RI P
FRQWDLQLQJDVKFKDUFRDOEXUQLQJSLJPHQWVSRWVKHUGVDQGRYHQVZDVIRUPHGKHUH
7KH LQYHVWLJDWLRQV RQ WKH % VHFWRU DOORZHG XV WR GHWHFW WKH IROORZLQJ
VWUDWLJUDSK\
EHWZHHQ±DQG±POLHVDGHQVH6WDUþHYR&ULúOHYHO
IURP ± P XS WR ± P 3UHFXFXWHQL DQG /LQHDUEDQGNHUDPLN DUWLIDFWV ZHUH
IRXQG
IURP±PXSWR±P3UHFXFXWHQL,,,UGVWDJHSRWVKHUGVDSSHDUHG
EHWZHHQ±PDQG±PDQ(QHROLWKLFOHYHOZLWKDOOWKH&XFXWHQLVWDJHV
WKH OD\HU EHWZHHQ ± P DQG ± P FRQWDLQHG %URQ]H $JH DQG ,URQ $JH
ILQGLQJV
,Q WKH & VHFWRU WKH H[FDYDWLRQV XQFRYHUHG D P GHHS OD\HU ZLWK PRUH /D
7qQHOHYHOV
7KH QHLJKERXULQJ &HWăĠXLD LQKDELWHG E\ VRPH RI WKH FRPPXQLWLHV WKDW
H[SORLWHG WKH VDOW VSULQJ DW 3RLDQD 6ODWLQHL VLWXDWHG RQ WKH WHUULWRU\ RI WKH 2JOLQ]L
YLOODJHDWDERXWNPSOD\HGDQLPSRUWDQWGHIHQVLYHSDUWGXULQJWKH%URQ]H$JH7KLV
LV GHPRQVWUDWHG E\ WKH H[LVWHQFH RI WKH GHIHQFH GLWFK VXEVHTXHQW WR WKH (QHROLWKLF
OD\HU DQG GDWHG EDVHG RQ VRPH 0LGGOH %URQ]H $JH SRWWHU\ IUDJPHQWV 7KH %URQ]H
$JHFRPPXQLW\WRRNDGYDQWDJHRIWKHILHOGVWUXFWXUHGLJJLQJDPZLGHGLWFKRQ
WKH VRXWKHUQ VORSH RI WKH &HWăĠXLD RQ WKH VDGGOH OLQNLQJ WKH SODWHDX ZLWK WKH
SURPRQWRU\LQRUGHUWRHQVXUHWKHVXUYH\RIWKHVDOWVSULQJDQGRIDODUJHUWHUULWRU\
E7KHVWUDWLJUDSK\RIWKH%URQ]H$JHOD\HU
7KH OD\HU IURPWKH QDWXUDO PRXQGLQ VHFWRU $ FRQVLVWV RIIRXUOHYHOV WKUHH RI
WKHPEHORQJLQJWRWKH%URQ]H$JH
$WDPGHSWKDERYHWKH\HOORZVRLO±ZLWKRXWDUFKDHRORJLFDOWUDFHV±DWKLFN
EURZQJUH\OHYHOZDVGLVFRYHUHGZKLFKFRQWDLQV6WDUþHYR&ULúDQG3UHFXFXWHQL,,QG
VWDJHSRWWHU\
7KHILUVWGHQVHOHYHORIPWKLFNQHVVKDVDJUH\UHGGLVKFRORXU,WVHHPVWKDW
WKH EXUQLQJ OHQV FRYHULQJ VHYHUDO PHWUHV WKH DVK DQG WKH FKDUFRDO KDG FKDQJHG WKH
FRORXURIWKHOHYHODOWKRXJKWKHSRWWHU\LWVHOIKDVDUHGGLVKWRQH7KHYHVVHOVIURPWKLV
OHYHO ± UHPDLQV RI RYHQV ZLWKRXW D ZHOO GHILQHG VWUXFWXUH ZKLFK ZHUH GLVFRYHUHG
PDLQO\ DURXQG WKH EXUQLQJ DQG DVK ORDGV ± FDQ EH GDWHG WR WKH ,,QG VWDJH RI WKH
.RPDURYFXOWXUHWKHFORVHVWDQDORJLHVEHLQJIRXQGDW0LKRYHQLDQG&RUOăWHQL
7KHIROORZLQJOHYHODERXWDQGPWKLFNZDVQRWHGRZLQJWRLWVJUH\
UHGGLVK FRORXU DQG WR WKH ZDUH GHFRUDWHG ZLWK KDWFKHG WULDQJOHV $OWKRXJK LW LV QRW
SRVVLEOHWRVSHDNRIUHDORYHQVWKHUHDUHWUDFHVRIRSHQS\UHV±DUHDVZLWKEODFNRUUHG
EXUQHG VRLO ± URXQGHG E\ SRWVKHUGV 7KH VHFRQG OHYHO DW /XQFD FDQ EH DVVLJQHG RQ
W\SRORJLFDOEDVLVWRDODWHU.RPDURYR,,QGVWDJH
www.cimec.ro / www.mncr.ro
2YHUWKLVOD\HUDQRWKHUOHYHOZDVIRUPHGJUH\PWKLFNFRQWDLQLQJ
,,,UG VWDJH .RPDURY 1RXD ZDUH ,Q D FHQWUDO DUHD WKUHH SLOHV RI IODW VWRQHV ZHUH
IRXQG ZLWK RYHU P GLDPHWHU ZKLFK ZH FRQVLGHU DV RYHQV 2Q WKH IODW VWRQHV DQG
DURXQGWKHPDODUJHPDVVRIDVKZDVGLVFRYHUHGUHGEXUQLQJDQGFKDUFRDOVRPHWLPHV
LQDFRPSDFWOD\HUUHVHPEOLQJDURXJKFDVW1HDUWKHILUVWRYHQDSLWPGLDPHWHU
DQGPGHHSZDVLGHQWLILHGFRDWHGZLWK\HOORZFOD\ILOOHGZLWK1RXDSRWVKHUGV
7KHVHFRQGFRPSOH[9RI PLQGLDPHWHUZDVPXFKPRUHFRPSDFWDQG
ZDVVXUURXQGHGE\IUDJPHQWVRIDEDNHGFOD\EHG7KLVODVWRYHQVHHPVWRKDYHXVHG
IRUDORQJHUWLPHDVWKHJUHDWDPRXQWRIDVKDQGSRWWHU\DVVRFLDWHGZLWKLWSURYHV7KH
WKLUGRYHQVLPLODUWRWKHILUVWWZRZDVSULRUWRWKRVH$URXQGLWZDVDPDVVHGDJUHDW
DPRXQWRIDVKDQGSRWVKHUGV
,W LV UHPDUNDEOH WKDW QHLWKHU RI WKH OD\HUV FRQWDLQHG XVXDO DUWLIDFWV IRU D
VHWWOHPHQW ZKLFK VKRZV WKDW WKH VLWH DW /XQFD ZDV QRW D UHJXODU VHWWOHPHQW EXW D
VSHFLDOSODFHIRUH[SORLWLQJVDOWUHVRXUFHV
)LQDOO\ WKH OD\HU RYHU WKH %URQ]H $JH OHYHOV JUH\LVKEODFN DQG P
WKLFNFRQWDLQHG&RUOăWHQLDQG&DQOLDSRWWHU\$SLWZDVDOVRGLVFRYHUHGDWWKLVOHYHO
7KH FXUUHQW JUH\LVKEODFN SODQW VRLO FRQWDLQV YHVVHOV IURP WKH ,URQ $JH DQG
IURPWKHWKWKFHQWXULHV
7KHSRWWHU\IURPWKHVHFRQGOHYHODW/XQFDWKHPLGGOHVL]HGYHVVHOV±PRVWRI
DOO ZLWK WZR KDQGOHV GHFRUDWHG ZLWK KDWFKHG XSZDUG SRLQWHG WULDQJOHV WULDQJOHV LQ
)XUFKHQVWULFK VW\OH ± LV REYLRXVO\ OLQNHG WR WKH .RPDURY ILQGLQJV ODWHU WKDQ WKH
GLVFRYHULHVDW&RVWLúD
%LEOLRJUDSK\ *K 'XPLWURDLD 'HSXQHULOH QHRHQHROLWLFH GH OD /XQFD úL 2JOLQ]L MXG
1HDPĠLQ0HP$QWLT;,;S,ELG&RPXQLWăĠLSUHLVWRULFHGLQQRUGHVWXO5RPkQLHL
'HODFXOWXUD&XFXWHQLSkQăLQEURQ]XOPLMORFLX3LDWUD1HDPĠSILJ
*KHRUJKH'XPLWURDLD
&DWDORJXHQRWHV
1R 1R
6KHUG IURPDODUJHYHVVHODPSKRUD "GHFRUDWHG )UDJPHQW RI D ODUJH SRW ZLWK HYHUWHG IODUHG ULP
RQWKHVKRXOGHUZLWK³RPHJD´VLJQV%URZQ/ GHFRUDWHGXQGHUWKHULPZLWKURZVRIORQJWULDQJXODU
FP O FP 8QSXEOLVKHG 0,317 ,QYQR VWLWFKHVDQGZLWKOLQHVLQ)XUFKHQVWULFKVW\OH%URZQ
3O GDUNHU LQVLGH / FP O FP 8QSXEOLVKHG
0,317,QYQR3O
1R
6KHUG RI D ODUJH ELWUXQFDWHG YHVVHO ZLWK ORQJ 1R
HYHUWHGIODUHGULPQHFN,WKDVDVPDOOKDQGOHRQWKH )UDJPHQW RI D ULEERQ KDQGOH GHFRUDWHG ZLWK WZR
QHFN DQG D VLPSOH ULEERQ %URZQ EURZQLVKEODFN URZV RI ³ILU WUHHV´ %URZQ / FP O FP
LQVLGH EHDUV SROLVKLQJ WUDFHV / FP O FP 8QSXEOLVKHG0,317,QYQR3O
'J FP8QSXEOLVKHG0,317,QYQR
1R
1R 6KHUG RI D YHVVHO ZLWK WUXQFDWHG QHFN GHFRUDWHG
)UDJPHQW RI D ODUJH SRW 'J FP ZLWK D XQGHUWKHULPDQGRQWKHQHFNZLWKVHYHUDOURZVRI
VOLJKWO\ HYHUWHG QHFN DQG HYHUWHG IODUHG ULP 7KH VWLWFKHV DQG ZLWK LQFLVHG KDWFKHG WULDQJOHV %URZQ
RUQDPHQW FRQVLVWV RI D URZ RI LQFLVLRQV EURNHQ RII / FP O FP 8QSXEOLVKHG 0,317 ,QY QR
E\YHUWLFDO³ILUWUHHV´%URZQEURZQLVKEODFNLQVLGH 3O
/ FP O FP 8QSXEOLVKHG 0,317
,QYQR 1R
6KHUGIURPDJOREXODUYHVVHOGHFRUDWHGZLWKDURZRI
www.cimec.ro / www.mncr.ro
LQFLVHGKDWFKHGWULDQJOHVDQGZLWKLQFLVHGVWLWFKHVRQ DORQJQHFNDQGVOLJKWO\HYHUWHGULP8QGHUWKHULPDQG
WKHQHFN%URZQSROLVKHGVXUIDFH/ FPO FP RQ WKH QHFN WKHUH LV D URZ RI LQFOLQHG VWLWFKHV DQG
8QSXEOLVKHG0,317,QYQR3O LQFLVHGWULDQJOHVRQWKHVKRXOGHU%URZQ/ FPO
FP8QSXEOLVKHG0,317,QYQR3O
1R
)UDJPHQW RI D SRW ZLWK D KRUL]RQWDO JUDE ZLWK WZR 1R
KROHV ,W LV GHFRUDWHG ZLWK D VLPSOH ULEERQ %URZQ 6KHUG IURP DQ HYHUWHG IODUHG ULP SRW GHFRUDWHG ZLWK
GDUNHULQVLGH/ FPO FP%LEOLRJUDSK\*K WZR LQFLVHG OLQHV %URZQ EODFN LQVLGH / FP
'XPLWURDLD &RPXQLWăĠL« ILJ 0,317 O FP8QSXEOLVKHG0,317,QYQR3O
,QYQR3O
1R
1R 6KHUGIURPDQHYHUWHGIODUHGULPSRW7KHIUDJPHQW
6KHUG IURP D ELWUXQFDWHG JOREXODU" YHVVHO LVGHFRUDWHGXQGHUWKHULPZLWKDURZRIOLQHDUDQG
GHFRUDWHG ZLWK WZR NQREV DQG DQ ³RPHJD´VLJQ VHPLFLUFXODULQFLVLRQVDQGZLWKVWLWFKHV%URZQ ZLWK
%URZQ / FP O FP 8QSXEOLVKHG 0,317 GDUNHU VSRWV / FP O FP 8QSXEOLVKHG
,QYQR3O 0,317,QYQR3O
1R 1R
6KHUG IURP D ELWUXQFDWHG YHVVHO ZLWK D KRWL]RQWDO )UDJPHQWRIDSRWZLWKDVOLJKWO\IXQQHOOHGQHFNDQG
JUDEZLWKWZRKROHVLQLW7KHGHFRUDWLRQFRQVLVWVRID HYHUWHG ULP GHFRUDWHG RQ WKH QHFN ZLWK D URZ RI
URZ RI VWLWFKHV %URZQ ZLWK GDUNHU VSRWV / FP LQFLVLRQV DQG D YHUWLFDO ULE %URZQ EURZQLVKJUH\
O FP%LEOLRJUDSK\*K'XPLWURDLD&RPXQLWăĠL LQVLGH / FP O FP 8QSXEOLVKHG 0,317
ILJ0,317,QYQR3O ,QYQR3O
1R 1R
)UDJPHQW RI D SRW GHFRUDWHG ZLWK D VLPSOH ULEERQ 6KHUG IURP WKH XSSHU SDUW RI D ODUJH SRW 'J
DQG ZLWK URZV RI LQFLVLRQV DQG VWLWFKHV %URZQ FP ZLWK DQ HYHUWHG ULP GHFRUDWHG RQ WKH QHFN
/ FP O FP 8QSXEOLVKHG 0,317 ZLWK WZR VLPSOH ULEERQV %URZQ / FP O
,QYQR3O FP8QSXEOLVKHG0,317,QYQR3O
1R 1R
)UDJPHQWIURPDSRWZLWKVWUDLJKWULP8QGHUWKHULP )UDJPHQW RI D JOREXODU YHVVHO ZLWK VWUDLJKW ULP
WKHUH LV D KRUL]RQWDO JUDE ZLWK WZR KROHV LQ LW GHFRUDWHGRQWKHVKRXOGHUZLWKDURZRILQFLVLRQVDQG
VXUURXQGHG E\ LQFLVHG OLQHV %URZQ / FP O OLQHVLQ)XUFKHQVWULFKVW\OH/LJKWEURZQGDUNLQVLGH
FP8QSXEOLVKHG0,317,QYQR3O EHDUV SROLVKLQJ WUDFHV / FP O FP 'J
FP8QSXEOLVKHG0,317,QYQR3O
1R
6KHUG RI D SRW ZLWK HYHUWHG IODUHG ULP 7KH YHVVHO 1R
KDGDULEERQKDQGOHQRZEURNHQ'HFRUDWLRQURZV 7ZR FXS VKHUGV GHFRUDWHG ZLWK LQFLVLRQV KDWFKHG
RI VWLWFKHV LQ)XUFKHQVWULFK VW\OHXQGHUWKHULP2Q WULDQJOHV DQG KRUL]RQWDO OLQHV FRYHU WKH HQWLUH
WKH XSSHU SDUW RI WKH ULP DQG RQ WKH KDQGOH WKH VXUIDFH[FP[FP8QSXEOLVKHG
IUDJPHQW ZDV GHFRUDWHG LQ WKH VDPH PDQQHU ZLWK 0,317,QYQR3O
]LJ]DJV %URZQ / FP O FP 8QSXEOLVKHG
0,317,QYQR3O 1R
5LEERQKDQGOHGHFRUDWHGZLWKOLQHVRILQFLVLRQVDQG
$QRWKHU VKHUG IURP WKLV YHVVHO ZDV DOVR UHFRUGHG ZLWKURZRIVWLWFKHV%ULFNUHGGLVKZLWKEURZQVSRWV
GHJUDGHG E\ WKH VHFRQGDU\ EXUQLQJ / FP O / FP O FP 8QSXEOLVKHG 0,317
FP %LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL ,QYQR3O
ILJ0,317
1R
1R )UDJPHQW RI DQ HYHUWHG IODUHG ULP SRW RU ERZO
)UDJPHQW RI D ERZO ZLWK D KRUL]RQWDO KDQGOH RQ WKH GHFRUDWHG ZLWK URZV RI UHFWDQJXODU VWLWFKHV %URZQ
PD[LPXPGLDPHWHUSRLQWDQGZLWKD]LJ]DJRUQDPHQW EULFNUHGGLVK LQVLGH / FP O FP
LQ )XUFKHQVWULFK VW\OH %URZQ / FP O FP 8QSXEOLVKHG0,317,QYQR3O
8QSXEOLVKHG0,317,QYQR3O
1R
1R 6KHUG RI DQ HYHUWHG ULP SRW 7KH YHVVHO ZDV
6KHUGRIDQHYHUWHGIODUHGULPSRWGHFRUDWHGRQWKH GHFRUDWHG XQGHU WKH ULP ZLWK VXFFHVLYH URZV RI
XSSHUSDUW ZLWKVKRUWLQFLVLRQV%URZQ/ FPO LQFLVHG UKRPEL DQG KDWFKHG WULDQJOHV %URZQ
FP8QSXEOLVKHG0,317,QYQR3O GDUNHULQVLGH/ FPO FP%LEOLRJUDSK\*K
'XPLWURDLD &RPXQLWăĠL ILJ 0,317
1R ,QYQR3O
6KHUGIURPWKHXSSHUSDUWRIDKHPLVSKHULFDOFXSZLWK
www.cimec.ro / www.mncr.ro
1R 1R
)UDJPHQWRIDQDPSKRUD' FPGHFRUDWHGRQ )UDJPHQWRIDWUXQFDWHGYHVVHOZLWKDQHYHUWHGULP
WKH VKRXOGHU ZLWK KDWFKHG UKRPEL %URZQ / GHFRUDWHG XQGHU LW ZLWK D URZ RI KDWFKHG WULDQJOHV
FP O FP8QSXEOLVKHG0,317 ,QYQR %URZQ GDUNHU LQVLGH / FP O FP
3O %LEOLRJUDSK\*K'XPLWURDLD&RPXQLWăĠLS
ILJ0,317,QYQR3O
1R
)UDJPHQWIURPDFXSZLWKDVOLJKWO\HYHUWHGULPDQG 1R
PRVW OLNHO\ZLWK RYHUUDLVHGKDQGOHV 8QGHUWKHULP 6KHUGIURPDODUJHELWUXQFDWHGYHVVHO'P DSUR[
WKH YHVVHO ZDV GHFRUDWHG ZLWK URZV RI LQFOLQHG FP DPSKRUD" GHFRUDWHG RQ WKH VKRXOGHU
VWLWFKHVDQGZLWKLQFLVHGKDWFKHGWULDQJOHV%URZQ ZLWK D URZ RI ORQJ VWLWFKHV DQG ZLWK LQFLVHG OLQHV
/ FP O FP 8QSXEOLVKHG 0,317 ,QY QR %URZQ / FP O FP 8QSXEOLVKHG0,317
3O ,QYQR3O
1R 1R
6KHUGIURPWKHULPRIDSRWHYHUWHGIODUHG2QWKH +DQGOHRIDPLGGOHVL]HGDPSKRUDZLWKDORQJQHFN
QHFN WKH SRW ZDV GHFRUDWHG ZLWK D URZ RI URXQG DQGDQHYHUWHGULP7KHKDQGOHLVVOLJKWO\RYHUUDLVHG
VWLWFKHVDQGVKDOORZ ZLGHLQFLVHGOLQHV%URZQ ZLWK GHFRUDWHG ZLWK LQFLVLRQV %URZQ / FP O FP
EODFN VSRWV / FP O FP 8QSXEOLVKHG %LEOLRJUDSK\*K'XPLWURDLD&RPXQLWăĠLILJ
0,317,QYQR3O ,QYQR3O
1R 1R
6KHUGIURPDPLGGOHVL]HGVWUDLJKWQHFNHGSRWZLWK 6KHUG IURP WKH QHFN RI D ELWUXQFDWHG YHVVHO
DVPDOOULEERQKDQGOHVRQWKHQHFN1RGHFRUDWLRQ GHFRUDWHG ZLWK D ULEERQ DQG ZLWK D URZ RI LQFOLQHG
%URZQ 'P FP 8QSXEOLVKHG 0,317 VWLWFKHV %ULFNUHGGLVK ZLWK JUH\LVKEURZQ VSRWV
,QYQR3O LQVLGH / FP O FP 8QSXEOLVKHG 0,317
,QYQR3O
1R
)UDJPHQW IURP WKH XSSHU SDUW RI D ODUJH FXS ZLWK 1R
RYHUUDLVHGULEERQKDQGOHV7KHGHFRUDWLRQFRQVLVWV )UDJPHQWRIDIXQQHOQHFNHGSRWGHFRUDWHGRQWKH
RI VWLWFKHV DQG LQFLVLRQV %URZQ ZLWK GDUNHU VSRWV HYHUWHG ULP ZLWK ]LJ]DJ LQFLVLRQV %URZQ JUH\LVK
DQGZLWKVHFRQGDU\EXUQLQJWUDFHV/ FPO FP EURZQ LQVLGH EHDUV SROLVKLQJ WUDFHV / FP O
8QSXEOLVKHG0,317,QYQR3O FP0,317,QYQR3O
1R 1R
6KHUG RI D YHVVHO ZLWK HYHUWHG ULP GHFRUDWHG ZLWK )UDJPHQW RI D FXS GHFRUDWHG ZLWK LQFLVHG KDWFKHG
VWLWFKHV DQG LQFLVLRQV / FP O FP %URZQ UKRPEL %URZQ / FP O FP %LEOLRJUDSK\
%LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL *K 'XPLWURDLD &RPXQLWăĠL ILJ
ILJ0,317,QYQR3O 0,317,QYQR3O
1R 1R
6KHUG RI DODUJH SRW 'J FP ZLWK DQHYHUWHG 6KHUGRIDIODUHGULPERZOGHFRUDWHGZLWKDURZRI
ULP 2Q WKH QHFN WKHYHVVHO ZDV GHFRUDWHG ZLWK D KDWFKHG XSZDUGSRLQWHG WULDQJOHVXQGHUWKLV URZ D
FHOOULEERQ%URZQ/ FPO FP8QSXEOLVKHG VLPLODU RQH VHHPV WR IROORZ %ULFNUHGGLVK ZLWK
0,317,QYQR3O EURZQ VSRWV / FP O FP %LEOLRJUDSK\ *K
'XPLWURDLD &RPXQLWăĠL ILJ 0,317
1R ,QYQR3O
6KHUG IURP WKH HYHUWHG ULP RI D PLGGOHVL]HG SRW
ZLWKDULEERQKDQGOH7KHKDQGOHZDVGHFRUDWHGZLWK 1R
LQFLVLRQV D URZ RI SDUDOHOO LQFLVLRQV RQ WKH QHFN 6KHUG RI D ELWUXQFDWHG JOREXODU YHVVHO ZLWK D
*UH\LVKEURZQ EODFN LQVLGH / FP O FP VWUDLJKWQHFNGHFRUDWHGXQGHUWKHULPZLWKDURZRI
%LEOLRJUDSK\*K'XPLWURDLD&RPXQLWăĠLILJ KDWFKHG WULDQJOHV LQ )XUFKHQVWULFK VW\OH %URZQ
0,317,QYQR3O / FP O FP 'J FP %LEOLRJUDSK\ *K
'XPLWURDLD &RPXQLWăĠL ILJ
1R 0,317,QYQR3O
)UDJPHQW IURP WKH XSSHU SDUW RI D ODUJH SRW
'J DSUR[ FP ZLWK DQ HYHUWHG ULP GHFRUDWHG 1R
XQGHU WKH ULP ZLWK D URZ RI VWLWFKHV %ULFNUHGGLVK 6KHUGIURPWKHORZHUSDUWRIDQDPSKRUDGHFRUDWHG
EURZQLVKEODFN LQVLGH / FP O FP ZLWKYHUWLFDOURZVRIVWLWFKHVDQGLQFLVLRQV*UH\LVK
8QSXEOLVKHG0,317,QYQR3O EURZQ ZLWK EULFNUHGGLVK VSRWV / FP O FP
'I FP8QSXEOLVKHG0,317,QYQR
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
1R FP8QSXEOLVKHG0,3171RLQY3O
)UDJPHQWIURPWKHXSSHUSDUWRI DMDUGHFRUDWHGD
WKH QHFN EDVH ZLWKREOLTXH ZLGH LQFLVLRQV DQG ZLWK 1R
VWLWFK URZV /LJKW EURZQ + FP O FP )UDJPHQWIURPDELWUXQFDWHGYHVVHOMDU"JOREXODU"
8QSXEOLVKHG0,317,QYQR3O ZLWK D VOLJKWO\ HYHUWHG ULP GHFRUDWHG RQ WKH QHFN
ZLWK DQ XQHYHQ LQFLVLRQ UHJLVWHU /LJKW EURZQ +
1R FP O FP 8QSXEOLVKHG 0,317 1R
)UDJPHQW IURP WKH XSSHU SDUW RI D MDU ZLWK DOPRVW LQY3O
VWUDLJKW ZDOOV GHFRUDWHG EHORZ WKH ULP ZLWK D FHOO
JLUGOHDQGRQWKHULPZLWKREOLTXHFXWV/LJKWEURZQ 1R
+ FP O FP 8QSXEOLVKHG 0,317 ,QY QR )UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP
3O GHFRUDWHGRQWKHQHFNZLWKDQLQFLVHGOLQHUHJLVWHU
%ODFN+ FPO FP8QSXEOLVKHG0,3171R
1R LQY3O
)UDJPHQW IURP WKH XSSHU SDUW RI D MDU ZLWK DOPRVW
VWUDLJKWZDOOVKDYLQJDKRUL]RQWDOKROGLQJGHYLFHZLWK 1R
WZR SHUIRUDWLRQV EHORZ WKH ULP /LJKW EURZQ + )UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP
FPO FP8QSXEOLVKHG0,317,QYQR GHFRUDWHG RQWKH QHFN ZLWK DQ LQFLVHG OLQH UHJLVWHU
DQG ZLWK YHUWLFDOO\ VWLWFKHG OLQHV /LJKW EURZQ ZLWK
1R EULFNUHGGLVK VSRWV + FP O FP
)UDJPHQW IURP WKH XSSHU SDUW RID MDU ZLWK VOLJKWO\ 8QSXEOLVKHG0,3171RLQY3O
HYHUWHG HGJH GHFRUDWHG RQ WKH QHFN ZLWK DQ
LQFLVHG OLQH UHJLVWHU DQG ZLWK YHUWLFDOO\ VWLWFKHG 1R
OLQHV'DUNEURZQ+ FPO FP8QSXEOLVKHG )UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP
0,317,QYQR3O GHFRUDWHGRQWKHQHFNZLWKDQLQFLVHGOLQHUHJLVWHU
/LJKW EURZQ + FP O FP 8QSXEOLVKHG
1R 0,3171RLQY
&HUDPLF IUDJPHQW IURP D WXOLSVKDSHG QHFN YHVVHO
IURP WKH VW OD\HU )LQH ZDUH ZHOO EDNHG %ULFN 1R
UHGGLVKJUH\ 'HFRUDWHG ZLWK KRUL]RQWDO LQFLVLRQV )UDJPHQW IURP D MDU ZLWK LQYHUWHG ULP GHFRUDWHG
EHORZ WKH ULP 7KH XSSHU HGJH RI WKH YHVVHO ZDV LPPHGLDWHO\ EHORZ ZLWK D FHOO JLUGOH /LJKW EURZQ ZLWK
IDFHWHG EHDUV D IDLUO\ GHHS FKDQQHO RQ WKH LQVLGH EULFNUHGGLVK VSRWV + FP O FP 8QSXEOLVKHG
%LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL S 0,3171RLQY3O
ILJ0,317,QYQR3O
1R
1R )UDJPHQWIURPDWUXQFDWHGERZOZLWKIDFHWHGHGJH
)UDJPHQWIURPWKHXSSHUSDUWRIDMDUZLWKHYHUWHG ZLWKDKRUL]RQWDOKROGLQJGHYLFHEHORZWKHULP/LJKW
QHFNDQGIODWWHQHGULPWKLFNHQHGGHFRUDWHGRQWKH EURZQ + FP O FP 8QSXEOLVKHG 0,317
QHFNZLWKWZRUHOLHIYHLQV/LJKWEURZQ+ FPO 1RLQY3O
FP8QSXEOLVKHG0,317,QYQR3O
1R
1R )UDJPHQW IURP D MDU ZLWK HYHUWHG WKLFNHQHG ULP
)UDJPHQW IURP D MDU ZLWK D OLJKWO\ HYHUWHG ULP GHFRUDWHG RQ WKH QHFN ZLWK UHOLHI OLQH %ULFN UHG
WKLFNHQHG GHFRUDWHG RQ WKH QHFN ZLWK DQ LQFLVHG + FP O FP 8QSXEOLVKHG 0,317 ,QY QR
OLQH UHJLVWHU *UH\ ZLWK EURZQ VSRWV + FP 3O
O FP8QSXEOLVKHG0,317,QYQR
1R
1R )UDJPHQW IURP D MDU ZLWK VOLJKWO\ HYHUWHG ULP
)UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP GHFRUDWHG RQ WKH QHFN ZLWK D YHUWLFDO YHLQ DQG D
GHFRUDWHGRQWKHQHFNZLWKDQLQFLVHGOLQHUHJLVWHU JLUGOHDW LWVEDVH /LJKW EURZQ ZLWK EURZQLVKVSRWV
/LJKW EURZQ + FP O FP 8QSXEOLVKHG + FP O FP 8QSXEOLVKHG 0,317 1R
0,3171RLQY3O LQY3O
1R 1R
)UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP )UDJPHQW IURP D MDU ZLWK D VOLJKWO\ HYHUWHG ULP
GHFRUDWHGEHORZWKHULPZLWKDURZRISHUIRUDWLRQVDQG GHFRUDWHG RQ WKH QHFN ZLWK D VLPSOH UHOLHI JLUGOH
RQWKHQHFNZLWKDYHLQ%ULFNUHG+ FPO FP /LJKW EURZQ ZLWK EURZQLVK VSRWV + FP O
8QSXEOLVKHG0,317,QYQR3O FP8QSXEOLVKHG0,3171RLQY3O
1R 1R
)UDJPHQWIURPDELWUXQFDWHGYHVVHOZLWKVWUDLJKWHGJH )UDJPHQW IURP D JOREXODU YHVVHO GHFRUDWHG EHORZ
ZLWK D ULEERQ KDQGOH RQ WKH QHFN GHFRUDWHG ZLWK D WKHULPZLWKDVWLWFKURZDQGDUHJLVWHUZLWKLQFLVLRQV
UHOLHI OLQH DW WKH QHFN EDVH %ULFN UHG + FP O RQWKHQHFNIURPEHORZZKLFKVWDUWVDWULDQJOHURZ
www.cimec.ro / www.mncr.ro
/LJKW EURZQ + FP O FP 8QSXEOLVKHG VKRXOGHU ZLWK LQFLVHG KDWFKHG WULDQJOHV DQG ZLWK
0,3171RLQY3O VWLWFKURZV/LJKWEURZQZLWKGDUNEURZQVSRWV+
FPO FP8QSXEOLVKHG0,3171RLQY
1R
)UDJPHQW IURP D FXS GHFRUDWHG DW WKH QHFN EDVH 1R
ZLWKLQFLVHGOLQHV DQGDVWLWFK UHJLVWHUDQG KDWFKHG )UDJPHQW IURP D YHVVHO FXS" GHFRUDWHG ZLWK D
WULDQJOHV RQ WKH VKRXOGHU /LJKW EURZQ + FP UHOLHI OLQH DQG WZR VWLWFK URZV /LJKW EURZQ +
O FP8QSXEOLVKHG0,3171RLQY FP O FP 8QSXEOLVKHG 0,317 1R LQY
3O
1R
)UDJPHQWIURPDFXSGHFRUDWHGRQWKHQHFNZLWKD 1R
YHUWLFDO VWLWFK UHJLVWHU DQG ZLWK ³ILUWUHHV´ RQ WKH )UDJPHQW IURP D MDU ZLWK D ULEERQ KDQGOH RQ WKH
VKRXOGHU /LJKW EURZQ + FP O FP QHFN GHFRUDWHG DW WKH QHFN EDVH ZLWK VWLWFK URZV
8QSXEOLVKHG0,3171RLQY3O /LJKW EURZQEURZQLVK + FP O FP
8QSXEOLVKHG0,3171RLQY3O
1R
)UDJPHQWIURP D FXSGHFRUDWHG XQGHU WKH ULP ZLWK 1R
KDWFKHG WULDQJOH URZV DQG LQFLVLRQV DW WKH QHFN &HUDPLFIUDJPHQWIURPWKHQHFNRIDPHGLXPVL]HG
EDVH *UH\EURZQLVK + FP O FP YHVVHOZLWKIDFHWHGHGJH'HFRUDWHGLQ%HVHQVWULFK
8QSXEOLVKHG0,3171RLQY3O VW\OHLPPHGLDWHO\EHORZWKHULPWKLVURZDOWHUQDWHV
ZLWK D VLPSOH VWLWFK URZ DW WKH QHFN EDVH DV ZHOO
1R 7KH XSSHU SDUW RI WKH ULP LV LGHQWLFDOO\ GHFRUDWHG
)UDJPHQW IURP D FXS GHFRUDWHG ZLWK KDWFKHG %HVHQVWULFKLQ]LJ]DJ/LJKWEURZQ+ FPO
WULDQJOHV RQ WKH VKRXOGHUV DQG LQFLVLRQV DQG VWLWFK FP8QSXEOLVKHG0,317,QYQR3O
URZV/LJKWEURZQ+ FPO FP8QSXEOLVKHG
0,3171RLQY3O 1R
&HUDPLF IUDJPHQW IURP D WXOLSVKDSHG YHVVHO SRW
1R RULJLQDWLQJ LQ WKH VW OD\HU )LQH ZDUH %ULFN UHG
)UDJPHQW IURP D MDU GHFRUDWHG ZLWK D VWLWFK URZ JUH\LVK 2Q WKH YHVVHO QHFN KRUL]RQWDO SDUDOOHO
EHORZ WKH ULP %ULFN UHG + FP O FP OLQHG ZHUH LQFLVHG 8QSXEOLVKHG 0,317 1R LQY
8QSXEOLVKHG0,3171RLQY3O 3O
1R 1R
)UDJPHQWIURPDMDUGHFRUDWHGZLWKDQLQFLVLRQDQG &HUDPLF IUDJPHQW OLNHO\ WR RULJLQDWH IURP D URXQG
VWLWFK UHJLVWHU /LJKW EURZQJUH\LVK + FP O ERGLHGFXSPDGHRIEDNHGSDVWHEULFNUHGJUH\LVK
FP8QSXEOLVKHG0,3171RLQY3O GHFRUDWHGZLWK KRUL]RQWDO LQFLVLRQVDQG GRWV RQWKH
QHFN DQG JDUODQGV EHORZ WKHQ 8QSXEOLVKHG
1R 0,3171RLQY3O
)UDJPHQWIURPDODUJHVL]HGFXSGHFRUDWHGRQWKH
0LKRYHQLYLOODJHùFKHLDFRPPXQH6XFHDYDFRXQW\
7KH VHWWOHPHQW DW 0LKRYHQL&DKOD 0RULL ZDV GLVFRYHUHG LQ E\ 0LUFHD
,JQDW'DQ/ăFăWXúXDQG$GULDQ0XUDUX'XULQJWKHODVW\HDUVILYHH[FDYDWLRQVDQG
VHYHUDOILHOGUHVHDUFKFDPSDLJQVZHUHPDGHLHLQDQG
7KHVHWWOHPHQWDW&DKOD0RULLLVVLWXDWHGDORQJWKH$FRXQW\URDGEHWZHHQ
WKHùFKHLDDQGWKH0LKRYHQLYLOODJHVRQWKHXSSHUULJKWWHUUDFHRIWKH6XFHDYD5LYHU
RFFXS\LQJKHFWDUHV7KHUHVXOWRIWKHDUFKDHRORJLFDOUHVHDUFKZDVWKHGLVFRYHU\RI
D PXOWLSOH VWUDWD VHWWOHPHQW ± IURP SUHKLVWRULF WLPHV XQWLO PHGLHYDO WLPHV 7UDFHV RI
KXPDQ DFWLYLW\ IURP WKH 8SSHU 3DOHROLWKLF *UDYHWWLDQ WKH 1HROLWKLF
/LQHDUEDQGNHUDPLF 3UHFXFXWHQL ,,,UG VWDJH &XFXWHQL % DQG % WKH 7UDQVLWLRQ
3HULRG +RURGLúWHD(UELFHQL FXOWXUH WKH %URQ]H $JH .RPDURY FXOWXUH +DOOVWDWW
3HULRG*DYD+ROLKUDG\*UăQLFHúWL/D7qQHWKHQGUGDQGWKFHQWXULHVWKHWKWK
FHQWXULHVZHUHLGHQWLILHG
7KH %URQ]H $JH ZDUH GLVSOD\V .RPDURY ,, GHFRUDWLRQ SDWHUQV DQG VKDSHV
VLPLODUWRWKRVHGLVFRYHUHGDW/XQFD3RLDQD6ODWLQHL
www.cimec.ro / www.mncr.ro
%LEOLRJUDSK\ 1 8UVXOHVFX 93 %DWDULXF &HUFHWăULOH DUKHRORJLFH GH OD 0LKRYHQL
6XFHDYD LQ 6XFHDYD 9,9,, S *K 'XPLWURDLD &RPXQLWăĠL
SUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLSkQăODEURQ]XOPLMORFLX3LDWUD
1HDPĠSILJSILJS
9LFWRULD3DUDVFKLYD%DWDULXF
&DWDORJXHQRWHV
1R FPO FP8QSXEOLVKHG01%1RLQYQR3O
)UDJPHQW IURP D SRW ULP ZLWK DQ HYHUWHG ULP
GHFRUDWHG ZLWK D URZ RI LQFLVLRQV DQG URZV RI 1R
VWLWFKHV %URZQEULFNUHGGLVK + FP 'P 6KHUGIURPWKHXSSHUSDUWRIDELWUXQFDWHGFXSZLWK
FP8QSXEOLVKHG01%1RLQYQR3O DORQJQHFNDQGDVWUDLJKWULP8QGHUWKHULPWKHUH
DUH 9VKDSHG XSZDUG SRLQWHG LQFLVLRQV + FP
1R O FP%LEOLRJUDSK\*K'XPLWURDLD&RPXQLWăĠL«
)UDJPHQW IURP WKH XSSHU SDUW RI D ELWUXQFDWHGFXS 01%1RLQYQR3O
"ZLWKDQHYHUWHGULPGHFRUDWHGRQWKHQHFNZLWK
D URZ RI VWLWFKHV %URZQ ZLWK EULFNUHGGLVK VSRWV 1R
+ FP'P FP8QSXEOLVKHG01%1RLQY 6KHUG IURP D ELJ VL]HG ERZO ULP GHFRUDWHG ZLWK D
QR3O FHOO ULEERQ %ULFNUHGGLVK + FP O FP
8QSXEOLVKHG01%1RLQYQR3O
1R
)UDJPHQWIURPWKHHYHUWHGULPRIDSRWGHFRUDWHG 1R
ZLWK D URZ RI VWLWFKHV DQG ZLWK LQFLVHG OLQHV )UDJPHQWIURPWKHXSSHUSDUWRIDODUJHSRW8QGHUWKH
%URZQ + FP O FP %LEOLRJUDSK\ *K ULP WKHUH LV D VPDOO FHOO ULEERQ DQG WZR LQFRPSOHWH
'XPLWURDLD &RPXQLWăĠL« ILJ KROHV%URZQZLWKEULFNUHGGLVKVSRWV+ FPO FP
01%1RLQYQR3O 8QSXEOLVKHG01%1RLQYQR3O
1R 1R
5LEERQ KDQGOH ZLWK D WUDQVYHUVDO FRPE IURP D 6KHUG IURP D ELWUXQFDWHG YHVVHO ULP SUREDEO\ D
ODUJH FXS %URZQ FRORXU + FP O FP ODUJH FXS ZLWK D VWUDLJKW QHFN 7KH YHVVHO ZDV
8QSXEOLVKHG01%1RLQYQR3O GHFRUDWHG ZLWK D URZ RI KDWFKHG XSZDUG SRLQWHG
WULDQJOHV RQ WKH QHFN %URZQ + FP O FP
1R %LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL«
)UDJPHQWRIKHPLVSKHULFDOFXSZLWKDORQJQHFNRI ILJ01%1RLQYQR3O
D WZRKDQGOHG W\SH ZLWK RQH RYHUUDLVHG ULEERQ
KDQGOH %URZQ ZLWK OLJKWHU VSRWV + FP 1R
'P FP8QSXEOLVKHG01%1RLQYQR3O )UDJPHQWRIDKHPLVSKHULFDOFXSGHFRUDWHGRQWKH
VKRXOGHU ZLWK ]LJ]DJV %URZQ + FP O FP
1R %LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL«
5LEERQKDQGOHGHFRUDWHGZLWKWZRLQFLVHGOLQHVDQG ILJ01%1RLQYQR3O
WZRURZVRIVWLWFKHV%URZQFRORXU/ FPO FP
%LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL« 1R
ILJ01%1RLQYQR3O 6KHUG IURP D ELWUXQFDWHG FXS 8QGHU WKH ULP WKHUH
LVDURZRIORQJVWLWFKHVZLWKLQFLVHGXSZDUGSRLQWHG
1R WULDQJOHV %ULFNUHGGLVK + FP O FP
6KHUG IURP D SRW QHFN GHFRUDWHG ZLWK KRUL]RQWDO %LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL«
LQFLVHGOLQHVDQGDURZRIORQJVWLWFKHV%URZQ+ ILJ01%1RLQYQR3O
3RGXULYLOODJH3RGXULFRPPXQH%DFăXFRXQW\
2Q WKH KLJK WHUUDFH RI WKH 7D]OăXO 6ăUDW 5LYHU RQ D VSRW FDOOHG 'HDOXO
*KLQGDUX QRZ EHORQJLQJ WR WKH 3RGXUL YLOODJH WKHUH LV RQH RI WKH PRVW LPSRUWDQW
(QHROLWKLF VLWH IURP 5RPDQLD 5HFRUGHG LQ DQG VLVWHPDWLFDOO\ H[FDYDWHG HYHU
VLQFHZLWKVRPHLQWHUUXSWLRQVWKH(QHROLWKRFWHOOLVPKLJKDQGKDVDERXW
VTXDUH PHWUHV ,W KDV VHYHUDO OD\HUV 3UHFXFXWHQL ,, ,,, ODWH ,,, &XFXWHQL $ QGUG
www.cimec.ro / www.mncr.ro
VWDJHV &XFXWHQL $% DQG % ZLWK GZHOOLQJV VDQFWXDULHV DQG SLWV FRQWDLQLQJ D ULFK
LQYHQWRU\7KH(QHROLWKLFWHOOZDVDOVRLQKDELWHGGXULQJWKH%URQ]H$JHE\WKH&RVWLúD
SHRSOH 7KH ILUVW %URQ]H $JH GLVFRYHULHV ZHUH PDGH LQ ZKHQ D FUHPDWLRQ XUQ
ZDVXQFRYHUHG,WFRQWDLQHGWKHUHPDLQVRID\HDUROGFKLOGO\LQJEHWZHHQVHYHUDO
VWRQHV 'XULQJ WKH FDPSDLJQV ZKHQ VHFWLRQV ,, DQG ,,, ZHUH GXJ GHHSHU
WKHGLWFKZLWKDQRSHQLQJRIVRPHPDQGZDVPGHHSVXUURXQGLQJWKHWHOO
ZKLFKKDGSUHYLRXVO\ILOOHGZLWKSHEEOHVZDVVHPLFLUFXODUDQGFRQWDLQHGSRWVKHUGVRI
&RVWLúDVW\OH8QWLOWKHGLVFRYHULHVDVVRFLDWHGZLWK&XFXWHQL%DUWLIDFWVRQWKH
VLWHVXUIDFHFRQWDLQHGDPHWDOD[HRIWKH'DUDEDQLW\SHDFFRUGLQJWR$O9XOSHWZR
ERQHDUURZKHDGVIOrFKHVVW\OHWHVZLWKIRXUHGJHVDFRQFDYHEDVHGIOLQWDUURZKHDG
DQDPEHUEHDGDQGDIUDJPHQWIURPDEURQ]HEUDFHOHWZLWKSURPLQHQFHV,QWKH
H[FDYDWLRQ RI ODUJH VXUIDFHV [ P EHJDQ WKXV EHLQJ GLVFRYHUHG WKH ILUVW
GZHOOLQJ VWUXFWXUH ,W PD\ KDYH EHHQ D KXW ZLWK D VOLJKWO\ GHHS IORRU FRQWDLQLQJ DQ
LPSRUWDQWSRWVKHUGLQYHQWRU\)URPWKHWHFKQLFDODQGW\SRORJLFDOYLHZSRLQWLHSDVWH
EXUQLQJ VKDSHV GHFRUDWLRQ WKH %URQ]H $JH SRWWHU\ IURP 3RGXUL SUHVHQWV D JUHDW
YDOXHEHLQJREYLRXVO\UHODWHGWRWKH&RVWLúDDQG3ăXOHQLLQYHQWRULHV7KH%URQ]H$JH
VHWWOHPHQWIURP3RGXULWKH´VRXWKHUQSRLQW´RIWKH&RVWLúD.RPDURYFXOWXUDOFRPSOH[
LVDQLPSRUWDQWSLHFHIRUWKHXQGHUVWDQGLQJRIWKHFRQWDFWVZLWKWKHVRXWKHUQ0RQWHRUX
FXOWXUHDQGWKH´&LRPRUWDQ´DVSHFW
%LEOLRJUDSK\ ' 0RQDK 6 $QWRQHVFX $ %XMRU 5DSRUW SUHOLPLQDU DVXSUD
FHUFHWăULORU DUKHRORJLFH GLQ FRPXQD3RGXULMXG%DFăXLQ 0&$;,97XOFHD S
6 $QWRQHVFX 7RSRUXO FX JDXUă GH vQPăQXúDUH WUDQVYHUVDOă GHVFRSHULW OD 3RGXUL MXG
%DFăX LQ 6& ,,, S ' 0RQDK ' 3RSRYLFL *K 'XPLWURDLD ùW &XFRú $
%XMRU5DSRUWSUHOLPLQDUDVXSUDVăSăWXULORUDUKHRORJLFHGHOD3RGXUL'HDOXO*KLQGDUX
LQ 0HP$QWLT ;9;9,,, S *K 'XPLWURDLD ' 0RQDK 'HFRXYHUWHV GX
%URQ]H0R\HQGDQVODVWDWLRQGH3RGXUL'HDOXO*KLQGDUXLQ7:&&%XFXUHúWLS
*K'XPLWURDLD&RPXQLWăĠLSUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQL
SkQăLQEURQ]XOPLMORFLX3LDWUD1HDPĠSILJ
*KHRUJKH'XPLWURDLD
&DWDORJXHQRWHV
1R 1R
3DUWRIDQDPSKRUD $PSKRUD
)LQHZDUH+ FP'J FP)UDJPHQWIURP )LQH ZDUH + FP 'P FP 0LGGOH VL]HG
DQDPSKRUD ZLWKWZRULEERQKDQGOHVGHFRUDWHGRQ ELWUXQFDWHGGHFRUDWHGRQWKHVKRXOGHUZLWKDURZRI
WKH VKRXOGHU ZLWK D URZ RI KDWFKHG WULDQJOHV DQG KDWFKHG WULDQJOHV ,W ZDV XVHG DV DQ XUQ WKH QHFN
ZLWK YHUWLFDO URZV RI WULDQOHV %URZQ %LEOLRJUDSK\ DQGWKHKDQGOHVDUHEURNHQ%URZQZLWKGDUNHUVSRWV
9 &DYUXF *K 'XPLWURDLD LQ $QJXVWLD SROLVKHG VXUIDFH %LEOLRJUDSK\ 0RQDK HW DO LQ
3O;9,,,*K'XPLWURDLD&RPXQLWăĠL«)LJ 0DWHULDOH ;,9 *K 'XPLWURDLD &RPXQLWăĠL«
0,317,QYQR3O )LJ0-%&,QYQR3O
1R 1R
%LWUXQFDWHGYHVVHO )UDJPHQW IURP WKH VKRXOGHU RI DQ DPSKRUD
&RDUVH ZDUH + FP 'P FP 9HVVHO ZLWK GHFRUDWHG ZLWK D URZ RI KDWFKHG WULDQJOHV %URZQ
DQZLGHRSSHQHGULPWZRKDQGOHVRQWKHPD[LPXP %LEOLRJUDSK\ *K 'XPLWURDLD &RPXQLWăĠL«
GLDPHWHU SRLQW GHFRUDWHG ZLWK D URZ RI LQFLVHG )LJ0,317,QYQR
WULDQJOHVRQWKHVKRXOGHU%URZQ%LEOLRJUDSK\*K
'XPLWURDLD&RPXQLWăĠL«)LJ0,317 1R
,QYQR3O %LWUXQFDWHGYHVVHO
&RDUVH ZDUH + FP 'P FP :LWK WZR
www.cimec.ro / www.mncr.ro
ULEERQKDQGOHVGHFRUDWHGRQWKHVKRXOGHUZLWKDURZ 1R
RI URXQGHGSRLQW WULDQJOHV ILOOHG ZLWK VWLWFKHV )UDJPHQW IURP WKH XSSHU SDUW RI D SRW ZLWK DQ
%LEOLRJUDSK\9&DYUXF*K'XPLWURDLDLQ$QJXVWLD HYHUWHG QHFN GHFRUDWHG ZLWK VKRUW LQFLVLRQV RQ
3O;9,,,0,317,QYQR3O WKH ULP %URZQ 8QSXEOLVKHG 0,317 ,QY QR
3O
1R
*REOHW 1R
&RDUVH ZDUH + FP 'P FP +DQGOH
+HPLVSKHULFDO GHFRUDWHG XQGHU WKH ULP ZLWK D URZ &RDUVH ZDUH + FP O FP 5LEERQ VOLJKWO\
RI URXQGHGSRLQW WULDQJOHV %URZQJUH\LVK VKDGGOHG KDQGOH %URZQ ZLWK EULFNUHGGLVK VSRWV
8QSXEOLVKHG0,317,QYQR3O 3UREDEO\EHORQJVWRDERZORUDELWUXQFDWHGYHVVHO
8QSXEOLVKHG0,317,QYQR
1R
3RW 1R
&RDUVH ZDUH + FP 'P FP /DUJHVL]HG 7XEXODUKDQGOH
YHVVHOZLWKHYHUWHGULPGHFRUDWHGZLWKFHOORQWKH &RDUVH ZDUH + FP O FP )UDJPHQW IURP D
ULPDQGVPDOOLQFOLQHGULEERQVZLWKDOYHRODHRQWKH ODUJHVL]HGYHVVHO±ELWUXQFDWHGRUERZO'HFRUDWHG
VKRXOGHU %URZQEULFNUHGGLVK 8QSXEOLVKHG ZLWKYHUWLFDOLQFLVLRQVWKHVSDFHLQEHWZHHQLVRIWHQ
0,317,QYQR3O ILOOHG ZLWK GHQWHG PRWLI 7KH SDVWH FRQWDLQV VDQG
DQG OLPHVWRQH %ULFN UHGEURZQLVK 8QSXEOLVKHG
1R 0,317QULQY3O
%LWUXQFDWHGYHVVHO
&RDUVH ZDUH + FP 'P FP :LWK D ORQJ 1R
QHFN ZLWK WZR WXEXODU KDQGOHV DW WKH PD[LPXP +DQGOHIUDJPHQW
GLDPHWHUSRLQWGHFRUDWHGLQ%HVHQVWULFKVW\OH%URZQ )LQH ZDUH 5LEERQ DPSKRUD KDQGOHV GHFRUDWHG LQ
%LEOLRJUDSK\9&DYUXF*K'XPLWURDLDLQ$QJXVWLD )XUFKHQVWULFK VW\OH %ULFNUHGGLVKEURZQ
3O;9,,,0,317,QYQR3O 8QSXEOLVKHG0,317,QYQR3O
1R 1R
3RW $[HRI'DUDEDQLW\SH
&RDUVH ZDUH + FP 'P FP 0LGGOH %URQ]H"/ FPEODGH+ FPHGJH+
VL]HGZLWKDQHYHUWHGULPDQGDVOLJKWO\RYRLGERG\ FP $[H ZLWK D FRQYH[ HGJH DQG D VOLP EODGH
'HFRUDWHG LQ %HVHQVWULFK VW\OH %URZQ %HDUVWUDFHVRIXVH%LEOLRJUDSK\6$QWRQHVFXLQ
8QSXEOLVKHG0,317,QYQR3O 6W&RP)RFúDQL ,,, S 0-%&
,QYQR3O
1R
%LWUXQFDWHGYHVVHO 1R
&RDUVH ZDUH 6TXDUH + FP 'P FP $UURZKHDG
)UDJPHQW RI D ODUJH ELWUXQFDWHG YHVVHO ZLWK WZR %RQH / FP )RXUHGJHG DUURZKHDG
WXEXODU ULEERQ KDQGOHV DW WKH PD[LPXP GLDPHWHU %LEOLRJUDSK\ ' 0RQDK LQ 0HP$QWLT ;9;9,,
SRLQW %URZQ 1R GHFRUDWLRQ 8QSXEOLVKHG 0,317 SILJ0,317,QYQR3O
,QYQR3O
1R
1R $UURZKHDG
)UDJPHQWRIDERZO %XUQHG ERQH / FP 6PDOO DUURZKHDG ZLWK D
&RDUVH ZDUH + FP 'J FP 7UXQFDWHG ERZO WULDQJXODU VHFWLRQ %LEOLRJUDSK\ ' 0RQDK LQ
GHFRUDWHG ZLWK URZV RI LQFOLQHG RU ]LJ]DJ VWLWFKHV 0HP$QWLT ;9;9,, S ILJ 0,317
%ULFNUHGGLVK8QSXEOLVKHG0,317,QYQR ,QYQR3O
3O
3UăMHQLYLOODJH3UăMHQLFRPPXQH%RWRúDQLFRXQW\
8SRQ WKHDUFKDHRORJLFDOH[FDYDWLRQVIURP WKH/XWăULHVSRW±VLWXDWHGRQ
WKHQRUWKZHVWHUQH[WUHPLW\RIWKHFRPPXQHRQWKH0LOHWLQVWUHDPOHIWEDQN±WUDFHV
RI &XFXWHQL GZHOOLQJV (DUO\ +DOOVWDWW DQG QGUG FHQWXULHV SRWVKHUGV DQG IHZ
LQKXPDWLRQJUDYHVEHORQJLQJWRWKH%URQ]H$JHZHUHGLVFRYHUHG
7KHILUVWJUDYHFRQWDLQHGWKHUHPDLQVRIDFURXFKHGVNHOHWRQKHDGHGVRXWKZDUG
1H[WWRKLVOHJVDELWUXQFDWHGFXSZLWKWZRULEERQKDQGOHVZDVIRXQG,WZDVPDGHRI
www.cimec.ro / www.mncr.ro
DSDVWHFRQWDLQLQJVDQGSRWVKHUGVDQGSLOHGVKHOOVDVGHJUHDVLQJVXEVWDQFHV7KHFXS
ZDV GHFRUDWHG RQ WKH VKRXOGHU ZLWK D URZ RI LQFLVHG KDWFKHG WULDQJOHV 7KH VHFRQG
JUDYH FRQWDLQHG D FURXFKHG VNHOHWRQ KHDGHG HDVWZDUG 1HDU WKH OHJV WKHUH ZDV D
GHFRUDWHGFXSZLWKWZRRYHUUDLVHGULEERQKDQGOHV)URPWKHWKLUGJUDYH DVVLJQHGWR
WKH.RPDURY FXOWXUH*WKHRQO\ LQYHQWRU\ ZDV DSRWVKHUG7KHUH ZDVDFURXFKHG
VNHOHWRQO\LQJLQLWVSLWKHDGHG(1(
7KHVHJUDYHVVHHPWREHORQJWRDGHVWUR\HGFHPHWHU\
%LEOLRJUDSK\18UVXOHVFX3ùDGXUVFKL'%RWH]DWX0RUPLQWHOHGHvQKXPDĠLHGHWLS
&RVWLúDGHVFRSHULWHOD3UăMHQLMXG%RWRúDQLLQ6&,9$S
*KHRUJKH'XPLWURDLD
&DWDORJXHQRWHV
1R DQG ZLWK KDWFKHG WULDQJOHV RQ WKH VKRXOGHU %URZQ
&XS ZLWK GDUNHU VSRWV %LEOLRJUDSK\ 1 8UVXOHVFX 3
)LQH ZDUH + FP 'P FP %LWUXQFDWHG ùDGXUVFKL'%RWH]DWX6&,9$S
FXSZLWKWZRRYHUUDLVHGULEERQKDQGOHVGHFRUDWHG ILJDQGWKH0-%71RLQYQR3O
XQGHUWKHULPDQGRQWKHQHFNPDUJLQ ZLWKVWLWFKHV
6LOLúWHDYLOODJH5RPkQLFRPPXQH1HDPĠFRXQW\
2ZLQJ WR D IDYRXUDEOH KDELWDW WKH &UDFăX%LVWULĠD GHSUHVVLRQ KDV EHHQ D
SURSLWLRXVDUHDWRVHWWOLQJ:LWKLQWKLVJHRJUDSKLFXQLWWRZDUGWKHVRXWKHUQH[WUHPLW\
LQ WKH YLOODJH RI 6LOLúWHD DQG EHWZHHQ WKH %LVWULĠD DQG 6LUHW ULYHUV WKHUH LV D IRUWLILHG
VHWWOHPHQWEHORQJLQJWRWKH0LGGOH%URQ]H$JH
7KHDUFKDHRORJLFDOVLWH3H&HWăĠXLDLVORFDWHGLQWKHVRXWKHDVWHUQSUR[LPLW\RI
WKH6LOLúWHDYLOODJHRFFXS\LQJWKHQRUWKZHVWSURPRQWRU\RIWKH&HWăĠXLD%kUMRYHQLKLOO
P DOWLWXGH 7R WKH VRXWKZHVW DW NP RQ WKH OHIW WHUUDFH RI WKH %LVWULĠD 5LYHU
WKHUHLVWKHHSRQ\PRXVVLWHRIWKH&RVWLúDFXOWXUH,WLVZRUWKQRWLQJWKDWWKHIRUWLILHG
VHWWOHPHQWRI6LOLúWHDLVORFDWHGEHWZHHQWZRULYHUV6LUHWDQG%LVWULĠDZKLFKFRQVWLWXWH
WZR PDLQ URXWHV IRU WKH SHQHWUDWLRQ RI 0RQWHRUX FRPPXQLWLHV WR WKH FHQWUDO DQG
QRUWKHUQDUHDVRI0ROGDYLD
7KHSURPRQWRU\3H&HWăĠXLDLV11:66(RULHQWHGZLWKVWHHSVORSHVRQWKH1
(DQG:FRQVWLWXWHVDQLGHDOSODFHIRUDVHWWOHPHQWWRVXUYH\DWHUULWRU\7KHSUHKLVWRULF
VHWWOHPHQW LV VLWXDWHG RQ WKH QRUWKHUQ H[WUHPLW\ RI WKH SODWHDX QDPHG &HWăĠXLD WKH
QRZDGD\V VXUIDFHEHLQJ DIIRUHVWHGXSWR,WLVERUGHUHGRQWKH VRXWKE\ DGHIHQFH
GLWFKGLYLGLQJWKHSODWHDXLQWRWZRHTXDOVXUIDFHVZKLOHWRWKHHDVWQRUWKDQGZHVWLWLV
QDWXUDOO\ERUGHUHGE\WKHVWHHSVORSHVRIWKH&HWăĠXLD%kUMRYHQLKLOODQGE\WKHùDUSHOH
VWUHDP ULYHUEHG 7KH VHWWOHPHQW VXUIDFH KDV D WULDQJXODU VKDSH ZLWK WKH SRLQW WR WKH
11: ZLWK DQ DSSUR[LPDWH VL]H RI [ P 6RXWKZDUG WKHUH DUH YHVWLJHV RI DQ
DQFLHQWGHIHQFHGLWFKZLWKWKHDFWXDOZLGWKRIPDQGDFWXDOGHSWKRIP7RWKHZHVW
DQGHDVWWKHH[WUHPLWLHVRIWKHGLWFKHQGRQWKHVWHHSVORSHVRIWKHKLOO
,Q & 0DWDVă ZDV WKH ILUVW WR GUDZ WKH DWWHQWLRQ RQ WKH DUFKDHRORJLFDO
YHVWLJHVRIWKH&HWăĠXLD/DWHURQùW&XFRúWRRNRYHUWKHLQIRUPDWLRQLQ0HP$QWLT
;9,,,EXWWKHDUFKDHRORJLFDOLQYHVWLJDWLRQVEHJDQLQWKHVXPPHURIDVD
FRQVHTXHQFHRI5DOXFD 1HGHOFX¶V D VWXGHQWRIWKH )DFXOW\RI+LVWRU\LQ,DúL ±FDOO
DWWHQWLRQWR7KHDUFKDHRORJLFDOVXUYH\RQWKHIRUWLILHGKLOOWRSVHWWOHPHQWDOORZHGIRU
www.cimec.ro / www.mncr.ro
LWVEHLQJIUDPHGZLWKLQWKH0LGGOH%URQ]H$JHRIFHQWUDO0ROGDYLDDWWKHERUGHUOLQH
RIWKH&RVWLúDDQG0RQWHRUXFXOWXUHV
$OWKRXJKWKHH[FDYDWHGVXUIDFHLVWRRVPDOODWUHQFKWZRTXDGUDQJOHVDQGWZR
FRQWUROGLWFKHVZHFDQDVVXPHWKHIROORZLQJILUVWFRQFOXVLRQV
DWKHSUHVHQFHRIWKHGHIHQFHGLWFKRQWKHVRXWKRIWKHVHWWOHPHQWZLWKWKHGHSWK
RI ± P 7KH ILOOLQJ RI WKH GLWFK FRQVLVWV RI D PDVV RI GDUNEURZQ VRLO KDYLQJ
JULWVWRQHV DW LWV ORZHU SDUW D IHZ VKHUGV DQG VRPH DGREH IUDJPHQWV IURP GZHOOLQJV
2QWKHRWKHUKDQGPHQWLRQVKRXOGEHPDGHWKDWWKHJUDGLHQWVRIWKHGLWFKLV³SDYHG´
ZLWKZKLWH\HOORZLVKJULWVWRQHV
ELQWKHSUR[LPLW\RIWKHGLWFKZLWKLQWKHVHWWOHPHQWWKHUHZDVDYDOOXPZKLFK
ZDVIODWWHGLQWLPHFRQVWLWXWHVPRVWRIWKHGLWFKILOOLQJ
FZLWKLQWKHH[FDYDWHGDUHDWKHUHZHUHVRPHXQHDUWKHGGZHOOLQJVZLWKJULWVWRQH
IORRUV6RPHRIWKHVHJULWVWRQHDUHYHU\ZHOOEXUQHGZKLFKSRLQWEHVLGHVWKHSUHVHQFH
RIWKHEXUQHGSLJPHQWVWRWUDFHVRIRYHQVSUREDEO\ILWWHGRQWKHJULWVWRQHZLWKRXWFOD\
SDVWH %HVLGHV WKH JULWVWRQH ³IORRUV´ WKHUH DUH DOVR DUWLIDFWV LQGLFDWLQJ WKH GZHOOLQJV
SRWVKHUGV VRPH RI WKHP IURP YHVVHOV EURNHQ LQ VLWX VWRQH JULQGHU PLOOV ERQH DQG
VWRQHWRROVDGREHIUDJPHQWV8SWRQRZWKHVKDSHDQGWKHPHDVXUHVRIWKHGZHOOLQJV
FDQRQO\EHGHGXFHGIURPWKHDUFKDHRORJLFDOFRQWH[W&RQVLGHULQJWKHWKLFNQHVVRIWKH
JULWVWRQHOHYHO±XSWRFP±ZHFDQDVVXPHWKDWZLWKLQWKHGZHOOLQJVWKHUHDUHVRPH
UHFRQVWUXFWLQJVWDJHVDWVKRUWLQWHUYDOV
G XS WR QRZ WKHUH DUH WKUHH DUFKDHRORJLFDO FRPSOH[HV LQ VLWX ZLWKLQ WKH
VHWWOHPHQWZKLFKZHFRQVLGHUDVULWXDOVSRVVLEOHUHODWHGWRDIRXQGDWLRQULWXDO7ZR
RIWKHVH FRQVLVW HDFK LQ DSRWEHORQJLQJ WRWKH &RVWLúD FXOWXUH GHSRVHG EHQHDWK WKH
JULWVWRQH³IORRUV´7KHWKLUGRQHFRQVLVWVRID%RVSULPLJHQXXVVNXOOGHSRVHGDERYHD
FXSIUDJPHQWRI0RQWHRUXW\SHDQGEHQHDWKDJULWVWRQH
HWKUHHFRSSHUDGRUQPHQWV1RSSHQULQJHZHUHLGHQWLILHGZKLFKFDQEHUHODWHG
WRVLPLODUILQGLQJVEHORQJLQJWRWKH(DUO\%URQ]H$JHLQ&HQWUDO(XURSH
IWKHVWXG\RIWKHSRWWHU\LHVKDSHVSDVWHGHFRUDWLYHSDWWHUQDOORZHG XVWR
HPSKDVL]HWKHIROORZLQJFDWHJRULHVFRDUVHZDUHWRZKLFKODUJHMDUVEHORQJWUXQFDWHG
ERZOV ZLWK RU ZLWKRXW KDQGOHV SRWV WKH ILQH ZDUH LV UHSUHVHQWHG E\ ELWUXQFDWHG
DPSKRUDHZLWKDORQJQHFNDQGWZRULEERQKDQGOHVELWUXQFDWHGRUKHPLVSKHULFDOFXSV
ZLWKULEERQRURYHUUDLVHGVKDGGOHGKDQGOHVVPDOODPSKRUDH7KHGHFRUDWLYHSDWWHUQV
DQGWKHSRWWHU\WHFKQLTXHDUHWKRVHW\SLFDOWRWKH&RVWLúDFXOWXUHDQGWRWKHILUVWVWDJHV
RIWKH0RQWHRUXFXOWXUH
J D VLQJOH KDELWDW OHYHO KDV EHHQ LQYHVWLJDWHG ZKLFK FDQ EH DVVLJQHG ±
DFFRUGLQJ WR SRWWHU\ DQG RWKHU DUWLIDFWV DQDO\VLV LH VWRQH DQG ERQH WRROV GZHOOLQJ
W\SH±WRWKH&RVWLúDFXOWXUH0RUHRYHUZLWKLQWKHVDPHOHYHOSRWVKHUGVEHORQJLQJWR
WKH0RQWHRUXFXOWXUHKDYHEHHQUHFRUGHG7KHVHGDWDDOORZXVWRSRVWXODWHWKHLGHDRI
D³FRKDELWDWLRQ´EHWZHHQWKHLQLWLDOVWDJHVRIWKH0RQWHRUXFXOWXUHLQ0ROGDYLDDQG
WKH&RVWLúDFXOWXUH
%LEOLRJUDSK\&0DWDVă&HUFHWăULGLQSUHLVWRULDMXGHĠXOXL1HDPĠLQ%&0,
S ùW &XFRú &RQWULEXĠLL OD UHSHUWRULXO DUKHRORJLF DO MXGHĠXOXL 1HDPĠ LQ
0HP$QWLT ;9,,, S 1 %RORKDQ ( 0XQWHDQX *K 'XPLWURDLD 6LOLúWHD FRP
5RPkQLMXG1HDPĠLQ&&$6XFHDYDSSO
1HFXODL%RORKDQ
(OHQD5R[DQD0XQWHDQX
www.cimec.ro / www.mncr.ro
&DWDORJXHQRWHV
1R 1R
3RW 6KHUG IURP D ODUJHVL]HG YHVVHO GHFRUDWHG ZLWK
&RDUVH ZDUH + FP 'P FP :LWK WZR LQFLVLRQV %ULFNUHGGLVK EURZQ LQVLGH / FP
ULEERQ KDQGOHVDQG ZLWK HYHUWHGULP1R GHFRUDWLRQ O FP %LEOLRJUDSK\ &&$ ILJ
%URZQ8QSXEOLVKHG0,317,QYQR3O 0,317,QYQR3O
1R 1R
.UXPPHVVHU 6KHUG IURP D ELWUXQFDWHG FXS ZLWK D VWUDLJKW ULP
6WRQH/ FPO FP0DGHRIJULWVWRQHZLWK GHFRUDWHG ZLWK D URZ RI LQFLVLRQV RQ WKH QHFN DQG
FKRSSLQJ WUDFHV RQ ERWK HGJHV 8QSXEOLVKHG ZLWK YHUWLFDO LQFLVLRQV RQ WKH VKRXOGHU %URZQ
0,317,QYQR3O + FP 'P FP 8QSXEOLVKHG 0,317
,QYQR
1R
6OLQJEDOO 1R
6WRQH ' FP &KRSSHG VSKHULFDO EDOO 6KHUG IURP D SRW GHFRUDWHG RQ WKH VKRXOGHU ZLWK
8QSXEOLVKHG0,317,QYQR3O WZR VLPSOH ULEV %URZQ / FP O FP
8QSXEOLVKHG0,317,QYQR3O
1R
*ULQGHUPLOOUXEEHU" 1R
6WRQH / FP ' FP &\OLQGULFDO ZLWK 2YHUUDLVHG ULEERQ KDQGOH IURP D VPDOO FXS 7KH
FKRSSLQJ WUDFHV 8QSXEOLVKHG 0,317 ,QY QR KDQGOH LV ZLGHU DW WKH PD[LPXP KHLJKW SRLQW
3O %URZQ%ULFNUHGGLVK/ FPO FP8QSXEOLVKHG
0,317,QYQR3O
1R
6KHUGIURPWKHXSSHUSDUWRIDQDPSKRUDGHFRUDWHG 1R
ZLWK LQFLVHG KDWFKHG WULDQJOHV %ULFNUHGGLVK ZLWK 6KHUGIURPDQDPSKRUDGHFRUDWHGDWWKHPD[LPXP
EURZQ VSRWV / FP O FP 8QSXEOLVKHG GLDPHWHU SRLQW ZLWK D IUDJPHQWDU\ FHOO ULEERQ ZLWK
0,317,QYQR3O LQFLVHG DQG VWLWFKHG FLUFOHV DQG ZLWK LQFLVHG
JDUODQGV DUFDGHV" %URZQ / FP O FP
1R 8QSXEOLVKHG0,317,QYQR3O
6KHUG IURP D FXS ZLWK D ELWUXQFDWHG ERG\
GHFRUDWHG RQ WKH VKRXOGHU ZLWK D URZ RI LQFLVHG 1R
WULDQJOHV %URZQ / FP O FP 'P FP 6KHUG IURP WKH ORZHU SDUW RI D VPDOO DPSKRUD
%LEOLRJUDSK\ &&$ ILJ 0,317 GHFRUDWHGZLWKURZVRIVWLWFKHVDQGLQFLVLRQVDURXQG
,QYQR3O WKH ERWWRP %URZQ EURZQ LQVLGH + FP O FP
'I FP8QSXEOLVKHG0,317,QYQR
1R
2YHUUDLVHG VDGGOHG KDQGOH IURP D ODUJH FXS 2Q 1R
WKH XSSHU SDUW RI WKH KDQGOH WKHUH DUH WKUHH ULEV 6KHUGIURPDSRWJOREXODUYHVVHO"GHFRUDWHGZLWKD
%URZQ%ULFNUHGGLVK / FP O FP ]LJ]DJULEDQGZLWKNQREHV%ULFNUHGGLVKZLWKEURZQ
8QSXEOLVKHG0,317,QYQR3O VSRWV8QSXEOLVKHG0,317,QYQR3O
1R 1R
6KHUG IURP DQ DPSKRUD GHFRUDWHG ZLWK D URZ RI 6KHUG IURP WKH XSSHU SDUW RI D ODUJH SRW ZLWK D
LQFLVHG OLQHV %URZQ / FP O FP VOLJKWO\ IXQQHOOHG QHFN GHFRUDWHG ZLWK FHOOV RQ WKH
8QSXEOLVKHG0,317,QYQR3O ULP DQG ZLWK D ULEERQ RQ WKH QHFN %ULFNUHGGLVK
/ FP O FP 8QSXEOLVKHG 0,317
1R ,QYQR3O
6KHUG IURP DQ DPSKRUD GHFRUDWHG ZLWK KDWFKHG
WULDQJOHV%URZQ8QSXEOLVKHG0,317,QYQR 1R
6KHUG IURP WKH XSSHU SDUW RI D SRW GHFRUDWHG RQ
1R WKH QHFN ZLWK D ULEERQ DQG ZLWK FHOOV RQ WKH ULP
)UDJPHQW IURP D ELWUXQFDWHG FXS GHFRUDWHG ZLWK %ULFNUHGGLVK / FP O FP 8QSXEOLVKHG
LQFLVHG WULDQJOHV RQ WKH VKRXOGHU *UH\ %ULFN 0,317,QYQR
UHGGLVKLQVLGH *UH\ EURZQLQVLGH / FPO
FP%LEOLRJUDSK\&&$ILJ0,317,QY 1R
QR )UDJPHQW RI D VPDOO DPSKRUD GHFRUDWHG ZLWK URZV
RI YHUWLFDO LQFLVLRQV %URZQ / FP O FP
8QSXEOLVKHG0,317,QYQR3O
www.cimec.ro / www.mncr.ro
1R 1R
6KHUG IURP D ODUJHVL]HG YHVVHO GHFRUDWHG LQ 6KHUG IURP D ELWUXQFDWHG ERZO GHFRUDWHG ZLWK
%HVHQVWULFK VW\OH %URZQ ZLWK EULFNUHGGLVK LQFOLQHGULEVXQGHUDKRUL]RQWDOJUDE%ODFN/ FP
VSRWV / FP O FP 8QSXEOLVKHG 0,317 O FP8QSXEOLVKHG0,317,QYQR3O
,QYQR
1R
1R 6KHUG RI D ODUJHVL]HG WUXQFDWHG ERZO 7KH
6KHUG IURP D KLJK ERZO GHFRUDWHG LQ %HVHQVWULFK GHFRUDWLRQ FRQVLVWV RI D ULE XQGHU WKH ULP %URZQ
VW\OHDQGZLWKDFHOOULEERQ%URZQ+ FP'J / FP O FP 8QSXEOLVKHG 0,317 ,QY QR
FP8QSXEOLVKHG0,317,QYQR3O 3O
1R 1R
6KHUG IURP WKH XSSHU SDUW RI D SRW ZLWK D VWUDLJKW 3RW
ULP GHFRUDWHG XQGHU WKH ULP ZLWK D FHOO ULEERQ &RDUVHZDUH+ FP'P FP:LWKDULEERQ
%ULFNUHGGLVK / FP O FP 'J FP KDQGOH DQG HYHUWHG ULP GHFRUDWHG ZLWK IRXU NQREV
8QSXEOLVKHG0,317,QYQR RQ WKH VKRXOGHU %URZQ 8QSXEOLVKHG 0,317 ,QY
QR3O
1R
6KHUG IURP WKH XSSHU SDUW RI D JOREXODU YHVVHO 1R
ZLWK D ULEERQ KDQGOH 1R GHFRUDWLRQ %ULFN 6KHUG IURP D FXS GHFRUDWHG DW WKH PD[LPXP
UHGGLVK / FP O FP 8QSXEOLVKHG 0,317 GLDPHWHUSRLQWZLWKKDWFKHGWULDQJOHV%ULFNUHGGLVK
,QYQR3O ZLWK JUH\ VSRWV 8QSXEOLVKHG 0,317 ,QY QR
3O
1R
6KHUGIURPDKHPLVSKHULFDOFXSZLWKDVWUDLJKWULP 1R
GHFRUDWHGZLWKLQFLVHGOLQHVRQWKHVKRXOGHU%ULFN )UDJPHQWV IURP WKH XSSHU SDUW RI VRPH DPSKRUDH
UHGGLVK / FP O FP 8QSXEOLVKHG 0,317 7KHGHFRUDWLRQFRQVLVWVRIVLPSOHULEERQVRQWKHQHFN
,QYQR3O ZLWK RU ZLWKRXW VWLWFKHV %URZQ 8QSXEOLVKHG 0,317
,QYQR3ODQGWKH
1R
6KHUG RI D KHPLVSKHULFDO FXS ZLWK D VWUDLJKW ULP 1R
GHFRUDWHG ZLWK WKUHH ULEV RQ WKH VKRXOGHU %URZQ )UDJPHQW IURP D ODUJH YHVVHO RIIHULQJ YHVVHO"
ZLWK EULFNUHGGLVK VSRWV + FP 'P FP GHFRUDWHG ZLWK VWUDLJKW RU ]LJ]DJ ULEV %ODFN
8QSXEOLVKHG0,317,QYQR3O 8QSXEOLVKHG0,317,QYQR3O
1R 1R
6KHUG IURP WKH XSSHU SDUW RI D ELWUXQFDWHG ERZO 6KHUGV RI D KHPLVSKHULFDO FXS GHFRUDWHG RQ WKH
GHFRUDWHG ZLWK VPDOO LQFLVLRQV %ULFNUHGGLVK ZLWK QHFNZLWKDURZRIULEV%ODFN8QSXEOLVKHG0,317
EURZQ VSRWV + FP 8QSXEOLVKHG 0,317 ,QY ,QYQR3O
QR
1R
1R 6KHUGIURPDQDPSKRUDGHFRUDWHGDWWKHPD[LPXP
6KHUGIURPDQDPSKRUDGHFRUDWHGDWWKHPD[LPXP GLDPHWHU SRLQW ZLWK D IUDJPHQWDU\ FHOO ULEERQ ZLWK
GLDPHWHU SRLQW ZLWK D IUDJPHQWDU\ FHOO ULEERQ URZV RI VWLWFKHV DQG LQFLVLRQV %ULFNUHGGLVK
%URZQ EULFNUHGGLVK LQVLGH / FP O FP 8QSXEOLVKHG0,317,QYQR3O
8QSXEOLVKHG0,317,QYQR
1R
1R 5LEERQ KDQGOH IURP D ELWUXQFDWHG RU DQ RIIHULQJ
6KHUG IURP DQ DPSKRUD VKRXOGHU 7KH WUDFH RI D YHVVHO%ULFNUHGGLVK8QSXEOLVKHG0,317,QYQR
ULEERQKDQGOH LVVWLOOYLVLEOHWKHVKHUG LVGHFRUDWHG 3O
XQGHU WKH KDQGOH ZLWK D URZ RI YHUWLFDO DQG
KRUL]RQWDO LQFLVLRQV %ULFNUHGGLVK / FP O 1R
FP8QSXEOLVKHG0,317,QYQR3O 6KHUGIURPWKHHYHUWHGULPRIDERZOZLWKDYHUWLFDO
JUDEXQGHUWKHULP*UH\8QSXEOLVKHG0,317,QY
1R QR
6KHUGIURPWKHXSSHUSDUWRIDSRWZLWKDIXQQHOOHG
QHFNGHFRUDWHGZLWKLQFOLQHGFKDQQHOVDQGZLWKFHOO 1R
RQ WKH ULP %URZQ EULFNUHGGLVK VSRWV LQVLGH 5LEERQ KDQGOH EHORQJLQJ SRVVLEO\ WR DQ
/ FP O FP 8QSXEOLVKHG 0,317 ,QY QR DPSKRUD %ULFNUHGGLVK 8QSXEOLVKHG 0,317
3O ,QYQR3O
www.cimec.ro / www.mncr.ro
1R 1R
6KHUGIURPWKHXSSHUSDUWRIDSRWGHFRUDWHGXQGHUWKH 1RSSHQULQJH±W\SH MHZHO HDUULQJ" PDGH RI
HYHUWHG ULP ZLWK D VLPSOH ULEERQ %ULFNUHGGLVK ZLWK WZRIROG WZLVWHG DQG EHQW KHDGV FRSSHU WKUHDGV
EURZQVSRWV8QSXEOLVKHG0,317,QYQR 5HGGLVK 7ZR VPDOO FRSSHU ORRSV DUH DWWDFKHG
8QSXEOLVKHG0,31,QYQR3O
1R
)UDJPHQWRIDWUXQFDWHGERZOGHFRUDWHGXQGHUWKH 1R
ULP ZLWK D FHOO ULEERQ %ULFNUHGGLVK 8QSXEOLVKHG 1RSSHQULQJH±W\SH MHZHO HDUULQJ" PDGH RI
0,317,QYQR WZRIROG WZLVWHGKHDG FRSSHU WKUHDGV 5HGGLVK
8QSXEOLVKHG0,31,QYQR3O
1R
1RSSHQULQJH±W\SH MHZHO HDUULQJ" PDGH RI 1R
WZRIROG WZLVWHGKHDG FRSSHU WKUHDGV 5HGGLVK &HUDPLF IUDJPHQW OLNHO\ WR RULJLQDWH IRUP D WZR
8QSXEOLVKHG0,31,QYQR3O KDQGOHGFXS<HOORZLVKEURZQSDVWHGHFRUDWHGZLWK
WKUHHOLQHLQFLVLRQVDUUDQJHGRYHUWKHVKRXOGHUDQG
WKUHH YHUWLFDO OLQH EHOWV RQ WKH ERG\ 8QSXEOLVKHG
0,31,QYQR3O
9ăOHQLYLOODJH%RWHúWLFRPPXQH1HDPĠFRXQW\
)HZSODFHVZLWKGLVFRYHULHVRI&RVWLúDW\SHDUHUHFRUGHGRQWKHYLOODJHWHUULWRU\
'HDOXOOXL'ăQLOăDQG/D0RDUă
6RXWKZDUGV RI WKH YLOODJH RQ WKH VRXWKHUQ EDQN RI WKH ùDUSHOH VWUHDP LQ WKH
VSRW FDOOHG 'HDOXO OXL 'ăQLOă 3URI $O 9XOSH GLVFRYHUHG DQG SDUWLDOO\ H[FDYDWHG LQ
DVHWWOHPHQWEHORQJLQJWR WKH&RVWLúDFXOWXUH2Q WKLVRFFDVLRQIHZGZHOOLQJV
DQG D VPDOO SRWVKHUG ORW ZDV XQFRYHUHG 7KH DUFKDHRORJLFDO PXOWLSOH VWUDWD VLWH ZDV
SDUWLDOO\GHVWUR\HG
$W/D0RDUăVSRWHDVWQRUWKHDVWRIWKHYLOODJHRQDKLOOVORSHERUGHUHGRQWKH
VRXWK E\ WKH ùDUSHOH VWUHDP DQG RQ WKH ZHVWQRUWKZHVW E\ WKH $GkQFDWD YDOOH\ D
PXOWLSOH VWUDWD VHWWOHPHQW ZDV LQYHVWLJDWHG 7KH %URQ]H $JH OD\HU FRQWDLQHG &RVWLúD
DQG1RXD:DUH
%LEOLRJUDSK\ 9 8UVDFKL &HUFHWăUL DUKHRORJLFH HIHFWXDWH GH 0X]HXO GH ,VWRULH GLQ
5RPDQ LQ ]RQD UkXULORU 6LUHW úL 0ROGRYD LQ &DUSLFD , S DQG ,GHP
6ăSăWXULOHDUKHRORJLFHGHOD9ăOHQLLQ0&$,;S
(OHQD5R[DQD0XQWHDQX
&DWDORJXHQRWHV
1R WULDQJOHVDERYHWKHPWKHUHLVDEHOWRILQFLVLRQVDQG
)UDJPHQW IURP D ODUJHVL]HG YHVVHO GHFRUDWHG LQ VWLWFKHV DQG WZR UHOLHI JLUGOHV %ULFN UHG ZLWK
%HVHQVWULFK VW\OH %ULFN UHG ZLWK EURZQLVK VSRWV EURZQLVK VSRWV + FP O FP 8QSXEOLVKHG
3UHVHUYHG + FP O FP 8QSXEOLVKHG 0,5 0,5,QYQR3O
,QYQR3O
1R
1R )UDJPHQW IURP D PHGLXPVL]HG DPSKRUD
)UDJPHQWIURPWKHXSSHUSDUWRIDODUJHVL]HGFXSZLWK GHFRUDWHG RQ WKH VKRXOGHU ZLWK LQFLVHG KDWFKHG
VWUDLJKW ULP GHFRUDWHG RQ WKH VKRXOGHU ZLWK LQFLVHG HORQJDWHG WULDQJOHV DQG XQGHU WKH KDQGOH ZLWK
KDWFKHGWULDQJOHVDQGRQWKHQHFNEDVH ZLWKDEHOWRI YHUWLFDO LQFLVLRQV URZV RI VWLWFKHV DQG ³ILUWUHHV´
LQFLVLRQV DQG VWLWFKHV %ULFN UHG 3UHVHUYHG + FP %ODFN+ FPO FP8QSXEOLVKHG0,5,QY
O FP8QSXEOLVKHG0,5,QYQR3O QR3O
1R 1R
&HUDPLF IUDJPHQW IURP D ODUJHVL]HG DPSKRUD )UDJPHQWIURPD WUXQFDWHG ERZOULPGHFRUDWHG ZLWK
GHFRUDWHG RQ WKH VKRXOGHU ZLWK LQFLVHG KDWFKHG DQ LQWHUUXSWHG JLUGOH ZLWKDOYHROL LPPHGLDWHO\ XQGHU
www.cimec.ro / www.mncr.ro
WKH ULP WKH UHVW RI WKH ERG\ LQ %HVHQVWULFK VW\OHV 1R
2XWVLGHEULFNUHGLQVLGHJUH\LVK+ FPO FP )UDJPHQW IURP WKH XSSHU SDUW RI D PHGLXPVL]HG
8QSXEOLVKHG0,5,QYQR3O FXS GHFRUDWHG RQ WKH VKRXOGHU ZLWK KDWFKHG
WULDQJOHV %URZQ ZLWK EULFNUHGGLVK VSRWV 3UHVHUYHG
1R + FPO FP8QSXEOLVKHG0,5,QYQR
)UDJPHQW IURP D ODUJHVL]HG FXS ZLWK EHOW KDQGOHV
RIZKLFKRQO\RQHLVVWLOOSUHVHUYHGGHFRUDWHGXQGHU 1R
WKH KDQGOH ZLWK D YHUWLFDO UHJLVWHU RI LQFLVLRQV )UDJPHQWIURP DQ DPSKRUDERG\GHFRUDWHG DWWKH
VWLWFKHV DQG SUREDEO\ LQFLVHG WULDQJOHV RQ WKH PD[LPXPGLDPHWHUOHYHOZLWKDFHOOJLUGOH%ULFNUHG
VKRXOGHUV %URZQ ZLWK EULFNUHGGLVK VSRWV + FP 3UHVHUYHG + FP O FP 8QSXEOLVKHG 0,5
O FP8QSXEOLVKHG0,5,QYQR3O ,QYQR
1R 1R
)UDJPHQW IURP WKH XSSHU SDUW RI D ODUJH MDU WKH &HUDPLF IUDJPHQW IURP WKH ORZHU SDUW RI D ODUJH
VXUIDFH LV GHFRUDWHG LQ %HVHQVWULFK VW\OH %URZQ VL]HG YHVVHO MDU" ERZO" ZLWK VFUDWFKHV 2XWVLGH
GDUN EURZQ RQ WKH LQVLGH + FP O FP GDUN EURZQ LQVLGH JUH\LVK 3UHVHUYHG + FP
8QSXEOLVKHG0,5,QYQR3O O FP8QSXEOLVKHG0,5,QYQR
1R 1R
)UDJPHQW IURP WKH XSSHU SDUW RI D MDU GHFRUDWHG )UDJPHQWV IURP DQ DPSKRUD VKRXOGHU GHFRUDWHG
LPPHGLDWHO\ XQGHU WKH ULP ZLWK DQ LQWHUUXSWHG FHOO ZLWK LQFLVHG KDWFKHG WULDQJOH URZ %URZQ
JLUGOHWKHUHVWRIWKHERG\LVFRYHUHGLQ%HVHQVWULFK 8QSXEOLVKHG0,5,QYQRSO
VW\OH 2XWVLGH EULFN UHG LQVLGH EURZQ + FP 3O3O
O FP8QSXEOLVKHG0,5,QYQR3O
1R
1R )UDJPHQWV IURP WKH XSSHU SDW RI DQ DPSKRUD
&HUDPLF IUDJPHQW IURP D ELWUXQFDWHG FXS ZLWK D GHFRUDWHG ZLWK LQFLVHG PRWLI RU PDGH E\ VWLWFKHV
VWUDLJKW QHFN GHFRUDWHG RQ WKH VKRXOGHU ZLWK 'DUNEURZQEURZQ 8QSXEOLVKHG 0,5 ,QY QR
KDWFKHG WULDQJOHV DQG DW WKH QHFN EDVH ZLWK 3O3O
KRUL]RQWDOO\ LQFLVHG OLQHV %ULFN UHG + FP O
FP8QSXEOLVKHG0,5,QYQR3O 1R
)UDJPHQWVIURPELWUXQFDWHGFXSVGHFRUDWHGRQWKH
1R VKRXOGHU ZLWK LQFLVHG KDWFKHG WULDQJOHV 'DUN
)UDJPHQW IURP D ELWUXQFDWHG FXS ZLWK D VOLJKWO\ EURZQEURZQ 8QSXEOLVKHG 0,5 ,QY QR
HYHUWHG ULP RI WKH WZRKDQGOHGW\SH RQO\ RQH RI 3O
WKHPLVSUHVHUYHG'HFRUDWLRQLQFLVHGWULDQJOHVRQ
WKH VKRXOGHU KDWFKHG ZLWK OLQHV FRQYHUJLQJ RQ WR 1R
WKH WRS DQG D EHOW RI LQFLVLRQV DQG VWLWFKHV DW WKH )UDJPHQW OLNHO\ WR RULJLQDWH IURP DQ DPSKRUD
QHFN EDVH %ULFN UHG + FP 'P FP GHFRUDWHG RQ WKH VKRXOGHU ZLWK D UHOLHI PRWLI
8QSXEOLVKHG0,5,QYQR3O GHQWHG JLUGOH DQG D ZLGH YHUWLFDO JLUGOH 2XWVLGH
GDUNEURZQ ZLWK EURZQ VSRWV LQVLGH OLJKW EURZQ
1R 3UHVHUYHG + FP O FP 8QSXEOLVKHG 0,5
)UDJPHQWIURPDEHOWKDQGOHZLWKUDLVHGHGJHVWKH ,QYQR3O
RXWHU VLGH LV GHFRUDWHG ZLWK ORQJLWXGLQDOO\ LQFLVHG
OLQHV DQG D VWLWFK URZ 'DUN EURZQ + FP O 1R
FP8QSXEOLVKHG0,5,QYQR3O *UH\LVK VWRQH D[H *UXEELQJ KRH" ZLWK D KROH
RQ WKH IDQJ URXJK RSHUDWLQJ SDUW 8QSXEOLVKHG
1R 0,5,QYQR3O
)UDJPHQW IURP WKH XSSHU SDUW RI D KHPLVSKHULFDO
ORQJQHFNHG FXS WZRKDQGOHG W\SH RI ZKLFK RQO\ 1R
RQH LV VWLOO SUHVHUYHG 'HFRUDWLRQ YHUWLFDOO\ LQFLVHG )UDJPHQWIURPDFXSQHFNPDGHRIILQHJUH\EULFN
OLQHEHOWVRQWKHVKRXOGHUKRUL]RQWDOO\LQFLVLRQVDWWKH UHGGLVKSDVWHGHFRUDWHGZLWKLQFLVHGOLQHVDQGGRWV
QHFNEDVH'DUNEURZQEODFNLVK+ FPO FP 8QSXEOLVKHG0,5,QYQR3O
8QSXEOLVKHG0,5,QYQR3O
1R
1R &HUDPLF IUDJPHQWV IURP YHVVHOV PDGH RI FRDUVH
)UDJPHQW IURP WKH XSSHU SDUW RI D ELWUXQFDWHG FXS SDVWH GHFRUDWHG RQ WKH RXWVLGH LQ %HVHQVWULFK
GHFRUDWHG RQ WKH VKRXOGHU ZLWK KDWFKHG WULDQJOHV VW\OH 8QSXEOLVKHG 0,5 ,QY QR
DQG YHUWLFDOO\ LQFLVHG OLQHV %ULFN UHG 3UHVHUYHG WZRSLHFHV1RLQYQR3O
+ FPO FP8QSXEOLVKHG0,5,QYQR
www.cimec.ro / www.mncr.ro
2WKHUILQGLQJV
)URPWLPHVLPPHPRULDOHDVWRIWKH&DUSDWKLDQVRWKHUDUFKDHRORJLFDOPDWHULDO
KDYH EHHQ GLVFRYHUHG ZKLFK EULQJ WR OLJKW WKH SUHVHQFH RI VRPH VHWWOHPHQWV DQG
QHFURSROLVHV RQ ZKLFK DW OHDVW IRU WKH WLPH EHLQJ WKHUH LV QR SRVLWLYH LQIRUPDWLRQ
%HVLGHV ZH FDQ DOVR FRQVLGHU VRPH GLVFRYHULHV ± WKRXJK ODWHU WKDQ &RVWLúD FXOWXUH
.RPDURYEXWZKLFKGLVSOD\VWURQJLQIOXHQFHVRIWKHWRSLFFXOWXUH
D%ăUFăQHúWLYLOODJH&kQGHúWLFRPPXQH1HDPĠFRXQW\
$VKLSVKDSHGVWRQHD[HDQGHVLWHZLWKDEURDGHQHGEODGHDQGF\OLQGULFDOEDFN
DQGZLWKDGLVFZLWKRXWKROHZDVUHFRUGHGIURPWKHYLOODJHWHUULWRU\LQDQXQNQRZQ
SODFH7KH%ăUFăQHúWLYLOODJHLVVLWXDWHGPLGZD\EHWZHHQ&RVWLúDDQG%RUOHúWL/
FPK FPKHGJH FP0,317LQYQR3O
%LEOLRJUDSK\*K'XPLWURDLDLQ0HP$QWLT;;,SILJ
E%RGHúWLLGH-RVYLOODJH%RGHúWLFRPPXQH1HDPĠFRXQW\
,Q WKH XSSHU OHYHOV RI WKH &HWăĠXLD)UXPXúLFD VHWWOHPHQW DORQJ ZLWK VHYHUDO
SRWVKHUGVDKRUQGHFRUDWHGZLWKKDWFKHGWULDQJOHVW\SLFDOWRWKH&RVWLúD FXOWXUHZDV
IRXQG/ FP0,317,QYQR3O
%LEOLRJUDSK\&0DWDVă)UXPXúLFD9LOODJHSUHKLVWRULTXHjFHUDPLTXHSHLQWHGDQV
OD0ROGDYLHGX1RUG5RXPDQLH%XFXUHúWLSILJ
F%UăHúWLYLOODJH%UăHúWLFRPPXQH%RWRúDQLFRXQW\
,QD1RXD,QHFURSROLVZDVSDUWLDOO\XQFRYHUHGLQWKHFHQWHURIWKH
%UăHúWLYLOODJH$QLPSRUWDQWLQYHQWRU\ZDVUHFRYHUHG±LHPDLQO\SRWWHU\IURPWKH
H[FDYDWHG JUDYHV 7KH YHVVHOV IURP JUDYHV DQG DUH GHFRUDWHG ZLWK
&RVWLúD0RQWHRUXDQG6UXEQDLDSDWWHUQV
0HQWLRQ VKRXOG EH PDGH WKDW %UăHúWL QHFURSROLV LV ORFDWHG DW NP IURP WKH
&RUOăWHQL3H ğDULQă DQG DW NP IURP WKH WXPXOXV FHPHWHU\ DW &RWkUJDFL ± ZKHUH
RWKHUDUWLIDFWVRI&RVWLúDW\SHZHUHIRXQG
%LEOLRJUDSK\/'DVFăOX3UREOHPHDOHEURQ]XOXLWkU]LXLQQRUGHVWXO5RPkQLHL5LWúL
ULWXDOIXQHUDULQFXOWXUD1RXDLQ+LHUDVXV,;S
G6DW&KLQWLQLFLYLOODJH5R]QRYFRPPXQH1HDPĠFRXQW\
2Q WKH VRXWKHUQ KLOO RI WKH YLOODJH WRZDUG %RUOHúWL D VKLSVKDSHG VWRQH D[H
DQGHVLWH"ZDVIRXQG,WVKDVDEURDGHQHGEODGHDQGF\OLQGULFDOEDFNDQGZLWKDGLVF
DOPRVW LGHQWLFDO WR WKH RQH DW %ăUFăQHúWL / FP K FP EODGH + FP
0,317,QYQR
%LEOLRJUDSK\*K'XPLWURDLDLQ0HP$QWLT;;,SILJ
H&RQFHúWLYLOODJH&RQFHúWLFRPPXQH%RWRúDQLFRXQW\
6RPHZKHUH RQ WKH WHUULWRU\ RI WKH FRPPXQH LQ DQ XQNQRZQ SODFH D FHUDPLF
VKHUGW\SLFDOWRWKH&RVWLúD.RPDURYFXOWXUHZDVUHFRUGHG,WLVDIUDJPHQWRIDFXS
GHFRUDWHGRQLWVVKRXOGHUZLWKLQFOLQHGSDWWHUQRILQFLVHGOLQHVDQGVWLWFKURZV%ULFN
UHGGLVK0-%7QRLQYQR3O
%LEOLRJUDSK\$O3ăXQHVFX3ùDGXUVFKL9&KLULFD5$-%YRO,SSFW,;
www.cimec.ro / www.mncr.ro
I&ULVWHúWLYLOODJH&ULVWHúWLFRPPXQH%RWRúDQLFRXQW\
$WNPVRXWKIURPWKHIRUPHUYLOODJHRI*KLOăQHúWLFXUUHQWO\SDUWRIWKHYLOODJH
RI&ULVWHúWLDWWKH'XPEUăYLĠDVSRWRQWKHVRXWKHDVWHUQVORSHRIWKH8QJXURDLDKLOO
RQ WKH VRLO VXUIDFH &RVWLúD.RPDURY FHUDPLF VKHUGV ZHUH GLVFRYHUHG DORQJ ZLWK
(QHROLWKLF DUFKDHRORJLFDO PDWHULDOV 7KHVH IUDJPHQWV FRPH IURP FXSV GHFRUDWHG RQ
WKH VKRXOGHU ZLWK YHUWLFDO DQG KRUL]RQWDO LQFLVHG EHOWV %HVHQVWULFKW\SH KDWFKHG
WULDQJOHV0-%71RLQYQR3O
%LEOLRJUDSK\ 3 ùDGXUVFKL 5H]XOWDWHOH VRQGDMXOXL DUKHRORJLF GH OD *KLOăQHúWL
%RWRúDQLLQ+LHUDVXV,;SILJ
J'XOFHúWLYLOODJH'XOFHúWLFRPPXQH1HDPĠFRXQW\
$ VWRQH KDPPHUD[H ZLWK D VOLJKWO\ EURDGHQHG FKLSSHG EODGH DQG F\OLQGULFDO
EDFN GLVSOD\LQJ ZDV IRXQG RQ WKH VRXWK ZHVW RIWKH YLOODJH LQ DQ DUHD ZHUH &RVWLúD
VHWWOHPHQWVKDGEHHQDVFHUWDLQHG6L]H/ FP+ FP8QSXEOLVKHG0,317
LQYQR
K'ROKHúWLL0DULYLOODJH'ROKHúWLFRPPXQH6XFHDYDFRXQW\
$PRQJ WKH FHUDPLF PDWHULDOV 'U (XJHQLD =DKDULD SODFHG LQ 'U / 'DVFăOX¶V
FXVWRG\IRUVWXG\WKHPWKHUHLV&RVWLúD.RPDURYFHUDPLFIUDJPHQWIRXQGDW'ROKHúWL
,W LV EULFNUHGGLVK FXS IUDJPHQW GHFRUDWHG XQGHU WKH ULP DQG RQ WKH VKRXOGHU ZLWK
LQFLVLRQV VWLWFKHV DQG LQFLVHG KDWFKHG WULDQJOHV 1R GHWDLOV FRQFHUQLQJ WKH ILQGLQJ
SODFH3O
L,]YRDUHYLOODJH'XPEUDYD5RúLHFRPPXQH1HDPĠFRXQW\
$ %W\SH EURQ]H D[H %LNDFV ± %RUOHúWL YDULDQW ZLWK GLVF ZDV IRXQG RQ WKH
WHUULWRU\ RI WKH YLOODJH 7KH GLVF HGJH DQG SDUW RI WKH KROH ZHUH FKRSSHG RII 7KH
VWUDLJKWEODGHGLVSOD\VWUDFHVRIXVH'DUNJUHHQSDWLQD/ FPKROH+ FP
EODGH+ OEODGH FP0,317,QYQR3O
%LEOLRJUDSK\ $O 9XOSH LQ 'DFLD 16 S $EE E E ,ELG LQ
3%),;S7DI
M0LKăOăúHQLYLOODJH0LKăOăúHQLFRPPXQH%RWRúDQLFRXQW\
0DQ\&RVWLúD.RPDURYGHFRUDWHGFHUDPLFIUDJPHQWVFRPHIURPWKHDUHDRIWKH
ZHOONQRZQ QHFURSROLV DW ùHVXO %DúHXOXL UHVHDUFKHG E\ 2 ùRYDQ 7KH IUDJPHQW RQ
GLVSOD\LQWKHH[KLELWLRQFRPHVIURPDELWUXQFDWHGFXSGHFRUDWHGXQGHUWKHULPDQGDW
WKHQHFNEDVHZLWK%HVHQVWULFKW\SHOLQHVDQGLQFLVHGKDWFKHGWULDQJOHSDWWHUQRQWKH
VKRXOGHU%URZQZLWKEULFNUHGGLVKVSRWV8QSXEOLVKHG0-%71RLQYQR3O
%LEOLRJUDSK\ 3 ùDGXUVFKL 5H]XOWDWHOH VRQGDMXOXL DUKHRORJLF GH OD *KLOăQHúWL
%RWRúDQLLQ+LHUDVXV,;SQRWH
N7KH0XQLFLSDOLW\RI3LDWUD1HDPĠ1HDPĠFRXQW\
6WRQH D[H DQGHVLWH RULJLQDWLQJ IURP D FDVXDO GLVFRYHU\ / FP K FP
6KLSOLNHVKDSHZLWKF\OLQGULFDOQHFNDQGGLVF7KHLWHPLVWKLFNHQHGDWWKHKROHDQG
LVFRQYH[IURPDORQJLWXGLQDOSURILOH0,317,QYQR3O
www.cimec.ro / www.mncr.ro
O5DFRYDYLOODJH5DFRYDFRPPXQH%DFăXFRXQW\
6RPHZKHUH RQ WKH WHUULWRU\ RI WKH FRPPXQH LQ DQ XQNQRZQ SODFH D VKLS
VKDSHGVWRQHD[HZLWKDVOLJKWO\EURDGHQHGEODGHDQGWKHKROHFKRSSHGRIIZDVIRXQG
,WFRXOGEHGDWHGWRWKH0LGGOH%URQ]H$JH6L]H/ FP+ FPEODGH+
FP0,317,QYQR3O
%LEOLRJUDSK\&0DWDVăLQ%&0,SILJ
P7J2FQDFLW\%DFăXFRXQW\
7KH/D3RGHLVSRWLVORFDWHGRQWKHVRXWKRIWKHWRZQRQDSURPRQWRU\GHWDFKHG
IURPWKHPKLJKWHUUDFHRQWKHULJKWEDQNRIWKH7URWXú5LYHU
7KHVLWHZDVUHVHDUFKHGE\WKHSULHVW&RQVWDQWLQ0DWDVăEHWZHHQDQG
DV ZHOO DV LQ E\ PHDQV RI VPDOO H[FDYDWLRQV &RQVHTXHQWO\ WKH SHULRGV WKH
SODWHDXZDVLQKDELWHGZHUHGHWHUPLQHG&XFXWHQL%GXULQJZKLFKWKHDUFKDHRORJLFDO
OHYHOUHDFKHGPWKLFNIURPWRP0RQWHRUXPRVWOLNHO\GXULQJVW&
6WDJHDQG/D7qQHXQGLIIHUHQWLDWHGIURPWRP
7KH0RQWHRUXFXOWXUHFHUDPLFLVUHSUHVHQWHGE\IUDJPHQWVIURPODUJHVL]HGYHVVHOV
ERZOV RU VDFNYHVVHOV ZLWK WKLFNHQHG ULP DV ZHOO DV E\ KHPLVSKHULFDO FXSV ZLWK RYHU
UDLVHG KDQGOHV ,Q DV PXFK DV WKH GHFRUDWLRQ LV FRQFHUQHG LW FRQVLVWV RI KRUL]RQWDOO\
LQFLVLRQV GHHS URXQG VWLWFK KDWFKHG WULDQJOHV ]LJ]DJ LQFLVLRQV 3O LQFLVHG
FRQFHQWULFFLUFOHVYHLQVFXWULPVDQGVWLWFKHVRULQFLVLRQVRQWKHXSSHUVLGHRIWKHULP
2I DOO WKHVH PRWLIV KDWFKHG VWLWFKHG WULDQJOHV DUH WR EH IRXQG RQ WKH FHUDPLF
XQFRYHUHGDWWKH3RGXUL'HDOXO*KLQGDUXDQG3ăXOHQL&LRPRUWDQVHWWOHPHQWVZKLFK
EHORQJ WR &RVWLúD FXOWXUH ZKHUHDV WKH KRUL]RQWDOO\ LQFLVHG KDWFKHG WULDQJOHV DQG WKH
GHHSVWLWFKURXQGURZVDSSHDURQWKH3RGXULYHVVHOV
7KHVH VLPLODULWLHV DUH QRW LUUHOHYDQW VKRXOG RQH FRQVLGHU WKH ORFDWLRQ RI WKH
WKUHHVLWHVERWKWKHRQHDW3RGXULDQGWKDWDW7J2FQDDUHORFDWHGLQWKH7D]OăX&DúLQ
VXE&DUSDWKLDQV GHSUHVVLRQ 0HDQZKLOH WKH DFFHVV RQ WKH RWKHU VLGH RI WKH
&DUSDWKLDQVWR3ăXOHQLLVPDGHWKURXJKWKH7URWXú5LYHU9DOOH\DQGWKH*KLPHú3DVV
7KHVHWWOHPHQWRID%URQ]H$JHFRPPXQLW\DWWKHSODFHZKHUHWKH7URWXú5LYHU
OHDYHVWKHPRXQWDLQVPD\ KDYHEHHQUHODWHGRQWKHRQHKDQGWRWKHQHHGWRFRQWURO
WKH DFFHVV ZD\ WR 7UDQV\OYDQLD DQG RQ WKH RWKHU WR WKH H[LVWLQJ VDOW UHVRXUFHV
)XUWKHUPRUHWKHVLWHPDUNVRQHRIWKH0RQWHRUXFXOWXUHEHDUHUV¶SHQHWUDWLRQIXUWKHU
QRUWKWRZDUGVWKH%LVWULĠD5LYHUEDVLQ
%LEOLRJUDSK\ & 0DWDVă $úH]DUHD HQHROLWLFă &XFXWHQL % GH OD 7kUJX 2FQD3RGHL
UDLRQXO7J2FQDUHJ%DFăXLQ$UK0ROG,,,,,S
Q9OăVLQHúWLYLOODJH9OăVLQHúWLFRPPXQH%RWRúDQLFRXQW\
$WRPEDWWULEXWHGWRWKH&RVWLúDFXOWXUHZDVFDVXDOO\GLVFRYHUHGDWWKHKHDUWRI
WKH9OăVLQHúWLYLOODJHLQ,WOLHVLQWKH\DUGRIDYLOODJHU*KùRORJDQ7KHVNHOHWRQ
ZDV FURXFKHG DQG WKH LQYHQWRU\ FRQWDLQHG DQ RYHUUDLVHGKDQGOHG FXS GHFRUDWHG ZLWK
LQFLVHGWULDQJOHV6L]H+ FP'P FP7KHUHPD\EHDZKROHFHPHWHU\LQWKLV
SODFHDVVLPLODUGLVFRYHULHVKDYHEHHQUHFRUGHGLQWKHVXUURXQGLQJJDUGHQV
%LEOLRJUDSK\)$SURWRVRDLHLQ'LQWUHFXWXOMXGHĠXOXL%RWRúDQLSILJ
0-%7LQYQR$O3ăXQHVFX3ùDGXUVFKL9&KLULFD5$-%S
(OHQD5R[DQD0XQWHDQX
www.cimec.ro / www.mncr.ro
02/'$9,$$1'6287+($67(5175$16</9$1,$5(/$7,216,1
7+(0,''/(%521=($*(
7KH (DVWHUQ &DUSDWKLDQV KDYH EHHQ RQH RI WKH PRVW UHOHYDQW JHRJUDSKLFDO
UHIHUHQFHV LQ (XURSH 7KH\ ZRXOG HLWKHU VHSDUDWH YHU\ GLIIHUHQW HWKQLF DQG FXOWXUDO
HQWLWLHV RULJLQDWLQJ LQ WKH FHQWUDO VRXWKHDVWHUQ DQG HDVWHUQ (XURSH RU DW D JLYHQ
PRPHQW LQ WLPH SOD\ WKH UROH RI D FHQWUDO D[LV IRU KRPRJHQRXV HWKQLF DQG FXOWXUDO
PDQLIHVWDWLRQV +HQFH VLQFH WLPHV LPPHPRULDO WKHVH PRXQWDLQV KDYH DOZD\V
DWWUDFWHGWKHSRSXODWLRQVLQKDELWLQJHLWKHUVLGHLHHDVWRUZHVWRIWKH&DUSDWKLDQV$Q
DUHD RI FRQIOXHQFH RYHUODSV DQG SHUPDQHQWO\ FXOWXUDO GLYHUVLW\ WKH (DVWHUQ
&DUSDWKLDQV KDYH WULJJHUHG WLPH DQG DJDLQ RULJLQDOO\ FXOWXUDO SKHQRPHQD ZKLFK
VHFXUHGWKHOLQNVEHWZHHQ(DVWHUQDQG&HQWUDO(XURSH
&RPPXQLWLHV ZRXOG IUHTXHQWO\ FURVV WKH (DVWHUQ &DUSDWKLDQV WKURXJK PDQ\
SDVVHV 7KH H[WUD&DUSDWKLDQV SRSXODWLRQV VHHP WR KDYH EHHQ PRUH DFWLYH WKDQ WKH
LQWUD&DUSDWKLDQVRQHVVLQFHWKH(QHROLWKLFDQGHVSHFLDOO\GXULQJWKH%URQ]H$JHLI
ZH FRQVLGHU WKH (DVWHUQ &DUSDWKLDQ SHQHWUDWLRQ 7KLV DSSHDUV WR KDYH EHHQ SRVVLEOH
ERWKRZLQJWRWKHDVSLUDWLRQRIWKHHDVW&DUSDWKLDQVSRSXODWLRQVDWDFFHVVLQJWKHULFK
PLQHUDOUHVRXUFHVRI7UDQV\OYDQLDVXFKDVFRSSHUVDOWDQGJROG±DQGWRWKHWUDQV
(XURSHDQFLUFXODWLRQRIWLQ$QGLWLVDNQRZQIDFWWKDWSRSXODWLRQVKHDYLO\GHSHQGLQJ
RQZDUIDUHQHHGHGWLQVREDGO\IRUWKHPDQXIDFWXUHRIKLJKTXDOLW\EURQ]H,QOLJKWRI
WKH DERYH ZH ZRXOG OLNH WR UHPLQG WKH VDOW UHVRXUFHV LQ WKH DUHDV 3UDLG ± 6RYDWD
2FODQGDQGRWKHUVDVZHOODVWKHULFKFRSSHURUHVLQ%ăODQ±DSRVVLEOHFRSSHUVRXUFH
IRUWKHSRSXODWLRQVRQHLWKHUVLGHRIWKHPRXQWDLQV
6RXWKHDVWHUQ 7UDQV\OYDQLD KDV DOZD\V KDG VWURQJ WLHV WR 0ROGDYLD 7KLV DUHD
ZRXOGRIWHQEHSDUWRIWKHFXOWXUDOHQWLWLHVRIZKRVHEDVHDUHDVZHUHORFDWHGHDVWRIWKH
&DUSDWKLDQV VXFK WKH $ULXúG&XFXWHQL &RVWLúD&LRPRUWDQ 1RXD 6kQWDQD GH 0XUHú
ýHUQMDKRY FXOWXUHV DQG RWKHUV (YHQ LI WKH (DVWHUQ &DUSDWKLDQV VHSDUDWHG WKH FXOWXUDO
DUHDVWKHWLHVEHWZHHQWKHHWKQLFDQGFXOWXUDOHQWLWLHVRQERWKVLGHVRIWKHPRXQWDLQVZHUH
PRVW RIWHQ YHU\ VWURQJ 2EYLRXVO\ WKHUH ZHUH H[FHSWLRQV SDUWO\ GXH WR LQVXIILFLHQW
UHVHDUFK 7KXV WKH EHDUHUV RI WKH &RĠRIHQL FXOWXUH DV ZHOO DV WKH =ROWDQ JURXS
FRPPXQLWLHVVHHPQRWWRKDYHKDGLPSRUWDQWFRQWDFWVZLWKWKHLUQHLJKERXUVLQ0ROGDYLD
2Q WKH WKUHVKROG RI WKH 0LG%URQ]H $JH VRXWKHDVWHUQ 7UDQV\OYDQLD ZDV
RFFXSLHG E\ WKH =ROWDQ JURXS ZKLFK EHORQJHG WR D FXOWXUDO FLUFOH FKDUDFWHULVHG E\
KDWFKHG DQG WH[WLOH SULQW FHUDPLF %HVHQVWULFK XQG 7H[WLOPXVWHU .HUDPLN D VW\OH
RULJLQDWLQJLQ&HQWUDODQG(DVWHUQ(XURSHDQGXQWLOUHFHQWO\NQRZQLQHDVWHUQ+XQJDU\
DQG6ORYDNLDZHVWHUQ8NUDLQHZHVWHUQ5RPDQLDLH%DQDW2OWHQLDWKH6LOHD2UOHúWL
JURXSDVZHOODVWKHZHVWHUQKDOIRI7UDQV\OYDQLDWKH,HUQXWJURXS'LVFRYHUHGLQ
www.cimec.ro / www.mncr.ro
WKHVRXWKHDVWHUQ7UDQV\OYDQLDLQDQHSRQ\PRXVVHWWOHPHQWRQO\LQWKLVJURXS
KDVEHHQDVFHUWDLQHGIRUWKHWLPHEHLQJDWOHDVWLQDVLQJOHVLWH
:KLOHDWWKHHQGRIWKHHDUO\%URQ]H$JHVRXWKHDVWHUQ7UDQV\OYDQLDEHORQJHGWR
DFXOWXUDODUHDSUHGRPLQDQWO\WLHGWRWKHZHVWDWWKHEHJLQQLQJRIWKH0LG%URQ]H$JH
WKH HDVW&DUSDWKLDQ IDFWRU EHFDPH VL]HDEOH RZLQJ WR WKH SHQHWUDWLRQ RI VRPH &RVWLúD
FRPPXQLWLHVIURPEH\RQGWKHPRXQWDLQV&XUUHQWO\WKHUHLVRQO\RQHVLWH±LH3ăXOHQL
&LRPRUWDQ WKDW FRXOG EH PRVW SRVLWLYHO\ DWWULEXWHG WR WKLV FXOWXUH 7KH 3RLDQ
&RYDVQDFRXQW\WRPEDOVRVHHPVWRGDWHEDFNWRWKHVDPHSHULRGDVLWLVWKHRQO\WRPE
LQ 7UDQV\OYDQLD WR EHORQJ WR WKLV FXOWXUH 6SHFLDOLVHG YLHZV GLIIHU DV WR FXOWXUDOO\
IUDPLQJ WKHVH UHPDLQV ZKLOH VRPH RI WKH DXWKRUV DUH LQ VXSSRUW RI D GLVWLQFW
³&LRPRUWDQ´ FXOWXUH OLQNHG WR WKH 0LG%URQ]H $JH LQ 0ROGDYLD EXW URRWHG LQ HDVW
7UDQV\OYDQLDLH6FKQHFNHQEHUJ±-LJRGLQ FXOWXUH2QWKHRWKHUKDQGRWKHU DXWKRUV
WKHDXWKRURIWKLVSDSHULQFOXGHGFRQVLGHUWKDWWKH3ăXOHQL&LRPRUWDQVHWWOHPHQWOHYHO
GDWLQJ IURP WKH EHJLQQLQJ RI WKH 0LG%URQ]H $JH DFWXDOO\ EHORQJV WR WKH &RVWLúD
FXOWXUH8QIRUWXQDWHO\WKHFXUUHQWGDWDEDVHPDNHVLWGLIILFXOWIRUXVWRDVVXPHWKDWDOO
WKH VRXWKHDVWHUQ 7UDQV\OYDQLD EHORQJHG WR WKH &RVWLúD FXOWXUH DW WKH EHJLQQLQJ RI WKH
0LG%URQ]H $JH RU ZKHWKHU ZH RQO\ GHDO ZLWK LVRODWHG SHQHWUDWLRQ DQG DQ HSLVRGLF
SUHVHQFH RI VRPH H[WUD&DUSDWKLDQV FRPPXQLWLHV LQ WKH DUHD XQGHU VFUXWLQ\ 7KHUH LV
PRVWFHUWDLQO\QRHOHPHQWLQVXSSRUWRIWKH:LHWHQEHUJFXOWXUHLQIOXHQFHRQWKH&RVWLúD
W\SH VHWWOHPHQW DW3ăXOHQL&LRPRUWDQ1HLWKHULVWKHUH DQ\HOHPHQWLQVXSSRUWRIWKH
DVVXPSWLRQWKDWWKLVVHWWOHPHQWLVSULRUWRWKH:LHWHQEHUJVHWWOHPHQWOHYHO:KHWKHUWKLV
UHODWLRQEHWZHHQWKH0LG%URQ]H$JHVHWWOHPHQWVDW3ăXOHQLLVDSSOLFDEOHWRWKHHQWLUH
&LXF 'HSUHVVLRQ RU HYHQ WR DOO VRXWKHDVWHUQ 7UDQV\OYDQLD DUHD LV DQ LVVXH VWLOO ODFNLQJ
VXIILFLHQW VXSSRUW 1HYHUWKHOHVV LW DSSHDUV WKDW WKH :LHWHQEHUJ FXOWXUH FRPPXQLWLHV
VHWWOHG LQ HDVWHUQ 7UDQV\OYDQLD VKRUWO\ DIWHU WKH ILUVW SHQHWUDWLRQ DVFHUWDLQHG LQ WKLV
&RVWLúD FXOWXUH DUHD $IWHU WKH H[SDQVLRQ RI WKH :LHWHQEHUJ FXOWXUH WR WKH (DVWHUQ
&DUSDWKLDQV±ZKHQLWVWDUWHGLWVGRPLQDWLRQRYHUDOO7UDQV\OYDQLDXQWLOWKHHQGRIWKH
0LG%URQ]H $JH WKH &RVWLúDW\SH PDQLIHVWDWLRQV LQ 7UDQVO\YDQLD DUH UHFRUGHG LQ
FRPELQDWLRQZLWKRWKHUFXOWXUDOHOHPHQWV7REHPRUHVSHFLILFWKH&RVWLúDW\SHFHUDPLF
GHSRVLWLQWKH=ROWDQVHWWOHPHQW&RYDVQDFRXQW\RYHUODSVDFRPSOH[GDWLQJIURPWKH
HQGRIWKHHDUO\%URQ]H$JHDQGLVDVVRFLDWHGZLWKWKH0RQWHRUXW\SHFHUDPLFLH,&
& DQG PDLQO\ ,E DQG 7HL , 7HL%XQJHWX DQG 7HL&ăĠHOX ,Q %UDúRY ±
/XWăULD/HKPJUXEH +DQJHVWHLQ D &RVWLúDW\SH FXS VHHPV WR RULJLQDWH IURP D 7HL ,,,
FRQWH[W $ &RVWLúD.RPDURYW\SH SRW LQ 6LJKLúRDUD FRPHV IURP D :LHWHQEHUJ FXOWXUH
QGDQGUGVWDJHV$W3HWHQL&RYDVQDFRXQW\DQDPSKRUDFRPSDUDEOHWRWKRVHW\SLFDO
IRU &RVWLúD FXOWXUH DFFRUGLQJ WR 6]pNHO\ =V ZDV GLVFRYHUHG LQ D 1RXD FXOWXUH
VHWWOHPHQW7KH.RPDURYWUDGLWLRQFHUDPLFLVNQRZQDWWKH-LJRGLQQHFURSROLV+DUJKLWD
FRXQW\ DV ZHOO DV DW WKH 5RWEDY VHWWOHPHQW %UDúRY FRXQW\ ERWK DWWULEXWHG E\ $&
)ORUHVFX WR 1RXD , +HQFH IHZ &RVWLúD.RPDURYW\SH UHPDLQV LQ 7UDQV\OYDQLD DQG
HTXDOO\IHZLQ0ROGDYLDFRYHUDOPRVWDOOWKH0LGGOH%URQ]H$JH$PDSSLQJRIWKHVH
UHPDLQV LQ 7UDQV\OYDQLD SURYHV WKDW PRVW RIWHQ WKH\ DUH WR EH IRXQG QHDU WKH PRVW
LPSRUWDQWOLQNVWR0ROGDYLD*KLPHúDQG2LWX]IURPZKHUHWKLVFXOWXUHVSUHDGIDUWKHU
GRZQVWUHDPRQWKH2OWDQGWKH5kXO1HJUX9DOOH\V
6WLOO DW WKH VDPH WLPH 0RQWHRUX FXOWXUH PDQLIHVWDWLRQV EHFDPH SUHVHQW LQ WKH
VRXWKHDVWHUQ7UDQV\OYDQLD7KHDUFKDHRORJLFDOFRQWH[WVJHQHUDWLQJWKHGDWDEHORQJLQJ
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
7KHVHWWOHPHQWLVRYDOVKDSHGZLWKGLPHQVLRQVDERXW[P7KHVHWWOHPHQWLV
GHIHQGHGQDWXUDOO\DVZHOODVE\WKHKXPDQPDGHIRUWLILFDWLRQV,QWKHVRXWKWKHDEUXSW
DQG GHHS VORSH RI WKH 5HPHWHD ULYXOHW YDOOH\ DQ DIIOXHQW RI WKH 2OW 5LYHU OLPLWV LW
QDWXUDOO\2WKHUULYXOHWDQDIIOXHQWRIWKH5HPHWHDOLPLWVLWIURPWKHQRUWK7ZRGLWFKHV
DQG DZDOO FXWWKH DFFHVVWRWKH VHWWOHPHQWIURPZHVWWKURXJK DQDUURZ VDGGOH7KHQ D
KRUVHVKRHVKDSH ZDOO DQG D GLWFK GHIHQGV LW IURP ZHVW QRUWK DQG HDVW 7KH PD[LPXP
GLIIHUHQFHRIOHYHODERXWPHWHUVEHWZHHQWKHULGJHRIWKHZDOODQGWKHRXWVLGHRIWKH
VHWWOHPHQWZDVQRWLFHGLQLWVHDVWHUQSDUW7KHSURPRQWRU\VKRZVDVOLJKWVORSHWRVRXWK
7KHLQWHULRUVORSHRIWKHZDOOLVYHU\VPRRWKZKLOHIURPRXWVLGHHVSHFLDOO\LQLWVQRUWKHUQ
DQGVRXWKHUQSDUWVWKHZDOOLVYHU\DEUXSW,QWKHVRXWKHUQSDUWDGHIHQVLYHFRQVWUXFWLRQ
ZDVSUREDEO\HUHFWHGZKLFKVOHGGHGLQWKH5HPHWHDYDOOH\7KHVOLJKWWUDFHVRILWDUHVHHQ
DWWKHVXUIDFH,QWKHHDVWHUQSDUWEHWZHHQWKHZDOODQGWKHGLWFKRIWKHVHWWOHPHQWWKHUHLV
DWULDQJXODUVKDSHGWHUUDFHDERXWPZLGHPORQJDQGPKLJK
7KH VLWH ZDV GLVFRYHUHG LQ WKH V E\ $O )HUHQF]L ZKR LQFOXGHG LW LQ WKH
UHSHUWRLUH RI 'DFLDQ IRUWUHVVHV IURP 7UDQV\OYDQLD ,Q DQG 6]pNHO\
=ROWiQ H[FDYDWHG KHUH ILYH WUHQFKHV DQG WZR VPDOO VXUIDFHV DERXW VTP 7KLV
UHVHDUFKVWDWHGWKDWWKHVHWWOHPHQWZDVLQKDELWHGIRUWKHILUVWWLPHLQWKH$HQHROLWKLFWKH
$ULXúG&XFXWHQLFXOWXUH7KHQLWZDVLQKDELWHGFRQVHFXWLYHLQWKHWUDQVLWLRQSHULRG
IURP$HQHROLWKLFWRWKH%URQ]H$JHWKH&RĠRIHQLFXOWXUHDQGLQWKH%URQ]H$JHWKH
&LRPRUWDQ DQG :LHWHQEHUJFXOWXUHV$VIDU DVWKHIRUWLILFDWLRQVDUH FRQFHUQHGLWZDV
VWDWHG WKDW WKHVH ZHUH SHUIRUPHG LQ WKH %URQ]H $JH 7KH PRVW QRWDEOH UHVXOW RI WKHVH
UHVHDUFKHVZDVWKHGLVFRYHU\RIDQHZ%URQ]H$JHFXOWXUDOXQLWWKH&LRPRUWDQFXOWXUH
%HFDXVHWKHVHWWOHPHQWKDGEHHQUHVHDUFKHGDWOLWWOHVXUIDFHEXWWKHUHFRUGVKDG
EHHQSXEOLVKHGVHOHFWLYHO\DORWRIWKHLVVXHV DERXWLWKDGUHPDLQHGXQVROYHG7KXV
WKHOD\HUVIURPWKH$HQHROLWKLFDQGWKHWUDQVLWLRQSHULRGZHUHKDUGO\WRXJKHG$VIDU
DV WKH %URQ]H $JH UHFRUGV DUH FRQFHUQHG WKH FKURQRORJLFDO UHODWLRQ EHWZHHQ WKH
&LRPRUWDQW\SHDUWHIDFWVDQGWKRVHRIWKH:LHWHQEHUJW\SHZHUHQRWFHUWDLQO\VWDWHGLW
ZDV XQFOHDU LI ZH GHDO ZLWK WZR GLVWLQFW FXOWXUDO OHYHOV RU ZLWK D VLQJOH RQH ,W ZDV
DGPLWWHG ZLWKRXW KDYLQJ EHHQ UHYHDOHG DQ\ FRQFOXVLYH VWUDWLJUDSKLF FRQWH[W WKDW
WKHUHDUHWZRFXOWXUDOOHYHOVDQGWKDWWKH:LHWHQEHUJRQHZDVVXEVHTXHQWWRWKDWRIWKH
&LRPRUWDQ W\SH $QRWKHU SUREOHP ZDV WKH SUHFLVH SK\VLRJQRP\ RI WKH ³&LRPRUWDQ
FXOWXUH´ EHFDXVH WKH SRWWHU\ EHLQJ SXEOLVKHG VHOHFWLYHO\ SUHGRPLQDQWO\ WKH SRWWHU\
RUQDPHQWHGZLWKWULDQJOHVILOOHGZLWKGRWVRUULJKWOLQHVFRQVLGHUHGIRUWKHPRPHQWDV
HPEOHPDWLF HOHPHQWV IRU WKH ³&LRPRUWDQ FXOWXUH´ 7KH SXEOLVKHG VXJJHVWHG D VWURQJ
VLPLOLWXGH ZLWK WKH &RVWLúD FXOWXUH IURP ZHVWHUQ 0ROGDYLD VR WKDW VRPH UHVHDUFKHUV
WHQGWRFRQVLGHUWKH³&LRPRUWDQFXOWXUH´DVDYDULDQWRIWKH&RVWLúDFXOWXUH
7KH SUREOHP RI FXOWXUDOFKURQRORJLFDO DWWULEXWLRQ RI WKH ZDOOV DQG WKH GLWFKHV
UHPDLQHGXQVROYHG$OWKRXJKLQWKHILUVWVFLHQWLILFUHFRUGWKHVLWHZDVPHQWLRQHGDVD
'DFLDQIRUWUHVVDQGWKHIROORZLQJXQDXWKRULVHGH[FDYDWLRQVSHUIRUPHGKHUHUHYHDOHG
³'DFLDQ´SRWWHU\DQGFRLQV6]pNHO\=ROWiQ
VH[FDYDWLRQVGLGQRWSURYLGHDQ\'DFLDQ
DUFKDHRORJLFDOPDWHULDO
,QDJURXSRIUHVHDUFKHUVOHGE\9DOHULX&DYUXFDQGFRPSRXQGE\
'DQ%X]HD*DOLQD&DYUXF*KHRUJKH'XPLWURDLD*KHRUJKH/D]DURYLFL0LKDL5RWHD
DQG6]HNpO\=VROWSHUIRUPHGQHZH[FDYDWLRQVLQWKLVVHWWOHPHQW
www.cimec.ro / www.mncr.ro
7KHUHVHDUFKHVKDGFRQILUPHGWKDWLQLWLDOO\WKHUHZDVDQDERXWPKLJKQDWXUDO
KLOOLQWKDWSODFH7KHILUVWKDELWDWLRQOHYHOGHWHFWHGGXULQJWKHH[FDYDWLRQVEHORQJVWR
WKH $ULXúG &XFXWHQL FXOWXUH 7KH UHPQDQWV EHORQJLQJ WR WKLV FXOWXUH WUDFHV RI
GLIIHUHQWFRQVWUXFWLRQVSRWWHU\KXPDQDQGDQLPDOOLNHVWDWXHWWHVDQGWRROVDSSHDUHG
LQDOOWKHWUHQFKHVERWKLQWKHSUHFLQFWVDQGXQGHUWKHZDOOVXUURXQGLQJWKHVHWWOHPHQW
7KHPRVWLPSRUWDQWUHPQDQWVUHJDUGLQJWKLVSHULRGZHUHXQFRYHUHGXQGHUWKHZDOODW
WKHPDUJLQRIWKHVHWWOHPHQW+HUHDSDUWRIWKHGZHOOLQJZDVXQFRYHUHG,WVHHPVWKDW
LWKDGDWUDSH]RLGDOVKDSHZLWKWKHELJJHUVLGHWRZDUGVRXWVLGHRIWKHVHWWOHPHQW,WZDV
HUHFWHGRIPDVVLYHWLPEHUDQGZDWWOHVWUXFWXUHERXQGHGDQGFRYHUHGZLWKEDNHGFOD\
7KLVGZHOOLQJSUREDEO\EHORQJHGWRDUDQJHRIKRXVHVSODFHGRQWKHHGJHVRIWKHKLOO
8QGHU WKH UXLQV RI LWV ZDOOV VRPH SRWV PDQ\ IUDJPHQWV RI VWDWXHWWHV RI EDNHG FOD\
FRSSHUQHHGOHVDQGVRPHVWRQHJULQGHUVZHUHIRQG7KHJUHDWPDMRULW\RIWKHSRWWHU\
IURP WKLV GZHOOLQJ EHORQJV WR WKH &XFXWHQL $ SHULRG 7KH $ULXúG&XFXWHQL W\SH
UHFRUGVXQFRYHUHGLQWKHSUHFLQFWVRIWKHVHWWOHPHQWDUHPXFKSRRUHU7UDFHVRIVRPH
OLJKWVXUIDFHFRQVWUXFWLRQVZHUHXQFRYHUHGWKHUH2QHRIWKHPEHWWHUFRQVHUYHGKDGD
UHFWDQJXODUVKDSHZLWKLWVSHULPHWHUPDUNHGE\URZVRIKROHVIRUSLOODUVDQGSROHV7KH
&XFXWHQL$ULXúGW\SHSRWWHU\IRXQGRQWKHSHULPHWHUDQGDURXQGLWFRPSOH[LVQRWVR
ULFK DV WKDW XQFRYHUHG XQGHU WKH ZDOO WKH SDLQWHG SRWWHU\ DSSHDUV LQ PRUH OLWWOH
SURSRUWLRQ &RQVHTXHQWO\ RQH FDQ DGPLW WKDW LW EHORQJV WR D ODWWHU $HQHROLWKLF
LQKDELWDWLRQ 3HUKDSV VRPH %RGURJNHUHV]W~U FXOWXUH SRWVKHUGV IRXQG ZLWKRXW DQ\
UHOHYDQWVWUDWLJUDSKLFFRQWH[WEHORQJWRWKLVOHYHO
7KH &RĠRIHQL FXOWXUH UHFRUGV DUH UHSUHVHQWHG E\ WKH WUDFHV RI D VKHOWHU
XQFRYHUHG ULJKW DERYH WKH $ULXúG GZHOOLQJ IURP XQGHU WKH ZDOO $ KHDUWK DUUDQJHG
IURP D SDYHPHQW RI IODW VWRQHV FRYHUHG ZLWK D OD\HU RI EDNHG FOD\ ZDV XQFRYHUHG
WKHUH5RXJKO\WKH&RĠRIHQLUHFRUGVFDQEHDWWULEXWHGWRLWVILUVWSKDVH
7KH QH[W KDELWDWLRQ EHORQJV WR WKH &LRPRUWDQ FXOWXUDO JURXS $V IDU DV WKH
SUHVHQW VWDJH RI UHVHDUFK FDQ VWDWH DW OHDVW WKH ILUVWIRUWLILFDWLRQ FRQVWUXFWLRQV RI WKH
VHWWOHPHQWZHUHSHUIRUPHGLQWKLVSHULRG,QLWLDOO\D VWUXFWXUHRIZRRGSLOODUVSRNHG
LQWR WKH JURXQG ZDV HUHFWHG 7KH URZV RI SLOODUV SHUIRUDWHG WKH $ULXúG DQG &RĠRIHQL
GZHOOLQJV 7KHQ WKH ZDOO RI HDUWK ZDV HUHFWHG DERYH WKH WLPEHUODFHG UDPSDUW $W
SUHVHQW WKH KHLJKW RI ZDOO LV DERXW P IURP LWV EDVLV 7KH ZDOO KDV D FRPSOH[
VWUXFWXUHLWVKRZVWKHWUDFHVRIWKHWLPEHUODFHGUDPSDUWDVZHOODVPDQ\VHTXHQFHV
RIHDUWK7KHZDOOILOOLQJVKRZVPDQ\VWUDWLJUDSKLFVHTXHQFHVZKLFKUHIOHFWUDWKHUWKH
RUGHURIWKHGLIIHUHQWNLQGVRIVRLOGHSRVLWVDWWKHVDPHSHULRGWKDQWKHFKURQRORJLFDO
RQH ,Q DOO WKHVH VHTXHQFHV WKH &XFXWHQL %RGURJNHUHV]W~U DQG &RĠRIHQL SRWWHU\ ZDV
IRXQGWRJHWKHU2XWVLGHRIWKHZDOOWZRFDYLWLHVZHUHXQFRYHUHGRQHRIWKHPZKRVH
SXUSRVHFDQQRWEHGHILQLWHZDVXQFRYHUHGQHDUE\WKH$ULXúGGZHOOLQJDWWKHVORSHRI
WKHKLOO2WKHURQHDWWKHIRRWRIWKHKHHOFHUWDLQO\ZDVDGHIHQGGLWFK7KLVZDVRQO\
WRXFKHGWKDWLVZK\LWVGLPHQVLRQVZHUHQRWVWDWHG
,W ZDV QRWLFHG WKDW GXULQJ WKH ZDOO HUHFWLRQ D FRUULGRU ± P ZLGH SODFHG
SHUSHQGLFXODUO\WRLWZDVOHIWXQILOOHG7ZRSDUDOOHOUDQJHVRISLOODUVSRNHGLQWRWKHJURXQG
EUDFHGLWVVLGHV,WPD\UHSUHVHQWDQDFFHVVSDVVDJHIURPWKHLQVLGHRIWKHVHWWOHPHQWWRWKH
PLGGOHRIWKHZDOORUSRVVLEO\WRZDUGVRXWVLGH7KHILOOLQJRIWKLVSDVVDJHGHWHFWHGLQWKH
ORQJLWXGLQDO VHFWLRQRI WKH ZDOOZDV VWURQJO\EXUQW ,WVHHPVWKDW DEXLOGLQJZKLFKURVH
DERYHWKHVXPPLWRIWKHZDOOSRVVLEO\RQHRIWKHWRZHUVZDVHUHFWHGKHUH,WPD\KDYH
www.cimec.ro / www.mncr.ro
EHHQEXUQWGXULQJWKHVLHJHRIWKHVHWWOHPHQW3RWWHU\RIWKH&LRPRUWDQW\SHFRPLQJIURP
WKHLQWHQVHO\EXUQWDUHDZDVIRXQGLQWKHILOOLQJRIWKHSDVVDJH
$QRWKHUFRPSOH[EHORQJLQJWRWKH&LRPRUWDQFXOWXUDODVSHFWZDVXQFRYHUHGLQ
WKHVRXWKHUQHQGRIWKHSDVVDJH7KLVZDVVOLJKWO\GHHSHQHGLUUHJXODUVKDSHGDQGZDV
SHUSHQGLFXODUO\ GLVSRVHG WR WKH FRUULGRU 0DQ\ IUDJPHQWV RI DQLPDO ERQHV WKH
PDMRULW\EHORQJLQJWR\RXQJHUVSHFLHVWZRIUDJPHQWVRIKXPDQERQHVDIUDJPHQWRI
PDQGLEOHDQGRQHRIWKHEUDLQSDQDQGDOVRQXPHURXV&LRPRUWDQW\SHSRWVKHUGVZHUH
IRXQGLQWKHILOOLQJRIWKLVFRPSOH[6RPHKROHVRISLOODUVSUREDEO\IRUVXVWDLQLQJRI
WKH URRI ZHUH XQFRYHUHG QH[W WR WKHVH $ :LHWHQEHUJ FXOWXUH GZHOOLQJ RYHUODSSHG
ERWKWKLVFRPSOH[DQGDSDUWRIWKHFRUULGRU
7KH&LRPRUWDQW\SHSRWWHU\IURP3ăXOHQLLQFOXGHVIRXUFDWHJRULHV
7KHFRDUVHSRWWHU\UHSUHVHQWHGE\WKHSRWVKHUGVEHORQJLQJWRWKHFRQWDLQHUV
RIWKHPLGGOHRUELJVL]HZLWKZLGHRSHQHGPRXWKVRPHWLPHVGHFRUDWHGZLWKULEVLQ
UHOLHI DUUDQJHG XQGHU WKH ULP RUDQG RQ LWV RXWVLGH %HFDXVH RI WKH IUDJPHQWDU\
FKDUDFWHURIWKHSRWWHU\WKHIRUPVFRXOGQRWEHUHFRQVWUXFWHG%XWLWLVREYLRXVWKDWD
QXPEHU RI IRUPV DQG W\SHV EHORQJ WR WKLV FDWHJRU\ 6RPH RI WKHP ZHUH VWURQJO\
SURILOHGZLWKSURPLQHQWERG\ZKLOHRWKHUVZHUHOHVVSURILOHG
7KH%HVHQVFKWULFKVW\OHFRDUVHSRWWHU\ZLWKWKHH[WHULRUDQGVRPHWLPHVDOVR
WKHLQWHULRUSURFHVVHGZLWKDVPDOOEURRP7KHPDMRULW\RIWKH&LRPRUWDQW\SHSRWWHU\
IRXQG LQ WKH VHWWOHPHQW EHORQJV WR WKLV FDWHJRU\ 7KLV NLQG RI GHFRUDWLRQ FRYHUV
VRPHWLPHV DOO WKH VXUIDFH RI WKH YHVVHOV ZKLOH D SDUW RI FRQWDLQHUV VKRZ GHFRUDWLRQ
RQO\ RQ LWV LQIHULRU SDUW 7KH KLJK SURSRUWLRQ RI WKLV NLQG RI SRWWHU\ UHSUHVHQWV D
VXUSULVH LI ZH MXGJH WKH &LRPRUWDQ SRWWHU\ DIWHU WKH SUHYLRXV SXEOLFDWLRQV 7KH
FRPSOHWHIRUPVRIWKHSRWWHU\FRXOGQRWEHUHFRQVWUXFWHGEXWLWZDVQRWLFHGWKDWWKLV
FDWHJRU\VKRZVDYDULHW\RIW\SHV6RPHRIWKHPKDGGXPS\SURSRUWLRQVZLWKZLGH
RSHQHG PRXWK ERZOV 2WKHUV ZHUH VWURQJO\ SURILOHG ZLWK SURPLQHQW ERG\ QDUURZ
ERWWRP DQG SURILOHG QHFN SRWV 2WKHUV KDG OHVV SURILOHG ERG\ ZLWKRXW RU VOLJKWO\
SURILOHGQHFNMDUV
7KHLQWHUPHGLDU\FDWHJRU\LVUHSUHVHQWHGE\FRQWDLQHUVRIELJRUPLGGOHVL]H
DPRQJ ZKLFK DW OHDVW D SDUW ZHUH WKH DPSKRUDH VLPLODU WR WKRVH ZHOO NQRZQ LQ WKH
HSRQ\P VHWWOHPHQW RI WKH &RVWLúD FXOWXUH 7KH\ KDYH ELFRQLFDO ERG\ F\OLQGULFDO
QDUURZ DQG KLJK QHFN WZR KDQGOHV FRQQHFWHG WR WKH ULP DQG VKRXOGHU 6RPHWLPHV
DPSKRUDHDUHGHFRUDWHGE\LQFLVHGWULDQJOHVDUUDQJHGLQKRUL]RQWDODQGRUYHUWLFDOLW
GRQ¶W DSSHDUV LQ SUHYLRXV SXEOLFDWLRQV UHJLVWHUV ILOOHG E\ GRWV RU REOLTXH OLQHV
VRPHWLPHVWKH\DUHGHFRUDWHGDOVRZLWKULEVLQUHOLHI)HZVKUHGVDUHGHFRUDWHGLQVR
FDOOHG)XUFKHQVWULFKWHFKQLTXHV
7KHFRQWDLQHUVRIWKHPLGGOHDQGOLWWOHVL]HEHORQJWRWKHFDWHJRU\RIWKHILQH
SRWWHU\ 7KHUH DUH WKUHH PDLQ IRUPV DPRQJ WKHP DPSKRUDH DPSKRUHWD DQG WZR
KDQGOHGFXSV
$PSKRUDH ± WKH YDVHV RI PLGGOH VL]H XS WR OLWUHV KDYH ELFRQLFDO ERG\
F\OLQGULFDO QDUURZ DQG KLJK QHFN DQG WZR KDQGOHV FRQQHFWHG WR WKH ULP DQG ERG\
7KH\DUHGHFRUDWHG VRPHWLPHRQWKH VKRXOGHUZLWKLQFLVHGWULDQJOHVILOOHGZLWKGRWV
KRUL]RQWDORUREOLTXHOLQHV8QGHUWKHKDQGOHVWKHGHFRUDWLRQLVSHUIRUPHGE\YHUWLFDO
UHJLVWHUVFRPSRVHGIURPGLUHFWLQFLVHGOLQHVDQGWULDQJOHVRUUKRPELILOOHGVRPHWLPHV
ZLWKZKLWHVXEVWDQFH
www.cimec.ro / www.mncr.ro
$PSKRUHWDH DUH WKH VPDOO FRQWDLQHUV + XQGHU FP ZLWK JOREXODU ERG\
QDUURZDQGKLJKQHFNRQHRUWZRKDQGOHV
7ZRKDQGOHGFXSVDUHGHFRUDWHGRIWHQLQWKHVDPHNLQGDVDPSKRUHWDH
$V IDU WKH SUHVHQW VWDJH RI RXU NQRZOHGJH DERXW WKH SRWWHU\ IURP 3ăXOHQL DQG
PDQ\ RWKHU VHWWOHPHQWV RI WKH &RVWLúD FXOWXUH LQ WKH ZHVWHUQ SDUW RI 0ROGDYLD FDQ
VWDWH WKH &LRPRUWDQ W\SH SRWWHU\ IURP 3ăXOHQL LV YHU\ PXFK WKH VDPH ZLWK WKH
&RVWLúD FXOWXUH RQH 7KH FORVHVW DQDORJLHV WR LW DUH SURYLGHG E\ WKH &RVWLúD 'HOHQL
/XQFD DQG 3RGXUL VHWWOHPHQWV 2QH RI WKH PDMRU GLIIHUHQFHV RI WKH SRWWHU\ IURP
3ăXOHQL VHHPV WR EH WKH ODUJH SURSRUWLRQ RI WKH SRWWHU\ ZLWK %HVHQVWULFK VW\OH
GHFRUDWLRQ H[LVWLQJ LQ GLIIHUHQW DPRXQWV LQ DOPRVW DOO &RVWLúD FXOWXUH VHWWOHPHQWV
7KHSUHVHQFHRIWKLVNLQGRISRWWHU\DW3ăXOHQLFDQEHH[SODLQHGE\WKHVSUHDGLQJLQ
VRXWKHDVWHUQ7UDQV\OYDQLDLQWKHLPPHGLDWHO\SUHYLRXV SHULRGRIWKH=ROWDQJURXS
GHILQHGE\WKHODUJHSUHVHQFHRI%HVHQVWULFKSRWWHU\DERXWRIDOOWKHSRWWHU\DW
=ROWDQ $QRWKHU W\SLFDO LVVXH RI WKH &LRPRUWDQ SRWWHU\ LV UHSUHVHQWHG E\ WKH LQFLVHG
WULDQJOHVILOOHGZLWKLQFLVHGGRWVVRPHWLPHVUHDOLVHGLQWKH%HVHQVWULFKWHFKQLTXH,QD
PXFK VPDOOHU DPRXQW WKLV RUQDPHQW FDQ EH IRXQG LQ WKH =ROWDQ JURXS &RVWLúD DQG
0RQWHRUXFXOWXUHV2QHFDQREVHUYHDODUJHYDULHW\ZLWKLQWKH&RVWLúDFXOWXUH6RPHRI
WKHVH VHWWOHPHQWV VKRZ PRUH VLPLOLWXGH ZLWK WKH &LRPRUWDQ JURXS WKDQ ZLWK RWKHU
&RVWLúDFXOWXUHVHWWOHPHQWVGRHV7KLVFLUFXPVWDQFHPD\EHH[SODLQHGSUREDEO\E\WKH
FKURQRORJLFDO GLIIHUHQFHV ZLWKLQ WKLV FXOWXUH ZKLFK LQ 0ROGDYLD VHHPV WR KDYH EHHQ
HYROYHGGXULQJWKHHQWLUH0LGGOH%URQ]H$JH$OOWKLVIDFWVEHLQJUHYHDOHGZHFDQVD\
WKDW WKH 3ăXOHQL VHWWOHPHQW WRJHWKHU ZKLW RWKHU VHWWOHPHQWV IURP VRXWKHDVW RI
7UDQV\OYDQLD VSUHDG IURP WKH &LXF 'HSUHVVLRQ XS WR ğDUD %kUVHL =ROWDQ 3HWHQL
5RWEDY%UDúRY=LHJHOHL6FKPLGWVKRZDOVRWKH&RVWLúDFXOWXUHLVVXHV,WGDWHVIURPWKH
SHULRGLPPHGLDWHO\EHIRUHWKHDSSHDUDQFHRIWKH:LHWHPEHUJFXOWXUHLQWKLVDUHD
7KHLQIRUPDWLRQUHJDUGLQJWKHSUHVHQFHDW3ăXOHQLRIWKH0RQWHRUXW\SHSRWWHU\
KDV QRW EHHQ FRQILUPHG \HW 2WKHUZLVH WKLV ZDV QRW HLWKHU FRQILUPHG E\ WKH
LOOXVWUDWLRQVIURPWKHSDSHUVUHJDUGLQJWKH&LRPRUWDQFXOWXUH
$V WKH FKURQRORJLFDO IUDPHV RI &LRPRUWDQ OHYHO IURP 3ăXOHQL WDNLQJ LQ
FRQVLGHUDWLRQ WKH QHDUHVW DQDORJLHV LQ WKH &RVWLVD FXOWXUH UHFRUGV DQG DOVR WKH
VWUDWLJUDSKLF VLWXDWLRQ LQ WKH HSRQ\P VHWWOHPHQW RI WKLV FXOWXUH ZH FDQ SODFH LW DW
0RQWHRUX,&OHYHODQGUHVSHFWLYHO\ZLWK7HL,:LHWHQEHUJ,DQGLPPHGLDWHO\DIWHU
WKH=ROWDQJURXS
6WUDWLJUDSKLF FRQGLWLRQV VKRZ YHU\ FOHDUO\ WKDW WKH &LRPRUWDQ KDELWDWLRQ KDV
RFFXUUHG EHIRUH WKDW RI WKH :LHWHPEHUJ FXOWXUH 7KXV WKH ILUHSODFHV RI WKH
:LHWHPEHUJFXOWXUHGZHOOLQJ/RYHUODSSHG/DDQGFRPSOH[WKHFRUULGRU
7KH HYLGHQFHVEHORQJLQJWRWKH :LHWHQEHUJFXOWXUHDUHUHSUHVHQWHGE\DWOHDVW
ILYH FRPSOH[HV DQG DOVRE\ DORWRISRWWHU\DQGSLHFHV7KHILUVW:LHWHQEHUJ FXOWXUH
FRPSOH[ QR ZDV XQFRYHUHG LQ RQ WKH SUHFLQFWV RI WKH VHWWOHPHQW QHDU WKH
QRUWKHUQZDOODQGFRQVLVWHGRIDGHSRVLWRIWZRYHVVHOVSUREDEO\ULWXDORQH
7KH ILUVW YHVVHO LV DQ DPSKRUDZLWK SURPLQHQW ERG\ HYHUWHG ULP DQG VWURQJO\
SURILOHGVKRXOGHU,WLVPDQXIDFWXUHGRIZHOOZRUNHGFOD\DQGKDVZHOOVPRRWKHGVOLS
GHWDFKHGLQLWVODUJHVWSDUW,WLVRIJUH\FRORXUDQGLVGHFRUDWHGZLWKREOLTXHIOXWLQJV
ZKLFKKDYHDWWKHLUWRSVRYDOFHOOV$VPDOOFOD\ZKHHOIURPDYRWLYHZDJRQZDVIRXQG
LQVLGH LW 7KH VHFRQG FRQWDLQHU SUHVHUYHG RQO\ SDUWLDOO\ ZDV SUREDEO\ DOVR DQ
www.cimec.ro / www.mncr.ro
DPSKRUDPDGHXSRIPRUHILQHFOD\LWVVXUIDFHLVEODFNZKLOHLWVLQWHULRULV\HOORZLVK
EURZQ,WVVXUIDFHLVFRYHUHGE\WLQ\VOLS
,QWKHFDPSDLJQIURPWKUHHVXUIDFHFRQVWUXFWLRQVDQGRQHULWXDOSLWZHUH
XQFRYHUHG$OORIWKHPZHUHVLWXDWHGDWWKHLQVLGHVORSHRIWKHZDOORIWKHVHWWOHPHQW
2QH RI WKHP D VXUIDFH KRVH ZDV XQFRYHUHG FRPSOHWHO\ ,W RYHUODSSHG WKH DERYH
PHQWLRQHG &LRPRUWDQ W\SH FRPSOH[HV WKH FRUULGRU DQG WKH FRPSOH[ / D )RU WKH
OHYHOOLQJRIWKHVXUIDFHIRUWKHGZHOOLQJLQWKHVLGHIURPWKHVXPPLWRIWKHZDOODVWHS
RI DERXW FP ZDV GXJ 7KHQ SLOODUV ZHUH SRNHG RQ D UHFWDQJXODU SHULPHWHU
DERXW[P$VIDUDVWKHLPSULQWVIURPWKHQXPHURXVIUDJPHQWVRIURXJKFDVWRI
EDNHGFOD\DOORZRQHFDQVWDWHWKDWWKLQQHUSROHVDQGZDWWOHWLOOHGWKHSLOODUVDQGWKH
SRNHV 7KH KROHV RI WKH ZRRGHQ IUDPHZRUN ZHUH ILOOHG ZLWK FOD\ SDVWH PL[HG ZLWK
VDQGDQGWKHVXUIDFHVRIWKHZDOOVZHUHYHU\ZHOOVPRRWKHG2QWKHORQJLWXGLQDOD[LV
RIWKHGZHOOLQJXQGHUWKHUXLQVRIWKHZDOOVWKUHHRSHQFLUFXODUKHDWKVZHUHDUUDQJHG
$ULFKSRWWHU\PDWHULDOZDVIRXQGDPRQJWKHQXPHURXVIUDJPHQWVRIEDNHGFOD\DQG
XQGHUWKHPVRPHFRPSOHWHSRWVJULQGHUVDQGRWKHUSLHFHV
7KHVHFRQGGZHOOLQJ VLPLODUWRWKH ILUVWLVLQLWVLPPHGLDWHSUR[LPLW\ RQWKH
LQWHULRU VORSH RI WKH ZDOO 2QO\ WKH ZHVWHUQ FRUQHU ZDV XQFRYHUHG WKH UHVW RI WKH
FRPSOH[EHLQJVLWXDWHGXQGHUWKHVXUIDFHZKLFKKDVQRWEHHQUHVHDUFKHG
7KH WKLUG FRPSOH[ SUREDEO\ DQ DQQH[ RI WKH / ZDV XQFRYHUHG QHDUE\ ,W
VKRZHG LWVHOI DV D PL[WXUH RI YHVVHOV DQG SRWVKHUGV IRXQG LQVLGH WKH SHULPHWHU RI D
OLJKW FRQVWUXFWLRQ PDUNHG E\ VRPH KROHV IURP SLOODUV $PRQJ WKH SRWWHU\ IURP WKLV
FRPSOH[ZHPHQWLRQFXSVGHFRUDWHGZLWKREOLTXHIOXWLQJVDQGVRPHWLPHVZLWKVPDOO
LPSULQW WULDQJOHV ZLWK KLJK KDQGOHV DQ DPSKRUD ZLWK ORQJ QHFN DQG HYHUWHG ULP
GHFRUDWHGRQWKHVKRXOGHUE\DQLQFLVHGKRUL]RQWDOOLQHXQGHUZKLFKD]LJ]DJVKDSHG
OLQH LV LQFLVHG WKH VKHUGV RI WKH FRDUVH SRWV GHFRUDWHG ZLWK FHOO UHOLHI ULEV IHZ RI
KHUGVDUHGHFRUDWHGLQWKH.DPPVWULFKVW\OH
7KHVNHOHWRQRIDPRQWKVROGFKLOGZDVGLVFRYHUHGDERXWPQRUWKRIWKH
GZHOOLQJ/7KHVNHOHWRQZDVLQDFURXFKHGSRVLWLRQRQWKHOHIWVLGHZLWKWKHKHDG
WRZDUGV QRUWKZHVW :LHWHQEHUJ FXOWXUH SRWWHU\ ZDV IRXQG LQ WKH ILOOLQJ RI WKH SLW
$PRQJWKHSRWWHU\IRXQGLQVLGHZHPHQWLRQWKHVKHUGVRIWKHYHVVHOPDQXIDFWXUHGRI
WLQ FOD\ GHFRUDWHG DW LWV ERG\ ZLWK QHWOLNH LQFLVLRQV VKHUGV RI FRDUVH FRQWDLQHUV
GHFRUDWHGZLWKUHOLHIULEVWKHIUDJPHQWVRIWKHULPIURPDFRDUVHSRWGHFRUDWHGZLWK
WZRUDQJHUVRIULEVFRQQHFWHGZLWKDQRWKHUREOLTXHULE7KLVFRPSOH[VKRZVWKHWUDFH
RIDULWXDOZKLFKLQFOXGHGKXPDQVDFULILFH
7KH :LHWHQEHUJ FXOWXUH SRWWHU\ XQFRYHUHG LQ WKH VHWWOHPHQW RI 3ăXOHQL LV
UHSUHVHQWHGE\WKUHHFDWHJRULHVFRDUVHLQWHUPHGLDU\DQGILQH
7KHFRDUVHSRWWHU\VKRZVVRPHVKDSHVGLPHQVLRQVDQGW\SHV7KHIUDJPHQWVRU
FRPSOHWH VDFNVKDSHG SRWV GHFRUDWHG PRVWO\ RQ WKH H[WHULRU RI WKH ULP DQGRU XQGHU
WKHULPZLWKRQHWRWKUHHJLUGOHVLQUHOLHIDQGYHU\VHOGRPZLWKVPDOOEURRPVRQWKH
RXWVLGH DQGRU LQVLGH DUH SUHGRPLQDQW 7KH LQWHUPHGLDU\ SRWWHU\ SUHVHQWV VWURQJO\
VKDSHG IRUPV KDYLQJ D EXON\ ERG\ QDUURZ ERWWRP KLJK QHFN DQG IODULQJ ULP 7KH
SRWVIURPWKLVFDWHJRU\DUHVRPHWLPHVGHFRUDWHGRQWKHVKRXOGHUZLWKREORQJIOXWHVRU
PRUHVHOGRPZLWKUHFXPEHQW ³6´HVDQG FXWEDQGVILOOHGZLWKSRLQWVPDGH E\ GRWV
DQG RQ WKH ODUJH ULPV ZLWK KDWFKHG WULDQJOHV 7KH ILQH SRWWHU\ SUHVHQWV YDULRXV
VKDSHV WKH FXSV DQG PXJV ZLWK DQ 6VKDSHG SURILOH ZLWK RQH RU WZR YHU\ KLJK
www.cimec.ro / www.mncr.ro
KDQGOHVSXOOHGGRZQIURPWKHULPDUHSUHGRPLQDQW6RPHIUDJPHQWVRIWKHOREDWHSRWV
EHORQJWRWKLVFDWHJRU\7KHILQHSRWWHU\LVGHFRUDWHG ZLWKREORQJIOXWHV DQGYDULRXV
FXWPRWLIVDQGPRGHVHOGRPZLWKGRWV
7KHSRWWHU\IURPWKH:LHWHQEHUJFXOWXUHVKRZVWKHFKDUDFWHULVWLFVSHFLILFWRWKH
HDUO\EXWQRWHDUOLHVWSKDVHRIWKLVFXOWXUH
,VRODWHG FHUDPLF IUDJPHQWV RI 'DFLDQ W\SH ZHUH IRXQG LQ WKH FXOWXUDO OD\HU
ZLWKRXW DQ\ FHUWDLQ VWUDWLJUDSKLFDO FRQWH[W 3UREDEO\ WKH 'DFLDQV XVHG WKLV IRUWLILHG
VHWWOHPHQWWRFRQWURORQHRIWKHDFFHVVZD\V IURP0ROGDYLDLQWKH&LXF'HSUHVVLRQ
7KH QH[W UHVHDUFK UHPDLQV WR SURYH ZKHWKHU WKH 'DFLDQV UHDUUDQJHG RU QRW WKH
IRUWLILFDWLRQVIURPWKH%URQ]H$JH
)XWXUHUHVHDUFKHVZLOOFRQWULEXWHWRWKHEHWWHUNQRZOHGJHDQGXQGHUVWDQGLQJRI
WKHKLVWRU\RIWKLVLPSRUWDQWVLWH
%LEOLRJUDSK\ 6]pNHO\ = &XOWXUD &LRPRUWDQ vQ $OXWD S ILJ $O
9XOSH &XOWXUD &RVWLúD &RVWLúD &XOWXUH LQ &RPRUL DOH HSRFLL EURQ]XOXL GLQ 5RPkQLD
7UHDVXUHV RI WKH %URQ]H $JH LQ 5RPDQLD %XFXUHúWL S (XJHQLD =DKDULD
&XOWXUD &LRPRUWDQ &LRPRUWDQ &XOWXUH LQ &RPRUL DOH HSRFLL EURQ]XOXL GLQ 5RPkQLD
7UHDVXUHV RI WKH %URQ]H $JH LQ 5RPDQLD S 6]pNHO\ =V 3HULRDGD WLPSXULH úL
vQFHSXWXO FHOHL PLMORFLL D HSRFLL EURQ]XOXL vQ VXGHVWXO 7UDQVLOYDQLHL %XFXUHúWL 9
&DYUXF 1RL FHUFHWăUL vQ DúH]DUHD GH OD 3ăXOHQL 5DSRUW SUHOLPLQDU 3UH]HQWDUH
JHQHUDOă LQ $QJXVWLD S 9 &DYUXF *K 'XPLWURDLD 'HVFRSHULULOH
DSDUĠLQkQGDVSHFWXOXL&LRPRUWDQGHOD3ăXOHQLLQ$QJXVWLDS9&DYUXF
0 5RWHD /RFXLUHD :LHWHQEHUJ GH OD 3ăXOHQL LQ $QJXVWLD S *K
'XPLWURDLD&RPXQLWăĠLSUHLVWRULFHGLQQRUGHVWXO5RPkQLHL'HODFXOWXUD&XFXWHQLODEURQ]XO
PLMORFLX3LDWUD1HDPĠS
9DOHULX&DYUXF
&DWDORJXHQRWHV
1R &&$ S 3O 0&5 ,QY QR
$PSKRUD:LHWHQEHUJFXOWXUH 3O
&HUDPLF 3UHVHUYHG + FP 'J FP 6HPLILQH
SDVWH PL[HG ZLWK VDQG DQG SHEEOHV DV GHJUHDVLQJ 1R
VXEVWDQFH (YHUWHG ULP VKRUW QHFN DQG EXOJLQJ $PSKRUD:LHWHQEHUJFXOWXUH
VKRXOGHU 'HFRUDWHG RQWKHULP 'HFRUDWHG RQ WKHULP &HUDPLF3UHVHUYHG+ FP'I FP3DUWLDOO\
ZLWK WULDQJOHV ZLWK WZR VLGHV PDUNHG DQG REOLTXHO\ SUHVHUYHG )LQH ZDUH WKLQ ZDOOV RQ WKH RXWVLGH
KDWFKHGRQWKHVKRXOGHU±VLPLODUW\SHWULDQJOHVRQWKH \HOORZLVKEULFN UHG RQ WKH LQVLGH FRYHUHG ZLWK
ERG\ ± FRQWLQXRXV VWLFNV ZLWK GRXEOH LQFLVLRQV ILOOHG SROLVK VOLS 7KH KDQGOHV DUH FRQQHFWHG RQ WKH
ZLWKFLUFXODULPSULQWVERUGHUHGDWWKHORZHUVLGHZLWKD ORZHU SDUW %LEOLRJUDSK\ 9 &DYUXF 0 5RWHD LQ
ODLG³6´LQFLVHGREOLTXHO\KDWFKHGULEERQ%LELOLRJUDSK\ $QJXVWLD S 3O 9 0&5 ,QY
9&DYUXF05RWHDLQ$QJXVWLDS QR3O
3O9,,,9&DYUXFHWDOLQ &&$S
3O0&5,QYQR3O 1R
0LQLDWXUHFKDULRWZKHHO:LHWHQEHUJFXOWXUH
1R &HUDPLF'P FP0DGHRIVHPLILQH\HOORZLVK
$PSKRUD:LHWHQEHUJFXOWXUH EULFN UHG SDVWH ZLWK EODFN VSRWV +XEV RQ ERWK
&HUDPLF+ FP'J FP'I FP6HPL VLGHV %HDUV FOHDU WUDFHV RI ZHDU %LEOLRJUDSK\ 9
ILQHZDUHHYHUWHGULPWKHHGJHLVREOLTXHO\FXWRQ &DYUXF05RWHDLQ$QJXVWLDS
WKH RXWVLGH VWURQJO\ SURILOH VKRXOGHUV DQG IODW 3O99&DYUXFHWDOLQ&&$S
ERWWRP*UH\LVKWREODFNZHOOVPRRWKHGGHFD\HG 3O0&5,QYQR3O
VOLS 'HFRUDWHG RQ WKH VKRXOGHU ZLWK REOLTXH
FKDQQHOV HDFK VWDUWLQJ IURP DQ REORQJ FHOO 1R
%LEOLRJUDSK\ 9 &DYUXF 0 5RWHD LQ $QJXVWLD $PSKRUD:LHWHQEHUJFXOWXUH
S 3O 9 9 &DYUXF HW DO LQ &HUDPLF + FP 'J FP 'I FP
www.cimec.ro / www.mncr.ro
6SKHULFDOERG\VWUDLJKWULPDQGIRXUVPDOOKDQGOHV SDVWH0DGHRIFRDUVHSDVWHGDUNEULFNUHGWREODFN
FRQQHFWHGDWWKHQHFNOHYHO'HFRUDWHGZLWKFXWVRQ %LEOLRJUDSK\ 9 &DYUXF 0 5RWHD LQ $QJXVWLD
WKHVKRXOGHU%LEOLRJUDSK\9&DYUXF05RWHDLQ S3O9,,,0&5,QYQR
$QJXVWLDS3O9,,,0&5,QY
QR3O 1R
&XS:LHWHQEHUJFXOWXUH
1R &HUDPLF + FP 'J FP 'I FP
3RW:LHWHQEHUJFXOWXUH %LWUXQFDWHG VWUDLJKW ULP DQG RYHUUDLVHG KDQGOH
&HUDPLF 3UHVHUYHG + FP 'J FP 2QO\ EXON\ ERG\ DW WKH VKRXOGHU OHYHO GHFRUDWHG ZLWK
SDUW RI WKH ULP DQG SURILOH ZDV SUHVHUYHG 0DGH RI REOLTXH FKDQQHOV )LQH ZDUH EULFN UHG ZLWK EODFN
FRDUVHSDVWHVOLJKWO\HYHUWHGDQGGHQWHGULP7KHUH VSRWV%LEOLRJUDSK\9&DYUXF05RWHDLQ$QJXVWLD
LV DQ DOYHRODU JLUGOH XQGHU LW SXOOHG IURP WKH SDVWH S3O;,0&5,QYQR
IRXU FRQLFDO EXWWRQV DUH V\PPHWULFDOO\ DSSOLHG RQ LW
%ULFN UHG ZLWK VPRNH VSRWV &DUHOHVVO\ HYHQ 1R
8QSXEOLVKHG0&5,QYQR &XS:LHWHQEHUJFXOWXUH
&HUDPLF + FP 'J FP 'I FP
1R %LWUXQFDWHGVOLJKWO\HYHUWHGULPDQGDEXON\ERG\DW
3RW:LHWHQEHUJFXOWXUH WKH VKRXOGHU OHYHO IODW ERWWRP 'HFRUDWHG RQ WKH
&HUDPLF 3UHVHUYHG + FP ³6´VKDSHG SURILOH VKRXOGHUV ZLWK REOLTXH FKDQQHOV DQG OHQWLO EHDQ
RQO\ IUDJPHQW SUHVHUYHG PDGH RI FRDUVH SDVWH VKDSHGFHOOV6HPLILQHZDUH%ULFNUHGZLWKVPRNH
ZLWKSHEEOHVDQGSRXQGHGVKHUGVVOLJKWO\HYHUWHG VSRWV8QSXEOLVKHG0&5,QYQR
ULP D FHOO JLUGOH DSSOLHG RQ WKH ERG\ &DUHOHVVO\
HYHQ8QSXEOLVKHG0&5,QYQR 1R
6PDOOVL]HGFXS:LHWHQEHUJFXOWXUH
1R &HUDPLF + FP 'J FP 'I FP
6WLFNHQG:LHWHQEHUJFXOWXUH %LWUXQFDWHG LQYHUWHG ULP 7KH ORZHU SDUW LV ORQJHU
&HUDPLF + FP 7UXQFDWHG DUFKHG ZDOOV WKH WKDQ WKH XSSHU RQH ZHOOSURILOHG VKRXOGHU 6HPL
ORZHUSDUWLVZLGHQHGILQHZDUHVPRRWKGHFRUDWHG ILQH ZDUH ZLWK ZHOOVPRRWKHG ZDOOV 'DU EULFN UHG
ZLWK FLUFXODU LQFLVLRQV DURXQG WKH SHUIRUDWLRQ %ULFN 8QSXEOLVKHG0&5,QYQR
UHG ZLWK VPRNH VSRW WUDFHV %LEOLRJUDSK\ 9
&DYUXF05RWHDLQ$QJXVWLDS 1R
3O9,,,0&5,QYQR3O &XS:LHWHQEHUJFXOWXUH
&HUDPLF + FP 'J FP 'I FPHYHUWHG
1R ULPRYHUUDLVHGKDQGOHEXON\ERG\DWWKHVKRXOGHU
6WLFNHQG:LHWHQEHUJFXOWXUH 'HFRUDWHG ZLWK REOLTXH FKDQQHOV DQ LQFLVHG
&HUDPLF + FP 0DGH RI FRDUVH SDVWH ZHOO KRUL]RQWDOULEERQEHORZLWOLPLWVWKHORZHUSDUWRIWKH
VPRRWKHG ELWUXQFDWHG %ULFN UHG 3HUIRUDWHG RQO\ RQ YHVVHO ZKLFK ZDV OHIW ZLWK QR GHFRUDWLRQ :HOO
RQHVLGH8QSXEOLVKHG0&5,QYQR3O EDNHG DQG VPRRWKHG %ULFN UHG ZLWK EODFN VSRWV
8QSXEOLVKHG0&5,QYQR3O
1R
6WLFNHQG:LHWHQEHUJFXOWXUH 1R
&HUDPLF+ FP'P FP%LWUXQFDWHGWKHQRW &XS:LHWHQEHUJFXOWXUH
SHUIRUDWHG SDUW LV FXW LQ D VWUDLJKW OLQH ORRNV OLNH D &HUDPLF + FP 'J FP 5RXQGHG ERWWRP
YHVVHO ERWWRP *UH\LVK 0DGH RI FRDUVH SDVWH 6OLJKWO\ HORQJDWHG QHFN DQG IODW ERWWRP VSKHULFDO
&DUHOHVVO\ILQLVKHG8QSXEOLVKHG0&5,QYQR ERG\$QRYHUUDLVHGKDQGOHVVWDUWVIURPLW0DGHRI
VHPLILQHFHUDPLF%ULFNUHGQRGHFRUDWLRQVSRRUO\
1R VPRRWKHG %ODFN LQVLGH VWURQJ WUDFHV RI EXUQLQJ
6WLFNHQG:LHWHQEHUJFXOWXUH 8QSXEOLVKHG0&5,QYQR
&HUDPLF 'P FP %LWUXQFDWHG VHPLILQH ZDUH
ZHOOVPRRWKHG WKH QRW SHUIRUDWHG SDUW VOLJKWO\ 1R
URXQGHG %ULFN UHG ZLWK EODFN VSRWV 8QSXEOLVKHG &XS:LHWHQEHUJFXOWXUH
0&5,QYQR &HUDPLF+ FP'J FP'I FP5LPZLWK
SRXULQJ EHDN VLQJOHKDQGOHG 6SKHULFDO ERG\
1R GHFRUDWHG ZLWK ZLGH FKDQQHOV REOLTXHO\ DUUDQJHG
6WLFNHQG:LHWHQEHUJFXOWXUH )LQH ZDUH ZLWK ORWV RI VDQG %ULFN UHG DQG ZHOO
&HUDPLF + FP 7UXQFDWHG WKH XSSHU SDUW VPRRWKHG %LEOLRJUDSK\ 9 &DYUXF 0 5RWHD LQ
URXQGHG ILQH ZDUH ZHOOVPRRWKHG %ULFN UHG $QJXVWLDS3O;,0&5,QYQR
%LEOLRJUDSK\ 9 &DYUXF 0 5RWHD LQ $QJXVWLD 3O
S3O9,,,0&5,QYQR
1R
1R 0LQLDWXUHYHVVHO:LHWHQEHUJFXOWXUH
6WLFNHQG:LHWHQEHUJFXOWXUH &HUDPLF + FP 'J FP 7UXQFDWHGFRQH
&HUDPLF + FP 3HDUVKDSHG PDGH RI FRDUVH VKDSH :LGH PRXWK DQG VOLJKWO\ URXQGHG ERWWRP
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
OLQHV DQG SHUIRUDWHG E\ XSZDUG SRLQWLQJ WULDQJOHV GHFRUDWHG RQ WKH RXWVLGH ZLWK%HVHQVWULFK VW\OH DQG
HPSW\ 6HPLILQH ZDUH VPRRWKHG EULFN UHG ZLWK ZLWKUHOLHIJLUGOHVRQWKH ULPDQGRUWKHRXWHUVLGH RI
EODFN VSRWV %LEOLRJUDSK\ 9 &DYUXF *K WKH ULP 7KH OLQHV DUH KRUL]RQWDOO\ YHUWLFDOO\ RU
'XPLWURDLD LQ $QJXVWLD S 3O REOLTXHO\ DUUDQJHG %LEOLRJUDSK\ 9&DYUXF *K
,; 3O;9 9 &DYUXF HW DO LQ &&$ S 'XPLWURDLDLQ$QJXVWLDS3O9
3O0&5,QYQR3O 3O 9, 3O9,,, 0&5,QY QR
1R
9HVVHOIUDJPHQW&RVWLúD&LRPRUWDQFXOWXUH 1R
2ULJLQDWHG IURP D ODUJHVL]HG SRW QHFN GHRFUDWHG $PSKRUHWDIUDJPHQW&RVWLúD&LRPRUWDQFXOWXUH
ZLWKWZRLQFLVHGOLQHVZKLFKOLPLWVLWVQHFNIURPWKH &HUDPLF3UHVHUYHG+ FP$SDUWRIWKHULPDQG
ERG\ 0DGH RI FRDUVH SDVWH ZHOOVPRRWKHG EULFN RI WKH EXON\ ERG\ ZHUH SUHVHUYHG 0DGH RI ILQH
ZLWK EODFN VSRWV %LEOLRJUDSK\ 9 &DYUXF *K FHUDPLFZHOOVPRRWKHG%ULFNUHGWRUHG0RVWOLNHO\
'XPLWURDLD LQ $QJXVWLD S VLQJOHKDQGOHG8QSXEOLVKHG0&5,QYQR
3O;90&5,QYQR3O
1R
1R $PSKRUHWD KDQGOH IUDJPHQW &RVWLúD&LRPRUWDQ
&HUDPLFIUDJPHQWV&RVWLúD&LRPRUWDQFXOWXUH FXOWXUH
2ULJLQDWHGIURPDKDQGOHGDPSKRUDGHFRUDWHGZLWK &HUDPLF6WDUWVIURPEHORZWKHULPRQWRWKHYHVVHO
LQFLVHG GRWILOOHG WUDLQJOHV 6HPLILQH ZDUH ZHOO VKRXOGHU OLPLWLQJ SUDFWLFDOO\ LWV F\OLQGULFDO QHFN
VPRRWKHG EULFN UHGZLWK EODFN VSRWV %LEOLRJUDSK\ )LQH ZDUH ZHOOVPRRWKHG 8QSXEOLVKHG 0&5 ,QY
9&DYUXF *K 'XPLWURDLD LQ $QJXVWLD S QR
3O,;3O,,,E0&5,QYQR
1R
1R $PSKRUHWD KDQGOH IUDJPHQW &RVWLúD&LRPRUWDQ
:DOOIUDJPHQW&RVWLúD&LRPRUWDQFXOWXUH FXOWXUH
0DGH RI FRDUVH SDVWH GHFRUDWHG ZLWK FHOO JLUGOH &HUDPLF6WDUWVIURPEHORZWKHULPRQWRWKHYHVVHO
XQGHU ZKLFK WKHUH DUH WKUHH FLUFXODU UHOLHI EXWWRQV VKRXOGHU OLPLWLQJ SUDFWLFDOO\ LWV F\OLQGULFDO QHFN
&DUHOHVVO\HYHQ%ULFNUHG8QSXEOLVKHG0&5,QY )LQH ZDUH ZHOOVPRRWKHG %ULFN UHG 8QSXEOLVKHG
QR3O 0&5,QY8QSXEOLVKHG0&5,QYQR
1R 1R
&HUDPLFIUDJPHQWV&RVWLúD&LRPRUWDQFXOWXUH $PSKRUHWDIUDJPHQW&RVWLúD&LRPRUWDQFXOWXUH
FHUDPLF IUDJPHQWV EHORQJLQJ WR WKH VHPLILQH 3UHVHUYHG+ FP'J FP8VHGWRKDYHWZR
DQG ILQH FDWHJRULHV 1LFHO\ GHFRUDWHG ZLWK LQFLVHG RYHUUDLVHG KDQGOHV ILQH ZDUH GHFRUDWHG ZLWK
KDWFKHG RU VWLWFKHG WULDQJOHV XVXDOO\ DUUDQJHV LQ LQFLVLRQV ZKLFK FDQ EH KDUGO\ VHHQ RQ WKH RQ WKH
KRUL]RQWDO UHJLVWHUV EXW VRPHWLPHV YHUWLFDO RQHV UROOHG VXUIDFH RI WKH YHVVHO 7KH IUDJPHQW
0RVWO\ EULFN UHG VRPH DUH JUH\LVK 0RVW RI WKH SUHVHUYHG LV EULFN ZLWK EODFN VSRWV %LEOLRJUDSK\
IUDJPHQWV EHORQJ WR ODUJH DQG PHGLXPVL]HG 9&DYUXF *K 'XPLWURDLD LQ $QJXVWLD S
YHVVHOV RI ZKLFK VRPH ZHUH DPSKRUDH 3O;,0&5,QYQR
%LEOLRJUDSK\ 9&DYUXF *K 'XPLWURDLD LQ
$QJXVWLDS0&5,QYQR 1R
$PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH
&HUDPLF + FP 'J FP'I FP $ VPDOO
VL]HG YHVVHO ZKLFK FRXOG EH FRPSOHWHG VSKHULFDO
1R ERG\IODWERWWRPDQGWZRKDQGOHVVWDUWLQJIURPWKHULP
&HUDPLFIUDJPHQWV&RVWLúD&LRPRUWDQFXOWXUH RQ WR WKH VKRXOGHU %HDUV QR GHFRUDWLRQ EXW LV ZHOO
)UDJPHQWV EHORQJLQJ WR VPDOOVL]HG YHVVHOV ULFKO\ VPRRWKHG 7KHXSSHUSDUW LV EULFN UHGDQGWKH ORZHU
GHFRUDWHG ZLWK LQFLVHG KDWFKHG RU VWLWFKHG WULDQJOHV RQH LV EODFN %LEOLRJUDSK\ 9&DYUXF *K 'XPLWURDLD
DUUDQJHG LQ KRUL]RQWDO UHJLVWHUVRQ VRPH IUDJPHQWV LQ$QJXVWLDS3O;,0&5,QYQR
RQH FDQ QRWLFH WKH %HVHQVWULFK WHFKQLTXH VRPH 3O
IUDJPHQW IURP WKLV FDWHJRU\ DUH GHFRUDWHG ZLWK
WULDQJOHVRQWKHRXWVLGHDQGLQ%HVHQVWULFKVW\OHRQWKH 1R
LQVLGH 7KH RXWVLGH VXUIDFH LV ZHOOSROLVKHG KDYLQJ D $PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH
PHWDOOLF VOLS ORRN %LEOLRJUDSK\ 9&DYUXF *K &HUDPLF + FP 'J FP'I FP 0DGH
'XPLWURDLD LQ $QJXVWLD S 0&5 RIILQHFHUDPLFWUXQFDWHGERG\DQGIODWERWWRP7ZR
,QYQR DUFKHGKDQGOHVDUHSXOOHGIURPWKHULPWRWKHXSSHU
SDUW RI WKH ERG\ WKH QHFN LV OLPLWHG E\ D UHOLHI
1R EXWWRQ RQERWKVLGHVRIWKHYHVVHO:HOOVPRRWKHG
&HUDPLFIUDJPHQWV&RVWLúD&LRPRUWDQFXOWXUH EULFN UHG ZLWK EODFN VSRWV %LEOLRJUDSK\ 9&DYUXF
FHUDPLF IUDJPHQWV PDGH RI FRDUVH SDVWH ZKLFK *K 'XPLWURDLD LQ $QJXVWLD S
EHORQJHG WR ODUJH DQG PHGLXPVL]HG YHVVHOV 3O;,0&5QULQY3O
www.cimec.ro / www.mncr.ro
1R &HUDPLF + FP 'J FP 'I FP
$PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH 6SKHULFDOERG\IODWERWWRP DQGVOLJKWO\ HYHUWHG ULP
&HUDPLF + FP 'J FP 'I FP ZKHUH WZR KDQGOHV DUH SXOOHG IURP WR WKH ERG\
6SKHULFODERG\DQGVOLJKWO\URXQGHGERWWRPDUFKHG 1LFHO\ GHFRUDWHG ZLWK GRZQZDUG SRLQWLQJ LQFLVHG
KDQGOHV SXOOHG IURP WKH ULP WR WKH ERG\ RI WKH OLQH WULDQJOHV $W WKH QHFN EDVH LW KDV WZR SDUDOOHO
YHVVHO 0DGH RI ILQHTXDOLW\ SDVWH ZHOOVPRRWKHG LQFLVHG OLQHV IURP ZKHUH WZR WULDQJOHV VWDUW RQ WKH
%LEOLRJUDSK\ 9&DYUXF *K 'XPLWURDLD LQ XSSHUSDUWRIWKHERG\%LEOLRJUDSK\9&DYUXF*K
$QJXVWLD S 3O;, 3O ;,, 'XPLWURDLD LQ $QJXVWLD S
0&5QULQY3O 3O;,0&5,QYQR3O
1R 1R
$PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH $PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH
&HUDPLF + FP 'J FP 'I FP 7KH &HUDPLF + FP 'J FP 'I FP
WZR KDQGOHV DUH VOLJKWO\ UDLVHG DERYH WKH ULP DQG %LWUXQFDWHG HORQJDWHG QDUURZ QHFN IODW ERWWRP
VWRS RQ WKH XSSHU SDUW RI WKH EXON\ ERG\ RI WKH WZRKDQGOHVDUHSXOOHGIURPWKHULPRQWRWKHXSSHU
YHVVHO 5HODWLYHO\ IODW ERWWRP DQG VKRUW QHFN )LQH SDUWRIWKHERG\)LQHZDUHZHOOVPRRWKHGJUH\WR
ZDUH ZHOOVPRRWKHG EULFN UHG ZLWK EODFN VSRWV EODFN 7KH ERG\ LV QLFHO\ GHFRUDWHG ZLWK KDWFKHG
8QSXEOLVKHG0&5,QYQR3O LQFLVHG WULDQJOHV WKHLU SRLQWV VWUHWFK H[FHHGLQJ
SUDFWLFDOO\WKHLUFRQWRXU8QSXEOLVKHG0&5QULQY
1R 3O
$PSKRUHWD&RVWLúD&LRPRUWDQFXOWXUH
=ROWDQYLOODJH*KLGIDOăXFRPPXQH&RYDVQDFRXQW\
7KHVHWWOHPHQWLVORFDWHGDWWKHQRUWKHUQOLPLWRIWKHYLOODJHRQDKLJKWHUUDFHRI
WKH2OW5LYHUDWVRPHPDZD\IURPLWVFXUUHQWULYHUEHG7KHYLOODJHUVGLVFRYHUHGLW
ZKLOHZRUNLQJDWWKHVDQGSLWH[SORLWDWLRQ,QDQG'U6]pNHO\=ROWiQZKLOH
GLJJLQJIRUWKHILUVWWLPHWKHUHFDPHDFURVVD1RXDVHWWOHPHQW%HWZHHQDQG
DUHVHDUFKWHDPIURPWKH(DVWHUQ&DUSDWKLDQV0XVHXP9&DYUXF±KHDG*&DYUXF
DQG ' %X]HD ± PHPEHUV UDQ V\VWHPDWLF UHVHDUFK RQ VLWH 7KH WHDP UHDFKHG WKH
FRQFOXVLRQ WKDW WKH VHWWOHPHQW RFFXSLHG DQ DUHD RI VRPH [ P ZKHUH WKH\
LGHQWLILHGGZHOOLQJWUDFHVGDWLQJIURPWKH(QHROLWKLFIURPWKH7UDQVLWLRQSHULRGWRWKH
(DUO\%URQ]H$JHWKHODWH0LGGOH%URQ]H$JHWKH0LGGOHDQG/DWH%URQ]H$JH
,VRODWHG &XFXWHQL$ULXúGW\SH FHUDPLF IUDJPHQWV EHORQJ WR WKH (QHROLWLFH
SHULRG$PRQJWKHILQGLQJEHORQJLQJWRWKH7UDQVLWLRQSHULRGZHFDQPHQWLRQWUDFHV
RI &RĠRIHQLW\SH GZHOOLQJ GLVFRYHUHG RQ D UHGXFHG DUHD RI VRPH [ P DW WKH
VXUIDFH OHYHO 7UDFHV RI GZHOOLQJ EHORQJLQJ WR WKH ODWH (DUO\ %URQ]H $JH ZHUH
GLVFRYHUHGDOORYHUWKHVHWWOHPHQWGLJJLQJVEURXJKWWROLJKWDIDLUO\ODUJHSLWVRPH
[PDQGPGHHS7KHSLWZDVVXUURXQGHGE\WKHUHPDLQVRIDVWRQHFRQVWUXFWLRQ
7KLV LV WKH FRPSOH[ WKDW SURYLGHG WKH PRVW UHSUHVHQWDWLYH VWULDWHG FHUDPLF DPRXQW
7KH%HVHQVWULFK±W\SHFHUDPLFFDQEHIRXQGLQODUJHDPRXQWVLHVRPH1H[WWR
LWWKHUHZHUHFHUDPLFDUWHIDFWVGHFRUDWHGZLWKWH[WLOHSULQWV7H[WLOPXVWHU.HUDPLN
$GHSRVLWFDXJKWEHWZHHQWKHILOOLQJGDWLQJEDFNWRWKHODWH(DUO\%URQ]HDQGD
1RXDFXOWXUHRYHQFRUUHVSRQGVWRWKHGZHOOLQJOHYHORIWKH0LGGOH%URQ]H$JH$WWKH
SODQHOHYHOWKH0LGGOH%URQ]H$JHGHSRVLWZDVVSUHDGRQD[PDUHDLWVPD[LPXP
WKLFNQHVV UHDFKLQJ VRPH P 7KH DUFKDHRORJLFDO PDWHULDO LV KHDYLO\ IUDJPHQWHG
1RWKLQJVHHPHGWROLHLQVLWXDQGWKHUHZHUHQRQRWLFHDEOHWUDFHVRIDQ\DUUDQJHPHQWV
7KH FHUDPLF PDWHULDO GLVFRYHUHG FRQVLVWV RI WKUHH ODUJH FDWHJRULHV FRDUVH
PHGLXPILQHDQGILQH
www.cimec.ro / www.mncr.ro
7KHFRDUVHW\SHKDVD FRPPRQDVSHFWDVLWFKDUDFWHULVHVPDQ\FXOWXUHVRIWKH
&HQWUDO DQG 6RXWK(DVWHUQ (XURSHDQ 0LGGOH %URQ]H $JH SRWV DQG MDUV VRPHWLPHV
GHFRUDWHG ZLWK UHOLHI ULEERQV 6HYHUDO IUDJPHQWV RI WKH VRFDOOHG ³NLOQYHVVHOV´ DUH
UHOHYDQW ,Q WKH DGMDFHQW WHUULWRULHV FDQ ILQG WKH FORVHVW VLPLODULWLHV ZLWKLQ WKH
:LHWHQEHUJFXOWXUH
7KHPHGLXPILQHFDWHJRU\LVUHSUHVHQWHGE\PHGLXPVL]HGYHVVHOVZKRVHPDLQ
WUDLWLVWKHSRXQGHGVKHUGVSDVWHQHDWVXUIDFHVRPHWLPHVZLWKVOLSPRVWRIWHQEODFNRU
JUH\ 'XH WR LWV IUDJPHQWDU\ FKDUDFWHU ZKROH VKDSHV FRXOG KDYH EHHQ UHFRQVWUXFWHG
YHU\VHOGRP$PRQJWKHVKDSHVWKDWFRXOGEHSXWWRJHWKHURQHVKRXOGQRWLFHDQDUURZ
VKDSHGSRWDQGDIDLUO\SOXPSERG\GHFRUDWHGZLWKUHOLHIULEERQXQGHUWKHQHFN
0DLQO\EODFNDQGSROLVKHGFHUDPLFEHORQJVWRWKHILQHFDWHJRU\7KHQXPEHURI
OLJKWFRORXUHGFHUDPLFIUDJPHQWVVXFKDV\HOORZLVKDQGJUH\LVVPDOOHU7KLVFDWHJRU\
LV UHSUHVHQWHG E\ D KHDYLO\ IUDJPHQWHG PDWHULDO WKHUHIRUH RQO\ VRPH VKDSHV RI WKH
YHVVHOVFRXOGEHUHFRQVWUXFWHGELWUXQFDWHGDPSKRUDHFXSOLGV
0RVWRIWHQWKHILQHFHUDPLFLVGHFRUDWHGE\LQFLVLRQFDUYLQJSULQWLQJVWLWFKHVRU
FKDQQHOOLQJ
6RPHWHFKQLTXHV DQGGHFRUDWLYHPRWLIVDUH PHWWRJHWKHUDVLQDIUDJPHQWRID
ODUJHYHVVHORQZKLFK³VRZHGIXUURZV´ORFDWHGRQERWKKDOYHVRIWKHERG\DOWHUQDWH
ZLWK WKH ³ILU WUHH´ ZKLFK FDQ EH IRXQG RQO\ RQ WKH XSSHU KDOI RI WKH ERG\ 7KH
WHFKQLTXHVDQGPRWLIVPHQWLRQHGDERYHDUHPRVWO\VLPLODUWRHOHPHQWVRIWKH&RVWLúD
.RPDURZ0RQWHRUX7HLDQG:LHWHQEHUJFXOWXUHVDVZHOODVLQVRPHVLWHVDWWULEXWHG
WRWKHVRFDOOHG3URWR1RXD1RXD,VWDJH
)RUWKHKDWFKHGEHOWVPXOWLSOHDQDORJRXVGHFRUDWLRQVZHUHUHFRUGHGLQWKH7HL
FXOWXUH&ăĠHOXDQG&ăĠHOX1RXVWDJHVZKHUHDVIRUWKH³ILUWUHH´PRWLIZHFDQTXRWH
WKH IROORZLQJ DQDORJRXV UHFRUGLQJV 0RQWHRUX ,E FXOWXUH 6ăUDWD 0RQWHRUX 7HL
FXOWXUH±7HL&ăĠHOXVWDJHDW*UHFL&ăĠHOX1RX8OPHQL7ăXúDDQG%XQJHWX±WKHQG
OHYHO&RVWLúDFXOWXUH&RVWLúDDQG/XQFD
2WKHUDQDORJLHVFDQEHIRXQGZLWKLQWKH3URWR1RXDVWDJHLQ0ROGRYDDW3RGX
,ORDLHL 7UXúHúWL ± VW OD\HU 5ăXVHQL 9DOHD /XSXOXL ,DúL 7kUSHúWL DQG *kUERYăĠ LQ
7UDQV\OYDQLDDW5RWEDY
7KH FORVHVW DQDORJLHV WR WKH ³VRZHG IXUURZ´ GHFRUDWLYH PRWLI DUH UHFRUGHG LQ
WKH &RVWLúD 0RQWHRUX :LHWHQEHUJ DQG 7HL FXOWXUHV ZLWKLQ WKH %LDá\ 3RWRN JURXS
&RVWLúDWUDGLWLRQ1RXD,DVZHOODVWKH(DUO\VWDJHRIWKH&RVORJHQLFXOWXUH
:LWK UHJDUG WR WKH FKDQQHOOLQJ WHFKQLTXH ZH VKRXOG VSHFLI\ WKDW WKHUH DUH
DQDORJLHVLQYDULRXVFXOWXUHVWRWKHGLIIHUHQWGHFRUDWLQJWHFKQLTXHYDULDQWV+HQFHWKH
ZLGHDQGREOLTXHFKDQQHOVVHHPWREHORQJUDWKHURI:LHWHQEHUJWUDGLWLRQ7KHYHUWLFDO
FKDQQHOV KDYH DQDORJLHV ZLWKLQ WKH &RVWLúD DQG 0RQWHRUX FXOWXUHV ZKHUHDV WKH
KRUL]RQWDODQGFLUFXODURQHVPDLQO\WKRVHDVVRFLDWHGZLWKVWLWFKURZVRUVKRUWREOLTXH
LQFLVLRQVDUHPRUHFORVHO\UHODWHGWRWKH0RQWHRUXDQG1RXDWKH3URWR1RXDVWDJH
7KH =ROWDQ 0LGGOH %URQ]H $JH FHUDPLF DV D ZKROH VHHPV QRW WR KDYH
DQDORJLHV ZLWKLQ DQ\ RI WKH FXOWXUDO HQWLWLHV NQRZQ VR IDU ,I VWXGLHG VHSDUDWHO\ DOO
HOHPHQWV FDQ DFWXDOO\ ILQG DQDORJLHV ZLWKLQJ GHIIHUHQW FXOWXUHV PDLQO\ LQ WKRVH
EHORQJLQJWRWKH0LGGOH%URQ]H$JHLH&RVWLúD0RQWHRUX:LHWHQEHUJDQG7HLDV
ZHOOZLWKLQWKHPRQXPHQWVDWWULEXWHGWRWKH3URWR1RXDVWDJH
www.cimec.ro / www.mncr.ro
:HZRXOGOLNHWRXQGHUOLQHWKHIDFWWKDWWKH0LGGOH%URQ]H$JH =ROWDQGHSRVLW
GRHVQRWUHSUHVHQWD FORVHFRPSOH[DQGLWVVWUDWLJUDILFERXQGDULHVDUHWRRZLGH±IURP
WKHHQGRIWKH0LGGOH%URQ]H$JHWRWKHEHJLQQLQJRIWKH%URQ]H$JH+HQFHWKHOD\HU
XQGHUVFUXWLQ\PD\DVZHOOFRQWDLQPDWHULDOVEHORQJLQJWRVHYHUDO0LGGOH%URQ]H$JH
VWDJHV :LWK UHJDUG WR WKH DQDORJLHV TXRWHG DERYH RQH VKRXOG FRQVLGHU WKH IROORZLQJ
FLUFXPVWDQFHV RQ WKH RQH KDQG WKH SDUDOOHO WUDLWV ZLWK WKH &RVWLúD FXOWXUH DV WKH\
FXUUHQWO\UHVXOWIURPWKHUHVHDUFKHVFDQQRWFRQWULEXWHWRWKHSUHFLVHGDWLQJRIWKH=ROWDQ
FHUDPLF DV WKLV FXOWXUH GHYHORSHG IURP WKH EHJLQQLQJ RI WKH 0LGGOH %URQ]H $JH LH
0RQWHRUX,&W\SHFHUDPLFZLWKLQD&RVWLúDFRQWH[WWRWKHWKUHVKROGRIWKH/DWH%URQ]H
$JH LH &RVWLúDW\SH HOHPHQWV ZLWKLQ WKH VW 1RXDW\SH FHUDPLF &RQVHTXHQWO\ LWV
GDWLQJ KDV QRW EHHQ HVWDEOLVKHG \HW 2Q WKH RWKHU KDQG WKH :LHWHQEHUJW\SH FHUDPLF
GLVFRYHUHG ZLWKLQ WKH VDPH FRQWH[W KDV VXFK D FRPPRQ DVSHFW WKDW RQH FDQQRW VWDWH
FOHDUO\ZKLFKVWDJHRIWKLVFXOWXUHLWEHORQJVWR7KHH[LVWHQFHRIRYHQYHVVHOVDOORZV
RQO\IRUDVSHFLILFDWLRQWKH:LHWHQEHUJW\SHFHUDPLFFDQQRWSRVVLEO\EHHDUOLHUWKDQWKH
QGVWDJH%7KH7HLW\SHHOHPHQWVDUHRI%XQJHWXDQG&ăĠHOXW\SH,D,EDFFRUGLQJWR
9 /HDKX :LWK UHJDUG WR WKH HOHPHQWV VSHFLILF H[FOXVLYHO\ WR WKH 0RQWHRUX FXOWXUH
DQDORJLHVIDOOZLWKLQ&&DQGHVSHFLDOO\,EVWDJHV
$ VLJQLILFDQW QXPEHU RI FHUDPLF IUDJPHQWV IURP WKH 0LGGOH %URQ]H $JH DQG
IURP WKH EHJLQQLQJ RI WKH /DWH %URQ]H $JH ZHUH GLVFRYHUHG RXWVLGH D FHUWDLQ
VWUDWLJUDSKLF FRQWH[W )UDJPHQWV RI D ODUJH YHVVHO ZLWK RQH RYHUUDLVHG KDQGOH RU
KDQGOHV" D SOXPS ERG\ GHFRUDWHG RQ WKH VKRXOGHUV ZLWK FKDQQHOOHG WULDQJOHV ILOOH
ZLWK FLUFXODU DOYHROL ± ZLWK FORVH DQDORJLHV ZLWKLQ WKH ODWH :LHWHQEHUJ FXOWXUH DUH
ZRUWKPHQWLRQLQJ$QRWKHUFHUDPLFIUDJPHQWZDVGHFRUDWHGLQWKH=DKQJHVWHPSHOOXQJ
WHFKQLTXHDQGWZRRWKHUIUDJPHQWVZHUHGHFRUDWHGZLWK³ZROIWHHWK´$VPDOOQXPEHU
RIVW1RXDW\SHFHUDPLFIUDJPHQWVRI0RQWHRUXWUDGLWLRQRULJLQDWHLQWKHORZHU1RXD
FXOWXUH³FLQHUDU\XUQ´GHSRVLW7KHFORVHVWDQDORJLHVIRUWKLVFHUDPLFDUHNQRZQLQWKH
DGMDFHQW DUHD RYHU WKH &DUSDWLDQV LQ VRXWKZHVW 0ROGDYLD DW &kQGHúWL DV ZHOO DV LQ
0XQWHQLDLQWKHWKVWDJHRIWKH7HLFXOWXUH
7KH DUFKDHRORJLFDO PDWHULDOV IURP WKH VHFRQG =ROWDQ OD\HU PD\ EHORQJ WR D
V\QFUHWLFFXOWXUDODVSHFWXQNQRZQVRIDUUHVXOWLQJIURPWKHFRQWDFWVRIWKH0RQWHRUX
&RVWLúD 7HL DQG :LHWHQEHUJ FXOWXUHV LQ VRXWKHDVWHUQ 7UDQV\OYDQLD 7KH OLNHOLKRRG
WKDW WKHVH PDWHULDOV DW OHDVW LQ SDUW PD\ DOVR EHORQJ WR WKH GLIIHUHQW VWDJHV RI WKH
0LGGOH%URQ]H$JHVKRXOGQRWEHRYHUORRNHG+HQFHWKH\FRXOGGRFXPHQWDVHTXHQFH
RISHQHWUDWLRQVRUGHSRVLWVRQO\"IURPH[WUD&DUSDWKLDQDUHDV
7KH=ROWDQGLVFRYHULHVDVFHUWDLQIRUWKHILUVWWLPHWKHUHOHYDQFHRIWKHDPRXQWRI
&RVWLúDW\SHHOHPHQWVFRQWHPSRUDU\KHUHPD\EHZLWK0RQWHRUX,ELQVRXWKHDVWHUQ
7UDQV\OYDQLD ,Q OLJKW RI WKLV DVVXPSWLRQ ZH FDQ DVVHUW WKDW WKH 5RWEDY VLPLODU
FHUDPLFTXRWHGE\GH$&)ORUHVFXDVEHORQJLQJWRVW1RXDSHULRGDOVREHORQJWR
WKH &RVWLúD FXOWXUH 1HYHUWKHOHVV ZH VKRXOG PHQWLRQ VRPH GLIIHUHQFHV EHWZHHQ WKH
=ROWDQ &RVWLúDW\SH FHUDPLF DQG WKH &RVWLúDW\SH RQH LQ 0ROGDYLD 7KH IRUPHU LV
PXFK ILQHO\ ZRUNHG 6KRXOG ZH FRQVLGHU WKH FRORXU RI WKH VHPLILQH DQG ILQH
FHUDPLFVWKHEODFNRQHLVSUHGRPLQHQWDW=ROWDQZKHUHDVLQ0ROGDYLDWKLVFDWHJRU\LV
PRVW RIWHQ UHFRUGHG LQ \HOORZLVK EULFNUHGGLVK DQG JUH\ WRQHV $QRWKHU HOHPHQW
VSHFLILF WR WKH =ROWDQ &RVWLúDW\SH FHUDPLF LV WKH VL]HDEOH DPRXQW RI FDUYHG
GHFRUDWLRQV7KLVSHFXOLDULW\PD\DVZHOOKDYHEHHQLQIOXHQFHGE\WKH7HLFXOWXUH
www.cimec.ro / www.mncr.ro
%LEOLRJUDSK\$3UR['LH7HL.XOWXULP%XU]HODQGLQ0LWWHLOXQJHQGHV%XU]HQODQGHU
VlKLVFKHQ 0X]HXP ,9 S 6]pNHO\ = &RQWULEXĠLL SULYLQG HSRFD EURQ]XOXL vQ
6XGHVWXO7UDQVLOYDQLHLLQ$OXWD9,,,;±S±9&DYUXF7KH)LQDO6WDJHRI
WKH(DUO\%URQ]H$JHLQ6RXWK(DVWHUQ7UDQV\OYDQLDLQOLJKWRIQHZH[FDYDWLRQVDW=ROWDQLQ
7';9,,,±S±9&DYUXF*DOLQD&DYUXF$úH]DUHDGLQHSRFDEURQ]XOXL
WLPSXULX GH OD =ROWDQ LQ $QJXVWLD S 6]pNHO\ =V 3HULRDGD WLPSXULH úL
vQFHSXWXO FHOHL PLMORFLL D HSRFLL EURQ]XOXL vQ VXGHVWXO 7UDQVLOYDQLHL %XFKDUHVW
5HSHUWRULXOMXGHĠXOXL&RYDVQDUHGDFWRU9&DYUXF6IkQWX*KHRUJKH
9DOHULX&DYUXF
&DWDORJXHQRWHV
1R 1R
&XS )UDJPHQW IURP D WZRKDQGOHG EHOW DPSKRUD RYHU
+ FP'P FP)UDJPHQWHGKHPLVSKHULFDO UDLVHG WUDFHV RI RQO\ RQH KDQGOH DUH SUHVHUYHG
ZLWK D ORQJ SURILOHG QHFN DQG IODUHG ULP D VPDOO %ODFN SROLVKHG + FP O FP %LEOLRJUDSK\ 9
KDQGOH LV DWWDFKHG LPPHGLDWHO\ XQGHU WKH ULP &DYUXF LQ $QJXVWLD )LJ 0&5 ,QY
GHFRUDWHG ZLWK D URZ RI REOLTXH FKDQQHOV RQ WKH QR3O
VKRXOGHU %ULFN UHG ZLWK EURZQLVK VSRWV
%LEOLRJUDSK\ 9 &DYUXF LQ $QJXVWLD )LJ 1R
0&5,QYQR3O )UDJPHQWIURPDQDPSKRUDVKRXOGHUGHFRUDWHGRQ
WKH VKRXOGHU ZLWK LQFLVLRQV DQG ³ILUWUHH´ VWLWFKHV
1R %ODFNSROLVKHG+ FP'J FP%LEOLRJUDSK\
)UDJPHQW IURP D WUXQFDWHG YHVVHO ULP GHFRUDWHG 9 &DYUXF LQ $QJXVWLD )LJ 0&5
LPPHGLDWHO\XQGHULWDQGDWWKHQHFNEDVHZLWKDURZRI ,QYQR3O
REOLTXH VWLWFKHV DQG DQRWKHU RQH RI KDWFKHG UKRPEL
%ODFN SROLVKHG + FP O FP %LEOLRJUDSK\ 9 1R
&DYUXFLQ$QJXVWLD)LJ0&5,QYQR )UDJPHQW IURP WKH XSSHU SDUW RI D KHPLVSKHULFDO
3O FXS ZLWK HYHUWHG ULP GHFRUDWHG RQ WKH VKRXOGHU
ZLWKYHUWLFDOLQFLVLRQVDQG³ILUWUHH´UHJLVWHUV%ODFN
1R SROLVKHG + FP 'J FP %LEOLRJUDSK\ 9
)UDJPHQW IURP D VDFNYHVVHO ULP DOO VXUIDFH &DYUXF LQ $QJXVWLD )LJ 0&5 ,QY
GHFRUDWHG LQ %HVHQVWULFK VW\OH DQG ZLWK DQ QR3O
LQWHUUXSWHGJLUGOHZLWKDOYHROLEHORZWKHULP%URZQ
ZLWK EULFNUHGGLVK VSRWV 'DUNEURZQ ZLWK EULFN 1R
UHGGLVK VSRWV + FP 'J FP 8QSXEOLVKHG )UDJPHQW WKH VKRXOGHU RI D ELWUXQFDWHG YHVVHO
0&5,QYQR3O WXUHHQ" FXS" GHFRUDWHG ZLWK D URZ RI REOLTXH
FKDQQHOV DQG URZV RI VWLWFKHV HORQJDWHG RQ WR WKH
1R QHFN %ODFN SROLVKHG + FP 'J FP
)UDJPHQWRIDELWUXQFDWHGYHVVHOFXS"GHFRUDWHG %LEOLRJUDSK\ 9 &DYUXF LQ $QJXVWLD )LJ
DW WKH PD[LPXP GLDPHWHU OHYHO ZLWK D UHOLHI JLUGOH 0&5,QYQR3O
ZLWKDOYHROLDQGLQFLVHGPRWLIVLQ³ILUWUHH´EHORZWKH
JLUGOH %ODFN SROLVKHG + FP O FP
1U
%LEOLRJUDSK\ 9 &DYUXF LQ $QJXVWLD )LJ
)UDJPHQWIURPWKHHYHUWHGOREDWHYHVVHOULPFXS"
0&5,QYQR3O
GHFRUDWHGRQWKHVKRXOGHU ZLWK DVWLWFKURZ%ODFN
SROLVKHG + FP O FP 8QSXEOLVKHG 0&5
1R
)UDJPHQW D ELWUXQFDWHG YHVVHO MDU" ZLWK HYHUWHG ,QYQR3O
QHFN GHFRUDWHG DW WKH QHFN EDVH ZLWK LQFLVHG OLQHV
DQG D URZ RI REOLTXH VWLWFKHV %ODFN SROLVKHG + 1R
FPO FP8QSXEOLVKHG0&5,QYQR3O )UDJPHQWIURPWKHHYHUWHGOREDWHYHVVHOULPFXS"
GHFRUDWHGRQWKHVKRXOGHUDQGEHORZWKHULPZLWKD
1R URZ RI VWLWFKHV %ODFN SROLVKHG + FP O FP
)UDJPHQWIURPWKHXSSHUSDUWRIDQDPSKRUDZLWKWZR %LEOLRJUDSK\ 9 &DYUXF LQ $QJXVWLD )LJ
EHOWRYHUUDLVHGKDQGOHVWUDFHVRIRQO\RQHKDQGOHDUH 0&5,QYQR3O
SUHVHUYHG GHFRUDWHG RQ WKH VKRXOGHU ZLWK YHUWLFDO
LQFLVHG DQG VWLWFKHG UHJLVWHUV %ODFN SROLVKHG + 1R
FP'J FP%LEOLRJUDSK\9&DYUXFLQ$QJXVWLD )UDJPHQWIURPWKHXSSHUSDUWRIDFXSGHFRUDWHG
)LJ0&5,QYQR DW WKH QHFN EDVH ZLWK LQFLVLRQV DQG VWLWFKHV DQG
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
$%5(9,(5,$%%5(9,$7,216
3XEOLFDĠLLúLLQVWLWXĠLL,QVWLWXWLRQVDQGSXEOLFDWLRQV
$UK0ROG ± $UKHRORJLD0ROGRYHL
&&$ ± &URQLFDFHUFHWăULORUDUKHRORJLFHGLQ5RPkQLD
&&'- ± &XOWXUăúL&LYLOL]DĠLHOD'XQăUHDGH-RV
0&$ ± 0DWHULDOHúL&HUFHWăUL$UKHRORJLFH
0&5 ± 0X]HXO&DUSDĠLORU5ăVăULWHQL6IkQWX*KHRUJKH
0HP$QWLT ± 0HPRULD$QWLTXLWDWLV
0,317 ± 0X]HXOGH,VWRULH3LDWUD1HDPĠ
0,5 ± 0X]HXOGH,VWRULH5RPDQ
0-%& ± 0X]HXO-XGHĠHDQGH,VWRULHÄ,XOLDQ$QWRQHVFX´%DFăX
0-%7 ± 0X]HXO-XGHĠHDQ%RWRúDQL
0-%9 ± 0X]HXO-XGHĠHDQ%UDúRY
01% ± 0X]HXO1DĠLRQDODO%XFRYLQHL6XFHDYD
3%) ± 3UlKLVWRULVFKH%URQ]HIXQGH
5$-% ± 5HSHUWRULXODUKHRORJLFDOMXGHĠXOXL%RWRúDQL
6& ± 6WXGLLúL&RPXQLFăUL)RFúDQL
6&,9$ ± 6WXGLLúL&HUFHWăULGH,VWRULH9HFKHúL$UKHRORJLH
7' ± 7KUDFR'DFLFD,QVWLWXWXO5RPkQGH7UDFRORJLH
7:&& ± 7KH7UDFLDQ:RUOGDWWKH&URVVURDGRI&LYLOLVDWLRQV
'LPHQVLXQL'LPHQVLRQV
'I 'LDPHWUXOIXQGXOXL%RWWRPGLDPHWHU
'J 'LDPHWUXOJXULLULPGLDPHWHU
'P 'LDPHWUXOPD[LP0D[LPXPGLDPHWHU
+ ÌQăOĠLPH+HLJKW
/ /XQJLPH/HQJWK
O OăĠLPH:LGWK
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
1
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
4
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
7
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
www.cimec.ro / www.mncr.ro
Planºa nr. 81: Zoltan, jud. Covasna.
www.cimec.ro / www.mncr.ro