SETTEMBRE2015
Gimi sport club: le giovani atlete di ginnastica artistica
SPECIALE REISCRIZIONI
GIORNI ED ORARI PER TUTTI I SETTORI
A PAGINA 4 E 5
settembre 2015— ANNO 32– N.340/9 - sped. in abb. post.—D.L. 353/2003 (conv. In L. 27/02/2004 n° 46) art. 1, comma 1, DBC— filiale di Bologna—€ 3,20—abb. € 2,50
$3(5785$,19(51$/(
3,6&,1$0/.,1*
9,$'(//263257
9,$'(//263257&$6$/(&&+,2',5(12
&$6$/(&&+,2',5(127(/
7(/
3(57877,*/,
87(17,
62&,'(//(32/0$6,
5(12*52836&6,
$'8/7,GDDQQLFRPSLXWLLQSRL
ɂ
ɂ
5$*$==,ILQRDLDQQL
ɂ
ɂ
*5$78,72
*5$78,72
ɂ
ɂ
&2672,1*5(662
%$0%,1,ILQRDLDQQL
$'8/7,ROWUHLDQQLFRPSLXWL
$%%21$0(17,,1*5(66,
$'8/7,
ɂ
ɂ
5$*$==,H29(5
ɂ
ɂ
$*(92/$=,21,3(5)$0,*/,(&21,/3$*$0(172',,1*5(66,
$'8/7,,1*5(662*5$78,723(5),*/,),12$,$11,
,PLQRULGLDQQLVRQRDPPHVVLLQSLVFLQDVRORVHDFFRPSDJQDWLDOPHQRGDXQSDUHQWHDGXOWR
3HULUDJD]]LGDLDLDQQLSUHVHQWDUVLFRQFDUWDG
LGHQWLWjRDXWRFHUWLILFD]LRQHFRQIRWR
*,251,(25$5,
,1*5(6625,'2772
/810$57*,29(9(1RUH
0(5&2/(',·H
6$%$72
/810$57*,29(9(1RUH
0(5&2/(',·H
$'8/7,½62&,½
,1*5(66,½62&,½
'20(1,&$ PHQVLOHGLLQIRUPD]LRQHVSRUWLYDHFXOWXUDOH
'LUHWWRUH5HVSRQVDELOH
%UXQR7UHEEL
5HGD]LRQH
3ROLVSRUWLYD³*LRYDQQL0DVL´
$VVRFLD]LRQH6SRUWLYD'LOHWWDQWLVWLFD
7HO
HPDLOLQIRUPDVL#SROPDVLLW
)UDQFHVFR%RUVDUL
,PSDJLQD]LRQHDFXUDGL
(OLVD1HUHWWL
5HVSRQVDELOH3XEEOLFLWjHFRQYHQ]LRQL
)DELR%HQFLYHQQL
FKLXVXUDUHGD]LRQDOHPDJJLR
(GLWRUH
3ROLVSRUWLYD³*LRYDQQL0DVL´
$VVRFLD]LRQH6SRUWLYD'LOHWWDQWLVWLFD
9LD1%L[LRQ&DVDOHFFKLRGL5HQR
5HJLVWUDWRDO1LQGDWD
SUHVVRLO7ULEXQDOHGL%RORJQD
6SHG,QDEE3RVW²'/FRQY
,Q/QƒDUWFRPPD
'&%)LOLDOHGL%RORJQD
,OSUH]]RGHOO¶DEERQDPHQWRqGL¼
/¶LPSRUWRYLHQHYHUVDWRLQVLHPH
DOODTXRWDDVVRFLDWLYD3RO*0DVL
6HWWHPEUHQ
2WWREUHQ
VWDPSDWRSUHVVR
0,*0RGHUQD,QGXVWULH*UDILFKH6UO
9LDGHL)RUQDFLDL%RORJQD
25$5,2,19(51$/(3,6&,1$.,1*
25$5,(*,251,,6&5,=,21,(5(,6&5,=,21,
,1)250$62&,
*,11$67,&$$57,67,&$
029,0(172(:(//1(66%$//,('$1=(
029,0(172(:(//1(66*,11$67,&+($'8/7,
$55$03,&$7$63257,9$
)5,6%((%$'0,172125,(17((5,1*
&$6$0$6,
029,0(172(:(//1(6632',602
029,0(172(:(//1(66(6&856,21,602
029,0(172(:(//1(66125',&:$/.,1*
=(526(,*5$9,'$1=$(1$6&,7$
*,0,63257&/8%63$=,2/$&+,2&&,2/$
029,0(172(:(//1(66/,1*8$**,'(/&2532
029,0(172(:(//1(66<2*$
3$77,1$**,2
$57,0$5=,$/,
3$//$92/2
$99,$0(172$//263257
$77,9,7$¶,1$&48$
%$6.(7
/DSROLVSRUWLYDSDUWHFLSDFRQHVLEL]LRQLHFRLQYROJLPHQWRGHLFLWWDGLQLD
³63257,1&(1752´
/DIHVWDGHOORVSRUWFDVDOHFFKLHVH 6$%$726(77(0%5(
GDOOHDOOH
1HOOHYLHHSLD]]HGHOFHQWURGL&DVDOHFFKLR«
,QIRUPD6RFL
,QIRUPD6RFL
,ƒTXDGULPHVWUH
,ƒTXDGULPHVWUHGDOVHWWHPEUHDOJHQQDLR
GDOVHWWHPEUHDOJHQQDLR
4XDQGRH'RYHFLVLLVFULYH
4XDQGRH'RYHFLVLLVFULYH
$WWLYLWj
$WWLYLWj
*LRUQLHG2UDUL
*LRUQLHG2UDUL
$UUDPSLFDWD6SRUWLYD
$UUDPSLFDWD6SRUWLYD
$UWL0DU]LDOL
$UWL0DU]LDOL
$YYLDPHQWRDOOR6SRUW
$YYLDPHQWRDOOR6SRUW
'DQ]HH%DOOL
'DQ]HH%DOOL
)LWQHVVLQ3DOHVWUD
)LWQHVVLQ3DOHVWUD
*LQQDVWLFD$UWLVWLFD
*LQQDVWLFD$UWLVWLFD
*LQQDVWLFKHGROFLH<RJD
*LQQDVWLFKHGROFLH<RJD
3DOODFDQHVWUR
3DOODFDQHVWUR
2ULHQWHHULQJ
2ULHQWHHULQJ
7XWWHOHLVFUL]LRQLYHUUDQQRIDWWHSUHVVR
6HJUHWHULD6HGH
9LD1%L[LRQ&DVDOHFFKLRGL5HQR
7HOHPDLOLQIR#SROPDVLLW
5HLVFUL]LRQLGDODOVHWWHPEUH
9HFFKL6RFLH&DPEL&RUVRLOVHWWHPEUH
1XRYH,VFUL]LRQLGDOVHWWHPEUH
/HLVFUL]LRQLSURVHJXLUDQQRILQRDGHVDXULPHQWRSRVWL
2UDULGLLVFUL]LRQH
'DODOVHWWHPEUHGDOOXQHGuDOYHQHUGu
GDOOHDOOHHGDOOHDOOH
'DO6HWWHPEUHJOLRUDULVDUDQQRGDOOXQHGuDOYHQHUGu
H
/HUHLVFUL]LRQLSRWUDQQRHVVHUHIDWWH
QHOOHVWHVVHJLRUQDWHDQFKHSUHVVR
*,0,63257&/8%
3DOODYROR
3DOODYROR
9LD$OOHQGHQ&DVDOHFFKLRGL5HQR7HO
DSHUWDGDOOXQHGuDOYHQHUGuGDOOHDOOH
VDEDWRGDOOHDOOH
3DWWLQDJJLR
3DWWLQDJJLR
1XRWRHGDWWLYLWjLQDFTXD
1XRWRHGDWWLYLWjLQDFTXD
$WWLYLWj
$WWLYLWj
*LRUQLHG2UDUL
*LRUQLHG2UDUL
(VFXUVLRQLVPRH7UHNNLQJ
(VFXUVLRQLVPRH7UHNNLQJ
,VFUL]LRQLGDOVHWWHPEUHFR6HJUHWHULD6HGH
1RUGLF:DONLQJ
1RUGLF:DONLQJ
,VFUL]LRQLGDOVHWWHPEUHFR6HJUHWHULD6HGH
3RGLVPR
3RGLVPR
,VFUL]LRQLGDOVHWWHPEUHFR6HJUHWHULD6HGH
6HUYL]L,QWHJUDWLYL6FRODVWLFL
6HUYL]L,QWHJUDWLYL6FRODVWLFL
,VFUL]LRQLGDOVHWWHPEUHFR6HJUHWHULD6HGH
8OWLPDWH)ULVEHH
8OWLPDWH)ULVEHH
,VFUL]LRQLGDOVHWWHPEUHFR6HJUHWHULD6HGH
$77(1=,21(
/H6HJUHWHULHSUHVVRLOSOHVVRLPSLDQWLVWLFR;;9$SULOHHTXHOODSUHVVRODSLVFLQD0/.LQJDSULUDQQR
SHULOSURVHJXLPHQWRGHOOHLVFUL]LRQLGDOVHWWHPEUHTXDQGRLQL]LHUDQQRLFRUVL
3UHVVROD6HJUHWHULD&URFHSULPDGHOVHWWHPEUHVDUjSRVVLELOHHIIHWWXDUHVRODPHQWH
OHLVFUL]LRQLGHOVHWWRUH=HURVHLFRPHLQGLFDWRQHOOHSDJLQHGHOVHWWRUH
,QIRUPD6RFL
,QIRUPD6RFL
$WWLYLWj
$WWLYLWj
*LRUQLHG2UDUL
*LRUQLHG2UDUL
6HJUHWHULD&URFH
9LD&DUUDFFLQ&URFHGL&DVDOHFFKLRGL5HQR
7HOHPDLO]HURVHL#SROPDVLLW
'85$7$&256,35,0248$'5,0(675(
'DOVHWWHPEUHDOJHQQDLR
1%5(,6&5,=,21,
7877, L FRUVL VDUDQQR D GLVSRVL]LRQH GHL YHFFKL LVFULWWL FKH
SRWUDQQRVFHJOLHUOLLQUHOD]LRQHDOO
HWjHDOODGLVSRQLELOLWjGHL
SRVWL (
SRVVLELOH FKH HVVHQGR FDPELDWD O
HWj GHL EDPELQL
VLDGLYHUVDODIDVFLDGLHWjDFXLIDUHULIHULPHQWRSHULOFRUVR
ULVSHWWRDOO
DQQRSUHFHGHQWH1216,$&&(77$12
,6&5,=,21,9,$0$,/
27(/()212
48$1'2&,6,,6&5,9("
$FTXDWLFLWj=HURVHL
$FTXDWLFLWj=HURVHL
5(,6&5,=,21,
VDEDWRVHWWHPEUHRUHSHULEDPELQL
GDLDQQLFRPSLXWLDLDQQL
GRPHQLFDVHWWHPEUHRUHSHULEDPELQLGD
DDQQLFKHIUHTXHQWHUDQQRFRQLJHQLWRULLQDFTXD
OXQHGuPDUWHGuPHUFROHGuRUH
SURVHJXRQROHUHLVFUL]LRQLSHUWXWWHOHIDVFHG
HWj
/,67$'
$77(6$
JLRYHGuVHWWHPEUHRUHSHULQHRQDWLILQRD
PHVLLQVHULWLLQOLVWDG
DWWHVDHSURYHQLHQWLGDLFRUVLSUHSDUWR
YHQHUGuVHWWHPEUHRUHSHULEDPELQLD
SDUWLUHGDJOLPHVLLQVHULWLLQOLVWDG
DWWHVDHSHUWXWWLL
EDPELQLJLjVWDWLLVFULWWLDLFRUVLGLDFTXDWLFLWjPDQRQ
DOO
XOWLPRTXDGULPHVWUHJHQQDLRPDJJLR
1829(,6&5,=,21,
OXQHGuVHWWHPEUHRUHQXRYHLVFUL]LRQLSHU
WXWWHOHIDVFHG
HWj
/HLVFUL]LRQLFRQWLQXHUDQQRDQFKHQHOOHVHWWLPDQHVXFFHVVLYH
VHFRQGRJLRUQLHRUDULGLDSHUWXUDGHOODVHJUHWHULD&URFH
'LVWULEX]LRQHGLQXPHULSHUIDFLOLWDUHO
RUGLQHGLLVFUL]LRQHGHO
JLRUQR
VDEDWRHGRPHQLFDVHWWHPEUHDOOHRUH
JLRYHGuYHQHUGuHOXQHGuVHWWHPEUHDOOHRUH
*UDYLGDQ]DH1DVFLWD
*UDYLGDQ]DH1DVFLWD
,QIRUPD]LRQLHGLVFUL]LRQLGDOOXQHGuVHWWHPEUH
FR6HJUHWHULD&URFH
&ROOHJDWLGLUHWWDPHQWH
GDOWXRVPDUWSKRQHDO6LWR
GHOOD3ROLVSRUWLYD
,QIRUPD6RFL
,QIRUPD6RFL
'85$7$&256,$6
3HUO¶DQQRVSRUWLYRWXWWLLFRUVLDYUDQQRODVHJXHQWHGXUDWD
ƒTXDGULPHVWUHGDOXQHGuVHWWHPEUHDGRPHQLFDJHQQDLRFRPSUHVL
ƒTXDGULPHVWUHGDOXQHGuIHEEUDLRDPDUWHGuPDJJLRFRPSUHVL
)(67,9,7$¶$6
'XUDQWHO¶DQQRVSRUWLYRWXWWLLFRUVLVDUDQQRVRVSHVLSHUIHVWLYLWjQHOOHVHJXHQWLJLRUQDWHHSHULRGL
GRPHQLFDQRYHPEUHPDUWHGuGLFHPEUH
GDJLRYHGuGLFHPEUHDPHUFROHGuJHQQDLRFRPSUHVLSHUOHIHVWLYLWjQDWDOL]LH
GDJLRYHGuPDU]RDPHUFROHGuPDU]RFRPSUHVLSHUOHIHVWLYLWjSDVTXDOL
OXQHGuDSULOHGRPHQLFDPDJJLR
/HTXRWHGLLVFUL]LRQHDLFRUVLVRQRVWDWHVWDELOLWHFRQVLGHUDQGRTXHVWHVRVSHQVLRQLGLDWWLYLWjSHUWDQWRQRQSRVVRQRHV
VHUHFRQVLGHUDWHOH]LRQLSHUVHHTXLQGLQRQSRVVRQRHVVHUHUHFXSHUDWH
7(66(5$62&,$/(
7XWWHOHDWWLYLWjVSRUWLYHHULFUHDWLYHSURSRVWHGDOOD3ROLVSRUWLYDVRQRULVHUYDWHDLVRFLPXQLWLGLWHVVHUDDVVRFLDWLYDUHJR
ODUPHQWH ULQQRYDWD SHU O¶DQQR VSRUWLYR LQ FRUVR $OO
DWWR GHOO
LVFUL]LRQH DOOD 3ROLVSRUWLYD * 0DVL $6' YLHQH ULODVFLDWD OD
WHVVHUD VRFLDOH FKH ULVSRQGH DL UHTXLVLWL ULFKLHVWL GDOOD QRUPDWLYD YLJHQWH H UDSSUHVHQWD LO VLPEROR GL DSSDUWHQHQ]D
DOO¶$VVRFLD]LRQH
x ,OFRVWRGHOULODVFLRHGHOULQQRYRGHOODWHVVHUDVRFLDOHqGLɂ
x 3HULQXFOHLIDPLOLDULLOSULPRFRPSRQHQWHGHOODIDPLJOLDSDJDODTXRWDGLɂHDJOLDOWULIDPLOLDULVDUjULQQRYDWDJUD
WXLWDPHQWH
x /DWHVVHUDqVWUHWWDPHQWHSHUVRQDOHHRJQLDQQRSHUDYHUHYDORUHDWXWWLJOLHIIHWWLGHYHHVVHUHUHJRODUPHQWHYLGLPDWD
YHUVDQGRODUHODWLYDTXRWDGLLVFUL]LRQHDVRFLR
x /DWHVVHUDULQQRYDWDqYDOLGDSHUXQDQQRVSRUWLYRLQWHQGHQGRSHUDQQRVSRUWLYRLOSHULRGRFRPSUHVRWUDLOVHWWHPEUH
HLODJRVWR
x /D76qXQLFDHYDOLGDSHUWXWWHOHDWWLYLWjGHOOD3ROLVSRUWLYD*0DVL$6'UHODWLYHDOO
DQQRVSRUWLYRSHULOTXDOHODVWHVVD
qYLGLPDWD
x ,SRVVHVVRULGHOOD76UHJRODUPHQWHYLGLPDWDVRQRGLGLULWWRVRFLGHOOD3ROLVSRUWLYD*0DVL$6'FRPHSUHYLVWRGDJOL
DWWLVWDWXWDUL
x ,QFDVRGLVPDUULPHQWRGHOOD76IDFHQGRQHULFKLHVWDYHUUjULODVFLDWRXQGXSOLFDWRGDOODVHJUHWHULDDOFRVWRGLɂ
x /D76GDGLULWWRDGXQDVHULHGLDJHYROD]LRQLVFRQWLHVHUYL]LFKHVRQRSXEEOLFDWLHDJJLRUQDWLSHULRGLFDPHQWHVX,1
)250$6,HVXOVLWRLQWHUQHWZZZSROPDVLLW
&(57,),&$=,21(0(',&$
3HU IUHTXHQWDUH OH QRVWUHDWWLYLWj RFFRUUH FRQVHJQDUH XQFHUWLILFDWR GHO SURSULR PHGLFRFXUDQWH LQ RULJLQDOH R IRWRFRSLD
FRPSOHWRGLWLPEURHILUPDDWWHVWDQWHO
LGRQHLWjDOODSUDWLFDVSRUWLYDJHQHULFDRLQDOWHUQDWLYDFRSLDGHOOLEUHWWRGHOORVSRUWL
YRPRVWUDQGRO¶RULJLQDOH
,OFHUWLILFDWRYDFRQVHJQDWRSUHVVRXQDGHOOHVHJUHWHULHHQWURHQRQROWUHODSULPDOH]LRQHLQFDVRFRQWUDULRLOVRFLRQRQ
SRWUjIUHTXHQWDUHO¶DWWLYLWjILQRDFRQVHJQDDYYHQXWD
&RQOD'HOLEHUDGHOOD*LXQWDUHJLRQDOHGHOLQYLJRUHGDOƒVHWWHPEUHOHYLVLWHHOHFHUWLILFD]LRQLSHUL
PLQRULHLGLVDELOLGLRJQLHWjVRQRJUDWXLWHVLDSHUODSUDWLFDDJRQLVWLFDFKHSHUODSUDWLFDQRQDJRQLVWLFD
&23(5785$$66,&85$7,9$
/
DVVLFXUD]LRQHGHLVRFLDOOD3ROLVSRUWLYD*0DVL$6'qDIILGDWDDOOD81,32/6$,
/D3ROLVSRUWLYD0DVL$6'SHUWXWWLLSURSULVRFLKDSURYYHGXWRDGXQDFRSHUWXUDDVVLFXUDWLYDSHUJOLLQIRUWXQLHO
LQYDOLGLWj
SHUPDQHQWHGHULYDQWLGDOORVYROJLPHQWRGHOOHDWWLYLWjQHJOLLPSLDQWLVSRUWLYL3HUQRQJUDYDUHWURSSRVXOFRVWRGHLFRUVLq
VWDWDVFHOWDXQDIRUPXODDVVLFXUDWLYDFRVLGGHWWDPLQLPDFKHULVSRQGHSHUXQPDVVLPDOHGLɂLQFDVRGLPRU
WHFRSUHOHVSHVHPHGLFKHSHUXQPDVVLPRGLɂPHQRLSULPLɂFKHVRQRDFDULFRGHOO
DVVLFXUDWRXQUL
VDUFLPHQWRGLɂSHULQYDOLGLWjSHUPDQHQWHWRWDOHFRQIUDQFKLJLDGHO(¶GDVSHFLILFDUHFKHODSROL]]DSUHYH
GHXQULPERUVRSHUVSHVHPHGLFRGHQWLVWLFKHSDULDOGHOPDVVLPDOHFLRqILQRDXQPDVVLPRGLɂ
&RVDIDUHGRSRO
LQIRUWXQLR"8QDYROWDULVROWRQHOO
LPPHGLDWRO
DVSHWWRULJXDUGDQWHODYRVWUDVDOXWHIDWHDYHUHDOOD
VHJUHWHULDFHQWUDOHLOFHUWLILFDWRGHOSURQWRVRFFRUVRFKHDWWHVWLO
LQIRUWXQLRHQWURJLRUQLGDOO
DFFDGXWR&RQVHUYDWHOH
ULFHYXWHRULJLQDOLGHOOHVSHVHPHGLFKHSHUWHUDSLHYLVLWHPHGLFKHIDUPDFLHFFFKHVRVWHUUHWHHSUHVHQWDWHOHLQVHJUH
WHULDWHUPLQDWDODFRQYDOHVFHQ]DVDUjQRVWUDFXUDSURYYHGHUHDLQROWUDUOHDOODFRPSDJQLDDVVLFXUDWULFHLQVLHPHDOODPR
GDOLWjFKHLQGLFKHUHWHSHULOULPERUVR1HOFDVRLQFXLODFLIUDOLTXLGDWDODULWHUUHWHQRQLGRQHDSRWUHWHULYROJHUYLDQRLVHQ
]DLQFDVVDUHO¶DVVHJQR
ÊEHQHULFRUGDUHFKHWUDVFRUVRXQDQQRGDOPRPHQWRGHOO
LQFLGHQWHVHQRQVDUDQQRSURGRWWLGRFXPHQWLRULFHYX
WHODSUDWLFDYHUUjFKLXVDVHQ]DVHJXLWRHQRQVLDYUjSLGLULWWRDGDOFXQULPERUVR1HOFDVRLOYRVWURPHGLFRSURVSHWWDV
VHXQ
LQYDOLGLWjSHUPDQHQWHGRYUHWHVHJQDODUORDOOD3ROLVSRUWLYDFKHDVXDYROWDLQIRUPHUjODFRPSDJQLDDVVLFXUDWULFH
6DUHWHFRVuFKLDPDWLDGXQDYLVLWDVSHFLDOLVWLFDGDSDUWHGLXQPHGLFRGHOO
DVVLFXUD]LRQHFKHVWDELOLUjLOSXQWHJJLRGLLQYD
OLGLWjVXOODEDVHGHOTXDOHYLYHUUjOLTXLGDWRXQULVDUFLPHQWRSDULDɂDSXQWRHVFOXVLLSULPLWUHSXQWL7DOHDVVLFX
UD]LRQHQRQSUHYHGHXQULVDUFLPHQWRGDQQLVXELWLSHUFROSDPDULPERUVDVSHVHPHGLFKHHVIDUPDFLWHUDSLHYLVLWHPH
GLFKHFKHDOWULPHQWLGRYUHVWHVRVWHQHUHGDVROLQRQHVVHQGRYLFROSDGLDOFXQRLQFDVRGLLQIRUWXQLR
,QIRUPD6RFL
,QIRUPD6RFL
;
2JQLDQQRLQVHGHGLGLFKLDUD]LRQHGHLUHGGLWLqSRVVLELOHGHYROYHUHLO;DOOD3ROLVSRUWLYD0DVLLQGLFDQGRLOFRGLFH
ILVFDOHQHOORVSD]LRULVHUYDWRDOOHDVVRFLD]LRQLVSRUWLYHGLOHWWDQWLVWLFKH,O;QRQHVFOXGHO¶;H
YLHQHLQYHVWLWRLQSURJHWWLULYROWLDOOHIDVFHSLGHEROLGLVDELOLDGROHVFHQWLHFF
'HWUD]LRQL&RUVL6SRUWLYLSHU0LQRUL
$QFKHSHUO¶DQQRFRQWLQXDODSRVVLELOLWjGLGHWUDUUHQHOODGLFKLDUD]LRQHGHLUHGGLWLOHVSHVHGHULYDQWLGDOO¶LVFUL]LRQH
DFRUVLVSRUWLYLSHULPLQRULGDLDLDQQLSXUFKqLOSDJDPHQWRVLDDYYHQXWRQHOFRUVRGHOO¶DQQRVRODUH/HULFHYXWH
ULODVFLDWHGDOODQRVWUD3ROLVSRUWLYDVRQRJLjFRQIRUPLSHUODGHWUD]LRQH
7$5,))(62&,3(5,6&5,=,21,$,&256,
7DULIIHDSSOLFDWHDLVRFLFKHVLLVFULYRQRDSLFRUVLGHOODVWHVVDGLVFLSOLQD
x &KL VL LVFULYH D GXH FRUVL PRQRVHWWLPDQDOL GHOOD VWHVVD GLVFLSOLQD VL DSSOLFD OD WDULIID GHO FRUVR ELVHWWLPDQDOH VH OH
WDULIIHGHLGXHPRQRVRQRXJXDOLRSSXUHVHOHWDULIIHGHLGXHPRQRVRQRGLYHUVHWUDORURVLFDOFRODODPHGLDDULWPHWL
FDGHLGXHULVSHWWLYLELVHWWLPDQDOLHVLDUURWRQGDDOO¶HXURVXSHULRUH
x &KLVLLVFULYHDGXQFRUVRELVHWWLPDQDOHHDGXQPRQRVHWWLPDQDOHGHOODVWHVVDGLVFLSOLQDSDJDODWDULIIDLQWHUDGHOFRU
VRELVHWWLPDQDOHPHQWUHSHULOFRUVRPRQRVHWWLPDQDOHYLHQHDSSOLFDWDODPHWjGHOODWDULIIDGHOELVHWWLPDQDOHHVLDUUR
WRQGDDOO¶HXURVXSHULRUH
x &KLVLLVFULYHDGXHFRUVLELVHWWLPDQDOLGHOODVWHVVDGLVFLSOLQDSDJDXQELVHWWLPDQDOHLQWHURHSHUO¶DOWURVLDSSOLFDXQD
WDULIIDPLQRUHHVHPSLRVHODWDULIIDGHOELVHWWLPDQDOHqGLɂODWDULIIDGLYHQWDɂ
7DULIIHVSHFLDOLSHULVRFLFKHVLLVFULYRQRDSLFRUVLHSHULQXFOHLIDPLOLDUL
x &KLVLLVFULYHDGXHRSLFRUVLTXDGULPHVWUDOLGLGLYHUVHGLVFLSOLQHDYUjDSSOLFDWHWDULIIHVSHFLDOLHVHPSLRVHLOVRFLRVL
LVFULYHDGXQFRUVRGL<RJDGHOFRVWRGLɂHDGXQFRUVRGL1XRWRGHOFRVWRGLɂLQWRWDOHSDJKHUjɂ
LQYHFHGLɂ
x 4XHVWHWDULIIHVSHFLDOLVRQRYDOLGHDQFKHSHUTXHLQXFOHLIDPLOLDULFRPSRVWLGDDOPHQRVRFLLVFULWWLDFRUVLTXDGULPH
VWUDOLDOO¶LQWHUQRGHOORVWHVVRSHULRGR
x 5LHQWUDQRQHOOHWDULIIHVSHFLDOLGLTXHVWRWLSRDQFKHOHTXRWHSDJDWHSHUJOLDEERQDPHQWLTXDGULPHVWUDOLHRDQQXDOLD
*,0,&/8%
x 1RQSRVVRQRHVVHUHDFFXPXODWHOHWLSRORJLHGLWDULIIHRYYHURRVLDSSOLFDQROHWDULIIHVSHFLDOLDOVLQJRORVRFLRSHUFKp
LVFULWWRDSLFRUVLGLGLVFLSOLQHGLYHUVHRVLDSSOLFDQRDOQXFOHRIDPLOLDUH
7XWWHTXHVWHUHJRODPHQWD]LRQLVRQRGDLQWHQGHUVLGDDSSOLFDUHVRORDVRFLFKHVLLVFULYRQRDFRUVLVSRUWLYLTXDGULPHVWUDOL
RDGDEERQDPHQWL*,0,FRQGXUDWDTXDGULPHVWUDOHHRDQQXDOHLQTXHVWRFDVRQRQVRQRFXPXODELOLFRQDOWUHSURPR]LRQL
LQFRUVR
6RQRTXLQGLHVFOXVLOHLVFUL]LRQLDLVHUYL]LHGXFDWLYLYLDJJLHJLWHFRUVLVSRUWLYLFKHQDVFRQRFRQGXUDWDLQIHULRUHDOTXD
GULPHVWUH
2YYLDPHQWHOHUHJRODPHQWD]LRQLVRQRGDLQWHQGHUVLYDOLGHSHUWXWWHOHGLVFLSOLQHGLDWWLYLWjVSRUWLYDFRQOHFDUDWWHULVWLFKH
GLFXLVRSUDFRPSUHVHOHDWWLYLWjDJRQLVWLFKH
5,7,52'$/&2562
,O6RFLRSRWUjUHFHGHUHO¶LVFUL]LRQHVRWWRVFULWWDFKLHGHQGRODUHVWLWX]LRQHGLTXDQWRYHUVDWRVRORQHLVHJXHQWLFDVL
x 5,0%2562 727$/( GHOOD TXRWD 62/2 VH OD YRORQWj GL ULWLUDUVL YLHQH FRPXQLFDWD SULPD GHOOD GDWD GL LQL]LR
GHO¶DWWLYLWj/DUHVWLWX]LRQHGHOODTXRWDSRWUjHVVHUHIDWWDVRORSUHVHQWDQGRODULFHYXWDGLSDJDPHQWRULODVFLDWDLQSUH
FHGHQ]D
x 5,0%2562 3$5=,$/( GHOOD TXRWD VH OD YRORQWj GL ULWLUDUVL YLHQH FRPXQLFDWD HQWUR OH SULPH OH]LRQL GDOO¶LQL]LR
GHOO¶DWWLYLWj FRPH GD FDOHQGDULR LQGLSHQGHQWHPHQWH FKH VLDQR VWDWH IUHTXHQWDWH ,Q TXHVWR FDVR YHUUj WUDWWHQXWR
O¶LPSRUWRDOH]LRQHDFXLYLHQHDJJLXQWRXQGLGLULWWLGLVHJUHWHULD3HULOFDOFRORGHOODTXRWDGDUHQGHUHSHULOULWLUR
GDOFRUVRVLFRQVLGHUDODGDWDLQFXLYLHQHFRPXQLFDWDODYRORQWjGLULWLUDUVLGDOFRUVRGDSDUWHGHOVRFLR/DUHVWLWX]LR
QHGHOODTXRWDSRWUjHVVHUHIDWWDVRORSUHVHQWDQGRODULFHYXWDGLSDJDPHQWRULODVFLDWDLQSUHFHGHQ]D
x 1(6681 5,0%2562q SUHYLVWR QHL FDVL LQ FXL VL FRPXQLFKL OD YRORQWj GL ULWLUDUVL ROWUH L WHUPLQL SUHYLVWL PD VL SXz
FDPELDUHFRUVRVFHJOLHQGRIUDTXHOOLGLTXDOVLDVLDWWLYLWjVSRUWLYDGRYHFLVLDQRDQFRUDGLVSRQLELOLWjGLSRVWL
4XDORUDLO6RFLRIRVVHLPSRVVLELOLWDWRDIUHTXHQWDUHO¶DWWLYLWjVFHOWDSHUPRWLYLGLVDOXWHLQFXLqSUHYLVWDXQDGHJHQ]DGL
DOPHQR JLRUQL FRQWLQXDWLYL GRFXPHQWDWD GD XQD VWUXWWXUD SXEEOLFD R SULYDWD RVSHGDOLHUD VDUj SRVVLELOH VRVSHQGHUH
O¶LVFUL]LRQHDOO¶DWWLYLWjHVDUjFDOFRODWRXQEXRQRUHODWLYRDOSHULRGRVRVSHVRGDSRWHUVFDODUHVXOO¶LVFUL]LRQHVXFFHVVLYD6DUj
FXUDGHO6RFLRFRPXQLFDUHODVRVSHQVLRQHDOODVHJUHWHULDFHQWUDOHHQWURJLRUQLGDOO¶LQL]LRGHOODVRVSHQVLRQHVWHVVD
6DUjFRPXQTXHFXUDGHOUHVSRQVDELOHGHOODVHJUHWHULDYDOXWDUHODVLWXD]LRQHFDVRSHUFDVR,QFDVRVLFRPXQLFKLODVR
VSHQVLRQHROWUHLWHUPLQLSUHYLVWLQRQVLSRWUjSURFHGHUHDGHIIHWWXDUHQHVVXQWLSRGLEXRQR
,QIRUPD6RFL
,QIRUPD6RFL
,O9DORUHGHOOD7HVVHUDGHO6RFLR
YHGD OH VSRQVRUL]]D]LRQL XQD FKLPHUD GD HYLWDUH
$EELDPR DWWXDWR XQD FXOWXUD GHOOH ULVRUVH XPDQH
FKH FL YHGH XQLFL QHOO¶DVVXQ]LRQH GL GLSHQGHQWL QHL
UXROL FKLDYH GHOO¶RUJDQL]]D]LRQH FUHDQGR YHUL SRVWL
GL ODYRUR $EELDPR VRWWRVFULWWR FRQYHQ]LRQL HG
DJHYROD]LRQL FRPPHUFLDOL HG HFRQRPLFKH FKH
RIIURQR YDQWDJJL D WXWWL L VRFL $EELDPR FUHGXWR H
FUHGLDPR QHOO¶LQVHULPHQWR GHL UDJD]]L GLYHUVDPHQWH
DELOLFRQDGHJXDWLVXSSRUWLGLHGXFDWRUL
7XWWR TXHVWR q SHU QRL XQ YDORUH LUULQXQFLDELOH H
YRJOLDPRFRQWLQXDUHDVRVWHQHUORHDIDUORDQFKHSHU
LOIXWXURPDOHULVRUVHHFRQRPLFKHQRQVRQRLQILQLWH
3RVVHGHUH OD WHVVHUD VRFLDOH GHOOD 0DVL YXRO GLUH
DSSDUWHQHUH D TXHVWH VFHOWH HG q SHU TXHVWD
UDJLRQH FKH GRSR QRYH DQQL DEELDPR GHFLVR GL
DXPHQWDUH OD TXRWD DVVRFLDWLYD DQQXDOH SHU
VRVWHQHUH H IDU YLYHUH DQFRUD WXWWR FLz LQ FXL
FUHGLDPR 6RQR FHUWR GL DYHUH OD FRPSUHQVLRQH GL
WDQWLVVLPLVRFL
*UD]LH D WXWWL YRL SHU FRQWLQXDUH D FUHGHUH LQ XQ
EHOOLVVLPRVRJQRQDWRFLQTXDQW¶DQQLIDHFKHDQFRUD
KDYRJOLDGLFRUUHUH
,OSUHVLGHQWH
9DOHQWLQR9DOLVL
(VVHUHVRFLRGHOOD0DVLqXQDVFHOWDFKHPROWLGLQRL
FRPSLRQR FRQ VODQFLR FRQVDSHYROL GL DSSDUWHQHUH
DGXQ¶DVVRFLD]LRQHFKHQRQYLYHGLVRORVSRUW
/HDWWLYLWjGLVROLGDULHWjSHUFKLKDELVRJQRFLKDQQR
SRUWDWRDFRQLDUHLOPRWWR³,QVLHPHVLSXzHVLGHYH´
H VX TXHOOR DEELDPR FRVWUXLWR TXHO PHUDYLJOLRVR
SURJHWWRGL&DVD0DVL
$EELDPR FUHGXWR H FUHGLDPR FKH OD IRUPD]LRQH GHL
GLULJHQWL H GHJOL HGXFDWRUL VLD XQ YDORUH
IRQGDPHQWDOHSHUUHDOL]]DUHTXHJOLRELHWWLYLHGXFDWLYL
HVSRUWLYLFKHWXWWLYRLDSSUH]]DWH
$EELDPR SURPRVVR XQD FXOWXUD GHOOH ULVRUVH FKH
7XWWLJOLRSHUDWRULDOOHQDWRULLVWUXWWRULHGLULJHQWLGHLVHWWRULGHOODSROLVSRUWLYDVRQRLQYLWDWL
2UH5LWURYR
2UH%XIIHW
2UH6DOXWLGHO6LQGDFR0DVVLPR%RVVRH$XWRULWj
$VHJXLUH
5HOD]LRQHGHO3UHVLGHQWH9DOHQWLQR9DOLVL
0RPHQWRIRUPDWLYR
,QIRUPD6RFL
,QIRUPD6RFL
3DOHVWUH$SHUWH
$QFKHTXHVW
DQQRQHOPHVHGLVHWWHPEUHODSROLVSRUWLYDRIIUHODSRVVLELOLWjDFKLIRVVHLQWHUHVVDWRGLHIIHWWXD
UHOH]LRQLGLSURYDJUDWXLWHLQDOFXQLGHLQRVWULFRUVLGLSDOHVWUDSHUDGXOWLHEDPELQL,OSURJUDPPDGHWWDJOLDWR
GHOOH RSSRUWXQLWj VDUj FRQVXOWDELOH GDO PHVH GL VHWWHPEUH VX ZZZSROPDVLLW R SRWUj HVVHUH ULFKLHVWR
DLQIR#SROPDVLLW
3DOHVWUDQHOO·DPELHQWH
LQQDVWLFDQHLSDUFKL
GDODO
GDOOXQHGuDOYHQHUGuRUH3DUFRGHO/LGR
GDOOXQHGuDOYHQHUGuRUH3DUFRGHO/LGR
$FXUDGL3RO*0DVL
*LQQDVWLFDGROFH
GDODOOXQHGuHJLRYHGuGDOOHDOOH
QHOSUDWRDQWLVWDQWHODSDOHVWUD)LQFRGL&HUHWRORYLDOH/LEHUWj
$FXUDGL3RO&HUHWROHVH
3DVVHJJLDWHQHOWHUULWRULR
$FXUDGL3ROLVSRUWLYD&HUHWROHVH
PHUFROHGuVHWWHPEUHRUHYLD)DLDQHOORHYLD5RVD
ULWURYRFDPSRVSRUWLYR&HUHWROR
PHUFROHGuVHWWHPEUHRUH9LD*DOOX]]RH3DUFR)DEEUHULD
ULWURYRFDPSR&HUHWROR
PHUFROHGuVHWWHPEUHRUH(UHPRGL7L]]DQR
ULWURYRFDPSR&HUHWROR
,QFRQWULGL<RJD
JLRYHGu±DJRVWRGDOOHDOOH3DUFRGHOOD0HULGLDQD
$FXUDGL3RO&VLH3RO*0DVL
&RUUHUHSHU&DVDOHFFKLR
7XWWLLPHUFROHGuFRQULWURYRRUH
GDYDQWLDO&HQWUR*LRYDQLOH(&2LQYLDGHL0LOOH
$FXUDGL3RO&VLH0DVL
'LVFR*ROI
YHQHUGu±±DJRVWRGDOOHDOOH3DUFRGHOOD&KLXVD
YHQHUGu±VHWWHPEUHGDOOHDOOH3DUFRGHOOD&KLXVD
$FXUDGL3RO*0DVL
0LQLEDVNHWLQPHULGLDQD
JLRYHGu±±±VHWWHPEUHGDOOHDOOH
3DUFRGHOOD0HULGLDQD
$FXUDGL3RO&VL
1HRPDPPHLQIRUPD±O¶DOOHQDPHQWRFRQLOSDVVHJJLQR
'DODOVHWWHPEUH±LOPDUWHGuHYHQHUGuGDOOHRUH
3DUFRGHOOD&KLXVD
$FXUDGL/RGLFOXE
,QIRUPD6RFL
,QIRUPD6RFL
/$12675$32/,63257,9$3(5,/35266,02$112*$5$17,6&(
/$12675$32/,63257,9$3(5,/35266,02$112*$5$17,6&(
,6(59,=,,17(*5$7,9,6&2/$67,&,$&$6$/(&&+,2',5(12
,6(59,=,,17(*5$7,9,6&2/$67,&,$&$6$/(&&+,2',5(12
/HDWWLYLWjVYROWHDOO¶LQWHUQRGHLVHUYL]LSUHHSRVWVFXRODKDQQRXQRVFRSRSUHWWDPHQWHOXGLFRHVSUHVVLYRHGLVRFLDOL]]D
]LRQHHYHGRQRLOJLRFRFRPHO¶DWWLYLWjLQIDQWLOHHVVHQ]LDOHFKHFDUDWWHUL]]DWXWWHOHIDVLHYROXWLYHGHOEDPELQR$WWUDYHUVR
LOJLRFROLEHURHJXLGDWRLOVHUYL]LRVLSUHILJJHLOUDJJLXQJLPHQWRGLXQFOLPDHPRWLYDPHQWHVHUHQRHWUDQTXLOORSRVVLELO
PHQWHLQWHJUDWRHLQFRQWLQXLWjFRQTXHOORGHOODVFXROD,PSHJQRGHJOLHGXFDWRULSHUWDQWRVDUjTXHOORGLRIIULUHDOJUXSSR
DWWUDYHUVRPDWHULDOLDGDWWLHVLWXD]LRQLDPELHQWDOLLGRQHHDPSLHSRVVLELOLWjGLVFHOWDSHULPRPHQWLOXGLFLHOHDWWLYLWj
'DODO
'DODO
3UH6FXROD±
3RVW6FXROD3RVWDOFXQHPDWHUQH,QWHUWHPSR
,6&5,=,21,H,1)250$=,21,SUHVVR6HJUHWHULD3ROLVSRUWLYD*0DVL9LD1%L[LRQ
&DVDOHFFKLRGL5HQRWHOXOWHULRULLQIRUPD]LRQLVXZZZSROPDVLLWGDOXQHGuVHWWHPEUH
GDOOXQHGuDOYHQHUGuRUHHVDEDWRVHWWHPEUHGDOOHDOOH
5LFRUGLDPRFKHSHULVHUYL]LqSUHVHQWHXQDWDULIIDTXDGULPHVWUDOHDFDULFRGHOOHIDPLJOLHH
5LFRUGLDPRFKHSHULVHUYL]LqSUHVHQWHXQDWDULIIDTXDGULPHVWUDOHDFDULFRGHOOHIDPLJOLHH
FKHQRQVDUjSRVVLELOHIUHTXHQWDUHLOVHUYL]LRVHQ]DDYHUSULPDIRUPDOL]]DWRO¶LVFUL]LRQH
FKHQRQVDUjSRVVLELOHIUHTXHQWDUHLOVHUYL]LRVHQ]DDYHUSULPDIRUPDOL]]DWRO¶LVFUL]LRQH
,OWHPSRSUROXQJDWRQLGRVDUjRUJDQL]]DWRGDXQSDVVDJJLRGLLQIRUPD]LRQLVXLEDPELQLFKHORIUHTXHQWDQRSHUFRQRVFHUH
OHDELWXGLQLOHURXWLQHLJLRFKLSUHIHULWLHYHQWXDOLULWXDOLGLULFRQJLXQJLPHQWRFRQLJHQLWRUL&RVuFRPHVDUjSHQVDWRHSUR
JHWWDWRORVSD]LRLQIXQ]LRQHGLXQDGLYHUVDUHOD]LRQHIUDLEDPELQLLQTXDQWRSURYHQLHQWLGDWXWWHOHVH]LRQHGHOQLGRH
TXLQGLFRQHWjHWHURJHQHH,PSHJQRGHJOLHGXFDWRULSHUWDQWRVDUjTXHOORGLRIIULUHDOJUXSSRDWWUDYHUVRPDWHULDOLDGDWWL
HVLWXD]LRQLDPELHQWDOLLGRQHHDPSLHSRVVLELOLWjGLVFHOWDSHULPRPHQWLOXGLFLHOHDWWLYLWj
'DODO
'DODO
'DOOHDOOH
5LFRUGLDPRFKHSHULVHUYL]LqSUHVHQWHXQDWDULIID³DSHULRGR´DFDULFRGHOOHIDPLJOLHH
5LFRUGLDPRFKHSHULVHUYL]LqSUHVHQWHXQDWDULIID³DSHULRGR´DFDULFRGHOOHIDPLJOLHH
FKHQRQVDUjSRVVLELOHIUHTXHQWDUHLOVHUYL]LRVHQ]DDYHUSULPDIRUPDOL]]DWRO¶LVFUL]LRQH
FKHQRQVDUjSRVVLELOHIUHTXHQWDUHLOVHUYL]LRVHQ]DDYHUSULPDIRUPDOL]]DWRO¶LVFUL]LRQH
,6&5,=,21,H,1)250$=,21,SUHVVR6HJUHWHULD3ROLVSRUWLYD*0DVL9LD1%L[LRQ
&DVDOHFFKLRGL5HQRWHOXOWHULRULLQIRUPD]LRQLVXZZZSROPDVLLWGDOXQHGuVHWWHPEUH
GDOOXQHGuDOYHQHUGuRUHH
*LQQDVWLFD$UWLVWLFD
*LQQDVWLFD$UWLVWLFD
$&52%$7,&$
-81,25(6(1,25
$WWLYLWjVSHWWDFRODUHHGLYHUWHQWHFKHVYLOXSSDIRU]DDJLOLWjPRELOLWjDUWLFRODUHHGHWHUPLQD]LRQH/¶DFUREDWLFDq
XQ
DWWLYLWj SULQFLSDOPHQWH D FRUSR OLEHUR FKH XWLOL]]D DWWUH]]L VSHFLILFL FRPH WUDPSROLQL H DLU WUDFN DWWUH]]DWXUD
JRQILDELOHÊSUHYLVWRDQFKHO
XWLOL]]RGHLJUDQGLDWWUH]]LGHOODJLQQDVWLFDDUWLVWLFDPDVFKLOHHIHPPLQLOHSDUDOOHOH
WDYRODSHULOYROWHJJLRVEDUUDWUDYHHWFLQTXDQWRSUHSDUDWRULRDLVDOWLDFUREDWLFLHDJOLHVHUFL]LFRQDWWUH]]L/D
JLQQDVWLFDDUWLVWLFDqXQ¶RWWLPDSUHSDUD]LRQHILVLFDJHQHUDOHHVSHFLILFDROWUHFKHSUHDFUREDWLFDSHUTXHVWRYLHQH
VYROWDUHJRODUPHQWHDOO¶LQL]LRGLRJQLVHGXWDGLDOOHQDPHQWR
$&52%$7,&$(
$775(==,67,&$
0$6&+,/(
,OFRUVRVLSRQHO
RELHWWLYRGLLQVHJQDUHJUDGXDOPHQWHJOLHOHPHQWLDFUREDWLFLDOVXRORHVXJOLDWWUH]]LPDVFKLOLGHOOD
JLQQDVWLFD DUWLVWLFD /H OH]LRQL VL FRQFHQWUHUDQQR SULQFLSDOPHQWH VXOOD SUHSDUD]LRQH ILVLFD JHQHUDOH DO ILQH GL
VYLOXSSDUHWXWWHOHFDSDFLWjILVLFKHPRELOLWjFRRUGLQD]LRQHIRU]DYHORFLWjHWFQHFHVVDULHSHUXQDSSUHQGLPHQWR
GHJOLHOHPHQWLVXLYDULDWWUH]]L9HUUjGDWDODSRVVLELOLWjDJOLDOOLHYLGLLQWUDSUHQGHUHXQSHUFRUVRGLDOOHQDPHQWR
SHUVRQDOL]]DWRDWWRDVYLOXSSDUHFDSDFLWjILVLFKHHFRRUGLQDWLYHVXJOLDWWUH]]LJLQQLFLGLSURSULRLQWHUHVVH3DUDOOHOH
&RUSR/LEHUR$QHOOL6EDUUD&DYDOORFRQPDQLJOLH9ROWHJJL
*,2&20275,&,7¬
$WWLYLWjPRWRULDJHQHUDOHULYROWDDLEDPELQLGHOODVFXRODPDWHUQD/¶DSSURFFLRqOXGLFRFRQSURSRVWHGLSHUFRUVL
JLRFKLPRWRULXWLOL]]RGLSLFFROLHJUDQGLDWWUH]]LHGHOODPXVLFDSHUVYLOXSSDUHLOVHQVRULWPLFR
$WWUDYHUVRLOJLRFRVLVWLPRODODOLEHUDHVSUHVVLRQHGHOPRYLPHQWRHRJQLEDPELQRSURJUHVVLYDPHQWHLPSDUDH
VYLOXSSDOHVXHFRPSHWHQ]HVHQVRPRWRULH/
DWWLYLWjqGLWLSRQRQVSHFLILFRSHUTXHOFKHULJXDUGDXQVLQJRORVSRUW
'jODSRVVLELOLWjGLVYLOXSSDUHDWWUDYHUVRXQ
DWWLYLWjJHQHUDOHO
HTXLOLEULRHJOLVFKHPLPRWRULGLEDVH$WWUDYHUVRLO
PRYLPHQWRYHQJRQRDFTXLVLWLLFRQFHWWLGLRUJDQL]]D]LRQHVSD]LRWHPSRUDOHGLODWHUDOLWjHVFKHPDFRUSRUHR
$QFKH DOO¶DWWLYLWj GL JUXSSR YLHQH GHGLFDWD JUDQGH LPSRUWDQ]D RJQL EDPELQR VL FRQIURQWD H VL UHOD]LRQD FRQ L
FRHWDQHLDFTXLVHQGRHDIILQDQGRVWUDWHJLHGLFRPXQLFD]LRQH
6XJXHDSDJ
*LQQDVWLFD$UWLVWLFD
*LQQDVWLFD$UWLVWLFD
&,5&2(7(6687,
/
DWWLYLWjSURSRVWDULFRUGDTXHOODHVHJXLWDGDJOLDFUREDWLGHOFLUFRDFURED]LHHILJXUHVSHWWDFRODULVXWHOLH
WHVVXWL JLUDYROWH H ILJXUH FKH LQFDQWDQR /
DOOHQDPHQWR q FRPSOHWR FRLQYROJH WXWWR LO FRUSR WRQLILFD OD
PXVFRODWXUDHVYLOXSSDIRU]DDJLOLWjHFRRUGLQD]LRQH/HDFURED]LHVRQRHVHJXLWHFRQSDUWLFRODUHDWWHQ]LRQH
DOODVLFXUH]]DGHJOLDWOHWLSHUFUHDUHXQDVHUHQDHSLDFHYROHDWPRVIHUDGLDOOHQDPHQWR
3$5.285
,OSDUNRXUqXQDGLVFLSOLQDPRWRULDSLXWWRVWRGLIIXVD2ELHWWLYRSULQFLSDOHqVYROJHUHXQSHUFRUVRVXSHUDQGR
RJQL JHQHUH GL RVWDFROR PXUL ULQJKLHUH WHUUHQL LQVWDELOL YXRWL DWWUDYHUVR OD FRPELQD]LRQH GL WHFQLFKH H
PRYLPHQWL GLYHUVL VDOWL DUUDPSLFDWD HVHUFL]L GL HTXLOLEULR HFF&UHDWLYLWj FRRUGLQD]LRQH D]LRQH H
FRQVDSHYROH]]DGHOSURSULRFRUSRVRQRVRORDOFXQLHOHPHQWLGLTXHVWRVSRUWLPSHJQDWLYRPDGLYHUWHQWH,O
SDUNRXUVYLOXSSDFRVFLHQ]DGLVpHGHLSURSULOLPLWL
$77,9,7¬$*21,67,&$
*,11$67,&$
$57,67,&$
/D JLQQDVWLFD DUWLVWLFD q IUD OH GLVFLSOLQH VSRUWLYH SL FRPSOHWH H YDULH 6YLOXSSD FDSDFLWj FRRUGLQDWLYH H
FRQGL]LRQDOL IRU]D YHORFLWj GHVWUH]]DHFF IDYRULVFH OD PRELOLWj DUWLFRODUH H D TXHVWR VL DJJLXQJH
O
HOHJDQ]D GHO JHVWR VSRUWLYR /H SLFFROH FRPSHWL]LRQL R HVLEL]LRQLVDJJL IDFROWDWLYL SUHYHGRQR OD
FROODERUD]LRQHHODFRRUGLQD]LRQHGLJUXSSREDVHLPSRUWDQWHSHUODEXRQDULXVFLWDGHOJHVWRVSRUWLYRHOD
VRFLDOL]]D]LRQH GHL SDUWHFLSDQWL , EDPELQLH FRQ VSLFFDWD SUHGLVSRVL]LRQH SHU TXHVWD GLVFLSOLQD VSRUWLYD
YHQJRQR VHOH]LRQDWL GDO WHFQLFR UHVSRQVDELOH HG KDQQR OD SRVVLELOLWj GL DOOHQDUVL PDJJLRUPHQWH SHU
DFFHGHUHDOJUXSSRGLSUHDJRQLVWLFDHGLQVHJXLWRIDUSDUWHGHOODVTXDGUDDJRQLVWLFD
/HDWOHWHDJRQLVWHSDUWHFLSDQRDOFLUFXLWRGLJDUHIHGHUDOL)*,H8,63
*(1,725,(),*/,
3RVVLELOLWjSHUXQJHQLWRUHFRQLOSURSULRILJOLRIDVFLDVFXRODHOHPHQWDUHGLSDVVDUHXQSRPHULJJLRGLXQD
GRPHQLFDDOPHVHDIDUHJLQQDVWLFDDOO
LQWHUQRGL*LPL6SRUW&OXE3HULO&RUVRVSHFLDOLQOLQJXDLQJOHVHOD
OH]LRQHVLVYROJHUjFRQO
LQVHJQDQWHFKHSDUOHUjXQLFDPHQWHODOLQJXDLQJOHVH
3$/(675$$77,9,7$¶
3DOHVWUD%&LDUL
*,2512
25$5,2
JLRFRPRWULFLWjPDWHUQDIHPPLQLOHPDVFKLOH
OXQHGuJLRYHGu
ƒHƒVFXRODHOHPHQWDUHIHPPLQLOH
OXQHGuJLRYHGu
ƒƒƒVFXRODHOHPHQWDUHIHPPLQLOH
OXQHGuJLRYHGu
PDUWHGuYHQHUGu
PDUWHGuYHQHUGu
PDUWHGuYHQHUGu
JLRFRPRWULFLWjPDWHUQDIHPPLQLOHPDVFKLOH
OXQHGuJLRYHGu
JLRFRPRWULFLWjPDWHUQDIHPPLQLOHPDVFKLOH
PDUWHGuYHQHUGu
JLRFRPRWULFLWjPDWHUQDIHPPLQLOHPDVFKLOH
PHUFROHGu
ƒHƒVFXRODHOHPHQWDUHIHPPLQLOH
ƒHƒVFXRODHOHPHQWDUHIHPPLQLOH
ƒƒƒVFXRODHOHPHQWDUHIHPPLQLOH
OXQHGuJLRYHGu
PHUFROHGu
OXQHGuJLRYHGu
ƒƒƒVFXRODHOHPHQWDUHIHPPLQLOH
PHUFROHGu
VFXRODPHGLDIHPPLQLOH
OXQHGuJLRYHGu
VFXRODPHGLDIHPPLQLOH
VFXRODPHGLDIHPPLQLOH
PDUWHGuYHQHUGu
PHUFROHGu
DFUREDWLFD-XQLRUIHPPLQLOHVFXROHVXSHULRUL
OXQHGuJLRYHGu
VFXRODHOHPHQWDUHPDVFKLOH
DFUREDWLFDHDWWUH]]LVWLFDPDVFKLOH
-XQLRUPDVFKLOHVFXROHVXSHULRUL
DFUREDWLFD6HQLRUROWUHOHVFXROHVXSHULRUL
SDUNRXUGDOOHVFXROHVXSHULRULLQSRL
OXQHGuJLRYHGu
OXQHGuJLRYHGu
PDUWHGuYHQHUGu
OXQHGuJLRYHGu
FLUFRHWHVVXWLGDOOHVFXROHVXSHULRULLQSRL
PHUFROHGu
*HQLWRULH)LJOL
'RPHQLFKHRWWREUHQRYHPEUH
GLFHPEUHJHQQDLR
*HQLWRULH)LJOL6SHFLDOLQOLQJXDLQJOHVH
'RPHQLFKHRWWREUHQRYHPEUH
GLFHPEUHJHQQDLR
3DOHVWUD;;9DSULOH
JLRFRPRWULFLWjPDWHUQDIHPPLQLOHPDVFKLOH
ƒHƒVFXRODHOHPHQWDUHIHPPLQLOH
ƒƒƒVFXRODHOHPHQWDUHIHPPLQLOH
*LPLVSRUWFOXE
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV %DOOLH'DQ]H
%DOOLH'DQ]H
/(12675(3523267(',%$//,('$1=(
'$1=(3232/$5,
75$',=,21$/,
,QRJQL3DHVHUDSSUHVHQWDQRXQDPDQLIHVWD]LRQHGLGLYHUWLPHQWRVWUHWWDPHQWHOHJDWDDOODFXOWXUDH
WUDGL]LRQHGHOWHUULWRULR/DGDQ]DSRSRODUHFLRqHYLGHQ]LDLOPRGRGLIDUH³IHVWDHGLVWDUHLQVLHPH´
WLSLFLGLXQDFHUWD]RQDHGLXQGHWHUPLQDWRWHPSROHYDULHGDQ]HGHOOH5HJLRQL,WDOLDQHRGLDOWUL3DHVL
VRQR GD FRQVLGHUDUVL XQ IHQRPHQR FXOWXUDOH ROWUHFKp VRFLDOH LGHQWLILFDWLYR GL XQD VSHFLILFD
SRSROD]LRQH 3UHVHQWDQR FRUHRJUDILH GL JUXSSR PROWR VHPSOLFL PD YDULH FHUFKLRFDWHQDVFKLHUH WHU]LQH $IIURQWDUH OH GDQ]H WUDGL]LRQDOL TXLQGL VLDQR HVVH (PLOLDQH ,WDOLDQH JUHFKH LUODQGHVL
IUDQFHVL R GL TXDOVLDVL DOWUR 3DHVH VLJQLILFD FHUWR GLYHUWLUVL VRFLDOL]]DUH DJJUHJDUH PD DQFKH
FRQRVFHUH H ULFRQRVFHUH XQ SRSROR OD VXD WUDGL]LRQH OD VXD VWRULD $ FRPSOHWDPHQWR GHL FRUVL q
SUHYLVWDODSDUWHFLSD]LRQHDIHVWHIRONHDVDJUHFKHFRQVHQWLUDQQRDWXWWLFRQO¶DLXWRGHJOL,VWUXWWRULGHOOD
3ROLVSRUWLYD*0DVLGLVSHULPHQWDUHTXHVWLUHSHUWRULLQPRGRSLDFHYROHQHOOHSLD]]HHFRQODJHQWH
6$/6$&8%$1$(
%$//,/$7,1,
1HOPRQGRQRQHVLVWHDOWUDIRUPDGLEDOORGLFRSSLDQHOODTXDOHYLVLDWDQWRPRYLPHQWRFRPHQHOODVDOVDULWPR
IRFRVRHFDOGRPRYLPHQWRGHOEDFLQRVRQROHFDUDWWHULVWLFKHGHOODGDQ]DFXEDQD$FXEDODPXVLFDHLOEDOOR
KDQQR XQD FRQVLGHUHYROH LPSRUWDQ]D VRFLRORJLFD L FXEDQL VXFFHVVRUL GHJOL VFKLDYL DIULFDQL GHL FRQTXLVWDWRUL
VSDJQROL HG HXURSHL HVSUHVVHUR TXL L ORUR VHQWLPHQWR H OH ORUR HPR]LRQL &RQ OD SDUROD VDOVD VL GLVHJQD XQ
RULHQWDPHQWRPXVLFDOHXQRVWLOHGLEDOORFDUDWWHUL]]DWRGDXQDPHVFRODGLYDULULWPLSHUORSLFDUDLELFL
%$//,',*58332
,OFRUVRGHLEDOOLGLJUXSSRqDSHUWRDXRPLQLHGRQQHFKHKDQQRYRJOLDGLPXRYHUVLFRQODPXVLFDLQPRGDDOOHJUR
HVSHQVLHUDWR,OEDOORqXQDOOHDWRGHOODQRVWUDVDOXWHDLXWDDSUHYHQLUHOHPDODWWLHFDUGLRYDVFRODULPDQWLHQHDWWLYD
ODPHPRULDPLJOLRUDLOWRQRPXVFRODUHFRQIHULVFHVFLROWH]]DHGHOHJDQ]DQHLPRYLPHQWLPDVRSUDWWXWWRUHJDODLO
EXRQXPRUH,PSDUHUHPRLOPDPERODFXPELDODEDFKDWDLOFKDFKDFKDLOMLYHHFF«
'$1=$25,(17$/(
/DGDQ]DRULHQWDOHR5DTV6KDUTLUDSSUHVHQWDXQDIRUPDGLGDQ]DQDWDHGLIIXVDLQ0HGLR2ULHQWHDQWLFDH
SRWHQWHIOXLGDHGHOHJDQWHULFFDGLVLJQLILFDWLVLPEROLFLOHJDWLDOO
XQLYHUVRIHPPLQLOHHVVDVLFRQFHQWUDVXLFHQWUL
HQHUJHWLFL GHOO
DGGRPH DWWUDYHUVR L TXDOL HVSULPHUH OD SURSULD FUHDWLYLWj HPRWLYLWj H VHQVXDOLWj (VVD UHJDOD
EHQHILFL ILVLFL FRPH LO SRWHQ]LDPHQWR GHOOD PXVFRODWXUD LO FRUUHWWR XVR GHOOD UHVSLUD]LRQH OR VFLRJOLPHQWR GL
FRQWUDWWXUH H ULJLGLWj PXVFRODUL LO PLJOLRUDPHQWR GHOOD FLUFROD]LRQH H O
HOLPLQD]LRQH GHL GLVWXUEL DOOD FRORQQD
YHUWHEUDOH H EHQHILFL SVLFRORJLFL TXDOL O
DFFHWWD]LRQH H O
HVSUHVVLRQH GL Vq OD OLEHUD]LRQH GHOOH WHQVLRQL GHOOH
HPR]LRQLODULVFRSHUWDGHOODSURSULDIHPPLQLOLWjODVRFLDOL]]D]LRQHHODJLRLDFKHODGDQ]DHO
LQILQLWRHPHUDYLJOLRVR
UHSHUWRULRGHOODPXVLFDDUDEDRIIUHFRQLPPHGLDWH]]DDFKLXQTXH
'$1=$$)52
,O FRUVR SURSRQH OR VWXGLR GHOOH GDQ]H WUDGL]LRQDOL GHOO¶$IULFD 2FFLGHQWDOL H GHOOR VYLOXSSR FKH KDQQR DYXWR LQ
(XURSDHLQ$IULFDQHOFRUVRGHJOLDQQL3DUWHQGRGDXQULVFDOGDPHQWRGLWXWWRLOFRUSRFRQHVHUFL]LGLWHFQLFDGL
EDVHVLDIIURQWHUDQQROHGDQ]HWUDGL]LRQDOLFRQO¶DFFRPSDJQDPHQWRGHOOHSHUFXVVLRQLGDOYLYRLQVWDXUDQGRFRVu
FRQ HVVH XQR VFDPELR HQHUJHWLFR HG XQ GLDORJR FRQWLQXR 'XUDQWH O¶DQQR QRQ PDQFKHUDQQR PRPHQWL GL
DSSURIRQGLPHQWR PXVLFDOH GHJOL VWUXPHQWL WUDGL]LRQDOL FRPH GMHPEq H WDPEXUL EDVVL GRXQ GRXQ VDQJEDQ H
NHQNHQL
)/$0(1&2
4XHVWDGDQ]DqVWDWDULFRQRVFLXWDFRPHEHQHLPPDWHULDOHGHO8QHVFR1DVFHLQ$QGDOXVLDPDYLHQHSUDWLFDWDLQ
WXWWRLOPRQGR,OIODPHQFRqIUXWWRGLWDQWHIRUPHHWQLFKHqXQGDQ]DHVSUHVVLYDGLXQVHQWLPHQWRIRUWHHGLUHWWR
VHQ]DWUDVFXUDUHLOODWRVXJJHVWLYRHPR]LRQDOHFKHVFDWHQDODPXVLFDIODPHQFD$LXWDDULODVVDUVLHULFDULFDUVLH
GRQDHQHUJLDYLWDOHDOODPHQWHULDWWLYDODPHPRULDDXWRVWLPDUDIIRU]DLOFDUDWWHUH&RPHWXWWHOHGDQ]DSRUWDXQ
EHQHILFLRILVLFRULDWWLYDLPXVFROLHDLXWDDEUXFLDUHLJUDVVLGRQDQGRWRQRDOODPXVFRODWXUDVHQ]DPRYLPHQWL
WUDXPDWLFL GRQD DUPRQLD H DO FRUSR 9L SURSRQLDPR XQ SHUFRUVR GL VWXGLR OXGLFR PD PDQWHQHQGR WXWWH OH
LQIRUPD]LRQL SLX
SXUH GHOOD GDQ]D $EELJOLDPHQWR SHU LO FRUVR SHU OH GRQQH VFDUSH GL FXRLR FRQ WDFFR QRQ
VXSHULRUHFPSHUXRPRDELWLFRPRGLHVFDUSHGLFXRLR
/,6&,281,),&$72
(%$//,'$6$/$
/LVFLR 8QLILFDWR H %DOOR GD 6DOD VL SUHVHQWDQR DGDWWH DG XQ GXSOLFH DSSURFFLR GD TXHOOR FKH SHUPHWWH GL
UDJJLXQJHUHRELHWWLYLDJRQLVWLFLHFRPSHWLWLYLDTXHOORGLSXURGLYHUWLPHQWRFKHDIILDQFDDOO¶DWWLYLWjOXGLFDLOEHQHILFLR
SVLFRILVLFR (¶ LQIDWWL VFLHQWLILFDPHQWH ULFRQRVFLXWR FKH TXHVWR JHQHUH GL DWWLYLWj FRQFRUUD SRVLWLYDPHQWH DO
PDQWHQLPHQWR GHO EHQHVVHUH SVLFRILVLFR 5HSHUWRULR 0D]XUFD GHULYDQWH GD XQD GDQ]D SRSRODUH SRODFFD LO
9DO]HUGHULYDWRGDGDQ]HPLWWHOHXURSHHHGDWDWRFLUFDOD3RONDGHULYDQWHGDXQDGDQ]D%RHPDLO7DQJR
QDWRGDOODFRQIOXHQ]DULWPLFDGHOOD+DEDQHUDFXEDQDHGHOOD3D\DGDQHOOD0LORQJDHGLO)R[7URWFKHGHULYDGDO
ULWPRVLQFRSDWRGHO5DJWLPHHQDVFHGDOODVXDFRQIOXHQ]DQHO-D]]
6$0%$
,O 6$0%$ q XQD GDQ]D VHQVXDOH HG HQHUJLFD FKH q GLYHQWDWD VLPEROR GHO %UDVLOH PD SULQFLSDOPHQWH q
O¶HVSUHVVLRQHGLXQSRSRORFKHXQLVFHOHFXOWXUHDIULFDQDHXURSHDHGLQGLJHQDWDOPHQWHLPSRUWDQWHGDHVVHUH
VWDWRGLFKLDUDWRGDOO¶81(6&23DWULPRQLRLPPDWHULDOHGHOO¶8PDQLWj,OPRYLPHQWRVLVWUXWWXUDLQSRFKLSDVVLFKHVL
VYLOXSSDQRLQXQVXVVHJXLUVLGLSDUWLULWPDWHVXOODPXVLFDHGDOWUHLPSURYYLVDWH/DVWUXWWXUDGHLSDVVLHGLOULWPRGHL
SLHGLFDPELDQRFLFOLFDPHQWHLQIOXHQ]DWRGDOORVWLPRORGHOOD³EDWWHULD´FKHqO¶LQVLHPHGHOOHSHUFXVVLRQL,OVDPED
ROWUH DG HVVHUH XQ RWWLPR DOOHQDPHQWR FDUGLRYDVFRODUH FKH WRQLILFD JOXWHL JDPEH HG DGGRPLQDOL VRSUDWWXWWR
GLYHQWDXQDVRUWDGLOLQJXDJJLRSHUWUDVPHWWHUHOHSURSULHHPR]LRQL
'$1=$02'(51$
$WWUDYHUVRODGDQ]DVLLQWHQGHDUULYDUHDOODFRQVDSHYROH]]DGHOSURSULRFRUSRGHOOHSURSULHSRWHQ]LDOLWjHVSUHVVLYH
HGHOORVSD]LRFLUFRVWDQWHDOILQHGLYDORUL]]DUHLJHVWLHLPRYLPHQWLFKHHVSULPRQRODSHUVRQDOLWjHODFUHDWLYLWjGHO
GDQ]DWRUH/RVWXGLRGHOODGDQ]DPRGHUQDLQXQFRQWHVWRGLYHUWHQWHHQRQFRPSHWLWLYRFRQWULEXLVFHLQROWUHDG
HOLPLQDUH OH WHQVLRQL PLJOLRUDUH O¶HTXLOLEULR WRQLILFDUH H VFROSLUH LO FRUSR 'XUDQWH LO FRUVR VL DIIURQWHUDQQR D
VHFRQGD GHO OLYHOOR GHOOD FODVVH OH WHFQLFKH SL FRQVROLGDWH GHOOD GDQ]D PRGHUQD H FRQWHPSRUDQHD UHOHDVH
FRQWDFWMD]]LPSURYLVDWLRQFRPELQDWHDGDOFXQHWHFQLFKHGHOOR\RJD
&$32(,5$
/DFDSRHLUDqQHOODVXDRULJLQHXQDORWWDGLOLEHUD]LRQHGLVVLPXODWDQHOODGDQ]DLQXQJLRFRGLDUJX]LD&RQRJQL
SUREDELOLWj DIIRQGD OH VXH RULJLQL QHOOH WHFQLFKH GL ORWWD WULEDOL GHOO
$IULFD FHQWURRFFLGHQWDOH PD VL VYLOXSSD
LQ%UDVLOHGXUDQWHO
HSRFDFRORQLDOHTXDQGRYLYHQQHURGHSRUWDWLJOLVFKLDYLDIULFDQL(OHPHQWRFRPXQHDTXDOVLDVL
VWLOHGLFDSRHLUDqODPXVLFD/DFDSRHLUDQHOqGLYHQWDWDSDWULPRQLRGHOO
XPDQLWj
'$1=$)81.,-$==
+,3323
/D GDQ]D IXQN\ MD]] q XQ LQVLHPH GL YDUL VWLOL H WHFQLFKH GL GDQ]D H LO WHUPLQH GDQ]D MD]] YLHQH XVDWR SHU
PRYLPHQWR LQ FRQWLQXD HYROX]LRQH SURSULR SHUFKp OHJDWR DL FDPELDPHQWL GHOOD FXOWXUD GDOOH GDQ]H VRFLDOL
GHJOLDQQLYHQWLDOORVYLOXSSRGHOOHGDQ]HWHDWUDOLILQRDGDUULYDUHDGRJJLFRQO
KLSKRSHLOIXQN\MD]],SULQFLSLGHOOD
GDQ]D MD]] VRQR O¶XVR GHOO¶HQHUJLD H O¶LPSURYYLVD]LRQH Ê FDUDWWHUL]]DWD GD PRYLPHQWL DPSL PROWR HVSUHVVLYL
FRPSRVWL GL ULWPR H FRQWURULWPR FRQ LQWHUYDOOL GL VDOWL FDGXWH H ULDO]DWH WHQVLRQL H ULODVVDPHQWL 5LVXOWD
DOWDPHQWHFRUHRJUDILFDHGqVWDWDGHWHUPLQDQWHSHUORVYLOXSSRGHOWHDWURPXVLFDOHPHJOLRQRWRFRPH
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV %DOOLH'DQ]H
%DOOLH'DQ]H
&2562
'$1=(3232/$5,
75$',=,21$/,
6$/6$&8%$1$(
%$//,/$7,1,
3$/(675$
3LVWD0D]]RWWL
*,251,
25$5,
,67587725(
JLRYHGu
8PEHUWR%RQIj
JLRYHGu
3ULQFLSLDQWLDVVROXWL
JLRYHGu
3ULQFLSLDQWL
3DOHVWUD&DUGXFFL
OXQHGu
3DOHVWUD0DUFRQL%
PHUFROHGu
DYDQ]DWL
PHUFROHGu
DYDQ]DWH/DUD%D]]DQL
SULQFLSLDQWL/DUD%D]]DQL
3DOHVWUD0DUFRQL%
%$//,',*58332
'$1=$25,(17$/(3LVWD0D]]RWWL
%ULDQ)DEEUL
0DUWLQD&DQQDWj
/XFLD'D6DFFR
SULQFLSLDQWL
%DUEDUD&DSULRQL
'$1=$$)52
3DOHVWULQD;;9$SULOH /XQHGu
)/$0(1&2
3LVWD0D]]RWWL
YHQHUGu
&DUPHQ0D]]HWWL
/,6&,281,),&$72
(%$//,'$6$/$
3DOHVWUD0DUFRQL$
PHUFROHGu
0DULND'L5RVD
6$0%$
3DOHVWUD;;9$SULOH
PHUFROHGu
SULQFLSLDQWL&LQ]LD&DUDWL
YHQHUGu
0DXUL]LR%HUVHOOLGHO
*UXSSR6XRQDEDQGD
SULQFLSLDQWL
PHUFROHGu
3DROR3DOPLHULGHO
*UXSSR7ULRJUDQGH
DYDQ]DWL
3DOHVWUD&LDUL
PHUFROHGu
$GXOWL
3DOHVWUD0DUFRQL%
PDUWHGu
EDPELQL
3DOHVWUD7RYROL
YHQHUGu
$QGHUVRQ3UHVVDR
3DOHVWUD&LDUL
PHUFROHGu
$OLFH3RJOLQL
3DOHVWUD0DUFRQL%
YHQHUGu
$OLFH3RJOLQL
6HGH3ROLVSRUWLYD
086,&$75$',=,21$/(
&256,',67580(172
6HGH3ROLVSRUWLYD
'$1=$02'(51$
&$32(,5$
'$1=$)81.,-$==
+,3323
&RUVRTXDGU
)UHTXHQ]DELVHWW
&RUVRTXDGU
)UHTXHQ]DELVHWW
SHUFXVVLRQLGDOYLYR
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV *LQQDVWLFKH$GXOWL
*LQQDVWLFKH$GXOWL
/(12675(3523267(
*$*
*$0%($''20,1$/,*/87(,
*LQQDVWLFD WRQLILFDQWH D FRUSR OLEHUR H FRQ O¶XWLOL]]R GL SLFFROL DWWUH]]L PLUDWR
DOOD GHILQL]LRQH GHL PXVFROL DGGRPLQDOL GHOOH JDPEH H GHL JOXWHL VHQ]D
GLPHQWLFDUHOHDOWUHSDUWLGHOFRUSR
&$5',2721(
/H]LRQHFRPELQDWDDQFKHFRQPXVLFDGLYLVDLQODYRURFDUGLRYDVFRODUHHODYRUR
GLWRQLILFD]LRQHDWWUDYHUVRO¶XWLOL]]RGLSLFFROLDWWUH]]LVWHSFDYLJOLHUHPDQXEUL
HFF
5,69(*/,2086&2/$5(
(¶ XQD JLQQDVWLFD D FRUSR OLEHUR JOREDOH GL DOOXQJDPHQWR H WRQLILFD]LRQH GHL
PXVFROL FKH FRLQYROJH DQFKH OH GLYHUVH WLSRORJLH GL VWUHWFKLQJ FRQ XQ¶
DWWHQ]LRQH SDUWLFRODUH DOOR VEORFFR GHOOH WHQVLRQL H DOO¶ DWWLYD]LRQH HQHUJHWLFD
GHOO¶RUJDQLVPR
3,/$7(6
$WWLYLWjQRQFRUHRJUDIDWDFRQO
XWLOL]]RGHOODPXVLFDFKHDEELQDWHFQLFKH\RJD
GL DOOXQJDPHQWR FRUSRUHR D HVHUFL]L GL JLQQDVWLFD SRVWXUDOH H D FRUSR OLEHUR
PLUDQWHDOODWRQLILFD]LRQHGLWXWWRLOFRUSR³,QOH]LRQLVHQWLUDLODGLIIHUHQ]DLQ
OH]LRQLYHGUDLODGLIIHUHQ]DLQOH]LRQLDYUDLXQFRUSRQXRYR´ SDURODGL-
3LODWHV
=80%$
=XPED q XQD OH]LRQH GL GDQ]D H ILWQHVV GL JUXSSR EUXFLD FDORULH
GLYHUWHQWLVVLPD HIILFDFH IDFLOH GD VHJXLUH FKH XWLOL]]D L ULWPL H L PRYLPHQWL
ODWLQR DPHULFDQL PL[DWL FRQ L PRYLPHQWL WUDGL]LRQDOL GHOO¶DHURELFD /H
FRUHRJUDILHVRQRFUHDWHDSSRVLWDPHQWHSHUIRUQLUHDOSDUWHFLSDQWHXQODYRURGL
DOWD LQWHQVLWj FDUGLRYDVFRODUH H XQ¶DOWD GRVH GL WRQLILFD]LRQH SDUWLFRODUPHQWH
VXJDPEHHJOXWHL
326785$/75$,1,1*
8Q SURJUDPPD GL FRQGL]LRQDPHQWR PXVFRODUH LO FXL VFRSR q TXHOOR GL
UDJJLXQJHUHXQPLJOLRUDPHQWRHVWHWLFRDWWUDYHUVRHVHUFL]LLQJUDGRGLULVWDELOLUH
HTXLOLEUL PXVFRODUL ,QROWUH YHUUDQQR XWLOL]]DWH WHFQLFKH SHU LO FRQGL]LRQDPHQWR
PXVFRODUH H DOWUL HOHPHQWL UHVSRQVDELOL GHO FRUUHWWR DOOLQHDPHQWR GHO FRUSR
LQWHJUDQGRORFRQHVHUFL]LVSHFLILFLGHOILWQHVV
67(3
(VHUFL]LFRUHRJUDIDWLGLQDPLFLGLVDOLWDHGLVFHVDGDOORVFDOLQR67(30LJOLRUD
O¶HIILFLHQ]DGHOO¶DSSDUDWRFDUGLRYDVFRODUHHWRQLFLWjPXVFRODUHGLWXWWRLOFRUSR
721,),&$=,21(
/R VYLOXSSR GL XQ EXRQ WRQR PXVFRODUH q HVWUHPDPHQWH LPSRUWDQWH SHU LO
VRVWHJQR GL WXWWR LO FRUSR H SHU LO PDQWHQLPHQWR GL XQD FRUUHWWD SRVWXUD
/¶RELHWWLYR GHO FRUVR q TXHOOR GL PLJOLRUDUH JUD]LH D GHJOL HVHUFL]L PROWR
VHPSOLFL GL DGHJXDWD H PRGHUDWD LQWHQVLWj DHURELFD OD WRQLFLWj PXVFRODUH GL
WXWWR LO FRUSR HG LQ SDUWLFRODUH GL VSDOOH JOXWHL DGGRPLQDOL H FRVFH DWWUDYHUVR
HVHUFL]LFKHFRQVHQWRQRGLLPSLHJDUHSLJUXSSLPXVFRODULFRQWHPSRUDQHDPHQWHH
FKHLQFUHPHQWLQRODIRU]DODFRRUGLQD]LRQHHO¶HTXLOLEULR
727$/%2'<
$WWLYLWjVYROWDVLDDFRUSROLEHURFKHFRQDWWUH]]LXWLOL]]DQGRODPXVLFDHPLUDWD
DOODWRQLILFD]LRQHHDOPRGHOODPHQWRGLWXWWRLOFRUSR
62)7*<0
$WWLYLWjDFRUSROLEHURRFRQO
DXVLOLRGLSLFFROLDWWUH]]LFKHSUHYHGHHVHUFL]LGL
PRELOLWj DUWLFRODUH SHU PLJOLRUDUH OD IXQ]LRQDOLWj GHJOL DUWL WRQLILFD]LRQH GHOOD
SDUHWH DGGRPLQDOH JDPEH JOXWHL H EUDFFLD HG HVHUFL]L GL VWUHWFKLQJ SHU
VFLRJOLHUH OH WHQVLRQL PXVFRODUL $WWLYLWj FRPSOHWD HG HTXLOLEUDWD SHU XQ
EHQHVVHUHSVLFRILVLFRJHQHUDOH
%2'<721()81&7,21
3URJUDPPDGLODYRURPXVFRODUHEDVDWRVXOFRQFHWWRGLDOOHQDPHQWRIXQ]LRQDOH
FKHKDFRPHRELHWWLYRODWRQLILFD]LRQHHODGHILQL]LRQHGHOFRUSR
',0$*5,5(,16,(0(
,QFROODERUD]LRQHFRQ$6/%RORJQD,OJUXSSRKDFRQVROLGDWRODSURSULDDWWLYLWj
GRSR XQD VWDJLRQH PROWR SRVLWLYD H VRSUDWWXWWR PROWR IUHTXHQWDWD ULSURSRQH
GXH JUXSSL GL DWWLYLWj /D IRUPXOD FKH Gj OD SRVVLELOLWj GL HVDXGLUH RJQL
GHVLGHULRULPDQHLQYDULDWDJUXSSRGLDXWRDLXWRDWWLYLWjLQSDOHVWUDHLQSLVFLQD
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV *LQQDVWLFKH$GXOWL
*LQQDVWLFKH$GXOWL
/(12675(3523267(
&2562
*$*
*$0%($''20,1$/,*/87(,
&$5',2721(
3$/(675$
*,251,
25$5,
3DOHVWUD0DUFRQL%
OXQHGuHJLRYHGu
3LVWD0D]]RWWL
PDUWHGuHYHQHUGu 3DOHVWUD;;9$SULOH
OXQHGuHJLRYHGu
,67587725(
0DU\'¶8UVR
0DU\'¶8UVR
$OHVVDQGUD9LFLQHOOL
5,69(*/,2086&2/$5( 3DOHVWULQD;;9$SULOH JLRYHGu
%2'<721()81&7,21 3DOHVWUD;;9$SULOH
9DOHQWLQD)HVWD
OXQHGuHJLRYHGu
0LFKHOD%ROHOOL
3DOHVWULQD;;9$SULOH OXQHGuPHUFROHGu %DUEDUD&LRSSL
3,/$7(6
3DOHVWULQD;;9$SULOH
PHUFROHGu
YHQHUGu
3DOHVWUD*,0,
PDUWHGuHYHQHUGu 0RQLFD%DOHVWUD]]L
3DOHVWUD*,0,
PDUWHGuHYHQHUGu 0RQLFD%DOHVWUD]]L
3DOHVWUD0DUFRQL%
PHUFROHGu
3DOHVWUD*,0,
PDUWHGuHJLRYHGu 0LFKHOD%ROHOOL
3DOHVWUD&LDUL
PDUWHGuHYHQHUGu
/HVVLHU+HUUHUD
3DOHVWUD*,0,
JLRYHGu
%LVGRUII7RIIROR
=80%$
0LFKHOD%ROHOOL
%DUEDUD&LRSSL
(PDQXHOD
326785$/75$,1,1*
3DOHVWULQD;;9$SULOH VDEDWR
67(3
3DOHVWUD;;9$SULOH
PDUWHGuHYHQHUGu 721,),&$=,21(
3DOHVWUD*,0,
OXQHGuHJLRYHGu
,ODULD)HUUDUHVL
727$/%2'<
3DOHVWUD&LDUL
OXQHGuHJLRYHGu
$ULDQQD0RQDUL
62)7*<0
3DOHVWUD*LPL
PHUFROHGu
²
&DVD6ROLGDULHWj
PHUFROHGu
(YHOLQD9LOOD
JUXSSRDXWRPXWXRDLXWR
3RO*0DVL
JLRYHGu
(YHOLQD9LOOD
JUXSSRDXWRPXWXRDLXWR
3DOHVWUD0DUFRQL%
PDUWHGu
',0$*5,5(
,16,(0(
0DU\'¶8UVR
$ULDQQD%RUWRORWWL
0LFKHOD%ROHOOL
,QIRUPD]LRQLHGDWHGLLVFUL]LRQHDSDJ
%DVNHW
%DVNHW
/(12675(3523267(3(5,*,29$1,66,0,HWjFRQVLJOLDWDGDLDQQL0)
&256,
%$%<
%$6.(7
(7¬
DQQL
3$/(675$
*,251,
25$5,
3DOHVWUD;;9$SULOH
PHUFROHGu
3DOHVWUD;;9$SULOH
VDEDWR
3DOHVWUD7RYROL0HULGLDQD PDUWHGu
3DOHVWUD*DULEDOGL
OXQHGuJLRYHGu
3DOHVWUD;;9$SULOH
OXQHGuJLRYHGu
0HUFROHGu
3DOHVWUD7RYROL
PHUFROHGuH
YHQHUGu
3DOHVWUD&LDULQHZ
PDUWHGuYHQHUGu
3DOHVWUD7RYROL
PHUFROHGuH
YHQHUGu
3DOHVWUD&LDULQHZ
PDUWHGuYHQHUGu
3DOHVWUD*DULEDOGL
OXQHGuHJLRYHGu
3DOHVWUD;;9$SULOH
OXQHGuHJLRYHGu
3DOHVWUD)LQFR
PHUFROHGu
YHQHUGu
0,1,%$6.(7
$QQL
)(00,1,/(
3DOHVWUD*DOLOHL
PDUWHGuYHQHUGu
0,1,%$6.(7
DQQL
)(00,1,/(
3DOHVWUD*DOLOHL
PDUWHGuYHQHUGu
$48,/277,
9(5'(
$QQR
3DOHVWUD/LFHR/'D9LQFL OXQHGu
3DOHVWUD*DOLHOL
JLRYHGu
$48,/277,
%,$1&2
$QQR
3DOHVWUD*DOLHOL
OXQHGu
3DOHVWUD/LFHR/'D9LQFL PHUFROHGu
$QQL
0,1,
%$6.(7
DQQL
$QQL
HSHULQDWLGDOLQSRLVTXDGUHPDVFKLOL
7251(20(/,&21,
7RUQHRGL%DVNHW0DVFKLOH
8QGHU
HVHWWHPEUH
3DODFDEUDO
¶0(025,$/
$/(;*,25*,
7RUQHRGL%DVNHW0DVFKLOH
³8QGHU´
HVHWWHPEUH
6DOYHPLQL
25(',%$6.(7
'DVDEDWRRWWREUH
GDOOHRUH
$GRPHQLFDRWWREUH
DOOHRUH
3DODFDEUDO
$UUDPSLFDWD6SRUWLYD
$UUDPSLFDWD6SRUWLYD
&2562
*,2512 '$//( $//(
3$/(675$
OXQHGu
6DOYHPLQL
0HUFROHGu
*LPL
9HQHUGu
*LPL
$GXOWL%DVH0RQRVHWWLPDQDOH
OXQHGu
6DOYHPLQL
$GXOWL%DVH0RQRVHWWLPDQDOH
OXQHGu
*LPL
0HUFROHGu
6DOYHPLQL
9HQHUGu
6DOYHPLQL
OXQHGu
6DOYHPLQL
(TXLOLEUL9HUWLFDOL
*LRYHGu
*LPL
&RUVR&RSSLH
OXQHGu
*LPL
&RUVR&RSSLH
0DUWHGu
*LPL
&RUVR&RSSLH
0HUFROHGu
6DOYHPLQL
&RUVR&RSSLH
*LRYHGu
*LPL
&RUVR&RSSLH
9HQHUGu
6DOYHPLQL
&RUVR&RSSLH
6DE'RP
*LPL
0HUFROHGu
*LPL
*LPL
OXQHGu
6DOYHPLQL
*LRYHGu
*LPL
OXQHGu
6DOYHPLQL
*LRYHGu
*LPL
0DUWHGu
*LPL
9HQHUGu
6DOYHPLQL
0DUWHGu
*LPL
9HQHUGu
6DOYHPLQL
0DUWHGu
*LPL
9HQHUGu
6DOYHPLQL
OXQHGu
*LPL
0DUWHGu
*LPL
0HUFROHGu
6DOYHPLQL
*LRYHGu
*LPL
9HQHUGu
6DOYHPLQL
6DE'RP
*LPL
OXQHGu
*LPL
&RUVR%RXOGHU888
9HQHUGu
*LPL
&RUVR$YDQ]DWRERXOGHUDGXOWL
9HQHUGu
*LPL
0HUFROHGu
6DOYHPLQL
$YYLDPHQWR88
9HQHUGu
*LPL
$YYLDPHQWR88
9HQHUGu
*LPL
$YYLDPHQWR88
9HQHUGu
*LPL
$JRQLVWLFD88
$GXOWL%DVH%LVHWWLPDQDOH
$GXOWL$YDQ]DWR0RQRRS]LRQDOH%RXOGHU
0HWRGR&DUXVR
3UHDJRQLVWLFDXXX%LVHWWLPDQDOH
3UHDJRQLVWLFDXXX%LVHWWLPDQDOH
$YYLDPHQWR880RQR%LVHWWLPDQDOH
$YYLDPHQWR880RQR%LVHWWLPDQDOH
$YYLDPHQWR880RQR%LVHWWLPDQDOH
(QWUDWHOLEHUH
$YYLDPHQWR8
$YYLDPHQWR8880RQRVHWWLPDQDOH
8OWLPDWH)ULVEHH
8OWLPDWH)ULVEHH
/
XOWLPDWH q XQR VSRUW GL VTXDGUD JLRFDWR FRQ LO IULVEHH
6FRSRGHOJLRFRqVHJQDUHSXQWLSDVVDQGRLOGLVFRDOO
LQWHUQR
GHOO
DUHDGLPHWDDYYHUVDULD
, JLRFDWRUL QRQ SRVVRQR PXRYHUVL VH QRQ VXO SURSULR SLHGH
SHUQR PHQWUH VRQR LQ SRVVHVVR GHO GLVFR
(
XQRVSRUWDGDWWRDLUDJD]]LVLDPDVFKLOHFKHIHPPLQLOH
/81(',H*,29(',VTXDGUDXQGHUHFRUVRSULQFLSLDQWL
RUH
/81(',(*,29(',VTXDGUDPDVFKLOHHIHPPLQLOHDJRQLVWLFD
RUH
&DPSRGDFDOFLRGL6$1%,$*,2YLD&LOHD&DVDOHFFKLR
R&HQWURVSRUWLYR%DUFDYLD5DIIDHOOD6DQ]LR%RORJQD
%DGPLQWRQ
%DGPLQWRQ
&256,,1352*5$00$
3$/(675$
3DOHVWUD
/HRQDUGRGD9LQFL
*,251,
PHUFROHGu
25$5,
$GXOWL
SHULQIRUPD]LRQL$OHVVDQGUR6HUUD]DQHWWL
2ULHQWHHULQJ
2ULHQWHHULQJ
3HULQIRUPD]LRQLHLVFUL]LRQLFR6HJUHWHULD6HGHRRULHQWHHULQJ#SROPDVLLWYHGLSURVSHWWRSDJ
/(12675(3523267(HWjFRQVLJOLDWDGDDQQL0)
3$/(675$
*,251,
25$5,
127(
3DOHVWUD
*DULEDOGL
PDUWHGu
$YYLDPHQWR DOO¶RULHQWHHULQJ SHU EDPELQL H UDJD]]L
GHOOHVFXROHHOHPHQWDULHPHGLH
3DOHVWUD
*DULEDOGL
PDUWHGu
3UHSDUD]LRQH ILVLFD H WHFQLFD SHU UDJD]]L GD DQQLLQVX
,VWUXWWRUL/XFLD&XU]LRH3DROR/DPEHUWLQL
,VWUXWWRUH$OHVVLR7HQDQL
8QRVSRUWDOO
DULDDSHUWDFRQFDUWDHEXVVRODQHOTXDOHILVLFRHPHQWHFROODERUDQRSHUFRPSOHWDUHLOSHUFRUVR
DVVHJQDWR8QPRGRGLYHUWHQWHHGHGXFDWLYRGLIDUHVSRUWQHOO
DPELHQWHQDWXUDOH
&DVD0DVL
&DVD0DVL
,QRVWUL3URJHWWLOHQRVWUH3URSRVWH
&DVDPDVLqDWWLYRVXOWHUULWRULRGDOLQDIILDQFDPHQWRDOOHLVWLWX]LRQLHLQFROODERUD]LRQLFRQDOWUH
$VVRFLD]LRQLDWWUDYHUVRXQDVHULHGLLQL]LDWLYHDIDYRUHGHOOHFDWHJRULHSLGHEROLHVYDQWDJJLDWH9HQJRQR
SURSRVWHDWWLYLWjHGLQWHUYHQWLFKHFRLQYROJRQROHVHJXHQWLPDFURDUHHGLYHUVDELOLWjVRVWHJQRDIDPLJOLHLQ
GLIILFROWjHFRQRPLFDDQ]LDQLLQWHUFXOWXUDVRVWHQLELOLWjDPELHQWDOH
,QFROODERUD]LRQHFRQLO&HQWUR'RFXPHQWD]LRQH+DQGLFDSGL%RORJQD
$7(/,(502725,2
/
DWHOLHU PRWRULR VL RIIUH FRPH OXRJR LQ FXL SRVVRQR FRHVLVWHUH HG LQWHUDJLUH PROWH VRJJHWWLYLWj FDSDFH
GL PRGLILFDUVL H VWUXWWXUDUVL LQ EDVH DOOH HVLJHQ]H GHL EDPELQL LVWUXWWRUL H DOOHQDWRUL FRSURWDJRQLVWL GL XQ
SHUFRUVR GL FUHVFLWD FRQGLYLVR /R VSD]LR ILVLFR GHOO
DWHOLHU PRWRULR SDOHVWUD GHYH HVVHUH GLVSRQLELOH DO
DOO
HVSHULHQ]D HGXFDWLYD GHYH VDSHU DFFRJOLHUH OH WUDFFH SHUVRQDOL H GL JUXSSR DOLPHQWDQGR LQ WDO PRGR LO
VHQVR GL DSSDUWHQHQ]D DO OXRJR H DO SURJHWWR (FFR SHUFKp VL ULYROJH D WXWWL SHUVRQH FRQ GLVDELOLWj
FDPELDPHQWRDOODWUDVIRUPD]LRQHGHYHVDSHUVLDSULUHDWXWWLFRORURFKHSDUWHFLSDQRFRPSUHVH
,/0(5&2/(',¶'$//($//(
3UHVVROHVFXROH7RYROL9LD$OGR0RUR
³/$%$//277$'(/%$//2´LQFROODERUD]LRQHFRQ&,0H$QIDVV
/$%25$725,2','$1=$086,&$('(635(66,21(&25325($
DSHUWRDOODSDUWHFLSD]LRQHGLSHUVRQHGLVDELOLHGXFDWRULHYRORQWDUL3HUFRUVRFKHVSD]LDGDJOLDVFROWLPXVLFDOL
DOO¶DSSUHQGLPHQWRGLGDQ]HSRSRODUL³FRGLILFDWH´DOODFUHD]LRQHGLDOFXQHFRUHRJUDILHRULJLQDOLLOWXWWRFRQXQ
WDJOLR GHFLVDPHQWH HGXFDWLYRULDELOLWDWLYR FRQ XQD IRUWH DWWHQ]LRQH DOO¶DVSHWWR HPR]LRQDOH H UHOD]LRQDOH
SUHYHGHQGR TXLQGL DQFKH GHL IUHTXHQWL HG LPSRUWDQWL PRPHQWL GL YHUEDOL]]D]LRQH H FRQIURQWR &L VDUDQQR
DQFKHPRPHQWLGLJLRFRHGLUHOD[QRQFKpGLLQFRQWURVFDPELRHLQWHJUD]LRQHFRQOHDOWUHUHDOWjFKHYRUUDQQR
SDUWHFLSDUH
,/0(5&2/(',¶'$//($//(
3UHVVRLO&HQWURVRFLRFXOWXUDOH&URFHYLD&DQRQLFD
125',&:$/.,1*3(57877,
,QFROODERUD]LRQHFRQ$VVRFLD]LRQHGL,GHH
&RQVXOWDLOQRVWURVLWRSHUYHGHUHLSURVVLPLDSSXQWDPHQWL
)(67('(/5,862('(/5,&,&/2
,QFROODERUD]LRQHFRQLOVHWWRUH=HURVHLLO&RPXQHGL
&DVDOHFFKLRGL5HQRHYDULH$VVRFLD]LRQLGHOWHUULWRULR
3URVVLPDIHVWD'20(1,&$2772%5(
GDOOHDOOH
/$%25$725,',5,862&5($7,923(5$'8/7,
,ODERUDWRULSURSRVWLYRJOLRQRHVVHUHXQRVSXQWRLPSRUWDQWHSHUDWWLYDUHXQDULIOHVVLRQHVXO³YDORUHGHLULILXWL´H
VXO ORUR SRVVLELOH ULXVR FUHDWLYR 5LWHQLDPR LPSRUWDQWH XQD PDJJLRUH VHQVLELOL]]D]LRQH GHJOL DELWDQWL H
VRSUDWWXWWR GHL EDPELQL DO ULVSHWWR GHOOD QDWXUD H GHOO¶DPELHQWH 3RWUHWH WURYDUH L QRVWUL PDQXIDWWL SUHVVR OH
QRVWUHIHVWHGHOULXVRHGHOULFLFOR
,1,=,2'(,/$%25$725,2772%5(YLVLWDLOVLWRSHUVDSHUHJOLDSSXQWDPHQWL
&RQWLQXDQROHDWWLYLWjGLVRVWHJQRDJOLDQ]LDQLIUDJLOLGHOWHUULWRULR
$&&203$*1$0(17, $77,9,7$¶ ', 02%,/,==$=,21( 1(, &(175, ',851, 35$1=, ',
62&,$/,==$=,21(²*,2&+,6(1=$%$55,(5(±&,$.6,*,5$«LQFROODERUD]LRQHFRQ$XVHU
3URVHJXHLO352*(772/$670,187(0$5.(7LQFROODERUD]LRQHFRQOD3XEEOLFDDVVLVWHQ]DH3HUFRUVLGL
3DFHSHUVXSSRUWDUHOHIDPLJOLHLQGLIILFROWjHFRQRPLFD
&(5&+,$0292/217$5,SHULQIRUPD]LRQLFDVDPDVL#SROPDVLLW
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV 3RGLVPR
3RGLVPR
6HWWHPEUHSDUWHQ]DVXOSRVWR
&DPPLQDWHGHOPHVH
'DWD
&DPPLQDWH
3DUWHQ]D
/XRJR
3HUFRUVL.P
2UD
&DPPLQDWDGHL
FDPSDQLOL
6FXROD(OHPHQWDUH
&DOGHULQRGL0WH
6DQ3LHWUR
&DPPLQDWDGL$UJHODWR
3DUFR9LOOD
%HDWULFH$UJHODWR
5XQ7XQH8S
3]]D0DJJLRUH%2
&RPS
ƒ'XSDVV3DU6DQ6YDQ
3DOD]]HWWR6SRUW
6*LRYDQQLLQ3
3DVVL&HQWRGL
)HUUDUD
3LHYHGL%XGULR%2
&RPS
2WWREUHSDUWHQ]DVXOSRVWR
&DPPLQDWHGHOPHVH
'DWD
&DPPLQDWH
/XRJR
3HUFRUVL.P
2UD
&DPP&DPSDJQROD
/RQJDUD
FHQWURSDHVH
¶7URWWHUHOODWD
6DOD%RORJQHVH
&HQWUR7HQQLV
0RQWHSDVWRUH
&6SRUWLYR
&DOGHUDUDGL5HQR
9LD*DULEDOGL
&RPS
&DPP'HOOD&DOGDUURVWD
DGDWWDDOODSUDWLFDGHO
1RUGLF:DONLQJ
ƒ0DUDWRQLQDHGXSDV
SDU&DOGHUHUD
*5833232',67,&2*0$6,
,O JUXSSR SRGLVWLFR 0DVL LQL]LD GD TXHVWD VWDJLRQH XQD
QXRYDDYYHQWXUD'DPDU]RLQIDWWLROWUHDOORVWRULFRH
QXPHURVR JUXSSR DPDWRULDOH VL q DIILDQFDWD OD VTXDGUD
DJRQLVWLFD FKH Gj OD SRVVLELOLWj D FKL LQWHUHVVDWR GL
SDUWHFLSDUH D JDUH FRPSHWLWLYH VX FLUFXLWR UHJLRQDOH H
QRQVROR
$OOHQDPHQWL GL JUXSSR VHVVLRQL GL SRWHQ]LDPHQWR LQ
SDOHVWUD VHJXLWL GD SHUVRQDOH VSHFLDOL]]DWR FRUVL GL
VWUHWFKLQJ H JLQQDVWLFD SRVWXUDOH LQFRQWUL WHPDWLFL VX
DUJRPHQWL ULJXDUGDQWL DOLPHQWD]LRQH WHFQLFKH GL
DOOHQDPHQWRHGDOWURVRQRDOFXQHGHOOHDWWLYLWjFKHIDUDQQR
GDFRQWRUQRDOJUXSSR9LDVSHWWLDPR
3DUWHQ]D
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV (VFXUVLRQLVPRH7UHNNLQJ $QFRUDQXRYHSURSRVWH
,O JUXSSR HVFXUVLRQLVPR 3ROLVSRUWLYD *0DVL ± $VVRFLD]LRQH 3HUFRUVL GL SDFH LQL]LD LO VXR TXLQWR DQQR GL
DWWLYLWj KD FRPLQFLDWR LQ VRUGLQD VL q HYROXWR H FRQVROLGDWR QHO WHPSR HG RUD VL SUHVHQWD FRQ DXPHQWDWH
SURSRVWHVFDWXULWHGDOOHQRVWUHDVVHPEOHHGHLVRFL
(FFROHSURSRVWHLQFDPSR
,PDUWHGuGHO&DPPLQR
SDUWHQGRDOOHRUHRGDOOD&DVDSHUODSDFHRGDOOD&DVDGHOOD&RQRVFHQ]DSHUWXWWLLPDUWHGuGHOO¶DQQR
HVFOXVR OXJOLR H DJRVWR DFFRPSDJQDWL GD XQ FRQGXWWRUH VL FDPPLQD LQWRUQR D &DVDOHFFKLR SHU ULWRUQDUH
DOOHRUHTXHVWRJUXSSRSURSRQHXQULWPRXQSLLQWHQVRFRQSHUFRUVLFKHSUHYHGRQRVDOLWH
1HLSHULRGLSLIDYRUHYROLVLFRPSLRQRDQFKHFDPPLQDWHFKHGXUDQRWXWWDODJLRUQDWDLPDUWHGuOXQJKL
,PHUFROHGuGHOODELFLFOHWWD
SDUWHQGR DOOH RUH R GDOOD &DVD SHU OD SDFH R GDOOD &DVD GHOOD &RQRVFHQ]D QHL PHVL GL VHWWHPEUH
RWWREUH H GD DSULOH D JLXJQR RUD OHJDOH DFFRPSDJQDWL GD XQ FRQGXWWRUH VL YD LQ ELFLFOHWWD XWLOL]]DQGR
SUHIHULELOPHQWH SLVWH FLFODELOL SHU ULWRUQDUH DO PDVVLPR DOOH RUH D YROWH VL SRWUDQQR DQFKH IDUH
HVFXUVLRQLSHUWXWWDODJLRUQDWD
,JLRYHGuGHO&DPPLQR
, JLRYHGu GHO FDPPLQR PDWWXWLQR´ SDUWHQGR DOOH RUH R GDOOD &DVD SHU OD SDFH R GDOOD &DVD GHOOD
&RQRVFHQ]D SHU WXWWL L JLRYHGL¶ GHOO¶DQQR HVFOXVR OXJOLR H DJRVWR DFFRPSDJQDWL GD XQ FRQGXWWRUH VL
FDPPLQDLQWRUQRD&DVDOHFFKLRSHUULWRUQDUHPDVVLPRDOOHRUH1HLSHULRGLSLIDYRUHYROLVLFRPSLRQR
DQFKHFDPPLQDWHFKHGXUDQRWXWWDODJLRUQDWDLJLRYHGuOXQJKL
,JLRYHGuGHO&DPPLQRSRPHULGLDQR
SDUWHQGR DOOH RUH GDOOD &DVD SHU OD SDFH VHWWHPEUHRWWREUH H GD DSULOH D JLXJQR RUD OHJDOH
DFFRPSDJQDWLGDXQFRQGXWWRUHVLFDPPLQDLQWRUQRD&DVDOHFFKLRSHUULWRUQDUHDOOHRUH
,YHQHUGuLQ3DOHVWUD
SHUSRUWDUHDYDQWLXQ¶DWWLYLWjFRPSOHWDqSRVVLELOHIUHTXHQWDUHSHUWXWWRO¶DQQRVSRUWLYRODSDOHVWUDHODYRUDUH
VXOOD PRELOL]]D]LRQH GHOOD FRORQQD YHUWHEUDOH VXOOD PRELOLWj GHO FROOR H GHOOH VSDOOH VXOO¶DOOXQJDPHQWR
PXVFRODUHVXOGHIDWLFDPHQWRVXOODUHVSLUD]LRQH«
x 3LVWD0D]]RWWLYHQHUGuRUH0DU\'¶8UVR 6DUjSRVVLELOHSHUFKLqLVFULWWRLQSDOHVWUDDFFHGHUHLQIRUPDDJHYRODWDDGXQ¶DWWLYLWjGLJLQQDVWLFDLQDFTXD
FKHDYUjTXHVWHGXHSURSRVWH
(VFXUVLRQL0HQVLOL
6RQRHVFXUVLRQLGLXQRRSLJLRUQLRUJDQL]]DWHSHUFDPPLQDUHLQOLEHUWjHSHUVFRSULUHOHEHOOH]]HGHOWHUULWRULR
HVHWWHPEUHJLRUQLGLVFXUVLRQLD/DQGD),
VHWWHPEUH²&DPPLQDWDLQRFFDVLRQHGL6SRUWLQ&HQWURDQFKHELFLFOHWWD
VHWWHPEUHSDUWHFLSD]LRQHDOOD5DFHRI&XUH
'DODORWWREUH7HUUH/HYDQWR3RUWR9HQHUH
RWWREUH9LJQROD0RGHQD3LVWDFLFODELOHELFLFOHWWD
RWWREUH3DOOHVWULQD
QRYHPEUHFDPPLQDWDSHUIHVWDGL6DQ0DUWLQR
QRYHPEUH6DVVLGL5RFFD0DODWLQD
$WWLYLWjFXOWXUDOL
6SHVVR VRQR RUJDQL]]DWH DO PRPHQWR PD DEELDPR XQ
ILORQH SUHFLVR GD SRUWDUH DYDQWL H GD VYLOXSSDUH ³OD
FRQRVFHQ]D DSSURIRQGLWD GHO QRVWUR WHUULWRULR FKH
DQGUHPRDGHVSORUDUH´
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV 1RUGLF:DONLQJ ,FRUVLDOSDUFRGHOODFKLXVDHDOWUR
&256,%$6(
&RUVLSHUDSSUHQGHUHODWHFQLFDFRUUHWWDGLXQDEXRQDFDPPLQDWDHGHOO¶XVRGHLEDVWRQFLQL$OWHUPL
QHGLXQFRUVREDVHqSRVVLELOHDFFHGHUHDOOHDOWUHDWWLYLWjGL1RUGLF:DONLQJ
:25.287
6HVVLRQLGLDOOHQDPHQWRSHUPLJOLRUDUHODWHFQLFDHSHUPDQWHQHUHHRPLJOLRUDUHODFRQGL]LRQHILVLFD
'DOODFDPPLQDWDWUDQTXLOODHWHUDSHXWLFDDGXQDOOHQDPHQWRDHURELFRHQWUDPELLQWHUYDOODWLGDHVHUFL
]LVSHFLILFLSHUXQDSUDWLFDFRPSOHWDGHO1RUGLF:DONLQJ
3UHYLVWLGXHOLYHOOLEHQHVVHUHHILWQHVVqQHFHVVDULRDYHUIUHTXHQWDWRXQFRUVREDVH
3$/(675$
5LYROWDD1RUGLF:DONHUVSRGLVWLVFLDWRULWUHNNHUVHTXDQWLYRJOLDQRDSSURILWWDUHGHLPHVLLQYHUQDOL
SHUFRVWUXLUHXQDSUHSDUD]LRQHGLEDVHILQDOL]]DWDDOODSUDWLFDGHOSURSULRVSRUWDWWLYLWjSULQFLSDOH
3$66(**,$7(
&21,67587725,
3$66(**,$7(
62&,$/,
&RUVLEDVH
,17(16,9,
VDEDWRHGRPHQLFD
:25.287
PDWWLQR
2FFDVLRQLSHUSUDWLFDUHLO1RUGLF:DONLQJDOODVFRSHUWDGHOWHUULWRULRGHOODSURYLQFLDGL%RORJQDHQRQ
VRORDFFRPSDJQDWLGDLVWUXWWRULTXDOLILFDWLVXSHUFRUVLWHVWDWL3DVVHJJLDWHGRPHQLFDOLFRQFDGHQ]D
PHQVLOHÊQHFHVVDULRDYHUIUHTXHQWDWRXQFRUVREDVH
,QL]LDWLYHSURPRVVHGDO*UXSSR3HUFRUVLQDWRWUDL6RFL0DVLSUDWLFDQWLLO1RUGLF:DONLQJDOILQHGL
LQFHQWLYDUHODSUDWLFDDXWRQRPDGHOODFDPPLQDWDQRUGLFD
6DEDWRH'RPHQLFD
$77,9,7$¶352*5$00$7(
6DEDWR
ƒFRUVR
x GRPHQLFD3DQLFR06ROH6DVVR0DUFRQL
VHWWHPEUH
8OWLPDSDVVHJJLDWDVRFLDOHGHOODVWDJLRQH
'RPHQLFD
VWDUHPRLQVLHPHWXWWDODJLRUQDWD
ƒFRUVR
3LFQLFVXO6HWWDYLDJJLRLQWUHQR
RWWREUH
0HUFROHGu
GDODO
OLYHOOREHQHVVHUH
/XQHGu
GDODO
OLYHOOREHQHVVHUH
:25.287
VHUD
x GRPHQLFD3DVVHJJLDWDWHFQLFDFRQLVWUXW
WRUHGDGHILQLUH
x HZHHNHQGD&HUYLDSDVVHJJLDWH
LQVSLDJJLDHSLQHWD
0HUFROHGu
GDODO
OLYHOOREHQHVVHUH
0HUFROHGu
GDODO
OLYHOORILWQHVV
3$/(675$
),1&2
&HUHWROR
x VDEDWR3DVVHJJLDWHSURPR]LRQDOH
6SRUWLQFHQWUR$QHOORGL6DQ/XFD
0HUFROHGu
'DODO
x GRPHQLFD3DVVHJJLDWDGLVROLGDULHWD¶
5DFHIRUWKHFXUH6XVDQ*.RPHQ%RORJQD
x GRPHQLFD6DOVHGL1LUDQR
x GRPHQLFD$FTXDUDPDWD'UDJRGHQD
x 'RPHQLFDSDVVHJJLDWDSURPR]LRQDOH
SHU6DQ0DUWLQR
352*(772
³125',&(6$/87(´
/¶DWWLYLWj FRUVXDOH GHO QRUGLF ZDONLQJ GHGLFDWD
D SHUVRQH FRQ SDWRORJLH RQFRORJLFKH
SURVHJXLWj DQFKH SHU LO , FRUVL
VDUDQQR WHQXWL GD LVWUXWWRUL TXDOLILFDWL H FRQ
SUHSDUD]LRQHVSHFLILFD
$WWHQ]LRQH
x &RUVLDOO¶DSHUWRYHUUDQQRDWWLYDWLVRORLFRUVLFRQDOPHQRLVFULWWL
x &RUVLLQSDOHVWUDYHUUDQQRDWWLYDWLVRORLFRUVLFRQDOPHQRLVFULWWL
,GHWWDJOLGHOOHSDVVHJJLDWHHOHDWWLYLWjQRQSURJUDPPDWHYHUUDQQRSXEEOLFDWHQHOOHQHZVOHWWHUVVHWWLPDQDOL
GHOQRUGLFZDONLQJHVXIDFHERRN(¶SRVVLELOHLVFULYHUVLJUDWXLWDPHQWHDOODQHZVOHWWHUDWWUDYHUVR
O¶KRPHSDJHGHOVLWRZZZSROPDVLLW
=HUR6HL
=HUR6HL *UDYLGDQ]DH1DVFLWD
*UDYLGDQ]DH1DVFLWD
=(526(,OHQRVWUHSURSRVWH
)LQRDPHVL
$FTXDFDOGDPDWHULDOLVSHFLILFLHDPELHQWHDFFRJOLHQWHVRQRJOLLQJUHGLHQWLFKHIDYRULVFRQRLSULPLFRQWDWWLFRQ
O
DFTXDGHOODSLVFLQDGRYHJHQLWRUHHEDPELQRHVSORUDQROHHPR]LRQLGLXQ
DWWLYLWjFDUDWWHUL]]DWDGDJUDQGH
FRQWDWWRFRUSRUHRVJXDUGLHVHQVD]LRQLSLDFHYROL
'DDDQQL
%DPELQLHJHQLWRULDQFRUDLQVLHPHLQDFTXDSHUVRVWHQHUHODFXULRVLWjGHLSLFFROLDLXWDUOLDGHVSORUDUHHD
JLRFDUHDOODULFHUFDGLXQDSURJUHVVLYDDXWRQRPLDLQXQSHULRGRGLJLRLRVDLQWUDSUHQGHQ]D(O
DFTXDqXQ
JLRFRGDYYHURPHUDYLJOLRVRFRQJUDQGLULVRUVH
'DDQQLFRPSLXWLDDQQL
(FFRLEDPELQLLQDFTXDVHQ]DLJHQLWRULRSSXUHDQFRUDLQVLHPHSHUXQSHULRGRFKHQHIDYRULVFDO
LQVHULPHQWR
VHUHQR/DSLVFLQDVLDQLPDHDQFKHODSDOHVWUDSHULFRUVLPLVWL,SURWDJRQLVWLGHOO
DWWLYLWjVRQRLEDPELQL
FKHUHDOL]]DQRLOORURELVRJQRGLPXRYHUVLVSHULPHQWDUHHVSHULPHQWDUVLLQXQDPELHQWHULFFRGLFRORULJLRFKL
WDSSHWLVFLYROLVSUX]]LHFRVWUX]LRQLPDJLFKH$OODILQHUHVWDDQFKHLOWHPSRSHUIDUVLODGRFFLDGDVROLXQDOWUR
PRPHQWRGLDXWRQRPLDHGLYHUWLPHQWR
*5$9,'$1=$(1$6&,7$OHQRVWUHSURSRVWH
$FFRPSDJQDPHQWRDOODQDVFLWDSHUFRSSLH
8QRVSD]LRGHGLFDWRDOOHFRSSLHSHUWURYDUHDVFROWRRFRQIURQWR
LQVLHPHDOO
RVWHWULFDULVSHWWRDWHPLFRPHO
DWWHVDLOWUDYDJOLROD
JHVWLRQHGHOGRORUHLOSDUWRHO
DOODWWDPHQWR
&LFOLGLLQFRQWULLQFRQWULSULPDGHOODQDVFLWDHLQFRQWULGRSRLOSDUWR
$FTXDWLFLWjLQJUDYLGDQ]D
$WWLYLWjGLPRYLPHQWRHULODVVDPHQWRLQDFTXDFDOGDSHUIDYRULUHLO
EHQHVVHUHSVLFRILVLFRGLPDPPDHEDPELQR,QROWUHSRVVLELOLWjGL
LQFRQWULLQDFTXDGHGLFDWLDOOHFRSSLH
3RVVLELOLWjGLLVFUL]LRQHDOH]LRQHVLQJRODFRUVLPRQRVHWWLPDQDOLR
ELVHWWLPDQDOL
3LVFLQD;;9$SULOHOXQHGuJLRYHGu
3LVFLQD;;9$SULOHPDUWHGuYHQHUGu
<RJDLQJUDYLGDQ]D
$WWLYLWjULYROWDDOOHGRQQHFKHYRJOLRQRDSSURILWWDUHGLTXHVWR
PRPHQWRGLDWWHVDSHUDVFROWDUHLOSURSULRFRUSRFKHFDPELDHSHU
WURYDUHQHOOHSRVL]LRQL\RJDHQHOUHVSLURXQYDOLGRDLXWRSHU
JUDYLGDQ]DHSDUWR
3RVVLELOLWjGLLVFUL]LRQHDOH]LRQHVLQJRODRDFLFOLGLTXDWWURLQFRQWUL
3DOHVWULQD;;9$SULOHYHQHUGu
*LPL6SRUW&OXEPHUFROHGu
<RJDSRVWSDUWR
$WWLYLWjULYROWDDOOHPDPPHFKHGHVLGHUDQRULWURYDUHEHQHVVHUH
DWWUDYHUVROR\RJDLQXQRVSD]LRGHGLFDWRDORURH
FRQWHPSRUDQHDPHQWHDLORUREDPELQLPHVL
&LFOLGLLQFRQWUL
3DOHVWULQD;;9$SULOHYHQHUGu
(DQFRUD«
&HUFKLRGHOOHPDPPH0DVVDJJLRLQIDQWLOH$,0,
2VWHRSDWLDSHGLDWULFDH3RUWDUHLEDPELQL
/DGHVFUL]LRQLGLTXHVWHDWWLYLWjSDJ
,QIRUPD]LRQLHLVFUL]LRQLSDJHVLWRZHEZZZSROPDVLLW
*LPL6SRUW&OXE
*LPL6SRUW&OXE 6SD]LR/D&KLRFFLROD
6SD]LR/D&KLRFFLROD
6SD]LROD&KLRFFLROD*,0,6SRUW&OXE
8QOXRJRDFFRJOLHQWHGRYHOHPDPPHLSDSjHLORUR
EDPELQLYHQJRQRDVFROWDWLHVRVWHQXWL
6SD]LRELPELDQQL
/H JLRUQDWH DO QLGR VHJXRQR LO PRGHOOR GHOOD YLWD IDPLOLDUH ,O EDPELQR q
DFFRPSDJQDWR FRQ LO FDORUH H OD GHGL]LRQH FKH VRQR QHFHVVDUL LQ TXHVWD
IDVFLD G¶HWj FRVu GHOLFDWD , WHPSL OHQWL H OD ULWXDOLWj TXRWLGLDQD RIIURQR
VLFXUH]]DHDUPRQLDDOEDPELQRQHOULVSHWWRGHLULWPLSVLFRILVLFL
0ROWH DWWLYLWj VL VYROJHUDQQR DOO¶DULD DSHUWD SHU GDUH DO EDPELQR OD
SRVVLELOLWjGLVWDUHQHOO¶DPELHQWHQDWXUDOHHGHVSORUDUOR
2UDULRGLDSHUWXUDGDOOXQHGuDOYHQHUGuGDOOHDOOH
3RVVLELOLWjGLSDUWHFLSD]LRQHSHUGXHWUHRFLQTXHJLRUQLDVHWWLPDQD
6SD]LRJLRFKLDQQL
8QRVSD]LRSHUJLRFDUHVRFLDOL]]DUHFUHDUHULFLFODUHHUHFXSHUDUH
,O JLRFR GLYHQWD LO PH]]R SHU LPSDUDUH D UDSSRUWDUVL SRVLWLYDPHQWH FRQ JOL
DOWULVYLOXSSDUHOHSRWHQ]LDOLWjFUHDWLYHULVSHWWDUHO¶DPELHQWHVSHULPHQWDUH
LOYDORUHGHOULXWLOL]]RLQDOWHUQDWLYDDOORVSUHFR
2UDULRGLDSHUWXUDGDOOXQHGuDOYHQHUGuGDOOHDOOH
2VWHRSDWLDSHGLDWULFD
$WWLYLWj ULYROWD DOOD PDPPD H DO VXR EDPELQR PHVL XQ DSSURFFLR
JHQWLOH H QRQ LQYDVLYR FKH IDYRULVFH LO PHFFDQLVPR GL ULHTXLOLEULR GHO
EDPELQRHGHOODPDPPDFRQHVHUFL]LHPDQRYUHRVWHRSDWLFKHFKHSRVVRQR
DOOHYLDUHSLFFROLGRORULHGLVDJLQHLSULPLPHVLGRSRLOSDUWR
&LFOLGLLQFRQWULDGLVWDQ]DGLXQPHVHO
XQRGDOO
DOWUR
0DVVDJJLR,QIDQWLOH$,0,
³,O PDVVDJJLR q XQ PH]]R SHU FRPXQLFDUH HG HVVHUH LQ FRQWDWWR FRQ LO
SURSULR EDPELQR PHVL ³(VVHUH FXOODWL DFFDUH]]DWL PDVVDJJLDWL
WRFFDWLVRQRWXWWLQXWULPHQWLLQGLVSHQVDELOLDLEDPELQLFRPHOHYLWDPLQHOH
SURWHLQHHLVDOLPLQHUDOL´)UHGHULFN/HER\HU
&LFOLGLLQFRQWUL
&HUFKLRGHOOHPDPPH
8QR VSD]LR DFFRJOLHQWH SHU OH PDPPH H L ORUR EDPELQL SHU IDYRULUH OD
FRQGLYLVLRQH GL HPR]LRQL H WURYDUH VRVWHJQR QHOOH YDULH IDVL GL VYLOXSSR GHO
EDPELQR
&LFOLGLLQFRQWUL
3RUWDUHLEDPELQL
3RUWDUH SHU GDUH VSD]LR DOOD FRPSOHVVLWj H DOOD PHUDYLJOLD GHOOD UHOD]LRQH
PDPPDEDPELQRSDSj 8Q PRGR GL ULVSHWWDUH H DFFRJOLHUH L ELVRJQL GHO
EDPELQR PD DQFKH GL ULFRQRVFHUH OD FRPSHWHQ]D GHL JHQLWRUL 8QD VFHOWD
SHGDJRJLFDVRVWHQLELOHHGHFRORJLFDDGDOWRFRQWDWWRDPRURVR
&LFOLGLLQFRQWUL
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV OLQJXDJJLGHOFRUSR /HSURSRVWHSHULOEHQHVVHUHILVLFR
/¶LPSHJQRGHOVHWWRUHqTXHOORGLFRQWLQXDUHDGRIIULUHXQOXRJRVLFXURSHUXQ¶DWWLYLWjFKHDLXWLDPLJOLRUDUHOHFDSDFLWj
ILVLFKHDVWDELOLUHXQJLXVWRHTXLOLEULRSVLFRILVLFRPDVRSUDWWXWWRDGRIIULUHXQOXRJRIDPLOLDUHFKHIDFFLDVHQWLUHLVRFL
³JUXSSR´FKHIDFFLDVHQWLUHWXWWLSDUWHFLSLGLXQJUDQGHSURJHWWRGL3ROLVSRUWLYDHFKHDLXWDWLGDOO¶HGXFDWRUHVSRUWLYRVL
SRVVDHVVHUHVRGGLVIDWWLGHOO¶DWWLYLWjHGLVSRQLELOLYHUVRJOLDOWULSDUWHFLSDQWL
*,11$67,&$
'2/&(
/D JLQQDVWLFD GROFH VL SURSRQH GL DSSUHQGHUH XQD WHFQLFD SHU DFTXLVLUH PDJJLRU FRVFLHQ]D GHO
SURSULRFRUSRDWWUDYHUVRLOPRYLPHQWRFLVLFRQFHQWUHUjSUHYDOHQWHPHQWHVXOODGLVWHQVLRQHH
O¶DOOXQJDPHQWR GHOOD PXVFRODWXUD VXO PLJOLRUDPHQWR GHOOD PRELOLWj DUWLFRODUH VXOO¶DVFROWR GHOOD
UHVSLUD]LRQHVXOODVWLPROD]LRQHGHOODFLUFROD]LRQHSHUVFRSULUHLSXQWLGLWHQVLRQHSHUGLVWHQGHUOL
SURJUHVVLYDPHQWH ,O ODYRUR SHUPHWWH GL HOLPLQDUH SURJUHVVLYDPHQWHL EORFFKL UHVSLUDWRUL OH
WHQVLRQL PXVFRODUL H JOL DWWHJJLDPHQWL SRVWXUDOL VFRUUHWWL FKH FDXVDQR VSHVVR GRORUL D OLYHOOR
ORPEDUHGRUVDOHHFHUYLFDOHSHUJLXQJHUHDGXQDPDJJLRUHFRQVDSHYROH]]DHDGXQDPDJJLRUH
DUPRQLDSVLFRILVLFD
'$1=$
(635(66,9$
,OFRUVRKDO¶RELHWWLYRGLDFFRVWDUHHGHGXFDUHDOODGDQ]DDWWUDYHUVRLOJLRFRFRQVLGHUDQGRO¶DWWLYLWj
OXGLFDQHOVXRDVSHWWRHGXFDWLYR$WWUDYHUVRJLRFKLGLLPPDJLQD]LRQHHIDQWDVLDLOEDPELQRYLHQH
FRQGRWWR DOOD FRQRVFHQ]D GHO FRUSR H GHOOH VXH FDSDFLWj PRWRULH DOOD SHUFH]LRQH H DOO
DVFROWR
GHOOR VSD]LR LQ UHOD]LRQH D Vp H DJOL DOWUL H DOO
DVFROWR GHO ULWPR , FRQFHWWL SULPDUL GHOOD GDQ]D
YHQJRQR LQWURGRWWL QHOOD OH]LRQH VRWWR IRUPD GL JLRFR D VXVFLWDUH XOWHULRUL VWLPROL FUHDWLYL
/¶DSSURFFLRDOODGDQ]DVDUjLQWDOPRGRVSRQWDQHRHQDWXUDOHHQHOORVWHVVRWHPSRLOEDPELQR
YLHQHHGXFDWRDOODFRQRVFHQ]DGLVpDFTXLVHQGRLQWDOPRGRODFRQVDSHYROH]]DHODOLEHUWjGHOOD
SURSULD SHUVRQDOH HVSUHVVLYLWj 9HUUj GDWR SDUWLFRODUH ULOLHYR DOOH SRWHQ]LDOLWj HVSUHVVLYH GHO
VLQJROR H DOOH GLQDPLFKH FUHDWLYH DOO
LQWHUQR GHO JUXSSR DWWUDYHUVR HOHPHQWL WHDWUDOL H GL
LPSURYYLVD]LRQH(¶FRVuFKHFLVLSXzDYYLFLQDUHDOODGDQ]D«JLRFDQGR
,OFRUVRqULYROWRDLEDPELQLGDDLDQQL
5(63,5$=,21(
&26&,(17(
&ROXLFKHKDSDGURQHJJLDWRLOUHVSLURKDQHOORVWHVVRWHPSRSDGURQHJJLDODPHQWH(FROXLFKH
KDSDGURQHJJLDWRODPHQWHKDQHOORVWHVVRWHPSRSDGURQHJJLDWRLOUHVSLUR/DUHVSLUD]LRQHqXQ
SRQWH WHVR WUD LO QRVWUR FRUSR H OD QRVWUD SVLFKH /D SDUWLFRODULWj GHOOD UHVSLUD]LRQH q FKH q DOOR
VWHVVRWHPSRXQSURFHVVRFRVFLHQWHHGLQFRVFLHQWH'DTXHVWRDWWRGLSHQGHQRQVRORODYLWDPD
DQFKH OD VDOXWH 8QD UHVSLUD]LRQH FRUUHWWD q XQD WHUDSLD FKH ULVROYH SUREOHPL ILVLFL H SVLFKLFL FRQWUROODUH OD UHVSLUD]LRQH LPSDUDQGR D UHJRODUOD FRVFLHQWHPHQWH SXz DLXWDUH D ULVWDELOLUH
O¶HTXLOLEULRQHXURYHJHWDWLYRHDULGDUHO¶DUPRQLDDOQRVWURHVVHUH
*,11$67,&$
326785$/(
/D JLQQDVWLFD SRVWXUDOH q XQD PHWRGLFD DGDWWD DO PLJOLRUDPHQWR 326785$/( GHOOD SURSULD
HODVWLFLWj PXVFRODUH GHOOD FRQVDSHYROH]]D FRUSRUHD H GHOO¶HTXLOLEULR VLD ILVLFR FKH SVLFKLFR
(VHUFL]LVDSLHQWHPHQWHVWXGLDWLUHQGRQRLOSURSULRFRUSRIOXLGRHDUPRQLRVRPLJOLRUDQGRWXWWHOH
IXQ]LRQLPRWRULHLOSHUFRUVRDFFRPSDJQDO¶DOOLHYRQHOODSHUGLWDGLULJLGLWjHEORFFKLDFTXLVHQGR
VFLROWH]]DYLWDOLWjFRRUGLQD]LRQHYLJRUHHGLQDPLFLWj
*<07(*5$/
129,7¬$662/87$
*\PWHJUDOqXQDJLQQDVWLFDQXRYDFKHQDVFHGDXQ¶HVSHULHQ]DSOXULGHFHQQDOOH6LDUWLFRODVXWUH
GLYHUVHDWWLYLWjFKHVLFRPSOHWDQRUHFLSURFDPHQWH
XQDJLQQDVWLFDHQHUJHWLFDDOWHUPLQHGHOODTXDOHFLVLULWURYDJLjGDOOHSULPHYROWHSLVHQVLELOL
SLFRRUGLQDWLHSLIUHVFKLGLTXDQGRVLLQL]LD
XQODYRURDFFXUDWRHSUHFLVRVXOODUHVSLUD]LRQHFKHVFLRJOLHSURJUHVVLYDPHQWHWXWWLJOLYROXPL
UHVSLUDWRUL
XQDSUDWLFDFKHLQL]LDFRQODPRELOL]]D]LRQHGHOOHDUWLFROD]LRQLHFRQORVWUHWFKLQJSHUDUULYDUH
DOOHSURIRQGLWjGHOO¶DOOXQJDPHQWRFRVFLHQWH
/H DWWLYLWj VL FRPELQDQR LQ PRGR GD RWWHQHUH O¶HVLWR GHVLGHUDWR ULFDULFD HQHUJHWLFD H
ULODVVDPHQWR
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV OLQJXDJJLGHOFRUSR &2562
3$/(675$
*,11$67,&$'2/&(
3DOHVWULQD;;9$SULOH
PDUWHGu
JLRYHGu
0DULD5DYHJJL
3DOHVWULQD;;9$SULOH
9HQHUGu
DQQL
3DWUL]LD&DSLWDQLR
*,0,
*LRYHGu
DQQL
3DWUL]LD&DSLWDQLR
'$1=$(635(66,9$
5(63,5$=,21(
&26&,(17(
*,11$67,&$
326785$/(
*<07(*5$/
3DOHVWULQD;;9$SULOH PHUFROHGu
/DXUD-DFRSLQR
3DOHVWULQD;;9$SULOH PHUFROHGu
/DXUD-DFRSLQR
3DOHVWULQD;;9$SULOH JLRYHGu
0DXUL]LR0LROLH
/DXUD-DFRSLQR
3DOHVWULQD;;9$SULOH JLRYHGu
0DXUL]LR0LROLH/DXUD
-DFRSLQR
3DOHVWULQD;;9$SULOH JLRYHGu
%DUEDUD&LRSSL
*,0,
*LXOLR'L)XULD
OXQHGu
(VVHUH5HLNL
,O 5(,., q VSHVVR GHILQLWR FRPH WHFQLFD GL DXWR JXDULJLRQH LQ JHQHUH
XWLOL]]DWDSHUVpHSHULOSURSULREHQHVVHUHVHEEHQHVLSRVVDWUDVPHW
WHUHDQFKHDGDOWUHSHUVRQH,O5(,.,qXQRGHLVLVWHPLWHUDSHXWLFLQDWX
UDOL SL VHPSOLFL FKH O¶XRPR SRVVD FRQRVFHUH (¶ OD ULVFRSHUWD GL XQD
WHUDSLDQDWXUDOHDQWLFDFKHODVFLDLOVRJJHWWRLQXQRVWDWRGLSURIRQGD
WUDQTXLOOLWj H EHQHVVHUH 1RQ q GLIILFLOH GD DSSUHQGHUH H QRQ VHUYRQR
SDUWLFRODULTXDOLWjDJLVFHDWWUDYHUVRHQHUJLDSRVLWLYDULSRUWDQGRLQXQR
VWDWR DWWLYR OH FHOOXOH SDVVLYH FKH FUHDQR PDOHVVHUH H GLVDJLR $WWUD
YHUVRO¶DWWLYD]LRQHGLVLPEROLFKLXQTXHSXzHVVHUHLQJUDGRGLDUUHFDUH
EHQHVVHUH D Vp VWHVVR H DJOL DOWUL PHGLDQWH O¶LPSRVL]LRQH GHOOH PDQL
6RQRSUHYLVWHJLRUQDWHGLVFDPELGLWUDWWDPHQWLFROOHWWLYLSHUFKL³q5HL
NL´HSHUFKLYXROHSURYDUHDULFHYHUHXQWUDWWDPHQWR
FRQ/XFD9HU]LHULH
6HUHQD)DULQDUR
0DVWHU5HLNLHLQVHJQDQWH
H
RWWREUH
6FDPELGL5HLNL
VHWWHPEUHRWWREUHQRYHPEUH
HJHQQDLR
6HJUHWHULD&URFH3RO³*0DVL´
7HO
,QIRUPD]LRQLHGDWHGLLVFUL]LRQHDSDJ
,67587725(
0DULQHOOD*DOOHWWL
6WDJH5HLNL
GLƒOLYHOOR
SHULQIRUPD]LRQL
25$5,
3DOHVWULQD;;9$SULOH OXQHGu
2UDUL
6DEDWR RUH
'RPHQLFDRUH
SUHVVR
3DOHVWULQD;;9$SULOH
9LD&DUUDFFLQ
&DVDOHFFKLRGL5HQR%2
*,251,
RUDULR
SUHVVR3DOHVWULQD;;9$SULOH
YLD&DUUDFFLQ&DVDOHFFKLRGL5HQR
0RYLPHQWRH:HOOQHVV
0RYLPHQWRH:HOOQHVV <RJD $WWLYLWjVWDJLRQH
6SHQGHUHSDUROHVXLEHQHILFLGHOOR\RJDFLVHPEUDVXSHUIOXRWDQWRTXHVWRGDWRqDFTXLVL]LRQHHSDWULPRQLR
GLWXWWL1RYLWjDVVROXWDO¶DWWLYLWjGL3LORJDFKHXQLVFHLOSLODWHVHOR\RJDH\RJDLQYRORDWWLYLWjFKHVLSUDWLFD
FRQIDVFHHODVWLFKHVRVSHVLLQDULDVILGDQGRODIRU]DGLJUDYLWjFRQHVHUFL]LGLYHUWHQWLVLRWWHQJRQRRWWLPL
EHQHILFLSHUFKpVLDJLVFHSULQFLSDOPHQWHVXOODFRORQQDYHUWHEUDOHDOOXQJDQGRODVHQ]DVIRU]RDQFKHTXDQGR
VLDPRDWHVWDLQJL*UDQGHVHQVRGLOHJJHUH]]DHOLEHUWjGXUDQWHODSUDWLFD
/(12675(3523267($&$6$/(&&+,2',5(12
3$/(675$
3$/(675$
&$5'8&&,
3,67$0$==277,
3$/(675,1$
*,0,
*,251,
25$5,
,67587725,
127(
OXQHGu
$QWRQHOOD)DQWL
1RYLWj3LORJD
PRQRVHWWLPDQDOH
PDUWHGuHYHQHUGu
$QWRQHOOD)DQWL
ELVHWWLPDQDOHHR
PRQR
PHUFROHGu
0RQLFD*DPEHULQL PRQRVHWWLPDQDOH
PHUFROHGu
3DWUL]LD6DQWL
PRQRVHWWLPDQDOH
PHUFROHGu
3DWUL]LD6DQWL
PRQRVHWWLPDQDOH
JLRYHGu
0RQLFD*DPEHULQL PRQRVHWWLPDQDOH
PDUWHGuHYHQHUGu
$QQDPDULD
'DQLHOOL
ELVHWWLPDQDOHHR
PRQR
PHUFROHGu
$QQDPDULD
'DQLHOOL
PRQRVHWWLPDQDOH
PHUFROHGu
$QQDPDULD
'DQLHOOL
PRQRVHWWLPDQDOH
DYDQ]DWL
PHUFROHGu
0RQLFD*DPEHULQL PRQRVHWWLPDQDOH
OXQHGu
*LXOLR'L)XULD
FRUVRPHGLWD]LRQH
\RJD
VDEDWR
7DQLD0DUWLQHOOL
<RJDLQYROR
/(12675(3523267($//$&52&(',&$6$/(&&+,2
3$/(675$
3$/(675,1$
;;9$35,/(
*,251,
25$5,
,67587725,
127(
OXQHGuHJLRYHGu
*DEULHOOD3DFLOLR
OXQHGu
(OLVDEHWWD'H6WHIDQR PRQRVHWWLPDQDOH
OXQHGu
*DEULHOOD3DFLOLR
PRQRVHWWLPDQDOH
PDUWHGu
*DEULHOOD3DFLOLR
<RJDH6DOXWH
PRQRVHWWLPDQDOH
PHUFROHGu
$QWRQHOOD)DQWL
PRQRVHWWLPDQDOH
JLRYHGu
(OLVDEHWWD'H6WHIDQR PRQRVHWWLPDQDOH
JLRYHGu
*DEULHOOD3DFLOLR
ELVHWWLPDQDOH
VRORIHPPLQLOH
PRQRVHWWLPDQDOH
3DWWLQDJJLR
3DWWLQDJJLR
/(12675(3523267(
35,0,3$66,%$%<
&RUVRSHUEDPELQLGDDQQLFRPSLXWLDDQQLQDWLSHUHVSULPHUVLH
GLYHUWLUVLVXLSDWWLQL3RVVLELOLWjGLIUHTXHQ]DPRQRRELVHWWLPDQDOH
35,0,3$66,
&RUVLSULQFLSLDQWLSHUEDPELQLGDDDQQLQDWL
$WWUDYHUVR LO JLRFR H OD JLXVWD SURJUHVVLRQH VL VYLOXSSDQR H SHUIH]LRQDQR OH
FDSDFLWj PRWRULH H VL DSSUHQGRQR L IRQGDPHQWDOL WHFQLFL GHO SDWWLQDJJLR FKH
FRVWLWXLVFRQR OH EDVL SHU HVHJXLUH GLIILFROWj GL OLYHOOR VXSHULRUH 3RVVLELOLWj GL
IUHTXHQ]DPRQRRELVHWWLPDQDOH
$9$1=$72
3HU L EDPELQL FKH KDQQR JLj IUHTXHQWDWR L FRUVL GL SDWWLQDJJLR H YRJOLRQR
SURVHJXLUH O¶DWWLYLWj SHUIH]LRQDQGR L IRQGDPHQWDOL WHFQLFL GHO SDWWLQDJJLR H
FLPHQWDUVLFRQGLIILFROWjGLOLYHOORVXSHULRUH)UHTXHQ]DELVHWWLPDQDOH
35($*21,67,&$
&RUVLGLDYYLDPHQWRDOODIXWXUDDWWLYLWjDJRQLVWLFD(¶SUHYLVWDODSDUWHFLSD]LRQHD
WURIHLSURYLQFLDOL)UHTXHQ]DWULVHWWLPDQDOH
$*21,67,&$
3HU DWOHWL FKH VYROJRQR DWWLYLWj FRPSHWLWLYD LQ VSHFLDOLWj GL VLQJROR OLEHUR H
REEOLJDWRUL FRQ SDUWHFLSD]LRQH D WURIHL H FDPSLRQDWL GL FDWHJRULD D OLYHOOR
SURYLQFLDOH UHJLRQDOH H QD]LRQDOH , FRUVL DJRQLVWLFL SUHYHGRQR XQ PDJJLRUH
LPSHJQR RUDULR VHWWLPDQDOH H KDQQR XQD GXUDWD GL GLHFL PHVL GD VHWWHPEUH D
JLXJQR
$99,$0(172$,
*5833,
3HU DWOHWL GD DQQL LQ SRL FKH JLj IUHTXHQWDQR XQ FRUVR GL SDWWLQDJJLR H FKH
YRJOLRQRGHGLFDUVLDQFKHDOOHDWWLYLWjGLVTXDGUDJUXSSLVSHWWDFRORHVLQFURQL]]DWR
*,251,('25$5,
*LRUQLRUDULHVHGLGHLFRUVL3ULPL 3DVVLH3ULPL3DVVL%DE\VDUDQQRGL
VSRQLELOLDILQHDJRVWRSUHVVRODVHJUHWHULDHVXOVLWRZZZSROPDVLLWDOOD
VH]LRQH³SDWWLQDJJLR´
*LRUQLRUDULHVHGLGHLFRUVLGHVWLQDWLDLUHLVFULWWL$YDQ]DWR3UHDJRQLVWLFD
H$JRQLVWLFDVDUDQQRGLVSRQLELOLDILQHDJRVWRSUHVVRODVHJUHWHULDHVD
UDQQRSURSRVWLDOPRPHQWRGHOO¶LVFUL]LRQH
9XRLSURYDUHDSDWWLQDUH"
0HUFROHGuHPHUFROHGu
VHWWHPEUHGDOOHRUHDOOH
RUHWLDVSHWWLDPRDOOD
SLVWDGLSDWWLQDJJLR
³0D]]RWWL´9LD&DYRXU±
&DVDOHFFKLRSHUXQDSURYD
JUDWXLWDFRQDVVLVWHQ]DGHL
QRVWULDOOHQDWRUL
6HQRQKDLLSDWWLQLQRQWL
SUHRFFXSDUH
/D3ROLVSRUWLYDPHWWHD
GLVSRVL]LRQHLSDWWLQLSHUWXWWL
FRORURFKHYRJOLRQRSURYDUH
'RSRDYHUHHIIHWWXDWR
O¶LVFUL]LRQHqSRVVLELOHSUHQRWDUH
LSDWWLQLD
QROHJJLRSUHVVR
OD3LVWD0D]]RWWL
QHOOHJLRUQDWHJLRYHGu
YHQHUGuOXQHGuVHWWHPEUH
GDOOHDOOH
3$77,1,$02$1&+($6(77(0%5(
*LRUQLRUDULHVHGLGHLFRUVLVDUDQQRGLVSRQLELOLDILQHDJRVWRSUHVVRODVHJUHWHULDHVXOVLWRZZZSROPDVLLW
DOODVH]LRQH³SDWWLQDJJLR´
$UWL0DU]LDOL
$UWL0DU]LDOL
/(12675(3523267(
.$5$7(
$,.,'2
(.,$,.,'2
7¶$,&+,&+¶8$1
,O.DUDWHqXQDWHFQLFDFKHSHUPHWWHO¶DXWRGLIHVDXVDQGROHPDQLQXGHHVLJHO¶HOLPLQD]LRQH
G¶RJQLSHQVLHURHJRLVWDHFDWWLYRSHUFLzVRORFRQXQDPHQWHFKLDUDHFRQFRVFLHQ]DVLSXz
FRPSUHQGHUHFLzFKHVLVWDLPSDUDQGR
,ONDUDWHGRqXQ¶DUWHFKHODYRUDLQWHULRUPHQWHSHUDOOHQDUHODPHQWHDVYLOXSSDUHXQDFKLDUD
FRVFLHQ]D UHQGHQGR FDSDFL GL DIIURQWDUH LO PRQGR OHDOPHQWH PHQWUH HVWHUQDPHQWH VL
VYLOXSSDLQIRU]D
/¶$LNLGRqXQ¶DUWHPDU]LDOHWUDOHSLUDIILQDWHHGHIILFDFLPDqDQFKHXQDGLVFLSOLQDLQWHULRUH
XQDILORVRILDFKHVHUYHDIDUDIILRUDUHFDOPDVHUHQLWjVODQFLRYLWDOHHILGXFLDLQVHVWHVVL
'XUDQWHXQDVHGXWDVLDOWHUQDQRWHFQLFKHGLUHVSLUD]LRQHFRQPRYLPHQWLGLEDVHHVHUFL]LGL
ULODVVDPHQWR FRQ OR VWXGLR GHOOH FDGXWH WHFQLFKH SHU UDIIRU]DUH O¶KDUD EDULFHQWUR ILVLFR H
PHQWDOHHVYLOXSSDUHLO.LHQHUJLDLQWHUQDFRQSURLH]LRQLEORFFDJJLHOHYH
1DWRLQ&LQDROWUHDQQLIDLO7¶DL&KL&K¶8DQqXQRGHJOLVWLOLLQWHUQLGHO.XQJ)XLFXL
PRYLPHQWLOHQWLDPSLPRUELGLOHJJHULHFRQWLQXLSRUWDQRDXQRVWDWRGLPHGLWD]LRQHHDO
ULODVVDPHQWR FRQ EHQHILFL VX VWUHVV LSHUWHQVLRQH UHXPDWLVPL LUUHJRODULWj PHVWUXDOL
LQVRQQLDHTXLOLEULRSRVWXUDOHHFDSDFLWjGLDSSUHQGLPHQWR
4XHVWRFRUVRLQVHJQDORVWLOH<DQJLOSLSUDWLFDWRODOH]LRQHFRPSUHQGHVDOXWRHVHUFL]LGL
ULVFDOGDPHQWR 3D 7XDQ &KLQ HVHUFL]LR IRQGDPHQWDOH ULODVVDPHQWR FRQ SUDWLFKH GL &KL
.XQJHVDOXWRILQDOH
$,.,'2
',)(6$3(5621$/(
/R VFRSR GHO FRUVR q GL LQVHJQDUH XQ¶DUWH PDU]LDOH RULHQWDWD SULQFLSDOPHQWH
DOO¶DXWRGLIHVDUHQGHQGRODDGDWWDDWXWWLDSUHVFLQGHUHGDOO¶HWjGDOVHVVRGDOODVWUXWWXUD
ILVLFD H GDOOD SUHSDUD]LRQH DWOHWLFD ,O WHUPLQH $LNLEXGR LQGLFD OHWWHUDOPHQWH O¶DUWH FKH
VIUXWWD O¶HQHUJLD GHOO¶DYYHUVDULR $LNL D SURSULR YDQWDJJLR IRUWHPHQWH OHJDWD D
FRQQRWD]LRQL PDU]LDOL EXGR $O VXR LQWHUQR LQJORED WHFQLFKH GL -LXMLWVX H GL $LNLGR
RIIUHQGR XQD GLIHVD HIILFDFH H LPPHGLDWD FRQWUR TXDOVLDVL DYYHUVDULR D SUHVFLQGHUH
GDOOD GLVSDULWj GL IRU]D DOWH]]D R DJJUHVVLYLWj /¶LQVHJQDPHQWR q IRFDOL]]DWR D
GLIHQGHUVLGDDWWDFFKLDPDQLQXGHGDDJJUHVVLRQLVLDFKHHVVHVLDQRSRUWDWHFRQDUPL
GDWDJOLRGDRJJHWWLFRQWXQGHQWLRGDDUPLGDIXRFRHGDYLROHQ]HGLTXDOVLDVLFDUDWWHUH
FRQ XQ¶DWWHQ]LRQH SDUWLFRODUH DOOD FRPSRQHQWH GL GLIHVD IHPPLQLOH LQ FXL OD SUDWLFD GL
³DQWLVWXSUR´ YLHQH DIIURQWDWD H VYLVFHUDWD /D OH]LRQH VL FRPSRQH GL XQ DWWHQWR
ULVFDOGDPHQWR SLDFHYROH H VHQ]D YHOOHLWj DJRQLVWLFKH XWLOH DOOR VYROJLPHQWR GHOOH
WHFQLFKH XQD SDUWH YLHQH GHGLFDWD DOOR VWXGLR GHL IRQGDPHQWDOL H OD WHU]D SDUWH
FRPSRUWD O¶DSSOLFD]LRQH GHOOH WHFQLFKH FRUUHGDWD GD VSLHJD]LRQL DQFKH GL FDUDWWHUH
JLXULGLFRUHODWLYHDOOHQRUPHLQWHPDGLOHJLWWLPDGLIHVD
7$(.:21'2
,O7DH.ZRQ'RqO¶HYROX]LRQHGLDQWLFKHDUWLPDU]LDOLFRUHDQHDUWHGHOFRPEDWWLPHQWRFRQL
SXJQLHLFDOFLLQYRORSUDWLFDWDDPDQLHSLHGLQXGL2OWUHDGDYHUSHUIH]LRQDWRSDUDWHH
DWWDFFKLFRQOHEUDFFLDLO7DH.ZRQ'RKDHODERUDWRHFFH]LRQDOLWHFQLFKHGLFDOFLRGDIHUPR
RGXUDQWHHYROX]LRQLLQDULDLQXQDSHUIHWWDIXVLRQHGLDUPRQLDYHORFLWjHSRWHQ]D
$99,$0(172$//(
$57,0$5=,$/,
SHUEDPELQLDQQL
$WWUDYHUVR LO JLRFR L QRVWUL LVWUXWWRUL JXLGHUDQQR L EDPELQL YHUVR O¶DSSUHQGLPHQWR GHOOH
EDVL GHOOH $UWL 0DU]LDOL 'LYHUWLPHQWR GLVFLSOLQD XQ SR¶ GL *LDSSRQHVH H WDQWH DOWUH
FRVHSRUWHUDQQRLSLFFROLDWOHWLQHOPDJLFRPRQGRGHOO¶2ULHQWH
-2'2
,OFLKDSRUWDWRXQDJURVVDQRYLWj/D9LDGHOEDVWRQHFKHDEELDPRLQWUDSUHVR
JLj GD DOFXQL DQQL VRWWR OD JXLGD GHO 0DHVWUR 7KHR 8HGHOKRYHQ WHFQLFR GHOOD
1D]LRQDOH ,WDOLDQD GL .HQGR H ,DLGR H FKH UHFHQWHPHQWH KD FRQVHJXLWR LO ƒ 'DQ GL
-RGR GLYHQWD XQ FRUVR D VH VWDQWH GRSR HVVHUH VWDWR XQ FRPSOHPHQWR GHOOD SUDWLFD
GHOO
$LNLGR VSHFLILFDWDPHQWH SHU TXDQWR ULJXDUGD OH WHFQLFKH GL FRPEDWWLPHQWR FRQ LO
EDVWRQH-2/DSLDQWLFDHWUDGL]LRQDOHGHOOHDUWLPDU]LDOLJLDSSRQHVHHFKHSHURULJLQHH
JHVWXDOLWj ULFKLDPD OH WHFQLFKH GL DOOHQDPHQWR GHL VDPXUDL SHU OD SULPD YROWD D
&DVDOHFFKLR
.81*)8
$UWH 0DU]LDOH PLOOHQDULD DVVROXWDPHQWH FRPSOHWD FKH XWLOL]]D WHFQLFKH TXDOL SXJQLFDOFL
OHYHSURLH]LRQLFDGXWHHGDOLYHOORDYDQ]DWRWXWWHOHDUPLFODVVLFKHGHO.XQJ)X)RUPDLO
FRUSRHODPHQWH0$OHVVDQGUR3DORWWDFLQWXUDQHUDƒ&+,(+'$1GHOODVFXRODGHO0ƒ
&+$1*'68<$2
$UWL0DU]LDOL
$UWL0DU]LDOL
3523267($//$&52&(',&$6$/(&&+,2
&2562
3$/(675$
*,251,
25$5,
,67587725(
3DOHVWULQD;;9$SULOH PDUWHGuHYHQHUGu )UDQFHVFR&DFFLDWRUH
3ULQFLSLDQWL
3DOHVWULQD;;9$SULOH
PDUWHGuHYHQHUGu )UDQFHVFR&DFFLDWRUH
&LQWXUH*LDOOH
3DOHVWULQD;;9$SULOH
PDUWHGuHYHQHUGu )UDQFHVFR&DFFLDWRUH
&LQWXUH&RORUDWH
3DOHVWULQD;;9$SULOH
PDUWHGuHYHQHUGu )UDQFHVFR&DFFLDWRUH
$YDQ]DWL&LQWXUH1HUH
.,$,.,'2
3DOHVWULQD;;9$SULOH
PDUWHGuHYHQHUGu 'DYLGH5L]]L
7¶$,&+,
&+¶8$1
3DOHVWULQD;;9$SULOH
PHUFROHGu
.$5$7(
3DROD*DQGROIL
(«$&$6$/(&&+,2&(1752
&2562
3$/(675$
*,251,
$99,$0(172$57,
0$5=,$/,DQQL
3DOHVWULQD
3DOD&DEUDO
OXQHGuHJLRYHGu 3LHWUR3DWHUQDH
FROODERUDWRUL
$,.,'2
3DOHVWULQD
3DOD&DEUDO
PDUWHGu
JLRYHGu
3LHWUR3DWHUQD
7$(.:21'2
3DO&DEUDO
3DOHVWUD&LDUL
3DOHVWUD*,0,
OXQHGu
PHUFROHGu
YHQHUGu
$EGHOLODK6JKLU
$,.,'2',)(6$
3(5621$/(
3DOHVWULQD
3DOD&DEUDO
OXQHGu
6WHIDQR&DSUDUD
3LHWUR3DWHUQD'LU7HF
7$(.:21'2
3(5%$0%,1,
3DODFDEUDO
3DOHVWUD&LDUL
OXQHGu
YHQHUGu
$EGHOLODK6JKLU
-2'2
3DOHVWULQD
3DOD&DEUDO
PHUFROHGu
7KHR8HGHOKRYHQ
.81*)8
3DOHVWULQD
3DOD&DEUDO
PHUFROHGu
YHQHUGu
$OHVVDQGUR3DORWWD
$11,
25$5,
,67587725(
,O&RPXQHGL&DVDOHFFKLRGL5HQRLQFROODERUD]LRQHFRQOH3ROLVSRUWLYH
*0DVL5HQRJURXSV&HUHWROHVHH&6,2UJDQL]]DFRUVLGL
*,11$67,&$6(035(9(5'(1216,(
0$,
752332$1=,$1,3(535$7,&$5/$
DOPRPHQWRGLDQGDUHLQVWDPSDFRQTXHVWDULYLVWDQRQVRQRDQFRUDQRWLJOLHVLWLGHOO
$YYLVR
SXEEOLFRHPHVVRGDO&RPXQHGL&DVDOHFFKLRGL5HQRSHUODQXRYDJHVWLRQHGHOODJLQQDVWLFDSHU
DQ]LDQLGHOWHUULWRULR,QYLWLDPRLFLWWDGLQLLQWHUHVVDWLDYHULILFDUHO
HYHQWXDOHSURJUDPPDVXO
VLWRZZZSROPDVLLWRFKLHGHUHLQIRUPD]LRQLDJJLRUQDWHDLQIR#SROPDVLLWRWHO
3DOODYROR
3DOODYROR
,12675,&256,',
$WWLYLWj)RUPDWLYD3UH$JRQLVWLFD3URPR]LRQDOH
SURSHGHXWLFR
0LQLYROOH\
ƒOLYHOOR
)250$7,9$
0DVFKLOHH)HPPLQLOH 0LQLYROOH\
ƒOLYHOOR
$OODVFRSHUWDGHOOD
SDOODYROR
%DPELQHHEDPELQLQDWL /
DWWLYLWjqDUWLFRODWDLQOH]LRQLELVHWWLPDQDOLVRWWRIRUPDGL
JLRFRSHUXQFUHVFHQWHSULPRDSSURFFLRDOYROOH\
QHJOLDQQL
1HO0LQLYROOH\VLDSSUHQGRQRLPRYLPHQWLIRQGDPHQWDOLH
%DPELQHHEDPELQLQDWL OHSULPHVHPSOLFLUHJROHGHOJLRFRGHOODSDOODYROR
/
LPSHJQRELVHWWLPDQDOHqILQDOL]]DWRQHOFRUVRGLR
QHJOLDQQL
GRPHQLFKHGDQRYHPEUHDGDSULOHDOODSDUWHFLSD]LRQHD
)HVWH GHO 0LQLYROOH\ DQFKH SUHVVR 3DOHVWUH GL DOWUH
%DPELQHHEDPELQLQDWL
6RFLHWj6SRUWLYHGHOOD3URYLQFLDGL%RORJQD
QHJOLDQQL
5DJD]]HHUDJD]]LQDWL
QHJOLDQQL
FKHYRJOLRQR
DYYLFLQLQDUVLDOODSDOODYROR
8QGHU
5DJD]]HHUDJD]]LQDWL (
LOSURVHJXLPHQWRQDWXUDOHSHUUDJD]]HLDSSDVVLRQDWL
7URIHR)LSDY&DYLFFKL QHJOLDQQL GLSDOODYRORFKHVDUDQQRLPSHJQDWLLQGLYHUVLFDPSLRQDWL
SURYLQFLDOL GHOOD )HGHUD]LRQH ,WDOLDQD 3DOODYROR , FRUVL
VRQR WHQXWL GD ,VWUXWWRUL )HGHUDOL H GD ,QVHJQDQWL GL
5DJD]]HHUDJD]]LQDWL
,QSRVVLELOHIRUPDPLVWD 8QGHU
6FLHQ]H0RWRULHHVRQRILQDOL]]DWLDOO
DSSURFFLRGLWLSR
QHJOLDQQL
0DVFKLOHH)HPPLQLOH
DJRQLVWLFR$OOHQDPHQWLELVHWWLPDQDOL
35(
$*21,67,&$
),3$98,63
8QGHU
35202=,21$/( 8QGHU
),3$98,63(&6, GLYLVLRQHMXQLRUHV
)(00,1,/(
'LYLVLRQH
6HQLRUHV
8QGHU(FFHOOHQ]D
5DJD]]HQDWHQHJOLDQQL
*OLDOOHQDPHQWLDYUDQQRXQDIUHTXHQ]DELRSSXUHWUL
5DJD]]HQDWHQHJOLDQQL VHWWLPDQDOHQHOWDUGRSRPHULJJLRRLQVHUDWDFRQ
GLVSXWDGL&DPSLRQDWL),3$9RFRQ(QWLGL3URPR]LRQH
6SRUWLYD
5DJD]]HVHQ]DO
LPLWLGLHWj
5DJD]]HQDWHQHJOLDQQL
8QGHU
(FFHOOHQ]D
$*21,67,&$
),3$9
)HPPLQLOH
648$'5$
$0$725,$/(,1
&2//$%25$=,21(
&2132/
&(5(72/(6(
5DJD]]HQDWHQHOO¶DQQR ,OVHWWRUHDJRQLVWLFRSUHYHGHWUHVHGXWHGLDOOHQDPHQWR
VHWWLPDQDOL FRQ GLVSXWD GL FDPSLRQDWL JLRYDQLOL H GL
ƒGLYLVLRQH-XQLRUHV 5DJD]]HQDWHQHJOLDQQL SURPR]LRQH3URYLQFLDOL),3$9
1HOODVFRUVDVWDJLRQHDJRQLVWLFDDEELDPRGLVSXWDWREHQ
9HUGH
)LQDO)RXUGLFDWHJRULD*LRYDQLOH)LSDY
²²²²²²²²
ƒGLYLVLRQH
5DJD]]HQDWHQHJOLDQQL
$QFKHTXHVW¶DQQRO¶HVSHULHQ]DWHFQLFDGHOOD3ROLVSRUWLYD
6HQLRUHV%OX
0DVL9ROOH\VLHVSULPHFRQODGLVSXWDGHO&DPSLRQDWRGL
ƒGLYLVLRQH
5DJD]]HQDWHQHJOLDQQL VHULH'5HJLRQDOH)LSDY*DUHLOVDEDWRVHUDD
6HQLRUHV%LDQFD
&DVDOHFFKLRGL5HQRDOODSDOHVWUD,7&6DOYHPLQL
5DJD]]HQDWHQHJOL
DQQL ƒGLYLVLRQH-XQLRUHV
5DJD]]H8QGHUH2YHU
6HULH'5HJLRQDOH
GLSURYDWDHVSHULHQ]D
HVHQ]DOLPLWLGLHWj
$GXOWL
0)
6HQ]DOLPLWLGLHWj
6H VHL XQR R XQD ³H[´ GD QRL WURYHUDL XQ JUXSSR
DPDWRULDOHFRQLOTXDOHGLYHUWLUWLGLVSXWDQGRXQ7RUQHR
FRQXQDHQWXVLDVPDQWHIRUPXODPLVWDGRQQHXRPLQL
$QQXQFLGDOOD%DFKHFDGHOVHWWRUH3DOODYROR
$$$±*(1,725,92/(17(526,&(5&$6,
3HUL*HQLWRULGHOOH$WOHWHFRPHVHPSUHSHUSRWHUVYROJHUHL&DPSLRQDWLqLQGLVSHQVDELOHODGLVSRQLELOLWj
SHUOHPDQVLRQLGL6HJQDSXQWL$UELWULSHURJQLVTXDGUD
$YYLDPHQWRDOOR6SRUW
$YYLDPHQWRDOOR6SRUW
,O FRUVR GL $YYLDPHQWR DOOR VSRUW SHU EDPELQLH WUD L DQQL VL SURSRQH GL VYLOXSSDUH JOL VFKHPL PRWRUL GL EDVH
FDPPLQDUH FRUUHUH VDOWDUH ODQFLDUH DIIHUUDUH VWULVFLDUH VWDUH LQ HTXLOLEULR DO ILQH GL VYLOXSSDUH XQD EXRQD PRWULFLWj
JOREDOH XWLOH SHU JHWWDUH OH IRQGDPHQWD PRWRULH SHU SURVHJXLUH QHOOH GLYHUVH GLVFLSOLQH VSRUWLYH 8Q¶RFFDVLRQH SHU
VSHULPHQWDUHDWWUDYHUVRLOJLRFRGLYHUVHHVSHULHQ]HPRWRULHFKHVSD]LDQRGDOFRUSROLEHURDOO¶XWLOL]]RGLSLFFROLDWWUH]]L
,QSDUWLFRODUHLOPDUWHGuLOFRUVRqULYROWRDLEDPELQLFKHYRJOLRQRRULHQWDUVLDOOHGLVFLSOLQHFKHSUHYHGRQRO¶XVRGHOODSDOOD
PHQWUHDOPHUFROHGuLOFRUVRqRULHQWDWRYHUVRXQSULPRDSSURFFLRDOO¶DWOHWLFD
,QILQHWXWWLLEDPELQLGHOFRUVRGL$YYLDPHQWRDOORVSRUWVDUDQQRLQYLWDWLDSDUWHFLSDUHDOOHSURYH³0XOWLVSRUW´FKHQRQVRQR
DOWURFKHGHJOLDSSXQWDPHQWLDJJLXQWLYLFRQFRUGDWLGXUDQWHO¶DQQRLQFXLYHUUDQQRSURSRVWHHVSHULHQ]HGLDOWUHGLVFLSOLQH
1RYLWjGLTXHVW¶DQQRULYROWRDLEDPELQLSLSLFFROLDQQLLOFRUVRGL3VLFRPRWULFLWj)XQ]LRQDOHFKHVLWHUUjDOYHQHUGu/D
SVLFRPRWULFLWj IXQ]LRQDOH q XQ PHWRGR SHU VHQVLELOL]]DUH LO EDPELQR D FRQRVFHUH LO SURSULR FRUSR DWWUDYHUVR LO JLRFR
PRWRULRDOILQHGLVYLOXSSDUHXQDEXRQDPRWULFLWjJOREDOHFRQVDSHYROH]]DFRUSRUHDHFRQVROLGDUHORVFKHPDFRUSRUHR
9HUUDQQRSURSRVWHHVSHULHQ]HPRWRULHQHOOHTXDOLLOEDPELQRYHUUjVWLPRODWRDVYLOXSSDUHOHFDSDFLWjPRWRULHSHUWURYDUH
QXRYH VROX]LRQL PHWWHQGROR QHOOD FRQGL]LRQH GL VSHULPHQWDUH LO VXR FRUSR DWWLYDPHQWH PDQWHQHQGR DOWD OD VXD
PRWLYD]LRQHIDFHQGRORVHPSUHSLGLYHQLUHSDGURQHGHLVXRLPRYLPHQWLFRQGL]LRQHQHFHVVDULDSHULOUDJJLXQJLPHQWRGL
XQDEXRQDDXWRQRPLDGHOEHQHVVHUHHGHOO¶HTXLOLEULRSVLFRILVLFR
/(12675(3523267(HWjFRQVLJOLDWDGDLDLDQQL
3$/(675$
3$/(675$
0$5&21,
*,251,
25$5,
$77,9,7$¶
/XQHGu
HJLRYHGu
$YY6SRUW
PDUWHGu
0RQGR3DOOD
0HUFROHGu
YHQHUGu
DQQL
DQQL
$YYLDPHQWR$WOHWLFD
DQQL
3VLFRPRWULFLWj
DQQL
*,0,6SRUW&OXE
/DSDOHVWUDSHUWXWWDODIDPLJOLD
8QPRGRGLYLYHUHORVSRUWHYDORUL]]DUHLOWHPSR
FRQ OD IDPLJOLD TXHVWR q *,0, LO QXRYR VSRUW
FOXEGL&DVDOHFFKLRGL5HQR%2
*UDQGH VFHOWD GL DWWLYLWj SHU JUDQGL H SLFFROL FRQ
SRVVLELOLWj GL RUJDQL]]DUOD QHJOL VWHVVL RUDUL
,PPHUVD QHO YHUGH FRQ XQ FRPRGR SDUFKHJJLR
ORQWDQDGDOFDRVGHOODFLWWjPDYLFLQDD%RORJQDH
6DVVR0DUFRQLLQ9LD$OOHQGH/RFDOLWj6DQ%LDJLR
XQDJUDQGHSDOHVWUDSHUODJLQQDVWLFDDUWLVWLFD
PDVFKLOHHIHPPLQLOH
XQD]RQDSHUO¶DUUDPSLFDWDVSRUWLYDFRQSDUHWL
DWWUH]]DWHGLGLYHUVDGLIILFROWj
XQDVDODFRQLSLPRGHUQLHIXQ]LRQDOLDWWUH]]L7HFKQRJ\PSHUXQDSUDWLFDGHOILWQHVVSLLQWHQVDHGHGL
FDWDDQFKHFRQSHUVRQDOWUDLQHU
GXHVDOHGHGLFDWHDLFRUVLGLILWQHVVHZHOOQHVV
XQDVDODGHGLFDWDDLSLFFROLVVLPL
/D 3ROLVSRUWLYD VL q LPSHJQDWD LQ TXHVWR SURJHWWR LPPDJLQDQGR H SURPXRYHQGR XQ QXRYR DSSURFFLR
DOO¶HGXFD]LRQHVSRUWLYDHPRWRULDFKHIDYRULVFDOHIDPLJOLHJHQLWRULHILJOLFKHSUDWLFDQRLQVLHPHODSURSULDDWWL
YLWjVSRUWLYDQHOORVWHVVRVWDELOHQHJOLVWHVVLJLRUQLHRUDULLQ]RQHDGLDFHQWLPDVHSDUDWH
'LYHUVHRS]LRQLGLDEERQDPHQWRPHQVLOHTXDGULPHVWUDOHDQQXDOHFRQSDJDPHQWLUDWHDOL
3HULQIRUPD]LRQLZZZJLPLVSRUWFOXELWLQIR#JLPLVRSUWFOXELWWHO
$77,9,7$·,1$&48$
$77,9,7$·,1$&48$
8QDFRQIHUPDHXQDQRYLWj
&LDRDWXWWLELPEHELPELHJHQLWRUL
/D FRQIHUPD q FKH GXUDQWH OD SURVVLPD VWDJLRQH
VSRUWLYDRUJDQL]]HUHPRDQFRUDJOLLQFRQWULLQSLVFLQD
FRQ L 9RVWUL JHQLWRUL OL DEELDPR FKLDPDWL ³&KH EHOOH
OHIDPLJOLHLQSLVFLQD´SURSULRSHUFKpSRWUHWHJLRFDUH
HQXRWDUHLQVLHPHLQTXDWWURGRPHQLFKHGLYHUVHGHO
ODVWDJLRQH
)DWHDWWHQ]LRQHDLYRODQWLQLFKHYHGUHWHDIILVVLSRFR
SULPD GHOOH GDWH SUHYLVWH DOOD 0DUWLQ /XWHU .LQJ H
SUHQRWDWHYLSUHVVRODVHJUHWHULDGHOODSLVFLQD
/D QRYLWj q FKH GD VHWWHPEUH VDUDQQR SUHYLVWL GHL
UHFXSHULSHUOHOH]LRQLSHUVH1RQVDUjIDFLOHDFFRQ
WHQWDUH WXWWL OR VDSSLDPR PD SURYHUHPR D IDUOR
7URYHUHWH OH LQGLFD]LRQL VX FRPH SURFHGHUH GHQWUR
DOOD FDUWHOOLQD FKH YL FRQVHJQHUDQQR DO PRPHQWR
GHOOHLVFUL]LRQL
9LULFRUGLDPRLQROWUHFKHDOPRPHQWRGHOO¶LVFUL]LRQH
SRWUHWH FKLHGHUH O¶HVWHQVLRQH GHOOD WHVVHUD GL VRFLR
GHOOD3ROLVSRUWLYD0DVLDWXWWDODIDPLJOLDHDSSURILW
WDUHFRVuGHOOHIDFLOLWD]LRQLULJXDUGDQWLOHFRQYHQ]LRQL
LQVHULWHQHOODVWHVVDFDUWHOOLQDGLFXLVRSUD
9L DVSHWWLDPR SHU SDVVDUH LQVLHPH XQ DOWUR DQQR
ULFFRGLVRGGLVID]LRQL
,9RVWULLVWUXWWRUL
3,6&,1(0/.,1*6&(6$5,(;;9$35,/(
18272%$0%,1,
81'(5
5$*$==,81'(5
18272%$0%,1,5$*$==,
$77,9,7­68%$&48($
$77,9,7­68%$&48($
%$0%,1,(5$*$==,'$,$11,
%$0%,1,(5$*$==,'$,$11,
$77,9,7­$*21,67,&$
$77,9,7­$*21,67,&$
35(
$*21,67,&$
35($*21,67,&$
182720$67(5
182720$67(5
182726,1&521,==$72
182726,1&521,==$72
5(,17(*5$=,21(&25325($
5(,17(*5$=,21(&25325($
3$/(675$$&48$7,&$
3$/(675$$&48$7,&$
18272$'8/7,(29(5
18272$'8/7,(29(5
&256,68%
&256,68%
&256,',$31($
&256,',$31($
6&82/$',)250$=,21($31($
6&82/$',)250$=,21($31($
6$/9$0(172
18272
68%18272
6$/9$0(17268%
&256,*(1,725,%$0%,1,
&256,*(1,725,%$0%,1,
),71(66,1$&48$$48$*,0
),71(66,1$&48$$48$*,0
$48$%,.(
723&,5&8,7
$48$%,.(723&,5&8,7
$48$75($'
$48$75($'
$48$=80%$
$48$=80%$
,QIRUPD]LRQL2UDULH*LRUQL
,QIRUPD]LRQL2UDULH*LRUQL
GLLVFUL]LRQHDSDJH
GLLVFUL]LRQHDSDJH
1XRWR
1XRWR
&RUVRGL1XRWRÈ1'(5
OXQHGuHJLRYHGuPDUWHGuHYHQHUGu
PDUWHGuHYHQHUGu3LVFLQD.LQJ9LD'HOOR6SRUW
PHUFROHGu3LVFLQD&HVDUL9LD&DYRXU
$SSURGD DO WHU]R DQQR LO FRUVR jQGHU GHO VHWWRUH QXRWR UDJD]]L H EDPELQL $QFKH LQ TXHVWD VWDJLRQH OH
VTXDGUH DYUDQQR SRVVLELOLWj GL VSHULPHQWDUH LQQXPHUHYROL GLVFLSOLQH DFTXDWLFKH SLX¶ R PHQR GLIIXVH &RPH
HOHPHQWL GL VXE HOHPHQWL GL QXRWR VLQFURQL]]DWR JLQQDVWLFD LQ DFTXD SDOODQXRWR KRFNH\ VXEDFTXHR
HOHPHQWLGLDSQHDHSLQQDWR,OFRUVRqDSHUWRDWXWWLFRORURFKHKDQQRSLX¶RPHQRGLDQQLHFKHKDQQRXQD
EXRQDSDGURQDQ]DGHJOLVWLOLFKHYRJOLRQRIDUHVSRUWFRQLOVRUULVR&LYHGLDPRLQYDVFD
&RUVRLQWHQVLYRGLQXRWR%DPELQL
6DEDWR
3LVFLQD&HVDUL9LD&DYRXU
0DVVLPRLVFULWWLSHUFRUVLDPLQXWLUHDOLGLOH]LRQHSULRULWjVXOFRUVRHVWLYRPLQLPRLVFULWWL
³3DOHVWUD$FTXDWLFD´
JLRYHGuGDOOHDOOH
3LVFLQD&HVDULYLD&DYRXU&DVDOHFFKLRGL5HQR
8QD QXRYD LGHD GL ILWQHVV LQ DFTXD FKH WUDVSRUWD O¶DWWLYLWj GHOOD WUDGL]LRQDOH ³VDOD DWWUH]]L´ LQ DFTXD SHU
VIUXWWDUH L EHQHILFL FKH GD TXHVWD QH GHULYDQR 6L WRQLILFDLO FRUSR LQ PRGR HTXLOLEUDWR VL PLJOLRUD LO ULWRUQR
YHQRVR VL EUXFLDQR FDORULH LQ PDQLHUD GLYHUWHQWH H ULODVVDQWH &RQ OH VXH ILQDOLWj GL SUHYHQ]LRQH
PDQWHQLPHQWR H PLJOLRUDPHQWR GHOOR VWDWR GL VDOXWH JHQHUDOH q XQ¶DWWLYLWj WUDVYHUVDOH DGDWWD DJOL DGXOWL
DQ]LDQLHDGROHVFHQWL6LqVHJXLWLLQGLYLGXDOPHQWHLQEDVHDOOHSURSULHQHFHVVLWjVLXWLOL]]DQRDWWUH]]LFRPH
DFTXDELNHWUHDGPLOOHODVWLFLFDYLJOLHUHVWHSHWDQWRDOWUR
1XRWR%DPELQLH5DJD]]L
1XRWR%DPELQLH5DJD]]L
'RSRO¶DWWLYLWj=HURVHLSURVHJXLDPRFRQLFRUVLGL1XRWRSHUEDPELQLHUDJD]]LGDLDLDQQL
, QRVWUL LVWUXWWRUL VRQR FRQVDSHYROL GHOO¶LPSRUWDQ]D GHO ORUR FRPSLWR RJQL EDPELQR QRQ q XQ VHPSOLFH DOOLHYR PD XQ
PRQGRDVpVWDQWHFRQSDUWLFRODULWjEHQVSHFLILFKH
, EDPELQL LPSDUDQR FRVu D QXRWDUH SDUWHQGR GDO QRQ VDSHU IDUH QXOOD H DUULYDQGR D FLPHQWDUVL LQ YDULH VSHFLDOLWj QHO
ULVSHWWRGHOOHORURHVLJHQ]HHGHLORURWHPSL
6$%$72
/81('ÎH*,29('Î
0$57('ÎH9(1(5'Î
3LVFLQD³0/.LQJ´
3LVFLQD³0/.LQJ´
3LVFLQD³0/.LQJ´
±
GDLDLDQQL
±
±
UDJD]]LGDLDLDQQL
±
±
±
±
±
±VRORYDVFDJUDQGH
VRORYDVFDSLFFROD
0(5&2/('Î
±
3LVFLQD³0/.LQJ´
VRORYDVFDJUDQGH
±
6&82/$',)250$=,21(+
$31($182726$/9$0(17268%
$11,
63(&,$/0,1,68%
/¶$WWLYLWj6XEDFTXHD
LQL]LDFRQLPLQLVXE
*OLDOOLHYLGDLDLDQQLSRWUDQQR
LPSDUDUH D LPPHUJHUVL FRQ
O¶DWWUH]]DWXUD VXEDFTXHD DGHJXDWD
DOOD ORUR HWj H DOOH ORUR HVLJHQ]H LO
FRUVRSUHYHGHLQROWUH
6XEH$SQHD
3LQQDWRH1XRWRGL6DOYDPHQWR
/81(',¶
4XHVWDVFXRODGLIRUPD]LRQHSUHYHGHXQSURJUDPPDFRVuDUWLFRODWR
68%ƒ&0$6$SQHDƒ&0$6HRVDOYDPHQWR616ƒ6XE&0$6
JXLGD 6XE ƒ H &0$6 LVWUXWWRUH QXRWR 8,63 H $SQHD ƒ JUDGR D
SLDFHUH
/81(',,¶
3LVFLQD³0/.LQJ´
,ƒDQQR
6XEƒJUDGR
DQQL
/81(',¶
IDVFLDDQQL
0,1,68%
/81(',¶
3LVFLQD³0/.LQJ´
3LVFLQD³0/.LQJ´
/81(',¶
,,ƒ$112
,,,ƒ$112
,9ƒ$112
$SQHDƒ
JUDGR
DQQL
6XE
ƒJUDGR
DQQL
*XLGD6XEƒJUDGR
DSQHDƒJUDGR
'HGLFDWRDFKLVDJLjQXRWDUH
'HGLFDWRDFKLVDJLjQXRWDUH
$*21,67,&$
1XRWR0DVLVXOSRGLRDL&DPSLRQDWL3URYLQFLDOL
$WWLYLWjULYROWDDJOLDWOHWLFKHVHOH]LRQDWLGDJOLLVWUXWWRULHGDLWHFQLFLYRJOLRQRGHGLFDUHWHPSR
HGHQHUJLHDOQXRWRHSDUWHFLSDUHDFRPSHWL]LRQL
8,63$ORURVLULFKLHGHXQLPSHJQRSOXULVHWWLPDQDOHLQSUHSDUD]LRQHDFRPSHWL]LRQL
FRQDOWUHVRFLHWjGLQXRWRLQPDQLIHVWD]LRQLGHOFLUFXLWR),1H8,63
3LVFLQD³0/.LQJ´
/(9(
$WWLYLWjULYROWDDLEDPELQLQDWLQHOHEDPELQHQDWHQHOFKH
GLPRVWUDQRXQDSDUWLFRODUHDFTXDWLFLWj$WWUDYHUVRLOJLRFRJOLLVWUXWWRUL
QHPLJOLRUHUDQQRLOOLYHOORWHFQLFRSHUSRWHUOLLQWURGXUUHQHJOLDQQLVXF
FHVVLYLDOO¶DWWLYLWjDJRQLVWLFD/¶LQVHULPHQWRLQTXHVWRJUXSSRDYYLHQHVX
/81(',¶*,29(',¶±
9$6&$*5$1'(
0(5&2/(',¶
VHJQDOD]LRQHGHJOLLVWUXWWRUL
9$6&$3,&&2/$
3LVFLQD³0/.LQJ´
35($*21,67,&$
0(5&2/('Î
3HUJOLDOOLHYLQRQSLSULQFLSLDQWLF¶qODSRVVLELOLWjGL
LQWHQVLILFDUHO¶DWWLYLWjELVHWWLPDQDOHGHLFRUVLGLQXRWRFRQO¶DJJLXQWDGL
XOWHULRUHLQFRQWURLQSUHSDUD]LRQHDFRPSHWL]LRQLDJRQLVWLFKH
±
182720$67(5
3LVFLQD³0/.LQJ´
3HUFKLGHVLGHUDFROWLYDUHODSDVVLRQHSHULOQXRWRHSURVHJXLUHO¶DWWLYLWj
DJRQLVWLFDVHQ]DOLPLWLGLHWj6LSXzHVVHUH0DVWHUGDLDLDQQL
*OLDOOHQDPHQWLVLVYROJRQRLQJUXSSLGLYLVLSHUSDULOLYHOORHOHJDUHVRQR
PRPHQWLGLYHULILFDGHLSURSULPLJOLRUDPHQWLPDVRSUDWWXWWRGLDJJUHJD
]LRQHHGLGLYHUWLPHQWR6HTXDOFXQRQRQKDPDLJDUHJJLDWRQRQGHYH
VSDYHQWDUVLLPSDUHUjDIDUORHVHDOFXQLKDQQRJLjJDUHJJLDWRULDVVD
SRUHUDQQRLOJXVWRGHOFRQIURQWRVSRUWLYR
/81('Î*,29('Î
0$57('Î9(1(5'Î
0(5&2/('Î
6$%$72
3LVFLQD³0/.LQJ´
182726,1&521,==$72
,OQXRWRVLQFURQL]]DWRqXQLQVLHPHGLJUD]LDUHVLVWHQ]D
HDSQHDqLOYHUR³GDQ]DUHQHOO¶DFTXD´
ÊDGDWWRDWXWWLLUDJD]]LHOHUDJD]]HGDJOLDLDQQL
FKHDSDUWLUHGDTXHVWRDQQRVSRUWLYRSRWUDQQRSDUWHFL
SDUHDPDQLIHVWD]LRQLGLSURSDJDQGD
/81(',*,29(',
0$57('Î9(1(5'Î
0(5&2/('Î
6$%$72
$SQHDH6XE
$SQHDH6XE
&2562$31($&0$6
/81(',¶(*,29(',¶
3LVFLQD³0/.LQJ´
FRQWLQXDLOFRUVRGLDSQHDFKHSUHYHGHDQFKHLOULODVFLR
GHO%UHYHWWR&0$66RQRSUHYLVWHOH]LRQLSUDWLFKHSL
LQWHJUD]LRQHGLWHRULD
$SQHD
&RUVR LQGLFDWR D FKL YXROH IDUH XQSHUFRUVR GL PDQWHQLPHQWR GRSR
DYHUHHIIHWWXDWRXQDULDELOLWD]LRQHVSHFLILFD
$WWLYLWj QRQ ILVLRWHUDSLFD PD DGDWWD D ULWURYDUH XQD GLPHQVLRQH GL
EHQHVVHUHQHOYLYHUHLOFRUSRLQPRYLPHQWRGHQWURO¶DFTXD
3XzHVVHUHXQ¶DWWLYLWjSUHSDUDWRULDRSURSHGHXWLFDSHUSRLDFFHGHUH
DGDOWULFRUVL
2JQLSHUVRQDODYRUHUjFRQHVHUFL]LSHUVRQDOL]]DWL
0$57(',¶
3LVFLQD³0/.LQJ´
*,29(',¶
3LVFLQD³6&HVDUL´
1XRWR$GXOWLH2YHU
1XRWR$GXOWLH2YHU
/D0DVLqDFTXDLOQXRWRSDUWHYLWDOHGHOO
DWWLYjGHOODSROLVSRUWLYD
,QRVWULFRUVLGLQXRWRVRQRULYROWLDVRGGLVIDUHO
HVLJHQ]HGLWXWWLGDOSULQFLSLDQWHDOO
DYDQ]DWR
/
DWWLYLWjqULYROWDDWXWWHOHIDVFHG
HWjHGqWHQXWDGDLVWUXWWRULGLQXRWRTXDOLILFDWL
$PSLDVFHOWDGLRUDULDOPDWWLQRSRPHULJJLRHVHUD
&256,%,6(77,0$1$/,
/81(',¶H*,29(',¶
/81(',¶H*,29(',¶
3LVFLQD³0/.LQJ´
3LVFLQD³0/.LQJ´
VRORSULQFLSLDQWL
DQFKHQXRWRDVVLVWLWR
0$57(',¶(9(1(5',¶
3LVFLQD³0/.LQJ´
/81(',¶H*,29(',¶
DQFKHSULQFLSLDQWL
3LVFLQD³6&HVDUL´
DQFKHQXRWRDVVLVWLWR
0(5&2/(',¶H6$%$72
02126(77,0$1$/,$%%,1$%,/,
0(5&2/(',¶
6$%$72
3LVFLQD³0/.LQJ´
3LVFLQD³0/.LQJ´
QXRWRDVVLVWLWR
QXRWRDVVLVWLWR
63(&,),&235,1&,3,$17,
7(5525,==$7,(121
0$57(',¶(9(1(5',¶
3LVFLQD³0/.LQJ´
3LVFLQD³6&HVDUL´
1XRWRDVVLVWLWRVRORPHUFROHGu
DQ
FK
HQ
XR
WR
DV
VLV
WLW
R
&RUVRGLQXRWR´7HUURUL]]DWLµ
FRUVRGLQXRWRVSHFLILFRSHUOHSHUVRQHWHUURUL]]DWHGDOO¶DFTXDVLqDGHJXDWR
DOOHHVLJHQ]HGLWDQWHULFKLHVWH1HOTXDGULPHVWUHDSSHQDWUDVFRUVRLQIDWWLVL
VRQR LVFULWWH SHUVRQH FKH QRQ KDQQR LO WHUURUH GHOO¶DFTXD PD VROWDQWR
TXDOFKHGLIILGHQ]D
(VLVWRQR SHUVRQH FKH QRQ KDQQR SURSULR SDXUD GHOO¶DFTXD PD FKH DG
HVHPSLRQRQULHVFRQRDPHWWHUHODWHVWDVRWWRRQRQVDQQRQRQFHODIDQQR
DUHVSLUDUHRVDQQRVWDUHDJDOODDSDQFLDLQJLPDQRQDSDQFLDLQVXFKH
KDQQR JLj SURYDWR D IDUH XQR R GXH FRUVL VHQ]D ULXVFLUH HFFHWHUD %HQH
VLDPR LQ JUDGR GL JHVWLUH TXHVWH H WDQWH DOWUH VLWXD]LRQL H LQ WHPSL
UHODWLYDPHQWHEUHYL
3RVVLELOLWjGHOODSULPDOH]LRQHGLSURYD'DLFKHµVWDYROWDFHODIDWH
$FTXDJ\P
$FTXDJ\P
$&48$:(//1(66
&RUVLGLJLQQDVWLFDLQDFTXDULYROWLDSHUVRQHFKHKDQQRODQHFHVLWjGLODYRUDUHDGXQULWPRSHUVRQDOHDWWLYLWj
FKHFRPSUHQGHHVHUFL]LGLPRELOLWjDUWLFRODUHDOOXQJDPHQWRHFRRUGLQD]LRQHSHUPLJOLRUDUHLOWRQRPXVFROD
UHO¶HODVWLFLWjHODFLUFROD]LRQHRELHWWLYRSUHYHQ]LRQHHEHQHVVHUHGLYHUWHQGRVLLQJUXSSR
9HUUDQQRSURSRVWHOH]LRQLYDULHHGLYHUWHQWLFKHSUHYHGRQRDQFKHO¶XWLOL]]RGLDWWUH]]L
1RQqLQGLVSHQVDELOHVDSHUQXRWDUH
/81('Î
3LVFLQD³0/.LQJ´
0$57(',¶H9(1(5',¶
3LVFLQD³6&HVDUL´
*,29(',¶
3LVFLQD³6&HVDUL´
$&48$),71(66
7RQLILFDUHDOOHQDUHGUHQDUHHULPRGHOODUHLOFRUSRLQDFTXD
$WWLYLWjDHURELFDLQJUXSSRFKHXWLOL]]DO¶DFTXDDWXWWRWRQGR
/H]LRQL VWXGLDWH H SURJUDPPDWH FKH SURSRQJRQR HVHUFL]L YDUL H VWLPRODQWL GL JUDQGH LQWHQVLWj FKH KDQQR
FRPHRELHWWLYRLOPLJOLRUDPHQWRGHOODIRUPDILVLFD
/HOH]LRQLSUHYHGRQRO¶XWLOL]]RGLSLFFROLHJUDQGLDWWUH]]LSHUXQODYRURFRPSOHWRHGLYHUWHQWH
/81('ÎH*,29('Î
3LVFLQD³6&HVDUL´
OXQHGu
OXQHGu
02126(77,0$1$/,
$%%,1$%,/,
0(5&2/(',¶
3LVFLQD³6&HVDUL´
0$00(%$0%,1,
0HQWUHLWXRLILJOLLPSDUDQRDQXRWDUHDQ
FKHWXSXRLWHQHUWLLQIRUPDFRQXQRGHL
QRVWULFRUVLGL*LQQDVWLFDLQ$FTXD
6$%$72
3LVFLQD³0/.LQJ´
6$%$72
6$%$72
3LVFLQD³0/.LQJ´
3LVFLQD³6&HVDUL´
7RS&LUFXLWFRQ$TXDELNH
7RS&LUFXLWFRQ$TXDELNH
$FTXDELNH
$FTXDELNH
8QDOH]LRQHGL$TXDELNHVLVYROJHLQDFTXDVXDSSRVLWHELFLFOHWWHDULWPRGLPXVLFD
/DPXVLFDVFDQGLVFHLOULWPRGHOODSHGDODWDUHQGHQGRTXHVWDDWWLYLWjFRLQYROJHQWHHGLYHUWHQWH
6LWUDWWDGLXQRWWLPRDOOHQDPHQWRSURSHGHXWLFRDTXDOVLDVLVSRUWFKHFRPSUHQGHHVHUFL]LGLWRQLILFD
]LRQHFKHLQWHUHVVDQRODPXVFRODWXUDVLDGHJOLDUWLVXSHULRULFKHGLTXHOOLLQIHULRUL6LFRQVLJOLDO¶XVR
GLVFDUSHWWHRVDQGDOLGLJRPPD
/81(',¶(*,29(',¶
3LVFLQD³6&HVDUL´
6$%$72
0(5&2/(',¶
3LVFLQD³6&HVDUL´
±
3LVFLQD³6&HVDUL´
±
±
±
±
$FTXD7UHDG$FTXD&LUFXLWH$FTXD=XPED
$FTXD7UHDG$FTXD&LUFXLWH$FTXD=XPED
7RS&LUFXLW
7RS&LUFXLW
9LHQLDSURYDUHODFRUVDLQDFTXDDGLYHUWLUWLDULWPRGLPXVLFDFRQO¶DFTXD]XPEDDPDQWHQHUWLLQIRUPDVHQ]D
DQQRLDUWLFRQO¶DFTXDFLUFXLWSHUXQDOOHQDPHQWRDGDOWDLQWHQVLWj
$&48$
&,5&8,7
&,5&8,7
723
723
&,5&8,7
&,5&8,7
3LVFLQD
³6&HVDUL´
3LVFLQD
³6&HVDUL´
0(5&2/(',¶
6$%$72
$&48$75($'
$&48$75($'
3LVFLQD³6&HVDUL´
*,29(',¶
6$%$72
1RYLWjFRUVRFRQ
&DUGLRIUHTXHQ]LPHWUR
$&48$=80%$
$&48$=80%$
3LVFLQD³6&HVDUL´
/81(',¶*,29(',¶
*,29(',¶