Werbung
E812`JGV`JU/cppl!!Qbhf!:!!Npoebz-!Bvhvtu!38-!3118!!3;26!QN
&KLDPDWH
3UHPHUH
&RPSRUUH LO QXPHUR WHOHIRQLFR
'LJLWDUH LO QXPHUR WHOHIRQLFR PDVVLPR
QXPHUL ,Q FDVR GL HUURUH SUHPHUH
3UHPHUH
SHU FKLDPDUH LO QXPHUR WHOHIRQLFR LQVHULWR
7HQHUH SUHPXWR XQ WDVWR GD
D
ILQR D TXDQGR LO QXPHUR QRQ YLHQH YLVXDOL]]DWR H
FRPSRVWR
G
3UHPHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH LO QRPLQDWLYR GHVLGHUDWR
3UHPHUH
SHU FRPSRUUH LO QXPHUR
,QYHFH GL VFRUUHUH SHU VIRJOLDUH L QRPLQDWLYL GHOOD UXEULFD SUHPHUH LO WDVWR QXPHULFR FRUULVSRQGHQWH
DOOD SULPD OHWWHUD GHO QRPLQDWLYR FKH VL GHVLGHUD WURYDUH $G HVHPSLR SUHPHQGR
QRPLQDWLYL FKH FRPLQFLDQR FRQ $ 3UHPHQGR QXRYDPHQWH
FRQ % HFF
3HU SRWHU YHGHUH LO QXPHUR GHO FKLDPDQWH QHOOD OLVWD GHOOH FKLDPDWH GRYHWH DEERQDUYL DO VHUYL]LR
GL ,GHQWLILFD]LRQH GL /LQHD GHO &KLDPDQWH GHOOD YRVWUD UHWH 3HU PDJJLRUL GHWWDJOL YHGHUH ³/LVWD
&KLDPDWH´ D SDJLQD
X
3UHPHUH
SHU DFFHGHUH DO PHQX
5(* &+,$0$7(
P
6(*5 7(/()
3UHPHUH
SHU DFFHGHUH D
/,67$ &+,$0
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH LO QRPLQDWLYR GHVLGHUDWR
3UHPHUH
SHU FRPSRUUH LO QXPHUR
4XDQGR LO WHOHIRQR VTXLOOD H
ODPSHJJLD VXO GLVSOD\ SUHPHUH
ULVSRQGHUH DOOD FKLDPDWD WUDPLWH O¶DOWRSDUODQWH
4XDQGR LO WHOHIRQR VTXLOOD HYLWDUH GL WHQHUH O DXULFRODUH WURSSR YLFLQR DOO¶RUHFFKLR LQ TXDQWR FLz
SRWUHEEH GDQQHJJLDUH O XGLWR / DWWLYD]LRQH GHO YLYDYRFH SXz DXPHQWDUH LPSURYYLVDPHQWH LO YROXPH
QHOO DXULFRODUH DG XQ OLYHOOR PROWR DOWR $VVLFXUDWHYL FKH LO ULFHYLWRUH QRQ VLD WURSSR YLFLQR DOO RUHFFKLR
6H VLHWH DEERQDWL DO VHUYL]LR ,GHQWLILFD]LRQH &KLDPDQWH GHOOD YRVWUD UHWH HG q VWDWR DVVHJQDWR XQ
*UXSSR 9,3 DO QXPHUR GHO FKLDPDQWH L GHWWDJOL GHO FKLDPDQWH YHQJRQR YLVXDOL]]DWL SULPD FKH
VTXLOOL LO WHOHIRQR YHGHUH ³0HPRUL]]DUH XQ QRPLQDWLYR´ D SDJLQD
8VR GHO WHOHIRQR
SDJLQD
ULFHYLPHQWR GHOOD FKLDPDWD TXLQGL GRSR FKH O LGHQWLILFDWLYR GHO FKLDPDQWH q YLVXDOL]]DWR LQL]LHUj
OD VXRQHULD DVVHJQDWD 9HGHUH ³3ULPR VTXLOOR´ D SDJLQD
6H OD PRGDOLWj GL ULVSRVWD DXWRPDWLFD DOOD FKLDPDWD YHGHUH SDJLQD
VHPSOLFHPHQWH DO]DUH LO ULFHYLWRUH GDOOD EDVH SHU ULVSRQGHUH DOOD FKLDPDWD /¶LPSRVWD]LRQH
SUHGHILQLWD q DWWLYD SHU FXL ELVRJQD SUHPHUH
H
8QD FKLDPDWD LQ HQWUDWD KD OD SULRULWj VX DOWUL HYHQWL 2JQL YROWD FKH F q XQD FKLDPDWD LQ HQWUDWD
DOWUH RSHUD]LRQL LQ VYROJLPHQWR TXDOL OH LPSRVWD]LRQL GHO WHOHIRQR OD QDYLJD]LRQH GHO PHQX HFF
YHUUDQQR WHUPLQDWH
'XUDQWH XQD FKLDPDWD SUHPHUH
GHOO DOWRSDUODQWH
'LVDWWLYDWH LO PLFURIRQR LQ PRGR GD SRWHU FRQYHUVDUH FRQ XQ DOWUD SHUVRQD QHOOD VWDQ]D VHQ]D FKH
LO FKLDPDQWH SRVVD DVFROWDUYL
'XUDQWH XQD FKLDPDWD SUHPHUH
DSSDLRQR L
3UHPHUH QXRYDPHQWH
DSSDLRQR L QRPLQDWLYL FKH FRPLQFLDQR
3UHPHUH
'RSR DYHU ULDJJDQFLDWR OD GXUDWD GHOOD FKLDPDWD YLHQH YLVXDOL]]DWD SHU
6H OD PRGDOLWj GL FKLXVXUD DXWRPDWLFD GHOOD FKLDPDWD q DWWLYDWD YHGHUH SDJLQD
VHPSOLFHPHQWH ULSRVL]LRQDUH LO ULFHYLWRUH VXOOD EDVH SHU WHUPLQDUH OD FKLDPDWD /¶LPSRVWD]LRQH
SUHGHILQLWD q DWWLYDWD
$YHWH O¶RS]LRQH GL DFFHGHUH D
/,67$ &+,$0
R
7HQHUH SUHPXWR
7HQHUH SUHPXWR QXRYDPHQWH
&KLDPDUH XQ VHFRQGR QXPHUR HVWHUQR
Y
0HWWHUH LQ DWWHVD XQ FKLDPDQWH HVWHUQR SHU HIIHWWXDUH XQD VHFRQGD FKLDPDWD HVWHUQD (¶ TXLQGL
R SUHPHUH
SHU
SRVVLELOH DOWHUQDUH WUD HQWUDPEL L FKLDPDQWL R WHQHUH XQD FKLDPDWD LQ FRQIHUHQ]D D
'XUDQWH XQD FKLDPDWD SUHPHUH
3UHPHUH
,QVHULUH LO VHFRQGR QXPHUR
4XDQGR LO VHFRQGR FKLDPDQWH ULVSRQGH SUHPHUH
H ³6XRQHULD GL JUXSSR´ D
3UHPHUH!
Ê SRVVLELOH LPSRVWDUH LO WHOHIRQR LQ PRGR FKH OR VTXLOOR SUHGHILQLWR VXRQL VXELWR DO
SHU ULVSRQGHUH DG XQD FKLDPDWD
X
G
R
SHU UHJRODUH LO YROXPH GHOO DXULFRODUH R
H
H
SHU ULDWWLYDUH LO PLFURIRQR
!
!
ILQFKp LO ULFHYLWRUH QRQ VL VSHJQH
!
SHU ULDFFHQGHUH LO ULFHYLWRUH
P
G
6FRUUHUH
ILQR D
P
&+,$0$7$ 5
P
SHU DSULUH LO PHQX GL RS]LRQL
P
&21)(5(1=$
± SUHPHUH
SHU DYYLDUH XQD FRQYHUVD]LRQH D FRQ XQ FKLDPDQWH HVWHUQR HG XQ
FKLDPDQWH LQWHUQR
P
,19(57,
± SUHPHUH
SHU DOWHUQDUH WUD L GXH FKLDPDQWL
!
SHU DJJDQFLDUH
q DWWLYDWD SRWHWH
VHFRQGL
SRWHWH
,1,= &+,$0
Werbung
