352*(77,H
352*(77,H
/$%25$725,
/$%25$725,
SHU %$0%,1,
%$0%,1,
*,29$1,
*,29$1,
$'8/7,
$'8/7,
$UHD3LFFROL
$UHD3LFFROL
$UHD3LFFROL
3(5%$0%,1,),12$$11,
3(5%$0%,1,),12$$11,
63$=,2´&2&&2/(µ
1LGRG·,QIDQ]LD
,QXQDPELHQWHVWUXWWXUDWRSRVLWLYRHDWWHQWRDGRJQL
EDPELQRLPSDUDUHGLYHQWDXQJLRFR
8Q b L GRQHDRUJDQL]]D]LRQHGHJOLVSD]LSHUPHWWHDLEDPELQL
VLDODVXGGLYLVLRQHLQSLFFROLJUXSSLVLDXQDJHVWLRQHGHOOD
JLRUQDWDLQDXWRQRPLDVIUXWWDQGRWXWWHOHSRVVLELOLWÃGL
JHVWLRQHGHOJUXSSRPLVWRFRQXQIRUWHFRLQYROJLPHQWR
HPRWLYRGHULYDQWHGDDWWHJJLDPHQWLLPLWDWLYLSURWHWWLYLHGL
DLXWRYHUVRLFRHWDQHL
,OVHUYL]LRFKHDFFRJOLHEDPELQLGDDPHVLÊDWWLYR
GDOOb L Q L]LRGLVHWWHPEUHILQRDOJLXJQRRDOOXJOLRGDO
OXQHGÎDOYHQHUGÎ1HOOb D P SLRRUDULRGLDSHUWXUDGHOVHUYL ]LRFKHYDGDOOHRUHDOOHFRQODSRVVLELOLWÃGL
DQWLFLSDUHHRSRVWLFLSDUHO b L Q JUHVVRHOb X V F LWDLOVHUYL]LR
SXÔHVVHUHIUHTXHQWDWRFRQRUDULGLYHUVLSHUGDUHULVSRVWD
DOOHHVLJHQ]HGHOOHIDPLJOLH
&HQWUR*LRFR(GXFDWLYR
,QTXHVWROXRJRGLVRFLDOL]]D]LRQHHVSD]LROXGLFRVLSUHVWD
ODPDVVLPDDWWHQ]LRQHDLWHPSLGLFLDVFXQEDPELQRLQXQ
PRPHQWRFRVÎLPSRUWDQWHGHOODVXDYLWDFKHUDSSUHVHQWDOD
SULPDYHUDXVFLWDGDOO b D PELHQWHIDPLOLDUH/ b R E LHWWLYRÊ
TXHOORGLRIIULUHDLEDPELQLVSD]LGLVRFLDOLWÃHGLFRQGLYL
VLRQHHGXFDWLYDGRPLQDELOLHUDVVLFXUDQWLDIILGDWLDGHGX
FDWRULFRQVSHFLILFKHFRPSHWHQ]HSURIHVVLRQDOL
,OVHUYL]LRSXÔHVVHUHIUHTXHQWDWRGDOOHDOOHHR
GDOOHDOOHGDOOXQHGÎDOYHQHUGÎGDOOb L Q L]LRGL
VHWWHPEUHDOJLXJQRRDOOXJOLR
/DIUHTXHQ]DGHO1LGRGb , Q I DQ]LDHGHO&HQWUR*LRFR
(GXFDWLYRDYYLHQHWUDPLWHLVFUL]LRQHHLQVHULPHQWRQHOOD
JUDGXDWRULDGHOO b R UDULRSUHVFHOWR
´7529$0,&,,16,(0(µ
,EDPELQLSRVVRQRFRPSLHUHHVSHULHQ]HLQVLHPHDOOb D G XOWR
FKHOLDFFRPSDJQDLQVSD]LDSSRVLWDPHQWHRUJDQL]]DWLSHU
LOJLRFRGHOnIDUILQWD| SHULJLRFKLGLPRYLPHQWRSHUOD
PDQLSROD]LRQHSHUOb D W WLYLWÃJUDILFR SLWWRULFDHGDOWUR
DQFRUD
,OVHUYL]LRSXÔHVVHUHIUHTXHQWDWRSHUGXHRUHDOSRPHULJ
JLRGDOOXQHGÎDOJLRYHGÎGDOOHDOOHHLOVDEDWR
PDWWLQDGDOOHDOOHGDOO b L Q L]LRGLRWWREUHDO
PDJJLR
3HUIUHTXHQWDUHLO7URYDPLFL,QVLHPHÊQHFHVVDULRHIIHW WXDUHO b L V FUL]LRQHQHOODVHFRQGDPHWÃGLVHWWHPEUHHGL
JHQQDLR
$UHD*UDQGL
$UHD*UDQGL
$UHD*UDQGL
3(5%$0%,1,'$$$11,
3(5%$0%,1,'$$$11,
´$/7529$0,&,
´$/7529$0,&,
',320(5,**,2µ
',320(5,**,2µ
'XUDQWHLSRPHULJJLDO&HQWUR7URYDPLFLLEDPELQLJXLGDWL
GDOOHHGXFDWULFLDYUDQQRO b RFFDVLRQHGLFRQRVFHUHHVSHUL PHQWDUHDWWLYLWÃGLYHUWHQWLFRQO b REELHWWLYRGLVYLOXSSDUHH
SRWHQ]LDUHOHORURFDSDFLWÃFUHDWLYHLQFRQWHVWLLQJUDGRGL
IDYRULUHODVRFLDOL]]D]LRQHDQFKHDWWUDYHUVRJLRFKLHDWWLYLWÃGL
JUXSSRHGLPRYLPHQWR
1HOOb D U F RGHOODVHWWLPDQDVLVYROJHUDQQRDWWLYLWÃPDQXDOL
FUHDWLYHGLFRVWUX]LRQHJLRFKLGLPRYLPHQWRLQGLYLGXDOLHGL
JUXSSRSLQJ SRQJHFDOFLREDOLOOD
,OVHUYL]LRÊULYROWRDLEDPELQLLQHWÃGL6FXRODGHOO b , QIDQ]LDH
GL6FXROD3ULPDULDHGÊDWWLYRGDRWWREUHILQRDOWHUPLQH
GHOOb D Q QRVFRODVWLFRGDOOHRDOOHGDO
OXQHGÎDOYHQHUGÎ
/$%25$725,3(5%$0%,1,
/$%25$725,3(5%$0%,1,
´3(5&256263257
´3(5&256263257
($99(1785$µ
($99(1785$µ
,OSURJHWWRPLUDDVYLOXSSDUHODSHUVRQDOLWÃHOHFRPSHWHQ]H
VRFLDOLXVDQGRPHWRGLGLWHDWURGLDYYHQWXUDHJLRFKLHGX
FDWLYLGLQDPLFKHGLJUXSSRHGL
HGXFD]LRQHVRFLDOHFRQDWWLYLWÃ
VSRUWLYHDFRQWDWWRFRQODQDWXUD
TXDOLSRQWHVRVSHVRDUUDPSLFDWHH
WUHH F OLPELQJSHUFRUVLDYYHQWXUD
VODFN OLQHWRUUHLQ
FRVWUX]LRQHDOWR9
/HDWWLYLWÃVRQRFRQ
GRWWHGD
1$785(52&.
HVLVYROJRQRLQ
LQFRQWULVHWWLPDQDOL
SRPHULGLDQLGLRUH
´,1*/(6(*,2&$1'2µ
,OFRUVRVLSURSRQHLQGXHPRGXOLVHSDUDWLDEDPELQLGHOOD
6FXRODGHOO b , QIDQ]LDLOVDEDWRGDOOHDOOHHDL
EDPELQLGHOOD6FXROD3ULPDULDLOVDEDWRGDOOHDOOH
FRQO b R E LHWWLYRIDUDSSUHQGHUHTXHVWDOLQJXDDWWUDYHUVR
LOJLRFRHGLOGLYHUWLPHQWRFRQODVWHVVDQDWXUDOLWÃFRQFXLLO
EDPELQRDSSUHQGHODOLQJXDPDGUH
,OSURJUDPPDSHULSLÚSLFFROLVLOLPLWHUÃDHVSHULHQ]HTXRWL
GLDQHFRQFUHWHDWWLYLWÃPDQXDOLJLRFKLHFDQ]RQLPHQWUHSHU
LOJUXSSRGHLSLÚJUDQGLÊSUHYLVWDDQFKHODFRQYHUVD]LRQHVX
WHPLGLDWWXDOLWÃDORURYLFLQLTXDOLPXVLFDFLQHPDHVSRUW
´)$772&21,/&20387(5µ
,OFRUVRVLULYROJHDEDPELQLFKHIUHTXHQWDQROD6FXROD
3ULPDULDFKHSHUODSULPDYROWDYHQJRQRLQFRQWDWWRFRQLO
FRPSXWHURFKHKDQQRJLÃFRPSLXWRTXDOFKHSLFFRODHVSH ULHQ]D,OSHUFRUVRVLSURSRQHTXLQGLFRPHDOIDEHWL]]D]LRQH
LQIRUPDWLFDSHUVYLOXSSDUHLQPDQLHUDGLYHUWHQWHOHFRQR VFHQ]HGLEDVHGDOOb X V RGHOODWDVWLHUDDOODHODERUD]LRQHGL
WHVWLFRQ:RUGDOOb X V RGL([FHOD3RZHU3RLQW‫ؼ‬
,OSURJHWWRÊILQDOL]]DWRDOODUHDOL]]D]LRQHSUDWLFDGLRSXVFROL
LQYLWLELJOLHWWLHFFPDVRSUDWWXWWRDOO
XVRFRQVDSHYROHGHJOL
VWUXPHQWLLQIRUPDWLFL ´&203,7,16,(0(µ
( b X QVHUYL]LRDJJLXQWLYRGLDLXWRDOOHIDPLJOLHHDLILJOLSHU
UHQGHUHSLÚVHPSOLFHVRSUDWWXWWRQHOILQHVHWWLPDQDORVYRO JLPHQWRGHLFRPSLWLDFDVD,OVHUYL]LRn&RPSLWLQVLHPH | VL
SUHILJJHTXLQGLGLFRQFLOLDUHVWXGLRHGLYHU
WLPHQWRVWXGLRHWHPSRGDWUDVFRUUHUHLQ
IDPLJOLDFRQODIDPLJOLD2JQLYHQHUGÎGDOOH
DOOHLEDPELQLGHOODVFXRODSUL
PDULDSRWUDQQRLQFRQWUDUVLDFFROWLGDRSH UDWRULTXDOLILFDWLFKHOLDFFRPSDJQDQRQHOOR
VYROJLPHQWRGHLFRPSLWL
/DIUHTXHQ]DGHLODERUDWRULDYYLHQHVXLVFUL]LRQHFKHSRWUÃ
HVVHUHHIIHWWXDWDSUHVVROD5HFHSWLRQGHO&HQWUR7URYDPLFL
QHOODVHFRQGDPHWÃGLVHWWHPEUHHQHOODVHFRQGDPHWÃGL
JHQQDLR
/DERUDWRULSHUJLRYDQLDGXOWLDQ]LDQL
&RQLODERUDWRULLO&HQWUR7URYDPLFLVLSURSRQHFRPHXQOXRJR
LQFXLLOJLRYDQHO b DGXOWRO b DQ]LDQRSRVVRQRFRQWLQXDUHLO
SHUFRUVRGLnFUHVFLWD | FKHDWWUDYHUVDWXWWROb D U F RGHOODYLWD
,OODERUDWRULRGHYHHVVHUHYLVWRFRPHOXRJRGLLQWHUD]LRQHIUD
ODGLPHQVLRQHFRQRVFLWLYDHTXHOODDIIHWWLYDHUHOD]LRQDOHIUD
JHQHUD]LRQLGLYHUVHFRPHOXRJRULFFRGLSURSRVWHHGLVWLPROL
LQFXLLOJLRYDQHO b DGXOWRHOb D Q ] LDQRVLULVFRSURQRFDSDFLGL
IDUHGLJLRFDUHGLSURJHWWDUHGLVRFLDOL]]DUH
/DVDUWRULDq
/DVDUWRULDq
‫ؼ‬,/)878521(//(0$1, 1HOWHUULWRULRHPSROHVHH
QHLVXRLGLQWRUQLSHUFLQTXDQW
DQQLVLVRQRFXFLWLLFDSLSLÚEHOOL
HSUHVWLJLRVLFKHKDQQRUHVRJUDQGHLOPDGHLQ,WDO\GHOODPR
GDQHOPRQGR4XDVL
WXWWHOHGRQQHVDSHYDQR
FXFLUHGDVROHXQYHVWL
WR2JJLOHFRQIH]LRQL
VRQRFKLXVHHVLDPRLQ
GLIILFROWÃTXDQGRGRE ELDPRIDUHXQRUORR
DWWDFFDUHXQERWWRQH,O
SULPRTXDGULPHVWUHVDUÃ
GHGLFDWRDULDGDWWDUH
DJJLXVWDUHDPPRGHUQDUH‫ؼ‬DELWLGLVPHVVL
‫ؼ‬/
$%,72&+(982,68//(0,685(&+(+$, (
LQTXHVWRSHULRGRGLJUDQGHFULVLFKHGREELDPRUHFXSHUDUHL
YHFFKLVDSHUL6DSHUFXFLUHSRWUÃVHUYLUFLPDJDULSHUPHWWHUVX
XQSLFFRORODERUDWRULRGLVDUWRULDPDVRSUDWWXWWRSRWUÃVHUYLUFL
SHUFUHDUHTXDOFRVDSHUQRLVWHVVHHSHUODQRVWUDIDPLJOLD
1HOVHFRQGRTXDGULPHVWUHVDUÃGDWRVSD]LRDOODFUHDWLYLWÃH
DOODIDQWDVLDFUHDQGRFDSLVXPLVXUD
/DQDWXUDFLIDEHOOH
/DQDWXUDFLIDEHOOH
2ELHWWLYRGHJOLLQFRQWULÊTXHOORGLSUHQGHUVLFXUDGLQRLVWHVVL
HGHOODQRVWUDEHOOH]]DFRQOHHUEHLSURGRWWLGHOOHDSLO
DUJLO ODOHHVVHQ]HGHLILRULHWXWWRTXHOORFKHOD1DWXUDPHWWHD
QRVWUDGLVSRVL]LRQH6DUÃSRVVLELOHSUHSDUDUHFRQOHQRVWUH
PDQLROLFUHPHVFUXEHFRQRVFHUHOHSURSULHWÃGHOOHHUEH
2JQLVHUDVDUÃSUHSDUDWDXQDWLVDQDGDEHUHWXWWLLQVLHPH
&LER
IDQWDVLD
IDQWDVLD
,OFLERIDSDUWHGHOODTXRWLGLDQLWÃGLRJQXQRHGÊXQOLQJXDJJLR
XQLYHUVDOHFKHWXWWLDEELDPRDGLVSRVL]LRQH0DVSHVVRSUHYDOH
LOELQRPLRFLER S DWRORJLDFKHOLPLWDOHSRWHQ]LDOLWÃFUHDWLYHH
SRVLWLYHGHOFLER,OFRUVRVLSURSRQHGLSRUWDUHDOODOXFHLO
VHQVRGHOUDSSRUWRSHUVRQD F LERHOHULVRUVHFUHDWLYHLQGLYL
GXDOLFKHVLHVSULPRQRQHOOb H O D ERUD]LRQHGHLSLDWWL
$WWUDYHUVRO b H V SHULHQ]DGLUHWWDHTXRWLGLDQDFROFLERSRVVLDPR
FRVÎYLYHUHOHJJHUHHnFXFLQDUH | ODQRVWUDYLWD
$WWLYDELOHGD)HEEUDLR
)DOHJQDPHULDHUHVWDXUR
)DOHJQDPHULDHUHVWDXUR
,FRQWHQXWLGHOFRUVRGLIDOHJQDPHULDULJXDUGHUDQQROb X W LOL]]R
GHLSLFFROLDWWUH]]LPDQXDOLVHJKHVFDOSHOOLUDVSHSLDOOHWWL
FDOLEURFRPSDVVRVTXDGUDPRUVHWWLHO b DSSUHQGLPHQWR
GHOOHWHFQLFKHGLDVVHPEODJJLRHGLLQFDVWURDFRGDGLURQGL QHDSHWWLQHDFDQDOHGLFRVWDFRQOLQJXHWWHSHUODUHDOL] ]D]LRQHGLVHPSOLFLPDQXIDWWLFRQWHFQLFKHFRVWUXWWLYHDGH
JXDWH
3HULOUHVWDXURVDUÃSRVVLELOHOb X V RGLWHFQLFKHPDWHULDOLH
VWUXPHQWLDWWLDUHVWDXUDUHPRELOLLQWDFFDWLGDOWHPSRGDD
JHQWLDWPRVIHULFLHLQVHWWLVLORIDJL2JQXQRSRWUÃSRUWDUHXQ
SLFFRORPRELOHRRJJHWWRGLOHJQRVXFXLDSSOLFDUHOHWHFQLFKH
GLSXOLWXUDVYHUQLFLDWXUDDQWLWDUORFRQVROLGDPHQWRULSULVWLQR
HULFRVWUX]LRQHGLSDUWLPDQFDQWLOHYLJDWXUDVWXFFRPRUGHQ WHFHUDHJRPPDODFFD
,QWDUVLR
,QWDUVLR
,OFRUVRVLSURSRQHGLIRUQLUHOHWHFQLFKHGLEDVHGHOO b L QWDUVLR
SHUUHDOL]]DUHRJJHWWLGLXVRHGHFRUDWLYLDFFRVWDQGRVIRJOLHGL
OHJQRLPSLDOODFFLDWXUHGLTXDOLWÃHFRORULGLYHUVLSURYHQLHQWL
GDYDULHHVVHQ]HOLJQHH
5HVWDXURDUFKHRORJLFR
5HVWDXURDUFKHRORJLFR
'HGLFDWRDFRORURFKHGHVLGHUDQRDSSUHQGHUHOHWHFQLFKHGL
EDVHGHOUHVWDXURDWWUDYHUVRLOFRQWDWWRGLUHWWRFRQUHSHUWL
DUFKHRORJLFLHVRWWRODJXLGDGLXQUHVWDXUDWRUHSURIHVVLRQLVWD
/DERUDWRULSHUJLRYDQLDGXOWLDQ]LDQL
&RPSXWHUHGLQWRUQL
/LQJXH
/LQJXH
,FRUVLVLULYROJRQRVLDDFRORURFKHGHVLGHUDQRLPSDUDUHDG
XWLOL]]DUHLOFRPSXWHUQHOOHVXH
IXQ]LRQLEDVLODULVFULYHUHXQGRFX
PHQWRFUHDUHXQIRJOLRGDWLQDYL
JDUHLQLQWHUQHWXVDUHJOLVWUXPHQWL
GLULFHUFDHFRPXQLFDUHDWWUDYHUVR
ODSRVWDHOHWWURQLFD‫ؼ‬FKHDFR ORURFKHGHVLGHUDQRDSSURIRQGLUHH
SHUIH]LRQDUHOHFRQRVFHQ]HDFTXL VLWHDWWUDYHUVRO b X VRGLVWUXPHQWL
GLFRUUH]LRQHGHOWHVWRFUHD]LRQHGL
WDEHOOHHJUDILFLFRQ([FHOXVR
FRUUHQWHGHOODSRVWDHOHWWURQLFDH
GHLSULQFLSDOLQHWZRUN‫ؼ‬
%ORJIRUGXPPLHV
8QQHRILWDGHL%ORJHGL,QWHUQHWDOWHUPLQHGHOFRUVRVDUÃLQ
JUDGRGLDSULUHJHVWLUHHULHPSLUHGLFRQWHQXWLXQ%ORJ,O
FRUVRLQIDWWLSDUWLUÃGD]HURVHQ]DULFKLHGHUHQHVVXQDFRQR VFHQ]DVSHFLILFDLQPHULWR6LLPSDUHUÃFRV
ÊXQDSLDWWDIRUPD
:RUGSUHVVFRPHVHQHFRQILJXUDXQDLOVXRFDULFDPHQWRLQ
XQRVSD]LRUHPRWRJUDWXLWRHLOVXFFHVVLYRXWLOL]]R6LDI
IURQWHUÃDQFKHXQDSDUWHSUHWWDPHQWHHGLWRULDOHSHUFDSLUHOD
GLIIHUHQ]DHJOLLQQXPHUHYROLYDQWDJJLGHOSRWHUVFULYHUHFRQ
O
DXVLOLRGLOLQNDGDOWULDUWLFROLLPPDJLQLHYLGHR
8Q b DPSLDVFHOWDIUDOHOLQJXHSLÚSDUODWHHIUDOHOLQJXHH PHUJHQWLQHOSDQRUDPDGHOODFRPXQLFD]LRQHLQWHUQD]LRQDOH,
FRUVLVLSURSRQJRQRGLDYYLDUHDOODFRQRVFHQ]DGHOOHOLQJXHR
GLDSSURIRQGLUQHOHFRPSHWHQ]HLQPRGRVHPSOLFHPDSUR
IHVVLRQDOHHGHIILFDFHVHJXHQGRSURJUDPPLDGDWWLDGRJQL
OLYHOORGLFRQRVFHQ]D
2ELHWWLYRSULPDULRGLWXWWLLFRUVLÊTXHOORGLFRQGXUUHDOOb
DFTXLVL]LRQHGHOODFDSDFLWÃGLHVSUHVVLRQHHGLFRPSUHQVLRQH
GHOODOLQJXDHGLXQYRFDERODULRPLQLPR
5XVVR
5XVVR&LQHVH
&LQHVH3RUWRJKHVH
3RUWRJKHVH7HGHVFR
6SDJQROR
6SDJQROR)UDQFHVH
)UDQFHVH,QJOHVH
,QJOHVH´)XOO,PPHUVLRQµ
,QWHUHJLRUQDWHLPPHUVLQHOOb L Q J OHVHSHUDSSURIRQGLUHODFR QRVFHQ]DGHOODOLQJXDDWWUDYHUVRODFRQYHUVD]LRQHODOHWWXUDGL
JLRUQDOLODYLVLRQHGLILOPHWDQWHDOWUH
SLDFHYROLVLWXD]LRQLWXWWRULJRURVDPHQWHLQ,QJOHVH
6FDFFKL
6FDFFKL
3KRWRVKRS
/
RELHWWLYRGLTXHVWRFRUVRÊTXHOORGLUHQGHUHLSDUWHFLSDQWLLQ
JUDGRGLPDQLSRODUHXQ
LPPDJLQHXVDQGRLOFHOHEHUULPRSUR JUDPPD$GREH3KRWRVKRS,FRQFHWWLVSLHJDWLVDUDQQRPROWH SOLFLWUDFXLO
XVRGHLOLYHOOLODGLIIHUHQ]DWUDJUDILFDELWPDSH
YHWWRULDOHLSHQQHOOLGLJLWDOLOHPDVFKHUHILQRDGDUULYDUHDG
HIIHWWLSLÚFRPSOHVVLHDOO
XVRGLWXWWLJOLVWUXPHQWLGHOSUR JUDPPD1RQÊULFKLHVWDQHVVXQDFRPSHWHQ]DVSHFLILFDSHU
SRWHUDFFHGHUHDTXHVWRFRUVREDVH
HO
DYYHU SDU ]]L,OFRUVR
KLVWLFD
QD6FDFFKL
/LEHUD8QLYHUVLWj
/LEHUD8QLYHUVLWj
HDOWURDQFRUD
HDOWURDQFRUD
HDOWURDQFRUD
1DVFHXQEDPELQR
1DVFHXQEDPELQR
QDVFRQRLJHQLWRUL
QDVFRQRLJHQLWRUL
(VVHUHJHQLWRUHÊXQPHVWLHUHGLIILFLOHFKHFLIDSURYDUHH PR]LRQLFRQWUDVWDQWLIUXVWUD]LRQHHVHQVRGLLQDGHJXDWH]]D
ROWUHQDWXUDOPHQWHDOODJLRLDHGDOODYLWD/DUHDOWÃHPR]LR QDOHÊSLÚFRPSOHVVD
SRWHUDFFHGHUHDWXWWLL
YLVVXWLOHJDWLDOODQDVFLWD
FRQWULEXLVFHDFUHDUHXQD
UHOD]LRQHDXWHQWLFDHD
PHWWHUVLLQJLRFRVHQ]D
FDGHUHQHOO b L G HDOH,O
ODERUDWRULRSURSRQHDL
QHRJHQLWRULRDFKLVWD
SHUGLYHQWDUORXQOXRJR
GRYHDVFROWDUVLFRQIURQWDUVLHWURYDUHVXSSRUWRSHUFUHVFHUH
FRPHJHQLWRULLQVLHPHDOSURSULRILJOLR'$)(%%5$,2
7RUQHLGL%XUUDFRH%ULGJH
7RUQHLGL%XUUDFRH%ULGJH
'XUDQWHOb D Q QRLO&HQWUR7URYDPLFLRVSLWHUÃWRUQHLGL%XUUDFR
HGL%ULGJHGLFXLVDUÃGDWDRSSRUWXQDFRPXQLFD]LRQH
'DQ]H2WWRFHQWHVFKH
'DQ]H2WWRFHQWHVFKH
,OFRUVRÊULYROWRDWXWWL
FRORURFKHDPDQRGDQ ]DUHHVWDUHLQFRPSD JQLDVLDQRHVVLSULQFL SLDQWLFKHFRQTXDOFKH
HVSHULHQ]DGLEDOOR3R
WUDQQRHVVHUHDSSUHVLL
SDVVLGHLSULQFLSDOLEDOOL
GHOODWUDGL]LRQHRWWRFHQ
WHVFDYDO]HUTXDGULJOLH
PD]XUNHHFF6RQRLQROWUHSUHYLVWHSDUWHFLSD]LRQLDIHVWHLQ
FRVWXPHRWWRFHQWHVFRUHDOL]]DWHLQIDPRVLSDOD]]LV
&RPSDJQLD
GHOOD%L]]DUULDG b $ PRUH| 3HUIUHTXHQWDUHRFFRUUHSRVVHGHUH
HPDLODQQDPDULDORWWL#DOLFHLW
,OSURJHWWRGHOOD/LEHUD8QL YHUVLWÃDWWLYRRUPDLGDPROWL
DQQLÊLOVLPERORGLXQDFX ULRVLWÃHGLXQLQWHUHVVHFKH
QRQVLVSHJQHQHOOHSHUVRQH
FRQLOSDVVDUHGHOWHPSRGHOOD
FDSDFLWÃGLXQDVRFLHWÃGLGDUH
VSD]LRDOODFUHDWLYLWÃHDOOR
VWLPRORLQWHOOHWWXDOHDGRJQL
HWÃ
/DFRQRVFHQ]DUHQGHOLEHULH
UHQGHYLYLIDUVLGRPDQGH
FHUFDUHGLFDSLUHDQGDUHROWUH
JOLVFKHPLFRQRVFHUHHLPSD
UDUHSHUQRQIHUPDUVLSHU
FUHVFHUHHGHYROYHUHLQTXD
OXQTXHPRPHQWRGHOODYLWDSHUFKËODFRQRVFHQ]DIDEHQHD
TXDOVLDVLHWÃ,FRUVLWHQXWLGD
GRFHQWLTXDOLILFDWLSURIHVVRULH
SURIHVVLRQLVWLDEEUDFFLDQRXQ
DPSLRSDQRUDPDFXOWXUDOHH
VSD]LDQRGDOOHWUDGL]LRQDOLGL
VFLSOLQHOHWWHUDULHDUWLVWLFKH
OLQJXLVWLFKHHVFLHQWLILFKHDOOH
SLÚDWWXDOLFRPHOb L Q I RUPDWLFD
$UFKHRORJLD
$UFKHRORJLD)LORVRILD
)LORVRILD6WRULDGHOO·$UWH
6WRULDGHOO·$UWH
&RPSXWHU
&RPSXWHU/HWWHUDWXUD
/HWWHUDWXUD6WRULD
6WRULD0HGLFLQD
0HGLFLQD
,QIRUPD]LRQLHLVFUL]LRQL
,QIRUPD]LRQLHLVFUL]LRQL
,OSURJHWWRFKHVDUÃSUHVHQWDWRSXEEOLFDPHQWHLORWWREUH
DOOHRUHSUHVVRO b $XGLWRULXPGL3DOD]]R3UHWRULRÊ
GLYLVRLQTXDGULPHVWULRWWREUH t JHQQDLRH
IHEEUDLRt P DJJLR 3HUODIUHTXHQ]DÊSUHYLVWRLOSRVVHVVRGHOODWHVVHUDDVVR FLDWLYDDQQXDOHHOb L V F UL]LRQHDLVLQJROLFRUVLFKHSRWUÃHV VHUHHIIHWWXDWDGDODORWWREUHHGDODOJHQ
QDLRHVFOXVLYDPHQWHSUHVVROH5HFHSWLRQGHO&HQWUR
7URYDPLFL/DUJRGHOOD5HVLVWHQ]D
&203/($112
$/7529$0,&,&21*/,$0,&,
$/7529$0,&,&21*/,$0,&,
129,7$·
129,7$·
8Q·RFFDVLRQHGLYHUR
GLYHUWLPHQWRGD
GLYHUWLPHQWRGD
SHUVRQDOL]]DUHFRQ
SHUVRQDOL]]DUHFRQ
ELJOLHWWLGLLQYLWRH
ELJOLHWWLGLLQYLWRH
UHJDOLSHUJOLLQYLWDWL
UHJDOLSHUJOLLQYLWDWL
,OSDFFKHWWRIHVWD
,OSDFFKHWWRIHVWD
FRPSUHQGH
FRPSUHQGH
JLRFKLGLDFFRJOLHQ]D
JLRFKLGLDFFRJOLHQ]D
DQLPD]LRQH
DQLPD]LRQH
PHUHQGDDEXIIHW
PHUHQGDDEXIIHW
WRUWDHFDQGHOLQH
WRUWDHFDQGHOLQH
,O¶SDFFKHWWR)HVWD·VLDUULFFKLVFHVDUjSRVVLELOHVFHJOLH
UHDQFKH´1DWXUD
UHDQFKH´1DWXUD6SRUW
6SRUW$YYHQWXUDµ
$YYHQWXUDµ
2*1,320(5,**,2
2*1,320(5,**,2
320(5,**,2'(/
'(/6$%$72
6$%$72('(//$
'(//$
'20(1,&$68
'20(1,&$6835(127$=,21(
6835(127$=,21(
35(127$=,21(
,1)250$=,21,
,1)250$=,21,
,ODERUDWRULVLDTXHOOLULYROWLDLEDPELQLFKHTXHOOLULYROWL
DJOLDGXOWLDYUDQQRFDGHQ]DTXDGULPHVWUDOHFRPHVHJXHGD
RWWREUHDJHQQDLRHGDIHEEUDLRDPDJJLR
6DOYRGLYHUVDLQGLFD]LRQHVDUDQQRPRGXOLGLLQFRQWUL
VHWWLPDQDOLGLRUHFLDVFXQR
VHWWLPDQDOLGLRUHFLDVFXQR
5LYROJHUVLD&HQWUR7URYDPLFL/DUJRGHOOD5HVLVWHQ]D
5LYROJHUVLD&HQWUR7URYDPLFL/DUJRGHOOD5HVLVWHQ]D
(PSROL²
(PSROL²WHO
WHO
LQIR#VVRFLD]LRQHFXOWXUDOHLOSRQWHLW
LQIR#VVRFLD]LRQHFXOWXUDOHLOSRQWHLW
ZZZDVVRFLD]LRQHFXOWXUDOHLOSRQWHLW
ZZZDVVRFLD]LRQHFXOWXUDOHLOSRQWHLW
,6&5,=,21,
,6&5,=,21,
/DIUHTXHQ]DSUHYHGHLOSRVVHVVRGHOODWHVVHUDDVVRFLDWLYD
DQQXDOHHO·LVFUL]LRQHDLVLQJROLODERUDWRULFKHSRWUjHVVHUH
HIIHWWXDWDDSDUWLUHGDOOHRUHGHOVHWWHPEUH
SHULOSULPRPRGXORHGHOJHQQDLRSHULOVHFRQGR
SHULOSULPRPRGXORHGHOJHQQDLRSHULOVHFRQGR
RQOLQHDOVLWRZZZDVVRFLD]LRQHFXOWXUDOHLOSRQWHLW
ZZZDVVRFLD]LRQHFXOWXUDOHLOSRQWHLW
RQOLQHDOVLWRZZZDVVRFLD]LRQHFXOWXUDOHLOSRQWHLW
SUHVVROD5HFHSWLRQGHO&HQWUR7URYDPLFL/DUJRGHOOD
5HVLVWHQ]D
5HVLVWHQ]D
LABORATORI ott. 2012 - genn. 2013
GIOVANI ADULTI ANZIANI
calendario e tariffe
a partire dall’ 8 ottobre
La sartoria è … IL FUTURO NELLA MANI
Primo livello, il mercoledì ore 21.15 - 15 incontri - € 83
La natura ci fa belle
Livello unico, il martedì ore 21.15 - 15 incontri - € 83
Falegnameria e restauro
Livello unico, il giovedì ore 21.15 - 15 incontri - € 83
Intarsio
Livello unico, il venerdì ore 21.15 - 15 incontri - € 98
Restauro Archeologico
Livello unico, il lunedì ore 21.15 - 15 incontri - € 98
Scacchi
Livello unico, il mercoledì ore 21.15 - 15 incontri - € 75
Computer e dintorni
Primo livello, il martedì ore 18.30 - 15 incontri - € 98
Primo livello, il venerdì ore 21.15 - 15 incontri - € 98
Secondo livello, il martedì ore 21.15 - 15 incontri - € 98
Blog for dummies
Livello avanzato, il lunedì ore 21.15 - 15 incontri - € 98
Photoshop
Livello base, il mercoledì ore 21.15 - 15 incontri - € 98
Russo NEW
Livello base, il mercoledì ore 21.15 - 15 incontri - € 83
Cinese
Livello base, il giovedì ore 21.15 - 15 incontri - € 83
Livello intermedio, il martedì ore 21.15 - 15 incontri - € 83
Portoghese
Livello base, il lunedì ore 21.15 - 15 incontri - € 83
Tedesco
Livello base, il giovedì ore 21.15 - 15 incontri - € 83
Spagnolo
Livello base, il giovedì ore 21.15 - 15 incontri - € 83
Livello intermedio, il martedì ore 21.15 - 15 incontri - € 83
Francese
Livello base, il lunedì ore 21.15 - 15 incontri - € 83
Inglese
Livello base, il lunedì ore 21.15 - 15 incontri - € 83
Livello intermedio, il martedì ore 21.15 - 15 incontri - € 83
Livello avanzato, il mercoledì ore 21.15 - 15 incontri - € 83
Inglese full immersion
Domenica 11 e 25/11 - 2 e 16/12 - 13 e 20/01, ore 9-16 € 110
Danze Ottocentesche
Livello unico, il venerdì ore 21.15 - 10 incontri
Organizzato dalla “ Compagnia della Bizzarria d ’ Amore ”
ATTIVITA’
ott. 2012 - genn. 2013
Calendario e tariffe
AREA PICCOLI
Trovamici Insieme
15 incontri € 100 per residenti nel comune di Empoli
€ 130 per residenti in altro comune
Uno o più giorni a scelta, il lunedì, martedì, mercoledì, giovedì
ore 17.00 - 19.00 e il sabato ore 9.30 - 11.30
AREA GRANDI
Trovamici di pomeriggio
Utenza libera per 3 –11 anni, dal lunedì al venerdì, ore 16.00 - 19.00
Ingresso singolo € 3
Carnet 5 ingressi € 12.50 - 10 ingressi € 20
Abbonamento mensile € 30
LABORATORI AREA GRANDI
Percorso sport e avventura
Laboratorio per 7 –11 anni, il giovedì ore 17.00 - 19.00, 15 incontri - € 60
Inglese giocando
Laboratorio per 4 –6 anni, il sabato ore 9.30 - 11.00, 15 incontri - € 85
Laboratorio per 7 –11 anni, il sabato ore 11.00 - 12.30, 15 incontri - € 85
Fatto con il computer
Laboratorio per 7–11 anni, il mercoledì ore 17.00 - 19.00, 15 incontri - € 60
Compitinsieme
Laboratorio per 7 –11 anni, il venerdì ore 17.00 - 19.00, 15 incontri - € 72
Scarica

SHU 352*(77, H 352*(77, H /$%25$725, /$%25