...

Ambiente - Assolombarda

by user

on
Category: Documents
3

views

Report

Comments

Transcript

Ambiente - Assolombarda
Aprile 2012
Settore Territorio Ambiente Energia
ASSOLOMBARDA
D I S P E N S E
gare e appalti
Ambiente
Linee guida per lo sviluppo
di indicatori sulle prestazioni
del Sistema di Gestione
Ambientale
DISPENSE ASSOLOMBARDA è una collana che completa
i servizi di informazione e assistenza offerti
dall’Associazione ai propri associati per affrontare con
successo la gestione dell’impresa.
La collana raccoglie contributi e strumenti dedicati ai
diversi ambiti della vita e della cultura aziendale.
L’opera, in tutte le sue parti, è tutelata dalla legge sui diritti d’autore.
Linee guida per lo sviluppo
di indicatori sulle prestazioni
del Sistema di Gestione
Ambientale
,QGLFH
3UHID]LRQH ,QWURGX]LRQH 6FKHGDQ±$OWD'LUH]LRQH 6FKHGDQ±$FTXLVWLH$SSURYYLJLRQDPHQWL 6FKHGDQ±&RPXQLFD]LRQHH5HOD]LRQLHVWHUQH 6FKHGDQ±&RPXQLFD]LRQHLQWHUQD 6FKHGDQ±*HVWLRQHDPELHQWDOH 6FKHGDQ±*HVWLRQHGHOODFRQIRUPLWjQRUPDWLYD 6FKHGDQ±*HVWLRQHHVYLOXSSRGHOOHULVRUVHXPDQH 6FKHGDQ±/RJLVWLFD7UDVSRUWLH'LVWULEX]LRQH 6FKHGDQ±0DQXWHQ]LRQHH6HUYL]L 6FKHGDQ±0DUNHWLQJ 6FKHGDQ±3URFHVVRSURGXWWLYRHGHURJD]LRQHGHOVHUYL]LR 6FKHGDQ±3URJHWWD]LRQH5LFHUFDH6YLOXSSR $SSHQGLFH $5LIHULPHQWLPHWRGRORJLFLHRSHUDWLYLVXJOLLQGLFDWRULGLSUHVWD]LRQHDPELHQWDOH $0DWULFH,QFURFLR3URFHVVLD]LHQGDOL)XQ]LRQLD]LHQGDOL $5LIHULPHQWLELEOLRJUDILFL $5LQJUD]LDPHQWL 3UHID]LRQH
$QFKHTXHVW¶DQQRKRLOSLDFHUHGLVFULYHUHODSUHID]LRQHDXQGRFXPHQWRHODERUDWRGDO*UXSSR
GL/DYRURVXOOD4XDOLWj$PELHQWDOHFRVWLWXLWRSUHVVRLO6HWWRUH7HUULWRULR$PELHQWH(QHUJLDGL
$VVRORPEDUGDHFRRUGLQDWRFRQLOSUH]LRVRDXVLOLRGHOOR,HIH±8QLYHUVLWj%RFFRQL
,O*UXSSRKDGHFLVRGLDIIURQWDUHXQWHPDTXHOORGHJOL,QGLFDWRULGL6LVWHPDSDUWLFRODUPHQWH
LPSHJQDWLYRSHUOHLPSUHVHHSHULOTXDOHQRQHVLVWHDOPRPHQWRXQSDQRUDPDULFFRGL
ULIHULPHQWL
'DWHPSROHLPSUHVHWHQGRQRDOPLJOLRUDPHQWRGHOOHSUHVWD]LRQLOHJDWHDJOLDVSHWWLDPELHQWDOL
PDqQHFHVVDULRDQFKHFDSLUHFRPHULVSRQGHLO6LVWHPDGL*HVWLRQH$PELHQWDOHQHOVXR
FRPSOHVVRYDOXWDUQHO¶HIILFDFLDHFRPSUHQGHUHVHqSLHQDPHQWHYDORUL]]DWRRVHSXzHVVHUH
PLJOLRUDWR
&RPSUHQGHUH³VH´HLGHQWLILFDUH³GRYH´LOSURSULR6*$IXQ]LRQDRPHQRVRQRHOHPHQWL
LPSRUWDQWLLQJUDGRGLIRUQLUHDOPDQDJHPHQWLQIRUPD]LRQLHLQGLFD]LRQLFKHORVXSSRUWLQRQHOOH
GHFLVLRQL
(GqLQTXHVWDGLUH]LRQHFKHOH/LQHH*XLGDYRJOLRQRDFFRPSDJQDUHOHLPSUHVH
/¶DXPHQWRGHOYDORUHGLXQ¶LPSUHVDRGLXQ¶RUJDQL]]D]LRQHqOHJDWRDQFKHDOULFRQRVFLPHQWRGHL
EHQHILFLGLXQ6LVWHPDGL*HVWLRQH$PELHQWDOHGDSDUWHGHJOLVWDNHKROGHUHRJJLSLFKHPDL
GDSDUWHGHOPRQGRHFRQRPLFR,QTXHVWRFRQWHVWRFRPSHWLWLYRLQFXLRJQLSXQWRGLHFFHOOHQ]D
SXzIDUHODGLIIHUHQ]DqLPSRUWDQWHFKHOHLPSUHVHVLDQRDLXWDWHDUDJJLXQJHUHVWDQGDUGGL
TXDOLWjVHPSUHSLHOHYDWL
(¶RUPDLULFRQRVFLXWRFKHXQ³FRPSRUWDPHQWRYHUGH´JHQHUDPROWHSOLFLYDQWDJJLPLJOLRUDQGR
O¶LPPDJLQHGLXQ¶D]LHQGDDXPHQWDQGRODVRGGLVID]LRQHGHLFOLHQWLFRQVHQWHQGRGLFRJOLHUH
RSSRUWXQLWjFRPSHWLWLYHLQXQPHUFDWRVHPSUHSLVHQVLELOHDSURGRWWLHVHUYL]LFRHUHQWLFRQL
SULQFLSLGHOODVRVWHQLELOLWj
&UHDUHXQFRQWHVWRIDYRUHYROHDOODGLIIXVLRQHGHOODVRVWHQLELOLWjFRPHPRGHOORGLEXVLQHVV
VLJQLILFDFRQFRUUHUHDPHWWHUHOHLPSUHVHQHOODFRQGL]LRQHGLIDUORFRQPDJJLRUHVODQFLRH
GLQDPLVPRHGqDQFKHFRQVWUXPHQWLFRPHTXHVWRFKH$VVRORPEDUGDYXROHHVVHUHDFFDQWR
DOOHSURSULHLPSUHVHSHUDFFRPSDJQDUOHYHUVRXQSHUFRUVRGLHFFHOOHQ]D
3HUTXHVWRLQVLHPHGLUDJLRQLULQJUD]LRWXWWHOHLPSUHVHDVVRFLDWHFRLQYROWHHLQSDUWLFRODUHL
FRPSRQHQWLGHO*UXSSRGL/DYRURSHUDYHUFRQGLYLVROHORURHVSHULHQ]HHDYHUUHVRSRVVLELOHOD
SXEEOLFD]LRQHGLTXHVWDGLVSHQVD
$QWRQLR&RORPER
'LUHWWRUH*HQHUDOH$VVRORPEDUGD
,QWURGX]LRQH
1HOO¶DPELWR GHL 6LVWHPL GL *HVWLRQH $PELHQWDOH 6*$ OD DWWUDYHUVR O¶XVR GL DSSURSULDWL q XQ WHPD ULVSHWWR DO TXDOHOH D]LHQGH KDQQR VHPSUH
PDQLIHVWDWR SDUWLFRODUH DWWHQ]LRQH HG LQWHUHVVH 1HOOD ORJLFD GHOOD PLVXUD]LRQH H GHO FRQWUROOR
GHOOH SUHVWD]LRQL RULHQWDWL DO PLJOLRUDPHQWR FRQWLQXR O¶DGR]LRQH GL LQGLFDWRUL LQ JUDGR GL
UDSSUHVHQWDUH DWWUDYHUVR HVSUHVVLRQL VSHFLILFKH OD FRQGL]LRQH GHOO¶D]LHQGD QHL FRQIURQWL
GHOO
DPELHQWH H OD VXD HYROX]LRQH QHO WHPSR FRVWLWXLVFH LQIDWWL XQ HOHPHQWR FUXFLDOH DL ILQL GL
XQD FRUUHWWD JHVWLRQH DPELHQWDOH H XQD GLPHQVLRQH FRQRVFLWLYD LUULQXQFLDELOH ULVSHWWR DOOD
ILVVD]LRQHGLRELHWWLYLHGLWUDJXDUGL
6XO SLDQR SUDWLFR LO ULFRQRVFLPHQWR GHOO¶LPSRUWDQ]D GHOO¶XWLOL]]R GL LQGLFDWRUL GL SUHVWD]LRQH
QHOO¶DPELWR GHL 6*$ VL q WUDGRWWR SUHYDOHQWHPHQWH QHOO¶HPDQD]LRQH GD SDUWH GL HQWL HG
RUJDQLVPLQD]LRQDOLHLQWHUQD]LRQDOLGLOLQHHJXLGDHGLQRUPHWHFQLFKHGLULIHULPHQWRPLUDWHD
VXSSRUWDUHOHD]LHQGHHSLLQJHQHUDOHOHRUJDQL]]D]LRQLQHOODSURJHWWD]LRQHHODERUD]LRQHH
XWLOL]]RGLLQGLFDWRULGLSUHVWD]LRQH
1HOODPLVXUDLQFXLVLQWHWL]]DQRHULFODVVLILFDQRL
GDWL UHODWLYL DJOL DVSHWWL DPELHQWDOL UDFFROWL GDO VLVWHPD LQIRUPDWLYR D]LHQGDOH VX ULILXWL
HPLVVLRQL VFDULFKL LGULFL HWF JOL LQGLFDWRUL GL SUHVWD]LRQH DPELHQWDOH IRUQLVFRQR LQIDWWL XQ
TXDGUR LPPHGLDWR H UDSSUHVHQWDWLYR GHOOD VLWXD]LRQH GHOO¶RUJDQL]]D]LRQH ULVSHWWR DOO
DPELHQWH
FRQIURQWDELOH VLD FRQ OH VRJOLH SUHVWD]LRQDOL GHILQLWH GDO OHJLVODWRUH SHU L GLYHUVL SDUDPHWUL
DPELHQWDOL VLD FRQ LO FRQWHVWR WHUULWRULDOH LQ FXL O
LPSUHVD q LQVHULWD VLD FRQ JOL RELHWWLYL H L
WUDJXDUGLFKHHVVDVLqSUHILVVDWD
0HQR ULFFR q LQYHFH LO SDQRUDPD GHL ULIHULPHQWL DG RJJL GLVSRQLELOL LQ WHPD GL LQGLFDWRUL GL
SUHVWD]LRQH GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH RYYHUR GL LQGLFDWRUL ILQDOL]]DWL D
VXSSRUWDUHOHLPSUHVHQHOODFRPSUHQVLRQHGHOHQHOO¶LGHQWLILFD]LRQHGHORYYHURLQTXDOL
DPELWL GHOO¶RSHUDWLYLWj D]LHQGDOH LO SURSULR 6LVWHPD GL *HVWLRQH $PELHQWDOH IXQ]LRQD R
H TXLQGL QHOOD LQ JUDGR GL IRUQLUH LQGLFD]LRQL DO
PDQDJHPHQW ULVSHWWR D TXHJOL DPELWL LQ FXL LO 6*$ SXz HVVHUH SLHQDPHQWH YDORUL]]DWR
UDIIRU]DWRRPLJOLRUDWR
,Q TXHVWR FRQWHVWR LO *UXSSR GL /DYRUR 4XDOLWj $PELHQWDOH GL $VVRORPEDUGD KD
VYLOXSSDWR OH SUHVHQWL /LQHH JXLGD SHU OR 6YLOXSSR GL ,QGLFDWRUL VXOOH 3UHVWD]LRQL GHO
6LVWHPDGL*HVWLRQH$PELHQWDOHULYROWHVLDDOOHD]LHQGHFHUWLILFDWH,62HRUHJLVWUDWH
(0$6LOFXL6LVWHPDGL*HVWLRQH$PELHQWDOHSRVVDFRQVLGHUDUVL³PDWXUR´HUDSSUHVHQWDUHTXLQGL
XQ FRQWHVWR LGHDOH SHU O¶DSSOLFD]LRQH GLLQGLFDWRUL DQFKH FRPSOHVVL GL YDOXWD]LRQH GHO 6*$ VLD
DOOH D]LHQGH LO FXL 6LVWHPD VLD LQYHFH SL UHFHQWH R FRPXQTXH PHQR DYDQ]DWR PD FKH GDOOD
OHWWXUDGHOGRFXPHQWR SRVVDQRWUDUUHVWLPROLHVSXQWLVLJQLILFDWLYLSHUUHQGHUORXQRVWUXPHQWR
VHPSUHSLHIILFDFHQHOODSURSULDUHDOWjRSHUDWLYD,O*UXSSR±QDWRQHOQHOO¶DPELWRGHOOH
DWWLYLWjGLVHUYL]LHUDSSUHVHQWDQ]DGL$VVRORPEDUGDDVXSSRUWRGHOODFHUWLILFD]LRQHDPELHQWDOH
H FRPSRVWR GD DOFXQH IUD OH D]LHQGH DVVRFLDWH FRQ PDJJLRUH HVSHULHQ]D LQ TXHVWR DPELWR ±
DQQRYHUD LQIDWWL IUD OH VXH ILQDOLWj FRVWLWXWLYH OD GLIIXVLRQH GHOOH FRQRVFHQ]H QHO FDPSR GHOOD
JHVWLRQH DPELHQWDOH H OD SURPR]LRQH GHOOR VFDPELR GL HVSHULHQ]H IUD OH LPSUHVH DQFKH
DWWUDYHUVRODUHDOL]]D]LRQHGLVWUXPHQWLDVXSSRUWRGLWDOHJHVWLRQH
,O*UXSSRGL/DYRURqVWDWRFRPSRVWRGD
• %HFNHUV,QGXVWULDO&RDWLQJV,WDOLD6SD9DOWHU/DQGL
• %UDFFR,PDJLQJ6SD*LDQQL$EEUX]]HVHH$OHVVLD*DOELDWL
• &LDO&RQVRU]LR,PEDOODJJL$OOXPLQLR/XFD/DJX]]L
• '+/6XSSO\&KDLQ,WDO\6SD/RUHQ]R'DIDUUD
• )DOFN5HQHZDEOHV6SD8PEHUWR'H6HUYLHG(QULFR)DOTXL
6L SHQVL SHU FLWDUH DOFXQL IUD L ULIHULPHQWL SL GLIIXVL DOOD QRUPD ,62 /
R FRQ ULIHULPHQWR DOO¶(0$6 DOO¶DWWHQ]LRQH DO WHPD GHJOL LQGLFDWRUL GL SUHVWD]LRQH DPELHQWDOH
QHOO¶XOWLPD YHUVLRQH GHO 5HJRODPHQWR Q FIU !/ ,Q $SSHQGLFH DOOH /LQHH JXLGD VL ULSRUWDQR
DOFXQLIUDLSULQFLSDOLULIHULPHQWLPHWRGRORJLFLHGRSHUDWLYLLQPDWHULDGLLQGLFDWRULGLSUHVWD]LRQHDPELHQWDOH
• ,QGXVWULH&KLPLFKH)RUHVWDOL6SD$QWRQLR6DVVL
• 1RYHOLV,WDOLD6SD6WHIDQR'LHQD
• 2WLV6HUYL]L6UO(OHQD)DUHD
• 3R]]ROL6SD&DUORWWD9LOOD
• 6ROHWR6SD%DUEDUD)HUURQLH)UDQFHVFD7RUUH
• 6RQ\(XURSH/LPLWHG6HGH6HFRQGDULD,WDOLDQD&DWHULQD)UDQFHVFKHW
• 7DPRLO,WDOLD6SD3DROR*ULSSLROR
• 9HUQLFL(JLGLR0LOHVL6SD$OHVVDQGUD&DQDYHVL
• 9LGUDOD,WDOLD6UO&LUR'H%DWWLVWL
• HVSHUWR'DYLGH%LDQFRURVVR
• $VVRORPEDUGD±*UD]LHOOD%ULFFKL
/¶DWWLYLWjGLHODERUD]LRQHGHLFRQWHQXWLHODUHGD]LRQHGHOGRFXPHQWRVRQRVWDWHFXUDWHGDO3URI
)DELR,UDOGRHGDOOD'UVVD0LFKHOD0HOLVGHOOR,()(±8QLYHUVLWj%RFFRQL
/H/LQHHJXLGDGDOWDJOLRRSHUDWLYRVRQRVWDWHVYLOXSSDWHFRQLVHJXHQWLRELHWWLYLSULQFLSDOL
• DOLPHQWDUH LO FRUUHWWR HG HIILFDFH IXQ]LRQDPHQWR GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOH GHOOH D]LHQGH VXSSRUWDQGRQH WXWWH OH GLYHUVH IDVL HV 0
)«
• VXSSRUWDUHLOPDQDJHPHQWQHLSURFHVVLLQWHUQLGLYDOXWD]LRQH,QTXHVWRVHQVRJOL
LQGLFDWRUL LOOXVWUDWL QHOO¶DPELWR GHOOH /LQHH JXLGD VRQR VWDWL VYLOXSSDWL DQ]LWXWWR FRQ
O¶RELHWWLYR GL VXSSRUWDUH L SURFHVVL GL YDOXWD]LRQH PHQWUH VROR VHFRQGDULDPHQWH
HVVLSRVVRQRDYHUHDQFKHXQDILQDOLWjGLFRPXQLFD]LRQHYHUVRO¶
• LQWHJUDUH JOL LQGLFDWRUL GL SUHVWD]LRQH DPELHQWDOH ± H LQ JHQHUDOH JOL LQGLFDWRUL
FRPXQHPHQWH XWLOL]]DWLQHOO¶DPELWR GHL 6*$ ± FRQ DOWUH WLSRORJLH GL LQGLFDWRUL PHQR
GLIIXVH FKH OH D]LHQGH DPELVFRQR D YDORUL]]DUH QHOOD SURSULD JHVWLRQH TXDOL DG
HVHPSLR
o LQGLFDWRULHFRQRPLFLGLVWLPDGHLFRVWLHGHLEHQHILFLGHO6LVWHPD
o LQGLFDWRUL³GLFRQWUROOR´LQJUDGRGLIRUQLUHDOPDQDJHPHQWLQGLFD]LRQLWHPSHVWLYH
1
SHUSUHYHQLUHHPHUJHQ]HHLQFLGHQWL
$TXHVWLRELHWWLYLVLDIILDQFDXQDILQDOLWjSLJHQHUDOHFKHFDUDWWHUL]]DOHDWWLYLWjGHO
TXHOODGLFRQGLYLGHUHFRQJOLDWWRULGHOVLVWHPDGHOOD
FHUWLILFD]LRQH PHWRGRORJLH H VWUXPHQWL LQ JUDGR GL ULVSRQGHUH DOOH HVLJHQ]H GHOOH D]LHQGH
UHODWLYDPHQWHDOFRQVHJXLPHQWRHDOPDQWHQLPHQWRGHOODFHUWLILFD]LRQH$WDOHVFRSROH/LQHH
JXLGD VRQR VWDWH SUHVHQWDWH H GLVFXVVH LQ RFFDVLRQH GL XQ LQFRQWUR GHGLFDWR FRQ L
UDSSUHVHQWDQWLGHLSULQFLSDOLHQWLGLFHUWLILFD]LRQHSUHVHQWLRJJLLQ,WDOLDGHOVLVWHPDQD]LRQDOH
GLDFFUHGLWDPHQWR HGLDOFXQHLVWLWX]LRQLFRLQYROWHQHOVLVWHPDGHOODFHUWLILFD]LRQHQHOFRQWHVWR
UHJLRQDOHORPEDUGR
,Q OLQHD FRQ WDOL RELHWWLYL LO GRFXPHQWR q VWDWR UHDOL]]DWR VXOOD EDVH GL DOFXQL LQWRUQRDLTXDOLLO*UXSSRGL/DYRURKDFRVWUXLWRLOSURSULRDSSURFFLRDOORVYLOXSSRGHOWHPDGHJOL
LQGLFDWRULGLYDOXWD]LRQHGHO6LVWHPD
• L FRQWHQXWL GHO GRFXPHQWR VRQR ILQDOL]]DWL D VRVWLWXLUH Qp SUHVFUL]LRQL OHJLVODWLYH
DPELHQWDOL H QRQ LQ PDWHULD GL PLVXUD]LRQL H FRQWUROOL Qp LQGLFD]LRQL H UHTXLVLWL VX
PLVXUD]LRQLHFRQWUROOLSUHYLVWLGDQRUPHYRORQWDULHGL6LVWHPD
• EHQVuDVXSSRUWDUHO¶HIILFDFHJHVWLRQHGHO6*$DWWUDYHUVRXQVHWGLLQGLFDWRULLQJUDGRGL
LQWHUIDFFLDUVLHGLLQWHJUDUVLOXQJRWXWWHOHGLYHUVHGLPHQVLRQLFKHGHILQLVFRQRO¶RSHUDWLYLWj
LQD]LHQGDDSSURYYLJLRQDPHQWLSURGX]LRQHLPSLDQWLVWLFDHPDQXWHQ]LRQHHWF
• DQFKH DWWUDYHUVR OD ULFHUFD H OR VYLOXSSR GL VLQHUJLH FRQ DOWUL DPELWL OD FXL JHVWLRQH VL
DYYDOHGHOO¶XWLOL]]RGLLQGLFDWRULHV
HWF
6RWWR L SURILOL PHWRGRORJLFR HG RSHUDWLYR VRQR VWDWH LGHQWLILFDWH SHU OR VYLOXSSR GHO ODYRUR
FLQTXHFDWHJRULHGLLQGLFDWRULGLULIHULPHQWR
%YL±%XUHDX9HULWDV,WDOLD6SD&HUPHW&HUWLTXDOLW\6UO&VTD&HUWLILFD]LRQL6UO'QY%XVLQHVV$VVXUDQFH,FLP6SD
,PT6SD5LQD6HUYLFHV6SD6JV,WDOLD6SD7XY,WDOLD6UO$FFUHGLD$USD/RPEDUGLD5HJLRQH/RPEDUGLD
,QGLFDWRUL GL ,PSHJQR ILQDOL]]DWL D PLVXUDUH O¶LPSHJQR SURIXVR GDOO¶D]LHQGD H LQ
SDUWLFRODUH GDL YHUWLFL D]LHQGDOL QHOOD JHVWLRQH H QHO PLJOLRUDPHQWR GHO 6LVWHPD GL
*HVWLRQH$PELHQWDOHLQWHUPLQLGL
• ULVRUVHXPDQHLPSLHJDWHHORURIRUPD]LRQH
• HQWLWjGHOOHDWWLYLWjHGHOOHULVRUVHGHGLFDWHDO6LVWHPDHPLVXUDGHOOHD]LRQLHIIHWWXDWH
• DPSLH]]DGHOFRLQYROJLPHQWRQHO6*$GHLVRJJHWWLHVWHUQLDOO¶D]LHQGDLQWHUHVVDWLGDJOL
DVSHWWLDPELHQWDOLLQGLUHWWL
,QGLFDWRUL GL &RQWUROOR ILQDOL]]DWL D PLVXUDUH OD FDSDFLWj GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOH GL IRUQLUH DO PDQDJHPHQW LQGLFD]LRQL WHPSHVWLYH 1 SHU SUHYHQLUH
HPHUJHQ]H H LQFLGHQWL LQ WHUPLQL VLD GL FRQGL]LRQLVWDWR GHO SURFHVVR SURGXWWLYR GHJOL
LPSLDQWLHGHOVLWRHVLQGLFDWRUL³VHQWLQHOOD´VXWHPSHUDWXUHIOXVVLOLYHOOLHWFLQJUDGR
GLIDUSUHYHGHUHFRQVHJXHQ]HLQGHVLGHUDWHRDQGDPHQWLDQRPDOLVLDGLFRQGL]LRQLVWDWR
GHOO¶DPELHQWHHVWHUQR
,QGLFDWRUL GL 5HDWWLYLWj ILQDOL]]DWL D PLVXUDUH OD FDSDFLWj GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOHGLFRJOLHUHHGLULVSRQGHUHWHPSHVWLYDPHQWHHDGHJXDWDPHQWHDJOLHYHQWLH
DJOLVWLPROL
H FKHVLPDQLIHVWDQRQHOODYLWDGHO6LVWHPDLQWHUPLQLGL
• UHD]LRQHD1
HFRQWHQLPHQWRGLHPHUJHQ]HHGLLQFLGHQWL
• JHVWLRQHHULVROX]LRQHGHOOHQRQFRQIRUPLWjHDYYLRGLD]LRQLFRUUHWWLYHHSUHYHQWLYH
• JHVWLRQHHULVSRVWDDOOHLVWDQ]HGHOSHUVRQDOHHGHJOLVWDNHKROGHUHVWHUQLUHODWLYHDOOH
SUREOHPDWLFKHDPELHQWDOL
,QGLFDWRUL (FRQRPLFL ILQDOL]]DWL D PLVXUDUH OD FDSDFLWj GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOHGLJHQHUDUHFRVWLREHQHILFLLQUHOD]LRQHDJOLLPSHJQLHDJOLRELHWWLYLVWDELOLWL
LQWHUPLQLGL
• LQYHVWLPHQWL
• ULVSDUPLGLFRVWL
• SDVVLYLWjHYLWDWH
,QGLFDWRUL GL &RQVHQVR ILQDOL]]DWL D PLVXUDUH OD FDSDFLWj GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOHGLFUHDUHFRQVHQVRHFRLQYROJLPHQWRGHOOHSDUWLLQWHUHVVDWHLQWHUPLQLGL
• UDSSRUWLFRQOHLVWLWX]LRQL
• • ODPHQWHOHSHUYHQXWH
7DOL FDWHJRULH VRQR VWDWH TXLQGL PHVVH LQ UHOD]LRQH FRQ L GLYHUVL SURFHVVL FDUDWWHULVWLFL GHOOD
JHVWLRQHLQD]LHQGDFRQO¶RELHWWLYRGLLQGLYLGXDUHDWWUDYHUVRO¶XWLOL]]RGLXQDPDWULFHRSSRUWXQL
LQGLFDWRUL SHU FLDVFXQD SRVVLELOH FRPELQD]LRQH ³FDWHJRULD GL LQGLFDWRUHSURFHVVR
D]LHQGDOH´ VL YHGD LQ GHWWDJOLR OD 0DWULFH GL VHJXLWR ULSRUWDWD 7DOH ³HVHUFL]LR´ q VWDWR
VYROWRGDOFRQO¶RELHWWLYRGLVRGGLVIDUHODSULQFLSDOHHVLJHQ]DFRQRVFLWLYDFKH
KD VWLPRODWR OD UHDOL]]D]LRQH GHOOH /LQHH JXLGD RYYHUR ± SRVWR FKH LO 6LVWHPD GL *HVWLRQH
$PELHQWDOH LQWHUHVVD LQ JHQHUDOH WXWWH OH DWWLYLWj D]LHQGDOL ± TXHOOD GL 23 4 H VXSSRUWDUH FRVu O¶D]LHQGD
QHOODYDOXWD]LRQHGHOVXRIXQ]LRQDPHQWR
1HOOD 0DWULFH L SURFHVVL VRQR VWDWL LGHQWLILFDWL DO ILQH GL ULVXOWDUH DSSOLFDELOL DOOD JHQHUDOLWj
GHOOHD]LHQGHLQGLSHQGHQWHPHQWHGDOOHFDUDWWHULVWLFKHSURSULHGLVSHFLILFLVHWWRULSURGXWWLYL/H
/LQHH JXLGD VRQR VWDWH FRQFHSLWH LQIDWWL FRPH XQR VWUXPHQWR FKH LO OHWWRUH SRVVD
DGDWWDUH IDFLOPHQWH DOOH SURSULH HVLJHQ]H GL XWLOL]]R LQ WHUPLQL VLD GL DUWLFROD]LRQH XOWHULRUH
GHJOL LQGLFDWRUL LQ EDVH DOOH FDUDWWHULVWLFKH RUJDQL]]DWLYH VWUXWWXUDOL GLPHQVLRQDOL HWF GHOOD
SURSULD D]LHQGD VLD GL DGR]LRQH GHO ³SHULPHWUR GL UHQGLFRQWD]LRQH´ GHJOL LQGLFDWRUL SL
IXQ]LRQDOHDOOHSURSULHHVLJHQ]HRYYHURDGHVHPSLRIRFDOL]]DQGRVLVRORVXJOLLQGLFDWRULUHODWLYL
DGDOFXQLSURFHVVLFKLDYHSHULOSURSULR6*$,SURFHVVLLGHQWLILFDWLVRQR
$OWD'LUH]LRQH
$FTXLVWLHDSSURYYLJLRQDPHQWL
&RPXQLFD]LRQHHUHOD]LRQLHVWHUQH
&RPXQLFD]LRQHLQWHUQD
*HVWLRQHDPELHQWDOH
*HVWLRQHGHOODFRQIRUPLWjQRUPDWLYD
*HVWLRQHHVYLOXSSRGHOOHULVRUVHXPDQH
/RJLVWLFDWUDVSRUWLHGLVWULEX]LRQH
0DQXWHQ]LRQHHVHUYL]L
0DUNHWLQJ
3URFHVVRSURGXWWLYRHGHURJD]LRQHGHOVHUYL]LR
3URJHWWD]LRQHULFHUFDHVYLOXSSR
,O FRQWHQXWR GHOOH /LQHH JXLGD q HVVHQ]LDOPHQWH LO ULVXOWDWR GHOO¶LQFURFLR GHL SURFHVVL D]LHQGDOL
FRQ FLDVFXQD GHOOH FLQTXH FDWHJRULH GL LQGLFDWRUL LGHQWLILFDWH SHU FLDVFXQD ³FRORQQD´ GHOOD
PDWULFH RYYHUR SHU FLDVFXQ SURFHVVR D]LHQGDOH q VWDWD VYLOXSSDWD XQ¶DSSRVLWD
VFKHGD QHOO¶DPELWR GHOOD TXDOH GRSR DYHU GHOLQHDWR L FRQFHWWL IRQGDPHQWDOL LQHUHQWL LO
SURFHVVRHODVXDULOHYDQ]DQHOO¶RWWLFDGHO6LVWHPDGL*HVWLRQH$PELHQWDOHYHQJRQRLOOXVWUDWLL
SRVVLELOL LQGLFDWRUL GL LPSHJQR GL FRQWUROOR GL UHDWWLYLWj HFRQRPLFL H GL FRQVHQVR DSSOLFDELOL
DOOR VWHVVR SURFHVVR &LDVFXQD VFKHGD FRQWLHQH LQROWUH XQ HVHPSLR GL DSSOLFD]LRQH SUDWLFD GL
XQRGHJOLLQGLFDWRULLQHVVDFRQWHQXWL
7XWWLJOLLQGLFDWRULFRQWHQXWLQHOOHVFKHGHVRQRQDWXUDOPHQWHSURSRVWLDWLWRORHVHPSOLILFDWLYR
H QRQ HVDXVWLYR SRWHQGR HVVHUH XWLOL]]DWL GDOOH D]LHQGH DQFKH FRPH VHPSOLFH SHU OD
GHILQL]LRQHGLDOWULLQGLFDWRULSLDSSURSULDWLULVSHWWRDOODSURSULDUHDOWjRUJDQL]]DWLYDSURGXWWLYD
H WHUULWRULDOH ,Q TXHVWD SURVSHWWLYD JOL LQGLFDWRUL SURSRVWL QHOOH /LQHH JXLGD SHU XQR VSHFLILFR
SURFHVVRSRVVRQRRYHRSSRUWXQRULVSHWWRDOOHVSHFLILFLWjGHOO¶D]LHQGDFKHXWLOL]]DLOGRFXPHQWR
HVVHUH DGDWWDWL SHU OD ORUR DSSOLFD]LRQH DQFKH D SURFHVVL GLYHUVL $OOR VWHVVR WHPSR
O¶DWWULEX]LRQH GL XQ LQGLFDWRUH DG XQD VSHFLILFD FDWHJRULD IUD TXHOOH DGRWWDWH QRQ YD LQWHVD
ULJLGDPHQWH /D YDOHQ]D LQIRUPDWLYD H FRQRVFLWLYD GL XQ LQGLFDWRUH SXz LQIDWWL QRQ HVVHUH
ULFRQGXFLELOHLQYLDHVFOXVLYDDGXQDGHOOHFDWHJRULHFRQFHWWXDOLLQGLYLGXDWHVLSHQVLDWLWRORGL
HVHPSLRDOODVRYUDSSRVL]LRQHFKHSXzYHULILFDUVLIUDODFDWHJRULDGHJOLLQGLFDWRULGL
H TXHOOD GL TXHOOL RJQL YROWD FKH TXHVWL XOWLPL HVSULPRQR OD PDQLIHVWD]LRQH
GHOO¶LPSHJQR DWWUDYHUVR OD TXDQWLILFD]LRQH GHOOH ULVRUVH ILQDQ]LDULH PHVVH D GLVSRVL]LRQH
GDOO¶D]LHQGDSHUODJHVWLRQHDPELHQWDOH
8QD XOWHULRUH FRQVLGHUD]LRQH YD IDWWD LQ UHOD]LRQH DO FRQFHWWR GL HIILFDFLD LQWHVD TXDOH
FDSDFLWjGHO6LVWHPDGL*HVWLRQH$PELHQWDOHGLUDJJLXQJHUHJOLRELHWWLYLVWDELOLWLLQWHUPLQLDG
HVHPSLR GL GL RYYHUR
DQFRUD GL R GL *
+ TXDOL SRVVRQR HVVHUH L
UHTXLVLWLGHOOHQRUPHGL6LVWHPDRJOLVWDQGDUGGLOHJJH$QFKHVHQRQDGRWWDWDFRPHFDWHJRULD
DVpO¶HIILFDFLDSXzXWLOPHQWHFRQVLGHUDUVLFRPHXQDVHVWDFDWHJRULD
QHOOD PLVXUD LQ FXL D FLDVFXQR GHJOL LQGLFDWRUL LQ TXHVWH SURSRVWL SRVVRQR HVVHUH
DVVRFLDWLVSHFLILFLRELHWWLYLTXDQWLILFDWLULVSHWWRDFXLYDOXWDUHLOUDJJLXQJLPHQWRRODGLVWDQ]D
6RWWR LO SURILOR RSHUDWLYR q HYLGHQWH LQILQH FKH FLDVFXQ SURFHVVR VL VYROJH QRUPDOPHQWH
DOO¶LQWHUQR GHOO¶D]LHQGD FRQ LO FRQFRUVR GL SL IXQ]LRQLVWUXWWXUH GHOO¶RUJDQL]]D]LRQH
LQGLSHQGHQWHPHQWHGDTXHOODIUDTXHVWHLGHQWLILFDELOHTXDOH5GHOSURFHVVRVWHVVR$OILQH
GL UHQGHUH OH /LQHH JXLGD XQR VWUXPHQWR IDFLOPHQWH DSSOLFDELOH GDOOH D]LHQGH H DGDWWDELOH DOOH
ULVSHWWLYHUHDOWjRSHUDWLYHOD0DWULFH±GLLQFURFLR³SURFHVVLD]LHQGDOLFDWHJRULHGLLQGLFDWRUL´
± q VWDWD DIILDQFDWD GD XQD VHFRQGD PDWULFH ULSRUWDWD LQ $SSHQGLFH $ PLUDWD DG
LGHQWLILFDUH SHU FLDVFXQ SURFHVVR D]LHQGDOH OH )XQ]LRQLVWUXWWXUH D]LHQGDOL HR
IRUQHQGR FRVu XQD SULPD LQGLFD]LRQH GHL VRJJHWWL LQWHUQL
DOO¶D]LHQGDLQWHUHVVDWLGDFLDVFXQSURFHVVR
12
&RQVHQVR
(FRQRPLFL
5HDWWLYLWj
&RQWUROOR
,PSHJQR
&DWHJRULH
GLLQGLFDWRUL
3URFHVVL
D]LHQGDOL
&RPXQLFD]LRQH
LQWHUQD
$FTXLVWL
&RPXQLFD]LRQH
$OWD
H
H
'LUH]LRQH $SSURYYLJLRQD
5HOD]LRQL
PHQWL
HVWHUQH
*HVWLRQH
*HVWLRQH
HVYLOXSSR
/RJLVWLFD
*HVWLRQH
GHOOD
0DQXWHQ]LRQH
GHOOH
7UDVSRUWLH
0DUNHWLQJ
DPELHQWDOH FRQIRUPLWj
H6HUYL]L
ULVRUVH
'LVWULEX]LRQH
QRUPDWLYD
XPDQH
0DWULFH,QFURFLR3URFHVVLD]LHQGDOL&DWHJRULHGLLQGLFDWRULDGRWWDWH
3URFHVVR
SURGXWWLYR 3URJHWWD]LRQH
HG
5LFHUFD
HURJD]LRQH
H6YLOXSSR
GHOVHUYL]LR
6FKHGDQ±$OWD'LUH]LRQH
,OFRLQYROJLPHQWRGHOO¶$OWD'LUH]LRQHFRVWLWXLVFHLOSULPRSDVVRIRQGDPHQWDOHSHUORVYLOXSSRGL
XQ 6LVWHPD GL *HVWLRQH $PELHQWDOH HG XQ HOHPHQWR LPSUHVFLQGLELOH SHU LO VXR IXQ]LRQDPHQWR
3ULPDDQFRUDGLLQWUDSUHQGHUHLOSHUFRUVRGLDGR]LRQHGLXQ6*$O¶$OWD'LUH]LRQHD]LHQGDOHGHYH
HVVHUH FRQVDSHYROH GHOO¶LPSHJQR ULFKLHVWR H UHQGHUH GLVSRQLELOL OH ULVRUVH XPDQH OH
SURIHVVLRQDOLWj OH WHFQRORJLH H OH ULVRUVH ILQDQ]LDULH QHFHVVDULH SHU OD VXD LPSOHPHQWD]LRQH
8QDYROWDDWWXDWROHQRUPHGLULIHULPHQWRVRWWROLQHDQRFRPHO¶$OWD'LUH]LRQHGHEEDGLYROWDLQ
YROWD LQWUDSUHQGHUH XQ FRPSOHVVR GL DWWLYLWj FKH VRQR DOOD EDVH GHO 6LVWHPD VWHVVR TXDOL
VRWWRVFULYHUH OD SROLWLFD DPELHQWDOH QRPLQDUH XQ UDSSUHVHQWDQWH GHOOD 'LUH]LRQH HIIHWWXDUH LO
ULHVDPHGHO6LVWHPDHWF,OUXRORGHOOD'LUH]LRQHGHYHLQROWUHHVVHUHWUDLQDQWHDGHVVDVSHWWD
LO FRPSLWR GL PRWLYDUH H FRLQYROJHUH LO SHUVRQDOH D WXWWL L OLYHOOL H GL WXWWH OH IXQ]LRQL
GHOO¶D]LHQGDDSDUWLUHGDTXHOOHPDJJLRUPHQWHLQWHUHVVDWHGDJOLDVSHWWLDPELHQWDOLVLJQLILFDWLYL
,Q TXHVWR FRQWHVWR q HYLGHQWH FKH O¶LGHQWLILFD]LRQH GL XQ VHW GL LQGLFDWRUL VSHFLILFL SHU O¶$OWD
'LUH]LRQH GL VHJXLWR $' UDSSUHVHQWD XQ HOHPHQWR FKLDYH GL XQ VLVWHPD GL LQGLFDWRUL FKH VL
SURSRQJD GL DOLPHQWDUH H VXSSRUWDUH LO FRUUHWWR HG HIILFDFH IXQ]LRQDPHQWR GHL 6*$ GHOOH
D]LHQGH,QWHUPLQLGLFRPPLWPHQWqLPSRUWDQWHLQTXHVWRVHQVRTXDQWLILFDUHLOFRLQYROJLPHQWR
GHOO¶$' QRQ VROR QHOOD IDVH LQL]LDOH GL DGR]LRQH GHO 6*$ WLSLFDPHQWH QHOOD SULPD GHILQL]LRQH
GHOOD3ROLWLFD$PELHQWDOHD]LHQGDOHPDDQFKHHVRSUDWWXWWRQHOVXRIXQ]LRQDPHQWRDUHJLPH
DWWUDYHUVRXQDSDUWHFLSD]LRQHVRVWDQ]LDOHHQRQVRORIRUPDOHDOSURFHVVRGLSHULRGLFRULHVDPH
/¶HIIHWWLYLWj GHO FRLQYROJLPHQWR GHOO¶$' QHO 6LVWHPD VL PDQLIHVWD LQROWUH DWWUDYHUVR OD
UHDWWLYLWj FKH TXHVWD GLPRVWUD VLD GL IURQWH DO YHULILFDUVL GL XQ¶HPHUJHQ]D DPELHQWDOH ± DG
HVHPSLR DWWUDYHUVR XQD FRQFUHWD SDUWHFLSD]LRQH D FRPLWDWL DWWLYDWL SHU OD VXD JHVWLRQH ± VLD
ULVSHWWR DL ³ILVLRORJLFL´ FDPELDPHQWL QHO WHPSR GHOOD VLJQLILFDWLYLWj GHJOL DVSHWWL DPELHQWDOL
GHOO¶D]LHQGD LQ UHOD]LRQH DOO¶HYROX]LRQH GHO FRQWHVWR OHJLVODWLYR DO PXWDUH GHOOH FRQGL]LRQL
SURGXWWLYHHWFFXLIDUFRUULVSRQGHUHODWHPSHVWLYDILVVD]LRQHGLQXRYLRELHWWLYLHSURJUDPPL
6RWWR LO SURILOR HFRQRPLFR XQ SULPR HYLGHQWH LQGLFDWRUH GHOO¶LPSHJQR GHOO¶$' QHL FRQIURQWL
GHOOD JHVWLRQH DPELHQWDOH q GDWR HYLGHQWHPHQWH GDOO¶HQWLWj GHOOH VSHVH H GHJOL LQYHVWLPHQWL
DPELHQWDOL QHOO¶DPELWR GHOOD GHILQL]LRQH GHL EXGJHW D]LHQGDOL DQQXDOL RYYHUR GDO ORUR
DQGDPHQWRQHOWHPSR8QDXOWHULRUHJUDQGH]]DHFRQRPLFDLQJUDGRGLUDSSUHVHQWDUHO¶LPSHJQR
GHL YHUWLFL QHL FRQIURQWL GHOOD JHVWLRQH DPELHQWDOH q UDSSUHVHQWDWD GDOO¶DQGDPHQWR QHO WHPSR
GHL6
RYYHURGHLFRVWLVRVWHQXWLSHUIDUIURQWHDGLQFLGHQWLDPELHQWDOLRFRPXQTXH
DIHQRPHQLGLLQTXLQDPHQWRQRQFRUUHWWDPHQWHJHVWLWLLQGLSHQGHQWHPHQWHGDOIXQ]LRQDPHQWR
SL R PHQR HIILFDFH GHO 6*$ WDOH LQGLFDWRUH IRUQLVFH XQD PLVXUD LQGLUHWWD GHOOH GHFLVLRQL
VWUDWHJLFKH GHOOD 'LUH]LRQH LQ WHUPLQL GL LQYHVWLPHQWL LQ WHFQRORJLH LPSLDQWL PLVXUH GL
SUHYHQ]LRQHGHOO¶LQTXLQDPHQWRPLUDWLDSUHYHQLUHRULGXUUHLOYHULILFDUVLGLHPHUJHQ]HLQFLGHQWL
RIHQRPHQLGLLQTXLQDPHQWRFRQWLQXRFRQQHVVLDOOHDWWLYLWjSURGXWWLYHGHOO¶D]LHQGD
,QILQH LQ WHUPLQL GL FRQVHQVR O¶DSSUH]]DPHQWR QHL FRQIURQWL GHOO¶RSHUDWR GHOO¶$' SXz HVVHUH
PLVXUDWR VLD LQ WHUPLQL GL ULFRQRVFLPHQWL IRUPDOL ULFHYXWL GDOOD &DVD 0DGUH&RUSRUDWH SHU OD
JHVWLRQH DPELHQWDOH GHO VLWRL ± WLSLFDPHQWH QHO FDVR GL D]LHQGH FKH FRVWLWXLVFRQR ILOLDOL HR
GLYLVLRQL GL LPSUHVH PXOWLQD]LRQDOL R GL JUXSSL ± VLD GDOO¶HVLVWHQ]D GL SURJHWWLFROODERUD]LRQL
HVWHUQLH VXO WHUULWRULR FKH IRUQLVFRQR XQD TXDQWLILFD]LRQH LQGLUHWWD GHO FRQVHQVR GHJOL
VWDNHKROGHUORFDOLULVSHWWRDOO¶D]LHQGDHDLVXRLYHUWLFL
/D 7DEHOOD ULSRUWD DOFXQL HVHPSL GL LQGLFDWRUL DSSOLFDELOL DOO¶$OWD 'LUH]LRQH 'L VHJXLWR VL
ULSRUWD O¶HVHPSLR LQ GHWWDJOLR GL XQR GL WDOL LQGLFDWRUL LOOXVWUDQGRQH OH PRGDOLWj GL FDOFROR H OH
VSHFLILFKHYDOHQ]HLQIRUPDWLYH
13
7DEHOOD±,QGLFDWRULUHODWLYLDOO¶$OWD'LUH]LRQH
$UHD
&DWHJRULD
$OWD'LUH]LRQH
&RPPLWPHQW
$1XPHURGLVRJJHWWLGHOO¶$OWD'LUH]LRQHFRLQYROWLQHO5LHVDPHGHO
6*$
$1XPHURGLVRJJHWWLGHOO¶$OWD'LUH]LRQHFRLQYROWLQHOODGHILQL]LRQH
GHOOD3ROLWLFD$PELHQWDOHHQHOODVXDUHYLVLRQHSHULRGLFD
&RQWUROOR
%GLFRPXQLFD]LRQLVHJQDOD]LRQLIRUPDOLGHOO¶$'DOOD&DVD0DGUH
&RUSRUDWHLQUHOD]LRQHDWHPLDPELHQWDOLHRLQHUHQWLLQ6*$VXFXLVLq
ULFHYXWRXQIHHGEDFNRVXFXLqVWDWRDWWLYDWRXQJUXSSRGLODYRUR
5HDWWLYLWj
&1XPHURGLVRJJHWWLGHOO¶$'SDUWHFLSDQWLDFRPLWDWLDWWLYDWLSHUOD
JHVWLRQHGHOOHHPHUJHQ]HDPELHQWDOL
&1XPHURGLQXRYLRELHWWLYLDPELHQWDOLQXRYLSURJUDPPLGL
PLJOLRUDPHQWRGHILQLWLDVHJXLWRGLPRGLILFKHLQWHUYHQXWHLQDXPHQWR
QHOODVLJQLILFDWLYLWjGHJOLDVSHWWLDPELHQWDOL
&1XPHURGLD]LRQLFRUUHWWLYHRSUHYHQWLYHLQVHJXLWRDQRQ
FRQIRUPLWjFKHKDQQRYLVWRLOFRLQYROJLPHQWRGHOO¶$'
(FRQRPLFL
'6SHVHHLQYHVWLPHQWLDPELHQWDOLQHOODGHILQL]LRQHGHLEXGJHW
D]LHQGDOLDQQXDOL
'06
GRYXWLDGLQFLGHQWLDPELHQWDOLRDIHQRPHQLGL
LQTXLQDPHQWRQRQJHVWLWL
&RQVHQVR
(1XPHURGLULFRQRVFLPHQWLIRUPDOLGDSDUWHGHOOD&DVD0DGUH
&RUSRUDWHRGLSUHPLGDSDUWHGHOOHLVWLWX]LRQLULFHYXWLGDOO¶$'SHUOD
JHVWLRQHDPELHQWDOHGHOVLWRL
(1XPHURGLSURJHWWLFROODERUD]LRQLHVWHUQLHDWWLYDWHLVXOWHUULWRULR
/¶HIILFDFH IXQ]LRQDPHQWR GL XQ 6*$ GLSHQGH DQFKH LQ PLVXUD ULOHYDQWH GDOOD VXD FDSDFLWj GL
HYROYHUVL QHO WHPSR SHU ULIOHWWHUH L FDPELDPHQWL GHOOH FRQGL]LRQL GHOO¶DPELHQWH LQWHUQR HG
HVWHUQR LQ FXL O¶D]LHQGD RSHUD 6L SHQVL DG HVHPSLR DG XQ FDPELDPHQWR OHJLVODWLYR FKH
LPSRQJD DOO¶D]LHQGD GL DGRWWDUH HQWUR XQ FHUWR WHUPLQH WHPSRUDOH VSHFLILFKH PLVXUH SHU
HVVHUH FRQIRUPH DG XQD QXRYD QRUPDWLYD RSSXUH DG XQ FDPELDPHQWR GHOOH FRQGL]LRQL
RSHUDWLYH SHU FXL XQ DVSHWWR DPELHQWDOH FKH HUD VHPSUH VWDWR PROWR SUHVLGLDWR
GDOO¶D]LHQGD GLYHQWD PHQR FRQWUROODWR D FDXVD GL XQD ULGX]LRQH GHOO¶RUJDQLFR D]LHQGDOH D FLz
GHSXWDWR ,Q TXHVWR VHQVR FKL VL RFFXSD GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH GHYH VDSHU
FRJOLHUH ± LQ VHGH GL SHULRGLFD YDOXWD]LRQH GHJOL DVSHWWL DPELHQWDOL GHOOD SURSULD D]LHQGD ±
TXHVWL FDPELDPHQWL H IDUYL FRUULVSRQGHUH FRHUHQWHPHQWH XQ PXWDPHQWR GHOOD ORUR
VLJQLILFDWLYLWj (¶ FRPSLWR SRL GHOO¶$OWD 'LUH]LRQH LQ VHGH GL ULHVDPH LQGLUL]]DUH O¶LPSHJQR
DPELHQWDOH D]LHQGDOH YHUVR TXHJOL DVSHWWL FKH VRQR GLYHQWDWL PDJJLRUPHQWH VLJQLILFDWLYL
DWWUDYHUVRODGHILQL]LRQHGLQXRYLVSHFLILFLRELHWWLYLHSURJUDPPLGLPLJOLRUDPHQWR
14
(VHPSLR ,QGLFDWRUH Q & 1XPHUR GL QXRYL RELHWWLYL DPELHQWDOL QXRYL SURJUDPPL GL
PLJOLRUDPHQWR GHILQLWL D VHJXLWR GL PRGLILFKH LQWHUYHQXWH LQ DXPHQWR QHOOD VLJQLILFDWLYLWj
GHJOLDVSHWWLDPELHQWDOL
'DWL
1HOO¶DPELWRGHOSURFHVVRGLUHYLVLRQHSHULRGLFDGHOODSURSULD$QDOLVL$PELHQWDOHOD
ULGHILQLVFHODVLJQLILFDWLYLWjGHLSURSULDVSHWWLDPELHQWDOL
ƒ ULVSHWWRDOFLFORSUHFHGHQWHLJDVUHIULJHUDQWLXWLOL]]DWLQHJOLLPSLDQWLGLFRQGL]LRQDPHQWR
D]LHQGDOLVRQRGLYHQWDWLXQDVSHWWRDPELHQWDOH DFDXVDGHOODQXRYDQRUPDWLYD
FKHULFKLHGHODVRVWLWX]LRQHGHLJDVLPSLHJDWLQRQHFRFRPSDWLELOL
ƒ DIURQWHGLWDOHPXWDWDVLJQLILFDWLYLWjLQVHGHGLULHVDPHO¶D]LHQGDILVVDXQQXRYRRELHWWLYR
HGXHQXRYLSURJUDPPLVSHFLILFLULVSHWWRDOODJHVWLRQHGHLJDVUHIULJHUDQWL
- 7
HOLPLQD]LRQHSURJUHVVLYDGHOO¶LPSLHJRGLJDVQRQFRQIRUPLDOODQRUPDWLYDGDJOL
LPSLDQWLGLFRQGL]LRQDPHQWRD]LHQGDOLXQDQQRSULPDGHOO¶HQWUDWDLQYLJRUHGHOODQRUPD
- . 8JUDGXDOHVRVWLWX]LRQHGHLJDVQRQFRQIRUPLSHUJOLLPSLDQWLFKHOR
FRQVHQWRQR
- . 9GLVPLVVLRQHGHJOLLPSLDQWLFKHQRQFRQVHQWRQRODVRVWLWX]LRQHGHLJDVH
LQVWDOOD]LRQHGLQXRYLLPSLDQWLLQVRVWLWX]LRQH
ƒ FRPSOHVVLYDPHQWHO¶D]LHQGDKDILVVDWRLQVHGHGLULHVDPHQXRYLRELHWWLYLHGHILQLWR
QXRYLSURJUDPPLDPELHQWDOL
&DOFROR
5HODWLYR
,QGLFDWRUH
VXWRWDOHQXRYL
GLUHDWWLYLWj
$VVROXWR
RELHWWLYLVXWRWDOH
QXRYLSURJUDPPL
1XPHURGLQXRYL
RELHWWLYLDPELHQWDOL
QXRYLSURJUDPPL
2
GLPLJOLRUDPHQWR
3
GHILQLWLDVHJXLWRGL PRGLILFKH
LQWHUYHQXWHLQ
DXPHQWRQHOOD
2
VLJQLILFDWLYLWjGHJOL 3
DVSHWWLDPELHQWDOL
9DOHQ]DLQIRUPDWLYD
6XEDVH
DQQXD
0LVXUDOD
UHDWWLYLWj
GHOO¶$'
ULVSHWWRDO
PXWDUHGHOOD
VLJQLILFDWLYLWj
GHJOLDVSHWWL
DPELHQWDOL
7UHQG
0LVXUDODFDSDFLWj
GHOO¶$'GL
PDQWHQHUHLO6*$
DGHJXDWRULVSHWWR
DOPXWDUHQHO
WHPSRGHOOD
VLJQLILFDWLYLWjGHJOL
DVSHWWLDPELHQWDOL
1RWH
,OVLJQLILFDWRGHOO¶LQGLFDWRUHQHOWHPSRGLSHQGHGDLFDPELDPHQWLLQWHUYHQXWLQHOODVLJQLILFDWLYLWj
GHJOLDVSHWWLDPELHQWDOL
15
6FKHGDQ±$FTXLVWLH$SSURYYLJLRQDPHQWL
,O WHPD GHJOL DFTXLVWL H GHJOL DSSURYYLJLRQDPHQWL GL PDWHULH SULPH DXVLOLDUL HWF FRVWLWXLVFH
XQR GHJOL DPELWL SL FDUDWWHULVWLFL GHOOD JHVWLRQH GHJOL DVSHWWL DPELHQWDOL LQGLUHWWL LQ D]LHQGD
1HOOD ORJLFD GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH OD FDSDFLWj GL LQIOXHQ]DUH IRUQLWRUL H
DSSDOWDWRUL VL PDQLIHVWD DWWUDYHUVR LO FRPSOHVVR GHOOH GHFLVLRQL GHOOH VFHOWH H GHL
FRPSRUWDPHQWLFRQQHVVLDOOHSROLWLFKHD]LHQGDOLGLDSSURYYLJLRQDPHQWRDOOHUHODWLYHSURFHGXUH
GLTXDOLILFD]LRQHVHOH]LRQHHFRQWUROORGHLIRUQLWRULHDSSDOWDWRULHSLLQJHQHUDOHDOUDSSRUWR
FRQWUDWWXDOHFRQWDOLRSHUDWRUL
3L LQ JHQHUDOH VH O¶RELHWWLYR GHOO¶D]LHQGD q TXHOOR GL LPSRVWDUH XQ VLVWHPD GL LQGLFDWRUL LQ
JUDGR GL IRUQLUH LQIRUPD]LRQL VXO IXQ]LRQDPHQWR GHO 6*$ H VXJOL DPELWL D]LHQGDOL FKH RIIURQR
PDJJLRUL RSSRUWXQLWj SHU LO VXR PLJOLRUDPHQWR DVVXPRQR ULOHYDQ]D QRQ VROR OH SROLWLFKH GL
DFTXLVWR H OH IRUPH H VWUXPHQWL GL FRQWUROOR GHOO¶RSHUDWR GHL IRUQLWRUL PD DQFKH O¶LPSHJQR
GHOO¶D]LHQGD YHUVR LO FRLQYROJLPHQWR GL WDOL VRJJHWWL QHOOH SURSULH SROLWLFKH H LQL]LDWLYH
DPELHQWDOL LO FRQVHQVR FKH GD WDOH FRLQYROJLPHQWR SXz GHULYDUH H LQ GHILQLWLYD OD FDSDFLWj GL
LQFLGHUH SRVLWLYDPHQWH VXL ORUR FRPSRUWDPHQWL ,Q WHUPLQL GL FRPPLWPHQW FLz VL WUDGXFH
QHOO¶LPSHJQRGHOO¶D]LHQGD±ROWUHFKpDOODSUHYLVLRQHGLFULWHULDPELHQWDOLQHOO¶LWHUGLTXDOLILFDGHL
IRUQLWRUL H DOO¶HIIHWWXD]LRQH GL YHULILFKH GL FRQIRUPLWj DL UHTXLVLWL DPELHQWDOL SUHYLVWL QHOOH
VSHFLILFKH FRQWUDWWXDOL ± DQFKH DOOD IRUPD]LRQH DPELHQWDOH GL WDOL VRJJHWWL QRQFKp DO ORUR
FRLQYROJLPHQWRDWWLYRTXDOLSDUWQHUGLVSHFLILFLSURJHWWLRLQL]LDWLYH4XHVW¶XOWLPRSXzULIOHWWHUVL
SRVLWLYDPHQWH LQ WHUPLQL GL FRQVHQVR GHL IRUQLWRUL QHL FRQIURQWL GHOO¶D]LHQGD FRQWULEXHQGR D
PLJOLRUDUHOHSHUIRUPDQFHGHO6LVWHPD
,Q WHUPLQL GL FRQWUROOR OD FDSDFLWj GHO 6LVWHPD GL IRUQLUH LQGLFD]LRQL WHPSHVWLYH LQ JUDGR GL
SUHYHQLUH HPHUJHQ]H H LQFLGHQWL GLSHQGH DQ]LWXWWR GDOOH SURFHGXUH D]LHQGDOL GL YHULILFD GHOOD
FRQIRUPLWjGHOOHIRUQLWXUHHUHODWLYHSUHVWD]LRQLDLUHTXLVLWLVWDELOLWLLQVHGHGLTXDOLILFDHVDQFLWL
LQ VHGH FRQWUDWWXDOH WLSLFDPHQWH QHL FDSLWRODWL /H SURFHGXUH GL FRQWUROOR SRVVRQR
QDWXUDOPHQWH SUHYHGHUH GLYHUVH PRGDOLWj TXDOL FRQWUROOL DWWUDYHUVR DXWRQRWLILFD GHO IRUQLWRUH
YHUEDOLG¶LQWHUYHQWRUHIHUWLDQDOLWLFLFRQWUROOLDWWUDYHUVRVRSUDOOXRJKLLQFDPSRGDSDUWHGHOOH
IXQ]LRQL LQWHUHVVDWH H GHOOD IXQ]LRQH UHVSRQVDELOH GHO 6*$ ILQR D YHUL H SURSUL DXGLW GL
FRQIRUPLWj &Lz FKH ULOHYD q OD FDSDFLWj GHO 6LVWHPD GL UHJLVWUDUH H TXDQWLILFDUH OH GLIIRUPLWj
ULVFRQWUDWH'RFXPHQWDQGROHFDUHQ]HDWWUDYHUVRIRUPDOLHYLGHQ]H±TXDOLDGHVHPSLRVSHFLILFL
UDSSRUWLGLLQRVVHUYDQ]DqLQROWUHSRVVLELOHGDUHXQDPLVXUDGHOODUHDWWLYLWjGHO6LVWHPDDWDOL
QRQ FRQIRUPLWj DWWUDYHUVR LO UDSSRUWR WUD JOL LQWHUYHQWL PHVVL LQ DWWR SHU OD ORUR JHVWLRQH H
ULVROX]LRQHHLUDSSRUWLGLLQRVVHUYDQ]DIRUPDOL]]DWL
,QILQHODSHUFHQWXDOHGLVSHVDSHUEHQLHVHUYL]LDFTXLVWDWLGDIRUQLWRULFHUWLILFDWLVXOWRWDOHGHOOH
VSHVHSHUDSSURYYLJLRQDPHQWRGLEHQLHVHUYL]LGDXQDPLVXUDGHOO¶LPSHJQRD]LHQGDOHVRWWRLO
SURILORHFRQRPLFRLQWHUPLQLGLJHVWLRQHGHJOLDVSHWWLDPELHQWDOLLQGLUHWWL
/D7DEHOODVLQWHWL]]DLGLYHUVLLQGLFDWRULVXDFTXLVWLHDSSURYYLJLRQDPHQWLDSSOLFDELOLDLGLYHUVL
DPELWL 'L VHJXLWR VL ULSRUWD O¶HVHPSLR LQ GHWWDJOLR GL XQR GL WDOL LQGLFDWRUL LOOXVWUDQGRQH OH
PRGDOLWjGLFDOFRORHOHVSHFLILFKHYDOHQ]HLQIRUPDWLYH
16
7DEHOOD±,QGLFDWRULVXJOL$FTXLVWLHJOL$SSURYYLJLRQDPHQWL
$UHD
&DWHJRULD
$FTXLVWLH$SSURYYLJLRQDPHQWL
&RPPLWPHQW
$1XPHURGLFRPXQLFD]LRQLHVWHUQHGLUHWWHDLIRUQLWRUL1XPHURGL
FRPXQLFD]LRQLHVWHUQH
$1XPHURGLIRUQLWRULIRUPDWL1XPHURWRWDOHGLIRUQLWRUL
$1XPHURGLIRUQLWRULDXGLWDWL1XPHURGLIRUQLWRULWRWDOL
$GLSURGRWWLHVHUYL]LODFXLTXDOLILFDSUHYHGHDQFKHFULWHUL
DPELHQWDOL
$3UHVHQ]DGLOLQHHJXLGDDPELHQWDOLQHOO¶LWHUGLTXDOLILFDGHL
IRUQLWRUL
$1XPHURGLSURJHWWLDPELHQWDOLLQFROODERUD]LRQHFRQLIRUQLWRUL
&RQWUROOR
%1XPHURGLFRQWUROOLLQHQWUDWDGLFRQIRUPLWjDLUHTXLVLWLDPELHQWDOL
GHOOHIRUQLWXUHULVSHWWRDLFDSLWRODWL
%1XPHURGLGLIIRUPLWjULVSHWWRDLUHTXLVLWLDPELHQWDOLGHOOHIRUQLWXUH
1XPHURGLFRQWUROOLHIIHWWXDWL
5HDWWLYLWj
&1XPHURGLD]LRQLLQWHUYHQWLVXDSSDOWDWRUL1XPHURGLUDSSRUWLGL
LQRVVHUYDQ]D
(FRQRPLFL
'6SHVDSHUEHQLHVHUYL]LDFTXLVWDWLGDIRUQLWRULGRWDWLGL
FHUWLILFD]LRQHDPELHQWDOH6SHVDWRWDOHSHUDFTXLVWREHQLHVHUYL]L
&RQVHQVR
(1XPHURGLTXHVWLRQDULLQIRUPDWLYLUHVWLWXLWLFRPSLODWL1XPHURGL
TXHVWLRQDULLQIRUPDWLYLLQYLDWLDLIRUQLWRUL
/D SRVVLELOLWj GL FRLQYROJHUH L IRUQLWRUL LQ SURJHWWL GD UHDOL]]DUH LQ FROODERUD]LRQH GLSHQGH
DQ]LWXWWRGDOOD
RJJHWWRGHOUDSSRUWRFRQWDOLVRJJHWWLOHFXLFDUDWWHULVWLFKH
SRVVRQR RIIULUH XQ WHUUHQR SL R PHQR IDYRUHYROH DOOR VYLOXSSR GL ³RS]LRQL´ FRQ VSHFLILFD
YDOHQ]DDPELHQWDOHLQWHUPLQLGL
• GHILQL]LRQHFRQJLXQWDGLRELHWWLYLDPELHQWDOL
• FRQGLYLVLRQHGLLQIRUPD]LRQLWHFQLFKH
• SLDQLILFD]LRQHDPELHQWDOHFRQJLXQWD
• VIRU]LFRPELQDWLSHUULGXUUHJOLLPSDWWLDPELHQWDOL
• HWF
$QFKH LO FKH OHJD O¶D]LHQGD DOOR VSHFLILFR IRUQLWRUH LQFLGH QDWXUDOPHQWH VXOOD
SRVVLELOLWj GL VYLOXSSDUH SDUWQHUVKLS SHU OD JHVWLRQH GHJOL DVSHWWL DPELHQWDOL FRQQHVVL DOOD
IRUQLWXUD EDVWL SHQVDUH DOOD GLIIHUHQ]D WUD IRUQLWRUL VWRULFL FRQ FXL O¶D]LHQGD KD XQ UDSSRUWR
SOXULHQQDOH FRQVROLGDWR H IRUQLWRUL FKH VRQR WDOL VROR SHU FRQWLQJHQWL UDJLRQL GL PHUFDWR ,Q
JHQHUDOH WDQWR PDJJLRUH q LO SRWHUH FRQWUDWWXDOH D IDYRUH GHOO¶D]LHQGD TXDQWR SL HVVD q LQ
JUDGR GL FRQGXUUH D]LRQL LQ JUDGR GL LQFLGHUH SRVLWLYDPHQWH VXO FRPSRUWDPHQWR GHO IRUQLWRUH
ODGGRYH XQ UDSSRUWR GL IRU]D D IDYRUH GL TXHVW¶XOWLPR SXz OLPLWDUH OR VYLOXSSR GL WDOL D]LRQL
RYYHURLQGLUL]]DUHO¶D]LHQGDYHUVRVFHOWHGLDFTXLVWRDOWHUQDWLYHVHLOIRUQLWRUHQRQqLQJUDGRGL
VRGGLVIDUHOHSURSULHDVSHWWDWLYHDPELHQWDOL
17
(VHPSLR,QGLFDWRUHQ$1XPHURGLSURJHWWLDPELHQWDOLLQFROODERUD]LRQHFRQLIRUQLWRUL
'DWL
1HOO¶DQQR:ODDYHYDLQFRUVRLVHJXHQWLSURJHWWLLQFROODERUD]LRQHFRQLSURSUL
IRUQLWRUL
ƒ . 8±$FFRUGRSHUORVYROJLPHQWRGLSURJUDPPLGLULFHUFDSHUODVHOH]LRQHFRQ
PHWRGLWUDGL]LRQDOLGLPDWHULHSULPHDGDWWHDVSHFLILFLDPELHQWLSHGRFOLPDWLFL
ƒ . 9±$FFRUGRSHUODFRQGLYLVLRQHGHOEUDQG
ƒ 3URJHWWR±&RQYHQ]LRQHSHULOULXWLOL]]RRODUHVWLWX]LRQHGHJOLLPEDOODJJL
ƒ . ;±$FFRUGRSHUO¶DFTXLVWRGLPDWHULHSULPHVHFRQGDULH
ƒ . <±$FFRUGRSHUORVYLOXSSRGLXQDFDPSDJQDSXEEOLFLWDULDFRQJLXQWD
&DOFROR
,QGLFDWRUH
GLFRPPLWPHQW
1XPHURGLSURJHWWL
DPELHQWDOLLQ
FROODERUD]LRQHFRQL
IRUQLWRUL
5HODWLYR
VXWRWDOH
SURJHWWL
$VVROXWR
9DOHQ]DLQIRUPDWLYD
6XEDVH
DQQXD
)RUQLVFHXQD
PLVXUD
GHOO¶LPSHJQR
DPELHQWDOH
GHOO¶D]LHQGD
OXQJRWXWWDOD
ILOLHUDSURGXWWLYD
7UHQG
0LVXUD
O¶DQGDPHQWRGL
WDOHLPSHJQRQHO
WHPSR
1RWH
1HOFDOFRORYDQQRFRQVLGHUDWLVRORJOLDFFRUGLSHUORVYLOXSSRGLQXRYLSURJHWWLDPELHQWDOLR
SHUO¶DPSOLDPHQWRGLTXHOOLHVLVWHQWLHQRQJOLDFFRUGLSHUODVRODFRQGLYLVLRQHGLLQL]LDWLYH
SUHJUHVVH
18
6FKHGDQ±&RPXQLFD]LRQHH5HOD]LRQLHVWHUQH
,SURFHVVLGLFRPXQLFD]LRQHHVWHUQDHSLLQJHQHUDOHODJHVWLRQHGHOOHUHOD]LRQLFRQO¶HVWHUQR
LQWHUHVVDQR LO IXQ]LRQDPHQWR FRPSOHVVLYR GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH /H QRUPH GL
6LVWHPD ± H LQ SDUWLFRODUH LO 5HJRODPHQWR (0$6 ± KDQQR LQIDWWL IUD L ORUR SULQFLSDOL RELHWWLYL
DQFKH TXHOOR GL SURPXRYHUH O¶DWWLYD]LRQH GL SURFHVVL UHOD]LRQDOL IUD O¶D]LHQGD H L VXRL
LQWHUORFXWRULHVWHUQLIRQGDWLVXOODILGXFLDVXOGLDORJRHVXOODWUDVSDUHQ]D
,Q WHUPLQL GL LQGLFDWRUL GL FRPPLWPHQW O¶LPSHJQR D]LHQGDOH LQ TXHVWR DPELWR SXz PLVXUDUVL
DQ]LWXWWR DWWUDYHUVR OH LQL]LDWLYH PLUDWH D GLIIRQGHUH DOO¶HVWHUQR OD .
/D
.
SHU SURSULD QDWXUD UDSSUHVHQWD XQ GRFXPHQWR FKHVL ULYROJHDG XQD YDVWD VFKLHUD GL
³SDUWLLQWHUHVVDWH´QHLFXLFRQIURQWLHVVDGHYHHVVHUHRSSRUWXQDPHQWHSURPRVVDHGLYXOJDWD
2OWUH DOOD GLIIXVLRQH GHOOD .
JOL VWUXPHQWL RJJL D GLVSRVL]LRQH GHOOH
RUJDQL]]D]LRQL SHU FRPXQLFDUH DOO¶HVWHUQR JOL LPSHJQL DVVXQWL H L UHODWLYL ULVXOWDWL FRQVHJXLWL ±
ULVSHWWR DOOD JHVWLRQH DPELHQWDOH D]LHQGDOH R DOOH SUHVWD]LRQL DPELHQWDOL GHL SURSUL SURGRWWL H
VHUYL]L ± VRQR QXPHURVL H ULVSRQGRQR FLDVFXQR D VSHFLILFKH ILQDOLWj ROWUH DOOD &
VL SHQVL DOO¶
.
&
ULVSHWWR DO SURGRWWR DO
$ R ULVSHWWR DOO¶D]LHQGD HWF 6RWWR TXHVWR SURILOR LO EXRQ
IXQ]LRQDPHQWRGLXQ6LVWHPDGL*HVWLRQH$PELHQWDOHVLPLVXUDDQFKHDWWUDYHUVRODFDSDFLWjGL
YDORUL]]DUHQHLSURFHVVLGLFRPXQLFD]LRQHHUHOD]LRQHHVWHUQDTXHVWLVWUXPHQWLFKHULFKLHGRQR
DOO¶D]LHQGD XQ LPSHJQR VLJQLILFDWLYR GL ULVRUVH XPDQH SHU OD ORUR UHDOL]]D]LRQH D FXL QRQ
FRUULVSRQGHVHPSUHXQDDGHJXDWDGLIIXVLRQHHSURPR]LRQHDOO¶HVWHUQR
/D YDORUL]]D]LRQH GHO 6*$ QHOOH UHOD]LRQL FRQ O¶HVWHUQR GLSHQGH QDWXUDOPHQWH DQFKH
GDOO¶LPSHJQR HFRQRPLFR FKH O¶D]LHQGD GHFLGH GL DVVXPHUVL LQ WHUPLQL GL FRPXQLFD]LRQH
DPELHQWDOH VRWWR TXHVWR SURILOR L GLYHUVL VWUXPHQWL H FDQDOL GL FRPXQLFD]LRQH SRVVLELOL
ULFKLHGRQR XQ GLYHUVR LPSHJQR HFRQRPLFR FKH VSHWWD DOO¶D]LHQGD YDOXWDUH ,Q JHQHUDOH OD
SHUFHQWXDOH GHOOH VSHVH VRVWHQXWH SHU OD FRPXQLFD]LRQH DPELHQWDOH ULVSHWWR DOOH VSHVH
FRPSOHVVLYH SHU OD FRPXQLFD]LRQH D ILQL LVWLWX]LRQDOL IRUQLVFH XQD SULPD PLVXUD HFRQRPLFD
GHOO¶LPSHJQRD]LHQGDOHQHLFRQIURQWLGLXQDJHVWLRQHDPELHQWDOHWUDVSDUHQWHYHUVRO¶HVWHUQR
,QWHUPLQLGLFRQWUROORXQEXRQ6*$GRYUHEEHHVVHUHLQJUDGRGLFRJOLHUHOHVHJQDOD]LRQLHOH
LVWDQ]H DPELHQWDOL SURYHQLHQWL GDOO¶HVWHUQR RYYHUR GL ³SURFHVVDUH´ WDOL LQIRUPD]LRQL DO ILQH GL
YDOXWDUOH H GDUYL DGHJXDWD ULVSRVWD , IOXVVL LQIRUPDWLYL ³GD´ H ³YHUVR´ O¶HVWHUQR SRVVRQR
UDSSUHVHQWDUHLQROWUHXQHOHPHQWRFUXFLDOHVLDSHUODSUHYHQ]LRQHVLDSHUODFRUUHWWDJHVWLRQH
GLHPHUJHQ]HHGLLQFLGHQWLLQTXHVWRVHQVRXQ6*$HIILFDFHGRYUHEEHSUHYHGHUHVWUXPHQWLH
PRGDOLWj GL UHJLVWUD]LRQH GHOOH VHJQDOD]LRQL SURYHQLHQWL GDOO¶HVWHUQR RYYHUR YHUH H SURSULH
SURFHGXUHSHUODJHVWLRQHGHOODFRPXQLFD]LRQHHVWHUQDLQFDVRGLHPHUJHQ]HRGLLQFLGHQWLFKH
FRLQYROJDQRO¶DPELHQWHHVWHUQRDOVLWRGHOO¶D]LHQGD
,O IXQ]LRQDPHQWR GHO 6LVWHPD QHOO¶DPELWR GHL SURFHVVL GL FRPXQLFD]LRQH H JHVWLRQH GHOOH
UHOD]LRQL HVWHUQL SXz HVVHUH YDOXWDWR LQILQH DQFKH DWWUDYHUVR OD ULOHYD]LRQH H OD PLVXUD]LRQH
GHOFRQVHQVRHGHLIHHGEDFNSRVLWLYLHQHJDWLYLSURYHQLHQWLGDOO¶HVWHUQR3XUQHOODGLIILFROWjGL
WUDGXUUHQXPHULFDPHQWHHDWWUDYHUVRO¶XVRGLLQGLFDWRULOHLQIRUPD]LRQLUHODWLYHDOODSHUFH]LRQH
FKH JOL LQWHUORFXWRUL KDQQR GHOO¶D]LHQGD H GHL VXRL SURGRWWL H DO UHODWLYR FRQVHQVRGLVVHQVR QHL
VXRL FRQIURQWL ± DYHQWL SHU QDWXUD FDUDWWHUH HPLQHQWHPHQWH TXDOLWDWLYR ± JOL LQGLFDWRUL GL
FRQVHQVR VRQR LQ JHQHUH IUD L SL GLIIXVL IUD OH D]LHQGH FKH LQ TXDOFKH PRGR LQWHQGRQR
³PLVXUDUH´ODTXDOLWjGHOOHORURUHOD]LRQLFRQO¶HVWHUQRDGHVHPSLRDWWUDYHUVRXQPRQLWRUDJJLR
SHULRGLFRGHOODUDVVHJQDVWDPSDGHOFRQWHVWRWHUULWRULDOHGLULIHULPHQWR
,Q 7DEHOOD q ULSRUWDWR XQ HOHQFR GL DOFXQL IUD JOLLQGLFDWRUL SL VLJQLILFDWLYLGHVFULWWL UHODWLYL DOOD
FRPXQLFD]LRQHHVWHUQDHDOOHUHOD]LRQLHVWHUQH
3HU XQ¶LQGLFD]LRQH GHOO¶HQWLWj GHOO¶LPSHJQR HFRQRPLFR FRQQHVVR DL GLYHUVL VWUXPHQWL H FDQDOL GL FRPXQLFD]LRQH
DPELHQWDOHVLULPDQGDDOOD =,
)
FDSLWROR
19
7DEHOOD±,QGLFDWRULUHODWLYLDOODFRPXQLFD]LRQHHUHOD]LRQLHVWHUQH
$UHD
&DWHJRULD
&RPXQLFD]LRQHHVWHUQDHUHOD]LRQLHVWHUQH
&RPPLWPHQW
$1XPHURGLFRSLHGHOOD3ROLWLFD$PELHQWDOHGLVWULEXLWH1XPHURGL
VWDNHKROGHU
$1XPHURGLLQL]LDWLYHGHGLFDWHDOODFRPXQLFD]LRQHVXLWHPL
DPELHQWDOLULYROWHDJOLVWDNHKROGHU
$1XPHURGLFRSLHGLVWULEXLWHGLVWUXPHQWLGLFRPXQLFD]LRQH
DPELHQWDOHHV&
$
HWF
$1XPHURGLFRPXQLFDWLVWDPSDDYDOHQ]DDPELHQWDOH
$1XPHURGLVSRQVRUL]]D]LRQLRDOWUHLQL]LDWLYHGL)0
=,
)0=
&RQWUROOR
%1XPHURGLFRPXQLFD]LRQLUHJLVWUDWH1XPHURGLFRPXQLFD]LRQL
SHUYHQXWHGDOO¶HVWHUQR
%GHOOHVHJQDOD]LRQLSURYHQLHQWLGDOO¶HVWHUQRFKHVRQRVWDWH
DQDOL]]DWHGDOODIXQ]LRQHSHUWLQHQWHRVXVXLqVWDWRDWWLYDWRXQJUXSSRGL
ODYRUR
5HDWWLYLWj
&1XPHURGLD]LRQLLQWUDSUHVHLQVHJXLWRDFRPXQLFD]LRQLUHODWLYHDG
DVSHWWLJLXGLFDWL³FULWLFL´1XPHURGLFRPXQLFD]LRQLFULWLFKH
&1XPHURGLLQFLGHQWLTXDVLLQFLGHQWLRHPHUJHQ]HGDFXLVRQRVWDWL
WUDWWLHOHPHQWLSHUUDIIRU]DUHOHSURFHGXUHGLFRPXQLFD]LRQHHVWHUQD
&1XPHURGLLQFLGHQWLHGLHPHUJHQ]HQHOOHTXDOLVRQRVWDWLDSSOLFDWH
FRUUHWWDPHQWHOHSURFHGXUHGLFRPXQLFD]LRQHFRQO¶HVWHUQRSUHYLVWH
1XPHURWRWDOHGLLQFLGHQWLHGHPHUJHQ]H
(FRQRPLFL
'6SHVHILQDOL]]DWHDOODFRPXQLFD]LRQHDPELHQWDOHFRQO
HVWHUQR
VSHVHWRWDOLSHUODFRPXQLFD]LRQHLVWLWX]LRQDOH
&RQVHQVR
(1XPHURGLDUWLFROL³SRVLWLYL´LQHUHQWLO¶D]LHQGDHRVXRL
SURGRWWLDWWLYLWjVHUYL]LSXEEOLFDWLGDOTXRWLGLDQRDPDJJLRUHGLIIXVLRQH
ORFDOH
(1XPHURGLTXHVWLRQDULFRQHVLWLSRVLWLYLFRPSLODWLGDJOLVWDNHKROGHU
(1XPHURGLHVSRVWLRGLODPHQWHOHSURYHQLHQWLGDJOLVWDNHKROGHU
/DVWUXWWXUDSUHSRVWDDOODJHVWLRQHGHOOHUHOD]LRQLFRQO¶HVWHUQR±HLQSDUWLFRODUHFRQLPHGLD±
SXz HVVHUH DIILGDWD DOO¶LQWHUQR GHOO¶D]LHQGD DG XQ DSSRVLWR XIILFLR VWDPSD LQFDULFDWR GL
VHOH]LRQDUH LO IOXVVR GL LQIRUPD]LRQL SURYHQLHQWL GDOO¶RUJDQL]]D]LRQH H GL YDORUL]]DUQH OD
GLIIXVLRQHDOO¶HVWHUQRQHOOHIRUPHHFRQJOLVWUXPHQWLSLLGRQHLFRQO¶RELHWWLYRGLFRQWULEXLUHD
UDIIRU]DUH O¶LPPDJLQH D]LHQGDOH H D FUHDUH H UDIIRU]DUH LO FRQVHQVR QHL VXRL FRQIURQWL
8Q¶D]LHQGD FKH YRJOLD YDOXWDUH ± QHOO¶DPELWR GHO IXQ]LRQDPHQWR FRPSOHVVLYR GHO 6*$ O¶HIILFDFLDGHOODVWUDWHJLDGLFRPXQLFD]LRQHDPELHQWDOHDGRWWDWDSXzTXLQGLDYYDOHUVLIUDO¶DOWUR
20
GLLQGLFDWRUL PLUDWL D TXDQWLILFDUH LO IOXVVR GLLQIRUPD]LRQH DPELHQWDOHYHUVR O¶HVWHUQR SURGRWWR
DWWUDYHUVRORVWUXPHQWRGHLFRPXQLFDWLVWDPSD
(VHPSLR,QGLFDWRUHQ$1XPHURGLFRPXQLFDWLVWDPSDDYDOHQ]DDPELHQWDOH
'DWL
/¶XIILFLRVWDPSDGHOODHPDQDSHULRGLFDPHQWHXQDVHULHGLFRPXQLFDWLVWDPSD
PLUDWLIUDO¶DOWURDGLQIRUPDUHHFRPXQLFDUHDOO¶HVWHUQRLSULQFLSDOLULVXOWDWLFRQVHJXLWL
GDOO¶RUJDQL]]D]LRQH1HOO¶XOWLPRPHVHO¶XIILFLRKDHPDQDWRFRPXQLFDWLVWDPSDUHODWLYLD
ƒ 0 >
ƒ >
ƒ >
ƒ >
ƒ #!
&DOFROR
,QGLFDWRUH
GLFRPPLWPHQW
1XPHURGLFRPXQLFDWL
VWDPSDDYDOHQ]D
DPELHQWDOH
$VVROXWR
9DOHQ]DLQIRUPDWLYD
5HODWLYR
VXWRWDOH
FRPXQLFDWL
VWDPSDGHO
SHULRGR
6XEDVHDQQXD
7UHQG
4XDQWLILFDLO
IOXVVRGL
0LVXUDO¶DQGDPHQWR
LQIRUPD]LRQH
QHOWHPSRGLWDOH
DPELHQWDOHYHUVR IOXVVRLQIRUPDWLYR
O¶HVWHUQR
1RWH
,OFRQIURQWRGHOO¶LQGLFDWRUHFRQO¶LQGLFDWRUH(?
*
+
4
4
4
SXzIRUQLUHXQDVHULHGLLQGLFD]LRQLLQPHULWRDOO¶HIILFDFLDGHLFRPXQLFDWLVWDPSDFRQ
YDOHQ]DDPELHQWDOH
/¶LQGLFDWRUH±FRQFHSLWRSHUTXDQWLILFDUHL³FRPXQLFDWLVWDPSD´LQWHVLQHOVHQVRWUDGL]LRQDOHGL
FRPXQLFDWLHPHVVLIRUPDOPHQWHGDOO¶D]LHQGDQHOO¶DPELWRGHOOHDWWLYLWjGLFRPXQLFD]LRQH
LVWLWX]LRQDOH±SXzHVVHUHIDFLOPHQWHULGHILQLWRULVSHWWRDLFDQDOLGLGLIIXVLRQHGHOO¶LQIRUPD]LRQH
SURSULGHLQXRYLPHGLDHGHVSUHVVRTXLQGLDGHVHPSLRFRPH³ 5
5´FRPH³
5,´HWF 21
6FKHGDQ±&RPXQLFD]LRQHLQWHUQD
/D FRPXQLFD]LRQH LQWHUQD ± LQWHVD QRQ VROR TXDOH SURFHVVR GL WUDVPLVVLRQH GHOOH LQIRUPD]LRQL
FKHUHQGHSRVVLELOHO¶RSHUDWLYLWjD]LHQGDOHPDDQFKHHVRSUDWWXWWRTXDOHFDQDOHGLGLIIXVLRQHH
VWUXPHQWR GL FRLQYROJLPHQWR GHO SHUVRQDOH ULVSHWWR DL YDORUL H DJOL RELHWWLYL D]LHQGDOL ± q XQ
HOHPHQWR FDUGLQHGHO6*$HGXQSUHVXSSRVWRLUULQXQFLDELOHSHULOVXRFRUUHWWRIXQ]LRQDPHQWR
,Q TXHVWR VHQVR q HYLGHQWH FRPH O¶LPSHJQR D]LHQGDOH YHUVR XQ EXRQ IXQ]LRQDPHQWR GHL
SURFHVVL GL FRPXQLFD]LRQH LQWHUQD LQ DPELWR 6*$ VL SRVVD PLVXUDUH DQ]LWXWWR DWWUDYHUVR OD
SUHVHQ]D DOO¶LQWHUQR GHOOD IXQ]LRQH UHVSRQVDELOH GL TXHVWL SURFHVVL GL ULVRUVH VSHFLILFDPHQWH
GHGLFDWHDOODFRPXQLFD]LRQHDPELHQWDOH
8QD VHFRQGD SRVVLELOH PLVXUD GHO FRPPLWPHQW D]LHQGDOH q UDSSUHVHQWDWD GDO QXPHUR GL
LQL]LDWLYHGLFRLQYROJLPHQWRGHLGLSHQGHQWLDWWLYDWHVXTXHVWRIURQWHFRPHGHVFULWWRSLDYDQWL
FIU%@ODSDUWHFLSD]LRQH³FRQVDSHYROH´GHOSHUVRQDOHDOOHDWWLYLWjGHO6LVWHPDqXQR
GHL SULQFLSDOL HOHPHQWL LQ JUDGR GL IDUH OD GLIIHUHQ]D WUD XQ 6*$ GL VXFFHVVR H XQ 6LVWHPD
IRUPDOPHQWH GLIIXVR DOO¶LQWHUQR GHOO¶D]LHQGD PD GL IDWWR FRQRVFLXWR VROR GDL GLSHQGHQWL
GLUHWWDPHQWHFRLQYROWLQHOODVXDDSSOLFD]LRQH
8Q¶XOWHULRUH GLPHQVLRQH GL ULOLHYR GHOO¶LPSHJQR D]LHQGDOH VL PDQLIHVWD LQILQH DWWUDYHUVR OH
LQL]LDWLYHGLFRPXQLFD]LRQHDPELHQWDOHDWWLYDWHDIDYRUHGHLGLSHQGHQWL,QXQ6LVWHPDPDWXUR
TXHVWHLQL]LDWLYHSRVVRQRULJXDUGDUHQRQVROROHDWWLYLWjFKHULHQWUDQRQHOODVIHUDODYRUDWLYDPD
DQFKH OD SURPR]LRQH GL FRPSRUWDPHQWL FRUUHWWL VRWWR LO SURILOR DPELHQWDOH GD SDUWH GHO
SHUVRQDOH ³DO GL IXRUL´ GL TXDQWR YLHQH ORUR ULFKLHVWR LQ TXDQWR VRJJHWWL GLSHQGHQWL GL
XQ¶RUJDQL]]D]LRQH GRWDWD GL XQ 6LVWHPD GL *HVWLRQH $PELHQWDOH H FKH DWWHQJRQR DOOD VIHUD
GHOOD ORUR YLWD SULYDWD VL SHQVL DG HVHPSLR DOO¶DFTXLVWR H XWLOL]]R GL EHQL GL FRQVXPR R DL
FRQVXPLGLHQHUJLD,OVXFFHVVRGLWDOLLQL]LDWLYHGLSHQGHIUDO¶DOWURGDOODFDSDFLWjGHOO¶D]LHQGD
GLUHVSRQVDELOL]]DUHHFRLQYROJHUHDWWLYDPHQWHLGLSHQGHQWLLQWXWWHOHDWWLYLWjUHDOL]]DWHDWXWHOD
GHOO¶DPELHQWH DQFKH DWWUDYHUVR LQFHQWLYL H PHFFDQLVPL YRORQWDUL SUHPLDQWLLQ TXHVWR VHQVR
OD TXDQWLILFD]LRQH GHOOD SDUWHFLSD]LRQH GHO SHUVRQDOH D WDOL LQL]LDWLYH H GHL , ULFHYXWL
ULVSHWWRDTXHVWHFRVWLWXLVFRQRXWLOLLQGLFDWRULLQWHUPLQLGLFRQVHQVRLQWHUQR
,Q YLD DQDORJD DFFDQWR DOOD PLVXUD]LRQH GHO FRQVHQVR FRQQHVVR D WDOL LQL]LDWLYH SXz HVVHUH
XWLOH DIILDQFDUH O¶XVR GL LQGLFDWRUL FKH IRUQLVFDQR XQD TXDQWLILFD]LRQH GHOO¶LPSHJQR
FRQQHVVR DOOD ORUR UHDOL]]D]LRQH TXDOL WLSLFDPHQWH OH VSHVH ILQDOL]]DWH DOOD FRPXQLFD]LRQH
DPELHQWDOH LQWHUQD ± DQFKH LQ WHUPLQL SHUFHQWXDOL ULVSHWWR DOOH VSHVH FRPSOHVVLYH SHU OD
FRPXQLFD]LRQH LQWHUQD ± RYYHUR OH VSHVH SHU OD FRPXQLFD]LRQH H SURPR]LRQH GL VSHFLILFKH
D]LRQLGLLQFHQWLYD]LRQHDIDYRUHGHLGLSHQGHQWL
,OEXRQIXQ]LRQDPHQWRGHO6*$LQWHUPLQLGLFRPXQLFD]LRQHLQWHUQDWURYDLQILQHXQDGLPHQVLRQH
LUULQXQFLDELOH QHOOD FDSDFLWj GL FRJOLHUH OH VHJQDOD]LRQL LQWHUQH ULVSHWWR DOOD SRVVLELOLWj GL
YHULILFDUVL GL LQFLGHQWL H GL HPHUJHQ]H DOO¶LQWHUQR GHO VLWR GHOO¶D]LHQGD YDOXWDUQH
WHPSHVWLYDPHQWHO¶HQWLWjHGDUYLDGHJXDWDHFRHUHQWHULVSRVWDLQWHUPLQLVLDGLSUHYHQ]LRQHVLD
GLJHVWLRQH6RWWRTXHVWRSURILORXQEXRQVLVWHPDGLLQGLFDWRULGRYUHEEHDIILDQFDUHDOO¶XWLOL]]R
GL LQGLFDWRUL GL FRQWUROOR PLUDWL D ³UHJLVWUDUH´ FRPXQLFD]LRQL H VHJQDOD]LRQL SURYHQLHQWL GDL
GLSHQGHQWLO¶XVRGLLQGLFDWRULLQJUDGRGLPLVXUDUHODUHDWWLYLWjGHO6*$HTXLQGLGHOO¶D]LHQGD
ULVSHWWR D TXHOOH VHJQDOD]LRQL H FRPXQLFD]LRQLFRQVLGHUDWH ³FULWLFKH´ ULVSHWWR DOOD SUHYHQ]LRQH
GLLQFLGHQWLTXDVLLQFLGHQWLHGHPHUJHQ]HRYYHURFRPXQTXHULVSHWWRDWHPLHDVSHWWLJLXGLFDWL
ULOHYDQWLSHUO¶HIILFDFLDGHO6LVWHPD
22
7DEHOOD±,QGLFDWRULUHODWLYLDOODFRPXQLFD]LRQHLQWHUQD
$UHD
&DWHJRULD
&RPXQLFD]LRQHLQWHUQD
&RPPLWPHQW
$1XPHURGLULVRUVHGHGLFDWHDOODFRPXQLFD]LRQHDPELHQWDOH
QHOO¶DPELWRGHOODIXQ]LRQH&RPXQLFD]LRQHLQWHUQD
$1XPHURGLLQL]LDWLYHGLFRLQYROJLPHQWRGHLGLSHQGHQWLVXO6*$
DWWLYDWH
$1XPHURGLLQL]LDWLYHVWUXPHQWLGLFRPXQLFD]LRQHLQWHUQDDWWLYDWHL
HVRSXVFROLLQIRUPDWLYLGLVWULEXLWLDLGLSHQGHQWLLVWUX]LRQLGL
FRPSRUWDPHQWRIXRULGDOVLWRFRQFRUVLSHULGLSHQGHQWLSLDWWHQWL
DOO¶DPELHQWH5
VSD]LGHGLFDWLQHOO¶LQWUDQHWD]LHQGDOHHWF
&RQWUROOR
%1XPHURGLVHJQDOD]LRQLUHJLVWUDWH1XPHURGLFRPXQLFD]LRQL
SHUYHQXWHGDLGLSHQGHQWL
%GHOOHVHJQDOD]LRQLSURYHQLHQWLGDLGLSHQGHQWLFKHVRQRVWDWH
DQDOL]]DWHGDOODIXQ]LRQHSHUWLQHQWHRVXVXLqVWDWRDWWLYDWRXQJUXSSRGL
ODYRUR
5HDWWLYLWj
&1XPHURGLD]LRQLLQWUDSUHVHLQVHJXLWRDFRPXQLFD]LRQLLQWHUQH
UHODWLYHDGDVSHWWLJLXGLFDWL³FULWLFL´1XPHURWRWDOHGLFRPXQLFD]LRQL
FULWLFKH
&1XPHURGLLQFLGHQWLTXDVLLQFLGHQWLRHPHUJHQ]HGDFXLVRQRVWDWL
WUDWWLHOHPHQWLSHUUDIIRU]DUHOHSURFHGXUHGLFRPXQLFD]LRQHLQWHUQD
&1XPHURGLLQFLGHQWLHGLHPHUJHQ]HQHOOHTXDOLVRQRVWDWLDSSOLFDWH
FRUUHWWDPHQWHOHSURFHGXUHGLFRPXQLFD]LRQHLQWHUQDSUHYLVWH1XPHUR
WRWDOHGLLQFLGHQWLHGHPHUJHQ]H
(FRQRPLFL
'6SHVHILQDOL]]DWHDOODFRPXQLFD]LRQHDPELHQWDOHLQWHUQDHVVSHVH
SHUODUHDOL]]D]LRQHVXOO¶LQWUDQHWD]LHQGDOHGLXQVRIWZDUHSHULOFDOFROR
GHOOD
SHULGLSHQGHQWL
'6SHVHSHUODFRPXQLFD]LRQHHSURPR]LRQHGLD]LRQLGL
LQFHQWLYD]LRQHDIDYRUHGHLGLSHQGHQWLHRPLUDWHDLQFLGHUHVXLORUR
FRPSRUWDPHQWLHQWURHDOGLIXRULGHOO¶DPELWRODYRUDWLYRHVVSHVHSHU
SURPXRYHUHO¶HVLVWHQ]DGLFRQYHQ]LRQLFRQD]LHQGHGLWUDVSRUWRSXEEOLFR
PLUDWHDGLQFHQWLYDUHO¶XWLOL]]RGHLPH]]LSXEEOLFLGDSDUWHGHLGLSHQGHQWL
&RQVHQVR
(7DVVRGLSDUWHFLSD]LRQHGHLGLSHQGHQWLDOOHLQL]LDWLYHGL
VHQVLELOL]]D]LRQHDPELHQWDOHUHDOL]]DWHGDOO¶D]LHQGD
(1XPHURGLIHHGEDFNULFHYXWLGDLGLSHQGHQWLULVSHWWRDG
LQL]LDWLYHVWUXPHQWLGLFRPXQLFD]LRQHDPELHQWDOHDWWLYDWLQHLORURFRQIURQWL
HVQXPHURGLGLSHQGHQWLFKHKDQQRXWLOL]]DWRLOVRIWZDUHVXOODLQWUDQHW
D]LHQGDOHSHULOFDOFRORGHOODSURSULD
1HOO¶DPELWRGLXQVLVWHPDGLLQGLFDWRULSXzHVVHUHULOHYDQWHGLVWLQJXHUHDOO¶LQWHUQRGHOODPDFUR
YRFH³VSHVHGLFRPXQLFD]LRQH´TXHOOHVSHFLILFDPHQWHGHGLFDWHDOODFRPXQLFD]LRQHDPELHQWDOH
H GLVDJJUHJDUH XOWHULRUPHQWH TXHVWH XOWLPH LQ VSHVH GHVWLQDWH DOOD FRPXQLFD]LRQH H
VSHVH SHU OD FRPXQLFD]LRQH ,O GHWWDJOLR GHOOH VSHVH FRVu DUWLFRODWR SXz LQIDWWL
VXSSRUWDUH O¶D]LHQGD QHOOD YDOXWD]LRQH GHOO¶HIILFDFLD GHOOH GLYHUVH LQL]LDWLYH UHDOL]]DWH
23
FRPSDUDQGROHVLQJROHYRFLGLVSHVDFRQLULVXOWDWLGLUHWWDPHQWHHLQGLUHWWDPHQWHRWWHQXWLFRQOH
UHODWLYHDWWLYLWjGLFRPXQLFD]LRQH
(VHPSLR,QGLFDWRUHQ'±6SHVHSHUODFRPXQLFD]LRQHDPELHQWDOHLQWHUQD
'DWL
1HOO¶DQQR;ODKDVRVWHQXWRSHUOHDWWLYLWjGLFRPXQLFD]LRQHLQWHUQDHGHVWHUQD
VSHVHSHUXQLPSRUWRFRPSOHVVLYRSDULDHXUR,OGHWWDJOLRGHOOHYRFLGLVSHVDqFRVu
ULSDUWLWR
5HDOL]]D]LRQHGHOODQXRYDQHZVOHWWHUD]LHQGDOHGHGLFDWD
DOO¶DPELHQWH
;%AAA
/DQFLRSURPR]LRQDOHGLXQQXRYRSURGRWWR³JUHHQ´VXXQ
FDPSLRQHSLORWDGLSXQWLYHQGLWD
8<%AAA
3XEEOLFLWjD]LHQGDOHVXVWDPSDVSHFLDOL]]DWD
9A%AAA
$JJLRUQDPHQWRGHOVRIWZDUHSHULOFDOFRORGHOOD
SHULGLSHQGHQWL
8%AAA
727$/(
(XUR
&DOFROR
,QGLFDWRUH
HFRQRPLFR
6SHVHSHUOD
FRPXQLFD]LRQ
HDPELHQWDOH
LQWHUQD
$VVROXWR
¼
9DOHQ]DLQIRUPDWLYD
5HODWLYR
VXWRWDOHVSHVHGL
FRPXQLFD]LRQHVXWRWDOH
VSHVHGLFRPXQLFD]LRQH
DPELHQWDOH
¼
2
3
6XEDVH
DQQXD
4XDQWLILFD
O¶LPSHJQR
HFRQRPLFRQHL
FRQIURQWLGHOOD
FRPXQLFD]LRQH
DPELHQWDOH
LQWHUQD
7UHQG
0LVXUD
O¶DQGDPHQWRQHO
WHPSRGLWDOH
LPSHJQRHLQ
WHUPLQLUHODWLYLOH
YDULD]LRQLGHOSHVR
DVVHJQDWRDOOD
FRPXQLFD]LRQH
DPELHQWDOH
ULVSHWWRDOOHVSHVH
FRPSOHVVLYHLQ
FRPXQLFD]LRQH
1RWH
2OWUHDOOHSHUFHQWXDOLULSRUWDWHQHOO¶HVHPSLRO¶LQGLFDWRUHSXzHVVHUHPLVXUDWRLQWHUPLQL
UHODWLYLDQFKHULVSHWWRDOWRWDOHGHOOHVSHVHLQFRPXQLFD]LRQHLQWHUQD
24
6FKHGDQ±*HVWLRQHDPELHQWDOH
,QOLQHDFRQODVXGGLYLVLRQHSHUSURFHVVLDGRWWDWDQHOOH/LQHHJXLGDQHOO¶DPELWRGHOODSUHVHQWH
VFKHGD VRQR ULSRUWDWL SHU FLDVFXQD GHOOH FDWHJRULH XWLOL]]DWH DOFXQL IUD JOL LQGLFDWRUL SL
VLJQLILFDWLYL UHODWLYL DOOD LQWHVD TXDOH ³
´
,Q TXHVW¶DFFH]LRQH ULHQWUDQR WXWWL JOL LQGLFDWRUL DYHQWL DG RJJHWWR LQ JHQHUDOH OH DWWLYLWj H L
SURFHVVL SURSUL GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH ± TXDOL DG HVHPSLR JOL DXGLW LQWHUQL LO
ULHVDPHODSLDQLILFD]LRQHGLQXRYLRELHWWLYLHSURJUDPPLOHGHFLVLRQLGLLQYHVWLPHQWRFRQQHVVH
D WDOH SLDQLILFD]LRQH HWF ± H ILQDOL]]DWL D YDOXWDUH WUDVYHUVDOPHQWH OD FDSDFLWj GL JRYHUQR
GHOOH SUREOHPDWLFKH DPELHQWDOL H O¶HIILFDFLD FRPSOHVVLYD GHO 6*$ DQFKH LQ WHUPLQL GL VXH
SUHVWD]LRQL 3URSULR LQ TXDQWR QRQ ULFRQGXFLELOL LQ YLD HVFOXVLYD DG XQR VSHFLILFR SURFHVVR
DOO¶LQWHUQR GHOO¶D]LHQGD JOL LQGLFDWRUL UHODWLYL DOOD JHVWLRQH DPELHQWDOH SRVVRQR HVVHUH
XOWHULRUPHQWHGHFOLQDWLGDOO¶D]LHQGDULVSHWWRDTXHOORTXHOOLIUDLVXRLSURFHVVLGLFXLHVVDULWLHQH
SLXWLOHPLVXUDUHLOEXRQIXQ]LRQDPHQWRLQWHUPLQLGLFRPPLWPHQWGLFRQWUROORGLUHDWWLYLWj
HWF
6RWWR LO SURILOR GHOO¶LPSHJQR LO IXQ]LRQDPHQWR GHO 6*$ SXz HVVHUH YDOXWDWR DG HVHPSLR
PLVXUDQGRLO DPELHQWDOLSLDQLILFDWLGDOO¶D]LHQGDRYYHUR
OD DWWUDYHUVR O¶DWWXD]LRQH GL FRUUHODWH
PLVXUH GL PLJOLRUDPHQWR ,O GLPHQVLRQDPHQWR GHOO¶RUJDQLFR GHSXWDWR DOOD JHVWLRQH GHOOH
SUREOHPDWLFKH DPELHQWDOL ± QDWXUDOPHQWH UDSSRUWDWR DOOH GLPHQVLRQL FRPSOHVVLYH
GHOO¶RUJDQL]]D]LRQH±IRUQLVFHXQ¶XOWHULRUHPLVXUDGHOFRPPLWPHQWD]LHQGDOH
1HOOD FDWHJRULD GHO FRQWUROOR ULHQWUDQR LQ SULPR OXRJR WXWWL TXHJOL LQGLFDWRUL ILQDOL]]DWL D
PLVXUDUHODFDSDFLWjGHO6*$GLSUHVLGLDUHHGLYHULILFDUHFRVWDQWHPHQWHLOULVSHWWRGHLUHTXLVLWL
GHO 6LVWHPD OD FRQIRUPLWj QRUPDWLYD JOL RELHWWLYL H L WDUJHW SLDQLILFDWL LQ WXWWL L SURFHVVL
D]LHQGDOL DG HVHPSLR LQ WHUPLQL GL RYYHUR GL ?
)
GD TXHVWL ULVXOWDQWL 8Q LQGLFDWRUH GL FRQWUROOR SDUWLFRODUPHQWH VLJQLILFDWLYR q
UDSSUHVHQWDWRLQROWUHGDOUDSSRUWRIUDLOQXPHURGL?)
VHJQDODWHGDOO¶LQWHUQRHLO
QXPHURGL?)
VHJQDODWHGDOYHULILFDWRUHHVWHUQRTXDQWRPDJJLRUHqWDOHUDSSRUWR
WDQWR SL LO 6LVWHPD VL GLPRVWUD LQ JUDGR GL ULVSRQGHUH DG XQD IUD OH VXH SULQFLSDOL ILQDOLWj ±
TXHOOD GL SUHVLGLDUH FRVWDQWHPHQWH LO ULVSHWWR GHOOH QRUPH UHJLVWUDQGR WHPSHVWLYDPHQWH
HYHQWXDOL VFRVWDPHQWL H PRVWUDQGRVL FRQIRUPH DOOH QRUPH GL ULIHULPHQWR LQ VHGH GL YHULILFD GL
WHU]D SDUWH 6LPPHWULFDPHQWH QHOOD FDWHJRULD GHOOD UHDWWLYLWj XQ EXRQ VLVWHPD GL LQGLFDWRUL
GRYUHEEH ULFRPSUHQGHUH JUDQGH]]H ILQDOL]]DWH DQ]LWXWWR D TXDQWLILFDUH OH D]LRQL LQWUDSUHVH D
VHJXLWRGHOOHHYLGHQ]HHPHUJHQWLGDJOLDXGLWLQWHUPLQLGLD]LRQLFRUUHWWLYHHSUHYHQWLYHRSL
LQ JHQHUDOH D VHJXLWR GL VHJQDOD]LRQL GL QRQ FRQIRUPLWj /HJUDQGH]]HHFRQRPLFKHFRVWLWXLVFRQRXQDGLPHQVLRQHFRQRVFLWLYDPROWRVSHVVRVRWWRYDOXWDWD
HR VRWWRXWLOL]]DWD QHOO¶DPELWR GHJOL LQGLFDWRUL GL 6LVWHPD LQ TXHVWD VHGH VL YXROH LQYHFH
VRWWROLQHDUH O¶LPSRUWDQ]D GL XQD YDOXWD]LRQH RUJDQLFD GHO 6LVWHPD FKH VL HVSULPD DQFKH LQ
WHUPLQL GL DGHJXDWH]]D GHOOH ULVRUVH ILQDQ]LDULH VWDQ]LDWH GL TXDQWLILFD]LRQH GHOOH ULVRUVH
HIIHWWLYDPHQWH VSHVH H SL LQ JHQHUDOH GL FDSDFLWj GL JDUDQWLUH VRVWHQLPHQWR HFRQRPLFR DO
IXQ]LRQDPHQWRGHO6*$LQWHUPLQLVLDGLLQYHVWLPHQWLDPELHQWDOLFKHGLVSHVHFRUUHQWL
&RPSOHWDQRLOTXDGURGHOOHGLPHQVLRQLYDOXWDWLYHGHO6*$LOFRQVHQVRHODFRQGLYLVLRQHRWWHQXWL
SUHVVR JOL VWDNHKROGHUV LQWHUQL HG HVWHUQL FRLQYROWL QHOO¶DSSOLFD]LRQH GHO 6LVWHPD R GHVWLQDWDUL
GHOOH VXH SUHVWD]LRQL DPELHQWDOL PLVXUDELOL VLD FRPH VHPSOLFH ³JUDGLPHQWR´ VLD FRPH
TXDQWLILFD]LRQH GHOO¶DWWLYD SDUWHFLSD]LRQH DOOH DWWLYLWj GHO 6LVWHPD LQ XQ SHUFRUVR GLQDPLFR
RULHQWDWRDOPLJOLRUDPHQWR
25
7DEHOOD±,QGLFDWRULUHODWLYLDOODJHVWLRQHDPELHQWDOH
$UHD
&DWHJRULD
*HVWLRQHDPELHQWDOH
&RPPLWPHQW
$1XPHURGLUHSDUWLRGLDUHHD]LHQGDOLDLFXLLPSLDQWLRDOOHFXL
VWUXWWXUHVRQRVWDWHDSSRUWDWHPLJOLRULHDPELHQWDOL
$1XPHURGLRELHWWLYLGHJOLDQQLSUHFHGHQWLUDJJLXQWLQHOFRUVR
GHOO¶DQQR
$GLDVSHWWLDPELHQWDOLVLJQLILFDWLYLSHUFXLVRQRVWDWHDWWXDWH
PLVXUHGLPLJOLRUDPHQWR
$1XPHURGLSHUVRQHLQIRU]DDOO¶$UHDD]LHQGDOHRDOODIXQ]LRQH
UHVSRQVDELOHGHOODJHVWLRQHGHOOHSUREOHPDWLFKHDPELHQWDOL
&RQWUROOR
%1XPHURGLLQGLFDWRULGLPRQLWRUDJJLRHYHQWXDOPHQWHUDSSRUWDWLDO
QXPHURGLDVSHWWLDPELHQWDOLVLJQLILFDWLYL
%1XPHURGLDXGLWDPELHQWDOLHIIHWWXDWLRSSXUHGLRUHGLDXGLW
%1XPHURGL?)
ULVXOWDQWLGDJOLDXGLWLQWHUQLQRQGLWHU]D
SDUWH
%1XPHURGLDVVHVVPHQWGLULVFKLRDPELHQWDOH
%1XPHURGL?)
VHJQDODWHGDOO¶LQWHUQR1XPHURGL?
)
VHJQDODWHGDOYHULILFDWRUH
5HDWWLYLWj
&1XPHURGLLQWHUYHQWLDPELHQWDOLDWWXDWLLQVHJXLWRDVHJQDOD]LRQHGL
?)
&1XPHURGLD]LRQLFRUUHWWLYHHSUHYHQWLYHUHDOL]]DWHQHOFRUVR
GHOO¶DQQR
(FRQRPLFL
',QYHVWLPHQWLDPELHQWDOLLQYHVWLPHQWLWRWDOL
'6SHVHDPELHQWDOLFRUUHQWLYDULD]LRQHVXDQQLSUHFHGHQWL
'9DORUHGHOOHVDQ]LRQLSHFXQLDULHLQVHJXLWRDYLROD]LRQLULVFRQWUDWH
GHOODQRUPDWLYDDPELHQWDOH
'&RVWRGHOOHULVRUVHQDWXUDOLHGHOOHPDWHULHSULPHXWLOL]]DWH
YDULD]LRQHVXDQQLSUHFHGHQWL
'&RVWLFRQQHVVLDOODVFRUUHWWDJHVWLRQHGHOOHSUREOHPDWLFKH
DPELHQWDOLHVFRVWLFRQQHVVLDOOHRUHXRPRQHFHVVDULHDGHIIHWWXDUHXQD
GLIIHUHQ]LD]LRQH1
GHLULILXWLSURGRWWLQHOO¶DPELWRGHOSURFHVVR
SURGXWWLYR
26
&RQVHQVR
(1XPHURGLVHJQDOD]LRQLGL?)
GDSDUWHGHOSHUVRQDOH
LQWHUQR
(1XPHURGLVXJJHULPHQWLUDFFROWLGDOSHUVRQDOHHV 1
RFRQFRUVRLGHH
(1XPHURGLULVFRQWULSRVLWLYLVXO6LVWHPDGDSDUWHGHLGLSHQGHQWL
HPHUJHQWLGDSHULRGLFKHLQGDJLQLD]LHQGDOLLQWHUQH
(1XPHURGLUHFODPLRGLODPHQWHOHSURYHQLHQWLGDJOLVWDNHKROGHUV
VXOOHSUREOHPDWLFKHDPELHQWDOLJHQHUDWHGDOO¶D]LHQGD
(VHPSLR,QGLFDWRUHQ%±1XPHURGLDXGLWDPELHQWDOLHIIHWWXDWL
'DWL
1HOO¶DQQRLQFRUVRODIXQ]LRQH,QWHUQDODXGLWGHOODFRDGLXYDWDGDOOH)XQ]LRQLGL
FRPSHWHQ]DKDFRQGRWWRXQDVHULHGLDWWLYLWjGLYHULILFDLQWHUQDVYROJHQGR
ƒ DXGLWDPELHQWDOLLQWHUQL
ƒ DXGLWVXVDOXWHHVLFXUH]]DDLVHQVLGHOODQRUPD2+6$6
ƒ DXGLWVXOODTXDOLWj
&DOFROR
,QGLFDWRUH
GLFRQWUROOR
1XPHURGLDXGLW
DPELHQWDOLHIIHWWXDWL
9DOHQ]DLQIRUPDWLYD
5HODWLYR
VXWRWDOHDXGLW
$VVROXWR
LQWHUQL
HIIHWWXDWL
6XEDVH
DQQXD
4XDQWLILFDOH
DWWLYLWjGL
FRQWUROOR
HIIHWWXDWHDL
ILQLDPELHQWDOL
7UHQG
6HJQDOD
O¶DQGDPHQWRQHO
WHPSRGHOOH
DWWLYLWjGHGLFDWHDO
FRQWUROOR
DPELHQWDOH
1RWH
,OSHVRGHJOLDXGLWDPELHQWDOLULVSHWWRDOOHDOWUHWLSRORJLHGLDXGLWLQWHUQRSXzYDULDUHD
VHFRQGDFKHVLPLVXULLOQXPHURGLYHULILFKHROHRUHGLFXLTXHVWHVLFRPSRQJRQR
/¶LQGLFDWRUHSXzHVVHUHUDSSRUWDWRDVSHFLILFLWDUJHWILVVDWLGDOO¶D]LHQGDDGHVHPSLRLQ
WHUPLQLGL
GL
HWF
27
6FKHGDQ±*HVWLRQHGHOODFRQIRUPLWjQRUPDWLYD
/D JHVWLRQH GHOOD FRQIRUPLWj QRUPDWLYD QHO FRQWHVWR GHOO¶DSSOLFD]LRQH GHL 6*$ q XQ WHPD
SDUWLFRODUPHQWH GHOLFDWR 'D XQ ODWR OD FRQIRUPLWj DOOD OHJLVOD]LRQH DPELHQWDOH DSSOLFDELOH
UDSSUHVHQWD LQIDWWL XQ GHOO¶DSSOLFD]LRQH GHJOL VFKHPL YRORQWDUL GL FHUWLILFD]LRQH LO
FXLILQHXOWLPRqLOPLJOLRUDPHQWRFRQWLQXRGHOOHSUHVWD]LRQLDPELHQWDOLGHOOHRUJDQL]]D]LRQLFKH
OLDGRWWDQR'DOO¶DOWURQHOO¶HVSHULHQ]DDSSOLFDWLYDODYHULILFDGHOO¶HIIHWWLYDFRQIRUPLWjQRUPDWLYD
LQ WXWWL JOL DPELWL GL DSSOLFD]LRQH GHO 6LVWHPD FRVWLWXLVFH XQR GHJOL DVSHWWL VX FXL VL FRQFHQWUD
PDJJLRUPHQWH O¶DWWHQ]LRQH GHOOH D]LHQGH LQ SURVSHWWLYD GHOOD YLVLWD GHOO¶HQWH WHU]R FKLDPDWR D
YDOXWDUH LO 6*$ SHU O¶RWWHQLPHQWR GHOOD FHUWLILFD]LRQHUHJLVWUD]LRQH DPELHQWDOH 6RWWR LO SURILOR
OHJLVODWLYR GXH HOHPHQWL KDQQR FRQWULEXLWR LQ SDUWLFRODUH DG HQIDWL]]DUH OD VLJQLILFDWLYLWj GHO
WHPD
• GD XQ ODWR OD ULOHYDQ]D FKH LO 5HJRODPHQWR (PDV ,,, DVVHJQD DO ULVSHWWR GHJOL REEOLJKL
QRUPDWLYL TXDOH HOHPHQWR GLVWLQWLYR GHOOR VFKHPD FRPXQLWDULR H SUHUHTXLVLWR GD
PDQWHQHUHIDWWLYDPHQWHQHOWHPSR
• GDOO¶DOWURODUHFHQWHLQWURGX]LRQHGHLUHDWLDPELHQWDOLQHOQRYHURGHOOHIDWWLVSHFLHGLUHDWL
SUHVXSSRVWR GL FXL OH D]LHQGH SRVVRQR HVVHUH FKLDPDWH D ULVSRQGHUH QHOO¶DPELWR GHO
UHJLPH GHOOD UHVSRQVDELOLWj DPPLQLVWUDWLYD GLVFLSOLQDWR GDO 'HFUHWR /HJLVODWLYR Q
,QTXHVWRTXDGURVRQRHYLGHQWHPHQWHPROWHSOLFLOHUDJLRQLFKHSRVVRQRLQGXUUHXQ¶D]LHQGDDG
LQVHULUH QHO SURSULR VLVWHPD GL LQGLFDWRUL JUDQGH]]H VSHFLILFDPHQWH ILQDOL]]DWH D PLVXUDUH OD
FDSDFLWj GHO 6*$ GL JDUDQWLUH QHO WHPSR OD FRQIRUPLWj DOOD OHJLVOD]LRQH DPELHQWDOH DG HVVD
DSSOLFDELOH6RWWRLOSURILORGHOFRPPLWPHQWWDOLLQGLFDWRULGRYUHEEHURHVVHUHILQDOL]]DWLDGDUH
FRQWRGHOO¶LPSHJQRSURIXVRGDOO¶D]LHQGDSHUIDUVuFKHODJHVWLRQHGHOODFRQIRUPLWjVLDDQ]LWXWWR
DGHJXDWDPHQWH SUHVLGLDWD LQ WHUPLQL VLD GL ULVRUVH H VXJOL
DVSHWWLQRUPDWLYLDSSOLFDELOLDOO¶D]LHQGDHVXLUHODWLYLDGHPSLPHQWLVLDGL
HGL
ILQDOL]]DWH D JDUDQWLUH WDOH SUHVLGLR LQ XQD SURVSHWWLYD GL SUHYHQ]LRQH GHL ULVFKL GL QRQ
FRQIRUPLWjFRQQHVVLDOO¶RSHUDWLYLWjD]LHQGDOH
6RWWR LO SURILOR GHO FRQWUROOR O¶DWWLYLWj GL DXGLW LQWHUQR HIIHWWXDWD QHOO¶DPELWR GHO 6LVWHPD GL
*HVWLRQH $PELHQWDOH UDSSUHVHQWD HYLGHQWHPHQWH XQ FRQWHVWR ³SULYLOHJLDWR´ DL ILQL GHOOD
GHILQL]LRQH GL LQGLFDWRUL DSSOLFDELOL DOOD JHVWLRQH GHOOD FRQIRUPLWj QRUPDWLYD FRPH HQIDWL]]DWR
DQFKHGDOO¶(PDV,,,ODYHULILFDGHOODFRQIRUPLWjQRUPDWLYDqLQIDWWLHVSOLFLWDPHQWHRJJHWWRGHOOH
DWWLYLWj GL DXGLWLQWHUQR H OD PLVXUD]LRQH GHO SHVR UHODWLYR GHOOH YHULILFKH GD FXL VRQR HPHUVH
QRQ FRQIRUPLWj QRUPDWLYH ULVSHWWR DO WRWDOH GHJOL DXGLW HIIHWWXDWL IRUQLVFH XQ SULPR HYLGHQWH
LQGLFDWRUH GL FRQWUROOR GHOOD FDSDFLWj GHO 6LVWHPD GL JRYHUQDUH WDOH FRQIRUPLWj ,Q XQ¶RWWLFD GL
SUHYHQ]LRQH ± GHJOL PD DQFKH GHL ± OR VWHVVR LQGLFDWRUH
DVVXPHULOLHYRDQFKHODGGRYHRJJHWWRGHOODPLVXUD]LRQHQRQVLDQRVRORJOLDXGLWGDFXLVRQR
VFDWXULWHQRQFRQIRUPLWjPDDQFKHTXHOOLFKHKDQQRIDWWRUHJLVWUDUHQRQFRQIRUPLWjQRUPDWLYH
VROWDQWR³
´ULVSHWWRDOOHTXDOLLQWHUYHQLUHDWWUDYHUVRDGHJXDWHD]LRQLSUHYHQWLYH
/¶DFFH]LRQHFRQFXLYLHQHXWLOL]]DWRLOFRQFHWWRGLFRQIRUPLWjQRUPDWLYDQHOOH/LQHHJXLGDLQFOXGHODFRQIRUPLWjVLDDOOD
OHJLVOD]LRQHVLDDOODUHJRODPHQWD]LRQHVLDDOOHQRUPHYRORQWDULH
/¶DWWHQ]LRQH YHUVR OD FRQIRUPLWj OHJLVODWLYD HPHUJH LQ PROWLVVLPL SXQWL GHO 5HJRODPHQWR O¶$UW DG HVHPSLR
GHILQLVFH LO FRPH OD SLHQDDWWXD]LRQH GHJOL DGHPSLPHQWL DSSOLFDELOL DOO¶RUJDQL]]D]LRQH
FKHVLUHJLVWUDFRPSUHVHOHSUHVFUL]LRQLULSRUWDWHQHOOHDXWRUL]]D]LRQLO¶HQIDVLVXOODJDUDQ]LDGHOODFRQIRUPLWjQRUPDWLYD
KD SRUWDWR LPSURSULDPHQWH O¶HVWHQVRUH GHO QXRYR 5HJRODPHQWR DG LQFOXGHUH JOL ³ ´SHUILQRQHOO¶HOHQFRQRQHVDXVWLYRGHJOLDVSHWWLDPELHQWDOLGDFRQVLGHUDUHFIU$OOHJDWR,SXQWR
JOLRELHWWLYLGHOSURJUDPPDGLDXGLWGLFXLDOO¶$OO,,,SXQWRLQFOXGRQRODYDOXWD]LRQHGHLVLVWHPLGLJHVWLRQHLQDWWRH
GHWHUPLQDQR OD FRQIRUPLWj DOOH SROLWLFKH H DO SURJUDPPD GHOO¶RUJDQL]]D]LRQH FRPSUHVR LO ULVSHWWR GHJOL REEOLJKL
QRUPDWLYLDSSOLFDELOLLQPDWHULDGLDPELHQWH
,O'/JVKDLQWURGRWWRQHOO¶RUGLQDPHQWRJLXULGLFRLWDOLDQRODUHVSRQVDELOLWjGHJOLHQWLFROOHWWLYLLQUHOD]LRQH
DOODFRPPLVVLRQHGLUHDWLDPELHQWDOLQXRYRDUWXQGHFLHVGHO'/JV
28
5LVSHWWR DOOD FDWHJRULD GHOOD UHDWWLYLWj JOL LQGLFDWRUL DVFULYLELOL DOOD JHVWLRQH OHJDOH SRVVRQR
LQYHFHHVVHUHGHILQLWLLQUHOD]LRQHDOODVHQVLELOLWjGHO6LVWHPDULVSHWWRDOOHLQQRYD]LRQLLQWURGRWWH
GDO OHJLVODWRUH DWWUDYHUVR OD WHPSHVWLYD GHILQL]LRQH GL D]LRQL H LQWHUYHQWL VSHFLILFL DWWXDWL D
VHJXLWRGLQXRYHGLVSRVL]LRQLOHJLVODWLYHDPELHQWDOLRGLVRVWDQ]LDOLPRGLILFKHGLTXHOOHHVLVWHQWL
HDSSOLFDELOLDOO¶D]LHQGDRYYHURLQXQ¶RWWLFDSUHYHQWLYDDOILQHGLDGHJXDUVLDQWLFLSDWDPHQWHDOOH
SURVSHWWLYH GL UHJRODPHQWD]LRQH GL QXRYL DVSHWWL DPELHQWDOL HR DWWLYLWj ± SURFHVVL ± SURGRWWL
FKHOLJHQHUDQRDGHVHPSLRGLHPDQD]LRQHFRPXQLWDULD
,Q WHUPLQL HFRQRPLFL LO IXQ]LRQDPHQWR GHO 6*$ LQ UHOD]LRQH DL SURFHVVL GL JRYHUQR GHOOD
FRQIRUPLWjOHJLVODWLYDSXzPLVXUDUVLGDGLYHUVHDQJROD]LRQL
• XQD SULPD SURVSHWWLYD SRWUHEEH GHILQLUVL ³SRVLWLYD´ LQ TXDQWR PLUDWD D TXDQWLILFDUH OH
VSHVH ILQDOL]]DWH D UDIIRU]DUH OD FDSDFLWj GHOO¶D]LHQGD GL DVVLFXUDUH OD FRQIRUPLWj
OHJLVODWLYDDPELHQWDOHDGHVHPSLRDWWUDYHUVRVRIWZDUHGLVXSSRUWRSHULOSHUVRQDOHGHJOL
XIILFLOHJDOHHRDPELHQWHLQWHUPLQLDVVROXWLRUHODWLYLULVSHWWRDOOHVSHVHVRVWHQXWHSHU
O¶DFTXLVWRGLVWUXPHQWLDVXSSRUWRGHOODJHVWLRQHD]LHQGDOHLQJHQHUDOH
• XQD VHFRQGD SURVSHWWLYD YLFHYHUVD SRWUHEEH GHILQLUVL ³QHJDWLYD´ ODGGRYH YHQJDQR
DGRWWDWL LQGLFDWRUL PLUDWL D TXDQWLILFDUH O¶HQWLWj H O¶DQGDPHQWR QHO WHPSR GHOOH VSHVH
FRQQHVVHDFRQWHQ]LRVLRDFDXVHLQHUHQWLODFRQIRUPLWjDPELHQWDOHRYYHURLOSDJDPHQWR
QHO WHPSR GL PXOWH R VDQ]LRQL LQ UHOD]LRQH D YLROD]LRQL DFFHUWDWH GHOOD QRUPDWLYD
DPELHQWDOH,QTXHVWRVHFRQGRFDVRLOIXQ]LRQDPHQWRGHO6*$VDUjHYLGHQWHPHQWHWDQWR
PLJOLRUHTXDQWRSLJOLLQGLFDWRULUHJLVWUHUDQQRXQWUHQGLQGLPLQX]LRQH
&RPSOHWDQR LO TXDGUR JOL LQGLFDWRUL GL FRQVHQVR FKH ULVSHWWR DOOD JHVWLRQH GHOOD FRQIRUPLWj
OHJDOH SRVVRQR HVVHUH HVSUHVVL VLD VHPSOLFHPHQWH FRPH TXDQWLILFD]LRQH QXPHULFD GHOOH
FDXVHFRQWHQ]LRVLDSHUWLFKHFRLQYROJRQRO¶D]LHQGDHORURDQGDPHQWRQHOWHPSRVLDLQPRGR
SLDYDQ]DWRFRPHUDSSRUWRWUDOHYHULILFKHLVSHWWLYHFKHKDQQRGDWRHVLWRSRVLWLYRHLOWRWDOH
GHOOH YHULILFKH LVSHWWLYHFRQWUROOL HVWHUQL HIIHWWXDWL HG DYHQWL DG RJJHWWR OD FRQIRUPLWj
QRUPDWLYD
7DEHOOD±,QGLFDWRULVXOODJHVWLRQHGHOODFRQIRUPLWjQRUPDWLYD
$UHD
&DWHJRULD
&RQIRUPLWjQRUPDWLYD
&RPPLWPHQW
$1XPHURGLULVRUVHFRQFRPSHWHQ]HVSHFLILFKHLQPDWHULDGL
QRUPDWLYDDPELHQWDOHLQWHUQHHGHVWHUQHHVFRQVXOHQWL
$1XPHURGLLQL]LDWLYHHVJUXSSLGLODYRURSURWRFROOLVSHFLILFLHWF
PLUDWLDOO¶DGHJXDPHQWRQRUPDWLYRRDOODSUHYHQ]LRQHGLULVFKLGLQRQ
FRQIRUPLWjHVSURWRFROOLVXUHDWLDPELHQWDOL
$1XPHURGLLQL]LDWLYHGLIRUPD]LRQHSHUDJJLRUQDPHQWRVXQRUPDWLYD
DPELHQWDOH
&RQWUROOR
%1XPHURGLDXGLWLQWHUQLLQFXLVLVRQRULVFRQWUDWHQRQFRQIRUPLWj
QRUPDWLYH1XPHURWRWDOHGLDXGLWLQWHUQLHIIHWWXDWL
%1XPHURGLDXGLWLQWHUQLLQFXLVLVRQRULVFRQWUDWHQRQFRQIRUPLWj
QRUPDWLYH³SRWHQ]LDOL´1XPHURWRWDOHGLDXGLWLQWHUQLHIIHWWXDWL
5HDWWLYLWj
&1XPHURDQQXRGLLQWHUYHQWLD]LRQLLQVHJXLWRDQXRYHGLVSRVL]LRQL
QRUPDWLYHDPELHQWDOLDSSOLFDELOL1XPHURDQQXRGLQXRYHGLVSRVL]LRQL
QRUPDWLYHDPELHQWDOLDSSOLFDELOL
29
(FRQRPLFL
'6SHVHSHULQWHUYHQWLLQVHJXLWRDQXRYHGLVSRVL]LRQLQRUPDWLYH
VSHVHSHULQWHUYHQWLVDQ]LRQLSHFXQLDULH
'6SHVHSHUVWUXPHQWLGLJHVWLRQHGHOODFRQIRUPLWjQRUPDWLYDHV
VRIWZDUH6SHVHVWDQ]LDWHSHUVWUXPHQWLDVXSSRUWRGHOODJHVWLRQH
D]LHQGDOH
'$QGDPHQWRGHOOHVSHVHUHODWLYHDFRQWHQ]LRVLFDXVHLQHUHQWLOD
FRQIRUPLWjQRUPDWLYDDPELHQWDOH
'0XOWHRVDQ]LRQLSDJDWHQHOSHULRGRGLULIHULPHQWR
&RQVHQVR
(1XPHURGLFRQWHQ]LRVLDSHUWLUHODWLYLDGDVSHWWLGLFRQIRUPLWj
QRUPDWLYDDPELHQWDOH
(1XPHURGLFDXVHDSHUWHUHODWLYHDGDVSHWWLGLFRQIRUPLWjQRUPDWLYD
DPELHQWDOH
(1XPHURGLYHULILFKHHVWHUQHGDSDUWHGLHQWLGLFRQWUROORGL
FHUWLILFD]LRQHHWFFRQEXRQHVLWR1XPHURWRWDOHGLYHULILFKHHVWHUQHVX
FRQIRUPLWjQRUPDWLYD
,O EXRQ IXQ]LRQDPHQWR GL XQ 6LVWHPD GL *HVWLRQH $PELHQWDOH ULFKLHGH O¶LPSLHJR GL ULVRUVH
XPDQH GRWDWH GL FRPSHWHQ]H DPELHQWDOL PXOWLGLVFLSOLQDUL ± HFRQRPLFRJHVWLRQDOL WHFQLFKH
JLXULGLFKH ± D IURQWH GL XQD SRVVLELOLWj VSHVVR OLPLWDWD GD SDUWH GHOO¶D]LHQGD GL GLVSRUUH GL
ULVRUVH LQ JUDGR GL FRSULUH WDOH YHQWDJOLR GL FRPSHWHQ]H 'LYHQWD TXLQGL ULOHYDQWH IRUPDUH OH
ULVRUVH DO ILQH GL LQWHJUDUH L SURILOL SUHVHQWL LQ D]LHQGD RYYHUR DJLUH SHU UDIIRU]DUH L IOXVVL GL
FRPXQLFD]LRQH H JOL VFDPEL GL FRQRVFHQ]D WUD LO SHUVRQDOH FRQ FRPSHWHQ]H DPELHQWDOL
FRPSOHPHQWDUL DSSDUWHQHQWH D GLYHUVL XIILFL D SDUWLUH GD TXHOOR GHJOL XIILFL ³$PELHQWH´ H
³/HJDOH´
30
(VHPSLR ,QGLFDWRUH Q $ 1XPHUR GL ULVRUVH FRQ FRPSHWHQ]H VSHFLILFKH LQ PDWHULD GL
OHJLVOD]LRQHDPELHQWDOHLQWHUQHHGHVWHUQH
'DWL
1HJOLDQQLSLUHFHQWLODKDLQYHVWLWRVLJQLILFDWLYDPHQWHQHOORVYLOXSSRGHOOH
SURSULHULVRUVHXPDQHDOILQHGLUDIIRU]DUHOHSURSULHFRPSHWHQ]HLQWHUQHLQPDWHULDGL
OHJLVOD]LRQHDPELHQWDOHHGLULGXUUHFRQVHJXHQWHPHQWHLOULFRUVRDFRQVXOHQWLHVWHUQLLQ
TXHVWRDPELWR
ƒ GXHSHUVRQHGHOO¶XIILFLROHJDOHGHOODVRFLHWjKDQQRIUHTXHQWDWRXQ0DVWHULQGLULWWR
DPELHQWDOH
ƒ LO5HVSRQVDELOHGHO6LVWHPDGL*HVWLRQH$PELHQWDOHKDVHJXLWRXQFRUVRGL
DJJLRUQDPHQWRRQOLQHVXOODJHVWLRQHGHOODFRQIRUPLWjOHJLVODWLYDDPELHQWDOH
/¶D]LHQGDVLDYYDOHSHUDOWURDQFRUDGLGXHFRQVXOHQWLHVWHUQLXQOHJDOHHVSHUWRLQPDWHULDGL
GDQQRHUHDWLDPELHQWDOLHXQHVSHUWRGLXQDVRFLHWjGLFRQVXOHQ]DDPELHQWDOH
VSHFLDOL]]DWDQHOVHWWRUHGHLULILXWL
&DOFROR
,QGLFDWRUH
GLFRPPLWPHQW
1XPHURGLULVRUVHFRQ
FRPSHWHQ]HVSHFLILFKH
LQPDWHULDGL
OHJLVOD]LRQHDPELHQWDOH
LQWHUQHHGHVWHUQH
HVFRQVXOHQWL
$VVROXWR
9DOHQ]DLQIRUPDWLYD
5HODWLYR
ULVRUVH
LQWHUQH
WRWDOH
ULVRUVH
6XEDVH
DQQXD
'DHYLGHQ]D
GHOO¶LPSHJQR
D]LHQGDOHDGRWDUVL
GLULVRUVHDWWHDG
DGDVVLFXUDUHOD
SLHQDFRQIRUPLWj
DOODOHJLVOD]LRQH
DPELHQWDOH
7UHQG
6HJQDODOD
VROLGLWjGLWDOH
LPSHJQRQHO
WHPSR
1RWH
/¶DQGDPHQWRGHOSHVRUHODWLYRGHOOHULVRUVHLQWHUQHVXOWRWDOHGHOOHULVRUVHFRQFRPSHWHQ]H
DPELHQWDOLSXzULIOHWWHUHODYRORQWjHODFDSDFLWjGHOO¶D]LHQGDGLFRQVROLGDUHQHOWHPSRLO
,55LQWHUQRLQPDWHULDGLFRQIRUPLWjDPELHQWDOH
31
6FKHGD Q ± *HVWLRQH H VYLOXSSR GHOOH ULVRUVH
XPDQH
&RPH SHU RJQL DOWUD DWWLYLWj D]LHQGDOH OH ULVRUVH XPDQH ULYHVWRQR XQ UXROR FHQWUDOH SHU
DVVLFXUDUHLOEXRQIXQ]LRQDPHQWRDQFKHGHO6LVWHPDGL*HVWLRQH$PELHQWDOH$SDUWLUHFRPHVL
qGHWWRFIU%8GDOO¶LPSUHVFLQGLELOHLPSHJQRGHLYHUWLFLD]LHQGDOLODFRQRVFHQ]DHLO
FRLQYROJLPHQWRVXOOHWHPDWLFKHDPELHQWDOLDWXWWLLOLYHOOLGHOO¶RUJDQL]]D]LRQHqXQHOHPHQWRFKH
SXz UHDOPHQWH ³IDUH OD GLIIHUHQ]D´ LQ WHUPLQL GL HIILFDFLD GHO 6LVWHPD ROWUH DOOH QHFHVVLWj GL
VFDPELR GL LQIRUPD]LRQH H FRQRVFHQ]D H GL LQWHUD]LRQH WUD OD IXQ]LRQH H OH IXQ]LRQL
UHVSRQVDELOL GHOOH GLYHUVH IDVL GHO SURFHVVR GL SURGX]LRQH H FRPPHUFLDOL]]D]LRQH .
. =,
HWF q LPSRUWDQWH FKH WXWWL L GLSHQGHQWL ± D SUHVFLQGHUH GDL ORUR
VSHFLILFL UXROL H UHVSRQVDELOLWj ± VLDQR FRQVDSHYROL GHOO¶LPSHJQR DPELHQWDOH GHOOD SURSULD
D]LHQGDHGHOFRQWULEXWRFKHFLDVFXQRSXzDSSRUWDUHSHUXQDJHVWLRQHDPELHQWDOHFRUUHWWD
/¶HQWLWjGHOORVIRU]RQHFHVVDULRSHUGLIIRQGHUHFDSLOODUPHQWHLO6*$DOO¶LQWHUQRGHOO¶D]LHQGDYDULD
QDWXUDOPHQWHDVHFRQGDGHOOHGLPHQVLRQLGHOO¶RUJDQL]]D]LRQHQRQFKpGHOOLYHOORGLPDWXULWjGHO
6LVWHPDVWHVVR&RQULIHULPHQWRDTXHVW¶XOWLPRLQROWUHRFFRUUHDJJLXQJHUHFKHPROWRVSHVVR±
VRSUDWWXWWR QHO FDVR GHOOH D]LHQGH GL VHUYL]L ± OD SRVVLELOLWj GL XQ PLJOLRUDPHQWR GHOOH
SUHVWD]LRQL DPELHQWDOL GHOO¶RUJDQL]]D]LRQH VL ³JLRFD´ LQ JUDQ SDUWH VXOOD GLPHQVLRQH
FRPSRUWDPHQWDOH GHL GLSHQGHQWL ODGGRYH GDO SXQWR GL YLVWD LPSLDQWLVWLFR H VWUXWWXUDOH QRQ YL
VRQR PROWL PDUJLQL GL XOWHULRUH PLJOLRUDPHQWR VL SHQVL WLSLFDPHQWH DL FRPSRUWDPHQWL
FRQQHVVLDLFRQVXPLHQHUJHWLFLQHOO¶DPELWRGHOOHDWWLYLWjGLXIILFLR
,Q WHUPLQL GL FRPPLWPHQW XQ SULPR LQGLFDWRUH GHOO¶LPSHJQR DPELHQWDOH ULVSHWWR DOOH ULVRUVH
XPDQHULJXDUGDODIRUPD]LRQHDPELHQWDOHGHLGLSHQGHQWLPLVXUDWDVLDFRPHRUHGLIRUPD]LRQH
HURJDWH VLD FRPH SHUFHQWXDOH GL GLSHQGHQWL FRLQYROWL QRQFKp GDOO¶DQGDPHQWR GL HQWUDPEH
TXHVWH JUDQGH]]H QHO WHPSR /D FROORFD]LRQH GHOOD IXQ]LRQH QHOO¶RUJDQLJUDPPD H OD
FRPSRQHQWH GHOO¶RUJDQLFR D]LHQGDOH GRWDWD GL FRPSHWHQ]H DPELHQWDOL IRUQLVFRQR LQYHFH XQD
PLVXUDGHOODULOHYDQ]DFKHWDOLFRPSHWHQ]HHIXQ]LRQHULYHVWRQRQHOOHVFHOWHVWUDWHJLFKHHQHOOH
GLQDPLFKHLQWHUQHGHOO¶RUJDQL]]D]LRQH
/¶HIILFDFLD GHOOD IRUPD]LRQH HURJDWD q XQ HOHPHQWR HVVHQ]LDOH SHU UDJJLXQJHUH TXHO OLYHOOR GL
FRLQYROJLPHQWRGHOSHUVRQDOHLQJUDGRGLFRQWULEXLUHUHDOPHQWHDOPLJOLRUDPHQWRGHO6*$VRWWR
TXHVWR SURILOR XQ EXRQ VLVWHPD GL LQGLFDWRUL QRQ GRYUHEEH OLPLWDUVL D PLVXUDUH IRUPD]LRQHqVWDWD UHDOL]]DWDLQWHUPLQLGLRUHHURJDWH R FRUVLUHDOL]]DWLHRTXDQWHVSHVH VL
VRQRVRVWHQXWHDOORVFRSRPDFRQWUROODUQHJOLHVLWLDWWUDYHUVRVSHFLILFLLQGLFDWRULGLYDOXWD]LRQH
GHOO¶DSSUHQGLPHQWR RYYHUR GL UHDWWLYLWj ULVSHWWR D ULVXOWDWL QRQ VRGGLVIDFHQWL ULVSHWWR DOOD
SDUWHFLSD]LRQH GHO SHUVRQDOH DOOH LQL]LDWLYH GL IRUPD]LRQH RYYHUR ULVSHWWR DOO¶HIILFDFLD
GHOO¶DSSUHQGLPHQWRVWHVVR
2OWUH DOOD IRUPD]LRQH LO IXQ]LRQDPHQWR GHO 6*$ QHOO¶DPELWR GHOOH ULVRUVH XPDQH WURYD LQILQH
XQDGLPHQVLRQHHIILFDFHGLVYLOXSSRQHOOHLQL]LDWLYHGLVHQVLELOL]]D]LRQHDPELHQWDOHFKH±DQFKH
TXDQGRQRQGLUHWWDPHQWHFROOHJDWHDO6LVWHPDPDLQJUDGRGLIDUOHYDVXOSHUVRQDOHDWWUDYHUVR
WHPL SDUWLFRODUPHQWH VHQWLWL H O¶XVR GL DGHJXDWL PHFFDQLVPL GL FRLQYROJLPHQWR ± SRVVRQR
DWWLYDUH TXHO VHQVR GL SDUWHFLSD]LRQH FKH JHQHUD FRQVHQVR IUD L GLSHQGHQWL H QH VWLPROD OD
FDSDFLWjGLSURSRUUHDXWRQRPHLQL]LDWLYHGLPLJOLRUDPHQWR
32
7DEHOOD±,QGLFDWRULVXOODJHVWLRQHHORVYLOXSSRGHOOHULVRUVHXPDQH
$UHD
&DWHJRULD
5LVRUVHXPDQH
&RPPLWPHQW
$1XPHURGLRUHGLIRUPD]LRQHDLGLSHQGHQWLHURJDWH
$1XPHURGLSURILOLD]LHQGDOLFRQFRPSHWHQ]HDPELHQWDOL
$1XPHURGLOLYHOOLJHUDUFKLFLWUDODIXQ]LRQH$PELHQWHHO¶$'
$1XPHURGLSURSRVWHGLPLJOLRUDPHQWRSUHVHQWDWHGDLGLSHQGHQWL
&RQWUROOR
%1XPHURGLWHVWGLYDOXWD]LRQHFRQHVLWRQRQVRGGLVIDFHQWH
1XPHURGLWHVWGLYDOXWD]LRQHUDFFROWL
%1XPHURGL?)
ODFXLFDXVDqDVFULYLELOHDFDUHQ]H
QHOODIRUPD]LRQH1XPHURWRWDOHGL?)
5HDWWLYLWj
&1XPHURGLFRUVLULSHWXWL1XPHURGLFRUVLSHUFXLO¶DSSUHQGLPHQWR
qVWDWRJLXGLFDWRQHJDWLYR
&1XPHURGLVROOHFLWD]LRQLULFKLDPLHIIHWWXDWHLULVSHWWRDOODPDQFDWD
SDUWHFLSD]LRQHGHLGLSHQGHQWLDOOHLQL]LDWLYHGLIRUPD]LRQH
(FRQRPLFL
'6SHVHVRVWHQXWHSHUODIRUPD]LRQH6SHVHVWDQ]LDWH
'6SHVHVWDQ]LDWHSHUODIRUPD]LRQH
'6SHVHSHULQL]LDWLYHGLVHQVLELOL]]D]LRQHDPELHQWDOHGHLGLSHQGHQWL
HVLQL]LDWLYHSHULQFHQWLYDUHIRUPHGLPRELOLWjVRVWHQLELOH
³4´R³4´
D]LHQGDOLFRQYDOHQ]D
DPELHQWDOHHWF
&RQVHQVR
(1XPHURGLGLSHQGHQWLSDUWHFLSDQWL1XPHURGLGLSHQGHQWL
FRQYRFDWL
/D IRUPD]LRQH GHL GLSHQGHQWL FRPH VL q GHWWR q XQD SUHFRQGL]LRQH IRQGDPHQWDOH DIILQFKp
O¶D]LHQGD SRVVD JDUDQWLUVL FKH HVVL FRPSUHQGDQR OH SURSULH UHVSRQVDELOLWj DPELHQWDOL H
DSSOLFKLQR OH SURFHGXUH H OH SUDVVL GHILQLWH SHU SUHYHQLUH PLQLPL]]DUH R SL VHPSOLFHPHQWH
PLJOLRUDUH O¶LPSDWWR DPELHQWDOH GHOOH DWWLYLWj D FXL VRQR SUHSRVWL 6ROR XQ GLSHQGHQWH FKH KD
SLHQDPHQWHFRPSUHVROHFRQVHJXHQ]HGHLSURSULFRPSRUWDPHQWLVXOO¶DPELHQWHHFKHFRQGLYLGH
O¶LPSHJQR D]LHQGDOH YHUVR O¶HIILFLHQ]D DPELHQWDOH VDUj LQIDWWL GLVSRVWR D FRQWULEXLUH DO
UDJJLXQJLPHQWRGHJOLRELHWWLYLFKHO¶D]LHQGDVLqSUHILVVDWD'LYHQWDTXLQGLLPSRUWDQWHQRQVROR
UHDOL]]DUH LQL]LDWLYH GL IRUPD]LRQH D IDYRUH GHO SHUVRQDOH H YDOXWDUQH O¶HIILFDFLD PD DQFKH
DGRWWDUHPLVXUHFKHFRQVHQWDQRDO6*$GL³UHDJLUH´DIURQWHGLXQULVXOWDWRLQVRGGLVIDFHQWHLQ
WHUPLQLGLDSSUHQGLPHQWR
33
(VHPSLR ,QGLFDWRUH Q & 1XPHUR GL FRUVL ULSHWXWL 1XPHUR GL FRUVL SHU FXL
O¶DSSUHQGLPHQWRqVWDWRJLXGLFDWRQHJDWLYR
'DWL
,O3LDQRDQQXDOHGLIRUPD]LRQHGHOODSUHYHGHFRUVLGLIRUPD]LRQHSHUL
GLSHQGHQWLXQRGHLTXDOLGHGLFDWRDOFRPSRUWDPHQWRDPELHQWDOHGHOSHUVRQDOHHRUJDQL]]DWR
LQGXHVHVVLRQLGDVYROJHUVLXQDQHOSULPRHXQDQHOVHFRQGRVHPHVWUHGHOO¶DQQR
2JQLVHVVLRQHSUHYHGHDOWHUPLQHXQWHVWGLYDOXWD]LRQHGHOO¶DSSUHQGLPHQWRHLQFDVRGL
YDOXWD]LRQHQHJDWLYDODSRVVLELOLWjSHULOGLSHQGHQWHGLULSHWHUHLOFRUVRQHOVHPHVWUH
VXFFHVVLYR
ƒ QHOODVHVVLRQHGHOSULPRVHPHVWUHSDUWHFLSDQRDOFRUVRGLSHQGHQWL
ƒ LWHVWGLDSSUHQGLPHQWRUHJLVWUDQRHVLWLSRVLWLYLHQHJDWLYL
ƒ QHOVHFRQGRVHPHVWUHSDUWHFLSDQRDOFRUVRGLSHQGHQWLGHLTXDOLULSHWRQROD
VHVVLRQHSUHFHGHQWH
,QGLFDWRUH
GLUHDWWLYLWj
1XPHURGLFRUVL
ULSHWXWL1XPHUR
GLFRUVLSHUFXL
O¶DSSUHQGLPHQWRq
VWDWRJLXGLFDWR
QHJDWLYR
9DOHQ]DLQIRUPDWLYD
&DOFROR
6XEDVH
DQQXD
0LVXUDODUHDWWLYLWjGHO
6*$ULVSHWWR
DOO¶LQHIILFDFLDGHOOD
IRUPD]LRQHHURJDWD
7UHQG
0LVXUDO¶DQGDPHQWRQHO
WHPSRGHOODUHDWWLYLWjGHO
6*$ULVSHWWRDOO¶LQHIILFDFLD
GHOODIRUPD]LRQH
1RWH
/¶LQGLFDWRUHIRUQLVFHLQIRUPD]LRQLFRPSOHPHQWDULULVSHWWRDJOLLQGLFDWRULUHODWLYLDOO¶HIILFDFLD
GHOODIRUPD]LRQHHURJDWD
3HUFLDVFXQLQGLFDWRUHO¶D]LHQGDSXzLQROWUHGHFLGHUHGLILVVDUHRELHWWLYLQXPHULFLGD
UDJJLXQJHUH
34
6FKHGDQ±/RJLVWLFD7UDVSRUWLH'LVWULEX]LRQH
, SURFHVVL GL WUDVSRUWR GLVWULEX]LRQH H ORJLVWLFD YHQJRQR LQ JHQHUH JHVWLWL GDOO¶D]LHQGD
DWWUDYHUVR LO ULFRUVR D IRUQLWRUL HG RSHUDWRUL HVWHUQL L TXDOL FRQFRUURQR QHOOD SURVSHWWLYD GHO
6*$ DOOD JHQHUD]LRQH GL LPSDWWL DPELHQWDOL LQGLUHWWL HVVHQ]LDOPHQWH LQ WHUPLQL GL WUDIILFR
LQGRWWRHVHPLVVLRQLUXPRUHFRQJHVWLRQHGHOODYLDELOLWjORFDOHVSHVVRLQJUDGRGLLQFLGHUH
VHQVLELOPHQWH VXOOD TXDOLWj DPELHQWDOH GHO WHUULWRULR GL RSHUDWLYLWj GHOO¶D]LHQGD /¶DGR]LRQH GL
LQGLFDWRUL FRQ ULIHULPHQWR D TXHVWL SURFHVVL ULIOHWWH TXLQGL LQ JUDQGH PLVXUD OD YRORQWj
GHOO¶D]LHQGDGLJHVWLUHQHOO¶DPELWRGHO6LVWHPDJOLDVSHWWLDPELHQWDOLLQGLUHWWLULFRQGXFLELOLDOOD
VFHOWD H DOOD FRPSRVL]LRQH GHL VHUYL]L GL WUDVSRUWR GL PDWHULH SULPH H SURGRWWL ILQLWL FKH HVVD
GHFLGH GL DIILGDUH LQ DSSDOWR D VRJJHWWL WHU]L GLWWH IRUQLWULFL GHL VHUYL]L GL WUDVSRUWR H ORUR
HYHQWXDOL VXEIRUQLWRUL /DGGRYH LQYHFH WUDVSRUWDWRUL H GLVWULEXWRUL VLDQR SDUWH LQWHJUDQWH GHO
SHUVRQDOH D]LHQGDOH JOL LQGLFDWRUL DSSOLFDELOL DL SURFHVVL GL WUDVSRUWR H ORJLVWLFD ULVSRQGRQR DG
XQDORJLFDGLPLVXUD]LRQHHYDOXWD]LRQHGHOODFDSDFLWjGLJHVWLRQHGLDVSHWWLDPELHQWDOLGLUHWWL
,QWHUPLQLGLLPSHJQRXQEXRQVLVWHPDGLLQGLFDWRULGRYUHEEHGDUHFRQWRDQ]LWXWWRGHOO¶HQWLWj
H GHOOD FRQVLVWHQ]D GHOOH LQL]LDWLYH PHVVH LQ FDPSR GDOO¶D]LHQGD DO ILQH GL FRLQYROJHUH L SURSUL
IRUQLWRUL LQ XQD JHVWLRQH DPELHQWDOH FRUUHWWD H LPSURQWDWD DO PLJOLRUDPHQWR GHL VHUYL]L GL
ORJLVWLFD H WUDVSRUWR 7DOL LQL]LDWLYH SRVVRQR LQFOXGHUH H TXLQGL JOL LQGLFDWRUL DSSOLFDUVL D VLD
IRUPHSL³HVLJHQWL´GLFRLQYROJLPHQWR±EDVDWH HVVHQ]LDOPHQWHVXOODVHOH]LRQHGLSDUWQHUFKH
ULVSHWWLQR SUHFLVL UHTXLVLWL DPELHQWDOL ± VLD PHFFDQLVPL SL IOHVVLELOL EDVDWL VX ORJLFKH GL
FRQGLYLVLRQHHFROODERUD]LRQHGLSURJHWWLVSHFLILFLPLUDWLDGRWWLPL]]DUHOHDWWLYLWjGLORJLVWLFDH
GLVWULEX]LRQHVRWWRLOSURILORDPELHQWDOH
&RQULIHULPHQWRDOODFDWHJRULDGHOFRQWUROORO¶D]LHQGDSXzDYHUHXQDPLVXUDGHOODFDSDFLWjGHO
SURSULR6*$GLYHULILFDUHHVRUYHJOLDUHFRQFRQWLQXLWjO¶DWWLYLWjGLWDOLIRUQLWRULVLDTXDQWLILFDQGR
OH SURSULH DWWLYLWj GL DXGLW GL ³SDUWH VHFRQGD´ DYHQWL DG RJJHWWR OH DWWLYLWj GL ORJLVWLFD H
WUDVSRUWRVLDDWWUDYHUVRO¶XWLOL]]RGLLQGLFDWRULPLUDWLDYDOXWDUHLOULVSHWWRGHJOLVSHFLILFLUHTXLVLWL
DPELHQWDOLSUHYLVWLHLQVHULWLFRPHSDUWHLQWHJUDQWHGHLFRQWUDWWLSHULOVHUYL]LRDGHVHPSLRLQ
WHUPLQL GL SHUFRUUHQ]H R GL PH]]L XWLOL]]DWL GDL IRUQLWRUL 6SHFXODUPHQWH OD UHDWWLYLWj GHO 6*$
ULVSHWWR DG XQD JHVWLRQH DPELHQWDOH QRQ FRUUHWWD GL WDOL DWWLYLWj SXz HVVHUH YDOXWDWD
TXDQWLILFDQGR OH D]LRQL FRUUHWWLYH H SUHYHQWLYH R OH VHPSOLFL LQL]LDWLYH GL ³ ´ GL
QDWXUD OHJDOH FRQWUDWWXDOH JHVWLRQDOH HWF PHVVH LQ FDPSR D IURQWH GL HYLGHQ]H GL QRQ
FRQIRUPLWjHRLQDGHPSLPHQWL
'DOSXQWRGLYLVWDHFRQRPLFRXQDSULPDJUDQGH]]DGLLQWHUHVVHSHUODFRVWUX]LRQHGLLQGLFDWRUL
DPELHQWDOLLQTXHVWRDPELWRqUDSSUHVHQWDWDGDL
GDWRRUGLQDULDPHQWHULOHYDWR
GDLVLVWHPLFRQWDELOLHDPPLQLVWUDWLYLGHOO¶D]LHQGD7DOLFRVWLSRVVRQRHVVHUHULFDOFRODWLULVSHWWR
DL VHUYL]L D YDOHQ]D DPELHQWDOH FXL VRQR ILQDOL]]DWL H UDSSRUWDWL DG HVHPSLR DL NP SHUFRUVL
IRUQHQGR DOO¶LPSUHVD XWLOL LQGLFD]LRQL LQ PHULWR DOO¶HIILFLHQ]D UHODWLYD GL WDOL VHUYL]L 6HPSUH LQ
WHUPLQL HFRQRPLFL SXz HVVHUH VLJQLILFDWLYR LQROWUH DIILDQFDUH DOOD TXDQWLILFD]LRQH GHL FRVWL GL
WUDVSRUWR ³DPELHQWDOL´ O¶XWLOL]]R GL LQGLFDWRUL PLUDWL DG HVSULPHUH LO FKH OH VFHOWH
DPELHQWDOL HIIHWWXDWH KDQQR FRQVHQWLWR GL FRQVHJXLUH VL SHQVL DG HVHPSLR DG LQGLFDWRUL GL
³ULVSDUPLR´ VXL FRVWL YDULDELOL GHULYDQWL GDOO¶LPSLHJR GL XQD IORWWD DOLPHQWDWD D FDUEXUDQWL
DOWHUQDWLYL
,QILQH VRWWR LO SURILOR GHO FRQVHQVR q LPSRUWDQWH FKH O¶D]LHQGD QRQ WUDVFXUL GL ULOHYDUH H
PLVXUDUH RYH SRVVLELOH LO FRQVHQVR FKH OH LQL]LDWLYH PHVVH LQ FDPSR SHU UHQGHUH SL
VRVWHQLELOHOHSURSULHDWWLYLWjGLORJLVWLFDHWUDVSRUWRKDQQRIDWWR UHJLVWUDUHQRQVRORGDSDUWH
GHL IRUQLWRUL ± ³SDUWQHU´ SL R PHQR FROODERUDWLYL GL WDOL LQL]LDWLYH ± PD DQFKH GHL FOLHQWL
GHVWLQDWDUL XOWLPL GHOOD GLVWULEX]LRQH GHL SURGRWWL H VHUYL]L FXL OH DWWLYLWj GL WUDVSRUWR VRQR
IXQ]LRQDOLHGDOODFRPXQLWjORFDOHLOFXLWHUULWRULRqVLJQLILFDWLYDPHQWHLQWHUHVVDWRGDOOHDWWLYLWj
GLWUDVSRUWRHORJLVWLFDD]LHQGDOL
35
7DEHOOD±,QGLFDWRULUHODWLYLD/RJLVWLFD7UDVSRUWLH'LVWULEX]LRQH
$UHD
&DWHJRULD
/RJLVWLFD7UDVSRUWLH'LVWULEX]LRQH
&RPPLWPHQW
$1XPHURGLLQL]LDWLYHGLPLJOLRUDPHQWRDPELHQWDOHGHOODORJLVWLFDH
GHLWUDVSRUWLHVVHOH]LRQHGLD]LHQGHGLWUDVSRUWRLQJUDGRGLJDUDQWLUH
O¶XWLOL]]RGLPH]]LPHQRLQTXLQDQWLDGR]LRQHGLLQL]LDWLYHGL³ILOLHUDFRUWD´
SHUO¶DSSURYYLJLRQDPHQWRGDIRUQLWRULORFDOLDOLPHQWD]LRQHGHLPDJD]]LQL
VFRUWHGDIRQWLHQHUJHWLFKHULQQRYDELOLXWLOL]]RGL
5GL
SLDQLILFD]LRQHSHURWWLPL]]D]LRQHFDULFRHWF
$1XPHURGLJUXSSLGLODYRURRGLLQL]LDWLYHLQFROODERUD]LRQHFRQL
IRUQLWRULRFRQLFOLHQWLPLUDWHDGRWWLPL]]DUHOHDWWLYLWjGLORJLVWLFDH
GLVWULEX]LRQHVRWWRLOSURILORDPELHQWDOHHVLQWHUYHQWLGLPLJOLRUDPHQWR
GHOO¶RUJDQL]]D]LRQHGHOOHVSHGL]LRQLYLDJJLDSLHQRFDULFR
ULGX]LRQHGHOQXPHURGHLWUDVSRUWDWRULUD]LRQDOL]]D]LRQHGL
SHUFRUVLHRUDULGLYLDJJLRRWWLPL]]D]LRQHGHOQHWZRUNSHUULGXUUHNP
SHUFRUVLXWLOL]]RGLFHQWULGLFRQVROLGDPHQWRUD]LRQDOL]]D]LRQHGHOOH
VFRUWHHWF
$1XPHURGLIRUQLWRULSHULTXDOLVRQRLQWURGRWWHUHJROHFRQWUDWWXDOL
DPELHQWDOLSHUO¶HIIHWWXD]LRQHGHOVHUYL]LRGLWUDVSRUWRRYYHURGL
VHUYL]LGLWUDVSRUWRDSSDOWDWLYLQFRODWLGDUHJROHFRQWUDWWXDOLDPELHQWDOL
VXOWRWDOHGHLVHUYL]LGLWUDVSRUWRDSSDOWDWL
$1XPHURGLD]LRQLGLVHQVLELOL]]D]LRQHIRUPD]LRQHHFRPXQLFD]LRQH
PLUDWHYHUVRLWUDVSRUWDWRULHVQXPHURGLRUHGLIRUPD]LRQHGLVFXROD
JXLGD³DPELHQWDOH´HIIHWWXDWHVXLWUDVSRUWDWRUL
$1XPHURGLQXRYLIRUQLWRULGLVHUYL]LGLWUDVSRUWRHRORJLVWLFD
VHOH]LRQDWLVXOODEDVHGLFULWHULDPELHQWDOL
$1XPHURGLPH]]LDFTXLVWDWLGLUHWWDPHQWHIORWWDD]LHQGDOHRGDL
SURSULIRUQLWRULFRQFDUDWWHULVWLFKHVXSHULRULGDOSXQWRGLYLVWDDPELHQWDOH
HVPH]]LLEULGLFDUEXUDQWLDOWHUQDWLYL
&RQWUROOR
%1XPHURGLDXGLWDPELHQWDOLHIIHWWXDWLRRUHGLDXGLWSUHVVRL
IRUQLWRULGLVHUYL]LGLORJLVWLFD
%,QGLFDWRULSHULOFRQWUROORGHOOHSHUFRUUHQ]HRGHLPH]]LXWLOL]]DWL
GDLIRUQLWRUL
5HDWWLYLWj
&1XPHURGLLQWHUYHQWLGLUHYLVLRQHFRQWUDWWXDOHRGLVRVWLWX]LRQH
IRUQLWRUHDWWXDWLLQVHJXLWRDVHJQDOD]LRQHGL?)
&1XPHURGLD]LRQLFRUUHWWLYHHSUHYHQWLYHUHDOL]]DWHQHOFRUVR
GHOO¶DQQRVXOWHPDGHOODORJLVWLFD
&1XPHURGLSHQDOLULFKLHVWHDIURQWHGLLQDGHPSLPHQWLGHO
IRUQLWRUH
36
(FRQRPLFL
'&RVWLGLWUDVSRUWRHGLVHUYL]LRGLORJLVWLFDSHULVHUYL]LDYDOHQ]D
DPELHQWDOH.PSHUFRUVL
',QGLFDWRULGL³ULVSDUPLR´VXLFRVWLYDULDELOLGHOODIORWWDDOLPHQWDWD
D]LHQGDOHRGLIRUQLWRULDFDUEXUDQWLDOWHUQDWLYL
',QFLGHQ]DGHLFRVWLGLWUDVSRUWRHYHQWXDOPHQWHFRVWLPDUJLQDOL
SHUVHUYL]LDYDOHQ]DDPELHQWDOHVXOFRVWRGLSURGX]LRQHWRWDOH
'6SHVHRLQYHVWLPHQWLSHULQWHUYHQWLUHDOL]]DWLQHOODORJLVWLFDFRQ
YDOHQ]DDPELHQWDOHHVRWWLPL]]D]LRQHFDULFKLORFDOL]]D]LRQH
5,
SHUODGLVWULEX]LRQHHWF
&RQVHQVR
(6XJJHULPHQWLRSURSRVWHGLFROODERUD]LRQHVXLWHPLGHOODORJLVWLFD
VRVWHQLELOHGDSDUWHGHLIRUQLWRULRGHOOHLVWLWX]LRQLORFDOLHVSDUWQHUVKLS
FRQFDVHDXWRPRELOLVWLFKHRFRPXQLILQDOL]]DWHDOODULFHUFDGLVROX]LRQL
HFRORJLFKHDOLYHOORGLPH]]LXWLOL]]DWLRORJLVWLFKHDOO¶LQWHUQRGLFHQWUL
XUEDQL
(,QGLFDWRULGLVRGGLVID]LRQHGHLFOLHQWLUHODWLYDPHQWHDLVHUYL]LGL
ORJLVWLFDVRVWHQLELOH
(,QGLFDWRULGLFRQVHQVRGHOODFRPXQLWjORFDOHULVSHWWRDOOHLQL]LDWLYH
GLWUDVSRUWRHORJLVWLFDVRVWHQLELOHDWWLYDWHHVXWLOL]]RGLPH]]LDEDVVR
LPSDWWRDFXVWLFRSHUOHFRQVHJQH
37
(VHPSLR ,QGLFDWRUH Q $ 1XPHUR GL QXRYL IRUQLWRUL GL VHUYL]L GL WUDVSRUWR HR ORJLVWLFD
VHOH]LRQDWLVXOODEDVHGLFULWHULDPELHQWDOL
'DWL
,VHUYL]LGLWUDVSRUWRDSSDOWDWLGDOODVRQRVWDWLDVVHJQDWLDLQL]LRDQQRDWWUDYHUVR
XQDJDUDFKHKDYLVWRLQVHULWRIUDOHVSHFLILFKHWHFQLFKHSUHPLDQWLDQFKHLOSRVVHVVRGL
UHTXLVLWLDPELHQWDOL
$OWHUPLQHGHOODJDUDLIRUQLWRULDJJLXGLFDWDULGHLVHUYL]LVRQRULVXOWDWL
ƒ 'XHVLVRQRLPSHJQDWLDGHIIHWWXDUHDWWLYLWjGLGHSRVLWRHWUDVSRUWRGHOOHPHUFLPHGLDQWH
VROX]LRQLFROOHWWLYHHVPDJD]]LQDJJLRFRPXQHHJOLVSRVWDPHQWLDSLHQRFDULFRGHJOL
DXWRPH]]LFRQFRQVHJXHQWHULGX]LRQHGHOQXPHURGLYLDJJL
ƒ 8QRVLqLPSHJQDWRDGRUJDQL]]DUHHDWWXDUHVLVWHPLGLPRELOLWjVRVWHQLELOHGHOSHUVRQDOH
DVVHJQDWRDOODFRPPHVVD
ƒ 8QRLQILQHVLqDJJLXGLFDWRO¶DSSDOWRLQYLUWGHOODIRUPXOD]LRQHGHOO¶RIIHUWD
HFRQRPLFDPHQWHSLYDQWDJJLRVD
,QGLFDWRUH
GL
FRPPLWPHQW
1XPHURGL
QXRYLIRUQLWRUL
GLVHUYL]LGL
WUDVSRUWRHR
ORJLVWLFD
VHOH]LRQDWL
VXOODEDVHGL
FULWHUL
DPELHQWDOL
&DOFROR
$VVROXWR
9DOHQ]DLQIRUPDWLYD
5HODWLYR
VXWRWDOHQXRYL
IRUQLWRUL
6XEDVH
DQQXD
4XDQWLILFD
O¶LPSHJQR
D]LHQGDOHDOOD
JHVWLRQHGHJOL
DVSHWWLLQGLUHWWL
FRQQHVVLDLVHUYL]L
GLWUDVSRUWR
DSSDOWDWL
7UHQG
(YLGHQ]LDO¶HYROYHUVLGL
WDOHLPSHJQRQHO
WHPSR
1RWH
/¶LQGLFDWRUHSRWUHEEHQRQHVVHUHFDOFRODELOHVXSLDQQLFRQVHFXWLYLQHOFDVRGLDSSDOWL
SOXULHQQDOL,QWHUPLQLGLWUHQGSRWUHEEHURPHWWHUVLDFRQIURQWRLGDWLUHODWLYLDOOHJDUHFKHVL
VRQRVXFFHGXWHQHOWHPSR
38
6FKHGDQ±0DQXWHQ]LRQHH6HUYL]L
,SURFHVVLGL
HL
VRQRULFRQGXFLELOLDWXWWHTXHOOHDWWLYLWjILQDOL]]DWH
DO PDQWHQLPHQWR QHO WHPSR GHOO¶HIILFLHQ]D H GHOOD FRQIRUPLWj GL LPSLDQWL DWWUH]]DWXUH H
PDFFKLQDUL GHOO¶D]LHQGD GDO FXL EXRQ IXQ]LRQDPHQWR H FRUUHWWD RSHUDWLYLWj GLSHQGH OD VXD
VWHVVD VRSUDYYLYHQ]D &RQ LO WHUPLQH VL LQWHQGRQR LQYHFH WXWWL TXHL SURFHVVL
VYROWL DOO¶LQWHUQR GHO VLWR D]LHQGDOH H UHODWLYL D VHUYL]L GL FDUDWWHUH JHQHUDOH QRQ GLUHWWDPHQWH
FRQQHVVL DOOH VSHFLILFLWj SURGXWWLYH GHOO¶D]LHQGD TXDOL DG HVHPSLR VHUYL]L GL PHQVD H GL
ULVWRUD]LRQH VHUYL]L GL SXOL]LD VHUYL]L GL FXUD H GL PDQXWHQ]LRQH GHO YHUGH HWF ,Q HQWUDPEL L
FDVL OH DWWLYLWj GL FXL VL FRPSRQJRQR WDOL SURFHVVL SRVVRQR HVVHUH VYROWH GLUHWWDPHQWH GD
SHUVRQDOH D]LHQGDOH RSSXUH GD VRJJHWWL WHU]L RSHUDQWL SHU FRQWR GL GLWWH HVWHUQH FXL TXHVWL
YHQJRQR DSSDOWDWL H GD HYHQWXDOL ORUR VXEDSSDOWDWRUL GDQGR OXRJR ULVSHWWLYDPHQWH DOOD
JHQHUD]LRQHGLLPSDWWLDPELHQWDOLGLUHWWLRLQGLUHWWL
,QWHUPLQLGLFRPPLWPHQWLOIXQ]LRQDPHQWRGHO6*$SXzHVVHUHPLVXUDWRDQ]LWXWWRDWWUDYHUVR
OD TXDQWLILFD]LRQH GHOOH DWWLYLWj PHVVH LQ FDPSR GDOO¶D]LHQGD SHU JDUDQWLUH LO FRUUHWWR
FRPSRUWDPHQWR DPELHQWDOH GD SDUWH GHO SHUVRQDOH LQWHUQR HG HVWHUQR DGGHWWR DOOR
VYROJLPHQWR GL TXHVWH DWWLYLWj LQ WHUPLQL VLD GL ± DQFKH ILQDOL]]DWD DOOD FRUUHWWD
JHVWLRQHGHOOHHPHUJHQ]HRFFRUUHQWLLQTXHVWLDPELWLVLDGL
GLVWUXWWXUHH
GLVSRVLWLYLDVXSSRUWRGLWDOHFRUUHWWRFRPSRUWDPHQWR6LSHQVLDGHVHPSLRFRQULIHULPHQWRDL
VHUYL]L GL PDQXWHQ]LRQH DOOD SUHGLVSRVL]LRQH GL VWUXWWXUH LQWHUQH DO VLWR HR GL VWUXWWXUH
WHPSRUDQHHDOO¶LQWHUQRGLFDQWLHULGHOO¶D]LHQGDSHUIDFLOLWDUHLOFRUUHWWRFRPSRUWDPHQWRGDSDUWH
GHLWHU]LVWLHVXEDSSDOWDWRULLYLRSHUDQWLTXDOL
• DUHHDWWUH]]DWHSHULULILXWL
• GLVSRVLWLYLGL5
B QHOODUHWHLGULFDLQWHUQD
• SURFHGXUHSHUODFRUUHWWDJHVWLRQHGHL³ZFFKLPLFL´DOO¶LQWHUQRGHLFDQWLHUL
&RQ ULIHULPHQWR VSHFLILFR DL VHUYL]L JHQHUDOL XQ XOWHULRUH LQGLFDWRUH GL LPSHJQR SXz HVVHUH
UDSSUHVHQWDWR GDOO¶HQWLWj H GDO SHVR UHODWLYR GHL FULWHUL DPELHQWDOL DGRWWDWL GDOO¶D]LHQGD
QHOO¶DPELWR GHL YLQFROL FRQWUDWWXDOL SRVWL DOOH D]LHQGH IRUQLWULFL GL WDOL VHUYL]L DG HVHPSLR
LQVHUHQGR QHL UHODWLYL FDSLWRODWLXQD VHULH GL UHTXLVLWL SUHVWD]LRQDOL DPELHQWDOLHV SURGRWWL GD
XWLOL]]DUHPRGDOLWjGLJHVWLRQHGHLVHUYL]LHWF
6RWWR LO SURILOR GHO FRQWUROOR O¶D]LHQGD GRYUHEEH SRL QDWXUDOPHQWH DIILDQFDUH DOOH DWWLYLWj GL
IRUPD]LRQHVXPPHQ]LRQDWHRSSRUWXQLPHFFDQLVPLGLYHULILFDGHOO¶HIILFDFLDGHOOHDWWLYLWjPHVVH
LQ FDPSR H TXLQGL ± LQ WHUPLQL GL LQGLFDWRUL ± TXDQWLILFDUH TXDQWD SDUWH GHOOD IRUPD]LRQH
HURJDWDKDWURYDWRULVFRQWURLQYHULILFKHGLDSSUHQGLPHQWRFRQHVLWRSRVLWLYR
$OWUR LQGLFDWRUH DVFULYLELOH DOOD FDWHJRULD GHO FRQWUROOR q TXHOOR ILQDOL]]DWR D PLVXUDUH OD
SHUFHQWXDOH GL TXHVWLRQDUL LQIRUPDWLYL DYHQWL DG RJJHWWR DG HVHPSLR OH QRUPH GL
FRPSRUWDPHQWR DPELHQWDOH GD RVVHUYDUH QHOO¶RSHUDWLYLWj GHL VHUYL]L GL PDQXWHQ]LRQH R QHL
VHUYL]LJHQHUDOLUHVWLWXLWLFRPSLODWLGDDSSDOWDWRULHVXEDSSDOWDWRULVXOWRWDOHGLTXHOOLGLVWULEXLWL
GDOO¶D]LHQGD ,Q FDVR GL DIILGDPHQWR LQ JHVWLRQH D WHU]L GL VHUYL]L WHFQLFL VXO VLWR DG HVHPSLR
QHL FDVL GL JHVWLRQH GL XQD FHQWUDOH WHUPLFD GL XQ GHSRVLWR WHPSRUDQHR GL ULILXWL R GL XQ
LPSLDQWR GL GHSXUD]LRQH RFFRUUH LQROWUH GLVWLQJXHUH LO FDVR LQ FXL OD WLWRODULWj GHOOH
DXWRUL]]D]LRQL ULPDQH LQ FDSR DOO¶D]LHQGD GD TXHOOR GHOOD YROWXUD]LRQH GHOOH VWHVVH /D
UHVSRQVDELOLWj RSHUDWLYD H OHJDOH SXz LQIDWWL YDULDUH VHQVLELOPHQWH QHL GXH FDVL ULFKLHGHQGR
O¶DGR]LRQHGLDGHJXDWHIRUPHGLFRQWUROOR±HGLUHODWLYLRSSRUWXQLLQGLFDWRULGHOODFRQIRUPLWj
GHOOHGLWWHHVWHUQHULVSHWWRDLGLYHUVLUHJLPLDXWRUL]]DWRUL
3HUTXDQWRULJXDUGDODUHDWWLYLWjLOIXQ]LRQDPHQWRGHO6LVWHPDGRYUHEEHHVVHUHFRUUHWWDPHQWH
YDOXWDWRFRQULIHULPHQWRVLDDOOHVLWXD]LRQLGL
±DGHVHPSLRTXDQWLILFDQGROH
D]LRQL LQWUDSUHVH VX DSSDOWDWRUL H VXEDSSDOWDWRUL D IURQWH GL UHODWLYL UDSSRUWL GL LQRVVHUYDQ]D
3HUXQDSSURIRQGLPHQWRVXJOLDVSHWWLDPELHQWDOLLQGLUHWWLFRQQHVVLDOO¶DFTXLVWRGLVHUYL]LWHFQLFLVXOVLWRGHOO¶D]LHQGDVL
YHGDQROH !78;AA8=
39
UHJLVWUDWL±VLDDOOHVLWXD]LRQLGL RFFRUVHULVSHWWRDOOHTXDOLPLVXUDUHLOSHVRUHODWLYR
GLTXHOOHFRUUHWWDPHQWHJHVWLWHHVXSHUDWH
,QWHUPLQLHFRQRPLFLXQDSRVVLELOHJUDQGH]]DGLULIHULPHQWRqGDWDGDOOHVSHVHSHUO¶DFTXLVWRGL
SURGRWWLHFRFRPSDWLELOLXWLOL]]DWLVLDQHOO¶DPELWRGHOODPDQXWHQ]LRQHVLDQHOO¶DPELWRGHLVHUYL]L
JHQHUDOL LQGLSHQGHQWHPHQWH GDOOD SUHVHQ]D R PHQR GL HYHQWXDOL YLQFROL FRQWUDWWXDOL QHOOH
VSHFLILFKHGHLFDSLWRODWLGLVHUYL]LR
,QILQH q HYLGHQWH FKH WXWWH OH DWWLYLWj VRSUD GHVFULWWH H PHVVH LQ FDPSR GDOO¶D]LHQGD SHU
JDUDQWLUHXQDFRUUHWWDJHVWLRQHDPELHQWDOHGHLSURFHVVLGLPDQXWHQ]LRQHHGHLVHUYL]LJHQHUDOL
SRVVRQR HVVHUH VYROWH FRQ ORJLFKH HG DSSURFFL GL WLSR SL R PHQR FROODERUDWLYR FRQ L VRJJHWWL
FRLQYROWL ± VLDQR HVVL GLSHQGHQWL GHOO¶D]LHQGD R DGGHWWL HVWHUQL ± H FKH O¶D]LHQGD GRYUHEEH
VHPSUH ³PLUDUH´ RYH SRVVLELOH DG XQ FRLQYROJLPHQWR DWWLYR GD SDUWH GL WDOL VRJJHWWL
YDOXWDQGRQH LO UHODWLYR FRQVHQVR DWWUDYHUVR RSSRUWXQL LQGLFDWRUL PLUDWL D PLVXUDUH DG
HVHPSLR O¶LQWHUHVVH UHODWLYR GHL GLYHUVL DSSDOWDWRUL H VXEDSSDOWDWRUL QHL FRQIURQWL GHOOD
FHUWLILFD]LRQHRUHJLVWUD]LRQHDPELHQWDOHGHOO¶D]LHQGD
7DEHOOD±,QGLFDWRULUHODWLYLDOODPDQXWHQ]LRQHHDLVHUYL]L
$UHD
&DWHJRULD
0DQXWHQ]LRQHH6HUYL]L
&RPPLWPHQW
$1XPHURGLRUHGLIRUPD]LRQHHIIHWWXDWHVXOODJHVWLRQHGHOOH
HPHUJHQ]HDPELHQWDOLHGLVLFXUH]]DQHJOLLPSLDQWLDIDYRUHGHJOL
RSHUDWRULGHOODPDQXWHQ]LRQHHVHUYL]LJHQHUDOLGLSHQGHQWLDSSDOWDWRUL
HRVXEDSSDOWDWRUL
$,QGLFDWRULGLGRWD]LRQHGHOOHVWUXWWXUHSHUVXSSRUWDUHHDJHYRODUH
LOFRUUHWWRFRPSRUWDPHQWRGDSDUWHGHJOLRSHUDWRULGHOODPDQXWHQ]LRQH
GLSHQGHQWLDSSDOWDWRULHRVXEDSSDOWDWRULLYLRSHUDQWLULVSHWWRDOO¶DUHD
VHUYLWDHVUDFFRJOLWRULHRDUHHDWWUH]]DWHSHULULILXWL
$GHJOLDFTXLVWLSHUVHUYL]LGLPDQXWHQ]LRQHHVHUYL]LJHQHUDOL
YLQFRODWLGDFULWHULDPELHQWDOL
&RQWUROOR
%1XPHURGLYHULILFKHGLDSSUHQGLPHQWRVXOODIRUPD]LRQHGHJOL
RSHUDWRULGHOODPDQXWHQ]LRQHHVHUYL]LJHQHUDOLGLSHQGHQWLDSSDOWDWRUL
HRVXEDSSDOWDWRULFRQHVLWRSRVLWLYR1XPHURWRWDOHGLYHULILFKHGL
DSSUHQGLPHQWRVXOODIRUPD]LRQHHIIHWWXDWDVXWDOLVRJJHWWL
%1XPHURGLTXHVWLRQDULUHVWLWXLWLFRPSLODWL1TXHVWLRQDUL
LQIRUPDWLYLLQYLDWLDGDSSDOWDWRULHVXEDSSDOWDWRUL
5HDWWLYLWj
&1XPHURGLD]LRQLLQWHUYHQWLVXDSSDOWDWRULHVXEDSSDOWDWRUL
1XPHURGLUDSSRUWLGLLQRVVHUYDQ]D
&1XPHURGLHPHUJHQ]HDPELHQWDOLOHJDWHDOO¶DWWLYLWjGHJOL
DSSDOWDWRULJHVWLWHFRUUHWWDPHQWH1XPHURWRWDOHGLHPHUJHQ]H
YHULILFDWHLQTXHVWRDPELWR
&1XPHURGLHPHUJHQ]HDPELHQWDOLJHVWLWHGDOSHUVRQDOHQHO
ULVSHWWRGHLWHPSLSUHYLVWLGDOO¶D]LHQGDSLVWULQJHQWLULVSHWWRDOOD
QRUPDWLYD1XPHURWRWDOHGLHPHUJHQ]HYHULILFDWHLQTXHVWRDPELWR
40
(FRQRPLFL
',QGLFDWRULGLULVSDUPLRHFRQRPLFRFRQVHJXHQWHDLQWHUYHQWL
VWUXWWXUDOLGLULVSDUPLRHQHUJHWLFRGLRWWLPL]]D]LRQHGHOO¶HIILFLHQ]D
HQHUJHWLFDGHOOHVWUXWWXUH
'6SHVHSHUO¶DFTXLVWRGLSURGRWWLDPLQRULPSDWWRDPELHQWDOH
XWLOL]]DWLGDPDQXWHQWRULGLSHQGHQWLDSSDOWDWRULHVXEDSSDOWDWRUL
6SHVHWRWDOLSHUO¶DFTXLVWRGLSURGRWWLXWLOL]]DWLGDPDQXWHQWRUL
&RQVHQVR
(1XPHURGLTXHVWLRQDULGLVRGGLVID]LRQHGLVWULEXLWLDGDSSDOWDWRULH
VXEDSSDOWDWRULFRQHVLWLSRVLWLYL1XPHURWRWDOHGLTXHVWLRQDUL
(1XPHURGLDSSDOWDWRULHVXEDSSDOWDWRULFKHPDQLIHVWDQRLQWHUHVVH
QHLFRQIURQWLGHOODFHUWLILFD]LRQHDPELHQWDOHGHOO¶D]LHQGDDWWUDYHUVROD
SDUWHFLSD]LRQHDGLQL]LDWLYHDPELHQWDOLVSHFLILFKH
(VHPSLR,QGLFDWRUHQ$±3HUFHQWXDOHGHJOLDFTXLVWLSHUVHUYL]LJHQHUDOLYLQFRODWLGDFULWHUL
DPELHQWDOL
'DWL
1HOO¶DPELWRGHOO¶DVVHJQD]LRQHDWHU]LGLXQDVHULHGLDSSDOWLSHUORVYROJLPHQWRGLVHUYL]L
JHQHUDOLVXOSURSULRVLWRODKDVRWWRVFULWWRQHOO¶DQQR:FLQTXHQXRYLFRQWUDWWLLQ
WUHGHLTXDOLVRQRVWDWLLQVHULWLTXDOHSDUWHLQWHJUDQWHGHLUHODWLYLFDSLWRODWLXQDVHULHGLFULWHUL
YLQFRODQWLGLQDWXUDDPELHQWDOH
ƒ *!
"
'
+
ƒ *) "!
'
%
+
ƒ *0
"
(
+
,QGLFDWRUH
GLFRPPLWPHQW
3HUFHQWXDOHGHJOL
DFTXLVWLSHUVHUYL]L
JHQHUDOLYLQFRODWLGD
FULWHULDPELHQWDOL
&DOFROR
$VVROXWR
2
3
9DOHQ]DLQIRUPDWLYD
5HODWLYR
6XEDVH
DQQXD
)RUQLVFHXQDPLVXUD
GHOO¶DWWHQ]LRQHFKH
O¶D]LHQGDULVHUYDDOOD
FRUUHWWDJHVWLRQH
DPELHQWDOHLQWXWWLJOL
DPELWLGLRSHUDWLYLWj
VXOVXRVLWR
7UHQG
'DHYLGHQ]DGHOOD
FRQVLVWHQ]DGLWDOH
LPSHJQRQHO
WHPSR
1RWH
,QWHUPLQLGLWUHQGO¶LQGLFDWRUHYDQDWXUDOPHQWHDGRWWDWRLQUDSSRUWRDOO¶DQGDPHQWR
GHOO¶DVVHJQD]LRQHGLQXRYLDSSDOWLQHOWHPSR
41
6FKHGDQ±0DUNHWLQJ
,O UDSSRUWR WUD L SURFHVVL GL ,
H OD YDULDELOH q RJJL RJJHWWR GL FUHVFHQWH
DWWHQ]LRQH VLD GD SDUWH GHL UHVSRQVDELOL D]LHQGDOL VLD GD SDUWH GHJOL LQWHUORFXWRUL HVWHUQL
DOO¶D]LHQGD FOLHQWL IRUQLWRUL LVWLWX]LRQL FLWWDGLQL 'D XQD SDUWH VRQR LQIDWWL VHPSUH SL
VLJQLILFDWLYLLULVXOWDWLFKHOHD]LHQGHFRQVHJXRQRLQWHUPLQLGLSUHVWD]LRQLDPELHQWDOLGHLSURSUL
SURGRWWLFKHOHD]LHQGHVRQRTXLQGLLQWHUHVVDWHDSURPXRYHUHHDYDORUL]]DUHDGHJXDWDPHQWH
VXOPHUFDWRDGHVHPSLRDWWUDYHUVRO¶RWWHQLPHQWRGLXQDFHUWLILFD]LRQHDPELHQWDOHGLSURGRWWR
GD FRPXQLFDUH DO PHUFDWR WUDPLWH XQD VSHFLILFD FDPSDJQD GL PDUNHWLQJ VL YHGD LQ SURSRVLWR
DQFKHODVXFFHVVLYD%89UHODWLYDD. 0C'DOO¶DOWUDLOFRQWHVWRHVWHUQR
H FRPSHWLWLYR RIIURQR XQD PROH FUHVFHQWH GL VWLPROL DOO¶D]LHQGD QHL FRQIURQWL GHOO¶DGR]LRQH GL
LQL]LDWLYHGLPDUNHWLQJFRQYDOHQ]DDPELHQWDOHTXDQGRQRQGLXQDYHUDHSURSULDVWUDWHJLDGL
PDUNHWLQJ RULHQWDWD DOOD YDORUL]]D]LRQH GHOOH SHUIRUPDQFH DPELHQWDOL GHL SURSUL SURGRWWL R
VHUYL]L /D FHUWLILFD]LRQH HR OD UHJLVWUD]LRQH DPELHQWDOH GHOO¶D]LHQGD SRVVRQR LQROWUH HVVHUH
RJJHWWR HVVH VWHVVH GL LQL]LDWLYH DWWUDYHUVR FXL O¶D]LHQGD PLUD D GLIIHUHQ]LDUVL VXO PHUFDWR
FRPXQLFDQGRHYDORUL]]DQGRODSURSULDHFFHOOHQ]DDPELHQWDOH
1HOO¶RWWLFDGHO6LVWHPDGL*HVWLRQH$PELHQWDOHqHYLGHQWHFKHWXWWLTXHVWLSURFHVVLULHQWUDQRD
SLHQRWLWRORQHOFDPSRGLDSSOLFD]LRQHGHO6LVWHPDVLDTXDQGRUHODWLYLDJOLDVSHWWLDPELHQWDOL
FRQQHVVLDOSURGRWWRVLDTXDQGRLQHUHQWLODFHUWLILFD]LRQHUHJLVWUD]LRQHGHOO¶RUJDQL]]D]LRQH±H
FKHTXLQGLO¶D]LHQGDGRYUHEEHHVVHUHLQWHUHVVDWDDPLVXUDUHHDYDOXWDUHOHSUHVWD]LRQLGHO6*$
DQFKHLQTXHVWRDPELWR
,QWHUPLQLGLFRPPLWPHQWO¶LPSHJQRD]LHQGDOHSXzHVVHUHPLVXUDWRDQ]LWXWWRTXDQWLILFDQGROH
DWWLYLWj H OH LQL]LDWLYH GL PDUNHWLQJ DPELHQWDOH FKH O¶D]LHQGD KD UHDOL]]DWR LQ WHUPLQL JHQHUDOL
RYYHUR ULVSHWWR DG DPELWL VSHFLILFL 1DWXUDOPHQWH QHOOD FRVWUX]LRQH HG HODERUD]LRQH GL TXHVWD
WLSRORJLD GL LQGLFDWRUL q RSSRUWXQR FKH O¶D]LHQGD GLVWLQJXD IUD LQL]LDWLYH GL PDUNHWLQJ FKH VL
FROORFDQR³DPRQWH´GHOO¶HYHQWXDOHVYLOXSSRGLXQDVWUDWHJLDGLPDUNHWLQJHVLQGDJLQLPLUDWH
DGLQGDJDUHOHDVSHWWDWLYHDPELHQWDOLGHLFOLHQWLHGHOPHUFDWRHLQL]LDWLYHFKHLQYHFHYHQJRQR
UHDOL]]DWH³DYDOOH´GHOO¶HIIHWWLYRFRQVHJXLPHQWRGLULVXOWDWLVLJQLILFDWLYLLQWHUPLQLGLSUHVWD]LRQL
DPELHQWDOL YDORUL]]DELOL VXO PHUFDWR HV D]LRQL GL PDUNHWLQJ QHOOH TXDOL q VWDWD XWLOL]]DWD OD
FHUWLILFD]LRQHDPELHQWDOHRWWHQXWDGDXQRRSLSURGRWWLGHOO¶D]LHQGD
,OWHPDGHOFRQWUROORSXzGHFOLQDUVLLQWHUPLQLGLLQGLFDWRULSHULSURFHVVLGLPDUNHWLQJFRQGXH
VLJQLILFDWLGLVWLQWL
• XQSULPRVLJQLILFDWRLQFXLLOFRQWUROORqRULHQWDWRDOOD
GDOOHD]LRQLGLPDUNHWLQJDPELHQWDOHPHVVHLQFDPSRGDOO¶D]LHQGDDSDUWLUH
GDOO¶DQGDPHQWRGHOOHYHQGLWHGHLSURGRWWLFHUWLILFDWLGDOSXQWRGLYLVWDDPELHQWDOH
• XQ VHFRQGR VLJQLILFDWR LQ FXL LQYHFH LO FRQWUROOR q GD LQWHQGHUVL FRPH ,
ULVSHWWR DL SULQFLSL GL
SROLWLFD DPELHQWDOH H GL FRUUHWWH]]D GHOOH IRUPH H GHJOL VWUXPHQWL GL FRPXQLFD]LRQH
DPELHQWDOHFKHO¶D]LHQGDVLqGDWD
,QTXHVWRVHFRQGRVLJQLILFDWRO¶D]LHQGDGRYUHEEHGRWDUVLGLLQGLFDWRULGLYHULILFDSHULRGLFDGHOOD
FRQIRUPLWj GHOOH D]LRQL GL PDUNHWLQJ UHDOL]]DWH ULVSHWWR DL SULQFLSL VDQFLWL GDOOD SURSULD SROLWLFD
DPELHQWDOHHGDHYHQWXDOLDOWULGRFXPHQWLFKHVDQFLVFDQRLOVXRLPSHJQRDOULVSHWWRGHLSULQFLSL
GL FRUUHWWH]]D QHOOR VYLOXSSR GL WDOL D]LRQL ,Q TXHVWR VHQVR O¶D]LHQGD GRYUHEEH LQROWUH
PRQLWRUDUH H ULOHYDUH WHPSHVWLYDPHQWH O¶LQVRUJHUH GL HYHQWXDOL ULFRUVLR ODPHQWHOH UHODWLYL DOOH
D]LRQL GL PDUNHWLQJ DPELHQWDOH UHDOL]]DWH ± DG HVHPSLR QHOO¶DPELWR GHOOD FRPXQLFD]LRQH
SXEEOLFLWDULDFKHSRVVDQRLQWDFFDUHLOFRQVHQVRGHJOLVWDNHKROGHUHVWHUQLQHLVXRLFRQIURQWL
6SHFXODUPHQWH GRYUHEEHUR HVVHUH SUHVHQWL LQGLFDWRUL GL UHDWWLYLWj ULVSHWWR D WDOL ULFRUVL H
ODPHQWHOH PLUDWL D PLVXUDUH OD FDSDFLWj GHOO¶D]LHQGD GL GDUH SURQWD ULVSRVWD DG HYHQWXDOL
FRQWHVWD]LRQLSURYHQLHQWLGDOO¶HVWHUQRULVSHWWRDOODFRUUHWWH]]DGHOOHD]LRQLUHDOL]]DWH
3HUXQDSSURIRQGLPHQWRVXOWHPDGHOODFRUUHWWH]]DGHOODSXEEOLFLWjDPELHQWDOHVLYHGD,UDOGR0HOLV
42
6RWWR LO SURILOR HFRQRPLFR O¶D]LHQGD VDUj LQWHUHVVDWD LQ SULPR OXRJR D TXDQWLILFDUH
PRQHWDULDPHQWHOHVSHVHVRVWHQXWHHJOLLQYHVWLPHQWLHIIHWWXDWLQHOODUHDOL]]D]LRQHGHOOHSURSULH
FDPSDJQHGLPDUNHWLQJDPELHQWDOHHDPLVXUDUQHO¶DQGDPHQWRQHOWHPSR3HUJOLLQYHVWLPHQWL
LQ SDUWLFRODUH XQD YDOXWD]LRQH FRPSOHVVLYD H FRPSDUDWLYD GHOOH GLYHUVH LQL]LDWLYH GL JUHHQ
PDUNHWLQJ DWWLYDWH R DWWLYDELOL ULFKLHGH LQROWUH OD TXDQWLILFD]LRQH GHL 6, SURSUL
GHOOHGLYHUVHLQL]LDWLYH
,Q WHUPLQL GL FRQVHQVR RFFRUUH SUHFLVDUH FKH ± ROWUH DOO¶XWLOL]]R GL LQGLFDWRUL PLUDWL D ULOHYDUH
HYHQWXDOL ULOLHYL H FRQWHVWD]LRQL GD SDUWH GHJOL VWDNHKROGHU HVWHUQL JOL LQGLFDWRUL ILQDOL]]DWL D
PLVXUDUHLQYHFHODGHLFOLHQWLFRVuFRPHSLLQJHQHUDOHGHJOLDOWULVWDNHKROGHU
ULVSHWWR DOOH LQL]LDWLYH GL PDUNHWLQJ UHDOL]]DWH SRVVRQR HVVHUH QXPHURVL H GLYHUVL LQ UHOD]LRQH
DOOH WLSRORJLH GL LQL]LDWLYH R GL VWUXPHQWL GL FXL VL SURSRQJRQR GL PLVXUDUH LO JUDGLPHQWR ,Q
WDEHOODVRQRULSRUWDWLGXHHVHPSL
• LOSULPRSLVHPSOLFHPLUDWRDTXDQWLILFDUHLFRQWDWWLVXOVLWRZHEGHOO¶D]LHQGDUHODWLYL
DOOHVH]LRQLGHOVLWRGHGLFDWHDOODTXDOLWjDPELHQWDOHGHLVXRLSURGRWWLHGHLVHUYL]LTXDOH
JUDQGH]]DLQJUDGRGLIRUQLUHXQDPLVXUD]LRQHLQGLUHWWDGHOO¶LQWHUHVVHUHODWLYRGHJOLXWHQWL
ULVSHWWRDWDOLDVSHWWL
• LOVHFRQGRSLHODERUDWRIDULIHULPHQWRDLULVXOWDWLGLXQTXHVWLRQDULRVXOODVRGGLVID]LRQH
GHLFOLHQWLULVSHWWRDFRPSOHWH]]DHDSSURIRQGLPHQWRGHOOHLQIRUPD]LRQLDPELHQWDOLIRUQLWH
GDOO¶D]LHQGD
7DEHOOD±,QGLFDWRULUHODWLYLDOPDUNHWLQJ
$UHD
&DWHJRULD
0DUNHWLQJ
&RPPLWPHQW
$1XPHURGLD]LRQLGLPDUNHWLQJDPELHQWDOHHIIHWWXDWHQHOFRUVR
GHOO¶DQQRVXLSURSULSURGRWWLVHUYL]LGDFRUUHODUHDOOHVSHVHH
LQYHVWLPHQWLVLYHGDQRROWUHJOLLQGLFDWRULHFRQRPLFL
$5LFHUFKHFRQGRWWHQHOFRUVRGHOO¶DQQRVXOWHPDGHOOHDVSHWWDWLYH
³DPELHQWDOL´GHLFOLHQWLHGHOPHUFDWR
$GHLSURGRWWLHRVHUYL]LSHUODFXLYDORUL]]D]LRQHLQWHUPLQLGL
PDUNHWLQJYLHQHXWLOL]]DWDODFKLDYHDPELHQWDOHRLOULFKLDPRDOULGRWWR
LPSDWWRDPELHQWDOH
$$]LRQLGLPDUNHWLQJQHOOHTXDOLqVWDWDXWLOL]]DWDODFHUWLILFD]LRQH
DPELHQWDOHGLSURGRWWLRGHOO¶RUJDQL]]D]LRQH
&RQWUROOR
%$QGDPHQWRGHOOHYHQGLWHGHLSURGRWWLFHUWLILFDWLGDOSXQWRGLYLVWD
DPELHQWDOH
%1XPHURGLYHULILFKHGLFRQIRUPLWjDPELHQWDOHULVSHWWRDOOHIRUPHH
DLFRQWHQXWLGHOOHLQL]LDWLYHGLPDUNHWLQJHSXEEOLFLWDULHUHDOL]]DWH
5HDWWLYLWj
&GLULFRUVLRGLODPHQWHOHUHODWLYLDLFRQWHQXWLGHOOHD]LRQLGL
PDUNHWLQJDPELHQWDOHDFXLqVWDWDIRUQLWDULVSRVWDRDOWURJHQHUHGL
,
&3URGRWWLRVHUYL]LOHFXLSUHVWD]LRQLVRQRVWDWHPLJOLRUDWHLQVHJXLWR
DOODVHJQDOD]LRQHRODPHQWHODGDSDUWHGHLFOLHQWL
(FRQRPLFL
'6SHVHHLQYHVWLPHQWLLQFDPSDJQHGLPDUNHWLQJDPELHQWDOH
'.6,GHOOHLQL]LDWLYHGLPDUNHWLQJDPELHQWDOH
43
&RQVHQVR
(1XPHURGLFRQWDWWLDOVLWRZHEQHOOHVH]LRQLGHGLFDWHDOODTXDOLWj
DPELHQWDOHGHLSURGRWWLHGHLVHUYL]L
((VLWLGHLTXHVWLRQDULVXOODVRGGLVID]LRQHGHLFOLHQWLVXFRPSOHWH]]D
HDSSURIRQGLPHQWRGHOOHLQIRUPD]LRQLDPELHQWDOLIRUQLWH
(5LFRUVLRODPHQWHOHUHODWLYLDLFRQWHQXWLGHOOHD]LRQLGLPDUNHWLQJ
DPELHQWDOHHVDOOHFDPSDJQHSXEEOLFLWDULH
(VHPSLR ,QGLFDWRUH Q % ± $QGDPHQWR GHOOH YHQGLWH GHL SURGRWWL FHUWLILFDWL GDO SXQWR GL
YLVWDDPELHQWDOH
'DWL
1HJOLDQQLSLUHFHQWLODKDLQYHVWLWRVLJQLILFDWLYDPHQWHQHOPLJOLRUDPHQWRGHOOH
SUHVWD]LRQLDPELHQWDOLGHLSURSULSURGRWWLULXVFHQGRDGRWWHQHUHQHOO¶DQQR;O¶(FRODEHO
HXURSHRSHUXQRGHLSURGRWWLSLVLJQLILFDWLYLGHOSURSULRSRUWDIRJOLR
/HIXQ]LRQL=,
H
GHOO¶D]LHQGDFKHKDQQRFROODERUDWRVWUHWWDPHQWHSHU
FRQVHJXLUHWDOLULVXOWDWLPRQLWRUDQRSHULRGLFDPHQWHO¶DQGDPHQWRGHOOHYHQGLWHGHOSURGRWWR
QHOO¶DPELWRGLXQDVWUDWHJLDFRPSOHVVLYDYROXWDGDOO¶$OWD'LUH]LRQHPLUDWDDYDOXWDUHOH
RSSRUWXQLWjGLHVSDQGHUHODJDPPDGHLSURGRWWLFHUWLILFDWL
ƒ QHJOLDQQLSUHFHGHQWLO¶RWWHQLPHQWRGHOPDUFKLRLOSURGRWWRUHJLVWUDYDXQDQGDPHQWR
GHOOHYHQGLWHVRVWDQ]LDOPHQWHVWDELOHHLQOLQHDFRQLGDWLGLYHQGLWDGHOSULQFLSDOH
SURGRWWRFRQFRUUHQWH
ƒ DVHJXLWRGHOULFRQRVFLPHQWRRWWHQXWRO¶D]LHQGDKDSURPRVVRLOSURGRWWRFHUWLILFDWR
DWWUDYHUVRXQDFDPSDJQDSXEEOLFLWDULDGHGLFDWDUHDOL]]DWDVXFDUWDVWDPSDWDHPHGLD
WHOHYLVLYL
ƒ GRSRDQQLGDOO¶RWWHQLPHQWRGHOODFHUWLILFD]LRQHHDGDQQRGDOODFKLXVXUDGHOOD
FDPSDJQDSXEEOLFLWDULDLGDWLVXOOHYHQGLWHIDQQRUHJLVWUDUHXQLQFUHPHQWRGL
XQLWjYHQGXWHFRUULVSRQGHQWHDGXQLQFUHPHQWRGHOGHOOHYHQGLWH
&DOFROR
,QGLFDWRUH
GLFRQWUROOR
$QGDPHQWR
GHOOHYHQGLWH
GHLSURGRWWL
FHUWLILFDWLGDO
SXQWRGLYLVWD
DPELHQWDOH
$VVROXWR
ULVSHWWRDLYDORUL
UHJLVWUDWLQHOO¶DQQR
GLRWWHQLPHQWRGHO
PDUFKLR
5HODWLYR
ULVSHWWRDLYDORUL
UHJLVWUDWLQHOO¶DQQRGL
RWWHQLPHQWRGHO
PDUFKLR
XQLWj
YHQGXWH
2
:D9
:3
0LVXUDLOULVFRQWURGDSDUWH
GHOPHUFDWRGHOO¶LQYHVWLPHQWR
2
IDWWRGDOO¶D]LHQGDSHU
PLJOLRUDUHOHSHUIRUPDQFH
DPELHQWDOLGHOSURGRWWR
HYLGHQ]LDQGRO¶HVLVWHQ]DGL
:D9
XQDGRPDQGDGLTXDOLWj
:3 DPELHQWDOHGHLSURGRWWLQHO
VHWWRUH
9DOHQ]DLQIRUPDWLYD
1RWH
,OGDWRVXOO¶DQGDPHQWRGHOOHYHQGLWHGLXQRRSLSURGRWWLFHUWLILFDWLGHOO¶D]LHQGDSXzHVVHUH
XWLOPHQWHFDOFRODWRGRSRDOFXQLDQQLGDOO¶RWWHQLPHQWRGHLULFRQRVFLPHQWRDPELHQWDOH
/¶D]LHQGDSXzLQROWUHXWLOPHQWHDIILDQFDUHDOGDWRVXOOH
LQGLFDWRULUHODWLYRDL
FDPELDPHQWLQHOOH
RYYHURDOODYDULD]LRQHSHUFHQWXDOHQHO
FRPSOHVVLYRLQGRWWDGDOODFHUWLILFD]LRQH,GDWLYDQQRQDWXUDOPHQWHYDOXWDWLQHOFRQWHVWRGHO
PXWDPHQWRGHOOHFRQGL]LRQLFRPSOHVVLYHGHOPHUFDWRQHOO¶DUFRGLWHPSRFRQVLGHUDWR
44
6FKHGD Q ± 3URFHVVR SURGXWWLYR HG HURJD]LRQH
GHOVHUYL]LR
/D . ± LQWHVD LQ WHUPLQL JHQHUDOL FRPH LQVLHPH GHOOH RSHUD]LRQL DWWUDYHUVR OH TXDOL L
EHQLSURGRWWLHVHUYL]LYHQJRQRFUHDWLWUDVIRUPDWLRPRGLILFDWLDWWUDYHUVRO¶LPSLHJRGLULVRUVH
PDWHULDOL R LPPDWHULDOL DO ILQH GL VRGGLVIDUH OD GRPDQGD ± FRVWLWXLVFH HYLGHQWHPHQWH LO FXRUH
GHOOH DWWLYLWj D]LHQGDOL H LQ TXDQWR WDOH XQ DPELWR GL LQWHUHVVH SULRULWDULR SHU OR VYLOXSSR GL
LQGLFDWRUL PLUDWL D YDOXWDUH LO EXRQ IXQ]LRQDPHQWR GHO 6*$ &RPH LOOXVWUDWR LQ SUHPHVVD OH
FDWHJRULHGLLQGLFDWRULDGRWWDWHQHOO¶DPELWRGHOOH/LQHHJXLGDPLUDQRDGDIILDQFDUHDJOLLQGLFDWRUL
GLSUHVWD]LRQHDPELHQWDOHHLQJHQHUDOHDJOLLQGLFDWRULFRPXQHPHQWH XWLOL]]DWLQHOO¶DPELWRGHL
6*$ DOWUH WLSRORJLH PHQR GLIIXVH LQ JUDGR GL VXSSRUWDUH OD JHVWLRQH GHO 6LVWHPD DWWUDYHUVR
XQDVHULHGLJUDQGH]]HLQJUDGRGLLQWHJUDUVLOXQJRWXWWHOHGLYHUVHGLPHQVLRQLFKHGHILQLVFRQR
O¶RSHUDWLYLWjLQD]LHQGD HWF)UDLSUHVXSSRVWL
GHOOH /LQHH JXLGD YL q LQROWUH OD FRQVLGHUD]LRQH FKH L FRQWHQXWL GHO GRFXPHQWR VRQR
ILQDOL]]DWLDVRVWLWXLUHQpSUHVFUL]LRQLOHJLVODWLYHDPELHQWDOLHQRQLQPDWHULDGLPLVXUD]LRQLH
FRQWUROOL Qp LQGLFD]LRQL H UHTXLVLWL VX PLVXUD]LRQL H FRQWUROOL SUHYLVWL GD QRUPH YRORQWDULH GL
VLVWHPD
,Q OLQHD FRQ WDOL RELHWWLYL H SUHVXSSRVWL JOL LQGLFDWRUL UHODWLYL DL SURFHVVL GL SURGX]LRQH GHO
SURGRWWRHGLHURJD]LRQHGHOVHUYL]LRVRQRVWDWLVYLOXSSDWLQHOODSUHVHQWHVFKHGDLQWHUPLQLGL
H QHOOR VYLOXSSR GL WDOL
SURFHVVL RYYHUR GL LQGLSHQGHQWHPHQWH GDO ULVSHWWR
R PHQR GL GHWHUPLQDWH VRJOLH SUHVWD]LRQDOL QHL GLYHUVL DVSHWWL DPELHQWDOL LQWHUHVVDWL HV
HPLVVLRQL ULILXWL HWF H GDO UDJJLXQJLPHQWR R PHQR GL WDUJHW SUHVWD]LRQDOL VSHFLILFL LQ WDOL
DPELWL ,Q TXHVWR VHQVR JOL LQGLFDWRUL GL FRPPLWPHQW VYLOXSSDWL IDQQR ULIHULPHQWR DQ]LWXWWR
DOOD YRORQWj GHOO¶D]LHQGD GL DVVHJQDUH DO SHUVRQDOH DGGHWWR DOOD SURGX]LRQH VSHFLILFKH
PDQVLRQL H FRPSLWL FRQQHVVL DOOD JHVWLRQH GHOOH SUREOHPDWLFKH DPELHQWDOL GXUDQWH LO SURFHVVR
RYYHUR GL IRUPDUH DGHJXDWDPHQWH WDOH SHUVRQDOH DOOR VYROJLPHQWR GL WDOL FRPSLWL 4XHVWH
JUDQGH]]HVRQRDSSOLFDELOLDQFKHDOFDVRGHOOHD]LHQGHGLVHUYL]LFRQULIHULPHQWRDOODSUHYLVLRQH
GL PDQVLRQL DPELHQWDOL VSHFLILFKH SHU LO SHUVRQDOH FG GL ³
´ R FRPXQTXH FKH KD
UDSSRUWLFROFOLHQWLLQVHGHGLHURJD]LRQHGHOVHUYL]LR
,QWHUPLQLGLYDOXWD]LRQHGHOO¶DQGDPHQWRFRPSOHVVLYRGHOOHSUHVWD]LRQLGHO6LVWHPDXQXOWHULRUH
LQGLFDWRUH GL LPSHJQR SXz IDUH ULIHULPHQWR LQROWUH DOOD SHUFHQWXDOH GL PLJOLRUDPHQWR FKH
O¶D]LHQGD VL q SRVWD FRPH RELHWWLYR H GL VXFFHVVLYR FRQVHJXLPHQWR VXL SULQFLSDOL SDUDPHWUL
DPELHQWDOLDQFKHTXLGHOODSURGX]LRQHRGHOO¶HURJD]LRQHGHOVHUYL]LR,QGLSHQGHQWHPHQWHFLRq
GDJOL RELHWWLYL VSHFLILFL FKH O¶D]LHQGD SXz SRUVL ULVSHWWR DL GLYHUVL SDUDPHWUL DPELHQWDOL
VLJQLILFDWLYLSHULOVXRSURFHVVRSURGXWWLYRHVVXLTXDQWLWDWLYLGLULILXWLSURGRWWLVXOOHHPLVVLRQL
ULVSHWWRDLGLYHUVLLQTXLQDQWLHWFODPLVXUD]LRQHGL
'
qXQ¶HVSUHVVLRQHGHOVXRLPSHJQRGDDIILDQFDUHLQVHGHGLYDOXWD]LRQH
GHLULVXOWDWLDOODSHUFHQWXDOHGLTXHOOLHIIHWWLYDPHQWHPLJOLRUDWL
6RWWRLOSURILORGHOFRQWUROORXQEXRQVLVWHPDGLLQGLFDWRULLQUHOD]LRQHDLSURFHVVLGLSURGX]LRQH
GL EHQL PDWHULDOL SRWUHEEH HVVHUH VYLOXSSDWR DIILDQFDQGR DOOD TXDQWLILFD]LRQH GHL FRQWUROOL
HIIHWWXDWL FRQ O¶RELHWWLYR GL SUHVLGLDUH OD FRQIRUPLWj GHL SURFHVVL LQGLSHQGHQWHPHQWH GD
VSHFLILFKH ILQDOLWj DPELHQWDOL ± HV 2 3 ±ODULOHYD]LRQHGLTXHLFRQWUROOLHIIHWWXDWLLQYHFHULVSHWWRDVSHFLILFL
SDUDPHWUL DPELHQWDOL VLD LQ LQJUHVVR VLD LQ XVFLWD DG HVHPSLR LQ WHUPLQL GL SHUFHQWXDOH GL
SURGRWWL GHOOH GLYHUVH IDVL GL SURFHVVR FKH VXELVFRQR FRQWUROOL LQ XVFLWD VX SDUDPHWUL
DPELHQWDOL $QFKH LQ TXHVWR FDVR JOL LQGLFDWRUL ULVXOWDQR DSSOLFDELOL DQFKH DOO¶HURJD]LRQH GHO
VHUYL]LRFRQVLGHUDQGRRJJHWWRGHLFRQWUROOLDPELHQWDOLLQXVFLWDOHIDVLGLHURJD]LRQHGHOVHUYL]LR
SHUOHTXDOLVRQRSUHYLVWLFRQWUROOLVXSDUDPHWULDPELHQWDOL
6HPSUHULVSHWWRDOFRQWUROORQRQGHYRQRHVVHUHWUDVFXUDWHOHSRWHQ]LDOLWjLQIRUPDWLYHFRQQHVVH
DOO¶XWLOL]]R GHJOL LQGLFDWRUL FG GL PLUDWL D UDSSUHVHQWDUH OD VRVWHQLELOLWj
GHLIOXVVLLQHQWUDWDHLQXVFLWDGHOOHULVRUVHXWLOL]]DWHQHLSURFHVVLGLSURGX]LRQH
45
,QWHUPLQLGLUHDWWLYLWjJOLLQGLFDWRULGRYUHEEHURHVVHUHVYLOXSSDWLLQPRGDGDUDSSUHVHQWDUHOD
FDSDFLWj H WHPSHVWLYLWj GL UHD]LRQH GHOO¶D]LHQGD ULVSHWWR DG HYHQWL HR HPHUJHQ]H FKH KDQQR
FRPSURPHVVRODFRQWLQXLWjGHOO¶RSHUDWLYLWjGHLVXRLSURFHVVLDGHVHPSLRLQWHUPLQLGL
• QXPHURGLJXDVWLULOHYDWLVXDSSDUHFFKLDWXUHFULWLFKH
• RUH GL IHUPDWD R GL VRVSHQVLRQH R GL ULWDUGR QHOO¶HURJD]LRQH QHO FDVR GHO VHUYL]LR QRQ
SURJUDPPDWH
• QXPHUR GL LQWHUYHQWL GL HPHUJHQ]D SHU WUDWWDPHQWR ³LQ ORFR´ GL ? )
GL
SURFHVVR
• WHPSRGLVHJQDOD]LRQHGHOOHHPHUJHQ]HWHPSRGLLQWHUYHQWR
6RWWR LO SURILOR HFRQRPLFR OH WLSLFKH JUDQGH]]H FKH SRVVRQR VXSSRUWDUH O¶D]LHQGD QHOOD
YDOXWD]LRQH GHO IXQ]LRQDPHQWR GHO SURSULR 6*$ LQ UHOD]LRQH DL SURFHVVL GL SURGX]LRQH IDQQR
ULIHULPHQWRDOYDORUHGHJOLLQYHVWLPHQWLLQWHFQRORJLHHRLPSLDQWLFRQYDOHQ]DDPELHQWDOHHDL
UHODWLYL WHPSL PHGL GL ULWRUQR ,Q WHUPLQL GL FRVWL GL SURGX]LRQH XQ XOWHULRUH LQGLFDWRUH
HFRQRPLFR VL RWWLHQH UDSSRUWDQGR L ³FRVWL DJJUHJDWL GL SURGX]LRQH HQHUJHWLFL H DPELHQWDOL´
DOO¶RXWSXW GHOO¶D]LHQGD OH ³
´ QHO FDVR GHOOD SURGX]LRQH GL EHQL PDWHULDOL R
JUDQGH]]H TXDOL LO ³ ´ R LO ³ ´ QHO FDVR
GHOO¶HURJD]LRQHGLVHUYL]L
,O FRQVHQVR LQILQH q XQD GLPHQVLRQH YDOXWDWLYD FKH QHO FDVR GHL SURFHVVL GL SURGX]LRQH R GL
HURJD]LRQH GL VHUYL]L SXz PLVXUDUVL FRPH FRLQYROJLPHQWR DWWLYR GHO SHUVRQDOH DGGHWWR D WDOL
SURFHVVL QHOOH GLQDPLFKH GHO 6LVWHPD LQ WHUPLQL VLD GL VHJQDOD]LRQH GL VLD GL
SURSRVWHGLLGHHHVXJJHULPHQWLSHULOPLJOLRUDPHQWRGHO6*$
7DEHOODD±,QGLFDWRULUHODWLYLDOSURFHVVRSURGXWWLYR
$UHD
3URFHVVRSURGXWWLYR
&DWHJRULD
&RPPLWPHQW
$1XPHURGLSHUVRQHDGGHWWHDOSURFHVVRFKHKDQQRIXQ]LRQLR
PDQVLRQLOHJDWHDOOHSUREOHPDWLFKHDPELHQWDOL
$GLSHUVRQHDGGHWWHDOSURFHVVRFKHKDQQRULFHYXWRIRUPD]LRQH
RDGGHVWUDPHQWRDPELHQWDOHDOO¶DVVXQ]LRQHHRDOFDPELDPHQWRGLUXROR
$GLPLJOLRUDPHQWRSRVWDFRPHRELHWWLYRHGLVXFFHVVLYR
FRQVHJXLPHQWRVXLSULQFLSDOLSDUDPHWULDPELHQWDOLGHOODSURGX]LRQHHV
HQHUJLDDFTXDHWF
$7DVVRGLULQQRYRGHOSDUFRWHFQRORJLFRD]LHQGDOHHVQXPHURGL
PDFFKLQDULRGLLPSLDQWLVRVWLWXLWLRRJJHWWRGL 6LYHGDLOWHVWRGHOODVFKHGDLQGHWWDJOLR
46
&RQWUROOR
%1XPHURGLRRUHGHGLFDWHDLVSH]LRQLWHFQLFKHFRQWUROOLLPSLDQWLH
DSSDUHFFKLDWXUH
%1XPHURGLGLVSRVLWLYLGLPLVXUD]LRQHRGLVRUYHJOLDQ]DGLSURFHVVR
FKHKDQQRULOHYDQ]DDILQLDPELHQWDOL
%GLPDWHULHSULPHPDWHULDOLDXVLOLDUL
GHOSURFHVVR
SURGXWWLYRFKHVXELVFRQRFRQWUROOLLQHQWUDWDVXSDUDPHWULDPELHQWDOL
%GLSURGRWWL
GHOOHGLYHUVHIDVLGLSURFHVVRFKHVXELVFRQR
FRQWUROOLLQXVFLWDVXSDUDPHWULDPELHQWDOL
%1XPHURGLLQGLFDWRULGLFRQIRUPLWjULVSHWWRDVRJOLHGLDWWHQ]LRQH
LQWHUQHRDUHTXLVLWLGLOHJJHVXLSDUDPHWULHPLVVLYLGLFRQVXPRGHO
SURFHVVRSURGXWWLYR
%1XPHURGLLQGLFDWRULGLELODQFLRHVGHLPDWHULDOLRYYHURSHVRGHO
PDWHULDOHDFTXLVWDWRSHVRGHOPDWHULDOH³YHQGXWR´
5HDWWLYLWj
&1XPHURGLJXDVWLVXDSSDUHFFKLDWXUHFULWLFKHDLILQLDPELHQWDOL
&2UHGLIHUPDWDQRQSURJUDPPDWHLQVHJXLWRDOYHULILFDUVLGLHYHQWL
FKHSRVVRQRDYHUHXQLPSDWWRDPELHQWDOH
&1XPHURGLLQWHUYHQWLGLHPHUJHQ]DSHUWUDWWDPHQWR³LQORFR´GL?
)
GLSURFHVVR
&7HPSRGLVHJQDOD]LRQHGHOOHHPHUJHQ]HWHPSRGLLQWHUYHQWR
(FRQRPLFL
',QYHVWLPHQWLLQWHFQRORJLHHLPSLDQWLFRQYDOHQ]DDPELHQWDOHVXL
SURFHVVLSURGXWWLYLQRQSUHVFULWWLGDQRUPDWLYDRHQWL
'&RVWLDJJUHJDWLGLSURGX]LRQHHQHUJHWLFLHDPELHQWDOL¼1XPHUR
WRWDOHGLSH]]LSURGRWWLRSHVRWRWDOHGHLSH]]LSURGRWWL
'.6,PHGLRGHJOLLQYHVWLPHQWLDPELHQWDOL
&RQVHQVR
(1XPHURGLVHJQDOD]LRQLGL?)
RGLGDSDUWH
GHOSHUVRQDOHLQWHUQRVXOSURFHVVRSURGXWWLYR
(1XPHURGLVXJJHULPHQWLUDFFROWLGDOSHUVRQDOHHVV 1
RFRQFRUVRLGHHVXOSURFHVVRSURGXWWLYR
47
7DEHOODE±,QGLFDWRULUHODWLYLDOO¶HURJD]LRQHGHOVHUYL]LR
$UHD
&DWHJRULD
(URJD]LRQHGHOVHUYL]LR
&RPPLWPHQW
$1XPHURGLGLSHQGHQWLGL³
´RFKHKDQQRUDSSRUWLFRO
FOLHQWLFKHKDQQRPDQVLRQLVSHFLILFDPHQWHOHJDWHDGDVSHWWLDPELHQWDOL
$GLSHUVRQHDGGHWWHDOVHUYL]LRFKHKDQQRULFHYXWRIRUPD]LRQHR
DGGHVWUDPHQWRDPELHQWDOHDOO¶DVVXQ]LRQHHRDOFDPELDPHQWRGLUXROR
$GLPLJOLRUDPHQWRSRVWDFRPHRELHWWLYRHGLVXFFHVVLYR
FRQVHJXLPHQWRVXLSULQFLSDOLSDUDPHWULDPELHQWDOLQHOO¶HURJD]LRQHGHO
VHUYL]LRHJHQHUJLDDFTXDHWF
&RQWUROOR
%1XPHURGLRRUHGHGLFDWHDLVSH]LRQLWHFQLFKHFRQWUROOLLPSLDQWLH
DSSDUHFFKLDWXUH
%GLPDWHULHSULPHPDWHULDOLDXVLOLDUL
GHOVHUYL]LRFKH
VXELVFRQRFRQWUROOLLQHQWUDWDVXSDUDPHWULDPELHQWDOL
%)DVLGLHURJD]LRQHGHOVHUYL]LRSHUOHTXDOLVRQRSUHYLVWLFRQWUROOLVX
SDUDPHWULDPELHQWDOL
%1XPHURGLLQGLFDWRULGLFRQIRUPLWjULVSHWWRDVRJOLHGLDWWHQ]LRQH
LQWHUQHRDUHTXLVLWLGLOHJJHVXLSDUDPHWULULOHYDQWLDLILQLGHOO¶HURJD]LRQHGHO
VHUYL]LRHVHPLVVLRQLDXWRPH]]LFRQIRUPLWjVWUXWWXUHDOEHUJKLHUHRXIILFL
HWF
%1XPHURGLLQGLFDWRULGLELODQFLRHVGHLPDWHULDOLRYYHURSHVR
GHOPDWHULDOHDFTXLVWDWRRXWSXWGHOVHUYL]LR±FOLHQWLVHUYLWLLQWHUYHQWL
HIIHWWXDWLHWF
5HDWWLYLWj
&1XPHURJXDVWLVXDSSDUHFFKLDWXUHFULWLFKHDLILQLDPELHQWDOL
QHOO¶HURJD]LRQHGHOVHUYL]LR
&2UHGLVRVSHQVLRQHGHOVHUYL]LRQRQSURJUDPPDWHLQVHJXLWRDO
YHULILFDUVLGLHYHQWLFKHSRVVRQRDYHUHXQLPSDWWRDPELHQWDOH
&2UHGLULWDUGRQHOO¶HURJD]LRQHGHOVHUYL]LRQRQSURJUDPPDWH
&1XPHURGLLQWHUYHQWLGLHPHUJHQ]DSHUWUDWWDPHQWR³LQORFR´GL?
)
ULVFRQWUDWHGXUDQWHO¶HURJD]LRQHGHOVHUYL]LR
&7HPSRGLVHJQDOD]LRQHGHOOHHPHUJHQ]HWHPSRGLLQWHUYHQWR
(FRQRPLFL
',QYHVWLPHQWLLQWHFQRORJLHHLPSLDQWLFRQYDOHQ]DDPELHQWDOHD
VXSSRUWRGHLSURFHVVLGLHURJD]LRQHGHOVHUYL]LRQRQSUHVFULWWLGDQRUPDWLYD
RHQWL
'&RVWLDJJUHJDWLGLSURGX]LRQHHQHUJHWLFLHDPELHQWDOL¼RXWSXW
GHOVHUYL]LRFOLHQWLVHUYLWLXWHQWLFROOHJDWLLQWHUYHQWLHIIHWWXDWLHFF
48
&RQVHQVR
(1XPHURGLVHJQDOD]LRQLGL?)
RGLGDSDUWH
GHOSHUVRQDOHLQWHUQRVXOO¶HURJD]LRQHGHOVHUYL]LR
(1XPHURGLVXJJHULPHQWLUDFFROWLGDOSHUVRQDOHHV 1
RFRQFRUVRLGHHVXOO¶HURJD]LRQHGHOVHUYL]LR
(5LVXOWDWLGLLQGDJLQHGLVRGGLVID]LRQHGHOFOLHQWHULVSHWWRDOSHUVRQDOH
GLFRQWDWWRSHUVRQDOHGLIURQWRIILFH
(VHPSLR,QGLFDWRUHQ$±3HUFHQWXDOHGLSHUVRQHDGGHWWHDOSURFHVVRFKHKDQQR
ULFHYXWRIRUPD]LRQHRDGGHVWUDPHQWRDPELHQWDOHDOO¶DVVXQ]LRQHHRDOFDPELDPHQWRGLUXROR
'DWL
1HOO¶DQQR;ODKDDFTXLVLWRXQQXRYRVWDELOLPHQWRSURGXWWLYRQHOTXDOH
ODYRUHUDQQRFRPHDGGHWWHDOODSURGX]LRQHGRGLFLULVRUVHTXDWWURGLQXRYDDVVXQ]LRQHHRWWR
JLjDVVXQWHHSURYHQLHQWLGDUHSDUWLGLYHUVLGHOO¶D]LHQGD1HOO¶DPELWRGHOSLDQRFRPSOHVVLYRGL
IRUPD]LRQHSHUJOLDGGHWWLFKHODYRUHUDQQRQHOQXRYRVWDELOLPHQWRO¶D]LHQGDKDSUHYLVWR
PRGXOLIRUPDWLYLGLDGGHVWUDPHQWRDPELHQWDOH
&RPSDWLELOPHQWHFRQLOEXGJHWGLVSRQLELOHQHOO¶DQQRLQFRUVRO¶D]LHQGDKDSUHYLVWR
ƒ ODSDUWHFLSD]LRQHGLWXWWHOHTXDWWURULVRUVHQHRDVVXQWHDWXWWLHWUHLPRGXOL
ƒ ODSDUWHFLSD]LRQHGLWXWWHOHRWWRULVRUVHJLjDVVXQWHDOSULPRPRGXORIRUPDWLYR/DORUR
SDUWHFLSD]LRQHDLUHVWDQWLGXHPRGXOLYLHQHSLDQLILFDWDSHUO¶DQQRVXFFHVVLYR
&DOFROR
,QGLFDWRUH
GL
FRPPLWPHQW
3HUFHQWXDOHGL
SHUVRQH
DGGHWWHDO
SURFHVVRFKH
KDQQRULFHYXWR
IRUPD]LRQHR
DGGHVWUDPHQWR
DPELHQWDOH
DOO¶DVVXQ]LRQH
HRDO
FDPELDPHQWR
GLUXROR
9DOHQ]DLQIRUPDWLYD
$VVROXWR
5HODWLYR
6XEDVH
DQQXD
7UHQG
2
3
2 3
2
3
2
3
2
3
5LOHYD
O¶DWWHQ]LRQH
GHOO¶D]LHQGD
GHLFRQIURQWL
GHOODFRUUHWWD
JHVWLRQH
DPELHQWDOH
GHLSURFHVVL
GLSURGX]LRQH
1HOWHPSR
O¶LQGLFDWRUHSXz
GDUHHYLGHQ]D
GHOODFRQWLQXLWj
HTXLQGL
VRVWDQ]LDOLWj
GHOO¶LPSHJQR
DPELHQWDOH
GHOO¶D]LHQGDQHL
SURFHVVLGL
SURGX]LRQH
1RWH
/¶LQGLFDWRUHFDOFRODWRULVSHWWRDOOHULVRUVHQHRDVVXQWHSXzHVVHUHSLVLJQLILFDWLYRGLTXHOOR
FDOFRODWRULVSHWWRDOSHUVRQDOHSHUFXLYLqVWDWRXQFDPELDPHQWRGLUXRORODGGRYHWDOH
FDPELDPHQWRQRQLPSOLFKLGLIIHUHQ]HVRVWDQ]LDOLLQWHUPLQLGLFRPSHWHQ]HDPELHQWDOL
QHFHVVDULHDOFRUUHWWRVYROJLPHQWRGHOOHPDQVLRQL
49
6FKHGDQ±3URJHWWD]LRQH5LFHUFDH6YLOXSSR
,OSURFHVVRGLSURJHWWD]LRQHGHOSURGRWWRHGHOVHUYL]LRFRVWLWXLVFHVRWWRLOSURILORGHOODJHVWLRQH
DPELHQWDOH LO PRPHQWR ³FKLDYH´ LQ FXL YHQJRQR GHWHUPLQDWL R FRQGL]LRQDWL LQ PRGR
LUUHYHUVLELOH WXWWL JOL LPSDWWL DPELHQWDOL FKH VL SURGXFRQR QHOOH VXFFHVVLYH IDVL GHO VXR FLFOR GL
YLWD 1HOOD IDVH GL SURJHWWD]LRQH TXLQGL O¶D]LHQGD q LQ JUDGR GL GHWHUPLQDUH OH
FDUDWWHULVWLFKH GHO SURGRWWR H GHL SURFHVVL SURGXWWLYL FKH VDUDQQR QHFHVVDUL SHU UHDOL]]DUOR
FRQGL]LRQDQGRQH LQ PRGR LQGLUHWWR PD VRVWDQ]LDOH OH SUHVWD]LRQL DPELHQWDOL 6L SHQVL DOOD
VFHOWDGHLPDWHULDOLRGHJOLLQJUHGLHQWLGLFXLVDUjFRPSRVWRLOSURGRWWRGLSHQGHQWHGDJOLLQSXW
GHOOD ³0 ´ RYYHUR DOOH WHFQRORJLH FKH YHQJRQR DGRWWDWH LQ IDVH UHDOL]]DWLYD
GHILQLWHQHOO¶DPELWRGHOODFRVLGGHWWD³LQJHJQHUL]]D]LRQH´GLSURGRWWRHGLSURFHVVR
*OL LPSDWWL DPELHQWDOL GHULYDQWL GDOOD SURJHWWD]LRQH GHO SURGRWWR VRQR ULOHYDQWL D SUHVFLQGHUH
GDOOD FRPSOHVVLWj GL TXHVWD IDVH GDOOD VXD GXUDWD GDJOL LQYHVWLPHQWL SURIXVL GDOO¶D]LHQGD LQ
56 H GDOO¶LQWHQVLWj WHFQRORJLFD GHO VHWWRUH DQFKH QHO GHVLJQ GL XQ SURGRWWR WUDGL]LRQDOH
LQIDWWLVLGHFLGRQRLSULQFLSDOLLPSDWWLDPELHQWDOLFKHVLSURGXUUDQQRQHOVXRFLFORGLYLWD2JJL
TXHVWD FRQVDSHYROH]]D KD SRUWDWR DOOR VYLOXSSR GL VWUXPHQWL VSHFLILFDPHQWH PLUDWL DG
LQWURGXUUH FULWHUL GL HFRFRPSDWLELOLWj QHO GHVLJQ GHL SURGRWWL 4XHVWL VWUXPHQWL KDQQR
UHFHQWHPHQWH DWWUDYHUVDWR XQD IDVH GL QRWHYROH GLIIXVLRQH VSLQWL GDOOD FRQVLGHUHYROH XWLOLWj
SUDWLFD FKH HVVL SRVVRQR DYHUH SHU DOLPHQWDUH GL LQSXW LQIRUPDWLYL OD SURJHWWD]LRQH H OH
VXFFHVVLYHIDVLGHOPDUNHWLQJD]LHQGDOH
/D QHFHVVLWj GL LQWHJUDUH JOL VWUXPHQWL SHU OD SURJHWWD]LRQH GHO SURGRWWR FRQ ULIHULPHQWR
VRSUDWWXWWRDOOHGLYHUVHIRUPHGL(FRGHVLJQHOD/&$FRPHORURSULQFLSDOHIRQWHLQIRUPDWLYD
QHOOHORJLFKHGHOODJHVWLRQHDPELHQWDOHG¶LPSUHVDqPDWXUDWDQHLWHPSLSLUHFHQWLVWLPRODQGR
OR VYLOXSSR GL YHUL H SURSUL 6LVWHPL GL *HVWLRQH RULHQWDWL DO SURGRWWR L FRVLGGHWWL 32(06 ±
.
B7
= 6
,Q TXHVWL FDVL OD SURJHWWD]LRQH OD
ULFHUFDHVYLOXSSRHLOSURGXFWGHYHORSPHQWVRQRSURFHVVLFKHYHQJRQRLQWHJUDWLQHO6LVWHPDGL
*HVWLRQH $PELHQWDOH H TXLQGL LQVHULWL D SLHQR WLWROR QHOO¶DPELWR GHOOH DWWLYLWj GD HVVR
JRYHUQDWH DG HVHPSLR DWWUDYHUVR UHVSRQVDELOLWj SURFHGXUH PRGDOLWj GL ODYRUR VWUXPHQWL
WHFQLFL HWF ,Q TXHVWD RWWLFD q HYLGHQWH FRPH OH D]LHQGH SRVVDQR HVVHUH LQWHUHVVDWH DG
RWWHQHUHLQIRUPD]LRQLHI,UHODWLYDPHQWHDOSURFHVVRGLSURJHWWD]LRQHHSLLQJHQHUDOH
DOFRQWULEXWRGHOOHDWWLYLWjGLULFHUFDHVYLOXSSRDOPLJOLRUDPHQWRGHOOHSHUIRUPDQFHDPELHQWDOL
GHLSURGRWWL
3HU TXDQWR ULJXDUGD OD GLPHQVLRQH GHO FRPPLWPHQW DG HVHPSLR O¶D]LHQGD FKH XWLOL]]D L YDUL
VWUXPHQWLHPHWRGLGL(FR'HVLJQqQRUPDOPHQWHLQWHUHVVDWDDPLVXUDUHODSURSULDFDSDFLWjGL
UHDOL]]DUH RSHUDWLYDPHQWH SURGRWWL FKH ULVSRQGDQR D TXHVWH ORJLFKH H TXLQGL DG HVWHQGHUH
SURJUHVVLYDPHQWH OD TXRWD GHL SURSUL SURGRWWLVHUYL]L D FXL O¶DSSURFFLR GHOOD SURJHWWD]LRQH
³VRVWHQLELOH´YLHQHDSSOLFDWR,QTXHVWRVHQVRSDUWLFRODUPHQWHXWLOHSXzULYHODUVLODFDSDFLWjGL
PRQLWRUDUH L QXRYL SURGRWWL FKH HVFRQR GD XQ SURFHVVR GL SURJHWWD]LRQH RULHQWDWR VHFRQGR
FULWHULDPELHQWDOLRLOFXLGHVLJQSLLQJHQHUDOHqUHDOL]]DWRRPRGLILFDWRSHUJDUDQWLUHPLJOLRUL
SUHVWD]LRQL DPELHQWDOL 3DUWLFRODUPHQWH VLJQLILFDWLYR DG HVHPSLR SXz HVVHUH O¶RELHWWLYR GL
YDOXWDUH SHULRGLFDPHQWH H OR VYLOXSSR GL SURGRWWL FHUWLILFDWL DG HVHPSLR FRQ
O¶(FRODEHO (XURSHR q LO ULVXOWDWR GL XQR VIRU]R GL SURJHWWD]LRQH EHQ UDGLFDWR QHO 6LVWHPD GL
*HVWLRQH$PELHQWDOHHGDTXHVWRDOLPHQWDWR
, SURFHVVL GL FRQWUROOR VRQR SDUWLFRODUPHQWH LPSRUWDQWL SHU VDJJLDUH O¶HIILFDFLD H O¶HIILFLHQ]D
GHOOD SURJHWWD]LRQH VRSUDWWXWWR TXDQGR GL WUDWWD GL YDOXWDUQH OD ULVSRQGHQ]D D SUHVWD]LRQL
DPELHQWDOL0ROWHGHOOHLQIRUPD]LRQLFKHO¶D]LHQGDQHFHVVLWDFRPHIHHGEDFNVXLSURFHVVLGL(FR
'HVLJQSRVVRQRGHULYDUHDG HVHPSLRGDOOHRUPDLFRQVROLGDWHDWWLYLWjGLFRQWUROORVXLSURGRWWL
LQ XVFLWD FKH OD JUDQ SDUWH GHOOH D]LHQGH HIIHWWXD QHOO¶DPELWR GHL 6LVWHPL GL *HVWLRQH DQFKH
FRQULIHULPHQWRDOODQHFHVVLWjGLJDUDQWLUQHODFRQIRUPLWjDPELHQWDOH
8Q¶DOWUDFDWHJRULDGLLQGLFDWRULSDUWLFRODUPHQWHXWLOHLQTXHVWDRWWLFDVLULIHULVFHDOPRQLWRUDJJLR
SHULRGLFRGHLIHHGEDFN GLUHWWLGDSDUWHGHLFOLHQWLHGHJOLXWLOL]]DWRULGHLSURGRWWLUHODWLYDPHQWH
6LYHGD,UDOGR0HOLV
6LYHGD5XELN,UDOGR6FKHHU
50
DO OLYHOOR GL VRGGLVID]LRQH FLUFD OH SUHVWD]LRQL DPELHQWDOL R OH JDUDQ]LH GL ULVSHWWR GL SDUDPHWUL
UHODWLYL DG LPSDWWL VXOO¶DPELHQWH HV UHFODPL R UHVL PRWLYDWL GD QRQ FRQIRUPLWj ULVSHWWR DOOH
VSHFLILFKH FRQWUDWWXDOL ULJXDUGDQWL DVVHQ]D GL VRVWDQ]H SHULFRORVH XWLOL]]R GL PDWHULDOL DG
HOHYDWRLPSDWWRFRQVXPRHQHUJHWLFRQHOODIDVHGLXVRHFF
6WUHWWDPHQWH FRUUHODWL D TXHVWL LQGLFDWRUL FRPH VSHVVR HYLGHQ]LDWR QHOO¶DPELWR GHOOH /LQHH
JXLGDYLVRQRSRLPROWLSRVVLELOLLQGLFDWRULGLUHDWWLYLWjFKHLQTXHVWRFDVRGRYUHEEHURHVVHUH
LQJUDGRGLPLVXUDUHVRSUDWWXWWRODFDSDFLWjGHOO¶D]LHQGDGLLQWHUYHQLUHLQIDVHGLSURJHWWD]LRQH
RFRQLQWHUYHQWLGL FRQPRGLILFKHDOGHVLJQGHOSURGRWWRLQJUDGRGLSUHYHQLUH
LO IXWXUR PDQLIHVWDUVL GHJOL LPSDWWL DPELHQWDOL VX FXL YL VRQR VWDWH VHJQDOD]LRQL GL SUREOHPL R
VRQRVWDWLLGHQWLILFDWLPDUJLQLGLPLJOLRUDPHQWR
(¶ SRVVLELOH SURSRUUH LQGLFDWRUL LQ JUDGR GL FRJOLHUH H TXDQWLILFDUH OD GLPHQVLRQH ³HFRQRPLFD´
UHODWLYDDOODSURJHWWD]LRQHHDOORVYLOXSSRGLSURGRWWLFRQFDUDWWHULVWLFKHDPELHQWDOLVRSUDWWXWWR
DWWUDYHUVR LO PRQLWRUDJJLR GHL OLYHOOL GL LQYHVWLPHQWR ± GLUHWWD FRQVHJXHQ]D GHJOL VIRU]L GL
SURJHWWD]LRQH FKH FRQIOXLVFRQR QHOOD LQGXVWULDOL]]D]LRQH GL SURFHVVL H WHFQRORJLH QHFHVVDUL SHU
OD SURGX]LRQH GHL SURGRWWL LQQRYDWLYL VRWWR LO SURILOR DPELHQWDOH ± H OD TXDQWLILFD]LRQH GHOOH
TXRWH GL IDWWXUDWR UHODWLYH DOOD GRPDQGD GHL SURGRWWL FKH VRQR ULVXOWDWL GD SURFHVVL GL
(FR'HVLJQ
,QILQH LO ³FRQVHQVR´ FKH OH D]LHQGH ULFHUFDQR QRUPDOPHQWH H SRVVRQR TXLQGL PLVXUDUH VXO
YHUVDQWH GHOOR VYLOXSSR GL SURGRWWL LQQRYDWLYL ULJXDUGD GD XQ ODWR O¶DFTXLVL]LRQH GL
ULFRQRVFLPHQWL HVWHUQL TXDOL DG HVHPSLR SUHPL R IRUPH GL OHJLWWLPD]LRQH GD SDUWH GL
DVVRFLD]LRQL DPELHQWDOLVWH H GDOO¶DOWUR OD FDSDFLWj GL FRLQYROJHUH O¶LQWHUD ILOLHUD QHJOL VIRU]L
SURJHWWXDOLWHVLDOODULFHUFDFRQWLQXDGLPDUJLQLGLPLJOLRUDPHQWRGHOOHSHUIRUPDQFHDPELHQWDOL
GHLSURGRWWL
7DEHOOD±,QGLFDWRULUHODWLYLD3URJHWWD]LRQH5LFHUFDH6YLOXSSR
$UHD
&DWHJRULD
&RPPLWPHQW
3URJHWWD]LRQH5LFHUFDH6YLOXSSR
$1XPHURGLSURGRWWLHRVHUYL]LLQQRYDWLYLODQFLDWLVXOPHUFDWRR
RIIHUWLDOFOLHQWHFKHKDQQRPLJOLRULSUHVWD]LRQLDPELHQWDOLQHOFRUVR
GHOO¶DQQR
$1XPHURGLSURGRWWLHRVHUYL]LFKHDFTXLVLVFRQRXQDFHUWLILFD]LRQH
DPELHQWDOHGHLGLYHUVLWLSLGLVSRQLELOLPDUFKLHG,62WLSR,
GLWLSR,,R
.
&
WLSR,,,
$1XPHURGLSURGRWWLVHUYL]LFHUWLILFDWLVLYHGDVRSUDVXOWRWDOH
$1XPHURGLSURGRWWLFKHYHQJRQRSURJHWWDWLRULSURJHWWDWL
VHFRQGRFULWHULGL& RYYHURDOWULFULWHULVSHFLILFDPHQWHGHVWLQDWL
DGXQDFDUDWWHULVWLFDDPELHQWDOHHV& 06 & & HFF
$1XPHURGLSURGRWWLULSURJHWWDWLVHFRQGRFULWHULGLVRVWHQLELOLWj
DPELHQWDOHLQFROODERUD]LRQHFRQFOLHQWLHIRUQLWRUL
$*UXSSLGLODYRURH
GLSURJHWWRDWWLYLDOO¶LQWHUQRGHOO¶D]LHQGD
VXOODSURJHWWD]LRQHVRVWHQLELOHGLSURGRWWLVHUYL]LRVXOO¶LQQRYD]LRQHGL
SURFHVVLWHFQRORJLH
51
&RQWUROOR
%1XPHURGLSURGRWWLVHUYL]LULVXOWDWL?)QHOO¶DPELWRGHL
FRQWUROOLLQXVFLWDLQEDVHDFDUDWWHULVWLFKHDPELHQWDOL
%1XPHURGLSURGRWWLVHUYL]LUHVLGDLFOLHQWLRVXFXLFLVRQRVWDWL
UHFODPLSHUUDJLRQLOHJDWHDOOHSUHVWD]LRQLDPELHQWDOLRDOODFRQIRUPLWjDOOH
QRUPHVXOO¶DPELHQWH
%1XPHURGLFRQWUROOLVXOOHFDUDWWHULVWLFKHDPELHQWDOLGHOSURGRWWR
SUHYLVWLQHOO¶DPELWRGHLFRQWUROOL³LQXVFLWD´GDOSURFHVVRSURGXWWLYR
%1XPHURGLSURGRWWLSHULTXDOLYLHQHSHULRGLFDPHQWHPRQLWRUDWDOD
SHUIRUPDQFHDPELHQWDOHDWWUDYHUVRDGHVHPSLRDSURGXFWFDUERQ
IRRWSULQWZDWHUIRRWSULQW/&$HWF
5HDWWLYLWj
&1XPHURGLPRGLILFKHHRLQWHUYHQWLPLJOLRUDWLYLDSSRUWDWLQHOFRUVR
GHOO¶DQQRSHUULGXUUHJOLLPSDWWLDPELHQWDOLGHLSURGRWWLVHUYL]LOXQJRWXWWR
LOORURFLFORGLYLWD
&1XPHURGLPRGLILFKHLQWURGRWWHQHOFLFORGLYLWDGHOSURGRWWRLQ
UHOD]LRQHDOO¶HYROX]LRQHGHOO¶LQQRYD]LRQHWHFQRORJLFDQHOFRQWHVWR
LQWHUQD]LRQDOHGHOODULFHUFD
&1XPHURGLSURGRWWLULODYRUDWLDFDXVDGL?)
GL
FDUDWWHUHDPELHQWDOH
(FRQRPLFL
'GHOIDWWXUDWRGHULYDQWHGDQXRYLSURGRWWLVHUYL]LGLVWLQWLSHU
DYHUHFDUDWWHULVWLFKHDPELHQWDOLVXSHULRULQHOODJDPPDRIIHUWD
GDOO¶D]LHQGD
')DWWXUDWRGHULYDQWHGDFOLHQWLFKHDSSOLFDQRQHOOHSURSULH
SURFHGXUHG¶DFTXLVWRFULWHULGLVHOH]LRQHEDVDWLVXOOHSHUIRUPDQFH
DPELHQWDOL
',QYHVWLPHQWLQHOODSURJHWWD]LRQHHVYLOXSSRGLQXRYLSURGRWWL
VHUYL]LFRQPLJOLRULSUHVWD]LRQLDPELHQWDOLOXQJRWXWWRLOORURFLFORGLYLWD
&RQVHQVR
(3UHPLRDOWULULFRQRVFLPHQWLRWWHQXWLGDLSURSULSURGRWWLVHUYL]LLQ
UDJLRQHGHOODORURPLJOLRUHTXDOLWjDPELHQWDOH
(5LVXOWDWLGHLTXHVWLRQDULVXOODVRGGLVID]LRQHGHOFOLHQWHSHUTXDQWR
FRQFHUQHODTXDOLWjDPELHQWDOHGHLSURGRWWLHO¶LQQRYD]LRQHGLSURGRWWR
(1XPHURGLVHJQDOD]LRQLRULFKLHVWHSURYHQLHQWLGDLFOLHQWLGDL
IRUQLWRULRGDOORVWHVVRSHUVRQDOHPLUDWHDOPLJOLRUDPHQWRGHOOHSUHVWD]LRQL
DPELHQWDOLGHOSURGRWWRVHUYL]LR
52
(VHPSLR,QGLFDWRUHQ$1XPHURGLSURGRWWLFKHYHQJRQRSURJHWWDWLRULSURJHWWDWL
VHFRQGRFULWHULGL(FR'HVLJQRYYHURDOWULFULWHULVSHFLILFDPHQWHGHVWLQDWLDGXQDFDUDWWHULVWLFD
DPELHQWDOHHV'HVLJQIRU5HF\FOLQJ'HVLJQIRU'LVDVVHPEOLQJHFF
'DWL
'RSRDYHULQL]LDOPHQWHVSHULPHQWDWRO¶DSSOLFD]LRQHGLXQD)±)6
VXO
SURSULRSURGRWWRGLSXQWDODKDULWHQXWRXWLOHHSRWHQ]LDOPHQWHHIILFLHQWH
FRQVLGHUDUHOHLQIRUPD]LRQLHJOLLQGLFDWRULDPELHQWDOLGHULYDQWLGDOORVWXGLRQHOODIDVHGL
SURJHWWD]LRQH
/¶D]LHQGDKDFRVuUHDOL]]DWRXQVRIWZDUHFKHVXOODEDVHGHLULVXOWDWLGHOOD/&$DSSOLFDWDDO
³SURGRWWRWLSR´FKHYLHQHSURSRVWRDOPHUFDWRLOPRGHOOREDVHFRQVHQWHGLLGHQWLILFDUHILQ
GDOODIDVHGLGHVLJQGHOOH³YDULDQWL´ULFKLHVWHGDOFOLHQWHTXDOLVDUDQQRJOLLPSDWWLDPELHQWDOL
OHJDWHDOORVSHFLILFRPRGHOOR
/DGGRYHOHULFKLHVWHGHOFOLHQWHVLLQGLUL]]LQRDQXRYLPDWHULDOLVROX]LRQLFXVWRPL]]DWHSHULO
SDFNDJLQJGHOSURGRWWRYDULDQWLQHOOHFRORUD]LRQLHFFLOVRIWZDUHSHUPHWWHDWWUDYHUVR
O¶HODERUD]LRQHGHLGDWLHVWUDWWLGDOODEDQFDGDWL/&$GHOO¶D]LHQGDGLVWLPDUHTXDOHVDUjLO
YDQWDJJLRDPELHQWDOHRO¶DJJUDYLRLQWHUPLQLGLLPSDWWLILQGDOODIDVHGLSURJHWWD]LRQH
1HOO¶DQQRFRQVLGHUDWRVRQRVWDWLVRWWRSRVWLDOODYDOXWD]LRQHDPELHQWDOHSUHOLPLQDUHVXOOD
EDVHGHOO¶XWLOL]]RGHOVRIWZDUHLVHJXHQWLSURGRWWL
ƒ 4XDWWURPRGHOOLVYLOXSSDWLVXFRPPHVVDGHOODFDWHQDGLVWULEXWLYD&7FKHKDULFKLHVWR
VSHFLILFDPHQWHLQWHUYHQWLGLPLQLPL]]D]LRQHGHOSDFNDJLQJSHULSURSULSURGRWWLDPDUFD
SULYDWD
ƒ 8QSURGRWWRLQGLUL]]DWRDOPHUFDWRQRUGDPHULFDQRHVYLOXSSDWRVXLQGLFD]LRQLGHO
FOLHQWHLQPDWHULDOHELRGHJUDGDELOH
&DOFROR
,QGLFDWRUH
GLFRPPLWPHQW
1XPHURGLQXRYL
SURGRWWLODFXLIDVHGL
GHVLJQqJXLGDWD
GDOO¶XWLOL]]RGHO
VRIWZDUH/&$
GHOO¶D]LHQGDVXOWRWDOH
GHLQXRYLSURGRWWL
ODQFLDWLVXOPHUFDWR
HRVYLOXSSDWLSHU
FRQWRGHLFOLHQWL
QHOO¶DQQRFRQVLGHUDWR
$VVROXWR
9DOHQ]DLQIRUPDWLYD
5HODWLYR
6XEDVH
DQQXD
4XDQWLILFD
O¶LPSHJQR
D]LHQGDOHQHOOD
ULVSRVWDDG
HVLJHQ]H
DPELHQWDOLGHL
FOLHQWL
7UHQG
(YLGHQ]LD
O¶HYROYHUVLGLWDOH
LPSHJQRQHO
WHPSR
O¶DQGDPHQWRGHO
PHUFDWRULVSHWWR
DOODGRPDQGDGL
SURGRWWLHFRORJLFL
HLQILQHOD
SURJUHVVLYD
HVWHQVLRQHGHO¶(FR
'HVLJQDOO¶LQWHUQR
GHOOHVWUDWHJLH
GHOO¶D]LHQGD
1RWH
,OYDORUHGHOO¶LQGLFDWRUHDQFRUFKpUHODWLYL]]DWRULVSHWWRDLQXRYLSURGRWWLSURJHWWDWLQHOFRUVR
GHOO¶DQQRSRWUHEEHHVVHUHPROWRLQIOXHQ]DWRGDOO¶DQGDPHQWRGHOODGRPDQGDVXOPHUFDWR6L
VXJJHULVFHSHUWDQWRGLPLVXUDUORVXWUHQGGLPHGLROXQJRSHULRGR
53
54
$SSHQGLFH
55
$ 5LIHULPHQWL PHWRGRORJLFL H RSHUDWLYL VXJOL LQGLFDWRUL GL
SUHVWD]LRQHDPELHQWDOH
•
•
•
•
•
•
•
•
•
•
•
&RPPLVVLRQH (XURSHD5HJRODPHQWR&(QGHO3DUODPHQWR(XURSHR H
GHO &RQVLJOLR GHO QRYHPEUH VXOO¶DGHVLRQH YRORQWDULD GHOOH RUJDQL]]D]LRQL D XQ
VLVWHPD FRPXQLWDULR GL HFRJHVWLRQH H DXGLW (0$6 FKH DEURJD LO UHJRODPHQWR &( Q
H OH GHFLVLRQL GHOOD &RPPLVVLRQH &( H &( $OOHJDWR ,9
&RPXQLFD]LRQH$PELHQWDOH
&RPPLVVLRQH (XURSHD ) " 5
5 %UX[HOOHV%HOJLR
'()5$ 'HSDUWPHQW IRU (QYLURQPHQW )RRG DQG 5XUDO $IIDLUV E6
.!
0
#E$ZZZGHIUDJRYXN
(,$±(QHUJ\,QIRUPDWLRQ$GPLQLVWUDWLRQ/
6
6
:DVKLQJWRQ'&
(1($ (QWH SHU OH QXRYH 7HFQRORJLH O¶(QHUJLD H O¶$PELHQWH /
*OREDO 5HSRUWLQJ ,QLWLDWLYH F%8 0
!
!
.
ZZZJOREDOUHSRUWLQJRUJ
0LQLVWU\ RI WKH (QYLURQPHQW -DSDQ *RYHUQPHQW .
!
7 0LQLVWU\ RI WKH (QYLURQPHQW (QYLURQPHQW 3ROLFLHV
%XUHDX(QYLURQPHQWDQG(FRQRP\'LYLVLRQ-DSDQ5HVHDUFK,QVWLWXWH/LPLWHG
81,&(, (1 ,62
G B0
G
81,(1,62
B/
B
%
:%&6' :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW = B
6H 6*LQHYUD6YL]]HUD
:%&6' :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW :5, ± :RUOG 5HVRXUFHV
,QVWLWXWH H *LQHYUD6YL]]HUD
56
$0DWULFH,QFURFLR3URFHVVLD]LHQGDOL)XQ]LRQLD]LHQGDOL
/D 0DWULFH LGHQWLILFD ± DWWUDYHUVR O¶DSSRVL]LRQH GL XQD ³[´ QHOOH UHODWLYH FDVHOOH ± LQ TXDOHL
IXQ]LRQHL DOO¶LQWHUQR GL XQ¶D]LHQGD FLDVFXQ SURFHVVR LGHQWLILFDWR QHOOH /LQHH JXLGD
JHQHUDOPHQWH VL VYROJH IRUQHQGR XQD SULPD LQGLFD]LRQH GHL VRJJHWWL D]LHQGDOL LQ HVVR
FRLQYROWL
/H)XQ]LRQLVWUXWWXUHD]LHQGDOLULSRUWDWHQHOOD0DWULFHVRQRVWDWHLGHQWLILFDWHDOILQHGLULVXOWDUH
DSSOLFDELOL DOOD JHQHUDOLWj GHOOH D]LHQGH LQGLSHQGHQWHPHQWH GDOOD FDUDWWHULVWLFKH SURSULH GL
VSHFLILFLVHWWRULSURGXWWLYLRGLVHUYL]L
• &RQVLJOLRGL$PPLQLVWUD]LRQH$'
• $PPLQLVWUD]LRQHHILQDQ]D
• 0DUNHWLQJHFRPXQLFD]LRQH
• 5HOD]LRQLLVWLWX]LRQDOL
• $FTXLVWLH
• &RPPHUFLDOHHYHQGLWH
• 3URGX]LRQH
• 2UJDQL]]D]LRQHHSHUVRQDOH
• /HJDOH
• $PELHQWHHVLFXUH]]D
• 0DJD]]LQRHORJLVWLFD
/DYHULILFDGHOO¶DSSOLFDELOLWjGHJOLLQFURFLSURFHVVRIXQ]LRQHSURSRVWLQHOOD0DWULFHDOODVSHFLILFD
UHDOWjRSHUDWLYDGHOO¶D]LHQGDqQDWXUDOPHQWHODVFLDWDDLOHWWRULGHOOH/LQHHJXLGD
, OHWWRUL GHOOH /LQHH JXLGD SRVVRQR LQROWUH DUWLFRODUH XOWHULRUPHQWH OR VWUXPHQWR DJJLXQJHQGR
QXRYH IXQ]LRQLVWUXWWXUH UHODWLYH DOOD SURSULD UHDOWj RYYHUR WUDVFXUDUH TXHOOH ³ULJKH´ GHOOD
0DWULFHFKHLQHVVDQRQWURYDQRULVFRQWUR
57
58
«
«
;
;
/HJDOH
;
;
2UJDQL]]D]LRQHH
SHUVRQDOH
$PELHQWHH
6LFXUH]]D
0DJD]]LQR
HORJLVWLFD
3URGX]LRQH
5HOD]LRQLLVWLWX]LRQDOL
;
0DUNHWLQJH
FRPXQLFD]LRQH
$PPLQLVWUD]LRQHH
ILQDQ]D
$FTXLVWLH
SURFXUHPHQW
&RPPHUFLDOHH
YHQGLWH
;
&G$R$'
3URFHVVL
D]LHQGDOL
$FTXLVWLH
$OWD
$SSURYYLJLRQD
'LUH]LRQH
PHQWL
)XQ]LRQL
D]LHQGDOL
;
;
;
;
;
;
;
&RPXQLFD]LRQH
H5HOD]LRQL
HVWHUQH
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
58
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
*HVWLRQH
*HVWLRQH
HVYLOXSSR
&RPXQLFD]LRQH
*HVWLRQH
GHOOD
GHOOH
LQWHUQD
DPELHQWDOH FRQIRUPLWj
ULVRUVH
QRUPDWLYD
XPDQH
0DWULFH,QFURFLR3URFHVVLD]LHQGDOL)XQ]LRQLD]LHQGDOL
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
3URFHVVR
/RJLVWLFD
SURGXWWLYR 3URJHWWD]LRQH
0DQXWHQ]LRQH
7UDVSRUWLH
0DUNHWLQJ
HG
5LFHUFD
H6HUYL]L
'LVWULEX]LRQH
(URJD]LRQH
6YLOXSSR
GHOVHUYL]LR
$5LIHULPHQWLELEOLRJUDILFL
• $VVRORPEDUGD !
!7 8;AA8 $VVRORPEDUGD$UHD$PELHQWHH6LFXUH]]D0DU]R
• ,UDOGR)0HOLV0=,
)
5 LQ FROODERUD]LRQH FRQ $662/20%$5'$ *UXSSR
2UH
• 5XELN)6FKHHU',UDOGR)³(FRODEHOOLQJDQGSURGXFWGHYHORSPHQWSRWHQWLDOV
DQGH[SHULHQFHV´!
I7.
&
59
$5LQJUD]LDPHQWL
/D SUHGLVSRVL]LRQH GL TXHVWD GLVSHQVD q VWDWD SRVVLELOH JUD]LH DO FRQWULEXWR GHOOH D]LHQGH
DVVRFLDWHFKHIDQQRSDUWHGHO*UXSSRGL/DYRURVXOOD4XDOLWj$PELHQWDOHGL$VVRORPEDUGDFKH
KDQQR YROXWR FRQGLYLGHUH OH SURSULH HVSHULHQ]H H IRUQLUH XQ VXSSRUWR D TXHOOH LPSUHVH FKH
GHYRQR DIIURQWDUH LO WHPD GHOOD YDOXWD]LRQH GHOOH SUHVWD]LRQL GHO 6LVWHPD GL *HVWLRQH
$PELHQWDOH
8QULQJUD]LDPHQWRSHUWDQWRD
• %HFNHUV,QGXVWULDO&RDWLQJV,WDOLD6SD9DOWHU/DQGL
• %UDFFR,PDJLQJ6SD*LDQQL$EEUX]]HVHH$OHVVLD*DOELDWL
• &LDO&RQVRU]LR,PEDOODJJL$OOXPLQLR/XFD/DJX]]L
• '+/6XSSO\&KDLQ,WDO\6SD/RUHQ]R'DIDUUD
• )DOFN5HQHZDEOHV6SD8PEHUWR'H6HUYLHG(QULFR)DOTXL
• ,QGXVWULH&KLPLFKH)RUHVWDOL6SD$QWRQLR6DVVL
• 1RYHOLV,WDOLD6SD6WHIDQR'LHQD
• 2WLV6HUYL]L6UO(OHQD)DUHD
• 3R]]ROL6SD&DUORWWD9LOOD
• 6ROHWR6SD%DUEDUD)HUURQLH)UDQFHVFD7RUUH
• 6RQ\(XURSH/LPLWHG6HGH6HFRQGDULD,WDOLDQD&DWHULQD)UDQFHVFKHW
• 7DPRLO,WDOLD6SD3DROR*ULSSLROR
• 9HUQLFL(JLGLR0LOHVL6SD$OHVVDQGUD&DQDYHVL
• 9LGUDOD,WDOLD6UO&LUR'H%DWWLVWL
• HVSHUWR'DYLGH%LDQFRURVVR
8QULQJUD]LDPHQWRDQFKHDO3URI)DELR,UDOGRHDOOD'UVVD0LFKHOD0HOLVSHUO¶HODERUD]LRQHGHL
FRQWHQXWLHODUHGD]LRQHGHOGRFXPHQWR
8Q ULQJUD]LDPHQWR LQILQH DOOH ,VWLWX]LRQL H DJOL (QWL GL FHUWLILFD]LRQH FKH KDQQR FRQGLYLVR L
FRQWHQXWLGHOODGLVSHQVD
• $USD/RPEDUGLD
• 5HJLRQH/RPEDUGLD
• $FFUHGLD
• %YL±%XUHDX9HULWDV,WDOLD6SD
• &HUPHW
• &HUWLTXDOLW\6UO
• &VTD&HUWLILFD]LRQL6UO
• 'QY%XVLQHVV$VVXUDQFH
• ,FLP6SD
• ,PT6SD
• 5LQD6HUYLFHV6SD
• 6JV,WDOLD6SD
• 7XY,WDOLD6UO
60
'LVSHQVH$VVRORPEDUGD
1RYHPEUH
• 0HUFDWR,QQRYD]LRQH0HUFDWRLOFLUFRORYLUWXRVRSHUUHVWDUHFRPSHWLWLYL
=
!
$SULOH
• *XLGDDOODSUHGLVSRVL]LRQHGLXQPRGHOORRUJDQL]]DWLYRSHUODVDOXWHHVLFXUH]]DVXO
ODYRURHOHPHQWLGLFRQIURQWRHLQWHJUD]LRQHWUD'/JV'/JVH%6
2+6$6
0DJJLR
• /DFHUWLILFD]LRQHHQHUJHWLFDGHJOLHGLILFL
• /DQRUPDWLYDLWDOLDQDEULWDQQLFDHIUDQFHVHLQPDWHULDGLERQLILFDGHLVLWL
FRQWDPLQDWL
*LXJQR
• &ROORFDPHQWRGHLGLVDELOL
.
2WWREUH
• *XLGDSUDWLFDDOFDSLWDOHGLULVFKLRDYYLDUHHVYLOXSSDUHXQ¶LPSUHVDFRQLOYHQWXUH
FDSLWDOHLOSULYDWHHTXLW\
J
'LFHPEUH
• %XRQHSUDWLFKHGLPRELOLW\PDQDJHPHQWD]LHQGDOH
=
!
7 K
0DU]R
• 3DUWHFLSD]LRQHDWWLYDHYDORUL]]D]LRQHGHOOHWHFQRORJLHLWDOLDQHQHOSURFHVVR
G
LPSOHPHQWD]LRQHGHOO
,33&HQHOODSUHGLVSRVL]LRQHGHL%5()V
• /LQHHJXLGDSHUO¶LGHQWLILFD]LRQHODYDOXWD]LRQHHODJHVWLRQHGHJOL$VSHWWL
$PELHQWDOL,QGLUHWWLQHOO¶DPELWRGHL6LVWHPLGL*HVWLRQH,62HG(0$6
61
$SULOH
• /HGLHFLUHJROHG¶RURSHUWXWHODUVLQHLFRQWUDWWLFRPPHUFLDOL
=
!
1RYHPEUH
• ,GHHHVROX]LRQLWHFQLFKHGDOPRQGRGHOOD6XEIRUQLWXUD
=
!
)HEEUDLR
• 0DUNHWLQJPXOWLGLPHQVLRQDOHFRQGLYLGHUH9DORUHSHUUHVWDUHFRPSHWLWLYL
=
!
1RYHPEUH
• /HDOOHDQ]HWUDLPSUHVHSHUDIIURQWDUHFRQVXFFHVVROHJDUHG¶DSSDOWR$7,
FRQVRU]LVXEDSSDOWL³DYYDOLPHQWL´
=
!
• ,O3URMHFW0DQDJHPHQWFRPHOHYDVWUDWHJLFDSHUODJHVWLRQHG¶LPSUHVD
=
!
• 6ROX]LRQLORJLVWLFKHSHUODULSUHVDHORVYLOXSSRGHOOH30,
=
!
)HEEUDLR
• 0DUNHWLQJ0HWULFVVWUXPHQWLRSHUDWLYLSHURWWLPL]]DUHOHDWWLYLWjGLPDUNHWLQJH
YHQGLWD
=
!
$SULOH
• /LQHHJXLGDSHULO0DUNHWLQJHOD&RPXQLFD]LRQHDPELHQWDOHFRPHYDORUL]]DUH
SURGRWWLHVHUYL]LVRVWHQLELOLHGHYLWDUHLULVFKLGHOJUHHQZDVKLQJ
0DJJLR
• ,QGLUL]]LDOO¶XVRSUDWLFRGHOOHVFKHGHGDWLGLVLFXUH]]D6'6
1RYHPEUH
• /DWUDWWDWLYDG¶DFTXLVWRVXJJHULPHQWLSHUJHQHUDUHFRQWDWWLHFRQWUDWWL
=
!
$SULOH
• /LQHHJXLGDSHUORVYLOXSSRGLLQGLFDWRULVXOOHSUHVWD]LRQLGHO6LVWHPDGL*HVWLRQH
$PELHQWDOH
62
63
Settore Territorio Ambiente Energia
Via Pantano 9 - 20122 Milano
[email protected]
Telefono 0258370.467/482/431
www.assolombarda.it
Fly UP