(AGENPARL) – mer 10 maggio 2023 $UHD GHOOR 6YLOXSSR (FRQRPLFR
8IILFLR &RQFHVVLRQH 6XROR 3XEEOLFR H 6XSSRUWR 7HFQLFR
/,1(( *8,'$
5,&+,(67$ $8725,==$=,21(
6(03/,),&$7$ 3(5 '(+256 68
0$5&,$3,('(

6200$5,2
.
3UHPHVVD
.
0HWRGRORJLD
.
/D GLVFLSOLQD
.
$XWRUL]]D]LRQH
.
1XRYD SURFHGXUD SHU ULFKLHGHUH O¶DXWRUL]]D]LRQH SHU O¶LQVWDOOD]LRQH GL GHKRUV VX
PDUFLDSLHGH
.
3UHPHVVD
$ VHJXLWR GHOO¶HQWUDWD LQ YLJRUH GHO QXRYR 5HJRODPHQWR 'HKRUV DSSURYDWR FRQ
'HOLEHUD]LRQH GL &RQVLJOLR &RPXQDOH Q.  H GHOO¶DUW.  GHO 5HJRODPHQWR WLSR (GLOL]LR
FRPH LQWHJUDWR FRQ 'HOLEHUD]LRQH Q.  DO ILQH GL VQHOOLUH H VHPSOLILFDUH OH SURFHGXUH GL
ULODVFLR GHOOH DXWRUL]]D]LRQL SHU OD FROORFD]LRQH GL GHKRUV VXO PDUFLDSLHGH H SHU DJHYRODUH OH
SURFHGXUH ULYROWH DL VHWWRUL SURGXWWLYL VRQR VWDWL HODERUDWL QXRYL PRGHOOL FRQ L TXDOL JOL XWHQWL
SRVVRQR ULFKLHGHUH OH UHODWLYH DXWRUL]]D]LRQL.
, QXRYL PRGHOOL QDVFRQR GDOO¶HVDPH GHO 5HJRODPHQWR 'HKRUV VHJQDWDPHQWH GHOO¶DUW.


 LQ FRPELQDWR GLVSRVWR FRQ LO 5HJRODPHQWR 8QLFR (GLOL]LR PRGLILFDWR FRQ 'HOLEHUD]LRQH
$57.  3URYYHGLPHQWR FRQFHVVRULR
. /H RFFXSD]LRQL GL VSD]L HG DUHH SXEEOLFKH R GL DUHH SULYDWH DG XVR SXEEOLFR GL FXL DO SUHVHQWH 5HJRODPHQWR SRVVRQR HVVHUH
HIIHWWXDWH HVFOXVLYDPHQWH SUHYLR ULODVFLR GHO UHODWLYR SURYYHGLPHQWR FRQFHVVRULR FRVWLWXHQWH WLWROR SHU O
RFFXSD]LRQH VWHVVD.
/¶8IILFLR SRWUj WXWWDYLD LQGLYLGXDUH SUHVXSSRVWL H FRQGL]LRQL DO ULFRUUHUH GHL TXDOL FRQ OD SUHVHQWD]LRQH GHOO¶LVWDQ]D SXz
SURFHGHUVL DOO¶RFFXSD]LRQH VDOYR FRQWUROOR VXFFHVVLYR. $ WDO ILQH FRQ GLVSRVL]LRQH GL VHUYL]LR LO GLULJHQWH SURWHPSRUH GHO
6HUYL]LR FRPSHWHQWH SUHVFULYHUj LQ GHWWDJOLR OH SURFHGXUH SHU XVXIUXLUH GL WDOH DJHYROD]LRQH SXUFKp YHQJD DVVLFXUDWD
O¶LQIRUPDWL]]D]LRQH GHOOH SURFHGXUH GL FDOFROR GHO &.8.3. SHU O¶DXWROLTXLGD]LRQH H FKH OH DUHH LQWHUHVVDWH VLDQR OLPLWDWH D TXHOOH
SHGRQDOL DL PDUFLDSLHGL H DJOL VWDOOL GL VRVWD QHO ULVSHWWR SHU OH =RQH $ GHO YLJHQWH $FFRUGR FRQ OD 6RYULQWHQGHQ]D VLJODWR LQ
GDWD  DJRVWR  H VXFFHVVLYH PRGLILFKH HG LQWHJUD]LRQL.
. /D GRPDQGD UHGDWWD VHFRQGR OH IRUPH SUHYLVWH GDOOD OHJJH GHYH WDVVDWLYDPHQWH FRQWHQHUH OD GRFXPHQWD]LRQH WHFQLFD LGRQHD
D YHULILFDUQH O¶DFFRJOLELOLWj FRPH GHWWDJOLDWR D VHJXLUH
D HODERUDWR SURJHWWXDOH SODQLPHWULD  QHOOD TXDOH VLDQR RSSRUWXQDPHQWH HYLGHQ]LDWL WXWWL L ULIHULPHQWL DOOR VWDWR GL
IDWWR GHOO¶DUHD LQWHUHVVDWD QRQFKp O¶LQGLFD]LRQH GHOO¶DVVHWWR YLDULR YLJHQWH QHOO¶DUHD VX FXL LO GHKRUV YLHQH DG LQWHUIHULUH H
O¶HYHQWXDOH SUHVHQ]D GL VHJQDOHWLFD VWUDGDOH GL IHUPDWH GL PH]]L SXEEOLFL GL SDVVDJJL SHGRQDOL GL FKLXVLQL SHU VRWWRVHUYL]L H
TXDQW¶DOWUR SRVVD ULOHYDUH
E HODERUDWR SURJHWWXDOH LQ VFDOD  H UHOD]LRQH WHFQLFD GHVFULWWLYD LQ FXL VLDQR LQGLFDWH OH FDUDWWHULVWLFKH GHOOD
VWUXWWXUD QRQFKp SLDQWH SURVSHWWL H VH]LRQL TXRWDWL GHOO¶LQVWDOOD]LRQH H GHOOD GLVWULEX]LRQH GHJOL DUUHGL H FRQ L QHFHVVDUL
GL &RQVLJOLR &RPXQDOH Q.  GHO  H GDOO¶DSSOLFD]LRQH GHOO¶$FFRUGR WUD LO &RPXQH
GL 3DOHUPR H OD 6RSULQWHQGHQ]D DL %%.&&.$$. GHOOD 3URYLQFLD GL 3DOHUPR VLJODWR LO ..
H VXFFHVVLYH PRGLILFD]LRQL H LQWHJUD]LRQL.
/D SURFHGXUD GL VHPSOLILFD]LRQH VL q DYYDOVD GHOOR VWUXPHQWR GHOO¶DXWRFHUWLILFD]LRQH DL
VHQVL GHJOL DUWW.  H  GHO '.3.5.  H GHOOD /.  DO ILQH GL FRQVHQWLUH
O¶LPPHGLDWD LQVWDOOD]LRQH GL GHKRUV VXO PDUFLDSLHGH ODGGRYH O¶XWHQWH OR ULFKLHGD H QHO ULVSHWWR
GL SDUWLFRODUL FRQGL]LRQL VWDQGDUGL]]DWH HVSUHVVDPHQWH LQGLFDWH QHO PRGXOR SUHGLVSRVWR.
/¶HVLJHQ]D GHOO¶HODERUD]LRQH GL XQD QXRYD PRGXOLVWLFD VHPSOLILFDWD QDVFH GDOOH
LQWHUORFX]LRQL LQWHUYHQXWH IUD O¶$VVHVVRUH DOOH $WWLYLWj 3URGXWWLYH HG (FRQRPLFKH H OH
$VVRFLD]LRQL GL &DWHJRULD FKH KDQQR PDQLIHVWDWR OD QHFHVVLWj GHOOD VEXURFUDWL]]D]LRQH GHOOH
SURFHGXUH GL ULODVFLR GHOOH DXWRUL]]D]LRQL DO ILQH GL IDYRULUH LO ULODQFLR GHOOH DWWLYLWj SURGXWWLYH
LQ XQ PRPHQWR SDUWLFRODUPHQWH GHOLFDWR GHOO¶HFRQRPLD LWDOLDQD.
/D FRPSLOD]LRQH GL XQD QXRYD PRGXOLVWLFD KD WURYDWR IRQGDPHQWR VXOO¶HVSHULHQ]D
PDWXUDWD GDOO¶8IILFLR LQ RUGLQH DOOD FDVLVWLFD VWDQGDUG GHOOH SUDWLFKH SUHVHQWDWH H KD WHQXWR
FRQWR GHOOD QRUPDWLYD GL VHWWRUH H GHO QXRYR 5HJRODPHQWR 'HKRUV.
/¶,1129$=,21( &216(17( '8148( $ 3$57,&2/$5, &21',=,21,
67$1'$5',==$7( ', 2&&83$5(,00(',$7$0(17(,/ 682/2 38%%/,&2 $
6(*8,72 '(//$ 35(6(17$=,21( '(//¶,67$1=$ &+( '(9( (66(5(
'$/ 3$*$0(172 '(/ &.8.3. $, 6(16, '(/ 5(*2/$0(72 '(+256.
.
0HWRGRORJLD
/D SURFHGXUD GHO ULODVFLR GL DXWRUL]]D]LRQH SHU OD FROORFD]LRQH GL GHKRUV VX PDUFLDSLHGH
GHULYD GDO GLVSRVWR GHO &RGLFH GHOOD 6WUDGD FKH VWDELOLVFH DOO
DUWLFROR  FKH OD FROORFD]LRQH
ULIHULPHQWL DOO¶HGLILFLR SHU TXDQWR ULJXDUGD DSHUWXUH PDWHULDOL GL IDFFLDWD HG HOHPHQWL DUFKLWHWWRQLFL QRQFKp DL PDWHULDOL H FRORUL
GHJOL DUUHGL. *OL HODERUDWL GHYRQR HVVHUH UHGDWWL GD XQ WHFQLFR OLEHUR SURIHVVLRQLVWD LVFULWWR DOO¶$OER
F GRFXPHQWD]LRQH IRWRJUDILFD GHOO¶DUHD GD RFFXSDUH H GHO FRQWHVWR DWWRUQR DOO¶DUHD VWHVVD FRQ SODQLPHWULD GHL SXQWL GL
ULSUHVD IRWRJUDILFD.
GL WDOL PDQXIDWWL OXQJR OH VWUDGH R LQ YLVWD GL HVVH q VRJJHWWD DG DXWRUL]]D]LRQH GD SDUWH
(QWH SURSULHWDULR GHOOD VWUDGD.
Ê TXLQGL RQHUH GHO VRJJHWWR LQWHUHVVDWR DO ULODVFLR SUHVHQWDUH OD UHODWLYD GRPDQGD SUHVVR
LO FRPSHWHQWH XIILFLR GHOO
(QWH DOOHJDQGR ROWUH DOOD GRFXPHQWD]LRQH DPPLQLVWUDWLYD XQD VHULH
GL GLFKLDUD]LRQL FLUFD OH FDUDWWHULVWLFKH GHO PDQXIDWWR.
,O UHJLPH RUGLQDULR VL IRQGD VX XQ LQWHUYHQWR
H[ DQWH
GHOO
DPPLQLVWUD]LRQH LQ IRU]D GHO
TXDOH D VHJXLWR GHO ULFHYLPHQWR GHOO
LVWDQ]D GHO SULYDWR YLHQH LVWUXLWR XQ SURFHGLPHQWR YROWR
DOOD YHULILFD G
XIILFLR GHOO
HVLVWHQ]D GHL SUHVXSSRVWL GL IDWWR H GL GLULWWR SHU O
DFFRJOLPHQWR GHOOD
ULFKLHVWD DOO
HVLWR GHO TXDOH O
DXWRUL]]D]LRQH ULFKLHVWD YLHQH ULODVFLDWD R YLHQH QHJDWD.
,O QXRYR LWHU LOOXVWUDWR QHOOH SUHVHQWL OLQHH JXLGD SUHVHQWD LQQHJDELOL YDQWDJJL LQ WHUPLQL
GL VHPSOLILFD]LRQH EXURFUDWLFD FRQVHQWHQGR DO ULFKLHGHQWH GL FROORFDUH XQ GHKRUV VX
PDUFLDSLHGH VHQ]D QHFHVVLWj GL ULFRUUHUH DO SUHYHQWLYR DVVHQVR GD SDUWH GHOOD 3XEEOLFD
$PPLQLVWUD]LRQH.
5LPDQH LQ VRVWDQ]D XQ
DWWLYLWj DQFRUD VRWWRSRVWD DG XQ UHJLPH DPPLQLVWUDWLYR SXU VH
FRQ OD VLJQLILFDWLYD GLIIHUHQ]D FKH GHWWR UHJLPH QRQ SUHYHGH SL XQ DVVHQVR SUHYHQWLYR PD XQD
YHULILFD
H[ SRVW
VXOOH LVWDQ]H VHPSOLILFDWH H TXDORUD GDL FRQWUROOL LO FRQWHQXWR GHOOH
GLFKLDUD]LRQL ULVXOWDVVH QRQ FRUULVSRQGHQWH DO YHUR ROWUH DOOH FRQVHJXHQ]H SHQDOL q SUHYLVWD OD
GHFDGHQ]D GDL EHQHILFL RWWHQXWL VXOOD EDVH GHOOH GLFKLDUD]LRQL VWHVVH DUW.  GHO '.3.5. Q.
.
6DUj SHUWDQWR HPHVVD FRPXQLFD]LRQH GL GLQLHJR GHOO¶DXWRUL]]D]LRQH FKH VDUj UHYRFDWD
VHQ]D DOFXQD UHVWLWX]LRQH GHOOH VRPPH HYHQWXDOPHQWH YHUVDWH DOO¶$.&.
.
/D GLVFLSOLQD
/D QRUPDWLYD GL ULIHULPHQWR VXOOD TXDOH VL EDVD OD QXRYD SURFHGXUD GL DXWRUL]]D]LRQH
LQVWDOOD]LRQH GHKRUV VX PDUFLDSLHGH H LQVWDOOD]LRQH WHQGH VRODUL q
/. 
&RGLFH GHOOD 6WUDGD
5HJRODPHQWR SHU O¶DSSOLFD]LRQH GHO FDQRQH SDWULPRQLDOH GL FRQFHVVLRQH GHO
VXROR SXEEOLFR H GL DXWRUL]]D]LRQH R HVSRVL]LRQH SXEEOLFLWDULD DSSURYDWR FRQ
'HOLEHUD]LRQH GL &RQVLJOLR &RPXQDOH Q.  GHO  H VV.PP.LL.
5HJRODPHQWR 'HKRUV JLXVWD 'HOLEHUD]LRQH GL &.&.  LQWHJUDWR FRQ
'HOLEHUD]LRQH GL &.&. Qƒ GL PRGLILFD GHO 5HJRODPHQWR 8QLFR (GLOL]LR.
$UW.  GHO 5HJRODPHQWR 8QLFR (GLOL]LR FRPH LQWHJUDWR FRQ 'HOLEHUD]LRQH &&
Q. .
.
$XWRUL]]D]LRQH
/D QXRYD SURFHGXUD FRQ OD VWDQGDUGL]]D]LRQH GHOOH DXWRFHUWLILFD]LRQL H GHL UHTXLVLWL Gj
OD SRVVLELOLWj DOO¶XWHQWH GL RWWHQHUH O¶DXWRUL]]D]LRQH FRQ OD SUHVHQWD]LRQH GHOO¶LVWDQ]D GRSR
DYHUH RWWHPSHUDWR D TXDQWR SUHVFULWWR QHOOD UHODWLYD PRGXOLVWLFD.
$O ILQH GL SURFHGHUH SL VSHGLWDPHQWH DOO¶HVDPH GHOOH LVWDQ]H VHPSOLILFDWH q VWDWD
PRGLILFDWD O¶LQWHUIDFFLD XWHQWH
7LSR 3URFHGLPHQWR DWWXDOH
7LSR LQWHUYHQWR DJJLXQWR
0RGXOLVWLFD GD
LQVHULUH VX 6XSHU#
263 ± $WWLYLWj SURGXWWLYH
5LFKLHVWD VHPSOLILFDWD GHKRUV VXO PDUFLDSLHGH
5LFKLHVWD
VHPSOLILFDWD SHU
LQVWDOOD]LRQH GL
GHKRUV VXO
PDUFLDSLHGH
(¶ FKLDUR FKH QHO FDVR LQ FXL OH DWWLYLWj ULFKLHVWH QRQ FRUULVSRQGHVVHUR D TXDQWR SUHYLVWR