Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"'...

31

Transcript of Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"'...

Page 1: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()*+%',)"-+%%)'.$/+0"0"

!"#$%&'()"#"*()(+'*(#,%-!'+()'%$"

%$$%#*()-%.'$'-%/#"*()(+'*%#0122

Page 2: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"

12.345672'2!67685!6'93:1586753.2';<==

57>5!2

!"#$

5?'@&%()A"%0"';<=='%&??B"00)A+'&A"%"#)A+

%&'()*+,-)&./"001"&"0-2-/*.-/*"'-/.3)&)4-3-/./5"'(-4)&-"0- 6

%0/5(-&3-5-)/*.00"/3)45.'.&,"/.3)&)4-3" 7

8)&')/.3)&)4-3)/./3)&')/*.0/5"'(-4)&-)/"/3)&9()&') :

%/(-3";-/*.0/3)&')/.3)&)4-3)/-&/2-&'.2- <

%/3)2'-/*.0/3)&')/.3)&)4-3)/-&/2-&'.2- =

>1"''-;)/5"'(-4)&-"0./-&/2-&'.2- ?

%0/5"22-;)/5"'(-4)&-"0./-&/2-&'.2- 6@

A;)0+,-)&./*.-/(-2+0'"'-/.3)&)4-3-/&.0/B-.&&-)/C@6@DC@66 66

A;)0+,-)&./*.001"''-;)/5"'(-4)&-"0./&.0/B-.&&-)/C@6@DC@66 6C

A;)0+,-)&./*.0/5"22-;)/5"'(-4)&-"0./&.0/B-.&&-)/C@6@DC@66 67

3%+?)C)'(&?'A"%0"'&A"%"#)A"';<==

%0/(-2+0'"')/*.00"/#.2'-)&./3"("''.(-2'-3" 6E

%0/(-2+0'"')/*.00"/#.2'-)&./*.00./5"('.3-5",-)&-/-&/",-.&*./25.3-"0- 6:

%0/(-2+0'"')/*.00"/#.2'-)&./9-&"&,-"(-" 6F

%0/(-2+0'"')/*.00"/#.2'-)&./2'(")(*-&"(-" 6<

3%+?)C)'(&??B+00)-"'/+0@)#"%)+?&';<==

>./-44)B-0-,,",-)&-/-44"'.(-"0- 6=

>./-44)B-0-,,",-)&-/4"'.(-"0- 6?

>./-44)B-0-,,",-)&-/9-&"&,-"(-. C@

>./(-4"&.&,. C6

%/3(.*-'- CC

>./"''-;-'G/9-&"&,-"(-./&)&/-44)B-0-,,"'. C7

>./*-25)&-B-0-'G/0-H+-*. CE

%/("'.-/.*/-/(-23)&'-/"''-;- C:

3%+?)C)'(&?'/+CC)-"'/+0@)#"%)+?&';<==

%0/5"'(-4)&-)/&.'') CF

%/3)&9.(-4.&'- C<

%/*.B-'- C=

%/("'.-/.*/-/(-23)&'-/5"22-;- C?

Page 3: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ 9

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

:%0;"($=)"%&'+22<+%+2)5)'(&)'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)

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

I% C2%-.$+$1$'#$%+('#27)&)#A%3)'2'*)2.)2%=%4#2#2%4(4#)#")#2%+('%"'2%'"(/2%2.+,)#$##".2%1)%7)&2'+)(%3('12#2%4"%$&$6$'#)%1)%.)&$/2*)('$-2.#)+(&2.6$'#$%4)'#$#)+)%D&$%.)4(.4$%1)%$'#.2#2%$%0&)%)'#$./$'#)%1)%4-$42EJ

I% ?('(% 4#2#)% 6$0&)(% -.$+)42#)% )% -.)'+)-)% +('#27)&)% +,$% .$0(&2'(% &2% +('4$./2*)('$% )'% +('#27)&)#A% 1$&&$% -(4)*)(')% +.$1)#(.)$D2++$.#26$'#(%1$&&:$'#.2#2E%$%1$7)#(.)$%D)6-$0'(%1$&&2%4-$42E%1)%3)'$%$4$.+)*)(J

I% K% 4#2#(% 1)4-(4#(% )&% .)2&&)'$26$'#(% 1$&&2% +('#27)&)#A% -2#.)6(')2&$% -.$/$1$'1(% &2% .$/)4)('$% $1% "'% 200)(.'26$'#(% +(4#2'#$1$&&:)'/$'#2.)(%1$)%7$')%6(7)&)%$1%)66(7)&)J

I% >% -.)'+)-)% +,$% ,2''(% -(.#2#(% 2&&2% 1)4#)'*)('$% 1$&&$% +(6-$#$'*$% -(&)#)+,$% 12% @"$&&$% #$+')+,$% ,2''(% #.(/2#(5% '$&% <)2'(% 1$0&)(7)$##)/)%$%1$&&$%.)4(.4$%D<LME5%"'%)1$2&$%4#."6$'#(%1)%-.(0.2662*)('$%(-$.2#)/2J

I% C$% #$+')+,$% 1)% +('#.(&&(% 1$&&2% 0$4#)('$5% +('% &:2''$44(% 4)4#$62% 1)% .)&$/2*)('$% 1$0&)% )'1)+2#(.)% 1)% .)4"&#2#(5% 6)0&)(.2'(+('4)1$.$/(&6$'#$%)&%6(')#(.200)(%4"&&:2##)/)#A%1)%0$4#)('$%)'#.2-.$42%12)%.$4-('427)&)%1$)%4$./)*);

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

>&%-.(+$44(%&(0)+(%4#27)&)#(%12&%&$0)4&2#(.$%-$.%(##$'$.$%@"$4#(%.)4"&#2#(%=%32+)&6$'#$%.)244"6)7)&$%.)-(.#2'1(5%)'%6(1(%4"++)'#(%$+((.1)'2#(5%&$%4)'0(&$%'(.6$%+,$%1$4+.)/('(%)&%#.20)##(%/$.4(%&:2--&)+2*)('$%+(6-&$#2%1$&&2%+('#27)&)#A%-"77&)+2%1)%#)-(%$+('(6)+(;?$+('1(%@"$4#$%-.$6$44$9

I% M&)%$'#)% &(+2&)5 &"' )"("'/$44&'0+$/"!0*!"."*($'/$4' +$(/"1*(#*'/$44&'-$!#"*($3'&/*##&(*' "4' !"!#$%&'/"'1*(#&5"4"#:'12$'0"8' +"#$(-*(*"/*($*'0$+'4$'0+*0+"$'$!"-$(.$J

I ;&' /"%*!#+&."*($' /$"' +"!64#&#"' /"' -$!#"*($' &,,"$($'%$/"&(#$' "4' +$(/"1*(#*3' "4' 96&4$' 1*%0+$(/$' "4' 1*(#*' /$4' 5"4&(1"*3' "4' 1*(#*$1*(*%"1*'$'"4'1*(#*'/$4'0&#+"%*("*J

I <4'1*(#*'$1*(*%"1*'='&1146!*'6('0+*!0$##*'/"'1*(1"4"&."*($'12$3'0&+#$(/*'/&"'/&#"')"(&(."&+"'/$44&'-$!#"*($'1*++$(#$'/$4'1*(#*/$4'5"4&(1"*3'1*('47&--"6(#&'/"'$4$%$(#"'$1*(*%"1"3'+&--"6(-$'"4'+"!64#&#*')"(&4$'$1*(*%"1*>'?',&4*+"'/$44&'-$!#"*($'(*('1*++$(#$,&((*'+")$+"#"'&4'0&#+"%*("*;

?"&&2%724$%1)%@"$4#)%.)3$.)6$'#)%'(.62#)/)%=%&(0)+(%+('+&"1$.$%+,$%)&%&$0)4&2#(.$5%'('%4(&(%,2%1$&)'$2#(%"'%-$.+(.4(%1)%-.(0.$44)/(4/)&"--(%1$&%4)4#$62%1$&&2%+('#27)&)#A%$+('(6)+25%62%,2%-".$%4-$+)3)+2#(%.)0)126$'#$%)%+('#$'"#)%1$)%-.(4-$##)%+,$%+(4#)#")4+('(0&)% 4#."6$'#)% 3(.62&)% 1)% +('#$'"#(% $+('(6)+(% .)+,)$4#)% 2&&2% +,)"4".2% 1$&&:$4$.+)*)(% $+('(6)+(O3)'2'*)2.)(;% ?)% -2.&2% 1) !#+6%$(#")*+%&4"%-$.+,P%1".2'#$%&2%0$4#)('$%&:$'#$%=%&)7$.(%1)%1(#2.4)%(%1)%'('%1(#2.4)%1)%4-$+)3)+,$%#$+')+,$%1)%.$0)4#.2*)('$%1$)%6(/)6$'#)

Page 4: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ 7

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

C2% -.$4$'#$ !"#$%&'(") "*'('+&*') ,$-.&+'(&$#"5% /)4#2% +(6$% "'2 A*#&' "(#$-+&#",&% +,$% 2++(6-20'2% $% 32+)&)#2% &2% &$##".2% 1$)-.(4-$##)%1$&&2%+('#27)&)#A%$+('(6)+25%4)%4/)&"--$.A%4$0"$'1(%"'%-$.+(.4(%&(0)+(%+,$%2'2&)**2%$%1$4+.)/$5%)'%.2-)12%4$@"$'*25%)4$0"$'#)%2.0(6$'#)9

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

U0')%-2.#$%1$&&2%V$&2*)('$5%21%$4+&"4)('$%1$&&$%-.$6$44$%)')*)2&)5%+('#)$'$%"'2%4$.)$%1)%#27$&&$%$%1)%0.23)+)%+,$%$4-('0('(%)%12#)$+('(6)+)%+(''$44)%+('%&82.0(6$'#(%1).$##26$'#$%#.2##2#(;

Page 5: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ >

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

:2'/;)%4)/)"'(&22+'4"#/&0&%=+'&4"%"#)4+

<$.%+(6-.$'1$.$%@"2&)%4('(%)%-"'#)%1)%.2++(.1(%$%&$%1)33$.$'*$%#.2%&2%+('#27)&)#A%1)%#)-(%2*)$'12&$%$%@"$&&2%-"77&)+2%=%'$+$442.)()''2'*)#"##(%1$3)').$%+('%-.$+)4)('$%)&%+('+$##(%1) 1*%0$#$(.&;%K%@"$4#(%-.$I.$@")4)#(%+,$%)'1)+2%)&%/$.(%-"'#(%1)%.)3$.)6$'#(%2%+")&:$'#$%1$/$%.)+('1".4)%-$.%.)4-('1$.$%2&&2%4$0"$'#$%1(62'129%)&%3$'(6$'(%-.$4(%)'%+('4)1$.2*)('$%2--2.#)$'$%2 96$!#*'$!$+1"."*(--".$5% )'% 2&#$.'2#)/25% 2/.$77$%1(/"#(%$44$.$% )6-"#2#(%2&&:$4$.+)*)(% )66$1)2#26$'#$ 0+$1$/$(#$5% (% '('%1(/.A% )'/$+$%$44$.$)6-"#2#(%2%@"$&&(%)66$1)2#26$'#$'!611$!!",*C>&% -.(7&$62% 1$&&2 1*%0$#$(.&' #$%0*+&4$% $% +)(=% 1$&&2% )6-"#27)&)#A% (%6$'(% 1$&% 3$'(6$'(% 2% "'(% 4-$+)3)+(% $4$.+)*)(5% 1$##(% -$.&:2--"'#(%$4$.+)*)(%1)%+(6-$#$'*25%=%&:$&$6$'#(%+$'#.2&$%+,$%)'3&"$'*2%1).$##26$'#$%)&%.)4"&#2#(%+(6-&$44)/(%1)%@"$&%-$.)(1(;

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

W%1)33$.$'*2%1)%@"2'#(%4"++$1$%'$&&2%+('#27)&)#A%3)'2'*)2.)25% )'%@"$&&2%$+('(6)+2%)&%+('+$##(%1)%+(6-$#$'*2%=%@")'1)% &$02#(%2&&2-.$4$'*2%1$&%.$@")4)#(%1) $))$##",*'1*(!6%*%1$&%32##(.$%-.(1"##)/(%1$4#)'2#(5%@"$4#:"&#)6(5%2&&:$33$##)/2%+$44)('$%1$&%+(..)4-('1$'#$7$'$%(%4$./)*)(;

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

Page 6: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ ?

.)4-$##)/26$'#$5 *0$+$'/&'+$&4"..&+$%$1 "%0$-("'0$+'*0$+$'/&'+$&4"..&+$;%?)%#.2##2%1)%.$0)4#.2*)(')%+,$%-2.$00)2'(%#.2%1)% &(.(%$1,2''(%&(%4+(-(%1)%$/)1$'*)2.$%1$&&$%-(4#$%+,$5%4$--".$%)')'3&"$'#)%12&%-"'#(%1)%/)4#2%$+('(6)+(5%4('(%)6-(.#2'#)%-$.+,P%12''("':)'1)+2*)('$%4"&&:$'#)#A%1$&&$%(-$.2*)(')%+,$%4)%.)3&$##$.2''(%$+('(6)+26$'#$%'$0&)%$4$.+)*)%3"#".);

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

Page 7: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ @

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

!"%0"'&4"%"#)4"'&'4"%0"'(&2'/+0;)#"%)"'+'4"%6;"%0"

>% .)4"&#2#)% 1)%(0')%$4$.+)*)(%6(1)3)+2'(% &2%+(6-(4)*)('$%1$&%-2#.)6(')(;%<2.#$'1(%12%@"$4#2%+('4#2#2*)('$5% &:2++(4#26$'#(%1$&1*(#*'$1*(*%"1*%+('%)& 1*(#*'/$4'0&#+"%*("*5%'$&&2%3(.62%1)%"':"')+2%.2--.$4$'#2*)('$%-2.#)+(&2.6$'#$%4)'#$#)+25%+(4#)#")4+$%"'-244200)(%'$+$442.)(%-$.%4/)&"--2.$%)'%"'%4$+('1(%#$6-(%&:2'2&)4)%1$)%4)'0(&)%200.$02#);

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

S"$4#(%6$#(1(%1)%$4-(4)*)('$5%1(/$%)&%.)4"&#2#(%+(6-&$44)/(%=%-.$+$1"#(%.)4-$##)/26$'#$%12)%.)4"&#2#)%1$&&2%0$4#)('$%+2.2##$.)4#)+251)% @"$&&2% (-$.2#)/25% 1$&&2% 0$4#)('$% 1$&&$% -2.#$+)-2*)(')% )'% 2*)$'1$% 4-$+)2&)5% 1$&&2% 0$4#)('$% 3)'2'*)2.)25% $1% )'3)'$% 12% @"$&&24#.2(.1)'2.)25% 2++.$4+$% &2% +2-2+)#A% 1$&&(% 4+,$62% 1)% 3(.').$% 2&% &$##(.$% "'2% 4$.)$% 1)% )'3(.62*)(')% "#)&)5% 62% 2&&(% 4#$44(% #$6-(-2.#)+(&2.6$'#$%4)'#$#)+,$;

K%(--(.#"'(% )'32##)%-.$+)42.$%+,$%"'% .)4"&#2#( 1*%04$!!",*%1)%"'%+$.#(%4$0'(% D-(4)#)/(%(%'$02#)/(E%-"G%$44$.$%-.(1(##(%-".% )'-.$4$'*2%1)% .)4"&#2#)% )'#$.6$1)%1)%4$0'(%$+('(6)+(% D"#)&$%(%-$.1)#2E%1$&% #"##(%(--(4#);%R'2%-$.1)#2%1$&&2%0$4#)('$%(-$.2#)/25%21$4$6-)(5%-"G%$44$.$% #.243(.62#2% )'%"'%"#)&$%0$'$.2&$%1(-(% &:)6-"#2*)('$%2%7)&2'+)(%1$&% .)4"&#2#(%-2.#)+(&2.6$'#$%-(4)#)/(%1$&&20$4#)('$%4#.2(.1)'2.)2;

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

>&% 4$+('1(% -.(4-$##(5% $% +)(=% )& 1*(#*' /$4' 0&#+"%*("*5% =% +(6-(4#(% 12% 1"$% 1)4#)'#$% 4$*)(')% +,$% .)-(.#2'(% &$% -.)'+)-2&)% /(+)% +,$1$#$.6)'2'(%&2%.)++,$**2%-(44$1"#2%12&%F(6"'$5%$%+(6$%@"$4#2%$'#)#A%4)2%+(&&$02#2%2&&82--.(//)0)('26$'#(%$4#$.'(%1)%.)4(.4$('$.(4$;

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

B$&&$%4$0"$'#)%#27$&&$%)%12#)%4('(%@"$&&)%$4-.$44)%)'%3(.62%4)'#$#)+25%$1%)%/2&(.)%4('(%$4-.$44)%$4+&"4)/26$'#$%)'%$".(;

Page 8: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ A

:.'!BCDB'E!BCBF:!B':C'*:CDE*: :FGBHD:

H:!IJ: !B*D: H:*K.DIDB

M$4#)('$%+2.2##$.)4#)+2 [\;]^[;_`a5`[ [\;bca;]^\5c^ L97M7@7NAO

<2.#$+)-2*)('$%)'%2*)$'1$%4-$+)2&) d_c;ccc5cc `[[;]d_5bd L9A9MP7@NO7

M$4#)('$%3)'2'*)2.)2 a_;aaa5^c b\b;`_]5c\ LO>>M97>N9A

M$4#)('$%4#.2(.1)'2.)2 [;a]`;_`^5a^ [;a]_;caa5c[ L?O>NA7

H)5$20+0"'&4"%"#)4"'(&22<&5&;4)=)" 9OM?@9M?7ANP8 9QM?@QM899NQO L9M88PM@O@N7O

:.'!BCDB'RE.'GIDH:FBC:B':C'*:CDE*:

'IDD:JB :FGBHD: GI**:JB :FGBHD:

%>66(7)&)**2*)(')%)662#$.)2&) [_a;^`d5]] %<2#.)6(')(%'$##( \d;bbb;^`d5^^%>66(7)&)**2*)(')%62#$.)2&) ^a;_\d;bd_5bd %F('3$.)6$'#) [c;`]c;\b\5`\%>66(7)&)**2*)(')%3)'2'*)2.)$ [;]d`;_^c5]] %N$7)#) a\;]_d;`\\5c[%V)62'$'*$ c5cc %V2#$)%$%.)4+('#)%-244)/) d[`5[]%F.$1)#) ^;^c[;[``5ba%W##)/)#A%3)'2'*)2.)$%'('%)66(7)&)**2#$ c5cc%N)4-(')7)&)#A%&)@")1$ `;]c_;_^`5\b%V2#$)%$%.)4+('#)%2##)/) \`;d[c5]\

D"0+2& 998M997M>8QNA> D"0+2& 998M997M>8QNA>

Page 9: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ P

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

:';)4+-)'(&2'4"%0"'&4"%"#)4"')%'5)%0&5)

>%.)+2/)%+,$%,2''(%+('#.)7")#(%2%3(.62.$%)&%.)4"&#2#(%+(6-&$44)/(%1)%$4$.+)*)(5%(%-$.%6$0&)(%1).$5%&$%/2.)$%+(6-('$'#)%1$&%.)4"&#2#($4-.$44(%)'%3(.62%4+2&2.$5%4('(%)%-.(/$'#)%1$&&2%0$4#)('$%+2.2##$.)4#)+25%)%-.(/$'#)%12%2*)$'1$%4-$+)2&)%$%-2.#$+)-2#$5%%)%-.(/$'#)3)'2'*)2.)5%$1%)'3)'$%)%-.(/$'#)%4#.2(.1)'2.);

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

'H:*K.DID:'E!BCBF:!:'R<E*EH!:S:B H:!IJ:

:FGBHD: GEH!ECDKI.:

M$4#)('$%+2.2##$.)4#)+2 [\;]^[;_`a5`[ ^[5c[<2.#$+)-2*)('$%)'%2*)$'1$%4-$+)2&) d_c;ccc5cc [5a_M$4#)('$%3)'2'*)2.)2 a_;aaa5^c c5[^M$4#)('$%4#.2(.1)'2.)2 [;a]`;_`^5a^ ]5`_

D"0+2& 9OM?@9M?7ANP8 988N88

Page 10: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ O

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

:'4"50)'(&2'4"%0"'&4"%"#)4"')%'5)%0&5)

W'2&(026$'#$%2)%.)+2/)5%)&%-.)6(%2--.(++)(%2&&82'2&)4)%1$&&2%-2.#$%'$02#)/2%1$&%+('#(%$+('(6)+(%-.$/$1$%&:$4-(4)*)('$%1$&&$%/2.)$+('3)0".2*)(')%1)%+(4#)%+,$%,2''(%+('#.)7")#(%2%3(.62.$%)&%.)4"&#2#(%+(6-&$44)/(%1$&&8$4$.+)*)(;

C82++(4#26$'#(%1$)%/2&(.)%2&&$%.$&2#)/$%-$.+$'#"2&)%3(.')4+$5%)'4)$6$%2&&2%+(..)4-('1$'#$%.2--.$4$'#2*)('$%0.23)+25%"'8)'1)+2*)('$1)% +(6$%4)% 4)2% .$2&)**2#(% )&% 42&1(% 3)'2&$;%e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

'H:*K.DID:'E!BCBF:!:'R<E*EH!:S:B !B*D:

:FGBHD: GEH!ECDKI.:

M$4#)('$%+2.2##$.)4#)+2 [\;bca;]^\5c^ b\5a_<2.#$+)-2*)('$%)'%2*)$'1$%4-$+)2&) `[[;]d_5bd d5[dM$4#)('$%3)'2'*)2.)2 b\b;`_]5c\ `5`\M$4#)('$%4#.2(.1)'2.)2 [;a]_;caa5c[ ]5c]

D"0+2& 9QM?@QM899NQO 988N88

Page 11: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ Q

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

.<+00)-"'/+0;)#"%)+2&')%'5)%0&5)

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

'RECBF:CIS:BCE'RE,.:'I,,HE,ID: IDD:JB

:FGBHD: GEH!ECDKI.:

%>66(7)&)**2*)(')%)662#$.)2&) [_a;^`d5]] c5[`%>66(7)&)**2*)(')%62#$.)2&) ^a;_\d;bd_5bd b`5^]%>66(7)&)**2*)(')%3)'2'*)2.)$ [;]d`;_^c5]] [5_]%V)62'$'*$ c5cc c5cc%F.$1)#) ^;^c[;[``5ba b5^^%W##)/)#A%3)'2'*)2.)$%'('%)66(7)&)**2#$ c5cc c5cc%N)4-(')7)&)#A%&)@")1$ `;]c_;_^`5\b `5d]%V2#$)%$%.)4+('#)%2##)/) \`;d[c5]\ c5c\

D"0+2& 998M997M>8QNA> 988N88

Page 12: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:2';&%()4"%0"'7899'%&22<"00)4+'&4"%"#)4+ 98

:2';&%()4"%0"'%&22<"00)4+'&4"%"#)4+

:2'/+55)-"'/+0;)#"%)+2&')%'5)%0&5)

>&% +('#(% 1$&% -2#.)6(')(% .)-(.#2% )&% +(6-&$44(% 1$)% 7$')% $% 1$)% .2--(.#)% 0)".)1)+)% 2##)/)% $% -244)/)5% &2% +")% 1)33$.$'*2% 2.)#6$#)+2% =% -()$4-(4#2%)'%"'82--(4)#2%-(4#2%1$'(6)'2#2 0&#+"%*("*'($##*;%S"$4#8"&#)62%)'1)/)1"2%&2 +"112$..&'($##&%1$&%F(6"'$%+,$%4"7)4+$%'$&+(.4(% 1$0&)% 2'')% )6-(.#2'#)% /2.)2*)(')% 1)% /2&(.$% 1(/"#$% 2&% -.(0.$44)/(% 2++2/2&&2.4)% 1$)% .)4"&#2#)% $+('(6)+)% 1)% $4$.+)*)(% +,$% 4)-(44('(%+,)"1$.$%)'%"#)&$5%+('%)&%+('4$0"$'#$%2"6$'#(%1)%/2&(.$%1$&%-2#.)6(')(%'$##(5%(%)'%-$.1)#25%+('%"'2%.)1"*)('$%'$##2%1$&&2.)++,$**2% +(6"'2&$;% V)-(.#)26(% 1)% 4$0")#(% &$% /(+)% 1$&% -244)/(5% 4+(6-(4#(% )'% -2#.)6(')(% '$##(5% +('3$.)6$'#)5% 1$7)#)5% .2#$)% $% ).)4+('#)%-244)/);

'RECBF:CIS:BCE'RE,.:'I,,HE,ID: GI**:JB

:FGBHD: GEH!ECDKI.:

%<2#.)6(')(%'$##( \d;bbb;^`d5^^ _]5[[%F('3$.)6$'#) [c;`]c;\b\5`\ ^5_[%N$7)#) a\;]_d;`\\5c[ aa5ab%V2#$)%$%.)4+('#)%-244)/) d[`5[] c5cc

D"0+2& 998M997M>8QNA> 988N88

Page 13: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0" 99

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0"

<-"2$=)"%&'(&)';)5$20+0)'&4"%"#)4)'%&2'1)&%%)"

!"# $%&'()*+(*# ,*)-+%"./# (+&.0*# ,*).# ("# 0%"1*# +.&&*# &'%# ".# %&&(2(&3# .# ".# $%00(2(&3/# 0(#)*1(4(,%# +."# &.)$*# 0-5.+1*# "6.44.&&*# 1.""%1(2.'0%# 1().+0(*+.# 1.(# '(0-"&%&(# .,*+*)(,(# ,*+0.7-(&(# +.(# 0(+7*"(# $.'(*1(# .,*+*)(,(# 1(# '(4.'().+&*/# ,8.# $.'# "6.+&.# "*,%"./,*''(0$*+1*+*#%""6%++*#0*"%'.9

!"#$'*0$.&&*#0-,,.00(2*/#,*+#"6%++.00%#."%5*'%:(*+.#7'%4(,%/#)*0&'%#,*).#0(#;#$'*1*&&*#("#'(0-"&%&*#1.7"(#-"&()(#1-.#.0.',(:(/#,*)6;2%'(%&*#+."#5(.++(*/#,*).#".#2%'(.#,*)$*+.+&(#1."#0%"1*#,*)$".00(2*#<#*00(%#("#'(0-"&%&*#1.""%#7.0&(*+.#,%'%&&.'(0&(,%/#=-.""*#1.""%$%'&.,($%:(*+.#(+#%:(.+1.#0$.,(%"(/# (#'(0-"&%&(#1.""%#7.0&(*+.#*$.'%&(2%/#4(+%+:(%'(%#.#0&'%*'1(+%'(%#<#0(#0(%+*#)*1(4(,%&(#+."#&.)$*$.'#.44.&&*#1.""%#2%'(%:(*+.#+.""6.+&(&3#1."".#0(+7*".#,*)$*+.+&(#1(#,*0&*#*#1(#'(,%2*9<

'>?!:'@:'*:AB<*:'@<:'C:*D.BEB:'<!?A?F:!: :FG?CB:#>?&(".@A.'1(&%B 7898 7899 >+;H'IJKLM

C.0&(*+.#,%'%&&.'(0&(,% DEF9GGH/HG <IJ9JDJ/KL <DIG9EMJ/KD

A%'&.,($%:(*+.#(+#%:(.+1.#0$.,(%"( <FDK9EEE/EE <IKI9GJD/LJ JHF9JGF/IL

C.0&(*+.#*$.'%&(2% FL9GGH/HG <IGM9HGL/DE <JJJ9GDL/FG

C.0&(*+.#4(+%+:(%'(% <LJM9KMM/KM <LMM9IJM/IK <H9FLH/DM

C.0&(*+.#0&'%*'1(+%'(% LGH9JIK/GM <FLM/KJ <LGH9GEE/MD

C.0&(*+.#,*)$".00(2%#>'(0-"&%&*#.,*+*)(,*#1.""6.0.',(:(*B IEF9MKM/EG <I9EEG9DLD/JL <I9III9HFL/MD

Page 14: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0" 97

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0"

<-"2$=)"%&'(&22N+00)-"'/+0;)#"%)+2&'%&2'1)&%%)"

N6-&(".#*#"%#$.'1(&%#,8.#0(#;#2.'(4(,%&%#+.""6-"&()*#5(.++(*#$'*1-,.#1.7"(#.44.&&(#0-""6%&&(2*#*#0-"#$%00(2*#$%&'()*+(%"./#0*&&*#4*')%#1(-+#%-).+&*#1."#2%"*'.#1."".#%&&(2(&3/#1(#-+%#,*+&'%:(*+.#1."#2%"*'.#1."".#$%00(2(&3/#*$$-'./#.1#;#"%#,*+1(:(*+.#,8.#0(#2.'(4(,%#,*+)%77(*'.#4'.=-.+:%/#,*).#"% !"#$%&'(%"&)#1(#2%'(.#)*1(4(,8.#1(#0.7+*#*$$*0&*/#".#=-%"(#(+,(1*+*#0(%#0-""6%&&(2*#,8.#+.(#,*+4'*+&(1."#$%00(2*9

A%'&.+1*# 1%# =-.0&.# $'.).00./# "%# &%5.""%# 0-,,.00(2%# .1# ("# ,*''(0$*+1.+&.# 7'%4(,*#)*0&'%+*# ,*).# =-.0&.#)*1(4(,8.# %55(%+*(+&.'.00%&*/#.1#(+#=-%".#)(0-'%/#(#7'%+1(#%77'.7%&(#1.""%#$%'&.#%&&(2%#1."#$%&'()*+(*#,*)-+%".9

'>?!:'@:'*:AB<*:'@<..NEBB:>? :FG?CB:

7898 7899 >+;H'IJKLM

#!))*5("(::%:(*+(#())%&.'(%"( IHJ9HEM/JL IDM9HFJ/GG <ML9HKE/DI

#!))*5("(::%:(*+(#)%&.'(%"( HF9KKH9KEK/DK HM9DKJ9LJD/LJ <I9IEK9GLE/GF

#!))*5("(::%:(*+(#4(+%+:(%'(. I9GJG9LIG/JG I9GJF9DHE/GG <M9JJK/DE

#O()%+.+:. E/EE E/EE E/EE

#P'.1(&( IE9LMG9HMH/IJ H9HEI9IFF/LM <HMK9GHF/JH

#Q&&(2(&3#4(+%+:(%'(.#+*+#())*5("(::%&. E/EE E/EE E/EE

#R(0$*+(5("(&3#"(=-(1. D9MFF9FFD/JM F9GED9DHF/KL <KML9LDE/DD

#O%&.(#.#'(0,*+&(#%&&(2( E/EE KF9JIE/GK KF9JIE/GK

B"0+2& 997HOO7HO99PQR 998H997HS8TPRS L7HRR8HQ89PUS

Page 15: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0" 9S

:'(+0)'&4"%"#)4)'&'/+0;)#"%)+2)'+'4"%6;"%0"

<-"2$=)"%&'(&2''/+55)-"'/+0;)#"%)+2&'%&2'1)&%%)"

P*).#$.'#"6%&&(2*/#%+,8.#(#2%"*'(#1.(#$'(+,($%"(#%77'.7%&(#1."#$%00(2*#2.+7*+*#1(#0.7-(&*#%,,*0&%&(#$.'#)(0-'%'.#".#2%'(%:(*+(#,8.#0(0*+*#)%+(4.0&%&.#+."#,*'0*#1.""6-"&()*#5(.++(*9

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

'>?!:'@:'*:AB<*:'@<.'GE**:>? :FG?CB:

7898 7899 >+;H'IJKLM

#A%&'()*+(*#+.&&* KM9LHK9DJL/JG KJ9LLL9HFJ/HH <I9EEG9DLD/JL

#P*+4.'().+&( H9JHH9DHE/II IE9FGE9KLK/FK I9IGI9EHK/MD

#R.5(&( MH9DGK9DHM/EL MK9GDJ9FKK/EI <J9LJF9IJG/EG

#O%&.(#.#'(0,*+&(#$%00(2( E/EE JIF/IG JIF/IG

B"0+2& 997HOO7HO99PQR 998H997HS8TPRS L7HRR8HQ89PUS

Page 16: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'4"%0"'&4"%"#)4"'7899 9;

:%+2)5)'(&2'4"%0"'&4"%"#)4"

<2'=)5$20+0"'(&22+'>&50)"%&'4+=+00&=)50)4+

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

'?<!:@<'A'!B*C<'DA..:',A*C<BEA'!:?:CCA?<*C<!: <FGB?C<

7898 7899 @+=H'IJKLM

#B$*2,/(%#($%@'()$% C<DEF<GHI>JJ KE<KFE<JKF>FG E<FGJ<IEK>HD

#B$*2,/(%#+)#($)&.,$%6,/(% D<DEJ<DGK>FF JDK<KLD>FI MI<JHF<IKF>LG

#B$*2,/(%#+)#&,$2%0%#5'@@"%1% K<IEC<LIG>DI K<ILC<DDE>CK MGC<IHH>FE

#B$*2,/(%#+)#9,&(%*/,#5)($%6*/%)", CCI<FDG>DJ K<LCK<DCD>DI CF<CIG>CJ

#B$*2,/(%#+%2,$&% FCK<LFE>FH EJD<DJK>JL MEKD<ICK>CH

#B$*2,/(%#+)#1*/1,&&%*/%#+)#,+%.%1)$, ELL<LLL>LL L>LL MELL<LLL>LL

#!/1$,6,/(%#+%#%66*@%"%00)0%*/%#5,$#")2*$%#%/(,$/% L>LL L>LL L>LL

#N)$%)0%*/,#/,"",#$%6)/,/0,#+%#5$*+*((%#%/#1*$&*#+%#")2*$)0%*/,>#,(1<#8OPM: L>LL L>LL L>LL

C"0+2&'=)4+-) 8Q: 9NH;ONHPQPR77 9QHSO9HP;TR;9 L9HS8SH879RN9

#B,$&*/)", I<CFC<LDF>FK I<DHG<GIF>DE MEHF<HKL>LH

#Q1;'%&(*#+%#6)(,$%,#5$%6,#,P*#@,/%#+%#1*/&'6* GCC<GLL>KC GCH<ILK>DE MJCH>FF

#N)$%)0%*/%#/,"",#$%6)/,/0,#+%#6)(,$%,#5$%6,#,P*#@,/%#+%#1*/&'6*#8OPM: L>LL L>LL L>LL

#B$,&()0%*/%#+%#&,$2%0% I<CLK<FKK>KH I<FDG<KCG>GE MGIC<IKH>CD

#R(%"%00*#@,/%#+%#(,$0% JD<JHJ>KJ CD<HDC>KL GL<LJK>CE

#S$)&.,$%6,/(% D<FDK<EEF>FH I<CLD<LEG>FE MJIF<ELI>LD

#!65*&(,#,#()&&, HG<DGI>DI KFI<HKH>EH HG<GCE>HI

#T'*(,#+%#)66*$()6,/(*#+3,&,$1%0%* G<LKI<GFH>HH G<KLD<GID>FC CL<CJF>HK

C"0+2&'4"50)#8U: 9SHOOTHSNPR7P 9QHN8THSOQR8O L9H9NOHONOR9Q

'?<*U.C:CB'DA..:',A*C<BEA <FGB?C<

7898 7899 @+=H'IJKLM

#V%1)2%#+,"")#9,&(%*/,#8Q: KH<ICH<DFD>GG KF<JCK<DIE>IK MK<JLJ<LGK>HK

#7*&(%#+,"")#9,&(%*/,#8U: KJ<CCE<JHD>GD KF<HLE<JCF>LC MK<KHC<CHC>KF

?)5$20+0"'(&22+'>&50)"%&#8QMU: P8;HSSOROS L97H7P7RQN LP9SH8T7RQP

Page 17: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'4"%0"'&4"%"#)4"'7899 9P

:%+2)5)'(&2'4"%0"'&4"%"#)4"

<2'=)5$20+0"'(&22+'>&50)"%&'(&22&'/+=0&4)/+V)"%)')%'+V)&%(&'5/&4)+2)

W,#()@,"",#,+#%"#$%&5,((%2*#9$).%1*#6*&($)/*#"3)/+)6,/(*#+,%#$%1)2%#1*/&,9'%(%#,#+,%#1*&(%#&*&(,/'(%#5,$#,..,((*#+,"")#5)$(,1%5)0%*/,+,"# 7*6'/,# %/# )0%,/+,# &5,1%)"%# *# %/# )"($,# %65$,&,# 5)$(,1%5)(,<# W3,/(,# "*1)",># %/.)((%># ,$*9)# +%$,(()6,/(,# %# &,$2%0%# )"# 1%(()+%/**55'$,>#,#&,65$,#%/#6)/%,$)#5%X#$%",2)/(,#,#.$,;',/(,>#&%#)22)",#+%#&($'(('$,#,&(,$/,#)55*&%()6,/(,#1$,)(,#5,$#.*$/%$,#+,%#&,$2%0%>1?,# 5,$# ")# "*$*# /)('$)# (,1/%1)# *# 5,$# 5$*@",6%# +%# ,1*/*6%,# +%# &1)")># 6,9"%*# &%# 5$,&()/*# )+# ,&&,$,# ,$*9)(%# +)# )0%,/+,# )-*+$")%-*.%&'"()&,/'*0"#)55*&%()6,/(,#1*&(%('%(,<

'?<!:@<'A'!B*C<'DA..:'G:?CA!<G:W<BEA'<E':WH*GA!<:.< <FGB?C<

7898 7899 @+=H'IJKLM

#R(%"% L>LL GDL<LLL>LL GDL<LLL>LL

#!/(,$,&&%#&'#1)5%()",#%/#+*()0%*/, L>LL L>LL L>LL

C"0+2&'=)4+-) 87K: 8R88 7P8H888R88 7P8H888R88

#S$)&.,$%6,/(%#)+#)0%,/+,#&5,1%)"%#,#5)$(,1%5)(, IDF<LLL>LL IKK<JGD>HG MII<GJI>KH

C"0+2&'4"50) 87G: ;PQH888R88 ;99HS7PRN7 L;;H7S;R9N

'?<*U.C:CB'DA..:'G:?CA!<G:W<BEA'<E':WH*GA!<:.< <FGB?C<

7898 7899 @+=H'IJKLM

#V%1)2%#5)$(,1%5)0%*/%#%/#)0%,/+,#&5,1%)"%#87K: L>LL GDL<LLL>LL GDL<LLL>LL

#7*&(%#5)$(,1%5)0%*/,#%/#)0%,/+,#&5,1%)"%#87G: IDF<LLL>LL IKK<JGD>HG MII<GJI>KH

?)5$20+0"'(&22+'/+=0&4)/+V)"%&')%'+VH5/&4)+2)#87:#Y#87KM7G: L;PQH888R88 L9Q9HS7PRN7 7O;H7S;R9N

Page 18: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'4"%0"'&4"%"#)4"'7899 9Q

:%+2)5)'(&2'4"%0"'&4"%"#)4"

<2'=)5$20+0"'(&22+'>&50)"%&'6)%+%V)+=)+

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

'?<!:@<'A'!B*C<'X<E:EW<:?< <FGB?C<

7898 7899 @+=H'IJKLM

#!/(,$,&&%#)((%2% KLJ<ILK>IL ED<EEE>CL MJG<LFJ>DL

C"0+2&'=)4+-)#8ZK: 98SH;89R;8 TPHTTTRO8 LS7H8QSRP8

#!/(,$,&&%#5)&&%2%#&'#6'('%#,#5$,&(%(% CEK<LED>LE HFH<IDJ>LF MFG<DJJ>CJ

#!/(,$,&&%#5)&&%2%#&'#*@@"%9)0%*/% L>LL L>LL L>LL

#!/(,$,&&%#5)&&%2%#&'#)/(%1%5)0%*/% L>LL L>LL L>LL

#!/(,$,&&%#5)&&%2%##5,$#)"($,#1)'&, L>LL L>LL L>LL

C"0+2&'4"50)#8ZG: OT9H8TPR8T NQNH;PSR8Q LQ7HPSSROS

'?<*U.C:CB'DA..:',A*C<BEA'X<E:EW<:?<: <FGB?C<

7898 7899 @+=H'IJKLM

#V%1)2%#.%/)/0%)$%#8ZK: KLJ<ILK>IL ED<EEE>CL MJG<LFJ>DL

#7*&(%#.%/)/0%)$%#8ZG: CEK<LED>LE HFH<IDJ>LF MFG<DJJ>CJ

?)5$20+0"'(&22+'>&50)"%&'6)%+%V)+=)+#8Z:#Y#8ZKMZG: LN7THQTTRQT LNTTH97TR9Q LOH;NORPT

Page 19: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'4"%0"'&4"%"#)4"'7899 9S

:%+2)5)'(&2'4"%0"'&4"%"#)4"

<2'=)5$20+0"'(&22+'>&50)"%&'50=+"=()%+=)+

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

!"#$##!#%&"'()*&+),(##!-./) ))

012341)567181)946:15;1)<=::1>1?) ) ) ) @ABCDEFGH@

#.,I(--&"!&"'&)(%%!-&/

J465181)5=)=K162=L1321) ) ) ) AAMCDMNGND

*6<3:181)12)J=::=)*6<3:181)6),46:8181) ) ) ))OOCEMOG@N)

,=486P1<=L1321) ) ) ) ) )))MCEHDGHD

(PQ;1:1L1321)R4=8;186)7621)S=8641=K1)) ) ) )))ECM@HGDD

,+$#-(+&"'&/

(K162=L1321)8644621) ) ) ) ))HOCHB@GFM)

(K162=L1321)T=7741P=81) ) ) ) MHMCDNEGAA

!"#$##!#%&"'()*&++U(%%!-./

012341)P465181)946:15;1)=881>1?) ) ))))))))))))))))))))))) ))))))))))))))))))))))))))MCMNECNEMGMM)

*6S3K1L1321)7621)S371K1) ) ) ) )))))))EAHGH@)

."&I!)#%I(.I*!"(I!/

I1S734:1)<64)6284=86)12567186G)32641)<64)7321T1P=):181)12Q;12=81G)6PPC) ) M@@CFBFGOM

'?<!:@<'A'!B*C<'*C?:B?D<E:?< <FGB?C<

7898 7899 @+=H'IJKLM

!/&'&&%&(,/0,#+,"#5)&&%2* ELG<KLD>CD CGF<LIH>EC FGE<CIG>II

=*5$)22,/%,/0,#)((%2, EGC<JHD>JL GHG<LDF>CJ MIJ<JGH>JE

B"'&2)",/0,#5)($%6*/%)"% K<GGI<HCG>DE KFF<III>LE MK<LDH<IIH>DL

C"0+2&'=)4+-) 8\K: 9HNPQHSN;R9N 9HTS;HP;ORTO L;N7H7T;RSO

!/&'&&%&(,/0,#+,""3)((%2* JGL<LJH>JI K<KJD<KFI>DL IDD<LHD>JF

[%/'&2)",/0,#5)($%6*/%)"% L>LL L>LL L>LL

Q11)/(*/)6,/(*#5,$#&2)"'()0%*/,#1$,+%(% L>LL L>LL L>LL

]/,$%#&($)*$+%/)$% GDJ<IHH>JK KCC<HFH>DK MDJ<FGL>GL

C"0+2&'4"50) 8\G: OSSHPQSR;P 9HTSPH8TTR89 TOSH;QPRPQ

'?<*U.C:CB'DA..:',A*C<BEA'*C?:B?D<E:?<: <FGB?C<

7898 7899 @+=H'IJKLM

V%1)2%#&($)*$+%/)$%#8\K: K<HDF<JHI>KH K<EJI<DIC>EC MIHG<GEI>JC

7*&(%#&($)*$+%/)$%#8\G: CJJ<DFJ>ID K<EJD<LEE>LK ECJ<IFD>DF

?)5$20+0"'(&22+'>&50)"%&'50=+"=()%+=)+#8\:#Y#8\KM\G: NSOH79QRST L;NTRQ7 LNSOHS88RTP

Page 20: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 9=

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&')##"1)2)>>+>)"%)')##+0&<)+2)

!"#$ %&%%'$ '$ "#(("&))#*+,%'$ -+../#%%'012$ .+$ '**13'.'44#4'1,'2$ &.%+"'1"*+,%+$ 5&--'0'5+$ ',$ '**13'.'44#4'1,'$ '**#%+"'#.'2$ *#%+"'#.'$ +6',#,4'#"'+2$715%'%&'571,1$7+"%#*+,%+$./#(("+(#%1$78+$71,%'+,+$'$0#.1"'$)#%"'*1,'#.'$)'9$"'.+0#,%':$;'$%"#%%#$-'$3+,'$+$-'$5+"0'4' !"#$%&!$'()&*(2$71,%"#--'5%',%'$7'1<$-#$&,#$.'*'%#%'55'*#$7#)#7'%=$-'$%"#561"*#"5'$',$%+*)'$"#)'-'$',$-+,#"1$7'"71.#,%+:

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

'?@@AB?.?CC:C?AD?'?@@:EFG?:.? ?@HAGE?

7898 7899 I+<J'KLMNO

$B15%'$).&"'+,,#.'$7#)'%#.'44#%' C:DEF:GEC2HG C:DIJ:IFI2HG ED:KEF2JJ#.&/!&#,++&'-,+(/-& 012341526789 0140516287:6 9410;5780

E"0+2& 9P7JP8QR7= 9SQJPT7RUU NQ=JPV8RS9

Page 21: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 9P

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&')##"1)2)>>+>)"%)'#+0&<)+2)

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

'?@@AB?.?CC:C?AD?'@:EFG?:.? ?@HAGE?

7898 7899 I+<J'KLMNO

$P+,'$-+*#,'#.' EE:DCD:QGC2IK EG:CFQ:DGF2HG C:IGD:GJG2CE####.&/!&#,++&'-,+(/-& 8153:12::793 514501;6:753 920199;7;:

$!+""+,'$R)#%"'*1,'1$',-'5)1,'3'.+S D:KQC:KQE2GH D:KEG:JCK2HQ TGF:KHJ2FQ$!+""+,'$R)#%"'*1,'1$-'5)1,'3'.+S C:JKF:JKI2CC C:JKF:JKI2CC J2JJ$U#33"'7#%'$R)#%"'*1,'1$',-'5)1,'3'.+S DK:KGE:QHH2JK DK:GIJ:JED2JE ECF:JDF2JC####.&/!&#,++&'-,+(/-& 0:10531;56709 00126;13::738 010231342726

$U#33"'7#%'$R)#%"'*1,'1$-'5)1,'3'.+S G:FCE:KGD2GD D:QEC:KJG2HD TFHK:JDH2IJ####.&/!&#,++&'-,+(/-& 015:01209704 01926138473: 0291245729

$M#778',#"'2$#%%"+44#%&"+$+$'*)'#,%' C:KIJ:JJH2EQ C:EDK:ECQ2KE IK:ECJ2HD###.&/!&#,++&'-,+(/-& ;8014247;5 01:8:1;:572; ;;1862744

$V%%"+44#%&"+$+$5'5%+*'$',61"*#%'7' HKG:FFI2FC HII:KGF2FE GC:GHQ2JK####.&/!&#,++&'-,+(/-& 5661;6;74: 9341505780 831529720

$V&%1*+44'$+$*1%1*+44' GEH:HIJ2DG GKI:DFH2EI TCC:DJK2JH####.&/!&#,++&'-,+(/-& 358122;786 395104474: 0:1;:4792

$M13'.'$+$*#778',+$-?&66'7'1 QQJ:IHK2JI QHH:QED2QF TC:HDI2CC###.&/!&#,++&'-,+(/-& 6031953783 69:1;05709 851080754

$W,'0+"5#.'%=$-'$3+,'$R)#%"'*1,'1$',-'5)1,'3'.+S CKD:FCJ2GG CHC:ECF2KF GF:IJG2IC####.&/!&#,++&'-,+(/-& 0:618007:: 003183;7;8 51:467;8

$W,'0+"5#.'%=$-'$3+,'$R)#%"'*1,'1$-'5)1,'3'.+S CQ:KCI2JJ CQ:KCI2JJ J2JJ####.&/!&#,++&'-,+(/-& 081392748 0;1:2679: 41885748

$X'"'%%'$"+#.'$5&$3+,'$-'$%+"4' J2JJ J2JJ J2JJ$Y**13'.'44#4'1,'$',$71"51 KD:IGC:FCK2KQ KD:EDQ:GFK2JF TDJK:JGJ2KE

E"0+2& PTJVVPJV8VRSV PQJSV7J=7SR=7 N9J98VJU=8RUT

Page 22: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 78

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&')##"1)2)>>+>)"%)'6)%+%>)+<)&

B15%'%&'571,1$ '**13'.'44#4'1,'$ $ 6',#,4'#"'+2$ (.'$ ',0+5%'*+,%'$ +66+%%&#%'$ )+"$ 6',#,4'#"+$ ./#%%'0'%=$ -'$ #4'+,-+$ 5)+7'#.'2$ 71,51"4'$ 1517'+%=$715%'%&'%+$)+"$+"1(#"+$5+"0'4'$#$)#"%+7')#4'1,+$)&33.'7#$"'%+,&%#$5%"#%+('7#:$V,78+$%#.&,+$)15'4'1,'$7"+-'%1"'+2$)"1)"'1$)+".#$.1"1$%"#561"*#4'1,+$',$7"+-'%'$#$.&,(1$%+"*',+2$)1551,1$-'0+,%#"+$)#"%'$-+../#%%'01$'**13'.'44#%12$71*+$'$7"+-'%'$0#,%#%'$0+"51$.+'*)"+5+$71,%"1..#%+2$71..+(#%+2$1$#.%"+$517'+%=:

L?+.+,71$-+..+$'**13'.'44#4'1,'$-'$%')1$6',#,4'#"'1$<$78'&51$-#'$-+)15'%'$ ',$%'%1.'$#$*+-'1$+-$#$.&,(1$%+"*',+2$-#'$-+)15'%'$)"+551%+"4'2$ +-$ ',6',+$ -#'$ 7"+-'%'$ -&33'2$ +$ 7'1<$ )15'4'1,'$ 7"+-'%1"'+$ 0#,%#%+$ ,+'$ 71,6"1,%'$ -+.$ 7'%%#-',1$ 1$ -'$ #.%"+$ '*)"+5+$ 78+$ ,1,$ 5')1551,1$%"#561"*#"+$%+*)+5%'0#*+,%+$',$#%%'01$7'"71.#,%+:

'?@@AB?.?CC:C?AD?'W?D:DC?:G?F ?@HAGE?

7898 7899 I+<J'KLMNO

$Z#"%+7')#4'1,'$',[

$#S$'*)"+5+$71,%"1..#%+ C:FGH:HIF2JQ C:FGH:HHC2JJ D2QC$3S$'*)"+5+$71..+(#%+ J2JJ J2JJ J2JJ$7S$#.%"+$'*)"+5+ GG:CDK2GD GF:GFI2QE C:DKG2EQB"+-'%'$0+"51[$#S$'*)"+5+$71,%"1..#%+ J2JJ J2JJ J2JJ$3S$'*)"+5+$71..+(#%+ J2JJ J2JJ J2JJ$7S$#.%"+$'*)"+5+ J2JJ J2JJ J2JJ$!'%1.'$R',0+5%'*+,%'$#$*+-'1$+$.&,(1$%+"*',+S J2JJ J2JJ J2JJ$B"+-'%'$-'$-&33'#$+5'('3'.'%= J2JJ J2JJ J2JJ####.&/!&#%),*$-,?"&/(#@'(!"-" :7:: :7:: :7::

$B"+-'%'$)+"$-+)15'%'$7#&4'1,#.' CE:IQH2FD Q:CDC2HD TD:FGF2HJ

E"0+2& 9JU7UJ=9UR7U 9JU7TJSP8RUU NQJ77VRS8

Page 23: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 79

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&'<)#+%&%>&

M+,%"+$ .+$ '**13'.'44#4'1,'$ 51,1$ )15%+$ -+../#%%'01$ -+5%',#%+2$ )+"$ .#$ .1"1$ 5%+55#$ ,#%&"#2$ #$ )#"%+7')#"+$ -&"+01.*+,%+$ #.$ 7'7.1)"1-&%%'012$ #.%"+$ 017'$ )#%"'*1,'#.'$ 8#,,1$ &,#$ 5)'77#%#$ %+,-+,4#$ #$ %"#561"*#"5'$ ',$ -+,#"1$ R7#)'%#.+$ 7'"71.#,%+S$ ',$ %+*)'"#('1,+01.*+,%+$"#)'-':$\&+5%/&.%'*#$7#%+(1"'#$71*)"+,-+$.+$017'$-+../#%%'01$7'"71.#,%+2$+$7'1<$.+$"'*#,+,4+2$'$7"+-'%'2$ .+$#%%'0'%=6',#,4'#"'+$78+$,1,$715%'%&'571,1$'**13'.'44'2$+-$',6',+$.+$-'5)1,'3'.'%=$.'@&'-+:

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

'G?@:DFDCF ?@HAGE?

7898 7899 I+<J'KLMNO

]'*#,+,4+ J2JJ J2JJ J2JJ

E"0+2& 8R88 8R88 8R88

Page 24: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 77

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

?'4<&()0)

L#$7#%+(1"'#$-+' @'(!"-"$ "')1"%#$ ./',5'+*+$-+..+$)15'4'1,'$ 7"+-'%1"'+$0#,%#%+$-#.$B1*&,+$,+'$ 71,6"1,%'$ -'$#.%"'$ 51((+%%'2$ 51"%+$)+"+66+%%1$-' &>>*"A,?"&/"#A"$'"!"@,+(/-(# '"*(),/-"$)+"6+4'1,#%+$,+../+5+"7'4'1:$;'$ %"#%%#2$ ',$@&+5%1$7#512$-'$)15%+$#%%'0+$-1%#%+$-'$&,(*(),-&#A',!&#!"#(%"A">"*"-B$+$-'$"#)'-#$7#)#7'%=$-'$%"#561"*#4'1,+$',$-+,#"1$.'@&'-1:

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

'!GFX?E? ?@HAGE?

7898 7899 I+<J'KLMNO

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

E"0+2& 98J=QUJPQPR97 PJP89J9TTR=Q NPQVJUPTR7P

Page 25: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 7Q

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&'+00)-)03'6)%+%>)+<)&'%"%')##"1)2)>>+0&

L#$ )"1("+55'0#$ &57'%#$ -+(.'$ +,%'$ .17#.'$ -#.$ "+('*+$ -'$ %+51"+"'#$ &,'7#2$ *+-'#,%+$ .#$ @&#.+$ ("#,$ )#"%+$ -+..+$ -'5)1,'3'.'%=$ .'@&'-+"+#.'44#%+$ -#'$ 71*&,'$ 0+,'0#$ )"100'51"'#*+,%+$ ',7#*+"#%#$ -#..1$ ;%#%1$ )+"$ *'(.'1"#"+$ '.$ 5#.-1$ -'$ 7#55#$ -+'$ 71,%'$ )&33.'7'271,%+,+,-1$ 715_$ '.$ 6#33'51(,1$ -'$ +*'55'1,+$ -+'$ %'%1.'$ -+.$ -+3'%1$ )&33.'71$ RC$&/"# &'!"/,'"# !(*# D(%&'&7# (@@1S2$ 8#$ 6#01"'%1$ .#!")('%"="@,?"&/($,+..?'*)'+(1$-+..+$*1*+,%#,++$('#7+,4+$.'@&'-+:

L/#7@&'5%1$ -'$ P`!2$ 1%%+,&%1$ #,78+$*+-'#,%+$ '.$ "'71"51$ #-$ 1)+"#4'1,'$ -' E'&/-"# @&/-'&# -('+"/($ (+5%'%+$ -#..+$ 3#,78+2$ )&"$ ,1,+55+,-1$&,/#%%'0'%=$#$7&'$(.'$+,%'$.17#.'$"'71""1,1$71,$("#,-+$6"+@&+,4#2$715%'%&'57+$7+"%#*+,%+$&,$*+441$*+-'#,%+$'.$@&#.+$*1.%'71*&,'$1%%+,(1,1$&.%+"'1"'$ "'51"5+$-'$)#"%+$71""+,%+$)"1-1%%+$-#(.'$ $ ',%+"+55'$#%%'0'$*#%&"#%'$ )+"$+66+%%1$-+(.'$ '*)'+(8'$ ',$ %'%1.'$ #3"+0'55'*1$ %+"*',+:$ a1,$ 5'#*1$ ',$ )"+5+,4#$ -'$ ',0+5%'*+,%'2$ ',%+5'$ 71*+$ ./&%'.'441$ -+..+$ -'5)1,'3'.'%=$ ',$ 71,%1$ 7#)'%#.+2$ *#$ -'5+*).'7+$'*)'+(1$-' +&+(/-,/((#(@@(!(/?(#!"#@,%%,$-'$&,#$7+"%#$"'.+0#,4#:

':EE?I?E:;'W?D:DC?:G?F'DAD'?@@AB?.?CC:EF ?@HAGE?

7898 7899 I+<J'KLMNO

$!'%1.' J2JJ J2JJ J2JJ

E"0+2& 8R88 8R88 8R88

Page 26: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 7T

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

.&'()5/"%)1)2)03'2)Y$)(&

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

L+$-'5)1,'3'.'%=$.'@&'-+$51,1$)+"%#,%1$715%'%&'%+$-#..+$('#7+,4+$-'$7#55#$+$-#'$-+)15'%'$3#,7#"'$+$)15%#.'2$#.'*+,%#%'$+$*#,%+,&%'$,+."'5)+%%1$-+..+$,1"*#%'0+$78+$)+"'1-'7#*+,%+$51%%1)1,(1,1$@&+5%1$ %')1$-'$-'5)1,'3'.'%=$#$*+77#,'5*'$-'$ 71,%"1..1$7+,%"#.'$)'9$1*+,1$0',71.#,%'2$71*+$-#$&.%'*12$'.$"+('*+$-' D(%&'('",#$/"@,:$;'$%"#%%#2$',$-+6','%'0#2$-+..+$017'$)"',7')#.'$-'$@&+..#$)#"%+$-+..?#%%'01)#%"'*1,'#.+$78+$<$-+6','%# ,--")&#@"'@&*,/-(:

'X?*HAD?B?.?E:;''.?Z[?XF ?@HAGE?

7898 7899 I+<J'KLMNO

$U1,-1$-'$7#55# G:EDD:DDG2KE D:IJG:GQD2FH TFEH:HGJ2GG$X+)15'%'$3#,7#"' J2JJ J2JJ J2JJ

E"0+2& G:EDD:DDG2KE D:IJG:GQD2FH TFEH:HGJ2GG

Page 27: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&'7899 7S

:%+2)5)'(&22;+00)-"'/+0<)#"%)+2&

?'<+0&)'&'<)54"%0)'+00)-)

b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

;+$ .?#77+"%#*+,%1$ <$ ',6+"'1"+$ #.$ 0#.1"+$ -+'$ 3+,'$ 1$ 5+"0'4'$ 7+-&%'$ ,+..?+5+"7'4'1$ R#77+"%#*+,%1$*',1"+$ -'$ "'7#01S2$ <$ ,+7+55#"'171""+((+"+$ ',$#&*+,%1$-+%%1$ '*)1"%1$6',1$#$6#".1$71',7'-+"+$71,$ '.$0#.1"+$-+'$3+,'$1$5+"0'4'$+66+%%'0#*+,%+$7+-&%'$,+..?+5+"7'4'1:L?'*)1"%1$78+$"+%%'6'7#$',$#&*+,%1$@&+5%1$"'7#01$)"+,-+$'.$,1*+$-' ',-(&#,--")&:

V..1$5%+551$%+*)12$5+$.?'*)+(,1$71,%#3'.+$71*)"+,-+$3+,'$1$5+"0'4'$78+$5#"#,,1$&%'.'44#%'$ ',$%&%%1$1$',$)#"%+$51.1$,+..?+5+"7'4'15&77+55'01$ R'*)+(,1$*#(('1"+$-+.$715%1S2$<$,+7+55#"'1$71""+((+"+$ ',$-'*',&4'1,+$-+%%1$ '*)1"%1$ 6',1$#$ 6#".1$71',7'-+"+$71,$ '.0#.1"+$-+'$3+,'$1$5+"0'4'$+66+%%'0#*+,%+$71,5&*#%'$,+..?+5+"7'4'1:$L?'*)1"%1$78+$"+%%'6'7#$',$-'*',&4'1,+$'.$715%1$)"+,-+$'.$,1*+$-''"%@&/-&#,--")&:

'G:EF?'F'G?*!ADE?':EE?I? ?@HAGE?

7898 7899 I+<J'KLMNO

$]#%+'$#%%'0' J2JJ J2JJ J2JJ$]'571,%'$#%%'0' J2JJ FD:KCJ2IF FD:KCJ2IF

E"0+2& 8R88 VTJ798RUV VTJ798RUV

Page 28: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&'7899 7<

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&

=2'/+0;)#"%)"'%&00"

!"#$%&'()*+(*#+,&&*-#.(/,'0%),+&,#.%#&1&&,#",#%"&',#$*0&,#2*+&,+1&,#+,"#2*+&*#.,"#$%&'()*+(*-#3#"%#0,)$"(2, !"##$%$&'()(*+$,%"-(#&'%("#&*&%",#.,""4%&&(/*#,#.,"#$%00(/*#$%&'()*+(%",5

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

?,"# $'*0$,&&*# 1<<(2(%",# $',/(0&*# .%"#@(+(0&,'*#.,""A!+&,'+*-# ("# $%&'()*+(*#+,&&*# 3# 02*)$*0&*# (+# .1,#.(0&(+&,# 2*)$*+,+&(B# (" 5$0014(0%"21&"(*$#,.##(" 5$001)!(),$&")!$2(&"(*"5

'>:?@=ABC=B'CD??B =A>B@?=

7898 7899 E+;F'GHIJK

?,&&*#$%&'()*+(%", CD5EFE5GGG-FH CI5JKE5IDD-GK LF5JIJ5CEJ-ME

?,&&*#.%#>,+(#.,)%+(%"( FG5GGI5GMJ-HK FK5KJG5IGD-FE E5JCF5GFM-FC

?"0+2& <LFMN<FO7MP7Q <7FMMMFNR7PNN J9F88QFOMOP7M

Page 29: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&'7899 7Q

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&

='4"%6&;)#&%0)

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

P*"*# 81%+.*# "4())*>(",# 1"&()%&*# 0%'S# ()),00*# +,"# 2(2"*# $'*.1&&(/*-# 0(# $'*2,.,'S# %.# %))*'&(77%',# $'*:',00(/%),+&,# 0(%# ("2,0$(&,#())*>("(77%&*#Q%))*'&%),+&*#$%00(/*R#2;,#("#',"%&(/*#2*+<,'(),+&*#Q%))*'&%),+&*#%&&(/*R5#U1,0&*#$'*2,.(),+&*#'($*'&%81(+.(# (+# ,81("(>'(*# &,)$*'%",# ,+&'%)>(# (# )*/(),+&(# 2;,# (+&,',00%+*# 0()1"&%+,%),+&,# ("# 2*+&*# ,2*+*)(2*B# "A(221%0(2$&014(.."61#,#"% 7/10()!")%"-(61)4*/%"$&&(*$#Q%))*'&%),+&*#%&&(/*R5

'!BCSD@=ADC?= =A>B@?=

7898 7899 E+;F'GHIJK

N*+<,'(),+&(#.%#&'%0<,'(),+&(#(+#2O2%$(&%", I5IJG5IKG-MH M5FKI5MFI-FJ KGG5JCD-DE

N*+<,'(),+&(#.%#2*+2,00(*+(#.(#,.(<(2%', I5KHF5EJF-MF M5EKD5EDF-FD FHI5JMH-GI

?"0+2& NF7NNFON8P99 98FRQ8F<M<PR< 9F9Q9F8N<PLO

Page 30: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&'7899 7M

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&

='(&1)0)

6%#$%'&,#$(V#2*0$(21%#.,"#$%00(/*#$%&'()*+(%",#3#2*0&(&1(&%#.%(#.,>(&(-#,#2(*3#.%(#2%$(&%"(#.(#/%'(%#+%&1'%#,#.(),+0(*+,#<(+%+7(%'(%2;,#.,/*+*#,00,',#',0&(&1(&(#.%"#N*)1+,#%#2;(-#,+&,#*#$'(/%&*-#%/,/%#<(+%+7(%&*#"%#',%"(77%7(*+,#.(#1+#(+&,'/,+&*#.A(+/,0&(),+&*5U1,0&%#$*0&%#$%&'()*+(%",#$1W#,00,',#01..(/(0%#(+#.1,#:'%+.(#2%&,:*'(,B#(#.,>(&(#.(#<(+%+7(%),+&*#,#81,""(#.(#<1+7(*+%),+&*5

N*+# (# $'()(# Q.,>(&(# .(# <(+%+7(%),+&*R# ("# N*)1+,# ',$,'(02,# %""4,0&,'+*-# ,.# %# &(&*"*# *+,'*0*-# ",#)%::(*'(# .(0$*+(>("(&S# <(+%+7(%'(,+,2,00%'(,#$,'#,0$%+.,',#"%#$'*$'(%#2%$%2(&S#.4(+/,0&(),+&*B#0(#&'%&&%-#$,'#"A%$$1+&*-#.,"#'(2*'0*#%"#2',.(&*#>%+2%'(*#*.#%00()("%&*.*/1&*#%""A%22,+0(*+,#.(#$',0&(&(#*#%""A,)(00(*+,#.(#$',0&(&(#*>>"(:%7(*+%'(#.(#.1'%&%#/%'(%>(",5

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

'TDU=?= =A>B@?=

7898 7899 E+;F'GHIJK

X,>(&(#.(#<(+%+7(%),+&*B

###ER#$,'#<(+%+7(%),+&(#%#>',/,#&,')(+, J-JJ J-JJ J-JJ

###FR#$,'#)1&1(#,#$',0&(&( EK5JJJ5KEM-HH ED5FFD5FMF-HM LE5GGI5MDC-JI

###CR#$,'#$',0&(&(#*>>"(:%7(*+%'( J-JJ J-JJ J-JJ

###IR#$,'#.,>(&(#$"1'(,++%"( J-JJ J-JJ J-JJ

X,>(&(#.(#<1+7(*+%),+&* FJ5HHJ5IGH-DF EH5KEE5KEM-GH LE5EGK5DDC-KC

X,>(&(#$,'#!YZ I5HJE-JJ J-JJ LI5HJE-JJ

X,>(&(#$,'#%+&(2($%7(*+(#.(#2%00% J-JJ J-JJ J-JJ

X,>(&(#$,'#0*)),#%+&(2($%&,#.%#&,'7( MJK5FJH-DK DIF5FEJ-IK ECI5JJJ-KJ

X,>(&(#/,'0*B

###ER#()$',0,#2*+&'*""%&, J-JJ J-JJ J-JJ

###FR#()$',0,#2*"",:%&, J-JJ J-JJ J-JJ

###CR#%"&'(#Q%7(,+.,#0$,2(%"(-#2*+0*'7(-#(0&(&17(*+(R J-JJ J-JJ J-JJ

Z"&'(#.,>(&( GF5EKD-GH GF5EKD-GH J-JJ

?"0+2& LNFOQ<FONLP8M L<FQO7FR<<P89 J7FM7RF97QP8Q

Page 31: Relazione economico - patrimoniale 2011 · !"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899:2';&%()4"%0"'7899'%&22

!"#$%&'()'*+%',)"-+%%)'.$/+0"0"' !"%0+1)2)03'&4"%"#)4+'5&#/2)6)4+0+'7899

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&'7899 7N

:%+2)5)'(&2'/+55)-"'/+0;)#"%)+2&

@+0&)'&';)54"%0)'/+55)-)

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

'@:?D='D'@=*!BC?='>:**=E= =A>B@?=

7898 7899 E+;F'GHIJK

\%&,(#$%00(/( J-JJ J-JJ J-JJ

\(02*+&(#$%00(/( J-JJ FEI-EG FEI-EG

?"0+2& 8P88 79RP9Q 79RP9Q