0$1$*(0(17 GL*LXVHSSH 0DU]R3DUWQHUGL(GHRVH3URIGL(FRQRPLD$]LHQGDOHH6WUDWHJLDH$XGLWLQJ $]LHQGDOHSUHVVRO¶8QLYHUVLWjGL)HUUDUDH3DROR0XFFLDFFLDUR&RQVXOHQWH$]LHQGDOHH&RRU GLQDWRUH&RPPLVVLRQH%XVLQHVV3ODQH5HSRUWLQJ)LQDQ]LDULR)RQGD]LRQH2'&(&)HUUDUD ,OEXVLQHVVSODQTXHVWRVFRQRVFLXWR *0DU]R 30XFFLDFFLDUR &RPLQFLDPRFRQXQGDWR 7DQWL VRQR L ULVXOWDWL FKH VL RWWHQJRQR FHUFDQGR LQ *RRJOH EXVLQHVV SODQ $1'´ERRNµ25´OLEURµ ( D YROHU ULFHUFDUH DQFKH JOL DUWLFROL LO QXPHURULHPSLUHEEHIDFLOPHQWHTXDOFKH ULJDGLTXHVWDSDJLQD ( DOORUD SHUFKp D IURQWH GL WDQWH SXE EOLFD]LRQLXQDOWURDUWLFRORVXOEXVLQHVV SODQ" 3HUXQIDWWRIRQGDPHQWDOHFKHDQRVWUR DYYLVRF·qXQDGLIIHUHQ]DVRVWDQ]LDOHWUD LOFRPHGRYUHEEHIDUVLHLOFRPHVLID 4XHVWR DUWLFROR VL SRQH O·RELHWWLYR GL ULÁHWWHUH VXOO·XVR HIÀFDFH GHO SLDQR GL EXVLQHVV LO FKH REEOLJD DQFKH D ULSR VL]LRQDUOR ULVSHWWR DG DOFXQL IUDLQWHQ GLPHQWL FKH SHU HVSHULHQ]D SRVVLDPR WHVWLPRQLDUH 4XL QRQ VL LQWHQGH WDQWR GLVFXWHUH GHOOD VWUXWWXUD GHO SLDQR H GL FRPH HVVR GHEED LGHDOPHQWH IDUVL VXO WHPDFLVRQRÀQWURSSLODYRUL3LXWWRVWR TXHVWH SDJLQH YRJOLRQR VXJJHULUH OD ÀORVRÀD FKH GHYH HVVHUH DOOD EDVH GHO SLDQRRYYHURSHUGLUODLQDOWULWHUPLQL VX FRPH HYLWDUH DOFXQL HUURUL FKH SR WUHEEHURHVVHUHHVWUHPDPHQWHSHULFROR VLSHUO·LPSUHVD 8QR GHL SULQFLSDOL HUURUL FKH DEELDPR LQFRQWUDWR q TXHOOR GL SHQVDUH DO EXVLQHVV SODQ FRPH XQ LQVLHPH R VLVWHPD QHO FDVR GL LQWHUORFXWRUL SL UDIÀQDWL GL QXPHUL &RVD LQGXFH D SHQVDUHFLz"6HFRQGRQRLDOFXQHIDOVH FUHGHQ]H,QQDQ]LWXWWRFKHLOQXPHURVLD RJJHWWLYR (VVR q LQHTXLYRFDELOH H QRQ ULVFKLDDPELJXLWj8QDXPHQWRGHLULFDYL GLYHQGLWDGHOQRQGHVWDGXEELLQWHU SUHWDWLYL,QROWUHODSDUWHGLDQDOLVLHFR QRPLFRÀQDQ]LDULD FKH JHQHUDOPHQWH FRPSRQHXQEXVLQHVVSODQqXQDPLQLHUD GL QXPHUL FKH VRQR LQROWUH IDFLOPHQWH HODERUDELOL DQDOL]]DELOL UDSSUHVHQWDELOL ( FRQ XQ TXDOXQTXH IRJOLR HOHWWURQLFR q SRVVLELOH DYHUH O·LOOXVLRQH LOOXVLRQH VL EDGL EHQH GHOO·HVWUHPD SUHFLVLRQH H GHOFRQWUROORLGDWLSRVVRQRSUHVHQWDU VL LQIDWWL DO FHQWHVLPR H SRVVRQR RUJD QL]]DUVL LQ TXDOXQTXH IRUPD LQ PRGR IDFLOH H YHORFH 8QD VHPSOLFH DQDOLVL GHOOH SXEEOLFD]LRQH VXO WHPD ULYHOD FKH QRQPHQRGHLGLRJQXQDqGHGLFDWD DL´QXPHULµFRPHFRVWUXLUHLSLDQLSD WULPRQLDOL UHGGLWXDOL H ÀQDQ]LDUL FRPH FDOFRODUH LO YDORUH GHOO·LQYHVWLPHQWR FRPHGHWHUPLQDUHLOIDEELVRJQR 6YHOLDPRXQPLVWHURO·DWWHQ]LRQHWDQWR JUDQGHPHQWH GHGLFDWD DL QXPHUL GHO EXVLQHVV SODQ QRQ GLSHQGH GDOO·LPSRU WDQ]D DVVROXWD FKH HVVL KDQQR ULVSHWWR DOOHDOWUHSDUWLFKHORFRPSRQJRQR(VVD GLSHQGH XQLFDPHQWH GD XQ IDWWR FKH SDUODUH GL IRUPXOH DOJRULWPL QXPHUL ULFODVVLÀFD]LRQL WDEHOOH q PROWR SL VHPSOLFH H IDFLOH FKH LQGLFDUH FRPH LGHQWLÀFDUH XQ EXVLQHVV PRGHO FRPH IDUHO·DQDOLVLGHLFOLHQWLHGHLFRQFRUUHQWL FRPHLPSRVWDUHODVWUDWHJLDGHOO·LPSUHVD Ë LQIDWWL PROWR SL VHPSOLFH GLVFXWHUH GL FRPH VL SRVVD FRVWUXLUH XQ SLDQR UHGGLWXDOH LQWHJUDWR FRQ LO ÀQDQ]LDULR SLXWWRVWR FKH VSLHJDUH FRPH UHDOL]]DUH XQDVWUDWHJLDGLVXFFHVVR ,O VHFRQGR HUURUH LQ JHQHUH FRQQHVVR DOO·DOWURqFKHSHUIDUHXQEXRQEXVLQHVV SODQVLDQHFHVVDULRXQVRIWZDUHRDOPHQR XQ IRJOLR HOHWWURQLFR JLj SUHGLVSRVWR 2YYLDPHQWHO·DFFHQWRSRVWRVXOODSDUWH QXPHULFDGHOEXVLQHVVSODQFRQGXFHGL UHWWDPHQWH DOOD QHFHVVLWj GL GLVSRUUH GL XQRVWUXPHQWRGLODYRURFKHFRQVHQWDGL HODERUDUHLQXPHULFRQIDFLOLWj,OUHDOWjLO VRIWZDUHQHFHVVDULRSHUIDUHXQEXVLQHVV SODQqLOVRIWZDUHGHOEXVLQHVV ,O WHU]R H IRUVH SL JUDYH HUURUH GL FXL DEELDPRDYXWRHVSHULHQ]DqGLFRQVLGH UDUHFKHLOEXVLQHVVSODQGHEEDIDUVLVROR SHURWWHQHUHQXRYLSUHVWLWLHFKHGRSR DYHUDVVROWRDWDOHLPSRUWDQWHFRPSLWR SRVVD SRL ÀQLUH ´QHO FDVVHWWRµ GD FXL HYHQWXDOPHQWH VDUj WLUDWR IXRUL SHU HVVHUHDJJLRUQDWRDOODELVRJQDGLQXRYL ÀQDQ]LDPHQWLRYYLDPHQWH $VVHJQDUH DO EXVLQHVV SODQ VROR HG HVFOXVLYDPHQWH WDOH UXROR SRWUj FRQGXUUHDGDOFXQHXOWHULRULJUDYLFRQ VHJXHQ]H 7UD WXWWH LO ´PLUDFRORµ FKH WUDVIRUPDXQ·LPSUHVDLQJUDYLGLIÀFROWj HDSSHVDQWLWDGDWHQVLRQLÀQDQ]LDULHLQ XQD FDSDFH GL SURGXUUH ÁXVVL GL FDVVD HSURÀWWLQHOEUHYHYROJHUHGL«SRFKH SDJLQH JLXVWR TXHOOH FKH RFFRUURQR SHU SDVVDUH GDOO·([HFXWLYH 6XPPDU\ DO SLDQRHFRQRPLFRÀQDQ]LDULR 1RL FUHGLDPR IRUWHPHQWH FKH TXHVWL WUH HUURUL VLDQR GD XQ ODWR L VLQWRPL GL SURIRQGH LQFRPSUHQVLRQL UHODWLYH DOOH IXQ]LRQL H DO UXROR GHO EXVLQHVV SODQ GDOO·DOWUR L WHVWLPRQL GL XQ DSSURFFLR ´SHUHVSHGLHQWLµDOODJHVWLRQHD]LHQGDOH FKHWLSLFDPHQWHQRQSRUWDORQWDQR 3HUHVSHULHQ]DSHQVLDPRFKHLOEXVLQHVV SODQ SRVVD HVVHUH GLYHUVR IDWWR FLRq LQ PRGR GLYHUVR H XWLOL]]DWR LQ PRGR GLYHUVR ,QQDQ]LWXWWR q QHFHVVDULR UL ELODQFLDUH LO UXROR GHOO·DQDOLVL HFR QRPLFRÀQDQ]LDULD ULVSHWWR D TXHOOD VWUDWHJLFD H RUJDQL]]DWLYD ,O WHPSR PDJJLRUH GRYUHEEH HVVHUH GHGLFDWR QRQ WDQWR DOOD UHDOL]]D]LRQH GHO )LORGLUHWWR'LULJHQWL$SULOH PRGHOOR HFRQRPLFRÀQDQ]LDULR PD DOO·HODERUD]LRQHYHULÀFDHYDOLGD]LR QHGHOPRGHOORVWUDWHJLFR /H FRQGL]LRQL LQ JUDGR GL JDUDQWLUH LO VXFFHVVR VWUDWHJLFRFRPSHWLWLYR VL WUD GXUUDQQR DQFKH LQ YDORUL HFRQRPLFR ÀQDQ]LDUL 0D VH TXHOOH QRQ VRQR FRU UHWWDPHQWH LQGLYLGXDWH H DQDOL]]DWH LO VXFFHVVRGHOO·LPSUHVDVDUjVHPSUHHVROR XQVXFFHVVRGLFDUWD )DFFLDPR XQ HVHPSLR SHU FKLDULUH LO WHPD &RQVLGHULDPR LO FDVR GL XQD WRU UHID]LRQHGLFDIIqFKHVHUYHJOLHVHUFL]L FRPPHUFLDOL ,O VXFFHVVR GL WDOH WRUUH ID]LRQHRJJLSLFKHPDLQRQGLSHQGH VRORGDOODTXDOLWjGHOFDIIq6RQRDOWULJOL HOHPHQWL IRQGDPHQWDOL 0ROWL HVHUFL]L FRPPHUFLDOLVFHOJRQRODWRUUHID]LRQHGL FDIIqLQIXQ]LRQHGHOOD´GRVHµGLVHUYL]L H SURGRWWL FRPSOHPHQWDUL DVVRFLDWL DO SURGRWWRSULQFLSDOH7UDTXHVWLULHQWUDQR ODIRUQLWXUDGLWD]]LQHHSLDWWLQLGLWRYD JOLROLQLHDOWURPDWHULDOHGHOO·LQVHJQDGHO ORFDOHHLQDOFXQLFDVLGHOODPDFFKLQDSHU LOFDIIqVRYHQWHFRQFHVVDGDOODWRUUHID ]LRQH LQ FRPRGDWR G·XVR JUDWXLWR 1H GHULYDFKHLOVXFFHVVRGHOODWRUUHID]LRQH GLSHQGD SL GDOOD FDSDFLWj GL RUJDQL] ]DUH O·RIIHUWD GL VHUYL]L DSSDUHQWHPHQ WH DFFHVVRUL FKH QRQ GDOOD TXDOLWj GHO SURGRWWR SHU LO TXDOH YRUUHEEH HVVHUH FRQRVFLXWD ( DQFKH FRQ ULIHULPHQWR D TXHVW·XOWLPR WHPD q QRWR FKH LO FDIIq QRQq´EXRQRµGLSHUVpPDSHULOPRGR FRQFXLHVVRqSUHSDUDWRRFFRUURQRXQD FHUWD WHPSHUDWXUD GHOO·DFTXD LO JLXVWR WHPSR GL LQIXVLRQH OD JLXVWD SUHVVLRQH GHOOD SROYHUH PHVVD QHO GRVDWRUH OD PDQXWHQ]LRQH VYROWD FLFOLFDPHQWH H QHO PRGR FRUUHWWR 4XHVWR WHPD q ULOHYDQWH VH VROR VL FRQVLGHUD FKH SHU DSULUHXQQXRYREDUVLGHYRQRVXSHUDUH EDUULHUH DOO·LQJUHVVR WDQWR EDVVH FKH )LORGLUHWWR'LULJHQWL$SULOH FDSLWD FKH WDOYROWD L QXRYL JHVWRUL QRQ FRQRVFDQR OH WHFQLFKH GL SUHSDUD]LRQH GHO FDIIq 3HUFLz XQD WRUUHID]LRQH FKH YRJOLD HVSDQGHUH OD VXD FOLHQWHOD GHYH GRWDUVLDQFKHGLXQDVFXRODGLIRUPD]LR QHLQJUDGRGLVRVWHQHUHODFUHVFLWDGHOOD QXRYD FOLHQWHOD DFTXLVLWD FRQVHQWHQGR FRVuODFUHVFLWDDQFKHGHOODWRUUHID]LRQH ( TXHVWR ULFKLHGH FKH VL GRWL GL XQ·RU JDQL]]D]LRQH ROWUH FKH GL DWWUH]]DWXUH DGHJXDWH /DFRPSUHQVLRQHGHOVLVWHPDLPSUH VDDPELHQWHqIRQGDPHQWDOHSHUUHD OL]]DUHXQSLDQRHIÀFDFH8Q·D]LHQGD GL SURGX]LRQH H FRPPHUFLDOL]]D]LRQH GLFDUUHOOLHOHYDWRULLQL]LDYDDPDQLIHVWD UH WHQVLRQL ÀQDQ]LDULH ULOHYDQWL H DYHYD DSSURQWDWRFRQO·DLXWRGLDOFXQLFRQVX OHQWL XQ SLDQR FKH DYUHEEH SUHVHQWDWR LQ EDQFD SHU RWWHQHUH L ÀQDQ]LDPHQWL QHFHVVDULDULGDUOHXQSR·G·DULD,OSLDQR HUD RYYLDPHQWH VWDWR SUHSDUDWR FRQ LO WLSRGLFXUDFKHDEELDPRSULPDFULWLFDWR DWWHQ]LRQH DOOD TXDGUDWXUD GHL QXPHUL FRQTXDQWRODEDQFDDYUHEEHDSSUH]]D WRVHQ]DSHUzFXUDUVLGHOODVXDIDWWLELOLWj (LQIDWWLXQDYROWDRWWHQXWRLOÀQDQ]LD PHQWR LO SLDQR YHQQH PHVVR GD SDUWH H O·D]LHQGD FRQWLQXz D RSHUDUH FRPH QHO SDVVDWR H FRQ XQ XQLFR ULVXOWDWR FKH EHQ SUHVWR OH WHQVLRQL ÀQDQ]LDULH VL ULSUHVHQWDURQR H LQ PRGR DFXLWR /H FDXVHGHOIDEELVRJQRSRLULOHYDWHGDDOWUL FRQVXOHQWL HUDQR IRQGDPHQWDOPHQWH OHJDWHDLWHPSLGHOFLUFRODQWHLTXDOLLQ XOWLPDDQDOLVLGLSHQGHYDQRGDLUDSSRUWL FRQLFOLHQWLHLQVSHFLHFRQLIRUQLWRUL ,O IRUQLWRUH SULQFLSDOH GHOO·D]LHQGD HUD XQ ELJ SOD\HU D OLYHOOR PRQGLDOH FKH FRQFHGHYD GLOD]LRQL VWUHWWLVVLPH DOO·LP SUHVD GL IDWWR FRVWULQJHQGROD D ÀQDQ ]LDUH LO VXR FLUFRODQWH ,Q FRQGL]LRQL GL TXHVWR WLSR YHULÀFDWD O·LPSRVVLELOLWj GL DJLUH VXOOH GLOD]LRQL FRQFHVVH DL FOLHQWL H VX TXHOOH GHO IRUQLWRUH O·LPSUHVD IX FRVWUHWWDDFRQYHUWLUHO·LQL]LDOHSLDQRGL VYLOXSSRLQXQSLDQRDUWLFRODWRLQWRUQR DG XQD VWUDWHJLD GL QRQFUHVFLWD ÀQR DO ULDVVRUELPHQWR GHOOH WHQVLRQL ÀQDQ]LD ULH,OEXVLQHVVSODQSUHGLVSRVWRLQWDOH SURVSHWWLYDYHQQHLPSLHJDWRFRPHXWLOH JXLGD JHVWLRQDOH H FRPH VWUXPHQWR GL YHULÀFD GHL ULVXOWDWL RWWHQXWL /H ULÁHV VLRQLFKHHUDQRVWDWHODEDVHSHUODVXD FRVWUX]LRQH UDSSUHVHQWDURQR LQROWUH VWLPROLULOHYDQWLSHUODJHVWLRQHD]LHQGDOH H SHU LO ULHQWUR GDL SUREOHPL ÀQDQ]LDUL LQGLFDWL /RVYLOXSSRGHOODVWUDWHJLDGDSRUUHDOOD EDVH GHO SLDQR q FHUWDPHQWH O·DVSHWWR SL FRPSOHVVR GD DIIURQWDUH 3L FKH XVDUH VFKHPL H DSSURFFL SHU FRVu GLUH ´HVWHUQLµSXzHVVHUHWDOYROWDQHFHVVDULR IDU VRUJHUH OD VWUDWHJLD XQLWDULD GHOO·LP SUHVDGDXQSURFHVVRGLFRQIURQWRGHOOH SHUVRQHFKLDYHFKHODYRUDQRLQD]LHQGD 4XHVWRqLOSHUFRUVRVHJXLWRFRQXQ·LP SUHVD GL VHUYL]L FRQ VHGL WHUULWRULDOL GLVWULEXLWH LQ WXWWH OH UHJLRQL LWDOLDQH ROWUH FKH QHOOH SULQFLSDOL FLWWj HXURSHH H GHL SDHVL GHO 0HGLWHUUDQHR $ FDXVD GHOVLVWHPDGL*RYHUQDQFHGLFXLVLHUD GRWDWD O·LPSUHVD VL FDUDWWHUL]]DYD SHU O·HVLVWHQ]D GL PROWL VRJJHWWL GHFLVRUL SRUWDWRUL GL LVWDQ]H H RELHWWLYL PROWH SOLFL H WDOYROWD LQ FRQWUDVWR WUD ORUR ,Q TXHO FDVR OD VWUDWHJLD GD VHJXLUH H GD LQFOXGHUH QHO EXVLQHVV SODQ q HPHUVD PHGLDQWH LQFRQWUL JHVWLWL PHGLDQWH O·2SHQ6SDFH7HFKQRORJ\XQDWHFQROR JLDRUJDQL]]DWLYDLGHDWDDIÀQFKpLJUXSSL GLODYRURRSHULQRFRQHIÀFLHQ]DHFRQ YHUJDQRYHUVRWHPDWLFKHGLLPSRUWDQ]D FRQGLYLVD ,O VHFRQGR DVSHWWR FKH VRYHQWH q SRFR DSSURIRQGLWR q LO WHPD GHOO·LQFHUWH]]D H GHO ULVFKLR FKH SXz GHULYDUQH DOO·LP SUHVD &L q FDSLWDWR GL DQDOL]]DUH SLDQL FKHSHUFLQTXHDQQLDYHQLUHLQGLFDYDQR FRQ VLFXUH]]D OH WUDLHWWRULH GL VYLOXSSR GHLULFDYLHGHJOLXWLOLGHOO·LPSUHVDVHQ]D DOFXQ GXEELR FKH OH LSRWHVL DVVXQWH DOOD EDVH GHOOD FRVWUX]LRQH SRWHVVHUR QRQ DYYHUDUVL 3Xz GDUVL FKH TXDOFXQR DQFRUD FUHGD FKH OD FRQRVFHQ]D GHO SURSULREXVLQHVVHGHOODSURSULDLPSUHVD ULFKLHGD GL QRQ PDQLIHVWDUH GXEELR DOFXQR GL ULXVFLWD 5LWHQLDPR LQYHFH FKH O·DQDOLVL GHOOD WHQXWD GHOOH LSRWHVL DOOD EDVH GHO SLDQR H OD YDOXWD]LRQH GHL ULVFKL FKH O·LPSUHVD SRWUj GRYHU DI IURQWDUHQHOIXWXURVLDQRHOHPHQWLIRQ GDPHQWDOL GHO SLDQR ,QVLHPH D TXHVWR SURSULRODVWUXWWXUDGHOSLDQRSXzHVVHUH YROWDDULGXUUHO·LPSDWWRGHOO·LQFHUWH]]D )DFFLDPR XQ HVHPSLR UHODWLYR DG XQD VWDUW XS QHO VHWWRUH GHOO·DEELJOLDPHQWR ,Q TXHO FDVR LO VXFFHVVR RWWHQXWR QHOOD ULFHUFD GHL ÀQDQ]LDPHQWL GLSHVH GDOOD FKLDUD VWUXWWXUD D VWDGL GHO SURJHWWR ,O SLDQR SUHYHGHYD FKH RJQL VWDGLR VL VDUHEEH DWWLYDWR VROR GRSR LO VXFFHVVR GHO SUHFHGHQWH /D FRQGL]LRQH GL VXFFHVVRGHOSUHFHGHQWHHUDGHWHUPLQDWD LQEDVHDGHOHPHQWLFKLDULHQRQDPELJXL ,QROWUHSHURJQLVWDGLRHUDSUHYLVWRXQ SLDQR % LQ FDVR GL LQVXFFHVVR H TXLQGL XQD VWUDWHJLD GL H[LW LQ JUDGR GL PL QLPL]]DUH OH SHUGLWH 6H XQD VWUXWWXUD FRVu DUWLFRODWD ULVXOWD GLIÀFLOH GD UHDOL] ]DUH FUHGLDPR FKH DOPHQR VL SRVVDQR VYLOXSSDUH GLYHUVL VFHQDUL R DQDOLVL GL VHQVLWLYLWj ULVSHWWR DOOH YDULDELOL SL LP SRUWDQWL /·DQDOLVL SHU VFHQDUL FRQVLVWH VRVWDQ]LDOPHQWHQHOODSUHGLVSRVL]LRQHGL WUHSLDQLLQIXQ]LRQHGLFRPHLOVLVWHPD GHOOH YDULDELOL IRQGDPHQWDOL GHO SLDQR SRVVD SUHVHQWDUVL VLWXD]LRQH SHJJLRUH PLJOLRUHHQRUPDOH /·DQDOLVL GL VHQVLWLYLWj q OD SL IDFLOH GD VYROJHUH &RQVLVWH QHO YHULÀFDUH JOL HIIHWWL GL XQD YDULD]LRQH GHOOH YDULDELOL GLLQSXWGHOSLDQRVXLULVXOWDWLGHOSLDQR VWHVVR7LSLFDPHQWHWDOHDQDOLVLVLVYROJH XQD YROWD FRVWUXLWR LO PRGHOOR HFRQR PLFRÀQDQ]LDULR GHO EXVLQHVV SODQ &RQ JOL RSSRUWXQL PHWRGL H VWUXPHQWL q SRVVLELOH LQFURFLDUH FRQWHPSRUDQHD PHQWH JOL HIIHWWL GHOOD YDULD]LRQH GL SL YDULDELOL ,Q DOFXQL FDVL H SURSULR SHU WUDGXUUH QHL QXPHUL GHO SLDQR O·LQFHU WH]]D GHO SURJHWWR DEELDPR LPSLHJDWR OD VLPXOD]LRQH 0RQWHFDUOR 4XHVWD FRQVHQWH GL ODYRUDUH FRQ YDULDELOL GL LQSXW UDSSUHVHQWDWH QRQ JLj GD YDORUL XQLFL PD GD GLVWULEX]LRQL SUREDELOLVWL FKH GL YDORUL 6RVWHQHUH FKH LO SUH]]R GL XQ SURGRWWR RIIHUWR VDUj GL HXUR DO SH]]R q XQ·DVVXQ]LRQH WURSSR IRUWH 3LUHDOLVWLFDPHQWHVLSXzSHQVDUHFKHLO SUH]]RSRWUjYDULDUHWUDDGHVHPSLRH HXUR$QDORJDPHQWHVLSXzSURFHGHUH FRQDOWUHYDULDELOLGHOPRGHOOR&RQODVL PXOD]LRQH 0RQWHFDUOR WXWWH OH YDULDELOL FRVu HVSUHVVH YHQJRQR LQWHJUDWH SHU LO WUDPLWH GHO PRGHOOR HFRQRPLFRÀQDQ ]LDULRHVLWUDGXFRQRLQULVXOWDWLQRQSL UDSSUHVHQWDELOL FRPH YDORUL LVRODWL PD DQFK·HVVLFRPHGLVWULEX]LRQLGLSRVVLELOL YDORUL,QTXHVWRPRGRqSRVVLELOHYHULÀ FDUHODFRQYHQLHQ]DGHOSURJHWWRULVSHWWR DOOH FRQRVFHQ]H GLVSRQLELOL 8Q·LPSUH VD FKH SURGXFH DUWLFROL GL DUUHGDPHQ WR KD SRWXWR YHULÀFDUH FKH VXOOD EDVH GHOOH FRQRVFHQ]H SRVVHGXWH LQ PHULWR DOOH YDULDELOL IRQGDPHQWDOL GHO SLDQR L ULVXOWDWL DWWHVL HUDQR QHJDWLYL FRQ XQD SUREDELOLWjGHO&LzKDVWLPRODWROD ULFHUFD GL LQIRUPD]LRQL PLJOLRUL GD XQ ODWR H GDOO·DOWUR OD ULIRUPXOD]LRQH GHO SURJHWWRSHUUHQGHUORPHQRHVSRVWRDG DOFXQHGHOOHIRQWLGLULVFKLRLGHQWLÀFDWH ,QÀQH H FRPH DO VROLWR ODVFLDQGR SHU XOWLPR LO WHPD SL LPSRUWDQWH O·XWLOLWj IRQGDPHQWDOH FKH LO SLDQR SXz RIIULUH q VRSUDWWXWWR QHOOD VXD FDSDFLWj GL HVVHUH JXLGD SHU OD JHVWLRQH GL LPSUHVD (VVR q WDOH LQ TXDQWRJOLRELHWWLYLFKHQHOSLDQRVLIRU PDOL]]DQRVLDQRVRUUHWWLGDXQDVWUDWHJLD FRHUHQWHFKHSRJJLVLDVXOODGLVSRQLELOLWj GL DGHJXDWH ULVRUVH VLD VXOOD ORUR RUJD QL]]D]LRQH2YYLDPHQWHQRQVRORVXOOD FDUWD,QTXHVW·RWWLFDLOSLDQRVLSUHVHQWD FRPH XQ HOHPHQWR IRQGDPHQWDOH SHU OD JHVWLRQH GHOO·LPSUHVD SURSULR GRSR FKH HVVR q VWDWR SUHGLVSRVWR ,O SLDQR LQ DOWUL WHUPLQL QRQ ÀQLVFH FRQ OD VXD IRUPXOD]LRQHPDGHYHLQYHFHFRQWLQXD UHFRQODVXDDWWXD]LRQH,QWDOVHQVRLO SLDQR YLVWR FRPH VLVWHPD GL RELHWWLYL ULVRUVH H SURFHVVL IRUQLVFH DOO·LPSUHVD XQDGHJXDWRVWLPRORDOUDJJLXQJLPHQWR GHJOLRELHWWLYLQRQFKpDOODORURFRQWLQXD YHULÀFD 'D TXHVWR SXQWR GL YLVWD LO EXVLQHVV SODQ VYROJH DOFXQH IXQ]LRQL IRQGDPHQWDOLËLQIDWWLGLLPSXOVRDOO·LQ WHUD RUJDQL]]D]LRQH D]LHQGDOH DIÀQFKp WXWWH OH SHUVRQH FKH QH IDQQR SDUWH SRVVDQR WURYDUH XQ ÀOR FRQGXWWRUH LQ JUDGRGLWHVVHUHODWUDPDFKHWLHQHXQLWL LQ PRGR FRHUHQWH L FRPSRUWDPHQWL 5DSSUHVHQWDXQHOHPHQWRGLFKLDULPHQ WRGHOODVWUDWHJLDD]LHQGDOHHSHUTXHVWR HVVR q GL YDOLGR VXSSRUWR VSHFLH QHOOH 30, LQ FXL O·RULHQWDPHQWR VWUDWHJLFR q VSHVVRSRFRFRPXQLFDWR ,OEXVLQHVVSODQqLQROWUHXWLOHSHUYHULÀ FDUHVHLULVXOWDWLFKHO·LPSUHVDFRQVHJXH VLDQRFRHUHQWLHFRQVRQDQWLFRQTXDQWR LQL]LDOPHQWH SLDQLÀFDWR 2YYLDPHQWH QRQVLWUDWWDGLSHQVDUHDOSLDQRSUHGL VSRVWRFRPHHOHPHQWRULJLGRHLPPXWH YROHDGLVSHWWRGHOO·HYROX]LRQHGHOO·DP ELHQWHHGHOO·LPSUHVD6LWUDWWDLQYHFHGL )LORGLUHWWR'LULJHQWL$SULOH ULWHQHUOR XQ ULIHULPHQWR HVVHQ]LDOH SHU OD JHVWLRQH FRQ OD FDXWHOD GL QRQ FRQ VLGHUDUOR D SULRUL Qp LPPRGLÀFDELOH Qp WDQWRPHQRHODVWLFRDGLVPLVXUD ,Q WDO VHQVR SHUFLz QRQ VROR LO SLDQR UDSSUHVHQWD XQ ULIHULPHQWR ULVSHWWR DO TXDOH FRUUHJJHUH HYHQWXDOL GHYLD]LRQL ULVSHWWRDJOLRELHWWLYL(VVRqVRSUDWWXWWR XQ HOHPHQWR GL ULÁHVVLRQH XWLOH DG DS SUHQGHUHLPRWLYLGLTXHJOLVFRVWDPHQWL DOODULFHUFDGHOVLJQLÀFDWRFKHHYROX]LRQL QRQSUHYLVWHRLQDGHJXDWDPHQWHYDOXWDWH SRVVRQR DVVXPHUH SHU LO VXFFHVVR GHOO·LPSUHVD&RVuLOSLDQRqLQJUDGRGL VXSSRUWDUH O·D]LHQGD QHO GXSOLFH UXROR FKHQHOO·HFRQRPLDFRQWHPSRUDQHDGHYH DYHUH GL HVVHUH QDYLJDWRUH FDSDFH GL VHJXLUHODURWWDWUDFFLDWDHDOFRQWHPSR HVSORUDWRUHFDSDFHGLULGLVHJQDUHQXRYH PDSSHHQXRYHURWWH 3HU FRQFOXGHUH ULWHQLDPR XWLOH IRFDOL] ]DUHLWUHSXQWLIRQGDPHQWDOLGLVFXVVLLQ TXHVWRODYRUR (YLWDUHGLULGXUUHLOEXVLQHVVSODQDG XQLQVLHPHGLQXPHULFKH´JLUDQRµ JUD]LH DG XQ VRIWZDUH R IRJOLR GL ODYRUR,OEXVLQHVVSODQqPROWRSL GLTXHVWR(VVRqLQQDQ]LWXWWRODWUD GX]LRQH GHO SHQVLHUR VWUDWHJLFR LQ D]LRQLGDVYROJHUHFRQFUHWDPHQWH ,OEXVLQHVVSODQGRYUHEEHFRQVLGH UDUHHYDOXWDUHDWWHQWDPHQWHLULVFKL HOHLQFHUWH]]HFRQQHVVHDOSURJHWWR ´/RQWDQR GDJOL RFFKL ORQWDQR GDO FXRUHµ q XQ DWWHJJLDPHQWR FKH SXUWURSSR QRQ WLHQH ORQWDQR L ULVFKL ,OPRPHQWRÀQDOHGHOEXVLQHVVSODQ QRQqODVXDIRUPXOD]LRQHPDODVXD DWWXD]LRQH $IÀQFKp XQ EXVLQHVV SODQVLDGLVXSSRUWRDOO·LPSUHVDHVVR GHYH UDSSUHVHQWDUH XQ ULIHULPHQWR FRVWDQWHSHUODVXDJHVWLRQH POLIAMBULATORIO PRIVATO SERVIZIO SANITARIO REGIONALE Istituto delle Scienze Neurologiche EMILIA - ROMAGNA Azienda Uintà Sanitaria Locale di Bologna Istituto di RIcovero e Cura a Carattere Scientifico AMBULATORIO PER ATTIVITÀ DELLA AUSL Città di Bologna CENTRO KINESI FISIOTERAPICO DI GIORNO alfonso di giorno holder and general manager POLIAMBULATORIO SPECIALISTICO E POLIDIAGNOSTICO Direttore Sanitario Dott. Lucio Maria Manuelli Medico Chirurgo Spec. Fisiochinesiterapia Ortopedica - Ortopedia e Traumatologia Autorizzazione Comune di Bologna PG 36493 del 05/03/2001 - Autorizzazione Comune di Bologna PG 84545 del 21/05/2001 DIAGNOSTICA Elettromiografia, Ecografia Muscolo-Tendinea, Ecografia Tiroidea, Ecografia Senologica, Ecografia Ostetrica-Ginecologica, Ecografia Pelvica, Transrettale, Uroflussimetria, Gastroscopia, Ecocolordoppler cardiaco, vascolare, Ecocardiogramma, Prevenzione Cardiovascolare, Videocapillaroscopia della Plica Ungueale delle mani, Vestibologia: Manovre liberatorie, Asma Allergy Center, Polisonnografia, Diagnosi e Patologie Terza Età, T.P.E. Trattamento Percutaneo Ecoguidato. FKT E RIABILITAZIONE FUNZIONALE Onde d'Urto, Laser EXAND, Laser Neodimio/YAG, Crioterapia Cryo 6, Laser CO2, Tecarterapia, Ipertermia, T.E.N.S.-Algonix, Smart Terapia Shock Termico-Dinamico Controllato, Magnetoterapia, Elettrostimolazioni Compex, Correnti diadinamiche, Correnti interferenziali, Correnti faradiche, Correnti galvaniche, Idrogalvanoterapia, Ionoforesi, Infrarossi, Ultrasuoni, Radarterapia, Paraffinoterapia, Massaggi, Massaggio di Pompage, Massaggio di Linfodrenaggio Manuale, Trazioni Vertebrali meccaniche e manuali, Kinesiterapia, Riabilitazione funzionale, Rieducazione neuromotoria, Riabilitazione cardio-vascolare e respiratoria, Riabilitazione Pavimento Pelvico - Incontinenza - Impotenza, Manipolazioni Vertebrali ed Articolari Manu Medica, R.P.G. Rieducazione posturale globale, Mèziéres, Osteopatia, Ginnastica Propiocettiva, Test Stabilometrico, Isocinetica, Test Isocinetico, Pancafit, Pedana vibrante, Manipolo vibrante, Panca d’inversione, Macchine per lo stretching dr. Wolf, Fittball, Terapia manuale. Ginnastica - Kinesi e Riabilitazione in Acqua Gli orari del Poliambulatorio: dal lunedì al venerdì orario continuato 8,00 - 20,00 • Sabato 8,00 - 14,00 Poliambulatorio Privato Di Giorno di Alfonso di Giorno & C. sas Piazza dei Martiri, 1/2 - Bologna - Tel. 051 249101 (r.a.) - Fax 051 4229343 [email protected] [email protected] [email protected] [email protected] [email protected] www.ckf-digiorno.com )LORGLUHWWR'LULJHQWL$SULOH TARIFFE FASI SERVIZIO SANITARIO REGIONALE EMILIA - ROMAGNA Istituto Ortopedico Rizzoli di Bologna Istituto di Ricovero e Cura a Carattere Scientifico AMBULATORIO PER ATTIVITÀ DELL’ ISTITUTO ORTOPEDICO RIZZOLI