),/75,$&$578&&(3(5)80,'$7$*/,27(50,&2
1HOODYHUVLRQHVWDQGDUGSRVVRQRHVVHUHLPSLHJDWLFRQHFFHOOHQWLULVXOWDWLSHULPSLDQWLGLWDJOLRODPLHUHFRQSODVPDWDJOLRODVHUHRVVLWDJOLR
(VVLJDUDQWLVFRQR
(OHYDWDHIILFLHQ]DGLILOWUD]LRQH
0LJOLRUHSXOL]LDGHOOHFDUWXFFH
5LGX]LRQHGHOOHSHUGLWHGLFDULFR
)OXVVRG¶DULDDVSLUDWDFRVWDQWHQHOWHPSR
$XPHQWRGHOODGXUDWDGHOOHFDUWXFFH
(PLVVLRQLLQDWPRVIHUDJDUDQWLWH
6WUXWWXUDUHDOL]]DWDFRQSDQQHOOLLQODPLHUDGLDFFLDLRVSHPP
8QSOHQXPDULDSXOLWDUHDOL]]DWRFRQSDQQHOOLFRPHVRSUD
8QDWUDPRJJLDGLFRQYRJOLDPHQWRSROYHULUHDOL]]DWDLQDFFLDLRSHUODUDFFROWDGHOOHSROYHULVHSDUDWHGHOILOWUR
&RQWHQLWRULGLUDFFROWDSROYHULSRVWRVRWWRDOODWUDPRJJLDFRPSOHWRGLUXRWHSLURHWWDQWL
3RUWHOORIURQWDOHSHURSHUD]LRQLGLPDQXWHQ]LRQH
0RGHOORLQJUHVVRDULDFRQDVSLUDWRUH
'$7,7(&1,&,
327(1=$
$63,5$725(
',0(16,21(
,1*20%52
$/7(==$
3(62
/[3PP
PP
.J
[
[
02'
3257$7$0$;
&$578&&(
PK
1ƒ
.:
[
[
1%3RVVRQRHVVHUHIRUQLWLPRGXOL¿OWUDQWLHVFOXVLGLDVSLUDWRUHSHULPSLDQWLFHQWUDOL]]DWL
,QJUHVVRDULDLQTXLQDWD
&DUWXFFH¿OWUDQWL
&RQWHQLWRUHSHUUDFFROWDSROYHUL
$ULDFRPSUHVVDDGDOWDSUHVVLRQH
(OHWWURYDOYROHSHUODSXOL]LD
8VFLWDDULDSXOLWD
02'
$
%
&
'
(
)
*
+
.
/
0
1
2
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
±
±
±
±
±
±
3RUWHOOD
PDQXWHQ]LRQH
FDUWXFFH
3RUWHOOD
PDQXWHQ]LRQH
HOHWWURYDOYROH
3RUWHOOD
PDQXWHQ]LRQH
SUH¿OWUR
M
E
3RUWHOOD
PDQXWHQ]LRQH
FDUWXFFH
L
&HVWHOORSRUWDVFRULH
FDSDFLWjOLWUL
O
G
A
F
H
9DOYRODDIDUIDOOD
GLUHJROD]LRQH
GHOODSRUWDWD
,QJUHVVRDULD
,QJUHVVRDULD
8VFLWDDULD
L
D
I
J
K
%DVDPHQWR
FHPHQWR
DUPDWR
B
-
PP
,
PP
N
6,67(0,),/75$17,$&$578&&(
',0(16,21,
8VFLWDDULD
,)&7
±
±
±
1ƒ0
1ƒ0
1ƒ0
6,67(0,),/75$17,$0$1,&+(
),/75,$0$1,&+(
,)0
,O ¿OWUR D PDQLFKH DXWRSXOHQWH QV PRG ,)0 WURYD LPSLHJR SHU OD ¿OWUD]LRQH GHOO
DULD GDJOL LQTXLQDQWL
SURGRWWLQHOOHLQGXVWULHPHFFDQLFKHIRQGHULHLQGXVWULDFKLPLFDDOLPHQWDUHPDUPRQHOOHRSHUD]LRQLGL
VDOGDWXUDVEDYDWXUDHPRODWXUD
*UD]LHDOVLVWHPDGLSXOL]LDDXWRPDWLFDDGDULDFRPSUHVVDqSRVVLLEOHSXOLUHJOLHOHPHQWL¿OWUDQWLVHQ]D
LQWHUURPSHUHOHYDULHODYRUD]LRQLFRQVHQWHQGRLOGLVWDFFRGHOODSROYHUHHODVXDVXFFHVVLYDSUHFLSLWD]LRQH
QHOFRQWHQLWRUHGLUDFFROWDSRVWRDOODEDVHGHOJUXSSRRLQXQVLVWHPDGLVFDULFRDXWRPDWLFRWUDPLWH
YDOYRODVWHOODUHHGHYHQWXDOHFRFOHD
2YHVLDULFKLHVWRLQDSSOLFD]LRQHSDUWLFRODUHq¶SRVVLELOHODIRUQLWXUDGHOVLVWHPDFHUWL¿FDWR$7(;
&$5$77(5,67,&+(&2675877,9(
‡6WUXWWXUDHSDQQHOOLDXWRSRUWDQWLLQUREXVWRDFFLDLRDOFDUERQLRVDOGDWRHYHUQLFLDWRDSROYHULDSSRJJLDWD
VXUREXVWHJDPEHGLVRVWHJQR
‡6H]LRQH ¿OWUDQWH FRPSRVWD GDO SOHQXP DULD SROYHURVD SHU LO FRQWHQLPHQWR GHOOH PDQLFKH ¿OWUDQWL
SRVL]LRQDWRWUDODFDPHUDVXSHULRUHQHOODTXDOHYLHQHFRQYRJOLDWDO
DULDSXOLWDHODWUDPRJJLDLQIHULRUH
GLFRQYRJOLDPHQWRSROYHUL&HVWHOOLSRUWDPDQLFKHFRPSOHWLGLYHQWXUL
‡$SSDUDWRGLSXOL]LDDULDFRPSUHVVDFRPSRVWRGDXQVHUEDWRLRGLDFFXPXORDULDFRPSUHVVDFHUWL¿FDWR
YDOYROHDPHPEUDQDDGDOWDYHORFLWjGLULVSRVWDFRQUHODWLYDHOHWWURYDOYRODSLORWDWLSR)XOO,PPHUVLRQ
‡&HQWUDOLQDHOHWWURQLFDFRQSRVVLELOLWjGLUHJROD]LRQHGHOWLSRGLVRI¿RHGHOWHPSRGLSDXVDH0LVXUDWRUH
GLIIHUHQ]LDOH GHOOD SUHVVLRQH FRQ LQGLFD]LRQH GLJLWDOH GHO YDORUH PLVXUDWR /D SXOL]LD DYYLHQH VROR
VHVHUYHULVSDUPLDQGRDULDFRPSUHVVDGLPLQXHQGRFRVuO¶XVXUDGHJOLHOHPHQWL¿OWUDQWLFRQQRWHYROH
ULVSDUPLRHQHUJHWLFRHULGX]LRQHGHLFRVWLGLJHVWLRQH
‡%LGRQH GL UDFFROWD SROYHUL SRVWR VRWWR DOOD WUDPRJJLD FRPSOHWR GL JXDUQL]LRQL GL WHQXWD VLVWHPD GL
VJDQFLRUDSLGRHUXRWHSLYRWWDQWL
‡3RUWHOOLG¶LVSH]LRQHLQDFFLDLRYHUQLFLDWRFRPSOHWLGLFKLXVXUHGLVLFXUH]]DHJXDUQL]LRQLGLWHQXWD
$33/,&$=,21,
,PSRUWDQWL SUREOHPDWLFKH GL GHSROYHUD]LRQH
RYHLOTXDQWLWDWLYRGLSROYHUHGDVHSDUDUHVRWWRLO
SUR¿ORGHOOHFRQFHQWUD]LRQLVLDSDUWLFRODUPHQWH
JUDYRVR H SRVVD HVVHUH SUHVHQWH DQFKH XQ
FHUWRJUDGRGLXPLGLWj
7$%(//$',6(/(=,21(
',0(16,21$0(172,1)81=,21('(//¶$33/,&$=,21(
7LSRLQTXLQDQWHDSROYHULGL
$OOXPLQLR
&HPHQWRFDOFH
&HQHULGLFDUERQHIUHGGH
&XRLR39&PDUPR
)DULQDODWWH]XFFKHUR
&DUDWWHULVWLFDLQTXLQDQWH
3RWHQ]LDOPHQWHHVSORVLYR$7(;
,JURVFRSLFR
0ROWROHJJHUR
(OHWWURVWDWLFR
3RWHQ]LDOPHQWHHVSORVLYR$7(;
9HORFLWjGL¿OWUD]LRQHPV
0LQ
0D[
5DSSRUWRGL¿OWUD]LRQHPPK
0LQ
0D[
$37
*HVVR
,GURVFRSLFRLPSDFFDQWH
*KLVD
$JJORPHUDQWH
/HYLJDWXUDOHJQRYHUQLFH
3ROYHUL¿QL
0DFLQDWXUDSODVWLFKH
(OHWWURVWDWLFR
/XFLGDWXUDRWWRQH,QR[
$GHUHQWHSUHVHQ]DGL¿EUH
0HWDOOL]]D]LRQH
3UHVHQ]DSDUWLFHOOHVXEPLFURQLFKH
1HURIXPRIHUWLOL]]DQWLIDUPDFHXWLFKH
,JURVFRSLFR
3ROYHULGLFDUERQH
3RWHQ]LDOPHQWHHVSORVLYR$7(;
0RODWXUDPHWDOOL
2VVLWDJOLRLQWHQVLYR
3UHPLVFHODWLFRQ¿EUH
6DEELDWXUD
(OHWWURVWDWLFR
3UHVHQ]DSDUWLFHOOHVXEPLFURQLFKH
,JURVFRSLFRSUHVHQ]D¿EUDGLYHWUR
$EUDVLYR
$3
$3$
$37
$37
$37
$37$3$
$3$
$3
$3$
$37
0ROWRVRWWLOH
0ROWRVRWWLOHSUHVHQ]DROLR
$3$
)XPLGLVDOGDWXUDVXODPLHUDGDFDSDWD
)XPLGLVDOGDWXUDVXODPLHUDJUDVVD
7LSRGLWHVVXWR)LOWUDQWH
$3$
$3,
$37
$37
$3$37$3$
$1
$3$
$3
6FRUL¿FDDOOXPLQLR
3UHVHQ]DGLÀRUXUL
6HJDWXUD¿QH
3RWHQ]LDOPHQWHHVSORVLYR$7(;
6PHULJOLDWXUDVXODPLHUDGHFDSDWD
(OHWWURVWDWLFR
7DJOLRJRPPD
$JJORPHUDQWHHOHWWURVWDWLFR
$3$
$37
$3$
6FULFFDWXUDFRQHOHWWURGRDOODJUD¿WH
6¿DWLVLORVSROYHULSODVWLFKHPDWWRQLPDUPR
6PHULJOLDWXUDVXODPLHUDJUDVVD
0ROWRVRWWLOH
3ROYHUL¿QL
*UDVVR
7DJOLRODVHUVXSOH[LJODV
$GHUHQWHSROLPHUL]]DQWH
7HUUD
,GURVFRSLFR
7DJOLRODVHUSODVPD
9HUQLFLDWXUD
/(*(1'$
$3 $JXJOLDWRSROLHVWHUH
$1 $JXJOLDWR1RPH[
3UHVHQ]DSDUWLFHOOHVXEPLFURQLFKH
(OHWWURVWDWLFR
$37 $JXJOLDWRSROLHVWHUHWHÀRQDWR
$3$ $JXJOLDWRSROLHVWHUHDQWLVWDWLFR
$3, $JXJOLDWRGLSROLHVWHUHLGURUHSHOOHQWH
$37
$3$37$3$
$3
$3$
$3,
$37
$3
6&(/7$',(6(03,2
3RUWDWDPK3ROYHUHGLRVVLWDJOLRLQWHQVLYR
PKUDSSGL¿OWUD]LRQH P )LOWUR,)0
/DVFHOWDGHOUDSSRUWRGL¿OWUD]LRQH0,10$;qGLHVFOXVLYDUHVSRQVDELOLWjGHOFOLHQWHLQIXQ]LRQHGHOO¶DWWHQWDDQDOLVLGHOSURFHVVRJUDQXORPHWULDRUHGLODYRURTXDQWLWjRSDUWLFRODULSUHVFUL]LRQLGLOHJJH
3RUUHSDUWLFRODUHDWWHQ]LRQHDOOHFDUDWWHULVWLFKHGHOPH]]R¿OWUDQWH
6,67(0,),/75$17,$0$1,&+(
'LPHQVLRQL¿OWULFRQELGRQLGLUDFFROWDSROYHUL
6&$/$
237,21$/
3$5$3(772
237,21$/
02'(//2(675$=,21('$//¶$/72&21%,'21,',5$&&2/7$32/9(5,,)0(67%
02'
683(5),&,(
),/75$17(
P
PP
/
3(62),/7526(1=$ 3(62
&2&/($(52729
6&$/$
.J
.J
3(62),/7526(1=$ 3(62
&2&/($(52729
6&$/$
P
PP
.J
.J
%$5
JHWWRDULD
FRPSUHVVD
VHFHSDXVD
VHF
1PLQXWR
683(5),&,(
),/75$17(
/
&216802
$5,$
.J
02'
3$5$3(772
237,21$/
02'(//2(675$=,21('$//¶$/72&21&2&/($(52729$/92/$6&$5,&232/9(5,,)073&5
3(62
3$5$3(772
'LPHQVLRQL¿OWULFRQFRFOHDHURWRYDOYRODGLVFDULFRSROYHUL
6&$/$
237,21$/
,)0
3(62
3$5$3(772
.J
&216802
$5,$
%$5
JHWWRDULD
FRPSUHVVD
VHFH
SDXVDVHF
1PLQXWR
$&&(6625,,)0
$63,5$725(
%2;,162125,==$7,3(5$63,5$725,
6,/(1=,$725,
9HQWLODWRUH FHQWULIXJR D VHPSOLFH DVSLUD]LRQH LQ DFFLDLR
YHUQLFLDWR H JLUDQWH D SDOH URYHVFH VDOGDWH LQ DFFLDLR
GL JURVVR VSHVVRUH LGRQHD DO WUDVSRUWR GL DULD DQFKH
PROWR SROYHURVD /H FDUDWWHULVWLFKH GL SRUWDWH HOHYDWH H
SUHYDOHQ]HPHGLRDOWHROWUHDOO¶DPSLDJDPPDGLJUDQGH]]H
GLVSRQLELOL DQFKH LQ YHUVLRQH VSHFLDOH R D WUDVPLVVLRQH
VRQR QRUPDOPHQWH XWLOL]]DWL QHJOL LPSLDQWL FHQWUDOL]]DWL
GL DVSLUD]LRQH /D JHRPHWULD GHOOD JLUDQWH H OD WLSRORJLD
FRVWUXWWLYD FRQVHQWRQR O¶LPSLHJR LQ YDUL VHWWRUL JDV GL
VFDULFRIXPLGLVDOGDWXUDÀXLGLSROYHURVLFRQWHPSHUDWXUH
¿QRDƒ&HROWUHQHOOHYHUVLRQLVSHFLDOL
&DELQD DIRQD SHU YHQWLODWRUL FHQWULIXJKL ULGXFH OD
UXPRURVLWj LQGRWWD GDOOD YHORFLWj GL URWD]LRQH GHL PRWRUL
HOHWWULFL H GHL ÀXVVL G¶DULD /¶DFFRSSLDPHQWR D VLOHQ]LDWRUL
LQ ULSUHVD H LQ PDQGDWD JDUDQWLVFRQR XQ DEEDWWLPHQWR
DFXVWLFR HOHYDWR /D VWUXWWXUD SRUWDQWH LQ DOOXPLQLR H OH
SDQQHOODWXUH VDQGZLFK VSHVVRUH PP SUHYHUQLFLDWD
FRQVHQWRQRUREXVWH]]DHUHVLVWHQ]DDJOLDJHQWLHVWHUQL
5HDOL]]DWL LQ ODPLHUD G¶DFFLDLR ]LQFDWD FRQ PDQLFRWWL SHU
LO ¿VVDJJLR DOOH WXED]LRQL ULJLGH H ULYHVWLWL GL PDWHULDOH
IRQRDVVRUEHQWHLQODQDGLURFFLDDGDOWDGHQVLWj
,VLOHQ]LDWRULVRQRXWLOL]]DWLSHUO¶DEEDWWLPHQWRGHOUXPRUH
9$/92/(67(//$5,
&2&/($
6&$/((3$5$3(77,
3HU OR VFDULFR LQ FRQWLQXR GDOOD WUDPRJJLD GL HOHYDWH
TXDQWLWj GL SROYHUH $G HVHPSLR DSSOLFD]LRQL GHO ¿OWUR
LQ LPSLDQWL GL WUDVSRUWR SQHXPDWLFR R VX FRQWHQLWRUL GL
UDFFROWDVHSDUDWL
&RVWUXLWLVHFRQGRQRUPDWLYHXWLOL]]DWLVSHFLDOPHQWHVX¿OWUL
FRQDSHUWXUDGHLVSRUWHOOLGLLVSH]LRQHSRVL]LRQDWLVXOWHWWR
9LHQH DSSOLFDWD SHU OR VFDULFR LQ FRQWLQXR GHOOH SROYHUL
GDOOH WUDPRJJH 3RWHQ]LDOLWj H PDWHULDOL FRVWUXWWLYL GLYHUVL
D VHFRQGD GHO FDULFR H GHOOD QDWXUD GHO SDUWLFRODWR GD
VFDULFDUH
&$5$77(5,67,&+(
$33/,&$=,21,
, VLOHQ]LDWRUL VL DSSOLFDQR QHJOL LPSLDQWL GL
FRQGL]LRQDPHQWR GHOO¶DULD H YHQWLOD]LRQH SHU
DWWHQXDUH LO UXPRUH SURGRWWR GDL YHQWLODWRUL H
WUDVSRUWDWRGDOIOXVVRG¶DULD
7
6HWWL
6
PP
PP
1ƒ
PP
3DVVDJJLDULD
6
1ƒ
6
PP
3DVVDJJLDULD
6
',0(16,21$/,
1ƒ
6
7
6
7
3
%
6
)ODQJLD GD PP ROWUH PW GL SHULPHWUR
66,5
%DVH
)ODQJLDGDPP¿QRDPWGLSHULPHWUR
6,5
6LOHQ]LDWRUH GD FDQDOH UHWWDQJRODUH FRVWLWXLWR GD WHODLR LQ ODPLHUD GL DFFLDLR ]LQFDWR VHWWL
IRQRDVVRUEHQWL LQ ODQD PLQHUDOH FRQ GHQVLWj .JP ULYHVWLWL LQ YHORYHWUR H FRPSOHWR GL IODQJH SHU
FROOHJDPHQWRDLFDQDOL
9HUVLRQLGLVSRQLELOL
‡6LOHQ]LDWRUHFRQSDVVDJJLRDULDGDPPHVHWWLGDPP6,5
‡6LOHQ]LDWRUHFRQSDVVDJJLRDULDGDPPHVHWWLGDPP6,5
‡6LOHQ]LDWRUHFRQSDVVDJJLRDULDGDPPHVHWWLGDPP6,5
‡6LOHQ]LDWRUHFRQUHWHVWLUDWDLQDFFLDLRGLFRQWHQLPHQWR6,556,556,55
+
6,/(1=,$725(5(77$1*2/$5(
6,566,5
6,/(1=,$725,5(77$1*2/$5,
3(5',7$',&$5,&2(58025(*(1(5$72
9PV
¨SW3D
6,5
/Z$G%$
¨SW3D
6,5
/Z$G%$
7$%(//$',$77(18$=,21($&867,&$G%
6,5
¨SW3D
/Z$G%$
0RG
6SHVVRUH 3DVVDJJLR
/XQJKH]]D
VHWWR
DULD
PP
6,5
6,5
‡ 9YHORFLWjULIHULWDDOODVH]LRQH%[+PV ‡ /Z$ OLYHOORGLSRWHQ]DVRQRUDG%$
‡ ¨S SHUGLWDGLFDULFRWRWDOH3D
‡ 5DSSRUWRVH]LRQHOLEHUDVH]LRQHWRWDOH6,56,56,5
6,5
W
W
PP
PP
%DQGDG¶RWWDYD+]
66,56HWWLIRQRDVVRUEHQWLSHUVLOHQ]LDWRULUHWWDQJRODUL
/DPLHUDG¶DFFLDLR]LQFDWDVSHVVRUHPPVHWWLGDPPVSHVVRUHPPDOWULVHWWL
/DQDGLURFFLDGHQVLWj.JPULYHVWLWRFRQWURORVIDOGDPHQWRGDYHORYHWURQHURFODVVHGLUHVLVWHQ]DDOIXRFR02
',0(16,21,
6
+
+
+
/
í3 6
3
/
%
6
/
6,/(1=,$725(&,5&2/$5(
6,&6,9
&$5$77(5,67,&+(&2675877,9(
6LOHQ]LDWRUH GD FDQDOH FLUFRODUH PRGHOOR 6,& 6,9 FRVWLWXLWR GD WHODLR LQ ODPLHUD GL DFFLDLR ]LQFDWR
ULYHVWLPHQWRIRQRDVVRUEHQWHLQODQDPLQHUDOHFRQGHQVLWj.JPULYHVWLWLLQYHORYHWUR
9HUVLRQLGLVSRQLELOL
‡6LOHQ]LDWRUHFLUFRODUHVHQ]DRJLYD6,&
‡6LOHQ]LDWRUHFLUFRODUHFRQRJLYD6,9
‡$FFLDLR,QR[DULFKLHVWD
6,&
‘<
‘,
‘,
/DQDGLURFFLD
6,9
‘(
‘)
/
‘(
‘)
/
$33/,&$=,21,
, VLOHQ]LDWRUL FLUFRODUL VL DSSOLFDQR VXL FRQGRWWL
FLUFRODUL GHJOL LPSLDQWL GL YHQWLOD]LRQH
LQGXVWULDOL
(VVL FRVWLWXLVFRQR XQ FRPSOHPHQWR TXDVL
REEOLJDWRULRSHULYHQWLODWRULDVVLDOLLQWXEDWL
',0(16,21$/,
/DQDGLURFFLD
'Q
‘,
‘(
‘)
)RUL
‘)RUL
‘,QVHUWR
‘<
/ 'Q
/ 'Q
/ 'Q
PP
PP
PP
PP
1ƒ
PP
PP
PP
PP
PP
PP
0$
0$
0$
6,/(1=,$725,&,5&2/$5,
7$%(//$',$77(18$=,21($&867,&$6,&6LOHQ]LDWRUHFRQRJLYD
0RG
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
6,&
/
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
%DQGDG¶RWWDYD+]
7$%(//$',$77(18$=,21($&867,&$6,&6LOHQ]LDWRUHVHQ]DRJLYD
0RG
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
6,9
/
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
'Q
%DQGDG¶RWWDYD+]
*5,*/,$35(6$$5,$(67(51$$)21,&$
*5,*/,$35(6$$5,$
(67(51$$)21,&$
*56,/
&$5$77(5,67,&+(&2675877,9(
*ULJOLDGLSUHVDDULDHVWHUQDDIRQLFDFRVWLWXLWDGDXQUREXVWRWHODLRLQODPLHUDGLDFFLDLR]LQFDWRGHOOR
VSHVVRUHGLPPHGDDOHWWHLQFOLQDWHLQODPLHUDG¶DFFLDLR]LQFDWRVSHVVRUHPPFRQSDUWLFRODUH
SURILORSHULOFRQWHQLPHQWRGHOPDWHULDOHIRQRDVVRUEHQWH
9HUVLRQLGLVSRQLELOL
‡(VHFX]LRQHVHPSOLFH*56,/
‡(VHFX]LRQHGRSSLDVXULFKLHVWD*56,/'
3(5',7$',&$5,&2
9
¨SW3D
PV
$33/,&$=,21,
/H JULJOLH DIRQLFKH SRVVRQR HVVHUH DSSOLFDWH
FRPH SDUHWL VFKHUPDQWL DWWRUQR D WRUUL GL
UDIIUHGGDPHQWR G¶DFTXD JUXSSL IULJRULIHUL H
FRQGHQVDWRULDGDULD
3RVVRQR HVVHUH DSSOLFDWH D SDUHWH QHL SLDQL
WHFQLFLQHLSXQWLGLSUHOLHYRGHOO¶DULDHVWHUQDR
GL HVSXOVLRQH GHOO¶DULD YL]LDWD QHJOL LPSLDQWL GL
YHQWLOD]LRQH
6RQR LGRQHH DQFKH SHU OD YHQWLOD]LRQH GL
JUXSSL HOHWWURJHQL H QHL SDUFKHJJL FKLXVL R
VRWWHUUDQHL
',0(16,21$/,
6025=$0(172
)UHTXHQ]D
(VHFX]LRQH
VHPSOLFH
*56,/
(VHFX]LRQH
GRSSLD
*56,/'
+]
G%
G%
‡ 9YHORFLWjULIHULWDDOODVH]LRQH
%[+>[email protected]
‡ ¨SWSHUGLWDGLFDULFRWRWDOH>[email protected]
&(//( ),/75$17,
))
'(6&5,=,21(
&HOOH¿OWUDQWLSLDQHFRVWLWXLWHGDXQUREXVWRWHODLRPHWDOOLFRLQODPLHUD]LQFDWDFRQUHWHGL
SURWH]LRQH]LQFDWDFKHUDFFKLXGRQRXQVHWWR¿OWUDQWHLQ¿EUDGLSROLHVWHUH
)&HOOHILOWUDQWLSLDQH)&HOOHILOWUDQWLRQGXODWH
7HODLR/DPLHUD]LQFDWDFRQUHWHGLSURWH]LRQH
6HWWRILOWUDQWH)LEUHGLSROLHVWHUHSHU)HILEUHGLSROLHVWHUHFRQVSHFLDOHSLHJKHWWDWXUDSHU)
$33/,&$=,21,
)
)
,PSLDQWL GL YHQWLOD]LRQH H FRQGL]LRQDPHQWR FLYLOH H LQGXVWULDOH FHQWUDOL GL
WUDWWDPHQWRDULDJHQHUDWRULG¶DULDFDELQHGLYHUQLFLDWXUDDULDGLULFLUFRORLQ
LQJUHVVRRXVFLWD
,PSLDQWL GL YHQWLOD]LRQH H FRQGL]LRQDPHQWR FLYLOH H LQGXVWULDOH FHQWUDOL GL
WUDWWDPHQWR DULD SDUHWL ¿OWUDQWL SUH¿OWUD]LRQH H VHSDUD]LRQH GL SROYHUL
JURVVRODQHH¿QLSULPRVWDGLRQHLPRGXOL¿OWUDQWL
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
02')
0DWHULDOHILOWUDQWH
ILEUHGLSROLHVWHUH
5LJHQHUDELOLWj
Vu
&RPSRUWDPHQWRDOODILDPPD
',1)
&ODVVH(1
*
6SHVVRUH
PP
3HUGLWDGLFDULFRLQL]LDOH
3D
VSVS
VSVS
3HUGLWDGLFDULFRILQDOHFRQVLJOLDWD
3D
VSVS
VSVS
&DSDFLWjGLDFFXPXORSROYHUL
02')
JP
*UDGRGLVHSDUD]LRQHPHGLR
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
9HORFLWjIURQWDOHFRQVLJOLDWD
PV
PP
GD[D[
8PLGLWjUHODWLYD
'LPHQVLRQLUHDOL]]DELOL
&(//(),/75$17,$&5,/,&+(
35(67$=,21,3RUWDWDDULDQRPLQDOHPìK
'LPHQVLRQLIURQWDOL
9(/2&,7¬',$775$9(56$0(172PV)
[
[
[
[
[
[
[
¨S 3DVSPP
¨S 3DVSPP
'LPHQVLRQLIURQWDOL
6S
6S
6S
9(/2&,7¬06)
6S
6S
6S
6S
6S
6S
6S
[
[
[
[
[
[
[
¨S3D
,QVWDOOD]LRQH
)
)
/¶LQVWDOOD]LRQHGHL¿OWUL)SXzDYYHQLUHLQPRGL
VLVWHPD]LRQHSLDQDSHUSHQGLFRODUHDOÀXVVRG¶DULDSHUEDVVDYHORFLWjIURQWDOHGHOO¶DULD¿QRDPVHQWURDSSRVLWHJXLGHD³8´
DOORJJLDWLLQDSSRVLWLFRQWURWHODLGDFDQDOH)SHUYHORFLWjIURQWDOHGHOO¶DULD¿QRDPV
/¶LQVWDOOD]LRQHGHL¿OWUL)SXzDYYHQLUHLQPRGL
VLVWHPD]LRQHSLDQDSHUSHQGLFRODUHDOÀXVVRG¶DULDSHUEDVVDYHORFLWjIURQWDOHGHOO¶DULD¿QRDPVHQWURDSSRVLWHJXLGHD³8´
DOORJJLDWLLQDSSRVLWLFRQWURWHODLGDFDQDOH)SHUYHORFLWjIURQWDOHGHOO¶DULD¿QRDPV
0DQXWHQ]LRQH
,O¿OWURGRYUjHVVHUHULJHQHUDWRRVRVWLWXLWRDOUDJJLXQJLPHQWRGHOODSHUGLWDGLFDULFR¿QDOHFRQVLJOLDWDRDOOLPLWHGHOODPDVVLPDLQGLFDWD7DOHPRGHOORqOLPLWDWDPHQWHULJHQHUDELOH
6PDOWLPHQWR
,¿OWUL)H)VRQRFRVWUXLWLFRQPDWHULDOLLQHUWLFKHTXDORUDQRQLQTXLQDWLGDVRVWDQ]HWRVVLFRQRFLYHGHULYDQWLGDOO¶XWLOL]]RSRVVRQRHVVHUHVPDOWLWLFRPHUL¿XWLVROLGLXUEDQL
&(//( ),/75$17,
'(6&5,=,21(
&HOOH¿OWUDQWLPHWDOOLFKHFRVWLWXLWHGDXQUREXVWRWHODLRPHWDOOLFRLQODPLHUDG¶DFFLDLR]LQFDWR
FRQUHWLGLSURWH]LRQHHOHWWURVDOGDWHDPDJOLD[HVHWWR¿OWUDQWHLQ¿ORGLDOOXPLQLRD
VH]LRQHSLDWWD
/DVHULH),0,XWLOL]]DDFFLDLRLQR[DOSRVWRGHOOR]LQFDWR
)=0$H),0,
7HODLR/DPLHUDG¶DFFLDLR]LQFDWDFRQUHWHGLSURWH]LRQHHOHWWURVDOGDWHSHU)=0$H
DFFLDLR,QR[SHU),0,
6HWWR ILOWUDQWH )LOR G¶DOOXPLQLR D VH]LRQH SLDWWD SHU ) =0$ H ILOR GL DFFLDLR ,QR[ FRQ
UHWHGLSURWH]LRQHLQDFFLDLR,QR[SHU),0,
$33/,&$=,21,
))
)LOWUD]LRQH G¶DULD LQ DPELHQWL FRQ DWPRVIHUH SDUWLFRODUPHQWH
DJJUHVVLYH ¿OWUD]LRQH DQWLJUDVVR H DQWLVFLQWLOOD SDUWLFRODUPHQWH LQGLFDWL
SHUOD¿OWUD]LRQHGLYDSRULJUDVVLHQHEELHG¶ROLR
)LOWUD]LRQH G¶DULD LQ DPELHQWL FRQ DWPRVIHUH SDUWLFRODUPHQWH
DJJUHVVLYH ¿OWUD]LRQH DQWLJUDVVR H DQWLVFLQWLOOD VHSDUD]LRQH GL QHEELH
G¶ROLRDVSLUD]LRQHIXPLHYDSRULLQFXFLQHHSLDQLGLFRWWXUD
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
0DWHULDOHILOWUDQWH
02'),0,
ILORGLDOOXPLQLRDVH]LRQHSLDWWD
ILORGLDFFLDLR,QR[
5LJHQHUDELOLWj
RWWLPDOH
&RPSRUWDPHQWRDOODILDPPD
LJQLIXJR
&ODVVH(1
02')=0$
*
6SHVVRUH
PP
3HUGLWDGLFDULFRLQL]LDOH
3D
VSVSVS
3HUGLWDGLFDULFRILQDOHFRQVLJOLDWD
3D
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
9HORFLWjIURQWDOHFRQVLJOLDWD
PV
8PLGLWjUHODWLYD
&(//(),/75$17,0(7$//,&+(
35(67$=,21,3RUWDWDDULDQRPLQDOHPìK
'LPHQVLRQLIURQWDOL
9(/2&,7¬',$775$9(56$0(172PV)=0$
[
[
[
[
[
[
[
¨S 3DVSPP
¨S 3DVSPP
'LPHQVLRQLIURQWDOL
[
[
[
[
[
9(/2&,7¬',$775$9(56$0(172PV),0,
[
¨S 3DWKLFNPP
[
¨S 3DWKLFNPP
,QVWDOOD]LRQH
/¶LQVWDOOD]LRQHGHL¿OWUL)=0$H),0,SXzDYYHQLUHLQPRGL
VLVWHPD]LRQHSLDQDSHUSHQGLFRODUHDOÀXVVRG¶DULDSHUEDVVDYHORFLWjIURQWDOHGHOO¶DULD¿QRDPVHQWURDSSRVLWHJXLGHD³8´
DOORJJLDWLLQDSSRVLWLFRQWURWHODLGDFDQDOHSHUYHORFLWjIURQWDOHGHOO¶DULD¿QRDPV
0DQXWHQ]LRQH
,¿OWULPHWDOOLFL)=0$H),0,VRQR¿OWULGLQRWHYROHUHVLVWHQ]DHGXUDWD,OPRPHQWRGHOODORURVRVWLWX]LRQHYDULOHYDWRYLVLYDPHQWHPHQWUHQHFHVVLWDQRGLULJHQHUD]LRQLLQTXDQWR
WUDWWDQRJHQHUDOPHQWHDULDLPSXUDHGHQVDGLSDUWLFHOOH/DULJHQHUD]LRQHDYYLHQHPHGLDQWHODYDJJLRFRQDJJLXQWDGLDSSRVLWLVROYHQWL,OVHWWR¿OWUDQWHSXzHVVHUHDVFLXJDWRFRQDULD
FDOGDRFRQDULDFRPSUHVVD
6PDOWLPHQWR
,¿OWUL)=0$H),0,VRQRFRVWUXLWLFRQPDWHULDOLLQHUWLFKHTXDORUDQRQLQTXLQDWLGDVRVWDQ]HWRVVLFRQRFLYHGHULYDQWLGDOO¶XWLOL]]RSRVVRQRHVVHUHVPDOWLWLFRPHUL¿XWLVROLGLXUEDQL
&(//( ),/75$17,
),/75,$7$6&+(
'(6&5,=,21(
)LOWULDWDVFKHFRQVHWWRLQPLFUR¿EUDVLQWHWLFDHWHODLRLQODPLHUD]LQFDWDWDVFKHVRVWHQXWH
HDVVHPEODWHWUDORURDWWUDYHUVRVSHFLDOLLQVHUWLPHWDOOLFLFKHJDUDQWLVFRQRODSHUIHWWDWHQXWD
HVHWWL¿OWUDQWLLQPLFUR¿EUDGLYHWUR
,PSLDQWLGLYHQWLOD]LRQHHFRQGL]LRQDPHQWRSHUVHSDUD]LRQHGLSROYHUL¿QLH
DHURVROSUH¿OWUD]LRQHSHU¿OWULDVVROXWL¿OWUD]LRQH¿QDOHDQFKHGLVRVWDQ]H
LQVRVSHQVLRQH
)6
7HODLR/DPLHUD]LQFDWDSHU)9HODPLHUD]LQFDWDSHU)6
6HWWRILOWUDQWH0LFURILEUDGLYHWURSHU)9HPLFURILEUDVLQWHWLFDSHU)6
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
5LJHQHUDELOLWj
02')9
QR
&RPSRUWDPHQWRDOODILDPPD
&ODVVH8/
&ODVVH(1
)
6SHVVRUH
PP
3HUGLWDGLFDULFRLQL]LDOH
3D
3HUGLWDGLFDULFRILQDOHFRQVLJOLDWD
3D
(I¿FLHQ]DFRORULPHWULFD
&RORUH
$33/,&$=,21,
)
)
)6
$5$1&,2
526$
3$*/,(5,12
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
8PLGLWjUHODWLYD
'LPHQVLRQL
IURQWDOL
PP
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
[[
7DVFKH
Q
)6
6YLOXSSR
VHWWR
3RUWDWD
DULD
9HORFLWj
DWWUDY
3HVR
P
PK
PV
.J
,QVWDOOD]LRQH 3HU XQ FRUUHWWR IXQ]LRQDPHQWR LO ¿OWUR SXz HVVHUH
DWWUDYHUVDWRGDOO¶DULDLQPRGL
‡)OXVVR G¶DULD RUL]]RQWDOH LO ¿OWUR q SHUSHQGLFRODUH DO ÀXVVR H OH WDVFKH
ULVXOWDQRGLVSRVWHYHUWLFDOPHQWH
‡)OXVVRG¶DULDYHUWLFDOHGDOO¶DOWRYHUVRLOEDVVRLO¿OWURqSHUSHQGLFRODUHDO
ÀXVVRHOHWDVFKHULVXOWDQRULYROWHYHUVRLOEDVVR
/¶LQVWDOOD]LRQH DYYLHQH PHGLDQWH DSSRVLWL FRQWURWHODL FKH FRQVHQWRQR
VHPSOLFLRSHUD]LRQLGLPDQXWHQ]LRQHHVPRQWDJJLR
0DQXWHQ]LRQH 4XHVWD WLSRORJLD GL ¿OWUL QRQ q ULJHQHUDELOH SHUWDQWR VL
FRQVLJOLDODVRVWLWX]LRQHFRPSOHWDGHO¿OWURDOUDJJLXQJLPHQWRGHOODSHUGLWD
GLFDULFR¿QDOHFRQVLJOLDWD
6PDOWLPHQWR$O¿QHGLVPDOWLUHFRUUHWWDPHQWHLO¿OWURRFFRUUHVHSDUDUHLO
WHODLRGLDFFLDLRULFLFODELOHGDOODPHGLD¿OWUDQWHSHUPHWWHQGRORVPDOWLPHQWR
GLIIHUHQ]LDWRGHLGLYHUVLFRPSRQHQWL
&(//( ),/75$17,
),/75,$7$6&+(5,*,'(
'(6&5,=,21(
$33/,&$=,21,
3URGRWWR))))
7HODLR5REXVWRVWDPSDWRSODVWLFDDWRVVLFRLQFHQHULELOH
6HWWRILOWUDQWH0LFURILEUDGLYHWURLJQLIXJDLGURUHSHOOHQWH
)
,¿OWULDWDVFDULJLGDVLXWLOL]]DQRLQLPSLDQWLGLWLSRFLYLOHHLQGXVWULDOHGRYH
VRQRULFKLHVWHSUHVWD]LRQLPROWRHOHYDWH6RQRLQGLFDWLLQLPSLHJRSUHVVR
LQGXVWULHHOHWWURQLFKHDOLPHQWDULLQODERUDWRULHFRPHVHFRQGRVWDGLRLQ
DPELHQWLGLWLSRRVSHGDOLHURHIDUPDFHXWLFR
)LOWUL D WDVFKH ULJLGH FRVWLWXLWL GD XQ UREXVWR WHODLR LQ PDWHULDOH SODVWLFR VWDPSDWR PHGLD
¿OWUDQWHLQPLFUR¿EUDGLYHWURLJQLIXJDLGURUHSHOOHQWHHI¿FLHQ]DFODVVH))))
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
02')
5LJHQHUDELOLWj
(IILFLHQ]DFRORULPHWULFD
QR
&ODVVH(1
&ODVVLILFD]LRQH(8529(17
)
)
)
)
(8
(8
(8
(8
(P
”(P
3HUGLWDGLFDULFRLQL]LDOH
3D
3HUGLWDGLFDULFR¿QDOHFRQVLJOLDWD
3D
(I¿FLHQ]DPHGLD(P—P
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
8PLGLWjUHODWLYD
(P
(P2
,QVWDOOD]LRQH
/¶LQVWDOOD]LRQHGHL¿OWULDWDVFKHULJLGHRIIUHQXPHURVHDOWHUQDWLYHULVSHWWRDL¿OWULDWDVFDPRUELGD
/DVWUXWWXUDULJLGDRIIUHDOÀXVVRGHOO¶DULDO¶LQWHUDVXSHU¿FLH¿OWUDQWHGLVSRQLELOHSHUTXHVWRPRWLYRHVVLSRVVRQRHVVHUHLQVWDOODWLLQSRVL]LRQHRUL]]RQWDOHYHUWLFDOHHDFDQDOHWUDPLWH
DSSRVLWLPRGXOL
0DQXWHQ]LRQH
4XHVWDWLSRORJLDGL¿OWULQRQqULJHQHUDELOHSHUWDQWRVLFRQVLJOLDODVRVWLWX]LRQHFRPSOHWDGHO¿OWURDOUDJJLXQJLPHQWRGHOODSHUGLWDGLFDULFR¿QDOHFRQVLJOLDWD
6PDOWLPHQWR
,¿OWULDWDVFDULJLGDXWLOL]]DQRPDWHULDOLFKHSRVVRQRHVVHUHFRPSOHWDPHQWHLQFHQHULWLVPDOWLWLVHQ]DO¶HPLVVLRQHGLDOFXQJDVWRVVLFR
)&$
),/75,$&$5%21($77,92
'(6&5,=,21(
$33/,&$=,21,
3URGRWWR)&$
7HODLR$FFLDLR]LQFDWRYHUQLFLDWRDSROYHULHSRVVLGLFKHFRORUHQHUR
6HWWRILOWUDQWH5LYHVWLPHQWRHVWHUQRLQODPLHUDVWLUDWDYHUQLFLDWD
$VVRUELPHQWRGLRGRULHVRVWDQ]HWRVVLFKHLQIRUPDJDVVRVD3XUL¿FD]LRQH
GHOO¶DULD LQ LPSLDQWL D JURVVD SRUWDWD 3XUL¿FD]LRQH GHOO¶DULD DPELHQWH GD
LGURFDUEXULFRPSRVWLLQRUJDQLFLFRPSRVWLGLIXPL
)LOWULFRVWLWXLWLGDSLDVWUDLQDFFLDLR]LQFDWRYHUQLFLDWDDSROYHULHFDUWXFFLDLQODPLHUDG¶DFFLDLR
]LQFDWRFRQWHQHQWHFDUERQHDWWLYRLQJUDQXOL
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
5LJHQHUDELOLWj
3RUWDWDDULD
Vu
Vu
&DUWXFFH
1
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
3HUGLWDGLFDULFRLQL]LDOH
3HUGLWDGLFDULFRLQL]LDOH
3RUWDWDG
DULDPK
)&$[FDUWXFFH
.J
Vu
)&$[FDUWXFFH
Vu
.J
8PLGLWjUHODWLYD
4XDQWLWjFDUERQHWRWDOH
3HVRSLDVWUD
PK
3D
3HUGLWDGLFDULFR
02')&$
3RUWDWDG
DULDPK
/HFHOOHHOHWWURVWDWLFKHVHULH)(+JUD]LHDOOHORURGLPHQVLRQLVWDQGDUGL]]DWHLQFRQIRUPLWj
DOOH FDUDWWHULVWLFKH GLPHQVLRQDOL GHOOH WUDGL]LRQDOL WDVFKH ¿OWUDQWL H DO FLUFXLWR HOHWWURQLFR
LQWHJUDWRDWHQXWDVWDJQDJDUDQWLVFRQRXQDSHUIHWWDLQWHUFDPELDELOLWjFRQLPRGXOLDWDVFKH
H ¿OWUL SLDQL FRQ PLVXUH VWDQGDUG FKH HYLGHQ]LDQR FRVWRVH H FRQWLQXH VRVWLWX]LRQL 6RQR
FRVWUXLWH FRQ WHODLR LQ DOOXPLQLR VH]LRQH LRQL]]DQWH H FHOOD FROOHWWULFH LQ FRQ¿JXUD]LRQH
PRQREORFFR LQ DOOXPLQLR HOHWWURQLFD FRQ HOHYDWRUH GL WHQVLRQH LQWHUQR DOOD FHOOD H
VHJQDOD]LRQHGLIXQ]LRQDPHQWR
)(+
7HODLR/HJJHURLQDOOXPLQLRFRPSOHWDPHQWHULFLFODELOH
$OLPHQWD]LRQH9ROW+]
$33/,&$=,21,
, ¿OWUL HOHWWURVWDWLFL VL XWLOL]]DQR LQ LPSLDQWL GL WLSR FLYLOH H LQGXVWULDOH GRYH
VRQRULFKLHVWHHI¿FLHQ]HPROWRHOHYDWHVXLQTXLQDQWLGLWLSRPHGLR¿QL
—P 2WWLPD VROX]LRQH FRQWUR O¶LQTXLQDPHQWR RXWGRRU GD 30 30 H
30 ROWUH FKH RWWLPD SURWH]LRQH SHU OH EDWWHULD GL VFDPELR WHUPLFR H GHL
FDQDOLGLGLVWULEX]LRQHDULDGDOO¶LPEUDWWDPHQWRGLLQTXLQDQWLDWPRVIHULFL
3HUO
LQVHULPHQWRGLTXHVWL¿OWULDFDQDOHYHGHUHLPRGXOLGDSDJD
&$5$77(5,67,&+(7(&1,&+(
02')(+
TA
VET T
O
H
FE
PA
ED
BRE
&(//( ),/75$17,
'(6&5,=,21(
)(+
TENT
5LJHQHUDELOLWj
Vu
&ODVVH81,
$
&ODVVH81,
+
3HUGLWDGLFDULFRLQL]LDOH
3D
(I¿FLHQ]D,/+VX—P
3ROYHUL¿QLYDORUHOLPLWH
J
7HPSHUDWXUDYDORUHOLPLWH
ƒ&
8PLGLWjUHODWLYD
,OULIHULPHQWRDOODFODVVH+qVRORLQGLFDWLYR
,QVWDOOD]LRQH
/¶LQVWDOOD]LRQHGHL¿OWULHOHWWURVWDWLFLRIIUHQXPHURVHDOWHUQDWLYHVLDLQFDPSRFLYLOHFKHLQFDPSRLQGXVWULDOH&RQVHPSOLFLRSHUD]LRQLqSRVVLELOHPXWDUHXQVLVWHPDFRQ¿OWUD]LRQHDWDVFKH
LQXQVLVWHPDD¿OWUD]LRQHHOHWWURVWDWLFDXWLOL]]DQGROHVWHVVHJXLGHGLVFRUULPHQWR
0DQXWHQ]LRQH
4XHVWDWLSRORJLDGL¿OWULqWRWDOPHQWHULJHQHUDELOHWUDPLWHXQODYDJJLRFRQGHWHUJHQWLDSSRVLWLFKHDWWUDYHUVRXQDUHD]LRQHFKLPLFDIDQQRVWDFFDUHLOSDUWLFRODWRGDO¿OWURHYLWDQGRFRVWRVH
HFRQWLQXHVRVWLWX]LRQL
6PDOWLPHQWR
,QEDVHDOWLSRGLLPSLHJRHDOO¶LQTXLQDQWH¿OWUDWRLOOLTXLGRGLODYDJJLRGHWHUJHQWHVROXELOHLQDFTXDSXzHVVHUHVPDOWLWRSHUYLHEUHYLHRWUDWWHQXWRLQDSSRVLWLFRQWHQLWRULGDFRQVHJQDUH
DGD]LHQGHGLVPDOWLPHQWRVSHFLDOL]]DWH
&(//(),/75$17,(/(775267$7,&+(
35(67$=,21,
',0(16,21,%[+[3
3257$7$
$5,$
3(5',7$',&$5,&2
,1,=,$/(
3(62
PK
PP
[ [ 3D
.J
&/$66(
',),/75$=,21(
$/,0(17$=,21(
(/(775,&$
81,
SDUWLFHOOH•—P
%
$
9ROW+]
327(1=$
(/(775,&$
:DWW
&
()),&,(1=$
,/+
'
(6(03,',$33/,&$=,21(&20%,1$=,21,',),/75,&215(/$7,9,&211(7725,
,
/(*(1'$
,,
,,,
,9
,&RQQHWWRUHGLDOLPHQWD]LRQH
,, )LOWUR)(+[[
9
,,, &RQQHWWRUHGLJLXQ]LRQH
,9)LOWUR)(+[[
9&RQQHWWRUHWHUPLQDOH
$&&(6625,
&RQQHWWRUH
GLDOLPHQWD]LRQH
&RQQHWWRUH
GLJLXQ]LRQH
&RQQHWWRUHWHUPLQDOH
5HOqDOODUPHUHVLQDWR
%R[GLGHULYD]LRQH
SHUXQUDQJRGL¿OWUL
%R[GLGHULYD]LRQH
SHUUDQJKLGL¿OWUL
0LFURLQWHUUXWWRUH
SHUODSRUWD
GHOO¶XQLWjGL¿OWUD]LRQH
'HWHUJHQWHSHUSXOL]LD
FHOODHOHWWURVWDWLFD
(/(77529(17,/$725,&(175,)8*+,
5&
(/(77529(17,/$725,&(175,)8*+,
67587785$
/DVWUXWWXUDGHOYHQWLODWRUHqUHDOL]]DWDLQWHUDPHQWHLQODPLHUDG¶DFFLDLRVDOGDWDGLDGHJXDWRVSHVVRUH
HSRLYHUQLFLDWDDSROYHULHSRVVLGLFKHLQJULJLR5$/2OWUHFKHDOODVHGLDGLVRVWHJQRSHULOPRWRUH
HOHWWULFRqSRVVLELOHULFKLHGHUHXQDXOWHULRUHVHGLD¿VVDWDVXOODERFFDGLDVSLUD]LRQHSHUDXPHQWDUHOD
VROLGLWjGHOODPDFFKLQD
*,5$17,
9HQJRQRXWLOL]]DWHJLUDQWLDSDOHURYHVFHFXUYHUHDOL]]DWHLQODPLHUDG¶DFFLDLRGLJURVVRVSHVVRUHVDOGDWR
HYHUQLFLDWHDSROYHULHSRVVLGLFKHHTXLOLEUDWHVWDWLFDPHQWHHGLQDPLFDPHQWHVHFRQGRQRUPDWLYH,62
PDQWHQHQGRDOLYHOOLPLQLPLUXPRURVLWjHYLEUD]LRQL
02725,
$VLQFURQLWULIDVHHI¿FLHQ]D,(QRUPDOPHQWHLQHVHFX]LRQH9+],3VHFRQGRJOLVWDQGDUG
81(/0(&,QVWDOODWLDRDSROLDVHFRQGDGHOODSUHVVLRQHULFKLHVWDRSSXUHDGRSSLDSRODULWjSHU
OHYHUVLRQLDGXHYHORFLWj,OPRQWDJJLRqSUHYLVWRVXXQDVHGLDGLVRVWHJQRGLIRQGD]LRQHFRPXQHDO
YHQWLODWRUH/HSRWHQ]HULSRUWDWHQHOOHWDEHOOHGLSUHVWD]LRQLVRQRVWDWHGLPHQVLRQDWHWHQHQGRFRQWRGHO
UHQGLPHQWRGHOODPDFFKLQDHGLXQXOWHULRUHPDUJLQHGLVLFXUH]]DSHUFRPSHQVDUHHYHQWXDOLDQRPDOLH
GHOO¶LPSLDQWR
9(56,21,63(&,$/,
$7(;$PELHQWLFRQULVFKLRGLHVSORVLRQHUHJRODPHQWDWLGDOODQRUPDWLYD&(
&$5$77(5,67,&+(7(&1,&+(
5DQJHGLXWLOL]]R
‘JLUDQWHPLQ
‘JLUDQWHPD[
0RWRUH
)OXLGRWHPSOLPLWHPLQ
)OXLGRWHPSOLPLWHPD[
3RUWDWDPK
GDD
PP
3UHVVLRQH3D
PP
GDD
9ROW>“@
077
,3
3ROL
ƒ&
ƒ&
3DUWLFRODUHGHOODJLUDQWHUHDOL]]DWDLQDFFLDLRDO
FDUERQLRVDOGDWDHYHUQLFLDWD
(/(77529(17,/$725,&(175,)8*+,
53
(/(77529(17,/$725,&(175,)8*+,
67587785$
/DVWUXWWXUDGHOYHQWLODWRUHqUHDOL]]DWDLQWHUDPHQWHLQODPLHUDG¶DFFLDLRVDOGDWDGLDGHJXDWRVSHVVRUHHSRL
YHUQLFLDWDDSROYHULHSRVVLGLFKHLQJULJLR5$/2OWUHFKHDOODVHGLDGLVRVWHJQRSHULOPRWRUHHOHWWULFR
qSRVVLELOHULFKLHGHUHXQDXOWHULRUHVHGLD¿VVDWDVXOODERFFDGLDVSLUD]LRQHSHUDXPHQWDUHODVROLGLWjGHOOD
PDFFKLQD
*,5$17,
9HQJRQRXWLOL]]DWHJLUDQWLDSDOHURYHVFHSLDQHUHDOL]]DWHLQODPLHUDG¶DFFLDLRGLJURVVRVSHVVRUHVDOGDWR
H YHUQLFLDWH D SROYHUL HSRVVLGLFKH HTXLOLEUDWH VWDWLFDPHQWH H GLQDPLFDPHQWH VHFRQGR QRUPDWLYH ,62
PDQWHQHQGRDOLYHOOLPLQLPLUXPRURVLWjHYLEUD]LRQL
02725,
$VLQFURQL WULIDVH HI¿FLHQ]D ,( QRUPDOPHQWH LQ HVHFX]LRQH 9+] ,3 VHFRQGR JOL VWDQGDUG
81(/0(&,QVWDOODWLDRDSROLDVHFRQGDGHOODSUHVVLRQHULFKLHVWDRSSXUHDGRSSLDSRODULWjSHUOH
YHUVLRQLDGXHYHORFLWj,OPRQWDJJLRqSUHYLVWRVXXQDVHGLDGLVRVWHJQRGLIRQGD]LRQHFRPXQHDOYHQWLODWRUH
/HSRWHQ]HULSRUWDWHQHOOHWDEHOOHGLSUHVWD]LRQLVRQRVWDWHGLPHQVLRQDWHWHQHQGRFRQWRGHOUHQGLPHQWRGHOOD
PDFFKLQDHGLXQXOWHULRUHPDUJLQHGLVLFXUH]]DSHUFRPSHQVDUHHYHQWXDOLDQRPDOLHGHOO¶LPSLDQWR
9(56,21,63(&,$/,
$7(;$PELHQWLFRQULVFKLRGLHVSORVLRQHUHJRODPHQWDWLGDOODQRUPDWLYD&(
&$5$77(5,67,&+(7(&1,&+(
3RUWDWDPK
GDD
3UHVVLRQH3D
GDD
‘JLUDQWHPLQ
PP
‘JLUDQWHPD[
PP
9ROW>“@
077
3ROL
,3
)OXLGRWHPSOLPLWHPLQ
ƒ&
)OXLGRWHPSOLPLWHPD[
ƒ&
5DQJHGLXWLOL]]R
0RWRUH
3DUWLFRODUHGHOODJLUDQWHUHDOL]]DWDLQDFFLDLRDO
FDUERQLRVDOGDWDHYHUQLFLDWD
Scarica

FILTRI $ C$RTUCCE PER FUMI D$ T$GLIO TERMICO