œÌœ
/1//
621<$
7(67
,13529$
&$121'0.,,
&$/,%5$5(&21
&2/25081.,
7(6707)
1,.21
1,.21
/$7(&12/2*,$
1$12&5<67$/&2$7
/>Àˆvv>Ê,°"°
°\ʺ*œÃÌiÊÌ>ˆ>˜iÊ-«>ʇÊÊ-«i`°Êˆ˜Ê
°*°Ê‡Ê°°ÊÎxÎÉÓääÎÊ­Vœ˜Û°Êˆ˜Ê°ÊÓÇÉäÓÉÓää{Ê
˜cÊ{È®Ê>À̰ʣʇÊVœ““>ʣʇÊ
ʈ>˜œ»
4EST-4&DIGITALI
-œ˜Þʏ«…>ʙää
5LVROX]LRQH
0HJDSL[HO
'LPHQVLRQLVHQVRUH
[PP
)DWWRUHPROWLSOLFDWLYRGHOODIRFDOH
[
7LSRVHQVRUH
&026
6HQVLELOLWjPLQLPD
,62
9HORFLWjUDIILFD
IV
7HPSRGLRWWXUD]LRQHPLQLPR
V
6WDELOL]]D]LRQHGHOO¶LPPDJLQH
Vu
3XOL]LDGHOVHQVRUH
Vu
/LYH9LHZ
QR
&RQOD$OSKD6RQ\YDDVFRQWUDUVLGLUHWWDPHQWHFRQOHUHIOH[DSLHQRIRUPDWRGL
&DQRQH1LNRQ,VXRLSULQFLSDOLSXQWLGLIRU]DVRQRODULVROX]LRQHHOHYDWLVVLPD
LOGRSSLRSURFHVVRUH%LRQ]HODVWDELOL]]D]LRQHDVHQVRUH
&RQO·$OSKD6RQ\SUHVHQWDODVXD
SULPDUHIOH[GLJLWDOHDSLHQRIRUPDWR
6L WUDWWD GL XQ SDVVR LPSRUWDQWH SHU
HQWUDUH QHOO·HVFOXVLYR VHWWRUH GHOOH
IRWRFDPHUHSURIHVVLRQDOLH6RQ\ORID
FRQ JUDQGH LPSHJQR GRWDQGR OD VXD
DPPLUDJOLDGHOODPDVVLPDULVROX]LRQH
DWWXDOPHQWHGLVSRQLELOHVXXQDUHIOH[
0SL[HO
/·$OSKDqO·XQLFDSRLDSRWHUYDQ
WDUHXQVHQVRUHVWDELOL]]DWRLQJUDGR
TXLQGL GL VWDELOL]]DUH O·LQWHUR SDUFR
RWWLFKHFRQXQULVSDUPLRGDYYHURFRQ
VLGHUHYROH9DGHWWRFKHDWWXDOPHQWHOD
JDPPDGLRWWLFKH6RQ\FDSDFLGLFRSUL
UH LO SLHQR IRUPDWR QRQ q SDUWLFRODU
PHQWHHVWHVDPDELVRJQDFRQVLGHUDUH
FKHHVLVWHXQDWRWDOHFRPSDWLELOLWjFRQ
LGLIIXVLVVLPLFRUUHGL0LQROWDHSHUGL
SL XQD FROODERUD]LRQH PROWR VWUHWWD
FRQ=HLVVFKHVWDSURGXFHQGRXQDVHULH
GLRWWLFKHGDYYHURVWUHSLWRVHSHUTXHVWR
LQQHVWRHSHUTXHVWRIRUPDWR
6RQ\KDDQFKHGRWDWRO·$OSKDGL
XQFRUSRSURIHVVLRQDOHGLXQVLVWHPD
GLHODERUD]LRQHGHLGDWLHVWUHPDPHQ
WH SRWHQWH EDVDWR VX GXH SURFHVVRUL
%LRQ]GLXQDEXRQDYHORFLWjGLUDIIL
FDGLLQWHUHVVDQWLIXQ]LRQLGLDLXWRDOOD
ULSUHVDFRPHOD´QDYLJD]LRQHUDSLGDµ
4XLFN 1DYL GL XQ·DQWHSULPD LQWHO
OLJHQWHGHOODUHJROD]LRQHDXWRPDWLFD
GHOODJDPPDGLQDPLFD'52HGLQILQH
GLPLFURUHJROD]LRQHGHOIXRFR
0DQFDLQYHFHLO/LYH9LHZ
,OFRUSR
,OFRUSRGHOODIRWRFDPHUDqDOWDPHQWH
SURIHVVLRQDOHFRQODVWUXWWXUDLQOHJD
iÊ`ˆvviÀi˜âiÊÌÀ>Ê-œ˜Þʏ«…>ʙääÊiʏ«…>ÊÇää
< 22
5/<+1
5/<+1
< #@ < < < "/7419>/43/ !#
< < < "/7419>/43/ 5+- $%
< < < 4654
38+6'2+38+ /3 1+-' */ 2'-3+7/4
#+3746+ *A/259-3'896'
4
"',,/)'
,7 "'; 5+- <86' ,/3+
!938/ */ 2+77' ' ,94)4
'97/1/'6/
/)648'6'896' #@
45+6896' 2/6/34
3-6'3*/2+384 2/6/34
<
./9796' *+11A4)91'6+
$+3*/3' /38+63'
1'7. /38+634
4
!'33+114 795+6/46+
#@
4*'1/8? #)+3+ +7547/>/43/ 7+251/,/)'8+
4
25478'>/43/ 5+6743'1/>>'8+ 7911' -./+6' *+11+ 24*'1/8? */ +7547/>/43+
6')0+8/3- +7547/>/43+
7)'88/ /3 5'77/ */ 4 %
!6+:/+; /38+11/-+38+
#@
3-6'3*/2+384 2'77/24 *+11A/22'-/3+
<
#8/1/ /3 2+246/'
8988/ 5+6743'1/>>'(/1/
#5'>/4 )4146+ (4(+"
#9 8988/ -1/ 78/1/
"+-41'>/43+ 78/1+ 192/347/8?
#9 8988/ -1/ 78/1/
"+-41'>/43+ 78/1+ )96:' 843'1+
#9 8988/ -1/ 78/1/
93>/43/ '774)/'(/1/ '1 5917'38+ '88+6= 6/5 45>/43'1+
%
/2+37/43/
22 < 22 < 22 !
!+74
!64)+7746/ /43>
/2+37/43/ 7+3746+
!/<+1 848'1/ 7+3746+
!/<+1 98/1/>>'8/
"/7419>/43+ 2'77/2' "';
"'; )4256+774
"/7419>/43/ 5+- VXOVHQVRUH
,O6XSHU6WHDG\6KRWULOHYDLPRYLPHQWL
GHOODIRWRFDPHUDWUDPLWHXQDFRSSLD
GLDFFHOHURPHWULHTXLQGLFRPSHQVD
JOLVSRVWDPHQWLGHOO·LPPDJLQHWUDPLWH
LOPRYLPHQWRYHUWLFDOHHGRUL]]RQWDOH
GHOVHQVRUH
4XHVWDVROX]LRQHFRQVHQWHGLUHQGHUH
VWDELOL]]DWLWXWWLJOLRELHWWLYLDFRUUHGR
FRQXQJUDQGHYDQWDJJLRLQWHUPLQLGL
FRVWL SHU O·XWHQWH ,QROWUH O·DVVHQ]D
/DVWDELOL]]D]LRQH
GL JUXSSL RWWLFL LQWHUQL DOO·RELHWWLYR
/D 6RQ\ $OSKD q O·XQLFD WUD OH GHVWLQDWL DOOD WUDVOD]LRQH GHOO·LPPD
UHIOH[ )XOO )UDPH DWWXDOPHQWH LQ JLQH HYLWD LO OHJJHUR GHWHULRUDPHQWR
FRPPHUFLR D GLVSRUUH GHOOD VWDELOL] QHOOD TXDOLWj RWWLFD FKH OD VROX]LRQH
]D]LRQH GHOO·LPPDJLQH GLUHWWDPHQWH WUDGL]LRQDOHLPSOLFD
GLPDJQHVLRHJXDUQL]LRQLDSURWHJJHUH
GDOO·LQILOWUD]LRQHGLDFTXDRSROYHUH
(· XQ SR· SL YROXPLQRVD H SHVDQWH
GHOO·$OSKD LQ TXDQWR O·XWLOL]]R
GLXQVHQVRUHDSLHQRIRUPDWRULFKLHGH
DQFKHXQRVSHFFKLRXQRWWXUDWRUHHXQ
PLULQRSLJUDQGLTXHVW·XOWLPRqVWDWR
GHFLVDPHQWHPLJOLRUDWRLQTXDQWRKD
XQD FRSHUWXUD GL TXDVL LO GHO
O·LPPDJLQH
< 22
5/<+1
5/<+1
< 4
< < < 4
< <
<
$+1'/4 /3 '1192/3/4 )4654 /3 1+-' */ 2'-3+7/4
#@ 79/ 24*+11/ 343 +9645+/
,7 "'; 5+- <86' ,/3+
4
<
$'554 /3 51'78/)'
#@
4
#@
7+1+>/43'(/1+ 86' 7)'88/ /3 5'77/ */ 4 %
4
<
5+6743'1/>>'(/1/
#9 93 7414 78/1+
#9/ 78/1/ 5+6743'1/>>'(/1/
#9/ 78/1/ 5+6743'1/>>'(/1/
%
22 < 22 < 22 !
-
,O YDQWDJJLR LQ WHUPLQL GL WHPSL GL
HVSRVL]LRQH VHFRQGR OH VSHFLILFKH
6RQ\ YDULD WUD (9 SHU OH IRFDOL
PHGLR OXQJKH D (9 SHU OH IRFDOL
JUDQGDQJRODULQRQSRFRGXQTXH
3HURYYLDUHDOODPDQFDQ]DGLIHHGEDFN
VXOIXQ]LRQDPHQWRGHOVLVWHPDQRQq
LQIDWWL SRVVLELOH YHGHUH QHO PLULQR
O·HIIHWWR GHOOD VWDELOL]]D]LRQH 6RQ\
KD LPSOHPHQWDWR XQD VHJQDOD]LRQH
FRQFLQTXHOHGGLUHWWDPHQWHQHOPLULQR
FKHLQGLFDQRO·HQWLWjGHOOHYLEUD]LRQL
LQGRWWHGDOIRWRJUDIRVXOODIRWRFDPHUD
SLOHGVLDFFHQGRQRHPDJJLRULVRQR
OHYLEUD]LRQL
,OGRUVRULSUHQGHTXHOORGHOOD$
PDLOPLULQRRYYLDPHQWHSLJUDQGH
RFFXSDXQRVSD]LRPDJJLRUH
,O ILDQFR VLQLVWUR GHOOD $ RVSLWD
WXWWH OH FRQQHVVLRQL EHQ SURWHWWH GD
VSRUWHOOLLQJRPPDLQFHUQLHUDWL
(OLPLQD]LRQHGHOODSROYHUH
,QQDQ]LWXWWR 6RQ\ KD ULYHVWLWR OD
VXSHUILFLHGHOVHQVRUHGLXQRVSHFLDOH
PDWHULDOH ,QGLXP 7LQ 2[LGH DQWL
SROYHUH
,QROWUHORVWHVVRVLVWHPDGLPRYLPHQWR
GHOVHQVRUHXWLOL]]DWRSHUODVWDELOL]]D
]LRQHGHOO·LPPDJLQHYLHQHTXLLPSLH
JDWR DQFKH SHU IDU FDGHUH OD SROYHUH
HYHQWXDOPHQWHGHSRVLWDWDVL
3HU OH VLWXD]LRQL GL HPHUJHQ]D SRL
TXDQGR ULVXOWL LPSRVVLELOH UHFDUVL
SUHVVRXQFHQWURDVVLVWHQ]DqSUHVHQWH
XQDIXQ]LRQHFKHFRQVHQWHODSXOL]LD
PDQXDOHGHOVHQVRUHWUDPLWHLOVROOH OXQJKHGLGXUDWDPDJJLRUHRGXJXDOHD
YDPHQWR GHOOR VSHFFKLR H O·DSHUWXUD XQVHFRQGRHFRPSRUWDO·HVHFX]LRQHGL
GXHHVSRVL]LRQLODVHFRQGDGHOOHTXDOL
GHOO·RWWXUDWRUH
DG RWWXUDWRUH FKLXVR ULYHOD LO UXPRUH
JHQHUDWR GDOOD IRWRFDPHUD SHU SRL
/DULGX]LRQHGHOUXPRUH
/DULGX]LRQHGHOUXPRUHqXQDVSHWWR VRSSULPHUOR
HVVHQ]LDOH SHU SRWHU UDJJLXQJHUH OH /D VHFRQGD IXQ]LRQH FKH LQYHFH VL
VHQVLELOLWjHOHYDWH
DSSOLFD VROR DOOH VHQVLELOLWj SL DOWH
&RPHVXOOD$OSKD6RQ\SHUOLPL ,62RSLILOWUDLOUXPRUHHOLPL
WDUHLOUXPRUHGHOVLVWHPDGLOHWWXUDKD QDQGRLSDUWLFRODULSLSLFFROLHGRWDWL
PHVVRLOFRQYHUWLWRUHDQDORJLFRGLJLWDOH GLEDVVRFRQWUDVWRFKHQHOODPDJJLRU
VXOORVWHVVRFKLSGHOVHQVRUH
SDUWHGHLFDVLFRLQFLGRQRFROUXPRUH
,QROWUH KD SUHYLVWR IXQ]LRQL GL ILO RYYLDPHQWHF·qLOULVFKLRFKHDQFKHL
WUDJJLR/DSULPDVLDSSOLFDDOOHSRVH GHWWDJOLSLILQLGHOVRJJHWWRSRVVDQR
6SDFFDWRGHOOD$
,OVHQVRUHqXQ&026([PRU)XOO)UDPHFRQGLPHQVLRQL
[PPqGRWDWRGL0SL[HOGLFXL0SL[HO
HIIHWWLYDPHQWHXWLOL]]DWL
HVVHUHVFDPELDWLSHUUXPRUHHGHOLPL
QDWLSHUFXLELVRJQDXVDUHTXHVWDIXQ
]LRQHFRQDWWHQ]LRQHVFHJOLHQGRWUDL
WUHOLYHOOLGLLQWHQVLWjGLVSRQLELOL$OWD
1RUPDOH%DVVDTXHOORSLDGDWWRDO
FRQWHQXWRGHOO·LPPDJLQH
6HQVRUHHULVROX]LRQH
/D 6RQ\ GLVSRQH GL XQ VHQVRUH )XOO
)UDPH &026 ([PRU GD PP GL
EDVH SHU PP GL DOWH]]D GRWDWR GL
0SL[HO GL FXL 0SL[HO
HIIHWWLYDPHQWH XWLOL]]DWL LO UDSSRUWR
EDVHDOWH]]D q FRPH SHU OD SHOOL
FRODPP
/D ULVROX]LRQH PDVVLPD q GL [
SL[HOFRQIRUPDWL5DZELW
XQRVHQ]DSHUGLWDG·LQIRUPD]LRQHHG
XQR FRQ GLPHQVLRQL LQIHULRUL GHO HFRQXQDOHJJHULVVLPDSHUGLWDGL
LQIRUPD]LRQH
$EELDPRSRLLIRUPDWL-SHJFRQDVSHWWR
[[[
FRQDVSHWWRSHULPRQLWRU
DGDOWDULVROX]LRQH[
[[HGLQILQH$36
&[[[
7XWWLLIRUPDWL-SHJSRVVRQRXWLOL]]DUH
OLYHOOLGLFRPSUHVVLRQH([WUD)LQH
)LQHH6WDQGDUG
(·LQILQHSRVVLELOHUHJLVWUDUHXQDIRWR
,OVHQVRUHqVWDELOL]]DWRHGqULYH
VWLWR GL XQR VWUDWR DQWLSROYHUH
,QGLXP7LQ2[LGH
FRQWHPSRUDQHDPHQWHLQIRUPDWR5DZ
RF5DZH-SHJPDVRORFRQIRUPDWR
/DUJH)LQH
,OVHQVRUHKDXQDVHQVLELOLWjVWDQGDUG
GL,62FKHSXzYHQLUHDXPHQWDWD
PDQXDOPHQWHDSDVVLGL(9ILQRD
,62(VVDSXzHVVHUHDQFKHGLPL
QXLWDD,62LQWDOFDVRSHUzVLKD
XQDULGX]LRQHGHOODODWLWXGLQHGLSRVD
VXOOHDOWHOXFL
,QDOWHUQDWLYDDOGLIXRULGHOODPRGD
OLWj PDQXDOH 0 OD VHQVLELOLWj SXz
HVVHUH YDULDWD LQ FRPSOHWR DXWRPD
WLVPRWUDH,62ODVFLDQGR
PDJJLRUHOLEHUWjG·D]LRQHDOIRWRJUD
IR q SRVVLELOH OLPLWDUH OD JDPPD GL
YDULD]LRQH LPSRVWDQGR OD VHQVLELOLWj
PLQLPDD,62HODPDVVLPDD
R,62
,OELODQFLDPHQWRGHOELDQFR
,OELODQFLDPHQWRGHOELDQFRSXzDYYH
&RPHRJQLSURIHVVLRQDOHFKHVLULVSHWWL
OD$qGRWDWDGHOODSUHVD3&6\QF
SHULOFROOHJDPHQWRDIODVKHVWHUQL
/DJKLHUDDOODGHVWUDGHOERFFKHWWRQHSHU
ODVFHOWDGHOPRGRGLPHVVDDIXRFRWUD
6$&H0)
GLOXFH3RUWUDLWFRQDWWHQ]LRQHDOOD
UHVDGHJOLLQFDUQDWL/DQGVFDSHDGDWWR
DLSDHVDJJL6XQVHWSHUULSURGXUUHL
FRORULGHOWUDPRQWR1LJKWSHUULSUH
VH QRWWXUQH $XWXPQ SHU UHQGHUH L
FRORUL DXWXQQDOL %: ELDQFRQHUR
6HSSLD
1RQ YL q SL OR VWLOH$EREH5*% LQ
TXDQWRODVHOH]LRQHGHOORVSD]LRFROR
UHqVWDWDJLXVWDPHQWHDVVHJQDWDDGXQD
YRFHGLPHQDXWRQRPD
7XWWLTXHVWLVWLOLVRQRSHUVRQDOL]]DELOL
LQSDVVLSHUTXDQWRULJXDUGDFRQWUD
VWRVDWXUD]LRQHGHOFRORUHQRQSHU:
%H6HSSLDVKDUSHQLQJOXPLQRVLWjH
FXUYDWRQDOH=RQHPDWFKLQJTXHVW·XO
WLPDLQSDVVLFRQODGLVDELOLWD]LRQH
SHUzGHOFRQWUROORGHOFRQWUDVWR
2OWUHDOODFXUYDWRQDOH6WDQGDUG=RQH
PDWFKLQJDEELDPRXQDFXUYD/RZ
.H\FRQXQDEEDVVDPHQWRGHOFRQWUDVWR
QHOOHEDVVHOXFLSHUPDQWHQHUHGHWWD
JOLRDQFKHQHOOHIRUWLVRWWRHVSRVL]LRQL
=RQHPDWFKLQJHGXH+L.H\FKH
6WLOLSHUVRQDOL
5LVSHWWRDOO·$OSKDDEELDPRXQ·RU DWWHQXDQR LO FRQWUDVWR VXOOH DOWH OXFL
JDQL]]D]LRQHSLLQWXLWLYDGHJOLVWLOL =RQHPDWFKLQJHHYLWDQGROH
/HPHPRULHVRQRXQDLQPHQRPD EUXFLDWXUHGHOO·LPPDJLQH
WXWWHFRPSOHWDPHQWHSHUVRQDOL]]DELOL
HGqSRVVLELOHVFHJOLHUHWUDLGLYHUVL '\QDPLF5DQJH2SWLPL]HU
SUHVHW6WDQGDUG9LYLGFRQFRQWUDVWR 4XHVWDIXQ]LRQHqVWDWDSURJHWWDWDSHU
HVDWXUD]LRQHDFFHQWXDWL1HXWUDOFRQ PLJOLRUDUHLQPRGRDXWRPDWLFRODTXD
FRQWUDVWRHVDWXUD]LRQHULGRWWL&OHDU OLWjGHOOHLPPDJLQLLQSUHVHQ]DGLVLWXD
FRQ FRORUL FKLDUL 'HHS FRQ FRORUL ]LRQLGLULSUHVDGLIILFLOLFRPHDGHVHP
FXSL/LJKWFRQDWWHQ]LRQHDJOLHIIHWWL SLRLFRQWUROXFHQHLTXDOLVRQRSUHVHQWL
QLUH VLD LQ DXWRPDWLVPR FKH WUDPLWH
XQDVHULHGLSUHVHWWXWWLFRQOLYHOOL
GL UHJROD]LRQH ILQH SHU OXFH GLXUQD
LQ SLHQR VROH R DOO·RPEUD SHU FLHOR
QXYRORVRSHUVRUJHQWLIODVKSHUODP
SDGHDGLQFDQGHVFHQ]DHSHUODPSDGH
IOXRUHVFHQWL
(· SRVVLELOH HIIHWWXDUH OD OHWWXUD LQ
PDQXDOHGLUHWWDPHQWHVXXQFDUWRQFLQR
JULJLRQHXWURRLQPDQFDQ]DGLHVVRVX
XQVRJJHWWRELDQFRO·$OSKDPHWWH
DGLVSRVL]LRQHPHPRULH
(·LQILQHSRVVLELOHLPSRVWDUHXQDVSHFL
ILFDWHPSHUDWXUDFRORUHLQJUDGL.HOYLQ
WUD.H.LQSDVVLGD.H
FRQWHPSRUDQHDPHQWHDQFKHXQILOWURGL
FRPSHQVD]LRQHFURPDWLFDYDULDELOHLQ
SDVVLYHUVRLOYHUGHRGLOPDJHQWD
(·GLVSRQLELOHDQFKHXQEUDFNHWLQJVXO
ELODQFLDPHQWR GHO ELDQFR GL IRWR
JUDPPLFRQODSRVVLELOLWjGLVHOH]LR
QDUHSDVVLGDRGDPLUHG
/D$GLVSRQHGLXQRWWLPRLOOXPL
QDWRUHDOXFHURVVDGLDVVLVWHQ]DDOOD
PHVVDDIXRFR%XRQDO·HUJRQRPLDGHO
SXOVDQWHGLVFDWWR
FRQWHPSRUDQHDPHQWH]RQHIRUWHPHQWH
VRWWRHVSRVWHHVRYUDHVSRVWH
,QWDOFDVRODPRGDOLWj'5VWDQGDUG
FRQVHQWHXQDUHJROD]LRQHDXWRPDWLFDGL
OXPLQRVLWjHFRQWUDVWRLQPRGRFRPX
QHVXWXWWDO·LPPDJLQH
$EELDPR SRL XQD PRGDOLWj '5
DYDQ]DWD LQ FXL OD UHJROD]LRQH GL
OXPLQRVLWj FRQWUDVWR H DQFKH FRORUH
SXzHVVHUHGLIIHUHQ]LDWDDVHFRQGDGHOOH
]RQHGHOO·LPPDJLQHO·HQWLWjGLTXHVWD
UHJROD]LRQH SXz HVVHUH DXWRPDWLFD R
VHOH]LRQDWDWUDOLYHOOL
(·DQFKHSRVVLELOHHVHJXLUHXQEUDFNH
WLQJ GL WUH VFDWWL FRQ GLYHUVL YDORUL
GHO'52'\QDPLF5DQJH2SWLPL]HU
UHJRODQGRO·HQWLWjGHOODYDULD]LRQH
VXGXHOLYHOOLEDVVRHDOWR
2ELHWWLYL
/DIRWRFDPHUDqFRPSDWLELOHFRQWXWWH
OHRWWLFKH6RQ\H6RQ\=HLVVLQJUDGR
GLFRSULUHLOSLHQRIRUPDWRQRQTXHOOH
VLJODWH'7FKHLQYHFHFRSURQRVRORLO
IRUPDWR$36&
/·$OSKD SUHYHGH FRPXQTXH XQD
PRGDOLWj$36FKHXWLOL]]DVRORODSDUWH
FHQWUDOHGHOVHQVRUHVLWUDWWDSHUzGL
XQDVROX]LRQHEHQSRFRYDQWDJJLRVD
FKH QRQ VIUXWWD O·HQRUPH ULVROX]LRQH
GHOODIRWRFDPHUD
3RVVRQRLQYHFHHVVHUHXWLOL]]DWHYDQ
WDJJLRVDPHQWHDQFKHOHYHFFKLHRWWLFKH
0LQROWD$)
$OODGHVWUDGHOSLFFRORSDQQHOOR/&'
GLVWDWRVXOODFDORWWDVLWURYDQRLSXO
VDQWLUHODWLYLDLSDUDPHWULSULQFLSDOL
GLULSUHVD
/·DQWHSULPDLQWHOOLJHQWH
,OSXOVDQWHSHULOFRQWUROORGHOODSUR
IRQGLWjGLFDPSRFRQVHQWHVLDODWUD
GL]LRQDOHYLVLRQHDWWUDYHUVRLOPLULQR
RWWLFR FRQ LO GLDIUDPPD FKLXVR FKH
OD FRVLGGHWWD DQWHSULPD LQWHOOLJHQWH
TXHVW·XOWLPDFRQVLVWHQHOO·HVHFX]LRQH
GLXQRVFDWWRFRQOHPRGDOLWjGLHVSRVL
]LRQHLPSRVWDWHGRSRGLFKpVLSRVVRQR
PRGLILFDUHLSULQFLSDOLSDUDPHWULDG
HVHPSLRWHPSRGLDIUDPPDFRPSHQVD
]LRQHPDQXDOH'UDQJHELODQFLDPHQWR
GHOELDQFRHYHULILFDUHO·HIIHWWRSUR
GRWWRVXXQ·DQWHSULPDGHOO·LPPDJLQH
6H LO ULVXOWDWR q FRQYLQFHQWH VL SXz
HVHJXLUHORVFDWWRGHILQLWLYR
0LULQR
,OPLULQRDSHQWDSULVPDFRSUHLO
GHOFDPSRLQTXDGUDWRFRQXQLQJUDQ
GLPHQWRGL[FRQPPDLQILQLWR
HGqGRWDWRGLUHJROD]LRQHGLRWWULFDGD
DGLRWWULH
/DSURWH]LRQHLQJRPPDGHOO·RFXODUH
SXzHVVHUHVRVWLWXLWDFRQOHQWLGLFRUUH
]LRQHGLRWWULFDFRQXQPLULQRDQJRODUH
RSSXUHFRQXQRGRWDWRG·LQJUDQGLPHQWR
QHOODSDUWHFHQWUDOH
(· SUHVHQWH XQ VLVWHPD D WHQGLQD SHU
ODFKLXVXUDGHOO·RFXODUHFKHEORFFDOH
LQILOWUD]LRQL GL OXFH GXUDQWH OH SRVH
SUROXQJDWH
/RVFKHUPRGLPHVVDDIXRFRqLQWHU
FDPELDELOH
0RQLWRU
,OPRQLWRUqDPSLRSROOLFLHGLVSRQH
/D JKLHUD ULYHOD O·LPSRVWD]LRQH SUR
IHVVLRQDOHGHOODPDFFKLQDROWUHDOOH
PHPRULH DOOH SULRULWj H DOOD PRGDOLWj
PDQXDOH RIIUH VROR GXH SURJUDPPL
DXWRPDWLFL LO ´SDQLF PRGHµ $XWR H LO
FODVVLFR3URJUDP3
GLXQQXPHURPROWRHOHYDWRGLSXQWL
ODOXPLQRVLWjqUHJRODELOHLQ
SDVVLFRQO·DLXWRGLXQDVFDODFRQ
OLYHOOLGLJULJLR
,QRJQLPRPHQWRqSRVVLELOHULFKLDPDUH
ODUHJROD]LRQHGHOODOXPLQRVLWjVHQ]D
SDVVDUHGDOPHQWHQHQGRVHPSOLFH
PHQWH SUHPXWR LO SXOVDQWH ',63 SHU
DOFXQL VHFRQGL LQ TXHVWR FDVR SHUz
PDQFDO·DXVLOLRGHOODVFDODGHLJULJL
1DYLJD]LRQHUDSLGD
HSDQQHOOR/&'
3UHPHQGRLOSXOVDQWH)Q)XQFWLRQVL
HQWUDQHOODPRGDOLWj4XLFN1DYLFKH
FRQVHQWHGLPXRYHUVLYHORFHPHQWHWUD
OHIXQ]LRQLGLULSUHVDPRVWUDWHDPRQL
WRUFRQODSRVVLELOLWjGLPRGLILFDUHOH
LPSRVWD]LRQL6RQRSUHYLVWHGXHVFKHU
PDWHXQDSLULFFDGLLQIRUPD]LRQLHG
XQDVLQWHWLFDPDSLJUDQGHUXRWDQR
FRQO·RULHQWDPHQWRGHOODIRWRFDPHUD
LQPRGRGDDSSDULUHVHPSUHOHJJLEL
OL
(·SRVVLELOHLPSRVWDUHO·DXWRVSHJQL
PHQWR GHO PRQLWRU D R VHFRQGL
,OSDQQHOOLQR/&'VXOODFDORWWDULSRUWD
QRUPDOPHQWH VROR L YDORUL GL WHPSR
GLDIUDPPDVWDWREDWWHULDHIRWRJUDP
PLPHPRUL]]DELOLLQPRGRPROWREHQ
OHJJLELOH LQ FDVR GL PRGLILFD GL XQ
DOWUR SDUDPHWUR GL ULSUHVD YHQJRQR
PRVWUDWL L GDWL DG HVVR UHODWLYL PD
QRQVHPSUHO·LQIRUPD]LRQHqGLFKLDUD
LQWHUSUHWD]LRQH
,OSDQQHOORqUHWURLOOXPLQDELOHWUDPLWH
/DVOLWWDIODVKqODFODVVLFD0LQROWD
QRQ VWDQGDUG PD GHFLVDPHQWH SL
VLFXUD
XQDSSRVLWRSXOVDQWH
/DULSURGX]LRQHGHOOHLPPDJLQL
'XUDQWHODIDVHGLULSUHVDqSRVVLELOH
YLVXDOL]]DUH O·LPPDJLQH VXELWR GRSR
ORVFDWWRSHUXQWHPSRSDULDR
VHFRQGLHGHYHQWXDOPHQWHHOLPLQDUOD
6LD LQ DQWHSULPD FKH QHOOD QRUPDOH
ULSURGX]LRQHVRQRGLVSRQLELOLGLYHUVH
YLVXDOL]]D]LRQLODVRODIRWRJUDILDOD
IRWRJUDILD DVVLHPH DL SULQFLSDOL GDWL
GL VFDWWR OD IRWRJUDILD LQVLHPH DG
XQLQGLFHGLPLQLDWXUHRSSXUHXQD
PLQLDWXUDXQLWDDLGDWLGLVFDWWRHDJOL
LVWRJUDPPL VLD GHOOD OXPLQRVLWj FKH
5*% LQ TXHVW·XOWLPR FDVR YHQJRQR
HYLGHQ]LDWHWUDPLWHODPSHJJLROH]RQH
VRYUDHVSRVWH
(· DQFKH SRVVLELOH YLVXDOL]]DUH OH
LPPDJLQLLQJUXSSLGDR
2WWLPR O·LQJUDQGLPHQWR LQ ULSURGX
]LRQH GHL IRWRJUDPPL DOOD PDVVLPD
ULVROX]LRQH VL SXz DUULYDUH D [ LQ
SDVVL
$OODSUHVVLRQHGHOSXOVDQWHGHGLFDWROD
IRWRFDPHUDYLVXDOL]]DXQLQJUDQGLPHQ
WRLQWHUPHGLRGLFLUFD[FKHSXzHVVH
UHDXPHQWDWRRGLPLQXLWRXWLOL]]DQGROD
JKLHUDSRVWHULRUH
0ROWR EXRQD SRL OD QDYLJD]LRQH GHO
O·LPPDJLQHWUDPLWHLOMR\VWLFNJUD]LH
DOODSUHVHQ]DGLXQQDYLJDWRUHVLPLOH
DTXHOORGL3KRWRVKRSVLDLQSLFFROR
QHOO·DQJRORLQDOWRDGHVWUDVLDDWXWWR
VFKHUPRPROWRSUDWLFRSHUVHOH]LRQD
UHYHORFHPHQWHO·DUHDFKHVLGHVLGHUD
LQJUDQGLUH
,OPLULQRGLVSRQHGLRWWXUDWRUHDWHQ
GLQDSHUODFKLXVXUDGHOO·RFXODUH
FKHEORFFDOHLQILOWUD]LRQLGLOXFH
GXUDQWH OH SRVH SUROXQJDWH H GHL
FODVVLFLVHQVRULGLSURVVLPLWj
0HVVDDIXRFR
/DPHVVDDIXRFRDXWRPDWLFDqLQJUDGR
GLIXQ]LRQDUHWUDH(9PLVXUDWL
D ,62 , SXQWL GL PHVVD D IXRFR
SULQFLSDOLVRQRDFXLVLDJJLXQJRQR
SXQWLVXSSOHPHQWDULTXHOORFHQWUD
OHqDFURFHHGqLQJUDGRGLVIUXWWDUH
O·DSHUWXUDDQFKHGLRELHWWLYLI$O
UDJJLXQJLPHQWRGHOODPHVVDDIXRFR
FKHYLHQHDFFRPSDJQDWDGDXQVHJQDOH
VRQRURGLVDWWLYDELOHLOVHQVRUHDWWLYR
VL LOOXPLQD GL URVVR SHU XQ WHPSR
LPSRVWDELOHGDOIRWRJUDIRWUDH
VHFRQGLODIXQ]LRQHSXzDQFKHHVVHUH
GLVDWWLYDWD
/DVFHOWDGHOVHQVRUHDWWLYRSXzHVVHUH
DXWRPDWLFDQHO:LGH$UHD$)RDYYH
QLUHPDQXDOPHQWHWUDPLWHLOMR\VWLFN
DSRVL]LRQLLOVHQVRUHFHQWUDOHYLHQH
VHOH]LRQDWR UDSLGDPHQWH SUHPHQGR
LO SXOVDQWH FHQWUDOH DQFKH TXDQGR q
DWWLYD OD PRGDOLWj GL VHOH]LRQH DXWR
PDWLFD
/D PRGDOLWj GL IXQ]LRQDPHQWR GHO
O·DXWRIRFXVYLHQHLPSRVWDWDWUDPLWHXQ
GHYLDWRUHVXOFRUSRGHOODIRWRFDPHUDVL
SXzVFHJOLHUHODPHVVDDIXRFRPDQXD
OHTXHOODVLQJRODDOODSUHVVLRQHGHOSXO
VDQWHGLVFDWWR$)6TXHOODFRQWLQXD
$)&RSSXUHODVHOH]LRQHDXWRPDWLFD
WUDVLQJRODHFRQWLQXD$)$DVHFRQ
GD FKH LO VRJJHWWR ULVXOWL VWDWLFR R LQ
PRYLPHQWR
4XHVW·XOWLPD PRGDOLWj SXz HVVHUH
VRVWLWXLWD GD PHQ FRQ OD IXQ]LRQH
'0)'LUHFW0DQXDO)RFXVFKHXQL
VFHLQPDQLHUDWRWDOPHQWHWUDVSDUHQWH
DOIRWRJUDIRODFRPRGLWjGHOODPHVVD
D IXRFR VLQJROD DOOD SUHFLVLRQH GHOOD
PHVVDDIXRFRPDQXDOHDOUDJJLXQJL
PHQWRGHOODPHVVDDIXRFRXQVLVWHPD
/DJKLHUDSHUODUHJROD]LRQHGLRWWULFD
GHOPLULQR
GLIUL]LRQLVYLQFRODLOPRWRUH$)GDO
O·RELHWWLYRFRQVHQWHQGRODUHJROD]LRQH
PDQXDOHILQHGHOODPHVVDDIXRFR(·
XQD SRVVLELOLWj XWLOH VRSUDWWXWWR LQ
FRQGL]LRQL GL VFDUVD OXPLQRVLWj R VX
VRJJHWWLGLIILFLOL
8WLOHSRLLOSXOVDQWH$)0)FKHFRQ
VHQWHXQUDSLGRVFDPELRGHOOHGXHIXQ
]LRQLqDQFKHFRQILJXUDELOHLQPRGRGD
WRUQDUHDOODPRGDOLWjLQL]LDOHWUDPLWH
XQDVHFRQGDSUHVVLRQH
6RQRSRVVLELOLYHORFLWjGL$)GHOOH
TXDOLODSLOHQWDqXWLOHSHUVRJJHWWL
GL GLIILFLOH IRFKHJJLDWXUD R FRPXQ
TXHTXDQGRVLDULFKLHVWDXQDPDJJLRU
SUHFLVLRQH
6XDOFXQLRELHWWLYLqSUHVHQWHXQSXO
VDQWHFKHSXzHVVHUHXWLOL]]DWRDSLDFH
UHFRPHIRFXVORFNRSHUFRQWUROODUHOD
SURIRQGLWjGLFDPSR
(·SUHVHQWHXQDVRUJHQWHLQOXFHFRQ
WLQXD GL DXVLOLR DOO·$) LQ FRQGL]LRQL
GLVFDUVDOXPLQRVLWjFRQXQUDQJHGL
IXQ]LRQDPHQWRGDDPHWUL
9LqSRLXQRULJLQDOHVLVWHPDFKHDWWL
YDODULFHUFDGHOIXRFRTXDQGRYLHQH
ULOHYDWD OD SUHVHQ]D GHO YLVR YLFLQR
DOO·RFXODUHLQTXHVWRPRGRVLULGXFRQR
VHQVLELOPHQWHLWHPSLGLUHD]LRQHGHO
IRWRJUDIR /D IXQ]LRQH ULPDQH DWWLYD
DQFKH VH OD IRWRFDPHUD QRQ YLHQH
LPSXJQDWD LQ TXDQWR VRQR DVVHQWL L
VHQVRULLPSOHPHQWDWLVXLPRGHOOLQRQ
HXURSHLGHOO·$OSKD
1HOODPRGDOLWj$XWRIRFXVqSRVVLELOH
DPPHWWHUHRYLHWDUHORVFDWWRLQDVVHQ
]DGLXQDPHVVDDIXRFRFRUUHWWD
$OOD VLQLVWUD GHO SDQQHOOR /&' L
SXOVDQWLSHUO·DFFHVVRDOOHIXQ]LRQL
GLJLWDOLGHOODPDFFKLQD
,OVLVWHPDSXzPHPRUL]]DUHILQRD
LPSRVWD]LRQLSHUDOWUHWWDQWLRELHWWLYL
FRQ XQD PLFURUHJROD]LRQH LQ SDVVL
(·VFRQVLJOLDWRO·XVRGLTXHVWDIXQ]LR
QHFRQRELHWWLYLFKHQRQVLDQR6RQ\R
0LQROWD
0LVXUD]LRQHHVSRVLPHWULFD
/D OHWWXUD HVSRVLPHWULFD SXz HVVHUH
GL WLSR YDOXWDWLYR FRQ EHQ DUHH
GLVSRVWH D QLGR G·DSH VSRW R PHGLD
FRQ SUHYDOHQ]D DO FHQWUR (· SRVVL
ELOH OD PHPRUL]]D]LRQH GHL GDWL GL
HVSRVL]LRQH WUDPLWH LO SXOVDQWH $(/
$( /RFN FRQILJXUDQGROR GD PHQ
LQ PRGR FKH VLD DWWLYR VROR TXDQGR
SUHPXWR RSSXUH FRQ IXQ]LRQDPHQWR
WRJJOHXQDSUHVVLRQHSHUDWWLYDUORHG
XQDSHUGLVDWWLYDUOR
6L SXz DQFKH FRQILJXUDUH LO SXOVDQWH
SHUXQDOHWWXUDVSRWLQGLSHQGHQWHPHQWH
GDOVLVWHPDGLOHWWXUDSUHVFHOWR
/·HVSRVLPHWUR ODYRUD WUD H (9
UDQJHFKHVLULGXFHD(9LQPRGD
OLWjVSRW,62I
,QILQHqSRVVLELOHDVVHJQDUHODIXQ]LRQH
$(/RFNDQFKHDOSXOVDQWH$)0)
2WWXUDWRUH
/·RWWXUDWRUH D WHQGLQD D VFRUULPHQWR
YHUWLFDOHFRQVHQWHWHPSLGDVHFRQGL
DVFRQODSRVVLELOLWjGHOODSRVD
%LWHPSLSRVVRQRHVVHUHUHJRODWLLQ
SDVVLGDR(9
/·DXWRVFDWWRKDGXHPRGDOLWjGLIXQ]LR
QDPHQWRFRQLOULWDUGRGLVHFRQGL
ORVSHFFKLRYLHQHVROOHYDWRLPPHGLDWD
PHQWHSULPDGHOO·HVSRVL]LRQHPHQWUH
0LFURWDUDWXUD$)
6XOOD$OSKD q VWDWD LQWURGRWWD OD FRQLOULWDUGRGLVHFRQGLORVSHFFKLR
WDUDWXUDPDQXDOHGHOVLVWHPDDXWRIRFXV VLDO]DVXELWRGRSRODSUHVVLRQHGHOSXO
/DSDUWHGHVWUDGHOGRUVREUXOLFDGL
FRPDQGL H WDVWL GHGLFDWL FKH RIIURQR
O·DFFHVVRGLUHWWRDOODJUDQSDUWHGHOOH
IXQ]LRQLSULQFLSDOL
VDQWHGLVFDWWRDOORVFRSRGLULGXUUHDO
PLQLPROHYLEUD]LRQL
1HOODFRQIH]LRQHqSUHVHQWHXQFRPDQ
GRDGLVWDQ]DDGLQIUDURVVLWUDPLWHLO
TXDOH q SRVVLELOH FRPDQGDUH VLD OR
VFDWWRLPPHGLDWRFKHTXHOORULWDUGDWR
GLVHFRQGL
(· DQFKH GLVSRQLELOH LO FRPDQGR D
GLVWDQ]D YLD FDYR RS]LRQDOH 50
6$0
6HORVLGHVLGHUDVLSXzLPSHGLUHDOOD
IRWRFDPHUDGLVFDWWDUHLQDVVHQ]DGHOOD
VFKHGDGLPHPRULDRGHOO·RELHWWLYR
/HFRQQHVVLRQLSUHYHGRQRDQFKHO·XVFLWD
YLGHR+'0,LQDOWDGHILQL]LRQH
IRWRFDPHUD
/DFRPSHQVD]LRQHPDQXDOHGHOO·HVSR
VL]LRQHSXzHVVHUHUHJRODWDDSDVVLGL
R(9SHUXQPDVVLPRGL
(91RUPDOPHQWHVLDFFHGHDTXHVWD
IXQ]LRQH SUHPHQGR LO SXOVDQWH WXWWDYLDqSRVVLELOHDELOLWDUHLQPRGR
SHUPDQHQWH XQD GHOOH GXH JKLHUH $
TXHVWRVFRSRqDQFKHSRVVLELOHXWLOL]
]DUHLOMR\VWLFNPDSRWUHEEHFUHDUVL
TXDOFKHFRQIXVLRQHYLVWRFKHQRUPDO
PHQWHYLHQHXWLOL]]DWRSHUODVHOH]LRQH
GHOSXQWR$)
/DEDWWHULDqXQD,QIR/LWKLXP13
)0+GDP$K
,OEUDFNHWLQJSRVVLELOHVLDDVFDWWRVLQ
JRORFKHDUDIILFDFRQVHQWHGLYDULDUH
LQPRGRDXWRPDWLFRO·HVSRVL]LRQHSHU
XQDVHTXHQ]DGLRVFDWWLFRQYDULD
]LRQLLQSDVVLGL(9(9R
(9SHUODVHTXHQ]DGLVFDWWLqDQFKH
SRVVLELOHXQDYDULD]LRQHGL(9O·RU
GLQHGLUHJLVWUD]LRQHGHOOHLPPDJLQL
VFDWWDWHSXzHVVHUHPRGLILFDWR
'DWRFKHqLQGLUL]]DWDDLIRWRJUDILHYR
OXWLO·$OSKDqSULYDGHOOHPRGDOLWj
G·HVSRVL]LRQH VHPSOLILFDWH SUHVHQWL
LQYHFHVXOO·$OSKD
(VSRVL]LRQH
/D 6RQ\ $OSKD GLVSRQH GHO
3URJUDPIOHVVLELOH3GHOO·HVSRVL]LR
QHDSULRULWjGLGLDIUDPPLHGLWHPSL
H GHOO·HVSRVL]LRQH FRPSOHWDPHQWH
PDQXDOHTXHVW·XOWLPDqUHVDDJHYROH
GDOODSUHVHQ]DGLGXHGLVWLQWHJKLHUHGL
FRQWUROORSHUO·LPSRVWD]LRQHGHLWHPSL
H GHL GLDIUDPPL LO IXQ]LRQDPHQWR
GHOOHJKLHUHSXzYHQLUHVFDPELDWR'D
PHQOHJKLHUHSRVVRQRDQFKHYHQLUH
EORFFDWH TXDQGR O·HVSRVLPHWUR QRQ
ULVXOWD DWWLYR SHU HYLWDUH YDULD]LRQL
DFFLGHQWDOL
$EELDPR SRL OD PRGDOLWj$XWR FKH
IXQ]LRQDLQPRGRSUHVVRFKpLGHQWLFR
D TXHOOD 3URJUDP FRQ O·DJJLXQWD GL
XQUHVHWVXWXWWHOHIXQ]LRQLGLULSUHVD
HYHQWXDOPHQWHLPSRVWDWHDGHVHPSLR
LOWLSRGLOHWWXUDO·DWWLYD]LRQHIRU]DWD
GHOIODVKODPRGDOLWjGLVFDWWRHFF
VL WUDWWD GL XQD PRGDOLWj GL ´HPHU
JHQ]Dµ SHU VFDWWDUH E\SDVVDQGR OH
LPSRVWD]LRQL GL SUHFHGHQWL ODYRUL
LPSRVWD]LRQL FKH YHQJRQR PHPR
UL]]DWHDQFKHDOORVSHJQLPHQWRGHOOD
-V…i`>ÊṎˆââ>Ì>Ê«iÀʏ>Ê«ÀœÛ>ÊiÝ>ÀÊ*ÀœviÃȜ˜>
,OWHVWGHOOD6RQ\$OSKDqVWDWRHIIHWWXDWRFRQXQD&)/H[DU3URIHVVLRQDO
8'0$[/HVFKHGHGLPHPRULD/H[DU3URIHVVLRQDO8'0$[VRQRVWDWH
VFHOWHLQTXDQWRJDUDQWLVFRQRXQDYHORFLWjPLQLPDGLOHWWXUDVFULWWXUDGDWL0%
DOVHFRQGRORVSHHGUDWHFRPXQLFDWRGD/H[DUqVHPSUHUHODWLYRDOODSUHVWD]LRQH
PLQLPDIRUQLWDGDOODFDUG4XHVWRVLJQLILFDFKHOH[GL/H[DUODYRUDQRVHP
SUHDOPHQRD0%DOVHFRQGRLQPRGRGDXWLOL]]DUHDSSLHQRLSURFHVVRULGHOOH
IRWRFDPHUHHULGXFHQGRLWHPSLGLGRZQORDG
7UDOHIXQ]LRQLSLLQWHUHVVDQWLODSRVVLELOLWjGLGLVDWWLYDUHODULGX]LRQHUXPRUHODUHJROD]LRQHILQHGHOODPHVVD
DIXRFRODSRVVLELOLWjGLULWDJOLDUHLOFHQWURGHOO·LPPDJLQHTXDQGRVLXWLOL]]DQRRWWLFKH$36HODQXRYDIXQ]LRQH
/DPHPRUL]]D]LRQH
GHOOHLPSRVWD]LRQL
/H LPSRVWD]LRQL GL ULSUHVD SRVVRQR
HVVHUHUHJLVWUDWHLQPHPRULHFRPH
JLjVXOO·$OSKD4XLSHUzLOORURXVR
qGLYHQWDWRPROWRSLUDSLGRLQTXDQWR
RJQXQDGLHVVHSXzHVVHUHULFKLDPDWD
GLUHWWDPHQWHGDOODJKLHUDGHOOHPRGDOLWj
G·HVSRVL]LRQHFKHGLVSRQHGLSRVL]LR
QLGHGLFDWHLQYHFHGHOO·XQLFDSRVL]LRQH
05SUHVHQWHVXOO·$OSKD
5LSUHVDLQPRGRFRQWLQXR
/DIRWRFDPHUDFRQVHQWHGLHIIHWWXDUH
ILQRDHVSRVL]LRQLLQIRUPDWR5DZ
DGXQDYHORFLWjGLIV
,Q IRUPDWR -SHJ ([WUD )LQH DEELDPR
SRWXWRHVHJXLUHIRWRJUDPPLVHQ]D
UDOOHQWDPHQWL$ULVROX]LRQLSLEDVVH
qSRVVLELOHHIIHWWXDUHXQDUDIILFDDQFRUD
SLSUROXQJDWD
HVWHUQRLQPRGDOLWj$',FKHLQWHJUDOD
OHWWXUD77/FRQODPLVXUDGHOODGLVWDQ
]DFRPXQLFDWDDOSURFHVVRUHGDOO·RELHW
WLYRRLQSUHIODVK77/FKHFDOFROD
O·HVSRVL]LRQHWUDPLWHXQODPSRHPHVVR
LQDXWRPDWLFRSULPDGHOO·HVSRVL]LRQH
,PSRVWDQGRODPRGDOLWj$XWRLOIODVK
LQWHUYLHQHDXWRPDWLFDPHQWHLQFDVRGL
QHFHVVLWjORVLSXzXWLOL]]DUHDQFKHSHU
VFKLDULUHOHRPEUHILOOLQRFRQVLQ
FURQL]]D]LRQHVXOODVHFRQGDWHQGLQD
/DFRPSHQVD]LRQHPDQXDOHGHOO·HVSRVL
]LRQHIODVKSHUPHWWHGLYDULDUHO·HVSRVL
]LRQHGL(9LQSDVVLGDR(9
$QFKHFROIODVKqSRVVLELOHLOEUDFNHWLQJ
VXOO·HVSRVL]LRQH RYYLDPHQWH QRQ LQ
PRGDOLWjGLVFDWWRFRQWLQXR
, IODVK 6RQ\ SRVVRQR HVVHUH XVDWL
LQ PRGDOLWj ZLUHOHVV RYYHUR VHQ]D
FRQQHVVLRQHYLDFDYRHFRQLPRGHOOL
+9/)$0H+9/)$0+9/
)$0 +9/)$0 q SRVVLELOH
HIIHWWXDUHO·+LJK6SHHG6\QFFLRqOD
VLQFURQL]]D]LRQHILQRDV
]DUH OH LPPDJLQL LQ GLYHUVH FDUWHOOH
VHQ]D SHUz SRWHU DVVHJQDUH GHL QRPL
SHUVRQDOL]]DWL(·FRPXQTXHSRVVLELOH
LQVHULUHQHOQRPHODGDWDGLUHJLVWUD
]LRQH XQD VROX]LRQH LQWHOOLJHQWH SHU
DUFKLYLDUHOHLPPDJLQLULSUHVH
/·$OSKDGLVSRQHGLXQVHQVRUHFKH
UHJLVWUDO·RULHQWDPHQWRGHOODIRWRFDPH
UDSHUFXLOHLPPDJLQLSRVVRQRYHQLUH
UXRWDWH DXWRPDWLFDPHQWH D PRQLWRU
VLD LQ IDVH GL SUHYLHZ FKH GL ULSUR
GX]LRQH
9ROHQGRGLVSRUUHGLXQDFDQFHOOD]LRQH
UDSLGDGHOOHLPPDJLQLVLSXzLPSRVWDUH
FRPHSUHGHILQLWDODFDQFHOOD]LRQHGHO
O·LPPDJLQHGHOUHODWLYRPHQXHQRQ
O·DQQXOODPHQWRGHOFRPDQGR
/DVWDPSDGLUHWWD
(·SRVVLELOHUHJLVWUDUHLFRPDQGL'32)
SHUODVWDPSDGLUHWWDGHOOHIRWRJUD
ILHWUDPLWHVWDPSDQWLFDSDFLGLOHJJHUH
OHVFKHGHGLPHPRULD&RPSDFW)ODVKR
)ODVK
0HPRU\6WLFN
/·$OSKDqSULYDGHOIODVKLQWHUQR
6LSXzDQFKHHIIHWWXDUHODVWDPSDGLUHW
PDqLQJUDGRGLFRPDQGDUHGHLIODVK
WDGHOOHLPPDJLQLVXVWDPSDQWLFRPSD
HVWHUQLVLDWUDPLWHODVOLWWDSURSULHWDULD 0HPRUL]]D]LRQHGHOOHLPPDJLQL
/·$OSKDGLVSRQHGLGXHGLVWLQWLVORW WLELOLFRQJOLVWDQGDUG3LFWXUH%ULGJHH
FKHFRQLOFRQWDWWR3&
,OWHPSRGLVLQFURqVFKHGLYHQ SHUVFKHGHGLPHPRULD&RPSDFW)ODVK 3ULQW,PDJH0DWFKLQJ,,,TXHVW·XOWLPR
WD V TXDQGR YLHQH GLVDWWLYDWD H0HPRU\6WLFN'XR6LSRVVRQRXWLOL] VSHFLILFRSHUOHVWDPSDQWL(SVRQ
OD IXQ]LRQH GL VWDELOL]]D]LRQH 6XSHU ]DUHFRQWHPSRUDQHDPHQWHGXHGLYHUVH
VFKHGHRSSXUHVHOH]LRQDUQHXQDVROD $OLPHQWD]LRQH
6WHDG\6KRW
/DIRWRFDPHUDSXzFRQWUROODUHLOIODVK /DIRWRFDPHUDFRQVHQWHGLPHPRUL] /·$OSKDXWLOL]]DXQDEDWWHULDDJOL
,QWHOOLJHQW3UHYLHZFKHSHUPHWWHGLVFDWWDUHXQD´SRODURLGµGHOODVFHQDHGLYHGHUHJOLHIIHWWLGHOOHPRGLILFKHDLSDUDPHWUL
GLULSUHVD
LRQLGLOLWLR,QIR/LWKLXP13)0+
GRWDWD GL XQD FDSDFLWj GL FLUFD P$K FKH q LQ JUDGR GL IRUQLUH DOOD
IRWRFDPHUDSUHFLVHLQIRUPD]LRQLFLUFD
LOVXRVWDWRGLFDULFD,QTXHVWRPRGR
q SRVVLELOH FDOFRODUH FRQ XQD EXRQD
DWWHQGLELOLWjO·DXWRQRPLDUHVLGXD
3HUDXPHQWDUHO·DXWRQRPLDGLULSUHVDVL
SXzLPSRVWDUHO·DXWRVSHJQLPHQWRGHOOD
IRWRFDPHUDDRPLQXWL
$FDWDORJRqDQFKHGLVSRQLELOHLOEDW
WHU\JULS9*&$0FKHqDOLPHQWDWR
FRQGXHEDWWHULH13)0+HGLVSR
QH GHOOD GXSOLFD]LRQH GHL FRPDQGL
SHU O·XWLOL]]R GHOOD IRWRFDPHUD LQ
YHUWLFDOH
3HUVRQDOL]]D]LRQL
7UD OH QXPHURVH SHUVRQDOL]]D]LRQL
VHJQDOLDPRODSRVVLELOLWjGLLPSRVWDUH
ORVFDWWRLPPHGLDWRDOODSUHVVLRQHGHO
SXOVDQWHRSSXUHVXERUGLQDUORDOODFRU
UHWWDPHVVDDIXRFRSULRULWjGLVFDWWR
RGLIXRFR
(·SRVVLELOHSRLIDUHLQPRGRFKHDOOD
SUHVVLRQHGHOWDVWR0HQXFLVLSRVL]LR
QLVXOO·XOWLPDYRFHYLVXDOL]]DWDLQYHFH
FKHVXOODSULPDSDJLQD
(· SUHVHQWH XQD YRFH GL UHVHW GHOOH
LPSRVWD]LRQL FKH ULSULVWLQD L YDORUL
GLGHIDXOWHDOSXOVDQWH&FXVWRPq
SRVVLELOHDVVRFLDUHXQDWUDGLYHUVH
IXQ]LRQLGLULSUHVD
,QILQHqSRVVLELOHGLVDELOLWDUHOHVHJQD
OD]LRQLDXGLR
$XGLR
1RQ q SRVVLELOH DOOHJDUH FRPPHQWL
DXGLRDOOHLPPDJLQL
9DULH
/·$OSKDSXzHVVHUHFROOHJDWDDG
XQFRPSXWHUWUDPLWHXQDSRUWD86%
DGDOWDYHORFLWjHGqGRWDWDGLXQ·XVFLWD
YLGHRDQFKHLQDOWDGHILQL]LRQHFRQ
QHWWRUH+'0,TXDQGRqFROOHJDWDDG
XQWHOHYLVRUHqDQFKHSRVVLELOHXVDUHLO
FRPDQGRDGLVWDQ]DSHUFRQWUROODUHOH
IXQ]LRQLGLULSURGX]LRQH
6L SXz YLVXDOL]]DUH XQR VOLGH VKRZ
GHOOHIRWRJUDILHSUHVHQWLQHOODVFKHGD
FRQWHPSRUL]]D]LRQHDVFHOWDWUD
VHFRQGL
,PHQSHULOFRQWUROORGHOODIRWRFDPH
UDVRQRLQOLQJXDLWDOLDQD
/H GLPHQVLRQL VRQR SDUL D PP
$[PP/[PP3LO
SHVRqGLJUDPPLVHQ]DEDWWHULD
$EELDPR ULOHYDWR FKH LO OLEUHWWR GL
LVWUX]LRQL GHOO·$OSKD q XQ SR·
FDUHQWHQHOODGHVFUL]LRQHGHOOHIXQ]LR
QLDOFXQHGHOOHTXDOLVRQRFRPSOHVVH
HDQGUHEEHURVSLHJDWHPHJOLR
6RIWZDUHDFRUUHGR
,QVLHPHDOO·$OSKD6RQ\KDULODVFLD
WRXQDQXRYDYHUVLRQHGHOVXRVRIWZDUH
GLFRQYHUVLRQH,PDJH'DWD&RQYHUWHU
65FKHGLVSRQHRUDGHOODIXQ]LRQH
GLFRUUH]LRQHGHOODYLJQHWWDWXUDVLWUDW
WDGLXQDFRUUH]LRQHPDQXDOHEDVDWD
VXSDUDPHWULHQRQXQDFRUUH]LRQH
DXWRPDWLFDEDVDWDVXLGDWLVSHFLILFLGL
RJQLRELHWWLYR
,OVRIWZDUHGLVSRQHGLWXWWHOHDELWXDOL
FRUUH]LRQLFRQSDUWLFRODUHDWWHQ]LRQH
SHU OR VKDUSHQLQJ OD ULGX]LRQH GHO
UXPRUH LO ELODQFLDPHQWR GHO ELDQFR
OD UHJROD]LRQH GHOO·HVSRVL]LRQH HG LO
FRQWUROORGHOODFXUYDWRQDOH
6RQR SUHVHQWL DQFKH L FRQWUROOL SHU
OD UHJROD]LRQH GHO FRQWUDVWR GHOOD
WRQDOLWj VDWXUD]LRQH H ULSURGX]LRQH
GHOFRORUH
(· SRVVLELOH VDOYDUH OH LPSRVWD]LRQL
VXILOHLQPRGRGDSRWHUOHDSSOLFDUH
VXFFHVVLYDPHQWHLQSURFHGXUHEDWFKVX
JUXSSLGLLPPDJLQL
$FRUUHGRVRQRIRUQLWLDQFKHLSURJUDP
PL,PDJH'DWD/LJKW%R[65WUDPLWH
LO TXDOH q SRVVLELOH FRQIURQWDUH SL
LPPDJLQL SHU VHOH]LRQDUH JOL VFDWWL
PLJOLRUL H 5HPRWH &DPHUD &RQWURO
SHUFRQWUROODUHWRWDOPHQWHODIRWRFDPH
UDWUDPLWHXQ3&FRQQHVVRDWWUDYHUVROD
SRUWD86%
&%-#'!
/
"+"."&
:-5A)4651;69)** "
!$"%+*"
,*;8<,9,490:53,:80*/,359:8(45*53,8,(.09*,029,4
958,(2<(80(8,+,22(7;(4:0:B+02;*,*/,258(..0;4.,
(7;(4:0:B+02;*,C+(:(+(2685+5::5+,22A04:,490:B;>
6,802:,365+0,96590@054,9
##,(")%)""#"*0
+65+65;9):;6B5694)3-B
033(.04,
;304590:B8,.09:8(:(
( <,25*0:B 56,8(:0<( C 809;2:(:( 352:5 );54( (4*/,
6,8 7;(4:5 80.;(8+( 2( 8(--0*( (;:54530( 04<,*, 454
C +,22, 30.20580 *54 +,0 *549;30 ())(9:(4@( ,2,<(:0 90(
159179-:)+0-1591796,<A165-
- +<9=- :-5:1;64-;91+0- 46:;9)56 <5 3-//-96 )771);
;14-5;6 :<33- )3;- 3<+1 7-9 <5) 4)//169- 3);1;<,15- ,1
76:)
&1 ,1:+6:;) 3) :-5:1*131;C 41514) ,1 &" +079-:-5;)<5)5,)4-5;671F315-)9-
) :-5:1*131;C D 3-//-94-5;- :<7-9169- )1 =)3691 ,1+01)
9);1
) +<9=) !' ) 46:;9) <5) ;6;)3- )::-5A) ,1
:0)97-515/ 8<-:;B<3;146 7<E -::-9- 1476:;);6 :-5A)
796*3-41.156)
) 91:63<A165- D -3-=);1::14) 7-9E 7-9 -::-9- :.9<;;);)
) 71-56 5-+-::1;) ,1 <5) 9-:) -++-33-5;- ,) 7)9;,-33B6*1-;;1=6
&65@ 5-33- 1476:;)A1651 ,1 *):- ,-33) .6;6+)4-9) ,-3 796/9)44) ,1 +65=-9:165- )7731+) :636 <5 3-//-
96 .13;9)//16 ,-3 9<469- :7-+1- )33- 144)/151 9)>
B
=)5;)//16:6 15+9-4-5;)936 :1) 7-9 8<-:;B<3;14- +0- 7-9
3-144)/1517-/)&"
%,490)020:B
&"
&"
&"
&"
&"
&"
)(99(
"+"."&
#;(4:0:B+02;*,
(2:(
&"
25.;>9
#,("(#&%*()*&"$'&)**&
+65:-5:1*131;C&"
%1;)9,65-336:+);;6 )
'-476;9),<-:+);;1 )
+65.694);67-/ )9/-?;9)15-
%)..1+) :+);;1) .6;6/9)441:
;304590:B8,.09:8(:(
033(.04,
'-476,1)++-5:165- )
54:8(9:5
03659:(:59;22(
-5:5*(3,8(
+65;9
5694)3-
+65;9
+65.694);67-/ )9/-?;9)15
-56415)A165%(
%(+
7-/ )9/-?;9)157-/ )9/-157-/ )9/-&;)5,)9,
7-/!-,1<4?;9)157-/!-,1<4157-/!-,1<4&;)5,)9,
#1?-3
?
?
?
?
?
?
?
?
@;2
2
2
2
2
2
2
2
#;(4:0:B+02;*,
)(99(
6479
25.;>9
(2:(
/
(9,490)020:BC309;8(:(9,*54+52(4583("
99(<0,4,<(2;:(:(:,4,4+5*54:5+,22A,96590@054,4,*,9
9(80((685+;88,;4.80.053,+05*58809654+,4:,(2
+,29,.4(2,3(99035+08,.09:8(@054,20<,225+09(:;8(@054,
#&(%&$"%#
#&($")+(*&
*241&&2&(4*3&/1&22.*+
&%-#'!
%*(&*+"
(& ())&&*& ("&
./2-#,'
%/.+./,4#--(
%'.42/
$/2&/
+.''+.6'24+%#,'
,/.23"8*.-*%&++.
)"1/&-*-(
24++"'.3.$",&1"
#2+3/,59+/.'<-+352#4#%/.5.#-+2##$#33/%/.42#34/
33#&+0'.&'&#,.5-'2/&+0+8',&',3'.3/2''&#,,#
.+4+&'99#&',,:/$+'44+6/54+,+99#4/
!2#3('2+-'.4/&+-/&5,#9+/.'
+(1"'*$.,.231"$.,&"++9"4,&-3"1&%&++.2)"1/&-*-("4
,&-3*+9 &1$.-31.4-.2)"1/&-*-(&+&5"3./4<(&-&
1"1&"13&'"33*&14,.1&.2)"1/&-*-(;%&'*-*3.*-*3"+*"
-.$.,&,"2$)&1"%*$.-31"23..%*-*3*%&88"
(
(
+(1"'*$.,.231"*+1"//.13.31"*+2&(-"+&&*+14,.1&
4"-3./*="+3";+"$.+.--"3"-3.,*-.1&;*+14,.1&
/1&2&-3&-&++9*,,"(*-&
"//.13.2&(-"+&%*2341#.
&($*&'
!
&-2*#*+*3:
&($*&,
%/.,'+-0/34#9+/.+34#.&#2&&',02/)2#--#&+%/.6'23+/.'
!
3.++&1"-8"
*-"+3&+4$*
(1*(*.,&%*.
3.++&1"-8"
*-#"22&+4$*
&($*&,
"//.13.2&(-"+&%*2341#.
%/.,'+-0/34#9+/.+34#.&#2&&',02/)2#--#&+%/.6'23+/.'
*,,"(*-&
$.-#"22.
14,.1&
*,,"(*-&
$.-&+&5"3.
14,.1&
&-2*#*+*3:
3.++&1"-8"
*-"+3&+4$*
%/.,'+-0/34#9+/.+34#.&#2&&',,#(/4/%#-'2#
*,,"(*-&
$.-#"22.
14,.1&
(
&($*&'
(
!*&-&,*241"3"+"(",,"%*+4,*-.2*3:1&(*231"#*+*%"++"
'.3.$",&1"++*,*3&/&1+&"+3&+4$*;*++*5&++."$4*2*)"*+
2&(-"+&%*1&(*231"8*.-&,"22*,.++*,*3&/&1+&#"22&
+4$*;*++*5&++."$4*2*)"2&(-"+&%*2341#.
%/.,'+-0/34#9+/.+34#.&#2&&',,#(/4/%#-'2#
(
+#(2#--#
+.''+.6'24+%#,'
*,,"(*-&
$.-&+&5"3.
14,.1&
&-2*#*+*3:
'4/&/,/)+#+&#4+3/./-+352#4+35,)2+)+/-'&+/3'%/.&/,#./2-#
%/.,#(/4/%#-'2#02+6#&',,:/$+'44+6/#%15+3'.&/+.-'&+#
+--#)+.+2#76#,54#4'#$+4
(1*(*.,&%*.
3.++&1"-8"
*-#"22&+4$*
&-2*#*+*3:
'4/&/,/)+#'-+352'3/./'(('445#4'3'%/.&/,'./2-' '
/DYHORFLWj
HTXLQGLUDJJLXQJHSULPDODVDWXUD]LRQH
$OO·DXPHQWDUHGHOFRQWUDVWRLPSRVWDWRVXOOD
IRWRFDPHUDDEELDPRXQVXRLQFUHPHQWRVROR
QHLJULJLPHGLDOFRQWUDULRVXOOHDOWHOXFLH
VXOOHEDVVHGLPLQXLVFHLQTXDQWRLOSXQWRGL
VDWXUD]LRQHULPDQHLPPXWDWR
0ROWRGLYHUVRLQYHFHLOFRPSRUWDPHQWRDOOH
LPSRVWD]LRQL=RQHHHODSULPD
PRVWUDXQDEEDVVDPHQWRGHOFRQWUDVWRGDOOH
RPEUHILQRDOJULJLRPHGLROH=RQHH
SUHVHQWDQRLQYHFHXQDXPHQWRGHOODVHQVLEL
OLWjHFRQWHPSRUDQHDPHQWHXQDGLPLQX]LRQH
GHOFRQWUDVWRVXOOHDOWHOXFLFKHFRPSHQVDQR
PHJOLROHVRYUDHVSRVL]LRQL
/DYHORFLWjRSHUDWLYDqULVXOWDWDPROWREXRQD
VLDQHOODUDSLGLWjGLVFDWWRDSSHQDV
RYYHURDPSLDPHQWHLQIHULRUHDOGHFLPRGL
VHFRQGRVLDQHOO·HVHFX]LRQHGLGXHVFDWWLLQ
VHTXHQ]DVHQ]DUDIILFDV%XRQDDQFKHOD
UDSLGLWjGLDFFHQVLRQHVHFRQGL
1RQRVWDQWH OH JUDQGL GLPHQVLRQL GHL ILOH
DQFKHODUDIILFDDSSDUHHVWUHPDPHQWHUDSLGD
LQTXDQWRDEELDPRPLVXUDWRODFDGHQ]DGL
IRWRJUDPPLDOVHFRQGRSHUEHQLPPDJLQL
5DZH-SHJDOODPDVVLPDTXDOLWjHULVR
OX]LRQH
,QTXHVW·XOWLPRFDVRLQUHDOWjODUDIILFDSUR
VHJXHDQFKHILQRDVFDWWLWXWWDYLDFRQGHL
UDOOHQWDPHQWLVXSHULRULDOqXQYDORUH
FKHQRQSXzHVVHUHFRQVLGHUDWRSHULQRVWUL
VWDQGDUGGLPLVXUDPDSXzHVVHUHFRPXQTXH
XWLOHLQPROWHDSSOLFD]LRQL
/DVHQVLELOLWj,62
3HUWXWWHOHLPSRVWD]LRQLODVHQVLELOLWjqOHJ
JHUPHQWHVXSHULRUHDLYDORULGLFKLDUDWL
,QSDUWLFRODUHSHUODVHQVLELOLWj,62DEELD
PRXQDVHQVLELOLWjHIIHWWLYDGL,62
/·DXWRQRPLD
07)VKDUSHQLQJ
/·DXWRQRPLDQRQqXQRGHLSXQWLGLIRU]DGL
TXHVWDIRWRFDPHUD$EELDPRSRWXWRHVHJXLUH
VFDWWLVHQ]DO·XWLOL]]RGHOPRQLWRUHFRQ
XQWHPSRGLDFFHQVLRQHGHOO·HVSRVLPHWURGL
VHFRQGL
,QULSURGX]LRQHDEELDPRSRWXWRODYRUDUHSHU
RUHHPLQXWL
6LWUDWWDGLSUHVWD]LRQLPHGLHDQFKHVHQHOOD
SURYD DEELDPR XWLOL]]DWR XQD EDWWHULD GL
GLVFUHWDFDSDFLWj
(·FRPXQTXHVHPSUHSRVVLELOHULFRUUHUHDO
EDWWHU\JULSRS]LRQDOHFKHUDGGRSSLDO·DXWR
QRPLDGHOODIRWRFDPHUD
/HFXUYH07)FLPRVWUDQRLOFRPSRUWDPHQWR
GHOODIRWRFDPHUDDOYDULDUHGHOOHLPSRVWD]LRQL
GHOORVKDUSHQLQJ
,OYDORUHSLEDVVRPRVWUDXQDWRWDOHDVVHQ]D
GLVKDUSHQLQJFRQXQEXRQILOWUDJJLRDOOHIUH
TXHQ]HSLHOHYDWHDJDUDQ]LDGLXQDOLPLWDWD
SUHVHQ]DGLDUWHIDWWL
$OOHDOWUHLPSRVWD]LRQLORVKDUSHQLQJGLYHQWD
YLDYLDSLLQWHQVR
/DULVROX]LRQH
/DULVROX]LRQHqHOHYDWLVVLPDHGLULVXOWDWLVL
YHGRQRFKLDUDPHQWH
,O0LQROWDPPIFKHXWLOL]]LDPRSHU
OHQRVWUHPLVXUD]LRQLSXUHVVHQGRXQRWWLPR
RELHWWLYRqPHVVRDGXUDSURYDGDXQVLPLOH
VHQVRUHHPRVWUDTXDOFKHGHEROH]]DVXLERUGL
HDOODPDVVLPDDSHUWXUD
$LGLDIUDPPLFKLXVLYLHQHLQYHFHIXRULWXWWD
/HFXUYHVHQVLWRPHWULFKH
/HFXUYHVHQVLWRPHWULFKHPRVWUDQRXQOHJJHUR
DSSLDWWLPHQWRVXOOHDOWHOXFLSHUHVWHQGHUHOD
ODWLWXGLQHGLSRVD8QFRPSRUWDPHQWRGLI
IHUHQWHVLKDDOODVHQVLELOLWjPLQLPDGL
,62FKHSUHVHQWDXQDQGDPHQWRSLOLQHDUH
""#'
$"#'!"#!#
/D6RQ\$OSKD
FRQVHQWHG·LQWHUYHQLUH
VXOODIRUPDGHOODFXUYD
VHQVLWRPHWULFDDWWUDYHUVR
O·LPSRVWD]LRQH=RQH
/DFXUYDFRQ=RQH
PRVWUDXQDEEDVVDPHQWR
GHOFRQWUDVWRGDOOHRPEUH
ILQRDOJULJLRPHGLROHDOWUH
HSUHVHQWDQRLQYHFH
XQDXPHQWRGHOODVHQVLELOLWj
HFRQWHPSRUDQHDPHQWH
XQDGLPLQX]LRQHGHO
FRQWUDVWRVXOOHDOWHOXFLFKH
FRPSHQVDPDJJLRUPHQWHOH
VRYUDHVSRVL]LRQL
"#&
#!
!
$##'$
""
$%"
#
3UH]]L
6RQ\$OSKD½
'LVWULEX]LRQH6RQ\,WDOLD9LD*DOLOHR
*DOLOHL&LQLVHOOR%0,
7HOZZZVRQ\LW
3URH&RQWUR
,EMISUREDEL#ENTRO3TUDI0ROGRESSO&OTOGRAFICO
3UR
3LHQRIRUPDWR
5LVROX]LRQHVWUDRUGLQDULD
6WDELOL]]D]LRQHGHOO·LPPDJLQH
9DVWRFRUUHGRGLRWWLFKH
&RQWUR
$XWRQRPLDQRQPROWRHOHYDWD
$VVHQWH/LYH9LHZ
5XPRUHDYYHUWLELOHLQ5DZ
ODLQFUHGLELOHULVROX]LRQHFKHL0SL[HO
SRVVRQRGDUH
2FFRUUHGXQTXHWHQHUHSUHVHQWHFKHSHUVIUXW
WDUHOHSUHVWD]LRQLFKHO·$OSKDULHVFHD
IRUQLUHELVRJQDVHPSUHXWLOL]]DUHRWWLFKHGL
DOWLVVLPDTXDOLWj
,OUXPRUHHODODWLWXGLQHGLSRVD
1HOOHLPSRVWD]LRQLGLEDVHGHOODIRWRFDPHUD
HGHOSURJUDPPDGLFRQYHUVLRQHYLHQHDSSOL
FDWRVRORXQOHJJHURILOWUDJJLRGHOUXPRUH
VSHFLHDOOHLPPDJLQL5DZ
1HULVXOWDFKHTXHVW·XOWLPHSUHVHQWDQRXQ
UDSSRUWRVHJQDOHGLVWXUERLQIHULRUHDTXHOOR
GHOOHFRUULVSRQGHQWLLQ-SHJ3HUOHLPPDJL
QL5DZqGXQTXHFRQVLJOLDELOHXWLOL]]DUHXQ
PDJJLRUHILOWUDJJLRORVWHVVRGLFDVLSHUOD
VHQVLELOLWj,62LQ-SHJ
*LXGL]LRFRPSOHVVLYR
/D ULVROX]LRQH GHO VHQVRUH q HFFH]LRQDOH
PDSHUVIUXWWDUODDSSLHQRRFFRUUHXWLOL]]DUH
RWWLFKHGLHOHYDWDTXDOLWj
3HUDOWURLOVLVWHPD6RQ\H=HLVVFRPSUHQGH
RELHWWLYLGLDOWLVVLPROLYHOORVHQ]DFRQWDUHJOL
RWWLPLRELHWWLYL0LQROWDUHSHULELOLQHOPHUFDWR
GHOO·XVDWR
,QROWUHELVRJQDFRQVLGHUDUHOHJUDQGLGLPHQ
VLRQL GHL ILOH SURGRWWL FKH UHQGRQR SL
FRPSOHVVDO·DUFKLYLD]LRQHGHOOHLPPDJLQL
SHUTXHVWRPRWLYRFRQYLHQHXVDUHVFKHGHGL
PHPRULDGLHOHYDWHSUHVWD]LRQL
5LWHQLDPRFKHO·$OSKDVLDLQJUDGRGL
FRPSHWHUHYDOLGDPHQWHFRQLVXRLFRQFRUUHQWL
SLGLUHWWL&DQRQ(RV'0.,,H1LNRQ
'LQWHVWDPDQHOOHIXWXUHYHUVLRQLVXJ
JHULDPRGLSUHVWDUHXQDPDJJLRUHDWWHQ]LRQH
DOO·DXWRQRPLDHDO/LYH9LHZFKHqLPSRUWDQ
WHSHUXQDUHIOH[GD0SL[HOHTXLQGL
DGDWWLVVLPDDOORVWLOOOLIH
6HUJLR1DPLDV