...

Condominio Sicuro Aurora

by user

on
Category: Documents
190

views

Report

Comments

Transcript

Condominio Sicuro Aurora
modello 7602
ed. 01.11.2011
Contratto di assicurazione
Globale del Fabbricato Civile
CondominioSicuroAurora
Il presente Fascicolo Informativo contenente
a) Nota Informativa, comprensiva del glossario;
b) Condizioni di assicurazione;
c) Informativa privacy,
deve essere consegnato al Contraente prima della sottoscrizione
del contratto.
Prima della sottoscrizione leggere attentamente la Nota Informativa.
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
1RWDLQIRUPDWLYD
‡
‡
‡
‡
$,1)250$=,21,68//¶,035(6$',$66,&85$=,21(
,QIRUPD]LRQLJHQHUDOL
,QIRUPD]LRQLVXOODVLWXD]LRQHSDWULPRQLDOHGHOO¶,PSUHVD
%,1)250$=,21,68/&2175$772
&RSHUWXUHDVVLFXUDWLYH±/LPLWD]LRQLHGHVFOXVLRQL
'LFKLDUD]LRQLGHOO¶$VVLFXUDWRLQRUGLQHDOOHFLUFRVWDQ]HGHOULVFKLR
$JJUDYDPHQWRHGLPLQX]LRQHGHOULVFKLR
3UHPL
5LYDOVH
'LULWWRGLUHFHVVR
3UHVFUL]LRQHHGHFDGHQ]DGHLGLULWWLGHULYDQWLGDOFRQWUDWWR
/HJLVOD]LRQHDSSOLFDELOH
5HJLPH¿VFDOH
&,1)250$=,21,68//(352&('85(/,48,'$7,9((68,5(&/$0,
6LQLVWUL±/LTXLGD]LRQHGHOO¶LQGHQQL]]R
5HFODPL
0HGLD]LRQHSHUODFRQFLOLD]LRQHGHOOHFRQWURYHUVLH
$UELWUDWR
*ORVVDULR
&RQGL]LRQLGLDVVLFXUD]LRQH
‡ 1RUPHFRPXQLDWXWWHOHVH]LRQL
‡ 1RUPHFKHUHJRODQRO¶DVVLFXUD]LRQHLQJHQHUDOH
‡ 1RUPHSHUODOLTXLGD]LRQHGHLVLQLVWUL
‡ 6FHOWD&RPSOHWD
6H]LRQH,QFHQGLRHGDOWULGDQQLDLEHQL
6H]LRQH5HVSRQVDELOLWjFLYLOHYHUVRWHU]L
6H]LRQH'DQQLGDDFTXDHGDOWULOLTXLGL
6H]LRQH/DVWUH
6H]LRQH7XWHODOHJDOH
‡ 6FHOWD*OREDOH
6H]LRQH,QFHQGLRHGDOWULGDQQLDLEHQL
6H]LRQH5HVSRQVDELOLWjFLYLOHYHUVRWHU]L
6H]LRQH'DQQLGDDFTXDHGDOWULOLTXLGL
6H]LRQH/DVWUH
6H]LRQH7XWHODOHJDOH
‡ 1RUPHGLOHJJHULFKLDPDWHLQSROL]]D
,QIRUPDWLYDSULYDF\
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
127$,1)250$7,9$
GL
127$,1)250$7,9$
1RWD LQIRUPDWLYD UHODWLYD DO FRQWUDWWR GL DVVLFXUD
]LRQH FRQWUR L GDQQL ³&RQGRPLQLR6LFXUR$XURUD´
5HJRODPHQWR,VYDSQGHOPDJJLR
*HQWLOH&OLHQWH
VLDPROLHWLGLIRUQLU/HDOFXQHLQIRUPD]LRQLUHODWLYHD8QL
SRO$VVLFXUD]LRQL6S$HGDOFRQWUDWWRFKH/HLVWDSHU
FRQFOXGHUH
3HUPDJJLRUHFKLDUH]]DSUHFLVLDPRFKH
ODSUHVHQWH1RWDLQIRUPDWLYDqUHGDWWDVHFRQGROR
VFKHPDSUHGLVSRVWRGDOO¶,69$3PDLOVXRFRQWH
QXWRQRQqVRJJHWWRDOODSUHYHQWLYDDSSURYD]LRQH
GHOO¶,69$3
LO FRQWUDHQWH GHYH SUHQGHUH YLVLRQH GHOOH FRQGL
]LRQL GL DVVLFXUD]LRQH SULPD GHOOD VRWWRVFUL]LRQH
GHOODSROL]]D
/HFODXVROHFKHSUHYHGRQRRQHULHREEOLJKLDFDULFRGHO
FRQWUDHQWHHGHOO¶DVVLFXUDWRQXOOLWjGHFDGHQ]HHVFOX
VLRQLVRVSHQVLRQLHOLPLWD]LRQLGHOODJDUDQ]LDULYDOVH
QRQFKqOHLQIRUPD]LRQLTXDOL¿FDWHFRPH³$YYHUWHQ]H´
VRQRVWDPSDWHVXIRQGRFRORUDWRLQTXHVWRPRGRHYL
GHQ]LDWHHVRQRGDOHJJHUHFRQSDUWLFRODUHDWWHQ]LRQH
3HU FRQVXOWDUH JOL DJJLRUQDPHQWL GHOOH LQIRUPD]LRQL
FRQWHQXWHQHOODSUHVHQWH1RWDLQIRUPDWLYDHQHO)DVFL
FRORLQIRUPDWLYRQRQGHULYDQWLGDLQQRYD]LRQLQRUPDWLYH
VLULQYLDDOVLWRLQWHUQHWZZZXQLSRODVVLFXUD]LRQLLW
8QLSRO$VVLFXUD]LRQL6S$FRPXQLFKHUjSHULVFULWWRDO
FRQWUDHQWHOHPRGL¿FKHGHULYDQWLGDIXWXUHLQQRYD]LRQL
QRUPDWLYH
3HU RJQL FKLDULPHQWR LO 6XR$JHQWHLQWHUPHGLDULR DV
VLFXUDWLYRGL¿GXFLDqDGLVSRVL]LRQHSHUGDU/HWXWWHOH
ULVSRVWHQHFHVVDULH
/D1RWDLQIRUPDWLYDVLDUWLFRODLQWUHVH]LRQL
$ ,1)250$=,21, 68//¶,035(6$ ', $66,&85$
=,21(
%,1)250$=,21,68/&2175$772
& ,1)250$=,21, 68//( 352&('85( /,48,'$
7,9((68,5(&/$0,
$ ,1)250$=,21, 68//¶,035(6$ ', $6
6,&85$=,21(
,QIRUPD]LRQLJHQHUDOL
D8QLSRO $VVLFXUD]LRQL 6S$ ³OD 6RFLHWj´ VRFLHWj
XQLSHUVRQDOH VRJJHWWD DOO¶DWWLYLWj GL GLUH]LRQH H GL
FRRUGLQDPHQWRGL8QLSRO*UXSSR)LQDQ]LDULR6S$
E6HGHOHJDOHH'LUH]LRQH9LD6WDOLQJUDGR
%RORJQD,WDOLD
F5HFDSLWR WHOHIRQLFR ± WHOHID[
VLWRLQWHUQHWZZZXQLSRODVVLFXUD]LRQL
LW±LQGLUL]]RGLSRVWDHOHWWURQLFDLQIRGDQQL#XQLSR
ODVVLFXUD]LRQLLW
G/D 6RFLHWj q DXWRUL]]DWD DOO¶HVHUFL]LR GHOOH$VVLFXUD
]LRQLFRQSURYYHGLPHQWR,VYDSQGHO
SXEEOLFDWRVXOOD*8QGHO1XPHURGL
LVFUL]LRQHDOO¶$OERGHOOHLPSUHVHDVVLFXUDWLYH
GL 127$,1)250$7,9$
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
,QIRUPD]LRQL VXOOD VLWXD]LRQH SDWULPRQLDOH
GHOO¶,PSUHVD
/HLQIRUPD]LRQLFKHVHJXRQRVRQRLQHUHQWLDOO¶XOWLPREL
ODQFLRDSSURYDWRUHODWLYRDOO¶HVHUFL]LR
3DWULPRQLRQHWWR¼
&DSLWDOHVRFLDOH¼
7RWDOHGHOOHULVHUYHSDWULPRQLDOL¼
,QGLFHGLVROYLELOLWjULIHULWRDOODJHVWLRQHGDQQLWDOH
LQGLFHUDSSUHVHQWDLOUDSSRUWRWUDO¶DPPRQWDUHGHOPDU
JLQHGLVROYLELOLWjGLVSRQLELOHHO¶DPPRQWDUHGHOPDUJLQH
GLVROYLELOLWjULFKLHVWRGDOODQRUPDWLYDYLJHQWH
%,1)250$=,21,68/&2175$772
6L SUHFLVD FKH LO FRQWUDWWR q VWLSXODWR FRQ FODXVROD GL
WDFLWRULQQRYR
$YYHUWHQ]DLOFRQWUDWWRGLGXUDWDQRQLQIHULRUHDGXQ
DQQRLQPDQFDQ]DGLGLVGHWWDPHGLDQWHOHWWHUDUDFFR
PDQGDWDRWHOHID[VSHGLWDDOPHQRWUHQWDJLRUQLSULPD
GHOODVFDGHQ]DGHOO¶DVVLFXUD]LRQHqSURURJDWRSHUXQ
DQQR H FRVu VXFFHVVLYDPHQWH 6L ULQYLD DOO¶DUWLFROR GHOOH&RQGL]LRQLJHQHUDOLGLDVVLFXUD]LRQHSHUJOLDVSHW
WLGLGHWWDJOLR
&RSHUWXUHDVVLFXUDWLYH±/LPLWD]LRQLHGHVFOXVLRQL
/H FRSHUWXUH RIIHUWH GDO FRQWUDWWR FRQ OH PRGDOLWj HG
HVFOXVLRQLVSHFL¿FDWHQHOOH&RQGL]LRQLGLDVVLFXUD]LRQH
H GLIIHUHQ]LDWH LQ EDVH DOOD IRUPXOD 6FHOWD &RPSOHWD
R 6FHOWD *OREDOH SUHVFHOWD GDO &RQWUDHQWH VRQR OH
VHJXHQWL
D,1&(1',2 (' $/75, '$11, $, %(1, OD 6RFLHWj
LQGHQQL]]D L GDQQL PDWHULDOL H GLUHWWL FDXVDWL DO IDE
EULFDWR DVVLFXUDWR FDXVDWL GD LQFHQGLR IXOPLQH
IXPRXUWRGLYHLFROLGLWHU]LRQGDVRQLFDFDGXWDGL
DHURPRELOLRGLORURSDUWLRGLFRVHWUDVSRUWDWHHVSOR
VLRQH LPSORVLRQH VFRSSLR QRQFKp GD WXWWL JOL DOWUL
HYHQWLLQGLFDWLDJOLDUWLFROLHVHJXHQWLGHOOD6H]LR
QH,QFHQGLRHGDOWULGDQQLDLEHQL6FHOWD&RPSHWDH
6FHOWD*OREDOHGHOOH&RQGL]LRQLGLDVVLFXUD]LRQHDL
TXDOLVLULQYLDSHUJOLDVSHWWLGLGHWWDJOLR
E5(63216$%,/,7¬ &,9,/( 9(562 7(5=, OD 6R
FLHWjVLREEOLJDDWHQHUHLQGHQQHO¶$VVLFXUDWRLQWHVR
FRPHLOSURSULHWDULRLSURSULHWDULGHOIDEEULFDWRDVVL
FXUDWRGLTXDQWRTXHVWLVLDWHQXWRDSDJDUHTXDOH
FLYLOPHQWHUHVSRQVDELOHDLVHQVLGLOHJJHDWLWRORGL
ULVDUFLPHQWRFDSLWDOHLQWHUHVVLHVSHVHGLGDQQLLQ
YRORQWDULDPHQWHFDJLRQDWLDWHU]LFRPSUHVLLORFDWDUL
SHU PRUWH SHU OHVLRQL SHUVRQDOL H SHU GDQQHJJLD
PHQWLDFRVHLQFRQVHJXHQ]DGLXQIDWWRDFFLGHQWDOH
YHUL¿FDWRVLLQUHOD]LRQHDOODSURSULHWjGHOIDEEULFDWRH
DOODFRQGX]LRQHGHOOHSDUWLFRPXQL/¶DVVLFXUD]LRQH
YDOHDQFKHSHUODUHVSRQVDELOLWjFLYLOHFKHSRVVDGH
ULYDUHDOO¶$VVLFXUDWRGDOOHSHUVRQHGHOOHTXDOLGHEED
ULVSRQGHUH
6LULQYLDDJOLDUWLFROLHVHJXHQWLGHOOD6H]LRQH5H
VSRQVDELOLWj &LYLOH YHUVR 7HU]L 6FHOWD &RPSOHWD H
6FHOWD*OREDOHGHOOH&RQGL]LRQLGLDVVLFXUD]LRQHSHU
JOLDVSHWWLGLGHWWDJOLR
F'$11,'$$&48$('$/75,/,48,',/D6RFLHWjVL
REEOLJDDWHQHUHLQGHQQHO¶$VVLFXUDWRVLDSHULGDQQL
PDWHULDOLHGLUHWWLDOIDEEULFDWRFKHSHUODUHVSRQVD
ELOLWjFLYLOHGHOO¶$VVLFXUDWRGHULYDQWLGDVSDUJLPHQWR
GLDFTXDFRQGRWWDRGDOWULOLTXLGL
6LULQYLDDJOLDUWLFROLHVHJXHQWLGHOOD6H]LRQH'DQ
QLGDDFTXDHGDOWULOLTXLGL6FHOWD&RPSOHWDH6FHO
WD*OREDOHGHOOH&RQGL]LRQLGLDVVLFXUD]LRQHSHUJOL
DVSHWWLGLGHWWDJOLR
G/$675( OD 6RFLHWj ¿QR DOOD FRQFRUUHQ]D GHOOD
VRPPDDVVLFXUDWDHQHOODIRUPDD³SULPRULVFKLRDV
VROXWR´ ULPERUVD DOO¶$VVLFXUDWR LQWHVR FRPH LO SUR
SULHWDULR L SURSULHWDUL GHO IDEEULFDWR DVVLFXUDWR OH
VSHVH VRVWHQXWH SHU VRVWLWXLUH OH ODVWUH GL YHWUR LQ
JHQHUHSHUWLQHQWHJOLLQJUHVVLVFDOHHGDOWULYDQLGL
XVR FRPXQH GHO IDEEULFDWR DVVLFXUDWR GLVWUXWWH R
GDQQHJJLDWHDVHJXLWRGLURWWXUDSHUFDXVHDFFLGHQ
WDOLHLGDQQLGHULYDQWLGDFROSDJUDYH
6LULQYLDDJOLDUWLFROLHVHJXHQWLGHOOD6H]LRQH/D
VWUH6FHOWD&RPSOHWDH6FHOWD*OREDOHGHOOH&RQGL
]LRQLGLDVVLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLR
H787(/$/(*$/(/D6RFLHWj¿QRDOODFRQFRUUHQ]D
GHOOD VRPPD DVVLFXUDWD VL REEOLJD DG DVVXPHUH D
SURSULR FDULFR O¶RQHUH GHOOH VSHVH SHU O¶DVVLVWHQ]D
JLXGL]LDOHHVWUDJLXGL]LDOHVLDFLYLOHFKHSHQDOHSHU
ODWXWHODGHLGLULWWLGHJOL$VVLFXUDWLLQFRQVHJXHQ]DGL
XQIDWWRLQHUHQWHDLULVFKLJDUDQWLWLLQGLFDWLLQSROL]]D
6LULQYLDDJOLDUWLFROLHVHJXHQWLGHOOD6H]LRQH7X
WHODOHJDOH6FHOWD&RPSOHWDH6FHOWD*OREDOHGHOOH
&RQGL]LRQLGLDVVLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLR
$YYHUWHQ]DOHFRSHUWXUHDVVLFXUDWLYHVRQRVRJJHWWHD
OLPLWD]LRQLHVFOXVLRQLHVRVSHQVLRQLGHOODJDUDQ]LDFKH
SRVVRQR GDU OXRJR DOOD ULGX]LRQH R DO PDQFDWR SDJD
PHQWRGHOO¶LQGHQQL]]R3HUOHHVFOXVLRQLJHQHUDOLVLULQ
YLDSHUJOLDVSHWWLGLGHWWDJOLRDLVHJXHQWLDUWLFROLGHOOH
&RQGL]LRQLGLDVVLFXUD]LRQH6H]LRQH,QFHQGLRHGDOWUL
GDQQL DL EHQL 6FHOWD &RPSOHWD H 6FHOWD *OREDOH H6H]LRQH5HVSRQVDELOLWjFLYLOHYHUVRWHU]L6FHOWD
&RPSOHWD H 6FHOWD *OREDOH H 6H]LRQH 'DQ
QL GD DFTXD HG DOWUL OLTXLGL 6FHOWD &RPSOHWD H 6FHOWD
*OREDOH6H]LRQH/DVWUH6FHOWD&RPSOHWDH6FHOWD
*OREDOH6H]LRQH7XWHODOHJDOH6FHOWD&RPSOHWDH
6FHOWD*OREDOH,QROWUHFLDVFXQDJDUDQ]LDqVRJJHWWDD
OLPLWD]LRQLHGHVFOXVLRQLSURSULHSHUOHTXDOLVLULQYLDDL
VLQJROLDUWLFROLGHOOH&RQGL]LRQLGLDVVLFXUD]LRQHSHUJOL
DVSHWWLGLGHWWDJOLR
$YYHUWHQ]DOHVXGGHWWHFRSHUWXUHVRQRSUHVWDWHFRQ
VSHFL¿FKH IUDQFKLJLH VFRSHUWL H PDVVLPDOL SHU LO GHW
WDJOLRGHLTXDOLVLULQYLDDJOLDUWLFROLGHOOH&RQGL]LRQLGL
DVVLFXUD]LRQHHRDOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR
3HUIDFLOLWDUQHODFRPSUHQVLRQHGDSDUWHGHO&RQWUDHQ
WHGLVHJXLWRVLLOOXVWUDLOPHFFDQLVPRGLIXQ]LRQDPHQWR
GLIUDQFKLJLHVFRSHUWLHPDVVLPDOLPHGLDQWHHVHPSOL¿
FD]LRQLQXPHULFKH
0HFFDQLVPRGLIXQ]LRQDPHQWRGHOODIUDQFKLJLD
ƒHVHPSLR
6RPPDDVVLFXUDWD¼
'DQQR¼
)UDQFKLJLD¼
5LVDUFLPHQWR± ¼
ƒHVHPSLR
6RPPDDVVLFXUDWD¼
'DQQR¼
)UDQFKLJLD¼
1HVVXQULVDUFLPHQWRqGRYXWRSHUFKpLOGDQQRqLQIH
ULRUHDOODIUDQFKLJLD
0HFFDQLVPRGLIXQ]LRQDPHQWRGHOORVFRSHUWR
ƒHVHPSLR
6RPPDDVVLFXUDWD¼
'DQQR¼
6FRSHUWRFRQLOPLQLPRGL¼
5LVDUFLPHQWR ¼
ƒHVHPSLR
6RPPDDVVLFXUDWD¼
'DQQR¼
6FRSHUWRFRQLOPLQLPRGL¼
5LVDUFLPHQWR ¼SHUFKp
OR VFRSHUWR GHO GHO GDQQR q LQIHULRUH DO PLQLPR
QRQLQGHQQL]]DELOH
0HFFDQLVPRGLIXQ]LRQDPHQWRGHOPDVVLPDOH
6RPPDDVVLFXUDWD¼
'DQQR¼
5LVDUFLPHQWR¼
$VVLFXUD]LRQH SDU]LDOH OD VRPPD DVVLFXUDWD GHYH
FRUULVSRQGHUH DO YDORUH GHOOH FRVH DVVLFXUDWH VH OD
VRPPDDVVLFXUDWDULVXOWDLQIHULRUHO¶LQGHQQL]]RSDJDWR
GDOOD6RFLHWjVDUjSDU]LDOH
,QGHQQL]]R
DPPRQWDUHGHOGDQQR[VRPPDDVVLFXUDWD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9DORUHGHOOHFRVHDVVLFXUDWH
(VHPSLRUHODWLYRDOODJDUDQ]LDLQFHQGLR
6RPPDDVVLFXUDWDSHULO)DEEULFDWR¼
9DORUHGHO)DEEULFDWR¼
'DQQR¼
,QGHQQL]]R¼
6L ULPDQGD DJOL DUWLFROL ³9DORUH GHO IDEEULFDWR´ ³9DOXWD]LRQHGHOGDQQR´H³$VVLFXUD]LRQHSDU]LDOH´
GHOOH&RQGL]LRQLJHQHUDOLGLDVVLFXUD]LRQHSHUJOLDVSHW
WLGLGHWWDJOLR
'LFKLDUD]LRQLGHOO¶$VVLFXUDWRLQRUGLQHDOOHFLUFR
VWDQ]HGHOULVFKLR
$YYHUWHQ]DOHHYHQWXDOLGLFKLDUD]LRQLIDOVHRUHWLFHQWL
GHO &RQWUDHQWH R GHOO¶$VVLFXUDWR VXOOH FLUFRVWDQ]H GHO
ULVFKLR UHVH LQ VHGH GL FRQFOXVLRQH GHO FRQWUDWWR SR
WUHEEHURFRPSRUWDUHHIIHWWLVXOODSUHVWD]LRQH6LULQYLD
DOO¶DUWLFROR³'LFKLDUD]LRQLUHODWLYHDOOHFLUFRVWDQ]HGHO
127$,1)250$7,9$
GL
ULVFKLR´GHOOH&RQGL]LRQLJHQHUDOLGLDVVLFXUD]LRQHSHU
JOLDVSHWWLGLGHWWDJOLR
$JJUDYDPHQWRHGLPLQX]LRQHGHOULVFKLR
,O&RQWUDHQWHRO¶$VVLFXUDWRGHYRQRGDUHFRPXQLFD]LRQH
VFULWWDDOOD6RFLHWjGHLPXWDPHQWLFKHGLPLQXLVFRQRRDJ
JUDYDQRLOULVFKLR6LULQYLDDJOLDUWLFROL´$JJUDYDPHQWR
GHOULVFKLR´H³'LPLQX]LRQHGHOULVFKLR´GHOOH&RQGL]LRQL
JHQHUDOLGLDVVLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLR
'LVHJXLWRVLLOOXVWUDQRLQIRUPDHVHPSOL¿FDWLYDGXHLSR
WHVLGLFLUFRVWDQ]HULOHYDQWLFKHGHWHUPLQDQRODPRGL¿
FD]LRQHGHOULVFKLR
ƒ(VHPSLRUHODWLYDPHQWHDGDJJUDYDPHQWRGHOUL
VFKLR
$O PRPHQWR GHOOD VWLSXOD]LRQH GHO FRQWUDWWR LO &RQ
WUDHQWH KD GLFKLDUDWR FKH LO )DEEULFDWR DVVLFXUDWR VLD
FRVWUXLWDLQPDWHULDOLLQFRPEXVWLELOLSHUDOPHQRLO
GHOOHVXSHU¿FL$VHJXLWRGHOO¶DPSOLDPHQWRGHO)DEEUL
FDWR YHQJRQR FRVWUXLWH VWUXWWXUH SRUWDQWL YHUWLFDOL FRQ
PDWHULDOL FRPEXVWLELOL ULGXFHQGR OD SHUFHQWXDOH GHO
OLPLWH VRSUD LQGLFDWR 6H LO &RQWUDHQWH QRQ FRPXQLFD
DOOD 6RFLHWj TXHVWR DJJUDYDPHQWR GL ULVFKLR LQ FDVR
GLVLQLVWUROD6RFLHWjULGXUUjO¶LQGHQQL]]RLQSURSRU]LRQH
DOO¶DXPHQWRGHOSUHPLRFKHDYUHEEHDYXWRGLULWWRGLHVL
JHUHVHDYHVVHFRQRVFLXWRWDOHDJJUDYDPHQWR
ƒ(VHPSLRUHODWLYDPHQWHDGLPLQX]LRQHGHOULVFKLR
1HO)DEEULFDWRHVLVWHXQFLQHPDWRJUDIRFKHDOO¶DWWRGHO
ODVWLSXODGHOODSROL]]DKDFRPSRUWDWRXQDXPHQWRGHO
SUHPLRGHO$VHJXLWRGLULVWUXWWXUD]LRQHLOFLQHPD
WRJUDIRYLHQHWUDVIRUPDWRLQDSSDUWDPHQWLFRQVHJXHQ
WHPHQWHOD6RFLHWjSURFHGHUjDOODULIRUPDGHOFRQWUDWWR
VHQ]D O¶DXPHQWR GL SUHPLR VRSUDLQGLFDWR RSHUD]LRQH
FKHFRPSRUWHUjXQDULGX]LRQHGHOSUHPLRGDWDO¶DYYH
QXWDGLPLQX]LRQHGHOULVFKLR
3UHPL
,OSUHPLRGHYHHVVHUHSDJDWRLQYLDDQWLFLSDWDSHUO¶LQ
WHUD DQQXDOLWj DVVLFXUDWLYD DOO¶$JHQ]LD,QWHUPHGLDULR
DVVLFXUDWLYR DO TXDOH q DVVHJQDWR LO FRQWUDWWR RSSXUH
DOOD'LUH]LRQHGHOOD6RFLHWjWUDPLWHJOLRUGLQDULPH]]LGL
SDJDPHQWRHQHOULVSHWWRGHOODQRUPDWLYDYLJHQWH
/D 6RFLHWj SXz FRQFHGHUH LO SDJDPHQWR IUD]LRQDWR
GHOSUHPLRDQQXDOHLQUDWHVHPHVWUDOLDQWLFLSDWHFKH
FRPSRUWHUjRQHULDJJLXQWLYLSDULDOGHOSUHPLRGHOOD
VLQJRODUDWD
6LULQYLDSHUJOLDVSHWWLGLGHWWDJOLRDLVHJXHQWLDUWLFR
OLGHOOH&RQGL]LRQLJHQHUDOLGLDVVLFXUD]LRQH³3DJD
PHQWRGHOSUHPLR´H³)UD]LRQDPHQWRGHOSUHPLR´
5LYDOVH
,O FRQWUDWWR DVVLFXUDWLYR SUHYHGH OD ULQXQFLD GD SDUWH
GHOOD6RFLHWjVDOYRLOFDVRGLGRORDOGLULWWRGLVXUURJD
SUHYLVWRDOO¶DUWGHO&RGLFH&LYLOHYHUVRLFRQGRPLQL
JOL LQTXLOLQL O¶DPPLQLVWUDWRUH ORUR SDUHQWL RG DI¿QL ORUR
RVSLWLHFROODERUDWRULGRPHVWLFLSXUFKq/¶$VVLFXUDWRQRQ
HVHUFLWLO¶D]LRQHGLUHJUHVVRYHUVRLOUHVSRQVDELOH
6LULQYLDDOO¶DUWLFROR³5LQXQFLDDOODULYDOVD´GHOOH&RQ
GL]LRQLGLDVVLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLR
GL 127$,1)250$7,9$
'LULWWRGLUHFHVVR
$YYHUWHQ]DGRSRRJQLVLQLVWURH¿QRDOVHVVDQWHVLPR
JLRUQRGDOSDJDPHQWRRUL¿XWRGHOO¶LQGHQQL]]RFLDVFX
QDGHOOH3DUWLSXzUHFHGHUHGDOO¶DVVLFXUD]LRQHGDQGRQH
SUHYHQWLYDFRPXQLFD]LRQHVFULWWDDOO¶DOWUDSDUWH
6LULQYLDDOO¶DUWLFRORGHOOH&RQGL]LRQLJHQHUDOLGLDV
VLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLR
1HO FDVR LQ FXL OD SROL]]D DEELD GXUDWD SROLHQQDOH OD
6RFLHWj H LO &RQWUDHQWH DYUDQQR FRPXQTXH IDFROWj GL
UHFHGHUH GDO FRQWUDWWR VHQ]D RQHUL DO WHUPLQH GL RJQL
ULFRUUHQ]DDQQXDOHPHGLDQWHLQYLRGLOHWWHUDUDFFRPDQ
GDWDVSHGLWDDOPHQRWUHQWDJLRUQLSULPDGHOODVFDGHQ]D
DUWLFRORGHOOH&RQGL]LRQLJHQHUDOLGLDVVLFXUD]LRQH
3UHVFUL]LRQHHGHFDGHQ]DGHLGLULWWLGHULYDQWLGDO
FRQWUDWWR
,GLULWWLGHULYDQWLGDOFRQWUDWWRDVVLFXUDWLYRVLSUHVFULYR
QR LQ GXH DQQL GDO JLRUQR LQ FXL VL q YHUL¿FDWR LO IDWWR
VX FXL LO GLULWWR VL IRQGD DUWLFROR FRPPD GHO
&RGLFHFLYLOH
3HU OH DVVLFXUD]LRQL GL UHVSRQVDELOLWj FLYLOH LO WHUPLQH
GHFRUUHGDOJLRUQRLQFXLLOGDQQHJJLDWRKDULFKLHVWRLO
ULVDUFLPHQWR GHO GDQQR DOO¶DVVLFXUDWR R KD SURPRVVR
FRQWURGLTXHVWRO¶D]LRQHDUWLFRORFRPPDGHO
&RGLFHFLYLOH
3HUO¶DVVLFXUD]LRQHGL7XWHOD/HJDOHLOWHUPLQHGHFRUUH
GDOPRPHQWRLQFXLVRUJHLOGHELWRSHUOHVSHVHOHJDOL
/HJLVOD]LRQHDSSOLFDELOH
$OFRQWUDWWRVDUjDSSOLFDWDODOHJJHLWDOLDQD
5HJLPH¿VFDOH
*OL RQHUL ¿VFDOL H SDUD¿VFDOL UHODWLYL DOO¶DVVLFXUD]LRQH
VRQRDFDULFRGHO&RQWUDHQWH
,OFRQWUDWWRSUHYHGHXQDSOXUDOLWjGLJDUDQ]LHSHUFLD
VFXQD GHOOH TXDOL LO UHODWLYR SUHPLR q VRJJHWWR DOO¶LP
SRVWDVXOOHDVVLFXUD]LRQLVHFRQGROHVHJXHQWLDOLTXRWH
DWWXDOPHQWHLQYLJRUH
DLQFHQGLR UHVSRQVDELOLWj FLYLOH 'DQQL GD DFTXD HG
DOWULOLTXLGL/DVWUHROWUHTXDOHDGGL]LR
QDOHDQWLUDFNHW
E7XWHOD/HJDOH
& ,1)250$=,21, 68//( 352&('85(
/,48,'$7,9((68,5(&/$0,
6LQLVWUL±/LTXLGD]LRQHGHOO¶LQGHQQL]]R
$YYHUWHQ]D LQ FDVR GL VLQLVWUR LO &RQWUDHQWH R O¶$VVL
FXUDWRGHYRQRFRPXQLFDUHHQWURWUHJLRUQLSHULVFULWWR
DOO¶$JHQWHLQWHUPHGLDULR DVVLFXUDWLYR DO TXDOH q DVVH
JQDWDODSROL]]DRDOOD'LUH]LRQHGHOOD6RFLHWjODGDWD
RUDOXRJRGHOO¶HYHQWROHPRGDOLWjGLDFFDGLPHQWRHOD
FDXVDSUHVXPLELOHFKHORKDGHWHUPLQDWROHVXHFRQ
VHJXHQ]H H O¶LPSRUWR DSSURVVLPDWLYR GHO GDQQR DOOH
JDQGRDOODGHQXQFLDWXWWLJOLHOHPHQWLXWLOLSHUODUDSLGD
GH¿QL]LRQHGHOOHUHVSRQVDELOLWjHSHUODTXDQWL¿FD]LRQH
GHLGDQQLDUWLFRORGHOOH&RQGL]LRQLJHQHUDOLGLDVVL
FXUD]LRQH
6LULQYLDDOOHVH]LRQL³1RUPHFRPXQLDWXWWHOHVH]LRQL´H
³1RUPHSHUODOLTXLGD]LRQHGHLVLQLVWUL´GHOOH&RQGL]LRQL
JHQHUDOLGLDVVLFXUD]LRQHSHUJOLDVSHWWLGLGHWWDJOLRGHO
OHSURFHGXUHGLDFFHUWDPHQWRHOLTXLGD]LRQHGHOGDQQR
$YYHUWHQ]DODJHVWLRQHGHLVLQLVWULUHODWLYLDOODVH]LRQH
7XWHODOHJDOHqDI¿GDWDDG$5$*$VVLFXUD]LRQL6S$
9LDOHGHOOH1D]LRQL9HURQD,QFDVRGLVLQL
VWUR LO IDWWR GHYH HVVHUH GHQXQFLDWR LPPHGLDWDPHQWH
SHULVFULWWRDOO¶LQWHUPHGLDULRDVVLFXUDWLYRDOTXDOHqDV
VHJQDWDODSROL]]DDOOD6RFLHWjRDG$5$*6LULQYLD
SHU JOL DVSHWWL GL GHWWDJOLR DJOL DUWLFROL H VHJXHQWL
GHOOH&RQGL]LRQLGLDVVLFXUD]LRQHVH]LRQH7XWHODOHJD
OH³1RUPHSHUODOLTXLGD]LRQHGHLVLQLVWUR´
5HFODPL
(YHQWXDOLUHFODPLULJXDUGDQWLLOUDSSRUWRFRQWUDWWXDOHR
ODJHVWLRQHGHLVLQLVWULGHYRQRHVVHUHLQROWUDWLSHULVFULW
WRDOOD6RFLHWjLQGLUL]]DQGROLD8QLSRO$VVLFXUD]LRQL
6S$±5HFODPL$VVLVWHQ]D&OLHQWL9LDGHOOD8QLR
QH (XURSHD % 6DQ 'RQDWR 0LODQHVH 0,
7HOGDOXQHGuDJLRYHGuGDOOHRUH
DOOHRUHYHQHUGuGDOOHDOOH)D[
(PDLOUHFODPL#XQLSRODVVLFXUD]LRQLLW
4XDORUDO¶HVSRQHQWHQRQVLULWHQJDVRGGLVIDWWRGHOO¶HVL
WR GHO UHFODPR R LQ FDVR GL DVVHQ]D GL ULVFRQWUR QHO
WHUPLQHPDVVLPRGLJLRUQLSRWUjULYROJHUVLDOO¶,69$3
6HUYL]LR7XWHODGHJOL8WHQWLYLDGHO4XLULQDOH
5RPDWHOHIRQR
,UHFODPLLQGLUL]]DWLDOO¶,69$3GHYRQRFRQWHQHUH
DQRPH FRJQRPH H GRPLFLOLR GHO UHFODPDQWH FRQ
HYHQWXDOHUHFDSLWRWHOHIRQLFR
ELQGLYLGXD]LRQH GHO VRJJHWWR R GHL VRJJHWWL GL FXL VL
ODPHQWDO¶RSHUDWR
FEUHYHGHVFUL]LRQHGHOPRWLYRGLODPHQWHOD
GFRSLDGHOUHFODPRSUHVHQWDWRDOOD6RFLHWjHGHOO¶HYHQ
WXDOHULVFRQWURIRUQLWRGDOODVWHVVD
HRJQL GRFXPHQWR XWLOH SHU GHVFULYHUH SL FRPSLXWD
PHQWHOHUHODWLYHFLUFRVWDQ]H
/H LQIRUPD]LRQL XWLOL SHU OD SUHVHQWD]LRQH GHL UHFODPL
VRQRULSRUWDWHVXOVLWRLQWHUQHWGHOOD6RFLHWjZZZXQL
SRODVVLFXUD]LRQLLW
,QUHOD]LRQHDOOHFRQWURYHUVLHLQHUHQWLODTXDQWL¿FD]LRQH
GHOOHSUHVWD]LRQLVLULFRUGDFKHSHUPDQHODFRPSHWHQ]D
HVFOXVLYD GHOO¶$XWRULWj *LXGL]LDULD ROWUH DOOD IDFROWj GL
ULFRUUHUHDVLVWHPLFRQFLOLDWLYLRYHHVLVWHQWL
3HUODULVROX]LRQHGHOOHOLWLWUDQVIURQWDOLHUHFRQWURYHUVLH
WUDXQFRQWUDHQWHFRQVXPDWRUHGLXQR6WDWRPHPEURH
XQ¶LPSUHVDFRQVHGHOHJDOHLQXQDOWUR6WDWRPHPEUR
LOUHFODPDQWHDYHQWHGRPLFLOLRLQ,WDOLDSXzSUHVHQWDUH
UHFODPR
DOO¶,69$3 FKH OR LQROWUD DO VLVWHPDRUJDQR HVWHUR GL
VHWWRUHFRPSHWHQWHSHUODULVROX]LRQHGHOOHFRQWURYHU
VLHLQYLDVWUDJLXGL]LDOHGDQGRQHQRWL]LDDOUHFODPDQ
WHHFRPXQLFDQGRJOLSRLODULVSRVWD
GLUHWWDPHQWH DO VLVWHPDRUJDQR HVWHUR FRPSHWHQ
WH GHOOR 6WDWR PHPEUR R DGHUHQWH DOOR 6(( 6SD]LR
(FRQRPLFR(XURSHRVHGHGHOO¶LPSUHVDDVVLFXUDWULFH
VWLSXODQWH VLVWHPD LQGLYLGXDELOH WUDPLWH LO VLWR KWWS
ZZZHFHXURSDHX¿QQHW ULFKLHGHQGR O¶DWWLYD]LRQH
GHOODSURFHGXUD),11(7UHWHGLFRRSHUD]LRQHIUDRU
JDQLVPLQD]LRQDOL
1HO FDVR LQ FXL LO &OLHQWH H OD 6RFLHWj FRQFRUGLQR GL
DVVRJJHWWDUH LO FRQWUDWWR DOOD OHJLVOD]LRQH GL XQ DOWUR
6WDWR O¶2UJDQR LQFDULFDWR GL HVDPLQDUH L UHFODPL GHO
&OLHQWHVDUjTXHOORSUHYLVWRGDOODOHJLVOD]LRQHSUHVFHOWD
HO¶,69$3VLLPSHJQHUjDIDFLOLWDUHOHFRPXQLFD]LRQLWUD
O¶$XWRULWj FRPSHWHQWH SUHYLVWD GDOOD OHJLVOD]LRQH SUH
VFHOWDHGLO&OLHQWHVWHVVR
0HGLD]LRQHSHUODFRQFLOLD]LRQHGHOOHFRQWURYHU
VLH
,OPDU]RqHQWUDWRLQYLJRUHLO'HFUHWROHJLVODWLYR
QGHOPDU]RLQPDWHULDGL³PHGLD]LRQH¿QD
OL]]DWDDOODFRQFLOLD]LRQHGHOOHFRQWURYHUVLHFLYLOLHFRP
PHUFLDOL´7DOH GHFUHWR KD SUHYLVWR OD SRVVLELOLWj SHU OD
ULVROX]LRQHGLFRQWURYHUVLHFLYLOLDQFKHLQPDWHULDGLFRQ
WUDWWLDVVLFXUDWLYLGLULYROJHUVLDGXQ2UJDQLVPRGLPH
GLD]LRQHLPSDU]LDOHLVFULWWRQHOO¶DSSRVLWRUHJLVWURSUHVVR
LO0LQLVWHURGHOOD*LXVWL]LD1HOFDVRLQFXLLOFRQWUDHQWH
RO¶DVVLFXUDWRLQWHQGDQRDYYDOHUVLGLWDOHSRVVLELOLWjSR
WUDQQRIDUSHUYHQLUHODULFKLHVWDGLPHGLD]LRQHGHSRVLWD
WDSUHVVRXQRGLWDOLRUJDQLVPLDOODVHGHOHJDOHGL8QLSRO
$VVLFXUD]LRQL 6S$ 8I¿FLR 5LVFRQWUR 9LD 6WDOLQJUDGR
%RORJQD DQFKH D PH]]R SRVWD HOHWWURQLFD
DOO¶LQGLUL]]R PHGLD]LRQHFLYLOH#XQLSRODVVLFXUD]LRQLLW RY
YHURDPH]]RID[DOQƒ
'DOPDU]RLOWHQWDWLYRGLPHGLD]LRQHqREEOLJD
WRULRFLRqGHYHHVVHUHDWWLYDWRSULPDGHOO¶LQVWDXUD]LRQH
GHOODFDXVDFLYLOHFRPHFRQGL]LRQHGLSURFHGLELOLWjGHO
ODVWHVVDSHUOHFRQWURYHUVLHLQPDWHULDGLFRQWUDWWLGL
DVVLFXUD]LRQH FRQ HVFOXVLRQH GL TXHOOH LQ PDWHULD GL
ULVDUFLPHQWRGHOGDQQRGHULYDQWHGDOODFLUFROD]LRQHGL
YHLFROL H QDWDQWL SHU OH TXDOL VDUj REEOLJDWRULR GDO PDU]R
3HUL]LDFRQWUDWWXDOHHDUELWUDWR
,OFRQWUDWWRSUHYHGHFKHSHUOHJDUDQ]LH³,QFHQGLRHG
DOWULGDQQLDLEHQL´³/DVWUH´H³'DQQLPDWHULDOLHGLUHW
WL GD DFTXD HG DOWUL OLTXLGL´ OD 6RFLHWj H LO &RQWUDHQWH
SRVVDQR GHYROYHUH OD ULVROX]LRQH GL XQD FRQWURYHUVLD
WUDGLHVVLLQVRUWDSHUO¶DFFHUWDPHQWRGHOGDQQRDGXQ
FROOHJLRGLSHULWL
3HUODJDUDQ]LD7XWHOD/HJDOHqLQYHFHSUHYLVWRFKHLQ
FDVRGLFRQÀLWWRGLLQWHUHVVHRGLGLVDFFRUGRLQPHULWR
DOOD JHVWLRQH GHL FDVL DVVLFXUDWLYL OD GHFLVLRQH SRVVD
HVVHUHGHPDQGDWDDGXQ$UELWUR
$YYHUWHQ]DUHVWDLQRJQLFDVRIHUPRLOGLULWWRGHOOD6R
FLHWj H GHO &RQWUDHQWH GL ULYROJHUVL DOO¶$XWRULWj *LXGL
]LDULD
127$,1)250$7,9$
GL
*/266$5,2
'H¿QL]LRQLFRPXQLDWXWWHOHVH]LRQL
$OOHVHJXHQWLGH¿QL]LRQLFKHLQWHJUDQRDWXWWLJOLHIIHWWL
ODQRUPDWLYDFRQWUDWWXDOHOH3DUWLDWWULEXLVFRQRLOVLJQL
¿FDWRGLVHJXLWRSUHFLVDWR
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
‡'LSHQGHQ]H ORFDOL DQFKH SRVWL LQ FRUSL VHSDUDWL
SXUFKpQHJOLVSD]LDGLDFHQWLRSHUWLQHQWLDOIDEEULFDWR
TXDOLFDQWLQHVRI¿WWHER[HFFDYHQWLOHVWHVVHFD
UDWWHULVWLFKH FRVWUXWWLYH GHO IDEEULFDWR DVVLFXUDWR GHO
TXDOHIDQQRSDUWH
‡$ELWD]LRQHGLPRUDGHOO¶$VVLFXUDWR
‡$QQR SHULRGR GL WHPSR SDUL D JLRUQL R D JLRUQLLQFDVRGLDQQRELVHVWLOH
‡(VSORVLRQHVYLOXSSRGLJDVRYDSRULDGDOWDWHPSH
UDWXUDHSUHVVLRQHGRYXWRDUHD]LRQHFKLPLFDFKHVL
DXWRSURSDJDFRQHOHYDWDYHORFLWj
‡$VVLFXUDWR VRJJHWWR LO FXL LQWHUHVVH q SURWHWWR
GDOO¶DVVLFXUD]LRQH
‡)DEEULFDWR YHGHUH GH¿QL]LRQL VSHFL¿FKH VFHOWH
³&RPSOHWD´H³*OREDOH´
‡$VVLFXUD]LRQHFRQWUDWWRG¶DVVLFXUD]LRQH
‡$VVLVWHQ]D VWUDJLXGL]LDOH DWWLYLWj VYROWD DO ¿QH GL
FRPSRUUHTXDOVLDVLYHUWHQ]DSULPDGHOULFRUVRDOJLX
GLFHHSHUHYLWDUOR
‡)DVFLFROR ,QIRUPDWLYR O¶LQVLHPH GHOOD GRFXPHQWD
]LRQHLQIRUPDWLYDGDFRQVHJQDUHDOSRWHQ]LDOHFOLHQ
WH FRPSRVWR GD 1RWD ,QIRUPDWLYD FRPSUHQVLYD GHO
*ORVVDULR &RQGL]LRQL GL DVVLFXUD]LRQH ,QIRUPDWLYD
3ULYDF\
‡$WWL GL WHUURULVPR VL FRQVLGHUD DWWR GL WHUURULVPR
TXDOVLDVL D]LRQH LQWHQ]LRQDOPHQWH SRVWD LQ HVVHUH R
DQFKHVRORPLQDFFLDWDGDXQDRSLSHUVRQHHVSUHV
VLRQHGLJUXSSLRUJDQL]]DWLDO¿QHGLLQWLPLGLUHFRQGL
]LRQDUH R GHVWDELOL]]DUH XQR VWDWR OD SRSROD]LRQH R
XQDSDUWHGLHVVD
‡)DWWR LOOHFLWR LQRVVHUYDQ]D GL XQD QRUPD JLXULGLFD
SRVWDDWXWHODGHOODFROOHWWLYLWjRFRPSRUWDPHQWRFKH
YLROLXQGLULWWRDVVROXWRGHOVLQJROR'HWHUPLQDUHVSRQ
VDELOLWjHGREEOLJRDOULVDUFLPHQWR
1RQ q LQDGHPSLPHQWR RVVLD YLROD]LRQH GL QRUPH
FRQWUDWWXDOL
‡&DVRDVVLFXUDWLYRSHUOD6H]LRQH7XWHOD/HJDOH
VLQLVWURRYYHURLOYHUL¿FDUVLGHOIDWWRGDQQRVRFLRqOD
FRQWURYHUVLDSHULOTXDOHqSUHYLVWDO¶DVVLFXUD]LRQH
‡)LVVLHGLQ¿VVLPDQXIDWWLSHUODFKLXVXUDGHLYDQLGL
WUDQVLWRLOOXPLQD]LRQHHGDHUD]LRQHGHOIDEEULFDWRHG
LQJHQHUHTXDQWRqVWDELOPHQWHDQFRUDWRDOOHVWUXWWXUH
PXUDULHULVSHWWRDOOHTXDOLKDIXQ]LRQHVHFRQGDULDGL
¿QLPHQWRRSURWH]LRQH
‡&RPEXVWLELOHQDIWDJDVROLRNHURVHQHJDVPHWDQR
DGXVRGHJOLLPSLDQWLGLULVFDOGDPHQWRRFRQGL]LRQD
PHQWRDOVHUYL]LRGHOIDEEULFDWR
‡&RQVXPDWRUH FRVu FRPH GH¿QLWR GDOO¶DUW 'OJV
HVXFFHVVLYHPRGL¿FD]LRQL
‡&RQWUDHQWHVRJJHWWRFKHVWLSXODLOFRQWUDWWRGLDVVL
FXUD]LRQH
‡&RQWUDWWR3ROL]]D GRFXPHQWR FKH SURYD O¶DVVLFX
UD]LRQH VL FRPSRQH GHO SUHVHQWH IDVFLFROR QRQFKp
GHOODVFKHGDGLSROL]]DGHQRPLQDWD³3DUWH%´
‡&RVH RJJHWWL PDWHULDOL H VROR SHU OD UHVSRQVDELOLWj
FLYLOHYHUVRWHU]LDQFKHJOLDQLPDOL
‡'DQQLLQGLUHWWLGDQQLQRQLQHUHQWLODPDWHULDOLWjGHOOD
FRVDDVVLFXUDWD
‡'DQQLPDWHULDOLHGLUHWWLGDQQLLQHUHQWLODPDWHULDOLWj
GHOODFRVDDVVLFXUDWDFKHGHULYDQRGDOO¶D]LRQHGLUHWWD
GHOO¶HYHQWRJDUDQWLWR
‡'DQQRGLQDWXUDFRQWUDWWXDOHLQDGHPSLPHQWRRYLR
OD]LRQHGLXQ¶REEOLJD]LRQHDVVXQWDWUDPLWHXQFRQWUDW
WRVFULWWRRYHUEDOH
‡'DQQRGLQDWXUDH[WUDFRQWUDWWXDOHGDQQRLQJLXVWR
FRQVHJXHQWHDIDWWRLOOHFLWR
GL 127$,1)250$7,9$
‡)UDQFKLJLDLPSRUWRFKHULPDQHDFDULFRGHOO¶$VVLFX
UDWRSHURJQLVLQLVWURHVSUHVVRLQFLIUD¿VVDVXOO¶DP
PRQWDUH GHO GDQQR LQGHQQL]]DELOHULVDUFLELOH FKH
VSHWWHUHEEHLQDVVHQ]DGHOODIUDQFKLJLDVWHVVD
‡)XUWRLPSRVVHVVDUVLGHOODFRVDPRELOHDOWUXLVRWWUD
HQGRODDFKLODGHWLHQHDO¿QHGLWUDUQHSUR¿WWRSHUVp
RSHUDOWUL
‡,PSORVLRQH UHSHQWLQR FHGLPHQWR GL FRQWHQLWRUL SHU
FDUHQ]DGLSUHVVLRQHLQWHUQDGLÀXLGL
‡,QFHQGLRFRPEXVWLRQHFRQ¿DPPDGLEHQLPDWHULDOL
DOGLIXRULGLDSSURSULDWRIRFRODUHFKHSXzDXWRHVWHQ
GHUVLHSURSDJDUVL
‡,QGHQQL]]R5LVDUFLPHQWRVRPPDGRYXWDGDOOD6R
FLHWjLQFDVRGLVLQLVWUR
‡,69$3,VWLWXWRSHUOD9LJLODQ]DVXOOH$VVLFXUD]LRQL3UL
YDWHHGL,QWHUHVVH&ROOHWWLYR
‡0DWHULDOL,QFRPEXVWLELOLSURGRWWLFKHDOODWHPSHUD
WXUD GL ƒ& QRQ GDQQR OXRJR D PDQLIHVWD]LRQL GL
¿DPPDQpDUHD]LRQHHVRWHUPLFD,OPHWRGRGLSURYD
qTXHOORDGRWWDWRGDO&HQWUR6WXGL(VSHULHQ]HGHO0L
QLVWHURGHOO¶,QWHUQR
‡3DUWLWDLQVLHPHGLEHQLRHYHQWLJDUDQWLWLDVVLFXUDWL
FRQXQXQLFRFDSLWDOH
‡3HULRGR DVVLFXUDWLYR $QQXDOLWj DVVLFXUDWLYD LQ
FDVR GL SROL]]D GL GXUDWD LQIHULRUH D JLRUQL q LO
SHULRGRFKHLQL]LDDOOHRUHGHOODGDWDGLHIIHWWRGHOOD
SROL]]DHWHUPLQDDOODVFDGHQ]DGHOODSROL]]DVWHVVD
,QFDVRGLSROL]]DGLGXUDWDVXSHULRUHDJLRUQLLO
SULPR SHULRGR LQL]LD DOOH RUH GHOOD GDWD GL HIIHWWR
GHOODSROL]]DHWHUPLQDDOOHGHOJLRUQRGHOODSULPD
ULFRUUHQ]DDQQXDOH,SHULRGLVXFFHVVLYLDYUDQQRGXUD
WDGLJLRUQLQHJOLDQQLELVHVWLOLDSDUWLUHGDOOD
VFDGHQ]DGHOSHULRGRFKHOLSUHFHGH
‡3UHPLRVRPPDGRYXWDGDO&RQWUDHQWHDOOD6RFLHWjD
FRUULVSHWWLYRGHOO¶DVVLFXUD]LRQH
‡3ULPRULVFKLRDVVROXWRIRUPDGLDVVLFXUD]LRQHSHU
ODTXDOHOD6RFLHWjULVSRQGHGHLGDQQL¿QRDOODFRQ
FRUUHQ]D GHOOD VRPPD DVVLFXUDWD VHQ]D DSSOLFD]LR
QH QHOOD GHWHUPLQD]LRQH GHOO¶DPPRQWDUH GHO GDQQR
GHOODUHJRODSURSRU]LRQDOH
‡5HDWR FROSRVR TXHOOR FRVu GH¿QLWR GDOOD OHJJH SH
QDOH FRPPHVVR VHQ]D YRORQWj R LQWHQ]LRQH PD D
VHJXLWRGLQHJOLJHQ]DLPSHUL]LDLPSUXGHQ]DRLQRV
VHUYDQ]DLQYRORQWDULDGLOHJJL
‡5HJRODSURSRU]LRQDOHTXHOODGHULYDQWHGDOO¶DUW
GHO&RGLFH&LYLOHFKHVWDELOLVFHTXDORUDQHOOD³3DUWH
%´ GHO FRQWUDWWR VLD DVVLFXUDWD VRODPHQWH XQD SDUWH
GHO YDORUH FKH OH FRVH DYHYDQR DO PRPHQWR GHO VL
QLVWUR OD FRUUHVSRQVLRQH GL XQ LQGHQQL]]R ULGRWWR LQ
SURSRU]LRQHGHOODSDUWHVXGGHWWD
‡5LVFKLRSUREDELOLWjFKHVLYHUL¿FKLXQVLQLVWUR
‡6FRSHUWRLPSRUWRFKHULPDQHDFDULFRGHOO¶$VVLFXUD
WRSHURJQLVLQLVWURHVSUHVVRLQPLVXUDSHUFHQWXDOH
VXOO¶DPPRQWDUH GHO GDQQR LQGHQQL]]DELOHULVDUFLELOH
FKHVSHWWHUHEEHLQDVVHQ]DGHOORVFRSHUWRVWHVVR
‡6FRSSLR UHSHQWLQR GLURPSHUVL GL FRQWHQLWRUL SHU
HFFHVVR GL SUHVVLRQH LQWHUQD GL ÀXLGL QRQ GRYXWR D
HVSORVLRQH *OL HIIHWWL GHO JHOR R GHO ³FROSR G¶DULHWH´
QRQVRQRFRQVLGHUDWLVFRSSLR
‡6LQLVWURYHUL¿FDUVLGLXQIDWWRGDQQRVRSHULOTXDOHq
SUHVWDWDO¶DVVLFXUD]LRQH
‡6RFLHWj,PSUHVDDVVLFXUDWULFH8QLSRO$VVLFXUD]LRQL
6S$
‡6RODL FRPSOHVVR GHJOL HOHPHQWL FKH FRVWLWXLVFRQR
OD VHSDUD]LRQH RUL]]RQWDOH WUD L SLDQL GHO IDEEULFDWR
HVFOXVHSDYLPHQWD]LRQLHVRI¿WWDWXUH
‡7HWWRO¶LQVLHPHGHOOHVWUXWWXUHSRUWDQWLHQRQSRUWDQWL
GHVWLQDWHDFRSULUHHGDSURWHJJHUHLOIDEEULFDWRGDJOL
DJHQWLDWPRVIHULFL
‡8QLFRFDVRDVVLFXUDWLYRSHUOD6H]LRQH7XWHOD/H
JDOHIDWWRGDQQRVRHRODFRQWURYHUVLDFKHFRLQYROJH
SL$VVLFXUDWL
‡8QLWjLPPRELOLDUHSRU]LRQHGLIDEEULFDWRFRPHGH
¿QLWRDOODUHODWLYDYRFHFRPSUHVDODTXRWDGHOOHSDUWL
GLIDEEULFDWRFRVWLWXHQWLSURSULHWjFRPXQH
‡9DORUH LQWHUR IRUPD GL DVVLFXUD]LRQH FKH FRSUH OD
WRWDOLWj GHO YDORUH GHOOH FRVH DVVLFXUDWH 6H DO PR
PHQWRGHOVLQLVWURYLHQHDFFHUWDWRXQYDORUHVXSHULRUH
ULVSHWWR D TXHOOR GLFKLDUDWR VL DSSOLFD OD UHJROD SUR
SRU]LRQDOH
'H¿QL]LRQLVSHFL¿FD6FHOWD&RPSOHWD
‡)DEEULFDWR FRPSOHVVR GHOOH RSHUH HGLOL FRVWLWXHQWL
O¶LQWHUR LPPRELOH RG XQD XQLWj LPPRELOLDUH VLWXDWR
QHOO¶XELFD]LRQH ULSRUWDWD LQ SROL]]D HG DGLELWR D FLYLOL
DELWD]LRQL XIILFL R VWXGL SURIHVVLRQDOL HVFOXVR VROR LO
YDORUHGHOO¶DUHD
6RQRFRPSUHVL
‡ILVVLHGLQILVVL
‡RSHUHGLIRQGD]LRQHRGLQWHUUDWH
‡GLSHQGHQ]H
‡UHFLQ]LRQLFDQFHOOLDQFKHHOHWWULFLPXULGLFLQWDSL
VFLQH
‡WLQWHJJLDWXUHWDSSH]]HULHPRTXHWWHV
‡DVFHQVRULHPRQWDFDULFKLLPSLDQWLHOHWWULFLHGHOHW
WURQLFL LGULFL LJLHQLFL GL ULVFDOGDPHQWR H FRQGL]LR
QDPHQWR G¶DULD FRPSUHVH FDOGDLH DXWRQRPH GL
ULVFDOGDPHQWR HR SURGX]LRQH GL DFTXD FDOGD HG
LPSLDQWLDXWRQRPLGLFRQGL]LRQDPHQWRWXWWLSXUFKp
ILVVL H VWDELOPHQWH LQVWDOODWL QRQFKp RJQL DOWUD LQ
VWDOOD]LRQHDOVHUYL]LRGHOIDEEULFDWRFRQVLGHUDWDILV
VDSHUQDWXUDHGHVWLQD]LRQHDQFKHVHGLSURSULHWj
GLVRFLHWjHURJDWULFLGLVHUYL]L
‡GHFRUD]LRQLFKHQRQDEELDQRYDORUHDUWLVWLFR
‡DQWHQQDHSDUDERODUDGLRWHOHULFHYHQWHFHQWUDOL]]DWD
'H¿QL]LRQLVSHFL¿FD6FHOWD*OREDOH
‡)DEEULFDWR FRPSOHVVR GHOOH RSHUH HGLOL FRVWLWXHQWL
O¶LQWHUR LPPRELOH RG XQD XQLWj LPPRELOLDUH VLWXDWR
QHOO¶XELFD]LRQH ULSRUWDWD LQ SROL]]D HG DGLELWR D FLYLOL
DELWD]LRQL XIILFL R VWXGL SURIHVVLRQDOL HVFOXVR VROR LO
YDORUHGHOO¶DUHD
6RQRFRPSUHVL
‡ILVVLHGLQILVVL
‡RSHUHGLIRQGD]LRQHRGLQWHUUDWH
‡GLSHQGHQ]H
‡UHFLQ]LRQLFDQFHOOLDQFKHHOHWWULFLPXULGLFLQWDSL
VFLQH FDPSL HG DWWUH]]DWXUH VSRUWLYH H GD JLRFR
VWUDGHSULYDWHFRUWLOLJLDUGLQLFRPSUHVLDOEHUL
‡WLQWHJJLDWXUH WDSSH]]HULH PRTXHWWHV WHQGH IUDQ
JLVROH HVWHUQH SXUFKp LQVWDOODWH VX VWUXWWXUH ILVVH
QRQFKpOHDGGL]LRQLHPLJOLRULHHGRJQLODYRURGLDE
EHOOLPHQWR VLVWHPD]LRQH HG XWLOLWj DSSRUWDWL DOO¶LP
PRELOHHGDOO¶LPSLDQWLVWLFDUHODWLYD
‡DVFHQVRULHPRQWDFDULFKLLPSLDQWLHOHWWULFLHGHOHW
127$,1)250$7,9$
GL
WURQLFL LGULFL LJLHQLFL GL ULVFDOGDPHQWR H FRQGL]LR
QDPHQWR G¶DULD FRPSUHVH FDOGDLH DXWRQRPH GL
ULVFDOGDPHQWR HR SURGX]LRQH GL DFTXD FDOGD HG
LPSLDQWLDXWRQRPLGLFRQGL]LRQDPHQWRWXWWLSXUFKp
ILVVL H VWDELOPHQWH LQVWDOODWL QRQFKp RJQL DOWUD LQ
VWDOOD]LRQHDOVHUYL]LRGHOIDEEULFDWRFRQVLGHUDWDILV
VDSHUQDWXUDHGHVWLQD]LRQHDQFKHVHGLSURSULHWj
GLVRFLHWjHURJDWULFLGLVHUYL]L
‡VWDWXHDIIUHVFKLHGHFRUD]LRQLFKHQRQDEELDQRYD
ORUHDUWLVWLFR
‡DQWHQQD H SDUDEROD UDGLRWHOHULFHYHQWH FHQWUDOL]]D
WD
8QLSRO$VVLFXUD]LRQL6S$qUHVSRQVDELOHGHOODYHULGLFLWjHGHOODFRPSOHWH]]DGHLGDWLHGHOOHQRWL]LHFRQ
WHQXWLQHOODSUHVHQWH1RWDLQIRUPDWLYD
(G
Unipol Assicurazioni S.p.A.
L’Amministratore Delegato
(Carlo Cimbri)
GL 127$,1)250$7,9$
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
&21',=,21,',$66,&85$=,21(
GL
1250(&2081,$7877(/(6(=,21,
$UW2EEOLJKLLQFDVRGLVLQLVWUR
,QFDVRGLVLQLVWURO¶$VVLFXUDWRRLVXRLDYHQWLGLULWWRGH
YRQRGDUQHDYYLVRVFULWWRDOO¶$JHQ]LDFXLqDVVHJQDWDOD
SROL]]DRSSXUHDOOD6RFLHWjHQWURWUHJLRUQL2YHVLWUDWWL
GLLQFHQGLRRIXUWRODGHQXQFLDqGDIDUVLDOOD6RFLHWjHG
DOO¶$XWRULWjHQWURLOWHUPLQHGLRUH
/DGHQXQFLDGHOVLQLVWURGHYHFRQWHQHUHO¶LQGLFD]LRQH
GHO OXRJR JLRUQR HG RUD GHOO¶HYHQWR XQD GHWWDJOLDWD
GHVFUL]LRQHGHOOHPRGDOLWjGLDFFDGLPHQWRHGHOOHFLU
FRVWDQ]HFKHKDQQRRULJLQDWRLOVLQLVWURHLQFDVRGL
GDQQRDFRVHGHYHLQGLFDUHO¶LPSRUWRDSSURVVLPDWLYR
GHOGDQQR
/¶$VVLFXUDWRRGLO&RQWUDHQWHGRYUjDOWUHVu
DWHQHUH D GLVSRVL]LRQH ¿QR DG DYYHQXWD OLTXLGD]LR
QH GHO GDQQR OH FRVH QRQ UXEDWH R LOOHVH JOL LQGL]L
PDWHULDOLGHOUHDWRQRQFKpOHWUDFFHHGLUHVLGXLGHO
VLQLVWURVHQ]DDYHUHSHUWDOHWLWRORGLULWWRDGLQGHQ
QL]]R
ESUHGLVSRUUH HOHQFR GHWWDJOLDWR SHU TXDOLWj TXDQWLWj
H YDORUH GHOOH FRVH GLVWUXWWH GDQQHJJLDWH R UXEDWH
QRQFKpDULFKLHVWDXQRVWDWRSDUWLFRODUHJJLDWRGHOOH
DOWUHFRVHDVVLFXUDWHHVLVWHQWLDOPRPHQWRGHOVLQL
VWURFRQLQGLFD]LRQHGHOULVSHWWLYRYDORUH
FWHQHUHDGLVSRVL]LRQHGHOOD6RFLHWjHGHL3HULWLRJQL
GRFXPHQWRHGRJQLDOWURHOHPHQWRGLSURYDQRQFKp
IDFLOLWDUHOHLQGDJLQLHJOLDFFHUWDPHQWLFKHOD6RFLH
WjHGL3HULWLULWHQHVVHURQHFHVVDULRHVSHULUHSUHVVR
WHU]L
GIDUHTXDQWRJOLqSRVVLELOHSHUHYLWDUHRGLPLQXLUHLO
GDQQRQRQFKpDGRSHUDUVLSHULOUHFXSHURGHOOHFRVH
UXEDWHDYYLVDQGRGHOO¶HYHQWXDOHULWURYDPHQWROD6R
FLHWj
HLQIRUPDUHOD6RFLHWjLQFDVRGLGDQQRDWHU]LFLUFD
OH SURFHGXUH FLYLOL R SHQDOL SURPRVVH FRQWUR GL OXL
IRUQHQGRWXWWLLGRFXPHQWLHOHSURYHXWLOLDOODGLIHVD
DVWHQHQGRVLGDTXDOXQTXHWUDQVD]LRQHRULFRQRVFL
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
PHQWRGHOOHSURSULHUHVSRQVDELOLWjVHQ]DLOFRQVHQVR
GHOOD6RFLHWjVWHVVD
IWUDVPHWWHUH WHPSHVWLYDPHQWH DOOD 6RFLHWj R DG
$5$* LQ FDVR GL DWWLYD]LRQH GHOOD VH]LRQH 7XWHOD
OHJDOHJOLDWWLJLXGL]LDULQRWL¿FDWLJOLQRQFKpRJQLDOWUD
FRPXQLFD]LRQHLQHUHQWHLOVLQLVWUR
$UW,VSH]LRQHGHOOHFRVHDVVLFXUDWH
/D6RFLHWjKDVHPSUHLOGLULWWRGLYLVLWDUHOHFRVHDVVLFX
UDWHHO¶$VVLFXUDWRKDO¶REEOLJRGLIRUQLUOHWXWWHOHRFFRU
UHQWLLQGLFD]LRQLHLQIRUPD]LRQL
$UW,QGLFL]]D]LRQH
3UHPHVVRFKHLO&RQWUDHQWHKDODIDFROWjGLULQXQFLDUH
DOO¶DGHJXDPHQWRDXWRPDWLFRGLFXLDOSUHVHQWHDUWLFROR
HGLQWDOFDVRQHOOD³3DUWH%´GHOFRQWUDWWRGHYHHVVHUH
ULFKLDPDWRLOFRGLFHDOODSROL]]DqDVVHJQDWRFRPH
ULIHULPHQWR LQL]LDOH O¶´,QGLFH GHO &RVWR GL ULFRVWUX]LRQH
GLXQIDEEULFDWRUHVLGHQ]LDOH´HODERUDWRGDOO¶,67$7
GHOPHVHGLVHWWHPEUHGHOO¶DQQRVRODUHDQWHFHGHQWHOD
GDWDGLHIIHWWRGHOODSROL]]DVWHVVDHGLFRQVHJXHQ]D
DVH IUD O¶LQGLFH GHO PHVH GL VHWWHPEUH GHOO¶DQQR VR
ODUH SUHFHGHQWH OD VFDGHQ]D GL XQD UDWD H O¶LQGLFH
GLULIHULPHQWRLQL]LDOHVLqYHUL¿FDWDXQDYDULD]LRQH
L PDVVLPDOL OH VRPPH DVVLFXUDWH L OLPLWL GL LQGHQ
QL]]RHVSUHVVLLQFLIUDDVVROXWDHGLSUHPLYHQJRQR
DXPHQWDWLRULGRWWLLQHJXDOHPLVXUDDSDUWLUHGDOOD
VFDGHQ]DVWHVVD
EDOORUFKp O¶LQGLFH YHQJD D VXSHUDUH GHO TXHO
ORLQL]LDOPHQWHVWDELOLWRqIDFROWjGHO&RQWUDHQWHGL
ULQXQFLDUHDOO¶DGHJXDPHQWRGHOODSROL]]DHLPDVVL
PDOLOHVRPPHDVVLFXUDWHQRQFKpLOLPLWLGLLQGHQQL]
]RHVSUHVVLLQFLIUDDVVROXWDHGLOSUHPLRULPDQJRQR
TXHOOLULVXOWDQWLGDOO¶XOWLPRDGHJXDPHQWRHIIHWWXDWR
1RQVRQRVRJJHWWLDGDGHJXDPHQWROHIUDQFKLJLHHVSUHV
VHLQFLIUDDVVROXWDLPLQLPLHGLPDVVLPLGLVFRSHUWR
GL 1250(&+(5(*2/$12/
$66,&85$=,21(,1*(1(5$/(
1250(&+(5(*2/$12
/
$66,&85$=,21(,1*(1(5$/(
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
$UW 'LFKLDUD]LRQL UHODWLYH DOOH FLUFRVWDQ]H GHO
ULVFKLR
/HGLFKLDUD]LRQLLQHVDWWHROHUHWLFHQ]HGHO&RQWUDHQWH
HRGHOO¶$VVLFXUDWRUHODWLYHDFLUFRVWDQ]HFKHLQIOXLVFR
QRVXOODYDOXWD]LRQHGHOULVFKLRSRVVRQRFRPSRUWDUHOD
SHUGLWDWRWDOHRSDU]LDOHGHOGLULWWRDOO¶LQGHQQL]]RQRQ
FKp OD VWHVVD FHVVD]LRQH GHOO¶DVVLFXUD]LRQH DL VHQVL
GHOOHGLVSRVL]LRQLGHJOLDUWLFROLHGHO
&RGLFH&LYLOH
$UW3DJDPHQWRGHOSUHPLR
/¶DVVLFXUD]LRQHKDHIIHWWRGDOOHRUHGHOJLRUQRLQGL
FDWRQHOOD³3DUWH%´GHOFRQWUDWWRVHLOSUHPLRRODSULPD
UDWD GL SUHPLR VRQR VWDWL SDJDWL DOWULPHQWL KD HIIHWWR
GDOOHRUHGHOJLRUQRGHOSDJDPHQWR6HLO&RQWUDHQWH
QRQSDJDLSUHPLROHUDWHGLSUHPLRVXFFHVVLYLO¶DVVL
FXUD]LRQHUHVWDVRVSHVDGDOOHRUHGHOTXLQGLFHVLPR
JLRUQR GRSR TXHOOR GHOOD VFDGHQ]D H ULSUHQGH YLJRUH
GDOOH RUH GHO JLRUQR GHO SDJDPHQWR IHUPH OH VXF
FHVVLYH VFDGHQ]H DL VHQVL GHOOH GLVSRVL]LRQL GHOO¶DUW
GHO&RGLFH&LYLOH
, SUHPL GHYRQR HVVHUH SDJDWL DOO¶8IILFLR$JHQ]LD DOOD
TXDOHqDVVHJQDWDODSROL]]DRSSXUHDOOD'LUH]LRQHGHO
OD6RFLHWj
$UW)UD]LRQDPHQWRGHOSUHPLR
3UHPHVVRFKHLOSUHPLRDQQXRqLQGLYLVLELOHOD6RFLH
Wj SXz FRQFHGHUQH LO SDJDPHQWR IUD]LRQDWR ,Q FDVR
GL PDQFDWR SDJDPHQWR GHOOH UDWH GL SUHPLR WUDVFRUVL
TXLQGLFL JLRUQL GDOOD ULVSHWWLYD VFDGHQ]D OD 6RFLHWj q
HVRQHUDWD GD RJQL REEOLJR DG HVVD GHULYDQWH IHUPR
HGLPSUHJLXGLFDWRRJQLGLULWWRDOUHFXSHURLQWHJUDOHGHO
SUHPLR /¶DVVLFXUD]LRQH DYUj HIIHWWR GDOOH RUH GHO
JLRUQRLQFXLYHUUjHIIHWWXDWRLOSDJDPHQWRGHOSUHPLR
DUUHWUDWR
$UW0RGLILFKHGHOO¶DVVLFXUD]LRQH
/H HYHQWXDOL PRGLILFKH GHOO¶DVVLFXUD]LRQH GHYRQR HV
VHUHSURYDWHSHULVFULWWR
$UW)RUPDGHOOHFRPXQLFD]LRQL
7XWWHOHFRPXQLFD]LRQLDOOHTXDOLO¶$VVLFXUDWRLO&RQWUD
HQWHHOD6RFLHWjVRQRWHQXWLGHYRQRHVVHUHIDWWHFRQ
OHWWHUDUDFFRPDQGDWDRDPH]]RWHOHID[
$UW$JJUDYDPHQWRGHOULVFKLR
,O&RQWUDHQWHRO¶$VVLFXUDWRGHYHGDUHFRPXQLFD]LRQH
VFULWWDDOOD6RFLHWjGLRJQLDJJUDYDPHQWRGHOULVFKLR
*OL DJJUDYDPHQWL GL ULVFKLR QRQ QRWL R QRQ DFFHWWDWL
GDOOD 6RFLHWj SRVVRQR FRPSRUWDUH OD SHUGLWD WRWDOH R
SDU]LDOHGHOGLULWWRDOO¶LQGHQQL]]RQRQFKpODVWHVVDFHV
VD]LRQH GHOO¶DVVLFXUD]LRQH DL VHQVL GHOOH GLVSRVL]LRQL
GHOO¶DUWGHO&RGLFH&LYLOH
$UW'LPLQX]LRQHGHOULVFKLR
1HOFDVRGLGLPLQX]LRQHGHOULVFKLROD6RFLHWjqWHQXWD
DULGXUUHLOSUHPLRROHUDWHGLSUHPLRVXFFHVVLYLDOODFR
PXQLFD]LRQHGHO&RQWUDHQWHRGHOO¶$VVLFXUDWRDLVHQVL
GHOOH GLVSRVL]LRQL GHOO¶DUW GHO &RGLFH &LYLOH H UL
QXQFLDDOUHODWLYRGLULWWRGLUHFHVVR
$UW5HFHVVRLQFDVRGLVLQLVWUR
'RSRRJQLVLQLVWURFRPHGH¿QLWRDWHUPLQLGLSROL]]D
H ¿QR DO VHVVDQWHVLPR JLRUQR GDO SDJDPHQWR R UL¿X
WR GHOO¶LQGHQQL]]R FLDVFXQD GHOOH 3DUWL SXz UHFHGHUH
GDOO¶DVVLFXUD]LRQHGDQGRQHSUHYHQWLYDFRPXQLFD]LRQH
DOO¶DOWUD3DUWH
,OUHFHVVRGDSDUWHGHO&RQWUDHQWHKDHIIHWWRGDOODGDWD
GLLQYLRGHOODFRPXQLFD]LRQHVDOYRGLYHUVDLQGLFD]LRQH
LOUHFHVVRGDSDUWHGHOOD6RFLHWjGHYHHVVHUHFRPXQL
FDWRFRQDOPHQRWUHQWDJLRUQLGLSUHDYYLVR
/D 6RFLHWj HQWUR WUHQWD JLRUQL GDOOD GDWD GL HI¿FD
FLD GHO UHFHVVR ULPERUVD OD SDUWH GL SUHPLR DO QHWWR
GHOO¶LPSRVWDUHODWLYDDOSHULRGRGLULVFKLRQRQFRUVR
/DULVFRVVLRQHSDJDPHQWRGHLSUHPLYHQXWLDVFDGHQ]D
GRSR OD GHQXQFLD GHO VLQLVWUR R TXDOXQTXH DOWUR DWWR
QRQSRWUDQQRHVVHUHLQWHUSUHWDWLFRPHULQXQFLDDOODID
FROWjGLUHFHVVR
$UW$OWUHDVVLFXUD]LRQL
,O&RQWUDHQWHRO¶$VVLFXUDWRGHYHFRPXQLFDUHSHULVFULW
WRDOOD6RFLHWjO¶HVLVWHQ]DHODVXFFHVVLYDVWLSXOD]LRQH
GLDOWUHDVVLFXUD]LRQLSHULOPHGHVLPRULVFKLRLQGLFDQGR
QHOHVRPPHDVVLFXUDWH
,Q FDVR GL VLQLVWUR LO &RQWUDHQWH R O¶$VVLFXUDWR GHYH
GDUQHDYYLVRDWXWWLJOLDVVLFXUDWRULLQGLFDQGRDFLDVFX
QRLOQRPHGHJOLDOWULDLVHQVLGHOOHGLVSRVL]LRQLGHOO¶DUW
GHO&RGLFH&LYLOH
$UW3URURJDGHOO¶DVVLFXUD]LRQHHSHULRGRGLDV
VLFXUD]LRQH
,Q PDQFDQ]D GL GLVGHWWD PHGLDQWH OHWWHUD UDFFRPDQ
GDWDRWHOHID[VSHGLWDDOPHQRWUHQWDJLRUQLSULPDGHOOD
VFDGHQ]DGHOO¶DVVLFXUD]LRQHLOFRQWUDWWRGLGXUDWDQRQ
LQIHULRUHDXQDQQRqSURURJDWRSHUXQDQQRHFRVuVXF
FHVVLYDPHQWH
3HULFDVLQHLTXDOLODOHJJHRGLOFRQWUDWWRVLULIHULVFRQR
DOSHULRGRGLDVVLFXUD]LRQHTXHVWRVLLQWHQGHVWDELOLWR
QHOODGXUDWDGLXQDQQRVDOYRFKHO¶DVVLFXUD]LRQHVLD
VWLSXODWDSHUXQDPLQRUGXUDWDQHOTXDOFDVRFRLQFLGH
FRQODGXUDWDGHOFRQWUDWWR
1HO FDVR LQ FXL OD SROL]]D VLD GL GXUDWD SROLHQQDOH OH
3DUWL DYUDQQR FRPXQTXH IDFROWj GL UHFHGHUH GDO FRQ
WUDWWRDOWHUPLQHGLRJQLSHULRGRGLDVVLFXUD]LRQHPH
GLDQWH LQYLR GL OHWWHUD UDFFRPDQGDWD VSHGLWD DOPHQR
WUHQWDJLRUQLSULPDGHOODVFDGHQ]DDQQXDOH
$UW2QHULILVFDOL
*OLRQHULILVFDOLUHODWLYLDOO¶DVVLFXUD]LRQHVRQRDFDULFR
GHO&RQWUDHQWH
$UW5LQYLRDOOHQRUPHGLOHJJH
3HUWXWWRTXDQWRQRQqTXLGLYHUVDPHQWHUHJRODWRYDO
JRQROHQRUPHGHOODOHJJHLWDOLDQD
1250(&+(5(*2/$12/
$66,&85$=,21(,1*(1(5$/(
GL
1250(3(5/$/,48,'$=,21('(,6,1,675,
6H]LRQL ,QFHQGLR HG DOWUL GDQQL DL EHQL /DVWUH H
'DQQLPDWHULDOLHGLUHWWLGDDFTXDHGDOWULOLTXLGL
$UW3URFHGXUDSHUODYDOXWD]LRQHGHOGDQQR
/¶DPPRQWDUHGHOGDQQRqFRQFRUGDWRFRQOHVHJXHQWL
PRGDOLWj
DGLUHWWDPHQWHGDOOD6RFLHWjRGDSHUVRQDGDTXHVWD
LQFDULFDWDFRQLO&RQWUDHQWHRSHUVRQDGDOXLGHVL
JQDWD
DOWULPHQWLGLFRPXQHDFFRUGRWUDOH3DUWL
EIUDGXH3HULWLQRPLQDWLXQRGDOOD6RFLHWjHXQRGDO
&RQWUDHQWHFRQDSSRVLWRDWWRXQLFR
,GXH3HULWLGHYRQRQRPLQDUQHXQWHU]RTXDQGRVLYHUL
ILFKLGLVDFFRUGRIUDORURHGDQFKHSULPDVXULFKLHVWDGL
XQR GL HVVL ,O WHU]R 3HULWR LQWHUYLHQH VROWDQWR LQ FDVR
GLGLVDFFRUGRHOHGHFLVLRQLVXLSXQWLFRQWURYHUVLVRQR
SUHVHDPDJJLRUDQ]D
&LDVFXQ3HULWRKDIDFROWjGLIDUVLDVVLVWHUHRFRDGLXYD
UHGDDOWUHSHUVRQHOHTXDOLSRWUDQQRLQWHUYHQLUHQHOOH
RSHUD]LRQL SHULWDOL VHQ]D SHUz DYHUH DOFXQ YRWR GHOL
EHUDWLYR
6HLGXH3HULWLQRQVLDFFRUGDQRVXOODQRPLQDGHOWHU]R
WDOHQRPLQDqGHPDQGDWDVXLVWDQ]DDQFKHGLXQDVROD
GHOOH 3DUWLDO 3UHVLGHQWH GHO7ULEXQDOH QHOOD FXL JLXUL
VGL]LRQHLOVLQLVWURqDYYHQXWR
&LDVFXQDGHOOH3DUWLVRVWLHQHOHVSHVHGHOSURSULR3H
ULWRTXHOOHGHOWHU]RVRQRDFDULFRGHOODSDUWHVRFFRP
EHQWH
7DOH SURFHGXUD q IDFROWDWLYD HG DOWHUQDWLYD DO ULFRUVR
DOO¶$XWRULWj*LXGL]LDULD
$UW0DQGDWRGHLSHULWL
,3HULWLGHYRQR
DLQGDJDUHVXOOHFLUFRVWDQ]HGLWHPSRHGLOXRJRVXOOD
QDWXUDFDXVDHPRGDOLWjGHOVLQLVWUR
EYHULILFDUHO¶HVDWWH]]DGHOOHGHVFUL]LRQLHGHOOHGLFKLD
UD]LRQLULVXOWDQWLGDJOLDWWLFRQWUDWWXDOLHULIHULUHVHDO
PRPHQWR GHO VLQLVWUR HVLVWHYDQR FLUFRVWDQ]H FKH
DYHVVHURDJJUDYDWRHRPXWDWRLOULVFKLRHQRQIRV
VHURVWDWHFRPXQLFDWH
FYHULILFDUH VH LO &RQWUDHQWH R O¶$VVLFXUDWR KD DGHP
SLXWRDJOLREEOLJKLGLFXLDOO¶DUWGHOSUHVHQWHOLEUHWWR
GYHUL¿FDUHO¶HVLVWHQ]DODTXDOLWjODTXDQWLWjHGLOYDOR
UHGHOOHFRVHDVVLFXUDWHGHWHUPLQDQGRLOYDORUHFKH
OHFRVHPHGHVLPHDYHYDQRDOPRPHQWRGHOVLQLVWUR
VHFRQGR L FULWHUL GL YDOXWD]LRQH GL FXL DOO¶DUW GHO
SUHVHQWHOLEUHWWR
HSURFHGHUHDOODVWLPDHGDOODOLTXLGD]LRQHGHOGDQQR
H GHOOH VSHVH VHFRQGR L FULWHUL GL FXL DOO¶DUW GHO
SUHVHQWHOLEUHWWR
1HO FDVR GL SURFHGXUD SHU OD YDOXWD]LRQH GHO GDQQR
HIIHWWXDWD DL VHQVL GHOO¶DUW SXQWR E GHO SUHVHQWH
OLEUHWWR L ULVXOWDWL GHOOH RSHUD]LRQL SHULWDOL GHYRQR HV
VHUHUDFFROWLLQDSSRVLWRYHUEDOHFRQDOOHJDWHOHVWLPH
GHWWDJOLDWHGDUHGLJHUVLLQGRSSLRHVHPSODUHXQRSHU
RJQXQDGHOOH3DUWL
,ULVXOWDWLGHOOHRSHUD]LRQLGLFXLDLSUHFHGHQWLSXQWLG
HGHVRQRREEOLJDWRULSHUOH3DUWLOHTXDOLULQXQFLDQR
¿QGDRUDDTXDOVLDVLLPSXJQDWLYDVDOYRLOFDVRGLGROR
HUURUHYLROHQ]DQRQFKpGLYLROD]LRQHGHLSDWWLFRQWUDW
GL 1250(3(5/$/,48,'$=,21('(,6,1,675,
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
WXDOL LPSUHJLXGLFDWD LQ RJQL FDVR TXDOVLYRJOLD D]LRQH
RGHFFH]LRQHLQHUHQWHO¶LQGHQQL]]DELOLWjGHOGDQQR
/DSHUL]LDFROOHJLDOHqYDOLGDDQFKHVHXQ3HULWRVLUL
ILXWDGLVRWWRVFULYHUODWDOHULILXWRGHYHHVVHUHDWWHVWDWR
GDJOLDOWUL3HULWLQHOYHUEDOHGHILQLWLYRGLSHUL]LD
,3HULWLVRQRGLVSHQVDWLGDOO¶RVVHUYDQ]DGLRJQLIRUPD
OLWjJLXGL]LDULD
$UW9DORUHGHOIDEEULFDWR
/¶DWWULEX]LRQHGHOYDORUHGHOIDEEULFDWRYLHQHHVHJXLWD
VWLPDQGR D QXRYR OD VSHVD QHFHVVDULD SHU O¶LQWHJUDOH
FRVWUX]LRQHDQXRYRGLWXWWRLOIDEEULFDWRHVFOXVRVRORLO
YDORUHGHOO¶DUHD
$UW9DOXWD]LRQHGHOGDQQR
/DGHWHUPLQD]LRQHGHOGDQQRYLHQHHVHJXLWD
$,QFHQGLR
DVWLPDQGRODVSHVDQHFHVVDULDSHUULFRVWUXLUHDQXRYR
OHSDUWLGLVWUXWWHGHOIDEEULFDWRRSHUULSDUDUHTXHOOH
VROWDQWRGDQQHJJLDWHFRQGHGX]LRQHGHOYDORUHGHJOL
HYHQWXDOLUHVLGXL
,OSDJDPHQWRGHOO¶LQGHQQL]]RUHVWDWXWWDYLDOLPLWDWRQHO
OD IDVH LQL]LDOH DO YDORUH DO PRPHQWR GHO VLQLVWUR GHO
IDEEULFDWRGLVWUXWWRRGDQQHJJLDWRFKHVLRWWLHQH
EDSSOLFDQGRDOODVWLPDGLFXLDOSUHFHGHQWHSXQWRD
XQGHJUDGRVWDELOLWRLQUHOD]LRQHDOJUDGRGLYHWXVWj
DOORVWDWRGLFRQVHUYD]LRQHDOPRGRGLFRVWUX]LRQH
DOO¶XELFD]LRQH DOO¶XVR H DG RJQL DOWUD FLUFRVWDQ]D
FRQFRPLWDQWH
,O YHUVDPHQWR GHO VXSSOHPHQWR G¶LQGHQQLWj D QXRYR
SDULDOODGLIIHUHQ]DWUDODVWLPDGHOIDEEULFDWRD³9DORUH
D QXRYR´ FRPH DO SXQWR D H OD VWLPD GHOOR VWHVVR D
³9DORUHDOPRPHQWRGHOVLQLVWUR´FRPHDOSXQWREYHU
UjFRUULVSRVWRDOORUFKpO¶$VVLFXUDWRSURFHGDHQWUR
JLRUQLGDOODGDWDGHOO¶DWWRGLOLTXLGD]LRQHDPLFKHYROHR
GHOYHUEDOHGH¿QLWLYRGLSHUL]LDVDOYRULWDUGLSHUOHJLWWLPL
LPSHGLPHQWLDOULSULVWLQRRDOODULFRVWUX]LRQHGHOIDEEUL
FDWR
/D 6RFLHWj QRQ VDUj WHQXWD D FRUULVSRQGHUH VRPPD
PDJJLRUH GHO WULSOR GHO YDORUH GHO IDEEULFDWR VWLPDWR
FRPHDOSXQWREIHUPRFRPXQTXHLOGLVSRVWRGHOO¶DUW
GHOSUHVHQWHOLEUHWWR
% 3HUGLWD GHOOH SLJLRQL H PDQFDWR JRGLPHQWR GHL
ORFDOL
VWDELOHQGRO¶DPPRQWDUHGHOGDQQRLQUHOD]LRQHDOWHPSR
VWUHWWDPHQWH QHFHVVDULR SHU LO ULSULVWLQR GHO IDEEULFDWR
GDQQHJJLDWRFRQLOPDVVLPRGLJLRUQLUHODWLYDPHQWH
DOODVFHOWD³&RPSOHWD´HGLJLRUQLUHODWLYDPHQWHDOOD
VFHOWD³*OREDOH´
/¶XQLWj LPPRELOLDUH DELWDWD GDOO¶$VVLFXUDWR YLHQH FRP
SUHVDLQJDUDQ]LDSHUO¶LPSRUWRGHOODSLJLRQHSUHVXPLEL
OHDGHVVDUHODWLYD
5HODWLYDPHQWHDOODVFHOWD³&RPSOHWD´O¶LQGHQQL]]RQRQ
SRWUjFRPXQTXHVXSHUDUHLOGHOYDORUHFKHULVSHWWR
DTXHOORDVVLFXUDWRFRPSHWHDGRJQLVLQJRODXQLWjLP
PRELOLDUH
5HODWLYDPHQWH DOOD VFHOWD ³*OREDOH´ O¶LQGHQQL]]R QRQ
SRWUjFRPXQTXHVXSHUDUHLOGHOYDORUHFKHULVSHW
WRDTXHOOR DVVLFXUDWRFRPSHWHDGRJQL VLQJROD XQLWj
LPPRELOLDUH
&/DVWUH
VWLPDQGR OD VSHVD QHFHVVDULD SHU LO ULPSLD]]R FRP
SUHQVLYRGHOOHVSHVHGLWUDVSRUWRHGLLQVWDOOD]LRQHGHOOH
ODVWUHGDQQHJJLDWHGHGXFHQGRLOYDORUHGHJOLHYHQWXDOL
UHVLGXLVHQ]DDSSOLFD]LRQHGHOODUHJRODSURSRU]LRQDOH
$UW8QLWjLPPRELOLDUHHIDEEULFDWRXQLIDPLOLDUH
6H O¶DVVLFXUD]LRQH ULJXDUGD XQ¶XQLWj LPPRELOLDUH R XQ
VLQJROR IDEEULFDWR DGLELWR DG DELWD]LRQH XQLIDPLOLDUH
O¶HYHQWR JDUDQWLWR ³IXUWR H JXDVWL GL ¿VVL HG LQ¿VVL´ GL
FXLDOO¶DUWOHWWHUD.GLFXLDOODVH]LRQH,QFHQGLRHG
DOWULGDQQLDLEHQLHO¶DVVLFXUD]LRQHVH]LRQH/DVWUHVH
SUHVWDWDULJXDUGDQRVROWDQWRL¿VVLHJOLLQ¿VVLSRVWLD
SURWH]LRQHGHJOLDFFHVVLHVWHUQL
$UW$VVLFXUD]LRQHSDU]LDOH
6HGDOOHVWLPHIDWWHLQEDVHDOO¶DUWGHOSUHVHQWHOL
EUHWWRULVXOWDFKHLO³9DORUHGLULFRVWUX]LRQHDQXRYR´GHO
IDEEULFDWR HVFOXVR VROR LO YDORUH GHOO¶DUHD HFFHGH DO
PRPHQWRGHOVLQLVWURODVRPPDDVVLFXUDWDPDJJLRUDWD
GHOOD6RFLHWjFRUULVSRQGHUjXQLQGHQQL]]RGLPL
QXLWRLQSURSRU]LRQHGHOUDSSRUWRIUDLOYDORUHDVVLFXUD
WRDXPHQWDWRGHOHTXHOORULVXOWDQWHDOPRPHQWR
GHOVLQLVWURVLDFRQULIHULPHQWRDLGDQQLPDWHULDOLHGL
UHWWLUHODWLYLDJOLHYHQWLGLFXLDOODVH]LRQH,QFHQGLRHG
DOWULGDQQLDLEHQLVLDDLGDQQLPDWHULDOLHGLUHWWLSUHYLVWL
DOO¶DUWSXQWREUHODWLYLDJOLHYHQWLGLFXLDOODVH]LRQH
'DQQLGDDFTXDHGDOWULOLTXLGL
$UW/LPLWHPDVVLPRGHOO¶LQGHQQL]]R
6DOYRLOFDVRSUHYLVWRGDOO¶DUWGHO&RGLFH&LYLOHH
TXDQWR SUHYLVWR DOO¶DUW GL FXL DOOD VH]LRQH ,QFHQGLR
HGDOWULGDQQLDLEHQLSHUQHVVXQWLWROROD6RFLHWjSR
WUjHVVHUHWHQXWDDSDJDUHVRPPDPDJJLRUHGLTXHOOD
DVVLFXUDWD
$UW3DJDPHQWRGHOO¶LQGHQQL]]R
9HULILFDWDO¶RSHUDWLYLWjGHOODJDUDQ]LDHYDOXWDWRLOGDQ
QROD6RFLHWjSURYYHGHDOSDJDPHQWRGHOO¶LQGHQQL]]R
HQWURWUHQWDJLRUQLGDOODGDWDGHOO¶DWWRGLOLTXLGD]LRQHGHO
GDQQRVHPSUHFKqQRQVLDVWDWDIDWWDRSSRVL]LRQHGD
SDUWHGLWHU]LHVHPSUHFKqOLPLWDWDPHQWHSHUzDOODVH
]LRQH,QFHQGLRHGDOWULGDQQLDLEHQLQHOFDVRLQFXLVLD
VWDWR DSHUWR XQ SURFHGLPHQWR SHQDOH VXOOD FDXVD GHO
VLQLVWURGDOSURFHGLPHQWRVWHVVRULVXOWLFKHQRQULFRUUH
DOFXQRGHLFDVLGLFXLDOO¶DUWSXQWRGGLFXLDOODVH]LR
QH,QFHQGLRHGDOWULGDQQLDLEHQL
,O&RQWUDHQWHRO¶$VVLFXUDWRSXzULFKLHGHUHQRQSULPD
GL VHVVDQWD JLRUQL GDOOD GDWD GL SUHVHQWD]LRQH GHOOD
GHQXQFLDGLVLQLVWURLOSDJDPHQWRGLXQDFFRQWRILQR
DGXQPDVVLPRGHOGHOO¶LPSRUWRPLQLPRGHWHUPL
QDWRFRPHSUHYLVWRDOODOHWWHUD$SXQWREGHOO¶DUW
GHOSUHVHQWHOLEUHWWRFKHGRYUHEEHHVVHUHSDJDWRLQ
EDVH DOOH ULVXOWDQ]H DFTXLVLWH D FRQGL]LRQH FKH QRQ
VLDQRVRUWHFRQWHVWD]LRQLVXOO¶LQGHQQL]]DELOLWjGHOVLQL
VWURHFKHO¶HQWLWjGHOGDQQRQRQVLDLQIHULRUHDO
GHOOH VRPPH FRPSOHVVLYDPHQWH DVVLFXUDWH ,O SDJD
PHQWRYHUUjHIIHWWXDWRHQWURWUHQWDJLRUQLGDOODULFKLH
VWDGHOO¶DQWLFLSR
$UW(VDJHUD]LRQHGRORVDGHOGDQQR
,O &RQWUDHQWH R O¶$VVLFXUDWR FKH HVDJHUD GRORVD
PHQWH O¶DPPRQWDUH GHO GDQQR GLFKLDUDQGR GLVWUXWWH
R UXEDWH FRVH FKH QRQ HVLVWHYDQR DO PRPHQWR GHO
VLQLVWUR RFFXOWD VRWWUDH R PDQRPHWWH FRVH LQGHQQL
RQRQUXEDWHDGRSHUDDJLXVWLILFD]LRQHPH]]LRGRFX
PHQWL PHQ]RJQHUL R IUDXGROHQWL DOWHUD GRORVDPHQWH
OHWUDFFHLUHVLGXLGHOVLQLVWURRJOLLQGL]LPDWHULDOLGHO
UHDWRRIDFLOLWDLOSURJUHVVRGHOVLQLVWURSHUGHLOGLULWWR
DOO¶LQGHQQL]]R
$UW5LQXQFLDDOODULYDOVD
/D6RFLHWjULQXQFLDVDOYRLOFDVRGLGRORDOGLULWWRGL
VXUURJDGHULYDQWHGDOO¶DUWGHO&RGLFH&LYLOHYHUVR
L FRQGRPLQL JOL LQTXLOLQL O¶DPPLQLVWUDWRUH ORUR SDUHQWL
RG DIILQL ORUR RVSLWL H FROODERUDWRUL GRPHVWLFL SXUFKp
O¶$VVLFXUDWR D VXD YROWD QRQ HVHUFLWL O¶D]LRQH YHUVR LO
UHVSRQVDELOH
$UW%XRQDIHGH
/DPDQFDWDFRPXQLFD]LRQHGDSDUWHGHO&RQWUDHQWHR
GHOO¶$VVLFXUDWRGLFLUFRVWDQ]HDJJUDYDQWLLOULVFKLRFRVu
FRPHOHLQHVDWWHRLQFRPSOHWHGLFKLDUD]LRQLUHVHDOO¶DWWR
GHOODVWLSXOD]LRQHGHOODSROL]]DQRQFRPSRUWHUDQQR
GHFDGHQ]DGHOGLULWWRGLULVDUFLPHQWRQpULGX]LRQHGHOOR
VWHVVRVHPSUHFKqWDOLRPLVVLRQLRGLQHVDWWH]]HVLDQR
DYYHQXWHLQEXRQDIHGH
/D6RFLHWjKDSHUDOWURLOGLULWWRGLSHUFHSLUHODGLIIHUHQ]D
GL SUHPLR FRUULVSRQGHQWH DO PDJJLRU ULVFKLR D GHFRU
UHUHGDOPRPHQWRLQFXLODFLUFRVWDQ]DVLqYHULILFDWD
5HVWDDOWUHVuLQWHVRFKHTXDQWRFRQYHQXWRFRQODSUH
VHQWHFODXVRODQRQSXzLQQHVVXQFDVRHVVHUHULIHULWR
DGXQDHYHQWXDOHLQHVDWWDYDOXWD]LRQHULJXDUGDQWHO¶HQ
WLWjGHOOHVRPPHDVVLFXUDWH
$UW$VVLFXUD]LRQHSHUFRQWRGLWHU]L
/DSROL]]DGHYHLQWHQGHUVLVWLSXODWDGDO&RQWUDHQWHLQ
QRPH SURSULR H DQFKH QHOO¶LQWHUHVVH GL FKL VSHWWD /H
D]LRQL OH UDJLRQL H L GLULWWL QDVFHQWL GDOOD SROL]]D QRQ
SRVVRQR HVVHUH HVHUFLWDWL FKH GDO &RQWUDHQWH H GDOOD
6RFLHWj/¶LQGHQQLWjFKHDQRUPDGLTXDQWRVRSUDVDUj
GHWHUPLQDWDLQFRQWUDGGLWWRULRQRQSRWUjHVVHUHYHUVDWD
VHQRQFRQO¶LQWHUYHQWRDOO¶DWWRGHOSDJDPHQWRGHLWHU]L
LQWHUHVVDWL/¶DFFHUWDPHQWRGHLGDQQLHGHOO¶LQGHQQL]]R
FRVuHIIHWWXDWRqYLQFRODQWHDQFKHSHUWHU]LLQWHUHVVDWL
UHVWDQGRHVFOXVRRJQLORURIDFROWjGLLPSXJQDWLYD
6H]LRQL5HVSRQVDELOLWjFLYLOHYHUVRWHU]LH5HVSRQ
VDELOLWjFLYLOHSHUGDQQLGDDFTXDHGDOWULOLTXLGL
$UW)DEEULFDWLLQFRQGRPLQLR
6RQRFRQVLGHUDWLWHU]LLVLQJROLFRQGRPLQLHGLORURIDPL
OLDULHGLSHQGHQWLHGqFRPSUHVDQHOO¶DVVLFXUD]LRQH OD
UHVSRQVDELOLWj GL FLDVFXQ FRQGRPLQR FRPH WDOH YHUVR
JOLDOWULFRQGRPLQLHYHUVRODSURSULHWjFRPXQH
6RQRHVFOXVLGDOO¶DVVLFXUD]LRQHLGDQQLSHULTXDOLVLDQR
RSHUDQWLOHJDUDQ]LHGHOODVH]LRQH,QFHQGLRHGDOWULGDQ
QLDLEHQLHGHOODVH]LRQH'DQQLGDDFTXDHGDOWULOLTXLGL
GLFXLDOO¶DUWSXQWREFRQULIHULPHQWRDJOLHYHQWLGL
FXLDOO¶DUWGHOODVH]LRQHVWHVVD
1250(3(5/$/,48,'$=,21('(,6,1,675,
GL
$UW*HVWLRQHGHOOHYHUWHQ]H
/D 6RFLHWj SXz DVVXPHUH D QRPH GHOO
DVVLFXUDWR OD
JHVWLRQHGHOOHYHUWHQ]HDYYDOHQGRVLGLWXWWLLGLULWWLHG
D]LRQL VSHWWDQWL DOO
DVVLFXUDWR VWHVVR H FRQ IDFROWj GL
GHVLJQDUHOHJDOLSHULWLFRQVXOHQWLRWHFQLFL
LQVHGHVWUDJLXGL]LDOHHLQVHGHJLXGL]LDOHFLYLOHILQR
DOODGHILQL]LRQHGHOGDQQR
LQ VHGH JLXGL]LDOH SHQDOH ILQR DOOD FRQFOXVLRQH GHO
JUDGR GHO SURFHGLPHQWR LQ FRUVR DO PRPHQWR GHOOD
GHILQL]LRQHGHOGDQQR
6RQR D FDULFR GHOOD 6RFLHWj OH VSHVH VRVWHQXWH SHU
UHVLVWHUH DOO
D]LRQH SURPRVVD FRQWUR O
$VVLFXUDWR HQ
WURLOOLPLWHGLXQLPSRUWRSDULDOTXDUWRGHOPDVVLPDOH
DVVLFXUDWRLQGLFDWRQHOODVFKHGDGLSROL]]D4XDORUDOD
VRPPDGRYXWDDOGDQQHJJLDWRVXSHULGHWWRPDVVLPDOH
OHVSHVHYHQJRQRULSDUWLWHWUDOD6RFLHWjHLO&RQWUDHQWH
HR$VVLFXUDWRLQSURSRU]LRQHGHOULVSHWWLYRLQWHUHVVH
/D 6RFLHWj QRQ ULFRQRVFH OH VSHVH VRVWHQXWH GDOO
DV
VLFXUDWRSHUOHJDOLRWHFQLFLFKHQRQVLDQRGDHVVDGH
VLJQDWLHQRQULVSRQGHGLPXOWHRGDPPHQGHQpGHOOH
VSHVHGLJLXVWL]LDSHQDOH
/
DVVLFXUDWR q WHQXWR D FRPSDULUH SHUVRQDOPHQWH LQ
JLXGL]LRQHLFDVLLQFXLOHOHJJLORSUHYHGDQRROD6RFLH
WjORULFKLHGD
$UW$VVLFXUD]LRQHSDU]LDOH
3UHPHVVRFKHLOSUHPLRUHODWLYRDOODVH]LRQH5HVSRQ
VDELOLWjFLYLOHFRPSUHVLJOLHYHQWLSUHYLVWLDOO¶DUWGHO
ODPHGHVLPDVH]LRQHHGDOODVH]LRQH'DQQLGDDFTXD
HGDOWULOLTXLGLFRPSUHVLJOLHYHQWLSUHYLVWLDOO¶DUWGHO
ODPHGHVLPDVH]LRQHHSHUODSDUWHGLUHVSRQVDELOLWj
FLYLOHGLFXLDOO¶DUWSXQWRDFRQULIHULPHQWRDJOLHYHQWL
GL FXL DOO¶DUW GHOOD VH]LRQH 'DQQL GD DFTXD HG DOWUL
OLTXLGLqFRQFRUGDWRLQEDVHDO³9DORUHGLULFRVWUX]LRQH
DQXRYR´GHOIDEEULFDWRHVFOXVRVRORLOYDORUHGHOO¶DUHD
VWLPDWR LQ EDVH DOO¶DUW GHO SUHVHQWH OLEUHWWR VH DO
PRPHQWRGHOVLQLVWURULVXOWDFKHWDOHYDORUHHFFHGHOD
VRPPD DVVLFXUDWD PDJJLRUDWD GHO OD 6RFLHWj
FRUULVSRQGHUjO¶LQGHQQL]]RGLPLQXLWRLQSURSRU]LRQHGHO
UDSSRUWRIUDLOYDORUHDVVLFXUDWRDXPHQWDWRGHOH
TXHOORULVXOWDQWHDOPRPHQWRGHOVLQLVWUR
(¶ VWDELOLWR FKH L PDVVLPDOL DVVLFXUDWL UDSSUHVHQWDQR L
OLPLWLGLULVDUFLPHQWRDQFKHLQFDVRGLFRUUHVSRQVDELOLWj
GLSL$VVLFXUDWL
6H]LRQH787(/$/(*$/(
3UHPHVVD
/D JHVWLRQH GHL VLQLVWUL 7XWHOD /HJDOH q VWDWD DI¿GDWD
GDOOD6RFLHWjD
$5$*$VVLFXUD]LRQL6S$
FRQVHGHH'LUH]LRQH*HQHUDOHLQ9LDOHGHOOH1D]LRQLQ
9HURQDLQVHJXLWRGHQRPLQDWD$5$*DOOD
TXDOHO¶$VVLFXUDWRSXzULYROJHUVLGLUHWWDPHQWH
3ULQFLSDOLULIHULPHQWL
7HOHIRQRFHQWUDOLQR
GL 1250(3(5/$/,48,'$=,21('(,6,1,675,
ID[SHULQYLRQXRYHGHQXQFHGLVLQLVWUR
PDLO SHU LQYLR QXRYH GHQXQFH GL VLQLVWUR GHQXQFH#
DUDJLW
ID[SHULQYLRVXFFHVVLYDGRFXPHQWD]LRQHUHODWLYDDOOD
JHVWLRQHGHOVLQLVWUR
$UW'HQXQFLDGHOVLQLVWUR
,O &RQWUDHQWH HR$VVLFXUDWR GHYH LPPHGLDWDPHQWH
GHQXQFLDUHSHULVFULWWRDOO
DJHQ]LDDOODTXDOHqDVVH
JQDWDODSROL]]DRDOOD6RFLHWjRDG$5$*TXDOVLDVL
FDVRDVVLFXUDWLYRQHOPRPHQWRLQFXLVLqYHUL¿FDWR
HRQHDEELDDYXWRFRQRVFHQ]D
,QRJQLFDVRGHYHIDUHSHUYHQLUHDOOD'LUH]LRQHGHOOD
6RFLHWjRDG$5$*QRWL]LDGLRJQLDWWRDOXLQRWL¿FD
WRHQWURWUHJLRUQLGDOODGDWDGHOODQRWL¿FDVWHVVD
$UW/LEHUDVFHOWDGHOOHJDOH
/
$VVLFXUDWRKDLOGLULWWRGLVFHJOLHUHOLEHUDPHQWHLOOH
JDOHFXLDI¿GDUHODWXWHODGHLSURSULLQWHUHVVLLVFULWWR
SUHVVRLOIRURRYHKDVHGHO
8I¿FLR*LXGL]LDULRFRP
SHWHQWHSHUODFRQWURYHUVLDLQGLFDQGRORDOOD6RFLHWj
RDG$5$*FRQWHPSRUDQHDPHQWHDOODGHQXQFLDGHO
VLQLVWUR
6HO
$VVLFXUDWRQRQIRUQLVFHWDOHLQGLFD]LRQHOD6R
FLHWj R$5$* OR LQYLWD D VFHJOLHUH LO SURSULR OHJDOH
HQHOFDVRLQFXLO
$VVLFXUDWRQRQYLSURYYHGDSXz
QRPLQDUHGLUHWWDPHQWHLOOHJDOHDOTXDOHO
$VVLFXUDWR
GHYHFRQIHULUHPDQGDWR
/
$VVLFXUDWRKDFRPXQTXHLOGLULWWRGLVFHJOLHUHOLEH
UDPHQWHLOSURSULROHJDOHQHOFDVRGLFRQÀLWWRGLLQWH
UHVVLFRQOD6RFLHWjR$5$*
$UW )RUQLWXUD GHL PH]]L GL SURYD H GHL GRFX
PHQWLRFFRUUHQWLDOODSUHVWD]LRQHGHOODJDUDQ]LDDV
VLFXUDWLYD
6H O
$VVLFXUDWR ULFKLHGH OD FRSHUWXUD DVVLFXUDWLYD q
WHQXWRD
‡LQIRUPDUH LPPHGLDWDPHQWH OD 6RFLHWj R $5$* LQ
PRGRFRPSOHWRHYHULWLHURGLWXWWLLSDUWLFRODULGHOVLQL
VWURQRQFKqLQGLFDUHLPH]]LGLSURYDHGRFXPHQWLH
VXULFKLHVWDPHWWHUOLDGLVSRVL]LRQH
‡FRQIHULUHPDQGDWRDOOHJDOHLQFDULFDWRGHOODWXWHODGHL
VXRLLQWHUHVVLQRQFKqLQIRUPDUORLQPRGRFRPSOHWRH
YHULWLHURVXWXWWLLIDWWLLQGLFDUHLPH]]LGLSURYDIRUQLUH
RJQL SRVVLELOH LQIRUPD]LRQH H SURFXUDUH L GRFXPHQWL
QHFHVVDUL
$UW*HVWLRQHGHOVLQLVWUR
5LFHYXWDODGHQXQFLDGHOVLQLVWUR$5$*VLDGRSHUD
SHUUHDOL]]DUHXQERQDULRFRPSRQLPHQWRGHOODFRQ
WURYHUVLD
2YHFLzQRQULHVFDVHOHSUHWHVHGHOO
$VVLFXUDWRSUH
VHQWLQRSRVVLELOLWjGLVXFFHVVRHGLQRJQLFDVRTXDQ
GRVLDQHFHVVDULDODGLIHVDLQVHGHSHQDOHODSUDWLFD
YLHQHWUDVPHVVDDOOHJDOHVFHOWRQHLWHUPLQLGHOO
$UW
/LEHUDVFHOWDGHOOHJDOH
/D JDUDQ]LD DVVLFXUDWLYD YLHQH SUHVWDWD DQFKH SHU
RJQLJUDGRVXSHULRUHGLSURFHGLPHQWRVLDFLYLOHFKH
SHQDOHVHO
LPSXJQD]LRQHSUHVHQWDSRVVLELOWjGLVXF
FHVVR
/
$VVLFXUDWR QRQ SXz DGGLYHQLUH GLUHWWDPHQWH FRQ
ODFRQWURSDUWHDGDOFXQDWUDQVD]LRQHGHOODYHUWHQ]D
VLD LQ VHGH H[WUDJLXGL]LDULD FKH JLXGL]LDULD VHQ]D
SUHYHQWLYDDXWRUL]]D]LRQHGL$5$*SHQDLOPDQFDWR
ULPERUVRGHOOHVSHVHVRVWHQXWH
/
HYHQWXDOHQRPLQDGL&RQVXOHQWL7HFQLFLGL3DUWHH
GL3HULWLYLHQHFRQFRUGDWDFRQ$5$*
/D6RFLHWjR$5$*QRQqUHVSRQVDELOHGHOO
RSHUDWR
GL/HJDOL&RQVXOHQWL7HFQLFLH3HULWL
,QFDVRGLFRQÀLWWRGLLQWHUHVVLRGLGLVDFFRUGRLQPH
ULWRDOODJHVWLRQHGHLFDVLDVVLFXUDWLYLWUDO
$VVLFXUDWR
H OD 6RFLHWj R$5$* OD GHFLVLRQH SXz YHQLUH GH
PDQGDWDFRQIDFROWjGLDGLUHOHYLHJLXGL]LDULHDGXQ
$UELWURFKHGHFLGHVHFRQGRHTXLWjGHVLJQDWRGLFR
PXQHDFFRUGRGDOOH3DUWLRLQPDQFDQ]DGLDFFRUGR
GDO 3UHVLGHQWH GHO 7ULEXQDOH FRPSHWHQWH D QRUPD
GHO&RGLFHGL3URFHGXUD&LYLOH
&LDVFXQDGHOOHSDUWLFRQWULEXLVFHDOODPHWjGHOOHVSH
VHDUELWUDOLVDOYRLOFDVRGLHVLWRWRWDOPHQWHIDYRUH
YROHDOO
$VVLFXUDWR4XDORUDODGHFLVLRQHGHOO
$UELWUR
VLD LQYHFH VIDYRUHYROH DOO
$VVLFXUDWR TXHVWL SRWUj
HJXDOPHQWHSURFHGHUHDXWRQRPDPHQWHHGDSURSULR
ULVFKLRGDQGRQHDYYLVRDOOD6RFLHWjRDG$5$*FRQ
IDFROWj GL RWWHQHUH OD ULSHWL]LRQH GHOOH VSHVH VRVWH
QXWHVHQRQOLTXLGDWHGDOODFRQWURSDUWHTXDORUDLOUL
VXOWDWRFRQVHJXLWRVLDSLIDYRUHYROHGLTXHOORSUHFH
GHQWHPHQWHSURVSHWWDWRGDOOD6RFLHWjR$5$*
/DVFHOWDGLXQDGHOOHGXHSURFHGXUHHVFOXGHO
DOWUD
/D6RFLHWj$5$*DYYHUWHO
DVVLFXUDWRGHOVXRGLULWWR
GLDYYDOHUVLGLWDOHSURFHGXUD
$UW&RHVLVWHQ]DFRQDVVLFXUD]LRQHGL5HVSRQ
VDELOWj&LYLOH
,QFDVRGLFRHVLVWHQ]DGLDVVLFXUD]LRQHGL5HVSRQVD
ELOLWj FLYLOH OD JDUDQ]LD RSHUD DG LQWHJUD]LRQH H GRSR
HVDXULPHQWR GL FLz FKH q GRYXWR GDOO
DVVLFXUD]LRQH GL
5&SHUVSHVHGLUHVLVWHQ]DHVRFFRPEHQ]D
$UW5HFXSHURGLVRPPH
6SHWWDQR LQWHJUDOPHQWH DOO
$VVLFXUDWR L ULVDUFLPHQWL
RWWHQXWLHGLQJHQHUHOHVRPPHUHFXSHUDWHRFRPXQ
TXHFRUULVSRVWHGDOODFRQWURSDUWHDWLWRORGLFDSLWDOH
HGLQWHUHVVH
6SHWWDQRLQYHFHDG$5$*FKHOLKDVRVWHQXWLRDQWL
FLSDWLJOLRQHULOHFRPSHWHQ]HHOHVSHVHOLTXLGDWHLQ
VHGH JLXGL]LDULD R FRQFRUGDWH WUDQVDWWLYDPHQWH HR
VWUDJLXGL]LDOPHQWH
1250(3(5/$/,48,'$=,21('(,6,1,675,
GL
6(=,21(,1&(1',2('$/75,'$11,$,%(1,
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$&203/(7$
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D 6RFLHWj VL REEOLJD DG LQGHQQL]]DUH QHL OLPLWL GHOOH
VRPPHLQGLFDWHQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWRQRQFKpDOOHFRQGL]LRQLFKHVHJXRQRLGDQQL
PDWHULDOLHGLUHWWLFDXVDWLDOIDEEULFDWRDVVLFXUDWRGDJOL
HYHQWL SUHYLVWL QHOOD JDUDQ]LD EDVH QHOOH JDUDQ]LH ID
FROWDWLYHVHUHVHRSHUDQWLHQHOOHHVWHQVLRQLDQFKH
VH GHWHUPLQDWL GD FROSD JUDYH GHOO¶$VVLFXUDWR&RQWUD
HQWHHRGRORRFROSDJUDYHGHOOHSHUVRQHGHOFXLIDWWR
GHYHULVSRQGHUHDQRUPDGLOHJJH
$UW'HVWLQD]LRQHGHOIDEEULFDWRHFDUDWWHULVWLFKH
FRVWUXWWLYH
/¶DVVLFXUD]LRQHqSUHVWDWDLQEDVHDOODFRQGL]LRQHFKH
O¶LQWHURLPPRELOHRYHqXELFDWRLOIDEEULFDWRDVVLFXUDWR
VLD DDGLELWRSHUDOPHQRLOGHOODVXSHUILFLHFRPSOHV
VLYDGHLSLDQLFRSHUWLDGDELWD]LRQLFLYLOLXIILFLHVWXGL
SURIHVVLRQDOL H QHOOD UHVWDQWH SRU]LRQH QRQ HVLVWD
QR FLQHPDWRJUDIL WHDWUL LQGXVWULH JUDQGL HPSRUL
VXSHUPHUFDWL SHU JUDQGL HPSRUL R VXSHUPHUFDWL VL
LQWHQGRQR XQLWj GL YHQGLWD DO GHWWDJOLR GL VXSHUILFLH
VXSHULRUHDPT
4XDORUDQHOODVFKHGDGLSROL]]D³3DUWH%´GHOFRQ
WUDWWR VLD ULFKLDPDWR LO FRGLFH q WROOHUDWD QHOOD UH
VWDQWH SRU]LRQH GHO GHO IDEEULFDWR O¶HVLVWHQ]D
GLFLQHPDWRJUDILWHDWULLQGXVWULHJUDQGLHPSRULVX
SHUPHUFDWL
6RQRLQRJQLFDVRHVFOXVHGLVFRWHFKHHRORFDOLQRW
WXUQL
EFRVWUXLWRFRQVWUXWWXUHSRUWDQWLYHUWLFDOLSDUHWLHVWHU
QHHFRSHUWXUDGHOWHWWRLQPDWHULDOLLQFRPEXVWLELOLSHU
DOPHQRLOGHOOHULVSHWWLYHVXSHUILFLVRQRWROOHUDWL
VRODLHVWUXWWXUHSRUWDQWLGHOWHWWRFRPXQTXHFRVWUXLWL
VRQRWROOHUDWHLQROWUHFDUDWWHULVWLFKHFRVWUXWWLYHGLYHU
VHSHUOHGLSHQGHQ]HLQFRUSLVHSDUDWLODFXLDUHDFR
SHUWDQRQVXSHULLOGHOO¶DUHDFRSHUWDGHOO¶LQWHUR
IDEEULFDWR
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVH
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGD
DLQFHQGLR
EIXOPLQHHVFOXVLLIHQRPHQLHOHWWULFLFRQVHJXHQWL
FHVSORVLRQHRVFRSSLRQRQFDXVDWLGDRUGLJQLHVSORVL
YLDGHFFH]LRQHGLHVSORVLYLFKHDGLQVDSXWDGHOO¶$V
VLFXUDWRVLDQRSUHVHQWLQHOIDEEULFDWR
GLPSORVLRQH
HFDGXWD GL DHURPRELOL PHWHRULWL HR YHLFROL VSD]LDOL
ORURSDUWLRFRVHGDHVVLWUDVSRUWDWH
IRQGDVRQLFDGHWHUPLQDWDGDOVXSHUDPHQWRGHOPXUR
GHOVXRQRGDSDUWHGLDHURPRELOL
JJXDVWLDUUHFDWLDOIDEEULFDWRDVVLFXUDWRDOORVFRSRGL
LPSHGLUHRGDUUHVWDUHLOVLQLVWUR
GL 6(=,21(,1&(1',2('$/75,'$11,$,%(1,
KIXPLJDVHYDSRULPDQFDWDRGDQRUPDOHSURGX]LRQH
RGLVWULEX]LRQHGLHQHUJLDHOHWWULFDWHUPLFDRGLGUDX
OLFDPDQFDWRRGDQRUPDOHIXQ]LRQDPHQWRGLDSSD
UHFFKLDWXUHHOHWWULFKHRGLLPSLDQWLGLULVFDOGDPHQWR
RFRQGL]LRQDPHQWRFRODJJLRRIXRULXVFLWDGLOLTXLGL
SXUFKpFRQVHJXHQWLDJOLHYHQWLLQGHQQL]]DELOLD¶WHU
PLQL GHOOD SUHVHQWH VH]LRQH FKH DEELDQR FROSLWR LO
IDEEULFDWRRSSXUHFRVHSRVWHQHOO¶DPELWRGLPHWUL
GDOORVWHVVR
L IXPR IXRULXVFLWR D VHJXLWR GL JXDVWR LPSURYYLVR HG
DFFLGHQWDOHDJOLLPSLDQWLSHUODSURGX]LRQHGLFDORUH
IDFHQWLSDUWHGHOIDEEULFDWRDVVLFXUDWRSXUFKpGHWWL
LPSLDQWLVLDQRFROOHJDWLPHGLDQWHDGHJXDWHFRQGXW
WXUHDGDSSURSULDWLFDPLQL
MXUWR GL YHLFROL VWUDGDOL H QDWDQWL QRQ DSSDUWHQHQWL
R LQ XVR DOO¶$VVLFXUDWR R DO &RQWUDHQWH SXUFKp LQ
WUDQVLWRVXSXEEOLFDYLDVWUDGDSULYDWDDGXVRSXEEOL
FRRFRUVLG¶DFTXD
NIXUWRHJXDVWLGLILVVLHGLQILVVLSRVWLDSURWH]LRQHGH
JOL DFFHVVL HVWHUQL FDXVDWL GDL ODGUL LQ RFFDVLRQH GL
IXUWRRWHQWDWRIXUWRFRQLOPDVVLPRGL¼SHU
VLQLVWUR H DQQR DVVLFXUDWLYR TXDQGR VLD DVVLFXUDWR
XQ IDEEULFDWR XQLIDPLOLDUH R XQD SRU]LRQH GL IDEEUL
FDWRSOXULIDPLOLDUH
)HUPR LO PDVVLPR GL ¼ SHU VLQLVWUR LO OLPLWH
DQQXDOHqHOHYDWRD¼TXDQGRqDVVLFXUDWR
XQLQWHURIDEEULFDWRSOXULIDPLOLDUHHGHYHLQWHQGHUVL
ULIHULWR D ILVVL HG LQILVVL SRVWL D SURWH]LRQH GHJOL DF
FHVVLFRPXQL
OFDGXWDURYLQRVDGHJOLDVFHQVRULPRQWDFDULFKLHVL
PLOLFRPSUHVLLGDQQHJJLDPHQWLDJOLLPSLDQWL
PFDGXWD GL DQWHQQD R SDUDEROD UDGLRWHOHULFHYHQWH
FHQWUDOL]]DWDFRPSUHVLLGDQQLDOODVWHVVD
$UW(YHQWLJDUDQWLWL)HQRPHQLDWPRVIHULFL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGD
$WURPEHG¶DULDXUDJDQLJUDQGLQHWHPSHVWDYHQWRH
FRVHGDHVVLWUDVSRUWDWHRIDWWHFUROODUH
6RQR FRPSUHVL ILQR DOOD FRQFRUUHQ]D GHO GHOOD
VRPPDDVVLFXUDWDSHULOIDEEULFDWRFRQLOPDVVLPRGL
¼SHUXQRRSLVLQLVWULDYYHQXWLQHOORVWHVVR
DQQRDVVLFXUDWLYRLGDQQLDLQVWDOOD]LRQLHVWHUQHTXDOL
FDQFHOOLSDQQHOOLVRODULPXULGLFLQWDHUHFLQ]LRQLQRQ
FKpVHUEDWRLHGLPSLDQWLILVVLSHUQDWXUDHGHVWLQD]LRQH
6DOYR TXDQWR VRSUD HVSUHVVDPHQWH SUHYLVWR VRQR
HVFOXVLLGDQQLVXELWLGDHQWLHGLQVWDOOD]LRQLFROORFDWL
DOO¶DSHUWRRGDOO¶HVWHUQRGHOIDEEULFDWR
,GDQQLGDEDJQDPHQWRYHUL¿FDWLVLDOO¶LQWHUQRGHOIDEEUL
FDWRVRQRFRPSUHVLVRORVHDYYHQXWLDVHJXLWRGLURW
WXUHEUHFFHROHVLRQLSURYRFDWHDOWHWWRDOOHSDUHWLRDL
VHUUDPHQWLGDOODYLROHQ]DGHJOLHYHQWLGLFXLVRSUD
6RQRWXWWDYLDHVFOXVLDQFKHVHTXHVWLHYHQWLIRVVHUR
FRQVHJXHQWL DL IHQRPHQL DWPRVIHULFL GL FXL VRSUD L
GDQQLFDXVDWLGD
D URWWXUDRULJXUJLWRGHLVLVWHPLGLVFDULFR
E D
FTXH GL UXVFHOODPHQWR R DFFXPXOR HVWHUQR GL
DFTXD
F IXRULXVFLWDGLFRUVLRVSHFFKLG¶DFTXDGDOOHXVXDOL
VSRQGH
G P
DUHJJLDWHHSHQHWUD]LRQHG¶DFTXDPDULQD
H F HGLPHQWLVPRWWDPHQWLHIUDQDPHQWLGHOWHUUHQR
I Y DODQJKHVODYLQHJHORHQHYH
J J
UDQGLQHVXODVWUHLQFHPHQWRDPLDQWRR¿EURFH
PHQWRHPDQXIDWWLLQPDWHULDSODVWLFD
K H
YHQWL DWPRVIHULFL VX YHUDQGH WHWWRLH R SRUWLFDWL
DSHUWLGDXQRRSLODWL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
%VRYUDFFDULFRGLQHYHVXLWHWWLRVXOOHFRSHUWXUHFKH
QH SURYRFKL LO FUROOR WRWDOH R SDU]LDOH D FRQGL]LRQH
FKHLOIDEEULFDWRVLDFRQIRUPHDOOHYLJHQWLQRUPHUH
ODWLYHDLVRYUDFFDULFKLGLQHYHFRPSUHVRLQROWUHYD
ODQJKHFDGXWDGLVDVVLHVODYLQH
6RQRWXWWDYLDHVFOXVLLGDQQL
DFDXVDWLGDJHORDQFRUFKqFRQVHJXHQWHDGHYHQWR
FRSHUWRGDOODSUHVHQWHHVWHQVLRQHGLJDUDQ]LD
EDLIDEEULFDWLLQFRVWUX]LRQHRGLQFRUVRGLULIDFLPHQ
WRDOOHSHQVLOLQHDOOHWHQGHIUDQJLVROHHVWHUQHDOOH
WHWWRLHHGDLER[QRQWRWDOPHQWHLQPXUDWXUD
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
/¶DVVLFXUD]LRQH q SUHVWDWD ILQR DOOD FRQFRUUHQ]D GHO
GHOODVRPPDDVVLFXUDWDSHULOIDEEULFDWRSHUXQR
RSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL$WWLYDQGDOLFLHGRORVL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/D JDUDQ]LD DVVLFXUDWLYD ULJXDUGD L GDQQL PDWHULDOL H
GLUHWWL GHULYDQWL GD DWWL YDQGDOLFL H GRORVL VDERWDJJLR
DQFKH VH LQ RFFDVLRQH GL VFLRSHUL WXPXOWL SRSRODUL H
VRPPRVVH FRPSUHVL TXHOOL GL LQFHQGLR HVSORVLRQH H
VFRSSLR
/D JDUDQ]LD q HVWHVD DL GDQQL DYYHQXWL QHO FRUVR GL
RFFXSD]LRQH QRQ PLOLWDUH GHO IDEEULFDWR VH OD GXUDWD
GHOO¶RFFXSD]LRQHqVXSHULRUHDFLQTXHJLRUQLO¶DVVLFXUD
]LRQHqOLPLWDWDDLGDQQLGLLQFHQGLRIXOPLQHHVSORVLR
QHRVFRSSLRQRQFDXVDWLGDRUGLJQLHVSORVLYLFDGXWDGL
DHURPRELOLORURSDUWLRFRVHGDHVVLWUDVSRUWDWH
6RQRWXWWDYLDHVFOXVLLGDQQL
DGLGHWXUSDPHQWRHGLPEUDWWDPHQWRGHLPXULHVWHUQL
EGL IXUWR UDSLQD HG HVWRUVLRQH VDFFKHJJLR DSSUR
SULD]LRQHLQGHELWDWUXIIDVPDUULPHQWRPDOYHUVD]LR
QHFRQFXVVLRQHRLPSXWDELOLDGDPPDQFKLGLTXDO
VLDVLJHQHUH
FYHUL¿FDWLVLQHOFRUVRGLFRQ¿VFDVHTXHVWURUHTXLVL
]LRQHGHOOHFRVHDVVLFXUDWHSHURUGLQHGLTXDOXQTXH
$XWRULWjGLGLULWWRRGLIDWWR
GFDXVDWLGDDWWLGLWHUURULVPR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
$UW(YHQWLJDUDQWLWL$WWLGLWHUURULVPR
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGDDWWLGLWHUURULVPR
6RQRWXWWDYLDHVFOXVLLGDQQL
DGDFRQWDPLQD]LRQHGLVRVWDQ]HFKLPLFKHHRELRORJL
FKHHRQXFOHDUL
EGHULYDQWL GD LQWHUUX]LRQL GL VHUYL]L TXDOL HOHWWULFLWj
JDVDFTXDHFRPXQLFD]LRQL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
/¶DVVLFXUD]LRQH q SUHVWDWD ILQR DOOD FRQFRUUHQ]D GHO
GHOODVRPPDDVVLFXUDWDSHULOIDEEULFDWRSHUXQR
RSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL'DQQLHOHWWULFLHGHOHWWURQL
FLDGLPSLDQWL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHDVVLFXUDWDOD
SDUWLWDHFRUULVSRVWRLOUHODWLYRSUHPLRQHOODVFKHGD
GLSROL]]D³3DUWH%´GHOFRQWUDWWR
/D JDUDQ]LD DVVLFXUDWLYD ULJXDUGD L GDQQL PDWHULDOL H
GLUHWWL GD FRUUHQWL VFDULFKH RG DOWUL IHQRPHQL HOHWWULFL
DQFKHVHFRQVHJXHQWLDIXOPLQHDJOLLPSLDQWLHUHODWLYH
FRPSRQHQWLHOHWWURQLFKHDOVHUYL]LRGHOIDEEULFDWRDQ
FKHVHSRVWLVXPXULGLFLQWDRFDQFHOOLIDFHQWLSDUWHGHO
IDEEULFDWRVWHVVR
6RQRWXWWDYLDHVFOXVLLGDQQL
DDOOHYDOYROHWHUPRLRQLFKHDLWUDVIRUPDWRULHOHWWULFLDL
JHQHUDWRULGLFRUUHQWH
EFDXVDWLGDGLIHWWLGLPDWHULDOLHGLFRVWUX]LRQHRGRYXWL
DGXVXUDRPDQRPLVVLRQH
FDJOLLPSLDQWLGLHURJD]LRQHGLHQHUJLDHOHWWULFDHWHOH
IRQLFLGLSURSULHWjGHOOHD]LHQGHHURJDWULFL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQD
IUDQFKLJLDGL¼
/D SUHVHQWH JDUDQ]LD q SUHVWDWD D ³3ULPR ULVFKLR DV
VROXWR´
$UW(VWHQVLRQL
VHPSUHRSHUDQWL
6RQR DOWUHVu LQGHQQL]]DELOL DQFKH LQ HFFHGHQ]D DOOD
VRPPD DVVLFXUDWD LQ TXDQWR FRQVHJXHQWL DJOL HYHQWL
DVVLFXUDWL
DOHVSHVHSHUGHPROLUHVJRPEHUDUHHVPDOWLUHDOSL
YLFLQRVFDULFRLUHVLGXLGHOVLQLVWURHSHUODULPR]LRQH
HG LO ULFROORFDPHQWR GHO FRQWHQXWR ILQR DOOD FRQFRU
UHQ]DGHOGHOO¶LQGHQQL]]ROLTXLGDWRDWHUPLQLGL
SROL]]DFRQLOPDVVLPRGL¼SHUDQQRDV
VLFXUDWLYR
EODSHUGLWDGHOFDQRQHGLORFD]LRQHRPDQFDWRJRGL
PHQWR GHO IDEEULFDWR DVVLFXUDWR ORFDWR RG DELWDWR
GDOO¶$VVLFXUDWR SURSULHWDULR SHU LO SHULRGR VWUHWWD
PHQWHQHFHVVDULRDOULSULVWLQRGHOORVWHVVRFRQLOOL
PLWHGLJLRUQLHILQRDOODFRQFRUUHQ]DGHOGHO
YDORUHFKHULVSHWWRDTXHOORDVVLFXUDWRFRPSHWHDG
RJQLVLQJRODXQLWjLPPRELOLDUH
6RQRFRPXQTXHHVFOXVLLGDQQLFDXVDWLGDULWDUGLQHO
ULSULVWLQR GHL ORFDOL GDQQHJJLDWL DQFKH VH GRYXWL D
6(=,21(,1&(1',2('$/75,'$11,$,%(1,
GL
FDXVHHFFH]LRQDOL
FOH VSHVH H JOL RQRUDUL GHO 3HULWR FKH O¶$VVLFXUDWR
DYUj VFHOWR H QRPLQDWR FRQIRUPHPHQWH DO GLVSRVWR
GHOO¶DUW SXQWR E GHOOH QRUPH SHU OD OLTXLGD]LRQH
GHLVLQLVWULQRQFKpODTXRWDSDUWHGLVSHVHHGRQRUDUL
D VXR FDULFR D VHJXLWR GL QRPLQD GHO WHU]R 3HULWR
LO WXWWR ILQR DOOD FRQFRUUHQ]D GHO GHOO¶LQGHQQL]
]R OLTXLGDWR D WHUPLQL GL SROL]]D FRQ LO PDVVLPR GL
¼SHUDQQRDVVLFXUDWLYR
GOH VSHVH GL ULSURJHWWD]LRQH GHO IDEEULFDWR ILQR DOOD
FRQFRUUHQ]DGHOGHOO¶LQGHQQL]]ROLTXLGDWRD¶WHU
PLQL GL SROL]]D FRQ LO PDVVLPR GL ¼ SHU
DQQRDVVLFXUDWLYR
HLFRVWLHGRQHULHVFOXVHPXOWHDPPHQGHHVDQ]LRQL
DPPLQLVWUDWLYH FKH FRPXQTXH GRYHVVHUR JUDYDUH
VXOO¶$VVLFXUDWR R FKH OR VWHVVR GRYHVVH SDJDUH D
TXDOVLDVL (QWH HG$XWRULWj 3XEEOLFD SHU OD ULFRVWUX
]LRQHGHOIDEEULFDWRLQEDVHDOOHGLVSRVL]LRQLYLJHQWL
DOO¶HSRFD ILQR DOOD FRQFRUUHQ]D GHO GHOO¶LQGHQ
QL]]ROLTXLGDWRD¶WHUPLQLGLSROL]]DFRQLOPDVVLPR
¼SHUDQQRDVVLFXUDWLYR
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
2OWUH DOOH HVFOXVLRQL SUHYLVWH LQ UHOD]LRQH DOOH VLQJROH
JDUDQ]LH IDFROWDWLYH O¶DVVLFXUD]LRQH QRQ q FRPXQTXH
RSHUDQWHSHULGDQQL
DFDXVDWLGDDWWLGLJXHUUDLQVXUUH]LRQHRFFXSD]LRQH
PLOLWDUHLQYDVLRQH
EFDXVDWLGDWXPXOWLSRSRODULVFLRSHULVRPPRVVHDWWL
GL 6(=,21(,1&(1',2('$/75,'$11,$,%(1,
GL VDERWDJJLR RUJDQL]]DWR VDOYR FKH VLD VWDWR UHVR
RSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
FFDXVDWL GD HVSORVLRQH R HPDQD]LRQH GL FDORUH R GL
UDGLD]LRQL SURYHQLHQWL GD WUDVPXWD]LRQL GHO QXFOHR
GHOO¶DWRPR FRPH SXUH FDXVDWL GD UDGLD]LRQL SURYR
FDWHGDOO¶DFFHOHUD]LRQHDUWL¿FLDOHGLSDUWLFHOOHDWRPL
FKH
GFDXVDWL FRQ GROR GHOO¶$VVLFXUDWR GHO &RQWUDHQWH H
TXDORUDTXHVWLQRQVLDQRSHUVRQH¿VLFKHGHLUDSSUH
VHQWDQWLOHJDOLRGHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
HFDXVDWLGDWHUUHPRWLPDUHPRWLHUX]LRQLYXOFDQLFKH
LQRQGD]LRQLHGDOOXYLRQL
I GLVPDUULPHQWRIXUWRUDSLQDVDFFKHJJLRGHOOHFRVH
DVVLFXUDWH DYYHQXWL LQ RFFDVLRQH GHJOL HYHQWL SHU L
TXDOLqSUHVWDWDO¶DVVLFXUD]LRQH
JGL IHQRPHQR HOHWWULFR D TXDOXQTXH FDXVD GRYXWL
DQFKHVHFRQVHJXHQWLDIXOPLQHRGDOWULHYHQWLSHUL
TXDOLqSUHVWDWDO¶DVVLFXUD]LRQHVDOYRFKHVLDVWDWR
UHVRRSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
KLQGLUHWWLTXDOLFDPELDPHQWLGLFRVWUX]LRQHPDQFDQ
]DGLORFD]LRQHGLJRGLPHQWRRGLUHGGLWRFRPPHU
FLDOHRGLQGXVWULDOHVRVSHQVLRQHGLODYRURRTXDOVLD
VL GDQQR FKH QRQ ULJXDUGL OD PDWHULDOLWj GHOOH FRVH
DVVLFXUDWHVDOYRTXDQWRSUHYLVWRDOO¶DUWGHOODSUH
VHQWHVH]LRQH
LFDXVDWLGDDWWLGLWHUURULVPRVDOYRFKHVLDVWDWRUHVR
RSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
,FDXVDWLFRQGRORGLWHU]LVDOYRFKHVLDVWDWRUHVRRSH
UDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
6(=,21(5(63216$%,/,7¬&,9,/(
9(5627(5=,
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$&203/(7$
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D6RFLHWjVLREEOLJDDWHQHUHLQGHQQHO¶$VVLFXUDWRQHL
OLPLWL GHO PDVVLPDOH LQGLFDWR QHOOD VFKHGD GL SROL]]D
³3DUWH%´GHOFRQWUDWWRQRQFKpDOOHFRQGL]LRQLFKHVH
JXRQRGLTXDQWRVLDWHQXWRDSDJDUHTXDOHFLYLOPHQWH
UHVSRQVDELOHD¶VHQVLGLOHJJHDWLWRORGLULVDUFLPHQWR
FDSLWDOHLQWHUHVVLHVSHVHGLGDQQLLQYRORQWDULDPHQ
WH FDJLRQDWL D WHU]L SHU PRUWH SHU OHVLRQL SHUVRQDOL H
SHUGDQQHJJLDPHQWLDFRVHLQFRQVHJXHQ]DGLXQIDWWR
DFFLGHQWDOHLQHUHQWHDJOLHYHQWLSUHYLVWLQHOODJDUDQ]LD
EDVHQHOOHJDUDQ]LHIDFROWDWLYHVHUHVHRSHUDQWLH
QHOOHHVWHQVLRQL
/¶DVVLFXUD]LRQHFRPSUHQGHODUHVSRQVDELOLWjFLYLOHFKH
SRVVD GHULYDUH DOO¶$VVLFXUDWR GDOOH SHUVRQH GHO IDWWR
GHOOHTXDOLGHEEDULVSRQGHUH
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVHSURSULHWj
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHULYDQWHDOO¶$VVLFXUDWRSHUGDQQLFDJLRQDWLDWHU]L
FRPSUHVLLORFDWDULLQUHOD]LRQHDOODSURSULHWjGHOIDEEUL
FDWRDVVLFXUDWRHGDOODFRQGX]LRQHGHOOHSDUWLFRPXQL
HVFOXVLORVSDUJLPHQWRG¶DFTXDHGLOULJXUJLWRGLIRJQD
FRPSUHQGHQGRLGDQQLGHULYDQWL
DGDOOD SURSULHWj GHJOL VSD]L DGLDFHQWL HVFOXVL TXHOOL
WHQXWLDJLDUGLQRGLSHUWLQHQ]DGHOIDEEULFDWRFRP
SUHVLVWUDGHSULYDWHHFRUWLOL
EGDPDQFDWDULPR]LRQHGLQHYHHJKLDFFLRGDLWHWWLH
GDOOHFRSHUWXUHLQJHQHUH
FGDOOD FDGXWD GHOO¶DQWHQQD R SDUDEROD UDGLRWHOHULFH
YHQWHFHQWUDOL]]DWD
GGDPDQXWHQ]LRQHRUGLQDULDGHOIDEEULFDWRDVVLFXUDWR
HGD LQFHQGLR HVSORVLRQH R VFRSSLR GHO IDEEULFDWR
DVVLFXUDWRFRQLOOLPLWHSHUVLQLVWURHGDQQRDVVLFX
UDWLYR UHODWLYDPHQWH DL GDQQL D FRVH GHO GHO
PDVVLPDOHDVVLFXUDWR
/DSUHVHQWHDVVLFXUD]LRQHYDOHDQFKHSHUOHD]LRQLGL
ULYDOVDHVSHULWHGDOO¶,136DLVHQVLGHOO¶DUWGHOOD/HJ
JHQ
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHYHU
VRSUHVWDWRULGLODYRUR5&2
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHDVVLFXUDWDOD
SDUWLWDHFRUULVSRVWRLOUHODWLYRSUHPLRQHOODVFKHGD
GLSROL]]D³3DUWH%´GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHOO¶$VVLFXUDWRSHULGDQQLFDJLRQDWLDLSUHVWDWRULGL
ODYRURVXRLGLSHQGHQWLHGDGGHWWLDOIDEEULFDWRVRJJHWWL
DOO¶DVVLFXUD]LRQHREEOLJDWRULDFRQWURJOLLQIRUWXQL
DDLVHQVLGHJOLDUWLFROLHGHO'35*LXJQR
QHGHOO¶DUWGHO'/JVGHO
SHU JOL LQIRUWXQL HVFOXVH OH PDODWWLH SURIHVVLRQDOL
VRIIHUWLGDLGLSHQGHQWLVWHVVL
/D 6RFLHWj VL REEOLJD D ULIRQGHUH DOO¶$VVLFXUDWR OH
VRPPH ULFKLHVWH GDOO¶,1$,/ D WLWROR GL UHJUHVVR
QRQFKp JOL LPSRUWL ULFKLHVWL D WLWROR GL PDJJLRU GDQ
QRGDOO¶LQIRUWXQDWRHRGDJOLDYHQWLGLULWWRVHPSUHFKq
VLDVWDWDHVSHULWDO¶D]LRQHGLUHJUHVVRGDOO¶,1$,/H
TXHVW¶XOWLPDVLULIHULVFDDFDSLWDOL]]D]LRQHSHUSRVWX
PLLQYDOLGDQWL
EDLVHQVLGHO&RGLFH&LYLOHQRQFKpGHO'/JVGHO
DWLWRORGLULVDUFLPHQWRGLGDQQLQRQULHQ
WUDQWLQHOODGLVFLSOLQDGHO'35Q
HGHO'/JVGHOSHUJOLLQIRUWXQLVRIIHUWL
GDLGLSHQGHQWLVWHVVLGDLTXDOLVLDGHULYDWDPRUWHRG
XQDLQYDOLGLWjSHUPDQHQWHQRQLQIHULRUHDO6RQR
FRPXQTXHHVFOXVHOHPDODWWLHSURIHVVLRQDOL
/¶DVVLFXUD]LRQHGLUHVSRQVDELOLWjFLYLOHYHUVRLSUHVWDWR
ULGLODYRURVRJJHWWLDOO¶DVVLFXUD]LRQHGLOHJJHFRQWURJOL
LQIRUWXQL FRQVHUYD OD SURSULD YDOLGLWj DQFKH VH O¶$VVL
FXUDWRQRQqLQUHJRODFRQJOLREEOLJKLGLFXLVRSUDLQ
TXDQWRFLzGHULYLGDLQHVDWWDRGHUURQHDLQWHUSUHWD]LRQH
GHOOHQRUPHGL/HJJHYLJHQWLLQPDWHULD
/DSUHVHQWHDVVLFXUD]LRQHYDOHDQFKHSHUOHD]LRQLGL
ULYDOVDHVSHULWHGDOO¶,136DLVHQVLGHOO¶DUWGHOOD/HJ
JHQ
$UW)UDQFKLJLDLQYDORUHDVVROXWRSHULOGDQQR
ELRORJLFR
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
$ SDU]LDOH GHURJD GL TXDQWR LQGLFDWR DOO¶DUW SXQWR
E GHOOD SUHVHQWH VH]LRQH OD JDUDQ]LD DVVLFXUDWLYD UL
JXDUGD L GDQQL FDJLRQDWL DL SUHVWDWRUL GL ODYRUR GLSHQ
GHQWL GHOO¶$VVLFXUDWR HG DGGHWWL DO IDEEULFDWR DL VHQVL
GHO &RGLFH &LYLOH D WLWROR GL ULVDUFLPHQWR GL GDQQL QRQ
ULHQWUDQWLQHOODGLVFLSOLQDGHO'35Q
HGHO'/JVGHOSHUJOLLQIRUWXQLGDLTXDOL
VLDGHULYDWDPRUWHRGXQDLQYDOLGLWjSHUPDQHQWH6RQR
FRPXQTXHHVFOXVHOHPDODWWLHSURIHVVLRQDOL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQD
IUDQFKLJLDGL¼
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHSHU
ODFRPPLWWHQ]DGHLODYRUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWRLO
UHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHULYDQWHDOO¶$VVLFXUDWRSHUGDQQLFDJLRQDWLDWHU]L
HVFOXVH OH SHUVRQH DGGHWWH DL ODYRUL LQ UHOD]LRQH DOOD
FRPPLWWHQ]DGLODYRULHGLOL
DULHQWUDQWL QHO FDPSR GL DSSOLFD]LRQH GHO ' /JV
EGLVWUDRUGLQDULDPDQXWHQ]LRQHDPSOLDPHQWRVRSUD
HOHYD]LRQH GHPROL]LRQH SRWDWXUD RG DEEDWWLPHQWR
GLSLDQWH
7DOHHVWHQVLRQHGLJDUDQ]LDRSHUDVHPSUHFKq
‡ O¶$VVLFXUDWR DEELD GHVLJQDWR LO UHVSRQVDELOH GHL OD
YRULLOFRRUGLQDWRUHSHUODSURJHWWD]LRQHHGLOFRRUGL
6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
GL
QDWRUHSHUO¶HVHFX]LRQHGHLODYRULFRQIRUPHPHQWHD
TXDQWRGLVSRVWRGDO'/JV
‡ GDOO¶HYHQWR VLDQR GHULYDWL LQ FDSR DO GDQQHJJLDWR
ODPRUWHROHVLRQLSHUVRQDOLJUDYLRJUDYLVVLPHFRVu
FRPHGHILQLWHGDOO¶DUWGHO&RGLFH3HQDOH
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHGHUL
YDQWHGDOODFRQGX]LRQHGHOOHXQLWjLPPRELOLDUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFLYL
OHGHULYDQWHDOO¶$VVLFXUDWRHRDLFRQGXWWRULGHOOHXQLWj
LPPRELOLDULGHOIDEEULFDWRFRPSUHVLLFRPSRQHQWLLOQX
FOHRIDPLOLDUHGHJOLVWHVVLULVXOWDQWLGDOFHUWLILFDWRDQD
JUDILFRGL³6WDWRGLIDPLJOLD´SHUGDQQLDFFLGHQWDOLFD
JLRQDWLDWHU]LHVFOXVLTXHOOLFDXVDWLGDOORVSDUJLPHQWR
GLDFTXDLQFRQVHJXHQ]DGHOODFRQGX]LRQHGHOOHXQLWj
LPPRELOLDULGHOIDEEULFDWR
/DSUHVHQWHJDUDQ]LDVLULIHULVFHDWXWWHOHXQLWjLPPREL
OLDULFRVWLWXHQWLLOFRQGRPLQLRDGLELWHDFLYLOHDELWD]LRQH
HGXIILFLHVFOXVHSHUWDQWRTXHOOHDGLELWHDGXVRGLYHUVR
HVLVWHQWLQHOIDEEULFDWR
4XDORUD OD SUHVHQWH JDUDQ]LD ULVXOWL JLj DVVLFXUDWD GD
DQDORJD FRSHUWXUD VWLSXODWD GDO FRQGXWWRUH GHOOH VLQ
JROHXQLWjLPPRELOLDULODSUHVHQWHDVVLFXUD]LRQHVLLQ
WHQGH SUHVWDWD D VHFRQGR ULVFKLR H FLRq SHU OD SDUWH
GLULVDUFLPHQWRHYHQWXDOPHQWHHFFHGHQWHLOPDVVLPDOH
DVVLFXUDWR GDOO¶DOWUD VSHFL¿FD FRSHUWXUD H FRPXQTXH
QHLOLPLWLGHLPDVVLPDOLLQGLFDWLQHOODVFKHGDGLSROL]]D
³3DUWH%´GHOFRQWUDWWR
$UW(VWHQVLRQL
VHPSUHRSHUDQWL
/¶DVVLFXUD]LRQHFRPSUHQGHLGDQQLGHULYDQWLGD
DLQWHUUX]LRQLRVRVSHQVLRQLWRWDOLRSDU]LDOLGLDWWLYL
Wj LQGXVWULDOL DUWLJLDQDOL FRPPHUFLDOL SURIHVVLRQDOL
DJULFROH R GL VHUYL]L SXUFKp FRQVHJXHQWL D VLQLVWUL
LQGHQQL]]DELOLDWHUPLQLGLSROL]]D
,OSDJDPHQWRGHOO¶LQGHQQL]]RVDUjHIIHWWXDWRFRQXQR
VFRSHUWRGHOFRQLOPLQLPRGL¼HILQR
DOODFRQFRUUHQ]DGHOPDVVLPDOHGL¼SHU
XQRRSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFX
UDWLYR
ELQTXLQDPHQWRGHOO¶DULDGHOO¶DFTXDHGHOVXRORDVH
JXLWRGLURWWXUDDFFLGHQWDOHGLFLVWHUQHHUHODWLYHWX
ED]LRQLGLSHUWLQHQ]DGHJOLLPSLDQWLGLULVFDOGDPHQWR
HRFRQGL]LRQDPHQWR
,OSDJDPHQWRGHOO¶LQGHQQL]]RVDUjHIIHWWXDWRFRQXQR
VFRSHUWRGHOFRQLOPLQLPRGL¼HILQR
DOODFRQFRUUHQ]DGHOPDVVLPDOHGL¼SHU
XQRRSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFX
UDWLYR
$UW3HUVRQHQRQFRQVLGHUDWH³7HU]L´
1RQVRQRFRQVLGHUDWLWHU]L
DLO FRQLXJH L JHQLWRUL L ¿JOL GHOO¶$VVLFXUDWR QRQFKp L
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
ETXDQGRO¶$VVLFXUDWRQRQVLDXQDSHUVRQD¿VLFDLOOH
GL 6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
JDOHUDSSUHVHQWDQWHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
O¶DPPLQLVWUDWRUHHOHSHUVRQHFKHVLWURYLQRFRQORUR
QHLUDSSRUWLGLFXLDOSXQWRD
FOHSHUVRQHFKHHVVHQGRLQUDSSRUWRGLGLSHQGHQ]D
FRQO¶$VVLFXUDWRVXELVFDQRLOGDQQRLQRFFDVLRQHGL
ODYRURRGLVHUYL]LRLQHUHQWHDOODPDQXWHQ]LRQHHSX
OL]LDGHLIDEEULFDWLHGHLUHODWLYLLPSLDQWLQRQFKpDOOD
FRQGX]LRQHGLTXHVWLXOWLPL
GOH VRFLHWj OH TXDOL ULVSHWWR DOO¶$VVLFXUDWR FKH QRQ VLD
XQDSHUVRQD¿VLFDVLDQRTXDOL¿FDELOLFRPHFRQWUROODQWL
FRQWUROODWHRFROOHJDWHDLVHQVLGHOO¶DUWGHO&RGL
FH&LYLOHQRQFKpJOLDPPLQLVWUDWRULGHOOHPHGHVLPH
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQL
DGHULYDQWLGDOO¶HVHUFL]LRGDSDUWHGHOO¶$VVLFXUDWRRGL
WHU]LGLLQGXVWULHFRPPHUFLDUWLRSURIHVVLRQL
EFDXVDWL FRQ GROR GHOO¶$VVLFXUDWR&RQWUDHQWH R GHL
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
FGHULYDQWLGDOODGHWHQ]LRQHGLHVSORVLYLQRQFKpGDOOD
GHWHQ]LRQH R GDOO¶LPSLHJR GL VRVWDQ]H UDGLRDWWLYH R
GL DSSDUHFFKL SHU O¶DFFHOHUD]LRQH GL SDUWLFHOOH DWR
PLFKHFRPHSXUHLGDQQLFKHLQUHOD]LRQHDLULVFKL
DVVLFXUDWLVLVLDQRYHUL¿FDWLLQFRQQHVVLRQHFRQIH
QRPHQLGLWUDVPXWD]LRQHGHOQXFOHRGHOO¶DWRPRRFRQ
UDGLD]LRQL SURYRFDWH GDOO¶DFFHOHUD]LRQH DUWL¿FLDOH GL
SDUWLFHOOHDWRPLFKH
GGDIXUWR
HDFRVHFKHO¶$VVLFXUDWRDEELDLQFRQVHJQDRFXVWR
GLDRGHWHQJDDTXDOVLDVLWLWROR
IGDXPLGLWjVWLOOLFLGLRLQVDOXEULWjGHLORFDOL
JGDVSDUJLPHQWRGLDFTXDHULJXUJLWRGLIRJQDTXDOXQ
TXHQHVLDODFDXVD
KVXELWL GDOOH SHUVRQH LQ UDSSRUWR GL GLSHQGHQ]D DQ
FKHGLIDWWRFRQO¶$VVLFXUDWRLQRFFDVLRQHGLODYRUR
RVHUYL]LRVDOYRFKHVLDVWDWRUHVRRSHUDQWHO¶DUW
GHOODSUHVHQWHVH]LRQH
L GHULYDQWLGDLQDGHPSLPHQWLGLQDWXUDFRQWUDWWXDOH
MGHULYDQWL GD ODYRUL HGLOL ULHQWUDQWL QHO FDPSR GL DS
SOLFD]LRQH GHO ' /JV QRQFKp TXHOOL GHUL
YDQWL GD ODYRUL GL VWUDRUGLQDULD PDQXWHQ]LRQH DP
SOLDPHQWR VRSUDHOHYD]LRQH GHPROL]LRQH SRWDWXUD
RGDEEDWWLPHQWRGLSLDQWHVDOYRFKHVLDVWDWRUHVR
RSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
NGHULYDQWH GDOOD FRQGX]LRQH GHOOH XQLWj LPPRELOLDUL
VDOYRFKHVLDVWDWRUHVRRSHUDQWHO¶DUWGHOODSUH
VHQWHVH]LRQH
OGHULYDQWL GD SUHVHQ]D XVR FRQWDPLQD]LRQH HVWUD
]LRQHPDQLSROD]LRQHODYRUD]LRQHYHQGLWDGLVWULEX
]LRQHHRVWRFFDJJLRGLDPLDQWRHRGLSURGRWWLFRQ
WHQHQWLDPLDQWR
PFRQVHJXHQWLRGHULYDQWLGDOO¶HPLVVLRQHRJHQHUD]LR
QHGLRQGHHFDPSLHOHWWURPDJQHWLFL
QFRQVHJXHQWLRGHULYDQWLGDIDWWLGLJXHUUDGLFKLDUDWDH
QRQJXHUUDFLYLOHDPPXWLQDPHQWRWXPXOWLSRSRODUL
WHUURULVPRVDERWDJJLRHGDWXWWLJOLHYHQWLDVVLPLOD
ELOLDTXHOOLVXGGHWWLQRQFKpGDLQFLGHQWLGRYXWLDRU
GLJQLGLJXHUUD
RGHULYDQWLGDSURGRWWLJHQHWLFDPHQWHPRGL¿FDWL
SGHULYDQWL D VHJXLWR GL PDODWWLD JLj PDQLIHVWDWDVL R
FKH SRWUHEEH PDQLIHVWDUVL LQ UHOD]LRQH DOOD HQFHID
ORSDWLDVSRQJLIRUPH76(
&RQGL]LRQH 3DUWLFRODUH 5HVSRQVDELOLWj FLYLOH
GHOO
DPPLQLVWUDWRUHGHOFRQGRPLQLR
JDUDQ]LDRSHUDQWHVRORVHDVVLFXUDWDODSDUWLWDHUL
FKLDPDWRLOUHODWLYRFRGLFHQHOODVFKHGDGLSROL]]D
3DUWH%GHOFRQWUDWWR
/D6RFLHWjVLREEOLJDDWHQHUHLQGHQQHO
DPPLQLVWUDWRUH
GHO IDEEULFDWR DVVLFXUDWR GLTXDQWL TXHVWL VLDWHQXWRD
SDJDUHTXDOHFLYLOPHQWHUHVSRQVDELOHGLSHUGLWHSDWUL
PRQLDOLLQYRORQWDULDPHQWHFDJLRQDWHDWHU]LFRPSUHVR
LO&RQWUDHQWHQHOO
HVHUFL]LRGHOVXRPDQGDWRGLDPPL
QLVWUDWRUHSURWHPSRUHGHOIDEEULFDWRDVVLFXUDWRVYROWR
QHL WHUPLQL GHOOD OHJJH /
$VVLFXUD]LRQH QRQ YDOH SHU
L GDQQL FRQVHJXHQWL DG RPLVVLRQL QHOOD VWLSXOD]LRQH R
PRGLILFD GL DVVLFXUD]LRQL SULYDWH R D ULWDUGL QHO SDJD
PHQWRGHLUHODWLYLSUHPL
/
DVVLFXUD]LRQH FRPSUHQGH VLQR DOOD FRQFRUUHQ]D GL
GHO PDVVLPDOH SUHYLVWR SHU OD SUHVHQWH JDUDQ]LD
PXOWH DPPHQGH VDQ]LRQL SXUFKq VLDQR GL QDWXUD IL
VFDOHLQIOLWWHDO&RQWUDHQWHSHUHUURULLPSXWDELOLDOO
DP
PLQLVWUDWRUHVWHVVR
/D*DUDQ]LDFRPSUHQGHDQFKHLGDQQLSHUODGLVWUX]LR
QHSHUGLWDGHWHULRUDPHQWRGLDWWLGRFXPHQWLWLWROLSXU
FKqQRQDOSRUWDWRUHVHPSUHFKqQRQFDXVDWLGDIXUWR
UDSLQDLQFHQGLR
/DJDUDQ]LDqSUHYLVWDVLQRDOODFRQFRUUHQ]DGHOPDV
VLPDOH SUHYLVWR LQ SROL]]D SHU FLDVFXQ SHULRGR DVVL
FXUDWLYR LQGLSHQGHQWHPHQWH GDO QXPHUR GL ULFKLHVWH
GL ULVDUFLPHQWR SUHVHQWDWH DOO
$VVLFXUDWR 4XDORUD LO
FRPSRUWDPHQWRFROSRVRVLSURWUDJJDDWWUDYHUVRSLDWWL
VXFFHVVLYLHVVRVLFRQVLGHUHUjDYYHQXWRQHOPRPHQWR
LQFXLqVWDWDSRVWDLQHVVHUHODSULPDD]LRQHRGRPLV
VLRQHFROSRVD
/DJDUDQ]LDRSHUDSHUFRPSRUWDPHQWLFROSRVLSRVWLLQ
DWWRGXUDQWHLOSHULRGRGLYDOLGLWjGHOODJDUDQ]LDSXUFKq
OHULFKLHVWHGLULVDUFLPHQWRSHUYHQJDQRDOOD6RFLHWjHQ
WURDQQLGDOODFHVVD]LRQHGHOFRQWUDWWR
‡FRQULFKLDPRGHOFRGLFHLOPDVVLPDOHDVVLFX
UDWRFRUULVSRQGHD¼
‡FRQULFKLDPRGHOFRGLFHLOPDVVLPDOHDVVLFX
UDWRFRUULVSRQGHD¼
6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
GL
6(=,21('$11,'$$&48$('$/75,/,48,',
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$&203/(7$
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D6RFLHWjLQFRQVHJXHQ]DGHJOLHYHQWLSUHYLVWLQHOOH
JDUDQ]LHGLFXLDLVXFFHVVLYLDUWWHGHOOD
SUHVHQWHVH]LRQHVHUHVLRSHUDQWLVLREEOLJD
DD WHQHUH LQGHQQH O¶$VVLFXUDWR QHL OLPLWL GHO PDVVL
PDOHLQGLFDWRQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR SHU OD SDUWLWD ³5HVSRQVDELOLWj &LYLOH GHOOD
SURSULHWj GHO IDEEULFDWR´ HG DOOH FRQGL]LRQL FKH VH
JXRQRGLTXDQWRVLDWHQXWRDSDJDUHTXDOHFLYLOPHQ
WH UHVSRQVDELOH D¶ VHQVL GL OHJJH D WLWROR GL ULVDU
FLPHQWR FDSLWDOH LQWHUHVVL H VSHVH GL GDQQL LQYR
ORQWDULDPHQWHFDJLRQDWLDWHU]LSHUPRUWHSHUOHVLRQL
SHUVRQDOLHSHUGDQQHJJLDPHQWLDFRVH
EDGLQGHQQL]]DUHQHLOLPLWLGHOOHVRPPHLQGLFDWHQHOOD
VFKHGDGLSROL]]D³3DUWH%´GHOFRQWUDWWRSHUODSDU
WLWD³)DEEULFDWR´VH]LRQH,QFHQGLRHGDOWULGDQQLDL
EHQLHGDOOHFRQGL]LRQLFKHVHJXRQRLGDQQLPDWH
ULDOLHGLUHWWLFDXVDWLDOIDEEULFDWRVWHVVR
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVHIXRULXVFLWDOL
TXLGL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDVLDLGDQQLPDWHULDOLH
GLUHWWLDOIDEEULFDWRFKHODUHVSRQVDELOLWjFLYLOHGHOO¶$V
VLFXUDWR GHULYDQWL GD VSDUJLPHQWR GL DFTXD FRQGRWWD
RGDOWULOLTXLGLSHU
DURWWXUD DFFLGHQWDOH GL LPSLDQWL LGULFL LJLHQLFL GL ULVFDO
GDPHQWR R FRQGL]LRQDPHQWR HVFOXVL TXHOOL LQWHUUDWL
FDQDOLGLJURQGDHSOXYLDOLGLSHUWLQHQ]DGHOIDEEULFDWR
4XHVWDJDUDQ]LDqSUHVWDWDILQRDOODFRQFRUUHQ]DGHO
ÅGHOODVRPPDDVVLFXUDWDSHULOIDEEULFDWRFRQXQ
PLQLPRGL¼HXQPDVVLPRGL¼
SHUVLQLVWURHGL¼SHUDQQRDVVLFXUDWLYR
EURWWXUDGHOOHFRQGXWWXUHGLLPSLDQWLLGULFLLJLHQLFLGL
ULVFDOGDPHQWRRFRQGL]LRQDPHQWRDOO¶LQWHUQRGHOIDE
EULFDWRFDXVDWDGDJHOR
4XHVWDJDUDQ]LDqSUHVWDWD
ILQRDOODFRQFRUUHQ]DGHOPDVVLPDOHDVVLFXUDWRSHU
LGDQQLGDUHVSRQVDELOLWjFLYLOH
ILQRDOODFRQFRUUHQ]DGHOÅGHOODVRPPDDVVLFX
UDWDSHULOIDEEULFDWRFRQXQPLQLPRGL¼
H XQ PDVVLPR GL ¼ SHU VLQLVWUR H GL
¼SHUDQQRDVVLFXUDWLYRSHULGDQQLPDWH
ULDOLHGLUHWWLVXELWLGDOIDEEULFDWRDVVLFXUDWR
FULJXUJLWL GL IRJQDWXUH SXUFKp ULJXDUGDQWL LPSLDQWL GL
HVFOXVLYDSHUWLQHQ]DGHOIDEEULFDWR
4XHVWDJDUDQ]LDqSUHVWDWD
ILQRDOODFRQFRUUHQ]DGHOPDVVLPDOHDVVLFXUDWRSHU
LGDQQLGDUHVSRQVDELOLWjFLYLOHVDOYRTXDQWRLQGLFD
WRDOO¶DUWGHOODSUHVHQWHVH]LRQH
ILQRDOODFRQFRUUHQ]DGHOÅGHOODVRPPDDVVLFX
UDWDSHULOIDEEULFDWRFRQXQPLQLPRGL¼
GL 6(=,21('$11,'$$&48$('$/75,/,48,',
H XQ PDVVLPR GL ¼ SHU VLQLVWUR H GL
¼SHUDQQRDVVLFXUDWLYRSHULGDQQLPDWH
ULDOLHGLUHWWLVXELWLGDOIDEEULFDWRDVVLFXUDWR
/DJDUDQ]LDDVVLFXUDWLYDqLQROWUHHVWHVDDOULPERUVRGHOOH
GVSHVHGLULPSLD]]RGHOFRPEXVWLELOHLQFDVRGLVSDU
JLPHQWR D VHJXLWR GL JXDVWR DFFLGHQWDOH GHJOL LP
SLDQWLGLULVFDOGDPHQWRRFRQGL]LRQDPHQWRDOVHUYL
]LRGHOIDEEULFDWRILQRDOODFRQFRUUHQ]DGHOO¶GHOOD
VRPPDDVVLFXUDWDSHULOIDEEULFDWRFRQLOPDVVLPRGL
¼SHUXQRRSLVLQLVWULDYYHQXWLQHOORVWHV
VRDQQRDVVLFXUDWLYR
,OSDJDPHQWRGHOO¶LQGHQQL]]RSHUFLDVFXQHYHQWRSUH
YLVWRGDOSUHVHQWHDUWVDUjHIIHWWXDWRFRQO¶DSSOLFD
]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDOVXF
FHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW (YHQWL JDUDQWLWL )XRULXVFLWD GL OLTXLGL
&DQDOLGLJURQGDSOXYLDOL2FFOXVLRQHFRQGXWWXUH
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLDOIDEEULFDWRGHULYDQWLGD
DURWWXUDDFFLGHQWDOHGLFDQDOLGLJURQGDHSOXYLDOL
ERFFOXVLRQHGHOOHFRQGXWWXUHGLLPSLDQWLLGULFLLJLHQLFL
GLULVFDOGDPHQWRRFRQGL]LRQDPHQWR
/¶DVVLFXUD]LRQHqHVWHVDDLGDQQLGHULYDQWLGDDFTXD
SLRYDQDLQILOWUDWDQHOIDEEULFDWRLQVHJXLWRDGRFFOX
VLRQHRWUDERFFDPHQWRGLJURQGHSOXYLDOLRFRQGXW
WXUHGLVFDULFR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQHHFRQLOPDV
VLPRGL¼SHUXQRRSLVLQLVWULDYYHQXWLQHOOR
VWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL6SHVHGLULFHUFDHULSDUD
]LRQH
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDLQFDVRGLGDQQRLQGHQQL]]D
ELOHLQEDVHDOOHOHWWHUHDHEGHOO¶DUWGHOODSUHVHQWH
VH]LRQHYLHQHHVWHVDDOULPERUVRGHOOHVSHVHQHFHV
VDULDPHQWHVRVWHQXWHSHUGHPROLUHHULSULVWLQDUHOHSDUWL
PXUDULHGHOIDEEULFDWRDVVLFXUDWRDOORVFRSRGLULFHUFDUH
ODURWWXUDGHJOLLPSLDQWLLGULFLLJLHQLFLGLULVFDOGDPHQWR
R FRQGL]LRQDPHQWR GL SHUWLQHQ]D GHO IDEEULFDWR VWHV
VR QRQFKp SHU ULSULVWLQDUH R VRVWLWXLUH OH FRQGXWWXUH
H UHODWLYL UDFFRUGL QHL TXDOL KD DYXWR RULJLQH OD URWWXUD
DFFLGHQWDOH6RQRFRPXQTXHHVFOXVLFDQDOLGLJURQGD
SOXYLDOLQRQFKpDOWULLPSLDQWLQRQFROORFDWLQHLPXULRQHL
VRODL
4XDORUDDVHJXLWRGHOULSULVWLQRGHOOHSDUWLPXUDULHGHO
IDEEULFDWRQRQIRVVHURUHSHULELOLPDWHULDOLGLULYHVWLPHQ
WR GL SDYLPHQWL HR SDUHWL FRQIRUPL D TXHOOL RULJLQDULD
PHQWHLQVWDOODWLOD6RFLHWjFRUULVSRQGHUjFRPXQTXHXQ
VXSSOHPHQWRQRQVXSHULRUHDOGHOOHVSHVHOLTXLGD
WHDWHUPLQLGLSROL]]DIHUPLLPDVVLPLVRWWRLQGLFDWL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYR DUW GHOOD SUHVHQWH VH]LRQH H ILQR DOOD
FRQFRUUHQ]DGHOGHOODVRPPDDVVLFXUDWDSHULOIDE
EULFDWR FRQ LO PDVVLPR GL ¼ SHU VLQLVWUR H GL
¼SHUDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHGD
VSDUJLPHQWR G¶DFTXD GHULYDQWH GDOOD FRQGX]LRQH
GHOOHXQLWjLPPRELOLDUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWRLO
UHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHULYDQWHDOO¶$VVLFXUDWRHRDLFRQGXWWRULGHOOHXQL
Wj LPPRELOLDUL GHO IDEEULFDWR FRPSUHVL L FRPSRQHQWL
LO QXFOHR IDPLOLDUH GHJOL VWHVVL ULVXOWDQWL GDO FHUWLILFDWR
DQDJUDILFRGL³6WDWRGLIDPLJOLD´SHUGDQQLDFFLGHQWDOL
FDJLRQDWLDWHU]LGHULYDQWLGDVSDUJLPHQWRG¶DFTXD
/DSUHVHQWHJDUDQ]LDVLULIHULVFHDWXWWHOHXQLWjLPPREL
OLDULFRVWLWXHQWLLOFRQGRPLQLRDGLELWHDFLYLOHDELWD]LRQH
HGXIILFLHVFOXVHSHUWDQWRTXHOOHDGLELWHDGXVRGLYHUVR
HVLVWHQWLQHOIDEEULFDWR
4XDORUD OD SUHVHQWH JDUDQ]LD ULVXOWL JLj DVVLFXUDWD GD
DQDORJDFRSHUWXUDVWLSXODWDGDOFRQGXWWRUHGHOOHVLQJROH
XQLWj LPPRELOLDUL OD SUHVHQWH DVVLFXUD]LRQH VL LQWHQGH
SUHVWDWDDVHFRQGRULVFKLRHFLRqSHUODSDUWHGLULVDUFL
PHQWRHYHQWXDOPHQWHHFFHGHQWHLOPDVVLPDOHDVVLFXUD
WRGDOO¶DOWUDVSHFL¿FDFRSHUWXUDHFRPXQTXHQHLOLPLWLGHL
PDVVLPDOLLQGLFDWLQHOOD³3DUWH%´GHOFRQWUDWWR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW/LPLWHGLLQGHQQL]]RSHUGDQQLDFRVHWUR
YDQWLVLLQORFDOLLQWHUUDWLRVHPLQWHUUDWLHRDGLELWLDG
DWWLYLWjLQGXVWULDOLDUWLJLDQDOLFRPPHUFLDOLSURIHV
VLRQDOLDJULFROHRGLVHUYL]L
3HUGDQQLDFRVHGLWHU]LWURYDQWLVLLQORFDOLDGLELWLDGDW
WLYLWjLQGXVWULDOLFRPPHUFLDOLDUWLJLDQDOLSURIHVVLRQDOL
DJULFROHHRGLVHUYL]LQRQFKpSHUTXHOOHWURYDQWLVLLQ
ORFDOLLQWHUUDWLHRVHPLQWHUUDWLOD6RFLHWjULVSRQGH¿QR
DOODFRQFRUUHQ]DGHOPDVVLPDOHGL¼FRQLO
OLPLWHGL¼SHUVLQJRORRJJHWWR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW3HUVRQHQRQFRQVLGHUDWH³7HU]L´
5HODWLYDPHQWHDOOHJDUDQ]LHGLFXLDJOLDUWWSXQWRDH
GHOODSUHVHQWHVH]LRQHQRQVRQRFRQVLGHUDWLWHU]L
DLO FRQLXJH L JHQLWRUL L ¿JOL GHOO¶$VVLFXUDWR QRQFKp L
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
ETXDQGRO¶$VVLFXUDWRQRQVLDXQDSHUVRQD¿VLFDLOOH
JDOHUDSSUHVHQWDQWHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
O¶DPPLQLVWUDWRUHHOHSHUVRQHFKHVLWURYLQRFRQORUR
QHLUDSSRUWLGLFXLDOSUHFHGHQWHSXQWRD
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQLFDXVDWL
DGDXVXUDGLIHWWRGLPDWHULDOL
EGDXPLGLWjVWLOOLFLGLRLQVDOXEULWjGHLORFDOL
FGDLQ¿OWUD]LRQLGLDFTXDSLRYDQDHGLVJHORQRQFRQVH
JXHQWL D URWWXUH GL FRQGXWWXUH VDOYR TXDQWR LQGLFDWR
GDOO¶DUWGHOODSUHVHQWHVH]LRQHVHUHVRRSHUDQWH
GGDWUDERFFDPHQWLHULJXUJLWLGHOODUHWHIRJQDULDQRQGL
HVFOXVLYDSHUWLQHQ]DGHOIDEEULFDWR
HGDVSDUJLPHQWRG¶DFTXDSHUURWWXUDGDJHORGLFRQ
GXWWXUH LQVWDOODWH DOO¶HVWHUQR GHOOH RSHUH HGLOL FRVWL
WXHQWLO¶LQWHURLPPRELOHDQFKHVHLQWHUUDWH
IGDJHORLQORFDOLVSURYYLVWLG¶LPSLDQWRGLULVFDOGDPHQ
WRRSSXUHFRQLPSLDQWRQRQLQIXQ]LRQHGDROWUH
RUHFRQVHFXWLYHSULPDGHOVLQLVWUR
JFRQ GROR GHOO¶$VVLFXUDWR&RQWUDHQWH R GHL FRPSR
QHQWL LO VXR QXFOHR IDPLOLDUH ULVXOWDQWL GDO FHUWL¿FDWR
DQDJUD¿FRGL³6WDWRGLIDPLJOLD´
,QROWUHODJDUDQ]LDQRQVLHVWHQGHDOULPERUVR
KGHOOHVSHVHVRVWHQXWHSHUULFHUFDUHODURWWXUDHSHUUL
SDUDUHRVRVWLWXLUHLPSLDQWLRSDUWLGLHVVLVDOYRFKHVLD
VWDWRUHVRRSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
$UW)UDQFKLJLH
5HVWD FRQYHQXWR FKH LO SDJDPHQWR GHOO¶LQGHQQL]]R OL
TXLGDWRD¶WHUPLQLGLSROL]]DSHURJQLVLQLVWURUHODWLYRD
FLDVFXQ HYHQWR GHOOD SUHVHQWH VH]LRQH VDUj HIIHWWXD
WRFRQGHWUD]LRQHGLXQDGHOOHVRWWRULSRUWDWHIUDQFKLJLH
RJJHWWRGLVSHFL¿FRULFKLDPRFRQUHODWLYRFRGLFHQHOOD
³3DUWH%´GHOFRQWUDWWR
DFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
EFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
FFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
6(=,21('$11,'$$&48$('$/75,/,48,',
GL
6(=,21(/$675(
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$&203/(7$
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D6RFLHWjVLREEOLJDDGLQGHQQL]]DUHILQRDOODFRQFRU
UHQ]D GHOOD VRPPD LQGLFDWD QHOOD VFKHGD GL SROL]]D
³3DUWH %´ GHO FRQWUDWWR QRQFKp DOOH FRQGL]LRQL FKH VH
JXRQR L GDQQL PDWHULDOL H GLUHWWL DOOH ODVWUH GL FULVWDOOR
PH]]RFULVWDOORYHWURFRPSUHVLJOLVSHFFKLSHUWLQHQWLOH
SDUWLFRPXQLGHOIDEEULFDWRFDXVDWLGDJOLHYHQWLJDUDQWLWL
/¶DVVLFXUD]LRQH q SUHVWDWD D ³3ULPR ULVFKLR DVVROXWR´
FRQXQDIUDQFKLJLDGL¼HGXQPDVVLPRLQGHQ
QL]]RSHUVLQJRODODVWUDGL¼SHUVLQLVWUR
$UW(YHQWLJDUDQWLWL
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLFDXVDWLGD
DURWWXUDDFFLGHQWDOHGHWHUPLQDWDGDIDWWRLQYRORQWDULR
GHOO¶$VVLFXUDWRRGLWHU]L
EURWWXUHDYYHQXWHLQRFFDVLRQHGLIXUWRRGLWHQWDWRIXUWR
FURWWXUH FDXVDWH GD JUDQGLQH YHQWR H TXDQWR GD HVVR
GL 6(=,21(/$675(
WUDVSRUWDWR HG DEEDWWXWR QRQFKp GD VRYUDFFDULFR GL
QHYH
GURWWXUHDYYHQXWHLQRFFDVLRQHGLVFLRSHULVRPPRV
VHWXPXOWLSRSRODULHGDWWLYDQGDOLFL
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQLFDXVDWLGD
DDWWLGLJXHUUDLQVXUUH]LRQHRFFXSD]LRQHPLOLWDUHLQ
YDVLRQHWHUURULVPRVDERWDJJLR
EHVSORVLRQH R HPDQD]LRQH GL FDORUH R GL UDGLD]LRQL
SURYHQLHQWL GD WUDVPXWD]LRQL GHO QXFOHR GHOO¶DWRPR
FRPH SXUH FDXVDWL GD UDGLD]LRQL SURYRFDWH GDOO¶DF
FHOHUD]LRQHDUWL¿FLDOHGLSDUWLFHOOHDWRPLFKH
FDWWLGRORVLGHOO¶$VVLFXUDWRRGHO&RQWUDHQWH
GWHUUHPRWLPDUHPRWLHUX]LRQLYXOFDQLFKHLQRQGD]LRQL
QRQFKpSHULGDQQL
HYHUL¿FDWLVLLQRFFDVLRQHGHOO¶HVHFX]LRQHGLULSDUD]LR
QLHRODYRULLQJHQHUHDOIDEEULFDWRGDFUROORGHOIDE
EULFDWRRGLVWDFFRGLSDUWLGLHVVR
IGLVFKHJJLDWXUDRULJDWXUD
6(=,21(787(/$/(*$/(
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$&203/(7$
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
$YYDOHQGRVLGL$5$*$VVLFXUD]LRQL6S$LQVHJXLWR
GHQRPLQDWD $5$* DOOD TXDOH O¶$VVLFXUDWR SXz ULYRO
JHUVLGLUHWWDPHQWHSHUODJHVWLRQHGHLVLQLVWULOD6RFLHWj
VLREEOLJDDGDVVXPHUHDSURSULRFDULFRQHLOLPLWLGHOOD
VRPPD LQGLFDWD QHOOD ³3DUWH %´ GHO FRQWUDWWR QRQFKp
DOOH FRQGL]LRQL FKH VHJXRQR O¶RQHUH GHOOH VSHVH SHU
O¶DVVLVWHQ]D JLXGL]LDOH H VWUDJLXGL]LDOH VLD FLYLOH FKH
SHQDOHFKHVLUHQGDQRQHFHVVDULHSHUODWXWHODGHLGL
ULWWLGHJOL$VVLFXUDWLLQFRQVHJXHQ]DGLXQIDWWRLQHUHQWH
DLULVFKLJDUDQWLWLSUHYLVWLQHOODJDUDQ]LDEDVH
$OODVFDGHQ]DGLRJQLDQQXDOLWjDVVLFXUDWLYDOD6RFLHWj
VLULVHUYDODIDFROWjGLDYYDOHUVLGLDOWURSDUWQHUGDQGR
QHWHPSHVWLYRDYYLVRDO&RQWUDHQWH
6RQRLQJDUDQ]LDHVFOXVLYDPHQWHOHVSHVH
DSHUO¶LQWHUYHQWRGLXQOHJDOH
ESHUO¶LQWHUYHQWRGLXQFRQVXOHQWHWHFQLFRG¶XIILFLR
FSHUO¶LQWHUYHQWRGLXQFRQVXOHQWHWHFQLFRGLSDUWH
GGLJLXVWL]LDLQFDVRGLFRQGDQQHSHQDOL
HFRQVHJXHQWL DG XQD WUDQVD]LRQH DXWRUL]]DWD GDOOD
6RFLHWjRGD$5$*
IOLTXLGDWHDOODFRQWURSDUWHLQFDVRGLVRFFRPEHQ]D
JGLDFFHUWDPHQWLVXVRJJHWWLSURSULHWjPRGDOLWjHGL
QDPLFKHGHLVLQLVWUL
KGLLQGDJLQLSHUODULFHUFDGLSURYHDGLIHVD
LSHUODUHGD]LRQHGLGHQXQFHTXHUHOHLVWDQ]HDOO¶$X
WRULWj*LXGL]LDULD
QRQFKp
OLOFRQWULEXWRXQLILFDWRSHUOHVSHVHGHJOLDWWLJLXGL]LDUL
OHJJHQƒDUW'/Qƒ
VHQRQULSHWXWRGDOODFRQWURSDUWHLQFDVRGLVRFFRP
EHQ]DGLTXHVW¶XOWLPD
$UW3HUVRQHDVVLFXUDWH
/¶DVVLFXUD]LRQHqRSHUDQWHSHULO&RQGRPLQLRQHOODSHU
VRQDGHOO¶DPPLQLVWUDWRUHROHJDOHUDSSUHVHQWDQWHQRQ
FKpSHUJOLHYHQWLGLFXLDOOHOHWWHUH$H%GHOVXFFHVVL
YRDUWGHOODSUHVHQWHVH]LRQHDQFKHSHULGLSHQGHQWL
GHO&RQGRPLQLRVWHVVR
,Q FDVR GL YHUWHQ]D WUD LO &RQGRPLQLR HG DOWUL VRJJHW
WLDVVLFXUDWLFRQODSUHVHQWHSROL]]DO¶DVVLFXUD]LRQHq
SUHVWDWDVRORDIDYRUHGHO&RQGRPLQLR
$UW'HFRUUHQ]DGHOODJDUDQ]LD
/DJDUDQ]LDqSUHVWDWDSHUOHFRQWURYHUVLHGHWHUPLQDWH
GDIDWWLYHUL¿FDWLVLQHOSHULRGRGLYDOLGLWjGHOODJDUDQ]LD
HSUHFLVDPHQWH
DGRSROHRUHGHOJLRUQRGLHIIHWWRGHOO¶DVVLFXUD]LRQH
SHULFDVLGLUHVSRQVDELOLWjH[WUDFRQWUDWWXDOHRSHUL
SURFHGLPHQWLSHQDOL
EGRSR JLRUQL GDOO¶HIIHWWR GHOO¶DVVLFXUD]LRQH SHU JOL
DOWULFDVL
,IDWWLFKHKDQQRGDWRRULJLQHDOODFRQWURYHUVLDVLLQWHQ
GRQR DYYHQXWL QHO PRPHQWR LQL]LDOH GHOOD YLROD]LRQH
GHOODQRUPDRGHOO¶LQDGHPSLPHQWR
/DJDUDQ]LDQRQYLHQHSUHVWDWDSHULVLQLVWULLQVRUJHQWL
GD IDWWL DFFRUGL FRQWUDWWL FKH DO PRPHQWR GHOO¶HIIHWWR
GHOODSROL]]DIRVVHURVWDWLJLjGLVGHWWLRODFXLUHVFLVVLR
QHULVROX]LRQHRPRGL¿FD]LRQHIRVVHURJLjVWDWHFKLH
VWHGDXQDGHOOHSDUWL
4XDORUDLOIDWWRFKHRULJLQDLOVLQLVWURVLSURWUDJJDDWWUD
YHUVRSLDWWLVXFFHVVLYLLOVLQLVWURVWHVVRVLFRQVLGHUD
DYYHQXWRQHOPRPHQWRLQFXLqVWDWRSRVWRLQHVVHUHLO
SULPRDWWR
/H YHUWHQ]H SURPRVVH GD R FRQWUR SL SHUVRQH HG
DYHQWLSHURJJHWWRGRPDQGHLGHQWLFKHRFRQQHVVHVL
FRQVLGHUDQRDWXWWLJOLHIIHWWLXQXQLFRVLQLVWUR,QFDVRGL
LPSXWD]LRQLDFDULFRGLSLSHUVRQHDVVLFXUDWHHGRYXWH
DOPHGHVLPRIDWWRLOVLQLVWURqXQLFRDWXWWLJOLHIIHWWL
$UW2SHUDWLYLWjGHOODJDUDQ]LD
/¶DVVLFXUD]LRQH YDOH SHU OH FRQWURYHUVLH GHWHUPLQDWH
GD IDWWL YHUL¿FDWLVL QHO WHUULWRULR GHOO¶8QLRQH (XURSHD
FRPSUHVD OD 6YL]]HUD DG HFFH]LRQH GHOOH HYHQWXDOL
YHUWHQ]HGLQDWXUDFRQWUDWWXDOHSHUOHTXDOLODJDUDQ]LD
qSUHVWDWDSHULVLQLVWULLQVRUWLHSURFHVVXDOPHQWHWUDW
WDWLQHOOD5HSXEEOLFD,WDOLDQDQHOOD&LWWjGHO9DWLFDQRH
QHOOD5HSXEEOLFDGL6DQ0DULQR
$UW(VFOXVLRQL
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHU
DLOSDJDPHQWRGLPXOWHDPPHQGHHVDQ]LRQLLQJHQHUH
EJOL RQHUL ¿VFDOL EROODWXUD GRFXPHQWL VSHVH GL UHJL
VWUD]LRQHDWWL
FOHVSHVHUHODWLYHDFRQWURYHUVLHGHULYDQWLGDIDWWLGR
ORVLGHOOHSHUVRQHDVVLFXUDWH
GOHVSHVHUHODWLYHDFRQWURYHUVLHGLGLULWWRDPPLQLVWUD
WLYR¿VFDOHHWULEXWDULR
HOHFRQWURYHUVLHGHULYDQWLGDOODSURSULHWjRGDOODJXLGD
GLYHLFROLDPRWRUHLPEDUFD]LRQLRDHUHL
IOH RSHUD]LRQL GL WUDVIRUPD]LRQH HR ULVWUXWWXUD]LRQH
FRPSRUWDQWHDPSOLDPHQWRGLYROXPHGHO&RQGRPLQLR
JOH FRQWURYHUVLH LQHUHQWL DOO¶DUW GHOOR 6WDWXWR GHL
ODYRUDWRUL
KOHFRQWURYHUVLHWUDSLVRJJHWWLDVVLFXUDWLFRQODSUH
VHQWHSROL]]DVDOYRTXDQWRSUHYLVWRDOO¶DUWGHOOD
SUHVHQWHVH]LRQH
LOHYLROD]LRQLFLYLOLRSHQDOLGHULYDQWLGDGHWHQ]LRQHR
LPSLHJRGLVRVWDQ]HUDGLRDWWLYHGDFRQWDPLQD]LRQH
GDLQTXLQDPHQWRGLDFTXHWHUUHQLHFROWXUH
MOHYHUWHQ]HFRQ,VWLWXWLRG(QWLGLDVVLVWHQ]DRSUHYL
GHQ]D
NOHFRQWURYHUVLHFRQOD6RFLHWj
$UW6SHVHGLDUELWUDWR
VHPSUHRSHUDQWH
4XDORUD OD VROX]LRQH GHOOD FRQWURYHUVLD FKH ULHQWUL LQ
JDUDQ]LD SHU DFFRUGR VFULWWR GHOOH 3DUWL VLD VWDWD GH
PDQGDWD DG XQR R SL DUELWUL OD 6RFLHWj ULPERUVHUj
DOO¶$VVLFXUDWROHVRPPHHYHQWXDOPHQWHULPDVWHDVXR
6(=,21(787(/$/(*$/(
GL
FDULFRFRQLOPDVVLPRGL¼SHUFLDVFXQRDUEL
WUDWR
$UW*DUDQ]LHSUHVWDWH
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODWXWHODGHLGLULWWLGHO
&RQGRPLQLRDVVLFXUDWRSHU
$FRQWURYHUVLH SHU GDQQL H[WUDFRQWUDWWXDOL VXELWL SHU
IDWWRLOOHFLWRGLDOWULVRJJHWWL
%GLIHVDSHQDOHSHUGHOLWWRFROSRVRRFRQWUDYYHQ]LRQH
FXLVLDVRWWRSRVWRO¶DPPLQLVWUDWRUH
&FRQWURYHUVLH QDVFHQWL GD SUHWHVH LQDGHPSLHQ]H
FRQWUDWWXDOL SURSULH R GL FRQWURSDUWH SHU OH TXDOL LO
GL 6(=,21(787(/$/(*$/(
YDORUHLQOLWHQRQVLDLQIHULRUHD¼FKHVLDQR
UHODWLYHD
DFRQWUDWWLLQGLYLGXDOLGLODYRURFRQLGLSHQGHQWLGHO
&RQGRPLQLR
EIRUQLWXUD GL EHQL R SUHVWD]LRQL GL VHUYL]L FRPPLV
VLRQDWHHRULFHYXWHGDO&RQGRPLQLR
FYHUWHQ]H GHULYDQWL GD ODYRUL GL PDQXWHQ]LRQH RUGL
QDULDHVWUDRUGLQDULDVHQ]DDPSOLDPHQWRGHLYROXPL
GUHFXSHURGHOOHTXRWHFRQGRPLQLDOL
HYHUWHQ]HFRQFRQGzPLQLRFRQGXWWRULSHUO¶LQRVVHU
YDQ]DGLQRUPHGLOHJJHRGHOUHJRODPHQWRFRQ
GRPLQLDOH
6(=,21(,1&(1',2('$/75,'$11,$,%(1,
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$*/2%$/(
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D 6RFLHWj VL REEOLJD DG LQGHQQL]]DUH QHL OLPLWL GHOOH
VRPPH LQGLFDWH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWRQRQFKpDOOHFRQGL]LRQLFKHVHJXRQRLGDQQL
PDWHULDOLHGLUHWWLFDXVDWLDOIDEEULFDWRDVVLFXUDWRGDJOL
HYHQWL SUHYLVWL QHOOD JDUDQ]LD EDVH QHOOH JDUDQ]LH ID
FROWDWLYHVHUHVHRSHUDQWLHQHOOHHVWHQVLRQLDQFKH
VH GHWHUPLQDWL GD FROSD JUDYH GHOO¶$VVLFXUDWR&RQWUD
HQWHHRGRORRFROSDJUDYHGHOOHSHUVRQHGHOFXLIDWWR
GHYHULVSRQGHUHDQRUPDGLOHJJH
$UW'HVWLQD]LRQHGHOIDEEULFDWRHFDUDWWHULVWLFKH
FRVWUXWWLYH
/¶DVVLFXUD]LRQHqSUHVWDWDLQEDVHDOODFRQGL]LRQHFKH
O¶LQWHURLPPRELOHRYHqXELFDWRLOIDEEULFDWRDVVLFXUDWR
VLD
DDGLELWRSHUDOPHQRLOGHOODVXSHUILFLHFRPSOHV
VLYDGHLSLDQLFRSHUWLDGDELWD]LRQLFLYLOLXIILFLHVWXGL
SURIHVVLRQDOL H QHOOD UHVWDQWH SRU]LRQH QRQ HVLVWD
QR FLQHPDWRJUDIL WHDWUL LQGXVWULH JUDQGL HPSRUL
VXSHUPHUFDWL SHU JUDQGL HPSRUL R VXSHUPHUFDWL VL
LQWHQGRQR XQLWj GL YHQGLWD DO GHWWDJOLR GL VXSHUILFLH
VXSHULRUHDPT
4XDORUDQHOOD³3DUWH%´GHOFRQWUDWWRVLDULFKLDPDWRLO
FRGLFHqWROOHUDWDQHOODUHVWDQWHSRU]LRQHGHO
GHOIDEEULFDWRO¶HVLVWHQ]DGLFLQHPDWRJUDILWHDWULLQ
GXVWULHJUDQGLHPSRULVXSHUPHUFDWL
6RQRLQRJQLFDVRHVFOXVHGLVFRWHFKHHRORFDOLQRW
WXUQL
EFRVWUXLWRFRQVWUXWWXUHSRUWDQWLYHUWLFDOLSDUHWLHVWHU
QHHFRSHUWXUDGHOWHWWRLQPDWHULDOLLQFRPEXVWLELOLSHU
DOPHQRLOGHOOHULVSHWWLYHVXSHUILFLVRQRWROOHUDWL
VRODLHVWUXWWXUHSRUWDQWLGHOWHWWRFRPXQTXHFRVWUXLWL
VRQRWROOHUDWHLQROWUHFDUDWWHULVWLFKHFRVWUXWWLYHGLYHU
VHSHUOHGLSHQGHQ]HLQFRUSLVHSDUDWLODFXLDUHDFR
SHUWDQRQVXSHULLOGHOO¶DUHDFRSHUWDGHOO¶LQWHUR
IDEEULFDWR
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVH
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGD
DLQFHQGLR
EIXOPLQHHVFOXVLLIHQRPHQLHOHWWULFLFRQVHJXHQWL
FHVSORVLRQHRVFRSSLRQRQFDXVDWLGDRUGLJQLHVSORVL
YLDGHFFH]LRQHGLHVSORVLYLFKHDGLQVDSXWDGHOO¶$V
VLFXUDWRVLDQRSUHVHQWLQHOIDEEULFDWR
GLPSORVLRQH
HFDGXWD GL DHURPRELOL PHWHRULWL HR YHLFROL VSD]LDOL
ORURSDUWLRFRVHGDHVVLWUDVSRUWDWH
I RQGDVRQLFDGHWHUPLQDWDGDOVXSHUDPHQWRGHOPXUR
GHOVXRQRGDSDUWHGLDHURPRELOL
JJXDVWLDUUHFDWLDOIDEEULFDWRDVVLFXUDWRDOORVFRSRGL
LPSHGLUHRGDUUHVWDUHLOVLQLVWUR
KIXPLJDVHYDSRULPDQFDWDRGDQRUPDOHSURGX]LRQH
RGLVWULEX]LRQHGLHQHUJLDHOHWWULFDWHUPLFDRGLGUDX
OLFDPDQFDWRRGDQRUPDOHIXQ]LRQDPHQWRGLDSSD
UHFFKLDWXUHHOHWWULFKHRGLLPSLDQWLGLULVFDOGDPHQWR
RFRQGL]LRQDPHQWRFRODJJLRRIXRULXVFLWDGLOLTXLGL
SXUFKpFRQVHJXHQWLDJOLHYHQWLLQGHQQL]]DELOLD¶WHU
PLQL GHOOD SUHVHQWH VH]LRQH FKH DEELDQR FROSLWR LO
IDEEULFDWRRSSXUHFRVHSRVWHQHOO¶DPELWRGLPHWUL
GDOORVWHVVR
LIXPR IXRULXVFLWR D VHJXLWR GL JXDVWR LPSURYYLVR HG
DFFLGHQWDOHDJOLLPSLDQWLSHUODSURGX]LRQHGLFDORUH
IDFHQWLSDUWHGHOIDEEULFDWRDVVLFXUDWRSXUFKpGHWWL
LPSLDQWLVLDQRFROOHJDWLPHGLDQWHDGHJXDWHFRQGXW
WXUHDGDSSURSULDWLFDPLQL
MXUWR GL YHLFROL VWUDGDOL H QDWDQWL QRQ DSSDUWHQHQWL
R LQ XVR DOO¶$VVLFXUDWR R DO &RQWUDHQWH SXUFKq LQ
WUDQVLWRVXSXEEOLFDYLDVWUDGDSULYDWDDGXVRSXEEOL
FRRFRUVLG¶DFTXD
NIXUWR H JXDVWL GL ILVVL HG LQILVVL FDXVDWL GDL ODGUL LQ
RFFDVLRQHGLIXUWRRWHQWDWRIXUWRFRQLOPDVVLPRGL
¼SHUVLQLVWURHGL¼SHUDQQRDV
VLFXUDWLYR
O FDGXWDURYLQRVDGHJOLDVFHQVRULPRQWDFDULFKLHVL
PLOLFRPSUHVLLGDQQHJJLDPHQWLDJOLLPSLDQWL
PFDGXWD GL DQWHQQD R SDUDEROD UDGLRWHOHULFHYHQWH
FHQWUDOL]]DWDFRPSUHVLLGDQQLDOODVWHVVD
QFRUUHQWLVFDULFKHRGDOWULIHQRPHQLHOHWWULFLDQFKHVH
FRQVHJXHQWL D IXOPLQH 6RQR WXWWDYLD HVFOXVL L GDQ
QL
‡ DOOHYDOYROHWHUPRLRQLFKHDLWUDVIRUPDWRULHOHWWULFL
DLJHQHUDWRULGLFRUUHQWH
‡ FDXVDWL GD GLIHWWL GL PDWHULDOH H GL FRVWUX]LRQH R
GRYXWLDGXVXUDRPDQRPLVVLRQH
,OSDJDPHQWRGHOO¶LQGHQQL]]RVDUjHIIHWWXDWRFRQXQD
IUDQFKLJLD GL ¼ /¶DVVLFXUD]LRQH q SUHVWDWD
ILQRDOODFRQFRUUHQ]DGL¼
$UW(YHQWLJDUDQWLWL)HQRPHQLDWPRVIHULFL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGD
$WURPEHG¶DULDXUDJDQLJUDQGLQHWHPSHVWDYHQWRH
FRVHGDHVVLWUDVSRUWDWHRIDWWHFUROODUH
6RQR FRPSUHVL ILQR DOOD FRQFRUUHQ]D GHO GHOOD
VRPPD DVVLFXUDWD SHU LO IDEEULFDWR FRQ LO PDVVLPR
GL ¼ SHU XQR R SL VLQLVWUL DYYHQXWL QHOOR
VWHVVRDQQRDVVLFXUDWLYRLGDQQLD
‡ LQVWDOOD]LRQLHVWHUQHTXDOLFDQFHOOLSDQQHOOLVRODUL
PXULGLFLQWDHUHFLQ]LRQLVHUEDWRLHGLPSLDQWLILVVL
SHUQDWXUDHGHVWLQD]LRQH
‡ WHQGHIUDQJLVROHHVWHUQHLQVWDOODWHVXVWUXWWXUHILV
VHYHUDQGHWHWWRLHHSRUWLFDWLDSHUWLGDXQRRSL
ODWL
‡ ODVWUHLQFHPHQWRDPLDQWRRILEURFHPHQWRHPDQX
IDWWLLQPDWHULDSODVWLFDSHUHIIHWWRGHOODJUDQGLQH
6(=,21(,1&(1',2('$/75,'$11,$,%(1,
GL
6
DOYR TXDQWR VRSUD HVSUHVVDPHQWH SUHYLVWR VRQR
HVFOXVLLGDQQLVXELWLGDHQWLHGLQVWDOOD]LRQLFROORFDWL
DOO¶DSHUWRRGDOO¶HVWHUQRGHOIDEEULFDWR
,GDQQLGDEDJQDPHQWRYHUL¿FDWLVLDOO¶LQWHUQRGHOIDE
EULFDWRVRQRFRPSUHVLVRORVHDYYHQXWLDVHJXLWRGL
URWWXUHEUHFFHROHVLRQLSURYRFDWHDOWHWWRDOOHSD
UHWLRDLVHUUDPHQWLGDOODYLROHQ]DGHJOLHYHQWLGLFXL
VRSUDDGHFFH]LRQHGLTXHOOLFDXVDWLGDRFFOXVLRQH
GL JURQGH H SOXYLDOL GHWHUPLQDWL HVFOXVLYDPHQWH GD
JUDQGLQH
6RQRWXWWDYLDHVFOXVLDQFKHVHTXHVWLHYHQWLIRVVHUR
FRQVHJXHQWL DL IHQRPHQL DWPRVIHULFL GL FXL VRSUD L
GDQQLFDXVDWLGD
DURWWXUD R ULJXUJLWR GHL VLVWHPL GL VFDULFR VDOYR LO
FDVRVRSUDFRQVLGHUDWRGLRFFOXVLRQHGLJURQGHH
SOXYLDOLGHWHUPLQDWLHVFOXVLYDPHQWHGDJUDQGLQH
EDFTXHGLUXVFHOODPHQWRRDFFXPXORHVWHUQRGLDF
TXD
FIXRULXVFLWDGLFRUVLRVSHFFKLG¶DFTXDGDOOHXVXDOL
VSRQGH
GPDUHJJLDWHHSHQHWUD]LRQHG¶DFTXDPDULQD
HFHGLPHQWLVPRWWDPHQWLHIUDQDPHQWLGHOWHUUHQR
I YDODQJKHVODYLQHJHORHQHYH
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
%VRYUDFFDULFRGLQHYHVXLWHWWLRVXOOHFRSHUWXUHFKH
QH SURYRFKL LO FUROOR WRWDOH R SDU]LDOH D FRQGL]LRQH
FKHLOIDEEULFDWRVLDFRQIRUPHDOOHYLJHQWLQRUPHUH
ODWLYHDLVRYUDFFDULFKLGLQHYHFRPSUHVRLQROWUHYD
ODQJKHFDGXWDGLVDVVLHVODYLQH
6RQRWXWWDYLDHVFOXVLLGDQQL
DFDXVDWLGDJHORDQFRUFKqFRQVHJXHQWHDGHYHQWR
FRSHUWRGDOODSUHVHQWHHVWHQVLRQHGLJDUDQ]LD
EDL IDEEULFDWL LQ FRVWUX]LRQH RG LQ FRUVR GL ULIDFL
PHQWRDOOHSHQVLOLQHDOOHWHQGHIUDQJLVROHHVWHU
QHDOOHWHWWRLHHGDLER[QRQWRWDOPHQWHLQPXUD
WXUD
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
/¶DVVLFXUD]LRQH q SUHVWDWD ILQR DOOD FRQFRUUHQ]D GHO
GHOODVRPPDDVVLFXUDWDSHULOIDEEULFDWRSHUXQR
RSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL$WWLYDQGDOLFLHGRORVL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGDDWWLYDQGDOLFLHGRORVLVDERWDJJLRDQFKH
VHLQRFFDVLRQHGLVFLRSHULWXPXOWLSRSRODULHVRPPRV
VHFRPSUHVLTXHOOLGLLQFHQGLRHVSORVLRQHHVFRSSLR
/D JDUDQ]LD q HVWHVD DL GDQQL DYYHQXWL QHO FRUVR GL
RFFXSD]LRQH QRQ PLOLWDUH GHO IDEEULFDWR VH OD GXUDWD
GHOO¶RFFXSD]LRQHqVXSHULRUHDFLQTXHJLRUQLO¶DVVLFXUD
]LRQHqOLPLWDWDDLGDQQLGLLQFHQGLRIXOPLQHHVSORVLR
QHRVFRSSLRQRQFDXVDWLGDRUGLJQLHVSORVLYLFDGXWDGL
DHURPRELOLORURSDUWLRFRVHGDHVVLWUDVSRUWDWH
6RQRWXWWDYLDHVFOXVLLGDQQL
DGLGHWXUSDPHQWRHGLPEUDWWDPHQWRGHLPXULHVWHUQL
EGL IXUWR UDSLQD HG HVWRUVLRQH VDFFKHJJLR DSSUR
GL 6(=,21(,1&(1',2('$/75,'$11,$,%(1,
SULD]LRQHLQGHELWDWUXIIDVPDUULPHQWRPDOYHUVD]LR
QHFRQFXVVLRQHRLPSXWDELOLDGDPPDQFKLGLTXDO
VLDVLJHQHUH
FYHUL¿FDWLVLQHOFRUVRGLFRQ¿VFDVHTXHVWURUHTXLVL
]LRQHGHOOHFRVHDVVLFXUDWHSHURUGLQHGLTXDOXQTXH
$XWRULWjGLGLULWWRRGLIDWWR
GFDXVDWLGDDWWLGLWHUURULVPR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
$UW(YHQWLJDUDQWLWL$WWLGLWHUURULVPR
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLGDDWWLGLWHUURULVPR
6RQRWXWWDYLDHVFOXVLLGDQQL
DGDFRQWDPLQD]LRQHGLVRVWDQ]HFKLPLFKHHRELRORJL
FKHHRQXFOHDUL
EGHULYDQWL GD LQWHUUX]LRQL GL VHUYL]L TXDOL HOHWWULFLWj
JDVDFTXDHFRPXQLFD]LRQL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQR
VFRSHUWRGHOFRQLOPLQLPRGL¼
/¶DVVLFXUD]LRQH q SUHVWDWD ILQR DOOD FRQFRUUHQ]D GHO
GHOODVRPPDDVVLFXUDWDSHULOIDEEULFDWRSHUXQR
RSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL'DQQLHOHWWULFLHGHOHWWURQL
FLDGLPSLDQWL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHDVVLFXUDWDOD
SDUWLWDHFRUULVSRVWRLOUHODWLYRSUHPLRQHOODVFKHGD
GLSROL]]D³3DUWH%´GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLGHULYDQWLDOIDEEULFDWRGDFRUUHQWLVFDULFKHRGDOWUL
IHQRPHQLHOHWWULFLDQFKHVHFRQVHJXHQWLDIXOPLQH
6RQRWXWWDYLDHVFOXVLLGDQQL
DDOOHYDOYROHWHUPRLRQLFKHDLWUDVIRUPDWRULHOHWWULFLDL
JHQHUDWRULGLFRUUHQWH
EFDXVDWLGDGLIHWWLGLPDWHULDOLHGLFRVWUX]LRQHRGRYXWL
DGXVXUDRPDQRPLVVLRQH
/DJDUDQ]LDqSUHVWDWDLQHFFHGHQ]DDTXDQWRSUHYLVWR
DOO¶DUWQ*DUDQ]LDEDVHGHOODSUHVHQWHVH]LRQH
IHUPRUHVWDQGRODIUDQFKLJLDLYLSUHYLVWD
/DSUHVHQWHJDUDQ]LDqSUHVWDWDD³3ULPRULVFKLRDV
VROXWR´
$UW(VWHQVLRQL
VHPSUHRSHUDQWL
6RQR DOWUHVu LQGHQQL]]DELOL DQFKH LQ HFFHGHQ]D DOOD
VRPPD DVVLFXUDWD LQ TXDQWR FRQVHJXHQWL DJOL HYHQWL
DVVLFXUDWL
DOH VSHVH SHU GHPROLUH VJRPEHUDUH VPDOWLUH DO SL
YLFLQRVFDULFRLUHVLGXLGHOVLQLVWURHSHUODULPR]LRQH
HG LO ULFROORFDPHQWR GHO FRQWHQXWR ILQR DOOD FRQFRU
UHQ]DGHOGHOO¶LQGHQQL]]ROLTXLGDWRDWHUPLQLGL
SROL]]DFRQLOPDVVLPRGL¼
EODSHUGLWDGHOFDQRQHGLORFD]LRQHRPDQFDWRJRGL
PHQWR GHO IDEEULFDWR DVVLFXUDWR ORFDWR RG DELWDWR
GDOO¶$VVLFXUDWR SURSULHWDULR SHU LO SHULRGR VWUHWWD
PHQWHQHFHVVDULRDOULSULVWLQRGHOORVWHVVRFRQLOOL
PLWHGLJLRUQLHILQRDOODFRQFRUUHQ]DGHOGHO
YDORUHFKHULVSHWWRDTXHOORDVVLFXUDWRFRPSHWHDG
RJQLVLQJRODXQLWjLPPRELOLDUH
6RQRFRPXQTXHHVFOXVLLGDQQLFDXVDWLGDULWDUGLQHO
ULSULVWLQR GHL ORFDOL GDQQHJJLDWL DQFKH VH GRYXWL D
FDXVHHFFH]LRQDOL
FOH VSHVH H JOL RQRUDUL GHO 3HULWR FKH O¶$VVLFXUDWR
DYUj VFHOWR H QRPLQDWR FRQIRUPHPHQWH DO GLVSRVWR
GHOO¶DUW SXQWR E GHOOH QRUPH SHU OD OLTXLGD]LRQH
GHLVLQLVWULQRQFKpODTXRWDSDUWHGLVSHVHHGRQRUDUL
D VXR FDULFR D VHJXLWR GL QRPLQD GHO WHU]R 3HULWR
LO WXWWR ILQR DOOD FRQFRUUHQ]D GHO GHOO¶LQGHQQL]
]R OLTXLGDWR D WHUPLQL GL SROL]]D FRQ LO PDVVLPR GL
¼
GOH VSHVH GL ULSURJHWWD]LRQH GHO IDEEULFDWR ILQR DOOD
FRQFRUUHQ]D GHO GHOO¶LQGHQQL]]R OLTXLGDWR D WHU
PLQLGLSROL]]DFRQLOPDVVLPRGL¼
HLFRVWLHGRQHULHVFOXVHPXOWHDPPHQGHHVDQ]LRQL
DPPLQLVWUDWLYH FKH FRPXQTXH GRYHVVHUR JUDYDUH
VXOO¶$VVLFXUDWR R FKH OR VWHVVR GRYHVVH SDJDUH D
TXDOVLDVL (QWH HG$XWRULWj 3XEEOLFD SHU OD ULFRVWUX
]LRQHGHOIDEEULFDWRLQEDVHDOOHGLVSRVL]LRQLYLJHQWL
DOO¶HSRFD ILQR DOOD FRQFRUUHQ]D GHO GHOO¶LQGHQ
QL]]ROLTXLGDWRD¶WHUPLQLGLSROL]]DFRQLOPDVVLPR
¼
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
2OWUH DOOH HVFOXVLRQL SUHYLVWH LQ UHOD]LRQH DOOH VLQJROH
JDUDQ]LH IDFROWDWLYH O¶DVVLFXUD]LRQH QRQ q FRPXQTXH
RSHUDQWHSHULGDQQL
DFDXVDWLGDDWWLGLJXHUUDLQVXUUH]LRQHRFFXSD]LRQH
PLOLWDUHLQYDVLRQH
EFDXVDWLGDWXPXOWLSRSRODULVFLRSHULVRPPRVVHDWWL
GL VDERWDJJLR RUJDQL]]DWR VDOYR FKH VLD VWDWR UHVR
RSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
FFDXVDWL GD HVSORVLRQH R HPDQD]LRQH GL FDORUH R GL
UDGLD]LRQL SURYHQLHQWL GD WUDVPXWD]LRQL GHO QXFOHR
GHOO¶DWRPRFRPHSXUHFDXVDWLGDUDGLD]LRQLSURYRFD
WHGDOO¶DFFHOHUD]LRQHDUWL¿FLDOHGLSDUWLFHOOHDWRPLFKH
GFDXVDWL FRQ GROR GHOO¶$VVLFXUDWR GHO &RQWUDHQWH H
TXDORUDTXHVWLQRQVLDQRSHUVRQH¿VLFKHGHLUDSSUH
VHQWDQWLOHJDOLRGHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
HFDXVDWLGDWHUUHPRWLPDUHPRWLHUX]LRQLYXOFDQLFKH
LQRQGD]LRQLHGDOOXYLRQL
IGLVPDUULPHQWRIXUWRUDSLQDVDFFKHJJLRGHOOHFRVH
DVVLFXUDWH DYYHQXWL LQ RFFDVLRQH GHJOL HYHQWL SHU L
TXDOLqSUHVWDWDO¶DVVLFXUD]LRQH
JGL IHQRPHQR HOHWWULFR D TXDOXQTXH FDXVD GRYXWL
DQFKHVHFRQVHJXHQWLDIXOPLQHRGDOWULHYHQWLSHUL
TXDOLqSUHVWDWDO¶DVVLFXUD]LRQHVDOYRTXDQWRLQGLFD
WRQHOO¶DUWSXQWRQGHOODSUHVHQWHVH]LRQHHFKHVLD
VWDWRUHVRRSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
KLQGLUHWWLTXDOLFDPELDPHQWLGLFRVWUX]LRQHPDQFDQ
]DGLORFD]LRQHGLJRGLPHQWRRGLUHGGLWRFRPPHU
FLDOHRGLQGXVWULDOHVRVSHQVLRQHGLODYRURRTXDOVLD
VL GDQQR FKH QRQ ULJXDUGL OD PDWHULDOLWj GHOOH FRVH
DVVLFXUDWHVDOYRTXDQWRSUHYLVWRDOO¶DUWGHOODSUH
VHQWHVH]LRQH
L FDXVDWLGDDWWLGLWHUURULVPRVDOYRFKHVLDVWDWRUHVR
RSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
6(=,21(,1&(1',2('$/75,'$11,$,%(1,
GL
6(=,21(5(63216$%,/,7¬&,9,/(
9(5627(5=,
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$*/2%$/(
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D6RFLHWjVLREEOLJDDWHQHUHLQGHQQHO¶$VVLFXUDWRQHL
OLPLWL GHO PDVVLPDOH LQGLFDWR QHOOD VFKHGD GL SROL]]D
³3DUWH%´GHOFRQWUDWWRQRQFKpDOOHFRQGL]LRQLFKHVH
JXRQRGLTXDQWRVLDWHQXWRDSDJDUHTXDOHFLYLOPHQWH
UHVSRQVDELOHDLVHQVLGLOHJJHDWLWRORGLULVDUFLPHQWR
FDSLWDOHLQWHUHVVLHVSHVHGLGDQQLLQYRORQWDULDPHQ
WH FDJLRQDWL D WHU]L SHU PRUWH SHU OHVLRQL SHUVRQDOL H
SHUGDQQHJJLDPHQWLDFRVHLQFRQVHJXHQ]DGLXQIDWWR
DFFLGHQWDOHLQHUHQWHDJOLHYHQWLSUHYLVWLQHOODJDUDQ]LD
EDVHQHOOHJDUDQ]LHIDFROWDWLYHVHUHVHRSHUDQWLH
QHOOHHVWHQVLRQL
/¶DVVLFXUD]LRQHFRPSUHQGHODUHVSRQVDELOLWjFLYLOHFKH
SRVVD GHULYDUH DOO¶$VVLFXUDWR GDOOH SHUVRQH GHO IDWWR
GHOOHTXDOLGHEEDULVSRQGHUH
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVHSURSULHWj
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHULYDQWHDOO¶$VVLFXUDWRSHUGDQQLFDJLRQDWLDWHU]L
FRPSUHVLLORFDWDULLQUHOD]LRQHDOODSURSULHWjGHOIDEEUL
FDWRDVVLFXUDWRHGDOODFRQGX]LRQHGHOOHSDUWLFRPXQL
HVFOXVLORVSDUJLPHQWRG¶DFTXDHGLOULJXUJLWRGLIRJQD
FRPSUHQGHQGRLGDQQLGHULYDQWL
DGDOODSURSULHWjGHJOLVSD]LDGLDFHQWLGLSHUWLQHQ]DGHO
IDEEULFDWRDQFKHWHQXWLDJLDUGLQRFRPSUHVLDOEHUL
VWUDGH SULYDWH FRUWLOL QRQFKp SLVFLQH FDPSL HG DW
WUH]]DWXUHVSRUWLYHHGDJLRFR
EGDPDQFDWDULPR]LRQHGLQHYHHJKLDFFLRGDLWHWWLH
GDOOHFRSHUWXUHLQJHQHUH
FGDOOD FDGXWD GHOO¶DQWHQQD R SDUDEROD UDGLRWHOHULFH
YHQWHFHQWUDOL]]DWD
GGDPDQXWHQ]LRQHRUGLQDULDGHOIDEEULFDWRDVVLFXUDWR
HGDLQFHQGLRHVSORVLRQHRVFRSSLRGHOIDEEULFDWRDV
VLFXUDWR
/DSUHVHQWHDVVLFXUD]LRQHYDOHDQFKHSHUOHD]LRQLGL
ULYDOVDHVSHULWHGDOO¶,136DLVHQVLGHOO¶DUWGHOOD/HJ
JHQ
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHYHU
VRSUHVWDWRULGLODYRUR5&2
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHDVVLFXUDWDOD
SDUWLWDHFRUULVSRVWRLOUHODWLYRSUHPLRQHOODVFKHGD
GLSROL]]D³3DUWH%´GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHOO¶$VVLFXUDWRSHULGDQQLFDJLRQDWLDLSUHVWDWRULGL
ODYRURVXRLGLSHQGHQWLHGDGGHWWLDOIDEEULFDWRVRJJHWWL
DOO¶DVVLFXUD]LRQHREEOLJDWRULDFRQWURJOLLQIRUWXQL
DDLVHQVLGHJOLDUWLFROLHGHO'35*LXJQR
QHGHOO¶DUWGHO'/JVGHO
SHU JOL LQIRUWXQL HVFOXVH OH PDODWWLH SURIHVVLRQDOL
VRIIHUWLGDLGLSHQGHQWLVWHVVL
/D 6RFLHWj VL REEOLJD D ULIRQGHUH DOO¶$VVLFXUDWR OH
VRPPH ULFKLHVWH GDOO¶,1$,/ D WLWROR GL UHJUHVVR
QRQFKp JOL LPSRUWL ULFKLHVWL D WLWROR GL PDJJLRU GDQ
GL 6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
QRGDOO¶LQIRUWXQDWRHRGDJOLDYHQWLGLULWWRVHPSUHFKq
VLDVWDWDHVSHULWDO¶D]LRQHGLUHJUHVVRGDOO¶,1$,/H
TXHVW¶XOWLPDVLULIHULVFDDFDSLWDOL]]D]LRQHSHUSRVWX
PLLQYDOLGDQWL
EDLVHQVLGHO&RGLFH&LYLOHQRQFKpGHO'/JVGHO
DWLWRORGLULVDUFLPHQWRGLGDQQLQRQULHQ
WUDQWLQHOODGLVFLSOLQDGHO'35Q
HGHO'/JVGHOSHUJOLLQIRUWXQLVRIIHUWL
GDLGLSHQGHQWLVWHVVLGDLTXDOLVLDGHULYDWDPRUWHRG
XQDLQYDOLGLWjSHUPDQHQWHQRQLQIHULRUHDO6RQR
FRPXQTXHHVFOXVHOHPDODWWLHSURIHVVLRQDOL
/¶DVVLFXUD]LRQHGLUHVSRQVDELOLWjFLYLOHYHUVRLSUHVWDWR
ULGLODYRURVRJJHWWLDOO¶DVVLFXUD]LRQHGLOHJJHFRQWURJOL
LQIRUWXQL FRQVHUYD OD SURSULD YDOLGLWj DQFKH VH O¶$VVL
FXUDWRQRQqLQUHJRODFRQJOLREEOLJKLGLFXLVRSUDLQ
TXDQWRFLzGHULYLGDLQHVDWWDRGHUURQHDLQWHUSUHWD]LRQH
GHOOHQRUPHGL/HJJHYLJHQWLLQPDWHULD
/DSUHVHQWHDVVLFXUD]LRQHYDOHDQFKHSHUOHD]LRQLGL
ULYDOVDHVSHULWHGDOO¶,136DLVHQVLGHOO¶DUWGHOOD
/HJJHQ
$UW)UDQFKLJLDLQYDORUHDVVROXWRSHULOGDQQR
ELRORJLFR
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
$ SDU]LDOH GHURJD GL TXDQWR LQGLFDWR DOO¶DUW SXQWR
E GHOOD SUHVHQWH VH]LRQH OD JDUDQ]LD DVVLFXUDWLYD UL
JXDUGD L GDQQL FDJLRQDWL DL SUHVWDWRUL GL ODYRUR GLSHQ
GHQWL GHOO¶$VVLFXUDWR HG DGGHWWL DO IDEEULFDWR DL VHQVL
GHO &RGLFH &LYLOH D WLWROR GL ULVDUFLPHQWR GL GDQQL QRQ
ULHQWUDQWLQHOODGLVFLSOLQDGHO'35Q
HGHO'/JVGHOSHUJOLLQIRUWXQLGDLTXDOL
VLDGHULYDWDPRUWHRGXQDLQYDOLGLWjSHUPDQHQWH6RQR
FRPXQTXHHVFOXVHOHPDODWWLHSURIHVVLRQDOL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ XQD
IUDQFKLJLDGL¼
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHSHU
ODFRPPLWWHQ]DGHLODYRUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFLYL
OHGHULYDQWHDOO¶$VVLFXUDWRSHUGDQQLFDJLRQDWLDWHU]LLQ
UHOD]LRQHDOODFRPPLWWHQ]DGLODYRULHGLOL
DULHQWUDQWL QHO FDPSR GL DSSOLFD]LRQH GHO ' /JV
EGLVWUDRUGLQDULDPDQXWHQ]LRQHDPSOLDPHQWRVRSUD
HOHYD]LRQH GHPROL]LRQH SRWDWXUD RG DEEDWWLPHQWR
GLSLDQWH
7DOHHVWHQVLRQHGLJDUDQ]LDRSHUDVHPSUHFKq
‡ O¶$VVLFXUDWR DEELD GHVLJQDWR LO UHVSRQVDELOH GHL OD
YRULLOFRRUGLQDWRUHSHUODSURJHWWD]LRQHHGLOFRRUGL
QDWRUHSHUO¶HVHFX]LRQHGHLODYRULFRQIRUPHPHQWHD
TXDQWRGLVSRVWRGDO'/JV
‡ G
DOO¶HYHQWR VLDQR GHULYDWL LQ FDSR DO GDQQHJJLDWR
ODPRUWHROHVLRQLSHUVRQDOLJUDYLRJUDYLVVLPHFRVu
FRPHGHILQLWHGDOO¶DUWGHO&RGLFH3HQDOH
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjGHULYDQWH
GDOODFRQGX]LRQHGHOOHXQLWjLPPRELOLDUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFLYLOH
GHULYDQWHDOO¶$VVLFXUDWRHRDLFRQGXWWRULGHOOHXQLWjLP
PRELOLDULGHOIDEEULFDWRFRPSUHVLLFRPSRQHQWLLOQXFOHR
IDPLOLDUHGHJOLVWHVVLULVXOWDQWLGDOFHUWLILFDWRDQDJUDILFR
GL ³6WDWR GL IDPLJOLD´ SHU GDQQL DFFLGHQWDOL FDJLRQDWL D
WHU]LHVFOXVLTXHOOLFDXVDWLGDOORVSDUJLPHQWRGLDFTXD
LQFRQVHJXHQ]DGHOODFRQGX]LRQHGHOOHXQLWjLPPRELOLD
ULGHOIDEEULFDWRHGHOORVYROJLPHQWRQHOOHPHGHVLPHH
QHOOHSDUWLFRPXQLGHOOHQRUPDOLDWWLYLWjGHOODYLWDSULYDWD
/DSUHVHQWHJDUDQ]LDVLULIHULVFHDWXWWHOHXQLWjLPPREL
OLDULFRVWLWXHQWLLOFRQGRPLQLRDGLELWHDFLYLOHDELWD]LRQH
HGXIILFLHVFOXVHSHUWDQWRTXHOOHDGLELWHDGXVRGLYHUVR
HVLVWHQWLQHOIDEEULFDWR
4XDORUD OD SUHVHQWH JDUDQ]LD ULVXOWL JLj DVVLFXUDWD GD
DQDORJDFRSHUWXUDVWLSXODWDGDOFRQGXWWRUHGHOOHVLQJROH
XQLWj LPPRELOLDUL OD SUHVHQWH DVVLFXUD]LRQH VL LQWHQGH
SUHVWDWDDVHFRQGRULVFKLRHFLRqSHUODSDUWHGLULVDUFL
PHQWRHYHQWXDOPHQWHHFFHGHQWHLOPDVVLPDOHDVVLFXUD
WRGDOO¶DOWUDVSHFL¿FDFRSHUWXUDHFRPXQTXHQHLOLPLWLGHL
PDVVLPDOLLQGLFDWLQHOOD³3DUWH%´GHOFRQWUDWWR
$UW(VWHQVLRQL
VHPSUHRSHUDQWL
/¶DVVLFXUD]LRQHFRPSUHQGHLGDQQLGHULYDQWLGD
DLQWHUUX]LRQLRVRVSHQVLRQLWRWDOLRSDU]LDOLGLDWWLYL
Wj LQGXVWULDOL DUWLJLDQDOL FRPPHUFLDOL SURIHVVLRQDOL
DJULFROHRGLVHUYL]LSXUFKpFRQVHJXHQWLDVLQLVWULLQ
GHQQL]]DELOLDWHUPLQLGLSROL]]D,OSDJDPHQWRGHOO¶LQ
GHQQL]]RVDUjHIIHWWXDWRFRQXQRVFRSHUWRGHO
FRQLOPLQLPRGL¼HILQRDOODFRQFRUUHQ]DGHO
PDVVLPDOHGL¼SHUXQRRSLVLQLVWULDY
YHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
ELQTXLQDPHQWRGHOO¶DULDGHOO¶DFTXDHGHOVXRORDVH
JXLWRGLURWWXUDDFFLGHQWDOHGLFLVWHUQHHUHODWLYHWX
ED]LRQLGLSHUWLQHQ]DGHJOLLPSLDQWLGLULVFDOGDPHQWR
HRFRQGL]LRQDPHQWR
,OSDJDPHQWRGHOO¶LQGHQQL]]RVDUjHIIHWWXDWRFRQXQR
VFRSHUWRGHOFRQLOPLQLPRGL¼HILQRDOOD
FRQFRUUHQ]DGHOPDVVLPDOHGL¼SHUXQR
RSLVLQLVWULDYYHQXWLQHOORVWHVVRDQQRDVVLFXUDWLYR
$UW3HUVRQHQRQFRQVLGHUDWH³7HU]L´
1RQVRQRFRQVLGHUDWLWHU]L
DLO FRQLXJH L JHQLWRUL L ¿JOL GHOO¶$VVLFXUDWR QRQFKp L
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
ETXDQGRO¶$VVLFXUDWRQRQVLDXQDSHUVRQD¿VLFDLOOH
JDOHUDSSUHVHQWDQWHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
O¶DPPLQLVWUDWRUHHOHSHUVRQHFKHVLWURYLQRFRQORUR
QHLUDSSRUWLGLFXLDOSXQWRD
FOHSHUVRQHFKHHVVHQGRLQUDSSRUWRGLGLSHQGHQ]D
FRQO¶$VVLFXUDWRVXELVFDQRLOGDQQRLQRFFDVLRQHGL
ODYRURRGLVHUYL]LRLQHUHQWHDOODPDQXWHQ]LRQHHSX
OL]LDGHLIDEEULFDWLHGHLUHODWLYLLPSLDQWLQRQFKpDOOD
FRQGX]LRQHGLTXHVWLXOWLPL
GOHVRFLHWjOHTXDOLULVSHWWRDOO¶$VVLFXUDWRFKHQRQVLD
XQDSHUVRQD¿VLFDVLDQRTXDOL¿FDELOLFRPHFRQWURO
ODQWL FRQWUROODWH R FROOHJDWH DL VHQVL GHOO¶DUW GHO &RGLFH &LYLOH QRQFKp JOL DPPLQLVWUDWRUL GHOOH
PHGHVLPH
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQL
DGHULYDQWLGDOO¶HVHUFL]LRGDSDUWHGHOO¶$VVLFXUDWRRGL
WHU]LGLLQGXVWULHFRPPHUFLDUWLRSURIHVVLRQL
EFDXVDWL FRQ GROR GHOO¶$VVLFXUDWR&RQWUDHQWH R GHL
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
FGHULYDQWLGDOODGHWHQ]LRQHGLHVSORVLYLQRQFKpGDOOD
GHWHQ]LRQH R GDOO¶LPSLHJR GL VRVWDQ]H UDGLRDWWLYH R
GL DSSDUHFFKL SHU O¶DFFHOHUD]LRQH GL SDUWLFHOOH DWR
PLFKHFRPHSXUHLGDQQLFKHLQUHOD]LRQHDLULVFKL
DVVLFXUDWLVLVLDQRYHUL¿FDWLLQFRQQHVVLRQHFRQIH
QRPHQLGLWUDVPXWD]LRQHGHOQXFOHRGHOO¶DWRPRRFRQ
UDGLD]LRQL SURYRFDWH GDOO¶DFFHOHUD]LRQH DUWL¿FLDOH GL
SDUWLFHOOHDWRPLFKH
GGDIXUWR
HDFRVHFKHO¶$VVLFXUDWRDEELDLQFRQVHJQDRFXVWR
GLDRGHWHQJDDTXDOVLDVLWLWRORVLLQWHQGRQRLQFOXVL
LGDQQLDLYHLFROLDOO¶LQWHUQRGHOOHDUHHGLSHUWLQHQ]D
GHOIDEEULFDWRDVVLFXUDWR$OULVDUFLPHQWRVLIDUjOXR
JRSUHYLDGHWUD]LRQHGLXQDIUDQFKLJLDGL¼
SHUFLDVFXQYHLFRORHFRQLOOLPLWHGLULVDUFLPHQWRGL
¼SHUXQRRSLVLQLVWULDYYHQXWLQHOORVWHV
VRDQQRDVVLFXUDWLYR
IGDXPLGLWjVWLOOLFLGLRLQVDOXEULWjGHLORFDOL
JGDVSDUJLPHQWRGLDFTXDHULJXUJLWRGLIRJQDTXDOXQ
TXHQHVLDODFDXVD
KVXELWL GDOOH SHUVRQH LQ UDSSRUWR GL GLSHQGHQ]D DQ
FKHGLIDWWRFRQO¶$VVLFXUDWRLQRFFDVLRQHGLODYRUR
RVHUYL]LRVDOYRFKHVLDVWDWRUHVRRSHUDQWHO¶DUW
GHOODSUHVHQWHVH]LRQH
LGHULYDQWLGDLQDGHPSLPHQWLGLQDWXUDFRQWUDWWXDOH
MGHULYDQWLGDODYRULHGLOLULHQWUDQWLQHOFDPSRGLDSSOL
FD]LRQHGHO'/JVQRQFKpTXHOOLGHULYDQWL
GDODYRULGLVWUDRUGLQDULDPDQXWHQ]LRQHDPSOLDPHQ
WR VRSUDHOHYD]LRQH GHPROL]LRQH SRWDWXUD RG DE
EDWWLPHQWR GL SLDQWH VDOYR FKH VLD VWDWR UHVR RSH
UDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
NGHULYDQWH GDOOD FRQGX]LRQH GHOOH XQLWj LPPRELOLDUL
VDOYRFKHVLDVWDWRUHVRRSHUDQWHO¶DUWGHOODSUH
VHQWHVH]LRQH
OGHULYDQWL GD SUHVHQ]D XVR FRQWDPLQD]LRQH HVWUD
]LRQHPDQLSROD]LRQHODYRUD]LRQHYHQGLWDGLVWULEX
]LRQHHRVWRFFDJJLRGLDPLDQWRHRGLSURGRWWLFRQ
WHQHQWLDPLDQWR
PFRQVHJXHQWLRGHULYDQWLGDOO¶HPLVVLRQHRJHQHUD]LR
QHGLRQGHHFDPSLHOHWWURPDJQHWLFL
QFRQVHJXHQWLRGHULYDQWLGDIDWWLGLJXHUUDGLFKLDUDWDH
QRQJXHUUDFLYLOHDPPXWLQDPHQWRWXPXOWLSRSRODUL
WHUURULVPRVDERWDJJLRHGDWXWWLJOLHYHQWLDVVLPLOD
6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
GL
ELOLDTXHOOLVXGGHWWLQRQFKpGDLQFLGHQWLGRYXWLDRU
GLJQLGLJXHUUD
RGHULYDQWLGDSURGRWWLJHQHWLFDPHQWHPRGL¿FDWL
SGHULYDQWL D VHJXLWR GL PDODWWLD JLj PDQLIHVWDWDVL R
FKH SRWUHEEH PDQLIHVWDUVL LQ UHOD]LRQH DOOD HQFHID
ORSDWLDVSRQJLIRUPH76(
&RQGL]LRQH 3DUWLFRODUH 5HVSRQVDELOLWj FLYLOH
GHOO
DPPLQLVWUDWRUHGHOFRQGRPLQLR
JDUDQ]LDRSHUDQWHVRORVHDVVLFXUDWDODSDUWLWDHUL
FKLDPDWR LO UHODWLYR FRGLFH QHOOD VFKHGD GL SROL]]D
3DUWH%GHOFRQWUDWWR
/D6RFLHWjVLREEOLJDDWHQHUHLQGHQQHO
DPPLQLVWUDWRUH
GHO IDEEULFDWR DVVLFXUDWR GLTXDQWL TXHVWL VLDWHQXWRD
SDJDUHTXDOHFLYLOPHQWHUHVSRQVDELOHGLSHUGLWHSDWUL
PRQLDOLLQYRORQWDULDPHQWHFDJLRQDWHDWHU]LFRPSUHVR
LO&RQWUDHQWHQHOO
HVHUFL]LRGHOVXRPDQGDWRGLDPPL
QLVWUDWRUHSURWHPSRUHGHOIDEEULFDWRDVVLFXUDWRVYROWR
QHL WHUPLQL GHOOD OHJJH /
$VVLFXUD]LRQH QRQ YDOH SHU
L GDQQL FRQVHJXHQWL DG RPLVVLRQL QHOOD VWLSXOD]LRQH R
PRGLILFD GL DVVLFXUD]LRQL SULYDWH R D ULWDUGL QHO SDJD
PHQWRGHLUHODWLYLSUHPL
/
DVVLFXUD]LRQH FRPSUHQGH VLQR DOOD FRQFRUUHQ]D GL
GHO PDVVLPDOH SUHYLVWR SHU OD SUHVHQWH JDUDQ]LD
GL 6(=,21(5(63216$%,/,7¬&,9,/(9(5627(5=,
PXOWH DPPHQGH VDQ]LRQL SXUFKq VLDQR GL QDWXUD IL
VFDOHLQIOLWWHDO&RQWUDHQWHSHUHUURULLPSXWDELOLDOO
DP
PLQLVWUDWRUHVWHVVR
/D*DUDQ]LDFRPSUHQGHDQFKHLGDQQLSHUODGLVWUX]LR
QHSHUGLWDGHWHULRUDPHQWRGLDWWLGRFXPHQWLWLWROLSXU
FKqQRQDOSRUWDWRUHVHPSUHFKqQRQFDXVDWLGDIXUWR
UDSLQDLQFHQGLR
/DJDUDQ]LDqSUHYLVWDVLQRDOODFRQFRUUHQ]DGHOPDVVL
PDOHSUHYLVWRLQSROL]]DSHUFLDVFXQSHULRGRDVVLFXUDWLYR
LQGLSHQGHQWHPHQWHGDOQXPHURGLULFKLHVWHGLULVDUFLPHQ
WR SUHVHQWDWH DOO
$VVLFXUDWR 4XDORUD LO FRPSRUWDPHQWR
FROSRVRVLSURWUDJJDDWWUDYHUVRSLDWWLVXFFHVVLYLHVVR
VLFRQVLGHUHUjDYYHQXWRQHOPRPHQWRLQFXLqVWDWDSR
VWDLQHVVHUHODSULPDD]LRQHRGRPLVVLRQHFROSRVD
/DJDUDQ]LDRSHUDSHUFRPSRUWDPHQWLFROSRVLSRVWLLQ
DWWRGXUDQWHLOSHULRGRGLYDOLGLWjGHOODJDUDQ]LDSXUFKq
OHULFKLHVWHGLULVDUFLPHQWRSHUYHQJDQRDOOD6RFLHWjHQ
WURDQQLGDOODFHVVD]LRQHGHOFRQWUDWWR
‡FRQULFKLDPRGHOFRGLFHLOPDVVLPDOHDVVLFX
UDWRFRUULVSRQGHD¼
‡FRQULFKLDPRGHOFRGLFHLOPDVVLPDOHDVVLFX
UDWRFRUULVSRQGHD¼
6(=,21('$11,'$$&48$('$/75,/,48,',
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$*/2%$/(
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D6RFLHWjLQFRQVHJXHQ]DGHJOLHYHQWLSUHYLVWLQHOOH
JDUDQ]LHGLFXLDLVXFFHVVLYLDUWWHGHOOD
SUHVHQWHVH]LRQHVHUHVLRSHUDQWLVLREEOLJD
DD WHQHUH LQGHQQH O¶$VVLFXUDWR QHL OLPLWL GHO PDVVL
PDOHLQGLFDWRQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR SHU OD SDUWLWD ³5HVSRQVDELOLWj &LYLOH GHOOD
SURSULHWj GHO IDEEULFDWR´ HG DOOH FRQGL]LRQL FKH VH
JXRQRGLTXDQWRVLDWHQXWRDSDJDUHTXDOHFLYLOPHQ
WH UHVSRQVDELOH D¶ VHQVL GL OHJJH D WLWROR GL ULVDU
FLPHQWR FDSLWDOH LQWHUHVVL H VSHVH GL GDQQL LQYR
ORQWDULDPHQWHFDJLRQDWLDWHU]LSHUPRUWHSHUOHVLRQL
SHUVRQDOLHSHUGDQQHJJLDPHQWLDFRVH
EDGLQGHQQL]]DUHQHLOLPLWLGHOOHVRPPHLQGLFDWHQHOOD
VFKHGDGLSROL]]D³3DUWH%´GHOFRQWUDWWRSHUODSDU
WLWD³)DEEULFDWR´6H]LRQH,QFHQGLRHG$OWUL'DQQLDL
%HQLHGDOOHFRQGL]LRQLFKHVHJXRQRLGDQQLPDWH
ULDOLHGLUHWWLFDXVDWLDOIDEEULFDWRVWHVVR
$UW(YHQWLJDUDQWLWL*DUDQ]LDEDVHIXRULXVFL
WDOLTXLGL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDVLDLGDQQLPDWHULDOLH
GLUHWWLDOIDEEULFDWRFKHODUHVSRQVDELOLWjFLYLOHGHOO¶$V
VLFXUDWR GHULYDQWL GD VSDUJLPHQWR GL DFTXD FRQGRWWD
RGDOWULOLTXLGLSHU
DURWWXUD DFFLGHQWDOH GL LPSLDQWL LGULFL LJLHQLFL GL UL
VFDOGDPHQWR R FRQGL]LRQDPHQWR FRPSUHVL FDQDOL
GL JURQGD H SOXYLDOL GL SHUWLQHQ]D GHO IDEEULFDWR
HVFOXVLTXHOOLLQWHUUDWL
EURWWXUD GHOOH FRQGXWWXUH GL LPSLDQWL LGULFL LJLHQLFL GL
ULVFDOGDPHQWRRFRQGL]LRQDPHQWRDOO¶LQWHUQRGHOIDE
EULFDWR FDXVDWD GD JHOR ILQR DOOD FRQFRUUHQ]D GHO
PDVVLPDOHSHULGDQQLGDUHVSRQVDELOLWjFLYLOHHILQR
DOODFRQFRUUHQ]DGHOO¶GHOODVRPPDDVVLFXUDWDSHU
LOIDEEULFDWRFRQLOPDVVLPRGL¼SHUVLQLVWUR
H GL ¼ SHU DQQR DVVLFXUDWLYR SHU L GDQQL
PDWHULDOLHGLUHWWLVXELWLGDOIDEEULFDWRDVVLFXUDWR
FULJXUJLWL GL IRJQDWXUH SXUFKp ULJXDUGDQWL LPSLDQ
WL GL HVFOXVLYD SHUWLQHQ]D GHO IDEEULFDWR ILQR DOOD
FRQFRUUHQ]D GHO PDVVLPDOH SHU L GDQQL GD UHVSRQ
VDELOLWj FLYLOH H ILQR DOOD FRQFRUUHQ]D GHOO¶ GHOOD
VRPPD DVVLFXUDWD SHU LO IDEEULFDWR FRQ LO PDVVLPR
GL¼SHUVLQLVWURHGL¼SHUDQQR
DVVLFXUDWLYRSHULGDQQLPDWHULDOLHGLUHWWLVXELWLGDO
IDEEULFDWRDVVLFXUDWR
/DJDUDQ]LDDVVLFXUDWLYDqLQROWUHHVWHVDDOULPERUVRGHOOH
GVSHVHGLULPSLD]]RGHOFRPEXVWLELOHLQFDVRGLVSDU
JLPHQWR D VHJXLWR GL JXDVWR DFFLGHQWDOH GHJOL LP
SLDQWLGLULVFDOGDPHQWRRFRQGL]LRQDPHQWRDOVHUYL
]LRGHOIDEEULFDWRILQRDOODFRQFRUUHQ]DGHOO¶GHOOD
VRPPDDVVLFXUDWDSHULOIDEEULFDWRFRQLOPDVVLPRGL
¼SHUXQRRSLVLQLVWULDYYHQXWLQHOORVWHV
VRDQQRDVVLFXUDWLYR
,OSDJDPHQWRGHOO¶LQGHQQL]]RSHUFLDVFXQHYHQWRSUH
YLVWRGDOSUHVHQWHDUWVDUjHIIHWWXDWRFRQO¶DSSOLFD
]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDOVXF
FHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW (YHQWL JDUDQWLWL )XRULXVFLWD GL OLTXLGL
$FTXDSLRYDQD2FFOXVLRQHFRQGXWWXUH
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHULFKLDPDWRLO
FRGLFH QHOOD VFKHGD GL SROL]]D ³3DUWH %´ GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLDOIDEEULFDWRGHULYDQWLGD
DDFTXDSLRYDQDHGLVJHORLQTXDQWRO¶DFTXDVLDSHQH
WUDWDGDOWHWWRHDEELDGHWHUPLQDWRXQGDQQRDOIDE
EULFDWRDVVLFXUDWR
ERFFOXVLRQHGHOOHFRQGXWWXUHGLLPSLDQWLLGULFLLJLHQLFL
GLULVFDOGDPHQWRRFRQGL]LRQDPHQWR
/¶DVVLFXUD]LRQHQRQRSHUDQWHVHO¶RFFOXVLRQHqGH
WHUPLQDWDHVFOXVLYDPHQWHGDJUDQGLQHHGqRSHUDQ
WH OD JDUDQ]LD )HQRPHQL$WPRVIHULFL DOO¶DUW GHOOD
VH]LRQH,QFHQGLRHGDOWULGDQQLDLEHQLqHVWHVDDL
GDQQL GHULYDQWL GD DFTXD SLRYDQD LQILOWUDWD QHO IDE
EULFDWRLQVHJXLWRDGRFFOXVLRQHRWUDERFFDPHQWRGL
JURQGHSOXYLDOLRFRQGXWWXUHGLVFDULFR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQHHFRQLOPDV
VLPRGL¼SHUXQRRSLVLQLVWULDYYHQXWLQHOOR
VWHVVRDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL6SHVHGLULFHUFDHULSDUD
]LRQH
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWRLO
UHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´GHO
FRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDLQFDVRGLGDQQRLQGHQQL]]D
ELOHLQEDVHDOOHOHWWHUHDHEGHOO¶DUWGHOODSUHVHQ
WH VH]LRQH YLHQH HVWHVD DO ULPERUVR GHOOH VSHVH VR
VWHQXWHSHUGHPROLUHHULSULVWLQDUHOHSDUWLPXUDULHGHO
IDEEULFDWRDVVLFXUDWRDOORVFRSRGLULFHUFDUHODURWWXUD
GHJOLLPSLDQWLLGULFLLJLHQLFLGLULVFDOGDPHQWRRFRQGL
]LRQDPHQWRFRPSUHVLFDQDOLGLJURQGDHSOXYLDOLGL
SHUWLQHQ]DGHOIDEEULFDWRVWHVVRQRQFKpSHUULSULVWLQD
UHRVRVWLWXLUHOHFRQGXWWXUHHUHODWLYLUDFFRUGLQHLTXDOL
KDDYXWRRULJLQHODURWWXUDDFFLGHQWDOH
4XDORUDDVHJXLWRGHOULSULVWLQRGHOOHSDUWLPXUDULHGHO
IDEEULFDWRQRQIRVVHURUHSHULELOLPDWHULDOLGLULYHVWLPHQ
WR GL SDYLPHQWL HR SDUHWL FRQIRUPL D TXHOOL RULJLQDULD
PHQWHLQVWDOODWLOD6RFLHWjFRUULVSRQGHUjFRPXQTXHXQ
VXSSOHPHQWRQRQVXSHULRUHDOGHOOHVSHVHOLTXLGD
WHDWHUPLQLGLSROL]]DIHUPLLPDVVLPLVRWWRLQGLFDWL
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYR DUW GHOOD SUHVHQWH VH]LRQH H ILQR DOOD
6(=,21('$11,'$$&48$('$/75,/,48,',
GL
FRQFRUUHQ]DGHOGHOODVRPPDDVVLFXUDWDSHULOIDE
EULFDWR FRQ LO PDVVLPR GL ¼ SHU VLQLVWUR H GL
¼SHUDQQRDVVLFXUDWLYR
/DJDUDQ]LDDVVLFXUDWLYDqLQROWUHHVWHVDDOULPERUVRGHO
OHVSHVHVRVWHQXWHSHUODULFHUFDHULSDUD]LRQHLQFDVR
GLGLVSHUVLRQHGLJDVDFFHUWDWDGDOO¶D]LHQGDGLGLVWULEX
]LRQH H FRPSRUWDQWH LO EORFFR GHOO¶HURJD]LRQH UHODWLYD
DJOLLPSLDQWLGLGLVWULEX]LRQHGLSHUWLQHQ]DGHOIDEEULFDWR
DVVLFXUDWRHSRVWLDOVHUYL]LRGHOORVWHVVRQRQFKpTXHOOH
VRVWHQXWH SHU OD ULSDUD]LRQH R OD VRVWLWX]LRQH GHOOH WX
ED]LRQL H UHODWLYL UDFFRUGL FKH KDQQR GDWR RULJLQH DOOD
GLVSHUVLRQHFRPSUHVHTXHOOHVWUHWWDPHQWHFRQQHVVHH
QHFHVVDULHSHUGHPROLUHHULSULVWLQDUHSDUWLGHOIDEEULFD
WR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQH GHOOD IUDQFKLJLD VHFRQGR TXDQWR SUHYLVWR DO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQHHILQRDOODFRQ
FRUUHQ]DGL¼SHUVLQLVWURHGDQQRDVVLFXUDWLYR
$UW(YHQWLJDUDQWLWL5HVSRQVDELOLWjFLYLOHGD
VSDUJLPHQWR G¶DFTXD GHULYDQWH GDOOD FRQGX]LRQH
GHOOHXQLWjLPPRELOLDUL
JDUDQ]LDIDFROWDWLYDRSHUDQWHVRORVHFRUULVSRVWR
LOUHODWLYRSUHPLRQHOODVFKHGDGLSROL]]D³3DUWH%´
GHOFRQWUDWWR
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODUHVSRQVDELOLWjFL
YLOHGHULYDQWHDOO¶$VVLFXUDWRHRDLFRQGXWWRULGHOOHXQL
Wj LPPRELOLDUL GHO IDEEULFDWR FRPSUHVL L FRPSRQHQWL
LO QXFOHR IDPLOLDUH GHJOL VWHVVL ULVXOWDQWL GDO FHUWLILFDWR
DQDJUDILFRGL³6WDWRGLIDPLJOLD´SHUGDQQLDFFLGHQWDOL
FDJLRQDWLDWHU]LGHULYDQWLGDVSDUJLPHQWRG¶DFTXD
/DSUHVHQWHJDUDQ]LDVLULIHULVFHDWXWWHOHXQLWjLPPREL
OLDULFRVWLWXHQWLLOFRQGRPLQLRDGLELWHDFLYLOHDELWD]LRQH
HGXIILFLHVFOXVHSHUWDQWRTXHOOHDGLELWHDGXVRGLYHUVR
HVLVWHQWLQHOIDEEULFDWR
4XDORUD OD SUHVHQWH JDUDQ]LD ULVXOWL JLj DVVLFXUDWD GD
DQDORJD FRSHUWXUD VWLSXODWD GDO FRQGXWWRUH GHOOH VLQ
JROHXQLWjLPPRELOLDULODSUHVHQWHDVVLFXUD]LRQHVLLQ
WHQGH SUHVWDWD D VHFRQGR ULVFKLR H FLRq SHU OD SDUWH
GLULVDUFLPHQWRHYHQWXDOPHQWHHFFHGHQWHLOPDVVLPDOH
DVVLFXUDWR GDOO¶DOWUD VSHFL¿FD FRSHUWXUD H FRPXQTXH
QHLOLPLWLGHLPDVVLPDOLLQGLFDWLQHOODVFKHGDGLSROL]]D
³3DUWH%´GHOFRQWUDWWR
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW/LPLWLGLLQGHQQL]]RSHUGDQQLDFRVHWUR
YDQWLVLLQORFDOLLQWHUUDWLRVHPLQWHUUDWLHRDGLELWLDG
DWWLYLWjLQGXVWULDOLDUWLJLDQDOLFRPPHUFLDOLSURIHV
VLRQDOLDJULFROHRGLVHUYL]L
3HUGDQQLDFRVHGLWHU]LWURYDQWLVLLQORFDOLDGLELWLDGDW
WLYLWjLQGXVWULDOLFRPPHUFLDOLDUWLJLDQDOLSURIHVVLRQDOL
DJULFROHHRGLVHUYL]LQRQFKpSHUTXHOOHWURYDQWLVLLQ
ORFDOLLQWHUUDWLHRVHPLQWHUUDWLOD6RFLHWjULVSRQGH¿QR
GL 6(=,21('$11,'$$&48$('$/75,/,48,',
DOODFRQFRUUHQ]DGHOPDVVLPDOHGL¼
,O SDJDPHQWR GHOO¶LQGHQQL]]R VDUj HIIHWWXDWR FRQ O¶DS
SOLFD]LRQHGHOODIUDQFKLJLDVHFRQGRTXDQWRSUHYLVWRDO
VXFFHVVLYRDUWGHOODSUHVHQWHVH]LRQH
$UW3HUVRQHQRQFRQVLGHUDWH³7HU]L´
5HODWLYDPHQWHDOOHJDUDQ]LHGLFXLDJOLDUWSXQWRDH
GHOODSUHVHQWHVH]LRQHQRQVRQRFRQVLGHUDWLWHU]L
DLO FRQLXJH L JHQLWRUL L ¿JOL GHOO¶$VVLFXUDWR QRQFKp L
FRPSRQHQWLLOVXRQXFOHRIDPLOLDUHULVXOWDQWLGDOFHUWL
¿FDWRDQDJUD¿FRGL³6WDWRGLIDPLJOLD´
ETXDQGRO¶$VVLFXUDWRQRQVLDXQDSHUVRQD¿VLFDLOOH
JDOHUDSSUHVHQWDQWHLVRFLDUHVSRQVDELOLWjLOOLPLWDWD
O¶DPPLQLVWUDWRUHHOHSHUVRQHFKHVLWURYLQRFRQORUR
QHLUDSSRUWLGLFXLDOSUHFHGHQWHSXQWRD
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQLFDXVDWL
DGDXVXUDGLIHWWRGLPDWHULDOL
EGDXPLGLWjVWLOOLFLGLRLQVDOXEULWjGHLORFDOL
FGDLQ¿OWUD]LRQLGLDFTXDSLRYDQDHGLVJHORQRQFRQ
VHJXHQWLDURWWXUHGLFRQGXWWXUHVDOYRFKHVLDVWDWR
UHVRRSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
GGDWUDERFFDPHQWLHULJXUJLWLGHOODUHWHIRJQDULDQRQGL
HVFOXVLYDSHUWLQHQ]DGHOIDEEULFDWR
HGDVSDUJLPHQWRG¶DFTXDSHUURWWXUDGDJHORGLFRQ
GXWWXUH LQVWDOODWH DOO¶HVWHUQR GHOOH RSHUH HGLOL FRVWL
WXHQWLO¶LQWHURLPPRELOHDQFKHVHLQWHUUDWH
IGDJHORLQORFDOLVSURYYLVWLG¶LPSLDQWRGLULVFDOGDPHQ
WRRSSXUHFRQLPSLDQWRQRQLQIXQ]LRQHGDROWUH
RUHFRQVHFXWLYHSULPDGHOVLQLVWUR
JFRQ GROR GHOO¶$VVLFXUDWR&RQWUDHQWH R GHL FRPSR
QHQWL LO VXR QXFOHR IDPLOLDUH ULVXOWDQWL GDO FHUWL¿FDWR
DQDJUD¿FRGL³6WDWRGLIDPLJOLD´
,QROWUHODJDUDQ]LDQRQVLHVWHQGHDOULPERUVR
KGHOOHVSHVHVRVWHQXWHSHUULFHUFDUHODURWWXUDHSHUUL
SDUDUHRVRVWLWXLUHLPSLDQWLRSDUWLGLHVVLVDOYRFKHVLD
VWDWRUHVRRSHUDQWHO¶DUWGHOODSUHVHQWHVH]LRQH
$UW)UDQFKLJLH
5HVWD FRQYHQXWR FKH LO SDJDPHQWR GHOO¶LQGHQQL]]R OL
TXLGDWRD¶WHUPLQLGLSROL]]DSHURJQLVLQLVWURUHODWLYRD
FLDVFXQ HYHQWR GHOOD SUHVHQWH VH]LRQH VDUj HIIHWWXD
WRFRQGHWUD]LRQHGLXQDGHOOHVRWWRULSRUWDWHIUDQFKLJLH
RJJHWWRGLVSHFL¿FRULFKLDPRFRQUHODWLYRFRGLFHQHOOD
³3DUWH%´GHOFRQWUDWWR
DFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
EFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
FFRGIUDQFKLJLDGL¼HGLQFDVRGLDWWL
YD]LRQHDQFKHGHOO¶HYHQWRGLFXLDOO¶DUWGHOODSUH
VHQWHVH]LRQHGL¼FRPSOHVVLYH
6(=,21(/$675(
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$*/2%$/(
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
/D 6RFLHWj VL REEOLJD DG LQGHQQL]]DUH ILQR DOOD FRQ
FRUUHQ]DGHOODVRPPDLQGLFDWDQHOODVFKHGDGLSROL]]D
³3DUWH%´GHOFRQWUDWWRQRQFKpDOOHFRQGL]LRQLFKHVH
JXRQRLGDQQLPDWHULDOLHGLUHWWLDOOHODVWUHGLFULVWDOOR
PH]]RFULVWDOORYHWURFRPSUHVLJOLVSHFFKLSHUWLQHQWL
OHSDUWLFRPXQLGHOIDEEULFDWRFDXVDWLGDJOLHYHQWLJD
UDQWLWL
/¶DVVLFXUD]LRQHqSUHVWDWDD³3ULPRULVFKLRDVVROXWR´
$UW(YHQWLJDUDQWLWL
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDLGDQQLPDWHULDOLHGL
UHWWLFDXVDWLGD
DURWWXUDDFFLGHQWDOHGHWHUPLQDWDGDIDWWRLQYRORQWDULR
GHOO¶$VVLFXUDWRRGLWHU]L
EURWWXUHDYYHQXWHLQRFFDVLRQHGLIXUWRRGLWHQWDWRIXU
WR
FURWWXUHFDXVDWHGDJUDQGLQHYHQWRHTXDQWRGDHVVR
WUDVSRUWDWRHGDEEDWWXWRQRQFKpGDVRYUDFFDULFRGL
QHYH
GURWWXUHDYYHQXWHLQRFFDVLRQHGLVFLRSHULVRPPRV
VHWXPXOWLSRSRODULHGDWWLYDQGDOLFL
$UW5LVFKLHVFOXVLGDOO¶DVVLFXUD]LRQH
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHULGDQQLFDXVDWLGD
DDWWLGLJXHUUDLQVXUUH]LRQHRFFXSD]LRQHPLOLWDUHLQ
YDVLRQHWHUURULVPRVDERWDJJLR
EHVSORVLRQH R HPDQD]LRQH GL FDORUH R GL UDGLD]LRQL
SURYHQLHQWL GD WUDVPXWD]LRQL GHO QXFOHR GHOO¶DWRPR
FRPH SXUH FDXVDWL GD UDGLD]LRQL SURYRFDWH GDOO¶DF
FHOHUD]LRQHDUWL¿FLDOHGLSDUWLFHOOHDWRPLFKH
FDWWLGRORVLGHOO¶$VVLFXUDWRRGHO&RQWUDHQWH
GWHUUHPRWLPDUHPRWLHUX]LRQLYXOFDQLFKHLQRQGD]LRQL
QRQFKpSHULGDQQL
HYHUL¿FDWLVLLQRFFDVLRQHGHOO¶HVHFX]LRQHGLULSDUD]LR
QLHRODYRULLQJHQHUHDOIDEEULFDWRGDFUROORGHOIDE
EULFDWRRGLVWDFFRGLSDUWLGLHVVR
I GLVFKHJJLDWXUDRULJDWXUD
6(=,21(/$675(
GL
6(=,21(787(/$/(*$/(
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
6&(/7$*/2%$/(
1250(&+(5(*2/$12/¶$66,&85$=,21(
$UW5LVFKLRDVVLFXUDWR
$YYDOHQGRVLGL$5$*$VVLFXUD]LRQL6S$LQVHJXLWR
GHQRPLQDWD $5$* DOOD TXDOH O¶$VVLFXUDWR SXz ULYRO
JHUVLGLUHWWDPHQWHSHUODJHVWLRQHGHLVLQLVWULOD6RFLHWj
VLREEOLJDDGDVVXPHUHDSURSULRFDULFRQHLOLPLWLGHOOD
VRPPD LQGLFDWD QHOOD ³3DUWH %´ GHO FRQWUDWWR QRQFKp
DOOH FRQGL]LRQL FKH VHJXRQR O¶RQHUH GHOOH VSHVH SHU
O¶DVVLVWHQ]D JLXGL]LDOH H VWUDJLXGL]LDOH VLD FLYLOH FKH
SHQDOHFKHVLUHQGDQRQHFHVVDULHSHUODWXWHODGHLGL
ULWWLGHJOL$VVLFXUDWLLQFRQVHJXHQ]DGLXQIDWWRLQHUHQWH
DLULVFKLJDUDQWLWLSUHYLVWLQHOODJDUDQ]LDEDVH
$OODVFDGHQ]DGLRJQLDQQXDOLWjDVVLFXUDWLYDOD6RFLHWj
VLULVHUYDODIDFROWjGLDYYDOHUVLGLDOWURSDUWQHUGDQGR
QHWHPSHVWLYRDYYLVRDO&RQWUDHQWH
6RQRLQJDUDQ]LDHVFOXVLYDPHQWHOHVSHVH
DSHUO¶LQWHUYHQWRGLXQOHJDOH
ESHUO¶LQWHUYHQWRGLXQFRQVXOHQWHWHFQLFRG¶XIILFLR
FSHUO¶LQWHUYHQWRGLXQFRQVXOHQWHWHFQLFRGLSDUWH
GGLJLXVWL]LDLQFDVRGLFRQGDQQHSHQDOL
HFRQVHJXHQWL DG XQD WUDQVD]LRQH DXWRUL]]DWD GDOOD
6RFLHWjRGD$5$*
IOLTXLGDWHDOODFRQWURSDUWHLQFDVRGLVRFFRPEHQ]D
JGLDFFHUWDPHQWLVXVRJJHWWLSURSULHWjPRGDOLWjHGL
QDPLFKHGHLVLQLVWUL
KGLLQGDJLQLSHUODULFHUFDGLSURYHDGLIHVD
LSHUODUHGD]LRQHGLGHQXQFHTXHUHOHLVWDQ]HDOO¶$X
WRULWj*LXGL]LDULD
QRQFKp
OLOFRQWULEXWRXQLILFDWRSHUOHVSHVHGHJOLDWWLJLXGL]LDUL
OHJJHQƒDUW'/Qƒ
VHQRQULSHWXWRGDOODFRQWURSDUWHLQFDVRGLVRFFRP
EHQ]DGLTXHVW¶XOWLPD
$UW3HUVRQHDVVLFXUDWH
/¶DVVLFXUD]LRQHqRSHUDQWHSHULO&RQGRPLQLRQHOODSHU
VRQDGHOO¶DPPLQLVWUDWRUHROHJDOHUDSSUHVHQWDQWHQRQ
FKpSHUJOLHYHQWLGLFXLDOOHOHWWHUH$H%GHOVXFFHVVL
YRDUWGHOODSUHVHQWHVH]LRQHDQFKHSHULGLSHQGHQWL
GHO&RQGRPLQLRVWHVVR
,Q FDVR GL YHUWHQ]D WUD LO &RQGRPLQLR HG DOWUL VRJJHW
WLDVVLFXUDWLFRQODSUHVHQWHSROL]]DO¶DVVLFXUD]LRQHq
SUHVWDWDVRORDIDYRUHGHO&RQGRPLQLR
$UW'HFRUUHQ]DGHOODJDUDQ]LD
/DJDUDQ]LDqSUHVWDWDSHUOHFRQWURYHUVLHGHWHUPLQDWH
GDIDWWLYHUL¿FDWLVLQHOSHULRGRGLYDOLGLWjGHOODJDUDQ]LD
HSUHFLVDPHQWH
DGRSROHRUHGHOJLRUQRGLHIIHWWRGHOO¶DVVLFXUD]LRQH
SHULFDVLGLUHVSRQVDELOLWjH[WUDFRQWUDWWXDOHRSHUL
SURFHGLPHQWLSHQDOL
EGRSR JLRUQL GDOO¶HIIHWWR GHOO¶DVVLFXUD]LRQH SHU JOL
DOWULFDVL
,IDWWLFKHKDQQRGDWRRULJLQHDOODFRQWURYHUVLDVLLQWHQ
GRQR DYYHQXWL QHO PRPHQWR LQL]LDOH GHOOD YLROD]LRQH
GL 6(=,21(787(/$/(*$/(
GHOODQRUPDRGHOO¶LQDGHPSLPHQWR
/DJDUDQ]LDQRQYLHQHSUHVWDWDSHULVLQLVWULLQVRUJHQWL
GD IDWWL DFFRUGL FRQWUDWWL FKH DO PRPHQWR GHOO¶HIIHWWR
GHOODSROL]]DIRVVHURVWDWLJLjGLVGHWWLRODFXLUHVFLVVLR
QHULVROX]LRQHRPRGL¿FD]LRQHIRVVHURJLjVWDWHFKLH
VWHGDXQDGHOOHSDUWL
4XDORUDLOIDWWRFKHRULJLQDLOVLQLVWURVLSURWUDJJDDWWUD
YHUVRSLDWWLVXFFHVVLYLLOVLQLVWURVWHVVRVLFRQVLGHUD
DYYHQXWRQHOPRPHQWRLQFXLqVWDWRSRVWRLQHVVHUHLO
SULPRDWWR
/H YHUWHQ]H SURPRVVH GD R FRQWUR SL SHUVRQH HG
DYHQWLSHURJJHWWRGRPDQGHLGHQWLFKHRFRQQHVVHVL
FRQVLGHUDQRDWXWWLJOLHIIHWWLXQXQLFRVLQLVWUR,QFDVRGL
LPSXWD]LRQLDFDULFRGLSLSHUVRQHDVVLFXUDWHHGRYXWH
DOPHGHVLPRIDWWRLOVLQLVWURqXQLFRDWXWWLJOLHIIHWWL
$UW2SHUDWLYLWjGHOODJDUDQ]LD
/¶DVVLFXUD]LRQH YDOH SHU OH FRQWURYHUVLH GHWHUPLQDWH
GD IDWWL YHUL¿FDWLVL QHO WHUULWRULR GHOO¶8QLRQH (XURSHD
FRPSUHVD OD 6YL]]HUD DG HFFH]LRQH GHOOH HYHQWXDOL
YHUWHQ]HGLQDWXUDFRQWUDWWXDOHSHUOHTXDOLODJDUDQ]LD
qSUHVWDWDSHULVLQLVWULLQVRUWLHSURFHVVXDOPHQWHWUDW
WDWLQHOOD5HSXEEOLFD,WDOLDQDQHOOD&LWWjGHO9DWLFDQRH
QHOOD5HSXEEOLFDGL6DQ0DULQR
$UW(VFOXVLRQL
/¶DVVLFXUD]LRQHQRQqRSHUDQWHSHU
DLOSDJDPHQWRGLPXOWHDPPHQGHHVDQ]LRQLLQJHQH
UH
EJOL RQHUL ¿VFDOL EROODWXUD GRFXPHQWL VSHVH GL UHJL
VWUD]LRQHDWWL
FOHVSHVHUHODWLYHDFRQWURYHUVLHGHULYDQWLGDIDWWLGR
ORVLGHOOHSHUVRQHDVVLFXUDWH
GOHVSHVHUHODWLYHDFRQWURYHUVLHGLGLULWWRDPPLQLVWUD
WLYR¿VFDOHHWULEXWDULR
HOHFRQWURYHUVLHGHULYDQWLGDOODSURSULHWjRGDOODJXLGD
GLYHLFROLDPRWRUHLPEDUFD]LRQLRDHUHL
IOH RSHUD]LRQL GL WUDVIRUPD]LRQH HR ULVWUXWWXUD]LRQH
FRPSRUWDQWHDPSOLDPHQWRGLYROXPHGHO&RQGRPLQLR
JOHFRQWURYHUVLHLQHUHQWLDOO¶DUWGHOOR6WDWXWRGHLOD
YRUDWRUL
KOHFRQWURYHUVLHWUDSLVRJJHWWLDVVLFXUDWLFRQODSUH
VHQWHSROL]]DVDOYRTXDQWRSUHYLVWRDOO¶DUWGHOOD
SUHVHQWHVH]LRQH
LOHYLROD]LRQLFLYLOLRSHQDOLGHULYDQWLGDGHWHQ]LRQHR
LPSLHJRGLVRVWDQ]HUDGLRDWWLYHGDFRQWDPLQD]LRQH
GDLQTXLQDPHQWRGLDFTXHWHUUHQLHFROWXUH
MOHYHUWHQ]HFRQ,VWLWXWLRG(QWLGLDVVLVWHQ]DRSUHYL
GHQ]D
NOHFRQWURYHUVLHFRQOD6RFLHWj
$UW6SHVHGLDUELWUDWR
VHPSUHRSHUDQWH
4XDORUDODVROX]LRQHGHOODFRQWURYHUVLDFKHULHQWULLQJD
UDQ]LDSHUDFFRUGRVFULWWRGHOOH3DUWLVLDVWDWDGHPDQGD
WDDGXQRRSLDUELWULOD6RFLHWjULPERUVHUjDOO¶$VVLFXUD
WROHVRPPHHYHQWXDOPHQWHULPDVWHDVXRFDULFRFRQLO
PDVVLPRGL¼SHUFLDVFXQRDUELWUDWR
$UW*DUDQ]LHSUHVWDWH
/DJDUDQ]LDDVVLFXUDWLYDULJXDUGDODWXWHODGHLGLULWWLGHO
&RQGRPLQLRDVVLFXUDWRSHU
$FRQWURYHUVLH SHU GDQQL H[WUDFRQWUDWWXDOL VXELWL SHU
IDWWRLOOHFLWRGLDOWULVRJJHWWL
%GLIHVDSHQDOHSHUGHOLWWRFROSRVRRFRQWUDYYHQ]LRQH
FXLVLDVRWWRSRVWRO¶DPPLQLVWUDWRUH
&FRQWURYHUVLHQDVFHQWLGDSUHWHVHLQDGHPSLHQ]HFRQ
WUDWWXDOLSURSULHRGLFRQWURSDUWHSHUOHTXDOLLOYDORUH
LQOLWHQRQVLDLQIHULRUHD¼FKHVLDQRUHODWL
YHD
DFRQWUDWWLLQGLYLGXDOLGLODYRURFRQLGLSHQGHQWLGHO
&RQGRPLQLR
EIRUQLWXUD GL EHQL R SUHVWD]LRQL GL VHUYL]L FRPPLV
VLRQDWHHRULFHYXWHGDO&RQGRPLQLR
FYHUWHQ]HGHULYDQWLGDODYRULGLPDQXWHQ]LRQHRUGLQD
ULDHVWUDRUGLQDULDVHQ]DDPSOLDPHQWRGHLYROXPL
GUHFXSHURGHOOHTXRWHFRQGRPLQLDOL
HYHUWHQ]HFRQFRQGzPLQLRFRQGXWWRULSHUO¶LQRVVHU
YDQ]DGLQRUPHGLOHJJHRGHOUHJRODPHQWRFRQGR
PLQLDOH
6(=,21(787(/$/(*$/(
GL
1250(',/(**(5,&+,$0$7(,132/,==$
&2',&(&,9,/(
$UW&RQGL]LRQLJHQHUDOLGLFRQWUDWWR
/HFRQGL]LRQLJHQHUDOLGLFRQWUDWWRSUHGLVSRVWHGDXQR
GHLFRQWUDHQWLVRQRHIILFDFLQHLFRQIURQWLGHOO¶DOWURVHDO
PRPHQWR GHOOD FRQFOXVLRQH GHO FRQWUDWWR TXHVWL OH KD
FRQRVFLXWH R DYUHEEH GRYXWR FRQRVFHUOH XVDQGR O¶RU
GLQDULDGLOLJHQ]D
,QRJQLFDVRQRQKDQQRHIIHWWRVHQRQVRQRVSHFLILFD
PHQWHDSSURYDWHSHULVFULWWROHFRQGL]LRQLFKHVWDELOL
VFRQRDIDYRUHGLFROXLFKHOHKDSUHGLVSRVWHOLPLWD
]LRQLGLUHVSRQVDELOLWjIDFROWjGLUHFHGHUHGDOFRQWUDWWR
R GL VRVSHQGHUQH O¶HVHFX]LRQH RYYHUR VDQFLVFRQR D
FDULFRGHOO¶DOWUR&RQWUDHQWHGHFDGHQ]HOLPLWD]LRQLDOOD
IDFROWjGLRSSRUUHHFFH]LRQLUHVWUL]LRQLDOODOLEHUWjFRQ
WUDWWXDOHQHLUDSSRUWLFRLWHU]LWDFLWDSURURJDRULQQRYD
]LRQH GHO FRQWUDWWR FODXVROH FRPSURPLVVRULH R GHUR
JKHDOODFRPSHWHQ]DGHOO¶DXWRULWjJLXGL]LDULD
$UW &RQWUDWWRFRQFOXVRPHGLDQWHPRGXOLR
IRUPXODUL
1HLFRQWUDWWLFRQFOXVLPHGLDQWHODVRWWRVFUL]LRQHGLPR
GXOLRIRUPXODULSUHGLVSRVWLSHUGLVFLSOLQDUHLQPDQLHUD
XQLIRUPH GHWHUPLQDWL UDSSRUWL FRQWUDWWXDOL OH FODXVROH
DJJLXQWHDOPRGXORRDOIRUPXODULRSUHYDOJRQRVXTXHO
OHGHOPRGXORRGHOIRUPXODULRTXDORUDVLDQRLQFRPSD
WLELOLFRQHVVHDQFKHVHTXHVWHXOWLPHQRQVRQRVWDWH
FDQFHOODWH
6LRVVHUYDLQROWUHODGLVSRVL]LRQHGHOVHFRQGRFRPPD
GHOO¶DUWLFRORSUHFHGHQWH
$UW 'LFKLDUD]LRQL LQHVDWWH H UHWLFHQ]H FRQ
GRORRFROSDJUDYH
/HGLFKLDUD]LRQLLQHVDWWHHOHUHWLFHQ]HGHO&RQWUDHQWH
UHODWLYHDFLUFRVWDQ]HWDOLFKHO¶DVVLFXUDWRUHQRQDYUHE
EHGDWRLOVXRFRQVHQVRRQRQORDYUHEEHGDWRDOOHPH
GHVLPH FRQGL]LRQL VH DYHVVH FRQRVFLXWR LO YHUR VWDWR
GHOOH FRVH VRQR FDXVD GL DQQXOODPHQWR GHO FRQWUDWWR
TXDQGR LO &RQWUDHQWH KD DJLWR FRQ GROR R FRQ FROSD
JUDYH
/¶DVVLFXUDWRUHGHFDGHGDOGLULWWRG¶LPSXJQDUHLOFRQWUDWWR
VHHQWURWUHPHVLGDOJLRUQRLQFXLKDFRQRVFLXWRO¶LQHVDW
WH]]DGHOODGLFKLDUD]LRQHRODUHWLFHQ]DQRQGLFKLDUDDO
&RQWUDHQWHGLYROHUHHVHUFLWDUHO¶LPSXJQD]LRQH
/¶DVVLFXUDWRUH KD GLULWWR DL SUHPL UHODWLYL DO SHULRGR GL
DVVLFXUD]LRQHLQFRUVRDOPRPHQWRLQFXLKDGRPDQGD
WRO¶DQQXOODPHQWRHLQRJQLFDVRDOSUHPLRFRQYHQXWR
SHULOSULPRDQQR6HLOVLQLVWURVLYHULILFDSULPDFKHVLD
GHFRUVRLOWHUPLQHLQGLFDWRGDOFRPPDSUHFHGHQWHHJOL
QRQqWHQXWRDSDJDUHODVRPPDDVVLFXUDWD
6HO¶DVVLFXUD]LRQHULJXDUGDSLSHUVRQHRSLFRVHLO
FRQWUDWWRqYDOLGRSHUTXHOOHSHUVRQHRSHUTXHOOHFRVH
DOOHTXDOLQRQVLULIHULVFHODGLFKLDUD]LRQHLQHVDWWDROD
UHWLFHQ]D
$UW'LFKLDUD]LRQLLQHVDWWHHUHWLFHQ]HVHQ]D
GRORRFROSDJUDYH
6H LO &RQWUDHQWH KD DJLWR VHQ]D GROR R FROSD JUDYH
OH GLFKLDUD]LRQL LQHVDWWH H OH UHWLFHQ]H QRQ VRQR FDX
VDGLDQQXOODPHQWRGHOFRQWUDWWRPDO¶DVVLFXUDWRUHSXz
GL 1250(',/(**(5,&+,$0$7(,132/,==$
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
UHFHGHUHGDOFRQWUDWWRVWHVVRPHGLDQWHGLFKLDUD]LRQH
GDIDUVLDOO¶$VVLFXUDWRQHLWUHPHVLGDOJLRUQRLQFXLKD
FRQRVFLXWR O¶LQHVDWWH]]D GHOOD GLFKLDUD]LRQH R OD UHWL
FHQ]D
6H LO VLQLVWUR VL YHULILFD SULPD FKH O¶LQHVDWWH]]D GHOOD
GLFKLDUD]LRQHRODUHWLFHQ]DVLDFRQRVFLXWDGDOO¶DVVLFX
UDWRUHRSULPDFKHTXHVWLDEELDGLFKLDUDWRGLUHFHGHUH
GDOFRQWUDWWRODVRPPDGRYXWDqULGRWWDLQSURSRU]LRQH
GHOOD GLIIHUHQ]D WUD LO SUHPLR FRQYHQXWR H TXHOOR FKH
VDUHEEHVWDWRDSSOLFDWRVHVLIRVVHFRQRVFLXWRLOYHUR
VWDWRGHOOHFRVH
$UW $VVLFXUD]LRQH LQ QRPH R SHU FRQWR GL
WHU]L
1HOOHDVVLFXUD]LRQLLQQRPHRSHUFRQWRGLWHU]LVHTXH
VWL KDQQR FRQRVFHQ]D GHOO¶LQHVDWWH]]D GHOOH GLFKLDUD
]LRQL R GHOOH UHWLFHQ]H UHODWLYH DO ULVFKLR VL DSSOLFDQR
D IDYRUH GHOO¶DVVLFXUDWRUH OH GLVSRVL]LRQL GHJOL DUWLFROL
H
$UW'LPLQX]LRQHGHOULVFKLR
6HLO&RQWUDHQWHFRPXQLFDDOO¶DVVLFXUDWRUHPXWDPHQWL
FKH SURGXFRQR XQD GLPLQX]LRQH GHO ULVFKLR WDOH FKH
VH IRVVH VWDWD FRQRVFLXWD DO PRPHQWR GHOOD FRQFOX
VLRQH GHO FRQWUDWWR DYUHEEH SRUWDWR DOOD VWLSXOD]LRQH
GL XQ SUHPLR PLQRUH O¶DVVLFXUDWRUH D GHFRUUHUH GDOOD
VFDGHQ]DGHOSUHPLRRGHOODUDWDGLSUHPLRVXFFHVVLYD
DOOD FRPXQLFD]LRQH VXGGHWWD QRQ SXz HVLJHUH FKH LO
PLQRUSUHPLRPDKDIDFROWjGLUHFHGHUHGDOFRQWUDWWR
HQWURGXHPHVLGDOJLRUQRLQFXLqVWDWDIDWWDODFRPX
QLFD]LRQH
/D GLFKLDUD]LRQH GL UHFHVVR GDO FRQWUDWWR KD HIIHWWR
GRSRXQPHVH
$UW$JJUDYDPHQWRGHOULVFKLR
,O &RQWUDHQWH KD O¶REEOLJR GL GDUH LPPHGLDWR DYYLVR
DOO¶DVVLFXUDWRUHGHLPXWDPHQWLFKHDJJUDYDQRLOULVFKLR
LQPRGRWDOHFKHVHLOQXRYRVWDWRGLFRVHIRVVHHVLVWLWR
H IRVVH VWDWR FRQRVFLXWR GDOO¶DVVLFXUDWRUH DO PRPHQ
WR GHOOD FRQFOXVLRQH GHO FRQWUDWWR O¶DVVLFXUDWRUH QRQ
DYUHEEHFRQVHQWLWRO¶DVVLFXUD]LRQHRO¶DYUHEEHFRQVHQ
WLWDSHUXQSUHPLRSLHOHYDWR
/¶DVVLFXUDWRUHSXzUHFHGHUHGDOFRQWUDWWRGDQGRQHFR
PXQLFD]LRQH SHU LVFULWWR DOO¶$VVLFXUDWR HQWUR XQ PHVH
GDOJLRUQRLQFXLKDULFHYXWRO¶DYYLVRRKDDYXWRLQDOWUR
PRGRFRQRVFHQ]DGHOO¶DJJUDYDPHQWRGHOULVFKLR
,OUHFHVVRGHOO¶DVVLFXUDWRUHKDHIIHWWRLPPHGLDWRVHO¶DJ
JUDYDPHQWRqWDOHFKHO¶DVVLFXUDWRUHQRQDYUHEEHFRQ
VHQWLWRO¶DVVLFXUD]LRQHKDHIIHWWRGRSRTXLQGLFLJLRUQL
VHO¶DJJUDYDPHQWRGHOULVFKLRqWDOHFKHSHUO¶DVVLFXUD
]LRQHVDUHEEHVWDWRULFKLHVWRXQSUHPLRPDJJLRUH
6SHWWDQR DOO¶DVVLFXUDWRUH L SUHPL UHODWLYL DO SHULRGR GL
DVVLFXUD]LRQHLQFRUVRDOPRPHQWRLQFXLqFRPXQLFDWD
ODGLFKLDUD]LRQHGLUHFHVVR
6HLOVLQLVWURVLYHULILFDSULPDFKHVLDQRWUDVFRUVLLWHU
PLQLSHUODFRPXQLFD]LRQHHSHUO¶HIILFDFLDGHOUHFHVVR
O¶DVVLFXUDWRUHQRQULVSRQGHTXDORUDO¶DJJUDYDPHQWRGHO
ULVFKLRVLDWDOHFKHHJOLQRQDYUHEEHFRQVHQWLWRODDV
VLFXUD]LRQH VH LO QXRYR VWDWR GL FRVH IRVVH HVLVWLWR DO
PRPHQWRGHOFRQWUDWWRDOWULPHQWLODVRPPDGRYXWDq
ULGRWWDWHQXWRFRQWRGHOUDSSRUWRWUDLOSUHPLRVWDELOLWR
QHO FRQWUDWWR H TXHOOR FKH VDUHEEH VWDWR ILVVDWR VH LO
PDJJLRUH ULVFKLR IRVVH HVLVWLWR DO WHPSR GHO FRQWUDWWR
VWHVVR
$UW'XUDWDGHOO¶DVVLFXUD]LRQH
/
DVVLFXUD]LRQH KD HIIHWWR GDOOH RUH YHQWLTXDWWUR GHO
JLRUQR GHOOD FRQFOXVLRQH GHO FRQWUDWWR DOOH RUH YHQWL
TXDWWURGHOO
XOWLPRJLRUQRGHOODGXUDWDVWDELOLWDQHOFRQ
WUDWWRVWHVVR/
DVVLFXUDWRUHLQDOWHUQDWLYDDGXQDFR
SHUWXUDGLGXUDWDDQQXDOHSXzSURSRUUHXQDFRSHUWXUD
GLGXUDWDSROLHQQDOHDIURQWHGLXQDULGX]LRQHGHOSUH
PLR ULVSHWWR D TXHOOR SUHYLVWR SHU OD VWHVVD FRSHUWXUD
GDOFRQWUDWWRDQQXDOH,QTXHVWRFDVRVHLOFRQWUDWWRVX
SHUDLFLQTXHDQQLO
$VVLFXUDWRWUDVFRUVRLOTXLQTXLHQ
QLRKDIDFROWjGLUHFHGHUHGDOFRQWUDWWRFRQSUHDYYLVR
GLVHVVDQWDJLRUQLHFRQHIIHWWRGDOODILQHGHOO
DQQXDOLWj
QHOFRUVRGHOODTXDOHODIDFROWjGLUHFHVVRqVWDWDHVHU
FLWDWD
,OFRQWUDWWRSXzHVVHUHWDFLWDPHQWHSURURJDWRXQDRSL
YROWHPDFLDVFXQD SURURJD WDFLWDQRQ SXz DYHUH XQD
GXUDWDVXSHULRUHDGXHDQQLDWW
/H QRUPH GHO SUHVHQWH DUWLFROR QRQ VL DSSOLFDQR DOOH
DVVLFXUD]LRQLVXOODYLWDHVHJXHQWL
$UW0DQFDWRSDJDPHQWRGHOSUHPLR
6HLO&RQWUDHQWHQRQSDJDLOSUHPLRRODSULPDUDWDGL
SUHPLRVWDELOLWDGDOFRQWUDWWRO¶DVVLFXUD]LRQHUHVWDVR
VSHVDILQRDOOHRUHYHQWLTXDWWURGHOJLRUQRLQFXLLO&RQ
WUDHQWHSDJDTXDQWRqGDOXLGRYXWR
6HDOOHVFDGHQ]HFRQYHQXWHLO&RQWUDHQWHQRQSDJDL
SUHPL VXFFHVVLYL O¶DVVLFXUD]LRQH UHVWD VRVSHVD GDOOH
RUH YHQWLTXDWWUR GHO TXLQGLFHVLPR JLRUQR GRSR TXHOOR
GHOODVFDGHQ]D
1HOOHLSRWHVLSUHYLVWHGDLGXHFRPPLSUHFHGHQWLLOFRQ
WUDWWRqULVROXWRGLGLULWWRVHO¶DVVLFXUDWRUHQHOWHUPLQHGL
VHLPHVLGDOJLRUQRLQFXLLOSUHPLRRODUDWDVRQRVFDGX
WLQRQDJLVFHSHUODULVFRVVLRQHO¶DVVLFXUDWRUHKDGLULWWR
VROWDQWRDOSDJDPHQWRGHOSUHPLRUHODWLYRDOSHULRGRGL
DVVLFXUD]LRQHLQFRUVRHDOULPERUVRGHOOHVSHVH
/D SUHVHQWH QRUPD QRQ VL DSSOLFD DOOH DVVLFXUD]LRQL
VXOODYLWD
$UW$VVLFXUD]LRQHSDU]LDOH
6H O¶DVVLFXUD]LRQH FRSUH VROR XQD SDUWH GHO YDORUH
FKH OD FRVD DVVLFXUDWD DYHYD QHO WHPSR GHO VLQLVWUR
O¶DVVLFXUDWRUH ULVSRQGH GHL GDQQL LQ SURSRU]LRQH GHO
ODSDUWHVXGGHWWDDPHQRFKHQRQVLDGLYHUVDPHQWH
FRQYHQXWR
$UW$VVLFXUD]LRQHSUHVVRGLYHUVLDVVLFXUD
WRUL
6H SHU LO PHGHVLPR ULVFKLR VRQR FRQWUDWWH VHSDUDWD
PHQWH SL DVVLFXUD]LRQL SUHVVR GLYHUVL DVVLFXUDWRUL
O¶$VVLFXUDWRGHYHGDUHDYYLVRGLWXWWHOHDVVLFXUD]LRQLD
FLDVFXQDVVLFXUDWRUH
6HO¶$VVLFXUDWRRPHWWHGRORVDPHQWHGLGDUHO¶DYYLVRJOL
DVVLFXUDWRULQRQVRQRWHQXWLDSDJDUHO¶LQGHQQLWj
1HO FDVR GL VLQLVWUR O¶$VVLFXUDWR GHYH GDUQH DYYLVR D
WXWWLJOLDVVLFXUDWRULDQRUPDGHOO¶DUWLFRORLQGLFDQ
GRDFLDVFXQRLOQRPHGHJOLDOWUL/¶$VVLFXUDWRSXzFKLH
GHUHDFLDVFXQDVVLFXUDWRUHO¶LQGHQQLWjGRYXWDVHFRQGR
LO ULVSHWWLYR FRQWUDWWR SXUFKp OH VRPPH FRPSOHVVLYD
PHQWHULVFRVVHQRQVXSHULQRO¶DPPRQWDUHGHOGDQQR
/¶DVVLFXUDWRUHFKHKDSDJDWRKDGLULWWRGLUHJUHVVRFRQ
WURJOL DOWUL SHU OD ULSDUWL]LRQH SURSRU]LRQDOH LQ UDJLRQH
GHOOHLQGHQQLWjGRYXWHVHFRQGRLULVSHWWLYLFRQWUDWWL
6HXQDVVLFXUDWRUHqLQVROYHQWHODVXDTXRWDYLHQHUL
SDUWLWDIUDJOLDOWULDVVLFXUDWRUL
$UW $YYLVR DOO¶DVVLFXUDWRUH LQ FDVR GL VLQL
VWUR
/¶$VVLFXUDWR GHYH GDUH DYYLVR GHO VLQLVWUR DOO¶DVVLFXUD
WRUH R DOO¶DJHQWH DXWRUL]]DWR D FRQFOXGHUH LO FRQWUDWWR
HQWURWUHJLRUQLGDTXHOORLQFXLLOVLQLVWURVLqYHULILFDWR
RO¶$VVLFXUDWRQHKDDYXWRFRQRVFHQ]D1RQqQHFHVVD
ULRO¶DYYLVRVHO¶DVVLFXUDWRUHRO¶DJHQWHDXWRUL]]DWRDOOD
FRQFOXVLRQHGHOFRQWUDWWRLQWHUYLHQHHQWURLOGHWWRWHUPL
QHDOOHRSHUD]LRQLGLVDOYDWDJJLRRGLFRQVWDWD]LRQHGHO
VLQLVWUR
1HOOH DVVLFXUD]LRQL FRQWUR OD PRUWDOLWj GHO EHVWLDPH
O¶DYYLVRVDOYRSDWWRFRQWUDULRGHYHHVVHUHGDWRHQWUR
YHQWLTXDWWURRUH
$UW2EEOLJRGLVDOYDWDJJLR
/¶$VVLFXUDWRGHYHIDUHTXDQWRJOLqSRVVLELOHSHUHYLWDUH
RGLPLQXLUHLOGDQQR
/HVSHVHIDWWHDTXHVWRVFRSRGDOO¶$VVLFXUDWRVRQRD
FDULFR GHOO¶DVVLFXUDWRUH LQ SURSRU]LRQH GHO YDORUH DV
VLFXUDWRULVSHWWRDTXHOORFKHODFRVDDYHYDQHOWHPSR
GHOVLQLVWURDQFKHVHLOORURDPPRQWDUHXQLWDPHQWHD
TXHOORGHOGDQQRVXSHUDODVRPPDDVVLFXUDWDHDQFKH
VHQRQVLqUDJJLXQWRORVFRSRVDOYRFKHO¶DVVLFXUDWRUH
SURYLFKHOHVSHVHVRQRVWDWHIDWWHLQFRQVLGHUDWDPHQWH
/¶DVVLFXUDWRUH ULVSRQGH GHL GDQQL PDWHULDOL GLUHWWD
PHQWH GHULYDWL DOOH FRVH DVVLFXUDWH GDL PH]]L DGRSH
UDWL GDOO¶$VVLFXUDWR SHU HYLWDUH R GLPLQXLUH L GDQQL GHO
VLQLVWUR VDOYR FKH HJOL SURYL FKH WDOL PH]]L VRQR VWDWL
DGRSHUDWLLQFRQVLGHUDWDPHQWH
/¶LQWHUYHQWR GHOO¶DVVLFXUDWRUH SHU LO VDOYDWDJJLR GHOOH
FRVH DVVLFXUDWH H SHU OD ORUR FRQVHUYD]LRQH QRQ SUH
JLXGLFDLVXRLGLULWWL
/¶DVVLFXUDWRUH FKH LQWHUYLHQH DO VDOYDWDJJLR GHYH VH
ULFKLHVWRGDOO¶$VVLFXUDWRDQWLFLSDUQHOHVSHVHRFRQFRU
UHUHLQSURSRU]LRQHGHOYDORUHDVVLFXUDWR
$UW,QDGHPSLPHQWRGHOO¶REEOLJRGLDYYLVRR
GLVDOYDWDJJLR
/¶$VVLFXUDWR FKH GRORVDPHQWH QRQ DGHPSLH O¶REEOLJR
GHOO¶DYYLVRRGHOVDOYDWDJJLRSHUGHLOGLULWWRDOO¶LQGHQQLWj
6HO¶$VVLFXUDWRRPHWWHFROSRVDPHQWHGLDGHPSLHUHWDOH
REEOLJRO¶DVVLFXUDWRUHKDGLULWWRGLULGXUUHO¶LQGHQQLWjLQ
UDJLRQHGHOSUHJLXGL]LRVRIIHUWR
$UW$VVLFXUD]LRQHGHOODUHVSRQVDELOLWjFLYLOH
1HOO¶DVVLFXUD]LRQHGHOODUHVSRQVDELOLWjFLYLOHO¶DVVLFXUD
WRUHqREEOLJDWRDWHQHUHLQGHQQHO¶$VVLFXUDWRGLTXDQ
WRTXHVWLLQFRQVHJXHQ]DGHOIDWWRDFFDGXWRGXUDQWHLO
WHPSR GHOO¶DVVLFXUD]LRQH GHYH SDJDUH D XQ WHU]R LQ
GLSHQGHQ]DGHOODUHVSRQVDELOLWjGHGRWWDQHOFRQWUDWWR
1250(',/(**(5,&+,$0$7(,132/,==$
GL
6RQRHVFOXVLLGDQQLGHULYDQWLGDIDWWLGRORVL
/¶DVVLFXUDWRUHKDIDFROWjSUHYLDFRPXQLFD]LRQHDOO¶$V
VLFXUDWR GL SDJDUH GLUHWWDPHQWH DO WHU]R GDQQHJJLDWR
O¶LQGHQQLWjGRYXWDHGqREEOLJDWRDOSDJDPHQWRGLUHWWR
VHO¶$VVLFXUDWRORULFKLHGH
/HVSHVHVRVWHQXWHSHUUHVLVWHUHDOO¶D]LRQHGHOGDQQHJ
JLDWRFRQWURO¶$VVLFXUDWRVRQRDFDULFRGHOO¶DVVLFXUDWRUH
QHLOLPLWLGHOTXDUWRGHOODVRPPDDVVLFXUDWD7XWWDYLD
QHO FDVR FKH VLD GRYXWD DO GDQQHJJLDWR XQD VRPPD
VXSHULRUHDOFDSLWDOHDVVLFXUDWROHVSHVHJLXGL]LDOLVLUL
SDUWLVFRQRWUDDVVLFXUDWRUHH$VVLFXUDWRLQSURSRU]LRQH
GHOULVSHWWLYRLQWHUHVVH
/¶$VVLFXUDWRFRQYHQXWRGDOGDQQHJJLDWRSXzFKLDPD
UHLQFDXVDO¶DVVLFXUDWRUH
$UW 5HVSRQVDELOLWj GHL SDGURQL H GHL FRP
PLWWHQWL
,SDGURQLHLFRPPLWWHQWLVRQRUHVSRQVDELOLSHULGDQQL
DUUHFDWLGDOIDWWRLOOHFLWRGHLORURGRPHVWLFLHFRPPHVVL
QHOO¶HVHUFL]LRGHOOHLQFRPEHQ]HDFXLVRQRDGLELWL
$UW6RFLHWjFRQWUROODWHHVRFLHWjFROOHJDWH
6RQRFRQVLGHUDWHVRFLHWjFRQWUROODWH
OHVRFLHWjLQFXLXQ¶DOWUDVRFLHWjGLVSRQHGHOODPDJ
JLRUDQ]DGHLYRWLHVHUFLWDELOLQHOO¶DVVHPEOHDRUGLQD
ULD
OH VRFLHWj LQ FXL XQ¶DOWUD VRFLHWj GLVSRQH GL YRWL
VXIILFLHQWL SHU HVHUFLWDUH XQ¶LQIOXHQ]D GRPLQDQWH
QHOO¶DVVHPEOHDRUGLQDULD
OHVRFLHWjFKHVRQRVRWWRLQIOXHQ]DGRPLQDQWHGL
XQ¶DOWUD VRFLHWj LQ YLUW¶ GL SDUWLFRODUL YLQFROL FRQ
WUDWWXDOLFRQHVVD
$L ILQL GHOO¶DSSOLFD]LRQH GHL QXPHUL H GHO SULPR
FRPPD VL FRPSXWDQR DQFKH L YRWL VSHWWDQWL D VRFLHWj
GL 1250(',/(**(5,&+,$0$7(,132/,==$
FRQWUROODWHDVRFLHWjILGXFLDULHHDSHUVRQDLQWHUSRVWD
QRQVLFRPSXWDQRLYRWLVSHWWDQWLSHUFRQWRGLWHU]L
6RQRFRQVLGHUDWHFROOHJDWHOHVRFLHWjVXOOHTXDOLXQ¶DO
WUDVRFLHWjHVHUFLWDXQ¶LQIOXHQ]DQRWHYROH/¶LQIOXHQ]DVL
SUHVXPHTXDQGRQHOO¶DVVHPEOHDRUGLQDULDSXzHVVHUH
HVHUFLWDWRDOPHQRXQTXLQWRGHLYRWLRYYHURXQGHFLPR
VHODVRFLHWjKDD]LRQLTXRWDWHLQERUVD
&2',&(3(1$/(
$UW&LUFRVWDQ]HDJJUDYDQWL
/DOHVLRQHSHUVRQDOHqJUDYHHVLDSSOLFDODUHFOXVLRQH
GDWUHDVHWWHDQQL
VHGDOIDWWRGHULYDXQDPDODWWLDFKHPHWWDLQSHULFROR
OD YLWD GHOOD SHUVRQD RIIHVD RYYHUR XQD PDODWWLD R
XQ¶LQFDSDFLWjGLDWWHQGHUHDOOHRUGLQDULHRFFXSD]LRQL
SHUXQWHPSRVXSHULRUHDLTXDUDQWDJLRUQL
VHLOIDWWRSURGXFHO¶LQGHEROLPHQWRSHUPDQHQWHGLXQ
VHQVRRGLXQRUJDQR
/DOHVLRQHSHUVRQDOHqJUDYLVVLPDHVLDSSOLFDODUHFOX
VLRQHGDVHLDGRGLFLDQQLVHGDOIDWWRGHULYD
XQDPDODWWLDFHUWDPHQWHRSUREDELOPHQWHLQVDQDELOH
ODSHUGLWDGLXQVHQVR
OD SHUGLWD GL XQ DUWR R XQD PXWLOD]LRQH FKH UHQGD
O¶DUWRLQVHUYLELOHRYYHURODSHUGLWDGHOO¶XVRGLXQRU
JDQRRGHOODFDSDFLWjGLSURFUHDUHRYYHURXQDSHU
PDQHQWHHJUDYHGLIILFROWjGHOODIDYHOOD
OD GHIRUPD]LRQH RYYHUR OR VIUHJLR SHUPDQHQWH GHO
YLVR
(GL]LRQH
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
,1)250$7,9$35,9$&<
GL
,1)250$7,9$35,9$&<
,QIRUPDWLYD DO &OLHQWH VXOO¶XVR GHL 6XRL GDWL H VXL
6XRLGLULWWL
$UW'/JV&RGLFHLQPDWHULDGLSURWH]LR
QHGHLGDWLSHUVRQDOL
*HQWLOH&OLHQWHSHUIRUQLU/HLSURGRWWLHRLVHUYL]LDV
VLFXUDWLYL ULFKLHVWL R SUHYLVWL LQ 6XR IDYRUH GREELDPR
UDFFRJOLHUHHGXWLOL]]DUHDOFXQLGDWLFKH/DULJXDUGDQR
4XDOLGDWLUDFFRJOLDPR
6LWUDWWDGLGDWLFRPHDGHVHPSLRQRPHFRJQRPH
UHVLGHQ]D GDWD H OXRJR GL QDVFLWD SURIHVVLRQH UH
FDSLWR WHOHIRQLFR ¿VVR H PRELOH H LQGLUL]]R GL SRVWD
HOHWWURQLFDFKH/HLVWHVVRRGDOWULVRJJHWWLFLIRUQLWH
,O FRQIHULPHQWR GL TXHVWL GDWL q LQ JHQHUH QHFHVVDULR
SHU LO ULODVFLR GHOOD SROL]]D H OD JHVWLRQH GHOO¶DWWLYLWj
DVVLFXUDWLYD H LQ DOFXQL FDVL REEOLJDWRULR SHU OHJJH
RGLQEDVHDOOHGLVSRVL]LRQLLPSDUWLWHGDOOHDXWRULWjGL
YLJLODQ]D GL VHWWRUH ,Q DVVHQ]D GL WDOL GDWL QRQ VD
UHPPRLQJUDGRGLIRUQLU/HFRUUHWWDPHQWHOHSUHVWD]LR
QLULFKLHVWHLOULODVFLRIDFROWDWLYRGLDOFXQLGDWLXOWHULRUL
UHODWLYLD6XRLUHFDSLWLSXzLQROWUHULVXOWDUHXWLOHSHU
DJHYRODUHO¶LQYLRGLDYYLVLHFRPXQLFD]LRQLGLVHUYL]LR
3HUFKp/HFKLHGLDPRLGDWL
/DQRVWUD6RFLHWjXWLOL]]HUj,6XRLGDWLSHU¿QDOLWjVWUHW
WDPHQWH FRQQHVVH DOO¶DWWLYLWj DVVLFXUDWLYD H DL VHUYL]L
IRUQLWL QRQFKp DL FRQQHVVL DGHPSLPHQWL QRUPDWLYL
RYH QHFHVVDULR SRWUDQQR HVVHUH DFTXLVLWL HG XWLOL]]DWL
GDDOWUHVRFLHWjGHOQRVWUR*UXSSRHVDUDQQRLQVHULWL
LQXQDUFKLYLRFOLHQWLGL*UXSSR
,6XRLGDWLSRWUDQQRHVVHUHFRPXQLFDWLVRORDLVRJJHWWL
SXEEOLFL R SULYDWL HVWHUQL DOOD QRVWUD 6RFLHWj FRLQYROWL
QHOODSUHVWD]LRQHGHLVHUYL]LDVVLFXUDWLYLFKH/DULJXDU
GDQR RG LQ RSHUD]LRQL QHFHVVDULH SHU O¶DGHPSLPHQWR
GHJOLREEOLJKLFRQQHVVLDOO¶DWWLYLWjDVVLFXUDWLYD
&RPHWUDWWLDPRL6XRLGDWL
,6XRLGDWLQRQVDUDQQRVRJJHWWLDGLIIXVLRQHVDUDQQR
WUDWWDWLFRQLGRQHHPRGDOLWjHSURFHGXUHDQFKHLQIRU
PDWLFKH H WHOHPDWLFKH VROR GDO SHUVRQDOH LQFDULFDWR
GHOOHVWUXWWXUHGHOODQRVWUD6RFLHWjSUHSRVWHDOODIRUQL
WXUDGHLSURGRWWLHVHUYL]LDVVLFXUDWLYLFKH/DULJXDUGDQR
H GD VRJJHWWL HVWHUQL GL QRVWUD ¿GXFLD D FXL DI¿GLDPR
DOFXQLFRPSLWLGLQDWXUDWHFQLFDRGRUJDQL]]DWLYD
4XDOLVRQRL6XRLGLULWWL
/DQRUPDWLYDVXOODSULYDF\DUWW'/JV
/HJDUDQWLVFHLOGLULWWRDGDFFHGHUHLQRJQLPRPHQWRDL
GDWLFKH/DULJXDUGDQRDULFKLHGHUQHO¶DJJLRUQDPHQWR
O¶LQWHJUD]LRQHODUHWWL¿FDRQHOFDVRLGDWLVLDQRWUDWWDWL
LQYLROD]LRQHGLOHJJHODFDQFHOOD]LRQH
7LWRODULGHOWUDWWDPHQWRGHL6XRLGDWLVRQR8QLSRO$VVLFX
UD]LRQL 6S$ ZZZXQLSRODVVLFXUD]LRQLLW H 8QLSRO
*UXSSR )LQDQ]LDULR 6S$ZZZXQLSROLWHQWUDPEH
FRQVHGHLQ9LD6WDOLQJUDGR±%RORJQD
GL ,1)250$7,9$35,9$&<
)DVFLFROR,QIRUPDWLYR&RQWUDWWRGLDVVLFXUD]LRQH
*OREDOHGHO)DEEULFDWR&LYLOH
3HURJQLHYHQWXDOHGXEELRRFKLDULPHQWRQRQFKpSHUFR
QRVFHUHO¶HOHQFRDJJLRUQDWRGHOOHFDWHJRULHGLVRJJHWWL
DLTXDOLFRPXQLFKLDPRLGDWLHO¶HOHQFRGHL5HVSRQVDELOL
SRWUjFRQVXOWDUHLOVLWRZZZXQLSRODVVLFXUD]LRQLLWR
ULYROJHUVLDO5HVSRQVDELOHSHULOULVFRQWURDJOLLQWHUHVVD
WLSUHVVR8QLSRO$VVLFXUD]LRQL6S$DOUHFDSLWRVRSUD
LQGLFDWR±HPDLOSULYDF\#XQLSRODVVLFXUD]LRQLLW
±127(±
$GHVHPSLRFRQWUDHQWLGLDVVLFXUD]LRQLLQFXL/HLULVXOWLDVVLFXUDWR
R EHQH¿FLDULR HYHQWXDOL FRREEOLJDWL DOWUL RSHUDWRUL DVVLFXUDWLYL
TXDOLDJHQWLEURNHUGLDVVLFXUD]LRQHLPSUHVHGLDVVLFXUD]LRQH
HFFVRJJHWWLDLTXDOLSHUVRGGLVIDUHOHVXHULFKLHVWHDGHVGL
ULODVFLRRGLULQQRYRGLXQDFRSHUWXUDGLOLTXLGD]LRQHGLXQVLQLVWUR
HFFULFKLHGLDPRLQIRUPD]LRQLFRPPHUFLDOLRUJDQLVPLDVVRFLDWLYL
HFRQVRUWLOLSURSULGHOVHWWRUHDVVLFXUDWLYRDOWULVRJJHWWLSXEEOLFL
&RPH DG HVHPSLR JOL DGHPSLPHQWL LQ PDWHULD GL DFFHUWDPHQWL
¿VFDOLFRQOHUHODWLYHFRPXQLFD]LRQLDOO¶$PPLQLVWUD]LRQH¿QDQ]LDULD
$GHVHPSLRSHUSUHGLVSRUUHRVWLSXODUHSROL]]HDVVLFXUDWLYHSHU
ODUDFFROWDGHLSUHPLODOLTXLGD]LRQHGHLVLQLVWULRLOSDJDPHQWRGL
DOWUH SUHVWD]LRQL SHU ULDVVLFXUD]LRQH H FRDVVLFXUD]LRQH SHU OD
SUHYHQ]LRQHHO¶LQGLYLGXD]LRQHGLFRQFHUWRFRQOHDOWUHFRPSDJQLH
GHO *UXSSR GHOOH IURGL DVVLFXUDWLYH H UHODWLYH D]LRQL OHJDOL SHU
OD FRVWLWX]LRQH O¶HVHUFL]LR H OD GLIHVD GL GLULWWL GHOO
DVVLFXUDWRUH
O¶DGHPSLPHQWR GL DOWUL VSHFL¿FL REEOLJKL GL OHJJH R FRQWUDWWXDOL
O¶DQDOLVL GL QXRYL PHUFDWL DVVLFXUDWLYL OD JHVWLRQH HG LO FRQWUROOR
LQWHUQRDWWLYLWjVWDWLVWLFRWDULIIDULH
8QLSRO *UXSSR )LQDQ]LDULR 6S$ FXL q DI¿GDWD TXDOH
FDSRJUXSSRODJHVWLRQHGLDOFXQLVHUYL]LFRQGLYLVLSHUFRQWRGHOOD
DOWUHVRFLHWjGHO*UXSSR
,QSDUWLFRODUHL6XRLGDWLSRWUDQQRHVVHUHFRPXQLFDWLHWUDWWDWL
LQ,WDOLDRDQFKHDOO¶HVWHURRYHULFKLHVWRGDVRJJHWWLFKHIDQQR
SDUWH GHOOD FG ³FDWHQD DVVLFXUDWLYD´ FRPH DOWUL DVVLFXUDWRUL
FRDVVLFXUDWRUL H ULDVVLFXUDWRUL DJHQWL VXEDJHQWL SURGXWWRUL
PHGLDWRULGLDVVLFXUD]LRQHHGLULDVVLFXUD]LRQHHGDOWULFDQDOLGL
DFTXLVL]LRQHGLFRQWUDWWLGLDVVLFXUD]LRQHEDQFKH6,06RFLHWj
GLJHVWLRQHGHOULVSDUPLRPHGLFLSHULWLOHJDOLVRFLHWjGLVHUYL]L
SHU LO TXLHWDQ]DPHQWR FOLQLFD FRQYHQ]LRQDWD GD /HL VFHOWD
QRQFKp DG HQWL HG RUJDQLVPL GHO VHWWRUH DVVLFXUDWLYR DYHQWL
QDWXUD SXEEOLFD R DVVRFLDWLYD SHU O¶DGHPSLPHQWR GL REEOLJKL
QRUPDWLYLHGLYLJLODQ]DLQGLFDWLQHOO¶HOHQFRGLVSRQLELOHSUHVVROD
QRVWUDVHGHRLO5HVSRQVDELOHSHULO5LVFRQWUR
$G HVHPSLR VRFLHWj GL VHUYL]L LQIRUPDWLFL H WHOHPDWLFL R GL
DUFKLYLD]LRQH VRFLHWj GL VHUYL]L D FXL VLDQR DI¿GDWL OD JHVWLRQH
OD OLTXLGD]LRQH HG LO SDJDPHQWR GHL VLQLVWUL VRFLHWj GL VXSSRUWR
DOOHDWWLYLWjGLJHVWLRQHLYLFRPSUHVHOHVRFLHWjGLVHUYL]LSRVWDOL
VRFLHWj GL UHYLVLRQH H GL FRQVXOHQ]D VRFLHWj GL LQIRUPD]LRQH
FRPPHUFLDOHSHUULVFKL¿QDQ]LDULVRFLHWjGLVHUYL]LSHULOFRQWUROOR
GHOOHIURGLVRFLHWjGLUHFXSHURFUHGLWL
,QIRUPDWLYD$8QLSRO(G
Mod. 7602 - Ed. 01/11/2011 - St.10/2011 - CAL. 2 0.000
Fly UP