provvedimento finale - Provincia di Cuneo

',5$
',5(=,21(6(59,=,$,&,77$',1,(,035(6(
6(7725(*(67,21(5,6256('(/7(55,725,2
8)),&,29,$
2JJHWWR'/JV'/JVHVPLH/5HVPL
352*(772 ', 3$5&2 (2/,&2 ,1 /2&$/,7$
3,$0%(5/,12 1(/ &2081( ', *$5(66,2
352321(17(*$5(66,2(1(5*,$65/021'29,
5,/$6&,2 $8725,==$=,21( 81,&$ (; $57 '/*6 ( 60, ( &217(678$/(
352181&,$ ', *,8',=,2 326,7,92 ', &203$7,%,/,7$
$0%,(17$/( (; $577 '/*6
(60,(&200$/5(60,
,/',5,*(17(',6(7725(
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
5LFKLDPDWD OD 'HWHUPLQD]LRQH 'LULJHQ]LDOH Q GHO UHFDQWH ³' /JV
'/JVHVPLH/5HVPL
3URJHWWRGLSDUFRHROLFRLQORFDOLWj3LDPEHUOLQRQHO&RPXQHGL*DUHVVLR
3URSRQHQWH*DUHVVLR(QHUJLDVUO9LDOH99HQHWRQ±021'29,¶
5LODVFLRDXWRUL]]D]LRQHXQLFDH[DUW'/JVHVPLHFRQWHVWXDOHSURQXQFLDGL
JLXGL]LRSRVLWLYRGLFRPSDWLELOLWjDPELHQWDOHH[DUWW '/JVHVPLHFRPPD
/5HVPL´
9HULILFDWD O¶HUURQHD LQWHUSUHWD]LRQH GL SDUWH GHO SDUHUH GHOOD 6RSULQWHQGHQ]D SHU L %HQL
$UFKLWHWWRQLFLH3DHVDJJLVWLFLSHUOH3URYLQFHGL7RULQR$VWL&XQHR%LHOOD9HUFHOOLQRWD
SURW Q GHO FRQ HIIHWWL VXOOD SUHVFUL]LRQH D GL FXL DOOH SUHPHVVH GHOOD
'HWHUPLQD]LRQH'LULJHQ]LDOHQGHOSDJ
5LWHQXWR GL SURFHGHUH DOO¶DQQXOODPHQWR GHOOD 'HWHUPLQD]LRQH 'LULJHQ]LDOH Q GHO
HG DOOD ULHPDQD]LRQH GHO SURYYHGLPHQWR GL DXWRUL]]D]LRQH XQLFD H[ DUW '/JV H VPL H FRQWHVWXDOH SURQXQFLD GL JLXGL]LR SRVLWLYR GL FRPSDWLELOLWj
DPELHQWDOH FRQFHUQHQWH LO SURJHWWR GL SDUFR HROLFR LQ ORFDOLWj 3LDPEHUOLQR QHO &RPXQH GL
*DUHVVLRSUHVHQWDWRGDOOD6RFLHWj*DUHVVLR(QHUJLDVUO
9LVWDO¶LVWDQ]DLQGDWDQRYHPEUHSURWQFRQODTXDOHO¶LQJ0DXUR'DGRQH
OHJDOHUDSSUHVHQWDQWHGL*$5(66,2(1(5*,$VUOFRQVHGHOHJDOHLQ0RQGRYu9LDOH9
9HQHWRQ&)3,9$KDFKLHVWRDLVHQVLGHOO¶DUW'/JVH
GHJOLDUWWGHO'/JVHVPLHGHOOD/5HVPLO¶$XWRUL]]D]LRQH8QLFDH
FRQWHVWXDOH SURQXQFLD GL FRPSDWLELOLWj DPELHQWDOH SHU OD FRVWUX]LRQH H O¶HVHUFL]LR GL XQ
LPSLDQWR GL SURGX]LRQH HQHUJHWLFD GD IRQWH ULQQRYDELOH YHQWR LQ &RPXQH GL *DUHVVLR
ORFDOLWj 3LDPEHUOLQR GD UHDOL]]DUH PHGLDQWH O¶LQVWDOOD]LRQH GL DHURJHQHUDWRUL GL SRWHQ]D
FRPSOHVVLYDSDULD0:
'DWRDWWRFKHFRPHULVXOWDGDJOLDWWLLOSURFHGLPHQWRLVWUXWWRULRUHODWLYRDOO¶DXWRUL]]D]LRQH
LQ RJJHWWR q VWDWR UHJRODUPHQWH HVSHULWR DL VHQVL GHO '/JV H VPL H GHOOH UHODWLYH
/LQHHJXLGDDSSURYDWHFRQ'0GHO'/JVHVPLHGHOOD/5H
VPL PHGLDQWH OR VYROJLPHQWR GL Q &RQIHUHQ]H GL 6HUYL]L ULVSHWWLYDPHQWH LQ GDWD
HHGLDSSRVLWRVRSUDOOXRJRLVWUXWWRULRLQGDWDLQHVLWRDL
TXDOLVRQRVWDWHIRUPXODWHRVVHUYD]LRQLHULFKLHVWHGLLQWHJUD]LRQLUHFHSLWHGDOOHLQWHJUD]LRQL
SURJHWWXDOL SURGRWWH GDO SURSRQHQWH LQ GDWD PDU]R &RQ GHWWH LQWHJUD]LRQL OD
SRWHQ]DFRPSOHVVLYDGHOSDUFRHROLFRqVWDWDULGRWWDGD0:DG0:DVHJXLWRGHOOD
ULGX]LRQHGHOODWDJOLDGHOO¶DHURJHQHUDWRUHPRGHOOR6HQYLRQ00GD0:GLDOWH]]D
FRPSOHVVLYD SDUL D P FRQWUR L P GHO PRGHOOR *DPHVD * GD 0: GHO
SURJHWWR RULJLQDULR 'HWWR DHURJHQHUDWRUH q VWDWR DQFKH ULORFDOL]]DWR LQ XQ¶DUHD D PRQWH
GHOODVWUDGDFRPXQDOHDOODTXDOHVLDFFHGHFRQXQWUDWWRGLFLUFDPHWULGLQXRYDYLDELOLWj
/¶DOWH]]DFRPSOHVVLYDGHJOLDHUHRJHQHUDWRULHDXPHQWDGDDPHWULHTXHOODGHOQ
GDDPHWUL/¶HOHWWURGRWWR07GLFRQQHVVLRQHDOODUHWHGLOXQJKH]]DFRPSOHVVLYD
GL FLUFD PHWUL q SUHYLVWR FRPSOHWDPHQWH LQ FDYR LQWHUUDWR PHQWUH QHO SURJHWWR
RULJLQDULRFLUFDPHWULHUDQRSUHYLVWLLQFDYRDHUHRODFDELQDHOHWWULFDLQWHUQDDOSDUFR
HROLFRqVWDWDHOLPLQDWD
'DWR DWWR FKH QHL WHUPLQL VWDELOLWL GDOO¶DUW GHOOD /5 H VPL VRQR SHUYHQXWH
RVVHUYD]LRQL SXEEOLFKH GD SDUWH GHO &RPLWDWR SHU LO 7HUULWRULR GHOOH 4XDWWUR 3URYLQFH
GHOO¶$VVRFLD]LRQH&XQHRELUGLQJGHOODVRFLHWj6DQ%HUQDUGR:LQG)DUPHGHOODVRFLHWj6DQ
%HUQDUGR:LQG(QHUJ\ /HSUHGHWWHRVVHUYD]LRQLQHOODORURLQWLHUH]]DULVXOWDQRGHSRVLWDWH
DJOL DWWL GHO SURFHGLPHQWR RYH VRQR LQWHJUDOPHQWH FRQVXOWDELOL H VRQR VWDWH SXEEOLFDWH VXO
3RUWDOHGHOOD3URYLQFLDGL&XQHR
(VDPLQDWH H YDOXWDWH OH VWHVVH TXHVWD DXWRULWj FRPSHWHQWH ULWLHQH FKH FRQ OH SUHVFUL]LRQL
IRUPXODWHQHOSUHVHQWHSURYYHGLPHQWRDLILQLGHOODUHDOL]]D]LRQHGHOO¶LPSLDQWR±FRVuFRPH
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
LQGLFDWHDLVXFFHVVLYLSXQWLGDDDGKDOSXQWRGHOGHWHUPLQDWRQRQFKpQHJOL$OOHJDWLGD
DVLDGDWRGHELWRULVFRQWURDTXDQWRULOHYDWRQHOOHRVVHUYD]LRQLSUHVHQWDWHGDSDUWHGHO
&RPLWDWRSHULO7HUULWRULRGHOOH4XDWWUR3URYLQFHHGHOO¶$VVRFLD]LRQH&XQHRELUGLQJ
/H RVVHUYD]LRQL GHOOH VRFLHWj 6DQ %HUQDUGR :LQG )DUP H 6DQ %HUQDUGR :LQG (QHUJ\
WURYDQR DPSLD FRQWURGHGX]LRQH QHOOH FRQVLGHUD]LRQL VYROWH QHOOD QRWD SURYLQFLDOH SURW Q
GHO GL ULVSRVWD DOOD GLIILGD SUHVHQWDWD GDOOR 6WXGLR OHJDOH
&DVDYHFFKLD6DQWLOOLH$VVRFLDWLLQQRPHHSHUFRQWRGHOOHSUHGHWWH6RFLHWjODQRWDSUHGHWWD
DOODTXDOHVLULPDQGDqFRQVHUYDWDDJOLDWWLGHOO
(QWHRYHqLQWHJUDOPHQWHFRQVXOWDELOH
3HUWDQWRVLULWLHQHFKHOHDUJRPHQWD]LRQLSUHVHQWDWHQRQLQIOXLVFDQRVXJOLHOHPHQWLSRVWLDOOD
EDVH GHOOH YDOXWD]LRQL VYROWH QHOO¶DPELWR HG D FRQFOXVLRQH GHOO¶LVWUXWWRULD WHFQLFD GHO
SURJHWWR DL ILQL GHO ULODVFLR GHOO¶$XWRUL]]D]LRQH XQLFD H GHOOD SURQXQFLD GL JLXGL]LR GL
FRPSDWLELOLWj DPELHQWDOH H QRQ GHWHUPLQLQR LQ DOFXQ PRGR OD PRGLILFD]LRQH GHJOL HVLWL
FRQFOXVLYLGHILQLWLQHOOD&RQIHUHQ]DGL6HUYL]LGHO
&RQVWDWDWR FKH FRQWHVWXDOPHQWH DOO¶LVWDQ]D LO VRJJHWWR SURSRQHQWH DL ILQL GHOOD
GLVSRQLELOLWj GHOOH DUHH LQWHUHVVDWH GDOO¶LQWHUYHQWR KD SUHVHQWDWR OD ULFKLHVWD GL DYYLR GHO
SURFHGLPHQWR HVSURSULDWLYR H[ '35 Q H VPL GHSRVLWDQGR LO UHODWLYR
3LDQR SDUWLFHOODUH GL HVSURSULR DGHJXDWR DOOH LQWHJUD]LRQL SURJHWWXDOL SURGRWWH LQ FRUVR GL
SURFHGLPHQWRWUDFXLODPRGLILFDGHOODSDUWHGHOWUDFFLDWRGHOODOLQHDHOHWWULFD07LQWHUUDWD
FRPSUHVD WUD LO )J PDSS HG LO )J PDSS ILQDOL]]DWD D PLQLPL]]DUH OH
SRWHQ]LDOLSUREOHPDWLFKHLGURJHRORJLFKH3LDQRSDUWLFHOODUHDJJLRUQDWR(ODERUDWLQH
7DYROD ³3HUFRUVR HOHWWURGRWWR 07 LQWHUUDWR FRPSUHVR WUD LO )J PDSS HG LO )J PDSS´GDWDWLPDJJLR
3UHVRDWWRFKHVLqSURFHGXWRFRQOHFRPXQLFD]LRQLGLDYYLRGHOSURFHGLPHQWRDLVHQVLGHJOL
DUWWHHGHO'35HVPLVHFRQGROHOHPRGDOLWjSUHYLVWHDOO
DUWF
VHFRQGR FDSRYHUVR H GHOO
DUW F GHO '35 VXFFLWDWR SURFHGHQGR PHGLDQWH SXEEOLFR
DYYLVR LQ OXRJR GHOOH FRPXQLFD]LRQL SHUVRQDOL FRQVLGHUDWR FKH LO QXPHUR GL GHVWLQDWDUL
ULVXOWD VXSHULRUL D SURFHGHQGR DOOD SXEEOLFD]LRQH VXO TXRWLGLDQR ´,O *LRUQDOH GHO
3LHPRQWH´ GHO DOO¶$OER 3UHWRULR GHO &RPXQH GL *DUHVVLR SHU JLRUQL
GHFRUUHQWL GDO PDU]R DO DSULOH FRVu FRPH ULVXOWD GDOOD UHODWD GL SXEEOLFD]LRQH
IRUQLWDGDO&RPXQHSUHGHWWRHVXOVLWRLQIRUPDWLFRGHOOD5HJLRQH3LHPRQWHDOODVH]LRQH$WWL
GLDOWULHQWL±(VSURSUL´
3UHVR DWWR FKH QHL WHUPLQL GL OHJJH QRQ q SHUYHQXWD DOFXQD RVVHUYD]LRQH GD SDUWH GHL
VRJJHWWL LQWHUHVVDWL GDOOD SURFHGXUD HVSURSULDWLYD GL FXL DOO
DUW F XOWLPR FDSRYHUVR H
DOO
DUWFGHO'35HVPL
'DWR DWWR FKH QHOO¶DPELWR GHOOD SUHVHQWH SURFHGXUD ULVXOWD SUHVHQWDWR LO SUHYHQWLYR GL
FRQQHVVLRQHDOODUHWH07GL(QHOGLVWULEX]LRQHGDSDUWHGL0DXUR'DGRQHHFKHLQEDVHDOOH
PRGDOLWjGLDFFHWWD]LRQHGLGHWWRSUHYHQWLYRLOSURSRQHQWHKDVFHOWRGLDYYDOHUVLGHOODIDFROWj
GLUHDOL]]DUHLQSURSULRO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQH
'DWRDWWRGHOOHQRWHGL(QHO'LVWULEX]LRQH6S$SURWULFHYWRQGHOHQ
GHOULSRUWDQWLLOSDUHUHIDYRUHYROHLQUHOD]LRQHDOO¶LQWHUYHQWRLQRJJHWWR
'DWR DWWR FKH SHU TXDQWR ULJXDUGD LO SDUHUH LQ PDWHULD VDQLWDULD FRQIRUPHPHQWH D TXDQWR
SUHYLVWRGDOO¶DUWWHUGHOOD/HVPLORVWHVVRVLqFRQVLGHUDWRDFTXLVLWRLQVHQVR
SRVLWLYR LQ TXDQWR O¶$6/ &1 WHUULWRULDOPHQWH FRPSHWHQWH QRQ KD HVSUHVVR
GHILQLWLYDPHQWHQpQRWLILFDQGRODDOO
DXWRULWjFRPSHWHQWHQpHVSULPHQGRODLQ&RQIHUHQ]DOD
SURSULDYRORQWj
'DWRDWWRFKHLOSURSRQHQWHDOO¶DWWRGHOODSUHVHQWHLVWDQ]DKDGLFKLDUDWRFKHWXWWHOHOLQHH
HOHWWULFKH LQ SURJHWWR VDUDQQR UHDOL]]DWH FRQ FDYL HOLFRUGDWL H FKH SHUWDQWR DL VHQVL GHOOD
'HWHUPLQD GLULJHQ]LDOH GHO HPDQDWD GDO 0LQLVWHUR GHOOR 6YLOXSSR
(FRQRPLFR'LSDUWLPHQWRSHUOH&RPXQLFD]LRQLQRQqGRYXWRLOQXOODRVWDH[DUW'/JV
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
'DWR DWWR FKH SULPD GHOO¶LQL]LR GHL ODYRUL LO SURSRQHQWH q WHQXWR DG DFTXLVLUH OD
FRQFHVVLRQH SHU O¶XWLOL]]R GL EHQL GHO GHPDQLR LGULFR DL VHQVL GHO '3*5 Q
5SHUO¶DWWUDYHUVDPHQWRGHOULR6DQ0DXURGHOULR0DOVDQJXDGHOULR9DOVRUGDGHOULR
6DQ%HUQDUGR
'DWRDWWRGHOODQRWDGHO6HWWRUHSURYLQFLDOH9LDELOLWjGL$OED0RQGRYuLQGDWD
SURWQFRQODTXDOH±FRQULJXDUGRDOWUDQVLWRGHLPH]]LG¶RSHUDSHUODUHDOL]]D]LRQH
GHOO¶LPSLDQWRVLLQGLFDFKHORVWHVVRGRYUjHVVHUHRJJHWWRGLVSHFLILFDDXWRUL]]D]LRQHODFXL
LVWDQ]D GRYUj HVVHUH FRUUHGDWD GD XQD YHULILFD GHOO¶LQWHUR SHUFRUVR ±D ILUPD GL XQ WHFQLFR
DELOLWDWR FRQWHQHQWH TXDQWR GHWWDJOLDWR DL SXQWL H GHOOD QRWD /¶DXWRUL]]D]LRQH VDUj
FRPXQTXHVXERUGLQDWDDOODSUHVHQWD]LRQHGLXQDSROL]]DILGHMXVVRULDGLLPSRUWRSDULDGHXUR
DJDUDQ]LDGHLULSULVWLQLGHOODVHGHVWUDGDOHHYHQWXDOPHQWHOHVLRQDWDHGHOOHRSHUHGL
VRVWHJQR TXDOL PXUL HG DWWUDYHUVDPHQWL OD ILGHMXVVLRQH GRYUj SUHYHGHUH OD ULQXQFLD DO
EHQHILFLRGHOODSUHYHQWLYDHVFXVVLRQHHFKHLOSDJDPHQWRDYYHQJDHQWURJLRUQLDVHPSOLFH
ULFKLHVWDGHOOD3URYLQFLD
'DWR DWWR FKH QHO FRUVR GHO SURFHGLPHQWR LVWUXWWRULR ULVXOWDQR DFTXLVLWH OH VHJXHQWL
DXWRUL]]D]LRQL SDUHUL HR QXOOD RVWD GD SDUWH GHL VRJJHWWL SUHSRVWL DO ULODVFLR GHL VRSUD
ULFKLDPDWL SURYYHGLPHQWL QHFHVVDUL SHU OD UHDOL]]D]LRQH GHOO¶LQWHUYHQWR DOOHJDWL DO SUHVHQWH
SURYYHGLPHQWR SHU IDUQH SDUWH LQWHJUDQWH H VRVWDQ]LDOH DO ILQH GHOO¶RWWHPSHUDQ]D GD SDUWH
GHOULFKLHGHQWHDOOHSUHVFUL]LRQLHGLQGLFD]LRQLLYLFRQWHQXWHFRPHGLVHJXLWRHOHQFDWL
SDUHUH IDYRUHYROH FLUFD LO ULODVFLR GHOO¶DXWRUL]]D]LRQH SDHVDJJLVWLFD H[ DUW F ' /JV
HVPLHVSUHVVRGDOOD 6RSULQWHQGHQ]DSHUL%HQL$UFKLWHWWRQLFLH3DHVDJJLVWLFL
SHU OH 3URYLQFH GL 7RULQR $VWL &XQHR %LHOOD 9HUFHOOL FRQ QRWD SURW Q GHO
$//(*$72VXERUGLQDWDPHQWHDOOHVHJXHQWLFRQGL]LRQL
D VLD VWXGLDWD XQD FROORFD]LRQH DOWHUQDWLYD GHOO¶DHURJHQHUDWRUH QXPHUR /D VXD
XELFD]LRQHLQIDWWLVXOYHUVDQWHLQWHUQRGHLULOLHYLFKHFLUFRQGDQRLOQXFOHRVWRULFRGHO
ERUJR PHGLHYDOH GL *DUHVVLR SDWULPRQLR H FDUDWWHUH SDHVDJJLVWLFR FRVWLWXWLYL GHO
FRQWHVWRULVXOWDHVVHUHGLLPSDWWRULOHYDQWHGDOSXQWRGLYLVWDGHOOHYLVXDOLSHUFHSLELOL
GDOO¶DQWLFRLQVHGLDPHQWRHGDOODVWUDGDGLIRQGRYDOOHOXQJRLOILXPH7DQDUR
E SHUWXWWLJOLDHURJHQHUDWRULO¶DOWH]]DGHYHHVVHUHSDULDPHWULDOILQHGLPDQWHQHUH
FRHUHQ]D H XQLIRUPLWj GLPHQVLRQDOH FRQ OH WRUUL GHOO¶LPSLDQWR JLj HVLVWHQWH D SRFD
GLVWDQ]DHYLWDQGRGLFUHDUHSUHFHGHQWLGLDOWH]]HVHPSUHPDJJLRULFKHSRVVDQRHVVHUH
XWLOL]]DWLFRPHULIHULPHQWRSHUDOWUHHYHQWXDOLIXWXUHSURSRVWHQHOODVWHVVDDUHD
3DUHUHIDYRUHYROHFLUFDLOULODVFLRGHOO¶DXWRUL]]D]LRQHSDHVDJJLVWLFDH[DUWF'/JV
H VPL HVSUHVVR GDOOD 5HJLRQH 3LHPRQWH 6HWWRUH $WWLYLWj GL *HVWLRQH H
9DORUL]]D]LRQHGHO3DHVDJJLRFRQOHSUHVFUL]LRQLGLFXLDOODQRWDSURWGLULFHYQGHO
$//(*$72
3DUHUH GL FRPSDWLELOLWj GHOO¶LQWHUYHQWR FRQ OD VLWXD]LRQH LGURJHRORJLFD ORFDOH HVSUHVVR LQ
VHQVR IDYRUHYROH H[ /5 H VPL GD SDUWH GHOOD 5HJLRQH 3LHPRQWH 6HWWRUH
3UHYHQ]LRQH7HUULWRULDOHGHO5LVFKLR*HRORJLFRFRQOHSUHVFUL]LRQLGLFXLDOODQRWDSURWQ
GHO$//(*$72
3DUHUH WHFQLFRIRUHVWDOH IDYRUHYROH HVSUHVVR GDOOD 5HJLRQH 3LHPRQWH 'LUH]LRQH 2SHUH
3XEEOLFKH 'LIHVD GHO 6XROR (FRQRPLD 0RQWDQD H )RUHVWH 6HWWRUH 0RQWDJQD FRQ
SUHVFUL]LRQLGLFXLDOODQRWDSURWQGHO$//(*$72
3DUHUH LGUDXOLFR IDYRUHYROH H[ 5' H VPL HVSUHVVR GDOOD 5HJLRQH 3LHPRQWH ±
'LUH]LRQH2SHUH3XEEOLFKH6HWWRUH'HFHQWUDWR2233H'LIHVD$VVHWWR,GURJHRORJLFRGL
&XQHRFRQOHSUHVFUL]LRQLGLFXLDOODQRWDSURWQGHO$//(*$72
3DUHUH IDYRUHYROH DOOD UHDOL]]D]LRQH GHOO¶LPSLDQWR VRWWR O¶DVSHWWR XUEDQLVWLFR ± HGLOL]LR
HVSUHVVRLQ&RQIHUHQ]DH['35QHVPLGDSDUWHGHOUDSSUHVHQWDQWHGHO
&RPXQHGL*DUHVVLR
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
3DUHUH IDYRUHYROH DOOD UHDOL]]D]LRQH GHOO¶LQWHUYHQWR GL FXL DOOD QRWD SURW Q GHO
GHOOD 6RSULQWHQGHQ]DSHUL%HQLDUFKHRORJLFLGHO3LHPRQWHDFRQGL]LRQHFKH
VLDDVVLFXUDWDO¶DVVLVWHQ]DDUFKHRORJLFDFRQWLQXDWLYDGDSDUWHGLRSHUDWRULDUFKHRORJLVRWWRLO
FRQWUROORWHFQLFRVFLHQWLILFRGHOOD6RSULQWHQGHQ]DVWHVVDVHQ]DRQHULSHULOVXGGHWWR(QWHD
WXWWH OH RSHUH GL VFDYR HR GL PRYLPHQWR WHUUD DO ILQH GL VFRQJLXUDUH LO GDQQHJJLDPHQWR D
VWUXWWXUHRGHSRVLWLLQJLDFLWXUDSURIRQGDFRQVHQWLUHO¶LPPHGLDWDLGHQWLILFD]LRQHGLPDQXIDWWL
HR VWUDWLILFD]LRQL DQWLFKH ROWUH D JDUDQWLUH OD QHFHVVDULD GRFXPHQWD]LRQH H OD SXQWXDOH H
SURQWDWXWHODGHLULQYHQLPHQWLDUFKHRORJLFLDLVHQVLGHO'/JVDUW
1XOOD 2VWD GHOO¶$HURQDXWLFD 0LOLWDUH&RPDQGR A 5HJLRQH $HUHD IRUPXODWR
UHODWLYDPHQWH DL VROL DVSHWWL GHPDQLDOL H SHUYHQXWR LQ GDWD FRQ QRWD SURW Q
$OOD OXFH GL TXDQWR HPHUVR GDJOL DSSURIRQGLPHQWL WHFQLFL FRQGRWWL QHO FRUVR GHOO¶LVWUXWWRULD
VYROWD FRQ LO VXSSRUWR WHFQLFRVFLHQWLILFR GHOO¶$53$ GDOOH LQWHJUD]LRQL ULFKLHVWH GDOO¶DXWRULWj
FRPSHWHQWHHSURGRWWHGDOSURSRQHQWHGDOOHULVXOWDQ]HGHOOHGXH&RQIHUHQ]HGHL6HUYL]LLFXL
YHUEDOL VRQR FRQVHUYDWL DJOL DWWL GHOO
(QWH VXOOD EDVH GHJOL HVLWL LVWUXWWRUL FRQFOXVLYL SURGRWWL
GDOOD6RSULQWHQGHQ]DSHUL%HQL$UFKLWHWWRQLFLH3DHVDJJLVWLFLHGHO6HWWRUHUHJLRQDOH$WWLYLWjGL
*HVWLRQH H 9DORUL]]D]LRQH GHO 3DHVDJJLR $//(*$7, H GHO SUHVHQWH SURYYHGLPHQWR
DSSLHQR FRQGLYLVL H IDWWL SURSUL GDL FRPSRQHQWL GHOOD &RQIHUHQ]D VL ULWLHQH FKH VXVVLVWDQR L
SUHVXSSRVWLSHULOULODVFLRGHOO¶DXWRUL]]D]LRQHXQLFDDOODFRVWUX]LRQHHGHVHUFL]LRGHOO¶LPSLDQWR
DL VHQVL GHOO¶DUW GHO '/JV H VPL H SHU OD IRUPXOD]LRQH GL JLXGL]LR SRVLWLYR GL
FRPSDWLELOLWj DPELHQWDOH GHOO¶LQWHUYHQWR LQ SURJHWWR D FRQGL]LRQH FKH VLD HOLPLQDWR
O¶DHURJHQHUDWRUH FRQWUDGGLVWLQWR D SURJHWWR FRQ LO Q LQ TXDQWR QRQ DGHJXDWR Qp
FRPSDWLELOH QHL ULJXDUGL GHOOH FDUDWWHULVWLFKH FRQQRWDQWL OH FRPSRQHQWL SDHVDJJLVWLFKH GL
ULIHULPHQWR RJJHWWR GL WXWHOD H WDOH GD UHFDUYL SUHJLXGL]LR /¶XELFD]LRQH GL GHWWD WXUELQD
HROLFD SHU OD TXDOH LQ VHGH GL LQWHJUD]LRQL VL HUD FKLHVWR GL VWXGLDUH XQD FROORFD]LRQH
DOWHUQDWLYD q VWDWD LQYHFH FRQIHUPDWD GDO SURSRQHQWH VXO YHUVDQWH LQWHUQR GHL ULOLHYL FKH
FLUFRQGDQR LO QXFOHR VWRULFR GHO ERUJR PHGLHYDOH GL *DUHVVLR SDWULPRQLR H FDUDWWHUH
SDHVDJJLVWLFR FRVWLWXWLYL GHO FRQWHVWR LQ HVDPH 3HUWDQWR DQFKH VXOOD EDVH GHJOL XOWHULRUL
IRWRLQVHULPHQWL UDSSUHVHQWDWLYL GHJOL HIIHWWL GHOO¶LPSLDQWR VXO SDHVDJJLR SUHVHQWDWL FRQ OH
LQWHJUD]LRQLODPDFFKLQDQULVXOWDHVVHUHGLLPSDWWRULOHYDQWHGDOSXQWRGLYLVWDGHOOHYLVXDOL
SHUFHSLELOL GDOO¶DQWLFR LQVHGLDPHQWR GL *DUHVVLR GDOOD VWUDGD GL IRQGR YDOOH OXQJR LO ILXPH
7DQDURGDXQWUDWWRGHOO¶$OWD9LDGHL0RQWL/LJXULQRQFKpSHUTXDQWRULJXDUGDO¶LQWHUIHUHQ]D
YLVLYDHODSUHPLQHQ]DGLPHQVLRQDOHULVSHWWRDO%ULFGHOOR6FKLDYR
3HU LO UHVWR JOL LQWHUYHQWL SUHYLVWL YLVWH OH PRGLILFKH DSSRUWDWH DO SURJHWWR VXOOD EDVH GHOOH
LQGLFD]LRQLHPHUVHQHOFRUVRGHOSURFHGLPHQWRVRQRVWDWLUHVLPDJJLRUPHQWHFRPSDWLELOLGDO
SXQWR GL YLVWD DPELHQWDOH VDOYDJXDUGDQGR DO FRQWHPSR OD SURGXWWLYLWj HQHUJHWLFD GHO SDUFR
HROLFR QHO VXR FRPSOHVVR /D ULORFDOL]]D]LRQH GHOO¶DHURJHQHUDWRUH Q KD FRPSRUWDWR OD
ULGX]LRQH GHOOD OXQJKH]]D GHOOD QXRYD VWUDGD GL VHUYL]LR GD PHWUL D FLUFD H
O¶HOLPLQD]LRQH GHOOD SUHYLVLRQH GL UHDOL]]DUH LO SRQWH FDUUDELOH WDOH QXRYD ORFDOL]]D]LRQH
SHUPHWWHGLVDOYDJXDUGDUHOHYLVXDOLIUXLELOLYHUVRODYDOOHGHO1HYDHYHUVRLOPDUHGDOO¶$OWD
9LDGHL0RQWL/LJXUL/HQXRYHVXSHUILFLVWUDGDOLGLVHUYL]LRDOOHWRUULODULPRGHOOD]LRQHGHJOL
VSHURQL GL URFFLD QHL WUDWWL LQ FXUYD VRQR VWDWH ULGRWWH XWLOL]]DQGR DQFKH VSHFLDOL FDUUHOOL FKH
FRQVHQWRQRLOWUDVSRUWRGHOODSDODTXDVLLQYHUWLFDOHVRQRVWDWLSUHYLVWLLQWHUYHQWLGLULSULVWLQR
PRUIRORJLFR H YHJHWD]LRQDOH GHOOH DUHH LQWHUIHULWH GDL ODYRUL H VRQR VWDWH ULGRWWH OH DUHH
RFFXSDWH GDOOH SLD]]ROH GHILQLWLYH q VWDWD HOLPLQDWD OD FDELQD HOHWWULFD SUHVVR OD WRUUH Q H
O¶HOHWWURGRWWR DHUHR OD FRQQHVVLRQH FRQ OD OLQHD HOHWWULFD 07 q SUHYLVWD LQWHUUDWD 'HWWH
PRGLILFKH VRQR VWDWH YDOXWDWH SRVLWLYDPHQWH ULWHQHQGR OH PLVXUH GL PLWLJD]LRQH DGRWWDWH
VXIILFLHQWHPHQWH HIILFDFL D OLPLWDUH JOL LPSDWWL LQGRWWL VXO FRQWHVWR SDHVDJJLVWLFR DPELHQWDOH
LQWHUIHULWR HG DGHJXDWH DJOL HVLWL GHOOD SRQGHUD]LRQH FRPSDUDWLYD VYROWD QHO FRUVR GHO
SURFHGLPHQWRGHJOLLQWHUHVVLGLVDOYDJXDUGLDGHOSDHVDJJLRHGHOO¶DPELHQWDOHFRQJOLLQWHUHVVL
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
DQFKHHFRQRPLFLLQWULQVHFLDOOHSROLWLFKHGLSURPR]LRQHGHOODSURGX]LRQHHQHUJHWLFDGDIRQWL
DOWHUQDWLYH
3HU PLWLJDUH XOWHULRUPHQWH O¶HQWLWj GHJOL LPSDWWL ULVSHWWR DOOH PLVXUH JLj SUHYLVWH GDO
SURSRQHQWH VXOOH FRPSRQHQWL DPELHQWDOL LQ FRUVR G¶RSHUD HG LQ IDVH GL HVHUFL]LR
GHOO¶LPSLDQWRqDOWUHVuHPHUVDO¶HVLJHQ]DGLVXERUGLQDUHODUHDOL]]D]LRQHGHOO¶LQWHUYHQWRFRVu
FRPHOLPLWDWRDOO¶LQVHGLDPHQWRGHLVROLDHURJHQHUDWRULFRQWUDGGLVWLQWLDSURJHWWRFRQLQQ
DOOHVHJXHQWLSUHVFUL]LRQL
D JOLDHURJHQHUDWRULQHGHYRQRDYHUHXQ¶DOWH]]DPDVVLPDGHOOHWRUULSDULDPHWULDO
ILQHGLPDQWHQHUHDOLYHOORSDHVDJJLVWLFRXQLIRUPLWjGLPHQVLRQDOHFRQOHWRUULGHOO¶LPSLDQWR
JLjHVLVWHQWHDSRFDGLVWDQ]D
E 'HYH HVVHUH UHDOL]]DWR SHU TXDQWR ULJXDUGD OD OLQHD HOHWWULFD LQWHUUDWD GL FROOHJDPHQWR DOOD
FDELQDGLUHWHQHOWUDWWRFKHLQVLVWHQHOODYDOOHGHO5LR5RFFD%LDQFDIUDV0DXURH&QD
GHOO¶$UFLSUHWH LO QXRYR WUDFFLDWR SURSRVWR QHOOD GRFXPHQWD]LRQH SHUYHQXWD LO JLRUQR
SURW Q '% 3L SUHFLVDPHQWH LQ ULIHULPHQWR DOO¶HODERUDWR
SURJHWWXDOH LQWHJUDWLYR % ³3LDQR SDUWLFHOODUH GL HVSURSULR ± SODQLPHWULD %´ LO
WUDFFLDWR VHJXD OD YLDELOLWj HVLVWHQWH ³YLD FRPXQDOH GL 6 0DXUR´ D SDUWLUH GDOOD SDUWLFHOOD
FDWDVWDOHQGHO)ORFDOLWj60DXURILQRDOOD3DUWLFHOODQGHO)ORFDOLWj&QD
GHOO¶$UFLSUHWH
F $VHJXLWRGHOODPHVVDLQIXQ]LRQHGHOSDUFRHROLFRGRYUjHVVHUHVYROWRXQPRQLWRUDJJLR
GHO UXPRUH SUHVVR L UHFHWWRUL LQGLYLGXDWL QHOOD YDOXWD]LRQH GL LPSDWWR DFXVWLFR UHYB
IHEB DGRWWDQGR WXWWH OH SUHFDX]LRQL SUHYLVWH SHU OLPLWDUH O¶LPSDWWR VRQRUR QHL OLPLWL
QRUPDWLYL ILQR DG LQWHUYHQLUH VXOOD GLPLQX]LRQH GHOOD SRWHQ]D VRQRUD HPHVVD FRVu FRPH
LQGLFDWR D SDJ GHOOD VXGGHWWD UHOD]LRQH GL LPSDWWR DFXVWLFR ,O VXGGHWWR PRQLWRUDJJLR
GRYUj ULSRUWDUH L OLYHOOL HTXLYDOHQWL DPELHQWDOL LQ LPPLVVLRQH GLXUQL H QRWWXUQL ULOHYDWL
SUHVVRLUHFHWWRULSLHVSRVWLSHUXQWHPSRGLPLVXUDVXIILFLHQWHPHQWHUDSSUHVHQWDWLYRSHUOD
ORURFDUDWWHUL]]D]LRQHLQFRQGL]LRQLGLYHQWRVRVWHQXWRHFRQIURQWDUOLFRQLUHODWLYLUXPRUL
UHVLGXLDOILQHGLYDOXWDUHLOLYHOOLGLIIHUHQ]LDOLQHLFDVLLQFXLVLDQRDSSOLFDELOL
GHO OLYHOOR SUHVWD]LRQDOH HQHUJHWLFR GHOO¶LPSLDQWR HROLFR QHO FRUVR GHO VXR SHULRGR GL
IXQ]LRQDPHQWR FRQ WUDVPLVVLRQH GHOOH ULVXOWDQ]H VX EDVH DQQXDOH DO &RPXQH GL *DUHVVLR
DOOD3URYLQFLDGL&XQHR8IILFLR(QHUJLDHGDO'LSDUWLPHQWRGL&XQHRGL$53$3LHPRQWH
GHOOD FRPSRQHQWH RUQLWRORJLFD H FKLURWWHURIDXQD DWWUDYHUVR O¶DGR]LRQH GL PRQLWRUDJJL
SRVWRSHUDP GD DWWLYDUH D SDUWLUH GDOOD IDVH GL FDQWLHUH H SHU DOPHQR WUH DQQL LQ IDVH GL
HVHUFL]LR VHFRQGR L GLVSRVWL GHO 3URWRFROOR GL DQDOLVL GHOO¶DYLIDXQD H GHOOD FKLURWWHURIDXQD
GHOOD5HJLRQH3LHPRQWHGLFXLDOOD'*5QGHO
,Q FDVR GL SDUWLFRODUL LQWHUIHUHQ]H QHO SHULRGR GL PLJUD]LRQH GHOO¶DYLIDXQD GHYRQR HVVHUH
DGRWWDWH OLPLWD]LRQL DOO¶DWWLYLWj GHJOL DHURJHQHUDWRUL FULWLFL GXUDQWH L JLRUQL GL PDJJLRU
SDVVDJJLRHQHLSHULRGLLQWHUHVVDWLGDIOXVVLPLJUDWRULGHOOHVSHFLHLQSDUWLFRODUHSDVVHULIRUPL
HUDSDFLGLXUQL,OPRQLWRUDJJLRSRVWRSHUDPGHYHFRQWHPSODUHDQFKHXQDDGHJXDWDYHULILFD
GHOOD PRUWDOLWj GLUHWWD JHQHUDWD GDJOL DHURJHQHUDWRUL UHDOL]]DWD D VHJXLWR GL SURWRFROOL
VWDQGDUGL]]DWL FKH SUHYHGDQR JULJOLH GL ULFHUFD YDOXWD]LRQH GHO WDVVR GL VFRPSDUVD GHOOH
FDUFDVVHHYHQWXDOHXWLOL]]RGLFDQLHXQDHOHYDWDIUHTXHQ]DQHLULOHYDPHQWL
/D SRVVLELOH SHUGLWD R ULGX]LRQH GL DUHH GL DOLPHQWD]LRQH SHU O¶DYLIDXQD GHULYDQWH GDOOD
UHDOL]]D]LRQHGHOO¶RSHUDGHYHHVVHUHFRPSHQVDWDDWWUDYHUVRODGHILQL]LRQHGLDUHHVRJJHWWHD
ULTXDOLILFD]LRQH DPELHQWDOH LQGLYLGXDWH VX SURSULHWj SXEEOLFKH ILQDOL]]DWH DG LQFUHPHQWDUH
WLSRORJLHDPELHQWDOLLGRQHHDGDWWLYLWjWURILFKHHULSURGXWWLYHGHOOHVSHFLH7DOLDUHHGHYRQR
HVVHUH LQGLYLGXDWH DG XQD GLVWDQ]D VXSHULRUH DG NP GDJOL DHURJHQHUDWRUL DOOR VFRSR GL
HYLWDUHXQSRWHQ]LDOHHIIHWWRWUDSSRODSHUDOFXQHVSHFLHGLXFFHOOLRFKLURWWHUL*OLLQWHUYHQWL
GHYRQR SUHYHGHUH LO ULSULVWLQR GL DUHH DSHUWH FRQ YHJHWD]LRQH HUEDFHD LQ ]RQH VRJJHWWH DG
DEEDQGRQRHDOO¶LQYDVLRQHGHOODYHJHWD]LRQHDUERUHRDUEXVWLYDDOORVFRSRGLDXPHQWDUHDUHH
WURILFKHSHUVSHFLHGLXFFHOOLLQ$OOHJDWR,&(ELDQFRQHWRWWDYLOOD
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
G 3HUHIIHWWXDUHLOULSULVWLQRYHJHWDOHHPRUIRORJLFRSUHYLVWRVLDQHOOHSLD]]ROHGLPRQWDJJLR
VLDOXQJRODYLDELOLWjGLDFFHVVRVLDQRXWLOL]]DWHVSHFLHDXWRFWRQHDGDWWHDOOHFDUDWWHULVWLFKH
SHGRORJLFKHHFOLPDWLFKHGHOOD]RQD
6LDQR LQROWUH DGRWWDWH WXWWH OH SUHFDX]LRQL SRVVLELOL LQ IDVH GL FDQWLHUH H GL ULSULVWLQR GHOOR
VWDWR GHL OXRJKL SHU QRQ WUDVIHULUH LQ ORFR WHUUHQL GL ULSRUWRVXROR IHUWLOH SHU LQHUELPHQWL
ULSULVWLQLRFRSHUWXUDGHOODQXRYDYLDELOLWjFRQWHQHQWLVHPLRSURSDJXOLYHJHWDWLYLGLVSHFLH
DOORFWRQH LQYDVLYH 6L VFRQVLJOLD LO ULPERVFKLPHQWR GHOOH SLD]]ROH GHJOL DHURJHQHUDWRUL DOOR
VFRSR GL HYLWDUH XQ SRWHQ]LDOH HIIHWWR WUDSSROD SHU DOFXQH VSHFLH GL XFFHOOL R FKLURWWHUL FKH
SRWUHEEHUR HVVHUH DWWUDWWH QHOO¶DUHD SURVVLPD DOOH WRUUL GXUDQWH OD QRUPDOH DWWLYLWj WURILFD H
DXPHQWDUH FRVu LO ULVFKLR GL FROOLVLRQH LQ SDUWLFRODUH SHU L &KLURWWHUL q VWDWD RVVHUYDWD XQD
PDJJLRUH DWWLYLWj LQ FRUULVSRQGHQ]D GHL PDUJLQL ERVFKLYL HG q TXLQGL QHFHVVDULR HYLWDUH GL
ULSULVWLQDUH OD YHJHWD]LRQH DUERUHD LQ SURVVLPLWj GHJOL DHURJHQHUDWRUL RQGH ULGXUUH OD
SRVVLELOLWjGLXWLOL]]RGLWDOLHOHPHQWLOLQHDULFRPHFRUULGRLGLYRORRDUHHWURILFKH
H $OWHUPLQHGHLODYRULLYLFRPSUHVLTXHOOLSHUODUHDOL]]D]LRQHGHOQXRYRQXRYRHOHWWURGRWWR
07LQWHUUDWRLFDQWLHULGHYRQRHVVHUHWHPSHVWLYDPHQWHVPDQWHOODWLHGHYHHVVHUHHIIHWWXDWR
OR VJRPEHUR H OR VPDOWLPHQWR GHL PDWHULDOL XWLOL]]DWL SHU OD UHDOL]]D]LRQH GHOO¶LPSLDQWR H
GHOOH RSHUH FRQQHVVH HYLWDQGR OD FUHD]LRQH GL DFFXPXOL SHUPDQHQWL LQ ORFR 3HU TXDQWR
ULJXDUGDOHDUHHGLFDQWLHUHTXHOOHGLGHSRVLWRWHPSRUDQHRTXHOOHXWLOL]]DWHSHUORVWRFFDJJLR
GHL PDWHULDOL OH HYHQWXDOL SLVWH GL VHUYL]LR UHDOL]]DWH SHU O¶HVHFX]LRQH GHOOH RSHUH QRQFKp
RJQLDOWUDDUHDFKHULVXOWDVVHGHJUDGDWDDVHJXLWRGHOO¶HVHFX]LRQHGHLODYRULLQSURJHWWRGHYH
HVVHUHHIIHWWXDWRTXDQWRSULPDLOUHFXSHURHLOULSULVWLQRPRUIRORJLFRHYHJHWDWLYRGHLVLWL
I $O ILQH GL SUHYHQLUH TXDOVLDVL IRUPD GL LQTXLQDPHQWR OXPLQRVR H GL DWWUD]LRQH GHOOD
FKLURWWHURIDXQD H GL XFFHOOL PLJUDWRUL QRWWXUQL QRQ GHYRQR HVVHUH XWLOL]]DWH IRUPH
G¶LOOXPLQD]LRQH GHOO¶LPSLDQWR VH QRQ SHU PDQXWHQ]LRQH VWUDRUGLQDULD DG HVFOXVLRQH GHOOH
OXFLURVVHGLVHJQDOD]LRQHSRVWHVXJOLDHURJHQHUDWRULLQIXQ]LRQHGHOOHSUHVFUL]LRQLGHJOLHQWL
FRPSHWHQWL
J /DFDOHQGDUL]]D]LRQHGHJOLLQWHUYHQWLVRSUDWWXWWRLQDUHDERVFDWDGHYHDYYHQLUHHYLWDQGRLQ
SDUWLFRODUH LO SHULRGR SULPDYHULOH LQ PRGR GD DUUHFDUH LO PLQRU GLVWXUER SRVVLELOH
DOO¶DYLIDXQDQLGLILFDQWHHFRVuGDQRQLQWHUIHULUHFRQLSLFFKLGLDWWLYLWjGHOODFKLURWWHURIDXQD
LQSDUWLFRODUHGHO%DUEDVWHOOR
K 6LD
DGRWWDWR
LO
GLVSRVLWLYR
&+,527(&+
VYLOXSSDWR
GD
%LRWRSH
KWWSZZZELRWRSHIUWHOHFKDUJHUSKS"ILFKLHUBDBWHOHFKDUJHU &KLURWHFK/3R)3SGIFK
HPLQ UHFKHUFKHBHWBGHYHORSSHPHQW LQ FROODERUD]LRQH FRQ 1RUGH[ FKH FRQWUROOD
O¶DWWLYD]LRQH GHJOL DHURJHQHUDWRUL LQ UHOD]LRQH DOO¶DWWLYLWj GHL &KLURWWHUL YDOXWDWD WUDPLWH XQ
DOJRULWPRVLWRVSHFLILFRDOILQHGLULGXUUHODVRYUDSSRVL]LRQHFRQO¶DWWLYLWjGHOOHPDFFKLQH
/D SHUGLWD GHOOD SURGXWWLYLWj ULVXOWD OLPLWDWD D SRFKL SXQWL SHUFHQWXDOL FRQ XQD ULGX]LRQH
VLJQLILFDWLYDGHOODPRUWDOLWjFLUFD
1HO FDVR LQ FXL LO VXGGHWWR GLVSRVLWLYR QRQ SRWHVVH HVVHUH DGRWWDWR SRWUj HVVHUH SUHYLVWD
O¶DWWLYD]LRQH GHJOL DHURJHQHUDWRUL DOOD YHORFLWj GHO YHQWR GL PV QHOOH RUH QRWWXUQH GD
PH]]¶RUDSULPDGHOWUDPRQWRDPH]]¶RUDGRSRLOWUDPRQWRDOPHQRQHLPHVLGLDSULOHOXJOLR
DJRVWRHVHWWHPEUHRYHVRQRVWDWLHYLGHQ]LDWLLPDJJLRULSLFFKLGLDWWLYLWjLQUHOD]LRQHDOOD
VHQVLELOLWjGHOOHVSHFLH7DOHVROX]LRQHULGXFHODPRUWDOLWjGHL&KLURWWHULGDODOLQ
TXDQWRFRQYHORFLWjGHOYHQWRVXSHULRUHDPVVLRVVHUYDXQDGUDVWLFDULGX]LRQHGLDWWLYLWj
GHOODFKLURWWHURIDXQDFRQXQDSHUGLWDGLSURGX]LRQHHQHUJHWLFDGLSRFKLSXQWLSHUFHQWXDOL
$WWHVRFKHWXWWDODGRFXPHQWD]LRQHqGHSRVLWDWDDJOLDWWL
'DWRDWWRFKH
x LO SUHVHQWH DWWR q FRQIRUPH DL GHWWDPL GHO '/JV Q GHO JLXJQR ³&RGLFH LQ
PDWHULDGLSURWH]LRQHGHLGDWLSHUVRQDOL´HVPL
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
'HWHUPLQDGHO
q VWDWR YDOXWDWR FRQ HVLWR QHJDWLYR RJQL SRWHQ]LDOH FRQIOLWWR GL LQWHUHVVL H FRQVHJXHQWH
REEOLJR GL DVWHQVLRQH H[ DUW GHO '35 Q HG H[ DUW GHO &RGLFH GL
&RPSRUWDPHQWRGLFXLDOOD'*3QGHO
5LFKLDPDWD OD QRUPDWLYD GL OHJJH Q ³'LVSRVL]LRQL SHU OD SUHYHQ]LRQH H OD UHSUHVVLRQH
GHOODFRUUX]LRQHHGHOO¶LOOHJDOLWjQHOODSXEEOLFDDPPLQLVWUD]LRQH´
9LVWD OD '*3 Q GHO IHEEUDLR FRQ FXL q VWDWR DSSURYDWR LO 3LDQR 7ULHQQDOH GL
3UHYHQ]LRQHGHOOD&RUUX]LRQHDLVHQVLGHOOD/QGHO
$WWHVR FKH VRQR VWDWL ULVSHWWDWL JOL DGHPSLPHQWL GL FXL DOO¶DUW FRPPD OHWW D GHO '/JV Q
HVPL
9LVWR O¶DUW F GHO '/JV H VPL VHFRQGR FXL OH RSHUH SHU OD UHDOL]]D]LRQH GHJOL
LPSLDQWLDOLPHQWDWLGDIRQWLULQQRYDELOLQRQFKpOHRSHUHFRQQHVVHHOHLQIUDVWUXWWXUHLQGLVSHQVDELOL
DOOD FRVWUX]LRQH H DOO
HVHUFL]LR GHJOL VWHVVL LPSLDQWL DXWRUL]]DWH DL VHQVL GHO FRPPD VRQR GL
SXEEOLFDXWLOLWjHGLQGLIIHULELOLHGXUJHQWL
9LVWR O
DUW F GHO '35 H VPL VHFRQGR FXL SHU OH HVSURSULD]LRQL ILQDOL]]DWH DOOD
UHDOL]]D]LRQHGLRSHUHSULYDWHO
DXWRULWjHVSURSULDQWHqO
(QWHFKHHPDQDLOSURYYHGLPHQWRGDOTXDOH
GHULYDODGLFKLDUD]LRQHGLSXEEOLFDXWLOLWj
9LVWL
LO'35HVPL
OD/5QHVPL
LO'/JVQHVPL
LO'35QHVPL
LO'HFUHWR0LQLVWHUR6YLOXSSR(FRQRPLFR
LO'/JVQHVPL
LO'/JVQHVPL
OD/5QHVPL
LO5'QHVPL
LO'35QHVPL
OD/HJJHQHVPL
LO'/JVQ
OR6WDWXWR
LO5HJRODPHQWRGL2UJDQL]]D]LRQHGHJOL8IILFLHGHL6HUYL]L
5LOHYDWRFKHLOSUHVHQWHDWWRDIIHULVFHDO&HQWURGL5HVSRQVDELOLWjQ³6HUYL]LR9DOXWD]LRQH
,PSDWWR$PELHQWDOH´
9LVWDOD'*3QGHOFRQFXLqVWDWRDSSURYDWRLO3LDQR(VHFXWLYRGL*HVWLRQHSHU
O
DQQR
9DOXWDWHOHULVXOWDQ]HHPHUVHQHOFRUVRGHOOH&RQIHUHQ]HGL6HUYL]LGHOJHQQDLRHGHO
PDJJLRVSHFLILFDWHSLVRSUDHGHVFULWWHQHLUHODWLYLYHUEDOLFRQVHUYDWLDJOLDWWLGHOO
(QWHHGL
UHODWLYLSDUHULDFTXLVLWLQHOO¶DPELWRGHOOHVWHVVH
3UHVRDWWRGHOOHDXWRUL]]D]LRQLQHOOHVWHVVHDFTXLVLWHDLVHQVLHSHUJOLHIIHWWLGHOO¶DUWFRPPD
GHOOD/5HVPLHGHOO¶DUWGHOODOHJJHHVPL
$FFHUWDWRTXLQGLFKH ±DOODOXFHGHOOHYDOXWD]LRQLWHFQLFKHVYROWHQHOFRUVRGHOSURFHGLPHQWRHGLQ
SDUWLFRODUH VXOOD EDVH GHJOL HVLWL LVWUXWWRUL FRQFOXVLYL GHOOD &RQIHUHQ]D GL 6HUYL]L GHO PDJJLR
VXVVLVWRQR L SUHVXSSRVWL SHU LO ULODVFLR GHOO¶DXWRUL]]D]LRQH XQLFD H[ DUW '/JV H
VPL QRQFKp SHU O¶HVSUHVVLRQH GL XQ JLXGL]LR SRVLWLYR GL FRPSDWLELOLWj DPELHQWDOH LQ PHULWR DO
SURJHWWRLQHVDPHVXERUGLQDWDPHQWHDOULVSHWWRGHOOHSUHVFUL]LRQLHOHQFDWHQHLSUHFHGHQWLSXQWLGDD
DGKQRQFKpGLTXHOOHHVSUHVVHQHJOL$//(*$7,H
'(7(50,1$
',&216,'(5$5(OHSUHPHVVHSDUWHLQWHJUDQWHGHOSUHVHQWHSURYYHGLPHQWR
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
x
',$118//$5(SHUOHPRWLYD]LRQLHVSUHVVHLQSUHPHVVD OD'HWHUPLQD]LRQH'LULJHQ]LDOHQ
GHO
', (635,0(5( *,8',=,2 326,7,92 ', &203$7,%,/,7¬ $0%,(17$/( FLUFD LO
SURJHWWRGL SDUFRHROLFRLQORFDOLWj3LDPEHUOLQRQHO&RPXQHGL*DUHVVLRSUHVHQWDWRGDSDUWHGL
*$5(66,2(1(5*,$VUOFRQVHGHLQ9LDOH99HQHWR021'29,¶&)3,9$
D FRQGL]LRQH FKH VLD HOLPLQDWR O¶DHURJHQHUDWRUH FRQWUDGGLVWLQWR D SURJHWWR
FRQ LO Q LQ TXDQWR QRQ DGHJXDWR Qp FRPSDWLELOH QHL ULJXDUGL GHOOH FDUDWWHULVWLFKH
FRQQRWDQWLOHFRPSRQHQWLSDHVDJJLVWLFKHGLULIHULPHQWRRJJHWWRGLWXWHODHWDOHGDUHFDUYL
SUHJLXGL]LR /¶XELFD]LRQH GL GHWWD WXUELQD HROLFD SHU OD TXDOH LQ VHGH GL LQWHJUD]LRQL VL HUD
FKLHVWR GL VWXGLDUH XQD FROORFD]LRQH DOWHUQDWLYD q VWDWD LQYHFH FRQIHUPDWD GDO SURSRQHQWH VXO
YHUVDQWH LQWHUQR GHL ULOLHYL FKH FLUFRQGDQR LO QXFOHR VWRULFR GHO ERUJR PHGLHYDOH GL *DUHVVLR
SDWULPRQLRHFDUDWWHUHSDHVDJJLVWLFRFRVWLWXWLYLGHOFRQWHVWRLQHVDPH3HUWDQWRDQFKHVXOODEDVH
GHJOL XOWHULRUL IRWRLQVHULPHQWL UDSSUHVHQWDWLYL GHJOL HIIHWWL GHOO¶LPSLDQWR VXO SDHVDJJLR
SUHVHQWDWL FRQ OH LQWHJUD]LRQL OD PDFFKLQD Q ULVXOWD HVVHUH GL LPSDWWR ULOHYDQWH GDO SXQWR GL
YLVWD GHOOH YLVXDOL SHUFHSLELOL GDOO¶DQWLFR LQVHGLDPHQWR GL *DUHVVLR GDOOD VWUDGD GL IRQGR YDOOH
OXQJRLOILXPH7DQDURGDXQWUDWWRGHOO¶$OWD9LDGHL0RQWL/LJXULQRQFKpSHUTXDQWRULJXDUGD
O¶LQWHUIHUHQ]DYLVLYDHODSUHPLQHQ]DGLPHQVLRQDOHULVSHWWRDO%ULFGHOOR6FKLDYR
3HU LO UHVWR JOL LQWHUYHQWL SUHYLVWL YLVWH OH PRGLILFKH DSSRUWDWH DO SURJHWWR VXOOD EDVH GHOOH
LQGLFD]LRQL HPHUVH QHO FRUVR GHO SURFHGLPHQWR VRQR VWDWL UHVL PDJJLRUPHQWH FRPSDWLELOL GDO
SXQWR GL YLVWD DPELHQWDOH VDOYDJXDUGDQGR DO FRQWHPSR OD SURGXWWLYLWj HQHUJHWLFD GHO SDUFR
HROLFR QHO VXR FRPSOHVVR /D ULORFDOL]]D]LRQH GHOO¶DHURJHQHUDWRUH Q KD FRPSRUWDWR OD
ULGX]LRQH GHOOD OXQJKH]]D GHOOD QXRYD VWUDGD GL VHUYL]LR GD PHWUL D FLUFD H
O¶HOLPLQD]LRQH GHOOD SUHYLVLRQH GL UHDOL]]DUH LO SRQWH FDUUDELOH WDOH QXRYD ORFDOL]]D]LRQH
SHUPHWWHGLVDOYDJXDUGDUHOHYLVXDOLIUXLELOLYHUVRODYDOOHGHO1HYDHYHUVRLOPDUHGDOO¶$OWD9LD
GHL 0RQWL /LJXUL /H QXRYH VXSHUILFL VWUDGDOL GL VHUYL]LR DOOH WRUUL OD ULPRGHOOD]LRQH GHJOL
VSHURQL GL URFFLD QHL WUDWWL LQ FXUYD VRQR VWDWH ULGRWWH XWLOL]]DQGR DQFKH VSHFLDOL FDUUHOOL FKH
FRQVHQWRQR LO WUDVSRUWR GHOOD SDOD TXDVL LQ YHUWLFDOH VRQR VWDWL SUHYLVWL LQWHUYHQWL GL ULSULVWLQR
PRUIRORJLFRHYHJHWD]LRQDOHGHOOHDUHHLQWHUIHULWHGDLODYRULHVRQRVWDWHULGRWWHOHDUHHRFFXSDWH
GDOOHSLD]]ROHGHILQLWLYHqVWDWDHOLPLQDWDODFDELQDHOHWWULFDSUHVVRODWRUUHQHO¶HOHWWURGRWWR
DHUHRODFRQQHVVLRQHFRQODOLQHDHOHWWULFD07qSUHYLVWDLQWHUUDWD'HWWHPRGLILFKHVRQRVWDWH
YDOXWDWH SRVLWLYDPHQWH ULWHQHQGR OH PLVXUH GL PLWLJD]LRQH DGRWWDWH VXIILFLHQWHPHQWH HIILFDFL D
OLPLWDUH JOL LPSDWWL LQGRWWL VXO FRQWHVWR SDHVDJJLVWLFR DPELHQWDOH LQWHUIHULWR HG DGHJXDWH DJOL
HVLWL GHOOD SRQGHUD]LRQH FRPSDUDWLYD VYROWD QHO FRUVR GHO SURFHGLPHQWR GHJOL LQWHUHVVL GL
VDOYDJXDUGLDGHOSDHVDJJLRHGHOO¶DPELHQWDOHFRQJOLLQWHUHVVLDQFKHHFRQRPLFLLQWULQVHFLDOOH
SROLWLFKHGLSURPR]LRQHGHOODSURGX]LRQHHQHUJHWLFDGDIRQWLDOWHUQDWLYH
3(5 0,7,*$5( XOWHULRUPHQWH O¶HQWLWj GHJOL LPSDWWL ULVSHWWR DOOH PLVXUH JLj SUHYLVWH GDO
SURSRQHQWHVXOOHFRPSRQHQWLDPELHQWDOLLQFRUVRG¶RSHUDHGLQIDVHGLHVHUFL]LRGHOO¶LPSLDQWRq
DOWUHVu HPHUVD O¶HVLJHQ]D GL VXERUGLQDUH OD UHDOL]]D]LRQH GHOO¶LQWHUYHQWR FRVu FRPH OLPLWDWR
DOO¶LQVHGLDPHQWR GHL VROL DHURJHQHUDWRUL FRQWUDGGLVWLQWL D SURJHWWR FRQ L QQ DOOH
SUHVFUL]LRQLLQGLFDWHDLSXQWLGDDDGKGHOOHSUHPHVVHDOSUHVHQWHSURYYHGLPHQWR
', 5,/$6&,$5( D *$5(66,2 (1(5*,$ VUO FRQ VHGH LQ 9LDOH 9 9HQHWR 021'29,¶&)3,9$O¶$XWRUL]]D]LRQH8QLFDDLVHQVLGHOO¶DUWGHO'/JV
HVPLDFRVWUXLUHHGHVHUFLUHO¶LPSLDQWRHROLFRLQORFDOLWj3LDPEHUOLQRQHO&RPXQHGL
*DUHVVLROLPLWDWDPHQWHDOO¶LQVWDOOD]LRQHGHJOLDHURJHQHUDWRULFRQWUDGGLVWLQWLDSURJHWWRFRQLQQ
HSHUXQDSRWHQ]DFRPSOHVVLYDSDULD0:GDUHDOL]]DUHVXLWHUUHQLLQGLFDWLQHO3LDQR
3DUWLFHOODUH GL HVSURSULR GL FXL DO VXFFHVVLYR SXQWR GD DGHJXDUH REEOLJDWRULDPHQWH FRPH
LQGLFDWRDOSXQWRPHGHVLPR
',$33529$5(LO3LDQR3DUWLFHOODUHGLHVSURSULRULVXOWDQWH
GDOO¶(ODERUDWRQ±PDJJLR
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
GDO 3LDQR 3DUWLFHOODUH *UDILFR ± 3ODQLPHWULH GL FXL DJOL (ODERUDWL $%& GHO
SURJHWWR GHILQLWLYR RULJLQDULR GDWDWR RWWREUH FRVu FRPH PRGLILFDWL GDOOD 7DYROD
³3HUFRUVRHOHWWURGRWWR07LQWHUUDWRFRPSUHVRWUDLO)JPDSSHGLO)JPDSS
´GDWDWDPDJJLR
FRVu FRPH GHSRVLWDWL DJOL DWWL GHOO
$PPLQLVWUD]LRQH DOOD OXFH GHO SURFHGLPHQWR VYROWR H
GHOO¶DVVHQ]D GL RVVHUYD]LRQL GD SDUWH GHL FRQWURLQWHUHVVDWL H FRQGL]LRQDWDPHQWH
DOO¶DVVROYLPHQWR GHOO¶REEOLJR GL DGHJXDUOL DOOR VWUDOFLR GDO SURJHWWR GHOO¶DHURJHQHUDWRUH Q VWDELOLWRDOSUHFHGHQWHSXQWRQRQFKpDOODSUHVFUL]LRQHGLFXLDOODOHWWHUDEGHOOHSUHPHVVHDO
SUHVHQWHSURYYHGLPHQWR
', $33255( ,/ 9,1&2/2 35(25',1$72 $//¶(635235,2 ( ',63255( /$
',&+,$5$=,21(',38%%/,&$87,/,7¬DLVHQVLGHJOLDUWWHGHO'35
HVPLUHODWLYDPHQWHDLWHUUHQLGLFXLDOSLDQRSDUWLFHOODUHGLHVSURSULRDOOHJDWRDOSUHVHQWHDWWR
SHUFRVWLWXLUQHSDUWHLQWHJUDQWHHDOOHUHODWLYHSODQLPHWULHVRSUDPHQ]LRQDWHHGHSRVLWDWHDJOLDWWL
GHOO
$PPLQLVWUD]LRQH FRVu FRPH REEOLJDWRULDPHQWH DGHJXDWR LQ RWWHPSHUDQ]D DO SUHFHGHQWH
SXQWR ULEDGHQGR FKH LQ FRUVR GL HVHFX]LRQH GHL ODYRUL LO VRJJHWWR SURSRQHQWH GRYUj
ULVSHWWDUHTXDQWRULSRUWDWRQHJOLHODERUDWLVRSUDPHQ]LRQDWLHGLYLDSSURYDWL
','$5($772FKHQHOSUHVHQWHSURYYHGLPHQWRFRQIOXLVFRQRLVHJXHQWLDWWLGLDVVHQVR
x 3HUPHVVRGLFRVWUXLUHH['35HVPL
x $XWRUL]]D]LRQH DG HVHJXLUH L ODYRUL LQ DUHH VRJJHWWH D YLQFROR SDHVDJJLVWLFR H[ ' /JV
HVPL$//(*$7,H
x $XWRUL]]D]LRQHDGHVHJXLUHLODYRULLQDUHHVRJJHWWHDYLQFRORLGURJHRORJLFRH[/5H
VPL$//(*$7,H
x $XWRUL]]D]LRQHLGUDXOLFDH[5'HVPL$//(*$72
x 1XOODRVWDDUFKHRORJLFR DLVHQVLGHO'/JVDUW
x 3DUHUHLJLHQLFRVDQLWDULR
x 1XOODFRQWURDLILQLPLOLWDUL
6RQRIDWWLVDOYLLGLULWWLGHLWHU]LQRQFKpOHDXWRUL]]D]LRQLSDUHULQXOODRVWDRGRJQLDOWURDWWRGL
DVVHQVR FRPXQTXH GHQRPLQDWR FKH VL UHQGD QHFHVVDULR LQ RUGLQH DOOD UHDOL]]D]LRQH H
DOO¶HVHUFL]LR GHOO¶LPSLDQWR LQ SURJHWWR QRQ HVSUHVVDPHQWH ULFRPSUHVR QHO SUHVHQWH
SURYYHGLPHQWR QRUPDWLYD DQWLQFHQGLR VLFXUH]]D VXL OXRJKL GL ODYRUR HWF« LQ SDUWLFRODUH
SULPD GHOO¶LQL]LR GHL ODYRUL LO SURSRQHQWH GRYUj SURYYHGHUH D SHQD GL QXOOLWj GHO SUHVHQWH
SURYYHGLPHQWR
x DG DWWHQGHUH O
HIIHWWLYD FRQFOXVLRQH GHOOD SURFHGXUD HVSURSULDWLYD GL FXL DO '35
HVPL
x D VWLSXODUH D IDYRUH GHO &RPXQHGL *DUHVVLR XQD SROL]]D ILGHLXVVRULD D JDUDQ]LD GHOOD
GLVPLVVLRQH HG DO ULSULVWLQR GHOOR VWDWR GHL OXRJKL D ILQH YLWD XWLOH GHOO¶LPSLDQWR 7DOH
SROL]]DGHYHHVVHUHSDULDOFRPSXWRPHWULFRDOOHJDWRDOODGRFXPHQWD]LRQHSURJHWWXDOH
x DVRWWRVFULYHUHOD&RQYHQ]LRQHFRQLO&RPXQHGL*DUHVVLRUHODWLYDDOODFRQFHVVLRQHGL
VHUYLW GL HOHWWURGRWWR LQWHUUDWR HG RFFXSD]LRQH WHPSRUDQHD DUHH GL FDQWLHUH SHU OD
UHDOL]]D]LRQHGHOSDUFRHROLFRLQ/RFDOLWj3LDQEHUOLQRDSSURYDWDFRQGHOLEHUD]LRQHGHOOD
*LXQWDFRPXQDOHQGHO
x DG DFTXLVLUH GD SDUWH GHO VHWWRUH SURYLQFLDOH 9LDELOLWj O¶DXWRUL]]D]LRQH DO WUDQVLWR GHL
PH]]LG¶RSHUDSUHYLDSUHVHQWD]LRQHGLXQDSROL]]DILGHLXVVRULDDJDUDQ]LDGHLULSULVWLQL
GHOODVHGHVWUDGDOHHYHQWXDOPHQWHOHVLRQDWDHGHOOHRSHUHGLVRVWHJQR
x DG DFTXLVLUH GD SDUWH GHO 6HWWRUH UHJLRQDOH 2233 H 'LIHVD $VVHWWR ,GURJHRORJLFR OD
FRQFHVVLRQHSHUO¶XWLOL]]RGLEHQLGHOGHPDQLRLGULFRDLVHQVLGHO'3*5Q
5SHUO¶DWWUDYHUVDPHQWRGHOULR6DQ0DXURGHOULR0DOVDQJXDGHOULR9DOVRUGDGHO
ULR6DQ%HUQDUGR
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
'HWHUPLQDGHO
D GDUH FRUVR DJOL DGHPSLPHQWLGL FXL DOOD '*5 Q GHO DL ILQL GHOOD
SUHYHQ]LRQHGHOULVFKLRVLVPLFRWHQHGRFRQWRFKHOD5HOD]LRQH*HRWHFQLFDGRYUjHVVHUH
FRPSOHWDGHOOHYHULILFKHDJOL6/(HGDJOL6/8DLVHQVLGHO'0
','$5($772GHOOHDXWRUL]]D]LRQLDFTXLVLWHDLVHQVLHSHUJOLHIIHWWLGHOO¶DUWFRPPD
GHOOD/5HVPLHGHOO¶DUWGHOODOHJJHHVPLGHVFULWWHQHLYHUEDOLGHOOH
&RQIHUHQ]HGHL6HUYL]LGHOJHQQDLRHGHOPDJJLRFRQVHUYDWLDJOLDWWLGHOO¶(QWH
HULIHULWHQHOOHSUHPHVVHDOSUHVHQWHSURYYHGLPHQWR
','$5($772FKH
x LO SUHVHQWH SURYYHGLPHQWR LQ DSSOLFD]LRQH GL TXDQWR SUHYLVWR DOO¶DUW GHO '/JV
H VPL FRVWLWXLVFH WLWROR D FRVWUXLUH HG HVHUFLUH O
LPSLDQWR LQ FRQIRUPLWj DO
SURJHWWRDSSURYDWRHFRQOHSUHVFUL]LRQLGLFXLDOSXQWRGHOSURYYHGLPHQWR
x DOOD OXFH GL TXDQWR SUHYLVWR DO FRPPD GHOO¶DUW GHO ' /JV H VPL
O¶LPSLDQWRQRQFKpOHRSHUHFRQQHVVHHOHLQIUDVWUXWWXUHLQGLVSHQVDELOLDOODFRVWUX]LRQHH
DOO
HVHUFL]LRGHOORVWHVVRVRQRGLSXEEOLFDXWLOLWjLQGLIIHULELOLHGXUJHQWL
x YLVWR TXDQWR SUHYLVWR DO FRPPD GHOO¶DUW GHO ' /JV H VPL LO SUHVHQWH
SURYYHGLPHQWRFRVWLWXLVFHRYHRFFRUUDYDULDQWHDOORVWUXPHQWRXUEDQLVWLFR
x DOOD OXFH GL TXDQWR SUHYLVWR DO FRPPD GHOO¶DUW GHO ' /JV H VPL q IDWWR
REEOLJR DO SURSRQHQWH GL SURYYHGHUH DO ULSULVWLQR GHOOR VWDWR GHL OXRJKL D VHJXLWR GHOOD
GLVPLVVLRQHGHOO¶LPSLDQWR
x O¶LPSUHVDGHYHSUHVHQWDUHDSSRVLWDGRPDQGDGLDXWRUL]]D]LRQHHGRWWHQHUHODSUHYHQWLYD
DXWRUL]]D]LRQH TXDORUD LQWHQGD HIIHWWXDUH OD PRGLILFD VRVWDQ]LDOH GHOO¶LPSLDQWR FKH
FRPSRUWL YDULD]LRQL TXDOLWDWLYH HR TXDQWLWDWLYH DO SURJHWWR DSSURYDWR ,Q RJQL FDVR LO
JHVWRUH FKH LQWHQGH VRWWRSRUUH XQ LPSLDQWR DG XQD PRGLILFD QRQ VRVWDQ]LDOH FKH
FRPSRUWLXQDYDULD]LRQHGLTXDQWRLQGLFDWRQHOSURJHWWRRQHOODUHOD]LRQHWHFQLFDGHYH
GDUQHFRPXQLFD]LRQHDOOD3URYLQFLDHGDO'LSDUWLPHQWRSURYLQFLDOH$53$GL&XQHR
','$5($772FKHJOLLQWHUYHQWLGLPRGLILFDSRWHQ]LDPHQWRULIDFLPHQWRWRWDOHRSDU]LDOHH
ULDWWLYD]LRQHFRPHGHILQLWLGDOODYLJHQWHQRUPDWLYDDQFKHLQUHOD]LRQHDOOHRSHUHFRQQHVVHHDOOH
LQIUDVWUXWWXUHGHOO¶LPSLDQWRRJJHWWRGHOSUHVHQWHSURYYHGLPHQWRGHYRQRHVVHUHSUHYHQWLYDPHQWH
DXWRUL]]DWLDLVHQVLGHOO¶DUWGHO'/JVHVPL
', '$5( $772 FKH FRPH VWDELOLWR GDOOD 'HOLEHUD $((* $5*HOW Q H VPL 7HVWR
,QWHJUDWRGHOOH&RQQHVVLRQL$WWLYH±7,&$O¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHFRQO¶HVLVWHQWH
UHWH GL GLVWULEX]LRQH HOHWWULFD XQD YROWD UHDOL]]DWR H FROODXGDWR VDUj FHGXWR DG (QHO
'LVWULEX]LRQH6S$SULPDGHOODPHVVDLQVHUYL]LRHSHUWDQWR
x O¶LPSLDQWRVDUjFRPSUHVRQHOODUHWHGLGLVWULEX]LRQHGHOJHVWRUHHTXLQGLVDUjDFTXLVLWRDO
SDWULPRQLRGL(QHO'LVWULEX]LRQH6S$
x O¶DXWRUL]]D]LRQHDOO¶HVHUFL]LRGHOO¶LPSLDQWRGLUHWHqDXWRPDWLFDPHQWHYROWXUDWDDG(QHO
FRQ GHFRUUHQ]D GDOOD GDWD GHO FROODXGR LQ TXDQWR FRQFHVVLRQDULR XQLFR GHOOD
GLVWULEX]LRQHGLHQHUJLDHOHWWULFDSHULOWHUULWRULRLQHVDPH
x O¶REEOLJRGLULSULVWLQRGHOORVWDWRGHLOXRJKLLQFDVRGLGLVPLVVLRQHGHOO¶LPSLDQWRFRPH
SUHYLVWRDLVHQVLGHOO¶DUWGHO'/JVQRQULJXDUGDO¶LPSLDQWRGLUHWHSHUOD
FRQQHVVLRQH
', &216,'(5$5( $&48,6,72 LQ VHQVR IDYRUHYROH FRQIRUPHPHQWH D TXDQWR SUHYLVWR
GDOO¶DUW WHU GHOOD / H VPL O¶DVVHQVR GHL VRJJHWWL FKH SXU HVVHQGR VWDWL
UHJRODUPHQWH FRQYRFDWL QRQ KDQQR HVSUHVVR GHILQLWLYDPHQWH Qp QRWLILFDQGROD DOO
DXWRULWj
FRPSHWHQWHQpHVSULPHQGRODLQ&RQIHUHQ]DODSURSULDYRORQWj
',67$%,/,5(FKHDOILQHGHOO¶HVSOHWDPHQWRGHOOHIXQ]LRQLGLFRQWUROORSUHYLVWHGDOO¶DUWF
GHOOD/5HVPLLOSURSRQHQWHGLDWHPSHVWLYDFRPXQLFD]LRQHGHOODGDWDGLLQL]LRHILQH
ODYRUL DO 6HWWRUH 9,$ GHO 'LSDUWLPHQWR GL &XQHR GHOO
$53$ 3LHPRQWH 9LD 9HFFKLD GL &XQHR
&XQHR
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
x
',67$%,/,5(LQROWUHSHULOSURSRQHQWHO¶REEOLJRGLFRPXQLFDUHDO&RPXQHGL*DUHVVLROD
GDWD GL HQWUDWD LQ IXQ]LRQH GHOO¶LPSLDQWR QRQFKp OD GDWD GL FHVVD]LRQH GHILQLWLYD GHOO¶DWWLYLWj
SURGXWWLYDGHOO¶LPSLDQWRPHGHVLPR
',67$%,/,5(FKHLQRWWHPSHUDQ]DDTXDQWRLQGLFDWRDOSXQWRGHO'HFUHWRGHO0LQLVWHUR
GHOOR 6YLOXSSR (FRQRPLFR VHWWHPEUH HG DL VHQVL GHOO
DUW FRPPD GHOOD OHJJH
UHJLRQDOHHVPLO¶DXWRUL]]D]LRQHXQLFDGLFXLDOSXQWRHGLOJLXGL]LRGLFRPSDWLELOLWj
DPELHQWDOH GL FXL DO SXQWR DL ILQL GHOO
LQL]LR GHL ODYRUL SHU OD UHDOL]]D]LRQH GHJOL LQWHUYHQWL
KDQQRHIILFDFLDSHUOD GXUDWDGLWUHDQQLDGHFRUUHUHGDOODGDWDGHOSUHVHQWHSURYYHGLPHQWR$L
GHOVXFFLWDWRSXQWRGHO'HFUHWRGHO0LQLVWHURGHOOR6YLOXSSR(FRQRPLFRVHWWHPEUH
H GHOO¶DUW FRPPD GHO '/JV H VPL LO SURJHWWR GRYUj HVVHUH UHDOL]]DWR HQWUR
FLQTXH DQQL GDOOD SXEEOLFD]LRQH GHO SUHVHQWH SURYYHGLPHQWR 6FDGXWL L SUHGHWWL WHUPLQL VHQ]D
FKHVLDLQWHUYHQXWDULFKLHVWDGLSURURJDO¶$XWRUL]]D]LRQH8QLFDHGLO*LXGL]LRGL&RPSDWLELOLWj
DPELHQWDOHSHUGRQRHIILFDFLD5HVWDIHUPRO¶REEOLJRGLDJJLRUQDPHQWRHGLSHULRGLFRULQQRYRFXL
VRQR HYHQWXDOPHQWH DVVRJJHWWDWH OH DXWRUL]]D]LRQL VHWWRULDOL ULFRPSUHVH QHO SUHVHQWH
SURYYHGLPHQWR
',,19,$5(LOSUHVHQWHSURYYHGLPHQWRDOSURSRQHQWHHGLUHQGHUORQRWRDWXWWLLVRJJHWWLGHO
SURFHGLPHQWR HG DO SXEEOLFR PHGLDQWH OD SXEEOLFD]LRQH DOO¶$OER 3UHWRULR GHOOD 3URYLQFLD LQ
RWWHPSHUDQ]DDTXDQWRVWDELOLWRDOO¶DUWFRPPDGOJVHVPL
', '$5( $772 FKH LO SUHVHQWH SURYYHGLPHQWR QRQ FRPSRUWD RQHUL ILQDQ]LDUL D FDULFR GHOOD
3URYLQFLD
$O SUHVHQWH SURYYHGLPHQWR q DOOHJDWD SHU IDUQH SDUWH LQWHJUDQWH H VRVWDQ]LDOH OD VHJXHQWH
GRFXPHQWD]LRQH
x QRWDSURWGLULFHY QGHOGHOOD6RSULQWHQGHQ]DSHUL%HQL$UFKLWHWWRQLFLH
3DHVDJJLVWLFLSHUOH3URYLQFHGL7RULQR$VWL&XQHR%LHOOD9HUFHOOL $//(*$72
x QRWD SURW GL ULFHY Q GHO GHOOD 5HJLRQH 3LHPRQWH 6HWWRUH $WWLYLWj GL
*HVWLRQHH9DORUL]]D]LRQHGHO3DHVDJJLR$//(*$72
x QRWD SURW GL ULFHY Q GHO GHOOD 5HJLRQH 3LHPRQWH 6HWWRUH 3UHYHQ]LRQH
7HUULWRULDOHGHO5LVFKLR*HRORJLFR$//(*$72
x QRWD SURW GL ULFHY Q GHO GHOOD 5HJLRQH 3LHPRQWH 'LUH]LRQH 2SHUH
3XEEOLFKH'LIHVDGHO6XROR(FRQRPLD0RQWDQDH)RUHVWH6HWWRUH0RQWDJQD $//(*$72
x QRWD SURW Q GHO GHOOD 5HJLRQH 3LHPRQWH ± 'LUH]LRQH 2SHUH 3XEEOLFKH
6HWWRUH'HFHQWUDWR2233H'LIHVD$VVHWWR,GURJHRORJLFRGL&XQHR$//(*$72
x 3LDQR3DUWLFHOODUHGLHVSURSULR(ODERUDWRQ±PDJJLR$//(*$72
,O SUHVHQWH SURYYHGLPHQWR VDUj SXEEOLFDWR SHU HVWUDWWR VXO %ROOHWWLQR 8IILFLDOH GHOOD 5HJLRQH
3LHPRQWHDLVHQVLGHJOLDUWWFRPPDGOJVHVPLHFRPPD/5HVPL
HG LQWHJUDOPHQWH DOO¶$OER 3UHWRULR GHOOD 3URYLQFLD LQ RWWHPSHUDQ]D D TXDQWR VWDELOLWR DOO¶DUW FRPPDGOJVHVPL
7XWWD OD GRFXPHQWD]LRQH RJJHWWR GHOO¶LVWUXWWRULD H GHOOH YDOXWD]LRQL VXFFHVVLYH q YLVLELOH SUHVVR
O¶8IILFLR9DOXWD]LRQH,PSDWWR$PELHQWDOHGHOOD3URYLQFLDGL&XQHR&VR1L]]D&XQHR
QHLJLRUQLGLOXQHGuPDUWHGuYHQHUGuGDOOHDOOHJLRYHGuGDOOHDOOH
&RQWUR LO SUHVHQWH SURYYHGLPHQWR q DPPHVVR ULFRUVR JLXULVGL]LRQDOH LQQDQ]L DO 7ULEXQDOH
$PPLQLVWUDWLYR 5HJLRQDOH GHO 3LHPRQWH R LQ DOWHUQDWLYD ULFRUVR DPPLQLVWUDWLYR VWUDRUGLQDULR DO
3UHVLGHQWH GHOOD 5HSXEEOLFD HQWUR LO WHUPLQH ULVSHWWLYDPHQWH GL H JLRUQL GDOOD GDWD GL
QRWLILFDGHOSURYYHGLPHQWRPHGHVLPR
,/',5,*(17(
'RWW$OHVVDQGUR5,662
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR
'HWHUPLQDGHO
'HWHUPLQDGHO
5LSURGX]LRQHFDUWDFHDGLGRFXPHQWRLQIRUPDWLFRVRWWRVFULWWRGLJLWDOPHQWHGD5,662$/(66$1'52LODLVHQVLGHJOLDUWWHUGHO'
OJVHVPL
&RSLDVXVXSSRUWRFDUWDFHRFRQIRUPHDOGRFXPHQWRRULJLQDOHGLJLWDOHFRQVLVWHQWHLQQSDJLQHDLVHQVLGHOO
DUWFGHO'OJVHDUWFGHO'35
3URYLQFLDGL&XQHR)LUPDBBBBBBBBBBBBBBBBBBBBBBBBBBB

Download Report