Sei sulla pagina 1di 3



&$6GDWRUDWGH3)$GLQ&RPXQLFDW'*5)3&OXMQRLHPEULH_&RQWDELOLWDWHILVFDOLWDWHPRQRJUDILLFRQWDELOH

+20(

'(635(

/LEUDULDRQOLQH

+RP H

 ) LV FD OLW D W H

3/$1'(&21785,

,QVWUXPHQWH

)2508/$5(

/HJLVODWLH

0RQRJUDILL

',&7,21$5

6DODUL]DUH

'2&80(17(

)LVFDOLWDWH

,1',&$725,

,PSRUWDQW

/,%5$5,$21/,1(

%DQNLQJ

&DXWDUH

OXFUXUL

 &$6 GD W RU D W  GH 3 ) $ GLQ     &RP XQLFD W  '*5 ) 3  &OXM   QRLHP EU LH   

6HDUFK

&$6GDWRUDWGH3)$GLQ&RPXQLFDW'*5)3
&OXMQRLHPEULH
1RY  V W       &RP P HQW V  2I I  RQ &$6 GD W RU D W  GH 3 ) $ GLQ     &RP XQLFD W  '*5 ) 3  &OXM   QRLHP EU LH
  

,QVFULHWH$&80ODQHZVOHWWHUXO*5$78,7&RQW]LOODUR
7RWXOGHVSUH,QYHQWDULHUHD3DWULPRQLRXOXLGHOHL&OLFN$,&,
&RQWULEXLDGHDVLJXUULVRFLDOHGDWRUDWGHSHUVRDQHOHFDUHUHDOL]HD]YHQLWXULGLQDFWLYLWLLQGHSHQGHQWHvQ
DQXO
'LUHFLD*HQHUDO5HJLRQDOD)LQDQHORU3XEOLFH&OXM1DSRFDLQIRUPHD]FRQWULEXDELOLLFvQFHSkQGFX
LDQXDULHVHDSOLFSUHYHGHULOH/HJLLQUPRGLILFDWSULQ28*QUvQFHHDFHSULYHWH
VWDELOLUHDSODWDLGHFODUDUHDFRQWULEXLHLGHDVLJXUULVRFLDOHSHQWUXSHUVRDQHOHFDUHUHDOL]HD]YHQLWXULGLQ
DFWLYLWLLQGHSHQGHQWH
3HUVRDQHOHIL]LFHFDUHUHDOL]HD]DYHQLWXULGLQDFWLYLWLLQGHSHQGHQWHDXREOLJDLDDVLJXUULLvQVLVWHPXOSXEOLFGH

,QVFULHWHDLFLODQHZVOHWWHU

SHQVLLGDFVHvQFDGUHD]vQXUPWRDUHOHVLWXDLL
D YHQLWXOUHDOL]DWvQDQXOSUHFHGHQWUPDVGXSVFGHUHDGLQYHQLWXOEUXWDFKHOWXLHOLORUHIHFWXDWHvQVFRSXO
GHVIXUULLDFWLYLWLLLQGHSHQGHQWHH[FOXVLYFKHOWXLHOLOHUHSUH]HQWkQGFRQWULEXLDGHDVLJXUULVRFLDOHUDSRUWDWOD

6FULHPDLVXVHPDLOXODSRLGDFOLFNDLFL

QXPUXOOXQLORUGHDFWLYLWDWHGLQFXUVXODQXOXLGHSHWHGLQFkWLJXOVDODULDOPHGLXEUXWvQFD]XO
FRQWULEXDELOLORUFDUHGHVIRDUDFWLYLWLLPSXVHvQVLVWHPUHDO

8OWLPHOHDUWLFROH

E YHQLWXOOXQDUHVWLPDWDVHUHDOL]DSRWULYLWDUWDOLQ  GHFWUHFRQWULEXDELOLLFDUHvQFHSvQFXUVXODQXOXLR
DFWLYLWDWHLPSXVDvQVLVWHPUHDOVDXGHFWUHFHLFDUHWUHFGHODGHWHUPLQDUHDYHQLWXOXLQHWDQXDOSHED]DQRUPHORU

$FWXDOL]DULSODIRDQHSHQWUX3)$LQIXQFWLHGHFDVWLJXO

DQXDOHGHYHQLWODLPSR]LWDUHDvQVLVWHPUHDOGHSHWHGLQFkWLJXOVDODULDOPHGLXEUXW

VDODULDOPHGLXEUXW

F YDORDUHDOXQDUDQRUPHORUGHYHQLWRELQXWSULQUDSRUWDUHDQRUPHORUDQXDOHGHYHQLWODQXPUXOOXQLORUGH
DFWLYLWDWHGLQFXUVXODQXOXLGXSDSOLFDUHDFRUHFLLORUSUHY]XWHODDUWGHSHWHGLQFkWLJXOVDODULDO
PHGLXEUXWvQFD]XOFRQWULEXDELOLORUFDUHvQDQXOILVFDOvQFXUVGHVIRDUDFWLYLWLLPSXVHSHED]GHQRUPHGH
YHQLW

DFWLXQLQHFHVDUHSHQWUXLQFKLGHUHDH[HUFLWLXOXL
ILQDQFLDU
7HUPHQXOSHQWUXUHLQQRLUHDDYL]HORUGHLQFDGUDUHD

3HUVRDQHOHIL]LFHDVLJXUDWHvQVLVWHPHSURSULLGHDVLJXUULVRFLDOHFDUHQXDXREOLJDLDDVLJXUULLvQVLVWHPXO

ORFXULORUGHPXQFDLQFRQGLWLLGHGHRVHELWHDIRVW

SXEOLFGHSHQVLLSRWULYLWOHJLLSUHFXPLSHUVRDQHOHFDUHDXFDOLWDWHDGHSHQVLRQDULQXGDWRUHD]FRQWULEXLDGH

SUHOXQJLWFXDQL

DVLJXUULVRFLDOHSHQWUXYHQLWXULOHGLQDFWLYLWLLQGHSHQGHQWH
QFD]XOSHUVRDQHORUIL]LFHFDUHUHDOL]HD]YHQLWXULGLQDFWLYLWLLQGHSHQGHQWHLFDUHGHWHUPLQYHQLWXOQHWDQXDO

1RLOHFULWHULLGHLQUHJLVWUDUHLQVFRSGH79$SURLHFW

SHED]DQRUPHORUDQXDOHGHYHQLWED]DOXQDUGHFDOFXODOFRQWULEXLHLGHDVLJXUULVRFLDOHRUHSUH]LQWYDORDUHD

$1$)GLQ

DQXDODQRUPHLGHYHQLWUDSRUWDWODQXPUXOGHOXQLvQFDUHVHGHVIRDUDFWLYLWDWHDLQXSRDWHILPDLPLF
GHFkWHFKLYDOHQWXOUHSUH]HQWkQGGLQFkWLJXOVDODULDOPHGLXEUXWXWLOL]DWODIXQGDPHQWDUHDEXJHWXOXL

$LLQFHSXWGHMDVDIDFWXUH]LLQ"'HFL]LHGH

DVLJXUULORUVRFLDOHGHVWDWvQYLJRDUHvQDQXOSHQWUXFDUHVHVWDELOHVFSOLOHDQWLFLSDWHLQLFLPDLPDUHGHFkW

QXPHURWDUHFRWD79$VLDOWHLQIRUPDWLLXWLOH

HFKLYDOHQWXODGHRULDFHVWFkWLJ



3HQWUXSHUVRDQHOHIL]LFHFDUHUHDOL]HD]YHQLWXULGLQDFWLYLWLLQGHSHQGHQWHLFDUHGHWHUPLQYHQLWXOQHWDQXDOvQ
VLVWHPUHDOED]DOXQDUGHFDOFXODOFRQWULEXLHLGHDVLJXUULVRFLDOHLQFD]XOSODWLORUDQWLFLSDWHFXWLWOXGH

/LEUDULD&RQW]LOOD

FRQWULEXLLGHDVLJXUULVRFLDOHRUHSUH]LQWHFKLYDOHQWXODGLQFkWLJXOVDODULDOPHGLXEUXWXWLOL]DWOD
IXQGDPHQWDUHDEXJHWXOXLDVLJXUULORUVRFLDOHGHVWDWvQYLJRDUHvQDQXOSHQWUXFDUHVHVWDELOHVFSOLOHDQWLFLSDWH

3DFKHWXO$OO,QFOXVLYH

3HQWUXSHUVRDQHOHFXYHQLWXULGLQDFWLYLWLLQGHSHQGHQWHLPSXVHvQVLVWHPUHDOED]DOXQDUGHFDOFXODO
FRQWULEXLHLGHDVLJXUULVRFLDOHVHUHFDOFXOHD]vQDQXOXUPWRUFHOXLGHUHDOL]DUHDYHQLWXOXLvQED]DGHFODUDLHL

0DQXDOXOGH3ROLWLFL&RQWDELOH

SULYLQGYHQLWXOUHDOL]DWLVHVWDELOHWHFDGLIHUHQvQWUHYHQLWXOEUXWUHDOL]DWLFKHOWXLHOLOHHIHFWXDWHvQVFRSXO
GHVIXUULLDFWLYLWLLLQGHSHQGHQWHH[FOXVLYFKHOWXLHOLOHUHSUH]HQWkQGFRQWULEXLDGHDVLJXUULVRFLDOHUDSRUWDW

0DQXDOGH3URFHGXUL&RQWDELOH

ODQXPUXOGHOXQLvQFDUHDIRVWGHVIXUDWDFWLYLWDWHD%D]DOXQDUGHFDOFXOQXSRDWHILPDLPLFGHFkW
HFKLYDOHQWXOUHSUH]HQWkQGGLQFkWLJXOVDODULDOPHGLXEUXWXWLOL]DWODIXQGDPHQWDUHDEXJHWXOXLDVLJXUULORU

&RQWDELOLWDWHD0DJD]LQHORU2QOLQH

VRFLDOHGHVWDWSUHY]XWODDUWDOLQ  vQYLJRDUHvQDQXOSHQWUXFDUHVHHIHFWXHD]GHILQLWLYDUHDFRQWULEXLHL
LQLFLPDLPDUHGHFkWHFKLYDOHQWXODGHRULDFHVWFkWLJ
3HUVRDQHOHIL]LFHFXYHQLWXULGLQDFWLYLWLLQGHSHQGHQWHLPSXVHODQRUPGHYHQLWVDXvQVLVWHPUHDO
REOLJDWHVDVHDVLJXUHvQVLVWHPXOSXEOLFGHSHQVLLGHSXQDQXDOODRUJDQXOILVFDOFRPSHWHQWSkQODGDWDGH

0DQXDOXO3URFHGXULORUGH,QYHQWDULHUH
*KLGXO,PRELOL]DULORU

LDQXDULHLQFOXVLYDDQXOXLSHQWUXFDUHVHVWDELOHVFSOLDQWLFLSDWHFXWLWOXOGH&$6GHFODUDLDFXYHQLWXODVLJXUDW
ODVLVWHPXOSXEOLFGHSHQVLL&HLFDUHvQFHSRDFWLYLWDWHvQFXUVXODQXOXLILVFDOGHSXQGHFODUDLDFXYHQLWXODVLJXUDW

KWWSZZZFRQW]LOODURFDVGDWRUDWGHSIDGLQFRPXQLFDWGJUISFOXMQRLHPEULH

&RQWDELOLWDWHD6WRFXULORU





&$6GDWRUDWGH3)$GLQ&RPXQLFDW'*5)3&OXMQRLHPEULH_&RQWDELOLWDWHILVFDOLWDWHPRQRJUDILLFRQWDELOH

ODVLVWHPXOSXEOLFGHSHQVLLvQWHUPHQGHGH]LOHGHODGDWDvQFHSHULLDFWLYLWLL

,QFKLGHUHD3HULRDGHL

3HUVRDQHOHFDUHUHDOL]HD]YHQLWXULGLQDFWLYLWLLQGHSHQGHQWHLPSXVHvQVLVWHPUHDOFDUHvQDQXOILVFDO
SUHFHGHQWDXUHDOL]DWYHQLWXULVXEQLYHOXOSODIRQXOXLPLQLP GLQFkWLJXOVDODULDOPHGLXEUXWXWLOL]DWOD

6KDNHVSHDUH
6FKRRO

IXQGDPHQWDUHDEXJHWXOXLDVLJXUULORUVRFLDOH QXDXREOLJDLDGHSXQHULLGHFODUDLHLFXYHQLWXODVLJXUDWODVLVWHPXO
SXEOLFGHSHQVLLSHQWUXDQXOILVFDOXUPWRULQXGDWRUHD]SHQWUXDQXOXUPWRUSOLDQWLFLSDWHFXWLWOXGH
FRQWULEXLLGHDVLJXUULVRFLDOH
&RQWULEXLLOHGHDVLJXUULVRFLDOHSOWLWHvQDQXOILVFDOvQFDUHSHUVRDQHOHLPSXVHvQVLVWHPUHDODXUHDOL]DWYHQLWXUL
VXEQLYHOXOSODIRQXOXLPLQLPQXVHUHVWLWXLHDFHVWHDILLQGOXDWHvQFDOFXOODVWDELOLUHDVWDJLXOXLGHFRWL]DUHLOD
VWDELOLUHDSXQFWDMXOXLSHQWUXSHQVLRQDUH
&RWDGHFRQWULEXLHGHDVLJXUULVRFLDOHSHQWUXFRQWULEXDELOLLLPSXLvQVLVWHPUHDOVDXODQRUPGHYHQLWHVWHFRWD

&XUVXULGHOLPEDHQJOH]D
FRSLL9LQRODROHFWLH
JUDWXLWD

SHQWUXFRQWULEXLDLQGLYLGXDOFDUHGHH[HPSOXSHQWUXFRQGLLLQRUPDOHGHPXQFHVWHGH7RWXL
FRQWULEXDELOLLPHQLRQDLPDLVXVSRWRSWDSHQWUXFRWDLQWHJUDOGHDVLJXUULVRFLDOHFRUHVSXQ]WRDUHFRQGLLLORU
QRUPDOHGHPXQFvQFRWGH
2SLXQHDSHQWUXFRWDLQWHJUDOGHFRQWULEXLHGHDVLJXUULVRFLDOHVHH[HUFLWSULQGHFODUDLDFXYHQLWXODVLJXUDWOD
VLVWHPXOSXEOLFGHSHQVLLFXWHUPHQGHGHSXQHUHLDQXDULHLQFOXVLYDDQXOXLILVFDOSHQWUXFDUHVHGRUHWH
XWLOL]DUHDFRWHLLQWHJUDOHGHFRQWULEXLHGHDVLJXUULVRFLDOHSHQWUXFHLFHDXGHVIXUDWDFWLYLWDWHvQDQXO

$OWHDUWLFROH

SUHFHGHQWUHVSHFLYvQWHUPHQGHGH]LOHGHODvQFHSHUHDDFLYLWLLSHQWUXFHLFDUHvQFHSDFWLYLWDWHDvQFXUVXO
DQXOXLILVFDO

3UHYHGHUL20)FXSULYLUHODFKHOWXLHOL

2SLXQHDSUHY]XWPDLVXVHVWHREOLJDWRULHSHQWUXFRQWULEXDELOLSHQWUXvQWUHJDQXOILVFDOLQFOXVLYODUHJXODUL]DUHD
SOLORUDQWLFLSDWHLVHFRQVLGHUUHvQQRLWSHQWUXILHFDUHDQILVFDOGDFFRQWULEXDELOXOQXVROLFLWUHYHQLUHDOD
FRWDLQGLYLGXDOSULQGHSXQHUHDXQHLFHUHULODRUJDQXOILVFDOFRPSHWHQWSkQODGDWDGHLDQXDULHLQFOXVLYD
DQXOXLILVFDOSHQWUXFDUHVHGRUHWHUHYHQLUHDODFRWDLQGLYLGXDOGHFRQWULEXLHGHDVLJXUULVRFLDOH
'HILQLWLYDUHDFRQWULEXLHLGHDVLJXUULVRFLDOHvQFD]XOYHQLWXULORUGHWHUPLQDWHvQVLVWHPUHDOVHHIHFWXHD]vQED]D

&XUVGHH[FHOXWLOSHQWUXVSHFLDOLVWLLLQGRPHQLXO
ILQDQFLDUFRQWDELO
3 $IODFDUHVXQWPRGLILFDULOHILVFDOHVLOHJLVODWLYH
SHQWUXOD7D[(8)RUXP

GHFODUDLHLSULYLQGYHQLWXOUHDOL]DWFDUHVHGHSXQHSkQODPDLLQFOXVLYDDQXOXLXUPWRUFHOXLGHUHDOL]DUHD
YHQLWXOXL

9LWH]DGHURWDWLHDDFWLYHORUFLUFXODQWH

'LVWULEXLHVLWX$&80DFHVWDUWLFRO

'LFWLRQDU
6WDJIODWLD
&RQWUROILVFDO

$UWLFROHVLPLODUH
$FWXDOL]DULSODIRDQHSHQWUX3)$LQIXQFWLHGHFDVWLJXOVDODULDOPHGLXEUXW
&HOHSODIRDQHILVFDOHDFWXDOL]DWHOD LQIXQFWLHGHFXUVXOOD
/D0XOWL$QLELQHDLYHQLW

,QWUHSULQGHUHPLFD
6SUHDG
0),

'LQYRPDYHDQRLGHFODUDWLLGHLQUHJLVWUDUHILVFDOD2
,QVWUXFWLXQLSHQWUXDSOLFDUHDPDVXULORUGHVLPSOLILFDUHSXEOLFDWHLQ 2

'LFWLRQDU

7DJV QHZVFDVODSHQVL L FRP XQL FDWHGJUISFOXM FDVODSHQVL L  FDVODSHQVL L  


$XWRU'HOLD0LUFHD
3URILO*RRJOH3OXV'HOLD0LUFHD

$UWLFROHVLPLODUH
$FWXDOL]DULSODIRDQHSHQWUX
3)$LQIXQFWLHGHFDVWLJXO
VDODULDOPHGLXEUXW
      &RP P HQW V  2I I
RQ $FW XD OL] D U L SOD I RD QH
SHQW U X 3 ) $ LQ I XQFW LH GH FD V W LJ XO V D OD U LD O P HGLX
EU XW    

&HOHSODIRDQHILVFDOH
DFWXDOL]DWHOD LQ
IXQFWLHGHFXUVXOOD

       &RP P HQW V  2I I
RQ &HOH   SOD I RD QH I LV FD OH D FW XD OL] D W H OD     LQ
I XQFW LH GH FXU V XO OD      

/D0XOWL$QLELQHDL
YHQLW
       &RP P HQW V  2I I
RQ / D  0XOW L $QL    ELQH
D L YHQLW  

KWWSZZZFRQW]LOODURFDVGDWRUDWGHSIDGLQFRPXQLFDWGJUISFOXMQRLHPEULH





&$6GDWRUDWGH3)$GLQ&RPXQLFDW'*5)3&OXMQRLHPEULH_&RQWDELOLWDWHILVFDOLWDWHPRQRJUDILLFRQWDELOH
&RPPHQWVDUHFORVHG

'LVWULEXLHDFHVWDUWLFRO

7ZHHW

/LNH



+RPH  ,QV WU XPHQWH  /HJLV ODWLH  ) LV F DOLWDWH  ,) 56  %DQN LQJ  0RQRJU DILL  6DODU L] DU H  ,PSRU WDQW  &DSLWDO6RF LDO  1HZV  &RPXQLF DWHGHSU HV D
7 HV WH  7 HU PHQXO] LOHL
&RQWDELOLWDWHILVFDOLWDWHPRQRJUDILLFRQWDELOH$OOULJKWVUHVHUYHG
:RUG3UHVV7KHPHGHVLJQHGE\7KHPH-XQNLH

KWWSZZZFRQW]LOODURFDVGDWRUDWGHSIDGLQFRPXQLFDWGJUISFOXMQRLHPEULH



Potrebbero piacerti anche