$9(57,60(17
'DFăVHWXOGHDFXPXODWRULVDXvQFăUFăWRUXOHVWH
GHWHULRUDWvQORFXL܊LVHWXOGHDFXPXODWRULVDX
vQFăUFăWRUXO
2SUL܊LPD܈LQD܈LD܈WHSWD܊LSkQăFkQGPRWRUXOVHRSUH܈WH
vQDLQWHGHDLQVWDODVDXDVFRDWHVHWXOGHDFXPXODWRUL
&LWL܊LFXQRD܈WH܊L܈LXUPD܊LLQVWUXF܊LXQLOHGLQPDQXDOXO
VHWXOXLGHDFXPXODWRUL܈LDOvQFăUFăWRUXOXL
127Ă
0D܈LQDHVWHHFKLSDWăFXRIXQF܊LHGHFRPXWDUHDXWRPDWă
SHUPL܊kQGXLFHOXLODOWDFXPXODWRUVăIXQF܊LRQH]HFkQG
SULPXODFXPXODWRUQXSRDWHIXQF܊LRQD
'HVFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXDFXPXODWRU
$OLQLD܊LQHUYXULOHGHULGLFDUHDOHVHWXOXLGHDFXPXODWRULFX
FDQHOXULOHGLQFRPSDUWLPHQWXOVHWXOXLGHDFXPXODWRUL
ÌPSLQJH܊LVHWXOGHDFXPXODWRULvQFRPSDUWLPHQWXO
DFHVWXLDSkQăFkQGVHWXOGHDFXPXODWRULVHEORFKHD]ăvQ
SR]L܊LH
&kQGDX]L܊LXQFOLFVHWXOGHDFXPXODWRULHVWHLQVWDODW
ÌQFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXEDWHULL
127Ă
0RWRUXOSRUQH܈WHQXPDLFkQGLQWURGXFH܊LFKHLDGHVLJXUDQ܊ă
6&2$7(5($6(78/8,'(
$&808/$725,
)LJXUD
ÌQGHSăUWDĠLFKHLDGHVLJXUDQ܊ă
'HVFKLGHĠLFDSDFXOFRPSDUWLPHQWXOXLSHQWUXDFXPXODWRU
$SăVD܊L܈LPHQ܊LQH܊LDSăVDWEXWRQXOGHHOLEHUDUHDVHWXOXL
GHDFXPXODWRUL
6FRDWHĠLVHWXOGHDFXPXODWRULGLQPD܈LQă
)81&܉,,/(0$܇,1,,'(7816
,$5%$
127Ă
ÌQJHQHUDORPD܈LQăGHWXQVLDUEDHVWHHFKLSDWăFXIXQF܊LL
FROHFWDUHDSRVWHULRDUăDUHVWXULORUWRFDUHDUHVWXULORU
YHJHWDOHHYDFXDUHDODWHUDOă$FHVWHIXQF܊LLSRWILFRPXWDWH
SULQPRGLILFDUHDVHWăULORUDFFHVRULLORU9ăUXJăPUHVSHFWD܊L
LQGLFD܊LLOHGLQWDEHOXOGHPDLMRVSHQWUXGHWDOLLSULYLQG
VHWăULOH
9ăUXJăPUH܊LQH܊LFăIXQF܊LLOHGHPDLMRVSRWYDULDvQ
IXQF܊LHGHPRGHOXOPD܈LQLLGHWXQVLDUED
3(1758
75$16)25
0$5($
0$܇,1,,'(
7816,$5%$
'2372
&Ă725
'(5(
6785,
9(*(7$
/(
&2/(&
725'(
,$5%Ă
-*+($%
'((9$&
8$5(
/$7(5$
/Ă
3HQWUXFROHFWDUHD
SRVWHULRDUăDUH
VWXULORU
î
¥
î
3HQWUXWRFDUHDUH
VWXULORUYHJHWDOH
¥
î
î
3HQWUXHYDFXDUHD
ODWHUDOăDUHVWXULORU
YHJHWDOH
¥
î
¥
¥LQVWDODODWă
îvQGHSăUWDWă
)81&܉,21$5(
$9(57,60(17
1XPDQLSXOD܊LDFXPXODWRUXOFRPXWDWRUXOVDXPD܈LQDFX
PkLQLOHXGH1XH[SXQH܊LODSORDLH܈LQXOăVD܊LVăLQWUH
OLFKLGHvQFRPSDUWLPHQWXOPRWRUXOXL
3XUWDĠLRFKHODULGHSURWHFĠLHvQWLPSXOIXQF܊LRQăULL
3251,5($0$܇,1,,
)LJXUD
,QWURGXFH܊LFKHLDGHVLJXUDQ܊ă
$SăVDĠLúLĠLQHĠLDSăVDWEXWRQXOGHSRUQLUH
ÌQWLPSFH܊LQH܊LDSăVDWEXWRQXOGHSRUQLUHWUDJH܊LEDUDGH
FRPXWDUHvQGLUHF܊LDPkQHUXOXL
$FXPSXWH܊LHOLEHUDEXWRQXOGHSRUQLUH
127Ă
'DFăPD܈LQDQXSRUQH܈WH
GHVFKLGH܊LFODSHWDFRPSDUWLPHQWXOXLEDWHULHL܈LYHULILFD܊L
FKHLDGHVLJXUDQ܊ă
6FRDWH܊LVHWXOGHDFXPXODWRUL܈LH[DPLQD܊LSODWIRUPD
PD܈LQLLGHWXQVLDUEDSHQWUXDYăDVLJXUDFăSHODPăQX
VDSULQVLDUEă܈LODPDVHSRDWHURWLOLEHUFXPkQD
6RIW6WDUW
$FHDVWăPD܈LQăFX/LLRQHVWHHFKLSDWăFXÄVRIWVWDUW´$WXQFL
FkQGSRUQL܊LPD܈LQDDFHDVWDWUHFHODYLWH]ăPD[LPăGXSă
DSUR[LPDWLYVHFXQGH
235,5($0$܇,1,,
)LJXUD
(OLEHUDĠLEDUDGHFRPXWDUHSHQWUXDRSULPD܈LQD
5RPkQă
52