5HOD]LRQH
9DOXWDWLYD
75$69(56$/(
$QQR
75$69(56$/(08/7,87(1=$
$00,1,675$=,21,&2081$/,
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH
9DOXWDWLYD
75$69(56$/(
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
$QQR
5HOD]LRQH
9DOXWDWLYD
75$69(56$/(
$QQR
3URJHWWR
7LSRORJLDXWHQ]D
&RRUGLQDPHQWRGHOOHD]LRQL
DIDYRUHGLSHUVRQHFRQ
8WHQWL
FRQ
SUREOHPLGLVDOXWHPHQWDOH GLDJQRVL
HGLSHQGHQ]DGDVRVWDQ]H
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHGLVDELOLFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
3HUVRQH GLVDELOL FKH
SUHVHQWDQRSUREOHPL
GLVDOXWHPHQWDOH
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHDQ]LDQHFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
3D]LHQWLLQHWjDYDQ]DWD
FKHSUHVHQWDQRGLVWXUEL
SVLFKLFL
3D]LHQWLSVLFKLDWULFLFKH
LQYHFFKLDQR
GRSSLD
8WHQWLDQQRVRODUH
5LVXOWDWLSUHYLVWL
5LFRVWLWX]LRQH
GHO
JUXSSR
GL
ODYRUR
LQWHJUDWR
FRQ
OD
1HXURSVLFKLDWULD
,QIDQWLOHHLO'LVWUHWWR
$YYLR GL XQ SULPR
SHUFRUVR IRUPDWLYR SHU
WXWWL
JOL
RSHUDWRUL
FRLQYROWL
• *UXSSR GL ODYRUR
FRPXQH
DUHD
GLVDELOLVDOXWH
PHQWDOH
• ,QGLYLGXD]LRQH
H
TXDQWLILFD]LRQH QHOOD
UHWH GHL VHUYL]L GHOOH
SHUVRQH GLVDELOL FKH
SUHVHQWDQR SUREOHPL
GLVDOXWHPHQWDOH
• 'LVSRQLELOLWj GHL GDWL
UHODWLYL
DO
PRQLWRUDJJLR
H
DOO¶DSSOLFD]LRQH
GHO
3URWRFROOR YLJHQWH H
GHO 5HJRODPHQWR SHU
OH 890' FRPSOHVVH
SHU JOL DVSHWWL GL
SHUWLQHQ]D
• )RUPD]LRQH FRPXQH
DYYLDWD
• &RVWLWX]LRQHJUXSSR
GLODYRURPLVWRDUHD
DQ]LDQLVDOXWH
PHQWDOH
JHULDWULDWULD
QHXURORJLD
GLSDUWLPHQWRGL
ULDELOLWD]LRQH
UHVLGHQ]HSHUDQ]LDQL
&RPXQL'LVWUHWWR
• $QDOLVLGHOIHQRPHQR
,O SURJHWWR QRQ q VWDWR
DYYLDWR QHO FRUVR GHO
VDUj
TXLQGL
ULSLDQLILFDWR
SHU
LO
,O SURJHWWR QRQ q VWDWR
DYYLDWR QHO FRUVR GHO
VDUj
TXLQGL
ULSLDQLILFDWR
SHU
LO
3URJHWWRGLVLVWHPD
% ,VHUYL]L
,VHUYL]LGHVFULWWLQHOOD5HOD]LRQH9DOXWDWLYDHURJDWLGDOOH$PPLQLVWUD]LRQL&RPXQDOL
$O WHUPLQH GHO SUHVHQWH FDSLWROR YHQJRQR GHVFULWWL L VHJXHQWL VHUYL]L ULOHYDWL GDOOH
$PPLQLVWUD]LRQL&RPXQDOLFRQLOGHWWDJOLRGHOOHIRQWLGLILQDQ]LDPHQWR
75$69(56$/(08/7,87(1=$
1XWHQWL
7RWDOH
)LQDQ]LDPHQWL
$WWLYLWjGLLQIRUPD]LRQHHVHQVLELOL]]D]LRQHFDPSDJQHLQIRUPDWLYHHWF
6HJUHWDULDWR6RFLDOH3RUWDXQLWDULDSHUO
DFFHVVRDLVHUYL]L
7LSRORJLD8QLWjGL2IIHUWDR,QVLHPLFRPSOHVVLGLSUHVWD]LRQL
6HUYL]LGLPHGLD]LRQHVRFLDOH
6SRUWHOOLVRFLDOLWHPDWLFLFRPSUHVR,QIRUPDJLRYDQLHVSRUWHOORLPPLJUDWL
)RQWHGDWL6,67(0$,1)250$7,927(55,725,$/(GLULOHYD]LRQHGDWLVXLVHUYL]LVRFLDOLGHLFRPXQL8IILFLR3LDQRGL
=RQD$]LHQGD8OVVQ
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
0$5*,1$/,7$¶(,1&/86,21(62&,$/(
)21',
&2081$/,
87(17,
$/752
38%%/,&2
$/752
35,9$72
6(59,=,2
&2081,
87(1=$
5(*,21(62&5(*,21(6$1
$/75238%%
$/752
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
$/75235,9
)217(',),1$1=,$0(172
$/752
)RQWHGDWL6,67(0$,1)250$7,927(55,725,$/(GLULOHYD]LRQHGDWLVXLVHUYL]LVRFLDOLGHLFRPXQL8IILFLR3LDQRGL=RQD$]LHQGD8OVVQ
727$/(
6SRUWHOOLVRFLDOLWHPDWLFLFRPSUHVR
,QIRUPDJLRYDQLHVSRUWHOORLPPLJUDWL
6HUYL]LGLPHGLD]LRQHVRFLDOH
$WWLYLWjGLLQIRUPD]LRQHHVHQVLELOL]]D]LRQH
FDPSDJQHLQIRUPDWLYHHWF
6HJUHWDULDWR6RFLDOH3RUWDXQLWDULDSHU
O
DFFHVVRDLVHUYL]L
6HUYL]LULOHYDWLGDOOH$PPLQLVWUD]LRQL&RPXQDOLGHWWDJOLRGHOOHIRQWLGLILQDQ]LDPHQWR
75$69(56$/(08/7,87(1=$
5(*,21(
6$1,7$5,2
,QFLGHQ]D
5(*,21(
62&,$/(
)LQDQ]LDPHQWR
)RQWHGL
ILQDQ]LDPHQWR
$00,1,675$=,21,&2081$/,GLVWULEX]LRQHGHOO¶DPPRQWDUHGHOILQDQ]LDPHQWRSHUVLQJRODIRQWH
$QQR
75$69(56$/(08/7,87(1=$
187(17,
727$/(
727$/(
$QQR
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
352*(77,'¶,17(*5$=,21(
75$/($5((',,17(59(172
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
3URJHWWL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
3URJHWWRGLVLVWHPD&RRUGLQDPHQWRGHOOHD]LRQLDIDYRUHGLSHUVRQHFRQSUREOHPLGLVDOXWHPHQWDOHH
GLSHQGHQ]DGDVRVWDQ]H
'LUHWWRUHGLSURJHWWR'RWW*HUPDQR=DQXVVR5HVSRQVDELOH'LSDUWLPHQWRSHUOH'LSHQGHQ]H3DWRORJLFKH
&DSRSURJHWWRGRWW5REHUWR/H]]L5HVSRQVDELOH82$
35(0(66$
'DWL HSLGHPLRORJLFL GLPRVWUDQR FRPH VLD GLYHQWDWR XQ SUREOHPD ULOHYDQWH OD FRPRUELOLWj GHWWD
DQFKH ³GRSSLD GLDJQRVL´ 6HFRQGR O¶206 QHOOD SRSROD]LRQH JHQHUDOH OD SUHYDOHQ]D GL IUDQFD
SDWRORJLD SVLFKLDWULFD VDUHEEH SDUL D FLUFD LO H FLz FRPSRUWHUHEEH O¶DWWULEX]LRQH GL XQD
FRQGL]LRQH GL ³GRSSLD GLDJQRVL´ SHU WXWWL R TXDVL L SD]LHQWL GHL 6HU7 GHILQHQGR SHUWDQWR OD
FRVWDQWHQHFHVVLWjGLXQDLPSURSRQLELOHSUHVDLQFDULFRFRQJLXQWD
(¶ DSSDUVR TXLQGL SL FRUUHWWR XWLOL]]DUH LO WHUPLQH ³GRSSLD GLDJQRVL´ SHU ULIHULUVL D VLWXD]LRQL
SVLFRSDWRORJLFKHHGLVDGDWWLYHSDUWLFRODUPHQWHFRPSOHVVHHSHUYDVLYHRYHGLSDUWLFRODUHULOLHYR
VLD IUD O¶DOWUR OD GLSHQGHQ]D GD VRVWDQ]H VLD FKH TXHVWD VRVWHQJD H LPSURQWL DOWUH
PDQLIHVWD]LRQLSVLFKLDWULFKHVLDFKHGDTXHVWDSRVVDVLJQLILFDWLYDPHQWHGHWHUPLQDUVL
9D LQROWUH FRQVLGHUDWR FRPH OD GLSHQGHQ]D GD VRVWDQ]H SRVVD GDU OXRJR D VLQWRPL SVLFKLDWULFL
VHFRQGDULRPRGLILFDUHLVLQWRPLSVLFKLDWULFLSULPDULGLXQTXDGURSVLFRSDWRORJLFRVSHFLILFRFRQ
HVLWL VSHVVR JUDYL LQ WHUPLQL GL GLVDELOLWj H GLVDGDWWDPHQWR SHVDQWL FRQVHJXHQ]H LQ DPELWR
IDPLOLDUHHVRFLDOHHFRQHOHYDWLFRVWLVDQLWDUL
7DOH FRQGL]LRQH FRQ ULIHULPHQWR DOO¶RUJDQL]]D]LRQH GHL VHUYL]L KD SRUWDWR LQ SDVVDWR DOOD
QHFHVVLWj GL GHILQLUH XQ SURWRFROOR RSHUDWLYR VXOOD EDVH GHOOH GLUHWWLYH UHJLRQDOL WUD
'LSDUWLPHQWR GHOOH 'LSHQGHQ]H 'LSDUWLPHQWR GL 6DOXWH 0HQWDOH H 'LYLVLRQH GL 0HGLFLQD
*HQHUDOHG¶8UJHQ]DSHUJOLXWHQWLFRQFRVLGGHWWD³GRSSLDGLDJQRVL´DSSURYDWR FRQGHOLEHUDQ
7(55,725,2',5,)(5,0(172
%DFLQRGHL&RPXQLGHOO¶$]LHQGD8/66Q
7$5*(787(1=$(5,68/7$7,5$**,817,
7DUJHW
3URJHWWR
7LSRORJLDXWHQ]D
&RRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGL
SHUVRQHFRQSUREOHPLGL 8WHQWLFRQGRSSLDGLDJQRVL
VDOXWHPHQWDOHH
GLSHQGHQ]DGDVRVWDQ]H
5LVXOWDWL
3UHVHLQFDULFR
SUHYLVWLUDJJLXQWL
5LFRVWLWX]LRQHGHOJUXSSRGL
ODYRURLQWHJUDWRFRQOD
,O SURJHWWR QRQ q VWDWR
1HXURSVLFKLDWULD,QIDQWLOHH
DYYLDWR QHO FRUVR GHO
LO'LVWUHWWR
$YYLRGLXQSULPRSHUFRUVR
IRUPDWLYRSHUWXWWLJOL
RSHUDWRULFRLQYROWL
VDUj
TXLQGL
ULSLDQLILFDWRSHULO
6WDWRGLDWWXD]LRQHDO
,OSURJHWWRQRQqVWDWRDYYLDWRQHOFRUVRGHOVDUjTXLQGLULSLDQLILFDWRSHULO
6WDWRGLDWWXD]LRQHDO
3URJHWWR
'XUDWD
&RRUGLQDPHQWRGHOOHD]LRQL
DIDYRUHGLSHUVRQHFRQ
SUREOHPLGLVDOXWHPHQWDOH
HGLSHQGHQ]DGDVRVWDQ]H
6WDWRGLUHDOL]]D]LRQH
)DVH
1RQDWWLYDWR
,Q$YYLR
&RQFOXVR
2SHUDWLYD,QL]LDOH
,QWHUURWWR
2SHUDWLYD$YDQ]DWD
,QHURJD]LRQH
,Q&RQFOXVLRQH
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
6WDWRGLDYDQ]DPHQWRDO
3URJHWWR
5LVSHWWRDLWHPSLGL
DWWXD]LRQH
5LVSHWWRDOOHULVRUVH
SURIHVVLRQDOLFRLQYROWH
5LVSHWWRDLULVXOWDWL
SURGRWWLHDWWHVL
&RRUGLQDPHQWRGHOOHD]LRQL
DIDYRUHGLSHUVRQHFRQ
SUREOHPLGLVDOXWHPHQWDOH
HGLSHQGHQ]DGDVRVWDQ]H
12
12
12
,QGLFDWRUL'L5LVXOWDWR$QQR
7LSRORJLD
LQGLFDWRUH
,QGLFDWRUH
'LVWUXWWXUD
6WDQGDUG
9DORUH
ULOHYDWR
GL
UDJJLXQJLP
HQWR
Vu
QR
ULFRVWLWX]LRQHJUXSSRGLODYRUR
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURHIIHWWXDWLQLQFRQWUL
SURJUDPPDWL
'LHVLWR
DO
DYYLRSULPRSHUFRUVRIRUPDWLYR
Vu
QR
62**(7725(63216$%,/('(//$*(67,21(
(17,
8OVV
&RPXQHL
8QLRQH
$VV
&RPXQL
,3$%
(QWLH
,VWLWXWL
UHOLJLRVL
3ULYDWR
$OWUR
3ULYDWR
QR
HQWH
3URILW
SURILW
SXEEOLFR
DOWUR
1RPH
VRJJHWWR
$8OVVQ
UHVSRQVDELOH
&267,
,FRVWLGHOSURJHWWRVRQROLPLWDWLDOSHUVRQDOHGLSHQGHQWHFRLQYROWR
5,3,$1,),&$=,21($112
$=,21,$112
5LFRVWLWX]LRQH JUXSSR GL ODYRUR 'LSDUWLPHQWR 'LSHQGHQ]H 'LSDUWLPHQWR 6DOXWH 0HQWDOH
0HGLFL0HGLFLQDG¶8UJHQ]D'LVWUHWWL
5DFFROWD GDWL TXDQWLWDWLYL H TXDOLWDWLYL HVLVWHQWL VXL SURWRFROOL LQ HVVHUH LQ FDULFR
FRQJLXQWDPHQWH
$QDOLVLHYHULILFDGHLSURWRFROOL
(ODERUD]LRQHGLDJUDPPDGLIOXVVRFKHVFKHPDWL]]LLSURWRFROOL
3URJUDPPD]LRQHGHOODFRQGLYLVLRQHGHOO
HODERUDWRFRQOHpTXLSHGHLGXHGLSDUWLPHQWL
6FDQVLRQHPHQVLOH
$]LRQL
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
,1',&$725,',5,68/7$72$112
7LSRORJLD
LQGLFDWRUH
'LVWUXWWXUD
,QGLFDWRUH
6WDQGDUG
ULFRVWLWX]LRQHJUXSSRGLODYRUR
Vu
'LSURFHVVR
DO
DQDOLVLGHLSURWRFROOLLQHVVHUH
VL
'LHVLWR
DO
FRVWUX]LRQHGLDJUDPPDGLIOXVVR
Vu
35(9(17,92&267,$112
6LFRQIHUPDQROHULVRUVHLQGLFDWHQHO3LDQRGL]RQD
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
3URJHWWRGLVLVWHPD&ROODERUD]LRQHWUDVHUYL]LSHULOFRRUGLQDPHQWRGHOOHD]LRQLDIDYRUHGHOOH
SHUVRQHGLVDELOLFKHSUHVHQWDQRSUREOHPLGLVDOXWHPHQWDOH
'LUHWWRUHGLSURJHWWR'RWWVVD5HQDWD*KHUOHQGD5HVSRQVDELOH$UHD'LVDELOLWj
&DSRSURJHWWRGRWW$QJHOR%UHJD5HVSRQVDELOH&HQWUR'LXUQR82&QGL2GHU]R
35(0(66$
1HJOL XOWLPL GHFHQQL VL q YHULILFDWR XQ SURIRQGR FDPELDPHQWR FXOWXUDOH QHO FDPSR GHOOD
'LVDELOLWj ,QWHOOHWWLYD ', VSHFLDOPHQWH SHU TXDQWR ULJXDUGD JOL DVSHWWL WHUDSHXWLFL H
ULDELOLWDWLYLQRQSLFXUDGHOODPDODWWLDPDSURPR]LRQHGHOODVDOXWHHGHOOD4XDOLWjGHOOD9LWD
3HU TXDQWR ULJXDUGD OD VDOXWH XQD SDUWLFRODUH LPSRUWDQ]D q ULYHVWLWD GDOOD VDOXWH PHQWDOH (¶
RUPDL DFFHUWDWR FKH L GLVWXUEL SVLFRSDWRORJLFL VLDQR ILQR D TXDWWUR YROWH SL IUHTXHQWL QHOOD
SRSROD]LRQH FRQ ', H FKH VSHVVR OH FDXVH GL WDOL GLVWXUEL QRQ FRLQFLGDQR FRQ O¶H]LRSDWRJHQHVL
GHOODVWHVVD/D0DOID
&LVRQRPROWLIDWWRULFKHHYLGHQ]LDQRFRPHOHSHUVRQHFRQ',VLDQRPDJJLRUPHQWHDULVFKLRGL
VYLOXSSDUH SUREOHPL GL VDOXWH PHQWDOH ULVSHWWR DOOD SRSROD]LRQH JHQHUDOH , IDWWRUL GL ULVFKLR
LQFOXGRQR IDWWRUL ELRORJLFL H SVLFRORJLFL FRVu FRPH IDWWRUL VRFLDOL H UHOD]LRQDOL TXDOL
O¶LVWLWX]LRQDOL]]D]LRQHORVWLJPDVRFLDOHODVYDOXWD]LRQHGHOUXRORVRFLDOHGHOODSHUVRQDFRQ',H
ODPDQFDQ]DGLDPLFL:HEHU$OFXQLDXWRUL=XELQH6SULQJVLQWHWL]]DQRLOFRQFHWWRGL
PDJJLRUH YXOQHUDELOLWj GHOOD SHUVRQD FRQ ', FRQFHWWR FKH YD LQWHJUDWR FRQ O¶LQIOXVVR GHOOR
VWUHVV
$ SDUWLUH GDOOD FRQVWDWD]LRQH GHOOH GLIILFROWj GL JHVWLRQH LQFRQWUDWH GDL VHUYL]L QHO JHVWLUH WDOL
SUREOHPDWLFKHTXHVWD $]LHQGD8OVVKDDWWLYDWRLO³3HUFRUVRD]LHQGDOHGLFXUDULDELOLWD]LRQH
HG DVVLVWHQ]D WUD L VHUYL]L GL VDOXWH PHQWDOH HG L VHUYL]L SHU OD GLVDELOLWj´ QHOO¶LQWHQWR GL
VXSHUDUHODWHQGHQ]DDGXQULJLGR³LQFDVHOODPHQWR´GHOOHSHUVRQHQHLVHUYL]LHGHYLGHQ]LDQGR
LQYHFH OD QHFHVVLWj GL XQ FRQFRUVR GL LQWHUYHQWL UHDOPHQWH ILQDOL]]DWL DO WUDWWDPHQWR H DO
VRVWHJQR
7(55,725,2',5,)(5,0(172
%DFLQRGHL&RPXQLGHOO¶$]LHQGD8OVVQ
7$5*(787(1=$(5,68/7$7,5$**,817,
7DUJHW
3URJHWWR
7LSRORJLDXWHQ]D
•
•
&ROODERUD]LRQHWUD
VHUYL]LSHULO
3HUVRQH
GLVDELOL
FRRUGLQDPHQWRGHOOH
SUHVHQWDQRSUREOHPL
D]LRQLDIDYRUHGHOOH
GLVDOXWHPHQWDOH
SHUVRQHGLVDELOLFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
FKH
•
•
5LVXOWDWL
3UHVHLQFDULFR
SUHYLVWLUDJJLXQWL
*UXSSR GL ODYRUR FRPXQH
DUHD
GLVDELOLVDOXWH
PHQWDOH
,QGLYLGXD]LRQH
H
TXDQWLILFD]LRQH QHOOD UHWH
GHL VHUYL]L GHOOH SHUVRQH
GLVDELOL FKH SUHVHQWDQR
SUREOHPLGLVDOXWHPHQWDOH 4XDQWRSUHYLVWRSHUO¶DQQR
qVWDWRULQYLDWRDO
'LVSRQLELOLWj
GHL
GDWL
UHODWLYL DO PRQLWRUDJJLR H
DOO¶DSSOLFD]LRQH
GHO
3URWRFROOR YLJHQWH H GHO
5HJRODPHQWRSHUOH890'
FRPSOHVVH SHU JOL DVSHWWL
GLSHUWLQHQ]D
)RUPD]LRQH
FRPXQH
DYYLDWD
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
6WDWRGLDWWXD]LRQHDO
1HOFRUVRGHOQRQqVWDWRSRVVLELOHDYYLDUHLOSURJHWWRHTXLQGLTXDQWRSUHYLVWRSHUO¶DQQR
q VWDWR ULQYLDWR DO FRQ OH PHGHVLPH PRGDOLWj /H D]LRQL H LQGLFDWRUL SUHYLVWL SHU LO
VRQRSRVWLFLSDWLDO
6WDWRGLDWWXD]LRQHDO
3URJHWWR
'XUDWD
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHGLVDELOLFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
6WDWRGLUHDOL]]D]LRQH
)DVH
1RQDWWLYDWR
,Q$YYLR
&RQFOXVR
2SHUDWLYD,QL]LDOH
,QWHUURWWR
2SHUDWLYD$YDQ]DWD
,QHURJD]LRQH
,Q&RQFOXVLRQH
6WDWRGLDYDQ]DPHQWRDO
3URJHWWR
5LVSHWWRDLWHPSLGL
DWWXD]LRQH
5LVSHWWRDOOHULVRUVH
SURIHVVLRQDOLFRLQYROWH
5LVSHWWRDLULVXOWDWL
SURGRWWLHDWWHVL
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHGLVDELOLFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
12
12
12
,QGLFDWRUL'L5LVXOWDWR$QQR
7LSRORJLD
LQGLFDWRUH
,QGLFDWRUH
'LVWUXWWXUD
*UXSSRGLODYRURIRUPDWR
6WDQGDUG
9DORUH
ULOHYDWR
GL
UDJJLXQJL
PHQWR
Vu
QR
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURVYROWLQLQFRQWULGHO
JUXSSRGLODYRURSURJUDPPDWL
QR
'LHVLWR
DO
HYHQWRGLIRUPD]LRQHFRPXQH
Vu
QR
62**(7725(63216$%,/('(//$*(67,21(
(17,
8OVV
1RPH
VRJJHWWR
$8OVVQ
UHVSRQVDELOH
&RPXQHL
8QLRQH
$VV
&RPXQL
,3$%
(QWLH
,VWLWXWL
UHOLJLRVL
3ULYDWR
$OWUR
3ULYDWR
QR
HQWH
3URILW
SURILW
SXEEOLFR
DOWUR
&267,
,FRVWLGHOSURJHWWRVRQROLPLWDWLDOSHUVRQDOHGLSHQGHQWHFRLQYROWR
5,3,$1,),&$=,21($112
$=,21,
)RUPD]LRQHPDQWHQLPHQWRJUXSSRGLODYRURFRPXQHDUHDGLVDELOLVDOXWHPHQWDOH
,QGLYLGXD]LRQHHTXDQWLILFD]LRQHQHOODUHWHGHLVHUYL]LGHOOHSHUVRQHGLVDELOLFKHSUHVHQWDQR
SUREOHPLGLVDOXWHPHQWDOH
0RQLWRUDJJLR VXOO¶DSSOLFD]LRQH GHO 3URWRFROOR YLJHQWH H VXO 5HJRODPHQWR SHU OH 890'
FRPSOHVVHSHUJOLDVSHWWLGLSHUWLQHQ]D
)RUPD]LRQHFRPXQH
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
6FDQVLRQHPHQVLOH
$]LRQL
3URJHWWL
,1',&$725,',5,68/7$72$112
7LSRORJLD
LQGLFDWRUH
,QGLFDWRUH
'LVWUXWWXUD
*UXSSRGLODYRUR
6WDQGDUG
Vu
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURVYROWLQLQFRQWULGHOJUXSSRGLODYRUR
SURJUDPPDWL
'LHVLWR
DO
3URWRFROORDJJLRUQDWRHFRPSOHWDWR
Vu
35(9(17,92&267,$112
6LFRQIHUPDQROHULVRUVHLQGLFDWHQHO3LDQRGL=RQD
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
3URJHWWRGLVLVWHPD&ROODERUD]LRQHWUDVHUYL]LSHULOFRRUGLQDPHQWRGHOOHD]LRQLDIDYRUHGHOOH
SHUVRQHDQ]LDQHFKHSUHVHQWDQRSUREOHPLGLVDOXWHPHQWDOH
'LUHWWRUHGLSURJHWWR'U0DVVLPR)RUQDLQL5HIHUHQWH$UHD$Q]LDQL
&DSRSURJHWWRGRWWVVD&DUROD7R]]LQL82$
35(0(66$
/DSRSROD]LRQHDQ]LDQDqLQFRQWLQXRDXPHQWRVLDLQYDORUHDVVROXWRQXPHURGLDQ]LDQLFKH
LQYDORUHUHODWLYRQXPHURGLDQ]LDQLLQUDSSRUWRDJOLDGXOWLHGDLJLRYDQL$OORVWHVVRWHPSRVL
qLQQDO]DWDODYLWDPHGLDGHOOHSHUVRQHFKHLQYHFFKLDQRGHWHUPLQDQGRQHOODVRFLHWjXQQXPHUR
VHPSUHPDJJLRUHGLYHFFKLHGLJUDQGLYHFFKLXOWUDRWWDQWHQQLHGXOWUDQRYDQWHQQL
/D PRGLILFD]LRQL GHOOD VWUXWWXUD VRFLDOH KD PHVVR LQ HYLGHQ]D XQD FRQVLVWHQWH H FRQWLQXD
ULGX]LRQH GHOOD UHWH SULPDULD GL SURWH]LRQH VRFLDOH D IDYRUH GHJOL DQ]LDQL LQ FRQGL]LRQH GL
ELVRJQRGHWHUPLQDWDGDXQGLYHUVRVWLOHGLYLWDGHOOHJHQHUD]LRQLDGXOWHGDOODSDUFHOOL]]D]LRQH
GHOOH IDPLJOLH GDOO¶DXPHQWDWD DWWLYLWj ODYRUDWLYD IHPPLQLOH HVWHUQD DOOD IDPLJOLD $OOR VWHVVR
WHPSRVLDVVLVWHDGXQDXPHQWRGHOOHIDPLJOLHPRQRHELQXFOHDULFRVWLWXLWHGDDQ]LDQLVROLGD
FRSSLHGLDQ]LDQLRGD³IDPLJOLHJHULDWULFKH´GRYHSDGULHILJOLVRQRHQWUDPELDQ]LDQL
/¶DXPHQWR H O¶LQYHFFKLDPHQWR GHOOD SRSROD]LRQH DQ]LDQD VWDQQR GHWHUPLQDQGR XQ FRQWLQXR
LQFUHPHQWRTXDQWLWDWLYRHTXDOLWDWLYRGHOODGRPDQGDGLDVVLVWHQ]D
'D TXHVWR QXRYR FRQWHVWR HPHUJRQR SHU QXPHUR H SHU GLIILFROWj GL WUDWWDPHQWR WUH SULQFLSDOL
HPHUJHQ]H
• O¶LQFUHPHQWR GHOOH SDWRORJLH FURQLFR GHJHQHUDWLYH FRPSOHVVH HG LQYDOLGDQWL D
JUDQGHULOLHYRVDQLWDULR
• O¶LQFUHPHQWR GHOOH SDWRORJLH FURQLFR GHJHQHUDWLYH LQYDOLGDQWL D EDVVR ULOLHYR
VDQLWDULRHDIRUWHLPSDWWRVRFLDOHHGDVVLVWHQ]LDOHGHPHQ]D
• DXPHQWR JHQHUDOL]]DWR GHOOD FRQGL]LRQH GL IUDJLOLWj VLD LQ WHUPLQL GL VDOXWH
ILVLFD FKH GL FRQGL]LRQH SVLFRORJLFD H VRFLDOH DQ]LDQL VROL XOWUDRWWDQWHQQL
DQFKH LQ FRUUHOD]LRQH D IDWWRUL DPELHQWDOL YHGL HPHUJHQ]D FDOGR HG D]LRQL
FRUUHODWH
,Q SDUWLFRODUH SHU TXDQWR ULJXDUGD O¶LQFUHPHQWR GHOOH SDWRORJLH OHJDWH DO GHFDGLPHQWR
FRJQLWLYRFLUFDLOGHOOHSHUVRQHDQ]LDQHDIIHWWHGDGHPHQ]DYHQJRQRDVVLVWLWHLQVWUXWWXUH
SHU DQ]LDQL PHQWUH O¶ YLHQH DVVLVWLWR WRWDOPHQWH R SDU]LDOPHQWH DG HV DWWUDYHUVR
O¶DVVLVWHQ]DSULYDWDDGRPLFLOLRGDLIDPLOLDULQHOODSURSULDDELWD]LRQH
7(55,725,2',5,)(5,0(172
%DFLQRGHL&RPXQLGHOO¶$]LHQGD8/66Q
7$5*(787(1=$(5,68/7$7,5$**,817,
7DUJHW
5LVXOWDWL
SUHYLVWLUDJJLXQWL
• &RVWLWX]LRQHJUXSSRGL
&ROODERUD]LRQHWUD
ODYRURPLVWRDUHDDQ]LDQL
VHUYL]LSHULO
VDOXWHPHQWDOH
3D]LHQWLLQHWjDYDQ]DWDFKH
FRRUGLQDPHQWRGHOOH
JHULDWULDWULDQHXURORJLD
SUHVHQWDQRGLVWXUELSVLFKLFL
D]LRQLDIDYRUHGHOOH
GLSDUWLPHQWRGL
3D]LHQWLSVLFKLDWULFLFKH
SHUVRQHDQ]LDQHFKH
ULDELOLWD]LRQHUHVLGHQ]H
LQYHFFKLDQR
SUHVHQWDQRSUREOHPLGL
SHUDQ]LDQL&RPXQL
VDOXWHPHQWDOH
'LVWUHWWR
• $QDOLVLGHOIHQRPHQR
3URJHWWR
7LSRORJLDXWHQ]D
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
3UHVHLQFDULFR
3URJHWWRGLVLVHPD
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
6WDWRGLDWWXD]LRQHDO
,O JUXSSR GL ODYRUR SHU HVLJHQ]H GL VHUYL]LR q SDUWLWR LQ ULWDUGR GL PHVL H SHU L WHPSL GL
UDFFROWDHG HODERUD]LRQHGHLGDWLO¶HYHQWRIRUPDWLYRSUHYLVWRGDJOLLQGLFDWRULYLHQHSRVWLFLSDWR
DOOD ILQH GHO 6RQR VWDWH FRPXQTXH UHDOL]]DWHOH VHJXHQWL D]LRQL ILQDOL]]DWH DOO¶DQDOLVL GHO
IHQRPHQR
5LFRJQL]LRQHLQGLYLGXD]LRQHHTXDQWLILFD]LRQHGHOWDUJHW
$QDOLVLGHOO¶DWWXDOHJHVWLRQHRIIHUWD
6WDWRGLDWWXD]LRQHDO
3URJHWWR
'XUDWD
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHDQ]LDQHFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
6WDWRGLUHDOL]]D]LRQH
)DVH
1RQDWWLYDWR
,Q$YYLR
&RQFOXVR
2SHUDWLYD,QL]LDOH
,QWHUURWWR
2SHUDWLYD$YDQ]DWD
,QHURJD]LRQH
,Q&RQFOXVLRQH
6WDWRGLDYDQ]DPHQWRDO
3URJHWWR
5LVSHWWRDLWHPSLGL
DWWXD]LRQH
5LVSHWWRDOOHULVRUVH
SURIHVVLRQDOLFRLQYROWH
5LVSHWWRDLULVXOWDWL
SURGRWWLHDWWHVL
&ROODERUD]LRQHWUDVHUYL]L
SHULOFRRUGLQDPHQWRGHOOH
D]LRQLDIDYRUHGHOOH
SHUVRQHDQ]LDQHFKH
SUHVHQWDQRSUREOHPLGL
VDOXWHPHQWDOH
SDU]LDOH
SDU]LDOH
SDU]LDOH
,QGLFDWRUL'L5LVXOWDWR$QQR
7LSRORJLD
LQGLFDWRUH
,QGLFDWRUH
'LVWUXWWXUD
&RVWLWX]LRQHJUXSSRGLODYRUR
6WDQGDUG
9DORUH
ULOHYDWR
GL
UDJJLXQJL
PHQWR
Vu
VL
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURVYROWLQLQFRQWULGHO
JUXSSRGLODYRURSURJUDPPDWL
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURVYROWLQLQFRQWULGHO
JUXSSRGLODYRURSURJUDPPDWL
'LHVLWR
DO
HYHQWRGLIRUPD]LRQHFRPXQH
Vu
QR
62**(7725(63216$%,/('(//$*(67,21(
(17,
8OVV
1RPH
VRJJHWWR
$8OVVQ
UHVSRQVDELOH
&RPXQHL
8QLRQH
$VV
&RPXQL
,3$%
(QWLH
,VWLWXWL
UHOLJLRVL
3ULYDWR
$OWUR
3ULYDWR
QR
HQWH
3URILW
SURILW
SXEEOLFR
DOWUR
3URYLQFLD
&267,
,FRVWLGHOSURJHWWRVRQROLPLWDWLDOSHUVRQDOHGLSHQGHQWHFRLQYROWR
5,3,$1,),&$=,21($112
$=,21,$112
)RUPXOD]LRQHGLQXRYHSURSRVWHGLJHVWLRQHGHOWDUJHWSHUDPELWLHFRPSHWHQ]HDSSURSULDWH
ULVSHWWRLELVRJQL
'HILQL]LRQHGLXQSURWRFROOR
$SSURYD]LRQHSURWRFROOR
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
3URJHWWL
$SSOLFD]LRQHSURWRFROOR
$]LRQL
6FDQVLRQHPHQVLOH
,1',&$725,',5,68/7$72$112
7LSRORJLD
LQGLFDWRUH
,QGLFDWRUH
'LVWUXWWXUD
*UXSSRGLODYRUR
6WDQGDUG
Vu
'LSURFHVVR
DO
QLQFRQWULGHOJUXSSRGLODYRURVYROWLQLQFRQWULGHOJUXSSRGLODYRUR
SURJUDPPDWL
'LHVLWR
DO
'HILQL]LRQHSURWRFROOR
Vu
35(9(17,92&267,$112
6LFRQIHUPDQROHULVRUVHLQGLFDWHQHO3LDQRGL=RQD
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
5HOD]LRQH9DOXWDWLYD
anno 2011
352*(77,'¶,17(*5$=,21(75$/($5((',,17(59(172
$]LHQGD8OVVQGL7UHYLVR
'LUH]LRQHGHL6HUYL]L6RFLDOL
3URJHWWL