FDULFDGLSHQGHGDOWLSRGLEDWWHULDYHGLODWDEHOODGLVSHFL¿FKHWHFQLFKH
3ULPDGHOODPHVVDLQIXQ]LRQHLQL]LDOH
Ɣ
5LPXRYHUHDWWHQWDPHQWHOLPEDOODJJLRGDOOHYDULHSDUWL
Ɣ
9HUL¿FDUHFKHLOGLVSRVLWLYRVLDFRPSOHWRHFRQIRUPHDOOHFRQGL]LRQLGLFRQVHJQD
HFKHQRQVLDGDQQHJJLDWR1HOFDVRGLGDQQHJJLDPHQWRGLTXDOVLDVLWLSRRQHO
FDVRGLPDQFDQ]DGLSDUWLFRQWDWWDUHLPPHGLDWDPHQWHOXI¿FLRYHQGLWH0DLXVDUH
XQGLVSRVLWLYRGDQQHJJLDWRRLQFRPSOHWR
0HVVDLQIXQ]LRQHLQL]LDOH XWLOL]]RYHGHUHODFRSHUWLQD
3ULPDGLRJQLXWLOL]]RDFFHUWDUVLFKHLOPRGHOORHVLDLQSHUIHWWHFRQGL]LRQLH
SURFHGHUHFRPHVHJXH
$FFHUWDUVLFKHVLDQRULPRVVLLFRSUL¿OWULGHO¿OWURSURWHWWLYRHFKHLO¿OWURVLD¿VVDWR
FRUUHWWDPHQWH
9HUL¿FDUHFKHQRQFLVLDQRGDQQHJJLDPHQWLEXFKLVWUDSSLWDJOLQHOWXER
GHOO¶DULDHQHOFRQQHWWRUH&ROOHJDUHLOWXERGHOO¶DULDDOFDVFRFRPSUHVVRUH
SUHPHQGRLOWXERQHOODFRUULVSRQGHQWHSDUWHGHOGLVSRVLWLYR¿QFKpQRQVLLQFDVWUL
QHOO¶DOORJJLDPHQWR
$FFHQGHUHLO3$35SUHPHQGRLOSXOVDQWHRQRIISHUDOPHQRVHFRQGL6L
VHQWHXQEUHYHDYYLVRDFXVWLFRGXUDQWHODVHTXHQ]DGLDFFHQVLRQH
6SLQJHUHVDOGDPHQWHLOPLVXUDWRUHGLÀXVVRGHQWURO¶DWWDFFRGHOWXERG¶DULDLQ
PRGRGDIRUPDUHXQJLXQWRDWHQXWDDFFHUWDQGRVLFKHLIRULGHOPLVXUDWRUHGL
ÀXVVRQRQVLDQREORFFDWL7HQHUHLOWXERLQPRGRFKHLOPLVXUDWRUHGLÀXVVR
ULPDQJDLQSRVL]LRQHYHUWLFDOHHFKHODVIHUDVLPXRYDOLEHUDPHQWH
9HUL¿FDUHODSRVL]LRQHGHOODVIHUDDOO¶LQWHUQRGHOPLVXUDWRUHGLÀXVVRFKHGHYH
HVVHUHVXSHULRUHDOOPLQ/DFRPSDUVDGHOO¶DOODUPHGXUDQWHTXHVWRWHVW
QRQKDLPSRUWDQ]DSHUFKpLOFDVFRGLVLFXUH]]DQRQqFROOHJDWR
,OVLVWHPDGLFRPSUHVVLRQHKDXQDOODUPHYLVLYRHDFXVWLFRSHUODEDWWHULD
VFDULFDRSHULO¿OWURLQWDVDWRRQRQLQVWDOODWRFRUUHWWDPHQWH
6HVLD]LRQD
O·DOODUPHqQHFHVVDULRODVFLDUHOD]RQDSHULFRORVD
$FFHUWDUVLFKHO¶DOODUPH
YLVLYRHDFXVWLFRGHOÀXVVRG¶DULDVLD]LRQLQHOFDVRVLGRYHVVHFRSULUHFRQOD
PDQRO¶DSHUWXUDGHOWXER
)HUPDUHLOFRPSUHVVRUHSUHPHQGRLOSXOVDQWH³RQ´SHUDOPHQRVHFRQGLH
FROOHJDUHLOWXERDOFDVFRGLVLFXUH]]D
$FFHUWDUVLFKHLOFDVFRGLVLFXUH]]DQRQVLDGDQQHJJLDWRLQGRVVDUORHOHJDUHLO
3$35FRQODFLQWXUDDL¿DQFKL
$FFHQGHUH LO FRPSUHVVRUH H DFFHUWDUVL FKH O¶DULD DOO¶LQWHUQR GHO FDVFR GL
VLFXUH]]DFLUFROLQRUPDOPHQWH
1HOFDVRGLTXDOVLDVLWLSRGLGDQQHJJLDPHQWRqQHFHVVDULRVRVWLWXLUHOHSDUWL
GDQQHJJLDWHSULPDGLXVDUHLO3$35
5HJROD]LRQHGHOODFLQWXUD
LQGRVVDUHODFLQWXUDHUHJRODUHODOXQJKH]]DLQ
PRGRGDDYHUHLOGLVSRVLWLYRGLFRPSUHVVLRQHG¶DULDSRVL]LRQDWRFRPRGDPHQWHVXL
¿DQFKL
5LPR]LRQHGHOWXERGHOO·DULD
SUHPHUHO¶DWWDFFRGHOWXERVXHQWUDPELLODWLH
ULPXRYHUORGDOODSDUWHFRUULVSRQGHQWH
,QVHULPHQWRGHOODEDWWHULD
ODEDWWHULDGHYHHVVHUHLQVHULWDLQSRVL]LRQHGULWWD
6SLQJHUHODEDWWHULD¿QRDOORVFDWWR
5LPR]LRQHHFDULFDPHQWRGHOODEDWWHULD
SUHPHUHODIDVFHWWDIHUPDEDWWHULDH
ULPXRYHUHODEDWWHULDGDOFRPSUHVVRUH4XLQGLFROOHJDUODFRQLOFDULFDEDWWHULH
HFDULFDUOD
&DPELRGHOÀOWUR
LO¿OWURGHYHHVVHUHFDPELDWRTXDQGRVLD]LRQDO¶DOODUPHGHO
¿OWUR6SHJQHUHLOGLVSRVLWLYRHDSULUHLOFRSUL¿OWUR6YLWDUHLOYHFFKLR¿OWUR
HVRVWLWXLUORFRQXQRQXRYR
0DJD]]LQDJJLR
,OVLVWHPDHHLVXRLDFFHVVRULGHYRQRHVVHUHLPPDJD]]LQDWLLQXQOXRJR
DVFLXWWR7HQHUHDOULSDURGDOODOXFHVRODUHGDOOHWHPSHUDWXUHDOWHGDLGURFDUEXUL
HYDSRULVROYHQWL
,WDOLDQR
,VWUX]LRQLGLVLFXUH]]D
3ULPD GL XVDUH O¶HTXLSDJJLDPHQWR OHJJHUH DWWHQWDPHQWH TXHVWH LVWUX]LRQL GL
IXQ]LRQDPHQWR/¶XVRVEDJOLDWRSXzPHWWHUHLQSHULFRORODYLWDHJOLDUWLHSXzUHQGHUH
QXOODTXDOVLDVLULFKLHVWDGLLQWHUYHQWRLQJDUDQ]LDIDWWDD2SWUHO
$OODUPLHUHVWUL]LRQLGLVLFXUH]]D
,QGRVVDUHLOFDVFRGLSURWH]LRQHVRODPHQWHVHFROOHJDWRDOFRPSUHVVRUHHVHLO
FRPSUHVVRUHVWDIXQ]LRQDQGR,OFRPSUHVVRUHGHYHHVVHUHXVDWRVRODPHQWHVH
FROOHJDWRFRQLOUHVSLUDWRUHFKHFRUULVSRQGHDLUHTXLVLWLGHJOLVWDQGDUGHXURSHLH
DXVWUDOLDQL4XHVWL3$355HVSLUDWRULLVRODQWLDGDGGX]LRQHG¶DULDQRQIRUQLVFRQR
ODSURWH]LRQHFRQWUROHVRVWDQ]HJDVVRVH,QGRVVDUHLOGLVSRVLWLYRHDFFHQGHUOR
SULPDGLLQL]LDUHLOODYRURVRODPHQWHDOORUDqVLFXURHQWUDUHQHOOD]RQDSHULFRORVD
6HLOFRPSUHVVRUHQRQIXQ]LRQDFRUUHWWDPHQWHODVFLDUHLPPHGLDWDPHQWHOD]RQD
SHULFRORVD$SSHQDVLD]LRQDO¶DOODUPHGHOODEDWWHULDVLLOOXPLQDLO/('JLDOOR
HVLVHQWHLOVHJQDOHDFXVWLFRqQHFHVVDULRODVFLDUHLPPHGLDWDPHQWHOD]RQD
SHULFRORVD5LFDULFDUHRFDPELDUHODEDWWHULD$SSHQDVLD]LRQDO¶DOODUPHGHOÀXVVR
G¶DULDVLLOOXPLQDLO/('URVVRHVLVHQWHLOVHJQDOHDFXVWLFRqQHFHVVDULRODVFLDUH
LPPHGLDWDPHQWHOD]RQDSHULFRORVDHFDPELDUHLO¿OWUR
8QIRUWHYHQWRSURYHQLHQWHGDLODWLRSRVWHULRUPHQWHSXzSUHJLXGLFDUHODSURWH]LRQH
IRUQLWDGDOFDVFR1HOFDVRGLFDULFRRSHUDWLYRPROWRDOWRODUHVSLUD]LRQHSXzFDXVDUH
XQDSUHVVLRQHPROWREDVVDDOO¶LQWHUQRGHOFDVFR4XHVWRSXzULGXUUHODSURWH]LRQH
,QTXHVWRFDVRQRQELVRJQDULPXRYHUHLOFDVFRRVSHJQHUHLOFRPSUHVVRUH¿QFKp
QRQVLqIXRULGDOOD]RQDSHULFRORVD'XUDQWHODULPR]LRQHGHOFDVFRqQHFHVVDULR
SUHQGHUHWXWWHOHPLVXUHSUHFDX]LRQDOLSHUHYLWDUHGLLQVSLUDUHSROYHUHRPDWHULDOH
FRQWDPLQDWRHYHQWXDOPHQWHGHSRVLWDWRVXOODVXSHU¿FLHHVWHUQDGHOFDVFR0DL
LPPHUJHUHLOFRPSUHVVRUHRODEDWWHULDQHOO¶DFTXDTXHVWRSXzGDQQHJJLDUHLO
GLVSRVLWLYR$FFHUWDUVLFKHQRQHQWULO¶DFTXDDOO¶LQWHUQRGHOGLVSRVLWLYRGXUDQWHOD
SXOL]LD,¿OWULXVDWLQRQSRVVRQRHVVHUHSXOLWLRULFLFODWL,WHQWDWLYLGLSXOLUHL¿OWUL
SRVVRQRGDQQHJJLDUOL0DLPHWWHUHODEDWWHULDLQFRUWRFLUFXLWRTXHVWRSXzFDXVDUH
GDQQLLUUHYHUVLELOL
,3$355HVSLUDWRULLVRODQWLDGDGGX]LRQHG¶DULDQRQSRVVRQRHVVHUHXVDWL
± LQXQ¶DWPRVIHUDHVSORVLYDRLQ¿DPPDELOH
± VHO¶DULDLQVSLUDWDPDQFDG¶RVVLJHQR(XURSD$XVWUDOLDROD
FRQFHQWUD]LRQHGLWRVVLQHqFRVuDOWDFKHVLULFKLHGHXQDFODVVHSURWHWWLYD
VXSHULRUHULV3(3$XVWUDOLD
± FRQOHWHPSHUDWXUHLQIHULRULDL&RVXSHULRULDL&
± QHOO¶DPELHQWHFRQSHULFRORLPPHGLDWRSHUODYLWDHJOLDUWL
,QFDVRGLGRPDQGHUHODWLYHDOO¶LPSLHJRVSHFL¿FRO¶XVRRO¶LGRQHLWjGHOVLVWHPD
HFRQWDWWDUHO¶XI¿FLRYHQGLWHGL2SWUHO
*DUDQ]LDHUHVSRQVDELOLWj
2SWUHOHVHJXLUjODULSDUD]LRQHRODVRVWLWX]LRQHGHOSURGRWWRRYHQHFHVVDULRLQ
FDVLGLGLIHWWLGLPDWHULDOHRIDEEULFD]LRQHFKHVLPDQLIHVWDQRHQWURPHVLGDOOD
GDWDG¶DFTXLVWRDFRQGL]LRQHFKHLOSURGRWWRVLDVWDWRXVDWRLQFRQIRUPLWjFRQO¶XVR
DXWRUL]]DWRFRPHGDLVWUX]LRQLGLIXQ]LRQDPHQWR
/DJDUDQ]LDSXzHVVHUHLQYDOLGDWDQHOFDVRLQFXLLOQXPHURGLVHULHVLDVWDWRDOWHUDWR
ULPRVVRRUHVRLOOHJJLELOHRVHLOSURGRWWRVLDLQWHQ]LRQDOPHQWHGDQQHJJLDWRQRQ
FRUUHWWDPHQWHXVDWRDSHUWRRPRGL¿FDWR,QROWUHODJDUDQ]LDSXzHVVHUHLQYDOLGDWD
QHOFDVRLQFXLLOSURGRWWRQRQVLDVWDWRXVDWRFRUUHWWDPHQWHVLDQRVWDWHXVDWHSDUWLGL
ULFDPELRQRQRULJLQDOLRQRQVLDVWDWDHIIHWWXDWDODFRUUHWWDPDQXWHQ]LRQH
/DJDUDQ]LDFRSUHVRODPHQWHULSDUD]LRQLRVRVWLWX]LRQLGLSDUWLGLIHWWRVH,QQHVVXQ
FDVR2SWUHOVLDVVXPHUjO¶LPSHJQRGLIRUQLUHTXDOVLYRJOLDJDUDQ]LDSHUJXDVWL
JHQHUDOLRFRQVHJXHQWLGDQQHJJLDPHQWL
6HWWRUHGLDSSOLFD]LRQH
,OPRGHOORHqXQUHVSLUDWRUHLVRODQWHDGDGGX]LRQHG¶DULD3$35XVDWR
FRPHSURWH]LRQHFRQWURJUDQHOOLGLSROYHUH4XHVWRVLVWHPDqFHUWL¿FDWR7+3
LQFRQIRUPLWjDOORVWDQGDUGHXURSHR(1H7+3LQFRQIRUPLWjDOOR
VWDQGDUGDXVWUDOLDQR$61=6
,OPRGHOORHqXVDWRFRPHVRVWHJQRGXUDQWHLOSURFHVVRGLYHQWLOD]LRQH
ULGXFHQGR OR VIRU]R ULFKLHVWR SHU UHVSLUDUH H GL FRQVHJXHQ]D ULGXFHQGR OD
VWDQFKH]]D ,O VLVWHPD HOHWWURQLFR GL FRQWUROOR GHO ÀXVVR G¶DULD FRQWUROOD LO
FRPSUHVVRUHSHUDVVLFXUDUHXQFRVWDQWHÀXVVRG¶DULDGLPLQOPLQ
/¶HIIHWWLYRWHPSRGLIXQ]LRQDPHQWRGHOPRGHOORHFRQXQDEDWWHULDFRPSOHWDPHQWH
B2SWUHOBHB,QKDOWLQGG
