! " # " " $% " & " $' (

! "#""$%"& "$' (

! " # $% &'$ &( &$# $)$* + &&$ $,-$(!" $,.$" $% /. $ &* 0,&$ &+! $ & ',$ & &% & 1.$ &# &/.$ & 2$ &! /$ &3/$ &4" $ &*# & &$%+# &,)## / /'* /,'# /&5 # /516!! /.7"

87!8 )%)" % 8(9&$ &(" $,-$ (+"!3(:8 ); :;8 4 &$% ) 77 9&/.$ &80,&$ &8 $) ', 68 6) 7% 8:) ): &'$ &(68 8<( &$%);) % 9& 1.$ &8&&$ &8&8/ $ &82$ &8/. $ &8 $ & $ 6 8; ) )% 7 776=)$,.%. ) 77 $7$(8;6;"!) 8%8<(:: )!8+!!8$6 ) - ), 8:8 "8# 8 %8 - ),8( 8 6 6 ) 8 ) 8 ( 2 $) 7( ),68:7 )): ;8< "" $% $ < ),7! 886):)%; ;% :&77 $)3&$%48>&,) 3&,4 /( (%; &$>7 776 7;8 )(+*,,,&$);;? & 778 88 87;8:7 7 &$ 8 89&$% &$,$86 )) :;8:;71# * 8 6 ) ;&$&$% :&$ @&$%A8!:&$2 %6)B6):&$ &,< 77 %8 )8 87,++8 ;?&8 77 :; 67)

/ /&58/'8 /5168/.78/ /, '8( < 8 ;/75: : ;;:&$'.37-1!71#*+!*4!"!#"#$!% '&&5&,&C-&'& &!"!#"#$!' &'$ &( D*!+8 D8 D*!+8 & :&7$ 37 +*!8-1!48$% < ( &2'-$'&C- D! 8 D8 D! 8 && D!* 8 D8 D!* 8 $,- ( D!8 D8 D!8 +! :&7 $ 6 7 % ( $,. D"+8 D8 D"+8 $ D8 D8 D8 (!"!#"#$!% &!"!#"#$!' /. D!#8 D8 D!#8 0,& D #!**"8 D8 D #!**"8 ',-,'- D*+*!#*+8 D8 D*+*!#*+8 ', D"!! 8 D8 D"!! 8!"!#"#$!% &!"!#"#$!' &,--,'- D#!#8 BD++#+#8 D!*8!!* "! 37 1 ###!4 &/. D! +8 D8 D! +8 D"!8 D8 D"!8 ";77" & D8 D8 D8 2 D!*8 D8 D!*8 / D* 8 D8 D* 8 &

!"!#"#$!%!"!#"#$!' &$% D" + *8! D ++#"#+8 D!#!!!8* < &$1)EE D8 ; D8 &$1)EE&$ &$)5 D8 D8 )5 :&$% &$,$ D +## BD +## D8!< ; &$&$% &,) D#!+*! D+#8 D##*""!8 &7 ; *!< )8 F8+F

)!"!#"#$!% )!"!#"#$!'

!8;;( 8 ;;9 4$,-<(:&7+"! 4!< ;&$,$&$%:&$ @&$%A 4 ( &, <)8 F8+F 7; *!(8$8( )8) 7)6 4;(.'&8))!8 >&7$&.$ 67 8 )867 6 $%371###!4

) -7)9 7!$% 9&$%8&, )3&,48/ 8/'8/5168/& 58/.7/,'&;); 8:6; :7)<( 8 $%8: (7 ;8 ;8): ) :(7<) %); )8 6 :(7 < %; ) :(7;8;8 G; % 7; ;; ; ' % 8 )>;%8>< 8>)%8) ;) $%( ).)9 $%)87 8$% 3(!F48$%3( F8F $%(4 $) :&$8&,8;8/ < = ) )!)) ;);;/8 (<;7( 8<)8) 78: ;; ;/ $: ;):)%):!8) ;)" &;:78 )7) ; $$88 ) ) :) 8)!=) ) :) < 88);6: :7 <8 B;:< ; 8 < 6) 87 ) )> 8 )8<> 8; ) 7< 7 :; %8 7.9 :<7$8; 7)$% 6 7 8:<;;7:6

$ )7)9 )3 ) ) 48)8>8 (<77=(; ( <; 6 ) 6) ; )8(88 ;8; $<;;8 ) >)8 >;;) $77H;(78 ; :(7< )>)% 3,-48 ); % 6() :));7:)% )% )8< :)%3,4% 8 I;)8<):)% )3,-&46 ))%:)%)% 6;)& ::(7 ) 6; )%)9) ) :(7 <%;)% 7= 66(; 8;;8;;B& ; 7 : 7 :(7;< ):;86 % ; :)% = (: (7 )77;;;7) 8< ;3/46)8)8 )% 666:7;7) 8 )8(% ; :;:(%86 %;; 7) &:(78 ;8<;; >;)>);;> 7&$&, $(,,,858&$ 7% B 3;;? &( )4 7%876 1 6 7% &776$)< 71,*# * )68 ( 7>8&$; )16 71 6)8;; >&= ;;9 &$6 =< 9 ;86 7))% )%)>78>7%B 8 376)

7 6;4 );8) ) 7 8 6 766;= ) 7))8% ()>))7% B =6> 76; ) ) > ) )@ A 67 )8(7 ) )8 766; &,7%B 8 ;%, 7% >= 6 $ ;%( )) $ (:&$8 (&,86$ ; $% 7/ / )8;%8 = ) ;6 7 6 ( ) J 776 7 / /6 7% (/ 98'85 168&5/,' 7% B 86<; %/.7 )7%;8 6 )))(;; < 7< : I 7

***+)% 93,. ;4F F )% )8)) :)<)6 7)%) ***8 )% ) 093, ) K ) ;F )43 )4F );) ))2 )% : ***8 )% ) 9 3,F ) ) )4F :%8 ) )37K) 4 & 93))K K ) ;8))K7 4) &, 3) B ; ) 4. ) 6 ): ; ) & 3) 4 ) 8( )% 3 4 8) ) )% -***+ )93.-K() ) 5B 4 >;) ) -***+ 3, )48 )9< ) ))>)%.,38 )6 4 > >)% %8.- >)%;8; )! / 93 &)74 ) )(7; / / 93 K;;LM &)74 )(7;; " 0,3 '/;4 LF 6 7; 1 2,3&))%4 LM (%:8) %;; 7)8)% )3, ;3;7)K 7%(B ) 7;7)4 3.: ;7) 8)8)4 )% (<:7;

!! "! # $" " " "" " %&' ((!) (! * " * * +, %!! -#.!, %,/01($ )- 2345&.622,5 7-0 -8/-9 :7-0 63&'2%265.6 ((-7- )7-9 :((-7-22,5 63&'2%265.6 8) 89 :8) ;&''' 2345&.6;&''' -- 89 :-- 9 :!"#$%&'"$%&( " ()//)! 6'% 6!! 0<8*!* " + 6 011)+ /1)1,* /- ""*!!(+!! *! -/* )"! # """" :0 * )7-)8 " "8871/$ 5', * * " " %&'!!" * " " " &* * " " * "! " =* " * &6 " + "" "! < * " * >+ " " 3 * " * * +! 10

%* 6'%" " "" & 7? @ 6'%! * " 5 " & "" "" A ( + "! ' )-6* + " *! )11)11) )11(+ * "# $=! + %&'* %5, (! "" * " * "! & "%&' %&'A "< * %&' * " "! )(* > " #% 5,$ * " "! 6* "!6'& 6'% " 7 """ " * %&' * +!"%&'!)!(! "%&':70)08* "!& 5', * " " + 81)1-""? @6'% * +! %"A+ %8!!/ "! '&' >! %"*! * " %&' % * " > " * ""!! 1 """ >'* * B 6 -/! ' 6'%7 C 8D! "" >! ""! ="" " 6 (/+ ""!?! @?! @& 88(0> + *! * " " > 6 """ " > + * " &* %" %&' 11

"*!!,4 "7-1( "! *! * " " * > 6'-" * B )* 6"!)( * " >& " >6'%? @ 708 6 " " " - * " * ""!"! " "!! 6 " *, > <%&' E *!! %&' * * "! "" " "?@ " " " "%&'6! * = " " " "> >* "! > " 6" 8-+ C%&' C"" " "" ""! %"A+ %8!!/"" +" > 6 6 "7< >"" 6"?!>! "? @ E* -9</9>" " 7< "! "!! " " > " "1 " >& <* <""">"! "!! " @ 6 > "! "" " * ""? @>" 6!%&' "!! >!!.!! + " %&'! "!6 " " '" " 12

+) 6 "0<8 011) :/(8""* * +! "* * " %&'!, 6" B $6 " "E!$6! *! " "! "!! "* $E $"!"" "* * * " " "!! " " ""! %&'E $F """ " * * * "!! "! "! "!! "!! * " "!! 6* $ > " "!! "* " > "" >" * " >!> -!!"> "" * "%! " >"! " "" " " "!*! * '"'-"* B G= * +"!!! " "" * "" """!! * * "6 * "! "* " G )* * '" G ' * -" >& ""? @! >6'% 7> " " >( - 13

!5-+ " "" >? @ >!6'% " >, """ > "' (! >& > %&'!!> H " > 5 ""* " " > 6*! " * * * )!-! "" " 7 > '! * ""? @?! " %&'% * " > ' " ""!! 1 @ % * 6* "!!!!"" * >!!" "!! >! " 6*!!!! "!G %* '"! * )!- ' * -! * -". - /70" * 6 " " 11(<(1-1(E %&' " " )11(!! * (!)- $%&/ $%&0 $%&' 1 ) -8 87 <7( )-"# <-( <0 7 * - )0 -) " $%&/ $%&0 $%&' )-"# <8 <7 /( * 7- ) ) " -")!- $%&/ $%&0 $%&' 1""- 7 (0 ))8 14

2"3."4 7/ <87-2 <( <() - )- <(7 <( 7 )-"# <-( <0 7 " -"*)!"! $%&/ $%&0 $%&' * $%&/ $%&0 $%&'. )0 * - )0 -) 8/-- ) 7 * " /0 7() /(7 * 0// (( -7 887 ) 7 * 887 ) 7 " 2 "* *! < " " + % "=!!""!!!# ( ( " $, B ":/70 6I% " ))078" " * " " " "+ B < 7/*! " " * -E < -80/*!!>26-?! * @> " *!!" "! > " "I- + " 6 :)()7E "B ": -)-)0B 7 * - 0 "(- "") E 15

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

)( 6*!= % " 5 "* " " "!4 %&' D /70/">&. >&' "" 6'% 71 )**):) 2 :+ 6! 1 " + "! 0)( " ;" " " ((/70 3! B )00(77/-" " )//)" " /-7-77* )))/ )/ " * * " + B /8! 81( -E -0/0-* * *! " " E 6! 6 > > * * # " -1/9 $G!? @"" >" """ > 6'%! *! >"! 6'% " "" 1! G 6* " "+ " (078(0#! )8/8+:(7)))8$"! " > 6'% 18

!"#$# %& ' "#!( )*% '%!+"+#(,"#!(-'"#!+!!""#!(! " # $ %%./012*3..%1& "#"##+ ++456 7!#(#$ ## 388&/289.'.38&1& *3..%1&!#####!!6 7("##### 8.8&2 #"##+!####6 7!(:#$ ## &'&%(%)%%*#!+" 11 3 & ; &!( "#!+ & ; 1"#!( / '/ ) '%1 (:#++,"#!( - / +)!"#!+- "#!+)% '%! :"5,"#!+- 9 & )&*!"$,"##5'% :!4,"##5!("##5 ":"##5.1<21=3.1289&./012*3..%1& '9.<313&*3..%1&2.328>&08.8&=3.12992&83<&&29<3=3.*3%283.12*2829/31&2 *3..%1&-?; ; 1 * % ) - 4(802 1 "#!+!(# #!,#(,"#!+ ; 19

; 8 8'; ) -! " - & " ; 3 ;,&)-%&% 3"#!( 7!##54&!""#!+ 9 3& 1 3 "#!( "#!+ * "##$@"#!( :( 3!+!+.!+" %/!(:!(:!(: &! 45! :"! :$,%)0# @!: "!# 1&%!("5!(!!($!!+!+.!+",%)0# @!!!+ +4 1&%!#"!#"$!#!,&) %(&%,!+!+.!+" /%)%%),#! $!! 4$!$(# 2&%)3 -)4!$" "# "$: 2&!4 ( 5#,% "( +$ 4:,%)0# @!: "!# 20

,&)1%()(# &!+!+.!+" 1&!+!+.!+" % & -%## (:$! ((4! (":# 1!("5!(!!($! % & :4 5!#!"(! 1& %) $(:: $$:5 $$# 1& $!4 $4! (:: %& 5"!. 5.6 5"! %1& 5"!. 5.6 5"! ))&%, )&#)%&%),#!+7!+" 89$ )&#)%%&!+7!+" 7+9+"$ ))%%&!+7!+" )&%)%%),#!+7!+" 7000 6.524 6.491 6.521 2000 6000 5000 4000 1500 1.341 1.384 1.450 3000 1000 2000 1000 500 0 2013 2014 2015 0 2013 2014 2015 1 A $ 0 : 2 )!+!+.!+" 3))&')%%4 @!!6 #"6 #:6 3))&' )%% 4 #56 "$6 (6 21

))),&'!+!+.!+",))) : : : )%%&3,;+++4 (( (( (( /%, )) 3,;+++4 :( 4$ 5# B"#! 3 % &&% A 5# +46 "#!$ 3!$( (63 ; :"4 "6 "#!$ & B +4+! 6 "$! "#!( 13 ":6!:6B +!#6 3! + "#!$)C"6- ; 3/0 D 3 & ; ; & $*5(,!"!"#!( & ' 4#6 "#! 3, 7!(45(#($; % ++!455A; ; % 45)C+"6-8E9 & &* 3 1 3 22

F "5*":+,"## % G H& "#!( GF ; 3 H1"#!$? & A? "#!(!$) (( "#!$- :( &*"#!+ I829921.*310.<&E.9/&=3.129308&182*&8./&/218.*2&<2. &&1*.1&8.*28.992182&'.&I "$"#!(!,#!,"##$"$,!","#!( 1 1 3 & *D "#!#!"#$# %& D @ @ ; ) - * ; "5 "#!# F ; # "#!#"$ "#!( & : (6 "#!$B 0 J58 "##5"#!$ 23

!+"!+.!+ /#!+"7. /#!+"7 > $ > $ > $ % :"::" ("(56 :$$#" ( ::6 :"455$ ($ +6 @"6 #6 % +4(5! $5(:6 +#(44" $ :56 (:(!5: $"456! 6!56 % (5+: "+#6 "(+" " (6!$+! " (6!#6!$6 &..65+!#$:+6 8!.5? 6696$ "5"! 6695+$ (6 56 & ($ ###6!"45 ##56 ( :5 #$#6 @5+6 @556 (6 46 & $""+!4 #($6 $!+:(( #!"6 $ :5+5 "++6!6 @$6 & :(5$ ":"6 $((4 "56 $5$$# +56 @!46 @"$6 "##(4!$(6!4""$! "6!44!$!$#6!#6 :6 &!(45(!!!$56!(45(!!!$56!(5+#4!!5#6 #6 #6.*!:5"#!!"5(6!( :##!!!!6!$:4##!!#"6!:6 "!6 4$!": "::+6 4:4!( "4# 6 4(##! "4:!6 @!6 #6 &!(:("5!! 46!$5 (!#:56!"$ 5! 5"46 (6 ":6 "6 6 ))& 59.?$ 985$ 9.$ +46 5:6 +454 #(#6!#+!# #::6 : ++ #((6 @ (6 @+6 @5!5# @#++6 @ ###6 @ #5 @##"6 #6 "4:$6 9 @ 4:"4: +!6 + 54( $+"6 "(#+(!4:6 +6 "$46 ::!45 "9"8$ +!+#.9."$ $"! : 9.$ "(6 4 6,%# +9?$ +9?$ 79!?$ "$6!(56 :12 < )%!+!+.!+" )),)%% -%### # # # )),%)%% -%###!!!!!! )(#!+!+.!+" ))%=,)'!5!5 "" )),(#3$4 " $ " + " + 1#<# 3,%%4 $:"" +"!:: :"5"( % ; " 6 ; K ; 'E1 A "#!$ ; 24

3 7 +$"+")C"!6-7 #5$#:)C"(6-7 4(5()@( 6-7$+!(5 6 "#!$ 3 392 3 *"#!,"#!!; "#!( 3 $+)@!(6-!,!","#$# 7 $::"###A "#!! 7!!#### 7!+$("#"+ 7!+$$4#&!"#!( 7$!!"5+#7!+$("# ; "#!+ 7 5$4$$# "+5 6A L'/% M ;& 3 :# )C"(6- "##5"#!( 3 " )C$6-!$!)C!#6-!,!","#!( ()+!6-!#+)@#+6-11 2 1, + $*5(,"#!"! (,"#!" & ' * ) "#!+,"#$#- 7$!!"5+### * * ) ;* - 7"#+:"KA 75!5!8&90@8&92"##5@"#!$ 7!!$4!8&93"#!( 3, +$*5(,"#!" E ; 8 2 7!!$4!; )75!5!- "#!+ & + +# & ; @ ) E - ; 25

"# ))&' 26

!!" # $ #% & ' ( #! ' ") % * '++ % *, - '. /& *' % 0 + ##% -+ &''-' *' ** 1 * % && #%/ & '& -' *' 0. / 2' 3++ & '#" #4 + '232,5( #" 32,55# #6% - '#54 + ' 232!55$ #56/ *'!#!"!#"#$!% & '( %##) 7####%## )* "%##) 7%## ##%##) 7!%##! "# $ % & +,+-(./#$!%, *+#"%' &* #"-** & ' * * +& ' & +''', #!%&% ' % + %* * %& ' *% * +''' & + + &! + # * * '* * '' % * ** '*4 + ' * & ' 689& % :% & && - '#!%& %& *& %-. * *** % % * + * 7(!!"4 & & && - ' 6 * 7$"4 #!% '' + % 6 % ' % ;< ' +#"% * # &* * ' 0%, *% 27

& 0 '' +&& ++#(= & % #' * &' 33 * ' ' '%&8 ',( $ #>.?' * * ' ' ' * ++ ' ++ = + ' + @ ' 0'+(1+. - ' 7"5$% - + % -!# ; A75#$%## *++ 3 '3, 4 * *' ' *'B * '/ 61 A7((%5 * *' 1 A7$5% * *' 4 61 A7""###%## * *' 43C61 A7$$"%## 1 A75%#3C #$! #$!2 #$!% * #$# #$# #$# + A" 5" '(./ A!## $5 "! )+ ( # " 0+(( # " $ * # ## # ' ( #$! #$!2 #$!% '(./ A!! $# )+ (! #" 0+(('( # " ( * 0'+(3 3-+' #$! #$!2 #$!% (('/ $" #! #5! +( 1( $! $!# 28

+ #! 5( ' A$# #$$ $( '(./ A!## $5 "! * 0'+(3)3-(-/ + #$! #$!2 #$!% )+ #$! #$!2 #$!% + 1// + (5#$ (#( (#( ) ( ' (1'/ $"( $"5 "( )+ ( ( 55!# (## ("$ 5$!( )+!$ "55 (( + 5#5!$" )+ 5#5!$" * ((+' (+/(+('/#$! 4#$!%!!56 & (+/(+#$! 4#$!% 4!%578& 29

((+(('/#$! 4!% ((+#$! 4!% 10000 9.794 10.913 10.963 20000 16.096 15.559 8000 15000 13.574 6000 10000 4000 2000 5000 0 2013 2014 2015 0 2013 2014 2015 0. 9: ( #$! #$!2 #$!% ((+,( A(%)!%#) #"%) ((+, ( $%) (%) %!) ((('+, #$! #$!2 #$!% '((( $" $ $ 30

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

% *-"5" *+ I$% ' *' 75#$ & *''' ' / +#.+ - * ' /; A* ' -7!"! * % ' *1 A*' ' 7(#(" /* 7$!%' - '#" ) @ /; A# *7#!$%D; 7!"!& * ' +% * ' B +% % *' ' B 1 7$#($ '+ * ' *%7! & %7"$% ' + ' + & ** & * ' ** ' * 7$(!# ' *. 47556/ & 1 7";* ) *7!"!%D; 7$(!# % ' ' + + &% * ' 1 7""(" #% ' #! #"@ & * + *#! #$&#"1 7! & Conto Economico 2015 % 2014 % 2013 % Variazione 2015-2014 Variazione 2015-2013 Ricavi dalle vendite e prestazioni 10.636.608 97% 10.038.282 92% 9.499.374 97% 6% 12% Incrementi per lavori interni 0 0% 0% 0% Contributi in conto esercizio 15.917 0% 15.917 0% 0% 0% 0% Ricavi diversi 310.059 3% 858.377 8% 294.555 3% -64% 5% VALORE DELLA PRODUZIONE 10.962.584 100% 10.912.576 100% 9.793.929 100% 0% 12% Materie prime al netto variazioni 487.539 4% 449.753 4% 436.686 4% 8% 12% Costi per servizi 4.234.732 39% 5.063.940 46% 4.082.970 42% -16% 4% Costo del personale 3.515.197 32% 3.336.966 31% 3.467.012 35% 5% 1% Ammortamenti e svalutazioni crediti 681.930 6% 615.449 6% 532.477 5% 11% 28% Accantonamenti 50.000 0% 0 0% 0 0% Godimento beni di terzi 35.608 0% 47.925 0% 36.232 0% -26% -2% Oneri diversi di gestione 339.385 3% 87.230 1% 36.213 0% 289% 837% COSTI DI PRODUZIONE 9.344.391 85% 9.601.263 88% 8.591.590 88% -3% 9% RISULTATO OPERATIVO 1.618.193 15% 1.311.313 12% 1.202.339 12% 23% 35% Saldo gestione finanziaria -120.480-1% -336.735-3% -294.463-3% -64% -59% Rettifiche di valore di attività finanziarie 180.854 Saldo gestione straordinaria 79.132 1% 101.973 1% -977.793-10% -22% -108% RISULTATO ANTE-IMPOSTE 1.757.699 16% 1.076.551 10% -69.917-1% 63% -2614% Imposte (IRAP) -345.028-3% -307.124-3% -230.093-2% 12% 50% RISULTATO D ESERCIZIO 1.412.671 13% 769.427 7% -300.010-3% 84% -571% 33

9:) ; ( #$! #$!2 #$!% (('( 1/// #% #%! #% (('( 1/// %! %" %! (-/ #$! #$!2 #$!% ((<'(, %" %5 % (('-/& ) 5) ) )/;/ '!"#"%# %$(!"%$(. +''' & ** % &4* + - ';"%6 2&'&'% ++ % % ** '''* * ' - 46% ) & &'.- & & + * % * && ' ++* % *&* - ' &' % ' #% ' + & '%' - ' % - ' ' E *!% 4A)6% ; * %( 4A!#)6%' - ' && *1 * 4B6 4F")6% # * 1 * 4 6% 4A$$)61 +!# 4F)6%& $" -C 5-31 "% 4F!!)61 * 5# ; * *3C 7"5 *- ' * && ' * *' 7!!5 - * - '#"%7!$$"!2 & ' ' ## %,. $ % ## ". ' "" 4F!((%)6 & +''' 34

' %+ 5 * @+ & *%* % ## * ' '% /& ' &+ * #" 7"$; && '/ * ** ' * %/ ' +(% 4A)6%' - ' * +' ** E + * & 9 &' ; +* &;!% 4A!)6%%$ + - ' %" ' - ' *1 +* + ;"% & * E% /! #% *' * # * %'9&* *% ' + #8 %7!("" ' - ' *. * % + #%' * E%* * 7(($(%#1 +* 7!4A)61 +* ## %* $5 " * + # #51 ++! 4F#)6;& +C% + ( % + 3 % + 0 % " %' ** ' E,I # +''' ' + &% ' * '1 +* 3 * ' '' ;# 4F)61 +;$ 4F()6 + & "" 4& $5 5( 6 5 * -' H & %! #"% * #! #; * ' - &/ * ' + ' %/ ' *7!$!"1* 9&*/*!"#% - + * / & 3 ## 47!56 ** '''47#!#$("6* * - ' % *7$5# #"7"((#$" # && ' - #" % ' * % * * *' *. * %& %7$("!% %D% * 4 6 * '%& %* 7"5; * * ' &' * *3C && ' * *' % - * -#".-% + #*' +#"%/* # + * 35

))00 0: 0 8+! #; 08@C0I.IHE,08I.I2,; 80@C0I.IHE,08I.I2,; 7 7##"" * ' + -5%" 8. #% *.! #%/ * ; * & 7"#5$%"!4 * ' -# #56 +* 7((%#% + 7#%!.E3 ' ** + B' * & '% ' ; > & -#/7$!$%% & 75"!%! 7#%! 4 6 7((%#1&& '7$!$%!& + 7#""%4+ + 6 & 7!"$#%$%C47$5!$5%"6 + & ** * / *+ < (.(! #% % + 7!$$" * &' + ' 4&* 6 ' + ; 6& J 7"!#I,B8,0@4 6&* ' *' * * *'.-/ && *' + - @@ BI 6& J 7"#####%## &* * ' *& & # +, ' 2 * '* *$! ; A * ' 7!5$#!4& ' +''' 6 A ' ' 7#! ((+, #$!% #$!2 ' $#!( 5$5 ' ' "5 " 36

* %' 0'% ' ' B ;!((!$#5 )/= BSC srl BSF srl 100% IHB8H30 *. '7!(! & ; A75#$ ' *'B %##)% * 9 % ': -' *' 75#$4 #" ' * % * 7####6% + %7!"! * ' B ' *% 7(#("*' ' %&0 & * *&' 1 A7( ' I,B8,0@% *2' *B 46%-.- ' %** #!%/ '& /& J &* ' *' * * *', #/ & ' +* I,B8,0@ 7 55%%D%* ' '7"55 #"7( # + *'B 37

;: ;. / ## ' *'B % * % && # & ' *' % *' % /. * * *'& + *' B / 2 ' 3++ & '#" # *' 48 + '232,5( #" 32,55# #6% - '#548 + ' 232!55$ #56/ *'! #!"!#"#$!% & +/ ##%##) 7####%## ##%##) 7####%## +,+-(./#$!%. & 2 &!#!1 ( #!% 3C *' % *' B % - ' * /* E.- + #% ' *' *' B + * *' && *' *'B % *' *%'+ *'% *'B *' % - && ' *'& + '#% + &!# + # 7### /&!'#5 % * % &!'#( 0'+(1+ + 7!!#(" - +!'#5 7 #### * % 47(#("6 * %* * #) #$! #$!2 #$!% # # # +!! '(./ "! #!!! )+ "!$5 0+(( # #! # * 38

0'+(3 3-+' #$! #$!2 #$!% (('/!$ "55 +( 1( "" "# $" +!$!# "( '!$!$ "($ '(./ "! #!!! * 0'+(3)3-(-/ + #$! #$!2 #$!% )+ #$! #$!2 #$!% + 1//!" # $5 ) " " 5 + ( ( "#! )+ (!! "#!! )+ 5 $" # + 5! 5 "$ )+ 5! 5 "$ * ((+' (+/(+('/#$! 4#$!% 4#5 2& (+/(+#$! 4#$!% 4!#57 & 39

((+(('/#$! 4!% ((+#$! 4!% 2500 2.525 2.237 2.466 2000 1.693 1.659 2000 1500 1.479 1500 1000 1000 500 500 0 0 2013 2014 2015 2013 2014 2015 0. 9: ( #$! #$!2 #$!% ((+,( 5) $#5) "5!) ((+, ( ) )!!) ((('+, #$! #$!2 #$!% '((( # (+ '*!$$$ " " ' (( '*!$$$ $( #". * && ''', #- * - ' ' - ''% 5%$) #"- ' * * % %- ' &' /+ ' # * ' *,.B 40

2 ;. *7"($4F5)6 *% *-* %%" #) 2* * - ' *!) 5) % && *,.B ) + '% #"$" # %* % * "!)%* " #" $ # *'" 4F)6 % 5 5($ 4F)6% *. &'*5 4* 7#$ 7(6 * * G* & +, 41

Conto Economico 2015 % 2014 % 2013 % Variazione 2015-2014 Variazione 2015-2013 Ricavi dalle vendite e prestazioni 2.414.089 98% 2.185.626 98% 2.506.180 99% 10% -4% Ricavi diversi 51.800 2% 51.768 2% 18.706 1% 0% 177% VALORE DELLA PRODUZIONE 2.465.889 100% 2.237.394 100% 2.524.886 100% 10% -2% Materie prime al netto variazioni 686.862 28% 627.495 28% 578.924 23% 9% 19% Costi per servizi 491.628 20% 488.004 22% 775.761 31% 1% -37% Costo del personale 569.088 23% 536.481 24% 490.998 19% 6% 16% Ammortamenti e svalutazioni crediti 92.660 4% 93.802 4% 42.525 2% -1% 118% Accantonamenti 0 0% 0 0% 0 0% Godimento beni di terzi 73.904 3% 59.343 3% 66.103 3% 25% 12% Oneri diversi di gestione 70.550 3% 123.629 6% 198.766 8% -43% -65% COSTI DI PRODUZIONE 1.984.692 80% 1.928.754 86% 2.153.077 85% 3% -8% RISULTATO OPERATIVO 481.197 20% 308.640 14% 371.809 15% 56% 29% Saldo gestione finanziaria 5.899 0% 8.031 0% 768 0% -27% 668% Saldo gestione straordinaria -1 0% 0 0% 2.308 0% -100% RISULTATO ANTE-IMPOSTE 487.095 20% 316.671 14% 374.885 15% 54% 30% Imposte -156.241-6% -113.263-5% -132.029-5% 38% 18% RISULTATO D ESERCIZIO 330.854 13% 203.408 9% 242.856 10% 63% 36% 9:) ; ( #$! #$!2 #$!% (('( 1/// #%! #%!%# (('( 1/// #%5 #%!%" (-/ #$! #$!2 #$!% ((<'(, %# %# % (('-/&!)!) ) )/;/ ' 55% (#$%! $$% 2 + ' - + - 47(#("6 * %.- +''' # +''' % %& *% % - - &'% ) & &' % +! &&' % * - +.- % 42

- && + * + '% G+ #"% & % + * * ' &' & '% +* * - ' "$( 4A)6 + - '.9 * / * %"# 4A$)61 / +4A5()6% " 4F")6 ++% % - ' %() ' - ' + * &!" 4A()6 ((+,, #& 4 */ & *' 6#% & 4 %&& K 6 5( 43

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

4 >&'(# 2 0 )2 0- " >!?> %D @% 4 >2 0 4&'+# 0 " > @% 4 A% %$9 G &'( G J J>! @/2*/&'( K.&G 3(&&&&&)3(&&&&!.'!&' "!3(&&&&! "-.'!&'( " 3(3 "!G G " >&'+ J G > &' 4 'G &'(G 3.&&&&&& >&'(+G 3+'(&&& 4G ">#( +((' 4 " > '&&'# "> " > " 36&'(( 4 ""!J @ ; ; % 0 3"". & & & & 6&'(( & 6&'(( >&'+# "! @% 4 3 BL@42 0 M @* " # '( &'+ "!>"" > %;@ " " * @4 # &' %! # " @% 4 > " 4.& G 8''&&&&&&&& 8.'(&&&&&&& 4! &'.G " G "! G > >! )@4/3 BC-" > ""! *!$ %$.(',&'(',&,&'( " (&&& 5 G * 1 *!$ %$'66,&'++,&',&'+ " (&&& 45

" *!%$'',&'+'6,&(,&'( &,&,&'( " 4 % @4/ @!% 4! " " G N ','665 *!$ %$'&,&'+.+,&,&'+ G '5&65 5'7 G O " " # " '5 '+&'+) #!! G - " " &'+ "" G.& *G 'K!&'+ "'.5 1 # " ""0P G# ' '&'+'.!&'+ " '6!&'+ @@4/% % -.'*/' 4!&'( &6(!'+ &'+! (7)'&56- '665+!!%! 0 ('6 ('6 ('6 1' '+'&( '++. '+. 1.*2 (. '&.+ '& 3' +5(6 +6+'( +65!!%! 1.*2 + 56 ((55 3' (56& ((& '+5 46

-.'*)'.!!%! 0**. 5'5 '5+ +&(6 4'*5/*6.((6 +&6 '5& 4' '+ '5 1. '&'6 '6(& (5+ 1.*2 (. '&.+ '& -.'*) *) '!!%! '!!%! ' 7 / 5.6' +6 5& 3 +5(6 +6+'( +65 ' 66 ''6 '&5'' ' * '5. '++ '.(6 ' 5.' &5 (.& ' 5556. 6+. 55(6' ' 5556. 6+. 55(6' 7**'. *'*'*.!8! 8,#& *'*'!8! 8!#% * *'**.!8 * *'!8 14000 12000 10000 8000 6000 4000 2000 0 12.876 8.218 6.059 2013 2014 2015 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 94.463 88.893 88.591 2013 2014 2015 47

377-29:7717347 7*!!%! 15**'(*6 &67 '(7 &.7 17 5**'( * 6 '67 +67.+7 7***.'(!!%! 3. *** '5 '5 '5 *'5.;!!!6 +& +. ++ 0. ** 5.;!!!6 (5.'6 '+(! &'J &'( ( "!@% 4) - 4 G &'"" G @% 4 4 &'(.7"" F #'5 '.)(7-4 " 4 " 4 ++)67- "" &' "!) -@% 4 4 +)(.7-J. " ) GP " -"" 6'!@3'?2 0 D > &'( " 0 " + 48

$ ')67-O"! ''! '+O" %6& " "! ) " " -(6& 4 5)(.7- J )'7- "'6'.& (. (( ( & 5 '&&! '5&'(. ( 4 &'( &'#+ O &'+G ' &'(7 4 '5 "" 2! "" ""? @4/D G 4!!! &)57-F '+)'67-" C!F +5&)57-J &' "!@ % 4 % 4 9 401(.! (.! "6&)67- &') '?2 0 D" &'. -G " " 4!G "" &'( " G &'.G G " "$ '+ :! " " &&N $" &" "! &52&'( "! " )" " - " ( 49

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

3779:771717437=733<717 7*!!%! 7**.* / &5 &6 &6 7**.* / ' ' ' 7*)!!%! 7**>.*( '5 & 7**. )56 '7.7 557 =3 5. 6 6. '' +6& $ 6&7! # #! )! - " " " )557-J "" &'" ' G 6'"" ) - G! G "!@% 4 &' G G K&G ( '+&'(4" "!.',',&'(( G @ &'+.'7 &' " &'( G!" (. Q J. 55' Q J 4" + 33A33.(& 3! ('+ 5" :@9 F 51

(55(&&&" G @% 4 ' &'"" G " " G @% 4 2 ;)2 ; "-.&,&+,&'( " G "G.&,&+,&'(! 4.5)R.7-F 667! J " &'( 6 ", F 6. ","!? B"@DF (&(G O" 4; 493F (.+F '! J $3!!!G&'+(( $9 @% 4 (' % " 2 0 && " G! '6 " " 42%* % "! ().'7- &G @% 4! G" &'+! G ).7-4! '5 )7-4'7#! '+&65'G! '((.G! >G! 8'+&6. &&. && '.&')&'+&&J! '5,',&&+%$+.56,&+- J / 1%**,2%**# 0"#$#-*$)+,** 0"$,*"$#)%** :! G 8'(++(&& 4! " ' &' '!&'(G.',',&'+: # * * 3% %$.&(5.,&'( 2&'+ G!. 52

! J )R(7-F '.)R'&&7- : &'( F 5')6&7-G O" "! F 5)&+7-"! 42%! F 6&)5&7- &'#! G!?,%934/D@% 4 &' '+&'(F *! &''6 " $%A%A '!&'( 4" 5.)5&7- J 3 / ( " G " 5&'(GG!! F 5 > >&'(6& '55G" > &'(" >&' '# " > "! 4 # &'( G..' G 6&#! 6'" 3" " 1-/*)*.* 4!, +*6(,&' '.(,&' @.',',&'(" 4 *! " ""!"! ) -! ") G -J *34:4;39/4/0123*4//$2 '++(5 ".',',&'+".',',&& 93*4:4;39/4/0123*4//$2 6.&&&,"!? B"@D 53

7' 2&'( +5("!"O" G G @.'!&'(!") - (. ' &'"" G " @% 4 Q J ;.',',&' G, 4 ;, * ;.',',&'( &&&&&&& ((&&&&.(&&&& '(&&&& (&&&&& +'(&&& '5'.(&&& : ((&&&& (55(&&& $! '( G O" '5" &'( " 2 0 )2 0- " "!!&'+ * " # '(&'+ #! (( G " C" " 2 0 %N " # &'+!.',',&'( %G! +5 G G", @ " 0 65 '& " 0 +& G " " 0 G! &'(G " ) "-# &'+ %G " &'( G ( " 10 "O 4 &'G ".',',&' "?4 " "D?@ 4 @ D# 4 &'(? D''((&& " 54

7**'( 7. * * &&" '( ' '.(! "(&= '&& &&& G.!)" "!?;D- '&&&&&!"" @ J * 5?6!!!%! / '&5&65' ''.(((( ''6''55& ''(5.5+6+ @ " ('..6 +6&(.( +.'& +5&6(5.666&.'.(('.'&'''5.&&(+56' @ ''(. ''(5. '&.(& 5'6.'!& %,%", " % &,"&, ; (.7.6.7 '.7.&7 @ J!@84)8* 5>6 Verona Bologna 0 500000 1000000 1500000 2000000 Ortaggi Frutta fresca Agrumi Frutta secca @ J ; 55

!"" # $% && ' #&#!#! ()*+,-,%.,/0) 1%2%-1 %3% # 2 4 $ "! " 5! 67 5 6 1 " 20-89,:40/0+9% ; /%2%-<%9,//%<%)*,2<%.091 67 67; 67!!"# $$$$$$ $$ $$$$$$ "%&%'( $ 2 :2 2 <+!!2 4 &&# " &" $ $"" & ##" ## = $# "> $ # & ## # # $1 "$ # #&& 2 ::#<+977 # # # &# &# # # / 2 / # # 1! &%* +#, 2 2 :2 "'& 1,)401# ## && $ ##!&&" && 1 &"&& " ## 1,)401# 7 7( <+!!1 < 3 ) %*% /# " "! " 5! 67 6 && # $ # # " 31

# # " $ $ # #? )?;2 4 7;21@ )?;2 4 67;/21 < "> # ## #! &# ## & # 1 "& # 6" 02 # $ " # @ # $$# # &:- # # 6 /)# " " ### # " & # ### # " # 1" && & " # &A# # $1 " # $ $ $ 2 & 67? 5 5! 5 # ## #! &# ( ' # " 63 2 ## & # ) 5! " &" ## ( ## 5# = &# 3 # & # ">&" / &" # ## # 1" ## " &" 6 ### "&? ### & ## ">#" ##&# / ### & ( $2 4 ## 3 ##! $ ## ## # 2 4 ## $ <+!! 7 7@!7!# & "?!7 " && & # 5 & " & B&"# B # &A $1,)40" # $ ## >& ## ### ## 32

$ $+ $,!!! % - 6!. /% 7 77 77 )% $ $+ $ -. /% 7 6 )% ) % '% $ $+ $,!6!!6! 0 % 1*2 7 0 % 66 6! - 6! ) %. '' "% $ $+ $.% $ $+ $! "% *!. / 7 77 77! "% 7!6!.%! 6 7.% 67 6!"% 34$ +54 $3+!.% 34$ +54 $3+ "/"#)##"!6"7//0" % #! (5;3# #!! /# # # &# 6 33

# # ( & "> 3+ (C6;3 & ## 2 4 ## ( 7 73 2 4 %" @ &# &&&# 2 # " " # 7 (5;3# # 66 %" :? 5? "# # (!;3 $ $ # @ 5 # 2 4! (5!;3" $ $ # @ 5 (5!;3@# & " # & & # $ @ $ @ 5 (C ;3 &! / $ # # ### $2 4 " "!# 2 4 + &#? &# 6! (5;3 @ +? #?#7#57 6(&&# ### 6 3 $!" #$ # % #& # ' 34

"/"#)##"!6"7/."!0/"#8/"/7"" % ### ##/ ### 6 $ &" ## ### ##&# ( 3 $2 4 "!# 2 4 / ### 6 # # # ) ### &# 2 # 9# 209% ## # ## 6!# #? ) 7! & &# 2 4 # 2 "& &< # # 1 # /! 69:D! &# 2 4 2 ) 67 ) 7! & & 2 4 ( # 2 4 3! D% ),1)%<!6& # &&# #" # ) " $&# ## "!77!6& # 777 # 6 6 #2 77#/ 2 $ 7!7) &#?& "&&!7 ( 63@ & 7!! ( ##&& # $ $63# "" ##! " " ## 35

&& "$! " 0011@& 6 &@& #!7( $ 0 D#3)## & " 6 &A $" &# ## %$ ## # & & # $ 6 & (!!3*%)( 3 #"7/)##96)"!6##"."!7/)#."!0//!! $ &# # &# $& # $ # &&" " $ $ # $ # # # "" # # $ & # &" # # &# # & 2 4? 9 #2 6 6 #/2 77 1#"!" # 2 4 7 7? # 2 $! 6!6 * #!:/7 $" & 2 4 & " # 2 4 # &# # & # &#? 36

RAPPORTO CREDITI/DEBITI CON COMUNE DI BOLOGNA 2015 fatture emesse conguaglio scodellamento 2014 976.379 indennizzo residuo costi pluriennali 1.219.716 conguaglio rette 2014 al netto dello sconto 2014 568.188 fatture per rette incassate direttamente dal Comune di Bologna 2.201 Fattura per riaddebito spese per tenuta conto Unicredit 01/01-30/06/2015 514 saldo (credito SERIBO) 2.766.998 nota credito ex dipendenti tornati in forza al Comune di Bologna 102.558 penali 2.000 Saldo (debito SERIBO) 104.558 2 4 " & $" ## $ $ & 77 7 7 #! # 2 4 2 " "&&# # $ # 2 4 # &# #( 3 # 4 # $"& = # 2 # # 2 4 # &# ## &&& #? RAPPORTO CREDITI/DEBITI CON COMUNE DI BOLOGNA 2015 fatture emesse conguaglio scodellamento 2014 976.379 fatture conguaglio rette 2014 al netto dello sconto 2014 569.188 fatture per rette incassate direttamente dal Comune di Bologna fatture per riaddebito spese per tenuta conto Unicredit 1/1-30/06/2015 2.201 514 nota di credito ex dipendenti rientrati alle dipendenze del Comune -102.558 penali -2.000 Fatture /penali emesse non incassate 1.443.724 conguaglio servizio di scodellamento 2015 586.000 nota di accredito da emettere per sconto contrattuale 2015-1.025.550 indennizzo residuo costi pluriennali 1.209.802 Fatture -note di accredito da emettere 770.252 TOTALE 2.213.976 2 # 2# $ #! 69:D! 67 & & 1 # 2 4 &# 1 " & E $ "> ## " #! $ &" 2 37

!"#$$%& ' ( & ) *+#$$"*!!,-++#.*!! ( & & & '#/!$*!##0 & ' )#%*#*#"*!#! () ' *!#123) )#+*+!1"*!#14'*!#+ 23) ) ##++."*!#+4 ##**!#1&0 ' -56738--)6 +!% *!! +#&+*19 :+!% *!!&!! 8'7--8638--)6.%%#!! %&.19 :.%%#!!&!! -7 $%.#!! #!!&!!9 :$%.#!!&!!!"!# 6*!#1 ;,$%&'& 7<.,7 &= &0 0 8 ( *!#/ *+>,&(')& 3)?-7& 2 & & & 4& 0& @8 ( *!#/ */>,*$*%*'+, *!#*&00 0& A BC D ( *!#1 '&,?*!*!> 8 $ E+ *, = &0 */*!#/ 8 /*!#/&0 ' 0 &@ &0 63

8 *!#1& &C D&0 @ C D& @ <@##$ & /!! /%!!! F&A, 00 7 ; 8 52 & &0 = & & C D& 54 6 &*!#1 00 @ 0CGD *!#1( = @ 0:+/.!+* *!#/( &2 48C @ @ D ' ) )#/#!.+"*!#1( *!#1 ;, '*!#/: #1!*#>, 8H& ' %3+ "#$.* 3#.1"*!#/>, ' & = 0*!#1 ' ) )# /!%#"*!#+( *!#+ ' 5;, &' *# & & & 0 >,0 I '*!#+ : +#! & = &0' 5 '& ' &' ' 8 &' & & >, >, ' & 3 5*!#.,*!#$ ) )# /!%#"*!#+&( *!#+ & 3) 3' 5 *!#+= *!#+ ' ) & 0 &' 50 & *!#+& ;, *!#+ & ' :1+!! 64

:1/!! 0 #"#,**"+"*!#+& 75-& 8 :*$!!!: /!!!!>,0 **&1 & #1= ##**!#.& +& *!#+:%!!!2 4 & >,'8 ':/#1!!:+*%!! ' &0 &= *!#.*!#+& :*#!!>, 7 &:*1!!!:#!1!! &: 1!!!:#*!!!>,'< J':+$#!!:.$#!! ' ': +$1!:/+$1! & ' 7J& ' ' :#*!!!!: #/!!!!& 8 & #!!9 :#!!!!! &( 3) %*!#+&) +#%#*"*!#+& 0 *!#+ & ;, ' 5 ' *# & & 0&' ' *!#+>, 0 '*!#+: +#! &0 ' 5 &0 I 0 85 H<& & =0 ' 0 '85 *!#1 ( *!#+0( ' 7 ' *# >,== #"#*"*!#.& 0 & ' */ 5 3#.1"*!#+>, &0 ' 0 >, &0 ' & *!#. 65

-.!/ 8*!#10 :*$$++& $$9 ' &:#1!*# 0 1 $%.# $%.# $%.# #* + #*11 #*.!.!2 #$ #1! $ 3 /##*+ /##/# /##.# 0.!2 ## $ #% $ 3 *1 /+ *1 11 *1./ -.!&. 0 1!!. $1./# $11 $ $1%#%!4&/!5 #!$ #!# +# *# #,#/. 11 1! 1!.!2 #$ #1! -.!$! 0 $ 0 ' * / 1.## 1 #$+ 1/#++ $ 3 /##*+ /##/# /##.# ' #+#+. * $%! **/! $! 1+* /1++ /1%+ $ * #*$ #/+$!%#* ' +$%.%..#.+.+1+$ '$ +$%.%..#.+.+1+$ *!!. '!!!.%,6 '!!% 7,6 66

!!% 90000 75000 69.878 77.176 76.569 60000 45000 30000 15000 0!!!!.% 95.741 95.539 95.818 90000 75000 60000 45000 30000 15000 0 2013 2014 2015 2013 2014 2015 3**-&2&8(**9*)&)3)*) *! 0 )&4!!!5!&!19!&!/9!&!.9 )* 4!!! 5!&! 9!&!*9,!&!*9 *!!!. 0 3.!!! % $ %!4&.:5 +/ 1. ++ 1.!! 4&.:5.. +$./ ' & 8 &A & ' ; #/ 70 2 = 40 8($1&%&!& 9 *!#/ 7' ; %!> 76$&.!! G#"!*2 = 46'*!#170 67

!&!/*.9 >' ( : %**#0( 0 ' 0 = : 1#+$+&!& $9 & *!#/0 :/ 1!!!2 3) )*.# "*!#/ *!#/ &= & 0I &'*!#/&!&!$9&!&/19!&1/9& &!&.*94 = G#"*!!*&= *!#1!!( #*!#1 *!#+&0( *!#10K & = ' *!#+,*!#% &!"$% 0 & & 0 & 0 = = *!#/! & 0 &( 0 = 0 0= & K*!#/K*!#1&0 & *!#+ & C D( *#. &= *!#/# $2I 4=.% 241&#&A ; #&1> @..% 7& 0 7 1$#> #&$> +.2,*%94>,# %& *!#/#/9> ; ' 70&'*!#1& :/*1!%*> :/$#%! ' > ' & 0 *!#/0 00 & B!"#$$% 7> 1#& ' '7 8 & & #&#2,#9 ' 4 ; 1*.2L*94& ' *!#1> *!#/ B& *!# & ( @ *!#1 /$2L#$94> 68

%$2,# 94& 0= 783 20 4&= *!#/0 >.12,#194> +#&0K ' & & ; & 2L+$94 288,8M&,7&75-774& *!#/ ' *!#18 > J&*12L1.94 '= & > &#%2L#/94; *!#/& *!# & ' &0 & 0( *!#1> $& *!#/1 & ' = > +*& ' 2 & && 04 & ' (A ; # > # > #*&1> #%&1> 01 69

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

7 0 : 9 : 9 : 9 1%0 1% 7 %!#.!! 1 %/9 %!+#.+* %/9 %!/+ +$* %/9,#9!9 1#+$+!&.9 / 1!!!!&/+9 +#!!& %9,#$9, 9 6 $.!#/# #!9 $.!#/# #!9 $.!#/# #!9!9!9 1#/+!!1 19 /1!+.# 19 /%#%$1 19 #/9.9 "!!&!!9 /1/#$!9!,#!!9!9 75 #..##!&#/9 #*!%%$!&# 9 #+#! *!&#.9 #/9,#/9 ++ #.+ #9 1/./11 #9 1$+*%* #9 *#9 ##9 H-737-35N8-67 $1%#% /# #!!9 $11 $#.! #!!9 $1./#.* #!!9!9!9 O,$/.*11+*,$$9,$//#*$..,$$9,$/1.*$1,$$9!9!9-38-8N8-6738 #!$*..$ #9 ##*+#$ #9 ##+%/#$ #9, 9,+9,1*.1,#9,1#.*.#,#9,1.++/,#9 *9,*9, +#! %,!& %9, +#$./,!& %9,/*1./!,!&//9!9,#19!",!&!/9 #$ """,!&!19 #$ """,!&!19,*!9,*!9 % &! "",!&!/9 &! "",!&!/9 &! "",!&!/9!9!9 $'& "&(,!&!9 $(& #(,!&*$9 &&( &",!& 19 9,#+9 &&,/%+$,!&!#9,*11*!&!!9,*%$$!&!!9 $#9 +%9 ",%$#/,!&!$9,#!**1.,!&##9,1!+*+,!&!19,# 9.+9 - O,/%%#,!&!19,/##!#,!&!/9,/*#+!,!&!/9 #$9 #+9,./$.!,!&!%9,%%/+/,!&!$9,%% $,!&!$9,#19,#19-837-87',##!+ ++,#9,### +#$,#9,##/./*%,#9,#9,/9 38<<H-7-8-35N8-67,# 1%.,!&!#9 #*1./!&!#9 *!$$#!&!*9,*!%9,#+19 #+/#!&!!9!!&!!9!!&!!9 +**$*!&!.9. /*!&!/9 +##!&!/9 +.9 %19 8!&!!9!&!!9!&!!9 85-678-7 1! /+!&!19 /$$#+!&!19 1/+!*!&!+9 #9,%9 8,*! %!,!&!*9, /%$1,!&!/9, +!/!,!&!/9,/*9,/ 9 85-67- *$$++!&! 9 #1!*#!&!*9 #%1+*!&!*9 $$9 +#9 O 0&'*!#/&' C D0:#/!#* 0' C- D 3**&8(**9*)$'*)3*&&=*33>**) *! 0 *!!.! /!&%!&%!&% *!!.! /!&$!&$!&% *! 0 *!!?.!!&.!&%!&. *!!. 45 1%&$ 1 & 1 &% $=3 4. 5 $/&* ##%/.&* ##1$+&$ ) & 0('%!9 ' ' & ' ' 71

' = & = '& ' *!#/& = #*!#1 #*!#/ 8 #$& 2,#&+94> B #. & %&1 ' 8H&%&1 & 8H =8H*!#+&& *& & '&0 7 & '*!#1&0( G #"*!!*& *!#+ *!#1 8!&%2,#&.94& 0 1 8 6 ( 6C D ##**!#10( 0 0 * 6'*!#1( % J ' 7P05 ( > 0 *!#+ 0 0' :*++.%' C D( '= $&0( '= #% = 0 "= ' #*!#1Q #*!#1@ 2 74 @ = @ "= ( @ 8 @= #*!#1& '*!#10 = & & @ %/&0= @ 2 @ *!!!!!!&!! 4 I,,7 0 0 & & & ' 7 80&= 3 7& '& 7 0&'*!#1&= &7 #/&% & 0 / (*.9 00 ( 0 & 8= 0 7 ' = 0 8 7 72

$$)'*-*-&9*')&&-*'))3*)(3&-*9))@3 0 :#*.$* 0 & :+** 8 " ' +&/3$1"*!#*& # 1"*!#*& < ' :#//./#* = 8 <0 0' ( &= 0 &= 0 & " &0 0.$+.$!#..$.!#+#$.$.!%!## #1!/+1/1 #/.## 1% #/%+/$/* -7-6858)88"7-)8 $/.*11+* $//#*$.. $/1.*$1 73

!" #! "! # $ % && $%&'()*%+%,' -."./ 0"-!!!!! $*11#(12%3%+*1')* %+%,' -."./ 0"-!!!!! $$*)*%+%,' -."./ 0"-!!!!! 2(,*%'((*+*42%,'!!!/ 0.!!!!! &'*5(2*1#)*%+%,' "!"!/ 0-!!!!! ''' ''(''% ) *'''''('' +,+&-&.&&/$"' # +!" $ 6 4$ $ 6$ 7! 7 #, 2 8,29 (# -: :! ;< : :! : :!=> 7 : :!" ),3,'";.:!"$ )3,".--:!= $ $ # #, 2 3? # # > 457$ 6$ 77 # 7 7 # 1!!=!" 7!;> > 4 $ 6!= + 3$ +#!" #!; '!" 6 41 4@7161 ##@ 7 1 5 # 2 (2 * )!!- 7 7# '! 2 (2 $ 7 # 74

'!= 2 #A 7 # 1 B 7 2 (2 & 2 8('(* 2 3 $239 + & # 4!" 7 * 7!" 7 8 97233 $ '!; 7 7 # 777 7 4$ 7 76# 7 7 7 7 7 4 (# A $ 7 +# 7!; 4$ 4+ 6 B ) *' 7 C +$ 7! #& 3 7 B '!" B $ ## > # # # 3 7 77 # 7 1 #!"!"7 # # # $ 7 53 # B 7! 8 2 9 #77 # 3 # 8 # 9 +# 7!;4!.2 12 B7#!; 4*'6 7 ) $ #% '! # 7 #&!"'!= 7 7 #+ ) + $ # 4! 6 ) *!!! =7 7!=!" #!; 8 9 75

42 7 6 7 7# #& 7 B # + 42 # 6 2&37 # D#!"3 # 4 6!= 77 7# 3 77!" C # 3 77!; 7# 7# # # 7 7 3 E 7 B * # F":!; 01+.2&+& *!"0"=";F-8 #!=0F.-9 # 2 "' "' 3 "' # &4.!!.!!.!! +.!.!;-.!F 1&.5$ =. " +& -.;- -.F -..; &0+..!!! "' "' 3 "' # 1&.5$ ; " +& =! = =; 01+.&-+&1 "' "' 3 "' # 4&.&&.1$ FF! F " F.= +&.62.7 ="= = ; + - 4!! 1& ;" "" F= 1&.5$ =. " 76

01+.&-.-$ + "' "' 3 "' # + "' "' 3 "' # & + 2&$$ & + =!-.- FF -.;- -.F -..;.F"F -!F!="- +&. =;!" " + ";" F"!F= &+."! - - =-" &+."! - - =-"..+&1.+$.&+&.1$"' 8"' # 83(39%.+$.&&+"' 8"' # '(39%..&+&.&&.1$"' 8 #..&&+"' 8 # 10000 8000 7.730 7.215 7.384 15000 12.850 12.929 14.195 6000 10000 4000 5000 2000 0 0 2013 2014 2015 2013 2014 2015 77

05:;. "' "' 3 "' # 6..+,.&&7!=-/!! /!;/ 6..+,.&& 7!/ 4!FF/!;/...1+, "' "' 3 "' # 1... ; ; ".&&+61< '''7.".=. 4& 1.. 61< '''7! -! +# 7? # 77 # 8G /9 # 8G/9* # 784 -/9 #!= * B # * 7!!= ; "!"7# 6 *!=4!! B # * F= / : :!" 84!/9 "=/ # H I!=8 $ 9 + 5 3 6 4 B F 8G;/90;;= $ > 4 = 8G=/9> F- 84"/9 $ F!= + <& 7 7 47 < 4 7!:;:! < 7 8 <& B 78

9 - -F # 84"=/9 D # $ 8-9 E 8;F 9 # 3 ' )!8" 9 * F= 8G!;/9 8G!/9 8G=;/9 E $ 84 /9 $ 7 # 77 # =! 87 97777 8 $ 9 B : :!" + 76-84!/9# ( 87 B F 9> = 8G /9 7 78 7 = 9 # 7 7 7!/ 77# B 7 > =! 84F/9 7 87 F- 9 * 7 7 7840 =F;F"9 # 0=F;F"!== / + 79

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

:;.& "' "' 3 "' #..1.&& 2&$$$ = " F..1&.&& 2&$$$. -.-$ "' "' 3 "' #..&?1., "; " =..1-$6%7 F;. F; ;-; $$ 61&&7 """-= "!-" =F- +# 7# 7 7 # B ' 77 7 +#7 7 > #B!!= * =. 8GF/9 = 8G.==/9 # 5 "!. 8GF-;/96 "!= 7 7 7;= "= =/6 7 77 B 77+ # " <B *!F*7!- B # *5!" KLK *5 * 8GF"/9 7. 8G==/9 -" 84"./9 * = 84"/9-84 /9! "!=7 -;; 8!=9 +781 9 #/ # *!" 1 8%1!;9!! % 8&& 7!F9 F + $7B $% 0 "!B + B F F/ * =F 6 9 7 7 8 9 81

# =!!==F <77 6 0..;"=< < < 0 ". =< 77 # > 9 7 ".!" 77 777#77 8 + 3 $ 9 12 $ $ 4+ # 32& $ 7#!; +!" B ;F/H$ ()I#B 1 7* 7 3 00 0 ;0 + 7 7 $ $ + 7 $ 0 --F. * :#; =)+-":! $ 0 ";-= " + + 77!"=! 87 977 77 8 $ 9 # B!" F # # H7IB $ 82

..+, +# 8 @!!!9 "' # "' 3 "' "' " 57 3 *3,1&!!. ;= "-F 32&4+! -=! -=! -=! -= * + 3 ""F =.". * *$+ ' 3 7 F=.. F.F; =;"=!! * 7 ) *!!! -==.== FF ;! 2 1 #@71 =;F" =;F" 2 1 #2$'2 -. (7 1 <7 4 *3 773 F- "! -;!==! * "- "F " 4 =. *7 # # 7 7 6@&!&7 30000 26.767 22.636 21.896 20000 10000 0 2013 2014 2015 83

--6!&7 10000 8.490 7.345 8000 8.423 6000 4000 2000 0 2013 2014 2015 100008.851 8000 6000 4000 2000 &6AB7 6.290 5.155 0 2013 2014 2015 84

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

&2 "3H2 +++2 D++ E 2 '#-'6-22 &.!! D!2 2!D 22 &2. 22& 23:1;22."$1:G "$16?, H%:;!."$1:G"$16 &."$1:G"$16H. 2I '-1C"$1:%1"$1:H '-1C"$1# 3:1;H '-!?,."$1:G"$16!D. 2 I2.22 %$$$$$ +. &.2D. #:;. 2 &. "%"$1:+ 3:1;1"$1: %$"$16 "$1#!2 2.!+!22I ;7 4.1%4.%3% 9<7" %3%4.%3% $=%4.%3% 1%%7#$:$6 1":731:73 111%7797$ 18;7 4.1%4.%3% 9<7" %3%4.%3% $=%4.%3% 11191"#6 19"1$"$" 13%#%#$3 87

.+2 1%%7#$:$61339:177# 1":731:736#7:;!.+ J25+ &"3"$1:++'.4116#:18"$1:- 4 FF.2>> ++ &+ "$1:! +'.4 :$3678"$1#- 2!. &H2>4 "168"$1:.41$"#978"$1:I *7-! %%."$1:G"$162 + + +D *9-2E +. +H *"$1#.=+ 3<9;77 &"$1:< 1719779%"1% "68$38"$1#I *<6:9669##1H *<$$9'!2 -!"$1:<1%3$:6367$:H *<"9%"$:3637 " 72 13:#:76 1:"3773 1:"3773 36%##6 :39$99 :#31#6 <79> 13%#37 1%3:13 171976 4 7 "$6%69% ""$6%67 ""#$9"$ $7399<7? 1"79"1 1"7766 1%3$:6 88

" <79> 1:31% 1%$66 1#7%% 4 7 ""%#$" "1367# "19966 399 1%7"$ 1%$3# 1%$3# 3<9 787< " 279779< 1:3"973 1:63336 1::331% 179;9 %%939% %%7#93 %:%3#% 1 1#:6%6 1#7"## 1767#3 <7 1616#$ 171#%# "$619: <79> 13%#37 1%3:13 171976 3<947898 " 4 " $7.;7 $7 %9:63#: 3#%%#$1 39%#$$6 4 "$3%:1% 1::9:9% 13%3%73 4 79 4 19::97" "$6$3#3 %$6:%%3 %19"36$ "1%"999 %1$9%#1 9#$#7" 9"$":$ 11"6$"" $7 #$$1976 #19%193 #%7$%6" $74 #$$1976 #19%193 #%7$%6".997< $99779<0" +*! $99770" #+! 99779779<0" 2000000 1.542.9741.584.4481.554.413 1500000 1000000 500000 0 2013 2014 2015 99770" 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0 6.001.978 6.193.194 6.370.382 2013 2014 2015 89

&..3&&>@5.&.'.% %%1. %.9 " %996977 61; ##; 61; %9967A79 3#; 3"; 3:;.999<6 " <999 3"3# 3""% 31%3 9770<B #1 #% #: 27 < 99 <B 131 13% 1:$ 4"%; "$13! 22 2 79777C 1797;"$13 &2"6: 1$;D22!,,/2& 2!2 :: & 1%%; 2 "$13! H +22220 9:8"$1"!!2+>5&.!+>5&.&!22 + +! =!! 2 2"$13!! H!! 22 +! 2 +22 22"$1:"$1"! 2*2 90

222! 222 += 222 "$1:!"$134 22"$1: 242 22 "$1: 2K4 " 2 L ( '-2! &"$1:1%: "$13 22! L( 4 "1# ";H2 82 2 2222' 2+-4 E '!"$13 2 "$1: - & 13%; "$13H JI * 2""9'M1;- 2222H *+++ =367'*#;- 222 &21"' 2 - E 2 2 & 2222 2! "$13 +(! +222 22 42 H *"$%I "$139;22!2 '!!22! "$1:-2 2+!8!! H *I"#71;22 91

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

&..@5.&.'.%4$.1%.&-.=..%.97 ".99<977 ;7 $: $: $3.99<7977 ;7 1% 11 11.98 ".997D<96 "1 17 1%.99<8! %"# %%# %%: 4- <77 11$$""" #7$::7 %6::1# 4E22 * 2 18%22!!<7176$$9"#"$13< 3#919"$69"$1:"$13 2 "$%%181"8"$131$$%181"8"$1: 2'*3":;- & 3":9'*#;-"9:1$1 2 &1$12 2 & "%"%181"8"$133$9%181"8"$1: 4J!22'%9#- '1$-=2!13#! #!,! &2!4 %$$2 +=/2!! D2224 &#9:%181"8"$13699%181"8"$1: 22'61%-'#%- '1" - '1$-4 J!632 2 93

2.25 231:2216 1$$; 2! 16$22 &=2!"1!2 2%$"$17 %1"$1: %19:667H! * "6"$#$:'"9$637$%1"$13- '":397$6-2'"7$697 - &2%#3%#% '1:1$1# %1 "$13-2 &"$13I 22"$1# 19:H 21$$& "$%$ &316%:"$13I 2%$" 6%%% 2 &%181"8"$1:1#1 &A2B13322!22 &A2B#%2 D&2 ""%6D&'96#%1"$13-4 2D&DDD& + &4'+-+&4 '+- 2'+2-2 ":"$1%4D&!2!! &5.O 2 5 &5..E &5."$1:& +O2 4A2B112 4221$6"3: '1$%$9#%1"$13-29%331 136$3 422 %1%6"'%:%:6%1 "$13-2 2P'&-%1"$1: D#"$:9 D#919:%1"$13 2D 22 2 %1"$13 &222 KP'+-%1"$1:136$3'13:7 94

%1"$13-21#"#1 22 K 2+ 3; 9897 <9'7 &208+3#0 9:8"$1" =I, %181"8"$1: 0 1%7" "1$$ + "$ ". 4"$%'M":;-H 4 H! & 222.! H!,2 2 2 2 2 D.-%1$.21%$%.-. & & (19961999 +=..E+! 19961999 "$13517"$13+ 2 1999"7&19"$13/222 2&"$"$13 "$13+ /2222! 2! 24 &"9"$1$2&&& "$$:2 1C"$1$425. &K' D-2!4 95

()*+()*+&16 ("$11D#" 0 "1619970D/22."$"$11 + D2217"$11 2 & K D E222& D+ 19"$1"%1 "$1"22&&& 0D* "$1" D &"9"$1% 2 0"#"$1% 2 D+=D*& 1# 22 &"3"$1"2+ (&+&"$$6"$$9 D 13#17"% &7"$13 2"%%" "1"$13 D4 "%"$1"2 2 2 (544%E'.&.% %%&.3$% +221C"$1: 2L=.= 5 7$; 5D"$1:I Q"$1:+ "$1: 22 1"$1: 01"$1:24"$1: 2E 01"$1:!D4 5&D2?='.-2 '=- '?-5"$1:D! 4 &"%"$1:!1$$;L K2.!P=5P.D"$1: 4 &"9"$1:9$;!& D"$1:! & "$1:I "$1:DD Q!3":$; 19"$1:H 96

"9"$1:9$; + 2H 1: "$1: :$$$$$'J-%#3! "7%H "9"$1: &5=0! 2) /H "3"$1:!+.+= %%71$#93%9$,, 3#%9;39:9;H 17"$1:2 4%%;H 1#"$1:R+" "%61;H 2H %$"$1: &!3$; 4 97

(I"$1: 9<797(< " 2 "0 2 "0 3367 3169 33:7 711; $#6;,> 663 6#6 61$ 191; 91#;,> 33" 331 3$$ $"%; 1$#%; &/ ==>5==> "$% 16" 16" 11$7; 11:$; (I+"$1:4 98

&67$M7;3169%1"$13 3367"$1:22 JD"$13H 2 D 2 D= D2 &"$13"$1:2 ABAB 24 3<97'79;76".996 "$1: 2*2!2 Q 5?"$1%*"$1: 2=!2! &?!22 Q 5"$1:Q 131"6 ":#"$13'M16:;-!%#"; '2 ->!"71; DD 22!.2 1:7;'M1;"$13- '*":;- J+D!1$%;22!1$:;!!J$"; 3;<977<7FA79 79< " 376# %:%; 39#6 %:6; :1$6 %#"; 1337 1$7; 13:3 1$:; 1379 1$:; %379 ":7; %#6: "##; %6%: "71; (8& 1:#: 11#; 1:%9 111; 13#$ 1$%;. ""%6 1#:; "196 1:6; """ 1:7; + %% $"; "7 $"; "# $"; 27<7;779 "+,!,*+! +,! (I"$1: 99

7388 0,6 0,5 0,4 0,3 28,9% 31,2% 36,0% 42,0% 44,8% 47,8% 50,5% 51,9% 52,6% 54,0% 55,4% 0,2 0,1 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (I"$1: 22 2"$1%04 *"%178"$$9 5"$1:224 :3;::3;1" 'M";"$13-42= ':37;.-,,':"9;- 22 D&"$13 3:";. 79< " 88 :7$ 796 67% 8 "#7 "7: "7# 1$:6 1136 1"7" :13 379 %:" "$$ 136 1:% :%$ #1% :%% $7 +, #+ "+) &2 $7 "3 $: $779 +",+# #+ + 1:1 ""1 1%7 11# 1$: "% $7 ))+ #+" +* (I"$1: 4#"$1:!%%"7'M";- = D 'M1"3-2 2 4!:91D!%3% 2%%6 100

! " # $ # % %" &'( ' #)*+, "" )*+ & -!.! /0 #)*+ )*1&--!/ & -2#-.34105)*6)5*15)*6--# #'# )7"## )*+ # -' " )11+ #, ( 1)** " )*18)*)*, -! " -' "" + "" 4 )*6 / &. & # 0)7. && & ***** #..( # ' 1/" 9 )*) :,!)*0.. ( )*****..( -#--.340)5)*6))5*05)*6/ " 3! ' " & "" &&)*1;)*6' 3 "" & )6*18# ;#)*6 & "!'& " $( < -! ' " " 2 3 #. " " = "# " # > """ ". >"" "" >" # )6)*6. " '-'# 9.-' & &"" : 101

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

4:(''4.'@@.' **1 )+D 6*07** **1 )+D 6*07** <4 -$(2 :.' +6)+ 7)D 7)+** +6)+ 7)D 7)+** :$(4 :' '.' 016 1D +++106** 016 1D +++106**!'4-'4'G @4'( 2('E@$@!'4-@.@.@'$( @--@@. 3$<..@@- (:'& '$: 3 '4':@$ * )*7D 1067** * )*7D 1067** 0)* 1+D +)*61*** 0)* 1+D +)*61*** 0)* 1+D +)*61*** 0)* 1+D +)*61*** 3(4($' :' '.' +6 0D +6** +6 0D +6** '!(' 016 1D +++106** 016 1D +++106** 9 4'4G '$ '!@@34((9!@.' *1 )1D 666)67** *1 )1D 666)67** (-@9<(.' 7 ))0D 6*** 01 )07D 0*77** 4:($.@$:@.' * )6+D 6077+** 0 )D 1+6)** %&' (# % )%*))( %&' (# % )%*))( +,+$-$.$$/"!.$$0") #)*6 & C1)01&'#)0 )*0 # +6*0+ 071)* 4)*1. )*18)*)* "&# +7&# # )6/ &. # & # #0)7>&/" )*6 4&# / ")*7 0.. ( 0" / #.. ( ***** 6*D. 12+.3$+$! $4 ))1+ ))1+ ))1+ + )+0 )1) 11 2$.0" 8)0+ 01 1 +$ )1* )60) +16)6 $1+.. * * * 103

! 2$.0" 8) )07 )6* +$ 71+ * )7 $1+.. * * * 12+.%%$-+$2! 4$.$$.2" 6)* 61+ 10*6) 5+$.63.7 7)77 0 7* 5+ 1** 6))6 ))) 2$ )) 6 60 2$.0" 8)0+ 01 1 12+.%%$-.-"! +! $ + 3$"" $ + 7+1 66*11 ++ 16*7 76 +*+ + $. + )116 )6 +11 0+1) 6))0 ++6 1*6 116+1 )*0+ $+ )77) )0+ 07*1 $+ )77) )0+ 07*1 " 11 11 1 " 11 11 1 $ + +$ )+*0 )1++ 0766 $ + +$ )+*0 )1++ 0766 4 =. 4 : &' #..+$2.+".$+$.2"8! (*&#.+".$$+8! 8 *(# 104

.+$.$$.2"8!.$+8! 50000 40000 30000 20000 10000 0 15.209 15.943 46.052 2013 2014 2015 140000 129.306 127.433 120000 100000 80000 68.515 60000 40000 20000 0 2013 2014 2015 109: 5.! 6..+,.$$7 8D +*D )+D 6..+,.$$ 7 ++D 11D )07D...2+,! 2... ) 7 7.$$+62;7 7 4$ 2.. 62;7 * )+ )7 &, )*1"" &1)01 )*1"" & # *65*)5)*6 H & # )1*5*"" # " "& & # 3 8 &* 3 / & "" & 105

' = 10I7D/ = $ # =+800D )*1 " $# 0? -2)H 4<"" $ 9 " )*14)*6 E & #. JFFF 8?1< ' $=)87*D"# "" - 2# > $" =0+I)1D?) 3 ( 3(> $ "= )*6 " " & #+6> - # " =16 3(" " E = ) "## # "?19H & )*6"" "3! = $ # #" 1> $ ) " 71+!.0 "' 1+, )) )*1"" # 5 )1*5* "" # + H " " & & # +6 & #7 / &# " " 10 & & 3 - )I0D& & K3 & " / # 1I))D # # ) # )+ ;..(- + "!. & 1 )*6I)D"" &# 3 106

/61I)+D!'))K 3 +)*6 /*6+D / K3 0 " "&" 3 $ ( L' +70*. # + 0D )*1"" &"" " 05*5)*1.2&! - 1ID=& & 7)*17)*6 * K 3 ;#)*6/ 2 3 3@ 1I)7D, #+7," )" ) )6 M)061 /?<5:' 5:'$ )1 1))," +* #!"$67 #66)7 " 0I00D " =" 0" "" " #6 H" " 5 +6 )*1," - )**?< )* 107

9: 5<=.$!..2.$$ 3$""" *+ *6 *..2$.$$ 3$""" 6 ).-"!..$>2., 0 6..2-"6#7 * 7 6* "<" 62$$7 8)0710 8))0 806) 108

& *D # N # "## )*6> # " & # & " " " # & / & "" # # #& >" )*1 &# ## "##"# 7+8+*D " 67 # ) 6"". " 9 :," )0I17D " )*6 )1 I)1D= ) )16 3 "! # )7800D," # "" ##77 80D 087D #. " " 1I)*D )*1 #+0 ) E & ;..(**# 7** ;..( 7** ;..(. FFF : # 8J" 3 # " )787D# )7 86D $( )+ ;..( +5)5)*6"" # / # -! )*68D 7 " " # K )1*5* - &' & "" #.13-.$2. $ 2 )*6-! & 102 65)*) # " -!+5)5)*6 2.+!' $=!. E $ % " C 6****** % *75*05)**8 +*5*05)*) +6D(#08!. E $ % " C 6)6**** 8 65*+5)*8 *5*5)*)) ++1D(#+8 109

+ 4 )*6 1 " & # +**.:. " : "$$$$ +5)5)*6# )77 "" " 3 +11+1 1+1+ "" & " +5)5)*6 *" -! "" & 3 ** "".:. " :! " #$ # % #! # & ' ( ) * +,-. / '0!!"!!!! #$%% #$%%!!!! 1!(!!"!!!!!!!!!! 1!!!! 1!!!! &' () &% '*** + %2 3 456 72#!!28 + 9 6 6 5 ' //(//" 2!!/!!! %7:272 77#/#!!!!!! +$2 " &' & +5)5)*6*7777= 8-' 8- ' 84( :' 8 ' 8< $ 110

!!" " # $%&'#()*! + ), " "" " "" "+-!.!!(! /0&123004115/24&3.!(6(! 7'".8.!(6(!" 24930:1;22&3!'(!(7."8!'(!(7" 140/2%213:1 ;22&3!#<!. #"<68!#<!." 24930:1 0/// 77<! "'(8 77<!" %/2=131:1 0/// '##!<.< "8 '##!<.<" >!232/>10/%2/1!6'!##<."'8!6'!##<" %/2=131:142:03 <!#< "78 <!#<" %/2=131:1%/4 <!#< "78 <!#<" /=033?2:13&!!!@ <!#< "78 <!#<" %/2=131:1432= <!#< "78 <!#<" %/2=131:1/0&&120411 <!#< "78 <!#<" %/2=131:1/14131 <!#< "78 <!#<"!"#$% &!"#$%& @.(%/! '(')*+**! 3( / A B (+."." 7.C " + + + C D <)).D4 1, " 7"#0 E "B 112

!167 ;"(, " "B + ; +! & ("B '! 1 % %&=+ "))'.3 ;! ++ E!1.!3 ' + 76, ",!2++" A + F0G E E";"+ + 6!<! B " 6'"E, $" "" *C,, " #" (!E B (8 /" (8E!!! " 1% 1 4 ; + % %:1%0) $ 416)()*!1 +,.<"'0!:, " " ++ 4!1 ()<)7B 4 1 % : ++ 1%0!4! 3(! 1 B 1%0'"!:( B % "B < " B ').)7 '!+, 1 ;& ;!!! "++ C! # $ #(B /0/"+B 7)#)(" /1!!!$*!!!!, " + 6!3(B, "+ 1 "!! $#%&'6(+, 1 ;&;!!! < 0/.(", + ' 0/.(!:6" ",! "/0 /+ # 6! 113

(" ) (B %6", ;! 7! )* (, 6 # 9HI 1=02! B 7"./0 / 5 <8 AF 4 5 IG%2 /$%2/ 0/<5.*.8! 120 I J" " K+! + "( ;"B " $7 #*!.( + 7'!. (! %, +".))(B 7.# C(B +!(77!((C 7!777<!(7< (!'"B + ' "7, 4 " ;! #,''-.,'/' ( E1/%FGD<5 D!!!$ + *!E B"-! L" ++ E 0!%! E $!* <'"!6'$<* E "''5<! 1 E0 $ 5 + 5 E %*"+, E1/%D57E, 7"8ED + + $EFG57 E, 1/%."68*!3(" + E )," + "+ ( ("'0! 0 '5#" 7'" (!1 B " +++ + B!3E %0/'5#" + B "+! 114

1" :"!!!! <6)("<)<)("%!&!!7<.#)( + ++ "K + " ",!0!,-'*.' 1( <!.'#!7'7"<<+7 '+.'#!7."7"'!#!('("60 E##!7<("'! # / '#!<'( '#!<'( '#!<'( '..!<.<..!6#7.'!(6< -*0 7<!'. <!.'# 1'!<76 (!.'!<.,'** " # -*0 <7 <#<!6 1'.!6.#.!<7..!67.,-'*)'- # /**-.(!<7 (.!77' (6!.< 2'*3.*4!(.7 '!'7.#!'. 2' #(# 7!.6'.!<( - (!7<!6.. <!# -*0 7<!'. <!.'#,-'*)*) ' # ' # ' 5. '!<<.'!6 <!#' 1!<76 (!.'!<. ' (#!6 '<!#6( (7!.(. ' * ' '!. #!(!#(!66 #!7!(6< '.'7!#<6 77!7 7(!<6 '.'7!#<6 77!7 7(!<6 115

5**'- *'*'*-6 &# *'*'6 '"(.8 **'*-6 **'6 300000 250000 200000 150000 100000 50000 0 235.704 253.446 259.372 2013 2014 2015 450000 400000 350000 300000 250000 200000 150000 100000 50000 0 404.104 425.179 364.879 2013 2014 2015 1 55, 0785 595125 5* # 3**'(*4 "8 "(8 <"8 5 3**'( * 4 "8 ".8."#8 5***-'( # 1-***!.#!7.# 7.< *'3-:4 7< 7' 7( / - ** 3-:4 (' (< ' & 7" K+! 4 + "! +, 7$5"8* +3", (" #5( % ; $ *! 1 5 B+- 7" 5, 116

+ $ *! + + "+, E7"+B,! %K! & +."#$M.8* 7! 1 (6$M8*B A.# " 6#$M<8*" B +-! K A # (00) 0 #$M8* C # 0+ 1 + 0 + 0 2 1 ("$M<'8* +" 7 $7 # *" " ;!1 " +, " " 7", (7! # $5'8*C 0''$5.8* %&= $%&=* ;! 5 0 '$"8*"+- A 0..$58*"(# ( "1 34#454444" 7$'* $ + (* %;!!!!!$ %;*" ' ) 1 5444 $M"8*C7! )$#444$M(8* B 0N(4 " (" $M'8* 6!!." 7(,'''.,''-+- 7C 0("7$5.8*"7 + $58*" #<' "< 7< $5<8* 7!!!$7(*!/!4!!!!$. *C # ".$M.8*"<"(!7( +, 117

#5("."#, (C."' "" ""' " + 4!!:% + 1"'! " 7 + 7 ( % %&=C, % %&= 7"7" 7" " "". #. 1! /889!. ;,! 1 7'$58*" A 5 ".$5 8*"B <$578* " :%" C, + $M(8*C 5 '6$5(*" A 5 7$M8* C + ( + C #$58*" / " 7 C 0! 0 0 7"$8*C "$M8*+ 52!!!!!"!!! D % C 30 6$M8*" 4! C! 0$5.8*" ( :%2C 0 3.6$5<8*" " 7B!7:!!6()$.()*5++!!(" E!' $ *D, +DE#8.++ < 7(<C (($5.78*C +(7$M(<8*! 5 0 $58*C + 7("."B, A, $ 0* 118

"( " 73$ (" E *,!1 B,., 131"! 5 0. $5'8*""# %0/ /4" "( 0/!!!"+- C 5 0 " + $M<78* 7 A!! "<" "O.! + +, A, 05/"B! ",!1 %0/ " 4!!!! " "+ /0/ +!1 + + "+ B C!! ("' A ( %0/"%0/ +! " " E0 FG E1/%!!! <, + +%0/",, %! "+" " E 8+ <5".))( 1/%$ 7!#<!67#*C 0 7$7 "< *A C +.C!+ #0 " $,B *! 1 7+- /" + 7!L+, + 7."#, 7 $, *$, * +! 7 O $5."# * $M."#*"!3 ( "" ", $M"*"! ) "<A ( E! 119

. 06$M'8*" 66, ; $7(, /47#7, % *" '" ;,!/ 7$+"'* (!1 " "", 7(#; '.(! 5* ""'$5(8*!K A 7'(" +- " + K C +<7#( $M.("'8*" FG F G, $6*7(C +.<7.'.$M78* ;++ 7" +(C +.7(<($5 7(8*C "+('7((", ; "7C "+.<7.(($5<78A * 1! B ( A $5.(8*" B ", +-!="" $7#6 *"$57("<8*B 7! 37B, "(", C "+.77$7(.( *.'8!1 " +.))7 ;" (7C B /4+ " 7 ( 1/01/%! 1 "1/$1 / H*.$7#*! 1 ')<)' $ *,6 "E $1/1 / H*!1 ')<)6B " P <!6.7!.<'"." B $* 1/!3(E.))( 1/$P''#!''' P#(7!6(7E * +, E $P(!'<*"P 6.!6#'! 1 " (+;3 "! + " E, < " 120

! 1..!! : 7)6)( A'M"6(8 : <$.)')* 9.))(A<!6(!#'7".7 1 B."$5(<8*"A 7$5("'8*A, K E E", ", E7"+B C * <(7$5("'8*A, K + %0/ "'" $.6*" +- +4!!%! B 7( $P'!#'* $P 6!'#*! %, " " "+ E E! E $!* <'"!6'$<*E "''5<!1 E0 $ 5+5E %*"+, E1/%ED DE, 7"8 + + $EFGE, 1/%."68*3 " +!0 1/%7"6B, 7, 7"8+++ +! 121

2015 2014 2013 Conto Economico > > > Ricavi delle vendite e delle prestazioni 98.303.515 38% 91.911.215 36% 80.970.260 34% 7% 21% Incrementi per lavori interni 266.092 0% 387.247 0% 0 0% -31% Contributi in conto esercizio 132.844.271 51% 133.626.707 53% 132.491.450 56% -1% 0% Corrispettivi e ricavi diversi 27.957.680 11% 27.520.525 11% 22.242.524 9% 2% 26% VALORE DELLA PRODUZIONE 259.371.558 100% 253.445.694 100% 235.704.234 100% 2% 10% Materie prime al netto variazioni 31.190.917 12% 34.656.674 14% 35.872.345 15% -10% -13% Costi per servizi, di cui: 68.669.026 26% 72.330.691 29% 62.734.291 27% -5% 9% manutenzioni 13.515.354 5% 12.029.038 5% 11.224.126 5% 12% 20% assicurazioni 7.793.997 3% 8.756.452 3% 9.193.886 4% -11% -15% Pulizie, rifornimenti, rimessaggi, traini mezzi di trasporto 4.230.411 2% 3.807.639 2% 3.715.104 2% 11% 14% servizio trasporto in appalto 2.249.304 1% 2.000.953 1% 2.040.473 1% 12% 10% prestazioni a società controllate 9.180.459 4% 9.105.541 4% 7.875.296 3% 1% 17% pedaggi, tracce ferroviarie 9.649.914 4% 11.085.706 4% 10.173.075 4% -13% -5% compenso CdA spese CdA Variazione 2015-2014 Variazione 2015-2013 156.666 0,06% 216.837 0,09% 215.073 0% -28% -27% 7.147 0,00% 11.440 0,00% 8.903 0% -38% -20% compenso collegio sindacale 95.030 0,04% 95.264 0,04% 95.732 0% 0% -1% compenso società revisione contabile 50.000 0,02% 50.000 0,02% 50.000 0% 0% 0% consulenze e collaborazioni coordinate continuative 504.586 0,19% 760.471 0,30% 772.292 0% -34% -35% consulenze tecniche 154.470 0,06% 98.360 0,04% 205.645 0% 57% -25% altri servizi 21.081.688 8% 24.312.990 10% 17.164.686 7% -13% 23% Costo del personale 110.122.949 42% 112.400.142 44% 111.438.129 47% -2% -1% Ammortamenti e svalutazioni crediti 12.754.880 5% 15.271.490 6% 16.768.367 7% -16% -24% Accantonamenti 12.123.097 5% 6.973.862 3% 5.440.013 2% 74% 123% Godimento beni di terzi 9.183.069 4% 5.757.198 2% 2.842.124 1% 60% 223% Oneri diversi di gestione 1.575.162 1% 1.659.687 1% 1.283.585 1% -5% 23% COSTI DI PRODUZIONE 245.619.100 95% 249.049.744 98% 236.378.854 100% -1% 4% RISULTATO OPERATIVO 13.752.458 5% 4.395.950 2% -674.620 0% 213% -2139% Svalutazione di partecipazioni 0 0% 0 0% -200.000 0% -100% Saldo gestione finanziaria 25.216 0,010% 8.964 0,004% 611.167 0% 181% -96% Saldo gestione straordinaria 3.240.791 1% 7.528.535 3% 5.310.578 2% -57% -39% RISULTATO ANTE-IMPOSTE 17.018.465 7% 11.933.449 5% 5.047.125 2% 43% 237% Imposte -9.650.000-4% -9.320.774-4% -4.800.000-2% 4% 101% RISULTATO D ESERCIZIO 7.368.465 3% 2.612.673 1% 247.124 0% 182% 2882% 1 55785 595 5215 ;51 1<5 5 5* # 5**-*. "( "7 "7 5**-*. ". " " 5*) # 5**=-*( "( "7 "7 5**-)34 # ' < ;1 3-4 ''!<#"7 (<!(.("6 77!#<"# & 7" 78 " % %&=% 4" + "+- "+! 1 <8 " +- 122

7!,! B B, C 7 ;3, < ", <".!, 7.$5#8*! 1 <O $5'8*A 5 (.$5"8*"!"! %," (! 5! ("." 77"(8A <$ 7*" 4! C ("$5'8*" ; 7!6(7 %&=!''6!. /05/"7 "( 7(76, C.$5(8*" % %&=6'/4 E /4 "#C 5!."#$ 7* "., 7, "! (# " " D, K B 6"# 1 #6$5(8*O A <"#" $M'8*A " " " " C 7"($568*" $%;% * $ %*7 " + $4! :%*C 3."<$M!78*" K $."7*B 1!37 %"+B (C."'$578*",; <!.'6!( C 7"$M(#8*" 1="< " 1/%<( (# C <".$578*5 123

("DA <"" 3."' $."' 0/ (*" ) 1/01/%!= 6'", (!3 "(! 1 "'" ',.))(! 1: $5(8* A! (.$58*"("7 C + <".0 7 ;3, < C.C 7"#"7" 1/0 0(# C.#" ("7" "<" 7"".$+ + ( + %*" ) #. " 4'" /4" /4 '"7 /4 (".C "';A!'<!.<7!<<6 1) +.))(..$M7(8* A ) 0<$5'8*" ".))( C ) "($578*" C + +''PBE ( " + C + +B '5#C ) +! <$ 7*" + +-+ C )/88& <($ 7* 66(566<C + ++ C )!+ '"7$M.8* +%0/ ( B, C )#: '<$58* $4Q 4Q *.))(ED " % 65 " 124

.))" + C )! 7".$M'#8*"B +, 4!!!!C " " C )# $ #! (4,';68& ''" + 140/"%0/B /0/ C ) + 7($ 7*" C )."$ 7*" + B C ) + #.#".7" %0/ +! + +, %0/ C ) )$#7'" 7 + 0/ ) C(" 0/" B, %0/ + 0/$, *+ 1/0!.))( C ) +! " (("' B D, D "B C ) "+ (""< " E C ))5 4 4 E!,.*)*-*9 1 ) ;!'!7:!!!6()" (;"9;+ A '7!'."#( :!.#!67."# 9; + B D '!'!."6( : 7!6<!##"( (!.(<!66"< 9; + B + + 3(!!! ;A 5 A.!#!#7 5 A<! 5 A!'< 125

1 1.(77$7#.))7*" 5#"#8 7"O A ) A$(.))7*C " " ; C " A 21 K " B C " $#AP'($ 7*C " #5!! 1.$.. 7*C /4 C " #5 $#A6$ 7*! 5' + (6"$ *!%, ", H.66 6'"K $4*!%, "" " 7" $ 5.4P5E, * %&=.."<! Controllate TPB scarl TPF scrl MA.FER srl SFP scarl in liquid Dinazzano po spa Omnibus scrl HERM srl SST scrl Collegate Marconi Express spa SETA S.p.A Consorzio Trasporti Integrati Scarl valore a bilancio al valore a bilancio al capitale sociale % 1/1/2015 31/12/2015 note 85,00% 10.000 8.500 8.500 97,00% 10.000 9.700 9.700 100,00% 3.100.000 3.100.000 3.100.000 100,00% 10.000 10.000 0 Estinta 95,35% 38.705.000 36.905.000 36.905.000 51,00% 80.000 38.993 38.993 84,13% 10.840.000 7.017.794 7.017.794 51,00% 110.000 93.500 93.500 valore a bilancio al valore a bilancio al capitale sociale % 1/1/2015 31/12/2015 note 25,00% 6.000.000 1.500.000 1.500.000 6,33% 12.597.576 672.500 672.500 Consorzio per la gestione del contratto di servizio per i servizi ferroviari regionali passeggeri in Emilia Romagna, 26,00% 10.000 0 2.600 effettuati dai consorziati Trenitalia e TPER, a seguito di aggiudicazione della gara bandita dalla Regione Altre imprese Start Romagna spa CBEG Scrl valore a bilancio al valore a bilancio al capitale sociale % 1/1/2015 31/12/2015 la partecipazione deriva dal conferimento del ramo di 14,00% 29.000.000 3.500.000 3.300.000 azienda Rimini. E' stato considerato il bilancio 2014. - 350 350 126

,*.*6 DATI DI CONSOLIDATO 2015 2014 2013 VALORE DELLA PRODUZIONE 307.710.127 294.432.113 289.601.220 COSTI DELLA PRODUZIONE -293.052.981-289706918 -289.941.683 DIFFERENZA VALORE E COSTI PRODUZIONE 14.657.146 4.725.195-340.463 RISULTATO GESTIONE FINANZIARIA -65.538-62.550 487.772 RETTIFICHE ATTIVITA' FINANZIARIE 0 0-200.000 RISULTATO GESTIONE STRAORDINARIA 3.042.043 7.457.723 5.260.664 RISULTATO ANTE IMPOSTE 17.633.651 12.120.368 5.207.973 IMPOSTE -10.127.918-9.709.075-5.102.204 RISULTATO NETTO 7.505.733 2.411.293 58.277 %0/ " %, 5**'( Servizio autobus passeggeri km prodotti 2015 2014 2013 Bologna 43.847.740 34.997.142 35.754.074 di cui : urbano 17.492.452 17.571.302 17.962.874 comuni diversi 705.674 704.565 736.453 suburbano e extraurbano 16.705.265 16.666.640 16.980.386 linee specializzate, riservati e noleggi 56.962 54.635 74.361 Ferrara (urbano, extraurbano, taxibus, linee special. Riservate e noleggi) 8.887.387 9.101.819 9.228.098 Rimini (extraurbano)* 0 0 0 TOTALE 52.735.127 44.098.961 44.982.172 Servizio ferroviario km prodotti 2015 2014 2013 viaggiatori 4.982.457 4.877.485 4.783.774 Viaggiatori (bus sostitutivi) 467.798 461.093 661.406 merci 0 0 256.165 altro/trasferimenti 314.027 260.420 314.027 TOTALE 5.764.282 5.598.998 6.015.372 Passeggeri serviti 2015 2014 2013 Bologna 125.190.336 123.283.537 116.203.691 Ferrara 12.949.126 13.398.940 13.343.358 Ferrovia 5.621.200 5.194.552 4.921.378 TOTALE 143.760.662 141.877.029 134.468.427 Ripartizione passeggeri Bologna 2015 2014 2013 servizio urbano 105.800.154 104.455.241 97.792.889 aerobus 1.034.989 1.018.830 935.032 servizio suburbano e extraurbano 18.097.261 17.503.481 17.056.163 specializzate,riservati 257.932 305.985 419.607 TOTALE 125.190.336 123.283.537 116.203.691 127

9 Ripartizione passeggeri Bologna 2015 Ripartizione passeggeri Bologna servizio urbano aerobus servizio suburbano e extraurbano specializzate,riservati TOTALE 105800154 125190336 1034989 257932 18097261 128

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

1,)!)* -)! /2 1 $ /! 6!)* -*> 7!)*1 $/3 "(> # "*>. -(" 12(? )>!)"# >. # #..=3 # &. ' @!)* )*> *,> (>6 1 5 5 A!)* #' 5151 1B 1CB 1. #1 $%B1. 6 ' 3 :!)"6 % "" @ 4D'DE 9 3 7!)"3 F 14/6 1 1 3 :!!)- :5 %:C G G!!( 1!) 2 G!! G H 5579G 7 1 )-!)* G1!!(!)! #!!(!!. %/: % 41 3 : )-!)* 130

: )"(!)-!)*3!%"0% 0!)" 1 2$1 65 C'#G4. 65 1!),!)* -*""! 1 (!)- *>, (" "!"4 *>- )!*-(!)( 73 5/,)!!,!#!)( )"!!*!. +)(& +)(1 +)(, 2,*!,*! ))*( % *""* ()),**!!"/,(-( -*(( -*" % ))(*- ),-, )*!"( %"" & & - ) +)(& +)(1 +)(,!"/ -,) ))! *" % )-!(! -), %"" & &,!%".%! +)(& +)(1 +)(, 2""! - ( - (* * %"30"4 )-)(!,*,!- % (( ))" ),""!! -**! )!,(" ")!"/,(-( -*(( -*"!%".". 131

7 3 ; C: 3 ; 3 = 3 = := 3 : % C 3 ; 3 = 3 = := : : % +)(& +)(1 +)(, % +)(& +)(1 +)(, % 0 % )(*, )(*--* )(")!" ))(*- ),-, )*) -,! "! *) ((- % " ", (,"* * "* *( % "*,) "*(*, "" %!-)(!,)- *)(,, %!-)(!,)- *)(,, ""%! "%"%"!+)(&5+)(, 56-1, "%"%+)(&5+)(, ++-)* 132

"%""!+)(&5(, - 80000 ( - (* * 70000 60000 50000 40000 30000 20000 10000 0!),!)"!)* 250000 200000 150000 100000 50000 0 "%+)(&5(, *)(,,!-)(!,)-!),!)"!)* / 2!), = 3!), /78 " +)(& +)(1 +)(, 3""%#"49,,> *(> "> 3""%#"4 ")> -)> **> """!%# +)(& +)(1 +)(,!""",(), " ( "%3!9()))4 *" *" *" 2!""3!9()))4 )!! )!- )!( /0 & H )!> = 112 ; 133

(* *> 3 ;,#I->. ; *"* #I*>.; + ++ = = & ", #I >.; ++ + 1 *> 6 4 $ #64$. > B& = ) = #)*>., #I>. )"#I>.!)" GJ/0 DG),#I>. *#I)!>. $/ =.,-#& *>. ' '715 =!)"3 ( #&)!>. )) ( - ",>!)"= 51 1 8 3 ; )*#&->. ; &,#&)!>.!)" = & * #&)">.,)!)* = & )#I)!>. 134

= &"(#&)!>.3 : = &),#&)(>. &""#I >. / -,#&)->.!)*!)*,"#& *>.!)*=. -"#I(>. = @=. #I)!>. 557 D / 7!)*3, )" *. *#I))>.= #I*>. * #I,>. )* #I) >. -! #I)">.!" #$%!& )#&)">. : 2 +: 3.,)#I!>. ), #I*>. ), #I!>.!)" %14 3)," #I),>. 3 3,-#&,->. ) #&! *>. (*#I->. - / 46 7 %!)" 135

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il valore dell'indice per l'esercizio 2013 comprende anche il valore della partecipazione in SAGAT spa, riclassificata come attività destinata alla vendita e ceduta nel gennaio 2014. 136

2 )"!)* ';!> = ))!> 3H!)" K-!> 3!)" K,H 6 ((*#I)(*>. ; &),,#I,!>. 3!)*= & ((#I))>. K 3 '((,- ' )&!!" L )(),*+)(,, )),*!+!!, 76 & #I, >. K *!))!)-*!)- $M% 3 = &) "( K!)"#".!)",!)* )"!)*% )(" #&)>. ; & )*!#&)>. : : : = 5 5 0 5 0 5 137

: 5 = & )""#I)>. H = &,!!)" 6 4 M % 6!)*!)-3!)"!)* "( 6 & (#&,>. ; #.,#&-(>.; $M )!) % "> )?!)",!!)( = :,!!)(,)!)* 3!)- 1 G5 ()#I,>. 4'416= ), #I**>.;!)*!)"3 :!) : : #0!)+!)) 6 :1 '!) +)"!(,!)., #.) - "" #I->. K ; & ) #I) >.!)" = & )#&!->. ) #"!" 4'416((* 46'G.,, *+', -, F )), (!!(3 =,*K 3,)+) #.= &,,#&)*>., %955 : %955 : : 6 :1, = & ),-#&(>. = & ))-#&) >. - 138

)) "*,#I,)>.,)+) +!)*; K ; -./ " #&>.= #*#& >.;!"" 3 = #)*#I) >.)"! % 3!!(5 3!!*' 3 )*"!! '' = #I(*>. * #. ; 3 ),!)" *;A :,!)" # +!, 1,.: = & )#&))>. 4'416= G4 ::G45 ) : : 4' (*> ">!)(!+!)* N O :!)* 8 5/" -!(-P 3 P= 5 6 139

# &(>(+>+)(, 20 +)(, 20 +)(1 20 +)(& G G $ )!!!!> *( *( *( %/ #%. *)!!> ( ( ( # 4% 6 5'G 0 "!!>!! - "(-> 511G!!(>!!!!!!>!!! /Q )!!!> "! "!! /5 )!!!> )!" )!" )!" #. 6&) 6&) 6(' 4%6!)"!)*!)-!)* # "(.!)" *)--!!! # K,)+) +!),. % 2!)* -,- : H,)!)*) 1 : L &9 @ -! 16: @ 16/65!)* *) D:$/ : : : : B 1 : 140

: )!, ""%# 70000 -*, -*!*-"*() 60000 50000 40000 30000 20000,,**(, )-(,!,( 2013 2014 10000 -)" -*! -! 2015 0 Nr. Passeggeri (migliaia) Merci via aerea(t) Traffico: nr movimenti aerei..+)(, 2.794.312 -!!" linea low cost altro (charter, transiti, aviazione generale) TOTALE 3.930.287 157.405 G ;/!)* 1 $1 141

8 G ;/!)* 1 $1 88 #G4.!),&!)* L)!!! +)(& +)(1 +)(, 2 +)(,5+)(1 2 +)(,5+)(& 4519 - (-!)" "> &> 58% &(-, &-",(( &-*,! > &)-> 82 6 +,& (+,(+ (1 +(* (1 =+ 1082'%87'G717R141 &)""- &)**) &, &,-> &,)> 6489'7%'87'478745844'7%!! & *- )!!> )!!> 8 ' 6)= () *'( () ''1 5&,= $68%' & -- &,! &,*" &))> "> & $M 8 & *1( ' *6( = ((' + 6(, " -(, -*( )> ((> )( )! )* "(>,*> 142

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

$-$./0". # '#."&+$%*'# ;#" ##D)'#E.! '# ""# #!!21#!!! / #!!!" #!.#.'FG.4/"# 0"# 4 " *+ "#!."# ""!!!!.! #!!!! #!!! # #!/#! #!# "# &+# &+$< #."! "#.!!'!'3H2 G "# ) " " #."!! " ".# 12$/3$ *$;*;&+$% *<6++55.# &6 &+$% #? : # <B I$6(<+<A : # # "I$5+ :!**5$,+,<+%(!A 0 #1<*65%(&+ 4 *,<%+ *,<%+ *,<%+ 5$ &$<% &**& &<&< 52/6" *<*, *(*5 *<6+ $,+&<$,+6*&,+%<5 (1$// **<( *%,% **5$ # 52/6" <%$ %+5 <%% $ %*(, %,%+ %,,( (1$// <** <6( <*( # 145

12$/!+!.$2 4//2" *+6$(+ *+,$,* $65($% $/#+3/' %(5& 65*5 <%&$ $,%%& %$&* *556 52 <$(( %++& <,65 52/6" *<*, *(*5 *<6+ # 12$/!!. /." $ $ ( $ 7 3"" ( $ $%(%5 $(%$, $6%(5 # / 2 /32"' ($6&5 %56+( *%(<5 $ / $ *%(5* *6+(< *6&%, <*+%,$6, *$&* <%,++,6+%* $,$%$ ($ 5(<5( (*(&& <,<,( ($ 5(<5( ((*&& <,<,( # 7//$2 (/$"/$/2"8 8&%& (/$"/$8 8&&% / $//2"8 / $8 350000 300000 250000 200000 150000 307.180 304.143 179.816 120000 100000 80000 60000 98.598 88.322 54.548 100000 40000 50000 20000 0 0 2013 31/03/15 31/03/16 2013 31/03/15 31/03/16 146

*771+**6+9:7*7;57)+) )7) ## 9..# 1!*$;+*;&+$%0!$&#.! *$;+*;&+$<$<# "" $J &+$<0.! # # *$;+*;&+$% #.! # / #.! #%# 7/ 5)+#//$-/' 5%B $+,B 56B 5)7 #//$- / ',(B 6+B 6<B 7///2$- 2 /// *$5 *$% $5, /$#+2<' <+ <5 %& 4 2 // #+2<' 6$ (, 5$ #.! *$;+*;&+$<"" #!!#! # #!!/# "# /! 0!!! "" ##!! #!.!0 $<##! $&# 2 #. 0. #. #! #!#.!#!!# # =$$< ># # '.# "! #.!?, # =:*,B>!.!*$;+*;&+$<# ""!"!.! #%# #!!.!!## $(+#=:,$B> K#? $6%#!! # ##./ " )A,&# #! <((# #! "#!<%%#! "! #L # )# M!!!"$%&#!# "!7# 147

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

=&*#># "#.! #"! #.!!#" 3 #!"! #. # "! / "!#! # /'#/ #.!#!!./ " # '"" "# " # / / 0 # / # "# ; ## **# # #? *,#/ $&#= *$;+*;&+$<,+<#? # 0#.!#.!/ #0 # M! #" # >A &*&#"# " # /"# / M! # "! C # "# "!# 0 #!#" A 5++#<((#" 3 #.32/ # 32# A # =332>(++# # "# # A *%## # $<# " #&# " 66<# ## $$# # #? ",*#A #,$#/ 7" 0 '#=/ #.! #!!>,# " # / "#A $5# # $(# #.! 9 "# # "!A &<+#/ 7" 0 /. &&6# C8A!$6<# "(6$##? "# "" &(5#.!*$;+*;&+$< #. # "" #!!!!# #.!A "*%6#!" #.!A "!#&$%# # #.!# " ) = 150

# I$+*%*$*# I$+,%%%$> " # /! # *$;+*;&+$%/ # " " ## " #.! " 0 # #!! / "! # ## 7 5)5(7171+;7()+5+17()) 7*): +17;)*)?! ;. %##,5<;&+$& $*<;&+$& '!1 *$;$&;&+$<"#? 3G81GGC3G'I$(*&5%5 1G81GGC3G'I&&+<* 7$.! "" # $*# # "# #!! 2 =I *+++++> =I$+++++> # *+&+C# ##!!!##. "# # / #!# #&%+# # # #! '# # "#$(#,(+# # # # 7//$- '? " ' *il dato al 31/03/2015 e del 2013 è comprensivo del dispensario Nell'esercizio 01/03/2015-01/03/2016 non ci sono più clienti attivi su AFM S.p.A. a seguito della cessione del ramo magazzino a FarmAlvarion. 151

! "# $%&&! ' ( )*$%%%' )*$%%% +, *- " $%&.- $%&. /, * $%&0( $%&1 -, 2!2 )*$%%%" - /,, +, ", " - $%&3 /,,, (,,, 4 56 +(+, 2- " 78 "&0&&, $%&."&9%$:;&$;$%&3<$%&. 4* * 5 + )* 4 $%&., $%&. "!,+ " #,, 5 #, *2,*=.%31>;$%&0 4,,? ( @ 8, 5" $%&0A8 '!,, )* $%%% ""-" ( )* $%%% ""-"' 3 $%&0 " " *=:91393;$%&.A < * B $%&0 C &$:"1:% C:."99% 152

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

I,* 7 J7!BB=*, JH - 22 7!H! H!/- "!/ H! " - / $%&. A 7! 7! BB =*,!2 K " H! $%&. 3 2L:&;&$;$%&. &>%" $%&. -D! #L ( *-)*@ (* 4<,B 5-)2!,$%&.H& 7! *,,,, " $%&0 @ ( D*#BB= / -)2! #$%&. H-2( /( ( A " 2 B77# ( / / M A "-A 7*7#7* 7# B)2/, *4 5 2 /) < * /) <"* A 2!( 2/-)<"#/$%&. A / / / " ( $%&3(*, " / / /,, + / "# 77 = )</ "- /,, H H, "(, ( /, "! C >:$"%0:>% C $.0"3$309 / C.%".1$:9$%&:" 2 $%&3 " +, $%&. $%&., 2-* " -,$9;%3;$%&0, C>:$"%0:>% C&."393>%2C>&:"%092,C :".%% + " >%"%%% &%- 7H" 154

" # $ $"3:$ $"3:$ $"3:$ % &":%: &":.% &"0%: % &.& $.0 >:$ ' :">1. 3"%:1 3">0> ( 3 3 3 " >%"%%% &% - 7 H" & " # % &. $> >1 ' 3%& 3$1.%. ( % % % ) " # $ :3"$10 $9"99$ :%"9%0 * +)!, &"1&$ $"%.$ $".&$ * 039 0>0 &"%$. %.09 1$3 &"&.$ % &.& $.0 >:$ " # " # ( -! ( :":&% :":$0 $"9>: ' +!, &0"9$9 &:"13. &$".&3 :">1$ 3"%:3 3">0: $"90$ $"9%1 :"%3: &:"39. &%"$$1 >"01& ( $%"$:9 &>"&>& &."31> ( $%"$:9 &>"&>& &."31> 1 - " 0<! "# ## $% "& 155

- ( "../0123 ( ".."0#13 ". 34.286 30000 29.992 30.906 20000 10000 0 ". 25000 20.239 20000 17.171 15.487 15000 10000 5000 0 2013 2014 2015 2013 2014 2015 '4--)44&)5-4-6%-7)7'7*-7 - " # %7)+, &3E 01E &1>E %7- +, - :3E 3&E >&E " # '.>0.03.:> +) 8, :. :0 :> $ +) 8, :1 :9 3& + A," K # $%&& $%&. # - +" - L D * C:%"9%.".1& C$9"99&">&1/ C 156

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

&.% (0E, <" /$%&.< C $%0"9>.%$D-KL & ( =M) LC&>."01% D- *= :09310;$%&3 C &1:%% *= 931%>;$%&. L'"""""( )*+,-+),*. # ( /),0&@ $ ( * BL C >&"91% D- *= :09310;$%&3@ :* 7*N- B LC:"1$.OD- C 3"000.% F, ". *" ".: :%;%:;$%&& *" " >9;$%&3 " &&9;$%&3 <B" * C$9"11%"3%3 $%&3C$9":&.".:3@ C.03"1>% &9E, $%&." $%&. 9001E 9>>.E $%&3" L L C1&"9&. C&."0.0 &0E, " +, + + +, + @ L >: 9%%&:E" + + / + /, L I- 7! BB=;* I BB=* I" A, + -2"F + ; L (.9, M&: (&$%", L C 9>%"19$ C99>"$1.$%&3 C $0":9: $0.E" <* B, P 6 ",? " L $% :$1 (&03E, + # $%&& $%&. # - + " $%&.A 158

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

, C&"&:."$93 C&"&10"9&0$%&3,, @, C&"1.>".3:,,A $%&0 + H C&"%.%"11%O$$3E C9">3&$%&3C&&"&0$ C&"%3&"&:9$%&3 C 13>"30> + $:E" # C&9:"0>: L C :$3"10> + Q, # :&;&$;$%&: C&0%"9::", C.%%"931 Q C$.%"931 C$.%"%%%, Q, ;,, I " - H / + / " %7%(--)6-(7)%)-(77'-47*')-6747=' F, :&;&$;$%&.L 2!FD!277B)#!F<77=#-L, <C&>">:03&L, ; " 0 3 F"" 9.;$%&$ " " &:.;$%&$ H<, < - #$%&. :0% + B, 6 + I,, 7!" I D<* " - (,$%&. < " >% # 1%"1%0 # / 1 &"13& 1"&$1 &$">3. &%:".$% 161

!" )*# # +,#*# # '-) %!.%*# ##! " $%&'(!#!$!!! $%!#!$!!! &#'!!! "% &#'!!(!")!! '"%!")!! #$$"#!! #'% #$$"#!! "!)$$#!! #$% "!)$$#!! / $$&!)$'!! $#&% $$&!)$'!! / $ &"'!!!$"% $ &"'!! /% #'''"!! )% #'''"!! 0*)# #!'')$!! #$'% #!'')$!! #&!'#!! $#% #&!'#!! *!* " "'"'!! "&% " "'"'!!.# $"''!! "!% $"''!! 1#*!'!#$!! #%!'!#$!! #2*%!!!!!!!!!#%!!!!!!!! ##)*# "!)$$#!! #$% "!)$$#!! %$+. '#$#$!! '# % '#$#$!! #(.# &'&&)$!! &&!% &'&&)$!! 3# ###&!! "% ###&!! # $$ ''!!!"% $$ ''!! -- )#'!!!!!!!!!!% )#'!!!!!! %+%#/#*##3! *##34 * +!", -.!"/ 0. &1&!!& 2 -./!" 3 -./!" 4 524 6-. /!"7-.!" 8 162

(9,2 2 8 0 -./!" 7 2 8 -.!" / 2 ::, / 0:4 4 ; < 0 28 3 = < / <4 4>?0 28 >5 6? : @!!" @ + 07, 5 6!! 07 0 :( / 07!$ A @ 0744!", 0 # 8 0 0!"!" ( 784!" 4 07, 44 8!", >B,, (? ((A:: 0- :, 04 ( (!%, * 0@( :!& * (@,:!& +,: * C 44 >1#"!&? 5)%*2#%# 6 #7 $)$" $)$" $)$" % " $) "$)' "#" ' )#*3! $)! <')!&.%# #)$ '!&" #"&& -#5%**!!! 163

6 )#*3! $) <!#.%#!$#!!&! )' 5)%*#/%#) 6 7#*##*)! & $# &)$'! #!&),%#*$2*( #$" ##' "!,% <&& <!"& <! )# <& #& <! )#*3! $)! <')!& 5)%*.#/*/! % 6.% 6 -# % 2#!! -# % #)& " #$'' #!'. #)!& '!# # '" $ " &!& "#"$.% #* #$""' #!#) &' '!.% "'$! ")#!! &"! -#%!"!! "!!&"'& -#.%!"!! "!!&"'&! ' ' '! ' ' ' -# % %#!"!&'&' -# % %#!"!&'&' **%#) -*%!*#%#*)!8 '6" -*%!*##%8 '6" 164

**#%#*##*)!8 **##%8 '!!!! &!!!! #!&) & $# &$!!' "!!!!!!!!! "!!!!!#))!" $!!!!!!!!! "!!!!!!!!!!!!! "!!!!!!"!$!!!"!$! 5390, * 6 $**%+*##(!% % <"% $**%+*##(!% <% <"% ***)%+ 6 )*** & &" &$ *##%$):( " " " 7#)**$):( & #) "!$! 4 : ><"%? B 4 : ; $>D'%?: >D %?@ >D&%?+ 165

A E#!&)!>D %!$? ; < = &# &'%A @ 0 2 A '"% 4 4 -./!" 24 ( / 4>? FG 4>?H 7:,!$ :,, (G I4 - :A-8,A 2 *I4 -!$ G *!& @ 4 + 2 4 4 @!" ")!$ 2 #%!$ 4 ;!"4>?-. *-. - / J!" #=, 7 (/-. ""= (KJ(3 4G: 0 ( 4 = '!">D!'%?= 44 $#><"%?= "><#%? ;? )# 4 <"% - *I =!" -./!" / = 4?4 )!>D$!%?=? ><)'%?!$ + =? ))!$>< )$%?!$,: 166

, "!%,=? "$><$'&%? =? )!>D %?; 0 &' )!, /4 ( 4,!! =? ; ><#%? 5 6 >D &%? - A 7 44, 4 :; 4 B->B -? =!" 4 ($<"=!" 4 L-L 0 = 4 :-,A!"= / -,4, A M(= 4 L-L 04G5:6 A E'$!#"&##&% ; $>D!"%?: ;? ">D %?; 0 0!"@ -./!"=? 444 &>D&%?; 4 > & 4!!?0 0 =? 0!><&%?; 0 -./ = $? "#><$%?; 0 >44 4? 4 44 0 = "?44 ><!"%?;, 44 44 = &? >D&#%?; 4 4 0 >,:4 B?!!$!" LB * B LB * >E$")!!?!" 0 B 4 0A = 4 167

!$ 2 -./!" >4 A 4 : #? $><%?= '?$$">D %? $ >D)"%? -. /!" 28 >5 6? < 4 4>? < >D"%?= +,-./!" &' @ 4!!$4 " = - '>D%? -./!": " A &!$ &!"!$!" < '$>< &%?@ 4 44 4 4 2 4! 4 4>A/C? 0!$!" 4 >? 4! 4 1' -)8!$ 4 0:- 4 -) 1' 0 4 04 44 4 0A/C 0, 4 0 4 2 4!$ (*4 2 0 = < '><%?!!) 4!!)@! $! > 5 6 5 46? "% "%= ; ">D#)%? E &"')!$A40 4!" 47A()> 4?4 4 56 5 6 ;?52*--N276 168

? 58A 6 5,<A 6? 5(2:6 (2 *I44 4 >? A 5 46 4!"@E&)" A 0 E ')) 4!$A 0 @ (2 0 @ O,2G: E$&!'>D$#&%?!"E!&'' E )'"!! 4 A E ")!&;?5/,6E)'& 5,,6E$$!#;9,@ 4 = 4?5(26E"!)#; '!&:4 $' < ((4!" >,:!!%? E'! & ;?5O,2G:6E)))$&'!! 4?5BA -.4 6E'!$$!! 2 4 : @ 5O,2G:65(2:6> 5 4?E )'"!!E #!!! 5O,2G:6E ""!!5(2:6 A @">D"%? A #&>D)%? @ #!$#&!">D)%?,(:>B(:?',(,!3 (: '8 : M- & " B ><)%? "><%? @ ' ><!%?4'$'><"%? ><%?* 4$"; 4@ 0 4 (>BA -.4 ( (:? 03 C: (8 : 8 : M- 2 4 4 169

0 040. $ & '4> 4? >'!? A &>D"'$#%? > $? 5( *. 6, > )?44 0 0 (7*:7( 0 >+!? 44 :/! B $ 2 4, 4 (:,M : ( 8!$0 @!$<!&,B(>,(:? 4 E#! #, 170

90.-, ; *# 6 *)2#!!!!&$!&&!&$ *)#*##2#!!!!)!)!') */! 6 *)/! "#$ "' "&" **#<)*+!&!&!".!/!$):( < &)'" < )&#)# < ) $ $& B 4 &"% 171

)!% @ "#% @ 4 4 4 A " &%!$$' 4 " ; < >!"!&?'& >D&%?!&#&> ) AP:?, > PAQ? 2 / / 4 -./!" R 4, > PAQ? 2 )! < #'>D$%?A B(:,,( 8:-<8 : M- 4 44!"8!" 4 (: BA -.4 = 9@ (: 4 4!!<!=,: """ 0!% *.: M@,:!" < ><#&%? A (2 " O,2G:"''= < 4 )>D)%?= < ">D"$%?= < ##><&%?4, 4!),/ 3 L-L 4 4G:> )'? A4 )&"4 >D$%? ; <4 4&"><'%?$! 9 + @ A A:>4?= <4 >D$&%? R -./!"!&,: >PAQ? 2 / / 4 -./!" 172

<4 #>D'%?; 4 (:"!!&!&3 4 B(:(= <4 4 &)&><$&%? 4 = < 4 #>D$%? 4 44..- 5 5-5 -,05 :4 4 (= 4 &$1)" 8 4!".-.;!"E "")!$= 4.!##= + # ## " # 7# # $#( 7! ##3 * #2# #*, E$!!!!!!!!!% E$!!!!! R ( E"$)'! ""!&% E""' & R,( L/ $#&#!!!!% E'&& R ( E!!!! "!!% E DE"!!!! <E"!))!!,M >,M -.4? E!!!!! &'#"% E'$& R,,( E"&!!! "!!% E&"" <E$$!# R R A4,/ E"&"!!!!!% E)!!!!! R A M,!!!!!!LC!!!!% E A /,>/ -? E#!!!!! "!!% E)&$$ <E)'& R 2 E)!!!!!!!!% E$ '!" E"'& R,( :>B(? E!!!!!!% E ' "&! R.!##= + # ## " # 7# # $#( 7! ##3 * #2# #* (: HQ1!! "!!!% E$"$!"!! R 173

(-.4 BA -.4 L/ )!! "!!!% E&)'!! A L/ $"$ $" "!!!% E"$""!! <E'!$$!! K E!!!!!! )% E!$)!!! E &&!!!!!! $##% E"& '!!! 8 : M- (( C1& && "!!!% E&! R.!*= + # ## " # 7# # $#( 7! ##3 * #2# #* : * E!!!!!! "% >(?(M $'&"L/ $"%, E"!!!!!! $)%,, ( R, E!!!!!!!!%,, ( R ( E!!!!!!!% B( R 2, ; <!"@ B(:, (: / = <:4)!", &!$$)% 2 :,@ )!%C @!%!"C @, < '!&0:4 (2: $' < ((4 0 4!"E&#'!!< @ >!!%,:?; @ = < (: BA -.4 4 4!!<!;,:! "" 0!% *.: M@,:!"A < 4< )"L/ 5,2 6 4 4 :,!" E'!$$ < O, 2G: 174

8 A 4!"', (: ; 5 O, 2G 4! 5 S 0 6 ( :0 0 42-, B!" 5 42-, 4 6(= O,2G(( 44( * 40!$O,2G 0:4!!&!" 5T04 U O,2G(V )!"0: ( O,2G:4 0: ( UO,2GV4 :8:( ' " 0 # >")!?6 T A( O, 2G ) 4!" ; >? E''!!!!!! = >? 5 6( / 0 0AP:4 :8:( ( O,2G 4 &4!" 4' > ' (? 0: 0 R:8:( (0 )(( 44 4 0 $( A!&(4504 0: UV 6 4!" 4 :8:( A 4 4; >?2-,(@4 (= >?O,2G >!!)?( 04 (= >?( 42-, ) 4!">!&?= >? @ 0:8:(= >? 0:8:( -@ ( : O,2G 2, 4 ( 0 ' <0 2-,(<0 0:4: 4 A2-,@ ( 0 ' A @ ( ()! 175

>!)&?!&! A0 8@ 4 >! &?A @ 4 4 : 4 4 @ 0 ( 80 >? 44 T ":!&04O,2G 42-, ( ) 4!"!& ; >? 0 E''!!!! >? / 0 0AP: 4 42-, S S 4 4 : O,2G 4!", 6 A, & "%(-,1 >? "%7GL 4 4 @ 3 4!$@ E!! A #><%?L ; <, ; # >!$;!$%?, 8 : M- 4>A/C? 0!$!" 4! 4 -) 1' 8!$ 0:- 4 -) 1' 0 4 04 44 4 0A/C 0, 4 0 4 2 4!$ (*4 2 0 = <, ; '>!)!$;<$%? 44 5 6 4 4 44 44 = <, ; ''> )!$;<&%? 4 A M,(2:= 176

<, ; #'!>!$!$;D ' "%?@ 44 = <, ; $!)> )&!$? = <, ; #!> #!$? 4 = <, ; ")>'$!$;D!'%? + >#"?@ 4 ( *. (7*:7 @ 4= <, ;!>!'!$?; A #)&)4 4 ; < 4 ; $# J 4= <;@ $)!" -. R 0 4!& :A-( 4 '&! >2*--N27*-LF:-*: -N27 8C(-A8*-L8:*A78:,771A8B A8*-L8:*A78: (2: = - 4 ;@ & B- 4 / J,>? >)?44, ( *. S(7*:7S >"!? - ; &)$ *I4 4 4 = < "#= < 4 # < 4)= < = < = <4$)&; @ 4 * 3 A @ 0 ( 4 4 4 : @!"<!' #$.!"@+ 07,5 177

6!! >? 0 P:( P/!$A @ 0744!" 0 # 8 0 0!"!" ( 7: 4 @ 4 440 0 4 4 4 *)#*) - 0-- 5 0..!"!$! P:7L-1-:2L71CFA78- )!")") )$&$")!)'##&& LAC*:*772-L:*AP7 <&!$ &! $' $!)' LAC*:*7:8*-A/27*- <&)$#" #))$') #&" &' LAC*:*78-**7 <&)"#) ')& $ '$$ 1A2-L*A8-8F:1-BLC227 <&" $ $ "$ <$# )!$><!%? 0 4,:, (/,,(, ((A,: 04 -. /!" + 0 4 A &!$! A @ # **%+ 178

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

- " " '#1,# ( 1&&* #' ) ) ). #*1*&*#" (( '0#6, " # 8 -##8#0*#*0##.4567448% 578.68 *'! " # #! $! " # #! 0#1* 0#1*# $$$*9 0*#$1 0*#$1# $$,'019 (57:6)4+55.68 # 09 # # *9 /4)8 # 09 # # *9 ;5;88( ' '# 009 '# '# 09 8-/+55.68 # 09 # # *9 8:;54;8"/5;:8 8<668 # 09 # # *9 8;-4 # 09 # # *9 86(47448578.68 # 09 # # *9 ;5;88;4(57:64,,$,,$# **1'9,,$#,,$# *'9 ;5;8877# /5<46(484 # 0*9 # # *,9 ;5;8(56-5=4 # 19 # # 019 ;5;8:64564 (57:64&(57:64;8" 756;86 6;/8(>4 +45)4<-4;8"7448 578.68,$,$# 0'9,$#,$# *$*9 # 09 # # *9 ;5;8:64<-4;8" ' '# 009 '# '# 09 ;5;88=46) -864;84&5-/)84 ' '#,9 '# '# '9 %&% ' ( ' ( )$ ' ' ' ' )$ $ + #,#-##.-#' 6* ) ) (-#/! ) "! #- $ 180

, #/! 4/??. &. &0 # @ AB? --4)A4-/ 0C # 0.> #- ',D #$7! '*7 &# /! E 4/F G # #? // BBH%(# -?,7 *9?7 # /!, )- #: ' * I 0 /-%,# (). (/#.##,*001&* " "! *# *#! " #0#! 1J #,* ( / ( # 8,##* -##8# #! # #? # () ((####,&*$&&*/#.#,0*'&* -##8#! 0 " * " 2 1&&*3 $*##!,'#1# / 0%1! 2 7863 C # - 8 /#.##*',0& 8 #00# $## 0*#*0## () ((####,$&0/#.##1&&0 " (( K6 LD ). #&*# (). (/#.# # '$'1&0,&&0 / %$ -##8#! ",#- " ). #*'&0 (- -(:/-8 #4/! 181

- # 4 # / -0# # 4 "* -##8# 1'#$ " '0 $#'02*93 *#'0 # #1,*#*$' 0#, 0#, 2 1 # #,* 2/#-3 $,' 1* 4 #,0#0* 0#0' 0#' %# -- 2/#-3, *, 4 # *$ $$ $, / - #, #/ 1#-##-/ 1#10 #01 #0* 5 #-0-",#001 *#01 *#11 5 #,, ' 1 2/# 0 ',11 2/#-3 $,' 1* / - #,-, %# 0# %#,#00, *'#1* *,#,$ 4,0#0* 0#*, 0#'1 $# # *#01 #- 1* $' 11*,#' #*, *#'0' 182

%# *#$,' *#'0 1#*$ %# *#$,' *#'0 1#*$ %# # *#$,' *#* 1#*$1 %# # *#$,' *#* *#*$1 -- #/ %- -# #-/6 )$ %- -## 6 )$ - #-##-/6 -# 6 30000 25000 20000 15000 10000 5000 0 27.165 21.618 18.861, ' * 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 75.046 78.597 50.934, ' * 437892&&4&5& - 2&-- +-##" 19 9,9 2& -- + -## " 09 9 9 ---/ + 4/--- ' -## /:" 0 0 0 1# / -- /:", ' 183

" " # " '2%'093 # 4 % G " * I " %! * " M # 4 "*1*2%'093 " # 1 "1$9 " # 4 2N093 H O % 0 O 2%*93I" IE F ( / 4(! +?19I 0'2N'93I '2N$93 2!" 3 I 2%93 'I +I ' ( / 4( 47 ;</KB(# % ** ) ) 786 (+ A4B4B #;! I! (+,,#',I % *$2N93 O -,,02N93? I ( **2%'93 - $1/4 **- # 4 2N,93 H O 184

% *2%'93 ""! 786 7,'! I %(,'2N*$93 O! $I I "##0, '*I *! *'- $# $%! " #! " #6 " # %*12N,'93 "I ' I,' " " " * G" ' #8 *#-'*&&' % &&!%! M *&&',&&$ 2 * 03# %4'02N93O* ' 2'3 #6 *,, " #: *# - ).( 8 #8) (8 # -! / %$-##8# ). (/#.##'$'1&0,&&0 0 *O' # -! -##8#& # % & '2%,93 2 G B " #3# '(,2%*93 185

#,12%'193,$#,* /B #4 /B!! # $% O4 H?! G? #/?! # Conto economico 2015 % 2014 % 2013 % Var 15-14 Var 15-13 Ricavi delle vendite 26.111.399 96% 21.147.976 98% 18.439.440 98% 23% 42% variazioni lavori in corso su ordinaz 524.791 2% Altri ricavi 528.869 2% 470.498 2% 421.782 2% 12% 25% Valore produzione 27.165.059 100% 21.618.474 100% 18.861.222 100% 26% 44% materie prime 1.543.251 6% 1.802.392 8% 1.907.311 10% -14% -19% costi per servizi 13.452.830 50% 8.472.781 7.239.302 59% 86% di cui compensi amministratori 35.160 0% 43.952 0% 58.977 0% -20% -40% di cui compensi sindaci 29.952 0% 28.800 0% 27.096 0% 4% 11% affitti/noleggi/godimento beni di terzi 1.309.499 5% 1.379.136 6% 1.492.886 8% -5% -12% oneri diversi di gestione 410.288 2% 424.988 2% 261.497 1% -3% 57% costi del personale 4.561.741 17% 4.471.203 21% 4.292.577 23% 2% 6% ammortam. E accantonam 5.805.422 21% 4.327.907 20% 2.335.403 12% 34% 149% Costi di produzione 27.083.031 100% 20.878.407 97% 17.528.976 93% 30% 55% Risultato operativo 82.028 0% 740.067 3% 1.332.246 7% -89% -94% Risultato gest. Finanziaria -2067 0% 73 0% -45.371 0% -2932% -95% Risultato gest.straordinaria 307746 1% 0 0% -511.340-3% -160% Risultato ante-imposte 387.707 1% 740.140 3% 775.535 4% -48% -50% Imposte 202.787 1% 400.231 2% 566.737 3% -49% -64% Risultato netto 184.920 1% 339.909 2% 208.798 1% -46% -11% 47892&%25&4;44<2& -# --/-## 0# --/#-## 0# 186

-, --#=/-+ ' 0 --/,$" $ 1 $ ;4 /##" 0'1 '#'$$0 '#'0. G 2 3 $ ' # "19 O "'" #"! G "! # "! # 4 2N,93C ",0 "8 "4<8 # " " 02N193 " #( ', " K 4<8 #! ''9 " # #2#,&&'3!,#! (6J#! '*,9 " # 4,02N93 " "1 9 ",I '''$" " ) ( 8 2N*093# 4 0 " ' J;;# 20-,-#/-9# 187

*(+ & " ###0)###1&) (,*#$'0 #.! ' &,, " ) ( -# - 1# -- + Re te Indicatore Valore Rete Lepida Km cavidotti rete Lepida geografica gestiti 2.750Km Km fibre ottiche rete Lepida geografica gestiti 64.200Km N. Punti di accesso alla rete Lepida geografica 1188 N. punti di accesso e di interconnessione su reti wireless 140 N. punti di accesso collegati con le altre tecnologie offerte dal mercato 61 N. sedi della sanità collegate in fibra ottica 134 N. Scuole collegate alla rete Lepida 432 N. punti WiFi N. Enti in VoIP su rete Lepida 1010 269 Rete Erretre N. siti ERretre Attivi N. terminali ERretre Attivi N. Polizie Locali utilizzano Erretre % popolazione servita da Polizie Locali su Erretre N. chiamate di gruppo al mese in Erretre N. messaggi SDS al mese in Erretre 85 5.900 190 78,00% 150.000 11.000.000 Reti MAN Punti di accesso su reti MAN 1.400 Km fibre ottiche MAN realizzate per anno 77.000 Km Riduzione Digital Divide Km fibre ottiche coordinate 38.000 Km Aree produttive abilitate in banda larga 23 Infrastrutture radio realizzate 35 Copertura terrestre banda larga 2Mb/s 98,21% 188

! " # $% $ & " ''((()* +,&% -. " # /012%!,3 4 4 3(#(.,44 - $55!, & 4 / 4 &/ /!, 4 %&, 6 7 % -, % 4 && & 54 * 7 4,, %- * 7 3 %,3&,3, & & / 3 % "%% % % &% 3 +8. " "// 11 +5 +7 3 1 8. " /"//$1125 17/ $55 + 6 %, - 029 :, - 9 ; #(<, - 39!"#$% ( + %, 4 = &%,- 3 & %,- % > % / - & 44 3 3 +6 7 %3 (#(.6-4 %, 3, %%, %, & 4 % %%, 4!3? (#(.@%% +* 7 % %% +6=4 %,,4 % %/3 % &% &% A 3, - - % & % % %,-, % &%,= %-* $7 B 8B7, % +, 2/& 4-4, 4C %& &4 &8 % 7,%,4 % * 189

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

! '& & & *&! >0 0!11 $1/102 10/!20 % "#$( "#$% *&! >GG!+ $/+01 1!/$0! % &-.- & "#$( "#$% / &!!G/G$2 +G/1+ 0 1.'2 +/2!2 2/2+ 0 20 /0 *& 01 /!G! *&! >0 0!11 % &--! "#$( "#$% "#$( "#$% '!!!/!22 0/0+2 2/0 2/G $1/102 G/22$ 1/01! 10/!20 G/2G! /!1 1/!$+ 0G/! 0 1/!$+ 0G/! 0 % & ( &-, &, +, 43(#(.3, &&3 &,-?" ''((( )/ 191

..34*.0 "#$( "#$% *.1 2 >,29,$9 * 1 2,!9,19 & "#$( "#$% &!+! 2 1.& 5$###2 $,1 $$,2 / & 1.& 5$###2 343F!1+/G 2/!1,! +,1 3 %% 3 4 3, 3, 3!/ " 6 ( %% +G,1+%/@3 % 6 7,!,+% %6 7%,%,4% 3 %% 3 %, > 4 G,!%* > 4% 0G% * > % G00% * > +%,% G% % &!% %"?J* > > +%, DK / 7% G,2%, 43% %* 7% 8% 3E,,%%,%,7!,0% 7 + %, % &%B % : H% #, %/ 7!,0% - %% %/ - 4 %% %& - 4 /B - %% %% % 5 5 2?" ''(((, 5 5 G?) 5!5 G?(#(.@, %% %% % % -8% % 7, 4, %/ - %% % &/ % % %?(#(* $7 % GG% 6 % * 192

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

7/( +% % %! %%% (#(.* $0$% * 4- %?(#(. 8 &4:,,/7*,$%,A& 20%,%3 $$%, % 8 3? (#(., %7 2% 7 % $2% %- % & 3 4 & 3 3,& &? $2% * 7 $,2%6 %3, %3,,& %, % /3 4 &?(#(.,- -, -, %, 4 % -&%* 7 $,%, % %%!$0%,% %8 A - 3(:E,1%7 3 121% * &7 %% % +,G%, % %% % %% % +,+% % 3 % * 7 % 1 % % &! % & / ( & $2% 3 21% 8 3 -, (#(.@, 8B7 07,4 1% &!!%, % %,!$% / ( F/++/+ G,% % F/!/+1, % & / D ( 3%% E- 6H &% % %%% 6 + % @%, @7,- : <, #/ @% + %% F /!/+1,-&, - % % % %, %3 &F/!/+1 - H/ 194

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

/ & 4, " /"/!++5 1 % 3%, 4%, &&% 4 % & 4,,% /3%% & & &% 3E&& % 9 27 & + % *3 4 4 && % %, % -& / D&% - / **..*. 04. D +% F+/11/1!F!22/+2+/ ( 5 3 /1,%%!.//0+5, ; 4 % 3 % F G/G!/ $, G3 /( + %, 3 % & %% % / %%,%, %% % % 3 3(#(.@8 3%% &%,, &, 4& 4 &% &&7,4 -&L 3 % 4,% &(#(.@, %%) : 0, % H: B H / % ) / - % & 3 3/ % & % % % && +,& - A& % % 3 % %%, &&) +$,& %& &3%%), % 3%%) I:,4 %, 3% &3%% / ),, 3 %% % %% % ) %,4 % % ) #%,% %% 4) ) 8% %, % % & 7/ ),&, & " ",%%) 1> G>,%,, %3 %, / 197

+6 %. # # / % / / / $1 G 1 +G #% 0 $ 0+ 1$ : B 2 : 4 D=: $ + + + B 0 $G$ 1$ :%;. +6 /4 1 /!0 /%5%&& % &% " (%!!Q.%!2 % $5 $01 N%OE>##% $5P 2 % $5 1 N%OE%P!1 N%##%P 1 (&% & %8&,,% 7! + 198

!"#$"%%&'( '! )! * +,)-...,! / 0) *) *!1 2!!! * 0 * 3! 2!!! **0, *! *1 2!!!4!"5 "%&6 4 *,7!17!2! 2!!! 06&8!9*4 &: "%&;! *4 )#<8*!9* 5&=&"="%&6! 4>, "%&6>,>!/!&;";%6="%&6! *10 "%8 4 )! 0)2 ) 45%#85%$8!#? ""=&"="%&6!!! 71@/(077>/ 5%$%8 A"!<<?!;;6%% 99197,79/(077>/ "%%%8 A&!<#;!65;%% 971@/(,7B/(077>/ #<"%8 A#!?$$!#?<%% "" ##$## %&'(')*#$## +,+!-!.!!/0#..!#) )"%&6* ))! 199

4 )! *10) *@ 0 4),) ) 12,) * (2@! * )-#! )65 *)) 2! ) &# *! (!!!&65="%&6,!>!!5";"%="%&6"5=%"="%&6 0), 0 %&=%&="%&65&=&"="%&<! 1+.2!+! ) "%&6 "%6!?5$)"? "%&;)&""%&;! # #3 #!4 <!?55 <!?55 <!?55 + &%6!;5% &%&!;5% &%&!"6$ 1!./0 &6; "#$ "%; 5+! &&6!6&< &&&!;&& &&&!&<; # #3 # 1!./0 #??6 ;5 5+! 56!&&$ 55!<5% 5#!"#$ 1+.''!-+!1 # #3 # 4!.!!.10 ;<!5&? ;&!;66 ;6!;6% +!.62.7 $!&$$?!?#% 6!6<6 + &!&<? &!$&? <<# 1! # 55$ ";% 1!./0 &6; "#$ "%; 200

1+. '5'!-.-0 + # #3 # 5+ # #3 "! + 2!00 &$;!%6< &$#!;#; &$"!$"% 5 &&6!#&5 &&&!;&& &&&!&<; "! + ;;!"&< ;#!$%5?"!"&5 5+!. $;!?$< $;!%5" $6!;$# 5+ 6%!%?? 6&!$%? 6$!&65 "!+ "6"!"?$ "#<!##< "66!%55 "!5+ "6"!"?$ "#<!##< "66!%55..+!1 ".+0.!+!.10#8# 8$& ".+0.!!+#8# $#&.+!.!!.10#8#.!+#8# 80000 70000 60000 50000 40000 30000 20000 10000 0 69.317 61.655 65.650 250000 225000 200000 175000 150000 125000 100000 75000 50000 25000 0 252.278 249.449 255.033 2013 2014 2015 2013 2014 2015 /9:;. # #3 # 6..+,.!!7 %&8 %"8 %"8 6..+,.!! 7 %68 %$8 %#8...1+, # #3 # 1... &;" &;? &;6.!!+61<###7 6# 65 66 4! 1.. 61<###7 &%# << $< 201

> *! 4)-! ;6C;8."%&# "$8 6"8))! + +.+..0.+065# C"8!94 + 5;; C6"8 22,2,. 65 C&68!94D+ C"8 6& "##!/3"%&6 )! 6 &68! + 5 "?8 ) ). "!2) )-!E *) 5;"# ;#< %#%! * "68! * &&8!!#% &<=%?="%&5299 "%&5 "%&#! /! #6 &<=%"="%&6 *4! 2 $%!9 * )(!2!@! ) *. &". &"#. &&? $6. 202

. &"! "& C"$8) ). "5 ;"8). =6" <#8! 6%% "%&#, "%&6!"%&6) ) "%&#! B F G )- 0!5&=&"="%&6 "? C##&8 "%&#, 1 2 2 #"< 0FE G "#. * *" 668 4! &$ 5##! "6 558) * *)-. 4. 6 C&<<8!6;%=<5!#6?=?$)- >2!9! ;#! "%&6 *=!!! ;6 C$8 4!( + +0= ## &#8!( + $; C"68 4! H 22,,@2)- 203

E!9 E 0 2,@2 2. +";? C68 ). &" C&68. "5 C&&8 1 2!!!! 4 "%&6., 0)-! < C58 4! 35&=&"="%&6!&;6 * "%&#&;? *!/3; *6 * & *!# * *! #; ""8. " "6 =)- $# 0! "%&#! ;; C;8 B )...2.0=5&% "68 "%&#4! &" #8! &%# &56 "%&# 2I, 1,)2!> &5 <%% 2I,&<" )) &5"! #;5 C"<?8 "%&# "?; 0 0 && H >2?;$ ) ) 0 ) )- 204

"%% *)! # #3 # 40 #83 40 #8!!"#$% $& '#$"()* & ($"*'# & ('&!%& ')"(##"*' #(& ')"($"*# #%& "(!"*#) #& '& & '"'("'#! & (")'%"))( $&!"$!#")' )&!'&!& '$"'!"!% '& $!"($("') '%& $%")#"'( '(& '*& $*& ('"')' & %*)")( $& )$"%(* $& )& )#& ++.0 '3'#3 ')'( '((')** %*& '& #& B "!?;%!?$? #& $%$!?5% $& #!;$%!#"% %& ##$& #$& "!%?<!#;< & #!6?$!5#& %& 5!5?&!6&? (& ((& *& "!#<6!$#< #& 5!?""!;66!& 5!<?%!5<$!& & %& #!$<"!&%? %& &!;5;!&#? & 5!<?%!5<$!& $))& '& 4!.!!5.10 )')#') ## )')3'&*3 ## ('(#'3 ## ) 8* 1 ;5!56< &?&!<?% & ;#!"6& & $'& $& *"()#"$# $&!"*(%"%$! $$& $$"$'!"(* $!& '(& '& '!!"!! & '(#"** &!*"* $& (& '*& '#("'#% & '#)"(!% & '("!) & '& & #'"*) & #%"'*( & #$")$) & )& '& $$"%)*"''! $*& $"''"#') $%& $$"##%"%)) $!& $(& & + '"")( (& '"*$"))# #& '$"*$"$!) $& $$& (& 92 ##!%&%!??;!%& 5$!##%!$"<!'& #6!%;$!5<#!& $#& '& 5%<!??$ & #&%!$&5 $& #""!&&$ $& '(& '%& 7 ;!6?&!"56 $& ;!&<6!55# $& ;!$?#!"#" $&!& #& <!&%%!"&; $#& $!?<6!?$& $#& $!?%%!$&" $'& & (&! #!;%%!$"& %& 6!<"5!%$$ $& ;!<$<!$#6 $& ''& #& "'.10 )3'))'* &* &'*('* &( )*'&')) & * 8 1!+ &&3' '*(')& '3#'(& 83 8( 2 &!&<;!65< '& &!"##!5## '& &!""5!?<$ '& #& '& 2 #;"!6$% $& "5#!556 & 5%!5%& & ')%& $#'%& ";%!&?" & 55$!#<% $& 5!6;6 & '& %$)*& 6#!#5# & <%!$;5 & &6"!%5? & #& $!&.../0 #'(* # 3(')( # ')# # 8( 9:;5">.! # #3 #..1.!! 2!000 %; %; %;..1!.!! 2!000 && && &&.-0 # #3 #..!?1., &5 &5 &"..1-06 7 #6? ##? #5; 50>0 61!!7 #!66"6 5!$?;5?!$?6? 205

;%8 )! ##8.! * ) ) *! *"%&# )) 4! 5&!&"!"%&6&5 *22!!!<&6! ";6 2!!! 3!& 2!!! &##%=+ ) 4 6<!<5%"%56$"8! ;<C$8 + #% C&&8 + 5? C&68. " &?8. <&; &<8!. 5 C&! &6 C"58 ** H 22!!! &6; "<8, 4 J(!!!"#&=<?! 65 C#8 #< ) )-!$#(!,!!!<&?=&<$;! "5 C#8 &# "#="%%&&#, "%%5 "%%# * * 4 &# &" =5<! "%# C&"8 &; H 206

0E 122! #5 0 J 1 7 0!GJ17 G4 "%%< 0 * FJKBG* 0 +4 5!#56!&5"! * $%5 568"%&#! &&5 C68 + #" C58 5; F9KG6<# );5! /"%&6@)0 $ @5&=&"="%&65;! 1,)2?!%&$!%%% "%%<&6 ;C" ) 22L* )! 2L %&=%&="%&% ;!$6$!<"& 5$680 1,2!( ;!/"%&6 4 &$;!;#%!( 6$68! &; C&58+ "5 9&#!2 <6% *M2!!!)0! &% C&%8. &% C"?8 *2 1 2!!! *,!!!2!!!. #"& "68 "%&# B )! 55 "8+,? ). ". ; 3!6;%=<5 03!3 ) F=G3. 6 ). &%, 0 = "%%5 "%%#+ 0 "5? $?;! 5&=&"="%&6"< C568 D + -; 207

!/"%&6. -.56 ) "?; ) ). -!"#=%&G&$% ) 3"%&6. -&? "6 "%&# 3*=! -665 0$# 4?;$ >2 299! -/ 0$ "%&6<<$ *"%&6 3?#& 3 3! -10!% * "%&64 &?!..2.!1.;! =!;#(!!<6="%&"!&56="%&"2K0) 5&=&"="%&6+ ( * #&!&$;&? 0) "%<!5"?"&! / 2K))!24 * 0!! /"%&6. + ( "!5%;!;;# ( * ;5%!#$<! + /"%&6 ; )*! 9) )! 208

..+, # /, 9!! &!&?; #%& &&; "?; 5#% "!5%< &6!?"< 5!";< "6& &%" "!#?6 "&!$"; "!$5< &!""< "# 6 "#< #!5#; "!1'' K+0"%&60 &'(33 3'*&& & * '#)3 *'3* 1.;!.;! /, 9!! &$;!;"&!";5?";!##? &%?!%5? "&#!%5& "?%!$"" &'&*#')## >=;!#;! 50 5&=&"="%&6A5!$6;!"&< 5!$66!"&< &!%%%!/"%&64 *,!17!2!2!!! "5"%&6!"%&60) *2!!! 0!,!!! 4! 2! 2 > A&&%!%%%%% &%%8 A5!5&%!%"<%%,!17!2!2!!! 1 A6%!%%%%% 6&%%8 A"6!6%%%% 1 1 A?6%!%%%%% 6&8 A6&<!;$<%% 2!!! * A;6!6";!%%%%% %%%&68 ) A&!%%%%% 2) 3*F1 2!!!G "%&# / 35&=&"="%&6 209

3 3&$%) 3* 3!"5;#! ;!!. # #3 # B ;6!<&<!56& ;&!;&#!?%# ;<!$#"!<"# ;#!?&6!%$5 ;%!&%#!5?6 ;$!6#?!$<< ( &!"%#!";$ &!6&%!5"< &!"<6!%"6 2 &!"<6!%&; &!5&$!<#< &!5%<!<;? 2 #&;!&## 5&%!;?; "&!%5< 5"6!5<; &&<!"<; ;!%<? "&$!?6? "$#!55$ ;<!";% "&$!?6? ";$!<6& &"$!65# > 0 "%&# 4 * 1 2!!!9 4 *!$$ %?=%&="%&;$"%&;&5 "%&; * 5&=&"="%&6 ) *)"%&;4!, ) "%&6&$% )!"5;#!"!&" 2! 210

!! " " # "$# % &!!! " # '( )*+**,-./* "!! * # %!+!! 0 )! -,'( + )*+**1.-)*+*11,,/! 1'( + )*+**1121/!! * # 3*..*12* 4 *!"#,! 5 * #! *6 "!!7#! 7! 5! "! 5 "! " * %!!! " 7 "! 8 49: 0 $; &*! " )% % ) %4* 0! -, " $; & 7.1<5 1.<= *#! " " 5 7 1 " ; * #, "; *** 7! ->? "4 ***!!!!! "!!! "! 906!!* #, ) #!@!) 4 :%!!!!!!!. 1; ***! * 0? "!!! 3***47!! "!! '! "! /!!! *? 7!, * #) 85!!1 :! *! " 5!!! *%! 5!!1 8! 5 >**!!! 5! *4!A! B! C! B *!!A$!&!!! 5 " " D!! *#! C 211

!!!! 5 8!! # #0B! 1!! : B! "! "!!!! C B " 2 5!! 5 *#! "!5 5$ &! * $ % #,! 32*>! % *!"&!"'!"# *.. *..,*>1. ( *-2- *. *1-1 ($ ) -. * *22- -*, 2*1! #!! ( $ ++ $!"&!"'!"#, $ -*2. -*1,*,- -.%/ 12 - -,, :- ($, 1 -, ($ ) -.! $ +*+ Attivo!"&!"'!"# *!"&!"'!"# % *,2 *11 -*>-1 * *22- -*, 2*1 *.1> -*.,*>12 * * -, -,> *-,, *>- *.,*-- 1*2- *> *,*-- 1*2- *>! 212

$ $!"&0!"# &#1234!"&0!"# &#1''4 $!"&0"#!"&0"# 6000000 5000000 4000000 3000000 2000000 4.620.830 4.077.616 5.541.019 25000000 20000000 15000000 10000000 15.440.903 16.743.323 20.912.885 1000000 5000000 0 0 2013 2014 2015 2013 2014 2015 5 55)6758( -!"&!"'!"# (. / >< 2< >< (. / < < :< $!"&!"'!"# $ > - -.$9"!!!/ - -., $.$9"!!!/ -> -> -1 +!! E! 5!*! * "!!!!7! 5!!* +! "!! F!! "! C! * 213

:! :- ':.</* #!,, 'G</!!! - 'G-</ 5!!!* (!!8! ':-</! (;. ':1</! 4 'G</*# %,:2! 5 >:! ':-/ F,! >, 'G-></ 2 -*# G<!,> -22,,H 2><!!2 - >,* %!!'G1</!!!3*-1*- 3*.*2, $&! " '! " " ****/E! '! 0? /!!! "* #,,!!'G</!!!! 2 'G-</!! 1 ':</!,1 ':</!! 'G-,</*I!!!'! :!! ***/ 5, 8# 4 :%6 @ ) *)5!! C!!!'!!! "! /5 "!!! J J* 0,7-2! '!! - "/ *!! (! 1* 7!!!!!! 7 *#!! "? "K 0!!5 " "!70! "! *# 7!'! /# %!!-* + 1.!!<! 5! 1!!!! *! 55 #,!! " # %!LM* #!! -22':>-</*#!! + #! ->!!!! C 9# J* 214

Conto Economico 2015 % 2014 % 2013 % Ricavi commerciali* 1.318.721 24% 1.246.300 27% 666.694 16% 6% 98% Contributi, di cui:* 4.176.781 75% 3.374.480 73% 3.399.921 83% 24% 23% Contributi da fondatori 2.051.800 37% 2.045.700 44% 2.033.455 50% 0% 1% Contributi statali 775.590 14% 590.000 13% 705.000 17% 31% 10% Contributi Regione Emilia Romagna 925.000 17% 371.000 8% 176.000 4% 149% 426% Contributi Fondaz. Carisbo 130.000 2% 135.000 3% 200.000 5% -4% -35% Contributi Fondaz. Del Monte 75.000 1% 80.000 2% 82.000 2% -6% -9% Contributi progetti europei 129.433 2% 72.129 2% 59.235 1% 79% 119% Contributi da altri Enti 89.958 2% 80.651 2% 144.231 4% 12% -38% Erogazioni liberali/ altri ricavi* 45.517 1% 50 0% 11.001 0% 90934% 314% VALORE DELLA PRODUZIONE* 5.541.019 100% 4.620.830 100% 4.077.616 100% 20% 36% Servizi 2.700.839 49% 1.894.633 41% 1.502.044 37% 43% 80% Materie 75.100 1% 67.234 1% 44.370 1% 12% 69% Godimento beni di terzi 329.955 6% 64.034 1% 76.287 2% 415% 333% Costo del personale 1.570.511 28% 1.588.716 34% 1.595.952 39% -1,1% -2% Ammortamenti e accantonamenti 305.490 6% 313.856 7% 265.416 7% -3% 15% Oneri di gestione 563.284 10% 639.415 14% 548.993 13% -12% 3% COSTI DI PRODUZIONE ATTIVITA ORDINARIA 5.545.179 100% 4.567.888 99% 4.033.062 99% 21% 37% DIFFERENZA VALORE E COSTI PRODUZIONE -4.160 0% 52.942 1% 44.554 1% -108% -109% Saldo gestione finanziaria 477 0% 7.640 0% 6.003 0% -94% -92% Saldo gestione straordinaria 48.922 1% 1 0% 1 0% 4892100% RISULTATO ANTE-IMPOSTE 45.239 1% 60.583 1% 50.558 1% -25% -11% Imposte -37.318-1% -36.257-1% -38.856-1% 3% -4% RISULTATO D ESERCIZIO 7.921 0% 24.326 1% 11.702 0% -67% -32% * suddivisione del valore della produzione per fonti fornito dalla Fondazione Variazione 2015-2014 Variazione 2015-2013 5 6758( *(-5 (!"&!"'!"# $ % $ %!"&!"'!"# ;$ > $.4/.>.--.- *.$ / *, *. *-2 +!!!!!!!!! % E 9# * (!!! 3 *.2.*>,,!!3 *2*!!!!'32.*>,,/*N,!7 -!! "B! B *N! 215

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

!! H!5 ",*#!!5 " 15" 1,! " ; * (**( 8 ( 5-7 85> 0,!! 3,*!!!0 )? *1-(** >,* 7!,!!! 5 '! 75 /!!! "! *7, -*.!!! * 65! C!, 8!!!! 8? H!! 7 # P!!?!6L H! + +!! H! 8 )O '*!! / =)! C! * # 8 * =!!! 87!!!!!!! ', /!!!! *!,!!!! *),!! (,! "! * #, )!! 7! *+ B B7! *!!7!! * N,!"! C 7!! ) 74 :%')4%/ *# 75!!7# 7! )!, (O(!!! * #,!! )M!! 5 ',:/ B B! 218

M! C!! > >.!! * N, 7 % 4 %!!!*7!!!!!!! 7!!! $# &!!,2!! :* 0!.*,>1!!!!!!!!! 5! 8! '!,/5! 9 '>/*#! 7!!!!* #!! 1!!7*#!!!!!! 5 *!"&!"'!"# N* ** *-,* *1,,* N* '0 / 1*2,. 11*>2 2*, N*!!!. * *>.2 N*!!,*.,*2,*.>2 N*! ' / >*>, >*- >1*- N* >*> >*> *211 N*!!., - N* '# % /,> 2 2 N*!.*2 2*,>- *. N*! -1*2-- >*>,*,1 N*!! 2*..,*-- *21 0 "!! 5 "!! *+!! 7# % "!!<!!! 7 *!! 5! 7# % ***! C! 7 745 5!!7 "74* )5!,!! '5 " /! *#5,,! *4! ( + )! *0 4! 219

; # * N! 6! " 5!,; O *? 8,! ) ;,! * " ) ;!!?! +% 0) )(! # % 8QQ#Q 2 -,! 5.*!!! 7!!!!?!!!! * O # :N! 8, R, *#!!!!5*0!!!!! *?! "# % * 220

5)--> ((, +(+5+? "5 15! # 5!! *? "! * "!! *!"# #! C,!!!LM "!!! * (!!! '? = "/0? # % *** 1,!!!!!!LM# % 0?#0!,! * #:! LM!!! C! " 5! "H 5 J! J85 " # % 0?#0 "! * 0 = N#! ", "! )!! "* # 8 "LM ' / LM '!! / # % *** *#! " LM 2,* ** *0 A! "! * # -><! " LM?#;4?6?*!*0* "+!!!! >>! 7 "*?#;4?6?*!*0*21<+!!!!?04!!!! H!5?#;4?6 DS'! /!, * )5 0 =! 1 L M J T J! "! *# "!! *,!!*0! " 5 'K 0/!!!!!!! "!! -5 "! 5! *0!! "!,:> "! 5 1:>! >!! "*#! 5!!! * O!!! "!!) 5 ( 0 =!?! 0? -,*!!!!# % ***'! 221

:,< /! C! " *!!!! " 4! C!!! C! # % *** :! * 0 =! 4 # %!!5!! TD:D5 # %!!!!! 4 *! 5 JJ "!!7# % LM*D 5!!!! '! / ' 5!! / " *# 5! C!!!!*4!!!!. "!" * 0 =!5! 7! LM! 8! L M!!!! 5!! *# 5!! ) 7!! # % *** "!! "!*#!!!!!,, *!!!, D'N))!!!/!!,<,< * #!!! ',! 1 "/ ***1** 0!!, 2,< 874!!! +? = 0 '! LM6!!!?!/* 0, " 7 "! * #!! 7!! 0D!! C! O LM % *#!!! 5!!! "! C!! 5! " *,! "! 8!!,! % U)?!!!#0' # 0 / ; #!! ' /*?!! # % 0 0! )), 5* $ % #,? " 3-*,110? " * 222

!"&!"'!"#, 1 1 1 ( >,, > ($ ) :2.- - *. 11 -,.! $ ++ $!"&!"'!"#, $ *,11 -*> -*2> -.%/ -1 21. 2-2 - - 2. ($ 1. ($ ) :2.- -! $ +*+!"&!"'!"# *!"&!"'!"# % *,2 *21 *, * *1-2 *>2 *1. * * *- *2 -*1. *!. 11 -,.,1-,,>- *,> *,>1 *,11 *- *2 -*1. $ $!"&0!"# &'1&&4!"&0!"# #&1?24 $!"&0"#!"&0"# 5000 4000 3000 3.566 4.319 4.791 5000000 4000000 3000000 3.372.527 3.004.592 4.617.571 2000 1000 0 2000000 1000000 0 2013 2014 2015 2013 2014 2015 223

5 55)6758( -!"&!"'!"# (. / :><.->< 2>< (. / -< 2<.2< $!"&!"'!"# $. > 22.$9"!!!/ -> -1,, $.$9"!!!/ 1, 2,! "!!!!!*) "!! "! * +! "!!!!! -. "! C!!! % * 0 0+ 8!!! 2. ':</* # -. 'G</ -< ) 9 =4'<0 <0 / < #,< ) =4'< /* # -- 'G</H!!! - 'G></! '!!!!!!!!! ***/!!!!! O % % O ) -! *(!!, ':</ F! > ':.1</!! "? "!! 5-* # 'G-2</ "!,*! :2, ':</,-!!! *! :, ':.</ 5? "!!!! 224

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

! *! "!! " * # 'G,.</. 'G,,</2! * # > 'G-</H!! -,- 'G2</!!!!!!!> @?)* 7! 7!!'! " /! 5E7!! *!!!>-! - -<! 'G2></! 'G-,</ 1.1 '-!,.2-2 2 /5. '-!.> -!/* #!,3-,.*2. 3>*,1,' -! 31,*1/!?!3,*E! '3-*,1,/* @! " LM'!, /? "! * 226

! " # # $%& & " # ' $ & ( ' )*# +, -. " # /0 ( &! "!"# $% % &!"' % /01 2 3% 4!5 6 7& # 81/019: ; & ) <!! 4 & &=> "%?:/01> /01 @ ) A $+ (!" ; %?:/01 8 B 26 =C8 CD 7! <" 4$ 5 : /01 4 # 4 % )) 3 ( # + 4(% ( )""( &? & : '!5 &7# & < 6 @! 7/<" ;/01!?&%? 4 3 6 9 > 6%"'? #! 73< 6 " #/01! @ & : @ /1! 2!=& : 2&:= '";/01 $8 )"; >!!&E:* ( :>?73'6< )"3 2D = 4 " 4 & /08 3( 4 ( 1 /08> ' " (! "FG/0D" B /0D"/"1FG/0D"GD / /08"0F 88 $ 227

H"BG1"000 $ 0 + C 8D 6 C "//"000 H/"F1"000 #;'% " # > ) 1! '!5 "# 4 ' C C 2 4= C! 2 D0! =" #' /08/0F 6 4 6!! " #/01> " /G /01"/0G 6 6!! > /0G" % /01 ) ( $ /1 /01! 8"800"000 6 6! ' I $0 + 8D // / F1 C )! /08 /0FC /01! 2J1 = 2J = ' C F /0F )' '! & ' G!!! ' 6 " # /D /08!?/01? 6 6! > ";? /08?/01KG1G 23 "":"/'")"/01BL/08="3/0!? K//? /084 4 "; /01! /01 D10 23 '")"//011L/01= " # /01! /0F3 '")""/GG1L/01"/8100 3 ')""D80L/01D 3 '")""DDF8B0L/01" DDB800 " 6 > /01 228

+%/01( " #3 '")""D/B/FL/0F! 100 6 " ( ) # /01! "1B"BG0! /B /0F! '!6 B8"88" #! /01' /08/0F! D80"GF0"!"*!"+!"#, F"// D"1G /"D/ DG"0DD DB"11M DB"11 -% 88"11 80"DD D"/GB "0/ 0 0 ( & /"B1/ "0/F "1G -% 8" D"/GB DB"D/ M 4 4' % > GBB"BB2 DL/LG=" (..,,(!"*!"+!"# / $( /0"G0 "GF /0"F81, $ 0)1 GF "G/0 11/, $ "GDG /"DD/ "/// ( %$ /"FB8 B1/ "0 ( & /"B1/ "0/F "1G 229

( 2.-. %!"*!"+!"# -!"*!"+!"# %%) FG"8B FB"8D FB"G8 -% "01 B"FD1 D"//1 - - B0"80/ B1"0FF B"0D - 8" D"/GB DB"D/ 1"8G B"0 //"81G D"BD B"GB0 "/1/ B0"80/ B1"0FF B"0D ($$ $(!"*3!"# 4*!5 $!"*3!"#!46!5 % $(!"*3"# % $!"*3"# 25000 20000 20.180 19.186 20.645 100000 80000 70.402 75.066 71.039 15000 60000 10000 40000 5000 20000 0 2013 2014 2015 0 2013 2014 2015 2 &78 %!"*!"+!"# 0 $ $$1 FDN /1N 10N, 0, 1 /FN DN BN 230

$(!"*!"+!"# (% $ /BB /B/ /F/ $$ 0(9"!!!1 1/ 1 18 /,,( $ $ 0(9"!!!1 8 81 1/ ) 4! /08 /012JN= 21N= /08" ( 4 6 & /D /08 / /01 2& =!! 26 =" $! "///"0/1 /08 /"DD"B1D28GN=" # / 2JGN=$ /01! 8D /08 DD /012//N= )(! 1 /08 BD /012JFN= % $! /08 /D!! 7 < &" '6! /8 "% + % G1 -<! > /11 ( 3"(" LL/01 /01! D10 " 100 // 1 /08 / /01"&!! /FD /08 / /01?? "" "3""D"1"/08 "GDO3 O "0F/L0BL/08"" "" % # F0 /081 /01" '6 2N=! / /08 /01 2JDN= GDD 8 " /01 $ $ 2JD0N=! F0 /08 G8 /01 & : 4 & 2 @ :=" 231

# // 2J/N="! 6 % $%4 (4 (% % 2J/BN=! 10 /08 FD /01 6 6 6 6 2JDN=! 1F /08 1G /01" 3 6 6 %%4 %%! D /08 /01!! D /08 F /01-6 /08/01 P! 1 /08 /012 &! (?!// /0/! 4 4!? F/D /00"BG D0 /00"//" #! 5 ="!. 4%.&( %""" /01 >! 88 /08 F0 /01 /01& :!!!! B /08 / /01"&! / D /08 6! " 3! 8 /08 F/ /01! /B8 /08 /1B /01"! $(,! D8 /08 DG /01 4 /01! 8 /08 F /01!! DD /08 F0/ /01! 18 /08 /01! 18 /08 G /01! F /08 / /01" % $ : $! 10D /08 D0B /01 6!! 4" %! $ (! BDF /08 FG /01! " % $,% ) 2GN=! 8/ /08 BB8 /01! 42 81 = 4";!6! DF /08 DG/ /01 4 6 " # $ > 8 2JN=C! 80 /08 8/0 /01 DB0 )!! " 232

"# 8FGL/01 8FL/01!! 4 "#!! / 4 "!6 D// " D8!! /01 4 8? " ), D1/ 2GN= 4!! /08! 4 ( %% ( " %%% ( > FB0 2JDN=$ 2 /FG /08 81D /01= Q3 R # "#> 8 /01 " /81 2D8N=! 6 > 2/B = /00+ "/L/0D2JB/ = ( /01"#! D/ /08" &!5 ) 6 #&' #&' #(+" 88D /08 6 / / + % /G /08I ' & /08/0F(# ( F /08" 4? #&'? " 233

2 78 - $%!"*!"+!"# $( %%) 0F 0F 0F $( %%) 0G 0G 0!"*!"+!"# ;( 0 08 0D (% 051 1G1 1/D 1/1-0( $ %1 /"B10F D"G1/ G 234

)!5! F0N > 2 /08= ( ( P"""/L/0D 2 = 0 /00 + ' /08/0F" ) 4 6 4!! 6 4"# F0N /08 ) "0/1"1";/08 /0//0D 6 GBB"BF G0 4 4' %""""! /0//0D/FB1 /01" (! + 0? " # // 2FN= D1 /082 D =6 +%/082/ = "DGGL/000?/0821 = 2G00 = /10S 3"("3/DLL8 ( 4 (? 1B 2BN=! /082 /8 = 6+ /01 4 / /08 ' /08/0FC > G/ # /0F 10 B! /0F 8 2J/GN= 6 @ 6( %%2G8 = 7 ( 21B = %:# 2P :# /0/ 6 = A : /8 &#2F =. &2DF = 2D/ =C )( /1G 21N=! #&'/08?#&'/01!5 3! #A/0F?/01 /8! " 4 6 G @! /08 &#%:"%! DL/L/01 % ' & $6? (#2&";"GF FL/L/08 FL/L/08 K/"18G"B8B00=6 (2&";"8?L/L/08 BL/L/08 K8"800"00000= /01"! 4! D0 /08FD0 /088"'>6 "11 235

? 2 &#%:"/F81=3 4 6 # :#8" 6 ( # > 11"BFB" # /1 2N= ) B /082 /F = & 8"8DF"/00 (/01! (#2 /08= /08/"18G"B8B 6 > DL/L/0F ) /G 6 @ 6 8 L! 0F! 2! = ) )( /F 2DN= 2 / = 2!6??#&'/00B/00G /0DDF > 6 D/ 26 = > "; /01> 6? /00 G/ 26 = >! 2 /0 /0F / /0F=C 1// G/ #&' 1D0 /01 /8 /08 > DL/L/01#(+C ), ( $ ( / 2B0N= /08 /0//0D2/FB1 = /01 /8 /0 /08 6 /0820DG = 4 /0F, ) / 2N= 6 @ 18/ 6 4 88 /1 /D ( " # DL/L/01 F 2JBFN=I $ 9#&' BF1 88D /08 #&'" /01! #&' /002 =C! 6 /0 /08 6 G"?? #&'/0D1G 2 = DL/L/0F #&'? /086! +% 2G1 ="% FF 3 #&'/00B/00GC 4 181 DD1! "! " " "# 8FGL/018FL/01!! 4 236

" #!! / 4 C! /8B 6 @! /F /0/?"G"D3""1L/0/ "B/0/"D173 <2 % & -= B/! 6 ( /FLL/0/"DF!! 6?#"FL/00! 4!! 6 P :# 2 /0/= D0! /0D/08/01 4 G " % F/ ( /0//0D/08 4( % %"""? G /00G /0F! B " $$ )< %( 8, # L "F83""1L/0/ "D1L/0/ %! DL/L/01$ 88"GGF0&! :! %!6 %!! " % ; /01 81 I $ # /! - C # DBF! /01 /B1! 8/!!- 8 F1 F/1! 0 C # G 6 % /0F&% P' /0B" %!# > D1 "# 6 ' "# > 6 6 9 " 237

2

! "# $!% &'(!)**!! ++! #$)** %, -&.& " & # /!!! 0%!!!1 2 %!# / )**&3 +)4 )*4 526!#442 2"'+7 8 #9**#*** )*:)*;020!### 2 "<,& &=##.##;)* :*)*:#.##)9;>)*:?# " &'& 3 # " 2#4!!!!!!! +7+! # 6!! - :)***" @! (! ( +&! ( # 6:)*48A;#4):)*; 84*#;;40!!! %! #!" $ + )*; + B!!<B?! C$D # &, )*4'63"&+ B!!#/%!1 ++ % - 0!!!! C!D#E %! / % #" )*4>)*;&& & & +' +!!+&# B!1 +!!#60 +,#'# )*4!! $+!!!! # &! $!)*;> 239

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

3 5 #! &!' &!# 6! %2! )*)! %+)*; # $ )*;% + " &! '# / C D< 2?!! + #6!! <? + <!?#"!!!!# ",#'# )*4++)*; B!!! )*; +!!0,!+ 0 $!! # @ 6.F!! &! ' " &#"+ =! +!!!#"! 0!!! )*;# $ ++ )*;&. +!!& )A!)*;! &!'63"&<##?! # # $ 63)*; +!2!8A:#9A)4+! &.%! 22# /!:)*48A;#4)!!)*:<&.>>)*;?! )*4!84*#;;4! )*;8::#A# $ +C :>)>)*;!8::#A >>)*4! )*:)*4&. )*;!!! 8A:#9;#,!!!! &. %+!!!!!! )*;D# $!!& +C!!% /! + & "! # 6!+!! + + 84**#***** 2:& ++0 +!!1! %!% +! 2 0!D# 241

" %! 2!#!%!&!" A: A; 4*) * A * # ' A A* A4 () * ;4) 4*) ::9! # *++,,#!%!&!" -.# *# :#**A )#)4,. /$0 ) ;:4 ;;:,. ; ) # ). 9 4* # ' A A* A4! # 1+(+ ) Attivo!%!&!" (!%!&!" ))$ * )A 4#** 4#*4 () :#*9 #)99 ;#:A; ( * ( * ;4) 4*) ::9 ;;) ;#; 4#*) :#*:* A#: 4#:4 4#)4 99 44 ( 4#)4 #99 #44! #...#!%2!" "3 %4.!%2!"!5364 242

).#!%2!" ).!%2!" 15000 13.006 12.724 15000 11.989 10000 10.177 10000 9.414 5000 5000 4.124 0 2013 2014 2015 0 2013 2014 2015 1 '789 ** )!%!&!" /...0 ;*H )AH ::H, /, 0 *H *H *:H.#!%!&!" #). 4 * *.. /#:! 0 :A A*: 4*A -,,#.. /#:! 0 ;* A9 4;A /2 %2%! 0+2 )*;+!!8A:#9;!!!2!<A*H? +!!( +!!)*4# 6 % -!!! # 6!!2)*;!*%!!!+0!!!+ 2!#!!% 0 2!! # 243

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

0+ +++!!!!!! )*; *! # & %! )*;+ 0 +!!!! 00!! " '# /!A:<IH?!!! 3! '!!B+'63"& + 8;**#***!3!2 )*4!0 "++!!2)*;!!!!! 8);#)):#/+++ 3!! + %!! /!!:4<)*4!?!!!6"2! )*;# Conto Economico 2015 2014 2013 8 H 8 H 8 H Var 2015-14 Var 2015-13 Ricavi da attività 4.068.917 32% 4.331.150 33% 4.346.319 43% -6% -6% Contributi c/esercizio 7.953.789 63% 7.258.993 56% 5.099.980 50% 10% 56% Altri ricavi e proventi 701.046 6% 1.415.710 11% 731.081 7% -50% -4% TOT. RICAVI ATTIVITA ORDINARIE 12.723.752 100% 13.005.853 100% 10.177.380 100% -2% 25% Costi per servizi 6.577.180 52% 7.165.510 55% 5.661.755 56% -8,21% 16,17% Costi per materie prime e di consumo 344.454 3% 236.126 2% 158.094 2% 46% 118% Costi per godimento di beni di terzi 544.330 4% 438.416 3% 528.005 5% 24% 3% Costo del personale 4.464.813 35% 4.279.248 33% 3.604.337 35% 4% 24% Ammortamenti, accantonamenti e svalutazioni 524.723 4% 527.238 4% 67.648 1% 0% 676% Oneri diversi di gestione 239.600 2% 352.395 3% 152.874 2% -32% 57% COSTI DI PRODUZIONE ATTIVITA ORDINARIA 12.695.100 100% 12.998.933 100% 10.172.713 100% -2% 25% RISULTATO OPERATIVO 28.652 0% 6.920 0% 4.667 0% 314% 514% Saldo gestione finanziaria -62.533 0% -29.644 0% -20.440 0% 111% 206% Saldo gestione straordinaria 34.431 0% -17.428 0% 33.569 0% -298% 3% RISULTATO ANTE-IMPOSTE 550 0% -40.152 0% 17.796 0% -101% -97% Imposte -64.425-1% -120.000-1% -113.500-1% -46% -43% RISULTATO D ESERCIZIO -63.875-1% -160.152-1% -95.704-1% -60% -33% 1 789 (.)!%!&!".# ))$ ); ** **9.# ))$ ;*A )4 245

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

&!$%!!!!!0 "-$6 + )*A$ %&!+6#3=##!#"#!! 8#)**#*** # " 0 0 6#3=# + +!!!!!-:)*; 6#3=##!#"#!!2!! 22 &.)4>*>)*4 #"2!!!4:;!!(!!! # 6 +! +!!20 2!!!! # /!%0*:<)H?# +<! 8:#4#94? C!" F 3 D 2)*4!84#):*#***!! <)*4)*):?"F 3 %!#! 084):#***(:)*;!8:#:94#***# /! +8:#9:9; +!8);#*9;*A!8A9#*9<!2!?#6 + 2!!!!8)A;9 22!8);#***2" 6.!!!! %#6& " 9>>)** ;>:>)* J 0 " 8);#***-!!!!%#":)*; # "&6"K6=$6 /!!!!8#:9(!! - "# % " &' (.%.,,& +,,-. %/ + +0"!! $$$$ $$$$$ $ $$$$ )* * *$ *)) (( 9 * * *8 9 ":)*; &3!! 84#***!! 2! 3 > 2#A4,#/# ;>)*)# 247

Recite di spettacoli di produzione nei Teatri ERT Recite di spettacoli di produzione all'estero Attività di spettacolo Anno 2015 Anno 2014 Anno 2013 207 126 63 33 39 13 Altre recite 132 190 124 Recite di altri teatri e compagnie ospitati nei Teatri, per Vie Festival e altre rassegne programmate Subtotale 372 355 200 584 625 509 TOTALE 956 980 709 Spettatori 139.260 168.114 126.319 "!! & "!! +C)*;! 9 %<)A)*4)*?!! <:;;)*4:))*;?D# @+C!! 0 +!!$+!7+!!! #B!! +,#'#>>)*4! %F!!!F!!1!!D 248

!! "! "!!!#$ $! $! $! # %! &'( )* +",-. )!!! *!! )/ 0#!$ "!"!# 1$ )! &'2# "&*&'34 *-#4#&''25&'3)! ) $"!$ 6! 7 #5! " 5 8 )/ ) 7!# "4 )! "! &'2# " &2&'2 9! :! -4 ) -!#! " # $ &3 & 2 ' ' '! % 8; 32 & &' ( <' 2 2!! ()) **! # $ +! 2#2' #&;2 <#(2,* + -". '' (2; ((,* + 8&' ;'! '+ 8<' 2 ;! % 8; 32 &! 249

! /)&) ' Attivo # $ & # $ 0 ''" 0 ( ;(( 2( <(' &' 2#(' <#''; 3#'(3 & ( & ( 0 <#<( <#<& 3#<<3 0 &! <' 2 2 #3(( #( #32 2#&< 2#&'2 (#'3< <#<( <#<& 3#<<3!++ 0 +! #1 $2 3 0 + #1 1#2453 ' +! #1 ' + #1 8000 7000 6000 5000 4000 3000 2000 1000 0 5.570 7.285 6.935 8000 7000 6000 5000 4000 3000 2000 1000 0 6.763 6.762 4.681 2013 2014 2015 2013 2014 2015 / %678 (,( ' # $ - + ++. 83'2= &3= ;= * - *. 8;'= &'= '&2= 250

+! # $!' + 3< << <2 ( ++ -!9. 3& 3 32 **! + + -!9. 33 3< 2' 4 *!! &'3&'2! ) ) #>!! &'3 $ $ &'29? $ # 4 7 &'(&'3! &'( ) +",- 9 @ * &'( 7# 4!!! $ ;'?) # ".82=09 $ 7 (.A2=0 7 * 3<.A<=0 7$* 7 -** B3.A&&;=0# " <.83=0#?! ((.8(=0 &.A=0#"! $ 7.!! $! 0 & C! 3=#D!.! 0 <&'.8(=0# 4 (&< #!! 2.8&2=0 E * #! &!! * # 251

( ' 3 $ 3 # 3 1$ : 7 * 3#2;#23 <<= 3#(3#<2 2= &#<3#2 3;= <= (= : * 7 (#<2#3 2(= (#;<#3<& 33= ;;<#2; <= 2= ((= 8#32#'' 8&'= 83(&#(' 8<= #;'#&(< (&= &&;= 8= <#;(#<; = #'<;#' = 2#((3#; <= 8(= &;= '(#&&< = &2#;2 (= &(3#< 3= 82&= 82<= &7 ;)5# )5$ 3 4)<$) 3 ) ;5);<5 3 1 3 3 &#&(#(( (= (#3;#;( 3(= &#(#;3 (;= 83= &=! G <#( = 3#'( '= #;'#'& &= 8(= 83= ># (#(3&#;& 3;= (#;<&#&&& 2(= (#&(#;' 2= 8(= =, #&2 = ;#'< = 2#'' = 8&'= 82= &2#<;; (= &2'#;(( (= #<2 (= 83= &<= &#('#<<' 3&= &#<;;#' (= #;#'' (3= = 2(= (&2#;<' 2= &;#'( 3= &#((< 3= = 3= +! (#2;; = (2#('; '= #( '= <= &(= 00) (/0 &7 ;)5#)<<# 3 4)$)$ 553 );<5)# 5 3 1$3 3 /700 &0 )# 3 <)## 3 15);4 13 1<;3 153! 83#3< '= 8#&3 '= 8&(#&<& '= 8&2= 8(;=! &#;2 '= 3#2; '= 8<#22 '= 2'= 8&&;= /700 01,&/0 <) 3 4$)554 3 1 5) 4 1#3 14;3 13 " 82#2(' '= 8('#('2 '= 8&#&; 8= ' ' 1# /700 /( )$4 3 $$);5 3 1<<)< 1#3 15$3 13 GD! $&'( +",- / 678 &0, +' # $ +! ''" ' '& '( +! ''" ; & &< # $ :! & (!' -3. ' &( (3 & -! + '. ;2( #&'; #'' $! *! # " (5&5&'(!!! $ (5&5&'( F<'#(&' 252

&'&3(& &'# 9 &'3!! $.F33#<&0! * E 2& &'3# ( *&'2 F2#3; $ **? &'3! * * C!! 5 7 * ***?* $ # ) $ 7!! $ *!) * $ & 7 (( $ * *# 7 )/* / F'#''' '** &'< 7# " &.8&'=0! **. - :! :!! 0 7 #! &(3 && >: # * * F ''#'') F''#''' -? F'' ">,H# 7 ) * '** &'< ) -!!! F'#'''# "* ((.83'=0 7 <2.8<2=0 * <.8=0# "9 * F&2;#&'2 E! &'(.! F3''#''' F(3;#'''&'3 )/&'3F2&#''' - D E 0)&'29 F33#(&# &&0 80 (0 ( (,7 8= ( *&'2 *! F(#&23( * 5 $#<3 %##25&'&#! F&#''' * 5 $#<3 %##25&'&) * F3#2''!! # 253

!' +! $ - - F&#(( 2= F#2<2#&( &&= 8F2&#'' 7:##:# F2(&#(3 ;= F233#;<' ;= 8F&#2 ** F&#( &= F2#22 = 8F(#'< 7 F3#23#(3 <<''= F3#<&#&2 2= F(2#<&3 254

! "#$% " & ' ( ) *( $ " ' +,- $.' "# ' -/ 0 $-/ & $' - 1 2 '34-+,-,.56 " +78 & 4++3-3335243,-,.3 ' 4525-25,#6! "$% " 43-7.37+.58&-! 9 $ $ 2 '2 452-3+7# $. $ ) & : -9& 5. ' -32++7;. :$ ' " /!-3 <1 =$& 43- - ' ".*7# ' $ '! -1 > 02. -3.23,;.#.*7 ' 473-4-:.45-:345-:7-9 $ $ ' <= <!= -?'. '-,.375;. '.*7 43- - --35+,;7 & 0 & <= 0 0 & $ ' @ 2 '5-9 '0 ' 43-$5-1 ' $ /!-3" " $ < =6 & & 4 3,5-25,6 ' 2. 43-@ & 4525-25, 2;;3 422-355#- 255

" # 1' 3 4,-235,2 9 5 7 ' - $ %! +.+ -++ -++ & *+3 *- *+7 &" ' *5 7, () * *5. 25.7 " *++,," $ %! -" 7 533 5.,., - /#0 *5 +7.., - *. 52 7 &" )- *+, 5, &" ' *5 7, " 1+(+ ) $ %! ( $ %! 2 ))# 2 * 22 27 2. () 2 33 3 ( * ( * 2 323,53 3+ 2 ( *5. 25.7 5,+,.2, 3.+ 27 323,53 3+ "-- 2 -" $3! 4!56 2 - $3! 476 256

) - $3! ) -" $3! 1000000 875.191 1000000 875.191 800000 600000 534.719 589.566 800000 600000 534.719 589.566 400000 400000 200000 200000 0 0 2013 2014 2015 2013 2014 2015 1 '89:& *.* ) $ %! & / - --0 *7+78 28 5,28 &, /, 0 *+.8,28 58 -" $ %! ") - 5 5 5 * -- /"; 0.+.5..,," - - /"; 0 2, 7 3.3 0. /! "- (.3 >' 0$ 3 >' 0 $- * @ $ - 257

9 9 A, $ 7 *,78# - 1 5., *8#A ' '' 77 *8# ) ''. *28#- B ) ''! # " "( ) (# & -1 $ 7. 0 3 0 3-1 ' '' 473-+25 " 4 337- $ 4333-33#$% "4-. 4,-#!42+-,7. 427-7# -9 '( ) (- 1 ' $ $ 7. C38# & -#5 C8#- 1 $ 2, $ *78# 2..C+8#-1 3 C.8#!. C2-58#A0. 45-,, 2 D$ ' &.-1 $ $. & $ ' : /!! "-# & ' -?3 ' - 9$ & 33 *8#' 5 #..,38- ' 0 & *7# $9#' ' -1 & " ' $% " && - $ & <. 3-9' : E E'F - 1 &. 8A : :!9# E&ED$ && - 1. C28# 7+ C,8# 2 C258#0 ' :19* 19' : G 258

#- 3 8. 8 2 8 3*. 3*2 ( --#.-,53,,8.3-372 +28 57-,2 78 *28,28 ' 73-+22,8 7+-53,58 3-57,.8 *8,8 9,7 8. 8 -.. 228 +258 *+78 5.5-77, 8 533-233 8 7+-++, 8 *8 28! -7.7 8 533 8,+. 8,8,.8 / 2.-2.8 72-,2 2.+8 3,-+...8 +8 8 2,-.,.8 2,-323.238 2.-7 33,8 *78 *+8 H 5-.,+..8,+-++,8 2-37,78 8 *38 IHI9)H/I1G1(HG%J1H?) 52-3,. +,8 7,-2+ +8 52-77 58 58 28 (1/%I9IH)/I1H?)9(9II)(1/I19 7-,. 8 5-+72 8 *2-7+ *58 *5,8 *78 (1/%I9IH)/I1H?)1?9?J19(19 *.+2 *8 *-5 *28 *-3. *28 *578 *7,8 (1/%I9IH)/I1H?)/I(9H(G1?9(19-28 7+, 8 7-+32 8 38 *7,8 (1/%I9IH9?I)1!H/I) 5-5+ 8 5-7.. +8 *+,-+7 *78 *538 *,8 1 *+-.22 *28 *-,72 *.8 *+-,+ *38 *28 28 (1/%I9IH?)IIH,-23, 8 7-5,,8 *5-2,3 *,8 *,78 *,8 1 89:& (2&. & -) $ %! -" ))# *2.. -" ))#. + $ %! <" 5 + ") /60 *2, 35.5 ( /" - )0 *27 *23 725 $ &$ & ' $. & > - 9 & A.58& & 2 0& && $ D - $ 0 $ 0 0 ' & ' - & $ ' ' - 1, *3+8# ' $ -/ C38# 7+ *,8# 0 > ' 3+ *,8#A 259

& " $ '2 '3 -!$% " - 1' 27 *358# $ ' & 3 *.8#' ' 3 *38# ' 1 *58#-1' '. '& & " " 0 $9. #- ' 3 *738# '.2 - &((&2 :2 *&2 * *.9 : 92 '3 " 4- & <*7 = ' <G = / " ' ; $-7.G--+3;- Indicatori di attività " ") (- 9 K ++ 3-3 # 1 & +, 1 & ' 9 L '' K 3, 1 '' * 2 5-3 # 2 3 260

!" # $! %& # # '## # # ( # ) "# # ##* & ##& & # # ##% # # % +! # & && &, %- % #. $/0/01230 $01 4550* 6. 63 7 +71 89 :63$5 24$ 63$2 $5$50 ;<'<6307$ 7005 = ># 630 +00!"# ># &# # %## #?? %012% 6 @ 6### # ## 8? 012:6# & > 2?! 6 #012 %# $ % 012 @ # 5012 AB C D 6 % 2 # %! 6. B @ % 012 A@ @@2?4C $ # & %## # # E ## %# 012# 321 ++4+8F2G: # # 9# 0+2 ) # # # B % # & # 2! "#% 261

## # # 6 :# #, :#, : # # # & # # 31 458?+2$G:# & & # #.! # 01+ # #B# # 2 # #HE.)=.9# 1+. 3 1 2707 #% # #. B %#35$ ++04201+37+ 207 0128F7G:6 " $2 # #8# (#01$ 4 #AC:!# ) )# $2 801$# 1 01+## # 01 : # 01+012 # $4. # 8% :#07 01+ 5 8?$G: # %#2 01++01 E012 # =801+ # + : #+ # 8 01+: H.8H %. :#+ 01+.# 3$ 0+07 +G #01+# # %-# # # 3071 ++28F$G: #! # ## 801+ 11 012#0+2 : # # # & # # & #" ## & 340 700$8F$2G: & # #### # # # ) #01+ ## # # # %-# #A@ @@2? 4C ## ## & 322 427$ 52G# 8 &< : E 310 207 7G # # ) # 01+ 6 #51 #21 # # # # " #1, ##72 ## & # & % ". &" 010 &# 14 &" # $21 # 01$ E012# " # 01+# 22 # 1 # " 262

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