Italiano
ALDINET S.P.A.
VIALE C.COLOMBO, 8
20090 TREZZANO S/N (MI)
ITALY
,1',&(
3UHFDX]LRQL
,GHQWLILFD]LRQHGHLFRQWUROOL
3DQQHOORIURQWDOH
7HOHFRPDQGR
8WLOL]]RGHOWHOHFRPDQGR
*XLGDUDSLGD
&DULFDUHHVFDULFDUHXQGLVFR
$FFHQGHUHHVSHJQHUH
)RQWH
,PSRVWD]LRQHOLYHOORGHOYROXPH
$FFHQGHUHHVSHJQHUHLOVXRQR
9LVXDOL]]DORVWDWRGHOGLVFR
5LSURGX]LRQHGLXQGLVFR
)HUPDUHODULSURGX]LRQH
$YDQ]DPHQWRUDSLGR5LDYYROJLPHQWRUDSLGR
7URYDUHO¶LQL]LRGLFDSLWROLRWUDFFH
)XQ]LRQLUDSLGH
&DPELRGHOODOLQJXDDXGLR
&DPELRGHL627727,72/,
&DPELRGHOO¶$1*2/$=,21(
5LSURGX]LRQHGDOODSRVL]LRQHGHVLGHUDWD
&$3,72/2%5$127,72/2ULSHWHUHODULSURGX]LRQH
&DPELDUHOHLPSRVWD]LRQLSUHGHILQLWHLPSRVWD]LRQH
,QVWDOOD]LRQHHFRQQHVVLRQH
$OWUR
,QFDVRGLGLIILFROWj
6SHFLILFKHWHFQLFKH
3UHFDX]LRQL
4XHVWROHWWRUHYLGHRGLJLWDOHYHUVDWLOHSHUGLVFKL'9'XVD9'&
3HUXQULIHULPHQWRIXWXURUHJLVWUDUHLOPRGHOORHLOQXPHURGLVHULH
VLWXDWRVXOFDVRGHOOHWWRUH'9'QHOORVSD]LRIRUQLWR
$77(1=,21(
4XHVWR/(7725(9,'(2'9'Ê81352'2772/$6(5',&/$66(
/¶862',&21752//,25(*2/$=,21,2(6(&8=,21,'(//(352&('85(',9(56('$
48(//(63(&,),&$7(,148(672'2&80(172326621235292&$5(/¶(6326,=,21(
$5$',$=,21,3(5,&2/26(
$1&+(,/5$**,2/$6(586$72,148(672/(7725(9,'(2'9'(¶12&,923(5*/,
2&&+,
1217(17$5(',60217$5(/263(57(//,12
,/6(59,=,2',$66,67(1=$$//$&/,(17(/$6,5,)(5,6&(62/2$3(5621$/(
48$/,),&$72
$77(1=,21(SURGRWWRODVHUGLFODVVHHYLWDUHODYLVXDOL]]D]LRQHGLUHWWDGHOOHUDGLD]LRQL
ODVHUDOXQJRWHUPLQH
$99(57(1=$5(/$7,9$$//$)250$=,21(',58*,$'$
/DUXJLDGDSRWUHEEHIRUPDUVLVXOOHOHQWLGDULSUHVDQHOOHVHJXHQWLFRQGL]LRQL
6XELWRGRSRFKHXQULVFDOGDPHQWRqVWDWRHIIHWWXDWR
,QXQDFDPHUDIXPDQWHRPROWRXPLGD
4XDQGRO¶DSSDUHFFKLRYLHQHVSRVWDWRDOO¶LPSURYYLVRIRUPDXQDPELHQWHIUHGGRDXQRFDOGR
6HODUXJLDGDVLIRUPDDOO¶LQWHUQRGLTXHVWDXQLWjSRWUHEEHQRQIXQ]LRQDUHFRUUHWWDPHQWH
,QWDOFDVRDFFHQGHUHLOGLVSRVLWLYRHDWWHQGHUHFDRUH
4XDQGRO¶XQLWjYLHQHXVDWDVRWWREDVVHWHPSHUDWXUH
/DOHQWHSRWUHEEHULVFDOGDUVLPROWRYHORFHPHQWHHSRWUHEEHIRUPDUVLODUXJLDGD
,QTXHVWRFDVRDFFHQGHUHO¶DOLPHQWDWRUHHDWWHQGHUHFKHODUXJLDGDHYDSRUL
3UHFDX]LRQL
4XHVWRVLPERORLQGLFDLPSRUWDQWLLVWUX]LRQL
$77(1=,21( /DPDQFDWDDWWHQ]LRQHSRWUHEEHSURYRFDUHOHVLRQLRGDQQL
DOODSURSULHWj
12160217$5(202',),&$5(48(67$81,7¬
4XHVWDRSHUD]LRQHSRWUHEEHULVXOWDUHLQXQLQFLGHQWHLQFHQGLRRVFRVVHHOHWWULFKH
0$17(1(5(3,&&2/,2**(77,&20(/$%$77(5,$)825,'$//$3257$7$'(,%$0%,1,
,QFDVRGLLQJHVWLRQHFRQVXOWDUHLPPHGLDWDPHQWHXQPHGLFR
862&255(772'(//¶$03(5(5$7,1*$/020(172'(//$6267,78=,21('(,)86,%,/,
1RQIDUORSXzFDXVDUHLQFHQGLRVFRVVHHOHWWULFKH
/¶8621(//(0$&&+,1(&21)21'21(*$7,92$92/7
&RQWUROODUHFRQLOULYHQGLWRUHVHQRQVLqVLFXUL1RQIDUORSXzFDXVDUHLQFHQGLHFF
35,0$'(/,03,$172(/(775,&26&2//(*$5(,/&$92'$/7(50,1$/(1(*$7,92'(//$
%$77(5,$
1RQIDUORSXzFDXVDUHVFRVVHHOHWWULFKHROHVLRQLDFDXVDGLFRUWRFLUFXLWLHOHWWULFL
121&2//(*$5(1(,&$9,(/(775,&,
0DLWDJOLDUHLOFDYRGLLVRODPHQWRSHUIRUQLUHDOLPHQWD]LRQHDGDOWULDSSDUHFFKL
,QTXHVWRFDVRVLVXSHUDO¶DWWXDOHFDSDFLWjGLWUDVSRUWRGHOILORHSURYRFDLQFHQGLHVFRVVHHOHWWULFKH
121,167$//$5(,1/82*+,&+(3275(%%(52267$&2/$5(,/)81=,21$0(172
'(/9(,&2/2&20($'(6(03,2,/92/$17(2&$0%,2
,QTXHVWRPRGRVLSXzRVWDFRODUHODYLVLRQHLQDYDQWLRRVWDFRODUHODYLVLRQHFF(FDXVDUHJUDYLLQFLGHQWL
12187,/,==$5(%8//21,2'$',1(/)5(1221(,6,67(0,',67(5=23(5)$5(
&211(6,21,$7(55$
%XOORQLRGDGLXVDWLSHULOIUHQRRSHULOVLVWHPDGLVWHU]RRGLTXDOVLDVLDOWURVLVWHPDOHJDWRDOODVLFXUH]]D
RGHLVHUEDWRLQRQGRYUHEEHUR0$,HVVHUHXVDWLSHULQVWDOOD]LRQLRFROOHJDPHQWLDWHUUD
/¶XVRGLWDOLSDUWLSRWUHEEHGLVDWWLYDUHLOFRQWUROORGHOYHLFRORHFDXVDUHLQFHQGLHFF
12123(5$5($/&81$)81=,21(&+(3257,/$92675$$77(1=,21(/217$12'$//$
*8,'$',6,&85(==$'(/9(,&2/2
4XDOVLDVLIXQ]LRQHFKHULFKLHGHODYRVWUDDWWHQ]LRQHSUROXQJDWDGHYHHVVHUHGRYUHEEHHVVHUHHIIHWWXDWD
VRORGRSRODYHQXWDGLXQFRPSOHWRVWRS$UUHVWDUHVHPSUHLOYHLFRORLQXQOXRJRVLFXURSULPDGLHIIHWWXDUH
TXHVWHIXQ]LRQL
1RQIDUORSXzFDXVDUHXQLQFLGHQWH
121&216(17,5($,&$9,',',9(17$5(81,16,(0(&21*/,2**(77,&,5&267$17,
'LVSRUUHO¶LPSLDQWRHOHWWULFRHLFDYLLQFRQIRUPLWjFRQLOPDQXDOHSHUHYLWDUHRVWDFROLGXUDQWHODJXLGD
/¶LPSLDQWRHOHWWULFRHLFDYLFKHRVWDFRODQRRFKHVRQRDSSHVLVXSRVWLFRPHLOYRODQWHODOHYDGLPDUFLDL
SHGDOLGHOIUHQRHFF3RVVRQRHVVHUHHVWUHPDPHQWHSHULFRORVL
121'$11(**,$5(78%,2/¶,03,$172(/(775,&26(6,())(778$123(5)25$=,21,
4XDQGRIRULLQTXHVWLWHODLSHUO¶LQVWDOOD]LRQHSUHQGLOHSUHFDX]LRQLSHUQRQVWDUHDFRQWDWWRGDQQHJJLDUHR
RVWUXLUHLWXELOLQHHGLFDUEXUDQWHVHUEDWRLRFROOHJDPHQWLHOHWWULFL
1RQSUHQGHUHWDOLSUHFDX]LRQLSXzSURYRFDUHLQFHQGL
5(1'(5(/(&211(66,21,&255(77(
6HQRQVLHVHJXRQROHFRUUHWWHFRQQHVVLRQLVLSRVVRQRSURYRFDUHLQFHQGLRSURGXUUHGDQQL
1210(77(5(0$1,',7$22**(77,(675$1(,,1$3(5785(2%8&+,
4XHVWDRSHUD]LRQHSRWUHEEHFDXVDUHOHVLRQLSHUVRQDOLR'DQQLDOSURGRWWR
7(1(5(,/92/80(,181/,9(//2,1&8,(¶3266,%,/(6(17,5(,/58025($//¶(67(512
0(175(6,67$*8,'$1'2
1RQIDUORSXzFDXVDUHXQLQFLGHQWH
86$5(48(672352'27723(5$33/,&$=,21,02%,/,9
/¶XVRGLYHUVRSHUODVXDDSSOLFD]LRQHSURJHWWDWDSXzFDXVDUHLQFHQGLVFRVVHHOHWWULFKHRDOWUHOHVLRQL
3UHFDX]LRQL
$WWHQ]LRQH
4XHVWRVLPERORVLJQLILFDLPSRUWDQWLLVWUX]LRQL
/DPDQFDWDDWWHQ]LRQHOuSXzSURYRFDUHOHVLRQLRGDQQLDOODSURSULHWj
',63255(/¶,03,$172(/(77521,&2,102'2'$121(66(5(3,(*$722675(772'$81
%25'27$*/,(17(
$OORQWDQDUHLFDYLHO¶LPSLDQWRHOHWWULFRGDSDUWLLQPRYLPHQWRFRPHODVHGHGHOOHURWDLHRGDDFXWLHG
DSSXQWLWLERUGL
&LzLPSHGLUjLOSLHJDPHQWRHLOGDQQRDOO¶LPSLDQWRHOHWWULFR6HO¶LPSLDQWRSDVVDDWWUDYHUVRXQDVWUHWWDGL
PHWDOORXVDUHXQDJRPPDSHULPSHGLUHO¶LVRODPHQWRGHOILORGDHVVHUHWDJOLDWRGDOERUGRGLPHWDOORGHOIRUR
87,/,==$5(3(==,',5,&$0%,263(&,),&,(,167$//$7(/,,102'26,&852
$VVLFXUDUVLGLXWLOL]]DUHVRORLSH]]LGLDFFHVVRULVSHFLILFL/¶XVRGLSDUWLGLYHUVHGDTXHOOHSURJHWWDWHSRVVRQR
GDQQHJJLDUHO¶XQLWjLQWHUQDPHQWHRQRQSRVVRLQVWDOODUHLQPRGRVLFXURO¶XQLWjLQSRVL]LRQH&LzSXzFDXVDUH
LOURPSHUVLGHLSH]]LHFDXVDLOIDOOLPHQWRGHOSURGRWWRRSHULFROL
121,167$//$5(,1/82*+,&21(/(9$7$80,',7¬232/9(5(
(YLWDUHGLLQVWDOODUHO¶DSSDUHFFKLRLQOXRJKLFRQHOHYDWDLQFLGHQ]DGLXPLGLWjRSROYHUH
/¶XPLGLWjRODSROYHUHFKHSHQHWUDLQTXHVWDXQLWjSXzFDXVDUHLOIDOOLPHQWRGHOSURGRWWR
,16(5,5(/$%$77(5,$&21/$*,867$32/$5,7¬
4XDQGRVLLQVHULVFHODEDWWHULDDFFHUWDUVLGLRVVHUYDUHODJLXVWDSRODULWjHVHFRQGROHLVWUX]LRQL
/DURWWXUDGHOODEDWWHULDSRWUHEEHSURYRFDUHLQFHQGLROHVLRQLSHUVRQDOL
/¶,03,$172(/(775,&2(/¶,167$//$=,21('(9((66(5(())(778$7$'$(63(57,
/¶LPSLDQWRHO¶LQVWDOOD]LRQHGLTXHVWDXQLWjULFKLHGHXQDVSHFLDOHFRPSHWHQ]DWHFQLFDHGHVSHULHQ]D
3HUJDUDQWLUHODVLFXUH]]DFRQWDWWDUHVHPSUHLOULYHQGLWRUHGRYHDYHWHDFTXLVWDWRLOSURGRWWRSHUDYHU
VYROWRLOODYRUR
$55(67$5(,00(',$7$0(17(/¶8626($33$5(81352%/(0$
1RQIDUORSRWUHEEHFDXVDUHOHVLRQLSHUVRQDOLRGDQQLDOSURGRWWR
&RQVXOWDUHXQLQVWDOODWRUHSURIHVVLRQDOHGHOYLGHRPRELOH
7(03(5$785$
$VVLFXUDUVLFKHODWHPSHUDWXUDDOO¶LQWHUQRGHOYHLFRORqWUDƒ&ƒ)Hƒ&ƒ)SULPDGL
DFFHQGHUHO¶XQLWj
87,/,==2&255(772
1RQIDUFDGHUHLOGLVFRQHOFRUVRGHOWUDWWDPHQWR7HQHUHLOGLVFRLQPRGRWDOHGDQRQODVFLDUHLPSURQWH
VXOODVXSHUILFLH
6HODVXSHUILFLHqJUDIILDWDSRWUHEEHSURYRFDUHLOULWLURGLVDOWDUH
1RQDSSRUUHQDVWURFDUWDHWLFKHWWHRJRPPDWXUDVXOGLVFR1RQVFULYHUHVXOGLVFR
0$17(1(5(38/,72,/782',6&2
,PSURQWHGLJLWDOLSROYHUHRROLRVXOODVXSHUILFLHSRWUHEEHFDXVDUHLOULWLURGLVDOWDUH3HUODSXOL]LDGLURXWLQH
SXOLUHODVXSHUILFLHFRQXQSDQQRSXOLWRPRUELGRGDOFHQWURGHOGLVFRDOERUGRHVWHUQR
6HODVXSHUILFLHqPROWRVSRUFDLQXPLGLUHLOSDQQRPRUELGRLQXQDVROX]LRQHGLGHWHUJHQWHQHXWURGHOLFDWR
SULPDGLSXOLUHLOGLVFR
$&&(6625,'(/',6&2
6RQRGLVSRQLELOLVXOPHUFDWRGLYHUVLDFFHVVRULGHOGLVFRSHUSURWHJJHUHODVXSHUILFLHGHOGLVFRHPLJOLRUDUH
ODTXDOLWjGHOVXRQR
7XWWDYLDSRVVRQRDXPHQWDUHLOORURVSHVVRUHHRLOGLDPHWURGHOGLVFR/
XVRGLWDOLDFFHVVRULSXzFROORFDUH
LOGLVFRDOGLOjGHOOLPLWHGHOODGLPHQVLRQHVSHFLILFDWDHDFDXVDUHLOFDPELDPHQWRPDOIXQ]LRQDPHQWL'DWD
O
HOHYDWDSUHFLVLRQHHOHWWURQLFDGLTXHVWDXQLWjHLOPHFFDQLVPRDOWDPHQWHVWDELOHTXHVWLDFFHVVRULQRQ
VRQRQHFHVVDULHQRQVRQRSHUWDQWRUDFFRPDQGDWRSHUO
XVRFRQLGLVFKLSRVWLLQTXHVWDXQLWj
',6&2'$11(**,$72
1RQWHQWDUHGLULSURGXUUHFUHSHGHIRUPD]LRQLRGLYHUVLGLVFKLGDQQHJJLDWL
5LSURGXUUHXQEUXWWRGLVFRSRWUHEEHGDQQHJJLDUHVHULDPHQWHLOPHFFDQLVPRGLULSURGX]LRQH
326,=,21(3(5/¶,167$//$=,21(
9HULILFDUHFKHO
XQLWjQRQVLDLQVWDOODWDLQXQOXRJRVRWWRSRVWRD
)RUWHWDVVRGLXPLGLWjHDFTXD (FFHVVLYDSROYHUH
'LUHWWDDOVROHHDOFDORUH
9LEUD]LRQLHFFHVVLYH
,GHQWLILFD]LRQHGHLFRQWUROOL
3DQQHOORIURQWDOH
,QGLFDWRUHGLDSHUWXUDFKLXVXUD
GHOODIHVVXUDGHOGLVFR
65&
32:(56285&(
6723
6.,3
6.,3
3/ $<( 5
7DVWR6723
7DVWR32:(5
6285&(
$8 ;
3$86( 3/$<
(-(&7
02 1, 72 5
7DVWR
3/$<(5$8;
7DVWR
6.,3
7DVWR
3/$<3$86(
7DVWR
(-(&7
7DVWR
6.,3
,OWDVWR
65&
3UHPHUHSHUTXDOFKHVHFRQGRODIXQ]LRQH32:(5SHU
DFFHQGHUHVSHJQHUHSUHPHUHDOXQJRODIXQ]LRQH6285&(
SHUVHOH]LRQDUHXQDIRQWHGLYHUVDOHWWRUHR$8;
3HULQWHUURPSHUHODULSURGX]LRQH
3HULQGLYLGXDUHLOFDSLWRORREUDQRSUHFHGHQWHVXFFHVVLYR
5LSURGX]LRQH3DXVD
3HUHVSHOOHUHXQGLVFR
5HVHWWDUHO¶XQLWj
3UHPHUHLOSXOVDQWH5(6(7FRQXQRJJHWWRDG
HVHPSLRXQDSHQQDDVIHUDFRPHPRVWUDWRQHOOD
ILJXUD
65&
32 :( 562 85 &(
6723
6. ,3
6. ,3
3/ $<(5
/¶DSSDUHFFKLRVLVSHJQHUjPRPHQWDQHDPHQWHDOOD
SUHVVLRQHGHOWDVWR5(6(7
1RWDSUHPHQGRLOWDVWR5(6(7VLFDQFHOODQR
DOFXQLFRQWHQXWLPHPRUL]]DWL
7DVWR5(6(7
$8 ;
02 1,7 25
3$86( 3/ $<
(- (& 7
,GHQWLILFD]LRQHGHLFRQWUROOL
7HOHFRPDQGR
68 %
& /( $ 5
* 2 72
$ 1 * /(
$ 8 ' ,2
' ,6 3 / $ <
3XOVDQWHGLDFFHQVLRQHVSHJQLPHQWR
3XOVDQWH*272SHUORFDOL]]DUHLQVHUHQGRLO
FRUULVSRQGHQWHQXPHURGLWUDFFLDLOQXPHURGHO
FDSLWRORRLOWHPSR
3UHPHUHDOXQJRODIXQ]LRQH&/($5SHU
FDQFHOODUHLOQXPHURVEDJOLDWRFKHKDLLQVHULWR
3XOVDQWHQXPHUR
8WLOL]]DWRSHULQVHULUHQXPHULHSHUVHOH]LRQDUH
LOGLVFRSUHPHQGRLOWDVWRa
3XOVDQWH5(3($7
3HUULSURGXUUHULSHWXWDPHQWH
3XOVDQWH$8',2SHUVHOH]LRQDUH'9'DXGLRR
9&'DXGLRVWHUHR
SUHPHUHDOXQJRODIXQ]LRQH7,72/2SHU
LQGLYLGXDUHXQWLWRORVSHFLILFRFDSLWRORRWUDFFLD
3XOVDQWH(17(5HOHYDGLFRPDQGR
3XOVDQWH6(783
3HUPRGLILFDUHOHLPSRVWD]LRQLGLGHIDXOW
3HUFDPELDUHODYHORFLWjGLULSURGX]LRQH
3HULQGLYLGXDUHSURVVLPRFDSLWRORRWUDFFLD
3HULQGLYLGXDUHSUHFHGHQWHFDSLWRORRWUDFFLD
3XOVDQWH',63/$<SHUYLVXDOL]]DUHORVWDWRGHO
GLVF
3XOVDQWHSHUHVSHOOHUHLOGLVFR
3XOVDQWH6285&(
SHUVHOH]LRQDUHOHGLYHUVHIRQWL
'9'R$8;
3UHPHUHDOXQJRODIXQ]LRQH627727,72/,
SHUVHOH]LRQDUHLOVRWWRWLWRORGHOGLVFR'9'
3XOVDQWHGLLQWHUUX]LRQHULSURGX]LRQH
SUHPHUHDOXQJRLOWDVWR$1*/(±3HU
VHOH]LRQDUHWKHO¶DQJROD]LRQHGHOGLVFR'9'
3XOVDQWHGLLQWHUUX]LRQHGHOODULSURGX]LRQH
3XOVDQWH0(18
3HULQGLYLGXDUHXQDIRQWHVSHFLILFDGDO0(18
GHO'9'R9&'3%&DFFHVRVSHQWR
3XOVDQWH92/
3HUUHJRODUHO¶LPSRVWD]LRQHVLGRYUHEEH
SUHPHUH
92/ILQRDTXDQGRFRPSDUHODYRFHFKHVL
GHVLGHUDUHJRODUHTXLQGLFDPELDUH9ROXPH
SUHPHQGRŻŹ
4XDQGRO
LPSRVWD]LRQHGHOODYRFH92/80(
FRPSDUHqSRVVLELOHPRGLILFDUHLOYROXPHGL
RJQLFDQDOH
3UHPHUHLOSXOVDQWHŸźSHUVHOH]LRQDUHL
FDQDOLHSUHPHUHŻŹSHUFDPELDUHLOYROXPH
3XOVDQWHPXWR
5LSURGX]LRQHVHQ]DDXGLR
,GHQWLILFD]LRQHGHLFRQWUROOL
8WLOL]]RGHOWHOHFRPDQGR
3UHSDUD]LRQHGHOWHOHFRPDQGR
,QVHULUHODEDWWHULD9&5QHOWHOHFRPDQGR
3ULPDGLFKLXGHUHLOFRSHUFKLRDVVLFXUDUVLFKHODEDWWHULDVLDLQVHULWDFRQLOODWRULYROWRYHUVRO¶DOWR
$SULUHLOFRSHUFKLRHVWUDUUHLOFRSHUFKLR
FRPHLOOXVWUDWR
,QVHULUHFHOOD9&KLXGHUHLOFRSHUFKLR
2SHUD]LRQHGHOWHOHFRPDQGR
65&
4XHVWDVH]LRQHPRVWUDFRPHXVDUHLOWHOHFRPDQGR
3XQWDUHLOWHOHFRPDQGRYHUVRLOVHQVRUHGHO
WHOHFRPDQGRHSUHPHUHLSXOVDQWL
32 :( 562 85 &(
6723
6. ,3
/DJDPPDGHOWHOHFRPDQGRFLUFDPGDOODSDUWH
DQWHULRUHGHOVHQVRUHUHPRWR
,VDVVHRIISLGLƒLQRJQLGLUH]LRQHGDOULFHYLWRUH
6. ,3
3/$< (5
$8;
68
&/
($
3$86( 3/ $<
86%
%
5
*2
72
$1
$8
1RQHVSRUUHLOVHQVRUHGHOWHOHFRPDQGRGHOOHWWRUH'9'HLOWHOHFRPDQGRDGXQD
IRUWHIRQWHGLPROYDFRPHODOXFHGLUHWWDGHOVROHRGLDOWUHLOOXPLQD]LRQL6HORIDL
SRWUHVWLQRQHVVHUHLQJUDGRGLIDUIXQ]LRQDUHLOOHWWRUH'9'WUDPLWHLOWHOHFRPDQGR
*/
(
' ,2
' ,6
3 /$
<
1RWHVXOODEDWWHULD
3HUIDUIXQ]LRQDUHFRUUHWWDPHQHLOWHOHFRPDQGRVHJXLUHOHLVWUX]LRQLULSRUWDWHGLVHJXLWR
1RQLQVHULUHLQFHOODLOWHOHFRPDQGRQHOODGLUH]LRQHVEDJOLDWD
1RQFDULFDUHULVFDOGDUHDSULUHRFRUWRFLUFXLWDUHODFHOOD1RQEXWWDUHFHOODLQXQLQFHQGLR
6HLOWHOHFRPDQGRQRQIXQ]LRQDFRUUHWWDPHQWHRVHLOJDPPDRSHUDWLYDGLYHQWDULGRWWD
VRVWLWXLUHODFHOODFRQXQRQXRYR
1RWHVXOWHOHFRPDQGR
'LULJHUHLOWHOHFRPDQGRYHUVRLOVHQVRUHGHOWHOHFRPDQGRGHOOHWWRUH'9'
1RQIDUHFDGHUHRGDUHXQDVFRVVDDOWHOHFRPDQGR
1RQODVFLDUHLOWHOHFRPDQGRYLFLQRDOXRJKLHVWUHPDPHQWHFDOGLRXPLGL
1RQYHUVDUHDFTXDRPHWWHUHTXDOFRVDGLEDJQDWRVXOWHOHFRPDQGR
1RQVPRQWDUHLOWHOHFRPDQGR
(- (& 7
*XLGDUDSLGD
&DULFDUHHVFDULFDUHXQGLVFR
$FFHQGHUHO¶DSSDUHFFKLRSULPDGLFDULFDUHHVFDULFDUHGHLGLVFKL
,QVHULUHLOGLVFRFRQLOODWRFRQWHQHQWHSDUROH
6FDULFDUHGLVFR
GLDJUDPPLULYROWLYHUVRO
DOWR
8QDYROWDFKHLOGLVFRqVWDWRLQVHULWRSDU]LDOPHQWH
qVWLODWRDXWRPDWLFDPHQWH$YYLDUHODULSURGX]LRQH
65&
32 :( 562 85 &(
3UHPHUHLOWDVWR(-(&7LOGLVFRYHUUj
HVSXOVRDXWRPDWLFDPHQWH
65&
6723
6. ,3
6. ,3
3/$< (5
$8;
3$86( 3/ $<
(- (& 7
32 :( 562 85 &(
6723
6. ,3
6. ,3
3/$< (5
86%
$8;
3$86( 3/ $<
(- (& 7
86%
1RWD
6HVRQRVWDWLLQVHULWLLGLVFRVEDJOLDWRGLVFKL
URYHVFLDWLRGLVFKLVSRUFKLVXOGLVSOD\FRPSDUH
³12',6&´5LPXRYHUHLOGLVFR1RQPHWWHUH
RJJHWWLGLYHUVLGDLGLVFKLQHOO¶DSHUWXUDGHOGLVFR,Q
TXHVWRPRGRLOOHWWRUHSXzSURYRFDUHGLIHWWLGL
IXQ]LRQDPHQWR
6XJJHULPHQWL
4XHVWLLQGLFDQRLOGLVFRSHULOTXDOHODIXQ]LRQHSXzHVVHUHXWLOL]]DWD
ÊSRVVLELOHXWLOL]]DUHTXHVWDIXQ]LRQHFRQ
GLVFKL'9'
ÊSRVVLELOHXWLOL]]DUHTXHVWDIXQ]LRQHFRQ
LGLVFKL03
ÊSRVVLELOHXWLOL]]DUHTXHVWDIXQ]LRQHFRQ
9,'(2&'
ÊSRVVLELOHXWLOL]]DUHTXHVWDIXQ]LRQHFRQ&'
$SURSRVLWRGLTXHVWRPDQXDOHGHOO
XWHQWH
4XHVWRPDQXDOHGHOO
XWHQWHVSLHJDOHLVWUX]LRQLGLEDVHGLTXHVWROHWWRUH'9'DOFXQLGLVFKL
'9'VRQRSURGRWWLLQXQPRGRFKHSHUPHWWHXQ¶RSHUD]LRQHVSHFLILFDROLPLWDWDGXUDQWHOD
ULSURGX]LRQH&RPHWDOHLOOHWWRUH'9'SRWUHEEHQRQULVSRQGHUHDWXWWLLFRPDQGLRSHUDWLYL
4XHVWRQRQqXQGLIHWWRGHOOHWWRUH'9')DUHULIHULPHQWRDOOHQRWHGLLVWUX]LRQLGLGLVFKL
³´3RVVRQRHVVHUHYLVXDOL]]DWLVXOORVFKHUPRGXUDQWHLOIXQ]LRQDPHQWR
$³´VLJQLILFDFKHO
RSHUD]LRQHQRQqFRQVHQWLWDGDOOHWWRUH'9'RGHOGLVFR
*XLGDUDSLGD
68%
,PSRVWD]LRQHOLYHOORGHO
$FFHQGHUHHVSHJQHUH
YROXPH
3UHPHUHLOWDVWRGHOWHOHFRPDQGR
O¶DOLPHQWD]LRQHGHOO¶DSSDUHFFKLRVLGLVDWWLYD
3HUDWWLYDUHO¶DOLPHQWD]LRQHSUHPHUHQXRYDPHQWH
LOWDVWR
3ULPDSUHPHUHLOWDVWR92/VXOWHOHFRPDQGR
TXLQGLSUHPHUHLOWDVWRŹRŻSHUDXPHQWDUH
RGLPLQXLUHLOOLYHOORGHOYROXPH
)XQ]LRQHGLULSURGX]LRQHGHOOD
SRVL]LRQHLQPHPRULD
2
$QFKHVHVLDFFHQGHRVLVSHJQHO
LQWHUUXWWRUH
GLDFFHQVLRQHVX2))GXUDQWHODULSURGX]LRQH
RVLFDPELDODVRUJHQWHYLGHRODULSURGX]LRQH
FRQWLQXHUjGDOSXQWRLQFXLODULSURGX]LRQHq
VWDWDLQWHUURWWDTXDQGRO
DOLPHQWD]LRQHVDUjGL
QXRYR21DWWLYD
'XUDQWHODULSURGX]LRQHSUHPHUHQHVVXQ
VXRQRYLHQHULSURGRWWR3UHPHUHSHU
ULSUHQGHUHODQRUPDOHULSURGX]LRQHGLVXRQR
)217(
$FFHQGHUHH
VSHJQHUHLOVXRQR
6HOH]LRQDUHOHWWRUH'9'RLQJUHVVR
$8;SUHPHQGRLOWDVWR6285&(
9LVXDOL]]DORVWDWRGHOGLVFR
&ROOHJDUH
8WLOL]]DQGRO
,1*5(662$8',2
H9,'(2SHUFROOHJDUHODIRQWH
DXVLOLDULD
)217(
'XUDQWHODULSURGX]LRQH
3UHPHUHLOSXOVDQWH
',63/$<SHUIDUFRPSDULUH
ORVWDWRGHOODSURGX]LRQH
3UHPHUHQXRYDPHQWHLOSXOVDQWH',63/$<
SHUVSHJQHUHODULSURGX]LRQHGLVWDWR
$8;
*XLGD5DSLGD
$8',2
$8',2
0HQX'9'
8VDUHLOMR\VWLFNSHUVHOH]LRQDUHO¶HOHPHQWR
GHVLGHUDWRSRLSUHPHUH(17(5RLOSXOVDQWHŹ
2SUHPHUHLWDVWLQXPHULFLa
2
5LSURGX]LRQHGL
XQGLVFR
2
$YYHUWLPHQWR
&RQDOFXQL'9'OHRSHUD]LRQLGDWHVRQR
GLVDELOLWDWH7DOLRSHUD]LRQLQRQVRQRSRVVLELOLVX
TXHVWL'9'/HLPSURQWHGLJLWDOLVXXQGLVFR
SRVVRQRDYHUHHIIHWWLQHJDWLYLSHUODULSURGX]L
RQH6HVLYHULILFDXQSUREOHPDULPXRYHUHLO
GLVFRHFRQWUROODUHOHLPSURQWHGLJLWDOLSHUOD
ULSURGX]LRQHVXOODWR3XOLUHLOGLVFRVHQHFHVVD
ULR4XDQGRVLXVDLOWHOHFRPDQGRIDUH
DWWHQ]LRQHDQRQSUHPHUHSLWDVWLDOORVWHVVR
WHPSRFKHSRVVRQRFDXVDUHRSHUD]LRQLHUUDWH
6XJJHULPHQWL
8WLOL]]RGHLWDVWLQXPHULFL
4XHVWRGHVFULYHO¶XVRGHLWDVWLQXPHULFL
3HULPPHWWHUHSUHPHUHLOSXOVDQWHHSRLSUHPHUHLO
3HULPPHWWHUHSUHPHUHLOSXOVDQWHHSRLSUHPHUHLO
3HULPPHWWHUHSUHPHUHLOSXOVDQWHHSRLSUHPHUHOR
HSRL
0HQX9&'
8VDLWDVWLQXPHULFLaSHUVHOH]LRQDUHO¶RJJHWWR
GHVLGHUDWR
3UHPHUHLOSXOVDQWH(17(5
/DULSURGX]LRQHKDLQL]LR
6HYLHQHYLVXDOL]]DWRXQPHQX
DVFKHUPR
6X'9'HYLGHR&'FRQFRQWUROORGLULSURGX]LRQH
3%&LOPHQXDVFKHUPRSXzDSSDULUH
DXWRPDWLFDPHQWH
6HTXHVWRDFFDGHFRPSLHUHOHRSHUD]LRQLGHVFULWWH
LQEDVVRSHULQL]LDUHODULSURGX]LRQH
1RWD3HUDOFXQLGLVFKLORVFKHUPRDPHQX
SXzDQFKHHVVHUHYLVXDOL]]DWRSUHPHQGR
0(18RSUHPHQGRDOXQJRLOSXOVDQWH
1RWD/DVFKHUPDWDGHOPHQXQRQYLHQH
YLVXDOL]]DWDTXDQGRODIXQ]LRQH3%&q
GLVDWWLYDWD6HVLYHULILFDFLzSUHPHUH0(18
SHUDWWLYDUHODIXQ]LRQH3%&,QPRGDOLWj3%&
qSRVVLELOHXWLOL]]DUHLWDVWLQXPHULFLSHULQVHULUH
DQFKHODWUDFFLDGHVLGHUDWD
5LSURGX]LRQH3DXVD
'XUDQWHODULSURGX]LRQHSUHPHUHSHU
PHWWHUODLQSDXVD
3UHPHUHGLQXRYRSHUULSUHQGHUHOD
ULSURGX]LRQH
$8',2
*XLGD5DSLGD
$YDQ]DPHQWR
UDSLGR
5LDYYROJLPHQWRUDSLGR
'XUDQWHODULSURGX]LRQH
SUHPHUHULDYYROJLPHQWRYHORFH
RDYDQ]DPHQWRUDSLGR
2JQLYROWDFKHVLSUHPHLOSXOVDQWHROD
YHORFLWjGLULSURGX]LRQHFDPELDDYHORFLWj
QRUPDOHDSLOLYHOOLRDYHORFLWjQRUPDOH
7URYDUHO¶LQL]LRGL
FDSLWROLRWUDFFH
)HUPDUHOD
ULSURGX]LRQH
3UHPHUHLOSXOVDQWHVWRSGXUDQWHODULSURGX]LRQH
SHUIHUPDUOD
3UHPHUHGXUDQWHOD
ULSURGX]LRQH
'XUDQWHODULSURGX]LRQHSUHPHUH
R
,OFDSLWRORWUDFFLDPRVWUDRJQLYROWDDQFKHLO
SXOVDQWHqSUHPXWRHOD
ULSURGX]LRQHGHO
2
FDSLWRORWUDFFLD
VHOH]LRQDWDLQL]LD
6XJJHULPHQWL
8VDUHODIXQ]LRQH35(6723
4XDQGRqXVDWDODIXQ]LRQH35(6723OD
SRVL]LRQHDOODTXDOHODULSURGX]LRQHVLq
IHUPDWDqLPPDJD]]LQDWDQHOODPHPRULDH
ODULSURGX]LRQHULSDUWHGDTXHVWDSRVL]LRQH
3UHPHUHXQDYROWDGXUDQWH
ODULSURGX]LRQH
YLHQHYLVXDOL]]DWR
3UHPHUHTXHVWRSHULQL]LDUHODULSURGX]LRQH
GDOO¶LQL]LRGHOSURVVLPRFDSLWRORRWUDFFLD
3UHPHUHTXHVWRSHULQL]LDUHODULSURGX]LRQH
GDOO¶LQL]LRGHOSUHFHGHQWHFDSLWRORRWUDFFLD
1RWD$OFXQL'9'QRQKDQQRFDSLWROL
3UHPHUHŹLQPRGDOLWj35(6723
/DULSURGX]LRQHSDUWHGDOODSRVL]LRQH
DOODTXDOHVLHUDIHUPDWD
3HUFDQFHOODUHODIXQ]LRQH35(6723
2SUHPHUHQXRYDPHQWHLQPRGDOLWj
35(6723HVSHOOHUHLOGLVFRSHUSXOLUH
ODPHPRULD/DULSURGX]LRQHSDUWLUjDOO¶LQL]LR
GHOGLVFR
1RWD
3HUDOFXQLGLVFKLLOSXQWRLQFXLOD
ULSURGX]LRQHVLIHUPDSRWUHEEHQRQHVVHUH
SUHFLVD
6SLHJD]LRQHVXSSOHPHQWDUH
,FDSLWROLVRQRFRPSRVWLGDILOPDWLR
VH]LRQLPXVLFDOLVXO'9'
/HWUDFFHVRQRGLYLVLRQLGLILOPDWLR
VH]LRQLPXVLFDOLVX&'YLGHRHDXGLR
)XQ]LRQL5DSLGH
*272
68% 'XUDQWHODULSURGX]LRQH
68% 68% 3UHPHUHLOSXOVDQWH
68% *272
/DOLQJXDGHLVRWWRWLWROLFDPELHUjWUDOHOLQJXH
UHJLVWUDWH
$1*/(
537
$1*/(
537
&DPELRGHOO¶DQJROD]LRQH
$8',2
$8',2
&RQL'9'VXLTXDOLVRQUHJLVWUDWHOHLPPDJLQL
ULSUHVHGDSLDQJROD]LRQLO¶DQJRORSXzFDPELDUH
GXUDQWHOHULSURGX]LRQH
'XUDQWHODULSURGX]LRQHSUHPHUH
DOXQJRLOSXOVDQWH
/¶DQJRORFDPELDWUDJOLDQJROLUHJLVWUDWLVXOGLVFR
RJQLYROWDFKHLOSXOVDQWHqSUHPXWR
&DPELRGHOODOLQJXDDXGLR
5LSURGX]LRQHGDOODSRVL]LRQHGHVLGHUDWD
6XL'9'FKHLQFOXGRQRPRGDOLWjDXGLRPXOWLSOH
RYRFLDXGLRPXOWLSOHODOLQJXDDXGLRSXzHVVHU
FDPELDWDGXUDQWHODUHJLVWUD]LRQH
'XUDQWHODUHJLVWUD]LRQH
SUHPHUHLOWDVWR
,QGLYLGXD]LRQHGLXQOXRJRVSHFLILFRLQVHUHQGRLO
QXPHURGHOODWUDFFLDLOQXPHURGHOFDSLWRORRLO
WHPSR
*272
$8',2
$8',2
,OVXRQRVLVSRVWHUjWUDOHGLIIHUHQWLPRGDOLWjDXGLR
UHJLVWUDWHVXOGLVFRRJQLYROWDFKHLOSXOVDQWHVDUj
SUHPXWR
1RWH
/DOLQJXDVFHOWDQHOOHLPSRVWD]LRQLGLFDPELR
GHOODOLQJXDG¶DXGLRqVHOH]LRQDWDTXDQGR
O¶DOLPHQWD]LRQHqDFFHVDRTXDQGRXQGLVFRq
VRVWLWXLWR6HLOGLVFRULSURGRWWRQRQLQFOXGHOD
OLQJXDVFHOWDDOORUDYHUUjXWLOL]]DWDODOLQJXD
SUHGHILQLWDGHOGLVFR
3HUDOFXQLGLVFKLQRQqSRVVLELOHVRVWLWXLUHOD
OLQJXDDXGLRGXUDQWHODULSURGX]LRQH
1RWH
,QVHULVFLSULPDOHRUHVHJXLWHGDLPLQXWL
SRLGDLVHFRQGL
3UHPHUH&/($5SHUFDQFHOODUHWXWWHOH
FLIUHLQVHULWH
3UHPHUH(17(5
/DULSURGX]LRQHSDUWHGDOFDSLWROR
VHOH]LRQDWRWUDFFLDRWHPSR
&DSLWROREUDQRWLWRORULSHWHUHOD
4XDOFKHYROWDSXzHVVHUULFKLHVWRGLFDPELDUOD
OLQJXDGHOO¶DXGLR
ULSURGX]LRQH
'XUDQWHODULSURGX]LRQH
SUHPHUHLOSXOVDQWH5(3($7
9LGHR&'FRQDXGLRPXOWLVDOD
'XUDQWHODULSURGX]LRQH
SUHPHUHLOSXOVDQWH
6WHUHR6LQLVWUD6WHUHR'HVWUD
'XUDQWHODULSURGX]LRQH
SUHPHUH*272
,QVHULVFLLOFDSLWRORLOWLWRORRLOWHPSRGDO
TXDOHVLYXROIDUSDUWLUHODULSURGX]LRQH
XVDQGRLOMR\VWLFNHLWDVWLQXPHULFLa
$8',2
537
/DPRGDOLWjULSHWLWLYDFDPELDRJQL
YROWDFKHqSUHPXWRLOSXOVDQWH
$8',2
9&'3%&2))
,OVXRQRFDPELHUjWUDOHGLIIHUHQWLPRGDOLWj
DXGLRUHJLVWUDWHVXOGLVFRRJQLYROWDFKHLO
ERWWRQHqSUHPXWR
&DPELRGHLVRWWRWLWROL
&RQL'9'FKHLQFOXGRQRVRWWRWLWROLFRQOLQJXH
PXOWLSOHODOLQJXDGHOVRWWRWLWRORSXzHVVHU
FDPELDWDGXUDQWHODULSURGX]LRQH
&DSLWROR
7UDFFLD
7LWROR
7XWWH
2))
2))
,PSRVWD]LRQLSUHGHILQLWH,03267$=,21(
0RGLILFD
/HLPSRVWD]LRQLSUHGHILQLWH
LPSRVWD]LRQH
3UHPHUH6(783
9LHQHPRVWUDWRLOPHQXGHOOHLPSRVWD]LRQL
3UHPHUHLOSXOVDQWHGHOMR\VWLFNSHUPXRYHUHLO
FXUVRUHVXJOLRJJHWWLSRLSUHPHUH(17(5SHU
VHOH]LRQDUHO¶RJJHWWRFKHYXRL
,PSRVWD]LRQL/DQJXDJH
/DQJXDJH
9LGHR
,PSRVWD]LRQL9LGHR
796\VWHP0XOWL
,PSRVWD]LRQLSUHGHILQLWHLPSRVWD]LRQH
,PSRVWD]LRQL$XGLR
'LJLWDORXWSXW3&0
1LJKW0RGH2II
,PSRVWD]LRQL5DWLQJ
,OOHWWRUHFRQODSDVVZRUGGLGHIDXOW3UHPHUHLOWDVWRQXPHULFRSHUFUHDUHRPRGLILFDUHODYRVWUD
SDVVZRUGGLVLFXUH]]DGLFLIUHSHUPRGLILFDUHO¶LPSRVWD]LRQHLQXPHULGLLQSXWYHQJRQRYLVXDOL]]DWL
3RLGRYUHWHLQVHULUHODSDVVZRUGFRUUHWWDVXOO¶LPSRVWD]LRQHEDVHGHOODSDVVZRUGSHUFDPELDUH
O¶LPSRVWD]LRQHRQRQSRWUHWHULSURGXUUHGLVFKL'9'LPSRVWDWLFRQYHORFLWjSLDOWHGHOOLYHOORVHOH]LRQDWR
4XHVWDqODIXQ]LRQHGHO'9'SHUOLPLWDUHODYLVXDOL]]D]LRQHGLHWjFRPHSUHYLVWRGDOOHOHJJLLQGLYHUVL
SDHVL,OPRGRLQFXLODYLVXDOL]]D]LRQHqOLPLWDWDGLIIHULVFHGD'9'D'9'7DOYROWDL'9'QRQSRVVRQR
HVVHUHULSURGRWWLDWXWWLDOFXQHYROWHGHOOHVFHQHVRQRVDOWDWHDOWUHYROWHDOFXQHVFHQHVRQRVRVWLWXLWH
FRQDOWUH
,PSRVWD]LRQL2WKHUV
,QVWDOOD]LRQHHFRQQHVVLRQH
3ULPDGLLQVWDOODUHRFROOHJDUHO
XQLWjOHJJHUHDWWHQWDPHQWHLOVHJXHQWHHOH
SDJLQHGLTXHVWRPDQXDOHSHUXQXVRFRUUHWWR
$99(57(1=(
12160217$5(202',),&$5(
4XHVWDRSHUD]LRQHSRWUHEEHFDXVDUHLQXQ
LQFLGHQWHLQFHQGLRRVFRVVHHOHWWULFKH
())(778$5(/$&211(66,21(&255(77$
6HQRQVLHVHJXHODFRUUHWWDFRQQHVVLRQHVLSRVVRQR
SURYRFDUHLQFHQGLRSURGXUUHGDQQL
0$17(1(5(,3,&&2/,2**(77,&20(/$%$77(5,$
)825,'$//$3257$7$'(,%$0%,1,
,QJKLRWWLUOHSRWUHEEHSRUWDUHDJUDYLOHVLRQL,QFDVRGL
LQJHVWLRQHFRQVXOWDUHLPPHGLDWDPHQWHXQPHGLFR
12187,/,==$5(9,7,2'$',3(5,/)5(122,6,67(0,
',67(5=23(55($/,==$5(/$&211(66,21($7(55$
%XOORQLRGDGLXVDWLSHULOIUHQRRLVLVWHPLGLVWHU]RRGL
TXDOVLDVLDOWURVLVWHPDOHJDWHDOODVLFXUH]]DRGHLVHUEDWRLQRQ
GHYH0$,HVVHUHXVDWRSHULQVWDOOD]LRQLRFROOHJDPHQWLDWHUUD
/
XVRGLWDOLSDUWLSRWUHEEHGLVDWWLYDUHLOFRQWUROORGHOYHLFRORH
FDXVDUHLQFHQGLHFF
86$5(81$&255(77$,03267$=,21(',$03(5(
48$1'26,6267,78,6&212,)86,%,/,
1RQIDUORSXzFDXVDUHLQFHQGLRVFRVVHHOHWWULFKH
87,/,==$5(62/2,1$872&21817(16,21(',
92/7$**,2',$92/71(/7(55(12
&RQWUROODUHFRQLQVWDOODWRUHYLGHRSURIHVVLRQDOHPRELOHVH
QRQVLqVLFXUL1RQIDUORSXzFDXVDUHLQFHQGLHFF
35,0$'(/&$0%/$**,26&2//(*$5(,/&$92'$/
7(50,1$/(1(*$7,92'(//$%$77(5,$
1RQIDUORSXzFDXVDUHVFRVVHHOHWWULFKHROHVLRQLDFDXVDGL
FRUWRFLUFXLWLHOHWWULFL
121$//81*$5(,&$9,(/(775,&,
0DLWDJOLDUHYLDO¶LVRODPHQWRGHOFDYRSHUODIRUQLWXUDGL
HQHUJLDDGDOWULDSSDUHFFKL,QTXHVWRPRGRVLVXSHUD
O
DWWXDOHFDSDFLWjGLWUDVSRUWRGHOILORHVLSURYRFDQRLQFHQGL
RVFRVVHHOHWWULFKH
121&216(17,5($,&$9,',',9(17$5(81
7877·812&21*/,2**(772&,5&267$17,
0DLWDJOLDUHYLDO¶LVRODPHQWRGHOFDYRSHUODIRUQLWXUDGL
HQHUJLDDGDOWULDSSDUHFFKL,QTXHVWRPRGRVLVXSHUD
O
DWWXDOHFDSDFLWjGLWUDVSRUWRGHOILORHVLSURYRFDQRLQFHQGL
RVFRVVHHOHWWULFKH
121%/2&&$5(/($3(5785(',9(17,/$=,21(2
'(,3$11(//,5$',$725,
&LzSRWUHEEHFDXVDUHFDORUHRO¶LQVWDXUDUVLGHQWURGLHVVRH
SXzSURYRFDUHLQFHQGL
87,/,==$5(63(&,),&$7,3(==,',5,&$0%,2(
,167$//$5/,,16,&85(==$
$VVLFXUDUVLGLXWLOL]]DUHVROROHSDUWLDFFHVVRULHVSHFLILFDWH
/¶XVRGLDOWUHSDUWLQRQGHVLJQDWHSXzGDQQHJJLDUHTXHVWD
XQLWjLQWHUQDPHQWHRSXzIDUVLFKHO
XQLWjLQSRVL]LRQHQRQ
VLDLQVWDOODWDVDOGDPHQWH
&LzSXzFDXVDUHO¶DOODUJDPHQWRGHOOHSDUWLFKHSURYRFDQGR
SHULFROLRLOIDOOLPHQWRGHOSURGRWWR
121,167$//$5(,1&21',=,21,',$/7$80,',7$·2
32/9(5(
(YLWDUHGLLQVWDOODUHO
DSSDUHFFKLRLQOXRJKLFRQDOWDLQFLGHQ]D
GLXPLGLWjRSROYHUH8PLGLWjRSROYHUHFKHSHQHWUDQRLQ
TXHVWDXQLWjSRVVRQRSURYRFDUHLOIDOOLPHQWRGHOSURGRWWR
)$5(,/&$/%$**,2(/·,167$//$=,21('$3$57(',
(63(57,
3HULOFDEODJJLRHO¶LQVWDOOD]LRQHGLTXHVWDXQLWjVRQR
121&216(17,5($,&$9,',',9(17$5(817877·812 QHFHVVDULXQDVSHFLDOHFRPSHWHQ]DWHFQLFDHGHVSHULHQ]D
&21*/,2**(772&,5&267$17,
3HUJDUDQWLUHODVLFXUH]]DLOODYRURGHYHHVVHUHVHPSUH
'LVSRUUHJOLLPSLDQWLHLFDYLGHOFDEODJJLRLQFRQIRUPLWjFRQLO VYROWRLQFRQWDWWRFRQO¶LQVWDOODWRUHSURIHVVLRQLVWDPRELOHYLGHR
PDQXDOHSHUHYLWDUHRVWDFROLGXUDQWHODSRVDWXUD,FDYLRLO
FDEODJJLRFKHRVWDFRODQRREORFFDQRDWUDWWLFRVHFRPHLO
6,67(0$5(,/&$%/$**,2,102'2&+(1219(1*$
YRODQWHODOHYDGLPDUFLDLSHGDOLGHOIUHQRHFFSRVVRQR
*5$)),$72272&&$72'$81%25'20(7$//,&2
HVVHUHHVWUHPDPHQWHSHULFRORVL
$33817,72
)DUHLOSHUFRUVRGHLFDYLGLFDEODJJLRORQWDQRGDOOHSDUWLLQ
121'$11(**,$12,78%,2,/&$%/$**,248$1'2
PRYLPHQWRFRPHVHGHGHOOHURWDLHRERUGLGLSXQWHWDJOLHQWL
6,&5($,/)252
&LzLPSHGLUjO¶LPSLJOLDUVLHGDQQLDOFDEODJJLR6HLOFDEODJJLR
4XDQGRVLFUHDQRLIRULQHOWHODLRSHUO
LQVWDOOD]LRQHELVRJQD
SDVVDDWWUDYHUVRXQIRURLQPHWDOORXVDUHXQDURQGHOODGL
SUHQGHUHSUHFDX]LRQLLQPRGRFKHQRQYLVLDFRQWDWWR
JRPPDSHULPSHGLUHO
LVRODPHQWRGHLILOLWDJOLDWLGDOERUGR
GDQQHJJLDPHQWRRRVWUX]LRQHGHLWXELGHOOHOLQHHGL
PHWDOOLFRGHOIRUR
FDUEXUDQWHGHLVHUEDWRLRGHLFROOHJDPHQWLHOHWWULFL1RQ
SUHQGHUHWDOLSUHFDX]LRQLSXzFDXVDUHLQFHQGL
,QVWDOOD]LRQHH&RQQHVVLRQH
1RWD
0RQWDJJLR
&LVRQRYLWLGLPRQWDJJLRVXOODFDVVDGHOOHWWRUH 0RQWDUHLOVHQVRUHGLXQLWjGLFRQWUROORUHPRWR
3UHPHUHLOGLVFKHWWRGHOQDVWURDGHVLYRVXOUHWUR
'9'SHUSURWHJJHUHO¶XQLWjGXUDQWHLOWUDVSRUWR
RO¶XQLWjGLVHQVRULGLFRQWUROORUHPRWR
5LFRUGDUVLGLULPXRYHUHOHYLWLSULPDGLLQVWDOODUH
O
XQLWj&RSULUHLEXFKLFRQORVERELQDWRUHDSROYHUH
'XHDGHVLYLQHULDWWDFFDWL
0 2 9 ( 7 + ( 6 & 5 ( : 6 % ( ) 2 5 ( ) ,; ,1 * 3ULPDGLFRPSOHWDUHLOPRQWDJJLRGHOVHQVRUH
DVVLFXUDUVLFKHODSRVL]LRQHVHOH]LRQDWDVLDHQWUR
LOUDJJLRGLD]LRQHGHOODVHOH]LRQHFKHVLDHQWURLO
UDJJLRGLD]LRQHGHOWHOHFRPDQGRUHPRWR
6WDFFDUHLOULYHVWLPHQWRGHOQDVWURDGHVLYRH
SUHPHUHLOVHQVRUHVXOODSRVL]LRQHGLPRQWDJJLR
VHOH]LRQDWD
:$51,1*
65&
32 :( 562 85 &(
6723
6. ,3
6. ,3
3/$< (5
$8;
3$86( 3/ $<
(- (& 7
86%
3UHSDUD]LRQH
3UHFDX]LRQL
6LVWHPDUHLOYHLFRORVXGLXQSLDQRSRVWRVLFXUR
7LUDUHLOIUHQRDPDQRTXLQGLULPXRYHUHOD
FKLDYHGLDFFHQVLRQH
&RQWUROODUHOHSDUWLLQFOXVHHRUJDQL]]DUHJOL
VWUXPHQWL
$
&DYRGLDOLPHQWD]LRQH
6WDIIDGLPRQWDJJLR
PH]]DPDQLFD
8QLWjGLVHQVRULGL
FRQWUROORUHPRWR
,QVWDOOD]LRQH
8QLWjGRWDWDGLDQHOOR
ULPRYLELOHWDJOLHQWH
&LQJKLDSRVWHULRUH
SDUHQWHVL
$YYHUWHQ]H
)DUHDWWHQ]LRQHDFKHLFDYLGHOYHLFRORQRQ
WRFFKLQRO
XQLWj
6HLFDYLVRQRLQFRQWDWWRFRQO
XQLWjODORUR
JXDLQHSRVVRQRHVVHUHGDQQHJJLDWHDFDXVDGL
YLEUD]LRQLJHQHUDWHPHQWUHLOYHLFRORqLQ
HVHFX]LRQHJHQHUDQGRXQFRUWRFLUFXLWR
/DVFLDUHDEEDVWDQ]DVSD]LRDOSHUFRUVRGHLILOL
SHULPSHGLUHLOFRQWDWWRWUDLILOLGHOYHLFRORH
O
XQLWj
&KLDYH[
1RWD
3HUHYLWDUHFKHLOUXPRUHHVWHUQRHQWULQHOVLVWHPD
DXGLR
6ERELQDWRUHDSROYHUH[0RQWDJJLRDYLWH0;
&RQWUROORUHPRWR
&HOODERWWHRQH
DO/LWLR9
$VVLFXUDUVLGLVFROOHJDUHLOFDYRGHOODEDWWHULDSULPD
FKHHVVDVLDLQVWDOODWDLQTXHVWRDSSDUHFFKLR&Lz
FRQVHQWLUjGLULGXUUHRJQLSRVVLELOLWjGLGDQQLDOO
XQLWjLQ
FDVRGLXQFRUWRFLUFXLWR
$VVLFXUDUVLGLFROOHJDUHLOFRORUHFRGLILFDWRVHJXHQGR
O¶HVHPSLRGHOGLDJUDPPD&ROOHJDPHQWLHUUDWLSRVVRQR
FDXVDUHPDOIXQ]LRQDPHQWRDOO
XQLWjRGDQQLDOVLVWHPD
HOHWWULFRGHOYHLFROR
4XDQGRVLHIIHWWXDQRFRQQHVVLRQLDOVLVWHPDHOHWWULFR
GHOODYHWWXUDELVRJQDHVVHUHLQIRUPDWLGHLFRPSRQHQWL
LQVWDOODWLLQIDEEULFDDGHVHPSLRFRPSXWHUGLERUGR
1RQGDUHFROSHWWLLQTXHVWLFRQGXFHDIRUQLUHHQHUJLD
SHUTXHVWDXQLWj4XDQGRVLFROOHJDO
XQLWjDOODVFDWROD
GHOIXVLELOHELVRJQDDVVLFXUDUVLFKHLOIXVLELOHSHULO
FLUFXLWRSURJHWWDWRGLTXHVWDXQLWjKDXQGHWHUPLQDWR
DPSHUDJJLR1RQIDUORSXzULVXOWDUHGDQQRVRSHUO
XQLWj
HRSHULOYHLFROR
6LVWHPDUHO
XQLWjHLOSHUFRUVRFRQGXWWRUHDG
DOPHQRFHQWLPHWULGLGLVWDQ]D
GDOO¶LPEUDFDWXUDGHOODPDFFKLQD
7HQHUHODEDWWHULDG¶HQHUJLDLOSLORQWDQR
SRVVLELOHGDDOWULFRQGXWWRUL
/DPHVVDVDWHUUDSRUWDVLFXUDPHQWHDGXQD
QXGDFKLD]]DGLPHWDOORULPXRYHUHTXDOVLDVL
YHUQLFHVSRUFRRJUDVVRVHQHFHVVDULRLOWHODLR
GHOODYHWWXUD
1DVWURDGHVLYR
ELDGHVLYR
6FROOHJDUHODEDWWHULDQHJDWLYHGDOWHUPLQDOH
,QVWDOOD]LRQHH&RQQHVVLRQH
5HWURGHOSURGRWWR
6LQLVWUD%,$1&2
'HVWUD52662
*,$//2
$
MDFN86%RS]LRQDOH
9(5'(±)5(12$0$12
0$5521(±,1*5(6623267(5,25(
%/886&,7$67$1'%<
1(52,QJUHVVRGLPHVVDDWHUUD$OWHODLRGHOYHLFROR
526629$&&
,QJUHVVRSHUPRQLWRUFRQIRWRFDPHUDSRVWHULRUH
3HUSRJJLDWHVWDRPRQLWRUFRQPRQWDJJLRDVRIILWWR
*,$//29%$77
5&$,QJUHVVRYLGHRSHUJLRFKL
5&$,QJUHVVRSHUFDPHUDFRQYLVXDOSRVWHULRUH
1(52±0(66$$7(55$
MDFN6HQVRULFRQWUROORUHPRWR
,15(662$8',2'(675$
,15(662$8',26,1,675$
86&,7$$8',2'(675$
86&,7$$8',26,1,675$
,1*5(6629,'(2(67(512
,1'5(6629,'(2021,725
86&,7$9,'(2$17(5,25(
86&,7$9,'(23267(5,25(
,QJUHVVR$8',25&$
8VFLWD$8',25&$
*,$//2SRVLQJUHVVRFRVWDQWHDYROW
52662SRVLQJUHVVRDFFHVVRULRDYROW
%/8XVFLWDVWDQGE\P$PD[
0$5521(SRVLQJUHVVRFDYRDOODURYHVFLDSHUO¶RS]LRQHGHOODWHOHFDPHUDFRQYLVLRQHSRVWHULRUH
9(5'(XVDWRSHUULOHYDUHORVWDWRGLDFFHQVLRQHVSHJQLPHQWRGHOIUHQRDPDQR4XHVWRFDYR
GHYHHVVHUHFRQQHVVRDOO¶DOLPHQWD]LRQHGHOO¶LQWHUUXWWRUHGHOIUHQRDPDQR
1RWD
$YYHUWHQ]D
6LFRQVLJOLDGLFROOHJDUHLOFDYR(;9,'(2&21
,QWDOPRGRLOGLVSOD\IURQWDOHVDUjDWWLYRULYHODQGRLOIUHQRSHUSDUFKHJJLR21
2VLVLXWLOL]]D(;9,'(2&21HLO021,7259,'(2LOGLVSOD\IURQWDOHVDUj
DWWLYRIDFHQGRPDUFLDLQGLHWURFRQO¶DXWR
/DSUHVD86&,7$9,'(23267(5,25(GHOSURGRWWRVHUYHSHUOH
FRQQHVVLRQLGHOGLVSOD\DOILQHGLSHUPHWWHUHDLSDVVHJJHULGHLVHGLOLSRVWHULRUL
GLJXDUGDUH'9'R&'9LGHR
121LQVWDOODUHLOGLVSOD\LQXQOXRJRLQFXLDQFKHLOFRQGXFHQWHSXz
JXDUGDUHLO'9'R&'9LGHRGXUDQWHODJXLGD
,OSURGRWWRVHUYHGXUDQWHLOSDUFKHJJLRHSUHYLHQHODYLVXDOL]]D]LRQHGLXQ
'9'R&'9LGHRVXXQGLVSOD\FRQQHVVRDOO¶86&,7$9,'(2)5217$/(
GXUDQWHODJXLGD(VHPSLRVHVLFHUFDGLYHGHUHXQ'9'ORVFKHUPRq
QHUR4XDQGRVLSDUFKHJJLDODPDFFKLQDLQXQSRVWRVLFXURHVLXWLOL]]DLO
IUHQRDPDQRO¶LPPDJLQHFRPSDUHVXOORVFKHUPR
$OWUR
,QFDVRGLGLIILFROWj
6HVLKDXQSUREOHPDGXUDQWHLOIXQ]LRQDPHQWRVHORVFKHUPRGLYHQWDQHURRVHO¶XQLWjQRQ
IXQ]LRQDFRUUHWWDPHQWHVSHJQHUHHSRLULDFFHQGHUHQXRYDPHQWHO¶XQLWj/DSUHVHQWHJXLGDIDGD
VXSSRUWRSHUODULVROX]LRQHGLSUREOHPLUHODWLYHDOO¶XQLWj$FFHWWDUVLVHPSUHFKHLOUHVWRGHOVLVWHPD
VLDFRUUHWWDPHQWHFRQQHVVRRFRQWDWWDUHXQWHFQLFRLQVWDOODWRUHGLYLGHRPRELOH
6LQWRPR
/¶XQLWjQRQ
IXQ]LRQD
&DXVD 6ROX]LRQH
,OIXVLELOHVLqEUXFLDWR
6RVWLWXLUHFRQXQIXVLELOHGHOODVWHVVDFDSDFLWj
/¶DOLPHQWD]LRQHGHOPRQLWRU
QRQqDWWLYD
&RQGHQVD
$FFHQGHUHO¶DOLPHQWD]LRQHGHOPRQLWRU
$WWHQGHUHXQSzFLUFDRUDFKHVLDVFLXJKLOD
FRQGHQVD
,OIXQ]LRQDPHQWR /DEDWWHULDGHOWHOHFRPDQGR
qHVDXULWD
qLQVWDELOH
,OVHQVRUHRWUDVPHWWLWRUHGHO
WHOHFRPDQGRqVSRUFR
6RVWLWXLUHODEDWWHULDFRQXQDQXRYD
3XOLUHLOVHQVRUHRWUDVPHWWLWRUH
1HVVXQD
/DPRGDOLWjGHOPRQLWRUQRQq ,PSRVWDUHODPRGDOLWjGHVLGHUDWD
LPPDJLQHYLHQH QHOODPRGDOLWjFKHVLGHVLGHUD
YLVXDOL]]DWD
YLVXDOL]]DUH
/DULSURGX]LRQH
QRQVLDYYLD
,OGLVFRqDOODURYHVFLD
&RQWUROODUHLOGLVFRHFDULFDUORFRQO¶HWLFKHWWD
YHUVRO¶DOWR
,OGLVFRqVSRUFR
,OGLVFRQRQSXzHVVHUH
ULSURGRWWR
3XOLUHLOGLVFR
&RQWUROODUHFKHLOGLVFRYHQJDULSURGRWWR
ÊLPSRVWDWRLOEORFFRSHU
EDPELQL
'LVDWWLYDUHLOEORFFRSHUELPELHPRGLILFDUHLO
OLYHOORGLSURWH]LRQH
/¶LPPDJLQHQRQ ,OGLVFRqLQDYDQ]DPHQWRR
DYYROJLPHQWRUDSLGR
qFKLDUDR
UXPRURVD
/¶DOLPHQWD]LRQHGHOODEDWWHULD
GHOYHLFRORqVFDUVD
,OWXERIOXRUHVFHQWHGHO
PRQLWRUqFRQVXPDWR
$YROWHO¶LPPDJLQH ,OGLVFRqJUDIILDWR
VLIHUPD
1HVVXQGLVFRqFDULFDWR
1HVVXQGLVFR
'LVFRVSRUFR
1RQqYDOLGR
,/6(*1$/(
9,'(2'(/
6,67(0$121
q&255(772
1HVVXQDXGLR
/¶LPPDJLQHSXzHVVHUHOHJJHUPHQWHGLVWXUEDWD
ODFRVDqQRUPDOH
&RQWUROODUHO¶DOLPHQWD]LRQHGHOODEDWWHULDHGLO
FDEODJJLR/¶XQLWjSRWUHEEHVSHJQHUVL
DXWRPDWLFDPHQWHVHODEDWWHULDqGHEROH
6RVWLWXLUHLOWXERIOXRUHVFHQWHGHOPRQLWRU
6RVWLWXLUORFRQXQDOWURGLVFR
&DULFDUHXQGLVFR
3XOLUHLOGLVFR
1RQqSRVVLELOHLO
IXQ]LRQDPHQWRGHO
WHOHFRPDQGR
3HUDOFXQLGLVFKLRPRGDOLWjGLULSURGX]LRQH
DOFXQHPRGDOLWjQRQVRQRSRVVLELOL4XHVWRQRQ
qXQPDOIXQ]LRQDPHQWR
,OGLVFR3$/R176&q
FDULFDWR
&DPELDUHO¶XVFLWD79GHOO¶XQLWjYHGHUH
,03267$=,21,
ÊVWDWDVHOH]LRQDWDO¶XVFLWD
DXGLRHUUDWD
$VHFRQGDGHOODFRQQHVVLRQHLPSRVWDUHOD
FRUUHWWDXVFLWDDXGLR
$OWUR
6SHFLILFKHWHFQLFKH
$XGLR
8VFLWDDXGLRDQDORJLFD
9.ȍ
9LGHR
8VFLWDYLGHR
5LVROX]LRQH
9ȍ
3LGLFDYR
$OLPHQWD
]LRQH
5HTXLVLWLGHOO¶DOLPQHWD]LRQH 9'&
0HQRGL:
&RQVXPRGLHQHUJLD
*HQHUDOH
'LPHQVLRQLFD
[[PP
ODSLQFO
NJ
3HVR
7HPSHUDWXUDGLHVHUFL]LRQRUPDOH'$ž&ž)
$ž&ž)
,GHVLJQHOHVSHFLILFKHWHFQLFKHVRQRVRJJHWWHDPRGLILFKHVHQ]DSUHDYYLVR
/HLPPDJLQLSUHVHQWLQHOPDQXDOHSRWUHEEHURHVVHUHGLYHUVHGDOUHDOH
SURGRWWRDFDVXDGHOOHFRQGL]LRQLGLVWDPSD