Werbung
E812`JGV`JU/cppl!!Qbhf!26!!Npoebz-!Bvhvtu!38-!3118!!3;26!QN
7RQL GHO ULFHYLWRUH
4XDQGR LO WHOHIRQR VTXLOOD HYLWDUH GL WHQHUH O DXULFRODUH WURSSR YLFLQR DOO¶RUHFFKLR LQ TXDQWR FLz
SRWUHEEH GDQQHJJLDUH O XGLWR
6FHJOLHUH GD 0XWR %DVVR 0HGLR $OWR $PSOLILFD H 3URJUHVVLYR LQFUHPHQWR GHO YROXPH GHOOD VXRQHULD
/ LPSRVWD]LRQH SUHGHILQLWD q VX $OWR
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
P
$SSDUH
721, 5,&(9
3UHPHUH
P
$SSDUH
92/ 6821(5,$
3UHPHUH
X
G
6FRUUHUH
R
SHU UHJRODUH LO OLYHOOR GL YROXPH GHOOD VXRQHULD
P
3UHPHUH
SHU VDOYDUH OH LPSRVWD]LRQL
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
6FHJOLHUH WUD
VXRQHULH PHORGLFKH
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
P
G
$SSDUH
721, 5,&(9
3UHPHUH
H VFRUUHUH
X
G
3UHPHUH
R
SHU VHOH]LRQDUH OD VXRQHULD
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
3HU XVXIUXLUH GL TXHVWD IXQ]LRQH ELVRJQD DEERQDUVL DO VHUYL]LR GL ,GHQWLILFD]LRQH GL /LQHD GHO
&KLDPDQWH 4XHVWR PHQX YL SHUPHWWH GL VHOH]LRQDUH HG LPSRVWDUH OH VXRQHULH GD HVHJXLUH TXDQGR
F q XQD FKLDPDWD LQ HQWUDWD HVWHUQD SURYHQLHQWH GD XQ FRQWDWWR LO FXL QRPH q PHPRUL]]DWR QHOOD
YRVWUD UXEULFD HG q LQVHULWR LQ XQ JUXSSR 3RWHWH DVVRFLDUH XQD VXRQHULD DG RJQL JUXSSR 3HU
RUJDQL]]DUH L YRVWUL QRPLQDWLYL VRQR GLVSRQLELOL WUH JUXSSL GL UXEULFKH *UXSSR $ % & $G RJQL
JUXSSR SXz HVVHUH DVVHJQDWD XQD VXRQHULD SHUVRQDOL]]DWD
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
P
G
$SSDUH
721, 5,&(9
3UHPHUH
H VFRUUHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH
*58332 $ %
X
G
3UHPHUH
R
SHU VHOH]LRQDUH OD VXRQHULD GHVLGHUDWD SHU LO JUXSSR H SUHPHUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
4XDQGR VL SUHPH XQ WDVWR VXO ULFHYLWRUH VL RGH XQ ELS Ê SRVVLELOH DWWLYDUH R GLVDWWLYDUH WDOL ELS
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
P
G
$SSDUH
721, 5,&(9
3UHPHUH
H VFRUUHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH
$77,9$
R
',6$77,9$
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
,PSRVWD]LRQL SHUVRQDOL
P
H SUHPHUH
P
H SUHPHUH
P
ILQR D
6821(5,$
3UHPHUH
P
H SUHPHUH
P
ILQR D
6821(5,$ *53
3UHPHUH
P
R
&
TXLQGL SUHPHUH
P
P
H SUHPHUH
P
ILQR D
721, 7$67,
3UHPHUH
,O '
LGHQWLILFD DXWRPDWLFDPHQWH O¶LGHQWLWj GHO FKLDPDQWH LQ IXQ]LRQH GHOO¶DEERQDPHQWR 6H
QRQ VL GHVLGHUD DVFROWDUH OR VTXLOOR SULPD FKH DSSDLD O LGHQWLWj GHO FKLDPDQWH VL SXz LPSRVWDUH
PDQXDOPHQWH 35,02 648,/ VX LQDWWLYR /¶LPSRVWD]LRQH SUHGHILQLWD q DWWLYDWD
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
H SUHPHUH
P
G
$SSDUH
721, 5,&(9
3UHPHUH
H VFRUUHUH
ILQR D
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH
$77,9$
R
',6$77,9$
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
1RPH GHO 5LFHYLWRUH
3HUVRQDOL]]DUH LO ULFHYLWRUH FRQ XQ QRPH R XQ OXRJR SHU HVHPSLR 3HWHU R &DPHUD GD OHWWR
0DVVLPR
FDUDWWHUL
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
H SUHPHUH
G
P
6FRUUHUH
SHU YLVXDOL]]DUH
120( 5,&(9
H SUHPHUH
H
3UHPHUH
SHU HOLPLQDUH LO QRPH FRUUHQWH
,QVHULUH LO QRPH GHVLGHUDWR PDVVLPR
FDUDWWHUL ± H SUHPHUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
5LVSRVWD FKLDPDWH DXWRPDWLFD
&RQ OD IXQ]LRQH GL 5LVSRVWD DOOD FKLDPDWD DXWRPDWLFD DWWLYD q SRVVLELOH ULVSRQGHUH DG XQD
FKLDPDWD VROR VROOHYDQGR LO ULFHYLWRUH GDOOD EDVH R GDO FDULFDWRUH 6H WDOH IXQ]LRQH q GLVDWWLYDWD
ELVRJQHUj SUHPHUH
SHU ULVSRQGHUH DG XQD FKLDPDWD / LPSRVWD]LRQH SUHGHILQLWD q DWWLYDWD
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
H SUHPHUH
G
P
6FRUUHUH
ILQR D
5,6 &+ $872
3UHPHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH
$77,9$
R
',6$77,9$
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
&KLXVXUD FKLDPDWH DXWRPDWLFD
&RQ OD IXQ]LRQH GL &KLXVXUD GHOOD FKLDPDWD DXWRPDWLFD DWWLYD q SRVVLELOH WHUPLQDUH XQD FKLDPDWD
VRODPHQWH ULSRVL]LRQDQGR LO ULFHYLWRUH VXOOD EDVH R VXO FDULFDWRUH 6H GLVDWWLYDWD q SRVVLELOH
!
SUHPHUH
H SHU ULDJJDQFLDUH &RPH LPSRVWD]LRQH SUHGHILQLWD WDOH IXQ]LRQH q DWWLYDWD
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
H SUHPHUH
G
P
6FRUUHUH
ILQR D
&+,8' &+ $872
3UHPHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH
$77,9$
R
',6$77,9$
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
/LQJXD GHO GLVSOD\
Ê SRVVLELOH PRGLILFDUH OD OLQJXD GL YLVXDOL]]D]LRQH
P
G
3UHPHUH
VFRUUHUH
ILQR D
3(5621$/,==$
H SUHPHUH
G
P
6FRUUHUH
SHU
/,1*8$
3UHPHUH
X
G
6FRUUHUH
R
SHU VHOH]LRQDUH OD OLQJXD GHVLGHUDWD
P
3UHPHUH
SHU FRQIHUPDUH
!
3UHPHUH
SHU WRUQDUH LQ VWDQGE\
P
P
35,02 648,/
3UHPHUH
P
P
SHU VDOYDUH
P
P
P
Werbung
