6\QF0DVWHU 761
/&' 0RQLWRU
0DQXDOH GHOO XWHQWH
,QWURGX]LRQH
&RQWHQXWR GHOOD FRQIH]LRQH
1RWD
9HULILFDUH FKH L VHJXHQWL FRPSRQHQWL VLDQR SUHVHQWL QHOOLPEDOODJJLR GHO 'LVSOD\ /&' 6H TXDOVLDVL FRPSRQHQWH GRYHVVH ULVXOWDUH PDQFDQWH FRQWDWWDUH LO ULYHQGLWRUH &RQWDWWDUH LO ULYHQGLWRUH SHU DFTXLVWDUH HYHQWXDOL DFFHVVRUL
1RWD
4XHVWR SLHGLVWDOOR QRQ ª LQGLFDWR SHU XQD PRQWDJJLR GD WHUUD
'LVLPEDOODJJLR
'LVSOD\ /&'
0DQXDOLVWLFD
*XLGD GL LQVWDOOD]LRQH UDS |
*DUDQ]LD |
*XLGD GHOOXWHQWH |
LGD |
|
|
QRQ GLVSRQLELOL LQ WXWWL L
SDHVL
&DYL
&DYR ' 6XE |
&DYR GL DOLPHQWD]LRQH |
|
$OWUR
,QWURGX]LRQH
$OWUR |
|
|
7HOHFRPDQGR |
3LOH WLSR $$$ |
&RSHUFKLR XQLW¢ +'' |
|
QRQ GLVSRQLELOL LQ WXWWL L |
|
|
SDHVL |
|
9HQGXWR D SDUWH |
|
|
&DYR '9, |
.,7 PRQWDJJLR D SDUHWH |
.,7 6HPL 6WDQG |
|
|
|
&DYR /$1 |
6LQWRQL]]DWRUH 79 |
|
1RWD |
|
|
( SRVVLELOH DFTXLVWDUH H FROOHJDUH XQ ER[ GL UHWH R XQ VLQWRQL]]DWRUH VHSDUDWR 3HU LQIRU PD]LRQL VXOOXVR FRQVXOWDUH LO PDQXDOH GHOOXWHQWH
( SRVVLELOH FROOHJDUH VROR XQ ER[ HVWHUQR
'LVSOD\ /&'
/DWR DQWHULRUH
7DVWR 0(18 >0(18@
$SUH LO PHQX D VFKHUPR HG HVFH GDO PHQX &RQVHQWH LQROWUH GL XVFLUH GDO PHQX 26' R GL WRUQDUH DO PHQX SUHFHGHQWH
7DVWL GL QDYLJD]LRQH WDVWL 6X *L»
,QWURGX]LRQH
3DVVD GD XQD YRFH GL PHQX DOODOWUD LQ YHUWLFDOH R UHJROD L YDORUL GHO PHQX VHOH]LRQDWR
7DVWL GL UHJROD]LRQH WDVWL 6LQLVWUD 'HVWUD WDVWL 9ROXPH
3DVVDGDXQDYRFHGLPHQXDOODOWUDLQRUL]]RQWDOHRUHJRODLYDORULGHOPHQX VHOH]LRQDWR 6H JOL 26' QRQ VRQR YLVLELOL D VFKHUPR SUHPHUH LO SXOVDQWH SHU UHJRODUH LO YROXPH
7DVWR (17(5 >(17(5@
$WWLYD OH YRFL GL PHQX HYLGHQ]LDWH
7DVWR 6285&( >6285&(@
3DVVD GDOOD PRGDOLW¢ 3& DOOD PRGDOLW¢ 9LGHR /D PRGLILFD GHOOD VRUJHQWH ª FRQVHQWLWDVRORLQFDVRGLGLVSRVLWLYLHVWHUQLFROOHJDWLDO'LVSOD\/&'LQTXHO PRPHQWR
>3&] ['9,] [$9] [+'0,] [0DJLF,QIR@ 1RWD
,O PHQX 79 ª GLVSRQLELOH VH ª LQVWDOODWR XQ VLQWRQL]]DWRUH 79
' 0(18
$WWLYD LO ' 0(18 D VFKHUPR 1RWD
( GLVSRQLELOH VH ª LQVWDOODWR XQ VLQWRQL]]DWRUH 79
7DVWR GL DOLPHQWD]LRQH >@
3UHPHUH TXHVWR WDVWR SHU DFFHQGHUH H VSHJQHUH LO 'LVSOD\ /&'
6HQVRUH GL OXPLQRVLW¢
,O VHQVRUH GL OXPLQRVLW¢ GHO SURGRWWR ULOHYD DXWRPDWLFDPHQWH OD OXFH FLUFRV WDQWH H UHJROD GL FRQVHJXHQ]D OD OXPLQRVLW¢ GHOOR VFKHUPR
,QGLFDWRUH GL DOLPHQWD]LRQH
0RVWUD OD PRGDOLW¢ 3RZHU6DYHU ODPSHJJLDQGR LQ YHUGH 1RWD
3HU XOWHULRUL LQIRUPD]LRQL VXOOH IXQ]LRQL GL ULVSDUPLR HQHUJHWLFR YHGHUH 3RZHU6DYHU LQ TXHVWR PDQXDOH 3HU ULVSDUPLDUH HQHUJLD VSHJQHUH LO 'LV SOD\ /&' TXDQGR QRQ ª LQ XVR RSSXUH TXDQGR OR VL ODVFLD LQFXVWRGLWR SHU OXQJKL SHULRGL GL WHPSR
6HQVRUH GHO WHOHFRPDQGR
3XQWDUH LO WHOHFRPDQGR YHUVR TXHVWR SXQWR VXO 'LVSOD\ /&'
/DWR SRVWHULRUH
1RWD
3HU PDJJLRUL LQIRUPD]LRQL ULJXDUGDQWL LO FROOHJDPHQWR GHL FDYL YHGHUH &ROOHJDPHQWR GHL FDYL LQ 6HWXS /D FRQILJXUD]LRQH VXO UHWUR GHO SURGRWWR SX´ GLIIHULUH LQ EDVH DO PRGHOOR GL 'LVSOD\ /&'
,QWURGX]LRQH
32:(5 6 : 21 > @ 2)) >2@
,PSRVWD LO 'LVSOD\ /&' VX 2Q 2II
32:(5 ,1
,O FDYR GL DOLPHQWD]LRQH FROOHJD LO 'LVSOD\ /&' DOOD SUHVD D PXUR
56 & 287 ,1 3257$ 6HULDOH 56 &
3RUWD SURJUDPPD 0'& 0XOWLSOH 'LVSOD\ &RQWURO
'9, 3& +'0, ,1 >'9, 3& +'0, $8 ',2 ,1@ 3& '9, +'0, 7HUPLQDOH FRQQHV VLRQH DXGLR ,QJUHVVR
'9, 3& +'0, ,1 >+'0,@
&ROOHJDUH LO WHUPLQDOH +'0, SRVWR VXO UHWUR GHO 'LVSOD\ /&' DO WHUPLQDOH +'0, GHO GLV SRVLWLYR GL XVFLWD GLJLWDOH PHGLDQWH XQ FDYR +'0,
'9, 3& +'0, ,1 >5*%@ 7HUPLQDOH
FRQQHVVLRQH 3& 9LGHR
8VDUH XQ FDYR ' 6XE SLQ ' 6XE PR GDOLW¢ 3& 3& DQDORJLFR
'9, 3& +'0,,1>'9,@ 7HUPLQDOHFRQ QHVVLRQH 3& 9LGHR
,QWURGX]LRQH
8VDUH XQ FDYR '9, '9, ' D '9, ' PR GDOLW¢ '9, 3& GLJLWDOH
'& 287 > 9 $@
&ROOHJDUOR DO FRQQHWWRUH 32:(5 GL XQ VLQ WRQL]]DWRUH 79 R GL XQ ER[ GL UHWH
$9 ,1 >9,'(2@ 7HUPLQDOH FRQQHVVLRQH 9,'(2
&ROOHJDUH LO WHUPLQDOH > 9,'(2 @ GHO PRQLWRU DO WHUPLQDOH GL XVFLWD YLGHR GHO GLVSRVLWLYR HVWHUQR PHGLDQWH XQ FDYR 9,'(2
$9 $8',2 ,1 >/ $8',2 5@ 7HUPLQDOH
FRQQHVVLRQH DXGLR 'LVSOD\ /&' ,QJUHVVR
$9 $8',2 287 >/ $8',2 5@ 7HUPL QDOH FRQQHVVLRQH DXGLR 'LVSOD\ /&' 8VFL WD
5*% 287
/$1 7HUPLQDOH FRQQHVVLRQH /$1
86% 7HUPLQDOH FRQQHVVLRQH 86%
7DVWLHUD 0RXVH 0DVV6WRUDJH'HYLFHFRP SDWLELOH
1RWD
,O QXPHUR GL 'LVSOD\ /&' FKH ª SRVVLELOH FRO
OHJDUH LQ XQ FLUFXLWR GL ORRSRXW YDULD LQ EDVH
DOWLSRGLFDYR DOODVRUJHQWHGHOVHJQDOH HFF
3RVVRQR HVVHUH FROOHJDWL ILQR D GLHFL 'LVSOD\
/&'LQVLHPHVHLOFDYRRODVRUJHQWHGHOVHJ
QDOH VXSSRUWDQR OD UHWH VHQ]D DOWHUD]LRQL
,QWURGX]LRQH
.HQVLQJWRQ /RFN
,O EORFFR .HQVLQJWRQ ª XQ GLVSRVLWLYR XVDWR SHU DVVLFXUDUH ILVLFDPHQWH LO VLVWHPD TXDQGR YLHQH XWLOL]]DWR LQ XQ OXRJR SXEEOLFR ,O GLV SRVLWLYR GL EORFFR ª LQ YHQGLWD VHSDUDWD PHQWH /DVSHWWR GHO GLVSRVLWLYR H LO PHWRGR GL EORFFR SRVVRQR YDULDUH D VHFRQGD GHOOD PDUFD 3HU LQIRUPD]LRQL VXOOXVR FRQVXOWDUH LO PDQXDOH IRUQLWR LQVLHPH DO EORFFR.HQVLQJ WRQ ,O GLVSRVLWLYR GL EORFFR ª LQ YHQGLWD VHS DUDWDPHQWH
1RWD
/D SRVL]LRQH GHO EORFFR .HQVLQJWRQ SX´ YDU LDUH LQ EDVH DO PRGHOOR
8VR GHO EORFFR .HQVLQJWRQ
,QVHULUH LO GLVSRVLWLYR GL EORFFR QHOOR VORW
.HQVLQJWRQ VXO PRQLWRU H UXRWDUOR QHOOD GLUH]LRQH GL EORFFR
&ROOHJDUH LO FDYR GHO EORFFR .HQVLQJWRQ
)LVVDUH LO EORFFR .HQVLQJWRQ D XQ WDYROR R D XQ RJJHWWR ILVVR SHVDQWH
1RWD
3HU PDJJLRUL LQIRUPD]LRQL VXO FROOHJDPHQWR GHL FDYL YHGHUH OD VH]LRQH &ROOHJDPHQWR GHL FDYL
7HOHFRPDQGR
1RWD
/H SUHVWD]LRQL GHO WHOHFRPDQGR SRVVRQR HVVHUH LQIOXHQ]DWH GDOOD YLFLQDQ]D GL XQ WHOHYLVRUH R GL XQ GLVSRVLWLYR HOHWWURQLFR DO 'LVSOD\ /&' LQ TXHVWR FDVR SX´ YHULILFDUVL XQ PDOIXQ]LR QDPHQWR GHOODSSDUHFFKLR D FDXVD GL LQWHUIHUHQ]H GL IUHTXHQ]D
1RWD
,O PHQX 79 ª GLVSRQLELOH VH ª LQVWDOODWR XQ VLQWRQL]]DWRUH 79
,QWURGX]LRQH
32:(5
2II1XPEHU %XWWRQV
7DVWR '(/
32:(5
2))
1XPEHU %XWWRQV
7DVWR '(/ 92/
087(
79 '79
0(18
,1)2
7$67, &2/25$7,
77; 0,;
67,//
$872
6 02'(
0'&
/2&.
6285&(
(17(5 35( &+
&+ 3
' 0(18
*8,'(
5(7851
7DVWL 6X *L» 6LQLVWUD 'HVWUD
(;,7
656
0DJLF,QIR
3 02'(
'8$/ 076
3,3
6:$3
$FFHQGH LO SURGRWWR
6SHJQH LO SURGRWWR
3UHPHUH SHU FDPELDUH FDQDOH
,OWDVWR ªDWWLYRVRORSHU'79 ( XWLOL]]DWRSHUVHOH]LRQDUH 006 PXOWL FDQDOH SHU XQ '79
,QWURGX]LRQH
92/ 087(
5HJROD LO YROXPH GHOODXGLR
0HWWH LQ SDXVD PXWR WHPSRUDQHDPHQWH OXVFLWD DXGLR $S SDUH QHOO DQJROR LQIHULRUH VLQLVWUR GHOOR VFKHUPR / DXGLR YLHQH ULSULVWLQDWR VH VL SUHPH 087( R 92/ LQ PRGDOLW¢ 0XWH 0XWR
79 '790(18
,1)2
&2/25 %877216
6HOH]LRQD GLUHWWDPHQWH OD PRGDOLW¢ 79 H '79
$SUH LO PHQX D VFKHUPR HG HVFH GDO PHQX R FKLXGH LO PHQX GL UHJROD]LRQH
$WWLYD OH YRFL GL PHQX HYLGHQ]LDWH
/H LQIRUPD]LRQL UHODWLYH DOOLPPDJLQH DWWXDOH VRQR YLVXDOL] ]DWH LQ DOWR D VLQLVWUD GHOOR VFKHUPR
3UHPHUH SHU DJJLXQJHUH R HOLPLQDUH FDQDOL H SHU PHPRUL] ]DUH FDQDOL QHOOHOHQFR GHL FDQDOL SUHIHULWL QHO PHQX (OHQFR FDQDOL
77; 0,;
67,//
$872
/D PDJJLRU SDUWH GHOOH HPLWWHQWL WHOHYLVLYH IRUQLVFH LQIRUPD ]LRQL VFULWWH WUDPLWH LO VHUYL]LR 7HOHWH[W
7DVWL 7HOHWH[W
3HU XOWHULRUL LQIRUPD]LRQL ! 77; 0,;
3UHPHUH LO WDVWR XQD YROWD SHU FRQJHODUH OR VFKHUPR 3UH PHUOR QXRYDPHQWH SHU DQQXOODUH LO FRPDQGR
5HJROD OD YLVXDOL]]D]LRQH GHOOR VFKHUPR DXWRPDWLFDPHQWH LQ PRGDOLW¢ 3& 4XDQGR VL PRGLILFD OD ULVROX]LRQH QHO SDQ QHOOR GL FRQWUROOR YLHQH HVHJXLWD OD IXQ]LRQH $XWR
6 02'( |
3UHPHQGR TXHVWR WDVWR QHOOD SDUWH LQIHULRUH FHQWUDOH GHOOR |
|
VFKHUPR YHUU¢ YLVXDOL]]DWD OD PRGDOLW¢ FRUUHQWH ,O 'LVSOD\ |
|
/&' ª GRWDWR GL XQ DPSOLILFDWRUH VWHUHR DG DOWD IHGHOW¢ LQ |
|
FRUSRUDWR 4XLQGLSUHPHUHQXRYDPHQWHLOWDVWRSHUQDYLJDUH |
|
DOOLQWHUQR GHOOH PRGDOLW¢ SUHFRQILJXUDWH GLVSRQLELOL 6WDQG |
|
DUG 0XVLF 0RYLH 6SHHFK &XVWRP |
0'& |
0'& 7DVWR 4XLFN /DXQFK |
/2&. |
$WWLYD R GLVDWWLYD WXWWL L WDVWL IXQ]LRQH GHO WHOHFRPDQGR H GHO |
|
'LVSOD\ /&' DG HFFH]LRQH GHL WDVWL 3RZHU H /2&. |
|
3UHPHUH LO WDVWR SHU FDPELDUH OD 6285&( GHO VHJQDOH G LQ |
6285&( |
|
|
JUHVVR |
|
/D PRGLILFD GHOOD 6285&( ª FRQVHQWLWD VROR LQ FDVR GL GLV |
|
SRVLWLYL HVWHUQL FROOHJDWL DO PRQLWRU LQ TXHO PRPHQWR |
|
3UHPHQGR TXHVWR WDVWR VL WRUQD DO FDQDOH SUHFHGHQWH |
(17(5 35( &+ |
|
&+ 3 |
,Q PRGDOLW¢ 79 VHOH]LRQD L FDQDOL 79 |
' 0(18 |
9LVXDOL]]D]LRQH GHO PHQX '79 |
|
|